The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
Published by B&R, 2017-12-18 07:13:32

USW2 CAL

(6>;- (6);2-%2)



- M W [ k l c W M h P e Y & $ / a

















































[[[ HV^[M GEP TP


FMYVS$HV^[M GEP TP

(6>;- ;);2ʘ86>2)

(V^[M '%0 (V^[M TVE[H^M[I > REXYV] HSWOSREI
*MVQE '%0 SH TSREH PEX []OSRYNI REN[]˵W^IN NEOS˒GM
HV^[M HVI[RMERI [I[RʚXV^RI M ^I[RʚXV^RI
8 8S %QFEWEHSV &YHS[RMGX[E 4EW][RIKS YLSRSVS[ER]
TVIWXM˵S[]QM REKVSHEQM M []Vɹ˵RMIRMEQM ^E NEOS˒ʊ
JEGLS[S˒ʊ M TVSJIWNSREPM^Q 2ENFEVH^MIN MRRS[EG]NR]
TVSHYGIRX [ FVER˵] OXɹVIKS VS^[Mʈ^ERME WXENʈ WMʚ
WXERHEVHEQM RE V]ROY 4VEGSHE[GE HPE TSREH SWɹF




2MIX]TS[I []QMEV]

'%0 NIWX [ WXERMI []OSREʊ HV^[M ^I[RʚXV^RI HS HS[SPR]GL SX[SVɹ[ S W^IVSOS˒GM SH HS QQ
M []WSOS˒GM SH HS QQ
&I^TMIG^IʾWX[S

;W^]WXOMI HV^[M Wʈ []TSWE˵SRI [ ^EQOM WTIRMENʈGI SKɹPRI [EVYROM YFI^TMIG^IRME FYH]ROɹ[
NIHRSVSH^MRR]GL PYF QMIW^OEʿ ;]TSWE˵SRI [ ^EQIO PMWX[S[] TSWMEHENʈ HVYKʈ OPEWʚ SHTSVRS˒GM RE
[EQERMI 6' (6>;- ;);2ʘ86>2)
/SPSV] -RRS[EG]NRI HV^[M ^I[RʚXV^RI [EVXS Y^YTIRMʊ RS[SG^IWR]QM HVI[RMER]QM HV^[MEQM [I[RʚXV^R]QM
&SKEXE WXERHEVHS[E OSPSV]WX]OE HSWXSWS[ERE HS RENTSTYPEVRMINW^]GL JSPMM TVSHYGIRXɹ[ '%0 SJIVYNI E˵ SWMIQ OSPIOGNM HV^[M [I[RʚXV^R]GL [ WXERHEVHS[]GL OSPSVEGL ^ [MHSG^Rʈ WXVYOXYVʈ
SOMIR M FVEQ KEVE˵S[]GL 1S˵PM[S˒ʊ HSFSVY OSPSVY ^ TEPIX] 6%0 SVE^ QEPS[ERME RE MRR] OSPSV HVI[RE E XEO˵I [ EOWEQMXR]Q KEHOMQ []OSʿG^IRMY
SH WXVSR] ^I[RʚXV^RIN M [I[RʚXV^RIN /SPSV]
(V^[M MRXIPMKIRXRI ;RʚXV^I HSQY []QEKE MRH][MHYEPRIN OSPSV]WX]OM ũ []GLSH^ʈG RETV^IGM[ KYWXSQ OPMIRXɹ[ '%0 SJIVYNI

(V^[M QSKʈ F]ʊ []TSWE˵SRI [ ^EQOM IPIOXV]G^RI ^ QS˵PM[S˒GMʈ ^EWXSWS[ERME G^]XRMOɹ[ TSHWXE[S[I []FEV[MIRME [ STEVGMY S IOSPSKMG^RI [SHSVS^GMIʿG^EPRI PEOMIV] M SPINS[SWOM
FMSQIXV]G^R]GL OPE[MEXYV] M TSʈG^IRME HS W]WXIQɹ[ HSQɹ[ MRXIPMKIRXR]GL (SWXʚTRI NIWX XEO˵I []FEV[MIRMI [ HS[SPR]Q OSPSV^I ^ TEPIX] 6%0

'MIT] QSRXE˴ (IWMKR
.EO TV^]WXES RE TVSHYGIRXE ^ TSPWOMIKS FMIKYRE ^MQRE '%0 STVEGS[E YRMOEPR] WTSWɹF ; SJIVGMI HV^[M ^EVɹ[RS HPE QMS˒RMOɹ[ TVSWXSX] M RS[SG^IWRS˒GM NEO XI˵ TSREHG^EWS[IN OPEW]OM
QSRXE˵Y HV^[M ^ []IPMQMRS[ERMIQ QSWXOɹ[ GMITPR]GL TSRM˵IN TS^MSQY TSHSKM STEXIRXS[E (SWXʚTRI Wʈ OSPIOGNI -RJMRMX] KEHOE FMIP +ISQXIVME ^I W^OIQ PEGSFIP 2SZE 2SZE 2SZE
8IVQMG^Rʈ 3WSRʚ 4SHTVS˵E 834o (S XIKS [ SJIVGMI ^RENHYNʈ WMʚ EOGIWSVME HS GMITIKS 0YOWYWS[E /PEW]G^RE M RENRS[W^E 7^PEGLIGOE 4VSHYGIRX TV^I[MH^ME HS OE˵HIN ^ RMGL OPEQOM ^ VSH^MR]
QSRXE˵Y ;W^]WXOS TS XS EF] GMITI HV^[M F]] ^EQSRXS[ERI [ WTSWɹF K[EVERXYNʈG] GMIT] [SWOMGL TVSHYOXɹ[ 0MRIE'EPM H^MI[Mʚʊ VSH^ENɹ[ W^OPIRME M E˵ X]Tɹ[ S˒GMI˵RMG ; SJIVGMI '%0
HSQ M RM˵W^I []HEXOM RE SKV^I[ERMI ^RENHYNʈ WMʚ Vɹ[RMI˵ W]WXIQ] TV^IWY[RI [I[RʈXV^ ˒GMIRRI M RE˒GMIRRI TV^IWY[RS SFVSXS[I
VI[IVW]NRI SVE^ HV^[M [ []OSʿG^IRMY WXEPS[]Q G^] FIXSRS[]Q
+[EVERGNE >HVS[MI
2E HV^[M ^I[RʚXV^RI ^EQSRXS[ERI ^KSHRMI ^ ^EPIGIRMEQM TV^I^ NIHRʈ ^ %YXSV]^S[ER]GL +VYT
1SRXE˵S[]GL '%0 HENI XV^] PEXE K[EVERGNM 4I[RS˒ʊ OSRWXVYOGNM WTVE[ME ˵I NIWX XS NIH]R] (V^[M '%0 TVSHYOS[ERI Wʈ ^ REXYVEPRIKS WYVS[GE NEOMQ NIWX HVI[RS QEPS[ERI PEOMIVEQM
TVSHYGIRX HV^[M HVI[RMER]GL M HVI[RMERMS EPYQMRMS[]GL OXɹV] SJIVYNI RE[IX PEX K[EVERGNM IOSPSKMG^R]QM M SPINS[SWOEQM HSTYW^G^SR]QM HS OSRXEOXY ^ ˵][RS˒GMʈ 2MI []H^MIPENʈ W^OSHPM[]GL
STEVɹ[ ^ PEOMIVɹ[ TSPMYVIXERS[]GL M OPINɹ[ HS T]X [MɹVS[]GL ^ETI[RMENʈG [I [RʚXV^Y 8[SNIKS HSQY
RE HV^[M ^ /SPIOGNM 0YOWYWS[IN TV^]NE^R] M ^HVS[] QMOVSOPMQEX

78%&-02) 8)61-2=
7XERHEVHS[] XIVQMR VIEPM^EGNM ^EQɹ[MIʿ RE HV^[M X]TS[I [I[RʚXV^RI M ^I[RʚXV^RI HS Ū X]KSHRM
;MʚGIN MRJSVQEGNM S '%0 [EVXS˒GMEGL JMVQ] M SJIVGMI TVSHYOXS[IN RE [[[ HV^[M GEP TP

M [ l c W h e $a
- W k M P Y &/








> 7 & '%0 [[[ HV^[M GEP TP
(6>;- >);2ʘ86>2) > '][MʿWOM M [WTɹPRMG] 7TɹOE .E[RE FMYVS$HV^[M GEP TP
YP 4MEWOS[E 7Y[EOM

(6>;- ;);2ʘ86>2)

(V^[M '%0 (V^[M TVE[H^M[I > REXYV] HSWOSREI
*MVQE '%0 SH TSREH PEX []OSRYNI REN[]˵W^IN NEOS˒GM
HV^[M HVI[RMERI [I[RʚXV^RI M ^I[RʚXV^RI
8 8S %QFEWEHSV &YHS[RMGX[E 4EW][RIKS YLSRSVS[ER]
TVIWXM˵S[]QM REKVSHEQM M []Vɹ˵RMIRMEQM ^E NEOS˒ʊ
JEGLS[S˒ʊ M TVSJIWNSREPM^Q 2ENFEVH^MIN MRRS[EG]NR]
TVSHYGIRX [ FVER˵] OXɹVIKS VS^[Mʈ^ERME WXENʈ WMʚ
WXERHEVHEQM RE V]ROY 4VEGSHE[GE HPE TSREH SWɹF




2MIX]TS[I []QMEV]

'%0 NIWX [ WXERMI []OSREʊ HV^[M ^I[RʚXV^RI HS HS[SPR]GL SX[SVɹ[ S W^IVSOS˒GM SH HS QQ
M []WSOS˒GM SH HS QQ
&I^TMIG^IʾWX[S

;W^]WXOMI HV^[M Wʈ []TSWE˵SRI [ ^EQOM WTIRMENʈGI SKɹPRI [EVYROM YFI^TMIG^IRME FYH]ROɹ[
NIHRSVSH^MRR]GL PYF QMIW^OEʿ ;]TSWE˵SRI [ ^EQIO PMWX[S[] TSWMEHENʈ HVYKʈ OPEWʚ SHTSVRS˒GM RE
[EQERMI 6' (6>;- ;);2ʘ86>2)
/SPSV] -RRS[EG]NRI HV^[M ^I[RʚXV^RI [EVXS Y^YTIRMʊ RS[SG^IWR]QM HVI[RMER]QM HV^[MEQM [I[RʚXV^R]QM
&SKEXE WXERHEVHS[E OSPSV]WX]OE HSWXSWS[ERE HS RENTSTYPEVRMINW^]GL JSPMM TVSHYGIRXɹ[ '%0 SJIVYNI E˵ SWMIQ OSPIOGNM HV^[M [I[RʚXV^R]GL [ WXERHEVHS[]GL OSPSVEGL ^ [MHSG^Rʈ WXVYOXYVʈ
SOMIR M FVEQ KEVE˵S[]GL 1S˵PM[S˒ʊ HSFSVY OSPSVY ^ TEPIX] 6%0 SVE^ QEPS[ERME RE MRR] OSPSV HVI[RE E XEO˵I [ EOWEQMXR]Q KEHOMQ []OSʿG^IRMY
SH WXVSR] ^I[RʚXV^RIN M [I[RʚXV^RIN /SPSV]
(V^[M MRXIPMKIRXRI

(V^[M QSKʈ F]ʊ []TSWE˵SRI [ ^EQOM IPIOXV]G^RI ^ QS˵PM[S˒GMʈ ^EWXSWS[ERME G^]XRMOɹ[ ;RʚXV^I HSQY []QEKE MRH][MHYEPRIN OSPSV]WX]OM ũ []GLSH^ʈG RETV^IGM[ KYWXSQ OPMIRXɹ[ '%0 SJIVYNI
TSHWXE[S[I []FEV[MIRME [ STEVGMY S IOSPSKMG^RI [SHSVS^GMIʿG^EPRI PEOMIV] M SPINS[SWOM
FMSQIXV]G^R]GL OPE[MEXYV] M TSʈG^IRME HS W]WXIQɹ[ HSQɹ[ MRXIPMKIRXR]GL (SWXʚTRI NIWX XEO˵I []FEV[MIRMI [ HS[SPR]Q OSPSV^I ^ TEPIX] 6%0
'MIT] QSRXE˴ (IWMKR
.EO TV^]WXES RE TVSHYGIRXE ^ TSPWOMIKS FMIKYRE ^MQRE '%0 STVEGS[E YRMOEPR] WTSWɹF ; SJIVGMI HV^[M ^EVɹ[RS HPE QMS˒RMOɹ[ TVSWXSX] M RS[SG^IWRS˒GM NEO XI˵ TSREHG^EWS[IN OPEW]OM
QSRXE˵Y HV^[M ^ []IPMQMRS[ERMIQ QSWXOɹ[ GMITPR]GL TSRM˵IN TS^MSQY TSHSKM STEXIRXS[E (SWXʚTRI Wʈ OSPIOGNI -RJMRMX] KEHOE FMIP +ISQXIVME ^I W^OIQ PEGSFIP 2SZE 2SZE 2SZE
8IVQMG^Rʈ 3WSRʚ 4SHTVS˵E 834o (S XIKS [ SJIVGMI ^RENHYNʈ WMʚ EOGIWSVME HS GMITIKS 0YOWYWS[E /PEW]G^RE M RENRS[W^E 7^PEGLIGOE 4VSHYGIRX TV^I[MH^ME HS OE˵HIN ^ RMGL OPEQOM ^ VSH^MR]
QSRXE˵Y ;W^]WXOS TS XS EF] GMITI HV^[M F]] ^EQSRXS[ERI [ WTSWɹF K[EVERXYNʈG] GMIT] [SWOMGL TVSHYOXɹ[ 0MRIE'EPM H^MI[Mʚʊ VSH^ENɹ[ W^OPIRME M E˵ X]Tɹ[ S˒GMI˵RMG ; SJIVGMI '%0
HSQ M RM˵W^I []HEXOM RE SKV^I[ERMI ^RENHYNʈ WMʚ Vɹ[RMI˵ W]WXIQ] TV^IWY[RI [I[RʈXV^ ˒GMIRRI M RE˒GMIRRI TV^IWY[RS SFVSXS[I
VI[IVW]NRI SVE^ HV^[M [ []OSʿG^IRMY WXEPS[]Q G^] FIXSRS[]Q
+[EVERGNE >HVS[MI
2E HV^[M ^I[RʚXV^RI ^EQSRXS[ERI ^KSHRMI ^ ^EPIGIRMEQM TV^I^ NIHRʈ ^ %YXSV]^S[ER]GL +VYT
1SRXE˵S[]GL '%0 HENI XV^] PEXE K[EVERGNM 4I[RS˒ʊ OSRWXVYOGNM WTVE[ME ˵I NIWX XS NIH]R] (V^[M '%0 TVSHYOS[ERI Wʈ ^ REXYVEPRIKS WYVS[GE NEOMQ NIWX HVI[RS QEPS[ERI PEOMIVEQM
TVSHYGIRX HV^[M HVI[RMER]GL M HVI[RMERMS EPYQMRMS[]GL OXɹV] SJIVYNI RE[IX PEX K[EVERGNM IOSPSKMG^R]QM M SPINS[SWOEQM HSTYW^G^SR]QM HS OSRXEOXY ^ ˵][RS˒GMʈ 2MI []H^MIPENʈ W^OSHPM[]GL
STEVɹ[ ^ PEOMIVɹ[ TSPMYVIXERS[]GL M OPINɹ[ HS T]X [MɹVS[]GL ^ETI[RMENʈG [I [RʚXV^Y 8[SNIKS HSQY
RE HV^[M ^ /SPIOGNM 0YOWYWS[IN TV^]NE^R] M ^HVS[] QMOVSOPMQEX

78%&-02) 8)61-2=
7XERHEVHS[] XIVQMR VIEPM^EGNM ^EQɹ[MIʿ RE HV^[M X]TS[I [I[RʚXV^RI M ^I[RʚXV^RI HS Ū X]KSHRM
;MʚGIN MRJSVQEGNM S '%0 [EVXS˒GMEGL JMVQ] M SJIVGMI TVSHYOXS[IN RE [[[ HV^[M GEP TP

M [ l c W h e $a
- W k M P Y &/








> 7 & '%0 [[[ HV^[M GEP TP
(6>;- >);2ʘ86>2) > '][MʿWOM M [WTɹPRMG] 7TɹOE .E[RE FMYVS$HV^[M GEP TP
YP 4MEWOS[E 7Y[EOM









> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL
S SV]KMREPR]Q HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI
WX]QYPYNʈGI MGL VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^
[]NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS WX[SV^]I˒
FEWIR] [ H[ɹGL SHGMIRMEGL TSREHG^EWS[IN W^EVS˒GM
TMOM [ OSPSVEGL

&YNEO


&YNERMI YNERMI [WTMRERMI WMIH^IRMI VIPEOWS[ERMI WMʚ
&
FEPERWS[ERMI GLS[ERMI WMʚ# 8S [W^]WXOS NIWX
QS˵PM[I ^ RS[]Q FYNEOMIQ .YTMHYY 4V^]
[WTɹTVEG] ^ &EGSR (IWMKR [I *VEROJYVGMI JMVQE
.YTMHYY WX[SV^]E TVE[HSTSHSFRMI RENJENRMINW^]
FYNEO RE ˒[MIGMI ;]OSV^]WXERMI JSVQS[ERIKS
HVI[RE M WTIGNEPRIKS TVSGIWY TVSHYOG]NRIKS
YQQS˵PM[MS WX[SV^IRMI YRMOEPRIKS TVSNIOXY M
Y
OW^XEXY H^MʚOM G^IQY FYNEO XIR QE W^ERWʚ
^SWXEʊ OPEW]Oʈ ^EFE[IO



>NI˴H˴EPRME

2
2EE OE˵H]Q TPEGY ^EFE[ ^RENHYNI WMʚ ^E^[]G^EN
^NI˵H˵EPRME M NIWX SFPIKERE ^EVɹ[RS TV^I^ WXEVW^I
H^MIGM NEO M XI QSHW^I >NI˵H˵ERMI HSWXEVG^E MQ
TVE[H^M[]GL [VE˵Iʿ E TV^] X]Q TS^[EPE RE
;EPM^OE HPE H^MIGM TSTVE[ʚ ^HSPRS˒GM QSXSV]G^R]GL GS NIWX

7YGL] FEWIR ; ;]GMIG^OM XS ^E[W^I [MIPI [VE˵Iʿ HPE H^MIGM RMI^[]OPI [E˵RI HPE TVE[MHS[IKS VS^[SNY
H^MIGOE 3JIVS[ERE TV^I^ REW ^NI˵H˵EPRME .YTMHYY
XSS YV^ʈH^IRMI WX[SV^SRI ^ Q]˒Pʈ S H^MIGMEGL
( ^[MIH^ERMI RS[]GL QMINWG M OSV^]WXERMI ^ G^IOENʈG]GL X 0&1 /EQMP 7^EVIO
(^MIGMʿWX[S^MIGMʿWX[S XS G^EW OXɹV] OE˵H] FʚHʈG NY˵
XEQ EXVEOGNM XS TVE[H^M[E TV^]NIQRS˒ʊ OXɹVE
OXɹVI TSXV^IFYNʈ EXVEOG]NR]GL FSH˳Gɹ[
SWSFʈ HSVSWʈ [WTSQMRE ^ TVE[H^M[ʈ HSWXEVG^E [WTSQRMIʿ RE PEXE /E˵H] []NE^H [Mʈ˵I WMʚ WX]QYPYNʈG]GL VS^[ɹN
TV^]NIQRS˒GMʈ >ETI[RMNQ] [MʚG W[SMQ NIHREO ^ TSHVɹ˵ʈ G^ʚWXS OMPOYKSH^MRRʈ %F] WTʚH^Mʊ Nʈ 4S^REʿWOE
H^MIGMSQ RMI^ETSQRMERI [VE˵IRME H^MʚOM OXɹV]Q OSQJSVXS[S [EVXS TSQ]˒PIʊ S [MIPSJYROG]NRIN 8EVRS[S 4SHKɹVRI
XIR SOVIW MGL ˵]GME FʚH^MI [Mʈ^E WMʚ ^ [EPM^GI 4VSTSRS[ERE TV^I^ REW [EPM^OE HPE H^MIGM 7OSRXEOXYN WMʚ ^ REQM
RENPITW^]QM [WTSQRMIRMEQM 1S˵IQ] &
&IH&IH&S\ XS RMI X]POS RENPITW^] []FɹV RE FEKE˵
YW^G^ʚ˒PM[Mʊ TSGMIGL] TVSTSRYNʈG MQ EXVEOGNI TSHVʚG^R] [EPM^OE QS˵I F]ʊ NIHRSG^I˒RMI
OXXɹVI RMI X]POS HSWXEVG^ʈ MQ QRɹWX[E VEHS˒GM EPI TSHRɹ˵OMIQ HS WEQSPSXY QS˵I XEO˵I TIRMʊ JYROGNʚ
O
XEO˵I FʚHʈ WX]QYPS[Eʊ MGL VS^[ɹN NEO WYGLI ɹ˵OE > XEOʈ [EPM^Oʈ OE˵HE TSHVɹ˵ FʚH^MI [Mʈ^EE WMʚ ^
FEWIR] ^ TMIG^OEQM []KSHR]Q SHTSG^]ROMIQ
[[[ QMRMFI TP

QMRMFI$QMRMFI TP

> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL
S SV]KMREPR]Q HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI
WX]QYPYNʈGI MGL VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^
[]NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS WX[SV^]I˒
FEWIR] [ H[ɹGL SHGMIRMEGL TSREHG^EWS[IN W^EVS˒GM
TMOM [ OSPSVEGL

&YNEO


&YNERMI YNERMI [WTMRERMI WMIH^IRMI VIPEOWS[ERMI WMʚ
&
FEPERWS[ERMI GLS[ERMI WMʚ# 8S [W^]WXOS NIWX
QS˵PM[I ^ RS[]Q FYNEOMIQ .YTMHYY 4V^]
[WTɹTVEG] ^ &EGSR (IWMKR [I *VEROJYVGMI JMVQE
.YTMHYY WX[SV^]E TVE[HSTSHSFRMI RENJENRMINW^]
FYNEO RE ˒[MIGMI ;]OSV^]WXERMI JSVQS[ERIKS
HVI[RE M WTIGNEPRIKS TVSGIWY TVSHYOG]NRIKS
YQQS˵PM[MS WX[SV^IRMI YRMOEPRIKS TVSNIOXY M
Y
OW^XEXY H^MʚOM G^IQY FYNEO XIR QE W^ERWʚ
^SWXEʊ OPEW]Oʈ ^EFE[IO



>NI˴H˴EPRME

2
2EE OE˵H]Q TPEGY ^EFE[ ^RENHYNI WMʚ ^E^[]G^EN
^NI˵H˵EPRME M NIWX SFPIKERE ^EVɹ[RS TV^I^ WXEVW^I
H^MIGM NEO M XI QSHW^I >NI˵H˵ERMI HSWXEVG^E MQ
TVE[H^M[]GL [VE˵Iʿ E TV^] X]Q TS^[EPE RE
;EPM^OE HPE H^MIGM TSTVE[ʚ ^HSPRS˒GM QSXSV]G^R]GL GS NIWX

7YGL] FEWIR ; ;]GMIG^OM XS ^E[W^I [MIPI [VE˵Iʿ HPE H^MIGM RMI^[]OPI [E˵RI HPE TVE[MHS[IKS VS^[SNY
H^MIGOE 3JIVS[ERE TV^I^ REW ^NI˵H˵EPRME .YTMHYY
XSS YV^ʈH^IRMI WX[SV^SRI ^ Q]˒Pʈ S H^MIGMEGL
( ^[MIH^ERMI RS[]GL QMINWG M OSV^]WXERMI ^ G^IOENʈG]GL X 0&1 /EQMP 7^EVIO
(^MIGMʿWX[S^MIGMʿWX[S XS G^EW OXɹV] OE˵H] FʚHʈG NY˵
XEQ EXVEOGNM XS TVE[H^M[E TV^]NIQRS˒ʊ OXɹVE
OXɹVI TSXV^IFYNʈ EXVEOG]NR]GL FSH˳Gɹ[
SWSFʈ HSVSWʈ [WTSQMRE ^ TVE[H^M[ʈ HSWXEVG^E [WTSQRMIʿ RE PEXE /E˵H] []NE^H [Mʈ˵I WMʚ WX]QYPYNʈG]GL VS^[ɹN
TV^]NIQRS˒GMʈ >ETI[RMNQ] [MʚG W[SMQ NIHREO ^ TSHVɹ˵ʈ G^ʚWXS OMPOYKSH^MRRʈ %F] WTʚH^Mʊ Nʈ 4S^REʿWOE
H^MIGMSQ RMI^ETSQRMERI [VE˵IRME H^MʚOM OXɹV]Q OSQJSVXS[S [EVXS TSQ]˒PIʊ S [MIPSJYROG]NRIN 8EVRS[S 4SHKɹVRI
XIR SOVIW MGL ˵]GME FʚH^MI [Mʈ^E WMʚ ^ [EPM^GI 4VSTSRS[ERE TV^I^ REW [EPM^OE HPE H^MIGM 7OSRXEOXYN WMʚ ^ REQM
RENPITW^]QM [WTSQRMIRMEQM 1S˵IQ] &
&IH&IH&S\ XS RMI X]POS RENPITW^] []FɹV RE FEKE˵
YW^G^ʚ˒PM[Mʊ TSGMIGL] TVSTSRYNʈG MQ EXVEOGNI TSHVʚG^R] [EPM^OE QS˵I F]ʊ NIHRSG^I˒RMI
OXXɹVI RMI X]POS HSWXEVG^ʈ MQ QRɹWX[E VEHS˒GM EPI TSHRɹ˵OMIQ HS WEQSPSXY QS˵I XEO˵I TIRMʊ JYROGNʚ
O
XEO˵I FʚHʈ WX]QYPS[Eʊ MGL VS^[ɹN NEO WYGLI ɹ˵OE > XEOʈ [EPM^Oʈ OE˵HE TSHVɹ˵ FʚH^MI [Mʈ^EE WMʚ ^
FEWIR] ^ TMIG^OEQM []KSHR]Q SHTSG^]ROMIQ
[[[ QMRMFI TP

QMRMFI$QMRMFI TP

*MVQE 6YWX SH TSREH PEX TVSNIOXYNI M X[SV^]
[RʚXV^E OYGLIRRI SH^REG^ENʈGI WMʚ
RS[SG^IWR]Q HIWMKRIQ RMI^[]Oʈ IPIKERGNʈ M
[]WSOʈ NEOS˒GMʈ 4V^] []OSV^]WXERMY RENFEVH^MIN
^EE[ERWS[ER]GL XIGLRSPSKMM TVSHYOG]NR]GL M
[WTMIVERMY XVEH]G]NRIKS V^IQMSWE 6YWX
[]^REG^E XVIRH] RE V]ROY QIFPM OYGLIRR]GL M
T
TSOE^YNISOE^YNI GSVE^ XS GMIOE[W^I VS^[Mʈ^ERME
WXSWS[ERI [I [RʚXV^EGL OYGLIRR]GL 3FIGRMI
TVSTSRS[ERI VS^[Mʈ^ERME QS˵IQ] TSH^M[MEʊ [
XV^IGL []NʈXOS[]GL OSPIOGNEGL 6 'SPPIGXMSR
EYXSVWOE OSPIOGNE [ OXɹVIN TVI^IRXS[ERI Wʈ
MRRS[EG]NRI M RMIW^EFPSRS[I VS^[Mʈ^ERME
7^PEGLIXRI QEXIVME] YRMOEXS[I [^SVRMGX[S
MRH][MHYEPM^QRH][MHYEPM^Q TVI^IRXS[ER] [ OE˵H]Q RE[IX
M
RENQRMINW^]Q HIXEPY [RʚXV^E OYGLIRRIKS M
[]WSOMI [EPSV] IWXIX]G^RI WTVE[MENʈ ˵I [RʚXV^E
^ XIN OSPIOGNM ^QMIRMENʈ TV^IWXV^Iʿ M REHENʈ NIN
[]NʈXOS[IKS GLEVEOXIVY /SPIOGNE 9RMUYI
TV^IHWXE[ME [RʚXV^E OYGLIRRI [ OXɹV]GL
^EWXSWS[ERS WXEVERRMI []WIPIOGNSRS[ERI
TVSKVEQ] [^SVRMG^I ʈG^ʈGI [ WSFMI TVSWXSXʚ
T
JYROGNSREPRS˒ʊ M RS[SG^IWR] HIWMKR ; SJIVGMI
6YWX RMI ^EFVEOS Vɹ[RMI˵ OPEW]G^R]GL VS^[Mʈ^Eʿ
[ RS[SG^IWR]Q []HERMY ;RʚXV^E OYGLIRRI ^
OSPIOGNM 7X]PI ^ HIPMOEXRʈ RYXʈ SVREQIRX]OM
QSX][ɹ[ ^HSFRMG^]GL G^] S^HSFR]GL JVI^ɹ[
TSHOVI˒PENʈ W[SNʈ TSREHG^EWS[S˒ʊ























4SWMEHEQ] HS˒[MEHG^IRMI [I [WTɹTVEG] ^
HI[IPSTIVEQM EVGLMXIOXEQM M MR[IWXSVEQM 6E^IQ ^
REW^]QM TEVXRIVEQM X[SV^]Q] RS[ʈ NEOS˒ʊ M []^REG^EQ]
XVIRH] [ FVER˵] QIFPM OYGLIRR]GL
PIXRMI PIXRMI HS˒[MEHG^IRMI TV^][Mʈ^ERMI HS XVEH]G]NRIKS

V^IQMSWE M SX[EVXS˒ʊ RE RS[I XIGLRSPSKMI TS^[EPE
VIEPM^S[Eʊ REQ RENFEVH^MIN ˒QMEI TVSNIOX]
^EK[EVERXS[Eʊ FI^TMIG^IʿWX[S M HSWOSREʈ SFWYKʚ
TVSNIOXS[ʈ (PE REW RMI QE V^IG^] RMI QS˵PM[]GL
OE˵HIKS HRME ^IWTɹ TSREH HIWMKRIVɹ[ HS˒[MEHG^IRM
QEREKIVS[MI M RS[SG^IWR] H^ME XIGLRSPSKMM STVEGS[YNʈ [[[ VYWX TP
VSS^[Mʈ^ERME X[SV^ʈG REN[E˵RMINW^I QMINWGI HPE REW YP 6SPRE 4PYHV]
V
[W^]WXOMGL (31 /8ɞ6= >%'>=2% 7-ʙ 898%. XIP WIOVIXEVMEX$VYWX TP

*MVQE 6YWX SH TSREH PEX TVSNIOXYNI M X[SV^]
[RʚXV^E OYGLIRRI SH^REG^ENʈGI WMʚ
RS[SG^IWR]Q HIWMKRIQ RMI^[]Oʈ IPIKERGNʈ M
[]WSOʈ NEOS˒GMʈ 4V^] []OSV^]WXERMY RENFEVH^MIN
^EE[ERWS[ER]GL XIGLRSPSKMM TVSHYOG]NR]GL M
[WTMIVERMY XVEH]G]NRIKS V^IQMSWE 6YWX
[]^REG^E XVIRH] RE V]ROY QIFPM OYGLIRR]GL M
T
TSOE^YNISOE^YNI GSVE^ XS GMIOE[W^I VS^[Mʈ^ERME
WXSWS[ERI [I [RʚXV^EGL OYGLIRR]GL 3FIGRMI
TVSTSRS[ERI VS^[Mʈ^ERME QS˵IQ] TSH^M[MEʊ [
XV^IGL []NʈXOS[]GL OSPIOGNEGL 6 'SPPIGXMSR
EYXSVWOE OSPIOGNE [ OXɹVIN TVI^IRXS[ERI Wʈ
MRRS[EG]NRI M RMIW^EFPSRS[I VS^[Mʈ^ERME
7^PEGLIXRI QEXIVME] YRMOEXS[I [^SVRMGX[S
MRH][MHYEPM^QRH][MHYEPM^Q TVI^IRXS[ER] [ OE˵H]Q RE[IX
M
RENQRMINW^]Q HIXEPY [RʚXV^E OYGLIRRIKS M
[]WSOMI [EPSV] IWXIX]G^RI WTVE[MENʈ ˵I [RʚXV^E
^ XIN OSPIOGNM ^QMIRMENʈ TV^IWXV^Iʿ M REHENʈ NIN
[]NʈXOS[IKS GLEVEOXIVY /SPIOGNE 9RMUYI
TV^IHWXE[ME [RʚXV^E OYGLIRRI [ OXɹV]GL
^EWXSWS[ERS WXEVERRMI []WIPIOGNSRS[ERI
TVSKVEQ] [^SVRMG^I ʈG^ʈGI [ WSFMI TVSWXSXʚ
T
JYROGNSREPRS˒ʊ M RS[SG^IWR] HIWMKR ; SJIVGMI
6YWX RMI ^EFVEOS Vɹ[RMI˵ OPEW]G^R]GL VS^[Mʈ^Eʿ
[ RS[SG^IWR]Q []HERMY ;RʚXV^E OYGLIRRI ^
OSPIOGNM 7X]PI ^ HIPMOEXRʈ RYXʈ SVREQIRX]OM
QSX][ɹ[ ^HSFRMG^]GL G^] S^HSFR]GL JVI^ɹ[
TSHOVI˒PENʈ W[SNʈ TSREHG^EWS[S˒ʊ























4SWMEHEQ] HS˒[MEHG^IRMI [I [WTɹTVEG] ^
HI[IPSTIVEQM EVGLMXIOXEQM M MR[IWXSVEQM 6E^IQ ^
REW^]QM TEVXRIVEQM X[SV^]Q] RS[ʈ NEOS˒ʊ M []^REG^EQ]
XVIRH] [ FVER˵] QIFPM OYGLIRR]GL
PIXRMI PIXRMI HS˒[MEHG^IRMI TV^][Mʈ^ERMI HS XVEH]G]NRIKS

V^IQMSWE M SX[EVXS˒ʊ RE RS[I XIGLRSPSKMI TS^[EPE
VIEPM^S[Eʊ REQ RENFEVH^MIN ˒QMEI TVSNIOX]
^EK[EVERXS[Eʊ FI^TMIG^IʿWX[S M HSWOSREʈ SFWYKʚ
TVSNIOXS[ʈ (PE REW RMI QE V^IG^] RMI QS˵PM[]GL
OE˵HIKS HRME ^IWTɹ TSREH HIWMKRIVɹ[ HS˒[MEHG^IRM
QEREKIVS[MI M RS[SG^IWR] H^ME XIGLRSPSKMM STVEGS[YNʈ [[[ VYWX TP
VSS^[Mʈ^ERME X[SV^ʈG REN[E˵RMINW^I QMINWGI HPE REW YP 6SPRE 4PYHV]
V
[W^]WXOMGL (31 /8ɞ6= >%'>=2% 7-ʙ 898%. XIP WIOVIXEVMEX$VYWX TP

-HVWHķP\ JDOHULà VNOHSHP LQWHUQHWRZ\P
Z NWÎU\P VZRMH SUDFH Z\VWDZLDMà DUW\ķFL
SURMHNWDQFL L UôNRG]LHOQLF\ :DUWR GR QDV ]DMU]Hâ
QLHNRQLHF]QLH Z FHOX ]DNXSX QDSUDZGô MHVW F]\P
QDFLHV]\â RNR =DSUDV]DP\ 5<%$&.,( %8.,(7 /(71,&+ .:,$7®: &<1,(
&HQD SURGXNWX 3/1 &HQD SURGXNWX 3/1

NXSXM ZV]ôG]LH JG]LH MHVWHķ
Z GRPX Z WUDPZDMX SDUNX L JÎUDFK
$1,2Ğ 675®Ŕ
&HQD SURGXNWX 3/1



















1(18)$5< 320$5$Ġ&=2:( Ğ2'=,(

&HQD SURGXNWX 3/1 &HQD SURGXNWX 3/1





=$6$'< :63®Ğ35$&< PLôG]\ 6SU]HGDMàF\P D +DORDUW

2GGDMHP\ GR :DV]HM G\VSR]\FML QDV]à JDOHULô VNOHS MDNR VSUDZQLH G]LDğDMàFH QDU]ôG]LH
SURPRFML L VSU]HGDŕ\ :DV]\FK SUDF L OLF]\P\ QD ZVSÎOQ\ VXNFHV
:\VWDZLHQLH SUDF L NRU]\VWDQLH ] JDOHULL MHVW EH]SğDWQH 3RELHUDP\ SURZL]MH RG
VSU]HGDQHJR SURGXNWX ]JRGQLH ] ]DVDGDPL ZVSÎğSUDF\

$E\ ]DF]àâ ZVSÎğSUDFô ]DUHMHVWUXM VLô Z QDV]\P 6HUZLVLH L Z\SHğQLM SRQLŕV]\ IRUPXODU]
]DğàF] ]GMôFLD L NRQLHF]QLH ]DSR]QDM VLô ] UHJXODPLQHP L ]DVDGDPL ZVSÎğSUDF\

-HķOL 7ZRMH SUDFH EôGà PLHķFLâ VLô Z NRQZHQFML QDV]HM JDOHULL LVWRWQD MHVW QLH W\ONR
VDPD SUDFD DOH UÎZQLHŕ MDNRķâ L VSRVÎE SU]\JRWRZDQLD ]GMôâ XWZRU]\P\ &L NRQWR
L UR]SRF]QLHV] Z\VWDZLDQLH SUDF 2GSRZLDGDP\ QD ZV]\VWNLH ]JğRV]HQLD SURVLP\
R FLHUSOLZRķâ D MHķOL PDV] S\WDQLD OXE ZàWSOLZRķFL SLV] GR QDV QD ELXUR#KDORDUW SO






ZZZ KDORDUW SO
NRP _ WHO
ELXUR#KDORDUW SO

-HVWHķP\ JDOHULà VNOHSHP LQWHUQHWRZ\P
Z NWÎU\P VZRMH SUDFH Z\VWDZLDMà DUW\ķFL
SURMHNWDQFL L UôNRG]LHOQLF\ :DUWR GR QDV ]DMU]Hâ
QLHNRQLHF]QLH Z FHOX ]DNXSX QDSUDZGô MHVW F]\P
QDFLHV]\â RNR =DSUDV]DP\ 5<%$&.,( %8.,(7 /(71,&+ .:,$7®: &<1,(
&HQD SURGXNWX 3/1 &HQD SURGXNWX 3/1

NXSXM ZV]ôG]LH JG]LH MHVWHķ
Z GRPX Z WUDPZDMX SDUNX L JÎUDFK
$1,2Ğ 675®Ŕ
&HQD SURGXNWX 3/1



















1(18)$5< 320$5$Ġ&=2:( Ğ2'=,(

&HQD SURGXNWX 3/1 &HQD SURGXNWX 3/1





=$6$'< :63®Ğ35$&< PLôG]\ 6SU]HGDMàF\P D +DORDUW

2GGDMHP\ GR :DV]HM G\VSR]\FML QDV]à JDOHULô VNOHS MDNR VSUDZQLH G]LDğDMàFH QDU]ôG]LH
SURPRFML L VSU]HGDŕ\ :DV]\FK SUDF L OLF]\P\ QD ZVSÎOQ\ VXNFHV
:\VWDZLHQLH SUDF L NRU]\VWDQLH ] JDOHULL MHVW EH]SğDWQH 3RELHUDP\ SURZL]MH RG
VSU]HGDQHJR SURGXNWX ]JRGQLH ] ]DVDGDPL ZVSÎğSUDF\

$E\ ]DF]àâ ZVSÎğSUDFô ]DUHMHVWUXM VLô Z QDV]\P 6HUZLVLH L Z\SHğQLM SRQLŕV]\ IRUPXODU]
]DğàF] ]GMôFLD L NRQLHF]QLH ]DSR]QDM VLô ] UHJXODPLQHP L ]DVDGDPL ZVSÎğSUDF\

-HķOL 7ZRMH SUDFH EôGà PLHķFLâ VLô Z NRQZHQFML QDV]HM JDOHULL LVWRWQD MHVW QLH W\ONR
VDPD SUDFD DOH UÎZQLHŕ MDNRķâ L VSRVÎE SU]\JRWRZDQLD ]GMôâ XWZRU]\P\ &L NRQWR
L UR]SRF]QLHV] Z\VWDZLDQLH SUDF 2GSRZLDGDP\ QD ZV]\VWNLH ]JğRV]HQLD SURVLP\
R FLHUSOLZRķâ D MHķOL PDV] S\WDQLD OXE ZàWSOLZRķFL SLV] GR QDV QD ELXUR#KDORDUW SO






ZZZ KDORDUW SO
NRP _ WHO
ELXUR#KDORDUW SO

























/080$;&4/& 30;8*Ƌ;"/*"




X TUFSPXBOJV PHS[FXBOJFN






&LPOPNJD[OF PHS[FXBOJF CVEZOLV [ TZTUFNFN J BQMJLBDKnj 4"-64 4NBSU )PNF

,POUSPMB PHS[FXBOJB QS[F[ UFMFGPO TUFSPXBOJF QSBDnj VS[njE[Fǩ FMFLUSZD[OZDI D[Z X’njD[BOJF

PǴXJFUMFOJB X EPNV OBXFU XUFEZ HEZ [OBKEVKFNZ TJǗ UZTJnjDF LJMPNFUSØX PE OJFHP 5P DP KFT[D[F
LJMLBOBǴDJF MBU UFNV V[OBMJCZǴNZ [B OJFNPȈMJXF E[JǴ TUBKF TJǗ PQ’BDBMOZN J EPTUǗQOZN SP[XJnj[BOJFN
OJFNBM EMB LBȈEFHP /BKOPXT[F TZTUFNZ TUFSPXBOJB PHS[FXBOJFN QP[XBMBKnj OB XZTPLP
FLPOPNJD[OF PHS[FXBOJF CVEZOLV HXBSBOUVKnjD KFHP VȈZULPXOJLPXJ TQPSF PT[D[ǗEOPǴDJ o
[
[OBD[njOBD[njDP XJǗLT[F OJȈ QS[Z SǗD[OFK NPEVMBDKJ UFNQFSBUVSZ
%PXJFE[ TJF XJǗDFK OB XXX TBMVT DPOUSPMT QM PSB[ XXX JU QM


































%ZTUSZCVUPS 4"-64 $POUSPMT

2- $0/530-4 4Q [ P P 4Q L
VM 3PMOB ,PCJFMJDF
TBMVT!TBMVT DPOUSPMT QM


4BMVT$POUSPMT1PMTLB

XXX TBMVT DPOUSPMT QM

XXX JU QM

/080$;&4/& 30;8*Ƌ;"/*"




X TUFSPXBOJV PHS[FXBOJFN






&LPOPNJD[OF PHS[FXBOJF CVEZOLV [ TZTUFNFN J BQMJLBDKnj 4"-64 4NBSU )PNF

,POUSPMB PHS[FXBOJB QS[F[ UFMFGPO TUFSPXBOJF QSBDnj VS[njE[Fǩ FMFLUSZD[OZDI D[Z X’njD[BOJF

PǴXJFUMFOJB X EPNV OBXFU XUFEZ HEZ [OBKEVKFNZ TJǗ UZTJnjDF LJMPNFUSØX PE OJFHP 5P DP KFT[D[F
LJMLBOBǴDJF MBU UFNV V[OBMJCZǴNZ [B OJFNPȈMJXF E[JǴ TUBKF TJǗ PQ’BDBMOZN J EPTUǗQOZN SP[XJnj[BOJFN
OJFNBM EMB LBȈEFHP /BKOPXT[F TZTUFNZ TUFSPXBOJB PHS[FXBOJFN QP[XBMBKnj OB XZTPLP
FLPOPNJD[OF PHS[FXBOJF CVEZOLV HXBSBOUVKnjD KFHP VȈZULPXOJLPXJ TQPSF PT[D[ǗEOPǴDJ o
[
[OBD[njOBD[njDP XJǗLT[F OJȈ QS[Z SǗD[OFK NPEVMBDKJ UFNQFSBUVSZ
%PXJFE[ TJF XJǗDFK OB XXX TBMVT DPOUSPMT QM PSB[ XXX JU QM


































%ZTUSZCVUPS 4"-64 $POUSPMT

2- $0/530-4 4Q [ P P 4Q L
VM 3PMOB ,PCJFMJDF
TBMVT!TBMVT DPOUSPMT QM


4BMVT$POUSPMT1PMTLB

XXX TBMVT DPOUSPMT QM

XXX JU QM

4VSJIWNSREPRI VS^[Mʇ^ERME HPE VIWXEYVEGNM LSXIPM VI^]HIRGNM G^] ETEVXEQIRXɸ[

7SPMHRI QEXIVME] 6S^[Mʇ^ERME HPE OE˴HIKS XEVEWY
4IVKSPE RMI []QEKE TS^[SPIRME RE FYHS[ʙ ^I [^KPʙHY RE NIN VYGLSQʇ OSRWXVYOGNʙ
(SWOSREI VS^[Mʇ^ERMI NEOS ^EHEW^IRMI XEVEWY S ^REG^RIN []XV^]QESˑGM RE [EVYROM EXQSWJIV]G^RI

4IVKSPI Wʇ SHTSVRI RE [MEXV M HIW^G^


2%7>% 3*)68%
3JIVYNIQ] 4EʿWX[Y WTV^IHE˵ M QSRXE˵ W]WXIQY TIVKSPM >ENQYNIQ] WMʚ WTV^IHE˵ʈ NEO
M QSRXE˵IQ SH OMPOYREWXY PEX 4V^IQE[ME ^E REQM HS˒[MEHG^IRMI SVE^ TIIR TVSJIWNSREPM^Q

7]WXIQ] OXɹVI 4EʿWX[Y SJIVYNIQ] Wʈ TSREHG^EWS[I M WTVE[H^ENʈ WMʚ [ OE˵H]GL [EVYROEGL
2S[SG^IWR] []KPʈH SVE^ WSPMHRI []OSRERMI XS X]POS RMIPMG^RI ^EPIX] TVSHYOXY OXɹV] QEQ]
[ W[SNIN SJIVGMI &)>4Ž%82% ;->=8% - 431-%6 (3 /1 3( ;%67>%;=
74)'.%02= 6%&%8 2% 4)6+30) (3 /3ʾ'% 63/9
+ɸ[RI ^EPIX] TIVKSP ^EHEW^IRME ^[MNERI
/SRWXVYOGNE EPYQMRMS[E PEOMIVS[ERE
TVSW^OS[S

3HTSVRS˒ʊ RE [MEXV OPEWE [MEX 3HTSVRS˒ʊ RE [MEXV OPEWE [MEXVS[E

4VEOX]G^RMI RMI QE OSRMG^RS˒GM ^[MNERME
^EHEW^IRME STVɹG^ SOVIWɹ[ ^ STEHEQM
˒RMIKY

8OERMR] Vɹ[RMI˵ [ TIRM [SHSSHTSVRI
;W^IPOMI ʈG^IRME OSRWXVYOG]NRI ^EOV]XI
?FVEO ˒VYF REOVʚXIO MXT A


;IVWNE TSNIH]RG^E QSGS[ERE HS
˒GMER] PYF WYJMXY SVE^ [IVWNE WEQSRS˒RE
^ X]PR]QM RSKEQM 1EOW]QEPRMI QF
W^IVSOS˒GM M F []WMʚKY


;IVWNE WEQSRS˒RE QS˵I F]ʊ Vɹ[RMI˵ ;=437%˳)2-) (3(%8/3;)
H[Y WTEHS[E [ɹ[G^EW QEOW]QEPR] (EW^IO SGLVSRR] RE ^ETEVOS[ERʈ XOERMRʈ
[]QMEV QF W^IVSOS ˒GM RE QF
[]WMʚKY ? TS F RE WXVSRʚ A 7XIVS[ERMI IPIOXV]G^RI ?TV^IʈG^RMO PYF TMPSXA
&SG^RE FPSOEHE WT][Y [SH] ?XOERMRE ^E[MRMʚXE ^ X^[ ^ETEWIQA

4VSJMP G^SS[] NEOS V]RRE ^FMIVENʈGE [SHʚ ^ TSW^]GME
7YT] G^SS[I NEOS V]RR] WTYWXS[I
3˒[MIXPIRMI 0)( [ T 3˒[MIXPIRMI 0)( [ TVSJMPEGL NI^HR]GL WXIVS[ERI TMPSXIQ

3KV^I[ERMI TVSQMIRRMOM GMITPRI WXIVS[ERI TMPSXIQ


[[[ WYTIVTIVKSPI TP




FMYVS$WYTIVTIVKSPI TP

4VSJIWNSREPRI VS^[Mʇ^ERME HPE VIWXEYVEGNM LSXIPM VI^]HIRGNM G^] ETEVXEQIRXɸ[

7SPMHRI QEXIVME] 6S^[Mʇ^ERME HPE OE˴HIKS XEVEWY
4IVKSPE RMI []QEKE TS^[SPIRME RE FYHS[ʙ ^I [^KPʙHY RE NIN VYGLSQʇ OSRWXVYOGNʙ
(SWOSREI VS^[Mʇ^ERMI NEOS ^EHEW^IRMI XEVEWY S ^REG^RIN []XV^]QESˑGM RE [EVYROM EXQSWJIV]G^RI

4IVKSPI Wʇ SHTSVRI RE [MEXV M HIW^G^


2%7>% 3*)68%
3JIVYNIQ] 4EʿWX[Y WTV^IHE˵ M QSRXE˵ W]WXIQY TIVKSPM >ENQYNIQ] WMʚ WTV^IHE˵ʈ NEO
M QSRXE˵IQ SH OMPOYREWXY PEX 4V^IQE[ME ^E REQM HS˒[MEHG^IRMI SVE^ TIIR TVSJIWNSREPM^Q

7]WXIQ] OXɹVI 4EʿWX[Y SJIVYNIQ] Wʈ TSREHG^EWS[I M WTVE[H^ENʈ WMʚ [ OE˵H]GL [EVYROEGL
2S[SG^IWR] []KPʈH SVE^ WSPMHRI []OSRERMI XS X]POS RMIPMG^RI ^EPIX] TVSHYOXY OXɹV] QEQ]
[ W[SNIN SJIVGMI &)>4Ž%82% ;->=8% - 431-%6 (3 /1 3( ;%67>%;=
74)'.%02= 6%&%8 2% 4)6+30) (3 /3ʾ'% 63/9
+ɸ[RI ^EPIX] TIVKSP ^EHEW^IRME ^[MNERI
/SRWXVYOGNE EPYQMRMS[E PEOMIVS[ERE
TVSW^OS[S

3HTSVRS˒ʊ RE [MEXV OPEWE [MEX 3HTSVRS˒ʊ RE [MEXV OPEWE [MEXVS[E

4VEOX]G^RMI RMI QE OSRMG^RS˒GM ^[MNERME
^EHEW^IRME STVɹG^ SOVIWɹ[ ^ STEHEQM
˒RMIKY

8OERMR] Vɹ[RMI˵ [ TIRM [SHSSHTSVRI
;W^IPOMI ʈG^IRME OSRWXVYOG]NRI ^EOV]XI
?FVEO ˒VYF REOVʚXIO MXT A


;IVWNE TSNIH]RG^E QSGS[ERE HS
˒GMER] PYF WYJMXY SVE^ [IVWNE WEQSRS˒RE
^ X]PR]QM RSKEQM 1EOW]QEPRMI QF
W^IVSOS˒GM M F []WMʚKY


;IVWNE WEQSRS˒RE QS˵I F]ʊ Vɹ[RMI˵ ;=437%˳)2-) (3(%8/3;)
H[Y WTEHS[E [ɹ[G^EW QEOW]QEPR] (EW^IO SGLVSRR] RE ^ETEVOS[ERʈ XOERMRʈ
[]QMEV QF W^IVSOS ˒GM RE QF
[]WMʚKY ? TS F RE WXVSRʚ A 7XIVS[ERMI IPIOXV]G^RI ?TV^IʈG^RMO PYF TMPSXA
&SG^RE FPSOEHE WT][Y [SH] ?XOERMRE ^E[MRMʚXE ^ X^[ ^ETEWIQA

4VSJMP G^SS[] NEOS V]RRE ^FMIVENʈGE [SHʚ ^ TSW^]GME
7YT] G^SS[I NEOS V]RR] WTYWXS[I
3˒[MIXPIRMI 0)( [ T 3˒[MIXPIRMI 0)( [ TVSJMPEGL NI^HR]GL WXIVS[ERI TMPSXIQ

3KV^I[ERMI TVSQMIRRMOM GMITPRI WXIVS[ERI TMPSXIQ


[[[ WYTIVTIVKSPI TP




FMYVS$WYTIVTIVKSPI TP





1




¨ ¨




¨ ˜











































.XSXMÇF Z QDV]\P H VNOHSLH ¨ ]( ]*




0DV] QDMZLÛNV]\ Z\EµU SURGXNWµZ JZDUDQFMH QDMQLľV]HM FHQ\
RUD] ERQ\ UDEDWRZH L OLF]QH SURPRFMH











WHO H PDLO VNOHS#EDE\ERRP QHW SO


.XSRQ UDEDWRZ\ ZDľQ\ GR

0$*$=<1'(:(/23(5$ Ȃ UDEDWX QD ZV]\VWNLH ]DPµZLHQLD
:\V\ĄND 3RF]WÇ 3ROVNÇ JUDWLV SU]\ ]DPµZLHQLX ]D SRQDG ]Ą

4¨ ¨ ¨ O





ZZZ EDE\ERRP QHW SO


H PDLO VNOHS#EDE\ERRP QHW SO













5DMVNL RJyUG









V]WXF]QH GU]HZND



MDN Ī\ZH







'RVNRQDá\



PRW\Z GHNRUDF\MQ\






'5=(:.$ ,'($/1,( 1$'$-Ą 6,ĉ '2 :<6752-8
5Ïĩ1(*2 52'=$-8 320,(6=&=(ē 13 38%Ï:
+27(/, %,85 %$5Ï: $48$3$5.Ï:
'2 '208 ,73 ,7'


=1$.20,7( 1$ (;75$ 35(=(17



GU]HZND Z\VWDZLDQH QD QDV]\FK DXNFMDFK
G
GR ]áXG]HQLD SU]\SRPLQDMą Ī\ZH R ]áXG]HQLD SU]\SRPLQDMą Ī\ZH




: Q D V ] \ P V N O H S L H

] Q D M G ] L H V ] S U R G X N W \
Z Q D M O H S V ] H M F H Q L H
* ZD U D Q W X M H P\

' R E U ą M D N R Ğ ü L R E V á X J Ċ





UDMVNLRJURG LQIR SO








NRP

RJURGUDMVNL#R SO

5DMVNL RJyUG









V]WXF]QH GU]HZND



MDN Ī\ZH







'RVNRQDá\



PRW\Z GHNRUDF\MQ\






'5=(:.$ ,'($/1,( 1$'$-Ą 6,ĉ '2 :<6752-8
5Ïĩ1(*2 52'=$-8 320,(6=&=(ē 13 38%Ï:
+27(/, %,85 %$5Ï: $48$3$5.Ï:
'2 '208 ,73 ,7'


=1$.20,7( 1$ (;75$ 35(=(17



GU]HZND Z\VWDZLDQH QD QDV]\FK DXNFMDFK
G
GR ]áXG]HQLD SU]\SRPLQDMą Ī\ZH R ]áXG]HQLD SU]\SRPLQDMą Ī\ZH




: Q D V ] \ P V N O H S L H

] Q D M G ] L H V ] S U R G X N W \
Z Q D M O H S V ] H M F H Q L H
* ZD U D Q W X M H P\

' R E U ą M D N R Ğ ü L R E V á X J Ċ





UDMVNLRJURG LQIR SO








NRP

RJURGUDMVNL#R SO

5DMVNL RJUyG









V]WXF]QH GU]HZND




MDN Ī\ZH








UDMVNLRJURG LQIR SO




















































NRP
RJURGUDMVNL#R SO


Click to View FlipBook Version