©J?F?

A:ª

DHFIJ?KKHJGU?MKL:GH<DB

Fh^_ev<D

I:KIHJL
 H;SB?K<?>?GBYH;BA>?EBB
GZklhysbc^hdmf_glkh^_j`bll_ogbq_kdh_hibkZgb_dhfij_kkhjghcmklZgh\db^Ze__mklZ-
gh\dZfh^_eb<D\ha^mrghc\bglh\h]hlbiZb__fh^bnbdZpbcmdZaZgbyihwdkiemZlZpbbb
l_ogbq_kdb_^Zggu_]ZjZglbjh\Zggu_ij_^ijbylb_f-ba]hlh\bl_e_f
MklZgh\dZba]hlh\e_gZ\khhl\_lkl\bbk^_ckl\mxsbfbghjfZfb[_ahiZkghklbH[sb_lj_-
[h\Zgby[_ahiZkghklbddhgkljmdpbbbdwe_dljhh[hjm^h\Zgbxkhhl\_lkl\mxl=HKL-91,
=HKL-=HKL-=HKL-87. We_dljhh[hjm^h\Zgb_mklZgh\db\uiheg_gh
khkl_i_gvxaZsblug_gb`_,3=HKL-DeZkkihkihkh[maZrbluq_eh\_dZhlihjZ`_-
gbywe_dljbq_kdbflhdhf
Ijbf_jh[hagZq_gbymklZgh\dbijbaZdZa_khke_^mxsbfbiZjZf_ljZfbjZ[hq__^Z\e_gb_
fZo FIZijhba\h^bl_evghklv– 240 f3qZkfhsghklvwe_dljhijb\h^Z– 30 d<lke_^mxsbc-
<D-10.
Ijbhnhjfe_gbbaZdZaZgZaZiZkgu_qZklbmdZau\Zcl_ke_^mxsb_^Zggu_
-Fh^_ev\ZjbZglbkiheg_gbyijhba\h^bl_evghklvmklZgh\dbjZ[hq__^Z\e_gb_
-AZ\h^kdhcghf_j
-Ghf_jbebdh^^_lZebmaeZlhqgh_gZbf_gh\Zgb_bkhhl\_lkl\mxsbcghf_jbkiheg_gby

<GBF:GB?I_j_^fhglZ`hf\dexq_gb_fbebj_]mebjh\dhcmklZgh\db\gbfZl_evghbam-
qbl_ gZklhysb_ bgkljmdpbb >ey hilbfZevgh]h bkihevah\Zgby oZjZdl_jbklbd mklZgh\db b __ gZ-
^_`ghcjZ[hlukh[ex^_gbyijZ\bewdkiemZlZpbbg_h[oh^bfhkljh]hijb^_j`b\ZlvkymdZaZgbc
kh^_j`Zsboky\gZklhys_f^hdmf_gl_G_kh[ex^_gb_bgkljmdpbbg_ijZ\bevgh_\f_rZl_evkl\h
beb bkihevah\Zgb_ g_hjb]bgZevguo aZiqZkl_c \_^_l aZ kh[hc Z\lhfZlbq_kdh_ Zggmebjh\Zgb_ ]Z-
jZglbb

<GBF:GB? I_j_^ \uiheg_gb_f dZdbo-eb[h hi_jZpbc gZ^ mklZgh\dhc g_h[oh^bfh hl

dexqblv__hlk_lbwe_dljhiblZgby

<GBF:GB?G_dhlhju_\gmlj_ggb_^_lZebmklZgh\dbfh]mlgZ]j_\Zlvky^h\ukhdbol_f
i_jZlmj
Ij_^ijbylb_ - ba]hlh\bl_ev hklZ\ey_l aZ kh[hc ijZ\h \\h^blv dZdb_-eb[h ^hihegbl_evgu_
baf_g_gby\dhgkljmdpbxba^_ebygZijZ\e_ggu_gZih\ur_gb__]hgZ^_`ghklbdZq_kl\Zbebih
lj_[bl_evkdbok\hckl\[_aij_^\Zjbl_evgh]hm\_^hfe_gby

G:AG:Q?GB?

MklZgh\dZy\ey_lkykeh`gufwe_dljhf_oZgbq_kdbfba^_eb_fbij_^gZagZq_gZ^eyh[_k-
i_q_gbyk`Zluf\ha^mohfig_\fZlbq_kdh]hh[hjm^h\ZgbyZiiZjZlmjubbgkljmf_glZijbf_gy_-
fh]h\jZaebqguohljZkeyoijhfure_gghklbBkihevah\Zgb_ba^_ebyiha\hey_lagZqbl_evghwdh-
ghfblvwe_dljhwg_j]bxf_oZgbabjh\Zlvljm^bih\ukblvdZq_kl\hjZ[hl
G_^himkdZ_lkywdkiemZlZpbymklZgh\db\h\aju\hhiZkguobih`ZjhhiZkguoahgZoihIMW
ih^\ha^_ckl\b_fZlfhkn_jguohkZ^dh\ZlZd`_\[ulh\uop_eyo
IblZgb_mklZgh\dbhkms_kl\ey_lkyhllj_onZaghck_lbi_j_f_ggh]hlhdZgZijy`_gb_f
(380+38-19) <qZklhlhc“=p<dexq_gb_we_dljh^\b]Zl_ey\iblZxsmxk_lv-^bklZgpbhg-
gh_©a\_a^Z-lj_m]hevgbdª
GZijy`_gb_iblZgbyp_i_cmijZ\e_gbybkb]gZebaZpbb-a<i_j_f_ggh]hlhdZ
DebfZlbq_kdh_bkiheg_gb_-MdZl_]hjbyjZaf_s_gbyih=HKL-ijbl_fi_jZ-
lmj_hdjm`Zxs_]h\ha^moZhl^hƒDhl^hƒK
J_`bfjZ[hlumklZgh\db-ijh^he`bl_evguc
J_]mebjh\dZ^Z\e_gby\\ha^mrghck_lb-Z\lhfZlbq_kdZy
MklZgh\dZ^hihegbl_evghih^aZdZafh`_l[ulvmdhfie_dlh\ZgZ\eZ]hfZkehhl^_eb-
l_e_fhkmrbl_e_f\ha^moZnbevljZfb-\eZ]hhl^_ebl_eyfbjZaebqghckl_i_gbhqbkldb
 HKGH<GU?L?OGBQ?KDB?O:J:DL?JBKLBDB

LZ[ebpZ

AgZq_gb_ihdZaZl_ey
GZbf_gh\Zgb_ihdZaZl_ey
<D-4 <D-8 <D-10
Ijhba\h^bl_evghklvefbg,
faqZkg_f_g__ 5500 (330) 4500(270) 4000(240)
FZdkbfZevgh_^Z\e_gb_k`Zlh]h
0,4(4) 0,8 (8) 1,0(10)
\ha^moZFIZd]kf2)
>\b]Zl_evRA 200 LAMA,0=HKL 28330-89, F,
FZjdZwe_dljh^\b]Zl_ey
IPd<l 2900h[fbg<=p Y/∆)
Kl_i_gvaZrbluwe_dljhh[hjm^h-
IP20
gby
FZjdZijb\h^gh]hj_fgy J_f_gvihebdebgh\ucPOLY-VLoo- 1rl
Dhebq_kl\hfZkeZd]g_[he__ 12
Mjh\_gvrmfZgZjZkklhygbc
75
fdB(A)g_[he__
Ihlj_[e_gb_ijb^Z\e_gbb
58
1,0 FiZ:g_[he__
JZ[hqbcbgl_j\Zel_fi_jZlmj, 0K +5 -:- +40
Dhebq_kl\hi_j_ghkbfh]hl_ieZ
wg_j]by\lhjbqgh]hbkihevah\Z- 25000
gbydZeqZk
Kh^_j`Zgb_fZkeZ\k`Zlhf\ha-
^mo_f]fAg_[he__ 1 -:- 3
Ijbkh_^bgbl_evgu_jZaf_ju\u-
oh^gh]h\ha^mohijh\h^Z^xcf G 1ó" -:j_av[Zljm[gZy^xcfh\Zy\gmlj_ggyy
=Z[Zjblgu_jZaf_juffg_[h
e__ ^ebgZ 1240
rbjbgZ 930
\ukhlZ 1360
Faccad]g_[he__ 500

Ijbf_qZgb_Dhfij_kkhj\khklhygbbihklZ\dbaZijZ\e_ggZij_^ijbylbb-ba]hlh\bl_e_dhf
ij_kkhjguf fZkehf ^ey dhfij_kkhjh\ \bglh\h]h lbiZ fZjdb - &2037(//$ 6  nbjfu
SHELL;
>ey kfZadb maeZ dhfij_kkhjZ j_dhf_g^m_lky bkihevah\Zlv g_ kf_rb\Zy ke_^mxsb_ fZjdb
dhfij_kkhjguofZk_ebebZgZeh]bqgu_ihlj_[h\ZgbyfbdZq_kl\m
SHELL COMPTELLA S 46;
CASTROL AIRCOLPD46;
ESSO NUTON46;
MOB1L DTE OIL46;
BP ENERGOL HLP 46;
TOTAL AZOLLA ZS 46;
DUCKHAMS ZIRCON 46;
 4. DHFIE?DLGHKLV

Dhfie_dlghklvihklZ\dbba^_ebyijb\_^_gZ\lZ[e
LZ[ebpZ 2

GZbf_gh\Zgb_ Dhebq_kl\Zrl Ijbf_qZgb_

MklZgh\dZdhfij_kkhjgZy 1
MklZgh\dZdhfij_kkhjgZyIZkihjl 1
Dexq 7812 - 0376 39=HKL1737-93 2
Dhfie_dllZjubmiZdh\db 1
1rlihklZ\ey_lkyih
RdZnkZ\lhfZlbq_kdbf\udexqZl_e_f: -
hl^_evghfmaZdZam

Ijbf_qZgb_<kemqZ_ij_^ty\e_gbyd\ha^momih\ur_gguolj_[h\Zgbcihqbklhl_^himk-
lbfhfm kh^_j`Zgbx l\_j^uo qZklbp iueb fZkeZ b \eZ]b j_dhf_g^m_f ke_^mxsmx ko_fm ^h-
mdhfie_dlh\Zgbydhfij_kkhjghcmklZgh\db-ijb\_^_gZgZjbk
>hihegbl_evgZydhfie_dlZpbygZdhfij_kkhjgmxmklZgh\dmihklZ\ey_fZyihhl^_evghfm
^h]h\hjm-kfhljblZ[e
LZ[ebpZ

GZbf_gh\Zgb_ Ijbf_qZgb_
J_kb\_j\ha^mrgucJ<11.00 e (2oe
NbevljQF - F0060 (3fdf* 6fAfbg
Nbevlj PF - F0060 (1fdf - // -
Nbevlj+)-)fdf - // -
NbevljK)-)fdf - // -
Hkmrbl_ev\ha^moZoheh^bevgh]hlbiZfh^_ebLF-360 - // -

L?OGBQ?KDH?HIBK:GB?

MKLJHCKL<H
Dhfij_kkhjgZymklZgh\dZfh^_eb<D -ij_^klZ\ey_lkh[hcdhfiZdlgmxfZrbgm^eyijhba-
\h^kl\Zk`Zlh]h\ha^moZ\uiheg_ggmx\rmfhaZsbs_gghfdhjimk_bkhklhysmxbake_^mxsbo
hkgh\guoZ]j_]Zlh\maeh\b^_lZe_c\bglh\hc[ehd[ehd\kZku\Zxsbcwe_dljh^\b]Zl_eyk\_g-
lbeylhjhfjZ^bZlhjZj_kb\_jZfZkeygh]h[ehdZfZkehhl^_ebl_eyknbevljhfbdeZiZghffbgb-
fZevgh]h ^Z\e_gby nbevljZ fZkeygh]h l_jfhklZlZ nbevljZ \ha^mrgh]h rdZnZ k we_dljhZiiZ-
jZlmjhcj_e_^Z\e_gbybmkljhckl\aZsbluiZg_ebmijZ\e_gbykjZaf_s_ggufbgZg_chj]ZgZfb
mijZ\e_gbydhgljhevgh-baf_jbl_evghcbkb]gZevghcZiiZjZlmjhc
H[sbc \b^ mklZgh\db ihdZaZg gZ jbk  j_dhf_g^m_fZy ko_fZ dhfie_dlghc dhfij_kkhjghc
klZgpbbgZ[Za_mklZgh\db<D-ihdZaZgZgZjbkko_fZnmgdpbhgZevgZydhfij_kkhjghcmklZ-
gh\dbij_^klZ\e_gZgZjbkko_fZwe_dljbq_kdZyijbgpbibZevgZy-gZjbk
01 - <bglh\hc [ehd ij_^gZagZq_g ^ey \ujZ[hldb k`Zlh]h \ha^moZ < mklZgh\d_ ijbf_g_g
dhfij_kkhjfZkehaZiheg_ggh]hlbiZk\bglh\uf[ehdhffh^_eb6&$-kfjbk<klZevghf
eblhf dhjimk_ dhfij_kkhjZ jZkiheh`_gu \bglh\Zy ]jmiiZ ijhimkdgu_ dZgZeu ^ey \ha^moZ b
fZkeZijbkh_^bgbl_evgu_neZgpu
02 -;ehd\kZku\Zxsbc\ha^mrguc\uihegy_lnmgdpbxih^Zqb\ha^moZ\dZf_jmk`Zlbyb
ij_^hl\jZs_gby \u[jhkZ gZjm`m k`Zlh]h \ha^moZ b fZkeZ \ fhf_gl hklZgh\Z dhfij_kkhjZ ijb
ex[hf^Z\e_gbbih^Zqbk`Zlh]h\ha^moZI_j_dexq_gb_[ehdZ\kZku\Zxs_]h\j_`bf©JZ[hlZª
beb©Ohehklhcoh^ªhkms_kl\ey_lkyijbihfhsbdeZiZgh\we_dljhfZ]gblguodhlhju_mijZ\ey
xlkykb]gZehfj_e_^Z\e_gby
Ijb^hklb`_gbbfZdkbfZevgh]hjZ[hq_]h^Z\e_gbykjZ[Zlu\Z_lj_e_^Z\e_gbybdeZiZghl-
dju\Z_lkyk[jZku\Zy\kZku\Z_fucdhfij_kkhjhf\ha^moihljm[d_\ihehklv[ehdZ\kZku\Zxs_]h
Dhfij_kkhjijh^he`Z_ljZ[hlZlv\ohehklhfj_`bf_ijbhlkmlkl\bbihlj_[e_gby\ha^moZqlhlZd
`_h[e_]qZ_l_]hi_j_oh^\j_`bf©JZ[hlZªijbkhhl\_lkl\mxs_fkb]gZe_j_e_^Z\e_gby
03 - We_dljh^\b]Zl_ev \ bkiheg_gbb k ^\moklhjhggbf \Zehf ij_^gZagZq_g ^ey ijb\h^h\
dhfij_kkhjZb\_glbeylhjZkbkl_fuhoeZ`^_gby
04 -<ha^mrgh-fZkeygucjZ^bZlhj-dhf[bgbjh\Zgguc^\mok_dpbhgguc\uihegy_lnmgd-
pbbhoeZ`^_gbyfZkeZbij_^\Zjbl_evgh]hhoeZ`^_gby\ha^moZgZ\uoh^_badhfij_kkhjZJZ^bZlhj
hoeZ`^Z_lkyijhoh^ysbfq_j_ag_]hihlhdhf\ha^moZdhlhjucgZ]g_lZ_lky\h\gmljvdhjimkZmklZ-
gh\db\_glbeylhjhfmklZgh\e_gghfgZ\lhjhfdhgp_\ZeZwe_dljh^\b]Zl_eyijb\h^Zdhfij_kkhjZ
hkms_kl\eyylZdbfh[jZahfhl[hjl_ieZ\ujZ[Zlu\Z_fh]h\h\j_fyijhp_kkZk`Zlby\ha^moZ
05 -J_kb\_jfZkeyguc\uihegy_lke_^mxsb_nmgdpbb
-kem`blj_a_j\mZjhf^eyfZkeZkbkl_fukfZadbbhoeZ`^_gbydhfij_kkhjZgZdhlhjhfjZk-
iheh`_gufZkehaZeb\gZy]hjeh\bgZdjZgm^Ze_gbyfZkeZkfhljh\h_hdghdhgljheymjh\gyfZkeZ
deZiZgij_^hojZgbl_evguc
- kem`bl dhjimkhf gZ dhlhjhf kfhglbjh\Zg [ehd fZkehhl^_ebl_ey khklhysbc ba nbevljZ-
k_iZjZlhjZdeZiZgZfbgbfZevgh]h^Z\e_gby
06 - DeZiZg ij_^hojZgbl_evguc - ig_\fZlbq_kdbc hkms_kl\ey_l aZsblm dhjimkZ fZkeygh]h
j_kb\_jZ hl ij_\ur_gby ^Z\e_gby ih ijbqbg_ ©aZkhj_gbyª nbevljZ-k_iZjZlhjZ g_bkijZ\ghklb
deZiZgZfbgbfZevgh]h^Z\e_gbyg_bkijZ\ghklbj_e_^Z\e_gbyb^j
07 - DeZiZg fbgbfZevgh]h ^Z\e_gby mklZgh\e_gguc gZ ebgbb gZ]g_lZgby ij_^gZagZq_g
^eyih^^_j`ZgbyfbgbfZevgh]h^Z\e_gby\ij_^_eZoA FIZ\gmljb[ehdZdhfij_kkhjZ^hl_o
ihjihdZ^Z\e_gb_\jZkij_^_ebl_evghck_lbg_mjZ\gy_lkyk^Z\e_gb_f\gmljbdhfij_kkhjZH^gh-
\j_f_gghwlhldeZiZg\uihegy_lnmgdpbxh[jZlgh]hdeZiZgZ[ehdbjmydhfij_kkhjhljZkij_^_eb-
l_evghck_lb\h\j_fy_]hhklZgh\ZbebjZ[hlugZohehklhfoh^m
08 -=hjeh\bgZfZkehaZeb\gZyjZkiheh`_gZgZdhjimk_fZkeygh]hj_kb\_jZbaZdjulZijh[-
dhckdhgbq_kdhcj_av[hcMjh\_gvfZkeZdhgljhebjm_lkyijbihfhsbkfhljh\h]hhdgZfZkehmdZ-
aZl_ey jZkiheh`_ggh]h ih^ ]hjeh\bghc Mjh\_gv fZkeZ gZ g_jZ[hlZxs_c oheh^ghc mklZgh\d_
\k_]^Z^he`_g[ulv\ur_p_gljZevghcf_ldbkfhljh\h]hhdgZfZkehmdZaZl_eyFZdkbfZevgucmjh-
\_gv fZkeZ - ^h \_jog_c djhfdb kl_deZ fZkehmdZaZl_ey dhlhjZy \uihegy_l lZd`_ b nmgdpbx dhg
ljheyi_j_eb\Z
<GBF:GB? Hl\bgqb\Zlv ijh[dm jZaj_rZ_lky lhevdh ijb mkeh\bb hlkmlkl\by^Z\e_
gby\gmljbdhjimkZfZkeygh]hj_kb\_jZijbhldexq_gghcmklZgh\d_
09 -DjZgm^Ze_gbykeb\ZfZkeZjZkiheh`_g\gb`g_cqZklbdhjimkZfZkeygh]hj_kb\_jZb
ij_^gZagZq_g^eykeb\ZfZkeZijb_]haZf_g_\uihegy_fhcq_j_ahij_^_e_ggh_\j_fyjZ[hluDjZg
m^Ze_gbyfZkeZlZd`_iha\hey_lijhba\h^blvi_jbh^bq_kdbcdhgljhevgZebqby\fZke_dhg^_gkZlZ
\eZ]bb_]hm^Ze_gb_
010 - L_jfhklZl khklhbl ba aZihjgh]h iemg`_jZ b l_jfhqm\kl\bl_evgh]h ]ebp_jbgh\h]h we_-
f_glZbaf_gyxs_]hk\hch[t_f\aZ\bkbfhklbhll_fi_jZlmjufZkeZbkfhglbjh\Zg\dhjimk_gZ
dhlhjhflZd`_mklZgh\e_gnbevljfZkeyguc
Ijb^hklb`_gbbjZ[hq_cl_fi_jZlmjufZkeZ\ur_iexk0Kijhbkoh^bljZkrbj_gb_l_j
fh-qm\kl\bl_evgh]h we_f_glZ hl \ha^_ckl\by dhlhjh]h aZihjguc iemg`_j hldju\Z_l dZgZe ^ey
ihklm-ie_gbyfZkeZ\jZ^bZlhj-l_iehh[f_ggbdHkgh\ghcnmgdpb_cl_jfhklZlZy\ey_lkyih^^_j
0
`Zgb_fbgbfZevghcl_fi_jZlmjugZ]g_lZ_fh]hfZkeZg_gb`_ K\hba[_`Zgb_h[jZah\Zgby
dhg^_gkZlZ\fZke_aZkq_l\eZ]bijbkmlkl\mxs_c\h\kZku\Z_fhf\ha^mo_qlhfh`_lijb\_klbd
baf_g_gbx_]hkfZau\Zxsbok\hckl\bm\_ebq_gbxijhp_glgh]hkh^_j`ZgbyfZkeZ\k`Zlhf\ha
^mo_
011 -NbevljfZkeygucg_jZa[hjgucba]hlh\e_g\f_lZeebq_kdhfdhjimk_HgjZkiheh`_g\
gZqZe_dhglmjZkfZadbbij_^hl\jZsZ_lihiZ^Zgb_l\_j^uoqZklbpgZjZ[hqb_ih\_joghklb\bglh\
b ih^rbigbdh\ Hg e_]dh ^_fhglbjm_lky ijb l_ogbq_kdhf h[kem`b\Zgbb ?]h aZf_gZ klZgh\blky
g_h[oh^bfhcihke_\ujZ[hldbqZkh\mdZaZgguo\jZa^_e_©LHªZqZklhlZaZf_gugZijyfmxaZ\b-
kblhll_ogbq_kdh]hh[kem`b\Zgby\ha^mrgh]hnbevljZbdZq_kl\ZfZkeZ
<GBF:GB?<uihegylv^_ckl\bykdjZghfm^Ze_gbyfZkeZjZaj_rZ_lkylhevdhijb
mkeh\b_hlkmlkl\by^Z\e_gby\gmljbdhjimkZj_kb\_jZijbhldexq_gghcmklZgh\d_
012 - Nbevlj \ha^mrguc \imkdghc jZa[hjguc b khklhbl ba f_lZeebq_kdh]h dhjimkZ b
kf_ggh]h[mfZ`gh]hnbevljmxs_]hwe_f_glZh[_ki_qb\Zxs_]hlhgdhklvnbevljZpbb^h 25 fdf
Nmgdpbydhlhjmx\uihegy_l\ha^mrgucnbevljy\ey_lkyqj_a\uqZcgh\Z`ghc-wlhij_^hl\jZ-
s_gb_ihiZ^ZgbyaZ]jyagyxsboqZklbp\ahgm\bglh\hciZjubkbkl_fmkfZadbG_dZq_kl\_ggh_
h[kem`b\Zgb_\ha^mrgh]hnbevljZijb\h^bldmf_gvr_gbxkjhdZkem`[udhfij_kkhjZ
013 –NbevljfZkehhl^_ebl_evk_iZjZlhjki_pbZevgucg_jZa[hjgucaZ\_jrZ_lhi_jZ-
pbxhl^_e_gbyk_iZjZpbbfZkeZbak`Zlh]h\ha^moZbh[_ki_qb\Z_lhklZlhqgucijhp_glfZkeZ\
k`Zlhf\ha^mo_\ij_^_eZof]fAg_[he__<ukhdZyijhimkdgZykihkh[ghklvnbevljZ–k_iZjZ-
lhjZaZ\bkblhldZq_kl\ZfZkeZb_]hjZ[hq_cl_fi_jZlmju
014 - Kfhljh\h_ hdgh dhgljhey \ha\jZlZ fZkeZ - ij_^gZagZq_gh ^ey \bamZevghc hp_gdb
dhebq_kl\ZfZkeZgZ\ha\jZl_banbevljZ-k_iZjZlhjZHij_^_e_ggZyqZklvfZkeZaZ^_j`Zggh]h\
fZkehhl^_eyxs_fnbevlj_-k_iZjZlhj_kh[bjZ_lkygZ_]h^g_b^he`gZ[ulv\ha\jZs_gZ\fZkey-
gucdhglmjFZkeh\ha\jZsZ_lkyq_j_afZkehaZ[hjgmxljm[dm\lmqZklvdhfij_kkhjZ\dhlhjhc
mklZgh\e_gh [he__ gbadh_ ^Z\e_gb_ <Z`ghklv wlh]h maeZ aZdexqZ_lky \ lhf qlh hg iha\hey_l
ijh\_jblvwnn_dlb\ghklvjZ[hlufZkehhl^_eyxs_]hnbevljZ-k_iZjZlhjZdhlhjZykgb`Z_lkyijb
m\_ebq_gbbdhebq_kl\ZfZkeZ
015 - IZg_ev mijZ\e_gby GZ ebp_\mx klhjhgm iZg_eb mijZ\e_gby \ug_k_gu ke_^mxsb_
hj]ZgumijZ\e_gbydhgljhevgh-baf_jbl_evgZybkb]gZevgZyZiiZjZlmjZkfjbk
: - \udexqZl_ev dhf[bgbjh\Zgguc – k ih^k\_ldhc - ij_^gZagZq_g ^ey \dexq_gby \u
dexq_gbymklZgh\db
<GBF:GB?J_dhf_g^m_lky\udexqZlvmklZgh\dmgZohehklhfoh^m
< - fZghf_lj fZkeyguc - ij_^gZagZq_g ^ey dhgljhey ^Z\e_gby fZkeZ gZ jZ[hlZxs_f dhf-
ij_kkhj_dZd\j_`bf_ohehklh]hoh^ZlZdb\j_`bf_gZ]g_lZgby
= -fZghf_lj\ha^mrguc-ij_^gZagZq_g^eydhgljhey^Z\e_gby\ha^moZgZ\uoh^_bamklZ-
gh\db
> -dhf[bgbjh\Zgguckq_lqbdqZkh\jZ[hlubbg^bdZpbbihdZaZgbcl_fi_jZlmjufZkeZ
? -eZfiZkb]gZevgZy`_elh]hp\_lZg_bkijZ\ghklvwe_dljh^\b]Zl_eyijb\h^Zdhfij_kkhjZ
mklZgh\dZhldexqZ_lky
F -dghidZ©k[jhkªkbg^bdZpb_cdjZkgh]hp\_lZ-ij_\ur_gb_ij_^_evgh^himklbfhcl_f-
i_jZlmjufZkeZƒKgZ\uoh^_\bglh\hc]jmiiudhfij_kkhjZ-mklZgh\dZhldexqZ_lky
G -eZfiZkb]gZevgZy[_eh]hp\_lZ-bg^bdZpby-©k_lvªiblZgb_ih^dexq_gh
L -dghidZZ\Zjbcgh]hhldexq_gbymklZgh\dbIjbgZ`ZlbbgZdghidm/ijhbkoh^blf]gh-
\_gguc hklZgh\ dhfij_kkhjZ >ey aZimkdZ b jZa[ehdbjh\Zgby g_h[oh^bfh ih\_jgmlv djZkgmx
dghidmgZh[hjhlZbhlimklblvihke_q_]h\hafh`_gimkddhfij_kkhjZIhevah\Zlvky^Zgghc
dghidhc-lhevdh\wdklj_gguokemqZyo
 016 -RdZnkwe_dljhZiiZjZlmjhc- [ehd-ko_fmkfgZjbk-jZkiheh`_g\gmljbdhjimkZ
mklZgh\dbbij_^klZ\ey_lkh[hcaZdjulh]hlbiZdhjh[kmklZgh\e_gghcieZlhcgZdhlhjhckfhg-
lbjh\ZgZimkdhj_]mebjmxsZyZiiZjZlmjZbmkljhckl\ZaZsblu^hklmiddhlhjufhkms_kl\ey_l-
kyiml_f^_fhglZ`ZijZ\hc\_jog_ciZg_ebebp_\hckl_gdbdhjimkZ
MKLJHCKL<:A:SBLUDHFIJ?KKHJGHCMKL:GH<DB
< mklZgh\d_ ijbf_g_gu ke_^mxsb_ Z\Zjbcgu_ mkljhckl\Z aZsblu dhlhju_ dhgljhebjmxl
__gZb[he__\Z`gu_maeumdZau\ZygZ\hafh`gu_g_bkijZ\ghklb
 DeZiZg ij_^hojZgbl_evguc - mklZgh\e_g gZ dhjimk_ fZkeygh]h j_kb\_jZ \gmljb mklZ-
gh\db
:\lhfZlbq_kdbc\udexqZl_ev4)-aZsblZkbeh\uop_i_chldhjhldh]haZfudZgby
IeZ\db_ij_^hojZgbl_eb)8- FU5 -aZsblZp_i_cmijZ\e_gbybkb]gZebaZpbb
J_e_dhgljheygZijy`_gby6)dhlhjh_[ehdbjm_l\dexq_gb_mklZgh\db\kemqZyo
-g_ijZ\bevgh]hih^kh_^bg_gbynZai_j_dhkZnZa
-jZ[hlu\k_lbkg_^himklbfhc\_ebqbghcgZijy`_gbybebZkbff_ljbbnZa
 Mkljhckl\Z l_ieh\hc aZsblu ijb kjZ[Zlu\Zgbb dhlhjuo h[_ki_qb\Z_lky [ehdbjh\dZ
\dexq_gbymklZgh\db
-l_jfhj_e_aZsbluwe_dljh^\b]Zl_eyijb\h^Zdhfij_kkhjZhli_j_]jmahd-mklZgh\e_ghgZ
ieZl_fhglZ`ghcJZ[hlZ_l\Z\lhfZlbq_kdhfj_`bf_-ijbkgb`_gbbl_fi_jZlmjuwe_dljh^\b]Z
l_ey^h^himklbfhc-\dexqZ_lkyZ\lhfZlbq_kdb
-l_jfh^ZlqbdaZsbluhlij_\ur_gbyl_fi_jZlmjufZkeZ_kebl_fi_jZlmjZfZkeZij_\urZ
_lƒKlhdhfij_kkhjhldexqZ_lkyb\dexq_gb__]h\hafh`ghgZ`Zlb_fgZdghidm)ijbmkeh
\bbkgb`_gbyl_fi_jZlmjufZkeZ^hagZq_gbcƒK-mklZgh\e_ggZ\uoh^ghfiZljm[d_\bglh
\h]h[ehdZdhfij_kkhjZ
<ko_f_we_dljhh[hjm^h\Zgbyij_^mkfhlj_gZgme_\ZyaZsblZwe_dljhZiiZjZlmjubkdex
qZxsZykZfhijhba\hevgh_\dexq_gb_mklZgh\db\kemqZ_
-\hkklZgh\e_gbygZijy`_gbyiblZxs_ck_lbihke___Z\Zjbcgh]hhldexq_gby
-kgb`_gbyl_fi_jZlmjufZkeZgb`_^himklbfh]hagZq_gbybl^
<GBF:GB?
1. :dlb\baZpby Z\Zjbcguo kb]gZeh\ hkms_kl\ey_lky ijb jZafudZgbb dhglZdlZ khhl\_lkl
\mxs_]hl_jfhj_e_<kemqZ_Z\Zjbcgh]hkb]gZeZdhfij_kkhjhklZgZ\eb\Z_lky
>eyih\lhjgh]h\dexq_gbymklZgh\dbg_h[oh^bfh
Z ijhba\_klb ZgZeba Z\Zjbcgh]h khklhygby b mkljZgblv _]h \hafh`gu_ ijbqbgu dhlhju_
fh]eb[uijb\_klbdhklZgh\d_dhfij_kkhjZ^eyq_]hijh\_jblv
-gZijy`_gb_iblZgbybijZ\bevghklvih^dexq_gby
-kjZ[Zlu\Zgb_l_ieh\hcaZsbluihbg^bdZpbbkb]gZevguoeZfi
-mjh\_gvfZkeZb_]hdZq_kl\h
-qbklhlmih\_joghkl_cjZ^bZlhjZ
-l_fi_jZlmjmhdjm`Zxs_]h\ha^moZ\ahg_\kZku\Zgby
-aZ]jyag_gghklvnbevljh\ihkjhdmkem`[ubebmkeh\byfjZ[hlu
[hkms_kl\blvih\lhjgucimkdmklZgh\db\ke_^mxs_fihjy^d_
- ijb kjZ[Zlu\Zgbb kb]gZeZ ©:\Zjby we_dljh^\b]Zl_eyª - \u^_j`Zlv \j_fy ^ey kgb`_gby
l_fi_jZlmjuwe_dljh^\b]Zl_ey^h^himklbfhcq_j_adhlhjh_ijhbahc^_lZ\lhfZlbq_kdh_\dexq_
gb_l_jfhj_e_bkb]gZevgZyeZfiZ`_elh]hp\_lZih]Zkg_lIh\lhjgh_\dexq_gb_mklZgh\dbhkm
s_kl\ey_lkygZ`Zlb_fgZdghidm:-©IMKDªdZdbijbi_j\hfaZimkd_
-ijbkjZ[Zlu\Zgbbkb]gZeZ©Ij_\ur_gb_l_fi_jZlmjufZkeZª-\u^_j`Zlv\j_fy^eykgb
`_gby l_fi_jZlmju ^h agZq_gbc ƒK b gZ`Zlb_f dghidb ) \dexqblv l_jfhj_e_ – kb]gZevgZy
eZfiZ djZkgh]h p\_lZ ih]Zkg_l Ih\lhjgh_ \dexq_gb_ mklZgh\db hkms_kl\ey_lky gZ`Zlb_f gZ
dghidm:-©IMKDªdZdbijbi_j\hfaZimkd_
\_keb\k_lj_[h\Zgbykh[ex^_gubijbwlhfijhbkoh^blih\lhjgh_kjZ[Zlu\Zgb_aZsblu
ke_^m_l h[jZlblvky gZ ij_^ijbylb_-ba]hlh\bl_ev beb nbjfm hkms_kl\eyxsmx l_ogbq_kdh_ h[
kem`b\Zgb_mklZgh\db
2.DhgljhevgZijZ\e_gby\jZs_gby\ZeZdhfij_kkhjZmdZaZghklj_edhcgZdhjimk_\bglh\h
]h [ehdZ dhfij_kkhjZ hkms_kl\ey_lky ijb ihfhsb j_e_ - dhgljhee_jZ nZa ijb g_ijZ\bevghf
ih^dexq_gbbaZimkddhfij_kkhjZ[ehdbjm_lkyWlhfmkhklhygbxlZd`_khhl\_lkl\m_lkb]gZebaZ
pby©:\Zjbywe_dljh^\b]Zl_eyªeZfiZ`_elh]hp\_lZ
IJBGPBIJ:;HLU
<kZku\Z_fucbaZlfhkn_ju\ha^moijhoh^blq_j_a\ha^mrgucnbevljdeZiZg\kZku\Zxsbc
b ^hklb]Z_l \bglh\hc iZju ]^_ i_j_f_rb\Z_lky k fZkehf b k`bfZ_lky Kf_kv \ha^mo-fZkeh ih^
^Z\e_gb_fihklmiZ_l\fZkeygucj_kb\_j]^_ijhbkoh^bli_j\h_]jm[h_jZa^_e_gb_FZkehy\ey
ykv [he__ ly`_ehc njZdpb_c qZklbqgh hkZ`^Z_lky b kl_dZ_l \ gb`gbc [Zqhd dhjimkZ fZkeygh]h
j_kb\_jZ
HkZ`^_ggh_ fZkeh ih fZkehijh\h^m ihklmiZ_l \ jZ^bZlhj-l_iehh[f_ggbd hoeZ`^Z_lky
nbevljm_lkyq_j_anbevljfZkeygucb\gh\vihklmiZ_l\ahgm\bglh\hciZjukfjbkNmgdpbb
fZkeZ aZdexqZxlky \ hoeZ`^_gbb ijh^mdlZ k`Zlby kfZad_ ih^rbigbdh\ b miehlg_gby hihjguo
ih\_joghkl_c\bglh\
>Ze__ kf_kv \ha^mo-fZkeh ihklmiZ_l \ fZkehhl^_eyxsbc nbevlj-k_iZjZlhj ]^_ ijhbkoh
^bl hdhgqZl_evgh_ jZa^_e_gb_ kf_kb gZ \ha^mo b fZkeh <ha^mo hqbsZ_lky hl hklZldh\ qZklbp
fZkeZb^Ze__ih\ha^mohijh\h^mij_^\Zjbl_evghhoeZ`^_ggucijhoh`^_gb_fq_j_a\ha^mrguc
dhglmj jZ^bZlhjZ-l_iehh[f_ggbdZ kf jbk ihklmiZ_l gZ \uoh^ mklZgh\db ijb ^hklZlhqgh
gbadhcl_fi_jZlmj_“ƒKbijb_fe_fhfhklZld_qZklbpfZkeZ g_[he__A f]fA).
<dhgkljmdpbbmklZgh\dbg_ij_^mkfhlj_gh[ehdZm^Ze_gby\eZ]bbdhg^_gkZlZbak`Zlh]h
\ha^moZ ihwlhfm g_h[oh^bfh ihke_ mklZgh\db k`Zluc \ha^mo ijhimkdZlv q_j_a nbevlj-
\eZ]hhl^_ebl_ev \h ba[_`Zgb_ ihiZ^Zgby \eZ]b \ k_lv b d ihlj_[bl_ex >ey [he__ wnn_dlb\ghc
jZ[hluj_dhf_g^m_lkyijbf_gylvnbevlj-\eZ]hhl^_ebl_evkijhba\h^bl_evghklvx\g_kdhevdhjZa
ij_\urZxs_cijhba\h^bl_evghklvdhfij_kkhjZ
<kemqZ__kebihlj_[bl_evgm`^Z_lky\hkh[hh[jZ[hlZgghf\ha^mo_\ukhdb_lj_[h\Zgby
ih kh^_j`Zgbx hklZldh\ qZklbp \eZ]b fZkeZ f_oZgbq_kdbo ijbf_k_c b aZiZoZ j_dhf_g^m_lky
ijbf_gylv^hihegbl_evguchkmrbl_ev\ha^moZlbiZLF?kpbdehfhoeZ`^_gbyZlZd`_nbevl
jujZaebqghckl_i_gbhqbkldbhlf_oZgbq_kdboijbf_k_cbaZiZoZ
 MD:A:GB?F?J;?AHI:KGHKLB

FhglZ`baZimkd\wdkiemZlZpbxdhfij_kkhjghcmklZgh\db^he`_gijhba\h^blvkyd\Z
ebnbpbjh\Zgguf i_jkhgZehf bf_xsbf khhl\_lkl\mxsbc ^himkd ih h[kem`b\Zgbx we_dljhmk
lZgh\hdgZijy`_gb_f^h<Dh[kem`b\Zgbx^himkdZxlkyebpZbamqb\rb_gZklhysmxbgkl
jmdpbxhagZdhfe_ggu_k__mkljhckl\hfbijZ\beZfbwdkiemZlZpbbbijhr_^rb_bgkljmdlZ`ih
l_ogbd_[_ahiZkghklbbhdZaZgbxi_j\hcihfhsb
MklZgh\dmg_h[oh^bfhjZkiheh`blvgZ]hjbahglZevghcih\_joghklbiheZ\mklhcqb\hf
iheh`_gbb
G_^himkdZlv\ha^_ckl\bygZmklZgh\dmZlfhkn_jguohkZ^dh\
<ihf_s_gbb]^_jZkiheh`_gZmklZgh\dZh[_ki_qblvohjhrmx\_glbeypbxijh\_ljb
\Zgb_ ke_^y aZ l_f qlh[u l_fi_jZlmjZ hdjm`Zxs_]h \ha^moZ ih^^_j`b\ZeZkv f_`^m iexk  b
iexk ƒK Djhf_ lh]h klhev `_ \Z`gh ba[_]Zlv l_fi_jZlmj gb`_ iexk ƒK ihkdhevdm ih\u
rZxsZyky \ lZdhf kemqZ_ kl_i_gv h[jZah\Zgby dhg^_gkZlZ kgb`Z_l dZq_kl\h fZkeZ b lj_[m_lky
[he__qZklh_m^Ze_gb_dhg^_gkZlZq_j_adjZgm^Ze_gbykeb\ZfZkeZ
 <kZku\Z_fuc dhfij_kkhjhf \ha^mo g_ ^he`_g kh^_j`Zlv iueb iZjh\ ex[h]h \b^Z
\aju\hhiZkguo b e_]dh\hkieZf_gyxsboky ]Zah\ jZkiue_gguo jZkl\hjbl_e_c beb djZkbl_e_c
lhdkbqguo^ufh\ex[h]hlbiZ
 < kemqZ_ djblbq_kdbo ihf_s_gbc ijbkmlkl\b_ qZklbp iueb jZaebqgh]h jh^Z g_h[oh
^bfh qZs_ aZf_gylv \ha^mrgu_ nbevlju AgZqbl_evgh_ kgb`_gb_ ijhimkdghc kihkh[ghklb
nbevljh\fh`_lijb\_klbdi_j_]j_\mb\udexq_gbxdhfij_kkhjghcmklZgh\db
6.7. Bkihevah\Zgb_ mklZgh\db kljh]h h]jZgbq_gh k`Zlb_f \ha^moZ ihwlhfm hgZ g_ fh`_l
[ulvbkihevah\ZgZ^eydZdbo-eb[hbguo]Zah\
 Ijhba\h^bfuc dhfij_kkhjhf k`Zluc \ha^mo [_a ihke_^mxs_c ki_pbZevghc nbevljZ
pbbg_fh`_lbkihevah\Zlvky^eynZjfZp_\lbq_kdboibs_\uobebkZgblZjguop_e_c
6.9.Bkihevah\Zgb_k`Zlh]h\ha^moZ^eyjZaebqguop_e_cihlj_[bl_eyh[mkeh\e_ghagZgb_f
bkh[ex^_gb_fghjfij_^mkfhlj_gguo\dZ`^hfbalZdbokemqZ_\
Ijbih^kh_^bg_gbbmklZgh\dbdebgbbjZkij_^_e_gbyeb[hbkihegbl_evghfmmkljhc
kl\mg_h[oh^bfhbkihevah\Zlvig_\fhZjfZlmjmbljm[hijh\h^ukhhl\_lkl\mxsbojZaf_jh\boZ
jZdl_jbklbdmkeh\gucijhoh^^Z\e_gb_bl_fi_jZlmjZ
K`Zluc\ha^moij_^klZ\ey_lkh[hcwg_j]_lbq_kdbcihlhdbihwlhfmy\ey_lkyihl_gpb
ZevghhiZkgufLjm[hijh\h^ukh^_j`Zsb_k`Zluc\ha^mo^he`gu[ulv\bkijZ\ghfkhklhygbb
bkhhl\_lkl\mxsbfh[jZahfkh_^bg_guI_j_^l_fdZdmklZgh\blvih^^Z\e_gb_]b[db_ljm[hijh
\h^ug_h[oh^bfhm[_^blvkyqlhbohdhgqZgbyijhqghaZdj_ie_gu
G_bkihevah\Zlv]b[db_ljm[hijh\h^u^eyi_j_f_s_gbybgkljmf_glh\
>eyi_j_f_s_gbymklZgh\dbiheghklvxhldexq_gghcg_h[oh^bfhbkihevah\Zlvlhev
dhj_dhf_g^m_fu_kj_^kl\Z
I_j_^gZqZehfjZ[hlug_h[oh^bfhijh\_jblv
-hlkmlkl\b_\g_rgboih\j_`^_gbc
-ijZ\bevghklvih^dexq_gbydiblZxs_ck_lbbaZa_fe_gbx
-p_ehklghklvbgZ^z`ghklvdj_ie_gbymaeh\kl_ghddhjimkZ
-p_ehklghklvbbkijZ\ghklvdeZiZgZij_^hojZgbl_evgh]hhj]Zgh\mijZ\e_gbybdhgljhey
>eyl_ogbq_kdboijh\_jhdjmdh\h^kl\h\ZlvkygZklhysbfiZkihjlhf©IjZ\beZfbmkl
jhckl\Z we_dljhmklZgh\hdª b ©IjZ\beZfb mkljhckl\Z b [_ahiZkghc wdkiemZlZpbb khkm^h\ jZ[h
lZxsboih^^Z\e_gb_fª
 Ih aZ\_jr_gbb j_fhglguo jZ[hl mklZgh\blv gZ k\hb f_klZ maeu b ^_lZeb kh[ex^Zy
ijb\dexq_gbbl_`_f_juij_^hklhjh`ghklbqlhbijbi_j\hfaZimkd_
  Ih]jmahqgh-jZa]jmahqgu_ jZ[hlu ^he`gu ijhba\h^blvky \ khhl\_lkl\bb k ljZgkihjl
ghcfZjdbjh\dhcgZlZj_
 MlbebaZpby bkihevah\Zgguo fZk_e b dhg^_gkZlh\ ^he`gZ hkms_kl\eylvky k kh[ex^_
gb_fkhhl\_lkl\mxsboghjfZlb\h\\kbemlh]hqlhwlbijh^mdluaZ]jyagyxlhdjm`Zxsmxkj_^m
IjbwdkiemZlZpbbmklZgh\db^he`gukh[ex^Zlvky©H[sb_ijZ\beZih`Zjghc[_ahiZk
ghklbJ_kim[ebdb;_eZjmkv^eyijhfure_gguoij_^ijbylbcII;J;-94»
A:IJ?S:?LKY
-ijbklmiZlvdjZ[hl_g_hagZdhfb\rbkvkgZklhysbfiZkihjlhf
-wdkiemZlbjh\ZlvmklZgh\dm[_aaZa_fe_gby\khhl\_lkl\bbkIMW
-wdkiemZlbjh\ZlvmklZgh\dmkg_bkijZ\gufbbebhldexq_ggufbmkljhckl\ZfbaZrblu
- \ghkblv dZdb_-eb[h baf_g_gby \ we_dljbq_kdmx beb ig_\fZlbq_kdmx p_ib mklZgh\db beb
bo j_]mebjh\dm < qZklghklb baf_gylv agZq_gb_ fZdkbfZevgh]h ^Z\e_gby k`Zlh]h \ha^moZ b gZ
kljhcdmdeZiZgZij_^hojZgbl_evgh]h
-\dexqZlvmklZgh\dmijbkgyluokl_gdZoh[rb\dbdhjimkZdhfij_kkhjgh]hZ]j_]ZlZ
-ijb ijh\_^_gbb l_ogbq_kdh]h h[kem`b\Zgby - ijbdZkZlvky d kbevgh gZ]j_\Zxsbfky ^_lZ
eyfdhjimkdhfij_kkhjZjZ^bZlhj^_lZebgZ]g_lZl_evgh]h\ha^mohijh\h^ZbfZkehijh\h^Zj_[
jZhoeZ`^_gbywe_dljh^\b]Zl_eyg_ihkj_^kl\_gghihke_hldexq_gbymklZgh\db
-ijbdZkZlvkydmklZgh\d_fhdjufbjmdZfbbebjZ[hlZlv\kujhch[m\b
-gZijZ\eylvkljmxk`Zlh]h\ha^moZgZk_[ybebgZoh^ysbokyjy^hfex^_c
-^himkdZlv\jZ[hqmxahgmihklhjhggboebp
- ijhba\h^blv hdjZkhqgu_ jZ[hlu \ g_ijh\_ljb\Z_fhf ihf_s_gbb beb \[ebab hldjulh]h
h]gy
- ojZgblv d_jhkbg [_gabg b ^jm]b_ e_]dh\hkieZf_gyxsb_ky `b^dhklb \ ahg_ jZaf_s_gby
mklZgh\db
- hklZ\eylv gZ ^ebl_evgh_ \j_fy [_a ijbkfhljZ g_jZ[hlZxsmx mklZgh\dm \dexq_gghc \
k_lv
-ijhba\h^blvj_fhglgu_jZ[hlugZmklZgh\d_\dexq_gghc\k_lvbebijbgZebqbb^Z\e_gby
\j_kb\_j_
-ljZgkihjlbjh\ZlvmklZgh\dmih^^Z\e_gb_f
-wdkiemZlbjh\ZlvmklZgh\dmg_ijh\_^yhq_j_^gh]hl_ogbq_kdh]hh[kem`b\Zgby

BGKLJMDPBYIHWDKIEM:L:PBB

IH>=HLH<D:DJ:;HL?
H[sb_mdZaZgby
-Hk\h[h^blvdhfij_kkhjhlih^^hgZbmiZdh\dbbm[_^blvky\hlkmlkl\bbih\j_`^_gbcbeb
y\guo^_n_dlh\Z\kemqZ_boh[gZjm`_gbyg_f_^e_gghh[jZlblvkydljZgkihjlbjh\sbdm
- Ijh\_jblv gZebqb_ iZkihjlZ b iheghlm aZiheg_gby khhl\_lkl\mxsbo _]h jZa^_eh\
gZebqb_hlf_ldbh^Zl_ijh^Z`bbrlZfiijh^Z\pZ
-HldjulvdexqhfaZ^gxxkt_fgmxiZg_ev
-Hkms_kl\blv\bamZevgucdhgljhevhlkmlkl\byl_qbfZkeZ
-Ijh\_jblvmjh\_gvfZkeZq_j_akfhljh\h_hdghfZkehmdZaZl_ey
J_dhf_g^m_lkyijbh[j_klbfZkehbkihevam_fh_\dhfij_kkhj_^ey^Zevg_cr_]hihiheg_gby
baZf_guZlZd`_aZiqZklbg_h[oh^bfu_^eyl_oh[kem`b\ZgbynbevljfZkeyguciZljhgnbevl
jZ\ha^mrgh]hnbevlj-k_iZjZlhjfZkehhl^_ebl_evj_f_gvkbeh\u_ij_^hojZgbl_eb
JZaf_s_gb_bfhglZ`
I_j_f_s_gb_ mklZgh\db hkms_kl\eylv ijb ihfhsb ih]jmaqbdZ bf_xs_]h ^ebgm ©\beª g_
f_g__  ff eb[h ^jm]bfb ih^t_fgh-ljZgkihjlgufb f_oZgbafZfb bkihevamy ^ey aZdj_ie_gby
kljhihl\_jklbyjZaf_s_ggu_gZ[hdh\uoih\_joghklyohihj
 G_l g_h[oh^bfhklb ij_^mkfZljb\Zlv ki_pbZevgh_ hkgh\Zgb_ beb nmg^Zf_gl ^hklZlhqgh
jZkiheh`blvmklZgh\dmgZjh\ghcih\_joghklb
Ihf_s_gb_ \ dhlhjhf [m^_l jZaf_sZlvky mklZgh\dZ ^he`gh [ulv ijhklhjguf ohjhrh
ijh\_ljb\Z_fuf[_aiuebaZsbs_ggufhlZlfhkn_jguohkZ^dh\
MklZgh\dZihlj_[ey_l[hevrh_dhebq_kl\h\ha^moZg_h[oh^bfh]h^ey__\gmlj_gg_c\_glb
eypbb ihwlhfm ©aZiue_gb_ª ihf_s_gby kh \j_f_g_f ijb\_^_l d gZjmr_gbx __ ghjfZevgh]h
nmgdpbhgbjh\Zgby QZklv iueb \kZku\Z_lky q_j_a \ha^mrguc nbevlj \uau\Zy _]h [ukljh_ aZ
]jyag_gb_Z^jm]ZyqZklvhk_^Z_lgZjZaebqguomaeZo\lhfqbke_bgZ\ha^mrgh-fZkeyghfjZ^bZ
lhj_aZljm^gyyh[f_gl_ieZLZdbfh[jZahfm[hjdZihf_s_gbyy\ey_lkyh^gbfbahij_^_eyxsbo
nZdlhjh\ ^ey h[_ki_q_gby ghjfZevgh]h nmgdpbhgbjh\Zgby h[hjm^h\Zgby iha\heyy ba[_]Zlv
[hevrboaZljZlgZ_]hh[kem`b\Zgb_
<GBF:GB?<kemqZ__keb\ha^moaZ]jyag_ghj]Zgbq_kdhcbebfbg_jZevghciuevxbebdhj
jh^bjmxsbfbobfbq_kdbfbiZjZfb^he`gu[ulvijbgyluke_^mxsb_f_juij_^hklhjh`ghklb
H[_ki_qvl_ih^Zqmqbklh]h\ha^moZgZ\kZku\Zgb_^ZggZyj_dhf_g^Zpbybf__lkbem_keb
bf__lkylhevdhh^ghihf_s_gb_gh\g_fba[ulhqgZy\eZ`ghklv
MklZgh\bl_^hihegbl_evgucnbevljgZ\kZku\Zgbb
>eyh[e_]q_gby^hklmiZdmklZgh\d_ijbijh\_^_gbb__l_ogbq_kdh]hh[kem`b\Zgbybkha^Z
gby^hklZlhqgh]h\ha^mohh[f_gZg_h[oh^bfhh[_ki_qblv\hdjm]g__^hklZlhqgh_ijhkljZgkl\h
G_h[oh^bfhqlh[uihf_s_gb_bf_eh^hklmiu^ey\g_rg_]h\ha^moZ\[ebabiheZbihlhedZ
kp_evxh[_ki_q_gby_kl_kl\_ggh]h\ha^mohh[f_gZ?kebwlhg_\hafh`ghg_h[oh^bfhmklZgh\blv
\_glbeylhjubeb\uly`dbdhlhju_]ZjZglbjmxl\ha^mohh[f_ggZij_\urZxsbch[t_f\ha
^moZg_h[oh^bfuc^eyhoeZ`^_gby
Ihke_\u[hjZf_klZjZaf_s_gbyg_h[oh^bfhm[_^blvkyqlh
-mklZgh\dZjZkiheh`_gZ]hjbahglZevgh
-bf__lkyk\h[h^guc^hklmi^eyijh\_^_gbyLH
L_fi_jZlmjZhdjm`Zxs_ckj_^u
>ey ghjfZevgh]h nmgdpbhgbjh\Zgby mklZgh\db g_h[oh^bfh qlh[u l_fi_jZlmjZ hdjm`Zx
s_ckj_^ug_[ueZgb`_ƒKb\ur_ƒKJZ[hlZijb[he__gbadhcl_fi_jZlmj_fh`_lijb\_k
lb d jZa^_e_gbx dhg^_gkZlZ \ kbkl_f_ b i_j_f_rb\Zgbx \h^u k fZkehf dhlhjh_ ihl_jyeh [u
k\hbk\hckl\Zg_]ZjZglbjmyh[jZah\Zgb_h^ghjh^gh]hkehykfZadbf_`^m\jZsZxsbfbkyqZkly
fbbkha^Z\ZyhiZkghklvaZdebgb\ZgbyDjhf_lh]hwe_dljhh[hjm^h\Zgb_mklZgh\dbg_]ZjZglbjm
_ljZ[hlhkihkh[ghklvijb[he__gbadbol_fi_jZlmjZo
WdkiemZlZpby h[hjm^h\Zgby ijb l_fi_jZlmjZo ij_\urZxsbo fZdkbfZevgh_ agZq_gb_ g_
h[_ki_qb\Z_lghjfZevgucl_iehh[f_gbhoeZ`^_gb_fZkeZ\kbkl_f_qlhlZdbfh[jZahfih\urZ
_ll_fi_jZlmjmnmgdpbhgbjh\Zgbyb\uau\Z_lkjZ[Zlu\Zgb_l_jfhaZsbludhlhjZy[ehdbjm_ljZ
[hlm mklZgh\db \ k\yab k i_j_]j_\hf kf_kb \ha^mofZkeh gZ \uoh^_ \bglh\hc ]jmiiu FZdkb
fZevgZyl_fi_jZlmjZhij_^_ey_lkyijbjZ[hlZxs_fdhfij_kkhj_
7.1.4.We_dljhiblZgb_
>himklbfu_dhe_[ZgbygZijy`_gbyk_lb^he`gukhhl\_lkl\h\Zlv^ZggufmdZaZgguf\iZk
ihjl_
Ebgbywe_dljhiblZgby^he`gZhl\_qZlv\k_fghjfZf[_ahiZkghklbbbf_lvk_q_gb_ijh\h^Z
khhl\_lkl\mxs__ihlj_[ey_fhcfhsghklb<k_we_dljbq_kdb_kh_^bg_gby^he`guijhba\h^blvky
l_ogbq_kdbfki_pbZebklhf
AZsblgucijh\h^gbd -J?^he`_g[ulvkh_^bg_gkh]eZkghIMW]eZ\Z
H[yaZl_evghlj_[m_lky\dexq_gb_\k_l_\mxebgbx^hmklZgh\dbZ\lhfZlbq_kdh]h
\udexqZl_eygZg :
Ljm[hijh\h^u
>bZf_ljljm[hijh\h^h\k_lbg_^he`_g[ulvf_gvr_^bZf_ljZ\uoh^gh]hrlmp_jZ
 <GBF:GB? Ijb ih^kh_^bg_gbb d k_l_\hfm ljm[hijh\h^m g_h[oh^bfh ijb^_j`b\Zlv
dexqhf6 ff\uoh^ghcrlmp_j\hba[_`Zgb_ihehfdb\uoh^gh]h\ha^mohijh\h^Zdhfij_k
khjghcmklZgh\db
Ih\lhjgh_bkihevah\Zgb_\u^_ey_fhcl_ieh\hcwg_j]bb
J_dhf_g^m_lky mklZgh\e_gb_ kbkl_f ijb_fh-i_j_^Zqb l_ieh\hc wg_j]bb ]hjyq_]h \_glbey
pbhggh]h\ha^moZ^eyh[h]j_\Zihf_s_gbcbeb^jm]bop_e_c
<Z`ghqlh[uk_q_gb_ijb_fgbdZhkms_kl\eyxs_]hhl[hjl_ieZ[ueh[hevr_kmffuk_q_
gbc hl\_jklbc \_jog_c djurdb mklZgh\db g_h[oh^bfh kgZ[^blv lZd`_ h[hjm^h\Zgb_ kbkl_fhc
ijbgm^bl_evgh]h\kZku\Zgby\_glbeylhj^eyh[_ki_q_gbyihklhyggh]hihlhdZ
IjbfhglZ`_ijb_fgbdZl_ieZg_h[oh^bfhij_^mkfhlj_lv\hafh`ghklv^_fhglZ`Z\_jog_c
djurdbmklZgh\db^eyijh\_^_gbyl_ogbq_kdh]hh[kem`b\Zgby
<k_hi_jZpbbihmklZgh\d_baZimkdm^he`guhkms_kl\eylvkyki_pbZebklhfhl\_lkl\_gguf
aZh[kem`b\Zgb_mklZgh\db
IHJY>HDJ:;HLU
I_j\ucimkd
Ih^dexq_gb_dk_lbhkms_kl\ey_lkyijbihfhsbZ\lhfZlbq_kdh]h\udexqZl_eymklZgZ\eb\Z_fh
]h f_`^m jZkij_^_ebl_evguf imgdlhf b dhfij_kkhjghc mklZgh\dhc - aZ]hjZ_lky dhgljhevgZy
eZfihqdZ[_eh]hp\_lZ©K?LVª>ey\uiheg_gbyimkdZke_^m_lgZ`Zlvdghidm:-©IMKDª
<GBF:GB?ij_`^_q_f\uihegylvi_j\ucimkdg_h[oh^bfh
-hagZdhfblvkykkbkl_fZfbbmaeZfbba^_eby
ijb i_j\hf aZimkd_ m^hklh\_jblvky qlh gZijZ\e_gb_ \jZs_gby \ZeZ dhfij_kkhjZ khhl\_lkl\m_l
klj_ed_ mdZaZgghc gZ dhjimk_ dhfij_kkhjZ Z gZijZ\e_gb_ ihlhdZ \ha^moZ hl jZ^bZlhjZ gZjm`m
\\_joIjbg_ijZ\bevghfih^dexq_gbbnZa-dhfij_kkhjg_\dexqblkylZddZd\we_dljbq_kdhc
p_ibmklZgh\e_ghj_e_-dhgljhee_jhq_j_^ghklbnZa
-g_h[oh^bfhqlh[u\_glbeypbyhkms_kl\eyeZkv\khhl\_lkl\bbkj_dhf_g^Zpbyfb
-\k_iZg_ebmklZgh\db^he`gu[ulvgZ^_`ghaZdj_ie_gu
-i_j_^i_j\hgZqZevgufaZimkdhfdhfij_kkhjZbihke_^ebl_evguoi_j_ju\h\g_h[oh^bfh
hkms_kl\blvij_ju\bklh_\dexq_gb_gZ`Zlb_fihi_j_f_gghdghihd©IMKDª-©KLHIª-jZaZ
k bgl_j\Zehf g_ ij_\urZxsbf - k_dmg^ AZl_f ke_^m_l ^Zlv ihjZ[hlZlv mklZgh\d_ \ l_q_gb_
g_kdhevdbofbgmlkiheghklvxhldjuluf\ha^mrgufdjZghfgZ\uoh^_ijbhldexq_gghcfZ]b
kljZebIhkl_i_gghaZdju\Zlv\ha^mrgucdjZgbhkms_kl\eylvaZ]jmadm^hfZdkbfZevgh]h^Z\e_
gbydhgljhebjmygZ[hj^Z\e_gbynmgdpbhgbjh\Zgb_j_e_^Z\e_gby
-gZ^ZgghfwlZi_lZd`_ijh\_jblvqlh[ujZ[hlZdhfij_kkhjZgZohehklhfoh^mijbhlkml
kl\bbihlj_[e_gby\ha^moZijh^he`ZeZkvhdhehfbgmlIhbkl_q_gbbwlh]h\j_f_gbmklZgh\dZ
hklZgZ\eb\Z_lkybi_j_oh^bl\j_`bf©KLHIªhldexqZ_lkywe_dljh^\b]Zl_ev
- hldjulv \uoh^ghc \ha^mrguc djZg k_lb b ih^h`^Zlv Z\lhfZlbq_kdh]h \dexq_gby j_e_
^Z\e_gby iZ^_gb_ ^Z\e_gby ijb[ebabl_evgh gZ  Zlf hl fZdkbfZevgh]h jZ[hq_]h ^Z\e_gby J
PD[ dhlhjh_ aZdjh_l deZiZg we_dljhfZ]gblguc ohehklh]h oh^Z - \gmlj_ggbc k[jhk b hldjh_l
deZiZg\kZku\ZxsbcDhfij_kkhji_j_c^_l\j_`bf-©J:;HL:ª
<GBF:GB?^eywnn_dlb\ghcbgZ^_`ghcjZ[hludhfij_kkhjZj_dhf_g^m_lkygZi_jbh^
h[dZldbi_j\u_aqZkh\jZ[hluihkq_lqbdmh[_ki_qblvj_`bf_]hgZ]jmadba-75%
hlfZdkbfZevghc
DhgljhevbmijZ\e_gb_\ijhp_kk_jZ[hlu
MklZgh\dZi_j_dexqZ_lky\j_`bf©KLHIª- 2-fykihkh[Zfb
Z:<LHF:LBQ?KDBC
[JMQGHCijbihfhsbgZ`Zlbydghidb:
ZIjb^hklb`_gbbaZ^Zggh]hfZdkbfZevgh]h^Z\e_gbyj_e_^Z\e_gby\u^Z_lmijZ\eyxsbc
kb]gZegZhldjulb_deZiZgZwe_dljhfZ]gblgh]hbmklZgh\dZZ\lhfZlbq_kdbi_j_dexqZ_lkygZoh
ehklhcj_`bfjZ[hlu–ijbwlhfdeZiZg\kZku\Zxsbci_j_djulbdhfij_kkhjjZa]jm`_gIjb
kgb`_gbb^Z\e_gby^haZ^Zggh]hfbgbfZevgh]hj_e_^Z\e_gby\u^Z_lmijZ\eyxsbckb]gZegZ
aZdjulb_deZiZgZwe_dljhfZ]gblgh]h–ijhbkoh^blgZ[hj^Z\e_gby
<:<LHF:LBQ?KDHFj_`bf_djhf_jZ[hlugZohehklhfoh^mbih^gZ]jmadhc–ij_^m
kfhlj_ghlZd`_b\j_f_ggh_hldexq_gb_mklZgh\db\kemqZ_ij_djZs_gbyihlj_[e_gbyk`Zlh]h
\ha^moZkhklhjhguihlj_[bl_eyKhklhygb_h`b^ZgbyZdlb\babjm_lkylhevdh\lhfkemqZ__keb
dhfij_kkhjjZ[hlZ_l\ohehklmx\l_q_gb_[he__fbgmlDhfij_kkhjhklZ_lky\wlhfkhklhygbb
^hl_oihjihdZ^Z\e_gb_g_kgbablvkygZ\_ebqbgm¨3^h-0,2 FiZhljZ[hq_]h^Z\e_gby
[<udexq_gb_mklZgh\dbhkms_kl\ey_lky\jmqgmx-gZ`Zlb_fdghidb:-©KLHIª\j_`b
f_-©Ohehklhcoh^ªb\udexq_gb_fZ\lhfZlbq_kdh]h\udexqZl_ey\\h^gh]h\udexqZl_eyk_lb
\iheh`_gb_
 L?OGBQ?KDH?H;KEM@B<:GB?

IjZ\bevgh_h[kem`b\Zgb_y\ey_lkyh^gbfbahkgh\guomkeh\bcijh^he`bl_evghcjZ[hlu
mklZgh\db
L_ogbq_kdh_h[kem`b\Zgb_mklZgh\dbaZdexqZ_lky\ihklhygghfgZ[ex^_gbbaZjZ[hlhc__
f_oZgbafh\ijh\_jd_l_ogbq_kdh]hkhklhygbyhqbkld_bl^
L_ogbq_kdh_h[kem`b\Zgb_mklZgh\dbih^jZa^_ey_lkygZ
-_`_kf_ggh_l_ogbq_kdh_h[kem`b\Zgb_\uihegy_fh_\l_q_gb_jZ[hq_ckf_gu?H
-ieZgh\h_l_ogbq_kdh_h[kem`b\Zgb_LH\uihegy_fh_q_j_aijhf_`mldb\j_f_gbqZku
jZ[hlukh]eZkghlZ[ebp_

LZ[ebpZ

I_jbh^bqghklvdhgljhey
GZbf_gh\Zgb_h[kem`b\Z_fh GZjZ[hldZ^h
]hwe_f_glZ aZf_guqZkh\ Lj_of_kyq
G_^_evguc F_kyqguc
guc
FZkeh 3000 
NbevljfZkeyguc 3000
Nbevljk_iZjZlhjZ 3000
Nbevlj\ha^mrguc 1500-3000
JZ^bZlhj -
IjhdeZ^db\k_okh_^bg_gbc -
Iehlghklvkh_^bg_gbcfZkehb
\ha^mohijh\h^h\
-

<GBF:GB?I_j_^\uiheg_gb_fdZdbo-eb[hhi_jZpbcgZ^mklZgh\dhcg_h[oh^bfhhl
dexqblv__hlk_lbwe_dljhiblZgby
<GBF:GB?G_dhlhju_\gmlj_ggb_^_lZebmklZgh\dbfh]mlgZ]j_\Zlvky^h\ukhdbol_f
i_jZlmj
?`_kf_ggh_l_ogbq_kdh_h[kem`b\Zgb_
IjbjZ[hlZxs_cmklZgh\d_
-ijh\_jvl_g_lebihklhjhggbormfh\bklmdh\Ijbboh[gZjm`_gbbhldexqbl___^hmk-
lZgh\e_gbyijbqbgubmkljZg_gbyg_bkijZ\ghklb
-ijh\_jvl_ihdZaZgbybjZ[hlmijb[hjh\bZiiZjZlmju
-ijh\_jvl_]_jf_lbqghklv\ha^mohijh\h^h\bbokh_^bg_gb_
ijh\_jvl_iehlghklvijbe_]ZgbyiZg_e_ch[rb\dbdhjimkZdhfij_kkhjZg_iehlgh_ijbe_]Zgb_
iZg_e_cijb\h^bldml_qd_hoeZ`^Zxs_]hihlhdZ\ha^moZbdZdke_^kl\b_dih\ur_gbxl_fi_jZ
lmjufZkeZ\jZ[hq_fdhglmj_dhfij_kkhjZ
Ihke_hldexq_gbymklZgh\db
-k[jhkvl_ba[ulhqgh_^Z\e_gb_\j_kb\_j_
-ke_cl_dhg^_gkZlbaj_kb\_jZbnbevljh\-\eZ]hhl^_ebl_e_c
-hkfhljbl_mklZgh\dmijh\_jvl_g_lebl_qbfZkeZbakh_^bg_gbcIjbh[gZjm`_gbbmkl
jZgbl___Ijhdhgljhebjmcl_mjh\_gvfZkeZ
Ihke_i_j\uo-lbqZkh\jZ[hlu
-\uihegbl_h[sbcdhgljhevfZkeZ\ha^mrgh]hnbevljZkhklhygb_jZ^bZlhjZijhqghklv
dj_ie_gbymaeh\bZ]j_]Zlh\gZly`_gb_j_fgybl^
 IeZgh\h_l_ogbq_kdh_h[kem`b\Zgb_
<GBF:GB? < kemqZ_ \f_rZl_evkl\Z LH beb \g_ieZgh\uc j_fhgl g_h[oh^bfh hldex
qZlvwe_dljhiblZgb_mklZgh\dbijbihfhsbZ\lhfZlbq_kdh]h\udexqZl_ey©:ªbhldexq_gb_fhl
k_lbiblZgby
I_j_^hldju\Zgb_fkt_fghcaZ^g_ciZg_ebdhjimkZmklZgh\dbg_h[oh^bfhm[_^blvkyqlh
-\udexqZl_evgZoh^blky\iheh`_gbb©Hª-<udexq_gh
-dhfij_kkhjbj_kb\_jjZa]jm`_gu-ihihdZaZgbyffZghf_ljh\^Z\e_gb_jZ\gh©ª

G:LY@?GB?BA:F?G:J?FGY

Ihke_i_j\uoqZkh\Z\^Zevg_cr_f-q_j_adZ`^u_qZkh\ke_^m_ldhgljhebjh\ZlvgZly
`_gb_j_fgybijbg_h[oh^bfhklbih^ly]b\Zlv_]hijbihfhsbki_pbZevgh]hj_]meylhjZgZly`_
gbyj_fgyAZf_gmj_fg_cijhba\h^bl_ihg_h[oh^bfhklbghg_j_`_q_fq_j_adZ`^u_qZ
kh\jZ[hlu

GZly`_gb_j_fg_c
I_j_^ZqZfhsghklbhkms_kl\ey_lkyaZkq_lkbeulj_gbykms_kl\mxs_cf_`^mj_abghcj_fgyb
f_lZeehf rdb\Z >ey ghjfZevgh]h nmgdpbhgbjh\Zgby g_h[oh^bfh kh[ex^_gb_ ^\mo mkeh\bc
qbklhlZ b gZly`_gb_ j_fg_c QbklhlZ ^he`gZ kh[ex^Zlvky lZdbf h[jZahf qlh[u mkljZgblv ex
[u_ ke_^u kfZadb gZ dhglZdlguo ih\_joghklyo j_fgy b rdb\Z qlh fh`_l \hagbdgmlv ijb g_bk
ijZ\ghklb \gmlj_ggbo qZkl_c h[hjm^h\Zgby GZly`_gb_ j_fgy ^he`gh dhgljhebjh\Zlvky ihke_
mklZgh\dbbi_jbh^bq_kdb\h\j_fyjZ[hluba^_eby\qZklghklbihke_i_j_ju\h\\jZ[hl_Hij_
^_e_gb_\_ebqbguijh]b[Z^he`ghhkms_kl\eylvkykihfhsvx^bgZfhf_ljZbrgmjZ
 LJ:GKIHJLBJH<:GB?BOJ:G?GB?

LjZgkihjlbjh\Zgb_
9.1.1.LjZgkihjlbjh\Zgb_mklZgh\db^he`ghijhba\h^blvkylhevdh\aZdjulhfljZgkihjl_
MklZgh\dZ^he`gZ[ulvaZdj_ie_gZgZih^^hg_bij_^hojZg_gZljZgkihjlbjh\hqghclZjhc
9.1.2.MklZgh\dmke_^m_lojZgblv\aZdjuluoihf_s_gbyoijbl_fi_jZlmj_hliexk^h
iexkƒKbhlghkbl_evghc\eZ`ghklbg_[he__
Kh^_j`Zgb_iuebiZjh\dbkehlbs_ehq_cZ]j_kkb\guo]Zah\b^jm]bo\j_^guoijbf_k_c\ih
f_s_gbyo]^_ojZgblkydhfij_kkhjg_^he`ghij_\urZlvkh^_j`Zgb_dhjjhabhggh-Zdlb\guo
Z]_glh\^eyZlfhkn_ju,ih=HKL
9.1.3.MiZdh\dZdhfij_kkhjguomklZgh\hd\uihegy_lkykmq_lhfmkeh\bcihklZ\dbb\aZ\b
kbfhklbhlgZagZq_gby
9.1.4.<ex[hfkemqZ_^eyi_j_f_s_gbyke_^m_lijh\_jblv\gZklhys_fjmdh\h^kl\_fZkkm
b]Z[Zjblgu_jZaf_jubijbihfhsbki_pbZevguokj_^kl\ih^gbfZlv__kaZo\Zlhfih^^hgZ<
kemqZ_ljZgkihjlbjh\ZgbymklZgh\dbijbihfhsbih]jmaqbdZg_h[oh^bfhqlh[u\beu[uebjZk
iheh`_gudZdfh`ghrbj_\hba[_`Zgb___iZ^_gbc
OjZg_gb_
9.2.1.>eyojZg_gbymiZdh\Zggu_mklZgh\db^he`gu[ulvihf_s_gu\ijhoeZ^gh_bkmoh_
ihf_s_gb_bg_ih^\_j]Zlvkyg_[eZ]hijbylgufZlfhkn_jguf\ha^_ckl\byf
M^Ze_gb_gZi_j_jZ[hldm
9.3.1.AZij_sZ_lky\u[jZku\Zlvbk`b]Zlv\hdjm`Zxs_ckj_^_miZdh\dmieZklfZkkmbeb
^j_\_kbgmfbg_jZevgu_fZkeZnbevlju-k_iZjZlhjufZkehhl^_eyxsb_nbevljufZkeygu_
nbevlju\ha^mrgu_miehlg_gbyKe_^m_lk^Z\Zlvbo\ki_pbZevgu_f_klgu_p_gljuihi_j_jZ
[hld_hloh^h\
 G?BKIJ:<GHKLBBF?LH>UBOMKLJ:G?GBY

GZebqb_ <hafh`gu_ Kihkh[u

G_bkijZ\ghklb
Bg^bdZpbb Ijbqbgu MkljZg_gby
MklZgh\dZg_\dex Hlkmlkl\m_l -Hlkmlkl\m_lgZijy`_gb_iblZgby -Ijh\_jblvp_ivib
qZ_lky hkeZ[ebde_ffuijh\h^h\ lZgby
-:\lhfZlbq_kdbc\udexqZl_evgZ
oh^blvky\iheh`_gbb "0" –\udex -<dexqblv
q_gh
K_lv–[_eh]h -AZ[ehdbjh\Zg]jb[hddghidbZ\Z-Ih\_jgmlv\ijZ\h
p\_lZj_`bf- jbcgh]hhldexq_gby ^hs_eqdZ
JZ[hlZ -MklZgh\dZgZoh^blvkyih^^Z\e_-Ijh\_jblv\_ebqbgm
gb_fj_e_^Z\e_gbykbkl_fui_j_^Z\e_gbyih^h`^bl_
dexq_gby\j_`bfJZ[hlZ ihdZg_gZqg_lkyih
ij_ju\Z_lp_iv lj_[e_gb_\ha^moZb
^Z\e_gb_g_miZ^_l
gZ 0,2 FIZhlJfZo
-G_bkijZ\ghj_e_^Z\e_gby -Ijh\_jblvijbg_
h[oh^bfhklbaZf_
gblv
Ij_\ur_gb_l_f -L_fi_jZlmjZfZkeZ\ur_ghjfu -Ih^h`^bl_ihdZ
i_jZlmju - ƒK hklug_l^hƒKIh
djZkgh]hp\_lZ \lhjbl_imkd
K_lv-[_eh]h -G_bkijZ\_gl_fi_jZlmjguc^Zlqbd -Ijh\_jblvijbg_
p\_lZ h[oh^bfhklb –aZf_
gblv
:\Zjbywe_dljh -KjZ[hlZehl_ieh\h_j_e_aZsblu -Gbadh_gZijy`_gb_
^\b]Zl_ey –`_e we_dljh^\b]Zl_ey k_lbbebh[ju\h^ghc
lh]hp\_lZK_lv banZa
-[_eh]hp\_lZ -G_bkijZ\_gbdh
jhldhaZfdgml^\b]Z
l_ev
G_ijZ\bevghhlj_]mebjh\Zghbeb Ijh\_jblvbebaZf_
g_bkijZ\ghl_jfhj_e_ gblv
- Ijh\_jblvbhlj_
]mebjh\ZlvIjbg_
h[oh^bfhklb -aZf_
gblv
-Ij_\ur_gb_l_fi_jZlmjuhdjm -M\_ebqvl_\_glbey
`Zxs_]h\ha^moZ\ur_ƒK pbx\gmljbihf_s_
gbyIjbkgb`_gbb
l_fi_jZlmju – Z\lh
fZlbq_kdbhldex
qblvkyaZrblZ – eZf
ihqdZih]Zkg_lIh
\lhjbl_\dexq_gb_
Dhfij_kkhjaZimk K_lv-[_eh]h -KebrdhfgbadZyl_fi_jZlmjZ -GZ]j_cl_ihf_s_
dZ_lkykljm^hf p\_lZj_`bf ihf_s_gby gb_
JZ[hlZ -KdZqdbgZijy`_gbyk_lb -Ijh\_jvl_
-Kebrdhf]mklh_fZkehihijb -Hkms_kl\bl_aZf_
qbg_klZj_gby gmfZkeZbiZljhgZ
nbevljZfZkeygh]h
<ukhdZyjZ[hqZy Ij_\ur_gb_ -G_^hklZlhqgZy\_glbeypbyih -M\_ebqvl_\_glb
l_fi_jZlmjZfZkeZ l_fi_jZlmju - f_s_gby eypbx\gmljbih
djZkgh]hp\_lZ f_s_gby
-J_pbjdmeypby]hjyq_]h\ha^moZ -Ijh\_jvl_iheh`_
gb_mklZgh\db
-G_iehlgh_ijbe_]Zgb_iZg_e_c -Ijh\_jblvmiehl
h[rb\dbdhjimkZ gbl_eviZg_e_c
ih^`Zlv\bgluijh
\_jblvaZfdbkt_f
ghciZg_eb
-AZ]jyag_guih\_joghklbjZ^bZ -Hqbklbl__]hkhhl
lhjZ \_lkl\mxsbfh[jZ
ahf
-G_ih^oh^bllbifZkeZih\u -AZf_gbl_fZkehgZ
r_ggZyiehlghklvFZkehhljZ[h j_dhf_g^m_fh_
lZehk\hckjhd
-Kebrdhfgbadbcmjh\_gvfZkeZ -<uihegbl_
^haZijZ\dmfZkehf
-G_bkijZ\_gl_jfhklZl -AZf_gbl_qm\kl\b
l_evgucwe_f_gl
bebl_jfhklZl
-AZ]jyag_gfZkeygucnbevlj -AZf_gbl_nbevlj
Dhfij_kkhjg_i_ JZ[hlZ[_eh]h -G_bkijZ\_gwe_dljhfZ]gblguc -Ijh\_jvl_dZlmrdm
j_dexqZ_lky\j_ p\_lZ deZiZgohehklh]hoh^Z we_dljhdeZiZgZ
`bfJZ[hlZb p_iviblZgby
^Z\e_gb_g_ih -JZaj_]mebjh\Zgh\j_fyaZ^_j`db -Ijh\_jvl_\j_fy
\urZ_lky lZcf_jh\ mklZgh\e_ggh_gZ
lZcf_jZoL-k_d
L - 5fbg
-G_bkijZ\_gwefZ]gblgucdeZiZg -Ijh\_jblvhlkml
[ehdZ\kZku\Zxs_]h kl\b_ihlhdZ\ha^m
oZq_j_awefZ]g
deZiZg\\ha^mrguc
nbevlj\j_`bf_
JZ[hlZIjbg_h[
oh^bfhklbwe_dljh
fZ]gblgucdeZiZg
deZiZg\kZku\Zx
sbcaZf_gblv
-AZiue_g\ha^mrgucnbevlj -AZf_gbl_bebhqb
klbl_nbevlj
MklZgh\dZih\lhj -GZjmr_gZj_]mebjh\dZj_e_ Ijh\_jvl_jZ[hlmb
ghaZimkdZ_lky ^Z\e_gby gZkljhcdmj_e_
ij_`^_q_fk[jZ ^Z\e_gby
ku\Z_l^Z\e_gb_
MklZgh\dZg_i_ JZ[hlZ[_eh]h -G_bkijZ\ghj_e_^Z\e_gby -Ijh\_jblvkjZ[Z
j_oh^bl\j_`bf p\_lZ lu\Zgb_j_e_^Z\e_
Ohehklhcoh^ gby -ijbJfZo
Ijbg_h[oh^bfhklb
-aZf_gblv
-G_bkijZ\_gdeZiZgohehklh]hoh -Ijbg_h[oh^bfh
^Z klb-aZf_gblv
MklZgh\dZg_hl JZ[hlZ[_eh]h -JZaj_]mebjh\Zgh\j_fyaZ^_j`db -Ijh\_jblv\j_fy
dexqZ_lky\Z\lh p\_lZ hldexq_gbywe_dljh^\b]Zl_ey mklZgh\e_ggh_gZ
fZlbq_kdhfj_`b lZcf_j_La
f_jZ[hlZ_l\j_ fbg\dexq_gb_
`bf_Ohehklhc lZcf_jZ-ihkb]gZem
oh^ gZlZcf_j_
Ijbg_h[oh^bfhklb
aZf_gblv
MklZgh\dZi_j_oh JZ[hlZ[_eh]h -GZjmr_gZj_]mebjh\dZj_e_ -Hlj_]mebjh\Zlv
^bl\j_`bfOh p\_lZ ^Z\e_gbyihJfZo
ehklhcoh^ij_` -G_bkijZ\ghj_e_^Z\e_gby -Ijh\_jblvaZf_
^_q_f^hklb]g_l gblv
JfZobebih\lhj -AZkhj_gdZjljb^`iZljhgfZk -AZf_gbl_
ghaZimkdZ_lky ehhl^_eyxs_]hnbevljZ
ij_`^_q_fk[jh -Ijhbkoh^bl^h\hevghqZkluc -M\_ebqvl_\j_fy
kblv^Z\e_gb_ imkd^\b]Zl_ey ohehklhcjZ[hlu
Ijbkmlkl\b_fZkeZ -Ml_qdb\rlmp_jZokh_^bg_gbyo -Ijh\_jvl_miehl
\gmljbdhjimkZ fZkehijh\h^h\ g_gbyaZ`fbl_
mklZgh\db rlmp_ju
Ih\ur_ggucjZk -G_bkijZ\ghklv\kbkl_f_k_iZjZ -Ijh\_jvl_iZljhg
oh^fZkeZ pbb\ha^mo -fZkeh fZkehhl^_eyxs_]h
nbevljZ-k_iZjZlhjZ
ljm[hijh\h^\ha\jZ
lZfZkeZIjbg_h[
oh^bfhklb-aZf_gb
l_
-G_^himklbfhgbadbcmjh\_gv ->he_cl_beb
fZkeZ aZf_gbl_fZkeh
-DeZiZgfbgbfZevgh]h^Z\e_gby -<uihegbl_ih
hlj_]mebjh\ZggZkebrdhfgbadh_ \lhjgmxdZeb[jh\dm
agZq_gb_ bebaZf_gbl_
-AZkhj_giZljhgfZkehhl^_eyx -AZf_gbl_
s_]hnbevljZ-k_iZjZlhjZ
Ij_^hojZgbl_ev -Ij_^hojZgbl_evgucdeZiZgg_ -AZf_gbl_
gucdeZiZgfZkey bkijZ\_g
gh]hj_kb\_jZ -JZaj_]mebjh\Zghj_e_^Z\e_gby -Hlj_]mebjmcl_
kljZ\eb\Z_l\ha^mo JfZo-kh]eZkgh^Zg
kfZkehf guoiZkihjlZ
-AZ]jyag_gdZjljb^`iZljhg -AZf_gbl_
fZkehhl^_eyxs_]hnbevljZ-
k_iZjZlhjZ
IjbjZ[hl_dhf IjhkdZevau\Zgb_j_fgyihijbqb HqbklblvIh^ly
ij_kkhjZijhkem g__]haZ]jyag_gbybebijhkeZ[e_ gmlvj_f_gv^eyq_
rb\Z_lkyoZjZd gby ]hhkeZ[blv[hel
l_jguca\md dj_ie_gbygZly`gh
ibkdkhklhjh ]hjhebdZbdexqhf
guwe_dljh^\b]Z ijh\_jgmlv\bglgZ
l_ey ly`bl_eyIhke_q_
]h[heldj_ie_gby
jhebdZaZlygmlv
 K<?>?GBYHKH>?J@:GBB>J:=F?L:EEH<

KieZ\uk_j_[jZ-]

=:J:GLBBBA=HLH<BL?EY

 Ij_^ijbylb_ ba]hlh\bl_ev ]ZjZglbjm_l khhl\_lkl\b_ mklZgh\db ihdZaZl_eyf mdZaZg

guf\gZklhys_fiZkihjl_ijbmkeh\bbkh[ex^_gbyihlj_[bl_e_fijZ\bewdkiemZlZpbbojZg_
gbybljZgkihjlbjh\Zgby
=ZjZglbcguckjhdwdkiemZlZpbb- f_kyp_\kh^gyijh^Z`bmklZgh\dbkhlf_ldhc\
iZkihjl_bebqZkh\gZjZ[hldbghg_[he__f_kyp_\kh^gy\uimkdZ
=ZjZglbcgu_h[yaZl_evkl\Zg_jZkijhkljZgyxlkygZkf_ggu_aZiZkgu_qZklbaZf_gZdhlh
juo\i_jbh^^_ckl\by]ZjZglbbij_^mkfhlj_gZj_]eZf_glhfijh\_^_gbyl_ogbq_kdh]hh[kem`b
\Zgby
 Ijb ihdmid_ mklZgh\db lj_[mcl_ ZddmjZlgh]h b lhqgh]h aZiheg_gby ]jZn jZa^_eZ 
gZklhys_]hiZkihjlZ
-^ZlZijh^Z`b
-j_d\babluIjh^Z\pZ
-i_qZlvrlZfiIjh^Z\pZ
IhdmiZl_evl_jy_lijZ\hgZ]ZjZglbcgh_h[kem`b\Zgb_\kemqZyo
-ml_jbiZkihjlZ
-g_aZiheg_ggh]hiheghklvxjZa^_eZgZklhys_]hiZkihjlZ
- gZebqby f_oZgbq_kdbo b ^jm]bo ih\j_`^_gbc \ke_^kl\b_ gZjmr_gby lj_[h\Zgbc mkeh\bc
wdkiemZlZpbbijZ\beljZgkihjlbjh\ZgbybojZg_gby
 Ih \hijhkZf ]ZjZglbcgh]h h[kem`b\Zgby ijbh[j_l_gby kf_gguo b aZiZkguo qZkl_c
h[jZsZcl_kvd^be_jmij_^ijbylby-ba]hlh\bl_eyIjh^Z\pm
GZbf_gh\Zgb_ij_^ijbylby-ba]hlh\bl_ey
A:H©J?F?A:ªJ_kim[ebdZ;_eZjmkv]Jh]Zq_\meImrdbgZ^l_e-24849;
nZdk-14320.
 K<B>?L?EVKL<HHIJB?FD?BMI:DH<U<:GBB

Dhfij_kkhjgZymklZgh\dZ<D- _____________BBBaZ\‹BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ijhba\h^bl_evghklvxBBBBBBBBBBBBBBBBBBBBBBBBBBefbg
jZ[hq__^Z\e_gb_fZdkBBBBBBBBBBBBBBBBBBBBBBBBBFIZ
mdhfie_dlh\ZgZ
dhfij_kkhj SCA 10 DaZ\‹BBBBB_______________________;
we_dljh^\b]Zl_evRA200LA2aZ\‹BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
jZ^bZlhjRNS6.00.02aZ\‹BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
fZkeygucj_kb\_jBBBBBBBBBBBBBBBeaZ\‹BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
___________________________________________________________________________________

khhl\_lkl\m_llj_[h\Zgbyfl_ogbq_kdhc^hdmf_glZpbbbijbagZgZ]h^ghcdwdkiemZlZpbb

MiZdh\dmijhba\zeB________________
>ZlZ\uimkdZBBBBBBBBBBBBBBBBBBBB]
Hlf_ldZHLDBBBBBBBBBBBBBBBBBBBBB FI

Ij_^ijh^Z`gZyih^]hlh\dZijhba\_^_gZ
>ZlZijh^Z`bBBBBBBBBBBBBBBBBBBBBB]
J_d\babluijh^Z\pZ_______________________

__________________________________________ FI