!B@. 1 87 20. #!" )!" . !. UY0UY
;048<8@ @>30= UY0UY > 8 ?@8 ?>AB@>9:5 ;0<?>2>3> CA8;8B5;O, =5A<>B@O =0 :06CICNAO 53> AE5<=CN ?@>AB>BC,
5@>52 =5?@0 38, :2.63 ?@8E>48BAO 8725AB8 :CGC <5B0;;0, 0 >= B5?5@L =5 20;O5BAO 2> 42>@0E 702>4>2, 70B@0B8BL <0AAC
852, #:@08=0, 04214 2@5<5=8 =0 :><?>=>2:C, ?> <=>3> @07 2O70BL 8 ?5@52O7K20BL ?@>2>40 63CB>2 (5A;8 B0:>2K5 2>>1-
E-mail: uy0uy@mil.gov.ua I5 2 =0;8G88) ?@5645, G5< 2K945B GB>-B> ?CB=>5. "> =5 B0< ?@>A25@;8;, B> >4=0 45B0;L =0;5705B
=0 4@C3CN 8 B.4. -B>B A;>6=K9 B5@=8ABK9 ?CBL ?@>945= 8 02B>@><, ?>:0 =5 1K;0 >B@01>B0=0
#!" )!" C=825@A0;L=0O :>=AB@C:F8O CA8;8B5;O =0 42CE ;0<?0E -7, 0 ?>B>< ?@>AB> ?>O28;AO A?>@-
B82=K9 8=B5@5A - 45;0BL CA8;8B5;8 =0 B5E ;0<?0E, :>B>@K5 ?>?040NBAO 2 @C:8. ?@>F5AA5 @01>BK
KE>4=K< =07K205BAO CA8;8B5;L, =0- 1K; =0:>?;5= =5:>B>@K9 <0B5@80;, : :>B>@><C 4>102;5= <=>3>;5B=89 >?KB 6C@=0;>2 " 048>" 8
3@C65==K9 =0 0=B5==C. KE>4=>9 CA8- « 048>;N18B5;L, 2A5 MB> 8 ;53;> 2 >A=>2C <0B5@80;0, 2KAB02;5==>3> =0 AC4 G8B0B5;59 8, :>B>-
;8B5;L ?>B@51;O5B 1>;LHCN G0ABL M=5@- @K< E>B5;>AL 1K ?>45;8BLAO A B5<8, :B> 45@68B 2 @C:0E MBC 1@>HN@C.
388. 3> @01>B0 2 >A=>2=>< >?@545;O5B =8<0=8N :>@>B:>2>;=>28:>2 ?@54;0305BAO ?>;=>5 AE5<=>5 8 :>=AB@C:B82=>5 >?8A0=85 =5-
M=5@35B8G5A:85 ?>:070B5;8 2A59 @048>- A:>;L:8E 20@80=B>2 :>=AB@C:F89 ?@>ABKE, => 25AL<0 =0456=KE 8 M:>=><8G=KE, CA8;8B5;59 <>I-
AB0=F88, ?>MB><C 3;02=K< B@51>20=85< =>AB8, =0 E>@>H> 70@5:><5=4>202H8E A51O 8 4>ABC?=KE (?@0240, : A>60;5=8N, 2 =0AB>OI55 2@5-
4;O 2KE>4=>3> :0A:040 CA8;8B5;O O2;O- <O =5A:>;L:> 4>@>3>20BKE) >B5G5AB25==KE ;0<?0E. A5 >?8A0==K5 =865 CA8;8B5;8 1K;8 @50;L=>
5BAO ?>;CG5=85 2KA>:8E M=5@38B8G5A:8E 873>B>2;5=K 8 ?@>H;8 2 B5G5=85 42CE, B@5E ;5B 8A?KB0=85, :0: 2 ?>2A54=52=>9 @01>B5, B0: 8 2
?>:070B5;59. @><5 B>3>, 4;O 2KE>4=>3> CA;>28OE «test >2 8 <=>3>G8A;5==KE 2K;07>: 70 @><0=B8:>9 =0 «?@8@>4C, 8 8A?>;L7>20;8AL ?@8
CA8;8B5;O 25AL<0 206=0 E>@>H0O D8;L- :@C3;>ACB>G=>9 @01>B5 ?@58<CI5AB25==> =0 ?5@540GC. #A8;8B5;8 ?@54=07=0G5=K 4;O A>2<5AB-
B@0F8O 2KAH8E 30@<>=8:. !>3;0A=> ?@8- =>9 @01>BK A B@0=A825@0<8 (?5@540BG8:0<8), 8<5NI8<8 2KE>4=CN <>I=>ABL >B 150-200 <B 4>
=OBK< =>@<0<, <>I=>ABL 87;CG5=8O ;N- 30-40 B.
1>9 2KAH59 30@<>=8:8 2 AB0F8>=0@=KE C1;8:C5<K9 <0B5@80; @0AAG8B0= =0 H8@>:89 :@C3 @048>;N18B5;59, =5 8<5NI8E A?5F8-
?5@540BG8:0E =0 G0AB>B0E 2KH5 30 <F =5 0;L=>3> B5E=8G5A:>3> >1@07>20=8O, A;>6=>3> A;5A0@=>3> 8=AB@C<5=B0 8 >?KB0 ?>AB@>9:8 ?>4>1-
4>;6=0 ?@52KH0BL 25<B. 0 G0AB>B0E =KE :>=AB@C:F89, ?>MB><C, =5:>B>@K5 2>?@>AK 2>7<>6=> =0 G59-B> 273;O4 >A25I5=K A;8H:><
=865 30 <F (4;O ?5@540BG8:>2 <>I=>A- ?>4@>1=>.
BLN 4> 500 B) 4;O ;N1>3> 87 ?>1>G=KE 87;CG5=89 CAB0=>2;5= C@>25=L 40 dB, => =5 1>;55 50 !;54C5B A@07C 70<5B8BL 4;O :@8B8:8, GB> 2 40==>9 AB0BL5 02B>@>< 2K@065=> B>;L:> A2>5 28-
<B. -B8< 65 =>@<0< 4>;6=K A>>B25BAB2>20BL 8 2KE>4=K5 :0A:04K ?5@54286=KE ?5@540BG8:>2. 45=85 @5H5=8O MB>3> 2>?@>A0 8, ?>MB><C 87;>65==K9 <0B5@80; =5 ?@5B5=4C5B =0 >@838=0;L=>ABL
%>@>H89 A>2@5<5==K9 CA8;8B5;L <>I=>AB8 4;O @01>BK 2 @048>;N18B5;LA:>< MD8@5 8 15AA?>@=>ABL :0: 2 AC645=8OE 8 AE5<=KE @5H5=8OE, B0: 8 2 ?@0:B8G5A:>9 @50;870F88 :>=AB@C:-
4>2>;L=> A;>6=>5 8 B@C4>5<:>5 CAB@>9AB2>, > G5< A2845B5;LAB2CNB <8@>2K5 F5=K "=0 70?045" =0 F89 A>1AB25==> CA8;8B5;59, B0: 8 8E >B45;L=KE C7;>2.
D8@<5==K5 CA8;8B5;8, E>BO 1K ?> >B=>H5=8N : AB>8<>AB8 B@0=A825@>2 A@54=53> :;0AA0, 2K?CA-
A=>2=K5 7040G8, :>B>@K5 <K ?>?KB0;8AL @5H8BL 2 40==>9 ?C1;8:0F88- MB> :
:05<KE B5<8 65 D8@<0<8. -B> >1JOA=O5BAO, 2>-?5@2KE, 2KA>:>9 AB>8<>ABLN A0<8E ;0<?, ?@8<5-
- ?>;CG5=85 C=825@A0;L=>9 :>=AB@C:F88 CA8;8B5;O, ?>72>;ONI59 A>1@0BL 55
=O5<KE 2 CA8;8B5;OE, 0 2>-2B>@KE, B0:65 2KA>:8< ?@>F5=B>< @CG=>3> B@C40 ?@8 873>B>2;5=88
@048>;N18B5;N, =5 8<5NI5<C 1>;LH>3> >?KB0 2 ?>AB@>9:5 ?>4>1=KE CAB-
CA8;8B5;59.
@>9AB2 8 =5 >1;040NI5<C 2KA>:>9 :20;8D8:0F859;
@0A?>@O65=88 <=>38E @048>;N18B5;59 AB@0= !, 0 8<5==> =0 =8E @0AAG8B0=0 40==0O
- 40BL 2>7<>6=>ABL @048>;N18B5;O<, 157 A5@L57=KE ?5@545;>: :>=AB@C:F88,
?C1;8:0F8O, =0E>48BAO 1>;LH>5 :>;8G5AB2> B@0=A825@>2 A 2KE>4=>9 <>I=>ABLN ?>@O4:0 10 - 15
M:A?5@8<5=B8@>20BL A >B45;L=K<8 C7;0<8, 8A?>;L7>20BL (8<5BL 2>7<>6-
B, :0: «home made ?@>872>4AB20, B0: 8 ?@82575==KE, :0: ?@028;> A @07;8G=KE @0A?@>406 (?>
=>ABL 70<5=K) 2 AE5<5 CA8;8B5;O =081>;55 G0AB> 2AB@5G0NI85AO >B5G5AB-
8725AB=K< ?@8G8=0<), :>B>@K5 A CA?5E>< 8A?>;L7CNBAO 8<8 ?@8 ?@>2545=88 :0: ?>2A54=52=KE
25==K5 35=5@0B>@=K5 ;0<?K A@54=59 <>I=>AB8;
QSO, B0: 8 ?@8 @01>B5 2 @07;8G=KE "test ax". 4=0:>, =5 2A5340 @01>B0 =0 QRP 4>AB02;O5B >3@><-
- ?@8<5=5=85 2 :>=AB@C:F88 CA8;8B5;O <>I=>AB8 <0:A8<0;L=>3> G8A;0 >1I5-
=>5 C4>2>;LAB285, >A>15==> ?@8 @01>B5 A @54:8< DX 40 5I5 2 15H5=>< «pule up. >MB><C 1>;L-
4>ABC?=KE 45B0;59 H8@>:>3> ?@8<5=5=8O 702>4A:>3> 873>B>2;5=8O;
H0O G0ABL @048>;N18B5;59 A> 2@5<5=5< @0=> 8;8 ?>74=>, =0G8=05B 4C<0BL >1 C25;8G5=88 <>I-
- 2>7<>6=>ABL ?@8<5=5=8O ?@8 873>B>2;5=88 CA8;8B5;O <8=8<C<0 A;>6=>3>
=>AB8 A2>53> 0??0@0B0..
A;5A0@=>3> 8 B>:0@=>3> >1>@C4>20=8O, 0 B0:65 A5@28A=>9 0??0@0BC@K 8 87<5-
4=0:> ?>AB@>9:0 E>@>H53> «Power 0, 8<5NI53> A@02=8B5;L=> <0;K5 @07<5@K, ?@8;8G-
@8B5;L=KE ?@81>@>2 ?@8 53> =0AB@>9:5.
=K9 2=5H=89 284 8 C4>2;5B2>@8B5;L=K5 B5E=8G5A:85 E0@0:B5@8AB8:8, =5A<>B@O =0 :06CICNAO
#A8;8B5;8 M:A?;C0B8@>20;8AL A @07;8G=K<8 B8?0<8 B@0=A825@>2: UW3DI-2; RA3AO;
AE5<=CN ?@>AB>BC, B>;L:> =0 ?5@2K9 273;O4 ?@>AB>5 45;>.
-D8@- ; >;=0, UA1FA (?5@540NI0O ?@8AB02:0), =0 CB 8 10-B8 <5B@>2>< 480?07>=5 4;O @0A-
>-?5@2KE, A@07C 65 2AB05B 2>?@>A, G5<C >B40BL ?@54?>GB5=85, ;0<?5 8;8 B@0=78AB>@C?
:0G:8 8A?>;L7>20;8AL ONWA 8 LINCOLN. > 2A5E A;CG0OE :0G5AB2> 2KE>4=>3> A83=0;0 >4=>-
=>3>;5B=OO ?@0:B8:0 M:A?;C0B0F88 :0: ?5@2KE, B0: 8 2B>@KE ?>:070;0, GB> ;0<?>2K5 CA8;8B5;8
7=0G=> >?@545;O;>AL :0G5AB2>< A83=0;0 8A?>;L7C5<>3> B@0=A825@0.
3>@074> ?@>I5 2 873>B>2;5=88 8 <5=55 :@8B8G=K : CA;>28O< M:A?;C0B0F88 (8<5NBAO 2 284C CA8-
;8B5;8 A 2KE .e" 150 B), 0 25A 0=>4=KE B@0=AD>@<0B>@>2 ?@0:B8G5A:8 :><?5=A8@C5BAO 25A>< @0-
!+ "%'! % " !" #!"
480B>@>2, =5>1E>48<KE 4;O >E;0645=8O <>I=KE B@0=78AB>@>2. @8 MB>< 65 B@0=78AB>@K 1>;55
:0?@87=K 2 M:A?;C0B0F88, >A>15==> : ?5@53@C7:0<, ?>MB><C M:A?5@8<5=BK A =8<8, CG8BK20O
AE5<0E CA8;8B5;59 8A?>;L7>20=K ;0<?K -7, -7", -6 (2HB.), #-72
AB>8<>ABL <>I=KE B@0=78AB>@>2, 8=>340 >1E>4OBAO >G5=L 4>@>3>. @><5 B>3>, =0 <>9 273;O4, 3>-
(2HB.), -11, #-74, 645!, 642!, 636! (4HB.), #-50 ( 3 8 4HB.) -807(4HB.),
@074> ?@>I5 2K?>;=8BL 8AB>G=8: ?8B0=8O <>I=>ABLN 2:B, 8<5NI89 =0?@O65=85 2000 ?@8
-71. #A8;8B5;8 @01>B0NB 2 :;0AA5 AB1 (2 @568<5 SSB) 8 :;0AA5 C (@568< CW).
B>:5 1, G5< 20 ?@8 B>:5 100. =0;8G85 <0;>3010@8B=KE M;5:B@>;8B8G5A:8E :>=45=A0B>@>2,
80?07>= @01>G8E G0AB>B & & & & & & & & & & & & & & & & & & ..1,8 - 28,7 F
@0AAG8B0=KE =0 1>;LH>5 =0?@O65=85 8 8<5NI8E 1>;LHCN 5<:>ABL, ?>72>;O5B A>74020BL <0;>-
84 87;CG5=8O & & & & & & & & & & & & & & & & & & & & & & & & & ..SSB, CW, RTTY
3010@8B=K5 8AB>G=8:8 2KA>:>3> =0?@O65=8O 4;O ?8B0=8O ;0<?>2KE CA8;8B5;59 =5?>A@54AB25==>
>I=>ABL, ?>42>48<0O : 0=>4=>9 F5?8 2 B5G5=85 4;8B5;L=>3> 2@5<5=8 2 @568<5
>B ?@><KH;5==>9 A5B8 157 8A?>;L7>20=8O A8;>2KE B@0=AD>@<0B>@>2.
!B@. 2 87 20. #!" )!" . !. UY0UY
"=060B8O" & & & & & & & & & & & & & & & & & ...& & & ..& & & & 650 B max. ?@O65=8O B@0=AD>@<0B>@>2 (B0: =07K205<0O AE5<0 0BC@0), !E5<0 C42>5=8O <>65B @01>B0BL B>;L-
( 7028A8B >B <>I=>AB8 2>71C645=8O 8 >3@0=8G8205BAO <>I=>ABLN 8AB>G=8:0 0=>4- :> =0 5<:>AB=CN =03@C7:C, G0AB>B0 ?C;LA0F89 2K?@O<;5==>3> =0?@O65=8O ?>;CG05BAO 242>5 2KH5
=>3> =0?@O65=8O); G0AB>BK A5B8. > A2>8< M=5@38B8G5A:8< E0@0:B5@8AB8:0< MB0 AE5<0 =5 CABC?05B <>AB>2>9 AE5<5,
@01>B0NI59 =0 5<:>ABL.
<>I=>ABL 2 =03@C7:5* 2 ?>;>A5 G0AB>B 1,8 - 28,7 <F & & & & & .& & .300-350 B
K?@O<8B5;L 0=>4=>3> =0?@O65=8O 2K?>;=5= =0 G5BK@5E 48>40E 210. ?@0:B8:5 ?@8-
(2 7028A8<>AB8 >B 2KE>4=>3> :>=BC@0 =0 40==>< 480?07>=5);
=OB> 4;O :064>3> ?;5G0 AE5<K C42>5=8O =0 :064K5 BKAOGC 2>;LB 2K?@O<;5==>3> =0?@O65=8O
2E>4=>5 (2KE>4=>5) A>?@>B82;5=85 CA8;8B5;O & & & & & & & & ...... 75 (50) <;
8A?>;L7>20BL ?> >4=><C 48>4C, ?>MB><C >=8 2:;NG5=K ?>A;54>20B5;L=> ?> 420 2 :064>< ?;5G5.
<>I=>ABL, ?>B@51;O5<0O CA8;8B5;5< >B A5B8 2 @568<5 "=060B8O" & .. 700 B max;
0==K9 B8? 48>4>2 ?>72>;O5B 8E ?@8<5=5=85 2 ?>A;54>20B5;L=>< 2:;NG5=88 157 HC=B8@>20=8O
2 @568<5 "<>;G0=8O" & & & & & & & & & & & & & & & & & & .& & .130 B;
@578AB>@0<8. @8 8A?>;L7>20=88 65 48>4>2 AB0@KE B8?>2, ?0@0;;5;L=> 8< =5>1E>48<> 2:NG8BL
2 @568<5 ?@85<0 & & & & & & & & & & & & & & & & & & & & & & ...60 B.
@578AB>@K, 4;O @02=><5@=>3> @0A?@545;5=8O >1@0B=>3> =0?@O65=8O (87 @0AG5B0 750-1000 :< =0
3010@8B=K5 @07<5@K CA8;8B5;O (157 =>65:) << & & & & & & & & ..352 × 153 × 350;
1000 =0?@O65=8O) 8 70HC=B8@>20BL 8E :>=45=A0B>@0<8 5<:>ABLN 0,01-0,05 <:$ 4;O ?@54>E@0=5-
<0AA0 CA8;8B5;O & & & & & & & & & & & & & & & & & & & ......>:>;> 25(13)** .:3 .
=8O >B 2>7<>6=>AB8 M;5:B@8G5A:>3> (=5 B5?;>2>3>!) ?@>1>O :@0B:>2@5<5==K<8 8<?C;LA0<8, ?>
*- <55BAO 2 284C 30@0=B8@>20==0O 2KE>4=0O <>I=>ABL, B.5. <>I=>ABL, ?>;CG05<0O
@07=K< ?@8G8=0< 2>7=8:0NI8<8 2 F5?OE.
?@8 =><8=0;L=KE 7=0G5=8OE B>:>2 8 =0?@O65=89 B@0=AD>@<0B>@>2 8 70% @>1>G5<
0: ?>:070;0 B@5E;5B=OO ?@0:B8:0 M:A?;C0B0F88 CA8;8B5;59 (?> ?@82545==K< AE5<0< 1K;>
F8:;5, 2KE>4=0O <>I=>ABL >B45;L=KE M:75<?;O@>2 4>AB8305B 500 B.
873>B>2;5=> =5A:>;L:> 20@80=B>2 B0:8E CA8;8B5;59 =0 @07;8G=KE ;0<?0E), 2 CA8;8B5;OE <>6=>
**- ;O AE5< A 15AB@0=AD>@<0B>@=K< ?8B0=85<.
01A>;NB=> A?>:>9=> ?@8<5=OBL 2K?@O<8B5;L A C42>5=85< =0?@O65=8O 8 M;5:B@>;8B8G5A:8<8
:>=45=A0B>@0<8 2 :0G5AB25 5<:>AB=>9 =03@C7:8, ?@8G5< :0G5AB2> A83=0;0 ?@0:B8G5A:8 7028A8B
POWER AMPLIFIER DVA - 300
B>;L:> >B :0G5AB20 A83=0;0 ?@8<5=O5<>3> ?5@540BG8:0. 010@8B=0O <>I=>ABL B@0=AD>@<0B>@0
?8B0=8O <>65B 1KBL 2A53> =0 10--15% 1>;LH5 <>I=>AB8, ?>42>48<>9 : >:>=5G=><C :0A:04C.
Power amplifier uses one GU-74B, GMI-11 tube, two GI-7B (GI-7BT, GI-6B), GU-72 tubes, three
@><5 B>3>, ?@8 MB>< 53> 2B>@8G=0O >1<>B:0 8<55B 2 420 @070 <5=LH55 G8A;> 28B:>2, 0 A5G5=85
or four GU-50, four 6P45S (6P42S, 6P36S), four G-807 tubes, four G-811 tubes, GK-71. The PA covers
?@>2>40 =0>1>@>B C25;8G8205BAO, GB> >1;53G05B =0<>B:C B@0=AD>@<0B>@0.
160-10 m (also all WARC). It requires 10-40 watts to produce full power. The PA uses AB class (SSB), C
5;8G8=0 0=>4=>3> =0?@O65=8O 2K1@0=0 8AE>4O =5 B>;L:> >B B8?0 ?@8<5=5==KE B@0=AD>@-
class (CW) grounded cathode circuit. The AC power supply is built-in and can be set for 220/230 VAC
<0B>@>2, => B0:65 A CG5B>< ?>;CG5=8O 1>;LH53> 7=0G5=8O 25;8G8=K M:2820;5=B=>3> A>?@>B82;5-
=8O 0=>4=>9 =03@C7:8 (RM = U0 / 2I0 ), B0: :0: ?@8 <0;>< RM ;0<?K @01>B0NB A 1>;LH8<8 0=>4-
SPECIFICATIONS
=K<8 B>:0<8 (<0;> U0), 2A;54AB285 G53> 87-70 C25;8G5=8O B@51C5<>9 <>I=>AB8 @0A:0G:8 C<5=L-
Frequency range & & & & & & & & & & & & & & & & ..& & & ...& & .1.8-28 MHz
H05BAO :0: :0A:040, B0: 8 A@>: A;C61K ;0<?.
Modes& & & & & & & & & & & & & & & & & & & & & & & & & SSB, CW, RTTY
#G8BK20O ?@8<5=5=85 2 CA8;8B5;OE 2:;NG5=8O ;0<? ?> AE5<0< A >1I8< :0B>4><, 8AB>G=8:
Input Power& & & & & & & & & & & & & & & & & ..& & & & & & 650 watts max.
>15A?5G8205B B0:65 ?>;=K9 =01>@ >AB0;L=KE =0?@O65=89: =5>1E>48<KE 4;O @01>BK CA8;8B5;O:
maximum =0?@O65=89 M:@0==>9 8 C?@02;ONI59 A5B>:, =0?@O65=8O =0:0;0 8 A;C651=KE =0?@O65=89,
=5>1E>48<KE 4;O ?8B0=8O F5?59 02B><0B8:8 8 A83=0;L=KE F5?59. 5ACI5AB25==K5 @07;8G8O
Power Output& & & & ...& ...& & & & & & & & & & ..& & ..& & ..300-350 watts
8<5NBAO B>;L:> 2 AE5<5 ?8B0=88 =0:0;L=KE F5?59, >=0 2K?>;=O5BAO 2 7028A8<>AB8 >B =0?@O-65=8O
DriverPower& & & & & & ..& & & & & & & & ...& & & & & & & & & 5-40 watts
=0:0;0 :>=:@5B=>9 ;0<?K, ?@8 MB>< 8A?>;L7CNBAO @07;8G=K5 =0:0;L=K5 B@0=AD>@<0B>@K.
Efficiency& & & & & & & & & & & & & & & & & & & & & ...& & ..& & 55-65%
?@8<5=5=K B>;L:> B@0=AD>@<0B>@K ?@><KH;5==>3> 873>B>2;5=8O, :>B>@K5 ?@>H;8 >AC-
Input/Output impedances& & & & & & & & & & & & & & ..& & & & & 75(50) Om
40@AB25==K5 8A?KB0=8O 2 ?@545;L=KE @568<0E M:A?;C0B0F88 8 >15A?5G820NB 2>7<>6=>ABL
Plate Voltage& & & & & & & ...& & & & & & & & & & .& & & & & ....1300 volts
=5?@5@K2=>9 :@C3;>ACB>G=>9 @01>BK ?@8 =><8=0;L=KE =0?@O65=8OE 8 B>:0E 2 65AB:8E
Harmonics& & & & & & & & & & & & & & & & & .& & & & & & & 35 dB typical
:;8<0B8G5A:8E CA;>28OE, ?>2KH0O B5< A0<K< =0456=>ABL ?@8 M:A?;C0B0F88 CA8;8B5;O. CG8-
Front panel status indicators& & & & & & .& & ..& & & standby, operate, transmit
BK20O B>, GB> A@54=OO <>I=>ABL CA8;8B5;O ?@8 @01>B5 2 @568<5 SSB A>AB02;O5B ?>@O4:0 30% >B
Metering& & & & & & & & & & & & & & & & & & & & ...& & & & .& & ..Ig, Iout
?8:>2>9 <>I=>AB8, 0 4;8B5;L=>ABL ?8:>2 ?>;=>9 <>I=>AB8 ?@8 MB>< 4>AB0B>G=> :@0B:>2@5<5==0,
Primary Power& & & & & & & & & & & & & & & & & & & & ..220/230VAC, 3A
A CA8;8B5;O <>6=> ?>;CG8BL 1>;LHCN 2KE>4=CN <>I=>ABL. !;54C5B CG5ABL, GB>, 5A;8 K
Dimensions& & & & & & & & & & & & & & & & & & . & & .350 x 150 x 350 mm
A>18@05B5AL 8A?>;L7>20BL CA8;8B5;L 4;O @01>BK F8D@>2K<8 2840<8 87;CG5=8O ;81> FM (B.5. ?@8
Weight & & & & & & & & & ...& & & & & & & & .& & & & & & & & & & .25 Kg
@01>B5 ?@54?>;0305BAO ?>AB>O==>5 87;CG5=85 =5ACI59) B> 2 MB>< A;CG05, 2>-?5@2KE, 2>7<>6=K
': A5 AAK;:8 =0 =><5@0 @8AC=:>2 8 G5@B5659 :0A0NBAO A1>@>G=KE
?@>A04:8 0=>4=>3> =0?@O65=8O =5?>A@54AB25==> 4> 25;8G8=K (MDD5:B82=>5 7=0G5=85)
G5@B5659, 0 =5 >?8A0=8O.
=0?@O65=8O 2KE>4=>9 >1<>B:8 B@0=AD>@<0B>@0, GB> ?@82>48B : ?>O2;5=8N 8A:065=89 2KE>4-
> 2A5E ?@82545==KE =865 AE5<0E 8 A1>@>G=KE G5@B560E =C<5@0F8O M;5<5=B>2 8
=>3> A83=0;0, 0 2>-2B>@KE, : ?5@53@52C 8 A>>B25BAB25==> 2KE>4C 87 AB@>O A0<>9 ;0<?K 2KE>4-
45B0;59, 2K?>;=ONI8E >4=> 8 B> 65 =07=0G5=85, A>E@0=5=0 >B AE5<K (G5@B560) : AE5<5
=>3> :0A:040. >MB><C 2 B0:8E A;CG0OE 2KE>4=CN <>I=>ABL =5>1E>48<> A=878BL. @><5 B>3>, A5-
(G5@B56C). A;8 =0 G5@B565 =5B :0:>3>-B> >G5@54=>3> =><5@0 M;5<5=B0 ;81> @07<5@0 =0
B52K5 >1<>B:8 MB8E B@0=AD>@<0B>@>2 A>45@60B >B2>4K, ?>72>;ONI85 8A?>;L7>20BL B@0=AD>@-
G5@B565, MB> 7=0G8B, GB> >= 1K; =0 ?@54K4CI59 AE5<5 (G5@B565) 8 A>>B25BAB25==>, 2=>2L
<0B>@K ?@8 ?>2KH5==>< ;81> ?>=865==>< =0?@O65=88 ?8B0NI59 A5B8, GB> >A>15==> 206=> 4;O
?>O2;ONI85AO M;5<5=BK 8<5NB =><5@, =5 2AB@5G0NI89AO @0=55.
A5;LA:>9 <5AB=>AB8. =0;8G85 C =8E >B2>4>2 2> 2B>@8G=KE >1<>B:0E ?>72>;O5B 2 H8@>:8E ?@5-
45;0E 20@L8@>20BL 25;8G8=>9 0=>4=>3> =0?@O65=8O. 0@80=BK 70<5=K 0=>4=KE B@0=AD>@<0B>@>2
1 . "/ #!"/ )!".
?@82545=K 2 "01;8F51. A5 A:070==>5, =8 2 :>59 <5@5, =5 8A:;NG05B 0H59 8=8F80B82K ?>
A0<>AB>OB5;L=><C 873>B>2;5=8N B@0=AD>@<0B>@>2 ?@8 >BACBAB288 2>7<>6=>AB8 ?@8>1@5B5=8O
@8=F8?80;L=0O AE5<0 1;>:0 ?8B0=8O (2 40;L=59H5< ) 87>1@065=0 =0 @8A.1. 4;O 2A5E
702>4A:8E M:75<?;O@>2. @>AB> ?@8 8E 873>B>2;5=88 =5>1E>48<> CG8BK20BL A;54CNI55:
20@80=B>2 CA8;8B5;59 (70 8A:;NG5=85< 15AB@0=AD>@<0B>@=KE) A>1@0=K ?> AE5<5 C42>5=8O 0=>4-
>-?5@2KE, 2KA>:>2>;LB=0O >1<>B:0 4>;6=0 1KBL =0456=> 87>;8@>20=0 >B 2A5E >AB0;L=KE
=>3> =0?@O65=8O, GB> 2 >A=>2=>< >1CA;>2;5=> B8?>< ?@8<5=O5<KE 4;O ?>;CG5=8O 0=>4=>3> =0-
>1<>B>: (;CGH5 2A53> 55 =0<>B0BL ?>A;54=59).
!B@. 3 87 20. #!" )!" . !. UY0UY
>-2B>@KE, B@0=AD>@<0B>@ 4>;65= 1KBL >1O70B5;L=> =0456=> ?@>?8B0= ;0:><. 0H8 «HM:8 =0?@O65=8O =0:0;0 2 A;CG05 =04>1=>AB8 25=B8;OB>@ <>6=> >AB028BL 2:;NG5==K< (4;O ;0<?,
70G0ABCN =5 A0<>5 8450;L=>5 <5AB> 2 :20@B8@5 (5A;8 2 :20@B8@5!) 8 C25;8G5=85 2;06=>AB8 2>74CE0 @01>B0NI8E A ?@8=C48B5;L=K< >E;0645=85<), =0602 :=>?:C S1 «". ;O C4>1AB20 @01>BK
70G0ABCN O2;O5BAO ?@8G8=>9 ?@>1>O >1<>B>:. 65;0NI85 <>3CB ?0@0;;5;L=> :=>?:5 2:;NG5=8O 25=B8;OB>@0 ?>AB028BL B5@<>@5;5 (=0?@8<5@
!0< ?>@O4>: @0AAG5B0 B@0=AD>@<0B>@>2 =0 65;575 <0@:8 745AL =5 ?@82>48BAO, B0: :0: >= 5-2) 8 B>340 25=B8;OB>@ 1C45B 02B><0B8G5A:8 2:;NG0BLAO ?@8 4>AB865=88 B5<?5@0BC@K 60 3@0-
4CA>2. ;O 4>;3>;5B=59 8 15AHC<=>9 @01>BK 25=B8;OB>@ =5>1E>48<> >1O70B5;L=> ?5@8>48G5A:8
=5>4=>:@0B=> >?8AK20;AO 2 @07;8G=>9 ;8B5@0BC@5, =0?@8<5@ A<. [2] .
>1A;C6820BL: 565<5AOG=> G8AB8BL 8 @07 2 ?>;3>40 A<07K20BL A @071>@:>9 (:>=5G=>, 5A;8 A<07:0
;>: ?8B0=8O CA8;8B5;O >15A?5G8205B A;54CNI85 2KE>4=K5 ?0@0<5B@K:
?@54CA<0B@8205BAO "# =0 25=B8;OB>@).
0=>4=>5 =0?@O65=85 & & & & & & & & & & & & & & & & & .1330 (1500) / 500 mA;
;O ?>;CG5=8O 0=>4=>3>, M:@0==>3> 8 =0?@O65=8O A<5I5=8O ?@8<5=5=K 420 B@0=AD>@<0B>@0
AB018;878@>20==>5 =0?@O65=85 M:@0==>9 A5B:8 & & & & & & & & & 300 / 50 mA;
"262-127/220-50 "@1 8 "@2, 2B>@8G=K5 >1<>B:8 >1>8E B@0=AD>@<0B>@>2 2:;NG5=K ?>A;54>20-
AB018;878@>20==>5 =0?@O65=85 C?@02;ONI59 A5B:8 & & & & & & & 100 / 50 mA;
B5;L=>. @8 =060B88 :=>?:8 S3 « A@010BK205B @5;5 1, :>B>@>5 A2>8<8 :>=B0:B0<8 ?>4-
=0?@O65=85 =0:0;0 (?5@5<5==>5) & & & & & & & .....& 26 / 2,1 A (12,6 / 7,0 A);
:;NG05B : A5B8 (G5@57 ?@54>E@0=8B5;8 FU1 8 FU2) ?5@28G=K5 >1<>B:8 B@0=AD>@<0B>@>2.
=0?@O65=85 ?8B0=8O @5;5 & & & & & & & & & & & & & & & .& & & ..24 / 700 mA;
578AB>@K R1 8 R2 A;C60B 4;O >3@0=8G5=8O A:0G:0 B>:0 70@O40 :>=45=A0B>@>2 C1 - C8 ?@8
=0?@O65=85 ?8B0=8O A83=0;L=KE ;0<? (?5@5<5==>5) & & & & & & & 6,3 / 700 mA.
2:;NG5=88 ?8B0=8O CA8;8B5;O, 8E 25;8G8=0 A>AB02;O5B 3 - 10 <. AE5<0E A B@0=AD>@<0B>@=K<
?8B0=85< 0=>40 M4A A0<>8=4C:F88 2B>@8G=KE >1<>B>: 0=>4=KE B@0=AD>@<0B>@>2 ?@5?OBAB2C5B
':
A:0G:C B>:0 ?@8 2:;NG5=88 ?8B0=8O, ?>MB><C 25;8G8=0 R1 8 R2 2K18@05BAO @02=>9 3 4 <.
1. @8<5=O5<K5 2 AE5<5 C<=>65=8O =0?@O65=8O :>=45=A0B>@K 4>;6=K 8<5BL >48=0:>2>5
A;CG05 2K?>;=5=8O 8AB>G=8:0 ?8B0=8O 0=>4=KE F5?59 CA8;8B5;O ?> 15AB@0=AD>@<0B>@=>9 AE5<5,
=0?@O65=85 CB5G:8.
=03@C7:0 2K?@O<8B5;O AB0=>28BAO G8AB> 5<:>AB=>9. @8 MB>< 7=0G8B5;L=> 2>7@0AB05B ?CA:>2>9 B>:
2. 0?@O65=85 0=>4=>3> 8AB>G=8:0 C:070=> 4;O B@0=AD>@<0B>@>2 "262-127/220-50.
8 ?@8 =><8=0;0E R1 8 R2, @02=KE 3 4 <, ?@8 2:;NG5=88 8AB>G=8:0 8E ?@>2>4OI89 A;>9 <3=>-
3. "0: :0: ?@8 8A?>;L7>20=88 ;0<? -7 2 AE5<0E A >1I59 A5B:>9 =5B =5>1E>48<>AB8 2
25==> 8A?0@O5BAO, A0<8 @578AB>@K ?@8 MB>< 4065 =5 CA?520NB ?>B5<=5BL >B =03@520. 40==>< A;C-
>B45;L=>< 8AB>G=8:5 =0?@O65=8O A<5I5=8O, 25;8G8=C =0?@O65=8O 0=>40 <>6=> C25;8G8BL 4>
G05 =><8=0; @578AB>@>2 =5>1E>48<> C25;8G8BLL 4> 560 1200 <, 0 GB>1K 8A:;NG8BL =0 =8E
1500 2>;LB 70 AG5B 8A?>;L7>20=8O 4;O MB>9 F5;8 4>?>;=8B5;L=> 2:;NG05<KE ?>A;54>20B5;L=>
?045=85 =0?@O65=8O 2 @01>G5< @568<5, =5>1E>48<> 4>1028BL ?CA:>2CN AE5<C, A>1@0==CN =0 R26,
>1<>B>: 15-19 8 21 - 22 B@0=AD>@<0B>@>2 "@.1 8 "@.2. >=45=A0B>@K !1- !8 B8?0 50- 20 ?@8 MB><
C28, K1A, :>B>@0O, ?>A;5 >:>=G0=8O70@O40 C1 - C8, 70:>@0G8205B R1 8 R2 (=0 @8A.1 >1>7=0G5=0
=5>1E>48<> ?><5=OBL =0 50-7 8;8 0=0;>38G=K5, @0AAG8B0==K5 =0 @01>G55 =0?@O65=85 450 . I5
?C=:B8@><). 5;8G8=0 R26, >B :>B>@>9 7028A8B 2@5<O 2:;NG5=8O 1, ?>418@05BAO ?@8 =0AB@>9:5.
;CGH5 ?@8<5=8BL 8<?>@B=K5 :>=45=A0B>@K, =0?@8<5@ D8@<K Samsung , :>B>@K5 =5 B@5-1CNB
578AB>@K R3 - R6 =0>1>@>B A;C60B 4;O @07@O40 C1 - C8 ?@8 2K:;NG5=88 0=>4=>3> =0?@O65-
?>41>@0, ?@0240 8E AB>8<>ABL @070 2 B@8 2KH5.
=8O. 0 @578AB>@0E R9 - R13 ?@>8AE>48B ?045=85 =0?@O65=8O 4> =0?@O65=8O AB018;870F88
4. ;O A8<<5B@8G=>3> ?8B0=8O =8B59 =0:0;0 ;0<? >1<>B:C B@0=AD>@<0B>@0 "@.3, A :>B>@>9
AB018;8B@>=>2 VD11 - VD13, 2:;NG5==KE 2 F5?L M:@0==>9 A5B:8. 5;8G8=0 @578AB>@>2 2K18@0-
15@5BAO =0?@O65=85 =0:0;0 ?@8 2>7<>6=>AB8 ;CGH5 2A53> 2K?>;=8BL A> A@54=59 B>G:>9, :>B>@CN
5BAO 8AE>4O 87 B>:0 AB18;870F88 VD11 - VD13.
=5>1E>48<> ?>A048BL =0 AE5<=CN 75<;N, :0: MB> ?>:070=> =0 @8A.1.2 (MB> >B=>A8BAO :> 2A5<
578AB>@K R(1 8 R(2 ?@54=07=0G5=K 4;O 87<5@5=8O B>:0 0=>40 8 M:@0==>9 A5B:8 A>>B25B-
>?8A0==K< AE5<0<). A;8 >1<>B:0 =5 8<55B A@54=59 B>G:8, 55 ;53:> ?>;CG8BL ?@8 ?><>I8 48>4>2,
AB25==>. !>?@>B82;5=85 @578AB>@>2 7028A8B >B B8?0 ?@8<5=O5<KE ?@81>@>2. "0:, 4;O ?@81>@>2
:0: MB> ?>:070=> =0 @8A..1.3 @8<5=O5<K5 4;O MB>9 F5;8 48>4K 4>;6=K 1KBL @0A-AG8B0=K =0
B8?0 2001 A B>:>< ?>;=>3> >B:;>=5=8O 1,0 m 8E A>?@>B82;5=8O @02=K 0,28(0,14) 8 2,8 < A>>B-
?@>B5:0=85 G5@57 =8E ?>;=>3> B>:0 :0B>40, 0 8E <0:A8<0;L=> 4>?CAB8<>5 >1@0B=>5 =0?@O65=85
25BAB25==>, ?@8 MB>< 8E H:0;K 1C4CB A>>B25BAB2>20BL 500 (1.0 ) 8 50 m 107>2>9 :>=AB@C:F88
4>;6=> 1KBL =5 =5=55 =0?@O65=8O =0:0;0. -B8< B@51>20=8O< >B25G0NB ?@0:B8G5A:8 2A5
87<5@5=85 B>:0 M:@0==>9 A5B:8 =5 ?@54CA<>B@5=>, B.:. MB> B@51C5B 4>?>;=8B5;L=>9 :><<CB0F88
A>2@5<5==K5 <>I=K5 48>4K.
?@81>@0 8 @578AB>@ R(2 AB>8B «=0 ;N18B5;O.
:;NG05BAO =060B85< :=>?:8 S1 «.. @8 MB>< ?8B0=85 ?>405BAO B>;L:> =0 A5B52CN
"01;8F0 1. 5:><5=40F88 ?> 70<5=5 0=>4=KE B@0=AD>@<0B>@>2
>1<>B:C =0:0;L=>3> B@0=AD>@<0B>@0 "@3. ! MB>3> 65 B@0=AD>@<0B>@0 ?>;CG05BAO =0?@O65=85 4;O
0@:0 !>548=5=85 2K2>4>2 0?@O65=85 =0 2B>@. K?@O<. ">: .U@01. ><8=. !65<0
2K?@O<8B5;59, ?8B0NI8E F5?8 C?@02;ONI59 A5B:8, A83=0;L=K5 ;0<?>G:8, @5;5 8 25=B8;OB>@.
B@0=AD>@<0B>@0 2B>@8G=KE >1<>B>: >1<>B:0E B@0=AD>@<. =0?@O6. 0=>4=>9 R9-R13 2:;NG5=8O
A?>;L7>20=85 >B45;L=>3> B@0=AD>@<0B>@0 ?>72>;O5B, 2>-?5@2KE, 2:;NG0BL =0?@O65=85 ?8B0=8O B@0=AD>@<0B>@>2 ! 2K2>4>2 0?@. 0=>40 >1<. C1 -C8 :<** >1<>B>:
0=>40 B>;L:> ?@8 =0;8G88 =0?@O65=8O =0:0;0 8 ?@>3@520 ;0<?, 2>-2B>@KE, A@07C ?>A;5 2:;NG5=8O
20×40 - 80 P301. = 260 B
=0?@O65=8O =0:0;0 ;0<?0 70?8@05BAO >B@8F0B5;L=K< =0?@O65=85< =0 C?@02;ONI59 A5B:5 8 2-
B@5BL8E, MB> ?>72>;O5B 8A?>;L7>20BL CA8;8B5;L 2 456C@=>< @568<5 A 2K:;NG5=85< 2KA>:>3> "264-127/220-50 12 8 13; 14 8 20; 19 8 18 11"@.1- 17"@.2 544 1478 0,445 450 120 :< #42>5=.
"265-127/220-50* 12 8 13; 14 8 20; 19 8 18 11"@.1- 17"@.2 584 1630 0,40 450 140 :< #42>5=.
=0?@O65=8O ?@8 4;8B5;L=>9 @01>B5 @048>AB0=F88 B>;L:> =0 ?@85<..
"266-127/220-50* 12 8 13; 14 8 20; 19 8 18 11"@.1- 17"@.2 600 1680 0,40 450 140 :< #42>5=.
A5 CA8;8B5;8 A=0165=K 25=B8;OB>@0<8 4;O >14C20 ;0<?. -B> <>65B ?@83>48BLAO 2 60@:>5
"267-127/220-50 * 698 980 0,72 350 82 :< >AB>2.
2@5<O 3>40, ?@8 @01>B5 2 A>@52=>20=8OE, 0 B0:65 ?@8 @01>B5 RTTY, PACKET 8 B.4. !E5<0 2K?@O-
"268-127/220-50 * 880 1064 0,66 350 91 : >AB>2.
<8B5;O 4;O ?8B0=8O 25=B8;OB>@0 A>1@0=0 =0 VD15, VD16 8 C13, C14. 'B>1K =0?@O65=85 =0 25=-
"269-127/220-50 * 948 1327 0,532 350 110 :< >AB>2.
B8;OB>@5 ?@8 =03@C7:5 1K;> @02=> 12 , 5<:>ABL :>=45=A0B>@>2 C13, C14 4>;6=0 1KBL ?> 470 <:$.
"270-127/220-50 * 880 1230 0,560 350 100 :< >AB>2.
5=B8;OB>@ >E;0645=8O 2:;NG05BAO ;81> >4=>2@5<5==> A 2:;NG5=85< =0?@O65=8O =0:0;0
20×40 - 100 P301. = 310 B ***
;0<?, ;81> A0<>AB>OB5;L=>, =060B85< :=>?:8 S1 «". 20@80=B0E AE5<K CA8;8B5;O =0 ;0<-
?0E, @01>B0NI8E B>;L:> ?@8 ?@8=C48B5;L=>< >E;0645=88, 8A?>;L7C5BAO 25=B8;OB>@ B8?0 $
"274-127/220-50 12 8 13; 14 8 20; 19 8 18 544 1478 0,50 450 120 :< #42>5=.
71, 8<5NI89 >B=>A8B5;L=> <0;K5 3010@8BK 8 4>AB0B>G=CN ?@>872>48B5;L=>ABL - 45 :C1. <5B@>2
"275-127/220-50 * 698 980 0,80 350 82 :< >AB>2.
2>74CE0 2 G0A. ?0A?>@B5 =0 <5B0;;>AB5:;O=K5 8 <5B0;;>:5@0<8G5A:85 ;0<?K A:070=>, GB> "268-127/220-50 * 880 1064 0,78 350 91 :< >AB>2.
"277-127/220-50 * 948 1327 0,532 350 110 :< >AB>2.
>E;0645=85 =0 ;0<?K 4>;6=> ?>4020BLAO 4> 2:;NG5=8O =0?@O65=8O =0:0;0 8 ?@5:@0I0BLAO =5
"280-127/220-50 * 1110 1554 0,57 450 130 :< >AB>2.
@0=55, G5< G5@57 B@8 <8=CBK ?>A;5 2K:;NG5=8O =0?@O65=8O =0:0;0. >MB><C 2:;NG5=85
25=B8;OB>@0 ?@>872>48BAO 02B><0B8G5A:8 ?@8 2:;NG5=88 :=>?:8 S2 «, 0 ?@8 2K:;NG5=88
!B@. 4 87 20. #!" )!" . !. UY0UY
* - @8 8A?>;L7>20=88 B@0=AD>@<0B>@>2 40==KE B8?>2 AE5<0 2K?@O<8B5;O 2K?>;=O5BAO ?> B5AL - ?0@0 4=59 @01>BK 2 MD8@5 8 2A5 2AB0=5B =0 A2>5 <5AB>. @><5 B>3>, :>=45=A0B>@K >B45;5=K
<>AB>2>9 AE5<5 157 C42>5=8O =0?@O65=8O, 48>4K, ?@8<5=O5<K5 2 MB>< A;CG05, 4>;6=K 1KBL ?5@53>@>4:>9 >B <5AB0 CAB0=>2:8 ;0<? 8 ?@0:B8G5A:8 =5 =03@520NBAO. >>1I5, ?5@54 CAB0=>2:>9 2
@0AAG8B0=K =0 A>>B25BAB2CNI55 =0?@O65=85. AE5<C, 2> 871560=85 ?@>AB@5;0, :>=45=A0B>@K ;CGH5 2A53> >BD>@<>20BL, E>BO 1K ?>B><C, GB> >=8
<>3CB ?>?0ABLAO 80-E 8;8 4065 70-E 3>4>2 2K?CA:0. -B> 45;05BAO ;81> ?5@54 CAB0=>2:>9 8E 2
** - !>?@>B82;5=85 ?>418@05BAO 4> ?>;CG5=8O =>@<0;L=>3> B>:0 AB018;870F88 VD11-VD13.
AE5<C A ?><>ILN ?@>AB59H59 AE5<K, ;81> =5?>A@54AB25==> 2 AE5<5 (A<. 3;02C 5).
*** - @8 8A?>;L7>20=88 B@0=AD>@<0B>@>2 40==KE B8?>2 =5>1E>48<> C25;8G8BL H8@8=C
@>75B:C XP2 2 A;CG05 2>7=8:=>25=8O =5>1E>48<>AB8 <>6=> 2:;NG8BL B@0=A825@, ;81>
H0AA8 4> 160<< 8 A:>@@5:B8@>20BL @0A?>;>65=85 >B25@AB89 4;O :@5?;5=8O B@0=AD>@<0B>@>2,
:0:>5-=81C4L 2A?><>30B5;L=>5 CAB@>9AB2>.
A:>@@5:B8@>20BL @0A:;04:C 8 4;8=C ?@>2>4>2 63CB0, 0 B0:65 C4;8=8BL 45B. 12 - 45B.13 4> 160<<.
0 @07J5< XP8 2K2545=> =0?@O65=85 + 24 (+ 12), :>B>@>5 <>65B 1KBL 8A?>;L7>20=> 4;O
!>>B25BAB25==> 87<5=ONBAO @07<5@K :>@?CA0.
?>4:;NG5=8O ?8B0=8O :><<CB0B>@0 0=B5== 8;8, =0?@8<5@, M;5:B@>==>3> :;NG0.
"01;8F0 2. 5:><5=40F88 ?> 70<5=5 =0:0;L=KE B@0=AD>@<0B>@>2 (")
4;O CA8;8B5;O =0 2-E -7 4;O ?>;CG5=8O A;C651=>3> =0?@O65=8O ?@8<5=5=> 420
:>=45=A0B>@0 (C12, C15), MB> A45;0=> =0 B>B A;CG09, 5A;8, =0?@8<5@ K =5 4>AB0=5B5 =C6=>3>
><8=0;L ">: ?5@28G-
0?@O65=85 2B>@8G=>9 >1<>B:8, ">: 2B>@8G=>9 >1<>B:8,
"8?>=><8=0; =0O =>9 B@0=AD>@<0B>@0 87 A5@88 ", 0 0< ?>?045BAO B@0=AD>@<0B>@, 8<5NI89 @07;8G=K5 ?> B>:C =0-
K2>4K >1<>B>:
B@0=AD>@<0B>@0 <>I=>ABL >1<>B:8,
:0;L=K5 >1<>B:8, =0?@8<5@ "-56. @8 53> ?@8<5=5=88 4;O ?>;CG5=8O B@51C5<>3> B>:0 =0:0;0
7-8 9-10 11-12(13) 14-15(16) 7-8 9-10 11-12(13) 14-15(16)
,
· 1C45B =5>1E>48<> :><18=8@>20BL >1<>B:0<8. ;O ?>;CG5=8O A;C651=>3> =0?@O65=8O K B0:65
1 2 3 4 5 6 7 8 9 10 11
;53:> ?5@5945B5 =0 AE5<C C42>5=8O, 8A?>;L7CO B>;L:> >4=C >1<>B:C 6,3, :0: MB> ?>:070=> =0
"45-127/220-50
2,64 2,16 0,95 0,95
@8A.21 (MB> :0A05BAO 8 4@C38E AE5<).
"46-127/220-50
2,30 2,30 2,30 2,30
58,0 0,53/0,32
"47-127/220-50
0,92 3,50 2,40 2,40
2. ) ! !%+ #!"/
"48-127/220-50
2,40 4,80 1,0 1,0
"49-127/220-50
1,43 4,90 2,90 2,90
"50-127/220-50 ;O ?>AB@>9:8 CA8;8B5;59 ;CGH5 2A53> ?>4E>4OB B5 35=5@0B>@=K5 ;81> <>4C;OB>@=K5 ;0<-
1,60 5,60 2,50 2,50
77,0 0,68/0,40
"51-127/220-50
6,3 6,3 5,0 (6,3) 5,0 (6,3) 1,50 1,50 4,70 4,70
?K, C :>B>@KE 2K2>4 0=>40 @0A?>;>65= >B45;L=> >B 4@C38E 2K2>4>2 8 =0E>48BAO A25@EC. @8 B0-
"52-127/220-50
0,45 5,90 3,0 3,0
:>9 :>=AB@C:F88 ;0<?K ?@8 <>=B065 CA8;8B5;O ?@>I5 @0745;8BL 4@C3 >B 4@C30 0=>4=K5, A5B>G-
"53-127/220-50
0,82 3,20 5,70 5,70
=K5 8 =0:0;L=K5 F5?8, GB> C<5=LH8B 25@>OB=>ABL 8E 2708<=>3> 2;8O=8O, 0 A>>B25BAB25==> 8
"54-127/220-50
2,20 4,45 4,45 4,45
A:;>==>ABL CA8;8B5;O : A0<>2>71C645=8N ?@8 2:;NG5=88.
"55-127/220-50 78,0 0,68/0,40 0,76 0,76 7,0 7,0
@8=F8?80;L=0O AE5<0 2KA>:>G0AB>B=>9 G0AB8 CA8;8B5;O <>I=>AB8 ?@82545=0 =0 @8A.2.
"56-127/220-50
5,40 3,40 3,40 3,40
!E5<0 0=>4=>9 G0AB8 107>2>3> CA8;8B5;O O2;O5BAO >1I59 4;O 2A5E 20@80=B>2 8 2K?>;=5=0 ?>
"57-127/220-50
1,64 3,0 5,50 5,50
AE5<5 ?0@0;;5;L=>3> ?8B0=8O. =>4=K9 :>=BC@ ?@54AB02;O5B A>1>9 B@048F8>==K9 -:>=BC@, A>-
"01;8F0 3. 5:><5=40F88 ?> 70<5=5 B@0=AD>@<0B>@>2 (") AB>OI89 87 480?07>==KE :0BCH5: L4 8 L5, 0=>4=>3> :>=45=A0B>@0 C20, :>=45=A0B>@0 A2O78 A
0=B5==>9 C21. 48=AB25==>9 >A>15==>ABLN AE5<K O2;O5BAO 2:;NG5=85 0=B5==K ?@85<=8:0 2
><8=0;L= ">: ?5@28G-
">:
0?@O65=85 2B>@8G=>9 >1<>B:8,
3>@OG89 :>=5F -:>=BC@0 2KE>4=>3> :0A:040, GB> 40;> 4>?>;=8B5;L=CN A5;5:B82=>ABL A83=0;0
"8?>=><8=0; 0O =>9
2B>@8G=>9
K2>4K >1<>B>:
B@0=AD>@<0B>@0 <>I=>ABL, >1<>B:8,
>1<>B:8, =0 ?@85<5. @8 B0:>< 2:;NG5=88 ?>O28;0AL 2>7<>6=>ABL =0AB@>9:8 :>=BC@0 =0 ?5@540GC 2
11-12 13-14 15-16 17-18 19-20 21-22
·
E>;>4=>< @568<5. -B> 8A:;NG8;> @568< ?5@5=0?@O65=8O CA8;8B5;O ?@8 @0AAB@>5==>< :>=BC@5
1 2 3 4 5 6 7 8 9 10
2 @568<5 =0AB@>9:8, B0: :0: >?5@0F8O =0AB@>9:8 ?@>872>48BAO G8AB> 2 @568<5 ?@85<0 157
"278-127/220-50
5,0 5,0 10,0 10,0 1,35 1,35 2,20
?>40G8 2KA>:>3> =0?@O65=8O 8 87;CG5=8O A83=0;0 2 MD8@, ?@8G5< ?@8 MB>< =0AB@>9:8 2 @568<5
"279-127/220-50
5,0 5,0 20,0 20,0 5,0 5,0 1,20
72,0 0,72/0,42
"280-127/220-50 ?@85<0 8 ?5@540G8 ?@0:B8G5A:8 A>2?040NB, =51>;LH>5 @07;8G85 =01;N405BAO B>;L:> =0 480?07>=5
10,0 10,0 9,93 9,93 2,64 2,64 1,60
"281-127/220-50
10,0 10,0 20,0 20,0 2,62 2,62 1,10
10 <5B@>2. 'B>1K C<5=LH8BL "HC<" ;0<?K 2> 2@5<O ?@85<0 70 AG5B >AB0B>G=>3> B>:0 G5@57 =55
"287-127/220-50
5,0 5,0 10,0 10,0 2,63 2,63 2,55
(8=0G5 AB018;8B@>=K =5 1C4CB @01>B0BL, B.:. ?@8 <0;KE B>:0E ?@>AB>, =5 2K94CB =0 @568< AB018-
90,0 0,90/0,530
"288-127/220-50
5,0 5,0 20,0 20,0 1,33 1,33 1,70
;870F88), 70?8@0NI55 ;0<?C >B@8F0B5;L=>5 =0?@O65=85 2K1@0=> 4>AB0B>G=> 1>;LH8<.
-:A?5@8<5=BK, ?@>2545==K5 ?@8 :>=AB@C8@>20=88 CA8;8B5;59, ?>:070;8, GB> ?@8 =>@<8@-
AB>G=8: =0?@O65=8O A<5I5=8O C?@02;ONI59 A5B:8 ;0<?K B0:65 2K?>;=5= ?> AE5<5 C42>-
20==>< 2E>4=>< A>?@>B82;5=88 ?@85<=8:0 (R 2E). @02=>< 75 (50) <, 7=0G5=85 5<:>AB8 :>=45=-
5=8O =0?@O65=8O =0 48>40E VD5, VD6 8 :>=45=A0B>@0E C10, C11, 40;55 =0?@O65=85 A<5I5=8O
A0B>@0 A2O78 C19, 2:;NG5==>3> 2 "3>@OG89" :>=5F :>=BC@0, 4>;6=0 1KBL =5 <5=55 15?$. ?@>-
AB018;878@C5BAO AB018;8B@>=>< VD14. 5@5<5==K5 @578AB>@K R22 8 R23 ?@54=07=0G5=K 4;O
B82=>< A;CG05 A83=0; =0 2E>45 ?@85<=>3> B@0:B0 1C45B 8<5BL 1>;LH>5 70BCE0=85, >4=0:> ?@8 MB><
CAB0=>2:8 B>:0 ?>:>O ;0<? 2 @568<5 SSB 8 CW A>>B25BAB25==>. ">G=>5 7=0G5=85 =0?@O65=8O @0-
25;8G8=0 5<:>AB8 :>=45=A0B>@0 2 480?07>=5 10 <5B@>2 AB0=>28BAO A>87<5@8<>9 A 25;8G8=>9 5<-
1>G59 B>G:8 CAB0=02;8205BAO ?> <8=8<C<C 2=5?>;>A=KE 87;CG5=89. 1 MB>< A;54C5B ?><=8BL ?@8
:>AB8 0=>4=>3> :>=45=A0B>@0 C20, GB> 8 ?@82>48B : =5:>B>@>9 @07=8F5 2 =0AB@>9:0E. @><5 B>3>,
70<5=5 ;0<?, 25;8G8=C B>:0 ?>:>O =>2>9 ;0<?K A;54C5B CAB0=02;820BL @02=>9 8AE>4O 87 2KH5
AC<<0@=0O 5<:>ABL MB8E :>=45=A0B>@>2 AB0=>28BAO C65 7=0G8B5;L=>9 4;O 480?07>=0 10 <5B@>2, 2
87;>65==>3> CA;>28O. K1>@ @568<0 ?@>872>48BAO ?5@5:;NG0B5;5< S4 «SSB-CW.
A2O78 A G5< <>3CB 2>7=8:=CBL B@C4=>AB8 A =0AB@>9:>9 :>=BC@0 =0 ?5@540GC, B0: :0: ?@8 ?5@540G5
;O A3;06820=8O ?C;LA0F89 0=>4=>3> =0?@O65=8O ?@8<5=5=K M;5:B@>;8B8G5A:85 :>=45=-
C19 ?>4:;NG05BAO ?0@0;;5;L=> :>=45=A0B>@C C20, ?>MB><C ?>A;54=89 4>;65= 8<5BL :0: <>6=>
A0B>@K <0@:8 50-20. '0AB> 2 ;8B5@0BC@5 ?8H5BAO, GB> 8E ?@8<5=5=85 2 A2O78 A BO65;K< B5?;>-
<5=LHCN =0G0;L=CN 5<:>ABL (70 8A:;NG5=85< 20@80=B0 E).
2K< @568<>< 2=CB@8 :>@?CA0 CA8;8B5;O =565;0B5;L=> 8 ?@82>4OBAO <=>3>G8A;5==K5 4>2>4K.
B ?@8<5=5=8O =0 2E>45 CA8;8B5;O H8@>:>?>;>A=KE B@0=AD>@<0B>@>2 (("), ?>2KH0-
4=0:> 4204F0B8;5B=89 ;8G=K9 >?KB >1A;C6820=8O - B8?0 «8=A:-32, «!-1022 8 «!-
NI8E 2E>4=>5 =0?@O65=85 2>71C645=8O 242>5 (4;O AE5< A >1I8< :0B>4><) ?@8H;>AL >B:070BLAO.
1045, @01>B0NI8E :@C3;>ACB>G=> <5AOF0<8 157 2K:;NG5=8O ?8B0=8O 4>:070;, GB> 254CB A51O >=8
K;8 ?@>2545=K <=>3>G8A;5==K5 M:A?5@8<5=BK, 8A?>;L7>20;8AL :>;LF0 ?@>=8F05<>ABLN >B 1000
>G5=L =0456=>. 48=AB25==>5, G53> =5 ;N1OB MB8 :>=45=A0B>@K - B0: MB> 4;8B5;L=>3> ?@>AB>O 157
4> 20 ', 87<5=O;8AL G8A;> 28B:>2 >1<>B>: 8 H03 A:@CB:8 ?@>2>40, 4;O :><?5=A0F88 7020;0
?>40G8 =0?@O65=8O. "0:, GB> 5A;8 ?@8 ?5@2>=0G0;L=>< 2:;NG5=88 CA8;8B5;O 8;8 ?@8 53> 2:;N-
E0@0:B5@8AB8:8 =0 ' ?@8<5=O;AO ?>A;54>20B5;L=> 2:;NG5==K9 :>=BC@, 87<5=O;0AL AE5<0 2:;N-
G5=88 ?>A;5 4;8B5;L=>3> ?@>AB>O (B@8 <5AOF0 8 1>;55), 0< 1C4CB C:07K20BL =0 «D>=, =5 2>;=C9-
G5=8O >1<>B>: (" 8 2A5 @02=> 1K;8 ?>;CG5=K ?@8<5@=> >4=8 8 B5 65 @57C;LB0BK. 0, :0:
!B@. 5 87 20. #!" )!" . !. UY0UY
B@0=AD>@<0B>@ A>?@>B82;5=8O 2> 2A5< 480?07>=5 >= @01>B05B 25;8:>;5?=>, => =0 G0AB>B0E 2KH5 480<. 8<< 4;O CAB0=>2:8 ?5@5:;NG0B5;O S7 2 3 . 5;0NBAO A>>B25BAB2CNI85 87<5=5=8O 2 AE5<5
11 <F 0<?;8BC40 A83=0;0 =0G8=0;0 ?040BL, 0 =0 28 <F 55 C@>25=L 1K; 2 420 @070 =865 C@>2=O ?@>:;04:8 63CB0.
2E>4=>3> A83=0;0, 0 CG8BK20O A=865=85 :>MDD8F85=B0 CA8;5=8O A0<8E AE5< A A @>AB>< A;8 2 40==>< 20@80=B5 =0 ?@85<5 -:>=BC@ CA8;8B5;O =5 8A?>;L7C5BAO, ' G0ABL CA8;8B5;O
G0AB>BK, ?>;CG8;8 A>>B25BAB2CNI89 @57C;LB0B. "0:8< >1@07><, 2KOA=8;>AL, GB> >4=8< (" 2K?>;=O5BAO A>3;0A=> @8A.2.8 8 @8A.2.9, 5A;8 ?@8 MB>< 5I5 =5>1E>48< 8 @568< «%, B> =0
=5;L7O ?5@5:@KBL ?>;>AC ?@0:B8G5A:8 2 28 <F, G53> 8 A;54>20;> >6840BL, ?@8<5=BL 65 =5A:>;L- H0AA8 4>?>;=8B5;L=> CAB0=02;8205BAO @5;5 6, =0 ?5@54=59 ?0=5;8 CAB0=02;8205BAO :=>?:0 S6
:> (" ?>;CG05< B5 65 A0<K5 2E>4=K5 480?07>==K5 :>=BC@0. > ?@8<5=5=85 2E>4=KE 480?0- «%. >=B06 2 MB>< A;CG05 2545BAO A>3;0A=> @8A.2.10 8 @8A.2.11.
7>==KE :>=BC@>2 =0 2E>45 CA8;8B5;O A@07C 65 7=0G8B5;L=> CA;>6=O5B 8 C4>@>605B 53> :>=AB@C:- A5 CA8;8B5;8 A=0165=K 2AB@>5==K<8 ?@81>@0<8, ?>72>;ONI8<8 2 ?@>F5AA5 M:A?;C0B0F88
F8N. -B> B0:65 ?@82>48B : CA;>6=5=8N 8 AE5<K :><<CB0F88, B0: 2 MB>< A;CG05 =5>1E>48<> :>=B@>;8@>20BL A>AB>O=85 0=B5==>-D845@=>3> E>7O9AB20 (!-<5B@), 0 B0:65 ?@81;878B5;L=> 87-
?@8<5=5=85 4>?>;=8B5;L=KE @5;5 4;O :><<CB0F88 2E>4=KE :>=BC@>2, ;81> =5>1E>48<0 8E <5E0- <5@OBL <>I=>ABL =0 2KE>45 CA8;8B5;O. ;O MB>9 F5;8 8A?>;L7>20=0 3>B>20O 8 E>@>H> 70@5:>-
=8G5A:0O A2O7L A ?5@5:;NG0B5;5< 2KE>4=>3> -:>=BC@0, GB> 2 8B>35 2545B : 70B@C4=5=8N ?>2B>- <5=4>202H0O A51O AE5<0 .. !:@K?=8:0, ?@82545==0O 2 :=835 «@81>@K 4;O :>=B@>;O 8 =0;0-
@O5<>AB8 AE5<K <0;>:20;8D8F8@>20==K<8 @048>;N18B5;O<8. %>BO :>=5G=> <0;>:20;8D8F8- 6820=8O @048>;N18B5;LA:>9 0??0@0BC@K, B>;L:> 2 >B;8G85 >B 02B>@0 2 =59 4;O C4>1AB20 ?>;L-
@>20==K9 @048>;N18B5;L A ?5@2>9 :0B53>@859 ?0@04>:A, => 2A5 65. AB5AB25==>, ?@8 65;0-=88 7>20=8O ?@81>@>< 8A?>;L7CNBAO A@07C 420 AB@5;>G=KE 8=48:0B>@0. 5@2K9 87 =8E ?>:07K205B
K <>65B5 8A?>;L7>20BL >10 20@80=B0 (70>4=> 8 A0<>AB>OB5;L=> ?@>25@8BL 2A5 2KH5A:0-70==>5). C@>25=L ?040NI59 2>;=K, 0 ?> 2B>@><C A@07C 65 <>6=> >F5=8BL ?>:070=8O ! 0=B5==>-D845@-
!E5<K 2>7<>6=KE 20@80=B>2 ?>4:;NG5=8O (" =0 2E>45 CA8;8B5;O ?@82545=K =0 @8A.2C2 =>9 A8AB5<K. :;NG05BAO !-<5B@ =060B85< :=>?:8 S5.
A;8 K 2A5 65 A>18@05B5AL ?>AB028BL =0 2E>45 CA8;8B5;O 480?07>==K5 :>=BC@0, ;81> ?;0- "5?5@L >B45;L=> E>B5;>AL 1K 2K45;8BL 2>?@>A >1 8A?>;L7>20=88 ;0<?, >A>15==> AB0@KE 3>-
=8@C5B5 8A?>;L7>20BL A>2<5AB=> A CA8;8B5;5< B@0=A825@K B8?0 RA3AO, # -84 ;81> 0=0;>38G- 4>2 ?@>872>4AB20. ?OBL 65 1KBC5B <=5=85 > B><, GB> AB0@K5 ;0<?K, ?@>;5602H85 =0 A:;040E
=K5 8<, :>B>@K5 A>45@60B H8@>:>?>;>A=K5 CA8;8B5;8 =51>;LH>9 <>I=>AB8 (4> 5 B) 8 <>I- 45AOBL 8 1>;55 ;5B, =5;L7O 8A?>;L7>20BL 2 <>I=KE :0A:040E, @01>B0NI8E ?@8 2KA>:8E =0?@O-
=>AB8 :>B>@KE =54>AB0B>G=> 4;O @0A:0G:8 <>I=>3> 2KE>4=>3> :0A:040, 0 A>>@C60BL 4>?>;=8- 65=8OE, B.:. 2>7<>65= ?@>1>9 ;81> @07@O4 2=CB@8 ;0<?K 2A;54AB285 G0AB8G=>9 ?>B5@8 8<8 87-70
B5;L=K9 :0A:04 =5B 2>7<>6=>AB8 87-70 =54>AB0B:0 <5AB0 2 :>@?CA5 B@0=A825@0, 2 MB>< A;CG05 <>6- AB0@>AB8 20:CC<0. A>15==> >E>B=> MB> <=5=85 ?>445@6820NB ?5@5:C?I8:8 ;0<? (?> 8725AB=K<
=> =0 2E>45 CA8;8B5;O CAB0=>28BL ?>;>A>2K5 D8;LB@K. CGH5 2A53> 4;O MB>9 F5;8 8A?>;L7>20BL ?@8G8=0<). 59AB28B5;L=>, ?@8 4;8B5;L=>< E@0=5=88 ;0<? 8E 45B0;8 8 >1>;>G:0 <>3CB 2K45;OBL
:>=BC@0 A 8=4C:B82=>9 A2O7LN, :>B>@K5 2>-?5@2KE, >15A?5G820NB 30;L20=8G5A:CN @072O7:C (GB> =5:>B>@>5 :>;8G5AB2> 3070. @8 MB>< =587156=> CEC4H05BAO 20:CC<, =5>1E>48<K9 4;O CAB>9-
O2;O5BAO >1O7OB5;L=K< CA;>285< 4;O 15AB@0=AD>@<0B>@=KE AE5<) 8, 2>-2B>@KE, - E>@>HCN 480?0- G82>9 @01>BK 8 >15A?5G5=8O AB018;L=KE ?0@0<5B@>2 ;0<?. 4=0:>, 2 1>;LH8=AB25 A;CG052 <>6=>
7>==CN D8;LB@0F8N. !E5<0 2E>4=>9 G0AB8 CA8;8B5;O A B0:8<8 D8;LB@0<8 ?@82545=0 =0 @8A.2.22 C;CGH8BL 20:CC< 2=CB@8 ;0<?K 8 A45;0BL 55 2?>;=5 ?@83>4=>9 4;O @01>BK ?CB5< A?5F80;L=>9
(4;O AE5< A ) -2.24(4;O AE5< A !), 0 G5@B56 C=825@A0;L=>9 ?;0BK - =0 @8A13. B@5=8@>2:8 ;0<?K. >MB><C ?@8 ?5@2>< 2:;NG5=88 ;0<?K ?>A;5 4;8B5;L=>3> E@0=5=8O, 0 B0:65
107>2>< 20@80=B5 AE5<K CA8;8B5;O >BACBAB2C5B @568< «%, B0: :0: CA8;8B5;L =5 ?>A;5 ?@51K20=8O 2 =5@01>G5< A>AB>O=88 1>;55 ?>;C3>40 ;0<?K =5>1E>48<> >1O70B5;L=> ?>4-
?@54=07=0G0;AO 4;O ?@>2545=8O <5AB=KE A2O759. B><C 65, 2>-?5@2KE, 4;O ?@>2545=8O <5AB=KE 25@3=CBL B@5=8@>2:5, :>B>@CN ?@8=OB> =07K20BL "65ABG5=85<".
QSO ACI5AB2C5B B5;5D>=, ! 8 144 <F, 2>-2B>@KE, 2 =0AB>OI55 2@5<O 4065 ?>GB8 2A5 =0H8 @8 =0;8G88 8A:@>2>3> B5G58A:0B5;O ?@>25@:C 20:CC<0 <>6=> ?@>25AB8 A;54CNI8< >1@0-
«home made A=0165=K @53C;OB>@0<8 2KE>4=>9 <>I=>AB8 8, 2-B@5BL8E, 5A;8 48=0<8:0 048> 7><: ?@>2>4=8:>< A 2KA>:>G0AB>B=K< ?>B5=F80;>< >B 8A:@>2>3> B5G58A:0B5;O :0A0NBAO >4=>3> 87
0H53> :>@@5A?>=45=B0 ?> 4><C =5 ?>72>;O5B 5<C A;CH0BL 0A, <>6=> ?>15A54>20BL A =8< ?@>AB> M;5:B@>4>2 ;0<?K 8;8 AB5:;O=>3> 10;;>=0 8 =01;N40NB ?@8 MB>< E0@0:B5@ A25G5=8O. > 8715-
A84O =0 ;02>G:5 2> 42>@5 (AJM:>=><82 "?@8 MB>< QSO" =0 M;5:B@>M=5@38N 4;O A2O78 A DX). 60=85 ?@>1>O =5 A;54C5B :0A0BLAO AB5:;0 2 >4=>< <5AB5 1>;55 2-3 A5:. 715309B5 B0:65 ?>?040=8O
A;8 K 2A5 65 E>B8B5 8<5BL 2 CA8;8B5;5 @568< « % , 2 AE5<C ' G0AB8 CA8;8B5;O 8A:@K =0 <5AB0 A?052 <5B0;;0 A> AB5:;><.
=5>1E>48<> 2=5AB8 87<5=5=8O A>3;0A=> @8A.2.1 8 @8A.2.2, ?@8 MB>< =0 H0AA8 (@8A.11) 4>?>;- !B5?5=L 20:CC<0 >?@545;O5BAO ?> A;54CNI8< ?@87=0:0<:
=8B5;L=> CAB0=02;8205BAO @5;5 5, 0 =0 ?5@54=59 ?0=5;8 - @5;5 3 ?@8 ?><>I8 A:>1K ?>7.106. 0) >BACBAB285 A25G5=8O 8;8 A;01>5 ?>25@E=>AB=>5 A25G5=85 (D;>C@5AF5=F8O AB5:;0) 75;5=>-
MB>< A;CG05, :0: 2 ?5@54=59 ?0=5;8 CA8;8B5;O, B0: 8 2 D0;LH?0=5;8 4>?>;=8B5;L=> A25@;OBAO 3> 8;8 3>;C1>3> F25B0 C:07K205B =0 =0;8G85 2KA>:>3> 20:CC<0;
>B25@AB8O ?>4 :=>?:C S6 - «%, 45;0NBAO A>>B25BAB2CNI85 87<5=5=8O 2 AE5<5 ?@>:;04:8 2) >1J5<=>5 A25G5=85 3070 3>;C1>3> F25B0 C:07K205B =0 B>, GB> ;0<?0 "307=0O". "0:0O ;0<?0
63CB0. 4> 2:;NG5=8O 2 @01>GCN AE5<C 4>;6=0 1KBL ?@5420@8B5;L=> ?>425@3=CB0 "65ABG5=8N";
A;8, K =5 ?@54CA<0B@8205B5 8A?>;L7>20=85 -:>=BC@0 CA8;8B5;O 2 ?@85<=>< B@0:B5, :><- A) >1J5<=>5 8=B5=A82=>5 A25G5=85 3070 @>7>2>3> F25B0 C:07K205B =0 B>, GB> 2 ;0<?C ?@>=8-
<CB0F8O 0=B5==K >ACI5AB2;O5BAO A>3;0A=> @5:><5=40F8O<, ?@82545==K< =0 @8A.2.3. MB>< A;C- :05B 2>74CE;
G05 @5;5 3 CAB0=02;8205BAO =0 ?5@54=59 AB5=:5 ?@8 ?><>I8 A:>1K ?>7.106, >B?0405B =5>1- d) 5A;8 <564C M;5:B@>40<8 2=CB@8 ;0<?K ?@>A:0:8205B 8A:@0, B> MB> C:07K205B =0 =0;8G85 2
E>48<>ABL 2 :>=45=A0B>@5 C19, 0 =0 ?5@53>@>4:5 ' 1;>:0 >B25@AB8O 4;O :@5?560 3 =5 A25@- ;0<?5 ?>;=>3> 0B<>AD5@=>3> 402;5=8O.
;OBAO. !>>B25BAB25==> 45;0NBAO 87<5=5=8O 8 2 AE5<5 ?@>:;04:8 63CB0. 5ABG5=85 ;0<?K <>6=> ?@>872>48BL ;81> =5?>A@54AB25==> 2 CA8;8B5;5, 2 :>B>@>< ;0<?0
A;CG05 8A?>;L7>20=88 4;O @01>BK A CA8;8B5;5< B@0=A825@0, 2 :>B>@>< :><<CB0F8O 0=B5=- 1C45B @01>B0BL, ;81> 2 A?5F80;L=>9 CAB0=>2:5, ?@8 =0;8G88 B0:>2>9.
=K A ?@85<0 =0 ?5@540GC ?@>872>48BAO =5?>A@54AB25==> 2 A0<>< B@0=A825@5, 2 ?@8=F8?80;L=CN 5:><5=4C5BAO A;54CNI89 ?>@O4>: 65ABG5=8O ;0<? :
AE5<C ' G0AB8 CA8;8B5;O =5>1E>48<> 2=5AB8 87<5=5=8O A>3;0A=> @8A.2.4 8 @8A.2.5. @8 MB>< 1. K45@60BL ;0<?C ?@8 =>@<0;L=>< =0?@O65=88 =0:0;0 (157 4@C38E ?8B0NI8E
@07J5< XP1 =0 704=59 ?0=5;8 CA8;8B5;O (@8A.4) =5 CAB0=02;8205BAO 8, A>>B25BAB25==> >B25@AB85 =0?@O65=89) 20-30 <8=.
?>4 =53> =5 A25@;8BAO. 0 H0AA8 (@8A.11) 4>?>;=8B5;L=> CAB0=02;8205BAO @5;5 5 8 2=>AOBAO 2. :;NG8BL >B@8F0B5;L=>5 =0?@O65=85 A5B:8.
A>>B25BAB2CNI85 87<5=5=8O 2 AE5<5 ?@>:;04:8 63CB0. A;8 =0 ?@85<5 -:>=BC@ CA8;8B5;O =5 3. :;NG8BL =0?@O65=85 0=>40, =5 ?@52KH0NI55 ?>;>28=K =><8=0;L=>3> 7=0G5=8O,
8A?>;L7C5BAO, 2 AE5<C 2=>AOBAO 87<5=5=8O A>3;0A=> @8A.2.5 8 @8A.2.6, 0 5A;8 ?@8 MB>< =5>1E>48< 2K45@60BL 5-10 <8= 8 70B5< ?>2KH0BL 53> ABC?5=O<8 G5@57 150 - 200 4>
5I5 8 @568< % - A>3;0A=> @8A.2.6 8 @8A.2.2. =><8=0;L=>3> 7=0G5=8O, 2K45@6820O =0 :064>9 ABC?5=8 5-10 <8=. @8
@8 8A?>;L7>20=88 CA8;8B5;O :0: A>2<5AB=> A B@0=A825@><, 8<5NI8< 2=CB@5==NN :><<C- ?@81;865=88 : =><8=0;L=><C 7=0G5=8N =0?@O65=8O 2@5<O 2K45@6:8 =0 :064>9
B0F8N 0=B5==K, B0: 8 AB@0=A825@><, 8<5NI8< @0745;L=K5 3=5740 ?@85<=>9 8 ?5@540NI59 0=- ABC?5=8 A;54C5B =5<=>3> C25;8G8BL (4> 15-20 <8=).
B5==, ' G0ABL CA8;8B5;O 2K?>;=O5BAO A>3;0A=> @8A.2.7 8 @8A.2.8. 0 H0AA8 CAB0=02;8205BAO
@5;5 5, @5;5 3 CAB0=02;8205BAO =0 ?5@54=59 ?0=5;8 , =0 704=59 ?0=5;8 A25@;8BAO >B25@AB85
!B@. 6 87 20. #!" )!" . !. UY0UY
A;8 ?@8 ?>2KH5=88 =0?@O65=8O 2 ;0<?5 ?@>87>945B @07@O4, A;54C5B A=878BL =0?@O65=85 =0 B8G5A:8< M:@0=><, @07<5I5==K< <564C 0=>4>< 8 :0B>4><, B.5. <564C 2E>4>< 8 2KE>4>< 8,
>4=C ABC?5=L, 2K45@60BL 10-15 <8= 8 70B5< A=>20 ?>2KH0BL =0?@O65=85 ABC?5=O<8 4> =>@- A>74020O ?@8 MB>< E>@>HCN @072O7:C, ?>72>;O5B ?>2KA8BL 3@0=8G=CN G0AB>BC CA8;8205<KE
<0;L=>3>. BACBAB285 ?@>1>52 A2845B5;LAB2C5B > B><, GB> 20:CC< 2 ;0<?5 ?>2KA8;AO. A83=0;>2. =54>AB0B:0< A;54C5B >B=5AB8 =87:>5 2E>4=>5 A>?@>B82;5=85, 2A;54AB285 G53> AE5<0
;O ?@54>E@0=5=8O ;0<?K >B ?>2@5645=89 2 A;CG05 ?@>1>O 2 0=>4=CN F5?L ?@8 65ABG5=88
8<55B <0;K9 :>MDD8F85=B CA8;5=8O ?> <>I=>AB8 (@ H" 10-20 @07), ?>MB><C 4;O ?>;=>9 @0A:0G:8
=5>1E>48<> 2:;NG0BL A>?@>B82;5=85 2 3-5 @07 1>;LH5 >1KG=>3> >3@0=8G8B5;L=>3> A>?@>B82;5- CA8;8B5;O B@51C5BAO 1>;LH0O ?>42>48<0O <>I=>ABL 2>71C645=8O. 0<?K, ?@54=07=0G5==K5 4;O
=8O, 2:;NG05<>3> ?@8 =>@<0;L=>9 @01>B5 ;0<?K. :>=F5 65ABG5=8O, ?@8 >BACBAB288 @07@O4>2, 25- ;8=59=>3> CA8;5=8O A83=0;>2 2 @568<5 , 2 AE5<5 A ! 8A?>;L7>20BL =5 @0F8>=0;L=>, B0: :0:
;8G8=C A>?@>B82;5=8O A;54C5B C<5=LH8BL 4> =><8=0;L=>3> 7=0G5=8O.
?@8 MB>< =5 8A?>;L7C5BAO 8E >A=>2=>5 4>AB>8=AB2> 2KA>:89 :>MDD8F85=B CA8;5=8O. 5
@8 ?>2KH5=88 =0?@O65=8O =5>1E>48<> A;548BL 70 B5<, GB>1K <>I=>AB8, @0AA58205<K5
@5:><5=4C5BAO 8A?>;L7>20BL B0:65 B5 B5B@>4K 8 ?5=B>4K, C :>B>@KE ;CG5>1@07CNI85 ?;0AB8=K
M;5:B@>40<8, =5 ?@52KH0;8 ?@545;L=> 4>?CAB8<KE 7=0G5=89. 53C;8@>2:C B>:0 0=>40 <>6=>
;81> B@5BLO A5B:0 A>>B25BAB25==> A>548=5=K A :0B>4>< 2=CB@8 ;0<?K, B0: :0: >=8 A:;>==K 2 40=-
?@>872>48BL 87<5=5=85< =0?@O65=8O A<5I5=8O A5B:8.
=>< 2:;NG5=88 : A0<>2>71C645=8N.
>A;5 B>3>, :0: =0?@O65=85 0=>40 4>2545=> 4> =><8=0;L=>3> @01>G53> 7=0G5=8O 8 2 B5G5=85
0<?0 -7, -7", -6, -23, -46, !-9 (20@80=B ) 865 ?@82545==0O
20-30 <8= =5 1C45B @07@O4>2 8;8 :0:8E-;81> =5=>@<0;L=>AB59 2 @01>B5 ;0<?K, @5:><5=4C5BAO
AE5<0 ?@54=07=0G5=0 4;O A>2<5AB=>9 @01>BK A B@0=A825@0<8, 8<5NI8<8 2KE>4=CN <>I=>ABL 20-
C25;8G8BL =0?@O65=85 0=>40 =0 5-10% 2KH5 =><8=0;0 8 2K45@60BL 10-15 <8=. >A;5 MB>3>, ?@8
40 20BB. ;O @01>BK A QRP 8;8 QRPP 0??0@0B0<8 =0 2E>45 B0:>3> CA8;8B5;O =5>1E>48<> 2:;N-
>BACBAB288 @07@O4>2, ;0<?C <>6=> 2:;NG0BL 2 @01>BC.
G8BL 4>?>;=8B5;L=K9 ?@5420@8B5;L=K9 CA8-
5ABG5=85 <>6=> B0:65 ?@>872>48BL 2 48=0<8G5A:>< @568<5. MB>< A;CG05 ;0<?0 2:;N-
;8B5;L. C0< CA8;8B5;L 2K?>;=5= =0 42CE B@8-
G05BAO ?@8 ?>=865==KE 7=0G5=8OE ?8B0NI8E =0?@O65=89 8, ?>A;5 2K45@6:8 2 B5G5=85 5-10 <8=,
>40E -7 (B0: :0: 2A5 2KH5 ?5@5G8A;5==K5
=0?@O65=8O 8 =03@C7:0 <54;5==> ?>2KH0NBAO ABC?5=O<8 4> =>@<0;L=KE 7=0G5=89.
;0<?K 8<5NB ?@8<5@=> >48=0:>2K5 >A=>2-
:;NG5=85 ?>;=>3> =0?@O65=8O 0=>40 4>;6=> ?@>872>48BLAO ?@8 =0AB@>5==>< :>=BC@5.
=K5 M;5:B@8G5A:85 ?0@0<5B@K 8 35><5B@8G5A-
?@>B82=>< A;CG05 2>7<>65= 2KE>4 ;0<?K 87 AB@>O 2A;54AB285 ?@>1>O. A;8 ;0<?0 ?@8 ?>;=>9
:85 @07<5@K, @0AA<0B-@8205BAO B>;L:> AE5<0
=0AB@>9:5 ?>A;5 4;8B5;L=>3> E@0=5=8O =5 >B405B 4>AB0B>G=>9 <>I=>AB8, 4>?CA:05BAO :@0B:>2@5-
CA8;8B5;O =0 ;0<?0E -7) ?> 381@84=>9
<5==>5 (=5 1>;55 G5< =0 5 <8=.) ?>2KH5=85 =0?@O65=8O =0:0;0 2KH5 =><8=0;L=>3> =0 15%.
AE5<5 A 7075<;5==K<8 A5B:0<8. 0<?K -7
. ;N1>< A;CG05 4;O 4>;3>;5B=59 8 157>B:07=>9 @01>BK =>2K5 ;0<?K =5>1E>48<> ?>425@3-
2 AE5<0E A 7075<;5==>9 A5B:>9 CAB>9G82>
=CBL B@5=8@>2:5. @8 ?5@2>< 2:;NG5=88 =>2>9 ;0<?K 8;8 ?>A;5 4;8B5;L=>3> ?5@5@K20 2 @01>B5
@01>B0NB =0 G0AB>B0E 4> 500<F.
(1>;55 10 ACB>:) @5:><5=4C5BAO A;54CNI89 ?>@O4>: ?>43>B>2:8 ;0<?K : =>@<0;L=>9 @01>B5:
0<?K -6 >B;8G0NBAO >B ;0<? -7
2:;NG05BAO =0:0;; ?@8 =>@<0;L=>< =0?@O65=88 =0:0;0 (157 4@C38E =0?@O65=89 M;5:B@>4>2) ;0<-
B>;L:> 25@E=59 3@0=8G=>9 G0AB>B>9, ?@8 @0-
?0 2K45@68205BAO 15-20 <8=. >A;5 MB>3> <>6=> 2:;NG0BL =0?@O65=8O 0=>40 8 A5B>:. 5;0B5;L-
1>B5 =0 MB> =5 A:07K205BAO =8:>8< >1-
=> 2K45@60BL ;0<?K 5-6 G0A>2 2 @568<5 ?5@540G8 ?@8 >BACBAB288 A83=0;0 2>71C645=8O.
@07><. @><5 B>3>, 2K1>@ MB8E ;0<? >1CA;>2-
': ;5= A;54CNI8<: ;0<?K -7 ?> AB>8<>AB8
8A. 1
1. :;NG5=85 ;N1KE =0?@O65=89 M;5:B@>4>2 4>;6=> ?@>872>48BLAO B>;L:> ?>A;5
O2;ONBAO A0<K<8 45H52K<8 ;0<?0<8 B0:>3>
B>3>, :0: =0?@O65=85 8 B>: =0:0;0 4>AB83;8 =><8=0;L=KE 7=0G5=89.
:;0AA0 8, ?>MB><C ?>;CG8;8 H8@>:>5 @0A?@>AB@0=5=85 ?@8 ?>AB@>9:5 CA8;8B5;59. ?@8<5@C, =0
2. > 2@5<O @01>BK ;0<?K =0?@O65=85 =0:0;0 4>;6=> 1KBL ?>AB>O==K< 8 =5 4>;-
@K=:0E #:@08=K 8E AB>8<>ABL A>AB02;O5B 2A53> 1 - 2 USD 70 HB., 2 B> 2@5<O :0:, =0?@8<5@ AB>8-
6=> ?@52KH0BL =><8=0;L=>3> 7=0G5=8O. 065 =51>;LH>5 ?>2KH5=85 =0?@O65-
<>ABL #-72 - 15 USD, -11 - 25 USD, #-74 - 25 USD, 645! 3-4 USD. (40==K5 ?@82545=K
=8O =0:0;0 <>65B 7=0G8B5;L=> A>:@0B8BL A@>: A;C61K ;0<?K.
=0 ;5B> 2000 3>40).
3. KE>4=0O <>I=>ABL 8 :@CB87=0 E0@0:B5@8AB8:8 ;0<? <>3CB C<5=LH0BLAO : :>=FC
@8<5=5=85 2 CA8;8B5;5 42CE ;0<?, 2:;NG5==KE ?0@0;;5;L=>, ?>72>;O5B ?>;CG8BL 3>@074>
A@>:0 A;C61K 4> 20% >B =86=53> ?@545;0 =>@<K. 1>;LH89 0=>4=K9 B>: ?@8 A@02=8B5;L=> <0;>9 <>I=>AB8 2>71C645=8O. #A8;8B5;L <>6=> 873>-
4. @52KH5=85 ?@545;L=KE @568<>2 @01>BK =587156=> 2;5G5B 70 A>1>9 ?@5645- B>28BL 8 =0 >4=>9 ;0<?5, A>E@0=82 B5 65 ?0@0<5B@K (8<5NBAO 2 284C ?>42>48<0O 8 >B40205<0O
2@5<5==K9 2KE>4 ;0<?K 87 AB@>O. <>I=>AB8), ?@8 MB>< =03@C7:0 =0 ;0<?C 2>7@0AB05B, ;0<?0 @01>B05B ?@8 1>;LH8E B>:0E, GB> <>65B
?@825AB8 : ?5@53@52C :0B>40 8 A5B:8, A;54>20B5;L=>, 4>;3>25G=>ABL 8 =0456=>ABL CA8;8B5;O 1C45B
=>3>:@0B=K5 2:;NG5=8O 8 2K:;NG5=8O =0:0;0 ;0<? =565;0B5;L=K, B0: :0: >=8 A?>A>1-
A>>B25BAB25==> =865, 8 :@><5 B>3>, 4;O ?>;CG5=8O B>9 65 2KE>4=>9 <>I=>AB8 =5>1E>48<> C25-
AB2CNB 45D>@<0F88 :0B>40 8 <>3CB A>:@0B8BL A@>: A;C61K ;0<?K. >MB><C ?@8 M:A?;C0B0F88
;8G8BL <>I=>ABL 2>71C645=8O. ;O >4=>9 ;0<?K B>: ?>:>O A>>B25BAB25==> C<5=LH05BAO 2 420
;0<? A G0ABK<8 ?5@8>48G5A:8<8 ?5@5@K20<8 2 @01>B5, @5:><5=4C5BAO =0 2@5<O ?5@5@K20 =5 2K:-
@070, 2A5 >AB0;L=K5 B@51>20=8O A>E@0=ONBAO.
;NG0BL =0:0;, 0 5I5 ;CGH5 A=860BL 53> =0?@O65=85 4> 80 % >B =><8=0;0.
:0B>4 ;0<?K 2:;NG5= ?@5420@8B5;L=K9 CA8;8B5;L =0 ?>;52>< (18?;0=0@=><) B@0=78AB>@5
VT1, :>B>@K9 ?>4:;NG05BAO ?@8 =5>1E>48<>AB8 2 7028A8<>AB8 >B 2KE>4=>9 <>I=>AB8 B@0=A8-
2. 1. !% #!"/ )!"
25@0 ?@8 ?><>I8 @5;5 4, :>MDD8F85=B CA8;5=8O ?> <>I=>AB8 ?@8 MB>< 2>7@0AB05B. @8 :>MD-
! + !"
D8F85=B5 CA8;5=8O ?> <>I=>AB8 >:>;> 20 (13 dB) 2KE>4=0O <>I=>ABL B@0=A825@0, 8A?>;L7C5<>-
( % -7, -7", -6, !-9, !-90, -23, -46, #-50, -811, -71)
3> A>2<5AB=> A CA8;8B5;5<, 4>;6=0 1KBL 20-40 B. @8 2:;NG5=88 ?@5420@8B5;L=>3> CA8;8B5;O
:>MDD8F85=B CA8;5=8O 2>7@0AB05B 4> 100 (20 dB), ?>MB><C B@51C5<0O <>I=>ABL 2>71C645=8O A=8-
A;8 2KE>4=0O <>I=>ABL 0H53> B@0=A825@0 A>AB02;O5B ?>@O4:0 30 50 B, 0 B@0=A825@ =5
605BAO =0 ?>@O4>: 8 A>AB02;O5B 2A53> 3,0-5,0 B, B.5. 2 MB>< A;CG05 CA8;8B5;L <>65B M:A?;C0-
8<55B @53C;8@>2:8 C@>2=O 2KE>4=>9 <>I=>AB8, ;CGH89 20@80=B 2 MB>< A;CG05 ?>AB@>9:0 CA8;8-
B8@>20BLAO ?@0:B8G5A:8 A ;N1K< QRP B@0=A825@>< (?5@540BG8:><). @8 M:A?;C0B0F88 40==>3>
B5;O ?> AE5<5 A >1I59 A5B:>9 (!).
CA8;8B5;O 2>7<>6=K B@8 20@80=B0:
#A8;8B5;8 A >1I59 A5B:>9 <>3CB @01>B0BL 2 ;N1>< 87 @568<>2. @58<CI5AB20 B0:8E CA8;8-
a) ?@54?>;0305BAO ?>AB>O==>5 8A?>;L7>20=85 CA8;8B5;O <>I=>AB8 B>;L:> A B@0=A825@><,
B5;59 - E>@>H0O ;8=59=>ABL, 2KA>:85 M=5@35B8G5A:85 ?>:070B5;8 8 CAB>9G82>ABL, ;8=59=>ABL @0-
8<5NI8< <>I=>ABL 20-40 B, ?@8 MB>< >B?0405B =04>1=>ABL 2 ?@5420@8B5;L=>< CA8;8B5;5 8 @5;5
1>BK 2 H8@>:>< 480?07>=5, B0: :0: 2 AE5<5 A ! C?@02;ONI0O A5B:0 O2;O5BAO M;5:B@>AB0-
!B@. 7 87 20. #!" )!" . !. UY0UY
4. MB>< A;CG05 CAB0=>2>G=K5 >B25@AB8O 2 H0AA8 '-1;>:0 ?>4 @5;5 4, B@0=78AB>@ VT1, ?5@5- <>I=K5 :>=B0:BK, =0?@8<5@ -!-47, -!-48, --34 8 B.4.
<5==K5 @578AB>@K R22, R23 =5 A25@;OBAO. -:2820;5=B=>5 A>?@>B82;5=85 0=>4=>9 =03@C7:8 :0A:040 >:>;>
b) ?@54?>;0305BAO ?>AB>O==>5 8A?>;L7>20=85 CA8;8B5;O <>I=>AB8 B>;L:> A QRP B@0=A825- 1,3(1,5):<. E>4=>5 A>?@>B82;5=85 :0A:040 >:>;> 30 <,
@><, 8<5NI8< <>I=>ABL 3,0-5,0 B, >B?0405B =04>1=>ABL 2 @5;5 4. MB>< A;CG05 =5 A25@;OBAO. ?>MB><C C65 ?@8 2E>4=>9 <>I=>AB8 40 B =0?@O65=85 =0
CAB0=>2>G=K5 >B25@AB8O ?>4 @5;5 4. 2E>45 CA8;8B5;O A>AB028B >:>;> 35 , 0 MB> ?@82545B :
c) ?@54?>;0305BAO 8A?>;L7>20=85 CA8;8B5;O <>I=>AB8 :0: A QRP B@0=A825@><, B0: 8 A B@0=- ?>O2;5=8N B>:0 A5B:8 =0 ?8:0E 2E>4=>3> A83=0;0, B.5 CA8;8B5;L
A825@><, 8<5NI8< <>I=>ABL 20-40 B. MB>< A;CG05 2 H0AA8 A25@;OBAO 2A5 >B25@AB8O. @8G5<, ?5@5E>48B 2 :;0AA 2, GB> 2?>;=5 4>?CAB8<> 4;O @568<0 SSB,
5A;8 K 1C45B5 1>;LHCN G0ABL 2@5<5=8 8A?>;L7>20BL CA8;8B5;L A QRP B@0=A825@><, 2E>4 8 2KE>4 ?>MB><C ?@8 =51>;LH>< ?@52KH5=88 =0?@O65=8O A<5I5=8O MB>
?@54CA8;8B5;O ;CGH5 @0A?0OBL =0 70<:=CBK5 :>=B0:BK @5;5 4 8 A>>B25BAB25==>, =0>1>@>B, 5A;8 =5 AB@0H=>, B0: :0: B>: A5B:8 =57=0G8B5;5= ?> A@02=5=8N A
8A.5 ;0B0 ?@54CA8;8B5;O.
G0I5 1C45B5 @01>B0BL A <>I=K< B@0=A825@><, ?@54CA8;8B5;L @0A?08205BAO =0 @070<:=CBK5 :>=- >1I8< 2E>4=K< B>:>< CA8;8B5;O 8 2=>A8<K5 ?@8 MB>< 8< 8A:0-
B0:BK @5;5 4, B>-5ABL 2 ;N1>< A;CG05 4 1>;LHCN G0ABL 2@5<5=8 1C45B =0E>48BLAO 2 >15AB>- 65=8O =57=0G8B5;L=K. @8 40;L=59H5< 65 C25;8G5=88 C@>2=O A83-
G5==>< A>AB>O=88. =0;0 =0 2E>45 CA8;8B5;O, =5;8=59=K5 8A:065=8O =0 2KE>45 CA8;88-
!;54C5B A@07C >3>2>@8BL, GB> ?@8 ?>AB@>9:5 C=825@A0;L=>3> CA8;8B5;O =C6=> 8<5BL 2 284C, B5;O 2>7@0AB0NB (?5@5<5==0O A>AB02;ONI0O 0=>4=>3> =0?@O65=8O
GB> 2 ?@82545==>9 AE5<5, 2 ?@5420@8B5;L=>< CA8;8B5;5 ;CGH5 2A53> 8A?>;L7>20BL "B>:>2K5" B@0=- ?@8=8<05B 8<?C;LA=K9 E0@0:B5@, ?>MB><C =0 2KE>45 ?>O2;ONBAO
78AB>@K, B.5. B@0=78AB>@K, >B40NI85 <0:A8<0;L=CN <>I=>ABL ?@8 =87:8E =0?@O65=8OE :>;;5:- 30@<>=8:8), B0: GB> ;CGH5 ?@845@6820BLAO @0AG5B=>3> @568<0.
B>@0 (AB>:0). -B> A2O70=> A B5<, GB> ?@8 0=>4=>< =0?@O65=88 1300 (1500 ), 8A?>;L7C5<>< 2 A;CG05 ?@8<5=5=88 381@84=>3> :0A:040 ;8H=55 =0?@O65=85 2>7-
>?8A0==>9 AE5<5 CA8;8B5;O 8 B>:5 ?>:>O ;0<?, @02=>< 50-90 <, =0?@O65=85 A<5I5=8O 4;O ;0<? 1C645=8O ;53:> 30A8BAO C<5=LH5=85< 25;8G8=K R23. ">G=> B0: 65
-7 A>AB02;O5B 2A53> 14-15 (20 - 22 ), => MB> 65 =0?@O65=85 >4=>2@5<5==> 8A?>;L7C5BAO 8 ?@8 =54>AB0B:5 =0?@O65=8O 2>71C645=8O 25;8G8=C R23 <>6=> C25-
4;O ?8B0=8O ?@5420@8B5;L=>3> CA8;8B5;O. >@<0;L=>5 =0?@O65=85 ?8B0=8O 4;O 904 A>AB02- ;8G8BL. 5@5<5==K9 @578AB>@ R22 A;C68B 4;O ?>4AB@>9:8 B>:0
;O5B 40-50, A;54>20B5;L=>, ?>;CG82H59AO 25;8G8=K =0?@O65=8O A<5I5=8O =54>AB0B>G=> 4;O ?>:>O ?@8 70<5=5 ;0<?.
B>3>, GB>1K ?>;CG8BL A B@0=78AB>@0 <0:A8<0;L=CN <>I=>ABL. -B> 70<5G0=85 >B=>A8BAO 8 :> <=>- 8A.6 5;5 --34 ;O ;0<?K -7, <>I=>ABL, @0AA58205<0O 0=>4>< ;0<?K, ;>AB0B>G-
38< 4@C38< B@0=78AB>@0<. >MB><C ?@8 40==>9 25;8G8=5 0=>4=>3> =0?@O65=8O K =5 2 ?>;=>9
B0B>G=> 1>;LH0O 8 A>AB02;O5B 350 B. E>BO =5:>B>@K5 02B>@K ?8HCB, =0?@8<5@ [20], GB> 2
<5@5 8A?>;L7C5B5 ?@58<CI5AB20 381@84=>3> :0A:040.
«;53:>< @568<5 ;0<?K <>3CB @01>B0BL 8 157 ?@8=C48B5;L=>3> >14C20, =5 @5:><5=4CN 8A?>;L-
CGH89 2KE>4 87 MB>9 A8BC0F88 ?@8<5=5=85 >B-
7>20BL 8E 2 MB>< @568<5. > MB>9 65 ?@8G8=5, ?@>2>40, 84CI85 >B =0:0;L=>3> 4@>AA5;O : E><CB0<
45;L=>3> 8AB>G=8:0 4;O ?8B0=8O ?@5420@8B5;L=>3> CA8-
:@5?;5=8O 2K2>4>2 ?>4>3@520B5;O 8 :0B>40, 4>;6=K 1KBL : =8< ?@8?0O=K B>;L:> BC3>?;02:8<
;8B5;O. ;O MB>9 F5;8 <>6=> 8A?>;L7>20BL >1<>B:8 15-
?@8?>5<, 0 5I5 ;CGH5 =0456=> ?@8:@CG5=K 28=B0<8 G5@57 H091K, 0 =5 ?@8?0O=K, B0: :0: 2 A;CG05
19 8 21 - 22 B@0=AD>@<0B>@>2 "@.1 8 "@.2 (=0 @8A.1 ?>-
?5@53@520 ;0<?K, ?@>2>40 <>3CB ?@>AB> >B?0OBLAO. "0:85 65 B@51>20=8O ?@54JO2;ONBAO 8 :
:070=> ?C=:B8@><). MB>< A;CG05 ?@5420@8B5;L=K9 CA8-
<>=B06C 0=>4=KE F5?59 (>A>15==> MB> :0A05BAO @01>BK 2 A>@52=>20=8OE, :>340 1>;LHCN G0ABL
;8B5;L <>6=> A>1@0BL ?> AE5<5 @8A.2.15, 0 4;O D8;L-
2@5<5=8 CA8;8B5;L =0E>48BAO 2 @568<5 ?5@540G8 8 ?@>8AE>48B <0:A8<0;L=>5 2K45;5=85 B5?;0).
B@0F88 ?C;LA0F89 53> =0?@O65=8O ?8B0=8O 2 MB>< A;C-
0<?0 #-50.(20@80=B F). 5=B>4 #-50 2 AE5<5 A 87-70 <0;>9 :@CB87=K 8A?>;L7>20BL
G05 8A?>;L7C5BAO !15, ?@0240, ?@8 MB>< =5>1E>48<> C25-
=5F5;5A>>1@07=> (5A;8 =0 2E>45 =5 ?@8<5=O5BAO ?@5420@8B5;L=K9 CA8;8B5;L). 08;CGH89 20@8-
;8G8BL 53> 5<:>ABL. ;O MB>9 F5;8 <>6=> B0:65 ?@8-
8A.3 ;0B0 ?@5420@8B5;L=>3> CA8- 0=B 8A?>;L7>20=85 55 2 AE5<5 A !. AE5<5 65 A ! ?@028;L=K9 2K1>@ @01>G59 B>G:8 ?>72>;O5B
<5=8BL >B45;L=K9 =51>;LH>9 A8;>2>9 B@0=AD>@<0B>@.
;8B5;O =0 B@0=78AB>@5 904 . C<5=LH8BL B>: ?>:>O ;0<?K 4> 10-15 mA ?> A@02=58N A> AE5<>9 , 345 >= A>AB02;O5B 40-60 ma ,
?@8 MB>< =03@52 ;0<?K 2 ?0C70E C<5=LH05BAO, 0 :0A:040 8 A>>B25BAB25==> 2KE>4=0O <>I-
A;CG05 ?@8<5=5=8O QRPP B@0=A825@0 ?@54- =>ABL @0ABCB, @568< ;0<?K ?@81;8605BAO : @568<C . 2 40==>< A;CG05 ;0<?0 >B405B =81>;LHCN
20@8B5;L=K9 CA8;8B5;L <>6=> 2K?>;=8BL ?> <>I=>ABL 4> 110 B (?> ?0A?>@BC !).
AE5<5, >?8A0=>9 2 [23], 55 C?@I5==K9 20@80=B !E5<0 2K?>;=5=0 =0 3-E ;0<?0E (<>6=> ?@8<5=8BL 8 G5BK@5). 0<?0 =5C4>1=0 B5<, GB> 0=>4-
87>1@065= =0 @8A.2.14. MB>< A;CG05 4;O ?>;C- =K5 8 A5B>G=K5 2K2>4K C =55 @0A?>;>65=K 2<5AB5, GB> A>7405B =5C4>1AB2> ?@8 <>=B065. A;8 K
G5=8O ?>;=>9 2KE>4=>9 <>I=>AB8 4>AB0B>G=> A2545B5 2<5AB5 0=>4K, =5C4>1=> @072>48BL 2E>4=K5 F5?8 8 A>>B25BAB25==> =0>1>@>B. >8A:
>:>;> 42CE 2>;LB @0A:0G:8, GB> >15A?5G8B ;N- 2KE>40 87 MB>3> ?>;>65=8O ?@825; : @5H5=8N 2K?>;=5=8O <>=B060 ?>420;L=>9 G0AB8 '-1;>:0 2
1>9 QRPP 0??0@0B. 420 MB060 (A<. @8A.12E3 8 @8A.124). =>4=K5 8 A5B>G=K5 F5?8 @0745;5=K ?;0AB8=>9-M:@0=><
8A. 4 ;0B0 ?@5420@8B5;L=>3> CA8;8B5;O 4;O !<5I5=85 =0 C?@02;ONI8E A5B:0E ;0<? 2 @5 ?>7.106, 4;O 87>;OF88 0=>4=KE F5?59 >B H0AA8 CA8;8B5;O. A;C68B ?;0AB8=0 ?>7.106. A2O78 A
@01>BK A QRPP B@0=A825@><. 68<5 ?@85<0 >?@545;O5BAO F5?>G:>9 AB018;8- B5<, GB> 0=>4K ;0<?K =0E>4OBAO A=87C, ?@8H;>AL ?5@5:><?>=>20BL 8 @0A?>;>65=85 M;5<5=B>2
2KE>4=>3> -:>=BC@0 («?5@525@=CBL 25AL <>=B06), =5<=>3> ?5@5:><?0=>20=0 8 ?5@54=OO ?0=5;L.
B@>=>2 VD1-VD4. MB>< A;CG05 =0?@O65=85 =0 :0B>45 1C45B >:>;> + 80 , ?@8 MB>< ;0<?0 =0456-
@8 2K?>;=5=88 A;5A0@=KE @01>B 1C4LB5 2=8<0B5;L=K. >AB0;L=><, AE5<0 >A>15==>AB59 =5
=> 70?5@B0. @8 ?5@52>45 CA8;8B5;O 2 @568< ?5@540G8 =060B85< ?540;8 @5;5 2, 2:;NG5==>5
8<55B.
?0@0;;5;L=> VD4, 70:>@0G8205B 53>, C<5=LH0O =0?@O65=85 A<5I5=8O =0 C?@02;ONI8E A5B:0E,
AE5<5 A ! 2>7<>6=K 420 20@80=B0 2:;NG5=8O ;0<?K : 0) A A5B:0<8, 7075<;5==K<8 ?> '
;0<?K >B:@K20NBAO. ">:, ?@>B5:0NI89 G5@57 :>=B0:BK @5;5 =0 ?8:0E 0=>4=>3> B>:0 <>65B
(20@80=B F2), B.5. A =0;8G85< =><8=0;L=KE ?>AB>O==KE =0?O65=89 =0 A5B:0E;
4>AB830BL 25;8G8=K 1,0 , ?>MB><C 2 :0G5AB25 MB>3> @5;5 =5>1E>48<> ?@8<5=OBL @5;5, 8<5NI85
2) 2A5 A5B:8 =5?>A@54AB25==> A>548=5=K A :>@?CA>< (20@80=B F1), ?@8 MB>< ;0<?0 ?@52@0-
I05BAO 2 B@8>4 A 2KA>:8< :>MDD8F85=B>< CA8;5=8O. "0: :0: 2A5 A5B:8 A>548=5=K A :>@?CA><,
CA8;8B5;L AB0=>28BAO >G5=L CAB>9G82K<, 0 53> ;8=59=>ABL =8G5< =5 >B;8G05BAO >B CA8;8B5;O A
=><8=0;L=K<8 ?>AB>O==K<8 =0?O65=8O<8 =0 A5B:0E. @><5 B>3>, ?@8 B0:>< 2:;NG5=88 ?5=B>40
=5 =C6=K 4>?>;=8B5;L=K5 8AB>G=8:8 AB018;878@>20==>33> =0?@O65=8O 4;O M:@0==>9 8 C?@02;O-
!B@. 8 87 20. #!" )!" . !. UY0UY
NI59 A5B>:, => 70B> 4;O MB>9 AE5<K B@51C5BAO 1ó;LH0O <>I=>ABL 2>71C645=8O 8 B>:8 A5B>:, A>5- A8AB5<C ALC. 0AA58205<0O A>?@>B82;5=85< <>I=>ABL A>AB02;O5B 8 B, ?@8 ?>40G5 =0 2E>4 CA8-
48=5==KE 2<5AB5, 2>7@0AB0NB, ?@8G5< >A=>2=0O G0ABL B>:0 ?@8E>48BAO =0 C?@02;ONICN A5B:C. ;8B5;O <>I=>AB8 ?@52KH0NI59 7B> 7=0G5=85, A;54C5B C25;8G8BL 8 <>I=>ABL A>?@>B82;5=8O
(=01@02 8E 87 1>;LH53> G8A;0 @578AB>@>2).
0<?0 -811.(20@80=B H). >;3> =5 E>B5;>AL 70=8<0BLAO MB8< 20@80=B><, B0: :0: ;0<?0 ?>
A2>8< @07<5@0< =5 2?8AK205BAO 2 :>@?CA, 8A?>;L7C5<K9 4;O >AB0;L=KE 20@80=B>2 CA8;8B5;59. > 0<?0 #-72.(20@80=B ) #A8;8B5;L @01>B05B 2 :;0AA5 1 ?@8 @01>B5 2 @568<5 SSB, AM 8
?> ?@>A15 4@C759 ?@8H;>AL 873>B>28BL 8 MB>B 20@80=B. ;O =>@<0;L=>3> @07<5I5=8O G5BK@5E :;0AA5 ! ?@8 @01>B5 2 @568<5 CW 8 RTTY. >I=>ABL, =5>1E>48<0O 4;O @0A:0G:8 CA8;8B5;O A>A-
;0<? 8 A>1;N45=8O ?@8 MB>< =>@<0;L=>3> B5<?5@0BC@=>3> @568<0 2=CB@8 ;0<?>2>3> >BA5:0 B02;O5B 8-12 B. 568< ;0<?K 2 7028A8<>AB8 >B @>40 @01>BK CAB0=02;8205BAO 02B><0B8G5A:8 2K-
?@8H;>AL C25;8G8BL 53> H8@8=C 8 2KA>BC =0 30 << (=0 2A5E G5@B560E @07<5@K 45B0;59 4;O 1>@>< A<5I5=8O =0 C?@02;ONI59 A5B:5 ;0<?K ?@8 ?><>I8 @5;5 2, C?@02;O5<K< ?5@5:;N-
40==>3> 20@80=B0 CA8;8B5;O ?@82545=K 2 A:>1:0E). #A8;8B5;L <>6=> 2K?>;=8BL =0 42CE, B@5E 8 G0B5;5< @>40 @01>BK S4 «SSB - CW. @568<5 ?@85<0 =0 C?@02;ONICN A5B:C ;0<?K CA8;88B5;O
G5BK@5E ;0<?0E, >B G8A;0 ?0@0;;5;L=> 2:;NG5==KE ;0<? 7028A8B 2E>4=>5 A>?@>B82;5=85 <>I=>AB8 A> AB018;8B@>=0 VD14 ?>405BAO >B@8F0B5;L=>5 =0?@O65=85 -100, ;0<?K CA8;8B5;O
CA8;8B5;O. 5;> 2 B><, GB> MB8 ;0<?K 8<5NB <0;CN 2E>4=CN 5<:>ABL, ?>MB><C 8E 8 C4>1=> =0456=> 70?5@BK. @8 70<K:0=88 :>=B0:B>2 1 8 2 @07J5<0 XP3 (540;L) A@010BK20NB @5;5 2 8
8A?>;L7>20BL 2 ?0@0;;5;L=>< 2:;NG5=88. @><5 B>3>, >=8 8<5NB <0;>5 A>?@>B82;5=85 0=>4=>9 3. 5;5 3 A2>8<8 :>=B0:B0<8 4.5 >B:;NG05B 0=B5==C >B 2E>40 ?@85<=8:0, 0 :>=B0:B0<8 2,3
=03@C7:8, GB> 405B 2K83@KH =0 2KA>:>G0AB>B=KE 480?07>=0E. !E5<0 CA8;8B5;O ?@82545=0 =0 @8A. ?5@52>48B B@0=A825@ 2 @568< ?5@540G8.
2D.3. @8 ?>2B>@5=88 CA8;8-B5;O 2<5AB> >B5G5AB25==KE ;0<? -811 8A?>;L7>20BL 55 70@C156=K9 >=B0:B0<8 @5;5 2 ?>4:;NG05BAO 45;8-
0=0;>3 - ;0<?K 811-. B5;L =0?@O65=8O R22 8;8 R23 (2 7028A8<>AB8 >B
2K1@0==>3> @568<0 87;CG5=8O) 8 >B@8F0B5;L-
0<?0 -71.(20@80=B I).B;8G85 40==>9 AE5<K B><, GB> 4;O A>3;0A>20=8O 2KA>:>3> 2E>4-
=>5 =0?@O65=85 =0 C?@02;ONI59 A5B:5 C<5=L-
=>3> A>?@>B82;5=8O ;0<?K ?@8<5=5= B@0=AD>@<0B>@ B8?0 (". 0==>5 AE5<>B5E=8G5A:>5 @5-
H05BAO 4> =C6=>9 25;8G8=K, A>>B25BAB2CNI59
H5=85 C?@>I05B :>=AB@C:F8N CA8;8B5;O, 8A:;NG0O ?@8<5=5=85 ?5@5:;NG05<KE 2E>4=KE -:>=-
B>:C ?>:>O ;0<?K 2 40==>< @568<5
BC@>2 =0 :064K9 480?07>=. ;O ?>;=>9 @0A:0G:8 =5>1E>;8<0 <>I=>ABL ?>@O4:0 70 20BB, 4;O MB>9
A=>2=K< 4>AB>8=AB2>< B5B@>4>2 #-72
F5;8 ?>4>945B UW3DI. ;O ?>;CG5=8O 2KE>4=KE ?0@0<5B@>2, =5>1E>48<> 8A?>;L7>20BL 4;O ?8B0-
O2;O5BAO B>, GB> 0=>4 ;0<?K =5 B@51C5B ?@8=C-
=8O 0=>40 AE5<C C<=>65=8O =0?@O65=8O =0 H5ABL.
48B5;L=>3> >14C20, 2 B> 2@5<O, :0: 4>?CAB8<0O
0: C65 >B<5G0;>AL 2KH5, CA8;8B5;8, ?>AB@>5==K5 ?> AE5<5 A !, 8<5NB =87:>5 2E>4=>5
<>I=>ABL, @0AA58205<0O 0=>4>< ;0<?K A>AB02-
A>?@>B82;5=85 R2E., GB> CA;>6=O5B A>3;0A>20=85 2E>40 CA8;8B5;O A 2KE>4>< B@0=A825@0 (?5@540B-
;O5B 85 B, ?>MB><C A CA8;8B5;O, 2K?>;=5==>3>
G8:0) ?@8 A>2<5AB=>< 8E 8A?>;L7>20=88. @8G5< R2E. 7028A8B, :0: >B 480?07>=0, B0: 8 >B :>;8-
=0 42CE ;0<?0E, 157 ?@8<5=5=8O 4>?>;=8B5;L-
G5AB20 ?0@0;;5;L=> 2:;NG5==KE ;0<?. ! C25;8G5=85< :>;8G5AB20 ;0<? R2E. C<5=LH05BAO. 5A>-
=KE <5@ ?> 8E >E;0645=8N <>6=> A=8<0BL
8A. 7 #A8;8B5;L A B@0=AD>@<0B>@=K< ?8B0-
3;0A>20==>ABL 2545B : B><C, GB> 4;O =>@<0;L=>9 @0A:0G:8 CA8;8B5;O ?5@540BG8: 4>;65= 8<5BL
<>I=>ABL 4> 350 B.
=85< =0 2-E ;0<?0E #-72.
70?0A ?> <>I=>AB8. !0<K9 ?@>AB>9 2KE>4 87 MB>3> ?>;>65=8O A>3;0A>20=85 A 8A?>;L7>20=85< =0
A;8 65 <>I=>ABL B@0=A825@0, 8A?>;L7C5<>3> 0<8 A>AB02;O5B ?>@O4:0 25-30 B, 0 B@0=A8-
2E>45 CA8;8B5;O ' 02B>B@0=AD>@<0B>@0 (A<. 8A.2.19). "@0=AD>@<0B>@ =0<0BK205AO =0 D5@-
25@ =5 8<55B @53C;8@>2:8 C@>2=O 2KE>4=>9 <>I=>AB8, B> 4;O ?@54>B2@0I5=8O ?5@5:0G:8 CA8-
@8B>2>< :>;LF5 ?@>=8F05<>ABLN 50' 8 A>45@68B 10-15 28B:>2 (O >1KG=> <>B0N 12). 80<5B@
;8B5;O ?> 2E>4C, ;CGH5 A>1@0BL 53> ?> AE5<5 A ! (2 40==>< A;CG05 A A5B:0<8, 7075<;5==K<8 ?>
:>;LF0 20-30 << (2 7028A8<>AB8 >B 2E>4=>9 <>I=>AB8), 480<5B@ ?@>2>40 0,6-0,8 <<. >;>65=85
'), :0: MB> ?>:070=> =0 @8A.2.B (20@80=B !1). B0:>< 20@80=B5 2:;NG5=8O ;0<?K 2KE>4=0O <>I-
>B2>40 ?>418@05BAO ?> <0:A8<0;L=><C A>3;0A>20=8N =0 2A5E 480?07>=0E. 5@2>=0G0;L=> >B2>4
=>ABL CA8;8B5;O ?>;CG05BAO ?@>F5=B>2 =0 B@84F0BL 1>;LH5 ?> A@02=5=8N A CA8;8B5;5<, 2K?>;-
15@5BAO >B 7-8 28B:0, AG8B0O >B 7075<;5==>3> :>=F0 >1<>B:8 B@0=AD>@<0B>@0. =0;>38G=> A>3;0-
=5==K< ?> AE5<5 A . >=B06 CA8;8B5;O ?@82545= =0 @8A.16.6.
AC5BAO 8 2E>4 CA8;8B5;O, 2K?>;=5==>3> A 15AB@0=AD>@<0B>@=K< 8AB>G=8:>< 0=>4=>3> =0?@O65-
=8O. MB>< A;CG05 8A?>;L7C5BAO B@0=AD>@<0B>@=>5 2:;NG5=85 >1<>B>: 8 A>3;0A>20=85 >ACI5AB-
0<?0 -11 (20@80=B !) <?C;LA=K9 35=5@0B>@=K9 B5B@>4 -11 ?@8 4>AB0B>G=> <0-
2;O5BAO 87<5=5=85< G8A;0 28B:>2 2E>4=>9 >1<>B:8.
;>< B>:5 =0:0;0 (2A53> 1,75 ?@8 U==26) >1;0405B >B;8G=K<8 E0@0:B5@8AB8:0<8. ">: 0=>40 ;0<-
?K 2 8<?C;LA5 A>AB02;O5B > 14 , <0:A8<0;L=> 4>?CAB8<>5 =0?@O65=85 0=>40 10 :. @8 MB>< 55,
2. 2 #!", )!" !% ! ) "
:0: 8 ;0<?C #-72, =5 =04> >14C20BL. -BC ;0<?C BO65;> «703=0BL 4065 ;N18B5;O< 4;8-B5;L=>3>
( % #-72, -11, #-74, 645!, #-50, -807)
«=060B8O ?@8 =0AB@>9:5 A2>8E «power2 >2 ?@O<> 2 MD8@5 8 8A?KBK20NI8E >B MB>3> >3@><=>5
1;065=AB2>, ?@0240, ?@8 MB>< =04> 5I5 ?@028;L=> 2K1@0BL G0AB>BC, =0?@8<5@ @54:>3> DX, 254L
!E5<K 2A5E ?@82>48<KE CA8;8B5;59 ?>AB@>5=K ?> AE5<5 A >1I8< :0B>4>< (). !E5<0 A
745AL <=>385 A@07C >F5=OB <>I=>ABL 8 :0G5AB2> @01>BK 0H53> 70<5G0B5;L=>3> PA, > G5<, :AB0B8,
>1I8< :0B>4>< 8<55B 1>;LH>5 2E>4=>5 A>?@>B82;5=85, ?>MB><C 4;O 55 2>71C645=8O 4>AB0B>G=>
0< A@07C 8 BCB 65 2 :>@@5:B=>9 8 ;5AB=>9 D>@<5 8 A>>1I0B.
=51>;LH>9 <>I=>AB8. "0:>5 2:;NG5=85 ;0<?K ?>72>;O5B ?>;CG8BL 1>;LH>9 :>MDD8F85=B CA8;5-
=8O ?> <>I=>AB8 (@), ?>MB><C ?@8 2KE>4=>9 <>I=>AB8 0H53> 0??0@0B0 5 20 B ;CGH5 871@0BL
MB>B 20@80=B. !E5<0 ;53:> A>3;0AC5BAO A ?@54K4CI8<8 :0A:040<8. 4=0:>, A;8H:>< 1>;LH>5
7=0G5=85 @ <>65B ?@825AB8 ;81> : =5CAB>9G82>9 @01>B5 #, ;81> : 53> A0<>2>7-1C645=8N, B0:
GB> ?@8 <>=B065 ' G0AB8 CA8;8B5;O =5>1E>48<> A>1;NAB8 2A5 B@51>20=8O. @><5 B>3>, A
C25;8G5=85< @01>G59 G0AB>BK @ ?0405B, ?>MB><C 2 B@0=A825@5 =5>1E>48<> ?@54CA<>B@5BL
=5:>B>@K9 70?0A ?> <>I=>AB8 4;O ?>;CG5=8O B@51C5<>9 2KE>4=>9 <>I=>AB8 CA8;8B5;O =0 '
480?07>=0E.
5?>A@54AB25==> =0 2E>45 CA8;8B5;O 2:;NG5=> =03@C7>G=>5 A>?@>B82;5=85 @02=>5 2KE>4-
=><C A>?@>B82;5=8N B@0=A825@0 75 ;81> 50 <, :>B>@>5 C;CGH05B CAB>9G82>ABL CA8;8B5;O : A0-
<>2>71C645=8N 8 >4=>2@5<5==> O2;O5BAO =03@C7:>9 4;O B@0=A825@0. 0 MB>< @578AB>@5 ?0405B
G0ABL <>I=>AB8 B@0=A825@0 (>:>;> 20 %). #A8;8B5;L CAB>9G82> @01>B05B 8 157 =53>, => ?@8 MB><
<>3CB 2>7=8:=CBL ?@>1;5<K A A>3;0A>20=85< =5:>B>@KE B8?>2 8<?>@B=KE B@0=A825@>2, 8<5NI8E
!B@. 9 87 20. #!" )!" . !. UY0UY
!E5<>B5E=8:0 CA8;8B5;O =0 ;0<?5 -11 65 2 CA8;8B5;5 =0 ;0<?0E 645! A>?@>B82;5=8O =03@C7:8 ?>;CG05BAO 4>AB0B>G=> =87:8<, GB>
?@0:B8G5A:8 =8G5< =5 >B;8G05BAO >B AE5<K B@51C5B A>>B25BAB25==> 1>;LH>9 25;8G8=K 0=>4=>3> :>=45=A0B>@0 ?5@5<5==>9 5<:>AB8. @8
20@80=B0 B, B>;L:> 8A?>;L7C5BAO >4=0 ;0<?0. >BACBAB288 2>7<>6=>AB8 ?@8>1@5B5=8O B0:>3> :>=45=A0B>@0, <>6=> A>AB028BL 53> 87 42CE, «?>4-
0A?>;>65=85 2K2>4>2 ;0<?K ?>;=>ABLN A>2- AB53820O : >A=>2=><C =0 :064>< 480?07>=5 (5AB5AB25==> B0<, 345 =5 1C45B E20B0BL 5<:>AB8
?0405B A #-72, 8 ?>MB><C ?@8 =5:>B>@>< >A=>2=>3> :>=45=A0B>@0) :>=45=A0B>@ ?>AB>O==>9 5<:>AB8 ;81> 2>>1I5 70<5=8BL 53> =01>@><
87<5=5=88 :>=AB@C:F88 CA8;8B5;O, A>1@0==>3> :>=45=A0B>@>2 ?>AB>O==>9 5<:>AB8, :><<CB8@C5<KE A ?><>ILN ?5@5:;NG0B5;O 480?07>=>2.
?> AE5<5 20@80=B0 B, 2 =5< <>6=> 8A?>;L- MB>< A;CG05 4;O B>G=>9 =0AB@>9:8 0=>4=>3> :>=BC@0 2 @57>=0=A 2 :0G5AB25 8=4C:B82=>AB8 -
7>20BL 425 ;0<?K -11, ?@0240 ?@8 MB>< :>=BC@0 <>6=> 8A?>;L7>20BL H0@>2>9 20@8><5B@. > 3010@8B0< 8 7=0G5=8N 8=4C:B82=>AB8 >G5=L
A;5-4C5B ?><=8BL > B5?;>2>< @568<5 2=CB@8 E>@>H> ?>4E>48B 20@8><5B@ >B @048>AB0=F88 -140 (/ 4.773.022).
:>@-?CA0 CA8;8B5;O 8 <>I=>AB8 8AB>G=8:0 1>;LH8=AB25 ;0<?, ?@54=07=0G5=KE 4;O @01>BK 2 AB@>G=>9 @0725@B:5, <564CM;5:B@>4=K5
0=>4-=>3> =0?@O65=8O. @0AAB>O=8O 4>AB0B>G=> 1>;LH85, GB> ?>72>;O5B 8A?>;L7>20BL 8E ?@8 ?>2KH5==>< 0=>4=>< =0?@O-
0<?C <>6=> 8A?>;L7>20BL 8 2 CA8;8B5;5 ?> 65=88. 0:>?;5==K9 ?@0:B8G5A:89 >?KB ?>4B25@48;, GB> B0:85 ;0<?K <>6=> D>@A8@>20BL A>
AE5<5 A !, A>1@02 53> ?> AE5<5, ?@82545==>9 A=865=85< A@>:0 8E A;C61K. ?@8 0=>4=>< =0?@O65=88 1000 8 2KH5 8 ?@8 B>:0E =0<=>3> ?@5-
=0 @8A.2.B (20@80=B !1). >=B06 CA8;8B5;O 2KH0NI8E ?0A?>@B=K5 4>?CAB8<K5 7=0G5=8O. @>AB> ;0<?K ?@84QBAO <5=OBL G0I5, G5< ?@8 @01>-
8A. 8 #A8;8B5;L A B@0=AD>@<0B>@=K< ?8B0-
?@82545= =0 @8A.16.11. B5 2 ?@545;0E ?0A?>@B=KE @568<>2, => 70B> 8E <>6=> =09B8 ?@0:B8G5A:8 =0 ;N1>< @K=:5 8 AB>OB
=85< =0 ;0<?5 -11.
>=8 45H52;5 35=5@0B>@=KE ;0<?. @><5 B>3>, ?> 0H5<C CA<>B@5=8N 2A5340 <>6=> C<5=LH8BL
25;8G8=C 0=>4=>3> =0?@O65=8O, ?5@5?0O2 4;O MB>3> >B2>4K =0 2B>@8G=KE >1<>B:0E 0=>4=KE
0<?0 #-74 (20@80=B D) =0;>38G=> ?@54K4CI8< 2K?>;=5=0 AE5<0 8 =0 ;0<?5 #-74,
B@0=AD>@<0B>@>2.
>B;8G85 A>AB>8B 2 B><, GB> 25=B8;OB>@ >14C20 ;0<?K 2:;NG05BAO 2<5AB5 A 2:;NG5=85< CA8;8B5;O.
@8 873>B>2;5=88 CA8;8B5;O A;54C5B 8<5BL 2 284C, GB> <>I=>ABL, ?>B@51;O5<0O :064>9 ;0<-
5=B8;OB>@ 8<55B ?@>872>48B5;L=>ABL >:>;> 120 <Å‚/G0A, 2 B> 2@5<O :0: 4;O >14C20 ;0<?K B@51C-
?>9 (645!) ?> =0:0;C A>AB02;O5B 18 B, A;54>20B5;L=> 4;O ?8B0=8O G5BK@5E ;0<? ?@8 U= = 6,3
5BAO 2A53> 35 <Å‚/G0A, MB> ?>72>;O5B @07<5AB8BL 53> A1>:C ;0<?K, => 2 :>@?CA5 4>AB0B>G=> <5AB0,
=5>1E>48<> ?>;CG0BL A B@0=AD>@<0B>@0 10, GB> =5A:>;L:> ?@>1;5<>B8G=> ?@8 A>E@0=5=88 <0-
GB>1K CAB0=>28BL 53> 8 A25@EC. -B0 ;0<?0 A?5F80;L=> ?@54=07=0G5=0 4;O CA8;5=8O >4=>?>;>A=KE
;KE 3010@8B>2 =0:0;L=>3> B@0=AD>@<0B>@0, ?>MB><C, A F5;LN 2>7<>6=>AB8 8A?>;L7>20=8O AB0=-
A83=0;>2 (), ?>MB><C C25;8G5=85 =0?@O65=8O A<5I5=8O ?> A@02=5=8N A >?B8<0;L=K< 2 F5;OE
40@B=>3> B@0=AD>@<0B>@0 A5@88 " ?>4E>4OI53> @07<5@0, =8B8 =0:0;0 ;0<? 2:;NG5=K ?>?0@=>
A=865=8O B>:0 ?>:>O 2 40==>9 AE5<5 =565;0B5;L=>. @8 MB>< 8A:@82;O5BAO :>;510B5;L=0O E0@0:-
?>A;54>20B5;L=>. 57 @07=8FK, :0:>3> B8?0 K 2K1@0;8 ;0<?K 4;O A2>53> CA8;8B5;O, ?@8 ?0@0;-
B5@8AB8:0 2 >1;0AB8 <0;KE 2E>4=KE A83=0;>2. -B>B @568< 0=0;>38G5= >3@0=8G5=8N B5;5D>==>3>
;5;L=>< 2:;NG5=88 ;0<?, C 0A <>3CB (25@=55, >1O70B5;L=> 2>7=8:=CB!) 2>7=8:=CBL A?5F8D8-
A83=0;0 A=87C, GB> ?@82>48B : CEC4H5=8N @071>@G82>AB8 A83=0;0, @>ABC =5;8=59=KE 8A:065=89 8
G5A:85 ?@>1;5<K.
2=5?>;>A=KE 87;CG5=89, ?>MB><C ?@8<5=5=85 MB8E ;0<? B5@O5B 2AO:89 A<KA;. AE>4O 87 MB>3>
@54<5B>< >A>1>3> 2=8<0=8O A;54C5B AG8B0BL 0=>4=K9 B>:, ?>;CG05<K9 >B :064>9 ;0<?K
?@8 =0;04:5, CAB0=02;820O B>: ?>:>O ;0<?K, A;54C5B ?><=8BL, GB> >= A>AB02;O5B 300 mA 2 @568<5
2 A2O7:5. 8=0<8G5A:89 10;0=A ACI5AB25=5=, B0: :0: 206=>, GB>1K =8 >4=0 87 ;0<? 2 :><18=0F88
SSB. 0==CN ;0<?C B0:65 <>6=> 8A?>;L7>20BL 2 20@80=B5 CA8;8B5;O, A>1@0==>3> ?> AE5<5 A !.
=5 A048;0 >AB0;L=K5. A;8, =0?@8<5@, <K 2:;NG8< ?0@0;;5;L=> G5BK@5 ;0<?K 645!, 8<5N-
I8E @07;8G=CN :@CB87=C E0@0:B5@8AB8:8, B> ?@8 @01>B5 =0 ?5@540GC >4=8 87 MB8E ;0<? 1C4CB
0<?0 645!, 642!, 636! (20@80=BK ). 5:>B>@K5 @048>;N18B5;8 >?0A0NBAO ?@8<5-=OBL "
O2;OBLAO =03@C7:>9 4;O 4@C38E, 4@C385 1C4CB @0A:0G820BLAO 1>;LH5 2?;>BL 4> B>:0 =0AKI5=8O,
;0<?K AB@>G=>9 @072Q@B:8 2 CA8;8B5;OE <>I=>AB8 87-70 8E B5@<8G5A:>9 E@C?:>AB8 , 4@C385
GB> ?@82545B : 8E ?5@53@52C, 0 2 F5;>< A>>B25BAB25==> : A=865=8N :0A:040, B.5.: C<5=L-
70O2;ONB, GB> B0:85 ;0<?K =5 3>4OBAO 4;O CA8;5=8O SSB. >=5G=>, 4>;O ?@024K 2 MB8E 42CE
H5=8N 2KE>4=>9 <>I=>AB8. 57C;LB0B>< B0:>9 @01>BK <>65B AB0BL ?5@53@52 ;0<?, 8E 0=>4K
CB25@645=8OE 5ABL. "5@<8G5A:CN E@C?:>ABL (=5A?>A>1=>ABL 4;8B5;L=> 2K45@6820BL ?>2KH5=-
2<5AB5 A> AB5:;O==K< 10;;>=0<8 <>3CB @0A?;028BLAO, 0 ?>A;54=85 <>3CB 8 ?@>AB> B@5A=CBL.
=K9 =03@52) <>6=> ?@>AB> 8A:;NG8BL, ?@>872>4O =0AB@>9:C CA8;8B5;O :>@>B:8<8 F8:;0<8 (=5
@8 873>B>2;5=88 40==>3> 20@80=B0 CA8;8B5;O, ;0<?K ?5@54 CAB0=>2:>9 2 AE5<C, ?@54-
45@60 :;NG =060BK< 4> B5E ?>@, ?>:0 ;0<?0 AB0=5B A=0G0;0 <0;8=>2>9, 0 ?>B>< ?>A8=55B) ;81>,
20@8B5;L=> 4>;6=K 1KBL >B>1@0=K, ;81> ?@8 =0AB@>9:5 CA8;8B5;O ?>4AB@>9:>9 =0?@O65=8O A<5-
8A?>;L7CO «E>;>4=CN =0AB@>9:C 2KE>4=>3> :0A:040. 3@0=8G5=85 2@5<5=8 =5?@5@K2=>9 @01>BK
I5=8O ?@8 ?>;=>9 @0A:0G:5 CA8;8B5;O CAB0=02;820NBAO >48=0:>2K5 0=>4=K5 B>:8 ;0<? (:064>9
;0<? 2K720=K B5<, GB> " ;0<?K ?@54=07=0G5=K 4;O 8<?C;LA=>9 @01>BK A 4>2>;L=> 1>;LH8<8
8=48284C0;L=>). ">:8 ?>:>O ;0<?, :0: ?@028;>, ?>;CG0NBAO =5>48=0:>2K<8, => >=8 G5@5AGC@ <0-
0<?;8BC40<8 B>:>2, => ?@8 8E <0;>9 4;8B5;L-=>AB8, 0 =5 A ?>AB>O==> 459AB2CNI8<8 B>:0<8,
;K, GB>1K ?>2;8OBL =0 ;8=59=>ABL CA8;8B5;O 2 F5;>< ;81> =0 4>;3>25G=>ABL ;0<?.
?>445@6820NI8<8 ;0<?C 2 >B:@KB>< A>AB>O-=88 4;8B5;L=>5 2@5<O."5< =5 <5=55, " ;0<?K
-B>, :AB0B8, :0A05BAO 8 2A5E 4@C38E ;0<?, 5A;8 K 8A?>;L7C5B5 1>;55 42CE 2 ?0@0;;5;L=><
2?>;=5 C4>2;5B2>@ONB B@51>20=8O< :0: ?@>-D5AA8>=0;L=>9, B0: 8 ;N18B5;LA:>9 0??0@0BC-@K
2:;NG5=88. 450;L=K9 A;CG09 - MB> ?>41>@ ;0<? B0:65 8 ?> :@CB87=5 E0@0:B5@8AB8:8. ;O ;N18-
A2O78, ?@8 8A?>;L7>20=88 ?@5@K28ABKE (=5 ?>AB>O==> 459AB2CNI8E) A83=0;>2: CW, SSB.
B5;O MB> @5H5=85 =5;L7O =0720BL C40G=K<, B0: :0: B@51C5BAO 1>;LH>5 :>;8G5AB2> <0B5@80;0 , 87
@5645 G5< ?@8ABC?8BL : A1>@:5 8 >B;04:5 MB>3> 20@80=B0, 1K; A>1@0= CA8;8B5;L =0 42CE ;0<?0E,
:>B>@>3> <>6=> 2K1@0BL ;0<?K 4;O 8A?>;L7>20=8O 2 (:0: ?@028;>, B0:8E 70?0A>2 @048>-
>?C1;8:>20==K9 2 [24], ?@8G5< 1K;8 >?@>1>20=K 420 20@80=B0, :0: A @0A:0G:>9 2 :0-B>4, B0: 8 2
;N18B5;8 =5 8<5NB), MB> <>65B ?>72>;8BL A515 =5 :064K9.
A5B:C. @8 0=>4=>< =0?@O65=88 750 8 <>I=>AB8 =0 2E>45 CA8;8B5;O 7-10 B (?@8 @0A:0G:5 2
@C3>9 B@C4=>ABLN, 2AB@5G0NI59AO ?@8 ?0@0;;5;L=>< 8A?>;L7>20=88 ;0<?, O2;O5BAO 70-
A5B:C) ?@0:B8G5A:8 =0 2A5E 480?07>=0E 1K; ?>;CG5= 0=>4=K9 B>: 600 mA.
<5B=>5 C25;8G5=85 2E>4=>9 8 2KE>4=>9 Q<:>AB8. 5B =5>1E>48<>AB8 3>2>@8BL, GB> ?@8 C25;8G5-
@57C;LB0B5 ?@>2545==KE M:A?5@8<5=B>2 1K;> CAB0=>2;5=>, GB> =0?@O65=85 =0 M:@0==KE
=88 ;N1>9 87 MB8E 25;8G8=, 1C45B 1>;LH5 ?@>O2;OBLAO MDD5:B HC=B8@>20=8O ?> ', C?><O=CBK9
A5B:0E ;0<? 4>;6=> A>AB02;OBL 180 - 200 , B0:, :0: B>3> 8 B@51C5B ?0A?>@B =0 ;0<?C. @8
@0=55. ?@545;Q==K5 8 6QAB:85 >3@0=8G5=8O =0 7=0G5=85 25@E=59 G0AB>B=>9 3@0=8FK B0:65 ?>O2-
40;L=59H5< C25;8G5=88 =0-?@O65=8O =0 2B>@>9 A5B:5, ?@8 ?5@52>45 CA8;8B5;O 2 @568< ?5@540G8
;ONBAO ?@8 A>548=5=88 ;0<? 2 ?0@0;;5;L=>.
4065 157 ?>40G8 =0?@O65-=8O 2>71C645=8O, ;0<?K =0G8=0NB A0<>?@>872>;L=> >B:@K20BLAO, B>:
0?@8<5@, ?0A?>@B=>5 7=0G5=85 2E>4=>9 Q<:>AB8 ;0<?K 645! A>AB02;O5B 40 ?$, 2K-
0=>40 2>7@0AB05B 4> 1,0 8 1>;55, 0=>4K ;0<? ?@8 MB>< <3=>25==> AB0=>2OBAO <0;8=>2K<8.
E>4=>9 16 ?$. '5BK@5 ;0<?K, 2:;NG5==K5 ?0@0;;5;L=> 404CB 2E>4=CN Q<:>ABL 240 ?$, 2KE>4-
>=5G=>, 0=>4=>3> =0?@O65=8O 1330 , 4;O ;0<? 645! ?>60;C9 =5A:>;L:> <=>3>20B>, =>
=CN 96 ?$. KE>4=0O Q<:>ABL <>65B 1KBL 01A>@18@>20=0 AE5<>9 0=>4=>3> :>=BC@0 (2:;NG5=0 2
70B> ?@8 B0:>< =0?@O65=88 A>?@>B82;5=85 =03@C7:8 (RM) ?>;CG05BAO 1Ò;LH8< G5< 2 CA8;8B5;5,
53> AE5<C, =59B@0;87>20=0), 0, 2>B, A> 2E>4=>9 Q<:>ABLN ?@84QBAO >1E>48BLAO A ?><>ILN A>3;0AC-
>?8A0==K< 02B>@><, GB> ?>72>;O5B ?>;CG8BL 3>@074> <5=LH85 7=0G5=8O 5<:>AB59 -:>=BC@0. 2A5
!B@. 10 87 20. #!" )!" . !. UY0UY
NI53> CAB@>9AB20, B. 5., =8GCBL =5 ;CGH8< >1@07><, G5< MB> 45;05BAO A59G0A 2 CA8;8B5;OE <>I- :;NG0NB =0?@O65=85 A<5I5=8O 8 =0?@O65=85 0=>40. 4=0:> 2 A2O780 ?@8ACBAB28O =0 =8E =5:>B>-
=>AB8 ' =0 B@0=78AB>@0E. @>3> '-=0?@O65=8O, A2O70==>3> A =5?>;=>9 A8<<5B@859 AE5<K 8E (A@54=85 B>G:8) =5;L7O 7075<-
><?0=8O Galaxy ?@54AB028;0 2 :B ( ) CA8;8B5;L <>I=>AB8 (<>45;L 2000+), 2 :>B>@>< ;OBL.
?@8<5=O;>AL 10 ;0<? AB@>G=>9 @072Q@B:8, 2:;NG5==KE ?0@0;;5;L=>. #A8;8B5;L @01>B0; 2 :;0AA5 #A8;8B5;L, 2K?>;=5==K9 ?> 42CEB0:B=>9 AE5<5, <>65B @01>B0BL :0: 2 AE5<0E A !, B0: 8 2
1, @0A:0G820;AO G5@57 <>I=K9 1578=4C:B82=K9 @578AB>@ 8 1K; 2K?>;=5= ?> AE5<5 2:;NG5- AE5<0E A .
=8O ;0<? A >1I8< :0B>4>< . !E5<0 42CEB0:B=>3> CA8;8B5;O A , 2K?>;=5==>3> =0 4-E ;0<?0E 645! (642!, 636!)
>A:>;L:C ;CG5>1@07CNI85 ?;0AB8=K ;0<? 645! (87 MB>9 A5@88 B>;L:> 55!) =5 8<5NB (20@80=B E3), ?@82545=0 =0 @8A.2D1 '5@B56 <>=B060 ' 1;>:0 CA8;8B5; ?@82545= =0 @8A.16.19 8
A>548=5=8O A :0B>4>< 2=CB@8 :>@?CA0 ;0<?K, <>6=> 8A?>;L7>20BL 8E 8 2 AE5<5 A !, ?@8G5< 2 @8A.16.20. 0<?K 645! (B>;L:>!) <>6=> 8A?>;L7>20BL 8 2 AE5<5 A !.
>1>8E 20@80=B0E: :0: A A5B:0<8, 7075<;5==K<8 ?> ', B.5. A =><8=0;L=K<8 ?>AB>O==K<8 =0?@O- !E5<0 42CEB0:B=>3> CA8;8B5;O A ! =0 4-E ;0<?0E #-50 (20@80=B F3), ?@82545=0 =0
65=8O<8 =0 A5B:0E; B0: 8 A5B:0<8, =5?>A@54AB25==> A>548=5==K<8 A :>@?CA><, :0: MB> A45;0=> @8A.2D24. '5@B568 <>=B060 ' 1;>:0 20@80=B>2 CA8;8B5;O ?@82545=K =0 @8A.16.21, @8A.16.22 8
=0?@8<5@ 2 [24]. !E5<0 2:;NG5=8O ?@82545=0 =0 @8A.2B (20@80=BK 1 2), 0 <>=B06 ' G0AB8 =0 @8A.16.23. 0<?K #-50 <>6=> 8A?>;L7>20BL 8 2 AE5<5 A
@8A.16.17, @8A.16.18 A>>B25BAB25==>.. 0 2E>45 CA8;8B5;O 2:;NG5= (", :>B>@K9 C25;8G8205B 0<?;8BC4C 2E>4=>3> A83=0;0 242>5
': "0: :0: ?@>2>4=8:, A>548=ONI89 2=CB@8 ;0<?K 645! 0=>4 ;0<?K A 8 A>7405B ?@>B82>D07=K5 A83=0;K 4;O 2>71C645=8O ?;5G CA8;8B5;O. =0;>38G=K9 B@0=AD>@<0B>@
0=>4=K< :>;?0G:><, 2K?>;=5= 87 B>=:>9 <54=>9 ?@>2>;>:8, :>B>@0O <>65B >B?0OBLAO ;81> ?@>AB> =0 2KE>45 CA8;8B5;O =0>1>@>B C<5=LH05B 0<?;8BC4C 2KE>4=>3> A83=0;0 2 420 @070. A5 >AB0;L=>5
@0A?;028BLAO ?@8 8A?>;L7>20=88 ;0<? 2 @568<5 <0:A8<0;L=>9 <>I=>AB8 0H53> , >A>15==> 0=0;>38G=> ?@54K4CI8< AE5<0<.
MB> :0A05BAO @01>BK =0 ' 480?07>=0E, CA8;8B5;L =5>1E>48<> A=0148BL ?@8=C48B5;L=>9 =0;>38G=> AB@>OBAO AE5<K =0 42CE ;0<?0E #-72 8 G5BK@5E ;0<?0E -807.
2KBO6:>9, 8A?>;L7CO 4;O MB>9 F5;8 25=B8;OB>@K >B 1;>:>2 ?8B0=8O -.
0<?0 -807 (20@80=BK G). 0: ?>:070;0 <=>3>;5B=OO ?@0:B8:0 8A?>;L7>20=8O ;0<? -807, 2. 4 #!", )!" ! !" !$ " +
>=8 >B;8G=> @01>B0NB :0: 2 @568<5 :;0AA0 ! ?@8 8A?>;L7>20=88 2 B5;53@0D=>< @568<5, B0: 8 ( +) "/
@568<5 :;0AA0 1 ?@8 CA8;5=88 >4=>?>;>A=>3> A83=0;0. 'B>1K ;0<?K =5 ?5@53@520;8AL ?@8
A;8 4;O 873>B>2;5=8O CA8;8B5;O C 0A =5B 2>7<>6=>AB8 ?@8>1@5B5=8O =5>1E>48<KE 0=>4-
MB><, =081>;55 1;03>?@8OB=K9 @568< @01>BK 4;O ;0<? (8<5BAOO 2 284C 4;O G5BK@5E ) U0 = 1200,
=KE B@0=AD>@<0B>@>2 8;8 ?@>AB> =5>1E>48< ;53:89, => 4>AB0B>G=> <>I=K9 PA 4;O @01>BK 2
UA2 = 300 (CW), UA2 = 350-400(SSB),UA1 = - 100, I0 = 80-100 =0 ;0<?C. RM ?@8 MB>< A>AB02;O5B
?>;52KE CA;>28OE ;81> DX-M:A?548F8OE, 345 :0: 8725AB=> :064K9 ;8H=89 :8;>3@0<< ?@8 B@0=A-
>:>;> 3,3 :<. ">-5ABL =0H 8AB>G=8: ?8B0=8O :0: @07 C4>;5B2>@O5B 2A5< MB8< B@51>20=8O<. @8
?>@B8@>2:5 =5 B>;L:> ":CH05B" 0H8 45=L38, => 8 74>@>2> C4;8=O5B @C:8, ;N1>9 87 2KH5 >?8-
B0:8E @568<0E ;0<?K A>E@0=OB A2>N 30@0=B8@>20==CN @01>B>A?>A>1=>ABL 1>;55 1500 G0A>2.
A0==KE CA8;8B5;59 <>6=> 2K?>;=8BL A 1;>:>< ?8B0=8O, A>1@0==K< ?> 15AB@0=AD>@<0B>@=>9 ;8-
!E5<0 ?>AB@>5=8O CA8;8B5;O ?@82545=0 =0 @8A.2B (20@80=BK G1 G2), 0 <>=B06 ' G0AB8 =0
1> :><18=8@>20==>9 AE5<5. '0AB> ?@8 MB>< 4;O ?>;CG5=8O 0=>4=>3> =0?@O65=8O 8A?>;L7CNBAO
@8A.16.24, @8A.16.30 A>>B25BAB25==>.
AE5<K C42>5=8O, CB@>5=8O ;81> CG5B25@5=8O 8;8 4065 CH5AB5@5=8O (O 2AB@5G0; 4065 AE5<C C<=>-
2. 3 #%""+ #!", )!" 65=8O =0 2>A5<L) =0?@O65=8O ?8B0NI59 A5B8 2 7028A8<>AB8 >B B@51C5<>9 <>I=>AB8 CA8;8B5;O.
( % #-72, 645!, 642!, 636!, #-50, -807, -811 ) 0;8G85 A>2@5<5==KE <0;>3010@8B=KE M;5:B@>;8B8G5A:8E :>=45=A0B>@>2 1>;LH>9 5<:>AB8, 8<5-
NI8E 2KA>:>5 @01>G55 =0?@O65=85 8 >48=0:>2>5 A>?@>B82;5=85 CB5G:8, ?>72>;O5B 2K?>;=OBL
?@58<CI5AB20< ?>AB@>5=8O AE5<K CA8;8B5;O ?> 42CEB0:B=>9 AE5<5 A;54C5B >B=5AB8 A;5-
15AB@0=AD>@<0B>@=K5 2KA>:>2>;LB=K5 8AB>G=8:8 0=>4=>3> ?8B0=8O ;0<?>2KE 2KE>4=KE :0A:0-
4CNI55:
4>2 CA8;8B5;59 <>I=>AB8 A@02=8B5;L=> <0;>3> @07<5@0, 8A?>;L7CO ?@8 MB>< 1573@0=8G=K9 @5-
a) 1>;55 2KA>:0O ;8=59=>ABL 8 M:>=><8G=>ABL, ?> A@02=5=8N A >4=>B0:B=K<8 CA8;8B5-
AC@A <>I=>AB8 B0:>3> 8AB>G=8:0 ?8B0=8O :0: ?@><KH;5==0O M;5:B@>A5BL. ;O ?>;CG5=8O =0?@O-
;O<8;
65=8O =0:0;0 8 =5>1E>48<KE A;C651=KE =0?@O65=889 <>6=> 8A?>;L7>20BL =51>;LH>9 ?> 25AC 8
b) 3>@074> <5=LH89 ?> A@02=5=8N A >4=>B0:B=K<8 CA8;8B5;O<8 C@>25=L 87;CG5=8O G5B=KE
3010@8B0< B@0=AD>@<0B>@. =0H5< A;CG05 ?@8 8A?>;L7>20=88 CG5B25@5=8O =0?@O65=8O CA8;8-
30@<>=8:;
B5;L ?>;CG05BAO ;53G5 107>2>3> 2 A@54=5< =0 45AOBL - B@8=04F0BL :8;>3@0<<>2. A?>;L7>20BL AE5-
c) ?>A;54>20B5;L=>5 2:;NG5=85 2E>4=>9 8 2KE>4=>9 5<:>AB59 ;0<?K : A>>B25BAB2CNI8<
<C C<=>65=8O =0?@O65=8O 1>;55 G5< 2 G5BK@5 @070 =5 8<55B A<KA;0, B0: :0: ?@8 MB>< 25A ?@8<5-
8< :>=BC@0<, GB> C<5=LH05B =0G0;L=CN 5<:>ABL MB8E :>=BC@>2;
=O5<KE 4;O MB>9 F5;8 M;5:B@>;8B8G5A:8E :>=45=A0B>@>2, CG8BK20O 8E >1ICN B@51C5<CN 5<:>ABL,
d) C<5=LH5=85 =0?@O65=8O 0=>4=>3> 8AB>G=8:0 242>5 ?> A@02=5=8N A >1KG=>9 AE5<>9
0 A>>B25BAB25==> 8 :>;8G5AB2>, AB0=>28BAO A>87<5@8<K< A 25A><, >1J5<>< 8 F5=>9 0=>4=KE
2:;NG5=8O 4;O ?>;CG5=8O @02=KE <>I=>AB59;
B@0=AD>@<0B>@>2.
e) C<5=LH5=85 0<?;8BC4K 2KE>4=>3> A83=0;0 242>5, GB> ?>72>;O5B C<5=LH8BL B@51>20=8O :
>=5G=>, =5B ?;NA>2 157 <8=CA>2. >O2;ONBAO 8 =5:>B>@K5 =5C4>1AB20, : ?@8<5@C, H0AA8
707>@C :>=45=A0B>@0 «3>@OG53> :>=F0 2KE>4=>3> -:>=BC@0
CA8;8B5;O 2 40==>< A;CG05 C65 =5 1C45B O2;O5BAO >1I59 <8=CA>2>9 H8=>9 ?8B0=8O 8 4>;6=>
1KBL 30;L20=8G5A:8 87>;8@>20=> >B A5B8.
54>AB0B:8 442CEB0:B=>9 AE5<K:
!;54C5B A@07C ?@54C?@548BL: 2 F5;OE 157>?0A=>AB8 687=8 >?5@0B>@0, 0 B0:65 ?@54C-
a) =5>1E>48<>ABL ?>41>@0 1;87:8E ?> ?0@0<5B@0< ;0<?;
?@5645=8O 2KE>40 87 AB@>O 0??0@0BC@K, ?>4:;NG05<>9 : CA8;8B5;N, M:A?;C0B0F8O 40==>3>
b) C42>5=85 M:2820;5=B=>3> A>?@>B82;5=8O 2KE>4=>3> :>=BC@0, GB> <>65B >:07K20BL A8;L-
CA8;8B5;O 2>7<>6=0 B>;L:> 2 B>< A;CG05, :>340 =0 @048>AB0=F88 8<55BAO =0456=>5 M;5:B@>-
=>5 2;8O=85 =0 25@E=8E 480?07>=0E.
B5E=8G5A:>5 7075<;5=85. >AB0;L=><, CA8;8B5;L =5 ?@54AB02;O5B A:>;L 1>;LH59 >?0A=>AB8,
CA8;8B5;5, ?>AB@>5==>< ?> 42CEB0:B=>9 AE5<5, =0?@O65=85 2>71C645=8O =0 A5B:8 ;0<? G5< 2AO:>5 4@C3>5 CAB@>9AB2>, 8<5NI55 2 A2>5< A>AB025 2KA>:>2>;LB=K5 8AB>G=8:8 ?8B0-
?>405BAO ?@>B82>D07=> (B.5. A> A4283>< =0 180°) A ?@>B82>?>;>6=KE :>=F>2 2E>4=>3> B@0=AD>@- =8O, =0?@O65=8O :>B>@KE ?@54AB02;ONB >?0A=>ABL 4;O 687=8 G5;>25:0.
<0B>@0. =0;>38G=> ?>4:;NG5=K 0=>4K ;0<?. KE>4=>9 :>=BC@ CA8;8B5;O 2:;NG5= 2> 2B>@8G- !E5<0 15AB@0=AD>@<0B>@=>3> , 8A?>;L7CNI53> ?@8=F8? C<=>65=8O =0?@O65=8O ?8B0N-
=CN >1<>B:C 2KE>4=>3> B@0=AD>@<0B>@0. @8 A8<<5B@88 AE5<K B>:8 =5G5B=KE 30@<>=8: A:;04K- I59 A5B8 4;O ?>;CG5=8O 0=>4=>3> =0?@O65=8O, B.5. =5 A>45@60I53> 45D8F8B=KE 2KA>:>2>;LB=KE
20NBAO =0 =03@C7:5, B>:8 65 G5B=KE 30@<>=8: :><?5=A8@CNBAO. !@54=85 B>G:8 >1<>B>: B@0=A- B@0=AD>@<0B>@>2 ?@82545=0 =0 @8A.1D. !E5<0 ?@54=07=0G5=0 4;O @01>BK >B >4=>D07=>9 A5B8 ?5-
D>@<0B>@>2 8<5NB =C;52>9 ?>B5=F80; (?> 2KA>:>9 G0AB>B5), ?>MB><C : =8< A>>B25BAB25==> ?>4- @5<5==>3> B>:0 =0?@O65=85< 220 , >48= 87 ?@>2>4>2 :>B>@>9 O2;O5BAO =C;52K<.
!B@. 11 87 20. #!" )!" . !. UY0UY
#G8BK20O B>, GB> ?@8 B0:>< ?>AB@>5=88 AE5<K 8AB>G=8:0 0=>4=>3> =0?@O65=8O, >= =5 8<55B ! F5;LN @072O7:8 8 70I8BK 2KE>4=>3> :0A-
30;L20=8G5A:>9 @072O7:8 >B ?5@28G=>9 A5B8, 0 8<5==> MB>B 8AB>G=8: ?>B@51;O5B =081>;LHCN :040 B@0=A825@0, =0?O65=85 2>71C645=8O ?>-
<>I=>ABL >B A5B8. >MB><C 4;O 70I8BK >B ?@>=8:=>25=8O 2 A5BL ?><5E, A>740205<KE ?@8 @01>B5 405BAO 2 >1<>B:C III 4@>AA5;O L6. >=45=-
CA8;8B5;O (?C;LA0F89 0=>4=>3> =0?@O65=8O), ?>O28;0AL ?>B@51=>ABL 2:;NG5=8O =0 2E>45 8AB>G- A0B>@ !14 =5>1E>48< =0 B>B A;CG09, 5A;8 ?>
=8:0 D8;LB@0 @048>?><5E, A>AB>OI53> 87 :>=45=A0B>@>2 C22, C23 8 4@>AA5;O L7. :0:>9-;81> ?@8G8=5 ?@>87>94QB <5628B:>2>5
@8 B0:>< ?>AB@>5=88 AE5<K >BACBAB2C5B 30;L20=8G5A:0O A2O7L M;5:B@>4>2 ;0<? A :>@?CA>< 70<K:0=85 L6. ;03>40@O 53> =0;8G8N B@0=-
CA8;8 B5;O 8, A;54>20B5;L=> - :>@?CA0 A ?8B0NI59 A5BLN. A825@ =5 ?>AB@0405B
@8 65;0=88 2 AE5<C 4;O C25;8G5=8O 157>?0A=>AB8 <>6=> 4>1028BL AE5<C 02B><0B8G5A- @>=8F05<>ABL :>;5F, 8A?>;L7C5<KE 4;O =0-
:>3> ?CA:>2>3> CAB@>9AB2> (#), ?@82545==>3> 2 [21] 8 >15A?5G820NI53> ?@028;L=CN D078@>2:C <>B:8 4@>AA5;O, 2>7<>6=>, ?@845BAO ?>4>-
?8B0NI59 A5B8 ?@8 2:;NG5=88 CA8;8B5;O. "0:>5 CAB@>9AB2> 2K?>;=5=> =0 @5;5 7, 8, AE5<0 53> 1@0BL. 5;> 2 B><, GB> :>;LF0, 2K?CA:05<K5
2:;NG5=8O ?@82545=0 =0 @8A.1E.3. #AB@>9AB2> A@010BK205B B>;L:> 2 B>< A;CG05, :>340 : @048>- @07;8G=K<8 702>40<8, =5>48=0:>2> 254CB
AB0=F88 ?>4:;NG5=> M;5:B@>B5E=8G5A:>5 7075<;5=85. @8 2:;NG5=88 # <>3CB 2>7=8:=CBL A;5- A51O =0 @07;8G=KE G0AB>B0E. >MB><C ?@8
4CNI85 A8BC0F88: 2>7<>6=>AB8 =04> 873>B>28BL 420-B@8 4@>A-
0) @8 ?@028;L=>< 2:;NG5=88 =0 >1<>B:C @5;5 2 G5@57 =>@<0;L=> 70<:=CBK5 :>=B0:BK 1 A5;O, =0?@8<5@, 2000, 1000 8 600 400
?>405BAO A5B52>5 =0?@O65=85 8 ?@8 A@010BK20=88 @5;5 2:;NG05BAO (@5;5 1 2 MB>< A;CG05 2A5 8 ?@>3=0BL ?> >G5@548 8E G5@57 AE5<C ?>
8A. 8 #A8;8B5;L A 15AB@0=AD>@<0B>@=K< ?8B0-
2@5<O >AB05BAO 2 >15AB>G5==>< A>AB>O=88). 480?07>=0<, 8 >AB028BL 5AB5AB25==> B>B, ?@8
=85< =0 2-E ;0<?0E -7
2) A;8 =0@CH5=0 D078@>2:0, B> ?@8 2:;NG5=88 A@010BK205B @5;5 1 8 53> :>=B0:BK "?5@5- :>B>@>< 2KE>4=0O <>I=>ABL 1>;55 @02=><5@-
D078@CNB" F5?8 ?8B0=8O, 40;55 2K?@O<8B5;L @01>B05B :0: >1KG=>. =0 ?> 480?07>=0<, 5A;8 :>=5G=> K =5 E>B8B5 8<5BL 345-B> ?>4J5< CA8;5=8O =0 >4=>< 87 480-
A) @8 >BACBAB288 7075<;5=8O =0@CH0NBAO F5?8 ?8B0=8O >1>8E @5;5, 8 @5;5 =5 1C4CB A@010- ?07>=>2 (=0?@8<5@ 4;O :><?5=A0F88 =5@02=><5@=>AB8 2KE>4=>9 <>I=>AB8 B@0=A825@0).
BK20BL, ?@8 MB>< ?@>AB> =5 2:;NG05BAO. ;O @072O7:8 A 0=B5==>9 8 =0 2KE>45 CA8;8B5;O <>6=> B0:65 ?@8<5=8BL (", 87>1@065=-
"0:8< >1@07><, 40==0O ?CA:>20O AE5<0 ?>72>;O5B 2:;NG0BL ?@8 ;N1>< ?>;>65=88 28;:8 =K9 =0 @8A.2.12, => 2:;NG5==K9 ?> B@0=AD>@<0B>@=>9 AE5<5 1:1, ;81> 4;O C25;8G5=8O ?>;>AK
A5B52>3> ?@>2>40. @0240, @5;5 "-100, ?@8<5=O5<K5 2 AE5<5 4>AB0B>G=> 45D8F8B=K, ?>MB><C C4>2;5B2>@8B5;L=>3> A>3;0A>20=8O 2 : 1 (B@0=AD>@<0B>@ 2 MB>< A;CG05 =0<0BK205BAO 2 B@8 ?@>-
?@8 8E >BACBAB288, AE5<C <>6=> 2K?>;=8BL B0: :0: ?>:070=> =0 @8A. 1.1. AB5AB25==>, <>6=> 2>40). 7<5=5=8O, :>B>@K5 =5>1E>48<> 2=5AB8 2 MB>< A;CG05 2 AE5<C, ?>:070=K =0 @8A.%%
>1>9B8AL 8 157 =55, => B>340 :064K9 @07 ?@8 ?>4:;NG5=88 CA8;8B5;O : A5B8, K 4>;6=K 1C45B5 @8 8A?>;L7>20=88 40==>3> CA8;8B5;O 4;O @01>BK A QRP B@0=A825@>< 53> A;54C5B 4>?>;-=8BL
:>=B@>;8@>20BL ?@028;L=>ABL D078@>2:8 ?8B0NI59 A5B8. ?@5420@8B5;L=K< CA8;8B5;5< 2K?>;=5=K< ?> ;N1>9 ?@82545==>9 2 0;L1><5 AE5<5, => ;CG-H5
!>1AB25==> A0< CG5B25@8B5;L =0?@O65=8O 2K?>;=5= ?> A8<<5B@8G=>9 AE5<5, >1;040NI59 8A?>;L7>20BL AE5<C @8A.2.15, MB> ?>72>;8B >4=>2@5<5==> 2K?>;=8BL @072O7:C 2KE>40 B@0=A8-25@0
;CGH8<8 48=0<8G5A:8<8 E0@0:B5@8AB8:0<8 8 C42>5==>9 G0AB>B>9 ?C;LA0F89 2K?@O<;5=>3> =0?- >B 15AB@0=AD>@<0B>@=>3> CA8;8B5;O. 1<>B:>9 I B@0=AD>@<0B>@0 "1 2 MB>< A;CG05 A;C-68B
@O65=8O. !E5<0 2:;NG05B :>=45=A0B>@K C24 - C27, C1 - C8 8 48>4K VD1 - VD4. ;O >15A?5G5=8O >1<>B:0 III 4@>AA5;O L6.
C@>25=O ?C;LA0F89 (U? =0,05%Ua), B@51C5<K9 4;O @01>BK CA8;8B5;O 2 ;8=59=>< @568<5, G8A- @8 8A?>;L7>20=88 CA8;8B5;O, 2K?>;=5=>3> ?> AE5<5 A 15AB@0=AD>@<0B@=K< ?8B0=85<, 4;O
;5==>5 7=0G5=85 5<:>AB8 :>=45=A0B>@>2 :064>3> ?;5G0 C<=>68B5;O 2 <:$ 4>;6=K 8 A>>B25B- @01>BK 2 ?>;52KE CA;>28OE 53> ;CGH5 B0:65 4>?>;=8BL :><<CB0B>@>< 0=B5==. !E5<0 :><-
AB2>20BL G8A;5==><C 7=0G5=8N <0:A8<0;L=>9 <>I=>AB8 CA8;8B5;O 2 20BB0E. 578AB>@K R1 8 R2 <CB0B>@0 87>1@065=0 =0 @8A2.17 @8A.2.18.
10;;0AB=K5, ?@54=07=0G5=K 4;O 70I8BK 48>4>2 8 ?@54>E@0=8B5;59 >B ?5@53@C7>:, 2>7=8:0NI8E 2
<><5=B 2:;NG5=8O . @8 0=>4=>< B>:5 >:>;> 600mA (=0 ?8:0E A83=0;0), ?@8 C:070==KE =0 'B>1K >1>9B8AL B@5<O BC<1;5@0<8 4;O ?5@5:-
AE5<5 =><8=0;0E MB8E @578AB>@>2, =0 =8E ?0405B 2A53> ?>@O4:0 4 8 A>>B25BAB25==> @0AA58205BAO ;NG5=8O G5BK@5E 0=B5== (G5BK@5 =5 2?8AK20N-
>:>;> 2,5 B <>I=>AB8, ?>MB><C =5B =5>1E>48<>AB8 >B:;NG0BL 8E ?>A;5 70@O40 :>=45=A0B>@>2. AO 2> 2=5H=89 284), ?@8H;>AL ?@8<5=8BL A42>-
=0;>38G=< >1@07>< @01>B05B 8 , 2K?>;=5=K9 ?> AE5<5 C42>5=8O =0?@O65=8O. AB0;L=0O G0ABL 5==K5 BC<1;5@K "-3 8 @07<5AB8BL 8E =0
AE5<K 8 A>1AB25==> CA8;8B5;59 A>>B25BAB2C5B >?8A0=K< 2KH5 8 2 ?>OA=5=88 =5 =C6405BAO. 704=59 ?0=5;8 CA8;8B5;O. @8 2K1>@5 ;N1>9
@8 ?>2B>@5=88 AE5<K =5 A;54C5B 701K20BL, GB> :0B>4K ;0<? 1C4CB =0E>48BLAO ?>4 2KA>:8< 87 0=B5== 2 4, 0=B5==0 1 02B><0B8G5A:8
?>B5=F80;>< >B=>A8B5;L=> :>@?CA0 CA8;8B5;O. ;O C25;8G5=8O =0456=>AB8 @01>BK AE5<K 15A- >B:;NG05BAO. >=B06 :><<CB0B>@0 ?>:070= =0
B@0=AD>@<0B>@=>3> CA8;8B5;O, ?@8 53> 873>B>2;5=88 ;CGH5 2A53> ?@8<5=OBL ;0<?K A 87>;8@>- @8A.15 (@5;5 :><<CB0B>@0 CAB0=02;820NBAO
20==K<8 :0B>40<8 (B.5. ;0<?K, 8<5NI85 :>A25==K9 ?>4>3@52), 0 2 A;CG05 ?@8<5=5=88 ;0<? ?@O- =0 <5AB5 @0A?>;>65=8O 0=>4=>3> B@0=A-
<>3> =0:0;0, 4;O ?8B0=8O =0:0;L=KE F5?59 ;CGH5 2A53> 8A?>;L7>20BL B@0=AD>@<0B>@K 702>4A:>3> D>@<0B>@0 =0 A:>15 ?>7.117, :>B>@0O :@5?8BAO
873>B>2;5=8O 87 A5@88 " 8 ", 8<5NI85 =0456=CN 87>;OF8N :0: <564C >1<>B:0<8, B0: 8 : 704=59 ?0=5;8 CA8;8B5;O).
<564C >1<>B:0<8 8 :>@?CA><. @8 873>B>2;5=88 A0<>45;L=KE B@0=AD>@<0B>@>2 A;54C5B C45;8BL A;8 K 2A5 65 AG8B05B5, GB> ?@8 B0:>9 <>I-
>A>1>5 2=8<0=85 MB><C 2>?@>AC, B0: :0: >B =53> 7028A8B =0456=>ABL 0H53> CA8;8B5;O. =>AB8 CA8;8B5;O 0< 2A5 @02=> ?;>E> >B25-
@0:B8G5A:8 ;N10O, 87 ?@82545==KE 2 40==>9 1@>HN@5 AE5< CA8;8B5;59 <>65B 1KBL G0NB, <>6=> 5I5 =5A:>;L:> C25;8G8BL <>I-
8A?>;L7>20=0 4;O @01>BK A 15AB@0=AD>@<0B>@=K< 1;>:>< ?8B0=8O. !E5<0 @50;870F88 CA8;8B5;O =>ABL CA8;8B5;O, A>1@0==>3> ?> AE5<5 15AB@0=-
8A. 9 #A8;8B5;L A 15AB@0=AD>@<0B>@=K< ?8B0-
=0 42CE ;0<?0E -7, ?@82545=0 =0 @8A.2C (20@80=B AB). AD>@<0B>@=>3> ?8B0=8O, A>1@02 8AB>G=8: 0=>4-
=85< =0 4-E ;0<?0E 645!, A> 2AB@>5==K< 0=-
@8 <>I=>AB8 2>71C645=8O @02=>9 25 B CA8;8B5;L >B405B 2 0=B5==C 400-450B =0 =0 =0- =>3> ?8B0=8O ?> AE5<5 C<=>65=8O =0?@O65=8O
B5==K< :><<CB0B>@><.
3@C7:5 75 < 8 >:>;> 500B =0 =03@C7:5 50 < =0 2A5E ;N18B5;LA:8E 480?07>=0E. #A8;8B5;L >B;8- =0 H5ABL, B0: :0: MB> ?>:070=> =0 8A.14.
G05BAO 25;8:>;5?=>9 ;8=59=>ABLN :>MDD8F85=B0 CA8;5=8O 2> 2A5< 480?07>=5 G0AB>B.
@8 B0:>< ?>AB@>5=88 AE5<K 25;8G8=0 0=>4=>3> =0?@O65=8O C25;8G8BAO 4> 1800 2>;LB
(=0 E>;>AB>< E>4C). @8 MB>< 25;8G8=0 ?@>A04:8 0=>4=>3> =0?@O65=8O ?>4 =03@C7:>9 7028A8B
B>;L:> >B 5<:>AB8 ?@8<5=O5<KE 2 C<=>68B5;5 :>=45=A0B>@>2.
!B@. 12 87 20. #!" )!" . !. UY0UY
!E5<0 C<=>65=8O =0?@O65=8O =0 H5ABL A>A- @>AA5;L 2K?>;=5= =0 :0@:0A5 87 DB>@>?;0AB0 480-
B>8B 8E 42CE AE5< C42>5=8O. 5@E=OO C1, <5B@>< 20 <<, 4;8=0 :0@:0A0 2K18@05BAO 2 7028A8-
!2, !4-C7, VD1, VD2 8 =86=OO - C8, C9, <>AB8 >B 8A?>;L7C5<KE ;0<?. -B> A45;0=> 4;O C4>1-
!11-!14, VD5, VD5. 0640O 87 MB8E AE5< AB20 <>=B060, =5>1E>48<> GB>1K 2K2>4 53> "3>@O-
C42>5=8O 40QB ?> 600. > ?>A:>;L:C =0?@O- G53>" :>=F0 =0E>48;AO =0 >4=>< C@>2=5 A 2K2>4><
65=8O 2 B>G:0E A>548=5=8O VD1, VD2 8 VD5, 0=>40 ;0<?K. 0<>B:0 2545BAO ?@>2>4>< -(
VD5 2KH5 =0 300, G5< 2 AE5<5 @8AC=:0 5, B> 480<5B@>< 0.4 - 0,5 <<. ;O =0<>B:8 15@5BAO 16 <5B-
2E>4=K5 @0745;8B5;L=K5 :>=45=A0B>@K ?@8- @>2 ?@>2>40. K1>@ 4;8=K >A=>20= =0 B><, GB> ?@8
8A. 11. =>4=K9 4@>AA5;L
H;>AL ?>AB028BL B>9 65 Q<:>AB8, => =0 C42>- B0:>9 4;8=5 ?@>2>40 4@>AA5;L =5 1C45B O2;O5BAO ?>-
5==>5 (600) =0?@O65=85. 15 MB8 AE5<K ;C2>;=>2K< ?>2B>@8B5;5< =8 2 >4=>< 87 ;N18B5;LA:8E 480?07>=>2. 5@2K5 15 28B:>2
C42>5=8O «?>4?8@0NBAO A=87C =0?@O65=88- =0<>B0=K A H03>< 2,0 <<, 4;O ?>;CG5=8O =5>1E>48<>3> H030 =0 :0@:0A5 =0@5705BAO A?8@0;L=0O
O<8 «+300 8 « 300, :>B>@K5 ?>;CG0NB- :0=02:0, 70-B5< 40 28B:>2 =0<>B0=K 28B>: : 28B:C, 0 >AB02H89AO ?@>2>4 =0<0BK205BAO
AO A >1KG=KE >4=>?>;C?5@8>4=KE 2K?@O<8- «C=825@A0;LN (20@8-0=B ), GB>1K 28B:8 "=5 ?;K;8", >=8 4>?>;=8B5;L=> 70:@5?;ONBAO :;55<
8A. 10 #A8;8B5;L A 15AB@0=AD>@<0B>@=K< ?8B0-
B5;59, A>1@0==KE =0 V3, !3 8 VD4, C8 «><5=B ;81> ?@>?8-BK20NBAO ;0:><. 0 >1>8E :>=F0E :0@:0A0 87 ?>A5@51@5==>3> ?@>2>40 480<.
=85< =0 3-E ;0<?0E #-50.
A>>B25BAB25==>. AC<<5 ?>;CG05BAO 1800 1,0 - 1,2 << 873>B0-2;820NBAO :>=B0:B=K5 2K2>4K, :>B>@K5 ?@>E>4OB A:2>7L :0@:0A, : =8< 8
?@8?0820NB 2K2>4K 4@>AA5;O. >;CG82H89AO 4@>A-A5;L 8<55B 8=4C:B82=>ABL ?>@O4:0 500 - 600
(600+600+300 +300).
@8 ?@8<5=5=88 MB>9 AE5<K, ?@5645 2A53>, A;54C5B C45;8BL ?>2KH5==>5 2=8<0=85 87>;O- <:= 8 >B;8G=> @01>B05B =0 2A5E 480?07>=0E. 0@:0A 4@>AA5;O :@5?8BAO : H0AA8 ;0BC==K<
F88 F5?59 :0B>40 2 MB>< 20@80=B5 =0 =8E <>65B ?@8ACBAB2>20BL ?8:>2>5 =0?@O65=85 >B=>A8- 28=B>< 4, 4;O G53> A B>@F0 :0@:0A0 ?@>A25@;5=> >B25@AB85 ?>4 @57L1C 4 3;C18=>9 15 <<.. @8
:@5?;5=88 AB0;L=K< 28=B><, >= =5 4>;65= 4>AB020BL 4> <5AB0 @0A?>;>65=8O :0BCH:8, 8=0G5 28=B
B5;L=> 7075<;5==>3> :>@?CA0 4> 1200. <5==> =5 <5=55 G5< =0 MB> =0?@O65=85 (0 5I5 ;CGH5 A
?@52@0-B8BAO 2 A5@45G=8:. 0@:0A <>6=> 27OBL 8 702>4A:>9 :5@0<8G5A:89. B>< A;CG05, 5A;8 C 0A
42CE-B@5E :@0B=K< 70?0A><) 4>;6=0 1KBL @0AAG8B0=0 87>;OF8O =0:0;L=>3> B@0=AD>@<0B>@0, 0
2>7=8:05B ?@>1;5<0 A =0<>B:>9 B8?0 «C=825@A0;L, 4@>AA5;L =0<0BK205BAO 28B>: : 28B:C, 0 4;O
B0:65 (?@8 53> ?@8<5=5=88) 2E>4=>3> ' B@0=AD>@<0B>@0.
C25;8G5=8O 8=4C:B82=>AB8 2 ' G0ABL 4@>AA5;O 2AB02;O5BAO >B@57>: :@C3;>3> D5@@8B>2>3>
01>G55 =0?@O65=85 4;O :>=45=A0B>@>2 !19 8 !@ 2 F5;OE =0456=>AB8 :>=AB@C:F88 4>;6=>
AB5@6=O 480<. 8 << >B <03=8B=>9 0=B5==K @048>?@85<=8:>2 4;8=>9 50 << (20@80=B ). @>AA5;L
A>AB02;OBL 2,5 3,5:..
B0:65 <>6=> F5;8:>< =0<>B0BL 8 =0 :@C3;>< D5@@8B>2>< AB5@6=5 >B <03=8B=>9 0=B5==K
@8<5=5=85 ?CA:>2>9 AE5<K, A>1@0==>9 =0 R26, C28, K1A, 2 MB>< A;CG05 >1O70B5;L=>.
:0@<0==KE @/?@85<=8:>2 ;81> =0 D5@-@8B>2>< :>;LF5 480<5B@>< 30-40 <<, : ?@8<5@C, B0: :0: MB>
>=AB@C:F8O 8 <>=B06 87<5=5==>3> 1;>:0 ?8B0=8O ?>:070=K =0 @8A.12G.
;O A>2<5AB=>9 @01>BK A 15AB@0=AD>@<0B>@=K< 8AB>G=8:>< ?8B0=8O >G5=L C4>1=> 8A?>;L- A45;0=> 2 @048>AB0=F88 -130. >;LF> ?@5420@8B5;L=> >1<0BK205BAO DB>@>?;0AB>2>9 ;5=B>9
(;0:>B:0=LN). ?>A;54=5< A;CG05 4;O =0<>B:8 ;CGH5 ?@8<5=8BL ?@>2>4 "$.
7>20BL ?>AB@>5=85 AE5<K A0<>3> CA8;8B5;O ?> 42CEB0:B=>9 AE5<5. MB>< A;CG05 30;L20=8G5A:0O
4@>AA5;N L8, 8A?>;L7C5<><C 2 :0B>45 ;0<?K, ?@54JO2;ONBAO 3>@074> <5=LH85 B@51>20-
@072O7:0 AE5<K CA8;8B5;O >B A5B8 ?5@5<5==>3> B>:0 ?>;CG05BAO 02B><0B8G5A:8 70 AG5B 8A?>;L7>-
=8O. = =0<0BK205BAO =0 DB>@>?;0AB>2>< :0@:0A5 480<. 18 <<, =0<>B:0 2545BAO 28B>: : 28B:C B0:-
20=8O =0 2E>45 8 2KE>45 CA8;8B5;O @0745;8B5;L=KE H8@>:>?>;>A=KE B@0=AD>@<0B>@>2 (A<..
65 ?@>2>4>< -( 480<5B@>< 0.4 - 0,5 << 4> 70?>;=5=8O ?@>AB@0=AB20 <564C 2K2>40<8 (A<.
@8A.15.3, 15.4 8 @8A.16.3, 16.4, 16.6.
>=AB@C:B82=>5 8A?>;=5=85 <>48D8:0F89 2A5E ?@82545==KE 2KH5 AE5< CA8;8B5;59 ?@825- 8A.12D).
:0G5AB25 4@>AA5;O L2 8A?>;L7C5BAO 4@>AA5;L 702>4A:>3> 873>B>2;5=8O -0.1 8=4C:B82-
45=> =0 @8A.164>?.1 @8A.164>?.24
=>ABLN 250 - 500 <:=, 0=0;>38G=K5 4@>AA5;8 8A?>;L7>20=K 2 :0G5AB25 L1, L2 !-<5B@0.
3. " #!"
=B8?0@078B=K9 4@>AA5;L L3 873>B>2;5= 87 ?>A5@51-
@5==>3> ?@>2>40 480<5B@>< 1,2- 1,5 <<, 8<55B 4 - 5 28B:>2,
@8 :>=AB@C8@>20=88 CA8;8B5;59 C?>@ 45;0;AO =0 ?@8<5=5=85 2 =8E AB0=40@B=KE 702>4A:8E
480<5B@ =0<>B:8 12 <<., H03 =0<>B:8 4-5 <<. =CB@L 4@>A-
45B0;59, H8@>:> 8A?>;L7C5<KE 2 1KB>2>9 0??0@0BC@5 8 8<5NI8EAO 2 =0;8G88 C <=>38E @048>-
A5;O 2?08205BAO @578AB>@ "-2 A>?@>B82;5=85< 51 - 82
;N18B5;59. A:;NG5=85 A>AB02;ONB 0=>4=K9 8 =0:0;L=K9 4@>AA5;8, :0BCH:8 -:>=BC@0 ' 8 '
<0. 4=8< :>=F>< 4@>AA5;L 70:@5?;O5BAO =0 2K2>45 0=>40
480?07>=>2.
;0<?K, 4@C38< - =0 «3>@OG5< 2K2>45 4@>AA5;O L1.
8A. 12. >=AB@C:F8O 4@>AA5;O L3
=>4=K9 4@>AA5;L O2;O5BAO >4=8< 87 206=59H8E M;5<5=B>2 AE5<K, ?>MB><C : 53> 873>-
0BCH:0 L4 15A:0@:0A=0O, 480<5B@ :0BCH:8 60 <<, G8A;> 28B:>2 - 6.5, H03 =0<>B:8 - 7 <<, =0<>-
B>2;5=8N =5>1E>48<> >B=5AB8AL A A5@L57=K< 2=8<0=85<. "0: ?@8 <0;>9 53> 8=4C:B82=>AB8, B.5.
B0=0 <54=>9 B@C1:>9 480<5B@>< 5 <<. "@C1:C <>6=> =5 A5@51@8BL, B0: :0: 4>1@>B=>ABL :0BCH:8
A>87<5@8<>9 A 8=4C:B82=>ABLN 0=>4=>3> :>=BC@0 ?@>8AE>48B @0A?@545;5=85 <>I=>AB8, 0 2 A;C-
?>;CG5BAO 1>;LH>9 8 A5@51@5=85 ?@0:B8G5A:8 =8G53> =5 4>102;O5B. B2>4K =0 :0BCH:5 2K?>;-
G05 2>7=8:=>25=8O ?>A;54>20B5;L=>3> @57>=0=A0 =0 >4=>< 87 @01>G8E 480?07>=>2 CA8;8B5;O ?@>-
=5=K >B 2ź 28B. - 10 <., 2 ½ 28B. 12 <., 3½ 28B. 15 <. 8 4½ 28B. 17<. -B8 40==K5 5AB5AB25=-
8AE>48B «>BA0AK20=85 <>I=>AB8, 4@>AA5;L ?@8 MB>< A8;L=> @07>3@5205BAO 8 <>65B 4065 >1C-
=> ?@81;878B5;L=K, B0: :0: K <>65B5 =5<=>3> C<5=LH8BL 480<5B@ :0BCH:8 2 7028A8<>AB8 >B
3;8BLAO. "> 65 A0<>5 <>65B ?@>87>9B8, 5A;8 K 2K?>;=8B5 :>=B0:B=K5 2K2>4K 2 2845 70<:=CB>3>
@07<5@>2 0=>4=>3> :>=45=A0B>@0, G8A;> 28B:>2 C25;8G8BAO, ;81> >H818BLAO 2 @0AA>O=88 <564C
28B:0 87 <03=8B=>3> <0B5@80;0. @>AA5;L L1 4>;65= 1KBL @0AAG8B0= =0 B>: 4> 600 mA, 53> :>=AB-
28B:0<8 ?@8 873>B>2;5=88 :0BCH5:, ?>MB><C >=0 873>B02;8205BAO A =5:>B>@K< «70?0A><.= 45;0-
@C:F8O ?@82545=0 =0 @8A.12C.
5BAO ?@81;878B5;L=> 3 28B:0, ?@8 =0AB@>9:5 ;8H=55 >B?8;8205BAO. 0 «3>@OG5< :>=F5 :0BCH:8
=0@570=0 @57L10 5, :>B>@>9 :0BCH:0 22>@0G8205BAO 2 :>=45=A0B>@ C17, 2> 2B>@>9 :>=5F :0BCH:0
2?08?08205BAO ?>A5@51@5=K9 ?@>2>4 480<. 1,2 -1,5 <<, 8< >=0 8 :@5?8BAO : ?5@5:;NG0B5;N 480?0-
7>=>2 (?@>?CA:05BAO A:2>7L :>=B0:BK ?5@5:;NG0B5;O).
!B@. 13 87 20. #!" )!" . !. UY0UY
"01;8F0 4 =587<5==>9 25;8G8=K 8=4C:B82=>AB8 =5>1E>48<> C25;8G8BL G8A;> 28B:>2 =0 30 %, 8;8 ?@8<5@-
=> =0 8 28B:>2. "0:8< >1@07><, ?>;CG82H0OAO :0BCH:0 1C45B 8<5BL 33 28B:0.
>42>48<0O 80?07>= 80<5B@ ?@>2>40
@>AA5;L L6 =0<>B0= 42C<O A;>65==K<8 2<5AB5
<>I=>ABL (B) (<F) (<<)
?@>2>40<8 =0 D5@@8B>2>< :>;LF5 ?@>=8F05<>ABLN
e" 1000 21,0 - 28,0 e" 4,1
400 - 2000, 480<5B@ :>;LF0 40-50<<. 0==K9 @07<5@
7,0 - 14,0 e" 3,3
480<5B@0 27OB 4;O C4>1AB20 =0<>B:8, >= <>65B 1KBL 8
1,8 - 3,5 e" 2,6
<5=LH8<. 48= :204@0B A5G5=8O D5@@8B0 45@68B 300-
e" 500 21,0 - 28,0 e" 3,4
500 B <>I=>AB8 (2 @07;8G=KE 8AB>G=8:0E ?@82>4OB-
7,0 - 14,0 e" 2,1
AO @07=K5 25;8G8=K <>I=>AB8) 53> :>=AB@C:F88
1,8 - 3,5 e" 1,6
?@54JO2;ONBAO 3>@074> <5=LH85 B@51>20=8O G5< :
e" 150 21,0 - 28,0 e" 2,1
0=>4=><C 4@>AA5;N. 1<>B:8 4@>AA5;O 4>;6=K 1KBL
7,0 - 14,0 e" 1,6
@0AAG8B0=K =0 ?@B5:0NI89 B>: 4> 4 (5 2 A;CG05
1,8 - 3,5 e" 1,0
?@8<5=5=8O ;0<? 645!). ;O 15AB@0=AD>@<0B>@=>-
8A.15. >=AB@C:F8O 4@>AA5;O L6
e" 75 21,0 -28,0 e" 1,6
3> 20 @80=B0 CA8;8B5;O =0 ;0<?0E -7, -71
7,0 -14,0 e" 1,0 =0<>B:0 2545BAO 2 B@8 ?@>2>40, ?@8G5< ?@>2>4 >1<>B:8 2>71C645=8O 8<55B <5=LH89 480<5B@, B.:.
?> =59 ?@>E>48B ;8HL <>I=>ABL 2>71C645=8O, 0 A0<> :>;LF> 2 MB>< A;CG05 4>;6=> 8<5BL ?@>=8-
1,8 -3,5 e" 0,6
F05<>ABL 400 - 1000, MB> :0A05BAO 8 A;CG0O 8A?>;L7>20=8O ?@54CA8;8B5;O, A>1@0==>3> ?> @8A.2.15.
B2>4K >B :0BCH:8 B0:65 2K?>;=5=K ?>A5@51@5==K<
8A.13. >=AB@C:F8O :0BCH:8 L 4
>;LF> ?5@54 =0<>B:>9 ?@5420@8B5;L=> 4>;6=> 1KBL >15@=CB> DB>@>?;0AB>2>9 ;5=B>9 ;81> ;0:>-
?@>2>4>< 480<. 1,2-1,5 <<. #G8BK20O B>, GB> '-B>:8
B:0=LN. >;8G5AB2> 28B:>2 8-12.(4;O ;0<?K -71 >1<>B:0 III 20 28B:>2). E :>;8G5AB2> =5
?@>B5:0NB B>;L:> ?> ?>25@E=>AB8 ?@>2>4=8:>2, :0BC-
:@8B8G=> 8 =5 ?@>872>48B 70<5B=>3> 2;8O=8O =0 @01>BC CA8;8B5;O, ?>MB><C =0<>B:0 2545BAO ?@>-
H:C L4 <>6=> 873>B>28BL 8 87 18<5B0;;0. =0, :0: 8 L5 2K?>;=5=0 A>3;0A=> @5:><5=40F8O<,
AB> 4> 70?>;=5=8O ?5@8<5B@0 A5@45G=8:0. > <>B0BL 1>;LH5 =5B A<KA;0, B.:. ?@>AB> C25;8G8205BAO
?@82545==K<8 2 6C@=0;5 «Hand-book 70.1986 3. 8AE>4O 87 2KE>4=>9 <>I=>AB8 (A<. B01;8FC 4)
A>?@>B82;5=85 4@>AA5;O, GB> 2545B : ?>B5@O< 2 =5<. @>2>4 (-0.75, >G5=L C4>1=> =0<>B0BL
@8 B0:>< 480<5B@5 ?@>2>40 >=8 =5 ?5@53@520NBAO B>:0<8, ?@>B5:0NI8<8 G5@57 -:>=BC@. A;8
4@>AA5;L 42>9=K< A5B52K< ?@>2>4><, 8<5NI8< : B><C 65 42>9=CN 87>;OF8N. @>AA5;L E>@>H>
4;O 873>B>2;5=8O :0BCH:8 L 4 K 8A?>;L7C5B5 B>=:>AB5==CN B@C1:C, B> ?@8 =5@570=88 @57L1K 2
@01>B05B =0 2A5E 480?07>=0E. ;>:8@>20BL 4@>AA5;L ?> ' :>=45=A0B>@0<8 =5 >1O70B5;L=>.
=55 =04> GB>-B> 2AB028BL (70;8BL ?@8?>5<), GB>1K ?;0H:0 =5 @20;0 :@0O B@C1:8. 54L <5B0;; «:0?-
@8 <>=B065 4@>AA5;L @0A?>;0305BAO 21;878 :0B>4>2 ;0<? 8 :@5?8BAO ?@8 ?><>I8 42CE H091 87
@87=K9, ?MB><C 4;O =0@570=8O @57L1K =5>1E>48<> 8A?>;L7>20BL B>;L:> =>2CN ?;0H:C. A;8
87>;OF8>==>3> <0B5@80;0 45B.75 8 28=B0 4. A;8 K A25@;8B5 >B25@AB8O ?>4 ;0<?>2K5 ?0=5;8 A
480<5B@ B@C1:8 =5<=>3> <5=LH5 5<<, :>=5F B@C1:8 A;54C5B =5<=>3> A?;NI8BL. >AB0;L=KE
?><>ILN F5=B@>1>@0, =5 2K1@0AK209B5 ?>;CG82H85AO H091K, A 8E ?><>ILN K 70:@5?8B5
A;CG0OE :>=5F :0BCH:8, :>B>@K9 2:@CG8205BAO 2 :>=45=A0B>@, <>6=> 2K?>;=8BL 2 A>>B25BAB288 A
4@>AA5;L L6, MB> :0A05BAO 8 L7. >4=>9 87 H091 >B5@AB85 4>;6=> 1KBL 480<5B@>< 3,2 <<, 2 4@C3>9
@8A.12B.
?>4 @57L1C 3, MB> =C6=> 4;O B>3>, GB>1K <>6=> 1K;> ?@860BL >1<>B:C 4@>AA5;O : :>;LFC,
0BCH:0 L5 =0<0BK205BAO =0 :0@:0A5 87 DB>@>?;0AB0
70:@5?82 55 B0:8< >1@07><.
(:5@0<8:8) 480<5B@>< 50 <<, H03 =0<>B:8 2,5 << (=0
@>AA5;L D8;LB@0 ?><5E L7 =0<>B0= 42C<O A;>65==K<8 2<5AB5 ?@>2>40<8 (-0,35
:0@:0A5 A F5;LN 70:@5?;5=8O 28B:>2 8 C4>1AB20 =0<>B:8
;81> 42>9=K< A5B52K< ?@>2>4>< =0 D5@@8B>2>< :>;LF5 ?@>=8F05<>ABLN 2000 8 A>45@68B 20
B0:65 =0@570=K A?8@0;L=K5 :0=02:8. ;C18=0 :0=02>:
28B:>2, 480<5B@ :>;LF0 50<<. >=AB@C:F8O 8 :@5?;5=85 4@>AA5;O 0=0;>38G=K L6.
4>;6=0 1KBL =5 <5=55 ?>;>28=K 480<5B@0 ?@8<5=O5<>3>
E>4=>9 B@0=AD>@<0B>@ "1, 8A?>;L7C5<K9 2 42CEB0:B=>9 AE5<5 CA8;8B5;O, =0<0BK205BAO =0
4;O =0<>B:8 ?@>2>40). ;O =0<>B:8 8A?>;L7C5BAO ?@>2>4
:>;LF52>< A5@45G=8:5 87 D5@@8B0 ' 50 A 2=5H=8< 480<5B@>< >:>;> 20 <<. @8 53> >BACBAB288
- - 1,2 1,5, G8A;> 28B:>2 :0BCH:8 - 25. B2>4K
<>6=> 8A?>;L7>20BL D5@@8B 8 A ?@>=8F05<>ABLN 100-600 157 70<5B=>3> CEC4H5=8O ?0@0<5B@>2
2K?>;=5=K A>>B25BAB25==> >B 4-3> 28B. 480?07>= 30<.;
B@0=AD>@<0B>@0. 0<>B:0 >1<>B>: B@0=AD>@<0B>@0 ?@>872>48BAO A;01> A:@CG5==K<8 ?@>2>4=8-
8-3> 28B. 40<.; 15-3> 28B. 80 <..
:0<8 8 A>45@68B 6 28B:>2. KE>4=>9 B@0=AD>@<0B>@ "2 =0<>B0= =0 42CE, A;>65==KE 2<5AB5
:0G5AB25 L5 ?>4>945B :0BCH:0 >B CAB@>9AB20 A>3;0A>20-
:>;LF0E 87 D5@@8B0 1000 480<5B@>< 55 <<, ?@5420@8B5;L=> >1<>B0=KE DB>@>?;0AB>2>9 ;5=B>9
=8O @048>AB0=F88 -104, 2K?>;=5==0O =0 :5@0<8G5A:><
(8A?>;L7>20=K :>;LF0 >B B@0=AD>@<0B>@0 A>3;0ACNI53> CAB@>9AB20 @048>AB0=F88 -130). ;O =0-
:0@:0A5. @8 >BACBAB288 :0@:0A0 =C6=>3> 480<5B@0 :0-
<>B:8 8A?>;L7>20;AO A:@CG5==K9 ?@>2>4 "$-1,5, A;>65==K9 2B@>5 ( >:>;> ?OB8 A:@CB>: =0
BCH:C >G5=L ;53:> ?5@5AG8B0BL ?>4 8<5NI89AO :0@:0A.
8A.14. >=AB@C:F8O :0BCH:8 L 5
A0=B8<5B@). 1<>B:8 A>45@60B ?> 8 28B:>2. @8 CAB0=>2:5 B@0=AD>@<0B>@0 A;54C5B C45;8BL >A>-
;O >4=>A;>9=KE F8;8=4@8G5A:8E :0BCH5:, C :>B>@KE
1>5 2=8<0=85 ?@028;L=>AB8 <>=B060 53> 2K2>4>2.
4;8=0 =0<>B:8 @02=0 8;8 1>;LH5 ?>;>28=K 480<5B@0 :0BCH:8, @0AG5B 8=4C:B82=>AB8 ?@>2>48BAO
0 :>=45=A0B>@K C1 -.C8 >45205BAO B@C1:0 % A>>B25BAB2CNI53> 480<5B@0 ;81> B5@<>CA0-
?> D>@<C;5:
4>G=0O B@C1:0, 2<5AB> MB>3> 8E <>6=> ?@>AB> >1<>B0BL A:>BG5< , MB> ?@54>E@0=8B >B 2KE>40 87
L = D²× n² / ( 45D + 100l ),
AB@>O 2KA>:>2>;LB=K9 2K?@O<8B5;L ?@8 ?>?040=88 G53>-;81> (:>3>-;81> HI!) ?@>2>4OI53> <564C
345 L 8=4C:B82=>ABL :0BCH:8, <:=; D 480<5B@ :0BCH:8, A<;
:>@?CA0<8 :>=45=A0B>@>2. A;8 =5B 2>7<>6=>AB8 =09B8 H091K (?>7.68) ?>4 :>=45=A0B>@K, 8E
n G8A;> 28B:>2 :0BCH:8; l 4;8=0 =0<>B:8 :0BCH:8, A<.
<>6=> 873>B>28BL A0<>AB>OB5;L=>, ?@8<5=82 4;O MB>9 F5;8 3>;K9 <54=K9 ?@>2>4 480<5B@>< 1,2-
;O =0H8E 40==KE :0BCH:8 L5 - D = 5A<, n = 25, l = 6,25 A<, ?>4AB0282 MB8 7=0G5=8O 2 D>@-
1,5 << :0: MB> ?>:070=> =0 @8A.12B (45B0;L 68). ;O C;CGH5=8O :>=B0:B0 ?@>2>4 ;CGH5
<C;C ?>;CG05< L = 5²×25²/(225 + 625) H" 18,38 <:=, ?@8G5<, 5A;8 ?@8 MB>< C<5=LH05BAO 8
?@5420@8B5;L=> 70;C48BL, MB> ?@54>B2@0B8B 2 40;L=59H5< 53> >B >:8A;5=8O. @>=HB59= 4;O
480<5B@ ?@>2>40 ?@8 A>E@0=5=88 4;8=K =0<>B:8, 8=4C:B82=>ABL ?>;CG8BAO =0 1 2 % <5=LH5.
:@5?;5=8O C24 -.C27 ?>7.113 <>6=> 27OBL 3>B>2K< >B 1;>:>2 ?8B0=8O A5@88 ! ;81> 873>B>28BL ?>
"5?5@L ?@>872545< ?5@5AG5B G8A;0 28B:>2 :0BCH:8, : ?@8<5@C, 4;O 480<5B@0 :0@:0A0 3,5 A<.
G5@B56C.
MB>< A;CG05 25;8G8=0 480<5B@0 :0@:0A0 C<5=LH05BAO =0 30 %, A;54>20B5;L=>, 4;O A>E@0=5=8O
=>4=K9 :>=45=A0B>@ - 42CEA5:F8>==K9 >B AB0@KE 25I0B5;L=KE ;0<?>2KE @048>?@85<-
=8:>2 5<:>ABLN 2 E 12-500 ?$, @>B>@ 8 AB0B>@ :>B>@>3> ?@5420@8B5;L=> ?@>@565==K G5@57 ?;0A-
!B@. 14 87 20. #!" )!" . !. UY0UY
B8=C, ?@8 MB>< 707>@ <564C ?;0AB8=0<8 :>=45=A0B>@0 A>AB028B >:>;> 2<<, 0 <0:A8<0;L=0O 5<- 0 G5@B565 ?5@54=59 ?0=5;8 CA8;8B5;O >B25@AB8O 4;O :@5?;5=8O :>=45=A0B>@>2 C20, C21 =5
:>ABL A5:F88 120 ?$, A5:F88 2:;NG0NBAO ?0@0;;5;L=>. 0?@O65=8O ?@>1>O ?>A;5 ?@>@56820=8O C:070=K, B0: :0: 8E @0A?>;>65=85 7028A8B >B :>=:@5B=>3> B8?0, ?@8<5=O5<>3> :>=45=A0B>@0.
(?>AB>O==>5) A>AB02;O5B 2500-3500 (7028A8B >B BI0B5;L=>AB8 A1>@:8 ?>A;5 ?5@545;:8 :>=45=- ;O ?5@5:;NG5=8O >B2>4>2 :0BCH:8 -:>=BC@0 ?@8 ?5@5E>45 A 480?07>=0 =0 480?07>=
A0B>@0). G5=L E>@>H> ?>4E>48B 4;O MB>9 F5;8 ?5@5<5==K9 :>=45=A0B>@ >B CAB@>9AB20 A>3;0A>- 8A?>;L7>20= 30;5B=K9 ?5@5:;NG0B5;L 11-5. "@8 53> 30;5BK, 2:;NG5==K5 ?0@0;;5;L=> 4;O
20=8O @048>AB0=F88 -104 (5<:>ABL :064>9 A5:F88 12 - 500?$), >6=> 27OBL 4;O MB>9 F5;8 B0:65 1>;LH59 =0456=>AB8, A;C60B A>1AB25==> 4;O ?5@5:;NG5=8O >B2>4>2, E>BO 1;03>40@O 2>7<>6=>AB8
8 :>=45=A0B>@ >B @/AB !-5, 8<5NI89 5<:>ABL 45 230 ?$. 0 >A8 MB>3> :>=45=A0B>@0 70:@5?;5= «E>;>4=>9 =0AB@>9:8, ?5@5=0?@O65==K9 @568< 2KE>4=>3> :0A:040 ?@0:B8G5A:8 >BACBAB2C5B. 25
M:AF5=B@8:, :>B>@K9 ?@8 ?>2>@>B5 >A8 @>B>@0 :>=45=A0B>@0 =0 180° 70<K:05B :>=B0:BK ?5@5- >AB02H85AO 30;5BK, 2:;NG5==K5 B0:65 ?0@0;;5;L=>, 8A?>;L7CNBAO 4;O ?>4:;NG5=8O 2 A;CG05
:;NG0B5;O, @0?>;>65==>3> =0 :>@?CA5 :>=45=A0B>@0. 'B>1K 8<5BL 2>7<>6=>ABL @01>B0BL 2 480- =5>1E>48<>AB8 4>?>;=8B5;L=KE :>=45=A0B>@>2 ?>AB>O==>9 5<:>AB8 : 0=B5==><C :>=45=A0B>@C.
?07>=5 160<, =0 MB8 :>=B0:BK =5>1E>48<> @0A?0OBL 4>?>;=8B5;L=K9 :>=45=A0B>@ 5<:>ABLN 150- 5@54 CAB0=>2:>9 ?5@5:;NG0B5;O 53> =5>1E>48<> 4>@01>B0BL. 5;> 2 B><, GB> >B2>4K 480?07>=>2
10-18 <5B@>2 A45;0=K ?>A5@51@5=K< ?@>2>4>< 480<. 2,2<< , :>B>@K9 H8@5, G5< >B25@AB8O 2 :>=-
220 ?$ B8?0 15#-1 ;81> !-6, :>B>@K9 2:;NG05BAO ?0@0;;5;L=> >A=>2=><C :>=45=A0B>@C (=5
B0:0E ?5@5:;NG0B5;O 8 =5 2;07OB 2 =53>. 5>1E>48<> 8E A45;0BL H8@5. ;O MB>9 F5;8 8A?>;L7C5BAO
701C4LB5 ?@8 MB>< A=878BL 2KE>4=CN <>I=>ABL CA8;8B5;O 4> @07@5H5==KE 10 B! HI!). 'B>1K
H8;> 8;8 «FK30=A:0O 83;0. AB0282 H8;> 2 >B25@AB85 :>=B0:B0, 8 2@0I0O 53>, ?>AB5?5==> 4>18-
:>=45=A0B>@ E>@>H> @01>B0; 2 480?07>=5 10<, =5>1E>48<> 2KD@575@>20BL 8;8 2KA25@;8BL 4=8I5
20NBAO B0:>3> 480<5B@0, GB>1K 2>H5; ?@>2>4. 5;05BAO MB> 0::C@0B=>, GB>1K =5 ?>@20BL :@0O :>=-
8 1>:>2K5 AB5=:8 53> :>@?CA0, B0: :0: ?@8 MB>< 53> =0G0;L=0O 5<:>ABL C<5=LH8BAO 4> 30 ?$ 8
B0:B0 8 =5 ?>2@548BL A0<C ;0<5;L.
:>=45=A0B>@ C65 <>6=> 8A?>;L7>20BL. ;O 40;L=59H53> C<5=LH5=8O 53> =0G0;L=>9 5<:>AB8
:0G5AB25 B@0=AD>@<0B>@0 "@.3 4;O 20@80=B>2 CA8;8B5;O B 8 C <>6=> 8A?>;L7>20BL "-163
=5>1E>48<> =0 2-3 << A@570BL 25@E=NN G0ABL AB0B>@=KE ?;0AB8=. >6=> MB>3> 8 =5 45;0BL, 0
220/127-50, ;81> "-287. ;O 20@80=B>2 CA8;8B5;O A, E, - 8A?>;L7C5BAO "-53 220/127-50 "-55
2:;NG8BL ?>A;54>20B5;L=> A =8< :>=45=A0B>@ <0;>9 5<:>AB8, >4=0:> MB>B 20@80=B CA;>6=O5B
220/127-50, "-56 220/127-50, "-57 220/127-50, (8;8 ;N1>9 87 A5@88 ", A>>B25BAB2CNI89 ?>
:>=AB@C:F8N, B.:. :>@?CA >A=>2=>3> :>=45=A0B>@0 2 MB>< A;CG05 4>;65= 1KBL 87>;8@>20==K< >B
B>:C 8 <>I=>AB8, ;81> "-287, A>3;0A=> B01;8F 2-3). ;O 20@80=B0 D - "-57 220/127-50 (?@8
H0AA8 CA8;8B5;O. >4E>48B 8 :>=45=A0B>@ >B @/AB «', 53> 5<:>ABL 6 - 600 ?$, 2A;54AB285
MB>< F5?8 =0:0;0 ;0<? VL1, VL2 8 VL3, VL4 =5>1E>48<> 1C45B A>548=8BL ?>?0@=> ?>A;5-
G53> =0AB@>9:0 =0 25@E=8E 480?07>=0E ?>;CG05BAO >G5=L >AB@>9, => ?0@0;;5;L=> 5<C <>6=>
4>20B5;=>).
?>25A8BL :>=45=A0B>@ B8?0 15#-1 (!-6) 5<:>ABLN 15-20 ?$, GB> @5H8B MBC ?@>1;5<C. > 2A5
>7<>6=K5 20@80=BK 70<5=K "@.1-"@.2 157 ?>B5@8 <>I=>AB8 CA8;8B5;O ?@82545=K 2
@02=> 2 ;N1>< A;CG05 0=>4=K9 :>=45=A0B>@ 4>;65= 8<5BL :0: <>6=> <5=LHCN =0G0;L=CN
"01;8F5 1. ;O =0<>B:8 B@0=AD>@<0B>@>2, ?@8 8E A0<>AB>OB5;L=>< 873>B>2;5=88, 8A?>;L7C5BAO
5<:>ABL.
A;8 2A5-65 0< =5 C40;>AL 4>AB0BL =8G53> 87 2KH5?5@5G8A;5==>3>, 2 MB>< A;CG05 <>6=> ;5=B>G=>5 65;57> B8?0 20×40 - 80.
A>AB028BL :>=45=A0B>@ 87 42CE :>=45=A0B>@>2, :0: MB> ?>:070=> =0 @8A.2.19 - :>=45=A0B>@0 ?>- =>?:0 S1 - 41-1-2, :=>?:8 S2 - S6 2 A =57028A8<>9 D8:A0F859, CAB0=>2;5==K5 =0
AB>O==>9 5<:>AB8 Cp =><8=0;>< 5600 6200 ?$ 8 42CEA5:F8>==>3> ?5@5<5==>3> >B >1KG=>3> >1I59 ?;0=:5, ?@8G5< S6 CAB0=02;8205BAO B>;L:> ?@8 8A?>;L7>20=88 2 CA8;8B5;5 @568<0
"%".
?@85<=8:0 5<:>ABLN 2 × 12 ÷ 495 ?$ (>=45=A0B>@ ?@5420@8B5;L=> ?@>@56820NB G5@57 ?;0AB8=C.
:0G5AB25 3 8A?>;L7>20=> @5;5 >B CA8;8B5;O
0:A8<0;L=0O 5<:>ABL :>=45=A0B>@0 ?@8 MB>< A>AB028B 220 ?$), 2:;NG5==KE ?>A;54>20B5;L=>.
<>I=>AB8 #-3 @048>AB0=F88 -105 (53> AB0@>5
<:>ABL :>=45=A0B>@>2, 2:;NG5==KE ?>A;54>20B5;L=> @02=0
=0720=85 -2). <5AB> =53> <>6=> 8A?>;L7>-
C = C1×C2 / (C1 + C2).
20BL @5;5 87 A5@88 "52, ;CGH5 2A53>
=0H5< A;CG05 Cmin = 5600×24/ (5600 + 24) = 23,9 ?$, A;CG05 Cmax = 5600×220/ (5600 +
"52". MB>< A;CG05 4;O 53> :@5?;5=8O
220) = 212 ?$, B0:8< >1@07>< ?>;CG8;8 :>=45=A0B>@ 24 ÷ 212 ?$.
8A?>;L7C5BAO :@>=HB59= 45B.21, 0 =0 AB5=:5
>6=> 4;O MB>9 F5;8 8A?>;L7>20BL >48= 42CEA5:F8>==K9 :>=45=A0B>@ >B >1KG=>3> ?@85<-
A25@;OBAO >B25@AB8O 480<. 3,2 << A>3;0A=>
=8:0 2 × 12 ÷ 495 ?$, 2:;NG82 53> A5:F88 ?>A;54>20B5;L=>, :0: MB> ?>:070=> =0 @8A.2.21. @8
@8A.10.
B0:>< 2:;NG5=88 :>@?CA :>=45=A0B>@0 4>;65= 1KBL 87>;8@>20= >B H0AA8. @5?;5=85 :>=45=-
$>=0@8 4;O A83=0;L=KE ;0<? 8A?>;L7>20=K >B
A0B>@0 ?>:070=> =0 @8A.12F1. >=45=A0B>@ 28=B0<8 4 2?>B09 :@5?8BAO : AB5:;>B5:AB>;8B>2>9
1;>:>2 ?8B0=8O, 8=65=5@=KE ?C;LB>2 8 4@C38E
?;0AB8=5 ?>7.126, 0 ?;0AB8=0 G5@57 B@8 2BC;:8 ?>7.120 28=B0<8 4 ?>7.103 - : ?5@54=59 ?0=5;8
8A. 16. >=AB@C:F8O @5;5 "52" 8 -2
CAB@>9AB2, 2E>4OI8E 2 A>AB02 <0H8= !-1022,
CA8;8B5;O. 0 >AL :>=45=A0B>@0 =0A068205BAO 8 70:@5?;O5BAO 28=B>< 3 >AL ?>7.127.
!-1045 8 B0: 40;55.
=B5==K9 :>=45=A0B>@, 8<5NI89 G5BK@5 A5:F88 (5<:>ABL :064>9 A5:F88 12 - 510?$), >B
<5AB> ;0<?>G5: 4;O 8=48:0F88 <>6=> ?@8<5=8BL 8 A25B>48>4K, =0?@8<5@, 307, :>B>@K5
0280F8>==>3> @048>:><?0A0 -5 8;8 -7, ;81> >B @/AB. -104 8;8 >B A>3;0ACNI53> CAB@>9-
70?8BK20NBAO >B 8AB>G=8:0 4;O ?8B0=8O @5;5. 40==>< A;CG05 A25B>48>4K 2:;NG0NBAO G5@57
AB20 MB>9 65 @/AB., 5A;8 K 1C45B5 8A?>;L7>20BL CA8;8B5;L 2 @568<5 <0:A8<0;L=> 2>7<>6=>9 2K-
@578AB>@K "-0,25 =><8=0;>< 2,7 - 3,0 :< (?@8 =0?@O65=88 24 ) ;81> 1,2 -1,5 :< (?@8
E>4=>9 <>I=>AB8, 53> ;CGH5 4;O 1>;LH59 =0456=>AB8 B0:65 ?@>@548BL (:>=45=A0B>@ >B @/AB -104
=0?@O65=88 12 ). !25B>48>4K CAB0=02;820NBAO =0 ?5G0B=>9 ?;0B5, :>B>@0O :@5?8BAO : ?5@54=59
?@>@56820BL =5 =04>, >= 8<55B 4>AB0B>G=K9 707>@). A;8 ?@8 MB>< >:065BAO, GB> <0:A8-<0;L=0O
?0=5;8 ?@8 ?><>I8 2BC;>: ?>7.74, 0=0;>38G=> :=>?:0<. ;O MB>9 F5;8 2 ?5@54=59 ?0=5;8 4>?>;-
5<:>ABL 0=B5==>3> :>=45=A0B>@0 <0;0 (B0: :0: >= ?@>@565=) 8;8 =5 C40;>AL =09B8 B0:>9 :>=45=-
=8B5;L=> A25@;OBAO >B25@AB8O 480<. 3,2<<. 'B>1K A25B>48>4K ?;>B=> 2E>48;8 2 >B25@AB8O,
A0B>@, <>6=> ?>AB028BL B@5E- ;81> 42CEA5:F8>==K9, 0 ?0@0;;5;L=> 5<C 2 7028A8<>AB8 >B 480?0-
A:>@@5:B8@>20BL. '5@B56 ?5G0B=>9 ?;0BK ?>4 CAB0=>2:C A25B>48>4>2 ?@82545= =0 @8A.13 (;.4), 0
7>=0 ?>4:;NG8BL :>=45=A0B>@K ?>AB>O==>9 5<:>AB8, 8A?>;L7CO 4;O 8E ?>4:;NG5=8O 425 A2>1>4-
AE5<0 2:;NG5=8O =0 @8A.2.13 A>>B25BAB25==> ?@>A25@;5==K5 4;O 8E :@5?;5=8O 2 ?5@54=59 ?0=5;8
=K5 A5:F88 ?5@5:;NG0B5;O 480?07>=>2.
8 D0;LH?0=5;8, =0 =8E =0BO3820NBAO :CA>G:8
MB>< A;CG05 2 ?@F5AA5 =0AB@>9:8 CA8;8B5;O =0 B5E 480?07>=0E, 345 =5 E20B05B 5<:>AB8 C21,
?>;8E;>@28=8;>2>9 B@C1:8 A>>B25BAB2CNI53>
53> @>B>@ CAB0=02;8205BAO 2 A@54=55 ?>;>65=85, 0 ?0@0;;5;L=> C21 ?>4:;NG05BAO 2A?><>30-
480<5B@0, ?@8 MB>< 480<5B@ >B25@AB89 2 ?0=5-
B5;L=K9 :>=45=A0B>@ ?5@5<5==>9 5<:>AB8 8 8< ?@>872>48BAO =0AB@>9:0, 70B5< 70<5@O5BAO 7=0-
;OE, C:070==K9 =0 G5@B565 ?5@54=59 ?0=5;8 ?>4
G5=85 53> 5<:>AB8, 8 >= 70<5=O5BAO :>=45=A0B>@>< ?>AB>O==>9 5<:>AB8, B@51C5<>9 25;8G8=K. ;O
D>=0@8, 5AB5AB25==> =5>1E>48<> 1C45B.
MB>9 F5;8 ;CGH5 2A53> 8A?>;L7>20BL :>=45=A0B>@K B8?0 ;81> !-6, 8<5NI85 4>AB0B>G=K5
8A.17. =5H=89 284 ?;0BK 8=48:0F88
4>?CAB8<CN @50:B82=CN <>I=>ABL 8 @01>G55 =0?@O65=85. -B8 :>=45=A0B>@K 70:@5?;5=K ?@8
(C=BK R(1 8 R(2 =0<>B0=K =8E@><>2K< ?@>2>4>< =0 @578AB>@0E "-2 A>?@>B82;5=85<
?><>I8 ?09:8 =0 1>:>2>9 AB5=:5 0=B5==>3> :>=45=A0B>@0 C21 (A<. @8A. 12C).
=5 <5=55 100 :<. @8 2>7<>6=>AB8 ;CGH5 2A53> 8A?>;L7>20BL 3>B>2K5 @578AB>@K B8?0 !5-16"
!B@. 15 87 20. #!" )!" . !. UY0UY
=C6=>3> A>?@>B82;5=8O 8;8, 5A;8 5ABL !5-16" 1>;LH53> =><8=0;0, 873>B>28BL B@51C5<K5 87 =8E. 4. !" #&/ / ! #!"/
0: 8725AB=>, A>?@>B82;5=85 O2;O5BAO ;8=59=>9 25;8G8=>9, ?>MB><C !5-16" @0718@05BAO, 87<5-
@O5BAO 4;8=0 ?@>2>40, :>B>@K< >= =0<>B0=, 8 >B@5705BAO :CA>:, 4;8=0 :>B>@>3> A>>B25BAB2C5B =C6- "5?5@L, :>340 K 2=8<0B5;L=> >7=0:><8;8AL A >?8A0=85< 20@80=B>2 CA8;8B5;59 8
=><C A>?@>B82;5=8N (A<. 3;02C 1). A>>B25BAB2CNI8<8 8< G5@B560<8, B>;L:> ?>A;5 >7=0:><;5=8O 8 :>=:@5B=>3> 2K1>@0 0<8
0<?K -7 :@5?OBAO A0<>45;L=K<8 E><CB0<8 70 2K2>4K A5B:8 2 >B25@AB8OE, 20@80=B0 CA8;8B5;O 2 7028A8<>AB8 >B 20H8E B@51>20=89 8 2>7<>6=>AB59, 0 B0:65 8A?>;L-
2K@570==KE 2 H0AA8, 4;O :@5?;5=8O ;0<? >AB0;L=KE B8?>2 8A?>;L7>20=K AB0=40@B=K5 ?0=5;8, GB> 7C5<>3> 4;O @01>BK B@0=A825@0, A<5;> ?@8ABC?09B5 : @01>B5. -B> 871028B 0A >B ;8H=59
5AB5AB-25==> =5 8A:;NG05B ?@8<5=5=85 A0<>45;L=KE. @8 8E 873>B>2;5=88 A;54C5B 8<5BL 2284C, @01>BK 8 >H81>: ?@8 @07<5B:5 8 A25@;5=88 >B25@AB89 (0 <5=O >B :>H<0@=KE A=>2 ?> =>G0<).
GB> :>=B0:BK 2K2>4>2 4>;6=K 1KBL =0456=K<8 (>A>15==> MB> :0A05BAO 2K2>4>2 ?>4>3@520B5;O 8 A5 G5@B568 2K?>;=5=K 2 =0BC@0;L=CN 25;8G8=C, MB> A45;0=> A B>9 F5;LN, GB> 2 A;CG05
:0B>40, 345 ?@>B5:0NB 1>;LH85 B>:8 8 ?@8 =0;8G88 ?5@5E>4=>3> A>?@>B82;5=8O >=8 1C4CB A8;L=> >BACBAB28O :0:>3>-B> @07<5@0 =0 G5@B565, 53> ;53:> <>6=> 1K;> 1K A=OBL A G5@B560.
@07>3@520BLAO). !;54C5B ?@87=0BL, GB> ?@8 :>=AB@C8@>20=88 CA8;8B5;O 1K; =0@CH5= >48= 87 >A=>2=KE 70-
"@0=78AB>@, 8A?>;L7C5<K9 2 :0B>45 ;0<?K ;N1>9, :>=>2 :>=AB@C8@>20=8O @07J5<=>ABL 2A5E A>AB02;ONI8E 53> G0AB59. B> 2 3;02=>9 AB5?5=8 :0A0-
A 3@0=8G=>9 G0AB>B>9 =5 =865 100 F 8 B>:>< 5BAO 704=59 ?0=5;8. 1JOA=O5BAO MB> B5<, GB> @07<5I5=85 @07J5<>2 =0 ;8F52>9 AB>@>=5 ?0=5;8
:>;;5:B>@0 (AB>:0) =5 <5=55 2 , @01>G55 =0?@O- ?>72>;O5B A:@KBL 2A5 >3@5E8, 4>?CI5==K5 ?@8 A25@;5=88 >B25@AB89 2 ?0=5;8 ?@8 55 873>B>2-;5=88
65=85 :>;;5:B>@0 B@0=78AB>@0 30 . 2 4><0H=8E CA;>28OE, 0 B0:65 >B:070BLAO >B D0;LH?0=5;8. ?@>B82=>< A;CG05, GB>1K =5
-;5<5=BK 1;>:0 ?8B0=8O R7-R13, C9- C10, VD5- 8A?>@B8BL 2=5H=53> 2840 CA8;8B5;O, 2A5 @01>BK ?@8H;>AL 1K 2K?>;=OBL A >A>1>9 BI0B5;L-
VD6 @07<5I0NBAO =0 ?5G0B=>9 ?;0B5 ;.1. =>ABLN.
-;5<5=BK C13 - C14, VD15 - VD16 - =0 ?;0B5 ;.3 !1>@>G=K9 G5@B56 CA8;8B5;O*, 2K?>;=5==K9 2 <0AHB015 1 : 1,34 (<0AHB01 27OB A B0:8<
'5@B568 ?;0B 8 @07<5I5=85 =0 =8E M;5<5=B>2 ?@8- @0AG5B><, GB>1K A1>@>G=K9 G5@B56 ?>;=>ABLN C<5I0;AO =0 AB0=40@B=>< ;8AB5 D>@<0B0 3), ?@8-
2545=K =0 @8A.13. 2545= =0 @8A.15 - @8A.16. 578AB>@K R15, R17 =0 @8A.16A, B, D, E 8 F @0A?>;>65=K ?>4 @5-
BC;:8 ?>7.71 - ?>7.73 8A?>;L7>20=K 3>B>2K5 - >B 78AB>@0<8 R14 8 R16 A>>B25BAB25==>. '5@B56 @0A:;04:8 63CB0 107>2>3> CA8;8B5;O (?@8 873>-
?5@5:;NG0B5;O 11-5, ;81> <>6=> ?@8<5=8BL A0- B>2;5=88 @07;8G=KE <>48D8:0F89 CA8;8B5;59 =5>1E>48<> A:>@@5:B8@>20BL B01;8FC ?@>2>4>2),
<>45;L=K5. A>2?040NI53> ?> <0AHB01C A <0AHB01>< A1>@>G=>3> G5@B560, ?@82545= =0 @8A.14.
8A. 18. ;0B0 1.
'5@B56 63CB0 2K?>;=5= =0 1C<035 A =0=5A5==>9 =0 =55 A5B:>9, H03 A5B:8 1 A<. F5;OE
5=B8;OB>@, A F5;LN A=865=8O C@>2=O HC<>2, A>740205<KE 8<, 65;0B5;L=> CAB0=>28BL =0
C4>1AB20 GB5=8O A1>@>G=>3> G5@B560 63CB =0 =5< =5 ?>:070=, => 5A;8 ?@8 A1>@:5 C 0A 2>7=8:=CB
A:>15 G5@57 @578=>2K5 2BC;:8 ;81> ?>;=>ABLN =0 @578=5.
B@C4=>AB8, K 2A5340 A<>65B5 A>2<5AB8BL MB8 G5@B568. > MB>9 65 ?@8G8=5 =5 ?>:070=K >B2>4K
(091K ?>4 :>=45=A0B>@K C1 - C8 ?>7.69, A;C60I85 4;O 87>;OF88 :>@?CA>2 :>=45=A0B>@>2,
>B :0BCH5: L4 8 L 5.
CAB0=>2;5==K5 A >158E AB>@>= H0AA8 - ?>;8AB8@>;>2K5, >=8, :0: 8 H091K ?>7.68, 8A?>;L7CNBAO
>=AB@C:F8O 15AB@0=AD>@<0B>@=KE CA8;8B5;59 >B;8G05BAO B>;L:> B5<, GB> H0AA8 '-1;>:0
702>4A:>3> 873>B>2;5=8O. @8 >BACBAB288 MB8E H091 H0AA8 <>6=> 873>B>28BL 87 AB5:;>B5:-
(?>7.5) 8 873>B>2;820NBAO 87 AB5:;>B5:AB>;8B0 B>;I8=>9 4 <<, 0 A25@EC =0 H0AA8 ' 1;>:0
AB>;8B0 B>;I8=>9 4 << (?@8 8A?>;L7>20=88 1>;55 B>=:>3> <0B5@80;0 H0AA8 1C45B ?@>3810BLAO),
CAB0=02;8205BAO AC1H0AA8 87 4N@0;N<8=8O B>;I. 2<< (?>7.5), @07<5@K 8 :>=D83C@0F8O :>B>-
=> ?@8 MB>< =5>1E>48<> 1C45B A:>@@5:B8@>20BL ?>;>65=85 >B25@AB89 =0 ?5@54=59 AB5=:5 , A;C-
@>3> 7028AOB >B B8?0 ?@8<5=O5<KE ;0<?.
60I8E 4;O :@5?;5=8O : =59 B@0=AD>@<0B>@>2 "@.1,"@.2.
07<5@K ?5@54=59 ?0=5;8 :>@?CA0 CA8;8B5;O 1K;8 2K1@0=K 2 A2>5 2@5<O ?@8<5=8B5;L=> :
8=BK 8 309:8, 8A?>;L7C5<K5 4;O :@5?;5=8O E><CB>2 =0 0=>40E 8 :0B>40E ;0<?, :>=45=-
@07<5@0< B@0=A825@0 « -77, 0 4;O B@0=A825@0 «-$ -, =0?@8<5@, 53> ;CGH5 A45;0BL
A0B>@0 !19, :BCH:8 L5 - ;0BC==K5.
H8@8=>9 380<<. 064K9 <>65B @5H8BL 7B>B 2>?@>A ?>-A2>5<C. >@?CA CA8;8B5;O @0745;5= =0 B@8
!-<5B@. :0G5AB25 ?5@5<5==>3> @578AB>@0 R19 2
>BA5:0. ?5@2>< >BA5:5 - >BA5:5 1;>:0 ?8B0=8O @0A?>;>65=K B@0=AD>@<0B>@K "@.1 - "@.3, M;5:-
AE5<5 !-<5B@0 ;CGH5 8A?>;L7>20BL A?0@5==K9
B@>;8B8G5A:85 :>=45=A0B>@K !1 - !8, !12; 2> 2-< >BA5:5 =0E>48BAO 1;>: 0=>4=>3> :>=BC@0, 345
?>B5=F8><5B@, C :>B>@>3> >15 ?>;>28=K 8<5NB 1>;55
@0A?>;>65=K @0745;8B5;L=K9, 0=>4=K9 8 0=B5==K9 :>=45=A0B>@K, 480?07>==K5 :0BCH:8, ?5@5-
1;87:85 E0@0:B5@8AB8:8, =0?@8<5@ 3, B0: :0: >B
:;NG0B5;L 480?07>=>2, @5;5 3 ?5@5:;NG5=8O 0=B5==K A ?@85<0 =0 ?5@540GC. "@5B89 >BA5: - 1;>:
MB>3> 7028A8B B>G=>ABL ?>:070=89 !-<5B@0. @8
2KA>:>9 G0AB>BK (;0<?>2K9), 345 @0A?>;>65=K ;0<?K CA8;8B5;O, 0=>4=K9 4@>AA5;L, 25=B8;OB>@
?@8<5=5=88 2 :0G5AB25 1 8 2 ?@81>@>2 A B>:><
>14C20 0=>4>2 ;0<?, AB@5;>G=K5 ?@81>@K. ;>: 2KA>:>9 G0AB>BK O2;O5BAO A<5==K<, 53> :>=AB-
?>;=>3> >B:;>=5=8O <5=55 1,0 mA =0 ?;0B5 !-
@C:F8O 7028A8B >B B8?0 ?@8<5=5==KE 2 CA8;8B5;5 ;0<?. =>4=K5 F5?8 1;>:0 ' >B45;5=K >B
<5B@0 ?>A;54>20B5;L=> A @578AB>@>< R3 CAB0=02;8-
A5B>G=KE F5?59 8 F5?59 =0:0;0 3>@87>=B0;L=K< H0AA8.
205BAO @578AB>@ R3 , 25;8G8=0 :>B>@>3> ?>418@05BAO
5@54 A1>@:>9 2A5 ?0=5;8 BI0B5;L=> 70G8I0NBAO <5;:>75@=8AB>9 =0640G=>9 1C<03>9
2 7028A8<>AB8 >B GC2AB28B5;L=>AB8 ?@8<5=O5<>3>
(«=C;52:>9), ?@8 2>7<>6=>AB8 2<5AB> MB>3> 8E ;CGH5 E8<8G5A:8 >1@01>B0BL.
?@81>@0. @8 ?@8<5=5=88 ?@81>@0 =0 1,0mA 2<5AB>
$0;LH?0=5;L, ?5@54=OO ?0=5;L CA8;8B5;O, ?0=5;L 1;>:0 ?8B0=8O 8 704=OO ?0=5;L A>548=5=K
8A. 19. ;0B0 !-<5B@0 R3 AB028BAO ?5@5<KG:0.
<564C A>1>9 ABO6:0<8 :@C3;>3> A5G5=8O ?>7.8 - ?>7.13, ?@8G5< D0;LH?0=5;L 8 ?5@54=OO ?0=5;L
8>4K, ?@8<5=5==K5 2 AE5<5, <>3CB 1KBL :0: 35@<0=852K<8, B0: 8 :@5<=852K<8,
4;O :@0A>BK :@5?OBAO : ABO6:0< E@><8@>20==K<8 28=B0<8 5 2?>;C?>B09. <5AB5 CAB0=>2:8
=0?@8<5@ 507, 522 (;CGH5 ?@8<5=8BL 35@<0=852K5).
?5@54=59 ?0=5;8 1;>:0 ?8B0=8O, ABO6:8 A>548=ONBAO <564C A>1>9 H?8;L:0<8 5 ?>7.14. ABO6-
>4AB@>5G=K5 :>=45=A0B>@K - , , B@0=AD>@<0B>@ B>:0 2K?>;=5= =0 :>;LF52><
:0< ?@8 ?><>I8 28=B>2 3 :@5?OBAO H0AA8 8 ?5@53>@>4:0 1;>:0 ', H0AA8 1;>:0 ?8B0=8O.
A5@45G=8:5 B8?>@07<5@0 12×6×4,5 87 D5@@8B0 <0@:8 50-14. 5@28G=0O >1<>B:0 ?@54AB02-
!5G5=85 ABO65: <>65B 1KBL 8 :204@0B=K<, ?@>AB> 2 :>=AB@C:F88 1K;8 ?@8<5=5=K 3>B>2K5 >B
;O5B A>1>9 >B@57>: ?>A5@51@5==>3> ?@>2>40 480<5B@>< 0,8 1,0 <<, ?@>45B>3> A:2>7L :>;LF>, 2B>-
1;>:>2 ?8B0=8O - 8=A:-32 .
@8G=0O >1<>B:0 - 30 28B:>2 ?@>2>40 --2 0,25. !E5<0 !-<5B@0 A<>=B8@>20=0 =0 ?5G0B=>9
A5 >@30=K C?@02;5=8O, 8=48:0F8O 8 AB@5;>G=K5 ?@81>@K 2K2545=K =0 ?5@54=NN ?0=5;L.
?;0B5 87 AB5:;>B5:AB>;8B0, G5@B56 ?;0BK ?@82545= =0 @8A.13B. ;0B0 CAB0=>2;5=0 2 ?>420;5 H0AA8
0 704=59 ?0=5;8 =0E>48BAO B>;L:> ?5@5:;NG0B5;L "2 - 3", :>B>@K< ?@8 @01>B5 ?@0:B8G5A:8 =5
8 >B45;5=0 M:@0=8@CNI59 ?5@53>@>4:>9 >B >AB0;L=>3> <>=B060 CA8;8B5;O.
?@8E>48BAO ?>;L7>20BLAO. A5 @07J5<K =0E>4OBAO =0 704=59 ?0=5;8. 0 G5@B565 ?5@54=59 ?0=5;8
!B@. 16 87 20. #!" )!" . !. UY0UY
=5 ?>:070=K >B25@AB8O 4;O :@5?560 :>=45=A0B>@>2 ?5@5<5==>9 5<:>AB8, B0: :0: 8E @0A?>;>65- ?@8 ?><>I8 ABO65: 45B.12. 0;55 ?@>872>48BAO @0A?09:0 63CB0 2 ?>420;5 H0AA8 8 : ;1 8 ?;0B5
=85 7028A8B >B :>=:@5B=>3> B8?0 ?@8<5=O5<KE :>=45=A0B>@>2. !-<5B@0, :>B>@K5 ?>A;5 MB>3> 70:@5?;ONBAO =0 2BC;:0E ?>7.71, ?>7.73. >A;5 MB>3> CAB0=02-
5@E=OO 8 =86=OO :@KH:8 :>@?CA0 (20@80=B ) :@5?OBAO : ?5@54=59 8 704=59 ?0=5;O< 28=- ;8205BAO M:@0= !-<5B@0 ?>7.77.
B0<8 3 A H0910<8 8 3@>925@0<8 ?@8 ?><>I8 1>1KH5: ?>7.15 ;81> C3>;:>2 ?>7.15. @8 873>B>- ABO6:0< ?>7.12, ?>7.13 H?8;L:0<8 ?>7.14 ?@82>@0G820NBAO ABO6:8 ?>7.8 - ?>7.11, : :>B>-
2;5=88 :>@?CA0 ?> 20@80=BC B :@KH:8 A>548=ONBAO <564C A>1>9 A >158E AB>@>= 28=B0<8 3 A @K< A=87C 3>@87>=B0;L=> :@5?8BAO H0AA8 ' 1;>:0, A ?@5420@8B5;L=> CAB0=>2;5==K<8 =0 =5<
H0910<8 8 3@>925@0<8 ?@8 ?><>I8 ?;0=>: ?>7.109, ?>7.110. ?0=5;LN ?>4 ;0<?C (;0<?K), 4@>AA5;5< L3 2<5AB5 A :>=45=A0B>@>< C13, ?5@5<5==K<8 @578A-
;O ?@840=8O B>20@=>3> 2840 D0;LH?0=5;L A;54C5B >B3@028@>20BL 2 A>>B25BAB288 A G5@- B>@0<8 R22 8 R23. >=45=A0B>@ C13 >4=8< :>=F>< ?@8?08205BAO : 2K2>4C 4@>AA5;O L1, 0 2B>@K<
B565< @8A.3. @8 873>B>2;5=88 CA8;8B5;O 2 4><0H=8E CA;>28OE, MB0 @01>B0 2K?>;=O5BAO A;5- :>=F>< : <>=B06=><C ;5?5AB:C ?>7.61, :>B>@K9 2 A2>N >G5@54L 28=B>< 3 :@5?8BAO : H0AA8.
4CNI8< >1@07><: ?@5420@8B5;L=> ?0=5;L BI0B5;L=> >15768@8205BAO, 70B5< =03@5205BAO =0 >1KG- 20@80=B0E ! 8 ;0<?>2K5 ?0=5;8 CAB0=02;820NBAO =0 ?;0AB8=0E ?>7.76, ?>7.107, :>B>@K5 G5@57
=>9 4><0H=59 M;5:B@>?;8B5 (?;8B:5), 8 =0:>=5F, =0 3>@OGCN :@0A8BAO 2 2K1@0==K9 F25B :@0A:>9 2BC;:8 ;>7.74 A=87C :@5?OBAO : H0AA8 28=B0<8 3, ?@5420@8B5;L=> =0 ?;0AB8=5 (20@80=B !)
(65;0B5;L=> ;N1>9 F25B :@><5 G5@=>3>, B.:. =5B 15;>9 BCH8). @0240, =04?8A8 <>6=> 2K?>;- 70:@5?;ONBAO A1, A2 ?>7.60 8 G5BK@5 <>=B06=KE ;5?5AB:0 ?>7.61. 5@B8:0;L=> :@5?8BAO
=8BL 8 :@0A=>9 BCHLN, => ?@8 MB>< B5@O5BAO :>=B@0AB). @8 2>7<>6=>AB8 ?5@54 ?>:@0A:>9 ;CGH5 ?5@53>@>4:0 ' 1;>:0 A B0:65 CAB0=>2;5==K<8 70@0=55 :@>=HB59=>< ?>7.19 A @5;5 2 ( -!9),
2A53> ?@5420@8B5;L=> =0=5AB8 A;>9 3@C=B0. A?>;L7>20BL 4;O ?>:@0A:8 ?5@54=59 ?0=5;8 M<0;L $ @5;5 3 8 2BC;:>9 ?>7.20, @0A:;04K205BAO 63CB, ?@>2>40 63CB0, 84CI85 : 3 ?@>?CA:0NBAO G5@57
=565;0B5;L=>, >=0 @5038@C5B A F0?>=-;0:><, ?@8 MB>< ?>:@KB85 =0G8=05B ?CG8BLAO. '5@57 >B25@AB85 2 ?5@53>@>4:5 8 @0A?0820NBAO =0 @5;5. @>872>48BAO <>=B06 63CB0 8 =025A=KE M;5<5=-
B@0D0@5B BCHLN 0;L<0@ =0=>AOBAO =04?8A8 2 A>>B25BAB288 A 2K1@0==K< 0<8 20@80=B>< CA8- B>2 ?>420;0 ' 1;>:0. @5?8BAO ?5@54=OO ?0=5;L A 70@0=55 CAB0=>2;5==K<8 =0 =59 ?@8 ?><>I8
;8B5;O. 04?8A8 70B5< 70:@5?;ONBAO 15AF25B=K< F0?>=-;0:><. >;CG05BAO =5?;>E>9 284. 04?8A8 2BC;>: ?>7.72 :=>?:0<8 S1 - S5, ?@81>@0<8 P1, P2 8 D>=0@O<8. 0 ?@81>@5 P1 70:@5?;ONB ?;0BC
<>6=> B0:65 2K?>;=8BL ?@8 ?><>I8 ?5@52>4=>3> H@8DB0 (:AB0B8, 8<55BAO 15;K9 H@8DB). MB>< .3, ?@>872>4OB <>=B06.
A;CG05 ?5@54 =0=5A5=85< A;>O F0?>=-;0:0 8E =5>1E>48<> 70:@5?8BL ;0:>< 4;O 2>;>A (=0?@8<5@ ?5@53>@>4:5 ' 1;>:0 G5@57 2BC;:C 28=B>< 5 (65;0B5;L=> ;0BC==K<) :@5?OB :>=45=-
"@5;5ABL"). ABL 5I5 >48= A?>A>1. '5@B56 ?5@54=59 ?0=5;8 A> 2A5<8 =04?8AO<8 2K?>;=O5BAO 2 A0B>@ C17, 2 =53> 22>@0G8205BAO «3>@OG89 :>=5F :0BCH:8 L4, 2B>@>9 :>=5F :0BCH:8 70:@5?;ONB
75@:0;L=>< >B>1@065=88 =0 :><?LNB5@5 8 ?5G0B05BAO =0 ;075@=>< ?@8=B5@5, 70B5< =0 ?5@5:;NG0B5;5 480?07>=>2, 70B5< CAB0=02;820NB ?5@5<5==K5 :>=45=A0B>@K, ?>A;5 G53> 8
?@8:;04K205BAO : D0;LH?0=5;8 8 G5@57 B:0=L BI0B5;L=> ?@>3;068205BAO 3>@OG8< CBN3><. ?@>872>48BAO F5;8:>< <>=B06 ' G0AB8 CA8;8B5;O.
=0;>38G=K< <5B>4>< 873>B>2;ONBAO 8 ?5G0B=K5 ?;0BK. 'B>1K =0 ?;0B5 ?>;CG8;AO E>@>H89 5=B8;OB>@ >14C20 ;0<? CAB0=02;8205BAO =0 A:>15 ?>7.76 (70 8A:;NG5=85< 20@80=B0 D) G5@57
@8AC=>:, G5@B56 =>1E>48<> ?@>3=0BL G5@57 ?@8=B5@ 2-3 @070. @578=>2K5 ?@>:;04:8, GB> A=8605B C@>25=L HC<>2 25=B8;OB>@0. !0<0 A:>10 :@5?8BAO : ABO6:0<
'B>1K 2 =04?8AOE =5 1K;> 45D5:B>2, ?0=5;L 4>;6=0 1KBL 3;04:>9, 8, :@><5 B>3>, ?5@54 MB8< ?>7.8 8 ?>7.9 28=B0<8 3. ;O MB>9 F5;8 2 ABO6:0E 4>?>;=8B5;L=> A25@;OBAO >B25@AB8O ?>4 @57L1C
;CGH5 2A53> ?@5420@8B5;L=> ?>B@5=8@>20BLAO :@0A:C :>@?CA0 <>6=> ?@>8725AB8 8 0M@>7>;L- 3, 420 >B25@AB8O 2 ?>7.8 8 >4=> - 2 ?>7.9 (>4=> C65 8<55BAO). 0 @8A.9 @07<5@K CAB0=>2>G=KE
=K<8 :@0A:0<8, :>B>@K5 ?@>40NBAO =0 02B><>18;L=KE @K=:0E 4;O ?>4:@0A:8 02B><>18;59, => MB> >B25@AB89 C:070=K ?>4 CAB0=>2:C 25=B8;OB>@0 $-71, ?@8 ?@8<5=5=88 25=B8;OB>@>2 4@C38E
?>;CG05BAO 3>@074> 4>@>65. B8?>2 8E =5>1E>48<> A:>@@5:B8@>20BL.
>@?CA >:@0H5= M<0;LN $ ;81> 4@C3>9 =0 0H5 CA<>B@5=85. 0 @8A.17 ?@54AB02;5=> 420 >6:8 :@5?OBAO : =86=59 :@KH:5 :>@?CA0 28=B0<8 4 2?>B09. 5@E=OO 8 =86=OO :@KH:8
20@80=B0 873>B>2;5=8O :>@?CA0, ?> A2>5<C 65;0=8N <>65B5 8A?>;L7>20BL ;N1>9 87 MB8E :>@?CA0 :@5?OBAO : ?5@54=59 8 704=59 ?0=5;O<, 0 B0:65 4@C3 : 4@C3C ?@8 ?><>I8 1>1KH5: ?>7.15
20@80=B>2 (:AB0B8, 2B>@>9 20@80=B @>48;AO 87-70 >BACBAB28O <5B0;;0 1>;LH>9 4;8=K). (15). >1KH:8 ?@8:@CG820NBAO G5@57 H091K 28=B0<8 3.
!:>;L 25;8:> 1K =5 1K;> 0H5 65;0=85, =5 A?5H8B5 ?@8ABC?0BL : <>=B06C (7=0N ?> A515, => @8<5@ 2K?>;=5=8O A1>@>G=>3> G5@B560 CA8;8B5;O, 8<5NI53> @568< "%" 8 @568< " 3
:@><5 ;8H=59 @01>BK 2?>A;54AB288, MB> =8G53> =5 40;>). !1>@:C 8 <>=B06 CA8;8B5;O =5>1E>- - 2 " ?@82545= =0 @8A.15BM 8 @8A.16BM A>>B25BAB25==>.
48<> =0G8=0BL B>;L:> ?>A;5 ?>;=>3> 2K?>;=5=8O 2A53> >1J5<0 A;5A0@=KE @01>B 8 ?>:@0A:8 @8 2=5A5=88 @07;8G=KE A>1AB25==KE 87<5=5=89 8 :>@@5:B8@>2>: 2 :>=AB@C:F8N CA8;8-
2A5E =5>1E>48<KE 45B0;59 8 ?0=5;59. B5;O ?><=8B5: ' <>=B06 ?@>872>48BAO ?> :@0BG09H5<C ?CB8, <5AB> CAB0=>2:8 1;>:8@>2>G=KE
;O C?@>I5=8O @01>BK @5:><5=4C5BAO A>1;N45=85 A;54CNI59 ?>A;54>20B5;L=>AB8 A1>@:8. :>=45=A0B>@>2 2 ;N1>< A;CG05 4>;6=> =0E>48BLAO =5?>A@54AB25==> C A5B:>: ;0<?.
!=0G0;0 A=87C : H0AA8 28=B0<8 3 A 3>;>2:0<8 2?>B09 ?@8:@CG820NBAO 2BC;:8 ?>7.71 8 @8<5G0=85. @8 873>B>2;5=888 15AB@0=AD>@<0B>@=>3> CA8;8B5;O A> 2AB@>5==K< 0=B5=-
<>=B06=K5 AB>9:8 A3, A4 ?>7.62, 70B5< A25@EC H0AA8 CAB0=02;820NBAO ABO6:8 ?>7.13, :@5?OBAO =K< :><<CB0B>@>< =5>1E>48<> 2K?>;=8BL 4>?>;=8B5;L=> A;54CNI85 @01>BK:
>=8 A=87C H0AA8 28=B0<8 3 G5@57 425 2BC;:8 45B.73 :0640O (=0 MB8 2BC;:8 70B5< CAB0- 0) 2 ?;0B5 ! <5B@0 A45;0BL ?>;C:@C3;K9 2K@57 @048CA>< 3-5 << ?>4 2KE>4 :>0:A80;L=>3>
=02;820NBAO ?5G0B=K5 ?;0BK 1 8 2). 0;55 A25@EC =0 H0AA8 CAB0=02;820NB B@0=AD>@<0B>@K "@.1 - :015;O (A<. @8A.16);
"@.3, ?@8G5< "@1.- "@2. :@5?OBAO 28=B0<8 6 :0: : ?5@54=59 ?0=5;8 , B0: 8 : H0AA8, GB> O2;O- 2) 2 H0AA8 :@09=55 >B25@AB85 480<.6,2 <<, ?@54=07=0G5==>5 4;O :@5?;5=8O "@.1, @0AA25@-
5BAO >=>2>9 65AB:>AB8 2A59 :>=AB@C:F88, ?>?5@5G=CN 65AB:>ABL A>740NB ABO6:8. ;O :@5?;5=8O : ;8BL 4> 480<5B@0 10<< (GB>1K A:2>7L MB> >B25@AB85 <>3 ?@>9B8 :015;L ?>7.70);
H0AA8 :@>=HB59=0 ?>7.113, A CAB0=>2;5==K<8 =0 =5< :>=45=A0B>@0<8 C24 C27 15AB@0=A- A) 2 H0AA8 ?@>A25@;8BL >B25@AB85 480<. 5<<, G5@57 :>B>@>5 ?@>945B ?5@5<KG:0 38 (A<.
D>@<0B>@=>< 20@80=B5, A;C60B B5 65 >B25@AB8O, GB> 8 4;O :@5?;5=8O B@0=AD>@<0B>@>2. B01;8FC ?@>2>4>2).
"@0=AD>@<0B>@ "@.3 :@5?8BAO 28=B0<8 5 : H0AA8. >A;5 MB>3> ?>4?0820NB : 2K2>40< B@0=A-
D>@<0B>@>2 :>=FK 63CB0 8 63CB 70?@02;O5BAO 2 ?>420; H0AA8, A25@EC =0 H0AA8 G5@57 87>;8@C-
NI85 H091K 45B.69 (>4=0 H0910 A25@EC H0AA8, >4=0 A=87C) CAB0=02;820NBAO M;5:B@>;8B8G5A:85
:>=45=A0B>@K C1 - C8 8 ?@8 =5>1E>48<>AB8 @5;5 5, 6. !=87C H0AA8 =0 :@>=HB59=0E 45B.21 5. / !" #!"/
(45B.21) CAB0=02;8205BAO(NBAO) @5;5 1(1) -!34, 40;55 ?@82>@0G820NB : ABO6:0< 28=B0<8
4 704=NN ?0=5;L #, A ?@5420@8B5;L=> CAB0=>2;5==K<8 =0 =59 @07J5<0<8 8 45@60B5;O<8 ?@5- %>B5;>AL 1K =0?8A0BL: "#AB@>9AB2>, 873>B>2;5==>5 87 70254><> 8A?@02=KE 45B0;59, 2 =0;04-
4>E@0=8B5;59 (5AB5AB25==> >=0 4>;6=0 1KBL C65 >:@0H5=0). :5 =5 =C6405BAO". >, C2K.
#AB0=02;8205BAO ?5@54=OO ?0=5;L , =0 =55 ?@5420@8B5;L=> :@5?OBAO ?;0=:8 ?>7.22 - 2HB., @5645 G5< ?@8ABC?8BL : =0AB@>9:5 CA8;8B5;O % #",!/ -
?>7.23(23) A 48>40<8 8 AB018;8B@>=0<8, <>=B06=K5 AB>9:8 A5 8 A6 ?>7.62, :@>=HB59= ?>7.78 ,!" + ". =0:><AB2> A 2KA>:8< =0?@O65=85<, :0: ?@0-
8 ?@8 =5>1E>48<>AB8 @5;5 3, CAB0=>2;5==>5 =0 A:>15 ?>7.105. !0<0 ?0=5;L :@5?8BAO : "@.1 - "@.2. 28;>, =5 ?@8=>A8B 1>;LH>9 @04>AB8, 40 8 =01;N45=85 4;8==>3> :>@>B:>3> 70<K:0=8O B>65, >?OBL
25@E=59 G0AB8 :>=AB@C:F88, ?5@54=OO ?0=5;L 8 704=OO ?0=5;L # A>548=ONBAO <564C A>1>9
!B@. 17 87 20. #!" )!" . !. UY0UY
65 ?@8E>48BAO ?@>25B@820BL :><=0BC, 40 8 2K3>@05B, :0: ?@028;>, A0<>5 F5==>5, 40 5I5 2 ?@840GC ;0<? ?@8 MB>< :@0A=5NB, 8 : B><C 65 «2>71C40 =5B, 7=0G8B, :>=AB@C:F8O 0H53> 0=>4=>3>
=0E>4OI55AO : B><C 65 2 A0<>< =54>ABC?=>< <5AB5. 4@>AA5;O ?>;CG8;0AL =5C40G=>9, :>;8G5AB2> 28B:>2 4@>AA5;O =5>1E>48<> 87<5=8BL 2 1>;LHCN
@8 =0;04:5 15AB@0=AD>@<0B>@=KE AE5< A;54C5B ?><=8BL, GB> >=8 8<5NB 420 >1I8E ?@>2>- ;81> <5=LHCN AB>@>=C =0 10 15%.
40. 48= - 4;O AE5<K ?> ?>AB>O==><C B>:C, >= >1>7=0G5= =0 AE5<5 B>G:>9 "0". A5 87<5@5=8O ?> @8 =0AB@>9:5 (2 A;CG05 A0<>2>71C645=8O) CA8;8B5;O, 2K?>;=5==>3> ?> 15AB@0=AD>@<0B>@-
?>AB>O==><C B>:C A;54C5B ?@>872>48BL >B=>A8B5;L=> MB>9 B>G:8. #G8BK20O, GB> MB8 F5?8 =5 8<5- =>9 AE5<5, 2>7<>6=> ?@845BAO M:A?5@8<5=B0;L=> ?>4>1@0BL <5AB> CAB0=>2:8 :>=45=A0B>@0 !@,
NB 30;L20=8G5A:>9 @072O7:8 >B ?8B0NI59 F5?8, ?@8 87<5@5=8OE =5>1E>48<> A>1;N40BL ?@028;0 ;81> =01@0BL 53> 87 =5A:>;L:8E, @07<5AB82 8E 2>:@C3 ?0=5;59 ;0<?.
B5E=8:8 M;5:B@>157>?0A=>AB8 (MB>, :AB0B8, :0A05BAO 8 2A5E >AB0;L=KE @01>B). 1I8< ?@>2>4>< 4;O 0 A;54CNI5< MB0?5, 2:;NG82 B@0=A825@ 2 @568<5 =0AB@>9:8 8 ?;02=> C25;8G820O =0?@O65-
@048>G0AB>B=>3> A83=0;0 O2;O5BAO :>@?CA CA8;8B5;O, 8 A>>B25BAB25==> 2A5 87<5@5=8O ' - =0?@O- =85 2>71C645=8O, ?@>25@ONB ;8=59=>ABL @01>BK CA8;8B5;O, B.5. A>>B25BAB285 2>7@0AB0=8O 2KE>4-
65=89 ?@8 =5>1E>48<>AB8 ?@>872>4OBAO >B=>A8B5;L=> =53>. =>9 <>I=>AB8 B@0=A825@0 @>ABC 0=>4=>3> B>:0 8 2KE>4=>9 <>I=>AB8 . @5:@0I5=85 @>AB0
0AB@>9:0 CA8;8B5;59 >A>15==>AB59 =5 8<55B. Q ?>A;54>20B5;L=>ABL B0:>20. 2KE>4=>9 <>I=>AB8 ?@8 ?@>4>;60NI5<AO @>AB5 0=>4=>3> B>:0 3>2>@8B > «=0AKI5=88 B.5.
@5420@8B5;L=> B@5=8@>20==K5 ;0<?K 2AB02;ONBAO 2 ?0=5;L:8. 5@2>=0G0;L=> CA8;8B5;L ?>O2;5=88 B>:0 A5B:8. MB>< A;CG05 =C6=> C<5=LH8BL <>I=>ABL 2>71C645=8O. 5 701K209B5 >1
=0AB@0820NB 157 2:;NG5=8O 1;>:0 ?8B0=8O. -B> 45;05BAO ?@8 ?><>I8 !! 8 ' 2>;LB<5B@0, ;81> MB>< ?@8 @01>B5 2 MD8@5, =5 1C45B 60;>1 =0 20H8 «E2>ABK >B 4@C759 - :>;;53 ?> MD8@C, 0 A>A548
A ?><>ILN , 8;8 ?@>AB> =0 A;CE ?@8 ?><>I8 ?@85<=8:0. @07J5<C XP7 (=B) ?>4:;NG05BAO ;N18B5;8 TVI =5 1C4CB ;078BL ?> :@KH5 A :CA0G:0<8.
!!, 0 ' 2>;LB<5B@ - : 0=>4C ;0<?K. ?5@2CN >G5@54L =5>1E>48<> «C;>68BL G8A;> 28B:>2 !-<5B@ =0AB@08205BAO ?@8 ?>4:;NG5==>< M:2820;5=B5 0=B5==K. 5@5:;NG0B5;L S5 CAB0-
:0BCH5:, ?>MB><C =0AB@>9:C =0G8=0NB A 480?07>=0 20 <5B@>2. A;8 @57>=0=A =0 MB>< 480?07>=5 =02;820NB 2 ?>;>65=85 «!, ?>40NB @0A:0G:C A ?5@540BG8:0 8 ?>4AB@>9:>9 5<:>AB8 :>=45=-
?>;CG05BAO «345-B> 1;87:>, ?>?@>1C9B5 A60BL 8;8 @07428=CBL 28B:8 L4, 2 ?@>B82=>< A;CG05 A0B>@0 C1 87<5=ONB :>MDD8F85=B 45;5=8O 5<:>AB=>3> 45;8B5;O C1, C2 B0:, GB>1K 0<?;8BC4K
=5>1E>48<> 1C45B C<5=LH8BL G8A;> 28B:>2. 0 480?07>=5 20 <5B@>2 :0BCH:0 L4 4>;6=0 1KBL =0?@O65=8O =0 :>=45=A0B>@5 C2 8 @578AB>@5 R1 C@02=O;8AL. >A:>;L:C MB8 =0?@O65=8O ?> >B=>-
2:;NG5=0 ?>;=>ABLN. >A;5 MB>3> =0 480?07>=5 160 <5B@>2 ?>43>=O5BAO G8A;> 28B:>2 :0BCH:8 L5. H5=8N : 48>4C VD1 2:;NG5=K 2AB@5G=>, B>: G5@57 48>4 4>;65= 1KBL @025= =C;N. A;8 ?>4AB@0-
0B5< ?@>872>48BAO CB>G=5=85 ?>;>65=8O >B2>4>2 :0BCH5: =0 >AB0;L=KE 480?07>=0E 8 820O C1, =5 C405BAO CAB0=>28BL AB@5;:C ?@81>@0 P1 =0 =C;52>5 45;5=85 H:0;K, B> A;54C5B ?><5-
?@>25@O5BAO 2>7<>6=>ABL =0AB@>9:8 -:>=BC@0, ?@8G5< ?> <5@5 C<5=LH5=8O G0AB>BK >B 480?07>=0 =OBL <5AB0<8 2K2>4K >1<>B:8 II B@0=AD>@<0B>@0 "1 !-<5B@0. 0B5< <5=ONB <5AB0<8 B>G:8
: 480?07>=C, @57>=0=A 4>;65= =01;N40BLAO ?@8 2A5 1>;55 2>7@0AB0NI8E 7=0G5=8OE 5<:>AB59 C20 8 ?>4:;NG5=8O 2KE>40 # 8 M:2820;5=B0, 8 ?>4AB@0820O C3, CAB0=02;820NB =0 =C;52>5 45;5=85
C21. AB@5;:C ?@81>@0 P2. 0;55 2>AAB0=02;820NB A>548=5=8O, ?>4:;NG0NB =03@C7:C, ?>40NB @0A:0G:C
0 A;54CNI5< MB0?5 ?@>25@ONB @01>BC 2KA>:>2>;LB=>9 G0AB8 1;>:0 ?8B0=8O. ;O MB>3> =0 8 @578AB>@>< R19 CAB0=02;820NB AB@5;:C ?@81>@0 P1 =0 ?>A;54=55 45;5=85 H:0;K (5A;8 ?>:0-
:>=B0:BK 1 8 4 @5;5 1 G5@57 " ?>40NB ?>=865==>5 A5B52>5 =0?@O65=85 (?>@O4:0 60 2>;LB), 70=8O ?@81>@0 «70H:0;820NB, =5>1E>48<> C<5=LH8BL G8A;> 28B:>2 2B>@8G=>9 >1<>B:8 B@0=A-
GB> 8A:;NG8B 2AO:85 =5>6840==>AB8, 8 ?>A;54>20B5;L=> <5@ONB =0?@O65=85 =0 ?0@0E D>@<0B>@0 "1 8, =0>1>@>B ?@8 A;01>< >B:;>=5=88 AB@5;:8 ?@81>@0 C25;8G8BL G8A;> 28B:>2).
:>=45=A0B>@>2 C7, C8 8 C5, C6; C3, C4 8 C1, C2, 5A;8 =0?@O65=8O <564C A>A54=8<8 ?0@0<8 @8 A>?@>B82;5=88 =03@C7:8 75 (50) < AB@5;:0 ?@81>@0 P2 ?@8 MB>< 4>;6=0 =0E>48BLAO =0
8<5NB 1>;LH>9 @071@>A, MB> >7=0G05B, GB> =5>1E>48<0 ;81> B@5=8@>2:0 (D>@<>2:0) :>=45=A0- =C;52>< 45;5=88 H:0;K, GB> A>>B25BAB2C5B ! =1,0. 7<5=ONB A>?@>B82;5=85 =03@C7:8 8 =0
B>@>2, ;81> 8E 70<5=0. ;O B@5=8@>2:8 :>=45=A0B>@>2 2K45@68205BAO 2:;NG5==K< ?@8 H:0;5 ?@81>@0 P2 >B<5G0NB A>>B25BAB2CNI55 MB><C A>?@>B82;5=8N 7=0G5=85 ! 8 B.4. 5@E=89
2E>4=>< =0?@O65=88 A5B8 60 G0A>2 5-6, 70B5< A=>20 ?@>2>4OBAO 70<5@K, 5A;8 @071@>A C<5=L- ?@545; 87<5@5=8O ! :064K9 CAB0=02;8205B ?> A>1AB25==><C 65;0=8N. 5 701K209B5 8 2
H8;AO C25;8G820NB =0?@O65=85 2>;LB 4> 150 8 B.4. A;8 @07=8F0 =0?@O65=89 <564C :0:8<8- 40;L=59H5< ?@8 :064>< 87<5@5=88 @578AB>@>< R19 CAB0=02;820BL AB@5;:C ?@81>@0 P1 =0
;81> 87 ?0@ :>=45=A0B>@>2 =5 87<5=8;0AL 8 A>AB02;O5B 2>;LB 20 - 30 (?@8 U A5B8 = 60) 8 ?>A;54=55 45;5=85 H:0;K.
A>>B25BAB25==> @0AB5B ?@8 C25;8G5=88 =0?@O65=8O A5B8, B> :>=45=A0B>@K, =0 :>B>@KE =0?@O65=85 "5?5@L <>6=> ?@8ABC?8BL : 3@04C8@>2:5 ?@81>@0 2 4;O 87<5@5=8O <>I=>AB8. ;O MB>3>
8<55B <5=LH55 7=0G5=85, A;54C5B 70<5=8BL (8;8 2>7<>6=> >48= 87 ?0@K), 8=0G5 2 40;L=59H5< >=8 2:;NG82 B@0=A825@ 2 @568<5 =0AB@>9:8 2K68<05B5 87 CA8;8B5;O <0:A8<C< 2KE>4=>9 <>I=>A-
2A5 @02=> ?>42545B. # <5=O 1K; A;CG09 ?@8 873>B>2;5=88 ?5@2>3> CA8;8B5;O, :>340 2KAB@5;82H89 B8 (2 =0H5< A;CG05 MB> 350 - 200 B), 87<5@O5B5 =0?@O65=85 =0 =03@C7:5 8 ?>;L7COAL "01;8F59 5
:>=45=A0B>@ ?@>18; =0A:2>7L H5ABL 18;5B>2 =0 <564C=0@>4=K9 <0BG "8=0<>" 852, :>B>@K5 =0E>48B5 A>>B25BAB2CNICN MB><C =0?@O65=8N <0:A8<0;L=CN <>I=>ABL 0H53> CA8;8B5;O. @0-
;560;8 =0 ?>;:5 =04 CA8;8B5;5< (CA8;8B5;L 1K; 2 AB0488 ?@8@01>B:8 8 AB>O; 157 :>@?CA0). > I0O 4286>: @578AB>@0 R3 !-<5B@0 CAB0=02;8205B5 AB@5;:C ?@81>@0 2 =0 ?>A;54=55 45;5=85.
MB>9 ?@8G8=5 2 F5;OE >15A?5G5=8O A8<<5B@88 ?;5G :>=45=A0B>@K 4;O 8A?>;L7>20=8O 2 AE5<5 -B> 45;5=85 1C45B A>>B25BAB2>20BL <0:A8<0;L=>9 <>I=>AB8 CA8;8B5;O, ?@8 MB><, 2>7<>6=>, GB>
C<=>65=8O 65;0B5;L=> ?@8>1@5B0BL >4=>9 ?0@B88 8 A =5:>B>@K< 70?0A>< ?> :>;8G5AB2C, 0 5I5 R3 ?@845BAO ?>4>1@0BL. 0;55 C<5=LH0O =0?@O65=85 @0A:0G:8 8 :>=B@>;8@CO =0?@O65=85 =0
;CGH5 ?@5420@8B5;L=> ?@>25@8BL 8E =0 CB5G:C.. 2KE>45 CA8;8B5;O 3@04C8@C5B5 >AB0;L=CN H:0;C ?@81>@0. 40;L=59H5< ?@8 87<5@5=88 A;54C5B
:;NG0NB ?8B0=85 ?> =>@<0;L=>9 AE5<5 8 ?@>25@ONB A>>B25BAB285 =0?@O65=8O =0 M;5:B@>- ?><=8BL, GB> B>G=>ABL ?>:070=8O ?@81>@0 ?@8 87<5@5=88 <>I=>AB8 2 @50;L=>9 0=B5==5 1C45B B5<
40E ;0<?K (;0<?). 0 0=>45 ;0<?K 4>;6=> 1KBL >:>;> +1330 (+1260 ?@8 15AB@0=A- 2KH5, G5< ;CGH5 !, B.5. G5< 1;865 A>?@>B82;5=85 8A?>;L7C5<>9 0<8 0=B5==K : 75 (50) <.
D>@<0B>@=>< 8A?>;=5=88), =0 M:@0==>9 A5B:5 - +300 , =0 C?@02;ONI59 A5B:5 - <8=CA 100 . #A8;8B5;L, A>1@0==K9 ?> 20@80=BC , A=0G0;0 =0AB@08205BAO 157 ?>4:;NG5=8O ?@5420@8-
A;8 =5G5< ?><5@8BL 2KA>:>5 =0?@O65=85, 4>AB0B>G=> 87<5@8BL 53> =0 :>=45=A0B>@0E C7, C8 8 B5;L=>3> :0A:040. 5@2>=0G0;L=> CAB0=02;8205BAO B>: ?>:>O ;0<? 2 ?@545;0E 60-100 m ?>4-
?>:070=85 C<=>68BL =0 G5BK@5. 5@5254O CA8;8B5;L 2 @568< ?5@540G8, @578AB>@0<8 R22 8 R23 1>@>< G8A;0 AB018;8B@>=>2 (VD11-VD14). ?@8<5@C ?@8 ?@8<5=5=88 B@5E AB018;8B@>=>2
CAB0=02;820NB =5>1E>48<K9 B>: ?>:>O ;0<? 2 @568<5 SSB 8 CW A>>B25BAB25==>. 815 B>: ?>:>O ?>;CG8;AO 30m, ?5@5<KG:>9 70:>@0G8205< VD11, B>: ?>:>O 2>7@0AB05B 4> 150
0;55 409B5 ;0<?0< ?@>3@5BLAO <8=8<C< 5 <8=. >A;5 ?@>3@520 : 2KE>4C CA8;8B5;O ?>4- m. #18@05< A>2A5< VD11, 0 2 :0G5AB25 VD12 AB028< AB018;8B@>= 815, I> AB0=>28BAO 75m,
:;NG0NB M:2820;5=B 0=B5==K 8 ' 2>;LB<5B@ (=0?@8<5@ B8?0 7-9), ?@8 >BACBAB288 =5>1E>- B>340 >?OBL <5=O5< VD12 =0 815, 0 2<5AB> VD11 8A?>;L7C5< 48>4 B8?0 202 8;8
48<KE ?@81>@>2 <>6=> 4;O MB>9 F5;8 8A?>;L7>20BL ;0<?C =0:0;820=8O <>I=>ABLN 500 B =0 0=0;>38G=K9, 2:;NG5==K9 2 ?@O<>< =0?@02;5=88, B>: ?>:>O AB0=>28BAO 100 m, 5A;8 >= <5=LH5
=0?@O65=85 220 , =0 2E>4 CA8;8B5;O ?>40NB =0?@O65=85 2>71C645=8O, ?@8 MB>< B>: 0=>40 2 4>102;O5< 5I5 >48= 48>4 202 (<5AB> 4;O CAB0=>2:8 MB>3> 48>40 ?@54CA<>B@5=> =0 ?;0=:5
@0AAB@>5==>< A>AB>O=88 2KE>4=>3> :>=BC@0 4>;65= 1KBL 400 - 500 mA, 0 ?@8 =0AB@>9:5 :>=BC@0 45B.23).
?> <0:A8<C<C 2KE>4=>3> =0?@O65=8O C<5=LH0BLAO 4> 300 - 350 mA, 0 ;0<?0, 8A?>;L7C5<0O 2 :0- @8 8A?>;L7>20=88 AB018;8B@>=>2 4@C38E B8?>2 =5>1E>48<> 8<5BL 2 284C B>, GB>
G5AB25 =03@C7:8 4>;6=0 3>@5BL ?>GB8 2 ?>;=K9 =0:0;. A;8 B>: 0=>40 =8 =0 >4=>< 87 480?07>=>2 <0:A8<0;L=K9 B>: G5@57 =8E =0 ?8:0E A83=0;0 <>65B 4>AB830BL 25;8G8=K 1,0 .. @8<5=5=85
=5 4>AB8305B MB>3> 7=0G5=8O, A;54>20B5;L=>, <>I=>ABL 2>71C645=8O =0 2E>45 CA8;8B5;O <0;0. AB018;8B@>=>2 815 >1CA;>2;5=> B5<, GB> 2 40==>< A;CG05 <>3CB 1KBL 8A?>;L7>20=K 4065 157
A;8 65 =0 >4=>< 87 480?07>=>2 B>: 0=>40 =>@<0;L=K9, 0 2KE>4=0O <>I=>ABL <0;0, E>BO 0=>4K @0480B>@>2. !B018;8B@>=K 815 <>6=> 70<5=8BL =0 2:;NG5==K5 ?0@0;;5;L=> G5@57 >3@0=8-
!B@. 18 87 20. #!" )!" . !. UY0UY
G8B5;L=K5 @578AB>@K A>?@>B82;5=85< 3 4 <0 AB018;8B@>=K 815- (1C:20 >?@545;OBAO ?@8 H8@8BAO ?>;>A0 C4>2;5B2>@8B5;L=>3> A>3;0A>20=8O) C25;8G82 A>?@>B82;5=85 =03@C7:8, B.5. ?@8-
=0AB@>9:5). 48>40< ?@54JO2;ONBAO B@51>20=8O B>;L:> ?> ?@O<><C B>:C (>= 4>;65= 1KBL 1>;LH5 <5=82 =0 2KE>45 -:>=BC@0 4;O A>3;0A>20=8O A =03@C7:>9 ( B@0=AD>@<0B>@ A :>MDD8F85=B><
1,0 ), B0: :0: ?@8;>65==>5 : =8< =0?@O65=85 =57=0G8B5;L=>. B@0=AD>@<0F88 4 : 1 (@8A.2.12). 4=0:> ?@8 MB>< A;54C5B 8<5BL 2 284C, GB> A C25;8G5=85< 25;8-
", ! / -" & <>6=> ?@8ABC?8BL : =0AB@>9:5 G8=K R= =0?@O65=85 =0 C21 ?@8 A>E@0=5=88 2KE>4=>9 <>I=>AB8 B0:65 C25;8G8BAO, ?>MB><C
?@5420@8B5;L=>3> :0A:040. "0:>9 ?>@O4>: ?>72>;O5B ?@>8725AB8 =0AB@>9:C 1KAB@> 8 157 @07>G0- 707>@ <564C 53> AB0B>@=K<8 8 @>B>@=K<8 ?;0AB8=0<8 4>;65= 1KBL C25;8G5=. -B>B B@0=AD>@<0-
@>20=89. 7 AE5<K 284=>, GB> B@0=78AB>@ ?>4:;NG5= ?0@0;;5;L=> F5?>G:5 L6, VD11-VD13, ?>M- B>@ 2K?>;=O5BAO 0=0;>38G=> 4@>AA5;N L6 (:>;LF0 4;O 53> =0<>B:8 ;CGH5 27OBL ?@>=8F05<>ABLN
B><C, ?@8>B:@K20O B@0=78AB>@ VT1, <>6=> @53C;8@>20BL B>: ?>:>O ;0<?. 5@2>=0G0;L=> 4286>: 600-1000, ?>4E>4OB :>;LF0 >B !# 4;O @/AB. -130) 8 CAB0=02;8205BAO =0 ?5@54=59 ?0=5;8
?5@5<5==>3> A>?@>B82;5=8O R22 AB028BAO 2 ?>;>65=85 <0:A8<0;L=>3> A>?@>B82;5=8O. >A;5 (@8A.15BM, @8A.16BM). @5?;5=85 B@0=AD>@<0B>@0 B0:65 0=0;>38G=> :@5?;5=8N 4@>AA5;O L6.
MB>3> 2:;NG8B5 CA8;8B5;L 8 409B5 ;0<?0< ?@>3@5BLAO <8=8<C< 5 <8=. >A;5 ?@>3@520 A ?>- "5?5@L =5A:>;L:> A>25B>2:
<>ILN R22 <>6=> CAB0=>28BL =><8=0;L=K9 B>: ?>:>O. >A;5 =0AB@>9:8 ?@8 65;0=88 @578AB>@ 1.#A8;8B5;L =5 «;N18B @01>BK A 1>;LH8< ! (e"2,5),?@8 MB>< ?@>8AE>48B ?5@5@0A?@545-
<>6=> 70<5=8BL =0 ?>AB>O==K9, A>>B25BAB2CNI53> =><8=0;0. 0;55, 2:;NG82 B@0=A825@ 2 @568<5 ;5=85 <>I=>AB8 8, G0ABL MB>9 <>I=>AB8 845B 2 4@>AA5;L, ?@>1820O 53>.
=0AB@>9:8 8, ?;02=> C25;8G820O =0?@O65=85 2>71C645=8O, ?@>25@LB5 ;8=59=>ABL @01>BK CA8;8- 2. #A8;8B5;L 65;0B5;L=> 7075<;8BL. ?@>F5AA5 M:A?;C0B0F88 1K20;8 A;CG08, :>340 2> 2@5<O
B5;O, ?@8 "=0AKI5=88", B.5. ?>O2;5=88 B>:0 A5B:8 =C6=> C<5=LH8BL 25;8G8=C R23. A;8 B>: A8;L=KE 3@>7>2KE @07@O4>2 "2K1820;>" A5B52K5 ?@54>E@0=8B5;8. -B> ?@>8AE>48;> 2 B5E A;CG0OE,
0=>40 =8 =0 >4=>< 480?07>=5 =5 4>AB8305B 0,5 , 7=0G8B <>I=>ABL 2>71C645=8O <0;0 8 <>6=> :>340 A CA8;8B5;5< 8A?>;L7>20;8AL 0=B5==K >B:@KB>3> B8?0 (LW, Inv.Vee, V-Beam 8 B.4.), :>B>-
A>?@>B82;5=85 R23 C25;8G8BL. @8 =0AB@>9:5 A;54C5B ?><=8BL, GB> =0AB@>9:0 ?@>872>48BAO ?> @K5 2> 2@5<O 3@>7K =5 1K;8 >B:;NG5=K.
<0:A8<C<C ' =0?@O65=8O =0 M:2820;5=B5 0=B5==K, ;81> 2 >BACBAB285 B0:>2>3> A ?><>ILN ?@>A- 3. 5 AB@5<8B5AL ?>;CG8BL A CA8;8B5;O 2KE>4=>9 <>I=>AB8 1>;LH5, G5< ?>72>;O5B 3010@8B-
B59H53> 8=48:0B>@0 =0?@O65==>AB8 ?>;O =5?>A@54AB25==> 2 A0<>9 0=B5==5 . 5 @5:><5=4CN =0- =0O <>I=>ABL ?@8<5=5==KE 0<8 B@0=AD>@<0B>@>2 ?8B0=8O, E>BO ?@8<5=5==K5 2 40==>9 :>=AB-
AB@0820BL CA8;8B5;L ?> <0:A8<C<C 0=>4=>3> B>:0, ?@8 MB>< K ?@>AB> ?5@52>48B5 :0A:04 2 @568< @C:F88 B@0=AD>@<0B>@K 5AB5AB25==> 2K?>;=5=K A 70?0A>< , => ?> ACI5AB2CNI8< (8 =8:5< ?>:0
CA8;8B5;O ?>AB>O==>3> B>:0, GB> =5 1C45B A>>B25BAB2>20BL @568<C <0:A8<0;L=>9 2KE>4=>9 <>I- =5 >B<5=5==K<) 70:>=0< M@D8 - :0: @07 2 A0<K9 >B25BAB25==K9 <><5=B (=0?@8<5@ ?@8 2K7>25 P5
=>AB8. 8;8 =0 :@09=89 A;CG09 FO0) >=8 8 ?@8:06CB 4>;3> 68BL (0 254L >= C65 2>B-2>B 4>;65= >B25B8BL,
!>3;0A>20=85 8A?>;L7C5<>3> 4;O @01>BK B@0=A825@0 A> 2E>4>< CA8;8B5;O, ?>AB>5==>3> A 40 5I5 :065BAO 0<!). @><5 B>3>, 87-70 ?@>A04:8 0=>4=>3> =0?@O65=8O MB> 2 ?5@2CN >G5@54L
15AB@0=AD>@<0B>@=>9 AE5<>9 ?8B0=8O 0=>4=KE F5?59 (=0 2-E -7) ?@>872>48BAO ?CB5< 87<5- ?>2;8O5B =0 :0G5AB2> A83=0;0 0H53> @048>.
=5=8O G8A;0 28B:>2 >1<>B:8 III L6 ?> <8=8<C<C ! =0 2E>45 CA8;8B5;O 8 <0:A8<C<C >B4020- 4. 5 ?>;5=8B5AL, 2K?>;=8B5 2A5 @01>BK, 8 B>340 0< 2A5340 1C45B GB> ?@54JO28BL 8 G5<
@8 =0;04:5 CA8;8B5;O, A>1@0==>3> ?> 42CEB0:B=>9 AE5<5, ?@5645 2A53>, A;54C5B 4>18BLAO 3>@48BLAO ?5@54 @048>;N18B5;LA:8< 1@0BAB2><, 254L C =8E CA8;8B5;L @01>B05B B>;L:> 157 :>@-
A8<<5B@88 ?;5G, B.5. @025=AB20 ' =0?@O65=89 =0 A5B:0E (:0B>40E) ;0<?. A;CG05 =5>1E>48<>AB8 ?CA0, 40 5I5 2 ?@840GC B>;L:> AB>OI8< =0 1>:C, 0 ?5@54 2:;NG5=85< 53> 5I5 =04> 8 C40@8BL 2
45;05BAO MB> ?5@5<5I5=85< A@54=59 B>G:8 >1<>B>: I 8 II 2E>4=>3> B@0=AD>@<0B>@0 "1. 0;55 87- >?@545;5==>< <5AB5 :C;0:>< (0 <>65B 8 =5 @07 !).
<5=5=85< :>MDD8F85=B0 B@0=AD>@<0F88 MB>3> 65 B@0=AD>@<0B>@0 ?>43>=ONB ?@85<;8<>5 7=0- 5.#A8;8B5;L ?@54=07=0G5= 4;O ?@>2545=8O <56:>=B8=5=B0;L=KE A2O759, B.:. 4;O ?@>2545=8O
G5=85 25;8G8=K ! ?> 2E>4C CA8;8B5;O. <5AB=KE =5>1E>48<> ?@8<5=OBL :0: <8=8<C< #-5, =C, 2 :@09=5< A;CG05, 4>?CA:05BAO #-81 (=>
"01;8F0 5. ?@8 3 : =0 0=>45). !CI=>ABL MB>3> 2 A;54CNI5<: 2A5 @CG:8 CA8;5=8O =0 ?@85<=8:5 A@07C CAB0=0-
2;820NBAO 2 =C;52>5 ?>;>65=85, ?@8 MB><, 2>-?5@2KE, 4065 ;N1>9 A0<K9 ?@8<8B82=K9 45B5:-
@04C8@>2:0 ?@81>@0 2KE. @04C8@>2:0 !-<5B@0
B>@=K9 ?@85<=8: 01A>;NB=> ?5@5AB05B HC<5BL, 2>-2B>@KE, A:>;L:> 1K >AB0;L=K5 "C<=8:8" =5
!
KE>4=0O 0?@O65=85=0 =0 =03@. !>?@>B82;5=85 =0G. !>?@>B82;5=85 =0G.
"1@M:0;8" =0 G0AB>B5, 8< =5 ?><5H0BL 0H59 ?@8OB=>9 15A545 > 2840E =0 C@>609 8 B.4. 2A5
?/?
<>I=. B =03@C7:8 < ! =03@C7:8 < !
R==75 < R==50 < ?@>G85 87-70 "AC1?@4C:B>2" A0<8 @07153CBAO 2 AB>@>=K :F 345-B> =0 ?OBL45AOB - AB>, 8< 65 B>65
=04> CA;KH0BL :>3>-B>.
1. 350 162,0 132,3 75 50 1,0 150 100 2,0
6. A;8 A>1@0==K9 0<8 A ;N1>2LN 8 7=0=85< 45;0 CA8;8B5;L =5 70@01>B0;, A@07C AB0=>-
2. 300 150,0 122,5 82,5 55 1,1 187,5 125 2,5
28BAO OA=K<, GB> 5AB5AB25==> 02B>@ 4C@0: 8 AE5<0 53> 4C@0F:0O, 0 35=5B8:0, >?OBL 65 5AB5AB-
3. 250 136,9 111,8 90 60 1,2 225 150 3,0
25==>, BCB =5 ?@8 G5<. >=5G=> 7B> 2A5 N<>@.
4. 200 112,5 100,0 97,5 65 1,3 262,5 175 3,5
5. 150 106,1 86,6 105 70 1,4 300 200 4,0
A0<>5 3;02=>5, G53> =5;L7O =8:>340 701K20BL - CA8;8B5;L ;8HL 2 B>< A;CG05 1C45B 0<
6. 100 86,6 70,7 112,5 75 1,5 375 250 5,0
E>@>H8< ?><>I=8:><, 5A;8 >= O2;O5BAO ?@8;>65=85< : E>@>H59 0=B5==5.
7. 75 75,0 61,2 120 80 1,6 450 300 6,0
8. 50 61,2 50,0 127,5 85 1,7 525 350 7,0
#". ?8A0==>5 2KH5 =5 4>3<0, 0 ?@0:B8G5A:>5 @C:>2>4AB2> : @01>B5, ?>4A:0-
9. 25 43,3 35,4 135 90 1,8 600 400 8,0
7K20NI55 =0?@02;5=85 :>=AB@C8@>20=8O, 2 ?@>F5AA5 B2>@G5AB20 2K <>65B5 C25;8G8BL 3010@8B=K5
10. 10 27,4 22,4 142,5 95 1,9 675 450 9.0
@07<5@K, 87<5=8BL :><?>=>2:C 2 7028A8<>AB8 >B ?@8<5=5==KE 0<8 45B0;59, 0H59 D0=B0788,
2>7<>6=>AB59, >?KB0 8 B.4., :>@>G5 - B2>@8B5 :0: <K, B2>@8B5 ;CGH5 =0A. ;02=>5, ?@>HC ?8A0BL
?@>F5AA5 =0AB@>9:8 ;N1>9 87 AE5< CA8;8B5;O <>65B >:070BLAO, GB> ?>;>A0 C4>2;5B2>@8-
>1> 2A5E ?>65;0=8OE, :@8B8G5A:8E 70<5G0=8OE 8 >1=0@C65==KE 0<8 >H81:0E, :0: B5>@5B8-
B5;L=>3> A>3;0A>20=8O A =03@C7:>9 =54>AB0B>G=0 4;O ?5@5:@KB8O @01>G53> CG0AB:0 480?07>=0 157
G5A:>3>, B5E=8G5A:>3>, B0: 8 >@D>3@0D8G5A:>3> E0@0:B5@0. 0B5@80; 3>B>28;AO 8 @540:B8@>20;AO
?>4AB@>9:8 M;5<5=B>2 -:>=BC@0. (8@8=0 ?>;>AK A>3;0A>20=8O 7028A8B >B :>MDD8F85=B0 B@0=A-
D0:B8G5A:8 >4=8< G5;>25:><, ?>MB><C ?@0:B8G5A:8 =52>7<>6=> 1K;> >BA;548BL 2A5. 0@0=55
D>@<0F88 A>?@>B82;5=8O 2 A>3;0ACNI59 F5?8, 8 ?@54AB02;O5B A>1>9 A>>B=>H5=85:
1>;LH>5 !!.
N = RM / R=, 345 RM - M:2820;5=B=>5 A>?@>B82;5=85 ;0<?K 2KE>4=>3> =8<0=85: ?> <5@5 @07@01>B:8 8 873>B>2;5=8O :>=AB@C:F89 1@>HN@0 2A5 2@5<O ?>?>;-
:0A:040, 0 R= - A>>B25BAB25==>, A>?@>B82;5=85 =03@C7:8. =O5BAO =>2K<8 <0B5@80;0<8 ?> >?8A0=8N MB8E :>=AB@C:F89, 0 B0:65 <0B5@80;0<8 ?> <>48D8:0-
"0:8< >1@07><, ?@8 8A?>;L7>20=88 4;O ?8B0=88 0=B5==K :>0:A80;L=>3> :015;O A> AB0=- F8O<8 @0=55 >?8A0==KE 20@80=B>2.
40@B=K< 2>;=>2K< A>?@>B82;5=85< 50-75 <, 2 =0H5< A;CG05 ?>;CG05< :>MDD8F85=B B@0=A-
D>@<0F88 ?@8<5@=> @02=K< 20. 3> 7=0G5=85 <>6=> C<5=LH8BL (A>>B25BAB25==> ?@8 MB>< @0A-
!B@. 19 87 20. #!" )!" . !. UY0UY
2 70:;NG5=85. %>B5;>AL 1K 2K@078BL >3@><=CN 1;03>40@=>ABL .!. >6=>2C UY0UZ 8
...@G5=:> UT5UAO 70 1>;LHCN B5E=8G5A:CN ?><>IL, >:070==CN 8<8 2 873>B>2;5=88 >B45;L-
7. !+ " +, !" '.)!/ !"",
=KE >?KB=KE >1@07F>2 CA8;8B5;59 8 ?@>2545=88 M:A?5@8<5=B>2 ?> >B@01>B:5 8E >B45;L=KE C7;>2.
> 2A5< 2>?@>A0<, A2O70==K<8 A ?>;CG5=85< ?>;=>9 4>:C<5=B0F88 4;O 873>B>2;5=8O 2A5E
E>4=>5 8 2KE>4=>5 A>?@>B82;5=8O CA8;8B5;O <>3CB 1KBL :0: G8AB> 0:B82=K<8, B0: 8
20@80=B>2 CA8;8B5;59 (:>=5G=>, 5A;8 MB>9 =54>AB0B>G=> !), 0 B0:65 ?> 2>?@>A0< :>=AC;LB0F88 ?>
:><?;5:A=K<8, A>45@60I8<8 @50:B82=CN A>AB02;ONICN 5<:>AB=CN 8;8 8=4C:B82=CN.
873>B>2;5=8N, =0AB@>9:5 ;81> ?@8>1@5B5=8N >B45;L=KE C7;>2 CA8;8B5;59 (=0?@8<5@ 63CB>2,
8=0B@>==K9 MDD5:B. !CI=>ABL 48=0B@>==>3> MDD5:B0, 2K7K20NI53> 8A:065=8O E0@0:B5-
0=>4=KE 4@>AA5;59 8 B.4), 70 8A:;NG5=85< 702>4A:8E, 0 B0:65 3>B>2KE CA8;8B5;59 ?@>HC >1@0-
@8AB8: 0=>4=>3> B>:0, A>AB>8B 2 A;54CNI5<. <8B8@>20==K5 :0B>4>< ?5@28G=K5 M;5:B@>=K 2>
I0BLAO ;81> G5@57 E-mail: uy0uy@mil.gov.ua , ;81> ?> B5;5D>=C. 2 8525 (044) 413-92-61, ;81>
2@5<O 2E>645=8O 2 B>;IC <5B0;;0 0=>40 70 AG5B A2>59 M=5@388 2K1820NB 87 =53> 4@C385 M;5:-
=0 4><0H=89 04@5A. !B0@0NAL >B25G0BL 2A5<.
B@>=K, =07K205<K5 2B>@8G=K<8 ;81> 48=0B@>=0<8. B>< A;CG05, :>340 48=0B@>=OI89 M;5:B@>4
> 2AB@5G8 2 MD8@5.73! de UY0UY.
(0=>4) 8<55B ?> A@02=5=8N A 4@C38<8 M;5:B@>40<8 ;0<?K =082KAH89 ?>B5=F80;, 2B>@8G=K5 M;5:-
B@>=K ?>?040NB 2 B>@<>7OI55 M;5:B@8G5A:>5 ?>;5 8 2>72@0I0NBAO >1@0B=>. CA8;8B5;OE <>I-
=>AB8 ?@8 0:B82=>9 =03@C7:5 2 <><5=BK <0:A8<0;L=KE ?>;>68B5;L=KE 7=0G5=89 =0?@O65=8O =0
6. !! !,# !"", " "# +
C?@02;ONI59 A5B:5 ;0<?K ?>;CG05BAO >4=>2@5<5==> =081>;LH89 0=>4=K9 B>: 8 =08<5=LH55
=0?@O65=85 =0 55 0=>45. @8 MB><, 4;O B>3>, GB>1K :0A:04 8<5; 4>2>;L=> 2KA>:89 ?> 0=>4-
1. -;5:B@>20:CC<=K5 ?@81>@K. (!?@02>G=8:) >A:20 >AM=5@3>8740B. 1956 3.
=>9 F5?8, ?@8 <8=8<0;L=>< =0?@O65=85 =0 0=>45 (=07K205<K< >AB0B>G=K< E0.<8=.) @02<K< 8;8
2. !.. C=8<>28G, .. /9;5=:> «"5E=8:0 ;N18B5;LA:>9 >4=>?>;>A=>9 @048>A2O78. >A:20.
<5=LH5 =0?@O65=8O =0 M:@0==>9 A5B:5, ;0<?0 4>;6=0 ?@>?CA:0BL 8<?C;LA B>:0, =5 <5=55 G5< 2
740B5;LAB2> !$. 1970 3.
420 @070 ?@52KH0NI89 4>?CAB8<CN 25;8G8=C ?>AB>O==>9 A>AB02;ONI59 0=>4=>3> B>:0. MB><
3. .!.0@8>=>2, ..0;C38=, ..0F=5;LA>= « -;5:B@>20:CC<=K5 M;5:B@>==K5 8 8>==K5
A;CG05 1>;LH8=AB2> M;5:B@>=>2 ?@8BO38205BAO A5B:>9, GB> 8 ?@82>48B : A=865=8N 0=>4=>3> B>:0
?@81>@K . (!?@02>G=8:) >A:20. 740B5;LAB2> «-=5@38O. 1976 3.
8 C25;8G5=8N B>:0 M:@0==>9 A5B:8. 48= 87 <5B>4>2 CAB@0=5=8O MB>3> MDD5:B0 - ?@8<5=5=85
4. .. !:@K?=8: « @81>@K 4;O :>=B@>;O 8 =0;06820=8O @048>;N18B5;LA:>9 0??0@0BC@K .
?5=B>4>2. "@5BLO A5B:0, 8<5NI0O =C;52>9 ?>B5=F80;, A>7405B B>@<>7OI55 ?>;5 4065 2 B5 <><5=BK,
>A:20. 740B5;LAB2> «0B@8>B. 1990 3.
:>340 =0?@O65=85 =0 0=>45 =0<=>3> <5=LH5 =0?@O65=8O =0 M:@0==>9 A5B:5. I5 ;CGH5 2 MB><
5. . &0F5=:8= « ;C1=K9 :>@>B:>2>;=>2K9 ?5@540BG8: . ! 1-2. 1952 3.
A;CG05 ?@8<5=OBL ;CG52K5 B5B@>4K, >1;040NI85 E>@>H8<8 ?0@0<5B@0<8 8 E0@0:B5-@8AB8:0<8.
6. . 0A8;8I5=:>. « 5@540BG8: ?5@2>9 :0B53>@88 . ! 1 1957 3.
CG52K5 B5B@>4K >B;8G0NBAO >B ?5=B>4>2 @0AA;>5=85< M;5:B@>==>3> ?>B>:0 =0 A5:B>-@>>1@07=K5
7. . 01CB8=. «SSB ?5@540BG8:. ! 7 1958 3.
;CG8, GB> ACI5AB25==> 87<5=O5B B>:>@0A?@545;5=85 2 ;0<?5, C25;8G820O B>: 0=>40 8 C<5=LH0O B>:
8. !.C=8<>28G, .8@552, .A>=5=:>, ./9;5=:> «;C1=K9 ?5@540BG8:.
A5B:8, 0 B0:65 ?>402;5=85< 48=0B@>==>3> MDD5:B0 ?@8 ?><>I8 1>;LH>3> ?@>AB-@0=AB25==>3>
! 9.1958 3.
70@O40, >1@07CNI53>AO <564C M:@0==>9 A5B:>9 8 0=>4><.
9. .0CE<0= « @01>B5 ?5@540BG8:0 2 G0AK B5;52845=8O. ! 12.1958 3.
>;510B5;L=0O <>I=>ABL(2KE>4=0O <>I=>ABL) - <>I=>ABL :>;510=89 2KA>:>9 G0AB>BK,
10. .(04A:89 « ?5@540BG8: ?5@2>9 :0B53>@88.(2 #-50) ! 2 1959 3.
:>B>@CN <>6=> 2K45;8BL 2 0=>4=>9 F5?8 ;0<?K ?@8 =><8=0;L=>< =0?@O65=88 =0:0;0 8 =081>;L-
11. . 1848=0, .@K=5F:89 « ?5@540BG8: I :0B53>@88.( #-13) ! 11 1959 3.
H5< =0?@O65=88 0=>40. >;510B5;L=0O <>I=>ABL >?@545;O5BAO :0: @07=>ABL <564C ?>42>48<>9
12. ..><>2 « ?5@540BG8: ?5@2>9 :0B53>@88.( ) ! 11 1961 3.
<>I=>ABLN >B 8AB>G=8:0 ?8B0=8O 8 <>I=>ABLN @0AA58205<>9 0=>4><.
13. 540:F8O. «SSB ?5@54286:0. ! 2 1962 3.
>MDD8F85=B =0?@O65==>AB8 @568<0 (:>MDD8F85=B 8A?>;L7>20=8O 0=>4=>3> =0?@O-
14. /.0?>2>: « @048>AB0=F8O. ! 3 1964 3.
65=8O) - >B=>H5=85 0<?;8BC4=>3> =0?@O65=8O =0 :>=BC@5 : =0?@O65=8N 0=>4=>3> ?8B0=8O
15. /.0?>2>: «;>: ?8B0=8O @048>AB0=F8O. ! 4 1964 3.
>MDD8F85=B CA8;5=8O ?> =0?@O65=8N (<>I=>AB8) ?>:07K205B 2> A:>;L:> @07 =0?@O65-
16. . 6C=:>2A:89, /.0?>2>: « @048>AB0=F8O I :0B53>@88. ! 5-7 1967 3.
=85 8;8 <>I=>ABL =0 2KE>45 CA8;8B5;O 1>;LH5 A>>B25BAB2CNI53> 7=0G5=8O =0 2E>45:
17. . (04A:89 «:>=5G=K9 :0A:04 =0 #-33. ! 6 1968 3
= = U2KE./U2E. ; < = P2KE./P2E.
18. ..>;>B>2 «5AB@0=AD>@<0B>@=K9 2K?@O<8B5;L. (-71) ! 3 1969 3
>MDD8F85=B D8;LB@0F88 (D) :>;510B5;L=>9 A8AB5<K ?>:07K205B 2> A:>;L:> @07 <5=LH5
19. . 0:->9 «#A8;8B5;L <>I=>AB8 4;O ?5@540BG8:0. (2 -8113) ! 6 1971 3
>B=>H5=85 B>:0 30@<>=8:8 : B>:C >A=>2=>9 G0AB>BK =0 2KE>45 !, G5< 2 F5?8, ?8B0NI59 !
20. . 0CE<0= "A?>;L7>20=85 ;0<?K -807". ! 6 1974 3
(=0?@8<5@, 2 0=>4=>9).
21. .20=>2 «5AB@0=AD>@<0B>@=K9 2K?@O<8B5;L.(2 -7) ! 11 1979 3
@CB87=0 E0@0:B5@8AB8:8 - >B=>H5=85 ?@8@0I5=8O B>:0 0=>40 2 <8;;80<?5@0E : A>>B25B-
22. . >1752, . >I8=, !.!520ABLO=>2 « 8=59=K9 CA8;8B5;L (2 #-50) ! 11. 1980 3.
AB2CNI5<C ?@8@0I5=8N =0?@O65=8O C?@02;ONI59 A5B:8 2 2>;LB0E.
23. ..C@8=K9 " ?><5E0E B5;52845=8N" ! 10 1983 3
AB0B>G=>5 (<8=8<0;L=>5) =0?@O65=85 =0 0=>45 E0.<8= = E0.- U0.<0:A
24. .20=>2 «#A8;8B5;L <>I=>AB8 =0 645!. ! 3 1985 3
B40205<0O <>I=>ABL - <>I=>ABL 2 =03@C7:5, @02=0O :>;510B5;L=>9 <>I=>AB8 <8=CA ?>-
25. . 0;=5@0CA:0A «81@84=K9 CA8;8B5;L <>I=>AB8.(645!) ! 4 1986 3.
B5@8 2 0=>4=>< :>=BC@5, D8;LB@0E 30@<>=8: 8 B.4.
26. /.0?>2>: «8=59=K9 CA8;8B5;L <>I=>AB8. ! 7 1991 3.
0:A8<0;L=>5 =0?@O65=85 =0 0=>45 E0.<0:A = E0.+ U0.<0:A
27. . (C:;8= «>AB@>5=85 381@84=>3> :0A:040. ! 9 1992 3.
28. . (5;5:0A>2 « #A8;8B5;L <>I=>AB8 . .", ! 4. 1991 3. >I=>ABL @0AA5O=8O =0 0=>45 - <>I=>ABL, 2K45;O5<0O =0 0=>45 0=>4=K< B>:><, 157 CG5B0
29. . (C:;8= « 5B>48:0 =0AB@>9:8 381@84=>3> :0A:040 .", ! 4. 1992 3 <>I=>AB8 @0AA58205<>9 4@C38<8 M;5:B@>40<8, ?>4AG8BK205BAO :0: ?@>872545=85 0=>4=>3>
30. . >=G0@ « #-74 A 7075<;5==>9 M:@0==>9 A5B:>9 .", ! 9. 1992 3. =0?@O65=8O =0 0=>4=K9 B>: (@07=>ABL <564C ?>42>48<>9 8 :>;510B5;L=>9 <>I=>ABLN).
31. !. >A:>1>9=8:>2 « #A8;8B5;L <>I=>AB8 . (2 -7). .", ! 1. 1993 3. 5>A=>2=K5 87;CG5=8O - 87;CG5=8O, A>740205<K5 70 ?@545;0<8 =5>1E>48<>9 ?>;>AK. 5>A-
32. . >@8A>2 «81@84=K9 :0A:04. .", ! 8. 1993 3. =>2=K5 87;CG5=8O 45;OBAO =0 2=5?>;>A=K5 (2 ?>;>A0E G0AB>B, ?@8;530NI8E : G0AB>B5 87;CG5=8O) 8
33. .. >?8;>2 « #A8;8B5;L <>I=>AB8 @048>AB0=F88 .(#-34) 04V><0B>@ ! 5-7. 1993 3. ?>1>G=K5 (=0 4@C38E G0AB>B0E). ;O ?5@540BG8:>2 <>I=>ABLN 4> 500 B CAB0=>2;5==K9 C@>25=L
34. . 0H:0B>2 « -11 2 CA8;8B5;5 <>I=>AB8 . 8 # ! 3. 1999 3. 4;O ;N1>3> 87 ?>1>G=KE 87;CG5=89 -40 dB, => =5 1>;55 50 <B. ;O ?5@540BG8:>2 <>I=>ABLN 4> 5
35. >=G0@5=:> . «Q3:89 8 <>I=K9 . 048>;N18B5;L. 8 # , !1, !2 1999 3. B C@>25=L ?>1>G=KE 87CG5=89 CAB0=>2;5= =5 2KH5 -30 dB.
36. Doug DeMaw. QST, February 1980, pp.11-15. 5@52>4 A 0=3;89A:>3> . 5A548=0 (UA9LAQ)
!B@. 20 87 20. #!" )!" . !. UY0UY
8:>20O :>;510B5;L=0O <>I=>ABL - <0:A8<0;L=0O MDD5:B82=0O <>I=>ABL ' :>;510=89,
@0728205<0O =0 ?8:0E >3810NI59 A83=0;0.
>42>48<0O <>I=>ABL - <>I=>ABL, ?>B@51;O5<0O 0=>4=>9 F5?LN CA8;8B5;O (B.5. ?@>8725-
45=85 0=>4=>3> =0?@O65=8O =0 ?>AB>O==CN A>AB02;ONICN 0=>4=>3> B>:0).
#AB>9G82>ABL CA8;8B5;O (8;8 A:;>==>ABL : A0<>2>71C645=8N) 7028A8B >B >B :>MDD8F8-
5=B0 CA8;5=8O 8 25;8G8=K ?0@078B=KE >1@0B=KE A2O759. #A8;8B5;L 4>;65= 8<5BL 70?0A CA8;5=8O,
?@8 :>B>@>< >= >AB05BAO CAB>9G82K<. A;8 @568< CA8;8B5;O 1;87>: : A0<>2>71C645=8N, 2>7-
<>6=K 7=0G8B5;L=K5 8A:065=8O 53> G0AB>B=>9 E0@0:B5@8AB8:8 8 =5;8=59=K5 8A:065=8O CA8;8-
205<>3> A83=0;0.
'0AB>B=0O E0@0:B5@8AB8:0 CA8;8B5;O >?@545;O5BAO ?>;>A>9 A83=0;>2, :>B>@K5 CA8;820-
NBAO A 7040==K< <8=8<0;L=K< :>MDD8F85=B>< CA8;5=8O, >1KG=> @02=K< 0,707 >B <0:A8<0;L-=>3>.
-;5:B@8G5A:89 D8;LB@ - CAB@>9AB2>, :>B>@>5 ?@>?CA:05B :>;510=8O >?@545;5==>9 ?>;>AK
G0AB>B (?>;>A0 ?@>?CA:0=8O) A <0;K< 70BCE0=85<, 0 =0 2A5E 4@C38E G0AB>B0E (2 ?>;>A5 7045@-
6820=8O) >15A?5G8205B 1>;LH>5 70BCE0=85. '0AB>B0 ;560I0O =0 3@0=8F5 ?>;>AK ?@>?CA:0=8O 8
?>;>AK 7045@6820=8O, =07K205BAO G0AB>B>9 A@570 (fA). $8;LB@K 45;OBAO =0 G5BK@5 3@C??K:
- D8;LB@K =86=8E G0AB>B ($') ?@>?CA:0NB G0AB>BK =865 (fA) 8 7045@6820NB 1>;55 2K-
A>:85 G0AB>BK;
- D8;LB@K 25@E=8E G0AB>B ($') ?@>?CA:0NB G0AB>BK 2KH5 (fA) 8 7045@6820NB 1>;55 =87-
:85 G0AB>BK;
- ?>;>A>2K5 D8;LB@K ($) ?@>?CA:0NB >?@545;5==CN ?>;>AC G0AB>B "f (>B f1 4> f2) 8 70-
45@6820NB G0AB>BK 2=5 MB>9 ?>;>AK. >;>A>2K5 D8;LB@K E0@0:B5@87CNBAO ?>;>A>9
?@>?CA:0=8O "f, :>MDD8F85=B>< ?@O<>C3>;L=>AB8 ?, 70BCE0=85< 2 ?>;>A5 ?@>?CA:0=8O,
70BCE0=85< 2=5 MB>9 ?>;>AK, 2>;=>2K< A>?@>B82;5=85<;
- 703@0640NI85 D8;LB@K ($) 7045@6820NB :>;510=8O 2 >?@545;5==>9 ?>;>A5 G0AB>B (>B f1
4> f2), => ?@>?CA:0NB :>;510=8O, :0: A <5=LH8<8, B0: 8 1>;LH8<8 G0AB>B0<8.
Wyszukiwarka
Podobne podstrony:
BÅ‚ogosÅ‚awienie wzmacnianie dobra wg siedmiu zasad Hunysysop paCw 9 Wzmacniacz mocy3dni wzmacniajacaStan cywilny, wyk struktura ludnosci wg 5 strEwangelia wg Å›w Åukasza E lukasza16RK3 RK wg miejsc powstawaniaWzmacniacz do aktywnej kolumny gÅ‚oÅ›nikoiwej(1)Intellivox AN PAEwangelia wg Å›w Marka Ew Marka11Lab1 PA podstawy PSCAD v2wiÄ™cej podobnych podstron