...

Equipaggiamenti di Salvataggio e Soccorso in Acqua - Ital-Cer

by user

on
Category: Documents
6

views

Report

Comments

Transcript

Equipaggiamenti di Salvataggio e Soccorso in Acqua - Ital-Cer
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZVPU(JX\H
0*65,
7YVKV[[P
.P\IIV[[P
KPZHS]H[HNNPV
:L[[VYP
(IIPNSPHTLU[V
(LYVUH\[PJHSLNNLYH
:VJJVYZV
,SL[[YVUPJH
0SS\TPUHaPVUL
0UK\Z[YPH6MMZOVYL
5H\[PJHKPWVY[V
5H\[PJHWYVMLZZPVUHSL
4HYPUH*VTTLYJPHSL
4PSP[HYP
6WLYH[VYPZHS]H[HNNPV
7LZJHWYVMLZZPVUHSL
:\IHJX\LHWYVMLZZPVUHSLZWVY[P]H
0;(3*,9:YS
4HYPUL:HML[`
3H0[HS*LY:YSZWLJPHSPaaH[HULPKPZWVZP[P]PKPWYV[LaPVULPUKP]PK\HSL
LKLX\PWHNNPHTLU[PKPZVJJVYZVPUHJX\H]PWYLZLU[HSHZ\HNHTTHKP
WYVKV[[PWLY]P]LYLLSH]VYHYLPUTHYLJVUSHTHZZPTHZPJ\YLaaH
^^^P[HSJLYJVT
.P\IIV[[PKPZHS]H[HNNPV
0NP\IIV[[PKPZHS]H[HNNPV=05+,3ŽZVUV[LJUPJPZPJ\YP
YLZPZ[LU[PLJVTWH[[P\[PSPaaH[PULSZL[[VYLWYVMLZZPVUHSLL
ZWVY[P]V
0WYVKV[[P=05+,3ŽZVUVYLHSPaaH[PJVUTH[LYPHSPKPHS[H
X\HSP[nTVS[VJ\YH[PULSKL[[HNSPVLULSSLYPÄUP[\YL
:VUVKPZWVZP[P]PKPWYV[LaPVULPUKP]PK\HSPJOLNHYHU[PZJVUV
THZZPTHZPJ\YLaaHLJVTVKP[nULSSH]VYV
0NP\IIV[[P=05+,3ŽZVUVVTVSVNH[PLKP[PWVHWWYV]H[V
*,:63(:
,5 5L^[VU.P\IIV[[PKPZHS]H[HNNPV
0ZHS]HNLU[PZVUVKV[H[PKPNHSSLNNPHIPSP[nUVUTPUVYLKP5L^[VU
WLYS»HK\S[VTLKPVLZVUVKLZ[PUH[PHKLZZLYL\[PSPaaH[PPUTHYLHWLY[V
VWW\YLX\HUKV]LUNVUVPUKVZZH[PPUK\TLU[PWLYPSTHS[LTWV<50
,5 5L^[VU.P\IIV[[PKPZHS]H[HNNPV
0ZHS]HNLU[PZVUVKV[H[PKPNHSSLNNPHIPSP[nUVUTPUVYLKP5L^[VU
WLYS»HK\S[VTLKPVLZVUVKLZ[PUH[PHKLZZLYL\[PSPaaH[PPUTHYLHWLY[V
PUJVUKPaPVUPLZ[YLTLLKPUHZZVJPHaPVULJVUPUK\TLU[PKPWYV[LaPVUL
WLZHU[PVJHYPJOPX\HSPJPU[\YLWVY[H\[LUZPSP<50
9PMLYPTLU[PUVYTH[P]P
:PJ\YLaaHZ\S3H]VYVNP\IIV[[PZHS]H[HNNPV*,TVUVJHTLYH
7LYPSSH]VYH[VYLPUWYVZZPTP[nKPTVSPIHUJOPULWVU[PZ\SS‘HJX\HH
IVYKVKPTLaaPUH]HSP+3 +3
U‡
5H\[PJHKHKPWVY[V+V[HaPVULKPIVYKV+4THNNPV .HaaL[[H<MÄJPHSL U 4HYJOPVH[PTVUJPUVKPJVUMVYTP[n
‹9PM!+79V[[VIYL
U¸9LNVSHTLU[VYLJHU[L
UVYTLKPH[[\HaPVULKLSSL+PYL[[P]L *,L *,YLSH[P]L
LX\PWHNNPHTLU[VTHYP[[PTV¹
‹3KPJLTIYL
U*VU]LUaPVUL0U[LYUHaPVUHSLKP
;LYYLTVSPUVZZ\SSHZPJ\YLaaHKLSSLUH]PKHWLZJH
‹+3NZKPJLTIYL
U9LNPTLKPZPJ\YLaaHWLYUH]P
KHWLZJHKPS\UNOLaaH\N\HSLVZ\WLYPVYLHPTL[YP
0UKPJL
.P\IIV[[P,5 .P\IIV[[P,5 .P\IIV[[P7HUV_
.P\IIV[[P:VSHZ
(JJLZZVYPNP\IIV[[P
W W W W W ^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
.P\IIV[[VH\[VNVUÄHIPSLKP
ZHS]H[HNNPV,5 PKYVZ[H[PJV
WHNPU
0+96
H
^^^P[HSJLYJVT
0+96
.P\IIV[[VH\[VNVUÄHIPSLKP
ZHS]H[HNNPV,5 PKYVZ[H[PJV
4HZZPTHZPJ\YLaaH
]PJPUVHSS»HJX\H
0SNP\IIV[[V
KPZHS]H[HNNPV=05+,3Žu!
;LJUPJV!WYV[LaPVULJVU[YV
NVUÄHTLU[PHJJPKLU[HSPHJH\ZHKP
WPVNNPH\TPKP[nLKVUKH[L
:PJ\YV!JPUNOPHZV[[VJVZJPHSLL
JPU[\YHKPZPJ\YLaaH,5 (U[PMVYH[\YH!J\Z[VKPHLZ[LYUHPU
JVYK\YH
7PJJVSLKPTLUZPVUP!ZWLZZVYL
JTLSHYNOLaaHJTWLZV
NY
.HSSLNNPHTLU[VZ\WLYPVYLHSSH
TLKPH
*HYH[[LYPZ[PJOL[LJUPJOL
=LYZPVULH\[VTH[PJH
.P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽH\[VTH[PJVTVK(
‹6TVSVNHaPVUL!*,,5 5L^[VU
‹.HSSLNNPHTLU[VYLHSL!5L^[VU
‹:PZ[LTHH[[P]HaPVUL!PKYVZ[H[PJVJVU]HS]VSH/HTTHYJHWZ\SH
ZHSPUH/9JHY[\JJPH<4
‹4VKPH[[P]HaPVUL!H\[VTH[PJVTHU\HSLLKVYHSL
‹;LTWVKPH[[P]HaPVUL!LU[YVZLJVUKP
‹)VTIVSH!*6NY
‹*PU[\YHZPJ\YLaaHPUJS\ZHJVUHULSSVKPZPJ\YLaaH,5 ‹*PUNOPL!ZV[[VJVZJPHSLLKVWWPHJPUNOPHWVZ[LYPVYL
‹-PZJOPL[[VLTLYNLUaH,5 ‹)HUKLYL[YVYPÅL[[LU[P
‹*VSVYLLZ[LYUV!YVZZVIS\"*HTLYHK»HYPHNPHSSVHS[H]PZPIPSP[n
‹*\Z[VKPHLZ[LYUH!*VYK\YHHU[PMVYH[\YH5`SVU
‹*OP\Z\YHJ\Z[VKPH!aPW
‹*HTLYHK»HYPH!WVSP\YL[HUV/PNO.YHKLL5`SVU
‹3\JL:VSHZ!(\[VTH[PJH[PWVHWWYV]H[V ,*WPSHSP[PV
HUUPVWaPVUHSL
‹+PTLUZPVUP!ZWLZZVYLJTSHYNOLaaHJTHS[LaaHÄUVHS
NPYVJVSSVJT
‹7LZV!NY
<ZVJVUZPNSPH[V
7LYVWLYH[VYPPU]PJPUHUaHKPHJX\HLWLYPJVSVKPHUULNHTLU[V
3H]VYV+3 LZLN\LU[P+PWVY[V+4 ,5 46+0+0(A065(4,5;6
(\[VTH[PJV!.VUÄHTLU[VH\[VTH[PJVKLSSH
JHTLYHK»HYPHPUPTTLYZPVULLU[YVZLJVUKP
(aPVUHTLU[VPKYVZ[H[PJV!3HWYLZZPVUL
KLSS»HJX\HH[[P]HSH]HS]VSHPKYVZ[H[PJH
/HTTHYTVK(PKYV
(aPVUHTLU[VJOPTPJV!3»HJX\HZJPVNSPLSH
JHWZ\SHZHSPUHTVK(
4HU\HSL!.VUÄHTLU[VJVUHaPVUHTLU[V
]VSVU[HYPVKLS[PYHU[LVJVYKPJLSSH
6YHSL!.VUÄHTLU[VTLKPHU[LPUZ\MÅHaPVULKP
HYPHULSSHJHUU\SHYVZZH
=LYZPVULTHU\HSL
L
[[VY
ZL
.P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽTHU\HSLTVK4
‹;PWPKPH[[P]HaPVUL!THU\HSLLKVYHSL
‹;LTWVKPH[[P]HaPVUL!PZ[HU[HULV
<ZVJVUZPNSPH[V
7LYVWLYH[VYPKLSZVJJVYZVLZHS]HTLU[VH]PHaPVULSLNNLYH
(4
WHN
PUH
PJL
VK
=LYZPVUL
THU\HSL
J
=LYZPVUL
H\[VTH[PJH
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
.P\IIV[[VH\[VNVUÄHIPSLKP
ZHS]H[HNNPV,5
WHNPU
5
H
^^^P[HSJLYJVT
5
.P\IIV[[VH\[VNVUÄHIPSLKP
ZHS]H[HNNPV,5
4HZZPTHZPJ\YLaaH
]PJPUVHSS»HJX\H
0SNP\IIV[[V
KPZHS]H[HNNPV=05+,3Žu!
;LJUPJV!WYV[LaPVULJVU[YV
NVUÄHTLU[PHJJPKLU[HSPHJH\ZHKP
WPVNNPH\TPKP[nLKVUKH[L
:PJ\YV!JPUNOPHZV[[VJVZJPHSLLJPU[\YH
KPZPJ\YLaaH,5 7LYMLaPVUL!*\JP[\YLYVI\Z[LL
JOP\Z\YLaPWHU[PZHSPUV
0UVZZPKHIPSL!)VTIVSH*6WYV[L[[H
HSS»PU[LYUVJHTLYHK»HYPH
,5
*HYH[[LYPZ[PJOL[LJUPJOL
=LYZPVULH\[VTH[PJH
.P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽH\[VTH[PJVTVK(
‹6TVSVNHaPVUL!*,,5 5L^[VU
‹.HSSLNNPHTLU[VYLHSL!5L^[VU
‹:PZ[LTHH[[P]HaPVUL!PKYVZ[H[PJVJVU]HS]VSH/HTTHYJHWZ\SH
ZHSPUH/9JHY[\JJPH<4
‹4VKPH[[P]HaPVUL!H\[VTH[PJVTHU\HSLLKVYHSL
‹;LTWVKPH[[P]HaPVUL!LU[YVZLJVUKP
‹)VTIVSH!*6NY
‹*PU[\YHZPJ\YLaaHPUJS\ZHJVUHULSSVKPZPJ\YLaaH,5 ‹*PUNOPL!ZV[[VJVZJPHSLLKVWWPHJPUNOPHWVZ[LYPVYL
‹)HUKLYL[YVYPÅL[[LU[P
‹*VSVYLLZ[LYUV!YVZZVIS\"*HTLYHK»HYPHNPHSSVHS[H]PZPIPSP[n
‹*\Z[VKPHLZ[LYUH!5`SVUHS[HYLZPZ[LUaH
‹*OP\Z\YHJ\Z[VKPH!aPW
‹*HTLYHK»HYPH!WVSP\YL[HUV/PNO.YHKLL5`SVU
‹-PZJOPL[[VLTLYNLUaH,5 ‹3\JL:VSHZ!(\[VTH[PJH[PWVHWWYV]H[V ,*WPSHSP[PV
HUUPVWaPVUHSL
‹+PTLUZPVUP!ZWLZZVYLJTSHYNOLaaHJTHS[LaaHÄUVHS
NPYVJVSSVJT
‹7LZV! NY
<ZVJVUZPNSPH[V
7LYVWLYH[VYPJOL]LZ[VUVHIIPNSPHTLU[VTVS[VWLZHU[LJPU[\YL
WVY[H\[LUZPSPPU]PJPUHUaHKPHJX\HLWLYPJVSVKPHUULNHTLU[V
3H]VYV+3 LZLN\LU[P+PWVY[V+4 (WWSPJHaPVULS\JL:VSHZ
46+0+0(A065(4,5;6
(\[VTH[PJV!.VUÄHTLU[VH\[VTH[PJVKLSSH
JHTLYHK»HYPHPUPTTLYZPVULLU[YVZLJVUKP
(aPVUHTLU[VPKYVZ[H[PJV!3HWYLZZPVUL
KLSS»HJX\HH[[P]HSH]HS]VSHPKYVZ[H[PJH
/HTTHYTVK(PKYV
(aPVUHTLU[VJOPTPJV!3»HJX\HZJPVNSPLSH
JHWZ\SHZHSPUHTVK(
4HU\HSL!.VUÄHTLU[VJVUHaPVUHTLU[V
]VSVU[HYPVKLS[PYHU[LVJVYKPJLSSH
6YHSL!.VUÄHTLU[VTLKPHU[LPUZ\MÅHaPVULKP
HYPHULSSHJHUU\SHYVZZH
=LYZPVULTHU\HSL
L
[[VY
ZL
.P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽTHU\HSLTVK4
‹;PWPKPH[[P]HaPVUL!THU\HSLLKVYHSL
‹;LTWVKPH[[P]HaPVUL!PZ[HU[HULV
<ZVJVUZPNSPH[V
7LYVWLYH[VYPKLSZVJJVYZVLZHS]HTLU[V
(4
WHN
PUH
PJL
VK
=LYZPVUL
THU\HSL
J
=LYZPVUL
H\[VTH[PJH
^^^P[HSJLYJVT
7(56?
.P\IIV[[PKPZHS]H[HNNPV
H\[VNVUÄHIPSPHU[PM\VJV
,5 ,5
WHNPU
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
H
^^^P[HSJLYJVT
4HZZPTHZZPJ\YLaaH
]PJPUVH
HSS»HJX\H
LH
HSMM\VJV
0SNP\IIV[[V
KPZHS]H[HNNPV=05+,3Žu!
;LJUPJ
;L
JV!J\Z[VKPHHU[PM\VJV
:PJ\YV
V!JPUNOPHZV[[VJVZJPHSLL
JPU[\YHKPZPJ\YLaaH,5 <ZVW
WYVMLZZPVUHSL!J\JP[\YL
YVI\Z[LLJOP\Z\YLaPWHU[PZHSPUV
.P\IIV[[PK
KPZ
ZHS]H[HNNPV
H\[VNVUÄH
HIPSPHU[PPM\VJV,
,5 ,
,5
=LYZPV
VULT
TVUVJHTLYH*
*,L
L
IPJHTLYH:
: 6 3 (:
*HYH[[LYPZ[PJOL[LJUPJOL
=LYZPVULH
H\[VTH[PJH,
,5 .P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽH\[VTH[PJVTVK7(
‹6TVSVNHaPVUL!*,,5 5L^[VU
‹.HSSLNNPHTLU[V!5L^[VU
‹)VTIVSH!*6NY
‹+PTLUZPVUP!ZWLZZVYLJTSHYNOLaaHJTHS[LaaH
ÄUVHSNPYVJVSSVJT
‹7LZV!NY
=LYZPVULH
H\[VTH[PJH,
,5
,5 ,5
.P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽH\[VTH[PJVTVK7(
‹6TVSVNHaPVUL!*,,5 5L^[VU
‹.HSSLNNPHTLU[V!5L^[VU
‹)VTIVSH!*6NY
‹+PTLUZPVUP!ZWLZZVYLJTSHYNOLaaHJTHS[LaaH
ÄUVHSNPYVJVSSVJT
‹7LZV!NY
‹:PZ[LTHH[[P]HaPVUL!PKYVZ[H[PJVJVU]HS]VSH/HTTHY
JHWZ\SHZHSPUH/9JHY[\JJPH<4
‹4VKPH[[P]HaPVUL!H\[VTH[PJVTHU\HSLLKVYHSL
‹;LTWVKPH[[P]HaPVUL!LU[YVZLJVUKP
‹*PU[\YHZPJ\YLaaHPUJS\ZHJVUHULSSVKPZPJ\YLaaH,5 ‹*PUNOPL!ZV[[VJVZJPHSLLKVWWPHJPUNOPHWVZ[LYPVYL
‹-PZJOPL[[VLTLYNLUaH,5 ‹)HUKLYL[YVYPÅL[[LU[P
‹*VSVYLLZ[LYUV!HYNLU[V"JHTLYHK»HYPHJVSVYL!NPHSSVHS[H
]PZPIPSP[n
‹*\Z[VKPHLZ[LYUH!7HUV_HU[PM\VJV
‹*OP\Z\YHJ\Z[VKPH!aPW
‹*HTLYHK»HYPH!WVSP\YL[HUV/PNO.YHKLL5`SVU
‹3\JL:VSHZ!(\[VTH[PJH[PWVHWWYV]H[V ,*WPSHSP[PV
HUUPVWaPVUHSL
<ZVJVUZPNSPH[V
3H]VYV!WLYVWLYH[VYPKLSZVJJVYZVLZHS]HTLU[VPUK\Z[YPH
VMMZOVYLTPSP[HYP
(\[VTH[PJV!NVUÄHTLU[VH\[VTH[PJVKLSSH
JHTLYHK»HYPHPUPTTLYZPVULLU[YVZLJVUKP
( aPVUHTLU[VPPKYV
VZ[H[PJ
JV!3HWYLZZPVUL
KLSS»HJX\HH[[P]HSH]HS]VSHPKYVZ[H[PJH
/HTTHYTVK(PKYVL(PKYV
( aPVUHTLU[VJ
JOPPTPJ
JV!3»HJX\HZJPVNSPLSH
JHWZ\SHZHSPUHTVK(L(
=LYZPVULT
THU\HSL
L,
,5
4HU\HSL!NVUÄHTLU[VJVUHaPVUHTLU[V
=LYZPVULT
THU\HSL
L,
,5
6YHSL
L!NVUÄHTLU[VTLKPHU[LPUZ\MÅHaPVULKP
.P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽTHU\HSLTVK74
.P\IIV[[VH\[VNVUÄHIPSL=05+,3ŽTHU\HSLTVK74
‹:PZ[LTHH[[P]HaPVUL!THU\HSL/HTTHYTHU\HSL/9
‹;PWPKPH[[P]HaPVUL!THU\HSLLKVYHSL
‹;LTWVKPH[[P]HaPVUL!PZ[HU[HULV
46+0+0(A065(4,5;6
]VSVU[HYPVKLS[PYHU[LVJVYKPJLSSH
HYPHULSSHJHUU\SHYVZZH
<ZVJ
JVUZPN
NSPH[V
7
7
WHN
PUH
PJL
VK
L
[[VY
ZL
7LYVWLYH[VYPKLSZVJJVYZVLZHS]HTLU[V
J
^^^P[HSJLYJVT
:63(:4,+
.P\IIV[[PKPZHS]H[HNNPV
H\[VNVUÄHIPSP
WHNPU
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
H
^^^P[HSJLYJVT
:63(:4,+
.P\IIV[[PKPZHS]H[HNNPV
H\[VNVUÄHIPSP
,X\PWHNNPHTLU[V
THYP[[PTV
*VTWH[PIPSP[n!JVU[\[LKH
ZVWYH]]P]LUaH0TTLYZPVU:\P[
*VTWH[[V!ZVSVJTKP
ZWLZZVYL
7YVMLZZPVUHSL!J\JP[\YLYVI\Z[LL
JOP\Z\YLaPWHU[PZHSPUV
7YV[LaPVUL!JVUJHWWV[[HHU[P
ULI\SPaaHaPVUL
,5 ,5
*HYH[[LYPZ[PJOL[LJUPJOL!
=LYZPVULH\[VTH[PJH,5 .P\IIV[[VH\[VNVUÄHIPSL=05+,3Ž5KVWWPH
JHTLYHH\[VTH[PJVHK\S[PTVK:
‹.HSSLNNPHTLU[V!5L^[VU
‹)VTIVSL!K\LKHNY*6
=LYZPVULH\[VTH[PJH,5
.P\IIV[[VH\[VNVUÄHIPSL=05+,3Ž5KVWWPH
JHTLYHH\[VTH[PJVHK\S[PTVK:
‹.HSSLNNPHTLU[V!5L^[VU
‹)VTIVSL!K\LKHNY*6
46+0+0(A065(4,5;6
6TVSVNHaPVUL!:63(: 9LN0003:(
(\[VTH[PJV0SNVUÄHTLU[VH\[VTH[PJV]PLULLMML[[\H[V
JVKLWHYLYPZ046
LTLUKH[HKHYPZ4:*WHY[LWHY
ÄUVH L
TLKPHU[LS»PTTLYZPVULKLSNP\IIV[[VPUHJX\HLU[YV
ZLJVUKP,U[YHTILSLJHTLYLK»HYPHZPNVUÄHUVL\UHZP
ZJHYPJHZ\IP[VWLYJVTWLUZHaPVUL
‹*HWWV[[H!HU[PULI\SPaaHaPVULLHU[PZWY\aaV
‹:PZ[LTHH[[P]HaPVUL!JHWZ\SHZHSL/9
‹4VKPH[[P]HaPVUL!H\[VTH[PJVTHU\HSLLKVYHSL
‹;\IPNVUÄHTLU[VVYHSL!K\L
‹;LTWVKPH[[P]HaPVUL!LU[YVZLJVUKP
‹*PU[\YHZPJ\YLaaHPUJS\ZHJVUHULSSVKPZPJ\YLaaH
VTVSVNH[H,5 ‹*PUNOPL!ZV[[VJVZJPHSLLKVWWPHJPUNOPHWVZ[LYPVYL
‹-PZJOPL[[VLTLYNLUaH,5 ‹)HUKLYL[YVYPÅL[[LU[P:63(:
‹*VSVYLLZ[LYUV!YVZZV
‹*HTLYHK»HYPH!KVWWPHPUNPHSSVHS[H]PZPIPSP[n
‹*\Z[VKPHLZ[LYUH!5`SVU
‹*OP\Z\YHJ\Z[VKPH!aPW
‹*HTLYHK»HYPH!WVSP\YL[HUV/PNO.YHKLL5`SVU
‹3\JL:VSHZ!(\[VTH[PJH[PWVHWWYV]H[V ,*
WPSHSP[PVK\YH[HHUUPPUJS\ZH
4HU\HSL0SNVUÄHTLU[VTHU\HSL]PLULLMML[[\H[V
TLKPHU[LHaPVUHTLU[V]VSVU[HYPVKLS[PYHU[LJVU
ZLNUHSPUVYVZZVWVZ[VZ\STLJJHUPZTV
6YHSL0SNVUÄHTLU[VVYHSLZPKL[LYTPUHTLKPHU[L
PUZ\MÅHaPVULKPHYPHULSSHHWWVZP[HJHUU\SHYVZZHWVZ[H
Z\\USLTIVKLSSHJHTLYHK»HYPH+PZWVULKP]HS]VSHKP
UVUYP[VYUVLJHWW\JJPVWYV[L[[P]V0SKLÅ\ZZVKLSS»HYPH
JVU[LU\[HHSS»PU[LYUVKLSSHJHTLYHK»HYPHH]]PLULJVU
HWWVZP[VJ\YZVYL
L
[[VY
ZL
:
:
WHN
PUH
PJL
VK
<ZV!,X\PWHNNPHTLU[VTHYP[[PTV:63(:4,+
J
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
KPYPJ
JHYPJHW
WLYN
NP\
\IIV[[PH\
\[V
VNV
VUÄÄH
HIPSSP
(JJLZZZV
VYPU
UH\
\[PJ
JPW
WLYZZHS]
]HN
NLU[[PLNP\
\II
IV[[[PH\[V
VNV
VUÄ
ÄHIPSP
.*
7HY[PJVUZ\THIPSP
+VWV\UNVUÄHTLU[V
)VTIVSHKP*6TVUV\ZV
=HS]VSHPKYVZ[H[PJH/HTTHYTVUV\ZVVWW\YLWHZ[PNSPHJOPTPJHZHSLTVUV\ZV
3\JL:VSHZH\[VTH[PJH!ZVZ[P[\PYLHUJOLZLWHYaPHSTLU[L\[PSPaaH[H
4HU\[LUaPVULWLYPVKPJH
3H]HS]VSHPKYVZ[H[PJH/HTTHY]HJHTIPH[HVNUPHUUPVWW\YLX\HUKVuZ[H[H\[PSPaaH[H
3HWHZ[PNSPHKPZHSL]HJHTIPH[HHSS»\[PSPaaVVWW\YLKVWVHUUVMHJVS[H[P]V
.*
.*
/44
=HS]VSL/HTTHY
‹ HY[/4(=HS]VSH
PKYVZ[H[PJH/HTTHYWLY
[\[[PPNP\IIV[[PKPZHS]H[HNNPV
H\[VNVUÄHIPSPKP[PWVH\[VTH[PJV
‹ HY[/44=HS]VSHTHU\HSL/HTTHY
WLYPNP\IIV[[PKPZHS]H[HNNPVNVUÄHIPSPHK
H[[P]HaPVULTHU\HSL
2P[;LZ[PUHTHU\HSL/HTTHY
7LYNP\IIV[[PKPZHS]H[HNNPVJVUZPZ[LTH/HTTHY
PU[LYJHTIPHIPSLH\[VTHU\HSLL]PJL]LYZH
‹HY[2P[/447LYNP\IIV[[P,5 5L^[VU
‹HY[2P[/447LYNP\IIV[[P,5 5L^[VU
‹HY[2P[/447LYNP\IIV[[P,5 5L^[VU
20;=HS]VSHPKYVZ[H[PJHH\[VTH[PJH
7LYNP\IIV[[PKPZHS]H[HNNPVH\[VNVUÄHIPSPJVUZPZ[LTH
PKYVZ[H[PJV/HTTHY
‹HY[2P[/4(7LYNP\IIV[[P,5 5L^[VU
‹HY[2P[/4(7LYNP\IIV[[P,5 5L^[VU
‹HY[2P[/4(7LYNP\IIV[[P,5 5L^[VU
/4(
2P[H\[VTH[PJVWHZ[PNSPH
ZHSL
7LYNP\IIV[[PZHS]H[HNNPVJVU
ZPZ[LTH/HSRL`9VILY[WHZ[PNSPHKP
ZHSL
‹HY[2P[/9(7LYNP\IIV[[P,5 5L^[VU
‹HY[2P[/9(7LYNP\IIV[[P,5 5L^[VU
‹HY[2P[/97LYNP\IIV[[P,5 5L^[VU
L
[[VY
ZL
3\JL:VSHZ
‹ HY[(8 3\JL:VSHZ
H\[VTH[PJHWLYNP\IIV[[P
ZHS]H[HNNPVH\[VNVUÄHIPSP
WLYNHYHU[PYL]PZPIPSP[n
UV[[\YUHHSUH\MYHNVÄUV
HTPNSPH
PJL
VK
WHN
PUH
*6
J
)VTIVSH*6WLY
NP\IIV[[PKPZHS]H[HNNPV
‹ HY[.*)VTIVSH*6
NYWLY,5 5L^[VU
‹ HY[.*)VTIVSH*6
NYWLY,5 5L^[VU
‹ HY[.*)VTIVSH*6
NYWLY,5 5L^[VU
^^^P[HSJLYJVT
(IIPNSPHTLU[V
0JVTWSL[PNHSSLNNPHU[P[LYTVWYV[L[[P]P-SHKLUZVUVVTVSVNH[P*,,5 0:6
0[LZZ\[PLZ[LYUPZVUVH\[VLZ[PUN\LU[PHSM\VJVSLTLTIYHULPU[LYULNHYHU[PZJVUVSH
WYV[LaPVUL[LYTPJHLSHWYL]LUaPVULKHSS»PWV[LYTPHPUJHZVKPPTTLYZPVULHJJPKLU[HSL
PUHJX\H
3HZ[VYPHKHSS»PKLHHSSHWYVNL[[HaPVULÄUVHSSHYLHSPaaHaPVULu\UJYVNPVSVKP
LZWLYPLUaLKPYPÅLZZPVUPLKPHUHSPZPZJPLU[PÄJOL;\[[VPUPaP~H=HYILYNPU:]LaPH
ILSSPZZPTHJP[[HKPUHHMMHJJPH[HZ\S4HYLKLS5VYKH:\KKP.€[LIVYNHSJ\UPHUUPMH
+HX\PHUJVYHVNNPWHY[VUVPWLZJH[VYPKLSS\VNVWLYSLIH[[\[LKPWLZJHULSTHYL
KLS5VYK;\[[VPUPaP~JVUSHTP[PJHUH[HKH\UPUJVU[YVKPPKLLLZ\NNLYPTLU[PKP
WLZJH[VYPKPNLU[LKPTHYLLKLSJVTHUKHU[L7VU[\Z)LUN[ZZVU
*VZ»u\UJVTWSL[VNHSSLNNPHU[L[LYTVWYV[L[[P]V&
Ï\UJHWVJOLHZZPJ\YHNHSSLNNPHTLU[VNYHaPLHK\UHTLTIYHUHPU[LYUHHJLSS\SH
JOP\ZHLWYV[LaPVUL[LYTPJHPUHJX\HTLKPHU[LPSWYPUJPWPVKLSSHT\[H\TPKH3»HJX\H
LU[YHULSJVTWSL[VL]PLULYPZJHSKH[HHSSH[LTWLYH[\YHJVYWVYLH
:*/,+(;(.30,
())0.30(4,5;6.(33,..0(5;,-3(+,5
??:
?:
:4(33
4,+0<4
3(9.,
?3
??3
??3:
WLZVRN!
HS[LaaHJT!
:VSVWLYTVKLSSPZLYPL.
0UKPJL
4?4?4?
41841
:VSHZ4,+
W W W W W W W ^^^P[HSJLYJVT
30(4,5;6
.HSSLNNPHU[L
HU
;LYTVWYYV[L[[P]V
V
,5 ‹
‹0:6
WHN
PUH
^^^P[HSJLYJVT
())0.30(4,5;6
.HSSLNNPHU[L;LYTVWYV[L[[P]V
,5 ‹0:6
0UHMMVUKHIPSPLZPJ\YPJVU-SHKLU
9LZPZ[LUaH!.PUVJJOPHPU2L]SHY
(S[H]PZPIPSP[n!)HUKLL_[YH:63(:
0TWLYTLHIPSL!APWLJ\JP[\YLYVI\Z[L[LYTVZHSKH[L
50N
3HU\V]HNHTTH4?uPS[VWKLPJVTWSL[PNHSSLNNPHU[P
EN 393
=,5;03(A065,SH[LYHSLWLYMH]VYPYLS»HYLHaPVUL
PU[LYUH
9,:0:;,5A(JVU2L]SHYZ\SSLNPUVJJOPH
05(--65+()03,JVU5L^[VUKPZWPU[HKP
NHSSLNNPHTLU[V
796;,A065,KHZJOVJR[LYTPJVLKPWV[LYTPH
047,94,()03,LKHU[P]LU[V
*HYH[[LYPZ[PJOL[LJUPJOL
;\[HPU[LYH
TVK4?
‹ *,,5 5L^[VU
‹ 0:6
‹ :WPU[HKPNHSSLNNPHTLU[V!ÄUVH5L^[VU
‹ )HUKLYPÅL[[LU[P:VSHZ
‹ ,Z[LYUV!WVSPLZ[LYL+
‹ 4LTIYHUHNHSSLNNPHU[L7=*HJLSS\SHJOP\ZH
‹ *PU[\YHPU]P[HHNNHUJPVYHWPKV
‹ -PZJOPL[[VLTLYNLUaH*,,5 ‹ *\JP[\YL[LYTVZHSKH[LPTWLYTLHIPSPHU[P
JVYYVZPVULLHU[PT\MMH
‹ :PZ[LTHHU[PYPÅ\ZZVHJX\HJOP\Z\YLH]LSJYVZ\
WVSZPLJH]PNSPL
‹ *HWW\JJPV[LYTPJVLJVSSVHS[VPUWPSL
‹ 7VSZPYLNVSHIPSPJVUHSL[[HKPJOP\Z\YH
PU]LSJYVPU[LYUVJOP\Z\YHPU
ULVWYLUL
‹ :PZ[LTHKYLUHNNPVHJX\HJVU
YL[PUPLKVWLYJVSP
‹ =LU[PSHaPVULSH[LYHSLWLYSH
YLZWPYHaPVULKLSJHWV
‹ *OP\Z\YL!KVWWPVJ\YZVYL
aPWHKHS[HYLZPZ[LUaHJVU
WYV[LaPVULPUWPSL
‹ ;HZJOL!
‹ APWZ\SSLNHTIL
‹ .PUVJJOPHPU2L]SHYJVU[HZJH
PUMLYPVYLWLYNPUVJJOPLYL
‹ )YL[LSSLLSHZ[PJPaaH[LHNNHUJPV
YHWPKV
‹ (S[H]PZPIPSP[nJVUMVYTL,5
0:6
‹ ;HNSPL!KH:H??3
‹ 7LZV!4?RN"
4?4?RN
PJ
VK
4?
4?
4?
WHN
PUH
L
L
[[VY
ZL
J
:PJ\YLaaHZ\S3H]VYV7YL]LUaPVULHUULNHTLU[V
+3 +3
U‡
*VTWSL[VNPHJJHTVK4?
LZHSVWL[[LTVK4?
9PMLYPTLU[PUVYTH[P]P
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
WHN
PUH
.HSSLNNPHU[L
;LYTVWYV[L[[P]V
,5 6
^^^P[HSJLYJVT
0UHMMVUKHIPSPLZPJ\YP
JVU-SHKLU
.HSSLNNPHU[L!ÄUVH5L^[VUKPZWPU[H
0UHMMVUKHIPSL!HUJOLJVUNPHJJHV[\[HZ[YHWWH[H
;LYTPJV!KLU[YVLM\VYPKHSS»HJX\H
0TWLYTLHIPSL!J\JP[\YL[LYTVZHSKH[L
())0.30(4,5;6
.HSSLNNPHU[L;LYTVWYV[L[[P]V
,5 50N
EN 393
*HWP[LJUPJPWLY\[PSPaaH[VYPWYVMLZZPVUHSPLZWVY[P]P
3‘HIIPNSPHTLU[VNHSSLNNPHU[LHZZPJ\YHPTWLYTLHIPSP[n
LWYV[LaPVUL[LYTPJHMHJPSP[nKPTV]PTLU[VLJVTVKP[n
ULSS»HTIPLU[LKPSH]VYV6[[PTHWYV[LaPVULHNLU[PH[TVZMLYPJP
:
6TVSVNHaPVUL*,,5 (P\[VHSNHSSLNNPHTLU[V
‹ )HUKLYPÅL[[LU[P:63(:
‹ ;LZZ\[PLZ[LYUP!WVSPLZ[LYL+
‹ 4LTIYHUHNHSSLNNPHU[L!7=*HJLSS\SHJOP\ZH
‹ -PZJOPL[[VLTLYNLUaH*,,5 ‹ *VSSVHS[VYP]LZ[P[VPUWPSL
‹ *HWW\JJPV[LYTPJVLJVSSVHS[VPUWPSL
‹ ;HZJOL! ‹ ;HZJHZ[HNUHWLYJLSS\SHYLTVK+)
‹ 7VSZPYLNVSHIPSP
‹ )YL[LSSLYLNVSHIPSPLSHZ[PJPaaH[LHZNHUJPVYHWPKV
‹ *OP\Z\YL!KVWWPVJ\YZVYLaPWHKHS[HYLZPZ[LUaH
‹ *\JP[\YL![LYTVZHSKH[LPTWLYTLHIPSPHU[PJVYYVZPVULLHU[P
T\MMH
‹ ;HNSPL!KH:H??3
‹ 7LZV[V[HSL!RN
9
*HYH[[LYPZ[PJOL[LJUPJOL
.PHJJH
TVK.NPHSSVHS[H]PZPIPSP[nULYV
TVK9HYHUJPVULHS[H]PZPIPSP[nULYVZ\VYKPUHaPVUL
TVK:ULYVZ\VYKPUHaPVUL
TVK+)IS\ULYV
:HSVWL[[L
TVK:ULYV
9PMLYPTLU[PUVYTH[P]P
+)
:PJ\YLaaHZ\S3H]VYV7LYPSSH]VYH[VYLPUWYVZZPTP[nKPTVSP
IHUJOPULWVU[PZ\SS‘HJX\HHIVYKVKPTLaaPUH]HSP+3
+3 +3 +4L
ZLN\LU[P
PJ
VK
L
WHN
PUH
J
.
:
L
[[VY
ZL
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
.HSSLNNPH
PHU[L
;LYTVWYV[L[[P]V
,5 6
WHN
PUH
^^^P[HSJLYJVT
())0.30(4,5;6
.HSSLNNPHU[L;LYTVWYV[L[[P]V
,5 0UHMMVUKHIPSPL
ZPJ\YP
JVU-SHKLU
-SHKLU9LZJ\L:`Z[LTu!
.HSSLNNPHU[L-PUVH5L^[VU
KPZWPU[H
0UHMMVUKHIPSL(UJOLJVU
NPHJJHV[\[HZ[YHWWH[H
;LYTPJV+LU[YVLM\VYP
KHSS»HJX\H
0TWLYTLHIPSL*\JP[\YL[LYTVZHSKH[L
).
.:
*VTWSL[PPUHMMVUKHIPSPPTWLYTLHIPSP[LYTPJP
LJVTVKPWLY\ZVUH\[PJVWYVMLZZPVUHSLL
ZWVY[P]V
3»HIIPNSPHTLU[VUH\[PJVNHSSLNNPHU[L
¸05(--65+()03,¹WLYTL[[LHK\UH
WLYZVUHKPYPTHULYLHNHSSHJVU\UHZWPU[HKP
NHSSLNNPHTLU[VÄUV5L^[VU
7YV[LaPVULKH:OVJR[LYTPJVLPWV[LYTPH
;\[HPU[LYH!
‹ TVK).NPHSSVHS[H]PZPIPSP[nIS\
‹ TVK.:NPHSSVHS[H]PZPIPSP[nULYV
:HSVWL[[L!
‹ TVK)IS\
‹ TVK:ULYV
50N
).
.PHJJH!
‹ TVK).NPHSSVHS[H]PZPIPSP[nIS\
‹ TVK.:NPHSSVHS[H]PZPIPSP[nULYV
EN 393
.:
L
[[VY
ZL
‹ *,,5 5L^[VUJLY[PÄJHaPVULJVTL
[\[HJVTWSL[VNHSSLNNPHU[L
‹ 0:6JLY[PÄJHaPVULJVTL[\[HHK
PTTLYZPVULPTTLYZPVUZ\P[
‹ )HUKLYPÅL[[LU[P:VSHZ
‹ 4LTIYHUHNHSSLNNPHU[L!7=*HJLSS\SHJOP\ZH
‹ *PU[\YHPU]P[HZNHUJPVYHWPKV
‹ -PZJOPL[[VLTLYNLUaH*,,5 ‹ *\JP[\YL![LYTVZHSKH[LPTWLYTLHIPSPHU[P
JVYYVZPVULLHU[PT\MMH
‹ *HWW\JJPV[LYTPJVLJVSSVHS[VPUWPSL
‹ 7VSZPYLNVSHIPSPJVUHSL[[HKPJOP\Z\YHPU
]LSJYVPU[LYUVJOP\Z\YHPUULVWYLUL
‹ *OP\Z\YL!KVWWPVJ\YZVYLaPWHKHS[H
YLZPZ[LUaH
‹ ;HZJOL! ‹ )YL[LSSLLSHZ[PJPaaH[LHNNHUJPVYHWPKV
‹ ;HNSPL!KH??:H??3L??3:
‹ 7LZV!RN"RN
)
*HYH[[LYPZ[PJOL[LJUPJOL
L
PJ
VK
WHN
PUH
J
:PJ\YLaaHZ\S3H]VYV7LYPSSH]VYH[VYLPU
WYVZZPTP[nKPTVSPIHUJOPULWVU[PZ\SS‘HJX\H
HIVYKVKPTLaaPUH]HSP+3 +3
U‡+3 +4
LZLN\LU[P
:
9PMLYPTLU[PUVYTH[P]P
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
.HSSLNNPHU[L
;LYTVWYV[L[[P]V
,5 ;6
WHN
PUH
^^^P[HSJLYJVT
())0.30(4,5;6
.HSSLNNPHU[L;LYTVWYV[L[[P]V
.
,5 0UHMMVUKHIPSPLZPJ\YPJVU-SHKLU
9
-SHKLU9LZJ\L:`Z[LTu!
:
:PJ\YLaaH!KVWWPHVTVSVNHaPVUL,5 0:6
.HSSLNNPHU[L!ÄUVH5L^[VUKPZWPU[H
0UHMMVUKHIPSL!HUJOLJVUNPHJJHV[\[HZ[YHWWH[H
(S[H]PZPIPSP[n!IHUKLL_[YH:63(:
3L[\[LNHSSLNNPHU[PZHS]H]P[H+70VTVSVNH[P*,,5 0:6:VUVJHWP[LYTPJPWLYSHWYV[LaPVULKHNSP
HNLU[PH[TVZMLYPJP0UHMMVUKHIPSPWYV[LNNVUVKHZJOVJR
[LYTPJVLPWV[LYTPHPUHJX\H
;\[HNHSSLNNPHU[L[LYTVWYV[L[[P]H
4VS[VJVTVKHJVUIYL[LSSLLWYH[PJHJVU]LU[PSHaPVUL
SH[LYHSL+PZWVULKP[HZJHZ[HNUHWLYJLSS\SHYL
;\[HNHSSLNNPHU[L[LYTVWYV[L[[P]H
*HWVWLY\ZVTHYP[[PTVHK\ZVJVU[PU\VPTWLYTLHIPSL
HU[P]LU[V6[[PTVYHWWVY[VX\HSP[nWYLaaV
*HYH[[LYPZ[PJOL[LJUPJOL
‹*,,5 5L^[VUJLY[PÄJHaPVULJVTL[\[H
NHSSLNNPHU[L
‹0:6JLY[PÄJHaPVULJVTL[\[HHKPTTLYZPVUL
7YV[LaPVULJVU[YV:OVJR[LYTPJVLPWV[LYTPH
‹)HUKLYPÅL[[LU[P:VSHZ
‹*HWW\JJPV[LYTPJV
‹*VSSV!HS[VPUWPSL
‹*OP\Z\YL!aPWHS[HYLZPZ[LUaHHKVWWPVJ\YZVYL
‹*PU[\YHPU]P[HHNNHUJPVYHWPKV
‹*\JP[\YL![LYTVZHSKH[LPTWLYTLHIPSPHU[PJVYYVZPVUL
HU[PT\MMH
‹-PZJOPL[[VLTLYNLUaH*,,5 ‹4LTIYHUHNHSSLNNPHU[L7=*HJLSS\SHJOP\ZH
‹7VSZP!LZ[LYUVYLNVSHIPSL]LSJYVPU[LYUVPUULVWYLUL
TTJVUH[[HJJVPU]LSJYV
‹9LNVSHaPVULJH]PNSPL
‹:PZ[LTHHU[PYPÅ\ZZVHJX\H
‹:PZ[LTHKYLUHNNPVHJX\H!YL[PUPLKVWLYJVSPWLY
M\VYP\ZJP[HHJX\H
‹;HZJHZ[HNUHWLYJLSS\SHYLTVK
‹APWSH[LYHSPWLY]LU[PSHaPVULTVK
‹;HNSPL!KH:H??3
‹7LZV!RN"RN
50N
EN 393
*VSVYP
9
9PMLYPTLU[PUVYTH[P]P
L
[[VY
ZL
TVK9YVZZVHS[H]PZPIPSP[nULYV
TVK9YVZZVHS[H]PZPIPSP[nULYV
TVK.NPHSSVHS[H]PZPIPSP[nULYV
TVK:ULYVZ\VYKPUHaPVUL
PJ
VK
WHN
PUH
L
:PJ\YLaaHZ\S3H]VYV!WLYPSSH]VYH[VYLPUWYVZZPTP[nKPTVSP
IHUJOPULWVU[PZ\SS‘HJX\HHIVYKVKPTLaaPUH]HSP+3
+3 +3 +4LZLN\LU[P
J
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
.HSSLNNPHU[L
0TWLYTLHIPSL
WHN
PUH
^^^P[HSJLYJVT
.03,;)64),9
.HSSLNNPHU[L0TWLYTLHIPSL
.PSL[)64),9
50N
.P\IIV[[VWLY\ZVTHYP[[PTVPTWLYTLHIPSLHU[P]LU[V
JVUZWPU[HKPNHSSLNNPHTLU[VZ\WLYPVYL5L^[VUZ
EN 393
*HYH[[LYPZ[PJOL[LJUPJOL
‹ 3»PTIV[[P[\YHHJLSS\SLJOP\ZLHZZPJ\YHWYV[LaPVULKH
ZJOVJR[LYTPJVLKPWV[LYTPH
‹ 0TWLYTLHIPSLLZ[LYUVU`SVUHS[HYLZPZ[LUaH
‹ )HUKL:VSHZYPÅL[[LU[PZ\JHWW\JJPVLZWHSSL
‹ *OP\Z\YHPUKVWWPHaPW
‹ *HWW\JJPV[LYTPJV
‹ *\JP[\YLPTWLYTLHIPSP[LYTVZHSKH[L
‹ 7VSZPUPLNPYV]P[HPUTHNSPH
‹ *VSSVHS[VL[HZJOLPUWPSL
‹ *PU[\YHKPYLNVSHaPVUL
‹ ;HZJHMYVU[HSLWLYYHKPVVJLSS\SHYL
‹ ;HZJHJVUÄZJOPL[[VK»LTLYNLUaH
‹ 3LNNLYVJVTVKVL]LYZH[PSL
*VSVYL
9VZZV)S\4HYPUHVHYPJOPLZ[H
.PSL[)64),9
.P\IIV[[VWLY\ZVTHYP[[PTVPTWLYTLHIPSLHU[P]LU[V
JVUZWPU[HKPNHSSLNNPHTLU[VZ\WLYPVYL5L^[VUZ
*HYH[[LYPZ[PJOL[LJUPJOL
EN 1149-3
2004
EN 531
1995
A B1 C1
EN 533
Siopor: Index1,12x40°C
Lining: Index3,12x40°C
1997
3
2003
*VSVYL
9VZZV)S\4HYPUH
(YHUJPVHS[H]PZPIPSP[n)S\4HYPUH
.PHSSVHS[H]PZPIPSP[n)S\4HYPUH
150N
L
[[VY
ZL
EN 343
2
‹ )VTILYPUJVYWVYH\UNP\IIV[[VKPZHS]H[HNNPV
H\[VNVUÄHIPSL5
‹ 0TWLYTLHIPSLL[YHZWPYHU[L
‹ (U[PM\VJVLHU[PZ[H[PJV
‹ *HWW\JJPVHS[H]PZPIPSP[n
‹ )HUKLYPÅL[[LU[PJVUMVYTP,5
‹ ;HZJOLSH[LYHSPZ[HNUL
‹ ;HZJH[YHZWLYLU[LWLY[LZZLYHPKLU[PÄJH[P]H
‹ 0TIV[[P[\YHPU[LYUHHU[PÄHTTHYLTV]PIPSL
‹ +PZWVUPIPSLPU]LYZPVUL*,VWW\YL5:VSHZ
‹ ;HZJHMYVU[HSLWLYYHKPVVJLSS\SHYL
‹ ;HZJHJVUÄZJOPL[[VK»LTLYNLUaH
‹ 3LNNLYVJVTVKVL]LYZH[PSL
EN 396
PJ
VK
418
41
WHN
PUH
J
EN 399
L
275N
^^^P[HSJLYJVT
:6;;6;<;(
;,940*6
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
TVKLSSV
:V[[V[\[H[LYTPJVPU[LNYHSLYPK\JLPYPZJOPKPPWV[LYTPH
LKH\TLU[HPSZLUZVKPILULZZLYLLJHSVYL
‹;HNSPLKH:H??3
4VKLSSP
ULYV
.03,;4<3;0;(:*/,
,5 5L^[VU
.PSL[NHSSLNNPHU[LVTVSVNH[V,5 HP\[VHS
NHSSLNNPHTLU[V
HTWPL[HZJOLMYVU[HSP(TWPHZIYHJJPH[H
*HYH[[LYPZ[PJOL
50N
EN 393
‹6TVSVNHaPVUL*,,5 5L^[VU
‹)HUKL:63(:YPÅL[[LU[P
‹*PU[\YHPU]P[HYLNVSHIPSLJVUJSPWHZNHUJPVYHWPKV
‹+VWWPHJPUNOPHZV[[VJVZJPHSL
‹-PZJOPL[[VLTLYNLUaH,5 ‹;HNSPL!KH:H??3
4VKLSSP
.NPHSSVULYV
.03,;
(P\[VHSNHSSLNNPHTLU[V
,5 5L^[VU
+PZWVZP[P]VKP7YV[LaPVULPUKP]PK\HSL
VTVSVNH[V*,,5 .PSL[(P\[VHS
NHSSLNNPHTLU[V
*HYH[[LYPZ[PJOL
‹ 6TVSVNHaPVUL*,,5 ‹ (TWPHZIYHJJPH[HWLYMHJPSP[n
TV]PTLU[V
‹ +VWWPHJPUNOPHZV[[VJVZJPHSL
‹ +\L[HZJOLMYVU[HSPJVUJOP\Z\YHaPWL
[HZJHPU[LYUH
‹ ;HNSPLKH:H??3
50N
4VKLSSP
L
[[VY
ZL
)
EN 393
)IS\IPHUJVYVZZV
WHN
PUH
J
:PJ\YLaaHZ\S3H]VYV7LYPSSH]VYH[VYLPUWYVZZPTP[n
KPTVSPIHUJOPULWVU[PZ\SS‘HJX\HHIVYKVKPTLaaP
UH]HSP
‹+3 ‹+3
U‡
‹+4THNNPV !UH]PNHaPVULKHKPWVY[V
PJL
VK
9PMLYPTLU[PUVYTH[P]P
^^^P[HSJLYJVT
:63(:4,+
;\[HKHZVWYH]]P]LUaH
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
;2:,
;\[HZ[HNUHNHSSLNNPHU[L:63(:
:\WLYHHIIVUKHU[LTLU[LSLVYL
KPZVWYH]]P]LUaHYPJOPLZ[LKHSSL
UVYTH[P]L[LJUPJOL
*HYH[[LYPZ[PJOL[LJUPJOL
TVKLSSV;2:,
;\[HHKPTTLYZPVULZVWYH]]P]LUaH
:63(:4,+7LYPUK\Z[YPHVMM
ZOVYLTHYPUHJVTTLYJPHSLWLZJH
WYVMLZZPVUHSL
‹ .HSSLNNPHTLU[V5L^[VU
‹ -PZJOPL[[VKPLTLYNLUaH
‹ .\HU[PULVWYLULYP]LZ[P[PPUSH[[PJL
‹ .\HU[P[LYTPJPLZ[LYUP[YLKP[HPU
ULVWYLUL
‹ *HWW\JJPVPUULVWYLUL
‹ 4LTIYHUH[LYTPJHZVM[7=*
‹ :HSKH[\YH\S[YHZ\VUP
‹ 5`SVU6_MVYK+LUPLY
‹ /PNO8\HSP[`APWJVUJ\YZVYL;
WLY\[PSPaaVJVUN\HU[P
‹ :V[[V[\[HYLTV]PIPSLPU;HMML[H
7VSPLZ[LYL
‹ HUUPKPNHYHUaPH
‹ :VSL[[HHU[PZJP]VSV
‹ ;PWVHWWYV]H[V:63(:3SV`K»Z
4*(
4.
‹ .HSSLNNPHTLU[VZ\WLYPVYL5
‹ .HYHU[PZJLVYHKPWYV[LaPVUL
JVU[YVZJOVJR[LYTPJVLK
PWV[LYTPHPUHJX\LMYLKKL
‹ ;LTWLYH[\YHHJX\H‡*$*36
Z\WLYPVYL
;2:
4.JHYH[[LYPZ[PJOLJVTL4.
;2:
;\[HKHZVWYH]]P]LUaH:63(:KP
WYV[LaPVULZ\WLYPVYLHSTVKLSSV:,
0W\U[PKPNP\U[\YHOHUUV\UH
YLZPZ[LUaHZ\WLYPVYLKLS
YPZWL[[VHX\HU[VYPJOPLZ[V
[LJUPJHTLU[LKHSSLUVYTH[P]LNYHaPL
HZHSKH[\YHHK\S[YHZ\VUP*VSSHYL
NVUÄHIPSLLPTIYHJH[\YHKPZPJ\YLaaH
KHZVSSL]HTLU[V
4*
:V[[V[\[H;LYTPJV
‹ *VSVYLJVKPÄJH[VWLYSH[HNSPH
4*JHYH[[LYPZ[PJOLJVTL4.
‹ .P\IIV[[VZHS]H[HNNPV:63(:
IPJHTLYHH\[VNVUÄHIPSL
*HYH[[LYPZ[PJOL[LJUPJOL
TVKLSSV;2:
‹ .P\IIV[[VZHS]H[HNNPV:63(:
IPJHTLYHH\[VNVUÄHIPSL
4*3
4*
EN 393
3
1
L
ENV 343
1998
:VSHZ
4,+
PJ
VK
4.
50N
WHN
PUH
+\L[HNSPL!
<$<UP]LYZHSL JTKP
HS[LaaH
6$:\WLYJTKPHS[LaaH
4* JHYH[[LYPZ[PJOLJVTL4.
J
‹ *VSSHYLNHSSLNNPHU[L7,
‹ .HSSLNNPHTLU[V5L^[VUL
5L^[VUJVUJVSSHYLNVUÄH[V
‹ -PZJOPL[[VKPLTLYNLUaH
‹ 0TIYHJH[\YHKHZVSSL]HTLU[V
‹ .\HU[PPUULVWYLULYP]LZ[P[PPU
SH[[PJL
‹ .\HU[P[LYTPJPLZ[LYUP[YLKP[HPU
ULVWYLUL
‹ :HNVSHYLJ\WLYV
‹ *HWW\JJPVPUULVWYLUL
‹ 4LTIYHUH[LYTPJHZVM[7=*
‹ :HSKH[\YH\S[YHZ\VUP
‹ 5`SVU6_MVYK+LUPLYJVU
YP]LZ[PTLU[V;7<
‹ .P\U[\YLHS[HX\HSP[nRN
YPJOPLZ[VRN
‹ /PNO8\HSP[`APWJVUJ\YZVYL;WLY
\[PSPaaVJVUN\HU[P
‹ 7LYKP[H[LTWLYH[\YHKVWVVYL
ZVS[HU[V‡*YPJOPLZ[V‡*
‹ HUUPKPNHYHUaPH
‹ :VSL[[HHU[PZJP]VSV
‹ ;PWVHWWYV]H[V:63(:3SV``K»Z
4*(
‹ .HSSLNNPHTLU[V5
‹ VYLKPWYV[LaPVUL[LYTPJH
‹ ;LTWLYH[\YHHJX\H‡*$*36
Z\WLYPVYL
‹ ;LTWLYH[\YHHJX\H ‡*H‡*
$*36Z\WLYPVYL
^^^P[HSJLYJVT
,MML[[PKLSSH[LTWLYH[\YHKLSS»HJX\H
Z\SJVYWV\THUV
,U[YHUKVPUHJX\HZPH]]LY[L\UHYLHaPVULJOLuPUM\UaPVULKLSSH;LTWLYH[\YH
3»PTTLYZPVULPUHJX\LMYLKKLH‡*JH\ZHPWLY]LU[PSHaPVULLIVJJOLNNPVJVU
WVZZPIPSP[nKPPUNYLZZVHJJPKLU[HSLKPHJX\HULSSL]PLYLZWPYH[VYPL)HZ[HUVWVJOL
NVJJLWLYJH\ZHYLSHTVY[LWLYHUULNHTLU[V
(UJOLPSWPƒLZWLY[VU\V[H[VYLZP[YV]LYLIILPUKPMÄJVS[nWLYJOtPT\ZJVSPUVU
YPZWVUKVUV
,MML[[PKLSS»PWV[LYTPH
3»HJX\HJH\ZHSHYPK\aPVULKLSSH[LTWLYH[\YHJVYWVYLH]VS[LWPƒ]LSVJLTLU[LJOL
ULSS»HYPH
‡*
‡‡*
‡‡*
‡*
‡*
‡‡*
‡*
‡*
;LTWLYH[\YHJVYWVYLHUVYTHSL
)YP]PKP
*VUM\ZPVULTLU[HSL
*LZZHaPVULIYP]PKPJYHTWPLYPNPKP[nT\ZJVSHYL
:VUUVSLUaH:LTPPUJVZJPLUaH
0UJVZJPLUaHW\WPSSLKPSH[H[LWLYKP[HKLPYPÅLZZP
7VSZVHZZLU[LTVY[LHWWHYLU[L
4VY[L
0JVTWSL[PNHSSLNNPHU[P-SHKLUŽPTWLKPZJVUVSVZJOVJR[LYTPJVPUHJX\HLYHSSLU[HUV
NSPLMML[[PKLSS»PWV[LYTPH
WHN
PUH
^^^P[HSJLYJVT
:VJJVYZV
.SPLX\PWHNNPHTLU[PKPZVJJVYZVKLSSH0;(3*,94HYPUL:HML[`ZVUVZ[H[P
ZLSLaPVUH[PKHSSH0;(3*,94HYPUL:HML[`WLYSHX\HSP[nS»HMÄKHIPSP[nLSH
NHYHUaPHKPWYVKV[[PWYVMLZZPVUHSPHKHS[VSP]LSSV
0KPZWVZP[P]PZVUVYLHSPaaH[PJVUPWPƒH]HUaH[PZPZ[LTPKPWYVNL[[HaPVUL
TLJJHUPJHLKLSL[[YVUPJH.SPHJJLZZVYPLKPWLaaPKPYPJHTIPVZVUVZLTWYL
YLWLYPIPSP
0UKPJL
*HZJVKPZPJ\YLaaH.LJRV4HYPUL
:(;.PSL[HU[PWYVPL[[PSLT\S[PZ[YH[P
3HUJPHZHNVSH9LZ8TH_
:JHSH1HZVU»Z*YHKSL+PWVY[V
:JHSH1HZVU»Z*YHKSL7YVMLZZPVUHSL
)HYLSSH1HZVU»Z*YHKSL7YVMLZZPVUHSL
WHN
WHN
WHN
WHN
WHN
WHN
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
.,*264(905,*HZJVKPZPJ\YLaaH
WHN
PUH
^^^P[HSJLYJVT
0SJHZJVKPZPJ\YLaaH.LJRV4HYPULu
WYVNL[[H[VHK\ZVTHYP[[PTVWLYMVYUPYL
WYV[LaPVULKLSSH[LZ[HJVUYPKV[[HLZWVZPaPVUL
HNSPHNLU[PH[TVZMLYPJP0SJHZJVMVYUPZJLW\U[P
KPÄZZHNNPVWLY\UH]HZ[HNHTTHKPHJJLZZVYP
JVTWYLZLSL]PZPLYLVJJOPHSPL[VYJL
.\ZJPVLZ[LYUV
0SN\ZJPVLZ[LYUVu\UIPJVTWVULU[LPU
]L[YVYLZPUHZ[Y\[[\YH\UPJHPU2L]SHYLÄIYH
KP]L[YV*HZJVWLZV[V[HSLNYHTTP
4HYJH[\YH*,
VWL
UMH
JL
.,*264(905,
*HZJVKPZPJ\YLaaH
9P]LZ[PTLU[V0U[LYUVNVUÄHIPSL
0SJHZJVJVU[PLUL\UZPZ[LTHNVUÄHIPSLWLY
NHYHU[PYL\UJVYYL[[VHKH[[HTLU[V
=PZPLYH
3L]PZPLYLZVUVKPZWVUPIPSPPU]LYZPVULPU[LNYHSL
VZLTP3HSLU[LW\~LZZLYLPU]LYZPVUL
[YHZWHYLU[LVWW\YLÄS[YH[HPU\UHNHTTHKP
[PU[LHZZVY[P[L
J\
[H
^H
`
*VT\UPJHaPVUPL]PKLV6WaPVUP
;\[[PPJHZJOP.4:/4RZVUVWYVNL[[H[PWLY
JVUZLU[PYLS»PU[LNYHaPVULWLYJVT\UPJHaPVUP
H\KPVL]PKLV*VU\UZPZ[LTHKP
JVT\UPJHaPVUL9PI*VTS»LX\PWHNNPVW\~
JOPHYHTLU[LJVU]LYZHYLULSSHWYVWYPHWVZPaPVUL
PUIHYJH
M\SS
M HJ
L
=PKLVKPZWVZP[P]PKPJVT\UPJHaPVUL
<[PSPaaHUKVSHWPƒH]HUaH[HZPJ\YLaaHTHYP[[PTH
Z\SJHZJV.LJRV42HIIPHTVPUZLYP[VSH
.,*.LJRV,`L*HTLYH]PKLV8\LZ[Vu\U
YLNPZ[YH[VYL]PKLVLH\KPV0ÄSTH[PWVZZVUV
LZZLYLZJHYPJH[PZ\\UJVTW\[LYWVY[H[PSL7*
\[PSPaaHUKV\UZPZ[LTHWS\NHUKWSH`
VWLUMHJLZPZ[LTH]PKLV
L
[[VY
ZL
PJ
VK
WHN
PUH
L
VWLUMHJLZPZ[LTHH\KPV
.,*26
J
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
.PSL[H
HU[PWYVPL[[PSL
T\S[PZ[YH[P
WHN
PUH
^^^P[HSJLYJVT
‹ 3LNNLYLaaHLÅLZZPIPSP[n
‹ 9PK\aPVULKLS[YH\TH
‹ :PZ[LTHLJJLaPVUHSLWLYYLNVSHaPVUL
JHSVYLL[YHZWPYHaPVUL
‹ 7YV[VJVSSV=
‹ +LZPNUTVK\SHYLLKHUH[VTPJVWLY
\VTVLKVUUH
‹ =LYZH[PSP[n!ZPW\~HNNP\UNLYLWYV[LaPVUL
PUN\PUHSLJVSSVZWHSSLLIYHJJPH
[L
Ha
P
P
VU
ZW
L J PH
SP
Y V
WL
Y
W YV
PL [
[PSL
N
HS
S
PH U
WL
SL
. PS L [ H U [ P W Y V P L [ [ P
]L
Y[
PZ
]
S
PIP
P[n
VT
WH
J[
[PSL
*
.PSL[HU[PW
YVPL
[[ P S
LH
S[H
. PS L [ H
U [P W
YV
PL[
[PS L
6
.PSL[HU[
PWYV
PL[
.PSL[HU[PWYVPL[[PSLNHSSLNNPHU[L
6[[PTHJVTIPUHaPVUL[YHWYV[LaPVULIHSPZ[PJH
LNHSSLNNPHTLU[V0SNPSL[HU[PWYVPL[[PSLLK
PSNP\IIV[[VKPZHS]H[HNNPVH\[VNVUÄHIPSL
WVZZVUVLZZLYLPUKVZZH[PHUJOL
ZLWHYH[HTLU[L+PZWVUPIPSLPU]LYZPVUL*,L
:63(:5L50KLHSLWLYSH.\HYKPH
*VZ[PLYH
N
LN
. PS L [ H U [ P
3HSPULHKPNPSL[HU[PWYVPL[[PSL:(;JVUZPZ[LKP
NPSL[SLNNLYPLTVK\SHYPJOLWYV[LNNVUVJVU[YV
HYTPKHM\VJVLKH[HNSPVZPYPUNOLJOPVKP
LKHS[YPWYVKV[[P[HNSPLU[P0SN\ZJPVWYV[L[[P]V
PULYLU[LHU[P[YH\THHZZVYILNSPLMML[[PKPJHSJP
LW\NUP0NPSL[ZVUV\[PSPaaH[PKH7VSPaPH4PSP[HYP
:PJ\YLaaHL:LY]PaPKPHTI\SHUaH
3H:(;OHWYVWYPZ[HIPSPTLU[PWLYP[LZ[
IHSPZ[PJPLJVUHYTPKH[HNSPV
7LYYPK\YYLNSPLMML[[PKLSJHSVYLLKLSSH
[YHZWPYHaPVULPNPSL[ZVUVZ[H[PJVUMLaPVUH[PJVU
[LZZ\[VPU[LYUV*6634(?ŽJOLWLYTL[[L
KPPTTHNHaaPUHYLPSJHSVYLPULJJLZZVVS[YLP
‡*ULS[LZZ\[VLWVPKPLTL[[LYSVX\HUKVSH
[LTWLYH[\YHJVYWVYLHZJLUKLZV[[VP‡*
7LY\U»HZJP\NH[\YH]LSVJLLHU[PIH[[LYPJH
u\[PSPaaH[VPS:06*663ŽJOLJVTIPUHSH
TVYIPKLaaHKLSJV[VULHSSHM\UaPVUHSP[nKLS
WVS`LZ[LYLTHU[LULUKVSHWLSSLHZJP\[[HL
MYLZJH
*VTWVZPaPVULT\S[PZ[YH[VKLSNPSL[
HU[PWYVPL[[PSL:(;!
‹ ;LZZ\[VLZ[LYUVHS[HTLU[L[YHZWPYHU[LL
JVUMVY[L]VSLWLYSH]VYHYLPUVNUPJVUKPaPVUL
TL[LVYVSVNPJH
‹ :(;Z[YH[VKPWYV[LaPVULIHSPZ[PJHPU[LYUV
PU]HYPTH[LYPHSPZLJVUKVSLUVYTLYPJOPLZ[L
YHJJOP\ZVPU\UHTLTIYHUHKP;7<3H
WSHJJHHU[PWYVPL[[PSLW\~LZZLYLKP[PWV
TVYIPKVVYPNPKV
‹ 0TIV[[P[\YH[LYTPJHJOLHZZVYILPSJHSVYL
LJJLZZP]VLSVPTTHNHaaPUHPUTVKV
KHNHYHU[PYL\UH[LTWLYH[\YHNYHKL]VSL
JVZ[HU[LZ\P‡*
‹ -VKLYHPU[LYUHPUTHNSPHWLYJVTMVY[
]LU[PSHaPVULLÅLZZPIPSP[n
‹ 9LMLYLUaL,\YVWLL!\[PSPaaH[PPU0UNOPS[LYYH
-YHUJPH.LYTHUPH6SHUKH0YSHUKH
7VY[VNHSSV)LSNPV:]LaPH+HUPTHYJH
:SV]HJJOPHL0ZSHUKH
:(;
.PSL[HU[PWYVPL[[PSLT\S[PZ[YH[P
.PSL[HU[PWYVPL[[PSL6]LY[
7VZZPIPSP[nKPHNNP\UNLYL[HZJOLLSVNOPZ\
YPJOPLZ[H0KLHSLWLY-VYaLKLSSH7VSPaPHL
:PJ\YLaaH
L
[[VY
ZL
.PSL[HU[PWYVPL[[PSLHS[H]PZPIPSP[n
6[[PTHJVTIPUHaPVUL[YHWYV[LaPVULIHSPZ[PJH
LKHS[H]PZPIPSP[nZLJVUKV,50KLHSLWLY
\[PSPaaVZ\Z[YHKLLULS[YHMÄJV
P JL
VK
:(;
WHN
PUH
.PSL[HU[PWYVPL[[PSL*VTWHJ[
<UHWYV[LaPVULTVS[VSLNNLYHJVTVKHL
ÅLZZPIPSL0UKVZZH[VZV[[VNSPPUK\TLU[Pu
PU]PZPIPSL7LZV!#RN
J
.PSL[HU[PWYVPL[[PSLWLYVWLYHaPVUPZWLJPHSP
;HZJOLHU[PWYVPL[[PSP0000=WYV[LaPVULJVSSV
NVSHSH[LYHSLLPUN\PUL[HZJOLZ[HJJHIPSP
PU[LYJHTIPHIPSPJVUZPZ[LTH4633,7YV[LaPVUL
IHSPZ[PJHKPHS[HX\HSP[n7LZV!#RN
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
9,:84(?
3HUJPHZHNVSHHKHYPHJVTWYLZZH
WHN
PUH
^^^P[HSJLYJVT
0S9LZ8TH_u\USHUJPHZHNVSHHKHYPHJVTWYLZZH
WYVNL[[H[VWLYSHUJPHYL\UHZHNVSHVWW\YL\UHJPU[\YH
H\[VNVUÄHIPSLWLYSH]VYVVZVJJVYZV
0SM\JPSL9LZ8TH_NHYHU[PZJLSHTHZZPTHZPJ\YLaaH
0SM\JPSL9LZ8TH_u\[PSPaaHIPSLPUTHYLHJX\LJVYYLU[PH
[LYYHPUJP[[nLKPUVNUPJVUKPaPVULTL[LVYVSVNPJH
7YVW\SZPVULHKHYPHJVTWYLZZHUVUuWPYV[LJUPJV
7\V»LZZLYLYP\[PSPaaH[VLYPJHYPJH[V0SWYVPL[[PSLOHS»HYPH
WYLZZ\YPaaH[HHSS»PU[LYUVL[YHZWVY[HSHZHNVSH
9,:84(?
3HUJPHZHNVSH
HKHYPHJVTWYLZZH
+PZ[HUaH4(?PTH
:HNVSHZ[HUKHYKTTÄUVHTL[YPH)HY6S[YL
TL[YPH)HY3H]LYZPVUL:VSHZÄUVHTL[YP
:PJ\YLaaH4(?PTH
0UULZ[VKLSSHZPJ\YHH\[VTH[PJHX\HUKV\UWYVPL[[PSLu
PUZLYP[V+VWWPH]HS]VSHKPZPJ\YLaaHWLYZJHYPJVKLSSH
WYLZZPVULPULJJLZZV
7YLZ[HaPVUL4(?PTH
0IVTIVSPUPWVZZVUVLZZLYLWYLJHYPJH[PLPTTHNHaaPUH[P,»
WVZZPIPSLLMML[[\HYL\UHZ\JJLZZPVULYHWPKHKP[PYP
=LYZH[PSP[n4(?PTH
0SWYVPL[[PSLJVU*PU[\YHH\[VNVUÄHIPSLKPZ[LUKL\UMLYYVKP
JH]HSSVLK\UHZHNVSHKPYLJ\WLYV3HJPU[\YHNVUÄHIPSLZP
H[[P]HH\[VTH[PJHTLU[LULSS»HJX\H7LYWLYZVULÄUVH
RN
:PJ\YLaaH
0SM\JPSLKPZWVULKPZPZ[LTPKPZPJ\YLaaH!
‹ :PJ\YHH\[VTH[PJHPUHYTHTLU[VHSS»PUULZ[VKLSWYVPL[[PSL
‹ :PJ\YHTHU\HSLHJOPH]L
‹ =HS]VSHKPZPJ\YLaaHZ\SM\JPSLZJHYPJVHYPHJVTWYLZZHWLY
H\TLU[VKPWYLZZPVUL
‹ =HS]VSHKPZPJ\YLaaHZ\SWYVPL[[PSLZJHYPJVHYPHJVTWYLZZH
WLYH\TLU[VKPWYLZZPVUL
9LZ8TH_(34(::(<3;
0SSHUJPZHNVSH(34uYLHSPaaH[VPU[P[HUPVWLY\ZVTPSP[HYL7\~
KPZ[LUKLYLVWLYHUKVÄUVHH[T\UYHTWPUVPU[P[HUPV
\UHZJHSHKPYPZHSP[H\UHZHNVSHKHHYYHTWPJH[H
,»\[PSPaaH[V;P[HUPV(3=WLYPSTPNSPVYYHWWVY[VWLZV
YVI\Z[LaaH
0STH[LYPHSLuPULY[LHSS»HJX\HKPTHYL
IHYWLYPWYVPL[[PSPPU;P[HUPV
IHYWLYPWYVPL[[PSPZ[HUKHYK
9LZ8TH_:63(:
0S9LZ8TH_SHUJPHZHNVSLWLY\ZVTHYP[[PTVPUJVUMVYTP[n
JVUSLUVYTH[P]L046:63(:LX\PWHNNPHTLU[VTHYP[[PTVKP
IVYKV
L
PJ
VK
9LZ8TH_
WHN
PUH
+PTLUZPVUP
3HUJPHZHNVSHUVYTHSLJVUPSJHSJPVYPWPLNH[VJT
JVUJHSJPVKLSM\JPSLJT
7LZV
RNM\JPSLWYVPL[[PSLJHSJPVKLSM\JPSL
9LZ8TH_;H[[PJV
0S9LZ8TH_;H[[PJVu\USHUJPHZHNVSHKPU\V]H
NLULYHaPVULWYVNL[[H[VWLYSHUJPHYL\UHZHNVSH\UYHTWPUV
JVUZHNVSHWLYHYYHTWPJH[H
L
[[VY
ZL
*HYH[[LYPZ[PJOL[LJUPJOL
7YVPL[[PSL
‹ 4H[LYPHSL!(SS\TPUPV
‹ 7YVW\SZPVUL!(YPHJVTWYLZZHJVU[LU\[HULSWYVPL[[PSL
‹ =HS]VSHKPZPJ\YLaaH!([[P]HHWZP)HY
-\JPSL
‹ *VTWVULU[PTL[HSSPJP!TLJJHUPZTVKPSHUJPVPUHJJPHPV
PUVZZPKHIPSL(YTH[\YHM\JPSL!WVSPJHYIVUH[VLU`SVU
4HUVTL[YP
‹ :\SM\JPSLLZ\SSHMY\Z[HHKVWWPHZJHSH7:0L)(9WLY
]LYPÄJHLYLNVSHaPVULWYLZZPVUL
*VU[LUP[VYLSHUJPHZHNVSH
‹ 0UWVSPL[PSLULNHSSLNNPHU[LHU[P\Y[V
*HYPJHTLU[V
‹ 7YVPL[[PSPJHYPJHIPSPPUKPWLUKLU[LTLU[LKHSM\JPSLJVU
IVTIVSHKHZ\IH\[VWYV[L[[VYLJVTWYLZZVYL
*VYYVZPVUL
‹ 7YV[LaPVULKHSSHJVYYVZPVULTHYPUH
-Y\Z[HKPJHYPJHTLU[V
‹ 7YLZZPVULKPZLY]PaPVWZP¶)HY
9LNVSHaPVULKLSSHWYLZZPVUL
‹ +VWWPH]HS]VSHKPYLNVSHaPVULZ\SWYVPL[[PSLLZ\SM\JPSL
3»VWLYH[VYLW\~KLJPKLYLSHKPZ[HUaHKPSHUJPV
7YVW\SZPVUL
‹ 7YVPL[[PSPJHYPJH[PHKHYPHJVTWYLZZHUVUuWPYV[LJUPJV
<[PSPaaVPSSPTP[H[V
7YLZZPVUL
‹ 7YLZZPVULKPZLY]PaPV!WZP)HY
‹ 7YLZZPVULKPZLY]PaPVTHZZPTH!KHH)HY
ZLJVUKVSLLTLYNLUaL
‹ 7YLZZPVULKPJPJSV[LZ[!WZP)HY
(WWSPJHaPVULZWLJPHSP
J
;PWPKPWYVPL[[PSP
‹ 7YVPL[[PSLSHUJPHZHNVSH
‹ 7YVPL[[PSLHKKLZ[YHTLU[V
‹ 7YVPL[[PSL-VZMVYLZJLU[L
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
WHN
PUH
:JHSHKPZVJJVYZV
LYLJ\WLYVUH\MYHNOP
^^^P[HSJLYJVT
Ž
1(:65»:*9(+3,
:JHSHKPZVJJVYZV
LYLJ\WLYVUH\MYHNOP
1HZVU»Z*YHKSLŽu!
=LSVJL9LJ\WLYVUH\MYHNOPPUWVJOPZLJVUKP
7YH[PJV-HJPSLKHZYV[VSHYLLTPUPTVPUNVTIYV
PUJVWLY[H
9LZPZ[LU[L*VTWVULU[PKPHS[HX\HSP[n
,MÄJHJL.HYHU[PZJLZPJ\YLaaH
0UVZZPKHIPSL3\UNH]P[HKLSSHZJHSH
3HZJHSHKPZVJJVYZV1HZVU»Z*YHKSLŽuPSZPZ[LTH
WPƒ]LSVJLLPSTL[VKVWPƒ\UP]LYZHSTLU[LHJJL[[H[V
WLYPSZVJJVYZVKP\UPUMVY[\UH[VKHSS»HJX\H
0S1HZVU»Z*YHKSLŽJVUZLU[LPSYLJ\WLYVKLSSH
WLYZVUHPUWVZPaPVULVYPaaVU[HSLWLYTL[[LUKV
HSZHUN\LKPYPTHULYLULSSHWHY[LZ\WLYPVYLKLS
JVYWVTPUPTPaaHUKVJVZyPSYPZJOPVMH[HSLKP
JVSSHZZVJHYKPVJPYJVSH[VYPV8\LZ[Hu\UH
KLSSLJH\ZLWYPUJPWHSPKPKLJLZZVKVWV\U
ZHS]H[HNNPV
0S1HZVU»Z*YHKSLŽVS[YLHKLZZLYL\UZPZ[LTHKP
YLJ\WLYVUH\MYHNVuHUJOL\UHZJHSHKPZIHYJVLK
PTIHYJV
3LZJHSL1HZVUZVUVZ[H[LZV[[VWVZ[LHWYV]LKP[YHaPVUL
Z\WLYPVYPHK\UH[VUULSSH[HTL[YPJH
.HYHUaPHKPHUUP
)LULÄJPKLSSHZJHSH1HZVU»Z*YHKSLŽ
:PZ[LTH]LSVJLLWYH[PJVWLYPSYLJ\WLYVKP\UH
WLYZVUHKHSS»HJX\H
‹ 4\S[PM\UaPVULZJHSL[[HKPYPZHSP[HLYLJ\WLYV
UH\MYHNV
‹ 0SUH\MYHNVuYLJ\WLYH[VPU\UHHUZHWYV[L[[H
LYPNPKH
‹ -HJPSTLU[LZPZ[LTHIPSLHIVYKV
‹ (KH[[HIPSLHKVNUP[PWVKPPTIHYJHaPVULJVU
IVYKVSPILYVKHJTHVS[YLJT
*HYH[[LYPZ[PJOL
‹ 4VK\SPPU+\WVU[+LSYPU;<=YLZPZ[LU[L
‹ 7HY[PTL[HSSPJOLPUHJJPHPVTHYPUVPUVZZPKHIPSL
/PNO.YHKL
‹ ;LYTPUHSPJLU[YHSPLSH[LYHSPWVSPL[PSLUL<=
YLZPZ[LU[L
‹ *HYPJVKPYV[[\YH;
-VYTH[P
‹ :PZ[LTHTVK\SHYLJOLZPHKH[[HHSIVYKV
SPILYVKLSS»PTIHYJHaPVUL
‹ 7LYPUMVYTHaPVUPZ\PMVYTH[P!
^^^P[HSJLYJVTZJHSHMVYTH[PO[T
PJ
VK
1HZVU»Z
*YHKSL
WHN
PUH
L
L
[[VY
ZL
<[PSPaaV
9LJ\WLYVUH\MYHNV
‹ :JHSHKPYPZHSP[H
‹ :\WWVY[VLKHZZPZ[LUaHZVTTVaaH[VYP
J
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
1(:65»:
*9(+3,Ž
WHN
PUH
UH
WHNP
:JHSHKPZVJJVYZV
LYLJ\WLYVUH\MYHNOP
^^^P[HSJLYJVT
Ž
1(:65»:*9(+3,
:JHSHKPZVJJVYZV
LYLJ\WLYVUH\MYHNOP
1HZVU»Z*YHKSLŽu!
=LSVJL9LJ\WLYVUH\MYHNOPPUWVJOPZLJVUKP
7YH[PJV-HJPSLKHZYV[VSHYLLTPUPTVPUNVTIYVPUJVWLY[H
9LZPZ[LU[L*VTWVULU[PKPHS[HX\HSP[n
,MÄJHJL.HYHU[PZJLZPJ\YLaaH
0UVZZPKHIPSL3\UNH]P[HKLSSHZJHSH
3HZJHSHKPZVJJVYZV1HZVU»Z*YHKSLŽuKP[PWV
HWWYV]H[V:63(:WLYYLJ\WLYVUH\MYHNOPJVU
U\TLYVKPZ[VJR5(;6ÏPSZPZ[LTHWPƒ]LSVJL
LPSTL[VKVWPƒ\UP]LYZHSTLU[LHJJL[[H[VWLY
PSZVJJVYZVKP\UPUMVY[\UH[VKHSS»HJX\H
0S1HZVU»Z*YHKSLŽJVUZLU[LPSYLJ\WLYV
KLSSHWLYZVUHPUWVZPaPVULVYPaaVU[HSL
WLYTL[[LUKVHSZHUN\LKPYPTHULYLULSSH
WHY[LZ\WLYPVYLKLSJVYWVTPUPTPaaHUKV
JVZyPSYPZJOPVMH[HSLKPJVSSHZZVJHYKPV
JPYJVSH[VYPV8\LZ[Hu\UHKLSSLJH\ZL
WYPUJPWHSPKPKLJLZZVKVWV\UZHS]H[HNNPV
0S1HZVU»Z*YHKSLŽVS[YLHKLZZLYL\UZPZ[LTHKP
YLJ\WLYVUH\MYHNVuHUJOL\UHZJHSHKPZIHYJVLK
PTIHYJV
3LZJHSL1HZVUZVUVZ[H[LZV[[VWVZ[LH
WYV]LKP[YHaPVULZ\WLYPVYPHK\UH[VUULSSH[H
TL[YPJH
.HYHUaPHKPHUUP
)LULÄJPKLSSHZJHSH1HZVU»Z*YHKSLŽ
:PZ[LTH]LSVJLLWYH[PJVWLYPSYLJ\WLYVKP
\UHWLYZVUHKHSS»HJX\H
‹ 4\S[PM\UaPVULZJHSL[[HKPYPZHSP[HLYLJ\WLYV
UH\MYHNV
‹ 0SUH\MYHNVuYLJ\WLYH[VPU\UHHUZHWYV[L[[HL
YPNPKH
‹ -HJPSTLU[LZPZ[LTHIPSLHIVYKV
‹ (KH[[HIPSLHKVNUP[PWVKPPTIHYJHaPVULJVU
IVYKVSPILYVKHJTHVS[YLJT
*HYH[[LYPZ[PJOL
‹ 4VK\SPPU+\WVU[+LSYPU;<=
YLZPZ[LU[L
‹ 7HY[PTL[HSSPJOLPUHJJPHPVTHYPUV
PUVZZPKHIPSL/PNO.YHKL
‹ ;LYTPUHSPJLU[YHSPLSH[LYHSPWVSPL[PSLUL<=
YLZPZ[LU[L
‹ *HYPJVKPYV[[\YH;
L
[[VY
ZL
-VYTH[P
‹ :PZ[LTHTVK\SHYLJOLZPHKH[[HHSIVYKVSPILYV
KLSS»PTIHYJHaPVUL
‹ 7LYPUMVYTHaPVUPZ\PMVYTH[P!
^^^P[HSJLYJVTZJHSHMVYTH[PO[T
PJ
VK
1HZVU»Z
*YHKSL
WHN
PUH
L
<[PSPaaV
9LJ\WLYVUH\MYHNV
‹ :JHSHKPYPZHSP[H
‹ :\WWVY[VLKHZZPZ[LUaHZVTTVaaH[VYP
‹ 9LJ\WLYVJVYWP
J
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
1(:65»:
*9(+3,Ž
WHN
PUH
UH
WHNP
)HYLSSHNHSSLNNPHU[LWLY
YLJ\WLYVUH\MYHNOP
^^^P[HSJLYJVT
Ž
1(:65»:*9(+3,
)HYLSSHNHSSLNNPHU[L
WLYYLJ\WLYVUH\MYHNOP
1HZVU»Z*YHKSLŽu!
=LSVJL9LJ\WLYVUH\MYHNOPPUWVJOPZLJVUKP
7YH[PJV-HJPSLKH\[PSPaaHYLLTPUPTVPUNVTIYVPUJVWLY[H
9LZPZ[LU[L*VTWVULU[PKPHS[HX\HSP[n
,MÄJHJL.HYHU[PZJLZPJ\YLaaH
0UVZZPKHIPSL3\UNH]P[HKLSSHIHYLSSH
3HIHYLSSH1HZVU»Z*YHKSLŽuKPZWVUPIPSLPUK\LMVYTH[P
LTVK\SP3HIHYLSSH1HZVU»Z*YHKSLŽWLY
YLJ\WLYVUH\MYHNOPuPSZPZ[LTHWPƒ]LSVJLLPSTL[VKVWPƒ
\UP]LYZHSTLU[LHJJL[[H[VWLYPSZVJJVYZVKP\UPUMVY[\UH[V
KHSS»HJX\H
3HWVZPaPVULVYPaaVU[HSLWLYTL[[LHSZHUN\LKPYPTHULYLULSSH
WHY[LZ\WLYPVYLKLSJVYWVTPUPTPaaHUKVPSYPZJOPVMH[HSLKP
JVSSHZZVJHYKPVJPYJVSH[VYPVKHZHS]H[HNNPV
*HSH[HLYLJ\WLYVKPWLYZVULPUJVU[LTWVYHULH
3HIHYLSSHW\~LZZLYLHaPVUH[HKH\UHNY\\UIVaaLSSVV\U
WHYHUJV
*VUNHSSLNNPHU[PSHIHYLSSHWLYTL[[LPSYLJ\WLYVKHSSHZ\WLYÄJPL
:LUaHNHSSLNNPHU[PSHIHYLSSHW\~LZZLYLJHSH[HHMVUKVWLYPSYLJ\WLYVKP
WLYZVULVTH[LYPHSP
3HIHYLSSHuKV[H[HKP[\IPKPNHSSLNNPHTLU[VPUTVKVKHWV[LYLHSSLU[HYL
NSPZ[YVWWPLKL]P[HYLSHWLYKP[HKLSS»HZZL[[VPUJHZVKLSS»PTIHYJHaPVUL
ILJJOLNNPHU[LVYVSSHU[L
0SZVJJVYYP[VYLuJHSH[VPUHJX\H]LSVJLTLU[LWLYPSYLJ\WLYVKP\U
PUMVY[\UH[VPUZ[H[VK»PUJVZJPLUaH
)LULÄJPKLSSHIHYLSSH1HZVU»Z*YHKSL
(JJLZZVPTTLKPH[V
‹ (\TLU[HS»LMÄJPLUaHKLSS»LX\PWHNNPV
‹ -HJPSLL]LSVJLKPZSVJHTLU[VKHPTIHYJHaPVUPJVUHS[VIVYKVSPILYV
‹ 3»PUMVY[\UH[VuYLJ\WLYH[VPUWVZPaPVULVYPaaVU[HSLTPUPTPaaHUKVPS
YPZJOPVKPJVSSHZZVJHYKPVJPYJVSH[VYPV
‹ 9LJ\WLYVKPWLYZVULJVU[LTWVYHULHTLU[L
*HYH[[LYPZ[PJOL[LJUPJOL
‹ 4*1*:;9 S\UNOJTWLZV2NKPTLUZPVUP
Z[P]HNNPV__JT
‹ 4*1*:;9S\UNO JTWLZV2NKPTLUZPVUP
Z[P]HNNPV __JT
‹ 4VK\SPPU+\WVU[+LSYPU;<=YLZPZ[LU[L
‹ 7HY[PTL[HSSPJOLPUHJJPHPVTHYPUVPUVZZPKHIPSL/PNO
.YHKL
‹ ;LYTPUHSPJLU[YHSPLSH[LYHSPWVSPL[PSLUL<=YLZPZ[LU[L
‹ ;\IVSHYPNHSSLNNPHU[PHKHS[H]PZPIPSP[n
‹ .HSSLNNPHTLU[VWVZP[P]VJVU[\IVSHYPNHSSLNNPHU[PULNH[P]V
ZLUaH[\IVSHYP
‹ 7VY[H[H2N
‹ *HYPJVKPYV[[\YH;
<[PSPaaV
9LJ\WLYVPUMVY[\UH[P
‹ :\WWVY[VLKHZZPZ[LUaHZVTTVaaH[VYP
PJ
VK
WHN
PUH
L
L
[[VY
ZL
1HZVU»Z
*YHKSL
J
^^^P[HSJLYJVT
,SL[[YVUPJH
0WYVKV[[PLSL[[YVUPJPULSZL[[VYLKLSZVJJVYZVPUTHYLZVUVZ[H[PZLSLaPVUH[PKHSSH0;(3*,94HYPUL
:HML[`WLYSHSVYVLZ[YLTHHMÄKHIPSP[nLWYLJPZPVUL
:VUVKPZWVZP[P]PKPHS[H[LJUVSVNPHWLYSHTHZZPTHZPJ\YLaaHKLNSP\[LU[PWYVMLZZPVUHSPLZWVY[P]P
3»VIPL[[P]Vu\UVZVSV!ZLNUHSHYLSVJHSPaaHYLLYLJ\WLYHYLPUIYL]PZZPTV[LTWV\U\VTVHTHYLJVU
VNUPJVUKPaPVULTL[LVTHYPUH
073)LKPYHKPVNVUPVTL[YPZVUVJVZ[Y\P[PPU0UNOPS[LYYHLKPU.LYTHUPHYLHSPaaH[PJVUPWPƒH]HUaH[P
ZPZ[LTPKPWYVNL[[HaPVULLSL[[YVUPJH
0UKPJL
9;)ZLNUHSH[VYLKPZVJJVYZV
73)3+L73)39ZLNUHSH[VYLKPZVJJVYZV
:HYÄUKLY4200YHKPVNVUPVTL[YV
9;YHKPVNVUPVTL[YV
9;YHKPVNVUPVTL[YV
9;YHKPVNVUPVTL[YV
WHN
WHN
WHN
WHN
WHN
WHN
^^^P[HSJLYJVT
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
,709) 9;)
/,3)
0SWPƒWV[LU[LSVJHSPaaH[VYLWLYZVUHSL
aH[VYY
3»,WPYI9;)/,3)uPSWPƒH]HUaH[VLWV[LU[L
SVJHSPaaH[VYLWLYZVUHSL73)KPZWVUPIPSLZ\STLYJH[VWLY
SHYPJLYJHKLSS»\VTVM\VYPIVYKV46)<ZJP[H>!
]VS[LWPƒWV[LU[L
+PTLUZPVULYLHSL
*HYH[[LYPZ[PJOL[LJUPJOL
‹(S[HWV[LUaHPU\ZJP[H>
‹7YVMVUKP[n!0TWLYTLHIPSLÄUVHT[
‹-YLX\LUaHKPZVJJVYZV4/a=/-V4/a
</-LK\UHMYLX\LUaHYLNVSHIPSLWLY[LZ[
LKLZLYJP[HaPVUPJVUPUJYLTLU[PKP2Oa[YH
L4/a
‹([[P]HaPVUL!H\[VTH[PJHLTHU\HSL
‹(S[VWHYSHU[L!PU[LYUV=VJL9-L:WLHRLY
‹)H[[LYPH[PWV!_ =ISVJR3P4U6
‹+\YH[H!VYLVYLPUM\UaPVULKLSSHNLZ[PVULKP
LULYNPHJVU[YVSSVKLSTPJYVWYVJLZZVYL
‹0U[LYMHJJPH!09L9:
‹(U[LUUH!HU[LUUHTVUVWVSVTT ‡TVUVWVSV
WLYNP\IIV[[VZHS]H[HNNPV
‹+PTLUZPVUP!__TT
‹7LZV!HWWNJVUHU[LUUH
PJ
VK
WHN
PUH
L
L
[[VY
ZL
9;
)
J
^^^P[HSJLYJVT
73)3+
9HKPV3VJHSPaaH[VYLKPLTLYNLUaH
WLY:\IHJX\LP4/a
73)3+9HKPV:LNUHSH[VYLWLY:\IHJX\LP
,TL[[L\UZLNUHSLYHKPVHKPTW\SZPJOLW\~
LZZLYLYPSL]H[VKH\UYHKPVNVUPVTL[YVKP
IVYKVVWW\YLZPWVZZVUVH]]PZHYLPZVJJVYZP
:(9.SPLX\PWHNNP:(9:LHYJOHUK9LZJ\L
YPSL]HUVPSZLNUHSLKPLTLYNLUaHJVUPWYVWYP
HWWHYH[PYHKPVYPJL]LU[PLMHUUVPSW\U[VKLSSH
WVZPaPVULKLSUH\MYHNVSSZLNUHSLVWLYHZ\SSH
MYLX\LUaHPU[LYUHaPVUHSLKP4Oa
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
*HYH[[LYPZ[PJOL[LJUPJOL
*VKPJL7YVKV[[VHY[73)3+
‹ 7YVMVUKP[nT[
‹ -YLX\LUaH4OaMYLX\LUaH
TVUKPHSLKPLTLYNLUaHWLYSH
YHKPVNVUPVTL[YPHL4Oa\UP[n
[LZ[
‹ ([[P]HaPVUL4HU\HSL
‹ (U[LUUH6UKHX\HKYHÅLZZPIPSL
LSL[[YVS\TPULZJLU[LHKPU[LYTP[[LUaH
WLYSVJHSPaaHaPVULUV[[\YUH
‹)H[[LYPH3P[PV =K\YH[HHUUP
‹ ;LTWLYH[\YHVWLYH[P]HKH‡*H
‡*
‹ +\YH[H[YHZTPZZPVULZLNUHSL
VYL
‹ <ZJP[HKI4T>
‹ 4VK\SHaPVUL;VUP(?
‹ *PJSV*VU[PU\V
‹ +PTLUZPVUP__ TT
‹ 7LZV*PYJHN
‹ 6TVSVNHaPVUP,<967(*, ‹ 6TVSVNHaPVUP<:(-**0+5>.
:49:
73)39
9HKPV3VJHSPaaH[VYLKPLTLYNLUaH
H\[VTH[PJV4/a
,WPYIWLYZVUHSL73)39H[[P]HaPVULH\[VTH[PJH
LVTHU\HSL-YLX\LUaH4Oa([[P]HaPVUL
H\[VTH[PJHKVWVZLJVUKPKPPTTLYZPVUL
JVZ[HU[LPUHJX\H-HSZPHSSHYTPPTWLKP[PNYHaPLHK
\UZPZ[LTHLSL[[YVUPJVZLUZPIPSLWYV[L[[V
KHH[[P]HaPVULHJJPKLU[HSLJH\ZH[PKHWPVNNPHLZWY\aaP3VJHSPaaHaPVULPTTLKPH[H
KLSS»\VTVPUTHYLJVUYHKPVNVUPVTL[YVHIVYKV(U[LUUHHKPU[LYTP[[LUaHLSL[[YV
S\TPULZJLU[L.HSSLNNPHTLU[VWVZP[P]V
*HYH[[LYPZ[PJOL[LJUPJOL
‹ ([[P]HaPVUL4HU\HSL(\[VTH[PJH
‹ -YLX\LUaH4OaVWW\YL
4Oa\UP[n[LZ[
‹ (U[LUUH6UKHX\HKYHÅLZZPIPSL
LSL[[YVS\TPULZJLU[LHK
PU[LYTP[[LUaH
‹ 7LZVN
‹ )H[[LYPH3P[PV =K\YH[HHUUP
‹ ;LTWLYH[\YHVWLYH[P]HKH‡*H
‡*
‹ +\YH[H[YHZTPZZPVULZLNUHSL
VYL
‹ <ZJP[HKI4T>
‹ 4VK\SHaPVUL;VUP(?
‹ *PJSV*VU[PU\V
‹ +PTLUZPVUP__ TT
WHN
PUH
^^^P[HSJLYJVT
HSL
YL
*HYH[[LYPZ[PJOL[LJUPJOL
,4*:[HUKHYK,;: ,5,;:
‹ (SPTLU[HaPVUL]VS[HNNPV=+*
‹ 9PSL]HTLU[VWYPUJPWPV+VWWSLY2/a
2/a
‹ 9PZVS\aPVUL‡0U[LYUH‡+PZWSH`
‹ -YLX\LUaHKPYPJLaPVUL,TLYNLUaH
4/a[LZ[4/a
‹ 3HYNOLaaHKPIHUKHR/a
‹ :LUZP[P]P[nK)›='K):05(+
‹ ;LTWLYH[\YL‡*¼‡*
‹ +PTLUZPVUP4VUP[VYííTT
‹ (U[LUUHTTLX\PSH[LYHSL
‹ 7YVMVUKP[nTT
‹ 9HNNPHU[LUUHíTT
‹ (S[LaaH[V[HSLTT
‹ ,SLJ[YVS\TPULZJLU[PSS\TPUH[LK+PZWSH`
‹ *VYWV(U[LUUH():
‹ 9HNNPHU[LUUH5`SVU
‹ 0TWLYTLHIPSL0707(U[LUUH
‹ :PZ[LTHWYV[L[[P]VHYTH[\YH07
‹ *VSSLNHTLU[P07
‹ 0U[LYMHJJPH:LH4HYZOHSSŽ\ZJP[H
*9,>-0?Ž54,(WLYKH[P.7:
U
+PTL
9LJ\WLYVUH\MYHNVJVU
YHKPVNVUPVTL[YVHIVYKV
9LJ\WLYVUH\MYHNV
JVUTLaaP:(9
PJ
VK
4200
WHN
PUH
L
8\LZ[V
LX\PWHNNPHTLU[V
WLYTL[[L
S»H\[VZVJJVYZV
J
(WWHYLJJOPVYHKPV
LSL[[YVUPJVWLYSH
YPJLYJHLSVJHSPaaH
aPVULPTTLKPH[H
KLSS»\VTVHTHYL
0SU\V]VYHKPVNV
UPVTL[YV:(9
ÄUKLYŽº:6:»
TVUP[VYPaaHS»LX\P
WHNNPV8\HUKVSH
MYLX\LUaHPU[LYUH
aPVUHSLKPZVJJVYZV
4/au
HNNHUJPH[HZJH[[H
S»HSSHYTLLKuPU
KPJH[HSHKPYLaPVUL
KLSS»\VTVHTHYL
46)Z\STVUP[VY
HKHS[VJVU[YHZ[V
<ZVTVS[VZLTWSP
JLLKPUMVYTHaPVUP
PTTLKPH[L
<ZVJVUZPNSPH[V!
WLYZ\IHJX\LP
ZJ\VSLKP]PUNNVTTVUH\[PL
]LSPZ[P
(SSHYTLH\[VTH[PJVPZ[HU[HULVPU
JHZVKP\VTVPUTHYLWLYYPJOPLZ[H
:6::LTWSPJL\[PSPaaVLMHJPSL
PUZ[HSSHaPVUL=PZ\HSPaaHaPVULKPYL
aPVULHTVUP[VY3,+0UKPJH[VYLKP
HSSVU[HUHTLU[VVH]]PJPUHTLU[V
4H[LYPHSPKPHS[HX\HSP[n(U[LUUH
PUJS\ZHJVUTL[YPKPJH]V:PYL
UHHSSHYTLLZ[LYUHPUJS\ZH
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
:(9-05+,9Ž
4200
9HKPVNVUPVTL[YV
U
ZPV
L
^^^P[HSJLYJVT
9;
9HKPVNVUPVTL[YVH\[VTH[PJV
WYVMLZZPVUHSL
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
9;u
(\[VTH[PJV9PSL]HTLU[VKPZLNUHSPKLIVSP
VWW\YLTVS[VSVU[HUPHS[HZLUZP[P]P[nKLS
YPJL]P[VYL
0UMVYTHaPVULYPSL]HTLU[VZ\KPZWSH`JPYJVSHYL
JVU3,+KPYPMLYPTLU[V
‹ 5LZZ\UMHSZVHSSHYTL
‹ 0UKPJH[VYLJHTWVKPMVYaHKLSZLNUHSL
YPJL]\[V
(S[HHMÄKHIPSP[nLSL[[YVUPJHLTLJJHUPJH
0TWLYTLHIPSL07
-HJPSLPUZ[HSSHaPVUL
‹ 0U[LYMHJJPHZLYPHSLWLYKH[H[YHUZMLYJVU
7*
9HKPVNVUPVTL[YVWLYSHSVJHSPaaHaPVUL
KPYHKPVZLNUHSPKPZVJJVYZVKP\VTVH
THYL46)*VUZLU[LSHSVJHSPaaHaPVUL
YHWPKPZZPTHKP\VTPUPPUTHYL6[[PTH
X\HSP[nJVTWH[LaaHLYVI\Z[LaaHKLS
WYVKV[[V
0SYHKPVNVUPVTL[YV9;TVUP[VYPaaHSH
MYLX\LUaHPU[LYUHaPVUHSLKPHSSHYTL4/a
LSHUJPHS»HSSHYTLHSSHYPJLaPVULKP\U
ZLNUHSLKPZVJJVYZV*VU[LTWVYHULHTLU[L
SHKPYLaPVULKLS[YHZTL[[P[VYL73)u
SVJHSPaaH[HLTVZ[YH[HZ\SKPZWSH`H3,+
0SYHKPVNVUPVTL[YV9;SH]VYHH‡
HaPT\[
0SYHKPVNVUPVTL[YV9;UVUWLYKLTHP
PSZLNUHSLKLSSHWLYZVUHPUHJX\HPUKPWLUKLU[LTLU[LKHSSLJVUKPaPVUP
TL[LVYVSVNPJOLLKP]PZPIPSP[nVZJ\YP[nULIIPHWYLJPWP[HaPVUPVUKL¯LKHSSL
THUV]YLLMML[[\H[L
3»9;\[PSPaaHHUJOL\UHZLJVUKHMYLX\LUaH4/aWLYZJVWPKP
HKKLZ[YHTLU[VLKP[LZ[
7YVKV[[VPU.LYTHUPH
+PTLUZPVULYLHSL
*HYH[[LYPZ[PJOL[LJUPJOL
‹ :PZ[LTHWYV[L[[P]V07WYVNL[[H[VJVTL\UP[nPTWLYTLHIPSLWLY\ZV
TPSP[HYL
‹ 4L[VKVKPYPSL]HTLU[V7YPUJPWPV+VWWSLYR/aMYLX\LUaHKPYV[HaPVUL
J^JJ^
‹ :LUZP[P]P[n#›=T
‹ -YLX\LUaHKPYPJLaPVUL,TLYNLUaH4/a[LZ[4/a
‹ *HUHSPYPJL]LU[P
‹ ;LTWVKPH[[P]HaPVUL#TZHZ\MÄJPLU[LMVYaHKPZLNUHSL
‹ =VS[HNNPV=+*
‹ ;LTWLYH[\YHVWLYH[P]H‡*¼‡*
‹ 7LZV4VUP[VYJHN
‹ 7LZV(U[LUUHJHN
‹ +PTLUZPVUP4VUP[VY__TT
‹ +PTLUZPVUL(U[LUUHPUM\UaPVULKLSS»\ZVLN_TTWLY
4/aHU[LUUH=/-IHUK
WHN
PUH
PJL
VK
L
[[VY
ZL
9;
J
^^^P[HSJLYJVT
9;
9HKPVNVUPVTL[YV\UP]LYZHSL
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
+PTLUZPVULYLHSL
9HKPV.VUPVTL[YV\UP]LYZHSLHKH[[VWLYSHSVJHSPaaHaPVULKPZLNUHSPYHKPV
*VWYLSHIHUKHTHYPUHJP]PSLKH4OaLX\LSSLKP
LTLYNLUaH4OaULSSHIHUKH=/-
:WLJPÄJOL;LJUPJOL
‹(\[VTH[PJV
‹9PSL]HTLU[VKPZLNUHSPKLIVSPVWW\YLTVS[VSVU[HUPHS[HZLUZP[P]P[nKLS
YPJL]P[VYL
‹JHUHSP4/aIHUKHTHYPUH
‹-YLX\LUaHKPLTLYNLUaH4/aL JHUHSPPUIHUKHHLYLH
WLYZJVWPHKKLZ[YHTLU[V
‹-YLX\LUaHKPYPJLaPVUL!
9;=:
¶=/-(PY)HUK4/a
¶=/-4HYPUL)HUK*HUHSP
9;=<
¶=/-(PY)HUK4/a
¶</-(PY)HUK4/a
PJ
VK
WHN
PUH
L
L
[[VY
ZL
9;
J
^^^P[HSJLYJVT
9;4:(9
9HKPVNVUPVTL[YVWLYTPZZPVUP
KPZHS]H[HNNPVPUTHYL
,X\PWHNNPHTLU[P
KP:HS]H[HNNPV
L:VJJVYZV
PU(JX\H
+PTLUZPVULYLHSL
9;4u\UYHKPVNVUPVTL[YVT\S[PIHUKHJOL
VWLYHZ\[\[[LSLMYLX\LUaL\[PSPaaH[LWLYSLTPZZPVUP
KPZHS]H[HNNPV9;(\[VTH[PJHTLU[LLMML[[\HSH
ZJHUZPVULZPT\S[HULHKLSSLMYLX\LUaLKPLTLYNLUaH
4/a4/aL4/a*VZWHZ
:HYZH[LKPUJVU[LTWVYHULHJVUPSJHUHSLKLSSH
IHUKHTHYPUH
:WLJPÄJOL;LJUPJOL
‹)HUKLKPYPJLaPVUL!=/-(PYIHUK"=/-4HYPULIHUK
</-(PYIHUK"*VZWHZ:HYZH[
‹-YLX\LUaLKPYPJLaPVULNHTTHKPMYLX\LUaL!
¶=/-HPYIHUK! 4/a
¶=/-THYPULIHUK!4/a
*HUHSP:LH*VHZ[
¶</-HPYIHUK! 4/a
¶*VZWHZ:HYZH[! 4/a
WHN
PUH
PJL
VK
L
[[VY
ZL
9;
J
^^^P[HSJLYJVT
0SS\TPUHaPVUL
0WYVKV[[PKPPSS\TPUHaPVUL40*(ZVUVZ[H[PZLSLaPVUH[PKHSSH0;(3*,94HYPUL
:HML[`WLYSHX\HSP[nS»HMÄKHIPSP[nLSHNHYHUaPHKP\UWYVKV[[VWYVMLZZPVUHSLHK
HS[VSP]LSSV
3L[VYJLLNSPPSS\TPUH[VYPZVUVYLHSPaaH[PJVUPWPƒH]HUaH[PZPZ[LTPKP
WYVNL[[HaPVULTLJJHUPJHLKLSL[[YVUPJH.SPHJJLZZVYPLKPWLaaPKPYPJHTIPV
ZVUVZLTWYLYLWLYPIPSP
0WYVKV[[P40*(ZVUVVTVSVNH[P+L[5VYZRL=LYP[HZ,4*(;,?.6:;L
(\[VTV[P]L,4*KPYLJ[P]LL
0UKPJL
4PJH035P*KL5P4/
4PJH03([L_
4PJH43([L_
4PJH:LHYJOSPNO[/0+HS[HWV[LUaH
4PJHZLYPL/3L:3SHTWHKLKHJHZJV
WHN
WHN
WHN
WHN
WHN
^^^P[HSJLYJVT
0SS\TPUHaPVUL
WYVMLZZPVUHSL
40*(03
0SS\TPUH[VYPHKHS[HWV[LUaH
WYVMLZZPVUHSP
WHN
PUH
^^^P[HSJLYJVT
4LaaHWV[LUaH
VYLTPU
VYLTPU
VYLTPU
VYHTPU
;LTWPVWLYH[P]P5P4/
)\SIV
7PLUHWV[LUaH
>
VYL
>
VYL
>
VYHTPU
>
VYHTPU
4LaaHWV[LUaH
VYL
VYL
VYL
VYHTPU
3,+IPHUJVHK
HS[HS\TPUVZP[n
JVTLI\SIV
ZLJVUKHYPV
VWaPVUHSL
9HNNPVKP
PSS\TPUHaPVUL
Z[YL[[VVSHYNV
YPÅL[[VYPPU
HSS\TPUPV
*YPZ[HSSV
[LTWLYH[V
TT
3,+PUKPJHUVPSSP]LSSV
JHYPJHIH[[LYPH03IHZPJ
;LTWVKP\[PSPaaV!
ÄUVHVYL
:LNUHSPPU[LYTP[[LU[PH]]PZV
JHYPJHIH[[LYPHIHZZH
0UMYHUNPIPSL
PTWLYTLHIPSLJVYWV
U`SVU07
40*(03*
*HYPJH[VYLPUZ[HSSHIPSLVYPaaVU[HSLV]LY[PJHSL
(YTH[\YHPUYVI\Z[VHSS\TPUPV073,+PUKPJH[VYP
KLSSVZ[H[VYPJHYPJH7YVNL[[H[VWLY\ZVPU[LYUV
VWW\YLHIVYKVKP]LPJVSP[LYYLZ[YPVTLaaPUH\[PJP
7YL]LUaPVULH\[VTH[PJHJVU[YVYHWPKHZJHYPJH
KLSSHIH[[LYPH
3HYPJHYPJHULS
JHYPJH[VYL03*KP
\UHSHTWHKH03
H]]PLULPUVYL
03*!7LYPS
JVSSLNHTLU[VH
YL[LuULJLZZHYPVPS
[YHZMVYTH[VYL030
JHYPJH[VYPLSL[[YVUPJP
HZZPJ\YHUVSLTPNSPVYP
WYLZ[HaPVUPWLYSLIH[[LYPLL
S\UNHK\YH[H3»VWLYHaPVULKP
YPJHYPJHuZPJ\YHLJVU[YVSSH[H
LSL[[YVUPJHTLU[LKLS[H=
ZWLNUPTLU[V=TH_L[LTWVTH_
ZWLNUPTLU[V
:WLJPÄJOL;LJUPJOL40*(03*
‹ =VS[HNNPV¼=+*
‹ ;LTWVJHYPJHVYL5P*K¶VYL5P4/¶TH_
VYL
‹ *HYPJHZ[HUKHYK T(
‹ *VTWLUZHaPVULJHYPJHT(
‹ (YTH[\YH07
‹ +PTLUZPVUP7LZV__ TTN
40*(03
;YHZMVYTH[VYLHKH[[H[VYLWLYJHYPJH[VYL43*
0UNYLZZV=(*
<ZJP[H=+*(
(YTH[\YH07
7LY\[PSPaaPLZ[YLTPuKPZWVUPIPSL\U
HKH[[H[VYL(*PUJSHZZL07
40*(*9
40*(*9T\S[PZ[HaPVUL
u\UJHYPJH[VYLT\S[PWSV
WLYSHTWHKLLIH[[LYPL
40*(0YHJRZZVUV
JVZ[Y\P[PPUHSS\TPUPVHK
HS[HK\YH[H(SPTLU[HaPVUL
KH
¼=(*LV¼=+*
40*(*9!WVZ[P
40*(*9!WVZ[P
L
[[VY
ZL
;LTWPVWLYH[P]P5P*K
)\SIV
7PLUHWV[LUaH
>
VYLTPU
>
VYL
>
VYHTPU
>
TPU
)\SIVHSVNLUV
>
03
WHN
PUH
L
‹ (SPTLU[HaPVUL5P*K=(O¶5P4/=
(O
‹ 3LU[L _TT
‹ ;LTWLYH[\YLVWLYH[P]L‡*¼‡*
‹ 9PÅL[[VYLZ[YL[[VTLKPV
‹ (YTH[\YHJVYWV07
‹ +PTLUZPVUP__TT
‹ 7LZVRN5P*K¶RN5P4/
(JJLUZPVULJVU[YVSSH[H
KHZPUNVSVPTW\SZV
PJ
VK
:WLJPÄJOL;LJUPJOL40*(03
WYVMLZZPVUHSP
J
6NNPNPVYUVKLJPULKPTPNSPHPHKP[VYJL
LKPSS\TPUH[VYP40*(ZVUV\[PSPaaH[PPU
[\[[VPSTVUKVKH\[LU[PWYVMLZZPVUHSP!
WVSPaPH]PNPSPKLSM\VJVTPSP[HYP[LJUPJP
KLSS»PUK\Z[YPHWLYZVUHSLWLYSH
THU\[LUaPVULLPU[\[[PNSPZJLUHYP
PUJ\PZPHULJLZZHYPH\UHSHTWHKH
HKHS[LWYLZ[HaPVUP3HJVZ[Y\aPVUL
TLJJHUPJHLKLSL[[YVUPJHZVUV
V[[PTPaaH[LJVUWYVNL[[HaPVULHS
JVTW\[LY3»VIPL[[P]VJVUSHZLYPL
40*(03uZ[H[VKPWYVNL[[HYL
\ULJJLaPVUHSLWYH[PJVYVI\Z[VL
WV[LU[LPSS\TPUH[VYLHMÄKHIPSLJVU
HS[LWYLZ[HaPVUPPUVNUPJVUKPaPVULL
ZJLUHYPVVWLYH[P]V
3HSHTWHKH40*(03OHK\L
TVKHSP[nKP\[PSPaaV!WPLUHLTLaaH
WV[LUaH8\HUKVu\[PSPaaH[HH
TLaaHWV[LUaHPS[LTWVVWLYH[P]V
uYHKKVWWPH[V/H\UZPZ[LTHKP
JVU[YVSSVLSL[[YVUPJVWLYWYL]LUPYLSH
ZJHYPJHYHWPKHKLSSHIH[[LYPH"PUKPJH[VYP
3,+]PZ\HSPaaHUVPS[V[HSLKLSSH
JHYPJHLSHTWLNNPHUVPUZLX\LUaH
X\HUKVPSSP]LSSVIH[[LYPHuIHZZV0S
TVKLSSV40*(03,4ZPHJJLUKL
H\[VTH[PJHTLU[LPULTLYNLUaH
3HTHU\[LUaPVULuTVS[VZLTWSPJLSL
WHY[PZVZ[P[\PIPSPZVUVTVK\SPMHJPSTLU[L
PUZ[HSSHIPSP
;\[[PPJVTWVULU[PZVUVKPZWVUPIPSP
JVTLWHY[PHJJLZZVYPL40*(
03RP[JVTWYLUKL!PSS\TPUH[VYL
IH[[LYPHJPUNOPH[YHZWVY[VLTHU\HSL
K»PZ[Y\aPVUL
(JJLZZVYPVWaPVUHSP!ÄS[YPYVZZV
]LYKLLKHTIYHSLU[LV[[PJHSLU[P
05-9(96::0J\Z[VKPHSLU[PYPÅL[[VYL
WLYYHNNPVZ[YL[[VVSHYNVI\SIP
*VUMVYTL07
40*(03
0SS\TPUH[VYPHKHS[HWV[LUaH
^^^P[HSJLYJVT
0SS\TPUHaPVUL
WYVMLZZPVUHSL
40*(03(;,?
WHN
PUH
3HTWHKHWVY[H[PSL
WYVMLZZPVUHSLVTVSVNH[HWLY
HTIPLU[PLZWSVZP]P
^^^P[HSJLYJVT
VYL
VYL
03(;,?
PUJS\KLZPZ[LTH
3\JLKP
,TLYNLUaH
9PÅL[[VYLPU
HSS\TPUPV
YLNVSHIPSL
WLYYHNNPVKP
PSS\TPUHaPVUL
HWLY[VVWW\YL
Z[YL[[V
*YPZ[HSSV
[LTWLYH[V
TT
-\UaPVULKPH]]PZVJHYPJH
IH[[LYPHIHZZH
7YL]LUaPVULKH
ZJHYPJHTLU[VYHWPKV
-HJPSLTHU\[LUaPVUL
40*(03*
*HYPJH[VYLPUZ[HSSHIPSLVYPaaVU[HSLV]LY[PJHSL
(YTH[\YHPUYVI\Z[VHSS\TPUPV07
3,+PUKPJH[VYPZ[H[V
YPJHYPJH
7YVNL[[H[VWLY\ZV
PU[LYUVVWW\YLHIVYKV
KP]LPJVSP[LYYLZ[YPV
TLaaPUH\[PJP
7YL]LUaPVUL
H\[VTH[PJHJVU[YV
YHWPKHZJHYPJHKLSSH
IH[[LYPH
3HYPJHYPJHULSJHYPJH[VYL03*
KP\UHSHTWHKH03H]]PLUL
PUVYL=VS[HNNPV¼
=+*7LYPSJVSSLNHTLU[VH
YL[LuULJLZZHYPVS»HKH[[H[VYL
030JHYPJH[VYPLSL[[YVUPJPHZZPJ\YHUVSLTPNSPVYP
WYLZ[HaPVUPWLYSLIH[[LYPLLS\UNHK\YH[H
3»VWLYHaPVULKPYPJHYPJHuZPJ\YHLJVU[YVSSH[H
LSL[[YVUPJHTLU[LKLS[H=ZWLNUPTLU[V=TH_L
[LTWVTH_ZWLNUPTLU[V
;LTWVKP\[PSPaaV!ÄUVH
VYLVWLYH[P]L
0UMYHUNPIPSL
PTWLYTLHIPSLJVYWV
U`SVU07
40*(03
;YHZMVYTH[VYLHKH[[H[VYLWYPUJPWHSLWLYZ[HMMH
03*
0UNYLZZV=(*
<ZJP[H=+*(
(YTH[\YH7YV[LaPVULPTWLYTLHIPSL
07
7LYHTIPLU[PTVS[V\TPKPu
KPZWVUPIPSLS»HKH[[H[VYLJVU
JSHZZLKPWYV[LaPVUL07
40*(*9
40*(*9T\S[PZ[HaPVULu\UJHYPJH[VYLT\S[PWSVWLY
SHTWHKLLIH[[LYPL40*(0YHJRZZVUVJVZ[Y\P[PPU
HSS\TPUPVHKHS[HK\YH[H(SPTLU[HaPVULKH¼
=(*LV¼=+*
03
WHN
PUH
+\YH[HPSS\TPUHaPVUL
7PLUHWV[LUaH
4LaaHWV[LUaH
)\SIVHSVNLUV
>
L
[[VY
ZL
+LZJYPaPVUL7YVKV[[V03(;,?!3HTWHKH
ZPJ\YLaaHYPJHYPJHIPSL¶03(;,?,T!3HTWHKH
LTLYNLUaHYPJHYPJHIPSL
‹ )H[[LYPHYPJHYPJHIPSL5P*K=(O
‹ )\SIV>=(SVNLUV:VJRL[7_
‹ ;PWVKP7YV[LaPVUL¸L¹ZPJ\YLaaH¸PI¹ZPJ\YLaaH
PU[YPUZLJH
‹ (YLHKPJSHZZPÄJHaPVUL..HZAVULL.HZ
NY\WWP00(00)00*
‹ (YLHKPJSHZZPÄJHaPVUL++\Z[AVULL
‹ ;LTWJSHZZPÄJHaPVUL;;
‹ ;LTWLYH[\YLVWLYH[P]L‡*¼‡*‡*¼
‡*;
‹ (YTH[\YHJVYWV7VSPWYVWPSLULHU[PZ[H[PJV07
‹ 3LU[L*YPZ[HSSV[LTWLYH[VTT
‹ ;PWVKPYHNNPVZ[YL[[VLSHYNV
‹ +\YH[HS\JLVYL
‹ <ZJP[HS\JLST
‹ 7YV[LaPVUL0UNYLZZV07
‹ 7LZVJVUIH[[LYPHRN
‹ +PTLUZPVUP__TT
‹ (S[YLJHYH[[LYPZ[PJOL7YL]LUaPVULKPZJHYPJHYHWPKH
¶(SSLY[HIHZZHIH[[LYPHTPUWYPTHKLSSV
ZWLNUPTLU[V
‹ *HYPJH[VYPZPUNVSV40*(03¶4\S[PJHYPJH[VYL
40*(*9WLYSHTWHKL¶4\S[PJHYPJH[VYL
40*(*9WLYSHTWHKL
‹ (JJLZZVYP-PS[YP!YVZZV]LYKLHTIYH
(JJLUZPVULJVU[YVSSH[H
KHZPUNVSVPTW\SZV
L
:WLJPÄJOL;LJUPJOL03,_,4
VTVSVNH[HWLYHTIPLU[PLZWSVZP]P
PJ
VK
*LY[PÄJHaPVUP!
=;;(;,??,4*
+PYL[[P]H ,,*
+PYL[[P]H ,,*
40*(03(;,?
3HTWHKHWVY[H[PSLWYVMLZZPVUHSL
J
40*(03(;,?u\UHSHTWHKH
TVS[VYVI\Z[HHKHS[LWYLZ[HaPVUP
WYVNL[[H[HHUJOLWLYHTIPLU[PH
YPZJOPVLZWSVZP]V3HJVZ[Y\aPVUL
KLSS»PSS\TPUH[VYLuPUJVUMVYTP[nJVUSL
UVYTL,\YVWLL*,5,3,*,5
,5 ,5,5L
KP[PWVHWWYV]H[VWLYSHJH[LNVYPH,,_
00*;;HTI$‡*¼‡*;
3»LSL[[YVUPJHH]HUaH[HJVU[YVSSHPS
ZPZ[LTHHÅHZOWYL]PLULSHKPZJHYPJH
YHWPKHKLSSHIH[[LYPHPUKPJHSH
ULJLZZP[nKP\UHU\V]HYPJHYPJH
8\HUKVSHKPZWVUPIPSP[nKPS\JLu
PUMLYPVYLH¼TPU\[PPSYHNNPV
S\TPUVZVPUPaPHHSHTWLNNPHYLHK
PU[LY]HSSPKPZLJVUKP3H03(;,?
W\~LZZLYL\[PSPaaH[HJVTLS\JLPU
TVKHSP[nKPLTLYNLUaHX\HUKVu
HSSHJJPH[HHSS»HWWVZP[HZ[HMMH0UJHZV
KPPU[LYY\aPVULLSL[[YPJHSHSHTWHKH
ZPHJJLUKLH\[VTH[PJHTLU[L
NHYHU[LUKV\UHYPZLY]HKPS\JLKP
LTLYNLUaH
0SRP[03(;,?JVTWYLUKL
S»PSS\TPUH[VYLIH[[LYPH5P*KJPUNOPHH
ZWHSSHTHU\HSLKPPZ[Y\aPVUP
3HIH[[LYPHX\HUKVuPUZLYP[HULS
JHYPJH[VYL03*OH\U[LTWVKP
YPJHYPJHJVTWYLZV[YH¼VYL
3»HSPTLU[HaPVULW\~LZZLYLMVYUP[HKH
\U»H\[V\UTLaaVUH\[PJVVWW\YL
KPYL[[HTLU[LKHSSHYL[L
<UZVÄZ[PJH[VZPZ[LTHLSL[[YVUPJV
HZZPJ\YH\U\ZV[V[HSLKLSSHJHWHJP[n
KLSSHIH[[LYPHS\UNHK\YH[HKLSSH
IH[[LYPHLYPJHYPJHZPJ\YH
+PZWVUPIPSPT\S[PJHYPJH[VYPHL
SHTWHKLWLYTVKLSSV03(;,?
^^^P[HSJLYJVT
0SS\TPUHaPVUL
WYVMLZZPVUHSL
40*(
43(;,?
0SS\TPUH[VYL[HZJHIPSL
WLYHTIPLU[PHYPZJOPVLZWSVZP]V
WHN
PUH
^^^P[HSJLYJVT
40*(43(;,?
0SS\TPUH[VYL[HZJHIPSLWLYHTIPLU[P
HYPZJOPVLZWSVZP]V
3H40*(43(;,?u\UHSHTWHKH
HKHS[LWYLZ[HaPVUPWYVNL[[H[HWLYSL
VWLYHaPVUPPUZPJ\YLaaHPUHTIPLU[PH
YPZJOPVLZWSVZP]V
3H43uLX\PWHNNPH[HJVU\U3,+
HKHS[HPU[LUZP[nJVU\UHK\YH[HKP]P[H
KPVS[YLVYL3»\ZJP[HS\TPUVZH
uWHYHNVUHIPSLHK\UI\SIVHSVNLUV
>
3H40*(43(;,?WLZHNY
0SJVYWVKLSS»HYTH[\YHuJVZ[Y\P[VPU
HSS\TPUPVLWSHZ[PJHHU[PZ[H[PJH
3H43uJLY[PÄJH[HZLJVUKVSH
UVYTH*,5,3,*,5L,5
LKP[PWVHWWYV]H[V¸,,_PI00*;¹
ÏLX\PWHNNPH[HJVU3,+3\_LVUHK
HS[HPU[LUZP[nJVU]P[HKPVYL
;LTWVVWLYH[P]VÄUVHVYLJVU[PU\L
)H[[LYPLPU5P4/TVS[VWV[LU[PL
YPZWL[[VZLKLSS»HTIPLU[L
0UKPJH[VYP3,+YP]LSHUVSVZ[H[VKP
JHYPJH3»LSL[[YVUPJHPU[LSSPNLU[LKLSSH
40*(43(;,?WYV[LNNLSH
IH[[LYPHJVU[YVSHZJHYPJHYHWPKHLK
PUKPJHSVZ[H[VKPIHZZHJHYPJHJVU\U
SHTWLNNPVKPS\JLX\HUKVYPTHUNVUV
HKPZWVZPaPVULTPU\[PKPVWLYH[P]P[n
0SSHTWLNNPVKPH]]PZVH\TLU[HJVUNSP
\S[PTPTPU\[PKPJHYPJH
*LY[PÄJHaPVUL,\YVWLH(;,?
VTVSVNHaPVULWLYAVULL;LTW
JSHZZL;NY\WWP.HZ00(00)00*
WYV[LaPVULPUNYLZZV07
)H[[LYPH5P4/LJVSVNPJHTLU[L
JVTWH[PIPSL
*LY[PÄJHaPVULU\TLYV!
=;;(;,??
00.07,,_PI00*;
:WLJPÄJOL;LJUPJOL40*(43(;,?
‹
‹
‹
‹
‹
‹
‹
‹
)\SIV3,+>3\_LVU
+\YH[HVYL
9PÅL[[VYL(SS\TPUPVHUVKPaaH[V
3LU[L*YPZ[HSSV[LTWLYH[V_TT
;LTWLYH[\YHVWLYH[P]H‡*¼‡*
(YTH[\YHWSHZ[PJHHSS\TPUPVHU[PZ[H[PJV07
+PTLUZPVUP__TT
7LZVN
3,+HKHS[HS\TPUVZP[n
VYLKP]P[H
*YPZ[HSSV
[LTWLYH[V
TT
9PÅL[[VYL
HSS\TPUPV
HUVKPaaH[V
0UKPJH[VYLHJJ\YH[VH3,+
KLSSP]LSSVIH[[LYPH
:[Y\[[\YHPUMYHUNPIPSLLKHU[P
Z[H[PJV07
*VU[H[[PKPYPJHYPJHPU
HJJPHPVPUVZZPKHIPSL
9VI\Z[HJSPW
K»HNNHUJPVPUHJJPHPV
40*(03
40*(3*
JHYPJH[VYL\S[YHYHWPKV
9PJHYPJHJVTWSL[HPUTLUVKPVYL0SZVÄZ[PJH[V
JVU[YVSSVLSL[[YVUPJVKLSJHYPJH[VYL43*HZZPJ\YH[V[HSL
JHWHJP[nKLSSHIH[[LYPHS\UNH]P[HLYPJHYPJHZPJ\YH
0SJHYPJH[VYLZPZWLNULH\[VTH[PJHTLU[LX\HUKVSH
IH[[LYPHZPuJVTWSL[HTLU[LJHYPJH[HSHSHTWHKHW\~
LZZLYLSHZJPH[HULSSHZ\HZ[HMMHKPJHYPJHTLU[VZLUaHPS
WLYPJVSVKPKHUULNNPHTLU[V
‹ =VS[HNNPVKH¼
=+*ZPHKHYL[L
JOLKHIH[[LYPHKP
H\[VTLaaV
‹ 3,+PUKPJHUVSP]LSSVKP
JHYPJH
‹ 6TVSVNHaPVUL,5
;YHZMVYTH[VYLHKH[[H[VYLWLYJHYPJH[VYL
43*
0UNYLZZV=(*
<ZJP[H=+*(
(YTH[\YH07
7LY\[PSPaaPLZ[YLTPuKPZWVUPIPSL
\UHKH[[H[VYL(*PUJSHZZL
07
PJ
VK
43
WHN
PUH
L
=VS[HNNPV¼=+*
;LTWVJHYPJHVYLTPU\[P
;LTWLYH[\YHJHYPJH‡*¼‡*
*HYPJHZ[HUKHYKT(
*VTWLUZHaPVULJHYPJHT(
(YTH[\YHJVYWVWVSPHTPKL07
+PTLUZPVUP__TT
7LZVN
5VUYPJHYPJHYLSLIH[LYPLPUHTIPLU[PWLYPJVSVZP
J
‹
‹
‹
‹
‹
‹
‹
‹
‹
L
[[VY
ZL
:WLJPÄJOL;LJUPJOL40*(43*
^^^P[HSJLYJVT
0SS\TPUHaPVUL
WYVMLZZPVUHSL
40*(
:,(9*/30.
3HTWHKHHKHS[HWV[LUaH
3HTWHKHHKHS[HWV[LUaH
S\TLU
-PS[YPPUMYHYVZZV<=
WHN
PUH
^^^P[HSJLYJVT
40*(:,(9*/30./;
3HTWHKHHKHS[HWV[LUaH
-PS[YPPUMYHYVZZV<=
40*(/0+
3LSHTWHKL40*(ZLYPL/0+ZVUVPWPƒ
WV[LU[PPSS\TPUH[VYPULSSHSVYVJSHZZL
WLYZJVWP:(9YPJLYJHLZVJJVYZVLK
PU[LYJL[[HaPVUL
3LSHTWHKL40*(/0+WYVK\JVUV
WPƒS\TLUWLY^H[[YPZWL[[VHSSL[VYJPL
VYKPUHYPLHS\JLHSRY`W[VUVHI\SIV
HSVNLUV3HS\JLIPHUJHYLUKLWPƒ
MHJPSLSVJHSPaaHYLS»VIPL[[P]VHS\UNH
KPZ[HUaHVS[YLRTNYHaPLHK\U
V[[PTVJVU[YHZ[V
3H4PJH/0+KPZWVULKPÄS[YP
JVSVYH[PYVZZVIS\L]LYKLWLYNSP
)H[[LYPHPVUP
KP3P[PV
(YTH[\YHJVYWVPU
(SS\TPUPVHUVKPaaH[V
PTWPLNOPWPƒ]LYZH[PSP0SÄS[YVHTIYH
WLYULIIPHLM\TV0SÄS[YVKPMM\ZVYL
WLYTL[[LKP]HYPHYLPSYHNNPVKP
PSS\TPUHaPVULKHZ[YL[[VHSHYNV
0ÄS[YPHKPUMYHYVZZVL\S[YH]PVSL[[VZVUV
PKLHSPWLY=PNPSPKLS-\VJV7VSPaPH
4PSP[HYP0ZWLaPVUPPUK\Z[YPHSP
)H[[LYPHHKHS[HWV[LUaHZLTWSPJLKH
JHTIPHYL
3HSHTWHKH40*(/0+uLX\PWHNNPH[H
JVUJHYPJH[VYPYHWPKPLWYH[PJH]HSPNL[[H
HU[P\Y[VKH[YHZWVY[V
3HSHTWHKHuWYV[L[[HKHSS»\Z\YHL
KHSSHJVYYVZPVUL
-PUVH3\TLUZ
/0+
=HSPNL[[H[YHZWVY[V
__TT
YVI\Z[HHU[P\Y[V
(TWPHZLSLaPVULKP
SLU[PZWLJPHSPLÄS[YP
:WLJPÄJOL[LJUPJOL40*(/0+
(S[YLJHYH[[LYPZ[PJOL
‹ 3HTWHKHHKHS[HWV[LUaHYPJHYPJHIPSL
‹ (SPTLU[HaPVUL)H[[LYPHYPJHYPJHIPSLPVUPKP3P[PV/0+
=(
‹ ;LTWLYH[\YHVWLYH[P]H‡*¼‡*
‹ ;LTWLYH[\YHYPJHYPJH‡*¼‡*
‹ )\SIV4L[HSSVOHSPKL>>
‹ ;LTWLYH[\YH*VSVYL>2>2
‹ +\YH[HI\SIVVYL
‹ <ZJP[H> S\T>S\T
‹ 9HNNPV:WV[
‹ +PHTL[YVYPÅL[[VYLTT
‹ ;LTWPVWLYH[P]P>VYHTPU>VYL
‹ 3LU[P*YPZ[HSSV[LTWLYH[V_TT
‹ (YTH[\YHJVYWV(SS\TPUPVHUVKPaaH[V
‹ *VSVYL5LYV
‹ +PTLUZPVUP/0+_TT
‹ 7LZVJVUIH[[LYPH/0+N
‹
‹
‹
‹
‹
‹
9LNVSH[VYLKPJVYYLU[LKPNP[HSL
)H[[LYPHMHJPSTLU[LPU[LYJHTIPHIPSL
7YV[LaPVULJVY[VJPYJ\P[V
=HSPNPH[YHZWVY[VYVI\Z[HPUJS\ZH
*PUNOPHHZWHSSHPUJS\ZH
*HYPJH[VYL(\[VTH[PJV=(*(\[VTH[PJVWLY
H\[V=+*
‹ ;LTWVYPJHYPJH/0+VYLTPU
‹ 7YV[LaPVUL0UNYLZZV07
(TWPHZLSLaPVULKPSLU[PZWLJPHSP
LÄS[YPJVSVYH[P
‹
‹
‹
‹
‹
‹
‹
‹
‹
‹
‹
‹
-PS[YVHKPUMYHYVZZPUTHY[
-PS[YVHKPUMYHYVZZP UTHY[
-PS[YV<=UTHY[
-PS[YVIS\HY[UTHY[
-PS[YVHTIYHULIIPHM\TPHY[
-PS[YVYVZZVUTHY[
-PS[YV]LYKLUTHY[
+PMM\ZVYLYHNNPVSHYNVHY[
*HYPJH[VYLHYL[L=(*HY[
*HYPJH[VYLH\[V=+*HY[
T(IH[[LYPHPVUPKPSP[PVHY[ F
T(IH[[LYPHPVUPKPSP[PVHY[ F
(JJLZZVYP
ÄS[YV(TIYHULIIPHLM\TP
ÄS[YV9VZZVUT
ÄS[YV=LYKLUT
ÄS[YV)S\UT
ÄS[YVKPMM\ZVYLYHNNPVSHYNV
ÄS[YV0UMYHYVZZVUT
ÄS[YV<S[YH]PVSL[[VUT
WVY[HJPU[\YH
PJ
VK
/0+
WHN
PUH
L
L
[[VY
ZL
J
‹
‹
‹
‹
‹
‹
‹
‹
^^^P[HSJLYJVT
/3(;,?
3HTWHKHKHJHZJVWLY
HTIPLU[PHYPZJOPVLZWSVZP]V
0SS\TPUHaPVUL
WYVMLZZPVUHSL
3H40*(/3(;,?u\UHSHTWHKHWLY
HTIPLU[PHYPZJOPVLZWSVZP]V:VSPNYHTTP
PUJS\ZHSHIH[[LYPH+PZWVUPIPSLJVTLPSS\TPUH[VYL
HMHZJL[[HKH[LZ[HHMHZJL[[HWLYJHZJVLKH
JHZJVJVUH[[HJJVJSPW*VZ[Y\aPVULPUTH[LYPHSL
HU[PZ[H[PJV
<[PSPaaV!(YLLHYPZJOPVLZWSVZP]V0UK\[YPH
WL[YVSPMLYH(]PHaPVUL=PNPSPKLS-\VJV4PSP[HYP
4HYPUHJVTTLYJPHSL
*HYH[[LYPZ[PJOL[LJUPJOL
‹ 0UNYLZZV=
‹ <ZJP[H:\WWVY[H[\[[PPJHYPJH[VYP40*(¼=
‹ *VSSLNHTLU[PPUJS\ZP,<9<::((<2
‹ 7YV[LaPVULPU[LYUHKHJVY[VJPYJ\P[V
‹ 4H[LYPHSLHU[PZ[H[PJV
‹
‹
‹
‹
‹
‹
40*(03WLY03*43*L/*JHYPJH[VYP
‹ 7LZVNYHTTP
3HTWHKHKHJHZJV
3\UNOLaaHJH]VTT
)H[[LYPH=5P4/TPUPTVYPJHYPJOL
;LTWLY[\YHVWLYH[P]H‡*¼‡*
)\SIVHSVNLUV>>>7?ZVJRL[
=P[HVYL
<ZJP[H>S\T>S\T>S\T
)\SIVZLJVUKHYPV3,+IPHUJVHS[HPU[LUZP[n
=P[HVYL
9HNNPVZ[YL[[V
+\YH[HS\JLI\SIV>VYL>VYL>VYL3,+
VS[YLZL[[PTHUH
‹ 3LU[L*
‹ (YTH[\YH7*():HU[P\Y[V
‹ 7YV[LaPVULSHTWHKH07
IH[[LYPH07
‹ *VSVYL5LYV.PHSSV
‹ +PTLUZPVUPIH[[LYPH__TT
‹ 7LZVJVUIH[[LYPHRN
‹ (]]PZVZ[H[VIH[[LYPH
‹ 7YL]LUaPVULZJHYPJHYHWPKH
‹ 7YV[LaPVULJVY[VJPYJ\P[V
‹ *HYPJH[VYL40*(03*=(*
‹ 4\S[PJHYPJH[VYL40*(*9*WLYIH[[LYPL
:LYPL/3JVUWYV[LaPVULLSL[[YVUPJH
KLSSHIH[[LYPHKHSS»LZH\YPTLU[VYHWPKV(]]PZV
Z[H[VIH[[LYPHH3,+<[PSPaaHNSPZ[LZZP
JHYPJH[VYPKLSSHZLYPLPUK\Z[YPHSL
030SRP[/3JVTWYLUKL
PSWVY[HIH[[LYPHPUJ\VPVHSSH
JPU[\YH
<[PSPaaV!4PUPLYH.HSSLYPL
Z[YHKHSP*HU[PLYP
/3
/3
WHN
PUH
‹
‹
‹
‹
‹
‹
‹
‹
‹
‹
03
0UNYLZZV¼=+*
;LTWVKPYPJHYPJHVYLTPU
7LZVN
+PTLUZPVUP__TT
3HTWHKLJVTWH[PIPSP/3/3,_
(JJLZZVYP03HKH[[H[VYLWYPUJPWHSL*9JHYPJH[VYLT\S[PWSV
WLY/*JHYPJH[VYP03JOHUNLV]LY\UP[nKHIH[[LYPHH\[V
*H]VH[[HJJVH\[VZPNHYL[[L/*/)/)
/3/(36.,5
/3>3,+
*HYH[[LYPZ[PJOL[LJUPJOL
/*
40*(/**HYPJH[VYPYHWPKP/*
JHYPJH[VYLZPUNVSV/*JHYPJH[VYL
KVWWPV
PJL
VK
40*(03HKH[[H[VYLWYPUJPWHSL
40*(/))(;;,90()H[[LYPHLJV
JVTWH[PIPSL5P4/T(O
J
‹ /3(;,?27SHTWHKHJHZJOL[[VJVUJSPW
‹ /3(;,?77/LHKIHUKSHTW3HTWHKHKH[LZ[HH
MHZJL[[H
‹ /3(;,?22/LSTL[SHTW3HTWHKHKHJHZJV
‹ ,_JH[LNVYPH,,_LPI00*‡*,,_004
‹ :[HUKHYK,5,5,5,5
‹ ;`WLVMWYV[LJ[PVU¸L¹PUJYLHZLKZHML[`¸PI¹PU[YPUZPJZHML[`
‹ (YLHKPJSHZZPÄJHaPVUL.AVULLNHZNY\WWP00(00)L00*
‹ (YLHKPJSHZZPÄJHaPVUL+AVULL
‹ ;LTWJSHZZPÄJHaPVUL¢*
‹ ;LTWLY[\YHVWLYH[P]H‡*¼‡*
‹ *LY[PÄJHaPVUL5‡=;;(;,??
‹ (YTH[\YH77HU[P\Y[VHU[PZ[H[PJV
‹ 3LU[L*YPZ[HSSV[LTWLYH[V_TT
‹ 9HNNPVZ[YL[[V
‹ <ZJP[H)\SIVHSVNLUV>>:VJRL[7?7?:
‹ +\YH[HO
‹ <ZJP[HS\JL>S\TS_'T">S\TS_'T
‹ )\SIVZLJVUKHYPV3,+IPHUJVPU[LNYH[V
‹ +\YH[H%VYL
‹ <ZJP[HS\JLT*K
‹ )H[[LYPH9PJHYPJHIPSL=5P4/T(OPU[LNYH[HZ\SSHMHZJPH
‹ 3HIH[[LYPHW\~LZZLYLJHTIPH[HPUaVULHYPZJOPV
‹ +\YH[HVWLYH[P]H)\SIV>VYLTPU">VYHTPU
‹ +\YH[HVWLYH[P]H3,+%NPVYUV
‹ 7YV[LaPVUL07
‹ 7LZVJVUIH[[LYPHNSHTWHKHNIH[[LYPHN
‹ *VSVYL5LYV
‹ (S[YLJHYH[[LYPZ[PJOL9HNNPV]LY[PJHSLYLNVSHIPSL(]]PZVJHYPJH
IHZZHIH[[LYPH7YL]LUaPVULZJHYPHYHWPKH7YV[LaPVULJVY[V
JPYJ\P[V
‹ *HYPJH[VYP/*ZPUNVSV/*KVWWPV
‹ (JJLZZVYP/)IH[[LYPHH\ZPSPHYPH
‹ *\Z[VKPHPUJ\VPVWLYIH[[LYPL
^^^P[HSJLYJVT
/3>
3HTWHKH3,+
3,+HKHS[HWV[LUaHVYLKP]P[H>
3,+JVYYPZWVUKLH>KP\UI\SIVHSVNLUV
<UWPJJVSV3,+KHTTM\UNLKHS\JLIHJR
\W4HZZPTHYLZPZ[LUaHZPJ\YLaaHLMHJPSP[n
K»PTWPLNV40*(/3W\~LZZLYL\ZH[H
JVUIH[[LYPL54V/)+\YH[HÄUVH
VYLJVUIH[[LYPH54 (O
<[PSPaaP!JHU[PLYPZ[YHKHSPPUNHSSLYPHTPUPLYH
LKPSPaPHZVJJVYZVLZHS]HTLU[V
*HYH[[LYPZ[PJOL[LJUPJOL
‹ 9HNNPVZ[YL[[V
‹ +\YH[HVWLYH[P]H54(VYL54 (VYL3,+:LJVUKHYPV%ZL[[PTHUH
‹ 3LU[L*YPZ[HSSV[LTWLYH[V_TT
‹ (YTH[\YH7*():HU[P\Y[V
‹ 7YV[LaPVULSHTWHKH07IH[[LYPH07
‹ *VSVYL5LYV.PHSSV
‹ +PTLUZPVUPIH[[LYPH__TT
‹ (]]PZVZ[H[VIH[[LYPH
‹ 7YL]LUaPVULZJHYPJHYHWPKH
‹ 7YV[LaPVULJVY[VJPYJ\P[V
‹ *HYPJH[VYP34WLY (34 WLY(
‹ (JJLZZVYP7VY[HIH[[LYPHWLYJPU[\YHPUJ\VPVWLY/3
275434/322
‹ )H[[LYPH54(O=5P4/54(O=5P4/
54 (O=5P4/
‹ +PTLUZPVUP__TT
‹ 7LZVIH[[LYPH(ON(ON (ON
‹ *VSVYL.YPNPV.PHSSV
‹ 7YV[LaPVUL07
‹ +\YH[H(O>VYLTPU(O>VYHTPU
(O>VYL(O>VYLTPU (O> VYL
(O>VYLTPU
‹ ;LTWVYPJHYPJH(VYL (VYL
‹ (]]PZVZ[H[VIH[[LYPH
‹ 7YL]LUaPVULZJHYPJHYHWPKH
‹ 7YV[LaPVULJVY[VJPYJ\P[V
‹ *SPWJPU[\YHPUJVYWVYH[H
‹ *HYPJH[VYP34=+*T(34 = T(
34=+* WLYH\[V= T(
/3
:3
WHN
PUH
‹ :3796IHUKHLSHZ[PJH[LZ[HLSTL[[VJVUJSPWZ
‹ :3,9.6SHTWHKHKH[LZ[HJVUKLZPNULYNVUVTPJVWLY\ZV
ZWVY[P]VV\[KVVY
‹ 9HNNPV3HYNV
‹ *VUUL[[VYPPUTL[HSSV
‹ 3\UNOLaaHJH]V¼TT
‹ ;LTWLYH[\YHVWLYH[P]H‡*¼‡*
‹ )\SIV(SVNLUVL>.ZVJRL[
‹ =P[HVYL
‹ <ZJP[HS\JL>S\T>S\T
‹ 3LU[L77_TT
‹ 7YV[LaPVUL07PTWLYTLHIPSL
‹ 9PÅL[[VYLHSS\TPUPV•TT
‹ *VSVYL)HUKH:3796ULYVYVZZVNYPNPV:3,9.6ULYV
YVZZV
‹ 7LZV:3796N:3,9.6N
L
[[VY
ZL
*HYH[[LYPZ[PJOL[LJUPJOL
L
:3796
:3,9.6
3HTWHKHKHJHZJV
3HTWHKHKHJHZJVWYVMLZZPVUHSL.YHUKL
YPÅL[[VYLKHÄUVH>JVUI\SIVHSVNLUVHK
HS[HWV[LUaH+PZWVULKPPU[LYY\[VYLPTWLYTLHIPSL
WLYZJLNSPLYLSHWV[LUaHKLZPKLYH[H3HSHTWHKH
uMVYUP[HJVUIHUKHLSHZ[PJHLJSPWZLWHYH[HWLY
HNNHUJPVHSJHZJV0SRP[40*(:3796-<33
7(*2(.,PUJS\KL!IH[[LYPHS54 (O
5P4/JHYPJH[VYL34JSPWZLHNNHUJPPU
]LSJYVWLYLSTL[[VI\SIVKH>KPYPZLY]H
PJ
VK
‹
‹
‹
‹
‹
‹
‹
‹
/327SHTWHKHKHJHZJOL[[VJVUH[[HJJVHJSPW
/377SHTWHKHJVUMHZJL[[H
3\UNOLaaHJH]VTT
)H[[LYPHYPJHYPJHIPSL=5P4/54(5P4/
JPJSPKPYPJHYPJH54 (5P4/JPJSPKP
YPJHYPJH
;LTWLYH[\YHVWLYH[P]H‡*¼‡*
7V[LUaH>3,+3<?,65
+\YH[H]P[HVYL
3\TPUVZP[nS\T
9PÅL[[VYLZ[YL[[VS_'T
)\SIVZLJVUKHYPVJVU3,+PU[LNYH[V
+\YH[H]P[HVYL
3\TPUVZP[nT*K
J
‹
‹
‹
‹
^^^P[HSJLYJVT
:VTTHYPV
=PUKLS
(IIPNSPHTLU[V
:VJJVYZV
,SL[[YVUPJH
0SS\TPUHaPVUL
WHN
WHN
WHN
WHN
WHN
7YVNL[[VNYHÄJVLJVUZ\SLUaHLKP[VYPHSL
+H]PKL5PaaH
^^^KH]PKLUPaaHP[
JVTT\UPJH[L'KH]PKLUPaaHP[
WHN
PUH
5LZZ\UHWHY[LKPX\LZ[VJH[HSVNVW\~LZZLYL
YPWYVKV[[HV[YHZTLZZHPUX\HSZPHZPMVYTHVJVU
X\HSZPHZPTLaaVLSL[[YVUPJVTLJJHUPJVVHS[YV
ZLUaHS»H\[VYPaaHaPVULZJYP[[HKLPWYVWYPL[HYPKLP
KPYP[[P
*VW`YPNO[WLYSLPTTHNPUPLWLYP[LZ[P
7,905-694(A0650
,90*/0,:;(+079,AA0,79,=,5;0=0
P[HSJLYZYS'NTHPSJVT
PUMV'P[HSJLYJVT
0[HS*LY:YS\MÄJPVJVTTLYJPHSL
[LS MH_ 7,969+05(9,
P[HSJLYZYS'NTHPSJVT
PUMV'P[HSJLYJVT
0[HS*LY:YS\MÄJPVJVTTLYJPHSL
[LS MH_ 46+(30;±+07(.(4,5;6
*VU[YHZZLNUVZ\WWSLTLU[VÁ
*VU[V*VYYLU[L7VZ[HSLU‡ )VUPÄJVIHUJHYPV
46+(30;±+0;9(:769;6,*65:,.5(4,9*,
*VUZLNUHPUVYLVPUNPVYUP(S[YLTVKHSP[nKHJVUJVYKHYL
.(9(5A0(+,0796+6;;0
0WYVKV[[PZVUVNHYHU[P[PHUUPKHSSHJVUZLNUHJVU[YVPKPML[[P
KPTH[LYPHSLLKPMHIIYPJHaPVUL0SWYVKV[[VKPML[[H[VK\YHU[L
PSWLYPVKVKPNHYHUaPH]LYYnYPWHYH[VNYH[\P[HTLU[LVWW\YL
ZVZ[P[\P[VZLJVUKVSLJVUKPaPVUPKLSWYVK\[[VYL3HNHYHUaPHUVU
JVWYLPKHUUPJH\ZH[PKH\[PSPaaVLYYH[VULNSPNLUaHULSSHJ\YHL
JVUZLY]HaPVULKLSWYVKV[[V
*(<:,+0-69A(4(..069,
0UVNUPJHZVKPMVYaHTHNNPVYLVWW\YLJHZVMVY[\P[V0;(3*,9
:YSUVUZPJVUZPKLYHYLZWVUZHIPSLWLYPSYP[HYKVVSHTHUJH[H
JVUZLNUHLH]YnSHMHJVS[nKPYPZVS]LYLPU[\[[VVPUWHY[LPS
JVU[YH[[VZVZWLUKLYULVKPMMLYPYLS»LZLJ\aPVUL
-696+0*647,;,5A(
6NUPJVU[YV]LYZPHSLNHSLuKPJVTWL[LUaHKLS-VYVKP4PSHUV
.P\IIV[[P
KPZHS]H[HNNPV
0;(3*,9:YS
:YS
4HYPUL:HML[`
]PH(\YLSPH
=HKV3PN\YL:=0[HS`
[LS
[LS
[L
S
MH_ PUMV'P[HSJLYJVT
^^^P[HSJLYJVT
Fly UP