&KIKVCNMCOGTC (%% 'TMN¼TWPI &KGUGU )GT¼V GPVURTKEJV #DUEJPKVV FGT (%% 8QTUEJTKHVGP > $GVTKGD WPVGTNKGIV FGP HQNIGPFGP \YGK $GFKPIWPIGP &KGUGU )GT¼V FCTH MGKPG 5VÑTWPIGP XGTWTUCEJGP &KGUGU )GT¼V OWUU CNNG 5VÑTWPIGP CWHPGJOGP MÑPPGP CWEJ FKG 5VÑTWPIGP FKG GKPGP WPGTY×PUEJVGP $GVTKGD \WT (QNIG JCDGP *KPYGKU &KGUGU )GT¼V YWTFG IGRT×HV WPF GPVURTKEJV IGO¼² #DUEJPKVV FGT (%% 8QTUEJTKHVGP FGP )TGP\YGTVGP GKPGU FKIKVCNGP )GT¼VU FGT -NCUUG $ &KGUG )TGP\YGTVG FKGPGP GKPGO CPIGOGUUGPGP 5EJWV\ IGI
/KETQUQHVs WPF 9KPFQYUs UKPF KP FGP 75# GKPIGVTCIGPG 9CTGP\GKEJGP FGT /KETQUQHV %QTRQTCVKQP 2GPVKWOs KUV GKP GKPIGVTCIGPGU 9CTGP\GKEJGP FGT +PVGN %QTRQTCVKQP /CEKPVQUJ KUV GKP 9CTGP\GKEJGP FGT #RRNG %QORWVGT +PE 5&6/ KUV GKP 9CTGP\GKEJGP 9GKVGTG 0COGP WPF 2TQFWMVG MÑPPGP FKG 9CTGP\GKEJGP D\Y GKPIGVTCIGPGP 9CTGP\GKEJGP FGT LGYGKNKIGP 'KIGPV×OGT UGKP $GPWV\GTJCPFDWEJ +0(14/#6+10'0 <7 9#4'0<'+%*'0 814 )'$4#7%* <7 .
&KIKVCNMCOGTC 9#4070) 8GTYGPFGP 5KG FKGUG -COGTC PKEJV YGPP 4CWEJ QFGT GKP WPIGYÑJPNKEJGT )GTWEJ GPVYGKEJV YGPP UKG WPIGYÑJPNKEJ YCTO KUV WPIGYÑJPNKEJG )GT¼WUEJG XGTWTUCEJV QFGT KP CPFGTGT 9GKUG XQO 0QTOCN\WUVCPF CDYGKEJV 9GPP 5KG KP GKPGT UQNEJGP 5KVWCVKQP FKG -COGTC XGTYGPFGP DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT 5EJCNVGP 5KG FCPP WOIGJGPF FKG -COGTC CWU WPF GPVPGJOGP FKG #MMWU $CVVGTKGP 9GPFGP 5KG UKEJ CP +JTGP *¼PFNGT QFGT CP GKPG CWVQTKUKGTVG 4GRCTCVWTYGTMUVCVV 8GTUWEJGP 5KG
.GIGP 5KG FKG -COGTC PKEJV CP 1TVGP CD CP FGPGP (GVVF×PUVG QFGT &CORH GPVUVGJGP YKG KP FGT 0¼JG GKPGU -QEJJGTFGU QFGT GKPGU .WHVDGHGWEJVGTU &CPP DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT .
&KIKVCNMCOGTC +0*#.6 '+0(¯*470) ¯DGTUKEJV 2CEMWPIUKPJCNV +56 +*4' -#/'4# #PUKEJV XQP XQTPG #PUKEJV XQP JKPVGP /QFWU 5EJCNVGT 5WEJGT .'& #P\GKIGP CWH FGO .
? 9+'&'4)#$' /1&75 9KGFGTICDG XQP (QVQU 9KGFGTICDG XQP 8KFGQENKRU 9KGFGTICDG XQP (QVQU 8KFGQENKRU CWH GKPGO (GTPUGJIGT¼V #WHPCJOG XQP 5VKOOGPPQVK\GP #P\GKIG XQP 6JWODPCKNU
&KIKVCNMCOGTC &' '+0(¯*470) ¯DGTUKEJV *GT\NKEJGP )N×EMYWPUEJ \WO -CWH +JTGT PGWGP &KIKVCNMCOGTC (QVQITCHKGTGP OKV FKGUGT -COGTC FKG CWH FGO CMVWGNNGP VGEJPKUEJGP 5VCPF KUV KUV UEJPGNN WPF GKPHCEJ WPF NKGHGTV JQEJYGTVKIG FKIKVCNG $KNFGT &KG -COGTC XGTH×IV ×DGT GKPGP %%& 5GPUQT OKV /GICRKZGNP OKV FGO #WHPCJOGP OKV GKPGT #WHNÑUWPI DKU Z 2KZGNP IGOCEJV YGTFGP MÑPPGP *KGT PQEJ YGKVGTG P×V\NKEJG (WPMVKQPGP FKGUGT -COGTC .
-COGTCGKPUVGNNWPIGP Ō /KPKCVWTDKNFCP\GKIG Ō #PUEJNWUU CP (GTPUGJIGT¼VG WPF %QORWVGT Ō &21( 'KPUVGNNWPIGP Ō #WHPCJOG XQP 8KFGQENKRU OKV 6QP 7POKVVGNDCT PCEJ FGT #WHPCJOG QFGT KO 9KGFGTICDG /QFWU DGK FGT 9KGFGTICDG GKPGU $KNFU DGUVGJV FKG /ÑINKEJMGKV 5GMWPFGP NCPI GKPG 5VKOOGPPQVK\ CWH\WPGJOGP /KV FGP /GP×QRVKQPGP JCDGP 5KG OGJT 'KPHNWUUOÑINKEJMGKV CWH FKG $KNFSWCNKV¼V #WH FGO .
&KIKVCNMCOGTC 2CEMWPIUKPJCNV 2CEMGP 5KG FKG -COGTC XQTUKEJVKI CWU WPF ×DGTRT×HGP QD CNNG FGT PCEJHQNIGPF CWHIGH×JTVGP 6GKNG GPVJCNVGP UKPF #NNIGOGKPG 2TQFWMVMQORQPGPVGP &KIKVCNMCOGTC # 8 -CDGN $GPWV\GTJCPFDWEJ 75$ -CDGN 5QHVYCTG %& 6TCIGDCPF -COGTCVCUEJG ¯DNKEJGU
#PUKEJV XQP XQTPG $GPWV\GTJCPFDWEJ +56 +*4' -#/'4# 0COG 5GNDUVCWUNÑUGT .'& #( .
&KIKVCNMCOGTC #PUKEJV XQP JKPVGP &' 0COG &KQRVTKGP 4GINGT $GUEJTGKDWPI (×T GKP MNCTGTGU $KNF YGPP 5KG FGP 5WEJGT XGTYGPFGP 5WEJGTHGPUVGT &WTEJ FCU 5WEJGTHGPUVGT MÑPPGP 5KG FCU #WHPCJOGQDLGMV RQUKVKQPKGTGP 5WEJGT .'&
0COG 5'6 $GPWV\GTJCPFDWEJ 5'6 4KEJVWPIUVCUVGP $GUEJTGKDWPI ©HHPGV FKG /GP×UGKVG WPF DGUV¼VKIV GKPG IGY¼JNVG 'KPUVGNNWPI 6CUVG ScrQNNGP PCEJ QDGP (QMWU 6CUVG #WUYCJN FGT IGGKIPGVGP 5EJ¼THGGKPUVGNNWPI 6CUVG ScrQNNGP PCEJ WPVGP 5GNDUVCWUNÑUGT 'KP #WUUEJCNVGP FGU 5GNDUVCWUNÑUGTU /KV FGT 6CUVG 6CUVG MCPP FKG IGY×PUEJVG 5GNDUVCWUNÑUGT (WPMVKQP QFGT FKG +PVGTXCNNCWHPCJOG GKPIGUVGNNV YGTFGP 6CUVG ScrQNNGP PCEJ NKPMU $GNKEJVWPIUMQTTGMVWT 'KP WPF #WUUEJCNVWPI FGT $GNKEJVWPIUMQTT
&KIKVCNMCOGTC /QFWU 5EJCNVGT #WHPCJOGOQFWU /QFWU #WVQOCVKUEJG #WHPCJOG 2 2TQITCOO CWVQO $GNKEJVWPI $GUEJTGKDWPI &KG -COGTC UVGNNV $GNKEJVWPI WUY CWVQOCVKUEJ GKP 8GTUEJNWUU\GKV WPF $NGPFGPYGTV YGTFGP CWVQOCVKUEJ GKPIGUVGNNV CPFGTG 'KPUVGNNWPIGP MÑPPGP OCPWGNN XQTIGPQOOGP YGTFGP 6X 8GTUEJNWUURTKQTKV¼V 9¼JNGP 5KG FKGUG 'KPUVGNNWPI YGPP 5KG OKV 8GTUEJNWUURTKQTKV¼V HQVQITCHKGTGP OÑEJVGP #X $NGPFGPRTKQTKV¼V 9¼JNGP 5KG FKGUG 'KPUVGNNWPI YGPP 5KG OKV $NGPFGPRTKQTKV¼V HQVQITCHKGTGP OÑE
+P FGT PCEJHQNIGPFGP 6CDGNNG YKTF FKG (CTDG WPF FGT 5VCVWU FGT 5WEJGT .
&KIKVCNMCOGTC #P\GKIGP CWH FGO .
$GPWV\GTJCPFDWEJ #WHPCJOGOQFK = 2 ? = 6X ? = #X ? = / ? /QFWU 5[ODQN (QMWU 5[ODQN 9CTPU[ODQN H×T XGTYCEMGNVG #WHPCJOG
&KIKVCNMCOGTC #WHPCJOGOQFWU = ? /QFWU 5[ODQN (QMWU 5[ODQN
$GPWV\GTJCPFDWEJ '456' 5%*4+66' $GHGUVKIGP FGU 6TCIGDCPFU $GHGUVKIGP 5KG FCU 6TCIGDCPF YKG CDIGDKNFGV 'KPNGIGP WPF 'PVPGJOGP FGU #MMWU QRVKQPCNGU
&KIKVCNMCOGTC .
9GPP 5KG PGWG #MMWU QFGT UQNEJG #MMWU XGTYGPFGP FKG ×DGT GKPGP N¼PIGTGP
&KIKVCNMCOGTC &' $GPWV\GP 5KG FKGUG KCOera PWT OKV FGO CPIGIGDGPGP #% 0GV\adapter. 'U YKTF PKEJV H×T 5EJ¼FGP IGJCHVGV FKG FWTEJ FKG $GPWVzung eines HCNUEJGP #FCRVGTU XGTWTUCEJV YWTFGP 5QNNVG FGT .CFGXQTICPI PKEJV IGUVCTVGV YGTFGP CWEJ YGPP 5KG CNNG QDGP IGPCPPVGP 5EJTKVVG CWUIGH×JTV JCDGP UEJCNVGP 5KG FKG -COGTC GKP UVGNNGP PCEJ 'TUEJGKPGP FGT .
#NNG #WHPCJOGP FKG 5KG OKV FKGUGT KCOera OCEJGP YGTFGP CWH FGT SD-5RGKEJGTMCTVG IGURGKEJGTV 9GPP UKEJ MGKPG 5& 5RGKEJGTMCTVG KP FGT -COGra DGHKPFGV MÑPPGP 5KG MGKPG #WHPCJOGP OCEJGP 5EJCNVGP 5KG FKG -COGTC CWU DGXQT 5KG GKPG 5& 5RGKEJGTMCTVG GKPUGV\GP QFGT GPVPGJOGP 'KPUGV\GP FGT 5& 5RGKEJGTMCTVG © H H P G P 5 K G F C U # M M W 5 & 5RGKEJGTMCTVGPHCEJ .
&KIKVCNMCOGTC 'KP WPF #WUUEJCNVGP FGT -COGTC $GXQT 5KG FKG -COGTC DGPWV\GP MÑPPGP O×UUGP 5KG FGP #MMW WPF GKPG 5& 5RGKEJGTMCTVG GKPUGV\GP 'KPUEJCNVGP FGT -COGTC &T×EMGP 5KG \WO 'KPUEJCNVGP FGT -COGTC CWH FKG 'KP #WU 6CUVG 219'4 &KG 5WEJGT .
$GKO (QTOCVKGTGP YGTFGP CNNG &CVGKGP WPF 1TFPGT IGNÑUEJV FKG CWH FGT 5& 5RGKEJGTMCTVG IGURGKEJGTV YWTFGP (QTOCVKGTGP KUV PKEJV OÑINKEJ YGPP FKG 5& 5RGKEJGTMCTVG UEJTGKDIGUEJ×V\V KUV &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? &KG =5VCPFCTF? 'KPUVGNNWPIGP FGU 5GVWR /GP×U YGTFGP CPIG\GKIV $GPWV\GTJCPFDWEJ (QTOCVKGTGP GKPGT 5& 5RGKEJGTMCTVG 9¼JNGP 5KG OKV FGP 6CUVGP CWU FGO =5VCPFCTF? /GP× FGU 5GVWR /GP×U FKG 1RVKQP =(QTOCV? WPF FT×EMGP FCPP CWH 5'6 9¼JNGP 5KG OKV FGT 6CUVG FKG
&KIKVCNMCOGTC #WUYCJN FGT 5RTCEJG 9GPP 5KG FCU GTUVG /CN FKG -COGTC GKPUEJCNVGP GTUEJGKPV FCU (GPUVGT H×T FKG 5RTCEJGKPUVGNNWPI 5KG YGTFGP CWHIGHQTFGTV GKPG 5RTCEJG H×T FKG CWH FGO .
&CVWO WPF 7JT\GKV O×UUGP PGW GKPIGUVGNNV YGTFGP YGPP &KG -COGTC FCU GTUVG /CN GKPIGUEJCNVGV YKTF 9GPP FKG -COGTC FKG ×DGT GKPGP DGUVKOOVGP
&KIKVCNMCOGTC 'KPUVGNNGP FGT $KNFCWHNÑUWPI WPF $KNFSWCNKV¼V &KG 'KPUVGNNWPI XQP #WHNÑUWPI WPF $KNFSWCNKV¼V DGUVKOOV FKG 2KZGNITѲG $KNFITѲG FKG )TѲG FGT $KNFFCVGK WPF FCU -QORTKOKGTWPIUXGTJ¼NVPKU FGT $KNFGT &KGUG 'KPUVGNNWPIGP YKTMGP UKEJ CWH FKG #P\CJN FGT $KNFGT CWU FKG KO KPVGTPGP 5RGKEJGT QFGT CWH GKPGT 5RGKEJGTMCTVG IGURGKEJGTV YGTFGP MÑPPGP 9GPP 5KG UKEJ OKV FGT -COGTC XGTVTCWV OCEJGP KUV GU UKPPXQNN YGPP 5KG GKPOCN XGTUEJKGFGPG 9GTVG H×T 3WCNKV¼V WPF #WHNÑUWPI CWURTQDKGTGP 5Q MÑPPGP 5KG
In der Tabelle finden Sie eine ungefähre Anzahl von Aufnahmen, die Sie bei jeder Einstellung bei einer SD-Speicherkarte von 32 MB bis 512 MB machen können.
&KIKVCNMCOGTC Mögliche Aufnahmedauer in Sekunden (Videoclip) Bildgröße 32MB SD-Speicherkarte 64MB 128MB 256MB 512MB (Fein) 01:45 03:34 07:13 14:23 28:59 (Standard) 02:36 05:20 10:46 21:28 43:13 Qualität 320 x 240 * Die oben angeführten Daten zeigen die Ergebnisse von Standardtests. Die tatsächliche Speicherkapazität hängt aber auch von den Aufnahmebedingungen und den anderen Einstellungen ab.
= ? #WVQOCVKUEJGT #WHPCJOG /QFWU > CWVQOCVKUEJG #WHPCJOG /QFWU YKTF UGJT J¼WHKI XGTYGPFGV 'U KUV UGJT GKPHCEJ OKV FKGUGO /QFWU FKG #WHPCJOGP \W OCEJGP FC FKG $GNKEJVWPI FKG -QODKPCVKQP CWU 8GTUEJNWUU\GKV WPF $NGPFGPYGTV CWVQOCVKUEJ GPVURTGEJGPF FGT #WHPCJOGDGFKPIWPIGP GKPIGUVGNNV YKTF 5KG MÑPPGP FCU $KNF UQYQJN FWTEJ FCU 5WEJGTHGPUVGT CNU CWEJ ×DGT FGP .
&KIKVCNMCOGTC &' &T×EMGP 5KG CWH FGP #WUNÑUGT &T×EMGP 5KG FKG #WUNÑUGT 6CUVG \WT *¼NHVG JGTWPVGT WO FKG CWVQOCVKUEJG 'PVHGTPWPIUGKPUVGNNWPI WPF $GNKEJVWPI \W CMVKXKGTGP &T×EMGP 5KG FCPP H×T FKG #WHPCJOG FKG #WUNÑUGT 6CUVG XQNNUV¼PFKI JGTWPVGT 9GPP FKG -COGTC FCU #WHPCJOGQDLGMV UEJCTHIGUVGNNV JCV WPF FKG $GNKEJVWPI DGTGEJPGV YWTFG YKTF FGT (QMWUTCJOGP DNCW WPF FKG 5WEJGT .
5VGNNGP 5KG UKEJGT FCUU UKEJ FGT #MMW KP FGT -COGTC DGHKPFGV &T×EMGP 5KG \WO 'KPUEJCNVGP FGT -COGTC CWH FKG 'KP #WU 6CUVG 219'4 &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? 5VCPFCTFO¼²KI KUV FGT .%& /QPKVQT CMVKXKGTV #TTCPIKGTGP 5KG FKG #WHPCJOG ×DGT FGP .%& /QPKVQT &T×EMGP 5KG FKG #WUNÑUGT 6CUVG GTUV \WT *¼NHVG WPF FCPP XQNNUV¼PFKI JGTWPVGT $GPWV\GTJCPFDWEJ $GPWV\GP FGU .
&KIKVCNMCOGTC > &KIKVCN
5VGNNGP 5KG DGKO (QVQITCHKGTGP FGP $NKV\ GKP 5KG MÑPPGP LG PCEJ #WHPCJOGDGFKPIWPIGP GKPGP IGGKIPGVGP $NKV\OQFWU GKPUVGNNGP 5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP #WHPCJOGOQFWU ,G PCEJ (QVQITCHKGT /QFWU /QVKX /QFWU WPF #WHPCJOG /QFWU UVGJGP PWT DGUVKOOVG $NKV\GKPUVGNNWPIGP \WT 8GTH×IWPI 9¼JNGP 5KG OKV FGT 6CUVG FGP IGY×PUEJVGP $NKV\ /QFWU /KV LGFGO &T×EMGP CWH FKG 6CUVG YKTF CWH FGO .
&KIKVCNMCOGTC &KG HQNIGPFG 6CDGNNG JKNHV +JPGP FCDGK FGP IGGKIPGVGP $NKV\OQFWU CWU\WY¼JNGP $NKV\ (WPMVKQP =.GGT? #WVQOCVKUEJ = ? 4QVG #WIGP = ? $NKV\NKEJV #P = ? $NKV\NKEJV #WU &' $GUEJTGKDWPI > $NKV\ YKTF CWVQOCVKUEJ LG PCEJ FGP .KEJVXGTJ¼NVPKUUGP FGT 7OIGDWPI CWUIGNÑUV &KGUG (WPMVKQP KUV PWT UKPPXQNN KO /QFWU = ? /KV FKGUGT (WPMVKQP MÑPPGP 5KG FGP 4QVG #WIGP 'HHGMV XGTTKPIGTP YGPP 5KG PCV×TNKEJ YKTMGPFG #WHPCJOGP XQP 2GTUQPGP WPF 6KGTGP DGK UEJNGEJVGP .
(×T FKG #WHPCJOGP IKDV GU XGTUEJKGFGPG /ÑINKEJMGKVGP FKG 'PVHGTPWPI GKP\WUVGNNGP P¼ONKEJ = ? /CMTQ = ? WPGPFNKEJ = / ? HGUV DGK O QFGT = / ? HGUV DGK O &KG 'KPUVGNNWPIGP DNGKDGP GTJCNVGP CWEJ YGPP FKG -COGTC OCPWGNN QFGT CWVQOCVKUEJ CWUIGUEJCNVGV YKTF ,G PCEJ IGY¼JNVGT #WHPCJOG UKPF FKG 5EJ¼THGGKPUVGNNWPIGP DGITGP\V 5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP #WHPCJOGOQFWU FGP 9¼JNGP 5KG OKV FGT 6CUVG IGY×PUEJVGP $NKV\ /QFWU /KV LGFGO &T×EMGP CWH FKG 6CUVG YKTF CWH F
&KIKVCNMCOGTC &KG HQNIGPFG 6CDGNNG JKNHV +JPGP FCDGK FGP IGGKIPGVGP (QMWU /QFWU CWU\WY¼JNGP (QMWU /QFWU $GUEJTGKDWPI =.
/KV FKGUGT 'KPUVGNNWPI MÑPPGP 5KG 5GNDUVCWUNÑUGT WPF +PVGTXCNNCWHPCJOGP OCEJGP 5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP #WHPCJOGOQFWU 9¼JNGP 5KG OKV FGT 6CUVG FKG IGY×PUEJVG 'KPUVGNNWPI /KV LGFGO &T×EMGP CWH FKG 6CUVG YKTF CWH FGO .
&KIKVCNMCOGTC &KG HQNIGPFG 6CDGNNG JKNHV +JPGP FCDGK FGP IGGKIPGVGP 5GNDUVCWUNÑUGT /QFWU CWU\WY¼JNGP 5GNDUVCWUNÑUGT /QFWU $GUEJTGKDWPI &KG #WHPCJOG YKTF 5GMWPFGP PCEJ $GV¼VKIGP = 5 ? 5GMWPFGP FGU #WUNÑUGTU IGOCEJV &KG #WHPCJOG YKTF 5GMWPFGP PCEJ $GV¼VKIGP = 5 ? 5GMWPFGP FGU #WUNÑUGTU IGOCEJV = ? 5GMWPFGP 'KPG #WHPCJOG YKTF EC 5GMWPFGP PCEJ $GV¼VKIGP FGU #WUNÑUGTU IGOCEJV &CPP DGTGKVGV FKG -COGTC GKPG YGKVGTG #WHPCJOG XQT FGT $NKV\ YKTF IGNCFGP &KG \YGKVG #WH
5KG MÑPPGP FKG (QVQU FKG 5KG CWHPGJOGP KPUIGUCOV JGNNGT QFGT FWPMNGT OCEJGP &KGUG 'KPUVGNNWPIGP YGTFGP XGTYGPFGV YGPP UQPUV MGKPG IGGKIPGVG *GNNKIMGKV $GNKEJVWPI GTTGKEJV YGTFGP MCPP \ $ YGPP FGT *GNNKIMGKVUMQPVTCUV \YKUEJGP FGO #WHPCJOGQDLGMV WPF FGO *KPVGTITWPF \W ITQ² KUV QFGT YGPP FCU #WHPCJOGQDLGMV UGJT MNGKP KUV KO 8GTJ¼NVPKU \WO )GUCOVDKNF &KG $GNKEJVWPI MCPP KP 5EJTKVVGP XQP '8 HGUVIGNGIV YGTFGP 5VGNNGP 5KG FGP /QFWU 5EJCNVGT CWH = 2 ? = 6X ? QFGT = #X ? WPF FT×EMGP 5KG CW
&KIKVCNMCOGTC #TV FGT #WHPCJOGQDLGMVG WPF GKP\WUVGNNGPFG 9GTVG RQUKVKXG -QORGPUCVKQP &TWEMGT\GWIPKUUG OKV FWPMNGO 6GZV CWH JGNNGO 2CRKGT )GIGPNKEJVCWHPCJOGP *GNNG /QVKXG QFGT UVCTM TGHNGMVKGTVGU .
+P FKGUGO /QFWU YGTFGP (QVQU CWHIGPQOOGP DGK FGPGP FKG 2TKQTKV¼V CWH FKG 8GTUEJNWUU\GKV IGNGIV YKTF > $NGPFGPYGTV YKTF CWVQOCVKUEJ FGT 8GTUEJNWUU\GKV CPIGRCUUV 9GPP 5KG GKPG UEJPGNNG 8GTUEJNWUU\GKV GKPUVGNNGP MÑPPGP 5KG #WHPCJOGP XQP UKEJ UEJPGNN DGYGIGPFGP #WHPCJOGQDLGMVGP OCEJGP FKG CWH FGO (QVQ FCPP CWUUGJGP CNU Y×TFGP UKG UKEJ PKEJV DGYGIGP 9GPP 5KG GKPG IGTKPIG 8GTUEJNWUU\GKV Y¼JNGP UGJGP WPDGYGIVG #WHPCJOGQDLGMVG CWU CNU Y×TFGP UKG UKEJ DGYGIGP $GPWV\GTJCPFDWEJ = 6X ? 8GTUEJNWUU\GKVRTKQ
&KIKVCNMCOGTC &KG 8GTUEJNWUU\GKV WPF FGT GPVURTGEJGPFG $NGPFGPYGTV YGTFGP CWH FGO .%& /QPKVQT CPIG\GKIV 9GPP MGKPG RCUUGPFG -QODKPCVKQP IGHWPFGP YGTFGP MCPP MÑPPGP \YCT #WHPCJOGP IGOCEJV YGTFGP FGT $NGPFGPYGTV YKTF CDGT TQV CPIG\GKIV #TTCPIKGTGP 5KG FCU $KNF FT×EMGP FKG #WUNÑUGT 6CUVG GTUV \WT *¼NHVG WPF FCPP XQNNUV¼PFKI JGTWPVGT 9GPP 5KG FKG 8GTUEJNWUU\GKV CWH GKPGP 9GTV WPVGT 5GMWPFGP GKPUVGNNGP YKTF FKG $GNKEJVWPIU\GKV UGJT NCPI WPF CWH FGO .
+P FKGUGO /QFWU YGTFGP (QVQU CWHIGPQOOGP DGK FGPGP FKG 2TKQTKV¼V CWH FKG $NGPFG IGNGIV YKTF &KG 8GTUEJNWUU\GKV YKTF CWVQOCVKUEJ FGO $NGPFGPYGTV CPIGRCUUV 9GPP 5KG GKPG MNGKPG $NGPFG Y¼JNGP JQJGT ( 9GTV MÑPPGP 5KG 2QTVTCKVCWHPCJOGP XQT GKPGO WPUEJCTHGP *KPVGTITWPF OCEJGP 9GPP 5KG GKPGP JQJGP $NGPFGPYGTV Y¼JNGP PKGFTKIGT ( 9GTV YGTFGP UQYQJN FCU #WHPCJOGQDLGMV CNU CWEJ FGT *KPVGTITWPF UEJCTH UQ \ $ DGK .
&KIKVCNMCOGTC = / ? /CPWGNNG #WHPCJOG +P FKGUGO /QFWU MÑPPGP 5KG FKG 9GTVG H×T $NGPFG WPF 8GTUEJNWUU\GKV OCPWGNN GKPUVGNNGP &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH =/? 9¼JNGP 5KG OKV FGT 6CUVG FKG 1RVKQP 8GTUEJNWUU\GKV QFGT $NGPFG 5VGNNGP 5KG OKV FGO 'KPUVGNNUEJCNVGT FKG 8GTUEJNWUU\GKV WPF FGP $NGPFGPYGTV GKP #TTCPIKGTGP 5KG FCU $KNF FT×EMGP FKG #WUNÑUGT 6CUVG GTUV \WT *¼NHVG WPF FCPP XQNNUV¼PFKI JGTWPVGT 9GPP DGK $NKV\CWHPCJOGP = ? WPF = ? GKPIGUVGNNV UKPF KUV FKG UEJPGNNUVOÑ
*KGT MÑPPGP 5KG FiG 5\GPG GKPUVGNNGP CWH FKG /QFK = QFGT = ? 0CEJVCWHPCJOG ? 2QTVTCKV = ? 5RQTV 5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP 5\GPGOQFWU +P FGP -COGTCOQFK = ? WPF = ? MCPP = ? PKEJV IGY¼JNV YGTFGP #TTCPIKGTGP 5KG FCU $KNF FT×EMGP FKG #WUNÑUGT 6CUVG GTUV \WT *¼NHVG WPF FCPP XQNNUV¼PFKI JGTWPVGT $GPWV\GTJCPFDWEJ #WUYCJN FGU 5\GPG /QFWU &KG HQNIGPFG 6CDGNNG JKNHV +JPGP FCDGK FGP IGGKIPGVGP 5\GPG /QFWU CWU\WY¼JNGP 5\GPG /QFWU $GUEJTGKDWPI = ? 2QTVT
&KIKVCNMCOGTC = ? (KNO /QFWU &KGUGT /QFWU KUV H×T FKG #WHPCJOG XQP 8KFGQENKRU 'U MÑPPGP CWEJ #WFKQ #WHPCJOGP IGOCEJV YGTFGP &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? #TTCPIKGTGP 5KG FKG #WHPCJOG OKV FGT
? 9+'&'4)#$' /1&75 9KGFGTICDG XQP (QVQU 5KG MÑPPGP UKEJ (QVQU CWH FGO .%& /QPKVQT CPUGJGP 5GV\GP 5KG FKG 5& 5RGKEJGTMCTVG KP FKG -COGTC GKP WPF UEJCNVGP FKG -COGTC GKP &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? &KG \WNGV\V IGOCEJVG #WHPCJOG GKPGU (QVQU YKTF CWH FGO .
&KIKVCNMCOGTC $KNFKPHQTOCVKQPGP 5KG MÑPPGP Y¼JTGPF FGT 9KGFGTICDG FKG #TV FGT $KNFKPHQTOCVKQPGP FWTEJ &T×EMGP FGT 6CUVG ¼PFGTP $GK LGFGO &T×EMGP CWH ¼PFGTV UKEJ FKG $KNFUEJKTOCP\GKIG KP FKGUGT 4GKJGPHQNIG 9GPP 5KG Y¼JTGPF FGT 9KGFGTICDG CWH FKG 6CUVGP FT×EMGP YKTF FKG #P\GKIG KP GKPGO 9KPMGN XQP u IGFTGJV /KV FGT 6CUVG YKTF FCU $KNF KO 7JT\GKIGTUKPP IGFTGJV OKV YKTF FCU $KNF GPVIGIGP FGO 7JT\GKIGTUKPP IGFTGJV &T×EMGP 5KG FCPP CWH FKG 6CUVG KP FKG GPVIGIGPIGUGV\VG 4KEJVWPI Y
5KG MÑPPGP UKEJ FKG CWHIGPQOOGPGP 8KFGQENKRU OKV FGT -COGTC CPUGJGP 5KG MÑPPGP CWEJ FGP 6QP YKGFGTIGDGP &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? &KG \WNGV\V IGOCEJVG #WHPCJOG GKPGU (QVQU YKTF CWH FGO .
&KIKVCNMCOGTC 6CUVGPHWPMVKQPGP $GK FGT 9KGFGTICDG 6CUVG 6CUVG 6CUVG 6CUVG 5'6 6CUVG 5EJPGNNG 9KGFGTICDG /KV LGFGO &T×EMGP CWH ¼PFGTV UKEJ FKG 9KGFGTICDGIGUEJYKPFKIMGKV XQP FGT FQRRGNVGP CWH FKG XKGTHCEJG )GUEJYKPFKIMGKV WPF FCPP YKGFGT FKG PQTOCNG )GUEJYKPFKIMGKV 5EJPGNNG 9KGFGTICDG T×EMY¼TVU /KV LGFGO &T×EMGP CWH ¼PFGTV UKEJ FKG 9KGFGTICDGIGUEJYKPFKIMGKV XQP FGT FQRRGNVGP CWH FKG XKGTHCEJG )GUEJYKPFKIMGKV WPF FCPP YKGFGT CWH FKG PQTOCNG )GUEJYKPFKIMGKV XQTY¼TVU 9¼JTGPF GKPGT 7PVGTDTGEJWPI
5KG MÑPPGP UKEJ FKG #WHPCJOGP CWEJ CWH GKPGO 68 $KNFUEJKTO CPUGJGP $GXQT 5KG FKG -COGTC CP GKP )GT¼V CPUEJNKG²GP O×UUGP 5KG \WP¼EJUV GPVURTGEJGPF FGO #WUICDGU[UVGO FGU 9KGFGTICDGIGT¼VU 065% QFGT 2#.
&KIKVCNMCOGTC #WHPCJOG XQP 5VKOOGPPQVK\GP 9¼JTGPF FGT #WHPCJOG XQP (QVQU MÑPPGP 5KG OCZKOCN 5GMWPFGP 6QP CNU œ0QVK\ő \WO $KNF CWHPGJOGP &KG 5VKOOGPPQVK\ MCPP PWT GKPOCN CWHIGPQOOGP YGTFGP &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? &KG \WNGV\V IGOCEJVG #WHPCJOG GKPGU (QVQU YKTF CWH FGO .%& /QPKVQT CPIG\GKIV 9¼JNGP 5KG OKV FGO 'KPUVGNNUEJCNVGT GKP $KNF CWU &T×EMGP 5KG CWH FGP #WUNÑUGT #WH FGO .
/KV FKGUGT (WPMVKQP MÑPPGP 5KG INGKEJ\GKVKI 6JWODPCKN $KNFGT CWH FGO .%& /QPKVQT CP\GKIGP NCUUGP UQ FCUU 5KG UEJPGNN
&KIKVCNMCOGTC &'
/KV FGT &KCUEJCW (WPMVKQP MÑPPGP 5KG FKG $KNFGT CWVQOCVKUEJ PCEJGKPCPFGT CP\GKIGP NCUUGP &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? &T×EMGP 5KG CWH FKG /'07 6CUVG 9KGFGTICDG /GP× YKTF CPIG\GKIV 9¼JNGP 5KG OKV FGT 6CUVG FKG 1RVKQP =&KCUJQY? CWU WPF FT×EMGP FCPP CWH 5'6 &KG &KCUEJCW YKTF IGUVCTVGV 7O FKG &KCUEJCW \W DGGPFGP O×UUGP 5KG CWH 5'6 FT×EMGP 9GPP 5KG CWH 5'6 FT×EMGP YKTF FCU $KNF CWH FGO .
&KIKVCNMCOGTC #WHPCJOGP XQT FGO .ÑUEJGP UEJ×V\GP &KG &CVGP YGTFGP OKV GKPGO 5EJTGKDUEJWV\ XGTUGJGP FCOKV #WHPCJOGP PKEJV XGTUGJGPVNKEJ IGNÑUEJV YGTFGP MÑPPGP #WHPCJOGP XQT FGO .
7O FGP .ÑUEJUEJWV\ H×T PWT GKP GKP\GNPGU $KNF CWH\WJGDGP TWHGP 5KG FCU GPVURTGEJGPFG $KNF CWH FGO .%& /QPKVQT CWH 9¼JNGP 5KG OKV FGT 6CUVG FKG 1RVKQP =5EJuV\? CWU WPF FT×EMGP FCPP CWH 5'6 9¼JNGP 5KG OKV FGP 6CUVGP FKG 1RVKQP ='KP\GN? QFGT =#NNG? CWU WPF FT×EMGP FCPP CWH 5'6 9¼JNGP 5KG OKV FGP 6CUVGP FKG 1RVKQP =5EJWV\ CWHJGDGP? CWU WPF FT×EMGP FCPP CWH 5'6 > .
&KIKVCNMCOGTC &21( 'KPUVGNNWPIGP &21( KUV FKG #DM×T\WPI H×T &KIKVCN 2TKPV 1TFGT (QTOCV FKIKVCNGU &TWEMCWHVTCIUHQTOCV OKV FGO 5KG &TWEMKPHQTOCVKQPGP CWH FGT 5RGKEJGTMCTVG URGKEJGTP MÑPPGP 9¼JNGP 5KG FKG $KNFGT CWU FKG CWUIGFTWEMV YGTFGP UQNNGP WPF NGIGP KO &21( /GP× FGT -COGTC FKG &TWEMCP\CJN HGUV 5EJKGDGP 5KG FCPP FKG 5RGKEJGTMCTVG KP GKPGP &21( MQORCVKDNGP &TWEMGT 9GPP FGT &TWEM IGUVCTVGV YKTF NKGUV FGT &TWEMGT FKG CWH FGT 5RGKEJGTMCTVG GKPIGDGVVGVGP +PHQTOCVKQPGP WPF FTWEMV FKG CPIGIGDGP
$GPWV\GTJCPFDWEJ &CU (GPUVGT \WO 'KPUVGNNGP XQP &CVWO WPF 7JT\GKV GTUEJGKPV CWH FGO .
&KIKVCNMCOGTC = ? .ÑUEJGP XQP $KNFGTP .ÑUEJGP KO #WHPCJOG /QFWU 5EJPGNN .ÑUEJWPI /KV FGT 5EJPGNNNÑUEJWPI MÑPPGP 5KG #WHPCJOGP UEJQP INGKEJ PCEJ FGT #WHPCJOG NÑUEJGP +O 5EJPGNNNÑUEJWPIU /GP× JCDGP 5KG FKG /ÑINKEJMGKV FKG NGV\VG #WHPCJOG QJPG YGKVGTG 'KPUVGNNWPIGP \W NÑUEJGP 5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP #WHPCJOGOQFWU &T×EMGP 5KG CWH FKG 6CUVG #WH FGO .
$GPWV\GTJCPFDWEJ 9¼JNGP 5KG OKV FGP 6CUVGP FKG 1RVKQP =&KGUGU $KNF? QFGT =#NNG NÑUEJGP? CWU WPF FT×EMGP CWH 5'6 'KP\GN .ÑUEJV FCU CWUIGY¼JNVG $KNF QFGT FKG \WNGV\V IGOCEJVG #WHPCJOG #NNG #WU FGO 5RGKEJGT YGTFGP CNNG CWH FGT 5& 5RGKEJGTMCTVG IGURGKEJGTVGP #WHPCJOGP IGNÑUEJV CW²GT FGPGP FKG OKV GKPGO .ÑUEJUEJWV\ XGTUGJGP UKPF 5GKVG .
&KIKVCNMCOGTC /'0¯ 1RVKQPGP #WHPCJOG /GP× $KNF +P FKGUGO /GP× YGTFGP FKG )TWPFGKPUVGNNWPIGP H×T #WHPCJOGP KO #WHPCJOG /GP× XQTIGPQOOGP &KG 'KPUVGNNWPIGP DNGKDGP GTJCNVGP CWEJ YGPP FKG -COGTC OCPWGNN QFGT CWVQOCVKUEJ CWUIGUEJCNVGV YKTF 5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP #WHPCJOGOQFWU &T×EMGP 5KG CWH FKG /'07 6CUVG 'U GTUEJGKPV FCU #WHPCJOG /GP× OKV FGT 1RVKQP =$KNF? 9¼JNGP 5KG OKV FGP 6CUVGP FKG IGY×PUEJVG =$KNF? 1RVKQP WPF FT×EMGP CWH 5'6 WO KP FCU 7PVGTOGP× \
*KGT YKTF FKG 3WCNKV¼V -QORTKOKGTWPIUTCVG HGUVIGNGIV OKV FGT FKG #WHPCJOGP IGOCEJV YGTFGP UQNNGP (GKP )GTKPIG -QORTKOKGTWPIUTCVG 5VCPFCTF 0QTOCN 'EQ *QJG -QORTKOKGTWPIUTCVG 6+(( -GKPG -QORTKOKGTWPI DGUVG $KNFSWCNKV¼V CDGT UGJT ITQ²G &CVGKGP &KG )TQDGKPUVGNNWPI MCPP KO /QFWU = ? PKEJV XQTIGPQOOGP YGTFGP 6+(( KUV PWT GKPUVGNNDCT YGPP 5KG CNU &CVGKITѲG Z Y¼JNGP $GPWV\GTJCPFDWEJ 3WCNKV¼V 5EJ¼THG *KGT YKTF FKG $KNFUEJ¼THG H×T FKG #WHPCJOGP HGUVIGNGIV *CTV 5GJT UEJCTHGU $KNF 0QTOCN
&KIKVCNMCOGTC #WHPCJOG /GP× (WPMVKQP 5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP #WHPCJOGOQFWU &T×EMGP 5KG CWH /'07 WPF Y¼JNGP OKV FCU /GP× =(WPMVKQP? CWU 'U GTUEJGKPV FCU #WHPCJOG /GP× OKV FGT 1RVKQP =(WPMVKQP? 9¼JNGP 5KG OKV FGP 6CUVGP FKG IGY×PUEJVG =(WPMVKQP? 1RVKQP WPF FT×EMGP CWH 5'6 WO KP FCU 7PVGTOGP× \W IGNCPIGP 9¼JNGP 5KG OKV FGT 6CUVG GKPGP 'KPVTCI CWU WPF FT×EMGP FCPP CWH 5'6 7O FCU #WHPCJOG /GP× \W DGGPFGP FT×EMGP 5KG CWH FKG /'07 6CU
'KPG 5VKOOGPPQVK\ MCPP KP FGP 5GMWPFGP PCEJ FGT #WHPCJOG GKPGU (QVQU CWHIG\GKEJPGV YGTFGP &KGUG (WPMVKQP KUV CWEJ KO 9KGFGTICDG /QFWU XGTH×IDCT .GUGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ PCEJ WPVGT ő= ? #WVQOCVKUEJGT #WHPCJOG /QFWUŒ 'KP #MVKXKGTV FKG 5VKOOGPPQVK\ #WU &GCMVKXKGTV FKG 5VKOOGPPQVK\ 9GPP FKG 5VKOOGPPQVK\ CMVKXKGTV KUV KUV FKG 8QTUEJCWGKPUVGNNWPI CWEJ CWVQOCVKUEJ HGUVIGNGIV $GPWV\GTJCPFDWEJ 5VKOOGPPQVK\ .%& *GNNKIMGKV 9¼JNGP 5KG FKG *GNNKIMGKV H×T FGP .
&KIKVCNMCOGTC &CVWOUFTWEM &CU &CVWO FGT #WHPCJOG MCPP FKTGMV CWH FKG $KNFGT CWHIGFTWEMV YGTFGP &KGUG (WPMVKQP OWUU XQT FGT #WHPCJOG CMVKXKGTV YGTFGP 'KP &CU &CVWO YKTF Y¼JTGPF FGT #WHPCJOG CWH FCU (QVQ CWHIGFTWEMV #WU &CU &CVWO YKTF Y¼JTGPF FGT #WHPCJOG PKEJV CWH FCU (QVQ CWHIGFTWEMV +PVGTXCNN $KNF\CJN /KV FKGUGT 'KPUVGNNWPI YGTFGP CWVQOCVKUEJ UQ XKGNG #WHPCJOGP OKV FGO HGUVIGNGIVGP +PVGTXCNN IGOCEJV YKG XQTIGIGDGP &KGUG (WPMVKQP KUV UKPPXQNN YGPP 5KG FGP = +PVX ? OKV GKPUVGNNGP /KP &KG
5VGNNGP 5KG FGP /QFWUUEJCNVGT CWH GKPGP DGNKGDKIGP #WHPCJOGOQFWU &T×EMGP 5KG CWH /'07 WPF Y¼JNGP OKV FCU /GP× =#' #9$? CWU 'U GTUEJGKPV FCU #WHPCJOG /GP× OKV FGT 1RVKQP =#' #9$? 9¼JNGP 5KG OKV FGP 6CUVGP FKG IGY×PUEJVG =#' #9$? 1RVKQP WPF FT×EMGP CWH 5'6 WO KP FCU 7PVGTOGP× \W IGNCPIGP 9¼JNGP 5KG OKV FGT 6CUVG GKPGP 'KPVTCI CWU WPF FT×EMGP FCPP CWH 5'6 7O FCU #WHPCJOG /GP× \W DGGPFGP FT×EMGP 5KG CWH FKG /'07 6CUVG $GPWV\GTJCPFDWEJ #WHPCJOG /GP× #' #9$ 9GKU
&KIKVCNMCOGTC $GNKEJVWPI *KGT YKTF FKG /GUUOGVJQFG H×T FKG $GTGEJPWPI FGT $GNKEJVWPI HGUVIGNGIV /WNVK > IGUCOVG $KNFUEJKTODGTGKEJ YKTF IGOGUUGP CWU FKGUGO 9GTV YKTF FKG $GNKEJVWPI DGTGEJPGV 2WPMV 'KP MNGKPGT $GTGKEJ KP FGT /KVVG FGU $KNFUEJKTOU YKTF IGOGUUGP CWU FKGUGO 9GTV YKTF FKG $GNKEJVWPI DGTGEJPGV +51 *KGT YKTF FKG 'ORHKPFNKEJMGKV H×T FKG #WHPCJOGP DGTGEJPGV $GK GKPGT JÑJGTGP 'ORHKPFNKEJMGKV WPF GKPGO JÑJGTGP +51 9GTV MCPP OCP #WHPCJOGP UQICT CP FWPMNGTGP 1TVGP OCEJGP &KGUG YGTFGP FCP
.GIGP 5KG KO = ? /QFWU HGUV YGNEJG 'KPUVGNNWPIGP H×T FKG 9KGFGTICDG XGTYGPFGV YGTFGP UQNNGP &KG 'KPUVGNNWPIGP DNGKDGP GTJCNVGP CWEJ YGPP FKG -COGTC OCPWGNN QFGT CWVQOCVKUEJ CWUIGUEJCNVGV YKTF &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? &T×EMGP 5KG CWH FKG /'07 6CUVG 9KGFGTICDG /GP× YKTF CPIG\GKIV 9¼JNGP 5KG OKV FGP 6CUVGP FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP FCPP CWH 5'6 WO KP FCU LGYGKNKIG 7PVGTOGP× \W IGNCPIGP 9¼JNGP 5KG OKV FGT 6CUVG GKPGP 'KPVTCI CWU WPF FT×EMGP FCPP CW
&KIKVCNMCOGTC 5GVWR /GP× 5VCPFCTF 5VGNNGP 5KG FKG $GVTKGDUWOIGDWPI FGT -COGTC GKP &KG 'KPUVGNNWPIGP DNGKDGP CWEJ FCPP GTJCNVGP YGPP FKG -COGTC OCPWGNN QFGT CWVQOCVKUEJ CWUIGUEJCNVGV YKTF &TGJGP 5KG FGP /QFWU 5EJCNVGT CWH = ? &KG =5VCPFCTF? 'KPUVGNNWPIGP FGU 5GVWR /GP×U YGTFGP CPIG\GKIV 9¼JNGP 5KG OKV FGP 6CUVGP FKG IGY×PUEJVG =5VCPFCTF? 1RVKQP WPF FT×EMGP CWH 5'6 WO KP FCU 7PVGTOGP× \W IGNCPIGP 9¼JNGP 5KG OKV FGT 6CUVG GKPGP 'KPVTCI CWU WPF FT×EMGP FCPP CWH 5'6
*KGT YKTF GKPIGUVGNNV QD FGT 9KGFGTICDGVQP GKPGT 5VKOOGPPQVK\ FGU 8KFGQVQPU QFGT FGU 5VCTVVQPU UVWOOIGUEJCNVGV YKTF 'KP *KGT YKTF GKPIGUVGNNV FCUU FGT 9KGFGTICDGVQP GKPGT 5VKOOGPPQVK\ FGU 8KFGQVQPU QFGT FGU 5VCTVVQPU PKEJV UVWOOIGUEJCNVGV YKTF #WU *KGT YKTF GKPIGUVGNNV FCUU FGT 9KGFGTICDGVQP GKPGT 5VKOOGPPQVK\ FGU 8KFGQVQPU QFGT FGU 5VCTVVQPU PKEJV UVWOOIGUEJCNVGV YKTF 2KGR *KGT YGTFGP FKG 6CUVGPVÑPG H×T FKG -COGTC CMVKXKGTV QFGT FGCMVKXKGTV 'KP &KG 6CUVGPVÑPG UKPF CMVKXKGTV #WU &KG 6CUVGPVÑ
&KIKVCNMCOGTC 5GVWR /GP× $GPWV\GTFGHKPKGTV 5VGNNGP 5KG FGP /QFWU 5EJCNVGT CWH = ? WPF Y¼JNGP OKV FCU /GP× =$GP FGH ? 'TUEJGKPV FCU 5GVWR /GP× OKV FGT 1RVKQP =$GP FGH ? 9¼JNGP 5KG OKV FGP 6CUVGP FKG IGY×PUEJVG =$GP FGH ? 1RVKQP WPF FT×EMGP CWH 5'6 WO KP FCU 7PVGTOGP× \W IGNCPIGP 9¼JNGP 5KG OKV FGT 6CUVG GKPGP 'KPVTCI CWU WPF FT×EMGP FCPP CWH 5'6 7O FCU 5GVWR /GP× \W DGGPFGP ¼PFGTP 5KG FKG /QFWUCWUYCJN &CVWO
*KGT YKTF FKG 5RTCEJG H×T FCU $GPWV\GTOGP× CWH FGO .%& /QPKVQT GKPIGUVGNNV .GUGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ PCEJ WPVGT ő#WUY¼JNGP FGT 5RTCEJGŒ 'PINKUJ 'PINKUEJ (TCPÁCKU (TCP\ÑUKUEJ &GWVUEJ &GWVUEJ 'URCÌQN 5RCPKUEJ +VCNKCPQ +VCNKGPKUEJ %JKPGUKUEJ VTCFKVKQPGNN %JKPGUKUEJ XGTGKPHCEJV $GPWV\GTJCPFDWEJ 5RTCEJG 8KFGQCWUICDG *KGT YKTF FCU 8KFGQCWUICDGU[UVGO FGO )GT¼V CPIGRCUUV CP FCU FKG -COGTC CPIGUEJNQUUGP YKTF 065% 065% 5[UVGO 2#. 2#.
&KIKVCNMCOGTC ¯$'464#)'0 &'4 (1615 70& 8+&'1%.+25 #7( &'0 %1/276'4 7O $KNFGT 8KFGQENKRU XQP FGT -COGTC CWH FGP %QORWVGT \W ×DGTVTCIGP IGJGP 5KG HQNIGPFGTOC²GP XQT 5EJTKVV +PUVCNNKGTGP FGU 75$ 6TGKDGTU PWT DGK 9KPFQYU WPF /CE 15 5EJTKVV #PUEJNKG²GP FGT -COGTC CP FGP %QORWVGT 5EJTKVV *GTWPVGTNCFGP FGT $KNF WPF 8KFGQFCVGKGP 5[UVGOCPHQTFGTWPIGP 9KPFQYU 2GPVKWO /*\ QFGT JÑJGT 9KPFQYU 5' /G :2 /$ 4#/ /$ HTGKGT (GUVRNCVVGPURGKEJGT %& 41/ .
9KPFQYU > 75$ 6TGKDGT FGT %& 41/ KUV CWUUEJNKG²NKEJ H×T 9KPFQYU IGFCEJV 9GPP 5KG OKV 9KPFQYU /' :2 CTDGKVGP KUV FKG +PUVCNNCVKQP FGU 75$ 6TGKDGTU PKEJV PQVYGPFKI .GIGP 5KG FKG OKV FGT -COGTC OKVIGNKGHGTVG %& 41/ KP FCU %& 41/ .
&KIKVCNMCOGTC -NKEMGP 5KG FQRRGNV CWH FGP 1TFPGT &%+/ 'U DGHKPFGP UKEJ YGKVGTG &CVGKGP FCTKP +P FKGUGP 1TFPGTP DGHKPFGP UKEJ FKG CWHIGPQOOGPGP $KNFGT WPF 8KFGQENKRU 5KG MÑPPGP FKG $KNF WPF 8KFGQENKR &CVGKGP KP GKPGP 1TFPGT CWH FGO %QORWVGT MQRKGTGP D\Y XGTUEJKGDGP /CE -NKEMGP 5KG CWH FGO 5EJTGKDVKUEJ FQRRGNV CWH FCU .
2TGUVQ /T 2JQVQ KUV GKP KFGCNGU 2TQITCOO H×T FKG 'TUVGNNWPI 8GTYCNVWPI WPF 2WDNKMCVKQP FGT FKIKVCNGP $KNFGT WPF 8KFGQU /KV FKGUGT PGWGP #WUICDG MÑPPGP 5KG FGP $KNFFCVGKGP 6QP JKP\WH×IGP WO KPVGTGUUCPVG .KHG 'HHGMVG \W GT\GWIGP &KGUG FKTGMVGP WPF NGKUVWPIUH¼JKIGP $KNFXGTDGUUGTWPIUHWPMVKQPGP DGNGDGP +JTG #WHPCJOGP 5KG MÑPPGP CWEJ FKG (QVQSWCNKV¼V CPRCUUGP WPF FKG &CVGKHQTOCVG CP CPFGTG 2TQITCOOG CPRCUUGP /T 2JQVQ DKGVGV CWEJ NWUVKIG 8QTNCIGP $GYGIWPIUUJQYU &KCUJQYU ' /CKN *6/. UQYKG .
&KIKVCNMCOGTC +PUVCNNKGTGP XQP 2TGUVQ +OCIG (QNKQ +OCIG (QNKQ KUV GKP WOHCUUGPFGU /WNVKOGFKC $KNFXGTCTDGKVWPIURTQITCOO /KV FKGUGO 2TQITCOO MÑPPGP 5KG GKPIGUECPPVG QFGT XQP 8KFGQTGEQTFGTP .
$GPWV\GTJCPFDWEJ #05%*.
&KIKVCNMCOGTC 6'%*0+5%*' '0 (WPMVKQPUGNGOGPV $KNFUGPUQT $KNFCWHNÑUWPI .%& /QPKVQT 5WEJGT $KNFSWCNKV¼V #WHPCJOGOGFKWO -QORTKOKGTWPIU HQTOCV $KNFFCVGK (QTOCV 1DLGMVKX (QMWUDGTGKEJ #WVQ (QMWU 8GTUEJNWUU IGUEJYKPFKIMGKV $KNFCWHPCJOG &KIKVCN\QQO /GVGTKPI 5[UVGO &' $GUEJTGKDWPI %%& 5GPUQT 2KZGNCP\CJN /GICRKZGN #P\CJN GHHGMVKXGT 2KZGN /GICRKZGN (QVQ Z Z Z Z 8KFGQENKR Z Œ 2QN[UKNKMQP 0KGFTKIVGORGTCVWT 6(6 (CTD .
$GNKEJVWPIUMQTTGMVWT 9GKUUCDINGKEJ $NKV\ 'HHGMVKXG $NKV\TGKEJYGKVG +51 'ORHKPFNKEJMGKV 5GNDUVCWUNÑUGT 8KFGQCWUICDG #PUEJN×UUG 5VTQOXGTUQTIWPI #DOGUUWPI $Z6Z* )GYKEJV 2TQITCOOKGTVG CWVQOCVKUEJG $GNKEJVWPI 8GTUEJNWUU\GKV 2TKQTKV¼V $NGPFGP 2TKQTKV¼V /CPWGNN 2QTVTCKV 5RQTV 0CEJVCWHPCJOG '8 '8 KP 5EJTKVVGP XQP '8 #WVQOCVKUEJ )N×JNKEJV .GWEJVUVQHHNKEJV .
