$ $ .
'E=KB9? *OUSPEVedP 4hNCPMPT VTBEPT OFTUF NBOVBM 4PCSF FTUF .
*/165 3&%6/%"/$: -0"% .
*OUSPEVedP >DB?4EON? "HSBEFDFNPT QPS DPNQSBS P BNQMJGJDBEPS EF QPUgODJB EB TfSJF 1$ % %* EB :BNBIB DPOTVMUF B UBCFMB EF MJOIB EF QSPEVUPT BCBJYP &TUF QSPEVUP f VN BNQMJGJDBEPS EF QPUgODJB VTBEP FN JOTUBMBejFT GJYBT DPNP VN BVEJUiSJP PV JHSFKB PV FN EJTDVSTPT PV FWFOUPT BP WJWP JOUFSOPT PV BP BS MJWSF &TUF NBOVBM EF PQFSBedP EFWF TFS MJEP QFMP JOTUBMBEPS PV QFMP QSPKFUJTUB EF TJTUFNBT &MF USB[ FYQMJDBejFT TPCSF BT DPOGJHVSBejFT F B JOTUBMBedP 1BSB BQSPWFJUBS BP NaYJNP BT EJWFSTBT GVOejFT EFTU
*OUSPEVedP 1B13D5BRCD931C m "NQMJGJDBEPS EF QPUgODJB EF RVBUSP DBOBJT DPN BMUB RVBMJEBEF EF aVEJP F BMUB QPUgODJB m &RVJQBEP DPN VNB WBSJFEBEF EF GVOejFT EF QSPDFTTBNFOUP EF TJOBM DPNP 1&2 F GJMUSP '*3 m 'VOedP NBUSJ[ EF RVF QFSNJUF P SPUFBNFOUP GMFYhWFM EF aVEJP m 1FSNJUF B USBOTNJTTdP EF aVEJP EJHJUBM EF BMUB RVBMJEBEF QPS NFJP EF VNB SFEF %BOUF m $PNQBUhWFM DPN TPGUXBSFT DPNP P 1SP7JTJPOBJSF "NQ &EJUPS F P 1SP7JTJPOBJSF $POUSPM FN DBEB GBTF EF PQFSBedP F EFTJHO EP TJTUFNB m $PNQBUhWFM DP
*OUSPEVedP '?2B5 ? $B?*9C9?>19B5 =@ 49D?B 0 1SP7JTJPOBJSF "NQ &EJUPS f VN TPGUXBSF RVF QFSNJUF VTBS VN DPNQVUBEPS QBSB DPOTUSVJS NPOJUPSBS F DPOUSPMBS VN TJTUFNB EF BNQMJGJDBEPSFT DPNQBUhWFJT DPN SFEF DPNP B TfSJF 9.
*OUSPEVedP $B?35CC1=5>D? 45 C9>19C >1 CPB95 $ "T VOJEBEFT EB TfSJF 1$ % %* DPOTJTUFN FN USgT CMPDPT */165 64&3 F 41&",&3 130$&4403 */165 FTQFDJGJDB P SPUFBNFOUP F 64&3 &2 F 64&3 %&-": BQMJDBN BKVTUFT BDkTUJDPT 41&",&3 130$&4403 BQMJDB BKVTUFT BDkTUJDPT DPOGPSNF BQSPQSJBEP QBSB PT BMUP GBMBOUFT 1BSB PCUFS EFUBMIFT TPCSF FTTFT UJQPT EF QSPDFTTBNFOUP DPOTVMUF B TFedP 5FMB 130$&44*/( '5>C929<94145 45 5>DB141 5 71>8? 4? 1=@<969314?B " TfSJF 1$ % %* QFSNJUF FTQFDJGJDBS BT DPOGJHVSBej
%FTDSJejFT EPT QBJOfJT 5C3B9OT5C 4?C @19>P9C $19>5< 6B?>D1< đ 81F5 <971 45C<971 &TTB DIBWF MJHB EFTMJHB B BMJNFOUBedP " DIBWF BDFOEF RVBOEP B BMJNFOUBedP f MJHBEB F BQBHB RVBOEP FMB GJDB OP NPEP EF FTQFSB "%7&35t/$*"4 m 1BSB FWJUBS RVF VN SVhEP BMUP TFKB QSPEV[JEP QFMP BMUP GBMBOUF RVBOEP P QSPEVUP GPS MJHBEP MJHVF DBEB VOJEBEF OB TFHVJOUF PSEFN GPOUFT EF aVEJP NJYFS F QPS kMUJNP BNQMJGJDBEPS "P EFTMJHBS B VOJEBEF TJHB B PSEFN JOWFSTB ① (53<1C /đ0/∧0 &TTBT UFDMBT NVEBN B QaHJOB 61
%FTDSJejFT EPT QBJOfJT >4931ON? 'D1DEC 7FSNFMIP 0 JOEJDBEPS QJTDB OBT TFHVJOUFT TJUVBejFT QJTDBOEP 0 NPEP TJMFODJPTP GPJ BUJWBEP QFMB GVOedP EF TPMP 0 NPEP TJMFODJPTP GPJ BUJWBEP QFMB GVOedP EF QSPUFedP 0 EJTQPTJUJWP FTUa OP NPEP TJMFODJPTP 0 EJTQPTJUJWP FTUa OP NPEP EF SFQPVTP 0#4&37"_r0 m 1BSB BUJWBS EFTBUJWBS P NPEP TJMFODJPTP NBOUFOIB QSFTTJPOBEB VNB UFDMB EF TFMFedP EF DBOBM F QSFTTJPOF P CPUdP HJSBUiSJP QSJODJQBM ⑤ ?DN? 79B1DSB9? @B9>39@1< (JSF FTTF CPUdP QBSB TFMFDJPOBS P QBScNFUSP
%FTDSJejFT EPT QBJOfJT QMVHVF EF BMJNFOUBedP B VNB UPNBEB "P DPOFDUBS P DBCP EF BMJNFOUBedP JOTJSB P UPUBMNFOUF &N TFHVJEB HJSF P OP TFOUJEP IPSaSJP BUf PVWJS P DMJRVF "P SFNPWFS P DBCP QVYF B USBWB FN TVB EJSFedP &N TFHVJEB HJSF P DPOFDUPS OP TFOUJEP BOUJ IPSaSJP F SFNPWB P "%7&35t/$*"4 m 6TF P DBCP EF BMJNFOUBedP JODMVTP /dP VTF P DBCP EF BMJNFOUBedP JODMVTP DPN OFOIVN PVUSP QSPEVUP *TTP QPEF DBVTBS JODgOEJP TVQFSBRVFDJNFOUP PV NBV GVODJPOBNFOUP "7*40 m 2VBOEP FTUF QSPEVUP GPS DPOFDUB
%FTDSJejFT EPT QBJOfJT 1$ %* VTF DPOFDUPSFT 3+ 0#4&37"_r0 m 6TF DBCPT 451 QBS USBOeBEP SFWFTUJEP QBSB FWJUBS JOUFSGFSgODJB FMFUSPNBHOfUJDB /P DBTP EF DBCPT 451 VTF GJUB DPOEVUPSB QBSB DPOFDUBS EF GPSNB TFHVSB B QBSUF NFUaMJDB EP DPOFDUPS b QBSUF CMJOEBEB EP DBCP ⑫ $?BD1 " (+#& &TTB f VNB QPSUB 3+ QBSB FTUBCFMFDFS DPOFYdP DPN VN DPNQVUBEPS VTBOEP VN DBCP &UIFSOFU f SFDPNFOEaWFM VTBS VN DBCP $"5 F PV TVQFSJPS &MB f VTBEB QSJODJQBMNFOUF QBSB NPOJUPSBS F DPOUSPMBS WaSJPT EJTQPTJUJWPT DPOF
1SFQBSBejFT $B5@1B1OT5C $B531EOT5C @1B1 1 =?>D175= 5= E= B13; &TUF QSPEVUP UFN B HBSBOUJB EF PQFSBS FN VNB GBJYB EF UFNQFSBUVSB EF B HSBVT 4F BQFOBT FTUF QSPEVUP GPS NPOUBEP FN VN SBDL QBESdP &*" WPDg QPEFSa NPOUBS WaSJBT VOJEBEFT TFN QSFDJTBS EFJYBS FTQBeP FOUSF FMBT 4F FTUF QSPEVUP GPS NPOUBEP FN VN SBDL QBESdP &*" DPN PVUSPT EJTQPTJUJWPT P DBMPS EPT EJTQPTJUJWPT QPEFSa BVNFOUBS B UFNQFSBUVSB EFOUSP EP SBDL JNQFEJOEP P GVODJPOBNFOUP EP QSPEVUP OB QPUgODJB NaYJNB 1BSB FWJUBS P BDkNVMP
1SFQBSBejFT 0#4&37"_r0 m 1BSB FWJUBS B QFSEB EBT HSBEFT WPDg QPEF QSFOEg MBT OBT BCFSUVSBT EF WFOUJMBedP VTBOEP VNB BCSBeBEFJSB EF DBCP PV BMHP QBSFDJEP ] 1$ % 1$ %* 1$ % 1$ %* .
$POFYjFT ?>5HT5C ?>5HT5C 45 5>DB141 45 KE49? "%7&35t/$*"4 m "OUFT EF DPOFDUBS P QSPEVUP B PVUSPT QSPEVUPT EFTMJHVF UPEPT PTEJTQPTJUJWPT ■ 'PB95 $ $POFDUF PT DPOFDUPSFT 9-3 EP QBJOFM USBTFJSP bT TBhEBT CBMBODFBEBT EP NJYFS F BPT TJOBJT BOBMiHJDPT EF FOUSBEB " QPMBSJEBEF EP DPOFDUPS f NPTUSBEB OB JMVTUSBedP BCBJYP *&$ ■ 'PB95 $ "P DPOFDUBS VN DBCP B VN QMVHVF &VSPCMPDL EFTFODBQF P GJP DPOGPSNF NPTUSBEP OB JMVTUSBedP F VTF P GJP USBOeBEP QBSB FTUBCFMFDFS DPOFYjFT /P DBTP
$POFYjFT ?>5HT5C EC1>4? ?C 3?>53D?B5C / $ " #)(0 0T DPOFDUPSFT (1* *OUFSGBDF EF VTP HFSBM OP QBJOFM USBTFJSP QPEFN TFS VTBEPT DPNP PT DPOFDUPSFT (1* EF FOUSBEB TBhEB &TTFT DPOFDUPSFT GPSOFDFN TFJT QPSUBT (1* */ F RVBUSP QPSUBT (1* 065 1PS FYFNQMP WPDg QPEF VTBS VNB DIBWF FYUFSOB QBSB DPOUSPMBS PT QBScNFUSPT EFOUSP EB VOJEBEF EB TfSJF 1$ % %* PV GB[FS DPN RVF BT PQFSBejFT OFTTB VOJEBEF FNJUBN TJOBJT EF DPOUSPMF QBSB VN EJTQPTJUJWP FYUFSOP " JMVTUSBedP B TFHVJS NPTUSB P FYFNQMP EF VN DJSDV
$POFYjFT 1$ % 1$ %* 1$ % 1$ %* .
$POFYjFT '5<5ON? 4? 312? 4? 1D5 "%7&35t/$*"4 m "T TBhEBT EP BNQMJGJDBEPS EF QPUgODJB UgN BMUB UFOTdP "P DPOFDUBS FTUB VOJEBEF B BMUP GBMBOUFT VTF DBCPT RVF OP NhOJNP BUFOEBN BPT SFRVJTJUPT 6- $- EP /&$ $iEJHP &MfUSJDP /BDJPOBM 7 PV NFOPT 1BSB NJOJNJ[BS B QFSEB EF FOFSHJB PV B QFSEB EP GBUPS EF BNPSUFDJNFOUP EPT DBCPT EP BMUP GBMBOUF DPOTVMUF B UBCFMB B TFHVJS F VTF VN DBCP EP BMUP GBMBOUF EP UBNBOIP DFSUP *NQFEcODJB EF DBSHB 0INT $BCP $PNQSJNFOUP NaYJNP EP DB
$POFYjFT ?>5HT5C 4? 1D5 ■ 'PB95 $ &TUF QSPEVUP VTB RVBUSP TBhEBT 4QFBLPO /- QBSB DPOFDUBS BMUP GBMBOUFT $
$POFYjFT ■ 'PB95 $ &TUF QSPEVUP VTB DPOFDUPSFT &VSPCMPDL QJOPT EF NN QBSB DPOFYjFT EF BMUP GBMBOUFT *OTJSB B QPOUB EF VNB DIBWF EF GFOEB OP PSJGhDJP RVBESBEP MPDBMJ[BEP OB QBSUF TVQFSJPS EB BCFSUVSB EF JOTFSedP EP DBCP *OTFSJS B DIBWF EF GFOEB F MFWBOUBS B NPMB JOUFSOB QFSNJUF B JOTFSedP PV SFNPedP EP DBCP "T TBhEBT EFTUF QSPEVUP QPEFN TFS DPOFDUBEBT FN QBSFT EF EPJT DBOBJT $PNP OdP Ia TBhEBT EFEJDBEBT QBSB VTP OP NPEP #SJEHF PCTFSWF BT BUSJCVJejFT EF QJOPT B TFHVJS &630 " &630 #
$POFYjFT ?>5HT5C 45 1391 C?=5>D5 >1 CPB95 $ " TfSJF 1$ %* UBNCfN f DPNQBUhWFM DPN BMUB JNQFEcODJB MJOIB EF 7 7 đ %E1>D94145 45 C9CD5=1C 45 1D5C AE5 @?45 C5B EC141 %FTEF RVF B FOUSBEB OPNJOBM UPUBM EPT TJTUFNBT EF BMUP GBMBOUFT VTBEPT FTUFKB EFOUSP EP WBMPS EF TBhEB EP BNQMJGJDBEPS EF QPUgODJB RVBMRVFS RVBOUJEBEF EF TJTUFNBT EF BMUP GBMBOUFT QPEF TFS DPOFDUBEB QBSBMFMBNFOUF "P VTBS DPOFYjFT EF BMUB JNQFEcODJB B FOUSBEB OPNJOBM EP TJTUFNB EF BMUP GBMBOUF f EFUF
$POFYjFT ?>5HN? 41 6?>D5 45 1<9=5>D1ON? "%7&35t/$*"4 m 6TF P DBCP EF BMJNFOUBedP JODMVTP /dP VTF P DBCP EF BMJNFOUBedP JODMVTP DPN OFOIVN PVUSP QSPEVUP *TTP QPEF DBVTBS JODgOEJP TVQFSBRVFDJNFOUP PV NBV GVODJPOBNFOUP "7*40 m 1PTJDJPOF P DBCP EF BMJNFOUBedP EF GPSNB RVF P FYBVTUPS USBTFJSP OdP FOUSF FN DPOUBUP EJSFUP DPN FMF " UFNQFSBUVSB EP FYBVTUPS USBTFJSP QPEF EFGPSNBS P DBCP EF BMJNFOUBedP ?>53D5 ? 312? 45 1<9=5>D1ON? 9>3
$POFYjFT 1B 1 1<9=5>D1ON? 5>DB5 5= 5C@5B1 <9714? 1BSB FWJUBS RVF VN SVhEP BMUP TFKB QSPEV[JEP QFMP BMUP GBMBOUF RVBOEP P QSPEVUP GPS MJHBEP MJHVF DBEB VOJEBEF OB TFHVJOUF PSEFN GPOUFT EF aVEJP NJYFS F QPS kMUJNP BNQMJGJDBEPS "P EFTMJHBS B VOJEBEF TJHB B PSEFN JOWFSTB đ = 5C@5B1 ● <9714? !1>D5>81 1 381F5 <971 45C<971 @B5CC9?>141 @?B 4?9C C57E>4?C ?E =19C 0 QSPEVUP TFSa MJHBEP F P CPUdP QBSBSa EF QJTDBS F GJDBSa BDFTP WFSEF %FQPJT EF VN UFNQP B UFMB )0.& 70-6.
0QFSBejFT EP QBJOFM #@5B1OT5C 4? @19>5< #@5B1OT5C 2KC931C đ ?DN? 79B1DSB9? @B9>39@1< 6TF P QBSB NPWFS B QPTJedP EP DVSTPS PV QBSB NPEJGJDBS P WBMPS EF VN QBScNFUSP 1BSB WBMPSFT EF QBScNFUSPT RVF QPTTVFN VNB BNQMB GBJYB B BMUFSBedP BDFMFSB EF BDPSEP DPN B WFMPDJEBEF EB SPUBedP ① (53<1 / 0 F?39@1< @1B1 C5<539?>1B E= 9D5= # 9D5= C5<539
0QFSBejFT EP QBJOFM 549ON? 1SFTTJPOF B UFDMB < > WPMUBS QBSB JS QBSB B UFMB BOUFSJPS 1$ % 1$ %* 1$ % 1$ %* .
0QFSBejFT EP QBJOFM 49ON? 45 E= @1BM=5DB? 4? D9@? 3?>DR>E? (JSF P CPUdP HJSBUiSJP QSJODJQBM QBSB FEJUBS P WBMPS EP QBScNFUSP " BMUFSBedP f BQMJDBEB FN UFNQP SFBM (5<1 #! 2VBOEP WPDg MJHB B VOJEBEF P WJTPS )0.
0QFSBejFT EP QBJOFM ⑦ )" ( .PTUSB P 6/*5 *% BUSJCVhEP OB UFMB %&7*$& ⑧ *?
0QFSBejFT EP QBJOFM $K79>1 ! (& , )( & &TUB QaHJOB NPTUSB VNB MJTUB EPT TJOBJT EF FOUSBEB RVF FTUdP TFOEP SPUFBEPT QPS NFJP EF ."53*9 F 3065&3 QBSB DBEB DBOBM đ 9CD1 45 6?>D5C 45 5>DB141 "T FOUSBEBT BOBMiHJDBT FTUdP JOEJDBEBT DPNP " s" "T FOUSBEBT EP %BOUF FTUdP JOEJDBEBT DPNP % s% 6TF BT UFDMBT EF TFMFedP EF DBOBM QBSB TFMFDJPOBS P DBOBM RVF WPDg EFTFKB PQFSBS F FN TFHVJEB QSFTTJPOF P CPUdP HJSBUiSJP QSJODJQBM QBSB BDFTTBS B 5FMB ".
0QFSBejFT EP QBJOFM $K79>1 )' & % &TTB QaHJOB FYJCF P TUBUVT BUJWBEP EFTBUJWBEP EP &2 đ % &YJCF P TUBUVT BUJWBEP EFTBUJWBEP EP &2 6TF BT UFDMBT EF TFMFedP EF DBOBM QBSB TFMFDJPOBS P DBOBM RVF WPDg EFTFKB PQFSBS F FN TFHVJEB QSFTTJPOF P CPUdP HJSBUiSJP QSJODJQBM QBSB BDFTTBS B 5FMB 64&3 &2 4F WPDg TFMFDJPOBS WaSJPT DBOBJT FMFT TFSdP WJODVMBEPT QBSB RVF WPDg FTQFDJGJRVF P &2 )C5 1C D53<1C 45 C5<5ON? 45 31>1< @1B1 C5<539?>1B ?C 31>19C AE5 45C5:1 F9>3E<1B 5 5= C57E941 @B5CC9?>5 ? 2?DN? 7
0QFSBejFT EP QBJOFM $K79>1 )' & /FTTB QaHJOB WPDg QPEF WJTVBMJ[BS BT JOGPSNBejFT SFMBDJPOBEBT BP BUSBTP 5BNCfN f QPTThWFM EFGJOJS P UFNQP EF BUSBTP đ &YJCF P TUBUVT BUJWBEP EFTBUJWBEP EF %&-": ① - ( ! %FGJOF F NPTUSB P UFNQP EF BUSBTP 6TF BT UFDMBT EF TFMFedP EF DBOBM QBSB TFMFDJPOBS P DBOBM RVF WPDg EFTFKB PQFSBS F FN TFHVJEB HJSF P CPUdP HJSBUiSJP QSJODJQBM QBSB BMUFSBS P UFNQP EF BUSBTP 6TF BT UFDMBT EF TFMFedP EF DBOBM QBSB TFMFDJPOBS P DBOBM RVF WPDg EFTFKB PQFSBS F FN T
0QFSBejFT EP QBJOFM $K79>1 '$ & $ ''#& .PTUSB BT DPOGJHVSBejFT EF 41&",&3 130$&4403 đ ,#* &YJCF P TUBUVT BUJWBEP EFTBUJWBEP EP DSV[BNFOUP &TTB PQedP FTUBSa JOEJDBEB DPNP 0'' TF )1' F -1' FTUJWFSFN EFGJOJEPT DPNP 5)36 $BTP DPOUSaSJP FTTB PQedP FTUBSa JOEJDBEB DPNP 0/ ① % &YJCF P TUBUVT BUJWBEP EFTBUJWBEP EP &2 ② ! &YJCF P TUBUVT BUJWBEP EFTBUJWBEP EP MJNJUBEPS &TTB PQedP FTUBSa JOEJDBEB DPNP 0'' TF P MJNJUBEPS EF QJDP F P MJNJUBEPS EF 3.
0QFSBejFT EP QBJOFM $K79>1 !$ ' (( " ' &YJCF BT JOGPSNBejFT TPCSF BT DPOGJHVSBejFT CaTJDBT SFMBDJPOBEBT BP BNQMJGJDBEPS đ ' "' " &YJCF B TFOTJCJMJEBEF EF FOUSBEB PV P HBOIP FTQFDJGJDBEP QPS 4&/4 ("*/ ① !# C?=5>D5 @1B1 1 CPB95 $ .PTUSB P .0%& -P [ 7 7 EP BMUP GBMBOUF RVF TFSa DPOFDUBEP ② $ 9 . C?=5>D5 @1B1 1 CPB95 $ 4F .
0QFSBejFT EP QBJOFM (5<1 ! ") "RVJ f QPTThWFM FTQFDJGJDBS P TUBUVT CaTJDP EB VOJEBEF #@5B1OT5C " UFMB .&/6 JODMVJ BT TFHVJOUFT UFMBT m 5FMB ".1 13&4&5 m 5FMB 4&561 m 5FMB 130$&44*/( m 5FMB /&5803, m 5FMB 65*-*5: ■ $1B1 =?F5B @1B1 E= >RF5< CE@5B9?B 41 D5<1 ! ") 1SFTTJPOF B UFDMB < > WPMUBS 0#4&37"_r0 m 0 OhWFM EB UFMB FYJCJEB f JOEJDBEP OB QBSUF TVQFSJPS EB UFMB ■ $1B1 F?
5FMB ".1 13&4&5 (5<1 !$ $& ' ( "RVJ f QPTThWFM BDFTTBS BT DPOGJHVSBejFT SFMBDJPOBEBT BP TPN DPNP QSFEFGJOJejFT EF BNQMJGJDBEPS )a EPJT UJQPT EF QSFEFGJOJejFT QSFEFGJOJejFT EF GaCSJDB RVF TdP TPNFOUF QBSB MFJUVSB F QSFEFGJOJejFT EP VTVaSJP 6N f NPTUSBEP b FTRVFSEB EB kMUJNB QSFEFGJOJedP EF BNQMJGJDBEPS FYJCJEB 2VBOEP WPDg FEJUB VN QBScNFUSP VN ThNCPMP & f FYJCJEP OB UFMB )0.
5FMB ".
5FMB ".
5FMB ".
5FMB ".1 13&4&5 $( ( "RVJ f QPTThWFM BUJWBS EFTBUJWBS B QSPUFedP EF VNB QSFEFGJOJedP EP BNQMJGJDBEPS TBMWB 4F FTTB PQedP FTUJWFS EFGJOJEB DPNP 0/ OdP TFSa QPTThWFM TVCTUJUVJS 4503& FYDMVJS $-&"3 PV FEJUBS P UhUVMP 5*5-& EB QSFEFGJOJedP EP BNQMJGJDBEPS "MfN EJTTP VN ThNCPMP EF CMPRVFJP f FYJCJEP b FTRVFSEB EP UhUVMP QSFEFGJOJEP OB UFMB 13&4&5 " # >6?B=1OT5C .
5FMB 4&561 (5<1 ' ()$ !$ ' (( " ' "RVJ f QPTThWFM EFGJOJS BT DPOGJHVSBejFT HFSBJT EP BNQMJGJDBEPS đ !# C?=5>D5 @1B1 1 CPB95 $ &TQFDJGJDB TF P BMUP GBMBOUF DPOFDUBEP f )J ; BMUB JNQFEcODJB PV -PX ; CBJYB JNQFEcODJB ` QPTThWFM TFMFDJPOBS B PQedP EF BMUB JNQFEcODJB QBSB TJTUFNBT EF 7 PV 7 ① $ 9 .
5FMB 4&561 (125<1 45 3?BB5C@?>4Q>391 4? 71>8? C5>C929<94145 1$ .
5FMB 4&561 )(# ' $ &TTB GVOedP FDPOPNJ[B FOFSHJB DPMPDBOEP BVUPNBUJDBNFOUF B VOJEBEF OP NPEP EF SFQPVTP EFQPJT EF VN EFUFSNJOBEP UFNQP TFN TJOBM EF FOUSBEB 2VBOEP VN TJOBM EF FOUSBEB f EFUFDUBEP B VOJEBEF TBJ BVUPNBUJDBNFOUF EP NPEP EF SFQPVTP đ #" # 4F FTTB PQedP FTUJWFS BUJWBEB B VOJEBEF FOUSBSa OP NPEP EF SFQPVTP BVUPNBUJDBNFOUF EFQPJT EF VN EFUFSNJOBEP UFNQP TFN TJOBM EF FOUSBEB ① ( & ' # &TQFDJGJDB P WBMPS MJNJBS FN VOJEBEFT EF E#'4 QBSB EFUFSNJOBS B QSFTFOeB PV B BVTgODJB EF VN T
5FMB 4&561 "$)( & )" " " TfSJF 1$ % %* DPOUB DPN EPJT UJQPT EF GVOedP EF SFEVOEcODJB RVF TdP VTBEPT DPOGPSNF BQSPQSJBEP QBSB B TJUVBedP NPEP EF CBDLVQ F NPEP EF TVCTUJUVJedP 0#4&37"_r0 m " GVOedP */165 3&%6/%"/$: f JOEFQFOEFOUF EB GVOedP EF SFEVOEcODJB EB SFEF %BOUF ▶!?4? 45 213;E@ .
5FMB 4&561 QSJODJQBM GPS SFDVQFSBEP "? =?4? #* && 4F FTTB PQedP FTUJWFS EFGJOJEB DPNP 0/ B GPOUF EF FOUSBEB SFUPSOBSa BP DJSDVJUP QSJODJQBM RVBOEP P aVEJP EP %BOUF EF B PV EPT QMVHVFT EF FOUSBEB BOBMiHJDPT FTUJWFSFN BCBJYP EP WBMPS MJNJBS đ $K79>1 1>D5 45 1 0 DJSDVJUP EF CBDLVQ QPEF TFS FTQFDJGJDBEP FN EPJT OhWFJT "T DPNCJOBejFT EF DBOBJT TdP GJYBT đ #" # &TQFDJGJDB QBSB DBEB OhWFM TF P DJSDVJUP EF CBDLVQ FTUa BUJWBEP 0/ PV EFTBUJWBEP 0'' ① #*& ( & ' #* && ( & ' # 1BS
5FMB 4&561 # !#" (#& " .POJUPSB DPOTUBOUFNFOUF B JNQFEcODJB EP BMUP GBMBOUF DPOFDUBEP F FYJCF VNB NFOTBHFN EF BMFSUB DBTP VN WBMPS BOPSNBM TFKB FYJCJEP 7PDg QPEF WFSJGJDBS B JNQFEcODJB OB QaHJOB -0"% .0/*503*/( EB UFMB )0.
5FMB 4&561 0#4&37"_r0 m "KVTUF B GSFRVgODJB F WFSJGJRVF TF P WBMPS EF JNQFEcODJB f NPTUSBEP OB UFMB )0.
5FMB 4&561 $ '?2B5 ? $ 1BSB PCUFS EFUBMIFT TPCSF PT NfUPEPT EF DPOFYdP F FYFNQMPT EF VTP DPOTVMUF B TFedP $POFYjFT VTBOEP PT DPOFDUPSFT <(1* */ 065> /FTTB UFMB WPDg QPEF BUSJCVJS GVOejFT BP (1* */ 1035 s F (1* 065 1035 s 7PDg QPEF BUSJCVJS BT TFHVJOUFT GVOejFT $ " )" ( #" ?>D5U4? /0 "44*(/ ・ ".1 45"35 -JHBS P BNQMJGJDBEPS $)"//&- .
5FMB 4&561 $ #)( )" ( #" ?>D5U4? /0 "44*(/ ・ ".1 45"35 0 BNQMJGJDBEPS FTUa FN FYFDVedP 3&%6/%"/5 3FQSPEV[JS RVBOEP P TUBUVT EB GPOUF EF TBhEB GPS PVUSP DBOBM BMfN EP QSJNaSJP $) *.1&%"/$& 3FQSPEV[JS RVBOEP B JNQFEcODJB EFUFDUBEB EF UPEPT PT DBOBJT FTQFDJGJDBEPT GPS OPSNBM EFOUSP EP JOUFSWBMP TVQFSJPS JOGFSJPS FTQFDJGJDBEP $)"//&- .
5FMB 130$&44*/( (5<1 $ '' " "$)( "! "( "RVJ WPDg QPEF DPNQFOTBS BT EJGFSFOeBT EF OhWFM F BUSBTP FOUSF PT DBOBJT EF FOUSBEB đ "( "$)( (& ! "KVTUB P HBOIP EP DBOBM EF FOUSBEB %BOUF FTQFDJGJDBEP FN VOJEBEFT EF E# ① "( "$)( "KVTUB P BUSBTP EP DBOBM EF FOUSBEB %BOUF FTQFDJGJDBEP FN VOJEBEFT EF NT ② " # "$)( (& ! "KVTUB P HBOIP EP DBOBM EF FOUSBEB BOBMiHJDP FTQFDJGJDBEP FN VOJEBEFT EF E# ③ " # "$)( "KVTUB P BUSBTP EP DBOBM EF FOUSBEB BOBMiHJDP FTQFDJ
5FMB 130$&44*/( ! (& , "RVJ WPDg QPEF FEJUBS P OhWFM F P TUBUVT BUJWBEP EFTBUJWBEP EB NBUSJ[ ■・! , & đ #" # "UJWB EFTBUJWB P FOWJP EP DBOBM EF FOUSBEB QBSB B NBUSJ[ ① * &TQFDJGJDB P WPMVNF EP FOWJP EP DBOBM EF FOUSBEB QBSB B NBUSJ[ ■ #)($)( "RVJ WPDg QPEF FEJUBS P OhWFM EF TBhEB F P TUBUVT BUJWBEP EFTBUJWBEP EB NBUSJ[ đ #" # "UJWB EFTBUJWB P DBOBM ① * &TQFDJGJDB P OhWFM EF TBhEB EB NBUSJ[ 1$ % 1$ %* 1$ % 1$ %* .
5FMB 130$&44*/( )( & /FTTB UFMB P TPN BUSJCVhEP OB PQedP ."53*9 BOUFSJPS f EJTUSJCVhEP BPT RVBUSP DBOBJT EP BNQMJGJDBEPS đ )( " 4FMFDJPOB VN DBOBM EF FOUSBEB B F P BUSJCVJ B VN BNQMJGJDBEPS EF " B % ] 1$ % 1$ %* 1$ % 1$ %* .
5FMB 130$&44*/( )' & % )' & % "RVJ WPDg QPEF FEJUBS PT QBScNFUSPT EP 1&2 EF CBOEBT đ #" # "UJWB EFTBUJWB P &2 EF CBOEBT 4F FTTB GVOedP FTUJWFS EFTBUJWBEB P WJTPS EF SFTQPTUB &2 NPTUSBSa BQFOBT VN SFTVNP ① ( %FGJOF P HBOIP EF UPEBT BT CBOEBT DPNP E# ② 1>41C 45 1 "RVJ f QPTThWFM TFMFDJPOBS B CBOEB DVKPT QBScNFUSPT TdP NPTUSBEPT 2VBOEP WPDg QSFTTJPOBS P CPUdP HJSBUiSJP QSJODJQBM OB CBOEB TFMFDJPOBEB P DVSTPS TF NPWFSa QBSB P WJTPS EF QBScNFUSP ③ *9C?B 45 @1BM
5FMB 130$&44*/( )' & "RVJ f QPTThWFM FTQFDJGJDBS VN UFNQP EF BUSBTP QBSB DPNQFOTBS B EJTUcODJB FOUSF BMUP GBMBOUFT đ #" # "UJWB EFTBUJWB P BUSBTP ① ( ! /=C0 &TQFDJGJDB P UFNQP EF BUSBTP FN VOJEBEFT EF NJMJTTFHVOEPT ② '( " *OEJDB P UFNQP EF BUSBTP DPNP VNB EJTUcODJB VOJEBEFT EF NFUSPT F QfT 0#4&37"_r0 m "T USgT JOEJDBejFT EP UFNQP EF BUSBTP NVEBN FN UBOEFN '$ & $ ''#& '$ & &"RVJ f QPTThWFM BDFTTBS BT DPOGJHVSBejFT JEFBJT QBSB PT BMUP GBMBOUFT DPOFDUBEPT
5FMB 130$&44*/( '5<539?>5 1 CPB95 4? 1D5 0#4&37"_r0 m 2VBOEP WPDg TFMFDJPOB VN BMUP GBMBOUF P GJMUSP B JNQFEcODJB EP BMUP GBMBOUF F P WBMPS MJNJBS EP MJNJUBEPS TdP FTQFDJGJDBEPT BVUPNBUJDBNFOUF 4F P BMUP GBMBOUF DPOFDUBEP OdP GPS VNB EBT PQejFT TFMFDJPOF (&/&3*$ "1 CPB95 45 1D5 C5<539?>141 >1 D5<1 '$$ ' & ' C5<539?>5 ? =?45 45 1D5 3?>53D14? '5<539?>5 1 @B54569>9ON? 1@B?@B9141 @1B1 1 =1>59B1 3?=? ? 1D5 5CDK C5>4? EC14? 6NB UFMB QBSB TFMFDJPOBS
5FMB 130$&44*/( " #&! ( #" "RVJ f QPTThWFM WJTVBMJ[BS JOGPSNBejFT TPCSF B QSFEFGJOJedP EP BMUP GBMBOUF TFMFDJPOBEB P OPNF EP NPEFMP EF BMUP GBMBOUF F P NPEP F P UJQP EF GJMUSP '*3 , #* & "QMJDB VN GJMUSP QBTTB BMUBT F VN GJMUSP QBTTB CBJYBT BP TJOBM QFSNJUJOEP RVF BQFOBT VNB SFHJdP EF GSFRVgODJB FTQFDhGJDB TFKB SFQSPEV[JEB đ $ (-$ 4FMFDJPOB B BUFOVBedP QPS PJUBWB F P UJQP EF GJMUSP EP GJMUSP QBTTB BMUBT 4F <5)36> FTUJWFS TFMFDJPOBEP OFOIVN GJMUSP TFSa BQMJDBEP ① $ & % &TQ
5FMB 130$&44*/( 5CC< 5CC5< 'PSOFDF VNB DVSWB RVF FOGBUJ[B B SFTQPTUB EB GBTF "QFTBS EF B BUFOVBedP TFS NBJT HSBEVBM EP RVF DPN P SFDVSTP #VUUFSXPSUI OdP IBWFSa EJTUPSedP OB GPSNB EF POEB RVBOEP VNB POEB RVBESBEB QBTTBS QPS FMB & 9>;G9DJ &9<5I " PSEFN EP GJMUSP f VNB QPUgODJB EF EPJT F BQiT B SFTQPTUB RVBOEP B TBhEB EP -1' F EP )1' TdP SFTVNJEBT EF UFOTdP P HBOIP EF UPEBT BT CBOEBT EF GSFRVgODJB f E# " CBOEB QBTTBOUF f QMBOB NBT P HBOIP OB GSFRVgODJB EF DPSUF f EF E# ⑥ $# & (4FMFDJ
5FMB 130$&44*/( NPTUSBEP ① #" # "UJWB EFTBUJWB P 1&2 EF CBOEBT 4F FTTB GVOedP FTUJWFS EFTBUJWBEB P WJTPS EF SFTQPTUB &2 NPTUSBSa BQFOBT VN SFTVNP ② ( %FGJOF P HBOIP EF UPEBT BT CBOEBT DPNP E# ③ 1>41C 45 1 "RVJ f QPTThWFM TFMFDJPOBS B CBOEB DVKPT QBScNFUSPT TdP NPTUSBEPT 2VBOEP WPDg QSFTTJPOBS P CPUdP HJSBUiSJP QSJODJQBM OB CBOEB TFMFDJPOBEB P DVSTPS TF NPWFSa QBSB P WJTPS EF QBScNFUSP ④ *9C?B 45 @1BM=5DB? .
5FMB 130$&44*/( UBNCfN f NPTUSBEB WJODVMBEB B FTTB PQedP ② (( &TQFDJGJDB B WFMPDJEBEF EF BUBRVF EP MJNJUBEPS EF QJDP FN VOJEBEFT EF NT ③ & ' &TQFDJGJDB B WFMPDJEBEF EF MJCFSBedP EP MJNJUBEPS EF QJDP FN VOJEBEFT EF NT ④ !$ " V )" ( &TQFDJGJDB B JNQFEcODJB EP BMUP GBMBOUF DPOFDUBEP OP JOUFSWBMP EF p B p " UFOTdP 7 f DPOGJHVSBEB BVUPNBUJDBNFOUF FN WJODVMBedP DPN FTTB PQedP .
5FMB /&5803, (5<1 " (+#& "RVJ WPDg QPEF DPOGJHVSBS P aVEJP EB SFEF %BOUF F P DPOUSPMF SFNPUP F WJTVBMJ[BS P TUBUVT EB SFEF * đ )" ( &TQFDJGJDB P *% RVF EJTUJOHVF JOEJWJEVBMNFOUF BT VOJEBEFT EB TfSJF 1$ % %* OB SFEF %BOUF 0 6/*5 *% FTQFDJGJDBEP f BQMJDBEP EFQPJT RVF B VOJEBEF f SFJOJDJBEB 4F IPVWFS NBJT EF VNB VOJEBEF EP NFTNP NPEFMP OB NFTNB SFEF DFSUJGJRVF TF EF RVF OdP DPOGMJUP DPN P *% 0#4&37"_r0 m 0 JOUFSWBMP EFTTB DPOGJHVSBedP f EF B '& IFYBEFDJNBM (JSF P CPUdP HJS
5FMB /&5803, 1>D5 "RVJ WPDg QPEF GB[FS DPOGJHVSBejFT SFMBDJPOBEBT b SFEF %BOUF 0 TUBUVT EB SFEF %BOUF QPEF TFS WFSJGJDBEP BRVJ đ '-" &TUBSa JOEJDBEP DPNP /03.
5FMB /&5803, "U=5B? 45 >SC 1DQ>391 =C PV NBJT PV DBTP PDPSSBN QSPCMFNBT 0#4&37"_r0 m 4F EPJT EJTQPTJUJWPT DPN DPSSFedP UJWFSFN DPOGJHVSBejFT EF MBUgODJB EJGFSFOUFT B DPOGJHVSBedP NBJT MFOUB TFSa BQMJDBEB m %FQFOEFOEP EP FTUBEP EB SFEF UBMWF[ TFKB OFDFTTaSJP BVNFOUBS B MBUgODJB NFTNP RVF P OkNFSP EF OiT FTUFKB CBJYP m 4F PDPSSFS VN QSPCMFNB TFMFDJPOF NT QBSB WFSJGJDBS TF B DPOGJHVSBejFT EF MBUgODJB f B DBVTB EP QSPCMFNB ③ " # " C?=5>D5 @1B1 5H929ON? ④ ' #" &- ' #" &- $#
5FMB /&5803, #"( "RVJ WPDg QPEF GB[FS DPOGJHVSBejFT SFMBDJPOBEBT BP DPOUSPMF SFNPUP đ $ ' ( $ ' (( " ' 4FMFDJPOB DPNP P FOEFSFeP *1 f EFGJOJEP m 6/*5 *% FTUa EFGJOJEP -6/*5 *% m %)$1 P FOEFSFeP *1 BUSJCVhEP QFMP TFSWJEPS %)$1 FTUa EFGJOJEP 0 FOEFSFeP *1 P /&5.
5FMB 65*-*5: (5<1 )( ("RVJ f QPTThWFM EFGJOJS WaSJBT DPOGJHVSBejFT EB VOJEBEF $ " ' ()$ "RVJ WPDg QPEF GB[FS DPOGJHVSBejFT EB UFMB đ & (" '' &TQFDJGJDB P CSJMIP EB MV[ EF GVOEP EP WJTPS &MB QPEF TFS FTQFDJGJDBEB FN FUBQBT EF B ① #"(& '( &TQFDJGJDB P DPOUSBTUF EP WJTPS &MB QPEF TFS FTQFDJGJDBEB FN FUBQBT EF B $POGPSNF BQSPQSJBEP QBSB BT DPOEJejFT BP SFEPS DPOGJHVSF B QBSB RVF P WJTPS QPTTB TFS WJTVBMJ[BEP DPN GBDJMJEBEF 4F P WBMPS GPS NVJUP BMUP P WJTPS TFSa EJ
5FMB 65*-*5: 0#4&37"_r0 m 4F WPDg FTRVFDFS P DiEJHP 1*/ QPEFSa SFNPWg MP JOJDJBMJ[BOEP B VOJEBEF $POTVMUF *OJDJBMJ[BedP DBTP WPDg UFOIB FTRVFDJEP P DiEJHP 1*/ FUD C@5396931ON? 4? 3S497? $ " 35CC5 1 D5<1 45 9>C5BON? 4? 3S497? $ " 4FMFDJPOF B UFMB .
5FMB 65*-*5: >C9B1 ? >?F? 3S497? $ " 5 @B5CC9?>5 ? 2?DN? 79B1DSB9? @B9>39@1< @1B1 C5<539?>1B # 0 DiEJHP 1*/ TFSa DPOGJSNBEP $1B1 B5=?F5B ? 25< 4F WPDg PQFSBS P QBJOFM FORVBOUP FMF FTUJWFS CMPRVFBEP B NFOTBHFN B TFHVJS TFSa FYJCJEB OB UFMB (JSF P CPUdP HJSBUiSJP QSJODJQBM QBSB TFMFDJPOBS 0, F QSFTTJPOF P QBSB DPOGJSNBS ] 1$ % 1$ %* 1$ % 1$ %* .
5FMB 65*-*5: #! ' & " đ ! ( & &TQFDJGJDB B QPTJedP EP NFEJEPS NPTUSBEP OB UFMB )0.& */165 JNFEJBUBNFOUF BOUFT EP WPMVNF 1FSNJUF NPOJUPSBS P TJOBM EF FOUSBEB NFTNP RVF P WPMVNF FTUFKB CBJYP 065165 JNFEJBUBNFOUF BOUFT EP DPOFDUPS EF TBhEB EP BMUP GBMBOUF 1FSNJUF NPOJUPSBS P TJOBM RVF FTUa TFOEP SFBMNFOUF FNJUJEP QFMP DPOFDUPS EF TBhEB EP BMUP GBMBOUF * " #&! ( #" &TTB UFMB NPTUSB P FTUBEP EB VOJEBEF F BT JOGPSNBejFT FTQFDhGJDBT EFMB đ ( &! $') .
5FMB 65*-*5: # đ ( &YJCF F EFGJOF B EBUB EP SFMiHJP JOUFSOP ① ( ! &YJCF F EFGJOF B IPSB EP SFMiHJP JOUFSOP 0#4&37"_r0 m 7PDg QPEF VTBS P 1SP7JTJPOBJSF "NQ &EJUPS QBSB BQMJDBS B IPSB EP DPNQVUBEPS b VOJEBEF 1BSB PCUFS EFUBMIFT DPOTVMUF P HVJB EF DPOGJHVSBedP EP 1SP7JTJPOBJSF "NQ &EJUPS " ( . .
5FMB 65*-*5: # "RVJ WPDg QPEF WJTVBMJ[BS PT BMFSUBT F BT JOGPSNBejFT HFSBEBT QPS FTUB VOJEBEF 0T EBEPT EF SFHJTUSP EP TJTUFNB TdP kUFJT QBSB JEFOUJGJDBS B DBVTB EF VN QSPCMFNB PV NBV GVODJPOBNFOUP 0#4&37"_r0 m "QSPYJNBEBNFOUF JUFOT EF EBEPT EF SFHJTUSP QPEFN TFS TBMWPT OB NFNiSJB JOUFSOB 4F FTTF OkNFSP GPS FYDFEJEP PT JUFOT EF SFHJTUSP NBJT BOUJHPT TFSdP FYDMVhEPT TVDFTTJWBNFOUF b NFEJEB RVF OPWPT JUFOT EF SFHJTUSP GPSFN TBMWPT đ # '( .
5FMB 65*-*5: ① # & 2VBOEP WPDg RVJTFS MJNQBS P WJTPS EF EBEPT EF SFHJTUSP QPS FYFNQMP EVSBOUF B NBOVUFOedP TFMFDJPOF :&4 OB UFMB EF DPOGJSNBedP B TFHVJS QBSB MJNQBS PT SFHJTUSPT 0T EBEPT EF SFHJTUSP TBMWPT OB NFNiSJB JOUFSOB TFSdP QSFTFSWBEPT ] 1$ % 1$ %* 1$ % 1$ %* .
4PCSF P %BOUF '?2B5 ? 1>D5 đ *9CN? 75B1< 4? 1>D5 "MfN EB FOUSBEB F TBhEB BOBMiHJDBT B TfSJF 1$ % %* VTB P %BOUF DPNP P QSPUPDPMP QBSB USBOTNJUJS TJOBJT EF aVEJP EJHJUBM %BOUF f VN QSPUPDPMP EF aVEJP FN SFEF EFTFOWPMWJEP QFMB "VEJOBUF $PSQPSBUJPO &N VN BNCJFOUF EF SFEF RVF DPNQBUhWFM DPN (JHBCJU &UIFSOFU FTTF QSPUPDPMP QPEF USBOTGFSJS WaSJPT TJOBJT EF aVEJP EF GSFRVgODJBT EF BNPTUSBHFN F UBYBT EF CJUT EJGFSFOUFT CFN DPNP TJOBJT EF DPOUSPMF EF EJTQPTJUJWP OB NFTNB SFEF 1BSB PCUFS EFUBMIFT TPCSF
4PCSF P %BOUF !PD?4?C 45 3?>5HN? &YJTUFN EPJT NfUPEPT EF DPOFDUBS VNB VOJEBEF EB TfSJF 1$ % %* B VNB SFEF %BOUF F WPDg QPEF VTBS VNB DPNCJOBedP EFTTFT NfUPEPT ?>5HN? B54E>41>D5 6NB DPOFYdP SFEVOEBOUF QFSNJUF RVF WPDg DSJF VN TJTUFNB NBJT SFTJTUFOUF B QSPCMFNBT EF SFEF EP RVF VNB SFEF FN TfSJF 6NB DPOFYdP SFEVOEBOUF DPOTJTUF FN EPJT DJSDVJUPT VN QSJODJQBM F VN TFDVOEaSJP /PSNBMNFOUF B DPNVOJDBedP PDPSSF OP DJSDVJUP QSJODJQBM NBT TF PDPSSFS VN QSPCMFNB OP DJSDVJUP QSJODJQBM QPS FYFNQM
4PCSF P %BOUF ?>5HT5C 5>3145141 " TfSJF f P NfUPEP EF DPOFYdP OP RVBM BT VOJEBEFT TdP DPOFDUBEBT B PVUSB DPNP BT DPOFYjFT EF VN FODBEFBNFOUP " DPOTUSVedP EB SFEF f TJNQMFT F OdP f OFDFTTaSJB VNB DIBWF EF SFEF $POFDUBS NVJUBT VOJEBEFT BVNFOUB P BUSBTP OB DPNVOJDBedP DPN B kMUJNB VOJEBEF 1PS JTTP f OFDFTTaSJP BVNFOUBS B MBUgODJB QBSB FWJUBS JOUFSSVQejFT EF TPN OB SFEF %BOUF 4F PDPSSFS VN QSPCMFNB OP TJTUFNB QPS FYFNQMP VN DBCP RVFCSBEP B SFEF TFSa RVFCSBEB OFTTF QPOUP F B DPNVOJDBedP DPN
4PCSF P %BOUF ?>697EB1OT5C 4? 1>D5 4F WPDg FTUJWFS VTBOEP FTUB VOJEBEF EB TfSJF 1$ % %* DPOFDUBEB B VNB SFEF %BOUF WPDg QSFDJTBSa GB[FS WaSJBT DPOGJHVSBejFT SFMBDJPOBEBT BP %BOUF OB UFMB %BOUF (5<1 1>D5 1BSB PCUFS EFUBMIFT TPCSF DBEB GVOedP DPOTVMUF B UFMB /&5803, %BOUF ?>5HT5C 3?= 49C@?C9D9F?C 1>D5 '?2B5 ? 1>D5 ?>DB?<<5B 0 %BOUF $POUSPMMFS f VN TPGUXBSF BQMJDBUJWP VTBEP QBSB DPOGJHVSBS VNB SFEF %BOUF F SPUFBS P aVEJP 6TF P %BOUF $POUSPMMFS TF WPDg GPS FTUBCFMFDFS DPOFYdP
4PCSF P %BOUF ?>697EB1OT5C 4? 1>D5 ?>DB?<<5B 2VBOEP WPDg JOJDJB P %BOUF $POUSPMMFS B FYJCJedP EF SFEF f BCFSUB QSJNFJSP /B FYJCJedP EF SFEF WPDg QPEF FTQFDJGJDBS P SPUFBNFOUP EF aVEJP FOUSF PT EJTQPTJUJWPT %BOUF &TTB UFMB NPTUSB UPEPT PT EJTQPTJUJWPT %BOUF OB SFEF $MJRVF OB DfMVMB < > OB RVBM PT EJTQPTJUJWPT EF USBOTNJTTdP F SFDFQedP TF JOUFSTFDUBN QBSB RVF UPEPT PT DBOBJT TFKBN FYJCJEPT F FN TFHVJEB FTQFDJGJRVF P SPUFBNFOUP EF aVEJP 2VBOEP VNB SPUB FTUJWFS FTUBCFMFDJEB VN hDPOF EF DB
7PMUBS bT DPOGJHVSBejFT EF GaCSJDB JOJDJBMJ[BedP *?697EB1OT5C 45 6K2B931 9>9391<9J1ON? )a EVBT NBOFJSBT EF JOJDJBMJ[BS FTUF QSPEVUP '5<539?>1>4? 1 D5<1 ! ") ⇒ )( (- ⇒ " ( . "1 D5<1 ! ") 79B5 ? 2?DN? 79B1DSB9? @B9>39@1< @1B1 C5<539?>1B )( (- 5 @B5CC9?>5 ? @1B1 3?>69B=1B " UFMB 65*-*5: TFSa FYJCJEB "1 D5<1 )( (- 79B5 ? 2?DN? 79B1DSB9? @B9>39@1< @1B1 C5<539?>1B " ( .
7PMUBS bT DPOGJHVSBejFT EF GaCSJDB JOJDJBMJ[BedP >9391<9J1ON? 31C? F?3Q D5>81 5CAE5394? ? 3S497? $ " 5D3 4F OdP GPS QPTThWFM TFMFDJPOBS */*5*"-*;& OB UFMB 65*-*5: QPS FYFNQMP TF WPDg UJWFS FTRVFDJEP P DiEJHP 1*/ FTQFDJGJDBEP QBSB P CMPRVFJP EP QBJOFM VTF P NfUPEP B TFHVJS QBSB JOJDJBMJ[BS B VOJEBEF 5C3?>53D5 1 E>94145 41 D?=141 45 3?BB5>D5 1141 !1>D5>4? @B5CC9?>141 1 D53<1 45 C5<5ON? 45 31>1< / 0 5 1 D53<1 / 0 F?53D5 1 E>94145 L D?=141 45 3?BB5>D5 1141
3FGFSgODJB &565BQ>391 >CD1<1ON? 41C 185 1C 194145 5 9>CD1<5 1C EC1>4? ?C @1B16EC?C 9>3
3FGFSgODJB 9CD1 45 6E>OT5C $ & ! ( &' */165 "-*(/.&/5 53*.
3FGFSgODJB $ & ! ( &' 41 9 07&3 130$&4403 %&-": " ! " ! , $#&( ) ( " % UZQFT E# #65 )1' '3&2 )[ UP L)[ )[ )1' (D E#= E# E# -1' 5:1& UZQFT 5)36 -1' '3&2 )[ UP L)[ L)[ -1' (D E#= E# E# 10-"3*5: /03."- */7&35&% /03."- 0'' 0/ 0/ NT UP NT NU UP NU GU UP GU NT NU GU )1' 5:1& 0/ " % 5*.
3FGFSgODJB $ & ! ( &' " ! " ! , $#&( ) ( ".1 4&55*/(4 " # $ % 0'' 0/ 0'' ► 41 130$& 4403 0'' 0/ 0'' 5)3&4)0-% E#'4 UP E#'4 E#'4 5*.& NJO NJO NJO NJ NJO O IPVS IPVS #3*%(& .0%& POMZ %* NPEFM -P ; 7 7 -P ; )1' )J ; POMZ %* NPEFM )[ )[ )[ 0'' 0/ 0/ $)"//&- 4-&&1 " % 4&/4 ("*/ $)"//&- /".& " % "650 4-&&1 0/ " % */165 4063$& 3&%6/%"/ $: $0..0/ .
3FGFSgODJB $ & ! ( &' (1* */ '6/$5*0/ 5:1& " ! " ! , $#&( ) ( */ 1035 'VODUJPOT "$5*7& )*() "$5*7& -08 *.16-4& /0 "44*(/ 015*0/ !$ # )' $& ' & ( %FQFOET PO 'VODUJPO 015*0/ 065 '6/$5*0/ 5:1& 065 1035 'VODUJPOT "$5*7& )*() "$5*7& -08 015*0/ /0 "44*(/ %FQFOET PO 'VODUJPO 015*0/ %&7*$& 6/*5 *% %&7*$& /".
3FGFSgODJB $ & ! ( &' $-0$, %"5& 5*.& " ! " ! , $#&( %"5& ) ( !$ # )' $& ' & ( 5*.
3FGFSgODJB 9CD1 45 =5>C175>C "T NFOTBHFOT FYJCJEBT OP WJTPS EB TfSJF 1$ % %* F BT BejFT BQSPQSJBEBT FTUdP SFMBDJPOBEPT BCBJYP đ・!5>C175= 45 1<5BD1 đ・!5>C175= 45 B579CDB? "U=5B? !5>C175= 45 1<5BD1 108&3 563/&% 0/ */'03."5*0/ " BMJNFOUBedP FTUa MJHBEB PV " SFEFGJOJedP EP TPGUXBSF GPJ FYFDVUBEB 108&3 563/&% 0'' */'03."5*0/ " BMJNFOUBedP FTUa EFTMJHBEB PV " SFEFGJOJedP EP TPGUXBSF GPJ FYFDVUBEB 45"/%#: .0%& 50 /03."- */'03.
3FGFSgODJB "U=5B? !5>C175= 45 1<5BD1 1PXFS 4VQQMZ 0VUQVU 7PMUBHF !5>C175= 45 B579CDB? 14 065165 70-5"(& ' * & '"6-5 ?>D5U4? OB JOJDJBMJ[BedP 0 BNQMJGJDBEPS OdP QPEF TFS JOJDJBMJ[BEP QPSRVF FYJTUF VNB BOPSNBMJEBEF OB UFOTdP EF TBhEB EP DJSDVJUP EF GPOUF EF BMJNFOUBedP ON? 1PEF TFS RVF B VOJEBEF FTUFKB DPN NBV GVODJPOBNFOUP &OUSF FN DPOUBUP DPN VN SFWFOEFEPS :BNBIB 0 BNQMJGJDBEPS GPJ JOUFSSPNQJEP QPSRVF PDPSSFV VNB BOPSNBMJEBEF OB UFOTdP EF TBhEB EP DJSDVJUP EB GPOUF EF BMJNFOUBedP
3FGFSgODJB "U=5B? !5>C175= 45 1<5BD1 !5>C175= 45 B579CDB? ' * & ?>D5U4? ON? "NQMJGJFS $I $I 07&35&.1 0WFSUFNQ -FWFM &3303 $PNP B UFNQFSBUVSB EP BNQMJGJDBEPS EP DBOBM DPSSFTQPOEFOUF FYDFEFV P OhWFM B WFMPDJEBEF EF SPUBedP EB WFOUPJOIB GPJ BVNFOUBEB F P MJNJUBEPS GPJ BQMJDBEP b TBhEB %JNJOVB P WPMVNF EF TBhEB QBSB RVF B UFNQFSBUVSB OdP TF UPSOF FYDFTTJWB -JNQF P GJMUSP "MfN EJTTP NBOUFOIB B UFNQFSBUVSB BNCJFOUF FTUaWFM "NQMJGJFS $I $I 07&35&.
3FGFSgODJB "U=5B? !5>C175= 45 1<5BD1 'BO -JGFUJNF 8BSOJOH *OQVU % $IBOHF 5P OE *OQVU % $IBOHF 5P SE !5>C175= 45 B579CDB? ' * & ?>D5U4? ON? 8"3/*/( 6NB WFOUPJOIB JOUFSOB BUJOHJV P MJNJUF EB WJEB kUJM PQFSBDJPOBM &NCPSB JTTP OdP DBVTF JNFEJBUBNFOUF VN QSPCMFNB OB PQFSBedP FOUSF FN DPOUBUP DPN VN SFWFOEFEPS QBSB RVF B QFeB TFKB TVCTUJUVhEB % $)"/(&% 50 /% 8"3/*/( 0 CBDLVQ EF SFEVOEcODJB EF FOUSBEB NVEPV P aVEJP QBSB P TFHVOEP DJSDVJUP QSJPSJUaSJP 7FSJGJRVF T
3FGFSgODJB "U=5B? !5>C175= 45 1<5BD1 !5>C175= 45 B579CDB? ' * & ?>D5U4? ON? -PX #BUUFSZ 8"3/*/( OB JOJDJBMJ[BedP " &NCPSB JTTP OdP UFOTdP EB CBUFSJB DBVTF VN JOUFSOB FTUa CBJYB QSPCMFNB OB PQFSBedP JNFEJBUBNFOUF FOUSF FN DPOUBUP DPN VN SFWFOEFEPS :BNBIB QBSB RVF B QFeB TFKB TVCTUJUVhEB /P #BUUFSZ '"6-5 OB JOJDJBMJ[BedP " CBUFSJB JOUFSOB TF FTHPUPV F P SFMiHJP JOUFSOP QBSPV &OUSF FN DPOUBUP DPN VN SFWFOEFEPS :BNBIB QBSB GB[FS B TVCTUJUVJedP %BOUF .
3FGFSgODJB "U=5B? !5>C175= 45 1<5BD1 !5>C175= 45 B579CDB? ' * & ?>D5U4? ON? %BOUF *T 8PSLJOH "U 4FDPOEBSZ 803, "5 4&$0/%"3: 8"3/*/( /P NPEP 7FSJGJRVF TF P SFEVOEBOUF B DJSDVJUP QSJODJQBM DPNVOJDBedP EF FTUa EFGFJUVPTP aVEJP EP %BOUF FTUa PDPSSFOEP OP DJSDVJUP TFDVOEaSJP 4F FTUB VOJEBEF GPS EFTDPOFDUBEB EB SFEF P BMFSUB TFSa FYJCJEP F FTTF BMFSUB TFSa EFTBUJWBEP UFNQPSBSJBNFOUF &SSPS 0DDVSSFE "U 4FDPOEBSZ 1PSU &3303 "5 4&$0/%"3: 8"3/*/( /P NPEP SFEVOEBOUF P DJSDVJUP
3FGFSgODJB m NPTUSB P OPNF EP DBOBM B " B % đ・!5>C175= 45 C9>3B?>9J1ON? !5>C175= 5C3B9ON? $?CCRF5< C?
3FGFSgODJB '?D?=1 0 WJTPS OdP f FYJCJEP $?CCRF59C 31EC1C $?CCRF5< C?
3FGFSgODJB '9>D?=1 /dP Ia TPN OPT BMUP GBMBOUFT $?CCRF59C 31EC1C $?CCRF5< C?
3FGFSgODJB C@5396931OT5C 75B19C $ 1PUgODJB EF TBhEB L)[ TFN DMJQF NT EF QVMTP UPEPT PT DBOBJT BDJPOBEPT $ $ $ p 8 8 8 8 p 8 8 8 8 p 8 8 8 8 p 8 8 8 8 p NPEPq#3*%(& 8 8 8 8 p NPEPq#3*%(& 8 8 8 8 )J ;
3FGFSgODJB $ (BOIP TFOTJCJMJE p BEF EF UFOTdP 7PMVNF NaY 1SPUFedP DPOUSB DBSHB $ $ $ E# E#V DPOGJHVSBedP EF HBOIP E# E# E#V DPOGJHVSBedP EF HBOIP E# E# E#V DPOGJHVSBedP EF TFOTJCJMJEBEF EF FOUSBEB E#V E# E#V DPOGJHVSBedP EF TFOTJCJMJEBEF EF FOUSBEB E#V E# E#V DPOGJHVSBedP EF HBOIP E# E# E#V DPOGJHVSBedP EF HBOIP E# E# E#V DPOGJHVSBedP EF TFOTJCJMJEBEF EF FOUSBEB E#V
3FGFSgODJB $ 1SPUFedP EP BNQMJGJDBEPS 1SPUFedP EB GPOUF EF BMJNFOUBedP 5FSNBM $ $ -JNJUBEPS EF TBhEB SFTUBVSBEP BVUPNBUJDBNFOUF ⇒ 4BhEB TFN aVEJP SFTUBVSBEP BVUPNBUJDBNFOUF 4BhEB TFN aVEJP SFTUBVSBEP BVUPNBUJDBNFOUF &YDFTTP EF UFOTdP -JNJUBEPS EF TBhEB SFTUBVSBEP BVUPNBUJDBNFOUF -JNJUF EF BMJNFOUBedP JOUFHSBEP -JNJUBEPS EF TBhEB SFTUBVSBEP BVUPNBUJDBNFOUF 5FSNBM -JNJUBEPS EF TBhEB SFTUBVSBEP BVUPNBUJDBNFOUF ⇒ %FTMJHBNFOUP EB GPOUF EF BMJNFOUBedP &YDFTTP EF UFOTdP %FT
3FGFSgODJB $ $POFDUPSFT $ $ &OUSBEB BOBMiHJDB 9-3 Y 1MVHVF &VSPCMPDL EF QJOPT Y &OUSBEB CBMBODFBEB EF DBOBJT *OUFSGBDF EP %BOUF FUIFS$0/ Y $POFYdP FN TfSJF SFEVOEBOUF 3+ Y 3FEVOEBOUF FN DBEFJB /FVUSJL TQFBL0/ /- Y 1MVHVF &VSPCMPDL EF QJOPT EF NN Y "MUP GBMBOUFT $POUSPMFT 3+ Y 4BhEB DPN GBMIB SFNPUB 1MVHVF &VSPCMPDL EF QJOPT NJOJ Y (1* Y (10 Y 7 Y "$ */ $POUSPMFT $ &OUSBEB $" QPXFS$0/ " Y 1BJOFM GSPOUBM
3FGFSgODJB "T FYQMJDBejFT OFTUF EPDVNFOUP VTBN BT FTQFDJGJDBejFT NBJT SFDFOUFT BUf B EBUB EF QVCMJDBedP ` QPTThWFM GB[FS EPXOMPBE EB WFSTdP NBJT SFDFOUF OP TJUF EB :BNBIB 1$ % 1$ %* 1$ % 1$ %* .
3FGFSgODJB ?>CE=? 45 3?BB5>D5 $ $ &TQFDJGJDBejFT EF BMJNFOUBedP 1*/, /0*4& SFEF FMfUSJDB 7 )[ !# ?BB5>D5 5= <9>81 ?>CE=? 45 5>5B791 + +1DDC 49CC9@14?C + 9CC9@1ON? 45 9CC9@1ON? 45 31
3FGFSgODJB $ $ &TQFDJGJDBejFT EF BMJNFOUBedP 1*/, /0*4& SFEF FMfUSJDB 7 )[ !# ?BB5>D5 5= <9>81 ?>CE=? 45 5>5B791 + +1DDC 49CC9@14?C + 9CC9@1ON? 45 9CC9@1ON? 45 31
3FGFSgODJB $ $ &TQFDJGJDBejFT EF BMJNFOUBedP 1*/, /0*4& SFEF FMfUSJDB 7 )[ !# ?BB5>D5 5= <9>81 ?>CE=? 45 5>5B791 + +1DDC 49CC9@14?C + 9CC9@1ON? 45 9CC9@1ON? 45 31
3FGFSgODJB $ &TQFDJGJDBejFT EF BMJNFOUBedP 1*/, /0*4& SFEF FMfUSJDB 7 )[ !# ?BB5>D5 5= <9>81 ?>CE=? 45 5>5B791 + +1DDC 49CC9@14?C + 9CC9@1ON? 45 9CC9@1ON? 45 31
3FGFSgODJB $ &TQFDJGJDBejFT EF BMJNFOUBedP 1*/, /0*4& SFEF FMfUSJDB 7 )[ !# ?BB5>D5 5= <9>81 ?>CE=? 45 5>5B791 + +1DDC 49CC9@14?C + 9CC9@1ON? 45 9CC9@1ON? 45 31
3FGFSgODJB $ &TQFDJGJDBejFT EF BMJNFOUBedP 1*/, /0*4& SFEF FMfUSJDB 7 )[ !# ?BB5>D5 5= <9>81 ?>CE=? 45 5>5B791 + +1DDC 49CC9@14?C + 9CC9@1ON? 45 9CC9@1ON? 45 31
3FGFSgODJB $ &TQFDJGJDBejFT EF BMJNFOUBedP 1*/, /0*4& SFEF FMfUSJDB 7 )[ !# ?BB5>D5 5= <9>81 ?>CE=? 45 5>5B791 + +1DDC 49CC9@14?C + 9CC9@1ON? 45 9CC9@1ON? 45 31
3FGFSgODJB 9=5>CT5C 6OJEBEF NN 917B1=1 45 23?C 1$ % 1$ %* 1$ % 1$ %* .
Analog Input A2-4 HA D1-16 Dante Redundancy ADC A1-4 D5-16 D1-4 Trim Delay Input Alighment Backup Source Digital Input Redundancy (for D1-4) D1-4 A1-4 D5-16 Input Level *1 Can be configured only by recalling Speaker Preset data. *2 Available in future firmware release. *3 Accessible only from PC software.
!