Каталогизация образовательных информационных ресурсов

D:L:EH=BA:PBYH;J:AH<:L?EVGUOBGNHJF:PBHGGUOJ?KMJKH< :B;ZrfZdh\<:KlZjuo Fhkd\Z A:HDhjihjZpbyMgb\_jkbl_lkdb_k_lbagZgbc Jhkkbckdbc]hkm^Zjkl\_ggucmgb\_jkbl_lbggh\Zpbcbl_ogheh]bc ij_îjbgbfZl_evkl\Z :gghlZpby JZkkfhlj_gu aZ^Zqb kha^Zgby f_oZgbafh\ dZlZeh]baZpbb bgnhjfZpbhgguo j_kmjkh\ \ h[jZah\Zl_evguo ihjlZeZo IjhZgZebabjh\ZgZ jhev kbkl_fu f_lZ^Zgguo b knhjfmebjh\Zgu lj_[h\Zgby d g_c Ij_êh`_gZ mlhqg_ggZy bgl_jij_lZpby bgnhjfZpbhggh]h j_kmjkZ dZd h[t_dlZ dZlZeh]baZpbb iha\heyxsZy [he__ q_ldh hq_jlblvdjm]kmsghkl_cij_^klZ\ey_fuo\dZlZeh]ZoZlZd`_mklZgh\blvijbhjbl_lu ijb bo gZiheg_gbb HibkZgZ bgnhjfZpbhggZy fh^_ev f_lZ^Zgguo knhjfbjh\ZggZy dZd jZkrbj_gb_ dhgp_ilmZevghc ko_fu /20 Baeh`_gu j_dhf_g^Zpbb ih bkihevah\Zgbxg_dhlhjuo__dhfihg_glh\Ijb\_^_gZoZjZdl_jbklbdZjZajZ[hlZggh]h deZkkbnbdZlhjZ lbih\ h[jZah\Zl_evguo bgnhjfZpbhgguo j_kmjkh\ HibkZg ijhnbev f_lZ^ZgguodZlZeh]ZbgnhjfZpbhgguoj_kmjkh\h[jZah\Zl_evgh]hihjlZeZ <\_^_gb_ G_hlt_fe_fuf dhfihg_glhf h[_ki_q_gby kh\j_f_gghc h[jZah\Zl_evghc kbkl_fu y\eyxlky bgnhjfZpbhggu_ j_kmjku BJ DZq_kl\h BJ b ho\Zl bfb ihlj_[ghkl_ckbkl_fuh[jZah\ZgbyklZgh\ylkyhij_^_eyxsbfbnZdlhjZfb\mkeh\byo rbjhdh]h bkihevah\Zgby gh\uo bgnhjfZpbhgguo l_ogheh]bc \dexqZy f_lhû b kj_^kl\Zwe_dljhggh]hh[mq_gby>@ < h[jZah\Zgbb gZoh^yl ijbf_g_gb_ fgh`_kl\h jZaghh[jZaguo BJ hlebqZxsboky dZd ih kh^_j`Zgbx lZd b ih oZjZdl_jm bgnhjfZpbb __ agZdh\hc ijbjh^_ b kihkh[m ij_^klZ\e_gby h[t_fm kljmdlmj_ lbim ghkbl_ey nmgdpbhgZevghklb bkoh^ghfm p_e_\hfm gZagZq_gbx b ^jm]bf Zljb[mlZf Kha^Zgb_ kbkl_fuh[jZah\Zl_evguoihjlZeh\nhjfbjm_lmkeh\byêymijhs_gbyim[ebdZpbbBJ b h[_ki_q_gby ^hklmiZ d gbf hj]ZgbaZpbb ihbkdZ BJ b fhgblhjbg]Z bo khklhygby ^bkljb[mpbbbh[f_gZBJ DZlZeh] BJ b kem`[Z dZlZeh]baZpbb hlghkylky d dexq_\uf dhfihg_glZf h[jZah\Zl_evgh]hihjlZeZHgbiha\heyxlj_rZlvke_^mxsb_deZkkuaZ^Zqk\yaZggu_ k[bag_kijhp_kkZfbih^^_j`b\Z_fufbihjlZehf • mq_lBJ • b^_glbnbdZpbybZ^j_kZpbyBJ • im[ebdZpbyhibkZgbcBJf_lZ^Zgguobij_^hklZ\e_gb_^hklmiZdgbf • \u[hjwda_fieyjh\f_lZ^ZgguoijbgZ\b]ZpbbihdZlZeh]m • ihbkdBJihf_lZ^Zgguf • nhjfbjh\Zgb_ gZ[hjZ BJ ihdju\Zxs_]h mq_[gmx ijh]jZffm beb ieZg \ lhfqbke_ihkljh_gb_bgl_]jZevgh]hdhgl_glZbah[jZah\Zl_evguoh[t_dlh\ >@ • mijZ\e_gb_dhgl_glhfbijZ\ZfbgZg_]h • fhgblhjbg]h[_ki_q_gghklbBJihlj_[ghkl_ckbkl_fuh[jZah\Zgbyb^j Kha^Zgb_ f_oZgbafh\ dZlZeh]baZpbb BJ lj_[m_l j_r_gby r_klb hkgh\guo aZ^Zq mlhqg_gb_ lh]h qlh ihgbfZ_lky ih^ BJ dZdb_ kmsghklb fh]ml [ulv ij_^klZ\e_gu\dZlZeh]_ jZajZ[hldZ kihkh[Z hibkZgby BJ ko_fu b nhjfZlZ f_lZ^Zgguo bkihevam_fuo \ gbo keh\Zj_c b deZkkbnbdZlhjh\ Z lZd`_ h]jZgbq_gbc p_ehklghklbgZdeZû\Z_fuogZhibkZgby kh]eZkh\Zgb_ h[sbo ijbgpbih\ dZlZeh]baZpbb dZkZxsboky hl[hjZ BJ êy ij_^klZ\e_gby \ dZlZeh]_ kihkh[h\ b^_glbnbdZpbb b Z^j_kZpbb BJ ijbhjbl_lh\ mqblu\Z_fuo ijb gZiheg_gby dZlZeh]Z b k\yaZgguo k jZaebqgufb\b^ZfbBJZdlmZebaZpbbk\_^_gbc\dZlZeh]_b^j jZajZ[hldZZjobl_dlmjubbgnhjfZpbhggheh]bq_kdhckljmdlmjudZlZeh]Z jZajZ[hldZf_oZgbafh\gZ\b]ZpbbihdZlZeh]m jZajZ[hldZ j_]eZf_glZ nmgdpbhgbjh\Zgby kem`[u dZlZeh]baZpbb \dexqZy \aZbfh^_ckl\b_ k ihevah\Zl_eyfb h[jZ[hldm aZijhkh\ h[f_g bgnhjfZpb_c k dZlZeh]Zfb ^jm]bo h[jZah\Zl_evguo ihjlZeh\ b ijhqbfb ojZgbebsZfb f_lZ^Zgguo bgl_jn_ck k kbkl_fZfb mijZ\e_gby mq_[guf ijhp_kkhf KMMIb^j Kbkl_fZf_lZ^Zgguo__jhevblj_[h\Zgbydg_c <hafh`ghklb h[_ki_qb\Z_fu_ dZlZeh]hf BJ b kem`[hc dZlZeh]baZpbb \ agZqbl_evghc kl_i_gb aZ\bkyl hl bkihevam_fhc kbkl_fu f_lZ^Zgguo Ih^ f_lZ^Zggufb ihgbfZ_lky bgnhjfZpby oZjZdl_jbamxsZy dZdmxeb[h ^jm]mx bgnhjfZpbx<jZkkfZljb\Z_fhfdhgl_dkl_wda_fieyjf_lZ^Zgguoij_^klZ\ey_lkh[hc hibkZgb_h[jZah\Zl_evgh]hBJ 0HWD 'DWD &RDOLWLRQ hij_^_ey_l f_lZ^Zggu_ dZd hibkZl_evgmx bgnhjfZpbx h kljmdlmj_bkfuke_^ZgguoZlZd`_ijbeh`_gbcbijhp_kkh\dhlhju_fZgbimebjmxl ^Zggufb AZf_lbf qlh f_lZ^Zggu_ fh]ml oZjZdl_jbah\Zlv kmsghklb hlghkysb_ky g_ lhevdh d \bjlmZevghfm bgnhjfZpbhgghfm ijhkljZgkl\m gh b d j_Zevghfm fbjm i_jkhgZebb hj]ZgbaZpbb kh[ulby b ^j KdZaZggh_ ij_^klZ\ey_lky \Z`guf ihkdhevdmhibkZgbyh[jZah\Zl_evguo BJfh]mlkh^_j`Zlvk\_^_gbyh[bokha^Zl_eyo \eZ^_evpZobjZkijhkljZgbl_eyonbabq_kdbobxjb^bq_kdboebpZoZlZd`_kh[ulbyo \dhlhjuohgbnb]mjbjmxldhgn_j_gpbbk_fbgZjukbfihabmfumq_[gu_bgZmqgu_ f_jhijbylbybli Kbkl_fZ f_lZ^Zgguo \uklmiZ_l \ dZq_kl\_ p_gljZevgh]h a\_gZ ex[hc bgnhjfZpbhgghc kbkl_fu F_lZ^Zggu_ fh]ml [ulv dZd qZklvx BJ lZd b ojZgblvky hl^_evgh]h hl g_]h GZijbf_j \uoh^gu_ k\_^_gby ba^Zgby y\eyxsb_ky ih hlghr_gbx d g_fm f_lZ^Zggufb ijb\h^ylky \ kZfhf ba^Zgbb b djhf_ lh]h \dexqZxlky\[b[ebhl_qgucdZlZeh] DZd b \ l_ogheh]byo [Za ^Zgguo êy f_lZ^Zgguo hij_^_eyxlky ^\Z mjh\gy ij_^klZ\e_gby • bgnheh]bq_kdbc nbdkbjm_fuc ko_fhc f_lZ^Zgguo dhlhjZy hljZ`Z_l khklZ\ b kljmdlmjm we_f_glh\ ^Zgguo ihe_c \ wda_fieyj_ f_lZ^Zgguo bo k_fZglbdm lbiu agZq_gbc \dexqZy keh\Zjb b deZkkbnbdZlhju b h]jZgbq_gbyp_ehklghklb • ^ZlZeh]bq_kdbc nbdkbjm_fuc nhjfZlhf f_lZ^Zgguo dhlhjuc hljZ`Z_l kihkh[ij_^klZ\e_gbydh^bjh\ZgbybgnhjfZpbb F_lZ^Zggu_ bkihevamxlky ijb j_r_gbb \k_o i_j_qbke_gguo \ur_ deZkkh\ aZ^Zq Zkkhpbbjm_fuo k dZlZeh]hf BJ b kem`[hc dZlZeh]baZpbb h[jZah\Zl_evgh]h ihjlZeZDqbkemhkgh\guolj_[h\Zgbcdkbkl_f_f_lZ^Zgguohlghkylky • mgb\_jkZevghklv \ jZfdZo mklZgh\e_ggh]h ihgbfZgby BJ dZd h[t_dlZ dZlZeh]baZpbb • kljmdlmjbjh\ZgghklvbnhjfZebah\Zgghklvf_lZ^Zgguog_h[oh^bfZyêybo Z\lhfZlbq_kdhch[jZ[hldb • ^hklZlhqgZy\ujZabl_evghklvêyh[_ki_q_gbywnn_dlb\gh]hj_r_gbyaZ^Zq lj_[mxsbogZebqbyf_lZ^Zgguo • kh\f_klbfhklv k f_`^mgZjh^gufb klZg^ZjlZfb b ijhlhdheZfb \ h[eZklb f_lZ^Zgguo b bgnhjfZpbhggh]h ihbkdZ kha^Zgb_ mkeh\bc êy bgl_jhi_jZ[_evghklb • khhl\_lkl\b_ jhkkbckdhfm aZdhgh^Zl_evkl\m \ h[eZklb h[jZah\Zgby \ qZklghklb mklZgh\e_gguf mjh\gyf h[jZah\Zgby hljZ`_gb_ hkh[_gghkl_c hl_q_kl\_gghch[jZah\Zl_evghckbkl_fubklZg^Zjlh\JN • \hafh`ghklv aZ^Zgby h]jZgbq_gbc p_ehklghklb hljZ`Zxsbo \aZbfhk\yab ihe_chibkZgbyBJ • h[_ki_q_gb_ \hafh`ghklb ojZg_gby f_lZ^Zgguo dZd kh\f_klgh k BJ lZd b hl^_evghhlg_]h • \hafh`ghklv ij_^klZ\e_gby \ f_lZ^Zgguo k\_^_gbc h kha^Zl_eyo ijZ\hh[eZ^Zl_eyobjZkijhkljZgbl_eyoBJZlZd`_hlghr_gbcf_`^mBJ G_h[oh^bfh mqblu\Zlv qlh ihfbfh h[jZah\Zl_evguo ihjlZeh\ f_lZ^Zggu_ h[ h[jZah\Zl_evguoBJnhjfbjmxlkybbkihevamxlky\^jm]bokbkl_fZobk_j\bkZo • we_dljhgguo[b[ebhl_dZo • kbkl_fZoj_]bkljZpbbBJ • kem`[Zoim[ebdZpbbBJ • ojZgbebsZo^_ihablZjbyoBJ • ojZgbebsZof_lZ^Zgguoh[BJ • kbkl_fZo jZajZ[hldb h[jZah\Zl_evgh]h dhgl_glZ Z\lhjkdhf bgkljmf_glZjbb • KMMIbkbkl_fZomijZ\e_gbydhgl_glhf • kbkl_fZok_jlbnbdZpbbBJbijhq RbjhlZ ijbf_g_gby f_lZ^Zgguo ih^q_jdb\Z_l \Z`ghklv h[_ki_q_gby bo bgl_jhi_jZ[_evghklb qlh lj_[m_l jZajZ[hldb êy jhkkbckdhc h[jZah\Zl_evghc kbkl_fu _^bgh]h gZ[hjZ hldjuluo ki_pbnbdZpbc ho\Zlu\Zxsbo jZaebqgu_ \bû BJ b \ZjbZglu bkihevah\Zgby f_lZ^Zgguo b kh\f_klbfuo k f_`^mgZjh^gufb klZg^ZjlZfb b ki_pbnbdZpbyfb \ wlhc h[eZklb < ^Zevg_cr_f ijbgylu_ kh]eZr_gby p_e_khh[jZaghaZnbdkbjh\Zlv\jZfdZohljZke_\uoklZg^Zjlh\ihf_lZ^Zgguf MgbnbdZpby\i_j\mxhq_j_^vg_h[oh^bfZijb\uiheg_gbbaZ^Zqbkf i_j_q_gv \h \\_^_gbb AZ^Zqb b fh]ml j_rZlvky ihjZaghfm \ aZ\bkbfhklb hl gZagZq_gbydZlZeh]ZMjh\_gvlj_[m_fhcmgbnbdZpbbêygboqmlvgb`_ Kh\f_klbfhklv hl_q_kl\_gghc kbkl_fu f_lZ^Zgguo k f_`^mgZjh^gufb klZg^ZjlZfbbki_pbnbdZpbyfbh[_ki_qb\Z_l • \aZbfgmxijhajZqghklvf_lZ^Zgguo\jhkkbckdbobaZjm[_`guodZlZeh]Zo bj_ihablhjbyoêyihbkdh\uokj_^kl\ijh]jZffguoZ]_glh\KMMIb^j qlhkha^Z_lmkeh\byêyh[f_gZBJ • mijhs_gb_kha^ZgbyBJhjb_glbjh\ZgguogZaZjm[_`gucjughd • \hafh`ghklv h[f_gZ f_lZ^Zggufb f_`^m jhkkbckdbfb b aZjm[_`gufb dZlZeh]Zfbbj_ihablhjbyfb • \hafh`ghklvnhjfbjh\Zgbybbkihevah\Zgbyf_lZ^Zgguoij_^gZagZq_gguo êy jZaf_s_gby \ jhkkbckdbo dZlZeh]Zo b j_ihablhjbyo \ aZjm[_`guo bgkljmf_glZevguo kj_^kl\Zo KMMI kbkl_fZo mijZ\e_gby dhgl_glhf Z\lhjkdbokbkl_fZo>@ JZkkfhljbf ^Ze__ ihôhû d j_r_gbx aZ^Zq b \ujZ[hlZggu_ \ jZfdZo ijh_dlZ ih kha^Zgbx dhgp_ipbb ihkljh_gby b nhjfbjh\Zgby hljZke_\hc kbkl_fu ]hkm^Zjkl\_ggh]h mq_lZ j_]bkljZpbb b fhgblhjbg]Z BJ kn_ju h[jZah\Zgby HK=MJF H[sZyoZjZdl_jbklbdZHK=MJF HK=MJF ij_^klZ\ey_l kh[hc hljZke_\mx bgnjZkljmdlmjm h[_ki_qb\Zxsmx j_r_gb_ aZ^Zq k\yaZgguo k kbkl_fZlbaZpb_c k\_^_gbc h[ BJ kbkl_fu h[jZah\Zgby Jhkkbb\p_eyo • ih\ur_gby wnn_dlb\ghklb b dZq_kl\Z mq_[gh]h ijhp_kkZ gZ \k_o mjh\gyo h[jZah\Zgby • jZpbhgZebaZpbb bkihevah\Zgby BJ b kj_^kl\ \u^_ey_fuo ]hkm^Zjkl\hf gZ bojZa\blb_ • kh^_ckl\bydhff_jpbZebaZpbbBJ • fhgblhjbg]Z dZq_kl\Z BJ b m^h\e_l\hj_gby bfb ihlj_[ghkl_c kbkl_fu h[jZah\Zgby • kh^_ckl\by bgl_]jZpbb hl_q_kl\_gguo BJ \ fbjh\h_ bgnhjfZpbhggh_ ijhkljZgkl\h • kh^_ckl\byaZsbl_ijZ\bgl_ee_dlmZevghckh[kl\_gghklb\eZ^_evp_\BJ Hkgh\gu_aZ^Zqbj_rZ_fu_HK=MJF • j_]bkljZpbyBJijbk\h_gb_BJmgbdZevguob^_glbnbdZlhjh\ • \_^_gb_ojZgbebsZj_ihablhjbyf_lZ^Zgguoh[BJ\lhfqbke_h[jZ[hldZ bZdlmZebaZpbyf_lZ^Zgguo • h[jZ[hldZ \g_rgbo aZijhkh\ gZ ihbkd hibkZgbc BJ \ ojZgbebs_ f_lZ^Zgguo • ^_ihgbjh\Zgb_BJ • gZijZ\e_gb_BJgZk_jlbnbdZpbxihjZkihjy`_gbxbo\eZ^_evp_\ • fhgblhjbg]khklhygbyBJh[jZah\Zl_evghckn_ju • bgnhjfZpbhgghZgZeblbq_kdb_aZ^Zqb • bgnhjfZpbhggh_h[kem`b\Zgb_ihevah\Zl_e_ckbkl_fuihbkdhibkZgbcBJ \ ojZgbebs_ f_lZ^Zgguo \uiheg_gb_ aZdZagh]h ihbkdZ ijh\_^_gb_ bgnhjfZpbhgghZgZeblbq_kdbobkke_^h\ZgbcihîbkdZgZbgnhjfZpbhggh ZgZeblbq_kdb_fZl_jbZeujZajZ[Zlu\Z_fu_HK=MJFb^j D [Zah\uf ijbgpbiZf ihkljh_gby b nmgdpbhgbjh\Zgby HK=MJF hlghkylky • h[yaZl_evghklv j_]bkljZpbb h[jZah\Zl_evguo BJ kha^Zgguo aZ kq_l [x^`_lguobklhqgbdh\ • hldjulhklvkbkl_fuêy^h[jh\hevghcj_]bkljZpbbBJbo\eZ^_evpZfb • [_kieZlghklvj_]bkljZpbbBJbihevah\Zgbykbkl_fhcijbihbkd_BJ • ij_^hklZ\e_gb_ ^hihegbl_evguo ieZlguo mkem] k_jlbnbdZpby BJ \uiheg_gb_ aZdZagh]h ihbkdZ ihîbkdZ gZ bgnhjfZpbhgghZgZeblbq_kdb_ fZl_jbZeuijh\_^_gb_bgnhjfZpbhgghZgZeblbq_kdbobkke_^h\Zgbcb^j • bkdexq_gb_gZ\yau\Zgby^hihegbl_evguomkem] • h[_ki_q_gb_ klbfmeh\ êy j_]bkljZpbb BJ b ih^^_j`db bo hibkZgbc \ ZdlmZevghfkhklhygbb • h[_ki_q_gb_ aZsblu ijZ\ bgl_ee_dlmZevghc kh[kl\_gghklb \eZ^_evp_\ aZj_]bkljbjh\ZgguoBJ • h[_ki_q_gb_ bgl_]jbjm_fhklb hibkZgbc BJ \ fbjh\h_ bgnhjfZpbhggh_ ijhkljZgkl\h • bkihevah\Zgb_,QWHUQHW\dZq_kl\_kj_ûnmgdpbhgbjh\Zgby • h[_ki_q_gby\hafh`ghkl_cêygZjZsb\ZgbynmgdpbhgZevghklbkbkl_fu BgnhjfZpbhggu_j_kmjkudZdh[t_dludZlZeh]baZpbb < AZdhg_ JN H[ bgnhjfZpbb bgnhjfZlbaZpbb b aZsbl_ bgnhjfZpbb >@ BJ hij_^_e_gudZdhl^_evgu_^hdmf_glubhl^_evgu_fZkkb\u^hdmf_glh\^hdmf_glub fZkkb\u ^hdmf_glh\ \ bgnhjfZpbhgguo kbkl_fZo [b[ebhl_dZo Zjob\Zo nhg^Zo [ZgdZo^Zgguo^jm]bobgnhjfZpbhgguokbkl_fZo <[he__rbjhdhfkfuke_ih^BJihgbfZxlkyagZgbyih^]hlh\e_ggu_ex^vfb êy khpbZevgh]h bkihevah\Zgby \ h[s_kl\_ b aZnbdkbjh\Zggu_ gZ fZl_jbZevguo ghkbl_eyo \ \b^_ ^hdmf_glh\ [Za ^Zgguo b agZgbc Ze]hjblfh\ dhfivxl_jguo ijh]jZff Z lZd`_ ijhba\_^_gbc bkdmkkl\Z ebl_jZlmju b gZmdb >@ BJ kljZgu j_]bhgZ hj]ZgbaZpbb jZkkfZljb\Zxlky dZd kljZl_]bq_kdb_ j_kmjku ZgZeh]bqgu_ ih agZqbfhklbaZiZkZfkujvywg_j]bbbli>@ BJ \uklmiZxl \ dZq_kl\_ h[t_dlh\ bgl_ee_dlmZevghc kh[kl\_gghklb < >@ bgl_ee_dlmZevgZy kh[kl\_gghklv hij_^_e_gZ dZd ijZ\Z hlghkysb_ky d j_amevlZlm dhgdj_lghc l\hjq_kdhc ^_yl_evghklb q_eh\_dZ \ ijhba\h^kl\_gghc gZmqghc ebl_jZlmjghcbom^h`_kl\_gghch[eZklyo BJ kem`Zl hkgh\hc êy kha^Zgby bgnhjfZpbhgguo ijh^mdlh\ b hdZaZgby bgnhjfZpbhgguo mkem] Ih^ bgnhjfZpbhgguf ijh^mdlhf ihgbfZ_lky kh\hdmighklv ^Zgguo knhjfbjh\Zgguo ijhba\h^bl_e_f êy jZkijhkljZg_gby \ \_s_kl\_gghc beb g_\_s_kl\_gghc nhjf_ k ihfhsvx bgnhjfZpbhgguo mkem] >@ I_j_q_gv mkem] hij_^_ey_lkyh[t_fhfdZq_kl\hfbkn_jhcijbf_g_gbyBJ >ey mlhqg_gby kh^_j`Zgby ihgylby BJ ij_êZ]Z_lky ke_^mxs__ hij_^_e_gb_ kh]eZkh\Zggh_khij_^_e_gb_fba>@ BJ ± wlh ^hdmf_gl kh\hdmighklv ^hdmf_glh\ ij_^gZagZq_gguc b kZfhklhyl_evgh hnhjfe_gguc êy jZkijhkljZg_gby kj_^b g_h]jZgbq_ggh]h djm]Z ebp eb[hkem`Zsbchkgh\hcêyij_^klZ\e_gbybgnhjfZpbhgguomkem] Ijb\_^_ggZy ^_nbgbpby hljZ`Z_l dexq_\u_ ijbagZdb dhlhjufb ^he`gZ h[eZ^Zlv bgnhjfZpbhggZy kmsghklv êy lh]h qlh[u [ulv ij_^klZ\e_gghc \ dZlZeh]_ BJ <hi_j\uo BJ ± wlh ijh^mdl ij_^gZagZq_gguc êy jZkijhkljZg_gby kj_^b g_hij_^_e_ggh]h djm]Z ebp êy dhlhjuo hg ij_^klZ\ey_l bgl_j_k l_ bf__l ihlj_[bl_evkdmx p_gghklv >ZggZy ljZdlh\dZ [ebadZ d ihgylbx im[ebdZpbb ^hdmf_glZ ^hklmigh]h êy fZkkh\h]h bkihevah\Zgby >@ < lh `_ \j_fy BJ ± g_ h[yaZl_evgh him[ebdh\Zgguc ^hdmf_gl JZaf_s_gb_ bgnhjfZpbb h g_f \ dZlZeh]_ fh`_l [ulv rZ]hf gZ imlb d im[ebdZpbb >jm]Zy h[yaZl_evgZy f_jZ ± h[_ki_q_gb_ ^hklmiZdBJk\_^_gbyhdhlhjhf\dexq_gu\dZlZeh]ij_^hklZ\ey_fh]haZieZlmbeb [_a\haf_a^ghg_h]jZgbq_gghfmdjm]mebp>hklmidBJfh`_l[ulvhj]Zgbah\Zgq_j_a ,QWHUQHW beb iml_f \uimkdZ lbjZ`Z bgnhjfZpbhgguo ghkbl_e_c jZaf_j dhlhjh]h m^h\e_l\hjy_lihlj_[ghklyfwlboebpbhij_^_ey_lkykmq_lhfoZjZdl_jZBJ Hlf_q_ggZy q_jlZ iha\hey_l jZa^_eblv BJ b ^hdmf_glu hjb_glbjh\Zggu_ gZ jZkijhkljZg_gb_ kj_^b hij_^_e_ggh]h l_ h]jZgbq_ggh]h djm]Z ebp D lZdbf ^hdmf_glZf hlghkylky dhjihjZlb\gu_ b \_^hfkl\_ggu_ fZl_jbZeu kijZ\db jZkibkZgbyaZgylbcmq_[gu_ieZgu\_^hfhklbk_jlbnbdZlub^jZlZd`_k_dj_lgZy bgnhjfZpbyIh^h[gu_^hdmf_gluhklZxlkyaZjZfdZfbdZlZeh]baZpbb <lhjhc dexq_\hc ijbagZd BJ ± hnhjfe_gb_ h[_ki_qb\Zxs__ \hafh`ghklv kZfhklhyl_evgh]h jZkijhkljZg_gby Kmsghklv g_ bf_xsZy lZdh]h hnhjfe_gby g_ fh`_l [ulv hljZ`_gZ \ dZlZeh]_ GZijbf_j Z[aZp ba ^hdmf_glZ b njZ]f_gl nZceZ g_ jZkijhkljZgyxlky \ kZfhklhyl_evghf dZq_kl\_ < ij_êZ]Z_fhc bgl_jij_lZpbb d BJ lZd`_g_hlghkylkybgl_]jZevgu_kmsghklbh[t_^bgyxsb_]jmiiuBJbk\yaZggu_k gbfb mkem]b GZijbf_j g_ y\ey_lky BJ mq_[guc dmjk \dexqZxsbc ijh]jZffgu_ b bgnhjfZpbhggu_ ijh^mdlu dhfivxl_jgu_ mq_[gbd b aZ^Zqgbd [mfZ`gh_ f_lh^bq_kdh_ihkh[b_ZlZd`_mkem]bij_ih^Z\Zl_eybh[jZah\Zl_evgh]haZ\_^_gby GZ jugd_ bgl_ee_dlmZevghc ijh^mdpbb [hevrbgkl\h BJ \uklmiZxl \ dZq_kl\_ lh\Zjh\ Bkdexq_gb_ khklZ\ey_l hkh[uc deZkk f_]Zj_kmjkh\ ,QWHUQHW kem`Zsbo hkgh\hc êy ij_^hklZ\e_gby mkem] LZdb_ BJ g_ y\eyxlky lh\Zjhf ijZ\Z gZ bo bkihevah\Zgb_ g_ ijh^Zxlky b g_ ihdmiZxlky H^bg b lhl `_ BJ dZd ijZ\beh bkihevam_lky êy hdZaZgby jZaebqguo mkem] Wlb mkem]b khklZ\eyxl _]h hkgh\gmx p_gghklv b g_ fh]ml [ulv ij_^hklZ\e_gu [_a _]h gZebqby Ihwlhfm dZlZeh]baZpbb ihê_`ZlBJZg_mkem]bIjbf_juih^h[guoBJwe_dljhggZy[b[ebhl_dZihbkdh\Zy kbkl_fZ,QWHUQHWdZlZeh],QWHUQHWljZgkeypbyb^j Ih^q_jdg_f qlh ij_êh`_ggZy ljZdlh\dZ BJ rbj_ ihgylby ba^Zgb_ >@ G_hlt_fe_fucijbagZdba^Zgby±ijhoh`^_gb_j_^Zdpbhgghba^Zl_evkdhch[jZ[hldb± g_ y\ey_lky h[yaZl_evghc q_jlhc BJ Ba^Zgby gZ jZaguo lbiZo ghkbl_e_c khklZ\eyxl agZqbl_evgmx ^hex BJ H^gZdh d BJ lZd`_ hlghkylky ^hdmf_glu g_ ihiZ^Zxsb_ \ dZl_]hjbx ba^Zgbc gZijbf_j ijh]jZffgZy mlbeblZ hlq_l h GBJ ^_ihgbjh\ZggZy jmdhibkv^bkk_jlZpbyh[jZah\Zl_evguch[t_dlb^j GZ k_]h^gyrgbc ^_gv jZajZ[hlqbdb h[jZah\Zl_evguo ihjlZeh\ g_ ijbreb d _^bghfm fg_gbx ih ih\h^m lh]h dZdb_ \bû BJ p_e_khh[jZagh ij_^klZ\eylv \ bo dZlZeh]ZoKms_kl\mxsb_lhqdbaj_gbyih^Zgghfm\hijhkm\hkgh\ghfaZdexqZxlky \ ebfblZpbb \b^h\ dZlZeh]babjm_fuo BJ ih^ ij_êh]hf keh`ghklb mgbnbdZpbb f_lZ^Zgguoljm^h_fdhklbgZiheg_gbydZlZeh]h\bhl^Zgbyij_îhql_gbydhgdj_lguf l_ogheh]byf j_ZebaZpbb [bag_kijhp_kkh\ GZijbf_j g_dhlhju_ jZajZ[hlqbdb ij_êZ]Zxl h]jZgbqblvky ij_^klZ\e_gb_f \ dZlZeh]Zo bgnhjfZpbb eb[h lhevdh h pbnjh\uoBJeb[hlhevdhhdhfivxl_jguoBJpbnjh\uoBJlj_[mxsboêyk\h_]h bkihevah\Zgbydhfivxl_jghckj_ûeb[hlhevdhhk_l_\uoBJBJ^hklmiguoq_j_a ,QWHUQHWeb[hlhevdhhiheghl_dklh\uok_l_\uoBJbl^ Ih^h[gu_h]jZgbq_gbygZgZr\a]ey^g_^hklZlhqghh[hkgh\Zguihke_^mxsbf ijbqbgZf <hi_j\uo \ kbkl_f_ h[jZah\Zgby ijbf_gyxlky kZfu_ jZaghh[jZagu_ BJ >@ Bkdexq_gb_ ba kn_ju dZlZeh]baZpbb dZdboeb[h bo \b^h\ hagZqZ_l qlh hgb g_ [m^mlmqblu\Zlvkyijbnhjfbjh\Zgbbmq_[guoieZgh\dhgljhe_oh^Zbo\uiheg_gby ZgZeba_ h[_ki_q_gghklb kbkl_fu h[jZah\Zgby BJ b l^ LZdbf h[jZahf gZa\Zggu_ aZ^Zqb[m^mlj_rZlvkygZhkgh\_g_iheguobkoh^guo^ZgguoZjughdBJhklZ\rboky aZjZfdZfbjZkkfhlj_gby[m^_lebr_gh^gh]hbaklbfmeh\jZa\blby <h\lhjuo h^bg b lhl `_ BJ fh`_l [ulv j_Zebah\Zg \ jZaguo nhjfZo b \uims_g gZ jZaguo ghkbl_eyo GZijbf_j dhfivxl_jguc mq_[gbd ^hklmiguc q_j_a ,QWHUQHWfh`_llZd`_jZkijhkljZgylvkygZ&'520Z_]hkh^_j`Zgb_fh`_l\uklmiZlv \dZq_kl\_[mfZ`gh]hba^Zgby <lj_lvbojZaebqgu_nhjfuij_^klZ\e_gbyBJbkihkh[u^hklmiZdgbffh]ml bkihevah\Zlvky kh\f_klgh >@ GZijbf_j dhfivxl_jguc BJ fh`_l ih^^_j`b\Zlv dZd k_l_\hc lZd b ehdZevguc ^hklmi ^Zggu_ kihkh[u ^hklmiZ kh\f_klgh ijbf_gyxlky \ ]b[jb^guo b aZ]jm`Z_fuo BJ ^hklmi d BJ ih ,QWHUQHW fh`_l bkihevah\Zlvky dZd êy jZ[hlukgbf\j_`bf_RQOLQHlZdbêykdZqb\ZgbyZjob\ZkehdZevghc\_jkb_c <q_l\_jluo g_dhlhju_ BJ y\eyxlky dhfie_dkgufb ij_^klZ\eyxsbfb kh[hc gZ[hju j_kmjkh\ jZaguo \b^h\ aZnbdkbjh\Zgguo gZ jZaguo lbiZo ghkbl_e_c gZijbf_jdgb]Zb&'520Zm^bh^bkd^bkd_lZbf_lh^bq_kdh_ihkh[b_bl^ <iyluo ihfbfh BJ \uklmiZxsbo gZ jugd_ bgl_ee_dlmZevghc ijh^mdpbb \ dZq_kl\_ lh\Zjh\ ihe_agh mqblu\Zlv ,QWHUQHWj_kmjku g_ y\eyxsb_ky lh\ZjZfb gh >Zggh_ihgylb_[m^_ljZkdjulh^Ze__ kem`Zsb_ hkgh\hc êy ij_^hklZ\e_gby bgnhjfZpbhgguo mkem] gZijbf_j we_dljhggu_[b[ebhl_dbihbkdh\u_kbkl_fubli <r_kluo\j_f_ggh_h]jZgbq_gb_kn_judZlZeh]baZpbbhij_^_e_ggufb\b^Zfb BJ hagZqZ_l qlh \f_klh h^ghc ki_pbnbdZpbb f_lZ^Zgguo hibku\Zxsbo BJ [m^_l jZajZ[hlZgh g_kdhevdh ki_pbnbdZpbc hjb_glbjh\Zgguo gZ jZagu_ deZkku BJ b \\h^bfuo \ ^_ckl\b_ ih f_j_ ]hlh\ghklb < j_amevlZl_ ijhbahc^_l g_ mijhs_gb_ Z mkeh`g_gb_ aZ^Zq dZlZeh]baZpbb h[mkeh\e_ggh_ g_h[oh^bfhklvx kh]eZkh\Zgby ki_pbnbdZpbcZlZd`_gZebqb_ffgh`_kl\ZgZ[hjh\ijZ\benhjfbjh\ZgbyhibkZgbc\ jZfdZojZaguoki_pbnbdZpbc\dexqZykeh\ZjbbdeZkkbnbdZlhju <gZklhys__\j_fykms_kl\m_ll_g^_gpbyg_ki_pbZebaZpbbZmgb\_jkZebaZpbb f_lZ^Zgguo hibku\Zxsbo jZagu_ kmsghklb Ijbf_jhf lZdh]h ihôh^Z y\ey_lky >m[ebgkdh_ y^jh 'XEOLQ &RUH PHWDGDWD HOHPHQW VHW ij_^klZ\eyxs__ kh[hc bg\ZjbZglgmx d ij_^f_lghc h[eZklb dhfihabpbx gZb[he__ h[sbo ihe_c hibkZgby BJ \\_^_ggmx êy h[_ki_q_gby ]eh[Zevghc bgl_jhi_jZ[_evghklb ijbeh`_gbc jZ[hlZxsbo k f_lZ^Zggufb >@ >ey h[jZah\Zl_evghc kn_ju h[sbc gZ[hj ihe_c f_lZ^Zgguo êy BJ nbdkbjm_l dhgp_ilmZevgZy ko_fZ /HDUQLQJ 2EMHFW 0HWDGDWD /20>@ BakdZaZggh]h\ul_dZxl^\Z\Z`guo\u\h^Z • \ dZlZeh] BJ h[jZah\Zl_evgh]h ihjlZeZ fh]ml \dexqZlvky k\_^_gby h[ BJ jZaebqguo ih nhjf_ ij_^klZ\e_gby ^Zgguo b bo oZjZdl_jm aZnbdkbjh\Zgguo gZ jZaguo lbiZo ghkbl_e_c b ih^^_j`b\Zxsbo jZagu_ kihkh[u^hklmiZ • wlb k\_^_gby ^he`gu ij_^klZ\eylvky ih ijZ\beZf j_]eZf_glbjm_fuf _^bgufgZ[hjhfhldjuluoki_pbnbdZpbcf_lZ^Zgguo Ba rbjhdbo \hafh`ghkl_c kj_^kl\ dZlZeh]baZpbb h[jZah\Zl_evguo ihjlZeh\ \ qZklb ho\ZlZ \b^h\ BJ g_ ke_^m_l qlh \k_ \bû h[eZ^Zxl h^bgZdh\uf ijbhjbl_lhf ijb gZiheg_gbb dZlZeh]h\ Bgufb keh\Zfb \hafh`ghklv ij_^klZ\e_gby \ dZlZeh]Zo k\_^_gbc h [mfZ`guo ba^Zgbyo g_ hagZqZ_l qlh \\h^ lZdbo k\_^_gbc y\ey_lky i_j\hkl_i_gghc aZ^Zq_c GZ gZr \a]ey^ \ i_j\mx hq_j_^v \ dZlZeh]b ^he`gu \dexqZlvky hibkZgby dhfivxl_jguo BJ Ih f_j_ bo gZiheg_gby fh]ml jZa\hjZqb\ZlvkyjZ[hluihhljZ`_gbx\dZlZeh]Zok\_^_gbch[BJgZZm^bh\b^_hb [mfZ`guo ghkbl_eyo LZdbf h[jZahf h]jZgbq_gby ih \b^Zf BJ p_e_khh[jZagh ijbf_gylv ijb hij_^_e_gbb ijbhjbl_lh\ k\yaZgguo k nhjfbjh\Zgb_f dZlZeh]h\ < lh `_ \j_fy \\h^ aZij_lh\ gZ ij_^klZ\e_gb_ \ dZlZeh]Zo l_o beb bguo \b^h\ BJ y\ey_lkyg_hijZ\^Zggufj_r_gb_f <u[hjko_fuf_lZ^Zgguo Kms_kl\mxlljbihôh^Zdihkljh_gbxko_fuf_lZ^ZgguoJbkbeexkljbjm_l bodZq_kl\_ggu_hp_gdbk^\molhq_daj_gby • kl_i_gbh[_ki_qb\Z_fhcbgl_jhi_jZ[_evghklb • mq_lZ ki_pbnbdb jhkkbckdhc kbkl_fu h[jZah\Zgby b m^h[kl\Z j_r_gby aZ^Zqlj_[mxsbof_lZ^Zggu_ Lj_[h\ZgbyZkkhpbbjm_fu_k\u^_e_ggufbrdZeZfbhp_ghdijhlb\hj_qZl^jm] ^jm]m<wlhfieZg_jZamfgufdhfijhfbkkhfij_^klZ\ey_lky\lhjhcihôh^dhlhjuc bij_êZ]Z_lkybkihevah\Zlv D gZklhys_fm \j_f_gb \ fbj_ kha^Zgh fgh`_kl\h kbkl_f f_lZ^Zgguo h[eZ^Zxsbo jZaguf klZlmkhf f_`^mgZjh^gu_ gZpbhgZevgu_ b hljZke_\u_ klZg^Zjlu dhjihjZlb\gu_ ki_pbnbdZpbb ki_pbnbdZpbb f_`^mgZjh^guo dhgkhjpbmfh\ b ^j Ke_^m_l hlf_lblv qlh jy^ jZajZ[hlhd g_ bf_xsbo klZlmkZ hnbpbZevgh ml\_j`^_gguo klZg^Zjlh\ rbjhdh ijbf_gyxlky gZ ijZdlbd_ b jZkkfZljb\Zxlky\dZq_kl\_klZg^Zjlh\^_nZdlh <u[hjh^ghcba <u[hjh^ghcba Ihkljh_gb_ f_`^mgZjh^guoko_f f_`^mgZjh^guoko_f hjb]bgZevghcko_fu f_lZ^Zgguo f_lZ^Zgguob__jZkrbj_gb_ f_lZ^Zgguo Kl_i_gvh[_ki_qb\Z_fhc bgl_jhi_jZ[_evghklb Mq_lki_pbnbdbjhkkbckdhckbkl_fu h[jZah\Zgbym^h[kl\hj_r_gby aZ^Zqlj_[mxsbof_lZ^Zggu_ Jbk I_j_qbkebfg_dhlhju_kbkl_fuf_lZ^Zgguo • >m[ebgkdh_y^jhhoZjZdl_jbah\ZgZ\ur_ • 0$5& ij_^gZagZq_ggZy êy hibkZgby [b[ebhl_qguo j_kmjkh\ dZd gZ [mfZ`guolZdbgZwe_dljhgguoghkbl_eyo • *,/6ij_^gZagZq_ggZyêyhibkZgbyex[uo\b^h\BJjZkrbjyxsZy0$5& b[ZabjmxsZykygZijhlhdhe_= • 21,; ij_^gZagZq_ggZy êy hibkZgby lh\Zjh\ \ kbkl_fZo we_dljhgghc dhff_jpbb • /20ij_^gZagZq_ggZyêyhibkZgbyh[jZah\Zl_evguoBJ • ,$)$:+2,6ij_^gZagZq_ggZyêyhibkZgbyk_l_\uoBJ • 8'',ij_^gZagZq_ggZyêyhibkZgbyZHEk_j\bkh\ • ,1'(&6 hjb_glbjh\ZggZy gZ kbkl_fu we_dljhgghc dhff_jpbb b kh^_j`ZsZywe_f_gluêymijZ\e_gbyijZ\ZfbgZpbnjh\u_h[t_dlu • ($'ij_^gZagZq_ggZyêyhibkZgbyZjob\guofZl_jbZeh\ • *(0±jZkrbj_gb_>m[ebgkdh]hy^jZêyhibkZgbyh[jZah\Zl_evguoBJ • F?DHN ± f_`^mgZjh^guc dhffmgbdZlb\guc nhjfZl \uklmiZxsbc \ dZq_kl\_Zevl_jgZlb\u0$5&>@ • nhjfZlhibkZgby[Za^ZgguobfZrbghqblZ_fuobgnhjfZpbhgguofZkkb\h\ >@ K lhqdb aj_gby hjb_glZpbb gZ \bû BJ b kn_ju bkihevah\Zgby kbkl_fu f_lZ^Zgguo ih^jZa^_eyxlky gZ mgb\_jkZevgu_ b ki_pbZebabjh\Zggu_ D mgb\_jkZevguf kbkl_fZf hlghkylky >m[ebgkdh_ y^jh b *,/6 Iexku b fbgmku \u^_e_gguodeZkkh\kbkl_ff_lZ^ZgguoihdZaZgugZjbk Mgb\_jkZevgu_ Ki_pbZebabjh\Zggu_ kbkl_fuf_lZ^Zgguo kbkl_fuf_lZ^Zgguo • RbjhlZho\ZlZ\b^h\BJ • IjhklhlZnhjfbjh\ZgbyhibkZgbcBJ <ujZabl_evghklvf_lZ^Zgguo g_h[oh^bfZyêyj_r_gbyaZ^Zq\ dhlhjuohgbbkihevamxlky Jbk H[jZah\Zl_evgu_ BJ \ i_j\mx hq_j_^v dhfivxl_jgu_ kj_^kl\Z h[mq_gby h[eZ^Zxl ki_pbnbdhc dhlhjZy lj_[m_l h[_ki_q_gby \hafh`ghklb hljZ`_gby \ f_lZ^Zgguo>@ • eh]bq_kdhcbnbabq_kdhckljmdlmjBJ • bgnhjfZpbb êy \aZbfh^_ckl\by BJ k KMMI \ jZfdZo dhlhjh]h \uihegyxlky gZkljhcdZ BJ gZ l_dmsb_ mkeh\by ijbf_g_gby b dhgdj_lgh]h h[mqZ_fh]hZlZd`_nbdkZpbyoh^Zbj_amevlZlh\_]hjZ[hlu • ijZ\be hij_^_eyxsbo f_lh^bdm jZ[hlu k BJ ihjy^hd gZ\b]Zpbb ih _]h dhfihg_glZfhp_gb\Zgb_^_ckl\bch[mqZ_fh]h • i_^Z]h]bq_kdbo oZjZdl_jbklbd mjh\_gv h[jZah\Zgby p_e_\Zy Zm^blhjby keh`ghklv dhglZdlgh_ \j_fy b l^ g_h[oh^bfuo êy ijbgylby j_r_gby h \dexq_gbb BJ \ khklZ\ dhgl_glZ ihdju\Zxs_]h mq_[guc ieZg beb ijh]jZffm • bgnhjfZpbbêyihkljh_gbybgl_]jZevgh]hj_kmjkZgZhkgh\_fgh`_kl\ZBJ <ukdZaZggu_ khh[jZ`_gby kem`Zl ^h\h^Zfb \ ihevam ijbf_g_gby ki_pbZebabjh\Zgghc kbkl_fu f_lZ^Zgguo < dZq_kl\_ hkgh\u lZdhc kbkl_fu ij_êZ]Z_lky\u[jZlvko_fm/20ijbgylmx,(((\dZq_kl\_klZg^ZjlZ\]>@ Hlf_lbfke_^mxsb_ijbqbguZj]mf_glbjmxsb_^Zggh_j_r_gb_ • /20 y\ey_lky hldjuluf klZg^Zjlhf b m^h\e_l\hjy_l ihqlb \k_f \u^\bgmluf \ur_ lj_[h\Zgbyf d kbkl_f_ f_lZ^Zgguo êy hljZ`_gby hkh[_gghkl_cjhkkbckdhckbkl_fuh[jZah\Zgbyij_êZ]Z_lkyjZkrbj_gb_ • ih kjZ\g_gbx k ^jm]bfb kbkl_fZfb f_lZ^Zgguo hjb_glbjh\Zggufb gZ h[jZah\Zl_evgu_ BJ /20 [he__ kljmdlmjbjh\ZgZ b h[eZ^Z_l [hevr_c \ujZabl_evghklvx • /20 \dexqZ_l ij_^klZ\bl_evguc gZ[hj ihe_c iha\heyxsbc hibku\Zlv rbjhdbcki_dljBJZg_lhevdhh[jZah\Zl_evgu_BJijbq_f\k_we_f_glu ^Zgguo>m[ebgkdh]hy^jZhlh[jZ`Zxlky\/20 • /20 hljZ`Z_l hiul ijbh[j_l_gguc \_^msbfb fbjh\ufb jZajZ[hlqbdZfb h[jZah\Zl_evguoBJbihklZ\sbdZfbh[jZah\Zl_evguomkem] • hibkZgb_BJgZhkgh\_/20y\ey_lkyqZklvxfZgbn_klZ\g_rg_]hnhjfZlZ ij_^klZ\e_gbybgnhjfZpbbnbdkbjmxs_ckljmdlmjmBJbeh]bdmgZ\b]Zpbb ihg_fm>@ Ij_êZ]Z_fh_jZkrbj_gb_ko_fu/20 <jZfdZoijh_dlZihkha^Zgbxdhgp_ipbbHK=MJF[uebjZajZ[hlZgu • ki_pbnbdZpbybgnhjfZpbhgghcfh^_ebf_lZ^Zgguoh[h[jZah\Zl_evguoBJ • gZ[hjkeh\Zj_cbdeZkkbnbdZlhjh\bkihevam_fuo\f_lZ^Zgguo\lhfqbke_ deZkkbnbdZlhjlbih\h[jZah\Zl_evguoBJ • ki_pbnbdZpby ;0/ijb\yadb bgnhjfZpbhgghc fh^_eb nhjfZl f_lZ^Zgguo • jmdh\h^kl\h ih ijbf_g_gbx bgnhjfZpbhgghc fh^_eb f_lZ^Zgguo kh^_j`Zs__ h]jZgbq_gby p_ehklghklb ijhnbeb f_lZ^Zgguo êy BJ jZaguo deZkkh\b^j • ijhlhlbiuijh]jZffguokj_^kl\êynhjfbjh\Zgbyf_lZ^Zgguo ,(((±,QVWLWXWHRI(OHFWULFDODQG(OHFWURQLFV(QJLQHHUV±Bgklblmlbg`_g_jh\ihwe_dljhl_ogbd_b we_dljhgbd_ Ij_êh`_ggZybgnhjfZpbhggZyfh^_evy\ey_lkyjZkrbj_gb_fko_fu/20b m^h\e_l\hjy_l \k_f lj_[h\Zgbyf ij_^ty\ey_fuf klZg^Zjlhf >@ d lZdbf jZkrbj_gbyfHgZiheghklvx\dexqZ_lko_fm/20khojZgyyk_fZglbdmbZljb[mlu__ we_f_glh\ZlZd`_gZ[hjuagZq_gbc\oh^ysbo\k\yaZggu_kgbfbkeh\Zjb JZkrbj_gb_ij_^mkfZljb\Z_l • ^h[Z\e_gb_ \ bgnhjfZpbhggmx fh^_ev jy^Z gh\uo we_f_glh\ b Zkkhpbbjm_fuokgbfbkeh\Zj_c • ^h[Z\e_gb_agZq_gbc\keh\Zjb/20jZkrbj_gb_keh\Zj_c/20 Ijbqbgu\\_^_gbyjZkrbj_gbyb_]hp_eb • hljZ`_gb_ ki_pbnbdb jhkkbckdhc kbkl_fu h[jZah\Zgby Z lZd`_ aZdhgh^Zl_evkl\ZbklZg^Zjlh\JN • [he__ ]em[hdZy kljmdlmjbaZpby b nhjfZebaZpby g_dhlhjuo we_f_glh\ ^Zgguo • h[_ki_q_gb_ \hafh`ghklb ij_^klZ\e_gby \ f_lZ^Zgguo oZjZdl_jbklbd ki_pbnbqguoêyBJjZkijhkljZgy_fuogZbgnhjfZpbhgguoghkbl_eyo • jZa\blb_ h]jZgbq_gbc p_ehklghklb êy ih\ur_gby \hafh`ghkl_c nhjfZevghc\_jbnbdZpbbf_lZ^Zgguobmf_gvr_gbyhrb[hd\gbo Hij_^_e_gb_ b bkihevah\Zgb_ h[s_c bgnhjfZpbhgghc fh^_eb f_lZ^Zgguo h[ h[jZah\Zl_evguoBJkihkh[kl\m_l • h[_ki_q_gbx \ukhdhc kl_i_gb k_fZglbq_kdhc bgl_jhi_jZ[_evghklb f_lZ^Zgguo • ih\ur_gbxwnn_dlb\ghklbihbkdZh[jZah\Zl_evguoBJ • jZkrbj_gbxijbf_gbfhklbh[jZah\Zl_evguoBJbkhdjZs_gbxaZljZlgZbo kha^Zgb_ aZ kq_l fgh]hdjZlgh]h ijbf_g_gby h^gbo b l_o `_ BJ \ jZaguo ijbeh`_gbyo Dhgp_ilmZevgZy ko_fZ /20 hij_^_ey_l nhjfm hibkZgby h[jZah\Zl_evgh]h h[t_dlZ Ihke_^gbc bgl_jij_lbjm_lky dZd pbnjh\Zy beb g_pbnjh\Zy kmsghklv dhlhjZy fh`_l bkihevah\Zlvky \ h[jZah\Zl_evguo p_eyo < dhgl_dkl_ jZajZ[hlZgghc bgnhjfZpbhgghcfh^_ebmdZaZgghcljZdlh\d_khhl\_lkl\m_lihgylb_h[jZah\Zl_evgh]h BJ Ihgylb_ h[jZah\Zl_evguc h[t_dl mihlj_[ey_lky \ [he__ madhf kfuke_ b Zkkhpbbjm_lkykh^gbfba\b^h\BJ BgnhjfZpbhggZy fh^_ev ij_^klZ\eyxsZy nhjfm hibkZgby BJ khklhbl ba kh\hdmighklbwe_f_glh\^Zgguoh[jZamxsbob_jZjobq_kdmxkljmdlmjmWe_f_glu ^Zgguo ih^jZa^_eyxlky gZ g_^_ebfu_ b khklZ\gu_ I_j\u_ khhl\_lkl\mxl ebklvyf b_jZjobb\lhju_±ljZgablgufmaeZf KhklZ\ghc we_f_gl \dexqZ_l h^bg beb g_kdhevdh we_f_glh\ ^Zgguo kj_^b dhlhjuofh]ml[ulvdZdg_^_ebfu_lZdbkhklZ\gu_we_f_gluWe_f_glu\oh^ysb_\ khklZ\ghc we_f_gl gZau\Zxlky ih^qbg_ggufb wlhfm we_f_glm < k\hx hq_j_^v khklZ\ghc we_f_gl ih hlghr_gbx d \oh^ysbf \ g_]h we_f_glZf gZau\Zxl ih^qbgyxsbfbebjh^bl_evkdbf KhklZ\ghcwe_f_glg_bf__lbgl_]jZevgh]hagZq_gby?]hagZq_gb_\ujZ`Z_lky q_j_a agZq_gby \oh^ysbo \ g_]h we_f_glh\ < jZkkfZljb\Z_fhc bgnhjfZpbhgghc fh^_ebkhklZ\gu_we_f_glukhhl\_lkl\mxllbim^Zgguodhgl_cg_jZkZfbkhklZ\gu_ we_f_glugZau\Zxlkydhgl_cg_jZfb G_^_ebfuc we_f_gl ^Zgguo g_ bf__l ih^qbg_gguo we_f_glh\ Hg fh`_l h[eZ^Zlv kZfhklhyl_evguf agZq_gb_f khhl\_lkl\mxsbf fgh`_kl\m ^himklbfuo agZq_gbcdhlhjh_hij_^_ey_lkyZkkhpbbjm_fufkwe_f_glhflbihf^Zgguo GZ \_jog_f mjh\g_ b_jZjobb bgnhjfZpbhggZy fh^_ev kh^_j`bl ^_\ylv dhgl_cg_jh\\kdh[dZomdZaZgubobf_gZ h[sb_k\_^_gbyh[BJJHQHUDO `bag_gguc pbde BJ OLIHF\FOH ± k\_^_gby h l_dms_f khklhygbb BJ b km[t_dlZo\g_krbo\deZ^\_]hkha^Zgb_bjZa\blb_ f_lZf_lZ^Zggu_ PHWDPHWDGDWD ± oZjZdl_jbklbdb hibkZgby BJ wda_fieyjZ f_lZ^Zgguo l_ogbq_kdb_oZjZdl_jbklbdbBJWHFKQLFDO h[jZah\Zl_evgu_oZjZdl_jbklbdbBJHGXFDWLRQDO ijZ\Z bgl_ee_dlmZevghc kh[kl\_gghklb gZ BJ ULJKWV ± k\_^_gby h ijZ\Zo bgl_ee_dlmZevghc kh[kl\_gghklb gZ BJ b k\yaZgguo k gbfb mkeh\byo _]h bkihevah\Zgby hlghr_gb_ UHODWLRQ ± k\_^_gby h[ hlghr_gbyo f_`^m hibku\Z_fuf BJ b ^jm]bfBJ ZgghlZpbyDQQRWDWLRQ±dhff_glZjbbihijbf_g_gbxBJbk\_^_gbyhlhf dlhbdh]^ZbokhklZ\be deZkkbnbdZpbhggu_ijbagZdbFODVVLILFDWLRQ±deZkkbnbdZpbhggu_ijbagZdb BJ\jZfdZojZaebqguodeZkkbnbdZlhjh\ We_f_gl ^Zgguo g_ fh`_l [ulv \dexq_g \ wda_fieyj f_lZ^Zgguo [_a k\h_]h jh^bl_evkdh]h dhgl_cg_jZ LZdbf h[jZahf ba gZebqby dZdh]heb[h we_f_glZ \ wda_fieyj_ f_lZ^Zgguo Z\lhfZlbq_kdb ke_^m_l \oh`^_gb_ \ wlhl wda_fieyj b jh^bl_evkdh]h dhgl_cg_jZ ^Zggh]h we_f_glZ GZijbf_j êy ij_^klZ\e_gby \ wda_fieyj_ f_lZ^Zgguo we_f_glZ g_h[oh^bfh qlh[u wlhl wda_fieyj lZd`_ kh^_j`Zedhgl_cg_jub We_f_gl ^Zgguo \ bgnhjfZpbhgghc fh^_eb oZjZdl_jbam_lky ke_^mxsbfb Zljb[mlZfb • bg^_dkhf • bf_g_f • hibkZgb_f • ih\lhjy_fhklvx • mihjy^hq_gghklvxagZq_gbc • lbihf^Zgguo • ij_^_evgufh[t_fhf • ij_^_evghcih\lhjy_fhklvx Bg^_dk we_f_glZ hljZ`Z_l _]h iheh`_gb_ \ b_jZjobq_kdhc kljmdlmj_ f_lZ^Zgguo b khklhbl ba dhfihg_glh\ \ujZ`Z_fuo ZjZ[kdbfb pbnjZfb b aZibku\Z_fuoq_j_alhqdmBg^_dkuwe_f_glh\jZkrbj_gby/20\dexqZxleZlbgkdbc kbf\he H hl H[WHQVLRQ ± jZkrbj_gb_ klhysbc i_j_^ pbnjh\uf dhfihg_glhf khhl\_lkl\mxsbf mjh\gx gZ dhlhjhf jZkiheZ]Z_lky i_j\uc we_f_gl ^h[Z\e_gghc \_l\b y\eyxsbcky ih^qbgyxsbf ih hlghr_gbx dh \k_f ijhqbf __ we_f_glZf >ey fgh`_kl\Z ^h[Z\e_gguo we_f_glh\ ih^qbg_gguo h[s_fm we_f_glm /20 gmf_jZpby gZqbgZ_lkyk_^bgbpu Bf_gZ we_f_glh\ ^Zgguo aZibku\Zxlky ijhibkgufb eZlbgkdbfb [md\Zfb [_a ijh[_eh\Bf_gZwe_f_glh\jZkrbj_gby/20gZqbgZxlkykij_nbdkZUXVBORPB HibkZgb_we_f_glZoZjZdl_jbam_l_]hk_fZglbdmk\yabk^jm]bfbwe_f_glZfb ^himklbfu_agZq_gbybonhjfZlijZ\beZbj_dhf_g^ZpbbdZkZxsb_kyij_^klZ\e_gby bbgl_jij_lZpbbagZq_gbc :ljb[ml ih\lhjy_fhklb hljZ`Z_l h[yaZl_evguc beb g_h[yaZl_evguc klZlmk we_f_glZ \ jZfdZo jh^bl_evkdh]h dhgl_cg_jZ \ wda_fieyj_ f_lZ^Zgguo Z lZd`_ ^himklbfhklvgZebqby\wda_fieyj_f_lZ^Zgguog_kdhevdbowda_fieyjh\we_f_glZl_ ^himklbfhklvmdZaZgbyg_kdhevdbo_]hagZq_gbc Ih\lhjy_fhklvhij_^_ey_lky\jZfdZojh^bl_evkdh]hwe_f_glZl_dhgl_cg_jZ g_ihkj_^kl\_ggh ih^qbgyxs_]h ^Zgguc we_f_gl >ey \ujZ`_gby ih\lhjy_fhklb bkihevamxlkyh[hagZq_gbyijb\_^_ggu_\lZ[e LZ[ebpZ H[hagZq_gb_ Bgl_jij_lZpby h[yaZl_evgucg_ih\lhjyxsbckywe_f_gl^he`_gijbkmlkl\h\Zlv h^bgblhevdhh^bg_]hwda_fieyj " bebg_h[yaZl_evgucg_ih\lhjyxsbckywe_f_glfh`_l ijbkmlkl\h\Zlvlhevdhh^bg_]hwda_fieyj beb[he__h[yaZl_evgucih\lhjyxsbckywe_f_gl^he`_g ijbkmlkl\h\Zlvohly[uh^bgwda_fieyj beb[he__g_h[yaZl_evgucih\lhjyxsbckywe_f_glfh]ml ijbkmlkl\h\Zlvh^bgbeb[he___]hwda_fieyjh\ <k_ we_f_glu ^Zgguo bgnhjfZpbhgghc fh^_eb y\eyxlky g_h[yaZl_evgufb :ljb[ml ih\lhjy_fhklb nbdkbjm_l h[yaZl_evghklv gZebqby _^bgkl\_ggh]h wda_fieyjZ we_f_glZ ijb mkeh\bb \dexq_gby \ wda_fieyj f_lZ^Zgguo _]h jh^bl_evkdh]h dhgl_cg_jZ GZijbf_j wda_fieyj dhgl_cg_jZ ^he`_g h[yaZl_evgh kh^_j`Zlv ih h^ghfm wda_fieyjm we_f_glh\ b dhlhjuf ijbibkZg Zljb[ml ih\lhjy_fhklb :gZeh]bqghZljb[mlih\lhjy_fhklbnbdkbjm_lh[yaZl_evghklvgZebqbyohly [u h^gh]h wda_fieyjZ we_f_glZ ijb mkeh\bb \dexq_gby \ wda_fieyj f_lZ^Zgguo _]h jh^bl_evkdh]h dhgl_cg_jZ GZijbf_j wda_fieyj dhgl_cg_jZ H ^he`_g h[yaZl_evgh kh^_j`Zlv ohly [u h^bg wda_fieyj dhgl_cg_jZ H dhlhjhfm ijbibkZg Zljb[ml ih\lhjy_fhklb >ey g_dhlhjuo dhgl_cg_jh\ ih^h[gu_ mkeh\by y\eyxlky [he__ keh`gufb b g_ \ujZ`Zxlky q_j_a Zljb[mlu ih\lhjy_fhklb ih^qbg_gguo we_f_glh\ Z aZ^Zxlky \_j[Zevgh\hibkZgbb DZ`ûc wda_fieyj ih\lhjyxs_]hky dhgl_cg_jZ ij_^klZ\ey_l kh[hc dhjl_` khklZ\e_gguc ba agZq_gbc ih^qbg_gguo _fm we_f_glh\ GZijbf_j fgh`_kl\m wda_fieyjh\ dhgl_cg_jZ bf_xs_]h Zljb[ml ih\lhjy_fhklb khhl\_lkl\m_l g_mihjy^hq_gguckibkhdiZjagZq_gb_we_f_glZagZq_gb_we_f_glZ :ljb[ml mihjy^hq_gghklb agZq_gbc hij_^_ey_lky êy we_f_glh\ dhlhjuf ijbibkZg Zljb[ml ih\lhjy_fhklb beb Fgh`_kl\h agZq_gbc lZdh]h we_f_glZ fh`_l[ulvg_mihjy^hq_ggufbebmihjy^hq_gguf<i_j\hfkemqZ_ihjy^hdagZq_gbc \ wda_fieyj_ f_lZ^Zgguo y\ey_lky g_kms_kl\_gguf <h \lhjhf kemqZ_ ihjy^hd \ dhlhjhf ijb\_^_gu agZq_gby bf__l hij_^_e_gguc kfuke GZijbf_j ihjy^hd agZq_gbc we_f_glZ km[t_dl \g_krbc \deZ^ \ BJ hljZ`Z_l m[u\Zgb_ kl_i_gb wlh]h\deZ^Z < hibkZgbb bgnhjfZpbhgghc fh^_eb Zljb[ml mihjy^hq_gghklb agZq_gbc \ujZ`Z_ldexq_\h_keh\hRUGHUHG KhklZ\gu_ we_f_glu hlghkylky d lbim ^Zgguo dhgl_cg_j >ey g_^_ebfuo we_f_glh\ lbi ^Zgguo hij_^_ey_l h[eZklv ^himklbfuo agZq_gbc b nhjfm bo ij_^klZ\e_gby < dZq_kl\_ lbih\ ^Zgguo lZd`_ \uklmiZxl g_kdhevdh klZg^Zjlguo dhgl_cg_jh\ \\_^_gguo \ bgnhjfZpbhgghc fh^_eb b fgh]hdjZlgh bkihevam_fuo êy \ujZ`_gby agZq_gbc we_f_glh\ y\eyxsboky ebklvyfb \ [Zah\hc b_jZjobb ko_fu f_lZ^Zgguo Ij_^_evguc h[t_f nbdkbjm_l fZdkbfZevguc jZaf_j agZq_gby we_f_glZ \ujZ`_gguc\kbf\heZoIj_^_evgZyih\lhjy_fhklvaZ^Z_lfZdkbfZevgh_dhebq_kl\h agZq_gbcih\lhjyxs_]hkywe_f_glZ\wda_fieyj_f_lZ^Zgguo >ey \ujZ`_gby ij_^_evgh]h h[t_fZ b ij_^_evghc ih\lhjy_fhklb bkihevam_lky ihdZaZl_evgZbf_gvrbc^himklbfucfZdkbfmf630±VPDOOHVWSHUPLWWHGPD[LPXP hij_^_eyxsbc gZbf_gvrbc fZdkbfZevguc jZaf_j agZq_gby beb gZbf_gvr__ fZdkbfZevgh_ dhebq_kl\h wda_fieyjh\ agZq_gbc we_f_glZ ^Zgguo dhlhju_ ^he`gu ih^^_j`b\Zlv ijbeh`_gby jZ[hlZxsb_ k f_lZ^Zggufb GZijbf_j mdZaZgb_ êy we_f_glZlbiZkljhdZij_^_evgh]hh[t_fZjZ\gh]hkbf\heZfbbgl_jij_lbjm_fh]h dZd630hagZqZ_lqlhijbeh`_gbyhi_jbjmxsb_kf_lZ^Zggufb^he`gudhjj_dlgh h[jZ[Zlu\ZlvagZq_gbywlh]hwe_f_glZdhlhju_bf_xljZaf_jg_ij_\hkoh^ysbcdZd fbgbfmfkbf\heh\:gZeh]bqghbaij_^_evghcih\lhjy_fhklbwe_f_glZjZ\ghc wda_fieyjZf b bgl_jij_lbjm_fhc dZd 630 ke_^m_l qlh ijbeh`_gby hi_jbjmxsb_ k f_lZ^Zggufb ^he`gu dhjj_dlgh h[jZ[Zlu\Zlv dZd fbgbfmf wda_fieyjh\ agZq_gbc wlh]h we_f_glZ \ jZfdZo h^gh]h wda_fieyjZ f_lZ^Zgguo Ijb wlhf g_ aZij_sZ_lky j_Zebah\u\Zlv \ ijbeh`_gbyo ih^^_j`dm ij_^_evgh]h h[t_fZ b ih\lhjy_fhklbij_\urZxsbomklZgh\e_ggu_agZq_gby630 < /20 keh\Zj_f gZau\Z_lky j_dhf_g^m_fuc i_j_q_gv agZq_gbc g_^_ebfh]h we_f_glZ ^Zgguo We_f_glZf êy dhlhjuo ij_^mkfhlj_gu keh\Zjb agZq_gbc khhl\_lkl\m_lkeh\Zjguclbi^ZgguoYRFDEXODU\W\SH < bgnhjfZpbhgghc fh^_eb bkihevamxlky keh\Zjb hlghkysb_ky d lj_f dZl_]hjbyf • keh\Zjv/20±keh\Zjvhij_^_e_gguc\klZg^Zjl_>@ • jZkrbj_gguc keh\Zjv /20 ± keh\Zjv hij_^_e_gguc \ klZg^Zjl_ >@ \ dhlhjuc^h[Z\e_guh^ghbebg_kdhevdhagZq_gbc • keh\Zjv586B/20±keh\Zjvhij_^_e_gguc\bgnhjfZpbhgghcfh^_ebêy we_f_glZjZkrbj_gby/20 Keh\Zjb i_j\uo ^\mo dZl_]hjbc khhlghkylky k we_f_glZfb keh\Zjgh]h lbiZ dhgp_ilmZevghcko_fu/20Keh\Zjblj_lv_cdZl_]hjbbij_^klZ\eyxlj_dhf_g^m_fu_ agZq_gbywe_f_glh\keh\Zjgh]hlbiZjZkrbj_gby/20AgZq_gb_we_f_glZkeh\Zjgh]h lbiZ ij_^klZ\ey_lky \ \b^_ iZju b^_glbnbdZlhj keh\ZjybklhqgbdZ agZq_gb_ ba keh\ZjybklhqgbdZ AgZq_gby we_f_glh\ keh\Zjgh]h lbiZ fh]ml \u[bjZlvky g_ lhevdh ba keh\Zj_c \\_^_gguo \ bgnhjfZpbhgghc fh^_eb gh b ba ex[uo ^jm]bo keh\Zj_c Ijb wlhf h[yaZl_evgh ^he`_g [ulv hij_^_e_g keh\Zjvbklhqgbd >ey _]h aZ^Zgby fh`_l [ulv mdZaZg dZd b^_glbnbdZlhj lZd b kkuedZ 85, gZ k_l_\hc j_kmjk ij_^klZ\eyxsbc bkihevam_fuckeh\ZjvgZijbf_jKWWSZZZYRFDEXODULHVUXYRFDEXODU\ < dhgl_dkl_ hibku\Z_fhc bgnhjfZpbhgghc fh^_eb ih^ deZkkbnbdZlhjhf ihgbfZ_lky fgh`_kl\h agZq_gbc h[jZamxsbo b_jZjobq_kdmx ^j_\h\b^gmx kljmdlmjm < lZdhc bgl_jij_lZpbb keh\Zjv fh`gh jZkkfZljb\Zlv dZd h^ghmjh\g_\uc deZkkbnbdZlhj G_dhlhju_ deZkkbnbdZlhju ^himkdZxl \hafh`ghklv \u[hjZ ba gbo agZq_gbc ex[h]h mjh\gy ^jm]b_ ± lhevdh ebklv_\ >ey ij_^klZ\e_gby oZjZdl_jbklbd \ujZ`Z_fuo agZq_gbyfb ba deZkkbnbdZlhjh\ \ bgnhjfZpbhgghc fh^_eb kem`bl dhgl_cg_j < jZfdZo g_]h deZkkbnbdZpbhgguc ijbagZd BJ fh`_l [ulv ki_pbnbpbjh\Zg \ djZldhc beb iheghc nhjf_ DjZldZy nhjfZ ZgZeh]bqgZ ij_^klZ\e_gbx agZq_gby keh\Zjgh]h lbiZ agZq_gb_ we_f_glZ aZ^Z_l b^_glbnbdZlhj deZkkbnbdZlhjZbklhqgbdZ Z wda_fieyj dhgl_cg_jZ ± \u[jZggh_ 85,±8QLIRUP5HVRXUFH,GHQWLILHU±mgbnbpbjh\Zggucb^_glbnbdZlhjj_kmjkZ bawlh]hdeZkkbnbdZlhjZagZq_gb_<iheghcnhjf_\f_klh_^bgkl\_ggh]hwda_fieyjZ dhgl_cg_jZ ijb\h^blky ihke_^h\Zl_evghklv _]h wda_fieyjh\ khhl\_lkl\mxsZy imlb\deZkkbnbdZlhj_l_p_ihqd_\_jrbggZqbgZyhldhjgy^h\u[jZgghc\_jrbgu Ihjy^hd\dhlhjhfijb\_^_guwe_f_glu^Zgguo\bgnhjfZpbhgghcfh^_ebg_ h[yaZl_evgh kh[ex^Zlv \ wda_fieyj_ f_lZ^Zgguo Wda_fieyj f_lZ^Zgguo ^he`_g khojZgylv ih^qbg_gghklv we_f_glh\ ^Zgguo mklZgh\e_ggmx \ bgnhjfZpbhgghc fh^_eb Ihjy^hd we_f_glh\ \ g_f fh`_l [ulv ijhba\hevguf GZijbf_j dhgl_cg_j fh`_lij_^r_kl\h\Zlvdhgl_cg_jmZwe_f_glfh`_lke_^h\ZlvaZwe_f_glhf ;Zah\ZybgnhjfZpbhggZyfh^_evf_lZ^Zgguo Mijhs_ggZy ki_pbnbdZpby [Zah\hc bgnhjfZpbhgghc fh^_eb ijb\_^_gZ \ lZ[e LZ[ebpZ Bfy Ih\lhjy_fhklv Bg^_dk we_f_glZ DjZldh_hibkZgb_ mihjy^hq_g Lbi^Zgguo ^Zgguo ghklvagZq_gbc JHQHUDO H[sb_k\_^_gbyh[BJ " dhgl_cg_j LGHQWLILHU =eh[Zevgh_mgbdZevgh_ dhgl_cg_j h[hagZq_gb_BJ FDWDORJ BfydZlZeh]Z^_ihablZjby kljhdZ kbkl_fuj_]bkljZpbbko_fu b^_glbnbdZpbbbl^ kljhdZ HQWU\ B^_glbnbdZlhjh[hagZq_gb_ BJ\jZfdZodZlZeh]Z ^_ihablZjbykbkl_fu j_]bkljZpbbko_fu b^_glbnbdZpbbbl^ WLWOH AZ]eZ\b_BJ " ODQJVWULQJW\SH lbih\hc dhgl_cg_j± dhjl_` kh^_j`Zsbc h[hagZq_gb_ _kl_kl\_g gh]hyaudZb \ujZ`_ggmx gZg_f kljhdm ODQJXDJH YaudBJAgZq_gb_we_f_glZ kljhdZ ij_^klZ\ey_lky\khhl\_lkl\bb k>@ GHVFULSWLRQ HibkZgb_BJZgghlZpby ODQJVWULQJW\SH NH\ZRUG Dexq_\h_keh\h ODQJVWULQJW\SH FRYHUDJH IjhkljZgkl\_ggucb\j_f_g ODQJVWULQJW\SH ghcho\Zlkh^_j`bfh]hBJ VWUXFWXUH KljmdlmjZBJ " YRFDEXODU\ Ij_^mkfhlj_gkeh\Zjv/20 W\SH DJJUHJDWLRQ Mjh\_gvZ]j_]ZpbbBJ " YRFDEXODU\ H H H H OHYHO UXVBORPB VHUYLFH UXVBORPB VHUYLFH GHVFULSWLRQ UXVBORPB NhjfZevgh_ij_^klZ\e_gb_ IRUPDOVHUYLFH mkem]bhdZau\Z_fhcgZ[Za_ BJIj_^mkfhlj_gkeh\Zjv 586B/20 UXVBORPB NhjfZevgh_ij_^klZ\e_gb_ IRUPDOVSDQ \j_f_ggh]hho\ZlZ kh^_j`bfh]hBJ OLIHF\FOH YHUVLRQ VWDWXV FRQWULEXWH UROH FHQWLW\ H H H H Ij_^mkfhlj_gkeh\Zjv/20 Mkem]bhdZau\Z_fu_gZ[Za_ BJ HibkZgb_mkem]b @bag_ggucpbdeBJ <_jkbyBJ KlZlmkBJ Ij_^mkfhlj_gkeh\Zjv/20 Dhgl_cg_jkh^_j`Zsbc we_f_gludhlhju_ ij_^klZ\eyxlbgnhjfZpbxh km[t_dlZo\g_krbo\deZ^\ kha^Zgb_bjZa\blb_BJZ lZd`_h[_ki_q_gb__]h l_dms_]hkhklhygby <b^\deZ^Z\BJ Ij_^mkfhlj_gjZkrbj_gguc keh\Zjv/20 Km[t_dl\g_krbc\deZ^\BJ GDWH >ZlZ\deZ^Z UXVBORPB I_jbh^h[gh\e_gbyBJ SHULRGRI Ij_^mkfhlj_gkeh\Zjv XSGDWLQJ 586B/20 UXVBORPBODVW >ZlZihke_^g_]hh[gh\e_gby XSGDWLQJ BJ UXVBORPBSODFH F_klhba^Zgby RISXEOLFDWLRQ UXVBORPB Bklhqgbdim[ebdZpbb VRXUFHRI AZ]heh\hdBJ\dexqZxs_]h SXEOLFDWLRQ ^ZggucBJbebgZa\Zgb_ k_jbb\dhlhjmx\oh^bl ^ZggucBJ " W\SH dhgl_cg_j " ODQJVWULQJW\SH Ijh^he`_gb_lZ[e YRFDEXODU\ W\SH " " " RUGHUHG GDWHW\SH±lbi ^Zgguoêy ij_^klZ\e_ gby^Zl \j_f_gbb i_jbh^h\>@ dhgl_cg_j ODQJVWULQJW\SH YRFDEXODU\ W\SH dhgl_cg_j YRFDEXODU\ W\SH RUGHUHG kljhdZ\ nhjfZl_ Y&DUG GDWHW\SH YRFDEXODU\ W\SH " " " GDWHW\SH " ODQJVWULQJW\SH ODQJVWULQJW\SH H H H UXVBORPB YROXPH UXVBORPB QXPEHU Lhf " ODQJVWULQJW\SH Ghf_j\uimkd " ODQJVWULQJW\SH UXVBORPBGHPR >_fh\_jkbybeexkljZpby hkgh\guo\hafh`ghkl_cBJ HibkZgb_kihkh[Zihemq_gby ^_fh\_jkbbbebfZl_jbZeZ beexkljbjmxs_]hhkgh\gu_ \hafh`ghklbBJ PHWDPHWDGDWD F_lZf_lZ^Zggu_ LGHQWLILHU =eh[Zevgh_mgbdZevgh_ h[hagZq_gb_hibkZgbyBJ FDWDORJ BfydZlZeh]ZojZgbebsZ f_lZ^Zgguokbkl_fu j_]bkljZpbbko_fu b^_glbnbdZpbbbl^ HQWU\ B^_glbnbdZlhjh[hagZq_gb_ hibkZgbyBJ\jZfdZodZlZeh]Z ojZgbebsZf_lZ^Zgguo kbkl_fuj_]bkljZpbbko_fu b^_glbnbdZpbbbl^ FRQWULEXWH Dhgl_cg_jkh^_j`Zsbc we_f_gludhlhju_ ij_^klZ\eyxlbgnhjfZpbxh km[t_dlZo\g_krbo\deZ^\ kha^Zgb_bh[_ki_q_gb_ l_dms_]hkhklhygbyhibkZgby BJ UROH <b^\deZ^Z\hibkZgb_BJ Ij_^mkfhlj_gkeh\Zjv/20 FHQWLW\ Km[t_dl\g_krbc\deZ^\ hibkZgb_BJ GDWH PHWDGDWD VFKHPH ODQJXDJH WHFKQLFDO IRUPDW Ijh^he`_gb_lZ[e " ODQJVWULQJW\SH " dhgl_cg_j dhgl_cg_j kljhdZ kljhdZ RUGHUHG dhgl_cg_j >ZlZ\deZ^Z Ko_fZf_lZ^Zgguo " YRFDEXODU\ W\SH kljhdZ\ nhjfZl_ Y&DUG GDWHW\SH kljhdZ YaudhibkZgbyBJ L_ogbq_kdb_oZjZdl_jbklbdb BJ Lbi^Zgguobkihevam_fuo\ BJLbi^Zgguo^he`_g " " kljhdZ dhgl_cg_j kljhdZ RUGHUHG khhl\_lkl\h\Zlvh^ghfmba lbih\dhgl_glZ0,0(>@ >eyBJg_lj_[mxsbo dhfivxl_jghckj_û mdZau\Z_lkyQRQGLJLWDO H VL]H ORFDWLRQ H[t_fpbnjh\h]hBJ >hklmidBJ MdZau\Z_lkyeb[hZ^j_k 85/eb[hb^_glbnbdZlhj 85,iha\heyxsbc hij_^_eblvZ^j_keb[h l_dklh\h_hibkZgb_kihkh[Z ^hklmiZdBJ UHTXLUHPHQW L_ogbq_kdb_lj_[h\Zgby RUFRPSRVLWH :evl_jgZlb\gh_l_ogbq_kdh_ lj_[h\Zgb_ W\SH Lbil_ogheh]bbbeb ijh]jZffghckj_ûlj_[m_fhc êybkihevah\Zgby dhfivxl_jgh]hBJ Ij_^mkfhlj_gkeh\Zjv/20 QDPH GZa\Zgb_l_ogheh]bbbeb ijh]jZffghckj_û Ij_^mkfhlj_gkeh\Zjv/20 PLQLPXP GbarZyfbgbfZevgZy\_jkby YHUVLRQ l_ogheh]bbbebijh]jZffghc kj_ûiha\heyxsZy bkihevah\ZlvBJ PD[LPXP <ukrZyfZdkbfZevgZy\_jkby YHUVLRQ l_ogheh]bbbebijh]jZffghc kj_ûiha\heyxsZy bkihevah\ZlvBJ LQVWDOODWLRQ Ihjy^hdbgklZeeypbb UHPDUNV RWKHUSODWIRUP Ijhqb_l_ogbq_kdb_ UHTXLUHPHQWV lj_[h\Zgby GXUDWLRQ >ebl_evghklv\hkijhba\_^_gby UXVBORPB GZ[hjkbf\heh\Ij_^mkfhlj_g Ijh^he`_gb_lZ[e " kljhdZ RUGHUHG kljhdZ dhgl_cg_j dhgl_cg_j YRFDEXODU\ W\SH YRFDEXODU\ W\SH " kljhdZ " kljhdZ " ODQJVWULQJW\SH " ODQJVWULQJW\SH " GXUDWLRQW\SH± lbi^Zgguo êyij_^ klZ\e_gby êbl_evghklb >@ YRFDEXODU\ 0,0(±0XOWLSXUSRVH,QWHUQHW0DLO([WHQVLRQV±fgh]hp_e_\u_jZkrbj_gbyihqlh\hckem`[u,QWHUQHW 85/±8QLIRUP5HVRXUFH/RFDWRU±mgbnbpbjh\ZggucmdZaZl_evj_kmjkZ H H H FKDUVHW UXVBORPB QXPEHURI GRFXPHQWV UXVBORPB PHGLXP UXVBORPBW\SH QXPEHURI PHGLXP H UXVBORPB W\SHRI PHGLXP H UXVBORPB QXPEHURI PHGLXP H UXVBORPB FLUFXODWLRQ H UXVBORPB QXPEHURI SDJHV H UXVBORPB QXPEHURI VKHHWV H H keh\Zjv586B/20 Qbkeh^hdmf_glh\ Qbkeh^hdmf_glh\\[Za_ ^Zgguobebqbkehdhfihg_glh\ \BJij_^klZ\eyxs_fkh[hc fZkkb\bebk[hjgbd >Zggu_hghkbl_e_ bgnhjfZpbb Lbibdhebq_kl\hghkbl_e_c Lbighkbl_ey Ij_^mkfhlj_gkeh\Zjv 586B/20 QbkehbgnhjfZpbhgguo ghkbl_e_c " W\SH kljhdZ " dhgl_cg_j Ijh^he`_gb_lZ[e dhgl_cg_j " YRFDEXODU\ W\SH kljhdZ LbjZ` " kljhdZ Dhebq_kl\hkljZgbp H[s__qbkehkljZgbp\BJgZ [mfZ`ghfghkbl_e_ Dhebq_kl\hi_qZlguoebklh\ H[s__qbkehmkeh\guo i_qZlguoebklh\\BJgZ [mfZ`ghfghkbl_e_ NhjfZl[mfZ`gh]hghkbl_ey " kljhdZ " kljhdZ " kljhdZ YRFDEXODU\ W\SH dhgl_cg_j " YRFDEXODU\ W\SH YRFDEXODU\ W\SH UXVBORPB SULQWIRUPDW UXVBORPB Kihkh[m^Ze_ggh]h^hklmiZd DFFHVVW\SH BJIj_^mkfhlj_gkeh\Zjv 586B/20 HGXFDWLRQDO H[jZah\Zl_evgu_ oZjZdl_jbklbdbBJ LQWHUDFWLYLW\ Lbibgl_jZdlb\ghklbBJ W\SH Ij_^mkfhlj_gkeh\Zjv/20 OHDUQLQJ Lbih[jZah\Zl_evgh]hBJ UHVRXUFHW\SH Ij_^mkfhlj_gkeh\Zjv/20 >Zggucwe_f_gloZjZdl_jbam_l ]eZ\gufh[jZahf h[jZah\Zl_evgu_h[t_dluZ keh\Zjv/20hljZ`Z_lbo lbibaZpbx>eyij_^klZ\e_gby lbiZBJkem`bldeZkkbnbdZlhj bkihevam_fuc\jZfdZoh^gh]h bawda_fieyjh\dhgl_cg_jZ LQWHUDFWLYLW\ Mjh\_gvbgl_jZdlb\ghklbBJ RUGHUHG " YRFDEXODU\ OHYHO VHPDQWLF GHQVLW\ LQWHQGHGHQG XVHUUROH FRQWH[W Ij_^mkfhlj_gkeh\Zjv/20 K_fZglbq_kdZy_fdhklvBJ Ij_^mkfhlj_gkeh\Zjv/20 DZl_]hjbyihevah\Zl_e_c Ij_^mkfhlj_gjZkrbj_gguc keh\Zjv/20 Mjh\_gvh[jZah\Zgby Ij_^mkfhlj_gkeh\Zjv/20 Hgkh^_j`blgZa\Zgbymjh\g_c g_khhl\_lkl\mxsb_aZdhgmJN h[h[jZah\ZgbbMjh\gb h[jZah\Zgbynbdkbjm_fu_ aZdhghfJNh[h[jZah\Zgbb kh^_j`Zlky\deZkkbnbdZlhj_ bkihevam_fhf\jZfdZoh^gh]h bawda_fieyjh\dhgl_cg_jZ W\SLFDODJH <hajZklghc^bZiZahg UDQJH ihevah\Zl_e_cBJ GLIILFXOW\ Keh`ghklvBJ Ij_^mkfhlj_gkeh\Zjv/20 W\SLFDOOHDUQLQJ DhglZdlgh_\j_fy WLPH GHVFULSWLRQ F_lh^bdZijbf_g_gbyBJ\ mq_[ghfijhp_kk_ ODQJXDJH Yauddhg_qguoihevah\Zl_e_c H UXVBORPB K\_^_gbyh]jbnZob FHUWLILFDWLRQ k_jlbnbdZlZoijbk\h_gguoBJ H UXVBORPB Hj]ZgbaZpbyijbk\hb\rZy UHVSRQVLEOH ]jbnbeb\u^Z\rZyk_jlbnbdZl RUJDQL]DWLRQ H UXVBORPB J_ahexpbyhj]ZgbaZpbb UHVROXWLRQ ijbk\hb\r_c]jbnbeb \u^Z\r_ck_jlbnbdZl H UXVBORPBGDWH >ZlZijbk\h_gby]jbnZbeb RIFHUWLILFDWLRQ \u^Zqbk_jlbnbdZlZ ULJKWV IjZ\Zbgl_ee_dlmZevghc kh[kl\_gghklbgZBJ FRVW IjbagZdieZlghklb Ij_^mkfhlj_gkeh\Zjv/20 FRS\ULJKWDQG IjbagZdgZebqbybeb RWKHU hlkmlkl\byh]jZgbq_gbcih UHVWULFWLRQV bkihevah\ZgbxBJk\yaZgguo kijZ\Zfbbgl_ee_dlmZevghc kh[kl\_gghklb Ij_^mkfhlj_gkeh\Zjv/20 GHVFULSWLRQ Dhff_glZjbcihijZ\h\uf " RUGHUHG W\SH YRFDEXODU\ W\SH YRFDEXODU\ W\SH Ijh^he`_gb_lZ[e YRFDEXODU\ W\SH ODQJVWULQJW\SH " " YRFDEXODU\ W\SH GXUDWLRQW\SH ODQJVWULQJW\SH kljhdZ dhgl_cg_j kljhdZ\ nhjfZl_ Y&DUG ODQJVWULQJW\SH " GDWHW\SH " dhgl_cg_j " YRFDEXODU\ W\SH YRFDEXODU\ W\SH " " ODQJVWULQJW\SH H H H UXVBORPB RZQHU mkeh\byfbkihevah\ZgbyBJ IjZ\hh[eZ^Zl_ev UXVBORPB HibkZgb_hlghr_gbc ULJKWVFRPPHQW k\yaZgguokijZ\Zfb bgl_ee_dlmZevghc kh[kl\_gghklbgZBJ UXVBORPB IjZ\Z^hklmiZdBJ DFFHVVULJKWV Ij_^mkfhlj_gkeh\Zjv 586B/20 UHODWLRQ Hlghr_gb_ Dhgl_cg_jij_^klZ\eyxsbc hlghr_gb_^Zggh]hBJk ^jm]bfBJ NLQG Lbihlghr_gby Ij_^mkfhlj_gjZkrbj_gguc keh\Zjv/20 UHVRXUFH BJk\yaZgguck^ZggufBJ LGHQWLILHU =eh[Zevgh_mgbdZevgh_ h[hagZq_gb_BJk\yaZggh]hk hibku\Z_fufBJ FDWDORJ BfydZlZeh]Z^_ihablZjby kbkl_fuj_]bkljZpbbko_fu b^_glbnbdZpbbbl^ HQWU\ B^_glbnbdZlhjj_kmjkZ\ jZfdZodZlZeh]Z^_ihablZjby kbkl_fuj_]bkljZpbbko_fu b^_glbnbdZpbbbl^ GHVFULSWLRQ OZjZdl_jbklbdZj_kmjkZ k\yaZggh]hkhibku\Z_fufBJ DQQRWDWLRQ :gghlZpby Ij_îheZ]Z_lkyqlh^ZggZy ZgghlZpby\hlebqb_hl we_f_glZkhklZ\e_gZg_ Z\lhjhfBJ[b[ebh]jZnhfZ h^gbfbaihevah\Zl_e_c hagZdhfb\rbfkykBJb ij_^klZ\ey_lkh[hchlau\gZ g_]h FHQWLW\ :\lhjZgghlZpbb GDWH >ZlZkhklZ\e_gbyZgghlZpbb GHVFULSWLRQ L_dklZgghlZpbb " kljhdZ\ nhjfZl_ Y&DUG ODQJVWULQJW\SH Ijh^he`_gb_lZ[e YRFDEXODU\ W\SH dhgl_cg_j YRFDEXODU\ W\SH dhgl_cg_j dhgl_cg_j kljhdZ kljhdZ ODQJVWULQJW\SH dhgl_cg_j " " kljhdZ\ nhjfZl_ Y&DUG GDWHW\SH ODQJVWULQJW\SH FODVVLILFDWLRQ DeZkkbnbdZpbhggu_ijbagZdb Dhgl_cg_jij_^klZ\eyxsbc deZkkbnbdZpbhggu_ijbagZdb BJ\jZfdZojZaebqguo deZkkbnbdZlhjh\ SXUSRVH GZagZq_gb_deZkkbnbdZpbb H[sbclbideZkkbnbdZpbb khhl\_lkl\mxsbc^Zgghfm wda_fieyjmdhgl_cg_jZ Ij_^mkfhlj_gjZkrbj_gguc keh\Zjv/20 WD[RQSDWK Imlv\deZkkbnbdZlhj_ Dhgl_cg_jij_^klZ\eyxsbc imlv\deZkkbnbdZlhj_hldhjgy ^hg_dhlhjhc\_jrbgu VRXUFH GZa\Zgb_deZkkbnbdZlhjZ deZkkbnbdZpbhgghckbkl_fu WD[RQ <_jrbgZdeZkkbnbdZlhjZ Ihke_^h\Zl_evghklv wda_fieyjh\^Zggh]h dhgl_cg_jZkhhl\_lkl\mxlimlb \deZkkbnbdZlhj_l_p_ihqd_ \_jrbggZqbgZyhldhjgy^h \u[jZgghc\_jrbgu LG B^_glbnbdZlhj\_jrbgu deZkkbnbdZlhjZ HQWU\ L_dklh\h_gZbf_gh\Zgb_ \_jrbgudeZkkbnbdZlhjZ GHVFULSWLRQ HibkZgb_BJ\dhgl_dkl_p_eb deZkkbnbdZpbb NH\ZRUG Dexq_\h_keh\h\dhgl_dkl_ p_ebdeZkkbnbdZpbb dhgl_cg_j HdhgqZgb_lZ[e YRFDEXODU\ W\SH dhgl_cg_j ODQJVWULQJW\SH RUGHUHG dhgl_cg_j " kljhdZ " ODQJVWULQJW\SH " ODQJVWULQJW\SH RUGHUHG ODQJVWULQJW\SH Hkh[Zyjhevg_dhlhjuokeh\Zj_cbdeZkkbnbdZlhjh\ G_dhlhju_ keh\Zjb b deZkkbnbdZlhju b]jZxl hkh[mx jhev ijb h[jZ[hld_ b bkihevah\Zgbb f_lZ^Zgguo Wlh k\yaZgh k l_f qlh gZ bo hkgh\_ hj]Zgbam_lky gZ\b]Zpby ih dZlZeh]m BJ h[jZah\Zl_evgh]h ihjlZeZ b j_Zebamxlky h]jZgbq_gby p_ehklghklbgZdeZû\Z_fu_gZhibkZgbyBJ D qbkem keh\Zj_c b deZkkbnbdZlhjh\ bf_xsbo ih^h[guc hkh[uc klZlmk hlghkylky • deZkkbnbdZlhjp_e_\uogZagZq_gbcBJ • deZkkbnbdZlhjlbih\h[jZah\Zl_evguoBJ • deZkkbnbdZlhjmjh\g_ch[jZah\Zgby • keh\Zjvp_e_\hcZm^blhjbb • ij_^f_lgu_l_fZlbq_kdb_deZkkbnbdZlhju DeZkkbnbdZlhjp_e_\uogZagZq_gbcbgnhjfZpbhgguoj_kmjkh\ Ihp_e_\hfmgZagZq_gbxBJdeZkkbnbpbjmxlky\khhl\_lkl\bbk=HKL >@b=HKL>@<wlboklZg^ZjlZo\u^_e_gup_e_\uogZagZq_gbc • hnbpbZevgh_ • gZmqgh_ • gZmqghihimeyjgh_ • ijhba\h^kl\_gghijZdlbq_kdh_ • ghjfZlb\gh_ijhba\h^kl\_gghijZdlbq_kdh_ • mq_[gh_ • fZkkh\hiheblbq_kdh_ • kijZ\hqgh_ • êy^hkm]Z • j_deZfgh_ • om^h`_kl\_ggh_ >Zgguc i_j_q_gv ij_^klZ\ey_l kh[hc h^ghmjh\g_\uc deZkkbnbdZlhj p_e_\uo gZagZq_gbcBJDZ`ûcBJfh`_lbf_lvh^ghbebg_kdhevdhp_e_\uogZagZq_gbc DeZkkbnbdZlhjlbih\h[jZah\Zl_evguobgnhjfZpbhgguoj_kmjkh\ Ihkdhevdm agZqbl_evgZy ^hey h[jZah\Zl_evguo BJ y\eyxlky ba^Zgbyfb \ dZq_kl\_ hkgh\u êy ihkljh_gby fgh]hmjh\g_\hc deZkkbnbdZpbb lbih\ BJ bkihevah\ZgZ lbiheh]by \b^h\ ba^Zgbc kh^_j`ZsZyky \ =HKL >@ HgZ jZa\blZ \ qZklb hljZ`_gby hkh[_gghkl_c h[jZah\Zl_evguo BJ Djhf_ lh]h \ g_c ij_^klZ\e_gu\bûBJg_bf_xsb_klZlmkZba^Zgbc DeZkkbnbdZpbb gZagZq_gbc b lbih\ BJ y\eyxlky g_aZ\bkbfufb ^jm] hl ^jm]Z l_ gb h^gZ ba gbo g_ ih^qbg_gZ ^jm]hc Ih^fgh`_kl\h bo ijyfh]h ijhba\_^_gby nbdkbjm_l^himklbfu_khq_lZgbygZagZq_gbcblbih\LZdbfh[jZahfBJh^gh]hlbiZ fh`_lbf_lvg_kdhevdhgZagZq_gbc<lh`_\j_fyg_dhlhju_gZagZq_gbyêywlh]hBJ fh]ml[ulvg_^hklmiguGZijbf_jijZdlbq_kdh_jmdh\h^kl\hg_fh`_lbf_lvgZmqgh_ bebom^h`_kl\_ggh_gZagZq_gb_ Iheghklvx deZkkbnbdZlhj lbih\ h[jZah\Zl_evguo BJ i_j_q_gv hij_^_e_gbc lbih\ BJ b hibkZgb_ ^himklbfuo khq_lZgbc p_e_\uo gZagZq_gbc b lbih\ him[ebdh\Zgu\>@ ;Zah\ufbhkgh\Zgbyfb^_e_gby\deZkkbnbdZpbblbih\y\eyxlky • kj_^Z g_h[oh^bfZy êy bkihevah\Zgby BJ BJ êy bkihevah\Zgby dhlhjuo lj_[m_lkydhfivxl_jgZykj_^ZBJêybkihevah\Zgbydhlhjuog_lj_[m_lky dhfivxl_jgZykj_^Z • nhjfZij_^klZ\e_gbybgnhjfZpbbkh^_j`Zs_cky\BJblbighkbl_eyBJ • klZlmk BJdZdlh\ZjZ gZjugd_bgl_ee_dlmZevghcijh^mdpbbeb[hkj_^kl\Z gZhkgh\_dhlhjh]hhdZau\Zxlkyhij_^_e_ggu_mkem]b • khklZ\eyxsZyBJij_^klZ\eyxsZyhkgh\gmxp_gghklv • oZjZdl_j bgnhjfZpbb kh^_j`Zs_cky \ BJ Z lZd`_ lbiu j_rZ_fuo k ihfhsvxg_]haZ^Zq GZi_j\hfmjh\g_deZkkbnbdZpbyBJijh\h^blkyih\b^mghkbl_eybgnhjfZpbb <u^_e_gudeZkkZBJ ±BJgZdhfivxl_jguoghkbl_eyo ±BJgZg_dhfivxl_jguoghkbl_eyoZm^bhbgnhjfZpbb ±BJgZg_dhfivxl_jguoghkbl_eyo\b^_hbgnhjfZpbb ±BJgZ[mfZ`guoghkbl_eyo Hkgh\guf deZkkhf kh\j_f_gguo h[jZah\Zl_evguo BJ y\ey_lky i_j\uc Hg \dexqZ_lBJlj_[mxsb_dhfivxl_jgmxkj_^m\uiheg_gbyDwlhfmdeZkkmhlghkylky • BJ jZkijhkljZgy_fu_ gZ bgnhjfZpbhgguo ghkbl_eyo beb ^hklmigu_ q_j_a ,QWHUQHW • f_]Zj_kmjku ,QWHUQHW ij_^gZagZq_ggu_ êy hdZaZgby mkem] b g_ \uklmiZxsb_\dZq_kl\_lh\Zjh\ DeZkk ^_eblky ih \b^Zf ba^Zgbc \ khhl\_lkl\bb k =HKL >@ D g_fm ^h[Z\e_gu jy^ lbih\ BJ ki_pbnbqguo êy h[jZah\Zl_evghc b gZmqghc ^_yl_evghklb Hlq_l h GBJ L_ogbq_kdZy ^hdmf_glZpby ih^deZkk H[jZapu aZq_lguomq_[guofZl_jbZeh\b^j DeZkk \dexqZ_l q_luj_ ih^deZkkZ I_j\u_ ljb ih^deZkkZ h[t_^bgyxl BJ \uklmiZxsb_gZjugd_bgl_ee_dlmZevghcijh^mdpbb\dZq_kl\_lh\Zjh\Ih^deZkk ij_^klZ\ey_lf_]Zj_kmjku,QWHUQHWbkihevam_fu_êyij_^hklZ\e_gbymkem] Ih^deZkku ± \u^_e_gu gZ hkgh\_ gZb[he__ agZqbfhc b p_gghc khklZ\eyxs_cBJ ±bgnhjfZpbhggu_ijh^mdlu ±ijh]jZffgu_ijh^mdlu ±ijh]jZffghbgnhjfZpbhggu_ijh^mdlu <ih^deZkk_hkgh\gZyp_gghklvBJaZdexqZ_lkykh[kl\_ggh\kh^_j`Zs_cky \ gbo bgnhjfZpbb < wlhf ih^deZkk_ \u^_e_gh \b^h\ BJ b ih^deZkk We_dljhggu_ij_^klZ\e_gby[mfZ`guoba^Zgbcb^hdmf_glh\ D ih^deZkkm hlghkylky BJ j_Zebah\Zggu_ \ \b^_ we_dljhgguo ^hdmf_glh\ nZceh\ b nZceh\uo fZkkb\h\ g_ h[_ki_qb\Zxsb_ jZa\blhc nmgdpbhgZevghklb Wlhl ih^deZkk ^_dhfihabjm_lky \ hkgh\ghf \ khhl\_lkl\bb k ^_e_gb_f deZkkZ D wlhc deZkkbnbdZpbb ^h[Z\e_gu ki_pbnbqgu_ êy we_dljhgguo ij_^klZ\e_gbc \bû ij_^klZ\eyxsb_ h^ghjh^gu_ fZkkb\u BJ GZijbf_j \b^ ba^Zgby DZlZeh] hlh[jZ`Z_lky \ ^\Z \b^Z hlghkysboky d ih^deZkkm DZlZeh] b FZkkb\ dZlZeh]h\ >Zevg_crZy ^_dhfihabpby gZ \bûij_^mkfhlj_gZêyih^deZkkZH[jZapuaZq_lguomq_[guofZl_jbZeh\ Lbiu BJ ij_^klZ\eyxsb_ h^ghjh^gu_ fZkkb\u we_dljhgguo ^hdmf_glh\ \\_^_gu êy mijhs_gby gZiheg_gby dZlZeh]h\ BJ GZijbf_j _keb bf__lky [hevrhc Zjob\ we_dljhgguo ^hdmf_glh\ lh ih^]hlh\dZ b \\h^ \ dZlZeh] hibkZgbc \k_o ^hdmf_glh\fh`_laZgylvfgh]h\j_f_gb<wlhfkemqZ_^himklbfhij_^klZ\blvfZkkb\ dZd_^bgucBJ\dexqb\\_]hhibkZgb_i_j_q_gv\oh^ysbo\g_]h^hdmf_glh\AZl_f fh`gh ihkl_i_ggh hibku\Zlv dZ`ûc BJ fZkkb\Z ih hl^_evghklb b \dexqZlv bo \ dZlZeh]ihf_j_]hlh\ghklb < ih^deZkk_ hkgh\gZy p_gghklv BJ h[mkeh\eb\Z_lky nmgdpbyfb j_Zebam_fufb \ gbo ijh]jZffgufb kj_^kl\Zfb < hkgh\m ^Zevg_cr_c ^_dhfihabpbb BJwlh]hih^deZkkZiheh`_ghbogZagZq_gb_kmq_lhflj_[h\Zgbch[eZkl_cijbf_g_gby >@ GZ ke_^mxs_f mjh\g_ b_jZjobb ^_lZebabjm_lky lhevdh ih^deZkk Bgkljmf_glZevgu_ kj_^kl\Z < g_f \u^_e_gh \b^h\ b ih^deZkk Bgkljmf_glZevgu_ kj_^kl\Z êy kha^Zgby dhfivxl_jguo kj_^kl\ h[mq_gby Ih^deZkk bf__l hkh[h_ agZq_gb_ êy j_r_gby aZ^Zq bgnhjfZlbaZpbbh[jZah\Zgbyihwlhfmhg^_dhfihabjh\Zg^Ze__gZ\bû <ih^deZkk_p_gghklvij_^klZ\ey_ldZdbgnhjfZpbykh^_j`ZsZyky\BJlZd b j_Zebam_fu_ bfb nmgdpbb < wlhf ih^deZkk_ \u^_e_gu \b^h\ b ih^deZkk Dhfivxl_jgu_kj_^kl\Zh[mq_gbyIh^deZkk\dexqZ_lljbih^deZkkZ i h[jZah\Zl_evgu_p_gau dhlhju_ \ k\hx hq_j_^v ^_eylky gZ \bû BJ b \b^ khhl\_lkl\mxsbc h[jZah\Zl_evghfmh[t_dlm H[jZah\Zl_evguc h[t_dl ± _^bgkl\_gguc lbi BJ g_ ijbf_gy_fuc \ kZfhklhyl_evghf dZq_kl\_ Hg khhl\_lkl\m_l _^bgbp_ dhgl_glZ kem`Zs_c kljhbl_evguf fZl_jbZehf êy nhjfbjh\Zgby bgl_]jZevguo h[jZah\Zl_evguo BJ Z]j_]Zlh\LZdZybgl_jij_lZpby^Zggh]hihgylbyy\ey_lky[he__madhcihkjZ\g_gbxk _]hlhedh\Zgb_f\>@ >jm]b_ lbiu dhfivxl_jguo kj_^kl\ h[mq_gby lZd`_ fh]ml \oh^blv \ khklZ\ [he__ djmiguo BJ Bo hlebqb_ hl h[jZah\Zl_evgh]h h[t_dlZ aZdexqZ_lky \ \hafh`ghklbkZfhklhyl_evgh]hbkihevah\Zgby DZ`ûc BJ fh`_l [ulv hlg_k_g lhevdh d h^ghfm lbim Zkkhpbbjm_fhfm k ebklhf deZkkbnbdZpbhggh]h ^_j_\Z Dhfie_dkgu_ BJ \dexqZxsb_ g_kdhevdh BJ jZaguo lbih\ hibku\Zxlky ke_^mxsbf h[jZahf < wda_fieyj_ f_lZ^Zgguo dhlhjuc ij_^klZ\ey_l lZdhc BJ \ p_ehf mdZau\Z_lky lbi khhl\_lkl\mxsbc _]h ]eZ\ghfm ^hfbgbjmxs_fm dhfihg_glm ?keb ijhqb_ dhfihg_glu BJ bf_xl kZfhklhyl_evgh_ agZq_gb_ l_ fh]ml jZkijhkljZgylvky b ijbf_gylvky \ kZfhklhyl_evghf dZq_kl\_ lh êy gbo khklZ\eyxlky hl^_evgu_ hibkZgby \ dhlhjuo mdZau\Zxlky khhl\_lkl\mxsb_ bflbiuIh^h[gucihôh^kh]eZkm_lkykijbgpbiZfbdZlZeh]baZpbb\[b[ebhl_qghf ^_e_>@ F_lh^bdm\u[hjZlbiZBJbeexkljbjm_lko_fZbah[jZ`_ggZygZjbk DeZkkbnbdZlhjmjh\g_ch[jZah\Zgby >ey hibkZgby mjh\g_c h[jZah\Zgby gZ dhlhju_ jZkkqblZg BJ \ bgnhjfZpbhgghc fh^_eb kem`bl we_f_gl K\yaZgguc k gbf keh\Zjv /20 >@ ij_^klZ\ey_l kZfuc h[sbc gZ[hj mjh\g_c g_ khhl\_lkl\mxsbc aZdhgm JN h[ h[jZah\Zgbb Mjh\gbh[jZah\Zgbyhij_^_e_ggu_\AZdhg_JNh[h[jZah\Zgbb>@ijb\_^_gu \lZ[eLj_lbcbq_l\_jluc__klhe[puij_^klZ\eyxlh^ghmjh\g_\ucdeZkkbnbdZlhj keh\Zjvmjh\g_ch[jZah\Zgby LZ[ebpZ Khhl\_lkl\mx <_jrbgZdeZkkbnbdZlhjZ s__agZq_gb_ba KlZlvy Mjh\_gvh[jZah\Zgby keh\Zjy/20 aZdhgZ b^_glb gZbf_gh\Zgb_ êywe_f_glZ nbdZlhj ^hrdhevgh_ SUHVFKRROHGXFDWLRQ RWKHU h[jZah\Zgb_ gZqZevgh_h[s__ SULPDU\HGXFDWLRQ h[jZah\Zgb_ VFKRRO hkgh\gh_h[s__ EDVLFHGXFDWLRQ kj_^g__ihegh_h[s__ VHFRQGDU\HGXFDWLRQ gZqZevgh_ WHFKQLFDOVFKRROILUVW ijhn_kkbhgZevgh_ F\FOH WUDLQLQJ kj_^g__ WHFKQLFDOVFKRROVHFRQG ijhn_kkbhgZevgh_ F\FOH \ukr__ KLJKHUHGXFDWLRQ KLJKHUHGXFDWLRQ ijhn_kkbhgZevgh_ ihke_\mah\kdh_ XQLYHUVLW\SRVWJUDGXDWH RWKHU ijhn_kkbhgZevgh_ ijhn_kkbhgZevgZy ih^]hlh\dZ ^hihegbl_evgh_ h[jZah\Zgb_ YRFDWLRQDOWUDLQLQJ WUDLQLQJ DGGLWLRQDOHGXFDWLRQ RWKHU Ijb\_^_gguc deZkkbnbdZlhj mjh\g_c h[jZah\Zgby bkihevam_lky \ jZfdZo dhgl_cg_jZBJfh`_lkhhlghkblvkykh^gbfbebg_kdhevdbfbmjh\gyfbh[jZah\Zgby F?LH>BD:<U;HJ:LBI:BGNHJF:PBHGGH=HJ?KMJK: GZdZdhfghkbl_e_ij_^klZ\e_gBJblj_[m_lkyebêy_]hbkihevah\Zgbydhfivxl_jgZykj_^Z" BJgZg_dhfivxl_jguo ghkbl_eyo Zm^bhbgnhjfZpbb BJgZdhfivxl_jguo ghkbl_eyolj_[mxsbo êybkihevah\Zgby dhfivxl_jghckj_û \lhfqbke_ ,QWHUQHWj_kmjku DeZkk DeZkk :m^bhaZibkbjZaebqgh]h kh^_j`ZgbybgZagZq_gbygZ &'Zm^bhdZkk_lZobl^ BJgZg_dhfivxl_jguo ghkbl_eyo \b^_hbgnhjfZpbb BJgZ[mfZ`guo ghkbl_eyo DeZkk LjZ^bpbhggu_dgb]b `mjgZeu]Za_lu[jhrxju b^jm]b_ba^Zgbyb ^hdmf_glugZ[mfZ`guo ghkbl_eyo <b^_haZibkbjZaebqgh]h kh^_j`ZgbybgZagZq_gbygZ &'9LGHRdZkk_lZo9+6 9LGHRbl^ <uklmiZ_lebBJ\dZq_kl\_lh\ZjZgZjugd_bgl_ee_dlmZevghcijh^mdpbb" >Z Qlhij_^klZ\ey_lhkgh\gmxp_gghklv\BJ" Kh[kl\_gghbgnhjfZpbykh^_j`Zgb_ Ih^deZkk bgnhjfZpbhggu_ijh^mdlu ;Zau^Zgguoij_a_glZpbbwe_dljhggu_]Za_lub `mjgZeunZceh\u_fZkkb\ul_fZlbq_kdb_ bgnhjfZpbhggu_fZkkb\ufmevlbf_^bcgu_aZibkb we_dljhggu_\_jkbbfhgh]jZnbcklZl_ckeh\Zj_c mq_[gbdh\f_lh^bq_kdboihkh[bchlq_lh\b^j\\b^_ nZceh\bebnZceh\uofZkkb\h\g_h[_ki_qb\Zxsb_ jZa\blhcnmgdpbhgZevghklb DeZkk G_lghhibku\Z_fuc ,QWHUQHWj_kmjkkem`bl hkgh\hcêyij_^hklZ\e_gby hij_^_e_gguomkem] Ih^deZkk Nmgdpbbh[_ki_qb\Z_fu_ ijh]jZffgufbkj_^kl\Zfb BbgnhjfZpbybnmgdpbbh[_k i_qb\Z_fu_ijh]jZffgufbkj_^kl\Zfb Ih^deZkk ijh]jZffgu_ijh^mdlu Ih^deZkkijh]jZffgh bgnhjfZpbhggu_ijh^mdlu Ijh]jZffgu_kj_^kl\ZjZaebqgh]h Ijh^mdludhlhju_\dexqZxlh[_ki_qb\Zxsb_ gZagZq_gby\lhfqbke_ jZa\blmxnmgdpbhgZevghklvijh]jZffgu_ bgkljmf_glZevgu_kj_^kl\Z dhfihg_glubp_ggu_bgnhjfZpbhggu_fZkkb\u :KGBK:IJ:KMiZd_luijbdeZ^guo dhfivxl_jgu_keh\ZjbbgnhjfZpbhggh ijh]jZffKM;>j_^Zdlhjumlbeblu ihbkdh\u_kbkl_fuwdki_jlgu_kbkl_fu kj_^kl\Zijh]jZffbjh\Zgbyb^j dhfivxl_jgu_kj_^kl\Zh[mq_gbyb^j >Zevg_crbc\u[hjlbiZBJijhba\h^blkyiml_f^\b`_gbyih\_l\yf^_j_\ZdeZkkbnbdZlhjZke_\ZgZijZ\hbk\_jom\gba >eydZ`^h]hlbiZBJebklZ^_j_\Zij_^mkfhlj_ghhij_^_e_gb_ AgZq_gby we_f_glZ b deZkkbnbdZpbhggu_ ijbagZdb hljZ`Zxsb_ mjh\gb h[jZah\Zgby \ wda_fieyj_ dhgl_cg_jZ ^he`gu [ulv kh]eZkh\Zgu ^jm] k ^jm]hf Bo \aZbfgh_ khhl\_lkl\b_ hij_^_e_gh \ lZ[e GZbemqrbf j_r_gb_f êy h[_ki_q_gby lZdh]h kh]eZkh\Zgby y\ey_lky Z\lhfZlbq_kdh_ nhjfbjh\Zgb_ fgh`_kl\Z agZq_gbc we_f_glZgZhkgh\_agZq_gbc\u[jZgguobadeZkkbnbdZlhjZmjh\g_ch[jZah\Zgbyb ij_^klZ\e_gguo\wda_fieyj_dhgl_cg_jZ Keh\Zjvp_e_\hcZm^blhjbb >ey hibkZgby p_e_\hc Zm^blhjbb dZl_]hjbc ihevah\Zl_e_c BJ ij_^gZagZq_g we_f_glKgbfZkkhpbbjm_lkyjZkrbj_gguckeh\Zjv/20^h[Z\e_ggu_agZq_gby \u^_e_gudmjkb\hf • WHDFKHU±ij_ih^Z\Zl_ev • DXWKRU±Z\lhj • OHDUQHU±h[mqZ_fuc • PDQDJHU±f_g_^`_j • PHWKRGRORJLVW±f_lh^bkl • LQVWUXFWLRQDOGHVLJQHU±jZajZ[hlqbdh[jZah\Zl_evguodhfihg_glh\ • JUDSKLFDOGHVLJQHU±]jZnbq_kdbc^baZcg_j • PXOWLPHGLDGHYHORSHU±jZajZ[hlqbdfmevlbf_^bcguodhfihg_glh\ • SURJUDPPHU±ijh]jZffbkl • WHFKQLFDOLPSOHPHQWHU±l_ogbq_kdbcjZajZ[hlqbd Ij_^f_lgu_deZkkbnbdZlhju L_fZlbdZ BJ fh`_l ij_^klZ\eylvky k ihfhsvx jZaebqguo ij_^f_lguo deZkkbnbdZlhjh\Ijbf_g_gb_ba\_klguorbjhdhjZkijhkljZg_gguodeZkkbnbdZlhjh\ kihkh[kl\m_l ih\ur_gbx bgl_jhi_jZ[_evghklb f_lZ^Zgguo b y\ey_lky ij_îhqlbl_evguf Ij_^f_lgufb deZkkbnbdZlhjZfb j_dhf_g^m_fufb êy bkihevah\Zgby \ f_lZ^Zgguo h[ h[jZah\Zl_evguo BJ y\eyxlky Mgb\_jkZevgZy ^_kylbqgZy deZkkbnbdZpby M>D >@ b =hkm^Zjkl\_gguc jm[jbdZlhj gZmqgh l_ogbq_kdhcbgnhjfZpbb=JGLB>@ BJfh`_loZjZdl_jbah\Zlvkyh^gbfbebg_kdhevdbfbijbagZdZfb\u[jZggufb bah^gh]hbebg_kdhevdboij_^f_lguodeZkkbnbdZlhjh\ Mgb\_jkZevgu_ ij_^f_lgu_ deZkkbnbdZlhju d dhlhjuf hlghkylky M>D b =JGLB g_ \k_]^Z iha\heyxl \ujZablv l_fZlbdm h[jZah\Zl_evgh]h BJ k ^hklZlhqghc lhqghklvx < k\yab k wlbf ij_^klZ\ey_lky ZdlmZevguf kha^Zgb_ ki_pbZebabjh\Zgguo ij_^f_lguo deZkkbnbdZlhjh\ hljZ`Zxsbo hkh[_gghklb l_fZlbq_kdhc ^_dhfihabpbb h[mkeh\e_ggu_ f_lh^bdhc ij_ih^Z\Zgby khhl\_lkl\mxsbo ^bkpbiebg gZ jZaguo mjh\gyo h[jZah\Zgby >ey bkihevah\Zgby lZdbo deZkkbnbdZlhjh\ \ f_lZ^Zgguo h[yaZl_evghlj_[mxlkyim[ebdZpbybo\,QWHUQHWZlZd`_hij_^_e_gb_bohlh[jZ`_gby\ mgb\_jkZevgu_ij_^f_lgu_deZkkbnbdZlhju Bkihevah\Zgb_\f_lZ^ZgguonhjfZlZY&DUG Jy^ we_f_glh\ [Zah\hc bgnhjfZpbhgghc fh^_eb lZ[e khhl\_lkl\mxl lbim ^Zgguo kljhdZ \ nhjfZl_ Y&DUG Y&DUG ± wlh we_dljhggZy \bablgZy dZjlhqdZ Ki_pbnbdZpbbY&DUG>@hij_^_eyxlkhklZ\bkihkh[ij_^klZ\e_gbybgnhjfZpbb hibku\Zxs_c i_jkhgm hj]ZgbaZpbx j_kmjk b l^ Ijhh[jZahf wlhc bgnhjfZpbb y\eyxlkyk\_^_gbyijb\h^bfu_gZljZ^bpbhgghc\bablghcdZjlhqd_ NhjfZl Y&DUG [Zabjm_lky gZ j_dhf_g^Zpbyo k_jbb ; êy kem`[ jZkij_^_e_ggh]hdZlZeh]Z>@<qZklghklb\g_fbkihevamxlkyZljb[mlu\\_^_ggu_ \ ^Zgghc k_jbb j_dhf_g^Zpbc êy hibkZgby i_jkhgZevghc bgnhjfZpbb Y&DUG jZkrbjy_l \hafh`ghklb ij_^mkfhlj_ggu_ k_jb_c ; aZ kq_l \dexq_gby ^hihegbl_evguo Zljb[mlh\ b h[_ki_q_gby kj_^kl\ ij_^klZ\e_gby b h[f_gZ fmevlbf_^bcgufb ^Zggufb eh]hlbihf hj]ZgbaZpbb nhlhbah[jZ`_gb_f dZlZeh]babjm_fh]h h[t_dlZ a\mdh\hc aZibkvx ij_^klZ\eyxs_c wlZehggh_ ijhbaghr_gb__]hbf_gbb^j NhjfZl Y&DUG ih^^_j`b\Z_l jZagu_ yaudb Hg g_ aZ\bkbl hl hi_jZpbhgghc kbkl_fubkihkh[Zi_j_^Zqb^ZgguoljZgkihjlguobgl_jn_ckh\ < gZklhys__ \j_fy gZ ijZdlbd_ ijbf_gyxlky ^\_ \_jkbb ki_pbnbdZpbb Y&DUG <_jkby>@jZajZ[hlZgZ ,QWHUQHW0DLO&RQVRUWLXPbYHUVLW&RQVRUWLXP<_jkby>@ him[ebdh\ZgZ ,(7) b hnhjfe_gZ dZd ijhnbev êy ko_fu dZlZeh`ghc bgnhjfZpbb khhl\_lkl\mxs_c lbim dhgl_glZ 0,0( WH[WGLUHFWRU\ >@ < /20 bkihevam_lky ki_pbnbdZpbyY&DUG AZibkv \ nhjfZl_ Y&DUG ij_^klZ\ey_l kh[hc fgh`_kl\h ba h^gh]h beb g_kdhevdbowda_fieyjh\Zljb[mlh\we_f_glh\^Zgguo:ljb[mluih^jZa^_eyxlkygZ deZkkh\ • b^_glbnbdZpbhggu_ Zljb[mlu nhjfZlbjh\Zggh_ bfy kljmdlmjbjh\Zggh_ bfydjZldh_bfynhlh]jZnby^_gvjh`^_gby • Z^j_kkljmdlmjbjh\ZggucZ^j_knhjfZlbjh\ZggucZ^j_k • l_e_dhffmgbdZpbhggZydhglZdlgZybgnhjfZpbyl_e_nhgZ^j_kHPDLOb^j • ]_h]jZnbq_kdh_ f_klhiheh`_gb_ \j_f_ggZy ahgZ ]_h]jZnbq_kdh_ f_klhiheh`_gb_ • Zljb[mlu k\yaZggu_ k hj]ZgbaZpb_c beb ij_îjbylb_f ^he`ghklv jh^ ^_yl_evghklbgZa\Zgb_beh]hlbihj]ZgbaZpbbb^j • ^hihegbl_evgZy ihykgyxsZy bgnhjfZpby ^ZlZ ihke_^g_]h h[gh\e_gby bgnhjfZpbb dhff_glZjbb a\mdh\Zy ZgghlZpby d aZibkb 85/ mgbdZevguc b^_glbnbdZlhjhibku\Z_fhckmsghklbb^j • oZjZdl_jbklbdb bgnhjfZpbhgghc [_ahiZkghklb deZkk ^hklmiZ hldjuluc dexqêy^_dh^bjh\ZgbybgnhjfZpbb • jZkrbj_ggu_Zljb[mluwdki_jbf_glZevgu_jZkrbj_gbyijhnbey>@ BgnhjfZpby\nhjfZl_Y&DUGfh`_l[ulvij_^klZ\e_gZdZd\kljhqghcghlZpbb hij_^_e_gghc \ > @ lZd b aZdh^bjh\ZgZ gZ hkgh\_ ;0/ < ;0/ijb\yad_ /20 jZajZ[hlZgghc,06bkihevam_lkykljhqgZyghlZpby>@ Bkihevah\Zgb_ \ f_lZ^Zgguo bf_g dZlZeh]h\ kbkl_f j_]bkljZpbb b ko_f b^_glbnbdZpbbbgnhjfZpbhgguoj_kmjkh\ >ey ij_^klZ\e_gby ]eh[Zevguo mgbdZevguo h[hagZq_gbc BJ b _]h hibkZgby \ bgnhjfZpbhgghc fh^_eb kem`Zl dhgl_cg_ju b khhl\_lkl\_ggh H[hagZq_gby bkihevamxlky ijb mq_l_ BJ b bo hibkZgbc \ jZfdZo dZlZeh]h\ bgnhjfZpbhgguo ojZgbebs ^_ihablZjb_\ b l^ dhgljhe_ ^m[ebjh\Zgby hibkZgbc ihbkd_ BJ hij_^_e_gbbk_l_\h]hZ^j_kZBJihb^_glbnbdZlhjmki_pbnbdZpbbhlghr_gbcf_`^m BJ\jZfdZodhgl_cg_jZb\^jm]boaZ^ZqZo MgbdZevghklv h[hagZq_gby BJ beb _]h hibkZgby \ jZfdZo dZlZeh]Z kbkl_fu j_]bkljZpbb ko_fu b^_glbnbdZpbb b l^ h[_ki_qb\Z_l kem`[Z ijbk\Zb\ZxsZy h[hagZq_gby b^_glbnbdZlhju Bkdexq_gb_ kh\iZ^_gby h[hagZq_gbc \u^Zgguo jZagufb dZlZeh]Zfb h[_ki_qb\Z_l ^h[Z\e_gb_ d gbf ij_nbdkh\ ij_^klZ\eyxsbo bf_gZdZlZeh]h\Bf_gZdZlZeh]h\bh[hagZq_gbyBJhibkZgbcBJ\bgnhjfZpbhgghc fh^_ebojZgylkyhl^_evgh^jm]hl^jm]Z ,(7)±,QWHUQHW(QJLQHHULQJ7DVN)RUFH±Dhfbl_lihbg`_g_jgufijh[e_fZf,QWHUQHW ,06±=eh[Zevguch[jZah\Zl_evgucdhgkhjpbmf,06 < dZq_kl\_ agZq_gby we_f_glZ fh]ml bkihevah\Zlvky bf_gZ rbjhdh ba\_klguodZlZeh]h\kbkl_fj_]bkljZpbbbko_fb^_glbnbdZpbbBJgZijbf_j • ,6%1±f_`^mgZjh^gZyklZg^ZjlgZygmf_jZpbydgb]>@ghf_jZ,6%1 ijbk\Zb\Zxlky ba^Zgbyf gZ bgnhjfZpbhgguo ghkbl_eyo dhlhju_ g_ y\eyxlkyijh^he`Zxsbfbkyba^Zgbyfbiheguci_j_q_gv\b^h\ba^Zgbcg_ ho\Zlu\Z_fuogmf_jZpb_c,6%1ijb\_^_g\>@ • ,661±f_`^mgZjh^gZyklZg^ZjlgZygmf_jZpbyk_jbZevguoba^Zgbc>@ • 85,±mgbnbpbjh\Zggucb^_glbnbdZlhjj_kmjkZ • 85/ ± mgbnbpbjh\Zgguc mdZaZl_ev j_kmjkZ 85/ y\ey_lky qZklguf kemqZ_f85, • 851±mgbnbpbjh\Zggh_bfyj_kmjkZ>@ • )3,±nhjfZevguchldjulucb^_glbnbdZlhj>@ • '2,±b^_glbnbdZlhjpbnjh\h]hh[t_dlZ>@kbglZdkbk'2,kh]eZkh\Zgk nmgdpbhgZevgufblj_[h\Zgbyfbd851>@ Ko_fub^_glbnbdZpbb85,85/b851fh]mlbkihevah\Zlvkyêyh[hagZq_gby hibkZgbcBJZkhhl\_lkl\mxsb_bf_gZ±nb]mjbjh\Zlv\dZq_kl\_agZq_gbcwe_f_glZ H[hagZq_gby BJ b bo hibkZgbc ijbk\Zb\Z_fu_ \ jZfdZo nmgdpbhgbjmxsbo \ JN dZlZeh]h\ kbkl_f j_]bkljZpbb b ko_f b^_glbnbdZpbb BJ ij_êZ]Z_lky ij_^klZ\eylvgZhkgh\_ko_fu851Mgbnbpbjh\Zggh_bfyj_kmjkZ851bf__l\b^ >@ 1,'!166! ]^_ 1,'! ± b^_glbnbdZlhj ijhkljZgkl\Z bf_g 166! ± b^_glbnbdZlhjj_kmjkZ\jZfdZo^Zggh]hijhkljZgkl\Zbf_gB^_glbnbdZlhju166! nhjfbjmxlkygZhkgh\_ijZ\beijbgyluo\ dZlZeh]_kbkl_f_j_]bkljZpbbbebko_f_ b^_glbnbdZpbb BJ \ khhl\_lkl\bb k kbglZdkbkhf baeh`_gguf \ >@ B^_glbnbdZlhju ijhkljZgkl\ bf_g j_]bkljbjmxlky ,$1$ 1,'! gZqbgZxsb_ky k ij_nbdkZ;kqblZxlkywdki_jbf_glZevgufbfh]mlbkihevah\Zlvky[_aj_]bkljZpbb \,$1$ >ey ij_^klZ\e_gby dZlZeh]h\ kbkl_f j_]bkljZpbb b ko_f b^_glbnbdZpbb BJ ^_ckl\mxsbo \ JN ij_êZ]Z_lky hij_^_eblv gZ[hj b^_glbnbdZlhjh\ ijhkljZgkl\ bf_g < qZklghklb lZdb_ b^_glbnbdZlhju ^he`gu [ulv ijbk\h_gu HK=MJF h[jZah\Zl_evgufihjlZeZfbwe_dljhgguf[b[ebhl_dZfh[jZah\Zl_evguoBJ >ey mijhs_gby hibkZgby hlghr_gbc \ jZfdZo dhgl_cg_jZ \ dhlhjuo nb]mjbjmxl BJ g_ bf_xsb_ mgbnbpbjh\Zgguo h[hagZq_gbc p_e_khh[jZagh ij_^mkfhlj_lv\hafh`ghklvmdZaZgby\dhgl_cg_j_b^_glbnbdZlhjZijbk\h_ggh]h Z\lhjhf kha^Zl_e_f [b[ebh]jZnhf BJ ?keb lZdmx \hafh`ghklv bkdexqblv lh hlghr_gbyf_`^mih^h[gufbBJeb[h\ujZ`Zxlkyq_j_a85/eb[hki_pbnbpbjmxlky ihke_ aZg_k_gby f_lZ^Zgguo \ dZlZeh] b j_]bkljZpbb BJ Bkihevah\Zgb_ 85/ g_ m^h[gh lZd dZd \hi_j\uo g_ \k_ BJ bo bf_xl b \h\lhjuo 85/ fh]ml f_gylvky G_h[oh^bfhklv^hiheg_gbyhibkZgbcBJlhevdhqlh\g_k_gguo\dZlZeh]mkeh`gy_l ijhp_kknhjfbjh\Zgbyf_lZ^Zgguo < dZq_kl\_ 1,'! ijhkljZgkl\Z bf_g êy Z\lhjkdbo b^_glbnbdZlhjh\ ij_êZ]Z_lkybkihevah\Zlvkljhdm;586$87>eywlh]hijhkljZgkl\Zbf_g166! bf__l \b^ LGDXW!LGU! ]^_ LGDXW! ± i_jkhgZevguc b^_glbnbdZlhj Z\lhjZ [b[ebh]jZnZ LGU! ± b^_glbnbdZlhj BJ ijbk\h_gguc ^Zgguf Z\lhjhf [b[ebh]jZnhf < dZq_kl\_ LGDXW! fh`_l \uklmiZlv Z^j_k we_dljhgghc ihqlu >jm]hc\hafh`gucnhjfZlLGDXW!),2!''00<<<<!6!55!8!]^_),2!± ljhcdZ kbf\heh\ khhl\_lkl\mxsbo i_j\uf [md\Zf nZfbebb bf_gb b hlq_kl\Z \ ,$1$±,QWHUQHW$VVLJQHG1XPEHUV$XWKRULW\±f_`^mgZjh^gZyhj]ZgbaZpbyhl\_qZxsZyaZijbk\h_gb_ jZkij_^_e_gb_bj_]bkljZpbxghf_jh\bb^_glbnbdZlhjh\\,QWHUQHW eZlbgkdhc ljZgkdjbipbb ''00<<<<! ± ihke_^h\Zl_evghklv pbnj ij_^klZ\eyxsbo^_gv jh`^_gby''±^\_pbnjuaZ^Zxsb_^_gv 00±^\_pbnju aZ^Zxsb_ f_kyp <<<< ± q_luj_ pbnju aZ^Zxsb_ ]h^ 6!± kbf\he ij_^klZ\eyxsbc ihe 0 ± fm`kdhc ) ± `_gkdbc 55!± pbnjh\hc dh^ j_]bhgZ JN hl ^h \ dhlhjhf ijh`b\Z_l q_eh\_d 8! ± ijhba\hevgZy ihke_^h\Zl_evghklv kbf\heh\ \u[jZggZy Z\lhjhf [b[ebh]jZnhf ih k\h_fm mkfhlj_gbx Ijb lZdhf nhjfZl_ i_jkhgZevguo b^_glbnbdZlhjh\ \_jhylghklv bo kh\iZ^_gbyêyjZaguoex^_cy\ey_lky^hklZlhqghgbadhc :\lhj [b[ebh]jZn ^he`_g ke_^blv aZ l_f qlh[u b^_glbnbdZlhju ijbk\Zb\Z_fu_ bf BJ [ueb mgbdZevgufb <ujZ`_gby LGDXW! b LGU! ^he`gu khhl\_lkl\h\Zlvlj_[h\Zgbyf>@ Ijhnbebf_lZ^Zgguo Ih^ ijhnbe_f f_lZ^Zgguo ihgbfZ_lky hibkZgb_ hljZ`Zxs__ h[yaZl_evgu_ b g_h[yaZl_evgu_ klZlmku we_f_glh\ bgnhjfZpbhgghc fh^_eb \ jZfdZo lbih\h]h \ZjbZglZ__ijbf_g_gbyKlZlmkufh]mlaZ\bk_lvhllbiZbp_e_\h]hgZagZq_gbyBJ Ij_êZ]Z_lky\u^_eblvq_luj_lbih\uo\ZjbZglZijbf_g_gbybgnhjfZpbhgghc fh^_ebbkhhl\_lkl\_gghq_luj_ijhnbeyf_lZ^Zgguo ojZgbebs_f_lZ^ZgguoHK=MJF dZlZeh]BJh[jZah\Zl_evgh]hihjlZeZ dZlZeh]BJwe_dljhgghc[b[ebhl_db ,QWHUQHWojZgbebs_ f_lZ^Zgguo kh^_j`Zs__ kj_^kl\Z h[jZ[hldb aZijhkh\ KMMIb^hklmigh_êy\g_rgboijh]jZffguoZ]_glh\ DZ`ûcwe_f_glbgnhjfZpbhggucfh^_eb\jZfdZoijhnbeyf_lZ^Zgguobf__l h^bgba^\moklZlmkh\ • h[yaZl_evguc hagZqZxsbc qlh wda_fieyj f_lZ^Zgguo ^he`_g \dexqZlv ohly [u h^bg wda_fieyj wlh]h we_f_glZ ^himklbfhklv \dexq_gby g_kdhevdbowda_fieyjh\hij_^_ey_lkyZljb[mlhfih\lhjy_fhklb • g_h[yaZl_evguc hagZqZxsbc qlh wda_fieyj wlh]h we_f_glZ fh`_l hlkmlkl\h\Zlv\wda_fieyj_f_lZ^Zgguo GZb[hevrb_ lj_[h\Zgby d iheghl_ hibkZgby BJ l_ dhebq_kl\m h[yaZl_evguo we_f_glh\ij_^ty\ey_li_j\ucijhnbevWlhh[tykgy_lkyl_fqlhêyj_r_gbyaZ^Zq ]hkm^Zjkl\_gghc j_]bkljZpbb b fhgblhjbg]Z khklhygby BJ h[jZah\Zl_evghc kn_ju g_h[oh^bfh jZkiheZ]Zlv ^hklZlhqgh ij_^klZ\bl_evgufb k\_^_gbyfb h[ h[t_dlZo mq_lZ GZbf_gvr__ qbkeh h[yaZl_evguo we_f_glh\ ij_^mkfhlj_gh \ q_l\_jlhf ijhnbe_ Wlh k\yaZgh k g_h[oh^bfhklvx fZdkbfZevgh]h mijhs_gby ijhp_^mju jZaf_s_gbyk\_^_gbch[BJ\,QWHUQHWojZgbebsZof_lZ^Zgguo <lhjhc b lj_lbc ijhnbeb k lhqdb aj_gby lj_[h\Zgbc d iheghl_ hibkZgbc BJ aZgbfZxlijhf_`mlhqgh_iheh`_gb_ I_j_q_gvh[yaZl_evguowe_f_glh\^Zgguoêyijhnbeyf_lZ^ZgguodZlZeh]ZBJ h[jZah\Zl_evgh]hihjlZeZijb\_^_g\lZ[e LZ[ebpZ We_f_gl^Zgguo >hihegbl_evgu_mkeh\bybdhff_glZjbb =eh[Zevgh_mgbdZevgh_ H[hagZq_gb_fh`_lijbk\Zb\ZlvkyBJijb h[hagZq_gb_BJ \g_k_gbb_]hhibkZgby\dZlZeh]ojZgbebs_ f_lZ^Zgguo AZ]eZ\b_BJ YaudBJ We_f_gl^Zgguo HibkZgb_BJ Dexq_\h_keh\h BgnhjfZpbyhkm[t_dlZo \g_krbo\deZ^\kha^Zgb_bjZa\blb_ BJZlZd`_h[_ki_q_gb__]hl_dms_]h khklhygby =eh[Zevgh_mgbdZevgh_ h[hagZq_gb_hibkZgbyBJ Ko_fZf_lZ^Zgguo Lbi^Zgguobkihevam_fuo\BJ >hklmidBJ >ebl_evghklv\hkijhba\_^_gby HQbkeh^hdmf_glh\ HLbibdhebq_kl\hghkbl_e_c HDhebq_kl\hkljZgbp DZl_]hjbyihevah\Zl_e_c Mjh\_gvh[jZah\Zgby IjbagZdieZlghklb IjbagZdh]jZgbq_gbcih bkihevah\Zgbx DeZkkbnbdZpbhggu_ijbagZdb HdhgqZgb_lZ[e >hihegbl_evgu_mkeh\bybdhff_glZjbb Wda_fieyjf_lZ^Zgguo^he`_g\dexqZlv wda_fieyjdhgl_cg_jZij_^klZ\eyxsbc ]h^ba^Zgbyim[ebdZpbb\\h^Z\ wdkiemZlZpbxBJ H[hagZq_gb_hibkZgbyBJfh`_l ]_g_jbjh\ZlvkyZ\lhfZlbq_kdbijbkha^Zgbb gh\h]hhibkZgbybebihklmie_gbbhibkZgby\ ojZgbebs_f_lZ^Zgguo H[yaZl_evgucêyfmevlbf_^bcguoaZibk_cZ lZd`_BJgZZm^bhb\b^_hghkbl_eyo H[yaZl_evgucêyBJij_^klZ\eyxsbokh[hc fZkkb\uk[hjgbdb^hdmf_glZevgu_[Zau ^Zgguobli H[yaZl_evgucêyBJjZkijhkljZgy_fuogZ bgnhjfZpbhgguoghkbl_eyo H[yaZl_evgucêyBJgZ[mfZ`ghfghkbl_e_ Wda_fieyjf_lZ^Zgguo^he`_gkh^_j`Zlv • wda_fieyjdhgl_cg_jZij_^klZ\eyxsbc ohly[uh^ghp_e_\h_gZagZq_gb_BJ • wda_fieyjdhgl_cg_jZij_^klZ\eyxsbc lbiBJ • wda_fieyjdhgl_cg_jZij_^klZ\eyxsbc ohly[uh^bgmjh\_gvh[jZah\Zgby • wda_fieyjdhgl_cg_jZij_^klZ\eyxsbc l_fZlbdmBJ AZdexq_gb_ Hkgh\gufb khklZ\eyxsbfb ij_êh`_ggh]h ihôh^Z d hj]ZgbaZpbb dZlZeh]baZpbbBJ\h[jZah\Zl_evguoihjlZeZoy\eyxlky • mlhqg_ggZy bgl_jij_lZpby BJ dZd h[t_dlZ dZlZeh]baZpbb iha\heyxsZy [he__ q_ldh hq_jlblv djm] bgnhjfZpbhgguo kmsghkl_c ij_^klZ\ey_fuo \ dZlZeh]ZoZlZd`_mklZgh\blvijbhjbl_luijbbogZiheg_gbb • j_r_gb_ h ihkljh_gbb kbkl_fu f_lZ^Zgguo gZ hkgh\_ dhgp_ilmZevghc ko_fu/20aZnbdkbjh\Zgghc\klZg^Zjl_>@ • bgnhjfZpbhggZy fh^_ev f_lZ^Zgguo h[ h[jZah\Zl_evguo BJ knhjfbjh\ZggZydZdjZkrbj_gb_/20 • deZkkbnbdZlhjulbih\bp_e_\uogZagZq_gbch[jZah\Zl_evguoBJ • j_dhf_g^Zpbbihbkihevah\Zgbx\f_lZ^ZgguonhjfZlZY&DUGZlZd`_bf_g dZlZeh]h\kbkl_fj_]bkljZpbbbko_fb^_glbnbdZpbbBJ • ijhnbevf_lZ^ZgguodZlZeh]ZBJh[jZah\Zl_evgh]hihjlZeZ I_j_qbke_ggu_ j_amevlZlu nhjfbjmxl hkgh\m êy kha^Zgby wnn_dlb\guo f_oZgbafh\dZlZeh]baZpbbBJ\h[jZah\Zl_evguoihjlZeZo Kibkhdbkihevah\Zgguobklhqgbdh\ H[jZah\Zgb_ b ;;, \_d BgnhjfZpbhggu_ b dhffmgbdZpbhggu_ l_ogheh]bb±FGZmdZ±k ;ZrfZdh\ :B ;ZrfZdh\ B: JZajZ[hldZ dhfivxl_jguo mq_[gbdh\ b h[mqZxsbokbkl_f±FBgnhjfZpbhgghba^Zl_evkdbc^hfNbebgt±k Dj_Zlb\gZy i_^Z]h]bdZ f_lh^heh]by l_hjby ijZdlbdZ :B ;ZrfZdh\ B:;ZrfZdh\ :B <eZ^bfbjh\ b ^j Ih^ j_^ X= Djm]eh\Z ± F F=HIM bf F:Rhehoh\Zba^p_glj:evnZ±k AZdhgJNH[bgnhjfZpbbbgnhjfZlbaZpbbbaZsbl_bgnhjfZpbbIjbgyl =hkm^Zjkl\_gghc>mfhcyg\Zjy] BgnhjfZlbdZ Mq_[gbd Ih^ j_^ ijhn G< FZdZjh\hc ± F NbgZgku b klZlbklbdZ±k =jhfh\J= GZpbhgZevgu_ bgnhjfZpbhggu_ j_kmjku ijh[e_fu ijhfure_gghcwdkiemZlZpbb±FGZmdZ Dhjxrdh\Z:: BgnhjfZpbhgguc jughd ijh^mdpby mkem]b p_gu b p_ghh[jZah\Zgb_±FDhjbgn Bgl_ee_dlmZevgZy kh[kl\_gghklv \ l_jfbgZo b hij_^_e_gbyo L_jfbgheh]bq_kdbckeh\Zjv±FFHF:GIH±k =HKL Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm ^_em BgnhjfZpbhggh[b[ebhl_qgZy ^_yl_evghklv [b[ebh]jZnby L_jfbgubhij_^_e_gby =HKL Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm^_emBa^ZgbyHkgh\gu_\bûL_jfbgubhij_^_e_gby =HKL Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm^_emWe_dljhggu_ba^ZgbyHkgh\gu_\bûb\uoh^gu_k\_^_gby 'XEOLQ &RUH 0HWDGDWD (OHPHQW 6HW 5HIHUHQFH 'HVFULSWLRQ >We_dljhgguc j_kmjk@'&0,±9HUVLRQ±We_dljhgl_dklh\u_^Zggu_±>86$@'&0,± J_`bf^hklmiZKWWSGXEOLQFRUHRUJGRFXPHQWVGFHV±:g]e ,((( /HDUQLQJ 2EMHFW 0HWDGDWD VWDQGDUG ± 1HZ <RUN ,((( =HKL BKH NhjfZl êy h[f_gZ bgnhjfZpb_c KljmdlmjZ aZibkb =HKL DhffmgbdZlb\guc nhjfZl êy h[f_gZ [b[ebh]jZnbq_kdbfb ^ZggufbgZfZ]gblghce_gl_Kh^_j`Zgb_aZibkb =HKL DhffmgbdZlb\guc nhjfZl êy h[f_gZ [b[ebh]jZnbq_kdbfb ^ZggufbgZfZ]gblghce_gl_Ihbkdh\uch[jZa^hdmf_glZ =HKL HibkZgb_ [Za ^Zgguo b fZrbghqblZ_fuo bgnhjfZpbhgguo fZkkb\h\KhklZ\bh[hagZq_gb_oZjZdl_jbklbd ,06 &RQWHQW 3DFNDJLQJ 6SHFLILFDWLRQ >We_dljhgguc j_kmjk@ ,06 ± 9HUVLRQ ± We_dljhg l_dklh\u_ ^Zggu_ ± >8.@ ,06 ± J_`bf ^hklmiZ KWWSZZZLPVSURMHFWRUJFRQWHQWSDFNDJLQJLQGH[FIP±:g]e ,(7)5)& 7DJV IRU WKH ,GHQWLILFDWLRQ RI /DQJXDJHV >We_dljhgguc j_kmjk@ + $OYHVWUDQG ± We_dljhg l_dklh\u_ ^Zggu_ [Zcl ± >86$@ ,(7) ±J_`bf^hklmiZKWWSZZZLHWIRUJUIFUIFW[W±:g]e =HKL BKH Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfmbba^Zl_evkdhfm^_emDhûgZbf_gh\Zgbcyaudh\ =HKL BKH Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfmbba^Zl_evkdhfm^_emDhûgZa\ZgbckljZg =HKL BKH Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm ^_em Ij_^klZ\e_gb_ ^Zl b \j_f_gb ^gy H[sb_ lj_[h\Zgby /LVW RI PHGLD W\SHV >We_dljhgguc j_kmjk@ ,$1$ ± We_dljhg l_dklh\u_ ^Zggu_ ± >86$@ ,$1$ ± J_`bf ^hklmiZ IWSIWSLVLHGXLQQRWHVLDQDDVVLJQPHQWVPHGLDW\SHVPHGLDW\SHV±:g]e =HKLHp_gdZdZq_kl\Zijh]jZffguokj_^kl\H[sb_iheh`_gby =HKL Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm ^_em ?^bgbpu mq_lZ nhg^h\ [b[ebhl_d b hj]Zgh\ gZmqghl_ogbq_kdhc bgnhjfZpbb AZdhgJNh[h[jZah\ZgbbIjbgyl Mgb\_jkZevgZy ^_kylbqgZy deZkkbnbdZpby ± < lhfZo ± F <BGBLB =hkm^Zjkl\_gguc jm[jbdZlhj gZmqghl_ogbq_kdhc bgnhjfZpbb ± Ba^Zgb_ iylh_±F<BGBLB =HKL Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm ^_em Jm[jbdZlhj =:KGLB KljmdlmjZ ijZ\beZ bkihevah\Zgby b \_^_gby Y&DUG 7KH (OHFWURQLF %XVLQHVV &DUG $ YHUVLW &RQVRUWLXP 6SHFLILFDWLRQ >We_dljhgguc j_kmjk@ YHUVLW &RQVRUWLXP ± 9HUVLRQ ± We_dljhg l_dklh\u_ ^Zggu_±>86$@,0&±J_`bf^hklmiZKWWSZZZLPFRUJSGL±:g]e ,(7) 5)& $ 0,0( &RQWHQW7\SH IRU 'LUHFWRU\ ,QIRUPDWLRQ >We_dljhggucj_kmjk@7+RZHV06PLWK)'DZVRQ±We_dljhgl_dklh\u_^Zggu_ [Zcl ± >86$@ ,(7) ± J_`bf ^hklmiZ KWWSZZZLHWIRUJUIFUIFW[W±:g]e ,(7)5)&Y&DUG0,0('LUHFWRU\3URILOH>We_dljhggucj_kmjk@) 'DZVRQ7+RZHV±We_dljhgl_dklh\u_^Zggu_[ZclZ±>86$@,(7)± J_`bf^hklmiZKWWSZZZLHWIRUJUIFUIFW[W±:g]e &&,77 ,78 5HFRPPHQGDWLRQV ;; 'DWD &RPPXQLFDWLRQ 1HWZRUNV 'LUHFWRU\&&,77%OXH%RRN)DVFLFOH9,,,±>86$@&&,77 ,06/HDUQLQJ5HVRXUFH0HWDGDWD6SHFLILFDWLRQ>We_dljhggucj_kmjk@,06± 9HUVLRQ ± We_dljhg l_dklh\u_ ^Zggu_ ± >8.@ ,06 ± J_`bf ^hklmiZ KWWSZZZLPVSURMHFWRUJPHWDGDWDLQGH[FIP±:g]e =HKL Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm^_emBa^ZgbyF_`^mgZjh^gZyklZg^ZjlgZygmf_jZpbydgb] 1,62$16,,62 ,QIRUPDWLRQ DQG GRFXPHQWDWLRQ ± ,QWHUQDWLRQDO VWDQGDUGERRNQXPEHU,6%1 =HKL BKH Kbkl_fZ klZg^Zjlh\ ih bgnhjfZpbb [b[ebhl_qghfm b ba^Zl_evkdhfm ^_em Ba^Zgby F_`^mgZjh^gZy klZg^ZjlgZy gmf_jZpbyk_jbZevguoba^Zgbc ,(7)5)& )XQFWLRQDO 5HTXLUHPHQWV IRU 8QLIRUP 5HVRXUFH 1DPHV >We_dljhgguc j_kmjk@ . 6ROOLQV / 0DVLQWHU ± We_dljhg l_dklh\u_ ^Zggu_ [ZclZ±>86$@ ,(7) ± J_`bf ^hklmiZ KWWSZZZLHWIRUJUIFUIFW[W ± :g]e ,(7)5)& 851 6\QWD[ >We_dljhgguc j_kmjk@ 5 0RDWV ± We_dljhg l_dklh\u_ ^Zggu_ [Zcl±>86$@ ,(7) ± J_`bf ^hklmiZ KWWSZZZLHWIRUJUIFUIFW[W±:g]e ,(7)5)& 851 1DPHVSDFH 'HILQLWLRQ 0HFKDQLVPV >We_dljhgguc j_kmjk@/'DLJOH'YDQ*XOLN5,DQQHOOD3)DOWVWURP±We_dljhgl_dklh\u_^Zggu_ [Zcl±>86$@ ,(7) ± J_`bf ^hklmiZ KWWSZZZLHWIRUJUIFUIFW[W±:g]e ,62,QIRUPDWLRQ3URFHVVLQJ±6*0/VXSSRUWIDFLOLWLHV±5HJLVWUDWLRQ 3URFHGXUHVIRU3XEOLF7H[W2ZQHU,GHQWLILHUV $16,1,62='LJLWDO2EMHFW,GHQWLILHU K\_^_gbyh[Z\lhjZo ;ZrfZdh\ :e_dkZg^j B]hj_\bq ± dZg^ l_og gZmd aZf ]_g_jZevgh]h ^bj_dlhjZA:HDhjihjZpbyMgb\_jkbl_lkdb_k_lbagZgbcA:HMGBDHJ:^j_k Fhkd\Z E_gbgkdbc ijhki_dl ^ L_e (PDLO DE#GDWDEDVHXQLFRUUX KlZjuo <eZ^bfbj :e_dkZg^jh\bq ± dZg^ l_og gZmd ^hp_gl ijhj_dlhj Jhkkbckdh]h ]hkm^Zjkl\_ggh]h mgb\_jkbl_lZ bggh\Zpbc b l_ogheh]bc ij_îjbgbfZl_evkl\ZJ=MBLI:^j_kFhkd\ZcDhil_evkdbci_j^ L_e(PDLOYVWDU#LWEXUX

Каталогизация образовательных информационных ресурсов

Related documents

Products

Support

Каталогизация образовательных информационных ресурсов

Related documents

Add this document to collection(s)

Add this document to saved

Suggest us how to improve StudyLib