- Googleusercontent.com
Transcription
- Googleusercontent.com
=HLWJHLVW 7UHQGV 'LH7UHQGVVLQG6XFKDQIUDJHQPLWGHQPHLVWHQ$XIUXIHQEHUHLQHQ OlQJHUHQ=HLWUDXPKLQZHJLP9HUJOHLFK]X 0HLVWJHVXFKW 'LHPHLVWJHVXFKWHQ$QIUDJHQUHSUlVHQWLHUHQGLHKlXILJVWHQ 6XFKEHJULIIH±VRUWLHUWQDFKGHPK|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¾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ΩϳόγέϭΑΙΩΣ ΔηΎϛϋϕϳϓϭΗ ϲΗΑϗέΑϲϘΣ ΕΎΑΎΧΗϧϺϟΎϳϠόϟΔϧΟϠϟ έρΎηϟΕέϳΧ ΓΩϳϧϋΔϳλΧη ˻˹˺˻ΕΎόϣΎΟϟϕϳγϧΗ ΙϟΎΛϟΓΩϭϧηΎΑΎΑϟ ϲϧϐΑϲΑϠϗϥϣ έϳέΣΗϟϥΩϳϣ ϝϳΩϧϗϡΎηϫ *DQJQDP6W\OH έϭϧϟΏίΣ έϧΗέΎΟϣϭΑαϛϳϠϳϓ &DOO0H0D\EH ΎϣέϭΑ ϑγϭϳϡγΎΑ :LGH$ZDNH ΔϟΩόϟϭΔϳέΣϟ ϲϛϣΩϣΣ ΔϠΎϔΗϣ ϙέΎΑϣΔϣϛΎΣϣ ϲγϳγϟΡΎΗϔϟΩΑϋ 6N\IDOO ΔγΎέϟΕΎΑΎΧΗϧ· ΥϭϧΧϧϱέΑλ ϥϳϳΎϘγϟΓέΎΣ ΔοϬϧϟωϭέηϣ ϥΎΑόηϰϔρλϣ ϥΎϣέΎϳ 7UHQGV 0HLVWJHVXFKW 7UHQGV )HUQVHKVHQGXQJHQ 6LWFRPVRGHU )HUQVHKVHQGXQJHQ 0XVLNHU έϳΧϟΎϳΎΑλ $UDE,GRO ΔϳϧϫΔϣϘϟ έλϣΎϳϙΣΎΑλ ΡΎΑλRQ αϣηϟϱί έΎϬϧϟωέΎη έΎϬϧϟέΧ 7KH9RLFH ΔϳϟΎϏΕγϟ ΔϣρΎϓϝγϠγϣ ˯έΣλϟΏϠόΛίϣέ ΓΎϳΣϟΔΑόϟΞϣΎϧέΑ ϥΎρϠγϟϡϳέΣϝγϠγϣ ωϭϧϣϣϟϕηόϟϝγϠγϣ ˯έϣΣρϭρΧϝγϠγϣ ΔόΑέϟΔΟϭίϟϝγϠγϣ ΩέϭϟΔόΎΑϝγϠγϣ έϭϧϝγϠγϣ ϡγϣγϡϟΎϋΞϣΎϧέΑ ϲϠϳϟωϭέηϣ ΩϟΎΧΏΎηϟ ϝϳΩ ΝΎϧϳϣϲϛϳϧ ϲΛϳϠϟΩϭϣΣϣ ΏΎϫϭϟΩΑϋϥϳέϳη ΔϟΎλ Ύγϳϟ· ϱέϭϔϛϝϭ έΑϳΑϥϳΗγΎΟ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWPDQQVFKDIWHQ 1DWLRQDOH2O\PSLD 6SRUWOHU ϭΩϟΎϧϭέϭϧΎϳΗγϳέϛ ϙϟΎϣίϟ ΏόΗϣΩΎϣϋ ΩϳέΩϣϝΎϳέ ϻΎΑΎϛϳη ΔϧϭϠηέΑ ϥΩϳίΩϣΣϣ ϝίΎΑ ΎϛΎϛ ϰϠϫϷ ΕΎϛέΑΩϣΣϣ ϲγϠϳηΗ ΎϓϭΑέΎηΎϳέΎϣ ϥϼϳϣέΗϧ· ϲϛίϭέϣϋ ΦϧϭϳϣϥέϳΎΑ ϲϟΎϏϡΎγΣ ϝΎϧϳγέ έϳέΩϳϓέΟϭέ ϝϭΑέϔϳϟ έΑΎΟϡέϛ ϲΣΑλΩϣΣϣ έϣϋΔϣρΎϓ ϲΟϭΑΡΎΗϔϟΩΑϋΩϣΣϣ ΏϳΩϟΩϣΣϣ ϥΎοϣέΔϠϬϧ ΡΎΑλϣϡΎηϫ ϥΎϣΛϋϑϳέη ϡγΎϘϟϭΑ˯ϼϋ ΩϭϣΣϣϝϣ 7UHQGV 7UHQGV 7UHQGV 3URPLQHQWHLP7UHQG 1DFKULFKWHQ 6XFKDQIUDJHQ 3ROLWLNHU ϥΎϳϧϭϳΗϭέΎϫέϳΩϥΎηϳϧ ϥϳϫΎηϡΎϬϟ· ΕέϭϳΗγϥΗγϳέϛ έγϳ ϥΎϳηΩέΎϛϡϳϛ ϱΩϳΩΣϟαϳϣϟ ΞϳέϛϝΎϳϧΩ ϥΎοϣέϱέϳΧ ϲηέΑϹϝϭ έΩΑϥγϭγ ϊΑΎγϟϡϭϳϟ ϡϭϳϟϱέλϣϟ ϱϭέλϣ ϡέϫϷ ϕϭέηϟ ΔϳέϭϬϣΟϟ ϥρϭϟ ΩϓϭϟΔΑϭΑ έλϣέηΎΑϣΓέϳίΟϟ έΎϛΑέΩΎϧ ϲϧΗΎΗϛϟΩόγ ΩϣΎΣϭΑΩϣΣϣ ΡΎΗϔϟΩΑϋίΗόϣ ϲγέϣΩϣΣϣ ϝϳΩϧϗϡΎηϫ ϝϳϋΎϣγ·ϭΑΡϼλϡίΎΣ ϱϭίϣΣϭέϣϋ ϲΣΎΑλϥϳΩϣΣ ΡϭΗϔϟϭΑϡόϧϣϟΩΑϋ Γέϭϛϼϳ 7UHQGV 7UHQGV 7UHQGV 5HLVH]LHOH %LOGHUVXFKDQIUDJHQ (VVHQXQG7ULQNHQ ΔϧΧγϟϥϳόϟ έλϣϡϠϋ Δϟϭέϓέϳλϋ ΔϣΎϧϣϟ ϕϳϔηΩϣΣ ΏΎΑϛεϳη ϥΩϧϟ Ωέϭ ΔϧϳΣρϟΎΑιϣΣϟ ϝϭΑϧργ ΎϧϳγϥϭΟ Ύϳέγϟεϳϋ ϱϭΎϫ ΏϭΑΞϧϭΑγ ϝϳϣΎηΑϟΎΑΔγϭϛ Γϭϳγ ΩϼϳϣΩϳϋΔΗέϭΗ ΥέϔϟΎϣέϭΎη ϲϧΩϳγ έϣγ ϲηΣϣ ϲΑΩ ϲϧγΣέϣΎΗ ϲηΣϣϡΎϣΣ Ρϭέρϣϲγέϣ ΔϳόϳΑρέυΎϧϣ Δϳϣόρ ϡϠϋϲγέϣ ϡέΟϋϲγϧΎϧ ΝΎΟΩϟΔΑέϭη 7UHQGV 0RGHPDUNHQ 7HG%DNHU 6WHOOD0F&DUWQH\ %DOPDLQ -HDQ3DXO*DXOWLHU 0LFKDHO.RUV %HUVKND 0DUF-DFREV 0XOEHUU\ 7RP)RUG +0 $UJHQWLQLHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ $QOHLWXQJHQ :DVLVW" 6XEH &yPR$FWXDOL]DU)DFHERRN 4XpHV1 .L]L &yPR&RQVHJXLU1RYLD 4XpHV$TXDIUHVK <RX7XEHPXVLF &yPR&RPSUDU'yODUHV 4XpHV6RSD 6HUYLFLR0HWHRUROyJLFR &yPR6H&KDSD 4XpHV/LSRWLPLD *UDQ+HUPDQR &yPR'HVDFWLYDU)DFHERRN 4XpHV%XOO\LQJ )HULDGRV &yPR6DOLy5LYHU 4XpHV:KDWVDSS 0DUDYLOOD0DUWLQH] &yPR(OLPLQDU%DE\ORQ 4XpHV,QVWDJUDP *DQJQDP6W\OH &yPR$UUHJODU$XULFXODUHV 4XpHV6WDONHDU 'DNDU &yPR%DLODU:DFKLWXUUR 4XpHV/XSXV :KLWQH\+RXVWRQ &yPR'HVFDUJDU0LQHFUDIW 4XpHV0HJDXSORDG 7UHQGV 7UHQGV 7UHQGV 0HQVFKHQ $UJHQWLQLVFKH%DQGV 0XVLNHU 0DUDYLOOD0DUWLQH] /RVDXWpQWLFRVGHFDGHQWHV :KLWQH\+RXVWRQ :KLWQH\+RXVWRQ 7DQELyQLFD :DFKLWXUURV &KDUORWWH&DQLJJLD &DEH]RQHV 1HQHPDOR $GHOH %DQGDGHWXULVWDV $GHOH 6SLQHWWD 3HVFDGRUDELRVR 9LROHWWD 5RJHU:DWHUV $OPHQGUD 6SLQHWWD %DGLD 6RGD6WHUHR 5RJHU:DWHUV 0LFKHO7HOR $GLFWD /DVFXOLVXHOWDV &DORL 9LHMDV/RFDV 0LFKHO7HOy /HRQDUGR)DELR 0HPSKLV $GULDQ2WHUR 7UHQGV 0HLVWJHVXFKW 7UHQGV 0XVLN )HUQVHKVHQGXQJHQ 6FKDXVSLHOHU *DQJQDP6W\OH *UDQ+HUPDQR )DFXQGR$UDQD )XLVWHWX *UDGXDGRV 6HDQ3HQQ &RUUH&RUD]yQ /D9R]$UJHQWLQD 9LJJR0RUWHQVHQ %DODGD%RD /RV6LPSVRQV (XJHQLD6XDUH] 0H3HUGt 6RxDQGRSRUEDLODU )UDQNLH0XQL] 3OHDVH0H 6KRZPDWFK $PDQGD%\QHV 7H4XLHUR 'XOFH$PRU -XDQ*LO1DYDUUR :LWKRXW<RX &DVL$QJHOHV &DULQD=DPSLQL /RFD )~WERO3DUD7RGRV -RQDWKDQ/LSQLFNL 7DERR 6LQFRGLILFDU (ULFD5LYDV 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW )LOPH 6SRUW 6SRUWOHU /RV9HQJDGRUHV -XHJRV2OtPSLFRV /LRQHO0HVVL 7HG &RSD$UJHQWLQD 0DUDYLOOD0DUWLQH] 9DOLHQWH &RSD/LEHUWDGRUHV -XDQ'HO3RWUR /RV-XHJRVGHO+DPEUH (XURFRSD &ULVWLDQR5RQDOGR (OHIDQWH%ODQFR 8VDLQ%ROW 5LTXHOPH /DHUDGHOKLHOR /DV/HRQDV 5RJHU)HGHUHU %ODQFDQLHYHV\HO&D]DGRU &RSD'DYLV 5RQDOGLQKR )XULDGH7LWDQHV 5RODQG*DUURV /XFLDQD$\PDU $OYLQ\ODV$UGLOODV :LPEOHGRQ 8VDLQ%ROW 6RPEUDV7HQHEURVDV &RSD6XGDPHULFDQD 'DYLG7UH]HJXHW 0HLVWJHVXFKW 0HLVWJHVXFKW 7UHQGV $UJHQWLQLVFKH )X¡EDOOYHUHLQH 1DWLRQDOH2O\PSLD 6SRUWOHU /RNDOH6XFKDQIUDJHQ 5LYHU3ODWH /XFLDQD$\PDU %RFD-XQLRUV 6HEDVWLDQ&ULVPDQLFK 6DQ/RUHQ]R (PDQXHO*LQRELOL 5DFLQJ )HGHULFR0ROLQDUL ,QGHSHQGLHQWH &DUOD5HEHFFKL 9pOH] 'DYLG1DOEDQGLDQ 5RVDULRFHQWUDO *LVHOD'XONR 7LJUH -XDQ0yQDFR 1HZHOOV 'HOILQD0HULQR +RWHO &DUUHIRXU 1RUGHOWD 6WDUEXFNV )DODEHOOD 0F'RQDOG V (DV\ 6DQWDQGHU5tR (VWDFLRQDPLHQWR :DOPDUW 4XLOPHV 1RHO%DUULRQXHYR 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW (LQNDXIHQ 0RGHPDUNHQ $XWRV 6DPVXQJ*DOD[\6 6DUNDQ\ )LDW8QR 1RNLD 3UXQH )RUG)LHVWD 1RNLDOXPLD 9LWDPLQD )RUG.D 0RWRUROD5D]U =DUD )LDW3DOLR L3DG ;/ 3HXJHRW 1RNLD1 &RPSORW 3HXJHRW 1RNLD$VKD 5DSVRGLD 3HXJHRW 6DPVXQJ*DOD[\$FH .RVLXNR )RUG(FRVSRUW 1RNLD/XPLD 8PD 0RWRUROD6SLFH.H\ 9LDPR 5HQDXOW&OLR )LDW3XQWR 0HLVWJHVXFKW 0HLVWJHVXFKW 7UHQGV %HVWVHOOHU 5HLVH]LHOHLPΖQODQG :HOWVW¦GWH 9LYDODGLIHUHQFLD 5RVDULR 3DUtV &DEDOORGHIXHJR 6DQWD)H 0DGULG (OVHFUHWR /D3ODWD 0LDPL %LHQYHQLGRGRORU 0HQGR]D 1XHYD<RUN &DUWDVPDUFDGDV 0DUGHO3ODWD 0DUEHOOD /D&DPSRUD 6DOWD /RQGUHV /RVMXHJRVGHOKDPEUH 6DQ/XLV 5RPD $PDQHFHU %DULORFKH 'XEDL 'LH]PXMHUHV &XDQGRWHHQFXHQWUH -XMX\ 7LJUH 3OD\DGHO&DUPHQ 5tRGH-DQHLUR $XVWUDOLHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ $XVWUDOLVFKH 1DFKULFKWHQLQ.¾U]H *DQJQDP6W\OH :KLWQH\+RXVWRQ 7KH9RLFH .DWH0LGGOHWRQ 2QH'LUHFWLRQ 0RUJDQ)UHHPDQ :KLWQH\+RXVWRQ -RKQ0FFDUWK\ 2O\PSLFV 8VDLQ%ROW 2]/RWWR 0LFKDHO&ODUNH'XQFDQ 'LDEOR /DQFH$UPVWURQJ +XUULFDQH6DQG\ 6HDO .21< -RVHSK.RQ\ 0RUJDQ)UHHPDQ -XOLDQ$VVDQJH +XUULFDQH6DQG\ -XOLDQ$VVDQJH )HOL[%DXPJDUWQHU 7UDQVLWRI9HQXV 0HOERXUQH(DUWKTXDNH 0LVRJ\QLVW +DZDLL7VXQDPL 'LDPRQG-XELOHH &UXLVH6KLS6LQNLQJ 1DVD&XULRVLW\ 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW $XVWUDOLVFKH 3URPLQHQWH $XVWUDOLVFKH 3URPLQHQWH 7RGHVI¦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¾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¦WHQ +RZWR/RYH :KDWLV623$ +RZWR.HJHO :KDWLV3HUPHDWH +RZWR5RFN :KDWLV.RQ\ +RZWR%UHDVWIHHG :KDW,V6FLHQWRORJ\ +RZWR&KDQJH :KDWLV<ROR +RZ7RVTXDW :KDW,VL&ORXG +RZWR7ZHUN :KDW,V,QVWDJUDP +RZWR+\SQRWL]H :KDW,VL0HVVDJH +RZWR+DQGVWDQG :KDWLV6SRWLI\ +RZWR%XON :KDWLV6OHQGHU 8QLYHUVLW\RI7HFKQRORJ\ 8QLYHUVLW\RI6\GQH\ 0RQDVK8QLYHUVLW\ 0DFTXDULH8QLYHUVLW\ *ULIILWK8QLYHUVLW\ 8QLYHUVLW\RI0HOERXUQH &XUWLQ8QLYHUVLW\ 'HDNLQ8QLYHUVLW\ )OLQGHUV8QLYHUVLW\ 8QLYHUVLW\RI4XHHQVODQG 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 6W¦GWH 2UWHLQΖKUHU1¦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qPHPDLQ 0LFKHO'DHUGHQ ,OVH8\WWHUVSURW 0HLVWJHVXFKW 7UHQGV 7UHQGV %HOJLVFKH )HUQVHKVHQGXQJHQ %HOJLVFKH )HUQVHKVHQGXQJHQ %HOJLVFKH)LOPH 'DJHOLMNVH.RVW 4XL]PH4XLFN %ORNNHQ GH.HXNHQYDQ6RILH 7KXLV 0DQQHNH3DXO )DPLOLH %HOJLXP VJRWWDOHQW 'H9RLFHYDQ9ODDQGHUHQ /HV2UDJHVGHODYLH .RPHQ(WHQ &DIp&RUVDUL 9ODDQGHUHQ9DNDQWLHODQG /HFDUQHWGX%RXUOLQJXHXU &ODQ GH9RLFHYDQ9ODDQGHUHQ 9ROW 2RNJHWHVWRSPHQVHQ *RH*HEDNNHQ 'HYLMIKRHN 'HDG0DQWDONLQJ +RUVOHVPXUV /LWWOH*ORU\ 7DQJR/LEUH /D7rWHODSUHPLq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o}HV 7UDQVIRUPLFH (QHP 75( )LQD(VWDPSD (OHLo}HV &DUQDYDO 2OLPStDGDV /ROODSDORR]D )HVWD-XQLQD 5RFNLQ5LR 5LR 7RPRUURZODQG 9LUDGD&XOWXUDO %%% $YHQLGD%UDVLO )LQD(VWDPSD $)D]HQGD &KHLDV'H&KDUPH &DUURVVHO *DEULHOD 7KH9RLFH%UDVLO (PSUHJXHWHV $PRU(WHUQR$PRU %DUUHWRV 7UHQGV 7UHQGV 7UHQGV 0XVLN 0XVLNHU &RPSXWHUVSLHOH *DQJQDP6W\OH 3HGUR/HRQDUGR 7UDQVIRUPLFH &DPDUR$PDUHOR $GHOH +DEEOHW 6RPHRQH/LNH<RX :KLWQH\+RXVWRQ .L]L 9LGD'H(PSUHJXHWH 2QH'LUHFWLRQ +DEEROHOOD 7H9LYR 36< +DSL[HO 'RGJH5DP :DQGR 0LQLPXQGRV 3DUDGLVH 7KLDJXLQKR 0LQHFUDIW &DOO0H0D\EH 0F%H\RQFH 7LOW 'DQoD.XGXUR )LRULQR 0F.RULQJD ,VUDHO1RYDHV %UDVIRRW 'LDEOR 0HLVWJHVXFKW 7UHQGV 7UHQGV 6SRUWPDQQVFKDIWHQ 6SRUW 5HLVH]LHOH )ODPHQJR 2OLPStDGDV 6mR3DXOR &RULQWKLDQV %UDVLOHLUmR 5LR'H-DQHLUR 3DOPHLUDV 8)& )RUWDOH]D *UHPLR /LEHUWDGRUHV 5HFLIH 9DVFR &DPSHRQDWR%UDVLOHLUR )ORULDQySROLV 63)& (XURFRSD 6DOYDGRU 6DQWRV 8)& 5LR4XHQWH &UX]HLUR 8)& )R]'R,JXDoX ,QWHUQDFLRQDO 78)%UDVLO 0DFHLy )OXPLQHQVH 4XDGURGHPHGDOKDV %OXPHQDX 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW $QOHLWXQJHQ :DVLVW" %LOGHUVXFKDQIUDJHQ &RPRH[FOXLU)DFHERRN 24XHe(FRVVLVWHPD $PRU &RPRYRWDU 24XHe(QGRPHWULRVH 0HPHV &RPRLQVWDODU 24XHe(FRORJLD )ORUHV &RPRYRWDUQXOR 24XHe(GHPD ,PDJHQVSDUD)DFHERRN &RPREDL[DUPLQHFUDIW 24XHe(QHUJLD &RUDomR &RPRKDFNHDU)DFHERRN 24XHe(VWDGR &RULQWKLDQV &RPR3LQWDU 24XHe(VFRUEXWR 3DSHOGHSDUHGH &RPR-XVWLILFDU9RWR 24XHe(TXLGDGH &DUURV &RPR7UDQVIHULU&UHGLWRV 24XHe(GLWRULDO ,PDJHQVHQJUDoDGDV &RPR-RJDU53* 24XHe(PSUHHQGHGRULVPR 'HVHQKRVSDUDFRORULU 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW /RNDOH6XFKDQIUDJHQ %DQNHQ $UJHQWLQLVFKH0DUNHQ +RWHO ,WDX 0HUFDGR/LYUH $YHQLGD3DXOLVWD6mR3DXOR &DL[D &DVDV%DKLD 5HVWDXUDQWH %UDGHVFR &RUUHLRV &RUUHLRV 6DQWDQGHU $PHULFDQDV 0RWHO %DQFR'R%UDVLO 1HWVKRHV $FDGHPLD +VEF 3RQWR)ULR 3RXVDGD &UHGLFDUG 0DJD]LQH/XL]D 6KRSSLQJ %DQULVXO 7DP (VWDFLRQDPHQWR %DQFRGR%UDVLO +LSHUFDUG 3DQDPHULFDQR 9LYR *RO &KLOH 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ $QOHLWXQJHQ :DVLVW" 6HUYHO &yPR+DFHU*HQRJUDPD 4XpHV+LSVWHU -XHJRVIULY &yPRVHU,QQRYDGRU 4XpHV:KDWVDSS -DLGHILQLFKRQ &yPR9RWDU 4XpHV623$ 0XQGRV2SXHVWRV &yPR+DFHU6XVKL 4XpHV,QVWDJUDP +RQJRV7LEHWDQRV &yPR3UHSDUDU$UUR] 4XpHV&DH *RRJOH6WUHHW9LHZ &yPR8VDU$QDOLWLF 4XpHV0RQRWHPDWLFR 7UDQVIRUPLFH &yPR8VDU7XPEOU 4XpHV7ULSRIRELD %RQR0XMHU7UDEDMDGRUD &yPR$GHOJD]DU 4XpHV0\VWHU\ODQG &yPR+DFHU%RQVDL 4XpHV&OHYHUERW 9RFDOGHPHVD 6ROWHUD2WUDYH] &yPR8VDU:KDWVDSS 4XpHV0HQLQJLWLV 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )HUQVHKVHQGXQJHQ 5HDOLW\6KRZV 5HDOLW\6KRZ &KDUDNWHUH 0XQGRVRSXHVWRV 0XQGRVRSXHVWRV 6ROWHUD2WUD9H] 3DUHMDSHUIHFWD ,QILHOHV $PD]RQDV /RV /RV0HQGH] 3DUHMD3HUIHFWD )LHEUHGH%DLOH $PD]RQDV 3VLTXLFRV KRUDV 0L1RPEUHHV9,3 %LHQYHQLGRV /D%HOOD\HO*HHN 0HJDQRWLFLDV /DV$UJDQGRxDV 7HOHWUHFH :LOPD*RQ]DOH] 7DQ]D9DUHUOD /XOL 3DPHOD'LD] 0LFKHOOH&DUYDOKR -RVp/XLV%LEER +XDLTXLSDQ $QJLH$OYDUDGR 6HEDVWLDQ5RFD 'RPLQLTXH*DOOHJRV 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW %HVWVHOOHU%¾FKHU $XIVWUHEHQGH%DQGV XQG0XVLNHU .RQ]HUWH 6RPEUDVGH*UH\ /D$GLYLQD (O&XDGHUQRGH0D\D (O-DUGtQ2OYLGDGR 'LH]0XMHUHV (OÒOWLPR7DQJRGH6DOYDGRU $OOHQGH 6RPEUDVPiV2VFXUDV 1DGDU'HVQXGDV /DV+RUDV'LVWDQWHV (O-XHJRGHO+DPEUH(Q /ODPDV 0DQXHO*DUFtD $VWUR )UDQFLVFD9DOHQ]XHOD 3HGUR3LHGUD *HSH 'HQYHU &DPLOD0RUHQR -DYLHUD0HQD &KLQR\ 5LFDUGR$UMRQD /DG\*DJD /ROODSDORR]D /XLV0LJXHO 0DTXLQDULD 0DUF$QWKRQ\&KD\DQQH 0DGRQQD 'DYLG*HWWD 0DURRQ 0LQXWRV %DQGD&RQPRFLyQ 7UHQGV 0HLVWJHVXFKW 7UHQGV )LOPH 3ROLWLNHU 6SHLVHQXQG*HULFKWH %DWPDQ$VFLHQGH &DPLOD9DOOHMRV +DPEXUJXHVD +RWHO7UDQV\OYDQLD 6HEDVWLDQ3LxHUD &KRUULOODQD 0,% &DUROLQD7RKD &RPSOHWR /D(UDGHO+LHOR /DXUHQFH*ROERUQH 3RURWRV*UDQDGRV /RV9HQJDGRUHV &ULVWLiQ/DEEH &KXUUDVFR 6WHIDQYV.UDPHU &ODXGLR2UUHJR 0DFKDVDOD3DUPHVDQD $PD]LQJ6SLGHUPDU &DPLOR(VFDORQD &KDUTXLFDQ 3URPHWHR 5RGULJR+LQ]SHWHU &D]XHOD 7HG 5LFDUGR/DJRV(VFREDU +XPLWD 9DOLHQWH 5LFDUGR/DJRV:HEHU 3L]]D 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )X¡EDOOPDQQVFKDIWHQ *HWU¦QNH 8QLYHUVLW¦WHQ 8QLYHUVLGDGGH&KLOH 7HUUHPRWR 8QLYHUVLGDGGH&KLOH &ROR&ROR 9LQR 8QLYHUVLGDG&DWROLFD 2 +LJJLQV &HUYH]D 8QLYHUVLGDGGHO0DU 5DQJHUV &KDPSDJQH 8QLYHUVLGDGGH6DQWLDJR &REUHROD 3LVFROD 8QLYHUVLGDG$QGUpV%HOOR 6DQWLDJR:DQGHUHUV %RUJRxD 8QLYHUVLGDG0D\RU 3DOHVWLQR 5RQFROD 8QLYHUVLGDG&HQWUDO $XGD[,WDOLDQR 9LQRFRQ&KLULPR\D 8&,1) +XDFKLSDWR YRGNDWRQLFD 81,$&& 8QLYHUVLGDG&DWyOLFD YRGNDQDUDQMD 8%2 &KLQD 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 0XVLN 伦 书 6W\OH 运 伤 6W\OH 传 刘恺 6RPHRQH/LNH<RX 钓鱼岛 孙杨 +H\-XGH 爱 张丽 +LJK 爱 L3DG 张 诗 硕 爱 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )HUQVHKVHQGXQJHQ $XVO¦QGLVFKH )HUQVHKVHQGXQJHQ 6SRUWOHU 戏 传 爱 营 乐 轩辕剑 爱 乡 术 爱 猎 记 孙杨 绯闻 颜 书 刘 归线 记 转 爱 诗 伟 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 5HLVH]LHOHLPΖQODQG 5HLVH]LHOHLP$XVODQG (VVHQXQG7ULQNHQ 沟 马 .)& 张 韩 丽 乌镇 岛 劳 胜 捞 红烧 长 亚 凤 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW 0RGHPDUNHQ %LOGHUVXFKDQIUDJHQ &RPLFV 兰蔻 0$& 头 优 纸 风 *XFFL 动 铠 &KDQHO %XUEHUU\ *$3 龙 $626 库 +HUPHV 0HLVWJHVXFKW 0HLVWJHVXFKW 6W¦GWHLQΖKUHU1¦KH 2UWHLQΖKUHU1¦KH 车 $70 驾 馆 馆 铁 电 庆 邮 龙 储 贼 侦 记 '¦QHPDUN 6XFKWUHQGV 7UHQGV 7UHQGV 0HLVWJHVXFKW 6XFKDQIUDJHQ 0HQVFKHQ )HUQVHKVHQGXQJHQ 1HWIOL[ )HOL[%DXPJDUWQHU 3DUDGLVH+RWHO (NVWUDEODGHW6NROH :KLWQH\+RXVWRQ %LJ%URWKHU 0RYLHVWDUSODQHW $PDQGD7RGG 0*3 'LDEOR /XNDV*UDKDP *R0RUJHQ'DQPDUN :RUGIHXG .DWH0LGGOHWRQ 'HW6¡GH/LY 0LQHFUDIW 0RUJDQ)UHHPDQ 6SLVHPHG3ULFH VSRWLI\ 0LFKDHO&ODUNH'XQFDQ ;)DFWRU =DODQGR $QGHUV0DWWKHVHQ 'HVSHUDWH+RXVHZLIH (0 (GGLH0XUSK\ /\NNH L3DG .21< )RUEU\GHOVHQ 7UHQGV 0HLVWJHVXFKW 7UHQGV )HUQVHKVHQGXQJHQ '¦QLVFKH3URPLQHQWH '¦QLVFKH3URPLQHQWH 'LYDHUL-XQJOHQ 0HGLQD 6KDND/RYHOHVV 0RUPRUV%RUGHO 5DVPXV6HHEDFK 1LNROLQH6LPRQH .RQJHUQHIUD5¡P¡ .LP/DUVHQ 6KDULQ)RR 'DQPDUNV6PXNNHVWH+MHP *XVWDY )UHGHULN)HWWHUOHLQ 5RGL)DPLOLHQ $XUD -RDNLP,QJYHUVHQ )HOL[)O\WWHU,QG &DUROLQH:R]QLDFNL 0 UVN0F.LQQH\0¡OOHU *HQHUDWLRQ;/ $QGHUV0DWWKHVHQ .DVSHU:LQGLQJ %LJ%URWKHU &KULVWLDQH6FKDXPEXUJ0OOHU 'LFWH )RUEU\GHOVHQ 0DGV/DQJHU $QGHUV0DWWKHVHQ )DPLOLHQIUD%U\JJHQ 7LQD'LFNRZ 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWPDQQVFKDIWHQ $QOHLWXQJHQ )&%DUFHORQD +YRUGDQ.\VVHU0DQ 0DQFKHVWHU8QLWHG +YRUGDQ'LYLGHUHU0DQ $*) +YRUGDQ)¡OHV9HHU $$% +YRUGDQ9LUNHU6ROFHOOHU /LYHUSRRO +YRUGDQ*DQJHU0DQ &KHOVHD (IWHUO¡Q8GEHWDOLQJ+YRUGDQ )&0LGWM\OODQG +YRUGDQ)¡OHV3OXNYHHU 5DQGHUV)& +YRUGDQ3LIWHU0DQ )&0LGWM\OODQG +YRUGDQ6WULNNHU0DQ $*.¡EHQKDYQ +YRUGDQ+ NOHU0DQ &KULVWLDQH6FKDXPEXUJ0OOHU 7UHQGV $QOHLWXQJHQ +YRUGDQ+ YHU0DQ(IWHUO¡Q +YRUGDQ/DYHU0DQ4U.RGHU +YRUGDQ8GWDOHV:RUGIHXG +YRUGDQ3LIWHU0DQ +YRUGDQ6SLOOHV:RUGIHXG +YRUGDQ6SLOOHU0DQ0LQHFUDIW +YRUGDQ/DYHU0DQ&YU 5HJLVWUHULQJ +YRUGDQ)¡OHV3OXNYHHU +YRUGDQ5HGXFHUHU0DQ +YRUGDQ)nU0DQ+YLGH 7 QGHU 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW :DVLVW" :DVLVW" 3ROLWLNHU +YDG(U.ORNNHQ +YDG(U/\GPXUHQ +HOOH7KRUQLQJ6FKPLGW +YDG(U%QS +YDG(U$FWD $VWULG.UDJ +YDG(U.XOK\GUDWHU +YDG(U0RYHPEHU 3LD.M UVJDDUG +YDG(U. UOLJKHG +YDG(U6RSD 9LOO\6¡YQGDO +YDG(U,FORXG +YDG(U:RUGIHXG 0DUJUHWKH9HVWDJHU +YDG(U'HPRNUDWL +YDG(U6SRWLI\ -RKDQQH6FKPLGW1LHOVHQ +YDG(U$GKG +YDG(U7UHSDUWVIRUKDQGOLQJHU 0HWWH)UHGHULNVHQ +YDG(U7ZLWWHU +YDG(U.ROLN ,GD$XNHQ +YDG(U3L +YDG(U8GVDJQVRUG 0DQX6DUHHQ +YDG(U6WUHVV +YDG(U5DPDGDQ $QQHWWH9LOKHOPVHQ 7UHQGV 7UHQGV 7UHQGV 3ROLWLNHU )LOPH *DGJHWV $QQHWWH9LOKHOPVHQ 6N\IDOO L3DG 3HUQLOOH6NLSSHU 7KH+XQJHU*DPHV L3KRQH6 /LVEHWK%HFK3RXOVHQ .LGG L3DG0LQL $VWULG.UDJ 3URPHWKHXV 1H[XV 7ULQH%UDPVHQ 'HQ6NDOGHGH)ULV¡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¡EDOOPDQQVFKDIWHQ 6DPVXQJ*DOD[\6 /LRQHO0HVVL L3DG 8VDLQH%ROW L3DG0LQL 6HEDVWLDQ9HWWHO 1RNLD/XPLD &KULVWLDQR5RQDOGR L3KRQH 5RJHU)HGHUHU +7&2QH =ODWDQ,EUDKLPRYLF L3KRQH6 0DQXHO1HXHU 1H[XV 5DIDHO1DGDO 6DPVXQJ*DOD[\1RWH )HUQDQGR$ORQVR +7&2QH6 'DYLG%HFNKDP %RUXVVLD'RUWPXQG )&%D\HUQ0QFKHQ +DPEXUJHU69 )&6FKDONH %RUXVVLD0|QFKHQJODGEDFK (LQWUDFKW)UDQNIXUW 69:HUGHU%UHPHQ )RUWXQD'VVHOGRUI +HUWKD%6& +DQQRYHU 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 'HXWVFKH3ROLWLNHU 'HXWVFKH6W¦GWHLQ *RRJOH0DSV 2UWHLQΖKUHU5HJLRQLQ *RRJOH0DSV &KULVWLDQ:XOII $QJHOD0HUNHO 3HHU6WHLQEUFN -RDFKLP*DXFN :ROIJDQJ6FKlXEOH +DQQHORUH.UDIW -RKDQQHV3RQDGHU 3KLOLSS5|VOHU 8UVXODYRQGHU/H\HQ -UJHQ7ULWWLQ 7UHQGV $XWRPDUNHQ 2SHO %0: $XGL 90 0HUFHGHV 5HQDXOW 3RUVFKH )RUG +RQGD 7R\RWD %HUOLQ +RWHO 0QFKHQ &DPSLQJ )UDQNIXUW 5HVWDXUDQW .|OQ 3HQVLRQ +DPEXUJ 6XSHUPDUNW 'UHVGHQ 7DQNVWHOOH 6WXWWJDUW 2VWVHH +DQQRYHU )HULHQZRKQXQJ /HLS]LJ %DKQKRI %UHPHQ 1RUGVHH )LQQODQG 6XFKWUHQGV 7UHQGV 7UHQGV 0HLVWJHVXFKW 6XFKDQIUDJHQ 0HQVFKHQ 0HQVFKHQ ,OWD6DQRPDW 3HNND+DDYLVWR 5RELQ -RNDNRWL 6DXOL1LLQLVW| 3HWUL1\JnUG 9DDOLNRQH -XVVL3DUYLDLQHQ 3HNND+DDYLVWR 0RYLHVWDUSODQHW :KLWQH\+RXVWRQ -XVVL3DUYLDLQHQ =DODQGR )ORRU-DQVHQ -RKDQQD7XNLDLQHQ 1HWIOL[ 5RELQ 6DXOL1LLQLVW| 0P-llNLHNNR 6DDQD3DUYLDLQHQ -XVWLQ%LHEHU 3HNND+DDYLVWR )HOL[%DXPJDUWQHU &KLVX +RZUVH 3DDYR9l\U\QHQ &KHHN *$* 3HNND-DODYD 6DDQD3DUYLDLQHQ 7UHQGV 7UHQGV 0HLVWJHVXFKW $QOHLWXQJHQ :DVLVW" )HUQVHKVHQGXQJHQ .XLQND6DDGD.XXPH 0LNl2Q,QVWDJUDP 6DODWXW(OlPlW .XLQND3XUMHKWLMDNVL7XOODDQ 0LNl2Q3D\SDO %LJ%URWKHU .XLQND0RQWD3URVHQWWLD 0LNl2Q7ZLWWHU 8XVL3lLYl .XLQND,VNHl1DLQHQ 0LNl2Q%ORJL 7DQVVLL7lKWLHQ.DQVVD .XLQND/DLKWXD1RSHDVWL 0LNl2Q-DYD 9DLQ(OlPll .XLQND1RSHDVWL5DVNDDNVL 0LNl2Q,SDG ,KROOD .XLQND6HOYLWl(URVWD 0LNl2Q&Y :DONLQJ'HDG .XLQND5LNDVWXD 0LNl2Q)DFHERRN $PHULFDQ,GRO .XLQND3DOMRQ$VXQWRODLQDD 0LNl2Q,QWHUQHW 7UXH%ORRG .XLQND3RLVWDD)DFHERRN 0LNl2Q:LIL .DGRQQHHQ-lOMHOOl 0HLVWJHVXFKW 0HLVWJHVXFKW 7UHQGV $QOHLWXQJHQ :DVLVW" 0XVLN .XLQND6DDGD.XXPH 0LNlRQ,QVWDJUDP )URQWVLGH2OOLH .XLQND3XUMHKWLMDNVL7XOODDQ 0LNlRQ3D\SDO *DQJQDP6W\OH .XLQND0RQWD3URVHQWWLD 0LNlRQ7ZLWWHU &ORVHU .XLQND,VNHl1DLQHQ 0LNlRQ%ORJL 6DODLVXXGHW .XLQND/DLKWXD1RSHDVWL 0LNlRQ-DYD 6QRRS/LRQ .XLQND1RSHDVWL5DVNDDNVL 0LNlRQ,SDG .XNNXUXNXX .XLQND6HOYLWl(URVWD 0LNlRQ&Y 2ONLQDLQHQ .XLQND5LNDVWXD 0LNlRQ)DFHERRN 6RXWDD+XRSDD .XLQND3DOMRQ$VXQWRODLQDD 0LNlRQ,QWHUQHW 6RNND,UWL .XLQND3RLVWDD)DFHERRN 0LNlRQ:L)L 'LDPRQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 7UHQGV 6SRUWOHU 6SRUWPDQQVFKDIWHQ 6SRUWYHUDQVWDOWXQJHQ .LPL5lLNN|QHQ -RNHULW 0P-llNLHNNR 0LNDHO*UDQOXQG +LIN /RQGRQ 0DWWL1\NlQHQ 7DSSDUD 1HVWH5DOOL 7HHPX6HOlQQH 3HOLFDQV -XNROD 8VDLQ%ROW .DOSD -DONDSDOORQ(P .LLUD.RUSL -\S <OHLVXUKHLOXQ(P.LVDW 0DULR%DORWHOOL +MN .DUMDOD7XUQDXV /LRQHO0HVVL 6DLSD +HOVLQNL&XS $QWRQHQ.XLYDQHQ .lUSl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¦WH 0DQJR7XRUHMXXVWRNDNNX .DNNX /XPLD 0DFDURRQV 3DQQXNDNNX /XPLD .DXUD2PHQDSDLVWRV -XXVWRNDNNX ,SDG &XSFDNH5HVHSWL 0XVWLNNDSLLUDNND *DOD[\6 5DSDUSHULSLLUDNND 2PHQDSLLUDNND 1RNLD -XXVWRNDNNX8XQLVVD 0RNNDSDODW ,SDG0LQL /LPH-XXVWRNDNNX /HWWXWDLNLQD 1RNLD1 0XVWLNNDMXXVWRNDNNX 6XNODDNDNNX 1RNLD 9RLVLOPlSXOOD 3DYORYD 0XWDNDNNX 1H[XV 7l\WHNDNNX 1RNLD 7UHQGV )HUQVHKHQ -llNLHNRQ0P %LJ%URWKHU 9RLFH2I)LQODQG 9DLQ(OlPll 9LLGDNRQ7lKW|VHW (XURYLLVXW ,KROOD *DPH2I7KURQHV 7HUUD1RYD 5RED )UDQNUHLFK 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ %LOGHUVXFKDQIUDJHQ )UHH0RELOH :KLWQH\+RXVWRQ &RHXU (XUR -HDQ/XF'HODUXH 2QH'LUHFWLRQ 6HFUHW6WRU\ )UDQoRLV+ROODQGH &KDW %UHI $QRQ\PRXV )RQG' eFUDQ 0FGRQDOGV)U 7KLHUU\5RODQG 5LKDQQD 57%) 0RXVV'LRXI 6HOHQD*RPH] 0DSS\,WLQpUDLUH 3LHUUH0RQG\ 0DQJD -R 0pOHQFKRQ 7DWRXDJH :KLWQH\+RXVWRQ /XF&KDWHO 1HZ<RUN 0\WI )HOL[%DXPJDUWQHU 6PLOH\ 7UHQGV 7UHQGV 0HLVWJHVXFKW 0XVLN 0XVLNHU )HUQVHKVHQGXQJHQ *DQJQDP6W\OH :KLWQH\+RXVWRQ 3OXV%HOOH/D9LH &DOO0H0D\EH 0LFKHO7HOR %UHI :DWL+RXVH /DQD'HO5H\ 7KH9RLFH 3D\SKRQH 2QH'LUHFWLRQ 'HVSHUDWH+RXVHZLYHV %DUD%DUD%HUH%HUH 'RQQD6XPPHU :DONLQJ'HDG -XVWH8Q,QVWDQW /0)$2 'H[WHU 5D\RV'H6RO &ODXGH)UDQFRLV /H7URQH'H)HU 3DUW\6KDNHU *RW\H 7RS&KHI 3DUOHU¬0RQ3q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p &RPPHQW6H0XVFOHU 4XH6LJQLILH3RNH 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 7HFKQRORJLH 6SRUWPDQQVFKDIWHQ 1DWLRQDOH2O\PSLD 6SRUWOHU )UHH0RELOH 36* $PRXU6XFUp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p'H6DXPRQ 1H\PDU 977 +DWHP%HQ$UID +DQGEDOO 0HLVWJHVXFKW 0HLVWJHVXFKW 6W¦GWHLQ*RRJOH0DSV 2UWHLQΖ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¡EDOOVWDUV 9DQ3HUVLH )DEULFH0XDPED +XON /RXFDV0RXUD 2VFDU 9LFWRU0RVHV %DOORWHOOL 'URJED .DJDZD 1H\PDU 1XUL6DKLQ 0LFKDHO&ODUN'XQFDQ :KDWLV1HWZRUNLQJ :KDWLV$QGURLG *UR¡EULWDQQLHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 1DFKULFKWHQ 6XFKDQIUDJHQ (XUR :KLWQH\+RXVWRQ 2O\PSLFWLFNHWV .DWH0LGGOHWRQ :KLWQH\+RXVWRQ *DU\%DUORZ .DWH0LGGOHWRQ 7XOLVD $SULO-RQHV -HVVLFD(QQLV 1HWIOL[ )DEULFH0XDPED 1DWZHVW2QOLQH 0LFKDHO&ODUNH'XQFDQ L3DG 0RUJDQ)UHHPDQ *DU\%DUORZ 3ULQFH+DUU\ *DQJQDP6W\OH 8VDLQ%ROW (XUR 2O\PSLFV +XUULFDQH6DQG\ 2O\PSLFWRUFKURXWH (XURYLVLRQ :KLWQH\+RXVWRQ )HOL[%DXPJDUWQHU &RVWD&RQFRUGLD /DQFH$UPVWURQJ 'LDPRQG-XELOHH 0HLVWJHVXFKW 7UHQGV 7UHQGV .¸QLJOLFKH)DPLOLH 0XVLN 0XVLNN¾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¡EDOOVSLHOHU LQWHUQDWLRQDO $QOHLWXQJHQ $QG\0XUUD\ /HRQDUGR0HVVL 7RP'DOH\ )UDQFN5LEp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¦GWHLQ*RRJOH0DSV -HUHP\+XQW 6\QFKURQL]HG6ZLPPLQJ /RQGRQ %RULV-RKQVRQ 0XUGHUEDOO %ULVWRO -XVWLQH*UHHQLQJ :KHHOFKDLU%DVNHWEDOO 0DQFKHVWHU $OH[6DOPRQG 9ROOH\EDOO (GLQEXUJK 0LFKDHO*RYH $UFKHU\ %ULJKWRQ *HRUJH2VERUQH 0HWHU6SULQW 6XUUH\ /RXLVH0HQVFK 7DHNZRQGR /HHGV 1DGLQH'RUULHV *\PQDVWLFV 2[IRUG .HLWK9D] &\FOLQJ &DPEULGJH (G9DL]H\ $WKOHWLFV %LUPLQJKDP 0HLVWJHVXFKW 2UWHLQΖ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ΖQGLHQ 6XFKWUHQGV 7UHQGV 7UHQGV 0HLVWJHVXFKW 6XFKDQIUDJHQ 0HQVFKHQ )LOPH ,%36 6XQQ\/HRQH (N7KD7LJHU *DWH([DPV 5DMHVK.KDQQD 5RZG\5DWKRUH 6XQQ\/HRQH 3RRQDP3DQGH\ -DQQDW (N7KD7LJHU $OLD%KDWW +RXVHIXOO 5RZG\5DWKRUH 1LUPDO%DED 5DD] &EVH 6KHUO\Q&KRSUD -LVP 5DMHVK.KDQQD <DVK&KRSUD %DUIL $DNDVK7DEOHW 6DLI$OL.KDQ ,VKDT]DDGH +GIF 'LDQD3HQW\ $JHQW9LQRG -DERQJ 9LODVUDR'HVKPXNK 9LFN\'RQRU 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 5HLVH]LHOH 6W¦GWH 2UWHLQΖKUHU1¦KH .HUDOD 'HOKL 7DM0DKDO %DQJDORUH :DJDK%RUGHU 0XPEDL )UHHGRP3DUN%DQJDORUH 9DLVKQR'HYL &KHQQDL ,%0 $PDUQDWK 3XQH ,,7%RPED\ .DVKPLU +\GHUDEDG 0HHQDNVKL$PPDQ7HPSOH 6KLUGL &RLPEDWRUH 5DPHVKZDUDP7HPSOH .RONDWD 5DPOLOD*URXQG'HOKL 0XQQDU -DLSXU 'HOKL=RR *DWHZD\2I,QGLD *RD <DPXQD([SUHVVZD\*UHDWHU 1RLGD8WWDU3UDGHVK,QGLD 0DGXUDL7DPLO1DGX 6LGGKLYLQD\DN7HPSOH0XPEDL 0DKDUDVKWUD ,,70DGUDV ,WSO%HQJDOXUX.DUQDWDND 0HLVWJHVXFKW 1DFKULFKWHQ 6HQVH[ 9LODVUDR'HVKPXNK'HDWK +XUULFDQH6DQG\ $QQD+D]DUH $VHHP7ULYHGL&DUWRRQV $EKLVKHN0DQX6LQJKYL .LQJILVKHU$LUOLQHV (DUWKTXDNH,Q&KHQQDL 3UDQDE0XNKDUMHH3UHVLGHQW 5DMHVK.KDQQD'HDWK ΖQGRQHVLHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ /HXWHLQΖQGRQHVLHQ /HXWHZHOWZHLW *DQJQDP6W\OH -RNRZL :KLWQH\+RXVWRQ 1RDK $\X7LQJ7LQJ $GHOH 7RPFDW %XGL'RUHPL $QGUHZ*DUILHOG &RER\-XQLRU $GH1DPQXQJ 9DOHULD/XN\DQRYD -RNRZL (]D*LRQLQR (PPD6WRQH ,QGRQHVLDQ,GRO -XGLND 0DFDXOD\&XONLQ &KHUU\%HOOH 6KHLOD0DUFLD -HVVLH- $\X7LQJ7LQJ 'DKODQ,VNDQ -HUHP\/LQ 9DOLD5DKPD .DWH0LGGOHWRQ 1HQHN*D\XQJ 6XNKRL &DNUD.KDQ &KULVWLQD3HUUL 7UHQGV 7UHQGV 0HLVWJHVXFKW 0XVLNHU Ζ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Ζ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iO0DUWLQ /HR9DUDGNDU -RDQ%XUWRQ $ODQ6KDWWHU 5XDLUL4XLQQ 6HDQ6KHUORFN (DPRQ*LOPRUH (XUR .DWLH7D\ORU :KLWQH\+RXVWRQ +RXVHKROG&KDUJH $SULO-RQHV -LOO0HDJKHU +XUULFDQH6DQG\ 5RVDQQD'DYLVRQ 5\GHU&XS 0XDPED 7UHQGV %DQGV .RGDOLQH /LWWOH0L[ 2QH'LUHFWLRQ 7KH%OL]]DUGV 'HORUHQWRV 7KH.LOOHUV 0XVH &ROGSOD\ 'DPLHQ'HPSVH\ 7KH:DQWHG &UDLJ'R\OH 0LFKDHO)DVVEHQGHU /LDP1HHVRQ &LDUDQ+LQGV 'DQLHO'D\/HZLV 3LHUFH%URVQDQ &LOOLDQ0XUSK\ &ROP0HDQH\ $QQH'R\OH &ROLQ)DUUHOO ΖVUDHO 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 3URPLQHQWH 0XVLN ʭʥʷʬʨʯʬʥʢ ʸʤʥʦʸʡʺʩʡʩʡʠ ʡʬʡʩʬʺʲʢʰ ʥʡʩʡʸʬʹʨʷʩʥʸʴʤ ʢʡʱʩʺʥʷ ʥʺʩʠʺʠʹʫ ʤʺʩʡʹ ʯʥʮʩʱʩʸʡ ʪʬʹʩ ʭʸʢʨʱʰʩʠ ʯʥʣʣʩʬʨʰ ʤʡʤʠʺʠʬʮ ʯʥʨʱʥʩʩʰʨʩʥʥ ʳʱʥʩʤʰʠʩ ʸʮʢʰ ʸʣʤʤʷʩʡʶ ʸʹʰʯʥʸʥʣ ʭʩʷʥʷʩʦ ʬʨʷʥʧ ʱʩʠʥʬʷʩʩʮ *DQJQDP6W\OH ʸʮʦʤʩʡʠ ʯʩʩʴʰʩʩʹʸʲʱ &DOO0H0D\EH ʩʤʥʬʠʤʷʩʷʬʧʤ ʯʮʣʩʠʸʬʥʷʩʰ 6RPHRQH/LNH<RX ʭʥʣʠʲʡʶ ʡʥʰʥʸʠʤʰʠ ʸʮʢʰʤʦʩʮʠʮ 7UHQGV 0HLVWJHVXFKW 7UHQGV )HUQVHKVHQGXQJHQ )LOPH )LOPH 7KH9RLFH ʡʲʸʤʩʷʧʹʮ ʬʬʧʤʺʠʠʬʮʬ ʯʥʩʬʮʬʵʥʸʩʮʤ ʯʮʸʣʩʩʴʱ ʸʥʧʹʡʭʩʸʡʢ ʺʥʣʸʹʩʤ9,3 ʴʨʴʨʱ ʤʶʩʮʠ ʯʥʰʧʤʥʤʴʩʤ ʤʴʥʨʧ ʸʴʥʬ ʣʬʥʰʡʫʥʫ ʭʩʩʬʥʹʺʸʲʤ ʤʰʥʢʮʤʷʱʲ ʭʩʣʬʩʳʹʸʨʱʠʮ ʷʩʧʶʮʭʬʥʲʤ ʩʱʥʩʬʹʸʥʴʩʱʤ ʬʥʣʢʤʹʴʥʧʤʩʰʮʥʩ ʬʬʧʤʺʠʠʬʮʬ ʭʩʩʬʥʹʺʸʲʤ ʨʰʮʬʸʴʤ ʸʥʧʹʡʭʩʸʡʢ ʷʩʧʶʮʭʬʥʲʤ ʺʥʸʹʥʲʮ ʤʶʩʮʠ ʤʩʩʰʮʬʶʤ ʭʩʴʥʨʧ ʸʴʥʬ ʡʲʸʩʷʧʹʮ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW $QOHLWXQJHQ %¾FKHU 0RGHPDUNHQ ʳʱʫʺʥʹʲʬʪʩʠ ʸʥʴʠʬʹʭʩʰʥʥʢʭʩʹʩʮʧ ʥʸʨʱʷ ʭʩʬʮʩʢʠʩʶʥʤʬʪʩʠ ʸʠʹʰʹʤʮ =$5$ ʭʩʣʬʩʭʩʹʥʲʪʩʠ ʺʥʹʥʰʠʤʺʥʣʬʥʺʸʥʶʩʷ +0 ʤʹʩʠʪʥʹʮʬʪʩʠ ʣʥʴʩʷʬʹʺʥʩʨʰʢʬʠ )RUHYHU ʤʩʶʷʩʬʴʠʺʥʰʡʬʪʩʠ ʭʩʸʡʧʯʩʡ 3XOODQG%HDU ʺʩʺʴʸʶʭʩʷʹʰʺʮʪʩʠ ʺʥʮʬʲʩʤ ʯʥʰʮʺ ʯʥʫʰʹʸʢʺʤʬʪʩʠ ʪʬʠʩʫʭʢ 9LFWRULD V6HFUHW ʯʥʫʰʳʦʺʹʤʬʪʩʠ ʣʰʬʩʥʰ *$3 ʯʹʲʬʷʩʱʴʤʬʪʩʠ ʯʩʬʸʡʡʣʡʬ 2OG1DY\ ʺʬʡʥʷʮʺʥʩʤʬʪʩʠ ʭʬʲʰʥʯʥʬʧʤʮʠʶʩʹʤʠʮʤʯʡʯʷʦʤ .DOD 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW 3ROLWLNHU 3ROLWLNHU 7\FRRQV ʣʩʴʬʸʩʠʩ ʯʤʫʤʤʮʠʹʬʮʸʫ ʸʴʥʲʩʮʱ ʵʩʡʥʮʩʧʩʩʬʹ ʹʮʸʧʩʹ ʸʰʷʰʣʩʧʥʰ ʥʤʩʰʺʰʩʡʩʡ ʦʥʲʮʤʮʬʹ ʯʥʱʩʸʠʩʸʹ ʷʸʡʣʥʤʠ ʩʬʠʫʩʮʤʩʱʨʱʰʠ ʤʡʥʹʺʷʧʶʩ ʨʸʮʬʥʠʣʥʤʠ ʬʨʰʦʥʸʩʷʩʮ ʡʣʯʡʯʬʩʠ ʩʬʠʫʩʮʤʩʱʨʱʰʠ ʦʴʥʮʬʥʠʹ ʯʥʱʬʣʠʯʥʣʬʹ ʩʹʩʩʬʠ ʯʥʸʩʴʩʹ ʡʩʩʡʬʡʬ ʩʲʸʣʤʩʸʠ ʣʩʴʬʸʩʠʩ ʯʮʩʮʩʱʥʩ ʦʴʥʮʬʥʠʹ ʩʲʸʣʤʩʸʠ ʦʥʲʮʤʮʬʹ ʩʡʩʨʣʮʧʠ ʯʮʹʩʴʸʦʲʩʬʠ ʸʴʥʲʯʣʩʲ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 'LHQVWOHLVWXQJHQ )UDXHQ %DQNHQ ʣʩ ʩʬʠʴʸʸʡ ʭʩʬʲʥʴʤʷʰʡ ʣʢʠ ʣʣʧʺʩʸʹ ʩʮʥʠʬʷʰʡ ʬʠʸʹʩʺʡʫʸ ʬʣʠ ʨʰʥʷʱʩʣʷʰʡ ʯʥʣʣʩʬʨʰ ʡʤʩʷʰʡ ʱʷʩʴʸʥʮ ʦʮʥʢʤʰʩʬʱ ʩʧʸʦʮʷʰʡ ʤʤʷʣʤ ʳʱʥʩʤʰʠʩ ʬʩʩʧʤʸʶʥʠʷʰʡ ʺʥʴʮ ʯʥʨʬʣʩʮʨʩʩʷ ʣʱʮʷʰʡ ʬʷʹʮʩʸʮʥʹ ʱʬʴʯʸʷ ʩʮʥʠʬʰʩʡʤʷʰʡʤ ʯʣ ʢʸʥʡʦʰʩʢʩʺʱʠ ʣʥʢʩʠʷʰʡ ʺʩʲʥʡʹʺʩʦʧʺ ʬʠʸʤʺʰʲ ʩʬʠʸʹʩʩʡʸʲʷʰʡ ΖWDOLHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ .RQ]HUWH 7HUUHPRWR /XFLR'DOOD &ROGSOD\ ,1*9 6DUD7RPPDVL 0DGRQQD /XFLR'DOOD :KLWQH\+RXVWRQ &DPSRYROR =DODQGR 3LHUPDULR0RURVLQL /DXUD3DXVLQL &RVWD&RQFRUGLD )HOL[%DXPJDUWQHU %LDJLR$QWRQDFFL &DOFROR,PX %HOHQ5RGULJXH]H6WHIDQR'H &HOHQWDQR 6DUD7RPPDVL 0DUWLQR $NLQDWRU 0DULR%DORWHOOL 3XOFLQR3LR 5DIIDHOOD)LFR ,WDOR *HUPDQR0RVFRQL 5DGLRKHDG %UXFH6SULQJVWHHQ /LJDEXH 0HWDOOLFD )UDQFHVFR6FKHWWLQR 7UHQGV 7UHQGV 7UHQGV $XVVWHOOXQJHQ .LQRILOPH %¾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¾U )X¡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ΖKUHU5HJLRQLQ *RRJOH0DSV -XYHQWXV5RPD &HVHQD-XYHQWXV &URVWDWDPDUPHOODWD )UDSSHFDUQHYDOH &RORPEDSDVTXDOH &KHHVHFDNH &XSFDNH 7LUDPLVXWUDGL]LRQDOH &DVWDJQDFFLR 6DQJULDURVVD *D]SDFKR %UHW]HO &LQTXH7HUUH +RWHO *DUJDQR &DPSLQJ *DWWHR0DUH $JULWXULVPR $UJHQWDULR 5LVWRUDQWH 6DOHQWR %% &LOHQWR 3L]]HULD 3RUWR6HOYDJJLR 3DUFKHJJLR 0DULQDGL&LQLVL %DU (ROLH 3LQ]ROR 6XSHUPHUFDWR 3RVWH -DSDQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 1DFKULFKWHQ )LOPH %5$9(+($576 L3KRQH L3DG L3DGPLQL 9 L36 L26 7UHQGV 7UHQGV 7UHQGV 0HQVFKHQ 0¦QQHU )UDXHQ = 7+(),1$/ H[LOH = 7UHQGV 7UHQGV 7UHQGV %HOLHEWH2UWH :DVLVW $QOHLWXQJHQ /7( L26 /,1( :LQGRZV $&7$ 7UHQGV 7UHQGV *HU¦WH*DGJHWV :HUEXQJ '6// 1H[XV :LQGRZV ;SHULDDFUR+' QDVQH 6XUIDFH *$/$;<6,,, FRFR VW\OHH (260 /,1( IDFHERRN 7ZLWWHU 6LUL L3DGPLQL 6LUL .DQDGD 6XFKWUHQGV 7UHQGV 7UHQGV 0HLVWJHVXFKW 6XFKDQIUDJHQ 3URPLQHQWH .DQDGLVFKH3ROLWLNHU 3LQWHUHVW :KLWQH\+RXVWRQ 6WHSKHQ+DUSHU +XUULFDQH6DQG\ -HUHP\/LQ -XVWLQ7UXGHDX 2O\PSLFV 0LFKDHO&ODUNH'XQFDQ 9LF7RHZV 'LDEOR 0RUJDQ)UHHPDQ 7KRPDV0XOFDLU *DQJQDP6W\OH )HOL[%DXPJDUWQHU 3HWHU0DF.D\ +XQJHU*DPHV .DWH0LGGOHWRQ %RE5DH 623$ 1HLO$UPVWURQJ -DVRQ.HQQH\ 6WDU$FDGp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¦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¾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yQ /DQ (OLDQLV*DUULGR .L]L 3DEOR(VFREDU 7UDQVIRUPLFH :KLWQH\+RXVWRQ 0DULDQD3DMyQ $GHOH 9LYD&RORPELD 0LFKDHO&ODUNH'XQFDQ ,PDJHFKHI 5LFDUGR0RQWDQHU <RPHOODPR $PDQGD7RGG 3LF0RQNH\ 6DUD8ULEH /D9R]&RORPELD 3DXO0FFDUWQH\ 5RGULJR/DUD%RQLOOD 6LJLIUHGR/RSH] )HUQDQGR/RQGRxR /XLV&DUORV*DOiQ *XVWDYR3HWUR $QJHOLQR*DU]yQ &DUORV0DULR+R\RV 6LPRQ*DYLULD 0DUXMD3DFKyQ )HUQDQGR+LQHVWURVD 0HLVWJHVXFKW 7UHQGV 7UHQGV )HUQVHKVHQGXQJHQ 6FKDXVSLHOHU .LQGHUVHQGXQJHQ <R0H/ODPR $OHMDQGUD$]FiUDWH %HQ +L 5REHUWR*RPH]%RODxRV %ODQFDQLHYHV 3DEOR(VFREDU(O3DWUyQGHO 3DROD7XUED\ &KHVSLULWR 0DQROR&DUGRQD 0LSHTXHxR3RQ\ 'HVDItR 0DO +HDWK/HGJHU 0RQVWHUV,QF &RORPELD7LHQH7DOHQWR )UDQNLH0XQL] 9LROHWWD *RO&DUDFRO 6WHSKDQLH&D\R :LOO\:RQND %HQ $QJHOLFD%ODQGyQ *DWRFRQ%RWDV /RV6LPSVRQ &UHS~VFXOR 7KH:DONLQJ'HDG -RQDK)DOFRQ 0DFDXOD\&XONLQ 0LUDL1LNNL 9DOLHQWH 7UHQGV 7UHQGV 0HLVWJHVXFKW 0XVLN 0XVLNHU 0XVLNJHQUH *DQJQDP6W\OH :KLWQH\+RXVWRQ 6DOVD (VFiSDWHFRQPLJR $GHOH 5HJDHWWRQ )XLVWHWX 5LFDUGR0RQWDQHU 9DOOHQDWR 6ROLWDULD 3DXO0FFDUWQH\ &XPELD 0RVD0RVDDVLYRFHPHPDWD &DUORV9LYHV +LS+RS 7XVLQPL )DQQ\/X 0HUHQJXH 6RORHVPHMRU 0LFKHO7HOy 5RFNHQHVSDxRO 0LFRUD]yQLQVLVWH /HRQDUGR)DELR %ROHURV 6RORSDVDMHUR -DLUR9DUHOD 6DQ-XDQHUR 'XWW\/RYH ,O'LYR 9DODGDV 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW $QOHLWXQJHQ :DVLVW" *HULFKWH &yPR+DFHU&XSFDNHV 4XpHV&XDUHVPD 3L]]D &yPR+DFHU5DVWDV 4XpHV8EOLPH +DPEXUJXHVD &yPR'LYLGLU'HFLPDOHV 4XpHV623$ $UHSD &yPR'HFRUDU 4XpHV(PSDODPLHQWR $MLDFR &yPR'RUPLU5iSLGR 4XpHV0HJDXSORDG 6DQFRFKR &yPR$UUHJODU)RWRV 4XpHV:LNLOHDNV (PSDQDGD &yPR'HFRUDU6DQGDOLDV 4XpHV,QVWDJUDP 3HUUR&DOLHQWH &yPR4XLWDU%HUUXJDV 4XpHV7RPRUURZODQG 6DQGXFKH &yPR+DFHU%OXVDV 4XpHV:KDWVDSS %XxXHOR &yPR$GHOJD]DU$EGRPHQ 4XpHV6XEOLPH 0RWHGHTXHVR 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWPDQQVFKDIWHQ 3UHVVHNDQ¦OH &ULVWLDQR5RQDOGR $WOpWLFR1DFLRQDO (O7LHPSR 0DULDQD3DMyQ 5HDO0DGULG (O(VSHFWDGRU 0HVVL 0LOORQDULRV 5&1 -DPHV5RGUtJXH] $PpULFDGH&DOL &DUDFRO79 .DND %DUFHORQD (O+HUDOGR )DOFDR*DUFtD 'HSRUWLYR&DOL (O&RORPELDQR 5RJHU)HGHUHU 1DFLRQDO /D0HJD 5RQDOGLQKR $WOpWLFRGH0DGULG 6RKR 7HyILOR*XWLpUUH] 0DULD6KDUDSRYD &KHOVHD 0DQFKHVWHU8QLWHG 9DQJXDUGLD/LEHUDO 6HPDQD 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 5HLVHYHUDQVWDOWHUXQG )OXJJHVHOOVFKDIWHQ $XWRPDUNHQ 0RELOJHU¦WH $YLDQFD /DQ 'HVSHJDU $LUHV &RSD$LUOLQHV (DV\IO\ $HURUHSXEOLFD $PHULFDQ$LUOLQHV $YLDWXU &KHYUROHW %ODFNEHUU\ 0LQL L3KRQH 5HQDXOW %DFNEHUU\ +RQGD 6DPVXQJ*DOD[\ .LD L3KRQH )RUG 6DPVXQJ*DOD[\$FH 6X]XNL %ODFNEHUU\ 0D]GD 6RQ\(ULFVVRQ +\XQGDL 1LVVDQ 9LYD&RORPELD 0HLVWJHVXFKW 0HLVWJHVXFKW )LQDQ]LQVWLWXWH .ROXPELDQLVFKH6W¦GWH %DQFRORPELD &DOL %DQFRGH%RJRWi %DUUDQTXLOOD 'DYLYLHQGD &DUWDJHQD &ROSDWULD 6DQWDQGHU %%9$ 0DQL]DOHV 3RUYHQLU 6DQWD0DUWD %DQFR&DMD6RFLDO %RJRWi $99LOODV 0HGHOOt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p 2K%XODQ +\XQGDL(ODQWUD 3DSDJRPR 0LWVXELVKL0LUDJH %ORJ6HULXV 7R\RWD3ULXV& 0DOD\VLD&KURQLFOH 0D]GD&[ 3DXOWDQ 7R\RWD$YDQ]D $QDN6XQJDL'HUKDND +RQGD&LYLF 3URWRQ([RUD%ROG .DUL1JHUL 0HGLD0DOD\D 6DPVXQJ*DOD[\: 0H[LNR 6XFKWUHQGV 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 6XFKDQIUDJHQ $QOHLWXQJHQ :DVLVW" ,)( &yPRYRWDU 4XpHV )DFHERRNHVSDxRO &yPRPHGLWDU 4XpHVRXWVRXUFLQJ $QJU\%LUGV &yPRDSUHQGHULWDOLDQR 4XpHV$(& 3LF0RQNH\ &yPRSUHSDUDUyOHRV 4XpHVFXOWXUD 1HWIOL[ &yPRDFWXDOL]DU$QGURLG 4XpHVPDWHULD 35(3 &yPRXVDU6LUL 4XpHVHVWDGtVWLFD /H\623$ &yPRSUHSDUDUFKLODTXLOHV 4XpHV,QVWDJUDP %HFDVXQLYHUVLWDULDV &yPRVDFDUSRUFHQWDMHV 4XpHVILORVRItD *DQJQDP6W\OH &yPRHVFDQHDU 4XpHV623$ :KLWQH\+RXVWRQ &yPRKDFHUSXHUWDV 4XpHVPDUNHWLQJ 7UHQGV 7UHQGV 7UHQGV 1DFKULFKWHQ 0HQVFKHQ *HULFKWH 2OtPSLFRV -XOLD2UD\HQ 3L]]D (OHFFLRQHV (QULTXH3HxD1LHWR 3DVWHO (XURFRSD $QGUHV0DQXHO/ySH]2EUDGRU &XSFDNHV 7HPEORU -RVHILQD9i]TXH]0RWD 6DQGZLFK &DUORV)XHQWHV $GHOH 7DFRV 6DQG\ *DEULHO4XDGUL 6XVKL +HULEHUWR/D]FDQR 0LJXHO%RVp 4XHVR 0HGDOOD0p[LFR $QJpOLFD5LYHUD /LPyQ \RVR\ &DUO\5DH-HSVHQ 3DVWRU (QULTXH3HxD1LHWR,%(52 36< *RUGLWDV 7UHQGV 7UHQGV 7UHQGV )HUQVHKVHQGXQJHQ )LOPH 0XVLN $ELVPRGH3DVLyQ /RV9HQJDGRUHV 9LYH/DWLQR 3RUHOODVR\(YD %DWPDQ(O&DEDOOHURGHOD 2QH'LUHFWLRQ :DONLQJ'HDG 1RFKH $GHOH $PRUHV9HUGDGHURV 7HG &KDYHOD9DUJDV -XHJRV2OtPSLFRV 6SLGHUPDQ -HVVH\-R\ ,QIDPHV 9DOLHQWH *DQJQDP6W\OH /D5RVDGH*XDGDOXSH &RORVLR(O$VHVLQDWR 5HLN 1HZ*LUO 0DGDJDVFDU 1LFNL0LQDM 3RUTXHHO$PRU0DQGD %DWDOOD1DYDO :H$UH<RXQJ +RZ,0HW<RXU0RWKHU 0,% -RKQ&DUWHU /0)$2 7UHQGV 7UHQGV 7UHQGV 2O\PSLRQLNHQ 6SRUW 5HLVHQ 0LFKDHO3KHOSV -XHJRV2OtPSLFRV /RQGUHV 1H\PDU 7HQLV 0DQKDWWDQ 2ULEH3HUDOWD &UX]$]XO 0DGULG 8VDLQ%ROW 7LUR 5RPD $LGD5RPiQ 1)/ 3OD\DGHO&DUPHQ $ODQ3XOLGR ;RORV =DSRSDQ 0DUFR)DELiQ *LPQDVLD 4XHUpWDUR 5\DQ/RFKWH 3DROD(VSLQRVD &DQF~Q 0F.D\OD0DURQH\ 5RJHU)HGHUHU 2ULEH3HUDOWD 0DUtDGHO5RVDULR(VSLQR]D )ORUHQFLD 0p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¦QGLVFKH 1DFKULFKWHQHUHLJQLVVH 1HXVHHO¦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¦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¾QVWOHU *DQJQDP6W\OH *LHO%HHOHQ $GHOH &DOO0H0D\EH (GZLQ(YHUV 7ULJJHUILQJHU ,)ROORZ5LYHUV &ODXGLDGH%UHLM &DUO\5DH-HSVHQ 6N\IDOO *HUDUG(NGRP 36< %DODGD 5XXGGH:LOG &KULV+RUGLMN 7KLVLV/RYH -DQYDQ9HHQ 3DVVHQJHU 7LPH$IWHU7LPH 3DXO5DEEHULQJ *XVWWDYR/LPD 6ODSHOR]H1DFKWHQ 6DQGHU/DQWLQJD $VDI$YLGDQ 2GHWRWKH%RXQFHU (ULF&RUWRQ 7KH2SSRVLWHV )UDQN'DQH +DQGVRPH3RHWV /HW+HU*R 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 7HLOQHKPHUGHU )HUQVHKVHQGXQJ 9RLFHRI+ROODQG )HUQVHKVHQGXQJHQ )X¡EDOOPDQQVFKDIWHQ 6DQGUDYDQ1LHXZODQG )ORRUWMH6PLW 5RQ/LQN ,YDU2RVWHUORR /HRQD3KLOLSSR %DEHWWHYDQ9XJW 1LFROD(EELQN 9RHWEDO,QWHUQDWLRQDO $MD[ *767 )H\HQRRUG 126-RXUQDDO 369 57/1LHXZV )&7ZHQWH %RHU=RHNW9URXZ 9LWHVVH -HXJGMRXUQDDO $= 6SDQJDV )&*URQLQJHQ ':'' )&8WUHFKW 1266WXGLR6SRUW +HUDFOHV 7KH9RLFHRI+ROODQG 9999HQOR 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 1LHGHUO¦QGLVFKH )X¡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ΖQWHUQDWLRQDOH3ROLWLNHU :DWLVURDPLQJ :DWLVQLYHOOHUHQ 2EDPD :DWLVDQGURLG :DWLVIRUHQVHQWDNV &DPHURQ :DWLVSD\SDO :DWLVVRSD 5RPQH\ :DWLVIDFHERRN :DWLVLQVWDJUDP =XPD :DWLVZLIL :DWLVEXLWHQVSHO +ROODQGH :DWLVDXWLVPH :DWLVEDQJDOLMVW 0HUNHO :DWLVJ :DWLVLFORXG 6DPDUDV :DWLVVSRWLI\ :DWLVDVVXUDQWLHEHODVWLQJ 'L5XSR :DWLVSLQNVWHUHQ :DWLVWZLWWHU :DWLVK\SRWKHHNUHQWHDIWUHN :DWLVPRGDDO 0HGYHGHY %HWULDQ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 1LHGHUO¦QGLVFKH SROLWLVFKH3DUWHLHQ 1LHGHUO¦QGLVFKH 6SLW]HQSROLWLNHU 3ROLWLVFKH)UDJHQ 63 *HHUW:LOGHUV 3YG$ 0DUN5XWWH 99' 'LHGHULN6DPVRP 399 -RODQGH6DS &'$ 0DULDQQH7KLHPH ' (PLOH5RHPHU *URHQ/LQNV 6\EUDQG%XPD 6*3 +HQN.URO &KULVWHQ8QLH $OH[DQGHU3HFKWROG 2QGHUZLMV .LQGHURSYDQJ :: 6WXGLHILQDQFLHULQJ =RUJYHU]HNHULQJ +\SRWKHHNUHQWH $2: +XXUZRQLQJ 9HLOLJKHLG .LQGHUELMVODJ 3DUWLMYRRUGH'LHUHQ $ULH6ORE 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 5HLVH]LHOH 6W¦GWHLQ*RRJOH0DSV 2UWHLQΖKUHU5HJLRQLQ *RRJOH0DSV ,WDOLs $PVWHUGDP )UDQNULMN 5RWWHUGDP 'XLWVODQG 8WUHFKW 6SDQMH (LQGKRYHQ *ULHNHQODQG *URQLQJHQ .URDWLs 'HQ+DDJ 3RUWXJDO 1LMPHJHQ 2RVWHQULMN $UQKHP 1RRUZHJHQ =ZROOH (QJHODQG +DDUOHP &DPSLQJ +RWHO 5HVWDXUDQW 6XSHUPDUNW $OEHUW+HLMQ (IWHOLQJ %HG%UHDNIDVW 0F'RQDOGV ,NHD /LGO 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW $XWRPDUNHQ 1LHGHUO¦QGLVFKHU ΖPPRELOLHQPDUNW )UHL]HLWSDUNV %0: )RUG 2SHO $XGL 3HXJHRW 9ROYR 5HQDXOW 9RONVZDJHQ 7R\RWD )LDW 5HVWVFKXOG 2SHQKXL]HQGDJ 6FKHHIZRQHQ )XQGD 3ULMVGDOLQJ 6SDDUK\SRWKHHN +XLVYHUKXUHQ +XLVKXUHQ +XLVYHUERXZHQ +XLVYHUNRSHQ (IWHOLQJ :DOLEL 'LVQH\ODQG3DULMV 'XLQUHOO 'ROILQDULXP 0DGXURGDP 3ORSVDODQG 'ULHYOLHW 7RYHUODQG 3RQ\SDUN6ODJKDUHQ 0HLVWJHVXFKW 7UHQGV 6XSHUP¦UNWH 6XSHUP¦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¾QVWOHU .¾QVWOHU )HUQVHKVHQGXQJHQ /DOHK -XVWLQ%LHEHU 7KH:DONLQJ'HDG /RUHHQ 2QH'LUHFWLRQ 3DUDGLVH+RWHO 2QH'LUHFWLRQ 7RQH'DPOL 6RXWK3DUN 9LQQL 7UDLQ *RVVLS*LUO :KLWQH\+RXVWRQ 3LQN 3UHWW\/LWWOH/LDUV 6LUNXV(OLDVVHQ 5LKDQQD %UHDNLQJ%DG $VN(PEOD 0LOH\&\UXV 'H[WHU 2I0RQVWHUVDQG0HQ $GHOH 7UXH%ORRG 36< (PLQHP 9DPSLUH'LDULHV ZLOOLDP /DG\*DJD 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWPDQQVFKDIWHQ 7KHUHVH-RKDXJ /LYHUSRRO 3HWWHU1RUWKXJ-U 0DQFKHVWHU8QLWHG 0DULW%M¡UJHQ %DUFHORQD &DPLOOD+HUUHP $UVHQDO 9LEHNH6NRIWHUXG &KHOVHD /LQQ-¡UXP6XOODQG 5HDO0DGULG +HLGL:HQJ %UDQQ 7RUD%HUJHU 5RVHQERUJ $NVHO/XQG6YLQGDO /HHGV8QLWHG +nYDUG7YHGWHQ -XYHQWXV 1RUVNH7DOHQWHU 0HLVWJHVXFKW 1DWLRQDOH2O\PSLD 6SRUWOHU $PDQGD.XUWRYLF &DPLOOD+HUUHP $QGUHDV7KRUNLOGVHQ (GYDOG%RDVVRQ+DJHQ &KULVWLQD9XNLFHYLF 2ODI7XIWH (]LQQH2NSDUDHER +HQULN,QJHEULJWVHQ 7RQMH$QJHOVHQ ,GD$OVWDG 0HLVWJHVXFKW 0HLVWJHVXFKW 7UHQGV 0RGHPDUNHQ $QOHLWXQJHQ $QOHLWXQJHQ 0RRGV2I1RUZD\ +YRUGDQ6NULYH&Y +YRUGDQ6SLOOH:RUGIHXG /RXLV9XLWWRQ +YRUGDQ6NULYH6¡NQDG +YRUGDQ6OHWWH)DFHERRN $FQH +YRUGDQ6OHWWH)DFHERRN +YRUGDQ/DJH6P¡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¡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¡I¾U.LQGHU +HQQLQJ:DUORH -HQV6WROWHQEHUJ 1UN6XSHU -HQQ\.OLQJH 6LY-HQVHQ /HJR 7U\JYH6ODJVYROG9HGXP .ULVWLQ+DOYRUVHQ 'LVQH\ -HWWH&KULVWHQVHQ $XGXQ/\VEDNNHQ .DSWHLQ6DEHOWDQQ $QQH*UHWH6WU¡PHULFKVHQ -RQDV*DKU6W¡UH &DUWRRQ1HWZRUN %HQW+¡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¦GWH 1RYD5RFN )UDQN6WURQDFK )UHTXHQF\)HVWLYDO 0DUWLQ*UDI 'RQDXLQVHOIHVW (YD*ODZLVFKQLJ 8UEDQ$UW)RUPV *DEULHOD0RVHU 6DO]EXUJHU)HVWVSLHOH -RVHI%XFKHU %HDWSDWURO -RVHI&DS 7ZR'D\VD:HHN 1LNRODXV%HUODNRYLFK 9LHQQDOH *HUKDUG'|UIOHU $UV(OHFWURQLFD :HUQHU)D\PDQQ :LHQ *UD] 6DO]EXUJ /LQ] ,QQVEUXFN .ODJHQIXUW %UHJHQ] 6W3|OWHQ (LVHQVWDGW 1$ %UHJHQ]HU)HVWVSLHOH %DUEDUD3UDPPHU 7UHQGV 7UHQGV 7UHQGV )X¡EDOOYHUHLQH 0XVLNHU 6FKDXVSLHOHU :$& -XOLDQ/H3OD\ &ODXGLD.RWWDO 6&:LHQHU1HXVWDGW &RQFKLWD:XUVW 0DULD+RIVWlWWHU 5HG%XOO6DO]EXUJ 7UDFNVKLWWD] -RKDQQHV6LOEHUVFKQHLGHU $GPLUD:DFNHU (OHNWUR*X]]L $QGUHDV/XVW $XVWULD:LHQ +XEHUWYRQ*RLVHUQ 0LFKDHO0DHUWHQV 5DSLG:LHQ )DOFR '|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¦OH &RPEDWH 0LFKDHO&ODUNH'XQFDQ (O&RPHUFLR <R6R\ .DWHGHO&DVWLOOR 'HSRU (VWRHV*XHUUD .RULQD5LYDGHQHLUD 7URPH &RUD]RQ9DOLHQWH 0DFDXOD\&XONLQ /LEHUR $OIRQGRKD\VLWLR 5REHUWR*RPH]%RODxRV /D5HSXEOLFD 0DJDO\WY /XFLD2[HQIRUG $79HQYLYR (VFDOHUDDO&LHOR -RQDK)DOFRQ $PHULFD79 8WLOLVLPD -DVRQ'D\ 3HUX 3DVLRQGH*DYLODQHV +HDWKHU0RUULV 7HUUD /RV6LPSVRQV -XOLR$OHPDQ 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWPDQQVFKDIWHQ &ULVWLDQR5RQDOGR 5HDO0DGULG 0HVVL $OLDQ]D/LPD 3DROR*XHUUHUR 6SRUWLQJ&ULVWDO 1H\PDU %DUFHORQD 5RJHU)HGHUHU 8QLYHUVLWDULRGH'HSRUWHV &ODXGLR3L]DUUR &KHOVHD -XDQ0DQXHO9DUJDV -XDQ$XULFK 5DIDHO1DGDO 0DQFKHVWHU8QLWHG -HIIHUVRQ)DUIDQ &LHQFLDQR 0DULR+DUW %D\HUQ0XQLFK &RUUHR 7UHQGV 6SRUWOLFKH $XVWUDJXQJHQ (XURFRSD 2OLPSLDGDV/RQGUHV 'DNDU &RSD/LEHUWDGRUHV (OLPLQDWRULDV%UDVLO &KDPSLRQV/HDJXH %DUFHORQDYV&KHOVHD 3HUXYV9HQH]XHOD 3HUXYV$UJHQWLQD 3HUXYV%ROLYLD 7UHQGV 0XVLNHU :DFKLWXUURV .XUW&REDLQ 0LFKHO7HOR :KLWQH\+RXVWRQ $GHOH 1HQH0DOR 0DOXPD /DV&XOLVXHOWDV $[O5RVH /HRQDUGR)DYLR 3KLOLSSLQHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 6FKODJ]HLOHQ 6LP6LPL -HUHP\/LQ 'ROSK\'HDWK $QJU\%LUGV :KLWQH\+RXVWRQ 623$ 7HUWULV%DWWOH 'ROSK\ &\EHUFULPH/DZ 6XSHU%DVVO\ULFV -DQHOOH0DQDKDQ -HVVH5REUHGR'HDWK *DQJQDPVW\OH 'DQLHO3DGLOOD +XUULFDQH6DQG\ -HUHP\/LQ -HVVLFD6DQFKH] 3URMHFW1RDK :KLWQH\+RXVWRQ 9DOHULD/XN\DQRYD 6FDUERURXJK6KRDO 'ROSK\ &KDFKL*RQ]DOHV 621$3KLOLSSLQHV 'UDJRQQHVW 5DPJHQ5HYLOOD 5REHUW%ODLU&DUDEXHQD EODFN $GHOH (DW%XODJD,QGRQHVLD 7UHQGV 7UHQGV 0HLVWJHVXFKW %LOGHUVXFKDQIUDJHQ 0XVLN )HUQVHKVHQGXQJHQ 9DOHULD/XN\DQRYD 6XSHU%DVV $PHULFDQ,GRO %KXWDQ *DQJQDP6W\OH 7RPDQG-HUU\ %ODFNSLFWXUH 3D\SKRQH :DODQJ+DQJJDQ &KDULFHQHZORRN &DOO0H0D\EH $GYHQWXUH7LPH 7UROOIDFH 3XVRQJ%DWR 6SRQJHERE 7UDQVLWRI9HQXV 2QHWKLQJ &LW\+XQWHU 6XSHUPRRQ 3ULFHWDJ 'RUD 2YHUO\$WWDFKHG*LUOIULHQG 6LUHQD 3ULQFHVVDQG, 0H*XVWD 'RPLQR 7KH:DONLQJ'HDG .DWH0LGGOHWRQSKRWRV 2XUV 9DPSLUH'LDULHV 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWPDQQVFKDIWHQ 5HLVH]LHOH -HUHP\/LQ 0LDPL+HDW 6LQJDSRUH 0DQQ\3DFTXLDR )(8 0DQLOD2FHDQ3DUN /HEURQ-DPHV 383 &HEX .REH%U\DQW /DNHUV 3XHUWR*DOHUD -RKQ&HQD $GDPVRQ8QLYHUVLW\ %RKRO 0LFKDHO-RUGDQ 0$38$ %KXWDQ 'HUULFN5RVH $]NDOV 7DJD\WD\ -DPHV<DS $WHQHR %DJXLR 0DULD6KDUDSRYD %RVWRQ&HOWLFV &DQDGD 'ZD\QH:DGH *LQHEUD &KLQD 7UHQGV 7UHQGV 0HLVWJHVXFKW (VVHQXQG7ULQNHQ *DGJHWV 0DUNHQ 0DJQXP,FH&UHDP L3DGPLQL $SSOH 9LNLQJV 6DPVXQJ*DOD[\< 7R\RWD &KRSVXH\5HFLSH L3DG %ODFNEHUU\ -&R'RQXWV 6DPVXQJ*DOD[\6 1RNLD *RQJ&KD L3KRQH6 &KHUU\0RELOH 3HSVL3RJL 6DPVXQJ*DOD[\3RFNHW +\XQGDL %RQ&KRQPHQX %ODFNEHUU\(PSDWK\ P\3KRQH +LSRQ 6DPVXQJ*DOD[\6 )RUHYHU 7ZLVWHUIULHV 1RNLD/XPLD +RQGD -LQJDMXLFH 1RNLD/XPLD 1LNH 0HLVWJHVXFKW 7UHQGV 7UHQGV &RPSXWHUVSLHOH 0HQVFKHQLQGHQ 6FKODJ]HLOHQUHJLRQDO 3ROLWLNHU 7HWULV%DWWOH $QJU\%LUGV &URVVILUH 'UDJRQ1HVW 3ODQWVYV=RPELHV 7HPSOH5XQ '27$ &U\VWDO6DJD 'LDEOR 0LQHFUDIW 'ROSK\ -DQHOOH0DQDKDQ 'DQLHO3DGLOOD 5DPJHQ5HYLOOD *UDFH/HH .DUO5R\ 3HGUR&DOXQJVRG -HVVH5REUHGR 0\UWOH -DPLFK 0HLVWJHVXFKW 5HLVH]LHOHLQΖKUHU 5HJLRQ 0DQLOD2FHDQ3DUN &HEX 3XHUWR*DOHUD %RKRO 7DJD\WD\ %DJXLR &OXE0DQLOD(DVW &DJD\DQGH2UR *UHHQKLOOV $EUD -HVVH5REUHGR &RURQD %DUDFN2EDPD ,JJ\$UUR\R 5RPQH\ 6KDODQL6ROHGDG 0LULDP'HIHQVRU6DQWLDJR -XDQ3RQFH(QULOH 7LWR6RWWR 6HUDILQ&XHYDV 3ROHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 0XVLN .ZHMN 1DWDOLD6LZLHF .RNR(XUR6SRNR 7DEOLFD :KLWQH\+RXVWRQ &DOO0H0D\EH (XUR 5REHUW/HZDQGRZVNL *DQJQDP6W\OH $&7$ :LVáDZD6]\PERUVND 2FHDQD(QGOHVV6XPPHU 791SOD\HU ,UHQD-DURFND (QHM6NU]\GODWH5ĊFH %HVW\ 5RQDOGR 6RPHRQH/LNH<RX :LRFKD )HOL[%DXPJDUWQHU 2VWDWQLD1RFND -XOLD (ZHOLQD/LVRZVND :H$UH<RXQJ .RNR(XUR6SRNR 0LFKHO7HOy $GHOH6N\IDOO 0RYLHVWDUSODQHW 1LHNU\W\.U\W\N *XVWWDYR/LPD%DODGD 7UHQGV 7UHQGV 7UHQGV 0XVLNHU )HUQVHKVHQGXQJHQ )LOPH *RW\H -XOLD -HVWHĞ%RJLHP (ZHOLQD/LVRZVND /HNDU]H 6N\IDOO 0LFKHO7HOy 0DVWHUFKHI ']LHZF]\QD]7DWXDĪHP 2QH'LUHFWLRQ 3UDZR$JDW\ $YHQJHUV /DQD'HO5H\ %LWZDQD*áRV\ %LJ/RYH *XVWWDYR/LPD 3U]HSLVQDĪ\FLH :&LHPQRĞFL 2FHDQD 3DPLĊWQLNL]ZDNDFML 6SRQVRULQJ 6\OZLD*U]HV]F]DN 5RG]LQND ,JU]\VNDĝPLHUFL .LPEUD 8NU\WD3UDZGD .DF:DZD 0DULD3HV]HN =DND]DQH8F]XFLH 3URPHWHXV] 7UHQGV 7UHQGV 7UHQGV 1DWLRQDOH2O\PSLD 6SRUWOHU 6SRUWYHUDQVWDOWXQJHQ 6SRUWOHU 'DPLDQ-DQLNRZVNL 6\OZLD%RJDFND -RDQQD0LWURV] =RILD1RFHWL.OHSDFND 0DJGDOHQD)XODUF]\N 0DUWD:DOF\NLHZLF] $QHWD.RQLHF]QD 3DZHá=DJURGQLN 3U]HP\VáDZ0LDUF]\ĔVNL (XUR 5REHUW/HZDQGRZVNL 2OLPSLDGD 5RQDOGR .6: 0DULW%MRUJHQ 0HF]3ROVND$QJOLD 6]F]ĊVQ\ 'DNDU /HH5LFKDUGVRQ :LPEOHGRQ %áDV]F]\NRZVNL .6: %DORWHOOL $XVWUDOLDQ2SHQ -HU]\-DQRZLF] (XUR 0HF]3ROVND3RUWXJDOLD 3DZHá)DMGHN 7UHQGV 7UHQGV $QOHLWXQJHQ :DVLVW" -DNXVXQąü)DFHERRND &]\PMHVWDFWD -DN]URELüNáRVD &]\PMHVWSDF]\]P -DNRV]XNDüZDULRJUDI &]\PMHVWWDEX -DNXSRORZDüIDFHWD &]\PMHVWFOHYHUERW -DNQDU\VRZDüWZDU] &]\PMHVWQDG]LHMD -DNXVXQąüEDE\ORQ &]\PMHVWWROHUDQFMD -DN]EXGRZDüGRP &]\PMHVWSLĊNQR -DNRGSRZLHWU]\üNDORU\IHU &]\PMHVWSDĔVWZR -DNZ\JOąGDF]HUQLDN -DNSRZLĊNV]\üVWURQĊ &]\PMHVWEH]URERFLH &]\PMHVWFDFKH .OLF]NR 6DUDK%XUNH 3RUWXJDO 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 0XVLN (XUR /XFLDQD$EUHX &DVDGRVVHJUHGRV $GHOH 3LQJR'RFH 5LWD3HUHLUD *DQJQDPVW\OH 5RFN,Q5LR %HUQDUGR6DVVHWL 9HPYHURVDYL}HV ,GRORV 0DUJDULGD0DUDQWH $LVHHXWHSHJR $YHQLGD%UDVLO 0LFKHO7HOR 6H[WDIHLUD 6DUD1RUWH 3DEOR$OERUDQ 2QHPRUHQLJKW :KLWQH\+RXVWRQ %HDWUL]%DWDUGD 0iTXLQD 0LFKDHO&ODUNH'XQFDQ 'ULYHE\ -RJRV2OtPSLFRV /XFLDQD$EUHX $PDQGD7RGG 6RPHERG\7KDW,8VHGWR .QRZ 3DUDGLVH 6RPHRQHOLNH\RX 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )HUQVHKVHQGXQJHQ )LOPH %¾FKHU &DVDGRV6HJUHGRV 7(' 8PKRPHPFRPVRUWH $WXDFDUDQmRPHpHVWUDQKD 0DGDJiVFDU '0DULD,, *DEULHOD 2V9LQJDGRUHV $VFLQTXHQWDVVRPEUDVGH :DONLQGGHDG 2'LWDWRU *OHH ,GDGHGR*HOR 2FpXH[LVWHPHVPR *RVWRGLVWR %UDQFDGH1HYHHR&DoDGRU $GLHWDGRVGLDV 0RGHUQIDPLO\ 2VGHVFHQGHQWHV $VFLQTXHQWDVVRPEUDVPDLV (VWDGRGHJUDoD %UDYH,QGRPiYHO $QMRPHX $YR]GHSRUWXJDO $PLJRVLPSURYiYHLV VN\IDOO *UH\ QHJUDV 5HVJDWDGRV 'HVLVWLUQmRpRSomR 3ULVLRQHLURGR&pX (VSLmR,PSURYiYHO 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWPDQQVFKDIWHQ 1DWLRQDOH2O\PSLD 6SRUWOHU &ULVWLDQR5RQDOGR %HQILFD 0HVVL 6SRUWLQJ 1H\PDU 3RUWR +XON 5HDO0DGULG %DOORWHOL %DUFHORQD 0RXULQKR %UDJD 0LFKDHO3KHOSV *XLPDUmHV /XFKR*RQ]DOH] &KHOVHD 8VDLQ%ROW 0DQFKHVWHU&LW\ ,EUDKLPRYLF 0DQFKHVWHU8QLWHG *XVWDYR/LPD -RmR0RQWHLUR 7HOPD0RQWHLUR (PDQXHO6LOYD 1XQR0HQGHV )HUQDQGR3LPHQWD -HVVLFD$XJXVWR 0DUFR)RUWHV -RmR3LQD 0DUFRV)UHLWDV 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW $QOHLWXQJHQ 5HLVH]LHOH (VVHQXQG7ULQNHQ &RPRHPDJUHFHU 0DGHLUD %RORGHFKRFRODWH &RPRSHUGHUEDUULJD &DER9HUGH %RORGHLRJXUWH &RPRJDQKDUGLQKHLUR $OJDUYH 3HWLVFRV &RPRID]HUDUUR] %UDVLO %DFDOKDXFRPQDWDV &RPRID]HUFUHSHV $oRUHV %RORGHERODFKD &RPREHLMDU 3DULV %RORGHODUDQMD &RPRHQJRUGDU =XULTXH 0RXVVHGHFKRFRODWH &RPRGHVEORTXHDUWHOHPyYHLV 'LVQH\ODQG 6RSD &RPRID]HUSDQTXHFDV /RQGUHV &UHSHV &RPRMRJDU3RNHU 0DGULG %RORGHFHQRXUD 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 0RGHPDUNHQ 3ROLWLNHU $SSV =DUD &DYDFR6LOYD )DFHERRN %HUVKND 0LJXHO5HOYDV <RX7XEH /DUHGRXWH 9LWRU*DVSDU 'URSER[ 6WUDGLYDULXV 3HGUR3DVVRV&RHOKR $QJU\%LUGV 3XOODQGEHDU 3DXOR3RUWDV ,QVWDJUDP 0DQJR 0iULR6RDUHV (YHUQRWH 6HDVLGH 3DXOR0DFHGR 7HPSOH5XQ +0 $QWyQLR-RVp6HJXUR $QJU\%LUGV6WDU:DUV /DQLGRU -RVp6yFUDWHV 0DVVLPR'XWWL )UDQFLVFR/RXVm :KDWVDSS %ULJKWHVWIODVKOLJKW 5XP¦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¡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ɸɬɸɛ ɦɚɪɢɧɚɝɨɥɭɛ ɫɞɧɟɦɪɨɠɞɟɧɢɹ ɫɦɨɬɪɟɬɶɮɢɥɶɦɵɨɧɥɚɣɧ ɭɢɬɧɢɯɶɸɫɬɨɧ ɰɜɟɬɵ ɨɥɢɦɩɢɚɞɚ ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢ ɥɸɛɨɜɶ ɨɞɧɨɤɥɚɫɫɧɢɤɢɫɨɰɢɚɥɶɧɚɹ SXVV\ULRW ɤɚɪɬɢɧɤɢɧɚɪɚɛɨɱɢɣɫɬɨɥ ɧɚɪɤɨɦɚɧɩɚɜɥɢɤ ɩɪɢɪɨɞɚ ɜɤɨɧɬɚɤɬɟɦɨɹɫɬɪɚɧɢɰɚ ɩɪɨɯɨɪɨɜ ɤɚɪɬɢɧɤɢɧɚɚɜɭ ɟɜɪɨ ɦɚɪɢɨɤɚɫɚɫ ɚɧɢɦɟ ɟɜɪɨɜɢɞɟɧɢɟ ɢɜɚɧɞɨɪɧ ɦɨɪɟ ɫɟɬɶ ɜɟɥɢɤɨɥɟɩɧɵɣɜɟɤ ɜɵɛɨɪɵ 36< ɤɨɫɦɨɫ ɦɚɜɪɨɞɢ ɜɟɫɧɚ 7UHQGV 7UHQGV 7UHQGV 0XVLN )HUQVHKVHQGXQJHQ 2O\PSLRQLNHQ ɭɧɢɜɟɪɧɨɜɚɹɨɛɳɚɝɚ 36<JDQJQDPVW\OH ɜɟɱɟɪɧɢɣɭɪɝɚɧɬ ɦɚɧɫɭɪɢɫɚɟɜ ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢSDUW\ ɤɪɨɜɢɧɭɲɤɚɫɟɪɢɚɥ ɚɪɫɟɧɝɚɥɫɬɹɧ ɠɢɜɨɬɧɵɣɫɦɟɯ ɞɚɪɶɹɞɦɢɬɪɢɟɜɚ ɝɨɜɨɪɢɦɢɩɨɤɚɡɵɜɚɟɦɫ ɬɚɝɢɪɯɚɣɛɭɥɚɟɜ IRUHYHU\ERG\ ɧɸɲɚɜɨɫɩɨɦɢɧɚɧɢɟ 0LFKHO7HOR1RVD1RVD ɥɟɨɧɢɞɨɦɡɚɤɨɲɚɧɫɤɢɦ ɢɜɚɧɭɯɨɜ $GHOH6N\IDOO ɜɢɫɹɤɢ ɤɚɪɨɥɢɧɚɫɟɜɚɫɬɶɹɧɨɜɚ ɝɭɮɫɚɦɢ ɧɚɭɤɚ ɧɚɬɚɥɶɹɚɧɬɸɯ ORUHHQHXSKRULD ɟɮɪɨɫɢɧɶɹɬɚɺɠɧɚɹɥɸɛɨɜɶ ɞɠɚɦɚɥɨɬɚɪɫɭɥɬɚɧɨɜ ɧɸɲɚɜɵɲɟ ɨɛɦɟɧɠɺɧɚɦɢ 7DFDEUR7DNDWD ɬɟɥɟɤɚɧɚɥɞɨɛɪɨɟɭɬɪɨ &RPHGR]ɹɦɚɣɤɚ ɩɨɧɹɬɶɩɪɨɫɬɢɬɶ ɚɥɟɤɫɟɣɲɜɟɞ ɛɢɥɹɥɦɚɯɨɜ 7UHQGV 7UHQGV 7UHQGV $QOHLWXQJHQ :DVLVW" :DUXP" ɤɚɤɫɬɚɬɶɞɨɛɪɟɟ ɱɬɨɬɚɤɨɟɛɪɨ ɩɨɱɟɦɭɨɛɚɦɚɤɚɤɬɭɫ ɤɚɤɫɨɥɢɬɶɪɵɠɢɤɢ ɱɬɨɬɚɤɨɟɯɨɥɨɤɨɫɬ ɩɨɱɟɦɭɥɚɝɚɟɬPLQHFUDIW ɤɚɤɜɡɥɨɦɚɬɶɦɵɥɨ ɱɬɨɬɚɤɨɟɫɭɞɶɛɚ ɩɨɱɟɦɭɤɨɬɵɭɪɱɚɬ ɤɚɤɪɢɫɨɜɚɬɶɪɨɡɵ ɱɬɨɬɚɤɨɟɦɟɣɧɫɬɪɢɦ ɩɨɱɟɦɭɹɨɞɢɧɨɤ ɤɚɤɞɨɫɬɚɬɶɤɥɟɳɚ ɱɬɨɬɚɤɨɟɤɭɥɟɜɪɢɧɚ ɩɨɱɟɦɭɩɨɹɜɥɹɸɬɫɹɩɪɵɳɢ ɤɚɤɜɵɧɟɫɬɢɦɨɡɝ ɱɬɨɬɚɤɨɟɯɚɪɞɤɨɪ ɩɨɱɟɦɭɪɟɛɟɧɨɤɢɤɚɟɬ ɤɚɤɩɨɱɢɫɬɢɬɶɫɟɪɟɛɪɨ ɱɬɨɬɚɤɨɟɫɥɨɭɩɨɤ ɩɨɱɟɦɭɥɭɧɚɫɜɟɬɢɬɫɹ ɤɚɤɩɨɫɦɨɬɪɟɬɶɜɵɛɨɪɵ ɱɬɨɬɚɤɨɟɨɤɫɮɨɪɞɵ ɩɨɱɟɦɭɛɨɥɹɬɤɨɥɟɧɢ ɤɚɤɪɚɫɱɢɬɚɬɶɞɟɤɪɟɬɧɵɟ ɱɬɨɬɚɤɨɟɭɥɶɬɪɚɛɭɤ ɩɨɱɟɦɭɪɚɫɬɟɬɠɢɜɨɬ ɤɚɤɧɚɭɱɢɬɫɹɰɟɥɨɜɚɬɶɫɹ ɱɬɨɬɚɤɨɟɪɟɩɨɫɬ ɩɨɱɟɦɭɥɸɤɤɪɭɝɥɵɣ 7UHQGV 7UHQGV 7UHQGV 5HLVH]LHOH (VVHQXQG7ULQNHQ )LOPH ɤɪɵɦ ɥɚɫɬɨɱɤɢɧɨɝɧɟɡɞɨ ɜɪɟɦɹ ɩɚɪɢɠ ɤɟɤɫɵ ɫɚɦɵɣɫɬɪɚɲɧɵɣɮɢɥɶɦ ɜɶɟɬɧɚɦ ɦɚɥɨɫɨɥɶɧɵɟɨɝɭɪɱɢɤɢ ɩɪɨɦɟɬɟɣɮɢɥɶɦ ɢɛɢɰɚ ɛɚɤɥɚɠɚɧɵ ɦɚɞɚɝɚɫɤɚɪ ɦɚɪɨɤɤɨ ɬɵɤɜɚ ɦɫɬɢɬɟɥɢ ɝɪɭɡɢɹ ɛɟɥɵɟɝɪɢɛɵ ɫɚɦɵɣɥɭɱɲɢɣɮɢɥɶɦ ɞɭɛɚɢ ɦɢɦɨɡɚɫɚɥɚɬ ɛɟɥɵɣɬɢɝɪ ɚɧɬɚɥɢɹ ɬɢɪɚɦɢɫɭɤɥɚɫɫɢɱɟɫɤɢɣ ɨɞɧɨɤɥɚɫɫɧɢɤɢ ɝɚɜɚɣɢ ɤɪɚɛɫɛɭɪɝɟɪ ɤɚɦɟɧɶ ɬɭɧɢɫ ɫɢɧɧɚɛɨɧ 7UHQGV 7UHQGV (UHLJQLVVH (LQNDXIHQ ɨɥɢɦɩɢɚɞɚ L3KRQH ɟɜɪɨ 'LDEOR ɟɜɪɨɜɢɞɟɧɢɟ :LQGRZV ɜɵɛɨɪɵ 1H[XV ɤɪɵɦɫɤ ɟɥɤɚ ɩɪɟɡɟɧɬɚɰɢɹLSKRQH L3DG ɛɨɡɨɧɯɢɝɝɫɚ ɤɚɮɮɵ ɨɫɤɚɪ ɛɢɥɟɬɪɠɞ ɰɢɪɤɞɸɫɨɥɟɣ ɤɭɪɛɚɧɛɚɣɪɚɦ ),)$ ɲɭɛɚ ɦɨɪɫɤɨɣɛɨɣ 6DXGL$UDELHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ %LOGHUVXFKDQIUDJHQ ΏϼρϟΞΎΗϧ έϧΗέΎΟϣϭΑαϛϳϠϳϓ Ωέϭ ΕΎϧϳϣ΄Ηϟ ϥΩϣΣΎϣη ϙέΗϟϼΣ ϝϭΩϳΏέϋ ϲΣΗϓΩϣΣαϳϘϠΑ ϥϳΗΎγϓ ˻˹˺˻ϥΎοϣέΕϼγϠγϣ ϥΎϣϳϠγϥϣέΎϛ ΕέΎϳγ ϲγέϣΩϣΣϣ έϫΎρΩϣΣϣ ΕΎΣϳέγΗ νΎϳέϟέΎΟϔϧ· ΩϭόγϝίϳίόϟΩΑϋϥΑϑϳΎϧ Ύϳέϭγ ΎϣέϭΑ ΕΎϓέϋϑγϭϳ αέΎϓϡΎϳέϳϣ έΣϟϱέϭγϟεϳΟϟ ϲϘϔϟϡϳϫέΑ· ϡέϛϯϭΟϧ ϱέϭηϟαϠΟϣ ϲγϳόϟϥΎϣϳϠγ ϡέΟϋϲγϧΎϧ ϱΩϧΎγέΎλϋ ϲϧέϫίϟϑϳρ ϪϠϟΩΑϋϙϠϣϟ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 1DWLRQDOH2O\PSLD 6SRUWOHU 6SRUWOHU 6SRUWPDQQVFKDIWHQ έΎρϋϩέΎγ ΩϭόγϟϪϠϟΩΑϋ ϲΑϳΗόϟΩϠΧϣ έϭϧΩΎϣϋ ϲϣϳϣΗϟΩΟΎϣ ϲϣΎϫΩϟϱίϣέ ϱέϣόϟΩϣΣϰϠϋ ϱΩϭϭΩϟϙέΎΑϣϥΎρϠγ ΓΩϣΣϟϥΎόϣΟϥϳγΣ ΩϭΟϟίϳίόϟΩΑϋϪϠϟΩΑϋ ΎϛΎϛ ΩϳέΩϣϝΎϳέ ϭΩϟΎϧϭέϭϧΎϳΗγϳέϛ ΔϧϭϠηέΑ αΎϳγΎϛ ϱΩϭόγϟϝϼϬϟ έϳέΩϳϓέϳΟϭέ ϥϼϳϣ ϥΩϳίΩϣΣϣ ϙϟΎϣίϟ ΎΗγϳϧ ΩϭΩΣϟαέΣ ΎϓϭΑέΎηΎϳέΎϣ ϝϭΑέϔϳϟ ΏόΗϣΩϣϋ Ύϣϭέ ϻΎΑΎϛϳη ϲγϠϳηΗ ϭϟέϳΑ ϝΎϧγέ 7UHQGV 0HLVWJHVXFKW 7UHQGV 5HLVH]LHOH )HUQVHKVHQGXQJHQ (VVHQXQG7ULQNHQ νΎϳέϟ ΔϣρΎϓϝγϠγϣ ΏϧέϛϲηΣϣ ΓΩΟ ΏΣϟϥϳΟγϝγϠγϣ ϝϳϣΎηΑϟΎΑαρΎρΑϟΔϳϧϳλ ΩϧϬϟ έϭϫίϟϡΎϳϝγϠγϣ ΥέϔϟΎϣέϭΎη ϲΑΩ ϱϭηΗϱέΎϣϝγϠγϣ ΔϧϳΣρϟΎΑιϣΣϟ ΩϳέΩϣ ϥΎρϠγϟϡϳέΣϝγϠγϣ ϡϭέϔϣϟϡΣϠϟΎΑΎϳϧίϻ ΔϧϭϠηέΑ ΩέϭϟΔόΎΑϝγϠγϣ αϭΑϛϣϟ ϥΩϧϟ ˯έΣλϟΏϠόΛίϣέ έϳΟέΟϟΔρϠγ ΎϳίϳϟΎϣ ˼ϡΗϛΑϡΗϛγ ϥέϔϟΎΑϪϧϭέϛϣ ϥΎϣϋ ΩϧϼϳΎΗ 7UHQGV 0RGHPDUNHQ 9HUR0RGD ,VDEHO0DUDQW $OH[DQGHU:DQJ -HDQ3DXO*DXOWLHU 7HG%DNHU 0LFKDHO.RUV 8UEDQ2XWILWWHUV +0 %HUKVND 7RS6KRS έϣϋϝγϠγϣ έΩϟΏϳέϏϝγϠγϣ ϱέηϛ ΝΎΟΩϟΔγΑϛ 6FKZHGHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 0XVLN +DQQD:LGHUVWHGW +DQQD:LGHUVWHGW *DQJQDP6W\OH 1HWIOL[ /RUHHQ (XSKRULD 6ZHILOPHU &DUROLQD*\QQLQJ %R\ V'RQ W&U\ 'LDEOR :KLWQH\+RXVWRQ %R\V%R\V%R\V /RUHHQ /DLOD%DJJH 6+RZPHKHDYHQ (0 0RUJDQ)UHHPDQ 'DQVDSDXVD *$* $PDQGD7RGG &DOO0H0D\EH &DUROLQD*\QQLQJ )HOL[%DXPJDUWQHU 26ROH0LR 'UHDPILOP 0LFKDHO&ODUNH'XQFDQ %RWHQ$QQD 063 .DWH0LGGOHWRQ )HVWKRV0DQJH 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW .¾QVWOHU .¾QVWOHU $QOHLWXQJHQ /RUHHQ -XVWLQ%LHEHU +XUP\FNHWVNDWW :KLWQH\+RXVWRQ /RUHHQ +XUPnQJDKHWHU 2OOH/MXQJVWU|P &KDUORWWH3HUUHOOL +XUNlQQVI|UYlUNDU $YLFLL 2QH'LUHFWLRQ +XUPDQKnQJODU 0DMD,YDUVVRQ 6ZHGLVK+RXVH0DILD +XUP\FNHWWMlQDU 7RPDV/HGLQ (ULF6DDGH +XUNlQQVVDPPDQGUDJQLQJDU 0DQGR'LDR 0ROO\6DQGHQ +XUNlQQVYlUNDU /DOHK 1LFNL0LQDM +XUVPLWWDU+,9 3XVV\5LRW 6HDQ%DQDQ +XUVWDYDV 0LVV/L 5LKDQQD +XUJ|UPDQ 0HLVWJHVXFKW 7UHQGV 7UHQGV )HUQVHKVHQGXQJHQ )HUQVHKVHQGXQJHQ $QOHLWXQJHQ %ROLERPSD %LJ%URWKHU +XUP\FNHWELOVNDWW %LJ%URWKHU /HW V'DQFH +XUSnHQJHOVND 0HORGLIHVWLYDOHQ 'DOODV +XUIXQJHUDULQVWDJUDP *DPHRI7KURQHV $OFDWUD] +XUOlQJHLEHODVWQLQJVUHJLVWUHW 26 *ODGLDWRUHUQD +XUWYlWWDUPDQ 7KH9RLFH *DPHRI7KURQHV +XUP\FNHWDONRKRO (0 ;)DFWRU +XUUHIHUHUDUPDQ 6RQVRI$QDUFK\ 5HYHQJH +XUNOlWWUDUNOlWWHUKRUWHQVLD 6ROVLGDQ +RPHODQG +XUVWDYDVVFK\VVW 9DPSLUH'LDULHV 7RS0RGHO6YHULJH +XUOnWHUVM|OHMRQ 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWOHU 6SRUWPDQQVFKDIWHQ $QWRQ+\VHQ =ODWDQ,EUDKLPRYLFK $,. 0DULR%DORWHOOL /LRQHO0HVVL $UVHQDO $QMD3lUVVRQ &KULVWLDQR5RQDOGR ,).*|WHERUJ 0DULR*RPH] $QWRQ+\VHQ /HNVDQGV,) -RKQ*XLGHWWL +HQULN/XQGTYLVW 0DQFKHVWHU8QLWHG 2ORI0HOOEHUJ 8VDLQ%ROW +9 0F.D\OD0DURQH\ -RQ2OVVRQ %U\QlV 0LFKDHO3KHOSV 0DUWLQ2OVVRQ /LYHUSRRO )HUQDQGR7RUUHV $QMDSlUVVRQ )DEULFH0XDPED 0DULR%DORWHOOL )&%DUFHORQD &KHOVHD 0HLVWJHVXFKW 0HLVWJHVXFKW 7UHQGV 0RGHPDUNHQ :DVLVW" :DVLVW" +0 9DGlUNORFNDQ 9DGlUDFWD /LQGH[ 9DGlUNlUOHN 9DGlUWXUI *LQD7ULFRW 9DGlU,QVWDJUDP 9DGlUVDQQLQJ .DSS$KO 9DGlUHWLN 9DGlU,QVWDJUDP =DUD 9DGlUKlOVD 9DGlU]HVW ,QGLVND 9DGlUGHPRNUDWL 9DGlUVRSD 9HUR0RGD 9DGlULOOXPLQDWL 9DGlUSHQJDU 9LFWRULD6HFUHW 9DGlUNROK\KGUDWHU 9DGlUNLN &XEXV 9DGlUFOHDULQJQXPPHU 9DGlUSLQJVW 0RQNL 9DGlU'1$ 7UHQGV 0HLVWJHVXFKW (VVHQXQG7ULQNHQ (VVHQXQG7ULQNHQ &XSFDNHV .ODGGNDND 0XIILQV 3DQQNDNRU bSSHOSDM &KRNODGEROODU 9lVWHUERWWHQSDM 6FRQHV 7DFRSDM VRFNHUNDND &KHHVHFDNH $PHULNDQVNDSDQQNDNRU .lUOHNVPXPV ODVDJQH .DQHOEXOODU &XSFDNHV 6PXOSDM 0XIILQV SL]]DGHJ bSSHOSDM 9DGlUSL 6FKZHL] 6XFKWUHQGV 7UHQGV 7UHQGV 0HLVWJHVXFKW 6XFKDQIUDJHQ 0HQVFKHQ :DVLVW" =DODQGR )HOL[%DXPJDUWQHU :KDWLV3D\3DO 576 :KLWQH\+RXVWRQ :KDWLVVFKPDQG &RRS 0LFDHOD6FKDHIHU :KDWLVOLHEH 6%%2QOLQH)DKUSODQ 'LUN%DFK :KDWLVIHOL[ &RVWD&RQFRUGLD .DWH0LGGOHWRQ :KDWLV$&7$ L3DG /XFD+lQQL :KDWLVNRKOHQK\GUDWH )HOL[%DXPJDUWQHU /XFLR'DOOD :KDWLVL&ORXG :KLWQH\+RXVWRQ $PDQGD7RGG :KDWLVZDS *$* /DQD'HO5H\ :KDWLVWZLWWHU %UHI 0LFKHO7HOR :KDWLVRVWHRSDWKLH 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 6FKZHL]HU3URPLV 0RGHPDUNHQ $XWRPDUNHQ /XFD+lQQL +0 0HUFHGHV 3KLOLSS+LOGHEUDQG /D5HGRXWH %0: %DVWLDQ%DNHU 7DOO\:HLMO $XGL .XUW)HOL[ =DUD 9: .DVK\D+LOGHEUDQG (VSULW +\XQGDL (OLDQH0OOHU /RXLV9XLWWRQ &LWURHQ 5RJHU)HGHUHU 9|JHOH6KRHV 3RUVFKH 6WHYH*XHUGDW 9LFWRULD6HFUHW 5HQDXOW $QGUHDV*DEDOLHU 0DQJR 3HXJHRW 2WWR,QHLFKHQ 1LNH 0HLVWJHVXFKW 0HLVWJHVXFKW 6W¦GWHXQG'¸UIHU 5HLVH]LHOHLP$XVODQG =HUPDWW %DUFHORQD %DVHO 3DULV /DXVDQQH %HUOLQ :LQWHUWKXU 'XEDL /X]HUQ /RQGRQ 'DYRV 0DOHGLYHQ %HUQ $PVWHUGDP =XULFK 7KDLODQG /XJDQR 3RUWXJDO 6DDV)HH ,WDOLHQ 7R\RWD 7UHQGV /RNDOH 9HUDQVWDOWXQJHQ *UHHQILHOG 3DOHR)HVWLYDO *XUWHQIHVWLYDO 2SHQDLU)UDXHQIHOG =LUNXV.QLH 0RQWUHX[-D]])HVWLYDO 0RRQDQG6WDUV 2SHQDLU6W*DOOHQ 2SHQDLU*DPSHO 6WUHHW3DUDGH 0HLVWJHVXFKW %HUJJLSIHO 3LODWXV -XQJIUDXMRFK 5LJL 7LWOLV 6l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ýRMHOiVND )DUPD )HOL[%DXPJDUWQHU ýRMHDFWD 0RGU\NRQLN 0LFKDHO&ODUNH'XQFDQ ýRMHDQG\ 9RĐE\ -DPHV%OXQW ýRMHSD\SDO 7HOHNRP 0DFDXOD\&XONLQ ýRMHDQGURLG :KLWQH\+RXVWRQ /DQD'HO5H\ ýRMHJRULOD 9R\R 0LFKHO7HOy ýRMHQLELUX =HUJ5XVK 'DYLG$XVWLQ ýRMHHXURYDO 3ULPD%DQND 36< ýRMHLQWHUQHW 0DMN6SLULW :DULV'LULH ýRMHLEDQ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )HUQVHKVHQGXQJHQ 6SRUW 1DWLRQDOH2O\PSLD 6SRUWOHU +RWHO3DUDGLVH +RNHM )DUPD ) 7HOHYt]QH1RYLQ\ )XWEDO 3DQHOiN 7HQLV )DUPiU+ĐDGiåHQX )LWQHVV %H]VHUYtWN\ 3LODWHV 3URIHVLRQiOL 3DLQWEDOO +ODVýHVNR6ORYHQVND .XOWXULVWLND 6XVHGLD 9ROHMEDO .ULPL1RYLQ\ &\NOLVWLND 3HWHU6DJDQ 'RPLQLND&LEXONRYi 'DQLHOD+DQWXFKRYi 'DQND%DUWHNRYi 0LFKDO0DUWLNiQ 0DUWLQ.OLåDQ /XNiã/DFNR 'DQLHOD3HãNRYi /XFLD.ORFRYi -DQD'XNiWRYi 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW $QOHLWXQJHQ /RNDOH3URPLQHQWH 3ROLWLNHU $NR]EDOLĢEDEX 0DMN6SLULW ,JRU0DWRYLþ $NRVFKXGQ~Ģ 3HWHU6DJDQ 3HWHU.DåLPtU $NRSULEUDĢ (JR /XFLD1LFKROVRQRYi $NR]DURELĢSHQLD]H &HOHVWH%XFNLQJKDP 'DQLHO/LSãLF $NRVDER]NiYDĢ 3HWHU.RQþHN $ORM]+OLQD $NRRWHKRWQLHĢ 7RPiã7DWDU ,YDQ*DãSDURYLþ $NR]EDOLĢFKDODQD 1LNROD.RPRURYi 5LFKDUG6XOtN $NRSUHVWDĢIDMþLĢ =X]DQD3ODþNRYi ,YDQ0LNORã $NRYLD]DĢNUDYDWX -DUR6OiYLN 0LNXOiã']XULQGD $NR]DþDĢSRGQLNDĢ %UDQNR5DGLYRMHYLþ 7RPiã%RUHF 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 5HLVH]LHOH 0HGLHQ 7DWUDODQGLD 9RĐE\ 7RSN\ &KRUYiWVNR .DOHQGiU 60( 3DUQGRUI )LOP\ 1RYêþDV %DQVNi%\VWULFD (852 3UDYGD 7UQDYD 06 -2- %RMQLFH 'RYROHQND 3OXVND 3UDKD 2O\PSLMVNpKU\ $NWXDOLW\ $TXDSDUN6HQHF 0LQLPiOQDP]GD 0DUNt]D %HãHĖRYi 9HĐNiQRF (XURSD %XOKDUVNR -DUQp3Ui]GQLQ\ )XQUDGLR 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW (LQ]HOKDQGHOVNHWWHQ 0DUNHQ *HULFKWH /LGO 1LNH 7RUW\ ,.($ $YRQ 3L]]D 0HUNXU\PDUNHW 2ULIODPH 3DODFLQN\ 'DWDUW 1HZ<RUNHU -DEONRYpNROiþH 'HLFKPDQQ %DĢD =HPL$NRYpSODFN\ .LND =DUD %XEODQLQD .DXIODQG $GLGDV 5L]RWR -\VN +0 .XUDFLH6RWp ([LVSRUW 1H[W 'HFRGRP 7DNNR %URNROLFRYiSROLHYND 7YDURKRYpNROiþH 6SDQLHQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ %LOGHUVXFKDQIUDJHQ %DQNLD :KLWQH\+RXVWRQ 3RNHPRQ 0L7HOH 3DXODHFKHYDUULD )ORUHV 3ULPDGH5LHVJR $GHOH )RQGRVGHSDQWDOOD *UDQ+HUPDQR 0LFKHO7HOR 3DLVDMHV /R,PSRVLEOH (VSHUDQ]D$JXLUUH &ULVWLDQR5RQDOGR $SDODEUDGRV 'DQL0RQWHVLQRV 0DULR&DVDV 5HIRUPDODERUDO 0DQROR3UHFLDGR 6HOHQD*yPH] )HOL[%DXPJDUWQHU 0DUtDGH9LOORWD &RUD]RQHV *DQJQDP6W\OH $QGUHD)DEUD 7DWXDMHV 6HSH 0DQXHO)UDJD 6DPVXQJ*DOD[\ 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW )LOPH 0XVLN )HUQVHKVHQGXQJHQ 7HG <RWH(VSHUDUp *UDQ+HUPDQR /R,PSRVLEOH $LVLHXWH3HJR 7KH:DONLQJ'HDG 3URPHWKHXV 6RPHRQH/LNH<RX *DQGLD6KRUH ,QWRFDEOH 3HUGyQDPH -HUVH\6KRUH 6KDPH *DQJQDP6W\OH (XURYLVLRQ 6KHUORFN+ROPHV %DODGD%RD (O+RUPLJXHUR /RV'HVFHQGLHQWHV 7DQWR $WUDSDXQPLOOyQ &DUPLQDR5HYLHQWD 8QD9DLQD/RFD 6iOYDPH'HOX[H 6N\IDOO 5DLQ2YHU0H $QDWRPLDGH*UH\ (O&DEDOOHURRVFXURODOH\HQGD /iJULPDV'HVRUGHQDGDV UHQDFH 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU )X¡EDOOPDQQVFKDIWHQ 6HUJLR5DPRV 6HYLOOD)& )HUQDQGR7RUUHV %DUFHORQD)& *HUDUG3LTXp 9DOHQFLD)& 0RXULQKR 5HDO=DUDJR]D)& ,QLHVWD 5D\R9DOOHFDQR 3HS*XDUGLROD *UDQDGD&) 5LFN\5XELR 5HDO6RFLHGDG 7LWR9LODQRYD &KHOVHD .XUW&REDLQ ,NHU&DVLOODV 5HDO9DOODGROLG&) 5HDO0DGULG&) /D9R] 0HLVWJHVXFKW 1DWLRQDOH2O\PSLD 6SRUWOHU 0LUHLD%HOPRQWH 3DX*DVRO 5XG\)HUQiQGH] $QQD7DUUHV 'DYLG&DO -XDQ&DUORV1DYDUUR $QGUHD)XHQWHV 0DULQD$ODEDX 0DLGHU8QGD ÈOYDUR'RPtQJXH] 7UHQGV 7UHQGV 7UHQGV $QOHLWXQJHQ :DVLVW" 5HLVH]LHOH &yPRIXQFLRQDWZLWWHU 4XpHV,QVWDJUDP /RQGUHV &yPRLQVWDODU:KDWVDSS 4XpHV3LQWHUHVW 3DUtV &yPRPDTXLOODUVH 4XpHV7ZLWWHU 0p[LFR &yPRKDFHUFXSFDNHV 4XpHV/LQNHGLQ 6DQ)UDQFLVFR &yPRJDQDUGLQHUR 4XpHV$QGURLG %DUFHORQD &yPRVHUIHOL] 4XpHV7XPEOU 7XUTXtD &yPRKDFHUWRUWLWDV 4XpHV*RRJOH ,VUDHO &yPRKDFHUEHFKDPHO 4XpHV)DFHERRN %HUOLQ &yPRDKRUUDGLQHUR 4XpHVFRDFKLQJ /RVÈQJHOHV &yPRHQFRQWUDUWUDEDMR 4XpHVL&ORXG 0DGULG 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 0RGHPDUNHQ %¾FKHU 3ROLWLNHU =$5$ -XHJRGH7URQRV 5DMR\ (O&RUWH,QJOpV /RV-XHJRVGHO+DPEUH $QGUHD)DEUD 3XOODQG%HDU 6RPEUDVGH*UH\ (VSHUDQ]D$JXLUUH +0 %DLOD%DLOD%DLOD 6DQWLDJR&DUULOOR $GROIR'RPtQJXH] (O,QYLHUQRGHO0XQGR $UWXU0DV %HUVKND 0LVLyQ2OYLGR $QD%RWHOOD 6IHUD 3DOPHUDVHQOD1LHYH &ULVWLQD&LIXHQWHV :RPHQ6HFUHW /D&DtGDGHORV*LJDQWHV -RVp,JQDFLR:HUW &$ 1RWH(VFRQGR1DGD 3XULILFDFLyQ*DUFtD /DV+RUDV'LVWDQWHV &ULVWREDO0RQWRUR 5LWD%DUEHUi 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW $SSV 6W¦GWHLQ*RRJOH0DSV 2UWHLQΖKUHU5HJLRQLQ *RRJOH0DSV 7ZLWWHU 0DGULG $SDODEUDGRV %DUFHORQD 'URSER[ 9DOHQFLD $QJU\%LUGV 6HYLOOD ,QVWDJUDP 0iODJD (YHUQRWH *UDQDGD /RJLV0DVWHU $OLFDQWH 3DG3LJJLHV %LOEDR :KDWVDSS =DUDJR]D L'RFV %HQLGRUP +RWHO &DPSLQJ 3DUNLQJ 0HUFDGRQD 5HVWDXUDQWHV &DUUHIRXU 'HFDWKORQ *DVROLQHUD (O&RUWH,QJOpV )DUPDFLD 6¾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¾GNRUHD 6XFKWUHQGV 7UHQGV 0HLVWJHVXFKW 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 0XVLN 강남스타일 아이유 싸이강남스타일 해를품은달 티아라 빅뱅블루 패션왕 김수현 비스트이럴줄알았어 드림하이 안철수 티아라러비더비 디아블로 이하이 현아트러블메이커 올림픽 수지 샤이니셜록 신사의품격 싸이 이하이0HUF\ 휘트니휴스턴 소녀시대 빅뱅사랑먼지 카카오스토리 박지민 아이유너랑나 노스페이스 현아 예은+HOOR7R0\VHOI 7UHQGV 7UHQGV 7UHQGV )HUQVHKVHQGXQJHQ 6SRUWOHU %LOGHUVXFKDQIUDJHQ 해를품은달 무암바 아이유 패션왕 베르나르도 %$신우 드림하이 네이마르 %$산들 신사의품격 이규환 %$공찬 보이스코리아 제레미린 %$진영 옥탑방왕세자 박태환 %$바로 닥치고꽃미남밴드 이동국 소녀시대 샐러리맨초한지 박지성 수지 각시탈 티에리앙리 틴탑창조 무신 신수지 틴탑&$3 7UHQGV 7UHQGV 7UHQGV &RPSXWHUVSLHOH )LOPH (OHNWURQLNJHU¦WH 디아블로 후궁 갤럭시노트 리그오브레전드 부러진화살 갤럭시6 애니팡 건축학개론 갤럭시빔 서든어택 은교 갤럭시06W\OH 신선도 연가시 옵티머스뷰 드래곤플라이트 하울링 갤럭시노트 사이퍼즈 범죄와의전쟁 프라다폰 룰더스카이 화차 아이패드 메이플스토리 도둑들 아이폰6 블레이드소울 페이스메이커 갤럭시넥서스 7DLZDQ 6XFKWUHQGV 7UHQGV 7UHQGV 0HLVWJHVXFKW 6XFKDQIUDJHQ 0HQVFKHQ 6SRUWOHU 0DNL\R 0DNL\R /LQH 36< 0DUFHO1JX\HQ /DXUHQ3HUGXH 0LFKHOOH-HQQHNH 0HLVWJHVXFKW 0HLVWJHVXFKW 7UHQGV )HUQVHKGUDPHQ )LOPH )LOPH 0HLVWJHVXFKW 5HLVH]LHOH 7KDLODQG 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 0XVLN 6KDUHG ?UIM# /N *DQJQDP6W\OH [?#Z#N #N5[1 #CT5ZF5 CP5N3QZ0Q>CZ3 N 5Mc5 6LPVLPL )N) N ? =FQZ3N *DQJQDP6W\OH /Z0& $6=Mc> CP5N3QZ0Q>CZ3 N 5Mc5 3M63P= Z:A#AU I= ? =FQZ3N GAC#7U3C0 ZFQ>#3QbZ7AQb>5 75I5# \=Z=:NZ:AP5 gN >P50Q 'UDJRQ1HVW GAC#: IZ#P5 [F#FT03N > F6N>0Q^ G= .L]L VQVG 6 C # [ A& \05I# 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )HUQVHKVHQGXQJHQ 6SRUWOHU 6SRUW [?#Z#N CPANCM/>I<P))N:#D CPANCM/>I<P))N:#D T5DR I?IT=N \IAP=7 7KH9RLFH 7ASc=$P1? CIAZA>6IA AU 8U&N>^=1L:0 IM=:?G)N 8N 7?LCM1P5M QHN 3I#7?LN>[F0 FI#6T1?Q 5M QHN\IAP=7 WKHVWDU F=$P1? 5M QHN[60=P51M5 &P#5N# <M3?:#D>T:0Q 5M QHN7#7I# ^;=N? <N <U=PF#C5FP5 5M QHN3Q=&N1P [;5:M54T[3 <T&# F#C5FP5 5M QHN6NFZ16IA G#FF L6M0AN> CP3>N3gN C I# F>N=QHN 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW 5HVWDXUDQWV (VVHQXQG7ULQNHQ )LOPH ?N 5INGN?Z&Q>#]G= INGN?INZ'Q>5 7))NZ?/U ?N 5INGN?FM1GQ6 INGN?FP# \7? $M50N?N ?N 5INGN?\ ?N& INGN?IP5\05QZ'Q> 6WHS8S ?N 5INGN?F=T3?FN ? INGN?=NZAZ'Q> EDWWOHVKLS ?N 5INGN??T#Z3: INGN?)Qb7T5 ?M ZC>ZI> ?N 5INGN?GMC GP5 INGN?M=:U&N IM54:NA ?N 5INGN?7?N/6T?Q INGN?6?U^ 5 2QWKH5RDG ?N 5INGN?6T;Z;1 INGN?ANC 7KH$YHQJHUV ?N 5INGN?G?U INGN?;AP775F 7KH+XQJHU*DPHV ?N 5INGN?7N INGN?:= N 3URPHWKHXV 0HLVWJHVXFKW 7UHQGV 0HLVWJHVXFKW 5HLVH]LHOH 7HFKQLNXQG*DGJHWV 3URPLQHQWH ZNLAN 5 6LPVLPL #N5ZZ1 #CT5ZF5 N)$56T?Q ,QVWUDJUDP 5I#ZA FC5F>N= L3KRQHV 'M5=N?PF N F#?N516T?Q?M=> /LQH \CP3CM.5TA 3T #=LN=G> I# )DFHERRN #N5[1 #7I Z3DNAP5Z$ 1HZL3DG Pd CN?T/Q <UZa1Z=F 'HDOILVK Z$5)N/3P:> 7LWDQLF *RRJOH [#F= CM03 N ^= <RX7XEH 4N=^3 CM06MC CM) 6DPVXQJ*DOD[\ G=N7?P) 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 1DFKULFKWHQ 0DUNHQ 0RGH N C'I=6Qc 0LWVXELVKL0LUDJH [;&Mb5ZNGAQ N C6MC NC 1LVVDQ6\OSK\ [;&Mb5?I#Z3N N C'Q 7UXHPRYH+ [;&Mb58U&N> N C7ANCNH *00= [;&Mb50N?N N C?L[1 IP&P1M5 [;&Mb5?LZ7N N C'QZ?Q> 6ZLIW [;&Mb5)Qb7T5 N C1T [ +RQGD&5= [;&Mb5G=C[7 N CWDUD 3UDGD [;&Mb5G5C0 N C\CP3 Z&;\?ZA1 [;&Mb5ZICAI> N C\IAP=7 0HLVWJHVXFKW &RPSXWHUVSLHOH 'UDJRQ1HVW *HWSURERW F (YHU3ODQHW %XEEOH1LQMD 6ZRUG$UW2QOLQH 0LQHFUDIW D .RUDPJDPH )RUVDNHQ:RUOG /RXLV9XLWWRQ+DQGEDJV [;&Mb5?L\7?#>NC 7VFKHFKLVFKH5HSXEOLN 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ /RNDOH3URPLQHQWH +RWHO3DUDGLVH :KLWQH\+RXVWRQ 'DYLG5DWK )DUPD 'DYLG5DWK $QHWD6DYDURYi 'LDEOR )HOL[%DXPJDUWQHU 2UQHOODâWLNRYi ý7 0LFKDHO&ODUNH'XQFDQ -DUR6OiYLN +ODVýHVNR6ORYHQVND $GHOH ,YDQQD%HQHãRYi +RZUVH $QHWD6DYDURYi 9ODGLPtU)UDQ] =HUJ5XVK 0DFDXOD\&XONLQ 7DPDUD.RXERYi 3ULPD3/$< /DQD'HO5H\ 1HOD6ORYiNRYi 6DUDK%XUNH FHOHVWH%XFNLQJKDP YROE\ $QRQ\PRXV 0LFKDHO3KHOSV 5DGRVODY%U]RERKDWê 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )HUQVHKVHQGXQJHQ 6SRUW 1DWLRQDOH2O\PSLD 6SRUWOHU +RWHO3DUDGLVH +RNHM 3URVWĜHQR )RWEDO 3DUWLþND 7HQLV +ODVýHVNR6ORYHQVND 6QRZERDUG 9\SUiYČM =XPED 8OLFH )LWQHVV 6KRZ-DQD.UDXVH 3LODWHV .OXFLYDNFL *ROI )DUPiĜKOHGiåHQX )ORUEDO $QRãpIH .XOWXULVWLND 3HWUD.YLWRYi 5RPDQ.UHX]LJHU $QGUHD+ODYiþNRYi 7RPiã%HUG\FK 'DYLG6YRERGD -DURVODY.XOKDYê 'HQLVD5RVRORYi 0DUNpWD6OXNRYi 6LPRQD%DXPUWRYi .OiUD=DNRSDORYi 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW $QOHLWXQJHQ :DVLVW" 6XFKDQIUDJHQQDFK -DN=KXEQRXW &RMH7DEOHW -DN6EDOLW+RONX &RMH$QG\ -DN=MLVWLW+HVOR &RMH$FWD -DN9\GČODW3HQt]H &RMH,EDQ -DN8Yi]DW.UDYDWX &RMH5SVQ -DN=UXãLW)DFHERRN &RMH6SDP -DN1DSVDWäLYRWRSLV &RMH3URKLELFH -DN6EDOLW.OXND &RMH'RKD]RYDþ -DN3ViW:HE &RMH*RRJOH -DN2WČKRWQČW &RMH3OXJLQ (852 2O\PSLMVNpKU\ 9HOLNRQRFH .DOHQGiĜ ILOP\ 9ROE\ =iNRQtN3UiFH -DUQt3Ui]GQLQ\ 06KRNHM /RQGRQ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW :HOWPHWURSROH 3ROLWLNHU 0HGLHQ 1HZ<RUN 9ODGLPtU)UDQ] L'1(6 3UDJXH 'DYLG5DWK %OHVN /RQGRQ 9iFODY.ODXV 1RYLQN\ %DUFHORQD 7RPLR2NDPXUD $KD $PVWHUGDP .DUROtQD3HDNH ý7 %XGDSHãĢ 9ODGLPtU'ORXKê (YURSD %HUOtQ -DQ)LVKHU ýHVNi7HOHYL]H 6DO]EXUJ 0LORã=HPDQ 3ULPD 5LRGH-DQHLUR .DUHO6FKZDU]HQEHUJ WQF] 'XEDL .ULVWêQD.Rþt L+1HG 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 7RS0DUNHQ 0RGHPDUNHQ *HULFKWH 9RGDIRQH %DĢD 'RUW\ ,NHD +0 .XVNXV ýHVNi6SRĜLWHOQD =DUD 3L]]D 2 1HZ<RUNHU 6XVKL 6WXGHQW$JHQF\ $GLGDV 0XIILQ\ 3RãWRYQt6SRĜLWHOQD /RXLV9XLWWRQ &KHHVHFDNH /LGO $OSLQH3UR 5L]RWR 70RELOH 1LNH 7LUDPLVX 7FKLER +XPDQLF 0EDQN 7DNNR *QRFFKL %UDPERUiþN\ 0HLVWJHVXFKW 7LHUH 3HV .UWHN 5\E\ *RULOD $OEDWURV 2SLFH +URFK 7\JU äLUDID /LãND 7¾UNHL 6XFKWUHQGV 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 6XFKDQIUDJHQ 6RDS2SHUDV 3URPLQHQWH )DFHERRN 0XKWHúHP<]\ÕO +DGLVH <RX7XEH .X]H\YH*QH\ 0XVWDIDFHFHOL H2NXO .XUWODU9DGLVL3XVX 7DUNDQ gV\P <DODQ'Q\D +DOLO6H]DL (NúL6|]ON 6XVNXQODU 0XUDW%R] $UDED2\XQODUÕ $UND6RNDNODU 2UKDQ*HQFHED\ 0LOOL\HW 6DNDU\DYH)ÕUDW 'HPHW$NDOÕQ ,úNXU øúOHU*oOHU <ÕOGÕ]7LOEH +UUL\HW .DUDGD\Õ +DQGH<HQHU +DEHUWN $OHY$OHY $MGD3HNNDQ 0HLVWJHVXFKW 7UHQGV 6SRUWPDQQVFKDIWHQ 5HLVH]LHOH *DODWDVDUD\ $QWDO\D 7UDE]RQVSRU %RGUXP )HQHUEDKoH $ODQ\D %XUVDVSRU 'XEDL %HúLNWDú .ÕEUÕV 6LYDVVSRU )HWKL\H 2UGXVSRU 3DULV .D\VHULVSRU 0ÕVÕU $QWDO\DVSRU 0DOGLYOHU *D]LDQWHSVSRU ø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ɞɢɜɢɬɢɫɶɮɿɥɶɦɢɨɧɥɚɣɧ ɨɤɫɚɧɚɦɚɤɚɪ ɽɜɪɨ ɜɿɬɧɿɯ ɸɫɬɨɧ ɸɬɸɛ ɦɚɪɢɧɚɝɨɥɭɛ ɰɜɤ SXVV\ULRW ɽɜɪɨɛɚɱɟɧɧɹ ɛɨɝɞɚɧɫɬɭɩɤɚ ɨɤɫɚɧɚɦɚɤɚɪ ɨɥɟɤɫɚɧɞɪɩɨɪɨɯɨɜɳɢɤɨɜ ɨɥɿɦɩɿɚɞɚ ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢ ɨɫɬɪɿɜɧɟɩɨɬɪɿɛɧɢɯɥɸɞɟɣ ɜɿɬɚɥɿɣɤɥɢɱɤɨ ɜɤɨɧɬɚɤɬɟɦɨɹɫɬɨɪɿɧɤɚ ɚɧɚɬɨɥɿɣɨɬɪɚɞɧɨɜ RGQRNODVVQLNLUX ɧɚɫɬɹɮɨɦɟɧɤɨ ɽɜɪɨ ɽɜɪɨɛɚɱɟɧɧɹ ɨɤɫɚɧɚɦɚɤɚɪ ɜɢɛɨɪɢ ɨɥɿɦɩɿɚɞɚ ɜɢɛɭɯɢɭȾɧɿɩɪɨɩɟɬɪɨɜɫɶɤɭ ɦɦɦ ɩɨɦɟɪɛɨɝɞɚɧɫɬɭɩɤɚ ɧɚɫɬɹɮɨɦɟɧɤɨ ɹɪɨɫɥɚɜɦɚɡɭɪɨɤ 7UHQGV 0HLVWJHVXFKW 0HLVWJHVXFKW 8NUDLQLVFKH6¦QJHU )HUQVHKVHQGXQJHQ 796HULHQ ɚɧɿɥɨɪɚɤ ɯɨɥɨɫɬɹɤ ɨɫɬɪɿɜɧɟɩɨɬɪɿɛɧɢɯɥɸɞɟɣ ɩɨɬɚɩɿɧɚɫɬɹ ɝɨɥɨɫɤɪɚʀɧɢ ɭɧɿɜɟɪɧɨɜɚɨɛɳɚɝɚ ɛɭɦɛɨɤɫ ɯɮɚɤɬɨɪ ɪɨɤɫɨɥɚɧɚɜɟɥɢɱɧɟɫɬɨɥɿɬɬɹ ɟɥɤɚ ɡɜɚɠɟɧɿɬɚɳɚɫɥɢɜɿ ɤɪɨɜɢɧɭɲɤɚ ɨɤɟɚɧɟɥɶɡɢ ɤɚɧɿɤɭɥɢɜɦɟɤɫɢɰɿ ɚɧɧɚɝɟɪɦɚɧ ɜɿɪɚɛɪɟɠɧɽɜɚ ɟɤɫɬɪɚɫɟɧɫɢɜɟɞɭɬɶ ɫɜɚɬɢ ɬɿɧɚɤɚɪɨɥɶ ɪɨɡɫɥɿɞɭɜɚɧɧɹ ɝɚɣɬɚɧɚ ɩɟɤɟɥɶɧɚɤɭɯɧɹ ɿɜɚɧɞɨɪɧ ɦɚɫɬɟɪɲɟɮ ɪɭɫɥɚɧɚ ɜɫɟɛɭɞɟɞɨɛɪɟ ɬɚɧɰɸɸɬɶɭɫɿ ɳɨɞɟɧɧɢɤɥɿɤɚɪɤɢɁɚɣɰɟɜɨʀ ɧɟɪɨɞɢɫɶɜɪɨɞɥɢɜɨɸ ɫɩɚɪɬɚɤɩɨɦɫɬɚ ɤɚɪɩɨɜ 0HLVWJHVXFKW 7UHQGV 7UHQGV 6SRUWOHU )LOPH .¦XIH ɜɿɬɚɥɿɣɤɥɢɱɤɨ ɦɚɞɚɝɚɫɤɚɪ ɚɜɬɨ ɜɨɥɨɞɢɦɢɪɤɥɢɱɤɨ ɹɤɜɤɪɚɫɬɢɯɦɚɪɨɱɨɫ ɬɟɥɟɮɨɧ ɚɧɞɪɿɣɲɟɜɱɟɧɤɨ ɬɪɟɬɿɣɡɚɣɜɢɣ ɧɨɭɬɛɭɤ ɨɥɟɝɛɥɨɯɿɧ ɞɠɨɧɤɚɪɬɟɪ LSKRQH ɽɜɝɟɧɤɨɧɨɩɥɹɧɤɚ ɥɶɨɞɨɜɢɤɨɜɢɣɩɟɪɿɨɞ ɜɟɥɨɫɢɩɟɞ ɜɚɫɢɥɶɥɨɦɚɱɟɧɤɨ ɧɟɫɬɪɢɦɧɿ ɤɜɚɪɬɢɪɭɤɢʀɜ ɨɥɟɤɫɚɧɞɪɚɥɿɽɜ ɩɟɪɲɢɯɩɨɛɚɱɟɧɶ ɬɟɥɟɜɿɡɨɪ ɨɥɟɤɫɚɧɞɪɭɫɢɤ ɛɿɥɨɫɧɿɠɤɚɬɚɦɢɫɥɢɜɟɰɶ ɩɥɚɧɲɟɬ ɚɧɚɬɨɥɿɣɬɢɦɨɳɭɤ ɨɛɢɬɟɥɶɡɥɚ ɦɨɬɨɰɢɤɥ ɚɪɬɟɦɦɿɥɟɜɫɶɤɢɣ ɱɚɫ ɯɨɥɨɞɢɥɶɧɢɤ 7UHQGV 7UHQGV 7UHQGV :DUXP" $QOHLWXQJHQ :DVLVW" ɱɨɦɭɧɟɛɨɛɥɚɤɢɬɧɟ ɹɤɫɯɭɞɧɭɬɢ ɳɨɬɚɤɟɤɨɯɚɧɧɹ ɱɨɦɭɩɭɬɿɧɤɪɚɛ ɹɤɤɢɧɭɬɢɩɚɥɢɬɢ ɳɨɬɚɤɟɳɚɫɬɹ ɱɨɦɭɹɞɭɪɧɚ ɹɤɩɪɚɜɢɥɶɧɨɰɿɥɭɜɚɬɢɫɹ ɳɨɬɚɤɟɛɪɨ ɱɨɦɭɥɸɤɢɤɪɭɝɥɿ ɹɤɜɚɪɢɬɢɪɢɫ ɳɨɬɚɤɟɢɦɯɨ ɱɨɦɭɜɢɩɚɞɚɽɜɨɥɨɫɫɹ ɹɤɡɪɨɛɢɬɢɫɤɪɿɧɲɨɬ ɳɨɬɚɤɟ ɱɨɦɭɡɚɤɪɢɥɢH[XD ɹɤɡɚɜ ɹɡɚɬɢɤɪɚɜɚɬɤɭ ɳɨɬɚɤɟɦɨɥɨɱɧɢɰɹ ɱɨɦɭɹɲɚɦɩɭɧɶ ɹɤɧɚɤɚɱɚɬɢɩɪɟɫ ɳɨɬɚɤɟɬɩ ɱɨɦɭɝɭɮɩɨɦɟɪ ɹɤɞɿɫɬɚɬɢɫɭɫɿɞɚ ɳɨɬɚɤɟɫɩɚɦ ɱɨɦɭɱɨɥɨɜɿɤɢɡɪɚɞɠɭɸɬɶ ɹɤɡɚɜɚɝɿɬɧɿɬɢ ɳɨɬɚɤɟɚɤɚɭɧɬ ɱɨɦɭɫɿɩɚɽɬɶɫɹɨɤɨ ɹɤɫɬɚɬɢɜɚɦɩɿɪɨɦ 7UHQGV 7UHQGV 5HLVH]LHOH (VVHQXQG7ULQNHQ ɤɪɢɦ ɛɥɿɧɢ ɬɭɪɟɱɱɢɧɚ ɩɿɰɚ ɤɚɪɩɚɬɢ ɲɚɪɥɨɬɤɚ ɛɨɥɝɚɪɿɹ ɫɨɥɹɧɤɚ ɽɝɢɩɟɬ ɫɢɪɧɢɤɢ ɱɨɪɧɨɝɨɪɿɹ ɬɢɪɚɦɿɫɭ ɝɪɟɰɿɹ ɥɚɡɚɧɶɹ ɯɨɪɜɚɬɿɹ ɩɥɨɜ ɦɚɥɶɞɿɜɢ ɝɪɭɡɿɹ ɦɨɯɿɬɨ ɤɟɤɫ ɳɨɬɚɤɟɫɟɤɫ 8QJDUQ 6XFKWUHQGV 7UHQGV 7UHQGV 7UHQGV 6XFKDQIUDJHQ 0HQVFKHQ 0XVLN 9DOy9LOiJ 999HUD 36<*DQJQDP6W\OH 2OLPSLD )HOL[%DXPJDUWQHU /0)$23DUW\5RFN$QWKHP 0HJDV]WiU -DNDERV=VX]VDQQD &DUO\5DH-HSVHQ&DOO0H %pUNDONXOiWRU &VRERW$GpO eGHQ+RWHO *\XUWD'iQLHO /RUHHQ(XSKRULD 5\DQDLU 5LV]WRYeYD )OXRU+DOHQGD 3|WW\|V $GHOH -DPLH:RRQ6KRXOGD :KLWQH\+RXVWRQ 3X]VpU5yEHUW .LUiO\/LQGD8QWULHG %DORWHOOL &DUDPHO9t]Ly (U]VpEHWXWDOYiQ\ %iQG\.DWD 0DULR&DVDV 0D\EH ÈNRV(OĘNHOĘLGHJHQ .RPiU/iV]Oy)LDP 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW )HUQVHKVHQGXQJHQ 6SRUWOHU 6SRUWPDQQVFKDIWHQ 0HJDV]WiU %DORWHOOL )7& ;)DNWRU -DNDERV=VX]VDQQD )&%DUFHORQD 9DOy9LOiJ 5RQDOGR '97. eGHQ+RWHO 5RJHU)HGHUHU &KHOVHD &VLOODJV]OHWLN /LRQHO0HVVL 0DQFKHVWHU8QLWHG 6KRZGHU.OXE *\XUWD'iQLHO ÒMSHVW)& gVV]HHVNYĘN 5RQDOGLQKR $&0LODQ 0DUDGMWDOSRQ 6]LOiJ\LÈURQ $UVHQDO (XURYt]LyV'DOIHV]WLYiO +HWL+HWHV 5DNRQF]DL*iERU &VHK/iV]Oy %D\HUQ0XQFKHQ 0.%9HV]SUpP 7UHQGV 7UHQGV 0HLVWJHVXFKW $QOHLWXQJHQ :DVLVW" 8QJDULVFKH 3URPLQHQWH +RJ\DQ.HOO6PiUROQL 0LD6]HUHOHP +RJ\DQ6]HUH]]HN3pQ]W 0LD0DV]WDED +RJ\DQ3RUV]tYy]]XQN 0LD%ROGRJViJ 0DFVNiW 0LD.DOHYDOD +RJ\DQ.pV]tWVQN,GĘJpSHW 0LD3QN|VG +RJ\DQ&ViEtWVDP(O 0LD+RURV]NySRP +RJ\DQ%RURWYiOMDP/H 0LD9tUXV +RJ\DQ)DUDJMXQN7|N|W 0LD)ĘQpY +RJ\DQ)RJ\MXQN+DVUyO 0LD.XV]NXV] +RJ\DQ6SyUROMXQN 0LD6]H[ +RJ\DQ6VVQN.HQ\HUHW )OXRU 99*LJL 5XELQW5pND -DQLFViN9HFD 9DVWDJ&VDED 99$QLNy 3OD]PD .HOHPHQ$QQD /ROD 99=VyIL 7UHQGV 7UHQGV 7UHQGV 5H]HSWH 'L¦WSURJUDPPH 7LFNHWV &VLUNHPHOO5HFHSW *L'LpWD $OHJULD 0DFDURQ5HFHSW 'XNDQ'LpWD 6]LJHW %UDVVyL$SUySHFVHQ\H5HFHSW 3DOHROLW'LpWD 2]RUD 3DGOL]ViQ5HFHSW /pE|MW.~UD 9LGHRWRQ6SRUWLQJ 6SRUW6]HOHW5HFHSW 9pUFVRSRUW'LpWD &DYDOHUR 3LVNyWDWpV]WD5HFHSW 1RUEL8SGDWH'LpWD 'YVF6NHQGHUEHX %RG]D,WDO5HFHSW .iSRV]WDOHYHV'LpWD 0RMV]HMHY &VLUNHFRPE5HFHSW $OPD'LpWD 0DJ\DU+ROODQG /DVNDJRPED5HFHSW 5DIIDHOOR*RO\y5HFHSW 0HLVWJHVXFKW 7U¦XPH )RJKXOOiV +DOiO 0HJFVDOiV .XW\DKDUDSiV .tJ\y 3DWNiQ\ 7HUKHVVpJ (VNYĘ 3yN 6]DNtWiV )HKpUMH'LpWD $Q\DJFVHUH'LpWD 2PHJD.RQFHUW 0DJ\DU7|U|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¦GWHLQ*RRJOH0DSV 2UWHLQΖKUHU5HJLRQLQ *RRJOH0DSV Ζ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¸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¦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¾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¦WSURJUDPPH 865HVWDXUDQWVLQ =DJDW ΖQGHU /HEHQVPLWWHOEUDQFKH W¦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¦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¾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¦WHQ %LEOLRWKHNHQ 0XVHHQ /HKLJK8QLYHUVLW\ 8QLYHUVLW\RI,OOLQRLVDW8UEDQD &KDPSDLJQ 2WWHUEHLQ8QLYHUVLW\ &UHLJKWRQ8QLYHUVLW\ +LOOVGDOH&ROOHJH 0DULVW&ROOHJH :HOOV&ROOHJH 6ZHHW%ULDU&ROOHJH *ULQQHOO&ROOHJH 0RXQW+RO\RNH&ROOHJH 6W¦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Ζ/ 5HVWDXUDQWVLQ &ROXPEXV2+ 5HVWDXUDQWVLQ'DOODV 7; :LQH%DU 6SLDJJLD5HVWDXUDQW +\GH3DUN3ULPH6WHDNKRXVH )UHQFK5RRP5HVWDXUDQW 1R0,.LWFKHQ5HVWDXUDQW 6NLOOHW5HVWDXUDQW 6PRNH5HVWDXUDQW (YHUHVW5HVWDXUDQW 0LOHVWRQH5HVWDXUDQW 6WHSKDQ3\OHV5HVWDXUDQW 1H[W5HVWDXUDQW -$OH[DQGHU V5HVWDXUDQW 0L&RFLQD5HVWDXUDQW 7KH3XEOLFDQ5HVWDXUDQW 0LWFKHOO V5HVWDXUDQW 1LFN6DP V5HVWDXUDQW *LEVRQV%DU6WHDNKRXVH 1RUWKVWDU&DIp5HVWDXUDQW 2FHDQ3ULPH5HVWDXUDQW &RFR3D]]R5HVWDXUDQW (O9DTXHUR0H[LFDQ $EDFXV5HVWDXUDQW 5RVHEXG5HVWDXUDQW &DWFK5HVWDXUDQW *UDKDP(OOLRW5HVWDXUDQW 5HVWDXUDQW 0DUWLQL0RGHUQ,WDOLDQ 5HVWDXUDQW 2OLYH*DUGHQ5HVWDXUDQW 7KXUPDQ&DIp %RE V6WHDN&KRS+RXVH /RFDO5HVWDXUDQW 7UXOXFN V5HVWDXUDQW 0HLVWJHVXFKWLQ=DJDW 0HLVWJHVXFKWLQ=DJDW 0HLVWJHVXFKWLQ=DJDW 5HVWDXUDQWVLQ'HQYHU &2 5HVWDXUDQWVLQ'HWURLW 0Ζ 5HVWDXUDQWVLQ.DQVDV &LW\.6 (OZD\ V5HVWDXUDQW $QGLDPR5HVWDXUDQW 0LQVN\ V3L]]D 7KH.LWFKHQ5HVWDXUDQW ,ULGHVFHQFH5HVWDXUDQW )LRUHOOD V-DFN6WDFN &KRORQ0RGHUQ$VLDQ%LVWUR *ULOOH 2FHDQ3ULPH5HVWDXUDQW -RH0XHU6HDIRRG5HVWDXUDQW 6WURXG V5HVWDXUDQW (GJH5HVWDXUDQW%DU /RQGRQ&KRS+RXVH &KRSKRXVH 6XVKL'HQ5HVWDXUDQW /HOOL V5HVWDXUDQW $UWKXU%U\DQW V5HVWDXUDQW 9HQLFH5LVWRUDQWH:LQHEDU =LQJHUPDQ V5HVWDXUDQW 0LFKDHO6PLWK5HVWDXUDQW 5HVWDXUDQW.HYLQ7D\ORU &DIp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p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p:LQH%DU 7KH)LUHKRXVH5HVWDXUDQW 6SUXFH5HVWDXUDQW &DIp-XDQLWD 0LNXQL5HVWDXUDQW 'HOILQD5HVWDXUDQW 6HULRXV3LH5HVWDXUDQW 6LHQQD5HVWDXUDQW 3URVSHFW5HVWDXUDQW %RDW6WUHHW&DIp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έϣϋϝγϠγϣ L3DG ϥΩϣΣΎϣη ΔϣρΎϓϝγϠγϣ 2O\PSLFV .DWH0LGGHOWRQ 6DPVXQJ*DOD[\6 ϱϭΎοέϘϟϑγϭϳ Δϳ΅έ 7KH$YHQJHUV έϧΗέΎΟϣϭΑαϛϳϠϳϓ έϳΧϟΡΎΑλ 6N\IDOO 8VDLQ%ROW ϥϭϳόϟέΑΣϝγϠγϣ +XUULFDQH6DQG\ .DULQD.DSRRU 7KH9RLFH ˻˹˺˻ϥΎοϣέΕϼγϠγϣ ϲγέϣΩϣΣϣ $UDE,GRO .21< $GHOH $UDEV*RW7DOHQW ΔϳέϭγϟΓέϭΛϟ ϲϘϔϟϡϳϫέΑ· ΕΎϧΑϕΣϠϣϝγϠγϣ 0HLVWJHVXFKW 0HLVWJHVXFKW 0HLVWJHVXFKW 6SRUWOHU 6SRUWPDQQVFKDIWHQ 1DWLRQDOH2O\PSLD 6SRUWOHU &ULVWLDQR5RQDOGR %DUFHORQD 5RJHU)HGHUHU 5HDO0DGULG .DND &KHOVHD 'DYLG%HFNKDP $&0LODQ /LRQHO0HVVL $UVHQDO 0DULD6KDUDSRYD /LYHUSRRO 5DIDHO1DGDO =DPDOHN 0LFKDHO-RUGDQ 0DQFKHVWHU8QLWHG 0LFKDHO6FKXPDFKHU 0DQFKHVWHU&LW\ ;DYL 5RPD ϲϟΎϣϛϟϥΩϣΣ ϥϣΣέϟΩΑϋέϣϋ ϝϳϠΧΩϣΣ ϡϭΗϛϣϝΩϣΣ ϰγϳϋΩϟΎΧ ΩϣΣϣΔΟϳΩΧ ϱίϭϓΩϣΣϣ ϡϭΗϛϣϝΩϳόγ ϰγϳϋΩηέ ϲϠϋΩϣΣ 7UHQGV 7UHQGV 7UHQGV 5HLVH]LHOH (VVHQXQG7ULQNHQ 0RGHPDUNHQ ΔϧΧγϟϥϳόϟ ΓϭϼϘΑ ,VDEHO0DUDQW νΎϳέϟ αϭγϗέόϟ 0LFKDHO.RUV ϝϭΑϧργ ϲϧϳηΗϭΗϳϓ %HUVKND Ύϧϳϳϓ ΏϭέΧϟ ,FH:DWFK ΔϳϠϳΑη ΝΎΟΩϟΔγΑϛ 1LNH Εέϭϔϛϧέϓ Ύϳέγϟεϳϋ +0 ΎϳϧέϭϔϳϟΎϛ ΎηΎΑΩϭϭΩ )RUHYHU ύΎϛϳη ΔΗϔϛϟ 6DLQW/DXUHQW ˯ΎοϳΑϟέΩϟ ΔϧϭϠηέΑ ΝϭϧϏΎΑΎΑ έϳΟέΟϟΔρϠγ FHOLQH $OH[DQGHU:DQJ 9LHWQDP 6XFKWUHQGV 7UHQGV 7UHQGV 0HLVWJHVXFKW 6XFKDQIUDJHQ 0XVLN 6SRUWOHU 7KH9RLFH*LRQJ+DW9LHW %jL+iW0ѭD 0LFKDHO3KHOSV *DQJQDP6W\OH +DSS\%LUWKGD\ 7UҫQ+LӃX1JkQ ;HP3KLP2QOLQH 1Jӥ /DQFH$UPVWURQJ &RQJGRQJJDPH )ULGD\ 5DIDHO1DGDO 7UX\HQ&XRL ,+DYH1RWKLQJ 1JX\ӉQWK~\KLӅQ 'RUHPRQ <RX$UH%HDXWLIXO 1JX\ӃQWLӃQPLQK 6DPVXQJ*DOD[\ 6WURQJHU /rWKDQKOLrP ;ә6ӕ &DOO0H0D\EH /RXLVH6DXYDJH %yQJÿi %ҧQÿӗPDS ,:LOO6XUYLYH 9DOHQWLQH 8VDLQ%ROW 7UѭѫQJ7KDQK+ҵQJ
Similar documents
Trends in Telecommunications Market in Nigeria
out , powering and securing t heir net works furt her int o unserv ed or underser ved part s of t he count ry, wit h t he t r end being urban first , rural lat er. The t able below sum m arises t h...
More information