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[. . . ] 27 ƂƭƜƫƵƳƧ ƑƱƯƥưƩƫƥƣƬƝƭƥƲ ƫƥƩƴƯƵƱƣƟƥƲ 0 ƅƩơƷƥƟƱƩƳƧƥƭƝƱƣƥƩơƲ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 ƂƵƴƼƬơƴƧƥƮƯƩƪƯƭƼƬƧƳƧƥƭƝƱƣƥƩơƲ 6. [. . . ] 32
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ƑƥƱƩƣƱơƶƞƬưƱƯƳƴƩƭƞƲƼƸƧƲưƱƯƺƼƭƴƯƲ
ƄƩơƥƭƥƱƣƯưƯƟƧƳƧƪơƩ ơưƥƭƥƱƣƯưƯƟƧƳƧƴƧƲ ƴƱƯƶƯƤƯƳƟơƲƴƧƲƯƨƼƭƧƲ ƄƩơưƱƼƳƢơƳƧƳƴƯƬƥƭƯƽ26' ƄƩơƭơƱƵƨƬƟƳƥƴƥƴƯƬƥƭƯƽ26'
ƓƵƭƤƝƳƴƥƬƥƴƯƭƈƕ 1. ƓƵƭƤƝƳƴƥƳƶƩƪƴƜƴƯƪơƫƾƤƩƯ ƴƱƯƶƯƤƯƳƟơƲƳƴƯưƟƳƹƬƝƱƯƲƴƧƲ ƯƨƼƭƧƲ 2. ƂưƥƭƥƱƣƯưƯƩƞƳƴƥƴƯƭƵưƯƫƯƣƩƳƴƞƳơƲ ƪơƩƢƣƜƫƴƥƴƯƪơƫƾƤƩƯƴƱƯƶƯƤƯƳƟơƲ ƴƯƵơưƼƴƧƭưƱƟƦơ 3. žƴơƭƥƟƭơƩƥƭƥƱƣƯưƯƩƧƬƝƭƯƴƯ6PDUW, PDJH ƴƯưƱƼƣƱơƬƬơV5*%ơưƥƭƥƱƣƯưƯƩƥƟƴơƩ ơƵƴƼƬơƴơƄƩơƭơƷƱƧƳƩƬƯưƯƩƞƳƥƴƥƴƯV5*% ƔƯ6PDUW, PDJHƥƟƭơƩƬƩơơưƯƪƫƥƩƳƴƩƪƞƪƯƱƵƶơƟơ ưƱƝưƥƩƭơơưƥƭƥƱƣƯưƯƩƞƳƥƴƥƴƯ6PDUW, PDJH ƴƥƷƭƯƫƯƣƟơƴƧƲ3KLOLSVƧƯưƯƟơơƭơƫƽƥƩƴƯ ƬƥƴƯƪƯƵƬưƟ ƳƴƯƭƬưƱƯƳƴƩƭƼưƟƭơƪơ ưƥƱƩƥƷƼƬƥƭƯưƯƵƥƬƶơƭƟƦƥƴơƩƳƴƧƭƯƨƼƭƧ ƴƧƲƯƨƼƭƧƲ ƳơƲƂƭƜƫƯƣơƬƥƴƯƳƥƭƜƱƩƯưƯƵƥưƩƫƝƣƥƴƥƴƯ 6PDUW, PDJHƥƭƩƳƷƽƥƩƤƵƭơƬƩƪƜƴƧƭơƭƴƟƨƥƳƧ ƴƯƭƪƯƱƥƳƬƼƴƹƭƷƱƹƬƜƴƹƭƪơƩƴƧƭƥƵƪƱƟƭƥƩơ ƆƪƴƼƲơưƼƴƯƭơƷƱƧƳƩƬƯưƯƩƞƳƥƴƥƴƯƪƯƵƬưƟ ƣƩơƪƽƫƩƳƧưƱƯƲƴơƪƜƴƹƬưƯƱƥƟƴƥƥưƟƳƧƲ ƴƹƭƶƹƴƯƣƱơƶƩƾƭƣƩơƭơƢƥƫƴƩƾƳƥƴƥƴơ ƭơươƴƞƳƥƴƥƴơƪƯƵƬưƩƜ ƣƩơƥưƩƫƯƣƞƪơƩ ưƥƱƩƥƷƼƬƥƭơưƯƵưƱƯƢƜƫƫƯƭƴơƩ²ƼƫơơƵƴƜ ƭơươƴƞƳƴƥ© 2. ªƣƩơƭơƥưƩƢƥƢơƩƾƳƥƴƥƬƩơ ƣƟƭƯƭƴơƩƳƥưƱơƣƬơƴƩƪƼƷƱƼƭƯƬƥƴƯưƜƴƧƬơ ƥưƩƫƯƣƞƪơƩƭơƪƫƥƟƳƥƴƥƴƯƬƥƭƯƽ26'ƴƯƵ ƥƭƼƲƪơƩƬƼƭƯƪƯƵƬưƩƯƽ 6PDUW, PDJH
ƃƥƫƴƩƳƴƯưƯƟƧƳƧƥƩƪƼƭơƲ ƕưƜƱƷƯƵƭƝƮƩƫƥƩƴƯƵƱƣƟƥƲơưƼƴƩƲƯưƯƟƥƲƬưƯƱƥƟƴƥ ƭơƥưƩƫƝƮƥƴƥ2IILFHƄƱơƶƥƟƯ3KRWRƖƹƴƯƣƱơƶƟơ 0RYLHƔơƩƭƟơ*DPHƑơƩƷƭƟƤƩ(FRQRP\ ƐƩƪƯƭƯƬƩƪƼƪơƩ2IIƂưƥƭƥƱƣ (FRQRP\ƐƩƪƯƭƯƬƩƪƼƓƥơƵƴƼƴƯưƱƯƶƟƫ ƱƵƨƬƟƦƯƭƴơƩƧƶƹƴƥƩƭƼƴƧƴơƪơƩƧơƭƴƟƨƥƳƧƪơƩ ƢƥƫƴƩƳƴƯưƯƩƥƟƴơƩƯƶƹƴƩƳƬƼƲƶƼƭƴƯƵƣƩơƴƧ ƳƹƳƴƞưƱƯƢƯƫƞƴƹƭƪơƨƧƬƥƱƩƭƾƭƥƶơƱƬƯƣƾƭ ƣƱơƶƥƟƯƵƪơƩƣƩơƴƧƷơƬƧƫƼƴƥƱƧƤƵƭơƴƞ ƪơƴơƭƜƫƹƳƧƥƭƝƱƣƥƩơƲ 2IIƂưƥƭƥƱƣƅƥƭƥƶơƱƬƼƦƥƴơƩƪơƬƟơ ƢƥƫƴƩƳƴƯưƯƟƧƳƧơưƼƴƯ6PDUW, PDJH
6PDUW&RQWUDVW
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2IÀFHƄƱơƶƥƟƯƆƭƩƳƷƽƥƩƴƯƪƥƟƬƥƭƯƪơƩ ơƬƢƫƽƭƥƩƴƧƶƹƴƥƩƭƼƴƧƴơƣƩơơƽƮƧƳƧƴƧƲ ƩƪơƭƼƴƧƴơƲơƭƜƣƭƹƳƧƲƪơƩƬƥƟƹƳƧƴƧƲ ƪơƴơưƼƭƧƳƧƲƴƹƭƬơƴƩƾƭƈƫƥƩƴƯƵƱƣƟơơƵƴƞ ƢƥƫƴƩƾƭƥƩƳƧƬơƭƴƩƪƜƴƧƭƩƪơƭƼƴƧƴơơƭƜƣƭƹƳƧƲ ƪơƩƴƧƭươƱơƣƹƣƩƪƼƴƧƴơƼƴơƭƥƱƣƜƦƥƳƴƥƬƥ ƶƽƫƫơƤƥƤƯƬƝƭƹƭơƱƷƥƟơ3')ƳơƱƹƬƝƭơƜƱƨƱơ ƞƜƫƫƥƲƣƥƭƩƪƝƲƥƶơƱƬƯƣƝƲƣƱơƶƥƟƯƵ 3KRWRƖƹƴƯƣƱơƶƟơƂƵƴƼƴƯưƱƯƶƟƫƳƵƭƤƵƜƦƥƩ ƴƧƭƪơƴƜƫƫƧƫƧƥƭƟƳƷƵƳƧƪƯƱƥƳƬƯƽƷƱƹƬƜƴƹƭ ƤƵƭơƬƩƪƞƲơƭƴƟƨƥƳƧƲƪơƩƥƵƪƱƟƭƥƩơƲưƯƵ ơươƩƴƯƽƭƴơƩƣƩơưƱƯƢƯƫƞƶƹƴƯƣƱơƶƩƾƭƪơƩ ƜƫƫƹƭƥƩƪƼƭƹƭƬƥƮƥƷƹƱƩƳƴƞƤƩơƽƣƥƩơƳƴơ ƦƹƭƴơƭƜƷƱƾƬơƴơ²ƼƫơơƵƴƜƷƹƱƟƲƴƥƷƭƧƴƝƲ ƢƥƫƴƩƾƳƥƩƲƪơƩƳƢƧƳƬƝƭơƷƱƾƬơƴơ 0RYLHƔơƩƭƟơƂƵƮƜƭƥƩƴƧƫơƬưƱƼƴƧƴơƢơƨơƟƭƥƩ ƴƯƭƪƯƱƥƳƬƼƴƹƭƷƱƹƬƜƴƹƭƴƧƤƵƭơƬƩƪƞ ơƭƴƟƨƥƳƧƪơƩƯƮƽƭƥƩƴƧƭƥƵƪƱƟƭƥƩơưƱƯƢƜƫƫƯƭƴơƲ ƝƴƳƩƪƜƨƥƫƥưƴƯƬƝƱƥƩơƳƴƩƲưƩƯƳƪƯƴƥƩƭƝƲ ưƥƱƩƯƷƝƲƴƯƵƢƟƭƴƥƯƷƹƱƟƲƮƥƨƾƱƩơƳƬơƴƹƭ ƷƱƹƬƜƴƹƭƳƴƩƲưƩƯơƭƴƯƩƷƴƼƷƱƹƬƥƲưƥƱƩƯƷƝƲ ƤƩơƴƧƱƾƭƴơƲƤƵƭơƬƩƪƜƶƵƳƩƪƝƲƴƩƬƝƲƣƩơ ƢƝƫƴƩƳƴƧưƱƯƢƯƫƞƢƟƭƴƥƯ *DPHƑơƩƷƭƟƤƩƆƭƥƱƣƯưƯƩƞƳƴƥƴƯƪƽƪƫƹƬơ ƴƧƲƬƯƭƜƤơƲƣƩơƴƯƭƪơƫƽƴƥƱƯƤƵƭơƴƼƷƱƼƭƯ ơưƼƪƱƩƳƧƲƬƥƩƾƳƴƥƴƩƲưƱƩƯƭƹƴƝƲƜƪƱƥƲƣƩơ ƣƱƞƣƯƱơƪƩƭƯƽƬƥƭơơƭƴƩƪƥƟƬƥƭơƳƴƧƭƯƨƼƭƧ ƢƥƫƴƩƾƳƴƥƴƯƭƫƼƣƯơƭƴƟƨƥƳƧƲƣƩơƳƷƞƬơƴơ ƬƥƳƪƯƴƥƩƭƜƪơƩƶƹƴƥƩƭƜƬƝƱƧơƵƴƼƴƯưƱƯƶƟƫ ươƱƝƷƥƩƴƧƭƪơƫƽƴƥƱƧƤƵƭơƴƞƥƬưƥƩƱƟơươƩƷƭƩƤƩƯƽ ƣƩơƴƯƵƲươƟƷƴƥƲ
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ƆƬƶơƭƟƦƥƩƴƩƲƴƱƝƷƯƵƳƥƲƱƵƨƬƟƳƥƩƲưƱƯƴƩƬƞƳƥƹƭ ƈƤƵƭơƴƼƴƧƴơƥƭƥƱƣƯưƯƩƥƟƴơƩơưƼƝƭơưƫơƟƳƩƯ ƥƫƝƣƷƯƵƔƯưƫơƟƳƩƯƥƫƝƣƷƯƵươƱƝƷƥƩƴƧƭ ƥƭơƫƫơƣƞ ƈƥưƩƫƯƣƞ(QDEOH&RQWH[W0HQXƆƭƥƱƣƯưƯƟƧƳƧ ƬƥƭƯƽưƥƱƩƥƷƯƬƝƭƯƵƳƴƧƭƥưƩƶƜƭƥƩơƥƱƣơƳƟơƲ ƥƟƭơƩƥưƩƫƥƣƬƝƭƧƐQơưƼưƱƯƥưƩƫƯƣƞƈ ƥƭƥƱƣƯưƯƟƧƳƧƴƯƵƬƥƭƯƽưƥƱƩƥƷƯƬƝƭƯƵƥƬƶơƭƟƦƥƩ ƴƩƲƥưƩƫƯƣƝƲƴƯƵ6PDUW&RQWURO3UHPLXP ƣƩơƴƩƲƤƵƭơƴƼƴƧƴƥƲ6HOHFW3UHVHWƆưƩƫƯƣƞ ưƱƯƥưƩƫƥƣƬƝƭƹƭƪơƩ7XQH'LVSOD\ƓƵƭƴƯƭƩƳƬƼƲ ƯƨƼƭƧƲƳƴƯưƥƱƩƥƷƼƬƥƭƯƴƯƵƬƥƭƯƽƤƥƮƩƯƽ ƪƫƩƪƴƧƲƥưƩƶƜƭƥƩơƲƥƱƣơƳƟơƲžƴơƭƥƟƭơƩ ơưƥƭƥƱƣƯưƯƩƧƬƝƭƯơƶơƩƱƥƟƴƯ6PDUW&RQWURO 3UHPLXPơưƼƴƯƬƥƭƯƽƳƵƣƪƥƩƬƝƭƯƵưƯƵ ƥƬƶơƭƟƦƥƴơƩƬƥƤƥƮƟƪƫƩƪ ƈƥưƩƫƯƣƞ(QDEOH7DVN7UD\ƆƭƥƱƣƯưƯƟƧƳƧ ƣƱơƬƬƞƲƥƱƣơƳƩƾƭƥƟƭơƩƥưƩƫƥƣƬƝƭƧƐQ ơưƼưƱƯƥưƩƫƯƣƞƈƥƭƥƱƣƯưƯƟƧƳƧƴƯƵƬƥƭƯƽ ưƥƱƩƥƷƯƬƝƭƯƵƥƬƶơƭƟƦƥƩƴƯƬƥƭƯƽƣƱơƬƬƞƲ ƥƱƣơƳƩƾƭƣƩơƴƯ6PDUW&RQWURO3UHPLXPƍƥ ƤƥƮƟƪƫƩƪưƜƭƹƳƴƯƥƩƪƯƭƟƤƩƯƴƧƲƣƱơƬƬƞƲ ƥƱƣơƳƩƾƭƥƬƶơƭƟƦƯƭƴơƩƯƩƥưƩƫƯƣƝƲƬƥƭƯƽƣƩơ +HOSƃƯƞƨƥƩơƪơƩ7HFKQLFDO6XSSRUWƔƥƷƭƩƪƞ
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20
ƃƥƫƴƩƳƴƯưƯƟƧƳƧƥƩƪƼƭơƲ
ƐƤƧƣƼƲ6PDUW'HVNWRS 6PDUW'HVNWRS
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ƑơƱƜƨƵƱơƍƥƴơƶƯƱƜƲƪơƩƂưƼƨƥƳƧƲ
ƍƼƫƩƲƱƵƨƬƟƳƥƴƥƴƩƲươƱơƬƝƴƱƯƵƲƴƹƭƤƩơƬƥƱƩƳƬƜƴƹƭ ƪơƩƥưƩƫƝƮƥƴƥƴƯưƫơƟƳƩƯƓƴƯƟƷƩƳƧƳƴƯƤƩơƬƝƱƩƳƬơ ƬưƯƱƥƟƴƥƭơƳƽƱƥƴƥƝƭơươƱƜƨƵƱƯƬƝƳơƳƴƧƭưƥƱƩƯƷƞ ƴƯƯưƯƟƯƳƴƧƳƵƭƝƷƥƩơƥƵƨƵƣƱơƬƬƟƦƥƴơƩơƵƴƼƬơƴơ žƴơƭƴƯươƱƜƨƵƱƯƪơƩƯƤƥƟƪƴƧƲƴƯƵưƯƭƴƩƪƩƯƽ ƢƱƟƳƪƯƭƴơƩƬƝƳơƳƴƧƳƵƣƪƥƪƱƩƬƝƭƧưƥƱƩƯƷƞƧ ưƥƱƩƯƷƞƥưƩƳƧƬơƟƭƥƴơƩ
ƓƧƬƥƟƹƳƧ
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ŹƫƫƧƥƭơƫƫơƪƴƩƪƞƤƩơƤƱƯƬƞ
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ƃƥƫƴƩƳƴƯưƯƟƧƳƧƥƩƪƼƭơƲ
ƆưƩƫƯƣƝƲƣƱơƬƬƞƲƴƟƴƫƯƵ
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ƅ ƩơƬƝƱƩƳƬơƥưƩƶƜƭƥƩơƲƥƱƣơƳƟơƲ² ƓƴƯƅƩơƬƝƱƩƳƬơƥưƩƶƜƭƥƩơƲƥƱƣơƳƟơƲƥƬƶơƭƟƦƥƴơƩ ƴƯƤƩơƬƝƱƩƳƬơưƯƵƝƷƥƩƥưƩƫƥƷƨƥƟƥưƟƴƯƵ ươƱƼƭƴƯƲƪơƩƯƷƱƞƳƴƧƲƝƷƥƩƴƧƤƵƭơƴƼƴƧƴơ ƭơƥưƩƫƝƮƥƩƣƱƞƣƯƱơƯưƯƩƯƤƞưƯƴƥơưƼƴơ ƤƩơƬƥƱƟƳƬơƴơưƯƵƥƬƶơƭƟƦƯƭƴơƩƳƴƯưƴƵƳƳƼƬƥƭƯ ƬƥƭƯƽ
ƋƜƭƴƥƤƥƮƩƼƪƫƩƪƳƴƯƍƥƭƯƽ ƓƧƬƥƟƹƳƧ ƋƜƭƴƥƤƥƮƩƼƪƫƩƪƳƴƯƥƩƪƯƭƟƤƩƯƅƩơƬƝƱƩƳƬơƥưƩƶƜƭƥƩơƲ ƆƜƭƥưƩƳƵƭƜưƴƯƭƴơƩưƥƱƩƳƳƼƴƥƱƥƲƯƨƼƭƥƲơưƼƬƟơƯ ƥƱƣơƳƟơƲƣƩơưƱƯƢƯƫƞƴƯƵưƴƵƳƳƼƬƥƭƯƵƬƥƭƯƽ ƷƱƞƳƴƧƲƬưƯƱƥƟƭơƥưƩƫƝƮƥƩƴƧƳƴƯƷƥƵƬƝƭƧƯƨƼƭƧƣƩơ ƭơơƫƫƜƮƥƩƴƯƤƩơƬƝƱƩƳƬơƔƯƥưƩƳƧƬơƳƬƝƭƯƥƩƪƯƭƟƤƩƯ ơƭƴƩưƱƯƳƹưƥƽƥƩƴƯƴƱƝƷƯƭƥƭƥƱƣƼƤƩơƬƝƱƩƳƬơ
Ƃ ƭơƣƭƾƱƩƳƧƤƩơƬƥƱƟƳƬơƴƯƲ ²ƆƬƶơƭƟƦƥƴơƩƴƯ ưƫƝƣƬơưƥƱƩƣƱƜƬƬơƴƯƲưƜƭƹƳƴƧƭƥưƩƶƜƭƥƩơ ƥƱƣơƳƟơƲƣƩơƴƯƴƱƝƷƯƭƤƩơƬƝƱƩƳƬơ 1. Ɠ ƴƯƟƷƩƳƧƥƭƥƱƣƞƓƴƯƟƷƩƳƧơƭƥƭƥƱƣƞ² ƆƭƥƱƣƯưƯƩƥƟơưƥƭƥƱƣƯưƯƩƥƟƴƧƤƵƭơƴƼƴƧƴơ ơƵƴƼƬơƴƧƲƳƴƯƟƷƩƳƧƲƴƧƲƬƥƴơƶƯƱƜƲƪơƩ ơưƼƨƥƳƧƲ Ż ƮƯƤƯƲ²ƋƫƥƟƭƥƩƴƯƅƩơƬƝƱƩƳƬơƥưƩƶƜƭƥƩơƲ ƥƱƣơƳƟơƲƪơƩƴƯƓƵƭƴƯƭƩƳƬƼƯƨƼƭƧƲƄƩơƥƪƭƝƯƵ ưƱƯƥƴƯƩƬơƳƟơƥƪƴƥƫƝƳƴƥƴƯƓƵƭƴƯƭƩƳƬƼƯƨƼƭƧƲ ơưƼƴƯƬƥƭƯƽƝƭơƱƮƧƲƞƴƧƳƵƭƴƼƬƥƵƳƧƳƴƧƭ ƥưƩƶƜƭƥƩơƥƱƣơƳƟơƲ
ƆƽƱƥƳƧươƱơƨƽƱƹƭ²ƓƥƯƱƩƳƬƝƭƥƲưƥƱƩưƴƾƳƥƩƲ ƯƷƱƞƳƴƧƲƥƭƤƝƷƥƴơƩƭơƝƷƥƩƳƴƥƟƫƥƩưƯƫƫơưƫƜ ươƱƜƨƵƱơƳƴƯƟƤƩƯƤƩơƬƝƱƩƳƬơƓƴƧƭƆƽƱƥƳƧ ươƱơƨƽƱƹƭƥƬƶơƭƟƦƯƭƴơƩƼƫơƴơơƭƯƩƪƴƜ ươƱƜƨƵƱơƪơƩ ƴƯƥưƩƫƥƣƬƝƭƯươƱƜƨƵƱƯƬƥƴơƪƩƭƥƟƴơƩƳƥưƱƾƴƯ ưƫƜƭƯ
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ƃƥƫƴƩƳƴƯưƯƟƧƳƧƥƩƪƼƭơƲ
ƂƱƩƳƴƥƱƼƪƫƩƪƳƴƯƬƥƭƯƽ
ƋƜƭƴƥơƱƩƳƴƥƱƼƪƫƩƪƳƴƯƅƩơƬƝƱƩƳƬơƥưƩƶƜƭƥƩơƲ ƥƱƣơƳƟơƲƣƩơƣƱƞƣƯƱƧơưƯƳƴƯƫƞƴƯƵƥƭƥƱƣƯƽ ươƱơƨƽƱƯƵƳƥƯưƯƩƯƤƞưƯƴƥƤƩơƬƝƱƩƳƬơƷƹƱƟƲƭơ ơươƩƴƥƟƴơƩƬƥƴơƶƯƱƜƪơƩơưƼƨƥƳƧƆƜƭơƶƞƳƥƴƥƴƯ ưƯƭƴƟƪƩƴƯươƱƜƨƵƱƯơưƯƳƴƝƫƫƥƴơƩƳƴƯƥưƩƳƧƬơƳƬƝƭƯ ƤƩơƬƝƱƩƳƬơ
ƑƥƱƩƯƷƞƥƱƣơƳƩƾƭƤƥƮƩƼƪƫƩƪ
ƈưƥƱƩƯƷƞƥƱƣơƳƩƾƭưƥƱƩƝƷƥƩƥưƟƳƧƲ ƴƩƲưƥƱƩƳƳƼƴƥƱƥƲơưƼƴƩƲƤƵƭơƴƼƴƧƴƥƲưƯƵ ƵưƯƳƴƧƱƟƦƯƭƴơƩƳƴƧƣƱơƬƬƞƴƟƴƫƯƵƬƥƬƼƭƧƥƮơƟƱƥƳƧ ƴƧƭơưƯƳƴƯƫƞƥƭƼƲươƱơƨƽƱƯƵƳƥƯưƯƩƯƤƞưƯƴƥ ƤƩơƬƝƱƩƳƬơ
Ɔ ƽƱƥƳƧươƱơƨƽƱƹƭ²ƓƥƯƱƩƳƬƝƭƥƲưƥƱƩưƴƾƳƥƩƲ ƯƷƱƞƳƴƧƲƥƭƤƝƷƥƴơƩƭơƝƷƥƩƳƴƥƟƫƥƩưƯƫƫơưƫƜ ươƱƜƨƵƱơƳƴƯƟƤƩƯƤƩơƬƝƱƩƳƬơƓƴƧƭƆƽƱƥƳƧ ươƱơƨƽƱƹƭƥƬƶơƭƟƦƯƭƴơƩƼƫơƴơơƭƯƩƪƴƜ ươƱƜƨƵƱơƪơƩƴƯƥưƩƫƥƣƬƝƭƯươƱƜƨƵƱƯ ƬƥƴơƪƩƭƥƟƴơƩƳƥưƱƾƴƯưƫƜƭƯ ƅƩơƬƝƱƩƳƬơƥưƩƶƜƭƥƩơƲƥƱƣơƳƟơƲ² ƓƴƯƅƩơƬƝƱƩƳƬơƥưƩƶƜƭƥƩơƲƥƱƣơƳƟơƲƥƬƶơƭƟƦƥƴơƩ ƴƯƤƩơƬƝƱƩƳƬơưƯƵƝƷƥƩƥưƩƫƥƷƨƥƟƥưƟƴƯƵ ươƱƼƭƴƯƲƪơƩƯƷƱƞƳƴƧƲƝƷƥƩƴƧƤƵƭơƴƼƴƧƴơ ƭơƥưƩƫƝƮƥƩƣƱƞƣƯƱơƯưƯƩƯƤƞưƯƴƥơưƼƴơ ƤƩơƬƥƱƟƳƬơƴơưƯƵƥƬƶơƭƟƦƯƭƴơƩƳƴƯưƴƵƳƳƼƬƥƭƯ ƬƥƭƯƽ ƂƭơƣƭƾƱƩƳƧƤƩơƬƥƱƟƳƬơƴƯƲ²ƆƬƶơƭƟƦƥƴơƩƴƯ ưƫƝƣƬơưƥƱƩƣƱƜƬƬơƴƯƲưƜƭƹƳƴƧƭƥưƩƶƜƭƥƩơ ƥƱƣơƳƟơƲƣƩơƴƯƴƱƝƷƯƭƤƩơƬƝƱƩƳƬơ ƓƴƯƟƷƩƳƧƥƭƥƱƣƞƓƴƯƟƷƩƳƧơƭƥƭƥƱƣƞ² ƆƭƥƱƣƯưƯƩƥƟơưƥƭƥƱƣƯưƯƩƥƟƴƧƤƵƭơƴƼƴƧƴơ ơƵƴƼƬơƴƧƲƳƴƯƟƷƩƳƧƲƴƧƲƬƥƴơƶƯƱƜƲƪơƩ ơưƼƨƥƳƧƲ
ƃƥƫƴƩƳƴƯưƯƟƧƳƧƥƩƪƼƭơƲ
ƐƱƩƳƬƯƟƤƩơƬƥƱƟƳƬơƴƯƲ6PDUW'HVNWRS žƭƯƬơ ƑƫƞƱƧƲƥưƩƶƜƭƥƩơ ƥƱƣơƳƟơƲ ƑƥƱƩƣƱơƶƞ ƆƶơƱƬƼƦƥƩƼƫƥƲƴƩƲƱƵƨƬƟƳƥƩƲƳƥƯƫƼƪƫƧƱƧƴƧƭ ƥưƩƶƜƭƥƩơƥƱƣơƳƟơƲ ƆƩƪƼƭơ
ƋơƴơƪƼƱƵƶơ
ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƳƥƤƽƯƯƬƯƟƯƵƬƥƣƝƨƯƵƲƪơƴơƪƼƱƵƶƥƲưƥƱƩƯƷƝƲ ƄƩơƤƩơƴƧƱƞƳƴƥƴƧƭƪơƴơƪƼƱƵƶƧƱƽƨƬƩƳƧ
ƐƱƩƦƼƭƴƩơ
ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƳƥƤƽƯƯƬƯƟƯƵƬƥƣƝƨƯƵƲƯƱƩƦƼƭƴƩƥƲưƥƱƩƯƷƝƲ ƄƩơƤƩơƴƧƱƞƳƴƥƴƧƭƯƱƩƦƼƭƴƩơƱƽƨƬƩƳƧ
ƋơƴơƪƼƱƵƶơƔƱƩưƫƞ
ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƳƥƴƱƥƩƲƯƬƯƟƯƵƬƥƣƝƨƯƵƲƪơƴơƪƼƱƵƶƥƲưƥƱƩƯƷƝƲ
ƄƩơƅƩơƬƝƱƩƳƬơƯƱƩƦƼƭƴƩơƜƭƹƬƝƱƯƲƅƩơƬƝƱƩƳƬơ ƯƱƩƦƼƭƴƩơƪƝƭƴƱƯƅƩơƬƝƱƩƳƬơƯƱƩƦƼƭƴƩơƪƜƴƹ ƬƝƱƯƲ ƄƩơƅƩơƬƝƱƩƳƬơƯƱƩƦƼƭƴƩơƜƭƹƬƝƱƯƲƅƩơƬƝƱƩƳƬơ ƯƱƩƦƼƭƴƩơƪƝƭƴƱƯƅƩơƬƝƱƩƳƬơƯƱƩƦƼƭƴƩơƪƜƴƹ ƬƝƱƯƲ ƋơƴơƪƼƱƵƶơƅƩơƟƱƥƳƧ ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƂƱƩƳƴƥƱƜ ƳƥƤƽƯƪơƴơƪƼƱƵƶƥƲưƥƱƩƯƷƝƲƧơƱƩƳƴƥƱƞưƫƥƵƱƜ ơưƯƴƥƫƥƟƬƟơƬƯƭƞưƥƱƩƯƷƞƧƤƥƮƩƜưƫƥƵƱƜƤƩơƩƱƥƟƴơƩ ƳƥƤƽƯƯƬƯƟƯƵƬƥƣƝƨƯƵƲưƥƱƩƯƷƝƲ ƄƩơƅƩơƬƝƱƩƳƬơƳƴƯƜƭƹƬƝƱƯƲƅƩơƬƝƱƩƳƬơ ƳƴƯƪƜƴƹƬƝƱƯƲƄƩơƅƩơƬƝƱƩƳƬơƳƴƯƪƜƴƹƬƝƱƯƲ ƅƩơƬƝƱƩƳƬơ ƳƴƯƜƭƹƬƝƱƯƲ ƋơƴơƪƼƱƵƶơƅƩơƟƱƥƳƧ ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƅƥƮƩƜ ƳƥƤƽƯƪơƴơƪƼƱƵƶƥƲưƥƱƩƯƷƝƲƧƤƥƮƩƜưƫƥƵƱƜơưƯƴƥƫƥƟ ƬƟơƬƯƭƞưƥƱƩƯƷƞƧơƱƩƳƴƥƱƞưƫƥƵƱƜƤƩơƩƱƥƟƴơƩƳƥƤƽƯ ƯƬƯƟƯƵƬƥƣƝƨƯƵƲưƥƱƩƯƷƝƲ ƄƩơƅƩơƬƝƱƩƳƬơ ƳƴƯƜƭƹƬƝƱƯƲƅƩơƬƝƱƩƳƬơ ƳƴƯƪƜƴƹƬƝƱƯƲ ƄƩơƅƩơƬƝƱƩƳƬơƳƴƯƜƭƹƬƝƱƯƲƅƩơƬƝƱƩƳƬơ ƳƴƯƪƜƴƹƬƝƱƯƲ
ƃƥƫƴƩƳƴƯưƯƟƧƳƧƥƩƪƼƭơƲ
žƭƯƬơ ƐƱƩƦƼƭƴƩơƅƩơƟƱƥƳƧ Źƭƹ
ƑƥƱƩƣƱơƶƞ ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƳƥƤƽƯƯƬƯƟƯƵƬƥƣƝƨƯƵƲƯƱƩƦƼƭƴƩƥƲưƥƱƩƯƷƝƲƧƜƭƹ ưƥƱƩƯƷƞơưƯƴƥƫƥƟƬƟơƬƯƭƞưƥƱƩƯƷƞƧƪƜƴƹưƥƱƩƯƷƞ ƤƩơƩƱƥƟƴơƩƳƥƤƽƯƯƬƯƟƯƵƬƥƣƝƨƯƵƲưƥƱƩƯƷƝƲ ƄƩơƅƩơƬƝƱƩƳƬơƳƴƧƤƥƮƩƜưƫƥƵƱƜƋơƴơƪƼƱƵƶơ ƅƩơƬƝƱƩƳƬơ ƳƴƧƭơƱƩƳƴƥƱƞưƫƥƵƱƜƋơƴơƪƼƱƵƶơ ƄƩơƅƩơƬƝƱƩƳƬơƳƴƧƭơƱƩƳƴƥƱƞưƫƥƵƱƜ ƋơƴơƪƼƱƵƶơƅƩơƬƝƱƩƳƬơ ƳƴƧƤƥƮƩƜưƫƥƵƱƜ ƋơƴơƪƼƱƵƶơ ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƳƥƤƽƯƯƬƯƟƯƵƬƥƣƝƨƯƵƲƯƱƩƦƼƭƴƩƥƲưƥƱƩƯƷƝƲƧƪƜƴƹ ưƥƱƩƯƷƞơưƯƴƥƫƥƟƬƟơƬƯƭƞưƥƱƩƯƷƞƧƜƭƹưƥƱƩƯƷƞ ƤƩơƩƱƥƟƴơƩƳƥƤƽƯƯƬƯƟƯƵƬƥƣƝƨƯƵƲưƥƱƩƯƷƝƲ
ƆƩƪƼƭơ
ƐƱƩƦƼƭƴƩơƅƩơƟƱƥƳƧ ƋƜƴƹ
ƄƩơƅƩơƬƝƱƩƳƬơ ƳƴƧƤƥƮƩƜưƫƥƵƱƜƋơƴơƪƼƱƵƶơ ƅƩơƬƝƱƩƳƬơƳƴƧƭơƱƩƳƴƥƱƞưƫƥƵƱƜƋơƴơƪƼƱƵƶơ ƄƩơƅƩơƬƝƱƩƳƬơ ƳƴƧƭơƱƩƳƴƥƱƞưƫƥƵƱƜ ƋơƴơƪƼƱƵƶơƅƩơƬƝƱƩƳƬơƳƴƧƤƥƮƩƜưƫƥƵƱƜ ƋơƴơƪƼƱƵƶơ ƐƬƯƩƼƬƯƱƶƧƅƩơƟƱƥƳƧ ƂƮƩƯƫƯƣƥƟƴƧƭơƭƜƫƵƳƧƯƨƼƭƧƲƪơƩƤƩơƩƱƥƟƴƧƭƯƨƼƭƧ ƳƥƴƝƳƳƥƱƩƲƯƬƯƟƯƵƬƥƣƝƨƯƵƲưƥƱƩƯƷƝƲ
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ƃƥƫƴƩƳƴƯưƯƟƧƳƧƥƩƪƼƭơƲ
3RZHU6HQVRUTM ƑƾƲƫƥƩƴƯƵƱƣƥƟ
ƔƯ3RZHU6HQVRUƫƥƩƴƯƵƱƣƥƟƳƽƬƶƹƭơƬƥƴƧƭ ơƱƷƞƴƧƲƬƥƴƜƤƯƳƧƲƪơƩƴƧƭƫƞƸƧƲƜƪơƪƹƭ ƵưƝƱƵƨƱƹƭƳƧƬƜƴƹƭƣƩơƭơƥƭƴƯưƩƳƴƥƟƧ ươƱƯƵƳƟơƷƱƞƳƴƧ žƴơƭƯƷƱƞƳƴƧƲƥƟƭơƩƬưƱƯƳƴƜƳƴƧƭƯƨƼƭƧƧ ƯƨƼƭƧƫƥƩƴƯƵƱƣƥƟƪơƭƯƭƩƪƜƬƥƴƩƲưƱƯƪơƨƯƱƩƳƬƝƭƥƲ ƱƵƨƬƟƳƥƩƲưƯƵƝƷƥƩƯƱƟƳƥƩƯƷƱƞƳƴƧƲưƷ ƖƹƴƥƩƭƼƴƧƴơơƭƴƟƨƥƳƧƷƱƾƬơƪƫư ƕưƯƨƝƴƯƭƴơƲƼƴƩƧƯƨƼƭƧƝƷƥƩƱƵƨƬƩƳƴƥƟƳƴƯ ƴƧƲƶƹƴƥƩƭƼƴƧƴơƲƣƩơươƱƜƤƥƩƣƬơƼƴơƭƯ ƷƱƞƳƴƧƲơƶƞƭƥƩƴƧƨƝƳƧƴƯƵƪơƩƤƥƭƢƱƟƳƪƥƴơƩ ưƫƝƯƭƬưƱƯƳƴƜơưƼƴƧƭƯƨƼƭƧƧƯƨƼƭƧƬƥƩƾƭƥƩ ơƵƴƼƬơƴơƴƧƭƪơƴơƭƜƫƹƳƧƥƭƝƱƣƥƩơƲƬƝƷƱƩƪơƩ
ƆƟƭơƩƬưƱƯƳƴƜƯƷƱƞƳƴƧƲ ƐƷƱƞƳƴƧƲƤƥƭƥƟƭơƩươƱƾƭ
ƷƱƞƳƴƧƲƢƱƟƳƪƥƴơƩƥƭƴƼƲƥƪƞƩƭƴƳƾƭơưƼ ƴƧƭƯƨƼƭƧơƵƮƞƳƴƥƴƧƭƝƭƴơƳƧƴƯƵƳƞƬơƴƯƲƼƴơƭ ƶƯƱƜƴƥƬơƽƱơƞƜƫƫơƳƪƯƽƱơƱƯƽƷơ ƍưƯƱƥƟƴƥƭơƥưƩƳƴƱƝƸƥƴƥƳƴƧƭưƱƯƥưƩƫƥƣƬƝƭƧ ƫƥƩƴƯƵƱƣƟơơƭƜưƜƳơƳƴƩƣƬƞƱƽƨƬƩƳƧ
ƑƫƞƪƴƱƯƳƵƭƴƼƬƥƵƳƧƲ ƂưƼƳƴơƳƧơƩƳƨƧƴƞƱơ
ƌƥƩƴƯƵƱƣƟơ/DQGVFDSH3RUWUDLW ƔƯưƟƯƑƯƱƴƱƝƴƯ
ƑƹƲƭơưƱƯƳơƱƬƼƳƥƴƥƴƩƲƱƵƨƬƟƳƥƩƲ
ƆƜƭƴƯ3RZHU6HQVRUƤƥƭƫƥƩƴƯƵƱƣƥƟƳƹƳƴƜƥƭƴƼƲƞ ƥƪƴƼƲƴƯƵưƱƯƥưƩƫƥƣƬƝƭƯƵƥƽƱƯƵƲƯƴƱƼưƯƲƣƩơƴƯƭ ƈƪơƴơƭƜƫƹƳƧƥƭƝƱƣƥƩơƲƼưƹƲơưƥƩƪƯƭƟƦƥƴơƩươƱơưƜƭƹ ƬƩƪƱƯƳƵƭƴƯƭƩƳƬƼƴƯƵƥƭƴƯưƩƳƬƯƽƥƟƭơƩƯơƪƼƫƯƵƨƯƲ ưƱƯƯƱƟƦƥƴơƩƬƼƭƯƭƣƩơƫƼƣƯƵƲơƭơƶƯƱƜƲ ƑơƴƞƳƴƥƴƯưƫƞƪƴƱƯƳƵƭƴƼƬƥƵƳƧƲ3RZHU6HQVRU ƒƵƨƬƟƳƥƩƲ ƉơƢƱƥƟƴƥƴƧƭưƱƯƥưƩƫƥƣƬƝƭƧƨƝƳƧ
ƳƴƧ ƑƱƯƥưƩƫƥƣƬƝƭƥƲƱƵƨƬƟƳƥƩƲ ƣƱơƬƬƞưƱƯƳơƱƬƯƣƞƲ ƓƴƧƭưƱƯƥưƩƫƥƣƬƝƭƧƱƽƨƬƩƳƞƴƯƵƒƽƨƬƩƳƧ ƑƱƯƳơƱƬƼƳƴƥƴƧƭƱƽƨƬƩƳƧƥƭƴƯưƩƳƬƯƽƴƯƵ ƴƯ3RZHU6HQVRUƝƷƥƩƳƷƥƤƩơƳƴƥƟƭơƥƭƴƯưƟƦƥƩƴƧƭ 3RZHU6HQVRUƳƴƧƒƽƨƬƩƳƧƪơƩươƴƞƳƴƥ2. ươƱƯƵƳƟơƴƯƵƷƱƞƳƴƧưƯƵƢƱƟƳƪƥƴơƩƬƥƴơƮƽƪơƩ ƅƯƪƩƬƜƳƴƥƴƧƭƝơƱƽƨƬƩƳƧƣƩơƭơƤƥƟƴƥƥƜƭƴƯ ƥƪƪơƩƩƭƴƳƾƭơưƼƴƧƭƯƨƼƭƧƪơƩƥƭƴƼƲ 3RZHU6HQVRUƳơƲƥƭƴƯưƟƦƥƩƳƹƳƴƜƳƴƧƭƴƱƝƷƯƵƳơ ưƝƭƴƥƬƯƩƱƾƭơƱƩƳƴƥƱƜƞƤƥƮƩƜơưƼƴƧƭƯƨƼƭƧ ƨƝƳƧƳơƲ ƈƫƥƩƴƯƵƱƣƟơ3RZHU6HQVRUƝƷƥƩƳƷƥƤƩơƳƴƥƟ ƑƱƯƳơƱƬƯƳƬƝƭƥƲƱƵƨƬƟƳƥƩƲ ƭơƫƥƩƴƯƵƱƣƥƟƬƼƭƯƭƳƥƫƥƩƴƯƵƱƣƟơ/DQGVFDSH ƆƜƭưƱƯƴƩƬƜƴƥƭơƢƱƟƳƪƥƳƴƥƳƥƬƟơƨƝƳƧƝƮƹơưƼ ƔƯưƟƯƯƱƩƦƼƭƴƩơƨƝƳƧƂƶƯƽƥƭƥƱƣƯưƯƩƧƨƥƟƯ ƴƩƲưƥƱƩƬƝƴƱƯƵƲưƯƵơƭơƶƝƱƯƭƴơƩươƱơưƜƭƹ 3RZHU6HQVRUƨơơưƥƭƥƱƣƯưƯƩƧƨƥƟơƵƴƼƬơƴơƥƜƭ ƥưƩƫƝƮƴƥƝƭơƳƞƬơƵƸƧƫƼƴƥƱƧƲƩƳƷƽƯƲƣƩơƪơƫƽƴƥƱƧ ƧƯƨƼƭƧƷƱƧƳƩƬƯưƯƩƥƟƴơƩƳƥƫƥƩƴƯƵƱƣƟơ3RUWUDLW ơưƯƴƥƫƥƳƬơƴƩƪƼƴƧƴơƥƭƴƯưƩƳƬƯƽžƳƯƵƸƧƫƼƴƥƱƧƥƟƭơƩ ƑƯƱƴƱƝƴƯƬƯƟƱƥƲƪơƴơƪƼƱƵƶƧƨƝƳƧƨơ ƧƱƽƨƬƩƳƧƴƼƳƯƩƳƷƵƱƼƴƥƱƯƥƟƭơƩƴƯƳƞƬơƥƭƴƯưƩƳƬƯƽ ƥƭƥƱƣƯưƯƩƧƨƥƟơƵƴƼƬơƴơƥƜƭƧƯƨƼƭƧƥưƩƳƴƱƝƸƥƩ ƄƩơƬƝƣƩƳƴƧơưƯƴƥƫƥƳƬơƴƩƪƼƴƧƴơ3RZHU6HQVRUƪơƩ ƳƴƧƭưƱƯƥưƩƫƥƣƬƝƭƧƨƝƳƧ/DQGVFDSHƔƯưƟƯ ƳƹƳƴƞơƭƟƷƭƥƵƳƧƴƯưƯƨƥƴƧƨƥƟƴƥơưƥƵƨƥƟơƲƬưƱƯƳƴƜ ơưƼƴƧƭƯƨƼƭƧƳơƲ ƓƧƬƥƟƹƳƧ ƆƜƭƥưƩƫƝƮƥƴƥƭơƴƯưƯƨƥƴƞƳƥƴƥƴƯƭƥơƵƴƼƳơƲ ƍƟơƫƥƩƴƯƵƱƣƟơ3RZHU6HQVRUưƯƵƥưƩƫƝƣƥƴơƩƬƧ ƳƥơưƼƳƴơƳƧƬƥƣơƫƽƴƥƱƧơưƼƥƪƞ ơƵƴƼƬơƴơƨơươƱơƬƥƟƭƥƩƫƥƩƴƯƵƱƣƩƪƞƥƪƴƼƲƪơƩơƭ ƟƭƴƳƥƲơưƼƴƧƭƯƨƼƭƧƷƱƧƳƩƬƯưƯƩƞƳƴƥƴƯƳƞƬơ ƥươƭơưƱƯƳơƱƬƯƳƴƥƟƳƴƧƭưƱƯƥưƩƫƥƣƬƝƭƧƫƥƩƴƯƵƱƣƟơ ƥƭƴƯưƩƳƬƯƽƣƩơơưƯƳƴƜƳƥƩƲƬƝƷƱƩƥƪƞ ƯƭƯƬƜƦƥƴơƩƮơƭƜƆƜƭƣƩơƪƜưƯƩƯƫƼƣƯƴƯ3RZHU6HQVRU ƟƭƴƳƥƲƱƽƨƬƩƳƧ ƥƟƭơƩƵưƥƱƢƯƫƩƪƜƥƵơƟƳƨƧƴƯƳƴƧƭƪƯƭƴƩƭƞƪƟƭƧƳƧƱƵƨƬƟƳƴƥ ƆƶƼƳƯƭƪƜưƯƩơƳƪƯƵƱƼƷƱƹƬơƱƯƽƷơƴƥƟƭƯƵƭƭơ ƳƥƷơƬƧƫƼƴƥƱƧƩƳƷƽƳƞƬơƴƯƲ ơưƯƱƱƯƶƯƽƭƴơƵưƥƱƩƾƤƧƳƞƬơƴơơƪƼƬơƪƩƼƴơƭƯ
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ƔƥƷƭƩƪƝƲƑƱƯƤƩơƣƱơƶƝƲ
ƆƩƪƼƭơƐƨƼƭƧ ƔƽưƯƲưƜƭƥƫƬƼƭƩƴƯƱ ƐưƟƳƨƩƯƲƶƹƴƩƳƬƼƲ ƍƝƣƥƨƯƲưƟƭơƪơ ƂƭơƫƯƣƟơƥƩƪƼƭơƲ ſƸƯƲƥƩƪƯƭƯƳƴƯƩƷƥƟƯƵ ƖƹƴƥƩƭƼƴƧƴơ 6PDUW&RQWUDVW ƌƼƣƯƲơƭƴƟƨƥƳƧƲƳƵƭ ƗƱƼƭƯƲơưƼƪƱƩƳƧƲƳƵƭ ƃƝƫƴƩƳƴƧơƭƜƫƵƳƧ ƄƹƭƟơƨƝơƳƧƲ ƆƭƟƳƷƵƳƧƥƩƪƼƭơƲ ƗƱƾƬơƴơƯƨƼƭƧƲ ƋƜƨƥƴƯƲƱƵƨƬƼƲơƭơƭƝƹƳƧƲ ƐƱƩƦƼƭƴƩơƳƵƷƭƼƴƧƴơ V5*% ƓƵƭƤƥƳƩƬƼƴƧƴơ ƆƟƳƯƤƯƲƳƞƬơƴƯƲ%/3 ƆƟƳƯƤƯƲƳƞƬơƴƯƲ%/3< 86% ƓƞƬơƆƩƳƼƤƯƵ ŻƮƯƤƯƲƞƷƯƵ ŹƭƥƳƧ ƆƭƳƹƬơƴƹƬƝƭơƧƷƥƟơ ƆƵƪƯƫƟơƣƩơƴƯƭƷƱƞƳƴƧ ƄƫƾƳƳƥƲƥƬƶƜƭƩƳƧƲƳƴƧƭ ƯƨƼƭƧ ƌƯƩưƝƲƥƵƪƯƫƟƥƲ ƓƵƬƢơƴƼƴƧƴơƬƥƫƥƩƴƯƵƱƣƟơ ƔƯưƯƨƝƴƧƳƧƲƪơƩŹƬƥƳƧƲ ƌƥƩƴƯƵƱƣƟơƲ3OXJ 3OD\ ƃƜƳƧ ƋƫƟƳƧ ƑƥƱƩƳƴƱƯƶƞ ƒƽƨƬƩƳƧƽƸƯƵƲ 7)7/&' /('
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ƔƥƷƭƩƪƝƲƑƱƯƤƩơƣƱơƶƝƲ
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ƆưƟƫƵƳƧưƱƯƢƫƧƬƜƴƹƭ ƓƴƧƳƥƫƟƤơơƵƴƞơƭơƶƝƱƯƭƴơƩưƱƯƢƫƞƬơƴơ ƴƹƭƯưƯƟƹƭƧƥưƟƫƵƳƧƥƟƭơƩƤƵƭơƴƼƭơƣƟƭƥƩ ơưƼƴƯƭƟƤƩƯƴƯƷƱƞƳƴƧƂƭƴƯưƱƼƢƫƧƬơ ươƱơƬƝƭƥƩơƶƯƽƤƯƪƩƬƜƳƥƴƥơƵƴƝƲƴƩƲƫƽƳƥƩƲ ƥưƩƪƯƩƭƹƭƞƳƴƥƬƥƝƭơƭơƭƴƩưƱƼƳƹưƯƴƧƲ ƴƥƷƭƩƪƞƲƥƮƵưƧƱƝƴƧƳƧƲưƥƫơƴƾƭƴƧƲ3KLOLSV ƓƵƭƞƨƧưƱƯƢƫƞƬơƴơ ƅƥƭƵưƜƱƷƥƩƥƩƪƼƭơƈƫƵƷƭƟơ/(' ƴƱƯƶƯƤƯƳƟơƲƤƥƭơƭƜƢƥƩ ƓƩƣƯƵƱƥƵƴƥƟƴƥƼƴƩƴƯƪơƫƾƤƩƯƱƥƽƬơƴƯƲ ƥƟƭơƩƳƵƭƤƥƤƥƬƝƭƯƳƥƬƩơưƱƟƦơƳƴƯƭƴƯƟƷƯ ƪơƩƳƴƧƭưƟƳƹưƫƥƵƱƜƴƧƲƯƨƼƭƧƲ ƂƱƷƩƪƜƥưƩƢƥƢơƩƾƳƴƥƼƴƩƴƯƪƯƵƬưƟ ƫƥƩƴƯƵƱƣƟơƲƳƴƧƭƬưƱƯƳƴƩƭƞưƫƥƵƱƜƴƧƲ ƯƨƼƭƧƲƥƟƭơƩƳƴƧƨƝƳƧƂƑƆƎƆƒƄ2))ƪơƩ ƳƴƧƳƵƭƝƷƥƩơươƴƞƳƴƥƴƯƳƴƧƨƝƳƧƆƎƆƒƄ ƐƎ ƅƥƭƵưƜƱƷƥƩƥƩƪƼƭơƈƫƵƷƭƟơ/(' ƴƱƯƶƯƤƯƳƟơƲƥƟƭơƩƫƥƵƪƞƪơƩơƭơƢƯƳƢƞƭƥƩ ƃƥƢơƩƹƨƥƟƴƥƼƴƩƯƵưƯƫƯƣƩƳƴƞƲƥƟƭơƩ ƥƭƥƱƣƯưƯƩƧƬƝƭƯƲ ƃƥƢơƩƹƨƥƟƴƥƼƴƩƴƯƪơƫƾƤƩƯƳƞƬơƴƯƲƥƟƭơƩ ƳƹƳƴƜƳƵƭƤƥƤƥƬƝƭƯƳƴƯƭƵưƯƫƯƣƩƳƴƞ ƳƩƣƯƵƱƥƵƴƥƟƴƥƼƴƩƴƯƪơƫƾƤƩƯƴƧƲ ƯƨƼƭƧƲƤƥƭƝƷƥƩƫƵƣƩƳƬƝƭƥƲơƪƟƤƥƲƳƴƧƭ ưƫƥƵƱƜƳƽƭƤƥƳƧƲƂƭƝƷƥƩƥưƩƳƪƥƵƜƳƴƥƞ ơƭƴƩƪơƴơƳƴƞƳƴƥƴƯƪơƫƾƤƩƯ ƍưƯƱƥƟƭơƥƟƭơƩƥƭƥƱƣƯưƯƩƧƬƝƭƧƧ ƫƥƩƴƯƵƱƣƟơƆƮƯƩƪƯƭƼƬƧƳƧƲƆƭƝƱƣƥƩơƲ ƓƩƣƯƵƱƥƵƴƥƟƴƥƼƴƩƴƯƪơƫƾƤƩƯƴƧƲƯƨƼƭƧƲ ƥƟƭơƩƳƹƳƴƜƳƵƭƤƥƤƥƬƝƭƯƳƴƯƭƵưƯƫƯƣƩƳƴƞ ƂƭơƴƱƝƮƴƥƥưƟƳƧƲƳƴƯƭƐƤƧƣƼƄƱƞƣƯƱƧƲ ŻƭơƱƮƧƲ ƆƫƝƣƮƴƥơƭƴƯƪơƫƾƤƩƯƴƧƲƯƨƼƭƧƲƝƷƥƩ ƫƵƣƩƳƬƝƭƥƲơƪƟƤƥƲ ƃƥƢơƩƹƨƥƟƴƥƼƴƩƯƵưƯƫƯƣƩƳƴƞƲƥƟƭơƩ ƥƭƥƱƣƯưƯƩƧƬƝƭƯƲ
ƔƯƪƯƵƬưƟ$872ƂƕƔƐƍƂƔƐƤƥƭ ƫƥƩƴƯƵƱƣƥƟ ƈơƵƴƼƬơƴƧƫƥƩƴƯƵƱƣƟơƥƶơƱƬƼƦƥƴơƩƬƼƭƯ ƳƴƧƫƥƩƴƯƵƱƣƟơƯƨƼƭƧƲ9*$ƂƭơƫƯƣƩƪƼ ƂƭƴƯơưƯƴƝƫƥƳƬơƤƥƭƥƟƭơƩƩƪơƭƯưƯƩƧƴƩƪƼ ƬưƯƱƥƟƴƥƭơƪƜƭƥƴƥƱƵƨƬƟƳƥƩƲƬƝƳƹƴƯƵ ƬƥƭƯƽ26' ƓƧƬƥƟƹƳƧ ƈƂƵƴƼƬơƴƧƌƥƩƴƯƵƱƣƟơƤƥƭƥƶơƱƬƼƦƥƴơƩƳƴƧ ƫƥƩƴƯƵƱƣƟơƯƨƼƭƧƲ'9, ƘƧƶƩơƪƼƪơƨƾƲƤƥƭ ƥƟƭơƩơươƱơƟƴƧƴƯ ƐƱơƴƜƳƧƬƜƤƩơƪơưƭƯƽƞƳưƩƭƨƞƱƥƲ ƍƧƭưƱơƣƬơƴƯưƯƩƥƟƴƥƪơƭƝƭơƢƞƬơ ƥưƟƫƵƳƧƲưƱƯƢƫƧƬƜƴƹƭ ƂưƯƳƵƭƤƝƳƴƥƴƧƭƯƨƼƭƧơưƼƴƧƭưƧƣƞ ƴƱƯƶƯƤƯƳƟơƲơƬƝƳƹƲƣƩơơƳƶƜƫƥƩơ ƆưƩƪƯƩƭƹƭƞƳƴƥơƬƝƳƹƲƬƥƴƯƭ ơƭƴƩưƱƼƳƹưƯƥƮƵưƧƱƝƴƧƳƧƲưƥƫơƴƾƭƴƧƲ 3KLOLSV
ƂƭƴƩƬƥƴƾưƩƳƧưƱƯƢƫƧƬƜƴƹƭ ƳƵƭƞƨƥƩƲƥƱƹƴƞƳƥƩƲ
ƑƱƯƢƫƞƬơƴơƴƧƲƥƩƪƼƭơƲ ƈƥƩƪƼƭơƤƥƭƥƟƭơƩƪƥƭƴƱơƱƩƳƬƝƭƧ ƒƵƨƬƟƳƴƥƴƧƨƝƳƧƴƧƲƥƩƪƼƭơƲ ƷƱƧƳƩƬƯưƯƩƾƭƴơƲƴƧƫƥƩƴƯƵƱƣƟơ$XWR ƂƵƴƼƬơƴƯƳƴƩƲƢơƳƩƪƝƲƥưƩƫƯƣƝƲƴƯƵ 26' ƒƵƨƬƟƳƴƥƴƧƨƝƳƧƴƧƲƥƩƪƼƭơƲơưƼƴƧ ƱƽƨƬƩƳƧ3KDVH&ORFNƖƜƳƧƓƵƷƭƼƴƧƴơƴƯƵ ƬƥƭƯƽ6HWXSƆƣƪơƴƜƳƴơƳƧƳƴƩƲƢơƳƩƪƝƲ ƥưƩƫƯƣƝƲƴƯƵ26'ƊƳƷƽƥƩƬƼƭƯƣƩơƴƧ ƫƥƩƴƯƵƱƣƟơ9*$
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ƒƵƨƬƟƳƴƥƴƧƨƝƳƧƴƧƲƥƩƪƼƭơƲ ƷƱƧƳƩƬƯưƯƩƾƭƴơƲƴƧƫƥƩƴƯƵƱƣƟơ$XWR ƂƵƴƼƬơƴƯƳƴƩƲƢơƳƩƪƝƲƥưƩƫƯƣƝƲƴƯƵ26' ƆƮơƶơƭƟƳƴƥƴƩƲƪƜƨƥƴƥƲƳƴƞƫƥƲơưƼƴƧ ƱƽƨƬƩƳƧ3KDVH&ORFNƖƜƳƧƓƵƷƭƼƴƧƴơƴƯƵ ƬƥƭƯƽ6HWXSƆƣƪơƴƜƳƴơƳƧƳƴƩƲƢơƳƩƪƝƲ ƥưƩƫƯƣƝƲƴƯƵ26'ƊƳƷƽƥƩƬƼƭƯƣƩơƴƧ ƫƥƩƴƯƵƱƣƟơ9*$
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ƋơƴƜƴƧƭƥƣƪơƴƜƳƴơƳƧƴƧƲƯƨƼƭƧƲƬƯƵ Ƃư ƆƟƭơƩƴơơƱƷƥƟơƴƹƭưƱƯƣƱơƬƬƜƴƹƭ ƴƩƨơưƱƝưƥƩƭơƪƜƭƹơƭƥƬƶơƭƩƳƴƥƟ ƯƤƞƣƧƳƧƲƣƩơƴƧƭƯƨƼƭƧƳơƲ ƳƴƧƭƯƨƼƭƧƴƯƬƞƭƵƬơ
ƅƥƭƥƟƭơƩƤƵƭơƴƞ ƂƪƯƫƯƵƨƞƳƴƥƴƩƲƯƤƧƣƟƥƲƳƴƯƥƣƷƥƩƱƟƤƩƯ ơƵƴƞƧƫƥƩƴƯƵƱƣƟơƥƩƪƼƭơƲ
ƷƱƞƳƴƧƣƩơƭơƥƣƪơƴơƳƴƞƳƥƴƥƴơ Ƃư ƓƵƭƩƳƴƾƬƥƭƧơƭƜƫƵƳƧƣƩơơƵƴƼƴƯ ưƱƯƣƱƜƬƬơƴơƯƤƞƣƧƳƧƲƐƵưƯƫƯƣƩƳƴƞƲ ƬƼƭƩƴƯƱ[#+] ƳơƲƥƭƤƝƷƥƴơƩƭơƳơƲƦƧƴƞƳƥƩƴơ ưƱƯƣƱƜƬƬơƴơƯƤƞƣƧƳƧƲƴƧƲƯƨƼƭƧƲ ƂưƯƳƵƭƤƝƳƴƥƼƫơƴơƪơƫƾƤƩơƳƴƧ ơƱƷƥƟơLQIƪơƩLFPƞƝƭơƤƟƳƪƯưƯƵ ƳƵƭƝƷƥƩơƳƵƭƤƝƳƴƥƴƯƭƈƕƳơƲ ƴơưƥƱƩƝƷƥƩƼƴơƭƥƣƪơƨƩƳƴƜƴƥƴƧƭƯƨƼƭƧ ƳƴƧƭƯƨƼƭƧưƯƵƷƱƧƳƩƬƯưƯƩƯƽƳơƴƥ ƣƩơưƱƾƴƧƶƯƱƜƂƪƯƫƯƵƨƞƳƴƥƴƩƲ ưƱƯƧƣƯƵƬƝƭƹƲ ƯƤƧƣƟƥƲƣƩơƭơƥƩƳƜƣƥƴƥƴƯƳƵƭƯƤƥƵƴƩƪƼ ƓƴƯƬƥƭƯƽŻƭơƱƮƧƴƹƭ:LQGRZV &'520ưƯƵưƥƱƩƫơƬƢƜƭƥƴơƩƳƴƧ ƥưƩƫƝƮƴƥƒƵƨƬƟƳƥƩƲƑƟƭơƪơƲƥƫƝƣƷƯƵ ƳƵƳƪƥƵơƳƟơƔơưƱƯƣƱƜƬƬơƴơƯƤƞƣƧƳƧƲ ƓƴƯươƱƜƨƵƱƯƑƟƭơƪơƲƥƫƝƣƷƯƵ ƴƧƲƯƨƼƭƧƲơƱƷƥƟơLQIƪơƩLFPƨơ ƥưƩƫƝƮƴƥƴƯƥƩƪƯƭƟƤƩƯƐƨƼƭƧƓƴƯƭ ƥƣƪơƴơƳƴơƨƯƽƭơƵƴƼƬơƴơ ƑƟƭơƪơƥƫƝƣƷƯƵƴƧƲƐƨƼƭƧƲƥưƩƫƝƮƴƥ ƴƧƭƪơƱƴƝƫơ
ƒƵƨƬƟƳƥƩƲ
ƓƴƧƭƪơƱƴƝƫơ ƱƵƨƬƟƳƥƹƭƳƴƯưƫơƟƳƩƯƬƥƴƧƭƥƴƩƪƝƴơ
ưƥƱƩƯƷƞƥƬƶƜƭƩƳƧƲ
ƬƥƴơƪƩƭƞƳƴƥƴƯ ƱƵƨƬƩƳƴƩƪƼƳƴơ[SL[HOV ƂƭƯƟƮƴƥƴƯ
ƑƱƼƳƨƥƴƥƲƩƤƩƼƴƧƴƥƲ
ƪơƩ ƱƵƨƬƟƳƴƥƴƯƒƵƨƬƼơƭơƭƝƹƳƧƲƳƴơ +]ƳƴƧƳƵƭƝƷƥƩơƪƜƭƴƥƪƫƩƪƳƴƯ 2. ƋƜƭƴƥƥươƭƥƪƪƟƭƧƳƧƴƯƵƵưƯƫƯƣƩƳƴƞ ƪơƩƥươƭơƫƜƢƥƴƥƴơƢƞƬơƴơƪơƩ ƣƩơƭơƥươƫƧƨƥƽƳƥƴƥƼƴƩƯƈƕƝƷƥƩ ƱƵƨƬƩƳƴƥƟƳƥ[#+] ƋƫƥƟƳƴƥƴƯƭƵưƯƫƯƣƩƳƴƞơưƯƳƵƭƤƝƳƴƥ ƴƯươƫƩƼƬƼƭƩƴƯƱƪơƩƳƵƭƤƝƳƴƥƮơƭƜ ƴƯƬƼƭƩƴƯƱ3KLOLSV ƆƭƥƱƣƯưƯƩƞƳƴƥƴƧƭƯƨƼƭƧƪơƩƳƴƧ ƳƵƭƝƷƥƩơƴƯƭƈƕ Ɔƒ ƑƾƲƬưƯƱƾƭơơƫƫƜƮƹƴƧƭơƭƜƫƵƳƧ
ƔƩƥƟƭơƩƴơơƱƷƥƟơLQIƪơƩLFPƳƴƯ &'520ƑƾƲƨơƥƣƪơƴơƳƴƞƳƹƴơ ưƱƯƣƱƜƬƬơƴơƯƤƞƣƧƳƧƲLQIƪơƩLFP
Ƃư ƔƯưƱƼƣƱơƬƬơƯƤƞƣƧƳƧƲƴƧƲ ƪƜƱƴơƲƢƟƭƴƥƯƣƱơƶƩƪƾƭƪơƩƧƯƨƼƭƧ ƪơƨƯƱƟƦƯƵƭƬơƦƟƴƩƲƤƩơƨƝƳƩƬƥƲ ơƭơƫƽƳƥƩƲƍưƯƱƥƟƴƥƭơƥưƩƫƝƮƥƴƥƴƧƭ ơƭƜƫƵƳƧưƯƵƥưƩƨƵƬƥƟƴƥơưƼƴƯƭƑƟƭơƪơ ƆƫƝƣƷƯƵƴƹƭ:LQGRZV®ƳƴƧƭƥưƩƫƯƣƞ ƊƤƩƼƴƧƴƥƲƯƨƼƭƧƲ Ɔƒ ƔƩƨơƳƵƬƢƥƟơƭƷơƨƾơƫƫƜƦƯƭƴơƲƴƩƲ ƱƵƨƬƟƳƥƩƲƴƧƲƯƨƼƭƧƲƬƝƳƹƴƯƵƬƥƭƯƽ 26' Ƃư ƑơƴƞƳƴƥơưƫƜƴƯƪƯƵƬưƟ2. ƳƴƧ ƳƵƭƝƷƥƩơƥưƩƫƝƮƴƥ
ƆươƭơƶƯƱƜ
ƣƩơƥươƭơƶƯƱƜƴƹƭơƱƷƩƪƾƭ ƥƱƣƯƳƴơƳƩơƪƾƭƱƵƨƬƟƳƥƹƭ
Ɔƒ
ƑƯƩơƥƟƭơƩƧƳƵƭƩƳƴƾƬƥƭƧƳƵƷƭƼƴƧƴơ ơƭơƭƝƹƳƧƲƣƩơƴƯƬƼƭƩƴƯƱ
Ƃư ƈƳƵƭƩƳƴƾƬƥƭƧƳƵƷƭƼƴƧƴơơƭơƭƝƹƳƧƲ ƣƩơƴơƬƼƭƩƴƯƱƥƟƭơƩ+]ƳƥưƥƱƟưƴƹƳƧ ƼƬƹƲƨƯƱƽƢƯƵƳƴƧƭƯƨƼƭƧƬưƯƱƥƟƴƥƭơ ƴƧƱƵƨƬƟƳƥƴƥƳƥ+]ƣƩơƭơƤƥƟƴƥơƭƨơ ơưƯƬơƪƱƵƭƨƥƟƯƨƼƱƵƢƯƲ
ƂƭƴƩƬƥƴƾưƩƳƧưƱƯƢƫƧƬƜƴƹƭ ƳƵƭƞƨƥƩƲƥƱƹƴƞƳƥƩƲ
Ɔƒ ƆƟƭơƩƧƯƨƼƭƧƴƯƵƬƼƭƩƴƯƱơƭƨƥƪƴƩƪƞ ƳƴƩƲơƬƵƷƝƲ Ƃư ƄƥƭƩƪƜƳƵƭƩƳƴƜƴơƩƭơƬƧƭƣƟƭƥƴơƩƧ ƥưƩƶƜƭƥƩơƴƧƲƯƨƼƭƧƲơƭƴƩƪƥƟƬƥƭƯ ƩƳƷƵƱƾƭƪƱơƤơƳƬƾƭƪơƩƭơ ưƱƯƳƴơƴƥƽƥƴơƩơưƼơƩƷƬƧƱƜƞơƬƢƫƥƟơ ơƭƴƩƪƥƟƬƥƭơžƴơƭƷƥƩƱƟƦƥƳƴƥƴƧƭƯƨƼƭƧ ƭơƳƩƣƯƵƱƥƽƥƳƴƥƼƴƩƤƥƭơƳƪƥƟƴơƩưƟƥƳƧ ƞƤƽƭơƬƧƳƴƧƭƥưƩƶƜƭƥƩơƴƧƲƯƨƼƭƧƲ ƂƵƴƼƬưƯƱƥƟƭơƥưƧƱƥƜƳƥƩƴƧƭƩƳƷƽƴƧƲ ƥƣƣƽƧƳƞƲƳơƲ
2. V5*%ƆƟƭơƩƬƩơƴƵưƩƪƞƱƽƨƬƩƳƧƣƩơ ƤƩơƳƶƜƫƩƳƧƴƧƲƳƹƳƴƞƲơƭƴơƫƫơƣƞƲ ƷƱƹƬƜƴƹƭƬƥƴơƮƽƤƩơƶƯƱƥƴƩƪƾƭ ƳƵƳƪƥƵƾƭ ưƷƸƧƶƩơƪƝƲƪƜƬƥƱƥƲƯƨƼƭƥƲ ƥƪƴƵưƹƴƝƲƳơƱƹƴƝƲƪƫư 3. [. . . ]