Главная » Все файлы » Просмотр файлов из архивов » PDF-файлы » Микроконтроллеры семейства MCS-51

Микроконтроллеры семейства MCS-51, страница 3

PDF-файл Микроконтроллеры семейства MCS-51, страница 3 Системы автоматического управления (САУ) (МТ-11) (15757): Книга - 7 семестрМикроконтроллеры семейства MCS-51: Системы автоматического управления (САУ) (МТ-11) - PDF, страница 3 (15757) - СтудИзба2017-12-27СтудИзба

Описание файла

PDF-файл из архива "Микроконтроллеры семейства MCS-51", который расположен в категории "". Всё это находится в предмете "системы автоматического управления (сау) (мт-11)" из 7 семестр, которые можно найти в файловом архиве МГТУ им. Н.Э.Баумана. Не смотря на прямую связь этого архива с МГТУ им. Н.Э.Баумана, его также можно найти и в других разделах. Архив можно найти в разделе "книги и методические указания", в предмете "системы автоматического управления (сау)" в общих файлах.

Просмотр PDF-файла онлайн

Текст 3 страницы из PDF

^Z g_l(3$.. (3$^Z g_l.. ^Z g_l(3$.. (3$^Z g_l.. (3$^Z g_lDg_l (3$ g_lg_l ^Z g_l.g_l (3$ g_lg_l ^Z g_l.g_l (3$g_l ^Z g_l. (3$^Z g_l.^Z g_l(3$..^Z g_l(3$g_lg_l (3$g_l ^Z g_lg_lg_l (3$g_l ^Z ..g_l (3$g_l g_l IAMJ_]bkljuLZ[ebpZ Ghf_gdeZlmjZ0&6Ihq_fm&[uklj__ q_f "DjbklZeeu & ba]hlZ\eb\Zxlky ih [he__ kh\j_f_gghc l_ogheh]bb k f_gvrbf jZaf_jhfwe_f_glh\ gZ djbklZee_ ihwlhfm ^hklb]Zxlky [he__ \ukhdb_ lZdlh\u_ qZklhlu GZijbf_j djbklZee&18bf__llZdlh\mxqZklhlmF=pZ gZb[he__[ukljh^_ckl\mxsb_bak_f_ckl\Z F=p<k_\gmlj_ggboj_]bkljZ&bf_xlklZlmkZddmfmeylhjh\ d gbffh`ghg_ihkj_^kl\_gghijbf_gylv \k_ g_h[oh^bfu_ Zjbnf_lbq_kdb_ b eh]bq_kdb_ hi_jZpbb M ^ey ^hklb`_gby l_o `_j_amevlZlh\aZqZklmxg_h[oh^bfh\uihegylv^hihegbl_evgu_i_j_kuedb\ Zddmfmeylhjb bag_]hM & fh`gh bkihevah\Zlv jZajy^gmx \g_rgxx rbgm Djhf_ lh]h pbde rbgu & \ jZaZ dhjhq_ q_f m < j_amevlZl_ & \ jZa[uklj__jZ[hlZ_lk \g_rg_ciZfylvxHlf_lbfqlh ^ey lh]h qlh[u kgbablv klhbfhklv ba^_ebc fh`gh \\h^blv \ rbgm pbdeu h`b^Zgby b khdjZlblv __rbjbgm^hfb[blgh^Z`_\ wlhfkemqZ_&[m^_lbf_lvij_bfms_kl\h\ jZaZ< aZ^ZqZo lj_[mxsbo b jZajy^guo \uqbke_gbc & ijbf_jgh gZ ihjy^hd [uklj__ihkdhevdmbf__liheghp_ggucgZ[hjjZajy^guoZjbnf_lbq_kdbobgkljmdpbcH^gbf ba kZfuo wnn_dlb\guo kihkh[h\ khdjZs_gby \j_f_gb jZajZ[hldb ijh]jZff ^eyfbdjhdhgljhee_jh\y\ey_lkyijbf_g_gb_yaudZKbYaudKb[Zabjm_lkygZrbjhdhfbkihevah\Zgbbkl_dZb mdZaZl_e_c H^gZdh ^ey bkihevah\Zgb_ Kb aZljm^g_gh b \_^_l d [hevrbf gZdeZ^guf jZkoh^Zf b\hlihq_fmIhkdhevdmbf__lg_[hevrhckl_dKbdhfibeylhju^ey]_g_jbjmxl^hihegbl_evgucdh^ wfmebjmxsbc [hevrhc kl_d \h \g_rg_c iZfylb ^Zgguo <^h[Z\hd bf__l \k_]h h^bg jZajy^gucmdZaZl_ev '375b dhfibeylhjZflZd`_ijboh^blky]_g_jbjh\Zlv^hihegbl_evgucdh^qlh[udhfi_gkbjh\Zlv wlhl g_^hklZlhd <k_ wlh ijb\h^bl d aZf_^e_gbx ijh]jZff b m\_ebq_gbx bo jZaf_jZ M& lZdbo ijh[e_f g_l kl_d bf__l jZaf_j ^h D;Zcl Z \ dZq_kl\_ mdZaZl_ey fh`gh bkihevah\Zlvex[h_bakeh\\kljh_gghcj_]bkljh\hciZfylbHkh[_gghklbijh]jZffbjh\Zgbyfbdjhdhgljhee_jh\b ijhp_kkhjh\pbnjh\hch[jZ[hldbkb]gZeh\H[sb_hkh[_gghklbHkh[_gghklv gZibkZgby b hleZ^db ijh]jZffgh]h h[_ki_q_gby ^ey h^ghdjbklZevguo fbdjhW<Ffbdjhdhgljhee_jh\ b ijhp_kkhjh\ pbnjh\hc h[jZ[hldb kb]gZeh\ PIHK khklhbl \ lhf qlh ^ey wlh]hdZd ijZ\beh kh\_jr_ggh g_^hklZlhqgh bf_lv kbkl_fu khklhys_c lhevdh ba ijh]jZffbjm_fh]hfbdjhdhgljhee_jZbebPIHKWlhk\yaZghk l_fqlhxx\hi_j\uo dZd ijZ\beh j_kmjkh\ fbdjhdhgljhee_jZ h[t_fZ iZfylb [ukljh^_ckl\by g_^hklZlhqgh ^ey jZaf_s_gby b nmgdpbhgbjh\\Zgby ^Z`_ ijhkl_crbo k_j\bkguo ijh]jZffj_^ZdlhjZ l_dklZ ljZgkeylhjZ b hleZ^hqgh]h fhgblhjZ g_h[oh^bfuo ^ey gZibkZgby b hleZ^dbijh]jZffu_kebhgZ^Z`_[m^_lg\ibkZgZgZ:kk_f[e_j_\h \lhjuo g_dhlhju_ Zjobl_dlmjgu_ hkh[_gghklb jZa^_evgu_ h[eZklb iZfylb ^ey ojZg_gbyijh]jZff b ^Zgguo mkljhckl\Z aZsblu iZfylb ijh]jZff fbdjhdhgljhee_jh\ aZljm^gyxl beb^_eZxl ijhklh g_\hafh`guf j_^Zdlbjh\Zgb_ gZibkZgb_ hleZ^dm ijh]jZff ih dhlhjuf hgbjZ[hlZxl<k_ wlh aZklZ\ey_l ijb jZajZ[hld_ ijh]jZff ^ey fbdjhdhgljhee_jh\ bkihevah\Zlv ki_pbZevgu_kj_^kl\Z gZau\Z_fufbbgkljmf_glZevgufbkj_^kl\ZfbjZajZ[hldbb hleZ^db< kemqZ_ ihkljh_gby kj_^kl\ jZajZ[hldb b hleZ^db gZ [Za_ mgb\_jkZevgh]h dhfivxl_jZ klZgh\blky\hafh`guf kms_kl\_ggh h[e_]qblv jZajZ[hldm ijh]jZff bkihevah\Zlv yaudb \ukhdh]h mjh\gy &IZkdZev ihkljhblv ^jm`_kl\_gguc bgl_jn_ck bkihevah\Zlv ijbgpbiu h[t_dlgh]h b \bamZevgh]hijh]jZffbjh\Zgby b ij JZkkfhljbf jZaebqgu_ \ZjbZglu ihkljh_gby bgkljmf_glZevguo kj_^kl\jZajZ[hldbb hleZ^dbLbiubgkljmf_glZevguokj_^kl\jZajZ[hldbb hleZ^dbijh]jZff^eyfbdjhdhgljhee_jh\ bijhp_kkhjh\pbnjh\hch[jZ[hldbkb]gZeh\D qbkemhkgh\guobgkljmf_glZevguokj_^kl\hleZ^dbhlghkylkyxxxxx<gmljbko_fgu_wfmeylhjuIjh]jZffgu_kbfmeylhjuIeZlujZa\blbyFhgblhjuhleZ^dbWfmeylhjuIAM>Zgguckibkhdg_bkq_jiu\Z_l\k_olbih\kms_kl\mxsbobgkljmf_glZevguokj_^kl\hleZ^dbDjhf_mdZaZgguo kms_kl\mxl b dhf[bgbjh\Zggu_ mkljhckl\Z b gZ[hju dhlhju_ iha\heyxl dhfi_gkbjh\Zlvg_^hklZldbhkgh\guokj_^kl\\ayluoihjhagv<gmljbko_fgu_wfmeylhjuIjbgpbijZ[hlu<gmljbko_fguc wfmeylhj ijh]jZffgh ZiiZjZlgh_ kj_^kl\h kihkh[gh_ aZf_sZlv kh[hcwfmebjm_fuc fh^_ebjm_fuc ijhp_kkhj \ j_Zevghc ko_f_ <gmljbko_fguc wfmeylhj wlh gZb[he__fhsgh_b mgb\_jkZevgh_hleZ^hqgh_kj_^kl\hIh kmlb ^_eZ ©ohjhrbcª \gmljbko_fguc wfmeylhj ^_eZ_l ijhp_kk nmgdpbhgbjh\ZgbyhleZ`b\Z_fh]h dhgljhee_jZ ijhajZqguf l_ e_]dh dhgljhebjm_fuf ijhba\hevgh mijZ\ey_fuf bfh^bnbpbjm_fufih\he_jZajZ[hlqbdZH[uqgh kludh\dZ \gmljbko_fgh]h wfmeylhjZ k hleZ`b\Z_fhc kbkl_fhc ijhba\h^blky ijb ihfhsbwfmeypbhggh]hdZ[_eykhki_pbZevghcwfmeypbhgghc]heh\dhcWfmeypbhggZy]heh\dZ\klZ\ey_lky\f_klhfbdjhdhgljhee_jZ\ hleZ`b\Z_fmxkbkl_fm?kebfbdjhdhgljhee_jg_\hafh`ghm^ZeblvbahleZ`b\Z_fhckbkl_fu lh bkihevah\Zgb_ wfmeylhjZ \hafh`gh lhevdh _keb wlhl fbdjhdhgljhee_j bf__l hleZ^hqgucj_`bf ijb dhlhjhf \k_ _]h \u\h^u gZoh^ylky \ lj_lv_f khklhygbb < wlhf kemqZ_ ^ey ih^dexq_gbywfmeylhjZ bkihevamxl ki_pbZevguc Z^Zil_jdebikm dhlhjuc ih^dexqZ_lky g_ihkj_^kl\_ggh d \u\h^Zfwfmebjm_fh]hfbdjhdhgljhee_jZDeZkkbnbdZpby\gmljbko_fguowfmeylhjh\NmgdpbhgZevgh\gmljbko_fgu_wfmeylhju^_eylkygZxxkludm_fu_k \g_rg_c\uqbkebl_evghcfZrbghch[uqghwlh[u\Z_l,%03&bnmgdpbhgbjmxsb_Z\lhghfgh:\lhghfgu_ \gmljbko_fgu_ wfmeylhju bf_xl bg^b\b^mZevgu_ \uqbkebl_evgu_ j_kmjku kj_^kl\Z\\h^Z\u\h^Z g_ lj_[mxl ^ey k\h_c ghjfZevghc jZ[hlu kludh\db k dZdbfbeb[h \g_rgbfb\uqbkebl_evgufb kj_^kl\Zfb gh aZ wlh ihevah\Zl_ex ijboh^blky jZkieZqb\Zlvky eb[h kms_kl\_ggh[he__\ukhdhcp_ghceb[hihgb`_ggufbnmgdpbhgZevgufbb k_j\bkgufb\hafh`ghklyfbihkjZ\g_gbxkZgZeh]bqgufbfh^_eyfbkludm_fufbk ,%03&NmgdpbhgZevgu_\hafh`ghklb\gmljbko_fguowfmeylhjh\GZ[hj nmgdpbhgZevguo \hafh`ghkl_c dhlhju_ ij_^hklZ\eyxl jZajZ[hlqbdm \gmljbko_fgu_wfmeylhju \_kvfZ rbjhd b \dexqZ_l \ k_[y ijZdlbq_kdb \k_ jZaghh[jZab_ nmgdpbhgZevguo fh^me_ckj_^kl\jZajZ[hlhdLZd`_ kms_kl\_ggh h[e_]qblv jZ[hlm jZajZ[hlqbdZ fh`_l gZebqb_ \ ijh]jZffghc h[hehqd_wfmeylhjZ \kljh_ggh]h j_^ZdlhjZ \kljh_ggh]h f_g_^`_jZ ijh_dlh\ b kbkl_fu mijZ\e_gby Lh]^ZklbjZ_lky ]jZgv f_`^m gZibkZgb_f ijh]jZffu __ j_^Zdlbjh\Zgb_f b hleZ^dhc I_j_oh^ hlj_^Zdlbjh\Zgby bkoh^gh]h l_dklZ d hleZ^d_ gZqZem jZ[hlu kh[kl\_ggh wfmeylhjZ b h[jZlgh ijhbkoh^bl©ijhajZqghª b kbgojhggh k Zdlb\baZpb_c khhl\_lkl\mxsbo hdhg f_g_^`_j ijh_dlh\ Z\lhfZlbq_kdbaZimkdZ_l dhfibeypbx ih f_j_ g_h[oh^bfhklb b Zdlb\babjm_l khhl\_lkl\mxsb_ hdgZ ijh]jZffgh]hbgl_jn_ckZIjb jZ[hl_ \gmljbko_fgh]h wfmeylhjZ \ khklZ\_ bgl_]jbjh\Zgghc kj_^u klhev `_ ijhklh fh`ghhkms_kl\blvb i_j_oh^d hleZ^d_ijh_dlZk ihfhsvxbf_xs_]hkyhleZ^qbdZkbfmeylhjZbebijbklmiblvdaZg_k_gbx\ IAMfbdjhdhgljhee_jZhleZ`_gghcijh]jZffhcG_dhlhju_ fh^_eb \gmljbko_fguo wfmeylhjh\ fh]ml ij_^hklZ\eylv ihevah\Zl_eyf b ^jm]b_^hihegbl_evgu_ \hafh`ghklb Kj_^b gbo hlf_lbf h^gm ohly b ^hklZlhqgh ki_pbnbq_kdmx gh \ jy^_kemqZ_\ bf_xsmx ijbgpbibZevgh_ agZq_gb_ \hafh`ghklv ihkljh_gby fgh]hwfmeylhjguo dhfie_dkh\g_h[oh^bfuo ^ey hleZ^db fmevlbijhp_kkhjguo kbkl_f Hlebqbl_evghc hkh[_gghklvx lZdh]h dhfie_dkZy\ey_lky\hafh`ghklvkbgojhggh]hmijZ\e_gbyk h^gh]hdhfivxl_jZg_kdhevdbfbwfmeylhjZfb>hklhbgkl\Zb g_^hklZldb\gmljbko_fguowfmeylhjh\D ^hklhbgkl\Zf\gmljbko_fguowfmeylhjh\ke_^m_lhlg_klbxxxrbjhdbc gZ[hj nmgdpbhgZevguo \hafh`ghkl_c qlh ^_eZ_l \gmljbko_fgu_ wfmeylhju gZb[he__fhsgufb mgb\_jkZevgufkj_^kl\hfhleZ^dbjZ[hlm\gmljbko_fgh]hwfmeylhjZ\ j_Zevghcko_f_we_dljhggh]h[ehdZ\ dhlhjhfij_^iheZ]Z_lkyjh[hlZfbdjhdhgljhee_jZbebPIHK[hevrZy]b[dhklvfh^_ebjh\Zgby\j_f_gguob we_dljbq_kdbooZjZdl_jbklbdfbdjhdhgljhee_jZqlhk\yaZghk ij_bfms_kl\_gghijh]jZffguff_lh^hfbofh^_ebjh\ZgbyH^gZdh\gmljbko_fgu_wfmeylhjubf_xlb g_^hkldbxxHkgh\guf ba gbo y\ey_lky ljm^ghklv ijh]jZfgh]h fh^_ebjh\Zgby we_dljbq_kdbo kb]gZeh\ gZ\u\h^Zo fbdjhdhgljhee_jZ \ j_Zevghf fZkrlZ[_ \j_f_gb >ey Z^_d\Zlgh]h fh^_ebjh\Zgby[ukljh^_ckl\b_ fh^_ebjmxs_]h ijhp_kkhjZ beb dhfivxl_jZ ^he`gh [ulvkms_kl\_ggh\ur_q_fwfmebjm_fh]h fbdjhdhgljhee_jZ qlh ^hklb`bfh ^Ze_dh g_ \k_]^Z hkh[_ggh \ kemqZ_ wfmeypbbkh\j_f_gguo\ukhdhijhba\h^bl_evguo PIHKb fbdjhdhgljhee_jh\Djhf_ lh]h ^Z`_ \ kemqZ_ jZ[hlu \ aZf_^e_gghf fZkrlZ[_ \j_f_gb jZaebqgu_ fh^_eb\gmljbko_fguo wfmeylhjh\ fh]ml bf_lv jZagh]h jh^Z h]jZgbq_gby ih dhgljhex b mijZ\e_gbxnmgdpbhgbjh\Zgb_f hleZ`b\Z_fuo mkljhckl\ qlh k\yaZgh kljm^ghklvx bo fh^_ebjh\ZgbyGZijbf_j wlh fh`_l [ulv g_dhjj_dlgh_ h[jZ[Zlu\Zgb_ ij_ju\Zgbc \ ihrZ]h\hf j_`bf_ bebaZij_lgZbkihevah\Zgb_ihke_^h\Zl_evgh]hihjlZb li3,&(<hafh`ghklbj_Zevgh]h\gmljbko_fgh]hwfmeylhjZijhbeexkljbjh\ZgghgZ ijbf_j_fh^_eb3,&(<gmljbko_fgucwfmeylhjjZajy^guofbdjhdhgljhee_jh\k_f_ckl\Z3,&( wfmeylhj gh\h]h ihdhe_gby kha^Zgguc k ijbf_g_gb_f gh\uo l_ogheh]bc jZajZ[hldbZiiZjZlmjub ijh]jZffgh]hh[_ki_q_gbyJbk<gmljbko_fgucwfmeylhj3,&(Ijbf_g_gb_ ijh]jZffbjm_fuo fZljbp [hevrhc _fdhklb iha\hebeh j_adh khdjZlblv jZaf_juwfmeylhjZ [_a dZdh]heb[h ms_j[Z _]h nmgdpbhgZevguf \hafh`ghklyf fbgbfbabjh\Zlv hldehg_gbywe_dljbq_kdbo b qZklhlguo oZjZdl_jbklbd wfmeylhjZ hl oZjZdl_jbklbd wfmebjm_fh]h ijhp_kkhjZ b l_fkZfuf^h[blvkyfZdkbfZevghclhqghklbwfmeypbb gZqZklhlZo^hF]p ijbgZijy`_gbyoiblZgbyhl< ^h<I_j_aZ]jm`Z_fZy ZiiZjZlgZy kljmdlmjZ wfmeylhjZ h[_ki_qb\Z_l wfmeypbx ijZdlbq_kdb \k_ofbdjhdhgljhee_jh\ k_f_ckl\Z dZd hl_q_kl\_ggh]h ijhba\h^kl\Z lZd b nbjf ,QWHO3KLOLSV6LHPHQV$WPHO'DOODV7HPLF2.,$0'0+6 b ^jm]boFhsgucijh]jZffgucbgl_jn_ck\ kj_^_:LQGRZV\ij_^klZ\ey_lkh[hcbgl_]jbjh\Zggmxkj_^mjZajZ[hldb ih^^_j`b\Zxsmx \k_ wlZiu jZajZ[hldb ijh]jZffgh]h h[_ki_q_gby hl gZibkZgby bkoh^gh]hl_dklZ ijh]jZffu ^h __ dhfibeypbb b hleZ^db Ijh]jZffZ ih^^_j`db wfmeylhjZ hjb_glbjh\ZgZ gZhleZ^dmijh]jZffgZyaud_\ukhdh]hmjh\gyihbkoh^ghfml_dklmWfmeylhj khklhbl ba hkgh\ghc ieZlu jZaf_jhf off kf_ggh]h Z^Zil_jZ ih^ dhgdj_lgucijhp_kkhj b kf_gghc wfmeypbhgghc ]heh\db ih^ dhgdj_lguc lbi dhjimkZ GZ hkgh\ghc ieZl_j_Zebah\Zgu ljZkkbjh\sbd ijhp_kkhj lhq_d hklZgh\Z IeZlZ kf_ggh]h Z^Zil_jZ kh^_j`blwfmebjmxsbc ijhp_kkhj ih^ dhgdj_lguc lbi fbdjhdhgljhee_jZ Wfmeypbhggu_ ]heh\db h[_ki_qb\ZxlmklZgh\dmwfmeylhjZ\ dheh^db',3b 3/&&gZieZl_ihevah\Zl_eyIblZgb_wfmeylhjZhkms_kl\ey_lkyhl[ehdZ iblZgby < : beb g_ihkj_^kl\_ggh hl hleZ`b\Z_fh]h mkljhckl\Z K\yav k dhfivxl_jhf ih]Zev\Zgbq_kdbjZa\yaZgghfm dZgZem56& gZkdhjhklbD;h^OZjZdl_jbklbdZZiiZjZlmjuxxxxxxxxxxxxxxxLhqgZywfmeypby hlkmlkl\b_dZdboeb[hh]jZgbq_gbcgZbkihevah\Zgb_ijh]jZffhcihevah\Zl_eyj_kmjkh\fbdjhdhgljhee_jZ>h.wfmebjm_fhciZfylbijh]jZffb ^ZgguoIh^^_j`dZ[Zgdbjh\Zgghcfh^_ebiZfylbJZkij_^_e_gb_iZfylbf_`^mwfmeylhjhfb mkljhckl\hfihevah\Zl_eyk lhqghklvx^h]h[ZclZ>h.ZiiZjZlguolhq_dhklZgh\Zih^hklmimd iZfylbijh]jZffb ^Zgguo:iiZjZlgZyih^^_j`dZ^eyhleZ^db ijh]jZffgZyaudZo\ukhdh]hmjh\gyLjZkkbjh\dZijhba\hevguo\g_rgbokb]gZeh\\uoh^ZkbgojhgbaZpbbZiiZjZlmjuihevah\Zl_eyLjZkkbjh\sbdj_Zevgh]h\j_f_gbk [mn_jhfh[t_fhfhlD ^h.nj_cfh\ih[blZk^hklmihfgZe_lmLjZkkbjh\dZZ^j_kZ ^Zgguokb]gZeh\mijZ\e_gbylZcf_jZj_Zevgh]h\j_f_gbb fb\g_rgbokb]gZeh\ihevah\Zl_eyIjh]jZffbjm_fucnbevljljZkkbjh\db:iiZjZlgucijhp_kkhjlhq_dhklZgh\Zk \hafh`ghklvxaZ^Zgbykeh`gh]hmkeh\byhklZgh\Zwfmeypbbihdhf[bgZpbbkb]gZeh\Z^j_kZ ^ZgguomijZ\e_gbyfb\g_rgbokb]gZeh\lZcf_jZj_Zevgh]h\j_f_gbkq_lqbdh\kh[ulbcb lZcf_jZaZ^_j`dbQ_luj_dhfie_dkguolhqdbhklZgh\Zdhlhju_fh]ml[ulvbkihevah\Zgug_aZ\bkbfhbeb\dhf[bgZpbyoihmkeh\byf$1'25,)7+(1jZajy^guclZcf_jj_Zevgh]h\j_f_gbIjhajZqgZywfmeypby ^hklmigZe_lmd wfmebjm_fhciZfylblhqdZfhklZgh\Zijhp_kkhjmlhq_dhklZgh\Z[mn_jmljZkkbjh\dblZcf_jmj_Zevgh]h\j_f_gbMijZ\ey_fuc]_g_jZlhjlZdlh\hcqZklhlu^eywfmebjm_fh]hijhp_kkhjZ<hafh`ghklvieZ\gh]hbaf_g_gbylZdlh\hcqZklhluhld=p^hF=p=Zev\Zgbq_kdbjZa\yaZgguchldhfivxl_jZdZgZek\yab56&khkdhjhklvxh[f_gZD;h^<kljh_ggZykbkl_fZkZfh^bZ]ghklbdbZiiZjZlmjuwfmeylhjZOZjZdl_jbklbdbijh]jZffgh]hh[_ki_q_gbyxxxxxxIjh]jZffgh_h[_ki_q_gb_hjb_glbjh\ZghgZjZ[hlm\ kj_^_:LQGRZV\ gZ,%0khf_klbfuodhfivxl_jZok ijhp_kkhjZfblbiZ3HQWLXP<kljh_ggucfgh]hhdhggucj_^Zdlhj ij_^gZagZq_g^eygZibkZgbybkoh^guol_dklh\ijh]jZffJ_^Zdlhjih^^_j`b\Z_lhi_jZpbbk [ehdZfb l_dklZihbkdaZf_gmp\_lh\h_\u^_e_gb_kbglZdkbq_kdbodhgkljmdpbcyaudZZkk_f[e_jZb Kb<kljh_ggucf_g_^`_jijh_dlh\ h[_ki_qb\Z_lZ\lhfZlbq_kdmxdhfibeypbxijh]jZff<k_hipbbaZ^Zxlky\ ^bZeh]h\hcnhjf_I_j_oh^hlj_^Zdlbjh\Zgbybkoh^gh]hl_dklZd hleZ^d_b h[jZlghijhbkoh^blijhajZqghl_f_g_^`_jijh_dlh\Z\lhfZlbq_kdbaZimkdZ_ldhfibeypbxijh_dlZijbg_h[oh^bfhklb3,&(h[_ki_qb\Z_lkbf\hevgmxhleZ^dmb hleZ^dmihbkoh^ghfml_dklm^eyijh]jZffkha^Zgguok ihfhsvxke_^mxsbodhfibeylhjh\R Zkk_f[e_j$60 nbjfu,QWHOR Zkk_f[e_j0&$ nbjfuNblhgFbdjhDhkfR dhfibeylhj3/0 nbjfu,QWHOR Zkk_f[e_jb dhfibeylhjKb nbjfu,$56\VWHPVR Zkk_f[e_jb dhfibeylhjKb nbjfu$YRFHW6\VWHPV,QF+L7HFKR Zkk_f[e_jb dhfibeylhjKb nbjfu.HLO6RIWZDUH,QF:\lhfZlbq_kdh_khojZg_gb_b aZ]jmadZnZceh\dhgnb]mjZpbbZiiZjZlmjubgl_jn_ckZb hipbchleZ^dbH[_ki_qb\Z_lkykh\f_klbfhklvnZceh\dhgnb]mjZpbbk kbfmeylhjhf3'6H[_ki_q_gZi_j_ghkbfhklvijh_dlh\f_`^mwfmeylhjhf3,&(b kbfmeylhjhf3'6<hafh`ghklvgZkljhcdbp\_lh\rjbnlh\b ^jm]boiZjZf_ljh\^ey\k_ohdhgh^gh\j_f_gghb ^eydZ`^h]hhdgZ\ hl^_evghklbWfmeylhj kgZ[`_g i_qZlguf jmdh\h^kl\hf ih wdkiemZlZpbb b dhgl_dklguf we_dljhggufjmdh\h^kl\hf\ dhlhjuo^_lZevghhibkZgu_]hijbgpbiujZ[hludhfZg^uf_gx]hjyqb_deZ\brbKljmdlmjgZyko_fZwfmeylhjZ3,&(JbkKljmdlmjgZyko_fZwfmeylhjZ3,&(<ZjbZgludhfie_dlZpbbwfmeylhjZ3,&(Wfmebjm_fucfbdjhdhgljhee_j,QWHO&K/&)$&5$3KLOLSVK&&)$&5$&/&$WPHO&&&666LHPHQV6$%0+6&&&&&2NL&&&$0'&&&,QWHO&;K;/&)$)%)&;&5$5%5&3KLOLSVK;&;&)$)%)&;&5$5%5&5';&&$WPHO&&&6LHPHQV6$%0+6&;&&;&;&2NL&;&;&$0'&;&;&Dhfie_dlihklZ\dbWfmeypby\gmlj_gg_cHkgh\gZy Kf_gguciZfylbieZlZZ^Zil_jijh]jZff$WPHO&&&3KLOLSV&&&&3KLOLSV&&&3KLOLSV&&&&&&,QWHO&*%'DOODV'6&'6&'6;&'DOODV'6;&WfmeypbhggZy]heh\dZG_l3,&(32'$'3',3beb $'3/&&.3,&(32'5;$'3',3beb $'3/&&.3,&($'3.3,&(32'beb32'5;32'$'3/&&G_l3,&(32'*%$'3/&&$'3',3beb $'3/&&G_l.3,&(3,&(.3,&(.3,&(32'32'32''632''6$'3/&&$'3/&&$'3'6KjZ\gbl_evgu_oZjZdl_jbklbdbg_dhlhjuowfmeylhjh\^eyfbdjhdhgljhee_jh\k_f_ckl\ZFh^_evIhklZ\sbdWfmebjm_fu_fbdjhdhgljhee_juk_f_ckl\ZFZdkbfZevgZyqZklhlZwfmeypbbFZdkbfZevguch[t_fwfmebjm_fhciZfylb<hafh`ghklbi_j_jZkij_^_e_gbyiZfylbf_`^mwfmeylhjhfbmkljhckl\hfihevah\Zl_ey(08/1RKDX&RUSRUDWLRQ8636LJQXP6\VWHPVLFH0$67(50HWD/LQN3,&(Nblhg0+]0+]0+]0+]<k_ba\_klgu_jZagh\b^ghklb.;ehdZfbih.<k_hkgh\gu_jZagh\b^ghklb.;ehdZfbih[Zcl<k_hkgh\gu_jZagh\b^ghklb.;ehdZfbih[Zcl<k_hkgh\gu_jZagh\b^ghklb.K lhqghklvx^h]h[ZclZFh^_evIhklZ\sbd;mn_j ljZkkbjh\db>hklmigZe_lmdwfmebjm_fhciZfylbbljZkkbjh\sbdmBgl_jn_ckkdhfivxl_jhfDhgkljmdpbyb jZaf_ju(08/1RKDX&RUSRUDWLRQ>h.nj_cfh\ih[bl8636LJQXP6\VWHPV>h.nj_cfh\ih[blLFH0$67(50HWD/LQN>h.nj_cfh\ih[blDZjlZ\ ,6$kehl56&^h .EDXGH56&^h .EDXGHDhjimk[[PPdZ[_ev32'Dhjimk[[PPdZ[_ev32'>Z>\_dZjlu\ ,6$nhjfZl_dZ[_ebf_ljZ32'u>Z>Z3,&(Nblhg>hD nj_cfh\ih[blZ>ZBahebjh\Zgguc56&^h.EDXGH<_kvwfmeylhj\ wfmeypbhgghc]heh\d_jZaf_jhf[[PPP_gZaZkhihklZ\bfmxdhgnb]mjZpbxihklZ\db1RKDX6LJQXP0HWD/LQNih^^_j`dZKSULFHOLVWSULFHOLVW0+].5$0[mn_j SULFHOLVWljZkkbjh\dbh[t_fh.nj_cfh\f;he__ ihegZy bgnhjfZpby Z lZd `_ ^_fh\_jkby wfmeylhjZ ij_^klZ\e_gZ gZ :HEVLWHKWWSZZZSK\WRQUXDhg_qgh klhev rbjhdbc gZ[hj nmgdpbhgZevguo \hafh`ghkl_c ^_eZ_l \gmljbko_fgu_ wfmeylhjugZb[he__fhsgufb mgb\_jkZevgufkj_^kl\hfhleZ^dbIjh]jZffgu_kbfmeylhjuKbfmeylhj ijh]jZffgh_kj_^kl\hkihkh[gh_bfblbjh\ZlvjZ[hlmfbdjhdhgljhee_jZb _]hiZfylbDZdijZ\behkbfmeylhjkh^_j`bl\ k\h_fkhklZ\_xxHleZ^qbdFh^_evPIMb iZfylb;he__ ijh^\bgmlu_ kbfmeylhju kh^_j`Zl \ k\h_f khklZ\_ fh^_eb \kljh_gguo i_jbn_jbcguomkljhckl\lZdbodZdlZcf_juihjlu:PIkbkl_fuij_ju\ZgbcKbfmeylhj ^he`_g mf_lv aZ]jm`Zlv nZceu ijh]jZff \h \k_o ihimeyjguo nhjfZlZo fZdkbfZevghihegh hlh[jZ`Zlv bgnhjfZpbx h khklhygbb j_kmjkh\ kbfmebjm_fh]h fbdjhdhgljhee_jZ Z lZd`_ij_^hklZ\eylv \hafh`ghklb ih kbfmeypbb \uiheg_gby aZ]jm`_gghc ijh]jZffu \ jZaebqguo j_`bfZo <ijhp_kk_ hleZ^db fh^_ev ©\uihegy_lª ijh]jZffm b gZ wdjZg_ dhfivxl_jZ hlh[jZ`Z_lky l_dms__khklhygb_fh^_ebAZ]jmab\ ijh]jZffm \ kbfmeylhj ihevah\Zl_ev bf__l \hafh`ghklv aZimkdZlv __ \ ihrZ]h\hf bebg_ij_ju\ghf j_`bfZo aZ^Z\Zlv mkeh\gu_ b [_amkeh\gu_ lhqdb hklZgh\Z dhgljhebjh\Zlv b k\h[h^ghfh^bnbpbjh\Zlv kh^_j`bfh_ yq__d iZfylb b j_]bkljh\ kbfmebjm_fh]h fbdjhijhp_kkhjZ K ihfhsvxkbfmeylhjZ fh`gh [ukljh ijh\_jblv eh]bdm \uiheg_gby ijh]jZffu ijZ\bevghklv \uiheg_gbyZjbnf_lbq_kdbohi_jZpbc< aZ\bkbfhklb hl deZkkZ bkihevam_fh]h hleZ^qbdZ jZaebqgu_ kbfmeylhju fh]ml ih^^_j`b\Zlv\ukhdhmjh\g_\mxkbf\hevgmxhleZ^dmijh]jZffG_dhlhju_ fh^_eb kbfmeylhjh\ fh]ml kh^_j`Zlv jy^ ^hihegbl_evguo ijh]jZffguo kj_^kl\ lZdbogZijbf_jdZdbgl_jn_ck\g_rg_ckj_^u\kljh_ggmxbgl_]jbjh\Zggmxkj_^mjZajZ[hldb< j_Zevghc kbkl_f_ fbdjhdhgljhee_j h[uqgh aZgbfZ_lky kqblu\Zgb_f bgnhjfZpbb kih^dexq_gguo \g_rgbo mkljhckl\ ^Zlqbdh\ h[jZ[hldhc wlhc bgnhjfZpbb b \u^Zq_c mijZ\eyxsbo\ha^_ckl\bc gZ bkihegbl_evgu_ mkljhckl\Z Qlh[u \ kbfmeylhj_ g_ h[eZ^Zxs_f bgl_jn_ckhf \g_rg_ckj_^ukfh^_ebjh\ZlvjZ[hlm^ZlqbdZgm`gh\jmqgmxbaf_gylvl_dms__khklhygb_fh^_ebi_jbn_jbcgh]hmkljhckl\Z d dhlhjhfm \ j_Zevghc kbkl_f_ ih^dexq_g ^Zlqbd ?keb gZijbf_j ijb ijb_f_ [ZclZ q_j_aihke_^h\Zl_evguc ihjl \a\h^blky g_dhlhjuc neZ`hd Z kZf [Zcl ihiZ^Z_l \ hij_^_e_gguc j_]bklj lhh[Zwlb^_ckl\bygm`ghijhba\h^blv\ lZdhfkbfmeylhj_\jmqgmxGZebqb_`_bgl_jn_ckZ\g_rg_ckj_^uiha\hey_l ihevah\Zl_ex kha^Z\Zlv b ]b[dh bkihevah\Zlv fh^_ev \g_rg_c kj_^u fbdjhdhgljhee_jZnmgdpbhgbjmxsmxb \aZbfh^_ckl\mxsmxk hleZ`b\Z_fhcijh]jZffhcihaZ^ZgghfmZe]hjblfmHq_\b^ghc hkh[_gghklvx ijh]jZffguo kbfmeylhjh\ y\ey_lky lh h[klhyl_evkl\h qlh bkiheg_gb_ijh]jZff aZ]jm`_gguo \ kbfmeylhj ijhbkoh^bl \ fZkrlZ[_ \j_f_gb hlebqghf hl j_Zevgh]h H^gZdhgbadZy p_gZ\hafh`ghklv\_^_gbyhleZ^db^Z`_\ mkeh\byohlkmlkl\byfZd_lZhleZ`b\Z_fh]hmkljhckl\Z^_eZxl ijh]jZffgu_ kbfmeylhju \_kvfZ wnn_dlb\guf kj_^kl\hf hleZ^db Hl^_evgh g_h[oh^bfhih^q_jdgmlv qlh kms_kl\m_l p_euc deZkk hrb[hd dhlhju_ fh]ml [ulv h[gZjm`_gu lhevdh ijb ihfhsbkbfmeylhjZIeZlujZa\blbyIeZlu jZa\blby beb dZd ijbgylh bo gZau\Zlv \ aZjm[_`ghc ebl_jZlmj_ hp_ghqgu_ ieZlu(YDOXDWLRQ %RDUGV y\eyxlky k\h_h[jZagufb dhgkljmdlhjZfb ^ey fZd_lbjh\Zgby ijbdeZ^guo kbkl_f<ihke_^g__ \j_fy ijb \uimkd_ gh\hc fh^_eb djbklZeeZ fbdjhdhgljhee_jZ nbjfZijhba\h^bl_evh[yaZl_evgh \uimkdZ_l b khhl\_lkl\mxsmx ieZlm jZa\blby H[uqgh wlh i_qZlgZy ieZlZ k mklZgh\e_ggufgZ g_c fbdjhdhgljhee_jhf iexk \ky g_h[oh^bfZy _fm klZg^ZjlgZy h[\yadZ GZ wlhc ieZl_ lZd`_mklZgZ\eb\Zxl ko_fu k\yab k \g_rgbf dhfivxl_jhf DZd ijZ\beh lZf `_ bf__lky k\h[h^gh_ ihe_ ^eyfhglZ`Z ijbdeZ^guo ko_f ihevah\Zl_ey Bgh]^Z bf__lky m`_ ]hlh\Zy jZa\h^dZ ^ey mklZgh\db^hihegbl_evguomkljhckl\j_dhf_g^m_fuonbjfhcGZijbf_jIAMHAM@DB^bkie_cdeZ\bZlmjZ:PIb ^j Djhf_ mq_[guo beb fZd_lguo p_e_c lZdb_ ^hjZ[hlZggu_ ihevah\Zl_e_f ieZlu klZeh \u]h^ghwdhghfby \j_f_gb bkihevah\Zlv \ dZq_kl\_ h^ghieZlguo dhgljhee_jh\ \kljZb\Z_fuo \ fZeh k_jbcgmxijh^mdpbxrl>ey [hevr_]h m^h[kl\Z ieZlu jZa\blby dhfie_dlmxlky _s_ b ijhkl_crbf kj_^kl\hf hleZ^db gZ[Za_ fhgblhjZ hleZ^db H^gZdh a^_kv ijhy\bebkv ^\Z jZaguo ih^oh^Z h^bg bkihevam_lky ^eyfbdjhdhgljhee_jh\ bf_xsbo \g_rgxx rbgm Z \lhjhc ^ey fbdjhdhgljhee_jh\ g_ bf_xsbo \g_rg_crbgu< i_j\hf kemqZ_ hleZ^hqguc fhgblhj ihklZ\ey_lky nbjfhc \ \b^_ fbdjhko_fu IAM dhlhjZy\klZ\ey_lky \ ki_pbZevgmx jha_ldm gZ ieZl_ jZa\blby IeZlZ lZd`_ bf__l HAM ^ey ijh]jZffihevah\Zl_ey b dZgZe k\yab k \g_rgbf dhfivxl_jhf beb l_jfbgZehf Ijbf_jhf a^_kv fh`_l kem`blvieZlZjZa\blbynbjfu,QWHO^eyfbdjhdhgljhee_jZ<h \lhjhf kemqZ_ ieZlZ jZa\blby bf__l \kljh_ggu_ ko_fu ijh]jZffbjh\Zgby \gmlj_gg_]h IAMfbdjhdhgljhee_jZ dhlhju_ mijZ\eyxlky hl \g_rg_]h dhfivxl_jZ < wlhf kemqZ_ ijh]jZffZ fhgblhjZijhklh aZghkblky \ IAM fbdjhdhgljhee_jZ kh\f_klgh k ijbdeZ^gufb dh^Zfb ihevah\Zl_ey IjbdeZ^gZyijh]jZffZ ijb wlhf ki_pbZevgh ^he`gZ [ulv ih^]hlh\e_gZ \ gm`gu_ __ f_klZ \klZ\eyxl \uah\uhleZ^hqguo ih^ijh]jZff fhgblhjZ AZl_f hkms_kl\ey_lky ijh[guc ijh]hg Qlh[u \g_klb \ ijh]jZffmbkijZ\e_gby ihevah\Zl_ex gZ^h kl_j_lv IAM b ijhba\_klb ih\lhjgmx aZibkv =hlh\mx ijbdeZ^gmxijh]jZffmihemqZxlbahleZ`_gghciml_fm^Ze_gby\k_o\uah\h\fhgblhjguonmgdpbcb kZfh]hfhgblhjZhleZ^db<Z`gh hlf_lblv qlh iexk d fhgblhjm bgh]^Z ieZlu jZa\blby dhfie_dlmxlky _s_ b ijh]jZffZfbhleZ^dbdhlhju_aZimkdZxlkygZ\g_rg_fdhfivxl_j_\ k\yad_ kfhgblhjhfWlbijh]jZffu\ ihke_^g__\j_fy aZf_lgh mkeh`gbebkv b aZqZklmx bf_xl \ukhdhijhn_kkbhgZevguc gZ[hj hleZ^hqguo nmgdpbcgZijbf_j hleZ^qbdkbfmeylhj beb jZaebqgu_ we_f_glu ijbkmsb_ \ qbklhf \b^_ bgl_]jbjh\Zggufkj_^ZfjZajZ[hldb< khklZ\ihklZ\ey_fuodhfie_dlh\fh]ml\oh^blvb ijh]jZffuijbdeZ^gh]hoZjZdl_jZgZb[he__qZklh\klj_qZxsb_kygZijZdlbd_<hafh`ghklbihhleZ^d_ij_^hklZ\ey_fu_dhfie_dlhfieZlZjZa\blbyiexkfhgblhj[_amkeh\ghg_ klhev mgb\_jkZevgu dZd \hafh`ghklb \gmljbko_fgh]h wfmeylhjZ ^Z b g_dhlhjZy qZklv j_kmjkh\fbdjhijhp_kkhjZ \ ijhp_kk_ hleZ^db hl[bjZ_lky ^ey jZ[hlu fhgblhjZ L_f g_ f_g__ gZebqb_aZdhgq_ggh]h gZ[hjZ ]hlh\uo ijh]jZffghZiiZjZlguo kj_^kl\ iha\heyxsbo [_a ihl_jb \j_f_gbijbklmiblv d fhglZ`m b hleZ^d_ ijbdeZ^ghc kbkl_fu \h fgh]bo kemqZyo y\ey_lky j_rZxsbf nZdlhjhfHkh[_ggh _keb mq_klv qlh klhbfhklv lZdh]h dhfie_dlZ g_kdhevdh f_gvr_ q_f klhbfhklv [he__mgb\_jkZevgh]hwfmeylhjZHleZ^hqgu_fhgblhjuIjbgpbijZ[hluHleZ^hqguc fhgblhj ki_pbZevgZy ijh]jZffZ aZ]jm`Z_fZy \ iZfylv hleZ`b\Z_fhckbkl_fu HgZ \ugm`^Z_l ijhp_kkhj ihevah\Zl_ey ijhba\h^blv djhf_ ijbdeZ^ghc aZ^Zqb _s_ bhleZ^hqgu_nmgdpbbxxxxxAZ]jmadmijbdeZ^guodh^h\ihevah\Zl_ey\ k\h[h^gmxhlfhgblhjZiZfylvMklZgh\dmlhq_dhklZgh\ZAZimkdb hklZgh\aZ]jm`_gghcijh]jZffu\ j_Zevghf\j_f_gbIjhoh^ijh]jZffuihevah\Zl_eyihrZ]ZfqZklvnmgdpbcljZkkbjh\sbdZIjhkfhljj_^Zdlbjh\Zgb_kh^_j`bfh]hiZfylbb mijZ\eyxsboj_]bkljh\Ijh]jZffZfhgblhjZh[yaZl_evgh^he`gZjZ[hlZlv\ k\yad_k \g_rgbfdhfivxl_jhfbebiZkkb\gufl_jfbgZehf gZ dhlhjuo b ijhbkoh^bl \bamZebaZpby b mijZ\e_gb_ ijhp_kkhf hleZ^db Ih\lhjbf qlhhleZ^hqgu_fhgblhjubkihevamxllhlijhp_kkhjdhlhjucm`_klhblgZieZl_ihevah\Zl_ey>hklhbgkl\Zb g_^hklZldbhleZ^hqguofhgblhjh\>hklhbgkl\hf wlh]h ih^oh^Z y\eyxlky hq_gv fZeu_ aZljZlu ijb khojZg_gbb \hafh`ghklb \_klbhleZ^dm\ j_Zevghf\j_f_gb=eZ\guf g_^hklZldhf y\ey_lky hl\e_q_gb_ j_kmjkh\ fbdjhdhgljhee_jZ gZ hleZ^hqgu_ b k\yagu_ijhp_^mjugZijbf_jfhgblhj aZgbfZ_lg_dhlhjuch[t_fiZfylbij_ju\Zgbyihke_^h\Zl_evgucdZgZeH[t_fhl\e_dZ_fuoj_kmjkh\aZ\bkblhlbkdmkkl\ZjZajZ[hlqbdZfhgblhjZ< ihke_^g__\j_fyihy\bebkvba^_eby dhlhju_ ijZdlbq_kdb g_ aZgbfZxl ZiiZjZlguo j_kmjkh\ijhp_kkhjZh gbojZkkdZaZgh\ jZa^_e_wfmeylhjuIAMDZd ijZ\beh dZ`^Zy nbjfZjZajZ[hlqbd k_f_ckl\Z fbdjhdhgljhee_jh\ beb PIHK \uimkdZ_l b\ZjbZglhleZ^hqgh]hfhgblhjZhgh[uqghihklZ\ey_lky\f_kl_k ieZlZfbjZa\blbyWfmeylhjuIAMWfmeylhj IAM ijh]jZffgh ZiiZjZlgh_ kj_^kl\h iha\heyxs__ aZf_sZlv IAM gZ hleZ`b\Z_fhcieZl_b ih^klZ\eyxs__\f_klhg_]hHAM\ dhlhjh_fh`_l[ulvaZ]jm`_gZijh]jZffZk dhfivxl_jZq_j_ah^bg ba klZg^Zjlguo dZgZeh\ k\yab Wlh mkljhckl\h iha\hey_l ihevah\Zl_ex ba[_`Zlv fgh]hdjZlguopbdeh\i_j_ijh]jZffbjh\ZgbyIAMWfmeylhjIAMbf__lkfukelhevdh^eyfbdjhdhgljhee_jh\dhlhju_\khklhygbbh[jZsZlvkyd \g_rg_ciZfylbijh]jZffWlhmkljhckl\hkjZ\gbfhihkeh`ghklbb ihklhbfhklbk ieZlZfb jZa\blby Hgh bf__l h^gh [hevrh_ ^hklhbgkl\h mgb\_jkZevghklv Wfmeylhj IAM fh`_ljZ[hlZlvk ex[ufblbiZfbfbdjhdhgljhee_jh\JZggb_ wfmeylhju IAM iha\heyeb lhevdh aZ]jm`Zlv ijh]jZffm aZimkdZlv __ b hklZgZ\eb\Zlvbkihevamy h[sbc k[jhk AZl_f ihy\bebkv mkeh`g_ggu_ fh^_eb k ZiiZjZlghc \ujZ[hldhc kb]gZeh\ljZkkbjh\dbih ^hklb`_gbbhij_^_e_ggh]hZ^j_kZgZhkpbeeh]jZnWfmebjm_fZyiZfylv\ lZdboba^_ebyo[ueZ ^hklmigZ ^ey ijhkfhljZ b fh^bnbdZpbb gh hq_gv \Z`guc dhgljhev aZ \gmlj_ggbfb mijZ\eyxsbfbj_]bkljZfbfbdjhdhgljhee_jZ[ue^hg_^Z\g_]h\j_f_gbg_\hafh`_gH^gZdh ihy\bebkv fh^_eb bgl_ee_dlmZevguo wfmeylhjh\ IAM dhlhju_ iha\heyxl ©aZ]ey^u\Zlvª\gmljv fbdjhdhgljhee_jZ gZ ieZl_ ihevah\Zl_ey b \hh[s_ ih mijZ\e_gbx hleZ^dhc klZeb ihoh`bfb gZ\gmljbko_fguc wfmeylhj NbjfZ &DFWXV ^Z`_ ij_^klZ\ey_l k\hc nZdlbq_kdb bgl_ee_dlmZevguc wfmeylhjIAMdZd\gmljbko_fgucwfmeylhjjy^Zfbdjhijhp_kkhjh\gZklhevdhg_\hafh`ghhlebqblvjZ[hlmk l_fb^jm]bf < ^_ckl\bl_evghklb ijhp_kkhj a^_kv g_ aZf_sZ_lky Z bkihevam_lky lhl qlh klhbl gZ ieZl_ihevah\Zl_eyBgl_ee_dlmZevgu_ wfmeylhju IAM ij_^klZ\eyxl kh[hc ]b[jb^ ba h[uqgh]h wfmeylhjZ IAMfhgblhjZ hleZ^db b ko_f [ukljh]h i_j_dexq_gby rbgu k h^gh]h gZ ^jm]hc Wlbf kha^Z_lky wnn_dl dZd_keb [u fhgblhj hleZ^db [ue mklZgh\e_g gZ ieZl_ ihevah\Zl_ey b ijb wlhf hg g_ aZgbfZ_l mfbdjhdhgljhee_jZ gbdZdbo ZiiZjZlguo j_kmjkh\ djhf_ g_[hevrhc ahgu ijh]jZffguo rZ]h\ ijbf_jghD GZijbf_j lZdh_ mkljhckl\h jZajZ[hlZeZ nbjfZ ©Nblhgª ^ey \k_o kms_kl\mxsbo b [m^msbofbdjhdhgljhee_jh\ dhlhju_ bf_xl y^jh hl gh ^hihegbl_evgh gZkus_ggu jZaebqgufbmkljhckl\Zfb \\h^Z?\u\h^Z Wlh mkljhckl\h ih^^_j`b\Z_l fgh`_kl\h kZfuo jZaguo fbdjhdhgljhee_jh\nbjf3KLOLSV6LHPHQV2.,Lbibqgu_nmgdpbhgZevgu_fh^mebkj_^kl\jZajZ[hldbb hleZ^dbEx[h_ ba i_j_qbke_gguo bgkljmf_glZevguo kj_^kl\ khklhbl ba g_kdhevdbo \aZbfh^_ckl\mxsboijh]jZffguo eb[h ZiiZjZlguo nmgdpbhgZevguo fh^me_c DZ`^uc ba gbo h[_ki_qb\Z_l hij_^_e_ggucdjm]k_j\bkguomkem]ijbjZajZ[hld_b hleZ^d_ijh]jZffG_dhlhju_bafh^me_cki_pbnbqgu^eylh]hbebbgh]h lbiZ bgkljmf_glZevguo kj_^kl\jZajZ[hldb^jm]b_bkihevamxlky\hijZdlbq_kdb\h\k_o\ZjbZglZokbkl_fjZajZ[hldbijh]jZff^eyfbdjhdhgljhee_jh\DZdfbgbfmfkbkl_fZjZajZ[hldbkh^_j`blke_^mxsb_nmgdpbhgZevgu_[ehdbxxxxHleZ^qbdMa_ewfmeypbbfbdjhdhgljhee_jZWfmeypbhggZyiZfylvIh^kbkl_fZlhq_dhklZgh\Z;he__ijh^\bgmlu_fh^_ebfh]mlkh^_j`Zlv^hihegbl_evghxxxxxxxIjhp_kkhjlhq_dhklZgh\ZLjZkkbjh\sbdIjhnbebjh\sbdZgZebaZlhjwnn_dlb\ghklbijh]jZffgh]hdh^ZLZcf_jj_Zevgh]h\j_f_gbIjh]jZffghZiiZjZlgu_ kj_^kl\Z h[_ki_qb\Zxsb_ \hafh`ghklv ql_gby b fh^bnbdZpbb j_kmjkh\wfmebjm_fh]h ijhp_kkhjZ ©gZ e_lmª l_ \ ijhp_kk_ \uiheg_gby ijh]jZffu ihevah\Zl_ey \j_Zevghf\j_f_gbIjh]jZffghZiiZjZlgu_ kj_^kl\Z h[_ki_qb\Zxsb_ kbgojhggh_ mijZ\e_gb_ g_h[oh^bfh_ ^eywfmeypbb\ fmevlbijhp_kkhjguokbkl_fZoBgl_]jbjh\Zggmxkj_^mjZajZ[hldbHleZ^qbdHleZ^qbd y\ey_lky k\h_h[jZaguf fhklhf f_`^m jZajZ[hlqbdhf b hleZ^hqguf kj_^kl\hf KhklZ\ bh[t_f bgnhjfZpbbijhoh^ys_cq_j_akj_^kl\Z\\h^Z\u\h^Z^hklmighklv__ ^ey\hkijbylbydhgljheybijbg_h[oh^bfhklb^eydhjj_dpbbb fh^bnbdZpbbgZijyfmxaZ\bkylhlk\hckl\b dZq_kl\ZhleZ^qbdZOhjhrbchleZ^qbdiha\hey_lhkms_kl\eylvxxxAZ]jmadmhleZ`b\Z_fhcijh]jZffu\ iZfylvkbkl_fu<u\h^ gZ fhgblhj khklhygby b kh^_j`bfh]h \k_o j_]bkljh\ b iZfylb b ijb g_h[oh^bfhklb bofh^bnbdZpbxMijZ\e_gb_ijhp_kkhfwfmeypbb;he__ fhsgu_ hleZ^qbdb h[uqgh bo gZau\Zxl \ukhdhmjh\g_\ufb +LJK/HYHO 'HEXJJHUV ihfbfhwlh]hiha\heyxlxx<_klb kbf\hevgmx hleZ^dm [eZ]h^Zjy lhfm qlh hleZ^qbd agZ_l Z^j_kZ \k_o kbf\hevguoi_j_f_gguo fZkkb\h\ b kljmdlmj aZ kq_l bkihevah\Zgby ki_pbZevghc bgnhjfZpbb ihklZ\ey_fhcdhfibeylhjhf Ijb wlhf ihevah\Zl_ev fh`_l hi_jbjh\Zlv [he__ ijb_fe_fufb ^ey q_eh\_dZkbf\hevgufbbf_gZfbg_mljm`^Zyk_[yaZihfbgZgb_fboZ^j_kh\Dhgljhebjh\Zlv b ZgZebabjh\Zlv g_ lhevdh ^bkZkk_f[ebjh\Zgguc l_dkl gh b bkoh^guc l_dklijh]jZffugZibkZgghcgZyaud_\ukhdh]hmjh\gyb ^Z`_k kh[kl\_ggufbdhff_glZjbyfbLZdhc hleZ^qbd iha\hey_l ihevah\Zl_ex h^gh\j_f_ggh dhgljhebjh\Zlv oh^ \uiheg_gby ijh]jZffub \b^_lvkhhl\_lkl\b_f_`^mbkoh^gufl_dklhfh[jZahfijh]jZffu\ fZrbgguodh^Zob khklhygb_f\k_oj_kmjkh\wfmebjm_fh]hfbdjhdhgljhee_jZKe_^m_l hlf_lblv qlh \ukhdhmjh\g_\uc hleZ^qbd h[_ki_qb\Z_l \uiheg_gb_ \k_o k\hbo nmgdpbclhevdh \ lhf kemqZ_ _keb bkihevam_lky djhkkdhfibeylhj ihklZ\eyxsbc ihegmx b ijZ\bevgmxhleZ^hqgmx bgnhjfZpbx g_ \k_ dhfibeylhju hkh[_ggh bo ibjZlkdb_ \_jkbb ihklZ\eyxl lZdmxbgnhjfZpbxb ijbwlhfnhjfZl__ ij_^klZ\e_gby^he`_g[ulvagZdhfhleZ^qbdmMa_ewfmeypbb fbdjhdhgljhee_jZMa_ewfmeypbbfbdjhdhgljhee_jZ fh^meviha\heyxsbcfh^_ebjh\Zlvfbdjhdhgljhee_j>Zgguc[ehdg_h[oh^bf\ kbkl_fZojZajZ[hldbgZhkgh\_\gmljbko_fguowfmeylhjh\b kbfmeylhjh\\ ^jm]bo\ZjbZglZokj_^kl\jZajZ[hldb\ kbkl_fZoijbkmlkl\m_lj_Zevgucfbdjhdhgljhee_jbihwlhfm_]hwfmeypbyg_gm`gZDZdijZ\behijbwfmeypbbfbdjhdhgljhee_jZij_^mkfZljb\Z_lky\hafh`ghklvaZimkdZijh]jZffbohklZgh\Z b \uiheg_gby k jZaebqghc kdhjhklvx \ lhf qbke_ b \ ihrZ]h\hf j_`bf_ LZd`_ h[uqghcy\ey_lky nmgdpby ijhkfhljZ b baf_g_gb_ kh^_j`bfh]h \gmlj_ggbo j_]bkljh\ fbdjhdhgljhee_jZ bkhklhygby_]h\g_rgbo\u\h^h\WfmeypbhggZyiZfylvGZebqb_wfmeypbhgghciZfylb^Z_l\hafh`ghklvbkihevah\Zlv__ \ijhp_kk_hleZ^db\f_klhIAM\hleZ`b\Z_fhckbkl_f_b [he__lh]hhleZ`b\Zlvijh]jZffm[_abkihevah\Zgbyj_Zevghckbkl_fubeb__fZd_lZ Ijb g_h[oh^bfhklb \g_k_gby baf_g_gbc \ hleZ`b\Z_fmx ijh]jZffm ^hklZlhqgh aZ]jmablv gh\mxbeb fh^bnbpbjh\Zggmx ijh]jZffm \ iZfylv wfmeylhjZ \f_klh lh]h qlh[u aZgbfZlvkyi_j_ijh]jZffbjh\Zgb_fIAMKms_kl\mxl fh^_eb wfmeylhjh\ dhlhju_ iha\heyxl ihevah\Zl_ex ©ih^klZ\eylvª \f_klh IAMwfmeypbhggmxiZfylvg_lhevdhp_ebdhfghb ih[ehqgh\ g_dhlhjuofh^_eyofbgbfZevgucjZaf_j[ehdZfh`_l ^hklb]Zlv h^gh]h [ZclZ \ ihjy^d_ hij_^_e_gghf ihevah\Zl_e_f >ey wlh]h ihevah\Zl_ex^hklZlhqghaZ^ZlvjZkij_^_e_gb_iZfylb^Zgguob iZfylbijh]jZff\ khhl\_lkl\bbk dhlhjufijhp_kkhj[m^_l ihemqZlv ^hklmi b d kh^_j`bfhfm IAM \ hleZ`b\Z_fhc kbkl_f_ b d kh^_j`bfhfm wfmeypbhgghciZfylb\gmljbko_fgh]hwfmeylhjZLZdZyiZfylvh[uqghgZau\Z_lkyiZfylvxk \hafh`ghklvxfwiibg]ZIh^kbkl_fZlhq_dhklZgh\ZIh^kbkl_fZ lhq_d hklZgh\Z gZ[hj kj_^kl\ mijZ\eyxsbc ijhp_kkhf \uiheg_gby ijh]jZffu Hgiha\hey_l hklZgZ\eb\Zlv \uihegy_fmx \ j_Zevghf beb ijb[eb`_gghf d j_Zevghfm fZkrlZ[_ \j_f_gbijh]jZffmijb\uiheg_gbbdhfZg^ujZaf_s_gghcihaZ^ZgghfmZ^j_kmQZklguckemqZcjZ[hlukbkl_fulhq_d hklZgh\Z ihrZ]h\h_ \uiheg_gb_ >jm]b_ qZklh bkihevam_fu_ kemqZb hklZgh\ ijb ijh\_^_gbbhi_jZpbc\\h^Z\u\h^Z< lhf beb bghf \b^_ ^Zgguc fh^mev ijbkmlkl\m_l dZd \ kbkl_fZo k wfmeypb_c beb kbfmeypb_cfbdjhdhgljhee_jZlZdb \kbkl_fZok j_Zevguffbdjhdhgljhee_jhf< ihke_^g_fkemqZ_ijb^hklb`_gbblhqdb hklZgh\Z fbdjhdhgljhee_j hklZgZ\eb\Z_lky beb b i_j_\h^blky gZ \uiheg_gb_ ki_pbZevghcfhgblhjbg]h\hc ijh]jZffu ijb ihfhsb dhlhjhc fh`gh aZnbdkbjh\Zlv beb baf_gblv khklhygb_fbdjhdhgljhee_jZi_j_^ihke_^mxsbfklZjlhf;he__ jZa\bluc gZ[hj k_j\bkguo nmgdpbc ZgZeh]bqgh]h gZagZq_gby bf__l ijhp_kkhj lhq_dhklZgh\ZIjhp_kkhjlhq_dhklZgh\ZIjhp_kkhj lhq_d hklZgh\Z iha\hey_l hklZgZ\eb\Zlv \uiheg_gb_ ijh]jZffu beb \uihegylv bgu_^_ckl\bygZijbf_jaZimkdZlvbebhklZgZ\eb\ZlvljZkkbjh\sbdijb\uiheg_gbbaZ^Zgguoihevah\Zl_e_fmkeh\bc < hlebqb_ hl f_oZgbafZ h[uqguo lhq_d hklZgh\Z ijhp_kkhj lhq_d hklZgh\Z iha\hey_lnhjfbjh\Zlv b hlke_`b\Zlv mkeh\by ijZdlbq_kdb ex[hc kl_i_gb keh`ghklb b ijb wlhf wfmebjm_fucijhp_kkg_\u\h^blkybafZkrlZ[Zj_Zevgh]h\j_f_gbLjZkkbjh\sbd< kmsghklb ljZkkbjh\sbd ij_^klZ\ey_l kh[hc eh]bq_kdbc ZgZebaZlhj jZ[hlZxsbc kbgojhggh kijhp_kkhjhf b nbdkbjmxsbc ihlhd \uihegy_fuo bgkljmdpbc b khklhygby \u[jZgguo \g_rgbo kb]gZeh\Kms_kl\mxl fh^_eb \gmljbko_fguo wfmeylhjh\ dhlhju_ iha\heyxl ljZkkbjh\Zlv g_ lhevdh \g_rgb_kb]gZeu gh b khklhygby \gmlj_ggbo j_kmjkh\ fbdjhdhgljhee_jZ gZijbf_j j_]bkljh\ LZdb_ wfmeylhjubkihevamxlki_pbZevgu_\_jkbbfbdjhdhgljhee_jh\wfmeypbhggu_djbklZeeuIjhnbebjh\sbdIjhnbebjh\sbd bgZq_ ZgZebaZlhj wnn_dlb\ghklb ijh]jZffgh]h dh^Z iha\hey_l ihemqblv ihj_amevlZlZfijh]hgZhleZ`b\Z_fhcijh]jZffuke_^mxsmxbgnhjfZpbxxxDhebq_kl\hh[jZs_gbcd jZaebqgufmqZkldZfijh]jZffu<j_fyaZljZq_ggh_gZ\uiheg_gb_jZaebqguomqZkldh\ijh]jZffu:gZeba klZlbklbq_kdhc bgnhjfZpbb ihklZ\ey_fhc ijhnbebjh\sbdhf iha\hey_l e_]dh \uy\eylvf_jl\u_ beb i_j_gZijy`_ggu_ mqZkldb ijh]jZff b \ j_amevlZl_ hilbfbabjh\Zlv kljmdlmjmhleZ`b\Z_fhcijh]jZffuBgl_]jbjh\ZggZykj_^ZjZajZ[hldbBgl_]jbjh\ZggZy kj_^Z jZajZ[hldb wlh kh\hdmighklv ijh]jZffguo kj_^kl\ ih^^_j`b\ZxsZy \k_wlZiujZajZ[hldbijh]jZffgh]hh[_ki_q_gbyhlgZibkZgbybkoh^gh]hl_dklZijh]jZffu^h__ dhfibeypbbb hleZ^db b h[_ki_qb\ZxsZy ijhklh_ b [ukljh_ \aZbfh^_ckl\b_ k ^jm]bfb bgkljmf_glZevgufbkj_^kl\Zfb ijh]jZffguf hleZ^qbdhfkbfmeylhjhf \gmljbko_fguf wfmeylhjhf wfmeylhjhf IAM bijh]jZffZlhjhfKljh]h ]h\hjy bgl_]jbjh\Zggu_ kj_^u jZajZ[hldb g_ hlghkylky d qbkem kj_^kl\ hleZ^db l_f g_f_g__ h[hclb \gbfZgb_f ^Zgguc deZkk ijh]jZffguo kj_^kl\ kms_kl\_ggh h[e_]qZxsbc b mkdhjyxsbcijhp_kk jZajZ[hldbb hleZ^dbfbdjhijhp_kkhjguokbkl_f[ueh[ug_ijZ\bevghIjbljZ^bpbhgghfih^oh^_gZqZevgucwlZigZibkZgbyijh]jZffukljhblkyke_^mxsbfh[jZahf Bkoh^guc l_dkl gZ[bjZ_lky ijb ihfhsb dZdh]heb[h l_dklh\h]h j_^ZdlhjZ Ih aZ\_jr_gbb gZ[hjZjZ[hlZ k l_dklh\uf j_^Zdlhjhf ij_djZsZ_lky b aZimkdZ_lky djhkk dhfibeylhj DZd ijZ\beh \gh\vgZibkZggZy ijh]jZffZ kh^_j`bl kbglZdkbq_kdb_ hrb[db b dhfibeylhj khh[sZ_l h gbo gZ dhgkhevhi_jZlhjZ <gh\v aZimkdZ_lky l_dklh\uc j_^Zdlhj b hi_jZlhj ^he`_g gZclb b mkljZgblv \uy\e_ggu_ hrb[dbijb wlhf khh[s_gby h oZjZdl_j_ hrb[hd \u\_^_ggu_ dhfibeylhjhf m`_ g_ \b^gu lZd dZd wdjZgaZgyll_dklh\ufj_^ZdlhjhfB wlhl pbde fh`_l ih\lhjylvky g_ h^bg jZa ?keb ijh]jZffZ bf__l [hevrhc h[t_f kh[bjZ_lky bajZaebqguo qZkl_c b ih^\_j]Z_lky ^ebl_evghfm j_^Zdlbjh\Zgbx beb fh^_jgbaZpbb lh ^Z`_ wlhlgZqZevgucwlZifh`_lihlj_[h\Zlvfgh]hkbeb \j_f_gbIhke_wlh]hgZklmiZ_lwlZihleZ^dbijh]jZffubd j_^Zdlhjm k dhfibeylhjhf ^h[Z\ey_lky wfmeylhj beb kbfmeylhj aZ jZ[hlhc dhlhjh]h ohl_ehkv [uke_^blvijyfhihl_dklmijh]jZffu\ l_dklh\hfj_^Zdlhj_Ba[_`Zlv [hevrh]h h[t_fZ h^ghh[jZaguo ^_ckl\bc b l_f kZfuf kms_kl\_ggh ih\ukblvwnn_dlb\ghklv ijhp_kkZ jZajZ[hldb b hleZ^db iha\heyxl lg bgl_]jbjh\Zggu_ kj_^u h[hehqdbjZajZ[hldb,QWHJUDWHG'HYHORSPHQW(QYLURQPHQW,'(JZ[hlZ\ bgl_]jbjh\Zgghckj_^_^Z_lijh]jZffbklmxx<hafh`ghklv bkihevah\Zgby \kljh_ggh]h fgh]hnZceh\h]h l_dklh\h]h j_^ZdlhjZ ki_pbZevghhjb_glbjh\Zggh]hgZjZ[hlmk bkoh^gufbl_dklZfbijh]jZff>bZ]ghklbdZ \uy\e_gguo ijb dhfibeypbb hrb[hd b bkoh^guc l_dkl ijh]jZffu ^hklmigucj_^Zdlbjh\Zgbx\u\h^ylkyh^gh\j_f_ggh\ fgh]hhdhgghfj_`bf_xxxx<hafh`ghklv hj]ZgbaZpbb b \_^_gby iZjZee_evghc jZ[hlu gZ^ g_kdhevdbfb ijh_dlZfb F_g_^`_jijh_dlh\ iha\hey_l bkihevah\Zlv ex[hc ijh_dl \ dZq_kl\_ rZ[ehgZ ^ey \gh\v kha^Z\Z_fh]hijh_dlZI_j_dhfibeypbbih^\_j]Zxlkylhevdhj_^Zdlbjh\Z\rb_kyfh^meb<hafh`ghklv aZ]jmadb hleZ`b\Z_fhc ijh]jZffu \ bf_xsb_ky kj_^kl\Z hleZ^db b jZ[hlu k gbfb[_a\uoh^Zbah[hehqdb<hafh`ghklvih^dexq_gbyd h[hehqd_ijZdlbq_kdbex[uoijh]jZffguokj_^kl\< ihke_^g__ \j_fy nmgdpbb bgl_]jbjh\Zgguo kj_^ jZajZ[hldb klZgh\ylky klZg^ZjlghcijbgZ^e_`ghklvxijh]jZffguobgl_jn_ckh\wfmeylhjh\b hleZ^qbdh\kbfmeylhjh\Ih^h[gu_ nmgdpbhgZevgu_ \hafh`ghklb \ khq_lZgbb k ^jm`_kl\_gguf bgl_jn_ckhf \ khklhygbbkms_kl\_ggh m\_ebqblv kdhjhklv jZajZ[hldb ijh]jZff ^ey fbdjhdhgljhee_jh\ b ijhp_kkhjh\ pbnjh\hch[jZ[hldbkb]gZeh\Ijh]jZffgu_kj_^kl\Z^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6xxxxxx>baZkk_f[e_ju^ey0&6Bgl_]jbjh\ZggZyhleZ^hqgZykj_^Z3UR9LHZ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6;$Bgl_]jbjh\ZggZyhleZ^hqgZykj_^ZP9LVLRQBgl_]jbjh\ZggZyhleZ^hqgZykj_^Z^ey$'X&Dhfibeylhjuk yaudZZkk_f[e_j ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6;b[ebhl_dZ^eyjZ[hluk qbkeZfbk ieZ\Zxs_caZiylhc .E>baZkk_f[e_ju0&6>baZkk_f[e_j ij_^gZagZq_g ^ey ij_h[jZah\Zgby bkihegy_fh]h dh^Z fbdjhdhgljhee_jh\ 0&6\ l_dklijh]jZffugZyaud_Zkk_f[e_jZNhjfZlu\oh^guo^Zgguo+(;2%-%,1JZ[hlZijhba\h^blkyk ihfhsvxkbkl_fuf_gxIh^^_j`b\Zxlkyijhp_kkhjuxxxxxxxxx&&&&&$&$&$&$]Z lZd`_bofh^bnbdZpbbxxx>baZkk_f[e_j^ey0&6 .E>baZkk_f[e_j^ey ]k bkoh^gbdZfb .E>baZkk_f[e_j,17(/ .E<\_^_gb_\ bgl_]jbjh\ZggmxhleZ^hqgmxkj_^m3UR9LHZ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6;$3UR9LHZ9 .E3UR9LHZ nbjfu )UDQNOLQ 6RIWZDUH ,QF ± bgl_]jbjh\ZggZy kj_^Z jZajZ[hldb ijh]jZffgh]hh[_ki_q_gby ^ey h^ghdjbklZevguo fbdjhdhgljhee_jh\ k_f_ckl\Z ,QWHO b _]h dehgh\ HgZ \dexqZ_l \k_[y \kz qlh gm`gh ^ey kha^Zgby j_^Zdlbjh\Zgby dhfibeypbb ljZgkeypbb dhfihgh\db aZ]jmadb bhleZ^dbijh]jZff klZg^Zjlgucbgl_jn_ck:LQGRZV iheghnmgdpbhgZevgucj_^Zdlhjbkoh^guol_dklh\k \u^_e_gb_fkbglZdkbq_kdbowe_f_glh\p\_lhf hj]ZgbaZlhjijh_dlZ ljZgkeylhjk yaudZ& Zkk_f[e_j hleZ^qbd \kljh_ggmxkijZ\hqgmxkbkl_fmKj_^Z jZajZ[hldb ih^h[gZ 9LVXDO & 0LFURVRIW b %RUODQG & ^ey :LQGRZV Ihevah\Zl_ebagZdhfu_k ex[ufbawlboba^_ebc[m^mlqm\kl\h\Zlvk_[y\ 3UR9LHZdZd^hfZI_j\uc wlZi jZajZ[hldb ijh]jZffu ± aZibkv _z bkoh^gh]h l_dklZ gZ dZdhfeb[h yaud_ijh]jZffbjh\ZgbyAZl_f ijhba\h^blky dhfibeypby beb ljZgkeypby _]h \ dh^u ba kbkl_fu dhfZg^ fbdjhdhgljhee_jZbkihevamy ljZgkeylhj beb Zkk_f[e_j LjZgkeylhju b Zkk_f[e_ju ± ijbdeZ^gu_ ijh]jZffu dhlhju_bgl_jij_lbjmxl l_dklh\uc nZce kh^_j`Zsbc bkoh^guc l_dkl ijh]jZffu b kha^Zxl h[t_dlgu_ nZceukh^_j`Zsb_h[t_dlgucdh^Ihke_ dhfihgh\db h[t_dlguo fh^me_c gZklmiZ_l wlZi hleZ^db ijh]jZffu mkljZg_gby hrb[hdhilbfbaZpbbb l_klbjh\Zgbyijh]jZffu3UR9LHZ h[t_^bgy_l \k_ wlZiu jZajZ[hldb ijbdeZ^ghc ijh]jZffu \ _^bguc j_dmjkb\guc ijhp_kkdh]^Z\ ex[hcfhf_gl\j_f_gb\hafh`_g[ukljuc\ha\jZld ex[hfmij_^u^ms_fmwlZim3UR9LHZbf__lke_^mxsb_dhfihg_gluHilbfbabjmxsbcdjhkkdhfibeylhj&Yaud & mgb\_jkZevguc yaud ijh]jZffbjh\Zgby dhlhjuc h[_ki_qb\Z_l wnn_dlb\ghklv dh^Zwe_f_glukljmdlmjgh]hijh]jZffbjh\Zgbyb bf__l[h]ZlucgZ[hjhi_jZlhjh\Mgb\_jkZevghklvhlkmlkl\b_h]jZgbq_gbc j_ZebaZpbb ^_eZxl yaud & m^h[guf b wnn_dlb\guf kj_^kl\hf ijh]jZffbjh\Zgby ^eyrbjhdh]hjZaghh[jZabyaZ^ZqFgh`_kl\hijbdeZ^guoijh]jZfffh`_l[ulvgZibkZghe_]q_b wnn_dlb\g__gZ yaud_&q_fgZ^jm]bo[he__ki_pbZebabjh\ZgguoyaudZo& ihegZy j_ZebaZpby klZg^ZjlZ $16, :f_jbdZgkdh]h gZpbhgZevgh]h bgklblmlZ klZg^Zjlh\gZkdhevdh wlh \hafh`gh ^ey Zjobl_dlmju ,QWHO & ]_g_jbjm_l dh^ ^ey \k_]h k_f_ckl\Zfbdjhdhgljhee_jh\ ,QWHO LjZgkeylhj khq_lZ_l ]b[dhklv ijh]jZffbjh\Zgby gZ yaud_ & kwnn_dlb\ghklvxdh^Zb [ukljh^_ckl\b_fZkk_f[e_jZBkihevah\Zgb_ yaudZ \ukhdh]h mjh\gy & bf__l ke_^mxsb_ ij_bfms_kl\Z gZ^ ijh]jZffbjh\Zgb_fgZ Zkk_f[e_j_ ]em[hdh]h agZgby kbkl_fu dhfZg^ ijhp_kkhjZ g_ lj_[m_lky we_f_glZjgh_ agZgb_ Zjobl_dlmju ,QWHO`_eZl_evghghg_g_h[oh^bfh jZkij_^_e_gb_j_]bkljh\b kihkh[uZ^j_kZpbbmijZ\eyxlkyiheghklvxljZgkeylhjhfemqrZy qblZ_fhklv ijh]jZffu bkihevamxlky dexq_\u_ keh\Z b nmgdpbb dhlhju_ [he__k\hckl\_gguq_eh\_q_kdhcfukeb\j_fy jZajZ[hldb ijh]jZff b bo hleZ^db agZqbl_evgh dhjhq_ \ kjZ\g_gbb k ijh]jZffbjh\Zgb_f gZZkk_f[e_j_[b[ebhl_qgu_ nZceu kh^_j`Zl fgh]h klZg^Zjlguo ih^ijh]jZff dhlhju_ fh]ml [ulv \dexq_gu \ijbdeZ^gmxijh]jZffmkms_kl\mxsb_ ijh]jZffu fh]ml fgh]hdjZlgh bkihevah\Zlvky \ gh\uo ijh]jZffZo bkihevamyfh^mevgu_f_lh^uijh]jZffbjh\ZgbyFZdjhZkk_f[e_j$:kk_f[e_j $ kh\f_klbf k $60 ,QWHO ^ey \k_]h k_f_ckl\Z fbdjhdhgljhee_jh\ ,QWHO :kk_f[e_j ljZgkebjm_l kbf\hebq_kdmx fg_fhgbdm \ i_j_f_sZ_fuc h[t_dlguc dh^ bf_xsbc \ukhdh_[ukljh^_ckl\b_ b fZeuc jZaf_j FZdjhkj_^kl\Z mkdhjyxl jZajZ[hldm b wdhghfyl \j_fy ihkdhevdm h[sb_ihke_^h\Zl_evghklb fh]ml [ulv jZajZ[hlZgu lhevdh h^bg jZa :kk_f[e_j ih^^_j`b\Z_l kbf\hebq_kdbc^hklmi dh \k_f we_f_glZf fbdjhdhgljhee_jZ b i_j_kljZb\Z_l dhgnb]mjZpbx ^ey dZ`^hc jZagh\b^ghklb,QWHO $ljZgkebjm_lbkoh^gucnZceZkk_f[e_jZ\ i_j_f_sZ_fuch[t_dlgucfh^mevIjbhleZ^d_bebijb \dexq_gghc hipbb ³,QFOXGH GHEXJJLQJ LQIRUPDWLRQ´ wlhl h[t_dlguc nZce [m^_l kh^_j`Zlv ihegmxkbf\hebq_kdmxbgnhjfZpbx^eyhleZ^qbdZbfblZlhjZbeb\gmljbko_fgh]hwfmeylhjZDhfihgh\sbd/Dhfihgh\sbd h[t_^bgy_l h^bg beb g_kdhevdh h[t_dlguo fh^me_c \ h^gm bkihegy_fmx ijh]jZffmDhfihgh\sbd jZaf_sZ_l \g_rgb_ b h[sb_ kkuedb gZagZqZ_l Z[khexlgu_ Z^j_kZ i_j_f_sZ_fufk_]f_glZf ijh]jZff Hg fh`_l h[jZ[Zlu\Zlv h[t_dlgu_ fh^meb kha^Zggu_ ljZgkeylhjhf &Zkk_f[e_jhf$ljZgkeylhjhf3/0,QWHOb Zkk_f[e_jhf$60,QWHODhfihgh\sbdZ\lhfZlbq_kdb\u[bjZ_lkhhl\_lkl\mxsb_[b[ebhl_dbih^^_j`dbb k\yau\Z_llhevdhlj_[m_fu_fh^mebba[b[ebhl_dMklZgh\dbihmfheqZgbx^ey/\u[jZgulZdqlh[uhgbih^oh^beb^ey[hevrbgkl\ZijbdeZ^guoijh]jZffghfh`ghhij_^_eblvb aZdZagu_mklZgh\dbHleZ^qbdkbfmeylhj:LQ6LPHleZ^qbd bkoh^guo l_dklh\ bkihevam_lky k ljZgkeylhjhf & Zkk_f[e_jhf $ ljZgkeylhjhf3/0 ,QWHO b Zkk_f[e_jhf $60 ,QWHO HleZ^qbdkbfmeylhj iha\hey_l fh^_ebjh\Zlv [hevrbgkl\hhkh[_gghkl_c,QWHO [_agZebqbyZiiZjZlguokj_^kl\Fh`ghbkihevah\Zlv_]h^eyijh\_jdbb hleZ^dbijbdeZ^ghc ijh]jZffu ij_`^_ q_f [m^ml ba]hlh\e_gu ZiiZjZlgu_ kj_^kl\Z Ijb wlhf fh^_ebjm_lkyrbjhdh_jZaghh[jZab_i_jbn_jbcguomkljhckl\\dexqZyihke_^h\Zl_evgucihjl\g_rgbc\\h^ \u\h^blZcf_ju;ukljucklZjl³;ukljuc klZjl´ ± wlh h[uqguc ijbzf jZajZ[hlqbdh\ kh\j_f_gguo ijh]jZffguo kj_^kl\ P_evkhklhbl \ lhf qlh[u g_ m]em[eyykv ihdZ \ ih^jh[ghklb ^Zlv gh\bqdm beb ^hklZlhqgh hiulghfmihevah\Zl_ex i_j\h_ ij_^klZ\e_gb_ h ijh]jZffghf kj_^kl\_ ^Zlv \hafh`ghklv [ukljh ihemqblvdhgdj_lguc j_amevlZl Ihegh_ ij_^klZ\e_gb_ agZgby b mf_gby ihy\ylky iha`_ \ ijhp_kk_ jZ[hlu bbamq_gbykijZ\hqguofZl_jbZeh\< dZq_kl\_ ijbf_jZ \havfzf ijhkl_crmx ijh]jZffm k dhlhjhc gZqbgZxl bamq_gb_ yaudh\ijh]jZffbjh\Zgby fgh]b_ ihdhe_gby klm^_glh\ ³+HOOR :RUOG´ ijh]jZffZ ba iZidb ?)VL?([DPSOHV?+HOOR?dhlhjZy\u^Zzl\ ihke_^h\Zl_evgucihjl8$57fbdjhdhgljhee_jZkljhdmkbf\heh\³+HOOR :RUOG´³Ijb\_lFbj´<_kvbkoh^gucl_dklijh]jZffukh^_j`blky\ nZce_KHOORF<285),567352*5$0LQFOXGHUHJK!VSHFLDOIXQFWLRQUHJLVWHUGHFODUDWLRQVIRUWKHLQWHQGHGGHULYDWLYHLQFOXGHVWGLRK!SURWRW\SHGHFODUDWLRQVIRU,2IXQFWLRQVPDLQSURJUDPYRLG PDLQYRLG^H[HFXWLRQVWDUWVKHUHDIWHUVWDFNLQLW6&21 [6&21PRGHELW8$57HQDEOHUFYU702'_ [702'WLPHUPRGHELWUHORDG7+ [I7+UHORDGYDOXHIRUEDXG75 75WLPHUUXQ7, 7,VHW7,WRVHQGILUVWFKDURI8$57SULQWI+HOOR:RUOG?QWKHSULQWIIXQFWLRQFDOOZKLOH^$QHPEHGGHGSURJUDPGRHVQRWVWRSDQGQHYHUUHWXUQV:HYHXVHGDQHQGOHVV`ORRS<RXPD\ZLVKWRSXWLQ\RXURZQ`FRGHZHUHZHYHSULQWHGWKHGRWVIj_`^_ q_f gZqZlv jZajZ[hldm ijh_dlZ kdhibjmcl_ iZidm ?)VL?([DPSOHV?+HOOR? \ k\hx ebqgmx iZidm< wlhciZid_gZoh^blky\k_]hebrvh^bgnZceKHOORFAZimkd3UR9LHZb kha^Zgb_nZceZijh_dlZ3UR9LHZaZimkdZ_lkybaklZjlh\h]hf_gx:LQGRZVih^h[ghhklZevgufijbeh`_gbyf?kebg_h[oh^bfhaZimklblv ijh]jZffm ba dhfZg^ghc kljhdb _z kbglZdkbk bf__l \b^ 39 >SURMHFWILOH@ ]^_ SURMHFWILOH bfynZceZijh_dlZk jZkrbj_gb_f>35-@Ex[Zy gh\Zy jZ[hlZ \ 3UR9LHZ dZd b \h \k_o kh\j_f_gguo dhfibeylhjZo gZqbgZ_lky k kha^Zgbygh\h]hnZceZijh_dlZNZceijh_dlZkh^_j`blbf_gZ\k_obkoh^guonZceh\k\yaZgguok ijh_dlhfZ lZd`_mklZgh\dbdhfibeypbbljZgkeypbbb k\yau\ZgbynZceh\qlh[u]_g_jbjh\Zlv\uihegy_fmxijh]jZffm>ey lh]h qlh[u kha^Zlv gh\uc nZce ijh_dlZ \u[_jbl_ 1HZ ba f_gx 3URMHFW Hldjh_lky ^bZeh]h\h_hdgh 1HZ 3URMHFW Bkihevamcl_ dghidm %URZVH qlh[u \hclb \ k\hx iZidm GZc^bl_ iZidm ?+HOOR b gZ`fbl_dghidm>2.@AZl_f\u[_jbl_³´dZdlbiijh_dlZDh]^Z f_g_^`_j ijh_dlZ hldju\Z_l nZce ijh_dlZ hdgh ijh_dlZ ihdZau\Z_l \dexq_ggu_ bkoh^gu_nZceu< ^ZgghfkemqZ_ihdZg_lgbdZdbobkoh^guonZceh\Bf__lkylhevdhh^bgbkoh^gucnZcedhlhjucg_h[oh^bfhih^dexqblv KHOORF>h[Z\dZnZceZk bkoh^gufl_dklhf b_]hj_^Zdlbjh\Zgb_L_i_jv fh`gh ^h[Z\blv KHOORF d ijh_dlm <u[_jbl_ $GG ILOHba f_gx 3URMHFW Hldjh_lky ^bZeh]h\h_hdgh$GG)LOH<u[_jbl_KHOORFbakibkdZGZr ijh_dl bf__l lhevdh h^bg bkoh^guc nZce < ^Zevg_cr_f <Zrb ijh_dlu \hafh`gh [m^mlkhklhylv ba fgh`_kl\Z bkoh^guo nZceh\ >bZeh] $GG )LOH iha\hebl <Zf \u[jZlv b ^h[Z\blv g_kdhevdhnZceh\ kjZam >ey wlh]h bkihevamxl dhf[bgZpbx deZ\brb >&75/@ b mdZaZl_ey furb Dh]^Z <u gZ`fzl_>2SHQ@bkoh^gu_nZceu[m^ml^h[Z\e_gud ijh_dlm\ \u[jZgghfihjy^d_L_i_jv fh`gh j_^Zdlbjh\Zlv l_dkl ba nZceZ KHOORF <u[_jbl_ KHOORF ba hdgZ 3URMHFW jbk GZ`fbl_ _]h ijZ\hc dghidhc furb b \u[_jbl_ 9LHZ VRXUFH ILOH beb ijhklh ^\Z`^u szedgbl_ furvx ^eylh]hqlh[uijhkfZljb\ZlvnZce\ hdg_j_^Zdlbjh\ZgbyJbk>bZeh]h\h_hdgh 3URMHFW3UR9LHZ aZ]jm`Z_l b ihdZau\Z_l kh^_j`Zgb_ KHOORF \ hdg_ ]^_ fh`gh j_^Zdlbjh\Zlv nZce Hdghj_^Zdlbjh\Zgby jbk iheghnmgdpbhgZevguc j_^Zdlhj bkoh^gh]h l_dklZ ij_^eZ]Zxsbc lZdb_\hafh`ghklb dZd \uk\_qb\Zgb_ kbglZdkbq_kdbo we_f_glh\ b dhgl_dklguc ihbkd ?keb \u[jZlv ³SULQWI´ bgZ`ZlvdeZ\brm>)@3UR9LHZhldjh_lkbkl_fmkijZ\dbb i_j_c^zld jZa^_emkijZ\dbh ³SULQWI´JbkHdghj_^Zdlbjh\ZgbyDhfibeypbyb dhfihgh\dZWlhl ijhp_kk dhfibebjm_l k\yau\Z_l KHOORF k [b[ebhl_dZfb b kha^Z_l Z[khexlguc h[t_dlgucfh^mevdhlhjucfukfh`_fijh\_jblv\ hleZ^qbd_:LQ6LP<u[_jbl_ 0DNH ba f_gx 3URMHFW 3UR9LHZhlh[jZ`Z_l hdgh ihdZau\Zy l_dms__ khklhygb_ijhp_kkZ Dh]^Z ijhp_kk dhfibeypbb aZdhgqblky\ hdg_0HVVDJH jbkhlh[jZ`Z_lkykhh[s_gb_aZ\_jr_gby ?keb [ueb h[gZjm`_gu dZdb_gb[m^vhrb[dbh gbokhh[sZ_lkya^_kv`_L_klbjh\Zgb_b hleZ^dZJbkHdgh khh[s_gbc<uihegbf hleZ^dm ijh]jZffu ?keb ijh_dlgh\uchldjh_lky^bZeh]h\h_hdgh'HEXJ2SWLRQVjbk ]^_ <u fh`_l_ baf_gylv mklZgh\db hleZ^qbdZ < ^Zevg_cr_f fh`gh mklZgh\blv hipbb hleZ^qbdZ\u[jZ\'HEXJbaf_gx2SWLRQVGZrijh_dlbkihevam_lagZq_gbyihmfheqZgbxJbkHdgh^bZeh]ZhipbchleZ^qbdZ<u[_jbl_6WDUWbaf_gx'HEXJ<u[_jbl_ +DUGZDUH ZiiZjZlgu_ kj_^kl\Z ba f_gx 9LHZ <u[_jbl_ 8$57 hldjh_lky hdghihke_^h\Zl_evgh]h ihjlZ jbk < ^Zevg_cr_f ijb jZ[hl_ ijh]jZffu a^_kv fh`gh [m^_l m\b^_lv \kzqlh\u\h^blfbdjhdhgljhee_j\ ihke_^h\Zl_evgucihjlJbkHdghihke_^h\Zl_evgh]hihjlZ<u[_jbl_5XQbaf_gx'HEXJbebgZ`fbl_dghidmJbk ihdZau\Z_l dZd \u]ey^bl wdjZg hleZ^qbdZ :LQ6LP ijb \uiheg_gbb ijh]jZffu H[jZlbl_\gbfZgb_qlh\ hdgh8$57\u\_^_gl_dkl³+HOOR:RUOG´JbkWdjZghleZ^qbdZijb\uiheg_gbbijh]jZffuIjb \u\h^_ kbf\heh\ \ ihjl gZqbgZ_lky \uiheg_gb_ [_kdhg_qgh]h pbdeZ <u fh`_l_ hklZgh\blv\uiheg_gb_ijh]jZffu\u[jZ\6WRSbaf_gx'HEXJK ihfhsvxj_]meylhjZijbgZ`Zlhcdghid_gZ iZg_eb bgkljmf_glh\ fh`gh f_gylv kdhjhklv jZ[hlu hleZ^qbdZ KljhdZ khklhygbyihdZau\Z_ll_dms__j_Zevgh_\j_fyIhrZ]h\ucj_`bfb \uoh^ bahleZ^qbdZ<u fh`_l_ bkihevah\Zlv hleZ^qbd qlh[u i_j_f_sZlvky ih ijh]jZff_ <u[_jbl_ 5HVHW ba f_gx'HEXJwlZdhfZg^Zk[jhkblfh^_ebjm_fucijhp_kkhjb \u[_jbl_6WHS,QWRb 6WHS2YHUbaf_gx'HEXJDhfZg^u 6WHS iha\heyxl ³rZ]Zlv´ ih dZ`^hc kljhd_ bkoh^gh]h l_dklZ L_dmsZy dhfZg^Z\uk\_qb\Z_lkygZdZ`^hfrZ]_6WHS,QWRiha\hey_l\hclb\ \uau\Z_fmxnmgdpbx6WHS2YHU± i_j_rZ]gmlvq_j_ag_zg_\oh^y\h\gmljv>ey aZ\_jr_gby jZ[hlu k hleZ^qbdhf \ ex[hc fhf_gl \j_f_gb <u fh`_l_ \u[jZlv 7HUPLQDWH baf_gx 'HEXJb \ha\jZlblvky\ j_`bfj_^Zdlbjh\ZgbyKe_^mxsbcrZ]H[jZlbl_\gbfZgb_qlh\ j_`bf_hleZ^dbgZwdjZg_\b^gu_sz^\ZhdgZI_j\h_± hdghdh^Zjbk ]^_ \ ihrZ]h\hf j_`bf_ iZjZee_evgh k bkoh^guf l_dklhf gZ yaud_ & b^zl ljZkkbjh\dZ l_dklZ gZZkk_f[e_j_JbkHdghdh^ZIjhdjmlbl_hdghdh^Zb bamqbl_Zkk_f[e_jgucZgZeh]bkoh^gh]hl_dklZK kbf\heh\³´gZqbgZxlkykljhdbk ihfhsvxdhlhjuoe_]dhkhihklZ\blvZkk_f[e_jgucl_dklb l_dklgZyaud_&H[jZlbl_\gbfZgb_gZlhkdhevdhdh^Zijbrehkv[ugZibkZlv_kebijh_dlbjh\Zlvijh]jZffmgZZkk_f[e_j_:kk_f[e_jguc ZgZeh] l_dklZ khojZgy_lky \ nZce_ KHOOROVW _keb \ hipbyo ijh_dlZ 3URMHFW ba f_gx2SWLRQV hlf_q_gh *HQHUDWH /LVWLQJ jbk A^_kv `_ fh`gh mdZaZlv dZdmx bgnhjfZpbx \dexqZlv \ebklbg]Jbk>bZeh]hipbcijh_dlZBamqbl_ kfuke ^jm]bo hipbc ijh_dlZ \ jZa^_eZo (QYLURQPHQW & $ / Hldjhcl_ nZceebklbg]Z jbkk ihfhsvx9LHZOLVWLQJba f_gx 9LHZJbkHdghnZceZebklbg]Z<lhjh_ hdgh dhlhjh_ ijbkmlkl\m_l gZ wdjZg_\h\j_fyhleZ^db± 0DLQ5HJLVWHUVjbk< wlhf hdg_ ihklhyggh hlh[jZ`Z_lky l_dms__khklhygb_ \k_o ijh]jZffgh^hklmiguo j_]bkljh\fbdjhdhgljhee_jZ ;he__ lh]h kh^_j`bfh_ j_]bkljh\fh`ghf_gylv\h\j_fyhleZ^dbK ihfhsvx imgdlZ 'DWD GXPS ba f_gx 9LHZfh`gh ihkfhlj_lv kh^_j`bfh_ iZfylb jZaebqgh]hlbiZ\ j_`bf_hleZ^dbIhijh[mcl_wlhk^_eZlvJbkHdghj_]bkljh\Bgl_]jbjh\ZggZyhleZ^hqgZykj_^ZP9LVLRQP9LVLRQ gh\ZyhleZ^hqgZykj_^Znbjfu.HLO6RIWZDUH ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6 HgZ \dexqZ_l kj_^kl\Z mijZ\e_gby ijh_dlZfb fhsguc l_dklh\uc j_^Zdlhj b fgh]hnmgdpbhgZevguchleZ^qbd \ m^h[ghc ijh]jZffghc h[hehqd_ < dhfie_dl \oh^bl ih^jh[gh_ jmdh\h^kl\h \ dhlhjhf _klvkijZ\hqgZybgnhjfZpbyih\k_f\hijhkZfb jZa^_e^ey[ukljh]hhk\h_gbyijh]jZffuIh^^_j`b\Zxlky fbdjhdhgljhee_ju nbjf $QDORJ 'HYLFHV $0' $WPHO 'DOODV 6HPLFRQGXFWRU,QILQHRQ,QWHO2.,3KLOLSV7HPLF:LQERQGxBgl_]jbjh\ZggZyhleZ^hqgZykj_^ZP9LVLRQ .EDhfibeylhjuk yaudZZkk_f[e_j^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6:jobl_dlmjZfbdjhdhgljhee_jh\[ueZjZajZ[hlZgZhdhehe_lgZaZ^b \gZklhys__\j_fygZ jugd_ ij_^eZ]Z_lky g_kdhevdh khl_g fbdjhdhgljhee_jh\ dhlhju_ \uimkdZxlky jZagufb nbjfZfb bkh\f_klbfu k < ^Zgghf jZa^_e_ gZoh^ylky dhfibeylhju k Zkk_f[e_jZ ^ey lZdbofbdjhdhgljhee_jh\Dhfibeylhj iha\hey_l ij_h[jZah\u\Zlv bkoh^guc l_dkl ijh]jZffu gZ yaud_ Zkk_f[e_jZ \h[t_dlgucdh^b dh^fbdjhdhgljhee_jZ^eyIAMIjh]jZffu^eyjZaguofh^bnbdZpbcfbdjhdhgljhee_jh\ke_^m_l ibkZlv k mq_lhf hkh[_gghkl_c dhgdj_lgh]h djbklZeeZ b _]h i_jbn_jbcguo fh^me_c Wlh fh`gh\uykgblvih^hdmf_glZpbbgZfbdjhdhgljhee_jFu j_dhf_g^m_f bkihevah\Zlv Zkk_f[e_j $' k ^hdmf_glZpb_c gZ jmkkdhf yaud_ _keb g_lki_pbZebabjh\Zggh]hdhfibeylhjZ^ey\u[jZggh]hfbdjhdhgljhee_jZxxxxxx:kk_f[e_j$' .E:kk_f[e_j^ey0&6 .E:kk_f[e_j^ey0&6 .E,QWHOdjhkkZkk_f[e_j .E:kk_f[e_j^eyk bkoh^gbdZfb .EDjhkkZkk_f[e_j^ey .E$+$++%+...g_l520(3520273520$+$+%+..g_l520273(3520 &%+&%+ .&.g_l520273(3520 &&&&&&&.g_l520273(3520g_l273(3520g_l273(3520......520273520520273520520273520g_l273(3520 //////&)$...&)$.&)%.&)$&)%&)&&)&/)$/)$/)$/)%/)%/)&.........520520520g_l520273520520273520520273(3520 273(3520 K_dj_lghklvLbidhjimkZLZdlh\ZyqZklhlZQbkehebgbc<<:gZeh]\oh^uijh]jZffIhke_^ihjlJ_ab^_glgZyiZfylvLZcf_jukq_lqbdJ_ab^_glgh_HAMH[hagZq_gbyHkgh\gu_oZjZdl_jbklbdbfbdjhdhgljhee_jh\0&6 0&6 Dexq_\u_hkh[_gghklbK_jby G_j_dhf_g^m_lkyd bkihevah\Zgbx\ gh\uojZajZ[hldZo'13'13'13g_l3//Ijhp_kkhj[me_\uonmgdpbcIjhp_kkhj[me_\uonmgdpbcH^bgmjh\gv[ehdbjh\dbAM>\Zmjh\gy[ehdbjh\dbAM'13'13'13g_lg_l/LjblZcf_jZkq_lqbdZLjblZcf_jZkq_lqbdZ>\Zmjh\gy[ehdbjh\dbAM '136 '136 L '136g_l3/J_`bfumijZ\e_gbyihlj_[e_gb_fJ_`bfumijZ\e_gbyihlj_[e_gb_fLjbmjh\gy[ehdbjh\dbAMg_l//////J_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdK_jby G_j_dhf_g^m_lkyd bkihevah\Zgbx\ gh\uojZajZ[hldZoK_jby &K_jby ;L 136L 136L '136L 136L '136L 136L '136K_jby ;/ K_jby ;&)$ )% )&161616161616//////136g_l FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$ L '136 L136 L136 L '136 L '136K_jby ;/)$ )% )&136161616161616g_l/////9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$ L13 L13&5$g_l&5$ .273520&5$ .&5% .&5% .&5& .&5& .520520273520520273520&*%g_l&*% .520&*% .273520&-$g_l&-$ .520&-%&6/$+&6/$+&6/$+&6/$+&6/$/&6/$/&6/$/&6/$/&6%&6%&6%........g_lg_l520520273g_l520520273g_l520273520...

Свежие статьи
Популярно сейчас
Почему делать на заказ в разы дороже, чем купить готовую учебную работу на СтудИзбе? Наши учебные работы продаются каждый год, тогда как большинство заказов выполняются с нуля. Найдите подходящий учебный материал на СтудИзбе!
Ответы на популярные вопросы
Да! Наши авторы собирают и выкладывают те работы, которые сдаются в Вашем учебном заведении ежегодно и уже проверены преподавателями.
Да! У нас любой человек может выложить любую учебную работу и зарабатывать на её продажах! Но каждый учебный материал публикуется только после тщательной проверки администрацией.
Вернём деньги! А если быть более точными, то автору даётся немного времени на исправление, а если не исправит или выйдет время, то вернём деньги в полном объёме!
Да! На равне с готовыми студенческими работами у нас продаются услуги. Цены на услуги видны сразу, то есть Вам нужно только указать параметры и сразу можно оплачивать.
Отзывы студентов
Ставлю 10/10
Все нравится, очень удобный сайт, помогает в учебе. Кроме этого, можно заработать самому, выставляя готовые учебные материалы на продажу здесь. Рейтинги и отзывы на преподавателей очень помогают сориентироваться в начале нового семестра. Спасибо за такую функцию. Ставлю максимальную оценку.
Лучшая платформа для успешной сдачи сессии
Познакомился со СтудИзбой благодаря своему другу, очень нравится интерфейс, количество доступных файлов, цена, в общем, все прекрасно. Даже сам продаю какие-то свои работы.
Студизба ван лав ❤
Очень офигенный сайт для студентов. Много полезных учебных материалов. Пользуюсь студизбой с октября 2021 года. Серьёзных нареканий нет. Хотелось бы, что бы ввели подписочную модель и сделали материалы дешевле 300 рублей в рамках подписки бесплатными.
Отличный сайт
Лично меня всё устраивает - и покупка, и продажа; и цены, и возможность предпросмотра куска файла, и обилие бесплатных файлов (в подборках по авторам, читай, ВУЗам и факультетам). Есть определённые баги, но всё решаемо, да и администраторы реагируют в течение суток.
Маленький отзыв о большом помощнике!
Студизба спасает в те моменты, когда сроки горят, а работ накопилось достаточно. Довольно удобный сайт с простой навигацией и огромным количеством материалов.
Студ. Изба как крупнейший сборник работ для студентов
Тут дофига бывает всего полезного. Печально, что бывают предметы по которым даже одного бесплатного решения нет, но это скорее вопрос к студентам. В остальном всё здорово.
Спасательный островок
Если уже не успеваешь разобраться или застрял на каком-то задание поможет тебе быстро и недорого решить твою проблему.
Всё и так отлично
Всё очень удобно. Особенно круто, что есть система бонусов и можно выводить остатки денег. Очень много качественных бесплатных файлов.
Отзыв о системе "Студизба"
Отличная платформа для распространения работ, востребованных студентами. Хорошо налаженная и качественная работа сайта, огромная база заданий и аудитория.
Отличный помощник
Отличный сайт с кучей полезных файлов, позволяющий найти много методичек / учебников / отзывов о вузах и преподователях.
Отлично помогает студентам в любой момент для решения трудных и незамедлительных задач
Хотелось бы больше конкретной информации о преподавателях. А так в принципе хороший сайт, всегда им пользуюсь и ни разу не было желания прекратить. Хороший сайт для помощи студентам, удобный и приятный интерфейс. Из недостатков можно выделить только отсутствия небольшого количества файлов.
Спасибо за шикарный сайт
Великолепный сайт на котором студент за не большие деньги может найти помощь с дз, проектами курсовыми, лабораторными, а также узнать отзывы на преподавателей и бесплатно скачать пособия.
Популярные преподаватели
Добавляйте материалы
и зарабатывайте!
Продажи идут автоматически
5167
Авторов
на СтудИзбе
438
Средний доход
с одного платного файла
Обучение Подробнее