3
F
L
L! 3" F #$% &
" "
"
" " & "
" " " " '
( ' ) ' *
3H
FH
L H
LH 3H" FH #+% ) '
U
'
3H
¦
LH U #,% - ' FQ
LQ 3Q" FQ #.% / ' ( ( '
!" !"
,, 352-(.729$1-( '(67,/$&,21,+ 6,67(0$
8 SUYRP GHOX L] VHULMH 2VYHçLPR QDåH ]QDQMH DQDOL]LUDQL VX RVQRYQL ]DNRQL UDVSRGHOH YLåH NRPSRQHQDWD VORçHQRJ VLVWHPD +HPLMVND LQGXVWULMD ² ² 8 GUXJRP GHOX VH UD]PDWUDMX QHNH RVQRYQH PHWRGH NRMH VH SULPHQMXMX X FLOMX L]JUDGQMH SRVWURMHQMD ]D VHSDUDFLMX YLåHNRPSRQHQWQRJ VLVWH PD 3URMHNWRYDQMH VLVWHPD ]D GHVWLODFLMX ]DKWHYD GREUR SR]QDYDQMH IHQRPHQD SUHQRVD PDVH WRSORWH L NROL LQH NUHWDQMD 3RUHG WRJD QHRSKRGQR MH SR]QDYDWL NRMH DSDUDWH WUHED XJUDGLWL X SRVWURMHQMH ]D GHVWLODFLMX GD EL VH REH]EHGLR RG JRYDUDMXþL WHKQRORåNL SRVWXSDN VHSDUDFLMH 'HVWLODFLRQD NRORQD MH VYDNDNR QDM VORçHQLML XUHDM ELOR NRJ SRVWURMHQMD ]D GHVWLODFLMX 8 ]DYLVQRVWL RG VORçHQRVWL SR HWQH VPHåH L EURMD SURL]YRGD NRMH WUHED GRELWL X SURFHVX VHSDUDFLMH QDM H åþH VH XSRWUHEOMDYD MHGQD GYH DOL L YLåH NRORQD 3UDWHþX RSUHPX VLVWHPD ]D GHVWLODFLMX LQH L]PHQMLYD L WRSORWH SUHGJUHMD L NRQGHQ]DWRUL KODGQMDFL UHERM OHUL VHSDUDWRU VXGRYL ]D UDVSRGHOX UHIOXNVD SULKYDWQL UH]HUYRDUL SXPSH ]D WUDQVSRUW IOXLGD L VOL QR 2SUHPD MH PHXVREQR SRYH]DQD FHYRYRGRP L DUPD WXURP D ]D QHRPHWDQR YRHQMH SURFHVD QHRSKRGQL VX PHUQL LQVWUXPHQWL WHU PRPHWUL L PDQRPHWUL 5HåDYDQMH SUREOHPD RNR L]ERUD YUVWH DSDUDWD L EURMD VYDNRJ RG QMLK ]DKWHYD GREUR SR]QDYDQMH NRQNUHWQRJ VLVWHPD 9HOLNR LVNXVWYR SURMHNWDQWD L QMHJRYD PDåWD X GHILQLVDQMX UHåHQMD LQGXVWULMVNRJ SRVWURMHQMD NR MH þH RPRJXþLWL RSWLPDOQR YRHQMH SURFHVD X] PLQLPDOQX SRWURåQMX HQHUJLMH PLQLPDOQX RSUHPX FHYRYRG L DUPDWXUX L PHUQR UHJXODFLRQX WHKQLNX GUDJRFHQ GRSULQRV MH X UDFLRQDOL]DFLML LQYHVWLFLRQLK WURåNRYD L RSWLPL]DFLML SURL]YRGQMH
!" #$$% & '$ #$$%
! "
# " $ %& # " $ %& # '" $ % # () %*%+ # " ,$ %-# &%-#34; $ % () #* %+ # " $ %& 3Q
¦
LH .$ /0 ! ($%* ! "
FQ - (+* "
LQ - (/* 1 1 2 ! $%%+ ! "
²
²
²
²
²
!" # # $%&
²
'# (!²
%$ "
)2
$ *
+ )2 $ # %# )2 % %" % * " % $ $ *
+$%$ % $ $ * + # * # " # " % * $%$ " " $%$ " * " # *
.# # $ % * #
# * " %$* $ * ,# " $ - % % * $ $ " , -* ) " # # * 1 #" # $ " # $ #$ #$ " $$ $ $ *
. # # # # " $* 2 # # % " $ $ $* & $ " *
* # % ," $$- " % #*
# " *
# $ $ " $ $" * + * $ "
&
* . " $ * $ " $ %# $ *
* . # # *
0* "
* " #&
- " * $ * # $ # *
- + $ % " %$ #*
$- # 2 )2* 2 3 # # % ) # $ *
4 # " " * # " # # * 4 #" * . # # $ % # " * # '54 *
!"# $
$ 4$ $6 $+ * 7 " # " * *
2 '54 $%$& ,' 6 - % " # * $ &
* ' *
* *
0* )% *
8* +$%$ % " # * 6" " *
9* " *
:* . $ 6
# $* * 6 '54 *
;* & .
1Q
'Q
1Q²
, -* .
'P
# 1P "
$ 'P
!*
<* $$ " "
)P
)P
* )P*
/* ,=ON>=WN-Q? ,=ON>=WN-P ,@WN>@ON-P? ,@WN>@ON-Q*
" # " # * 'Q # , - 1Q² # * " # " 1Q 'Q * ) " 1Q 'Q*
A 1Q @Q 'Q =Q %&
B C ( ! % (C C " $%$ B "
&
B C
,;-7 $%$ ,@ @ *** @N²- ,= = = *** =N- ,= = = *** =N²- " ,@ @ @ **** @N-*
$* %$
L DLM
*
)" 7 # LR %6*
XQ SUHNR SDUFLMDOQLK SULWLVDND
.RG RYRJ SURUD XQD VH SROD]L RG SUHWSRVWDYNH GD VH L SDUD L WH QRVW SRQDåDMX NDR LGHDOQH VPHåH =D SUR UD XQ QL] NRORQX NRULVWH VH VOHGHþH GYH MHGQD LQH
[QL \QL3L R
¦
\QL3LRL
¦
[QL3LR 3QD ]D SURUD XQ X] NRORQX MHGQD LQD
\QL 3L R[
QL
¦
3LR[QL
LWHUDWLYQD SURPHQOMLYD MH WHPSHUDWXUD
.RG SURUD XQD QL] NRORQX SR]QDW MH VDVWDY SDUH \QLL SULWLVDN QD SRGX 3Q D L]UD XQDYD VH VDVWDY WH QRVWL NRMD VH VOLYD VD SRGD [QL 3RVWXSDN MH VOHGHþL RFHQL VH WHPSHUDWXUD QD SRGX L L] NULYLK QDSRQD SDUH 3LR I7 RGUHGH YUHGQRVWL 3LR ,]UD XQDMX VH RGQRVL \QL3LR L
¦
\QL3LR L QD RVQRYX MHGQD LQH SURUD XQD VDVWDY [QL =DWLP VH QD RVQRYX VDVWDYD WH QRVWL SURYHUL XNXSQL SULWLVDN SRPRþX MHGQD LQH 3RVWXSDN VH SRQDYOMD VD QRYRP WHPSHUDWXURP VYH GRN VH L]UD XQDWL SULWLVDN QH SULEOLçL VSHFLILFLUDQRP QD SRGX 3QWDNR GD JUHåND EXGH PDQMD RG GR]YROMHQH.RG SURUD XQD X] NRORQX SR]QDW MH VDVWDY X WH QRVWL [PLL SULWLVDN QD SRGX 3P D L]UD XQDYD VH VDVWDY SDUH NRMD VH GLçH VD SRGD \PL =D SUHWSRVWDYOMHQX WHP SHUDWXUX QD SRGX P L]UD XQDYD VH [PL3LR L
¦
[PL3LR NRMD VH XSRUHXMH VD VSHFLILFLUDQLP SULWLVNRP 3P 1RYD WHPSHUDWXUD VH SUHWSRVWDYOMD VYH GRN VH QH LVSXQL XVORY_3P²
¦
[PL3LR _ d G =DWLP VH L] MHGQD LQH ]D SRVOHGQMH YUHGQRVWL 3LRL]UD XQDYD VDVWDY SDUH \PLWK
& ' % , #0! #1!
PL2 PLPL #0! QL2 QLQL #1! . + 3 ' 4 & & % % #5!% #/!
¦
QLQL
# #5!
¦
PLPL # #/!6 & &% &
* & & PL
¦
.PLPLPLPL #7!
QL
¦
\QL.QL QL.QL#8!
6 LU% , '
PL DPLUPL
¦
,PLUPLQL \QL,QLU
¦
QLDQLU! "# $ % & $ '%& % %& ! " # !
( )& $ # ) %
! $ & % # DPLU % % !
) %)! * QL DQLU QL! * % DQLU!
DQLU
!
" !
+ $ # ,# ) -I . /# ) 0 0 % '! 1
-b3 /b 4 .b
-b3 /b 4 .b 56 !!!!!!!!!!!!!!
!!!!!!!!!!!!!!
-b3 /b 4 .b -b3 /b 4 .b % 4 4 4 !!! 4 3
4 4 4 !!! 4 3 5 4 4 4 !!! 4 3
7777777777777777777777777777 8 0 4 ,
9' ) ! 1 & -# ) [) [) [)1²XNXSQR
1 D WUHED RGUHGLWL [)1 ' [' [' ['1 % [% [%
[%1XNXSQR 1 SURPHQOMLYLK =QD L QHRSKRGQR
MH VSHFLILFLUDWL 1 QRYLK SURPHQOMLYLK NDNR EL VH UHåLR VLV WHP RG 1 MHGQD LQH
5HåDYDQMHP VLVWHPD MHGQD LQD GHILQLåH VH SURWRN VYLK NRPSRQHQDWD X åDUçL ) L SURGXNWLPD % L ' 9H]D L]PHX SDUQRJ L WH QRJ WRND GXç NRORQH RVWYDUXMH VH SRVWDYOMDQMHP PDWHULMDOQRJ ELODQVD ]D ]RQX LVFUSOMLYDQMD L ]RQX RERJDþLYDQMD UHNWLILNDFLRQX ]RQX
=RQD RERJDþLYDQMD XNXSQL ELODQV 9 / '
ELODQV]D NRPSRQHQWX L
\9 [/ [' =RQD LVFUSOMLYDQMD
XNXSQL ELODQV / 9 %
ELODQV]D NRPSRQHQWX L
/[ 9\ %[ .RG UHDOQLK VLVWHPD WRSORWD UDVWYDUDQMD MH UD]OL LWD RG QXOH WDNR GD VH WRNRYL GXç NRORQH PHQMDMX 0HXWLP ]D SURUD XQ RG SRGD GR SRGD SR /HZLV²0DWKHVRQ² RYRM PHWRGL XVYDMD VH GD VX WRNRYL NRQVWDQWQL 7LPH VH SUDYL JUHåND X WD QRP RGUHLYDQMX VDVWDYD QD SRGRYLPD DOL MH XNXSQD JUHåND X VDVWDYX SURGXNDWD SULKYDWOMLYD ,PD MXþL SUHWKRGQL XVORY X YLGX WUDQVIRUPDFLMRP MHGQD LQD ]D ELODQVNRPSRQHQWH L X UHNWLILNDFLRQRM ]RQL L ]RQL LV FUSOMLYDQMD GRELMDMX VH MHGQD LQH L
\ 5 [5 5 ['L
P 9/ \
%
/[
1DYHGHQH MHGQD LQH SRYH]XMX NRQFHQWUDFLMH PL PRLOD]HþLK WRNRYD WDNR GD VD MHGQD LQDPD NRMH SRYH]X MX UDYQRWHçQH NRQFHQWUDFLMH QD SRGX RPRJXþDYD SURUD XQ RG SRGD GR SRGD
8NXSQL WRSORWQL ELODQVNRORQH VD MHGQLP XOD]RP åDUçH ) L SURGXNWLPD VD YUKD L GQD ' L % PRçH VH SUHG VWDYLWL MHGQD LQRP
)b+ 4 %b+ 'b+ 4 4 =D L]UD XQDYDQMH WRSORWQLK WRNRYD YH]DQLK ]D åDUçX ) L SURGXNWH % L ' WUHED ]QDWL VDVWDYH QDYHGHQLK PDWHUL MDOQLK VWUXMD L QMLKRYH WRSORWQH NDUDNWHULVWLNH
.RG QHLGHDOQLK VLVWHPD SRUHG VSHFLIL QLK L ODWHQ WQLK WRSORWD NRPSRQHQDWD ]D WD QR L]UD XQDYDQMH WRSOR WH NRMX VD VRERP QRVL PDWHULMDOQL WRN QHRSKRGQR MH X]HWL X RE]LU L WRSORWH UDVWYDUDQMD
7RSORWH UDVWYDUDQMD REL QR QLVX SR]QDWH SD VH SUR MHNWRYDQMH ]DVQLYD QD DSURNVLPDWLYQRP SURUD XQX ,] WRJ UD]ORJD VOHGL SULND] SURFHQH SRWURåQMH WRSORWH X SUR FHVX 1DM HåþL SULPHU X SUDNVL MH GD åDUçD X NRORQX XOD]L NDR NOMX DOD WH QRVW D GHVWLODW ' L RVWDWDN % QDSXåWDMX NRQGHQ]DWRU RGQRVQR UHERMOHU QD VYRMRM WHPSHUDWXUL NRQGHQ]DFLMH RGQRVQR WHPSHUDWXUL SURNOMX DYDQMD
.DR SUYD DSURNVLPDFLMD XVYDMD VH MHGQDNRVW )b+ %b+ 'b+ 'UXJD DSURNVLPDFLMD MH GD NRORQD UDGL SRG DGLMD EDWVNLP XVORYLPD
4
8] QDYHGHQH DSURNVLPDFLMH MHGQD LQD V H V YR GL QD REOLN
4 | 4
7RSORWD NRMX WUHED GRYHVWL QD GQR NRORQH SULEOLçQR MH MHGQDND WRSORWL NRQGHQ]DFLMH 7RSORWD NRQGHQ]DFLMH 4'VH L]UD XQDYD L] MHGQD LQH
4 5 'bU 9LGL VH GD MH ]D DSURNVLPDWLYDQ SURUD XQ WRSORWQRJ ELODQVD NRORQH GRYROMQR RGUHGLWL UHIOXNVQL RGQRV 5 SUR WRN GHVWLODWD ' L U PRODUQX WRSORWX NRQGHQ]DFLMH SDUH VD YUKD NRORQH
3UL SURMHNWRYDQMX UHERMOHUD ]D SURUD XQ VH X]LPD GR YHþD WRSORWD RG WRSORWH NRQGHQ]DFLMH %H] RE]L UD GD OL VH L]YRGL ULJRUR]DQ LOL SULEOLçDQ SURUD XQ WRSOR WQRJ ELODQVD QHRSKRGQR MH GD VH SRPRþX SR]QDWLK PHWRGD DSURNVLPDWLYQLK L ULJRUR]QLK L]UD XQD PLQLPDOQL UHIOXNVQL RGQRV 5P
3UREOHP VHSDUDFLMH PXOWLNRPSRQHQWQLK ]QDWQR MH VORçHQLML RG VHSDUDFLMH ELQDUQLK VPHåD 'D EL QHNX Q² NRPSRQHQWQX VPHåX UD]GYRMLOL QD NRPSRQHQWH SRVWUR MHQMH PRUD GD LPD Q² NRORQX 2YDNYD UHåHQMD VX LQYHVWLFLRQR QHSRYROMQD D NDUDNWHULåH LK L YHOLND SRWUR åQMD HQHUJLMH 1D VUHþX L] SROD]QH VPHåH SR SUDYLOX WUHED L]GYRMLWL MHGQX LOL QHNROLNR NRULVQLK NRPSRQHQDWD WDNR GD MH EURM SURGXNDWD VHSDUDFLMH ]QDWQR PDQML 'D EL VH GRåOR GR RSWLPDOQRJ UHåHQMD åWR VH EURMD NRORQD WL H QHRSKRGQD MH SRX]GDQD DQDOL]D VDVWDYD SROD]QH VPHåH L QD RVQRYX WRJD L]ERU NRULVQLK NRPSRQHQDWD NRMH WUHED
) %) ) # * ! )! *+ #+ ! & ) ! $ # ! # -$ # !"! ) -// 3& $ !"! ) # $ 3// @ ) -// 3// $ " # ) ) # ) + 3// & @ ) -// 3// # $ *+ ! & * $ ) ! ) #
C! # $ # *
2 "
2 " % " # $ * ) ) &$ ) )
5
@ B2 $
& ) $ " ! ! * *$
& * ) $ ) & ! ! $
D ) $
" & + , B & 6
B % * ) )
* " * % * + ) & ! $ ) # ;
2 ! " ## $ % &
'% () * + + , % * # 2 ! " ## * # -% &
. 2 ! " ## $ % & '% . () * + + 2 ! " ## * # -% &
*% ,
'% / % * # *%) * + +
P P
!" #"
2
$ % % & ' (
&
) P
* + , -P
% )+ DONWN %% . &
P >[ON D[WN#WN/#ON%º¼
VU 0123
4 DVU 5
DONWNDONWN}DWNON1 ª¬DONW%DON'º¼
DVU01-3 =D VPHåH NRG NRMLK VH UHODWLYQH LVSDUOMLYRVWL YUKD L GQD ]QDWQR UD]OLNXMX DONWN' ! DONWN% PLQLPDOQL EURM WHRULMVNLK SRGRYD VH RGUHXMH SURUD XQRP RG SRGD GR SRGD X] NRULåþHQMH UDYQRWHçQLK SRGDWDND L RSHUDWLYQH OLQLMH
[QL \Q²L
2
.RG ELQDDUQLK VPHåD PLQLPDOQL UHIOXNVQL RGQRV VH RGUHXMH L] QDJLED JRUQMH RSHUDWLYQH OLQLMH NRMD SUROD]L NUR] WD NX SUHVHND UDYQRWHçQH L T²OLQLMH VOLND
5P[\'· ² [·² \· 6DVWDY GHVWLODWD MH REL QR SR]QDW WUHED ]QDWL VDV WDY L WRSORWQH NDUDNWHULVWLNH åDUçH NDR L SRGDWNH R UDYQR WHçL QD XVORYLPD VHSDUDFLMH NDNR EL VH RGUHGLOL VDVWDYL \· [· L QD RVQRYX MHGQD LQH L]UD XQDR PLQLPDOQL UH IOXNVQL RGQRV 5P
.DUDNWHULVWL DQ VOX DM MH NDGD åDUçD XOD]L NDR WH QRVW QD WHPSHUDWXUL NOMX DQMD L SULWLWVNX SRGD T ² OLQLMD MH YHUWLNDOD NUR] DSFLVX [) [· VH SRNODSD VD [)D \· N[) VOLND .RRUGLQDWH WD NH XNOMHåWHQMD \· [· ]D RGUHH QL ELQDUQL VLVWHP ]DYLVH VDPR GR T ² OLQLMH L UDYQRWHçQH NULYH
)HQVNL L 8QGHUZRRG VX UD]PDWUDMXþL WD NX XNOMHåWH QMD NRG ELQDUQRJ VLVWHPD L]YHOL MHGQD LQX ]D DSURNVLPD WLYQR L]UD XQDYDQMH 5P NRULVWHþL SUL WRPH DSURNVLPDFLMH D L E
D 8 REODVVWL WD NH XNOMHåWHQMD SURPHQD VDVWDYD SDUH L WH QRVWL QD VXVHGQLP SRGRYLPD MH PDOD WDNR GD VH PRçH XVYRMLWL
\Q² \Q
[Q² [Q
E 6DVWDYL SDUH L WH QRVWL SUL UDYQRWHçQRM GHVWLODFLML åDUçH QD SULWLVNX L WHPSHUDWXUL åDUçQRJ SRGD VH X]LPDMX ]D VDVWDYH WD NH XNOMHåWHQMD
6PHQMXMXþL MHGQD LQX X MHGQD LQX ]D NRPSRQHQWH $ L % X] RGJRYDUDMXþH WUDQVIRUPDFLMH GREL MD VH YDçQD MHGQD LQD
5P D
ª « ¬ «
«[['$3² D ['% ;Q% º » ¼ »
»
-HGQD LQD VH VYRGL QD MHGQD LQX DNR VH X]PH GD MH [Q$ [·$ [Q% [·%L D$% \·$[·% [·$\·%åWR RGJRYDUD SUHWKRGQRM DSURNVLPDFLML E
$SURNVLPDWLYDQ SURUD XQ 5PNRG PXOWLNRPSRQHQ WQLK VPHåD LGHQWL DQ MH SURUD XQX NRG ELQDUQLK V WLP åWR VH XPHVWR NRPSRQHQWH $ X]LPD /.. D 7.. XPHVWR NRPSRQHQWH % )L]L NR VWDQMH 5P NRG PXOWLNRPSRQHQ WQLK VPHåD NDUDNWHULåH GRQMD L JRUQMD ]RQD XNOMHåWHQMD L LQWHUPHGLMDUQD ]RQD 3UHPD QD LQX QD NRML VH RGUHXMX VDVWDYL [Q$L [Q%SRVWRMH UD]OL LWH MHGQD LQH ]D L]UD XQDYD QMH PLQLPDOQRJ UHIOXNVQRJ RGQRVD 6OHGL SULND] QHNROLNR QDMYDçQLMLK MHGQD LQD
2
! " 2 # # $! % " &
PD ONWNVU
['ONQONONWNVU 'WN QWN
º » ¼ »
»
ONWNVU ! " QON QWN )ON )WN # ! $% % & ' ( ! ) ) ' ( ! ) ) % ' ) ) * + , !
$% QON )
)
¦
WWN)W
QWNQON
) ./
) 011 #11 "
WWN")W ' ! #11
+ , ( % ! /2
#
-¦
U UW[)U
DUWT ²3 .
¦
U UW['U
DUWT P .4 5 5 3 6 % ! ( . ' ' !
% ! ( " 6 1 ) ) ! %) ! '
7 8 % " ) ) 011 ' " 7 88 % % " ) ) 011 ' % "
Q²L9 QL9 QL9 9 " . :Q²L9 :QL9 :QL9 9 :" .. ' 1 ) ) ' " ) ) ' 011
7 888 %' ( " ( 6! ) ! ' " (
! !"# $% & !% '(!# !"# !) !
#(#(
# ! !"# !% & $% '(!# !"# (
#(#(
!" "# $ %&& # & %&& # # ' %&& # $ () () #
* +P# ,
( ) -" ." ) /" 0"#
1O
DW1',23
DO4 DW DO11'W W
2 3
-"
5W
DW1',29
DO4DW DW15'7 W
2
9
."
1W
DW1%W36 P
DO4DW DW11%, O
6
/P
/"
5W
DW1%W36 P
DO4DW DW15%OW O 6 P 0" , ( )7 83&&" 8%&&"9 ( # $ : ; -" ." ( <" -"#
1O
DW1',23
DO4 DW <"
5W
DO1',2
DO4DW -" 1',| ( 7
DO8 DW -" , ( (
( # = ) ( 1ON>1WN"# + ? 44 7 § ¨ © ¨ ¨11WNON
· ¸ ¹ ¸ ¸,, § ¨ © ¨ ¨11ONWN
· ¸ ¹ ¸ ¸ ) § ¨ © ¨ ¨[1WNON
· ¸ ¹ ¸ ¸ ,9 -@"
' -" -@" ( #
& 44 3&& %&& # ( # ( ( DON DWN 1'ON 1'WN 7
[ON
DWN1'ON23 DON² DWN DON1['WN
WN 2 3
-!"
\ON
DON1'ON2 DON² DWN DWN1\'WN
WN
2 - "
* +P#
, " ( # #
) /" 0" --" -."#
[W
DO1%W36 P
DO4 DW --"
\W
DO1%W 6 P
D4 DW -." , 1%W| -"# : 1ON>1WN -" # = ( DON DWN 1%ON 1%WN -/" -0" 6>3P +P# , 44 #
2 6> P () 3&& %&&#
D136 D4,WN D11
6
-/"
D1 6 D4,WN D15
6
-0"
/,7(5$785$
>@ &'()*'(+ ,)- &(( .&(/. .*0(( &1021& )*( ).(00 231(-.( ' 4*.+ %#
>@ 5. ..2 QLN ]D GLPHQ]LRQLVDQMH XUHDMD KHPLMVNH SURFHVQH LQGXVWULMH =DJUHE
,$ $OHNVDQGURY 5HNWLILNDFLRQQLMH L DEVRUEFLRQQLMH DSDUDWL +LPLMD 0RVNYD
0, 5RVHQJDUW 'LH 7HKQLN GHU 'HVWLOODWLRQ XQG 5HNWLILND WLRQ LQ ODERUDWRULXP 9HE 9HOSDJ 7HKQLN %HUOLQ
0 9DQ :LQNOH 'LVWLOODWLRQ 0F*UDZ +LOO 1< ) .LUVFKEDXP 'HVWLOOLHU XQG 5HNWLIL]LHUWHKQLN +$QIO
6SULQJHU²9HUODJ %HUOLQ
= .UHOM 5XNRYRGVWYR SR ODERUDWRUQLM SHUHJRQNH 0RVNYD +LPLMD
6 -RXQJ )UDFWLRQDO 'LVWLOODWLRQ /RQGRQ 2 5HGOLFK $. .LVWHU ,QG (QJ&KHP 5+ (ZHOO /0 :HOFK ,QG (QJ&KHP 3- 0RORGHQNR ,1 %XåPDNLQ 9HVWQ /*8 1R 9S
0 /HFDW / D]HRWURSLVPH %UXVVHO
3HUU\ 5+ &KHPLFDO (QJLQHHUV +DQGERRN IRXUWK HG 0F*UDZ +LOO
æ$ %ULOM $& 0R]çXOLQ )% 3HWOMXN /$ 6HUDILPRY ,VVOH GRYDQLMH 2SWLPDOQLK 5HçLPRY *HWHUR]HRWURSQRM 5HNWLIL NDFLL 7HRUHWL HVNLH RVQRYL KHPL HVNRM 7HKQRORJLML WRP ;, 0RVNYD
6800$5<
!" # $% # &
'(!) '*' ''% + & ! '% + , !*#% - , !. '(!) '*.) , !(.)% !) /.,% /.,% - , !.
,!! '(" ,. ! ') ! , !* -"! ('* '-"! ''!! ,! !"% !"!(% (% " , .) 0% 0*'* (, ! ! !* ! ' " '' )!"1 *) !, ! '* !* '',. ! '' 0% , !* ("- ('* "! 2', !* ("- !* !*% , ! -" " !*" "(! - ', , ' " '!! (", !* " -'% !* -' .)% * 3(- '*"' 3(-1 +0,. '' "! 0*'* !* '!!(! ,!! (! "(! - &0 ! , !* ("- ,. "!% 0 " ,,! ! ') ! 4 !* ,!!1 '* ! !( ".*! - ,., , '!('!, ) !* ') , - "! ('* (! ,,1 * !* .*! (! ! ,!! (! ") ,! '1
* '!('! " ,!! (! 3( ) ., &0,. "% *! , ""!(" ! *"1 % !* ,. , ! &0 0*'* &, !( 0 - (, !* ,!! (! ! 4 '' ,('! '1 * "! '"'!, !( '!'! (! !* ,!! '("1 ,. !* '"2!) !* ! ' % !0 " '(" ! (,1 ,,! 3("! *! 2'*. -% ',% '. )!"% *!% !% !& (2 ,!-(!% !& , (" , !!!% !'1 ('* 3("! ''!, -) , % , !* " ! ,!! (! !* !("! "(. !* 0 !% !"!( , ( 3(,1 -" 0*'* ".*! ,(. !* ,!"! , '! ('* ! , !* ("- 3( &0,. !* '' )!" 0*'* "(! - !,1 * 2' !* ,. , * '! !) . (! ,(! (! 0*'* - !" ' ! ''", 0!* "" .) '("!% 0 " ("- !% , "" !! .!* , ("- !("! 0) (-,,! '! "" !"! '! , !" ,('! '1
+) 0, !! N . N (" N
+#( !'# N #&5 ! # N + N