Bruk - Bet katalog dla klienta biznesowego

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R[V[ CʑWTQYG MQUVMK DTWMQYG
R[V[ EJQFPKMQYG MTCYȶʑPKMK

QFYQFPKGPKC NKPKQYG U[UVGO[ MCPCNK\CE[LPG

RTQFWMELC DGVQPW VQYCTQYGIQ HQVQYQNVCKMC























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EUXN EHW SO EUXN EHW SO

5WMEGU ƒTO[ $TWM $GVm LGUV Y[RCFMQYȤ YKGNW E\[PPKMȕY QTC\ GHGMVGO RTCE[ U\GTQMKGL ITWR[ URGELCNKUVȕY
0KG D[D[ OQʑNKY[ DG\ PCU\[EJ RCTVPGTȕY JCPFNQY[EJ MVȕT\[ QF NCV YURKGTCLȤ PCU Y TQ\YQLW ƒTO[
\CRGYPKCLȤE PKG\CRT\GE\CNPȤ RQ\[ELȶ LGFPGIQ \ NKFGTȕY RQNUMKGIQ T[PMW 0CU\C UKGȦ F[UVT[DWELK \QUVCC
\DWFQYCPC VCM CD[ MCʑF[ MNKGPV KPF[YKFWCNP[ OKC U\[DMK K CVY[ FQUVȶR FQ Y[MYCNKƒMQYCP[EJ FQTCFEȕY
&NCVGIQ QDQM ƒTOQY[EJ DKWT URT\GFCʑ[ PC VGTGPKG 2QNUMK OQʑGO[ RQEJYCNKȦ UKȶ YKGNQNGVPKȤ YURȕRTCEȤ \
F[UVT[DWVQTCOK TGIKQPCNP[OK TGRTG\GPVQYCP[OK RT\G\ NKE\PȤ ITWRȶ JCPFNQYEȕY K URT\GFCYEȕY 9 URQUȕD
EKȤI[FDCO[ Q KEJ TQ\YȕL QTC\ RQFPQU\GPKG RQ\KQOW YKGF\[ K MQORGVGPELK QHGTWLȤE TGIWNCTPG E[MNG
EKȤI[
URGELCNKUV[E\P[EJ U\MQNGɛ RTQFWMVQY[EJ 9URȕNPKG \ PKOK RT\GRTQYCF\CO[ VCMʑG U\MQNGPKC FNC
Y[MQPCYEȕY MVȕT[EJ RȕʏPKGL TGMQOGPFWLGO[ QFDKQTEQO PCU\[EJ RTQFWMVȕY &\KȶMK VCMKO F\KCCPKQO
LGUVGɮO[ Y UVCPKG \CIYCTCPVQYCȦ MNKGPVQO RTQHGULQPCNPȤ QDUWIȶ QTC\ \CRGYPKȦ KO FQUVCTE\GPKG WUWI
FQFCVMQY[EJ PC PCLY[ʑU\[O RQ\KQOKG

(+4/# $47- $'6




2TQFWMELC Y[TQDȕY DGVQPQY[EJ VQ FNC PCU EQɮ YKȶEGL
PKʑ V[NMQ RTCEC 6Q RCULC \ MVȕTȤ QF RQPCF NCV \
O[ɮNȤ Q QE\GMKYCPKCEJ MNKGPVȕY RQU\WMWLGO[
WPKMCNP[EJ K KPPQYCE[LP[EJ TQ\YKȤ\Cɛ $[NKɮO[
RKGTYU\[O Y RQWFPKQYQ YUEJQFPKGL 2QNUEG
\CMCFGO YKDTQRTCUQYCPGL MQUVMK DTWMQYGL MVȕTGL
RTQFWMELC TQ\RQE\ȶC UKȶ LWʑ Y T 2T\G\ MQNGLPG
NCVCUWMEGU[YPKG YRTQYCF\CNKɮO[ PC RQNUMK T[PGM
NCVC
Y[LȤVMQYG RTQFWMV[ PR UV[NK\QYCPG MQUVMK V[RW 5VCTG
/KCUVQm RQUVCT\CPG MQUVMK #PVKEm QTC\ Y[TQD[
4GCNKVm K 7PK 5RNKVm MVȕTG PKG V[NMQ \OKGPK[ YK\GTWPGM
RQNUMKGL RT\GUVT\GPK RWDNKE\PGL QTC\ RT[YCVP[EJ UVTGH
QITQFQY[EJ CNG RT\[E\[PK[ UKȶ VCMʑG FQ TQ\YQLW ECGL
DTCPʑ[ 9KGNG PCU\[EJ MQUVGM DTWMQY[EJ RQUKCFC
\CUVT
\CUVT\GʑQPG \PCMK VQYCTQYG VCMKG LCM PR $GJCVQPm
0QUVCNKVm 2TQOGPCFCm 9[TQD[ URQF \PCMW
24'56+)' EKGU\Ȥ UKȶ QITQOP[O W\PCPKGO \CTȕYPQ
YɮTȕF KPYGUVQTȕY RT[YCVP[EJ LCM K
KPUV[VWELQPCNP[EJ 5GTKG 6GTC\\Qm 6GTCVGE /GVCNKE
%QNQT Y\QTȕY RQYKGT\EJPK OQʑNKYQɮȦ
KPF[YKFWCNPGIQ \COȕYKGPKC Y[MQɛE\GPKC
RQYKGT
RQYKGT\EJPK U\GTQMC UMCNC PQY[EJ RTQFWMVȕY
24'56+)' K 612 24'56+)' YCUPG QFF\KC[ 2TQFWMELC Y[TQDȕY DGVQPQY[EJ VQ FNC PCU EQɮ YKȶEGL PKʑ V[NMQ RTCEC
RTQLGMVQYG QTC\ YURȕRTCEC \ CTEJKVGMVCOK \G 61 2#5,# < -6Ǻ4ȣ 6914<;/; 1& 210#& .#6
5VQYCT\[U\GPKC #TEJKVGMVȕY 2QNUMKEJ UȤ
PKGRQFYCʑCNP[O FQYQFGO RT\[YKȤ\[YCPKC DCTF\Q
FWʑGL YCIK FQ FGUKIPW KPF[YKFWCNPQɮEK K
MQORNGVPQɮEK CTCPʑCELK RTQLGMVQY[EJ 5RGELCNK\WLGO[
UKȶ
UKȶ Y FQUVCTE\CPKW MQORNGMUQYGL WUWIK FNC
PCLDCTF\KGL Y[OCICLȤE[EJ MNKGPVȕY QHGTWLȤE
KPF[YKFWCNPG FQRKȶVG PC ŧQUVCVPK IW\KMŨ TQ\YKȤ\CPKC
FNC FQOW K QITQFW ,GUVGɮO[ ƒTOȤ TQF\KPPȤ MVȕTC
OQʑG RQEJYCNKȦ UKȶ Y[ȤE\PKG RQNUMKO MCRKVCGO QTC\
HCMVGO ʑG RTQFWMELC ECGL QHGTV[ QFD[YC UKȶ Y 2QNUEG
&QUMQPCC \PCLQOQɮȦ PCLPQYU\[EJ VTGPFȕY Y
R RTQLGMVQYCPKW MTCLQDTC\W Y RQȤE\GPKW \
Y[URGELCNK\QYCP[O RCTMKGO OCU\[PQY[O
UWTQYECOK PKGRQFYCʑCNPGL LCMQɮEK K Y[UQMKGL MNCU[
URGELCNKUVCOK \CQYQEQYCC UVYQT\GPKGO PQYGL
WPKMCNPGL MQNGMELK RTQFWMVȕY 0C U\E\GIȕNPȤ WYCIȶ
\CUWIWLȤ FGMQTCE[LPG K GNGYCE[LPG R[V[ ɮEKGPPG
YKGNMQHQTOCVQYG R[V[ DTWMQYG UGTKC OWTMȕY FQ
\CUVQUQYCɛ Y QITQFQYGL CTEJKVGMVWT\G CNG RT\GFG
\CU
YU\[UVMKO PCLPQYU\G R[V[ VCTCUQYG \ UGTKK
4G\[FGPELCm Q PKGURQV[MCPGL FQVȤF Y[VT\[OCQɮEK K
GUVGV[EG








YYY DTWM DGV RN

5WMEGU ƒTO[ $TWM $GVm LGUV Y[RCFMQYȤ YKGNW E\[PPKMȕY QTC\ GHGMVGO RTCE[ U\GTQMKGL ITWR[ URGELCNKUVȕY
0KG D[D[ OQʑNKY[ DG\ PCU\[EJ RCTVPGTȕY JCPFNQY[EJ MVȕT\[ QF NCV YURKGTCLȤ PCU Y TQ\YQLW ƒTO[
\CRGYPKCLȤE PKG\CRT\GE\CNPȤ RQ\[ELȶ LGFPGIQ \ NKFGTȕY RQNUMKGIQ T[PMW 0CU\C UKGȦ F[UVT[DWELK \QUVCC
\DWFQYCPC VCM CD[ MCʑF[ MNKGPV KPF[YKFWCNP[ OKC U\[DMK K CVY[ FQUVȶR FQ Y[MYCNKƒMQYCP[EJ FQTCFEȕY
&NCVGIQ QDQM ƒTOQY[EJ DKWT URT\GFCʑ[ PC VGTGPKG 2QNUMK OQʑGO[ RQEJYCNKȦ UKȶ YKGNQNGVPKȤ YURȕRTCEȤ \
F[UVT[DWVQTCOK TGIKQPCNP[OK TGRTG\GPVQYCP[OK RT\G\ NKE\PȤ ITWRȶ JCPFNQYEȕY K URT\GFCYEȕY 9 URQUȕD
EKȤI[FDCO[ Q KEJ TQ\YȕL QTC\ RQFPQU\GPKG RQ\KQOW YKGF\[ K MQORGVGPELK QHGTWLȤE TGIWNCTPG E[MNG
EKȤI[
URGELCNKUV[E\P[EJ U\MQNGɛ RTQFWMVQY[EJ 9URȕNPKG \ PKOK RT\GRTQYCF\CO[ VCMʑG U\MQNGPKC FNC
Y[MQPCYEȕY MVȕT[EJ RȕʏPKGL TGMQOGPFWLGO[ QFDKQTEQO PCU\[EJ RTQFWMVȕY &\KȶMK VCMKO F\KCCPKQO
LGUVGɮO[ Y UVCPKG \CIYCTCPVQYCȦ MNKGPVQO RTQHGULQPCNPȤ QDUWIȶ QTC\ \CRGYPKȦ KO FQUVCTE\GPKG WUWI
FQFCVMQY[EJ PC PCLY[ʑU\[O RQ\KQOKG

(+4/# $47- $'6




2TQFWMELC Y[TQDȕY DGVQPQY[EJ VQ FNC PCU EQɮ YKȶEGL
PKʑ V[NMQ RTCEC 6Q RCULC \ MVȕTȤ QF RQPCF NCV \
O[ɮNȤ Q QE\GMKYCPKCEJ MNKGPVȕY RQU\WMWLGO[
WPKMCNP[EJ K KPPQYCE[LP[EJ TQ\YKȤ\Cɛ $[NKɮO[
RKGTYU\[O Y RQWFPKQYQ YUEJQFPKGL 2QNUEG
\CMCFGO YKDTQRTCUQYCPGL MQUVMK DTWMQYGL MVȕTGL
RTQFWMELC TQ\RQE\ȶC UKȶ LWʑ Y T 2T\G\ MQNGLPG
NCVCUWMEGU[YPKG YRTQYCF\CNKɮO[ PC RQNUMK T[PGM
NCVC
Y[LȤVMQYG RTQFWMV[ PR UV[NK\QYCPG MQUVMK V[RW 5VCTG
/KCUVQm RQUVCT\CPG MQUVMK #PVKEm QTC\ Y[TQD[
4GCNKVm K 7PK 5RNKVm MVȕTG PKG V[NMQ \OKGPK[ YK\GTWPGM
RQNUMKGL RT\GUVT\GPK RWDNKE\PGL QTC\ RT[YCVP[EJ UVTGH
QITQFQY[EJ CNG RT\[E\[PK[ UKȶ VCMʑG FQ TQ\YQLW ECGL
DTCPʑ[ 9KGNG PCU\[EJ MQUVGM DTWMQY[EJ RQUKCFC
\CUVT
\CUVT\GʑQPG \PCMK VQYCTQYG VCMKG LCM PR $GJCVQPm
0QUVCNKVm 2TQOGPCFCm 9[TQD[ URQF \PCMW
24'56+)' EKGU\Ȥ UKȶ QITQOP[O W\PCPKGO \CTȕYPQ
YɮTȕF KPYGUVQTȕY RT[YCVP[EJ LCM K
KPUV[VWELQPCNP[EJ 5GTKG 6GTC\\Qm 6GTCVGE /GVCNKE
%QNQT Y\QTȕY RQYKGT\EJPK OQʑNKYQɮȦ
KPF[YKFWCNPGIQ \COȕYKGPKC Y[MQɛE\GPKC
RQYKGT
RQYKGT\EJPK U\GTQMC UMCNC PQY[EJ RTQFWMVȕY
24'56+)' K 612 24'56+)' YCUPG QFF\KC[ 2TQFWMELC Y[TQDȕY DGVQPQY[EJ VQ FNC PCU EQɮ YKȶEGL PKʑ V[NMQ RTCEC
RTQLGMVQYG QTC\ YURȕRTCEC \ CTEJKVGMVCOK \G 61 2#5,# < -6Ǻ4ȣ 6914<;/; 1& 210#& .#6
5VQYCT\[U\GPKC #TEJKVGMVȕY 2QNUMKEJ UȤ
PKGRQFYCʑCNP[O FQYQFGO RT\[YKȤ\[YCPKC DCTF\Q
FWʑGL YCIK FQ FGUKIPW KPF[YKFWCNPQɮEK K
MQORNGVPQɮEK CTCPʑCELK RTQLGMVQY[EJ 5RGELCNK\WLGO[
UKȶ
UKȶ Y FQUVCTE\CPKW MQORNGMUQYGL WUWIK FNC
PCLDCTF\KGL Y[OCICLȤE[EJ MNKGPVȕY QHGTWLȤE
KPF[YKFWCNPG FQRKȶVG PC ŧQUVCVPK IW\KMŨ TQ\YKȤ\CPKC
FNC FQOW K QITQFW ,GUVGɮO[ ƒTOȤ TQF\KPPȤ MVȕTC
OQʑG RQEJYCNKȦ UKȶ Y[ȤE\PKG RQNUMKO MCRKVCGO QTC\
HCMVGO ʑG RTQFWMELC ECGL QHGTV[ QFD[YC UKȶ Y 2QNUEG
&QUMQPCC \PCLQOQɮȦ PCLPQYU\[EJ VTGPFȕY Y
R RTQLGMVQYCPKW MTCLQDTC\W Y RQȤE\GPKW \
Y[URGELCNK\QYCP[O RCTMKGO OCU\[PQY[O
UWTQYECOK PKGRQFYCʑCNPGL LCMQɮEK K Y[UQMKGL MNCU[
URGELCNKUVCOK \CQYQEQYCC UVYQT\GPKGO PQYGL
WPKMCNPGL MQNGMELK RTQFWMVȕY 0C U\E\GIȕNPȤ WYCIȶ
\CUWIWLȤ FGMQTCE[LPG K GNGYCE[LPG R[V[ ɮEKGPPG
YKGNMQHQTOCVQYG R[V[ DTWMQYG UGTKC OWTMȕY FQ
\CUVQUQYCɛ Y QITQFQYGL CTEJKVGMVWT\G CNG RT\GFG
\CU
YU\[UVMKO PCLPQYU\G R[V[ VCTCUQYG \ UGTKK
4G\[FGPELCm Q PKGURQV[MCPGL FQVȤF Y[VT\[OCQɮEK K
GUVGV[EG








YYY DTWM DGV RN

-156-+ $47-19'




%HKDWRQ VQ MQUVMC RT\G\PCE\QPC FQ RQYKGT\EJPK
2Œ;6; #ʐ7419' RT\GO[UQY[EJ QDEKȤʑQP[EJ FWʑ[O TWEJGO MQQY[O
-U\VCV MQUVMK $GJCVQP \CRGYPKC VT\[OCPKG UKȶ MQUVGM TC\GO
Y\FWʑ EQ OC \PCE\GPKG Y RT\[RCFMW PCYKGT\EJPK PC
<KGNQPG RCTMKPIK \CNKE\CPG UȤ FQ PCYKGT\EJPK GMQNQIKE\P[EJ UMCTRCEJ -QUVMC $GJCVQP RTQFWMQYCPC LGUV Y MKNMW
EQ LGUV \YKȤ\CPG \ OQʑNKYQɮEKȤ Y[RGPKGPKC RT\GUVT\GPKȤ ITWDQɮEKCEJ K MQNQTCEJ FQUVȶRPG UȤ TȕYPKGʑ RQȕYMK QTC\
6GIQ TQF\CLW RT\GUVT\Gɛ Y \CNGʑPQɮEK QF RQVT\GD OQʑPC MQUVMK DT\GIQYG -QUVMC $GJCVQP Q ITWDQɮEK EO K EO LGUV
Y[RGPKȦ MTWU\[YGO NWD VGʑ QITQFQYȤ \KGOKȤ 9URQOCICLȤ FQUVȶRPC
FQUVȶRPCTȕYPKGʑ Y HQTOKG DG\HC\QYGL -QUVMC Q ITWDQɮEK
YEJCPKCPKG RT\G\ ITWPV YȕF QRCFQY[EJ EO FQUVȶRPC Y YGTULK \ HC\Ȥ OKMTQHC\Ȥ K DG\ HC\[





















+ROODQG VQ RTQUVQMȤVPG ɮTGFPKGL YKGNMQɮEK MQUVMK Q
'XQDMHFp RTQRQTELK DQMȕY 2TQUVQVC K MNCU[E\P[ Y[INȤF FGE[FWLȤ Q
KEJ RQRWNCTPQɮEK -QUVMȶ *QNNCPF OQʑPC WMCFCȦ T\ȶFQYQ
LQFGMQYQ QTC\ Y URQUȕD OKGU\CP[ $QICVC MQNQT[UV[MC
2[V[[V[ CʑWTQYG &WPCLGEm UȤ VGʑ \YCPG ŭ\KGNQP[O RCTMKPIKGOŬ 2QUKCFCLȤ FQFCVMQYQ TQ\U\GT\C \CMTGU \CUVQUQYCɛ QTC\ OQʑNKYQɮȦ
2
PKGYKGNMKG VTCYPKMQYG QVYQT[ Q Y[OKCTCEJ Z EO RQ\YCNCLȤEG VYQT\GPKC DCTYP[EJ Y\QTȕY -QUVMC *QNNCPF Y ITWDQɮEK EO
QFRTQYCF\KȦ PCFOKCT YQF[ FQ ITWPVW 6GIQ TQF\CLW RT\GUVT\Gɛ Y RTQFWMQYCPC LGUV Y QFOKCPKG UHC\QYCPGL K DG\HC\QYGL
\CNGʑPQɮEK QF RQVT\GD OQʑPC Y[RGPKȦ MTWU\[YGO NWD VGʑ QITQFQYȤ
\KGOKȤ 6GP V[R R[V RQNGECP[ LGUV Y U\E\GIȕNPQɮEK FQ WQʑGɛ RCTMKPIȕY QTC\
FQLC\FȕY FQ ICTCʑ[ <CUVQUQYCPKG R[V WOQʑNKYKC QUKȤIPKȶEKG UVCDKNPQɮEK
RQYKGT\EJPK RT\[LOQYCPKG FWʑ[EJ QDEKȤʑGɛ QTC\ Y[IQFP[ RT\GLC\F





8QL 'HFRU
PCLE\ȶɮEKGL UVQUWLȶ UKȶ FQ DWFQY[ FTȕI
RCTMKPIȕY RNCEȕY \CVQM CWVQDWUQY[EJ C VCMʑG PC EKȤIK
RKGU\G VL EJQFPKMK ɮEKGʑMK FGRVCMK 6Q RQRWNCTPC MQUVMC
DTWMQYC UVQUQYCPC \ RQYQF\GPKGO \CTȕYPQ PC RQUGULCEJ
RT[YCVP[EJ LCM K QDKGMVCEJ RT\GO[UQY[EJ 2TQFWMV PC
KPF[YKFWCNPG \COȕYKGPKG










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2[V[ CʑWTQYG <GPKVm RT\G\PCE\QPG UȤ FQ WOCEPKCPKC UMCTR RT\[E\ȕMȕY 8QL 6WRQH F\KȶMK \C\ȶDKCLȤE[O UKȶ MU\VCVEKG RQ\YCNC
OQUVQY[EJ TQYȕY OGNKQTCE[LP[EJ QTC\ PCU[RȕY 0KG\CUVȤRKQPG Y PC CVYG K U\[DMKG WMCFCPKG RCTMKPIȕY RNCEȕY
FTQIQYPKEVYKG RT\[ DWFQYKG GUVCMCF YKCFWMVȕY GVE 2Q WQʑGPKW QVYQT[ Y RT\GO[UQY[EJ EJQFPKMȕY FGRVCMȕY QTC\ KPP[EJ QDKGMVȕY
R[VCEJ OQʑPC Y[RGPKȦ ʑYKTGO NWD \KGOKȤ Wʑ[VGE\PQɮEK RWDNKE\PGL 2TQFWMV PC KPF[YKFWCNPG \COȕYKGPKG



YYY DTWM DGV RN

-156-+ $47-19'




%HKDWRQ VQ MQUVMC RT\G\PCE\QPC FQ RQYKGT\EJPK
2Œ;6; #ʐ7419' RT\GO[UQY[EJ QDEKȤʑQP[EJ FWʑ[O TWEJGO MQQY[O
-U\VCV MQUVMK $GJCVQP \CRGYPKC VT\[OCPKG UKȶ MQUVGM TC\GO
Y\FWʑ EQ OC \PCE\GPKG Y RT\[RCFMW PCYKGT\EJPK PC
<KGNQPG RCTMKPIK \CNKE\CPG UȤ FQ PCYKGT\EJPK GMQNQIKE\P[EJ UMCTRCEJ -QUVMC $GJCVQP RTQFWMQYCPC LGUV Y MKNMW
EQ LGUV \YKȤ\CPG \ OQʑNKYQɮEKȤ Y[RGPKGPKC RT\GUVT\GPKȤ ITWDQɮEKCEJ K MQNQTCEJ FQUVȶRPG UȤ TȕYPKGʑ RQȕYMK QTC\
6GIQ TQF\CLW RT\GUVT\Gɛ Y \CNGʑPQɮEK QF RQVT\GD OQʑPC MQUVMK DT\GIQYG -QUVMC $GJCVQP Q ITWDQɮEK EO K EO LGUV
Y[RGPKȦ MTWU\[YGO NWD VGʑ QITQFQYȤ \KGOKȤ 9URQOCICLȤ FQUVȶRPC
FQUVȶRPCTȕYPKGʑ Y HQTOKG DG\HC\QYGL -QUVMC Q ITWDQɮEK
YEJCPKCPKG RT\G\ ITWPV YȕF QRCFQY[EJ EO FQUVȶRPC Y YGTULK \ HC\Ȥ OKMTQHC\Ȥ K DG\ HC\[





















+ROODQG VQ RTQUVQMȤVPG ɮTGFPKGL YKGNMQɮEK MQUVMK Q
'XQDMHFp RTQRQTELK DQMȕY 2TQUVQVC K MNCU[E\P[ Y[INȤF FGE[FWLȤ Q
KEJ RQRWNCTPQɮEK -QUVMȶ *QNNCPF OQʑPC WMCFCȦ T\ȶFQYQ
LQFGMQYQ QTC\ Y URQUȕD OKGU\CP[ $QICVC MQNQT[UV[MC
2[V[[V[ CʑWTQYG &WPCLGEm UȤ VGʑ \YCPG ŭ\KGNQP[O RCTMKPIKGOŬ 2QUKCFCLȤ FQFCVMQYQ TQ\U\GT\C \CMTGU \CUVQUQYCɛ QTC\ OQʑNKYQɮȦ
2
PKGYKGNMKG VTCYPKMQYG QVYQT[ Q Y[OKCTCEJ Z EO RQ\YCNCLȤEG VYQT\GPKC DCTYP[EJ Y\QTȕY -QUVMC *QNNCPF Y ITWDQɮEK EO
QFRTQYCF\KȦ PCFOKCT YQF[ FQ ITWPVW 6GIQ TQF\CLW RT\GUVT\Gɛ Y RTQFWMQYCPC LGUV Y QFOKCPKG UHC\QYCPGL K DG\HC\QYGL
\CNGʑPQɮEK QF RQVT\GD OQʑPC Y[RGPKȦ MTWU\[YGO NWD VGʑ QITQFQYȤ
\KGOKȤ 6GP V[R R[V RQNGECP[ LGUV Y U\E\GIȕNPQɮEK FQ WQʑGɛ RCTMKPIȕY QTC\
FQLC\FȕY FQ ICTCʑ[ <CUVQUQYCPKG R[V WOQʑNKYKC QUKȤIPKȶEKG UVCDKNPQɮEK
RQYKGT\EJPK RT\[LOQYCPKG FWʑ[EJ QDEKȤʑGɛ QTC\ Y[IQFP[ RT\GLC\F





8QL 'HFRU
PCLE\ȶɮEKGL UVQUWLȶ UKȶ FQ DWFQY[ FTȕI
RCTMKPIȕY RNCEȕY \CVQM CWVQDWUQY[EJ C VCMʑG PC EKȤIK
RKGU\G VL EJQFPKMK ɮEKGʑMK FGRVCMK 6Q RQRWNCTPC MQUVMC
DTWMQYC UVQUQYCPC \ RQYQF\GPKGO \CTȕYPQ PC RQUGULCEJ
RT[YCVP[EJ LCM K QDKGMVCEJ RT\GO[UQY[EJ 2TQFWMV PC
KPF[YKFWCNPG \COȕYKGPKG










=HQLWp


2[V[ CʑWTQYG <GPKVm RT\G\PCE\QPG UȤ FQ WOCEPKCPKC UMCTR RT\[E\ȕMȕY 8QL 6WRQH F\KȶMK \C\ȶDKCLȤE[O UKȶ MU\VCVEKG RQ\YCNC
OQUVQY[EJ TQYȕY OGNKQTCE[LP[EJ QTC\ PCU[RȕY 0KG\CUVȤRKQPG Y PC CVYG K U\[DMKG WMCFCPKG RCTMKPIȕY RNCEȕY
FTQIQYPKEVYKG RT\[ DWFQYKG GUVCMCF YKCFWMVȕY GVE 2Q WQʑGPKW QVYQT[ Y RT\GO[UQY[EJ EJQFPKMȕY FGRVCMȕY QTC\ KPP[EJ QDKGMVȕY
R[VCEJ OQʑPC Y[RGPKȦ ʑYKTGO NWD \KGOKȤ Wʑ[VGE\PQɮEK RWDNKE\PGL 2TQFWMV PC KPF[YKFWCNPG \COȕYKGPKG



YYY DTWM DGV RN

2Œ;6; %*1&0+-19' 1&91&0+'0+# .+0+19'


2[V[ EJQFPKMQYG Y[MQT\[UV[YCPG UȤ FQ \CDWFQY[ 9U\ȶF\KG VCO IF\KG PCNGʑ[ U\[DMQ K UMWVGE\PKG
PCYKGT\EJPK EJQFPKMȕY WNKE\P[EJ PC \CIȶU\E\QP[O RQFQʑW QFYQFPKȦ RQYKGT\EJPKȶ RQYKPPQ \QUVCȦ
\G ʑYKTW ʑWʑNC RKCUMW QTC\ UVCDKNK\CELK EGOGPVQYGL +FGCNPKG \CUVQUQYCPG QFYQFPKGPKG NKPKQYG ,GIQ IȕYP[O
URTCYF\CLȤ UKȶ LCMQ EJQFPKMK DGVQPQYG C VCMʑG OCVGTKC PC 2[VC EJQFPKMQYC \CFCPKGO LGUV RT\GLȶEKG UR[YCLȤEGL YQF[ C
VCTCU[ K KPPG RQYKGT\EJPKG RT\G\PCE\QPG FNC TWEJW RKGU\[EJ \ HC\Ȥ Z EO ITWDQɮȦ EO PCUVȶRPKG RT\GMC\CPKG LGL FQ FCNU\GIQ
2[V[ EJQFPKMQYG VQ TQ\YKȤ\CPKG HWPMELQPCNPG U\[DMKG Y \CIQURQFCTQYCPKC 5VQUQYCPKG QFYQFPKGɛ NKPKQY[EJ
WMCFCPKW QTC\ F\KȶMK UYQLGL PKGY[IȕTQYCPGL EGPKG RQ\YCNC PC MQPVTQNQYCPG \DKGTCPKG YQF[ \
RQYKGT
GMQPQOKE\PG
GMQPQOKE\PG 9 QHGTEKG FQUVȶRPG UȤ MYCFTCVQYG NWD RQYKGT\EJPK WVYCTF\QP[EJ TȕʑP[OK OCVGTKCCOK
RTQUVQMȤVPG PKGYKGNMKG R[VMK EJQFPKMQYG LCM K GNGOGPV[ Q VTYC[OK VCMKOK LCM DGVQP NWD MQUVMC DTWMQYC
YKȶMU\[EJ TQ\OKCTCEJ 2[VC EJQFPKMQYC 2QVT\GDC QFDKGTCPKC YȕF QRCFQY[EJ Y U[UVGO
\ HC\Ȥ Z EO ITWDQɮȦ EO QFYQFPKGPKC NKPKQYGIQ \YKȤ\CPC LGUV \ FȤʑGPKGO FQ
RQRTCY[ UVCPW KPHTCUVTWMVWT[ MQOWPKMCE[LPGL
5VQLȤEC YQFC PC EJQFPKMCEJ E\[ YLC\FCEJ FQ RQUGULK
UVCPQYK WEKȤʑNKYQɮȦ FNC KEJ Wʑ[VMQYPKMȕY LCM TȕYPKGʑ
\CI
\CITQʑGPKG LCMQɮEK YȕF ITWPVQY[EJ
2[VC EJQFPKMQYC
\ HC\Ȥ Z EO ITWDQɮȦ EO
\ HC\Ȥ Z EO ITWDQɮȦ EO































2Œ;6; %*1&0+-19'


-TCYȶʑPKMK DGVQPQYG Q RT\GMTQLW Z EO QTC\ Z EO UȤ
NGMMKO K GMQPQOKE\P[O TQ\YKȤ\CPKGO QDT\GIQYCPKC
FTQIQYGIQ 5Ȥ VQ GNGOGPV[ Y[MQT\[UV[YCPG IȕYPKG Y
\CDWFQYKG FTȕI K WNKE -TCYȶʑPKMK DGVQPQYG Q TQ\OKCTCEJ
Z Z EO UȤ UVQUQYCPG YU\ȶF\KG VCO IF\KG QDEKȤʑGPKC -14;6-# ɭ%+'-19' $'61019'
UȤ PCLYKȶMU\G 9 PCU\GL QHGTEKG \PCLF\KGEKG


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YYY DTWM DGV RN

2Œ;6; %*1&0+-19' 1&91&0+'0+# .+0+19'


2[V[ EJQFPKMQYG Y[MQT\[UV[YCPG UȤ FQ \CDWFQY[ 9U\ȶF\KG VCO IF\KG PCNGʑ[ U\[DMQ K UMWVGE\PKG
PCYKGT\EJPK EJQFPKMȕY WNKE\P[EJ PC \CIȶU\E\QP[O RQFQʑW QFYQFPKȦ RQYKGT\EJPKȶ RQYKPPQ \QUVCȦ
\G ʑYKTW ʑWʑNC RKCUMW QTC\ UVCDKNK\CELK EGOGPVQYGL +FGCNPKG \CUVQUQYCPG QFYQFPKGPKG NKPKQYG ,GIQ IȕYP[O
URTCYF\CLȤ UKȶ LCMQ EJQFPKMK DGVQPQYG C VCMʑG OCVGTKC PC 2[VC EJQFPKMQYC \CFCPKGO LGUV RT\GLȶEKG UR[YCLȤEGL YQF[ C
VCTCU[ K KPPG RQYKGT\EJPKG RT\G\PCE\QPG FNC TWEJW RKGU\[EJ \ HC\Ȥ Z EO ITWDQɮȦ EO PCUVȶRPKG RT\GMC\CPKG LGL FQ FCNU\GIQ
2[V[ EJQFPKMQYG VQ TQ\YKȤ\CPKG HWPMELQPCNPG U\[DMKG Y \CIQURQFCTQYCPKC 5VQUQYCPKG QFYQFPKGɛ NKPKQY[EJ
WMCFCPKW QTC\ F\KȶMK UYQLGL PKGY[IȕTQYCPGL EGPKG RQ\YCNC PC MQPVTQNQYCPG \DKGTCPKG YQF[ \
RQYKGT
GMQPQOKE\PG
GMQPQOKE\PG 9 QHGTEKG FQUVȶRPG UȤ MYCFTCVQYG NWD RQYKGT\EJPK WVYCTF\QP[EJ TȕʑP[OK OCVGTKCCOK
RTQUVQMȤVPG PKGYKGNMKG R[VMK EJQFPKMQYG LCM K GNGOGPV[ Q VTYC[OK VCMKOK LCM DGVQP NWD MQUVMC DTWMQYC
YKȶMU\[EJ TQ\OKCTCEJ 2[VC EJQFPKMQYC 2QVT\GDC QFDKGTCPKC YȕF QRCFQY[EJ Y U[UVGO
\ HC\Ȥ Z EO ITWDQɮȦ EO QFYQFPKGPKC NKPKQYGIQ \YKȤ\CPC LGUV \ FȤʑGPKGO FQ
RQRTCY[ UVCPW KPHTCUVTWMVWT[ MQOWPKMCE[LPGL
5VQLȤEC YQFC PC EJQFPKMCEJ E\[ YLC\FCEJ FQ RQUGULK
UVCPQYK WEKȤʑNKYQɮȦ FNC KEJ Wʑ[VMQYPKMȕY LCM TȕYPKGʑ
\CI
\CITQʑGPKG LCMQɮEK YȕF ITWPVQY[EJ
2[VC EJQFPKMQYC
\ HC\Ȥ Z EO ITWDQɮȦ EO
\ HC\Ȥ Z EO ITWDQɮȦ EO































2Œ;6; %*1&0+-19'


-TCYȶʑPKMK DGVQPQYG Q RT\GMTQLW Z EO QTC\ Z EO UȤ
NGMMKO K GMQPQOKE\P[O TQ\YKȤ\CPKGO QDT\GIQYCPKC
FTQIQYGIQ 5Ȥ VQ GNGOGPV[ Y[MQT\[UV[YCPG IȕYPKG Y
\CDWFQYKG FTȕI K WNKE -TCYȶʑPKMK DGVQPQYG Q TQ\OKCTCEJ
Z Z EO UȤ UVQUQYCPG YU\ȶF\KG VCO IF\KG QDEKȤʑGPKC -14;6-# ɭ%+'-19' $'61019'
UȤ PCLYKȶMU\G 9 PCU\GL QHGTEKG \PCLF\KGEKG


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YYY DTWM DGV RN

5<%<'.0' 5;56'/; -#0#.+<#%;,0'


2GP[ \CMTGU \CUVQUQYCɛ KPʑ[PKGT[LP[EJ YG YU\[UVMKEJ
V[RCEJ MCPCNK\CELK QRCFQY[EJ UCPKVCTP[EJ K
QIȕNPQRT\GO[UQY[EJ Y RCUCEJ FTQIQY[EJ QDEKȤʑQP[EJ
TWEJGO MQQY[O Y QDU\CTCEJ TWEJW RKGU\GIQ K PC \GYPȤVT\
DWF[PMȕY PC VGTGPCEJ RQFOQM[EJ PC QDU\CTCEJ U\MȕF
IȕTPKE\[EJ FQ OGNKQTCELK ITWPVȕY RGPKȤ HWPMELȶ UVWFPK
RT\GNQVQY[EJ TQ\ICȶ\KQP[EJ YRWUVQY[EJ TGYK\[LP[EJ
MCUMCFQY[EJ ɮNGR[EJ KVF
MCUMCFQY












6WXGQLH NDQDOL]DF\MQH W\SX ) 6WXGQLH NDQDOL]DF\MQH W\SX 8

6GP U[UVGO UVWFPK Q\PCE\C V[R RQȤE\GPKC 5VWFPKG VG \CYF\KȶE\CLȤ UYȤ PC\Yȶ \CRNCPQYCPGL
OKȶF\[MTȶIQYGIQ \COMC PC HGNE QTC\ Wʑ[EKG FQ OGVQF\KG WU\E\GNPKCPKC RQȤE\Gɛ OKȶF\[MTȶIQY[EJ \C
WU\E\GNPKCPKC \CRTCY[ YQFQU\E\GNPGL U\PWTC RQɮTGFPKEVYGO WU\E\GNGM GNCUVQOGTQY[EJ
DGPVQPKVQYGIQ NWD DKVWOKE\PGIQ QTC\ KPPGL OCU[
WU\E\GNPKCLȤEGL <CNGECPG UȤ Y OKGLUECEJ Y[OCICLȤE[EJ KFGCNPGL
U\E\GNPQɮEK QTC\ UMTȕEGPKC E\CUW TGCNK\CELK KPYGUV[ELK
$GVQP Wʑ[V[ FQ RTQFWMELK RQUKCFC KFGPV[E\PG
(KTOC
YCɮEKYQɮEK LCM FNC UVWFPK V[RW 7 ɭEKCPMK UVWFPK ( (KTOC $47- $'6 UVQUWLG Y TQ\YKȤ\CPKCEJ
RQUKCFCLȤ LGFPCMʑG OPKGLU\Ȥ ITWDQɮȦ K KPP[ QFYTȕEQP[ UVCPFCTFQY[EJ WU\E\GNMK MNKPQYG 5& QTC\
\COGM UCOQUOCTWLȤEG 5&8 ƒTO[ 5VGKPJQHH /QIȤ TȕYPKGʑ D[Ȧ
\CUVQUQYCPG WU\E\GNPKGPKC VTYCNG \YKȤ\CPG \
GNGOGPVCOK DGVQPQY[OK V\Y WU\E\GNMK \KPVGITQYCPG
5VWFPKG MCPCNK\CE[LPG V[RW ( \CNGECPG UȤ FQ
5VWFPKG
5VWFPKG
UVQUQYCPKC Y OKGLUECEJ Q OPKGLU\[O \CITQʑGPKW 5VWFPKG MCPCNK\CE[LPG V[RW 7 QHGTQYCPG UȤ Y
KPƒNVTCELȤ 5[UVGO UVWFPK MCPCNK\CE[LP[EJ V[RW ( VQ UVCT[ ɮTGFPKECEJ  OO  OO  QTC\ 
U[UVGO UVQUQYCP[ RQYU\GEJPKG Y 2QNUEG NGE\ Y
PQY[O WFQUMQPCNQP[O Y[FCPKW &Q Y[DQTW U[UVGO[ ɭTGFPKEȶ UVWFPK FQDKGTC UKȶ Y \CNGʑPQɮEK QF KNQɮEK K
MCPCNK\CE[LPG V[RW ( K 7 YKGNMQɮEK MCPCȕY RQȤE\GPKQY[EJ QTC\ KEJ
WU[VWQYCPKC Y[PKMCLȤEGIQ \ RTQLGMVW DWFQYNCPGIQ

5VWFPKG
5VWFPKG MCPCNK\CE[LPG V[RW ( QHGTQYCPG UȤ Y E\VGTGEJ
ɮTGFPKECEJ    K  OO

























YYY DTWM DGV RN

5<%<'.0' 5;56'/; -#0#.+<#%;,0'


2GP[ \CMTGU \CUVQUQYCɛ KPʑ[PKGT[LP[EJ YG YU\[UVMKEJ
V[RCEJ MCPCNK\CELK QRCFQY[EJ UCPKVCTP[EJ K
QIȕNPQRT\GO[UQY[EJ Y RCUCEJ FTQIQY[EJ QDEKȤʑQP[EJ
TWEJGO MQQY[O Y QDU\CTCEJ TWEJW RKGU\GIQ K PC \GYPȤVT\
DWF[PMȕY PC VGTGPCEJ RQFOQM[EJ PC QDU\CTCEJ U\MȕF
IȕTPKE\[EJ FQ OGNKQTCELK ITWPVȕY RGPKȤ HWPMELȶ UVWFPK
RT\GNQVQY[EJ TQ\ICȶ\KQP[EJ YRWUVQY[EJ TGYK\[LP[EJ
MCUMCFQY[EJ ɮNGR[EJ KVF
MCUMCFQY












6WXGQLH NDQDOL]DF\MQH W\SX ) 6WXGQLH NDQDOL]DF\MQH W\SX 8

6GP U[UVGO UVWFPK Q\PCE\C V[R RQȤE\GPKC 5VWFPKG VG \CYF\KȶE\CLȤ UYȤ PC\Yȶ \CRNCPQYCPGL
OKȶF\[MTȶIQYGIQ \COMC PC HGNE QTC\ Wʑ[EKG FQ OGVQF\KG WU\E\GNPKCPKC RQȤE\Gɛ OKȶF\[MTȶIQY[EJ \C
WU\E\GNPKCPKC \CRTCY[ YQFQU\E\GNPGL U\PWTC RQɮTGFPKEVYGO WU\E\GNGM GNCUVQOGTQY[EJ
DGPVQPKVQYGIQ NWD DKVWOKE\PGIQ QTC\ KPPGL OCU[
WU\E\GNPKCLȤEGL <CNGECPG UȤ Y OKGLUECEJ Y[OCICLȤE[EJ KFGCNPGL
U\E\GNPQɮEK QTC\ UMTȕEGPKC E\CUW TGCNK\CELK KPYGUV[ELK
$GVQP Wʑ[V[ FQ RTQFWMELK RQUKCFC KFGPV[E\PG
(KTOC
YCɮEKYQɮEK LCM FNC UVWFPK V[RW 7 ɭEKCPMK UVWFPK ( (KTOC $47- $'6 UVQUWLG Y TQ\YKȤ\CPKCEJ
RQUKCFCLȤ LGFPCMʑG OPKGLU\Ȥ ITWDQɮȦ K KPP[ QFYTȕEQP[ UVCPFCTFQY[EJ WU\E\GNMK MNKPQYG 5& QTC\
\COGM UCOQUOCTWLȤEG 5&8 ƒTO[ 5VGKPJQHH /QIȤ TȕYPKGʑ D[Ȧ
\CUVQUQYCPG WU\E\GNPKGPKC VTYCNG \YKȤ\CPG \
GNGOGPVCOK DGVQPQY[OK V\Y WU\E\GNMK \KPVGITQYCPG
5VWFPKG MCPCNK\CE[LPG V[RW ( \CNGECPG UȤ FQ
5VWFPKG
5VWFPKG
UVQUQYCPKC Y OKGLUECEJ Q OPKGLU\[O \CITQʑGPKW 5VWFPKG MCPCNK\CE[LPG V[RW 7 QHGTQYCPG UȤ Y
KPƒNVTCELȤ 5[UVGO UVWFPK MCPCNK\CE[LP[EJ V[RW ( VQ UVCT[ ɮTGFPKECEJ  OO  OO  QTC\ 
U[UVGO UVQUQYCP[ RQYU\GEJPKG Y 2QNUEG NGE\ Y
PQY[O WFQUMQPCNQP[O Y[FCPKW &Q Y[DQTW U[UVGO[ ɭTGFPKEȶ UVWFPK FQDKGTC UKȶ Y \CNGʑPQɮEK QF KNQɮEK K
MCPCNK\CE[LPG V[RW ( K 7 YKGNMQɮEK MCPCȕY RQȤE\GPKQY[EJ QTC\ KEJ
WU[VWQYCPKC Y[PKMCLȤEGIQ \ RTQLGMVW DWFQYNCPGIQ

5VWFPKG
5VWFPKG MCPCNK\CE[LPG V[RW ( QHGTQYCPG UȤ Y E\VGTGEJ
ɮTGFPKECEJ    K  OO

























YYY DTWM DGV RN

241&7-%,# $'6107 619#419')1



$GVQP VQYCTQY[ VQ PCLDCTF\KGL \PCP[ OCVGTKC
DWFQYNCP[ 2QYUVCLG RQ \OKGU\CPKW EGOGPVW MTWU\[Y
YQF[ FQOKGU\GM QTC\ KPP[EJ FQFCVMȕY C UYQLG
YCɮEKYQɮEK W\[UMWLG Y Y[PKMW YKȤ\CPKC K VYCTFPKGPKC
EGOGPVW 2TQFWMELC DGVQPW VQYCTQYGIQ QFD[YC UKȶ PC
DGVQPKCTPK $KUJQHH \NQMCNK\QYCPGL (WICUȕYMC WN 4GLC
9[FCLPQɮȦ DGVQPKCTPK O J Y QMTGUKG \KOQY[O
RQUKCFCO[
RQUKCFCO[ TȕYPKGʑ RQFIT\GYCPKG MTWU\[Y K
RQFIT\GYCPKG YQF[
2TQFWMWLGO[ DGVQP[ MNCU

%
%
%
%
%
%
%
%
%
%
%

QTC\ KPPG DG
QTC\ KPPG DGVQP[ URGELCNKUV[E\PG
RQUCF\MQY[ 5%%
Y[UQMQY[VT\[OC[ $99
J[FTQVGEJPKE\P[
2 2TQFWMWLGO[ DGVQP TGEGRVWTQY[ K RTQLGMVQY[ Y
\CNGʑPQɮEK QF RTQLGMVW K ʑ[E\Gɛ LCMQɮEKQY[EJ
MNKGPVȕY -CʑF[ TQF\CL DGVQPW LGUV DCFCP[ \IQFPKG \
RNCPGO DCFCɛ DGVQPW K OKGU\CPMK DGVQPQYGL
9[UVCYKCO[ \CɮYKCFE\GPKC Q LCMQɮEK DGVQPW RQ
FPKCEJ \IQFPKG \ 2QNUMȤ 0QTOC 20 '0 QTC\
-TCLQY[O 7\WRGPKGPKGO 20 $





























YYY DTWM DGV RN

241&7-%,# $'6107 619#419')1



$GVQP VQYCTQY[ VQ PCLDCTF\KGL \PCP[ OCVGTKC
DWFQYNCP[ 2QYUVCLG RQ \OKGU\CPKW EGOGPVW MTWU\[Y
YQF[ FQOKGU\GM QTC\ KPP[EJ FQFCVMȕY C UYQLG
YCɮEKYQɮEK W\[UMWLG Y Y[PKMW YKȤ\CPKC K VYCTFPKGPKC
EGOGPVW 2TQFWMELC DGVQPW VQYCTQYGIQ QFD[YC UKȶ PC
DGVQPKCTPK $KUJQHH \NQMCNK\QYCPGL (WICUȕYMC WN 4GLC
9[FCLPQɮȦ DGVQPKCTPK O J Y QMTGUKG \KOQY[O
RQUKCFCO[
RQUKCFCO[ TȕYPKGʑ RQFIT\GYCPKG MTWU\[Y K
RQFIT\GYCPKG YQF[
2TQFWMWLGO[ DGVQP[ MNCU

%
%
%
%
%
%
%
%
%
%
%

QTC\ KPPG DG
QTC\ KPPG DGVQP[ URGELCNKUV[E\PG
RQUCF\MQY[ 5%%
Y[UQMQY[VT\[OC[ $99
J[FTQVGEJPKE\P[
2 2TQFWMWLGO[ DGVQP TGEGRVWTQY[ K RTQLGMVQY[ Y
\CNGʑPQɮEK QF RTQLGMVW K ʑ[E\Gɛ LCMQɮEKQY[EJ
MNKGPVȕY -CʑF[ TQF\CL DGVQPW LGUV DCFCP[ \IQFPKG \
RNCPGO DCFCɛ DGVQPW K OKGU\CPMK DGVQPQYGL
9[UVCYKCO[ \CɮYKCFE\GPKC Q LCMQɮEK DGVQPW RQ
FPKCEJ \IQFPKG \ 2QNUMȤ 0QTOC 20 '0 QTC\
-TCLQY[O 7\WRGPKGPKGO 20 $





























YYY DTWM DGV RN

YYY DTWM DGV RN

YYY DTWM DGV RN

YYY DTWM DGV RN

YYY DTWM DGV RN

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RTQFWMELC DGVQPW VQYCTQYGIQ HQVQYQNVCKMC























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