ръководство на потребителя PHILIPS HQ8880
Lastmanuals предлага обществена услуга на споделяне, съхранение и търсене на ръководства за употреба на апаратура и софтуер: упътвания за употреба, ръководства на потребителя, указания за бърз старт, каталози с техническа информация.... НЕ ЗАБРАВЯЙТЕ : ВИНАГИ ПРОЧИТАЙТЕ УКАЗАНИЯТА ЗА УПОТРЕБА ПРЕДИ ДА КУПИТЕ !!!
В случай че, този документ отговаря на упътването за употреба, ръковдството с инструкции или ръководството за употреба, характеристиките, схемите, които Ви интересуват, го изтеглете. Lastmanuals ви осигурява бърз и лесен достъп до ръководство за употреба PHILIPS HQ8880. Надяваме се, че указанието за употреба PHILIPS HQ8880 ще ви е от полза.
Lastmanuals ще ви помогне да изтеглите указание за употреба PHILIPS HQ8880.
Може да изтеглите следните ръководства, които имат връзка към този продукт:
PHILIPS HQ8880 (1097 ko)
Извадка от инструкцията за употреба Упътване за употреба PHILIPS HQ8880
Подробни инструкции за употреба може да намерите в упътването за употреба.
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ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
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6PDUW&RQWUDVW ǕǺǿDzǸǵǰDzǺǿDzǺǷǻǺǿǽǭǾǿ ǗǭǷǯǻDzǿǻǯǭ" ǠǺǵǷǭǸǺǭǿDzȂǺǻǸǻǰǵȌǷǻȌǿǻDZǵǺǭǹǵȄǺǻ ǭǺǭǸǵǴǵǽǭǼǻǷǭǴǭǺǻǿǻǾȇDZȇǽdzǭǺǵDzǵ ǭǯǿǻǹǭǿǵȄǺǻǻǼǿǵǹǵǴǵǽǭǾȇǻǿǺǻȅDzǺǵDzǿǻ ǺǭǷǻǺǿǽǭǾǿǭǺǭǹǻǺǵǿǻǽǭǴǭǼǻǾǿǵǰǭǺDz 2IÀFH ǛȁǵǾ ǛǼǿǵǹǵǴǵǽǭǿDzǷǾǿǭǺǭǹǭǸȌǯǭ ǺǭǹǭǷǾǵǹǭǸǺǭȌǾǺǻǿǭǺǭǻǮǽǭǴǭǵǺǭǾǸǭDZǭ ȀǾǵǸǯǭǺDzǺǭǴǭDZǺǻǿǻǻǾǯDzǿȌǯǭǺDzǴǭǼǻȌǾǺǵ ȌǽǷǻǾǿǿǭǴǭDZǭǾDzȀǯDzǸǵȄǵȄDzǿǸǵǯǻǾǿǿǭǵ ǾǯDzdzǵǵȌǽǷǵǵǴǻǮǽǭdzDzǺǵȌǵǸǵǴǭǰǸȀȅǭǯǭǺDzǺǭ DZǭǾDzǺǭǹǭǸǵǺǭǼǽDzdzDzǺǵDzǿǻǯǻȄǵǿDzǟǻǯǭ ǴǭDZǺǻǿǻǻǾǯDzǿȌǯǭǺDzǴǭǼǻȄǵǾǿǻǵǴǻǮǽǭdzDzǺǵDz ǴǺǭȄǵǿDzǸǺǻȀǸDzǾǺȌǯǭȄDzǿDzǺDzǿǻǺǭǿDzǷǾǿǵ ȀǯDzǸǵȄǭǯǭǼǽǻǵǴǯǻDZǵǿDzǸǺǻǾǿǿǭǼǽǵǽǭǮǻǿǭ ǯǺǭǿȇǹDzǺȁǻǺ ǾǿǭǮǸǵȃǵ3')ȁǭǶǸǻǯDzǾǷǭǺǵǽǭǺǵǾǿǭǿǵǵ ǵǸǵǻǮȆǵǻȁǵǾǼǽǵǸǻdzDzǺǵȌ ǔǭȆǻǹǵDzǺDzǻǮȂǻDZǵǹǻǿǻǯǭ" 3KRWR ǞǺǵǹǷǭ ǟǻǴǵǼǽǻȁǵǸǷǻǹǮǵǺǵǽǭ ǻǼǿǵǹǵǴǵǽǭǺDzǺǭǺǭǾǵǿDzǺǻǾǿǿǭǺǭ ǕǾǷǭǿDzǺǭǶDZǻǮǽǭǿǭȌǾǺǻǿǭǺǭǻǮǽǭǴǭǵ ȃǯDzǿǻǯDzǿDzDZǵǺǭǹǵȄǺǵȌǷǻǺǿǽǭǾǿǵ ǻǼǿǵǹǭǸDzǺǷǻǹȁǻǽǿǼǽǵǼǻǷǭǴǯǭǺDzǺǭǯǾDzǷǵ ǻǾǿǽǻǿǭǿǭǼǽǵǼǽDzǰǸDzDZǺǭǾǺǵǹǷǵǵDZǽȀǰǵ ǯǵDZǾȇDZȇǽdzǭǺǵDz6PDUW&RQWUDVW ǕǺǿDzǸǵǰDzǺǿDzǺ ǵǴǻǮǽǭdzDzǺǵȌǾǺDzǯDzǽǻȌǿǺǭȌǾǺǻǿǭǵdzǵǯǵ ǷǻǺǿǽǭǾǿ DZǵǺǭǹǵȄǺǻǷǻǺǿǽǻǸǵǽǭǷǻǺǿǽǭǾǿǭ ȃǯDzǿǻǯDz²ǮDzǴǭǽǿDzȁǭǷǿǵǵǵǴǮǸDzDZǺDzǸǵ ǵǺǭǾǿǽǻǶǯǭǴǭDZǺǻǿǻǻǾǯDzǿȌǯǭǺDzǴǭǼǻȄǵǾǿǻ ȃǯDzǿǻǯDz ǾǯDzdzǻǵȌǽǷǻǵǴǻǮǽǭdzDzǺǵDzǼǽǵǵǰǽǵǵǯǵDZDzǻǵǸǵ 0RYLH ǡǵǸǹ ǛǼǿǵǹǵǴǵǽǭǺǭǻǾǯDzǿDzǺǻǾǿ ǼǻǷǭǴǯǭȌǾDzǺȄDzǿǸǵǯǿDzǷǾǿǴǭǻȁǵǾǼǽǵǸǻdzDzǺǵȌ ǺǭǾǵǿDzǺǵǵDZȇǸǮǻǷǵȃǯDzǿǻǯDzDZǵǺǭǹǵȄDzǺ ǤǽDzǴǺǭǹǭǸȌǯǭǺDzǺǭǷǻǺǾȀǹǵǽǭǺǭǿǭǻǿǹǻǺǵǿǻǽǭ ǷǻǺǿǭǾǿǵǻǾǿǽǻǿǭǷǭǿǻǮǽȇǾǺǭȄǼǻǷǭǴǯǭ DzǺDzǽǰǵȌǾǼDzǾǿȌǯǭǿDzǼǭǽǵǵȀDZȇǸdzǭǯǭǿDzdzǵǯǻǿǭǺǭ ǯǾǵȄǷǵDZDzǿǭǶǸǵDZǻǽǵǵǯǺǭǶǿȇǹǺǵǿDzǹDzǾǿǭ ǯȇǯǯǵDZDzǻǾȇDZȇǽdzǭǺǵDzǿǻǮDzǴǵǴǮǸDzDZǺȌǯǭǺDz ǹǻǺǵǿǻǽǭ ǺǭȃǯDzǿǻǯDzǿDzǯǼǻȌǽǷǵǿDzǻǮǸǭǾǿǵǷǭǿǻ ǾDzǼǻDZDZȇǽdzǭǿDZǵǺǭǹǵȄǺǵDzǾǿDzǾǿǯDzǺǵ ǾǿǻǶǺǻǾǿǵǴǭǼǻǾǿǵǰǭǺDzǺǭǹǭǷǾǵǹǭǸǺǻ DZǻǮǽǻǷǭȄDzǾǿǯǻ *DPH Ǖǰǽǵ ǏǷǸȋȄǯǭǾDzȁȀǺǷȃǵȌǿǭ ´RYHUGULYHFLUFXLWµ ǜǻDZǻǮǽȌǯǭǺDzǺǭ ǯǽDzǹDzǿǻǴǭǽDzǭǷȃǵȌ ǴǭǼǻǸȀȄǭǯǭǺDzǺǭǺǭǶ DZǻǮǽǻǿǻǯǽDzǹDzǴǭǻǿǰǻǯǻǽǺǭǹǭǸȌǯǭǺDzǺǭ ǺǭǴȇǮDzǺǵǿDzǽȇǮǻǯDzǼǽǵǮȇǽǴǻDZǯǵdzDzȆǵ ǾDzǺǭDzǷǽǭǺǭǻǮDzǷǿǵǵǼǻDZǻǮǽȌǯǭǺDzǺǭ ǾȇǻǿǺǻȅDzǺǵDzǿǻǺǭǷǻǺǿǽǭǾǿǭǼǽǵȌǽǷǵ ǵǿȇǹǺǵȃǯDzǿǻǯDzǟǻǴǵǼǽǻȁǵǸDZǭǯǭ 13 ǗǭǷǽǭǮǻǿǵ" ǗǻǰǭǿǻǭǷǿǵǯǵǽǭǿDz6PDUW&RQWUDVW ǕǺǿDzǸǵǰDzǺǿDzǺǷǻǺǿǽǭǾǿ ȁȀǺǷȃǵȌǿǭ ȆDzǭǺǭǸǵǴǵǽǭǼǻǷǭǴǭǺǻǿǻǾȇDZȇǽdzǭǺǵDzǯ ǽDzǭǸǺǻǯǽDzǹDzǴǭDZǭǺǭǾǿǽǻǵȃǯDzǿǻǯDzǿDzǵ ǵǺǿDzǺǴǵǿDzǿǭǺǭǴǭDZǺǻǿǻǻǾǯDzǿȌǯǭǺDzǟǭǴǵ ȁȀǺǷȃǵȌDZǵǺǭǹǵȄǺǻȆDzǼǻDZǻǮǽǵǷǻǺǿǽǭǾǿǭǴǭ ǺDzǯDzǽǻȌǿǺǻǵǴdzǵǯȌǯǭǺDzǷǻǰǭǿǻǰǸDzDZǭǿDzǯǵDZDzǻ ǵǸǵǵǰǽǭDzǿDzǵǰǽǵ
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
6PDUW6DWXUDWH ǕǺǿDzǸǵǰDzǺǿǺǭǺǭǾǵǿDzǺǻǾǿ ǗǭǷǯǻDzǿǻǯǭ" ǕǺǿDzǸǵǰDzǺǿǺǭǿǭǿDzȂǺǻǸǻǰǵȌǷǻȌǿǻȀǼǽǭǯǸȌǯǭ ǺǭǾǵǿDzǺǻǾǿǿǭǺǭȃǯDzǿǻǯDzǿDz²ǾǿDzǼDzǺǿǭDZǻ ǷǻȌǿǻȃǯDzǿǻǯDzǿDzǺǭDzǷǽǭǺǭǾDzǼǽDzǸǵǯǭǿǯ ǾȇǾDzDZǺǵǿDzȃǯDzǿǻǯDz²ǰǭǽǭǺǿǵǽǭǮǻǰǭǿǵǵdzǵǯǵ ȃǯDzǿǻǯDzǴǭǼǻǰǻǸȌǹǭǺǭǾǸǭDZǭǼǽǵǰǸDzDZǭǺDzǺǭ ǯǵDZDzǻ ǔǭȆǻǹǵDzǺDzǻǮȂǻDZǵǹǻǿǻǯǭ" ǕǾǷǭǿDzǮǻǰǭǿǵdzǵǯǵȃǯDzǿǻǯDzǴǭǼǻǰǻǸȌǹǭ ǺǭǾǸǭDZǭǼǽǵǰǸDzDZǭǺDzǺǭǾǺǵǹǷǵǵǸǵǯǵDZDzǻ ǗǭǷǽǭǮǻǿǵ" 6PDUW6DWXUDWH ǕǺǿDzǸǵǰDzǺǿǺǭǺǭǾǵǿDzǺǻǾǿ DZǵǺǭǹǵȄǺǻȀǼǽǭǯǸȌǯǭǺǭǾǵǿDzǺǻǾǿǿǭǺǭ ȃǯDzǿǻǯDzǿDz²ǾǿDzǼDzǺǿǭDZǻǷǻȌǿǻȃǯDzǿǻǯDzǿDz ǺǭDzǷǽǭǺǭǾDzǼǽDzǸǵǯǭǿǯǾȇǾDzDZǺǵǿDzȃǯDzǿǻǯDz² ǰǭǽǭǺǿǵǽǭǮǻǰǭǿǵǵdzǵǯǵȃǯDzǿǻǯDzǴǭǼǻǰǻǸȌǹǻ ȀDZǻǯǻǸǾǿǯǵDzǼǽǵǰǸDzDZǭǺDzǺǭǾǺǵǹǷǵǵǸǵǯǵDZDzǻ ǯǽDzdzǵǹǵ0RYLH ǡǵǸǹ ǵǸǵ*DPH Ǖǰǽǵ ǕǴǷǸȋȄǯǭǾDzǴǭǺǭǶDZǻǮǽǻǷǭȄDzǾǿǯǻǼǽǵǽǭǮǻǿǭ ǾǻȁǵǾǼǽǵǸǻdzDzǺǵȌǷǭǷǿǻǵǯǽDzdzǵǹ(FRQRP\ ǕǷǻǺǻǹǵȄDzǺ ǴǭDZǭǾDzǺǭǹǭǸǵǷǻǺǾȀǹǭȃǵȌǿǭǺǭ DzǺDzǽǰǵȌ
6PDUW6KDUSQHVV ǕǺǿDzǸǵǰDzǺǿǺǭǻǾǿǽǻǿǭ ǗǭǷǯǻDzǿǻǯǭ" ǕǺǿDzǸǵǰDzǺǿǺǭǿDzȂǺǻǸǻǰǵȌǷǻȌǿǻǻǼǿǵǹǵǴǵǽǭ ǻǾǿǽǻǿǭǿǭǷǻǰǭǿǻǾDzǺȀdzDZǭDzǿDzǻǿǹǭǷǾǵǹǭǸǺǻ ǷǭȄDzǾǿǯǻǵǼǻǯDzȄDzǺǭǾǸǭDZǭǷǻǰǭǿǻǰǸDzDZǭǿDz ǯǵDZDzǻǵǸǵǾǺǵǹǷǵ ǔǭȆǻǹǵDzǺDzǻǮȂǻDZǵǹǻǿǻǯǭ" ǕǾǷǭǿDzǺǭǶǰǻǸȌǹǭǻǾǿǽǻǿǭǴǭǼǻǰǻǸȌǹǭ ǺǭǾǸǭDZǭǼǽǵǰǸDzDZǭǺDzǺǭǾǺǵǹǷǵǵǸǵǯǵDZDzǻ ǗǭǷǽǭǮǻǿǵ" ǕǺǿDzǸǵǰDzǺǿǺǭǿDzȂǺǻǸǻǰǵȌǷǻȌǿǻǼǻDZǻǮǽȌǯǭ ǻǾǿǽǻǿǭǿǭǷǻǰǭǿǻǾDzǺȀdzDZǭDzǿDzǻǿǹǭǷǾǵǹǭǸǺǻ ǷǭȄDzǾǿǯǻǵǼǻǯDzȄDzǺǭǾǸǭDZǭǼǽǵǰǸDzDZǭǺDzǺǭ ǯǵDZDzǻǵǸǵǾǺǵǹǷǵǯǽDzdzǵǹ0RYLH ǡǵǸǹ ǵǸǵ*DPH Ǖǰǽǭ ǕǴǷǸȋȄǯǭǾDzǴǭǺǭǶDZǻǮǽǻ ǷǭȄDzǾǿǯǻǼǽǵǽǭǮǻǿǭǾǻȁǵǾǼǽǵǸǻdzDzǺǵȌǷǭǷǿǻ ǵǯǽDzdzǵǹ(FRQRP\ ǕǷǻǺǻǹǵȄDzǺ ǴǭDZǭǾDz ǺǭǹǭǸǵǷǻǺǾȀǹǭȃǵȌǿǭǺǭDzǺDzǽǰǵȌ
14
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǞȇǯDzǿǺǵǷǴǭǼȇǽǯǻǯǷǸȋȄǯǭǺDz ǜȇǽǯǵȌǼȇǿǾǸDzDZǵǺǾǿǭǸǵǽǭǺDzǺǭ ǚǻǯǵȌǿǾǻȁǿȀDzǽǺǭ3KLOOLSV6PDUW&RQWURO 6PDUW&RQWURO3UHPLXPǭǯǿǻǹǭǿǵȄǺǻȆDzǾDz 3UHPLXPǏǵǼǻǴǯǻǸȌǯǭDZǭȀǼǽǭǯǸȌǯǭǿDz ǻǿǯǻǽǵǾȇǯDzǿǺǵǷǴǭǼȇǽǯǻǯǷǸȋȄǯǭǺDz ǹǻǺǵǿǻǽǭǾǵȄǽDzǴǸDzǾDzǺǴǭǵǴǼǻǸǴǯǭǺDzǰǽǭȁǵȄDzǺ ǟǻǴǵǾȇǯDzǿǺǵǷȆDzǏǵǼǽDzǯDzDZDzǼǽDzǴ ǵǺǿDzǽȁDzǶǾǺǭDzǷǽǭǺǭǞǸǻdzǺǵǿDzǺǭǾǿǽǻǶǷǵ ǺǭǾǿǽǻǶǷǵǿDzǺǭǏǭȅǵȌǹǻǺǵǿǻǽǾǿȇǼǷǭǼǻ ǾǭǯDzȄDzǯǹǵǺǭǸǻǿǻǴǭȆǻǿǻǿǻǴǵȀDZǻǮDzǺǴǭ ǾǿȇǼǷǭ ǼǻǿǽDzǮǵǿDzǸȌǾǻȁǿȀDzǽǏǵǺǭǼȇǿǾǿǯǭǼǻǯǽDzǹDz ǙǻdzDzǿDzDZǭǻǿǵDZDzǿDzǯǹDzǺȋǿǻ3OXJLQ ǺǭȁǵǺǻǿǻǷǻǺȁǵǰȀǽǵǽǭǺDzǺǭǽDzǴǻǸȋȃǵȌǿǭ ǑǻǮǭǯǷǵ ǴǭDZǭǾǿǭǽǿǵǽǭǿDzǾȇǯDzǿǺǵǷǭǼǻ ǷǭǸǵǮǽǵǽǭǺDzǿǻǺǭȃǯDzǿǻǯDzǿDzǺǭǾǿǽǻǶǷǭǿǭǺǭ ǷȇǾǺǻ ȄDzǾǿǻǿǭǿǭǵȁǭǴǭǿǭ5*%ǺǭǾǿǽǻǶǷǭǿǭǺǭǮȌǸǻǿǻ ǙǻdzDzǿDzDZǭǺǭǾǿǽǻǵǿDzDZǻǼȇǸǺǵǿDzǸǺǵǻǼȃǵǵ ǵDZǽ ǮDzǴǾȇǯDzǿǺǵǷǭǷǭǿǻǵǴǼǻǸǴǯǭǿDz6WDQGDUG SDQH ǞǿǭǺDZǭǽǿDzǺDzǷǽǭǺ ǞǺǭǮDZDzǺǾǺǭǶǹǻDZDzǽǺǭǿǭǿDzȂǺǻǸǻǰǵȌǯ ǭǸǰǻǽǵǿǹǵǿDzǴǭǮȇǽǴǭǻǮǽǭǮǻǿǷǭǵǯǽDzǹDzǴǭ ǻǿǰǻǯǻǽǿǻǴǵǾǯDzdzȂǯǭȆǭȆǻǷǻǿǻǾǻȁǿȀDzǽ ǾǭǺǵǹǵǽǭǺǵǵǷǻǺǵǾȇǯǹDzǾǿǵǹǾ:LQGRZV ǴǭǾǵǸǯǭǏǭȅDzǿǻǵǴdzǵǯȌǯǭǺDzǾǹǻǺǵǿǻǽǵǿDzǺǭ 3KLOLSV 3KLOLSV6PDUW&RQWURO3UHPLXP ǙǻǺǿǵǽǭǺDz ǞǸDzDZǯǭǶǿDzǵǺǾǿǽȀǷȃǵǵǿDzǵǵǴǯȇǽȅDzǿDz ǵǺǾǿǭǸǭȃǵȌǿǭ ǙǻdzDzǿDzDZǭǰǻǾǿǭǽǿǵǽǭǿDzǾǸDzDZǼǽǵǷǸȋȄǯǭǺDz ǺǭǵǺǾǿǭǸǭȃǵȌǿǭ ǍǷǻdzDzǸǭDzǿDzDZǭǴǭǼǻȄǺDzǿDzǼǻǷȇǾǺǻ ǹǻdzDzǿDzDZǭǺǭǼǽǭǯǵǿDzǿǻǯǭǷǭǿǻǺǭǿǵǾǺDzǿDz ǼǽDzǷǵȌǼȇǿǺǭǽǭǮǻǿǺǵȌǼǸǻǿǵǸǵǺǭ ǸDzǺǿǭǿǭǾǵǺǾǿǽȀǹDzǺǿǵ
15
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǔǭǼǻȄǺDzǿDzǾȇǾ6WDQGDUGSDQH ǞǿǭǺDZǭǽǿDzǺ DzǷǽǭǺ $GMXVWPHQX ǙDzǺȋǾǺǭǾǿǽǻǶǷǵ $GMXVW0HQX ǙDzǺȋǾǺǭǾǿǽǻǶǷǵ ǏǵDZǭǯǭ ǯȇǴǹǻdzǺǻǾǿDZǭǷǻǺȁǵǰȀǽǵǽǭǿDz%ULJKWQHVV ǬǽǷǻǾǿ &RQWUDVW ǗǻǺǿǽǭǾǿ )RFXV ǡǻǷȀǾ 3RVLWLRQ ǜǻǴǵȃǵȌ ǵ5HVROXWLRQ ǝDzǴǻǸȋȃǵȌ ǙǻdzDzǿDzDZǭǾǸDzDZǯǭǿDzǵǺǾǿǽȀǷȃǵǵǿDzǵDZǭ ǺǭǼǽǭǯǵǿDzǺǭǾǿǽǻǶǷǭǿǭ &DQFHO ǛǿǷǭǴ ǼǵǿǭǼǻǿǽDzǮǵǿDzǸȌDZǭǸǵ dzDzǸǭDzDZǭǻǿǹDzǺǵǵǺǾǿǭǸǵǽǭǺDzǿǻ
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
&RORUPHQX ǙDzǺȋǴǭȃǯDzǿǻǯDzǿDz &RORU0HQX ǙDzǺȋǴǭȃǯDzǿǻǯDzǿDz Ǐǵ ǼǻǴǯǻǸȌǯǭDZǭǺǭǾǿǽǻǵǿDz5*%%ODFN/HYHO ǚǵǯǻǺǭǮȌǸǻǿǻ :KLWH3RLQW ǎȌǸǭǿǻȄǷǭ &RORU&DOLEUDWLRQ ǗǭǸǵǮǽǵǽǭǺDzǺǭȃǯDzǿǻǯDzǿDz ǵ6PDUW, PDJH ǕǺǿDzǸǵǰDzǺǿǺǻǵǴǻǮǽǭdzDzǺǵDz ǙǻǸȌǯǵdzǿDzǽǭǴDZDzǸ6PDUW, PDJH ǕǺǿDzǸǵǰDzǺǿǺǻǵǴǻǮǽǭdzDzǺǵDz ǙǻdzDzǿDzDZǭǾǸDzDZǯǭǿDzǵǺǾǿǽȀǷȃǵǵǿDzǵDZǭ ǺǭǼǽǭǯǵǿDzǺǭǾǿǽǻǶǷǭǿǭ ǏǵdzǿDzǿǭǮǸǵȃǭǿǭǼǻDZǻǸȀǴǭǻǼȃǵǵǿDzǺǭ ǼǻDZǹDzǺȋǿǭǿǭǴǭǏǭȅǵȌǯȂǻDZȌȆǾǵǰǺǭǸ ǜǽǵǹDzǽǴǭ&RORU&DOLEUDWLRQ ǗǭǸǵǮǽǵǽǭǺDz ǺǭȃǯDzǿǭ
1. ´6KRZ0Hµ ǜǻǷǭdzǵǹǵ ǾǿǭǽǿǵǽǭȀǽǻǷǭǴǭ ǷǭǸǵǮǽǵǽǭǺDzǺǭȃǯDzǿǻǯDzǿDz 2. 6WDUW 6WDUW ǾǿǭǽǿǵǽǭǼǻǾǸDzDZǻǯǭǿDzǸǺǻǾǿǯ ǾǿȇǼǷǵǴǭǷǭǸǵǮǽǵǽǭǺDzǺǭȃǯDzǿǻǯDzǿDz 3. 4XLFN9LHZ ǎȇǽǴǼǽDzǰǸDzDZ ǴǭǽDzdzDZǭǻǮǽǭǴǵ ǼǽDzDZǵǾǸDzDZ 4. ǔǭDZǭǾDzǯȇǽǺDzǿDzǺǭǺǭȄǭǸǺǵȌǼǻDZǼǽǻǴǻǽDzȃ &RORU ǣǯDzǿǻǯDz ǺǭǿǵǾǺDzǿDzǮȀǿǻǺǭ&DQFHO ǛǿǷǭǴ 5. (QDEOHFRORUFDOLEUDWLRQ ǍǷǿǵǯǵǽǭǺDz ǺǭǷǭǸǵǮǽǵǽǭǺDzǺǭȃǯDzǿǻǯDzǿDz ²Ǽǻ ǼǻDZǽǭǴǮǵǽǭǺDzǻǼȃǵȌǿǭDzǭǷǿǵǯǺǭǍǷǻǺDzDz ǹǭǽǷǵǽǭǺǭǿǭǴǵǻǼȃǵȌǺȌǹǭDZǭǹǻdzDzǿDzDZǭ ǷǭǸǵǮǽǵǽǭǿDzȃǯDzǿǻǯDzǿDzǭǮȀǿǻǺǵǿDzǴǭǾǿǭǽǿ ǵǮȇǽǴǼǽDzǰǸDzDZǺȌǹǭDZǭǾǭǭǷǿǵǯǺǵ 6. ǟǽȌǮǯǭDZǭǵǹǭǵǺȁǻǽǹǭȃǵȌǴǭǼǭǿDzǺǿǭǺǭ DzǷǽǭǺǭǴǭǷǭǸǵǮǽǵǽǭǺDz 17
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǒǷǽǭǺǴǭǷǭǸǵǮǽǵǽǭǺDzǺǭǼȇǽǯǵȌȃǯȌǿ
ECO
ǎȀǿǻǺȇǿ3UHYLRXV ǚǭǴǭDZ DzǺDzǭǷǿǵǯDzǺDZǻǷǭǿǻǺDz ǻǿǵDZDzǿDzǺǭDzǷǽǭǺǭǾǯǿǻǽǵȌȃǯȌǿ Ǟ1H[W ǚǭǼǽDzDZ ǻǿǵǯǭǿDzǺǭǾǸDzDZǯǭȆǵȌ DzǷǽǭǺ ǻǮȆǻǮǽǻȌ ǞǼǻǾǸDzDZǺǻǿǻǺǭǿǵǾǷǭǺDzǺǭ1H[W ǚǭǼǽDzDZ ǻǿǵǯǭǿDzǺǭ)LOH ǡǭǶǸ !3UHVHWV ǜǽDzDZǯǭǽǵǿDzǸǺǵǺǭǾǿǽǻǶǷǵ &DQFHO ǛǿǷǭǴ ǴǭǿǯǭǽȌǼǻǿǽDzǮǵǿDzǸǾǷǵȌ ǵǺǿDzǽȁDzǶǾǺǭǾǿǽǭǺǵȃǭǿǭǺǭSOXJLQ
ǜǽǻǴǻǽDzȃȇǿ7KHIW'HWHUHQFH ǜǽDzDZǻǿǯǽǭǿȌǯǭǺDz ǺǭǷǽǭdzǮǭ ȆDzǮȇDZDzǭǷǿǵǯDzǺǷǻǰǭǿǻǵǴǮDzǽDzǿDz ǽDzdzǵǹ7KHIW'HWHUUHQFH ǜǽDzDZǻǿǯǽǭǿȌǯǭǺDzǺǭ ǷǽǭdzǮǭ ǻǿǼǭDZǭȆǻǿǻǹDzǺȋ3OXJ, QV ǑǻǮǭǯǷǵ
6PDUW, PDJH ǕǺǿDzǸǵǰDzǺǿǺǻǵǴǻǮǽǭdzDzǺǵDz ǑǭǯǭǯȇǴǹǻdzǺǻǾǿǺǭǼǻǿǽDzǮǵǿDzǸȌDZǭǼǽǻǹDzǺȌ ǺǭǾǿǽǻǶǷǵǿDzǴǭǼǻDZǻǮȇǽǻǮǽǭǴǾȇǻǮǽǭǴǺǻ ǾȇDZȇǽdzǭǺǵDzǿǻ ǜǽǵ(QWHUWDLQPHQW ǔǭǮǭǯǸDzǺǵȌ ȁȀǺǷȃǵǵǿDz 6PDUW&RQWUDVW ǕǺǿDzǸǵǰDzǺǿDzǺǷǻǺǿǽǭǾǿ ǵ 6PDUW5HVSRQVH ǕǺǿDzǸǵǰDzǺǿǺǻǻǼǽDzǾǺȌǯǭǺDz Ǿǭ ǭǷǿǵǯǺǵ
18
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǔǭDZǭǭǷǿǵǯǵǽǭǿDz7KHIW'HWHUUHQFH ǜǽDzDZǻǿǯǽǭǿȌǯǭǺDzǺǭǷǽǭdzǮǭ ǺǭǿǵǾǺDzǿDz ǮȀǿǻǺǭ(QDEOH7KHIW ǍǷǿǵǯǵǽǭǺDzǺǭǽDzdzǵǹ ´ǗǽǭdzǮǭµ ǵȆDzǯǵDZǵǿDzǾǸDzDZǺǵȌDzǷǽǭǺ ǜǻǿǽDzǮǵǿDzǸǵǿDzǹǻǰǭǿDZǭǯȇǯDzDZǭǿ3, 1ǷǻDZ ǾȇǾǿǻȌȆǾDzǻǿȄǵǾǸǭǾǻǿDZǻ ȃǵȁǽǵ ǞǸDzDZǷǭǿǻǯȇǯDzDZDzǿDz3, 1ǷǻDZǭǮȀǿǻǺȇǿ $FFHSW ǜǽǵDzǹǭǹ ǻǿǯDzdzDZǭǼǻǿǽDzǮǵǿDzǸȌDZǻ DZǵǭǸǻǰǻǯǼǽǻǴǻǽDzȃǺǭǾǸDzDZǯǭȆǭǿǭǾǿǽǭǺǵȃǭ ǙǵǺǹǵǺȀǿǵǾǭǜǸȇǴǰǭȄȇǿDzǺǭǾǿǽǻDzǺǺǭ ǼǻǼǻDZǽǭǴǮǵǽǭǺDz ǚȌǹǭǺȀdzDZǭDZǵǾǼǸDzȌǿDZǭǮȇDZDzǾǯȇǽǴǭǺǾ ȂǻǾǿǷǻǹǼȋǿȇǽǴǭDZǭǯǸDzǴDzǿDzǯǽDzdzǵǹWKHIW ǗǽǭdzǮǭ
2SWLRQV ǛǼȃǵǵ !3UHIHUHQFHV ǜǽDzDZǼǻȄǵǿǭǺǵȌ ²ȆDzǾǭǭǷǿǵǯǺǵǾǭǹǻǷǻǰǭǿǻ ǵǴǮDzǽDzǿDz3UHIHUHQFHV ǜǽDzDZǼǻȄǵǿǭǺǵȌ ǻǿ ǼǭDZǭȆǻǿǻǹDzǺȋ2SWLRQV ǛǼȃǵǵ ǜǽǵDZǵǾǼǸDzǵ ǷǻǵǿǻǺDzǾDzǼǻDZDZȇǽdzǭǿ''&&, DZǻǾǿȇǼǺǵǾǭ DzDZǵǺǾǿǯDzǺǻǽǭǴDZDzǸǵ+HOS ǜǻǹǻȆ ǵ2SWLRQV ǛǼȃǵǵ
ǞǸDzDZǷǭǿǻǾȇǴDZǭDZDzǿDz3, 1ǷǻDZǼǻDZǼǽǻǴǻǽDzȃȇǿ 7KHIW'HWHUUHQFH ǜǽDzDZǻǿǯǽǭǿȌǯǭǺDzǺǭ ǷǽǭdzǮǵ ȆDzǼǻǷǭǴǯǭ7KHIW'HWHUUHQFH(QDEOHG ǜǽDzDZǻǿǯǭǽǭǿȌǯǭǺDzǺǭǷǽǭdzǮǵǭǷǿǵǯǵǽǭǺǻ ǵȆDz ǏǵǼǽDzDZǻǾǿǭǯǵǮȀǿǻǺǭ3, 12SWLRQV ǛǼȃǵǵǴǭ 3, 1 7KHIW'HWHUUHQFH(QDEOHG ǜǽDzDZǻǿǯǽǭǿȌǯǭǺDz ǺǭǷǽǭdzǮǵǭǷǿǵǯǵǽǭǺǻ ǾDzǼǻȌǯȌǯǭǺǭ DZǵǾǼǸDzȌ 'LVDEOH7KHIW'HWHUUHQFH ǑDzǭǷǿǵǯǵǽǭǺDz Ǻǭ´ǜǽDzDZǻǿǯǽǭǿȌǯǭǺDzǺǭǷǽǭdzǮǭµ ǻǿǯǭǽȌ ǼǽǻǴǻǽDzȃǭǺǭǾǸDzDZǯǭȆǭǿǭǾǿǽǭǺǵȃǭ ǎȀǿǻǺȇǿ3, 12SWLRQV 3, 1ǻǼȃǵǵ DzDZǻǾǿȇǼDzǺ DzDZǵǺǾǿǯDzǺǻǾǸDzDZǷǭǿǻǼǻǿǽDzǮǵǿDzǸȌǿDz ǾȇǴDZǭǸ3, 1ǷǻDZǎȀǿǻǺȇǿǻǿǯǭǽȌǴǭȆǵǿDzǺǭ 3, 1ȀDzǮǾǿǽǭǺǵȃǭ 19
ǜǻǷǭǴǯǭǿDzǷȀȆǵǿDzǺǭǾǿǽǻǶǷǵǺǭ ǼǽDzDZǼǻȄǵǿǭǺǵȌǿǭ ǛǿǹDzǿǷǭǯǷȀǿǵǶǷǭǿǭǭǷǿǵǯǵǽǭȁȀǺǷȃǵȌǿǭ ǍǷǻǹǭȂǺDzǿDzǻǿǹDzǿǷǭǿǭǼǽǻǹDzǺȌǿDz ǺǭǾǿǽǻǶǷǭǿǭ (QDEOH&RQWH[W0HQX ǍǷǿǵǯǵǽǭǶǷǻǺǿDzǷǾǿǺǻ ǹDzǺȋ DzǾǻǿǹDzǿǷǭ2Q ǏǷǸ ǼǻǼǻDZǽǭǴǮǵǽǭǺDz (QDEOH&RQWH[WPHQX ǍǷǿǵǯǵǽǭǶǷǻǺǿDzǷǾǿǺǻ ǹDzǺȋ ǼǻǷǭǴǯǭǵǴǮǽǭǺǵǿDz6PDUW&RQWURO3UHPLXP ǻǼȃǵǵǴǭ6HOHFW3UHVHW ǕǴǮDzǽǵǰǻǿǻǯǭǺǭǾǿǽǻǶǷǭ ǵ7XQH'LVSOD\ ǚǭǾǿǽǻǶǷǭǺǭDZǵǾǼǸDzȌ ǯ ǷǻǺǿDzǷǾǿǺǻǿǻǹDzǺȋǺǭǽǭǮǻǿǺǵȌǼǸǻǿǷǻDzǿǻ ǾDzǼǻȌǯȌǯǭǾǸDzDZȆǽǭǷǯǭǺDzǾDZDzǾǺǵȌǮȀǿǻǺǺǭ ǹǵȅǷǭǿǭ'LVDEOHG ǑDzǭǷǿǵǯǵǽǭǺǻ ǼǽDzǹǭȂǯǭ 6PDUW&RQWURO3UHPLXPǻǿǷǻǺǿDzǷǾǿǺǻǿǻǹDzǺȋ ǷǻDzǿǻǾDzǼǻȌǯȌǯǭǾǸDzDZȆǽǭǷǯǭǺDzǾDZDzǾǺǵȌǮȀǿǻǺ ǺǭǹǵȅǷǭǿǭ
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǕǷǻǺǭǿǭ(QDEOH7DVN7UD\ ǍǷǿǵǯǵǽǭǶǸDzǺǿǭ ǾȇǾǴǭDZǭȄǵ DzǹǭǽǷǵǽǭǺǭǷǭǿǻǭǷǿǵǯǵǽǭǺǭ 2Q ǼǻǼǻDZǽǭǴǮǵǽǭǺDzǍǷǿǵǯǵǽǭǺDzǿǻ ǺǭǷǻǺǿDzǷǾǿǺǻǿǻǹDzǺȋǼǻǷǭǴǯǭǹDzǺȋǿǻ ǺǭǸDzǺǿǭǿǭǾȇǾǴǭDZǭȄǵǴǭ6PDUW&RQWURO 3UHPLXPǚǭǿǵǾǷǭǺDzǺǭDZDzǾǺǵȌǮȀǿǻǺǺǭ ǹǵȅǷǭǿǭǯȇǽȂȀǵǷǻǺǭǿǭǼǻǷǭǴǯǭǹDzǺȋǿǻǾ ǻǼȃǵǵǴǭ+HOS ǜǻǹǻȆ ǵ7HFKQLFDO6XSSRUW ǟDzȂǺǵȄDzǾǷǭǼǻDZDZǽȇdzǷǭ ǙǭǽǷǵǽǭǶǿDzǴǭ 8SJUDGH ǍǷǿȀǭǸǵǴǭȃǵȌ $ERXW ǜǻǯDzȄDz ǵǺȁǻǽǹǭȃǵȌ ǵ([LW ǕǴȂǻDZ Ǘǻǰǭǿǻ(QDEOH WDVNWUD\PHQX ǍǷǿǵǯǵǽǭǶǹDzǺȋǿǻǺǭ ǸDzǺǿǭǿǭǾȇǾǴǭDZǭȄǵ DzDZDzǭǷǿǵǯǵǽǭǺǻǵǷǻǺǭǿǭ ǺǭǸDzǺǿǭǿǭǾȇǾǴǭDZǭȄǵǼǻǷǭǴǯǭǾǭǹǻ(;, 7 ǕǔǢǛǑ ǛǼȃǵȌǿǭ5XQDW6WDUWXS ǕǴǼȇǸǺǵǼǽǵ ǾǿǭǽǿǵǽǭǺDz Dz2Q ǏǷǸ ǼǻǼǻDZǽǭǴǮǵǽǭǺDz ǗǻǰǭǿǻDzDZDzǭǷǿǵǯǵǽǭǺǭ6PDUW&RQWURO 3UHPLXPǺȌǹǭDZǭǾDzǾǿǭǽǿǵǽǭǵǸǵǺȌǹǭDZǭ ǮȇDZDzǯǸDzǺǿǭǿǭǾȇǾǴǭDZǭȄǵǒDZǵǺǾǿǯDzǺǵȌǿ ǺǭȄǵǺDZǭǾǿǭǽǿǵǽǭǿDz6PDUW&RQWUROO3UHPLXP DzǵǸǵǵǷǻǺǭǴǭǼǽȌǷǼȇǿǺǭǹǵǽǭȆǭǾDz ǺǭǽǭǮǻǿǺǭǿǭǼǸǻȆǵǸǵǻǿǼǽǻǰǽǭǹǺǵȌ ȁǭǶǸǜǽDzDZǯǭǽǵǿDzǸǺǵǿDzǺǭǾǿǽǻǶǷǵ ǷǻǺȁǵǰȀǽǵǽǭǺǵDZǭǾDzǵǴǼȇǸǺȌǿǼǽǵ ǾǿǭǽǿǵǽǭǺDzǺȌǹǭDZǭǾDzǴǭǽDzDZȌǿǷǻǰǭǿǻ ǿǭǴǵǷȀǿǵǶǷǭDzǮDzǴǻǿǹDzǿǷǭ 'LVDEOHG ǑDzǭǷǿǵǯǵǽǭǺǭ (QDEOHWUDQVSDUHQF\PRGH ǍǷǿǵǯǵǽǭǶ ǼǽǻǴǽǭȄǺǻǾǿ :LQGRZV9LVWD;3 ǞǿǭǺDZǭǽǿǺǭǿǭǺǭǾǿǽǻǶǷǭDz2SDTXH ǚDzǼǽǻǴǽǭȄǺǻǾǿ
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ǝȇǷǻǯǻDZǾǿǯǻǴǭ6PDUW'HVNWRS 6PDUW'HVNWRS 6PDUW'HVNWRSǾDzǺǭǹǵǽǭǯ6PDUW&RQWURO 3UHPLXPǕǺǾǿǭǸǵǽǭǶǿDz6PDUW&RQWURO3UHPLXP ǵǵǴǮDzǽDzǿDz6PDUW'HVNWRSǻǿ2SWLRQV ǛǼȃǵǵ
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Ǐ&RQWURO3DQHO ǗǻǺǿǽǻǸDzǺǼǭǺDzǸ ȆǽǭǷǺDzǿDz ǯȇǽȂȀ6\VWHP ǞǵǾǿDzǹ ǦǽǭǷǺDzǿDzǯȇǽȂȀ$GYDQFHGV\VWHPVHWWLQJV ǑǻǼȇǸǺǵǿDzǸǺǵǾǵǾǿDzǹǺǵǺǭǾǿǽǻǶǷǵ Ǽǽǵ ǻǼDzǽǭȃǵǻǺǺǵǾǵǾǿDzǹǵ9LVWD :LQǻǼȃǵȌǿǭǾDz ǺǭǹǵǽǭǯǸȌǯǭǿǭǾǿǽǭǺǵȄǺǭǸDzǺǿǭ ǏǽǭǴDZDzǸ3HUIRUPDQFH ǜǽǻǵǴǯǻDZǵǿDzǸǺǻǾǿ ȆǽǭǷǺDzǿDzǯȇǽȂȀ6HWWLQJV ǚǭǾǿǽǻǶǷǵ ǙǭǽǷǵǽǭǶǿDzǷȀǿǵǶǷǭǿǭ6KRZZLQGRZFRQWHQWV ZKLOHGUDJJLQJ ǜǻǷǭǴǯǭǺDzǺǭǾȇDZȇǽdzǭǺǵDzǿǻǺǭ ǼǽǻǴǻǽDzȃǭǼǽǵǼǸȇǴǰǭǺDz ǵȆǽǭǷǺDzǿDzǯȇǽȂȀǛ. ǛǗ
Ǘ ȀǿǵǶǷǭǿǭǾǻǿǹDzǿǷǭ$OLJQWRSDUWLWLRQ ǜǻDZǽǭǯǺǵǷȇǹDZȌǸ ȆDzǼǻǴǯǻǸǵ ǭǯǿǻǹǭǿǵȄǺǻǼǻDZǽǭǯǺȌǯǭǺDzǺǭǼǽǻǴǻǽDzȃǭ ǼǽǵǼǸȇǴǰǭǺDzDZǻǻǼǽDzDZDzǸDzǺDZȌǸ Ǖ ǴǮDzǽDzǿDzdzDzǸǭǺǵȌDZȌǸǷǭǿǻȆǽǭǷǺDzǿDz ǯȇǽȂȀǵǷǻǺǭǿǭǑȌǸȇǿȆDzǮȇDZDzǼǽǵǸǻdzDzǺ ǺǭǽǭǮǻǿǺǵȌǼǸǻǿǵǵǷǻǺǭǿǭȆDzǮȇDZDz ǹǭǽǷǵǽǭǺǭ , GHQWLI\ ǛǼǽDzDZDzǸǵ ǼǽDzDZǻǾǿǭǯȌǮȇǽǴǺǭȄǵǺ ǴǭǼǻǷǭǴǯǭǺDzǺǭǽDzȅDzǿǷǭǿǭ
ǍǸǿDzǽǺǭǿǵǯDzǺǼȇǿ 9LVWD
&RQWURO3DQHO ǗǻǺǿǽǻǸDzǺǼǭǺDzǸ !3HUVRQDOL]DWLRQ ǜDzǽǾǻǺǭǸǵǴǵǽǭǺDz !:LQGRZ&RORUDQG$SSHDUDQFH ǣǯȌǿǵǻǮǸǵǷǺǭǼǽǻǴǻǽȃǵǿDz !ǦǽǭǷǺDzǿDzǯȇǽȂȀ 2SHQ&ODVVLFDSSHDUDQFHSURSHUWLHVIRUPRUHFRORU RSWLRQV ǛǿǯǭǽȌǺDzǺǭǾǯǻǶǾǿǯǭǿǭǺǭǷǸǭǾǵȄDzǾǷǵ ǻǮǸǵǷǴǭǼǻǯDzȄDzȃǯDzǿǻǯDz !ǦǽǭǷǺDzǿDzǯȇǽȂȀ ǮȀǿǻǺǭ(IIHFWV ǒȁDzǷǿǵ !ǼǻǾǿǭǯDzǿDzǻǿǹDzǿǷǭǯ 6KRZZLQGRZFRQWHQWVZKLOHGUDJJLQJ ǜǻǷǭǴǯǭǺDzǺǭ ǾȇDZȇǽdzǭǺǵDzǿǻǺǭǼǽǻǴǻǽDzȃǭǼǽǵǼǸȇǴǰǭǺDz
;3
'LVSOD\3URSHUWLHV ǞǯǻǶǾǿǯǭǺǭDZǵǾǼǸDzȌ !$SSHDUDQFH ǛǮǸǵǷ !(IIHFWV ǒȁDzǷǿǵ !ǼǽǻǯDzǽDzǿDzDZǭǸǵǻǼȃǵȌǿǭ 6KRZZLQGRZFRQWHQWVZKLOHGUDJJLQJ ǜǻǷǭǴǯǭǺDzǺǭ ǾȇDZȇǽdzǭǺǵDzǿǻǺǭǼǽǻǴǻǽDzȃǭǼǽǵǼǸȇǴǰǭǺDz
:LQ ǚȌǹǭǺǭǸǵȄDzǺǭǸǿDzǽǺǭǿǵǯDzǺǼȇǿ
23
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǛǼȃǵǵǺǭǴǭǰǸǭǯǺǭǿǭǸDzǺǿǭ ǙǻdzDzǿDzDZǭǯǸDzǴDzǿDzǯ'HVNWRSSDUWLWLRQ ǑȌǸǭ ǺǭǽǭǮǻǿǺǵȌǼǸǻǿ ǻǿǴǭǰǸǭǯǺǭǿǭǸDzǺǿǭǺǭ ǭǷǿǵǯDzǺǼǽǻǴǻǽDzȃǟǻǯǭDzǮȇǽǴǵǸDzǾDzǺǺǭȄǵǺ ǴǭȀǼǽǭǯǸDzǺǵDzǺǭǽǭǮǻǿǺǵȌǼǸǻǿǷǭǷǿǻǵDZǭ ǵǴǼǽǭǿǵǿDzǼǽǻǵǴǯǻǸDzǺǼǽǻǴǻǽDzȃDZǻǷǻǶǿǻǵDZǭ DzDZȌǸǮDzǴDZǭǿǽȌǮǯǭDZǭǰǻǼǸȇǴǰǭǿDzǵǼȀǾǷǭǿDz ǜǽDzǹDzǾǿDzǿDzǷȀǽǾǻǽǭǯǴǭǰǸǭǯǺǭǿǭǸDzǺǿǭǺǭ ǭǷǿǵǯDzǺǼǽǻǴǻǽDzȃǴǭDZǭǯǸDzǴDzǿDzǯǼǭDZǭȆǻǿǻ ǹDzǺȋ
' HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ²'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ǼǻǷǭǴǯǭǿDzǷȀȆǵȌDZȌǸǵǼǻǴǯǻǸȌǯǭǺǭ ǼǻǿǽDzǮǵǿDzǸȌǮȇǽǴǻDZǭǵǴǮDzǽDzǷǻǶǿǻǵDZǭDz DZȌǸǼǻǷǭǴǭǺǯǼǭDZǭȆǻǿǻǹDzǺȋ
Ǚ DzǺȋǷǻDzǿǻǾDzǻǿǯǭǽȌǼǽǵȆǽǭǷǯǭǺDzǾ DZDzǾǺǵȌǮȀǿǻǺ ǦǽǭǷǺDzǿDzǾDZDzǾǺǵȌǮȀǿǻǺǯȇǽȂȀǵǷǻǺǭǿǭ 'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌǼǸǻǿ ǴǭDZǭ ǯǵDZǵǿDzǼǭDZǭȆǻǹDzǺȋ
ǔǭǮDzǸDzdzǷǭ ǍǷǻDzǾǯȇǽǴǭǺǼǻǯDzȄDzǻǿDzDZǵǺDZǵǾǼǸDzǶ ǼǻǿǽDzǮǵǿDzǸȌǿǹǻdzDzDZǭǵǴǮDzǽDzdzDzǸǭǺǵȌ DZǵǾǼǸDzǶǷǭǿǻǾǹDzǺǵDZȌǸǭǙǭǽǷǵǽǭǺǭǿǭǵǷǻǺǭ ǼǽDzDZǾǿǭǯǸȌǯǭǿDzǷȀȆǵȌǭǷǿǵǯDzǺDZȌǸ , GHQWLI\3DUWLWLRQ ǕDZDzǺǿǵȁǵȃǵǽǭǶDZȌǸ ² ǜǻǷǭǴǯǭǷǻǺǿȀǽǭǺǭǽǭǮǻǿǺǵȌǼǸǻǿǺǭ ǿDzǷȀȆǵȌDZȌǸ $ OLJQ2Q ǜǻDZǽǭǯǺȌǯǭǺDzǯǷǸ $OLJQ 2II ǜǻDZǽǭǯǺȌǯǭǺDzǵǴǷǸ ²ǍǷǿǵǯǵǽǭǵ DZDzǭǷǿǵǯǵǽǭȁȀǺǷȃǵȌǿǭǴǭǭǯǿǻǹǭǿǵȄǺǻ ǼǻDZǽǭǯǺȌǯǭǺDzǼǽǵǼǸȇǴǰǭǺDzǵǼȀǾǷǭǺDz
1. )LQG:LQGRZV ǚǭǹDzǽǵǼǽǻǴǻǽȃǵ ²Ǐ ([LW ǕǴȂǻDZ ²ǔǭǿǯǭǽȌ'HVNWRS3DUWLWLRQ ǺȌǷǻǵǾǸȀȄǭǶǼǻǿǽDzǮǵǿDzǸȌǿǹǻdzDzDZǭDz ǑȌǸǺǭǽǭǮǻǿDzǺǼǸǻǿ ǵ'LVSOD\7XQH ǵǴǼǽǭǿǵǸǹǺǻdzDzǾǿǯǻǼǽǻǴǻǽȃǵǷȇǹDzDZǵǺǵ ǚǭǾǿǽǻǶǷǭǺǭDZǵǾǼǸDzȌ ǔǭǼǻǯǿǻǽǺǻ ǾȇȆDZȌǸ)LQG:LQGRZ ǚǭǹDzǽǵǼǽǻǴǻǽDzȃ ǵǺǵȃǵǸǵǴǵǽǭǺDzǺǭ'LVSOD\7XQH ǚǭǾǿǽǻǶǷǭ ȆDzǼǻǷǭdzDzǯǾǵȄǷǵǻǿǯǻǽDzǺǵǼǽǻǴǻǽȃǵǵȆDz ǺǭDZǵǾǼǸDzȌ ǻǿǾǿǭǽǿǻǯǻǿǻǹDzǺȋǵǸǵǼǽȌǷ ǼǽDzǹDzǾǿǵǵǴǮǽǭǺǵȌǼǽǻǴǻǽDzȃǺǭǼǽDzDZ ǼȇǿǺǭǽǭǮǻǿǺǵȌǼǸǻǿ
24
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǙDzǺȋǷǻDzǿǻǾDzǻǿǯǭǽȌǼǽǵȆǽǭǷǯǭǺDzǾ ǸDzǯǵȌǮȀǿǻǺ ǦǽǭǷǺDzǿDzǾǸDzǯǵȌǮȀǿǻǺǯȇǽȂȀǵǷǻǺǭǿǭ 'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌǼǸǻǿ ǴǭDZǭ ǵǴǼǽǭǿǵǿDzǭǷǿǵǯǺǵȌǼǽǻǴǻǽDzȃDZǻǼǽǻǵǴǯǻǸDzǺ DZȌǸǮDzǴDZǭǿǽȌǮǯǭDZǭǼǸȇǴǰǭǿDzǵǼȀǾǷǭǿDz ǛǾǯǻǮǻdzDZǭǯǭǺDzǿǻǺǭǹǵȅǷǭǿǭȆDzǵǴǼǽǭǿǵ ǼǽǻǴǻǽDzȃǭǯǹǭǽǷǵǽǭǺǵȌDZȌǸ
ǦǽǭǷǯǭǺDzǾDZDzǾǺǵȌǮȀǿǻǺǯȇǽȂȀǸDzǺǿǭǾ ǵǺǾǿǽȀǹDzǺǿǵǴǭǴǭDZǭȄǵ ǘDzǺǿǭǿǭǾǵǺǾǿǽȀǹDzǺǿǵǴǭǴǭDZǭȄǵǾȇDZȇǽdzǭ ǼǻǯDzȄDzǿǻȁȀǺǷȃǵǵǼǻDZDZȇǽdzǭǺǵǯǴǭǰǸǭǯǺǭǿǭ ǸDzǺǿǭ ǻǾǯDzǺǭǯǿǻǹǭǿǵȄǻǵǴǼǽǭȆǭǺDzǺǭ ǼǽǻǴǻǽDzȃDZǻǼǽǻǵǴǯǻǸDzǺDZȌǸ
) LQG:LQGRZV ǚǭǹDzǽǵǼǽǻǴǻǽȃǵ ²Ǐ ǺȌǷǻǵǾǸȀȄǭǶǼǻǿǽDzǮǵǿDzǸȌǿǹǻdzDzDZǭDz ǵǴǼǽǭǿǵǸǹǺǻdzDzǾǿǯǻǼǽǻǴǻǽȃǵǷȇǹDzDZǵǺǵ ǾȇȆDZȌǸ)LQG:LQGRZ ǚǭǹDzǽǵǼǽǻǴǻǽDzȃ ȆDzǼǻǷǭdzDzǯǾǵȄǷǵǻǿǯǻǽDzǺǵǼǽǻǴǻǽȃǵǵȆDz ǼǽDzǹDzǾǿǵǵǴǮǽǭǺǵȌǼǽǻǴǻǽDzȃǺǭǼǽDzDZ ' HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ²'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ǼǻǷǭǴǯǭǿDzǷȀȆǵȌDZȌǸǵǼǻǴǯǻǸȌǯǭǺǭ ǼǻǿǽDzǮǵǿDzǸȌǮȇǽǴǻDZǭǵǴǮDzǽDzǷǻǶǿǻǵDZǭDz DZȌǸǼǻǷǭǴǭǺǯǼǭDZǭȆǻǿǻǹDzǺȋ , GHQWLI\3DUWLWLRQ ǕDZDzǺǿǵȁǵȃǵǽǭǶDZȌǸ ² ǜǻǷǭǴǯǭǷǻǺǿȀǽǭǺǭǽǭǮǻǿǺǵȌǼǸǻǿǺǭ ǿDzǷȀȆǵȌDZȌǸ $ OLJQ2Q ǜǻDZǽǭǯǺȌǯǭǺDzǯǷǸ $OLJQ 2II ǜǻDZǽǭǯǺȌǯǭǺDzǵǴǷǸ ²ǍǷǿǵǯǵǽǭǵ DZDzǭǷǿǵǯǵǽǭȁȀǺǷȃǵȌǿǭǴǭǭǯǿǻǹǭǿǵȄǺǻ ǼǻDZǽǭǯǺȌǯǭǺDzǼǽǵǼǸȇǴǰǭǺDzǵǼȀǾǷǭǺDz
25
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǛǼǽDzDZDzǸDzǺLȌǺǭ6PDUW'HVNWRSǴǭDZȌǸǻǯDz ǕǹDz )XOO'HVNWRS ǣȌǸ ǽǭǮǻǿDzǺǼǸǻǿ ǛǼǵǾǭǺǵDz ǜǽǵǸǭǰǭǯǾǵȄǷǵǺǭǾǿǽǻǶǷǵǴǭȃDzǸǵȌǽǭǮǻǿDzǺǼǸǻǿ ǕǴǻǮǽǭdzDzǺǵDz
9HUWLFDO ǏDzǽǿǵǷǭǸǺǻ ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ DZǯDzǽǭǯǺǵǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵ ǔǭ ǼǻDZDZȇǽdzǭǺDzǺǭǯDzǽǿǵǷǭǸǺǭǷǻǺȁǵǰȀǽǭȃǵȌ
+RUL]RQWDO ǢǻǽǵǴǻǺǿǭǸǺǻ
ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ DZǯDzǽǭǯǺǵȂǻǽǵǴǻǺǿǭǸǺǵǻǮǸǭǾǿǵ ǔǭ ǼǻDZDZȇǽdzǭǺDzǺǭȂǻǽǵǴǻǺǿǭǸǺǭǷǻǺȁǵǰȀǽǭȃǵȌ
9HUWLFDO7ULSOH ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ ǏDzǽǿǵǷǭǸǺǻǿǽǻǶǺǻ ǿǽǵǽǭǯǺǵǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵ ǔǭ DZȌǸȂǻǽǵǴǻǺǿǭǸǺǻǰǻǽDzDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻ ȃDzǺǿȇǽDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻDZǻǸȀ ǔǭDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻǰǻǽDzDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻ ȃDzǺǿȇǽDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻDZǻǸȀ ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌ ǺǭDZǯDzǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵǸȌǯǭǿǭǻǿǷǻǵǿǻDzȃȌǸǭǭ DZȌǾǺǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzDzDZǺǭǷǯǵǻǮǸǭǾǿǵ ǔǭ DZȌǸǰǻǽDzDZȌǸǻǯDzǵDZǻǸȀǔǭDZȌǸDZǻǸȀ DZȌǸǻǯDzǵǰǻǽDz ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ DZǯDzǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵDZȌǾǺǭǿǭǻǿǷǻǵǿǻDzȃȌǸǭǭ ǸȌǯǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzDzDZǺǭǷǯǵǻǮǸǭǾǿǵ ǔǭ DZȌǸǻǯDzǵǰǻǽDzDZȌǸDZǻǸȀ ǔǭDZȌǸǰǻǽDzDZȌǸǻǯDzǵDZǻǸȀ
9HUWLFDO6SOLW/HIW ǏDzǽǿǵǷǭǸǺǻ ǽǭǴDZDzǸȌǺDzǯǸȌǯǻ
9HUWLFDO6SOLW5LJKW ǏDzǽǿǵǷǭǸǺǻ ǽǭǴDZDzǸȌǺDzǯDZȌǾǺǻ
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǕǹDz +RUL]RQWDO6SOLW7RS ǢǻǽǵǴǻǺǿǭǸǺǻ ǽǭǴDZDzǸȌǺDzǰǻǽDz
ǛǼǵǾǭǺǵDz ǕǴǻǮǽǭdzDzǺǵDz ǜǽǻǯDzǽȌǯǭǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǰǻǽǭǴDZDzǸȌǺǭDZǯDz ǽǭǯǺǵȂǻǽǵǴǻǺǿǭǸǺǵǻǮǸǭǾǿǵǰǻǽǺǭǿǭDzDzDZǵǺǵȄǺǭǭ DZǻǸǺǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzǽǭǯǺǵǻǮǸǭǾǿǵ
ǔǭ DZȌǸǯDZȌǾǺǻǏDzǽǿǵǷǭǸǺǵDZȌǸǻǯDzǵǯǸȌǯǻ ǯDzǽǿǵǷǭǸǺǻ ǔǭDZȌǸǯǸȌǯǻǏDzǽǿǵǷǭǸǺǵDZȌǸǻǯDzǵǯDZȌǾǺǻ ǯDzǽǿǵǷǭǸǺǻ +RUL]RQWDO6SOLW%RWWRP ǜǽǻǯDzǽȌǯǭǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǰǻǽǭǴDZDzǸȌǺǭDZǯDz ǽǭǯǺǵȂǻǽǵǴǻǺǿǭǸǺǵǻǮǸǭǾǿǵDZǻǸǺǭǿǭDzDzDZǵǺǵȄǺǭǭ ǢǻǽǵǴǻǺǿǭǸǺǻ ǰǻǽǺǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzǽǭǯǺǵǻǮǸǭǾǿǵ ǽǭǴDZDzǸȌǺDzDZǻǸȀ ǔǭ DZȌǸǻǯDzǵǯDZȌǾǺǻǏDzǽǿǵǷǭǸDzǺDZȌǸǯǸȌǯǻ ǯDzǽǿǵǷǭǸǺǻ ǔǭDZȌǸǻǯDzǵǯǸȌǯǻǏDzǽǿǵǷǭǸDzǺDZȌǸǯDZȌǾǺǻ ǯDzǽǿǵǷǭǸǺǻ ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ ȄDzǿǵǽǵǽǭǯǺǵǻǮǸǭǾǿǵ
(YHQ6SOLW ǝǭǯǺǻ ǽǭǴDZDzǸȌǺDz
27
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
ǕǴǻǮǽǭdzDzǺǵDzǑǵǾǼǸDzǶ ǟǵǼǼǭǺDzǸǺǭǹǻǺǵǿǻǽ ǔǭDZǺǻǻǾǯDzǿȌǯǭǺDz ǝǭǴǹDzǽǺǭǼǭǺDzǸǭ ǞȇǻǿǺǻȅDzǺǵDzǺǭǾǿǽǭǺǵǿDz ǝǭǴǾǿǻȌǺǵDzǹDzdzDZȀǼǵǷǾDzǸǵǿDz %ULJKWQHVV ǬǽǷǻǾǿ 6PDUW&RQWUDVW ǕǺǿDzǸǵǰDzǺǿDzǺ ǷǻǺǿǽǭǾǿ ǞȇǻǿǺǻȅDzǺǵDzǺǭǷǻǺǿǽǭǾǿǭ ǿǵǼǵȄDzǺ ǏǽDzǹDzǴǭǻǿǰǻǯǻǽ ǿǵǼǵȄDzǺ ǛǼǿǵǹǭǸǺǭǽDzǴǻǸȋȃǵȌ ǧǰȇǸǴǭǰǸDzDZǭǺDz ǜǻDZǻǮǽȌǯǭǺDzǺǭǷǭǽǿǵǺǭ ǣǯDzǿǻǯDzǺǭDZǵǾǼǸDzȌ ǏDzǽǿǵǷǭǸǺǭǾǷǻǽǻǾǿǺǭ ǻǼǽDzǾǺȌǯǭǺDz ǢǻǽǵǴǻǺǿǭǸǺǭȄDzǾǿǻǿǭ V5*% ǞǯȇǽǴǯǭǺDz ǏȂǻDZȌȆǾǵǰǺǭǸ 6/6/$6/& ǏȂǻDZȌȆǾǵǰǺǭǸ 6/< ǏȂǻDZȌȆǾǵǰǺǭǸ ǍȀDZǵǻǯȂǻDZǵǴȂǻDZ 6/$ ǠDZǻǮǾǿǯǻ ǏǰǽǭDZDzǺǵǯǵǾǻǷǻǰǻǯǻǽǵǿDzǸǵ 6/$ ǠDZǻǮǾǿǯǻǴǭǼǻǿǽDzǮǵǿDzǸȌ 6/6/&6/< ǠDZǻǮǾǿǯǻǴǭǼǻǿǽDzǮǵǿDzǸȌ 6/$ ǒǴǵȃǵǺǭDzǷǽǭǺǺǻǿǻǹDzǺȋ ǑǽȀǰǵȀDZǻǮǾǿǯǭ 3OXJ 3OD\ǾȇǯǹDzǾǿǵǹǻǾǿ ǞǿǻǶǷǭ ǚǭǷǸǻǺ ǔǭǯȇǽǿǭǺDz 6/&6/< ǝDzǰȀǸǵǽǭǺDzǺǭǯǵǾǻȄǵǺǭǿǭ 6/&6/< 7)7/&' /(' ǥǵǽǵǺǭµ FP [PP FGPô PV [#+] Ǣ Ǐ #&5! SmartImage 0 +]+] N+]N+] ǑǍ '9, ' ǣǵȁǽǻǯ 9*$ ǭǺǭǸǻǰǻǯ '9, ' ǣǵȁǽǻǯ 9*$ ǭǺǭǸǻǰǻǯ 'LVSOD\SRUW 6HSDUDWH6\QF ǛǿDZDzǸǺǭǾǵǺȂǽǻǺǵǴǭȃǵȌ 6\QFRQ*UHHQ ǞǵǺȂǽǻǺǵǴǭȃǵȌǺǭǴDzǸDzǺǻ 3&ǭȀDZǵǻǯȂǻDZǵǴȂǻDZǴǭǾǸȀȅǭǸǷǵ :[
ǍǺǰǸǵǶǾǷǵȁǽDzǺǾǷǵǺDzǹǾǷǵǵǿǭǸǵǭǺǾǷǵǽȀǾǷǵǵǾǼǭǺǾǷǵ ǻǼǽǻǾǿDzǺǷǵǿǭǶǾǷǵǼǻǽǿȀǰǭǸǾǷǵ 9(6$ǾǿǻǶǷǭ [PP . HQVLQJWRQǴǭǷǸȋȄǯǭǺDz ''&&, V5*%:LQGRZV9LVWD;30DF26;/LQX[ PP 28
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
3RZHU ǏǷǸǕǴǷǸ 6/$ ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
: ǿǵǼǵȄDzǺ : ǹǭǷǾ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 : ǿǵǼǵȄDzǺ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ 3RZHU ǏǷǸǕǴǷǸ 6/ ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ
29
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
3RZHU ǏǷǸǕǴǷǸ 6/& ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
: ǿǵǼǵȄDzǺ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 : ǿǵǼǵȄDzǺ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ 3RZHU ǏǷǸǕǴǷǸ 6/< ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ
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ǕǺDZǵǷǭǿǻǽǴǭǏǷǸǕǴǷǸ
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ǝȇǷǻǯǻDZǾǿǯǻǴǭ6PDUW'HVNWRS 6PDUW'HVNWRS 6PDUW'HVNWRSǾDzǺǭǹǵǽǭǯ6PDUW&RQWURO 3UHPLXPǕǺǾǿǭǸǵǽǭǶǿDz6PDUW&RQWURO3UHPLXP ǵǵǴǮDzǽDzǿDz6PDUW'HVNWRSǻǿ2SWLRQV ǛǼȃǵǵ
ǜǸȇǴǰǭǺDzǵǼȀǾǷǭǺDzǺǭǼǽǻǴǻǽȃǵ ǞǸDzDZǷǭǿǻDZȌǸǻǯDzǿDzǾǭǷǻǺȁǵǰȀǽǵǽǭǺǵǵDz ǵǴǮǽǭǺǭǻǼȃǵȌǿǭ$OLJQWRSDUWLWLRQ ǜǻDZǽǭǯǺǵǷȇǹ DZȌǸ ǾǿǭǯǭǯȇǴǹǻdzǺǻǼǸȇǴǰǭǺDzǿǻǺǭǼǽǻǴǻǽDzȃ ǯǻǮǸǭǾǿǿǭǵǿǻǶǯDzDZǺǭǰǭȆDzǮȇDZDzǼǻDZǽǭǯǺDzǺ ǗǻǰǭǿǻǼǽǻǴǻǽDzȃȇǿǵǷȀǽǾǻǽȇǿǾǭǯǻǮǸǭǾǿǿǭǿȌ ȆDzǮȇDZDzǹǭǽǷǵǽǭǺǭ ǔǭǮDzǸDzdzǷǭ ǍǷǻDZǻǷǭǿǻǼǸȇǴǰǭǿDzǼǽǻǴǻǽDzȃǭǷǻǺǿȀǽȇǿ ǺǭǻǮǸǾǿǿǭǺDzǾDzǯǵdzDZǭǻǼȃǵȌǿǭ´6KRZ ZLQGRZVFRQWHQWVZKLOHGUDJJLQJµ ǜǻǷǭǴǯǭǺDz ǺǭǾȇDZȇǽdzǭǺǵDzǿǻǺǭǼǽǻǴǻǽDzȃǼǽǵǼǸȇǴǰǭǺDz Dz ǵǴǷǸȋȄDzǺǭǍǷǿǵǯǵǽǭǺDz
Ǐ&RQWURO3DQHO ǗǻǺǿǽǻǸDzǺǼǭǺDzǸ ȆǽǭǷǺDzǿDz ǯȇǽȂȀ6\VWHP ǞǵǾǿDzǹ ǦǽǭǷǺDzǿDzǯȇǽȂȀ$GYDQFHGV\VWHPVHWWLQJV ǑǻǼȇǸǺǵǿDzǸǺǵǾǵǾǿDzǹǺǵǺǭǾǿǽǻǶǷǵ Ǽǽǵ ǻǼDzǽǭȃǵǻǺǺǵǾǵǾǿDzǹǵ9LVWD :LQǻǼȃǵȌǿǭǾDz ǺǭǹǵǽǭǯǸȌǯǭǿǭǾǿǽǭǺǵȄǺǭǸDzǺǿǭ ǏǽǭǴDZDzǸ3HUIRUPDQFH ǜǽǻǵǴǯǻDZǵǿDzǸǺǻǾǿ ȆǽǭǷǺDzǿDzǯȇǽȂȀ6HWWLQJV ǚǭǾǿǽǻǶǷǵ ǙǭǽǷǵǽǭǶǿDzǷȀǿǵǶǷǭǿǭ6KRZZLQGRZFRQWHQWV ZKLOHGUDJJLQJ ǜǻǷǭǴǯǭǺDzǺǭǾȇDZȇǽdzǭǺǵDzǿǻǺǭ ǼǽǻǴǻǽDzȃǭǼǽǵǼǸȇǴǰǭǺDz ǵȆǽǭǷǺDzǿDzǯȇǽȂȀǛ. ǛǗ
Ǘ ȀǿǵǶǷǭǿǭǾǻǿǹDzǿǷǭ$OLJQWRSDUWLWLRQ ǜǻDZǽǭǯǺǵǷȇǹDZȌǸ ȆDzǼǻǴǯǻǸǵ ǭǯǿǻǹǭǿǵȄǺǻǼǻDZǽǭǯǺȌǯǭǺDzǺǭǼǽǻǴǻǽDzȃǭ ǼǽǵǼǸȇǴǰǭǺDzDZǻǻǼǽDzDZDzǸDzǺDZȌǸ Ǖ ǴǮDzǽDzǿDzdzDzǸǭǺǵȌDZȌǸǷǭǿǻȆǽǭǷǺDzǿDz ǯȇǽȂȀǵǷǻǺǭǿǭǑȌǸȇǿȆDzǮȇDZDzǼǽǵǸǻdzDzǺ ǺǭǽǭǮǻǿǺǵȌǼǸǻǿǵǵǷǻǺǭǿǭȆDzǮȇDZDz ǹǭǽǷǵǽǭǺǭ , GHQWLI\ ǛǼǽDzDZDzǸǵ ǼǽDzDZǻǾǿǭǯȌǮȇǽǴǺǭȄǵǺ ǴǭǼǻǷǭǴǯǭǺDzǺǭǽDzȅDzǿǷǭǿǭ
ǍǸǿDzǽǺǭǿǵǯDzǺǼȇǿ 9LVWD
&RQWURO3DQHO ǗǻǺǿǽǻǸDzǺǼǭǺDzǸ !3HUVRQDOL]DWLRQ ǜDzǽǾǻǺǭǸǵǴǵǽǭǺDz !:LQGRZ&RORUDQG$SSHDUDQFH ǣǯȌǿǵǻǮǸǵǷǺǭǼǽǻǴǻǽȃǵǿDz !ǦǽǭǷǺDzǿDzǯȇǽȂȀ 2SHQ&ODVVLFDSSHDUDQFHSURSHUWLHVIRUPRUHFRORU RSWLRQV ǛǿǯǭǽȌǺDzǺǭǾǯǻǶǾǿǯǭǿǭǺǭǷǸǭǾǵȄDzǾǷǵ ǻǮǸǵǷǴǭǼǻǯDzȄDzȃǯDzǿǻǯDz !ǦǽǭǷǺDzǿDzǯȇǽȂȀ ǮȀǿǻǺǭ(IIHFWV ǒȁDzǷǿǵ !ǼǻǾǿǭǯDzǿDzǻǿǹDzǿǷǭǯ 6KRZZLQGRZFRQWHQWVZKLOHGUDJJLQJ ǜǻǷǭǴǯǭǺDzǺǭ ǾȇDZȇǽdzǭǺǵDzǿǻǺǭǼǽǻǴǻǽDzȃǭǼǽǵǼǸȇǴǰǭǺDz
;3
'LVSOD\3URSHUWLHV ǞǯǻǶǾǿǯǭǺǭDZǵǾǼǸDzȌ !$SSHDUDQFH ǛǮǸǵǷ !(IIHFWV ǒȁDzǷǿǵ !ǼǽǻǯDzǽDzǿDzDZǭǸǵǻǼȃǵȌǿǭ 6KRZZLQGRZFRQWHQWVZKLOHGUDJJLQJ ǜǻǷǭǴǯǭǺDzǺǭ ǾȇDZȇǽdzǭǺǵDzǿǻǺǭǼǽǻǴǻǽDzȃǭǼǽǵǼǸȇǴǰǭǺDz
:LQ ǚȌǹǭǺǭǸǵȄDzǺǭǸǿDzǽǺǭǿǵǯDzǺǼȇǿ
23
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǛǼȃǵǵǺǭǴǭǰǸǭǯǺǭǿǭǸDzǺǿǭ ǙǻdzDzǿDzDZǭǯǸDzǴDzǿDzǯ'HVNWRSSDUWLWLRQ ǑȌǸǭ ǺǭǽǭǮǻǿǺǵȌǼǸǻǿ ǻǿǴǭǰǸǭǯǺǭǿǭǸDzǺǿǭǺǭ ǭǷǿǵǯDzǺǼǽǻǴǻǽDzȃǟǻǯǭDzǮȇǽǴǵǸDzǾDzǺǺǭȄǵǺ ǴǭȀǼǽǭǯǸDzǺǵDzǺǭǽǭǮǻǿǺǵȌǼǸǻǿǷǭǷǿǻǵDZǭ ǵǴǼǽǭǿǵǿDzǼǽǻǵǴǯǻǸDzǺǼǽǻǴǻǽDzȃDZǻǷǻǶǿǻǵDZǭ DzDZȌǸǮDzǴDZǭǿǽȌǮǯǭDZǭǰǻǼǸȇǴǰǭǿDzǵǼȀǾǷǭǿDz ǜǽDzǹDzǾǿDzǿDzǷȀǽǾǻǽǭǯǴǭǰǸǭǯǺǭǿǭǸDzǺǿǭǺǭ ǭǷǿǵǯDzǺǼǽǻǴǻǽDzȃǴǭDZǭǯǸDzǴDzǿDzǯǼǭDZǭȆǻǿǻ ǹDzǺȋ
' HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ²'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ǼǻǷǭǴǯǭǿDzǷȀȆǵȌDZȌǸǵǼǻǴǯǻǸȌǯǭǺǭ ǼǻǿǽDzǮǵǿDzǸȌǮȇǽǴǻDZǭǵǴǮDzǽDzǷǻǶǿǻǵDZǭDz DZȌǸǼǻǷǭǴǭǺǯǼǭDZǭȆǻǿǻǹDzǺȋ
Ǚ DzǺȋǷǻDzǿǻǾDzǻǿǯǭǽȌǼǽǵȆǽǭǷǯǭǺDzǾ DZDzǾǺǵȌǮȀǿǻǺ ǦǽǭǷǺDzǿDzǾDZDzǾǺǵȌǮȀǿǻǺǯȇǽȂȀǵǷǻǺǭǿǭ 'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌǼǸǻǿ ǴǭDZǭ ǯǵDZǵǿDzǼǭDZǭȆǻǹDzǺȋ
ǔǭǮDzǸDzdzǷǭ ǍǷǻDzǾǯȇǽǴǭǺǼǻǯDzȄDzǻǿDzDZǵǺDZǵǾǼǸDzǶ ǼǻǿǽDzǮǵǿDzǸȌǿǹǻdzDzDZǭǵǴǮDzǽDzdzDzǸǭǺǵȌ DZǵǾǼǸDzǶǷǭǿǻǾǹDzǺǵDZȌǸǭǙǭǽǷǵǽǭǺǭǿǭǵǷǻǺǭ ǼǽDzDZǾǿǭǯǸȌǯǭǿDzǷȀȆǵȌǭǷǿǵǯDzǺDZȌǸ , GHQWLI\3DUWLWLRQ ǕDZDzǺǿǵȁǵȃǵǽǭǶDZȌǸ ² ǜǻǷǭǴǯǭǷǻǺǿȀǽǭǺǭǽǭǮǻǿǺǵȌǼǸǻǿǺǭ ǿDzǷȀȆǵȌDZȌǸ $ OLJQ2Q ǜǻDZǽǭǯǺȌǯǭǺDzǯǷǸ $OLJQ 2II ǜǻDZǽǭǯǺȌǯǭǺDzǵǴǷǸ ²ǍǷǿǵǯǵǽǭǵ DZDzǭǷǿǵǯǵǽǭȁȀǺǷȃǵȌǿǭǴǭǭǯǿǻǹǭǿǵȄǺǻ ǼǻDZǽǭǯǺȌǯǭǺDzǼǽǵǼǸȇǴǰǭǺDzǵǼȀǾǷǭǺDz
1. )LQG:LQGRZV ǚǭǹDzǽǵǼǽǻǴǻǽȃǵ ²Ǐ ([LW ǕǴȂǻDZ ²ǔǭǿǯǭǽȌ'HVNWRS3DUWLWLRQ ǺȌǷǻǵǾǸȀȄǭǶǼǻǿǽDzǮǵǿDzǸȌǿǹǻdzDzDZǭDz ǑȌǸǺǭǽǭǮǻǿDzǺǼǸǻǿ ǵ'LVSOD\7XQH ǵǴǼǽǭǿǵǸǹǺǻdzDzǾǿǯǻǼǽǻǴǻǽȃǵǷȇǹDzDZǵǺǵ ǚǭǾǿǽǻǶǷǭǺǭDZǵǾǼǸDzȌ ǔǭǼǻǯǿǻǽǺǻ ǾȇȆDZȌǸ)LQG:LQGRZ ǚǭǹDzǽǵǼǽǻǴǻǽDzȃ ǵǺǵȃǵǸǵǴǵǽǭǺDzǺǭ'LVSOD\7XQH ǚǭǾǿǽǻǶǷǭ ȆDzǼǻǷǭdzDzǯǾǵȄǷǵǻǿǯǻǽDzǺǵǼǽǻǴǻǽȃǵǵȆDz ǺǭDZǵǾǼǸDzȌ ǻǿǾǿǭǽǿǻǯǻǿǻǹDzǺȋǵǸǵǼǽȌǷ ǼǽDzǹDzǾǿǵǵǴǮǽǭǺǵȌǼǽǻǴǻǽDzȃǺǭǼǽDzDZ ǼȇǿǺǭǽǭǮǻǿǺǵȌǼǸǻǿ
24
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǙDzǺȋǷǻDzǿǻǾDzǻǿǯǭǽȌǼǽǵȆǽǭǷǯǭǺDzǾ ǸDzǯǵȌǮȀǿǻǺ ǦǽǭǷǺDzǿDzǾǸDzǯǵȌǮȀǿǻǺǯȇǽȂȀǵǷǻǺǭǿǭ 'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌǼǸǻǿ ǴǭDZǭ ǵǴǼǽǭǿǵǿDzǭǷǿǵǯǺǵȌǼǽǻǴǻǽDzȃDZǻǼǽǻǵǴǯǻǸDzǺ DZȌǸǮDzǴDZǭǿǽȌǮǯǭDZǭǼǸȇǴǰǭǿDzǵǼȀǾǷǭǿDz ǛǾǯǻǮǻdzDZǭǯǭǺDzǿǻǺǭǹǵȅǷǭǿǭȆDzǵǴǼǽǭǿǵ ǼǽǻǴǻǽDzȃǭǯǹǭǽǷǵǽǭǺǵȌDZȌǸ
ǦǽǭǷǯǭǺDzǾDZDzǾǺǵȌǮȀǿǻǺǯȇǽȂȀǸDzǺǿǭǾ ǵǺǾǿǽȀǹDzǺǿǵǴǭǴǭDZǭȄǵ ǘDzǺǿǭǿǭǾǵǺǾǿǽȀǹDzǺǿǵǴǭǴǭDZǭȄǵǾȇDZȇǽdzǭ ǼǻǯDzȄDzǿǻȁȀǺǷȃǵǵǼǻDZDZȇǽdzǭǺǵǯǴǭǰǸǭǯǺǭǿǭ ǸDzǺǿǭ ǻǾǯDzǺǭǯǿǻǹǭǿǵȄǻǵǴǼǽǭȆǭǺDzǺǭ ǼǽǻǴǻǽDzȃDZǻǼǽǻǵǴǯǻǸDzǺDZȌǸ
) LQG:LQGRZV ǚǭǹDzǽǵǼǽǻǴǻǽȃǵ ²Ǐ ǺȌǷǻǵǾǸȀȄǭǶǼǻǿǽDzǮǵǿDzǸȌǿǹǻdzDzDZǭDz ǵǴǼǽǭǿǵǸǹǺǻdzDzǾǿǯǻǼǽǻǴǻǽȃǵǷȇǹDzDZǵǺǵ ǾȇȆDZȌǸ)LQG:LQGRZ ǚǭǹDzǽǵǼǽǻǴǻǽDzȃ ȆDzǼǻǷǭdzDzǯǾǵȄǷǵǻǿǯǻǽDzǺǵǼǽǻǴǻǽȃǵǵȆDz ǼǽDzǹDzǾǿǵǵǴǮǽǭǺǵȌǼǽǻǴǻǽDzȃǺǭǼǽDzDZ ' HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ²'HVNWRS3DUWLWLRQ ǑȌǸǺǭǽǭǮǻǿǺǵȌ ǼǸǻǿ ǼǻǷǭǴǯǭǿDzǷȀȆǵȌDZȌǸǵǼǻǴǯǻǸȌǯǭǺǭ ǼǻǿǽDzǮǵǿDzǸȌǮȇǽǴǻDZǭǵǴǮDzǽDzǷǻǶǿǻǵDZǭDz DZȌǸǼǻǷǭǴǭǺǯǼǭDZǭȆǻǿǻǹDzǺȋ , GHQWLI\3DUWLWLRQ ǕDZDzǺǿǵȁǵȃǵǽǭǶDZȌǸ ² ǜǻǷǭǴǯǭǷǻǺǿȀǽǭǺǭǽǭǮǻǿǺǵȌǼǸǻǿǺǭ ǿDzǷȀȆǵȌDZȌǸ $ OLJQ2Q ǜǻDZǽǭǯǺȌǯǭǺDzǯǷǸ $OLJQ 2II ǜǻDZǽǭǯǺȌǯǭǺDzǵǴǷǸ ²ǍǷǿǵǯǵǽǭǵ DZDzǭǷǿǵǯǵǽǭȁȀǺǷȃǵȌǿǭǴǭǭǯǿǻǹǭǿǵȄǺǻ ǼǻDZǽǭǯǺȌǯǭǺDzǼǽǵǼǸȇǴǰǭǺDzǵǼȀǾǷǭǺDz
25
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǛǼǽDzDZDzǸDzǺLȌǺǭ6PDUW'HVNWRSǴǭDZȌǸǻǯDz ǕǹDz )XOO'HVNWRS ǣȌǸ ǽǭǮǻǿDzǺǼǸǻǿ ǛǼǵǾǭǺǵDz ǜǽǵǸǭǰǭǯǾǵȄǷǵǺǭǾǿǽǻǶǷǵǴǭȃDzǸǵȌǽǭǮǻǿDzǺǼǸǻǿ ǕǴǻǮǽǭdzDzǺǵDz
9HUWLFDO ǏDzǽǿǵǷǭǸǺǻ ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ DZǯDzǽǭǯǺǵǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵ ǔǭ ǼǻDZDZȇǽdzǭǺDzǺǭǯDzǽǿǵǷǭǸǺǭǷǻǺȁǵǰȀǽǭȃǵȌ
+RUL]RQWDO ǢǻǽǵǴǻǺǿǭǸǺǻ
ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ DZǯDzǽǭǯǺǵȂǻǽǵǴǻǺǿǭǸǺǵǻǮǸǭǾǿǵ ǔǭ ǼǻDZDZȇǽdzǭǺDzǺǭȂǻǽǵǴǻǺǿǭǸǺǭǷǻǺȁǵǰȀǽǭȃǵȌ
9HUWLFDO7ULSOH ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ ǏDzǽǿǵǷǭǸǺǻǿǽǻǶǺǻ ǿǽǵǽǭǯǺǵǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵ ǔǭ DZȌǸȂǻǽǵǴǻǺǿǭǸǺǻǰǻǽDzDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻ ȃDzǺǿȇǽDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻDZǻǸȀ ǔǭDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻǰǻǽDzDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻ ȃDzǺǿȇǽDZȌǸȂǻǽǵǴǻǺǿǭǸǺǻDZǻǸȀ ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌ ǺǭDZǯDzǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵǸȌǯǭǿǭǻǿǷǻǵǿǻDzȃȌǸǭǭ DZȌǾǺǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzDzDZǺǭǷǯǵǻǮǸǭǾǿǵ ǔǭ DZȌǸǰǻǽDzDZȌǸǻǯDzǵDZǻǸȀǔǭDZȌǸDZǻǸȀ DZȌǸǻǯDzǵǰǻǽDz ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ DZǯDzǯDzǽǿǵǷǭǸǺǵǻǮǸǭǾǿǵDZȌǾǺǭǿǭǻǿǷǻǵǿǻDzȃȌǸǭǭ ǸȌǯǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzDzDZǺǭǷǯǵǻǮǸǭǾǿǵ ǔǭ DZȌǸǻǯDzǵǰǻǽDzDZȌǸDZǻǸȀ ǔǭDZȌǸǰǻǽDzDZȌǸǻǯDzǵDZǻǸȀ
9HUWLFDO6SOLW/HIW ǏDzǽǿǵǷǭǸǺǻ ǽǭǴDZDzǸȌǺDzǯǸȌǯǻ
9HUWLFDO6SOLW5LJKW ǏDzǽǿǵǷǭǸǺǻ ǽǭǴDZDzǸȌǺDzǯDZȌǾǺǻ
ǛǼǿǵǹǵǴǵǽǭǺDzǺǭǵǴǻǮǽǭdzDzǺǵȌ
ǕǹDz +RUL]RQWDO6SOLW7RS ǢǻǽǵǴǻǺǿǭǸǺǻ ǽǭǴDZDzǸȌǺDzǰǻǽDz
ǛǼǵǾǭǺǵDz ǕǴǻǮǽǭdzDzǺǵDz ǜǽǻǯDzǽȌǯǭǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǰǻǽǭǴDZDzǸȌǺǭDZǯDz ǽǭǯǺǵȂǻǽǵǴǻǺǿǭǸǺǵǻǮǸǭǾǿǵǰǻǽǺǭǿǭDzDzDZǵǺǵȄǺǭǭ DZǻǸǺǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzǽǭǯǺǵǻǮǸǭǾǿǵ
ǔǭ DZȌǸǯDZȌǾǺǻǏDzǽǿǵǷǭǸǺǵDZȌǸǻǯDzǵǯǸȌǯǻ ǯDzǽǿǵǷǭǸǺǻ ǔǭDZȌǸǯǸȌǯǻǏDzǽǿǵǷǭǸǺǵDZȌǸǻǯDzǵǯDZȌǾǺǻ ǯDzǽǿǵǷǭǸǺǻ +RUL]RQWDO6SOLW%RWWRP ǜǽǻǯDzǽȌǯǭǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǰǻǽǭǴDZDzǸȌǺǭDZǯDz ǽǭǯǺǵȂǻǽǵǴǻǺǿǭǸǺǵǻǮǸǭǾǿǵDZǻǸǺǭǿǭDzDzDZǵǺǵȄǺǭǭ ǢǻǽǵǴǻǺǿǭǸǺǻ ǰǻǽǺǭǿǭDzǽǭǴDZDzǸDzǺǭǺǭDZǯDzǽǭǯǺǵǻǮǸǭǾǿǵ ǽǭǴDZDzǸȌǺDzDZǻǸȀ ǔǭ DZȌǸǻǯDzǵǯDZȌǾǺǻǏDzǽǿǵǷǭǸDzǺDZȌǸǯǸȌǯǻ ǯDzǽǿǵǷǭǸǺǻ ǔǭDZȌǸǻǯDzǵǯǸȌǯǻǏDzǽǿǵǷǭǸDzǺDZȌǸǯDZȌǾǺǻ ǯDzǽǿǵǷǭǸǺǻ ǏǸǵǴǭǯǽDzǴǻǸȋȃǵȌǿǭǺǭDzǷǽǭǺǭǵǽǭǴDZDzǸȌDZǵǾǼǸDzȌǺǭ ȄDzǿǵǽǵǽǭǯǺǵǻǮǸǭǾǿǵ
(YHQ6SOLW ǝǭǯǺǻ ǽǭǴDZDzǸȌǺDz
27
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
ǕǴǻǮǽǭdzDzǺǵDzǑǵǾǼǸDzǶ ǟǵǼǼǭǺDzǸǺǭǹǻǺǵǿǻǽ ǔǭDZǺǻǻǾǯDzǿȌǯǭǺDz ǝǭǴǹDzǽǺǭǼǭǺDzǸǭ ǞȇǻǿǺǻȅDzǺǵDzǺǭǾǿǽǭǺǵǿDz ǝǭǴǾǿǻȌǺǵDzǹDzdzDZȀǼǵǷǾDzǸǵǿDz %ULJKWQHVV ǬǽǷǻǾǿ 6PDUW&RQWUDVW ǕǺǿDzǸǵǰDzǺǿDzǺ ǷǻǺǿǽǭǾǿ ǞȇǻǿǺǻȅDzǺǵDzǺǭǷǻǺǿǽǭǾǿǭ ǿǵǼǵȄDzǺ ǏǽDzǹDzǴǭǻǿǰǻǯǻǽ ǿǵǼǵȄDzǺ ǛǼǿǵǹǭǸǺǭǽDzǴǻǸȋȃǵȌ ǧǰȇǸǴǭǰǸDzDZǭǺDz ǜǻDZǻǮǽȌǯǭǺDzǺǭǷǭǽǿǵǺǭ ǣǯDzǿǻǯDzǺǭDZǵǾǼǸDzȌ ǏDzǽǿǵǷǭǸǺǭǾǷǻǽǻǾǿǺǭ ǻǼǽDzǾǺȌǯǭǺDz ǢǻǽǵǴǻǺǿǭǸǺǭȄDzǾǿǻǿǭ V5*% ǞǯȇǽǴǯǭǺDz ǏȂǻDZȌȆǾǵǰǺǭǸ 6/6/$6/& ǏȂǻDZȌȆǾǵǰǺǭǸ 6/< ǏȂǻDZȌȆǾǵǰǺǭǸ ǍȀDZǵǻǯȂǻDZǵǴȂǻDZ 6/$ ǠDZǻǮǾǿǯǻ ǏǰǽǭDZDzǺǵǯǵǾǻǷǻǰǻǯǻǽǵǿDzǸǵ 6/$ ǠDZǻǮǾǿǯǻǴǭǼǻǿǽDzǮǵǿDzǸȌ 6/6/&6/< ǠDZǻǮǾǿǯǻǴǭǼǻǿǽDzǮǵǿDzǸȌ 6/$ ǒǴǵȃǵǺǭDzǷǽǭǺǺǻǿǻǹDzǺȋ ǑǽȀǰǵȀDZǻǮǾǿǯǭ 3OXJ 3OD\ǾȇǯǹDzǾǿǵǹǻǾǿ ǞǿǻǶǷǭ ǚǭǷǸǻǺ ǔǭǯȇǽǿǭǺDz 6/&6/< ǝDzǰȀǸǵǽǭǺDzǺǭǯǵǾǻȄǵǺǭǿǭ 6/&6/< 7)7/&' /(' ǥǵǽǵǺǭµ FP [PP FGPô PV [#+] Ǣ Ǐ #&5! SmartImage 0 +]+] N+]N+] ǑǍ '9, ' ǣǵȁǽǻǯ 9*$ ǭǺǭǸǻǰǻǯ '9, ' ǣǵȁǽǻǯ 9*$ ǭǺǭǸǻǰǻǯ 'LVSOD\SRUW 6HSDUDWH6\QF ǛǿDZDzǸǺǭǾǵǺȂǽǻǺǵǴǭȃǵȌ 6\QFRQ*UHHQ ǞǵǺȂǽǻǺǵǴǭȃǵȌǺǭǴDzǸDzǺǻ 3&ǭȀDZǵǻǯȂǻDZǵǴȂǻDZǴǭǾǸȀȅǭǸǷǵ :[
ǍǺǰǸǵǶǾǷǵȁǽDzǺǾǷǵǺDzǹǾǷǵǵǿǭǸǵǭǺǾǷǵǽȀǾǷǵǵǾǼǭǺǾǷǵ ǻǼǽǻǾǿDzǺǷǵǿǭǶǾǷǵǼǻǽǿȀǰǭǸǾǷǵ 9(6$ǾǿǻǶǷǭ [PP . HQVLQJWRQǴǭǷǸȋȄǯǭǺDz ''&&, V5*%:LQGRZV9LVWD;30DF26;/LQX[ PP 28
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
3RZHU ǏǷǸǕǴǷǸ 6/$ ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
: ǿǵǼǵȄDzǺ : ǹǭǷǾ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 : ǿǵǼǵȄDzǺ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ 3RZHU ǏǷǸǕǴǷǸ 6/ ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ
29
ǟDzȂǺǵȄDzǾǷǵȂǭǽǭǷǿDzǽǵǾǿǵǷǵ
3RZHU ǏǷǸǕǴǷǸ 6/& ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
: ǿǵǼǵȄDzǺ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 : ǿǵǼǵȄDzǺ 12W ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78 ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] : : : ǏȂǻDZǺǻ ǺǭǼǽDzdzDzǺǵDz ǼǽǻǹDzǺǸǵǯǿǻǷ 9$&9$& +]+] %78 %78 %78
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ 3RZHU ǏǷǸǕǴǷǸ 6/< ǝDzdzǵǹ2Q ǝDzdzǵǹ2Q ǏǷǸ (&2ǽDzdzǵǹ ǿǵǼǵȄDzǺ ǗǻǺǾȀǹǭȃǵȌǺǭDzǺDzǽǰǵȌ (QHUJ\6WDUǹDzǿǻDZǴǭ ǿDzǾǿǯǭǺDz
ǚǻǽǹǭǸDzǺǽDzdzǵǹǺǭ ǽǭǮǻǿǭ ǿǵǼǵȄDzǺ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ ǕǴǸȇȄǯǭǺDzǺǭǿǻǼǸǵǺǭ
ǚǻǽǹǭǸǺǭǽǭǮǻǿǭ ǔǭǾǼǵǯǭǺDz ǿǵǼǵȄDzǺ ǕǴǷǸ
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