Istruzioni per l'uso BMW 650I BROCHURE

[. . . ] #. 84FSJF $BCSJP XXXCNXJU 1JBDFSFEJHVJEBSF -"/607"#. 84&3*& $"#3*0 &413&44*0/&%*1630%*/". *4. 0 #. 8&GGJDJFOU%ZOBNJDT . FOPFNJTTJPOJ1J¹QJBDFSFEJHVJEBSF *-1*"$&3&6/"4*. #*04* %*&-&("/;"&%*/". *4. 0 7JCBTUFS VOPDDIJBUBQFSFTTFSFTFEPUUJEBMMFMJOFFFMFHBOUJEFMMBOVPWB#. 84FSJF $BCSJP JTQJSBUFBMMFTUFUJDB EFMMBDRVBDIFTDPSSF/FMMBWFUUVSBTBSFUFBWWPMUJEBVOJODPNQBSBCJMFBSNPOJB OBUBEBMDPOOVCJPEJFMFHBO[BF EJOBNJTNP"QSFOEPMBDBQPUFWJTFOUJSFUFBODPSBQJ¹WJDJOJBMNPUPSF7 5XJO1PXFS5VSCPFEBTTBQPSFSFUFBODPSB QJ¹JOUFOTBNFOUFPHOJTUSBEBFEPHOJDVSWB &EJUPSJBMF *-1*"$&3&4$033& 46--"453"%" 6OPNBHHJPBMMBQFSGF[JPOF 5VUUP¨DPNJODJBUPDPOMBWPHMJBEJSFBMJ[[BSFVOB$BCSJPMFUEBMMFGPSNF OJUJEF EBMMFNPWFO[F VJEFFEBMEJOBNJTNPTFO[BDPNQSPNFTTJ JOUF HSBOEPUVUUJRVFTUJFMFNFOUJJOVOJOTJFNFQFSGFUUP6OBVUFOUJDBT EB DIFIBTUJNPMBUPJEFTJHOFSFHMJJOHFHOFSJBTWJMVQQBSFQFSGPSNBODF DSFBUJWFEJBMUJTTJNPMJWFMMP-JNQFHOPFSBRVFMMPEJTUVEJBSFFQSPHFUUBSF VOBWFUUVSBEBTPHOP VOB#. 8$BCSJPDIFSBQQSFTFOUBTTFMJEFBMF EFMMPQFSBQFSGFUUB DBQBDFEJSJEF OJSFJDPO OJEFMQJBDFSF0MUSFBEVO RVBOUVNJODPOTVFUPEJSBG OBUF[[BUFDOPMPHJDB PDDPSSFWBQFS²VOB GPOUFEJTQJSB[JPOFBMUSFUUBOUPTUSBPSEJOBSJBQFSJMEFTJHO*TQJSB[JPOF DIFHMJTUJMJTUJIBOOPUSPWBUPJOVOPEFJRVBUUSPFMFNFOUJGPOEBNFOUBMJ MBDRVB *MSJTVMUBUPEJUVUUFMFSJDFSDIFEFHMJTQFDJBMJTUJFEFJQSPHFUUJFMBCPSBUJ TJSJWFMBHJ BMQSJNPTHVBSEPMFMJOFFQSPJFUUBUFJOBWBOUJEFMMBOVPWB #. 84FSJF $BCSJP MFTVFQSPQPS[JPOJCFOTDBOEJUFFJTVPJEFUUBHMJ QFSGFUUJSJDPSEBOPJM VJSFEFMNPWJNFOUPMBQBSUJDPMBSFGPSNBEJEJOB NJTNPFTQSFTTBEBMQJ¹SFDFOUFNPEFMMP#. 8MBTVBBHJMJU MBTVB QPUFO[BFMBTVBTDJPMUF[[BSJTQPOEPOPBMMFBUUFTFQJ¹FMFWBUF&TJWFEF -BOVPWB#. 84FSJF $BCSJP¨JMSJTVMUBUPEJVOBT EBWJOUBJONPEP kTPWSBOP{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¹CFMMPEFMEJOBNJTNP 4JTUFNJEJSFHPMB[JPOFEFMMBTTFUUP % PNJOBSFMBVUPNPCJMF$POJTJTUFNJ JOUFMMJHFOUJEJSFHPMB[JPOFEFMMBTTFUUP 4JTUFNJEJBTTJTUFO[BBMMBHVJEB 5FDOPMPHJFDIFBNQMJBOPMBWJTVBMF 0UUJNJ[[B[JPOFEFJDPOTVNJ 6ODPODFUUPMVOHJNJSBOUFFTPTUFOJCJMF -BCFMMF[[BTFO[BFU EFMMF MJOFF VJEF 6OBMVOHBUSBEJ[JPOFEJTPHOJ "CJUBDPMP 4JNCJPTJUSBEFTJHOFDPNGPSU "TTFUUPFTJDVSF[[B 4JTUFNJJOOPWBUJWJQFSBDDSFTDFSF JMQJBDFSFEJHVJEB #. 8$POOFDUFE%SJWF -BDPOOFTTJPOFJOSFUFJOUFMMJHFOUF QFSNBHHJPSFDPNGPSU JOGPUBJONFOU FTJDVSF[[B -BDBQPUFBkQJOOF{JOGVO[JPOF FJOB[JPOF 4JBQSFJO TFDPOEJ$POMBNBTTJNB FMFHBO[B XXXCNXJUTFSJF $BCSJPDPNGPSU )FBE6Q%JTQMBZJOUFSBNFOUF NVMUJDSPNBUJDP -BSUFEJHVBSEBSFOFMMBEJSF[JPOFHJVTUB XXXCNXJUTFSJF $BCSJPEFTJHO &RVJQBHHJBNFOUPEFMNPEFMMPQSFTFOUBUP#. 8 . PUPSF 1PUFO[B $FSDIJ J . 87 5XJO1PXFS5VSCP # L8 $7 JOMFHBMFHHFSBSBHHJB7TUZMJOHOp QOFVNBUJDJNJTUJ $PMPSFWFSOJDF 0SJPOTJMCFSNFUBMMJ[[BUP 3JWFTUJNFOUJ JOQFMMF/BQQB&YDMVTJWFkFTUFTB{DPMPSF $JOOBNPOCSPXO . PEBOBUVSFJOUFSOFJOMFHOPQSFHJBUPEJQJPQQPWFOBUPHSJHJP "MMFQBHJOF ] USPWFSFUFJOEJDB[JPOJTVMDPOTVNPEJDBSCVSBOUF FTVMMFFNJTTJPOJEJ$0 *OEJDF 26"/%0-"-*/&" %&55"5"%"--&-&("/;" $PNQJVUF[[BFTUFUJDB-BOVPWB#. 84FSJF $BCSJP¨OBUBDPOMBNJTTJPOFFTUFUJDBEJSJEF OJSFMFMFHBO[B6OBT EBDIF JEFTJHOFS#. 8IBOOPBDDFUUBUPDPODPFSFO[BGBDFOEPTJHVJEBSFEBVOBGPOUFEJTQJSB[JPOFJODPOTVFUB VOPEFJRVBUUSP FMFNFOUJGPOEBNFOUBMJMBDRVB*MTVPEJOBNJTNP MBTVBQPUFO[BFMBTVB VJEBFMFHBO[BFNBOBOPEBPHOJMJOFBFEBPHOJ TVQFS DJF4POPOBUFQSPQPS[JPOJJEFBMJQFSVOBHSBOEFFOUSBUBJOTDFOBOFMMBOVPWB#. 84FSJF $BCSJPWJWSFUFMFMFHBOUF FEJOBNJDPEFTJHO#. 8OFMMBTVBGPSNBQJ¹QVSB"MQSJNPTHVBSEP BMTFDPOEPFBUVUUJRVFMMJDIFTFHVJSBOOP XXXCNXJUTFSJF $BCSJPEFTJHO 6OBVUPBQQBTTJPOBOUF FMFHBOUFFEJOBNJDB VOPQFSBEBSUFJODVJPHOJ MJOFBDPOUSJCVJTDFBMMB DPNQJVUF[[BFTUFUJDB &TUFSOP 13&45";*0/*"%&(6"5& "--&130. &44&%&-%&4*(/ *MMBUPQJ¹CFMMPEFMEJOBNJTNP$POMBTQJOUBEFMNPUPSF#. 85XJO1PXFS5VSCP7 EB L8 $7 BCCJOBUP BMDBNCJPBVUPNBUJDPTQPSUJWP4UFQUSPOJDB SBQQPSUJEJTFSJFFBMMBHJMFBTTFUUP JMEJOBNJTNPNP[[BGJBUPEFMMBOVPWB #. 8 J$BCSJPTJUSBTGPSNBJOQJBDFSFEJMJCFSU "EPHOJDVSWBTJQFSDFQJTDFMJODPOGPOEJCJMFBSNPOJBUSBEJOBNJTNPTFO[B DPNQSPNFTTJ SBGGJOBUBFMFHBO[BFVODPNQPSUBNFOUPTVTUSBEBJNQFDDBCJMF1SFOEFUFQPTUPOFMMBk {$BCSJPFTDPQSJSFUF DIFRVFTUBWFUUVSB GPSTF ¨JMMVPHPQJ¹CFMMPQFSBTTBQPSBSFMBWPTUSBMJCFSU QFSTPOBMF XXXCNXJUTFSJF $BCSJPEJOBNJTNP $POUBUUPEJSFUUPDPOMBDDFMF SB[JPOFJQBEEMFEFMDBNCJP GBWPSJTDPOPMBHVJEBTQPSUJWB 1FSGPSNBODF . 0#*-*5 3"''*/"5" *TJTUFNJPQUJPOBM%ZOBNJD%SJWFF%ZOBNJD%BNQFS $POUSPM QFSGFUUBNFOUFJOUFSBUUJWJ PGGSPOPJMNBTTJNP HSBEPEJDPOUSPMMPFEJOBNJTNP %PNJOBSFMBVUPNPCJMFDPOJTJTUFNJJOUFMMJHFOUJEJSFHPMB[JPOFEFMMBTTFUUP4QPSUJWBFDPOGPSUFWPMFJOPHOJTJUVB[JPOF -BOVPWB#. 84FSJF $BCSJPOPOTDFOEFBDPNQSPNFTTJ-BTVBQFSTPOBMJU ¨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¹BWBO[BUPEFMMBUFDOPMPHJB6OFTFNQJPUSBJUBOUJ¨JMOVPWP)FBE6Q%JTQMBZ JOUFSBNFOUFNVMUJDSPNBUJDP*MTJTUFNBQSPJFUUBEBUJSJMFWBOUJQFSMBHVJEBDPNFMBWFMPDJU PMFJOEJDB[JPOJEFMOBWJHBUPSFTVM QBSBCSF[[B OFMDBNQPWJTJWPEJSFUUPEFMHVJEBUPSF6OBMUSPBGGJEBCJMFEJTQPTJUJWPBVTJMJBSJP¨JM1BSL"TTJTUBOUPQUJPOBM DIFOPO TPMPSJDPOPTDFTQB[JJEPOFJBQBSDIFHHJBSF NBHFTUJTDFBODIFMPTUFS[POFMMBNBOPWSB*ORVFTUPNPEPOPOTBS TPMPJMEFTJHO EFMMBOVPWB#. 84FSJF $BCSJPBDBUUVSBSFHMJTHVBSEJ NBBODIFMBTVBCSBWVSB XXXCNXJUTFSJF $BCSJPDPOOFDUFE%SJWF 4JTUFNJEJSFHPMB[JPOFEFMMBTTFUUP 1J¹DPMPSF QJ¹QJBDFSF QJ¹ DPNGPSU"EFTFNQJPHSB[JF BMM)FBE6Q%JTQMBZJOUFSB NFOUFNVMUJDSPNBUJDPFBM 1BSL"TTJTUBOUPQUJPOBM "11"("5&26"/%0 %&4*%&3"5&1*"$&3&&$63*04*5 "UUJSBMPTHVBSEPFEPGGSF DPNGPSUFTJDVSF[[BTFO[B MJNJUJJM$POUSPM%JTQMBZJO QPTJ[JPOFJOEJQFOEFOUF 4JTUFNJEJBTTJTUFO[BBMMBHVJEBDIFOPOJOEJDBOPTPMPMBWJB-BOVPWB#. 84FSJF $BCSJP¨EJDBTBJOVONPOEP DPTUBOUFNFOUFJONPWJNFOUP*TVPJQBTTFHHFSJTPOPkDPOOFTTJJOSFUF{BMDFOUSPEFMMBWFUUVSBFHPEPOPEJVOBTFSJFEJWBO UBHHJ4VMMJOOPWBUJWP$POUSPM%JTQMBZDPOEFTJHOGMBUTDSFFOBQQBSFJONPEPCSJMMBOUFUVUUBMBTUSBPSEJOBSJBHBNNBEJOGPSNB[JPOJ EJ#. 8$POOFDUFE%SJWFEBMMBOBWJHB[JPOFCBTBUBTV(PPHMFBJTFSWJ[J#. 80OMJOF EBMMBUFMFDBNFSBQFSSFUSPNBSDJBBMMB UFMFDBNFSBUFSNJDB#. 8/JHIU7JTJPOPQUJPOBM DIFEJOPUUFWJBWWFSUFUFNQFTUJWBNFOUFEJQPTTJCJMJQFSJDPMJ5VUUP¨BMWPTUSP TFSWJ[JPQFSBJVUBSWJBEBTTBQPSBSFBGPOEPJMBUJQJ¹CFMMJEFMOPTUSPNPOEP XXXCNXJUTFSJF $BCSJPDPOOFDUFE%SJWF 4JTUFNJEJSFHPMB[JPOFEFMMBTTFUUP #. 8&GGJDJFOU%ZOBNJDT . FOPFNJTTJPOJ1J¹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¹WPMUFQSFNJBUF SJBTTVNJCJMJJOVOTPMPOPNF#. 8&GGJDJFOU%ZOBNJDT XXXCNXJUTFSJF $BCSJPFGGJDJFOU%ZOBNJDT 0UUJNJ[[B[JPOFEFJDPOTVNJ -BQSFDJTJPOFTQPTBMFG DJFO [B QFSBDDSFTDFSFJMQJBDFSFEJ HVJEBSFDPOVONJOPSFDPO TVNPEJFOFSHJB-BGVO[JPOF "VUP4UBSU4UPQEFMMBOVPWB #. 8 J$BCSJPTQFHOF BVUPNBUJDBNFOUFJMNPUPSF BQQFOBMBWFUUVSBTJBSSFTUB 6/"-6/("53"%*;*0/& %*40(/* $4J -B$PVQ©EB $7FSBVOHJPJFMMP EJJOEVCCJBCFMMF[[BFVOJDPOBEFMMPTUJMF $4 2VFTUB$PVQ©DPODFQJUB QFSJMVOHIJWJBHHJWFMPDJ¨JM NPEFMMPTVDDFTTPSFEFMMB #. 8 FGVFMBCPSBUB JOCBTFBEVOCP[[FUUP EJ/VDDJP#FSUPOF 3BHHJVOHFWBVOBWFMPDJU EJ DIJMPNFUSJPSBSJ #. 84FSJF -B$PVQ©EJMVTTP DPONPUPSFBEPEJDJDJMJOESJSBQQSFTFOUBWB VOJDPOBEJEFTJHOFVODPODFOUSBUPEJ UFDOPMPHJB DPOJVHBOEPTBQJFOUFNFOUFJM EJOBNJTNPEJVOBVUPTQPSUJWBFJMDPNGPSU EJVOBCFSMJOB 4QPSUDPVQ© &MFHBO[BFEFGGJDJFO[BBFSPEJOBNJDBTPOPTUBUJJDPODFUUJ DIJBWFQFSMBDSFB[JPOFEJFOUSBNCJJNPEFMMJ 3PBETUFS 6OBTQPSUJWBEBMMFMF HBO[BTFO[BUFNQP 5SBMFBVUPNPCJMJQJ¹ CFMMFEFMEPQPHVFSSB GVMBWFUUVSBQSFGFSJUB EJNPMUFDFMFCSJU $BCSJPMFU "MCSFDIU(SBG(PFSU[ VOBMMJFWPEFMMFHHFOEBSJP EFTJHOFS3BZNPOE-PFXZ IBDPODFQJUPMFMFHBOUFGPSNBEJRVFTUBVUP #. 84FSJF %JOBNJTNP DPNGPSU FTJDVSF[[BSBQ SF Q TFOUBWBOPJQVOUJ EJGPS[BEFMMBQSJNB #. 84FSJF *MNP EFMMPEJQVOUBFSBMB . [. . . ] Sensori ad alta sensibilità rilevano costantemente lo stato della vettura, intervenendo all'occorrenza sull'impianto frenante e sul motore per ottimizzare la stabilità e la trazione. Ma la nuova BMW Serie Cabrio dispone anche della funzione Automatic Hold che, nei tratti in pendenza, le impedisce di scivolare verso valle per un tempo di , secondi da quando viene rilasciato il pedale del freno. Ciò facilita il controllo dell'auto anche in condizioni stradali difficili, aumentando attivamente la sicurezza e il piacere di guidare. Controllo dinamico della trazione (DTC). Questa modalità speciale del controllo dinamico di stabilità offre una trazione finora mai raggiunta nelle situazioni di guida sportive. Il DTC si attiva con la semplice pressione di un pulsante, consente un maggiore slittamento delle ruote e, grazie al pattinamento controllato dei pneumatici, migliora l'avanzamento sulla neve molle o sulla sabbia. Anche sull'asfalto il DTC ritarda l'intervento del Controllo dinamico di stabilità consentendo dérapage controllati per rendere ancora più intensa l'esperienza di guida. 1PHHJBUFTUBBUUJWJ*ODBTPEJDPMMJTJPOFSJEVDPOPJOCSFWJTTJNP "JSCBH*OVOB#. 8HMJBJSCBH JMTJTUFNBEJSJUFO[JPOFQFSHVJEBUPSF FQBTTFHHFSPFUVUUJHMJBMUSJFMFNFOUJEJTJDVSF[[BTPOPBSNPOJ[[BUJUSB UFNQPMBEJTUBO[BEBMMBUFTUBFQSFWFOHPOPDPT¬QPTTJCJMJMFTJPOJBMMF MPSPJONPEPPUUJNBMF2VBUUSPBJSCBHBTTJDVSBOPVOBQSPUF[JPOFNJSBUB WFSUFCSFDFSWJDBMJ BJSCBHQFSHVJEBUPSFFQBTTFHHFSP BJSCBHMBUFSBMFFQFSJMUPSBDFDPO BCCJOBUJBJSCBHQFSMBUFTUBTVJTFEJMJBOUFSJPSJ*MTFOTPSFBOUJSJCBMUBNFOUP JOUFHSBUPBVNFOUBVMUFSJPSNFOUFMBTJDVSF[[BQFSJQBTTFHHFSJ NFOUSF HSB[JFBMDPGBOPNPUPSFBUUJWPTPOPQJ¹QSPUFUUJBODIFJQFEPOJ Rigidità della carrozzeria. L'impiego mirato di acciai ad alta resistenza e di materiali leggeri come l'alluminio ha consentito di realizzare una carrozzeria molto rigida con ottime caratteristiche di resistenza in caso di impatto. Assicurano tra l'altro una protezione ottimale dei passeggeri i rinforzi nella zona del montante anteriore e nella base del parabrezza. Fari allo xeno anabbaglianti ed abbaglianti, inclusa regolazione automatica della profondità dei fari: migliorano nettamente l'illuminazione della carreggiata di notte e in caso di scarsa visibilità. [. . . ] Le luci di svolta nei due fari interni, compresi nella dotazione di serie, vengono attivati automaticamente già a vettura ferma, quando si inserisce l'indicatore di direzione o si sterza. 4JTUFNBEJQSPUF[JPOFBOUJSJCBMUBNFOUP*OTJFNFBJNPOUBOUJBOUF SJPSJBEBMUBSFTJTUFO[BFBMSPMMCBSJOUFHSBUPOFMMBCBTFEFMQBSBCSF[[B DPTUJUVJTDFMBkDFMMVMBQBTTFHHFSJ{*ODBTPEJJODJEFOUFPJOVOBTJUVB[JPOF EFNFSHFO[B JMTFOTPSFBOUJSJCBMUBNFOUPBUUJWBJOGSB[JPOJEJTFDPOEPMB GVPSJVTDJUBEFMMFCBSSFQSPUFUUJWFEJFUSPJQPHHJBUFTUBQPTUFSJPSJ*OBCCJOB NFOUPBMMFDJOUVSFJOUFHSBUFOFJTFEJMJ JMTJTUFNBPGGSFBJQBTTFHHFSJJM NBTTJNPHSBEPEJTJDVSF[[BJODBTPEJSJCBMUBNFOUP 1OFVNBUJDJ3VOGMBU(SB[JFBJGJBODIJSJOGPS[BUJJQOFVNBUJDJOPOTJBC CBTTBOPDPNQMFUBNFOUFOFQQVSFTFTPOPTHPOGJ FOPOQPTTPOPTUBDDBSTJ EBJDFSDIJ*ODBTPEJEBOOJBEVOBHPNNBMBTQJBGPSBUVSBQOFVNBUJDJ31" BWWFSUFJMHVJEBUPSF DIFUVUUBWJBQV²DPOUJOVBSFUSBORVJMMBNFOUFJMWJBHHJP QFSBMUSJ LN4FMBQFSEJUBEJQSFTTJPOF¨MFHHFSBTJBDDFOEFVOBTQJB MVNJOPTBOFMDPDLQJUJODBTPEJGPSUFQFSEJUBWJFOFFNFTTPBODIFVO TFHOBMFBDVTUJDP 34 35 Assetto e sicurezza Di serie Optional k*-1*(3"/%&-6440"-. 0/%0 "7&3&5&. 10&*/%*1&/%&/;"{ -BOVPWB#. 84FSJF $BCSJPQPOFOVPWJCFODINBSLJOGBUUPEJDPNGPSUEJHVJEB EJOBNJTNPFEFG DJFO[B -PTUFTTPWBMFQFSMBDPNVOJDB[JPOF/FMMBOVPWB#. 84FSJF $BCSJPQPUSFUFTCSJHBSFJODPNCFO[FWBSJF TFO[BQFSEJUFEJUFNQPGBSWJMFHHFSFFNBJMBEBMUBWPDF QSPHSBNNBSFJUJOFSBSJFUBOUPBMUSP(SB[JF B#. 8$POOFDUFE%SJWF #. 8$0//&$5&%%3*7&*-$0--&(". &/50*/5&--*(&/5& 53"(6*%"503& 7&5563"&. 0/%0&45&3/0 0HOJHJPSOPJMOPTUSPNPOEP¨QJ¹DPMMFHBUPJOSFUF1FSDIJHVJEBVOB#. 8¨PSNBJOPSNBMFDIFBODIFMBVUPTJBDPMMFHBUBDPOMBNCJFOUFFTUFSOPQFS SJDFWFSFJOGPSNB[JPOJNFOUSF¨JOWJBHHJP DPNVOJDBSFNFEJBOUFJMUFMFGPOPPMBQPTUBFMFUUSPOJDBFEFTTFSFTFNQSFBHHJPSOBUPDPOMFJOGPSNB[JPOJQJ¹ JNQPSUBOUJ#. 8$POOFDUFE%SJWF¨VOJOTJFNFEJTFSWJ[JUFMFNBUJDJBWBO[BUJDIFDPOOFUUPOPJOSFUFMFWFUUVSF#. 8FJMPSPQBTTFHHFSJDPOJMNPOEP FTUFSOP-FOVPWFGVO[JPOJEJ#. 8$POOFDUFE%SJWFPGGSPOPBSJDIJFTUBNBHHJPSFDPNGPSU JOGPUBJONFOUFTJDVSF[[B $PNGPSU-FBGGBTDJOBOUJJOOPWB[JPOJEJ#. 8$POOFDUFE%SJWFPGGSPOPTFSWJ[JPSJFOUBUJBMHVJEBUPSF DPNFBEFTFNQJPJM1BSL"TTJTUBOUQFSHFTUJSFTFO[B GBUJDBMBWFUUVSB$PT¬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¨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¨EJTQPOJCJMFBSJDIJFTUBVO)FBE6Q%JTQMBZ JOUFSBNFOUFNVMUJDSPNBUJDPDIFQSPJFUUBMFJOGPSNB[JPOJSJMFWBOUJ QFSMBHVJEB USBNJUFVOEJTQMBZ5'5BDPMPSJ EJSFUUBNFOUFOFMDBNQP WJTJWPEFMHVJEBUPSF-)FBE6Q%JTQMBZJOGPSNBBEFTFNQJPTVMMB WFMPDJU PGPSOJTDFJTUSV[JPOJQFSMBOBWJHB[JPOF(SB[JFBJDPMPSJ EJWFOUBPSBBODPSBQJ¹GBDJMFEJTUJOHVFSFMFJOGPSNB[JPOJHFOFSBMJ QFSMBHVJEB DPNFBEFTFNQJPMJNJUJEJWFMPDJU EBBWWFSUJNFOUJ VSHFOUJTVMQFSDPSTP DPNFk1FEPOJTVMMBDBSSFHHJBUB{PQUJPOBM DPO#. 8/JHIU7JTJPO -PTHVBSEPEFMHVJEBUPSFQV²DPODFOUSBSTJ DPTUBOUFNFOUFTVMMBTUSBEB BUVUUPWBOUBHHJPEFMMBTJDVSF[[B #. 8/JHIU7JTJPODPOSJDPOPTDJNFOUPEFMMFQFSTPOF 6OBWJEFPDBNFSBUFSNJDBPQUJPOBM DPMMPDBUBOFMMBDBMBOESBkBEPQQJP SFOF{USBTNFUUFMFJNNBHJOJEJQFSTPOFFEBOJNBMJBEVOBEJTUBO[B OPB NFUSJEJSFUUBNFOUFTVM$POUSPM%JTQMBZ*MEJTQPTJUJWPEJSJDPOPTDJNFOUP EFMMFQFSTPOFTJBUUJWBJOPMUSFBDVTUJDBNFOUFBEJTUBO[FJOGFSJPSJB NFUSJ RVBOEPWFOHPOPSJMFWBUFQFSTPOFJONPWJNFOUPTVMMBDPSTJBEJNBSDJB *MHVJEBUPSFWJFOFBWWJTBUPUFNQFTUJWBNFOUFEJQPTTJCJMJQFSJDPMJFQV² SFBHJSFQJ¹WFMPDFNFOUF #MVFUPPUI"VEJP4USFBNJOH $POMJOUFSGBDDJB#MVFUPPUI PQUJPOBM MJOUSBUUFOJNFOUPEJWFOUBVOFWFOUP BODIFNFOUSFWJBHHJBUF$PO#MVFUPPUI"VEJP4USFBNJOH JOGBUUJ ¨QPTTJ CJMFBODIFMJOTFSJNFOUPOFMTJTUFNB)J'JEFMMBWFUUVSBFMBSJQSPEV[JPOF TFO[BDBWPEJ MFNVTJDBMJEBMFUUPSJBVEJPPUFMFGPOJDFMMVMBSJQSFTFOUJJO BVUP4VMNPOJUPSBQQBSJS JOPMUSFMBMJCSFSJBBVEJPQFSTPOBMFEFMMFUUPSFP DFMMVMBSFNVTJDBMF DIFQPUS FTTFSFHFTUJUBUSBNJUFMJ%SJWF$POUSPMMFS QFS OPJOQBSBMMFMPBMDPMMFHBNFOUPUFMFGPOJDPFTJTUFOUF $PMMFHBNFOUP64#BVEJPDPOGVO[JPOJBNQMJBUF (SB[JFBMDPMMFHBNFOUP64#PQUJPOBM FBMDBWP64#PSJHJOBMFJ1PE OFMMB WPTUSB#. 8QV²FTTFSFWJTVBMJ[[BUBTVM$POUSPM%JTQMBZMBDPQFSUJOBEFMMBM CVNDPNQSFOEFOUFJMCSBOPSJQSPEPUUPJORVFMNPNFOUP QFSDPOTFOUJSFEJ DBUBMPHBSMPWFMPDFNFOUFMBGVO[JPOF¨EJTQPOJCJMFBODIFQFSBMUSJBQQBSFD DIJNPCJMJ 5SBNJUFJMDPMMFHBNFOUP64#BVEJP¨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¨TUBUBTFHOBMBUBEBMMBUUJWB [JPOFEFMMBNQFHHJBUPSFFRVJOEJFSBWPMPOUBSJBMBWWJTBUPSFOPOJOUFS WJFOF*MTFHOBMBUPSFEJTPSQBTTPQFSJDPMPTPPQUJPOBM BWWFSUFJMHVJEBUPSF USBNJUFVOTFHOBMFWJTJWPOFMMPTQFDDIJFUUPSFUSPWJTPSFFTUFSOP EFMMB QSFTFO[BEJVOWFJDPMPQSFTFOUFOFMMBOHPMPNPSUPPDIFHJVOHFBEBMUB WFMPDJU TVMMBDPSTJBEJTPSQBTTP )JHI#FBN"TTJTUBOU *MEJTQPTJUJWPEJBTTJTUFO[BQFSGBSJBCCBHMJBOUJPQUJPOBM SJDPOPTDFMFGPOUJ MVNJOPTFF JOEJQFOEFO[BEBMUSBG DP BDDFOEFPTQFHOFBVUPNBUJDBNFOUF JGBSJ2VBOEPM)JHI#FBN"TTJTUBOU¨BUUJWP VOTFOTPSFPUUJDPDPMMPDBUP OFMMBQBSUFQPTUFSJPSFEFMSFUSPWJTPSFJOUFSOPTPSWFHMJBJMUSBG DPFMFDPOEJ [JPOJEJMVDF*OCBTFBMMFJNNBHJOJEFMTFOTPSFJMTJTUFNBEFDJEFTF¨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¨EPUBUBEJVOBDBQPUFQBSUJDPMBS NFOUFFMFHBOUFFEFTDMVTJWB-BTP TUJDBUBTUSVUUVSBTJBQSFFTJ DIJVEFWFMPDFNFOUF ¨TJMFO[JPTBFDPNPEBEBB[JPOBSF 6OBVUPDBCSJPMFUTFNCSBGBUUBQFSHPEFSTJMBWJUB"ODPSBEJQJ¹TFTJUSBUUB EFMMBOVPWB#. 84FSJF $BCSJP DPTUSVJUBJOPHOJEFUUBHMJPTFDPOEPMFQJ¹ SFDFOUJDPOPTDFO[FUFDOJDIF DIFMBUSBTGPSNBOPJOVOBGGBTDJOBOUFDPN QBHOBQFS NBHOJ DJHJPSOJEFMMBOOP$POMBDBQPUFBQFSUB MBMJOFB EFMMBWFUUVSB¨EFDJTBNFOUFFMFHBOUF. BMBOVPWB#. 84FSJF $BCSJP NPTUSBMBTVBCFMMF[[BBODIFRVBOEP¨DIJVTB(SB[JFBMMBGPSNBVOJDB EFMMBTVBDBQPUFkBQJOOF{ MBTVBMJOFB¨NPMUPTJNJMFBRVFMMBEFMMF #. 8$PVQ©FDPOTFSWBEBPHOJBOHPMB[JPOFMFQSPQPS[JPOJUJQJDBNFOUF #. 8FJMEJTFHOPDMBTTJDPEFMMFTVQFS DJWFUSBUF -BQBSUJDPMBSFDPTUSV[JPOFEFMMBDBQPUFDPOMFEVFkQJOOF{BQQPHHJBUF MBUFSBMNFOUFTVMWBOPDBQPUFQFSNFUUFJMNPOUBHHJPWFSUJDBMFEFMMVOPUUP JOWFUSP VOBMUSBQFDVMBSJFU EFMMB#. 84FSJF $BCSJP*MMVOPUUP¨SJ TDBMEBCJMFFMFUUSJDBNFOUF PGGSFTFNQSFVOPUUJNBWJTVBMF¨QV²SJFOUSBSF JOEJQFOEFOUFEBMMBDBQPUFUSBNJUFMBQSFTTJPOFEJVOQVMTBOUF BTTJDV SBOEPVOPUUJNBWFOUJMB[JPOFRVBOEPUVUUJFDJORVFJDSJTUBMMJTPOPBQFSUJ k$BMJGPSOJB{¨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kBQJOOF{JMMVOPUUPJOWFUSPQV²FTTFSFNPOUBUPWFSUJDBMNFOUFFSJTDBMEBUPFMFUUSJDBNFOUF BUVUUPWBOUBHHJPEFMMBGVO[JPOBMJU &$$0$0. &'6/;*0/ " . */*. 0*/(0. #30 -BDBQPUFEFMMBOVPWB#. 84FSJF $BCSJPSJFO USBDPNQBUUBOFMWBOPDBQPUFEJFUSPJEVFTFEJMJ PDDVQBOEPQPDIJTTJNPTQB[JP1FS OPBWFUUVSB BQFSUBJMCBHBHMJBJPSJNBOFNPMUPBNQJPFEPGGSF TQB[JPBTVG DJFO[BQFSMBUUSF[[BUVSBEJEVF HJPDBUPSJEJHPMG 53*1-*$&*40-". &/50 "650. "5*$"&4*-&/;*04" "DIJVEFSFFBEBQSJSFMBDBQPUFDJQFOTBOPVOB QPNQBJESBVMJDB EVFFMFUUSPNPUPSJFTFJDJMJOESJ JESBVMJDJ DIFOFMMB#. 84FSJF $BCSJPGVO[JPOB OPJONPEPQBSUJDPMBSNFOUFTJMFO[JPTPFWFMPDF *MUFTTVUPEFMMBDBQPUF¨GPSNBUPEBUSFTUSBUJVO SJWFTUJNFOUPFTUFSOPSFTJTUFOUFBMMFJOUFNQFSJF JMMVTTVPTPQBEJHMJPOFJOUFSOPFVOPTUSBUPJO TDIJVNBDIFSJEVDFJSVNPSJBEVOMJWFMMPNJOJNP -JTPMBNFOUPUFSNJDPEJRVFTUBTUSVUUVSB¨QFS OP NJHMJPSFSJTQFUUPBMQBEJHMJPOFJOBDDJBJPEJVOB DPVQ© &-&("/;"'-6*%" (SB[JFBMMBDBQPUFkBQJOOF{MBTBHPNBMBUFSBMF EFMMB#. 84FSJF $BCSJPTJEJGGFSFO[JBBQQFOB EBRVFMMBEJVOB$PVQ©*EFTJHOFSIBOOPQFS OPNBOUFOVUPMBDBSBUUFSJTUJDBMJOFB#. 8EFJ DSJTUBMMJMBUFSBMJ1FSVOUPDDPEJFMFHBO[BJOEJWJ EVBMF MBDBQPUF¨EJTQPOJCJMFBODIFOFJDPMPSJ "OUSBDJUFDPO4JMWFS&GGFDUF#FJHF #&--&;;""1&35" -FMFHBO[BEJVOB#. 84FSJF $BCSJPBQFSUB OPOQBTTBJOPTTFSWBUB-BTVBGPSNBTMBODJBUB SJWFMBVOB$BCSJPWFMPDFFEJHSBODMBTTF*M MVOPUUPNPOUBUPWFSUJDBMNFOUFEJFUSPJQBTTFH HFSJQPTUFSJPSJQV²FTTFSFBCCBTTBUPPTPMMFWBUP TFQBSBUBNFOUF 7&-0$*5&$$&;*0/"-& -BDBQPUFTJBQSFJO TFDPOEJFTJDIJVEFJO 1V²FTTFSFB[JPOBUBJOFOUSBNCJJTFOTJ OPBE VOBWFMPDJU EJ LNI -BDBQPUFkBQJOOF{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¨EJDPMPSFHSJHJP 7FSOJDJDPMPSJEFJSJWFTUJNFOUJ %JTFSJF 0QUJPOBM 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF $PMPSJEFJSJWFTUJNFOUJ 1FMMF%BLPUB -$484DIXBS[ 1FMMF%BLPUB -$&9*WPSZ8IJUF 1FMMF%BLPUB -$&;$JOOBNPOCSPXO FMMF/BQQB&YDMVTJWFkFTUFTB{ /"484DIXBS[ 1 FMMF/BQQB&YDMVTJWFkFTUFTB{ /"&9*WPSZ8IJUF 1 FMMF/BQQB&YDMVTJWFkFTUFTB{ /"&;$JOOBNPOCSPXO 1 FMMF/BQQB&YDMVTJWFkFTUFTB{ /"#:7FSNJMJPOSPU 1 *NQVOUVSBJODPOUSBTUP NQVOUVSBJODPOUSBTUP 7FSNJMJPOSPU * NQVOUVSBJODPOUSBTUP *WPSZ8IJUF * NQVOUVSBJODPOUSBTUP $JOOBNPOCSPXO * NQVOUVSBJODPOUSBTUP (SBV * *ORVFTUFQBHJOFWFEFUFJDPMPSJFJNBUFSJBMJQSPQPTUJQFSMBOVPWB#. 84FSJF $BCSJP'BUFWJHVJEBSFEBMMBGBOUBTJB TDFHMJFUFJMWPTUSPDPMPSFQSFGFSJUPPNFUUFUFB DPOGSPOUPJEJWFSTJBCCJOBNFOUJMFTDIFEFDPMPSJWJGPSOJSBOOPMFQSJNFJNQSFTTJPOJ $PNF¨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pUSJNFTUSF $PMPSJEFHMJJOUFSOJFNPEBOBUVSFJOUFSOF %JTFSJF 0QUJPOBM 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF (MJBCCJOBNFOUJEJDPMPSF $PMPSFJOUFSOJ 1FMMF%BLPUB 1FMMF/BQQB&YDMVTJWFkFTUFTB{ 4FEJMJEJTFSJF 4FEJMJTQPSUJWJBOUFSJPSJ 4FEJMJDPNGPSUBOUFSJPSJ $PMPSJSJWFTUJNFOUP 4DIXBS[ *WPSZ8IJUF $JOOBNPOCSPXO 4DIXBS[ *WPSZ8IJUF $JOOBNPOCSPXO 7FSNJMJPOSPU $PMPSJEFHMJJOUFSOJ 4DIXBS[ *WPSZ8IJUF 4DIXBS[ 4DIXBS[ *WPSZ8IJUF 4DIXBS[ 4DIXBS[ 7FSOJDJ 1BTUFMMP 4DIXBS[ 1BTUFMMP "MQJOXFJTT . FUBMMJ[[BUP 4BQIJSTDIXBS[ . FUBMMJ[[BUP 5JUBOTJMCFS . FUBMMJ[[BUP " 4QBDFHSBV . FUBMMJ[[BUP " 0SJPOTJMCFS . FUBMMJ[[BUP " 7FSNJMJPOSPU . FUBMMJ[[BUP " %FFQTFBCMVF . FUBMMJ[[BUP " )BWBOOB "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 "#4 . PEBOBUVSFJOUFSOF "5 FSPMVDJEP / "4 -FHOPQSFHJBUPEJQJPQQP WFOBUPHSJHJP $7 -FHOPQSFHJBUP EJSPWFSFBNFSJDBOP # "MMVNJOJPBMFWJHBUVSBGJOF 1MBODJB /% MBODJBSJWFTUJUBJOQFMMF 1 , 4 *NQVOUVSBJODPOUSBTUP $PO4VO3FGMFDUJWF5FDIOPMPHZ BQFMMF%BLPUBDPNQSFOEFTFEVUFFTDIJFOBMJEFJTFEJMJBOUFSJPSJFQPTUFSJPSJ QPHHJBUFTUB CSBDDJPMJEFMMFQPSUJFSFFEFJSJWFTUJNFOUJMBUFSBMJQPTUFSJPSJ BQFMMF/BQQB&YDMVTJWFDPNQSFOEFTFEVUFFTDIJFOBMJEFJTFEJMJBOUFSJPSJFQPTUFSJPSJ QPHHJBUFTUB FMFNFOUJMBUFSBMJEJTFEVUFFTDIJFOBMJ QBOOFMMJJOUFSOJEFMMFQPSUJFSF CSBDDJPMJEFMMFQPSUJFSFFSJWFTUJNFOUJMBUFSBMJQPTUFSJPSJDPOCSBDDJPMJ%JTQPOJCJMFTPMPJO BCCJOBNFOUPBJTFEJMJDPNGPSU JTQPOJCJMFTPMPJOBCCJOBNFOUPBMMBQMBODJBSJWFTUJUBJOQFMMFFOFMDPMPSFTDFMUPQFSJSJWFTUJNFOUJ % DPOMBQFMMF%BLPUBOFSBFMBQFMMF/BQQB&YDMVTJWFOFSB MJNQVOUVSBJODPOUSBTUP¨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i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¬DPNFM*OUFHSBM"DUJWF4UFFSJOHDIFJOQJ¹ PGGSFVOBEJOBNJDBVMUFSJPSNFOUFDPOGPSUFWPMFBMMFBMUFWFMPDJU -BMVDFJOUFSOBEJGGVTBE VOUPDDPEJDMBTTFBMMBWFUUVSB BODPSBQJ¹QJBDFWPMFEVSBOUFMBNBSDJBOPUUVSOBBODIFHSB[JFBMM"EBQUJWF)FBE-JHIU NFOUSFJMTVQQPSUPMPNCBSFTJSFOEF VUJMFTJBOFMMBHVJEBTQPSUJWBDIFOFJMVOHIJWJBHHJDPT¬DPNFHMJTQFDDIJFUUJSFUSPWJTPSJJOUFSOPFEFTUFSOJBOUJBCCBHMJBOUJ -BWFSTJPOF'VUVSB¨RVJOEJJOEJTQFOTBCJMFQFSDIJWVPMFJMNBTTJNPEBMMBQSPQSJB#. 84FSJF $BCSJP 4JTUFNBEJOBWJHB[JPOF#. 81SPGFTTJPOBM $PONPOJUPSBDPMPSJBEBMUBSJTPMV[JPOFEB FGVO[JPOFTQMJUTDSFFO VOJU %7% BVEJPFWJEFP EFDPEJ DBUPSF. 1 EJTDP TTPQFSJEBUJEJOBWJHB[JPOF DBSUJOF %EFHMJJUJOFSBSJ JNNBHJOJTBUFMMJUBSJ EJTDP TTPEB (#QFSJ MFNVTJDBMJ EBUBCBTFEFJCSBOJNVTJDBMJ 4FSWJ[JPJOGPSNB[JPOJ#. 8"TTJTU $POJMTFSWJ[JPEJOGPSNB[JPOJUFMFGPOJDPEJ#. 8"TTJTU EJTQPOJCJMFBSJDIJFTUB JM WPTUSPBTTJTUFOUFQFSTPOBMF¨TFNQSFSBHHJVOHJCJMFDPOVOBTFNQMJDFDIJBNBUB -B$FOUSBMF0QFSBUJWB#. 8¨BWPTUSBEJTQPTJ[JPOFQFSEBSWJRVBMVORVFUJQPEJ JOGPSNB[JPOFTVBMCFSHIJ SJTUPSBOUJ CBODPNBU GBSNBDJFEJUVSOPPQSPHSBNNJ BHHJPSOBUJEFJDJOFNB OPODI©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kWJSUVBM NFOUFBMMVOHBUP{BVNFOUBOEPTJBMBTUBCJMJU EJNBSDJBDIFJMDPNGPSU 1SFEJTQPTJ[JPOFQFSDFMMVMBSFDPOJOUFSGBDDJB#MVFUPPUIJODMVTPEJTQP TJUJWPEJWJWBWPDF JOUFHSBOEPNPEFMMJTDFMUJEJDFMMVMBSJ#VTJOFTT JOBCCJOB NFOUPBEVOTJTUFNBEJOBWJHB[JPOF USBNJUFJMDPMMFHBNFOUP#MVFUPPUITJQPTTPOP WJTVBMJ[[BSFDPNPEBNFOUFTVM$POUSPM%JTQMBZBTQFUUJJNQPSUBOUJQFSMVG DJP DPNFFNBJM BQQVOUBNFOUJ DPOUBUUJP4. 4 PQQVSFGBSMJBOOVODJBSFWPDBMNFOUF EBMMBGVO[JPOFMFUUVSBBUUSBWFSTPHMJBMUPQBSMBOUJEFMMJNQJBOUPBVEJP6OBEBUUBUPSF DPOQPTTJCJMJU EJSJDBSJDBFBOUFOOBFTUFSOB¨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kBEPQQJPSFOF{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¨VOBTVGGJ DJFOUFJMMVNJOB[JPOFTUSBEBMF 'BSJGFOEJOFCCJBDPOUFDOJDB-&%SFOEPOPQJ¹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¨EPUBUPEJEVFUFSNJOBMJEJTDBSJDP TJOHPMJ QPTJ[JPOBUJBTJOJTUSBFBEFTUSB DPODPSOJDFDSPNBUB 5FSNJOBMJEJTDBSJDPJEVFUFSNJOBMJEJTDBSJDPBMPTBOHBEFMMB#. 8 EPUBUJEJVOBGJOJUVSBDSPNBUB JTPOP 7BSJBOUJEJFRVJQBHHJBNFOUP $PMPSJ &RVJQBHHJBNFOUP %PUB[JPOFEJTFSJF0QUJPOBM $FSDIJJOMFHBMFHHFSB#. 8 SBHHJB7Op 3VOGMBU +Y DPOQOFVNBUJDJ 3 $FSDIJJOMFHBMFHHFSB#. 8B EPQQJSBHHJOp 3VOGMBU +Y DPOQOFVNBUJDJ 3 EJTFSJFQFS J $FSDIJJOMFHBMFHHFSB#. 8 TUZMJOHBTUFMMBOp 3VOGMBU QOFVNBUJDJNJTUJ BOUFSJPSJ +Y DPOQOFVNBUJDJ 3 QPTUFSJPSJ +Y DPOQOFVNBUJDJ 3 EJTFSJFQFS J $FSDIJJOMFHBMFHHFSB#. 8 SBHHJB7Op 3VOGMBU QOFV NBUJDJNJTUJ BOUFSJPSJ +Y DPO QOFVNBUJDJ 3 QPTUFSJPSJ +Y DPOQOFVNBUJDJ 3 $FSDIJJOMFHBMFHHFSB#. 8TUZMJOHBTUFMMBOp 3VOGMBU QOFV NBUJDJNJTUJ BOUFSJPSJ +Y DPOQOFVNBUJDJ 3 QPTUFSJPSJ +Y DPOQOFVNBUJDJ 3 $FSDIJJOMFHBMFHHFSB#. 8SBHHJB7Op 3VOGMBU QOFVNBUJDJ NJTUJ BOUFSJPSJ +Y DPOQOFVNBUJDJ 3 QPTUFSJPSJ +Y DPO QOFVNBUJDJ 3 %PUB[JPOFEJTFSJF0QUJPOBM %JTFSJF 0QUJPOBM 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF 7PMBOUFDPODPSPOBSJTDBMEBCJMFQSFNFOEPJMQVMTBOUFMBDPSPOBEFMWPMBOUF TJTDBMEBJOQPDPUFNQP'VO[JPOFQBSUJDPMBSNFOUFQJBDFWPMFJOJOWFSOP 7PMBOUFTQPSUJWPJOQFMMFDPODPNBOEJNVMUJGVO[JPOFNPMUPNBOFHHFWPMF DPOJUBTUJJODPSQPSBUJ¨QPTTJCJMFHFTUJSFDPOGPSUFWPMNFOUFJMUFMFGPOP MFGVO[JPOJ WJWBWPDFFBVEJPFEJMSFHPMBUPSFEJWFMPDJU $POMFMFWFUUFkQBEEMF{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. PEBMJU TVQQMFNFOUBSF$PNGPSUJODPNCJOB[JPOF DPO"EBQUJWF%SJWF $BNCJPBVUPNBUJDPTQPSUJWP4UFQUSPOJDB SBQQPSUJQBSUJDPMBSNFOUF QFSGPSNBOUFQFSVOBHVJEBNPMUPEJOBNJDBFDPOQBTTBHHJEJNBSDJBNPMUPCSFWJ *MDBNCJPBVUPNBUJDP¨EPUBUPEJVOWPMBOUFTQPSUJWPJOQFMMFDPOQBEEMFFEJVO TFMFUUPSFTQPSUJWPEFMMFNBSDF 7BSJBOUJEJFRVJQBHHJBNFOUP $PMPSJ &RVJQBHHJBNFOUP %PUB[JPOFEJTFSJF0QUJPOBM &MFNFOUJJODFSBNJDBQFSWBSJDPNBOEJ BEFTFNQJPMBMFWBTFMFUUSJDFEFM DBNCJP MBDPSOJDFEFM$POUSPMMFSBOUFSJPSFOPODI©MBSFHPMB[JPOFEFMWPMVNF FEFMMBUFNQFSBUVSB$SFBOPVOBUNPTGFSBSBG OBUBFEVOJDBOFMMBCJUBDPMP 1MBODJBTUSVNFOUJJOQFMMFMBQMBODJBSJWFTUJUBJOQFMMFQSFHJBUB/BQQB&YDMVTJWF DPOGFSJTDFBMMBCJUBDPMPVOUPDDPQBSUJDPMBSNFOUFFTDMVTJWP-BEPUB[JPOFDPN QSFOEFMBQBSUFTVQFSJPSFEFMSJWFTUJNFOUPEFMMFQPSUJFSFFJQBOOFMMJMBUFSBMJ OPODI©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¨EPUBUBEJVOEJ TQPTJUJWPJOHSBEPEJSJDPOPTDFSFQFSUFNQPMFQFSTPOFFJOWJBVOTFHOBMFPUUJDP EJBMMBSNFWJTVBMJ[[B[JPOFPQ[JPOBMFOFMM)FBE6Q%JTQMBZ RVBOEPVOBQFSTPOB TJNVPWFTVMMBDPSTJBEJNBSDJB*ODPNCJOB[JPOFDPO#. 8/JHIU7JTJPO MBUFMF DBNFSBUFSNJDB¨JOUFHSBUBOFMMBDBMBOESBkBEPQQJPSFOF{ 4QFFE-JNJU*OGPSJMFWBJMJNJUJEJWFMPDJU TFHOBMBOEPMJBMHVJEBUPSFOFMM*OGP %JTQMBZPQQVSFOFMMPQUJPOBM)FBE6Q%JTQMBZTPMPJOBCCJOBNFOUPBMTJTUFNBEJ OBWJHB[JPOF1SPGFTTJPOBM 5FMFDBNFSBQPTUFSJPSFUSBTNFUUFMFJNNBHJOJEFMMBSFBEJFUSPBMMBWFUUVSBJO NPEPCFODPNQSFOTJCJMFTVM$POUSPM%JTQMBZ-FMJOFFJOUFSBUUJWFWJTVBMJ[[BOPQFS FTFNQJPTFJMQBSDIFHHJPEFTJEFSBUP¨TVG DJFOUFNFOUFBNQJP-BUFMFDBNFSB QPTUFSJPSFWJFOFBUUJWBUBBVUPNBUJDBNFOUFRVBOEPTJJOTFSJTDFMBSFUSPNBSDJB TPMPJOBCCJOBNFOUPBM1BSL%JTUBODF$POUSPM 1BSL%JTUBODF$POUSPM1%$ BOUFSJPSFFQPTUFSJPSFGBDJMJUBMFNBOPWSFEJ QBSDIFHHJPOFHMJTQB[JNPMUPSJTUSFUUJ2VBOEPMBWFUUVSBTJBWWJDJOBBEVOPTUBDP MP JM1%$BWWJTBJMHVJEBUPSFNFEJBOUFTFHOBMJBDVTUJDJNBBODIFWJTJWBNFOUFTVM $POUSPM%JTQMBZ )FBE6Q%JTQMBZJOUFSBNFOUFNVMUJDSPNBUJDPGPSOJTDFBMHVJEBUPSFJOGPS NB[JPOJSJMFWBOUJQFSMBHVJEBEJSFUUBNFOUFOFMTVPDBNQPWJTJWP BEFTFNQJPMB WFMPDJU NPNFOUBOFB1FSMBQSJNBWPMUBUVUUFMFJOGPSNB[JPOJEFMM)FBE6Q%JTQMBZ TPOPQSPJFUUBUFBDPMPSJOFMMBWJTVBMFEJSFUUBEFMDPOEVDFOUF DIFQPUS MFHHFSFFEJ TUJOHVFSFMFWBSJFJOGPSNB[JPOJJONPEPQJ¹QSFDJTPFWFMPDF/FMM)FBE6Q%JTQMBZ BQQBJPOPBODIFMFJTUSV[JPOJQFSMBOBWJHB[JPOF MFGVO[JPOJEJDBNCJPBDDJEFOUBMF EFMMBDPSTJBEJNBSDJB MF4QFFE-JNJU*OGPFJM$IFDL$POUSPM OPODI©MFBWWFSUFO[F EFMMB#. 8/JHIU7JTJPODPOSJDPOPTDJNFOUPEFMMFQFSTPOFOPOJOBCCJOBNFOUP BMQBSBCSF[[BDPOGBTDJBBOUJSJ FTTPHSJHJB *NQVOUVSBJODPOUSBTUPDPNQSFOEFVOBEPQQJBDVDJUVSBSJCBUUVUBJOUPOBUBBM DPMPSFEFJSJWFTUJNFOUJTVMMBUPTVQFSJPSFEFMMBQMBODJB TVJSJWFTUJNFOUJEFMMFQPSUJFSF FEFJQBOOFMMJMBUFSBMJOPODI©TVMMBDPOTPMMFDFOUSBMF DPOGFSFOEPBMMBCJUBDPMPVO BTQFUUPBODPSBQJ¹FTDMVTJWPEJTQPOJCJMFTPMPJOBCCJOBNFOUPBMMBQMBODJBJOQFMMF 7BSJBOUJEJFRVJQBHHJBNFOUP $PMPSJ &RVJQBHHJBNFOUP %PUB[JPOFEJTFSJF0QUJPOBM 1BSL"TTJTUBOUGBDJMJUBMFNBOPWSFEJQBSDIFHHJPQBSBMMFMFBMMBDPSTJBEJNBS DJB"UBMFTDPQPJMTJTUFNBNJTVSBHMJTQB[JEJQBSDIFHHJPRVBOEPWJTJQBTTBBD DBOUPBWFMPDJU JOGFSJPSJB LNI4FJOEJWJEVBVOQBSDIFHHJPTVG DJFOUFNFOUF BNQJP MBTTJTUFOUFTJBTTVNFMBNBOPWSB DPBEJVWBUPEBMHVJEBUPSFDIFBDDFMFSB PGSFOB*MTFOTPSF¨JOUFHSBUPOFMMJOEJDBUPSFEJEJSF[JPOFMBUFSBMFEJTQPOJCJMFJO BCCJOBNFOUPBM1BSL%JTUBODF$POUSPM #. 8"TTJTU NFUUFBEJTQPTJ[JPOFEFMHVJEBUPSFWBSJTFSWJ[J DJP¨DIJBNBUB EFNFSHFO[BBVUPNBUJDBFNBOVBMF JOGPSNB[JPOJTVMUSBG DP7*OGP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¨EJTQPOJCJMFDPNFBDDFTTPSJP#. 8 *OBCCJOBNFOUPBMTJTUFNBEJOBWJHB[JPOF#. 81SPGFTTJPOBMFBMMBQSFEJTQPTJ[JPOFJOUFHSBUBQFSDFMMVMBSF#VTJOFTTDPOJOUFSGBDDJB#MVFUPPUI . BHHJPSJJOGPSNB[JPOJTVHMJBQQBSFDDIJDPOTJHMJBUJTPOPEJTQPOJCJMJOFMTJUP8FCXXXCNXJUCMVFUPPUI %PUB[JPOFEJTFSJF0QUJPOBM %JTFSJF 0QUJPOBM 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF $BSJDBUPSF%7%QFS %7% DPOGVO[JPOBMJU %7%BVEJPNVMUJDBOBMFDPNQB UJCJMF. 1 *OBCCJOBNFOUPBMMB57PQQVSFBMTJTUFNBEJOBWJHB[JPOF1SPGFTTJPOBM ¨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k$PWFS"SU{DPQFSUJOBEFMMBMCVN $MJNBUJ[[BUPSFBVUPNBUJDPB [POFDPOGVO[JPOBMJU FTUFTFDPO MUSP EJSJDJSDPMPEBSJB TFOTPSFTPMBSFFTFOTPSFBQQBOOBNFOUP DPOUSPMMPBVUPNBUJDP EFMSJDJSDPMPEBSJB"6$ SFHPMB[JPOFBVUPNBUJDBJOEJWJEVBMFBDJORVFJOUFOTJU BFSB[JPOFBWFUUVSBGFSNBFVUJMJ[[PEFMDBMPSFSFTJEVPOPODI©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©JODMJOB[JPOFEFMMPTDIJFOBMFSFHPMB[JPOFNBOVBMF EFMMBQQPHHJPHBNCF 4FEJMJBOUFSJPSJDPNGPSUDPOGVO[JPOF. FNPSZFTVQQPSUPMPNCBSFSFHPMB [JPOFFMFUUSJDBEFMTFHNFOUPTVQFSJPSFFEFMMBMBSHIF[[BEFMMPTDIJFOBMFOPODI©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©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¨DIJVTBFJMMVOPUUP¨BCCBTTBUP TJPUUJFOFOFMMBCJUBDPMPVOFG DBDFWFOUJMB[JPOF FEFTQVMTJPOFEFMMBSJB SFBMJ[[BOEPVOHSBEFWPMFDMJNBJOUFSOP2VBOEPMBDBQPUF ¨BQFSUB TPMMFWBOEPJMMVOPUUPTJBDDSFTDFJMDPNGPSUEFJQBTTFHHFSJQPTUFSJPSJ $BQPUFkBQJOOF{ BEB[JPOBNFOUPBVUPNBUJDPDPTUJUVJTDFVOBVUFOUJDP CFODINBSLQFSMBDVTUJDBFMJTPMBNFOUPEBGBUUPSJDMJNBUJDJ DPNFVNJEJU FGSFEEP *OBCCJOBNFOUPBMMVOPUUPBCCBTTBCJMFPGGSFVOFGGJDBDFWFOUJMB[JPOFEFMMBCJUBDPMP 2VBOEP¨DIJVTBDPOGFSJTDFBMMB$BCSJPVOBMJOFBTJNJMFBEVOB$PVQ©%PQP MBQFSUVSBTDPNQBSFOFMWBOPDBQPUFDPMMPDBUPOFMCBHBHMJBJP%JTQPOJCJMFJO 4DIXBS[ #FJHFF DPNFPQUJPOBM JO"OUSBDJUF4JMWFS&GGFDU 7BOPDBQPUFWBSJBCJMFTJBCCBTTB DPOVOBNBOPTPMB7BOUBHHJPHSB[JF BMMPTQFDJBMFNFDDBOJTNPEJSJCBMUBNFO UPJMWBOPDBQPUFTJSJQJFHBTVT©TUFTTP DPOTFOUFOEPEJTGSVUUBSFJONPEPPUUJ NBMFMBDBQBDJU EFMCBHBHMJBJP2VBOEP ¨BCCBTTBUP QV²BDDPHMJFSFMBDBQPUF 'SBOHJWFOUPDPOTFOUFEJHVTUBSF BQQJFOPJWJBHHJkPQFOBJS{TFO[BGBTUJ EJPTFDPSSFOUJPNVMJOFMMJEBSJBTVMDPMMPF TVMMFTQBMMF4JB[JPOBDPOGBDJMJU FTJQV² SJQPSSFJOQPDPTQB[JPOFMCBHBHMJBJP "[JPOBNFOUPBVUPNBUJDPEFMMBDBQPUFMBGVO[JPOFBQFSUVSBDIJVTVSB¨ BVUPNBUJDBFTJDPNBOEBNFEJBOUFVOUBTUPBWFMPDJU GJOPBLNI *MMVOPUUP WFSUJDBMFQV²FTTFSFBCCBTTBUPJOEJQFOEFOUFNFOUFEBMMBDBQPUF2VFTUVMUJNB QV²FTTFSFBQFSUBDPNPEBNFOUFBODIFDPOJMUFMFDPNBOEPTPMPJOBCCJOBNFOUP BM$PNGPSU"DDFTT 7BSJBOUJEJFRVJQBHHJBNFOUP $PMPSJ &RVJQBHHJBNFOUP %PUB[JPOFEJTFSJF0QUJPOBM 4LJ#BHDPOTFOUFJMUSBTQPSUPTJDVSPFQVMJUPEJEVFQBJBEJTDJPEJVOPTOPX CPBSEBODIFRVBOEPTPOPPDDVQBUJUVUUJJTFEJMJ2VBOEPOPOTFSWF MBTBDDBQV² FTTFSFSJQPTUBJOQPDPTQB[JPFJONPEPJOWJTJCJMFOFMMPTDIJFOBMF -JTUFMMJTPUUPQPSUBDSPNBUJMPHP#. 8FQJOOFDSPNBUJMVDJEJFJMMVNJOBUJ DPO DPSOJDFJOTFSUPJOBMMVNJOJPBMFWJHBUVSB OFFMFNFOUPEFMMPQUJPOBMMVDFJOUFSOB EJGGVTB "DDFTTPGBDJMJUBUPEJTQPTJUJWPEJ BDDFTTPDPNGPSU DPOTFOUFEJTCMPD DBSFHMJTDIJFOBMJDPOHSBOEFGBDJMJU B[JPOBNFOUPDPOVOBNBOP *TFEJMJ QPTTPOPFTTFSFSFHPMBUJFMFUUSJDBNFOUF QSFNFOEPVOQVMTBOUF #BHBHMJBJPBQFSUP DPOWBOPDB QPUFSJCBMUBUPDPT¬QV²FTTFSFTGSVU UBUBBGPOEPMBDBQBDJU EFMMBNQJPCB HBHMJBJP OPB MJUSJ JODVJUSPWBOP QPTUPBEFTFNQJPEVFTBDDIFEBHPMG #. 84FSWJDF*ODMVTJWF"ODIFQFSMBTTJTUFO[BJMWPTUSP$PODFTTJPOBSJP #. 8IBQSPOUBQFSWPJVOBTPMV[JPOFJOUFMMJHFOUF$PO#. 84FSWJDF*ODMVTJWF UVUUJHMJJOUFSWFOUJQSFWJTUJEBMQSPHSBNNBEJNBOVUFO[JPOFTPOPHSBUVJUJQFSJM QFSJPEPEJUFNQPFPJMDIJMPNFUSBHHJPDPODPSEBUJ1FSNBHHJPSJEFUUBHMJWJTJUBUF JMTJUPXXXCNXJU4FSWJDF*ODMVTJWF #. 88FMUMBDPOTFHOBEFMMBWFUUVSB¨VOPEFJNPNFOUJQJ¹CFMMJOFMMBWJUBEJ PHOJBVUPNPCJMJTUB7JWFUFRVFTUPNPNFOUPJOEJNFOUJDBCJMFOFM#. 88FMU JMDFOUSP EJEJTUSJCV[JPOFEJ. POBDPEJ#BWJFSB7JTJUBUFJMNVTFPEFMMFTUPSJDIF#. 8 GBUFWJ HVJEBSFBUUSBWFSTPMPTUBCJMJNFOUPFM"UFMJFSEFMMBUFDOPMPHJBFTDPQSJUFJMGBTDJOP #. 8JOQSJNBQFSTPOB. BHHJPSJJOGPSNB[JPOJTVMTJUPXXXCNXXFMUEF %PUB[JPOFEJTFSJF0QUJPOBM"DDFTTPSJ0SJHJOBMJ#. 8 %JTFSJF 0QUJPOBM 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF "DDFTTPSJ0SJHJOBMJ#. 8 $BMPUUFEFHMJTQFDDIJSFUSPWJTPSJFTUFSOJ JODBSCPOJP DFSDIJJOMFHBMFHHFSB#. 8 NVMUJSBHHJOp CJDPMPSFOFSP UPSOJUFBTQFDDIJP "EBUUBUPSF4OBQ*OQFSUFMFGPOBSF USBNJUFJMEJTQPTJUJWPWJWBWPDF 4UVPJBTBHPNBUBNVMUJGVO[JPOBMF QFSJMCBHBHMJBJPDPOCPYQJFHIFWPMF $BMPUUFEFHMJTQFDDIJSFUSPWJTPSJFTUFSOJJO DBSCPOJPQFSGFUUBNFOUFJOUPOBUFBMEFTJHO 6OB#. 8PGGSFTFNQSFVOGFFMJOHEJHVJEBTQFDJBMF$¨QFS²VONPEP QFSJOUFOTJ DBSMPVMUFSJPSNFOUFFRVJQBHHJBSFMBVUPDPOHMJ"DDFTTPSJ 0SJHJOBMJ#. 8 QSPEPUUJDIFVOJTDPOPJEFFGVPSJEBMMPSEJOBSJP NBTTJNB GVO[JPOBMJU FEFTJHOBGGBTDJOBOUF4DPQSJUFMBNQJBHBNNBEJQSPQPTUF TUVEJBUFQFSHMJBMMFTUJNFOUJFTUFSOJFEJOUFSOJ MBDPNVOJDB[JPOFFMJOGPS NB[JPOF OPODI©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kBEPQQJPSFOF{DPODPSOJDJDSPNBUF MJTUFMMJDSPNBUJ $BMBOESBkBEPQQJPSFOF{DPODPSOJDJDSPNBUF QBSUFBOUFSJPSFEFJMJTUFMMJDSPNBUB QBSUFMBUFSBMFOFSB $ISPNF-JOF&YUFSJPS 4IBEPX-JOFMVDJEB#. 8*OEJWJEVBM 7FSOJDFNFUBMMJ[[BUB J J 1BDDIFUUJEJFRVJQBHHJBNFOUP 1BDDIFUUPGVNBUPSJ 4JTUFNBEJOBWJHB[JPOF#. 81SPGFTTJPOBMDPOQSFEJTQPTJ[JPOFQFSDFMMVMBSFJOUFHSBUBFTFSWJ[J$POOFDUFE%SJWF#. 8"TTJTU #. 80OMJOF GVO[JPOFDIJBNBUBEFNFSHFO[B J J $FSDIJFQOFVNBUJDJ $FSDIJ FSDIJJOMFHBMFHHFSBSBHHJB7Op D FSDIJJOMFHBMFHHFSBSBHHJBTUFMMBOp D FSDIJJOMFHBMFHHFSBSBHHJB7Op D FSDIJJOMFHBMFHHFSBSBHHJBTUFMMBOp D FSDIJJOMFHBMFHHFSBSBHHJB7Op D 1OFVNBUJDJ3VOGMBU EB EB +Y QOFVNBUJDJ EB EB +Y 3 : 3 : QOFVNBUJDJ 3 3 :QPTU +Y QOFVNBUJDJ 3 3 : 3 : 3 : : 3 : QPTU +Y QOFVNBUJDJ 3 : QPTU +Y QOFVNBUJDJ : QPTU +Y QOFVNBUJDJ FSDIJJOMFHBMFHHFSBBEPQQJSBHHJOp D QOFVNBUJDJ J J DPOQOFVNBUJDJNJTUJBOU +Y EB DPOQOFVNBUJDJNJTUJBOU +Y QOFVNBUJDJ EB DPOQOFVNBUJDJNJTUJBOU +Y QOFVNBUJDJ DPOQOFVNBUJDJNJTUJBOU +Y QOFVNBUJDJ 1BOPSBNJDIF %JTFSJF 0QUJPOBM /POEJTQPOJCJMF 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF %FTJHOEFMMBCJUBDPMP *OUFSOJ QFMMF%BLPUB QFMMF/BQQB&YDMVTJWFkFTUFTB{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kDPNGPSU{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kDPNGPSU{FBMM)FBE6Q%JTQMBZ /POJOBCCJOBNFOUPBMQBSBCSF[[BDPOGBTDJBBOUJSJ FTTPHSJHJB 1BOPSBNJDIF %JTFSJF 0QUJPOBM /POEJTQPOJCJMF 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF $PNGPSUFEFRVJQBHHJBNFOUPJOUFSOP "OUJGVSUPDPOBMMBSNFBDVTUJDPFUFMFDPNBOEPBPOEFSBEJP #SBDDJPMPBOUFSJPSFDPOWBOPQPSUBPHHFUUJ $BQPUFBEB[JPOBNFOUPBVUPNBUJDP $BQPUFkBQJOOF{BOUSBDJUFTJMWFSFGGFDU $BQPUFkBQJOOF{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k$PWFS"SU{ JOUFSGBDDJBBVEJPQFSVUJMJ[[PTNBSUQIPOF BEJP#. 81SPGFTTJPOBMDPOMFUUPSF$% EPQQJPTJOUPOJ[[BUPSF EFDPEJGJDBUPSF. 1 JOBCCJOBNFOUPBMMBGVO[JPOF57PBMTJTUFNBEJOBWJHB[JPOF S DPOMFUUPSF%7% JOUPOJ[[BUPSF%"#QFSSJDF[JPOFBODIFEFJQSPHSBNNJBVEJPEJHJUBMJ DPNQBUJCJMF%"# T 4FSWJ[JUFMFNBUJDJ#. 8$POOFDUFE%SJWF #. 8"TTJTU #. 80OMJOF #. 85FMF4FSWJDFT #. 85SBDLJOH 4JTUFNBEJBMUPQBSMBOUJ)J'J QPUFO[BBNQMJ DBUPSF 4JTUFNB)J'J1SPGFTTJPOBM QPUFO[BBNQMJ DBUPSF 5BTUJNFNPSJBQFSGVO[JPOJQSFGFSJUF 5FMFGPOP QSFEJTQPTJ[JPOFQFSDFMMVMBSFDPOJOUFSGBDDJB#MVFUPPUIFTFSWJ[JUFMFNBUJDJ 7PJDF$POUSPM 8BUU BMUPQBSMBOUJ 8BUU BMUPQBSMBOUJ 4JTUFNBEJOBWJHB[JPOF#. 81SPGFTTJPOBMDPO$POUSPM%JTQMBZEB TJTUFNBEJNFNPSJBDPOEJTDP TTPEB (JHBCZUF BEFTFNQJPQFS MFBVEJP J J 5SPWFSFUFJOGPSNB[JPOJTVHMJBQQBSFDDIJDPOTJHMJBUJBMTJUPXXXCNXJUCMVFUPPUI 7BSJBOUJEJFRVJQBHHJBNFOUP $PMPSJ &RVJQBHHJBNFOUP . BTTB . BTTBBWVPUP6& . BTTBDPNQMFTTJWB $BSJDPVUJMF $BSJDPBNNFTTPTVMMBTTBMFBOUFSJPSFQPTUFSJPSF LH LH LH LH J J . PUPSF J DN NN L8HNJO $7HNJO /NHNJO J $JMJOESJWBMWPMFQFSDJMJOESP $JMJOESBUB $PSTBBMFTBHHJP 1PUFO[BSFHJNFOPNJOBMF $PQQJBNBYSFHJNF 3BQQPSUPEJDPNQSFTTJPOF 5SBTNJTTJPOF 3BQQPSUJEFMDBNCJPEJTFSJF ****** *777* 7**7***3 J J 1SFTUB[JPOJ 7FMPDJU NBTTJNB "DDFMFSB[JPOF LNI LNI T J J $POTVNP 6SCBOP &YUSBVSCBOP . JTUP J M M M LN LN LN HLN M J &NJTTJPOJEJ$0 $BQBDJU EFMTFSCBUPJP 1BOPSBNJDIF 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF 3VPUF %JNFOTJPOJEFJQOFVNBUJDJ %JNFOTJPOFEFJDFSDIJ . BUFSJBMF BOU QPTU J 3 3 J 3 : BOU +Y QPTU +Y -FHBMFHHFSB +Y -FHBMFHHFSB *NQJBOUPFMFUUSJDP $BQBDJU EFMMBCBUUFSJB 1PUFO[BEFMMBMUFSOBUPSF "I " 8 J J 5VUUFMFNJTVSFEFJEJTFHOJUFDOJDJTPOPFTQSFTTFJONJMMJNFUSJ$BQBDJU EFMCBHBHMJBJP 1365 MJUSJDPOWBOPDBQPUFTPMMFWBUP /FMWBMPSFJOEJDBUPTPOPDPNQSFTJJMTFSCBUPJPEJDBSCVSBOUFQJFOPBM  LHQFSJMHVJEBUPSF  LHQFSJMCBHBHMJP-BNBTTBBWVPUPWBMFQFSMFWFUUVSFDPOMFRVJQBHHJBNFOUPEJTFSJF(MJPQ UJPOBMBVNFOUBOPUBMFWBMPSF #. 8DPOTJHMJBMJNQJFHPEJTVQFSTFO[BQJPNCPB PUUBOJ*NPUPSJQPTTPOPBODIFFTTFSFVUJ MJ[[BUJDPODBSCVSBOUFB PUUBOJPTVQFSJPSFDPODPOUFOVUPEJFUBOPMPGJOPBM & *EBUJEJ QPUFO[BFDPOTVNPTJSJGFSJTDPOPBMMBMJNFOUB[JPOFDPODBSCVSBOUFB PUUBOJ VUPMJNJUBUBFMFUUSPOJDBNFOUF " VUUJJNPUPSJSJTQPOEPOPBMMFOPSNF&6 #BTFQFSMBSJMFWB[JPOFEFMDPOTVNP¨JMDJDMPEJHVJEB&$& 5 $& DIFQSFWFEFVOUFS[PDJSDBEJHVJEBJODJUU FEVFUFS[JTVTUSBEFFYUSBVSCBOF0MUSFBM DPOTVNPEJDBSCVSBOUFWJFOFNJTVSBUBBODIFMFNJTTJPOFEJ$0 *DPOTVNJTPOPTUBUJDBMDPMBUJJO CBTFBMMFRVJQBHHJBNFOUPEJTFSJF(MJPQUJPOBMBEFTFNQJPQOFVNBUJDJQJ¹MBSHIJ QPTTPOPJOGMVJSFJO NJTVSBBODIFSJMFWBOUFTVMDPOTVNP 7BSJBOUJEJFRVJQBHHJBNFOUP $PMPSJ &RVJQBHHJBNFOUP *MDPODFUUPBMMBCBTFEFM#. 84FSWJDFNBOUFOFSTJTFNQSFBHHJPSOBUJ "DRVJTUBOEPVOB#. 8TDFHMJFUFBODIFVOTFSWJ[JPEBTTJTUFO[BBDDVSBUPFDPN QMFUP-B3FUF#. 8 QSFTFOUFJO*UBMJBDPOPMUSF $FOUSJ#. 84FSWJDF HBSBO UJTDFBUVUUJJ$MJFOUJVOBNQJPWFOUBHMJPEJWBOUBHHJFTFSWJ[JFTDMVTJWJ5SBNJUFMB EJBHOPTJkPOCPBSE{JM$POEJUJPO#BTFE4FSWJDF$#4 SJMFWBMFDPOEJ[JPOJ EFMMFQBSUJJNQPSUBOUJTPHHFUUFBVTVSBFEFJMJRVJEJEJFTFSDJ[JPOFJNPUPSJBCFO [JOB FDPOUSPMMBHMJJOUFSWFOUJEFM4FSWJDFJOGVO[JPOFEFMDIJMPNFUSBHHJPPEFM UFNQP5SBNJUFJM$POUSPM%JTQMBZTJ¨JOGPSNBUJTVHMJBQQVOUBNFOUJFWFOUVBMNFOUF QSFWJTUJDPOJM4FSWJDF*M$POUSPM%JTQMBZEFMMJ%SJWFJOEJDBJOPHOJJTUBOUFDPOQSF DJTJPOFRVBOEP¨OFDFTTBSJPJMQSPTTJNPJOUFSWFOUPEFM4FSWJDFQFSDJBTDVODPN QPOFOUFEFMMBWFUUVSB*OBCCJOBNFOUPB#. 85FMF4FSWJDFT MJOOPWBUJWPTFSWJ[JP UFMFNBUJDPEJ#. 84FSWJDF MFJOGPSNB[JPOJBDRVJTJUFEB$#4WFOHPOPUSBTNFT TFBVUPNBUJDBNFOUFBM$PODFTTJPOBSJP#. 8 DIFDPT¬BWS QJ¹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¹QBTUJHMJFGSFOPBOUFSJPSJFQPTUFSJPSJ EJTDIJGSFOPBOUFSJPSJFQPTUFSJPSJ GSJ[JPOF TQB[[PMFUFSHJDSJTUBMMJJOPD DBTJPOFEFMDBNCJPEFMMPMJP #. 8 4 FSWJDF*ODMVTJWF6MUJNBUFDPN QSFOEFUVUUJHMJJOUFSWFOUJQSFWJTUJEBM QSPHSBNNB#. 84FSWJDF*ODMVTJWF 1MVTQJ¹UVUUBMBNBOVUFO[JPOFTUSBPS EJOBSJBDIFTJSFOEFTTFOFDFTTBSJB BEFDDF[JPOFEJSBCCPDDIJ JOUFSWFOUJ TVQOFVNBUJDJ DSJTUBMMJ TFMMFSJBFUBQ QF[[FSJBVTVSBUFPDBSSP[[FSJBFQBSUJ OPONFDDBOJDIFEBOOFHHJBUF MBWBHHJ FDBSCVSBOUF*MWPTUSP$FOUSP#. 8 4FSWJDF¨BEJTQPTJ[JPOFQFSEBSWJ NBHHJPSJJOGPSNB[JPOJFGBSWJTDPQSJSF UVUUJJWBOUBHHJEFMMB. BOVUFO[JPOF 1SPHSBNNBUB#. 81FSVMUFSJPSJJO GPSNB[JPOJXXXCNXJU . BYJSBUB4DFHMJFSFVOQJBOPEJ OBO [JBNFOUP. BYJSBUBTJHOJ DBQPUFSSJ NBOEBSFB OFDPOUSBUUPMBSFTUJUV[JPOF EJCVPOBQBSUFEFMDBQJUBMF OBO[JBUP EBM BM FQPUFSEJMB[JPOBSF MBRVPUBSFTUBOUFDPOJNQPSUJNFOTJMJ EFDJTBNFOUFDPOUFOVUJ#. 84FMFDU 6OBGPSNVMBFTUSFNBNFOUFQFSTPOBMJ[ [BCJMFVONJOJNPBOUJDJQPFJNQPSUJ NFOTJMJDPOUFOVUJQFSDI©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©MBOUJDJQP DIFQV²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¹WJDJOP*OPMUSF #. 8. PCJMF$BSF QSPWWFEF RVBOEPQSFWJTUPFEJOCBTF BJEFUFSNJOBUJNBTTJNBMJ BGPSOJSWJVOB WFUUVSBTPTUJUVUJWBBHBSBO[JBEFMMBWP TUSBNPCJMJU BSJNCPSTBSWJMFTQFTFEJ QFSOPUUBNFOUPJNQSFWJTUPJOIPUFMDPO TFHVFOUFBMHVBTUP BEBJVUBSWJBSFDV QFSBSFMBVUPNPCJMFP BEEJSJUUVSB B DPOTFHOBSMBBDBTBWPTUSB*MTFSWJ[JP #. 8. PCJMF$BSF BUUJWPTVMMFWFUUVSF JNNBUSJDPMBUFEBHFOOBJP ¨WBMJEP QFS BOOJEBMMBEBUBEJJNNBUSJDPMB[JP OFEFMMBWPTUSB#. 8 XXXCNXJUPQQVSFXXXCNXDPN #. 8. PCJMF$BSFJMTFSWJ[JPEJ BTTJTUFO[BTUSBEBMF#. 8WBMJEPJO UVUUB&VSPQB4VQQPSUPVUJMFJOTJUVB [JPOJFDDF[JPOBMJ ¨BUUJWP PSFTV HJPSOJBMMBOOP"ODIFOFMMJNQSP CBCJMFFWFOUVBMJU EJVOHVBTUP #. 8 . PCJMF$BSFJOUFSWFSS JOWJBOEPWJVOPG DJOB. PCJMF4FSWJDF EBMMF BMMF MBEEPWFQPTTJCJMFFRVBMPSBJM SJQSJTUJOPEFMMBWFUUVSBTJBFTFHVJCJMF 4UPSJFEBNPSF#. 8 *OPHOJQBSUFEFMNPOEPWJWPOPQFSTPOFBDDPNVOBUFEBEVFDBSBUUFSJ TUJDIFVOSBQQPSUPEFMUVUUPQBSUJDPMBSFDPOMFBVUPNPCJMJ#. 8FMB HJPJBEJWJWFSF6OPEJRVFTUJ¨. VSSBZ'PXMFSOFMMBGPUP BOOP 5BCFMMF %BUJUFDOJDJ #. 84FSWJDF *-1*"$&3&)"5"/5*"41&55* -FBTJOH OBO[JBSJP&MFWBUB FTTJCJ MJU FJOOPWB[JPOF*MOPTUSPDPOUSBUUPEJ -FBTJOH¨MBTPMV[JPOF OBO[JBSJBQJ¹JO EJDBUBQFSMBDMJFOUFMBCVTJOFTT QFSDI©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¹WJDJOPBWPJ QFSVOQSFWFOUJWPP MBQQVOUBNFOUPQFSVOUFTUESJWF3FHJ TUSBOEPJQSPQSJEBUJTJQV²DPO HVSBSF NPEJ DBSFFNFNPSJ[[BSFMBQSPQSJB kBVUPEFJTPHOJ{ #. 8&WFOUTQSPWBUFTVMMBQFMMF JMNPOEPEJ#. 8-BQBSUFDJQB[JPOF EJ#. 8BHMJFWFOUJTQPSUJWJOB[JPOBMJF JOUFSOB[JPOBMJIBVOBMVOHBUSBEJ[JPOF %BM#. 8*OUFSOBUJPOBM0QFODPOMB QBSUFDJQB[JPOFEFMMFMJUFEFMHPMG OPBM UPQEFMMPTQPSUEFMMBWFMBOFMMBTFUUJNBOB EJ, JFMTDPQSJUFQFSTPOBMNFOUFJMGBTDJ OPEJ#. 8OFJHSBOEJFWFOUJTQPSUJWJ& OPOTPMPBHMJBNJDJEFMNBSDIJP#. 8 PGGSJBNPBODIFMBQPTTJCJMJU EJQSPWBSFJM NPOEPEJ#. 8OFHMJFWFOUJDVMUVSBMJ FTDMVTJWJQJ¹BUUSBFOUJ #. 88FMU*MNPNFOUPJODVJJODPO USFSFUFQFSMBQSJNBWPMUBMBWPTUSB#. 8 MBUPDDIFSFUF DJTBMJSFUF MBNFUUFSFUFJO NPUP¨VOPEFJNPNFOUJQJ¹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²SJDFWFSFEVFWPMUF BMMBOOPHSBUVJUBNFOUFBDRVJTUBOEP VOBVUPNPCJMFOVPWB $PSTJEJHVJEB#. 8QSPWBSFMBQFS GF[JPOF2VBOEPTJHVJEBVOB#. 8TJ EFWFQSPWBSFQJBDFSF&DPNFQFSHMJBU USF[[JTQPSUJWJBODIFRVJWBMFJMQSJODJQJP QFSDVJQJ¹DJTJFTFSDJUBQJ¹BMUJTPOPJUSB HVBSEJDIFTJQPTTPOPSBHHJVOHFSF/FJ DPSTJEJHVJEB#. 8TJJNQBSBTVTUSBEF QFSDPSTJPBEEJSJUUVSBUSBDDJBUJEJHBSFBVUP NPCJMJTUJDIF DPNFQPSUBSFMBQSPQSJB#. 8 BJMJNJUFEFMQPTTJCJMF SJNBOFOEPTFNQSF DPOQPUFO[BFTJDVSF[[BTVMQSPQSJPQFS DPSTP(MJBSHPNFOUJWBOOPEBJDPSTJTVMMB TJDVSF[[B TVMMBHVJEBJOWFSOBMFFTVMSJ TQBSNJPEJFOFSHJBBRVFMMJTVVOPEFMDJS DVJUJQJ¹EVSJEFMNPOEPJM/¼SCVSHSJOH #. 857 #. 857JMMVTUSBHMJBTQFUUJSJMFWBOUJ EFMNPOEP#. 8 QSFTFOUBOEPMBSFBMU EFMNBSDIJPJOUVUUBMBTVBWBSJFU DPO TFSWJ[JHJPSOBMJTUJDJ SJUSBUUJFSFTPDPOUJ JOFEJUJ/FMTJUPXXXCNXUWWJGPSOJB NPJOGPSNB[JPOJEJBUUVBMJU TVJTFUUPSJ BVUPNPCJMF JOOPWB[JPOJ TBMPOJ FWFOUJ TQPSUFMJGFTUZMF BDDPNQBHOBUFEBJN NBHJOJBWWJODFOUJ EJ$PTUB. FTBJO$BMJGPSOJB64"-BTVBNJHMJPSFBNJDBIBRVBUUSPSVPUF F NJHMJBTVMUBDIJNFUSPVOB#. 8 $4DIJBNBUB#MVF. BY k2VFTUBVUPIBVOBOJNB{ BGGFSNB. VSSBZ6O©RVJQFDJOFNBUPHSB DB IBGBUUPWJTJUBBQFSTPOFDPNFMVJJOPHOJBOHPMPEFMHMPCP4POPOBUJ DPT¬FDDF[JPOBMJQJDDPMJSJUSBUUJPSJHJOBMJ BVUFOUJDJFQJFOJEJHJPJBEJWJWFSF 2VFTUBJOUFSFTTBOUFTFSJFEJ MNBUJSFBMJ[[BUJQFS*OUFSOFUTJDIJBNB #. 86/4$3*15&%FE¨EJTQPOJCJMFJOFTDMVTJWBTV#. 857 XXXCNXUW "MUSFJOGPSNB[JPOJTV #. 8BJTJUJ XXXCNXJU XXXCNXDPN 1JBDFSFEJHVJEBSF 4PTUFOJCJMJU FSJDJDMBHHJPOFM(SVQQP#. 8 *M(SVQQP#. 8¨TUBUPFMFUUPOFM%PX+POFT4VTUBJOBCJMJUZ*OEFYQFSMBTFTUBWPMUBEJTFHVJUP MJNQSFTBBVUPNPCJMJTUJDBQJ¹TPTUFOJCJMFBMNPOEP-BTPTUFOJCJMJU ¨TBMEBNFOUFBODPSBUBBMMB OPTUSBDBUFOBEJDSFB[JPOFEFMWBMPSFEBMMPTWJMVQQPEJQSPHFUUJEBVUPQJ¹FGGJDJFOUJFBMUFSOBUJWJ BQSPDFTTJEJQSPEV[JPOFDIFSJTQFUUBOPMBNCJFOUFFBMSJDJDMBHHJP-BOPTUSBGJMPTPGJBEJTWJMVQQP #. 8&GGJDJFOU%ZOBNJDTPGGSFWBOUBHHJUBOHJCJMJQFSJDMJFOUJ JMDMJNBFMBNCJFOUF$PT¬MFFNJTTJPOJ EJ$0 EFMMBOPTUSBGMPUUBFVSPQFBEJWFUUVSFOVPWFTJTPOPSJEPUUFRVBTJEFM USBJM FJM &USBJM FJM JOUFOEJBNPSJEVSSFEFM QFSPHOJWFUUVSBJMDPOTVNPEJSJTPSTF OFMMBQSPEV[JPOF BEFTEJBDRVBFEFOFSHJB$PT¬BMUFSNJOFEFMMBQSPQSJBGBTFEJVUJMJ[[PPHOJ WFUUVSBQV²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¨EFTUJOBUPBGPSOJSFTPMPJOGPSNB[JPOJEJDBSBUUFSFHFOF SBMFFOPODPTUJUVJTDFEPDVNFOUPWJODPMBOUFDPOUSBUUVBMNFOUFTVMMFJOGPSNB[JPOJDIFDPOUJFOF JORVBOUPMB$BTBQSPEVUUSJDFQV²BQQPSUBSFNPEJGJDIFDPTUSVUUJWFFEJFRVJQBHHJBNFOUPOFMUFNQP USBMBQVCCMJDB[JPOFEFMDBUBMPHP MBQSPEV[JPOFEFJNF[[JFMBQVCCMJDB[JPOFEJVODBUBMPHPQJ¹ BHHJPSOBUP DIFTFHVFTFNQSFEJRVBMDIFUFNQPMFNPEJGJDIFDPTUSVUUJWFFEJFRVJQBHHJBNFOUP i#. 8"( . POBDPEJ#BWJFSB(FSNBOJB3JQSPEV[JPOFBODIFQBS[JBMFTPMUBOUPEJFUSPBVUPSJ[[B [JPOFTDSJUUBEFMMB#. 8. POBDP #. 8SFDPNNFOET 7#1SJOUFEJO(FSNBOZ [. . . ]