(36  ',5(.&,-$ =$ ',675,%8&,-8 (/(.

75,A1( (1(5*,-(
%HRJUDG 9RMYRGH 6WHSH 

7(+1,A.$35(3258.$EUD

=$>7,7$(/(.752',675,%87,91,+
92'29$N9

, L]GDZH
PDM 
(/(.752',675,%8&,-$ 65%,-( 73D

,='$9$A -3 (36 ',5(.&,-$ =$ ',675,%8&,-8

(/(.75,A1( (1(5*,-( 65%,-(
%(2*5$' 9RMYRGH 6WHSH 
7HKQLaNR XUH_HZH 7 %RMNRYL` % )XQGXN L 6 5DIDLORYL`
.RUHNWXUD 7 %RMNRYL` % )XQGXN L 6 5DIDLORYL`
5DaXQDUVND REUDGD
FUWHCD 6 5DIDLORYL`
>WDPSD 067 *DML` %HRJUDG
7LUDC  SULPHUDND

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

1D RVQRYX SUHGORJD 5DGQH JUXSH 7HKQLaNL VDYHW (36D  'LUHNFLMD ]D GL

VWULEXFLMX HOHNWULaQH HQHUJLMH 6UELMH MH QD RP VDVWDQNX NRML MH RGU
CDQ  PDMD  JRGLQH X .UDJXMHYFX GRQHR RGOXNX XVYDMD VH

7(+1,A.$ 35(3258.$ EUD

=$>7,7$ (/(.752',675,%87,91,+ 92'29$  N9

3UHGORCHQD UH^HZD VX X VNODGX VD YDCH`LP SURSLVLPD L VWDQGDUGLPD L
]DGRYRTDYDMX ]DKWHYH VLJXUQRVWL IXQNFLRQDOQRVWL L HNRQRPLaQRVWL
AODQRYL 7HKQLaNRJ VDYHWD
 PU 0LODGLQ 7DQDVNRYL` 3UHGVHGQLN 7HKQLaNRJ VDYHWD
(OHNWURGLVWULEXFLMD %HRJUDG
 PU =RUDQ 5LVWDQRYL` (OHNWURYRMYRGLQD 1RYL 6DG
 PU 'UDJDQ %DONRVNL (36 %HRJUDG
 PU $OHNVDQGDU -DZL` (OHNWURGLVWULEXFLMD /HVNRYDF
 'UDJDQ 1RYDNRYL` (OHNWURGLVWULEXFLMD %HRJUDG
 'HVLPLU %RJL`HYL` (OHNWURVUELMD .UDTHYR
 0LORMH -H]GLPLURYL` (OHNWURGLVWULEXFLMD 8CLFH
 0LRGUDJ 0LTNRYL` (OHNWURGLVWULEXFLMD 9UDZH
 0LRGUDJ 5LVWL` (OHNWURPRUDYD 3RCDUHYDF
 0LRGUDJ $Q_HONRYL` (OHNWURNRVPHW 3UL^WLQD
 0LWDU $OHNVL` (OHNWUR^XPDGLMD .UDJXMHYDF
 'UDJRTXE =GUDYNRYL` (OHNWURGLVWULEXFLMD 1L^
 6YHWR]DU *ODPRaOLMD (3 5HSXEOLNH 6USVNH %DZD /XND
 #DUNR 0L`LQ (OHNWURYRMYRGLQD 1RYL 6DG
 =ODWLERU 3DYORYL` (OHNWURWLPRN =DMHaDU
 %UDQNR -DN^L` (OHNWURVUELMD >DEDF
 )HGRUD /RQaDUHYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 6ORERGDQ .XMRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
AODQRYL 5DGQH JUXSH
 %RJGDQ )XQGXN (OHNWURGLVWULEXFLMD %HRJUDG
 PU =RUDQ 5LVWDQRYL` (OHNWURYRMYRGLQD 1RYL 6DG
 6ORERGDQ 5DIDLORYL` (OHNWURGLVWULEXFLMD %HRJUDG
 9ODGLPLU 'RJDQ[L` (OHNWURGLVWULEXFLMD 8CLFH
 0LND .RYDaHYL` (OHNWUR^XPDGLMD .UDJXMHYDF
 0LORVDY )LOLSRYL` (OHNWURVUELMD .UDTHYR
 *RUDQ .RVWL` (OHNWURGLVWULEXFLMD 1L^
 1LNROD %RCLORY 0LQHO  $XWRPDWLND .UDTHYR
 'HMDQ 0HORYL` (OHNWURYRMYRGLQD 1RYL 6DG
 1LNROD *D^L` (36  'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 7RPLVODY %RMNRYL` (36  'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
6WUXaQL NRQVXOWDQW ]D L]UDGX WHKQLaNH SUHSRUXNH ]D ]D^WLWX
N9 YRGRYD 3URI 0LKDMOR *ROXERYL`
GLVWULEXWLYQLK 
8 L]UDGL 73D SRUHG QDYHGHQLK aODQRYD 5DGQH JUXSH XaHVWYRYDOL VX
6YHWR]DU /DPEULQ 9ODGDQ *UXML` L /XND 6WDQL^L`
PDM 

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 

(/(.752',675,%8&,-$ 65%,-( 73D

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

 236(* 9$#(:$ , 1$0(1$

 2YD SUHSRUXND VH RGQRVL QD L]ERU XUH_DMD ]D ]D^WLWX  N9 NDEORY
VNLK L QDG]HPQLK YRGRYD NRML VH NRULVWH X HOHNWURGLVWULEXWLYQRM
PUHCL 6UELMH
3UHSRUXNRP VX REXKYD`HQL XUH_DML ]D ]D^WLWX  N9 YRGRYD RG NUDW
NLK VSRMHYD ]HPTRVSRMHYD L QHGR]YRTHQLK VWUXMQLK RSWHUH`HZD
2GUHGEH RYH SUHSRUXNH VH RGQRVH L QD L]ERU XUH_DMD ]D ]D^WLWX HOHN
WURGLVWULEXWLYQLK  N9 YRGRYD X 76  N9
 2GUHGEH RYH SUHSRUXNH SULPHZXMX VH SUL L]JUDGZL SURMHNWRYDZH L
JUDGZD QRYLK 76 ; N9 73D NDR L SUL UHNRQVWUXNFLML 76 X
SRJRQX
 1DPHQD RYH SUHSRUXNH MH GD L]YU^L WLSL]DFLMX WHKQLaNLK UH^HZD
]D^WLWH NDEORYVNLK L QDG]HPQLK  N9 YRGRYD NDR L ]D^WLWH VDELU
QLFD  N9 X 76 ; N9 L XWYUGL RVQRYQH SDUDPHWUH ]D^WLWQLK
XUH_DMD

 7(+1,A., 32'$&, , 32*216., 86/29,

 'LVWULEXWLYQD PUHCD  N9 MH UDGLMDOQR QDSDMDQD
76 ; N9 LPD PRJX`QRVW GYRVWUDQRJ QDSDMDZD SUHNR SRYH]QRJ YRGD
LOL RWYRUHQH SHWTH SUVWHQD
1DG]HPQD PUHCD  N9 PRCH GD UDGL L X ]DWYRUHQRM SHWTL
1D VO GDW MH WLSVNL WHKQLaNL PRGXO GLVWULEXWLYQH  N9 PUHCH

D SROXSUVWHQ E SRYH]QL YRG

6O  7LSVNL WHKQLaNL PRGXO  N9 PUHCH

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 

(/(.752',675,%8&,-$ 65%,-( 73D

 1HXWUDOQD WDaND PUHCH  N9 MH GLUHNWQR X]HPTHQD 73

9UHPH WUDMDZD ]HPTRVSRMD QD VDELUQLFDPD  N9 X 76 ; N9 WUHED
GD EXGH RJUDQLaHQR QD QDMYL^H  V
 8 GLVWULEXWLYQLP  N9 PUHCDPD 6UELMH WLSL]LUDQH VX YUHGQRVWL
GR]YRTHQLK WURID]QLK VLPHWULaQLK VWUXMD VQDJD NUDWNRJ VSRMD
• PDNVLPDOQD YUHGQRVW  N$  09$
• PLQLPDOQD YUHGQRVW  N$  09$
 7LSVNR SRVWURMHZH  N9 X 76 ; N9 MH VD MHGQLP VLVWHPRP VD
ELUQLFD MHGQRVWUXNH VDELUQLFH SRGXCQR VHNFLRQLVDQH 1 MHGQR
SROQD ^HPD 73D
8 76 ; N9 VH SULPHZXMH
D 6LVWHP PLNURSURFHVRUVNH GLJLWDOQH LQWHJULVDQH ]D^WLWH L X
SUDYTDZD 60,=83 NRML RVWYDUXMH IXQNFLMH ]D^WLWH ORNDOQH DXWR
PDWLNH ORNDOQRJ XSUDYTDZD L QDG]RUD GDTLQVNRJ XSUDYTDZD L QDG
]RUD SRND]QLK PHUHZD L HOHNWULaQLK EORNDGD
E .ODVLaDQ VLVWHP ]D^WLWH VWDWLaNDDQDORJQD LOL HOHNWURPHKDQLaND
X GDTHP WHNVWX NODVLaQD ]D^WLWD L XSUDYTDZD
6LVWHP SRG D VH SUHSRUXaXMH DOL MH GR]YRTHQD SULPHQD L VL
VWHPD SRG E
8 GDTHP WHNVWX VH GHWDTQLMH REUD_XMH 60,=83 RVLP DNR VH SRVHEQR
QH QDJODVL GD MH UHa R NODVLaQRP VLVWHPX ]D^WLWH L XSUDYTDZD
 8  N9 PUHCL NRULVWH VH SRG]HPQL NDEORYL VQRS WUL MHGQRCLOQD
NDEOD L QDG]HPQL YRGRYL NRML VX L]YHGHQL JROLP $Oa XCDGLPD
 8 NDEORYVNRM PUHCL  N9 VH NRULVWH GYD WLSD MHGQRCLOQLK
NDEORYD
• SDSLUQL NDEORYL VD XTQLP LPSUHJQDQWRP SRG QLVNLP SULWLVNRP
SUHVHND  PP &X
• NDEORYL L]RORYDQL XPUHCHQLP SROLHWLOHQRP 83( NDEORYL SUH
VHND  PP $O
 8 QDG]HPQRM PUHCL  N9 VH NRULVWH aHOLaQRUH^HWNDVWL VWXERYL
WLSD EXUH LOL MHOD VD JROLP $Oa XCDGLPD VWDQGDUGQRJ SUHVHND

 PP 

8 PUHCL  N9 UDGH L UDQLMH L]JUD_HQL YRGRYL SUHVHND  PP 

 1DMQLCD RFHZHQD SRJRQVND LPSHGDQVD YRGD =  L]QRVL

SPLQ

 ⋅ 8Q
= S PLQ =
 ⋅ , GR]=
JGH MH
8Q  QD]LYQL QDSRQ PUHCH 8Q  N9
,GR]=  PDNVLPDOQD UDGQD VWUXMD GR]YRTHQR VWUXMQR RSWHUH`HZH X ]LP
VNRP SHULRGX
8 WDEHOL  GDWL VX SRGDFL ]D =SPLQ ]D WLSVNH YRGRYH L] WDaNH 

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

7DEHOD  1DMQLCD SRJRQVND LPSHGDQVD YRGD  N9

.DEO
9UVWD YRGD 1DG]HPQL $Oa
SDSLU 83(
2
3UHVHN [mm ]   &X  $O
,GR]= [A]   
=SPLQ [Ω] ≈ 
,GR]=  PDNV GR] VWUXMQR RSWHUH`HZH YRGD X ]LPVNRP SHULRGX

 8UH_DML ]D^WLWH  N9 YRGRYD SULNTXaXMX VH QD VWUXMQH WUDQVIRUPD

WRUH RGJRYDUDMX`HJ GRYRGQRRGYRGQRJ SRTD L QD QDSRQVNH WUDQVIRU
PDWRUH X LVWRP SRTX VOXaDM  N9 6) SRVWURMHZD LOL X RGJRYDUD
MX`RM VHNFLML VDELUQLFD VOXaDM SRVWURMHZD  N9 ]D VSRTQX PRQWDCX
73D
7HKQLaNH NDUDNWHULVWLNH VWUXMQLK WUDQVIRUPDWRUD ,(&  ,(&
 ,(&  GDWH VX X WDEHOL 
7DEHOD  .DUDNWHULVWLNH VWUXMQLK WUDQVIRUPDWRUD  N9

3RTH YRGD  N9

.DUDNWHULVWLNH 1DPRWDM
QDG] YRG NDEO YRG
3UHQRVQL , ,, ,,,  
RGQRV [$$] ,9 
6QDJD [9$] , ,, ,,, ,9 ≤ 
.ODVD ,  )V 
WDaQRVWL ,, ,,, ,9  3 
 VDPR DNR VH NRULVWL ]D^WLWD VDELUQLFD  N9 X 76

7HKQLaNH NDUDNWHULVWLNH QDSRQVNLK WUDQVIRUPDWRUD ,(&  ,(&

 ,(& 
  
• 1D]QDaHQL RGQRV WUDQVIRUPDFLMH N9 
  

• .DUDNWHULVWLNH VHNXQGDUQLK QDPRWDMD

• , PHUQL QDPRWDM VQDJD  9$ NODVD WDaQRVWL 
• ,, ]D^WLWQL QDPRWDM VQDJD  9$ NODVD WDaQRVWL 3

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 

(/(.752',675,%8&,-$ 65%,-( 73D

 261291$ =$>7,7$  N9 .$%/296.,+ 92'29$

 =D RVQRYQX ]D^WLWX RG PH_XID]QLK NUDWNLK VSRMHYD L ]HPTR
VSRMHYD X GDOHNRYRGQRP SRTX NRULVWL VH SRGXCQD VWDELOLVDQD
GLIHUHQFLMDOQD ]D^WLWD VOHGH`LK RVRELQD
• RVHWTLYRVW L EU]R LVNTXaHZH ]D VYH YUVWH NYDURYD XQXWDU ^WL`H
QH GHRQLFH ]RQH
• VWDELODQ UDG SUL NYDURYLPD L]YDQ ^WL`HQH GHRQLFH ]RQH L SUL
]DVL`HZX VWUXMQLK WUDQVIRUPDWRUD
• SUHQRV PHUQLK YHOLaLQD SUHNR CLaQLK SRPR`QLK SURYRGQLND X SL
ORW NDEOX VD VLPHWULUDQLP NDUDNWHULVWLNDPD LOL SUHNR RSWLaNLK
YODNDQD L] RSWLaNRJ SLORW NDEOD
• VWDOQD NRQWUROD LVSUDYQRVWL SLORW SURYRGQLND
• VLJQDOL]DFLMD NYDUD QD SLORW SURYRGQLFLPD
=D^WLWX aLQH GYD UHOHD SRVWDYTHQD QD GYD NUDMD NDEOD PH_XVREQR
SRYH]DQD SURYRGQLFLPD L] SLORW NDEOD NRML MH SRORCHQ SRUHG HQHU
JHWVNRJ NDEOD
3ULQFLSVND ^HPD YH]H SRGXCQH GLIHUHQFLMDOQH ]D^WLWH GDWD MH QD
VO  L RGQRVL VH QD NODVLaQX ]D^WLWX VD PRQRID]QLP PHUQLP
UHOHRP

6O  3ULQFLSVND ^HPD SRGXCQH GLIHUHQFLMDOQH ]D^WLWH

 2VQRYQL SDUDPHWUL SRGXCQH GLIHUHQFLMDOQH ]D^WLWH
3RGXCQL GLIHUHQFLMDOQL UHOH MH QD]QDaHQH VWUXMH  $ RVHWTLY QD
NYDURYH XQXWDU ^WL`HQH GHRQLFH ]RQH VD ^WR NUD`LP VRSVWYHQLP
YUHPHQRP W ≤  PV 5HOH GHOXMH QD LVNTXaHZH SUHNLGDaD EH] YUH
PHQVNH ]DGU^NH 5HOH WUHED GD LPD VWUXMQX VWDELOL]DFLMX GD VH SR
VWLJQH NRVD VORPTHQD NDUDNWHULVWLND VO L WUHED GD EXGH
QHRVHWTLY QD YL^H KDUPRQLNH SRVHEQR L L L KDUPRQLN L VWUXMH
XNTXaHZD NDEOD
 2VWDOL HOHPHQWL SRGXCQH GLIHUHQFLMDOQH ]D^WLWH
 2SWLaNL NDEO
3UHSRUXaXMH VH SULPHQD NDEOD VD RSWLaNLP PRQRPRGQLP YODN
QLPD V RE]LURP QD QHRVHWTLYRVW QD XWLFDMH HOHNWURPDJQHWQH SULUR

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

GH L L]YDQUHGQH SUHQRVQH NDUDNWHULVWLNH YHOLNX EU]LQX L NDSDFL

WHW SUHQRVD LQIRUPDFLMD VD PLQLPDOQLP SULJX^HZHP SRVHEQR ]ERJ
WRJD ^WR VH NRULVWL L ]D SUHQRV GUXJLK LQIRUPDFLMD XSUDYTDZH
07. 77 =D NRPXQLNDFLMX GLVWDQWQLK L SRGXCQLK GLIHUHQFLMDOQLK
UHOHD L]PH_X GYHMX VXVHGQLK 76 NRULVWL VH MHGDQ NDQDO RSWLaNRJ
NDEOD
3ULPHQD RSWLaNRJ NDEOD ]DKWHYD L LQVWDODFLMX RGJRYDUDMX`LK XUH_DMD
OLQNRYD ]D SUHWYDUDZH HOHNWULaQRJ X VYHWORVQL VLJQDO XNROLNR
RYDM XUH_DM QLMH VDGUCDQ X RGJRYDUDMX`HP ]D^WLWQRP XUH_DMX .DEO
PRUD GD ]DGRYRTL &&,77 SURSLVH X SRJOHGX SUHQRVQLK NDUDNWHUL
VWLND 3RODJDZH NDEOD VH YU^L SUHPD XSXWVWYX ]DMHGQLFH 377

6O  3ULPHU SURUDGQH NDUDNWHULVWLNH SRGXCQH GLIHUHQFLMDOQH

]D^WLWH
 .DEO VD XSRUHGQLP VLPHWULUDQLP CLaQLP SURYRGQLFLPD 1)
NDEO VD VLQWHWLaNRP L]RODFLMRP VD WUL WURMNH SURYRGQLND ]D SR
GXCQX GLIHUHQFLMDOQX ]D^WLWX WUL GYRMNH ]D NRPXQLNDFLMX ]D^WLWD
L  aHWYRUNL ]D SRWUHEH WHOHNRPXQLNDFLMD 1DMPDZL SUHVHN SUR
YRGQLND ]D SRWUHEH SRGXCQH GLIHUHQFLMDOQH ]D^WLWH MH  PP &X
,VSLWQL NUDWNRWUDMQL QDSRQ L]PH_X CLOD NDR L L]PH_X CLOD L
]HPTH WUHED GD EXGH QDMPDZH  N9 HII  +]  PLQ 0DWHULMDO L
GHETLQD SOD^WD WUHED GD RPRJX`H GD VH SRVWLJQH ^WR QLCL UHGXN
FLRQL IDNWRU UHGD  3ULPHQD RYRJ WLSD SLORW NDEOD XVORYTD
YD L SULPHQX L]RODFLRQLK PH_XWUDQVIRUPDWRUD D X VOXaDMX SUL
PHQH PRQRID]QRJ PHUQRJ UHOHD REDYH]QD MH SULPHQD L VXPDFLR
QLK WUDQVIRUPDWRUD VO
 ,]RODFLRQL PH_XWUDQVIRUPDWRUL VOXCH GD VSUHaH SURGRU LQGX
NRYDQLK SUHQDSRQD L] SLORW SURYRGQLND X UHOH L SRVWDYTDMX VH QD
NUDMHYH SLORW YRGD QD SDULFDPD ]D SRGXCQX GLIHUHQFLMDOQX ]D^WL
WX ,]RODFLRQL QLYR PH_XWUDQVIRUPDWRUD ]DYLVL RG RaHNLYDQLK
SUHQDSRQD X SLORW SURYRGQLFLPD D LVSLWQL QDSRQ QH VPH GD EXGH
QLCL RG LVSLWQRJ QDSRQD CLOD
 6XPDFLRQL WUDQVIRUPDWRU VOXCL ]D SUHWYDUDZH WURID]QH X HNYL
YDOHQWQX MHGQRID]QX VWUXMX 2ELaQR MH L]GHTHQ X RGQRVX QDPRWDMD
Q NDNR EL VH SRVWLJOD GREUD RVHWTLYRVW L SUL WURSROQLP L SUL
MHGQRSROQLP NYDURYLPD

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 

(/(.752',675,%8&,-$ 65%,-( 73D

 5(=(591$ =$>7,7$  N9 .$%/296.,+ 92'29$

 5H]HUYQD ]D^WLWD NDEORYVNLK  N9 YRGRYD MH WURID]QD MHGQR
VLVWHPVND GLVWDQWQD ]D^WLWD QD]QDaHQH VWUXMH  $ L QD]QDaHQRJ
QDSRQD  9
8 L]YRUQRM 76  N9 SUHSRUXaXMH VH XJUDGZD L XGDTHQH
UH]HUYQH ]D^WLWH ]D NYDURYH QD VWUDQL ; N9 X 76 ; N9
3REXGQL VWDUWQL aODQRYL GLVWDQWQH ]D^WLWH VX QD SRGLPSHGDQW
QRP SULQFLSX L XJUD_XMX VH X VYH WUL ID]H
=D^WLWD VH YH]XMH QD VORERGQH VHNXGQDUH VWUXMQLK WUDQVIRUPDWRUD X
VYH WUL ID]H GRYRGQRRGYRGQRJ SRTD L QD RGJRYDUDMX`H VHNXQGDUH
     QDSRQVNLK WUDQVIRUPDWRUD SULQFLSVND ^HPD QD VO 

6O  3ULQFLSVND ^HPD SULNTXaHZD GLVWDQWQH ]D^WLWH

 7HKQLaNH NDUDNWHULVWLNH GLVWDQWQH ]D^WLWH NDEORYVNLK YRGRYD

 N9
• ]D^WLWD LPD NYDGULODWHUDOQX SROLJRQDOQX NDUDNWHULVWLNX
PHUQRJ aODQD VD QDMPDZH WUL LPSHGDQWQR YUHPHQVND VWHSHQD VD
NUXCQRP LOL HOLSWLaQRP NDUDNWHULVWLNRP VWDUWQLK aODQRYD SRPH
ULYRP X 5; UDYQL VD PRJX`QR^`X REUWDZD VPHUD EDU MHGQRJ VWH
SHQD
• ]D ]D^WLWX RG NYDUD X QDSRQVNLP NROLPD NRULVWL VH WURSROQL
SUHNLGDa VD / NDUDNWHULVWLNRP RNLGDaD D ]D^WLWD QH VPH GD EXGH
RVHWTLYD QD LVSDG WRJ SUHNLGDaD
• PRUD GD EXGH REH]EH_HQD VLJXUQRVW RGUH_LYDZD VPHUD ]D ELOR NRML
EOL]DN NYDU XNTXaXMX`L L WURSROQL NYDU QDSRQVND PHPRULMD
6 RE]LURP QD UHODWLYQR PDOX GXCLQX ^WL`HQLK HQHUJHWVNLK NDEORYD
GLVWDQWQD ]D^WLWD VH ELUD GD UDGL X UHCLPX EORNLUDZD SURGX
CHQRJ SUYRJ VWHSHQD EORFNLQJ 2YD IXQNFLMD VH RVWYDUXMH SULPHQRP
XUH_DMD ]D XVORYQX GDTLQVNX NRPDQGX X] NRUL^`HZH SLORW NDEOD NDR
RVQRYQRJ SUHQRVQRJ SXWD 8 VOXaDMX SULPHQH RSWLaNRJ NDEOD XUH_DM ]D

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

XVORYQX GDTLQVNX NRPDQGX L RGJRYDUDMX`L OLQNRYL PRJX GD aLQH MHGLQ

VWYHQ XUH_DM
6LJQDOL]DFLMD GHORYDZD SRMHGLQLK YUHPHQVNRGLVWDQWQLK VWHSHQL
GLVWDQWQH ]D^WLWH PRUD GD EXGH PHPRULMVNL NRQFLSLUDQD L WR OR
NDOQR L GDTLQVNL
'LVWDQWQD ]D^WLWD PRCH GD EXGH L]RVWDYTHQD X GRYRGQRP SRTX
 N9 SUHNR NRJD MH 76 ; N9 GLUHNWQR SULNTXaHQD QD L]YRUQX
76  N9
 'LVWDQWQD ]D^WLWD NDEORYVNLK YRGRYD WUHED WDNR_H GD SRVHGXMH
VOHGH`H SDUDPHWUH
• PLQLPDOQD SRJRQVND LPSHGDQVD NRMD VH UDaXQD SUHPD WDaNL 
RGUH_XMH RSVHJ SREXGQRJ aODQD GLVWDQWQRJ UHOHD 3UHJLEQD LPSH
GDQVD SREXGQRJ aODQD ELUD VH WDNR GD MH SRGH^HQD YUHGQRVW SREXG
QH LPSHGDQVH PDZD LOL MHGQDND PLQLPDOQRM SRJRQVNRM LPSHGDQVL
• PDNVLPDOQD WUDMQD UDGQD VWUXMD UHOHD MH    $
• PLQLPDOQD SURUDGQD VWUXMD UHOHD MH PDZD LOL MHGQDND  QD]QD
aHQH VWUXMH
• GRZD JUDQLFD SRGH^HZD LPSHGDQVH PHUQRJ VLVWHPD WUHED GD EXGH
^WR QLCD NDNR EL PRJOL GD VH ^WLWH NUDWNL NDEORYL X , VWHSHQX L
EH] UDGD X EORNLQJX
• YUHPH SURUDGH X , VWHSHQX RVQRYQR YUHPH WUHED GD MH PDZH LOL
MHGQDNR  PV
• X ,, L ,,, VWHSHQX YUHPH WUHED GD MH SRGHVLYR X QDMPDZHP RSVHJX
 V X NRUDFLPD RG QDMYL^H  V
• WDaQRVW YUHPHQVNLK VWHSHQD WUHED GD EXGH ≤ 
 8 L]YRUQRM 76  N9 SUHSRUXaXMH VH XJUDGZD XGDTHQH
UH]HUYQH ]D^WLWH ]D NUDWNH VSRMHYH QD VDELUQLFDPD ; N9 X 76 ;
N9 =D^WLWD MH WURID]QD D aLQH MH UHOHL VQDJH RSVHJD GHORYDZD
WDNYRJ GD MH RVHWTLYD QD SULPDUQX UHDNWLYQX VQDJX  09$U GR 
09$U
6WUXMQD JUDQD PHUQRJ UHOHD MH ]D QD]QDaHQX VWUXMX  $ L SULNTXaXMH
VH X VHNXQGDU VWUXMQRJ WUDQVIRUPDWRUD NODVH WDaQRVWL 3
1DSRQVND JUDQD PHUQRJ UHOHD MH ]D QD]QDaHQL QDSRQ  9 L SULNTX
aXMH VH QD VHNXQGDU QDSRQVNRJ WUDQVIRUPDWRUD RGJRYDUDMX`H ID]H
GDOHNRYRGQRJ SRTD  N9
1DMPDZL RSVHJ SRGH^DYDZD YUHPHQVNH ]DGU^NH XGDTHQH UH]HUYQH
]D^WLWH L]QRVL  V D XRELaDMHQR VH SRGH^DYD QD  V

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 

(/(.752',675,%8&,-$ 65%,-( 73D

 7(50,A.$ =$>7,7$  N9 .$%/296.,+ 92'29$

 7HUPLaND ]D^WLWD  N9 NDEORYVNLK YRGRYD XJUD_XMH VH X NDEORY
VND RGYRGQD SRTD X L]YRUQRM 76  N9
=D^WLWD WUHED GD RQHPRJX`L SRMDYX QHGR]YRTHQLK RSWHUH`HZH X QRU
PDOQRP L KDYDULMVNRP SRJRQX
3RGDFL R GR]YRTHQLP RSWHUH`HZLPD NDEORYVNLK YRGRYD GDWL VX X
WDEHOL  GRN SRGDWNH R YUHPHQVNRM NRQVWDQWL ]DJUHYDZD NDEOD GDMH
SURL]YR_Da
 7HKQLaNH NDUDNWHULVWLNH WHUPLaNH ]D^WLWH
7HUPRPRGHO WHUPLaNRJ UHOHD PRUD YHUQR GD SUHVOLNDYD SURFHV ]D
JUHYDZD NDEOD
7HUPLaNL UHOH WUHED GD LPD VOHGH`H NDUDNWHULVWLNH
• QD]QDaHQD VWUXMD MH  $ WUDMQRJ GR]YRTHQRJ RSWHUH`HZD QDMPDZH
 $
• UHOH WUHED SRX]GDQR GD UDGL SUL YDULMDFLMDPD SRPR`QRJ QDSRQD
  GR  L VSRTQH WHPSHUDWXUH °& GR °&
• RSVHJ YUHPHQVNH NRQVWDQWH WUHED GD MH QDMPDZH RG UHGD PLQXWD GR
 K L PRUD GD EXGH PDZD RG YUHPHQVNH NRQVWDQWH NDEOD
• QDMPDZL RSVHJ JUDQLaQH WHPSHUDWXUH LVNTXaHZD UHOHD WUHED GD
EXGH °&
• NRUHNFLMD ]ERJ WHPSHUDWXUH RNROLQH NDEOD WUHED GD EXGH X RSVHJX
 °& GR °&
• UHOH WUHED GD LPD SUHNRVWUXMQR YUHPHQVNL QH]DYLVQR LVNTXaHZH
NDGD RSWHUH`HZH NDEOD SUH_H GR]YRTHQX YUHGQRVW QDMPDZHJ RSVH
JD SRGH^DYDZD VWUXMH    $ L QDMPDZHJ RSVHJD YUHPHQVNH ]D
GU^NH  V
• UHOH WUHED GD LPD PRJX`QRVW ORNDOQH L GDTLQVNH VLJQDOL]DFLMH
SUHNRUDaHZD SRGH^HQLK VWHSHQD WHPSHUDWXUH
• X VOXaDMX QHVWDQND SRPR`QRJ MHGQRVPHUQRJ QDSRQD UHOH PRUD GD PH
PRUL^H LQIRUPDFLMH R WHPSHUDWXUL QDMPDZH  PLQ
)XQNFLMD WHUPLaNH ]D^WLWH PRCH GD VH UHDOL]XMH SRPR`X SRVHEQRJ
UHOHD XUH_DMD LOL X RNYLUX GUXJLK ]D^WLWD NDEORYVNRJ YRGD
 3ULNTXaHZH WHUPLaNH ]D^WLWH
7HUPLaNL UHOHL YH]XMX VH X VYH WUL ID]H NDEORYVNRJ RGYRGQRJ SRTD
QD UHG VD VWUXMQLP NROLPD GLVWDQWQH ]D^WLWH VO 
,]X]HWQR WHUPLaNL UHOH PRCH GD VH SULNTXaL VDPR X MHGQX VUHG
ZX ID]X DOL X WRP VOXaDMX PRUD GD VH REH]EHGL NRQWUROD VLPHWULMH
RSWHUH`HZD SR ID]DPD
3UL SRMDYL QHVLPHWULMH MDYTD VH VLJQDO D LVNTXaHZH YU^L WHUPLaNL
UHOH DNR VH GRGDWQR SRMDYL L VLJQDO SUHRSWHUH`HZD

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

 261291$ =$>7,7$  N9 1$'=(01,+ 92'29$

 =D RVQRYQX ]D^WLWX QDG]HPQLK  N9 YRGRYD NRULVWL VH VHOHN
WLYQD GLVWDQWQD ]D^WLWD ]D SHWTDVWH YL^HVWUDQR QDSDMDZH PUHCH
VUHGZHJ L YLVRNRJ QDSRQD VOHGH`LK RVQRYQLK ]DKWHYD
• SREXGD MH QD SUHNRVWUXMQRP LOL SRGLPSHGDQWQRP SULQFLSX
• ]D^WLWD VH SULNTXaXMH QD WUL VWUXMQD WUDQVIRUPDWRUD VHNXQGDUQH
VWUXMH  $ L WUL QDSRQVND WUDQVIRUPDWRUD VHNXQGDUQRJ QDSRQD
  9

8] RVQRYQX ]D^WLWX QDG]HPQRJ  N9 YRGD SULPHZXMH VH XUH_DM ]D

DXWRPDWVNR SRQRYQR XNTXaHZH $38 VD PRJX`QR^`X L]ERUD MHGQRJ
RG VOHGH`LK QDaLQD UDGD
• MHGQRSROQR LVNTXaHZH L SRQRYQR XNTXaHZH ]D VOXaDM ]HPTRVSRMD L
WURSROQR LVNTXaHZH L WURSROQR SRQRYQR XNTXaHZH ]D VOXaDM PH
_XID]QRJ NYDUD
• WURSROQR LVNTXaHZH L SRQRYQR WURSROQR XNTXaHZH ]D VOXaDM ELOR
NRJ NYDUD
• MHGQRSROQR LVNTXaHZH L SRQRYQR XNTXaHZH ]D VOXaDM ]HPTRVSRMD L
GHILQLWLYQR WURSROQR LVNTXaHZH ]D VOXaDM YL^HID]QRJ NYDUD
• WURSROQR GHILQLWLYQR LVNTXaHZH EH] ELOR NDNYRJ SRQRYQRJ XNTX
aHZH ]D VYDNL NYDU
)XQNFLMD $38D VH RVWYDUXMH SRPR`X SRVHEQRJ UHOHD XUH_DMD LOL
PRCH GD EXGH VDVWDYQL GHR GLVWDQWQRJ UHOHD
$NR VX SUHNLGDaL X GDOHNRYRGQLP  N9 SRTLPD X 76 ; N9 VD
MHGQRSROQLP SRJRQLPD PRUD GD EXGH REH]EH_HQD ]D^WLWD RG QH
VNODGD SRORYD SUHNLGDaD VD YUHPHQVNRP ]DGU^NRP QDMPDZHJ RSVHJD
   V L GHILQLWLYQLP WURSROQLP LVNTXaHZHP X VOXaDMX SUHNRUD
aHZD SRGH^HQRJ YUHPHQD WUDMQD QHVLPHWULMD SRORYD
'LVWDQWQD ]D^WLWD WUHED GD VDGUCL VWUXMQL UHOH QXOWRJ UHGRVOH
GD RSVHJD    $ VD YUHPHQVNRP ]DGU^NRP QDMPDZHJ RSVHJD  V
UDGL VLJQDOL]DFLMH WUDMQH QHVLPHWULMH ID]D SUHNLG ID]H YRGD
]HPTRVSRM SUHNR YHOLNRJ SUHOD]QRJ RWSRUD SUHNLG X SROX SUHNLGDaD
 7HKQLaNH NDUDNWHULVWLNH GLVWDQWQH ]D^WLWH QDG]HPQLK YRGRYD
 N9
• PHUQL aODQ ]D^WLWH LPD NYDGULODWHUDOQX SROLJRQDOQX LOL
NUXCQX NDUDNWHULVWLNX VD QDMPDZH WUL YUHPHQVNRGLVWDQWQD
VWHSHQD X] PRJX`QRVW REUWDZD VPHUD EDUHP MHGQRJ VWHSHQD
8NROLNR MH SREXGD QD SRGLPSHGDQWQRP SULQFLSX NDUDNWHULVWLND
PRCH GD EXGH NUXCQD HOLSWLaQD VRaLYDVWD LOL NYDGULODWH
UDOQD
• ]D^WLWD PRUD VLJXUQR GD RGUHGL VPHU ]D ELOR NRML EOL]DN NYDU
XNTXaXMX`L L WURSROQL NYDU QDSRQVND PHPRULMD
• ]D ]D^WLWX RG NYDUD X QDSRQVNLP NROLPD NRULVWL VH WURSROQL
SUHNLGDa VD / NDUDNWHULVWLNRP RNLGDaD D ]D^WLWD QH VPH GD EXGH
RVHWTLYD QD LVSDG WRJ SUHNLGDaD
• DNR MH GXCLQD YRGD PDZD RG  NP SUHSRUXaXMH VH PH_XVREQR SRYH
]LYDZH ]D^WLWD QD GYD NUDMD YRGD SUHNR XUH_DMD ]D XVORYQX GDTLQ
VNX NRPDQGX EORNLQJ LOL WULSLQJ WDaND 

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 

(/(.752',675,%8&,-$ 65%,-( 73D

• VLJQDOL]DFLMD GHORYDZD SRMHGLQLK YUHPHQVNRGLVWDQWQLK VWHSHQD

WUHED GD EXGH PHPRULMVNL NRQFLSLUDQD D WUHED GD SRVWRML L ORNDO
QD VLJQDOL]DFLMD
• QDMQLCD SRJRQVND LPSHGDQVD RGUH_HQD SUHPD WDaNL  RGUH_XMH
RSVHJ SRGH^DYDZD SREXGQRJ aODQD GLVWDQWQRJ UHOHD D SUHJLEQD
LPSHGDQVD SREXGQRJ aODQD ELUD VH WDNR GD VH VSUHaL GHORYDZH ]D
^WLWH NRG =SPLQ
• PDNVLPDOQD UDGQD VWUXMD UHOHD MH  $
• PLQLPDOQD SURUDGQD VWUXMD UHOHD MH  $
• PLQLPDOQD LPSHGDQVD PHUQRJ VLVWHPD WUHED GD EXGH ^WR QLCD
≤  Ω VHNXQGDUQR NDNR EL VH X ,RP VWHSHQX L EH] SULPHQH
XVORYQH GDTLQVNH NRPDQGH EORNLQJD PRJOL GD ^WLWH NUDWNL QDG
]HPQL YRGRYL
• RVQRYQR YUHPH ]D^WLWH YUHPH SURUDGH X ,RP VWHSHQX WUHED GD
EXGH LVSRG  PV
• YUHPHQVND ]DGU^ND ,, L ,,, VWHSHQD WUHED GD MH PLQLPDOQRJ RSVHJD
 V VD NRUDNRP RG QDMYL^H  V
• ]D^WLWD WUHED GD LPD VNORS ]D SRGH^DYDZH NRHILFLMHQWD
]HPTRVSRMD X RSVHJX  GR 
• XNROLNR NDUDNWHULVWLND UHOHD ]DKWHYD ]D^WLWD WUHED GD LPD L
VNORS ]D SRGH^DYDZH NRHILFLMHQWD NRPSHQ]DFLMH ]D VOXaDM ]HPTR
VSRMD QD GYRVLVWHPQLP YRGRYLPD RSVHJD  GR 
• ]D^WLWD WUHED SRX]GDQR GD UDGL X RSVHJX IUHNYHQFLMD  +] GR
 +] D ]D IUHNYHQFLMX L]PH_X  +] L  +] JUH^ND PRUD GD EXGH X
GR]YRTHQLP JUDQLFDPD
• ]D^WLWD WUHED SRX]GDQR GD UDGL QD WHPSHUDWXUL DPELMHQWD X RSVHJX
RG °& GR °& D RVQRYQH IXQNFLMH ]D^WLWH PRUDMX GD EXGX RVLJX
UDQH RG SRUHPH`DMD SUL WUDQVSRUWX L UDGX QD WHPSHUDWXUL RG °&
GR °&
• ]D^WLWD WUHED SRX]GDQR GD UDGL L SUL SRYH`DZX PHUQRJ QDL]PH
QLaQRJ QDSRQD GR  ⋅ 8Q
 3RPR`QL XUH_DML GLVWDQWQH ]D^WLWH QDG]HPQLK  N9 YRGRYD
 8UH_DM ]D XVORYQX GDTLQVNX NRPDQGX WUHED GD RPRJX`L UDG ]D^WL
WH QD GYD NUDMD GHRQLFH QD SULPHU
• VODZH QDORJD ]D EORNLUDZH EORNLQJ ]D^WLWH QD VXSURWQRP
NUDMX GHRQLFH
• VODZH QDORJD ]D LVNTXaHZH WULSLQJ SUHNLGDaD QD GUXJRP NUD
MX GHRQLFH LWG
,]ERU UHCLPD UDGD YU^L VH ]DYLVQR RG YUVWH ]D^WLWQLK XUH_DMD
 3UHQRVQL SXWHYL PRJX GD EXGX
• RSWLaNL NDEORYL X ]D^WLWQRP XCHWX
• 9) YH]D
2SWLaNL NDEO X ]D^WLWQRP XCHWX NDR SUHQRVQL SXW VH SULPHZXMH
]D QRYH SULNTXaQH YRGRYH  N9 L] L]YRUQLK 76  N9
2SWLaND YODNQD VD PRQRPRGQRP VWUXNWXURP LPDMX L]YDQUHGQH SUH
QRVQH NDUDNWHULVWLNH QLVX RVHWTLYD QD XWLFDMH HOHNWURPDJQHWQH
SULURGH YHOLNH VX EU]LQH L NDSDFLWHWD SUHQRVD LQIRUPDFLMD VD

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

PLQLPDOQLP SULJX^HZHP LWG =D NRPXQLNDFLMX GLVWDQWQLK UHOHD

L]PH_X VXVHGQLK 76 NRULVWL VH MHGDQ NDQDO RSWLaNRJ NDEOD
2SWLaNL NDEO VH NRULVWL L ]D SUHQRV GUXJLK LQIRUPDFLMD 377
07. 3ULPHQD RSWLaNRJ NDEOD SRGUD]XPHYD L LQVWDODFLMX RGJRYDUD
MX`LK XUH_DMD OLQNRYD ]D SUHWYDUDZH HOHNWULaQRJ X VYHWORVQL VLJ
QDO NRML VX NRPSDWLELOQL VD SULPHZHQLP WHOHPHKDQLaNLP XUH_DMHP
L PRJX GD EXGX VDVWDYQL GHR WHOHPHKDQLaNRJ XUH_DMD 2SWLaNL NDEO
PRUD GD ]DGRYRTL RGJRYDUDMX`H &&,7 SURSLVH X SRJOHGX SUHQRVQLK
NDUDNWHULVWLND D SRODJDZH VH YU^L SUHPD RGJRYDUDMX`HP XSXWVWYX
]DMHGQLFH 377
3UL SULNTXaHZX 76 ; N9 QD SRVWRMH`L YRG  N9 SULPHZXMX
VH L]JUD_HQL SUHQRVQL SXWHYL  WHOHIRQVNL NDEO LOL 9) YH]H
9) YH]D SUHNR ID]QRJ SURYRGQLND  N9 ]DKWHYD XJUDGZX 9)
SULJX^QLFH L VSUHCQRJ NRQGHQ]DWRUD NDR L RGJRYDUDMX`LK WUDQVOD
WRUD L]RODFLRQLK WUDQVIRUPDWRUD L 9) XUH_DMD

 5(=(591$ , 7(50,A.$ =$>7,7$  N9 1$'=(01,+ 92'29$

 5H]HUYQD ]D^WLWD QDG]HPQLK  N9 YRGRYD VH QH NRULVWL MHU GL
VWDQWQD ]D^WLWD SUHGVWDYTD XGDTHQX UH]HUYQX ]D^WLWX ]D VXVHGQX
GHRQLFX
8 L]YRUQRM 76  N9 SUHSRUXaXMH VH XJUDGZD XGDTHQH
UH]HUYQH ]D^WLWH ]D NYDURYH QD VWUDQL ; N9 X 76 ; N9
 =D^WLWD RG SUHRSWHUH`HZD QDG]HPQLK  N9 YRGRYD VH QH NR
ULVWL

 =$>7,7$ 6$%,51,&$  N9

 =D^WLWD VDELUQLFD  N9 RVWYDUXMH VH QD MHGDQ RG VOHGH`LK QDaLQD
• RNUHWDZHP VPHUD VORERGQLK VWHSHQD GLVWDQWQH ]D^WLWH X RED GD
OHNRYRGQD SRTD X] VPDZHZH RGJRYDUDMX`LK YUHPHQVNLK ]DGU^NL
QD PLQLPXP
• NRUL^`HZHP ,,RJ VWHSHQD GLVWDQWQH ]D^WLWH X VXVHGQRP SRVWUR
MHZX  N9
 8 76 ; N9 NRMD UDGL X QDG]HPQRM  N9 PUHCL PRCH SRUHG
]D^WLWD L] WDaNH  GD VH L]X]HWQR NRULVWL L GLIHUHQFLMDOQD
YLVRNRLPSHGDQWQD ]D^WLWD VDELUQLFD  N9 DNR VH SURUDaXQRP
LLOL PHUHZHP GRNDCH GD SRVWRML RSDVQRVW RG L]QR^HZD SRWHQFLMDOD
X VPLVOX YDCH`LK SURSLVD D SUREOHP QH PRCH GD VH UH^L QD QHNL
GUXJL QDaLQ YLGL WDaNX  X 73D NDR L 73 L .RPHQWDU 73
$NR VH L]X]HWQR NRULVWL RYD ]D^WLWD VDELUQLFD  N9 WUHED GD VH
SUHGYLGL SRVHEDQ aHWYUWL QDPRWDM X VWUXMQLP WUDQVIRUPDWRULPD X
GDOHNRYRGQLP L WUDQVIRUPDWRUVNLP SRTLPD  N9 NDR L VWUXMQL
WUDQVIRUPDWRUL QD VHNFLMDPD VDELUQLFD  N9 WDEHOD 
'LIHUHQFLMDOQD ]D^WLWD VDELUQLFD  N9 WUHED
• GD EXGH EU]LQH GHORYDZD YH`H RG EU]LQH NRMRP VWUXMQL WUDQVIRU
PDWRUL SUHOD]H X ]DVL`HZH UHGD  PV GR  PV
• GD EXGH VWDELOLVDQD X RGQRVX QD NYDURYH L]YDQ VDELUQLFD SUL
YHOLNLP VWUXMDPD NUDWNLK VSRMHYD

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 

(/(.752',675,%8&,-$ 65%,-( 73D

• GD LPD GRZX JUDQLFX RSVHJD SRGH^DYDZD UHGD  RG QD]QDaHQH

VWUXMH QDMRSWHUH`HQLMHJ SRTD
• GD NRQWUROL^H VWUXMH X VYH WUL ID]H
• GD EXGH QHRVHWTLYD ]D NYDURYH X VHNXQGDUQLP NROLPD VWUXMQLK
WUDQVIRUPDWRUD

 ,63,7,9$:( , 32'(>$9$:( =$>7,7(  N9 92'29$

,VSLWLYDZH L SRGH^DYDZH ]D^WLWQLK XUH_DMD  N9 YRGRYD L]YRGL VH
SUHPD 7HKQLaNRP XSXWVWYX ]D SRGH^DYDZH ]D^WLWD YLVRNRQDSRQVNLK
YRGRYD (36  (OHNWURLVWRN MXQ  L XSXWVWYLPD SURL]YR_DaD ]D
^WLWQLK XUH_DMD

 7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9 PDM 

(/(.752',675,%8&,-$ 65%,-( 73D

6$'5#$-

5 6WU
EU
 2SVHJ YDCHZD L QDPHQD 
 7HKQLaNL SRGDFL L WHKQLaNL XVORYL 
 2VQRYQD ]D^WLWD  N9 NDEORYVNLK YRGRYD 
 5H]HUYQD ]D^WLWD  N9 NDEORYVNLK YRGRYD 
 7HUPLaND ]D^WLWD  N9 NDEORYVNLK YRGRYD 
 2VQRYQD ]D^WLWD  N9 QDG]HPQLK YRGRYD 
 5H]HUYQD L WHUPLaND ]D^WLWD  N9 QDG]HPQLK YRGRYD 
 =D^WLWD VDELUQLFD  N9 
 ,VSLWLYDZH L SRGH^DYDZH ]D^WLWH  N9 

PDM  7(+1,A.$ 35(3258.$  =D^WLWD YRGRYD  N9