manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Bosch
  6. •
  7. Hob
  8. •
  9. Bosch PPS7A6M90 User manual

Bosch PPS7A6M90 User manual

*9001145425*  

Ø0RQWDJHDQOHLWXQJ
Ù
Ú,QVWDOODWLRQLQVWUXFWLRQV
Û,QVWUXFFLRQHVGHPRQWDMH
Þ1RWLFHGHPRQWDJH
á6]HUHOpVL~WPXWDWy
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
ë,QVWUXNFMDPRQWDŰX
ì,QVWUXo}HVGHPRQWDJHP
í,QVWUXFŘLXQLGHPRQWDM
îΗμπροςιυηώξνλνμρίες
ô0RQWDMN×ODYX]X
PLQ
PLQ
a¸ a
a

PLQ
E

¸
PLQ
PLQ
PLQ


5 

PD[5
PLQ





PLQ

PLQ
PLQ
PLQ
PLQ


¸

D



PLQ
PD[
PLQ

PLQ


PLQ
PD[

PLQ
PD[


PLQ

PLQ

D
[

 

 

E


VLOLFRQH
D
PD[

/
9
9
99
1

a

JDV PEDU 4QN: PK JK 0
(      #
(      #
(      #
(      #
(      #
(      "
(      "
(      "
(      "



$%


(      #
(      #
(      #
(      #
(      #
(      "
(      "
(      "
(      "
(      #
(      #
(      #
(      #
(      #
(      "
(      "
(      "
(      "
(      #
(      #
(      #
(      #
(      #
(      "
(      "
(      "
(      "
(      #
(      #
(      #
(      #
(      #
(      "
(      "
(      "
(      "
((( &SEHBT "BSEHBT (B[ OBUVSFM &SEHBT ) &SHBT & /BUVSHBT (BT OBUVSBM .BBLBBTV (B[ OBUVSFM -BDR /BUVSBM
HBT˓˲˰˦˧˹˞˚ˮ˦ˬ(BTOBUVSBMF(BTNFUBOP(¡T/BUVSBM;FNO½QMZO;FNFMKTLJQMJO
( "BSEHBT(B[OBUVSFM&SEHBT--(B[OBUVSFM(SPOJOHVF
(((( 'M¼TTJHHBT#VUBBO1SPQBBO#VUBOP1SPQBOP#VUBO1SPQBO'M¼TTJHHBT#1'(BT#VUBBOJ1SPQBBOJ
#VUBOF1SPQBOF˒ˠˮ˞˚ˮ˦ˬ˩ˢ˜ˠ˩˞ˎˮˬ˭˙˪˦ˬ(1-#VU¡O1SPQ¡O
( #ZHBT(BTNBOVGBDUVSBEP
JDV PEDU 4QN: PK JK 0

de
Ø.POUBHFBOMFJUVOH
6LFKHUKHLWVKLQZHLVH
-FTFO4JFEJF(FCSBVDITBOXFJTVOHG¼SEBT(FS¤UCFWPS4JFFT
JOTUBMMJFSFOVOECFOVU[FO
%JFJOEJFTFS"OMFJUVOHFOUIBMUFOFO"CCJMEVOHFOTJOEPSJFOUBUJW
'HU +HUVWHOOHU LVW MHJOLFKHU 9HUDQWZRUWXQJ HQWKREHQ ZHQQ GLH
%HVWLPPXQJHQGLHVHV+DQGEXFKVQLFKWHLQJHKDOWHQZHUGHQ
%JFTFT (FS¤U EBSG OVS BO FJOFN BVTSFJDIFOE CFM¼GUFUFO 0SU HFOVU[U
XFSEFO%BT(FS¤UEBSGOJDIUBOFJOFO4DIPSOTUFJOPEFSFJOF
"CHBTBOMBHFBOHFTDIMPTTFOXFSEFO
$OOH,QVWDOODWLRQV$QVFKOXVV5HJHOXQJVXQG8PVWHOOXQJV
DUEHLWHQ DXI HLQH DQGHUH *DVDUW PVVHQ YRQ HLQHP DXWRULVLHU
WHQ )DFKPDQQ XQG XQWHU %HDFKWXQJ GHU MHZHLOV DQZHQGEDUHQ
5HJHOXQJHQXQGJHVHW]OLFKHQ9RUJDEHQVRZLHGHU9RUVFKULI
WHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHUYRUJHQRPPHQ
ZHUGHQ %HVRQGHUH $XIPHUNVDPNHLW LVW GHQ IU GLH %HOIWXQJ
JHOWHQGHQ%HVWLPPXQJHQXQG5LFKWOLQLHQ]X]XZHQGHQ
)U8PVWHOOXQJVDUEHLWHQDXIHLQHDQGHUH*DVDUWHPSIHKOHQ
ZLUGHQ.XQGHQGLHQVW]XUXIHQ
%JFTFT(FS¤UXVSEFBVTTDIMJFMJDIG¼SEJF7FSXFOEVOHJO1SJWBU
IBVTIBMUFOFOUXPSGFOFJOFLPNNFS[JFMMFPEFSHFXFSCMJDIF/VU
[VOH JTU OJDIU HFTUBUUFU %JFTFT (FS¤U EBSG OJDIU BVG +BDIUFO PEFS JO
8PIOXBHFOFJOHFCBVUXFSEFO%JF(BSBOUJFHJMUOVSEBOOXFOO
EBT(FS¤UBVTTDIMJFMJDIG¼STFJOFOWPSHFTFIFOFO;XFDLHFOVU[U
XJSE
CFSQS¼GFO4JFWPSEFS*OTUBMMBUJPOEFT(FS¤UTEBTTEJF¶SUMJDIFO
7PSBVTTFU[VOHFOVOEEJFBVGEFN5ZQFOTDIJMEBOHFHFCFOFO
(FS¤UFFJOTUFMMVOHFO (BTBSU VOE ESVDL /FOOMFJTUVOH 4QBOOVOH
NJUFJOBOEFSLPNQBUJCFMTJOE
6WHOOHQ6LHYRUGHU'XUFKIKUXQJMHJOLFKHU$UEHLWHQGLH
6WURPXQG*DV]XIXKUDE
%BT /FU[LBCFM NVTT BN &JOCBVN¶CFM HVU CFGFTUJHU XFSEFO EBNJU
FTOJDIUNJUIFJFO5FJMFOEFT#BDLPGFOTPEFSEFT,PDIGFMEFTJO
#FS¼ISVOHLPNNFOLBOO
&MFLUSJTDIF(FS¤UFN¼TTFOJNNFSHFFSEFUXFSEFO
/FINFO4JFLFJOF"SCFJUFOJN(FS¤UFJOOFSFOWPS3VGFO4JF
HFHFCFOFOGBMMTVOTFSFO,VOEFOEJFOTUBO
9RUGHP(LQEDX
%JFTFT(FS¤UFOUTQSJDIU,MBTTFHFN¤%*/&/G¼S(BT
HFS¤UF&JOCBVHFS¤UF
%BT.¶CFMJOXFMDIFTEBT(FS¤UFJOHFCBVUXJSENVTTBVTSFJ
DIFOEGJYJFSUVOETUBCJMTFJO
%JF OFCFO EFN (FS¤U CFGJOEMJDIFO .¶CFM EFSFO 4DIJDIUXFSLTUPGGF
TPXJFEFSTJF[VTBNNFOIBMUFOEF-FJNE¼SGFOOJDIUBVTCSFOOCB
SFO.BUFSJBMJFOCFTUFIFOVOEN¼TTFOIJU[FCFTU¤OEJHTFJO
%JFTFT(FS¤UEBSGOJDIU¼CFS,¼IMTDIS¤OLFO8BTDINBTDIJOFO
4Q¼MNBTDIJOFOPEFS¤IOMJDIFO(FS¤UFOFJOHFCBVUXFSEFO
%BT,PDIGFMEEBSGOVS¼CFSFJOFNCFM¼GUFUFO#BDLPGFOFJOHFCBVU
XFSEFO
8JSEVOUFSEFN,PDIGFMEFJO#BDLPGFOFJOHFCBVULBOOEJF%JDLF
EFS"SCFJUTQMBUUFEJFNJOJNBMHFGPSEFSUF%JDLFJOEJFTFS"OMFJUVOH
¼CFSTDISFJUFO #FBDIUFO 4JF EJF )JOXFJTF JO EFS .POUBHFBOMFJUVOH
EFT#BDLPGFOT
8FOO FJOF %VOTUBC[VHTIBVCF BOHFCSBDIU XJSE NVTT EJFT HFN¤
EFS .POUBHFBOMFJUVOH VOE JNNFS VOUFS #FS¼DLTJDIUJHVOH EFT WFSUJ
LBMFO.JOEFTUBCTUBOET[VN,PDIGFME"CC HFTDIFIFO
9RUEHUHLWXQJGHV.FKHQP|EHOV$EE 
(FN¤ EFS HFX¼OTDIUFO 7FSGBISFOTXFJTF FJO 4U¼DL FOUTQSFDIFO
EFS (S¶F BVT EFS "SCFJUTQMBUUF IFSBVTTDIOFJEFO OPSNBM B PEFS
C¼OEJHC'¼SEFOC¼OEJHFO&JOCBV
■"MMF"VTTDIOJUUBSCFJUFOBOEFS"SCFJUTQMBUUFN¼TTFOJOFJOFN
'BDIHFTDI¤GUEVSDIHFG¼ISUXFSEFO
■%JF4DIOJUUTUFMMFON¼TTFOTBVCFSVOEHFOBVTFJOXFJMNBOEJF
4DIOJUULBOUFBOEFS0CFSGM¤DIFTJFIU%JF4UBCJMJU¤UEFS.¶CFM
NVTTBVDIOBDIEFO4DIOJUUBSCFJUFOHFX¤ISMFJTUFUTFJO
■/VS4QF[JBMBSCFJUTQMBUUFOWFSXFOEFOEJFUFNQFSBUVSVOEXBT
TFSGFTUTJOE[#BVT/BUVSTUFJOPEFSHFLBDIFMUF
■%JF&JOCBVN¶CFMN¼TTFOFJOF5FNQFSBUVSCFTU¤OEJHLFJUCJT[V
 p$BVGXFJTFO
#FJ"SCFJUTGM¤DIFOBVT)PM[GJSOJTTFO4JFEJF4DIOJUUGM¤DIFONJU
4QF[JBMMFJNVNTJFWPS'FVDIUJHLFJU[VTDI¼U[FO
=ZLVFKHQERGHQ
8JSELFJO#BDLPGFOVOUFSEFN,PDIGFMEJOTUBMMJFSUVOECMFJCUEFT
TFO6OUFSTFJUFGSFJ[VH¤OHMJDIJTU'PMHFOEFT[VCFBDIUFO
■%FS&JOCBVFJOFT;XJTDIFOCPEFOTVOUFS,PDIGFMEFSONJU&MFLU
SPLPDIQMBUUFOPEFS8PLCSFOOFSOJTUWPSHFTDISJFCFO
■%FS&JOCBVFJOFT;XJTDIFOCPEFOTVOUFS(BTLPDIGFMEFSOPIOF
8PLCSFOOFS XJSE FNQGPIMFO VN EFO ,POUBLU NJU EFS FSX¤SNUFO
,PDIGFMEVOUFSTFJUFBVT[VTDIMJFFO
&JOCBV)¶IF NNWPOEFS,PDIGFME6OUFSTFJUF
.BUFSJBMEFT;XJTDIFOCPEFOT/JDIUFOU[¼OECBSFT.BUFSJBMXJF
[VN#FJTQJFM.FUBMMPEFS4QFSSIPM[
(LQEDXGHV*HUlWV
+LQZHLV ;VN&JOCBVFOEFT,PDIGFMEFT4DIVU[IBOETDIVIFWFS
XFOEFO
$1RUPDOHU(LQEDX$EE D
+FOBDI.PEFMMLBOOEJF,MFCFEJDIUVOHCFSFJUTJN8FSLBOHF
CSBDIU XPSEFO TFJO %JF ,MFCFEJDIUVOH EBOO LFJOFTGBMMT FOUGFSOFO
TJFWFSIJOEFSU%VSDITJDLFSO8FOOEJF%JDIUVOHOJDIUXFSLTFJUJH
BOHFCSBDIUXVSEFLMFCFO4JFTJFBOEFOVOUFSFO3BOEEFT,PDI
GFMET
;VS#FGFTUJHVOHEFT(FS¤UTBN&JOCBVN¶CFM
 &OUOFINFO4JFEJF,MBNNFSOEFN;VCFI¶SCFVUFMVOETDISBV
CFO 4JF TJF JO EFS BOHFHFCFOFO 1PTUJUJPO BO TP EBTT TJF TJDI GSFJ
ESFIFO
 '¼HFO4JFEBT,PDIGFMENJUUJHFJO
%S¼DLFO4JFEJF3¤OEFSTPMBOHFOBDIVOUFOCJTEFSHFTBNUF
3BOEBVGMJFHU
 %SFIFO4JFEJF,MBNNFSOVOE[JFIFO4JFEJFTFGFTUBO
%JF 1PTJUJPO EFS ,MBNNFSO I¤OHU WPO EFS %JDLF EFS "SCFJUTPCFS
GM¤DIFBC
%BT(FS¤UEBSGOJDIUNJU4JMJLPOBVGEJF"SCFJUTQMBUUFHFLMFCUXFS
EFO
%%QGLJHU(LQEDX$EE E
 '¼ISFO 4JF EFO OPSNBMFO &JOCBV EFT (FS¤UFT EVSDI VOE TUFMMFO
4JFTJDIFSEBTTFJOHMFJDIN¤JHFS4QBMUBN¤VFSFO3BOEWPS
IBOEFO JTU %BT ,PDIGFME NVTT MFJDIU VOUFS EFS "SCFJUTPCFSGM¤DIF
CMFJCFO
#FJ HFLBDIFMUFO "SCFJUTGM¤DIFO HHG EJF "VGMBHFGM¤DIFO NJU )JMGF
WPOUFNQFSBUVSVOEXBTTFSGFTUFO-FJTUFOFSI¶IFO
 %FO#FUSJFCVOEEJF4UFMMVOHEFT(FS¤UFTQS¼GFO
 '¼MMFO 4JF EJF /VU [XJTDIFO EFS "SCFJUTQMBUUF VOE EFN ,PDIGFME
NJUIFSL¶NNMJDIFN4JMJLPOMFJNJOEFSHFX¼OTDIUFO'BSCFBVT
+LQZHLV 8JSECFJ0CFSGM¤DIFOBVT/BUVSTUFJOVOHFFJHOFUFT4J
MJLPO WFSXFOEFU L¶OOFO 7FSG¤SCVOHFO FOUTUFIFO EJF EBOO OJDIU
NFIS FOUGFSOU XFSEFO L¶OOFO (FFJHOFUFT 4JMJLPONBUFSJBM JTU CFJ
VOTFSFN ,VOEFOEJFOTU 5FJMFOVNNFS  FSI¤MUMJDI #FBDI
UFO4JFEJF#FOVU[VOHTIJOXFJTFEFT)FSTUFMMFST
 4USFJDIFO 4JF EFO 4JMJLPOMFJN NJU FJOFS NJU 4FJGF BOHFGFVDIUFUFO
4QBDIUFMC[XNJUFJOFNNJU4FJGFBOHFGFVDIUFUFO'JOHFSHMBUU
CFWPSTJDIFJOF4DIJDIUCJMEFU
 %FO4JMJLPOMFJNUSPDLOFOMBTTFOCFWPSEBT(FS¤UJO#FUSJFCHF
OPNNFOXJSE
$XVEDXGHV.RFKIHOGHV
5SFOOFO4JFEBT(FS¤UWPOEFS4USPNVOE(BTWFSTPSHVOH
4DISBVCFO 4JF EJF ,MBNNFSO BVG VOE GPMHFO 4JF EFO &JOCBVTDISJU
UFOJOVNHFLFISUFS3FJIFOGPMHF
*DVDQVFKOXVV$EE 
%FS(BTBOTDIMVTTNVTTTPBOHFPSEOFUTFJOEBTTEFS"CTQFSS
IBIO[VH¤OHMJDIJTU
"N &OEF EFT &JOHBOHTSPIST [VN (BTLPDIGFME CFGJOEFU TJDI FJO 
ࣔ(FXJOEF NN%JFTFT(FXJOEFFSN¶HMJDIU
■&JOFO'FTUBOTDIMVTT
■&JOFO"OTDIMVTTNJUFJOFN.FUBMMTDIMBVDI- NJO  N
NBY  N
#SJOHFO4JFEJFNJUHFMJFGFSUF%JDIUVOH[XJTDIFOEFN
"VTMBTTEFS4BNNFMMFJUVOHVOEEFN(BTBOTDIMVTTBO
%FS 4DIMBVDI TPMMUF OJDIU JO ,POUBLU [V EFO CFXFHMJDIFO 5FJMFO EFS
&JOCBVFJOIFJUHFMBOHFO[#FJOFS4DIVCMBEFPEFSEVSDIGG
OVOHFOWFSMFHUXFSEFOEJFWFSTDIMPTTFOXFSEFOL¶OOUFO
#FJN"OTDIMVTTFHBMXFMDIFS"SUGDUIGHU.UPPHUQLFKW
EHZHJWRGHUYHUGUHKW VOETPBVTTFJOFSXFSLTFJUJHFO1PTJUJPO
HFCSBDIUXFSEFO
8FOO FJO [ZMJOESJTDIFS "OTDIMVTT IFSHFTUFMMU XFSEFO TPMM FSTFU[FO
4JFEFOXFSLTFJUJHJOTUBMMJFSUFO,S¼NNFSNJUEFN,S¼NNFSBVT
EFN;VCFI¶SCFVUFM"CC B
7FSHFTTFO4JFOJDIUEB[XJTDIFOEJF%JDIUVOHBO[VCSJOHFO
: *DVDXVWULWWVJHIDKU
/BDI"SCFJUFOBOFJOFS"OTDIMVTTTUFMMFEJFTFJNNFSBVG%JDIUIFJU
QS¼GFO

%FS)FSTUFMMFS¼CFSOJNNUG¼SEFO(BTBVTUSJUUBOFJOFS"OTDIMVTT
TUFMMFBOEFS[VWPSIBOUJFSUXVSEFLFJOF7FSBOUXPSUVOH
(OHNWULVFKHU$QVFKOXVV$EE 
%BT (FS¤U HFI¶SU [VN 5ZQ : %BT ;VMFJUVOHTLBCFM EBSG OJDIU WPN
#FOVU[FSTPOEFSOOVSWPN,VOEFOEJFOTUBVTHFUBVTDIUXFSEFO
4PXPIM,BCFMUZQBMTBVDINJOJNBMFS2VFSTDIOJUUN¼TTFOCFS¼DL
TJDIUJHUXFSEFO
%JF,PDIGFMEFSXFSEFONJU/FU[LBCFMNJUPEFSPIOF4UFDLFSHFMJF
GFSU
.JU4UFDLFSBVTHFTUBUUFUF(FS¤UFE¼SGFOOVSJOWPSTDISJGUTN¤JH
BOHFCSBDIUFHFFSEFUF4UFDLEPTFOHFTUFDLUXFSEFO
&TNVTTFJOBMMQPMJHFS5SFOOTDIBMUFSNJUNJOEFTUFOT NN,PO
UBLUBCTUBOEBOHFCSBDIUXFSEFOBVFSCFJ"OTDIMVTTBOFJOFGSFJ
[VH¤OHMJDIF4UFDLEPTF
8PVWHOOXQJDXIHLQHDQGHUH*DVDUW
8FOOEJFFJOTDIM¤HJHFO#FTUJNNVOHFOEFTKFXFJMJHFO-BOEFT
EJFTFSMBVCFOLBOOEJFTFT(FS¤UBVGBOEFSF(BTBSUFOVNHFTUFMMU
XFSEFOTJFIF5ZQFOTDIJME%JFIJFSG¼SOPUXFOEJHFO5FJMFCFGJO
EFO TJDI JN NJUHFMJFGFSUFO 6NCBVLJU KF OBDI .PEFMM PEFS L¶OOFO
¼CFSEFO,VOEFOEJFOTUCF[PHFOXFSEFO
:,&+7,*#SJOHFO4JFEFO"VGLMFCFSNJUEFSVNHFTUFMMUFO(BTBSU
JOEFS/¤IFEFT5ZQFOTDIJMEFTBO
&TN¼TTFOGPMHFOEF4DISJUUFCFGPMHUXFSEFO
$$XVWDXVFKGHU'VHQ$EE 
 "MMF3PTUF#SFOOFSEFDLFMVOE7FSUFJMFSBCOFINFO
 %JF%¼TFONJUEFN4DIM¼TTFMBVTUBVTDIFOEFS¼CFSVOTFSFO
UFDIOJTDIFO 4FSWJDF NJU EFN $PEF  G¼S EPQQFMGMBNNJHF
#SFOOFSWFSG¼HCBSJTU4JFIF5BCFMMF&TJTUCFTPOEFST
EBSBVG[VBDIUFOEBTTTJDIEJF%¼TFCFJEFS"COBINFPEFS
#FGFTUJHVOHOJDIUBCM¶TU6NEJF%JDIUJHLFJU[VHFX¤ISMFJTUFO
N¼TTFOTJFGFTUBOHF[PHFOTFJO
#FJEJFTFO#SFOOFSOJTULFJOF3FHVMJFSVOHEFS1SJN¤SMVGUFSGPS
EFSMJDI
 %JF %¼TFO VOE #SFOOFSEFDLFM BO EFO FOUTQSFDIFOEFO #SFOOFSO
CFGFTUJHFO"VFSEFNTJOEEJF3PTUFFOUTQSFDIFOEBO[VCSJO
HFO
%(LQVWHOOXQJGHU*DVKlKQH$EE 
 #FEJFOLOFCFMBVGLMFJOTUF4UVGFTUFMMFO
 #FEJFOLOFCFMWPOEFO(BTI¤IOFOBCOFINFO&TFSTDIFJOUFJO
GMFYJCMFS(VNNJEJDIUSJOH.JUEFS4QJU[FEFT4DISBVCFOESFIFST
BVGEJF&JOTUFMMTDISBVCFEFT(BTIBIOTES¼DLFO
1LHPDOVGHQ'LFKWULQJDEQHKPHQ%JF%JDIUSJOHFWFSIJOEFSO
EFO&JOUSJUUWPO'M¼TTJHLFJUFOVOE4DINVU[JOT*OOFSFEFT(F
S¤UTXBTEFTTFO'VOLUJPOTU¼DIUJHLFJUCFFJOUS¤DIUJHFOL¶OOUF
 4JFIF5BCFMMF#ZQBTTTDISBVCFO .CFJ#FEBSGNJUIJMGFFJOFT
5PSY4DISBVCFOESFIFSTBOQBTTFO
$%JF#ZQBTTTDISBVCFON¼TTFOGFTUBOHF[PHFOXFSEFO
%%JF#ZQBTTTDISBVCFON¼TTFOC¼OEJHNJUEFS'BTTVOHBC
TDIMJFFO
4UFMMFO4JFTJDIFSEBTTCFJN%SFIFOEFT#FEJFOLOFCFMT[XJ
TDIFO EFS I¶DITUFO VOE EFS OJFESJHTUFO 4UVGF EFS #SFOOFS OJDIU
BVTHFIUVOEFTOJDIU[VFJOFN'MBNNFOS¼DLTDIMBHLPNNU
%FNPOUJFSFO4JFOJFNBMTEJF(BTIBIOBDITF*N'BMMFFJOFS
#FTDI¤EJHVOHNVTTEFS(BTIBIOLPNQMFUUBVTHFUBVTDIUXFSEFO
el
Ùˍˡˤˠ˜ˢ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯

˂˦˞˟˙˰˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˴ˮ˛˰ˤ˯˭ˮ˦˪˭ˮˬ˴˶ˮ˛˰ˢ˱ˢ˰˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤ
˧˞˦˴ˮ˛˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
ˍ˦ˢ˦˧˹˪ˢ˯˭ˬ˲˲˭˙ˮ˴ˬ˲˪˰˞˲˱˚˯˱˦˯ˬˡˤˠ˜ˢ˯ˢ˜˪˞˦˩˹˪ˬˢ˪ˡˢ˦˧˱˦˧˚˯


˅˰˲˰˧ˢ˲˛˞˲˱˛˭ˮ˚˭ˢ˦˪˞˴ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱˞˦˩˹˪ˬ˰ˢ˞ˢˮ˦ˣ˹˩ˢ˪ˬ˲˯
˴˻ˮˬ˲˯˂ˢ˪˭ˮ˚˭ˢ˦˪˞˰˲˪ˡˢ˥ˢ˜˰ˢ˚˪˞˰˺˰˱ˤ˩˞˞˭ˬ˴˚˱ˢ˲˰ˤ˯
˧˞˲˰˜˩˶˪

         



        


ʿ˲˱˛ˤ˰˲˰˧ˢ˲˛˚˴ˢ˦˰˴ˢˡ˦˞˰˱ˢ˜˩˹˪ˬˠ˦˞ˬ˦˧˦˞˧˛˴ˮ˛˰ˤ
˞˭˞ˠˬˮˢ˺ˢ˱˞˦ˤˢ˩˭ˬˮ˦˧˛˛ˢ˭˞ˠˠˢ˨˩˞˱˦˧˛˴ˮ˛˰ˤ˱ˤ˯˂ˢ˪˩˭ˬˮˢ˜
˪˞ˠ˜˪ˢ˦ˢˠ˧˞˱˙˰˱˞˰ˤ˞˲˱˛˯˱ˤ˯˰˲˰˧ˢ˲˛˯˰ˢˠ˦˶˱˛˱ˮˬ˴˹˰˭˦˱˞˅
ˢˠˠ˺ˤ˰ˤ ˦˰˴˺ˢ˦ ˩˹˪ˬ ˢ˳˹˰ˬ˪ ˤ ˰˲˰˧ˢ˲˛ ˴ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱˞˦ ˠ˦˞ ˱ˬ˪ ˨˹ˠˬ
˭ˬ˲˚˴ˢ˦˰˴ˢˡ˦˞˰˱ˢ˜
ˎˮ˦˪˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤˢ˨˚ˠ˫˱ˢ˞˪ˢ˜˪˞˦˰˲˩˟˞˱˚˯ˬ˦ˮ˲˥˩˜˰ˢ˦˯
˱ˬ˭˦˧˛˯ˡ˦˞˪ˬ˩˛˯˩ˢ˱ˤˮ˺˥˩˦˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯˭ˬ˲˞˪˞ˠˮ˙˳ˢ˱˞˦
˰˱ˤ˪ˢ˱˦˧˚˱˞˴˞ˮ˞˧˱ˤˮ˦˰˱˦˧˻˪ˬ˦˧ˬˠ˚˪ˢ˦˞˞ˢˮ˜ˬ˲˧˞˦˭˜ˢ˰ˤ˯˦˰˴˺˯
˱˙˰ˤ


ˑˬ˧˞˨˻ˡ˦ˬ˱ˮˬ˳ˬˡˬ˰˜˞˯˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˰˱ˢˮˢ˶˩˚˪ˬ˰˱ˬ˚˭˦˭˨ˬ
˻˰˱ˢ˪˞˞˭ˬ˳ˢ˺ˠˢ˱˞˦ˤˢ˭˞˳˛˩ˢ˱˞˥ˢˮ˩˙˰ˤ˩ˢ˜˞˱ˬ˲˳ˬ˺ˮ˪ˬ˲˛
˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪
ˍ˦˰˲˰˧ˢ˲˚˯˩ˢˤ˨ˢ˧˱ˮ˦˧˛˱ˮˬ˳ˬˡˬ˰˜˞˭ˮ˚˭ˢ˦˪˞ˠˢ˦˻˪ˬ˪˱˞˦
˲˭ˬ˴ˮˢ˶˱˦˧˙
ˊˤ˪˱ˮˬ˭ˬ˭ˬ˦ˢ˜˱ˢ˱ˬˢ˰˶˱ˢˮ˦˧˹˱ˤ˯˰˲˰˧ˢ˲˛˯ːˢ˭ˢˮ˜˭˱˶˰ˤ
˞˪˙ˠ˧ˤ˯˧˞˨˚˰˱ˢ˱ˬ˱ˢ˴˪˦˧˹˩˞˯˰˚ˮ˟˦˯

ʿ˲˱˛ˤ˰˲˰˧ˢ˲˛˞˪˱˦˰˱ˬ˦˴ˢ˜˰˱ˤ˪˧˞˱ˤˠˬˮ˜˞˰˺˩˳˶˪˞˩ˢ˱ˬ˪
˧˞˪ˬ˪˦˰˩˹ &/  ˠ˦˞ ˰˲˰˧ˢ˲˚˯ ˞ˢˮ˜ˬ˲ ˰˲˰˧ˢ˲˛ ˢ˪˱ˬ˦˴˦˰˩˚˪ˤ ˰ˢ
˚˭˦˭˨ˬ
ˑˬ ˚˭˦˭˨ˬ ˰˱ˬ ˬ˭ˬ˜ˬ ˠ˜˪ˢ˱˞˦ ˤ ˢˠ˧˞˱˙˰˱˞˰ˤ ˱ˤ˯ ˰˲˰˧ˢ˲˛˯ ˭ˮ˚˭ˢ˦ ˪˞
ˢ˜˪˞˦˧˞˱˙˨˨ˤ˨˞˰˱ˢˮˢ˶˩˚˪ˬ˧˞˦˰˱˞˥ˢˮ˹
ˑ˞ ˚˭˦˭˨˞ ˧ˬ˪˱˙ ˰˱ˤ ˰˲˰˧ˢ˲˛ ˱˞ ˭ˬ˨˲˰˱ˮ˶˩˞˱˦˧˙ ˲˨˦˧˙ ˢ˭˚˪ˡ˲˰ˤ˯
˧˞˦ ˤ ˧˹˨˨˞ ˭ˬ˲ ˱˞ ˰˲ˠ˧ˮ˞˱ˢ˜ ˭ˮ˚˭ˢ˦ ˪˞ ˢ˜˪˞˦ ˞˭˹ ˩ˤ ˢ˺˳˨ˢ˧˱˞ ˲˨˦˧˙
˧˞˦˭˲ˮ˞˪˥ˢ˧˱˦˧˙
ʿ˲˱˛ˤ˰˲˰˧ˢ˲˛ˡˢ˪˭ˮ˚˭ˢ˦˪˞ˢˠ˧˞˥˜˰˱˞˱˞˦˭˙˪˶˰ˢ˵˲ˠˢ˜˞
˭˨˲˪˱˛ˮ˦˞˭˨˲˪˱˛ˮ˦˞˭˦˙˱˶˪˛˭˞ˮ˹˩ˬ˦ˢ˯˰˲˰˧ˢ˲˚˯
˅˟˙˰ˤˢ˰˱˦˻˪ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜˩˹˪ˬ˭˙˪˶˞˭˹˚˪˞
˞ˢˮ˦ˣ˹˩ˢ˪ˬ˳ˬ˺ˮ˪ˬ˱ˬ˲˜ˡ˦ˬ˲˧˞˱˞˰˧ˢ˲˞˰˱˛
˃˙˪˧˙˱˶˞˭˹˩˦˞˟˙˰ˤˢ˰˱˦˻˪˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜˚˪˞˯˳ˬ˺ˮ˪ˬ˯˩˭ˬˮˢ˜
˱ˬ˭˙˴ˬ˯˱ˬ˲˭˙ˠ˧ˬ˲ˢˮˠ˞˰˜˞˯˪˞˲˭ˢˮ˟˞˜˪ˢ˦˱ˬˢ˨˙˴˦˰˱ˬ
˞˭˞˦˱ˬ˺˩ˢ˪ˬ˭˙˴ˬ˯˰ˢ˞˲˱˚˯˱˦˯ˬˡˤˠ˜ˢ˯ˎˮˬ˰˚˫˱ˢ˱˦˯˲˭ˬˡˢ˜˫ˢ˦˯
˰˱˦˯ˬˡˤˠ˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˱ˬ˲˳ˬ˺ˮ˪ˬ˲
ˁ˦˞˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤˢ˪˹˯ˢ˫˞ˠ˶ˠ˚˞˨˙˟ˢ˱ˢ˲˭˹˵ˤ˱ˬˢˠ˴ˢ˦ˮ˜ˡ˦ˬ
ˢˠ˧˞˱˙˰˱˞˰ˤ˯ˡ˦˞˱ˤˮ˻˪˱˞˯˭˙˪˱˞˱ˤ˪ˢ˨˙˴˦˰˱ˤ˧˙˥ˢ˱ˤ˞˭˹˰˱˞˰ˤ
˞˭˹˱ˤ˟˙˰ˤˢ˰˱˦˻˪ː˴ 

ˈ˙˪ˢ˱ˢ˩˦˞˧ˬ˭˛˰˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˩ˢ˱˦˯ˢ˪ˡˢ˦˧˪˲˹˩ˢ˪ˢ˯
ˡ˦˞˰˱˙˰ˢ˦˯˞˪˙˨ˬˠ˞˩ˢ˱ˬ˪˱ˮ˹˭ˬˢˠ˧˞˱˙˰˱˞˰ˤ˯˧˞˪ˬ˪˦˧˛B˛
˴˶˪ˢ˲˱˛Cˁ˦˞˱ˤ˴˶˪ˢ˲˱˛ˢˠ˧˞˱˙˰˱˞˰ˤ
■ʻ˨ˢ˯ˬ˦ˢˮˠ˞˰˜ˢ˯˧ˬ˭˛˯˰˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˭ˮ˚˭ˢ˦˪˞
˭ˮ˞ˠ˩˞˱ˬ˭ˬ˦ˤ˥ˬ˺˪˰ˢ˚˪˞ˢ˦ˡ˦˧ˢ˲˩˚˪ˬ˧˞˱˙˰˱ˤ˩˞
■˅˧ˬ˭˛˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˧˞˥˞ˮ˛˧˞˦˞˧ˮ˦˟˛˯˩˦˞˧˞˦ˤ˙˧ˮˤ˱ˤ˯
˧ˬ˭˛˯˳˞˜˪ˢ˱˞˦˰˱ˬ˪˭˙ˠ˧ˬˎˮ˚˭ˢ˦˪˞ˡ˦˞˰˳˞˨˜ˣˢ˱˞˦ˤ
˰˱˞˥ˢˮ˹˱ˤ˱˞˰˱˞˚˭˦˭˨˞˩ˢ˱˙˱˦˯ˢˮˠ˞˰˜ˢ˯˧ˬ˭˛˯
■ˋ˞˴ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱ˢ˩˹˪ˬˢ˦ˡ˦˧ˬ˺˯˭˙ˠ˧ˬ˲˯ˢˮˠ˞˰˜˞˯
˥ˢˮ˩ˬ˞˪˥ˢ˧˱˦˧ˬ˺˯˧˞˦˞ˡ˦˙˟ˮˬ˴ˬ˲˯˭˴˞˭˹˳˲˰˦˧˛˭˚˱ˮ˞˛
˭˨˞˧˙˧˦˞
■ˑ˞ˢ˪˱ˬ˦˴˦˰˩˚˪˞˚˭˦˭˨˞˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˥ˢˮ˩ˬ˞˪˥ˢ˧˱˦˧˙˩˚˴ˮ˦
˱ˬ˲˯ p$
ːˢ ˫˺˨˦˪ˢ˯ ˢ˭˦˳˙˪ˢ˦ˢ˯ ˢˮˠ˞˰˜˞˯ ˟ˢˮ˪˦˧˻˰˱ˢ ˱˦˯ ˢ˭˦˳˙˪ˢ˦ˢ˯ ˧ˬ˭˛˯ ˩ˢ
˩˦˞ˢ˦ˡ˦˧˛˧˹˨˨˞ˠ˦˞˪˞ˡ˦˞˰˳˞˨˜˰ˢ˱ˢ˱ˤ˰˱ˢˠ˞˪˹˱ˤ˱˞˱ˬ˲˯

ʻ˱˞˪ ˧˙˱˶ ˞˭˹ ˱ˤ ˟˙˰ˤ ˢ˰˱˦˻˪ ˡˢ˪ ˢˠ˧˞˱˞˰˱˞˥ˢ˜ ˧˞˪˚˪˞˯ ˳ˬ˺ˮ˪ˬ˯
˧˞˦˭˞ˮ˞˩˚˪ˢ˦ˤ˧˙˱˶˱ˤ˯˭˨ˢ˲ˮ˙ˢ˨ˢ˺˥ˢˮ˞˭ˮˬ˰˦˱˛˭ˮ˚˭ˢ˦˪˞
˭ˮˬ˰˚˫ˢ˱ˢ˱˞ˢ˫˛˯
■˅ ˱ˬ˭ˬ˥˚˱ˤ˰ˤ ˢ˪˹˯ ˢ˪ˡ˦˙˩ˢ˰ˬ˲ ˭˙˱ˬ˲ ˧˙˱˶ ˞˭˹ ˟˙˰ˢ˦˯ ˢ˰˱˦˻˪ ˩ˢ
ˤ˨ˢ˧˱ˮ˦˧˚˯˭˨˙˧ˢ˯˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˛˩ˢ˧˞˲˰˱˛ˮˢ˯8PLˢ˜˪˞˦
˲˭ˬ˴ˮˢ˶˱˦˧˛
■˅˱ˬ˭ˬ˥˚˱ˤ˰ˤˢ˪˹˯ˢ˪ˡ˦˙˩ˢ˰ˬ˲˭˙˱ˬ˲˧˙˱˶˞˭˹˟˙˰ˢ˦˯ˢ˰˱˦˻˪
˞ˢˮ˜ˬ˲˴˶ˮ˜˯˧˞˲˰˱˛ˮ˞8PL˰˲˪˜˰˱˞˱˞˦ˠ˦˞˱ˤ˪˞˭ˬ˳˲ˠ˛˱ˤ˯
ˢ˭˞˳˛˯˩ˢ˱ˤ˥ˢˮ˩˞˦˪˹˩ˢ˪ˤ˧˙˱˶˭˨ˢ˲ˮ˙˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪
ʼ˵ˬ˯˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯NN˞˭˹˱ˤ˪˧˙˱˶˭˨ˢ˲ˮ˙˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪
˒˨˦˧˹˱ˬ˲ˢ˪ˡ˦˙˩ˢ˰ˬ˲˭˙˱ˬ˲ˊˤ˞˪˞˳˨˚˫˦˩ˬ˲˨˦˧˹ˠ˦˞˭˞ˮ˙ˡˢ˦ˠ˩˞
˩˚˱˞˨˨ˬ˛˧ˬ˪˱ˮ˞˭˨˞˧˚

 ˁ˦˞˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪˴ˮˤ˰˦˩ˬ˭ˬ˦˛˰˱ˢ
˭ˮˬ˰˱˞˱ˢ˲˱˦˧˙ˠ˙˪˱˦˞
 D
ʿ˪˙˨ˬˠ˞˩ˢ˱ˬ˩ˬ˪˱˚˨ˬ˱ˬ˰˱ˢˠ˞˪˶˱˦˧˹˭˞ˮ˚˩˟˲˰˩˞˪˞ˢ˜˪˞˦
˱ˬ˭ˬ˥ˢ˱ˤ˩˚˪ˬ ˛ˡˤ ˧˞˱˙ ˱ˤ˪ ˚˫ˬˡˬ ˞˭˹ ˱ˬ ˢˮˠˬ˰˱˙˰˦ˬ ːˢ ˞˲˱˛˪ ˱ˤ˪
˭ˢˮ˜˭˱˶˰ˤ˩ˤ˪˱ˬ˞˳˞˦ˮˢ˜˱ˢ˲˭˹ˬ˭ˬ˦˞ˡ˛˭ˬ˱ˢ˰˲˪˥˛˧ˤ˱ˬ
˰˱ˢˠ˞˪˶˱˦˧˹˭˞ˮ˚˩˟˲˰˩˞ˢ˩˭ˬˡ˜ˣˢ˦˱˦˯ˡ˦˞ˮˮˬ˚˯˃˙˪˱ˬ
˭˞ˮ˚˩˟˲˰˩˞ˡˢ˪˚˴ˢ˦˭ˮˬ˰˞ˮ˩ˬ˰˱ˢ˜˰˱ˬˢˮˠˬ˰˱˙˰˦ˬ˧ˬ˨˨˛˰˱ˢ˱ˬ
˰˱ˬ˧˙˱˶˴ˢ˜˨ˬ˯˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪
ˁ˦˞˱ˤ˰˱ˢˮ˚˶˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯˰˱ˬ˚˭˦˭˨ˬˢ˪˱ˬ˜˴˦˰ˤ˯
 ˀˠ˙˨˱ˢ ˱ˬ˲˯ ˟ˮ˞˴˜ˬ˪ˢ˯ ˞˭˹ ˱ˤ ˰˞˧ˬ˺˨˞ ˢ˫˞ˮ˱ˤ˩˙˱˶˪ ˧˞˦ ˟˦ˡ˻˰˱ˢ
˱ˬ˲˯˰˱ˤ˥˚˰ˤ˭ˬ˲˲˭ˬˡˢ˦˧˪˺ˢ˱˞˦ˢ˭˦˱ˮ˚˭ˬ˪˱˞˯˱ˬ˲˯˪˞
˭ˢˮ˦˰˱ˮ˚˳ˬ˪˱˞˦ˢ˨ˢ˺˥ˢˮ˞
 ˃˪˱ˬ˦˴˜˰˱ˢ˧˞˦˧ˢ˪˱ˮ˞ˮ˜˰˱ˢ˱ˤ˟˙˰ˤˢ˰˱˦˻˪
ˎ˦˚˰˱ˢ˭˙˪˶˰˱˞˙˧ˮ˞˱ˤ˯˚˱˰˦˻˰˱ˢ˪˞˰˱ˤˮ˦˴˱ˢ˜˭ˢˮ˦˩ˢ˱ˮ˦˧˙
 ˁ˲ˮ˜˰˱ˢ˱ˬ˲˯˟ˮ˞˴˜ˬ˪ˢ˯˧˞˦˰˳˜˫˱ˢ˩˚˴ˮ˦˱ˬ˱˚ˮ˩˞
˅˥˚˰ˤ˱˶˪˟ˮ˞˴˦˹˪˶˪ˢ˫˞ˮ˱˙˱˞˦˞˭˹˱ˬ˭˙˴ˬ˯˱ˬ˲˭˙ˠ˧ˬ˲
ˢˮˠ˞˰˜˞˯

˅˰˲˰˧ˢ˲˛ˡˢ˪ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˧ˬ˨˨ˤ˥ˢ˜˩ˢ˰˦˨˦˧˹˪ˤ˭˙˪˶˰˱ˬ˪
˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯
 E
 ˎˮ˞ˠ˩˞˱ˬ˭ˬ˦˛˰˱ˢ˱ˤ˪˧˞˪ˬ˪˦˧˛ˢˠ˧˞˱˙˰˱˞˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
ˡ˦˞˱ˤˮ˻˪˱˞˯ˠ˺ˮ˶˱ˤ˯˩˦˞ˬ˩ˬ˦˹˩ˬˮ˳ˤ˰˴˦˰˩˛˅˟˙˰ˤˢ˰˱˦˻˪
˭ˮ˚˭ˢ˦˪˞˟ˮ˜˰˧ˢ˱˞˦˨˜ˠˬ˭˦ˬ˧˙˱˶˞˭˹˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯
ːˢˢ˰˱˜ˢ˯˩˞ˠˢ˦ˮ˦˧˛˯˩ˢ˭˨˞˧˙˧˦˞˞˪˴ˮˢ˦˙ˣˢ˱˞˦˞˪ˢ˟˙˰˱ˢ˱˦˯
ˢ˭˦˳˙˪ˢ˦ˢ˯˰˱˛ˮ˦˫ˤ˯˩ˢ˱ˤ˟ˬ˛˥ˢ˦˞˥ˢˮ˩ˬ˞˪˥ˢ˧˱˦˧˻˪˧˞˦
˞ˡ˦˙˟ˮˬ˴˶˪˰˞˪˜ˡ˶˪
 ˃˨˚ˠ˫˱ˢ˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞˧˞˦˱ˤ˥˚˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
 ˁˢ˩˜˰˱ˢ˱ˤ˰˴˦˰˩˛˩ˢ˱˞˫˺˱ˤ˯ˢ˰˱˜˞˯˩˞ˠˢ˦ˮ˦˧˛˯˧˞˦˱ˤ˯˟˙˰ˤ˯
ˢ˰˱˦˻˪˩ˢ˧˹˨˨˞˰˦˨˦˧˹˪ˤ˯˱ˬ˲ˢ˩˭ˬˮ˜ˬ˲˰˱ˬ˴ˮ˻˩˞˭ˬ˲˥˚˨ˢ˱ˢ
 ʿ˪˴ˮˤ˰˦˩ˬ˭ˬ˦˛˰ˢ˱ˢ˩˦˞˩ˤ˧˞˱˙˨˨ˤ˨ˤ˧˹˨˨˞˰ˢ
˭˙ˠ˧ˬ˲˯˩ˢ˳˲˰˦˧˛˭˚˱ˮ˞˩˭ˬˮˢ˜˪˞˴ˮ˶˩˞˱˦˰˱ˬ˺˪˧˞˦˪˞˩ˤ˪
˩˭ˬˮˢ˜˪˞˳˺ˠˢ˦˱ˬ˴ˮ˻˩˞ˊ˭ˬˮˢ˜˱ˢ˪˞˟ˮˢ˜˱ˢ˩˦˞˧˞˱˙˨˨ˤ˨ˤ
˧˹˨˨˞˰˱ˬ˱ˢ˴˪˦˧˹˩˞˯˰˚ˮ˟˦˯˧˶ˡ˦˧˹˯ˎˮ˚˭ˢ˦˪˞
˨ˤ˳˥ˬ˺˪˲˭˹˵ˤˬ˦˲˭ˬˡˢ˜˫ˢ˦˯˴ˮ˛˰ˤ˯˱ˬ˲˧˞˱˞˰˧ˢ˲˞˰˱˛
 ˉˢ˦˞˜˪ˢ˱ˢ˱ˤ˪˧˹˨˨˞˰˦˨˦˧˹˪ˤ˯˩ˢ˩˦˞˫˺˰˱ˮ˞˛˱ˬˡ˙˴˱˲˨ˬ˩ˢ
˰˞˭ˬ˺˪˦˭ˮ˦˪ˡˤ˩˦ˬ˲ˮˠˤ˥ˢ˜˩˦˞˰˱ˮ˻˰ˤ
 ʿ˳˛˰˱ˢ˪˞˰˱ˢˠ˪˻˰ˢ˦ˤ˧˹˨˨˞˰˦˨˦˧˹˪ˤ˯˭ˮ˦˪˱ˤ˴ˮ˛˰ˤ˱ˤ˯
˰˲˰˧ˢ˲˛˯

ʿ˭ˬ˰˲˪ˡ˚˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˞˭˹˱ˤ˭˞ˮˬ˴˛ˤ˨ˢ˧˱ˮ˦˧ˬ˺ˮˢ˺˩˞˱ˬ˯˧˞˦
˞ˢˮ˜ˬ˲
ˌˢ˟˦ˡ˻˰˱ˢ˱ˬ˲˯˟ˮ˞˴˜ˬ˪ˢ˯˧˞˦˰˲˪ˢ˴˜˰˱ˢ˞˪˱˜˰˱ˮˬ˳˞˱˦˯ˬˡˤˠ˜ˢ˯
˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯
 
˅˰˺˪ˡˢ˰ˤ˱ˬ˲˞ˢˮ˜ˬ˲˭ˮ˚˭ˢ˦˪˞˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜˚˱˰˦˻˰˱ˢˤ˟˙˪˞
˳ˮ˞ˠ˛˯˪˞ˢ˜˪˞˦˭ˮˬ˰˦˱˛
ˑˬ ˙˧ˮˬ ˱ˬ˲ ˰˲˨˨˚˧˱ˤ ˢ˦˰˹ˡˬ˲ ˱ˤ˯ ˟˙˰ˤ˯ ˢ˰˱˦˻˪ ˞ˢˮ˜ˬ˲ ˡ˦˞˥˚˱ˢ˦ ˚˪˞
˰˭ˢ˜ˮ˶˩˞࣐࣐ ˴˦˨˭ˬ˲ˢ˭˦˱ˮ˚˭ˢ˦
■ˑˤ˪˙˧˞˩˭˱ˤ˰˺˪ˡˢ˰ˤ
■ˑˤ˰˺˪ˡˢ˰ˤ˩ˢ˚˪˞˪ˢ˺˧˞˩˭˱ˬ˩ˢ˱˞˨˨˦˧˹˰˶˨˛˪˞- ˢ˨˞˴  N
˩ˢˠ  N
˃˦˰˙ˠˢ˱ˢ˱ˬ˰˱ˢˠ˞˪˻˱˦˧ˬ˭˞ˮ˚˩˟˲˰˩˞˭ˬ˲˰˞˯˭˞ˮ˚˴ˢ˱˞˦
˩ˢ˱˞˫˺˱ˤ˯ˢ˫˹ˡˬ˲˱ˬ˲˞ˠ˶ˠˬ˺˧˞˦˱ˤ˯˰˺˪ˡˢ˰ˤ˯˞ˢˮ˜ˬ˲
ʿ˭ˬ˳˺ˠˢ˱ˢ˱ˤ˪ˢ˭˞˳˛˱ˬ˲˰˶˨˛˪˞˩ˢ˱˞˧˦˪ˤ˱˙˱˩˛˩˞˱˞˱ˤ˯
˩ˬ˪˙ˡ˞˯ˢ˪˱ˬ˜˴˦˰ˤ˯˭˴˧˙˭ˬ˦ˬ˰˲ˮ˱˙ˮ˦˧˞˦˱ˬ˭˚ˮ˞˰˩˞˞˭˹
˴˻ˮˬ˲˯˭ˬ˲˩˭ˬˮˢ˜˪˞˭˞ˮˢ˩˭ˬˡ˜ˣˢ˦
ˁ˦˞ˬ˭ˬ˦˞ˡ˛˭ˬ˱ˢ˰˺˪ˡˢ˰ˤ 
 ˞˭˹˱ˤ˥˚˰ˤˢˮˠˬ˰˱˞˰˜ˬ˲
ʿ˪˭ˮ˚˭ˢ˦˪˞˭ˮ˞ˠ˩˞˱ˬ˭ˬ˦˛˰ˢ˱ˢ˩˦˞˧˲˨˦˪ˡˮ˦˧˛˰˺˪ˡˢ˰ˤ
˞˪˱˦˧˞˱˞˰˱˛˰˱ˢ˱ˬ˰˭ˢ˜ˮ˶˩˞˭ˬ˲˚˴ˢ˦˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜˞˭˹˱ˬ˪
˧˞˱˞˰˧ˢ˲˞˰˱˛˩ˢ˞˲˱˹˞˭˹˱ˤ˰˞˧ˬ˺˨˞ˢ˫˞ˮ˱ˤ˩˙˱˶˪ː˴ B
ˊˤ˪˫ˢ˴˙˰ˢ˱ˢ˪˞˟˙˨ˢ˱ˢ˱ˬ˭˞ˮ˚˩˟˲˰˩˞
: 
ˈ˞˱˙˱ˬ˴ˢ˦ˮ˦˰˩˹ˬ˭ˬ˦˞˰ˡ˛˭ˬ˱ˢ˰˺˪ˡˢ˰ˤ˯ˢ˨˚ˠ˫˱ˢ˱ˤ˰˱ˢˠ˞˪˹˱ˤ˱˞
ˍ ˧˞˱˞˰˧ˢ˲˞˰˱˛˯ ˡˢ˪ ˳˚ˮˢ˦ ˢ˲˥˺˪ˤ ˢ˙˪ ˲˭˙ˮ˴ˢ˦ ˡ˦˞ˮˮˬ˛ ˰ˢ ˧˙˭ˬ˦˞
˰˺˪ˡˢ˰ˤ˞˳ˬ˺˱ˤ˪˚˴ˢ˱ˢ˴ˢ˦ˮ˦˰˱ˢ˜
 
ʿ˲˱˛ ˤ ˰˲˰˧ˢ˲˛ ˢ˜˪˞˦ ˱˺˭ˬ˲ ࣓:ࣔ ˬ ˴ˮ˛˰˱ˤ˯ ˡˢ˪ ˩˭ˬˮˢ˜ ˪˞ ˞˨˨˙˫ˢ˦ ˱ˬ
˧˞˨˻ˡ˦ˬˢ˦˰˹ˡˬ˲˭˞ˮ˙˩˹˪ˬ˱ˬˑˢ˴˪˦˧˹ː˚ˮ˟˦˯ˆ˞˭ˮ˚˭ˢ˦˪˞
˱ˤˮˢ˜˱˞˦ˬ˱˺˭ˬ˯˧˞˨˶ˡ˜ˬ˲˧˞˦ˤˢ˨˙˴˦˰˱ˤˡ˦˞˱ˬ˩˛
ˊ˞ˣ˜˩ˢ˱˦˯˟˙˰ˢ˦˯ˢ˰˱˦˻˪˰˞˯˭˞ˮ˚˴ˢ˱˞˦˚˪˞˧˞˨˻ˡ˦ˬ˱ˮˬ˳ˬˡˬ˰˜˞˯
˩ˢ˛˴˶ˮ˜˯˟˺˰˩˞˭ˮ˜ˣ˞˯
ˍ˦˰˲˰˧ˢ˲˚˯˭ˬ˲ˡ˦˞˥˚˱ˬ˲˪˞˧ˮˬˡ˚˧˱ˤ˭ˮ˚˭ˢ˦˪˞˰˲˪ˡ˚ˬ˪˱˞˦
˞˭ˬ˧˨ˢ˦˰˱˦˧˙˩ˢ˭ˮ˜ˣˢ˯˩ˢˠˢ˜˶˰ˤ˧˞˱˙˨˨ˤ˨˞ˢˠ˧˞˱ˢ˰˱ˤ˩˚˪ˢ˯
ˎˮ˚˭ˢ˦˪˞ˠ˜˪ˢ˦˭ˮ˹˟˨ˢ˵ˤˢ˪˹˯ˡ˦˞˧˹˭˱ˤ˜ˡ˦˞˯˳˙˰ˤ˯˩ˢ˙˪ˬ˦ˠ˩˞
ˢ˭˞˳˛˯˱ˬ˲˨˙˴˦˰˱ˬ˪ ˴˦˨ˢ˧˱˹˯˞˭˹˰˲˪ˡ˚˰ˢ˦˯˩ˢ˳˦˯ˢ˙˪˞˲˱˹
ˢ˜˪˞˦˭ˮˬ˰˟˙˰˦˩ˬ˰˱ˬ˴ˮ˛˰˱ˤ

˃˙˪ ˱ˬ ˢ˭˦˱ˮ˚˭ˢ˦ ˤ ˪ˬ˩ˬ˥ˢ˰˜˞ ˱ˤ˯ ˴˻ˮ˞˯ ˞˲˱˛ ˤ ˰˲˰˧ˢ˲˛ ˩˭ˬˮˢ˜ ˪˞
˭ˮˬ˰˞ˮ˩ˬ˰˱ˢ˜˰ˢ˙˨˨˞˞˚ˮ˦˞˟˨˚˭ˢˢ˱˦˧˚˱˞˴˞ˮ˞˧˱ˤˮ˦˰˱˦˧˻˪ˑ˞
˞˭˞ˮ˞˜˱ˤ˱˞˧ˬ˩˩˙˱˦˞ˠ˦˞˞˲˱˹˱ˬ˰˧ˬ˭˹ˢ˜˪˞˦˰˱ˤ˰˞˧ˬ˺˨˞
ˢ˫˞ˮ˱ˤ˩˙˱˶˪ ˠ˦˞ ˞˨˨˞ˠ˛ ˱˺˭ˬ˲ ˞ˢˮ˜ˬ˲ ˭ˬ˲ ˰˞˯ ˭˞ˮ˚˴ˢ˱˞˦ ˞˪˙˨ˬˠ˞
˩ˢ˱ˬ˩ˬ˪˱˚˨ˬ˛ˢ˜˪˞˦ˡ˦˞˥˚˰˦˩ˤ˞˭˹˱ˬˑˢ˴˪˦˧˹˩˞˯ː˚ˮ˟˦˯
 ː˱ˬ˱˚˨ˬ˯˱ˬ˭ˬ˥ˢ˱˛˰˱ˢ˱ˤ˪˞˲˱ˬ˧˹˨˨ˤ˱ˤˢ˱˦˧˚˱˞˭ˬ˲
˲˭ˬˡˢ˦˧˪˺ˢ˦˱ˬ˪˚ˬ˱˺˭ˬ˞ˢˮ˜ˬ˲˧ˬ˪˱˙˰˱ˤ˪ˢ˱˦˧˚˱˞
˴˞ˮ˞˧˱ˤˮ˦˰˱˦˧˻˪
ˎˮ˚˭ˢ˦˪˞˞˧ˬ˨ˬ˲˥˛˰ˢ˱ˢ˱˞˭˞ˮ˞˧˙˱˶˟˛˩˞˱˞
$
 ʿ˳˞˦ˮ˚˰˱ˢ˹˨ˢ˯˱˦˯˰˴˙ˮˢ˯˱˞˧˞˭˙˧˦˞˱˶˪˧˞˲˰˱˛ˮ˶˪˧˞˦˱ˬ˲˯
ˡ˦˞˪ˬ˩ˢ˜˯
 ʿ˪˱˦˧˞˱˞˰˱˛˰˱ˢ˱˞˩˭ˢ˧˩ˢ˱ˬ˧˨ˢ˦ˡ˜˭ˬ˲ˢ˜˪˞˦ˡ˦˞˥˚˰˦˩ˬ˩˚˰˶
˱ˬ˲˱ˢ˴˪˦˧ˬ˺˰˚ˮ˟˦˯˩ˢ˱ˬ˪˧˶ˡ˦˧˹ˠ˦˞˧˞˲˰˱˛ˮˢ˯ˡ˦˭˨˛˯
˳˨˹ˠ˞˯ˀ˨˚˭ˢ˭˜˪˞˧˞ˎˮ˚˭ˢ˦˪˞˭ˮˬ˰˚˫ˢ˱ˢ˦ˡ˦˞˜˱ˢˮ˞
˪˞˩ˤ˪˞˭ˬ˰˭˞˰˱ˢ˜˱ˬ˩˭ˢ˧˧˞˱˙˱ˤ˪˞˳˞˜ˮˢ˰ˤ˛˱ˤ˰˱ˢˮ˚˶˰ˤ
ˁ˦˞˪˞ˢ˫˞˰˳˞˨˦˰˱ˢ˜ˤ˰˱ˢˠ˞˪˹˱ˤ˱˞˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˧˞˨˙
˰˳˦ˠ˩˚˪˞
ːˢ˞˲˱ˬ˺˯˱ˬ˲˯˧˞˲˰˱˛ˮˢ˯ˡˢ˪ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˤˤˮ˺˥˩˦˰ˤ˱ˬ˲
˭ˮ˶˱ˢ˺ˬ˪˱ˬ˯˞˚ˮ˞
 ː˱ˢˮˢ˻˰˱ˢ˱˞˩˭ˢ˧˧˞˦˱˞˧˞˭˙˧˦˞˱˶˪˧˞˲˰˱˛ˮ˶˪˰˱ˬ˲˯
˞˪˱˜˰˱ˬ˦˴ˬ˲˯˧˞˲˰˱˛ˮˢ˯˃˭˦˭˨˚ˬ˪˭ˮ˚˭ˢ˦˪˞˱ˬ˭ˬ˥ˢ˱˛˰ˢ˱ˢ˱˦˯
˞˪˱˜˰˱ˬ˦˴ˢ˯˰˴˙ˮˢ˯
%
 ˆ˚˰˱ˢ˱ˬ˲˯ˡ˦˞˧˹˭˱ˢ˯˴ˢ˦ˮ˦˰˩ˬ˺˰˱ˤ˩˦˧ˮ˹˱ˢˮˤ˟˞˥˩˜ˡ˞
 ʿ˳˞˦ˮ˚˰˱ˢ˱ˬ˲˯ˡ˦˞˧˹˭˱ˢ˯˴ˢ˦ˮ˦˰˩ˬ˺˞˭˹˱˦˯˟˙˪ˢ˯˞ˢˮ˜ˬ˲
˃˩˳˞˪˜ˣˢ˱˞˦˚˪˞˯ˢ˺˧˞˩˭˱ˬ˯˨˞˰˱˦˴˚˪˦ˬ˯ˡ˞˧˱˺˨˦ˬ˯
˰˱ˢˠ˞˪ˬ˭ˬ˜ˤ˰ˤˎ˦˚˰˱ˢ˩ˢ˱ˤ˩˺˱ˤ˱ˬ˲˧˞˱˰˞˟˦ˡ˦ˬ˺ˠ˦˞˪˞˚˴ˢ˱ˢ
˭ˮ˹˰˟˞˰ˤ˰˱ˤ˟˜ˡ˞ˮ˺˥˩˦˰ˤ˯˱ˤ˯˟˙˪˞˯˞ˢˮ˜ˬ˲
ˍ˦
ˡ˞˧˱˺˨˦ˬ˦˰˱ˢˠ˞˪ˬ˭ˬ˜ˤ˰ˤ˯ˢ˩˭ˬˡ˜ˣˬ˲˪˱ˤ˪ˢ˦˰ˮˬ˛˲ˠˮ˻˪˧˞˦
ˮ˺˭˞˪˰ˤ˯ ˰˱ˬ ˢ˰˶˱ˢˮ˦˧˹ ˱ˤ˯ ˰˲˰˧ˢ˲˛˯ ˧˙˱˦ ˭ˬ˲ ˥˞ ˩˭ˬˮˬ˺˰ˢ ˪˞
ˢ˭ˤˮˢ˙˰ˢ˦˞ˮ˪ˤ˱˦˧˙˱ˤ˪˦˧˞˪˹˱ˤ˱˞˨ˢ˦˱ˬ˲ˮˠ˜˞˯˱ˤ˯
 ˀ˨˚˭ˢ ˰˱ˬ˪ ˭˜˪˞˧˞ ˎˮˬ˰˞ˮ˩˹˰˱ˢ ˱˦˯ ˟˜ˡˢ˯ ˭˞ˮ˙˧˞˩˵ˤ˯ #ZQBTT
. ˰ˢ ˭ˢˮ˜˭˱˶˰ˤ ˭ˬ˲ ˴ˮˢ˦˙ˣˢ˱˞˦ ˩ˢ ˱ˤ ˟ˬ˛˥ˢ˦˞ ˢ˪˹˯ ˧˞˱˰˞˟˦ˡ˦ˬ˺
5PSY
$ˍ˦˟˜ˡˢ˯˭˞ˮ˙˧˞˩˵ˤ˯#ZQBTT˭ˮ˚˭ˢ˦˪˞˰˳˜˫ˬ˲˪˧˞˨˙
%ˍ˦˟˜ˡˢ˯˭˞ˮ˙˧˞˩˵ˤ˯˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˦˰˹˭ˢˡˢ˯˩ˢ˱ˬ˭˨˞˜˰˦ˬ
ˀˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˧˞˱˙˱ˬˠ˺ˮ˦˰˩˞˱ˬ˲ˡ˦˞˧˹˭˱ˤ˴ˢ˦ˮ˦˰˩ˬ˺˩ˢ˱˞˫˺
˱ˤ˯˩ˢˠ˞˨˺˱ˢˮˤ˯˧˞˦˱ˤ˯˩˦˧ˮ˹˱ˢˮˤ˯˟˞˥˩˜ˡ˞˯ˬ˧˞˲˰˱˛ˮ˞˯ˡˢ
˰˟˛˰ˢ˦˧˞˦ˡˢ˪ˢ˩˳˞˪˜ˣˢ˱˞˦˩˦˞˞˪˱ˢ˭˦˰˱ˮˬ˳˛˳˨˹ˠ˞˯
ˊˤ˪˞˭ˬ˰˲˪˞ˮ˩ˬ˨ˬˠ˛˰ˢ˱ˢ˭ˬ˱˚˱ˬ˪˙˫ˬ˪˞˱ˤ˯˟˙˪˞˯˞ˢˮ˜ˬ˲ːˢ
˭ˢˮ˜˭˱˶˰ˤ˩˦˞˯ˣˤ˩˦˙˯˭ˮ˚˭ˢ˦˪˞˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˭˨˛ˮ˶˯ˤ˟˙˪˞
˞ˢˮ˜ˬ˲
en
Ú*OTUBMMBUJPOJOTUSVDUJPOT
6DIHW\SUHFDXWLRQV
3FBEUIFBQQMJBODFTJOTUSVDUJPOTCFGPSFJOTUBMMJOHBOEVTJOH
5IFJNBHFTTIPXOJOUIFTFJOTUSVDUJPOTBSFGPSHVJEBODFPOMZ
7KHPDQXIDFWXUHULVH[HPSWIURPDOOUHVSRQVLELOLW\LIWKH
UHTXLUHPHQWVRIWKLVPDQXDODUHQRWFRPSOLHGZLWK
5IJT BQQMJBODF NVTU POMZ CF VTFE JO XFMM WFOUJMBUFE QMBDFT *U NVTU
OPUCFDPOOFDUFEUPBDPNCVTUJPOQSPEVDUSFNPWBMEFWJDF
$OORSHUDWLRQVUHODWLQJWRLQVWDOODWLRQFRQQHFWLRQUHJXODWLRQ
DQGFRQYHUVLRQWRRWKHUJDVW\SHVPXVWEHFDUULHGRXWE\DQ
DXWKRULVHGLQVWDOODWLRQHQJLQHHUUHVSHFWLQJDOODSSOLFDEOH
UHJXODWLRQV VWDQGDUGV DQG WKH VSHFLILFDWLRQV RI WKH ORFDO JDV
DQGHOHFWULFLW\VXSSOLHUV6SHFLDODWWHQWLRQVKDOOEHSDLGWR
YHQWLODWLRQUHJXODWLRQV
,WLVUHFRPPHQGHG\RXFRQWDFWWKH7HFKQLFDO$VVLVWDQFH
6HUYLFHWRFKDQJHWRDQRWKHUJDVW\SH
5IJTBQQMJBODFIBTCFFOEFTJHOFEGPSIPNFVTFPOMZOPUGPS
DPNNFSDJBM PS QSPGFTTJPOBM VTF 5IJT BQQMJBODF DBOOPU CF JOTUBMMFE
POZBDIUTPSJODBSBWBOT5IFXBSSBOUZXJMMPOMZCFWBMJEJGUIF
BQQMJBODFJTVTFEGPSUIFQVSQPTFGPSXIJDIJUXBTEFTJHOFE
#FGPSFJOTUBMMJOHZPVOFFEUPDIFDLUIBUMPDBMEJTUSJCVUJPO
DPOEJUJPOTBSFDPNQBUJCMFXJUIUIFBQQMJBODFTBEKVTUNFOU
JOEJDBUFEPOUIFTQFDJGJDBUJPOTQMBUFHBTUZQFBOEQSFTTVSF
QPXFSWPMUBHF
%HIRUH\RXEHJLQWXUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDV
VXSSO\
5IFTVQQMZDBCMFNVTUCFBUUBDIFEUPUIFVOJUUPQSFWFOUJUGSPN
UPVDIJOHIPUQBSUTPGUIFPWFOPSIPC
"QQMJBODFTXJUIFMFDUSJDBMTVQQMZNVTUCFFBSUIFE
%POPUUBNQFSXJUIUIFBQQMJBODFTJOUFSJPS*GOFDFTTBSZDBMMPVS
5FDIOJDBM"TTJTUBODF4FSWJDF
%HIRUHLQVWDOOLQJ
5IJTBQQMJBODFJTDMBTTUZQFBDDPSEJOHUPUIF&/
SFHVMBUJPOGPSHBTBQQMJBODFTCVJMUJOBQQMJBODF
5IFLJUDIFOVOJUJOXIJDIUIFBQQMJBODFJTJOTUBMMFENVTUCF
QSPQFSMZTFDVSFEBOETUBCMF
5IFLJUDIFOVOJUTOFYUUPUIFBQQMJBODFUIFMBNJOBUFEDPWFSJOH
BOE HMVF GPS BEIFSJOH JU NVTU CF NBEF PG OPOGMBNNBCMF BOE IFBU
SFTJTUBOUNBUFSJBMT
5IJTBQQMJBODFDBOOPUCFJOTUBMMFEBCPWFGSJEHFTXBTIJOH
NBDIJOFTEJTIXBTIFSTPSTJNJMBS
5IFIPCNBZPOMZCFGJUUFEBCPWFBWFOUJMBUFEPWFO
*GBOPWFOJTJOTUBMMFEVOEFSOFBUIUIFIPCUIFUIJDLOFTTTQFDJGJFE
GPSUIFXPSLTVSGBDFNBZFYDFFEUIFNJOJNVNUIJDLOFTTTUBUFEJO
UIFTF JOTUSVDUJPOT 0CTFSWF UIF JOGPSNBUJPO JO UIF PWFO JOTUBMMBUJPO
JOTUSVDUJPOT
*GBOFYUSBDUPSGBOJTJOTUBMMFEZPVNVTUGPMMPXUIFJOTUSVDUJPOTJO
UIFJOTUBMMBUJPONBOVBMBMXBZTSFTQFDUJOHUIFNJOJNVNWFSUJDBM
EJTUBODFGSPNUIFIPCGJH 

3UHSDUDWLRQRIWKHNLWFKHQXQLWILJ 
.BLF BO BQQSPQSJBUF TJ[F DVU JO UIF XPSLUPQ TVSGBDF EFQFOEJOH PO
UIFJOTUBMMBUJPONFUIPETUBOEBSEBPSGMVTIC'PSGMVTI
JOTUBMMBUJPO
■"MMDVUTJOUIFXPSLUPQTVSGBDFTIPVMECFEPOFCZBTQFDJBMJTFE
TIPQ
■5IFDVUTTIPVMECFDMFBOBOEQSFDJTFBTUIFDVUFEHFJTPOUIF
TVSGBDF5IFTUBCJMJUZPGUIFGVSOJUVSFTIPVMEBMTPCFFOTVSFE
BGUFSDVUUJOHXPSL
■6TFPOMZTQFDJBMMZEFTJHOFEXPSLTVSGBDFTSFTJTUBOUUPIJHI
UFNQFSBUVSFBOEXBUFSFHOBUVSBMTUPOFPSUJMFE
■4VSSPVOEJOHGVSOJUVSFNVTUCFSFTJTUBOUUPUFNQFSBUVSFTVQUP
 p$
0O XPPE XPSL TVSGBDFT WBSOJTI UIF DVUUJOH TVSGBDFT XJUI B TQFDJBM
HMVF5IJTQSPUFDUTUIFNGSPNNPJTUVSFXIJDIDPVMEDPMMFDUVOEFS
UIFXPSLTVSGBDF
,QWHUPHGLDWHIORRU
*GBOPWFOIBTOPUCFFOJOTUBMMFEVOEFSOFBUIUIFIPCBOEUIF
VOEFSTJEFPGUIFIPCJTFBTJMZBDDFTTJCMFQMFBTFOPUFUIF
GPMMPXJOH
■"OJOUFSNFEJBUFGMPPSNVTUCFGJUUFEVOEFSOFBUIIPCTUIBUIBWF
FMFDUSJDIPUQMBUFTPSXPLCVSOFST
■*UJTBEWJTBCMFUPGJUBOJOUFSNFEJBUFGMPPSVOEFSOFBUIHBTIPCT
UIBUEPOPUIBWFXPLCVSOFST5IJTQSFWFOUTDPOUBDUXJUIUIF
VOEFSTJEFPGUIFIPCXIJDICFDPNFTIPUEVSJOHVTF
*OTUBMMBUJPOIFJHIU NNGSPNUIFVOEFSTJEFPGUIFIPC
.BUFSJBM PG UIF JOUFSNFEJBUF GMPPS /POGMBNNBCMF NBUFSJBM TVDI BT
NFUBMPSQMZXPPE
,QVWDOODWLRQRIDSSOLDQFH
1RWH 8FBSQSPUFDUJWFHMPWFTUPGJUUIFIPC
$6WDQGDUGLQVWDOODWLRQILJ D
%FQFOEJOHPOUIFNPEFMUIFBEIFTJWFTFBMNBZCFGBDUPSZGJUUFE
*GUIJTJTUIFDBTFJUTIPVMEOPUCFSFNPWFEVOEFSBOZ
DJSDVNTUBODFTTJODFUIFBEIFTJWFTFBMQSFWFOUTMFBLT*GUIFTFBM
IBTOPUCFFOGBDUPSZGJUUFEBQQMZJUUPUIFVOEFSTJEFPGUIFIPC
'JUUJOHUIFBQQMJBODFPOUPUIFLJUDIFOVOJU
 3FNPWFUIFDMJQTGSPNUIFBDDFTTPSZCBHBOETDSFXUIFNJOUP
UIFQPTJUJPOJOEJDBUFETPUIBUUIFZDBOUVSOGSFFMZ
 *OTFSUBOEDFOUSFUIFIPC
1SFTTUIFTJEFTPGUIFIPCVOUJMJUJTTVQQPSUFEBSPVOEJUTFOUJSF
QFSJNFUFS
 5VSOUIFDMJQTBOEUJHIUFOUIFNGVMMZ
5IF QPTJUJPO PG UIF DMJQT EFQFOET PO IPX UIJDL UIF XPSL TVSGBDF
JT
%POPUTUJDLUIFIPCPOUPUIFXPSLUPQXJUITJMJDPOF
%)OXVKLQVWDOODWLRQILJ E
 $PNQMFUF B OPSNBM JOTUBMMBUJPO PG UIF BQQMJBODF NBLJOH TVSF UIBU
JUJTTVSSPVOEFECZBVOJGPSNTMPU5IFIPCTVSGBDFTIPVMECF
TMJHIUMZCFMPXUIFXPSLTVSGBDF
'PSUJMFXPSLUPQTJGOFDFTTBSZSBJTFUIFCFBSJOHTVSGBDFTXJUI
TUSJQTSFTJTUBOUUPXBUFSBOEUFNQFSBUVSFT
 $IFDLUIFPQFSBUJPOBOEQPTJUJPOPGBQQMJBODF
 'JMMUIFHBQCFUXFFOUIFXPSLUPQBOEIPCXJUIDPOWFOUJPOBM
TJMJDPOFBEIFTJWFBQQSPQSJBUFJOUIFDPMPVSZPVEFTJSF
1RWH *GVOTVJUBCMFTJMJDPOFBEIFTJWFJTVTFEPOOBUVSBMTUPOF
TVSGBDFT UIFO UIJT DBO QSPEVDF DPMPVST UIBU DBO OPU CF SFNPWFE
0VS 5FDIOJDBM "TTJTUBODF 4FSWJDF DBO QSPWJEF ZPV XJUI UIF NPTU
TVJUBCMFHMVFDPEF1MFBTFOPUFUIFNBOVGBDUVSFST
JOTUSVDUJPOTGPSVTF
 4NPPUIUIFTJMJDPOFBEIFTJWFXJUIBTDSBQFSPSXFUGJOHFS
NPJTUFOFEXJUITPBQBOEXBUFSCFGPSFJUGPSNTBMBZFS
 "MMPXUIFTJMJDPOFBEIFTJWFUPESZCFGPSFVTJOHUIFBQQMJBODF
5HPRYDORIKRE
5VSOPGGUIFBQQMJBODFTFMFDUSJDJUZBOEHBTTVQQMZ
6OTDSFXUIFDMJQTBOEQSPDFFEJOUIFSFWFSTFPSEFSUPJOTUBMMBUJPO
*DVFRQQHFWLRQILJ 
5IFHBTDPOOFDUJPONVTUCFMPDBUFEJOBQPTJUJPOXIFSFUIFTUPQ
UBQJTBDDFTTJCMF
5IFFOEPGUIFJOMFUDPOOFDUJPOQPJOUPGUIFHBTIPCIBTBࣔ
UISFBE NNUIBUBMMPXTGPS
■"GJYFEDPOOFDUJPO
■$POOFDUJPOVTJOHBGMFYJCMFQJQF- NJO  NNBY  N
5IFXBUFSUJHIUTFBMTVQQMJFENVTUCFJOTFSUFECFUXFFO
UIFNBOJGPMEPVUMFUBOEUIFHBTTVQQMZ
:PVNVTUQSFWFOUUIFQJQFGSPNDPNJOHJOUPDPOUBDUXJUINPWJOH
QBSUTPGUIFLJUDIFOVOJUGPSFYBNQMFBESBXFSBOEQSFWFOU
BDDFTTUPBOZTQBDFTXIJDINJHIUCFDPNFPCTUSVDUFE
'RQRWPRYHWKH/WXEHGSPNUIFGBDUPSZGJUUFEQPTJUJPO
SFHBSEMFTTPGUIFDPOOFDUJPOUZQF
*GZPVOFFEUPNBLFBDZMJOESJDBMDPOOFDUJPOSFQMBDFUIFGBDUPSZ
GJUUFE-UVCFXJUIUIFPOFJOUIFBDDFTTPSZCBH'JH B
1MFBTFSFNFNCFSUPJOTFSUUIFTFBM
: 'DQJHURIOHDNV
*GBOZDPOOFDUJPOJTIBOEMFEDIFDLUIFTFBM
5IFNBOVGBDUVSFSJTOPUMJBCMFGPSBOZDPOOFDUJPOMFBLJOHBGUFS
CFJOHIBOEMFE
(OHFWULFFRQQHFWLRQILJ 
5IJTBQQMJBODFJTUZQF࣓:ࣔUIFTVQQMZDBCMFDBOPOMZCFDIBOHFE
CZUIF5FDIOJDBM"TTJTUBODF4FSWJDFBOEOPUUIFVTFS5IFDBCMF
UZQFBOENJOJNVNDSPTTTFDUJPONVTUCFSFTQFDUFE
5IFIPCTBSFTVQQMJFEXJUIBQPXFSDBCMFXJUIPSXJUIPVUBXBMM
TPDLFUQMVH
"QQMJBODFTXJUIQMVHTNVTUPOMZCFDPOOFDUFEUPTPDLFUTUIBU
IBWFFBSUIXJSFTDPSSFDUMZJOTUBMMFE
1SPWJEFBOPNOJQPMBSDVUPGGTXJUDIXJUIBNJOJNVNDPOUBDU
PQFOJOHPG NNFYDFQUGPSQMVHDPOOFDUJPOTJGUIFVTFSIBT
BDDFTTUPJU
&KDQJLQJWKHJDVW\SH
*G UIF DPVOUSZT SFHVMBUJPOT BMMPX UIJT BQQMJBODF DBO CF BEBQUFE UP
PUIFSUZQFTPGHBTTFFTQFDJGJDBUJPOTQMBUF5IFDPNQPOFOUT
SFRVJSFEGPSUIJTBSFJOUIFUSBOTGPSNBUJPOLJUTVQQMJFEEFQFOEJOH
POUIFNPEFMPSBSFBWBJMBCMFGSPNPVS5FDIOJDBM"TTJTUBODF
4FSWJDF
,PSRUWDQW "GUFS GJOJTIJOH TUJDL UIF TUJDLFS JOEJDBUJOH UIF OFX HBT
UZQFDMPTFUPUIFTQFDJGJDBUJPOTQMBUF
5IFGPMMPXJOHTUFQTTIPVMECFUBLFO
$5HSODFLQJWKHQR]]OHVILJ 
 3FNPWFBMMQBOTVQQPSUTCVSOFSDBQTBOEEJTUSJCVUPST
 5PSFQMBDFUIFOP[[MFTVTFUIFLFZUIBUJTBWBJMBCMFGSPNPVS
UFDIOJDBMTFSWJDFXJUIDPEFGPSEVBMGMBNFCVSOFST
4FFUBCMF*UJTJNQPSUBOUUPNBLFTVSFUIBUUIFOP[[MF
EPFTOPUCFDPNFEFUBDIFEEVSJOHSFNPWBMPSGBTUFOJOH5IFZ
NVTUCFQSPQFSMZUJHIUFOFEUPFOTVSFUIBUUIFSFBSFOPMFBLT
8JUIUIFTFCVSOFSTUIFSFJTOPOFFEUPBEKVTUUIFQSJNBSZBJS
 'BTUFOUIFOP[[MFTBOECVSOFSDBQTUPUIFDPSSFTQPOEJOH
CVSOFST*OBEEJUJPOUPUIJTQVUUIFQBOTVQQPSUTJOQMBDFPOUIF
DPSSFTQPOEJOHCVSOFST
%$GMXVWLQJWKHJDVYDOYHVILJ 
 5VSOUIFDPOUSPMLOPCTUPUIFMPXFTUTFUUJOH
 3FNPWF UIF DPOUSPM LOPCT GSPN UIF HBT WBMWFT " GMFYJCMF SVCCFS
TFBMJOHSJOHXJMMCFWJTJCMF1VTIEPXOXJUIUIFUJQPGB
TDSFXESJWFSPOUIFHBTWBMWFTTFUUJOHTDSFX
1HYHUUHPRYHWKHVHDOLQJULQJ4FBMJOHSJOHTQSFWFOUMJRVJET
BOE EJSU GSPN GJOEJOH UIFJS XBZ JOUP UIF BQQMJBODF BOE JNQBJSJOH JUT
BCJMJUZUPGVODUJPOQSPQFSMZ
 4FFUBCMFJGOFDFTTBSZVTFB5PSYTDSFXESJWFSUPBEKVTUUIF
CZQBTTTDSFXT .
$5IFCZQBTTTDSFXTNVTUCFUJHIUFOFEQSPQFSMZ
%5IFCZQBTTTDSFXTNVTUGJOJTIGMVTIXJUIUIFGJUUJOH
.BLFTVSFUIBUUIFGMBNFEPFTOPUHPPVUBOEUIBUUIFSFBSFOP
GMBTICBDLTXIFOZPVUVSOUIFDPOUSPMLOPCCFUXFFOUIFIJHIFTU
BOEMPXFTUTFUUJOH
/FWFSSFNPWFUIFHBTUBQBYMF*OUIFFWFOUPGEBNBHFUIFHBT
WBMWFNVTUCFDPNQMFUFMZSFQMBDFE
es
Û*OTUSVDDJPOFTEFNPOUBKF
,QGLFDFLRQHVGHVHJXULGDG
-FBMBTJOTUSVDDJPOFTEFMBQBSBUPBOUFTEFQSPDFEFSBTV
JOTUBMBDJ³OZVTP
-BTJN¡HFOFTSFQSFTFOUBEBTFOFTUBTJOTUSVDDJPOFTUJFOFO
DBS¡DUFSPSJFOUBUJWP
(OIDEULFDQWHTXHGDH[HQWRGHWRGDUHVSRQVDELOLGDGVLQRVH
FXPSOHQODVGLVSRVLFLRQHVGHHVWHPDQXDO
&TUFBQBSBUPTFEFCFVUJMJ[BSºOJDBNFOUFFOMVHBSFT
TVGJDJFOUFNFOUFWFOUJMBEPT/PTFEFCFDPOFDUBSBVOEJTQPTJUJWP
EFFWBDVBDJ³OEFMPTQSPEVDUPTEFDPNCVTUJ³O
7RGRVORVWUDEDMRVGHLQVWDODFLyQFRQH[LyQUHJXODFLyQ\
DGDSWDFLyQ D RWURV WLSRV GH JDV GHEHQ VHU HIHFWXDGRV SRU XQ
WpFQLFRGHLQVWDODFLyQDXWRUL]DGRUHVSHWDQGRWRGDOD
QRUPDWLYD \ OHJLVODFLyQ DSOLFDEOHV \ ODV SUHVFULSFLRQHV GH ODV
 
FRPSDxtDVORFDOHVSURYHHGRUDVGHJDV\HOHFWULFLGDG6H
SRQGUiHVSHFLDODWHQFLyQDODVGLVSRVLFLRQHVDSOLFDEOHVHQ
FXDQWRDODYHQWLODFLyQ
6HUHFRPLHQGDOODPDUDQXHVWUR6HUYLFLR7pFQLFRSDUDOD
DGDSWDFLyQDRWURVWLSRVGHJDV
&TUFBQBSBUPIBTJEPEJTF±BEPTPMPQBSBVTPEPN©TUJDPOP
FTUBOEP QFSNJUJEP TV VTP DPNFSDJBM P QSPGFTJPOBM &TUF BQBSBUP OP
QVFEF TFS JOTUBMBEP FO ZBUFT P DBSBWBOBT -B HBSBOUB ºOJDBNFOUF
UFOES¡WBMJEF[FODBTPEFRVFTFSFTQFUFFMVTPQBSBFMRVFGVF
EJTF±BEP
"OUFTEFMBJOTUBMBDJ³ODPNQSVFCFRVFMBTDPOEJDJPOFTEF
EJTUSJCVDJ³OMPDBMTPODPNQBUJCMFTDPOFMSFHMBKFEFMBQBSBUPRVF
GJHVSB FO MB QMBDB EF DBSBDUFSTUJDBT OBUVSBMF[B Z QSFTJ³O EFM HBT
QPUFODJBWPMUBKF
$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \
GHJDVGHODSDUDWR
&MDBCMFEFBMJNFOUBDJ³OEFCFGJKBSTFBMNVFCMFQBSBFWJUBSRVF
UPRVFQBSUFTDBMJFOUFTEFMIPSOPPQMBDBEFDPDDJ³O
-PT BQBSBUPT DPO BMJNFOUBDJ³O FM©DUSJDB EFCFO DPOFDUBSTF B UJFSSB
PCMJHBUPSJBNFOUF
/PNBOJQVMFFMJOUFSJPSEFMBQBSBUP4JFTQSFDJTPMMBNFBOVFTUSP
4FSWJDJP5©DOJDP
$QWHVGHODLQVWDODFLyQ
&TUF BQBSBUP DPSSFTQPOEF B MB DMBTF  TFHºO MB OPSNB &/ 
QBSBBQBSBUPTBHBTBQBSBUPFODBTUSBEPFOVONVFCMF
&MNVFCMFFOFMRVFTFJOTUBMFFMBQBSBUPEFCFFTUBS
DPOWFOJFOUFNFOUFGJKBEPZTFSFTUBCMF
-PT NVFCMFT QS³YJNPT BM BQBSBUP MPT SFWFTUJNJFOUPT FTUSBUJGJDBEPT
ZMBDPMBRVFMPTGJKBEFCFOTFSEFNBUFSJBMFTOPJOGMBNBCMFTZ
SFTJTUFOUFTBMDBMPS
&TUFBQBSBUPOPTFQVFEFJOTUBMBSTPCSFOFWFSBTMBWBEPSBT
MBWBWBKJMMBTPTJNJMBSFT
1BSBJOTUBMBSMBQMBDBEFDPDDJ³OTPCSFVOIPSOPFTUFEFCFUFOFS
WFOUJMBDJ³OGPS[BEB
4JTFJOTUBMBVOIPSOPEFCBKPEFMBQMBDBEFDPDDJ³OFMHSPTPS
NOJNPJOEJDBEPQBSBMBTVQFSGJDJFEFUSBCBKPQVFEFTFSNBZPS
RVFFMJOEJDBEPFOFTUBTJOTUSVDDJPOFT0CTFSWFMBTJOEJDBDJPOFT
EFMBTJOTUSVDDJPOFTEFNPOUBKFEFMIPSOP
4JJOTUBMBVOFYUSBDUPSUFOHBFODVFOUBTVNBOVBMEFJOTUBMBDJ³O
SFTQFUBOEPTJFNQSFMBEJTUBODJBWFSUJDBMNOJNBBMBQMBDBEF
DPDDJ³OGJH 
3UHSDUDFLyQGHOPXHEOHILJ
)BHBVODPSUFEFMBTEJNFOTJPOFTOFDFTBSJBTFOMBTVQFSGJDJFEF
USBCBKPTFHºOFMNPEPEFJOTUBMBDJ³OEFTFBEPOPSNBMBP
FOSBTBEPC1BSBFMNPEPEFJOTUBMBDJ³OFOSBTBEP
■5PEPTMPTUSBCBKPTEFSFDPSUFFOMBTVQFSGJDJFEFUSBCBKPEFCFO
SFBMJ[BSTFFOMBUJFOEBFTQFDJBMJ[BEB
■-PTDPSUFTEFCFOTFSMJNQJPTZQSFDJTPTZBRVFFMDBOUPEF
DPSUFTFWFFOMBTVQFSGJDJF-BFTUBCJMJEBEEFMPTNVFCMFT
UBNCJ©OEFCFFTUBSHBSBOUJ[BEBEFTQV©TEFMPTUSBCBKPTEF
SFDPSUF
■6UJMJ[BSºOJDBNFOUFTVQFSGJDJFTEFUSBCBKPFTQFDJBMFT
SFTJTUFOUFT B MB UFNQFSBUVSB Z BM BHVB Q FK EF QJFESB OBUVSBM P
BMJDBUBEBT
■-PTNVFCMFTEFFODBTUSFEFCFOTFSSFTJTUFOUFTBUFNQFSBUVSBT
EFIBTUB p$
&OTVQFSGJDJFTEFUSBCBKPEFNBEFSBCBSOJDFMBTTVQFSGJDJFTEF
DPSUFDPOVOBDPMBFTQFDJBMQBSBQSPUFHFSMBTEFMBIVNFEBE
6HSDUDGRU
4JOPTFJOTUBMBVOIPSOPEFCBKPEFMBQMBDBEFDPDDJ³OZMBQBSUF
JOGFSJPSRVFEBBDDFTJCMFUFOHBFODVFOUBMBTTJHVJFOUFT
JOEJDBDJPOFT
■&T PCMJHBUPSJP JOTUBMBS VO TFQBSBEPS CBKP QMBDBT EF DPDDJ³O RVF
EJTQPOHBOEFQMBDBFM©DUSJDBPRVFNBEPSXPL
■4FSFDPNJFOEBJOTUBMBSVOTFQBSBEPSCBKPQMBDBTEFDPDDJ³OB
HBTTJORVFNBEPSXPLQBSBJNQFEJSFMDPOUBDUPDPOMBQBSUF
JOGFSJPSDBMJFOUF
%JTUBODJBEFJOTUBMBDJ³OB NNEFMBQBSUFJOGFSJPSEFMBQMBDB
EFDPDDJ³O
.BUFSJBM EFM TFQBSBEPS OP JOGMBNBCMF QPS FKFNQMP NFUBM P NBEFSB
DPOUSBDIBQBEB
,QVWDODFLyQGHODSDUDWR
1RWD 6TBSHVBOUFTEFQSPUFDDJ³OBMJOTUBMBSMBQMBDB
$,QVWDODFLyQQRUPDOILJ D
4FHºO NPEFMP MB KVOUB BEIFTJWB QVFEF TBMJS QVFTUB EF G¡CSJDB 4J
FTBTOPMBRVJUFCBKPOJOHºODPODFQUPMBKVOUBBEIFTJWBFWJUB
GJMUSBDJPOFT4JMBKVOUBOPFTU¡QVFTUBEFG¡CSJDBQ©HVFMBFOFM
CPSEFJOGFSJPSEFMBQMBDBEFDPDDJ³O
1BSBMBGJKBDJ³OEFMBQBSBUPBMNVFCMFEFFODBTUSBNJFOUP
 4BRVFMBTHSBQBTEFMBCPMTBEFBDDFTPSJPTZBUPSOMMFMBTFOMB
QPTJDJ³OJOEJDBEBEFKBOEPRVFHJSFOMJCSFNFOUF
 &ODBTUSFZDFOUSFMBQMBDBEFDPDDJ³O
1SFTJPOFTPCSFTVTFYUSFNPTIBTUBRVFTFBQPZFFOUPEPTV
QFSNFUSP
 (JSFMBTHSBQBTZBQSJ©UFMBTBGPOEP
-BQPTJDJ³OEFMBTHSBQBTEFQFOEFEFMFTQFTPSEFMBTVQFSGJDJF
EFUSBCBKP
&MBQBSBUPOPEFCFQFHBSTFDPOTJMJDPOBTPCSFMBTVQFSGJDJFEF
USBCBKP
%,QVWDODFLyQHQUDVDGDILJ E
 3FBMJDFMBJOTUBMBDJ³OOPSNBMEFMBQBSBUPBTFHVS¡OEPTFEFRVF
BMSFEFEPSEFMNJTNPRVFEFVOBSBOVSBVOJGPSNF-BQMBDBEF
DPDDJ³O EFCF RVFEBS MJHFSBNFOUF QPS EFCBKP EF MB TVQFSGJDJF EF
USBCBKP
&OFODJNFSBTEFB[VMFKPTTJFTOFDFTBSJPTVCJSMBTTVQFSGJDJFT
EFBQPZPDPOMJTUPOFTSFTJTUFOUFTBMBUFNQFSBUVSBZBMBHVB
 7FSJGJRVFFMGVODJPOBNJFOUPZMBQPTJDJ³OEFMBQBSBUP
 3FMMFOFMBSBOVSBFOUSFMBFODJNFSBZMBQMBDBEFDPDDJ³ODPO
DPMBEFTJMJDPOBDPOWFODJPOBMBEFDVBEBFOFMDPMPSRVFEFTFF
1RWD 4J TF VUJMJ[B DPMB EF TJMJDPOB JOBEFDVBEB FO TVQFSGJDJFT EF
QJFESBOBUVSBMQVFEFOQSPEVDJSTFDPMPSBDJPOFTRVFZBOPTF
QPES¡OFMJNJOBS1VFEFBERVJSJSDPMBBEFDVBEBFOOVFTUSP
TFSWJDJPEFBTJTUFODJBU©DOJDBD³EJHP$POTJEFSFMBT
JOEJDBDJPOFTEFVTPEFMGBCSJDBOUF
 "MJTF MB DPMB EF TJMJDPOB DPO VOB SBTRVFUB P FM EFEP IVNFEFDJEPT
DPOKBC³OBOUFTEFRVFTFGPSNFVOBDBQB
 %FKF RVF MB DPMB EF TJMJDPOB TF TFRVF BOUFT EF VUJMJ[BS FM BQBSBUP
'HVPRQWDMHGHODSODFDGHFRFFLyQ
%FTDPOFDUFFMBQBSBUPEFMBTUPNBTFM©DUSJDBZEFHBT
%FTBUPSOJMMFMBTHSBQBTZQSPDFEBEFNPEPJOWFSTPBMNPOUBKF
&RQH[LyQGHJDVILJ 
-BUPNBEFHBTEFCFFTUBSDPMPDBEBEFNPEPRVFFMHSJGPEF
DJFSSFRVFEFBDDFTJCMF
&MFYUSFNPEFMBDPOFYJ³OEFFOUSBEBEFMBQMBDBEFDPDDJ³OEF
HBTFTU¡QSPWJTUPEFVOBSPTDBEF࣐࣐ NNRVFQFSNJUF
■-BDPOFYJ³OSHJEB
■-BDPOFYJ³ODPOVOUVCPGMFYJCMFNFU¡MJDP- NO  N
N¡Y  N
*OUFSDBMFMBKVOUBEFFTUBORVJEBETVNJOJTUSBEBFOUSFMB
TBMJEBEFMDPMFDUPSZMBBDPNFUJEBEFHBT
&WJUFFMDPOUBDUPEFMUVCPDPOQBSUFTN³WJMFTEFMBVOJEBEEF
FODBTUSBNJFOUPQPSFKFNQMPVODBK³OZFMQBTPBUSBW©TEF
FTQBDJPTRVFTFBOTVTDFQUJCMFTEFPCTUSVJSTF
&ODVBMRVJFSBEFMBTDPOFYJPOFTQRPXHYDQLJLUHHOFRGREFMB
QPTJDJ³ORVFTBMFEFG¡CSJDB
4JOFDFTJUBSFBMJ[BSVOBDPOFYJ³ODJMOESJDBTVTUJUVZBFMDPEP
JOTUBMBEPEFG¡CSJDBQPSFMEFMBCPMTBEFBDDFTPSJPT 'JH B
/PPMWJEFJOUFSDBMBSMBKVOUB
: £3HOLJURGHIXJD
4JNBOJQVMBDVBMRVJFSDPOFYJ³ODPNQSVFCFMBFTUBORVJEBE
&MGBCSJDBOUFOPTFSFTQPOTBCJMJ[BTJBMHVOBDPOFYJ³OQSFTFOUB
GVHBTUSBTIBCFSTJEPNBOJQVMBEB
&RQH[LyQHOpFWULFDILJ 
&TUFBQBSBUPFTEFMUJQP࣓:ࣩFMDBCMFEFFOUSBEBOPQVFEFTFS
DBNCJBEPQPSFMVTVBSJPTJOPQPSFM4FSWJDJP5©DOJDP4FEFCFO
SFTQFUBSFMUJQPEFDBCMFZMBTFDDJ³ONOJNB
-BTQMBDBTEFDPDDJ³OTFTVNJOJTUSBODPOVODBCMFEF
BMJNFOUBDJ³ODPOPTJODMBWJKB
-PTBQBSBUPTQSPWJTUPTEFDMBWJKBTPMPTFEFCFODPOFDUBSBDBKBT
EFFODIVGFDPOUPNBEFUJFSSBEFCJEBNFOUFJOTUBMBEB
%FCFQSFWFSTFVOJOUFSSVQUPSEFDPSUFPNOJQPMBSDPOBCFSUVSBEF
DPOUBDUP NO EF  NN FYDFQUP FO DPOFYJPOFT DPO DMBWJKB TJ FTUB
FTBDDFTJCMFQBSBFMVTVBSJP
&DPELRGHOWLSRGHJDV
4J MB OPSNBUJWB EFM QBT MP QFSNJUF FTUF BQBSBUP TF QVFEF BEBQUBS
B PUSPT HBTFT WFS QMBDB EF DBSBDUFSTUJDBT -BT QJF[BT OFDFTBSJBT
QBSB FMMP FTU¡O FO MB CPMTB EF USBOTGPSNBDJ³O TVNJOJTUSBEB TFHºO
NPEFMPPEJTQPOJCMFFOOVFTUSP4FSWJDJP5©DOJDP
,PSRUWDQWH "M GJOBMJ[BS DPMPRVF MB FUJRVFUB BEIFTJWB JOEJDBOEP FM
OVFWPUJQPEFHBTDFSDBEFMBQMBDBEFDBSBDUFSTUJDBT
 
-PTQBTPTBTFHVJSTPOMPTTJHVJFOUFT
$&DPELRGHLQ\HFWRUHVILJ 
 3FUJSFMBTQBSSJMMBTUBQBTEFRVFNBEPSZEJGVTPSFT
 $BNCJFMPTJOZFDUPSFTVTBOEPMBMMBWFEJTQPOJCMFBUSBW©TEF
OVFTUSPTFSWJDJPU©DOJDPDPOD³EJHPQBSBRVFNBEPSFT
EFEPCMFMMBNBD³EJHP7FSUBCMB5FOHBFTQFDJBM
DVJEBEPFORVFOPTFEFTQSFOEBFMJOZFDUPSBMSFUJSBSMPPGJKBSMP
FOFMRVFNBEPS"TFHºSFTFEFBQSFUBSMPTBGPOEPQBSB
HBSBOUJ[BSMBFTUBORVJEBE
&OFTUPTRVFNBEPSFTOPIBZRVFSFBMJ[BSSFHMBKFEFMBJSF
QSJNBSJP
 $PMPRVFMPTEJGVTPSFTZMBTUBQBTEFMPTRVFNBEPSFTFOTVT
DPSSFTQPOEJFOUFTGVFHPT"EFN¡TEFCFS¡DPMPDBS
BEFDVBEBNFOUFMBTQBSSJMMBT
%5HJODMHGHORVJULIRVILJ 
 $PMPRVFMPTNBOEPTFOMBQPTJDJ³OEFNOJNP
 3FUJSFMPTNBOEPTEFMPTHSJGPT4FFODPOUSBS¡DPOVOSFU©OEF
HPNBGMFYJCMF1SFTJPOFDPOMBQVOUBEFMEFTUPSOJMMBEPSQBSB
BDDFEFSBMUPSOJMMPEFSFHVMBDJ³OEFMHSJGP
-DPiVGHVPRQWHHOUHWpQ-PTSFUFOFTHBSBOUJ[BOMB
FTUBORVJEBE EFM JOUFSJPS EFM BQBSBUP GSFOUF B MRVJEPT Z TVDJFEBE
RVFQVFEFOJNQFEJSTVDPSSFDUPGVODJPOBNJFOUP
 $POTVMUFMBUBCMBZFODBTPOFDFTBSJPBKVTUFMPTUPSOJMMPT
CZQBTT .NFEJBOUFVOEFTUPSOJMMBEPSEFQVOUB5PSY
$-PTUPSOJMMPTCZQBTTEFCFOFTUBSBQSFUBEPTBGPOEP
%-PTUPSOJMMPTCZQBTTEFCFORVFEBSBMSBTEFTVBMPKBNJFOUP
$PNQSVFCFRVFBMHJSBSFMNBOEPFOUSFFMN¡YJNPZFMNOJNP
FMRVFNBEPSOPTFBQBHBOJTFDSFBSFUSPDFTPEFMMBNB
/VODB EFTNPOUF FM FKF EFM HSJGP &O DBTP EF BWFSB DBNCJF FM HSJGP
DPNQMFUP
fr
Þ/PUJDFEFNPOUBHF
,QGLFDWLRQVGHVpFXULWp
-JTF[MFTJOTUSVDUJPOTEFMBQQBSFJMBWBOUEFQSPD©EFSTPO
JOTUBMMBUJPOFUTPOVUJMJTBUJPO
-FTJNBHFTEFDFUUFOPUJDFTPOUQSPQPT©FTUJUSFJOEJDBUJG
/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV
LQVWUXFWLRQVGHFHWWHQRWLFHQHVRQWSDVUHVSHFWpHV
$FUBQQBSFJMEPJUªUSFVUJMJT©VOJRVFNFOUEBOTEFTFOESPJUT
TVGGJTBNNFOUWFOUJM©T-BQQBSFJMOFEPJUQBTªUSFDPOOFDU©VO
EJTQPTJUJGE©WBDVBUJPOEFTQSPEVJUTEFDPNCVTUJPO
7RXVOHVWUDYDX[GLQVWDOODWLRQGHFRQQH[LRQGHUpJODJHHW
GDGDSWDWLRQjXQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDU
XQWHFKQLFLHQDJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWOD
OpJLVODWLRQDSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHV
VRFLpWpVORFDOHVIRXUQLVVHXVHVGpOHFWULFLWpHWGHJD]/HV
GLVSRVLWLRQVDSSOLFDEOHVTXDQWjODYHQWLODWLRQVHURQW
DWWHQWLYHPHQWUHVSHFWpHV
,OHVWUHFRPPDQGpGHIDLUHDSSHODX6HUYLFH7HFKQLTXHSRXU
ODGDSWDWLRQjXQDXWUHW\SHGHJD]
$FUBQQBSFJMOB©U©DPO§VRVFQPVSVOVTBHFEPNFTUJRVFTPO
VTBHFDPNNFSDJBMPVQSPGFTTJPOOFMOFTUFOBVDVODBTQFSNJT
$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©EBOTEFTZBDIUTPVEFT
DBSBWBOFT -B HBSBOUJF OF TFSB WBMBCMF RVF TJ MVTBHF QPVS MFRVFM JM
B©U©DPO§VB©U©SFTQFDU©
"WBOU MJOTUBMMBUJPO W©SJGJF[ RVF MFT DPOEJUJPOT EF EJTUSJCVUJPO MPDBMF
TPOUDPNQBUJCMFTBWFDMFS©HMBHFEFMBQQBSFJMRVJGJHVSFTVSMB
QMBRVFTJHOBM©UJRVFOBUVSFFUQSFTTJPOEVHB[QVJTTBODF
UFOTJPO
$YDQWWRXWHLQWHUYHQWLRQFRXSH]ODOLPHQWDWLRQpOHFWULTXHHW
GHJD]GHODSSDUHLO
-FD¢CMFEBMJNFOUBUJPOEPJUªUSFGJY©BVNFVCMFQPVSRVJMOF
UPVDIFQBTEFTQBSUJFTDIBVEFTEVGPVSPVEFMBQMBRVFEF
DVJTTPO
-FTBQQBSFJMTBMJNFOU©T©MFDUSJRVFNFOUEPJWFOUªUSF
PCMJHBUPJSFNFOUDPOOFDU©TMBUFSSF
/F NBOJQVMF[ QBT MJOU©SJFVS EF MBQQBSFJM -F DBT ©DI©BOU BQQFMF[
OPUSF4FSWJDF5FDIOJRVF
$YDQWOLQVWDOODWLRQ
$FUBQQBSFJMDPSSFTQPOEMBDMBTTFTFMPOMBOPSNF&/
QPVSMFTBQQBSFJMTHB[BQQBSFJMFODBTUS©EBOTVONFVCMF
-FNFVCMFP¹MBQQBSFJMTFSBJOTUBMM©EPJUªUSFGJY©DPSSFDUFNFOUFU
ªUSFTUBCMF
-FTNFVCMFTQSPDIFTEFMBQQBSFJMMFTSFWªUFNFOUTTUSBUJGJ©TFUMB
DPMMFRVJMFTGJYFEPJWFOUªUSFOPOJOGMBNNBCMFTFUS©TJTUBOUTMB
DIBMFVS
$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©TVSEFTS©GSJH©SBUFVSTEFT
NBDIJOFTMBWFSMFMJOHFEFTMBWFWBJTTFMMFPVEBVUSFTBQQBSFJMT
TFNCMBCMFT
-BUBCMFEFDVJTTPOEPJUªUSFFODBTUS©FVOJRVFNFOUBVEFTTVT
EVOGPVSWFOUJM©
4JVOGPVSFTUFODBTUS©TPVTMBUBCMFEFDVJTTPOM©QBJTTFVSEV
QMBOEFUSBWBJMQFVUªUSFTVQ©SJFVSFM©QBJTTFVSNJOJNBMF
TQ©DJGJ©FEBOTDFUUFOPUJDF3FTQFDUF[MFTDPOTJHOFTEFMBOPUJDF
EFNPOUBHFEVGPVS
4JVOFIPUUFBTQJSBOUFFTUJOTUBMM©FJMGBVUQSFOESFFODPNQUFMFT
PCTFSWBUJPOTEFTPONBOVFMEJOTUBMMBUJPOFUSFTQFDUFSUPVKPVST
VOF EJTUBODF WFSUJDBMF NJOJNVN QBS SBQQPSU  MB QMBRVF EF DVJTTPO
GJH 
3UpSDUDWLRQGXPHXEOHILJ
&GGFDUVF[VOFE©DPVQFTVSMBTVSGBDFEFUSBWBJMTFMPOMFT
EJNFOTJPOT O©DFTTBJSFT FU MF NPEF EJOTUBMMBUJPO TPVIBJU©  OPSNBM
BPVSBTC1PVSMFNPEFEJOTUBMMBUJPOSBT
■5PVTMFTUSBWBVYEFE©DPVQFTVSMBTVSGBDFEFUSBWBJMEPJWFOU
ªUSFS©BMJT©TEBOTMFNBHBTJOTQ©DJBMJT©
■-FTE©DPVQFTEPJWFOUªUSFQSPQSFTFUQS©DJTFTWVRVFMFDIBOU
EF E©DPVQF FTU WJTJCMF  MB TVSGBDF -B TUBCJMJU© EFT NFVCMFT EPJU
©HBMFNFOUªUSFHBSBOUJFBQS¨TMFTUSBWBVYEFE©DPVQF
■/VUJMJTF[RVFEFTTVSGBDFTEFUSBWBJMTQ©DJBMFTS©TJTUBOUFTMB
UFNQ©SBUVSFFUMFBVQJFSSFOBUVSFMMFPVTVSGBDFEFUSBWBJM
DBSSFM©FQBSFYFNQMF
■-FTNFVCMFTFODBTUSBCMFTEPJWFOUQPVWPJSS©TJTUFSEFT
UFNQ©SBUVSFTBMMBOUKVTRV z$
1PVSEFTTVSGBDFTEFUSBWBJMFOCPJTWFSOJTTF[MFTTVSGBDFTEF
E©DPVQFBWFDVOFDPMMFTQ©DJBMFQPVSMFTQSPU©HFSEFMIVNJEJU©
3ODQFKHULQWHUPpGLDLUH
4JBVDVOGPVSOFTUJOTUBMM©TPVTMBUBCMFEFDVJTTPOFURVFTPO
EFTTPVT SFTUF MJCSFNFOU BDDFTTJCMF JM DPOWJFOU EF SFTQFDUFS DF RVJ
TVJU 
■-FNPOUBHFEVOQMBODIFSJOUFSN©EJBJSFTPVTMFTUBCMFTEF
DVJTTPOEPU©FTEFQMBRVFTEFDVJTTPO©MFDUSJRVFTPVEF
CS»MFVSTQPVSXPLTJNQPTF
■-FNPOUBHFEVOQMBODIFSJOUFSN©EJBJSFTPVTEFTQMBRVFTEF
DVJTTPOHB[TBOTCS»MFVSQPVSXPLFTUSFDPNNBOE©QPVS
FYDMVSF UPVU DPOUBDU BWFD MF D´U© DIBVE EV EFTTPVT EF MB QMBRVF
EFDVJTTPO
)BVUFVSEFNPOUBHF  NNQBSUJSEVEFTTPVTEFMBUBCMFEF
DVJTTPO
.BU©SJBVEVQMBODIFSJOUFSN©EJBJSF NBU©SJBVOPOJOGMBNNBCMF
DPNNFQBSFYFNQMFMFN©UBMPVMFDPOUSFQMBRV©
,QVWDOODWLRQGHODSSDUHLO
5HPDUTXH 1PVSMFODBTUSFNFOUEFMBQQBSFJMVUJMJTFSEFTHBOUT
EFQSPUFDUJPO
$,QVWDOODWLRQQRUPDOHILJ D
4FMPO MF NPE¨MF MF KPJOU BEI©TJG QFVU ªUSF QMBD© EVTJOF 4J DFTU MF
DBTOFMFSFUJSF[TPVTBVDVOQS©UFYUFMFKPJOUBEI©TJG©WJUFMFT
GJMUSBUJPOT4JMFKPJOUOFTUQBTQMBD©EVTJOFDPMMF[MFTVSMFCPSE
JOG©SJFVSEFMBQMBRVFEFDVJTTPO
1PVSMBGJYBUJPOEFMBQQBSFJMBVNFVCMFEFODBTUSFNFOU
 4PSUF[MFTBHSBGFTEFMBQPDIFEFTBDDFTTPJSFTFUWJTTF[MFT
EBOTMBQPTJUJPOJOEJRV©FFOMFTMBJTTBOUUPVSOFSMJCSFNFOU
 &ODBTUSF[FUDFOUSF[MBQMBRVFEFDVJTTPO
"QQVZF[TVSTFTFYUS©NJU©TKVTRVDFRVFMMFTBQQVJFTVSUPVU
TPOQ©SJN¨USF
 5PVSOF[MFTBHSBGFTFUTFSSF[MFTGPOE
-BQPTJUJPOEFTBHSBGFTE©QFOEEFM©QBJTTFVSEFMBTVSGBDFEF
USBWBJM
*M OF GBVU QBT DPMMFS MBQQBSFJM TVS MF QMBO EF USBWBJM BWFD EV TJMJDPOF
%,QVWDOODWLRQjUDVILJ E
 1SPD©EF[MJOTUBMMBUJPOOPSNBMFEFMBQQBSFJMFOWFJMMBOUDF
RVVOFSBJOVSFVOJGPSNFTPJUQS©TFOUFUPVUBVMPOHEFTPO
Q©SJN¨USF-BQMBRVFEFDVJTTPOEPJUªUSFTJUV©FM©H¨SFNFOUFO
EFTTPVTEFMBTVSGBDFEFUSBWBJM
4VSMFTQMBOTEFUSBWBJMDBSSFM©TNPOUF[MFTTVSGBDFTEBQQVJ
MBJEFEFCBHVFUUFTS©TJTUBOUBVYUFNQ©SBUVSFTFUMFBVTJ
O©DFTTBJSF
 7©SJGJF[MFGPODUJPOOFNFOUFUMBQPTJUJPOEFMBQQBSFJM
 3FNQMJTTF[MBSBJOVSFFOUSFMFQMBOEFUSBWBJMFUMBQMBRVFEF
DVJTTPOMBJEFEVOFDPMMFEFTJMJDPOFDPOWFOUJPOOFMMF
BQQSPQSJ©FEBOTMBDPVMFVSTPVIBJU©F
5HPDUTXH -F GBJU EVUJMJTFS VOF DPMMF EF TJMJDPOF OPO BQQSPQSJ©F
TVSEFTQMBOTEFUSBWBJMFOQJFSSFOBUVSFMMFQFVUQSPWPRVFS
MBQQBSJUJPO EF DPMPSBUJPOT RVJ OF QPVSSPOU QMVT ªUSF ©MJNJO©FT -B
 
DPMMFBQQSPQSJ©FFTUEJTQPOJCMFBVQS¨TEFOPUSF4FSWJDF
UFDIOJRVF DPEF  3FTQFDUF[ MFT JOEJDBUJPOT EVUJMJTBUJPO
EVGBCSJDBOU
 -JTTF[MBDPMMFEFTJMJDPOFBWBOURVFMMFOFGPSNFVOFDPVDIF
MBJEFEVOFSBDMFUUFPVBWFDMFTEPJHUTIVNJEJGJ©TEFTBWPO
 -BJTTF[MBDPMMFEFTJMJDPOFT©DIFSBWBOUEVUJMJTFSMBQQBSFJM
'pPRQWDJHGHODSODTXHGHFXLVVRQ
%©CSBODIF[MBQQBSFJMEFTQSJTFTEFDPVSBOU©MFDUSJRVFFUEVHB[
%©WJTTF[MFTBHSBGFTFUTVJWF[MBQSPD©EVSFJOWFSTFBVNPOUBHF
%UDQFKHPHQWGHJD]ILJ 
-FSBDDPSEEFHB[EPJUªUSFEJTQPT©EFUFMMFTPSUFRVFMFSPCJOFU
EBSSªUTPJUBDDFTTJCMF
-FYUS©NJU©EVCSBODIFNFOUEFOUS©FEFMBQMBRVFEFDVJTTPO
HB[ FTU NVOJF EVO GJMFU EVO EFNJQPVDF  NN RVJ QFSNFU 
■6OFDPOOFYJPOSJHJEF
■6OF DPOOFYJPO  MBJEF EVO UVZBV GMFYJCMF N©UBMMJRVF - NJO  N
NBY  N
*M GBVU JOUFSDBMFS MF KPJOU E©UBODI©JU©  GPVSOJ FOUSF MB TPSUJF
EVDPMMFDUFVSFUMFSBDDPSEFNFOUEFHB[
*MGBVU©WJUFSRVFDFUVZBVUPVDIFEFTQBSUJFTNPCJMFTEFMVOJU©
EFODBTUSFNFOUQBSFYFNQMFVOUJSPJSFURVJMQBTTFUSBWFSTEFT
FTQBDFTQPVWBOUªUSFPCTUSV©T
1PVSOJNQPSUFRVFMCSBODIFNFOUQHERXJH]QLWRXUQH]OH
FRXGHEFMBQPTJUJPOS©BMJT©FEVTJOF
4JWPVTEFWF[DS©FSVOSBDDPSEDZMJOESJRVFSFNQMBDF[MFDPVEF
JOTUBMM©FOVTJOFQBSDFMVJEFMBQPDIFEFTBDDFTTPJSFT'JH B
/PVCMJF[QBTEJOUFSDBMFSMFKPJOU
: 5LVTXHGHIXLWHV 
4JWPVTNBOJQVMF[VOCSBODIFNFOUW©SJGJF[TPO©UBODI©JU©
-FGBCSJDBOUOFQPVSSBªUSFUFOVSFTQPOTBCMFTJVOCSBODIFNFOU
RVFMDPORVFQS©TFOUFEFTGVJUFTBQS¨TBWPJS©U©NBOJQVM©
%UDQFKHPHQWpOHFWULTXHILJ 
$FUBQQBSFJMFTUEVUZQF࣓:ࣔMFD¢CMFEFOUS©FOFQFVUQBTªUSF
SFNQMBD©QBSMVUJMJTBUFVSNBJTQBSMF4FSWJDF5FDIOJRVF-FUZQF
EFD¢CMFFUMBTFDUJPONJOJNVNEPJWFOUªUSFSFTQFDU©T
-FT QMBRVFT EF DVJTTPO TPOU GPVSOJFT BWFD VO D¢CMF EBMJNFOUBUJPO
BWFDPVTBOTCSPDIFEFGJDIFN¢MF
-FTBQQBSFJMTNVOJTEVOFCSPDIFOFQFVWFOUªUSFSBDDPSE©TRV
EFTCP®UJFSTEFGJDIFN¢MFBWFDVOFQSJTFEFUFSSFE»NFOU
JOTUBMM©F
*MGBVUJOTUBMMFSVOJOUFSSVQUFVSEFDPVQVSFPNOJQPMBJSFBWFD
PVWFSUVSFEFDPOUBDUEBVNPJOT NNTBVGQPVSEFT
CSBODIFNFOUTGJDIFN¢MFTJDFUUFEFSOJ¨SFFTUBDDFTTJCMFQBS
MVUJMJTBUFVS
&KDQJHPHQWGXW\SHGHJD]
4JMBS©HMFNFOUBUJPOEVQBZTMFQFSNFUDFUBQQBSFJMQFVUªUSF
BEBQU©EBVUSFTHB[WPJSQMBRVFTJHOBM©UJRVF-FTQJ¨DFT
O©DFTTBJSFTQPVSDFMBTFUSPVWFOUEBOTMBQPDIFUUFEF
USBOTGPSNBUJPOGPVSOJFTFMPOMFNPE¨MFPVEJTQPOJCMFBVQS¨TEF
OPUSF4FSWJDF5FDIOJRVF
,PSRUWDQW MBGJOQMBDF[M©UJRVFUUFBVUPDPMMBOUFFOJOEJRVBOUMF
OPVWFBVUZQFEFHB[QS¨TEFMBQMBRVFTJHOBM©UJRVF
-FTQBTTVJWSFTPOUMFTTVJWBOUT
$eFKDQJHGHVLQMHFWHXUVILJ  
 3FUJSF[ UPVUFT MFT HSJMMFT BJOTJ RVF UPVT MFT DIBQFBVY EF CS»MFVS
FUMFTS©QBSUJUFVST
 DIBOHF[MFTJOKFDUFVSTBWFDMBDM©EJTQPOJCMFBVQS¨TEFOPUSF
TFSWJDFUFDIOJRVFBWFDMFDPEFQPVSCS»MFVSEPVCMF
GMBNNF3FQPSUF[WPVTBVUBCMFBV7FJMMF[UPVU
QBSUJDVMJ¨SFNFOUDFRVFMJOKFDUFVSOFTFOM¨WFQBTMPSTEF
MFOM¨WFNFOUPVEFMBGJYBUJPO1PVSHBSBOUJSM©UBODI©JU©JMEPJU
ªUSFGFSNFNFOUTFSS©
"VDVOFS©HVMBUJPOEFMBJSQSJNBJSFOFTUSFRVJTFQPVSDFT
CS»MFVST
 'JYF[ MFT JOKFDUFVST FU MFT DIBQFBVY EFT CS»MFVST TVS MFT CS»MFVST
DPSSFTQPOEBOUT'JYF[QBSBJMMFVSTMFTHSJMMFT
%5pJODJHGXURELQHWGHJD]ILJ  
 3©HMF[MBNBOFUUFEFDPNNBOEFTVSMBQPTJUJPOMBQMVTQFUJUF
 3FUJSF[MBNBOFUUFEFDPNNBOEFEFTSPCJOFUTEFHB[6OF
CBHVFE©UBODI©JU©FODBPVUDIPVDBQQBSB®U"QQVZF[BWFDMB
QPJOUFEVUPVSOFWJTQPVSBDD©EFSMBWJTEFS©HMBHFEVSPCJOFU
EFHB[
1H UHWLUH] MDPDLV ODQQHDX GpWDQFKpLWp -BOOFBV E©UBODI©JU©
FNQªDIF MFT MJRVJEFT FU MFT QPVTTJ¨SFT EF Q©O©USFS  MJOU©SJFVS EF
MBQQBSFJMDFRVJFOUSBWFSBJUTPOCPOGPODUJPOOFNFOU
 7PJSMFUBCMFBV BEBQUF[BVCFTPJOMFTWJTCZQBTT .MBJEF
EVOUPVSOFWJT5PSY 
$MFTWJTCZQBTTEPJWFOUªUSFTFSS©FTGFSNFNFOU
%MFTWJTCZQBTTEPJWFOUBSSJWFSBVSBTEFMBEPVJMMF
"TTVSF[WPVT RVF MF CS»MFVS OF T©UFJOU QBT MPSTRVF WPVT UPVSOF[
MBNBOFUUFEFDPNNBOEFFOUSFMBQPTJUJPOMBQMVT©MFW©FFUMB
QMVTCBTTFFURVBVDVOSFUPVSEFGMBNNFOFTFQSPEVJU
/FE©NPOUF[KBNBJTMBYFEVSPCJOFUEFHB[&ODBT
EFOEPNNBHFNFOUJMGBVUSFNQMBDFSMFSPCJOFUEFHB[DPNQMFU
hu
á4[FSFM©TJºUNVUBU³
%L]WRQViJLHOŌtUiVRN
#FT[FSFM©T©TIBT[O¡MBUFMđUUPMWBTTBFMB[VUBTU¡TPLBU
"IBT[O¡MBUJVUBTU¡TCBOT[FSFQMđL©QFLU¡K©LP[UBU³KFMMFHıFL
$Np]LN|Q\YXWDVtWiVDLQDNILJ\HOPHQNtYOKDJ\iVDHVHWpQD
J\iUWyWVHPPLO\HQIHOHOŌVVpJQHPWHUKHOL
&[BL©T[¼M©LLJ[¡S³MBHNFHGFMFMđFOT[FMMđ[đIFMZJT©HFLCFO
IBT[O¡MIBU³/FLBQDTPMKBBL©T[¼M©LFU©H©TUFSN©LFL
FMU¡WPMU¡T¡SBT[PMH¡M³CFSFOEF[©TIF[
$ EHV]HUHOpVVHO EHN|WpVVHO EHiOOtWiVVDO pV PiV WtSXV~ Ji]UD
YDOy iWiOOtWiVVDO NDSFVRODWRV V]HUHOpVW PHJIHOHOŌHQ NpS]HWW pV
DV]HUHOpVEHQMiUWDVV]DNHPEHUQHNNHOOYpJH]QLHD]
pUYpQ\EHQ OpYŌ V]DEiO\RN pV D KHO\L Ji] pV iUDPV]ROJiOWDWyN
HOŌtUiVDLQDNEHWDUWiViYDO$V]HOOŌ]pVUHYRQDWNR]y
HOŌtUiVRNUDNLHPHOWILJ\HOPHWNHOOIRUGtWDQL
0iVWtSXV~Ji]UDYDOyiWiOOtWiVHVHWpQNpUMNKRJ\IRUGXOMRQ
YHYŌV]ROJiODWXQNKR]
&[UBL©T[¼M©LFULJ[¡S³MBHI¡[UBSU¡TCBOU¶SU©OđIBT[O¡MBUSB
UFSWF[U©L,FSFTLFEFMNJ©TOBHZ¼[FNJIBT[O¡MBUBOFN
NFHFOHFEFUU"L©T[¼M©LFUUJMPTKBDIUPOWBHZMBL³LPDTJCBO
¼[FNCFIFMZF[OJ"K³U¡MM¡TLJ[¡S³MBHSFOEFMUFU©TT[FSıIBT[O¡MBU
FTFU©O©SW©OZFT
[FNCFIFMZF[©TFMđUUFMMFOđSJ[OJLFMMIPHZBIFMZJ
H¡[T[PMH¡MUBU¡TNFHGFMFMFBL©T[¼M©LNıT[BLJBEBUMBQPO
GFMU¼OUFUFUUCF¡MMU¡TBJOBLH¡[GBKU¡KB©TOZPN¡TBUFMKFTUN©OZ
GFT[¼MUT©H
0LHOŌWWEiUPLO\HQV]HUHOpVLPXQNiEDNH]GHQHYiODVV]DOHD
NpV]OpNHWDJi]pVHOHNWURPRVKiOy]DWUyO
"[ ¡SBNFMM¡U¡TU CJ[UPTU³ L¡CFMU B CºUPSSB LFMM FSđTUFOJ IPHZ B[ OF
©SIFTTFOBT¼UđWBHZBGđ[đMBQGPSS³S©T[FJIF[
"[FMFLUSPNPTI¡M³[BUIP[DTBUMBLP[UBUPUUL©T[¼M©LFLG¶MEFM©T©U
L¶UFMF[đFOFMLFMMW©HF[OJ
/FOZºMKPOBL©T[¼M©LCFMTFK©CF)BT[¼LT©HFTIWKB
WFWđT[PMH¡MBUVOLBU
h]HPEHKHO\H]pVHOŌWW
&[BL©T[¼M©LBH¡[L©T[¼M©LFLSFWPOBULP[³&/FT
T[BCW¡OZT[FSJOUJPT[U¡MZCBTPSPMBOE³CºUPSCBCF©QUFUU
L©T[¼M©L
"CºUPSBNFMZCFBL©T[¼M©LFUT[FSFMJMFHZFOTUBCJM©T
SFOEFMLF[[FOBNFHGFMFMđS¶H[U©TFLLFM
"L©T[¼M©LL¶SOZF[FU©CFOM©WđCºUPSPLBS©UFHFMUNVOLBMBQ©TB
S©UFHFLFUS¶H[UđSBHBT[U³MFHZFOIđ¡MM³©TOFNHZºM©LPOZ
BOZBHC³M
"L©T[¼M©LOFNT[FSFMIFUđIıUđSFNPT³H©QSFNPTPHBU³H©QSF
WBHZIBTPOM³CFSFOEF[©TSF
"Gđ[đMBQPUDTBLT[FMMđ[đWFMSFOEFMLF[đT¼UđG¶M©T[BCBE
CF©QUFOJ
)B B Gđ[đGFM¼MFU BM¡ T¼Uđ LFS¼M CF©QU©TSF B NVOLBMBQ WBTUBHT¡HB
UºMM©QIFUJ B[ ºUNVUBU³CBO NFHBEPUU NJOJN¡MJT WBTUBHT¡HPU 7FHZF
GJHZFMFNCFBT¼UđT[FSFM©TJºUNVUBU³K¡OBLVUBTU¡TBJU
1¡SBFMT[W³GFMT[FSFM©TFLPSL¶WFTTFBOOBLT[FSFM©TJºUNVUBU³K¡U
©TUBSUTBCFBNJOJN¡MJTU¡WPMT¡HPUBCFSFOEF[©T©TBGđ[đMBQ
L¶[¶UU ¡CSB
$E~WRUHOŌNpV]tWpVHiEUD
7¡HKPOFHZNFHGFMFMđN©SFUıOZM¡TUBNVOLBBT[UBMGFM¼MFU©CFB
LW¡OUCFT[FSFM©TJN³EOBLNFHGFMFMđFOOPSN¡MBWBHZT[JOUF[đ
C"T[JOUF[đCFT[FSFM©TIF[
■"NVOLBGFM¼MFUFOW©H[FUUW¡H¡TJNVOL¡MBUPLBUTQFDJ¡MJT
NıIFMZCFOLFMMFMW©HF[UFUOJ
■"LJW¡H¡TPLMFHZFOFLQPOUPTBL©TUJT[U¡LNJWFMB[PLT[FH©MZF
L©TđCCM¡UIBU³GFM¼MFUMFT["CºUPSPLTUBCJMJU¡T¡UBW¡H¡TJ
NVOL¡MBUPLBUL¶WFUđFOJTCJ[UPTUBOJLFMM
■,J[¡S³MBHTQFDJ¡MJTIđ©TW[¡MM³NVOLBMBQPUIBT[O¡MKPOQM
UFSN©T[FUFTLđWBHZDTFNQFNVOLBMBQPU
■"CF©QUFOEđCºUPSPLOBL p$JHFMMFO¡MM³LOBLLFMMMFOOJ¼L
'¡C³ML©T[¼MUNVOLBGFM¼MFUFTFU©OLFOKFCFBW¡H¡TJGFM¼MFUFU
TQFDJ¡MJTMBLLBMBNFMZW©EBOFEWFTT©HUđM
 
(OYiODV]WyODS
)BOFN©QUCFT¼UđUBGđ[đGFM¼MFUBM¡HZBOOBLBMKBT[BCBEPO
IP[[¡G©SIFUđNBSBEB[BM¡CCJBLSB¼HZFMKFO
■&MFLUSPNPTGđ[đMBQQBMWBHZXPL©HđGFKKFMSFOEFMLF[đ
Gđ[đGFM¼MFUFLBM¡L¶UFMF[đFMW¡MBT[U³MBQCF©QU©TF
■8PL©HđGFKKFMOFNSFOEFMLF[đH¡[Gđ[đGFM¼MFUFLFTFU©OBK¡OMPUU
FMW¡MBT[U³MBQCF©QU©TFBGđ[đGFM¼MFUGFMNFMFHFEFUUBMK¡WBMWBM³
©SJOULF[©TFMLFS¼M©TF©SEFL©CFO
#F©QU©TJNBHBTT¡HNNBGđ[đGFM¼MFUBMK¡U³M
"[FMW¡MBT[U³MBQBOZBHBOFNHZºM©LPOZBOZBHPLQMG©NWBHZ
S©UFHFMUMFNF[
$NpV]OpN]HPEHKHO\H]pVH
8WDVtWiV "Gđ[đGFM¼MFUCF©QU©TFLPSWJTFMKFOW©EđLFT[UZıU
$1RUPiOEHV]HUHOpVD iEUD
"L©T[¼M©LUQVT¡U³MG¼HHđFOB[¶OUBQBE³U¶NU©TMFIFUHZ¡SJMBH
GFMT[FSFMU&[FTFUCFOTFNNJL©QQFOOFU¡WPMUTBFMNJWFMB[
¶OUBQBE³U¶NU©TNFHBLBE¡MZP[[BBCFT[JW¡SH¡TU)BBU¶NU©T
OFNHZ¡SJMBHGFMT[FSFMUFSđTUTFGFMBGđ[đMBQBMT³QFSFN©SF
"L©T[¼M©LCºUPSCBU¶SU©OđS¶H[U©T©IF[
 7FHZF LJ B Q¡OUPLBU B UBSUP[©LPL [BDTL³K¡C³M NBKE ¡MMUTB B[PLBU
BKFM[FUUQP[DJ³CBºHZIPHZMB[¡OGPSPHKBOBL
 )FMZF[[FFM©TJHB[UTBCFBGđ[đMBQPU
/ZPNKBMFGFM©BGđ[đMBQT[©MFJUºHZIPHZB[BUFMKFTGFM¼MFU©SF
U¡NBT[LPEKPO
 )º[[BNFHBQ¡OUPLBU©TK³MT[PSUTBCFđLFU
"Q¡OUPLIFMZ[FUFG¼HHBNVOLBBT[UBMWBTUBHT¡H¡U³M
"L©T[¼M©LFUOFSBHBTT[BT[JMJLPOOBMBNVOLBMBQSB
%6]LQWH]ŌEHV]HUHOpVE iEUD
 )BKUTBW©HSFBL©T[¼M©LOPSN¡MUFMFQU©TJM©Q©TFJUºHZIPHZ
NJOEFOIPM FHZGPSNB T[©MFTT©Hı S©T NBSBEKPO B Gđ[đMBQ L¶S¼M "
Gđ[đMBQOBLFOZI©OBNVOLBBT[UBMBMBUULFMMFMIFMZF[LFEOJF
$TFNQFNVOLBMBQFTFU©OT[¼LT©HT[FSJOUO¶WFMKFB
U¡NBT[U³GFM¼MFUFUIđ©TW[¡MM³M©DFLTFHUT©H©WFM
 &MMFOđSJ[[FBL©T[¼M©LNıL¶E©T©U©TFMIFMZF[LFE©T©U
 5¶MUTFGFMBNVOLBMBQ©TGđ[đMBQL¶[¶UUM©WđS©TUNFHGFMFMđ
T[OıIBHZPN¡OZPTT[JMJLPOSBHBT[U³WBM
8WDVtWiV )BOFNPMZBOT[JMJLPOSBHBT[U³UIBT[O¡MBNFMZ
UFSN©T[FUFTLđGFM¼MFUFLIF[BMLBMNB[IBU³FMT[OF[đE©T
LFMFULF[IFUBNFMZFUBL©TđCCJFLCFOOFNMFIFUFMU¡WPMUBOJ"
NFHGFMFMđSBHBT[U³BOZBHCFT[FSF[IFUđWFWđT[PMH¡MBUVOLO¡M
UFSN©LL³E,©SK¼LWFHZFGJHZFMFNCFBHZ¡SU³
IBT[O¡MBUJVUBTU¡TBJU
 .JFMđUUNFHT[JM¡SEVMOBTJNUTBFMBT[JMJLPOSBHBT[U³UFOZI©O
T[BQQBOPTVKKBMWBHZMBQLBTFHUT©H©WFM
 "L©T[¼M©LFUDTBLB[UL¶WFUđFOT[BCBEIBT[O¡MOJIPHZB
T[JMJLPOSBHBT[U³NFHT[¡SBEU
$IŌ]ŌODSNLV]HUHOpVH
7¡MBTT[BMFBL©T[¼M©LFUBH¡[©TFMFLUSPNPTI¡M³[BUS³M
0MEKBNFHBQ¡OUPLDTBWBSKBJUNBKEW©HF[[FFMBCFT[FSFM©T
NıWFMFUFJUGPSEUPUUTPSSFOECFO
*i]FVDWODNR]WDWiV iEUD
"H¡[DTBUMBLP[¡TUºHZLFMMFMIFMZF[OJIPHZB[¡S³DTBQ
IP[[¡G©SIFUđMFHZFO
"H¡[DTđBH¡[Gđ[đMBQIP[FHZࣔ NNNFOFUFMU
L¶OZ¶LLFMDTBUMBLP[JL"L¶OZ¶LMFIFUđW©UFT[J
■"NFSFWDTBUMBLP[UBU¡TU
■"IBKM©LPOZG©NDTđWFMU¶SU©OđDTBUMBLP[UBU¡TUIPTT[ NJO  N
NBY  N
4[FSFMKFBNFMM©LFMUW[¡MM³U¶NU©TUBH¡[DTđLJNFOFUF
©TBH¡[DTBUMBLP[¡TL¶[©
HZFMKFO IPHZ B DTđ ©T B LPOZIBCºUPS NP[H³ S©T[FJ Q©ME¡VM GJ³L
OF©SJOULF[IFTTFOFLFHZN¡TTBM©TBDTđOFIBMBEKPOLFSFT[U¼M
PMZBOS©T[FLFOBNFMZFLNP[H¡T¡UBLBE¡MZP[IBUKB
&HZJL DTBUMBLP[¡TUQVT FTFU©O VH PR]GtWVD HO pV QH LV KDMOtWVD HO
DN|Q\|NFV|YHW BCC³MBIFMZ[FUCđMBIPHZBOB[BHZ¡SC³M
LJLFS¼MU
)BIFOHFSFTDTBUMBLP[¡TSBWBOT[¼LT©HDTFS©MKFLJBHZ¡SJMBH
CFT[FSFMUL¶OZ¶LDT¶WFUBUBSUP[©LPL[BDTL³K¡CBOUBM¡MIBU³WBM
B ¡CSB
/FGFMFELF[[FONFHBU¶NU©TCFIFMZF[©T©SđM
: ÉUDPWpVYHV]pO\H
.JVU¡ON³EPTUPUUBWBMBNFMZJLDTBUMBLP[¡TUFMMFOđSJ[[FB
T[JHFUFM©TU
"HZ¡SU³OFNW¡MMBMGFMFMđTT©HFUIBWBMBNFMZJLDTBUMBLP[¡TO¡M
T[JW¡SH¡TM©QGFMNJVU¡ON³EPTUPUU¡LBDTBUMBLP[¡TU
(OHNWURPRVFVDWODNR]WDWiV iEUD
"L©T[¼M©L:UQVTºBI¡M³[BUJL¡CFMUUJMPTBGFMIBT[O¡M³OBL
LJDTFS©MOJF[UDTBLBWFWđT[PMH¡MBUW©HF[IFUJFM7FHZF
GJHZFMFNCFBL¡CFMUQVT¡U©TBT[¼LT©HFTNJOJN¡MJT
LFSFT[UNFUT[FUFU
"Gđ[đMBQPLIP[K¡S³¡SBNFMM¡U¡TUCJ[UPTU³L¡CFML©UG©MFMFIFU
PMZBOBNFMZSFOEFMLF[JLDTBUMBLP[³EVH³WBMJMMPMZBOBNFMZOFN
"DTBUMBLP[³EVH³WBMFMM¡UPUUL©T[¼M©LFLFULJ[¡S³MBHNFHGFMFMđ
G¶MEFM©TTFMSFOEFMLF[đDTBUMBLP[³BMK[BUIP[T[BCBEDTBUMBLP[UBUOJ
(POEPTLPEOJLFMMFHZNJOEFOG¡[JTUNFHT[BLU³GđLBQDTPM³
GFMT[FSFM©T©SđM BNFMZ NJO  NNFT S©TU IBHZ B[ ©SJOULF[đL L¶[¶UU
LJW©WFIBBGFMIBT[O¡M³SFOEFMLF[©T©SF¡MMFHZLPOOFLUPS©TB
DTBUMBLP[¡TF[FOLFSFT[U¼MU¶SU©OJL
$Ji]WtSXViQDNPHJYiOWR]WDWiVD
)BB[BEPUUPST[¡HCBO©SW©OZCFOM©WđT[BC¡MZPLFOHFEJLB
L©T[¼M©LN¡TUQVTºH¡[PLLBMJT¼[FNFMUFUIFUđM¡TEBNıT[BLJ
BEBUMBQPU"[¡UBMBLU¡TIP[T[¼LT©HFTFMFNFLBNFMM©LFMU
DTPNBHCBO UBM¡MIBU³L B L©T[¼M©L UQVT¡U³M G¼HHđFO " DTPNBH B
WFWđT[PMH¡MBUO¡MJTCFT[FSF[IFUđ
)RQWRV 7©H¼M IFMZF[[F FM B[ ºK H¡[UQVTU KFM¶Mđ ¶OUBQBE³T DNL©U
BNıT[BLJBEBUMBQL¶[FM©CFO
"L¶WFULF[đM©Q©TFLFULFMMW©HSFIBKUBOJ
$$I~YyNiNFVHUpMHiEUD
 5¡WPMUTPOFMNJOEFOS¡DTPU©HđGFKGFEFMFU©TFMPT[U³U
 " GºW³L¡LBU B[[BM B LVMDDTBM DTFS©MKF LJ BNFMZ B  LFUUđT
M¡OHº©HđLI¶[BL³ET[¡NPOLBQIBU³
WFWđT[PMH¡MBUVOLO¡M-¡TEBU¡CM¡[BUPU,JGFKF[FUUFO¼HZFMKFO
BSSBIPHZBGºW³LBOFW¡MKPOMFBMFW©UFMWBHZBS¶H[U©TTPS¡O
"U¶NUFUUT©HCJ[UPTU¡TB©SEFL©CFOFSđTFOS¶H[UFOJLFMM
B[PLBU
&[FLO©MB[©HđLO©MOJODTT[¼LT©HB[FMTđEMFHFTMFWFHđ
T[BC¡MZP[¡T¡SB
 3¶H[UTF B GºW³L¡LBU ©T B[ ©HđGFKGFEFMFLFU B NFHGFMFMđ ©HđLSF
&[FOLW¼MBS¡DTPLBUJTNFHGFMFMđFOLFMMGFMIFMZF[OJ
%$Ji]FVDSRNEHiOOtWiVDiEUD
 "LF[FMđHPNCPLBU¡MMUTBBMFHBMBDTPOZBCCGPLP[BUSB
 7FHZFMFBLF[FMđHPNCPLBUBH¡[DTBQPLS³M.FHKFMFOJLFHZ
SVHBMNBT HVNJU¶NU©T &HZ DTBWBSIº[³ IFHZ©WFM OZPNKB NFH B
H¡[DTBQCF¡MMU³DTBWBSK¡U
6RKDQHYHJ\HNLDW|PtWŌJ\ŦUŦW"U¶NUđHZıSıL
NFHBLBE¡MZP[[¡L IPHZ GPMZBE©L WBHZ T[FOOZF[đE©T LFS¼MK¶O B
L©T[¼M©LCFMTFK©CFBNJCFGPMZ¡TPMIBUO¡BOOBL
NıL¶EđL©QFTT©H©U
 -¡TEBU¡CM¡[BUPUB[¡UFSFT[UđDTBWBSPLBU.T[¼LT©HFTFU©O
FHZUPSYDTBWBSIº[³WBMJHB[UTBCF
$"[¡UFSFT[UđDTBWBSPLBUFSđTFONFHLFMMIº[OJ
% "[ ¡UFSFT[Uđ DTBWBSPLOBL NJOEJH B GPHMBMBUUBM FHZ T[JOUCFO LFMM
MFOOJ¼L
&MMFOđSJ[[F IPHZ B[ ©Hđ OFN BMT[JLF LJ JMMFUWF B M¡OH OFN DTBQ
FWJTT[BNJL¶[CFOBLF[FMđHPNCPUBMFHBMBDTPOZBCC©T
MFHNBHBTBCCGPLP[BUL¶[¶UUFMGPSHBUKB
4PIBOFT[FSFMKFMFBH¡[DTBQUFOHFMZ©U4©S¼M©TFTFU©OBUFMKFT
H¡[DTBQPULJLFMMDTFS©MOJ
it
â*TUSV[JPOJQFSJMNPOUBHHJP
,QGLFD]LRQLGLVLFXUH]]D
-FHHFSFBUUFOUBNFOUFMFJTUSV[JPOJEFMMBQQBSFDDIJPQSJNBEJ
QSPDFEFSFBMMJOTUBMMB[JPOFFBMMVTP
-FJNNBHJOJSBQQSFTFOUBUFJORVFTUFJTUSV[JPOJIBOOPDBSBUUFSF
PSJFOUBUJWP
,OFRVWUXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLPDQFDWD
RVVHUYDQ]DGHOOHGLVSRVL]LRQLGHOSUHVHQWHPDQXDOH
-BQQBSFDDIJPEFWFFTTFSFVUJMJ[[BUPTPMPJOMVPHIJ
TVGGJDJFOUFNFOUFWFOUJMBUJ/POEFWFFTTFSFDPMMFHBUPBVO
EJTQPTJUJWPEJFTQVMTJPOFEFJQSPEPUUJEJDPNCVTUJPOF
7XWWH OH RSHUD]LRQL GL LQVWDOOD]LRQH FRQQHVVLRQH UHJROD]LRQH
HDGDWWDPHQWRDGDOWULWLSLGLJDVGHYRQRHVVHUHHIIHWWXDWHGD
XQWHFQLFRGLLQVWDOOD]LRQHDXWRUL]]DWRQHOULVSHWWRGHOOD
QRUPDWLYDHGHOODOHJLVOD]LRQHDSSOLFDELOLQRQFKpGHOOH
SUHVFUL]LRQLGHOOHVRFLHWjORFDOLGLIRUQLWXUDGLJDVHG
HOHWWULFLWj)DUHSDUWLFRODUHDWWHQ]LRQHDOOHGLVSRVL]LRQL
DSSOLFDELOLLQPDWHULDGLYHQWLOD]LRQH
3HUODGDWWDPHQWRDGDOWULWLSLGLJDVVLFRQVLJOLDGLULYROJHUVL
DOQRVWURVHUYL]LRWHFQLFR
 
2VFTUPBQQBSFDDIJP¨TUBUPDPODFQJUPFTDMVTJWBNFOUFQFSVTP
EPNFTUJDPOPO¨DPOTFOUJUPMVTPBTDPQJDPNNFSDJBMJP
QSPGFTTJPOBMJ2VFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPJO
ZBDIUPDBNQFS-BHBSBO[JBIBWBMJEJUTPMPJODBTPWFOHB
SJTQFUUBUPMVUJMJ[[PQFSDVJ¨TUBUPDPODFQJUP
1SJNB EFMMJOTUBMMB[JPOF WFSJGJDBSF DIF MF DPOEJ[JPOJ EJ EJTUSJCV[JPOF
MPDBMFTJBOPDPNQBUJCJMJDPOMBSFHPMB[JPOFEFMMBQQBSFDDIJP
JOEJDBUBUBSHBJEFOUJGJDBUJWBUJQPFQSFTTJPOFEFMHBTQPUFO[B
UFOTJPOF
3ULPDGLHIIHWWXDUHTXDOVLDVLRSHUD]LRQHVFROOHJDUH
ODOLPHQWD]LRQHHOHWWULFDHODOLPHQWD]LRQHGHOJDV
GHOODSSDUHFFKLR
*MDBWPEJBMJNFOUB[JPOFEFWFFTTFSFGJTTBUPBMNPCJMFQFSFWJUBSF
DIFUPDDIJQBSUJDBMEFEFMGPSOPPEFMQJBOPEJDPUUVSB
(MJ BQQBSFDDIJ DPO BMJNFOUB[JPOF FMFUUSJDB EFWPOP FTTFSF DPMMFHBUJ
PCCMJHBUPSJBNFOUFBUFSSB
/PONBOJQPMBSFMJOUFSOPEFMMBQQBSFDDIJP0WFOFDFTTBSJP
DPOUBUUBSFJMOPTUSP4FSWJ[JP5FDOJDP
3ULPDGHOOLQVWDOOD]LRQH
2VFTUPBQQBSFDDIJPSJFOUSBOFMMBDMBTTFEFMMBOPSNB&/
QFSHMJBQQBSFDDIJBHBTBQQBSFDDIJPJODBTTBUPJOVONPCJMF
*MNPCJMFJODVJTJJOTUBMMBMBQQBSFDDIJPEFWFFTTFSF
PQQPSUVOBNFOUFGJTTBUPFEFWFFTTFSFTUBCJMF
* NPCJMJ WJDJOJ BMMBQQBSFDDIJP J SJWFTUJNFOUJ TUSBUJGJDBUJ F MB DPMMB DPO
DVJTPOPGJTTBUJEFWPOPFTTFSFDPTUJUVJUJEBNBUFSJBMFOPO
JOGJBNNBCJMFFSFTJTUFOUFBMDBMPSF
2VFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPTVGSJHPSJGFSJ
MBWBUSJDJMBWBTUPWJHMJFPFMFUUSPEPNFTUJDJTJNJMJ
*MQJBOPEJDPUUVSBQV²FTTFSFJOTUBMMBUPFTDMVTJWBNFOUFTPQSBVO
GPSOPWFOUJMBUP
4FTJJOTUBMMBVOGPSOPTPUUPJMQJBOPEJDPUUVSBMPTQFTTPSFEFM
QJBOP EJ MBWPSP QV² TVQFSBSF MP TQFTTPSF NJOJNP SJDIJFTUP JOEJDBUP
JORVFTUPNBOVBMF1SFTUBSFBUUFO[JPOFBMMFBWWFSUFO[FQSFTFOUJ
OFMMFJTUSV[JPOJQFSJMNPOUBHHJPEFMGPSOP
4FTJJOTUBMMBVOFTUSBUUPSFGBSFSJGFSJNFOUPBMSFMBUJWPNBOVBMFEJ
JOTUBMMB[JPOFNBOUFOFOEPTFNQSFVOBEJTUBO[BWFSUJDBMFNJOJNB
EBMQJBOPEJDPUUVSBGJH 
3UHSDUD]LRQHGHOPRELOHILJ 
&TFHVJSFVOUBHMJPEFMMFEJNFOTJPOJOFDFTTBSJFOFMMBTVQFSGJDJFEJ
MBWPSP TFDPOEP JM NPEP EJ JOTUBMMB[JPOF EFTJEFSBUB OPSNBMF B P B
GJMPC1FSJMNPEPEJJOTUBMMB[JPOFBGJMP
■5VUUJJMBWPSJEJUBHMJPOFMMBTVQFSGJDJFEJMBWPSPEFWPOPFTTFSF
SFBMJ[[BUJEBVOOFHP[JPTQFDJBMJ[[BUP
■* UBHMJ EFWPOP FTTFSF QVMJUJ F QSFDJTJ QFSDI© MBOHPMP EFM UBHMJP TJ
WFEFJOUVUUBMBTVQFSGJDJF"ODIFMBTUBCJMJUEFJNPCJMJEFWF
FTTFSFHBSBOUJUBEPQPJMBWPSJEJUBHMJP
■6UJMJ[[BSFVOJDBNFOUFTVQFSGJDJEJMBWPSPTQFDJBMJSFTJTUFOUJBMMB
UFNQFSBUVSB F BMMBDRVB QFS FT EJ QJFUSB OBUVSBMF P QJBTUSFMMBUF
■*NPCJMJBJODBTTPEFWPOPFTTFSFSFTJTUFOUJBUFNQFSBUVSFGJOPB
 z$
4VJQJBOJEJMBWPSPJOMFHOPSJGJOJSFMFTVQFSGJDJEJUBHMJPDPOVOB
DPMMBTQFDJBMFQFSQSPUFHHFSMFEBMMVNJEJU
5LSLDQRLQWHUPHGLR
4FOPOWJFOFJOTUBMMBUPBMDVOGPSOPTPUUPJMQJBOPEJDPUUVSBFMB
QBSUFTPUUPTUBOUFSFTUBMJCFSBNFOUFBDDFTTJCJMFPTTFSWBSFRVBOUP
TFHVF
■¨QSFWJTUPJMNPOUBHHJPEJVOSJQJBOPJOUFSNFEJPTPUUPBJQJBOJEJ
DPUUVSBDPOQJBTUSFEJDPUUVSBFMFUUSJDIFPDPOCSVDJBUPSJQFSXPL
■4J DPOTJHMJB JM NPOUBHHJP EJ VO SJQJBOP JOUFSNFEJP TPUUP BJ QJBOJ EJ
DPUUVSBBHBTTFO[BCSVDJBUPSFQFSXPLQFSDPMMFHBSFJMDPOUBUUP
DPOMBQBSUFJOGFSJPSFEFMQJBOPDPUUVSBSJTDBMEBUB
"MUF[[BEJNPOUBHHJPNNEBMMBQBSUFJOGFSJPSFEFMQJBOPEJ
DPUUVSB
.BUFSJBMF EFM SJQJBOP JOUFSNFEJP NBUFSJBMF OPO JOGJBNNBCJMF DPNF
BEFTFNQJPNFUBMMPPMFHOPDPNQFOTBUP
,QVWDOOD]LRQHGHOODSSDUHFFKLR
$YYHUWHQ]D 1FSJMNPOUBHHJPEFMQJBOPEJDPUUVSBVTBSFHVBOUJ
QSPUFUUJWJ
$,QVWDOOD]LRQHQRUPDOHILJ D
"TFDPOEBEFMNPEFMMPMBHVBSOJ[JPOFBEFTJWBQV²FTTFSF
BQQMJDBUBJOGBCCSJDB*OUBMDBTPOPOSJNVPWFSMBQFSOFTTVO
NPUJWPMBHVBSOJ[JPOFBEFTJWBFWJUBMFJOGJMUSB[JPOJ4FMB
HVBSOJ[JPOFOPO¨BQQMJDBUBJOGBCCSJDBJODPMMBSMBTVMCPSEP
JOGFSJPSFEFMQJBOPEJDPUUVSB
1FSJMGJTTBHHJPEFMMBQQBSFDDIJPBMNPCJMFEJJODBTTP
 &TUSBSSFMFHSBGGFEBMTBDDIFUUPEFHMJBDDFTTPSJFBWWJUBSMFOFMMB
QPTJ[JPOFJOEJDBUBMBTDJBOEPDIFHJSJOPMJCFSBNFOUF
 *ODBTTBSFFDFOUSBSFJMQJBOPEJDPUUVSB
1SFNFSFTVJCPSEJGJOPBEBQQPHHJBSFQFSGFUUBNFOUFUVUUPJM
QFSJNFUSP
 (JSBSFMFHSBGGFFTUSJOHFSMFBGPOEP
-BQPTJ[JPOFEFMMFHSBGGFEJQFOEFEBMMPTQFTTPSFEFMQJBOPEJ
MBWPSP
-BQQBSFDDIJPOPOEFWFFTTFSFJODPMMBUPDPOJMTJMJDPOFBMQJBOPEJ
MBWPSP
%,QVWDOOD]LRQHDILORILJ E
 &TFHVJSFMJOTUBMMB[JPOFOPSNBMFEFMMBQQBSFDDIJPBTTJDVSBOEPTJ
DIF JOUPSOP BE FTTP DJ TJB VOP TQB[JP VOJGPSNF *M QJBOP EJ DPUUVSB
EFWFSFTUBSFMFHHFSNFOUFBMEJTPUUPEFMMBTVQFSGJDJFEJMBWPSP
1FSQJBOJEJMBWPSPEJQJBTUSFMMFTFOFDFTTBSJPTPMMFWBSFMF
TVQFSGJDJEJBQQPHHJPDPOMJTUPOJSFTJTUFOUJBMMBUFNQFSBUVSBF
BMMBDRVB
 7FSJGJDBSFJMGVO[JPOBNFOUPFMBQPTJ[JPOFEFMMBQQBSFDDIJP
 3JFNQJSF MP TQB[JP USB JM QJBOP EJ MBWPSP FE JM QJBOP EJ DPUUVSB DPO
PQQPSUVOBDPMMBBMTJMJDPOFUSBEJ[JPOBMFOFMDPMPSFEFTJEFSBUP
$YYHUWHQ]D 4F TJ VUJMJ[[B DPMMB BM TJMJDPOF JOBQQSPQSJBUB TV QJBOJ
DPUUVSBJOQJFUSBOBUVSBMFQPUSFCCFSPQSPEVSTJDPMPSB[JPOJ
JNQPTTJCJMJEBFMJNJOBSFQPTTJCJMFBDRVJTUBSFMBDPMMB
BQQSPQSJBUBDPOUBUUBOEPJMOPTUSP4FSWJ[JPEJBTTJTUFO[BUFDOJDB
DPEJDF5FOFSFJODPOTJEFSB[JPOFMFJOEJDB[JPOJEJVTP
EFMGBCCSJDBOUF
 4QJBOBSF MB DPMMB BM TJMJDPOF QSJNB DIF TJ GPSNJ VOP TUSBUP DPO VO
SBTDIJFUUPPDPOJMEJUPJOVNJEJUJDPOTBQPOF
 -BTDJBSBTDJVHBSFMBDPMMBBMTJMJDPOFQSJNBEJVUJMJ[[BSF
MBQQBSFDDIJP
6PRQWDJJLRGHOSLDQRGLFRWWXUD
4DPMMFHBSFMBQQBSFDDIJPEBMMFQSFTFFMFUUSJDIFFEBMMBUUBDDPEFM
HBT
4WJUBSFMFHSBGGFFTFHVJSFJONPEPJOWFSTPMBQSPDFEVSBEJ
NPOUBHHJP
$WWDFFRGHOJDVILJ 
*MSBDDPSEPEFMHBTEFWFFTTFSFEJTQPTUPJONPEPDIFJMSVCJOFUUP
TJBBDDFTTJCJMF
-FTUSFNJUEFMMBDPOOFTTJPOFEJJOHSFTTPEFMQJBOPEJDPUUVSBB
HBT¨EPUBUBEJGJMFUUBUVSBEB࣐࣐ NNDIFDPOTFOUF
■*MDPMMFHBNFOUPSJHJEP
■*MDPMMFHBNFOUPDPOUVCPGMFTTJCJMFNFUBMMJDP- NJO  N
NBY  N
*OTFSJSFMBHVBSOJ[JPOFEJUFOVUBJOEPUB[JPOFGSBMVTDJUB
EFMDPMMFUUPSFFJMSBDDPSEPEFMHBT
&WJUBSFJMDPOUBUUPEFMUVCPDPOQBSUJNPCJMJEFMMVOJUEJODBTTPBE
FTFNQJP VO DBTTFUUP F OPO FGGFUUVBSF JM QBTTBHHJP EFMMP TUFTTP JO
TQB[JTPHHFUUJBQPTTJCJMJPTUSV[JPOJ
*ORVBMTJBTJDPOOFTTJPOF QRQPXRYHUHQpJLUDUHLOJRPLWREBMMB
QPTJ[JPOFTUBCJMJUBJOGBCCSJDB
/FMDBTPJODVJPDDPSSBSFBMJ[[BSFVOBDPOOFTTJPOFDJMJOESJDB
TPTUJUVJSFJMHPNJUPNPOUBUPJOGBCCSJDBDPORVFMMPGPSOJUPOFM
TBDDIFUUPEFHMJBDDFTTPSJ'JH B
/POTDPSEBSTJEJJOUFSDBMBSFMBHVBSOJ[JPOF
: 3HULFRORGLIXJKH
4FTJNBOJQPMBRVBMVORVFUJQPEJSBDDPSEPWFSJGJDBSOFMBUFOVUB
*MGBCCSJDBOUFEFDMJOBPHOJSFTQPOTBCJMJUJODBTPEJDPOOFTTJPOJ
DIFQSFTFOUJOPGVHIFEPQPMBNBOJQPMB[JPOFEFMMFTUFTTF
&RQQHVVLRQHHOHWWULFDILJ 
2VFTUPBQQBSFDDIJP¨EFMUJQP࣓:ࣔ*MDBWPEJJOHSFTTPOPOQV²
FTTFSF DBNCJBUP EBMMVUFOUF NB TPMP EBM 4FSWJ[JP 5FDOJDP 0DDPSSF
JOGBUUJSJTQFUUBSFJMUJQPEJDBWPFMBTF[JPOFNJOJNB
* QJBOJ EJ DPUUVSB WFOHPOP GPSOJUJ EPUBUJ EJ DBWP EJ BMJNFOUB[JPOF DPO
PTFO[BTQJOBFMFUUSJDB
(MJBQQBSFDDIJNVOJUJEJTQJOBEFWPOPFTTFSFDPMMFHBUJTPMUBOUPB
QSFTFFMFUUSJDIFDPOQSFTBEJUFSSBEFCJUBNFOUFJOTUBMMBUF
1SFWFEFSFVOTF[JPOBUPSFPOOJQPMBSFDPOBQFSUVSBEJDPOUBUUPEJ
BMNFOP NNUSBOOFDIFQFSJDPMMFHBNFOUJBTQJOBTFMVUFOUF
QV²BDDFEFSWJ
&DPELRGHOWLSRGLJDV
4FMBOPSNBUJWBEFMQBFTFMPDPOTFOUFRVFTUPBQQBSFDDIJPQV²
FTTFSFBEBUUBUPBEBMUSJUJQJEJHBTWUBSHBJEFOUJGJDBUJWB*
DPNQPOFOUJOFDFTTBSJBRVFTUBPQFSB[JPOFTJUSPWBOPOFMMBCPSTB
LJUEJDPOWFSTJPOFJOEPUB[JPOFBTFDPOEBEFMNPEFMMPP
EJTQPOJCJMFQSFTTPJMOPTUSP4FSWJ[JP5FDOJDP
,PSRUWDQWH"MUFSNJOFBQQMJDBSFMFUJDIFUUBBEFTJWBJOEJDBOEPJM
OVPWPUJQPEJHBTBDDBOUPBMMBUBSHBJEFOUJGJDBUJWB
 
1SPDFEFSFDPNFJOEJDBUPEJTFHVJUP
$6RVWLWX]LRQHGHJOLXJHOOLILJ 
 3JNVPWFSFUVUUFMFHSJHMJFJDPQFSDIJCSVDJBUPSFFJEJGGVTPSJ
 4PTUJUVJSFHMJVHFMMJDPOMBDIJBWFEJTQPOJCJMFQSFTTPJMOPTUSP
TFSWJ[JP UFDOJDP DPO JM DPEJDF  QFS JM CSVDJBUPSF B GJBNNB
EPQQJB7FEFSFMBUBCFMMB1SFTUBSFQBSUJDPMBSF
BUUFO[JPOFBDIFHMJVHFMMJOPOTJTUBDDIJOPEVSBOUFMBSJNP[JPOF
P JM GJTTBHHJP 1FS HBSBOUJSF MB UFOVUB EFWPOP FTTFSF CFO TBMEJ JO
QPTJ[JPOF
1FSRVFTUJCSVDJBUPSJOPO¨OFDFTTBSJBBMDVOBSFHPMB[JPOF
EFMMBSJBQSJNBSJB
 'JTTBSFHMJVHFMMJFJDPQFSDIJCSVDJBUPSFBJSJTQFUUJWJCSVDJBUPSJ
*OPMUSF¨OFDFTTBSJPBQQMJDBSFMFDPSSJTQPOEFOUJHSJHMJF
%,PSRVWD]LRQHGHOOHYDOYROHGHOJDVILJ 
 1PSUBSFMBNBOPQPMBEJDPNBOEPTVMMJWFMMPQJ¹CBTTP
 3JNVPWFSFMFNBOPQPMFEJDPNBOEPEBMMFWBMWPMFEFMHBT
$PNQBSFVOBUFOVUBEJHPNNBGMFTTJCJMF1SFNFSFDPOMBQVOUB
EFMDBDDJBWJUFQFSBDDFEFSFBMMBWJUFEJSFHPMB[JPOFEFMMBWBMWPMB
EFMHBT
1RQULPXRYHUHPDLODQHOORGLWHQXWD(MJBOFMMJEJUFOVUB
FWJUBOPDIFQFOFUSJOPJMJRVJEJFMPTQPSDPBMMJOUFSOP
EFMMBQQBSFDDIJPFWFOUVBMJUDIFQPUSFCCFDPNQSPNFUUFSOFJM
GVO[JPOBNFOUP
 7FEFSFMBUBCFMMBTFOFDFTTBSJPBEBUUBSFMFWJUJEJCZQBTT .
DPOMBJVUPEJVODBDDJBWJUF5PSY
$MFWJUJEJCZQBTTEFWPOPFTTFSFGJTTBUFTBMEBNFOUF
%-FWJUJEJCZQBTTEFWPOPDIJVEFSTJBMJWFMMPDPMTVQQPSUP
"DDFSUBSTJDIFSVPUBOEPMBNBOPQPMBEJDPNBOEPUSBJMMJWFMMP
NBTTJNP F RVFMMP NJOJNP JM CSVDJBUPSF OPO TJ TQFOHB F OPO WJ TJB
SJUPSOPEJGJBNNB
/POTNPOUBSFNBJMBTTFEFMMFWBMWPMFEFMHBT*ODBTPEJ
EBOOFHHJBNFOUP ¨ OFDFTTBSJP TPTUJUVJSF DPNQMFUBNFOUF MB WBMWPMB
EFMHBT
nl
é,QVWDOODWLHYRRUVFKULIW
9HLOLJKHLGVDDQZLM]LQJHQ
-FFTEFJOTUSVDUJFTWBOIFUBQQBSBBUBMWPSFOTPWFSUFHBBOUPUEF
JOTUBMMBUJFFOIFUHFCSVJLFSWBO
%FBGCFFMEJOHFOEJFCJKEF[FBBOXJK[JOHFOTUBBOBGHFESVLU[JKO
TMFDIUTUFSPSJ«OUBUJF
'HIDEULNDQWLVYULMYDQHONHYHUDQWZRRUGHOLMNKHLGLQGLHQGH
EHVFKLNNLQJHQYDQGH]HKDQGOHLGLQJQLHWQDJHOHHIGZRUGHQ
%JUBQQBSBBUNBHBMMFFOHFCSVJLUXPSEFOJOWPMEPFOEF
HFWFOUJMFFSEFSVJNUFT)FUNBHOJFUXPSEFOBBOHFTMPUFOPQFFO
JOSJDIUJOHWPPSEFBGWPFSWBOWFSCSBOEJOHTQSPEVDUFO
$OOHZHUN]DDPKHGHQEHWUHIIHQGHLQVWDOODWLHDIVWHOOLQJHQ
DDQSDVVLQJDDQHHQDQGHUJDVW\SHPRHWHQZRUGHQ
XLWJHYRHUGGRRUHHQEHNZDDPLQVWDOODWHXUZDDUELMDOOH
WRHSDVEDUH QRUPHQ HQ ZHWJHYLQJ HQ GH YRRUVFKULIWHQ YDQ GH
ORNDOHJDVHQHOHNWULFLWHLWVPDDWVFKDSSLMHQPRHWHQZRUGHQ
QDJHOHHIG(UZRUGWPHWQDPHJHOHWRSGHYRRUVFKULIWHQPHW
EHWUHNNLQJWRWYHQWLODWLH
9RRU GH DDQSDVVLQJ DDQ HHQ DQGHU JDVW\SH UDGHQ ZLM DDQ RP
RQ]H7HFKQLVFKH'LHQVWWHEHOOHQ
%JU BQQBSBBU JT VJUTMVJUFOE CFTUFNE WPPS IVJTIPVEFMJKL HFCSVJL )FU
JTOJFUUPFHFTUBBOIFUUFHFCSVJLFOWPPSQSPGFTTJPOFMFPG
DPNNFSD¯FMFEPFMFJOEFO)FUBQQBSBBUNBHOJFUJOKBDIUFOPG
DBSBWBOTXPSEFOHF¯OTUBMMFFSE%FHBSBOUJFHFMEUBMMFFOXBOOFFS
IFUBQQBSBBUPQEFKVJTUFXJK[FXPSEUHFCSVJLU
$POUSPMFFSW³³SEFJOTUBMMBUJFPGEFWPPSXBBSEFOWBOMPLBMF
EJTUSJCVUJF DPNQBUJCFM [JKO NFU EF BGTUFMMJOH WBO IFU BQQBSBBU EJF JT
BBOHFHFWFOPQIFUHFHFWFOTQMBBUKFBBSEFOESVLWBOIFUHBT
WFSNPHFOWPMUBHF
6OXLWYyyUHONHKDQGHOLQJGHVWURRPHQJDVWRHYRHUYDQKHW
DSSDUDDWDI
%FWPFEJOHTLBCFMNPFUXPSEFOWBTUHFNBBLUJOIFUNFVCFMTUVL
PN UF WPPSLPNFO EBU EF[F DPOUBDU NBBLU NFU EF HFEFFMUFT WBO EF
PWFOPGWBOEFLPPLQMBBUEJFXBSNXPSEFO
"QQBSBUFONFUTUSPPNUPFWPFSNPFUFOWFSQMJDIUHFBBSEXPSEFO
.BOJQVMFFSEFCJOOFO[JKEFWBOIFUBQQBSBBUOJFU5FMFGPOFFS
JOEJFOOPEJHPO[F5FDIOJTDIF%JFOTU
9yyUGHLQVWDOODWLH
%JU BQQBSBBU CFIPPSU UPU LMBTTF  WPMHFOT EF OPSN &/  WPPS
HBTBQQBSBUFOBQQBSBBUJOHFCPVXEJOFFONFVCFM
)FUNFVCFMTUVLXBBSJOIFUBQQBSBBUHF¯OTUBMMFFSEXPSEUNPFUPQ
EFKVJTUFXJK[FCFWFTUJHE[JKOFOTUBCJFMTUBBO
.FVCFMTEJFJOEFCVVSUWBOIFUBQQBSBBUTUBBOEFHFMBBHEF
CFLMFEJOHFOFOEFMJKNXBBSNFFEF[FHFQMBLU[JKONPFUFOOJFU
POUWMBNCBBSFOIJUUFCFTUFOEJH[JKO
%JUBQQBSBBULBOOJFUHF¯OTUBMMFFSEXPSEFOPQLPFMLBTUFO
XBTNBDIJOFTWBBUXBTTFSTPGEFSHFMJKLF
%FLPPLQMBBUNBHBMMFFOCPWFOFFOHFWFOUJMFFSEFPWFOXPSEFO
JOHFCPVXE
8PSEUPOEFSEFLPPLQMBBUFFOPWFOJOHFCPVXEEBOLBOEFEJLUF
WBOIFUXFSLCMBEEFNJOJNBBMWFSFJTUFEJLUFJOEF[F
HFCSVJLTBBOXJK[JOHPWFSTDISJKEFO/FFNEFBBOXJK[JOHFOJOEF
JOTUBMMBUJFIBOEMFJEJOHCJKEFPWFOJOBDIU
"MTVFFOBG[VJHLBQJOTUBMMFFSUEPFEBUEBOWPMHFOTEF
JOTUBMMBUJFIBOEMFJEJOHFOIPVEBMUJKEEFNJOJNBMFWFSUJDBMFBGTUBOE
UPUEFLPPLQMBBUBBOGJH 
9RRUEHUHLGLQJYDQKHWPHXEHODIE 
%PFFFOJOTOJKEJOHNFUEFHFTDIJLUFBGNFUJOHFOJOIFUXFSLWMBL
WPMHFOTEFHFXFOTUFJOTUBMMBUJFXJK[FOPSNBBMBPGPQIFU[FMGEF
OJWFBVC7PPSEFJOTUBMMBUJFXJK[FPQIFU[FMGEFOJWFBV
■"MMFJOTOJKEJOHTXFSL[BBNIFEFOBBOIFUXFSLWMBLNPFUFO
VJUHFWPFSEXPSEFOJOEFHFTQFDJBMJTFFSEFXJOLFM
■%FJOTOJKEJOHFONPFUFO[VJWFSFOOBVXLFVSJH[JKOXBOUEF
TOJKSBOEJT[JDIUCBBSBBOIFUPQQFSWMBL%FTUBCJMJUFJUWBOEF
NFVCFMFO NPFU PPL OB EF JOTOJKEJOHTXFSL[BBNIFEFO WFS[FLFSE
[JKO
■(FCSVJLFOLFMTQFDJBMFXFSLWMBLLFOEJFCFTUBOE[JKOUFHFO
UFNQFSBUVVSFOXBUFSCWOBUVVSTUFFOPGUFHFMXFSL
■%FJOCPVXNFVCFMFONPFUFOCFTUBOE[JKOUFHFOUFNQFSBUVSFO
UPU p$
7FSOJTWPPSIPVUFOXFSLWMBLLFOEFTOJKWMBLLFONFUFFOTQFDJBMF
MJKNPNEF[FUFCFTDIFSNFOUFHFOWPDIU
7XVVHQVFKRW
8PSEUFSHFFOPWFOPOEFSEFLPPLQMBBUHFQMBBUTUFOCMJKGUEF
POEFSLBOU FSWBO WSJK UPFHBOLFMJKL EBO EJFOU IFU WPMHFOEF JO BDIU UF
XPSEFOHFOPNFO
■0OEFSLPPLQMBUFONFUFMFLUSPLPPLQMBUFOPGXPLCSBOEFSTEJFOU
FFOUVTTFOTDIPUUFXPSEFOBBOHFCSBDIU
■0OEFSHBTLPPLQMBUFO[POEFSXPLCSBOEFSTBEWJTFSFOXJKEF
QMBBUTJOHWBOFFOUVTTFOTDIPUPNDPOUBDUNFUEFWFSXBSNEF
POEFSLBOUWBOEFLPPLQMBBUVJUUFTMVJUFO
*OCPVXIPPHUF NNWBOEFPOEFSLBOUWBOEFLPPLQMBBU
.BUFSJBBMWBOIFUUVTTFOTDIPUOJFUCSBOECBBSNBUFSJBBM[PBMT
CJKWNFUBBMPGNVMUJQMFY
,QVWDOODWLHYDQKHWDSSDUDDW
$DQZLM]LQJ #JKIFUJOCPVXFOWBOEFLPPLQMBBUEJFOUV
WFJMJHIFJETIBOETDIPFOFOUFESBHFO
$1RUPDOHLQVWDOODWLHDIE D
"GIBOLFMJKLWBOIFUNPEFMLBOEF[FMGLMFWFOEFQBLLJOHBMJOEF
GBCSJFL[JKOHFQMBBUTU"MTEBU[PJTWFSXJKEFSEF[FEBOJOHFFO
HFWBMEF[FMGLMFWFOEFQBLLJOHWPPSLPNUGJMUSBUJFT"MTEFQBLLJOH
OJFU JO GBCSJFL JT HFQMBBUTU QMBL EF[F EBO BBO EF POEFSSBOE WBO EF
LPPLQMBBU
7PPSEFCFWFTUJHJOHWBOIFUBQQBSBBUBBOIFUJOCPVXNFVCFM
 )BBMEFLMFNNFOVJUEF[BLNFUBDDFTTPJSFTFOTDISPFGEF[F
WBTUJOEFBBOHFEVJEFTUBOE[PSHEBUEF[FWSJKESBBJFO
 #PVXEFLPPLQMBBUJOFODFOUSFFSEF[F
%SVLPQEFVJUFJOEFOUPUEBUEFQMBBUPQEFIFMFPNUSFLTUFVOU
 %SBBJEFLMFNNFOIFMFNBBMBBO
%FTUBOEWBOEFLMFNNFOJTBGIBOLFMJKLWBOEFEJLUFWBOIFU
XFSLWMBL
)FUBQQBSBBUNBHOJFUNFUTJMJDPOFOLJUPQIFUXFSLCMBEXPSEFO
WBTUHFMJKNE
%,QVWDOODWLHRSKHW]HOIGHQLYHDXDIE E
 7PFS EF OPSNBMF JOTUBMMBUJF WBO IFU BQQBSBBU VJU FO [PSH WPPS FFO
HFMJKLNBUJHF HMFVG SPOE IFU BQQBSBBU %F LPPLQMBBU NPFU MJDIUKFT
POEFSIFUXFSLWMBLMJHHFO
#JKCFUFHFMEFBBOSFDIUFONPFUFOEFTUFVOWMBLLFOXPSEFO
WFSIPPHENFUMBUUFOCFTUBOEUFHFOUFNQFSBUVVSFOXBUFS
 $POUSPMFFSEFXFSLJOHFOEFTUBOEWBOIFUBQQBSBBU
 7VM EF HMFVG UVTTFO IFU BBOSFDIU FO EF LPPLQMBBU NFU HFTDIJLUF
HFXPOFTJMJDPOFOMJKNJOEFHFXFOTUFLMFVS
$DQZLM]LQJ *OEJFOVPOHFTDIJLUFTJMJDPOFOMJKNHFCSVJLUPQ
PQQFSWMBLLFOJOOBUVVSTUFFOEBOLVOOFOWFSLMFVSJOHFO
PQUSFEFOEJFOJFUNFFSLVOOFOXPSEFOWFSXJKEFSE6LBO
HFTDIJLUFMJKNLPQFOCJKPO[FUFDIOJTDIFEJFOTUDPEF
)PVESFLFOJOHNFUEFHFCSVJLTBBOXJK[JOHFOWBOEFGBCSJLBOU
 
 4USJKLEFTJMJDPOFOMJKNVJUNFUFFOTDISBQFSPGFFOWJOHFS
CFWPDIUJHENFU[FFQWPPSEBU[JDIFFOMBBHKFWPSNU
 -BBUEFTJMJDPOFOMJKNESPHFOWPPSEBUVIFUBQQBSBBUHFCSVJLU
8LWERXZYDQGHNRRNSODDW
4MVJUIFUBQQBSBBUBGWBOEFFMFLUSJDJUFJUTFOHBTBBOTMVJUJOH
%SBBJ EF LMFNNFO MPT FO HB PQ PNHFLFFSEF XFSLXJK[F UF XFSL BMT
CJKEFNPOUBHF
*DVDDQVOXLWLQJILJ 
%FHBTBBOTMVJUJOHNPFU[PBBOHFMFHE[JKOEBUEFBGTMVJULSBBO
UPFHBOLFMJKLJT
)FU VJUFJOEF WBO EF JOMBBUDPMMFDUPS WBO EF HBTLPPLQMBBU JT WPPS[JFO
WBOFFOTDISPFGESBBEWBO࣐࣐ NN.FUEF[F
TDISPFGESBBEJTNPHFMJKL
■&FOTUBSSFWFSCJOEJOH
■"BOTMVJUJOHNFUFFONFUBMFOGMFYJCFMFTMBOH- NJO  N
NBY  N
7PFHEFCJKHFMFWFSEFBGEJDIUQBLLJOHJOUVTTFOEFVJUMBBU
WBOIFUTQSVJUTUVLFOEFHBTBBOTMVJUJOH
7FSNJKEEBUEF[FTMBOHDPOUBDUNBBLUNFUEFCFXFFHCBSF
POEFSEFMFOWBOEFFFOIFJEXBBSJOEFLPPLQMBBUJTJOHFCPVXE
FFOMBEFCJKWPPSCFFMEPGEBUIJKEPPSSVJNUFTMPPQUEJFWFSTUPQU
LVOOFOSBLFO
#JKCFJEFWFSCJOEJOHFOEJFOUVFSWPPSUF[PSHFO KHWNQLHVWXNQLHW
WHEHZHJHQRIWHGUDDLHQ UFOPQ[JDIUFWBOEFTUBOEXBBSJOIJK
WBOVJUEFGBCSJFLLPNU
*OEJFO V FFO DJMJOESJTDIF BBOTMVJUJOH NPFU NBLFO WFSWBOH EBO IFU
EPPSEFGBCSJFLHF¯OTUBMMFFSEFLOJFTUVLEPPSEBUVJUEF[BLNFU
BDDFTTPJSFT"GC B
7FSHFFUOJFUPNEFQBLLJOHJOUFWPFHFO
: /HNJHYDDU
*OEJFOFFOBBOTMVJUJOHHFNBOJQVMFFSEXPSEUDPOUSPMFFSEF
MFLEJDIUIFJE
%FGBCSJLBOUJTOJFUBBOTQSBLFMJKLBMTFFOBBOTMVJUJOHMFLLFO
WFSUPPOUOBEBUEF[FHFNBOJQVMFFSEJT
(OHNWULVFKHDDQVOXLWLQJILJ 
%JUBQQBSBBUJTWBOIFUUZQF࣓:ࣔEFJOWPFSLBCFMNBHOJFU
WFSWBOHFOXPSEFOEPPSEFHFCSVJLFSNBBSEPPSEF5FDIOJTDIF
%JFOTU )FU UZQF LBCFM FO EF NJOJNVNEPPSTOFEF EJFOFO UF XPSEFO
HFSFTQFDUFFSE
%FLPPLQMBUFOXPSEFOHFMFWFSENFUFFOWPFEJOHTLBCFMNFUPG
[POEFSTUFLLFS
"QQBSBUFO EJF WPPS[JFO [JKO WBO FFO TUFLLFS NPHFO BMMFFO PQ FFO
HPFEHFBBSETUPQDPOUBDUXPSEFOBBOHFTMPUFO
&SNPFUFFOPNOJQPMBJSFPOEFSCSFLJOHTTDIBLFMBBSWPPS[JFO
XPSEFONFUFFONJOJNBMFDPOUBDUPQFOJOHWBO NNCFIBMWFCJK
FFO TUFLLFSBBOTMVJUJOH JOEJFO EF[F HFNBLLFMJKL CFSFJLCBBS JT WPPS
EFHFCSVJLFS
9HUDQGHULQJYDQJDVW\SH
*OEJFOEFOPSNWBOIFUMBOEIFUUPFMBBUNBHEJUBQQBSBBU
BBOHFQBTUXPSEFOBBOBOEFSFHBTTFO[JFHFHFWFOTQMBBUKF%F
IJFSWPPSCFOPEJHEFPOEFSEFMFOCFWJOEFO[JDIJOIFUHFMFWFSEF
PNWPSNJOHTQBLLFUBGIBOLFMJKLWBOIFUNPEFM)FUQBLLFUJT
CFTDIJLCBBSCJKPO[FUFDIOJTDIFEJFOTU
%HODQJULMN1MBBUTUFOTMPUUFEFTUJDLFSEJFIFUOJFVXFHBTUZQF
BBOEVJEUEJDIUCJKIFUHFHFWFOTQMBBUKF
7PMHPOEFSTUBBOEFTUBQQFOPQ
$9HUYDQJLQJYDQGHNRSSHQ$IE 
 "MMFSPPTUFSTCSBOEFSEFLTFMTFOWFSEFMFSTBGOFNFO
 %F LPQQFO WFSWBOHFO NFU EF TMFVUFM EJF WFSLSFHFO LBO XPSEFO
WJBPO[FUFDIOJTDIFEJFOTUNFUEFDPEFWPPSCSBOEFST
NFUEVCCFMFWMBN;JFEFUBCFM&SEJFOUNFUOBNFPQ
UFXPSEFOHFMFUEBUEFLPQUJKEFOTIFUBGOFNFOPGCFWFTUJHFO
OJFUMPTSBBLU0NEFEJDIUIFJEUFXBBSCPSHFONPFUFO[FWBTU
BBOHFESBBJE[JKO
#JK EF[F CSBOEFST IPFGU EF QSJNBJSF MVDIU OJFU UF XPSEFO HFSFHFME
 %FLPQQFOFOCSBOEFSEFLTFMTWBTUNBLFOBBOEFCFUSFGGFOEF
CSBOEFST%FSPPTUFSTEJFOFOPQEF[FMGEFNBOJFSUFXPSEFO
BBOHFCSBDIU
%,QVWHOOLQJYDQGHJDVNUDQHQ$IE 
 #FEJFOJOHTLOPQJOEFLMFJOTUFTUBOE[FUUFO
 #FEJFOJOHTLOPQWBOEFHBTLSBOFOBGOFNFO&SWFSTDIJKOUFFO
GMFYJCFMFSVCCFSFOBGEJDIUJOHTSJOH.FUEFQVOUWBOEF
TDISPFWFOESBBJFSPQEFJOTUFMTDISPFGWBOEFHBTLSBBOESVLLFO
'HDIGLFKWLQJVULQJQRRLWDIQHPHQ%FBGEJDIUJOHTSJOHFO
WPPSLPNFOEBUFSWMPFJTUPGPGWVJMJOIFUCJOOFOTUFWBOIFU
BQQBSBBULPNUXBUFFOOBEFMJHFJOWMPFEPQEFXFSLJOHLBO
IFCCFO
 ;JF EF UBCFM #ZQBTTTDISPFWFO . [P OPEJH NFU CFIVMQ WBO FFO
UPSYTDISPFWFOESBBJFSBBOQBTTFO
$%FCZQBTTTDISPFWFOEJFOFOWBTUUFXPSEFOBBOHFESBBJE
%%FCZQBTTTDISPFWFONPFUFOHPFEBBOTMVJUFOPQEF
PNMJKTUJOH
%SBBJU V BBO EF CFEJFOJOHTLOPQ UVTTFO EF IPPHTUF FO EF MBBHTUF
TUBOE[PSHFSEBOWPPSEBUEFCSBOEFSOJFUVJUHBBUFOFSHFFO
UFSVHTMBHWBOWMBNNFOQMBBUTWJOEU
%FBTWBOEFHBTLSBBOOPPJUEFNPOUFSFO*TEFHBTLSBBO
CFTDIBEJHEEBONPFUIJKWPMMFEJHXPSEFOWFSWBOHFO
pl
ë,QVWUXNFMDPRQWDŰX
:VND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD
1S[FEQS[ZTUÅQJFOJFNEPJOTUBMBDKJJVļZULPXBOJBVS[ÅE[FOJB
OBMFļZ[BQP[OBÇTJÙ[JOTUSVLDKÅ
*MVTUSBDKFQS[FETUBXJPOFXOJOJFKT[FKJOTUSVLDKJNBKÅDIBSBLUFS
PSJFOUBDZKOZ
3URGXFHQWQLHSRQRVLMDNLHMNROZLHNRGSRZLHG]LDOQRŔFLZ
SU]\SDGNXJG\]DOHFHQLD]DZDUWHZQLQLHMV]HMLQVWUXNFMLQLH
EęGĉSU]HVWU]HJDQH
5PVS[ÅE[FOJFQPXJOOPCZÇVļZULPXBOFXZĂÅD[OJFXNJFKTDBDI
QPTJBEBKÅDZDIPEQPXJFEOJÅXFOUZMBDKÙ/JFOBMFļZQPEĂÅD[BÇ
VS[ÅE[FOJBEPTQS[ÙUVTĂVļÅDFHPEPVTVXBOJBQSPEVLU³X
TQBMBOJB
:V]\VWNLHF]\QQRŔFL]ZLĉ]DQH]LQVWDODFMĉSRGãĉF]HQLHP
UHJXODFMĉLGRVWRVRZDQLHPXU]ĉG]HQLDGRLQQ\FKURG]DMyZ
JD]XSRZLQQ\E\þZ\NRQ\ZDQHSU]H]XSUDZQLRQHJR
LQVWDODWRUDVHUZLVXWHFKQLF]QHJR]JRGQLH]RERZLĉ]XMĉF\PL
QRUPDPLLSU]HSLVDPLRUD]]DU]ĉG]HQLDPLORNDOQ\FK
GRVWDZFyZHQHUJLLHOHNWU\F]QHMLJD]X1DOHŰ\]ZUyFLþ
V]F]HJyOQĉXZDJęQDRERZLĉ]XMĉFHSU]HSLV\Z]DNUHVLH
ZHQW\ODFML
:FHOXGRVWRVRZDQLDXU]ĉG]HQLDGR]DVLODQLDLQQ\PL
URG]DMDPLJD]X]DOHFDVLęNRQWDNW]QDV]\P6HUZLVHP
7HFKQLF]Q\P
6S[ÅE[FOJF[PTUBĂP[BQSPKFLUPXBOFXZĂÅD[OJFEPVļZULV
EPNPXFHPOJFEP[XPMPOFKFTUKFHPVļZULPXBOJFX
[BTUPTPXBOJBDIIBOEMPXZDIMVCQSPGFTKPOBMOZDI/JFOBMFļZ
JOTUBMPXBÇVS[ÅE[FOJBOBKBDIUBDIBOJXQS[ZD[FQBDI
LFNQJOHPXZDI(XBSBODKBCÙE[JFXBļOBXZĂÅD[OJFXQS[ZQBELV
QS[FTUS[FHBOJBQS[FXJE[JBOFHPTQPTPCVVļZULPXBOJBVS[ÅE[FOJB
1S[FEJOTUBMBDKÅVS[ÅE[FOJBOBMFļZVQFXOJÇTJÙļFQBSBNFUSZ
HB[V J QSÅEV LU³SF TÅ EPTUBSD[BOF QS[F[ MPLBMOZDI EPTUBXD³X TÅ
[HPEOF[QBSBNFUSBNJSFHVMBDKJVS[ÅE[FOJB[OBKEVKÅDZNJTJÙOB
UBCMJD[DF[OBNJPOPXFKSPE[BKJDJěOJFOJFHB[VNPDOBQJÙDJF
3U]HGZ\NRQDQLHPMDNLHMNROZLHNF]\QQRŔFLQDOHŰ\RGFLĉþ
]DVLODQLHHOHNWU\F]QHLGRSã\ZJD]XGRXU]ĉG]HQLD
1S[FX³E [BTJMBKÅDZ QPXJOJFO [PTUBÇ QS[ZNPDPXBOZ EP VS[ÅE[FOJB
XUFOTQPT³CBCZ[BQPCJFDKFHP[FULOJÙDJV[HPSÅDZNJD[ÙěDJBNJ
QJFLBSOJLBMVCQĂZUZLVDIFOLJ
6S[ÅE[FOJBLPS[ZTUBKÅDF[[BTJMBOJBFMFLUSZD[OFHPQPXJOOZ
PCPXJÅ[LPXPQPTJBEBÇV[JFNJFOJF
/JF OBMFļZ XZLPOZXBÇ ļBEOZDI D[ZOOPěDJ XF XOÙUS[V VS[ÅE[FOJB
8SB[JFQPUS[FCZOBMFļZTLPOUBLUPXBÇTJÙ[OBT[ZN4FSXJTFN
5FDIOJD[OZN
3U]HG]DLQVWDORZDQLHP
6S[ÅE[FOJFTQFĂOJBXZNPHJLMBTZ[HPEOJF[OPSNÅ&/
EPUZD[ÅDÅVS[ÅE[FĄHB[PXZDIVS[ÅE[FOJFEP[BCVEPXZ
.FCFM X LU³SZN [PTUBOJF [BJOTUBMPXBOF VS[ÅE[FOJF QPXJOJFO CZÇ
PEQPXJFEOJP[BNPDPXBOZJTUBCJMOZ
.FCMF[OBKEVKÅDFTJÙXQPCMJļVVS[ÅE[FOJBQPLSZDJB[MBNJOBUV
PSB[LMFKVļZXBOZEPJDI[BNPDPXBOJBQPXJOOZCZÇXZLPOBOF[
NBUFSJBĂ³XOJFQBMOZDIJPEQPSOZDIOBXZTPLÅUFNQFSBUVSÙ
6S[ÅE[FOJFOJFNPļFCZÇJOTUBMPXBOFOBMPE³XLBDIQSBMLBDI
[NZXBSLBDIMVCQPEPCOZNTQS[ÙDJF
1ĂZUÙ HS[FXD[Å NPļOB [BNPOUPXBÇ XZĂÅD[OJF OBE QJFLBSOJLJFN [
XFOUZMBDKÅ
+FļFMJ QPE QĂZUÅ HS[FXD[Å [BNPOUPXBOZ CÙE[JF QJFLBSOJL HSVCPěÇ
CMBUVSPCPD[FHPNPļFCZÇXJÙLT[BOJļXZNBHBOBHSVCPěÇ
NJOJNBMOBXOJOJFKT[FKJOTUSVLDKJ1S[FTUS[FHBÇXTLB[³XFL
[BXBSUZDIXJOTUSVLDKJNPOUBļVQJFLBSOJLB
8QS[ZQBELVJOTUBMBDKJXZDJÅHVLVDIFOOFHPOBMFļZQS[FTUS[FHBÇ
[BMFDFĄ[BXBSUZDIXKFHPJOTUSVLDKJNPOUBļVJ[BDIPXBÇ[BXT[F
NJOJNBMOÅPEMFHĂPěÇXQJPOJFPEQĂZUZLVDIFOLJSZT 
 
3U]\JRWRZDQLHPHEODU\V 
8ZLPOBÇXCMBDJFXZDJÙDJFPQPEBOZDIXZNJBSBDI[HPEOJF[
XZCSBOZNTQPTPCFNJOTUBMBDKJ[XZLĂBBMVCQĂBTLBC8
QS[ZQBELVJOTUBMBDKJQĂBTLJFK
■8T[ZTULJFQSBDF[XJÅ[BOF[XZDJÙDJFNXCMBDJFSPCPD[ZN
QPXJOOZCZÇXZLPOZXBOFXXZTQFDKBMJ[PXBOZNTFSXJTJF
■8ZDJÙDJBQPXJOOZCZÇD[ZTUFJEPLĂBEOFQPOJFXBļLSBXÙEĺ
XZDJÙDJBKFTUXJEPD[OBOBXJFS[DIV1PXZLPOBOJVQSBD
[XJÅ[BOZDI[XZDJÙDJFNOBMFļZS³XOJFļ[BQFXOJÇTUBCJMOF
VTUBXJFOJFNFCMJ
■6ļZXBÇ XZĂÅD[OJF TQFDKBMOZDI CMBU³X SPCPD[ZDI PEQPSOZDI OB
XZTPLÅUFNQFSBUVSÙJXPEÙOQ[OBUVSBMOFHPLBNJFOJBMVC
QPLSZUZDIQĂZULBNJDFSBNJD[OZNJ
■.FCMF[BCVEPXZQPXJOOZCZÇPEQPSOFOBUFNQFSBUVSÙEP
 p$
8CMBUBDIXZLPOBOZDI[ESFXOBOBMFļZQPXMFDQPXJFS[DIOJF
DJÙDJBTQFDKBMOZNLMFKFNXDFMVPDISPOZQS[FEXJMHPDJÅ
3ã\WDSU]HJUDG]DMĉFD
+FěMJQPEQĂZUÅHS[FXD[ÅOJFCÙE[JF[BJOTUBMPXBOZQJFLBSOJLJ
NPļMJXZCÙE[JFEPTUÙQEPTQPEVQĂZUZHS[FXD[FKOBMFļZ
QS[FTUS[FHBÇQPOJļT[ZDIXTLB[³XFL
■.POUBļQĂZUZQS[FHSBE[BKÅDFKQPEQĂZUBNJHS[FXD[ZNJ[
FMFLUSZD[OZNJQPMBNJHS[FXD[ZNJMVC[QBMOJLJFN8PLKFTU
LPOJFD[OZ
■.POUBļ QĂZUZ QS[FHSBE[BKÅDFK QPE QĂZUBNJ HB[PXZNJ CF[ QBMOJLB
8PLKFTU[BMFDBOZBCZ[BQPCJFDLPOUBLUPXJ[OBHS[BOZN
TQPEFNQĂZUZHS[FXD[FK
8ZTPLPěÇNPOUBļV NNPETQPEVQĂZUZHS[FXD[FK
.BUFSJBĂQĂZUZQS[FHSBE[BKÅDFKNBUFSJBĂOJFQBMOZOQNFUBMMVC
TLMFKLB
,QVWDODFMDXU]ĉG]HQLD
:VND]yZND 1PED[BTNPOUBļVQĂZUZHS[FXD[FKVļZXBÇSÙLBXJD
PDISPOOZDI
$,QVWDODFMD]Z\NãDU\V D
8[BMFļOPěDJPENPEFMVVS[ÅE[FOJBVT[D[FMLBTBNPQS[ZMFQOB
NPļF [PTUBÇ QS[ZNPDPXBOB GBCSZD[OJF /JF OBMFļZ KFK X³XD[BT X
ļBEOZNXZQBELV[EFKNPXBÇQPOJFXBļVT[D[FMLB
TBNPQS[ZMFQOB[BQPCJFHBTÅD[FOJV+FļFMJVT[D[FMLBOJF[PTUBĂB
[BĂPļPOBGBCSZD[OJFOBMFļZKÅOBLMFJÇOBEPMOZNCS[FHVQĂZUZ
LVDIFOLJ
8DFMV[BNPDPXBOJBVS[ÅE[FOJBXNFCMV
 8ZKÅÇVDIXZUZ[UPSFCLJ[BLDFTPSJBNJJQS[ZLSÙDJÇXF
XTLB[BOZNQPĂPļFOJVUBLCZNPHĂZTXPCPEOJFTJÙPCSBDBÇ
 8TVOÅÇQĂZUÙLVDIFOLJJVTUBXJÇDFOUSBMOJFXXZDJÙDJVNFCMB
1S[ZDJTOÅÇ CS[FHJ QĂZUZ LVDIFOLJ X UFO TQPT³C BCZ DBĂZN TXPJN
PCXPEFNTQPD[ZXBĂBOBQPETUBXJF
 0CS³DJÇVDIXZUZJEPDJTOÅÇKFEPLPĄDB
1PĂPļFOJFVDIXZU³X[BMFļZPEHSVCPěDJCMBUV
6S[ÅE[FOJBOJFXPMOPNPDPXBÇOBCMBDJFSPCPD[ZN[BQPNPDÅ
TJMJLPOV
%,QVWDODFMDSãDVNDU\V E
 8ZLPOBÇ[XZLĂÅJOTUBMBDKÙVS[ÅE[FOJBQBNJÙUBKÅDBCZ
QP[PTUBXJÇXPL³ĂOJFHPKFEOPMJUÅT[D[FMJOÙ1ĂZUBLVDIFOLJ
QPXJOOBTJÙHBÇOJFDPQPOJļFKQPXJFS[DIOJCMBUVSPCPD[FHP
8QS[ZQBELV[BCVEPXZQĂZUZHS[FKOFK[QĂZUFLDFSBNJD[OZDIX
SB[JFQPUS[FCZQPLSZÇQPXJFS[DIOJFQPEQBSDJBMJTUXBNJ
PEQPSOZNJOBXZTPLÅUFNQFSBUVSÙJOBXPEÙ
 4QSBXE[JÇE[JBĂBOJFJQPĂPļFOJFVS[ÅE[FOJB
 8ZQFĂOJÇT[D[FMJOÙNJÙE[Z[BCVEPXÅQĂZUZHS[FKOFKBQĂZUÅ
LVDIFOLJ[XZLĂZNLMFKFNTJMJLPOPXZNXXZCSBOZNLPMPS[F
:VND]yZND +FěMJ VļZXB TJÙ OJFPEQPXJFEOJFHP SPE[BKV LMFKV OB
QPXJFS[DIOJBDI[LBNJFOJBOBUVSBMOFHPNPHÅQPXTUBÇ
[BCBSXJFOJB LU³SZDI OJF CÙE[JF NPļOB VTVOÅÇ 0EQPXJFEOJ LMFK
NPļOBOBCZÇXOBT[ZN4FSXJTJF5FDIOJD[OZNLPEQSPEVLUV
/BMFļZQS[FTUS[FHBÇJOTUSVLDKJVļZULPXBOJB
QSPEVDFOUB
 1S[FE[FTUBMFOJFNXZS³XOBÇQPXJFS[DIOJÙLMFKVTJMJLPOPXFHP
[BQPNPDÅOBNZEMPOFHPTLSPCBLBMVCQBMDB
 1S[FESP[QPD[ÙDJFNVļZULPXBOJBVS[ÅE[FOJBQPD[FLBÇBļ
XZTDIOJFLMFK
'HPRQWDŰSã\W\NXFKHQNL
0EĂÅD[ZÇVS[ÅE[FOJFPEQSÅEVJPEDJÅÇEPQĂZXHB[V
0ELSÙDJÇVDIXZUZJXZLPOBÇD[ZOOPěDJNPOUBļVXPEXSPUOFK
LPMFKOPěDJ
3RGãĉF]DQLHJD]XU\V 
6S[ÅE[FOJFOBMFļZXUBLJTQPT³CQPEĂÅD[ZÇEPHB[VBCZ
[BQFXOJPOZCZĂEPTUÙQEPLVSLBPEDJOBKÅDFHPEPQĂZXHB[V
;BLPĄD[FOJFLPMFLUPSBXFKěDJPXFHPQĂZUZLVDIFOLJHB[PXFKKFTU
XZQPTBļPOFX[ĂÅD[FLPMBOLPXF[HXJOUFNPXZNJBS[F࣐࣐
 NNLU³SFVNPļMJXJB
■4[UZXOFQPĂÅD[FOJF
■1PĂÅD[FOJF[BQPNPDÅFMBTUZD[OFHPQS[FXPEV[NFUBMV
- NJO  NNBLT  N
;BĂPļZÇ EPTUBSD[POÅ VT[D[FMLÙ  NJÙE[Z XZKěDJF LPMFLUPSB
BQS[FX³EEPQSPXBE[BKÅDZHB[
/BMFļZ[BQPCJFDTUZLBOJVTJÙQS[FXPEV[SVDIPNZNJD[ÙěDJBNJ
[BCVEPXZOBQS[ZLĂBET[VGMBEÅJQS[FDIPE[FOJVQS[F[NJFKTDB
LU³SFNPHÅ[PTUBÇ[BKÙUFQS[F[CMPLVKÅDFQS[FTUS[FĄQS[FENJPUZ
#F[X[HMÙEVOBSPE[BKQPĂÅD[FOJB QLHQDOHŰ\QLJG\SRUXV]Dþ
DQLREUDFDþ]ãĉF]HPNRODQNRZ\P [NJFOJBKÅDKFHPQPĂPļFOJF
GBCSZD[OF
+FěMJXZNBHBOFKFTUXZLPOBOJF[ĂÅD[BDZMJOESZD[OFHPOBMFļZ
XZNJFOJÇ[ĂÅD[FLPMBOLPXF[BNPOUPXBOFGBCSZD[OJFOB[ĂÅD[F
[OBKEVKÅDFTJÙXUPSFCDF[BLDFTPSJBNJ3ZT B
1SPT[ÙQBNJÙUBÇP[BĂPļFOJVVT[D[FMLJ
: 1LHEH]SLHF]HĿVWZRXODWQLDQLDVLęJD]X
1PQS[FQSPXBE[FOJVKBLJDILPMXJFLD[ZOOPěDJQS[ZFMFNFOUBDI
QPEĂÅD[FOJBHB[VOBMFļZTQSBXE[JÇT[D[FMOPěÇQPĂÅD[FĄ
1SPEVDFOUOJFQPOPTJPEQPXJFE[JBMOPěDJXQS[ZQBELVHEZ
QPĂÅD[FOJFVUSBDJT[D[FMOPěÇOBTLVUFLXZLPOBOZDIPQFSBDKJ
3RGãĉF]DQLHSUĉGXU\V 
+FTUUPVS[ÅE[FOJFUZQV࣓:ࣔQS[FX³EXFKěDJPXZOJFNPļFCZÇ
XZNJFOJBOZQS[F[VļZULPXOJLBMFD[XZĂÅD[OJFQS[F[4FSXJT
5FDIOJD[OZ/BMFļZ[BDIPXBÇPEQPXJFEOJSPE[BKQS[FXPEVPSB[
NJOJNBMOZQS[FLS³K
1ĂZUZLVDIFOLJTÅEPTUBSD[BOFXSB[[QS[FXPEFN[BTJMBOJB
[BPQBUS[POZNXFXUZD[LÙMVCCF[OJFK
6S[ÅE[FOJBXZQPTBļPOFXFXUZD[LÙNPļOBQPEĂÅD[BÇXZĂÅD[OJF
EP QVT[FL [ HOJB[ELJFN QPTJBEBKÅDZDI QSBXJEĂPXP [BJOTUBMPXBOF
V[JFNJFOJF
/BMFļZQBNJÙUBÇPXJFMPCJFHVOPXZNXZĂÅD[OJLVPEDJOBKÅDZN
[BTJMBOJF [ QS[ZOBKNOJFK NJMJNFUSPXZN PETUÙQFN TUZLPXZN OJF
EPUZD[ZQPEĂÅD[FOJB[BQPNPDÅXUZD[LJHEZKFTUPOBEPTUÙQOB
EMBVļZULPXOJLB
=PLDQDURG]DMXJD]X
+FěMJ[F[XBMBKÅOBUPQS[FQJTZPCPXJÅ[VKÅDFXEBOZNLSBKV
VS[ÅE[FOJF NPļOB EPTUPTPXBÇ EP [BTJMBOJB JOOZNJ SPE[BKBNJ HB[V
QBUS[UBCMJD[LB[OBNJPOPXBVS[ÅE[FOJB/JF[CÙEOFD[ÙěDJ
[OBKEVKÅTJÙXUPSFCDF[[FTUBXFNVNPļMJXJBKÅDZN[NJBOÙ
[BTJMBOJBHB[PXFHPLU³SB[PTUBĂB[BĂÅD[POBX[BMFļOPěDJPE
NPEFMVMVCLU³SÅNPļOBOBCZÇXOBT[ZN4FSXJTJF5FDIOJD[OZN
:DŰQH 1P[BLPĄD[FOJVQSBDZXQPCMJļVUBCMJD[LJ[OBNJPOPXFK
OBMFļZQS[ZLMFJÇOBLMFKLÙJOGPSNVKÅDÅKBLJNSPE[BKFNHB[V
VS[ÅE[FOJFKFTU[BTJMBOF
/BMFļZXZLPOBÇOBTUÙQVKÅDFD[ZOOPěDJ
$:\PLDQDG\V]U\V 
 ;EKÅÇXT[ZTULJFSVT[UZOBLSZXLJQBMOJL³XJEZGV[PSZ
 8ZNJFOJÇEZT[F[BQPNPDÅEPTUÙQOFHPXOBT[ZNTFSXJTJF
UFDIOJD[OZN LMVD[B P[OBD[POFHP LPEFN  EP QBMOJL³X P
QPEX³KOZNXJFĄDVQĂPNJFOJ1BUS[UBCFMB/BMFļZ
[XS³DJÇ T[D[FH³MOÅ VXBHÙ OB UP BCZ OJF PEFSXBÇ EZT[Z QS[Z KFK
XZDJÅHBOJVMVCNPDPXBOJVXQBMOJLV8DFMV[BQFXOJFOJB
T[D[FMOPěDJVLĂBEVOBMFļZNPDOPEPLSÙDJÇEZT[F
8UZDIQBMOJLBDIOJFKFTUXZNBHBOFXZSFHVMPXBOJFEPQĂZXV
QPXJFUS[BQPETUBXPXFHP
 %ZT[FJOBLSZXLJ[BNPDPXBÇOBPEQPXJFEOJDIQBMOJLBDI
0QS³D[UFHPOBĂPļZÇSVT[UZ
%8VWDZLDQLHNXUNyZJD]RZ\FKU\V 
 6TUBXJÇQPLSÙUĂBPCTĂVHJOBOBKNOJFKT[ZTUPQJFĄ
 ;EKÅÇQPLSÙUĂBPCTĂVHJ[LVSL³XHB[PXZDI1PKBXJTJÙ
FMBTUZD[OZHVNPXZQJFSěDJFĄVT[D[FMOJBKÅDZ$[VCLJFN
ěSVCPLSÙUBOBDJTOÅÇěSVCÙSFHVMBDZKOÅLVSLBHB[PXFHP
:ŰDGQ\PZ\SDGNXQLH]GHMPRZDþSLHUŔFLHQLD
XV]F]HOQLDMĉFHJR1JFSěDJFOJFVT[D[FMOJBKÅDF[BQPCJFHBKÅ
QS[FEPTUBXBOJVTJÙQĂZO³XJ[BOJFD[ZT[D[FĄEPXOÙUS[B
VS[ÅE[FOJBDPNPHĂPCZNJFÇOFHBUZXOZXQĂZXOBKFHP
E[JBĂBOJF
 1BUS[ UBCFMB ěSVCZ PCFKěDJPXF . EPQBTPXBÇ X SB[JF QPUS[FCZ
[BQPNPDÅěSVCPLSÙUBUPSY
$ĚSVCZPCFKěDJPXFNVT[ÅCZÇEPLSÙDPOFEPPQPSV
 
%ĚSVCZPCFKěDJPXFJPQSBXBNVT[Å[OBKEPXBÇTJÙXKFEOFK
QĂBT[D[ZĺOJF
6QFXOJÇ TJÙ ļF QBMOJL OJF HBěOJF QS[Z PCSBDBOJV QPLSÙUĂB PCTĂVHJ
NJÙE[Z OBKXZļT[ZN B OBKOJļT[ZN TUPQOJFN NPDZ J OJF EPDIPE[J
EPDPGBOJBTJÙQĂPNJFOJB
/JHEZOJFEFNPOUPXBÇPTJLVSLBHB[PXFHP8QS[ZQBELV
VT[LPE[FOJBOBMFļZXZNJFOJÇDBĂZLVSFLHB[PXZ
pt
ì,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVGHVHJXUDQoD
-FJBBTJOTUSV§µFTEPBQBSFMIPBOUFTEFQSPDFEFSJOTUBMB§£PF
VUJMJ[B§£P
"T JNBHFOT BQSFTFOUBEBT BP MPOHP EBT JOTUSV§µFT TFSWFN BQFOBT
QBSBPSJFOUB§£P
2 IDEULFDQWH ILFD LVHQWR GH TXDOTXHU WLSR GH UHVSRQVDELOLGDGH
FDVRQmRVHFXPSUDPDVGLVSRVLo}HVGHVWHPDQXDO
&TUFBQBSFMIPEFWFTFSBQFOBTVUJMJ[BEPFNMPDBJTDPNVNB
WFOUJMB§£PBEFRVBEB/£PEFWFTFSMJHBEPBVNEJTQPTJUJWPEF
FWBDVB§£PEPTQSPEVUPTEFDPNCVTU£P
7RGRVRVWUDEDOKRVGHLQVWDODomROLJDomRUHJXODomRH
DGDSWDomRDRXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRU
XPWpFQLFRGHLQVWDODomRDXWRUL]DGRUHVSHLWDQGRWRGDVDV
UHJXODPHQWDo}HVHOHJLVODomRDSOLFiYHLVEHPFRPRR
HVWLSXODGRSHODVHPSUHVDVORFDLVIRUQHFHGRUDVGHJiVH
HOHFWULFLGDGH 'HYH SUHVWDU SDUWLFXODU DWHQomR jV GLVSRVLo}HV
DSOLFiYHLVUHODWLYDPHQWHjYHQWLODomR
5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$VVLVWrQFLD
7pFQLFDSDUDDDGDSWDomRDRXWURVWLSRVGHJiV
&TUFBQBSFMIPGPJVOJDBNFOUFDPODFCJEPQBSBVUJMJ[B§£P
EPN©TUJDBO£PQPEFOEPQPSJTTPTFSVUJMJ[BEPQBSBGJOT
DPNFSDJBJT PV QSPGJTTJPOBJT &TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP
FNJBUFTPVDBSBWBOBT"HBSBOUJBBQFOBTTFS¡W¡MJEBDBTPP
BQBSFMIPTFKBVUJMJ[BEPDPSSFDUBNFOUFFQBSBPTGJOTBRVFTF
EFTUJOB
"OUFT EB JOTUBMB§£P WFSJGJRVF TF BT DPOEJ§µFT EF EJTUSJCVJ§£P MPDBM
T£P DPNQBUWFJT DPN B SFHVMB§£P EP BQBSFMIP RVF © BQSFTFOUBEB
OBQMBDBEFDBSBDUFSTUJDBTOBUVSF[BFQSFTT£PEPH¡TQPUªODJB
WPMUBHFN
$QWHVGHTXDOTXHUSURFHGLPHQWRFRUWHDDOLPHQWDomR
HOpFWULFDHGHJiVGRDSDUHOKR
0DBCPEFBMJNFOUB§£PEFWFTFSGJYPBPN³WFMQBSBFWJUBSRVF
FOUSF FN DPOUBDUP DPN BT QBSUFT RVFOUFT EP GPSOP PV EB QMBDB EF
DP[FEVSB
0TBQBSFMIPTDPNBMJNFOUB§£PFM©DUSJDBEFWFNTFS
PCSJHBUPSJBNFOUFMJHBEPTUFSSB
/£PNBOJQVMFPJOUFSJPSEPBQBSFMIP4FOFDFTT¡SJPDPOUBDUFP
OPTTP4FSWJ§PEF"TTJTUªODJB5©DOJDB
$QWHVGDLQVWDODomR
&TUF BQBSFMIP DPSSFTQPOEF  DMBTTF  TFHVOEP B OPSNB &/ 
QBSBBQBSFMIPTBH¡TBQBSFMIPFODBTUSBEPOVNN³WFM
0 N³WFM POEF TF JOTUBMB P BQBSFMIP EFWF FTUBS DPOWFOJFOUFNFOUF
GJYBEPFEFWFTFSFTU¡WFM
0TN³WFJTQS³YJNPTEPBQBSFMIPPTSFWFTUJNFOUPTFTUSBUJGJDBEPT
F B DPMB RVF PT GJYB EFWFN USBUBSTF EF NBUFSJBJT O£P JOGMBN¡WFJT
FSFTJTUFOUFTBPDBMPS
&TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP TPCSF GSJHPSGJDPT N¡RVJOBT
EFMBWBSSPVQBN¡RVJOBTEFMBWBSMPJ§BPVBQBSFMIPTTJNJMBSFT
"QMBDBEFDP[JOIBST³QPEFTFSNPOUBEBTPCSFVNGPSOP
WFOUJMBEP
4FGPSNPOUBEPVNGPSOPQPSCBJYPEBQMBDBEFDP[JOIBSB
FTQFTTVSBEBCBODBEBQPEFVMUSBQBTTBSBFTQFTTVSBNOJNB
FYJHJEBQPSFTUFNBOVBM3FTQFJUFBTJOEJDB§µFTDPOTUBOUFTEBT
JOTUSV§µFTEFNPOUBHFNEPGPSOP
4FJOTUBMBSVNFYUSBDUPSEFWFUFSFNDPOUBPSFTQFDUJWPNBOVBM
EFJOTUBMB§£PSFTQFJUBOEPTFNQSFBEJTU¢ODJBWFSUJDBMNOJNBFN
SFMB§£PQMBDBEFDP[FEVSBGJH 
3UHSDUDomRGRPyYHOILJ 
3FBMJ[FVNDPSUFEBTEJNFOTµFTOFDFTT¡SJBTOBTVQFSGDJFEF
USBCBMIPTFHVOEPPNPEPEFJOTUBMB§£PEFTFKBEPOPSNBMBPV
OJWFMBEPC1BSBPNPEPEFJOTUBMB§£POJWFMBEP
■5PEPT PT USBCBMIPT EF DPSUF OB TVQFSGDJF EF USBCBMIP EFWFN TFS
SFBMJ[BEPTOBMPKBFTQFDJBMJ[BEB
■0T DPSUFT EFWFN TFS MJNQPT F QSFDJTPT K¡ RVF B FYUSFNJEBEF EP
DPSUFTFWªOBTVQFSGDJF"FTUBCJMJEBEFEPTN³WFJTUBNC©N
EFWFTFSHBSBOUJEBEFQPJTEPTUSBCBMIPTEFDPSUFUFSFNTJEP
FGFDUVBEPT
■6UJMJ[BSVOJDBNFOUFTVQFSGDJFTEFUSBCBMIPFTQFDJBJT
SFTJTUFOUFT  UFNQFSBUVSB F  ¡HVB  QPS FY EF QFESB OBUVSBM PV
DPNB[VMFKPT
■0TN³WFJTFODBTUS¡WFJTEFWFNTFSSFTJTUFOUFTBUFNQFSBUVSBT
BU© p$
&NTVQFSGDJFTEFUSBCBMIPEFNBEFJSBFOWFSOJ[FBTTVQFSGDJFT
EFDPSUFDPNVNBDPMBFTQFDJBMQBSBBTQSPUFHFSEBIVNJEBEF
)XQGRLQWHUPpGLR
4F O£P GPS JOTUBMBEP OFOIVN GPSOP QPS CBJYP EB QMBDB EF DP[JOIBS
FBTVBQBSUFJOGFSJPSFTUJWFSUPUBMNFOUFBDFTTWFMEFWFQSFTUBS
BUFO§£PBPTFHVJOUF
■&TU¡QSFWJTUBBNPOUBHFNEFVNGVOEPJOUFSN©EJPQPSCBJYP
EBTQMBDBTEFDP[JOIBSDPNQMBDBTFM©USJDBTPVRVFJNBEPSFT
QBSBXPL
■3FDPNFOEBTFBNPOUBHFNEFVNGVOEPJOUFSN©EJPQPSCBJYP
EBTQMBDBTEFDP[JOIBSBH¡TTFNRVFJNBEPSFTQBSBXPLQBSB
FYDMVJSPDPOUBDUPDPNBQBSUFJOGFSJPSBRVFDJEBEBQMBDBEF
DP[JOIBS
"MUVSBEFNPOUBHFN NNEBQBSUFJOGFSJPSEBQMBDBEF
DP[JOIBS
.BUFSJBMEPGVOEPJOUFSN©EJPO£PNBUFSJBMJOGMBN¡WFMDPNPQPS
FYFNQMPNFUBMPVNBEFJSBDPOUSBQMBDBEB
,QVWDODomRGRDSDUHOKR
1RWD 6UJMJ[FMVWBTEFQSPUF§£PQBSBNPOUBSBQMBDBEFDP[JOIBS
$,QVWDODomRQRUPDOILJ D
4FHVOEPPNPEFMPBKVOUBBEFTJWBQPEFWJSDPMPDBEBEFG¡CSJDB
4FGPSFTTFPDBTPO£PBSFNPWBEFGPSNBBMHVNBBKVOUB
BEFTJWBJNQFEFBTJOGJMUSB§µFT4FBKVOUBO£PWJFSDPMPDBEBEF
G¡CSJDBDPMFBOBNBSHFNJOGFSJPSEBQMBDBEFDP[FEVSB
1BSBBGJYB§£PEPBQBSFMIPOPN³WFMEFFODBTUSBNFOUP
 3FUJSF PT HSBNQPT EP DPOKVOUP EF BDFTT³SJPT F BQBSBGVTFPT OB
QPTJ§£PJOEJDBEBEFJYBOEPRVFFTUFTSPEFNMJWSFNFOUF
 &ODBTUSFFDFOUSFBQMBDBEFDP[FEVSB
1SFTTJPOFTPCSFPTTFVTFYUSFNPTBU©RVFTFBQPJFFNUPEPP
TFVQFSNFUSP
 (JSFPTHSBNQPTFBQFSUFPTCFN
" QPTJ§£P EPT HSBNQPT EFQFOEF EB FTQFTTVSB EB TVQFSGDJF EF
USBCBMIP
0BQBSFMIPO£PEFWFTFSGJYBEPDPNTJMJDPOFCBODBEBEF
USBCBMIP
%,QVWDODomRQLYHODGDILJ E
 1SPDFEB  JOTUBMB§£P OPSNBM EP BQBSFMIP DFSUJGJDBOEPTF EF RVF
FNSFEPSEPNFTNPGJDBVNBSBOIVSBVOJGPSNF"QMBDBEF
DP[FEVSBEFWFGJDBSMJHFJSBNFOUFBCBJYPEBTVQFSGDJFEF
USBCBMIP
/BTCBODBEBTEFB[VMFKPT©OFDFTT¡SJPTVCJSBTTVQFSGDJFTEF
BQPJPDPNSJQBTSFTJTUFOUFTUFNQFSBUVSBF¡HVB
 7FSJGJRVFPGVODJPOBNFOUPFBQPTJ§£PEPBQBSFMIP
 5BQFBSBOIVSBFOUSFBCBODBEBFBQMBDBEFDP[FEVSBDPN
DPMBEFTJMJDPOFDPOWFODJPOBMBEFRVBEBOBDPSRVFEFTFKBS
1RWD 4FTFVUJMJ[BSVNBDPMBEFTJMJDPOFJOBEFRVBEBFN
TVQFSGDJFT EF QFESB OBUVSBM QPEFN TVSHJS DPMPSB§µFT RVF K¡ O£P
QPEFS£PTFSFMJNJOBEBT1PEFBERVJSJSVNBDPMBBEFRVBEBOP
OPTTP TFSWJ§P EF BTTJTUªODJB U©DOJDB D³EJHP  0CFEF§B
TJOTUSV§µFTEFVUJMJ[B§£PEPGBCSJDBOUF
 "MJTFBDPMBEFTJMJDPOFDPNVNBFTQ¡UVMBPVDPNPEFEP
IVNFEFDJEPDPNTBC£PBOUFTRVFTFGPSNFVNBDBNBEB
 "OUFTEFVUJMJ[BSPBQBSFMIPEFJYFBDPMBEFTJMJDPOFTFDBS
'HVPRQWDJHPGDSODFDGHFR]HGXUD
%FTMJHVFPBQBSFMIPEBTUPNBEBTFM©DUSJDBFEFH¡T
%FTBQBSBGVTFPTHSBNQPTFQSPDFEBEFNPEPJOWFSTPBPEB
NPOUBHFN
/LJDomRDJiVILJ 
" MJHB§£P EP BQBSFMIP  SFEF EF H¡T UFN EF TFS SFBMJ[BEB EF GPSNB
BRVFBUPSOFJSBEFGFDIPGJRVFBDFTTWFM
" FYUSFNJEBEF EP DPOFDUPS EF FOUSBEB EB QMBDB EF DP[FEVSB B H¡T
FTU¡FRVJQBEBDPNVNBSPTDBEF࣐࣐ NNRVFQFSNJUF
■3FBMJ[BSVNBMJHB§£PSHJEB
■&GFDUVBSBMJHB§£PDPNVNUVCPGMFYWFMNFU¡MJDP- NO  N
N¡Y  N
*OUFSDBMFBKVOUBEFFTUBORVFJEBEFGPSOFDJEBFOUSFB
TBEBEPDPMFDUPSFBFOUSBEBEFH¡T
&WJUF P DPOUBDUP EP UVCP DPN RVBMRVFS QBSUF N³WFM EB VOJEBEF EF
FODBTUSBNFOUPQPSFYFNQMPVNBHBWFUBCFNDPNPBTVB
QBTTBHFNQPSFTQB§PTRVFQPTTBNGJDBSPCTUSVEPT
 
&NRVBMRVFSVNBEBTMJHB§µFTQmRPRYDQHPURGHRFRWRYHOR
EBQPTJ§£PRVFWFNEFG¡CSJDB
1BSBSFBMJ[BSVNBMJHB§£PDPNUVCBHFNDJMOESJDBTVCTUJUVBP
DPUPWFMP JOTUBMBEP EF G¡CSJDB QFMP DPUPWFMP JODMVEP OP DPOKVOUP EF
BDFTT³SJPT'JH B
/£PTFFTRVF§BEFJOUFSDBMBSBKVOUB
: 3HULJRGHIXJD
4FNBOJQVMBSRVBMRVFSMJHB§£PWFSJGJRVFBFTUBORVFJEBEF
0GBCSJDBOUFO£PTFSFTQPOTBCJMJ[BTFBMHVNBMJHB§£PBQSFTFOUBS
GVHBTEFQPJTEFUFSTJEPNBOJQVMBEB
/LJDomRHOpFWULFDILJ 
&TUFBQBSFMIP©EPUJQP࣓:ࣔPDBCPEFFOUSBEBO£PQPEFTFS
NVEBEP QFMP VUJMJ[BEPS T³ P 4FSWJ§P EF "TTJTUªODJB 5©DOJDB EFWF
GB[ªMP%FWFTFNQSFSFTQFJUBSTFBTFD§£PNOJNBFPUJQPEF
DBCP
"TQMBDBTEFDP[FEVSBT£PGPSOFDJEBTDPNVNDBCPEF
BMJNFOUB§£PDPNPVTFNGJDIB
0TBQBSFMIPTGPSOFDJEPTDPNGJDIBT³EFWFNTFSMJHBEPTB
UPNBEBTEFUFSSBEFWJEBNFOUFJOTUBMBEBT
%FWFQSFWFSTFVNJOUFSSVQUPSPNOJQPMBSDPNVNBBCFSUVSBEF
DPOUBDUP NOJNB EF  NN FYDFQUP FN MJHB§µFT DPN GJDIB TF FTUB
FTUJWFSBDFTTWFMBPVUJMJ[BEPS
0XGDQoDGRWLSRGHJiV
4F BT SFHVMBNFOUB§µFT EP QBT P QFSNJUJSFN FTUF BQBSFMIP QPEF
TFSBEBQUBEPBPVUSPTUJQPTEFH¡TWFSQMBDBEFDBSBDUFSTUJDBT
"TQF§BTOFDFTT¡SJBTQBSBUBMFTU£PJODMVEBTOPTBDPEF
USBOTGPSNB§£PGPSOFDJEPDPOTPBOUFPNPEFMPPVEJTQPOWFJTOP
OPTTP4FSWJ§PEF"TTJTUªODJB5©DOJDB
,PSRUWDQWH"PUFSNJOBSDPMPRVFBFUJRVFUBBEFTJWBJOEJDBOEPP
OPWPUJQPEFH¡TQS³YJNPEBQMBDBEFDBSBDUFSTUJDBT
0TQBTTPTBTFHVJST£PPTTFHVJOUFT
$6XEVWLWXLomRGRVELFRVILJ 
 3FUJSFUPEBTBTHSFMIBTUBNQBTEPTRVFJNBEPSFTF
EJTUSJCVJEPSFT
 4VCTUJUVBPTCJDPTDPNBDIBWFRVFFTU¡EJTQPOWFMOPOPTTP
TFSWJ§PU©DOJDPDPNPD³EJHPQBSBRVFJNBEPSFTEF
DIBNBEVQMB$POTVMUFBUBCFMB%FWFQSFTUBSTF
FTQFDJBMBUFO§£PQBSBRVFPCJDPO£PTFTPMUFBRVBOEPEB
SFNP§£PPVEBGJYB§£P1BSBHBSBOUJSBFTUBORVFJEBEFFMFUFN
EFFTUBSCFNQSFTP
/PDBTPEFTUFTRVFJNBEPSFTO£P©OFDFTT¡SJPSFHVMBSPBS
QSJN¡SJP
 'JYFPTCJDPTFBTUBNQBTEPTRVFJNBEPSFTOPTSFTQFUJWPT
RVFJNBEPSFT"M©NEJTTPBTHSFMIBTEFWFNTFSDPMPDBEBTFN
DPOGPSNJEBEF
%5HJXODomRGDVWRUQHLUDVGHJiVILJ 
 $PMPRVFPTDPNBOEPTOPOWFMNBJTCBJYP
 3FUJSFPTDPNBOEPTEBTUPSOFJSBTEFH¡T4VSHFVNBOFMEF
WFEB§£PFNCPSSBDIBGMFYWFM$PNBQPOUBEBDIBWFEF
QBSBGVTPTQSFTTJPOFPQBSBGVTPEFBKVTUFEBUPSOFJSBEFH¡T
1XQFDUHWLUHRDQHOGHYHGDomR0TBO©JTEFWFEB§£P
JNQFEFNBFOUSBEBEFMRVJEPTFEFTVKJEBEFOPJOUFSJPSEP
BQBSFMIPPRVFQSFKVEJDBBTVBGVODJPOBMJEBEF
 $POTVMUFBUBCFMBTFOFDFTT¡SJPBEBQUFQBSBGVTPTEFCZQBTT
.DPNBBKVEBEFVNBDIBWFEFQBSBGVTPT5PSY
$0TQBSBGVTPTEFCZQBTTUªNEFFTUBSCFNBQFSUBEPT
%0TQBSBGVTPTEFCZQBTTUªNEFGFDIBSKVOUBNFOUFDPNB
GJYB§£P
$FSUJGJRVFTF EF RVF BP SPEBS PT DPNBOEPT P RVFJNBEPS O£P TF
EFTMJHBFOUSFPOWFMNBJTBMUPFPNBJTCBJYPFO£PI¡VN
SFUPSOPEBDIBNB
/VODBEFTNPOUFBUPSOFJSBEFH¡T&NDBTPEFEBOPTBUPSOFJSB
EFH¡TUFNEFTFSUSPDBEBQPSDPNQMFUP
ro
í,QVWUXFŘLXQLGHPRQWDM
,QGLFDŘLLUHIHULWRDUHODVLJXUDQŘć
$JUJģJJOTUSVDģJVOJMFBQBSBUVMVJ®OBJOUFTÃUSFDFģJMBJOTUBMBSFBğJ
VUJMJ[BSFBBDFTUVJB
*NBHJOJMFQSF[FOUBUF®OBDFTUFJOTUSVDģJVOJTVOUDVTDPQPSJFOUBUJW
3URGXFćWRUXO HVWH H[RQHUDW GH RULFH UćVSXQGHUH GDFć QX VXQW
vQGHSOLQLWHGLVSR]LŘLLOHGLQDFHVWPDQXDO
"DFTUBQBSBUUSFCVJFTÃGJFVUJMJ[BUFYDMVTJW®OMPDVSJDVWFOUJMBģJF
TVGJDJFOUÃ &TUF JOUFS[JTÃ DPOFDUBSFB MB VO EJTQP[JUJW EF FWBDVBSF B
QSPEVğJMPSEFBSEFSF
7RDWHOXFUćULOHGHLQVWDODUHFRQHFWDUHUHJODUHüLDGDSWDUHOD
DOWH WLSXUL GH JD] WUHEXLH Vć ILH UHDOL]DWH GH FćWUH XQ WHKQLFLDQ
DXWRUL]DWUHVSHFWkQGWRDWHQRUPHOHüLOHJLVODŘLDDSOLFDELOHüL
GLVSR]LŘLLOHFRPSDQLLORUORFDOHIXUQL]RDUHGHJD]üLHQHUJLH
HOHFWULFć6HYDDFRUGDRDWHQŘLHGHRVHELWćGLVSR]LŘLLORU
DSOLFDELOHvQFHHDFHSULYHüWHYHQWLODŘLD
(VWHUHFRPDQGDWVćDSHODŘLOD6HUYLFLXOQRVWUXWHKQLFSHQWUX
DGDSWDUHDODDOWHWLSXULGHJD]
"DFTUBQBSBUBGPTUDPODFQVUEPBSQFOUSVV[DBTOJDOFGJJOE
QFSNJTÃVUJMJ[BSFBTB®OTDPQVSJDPNFSDJBMFTBVQSPGFTJPOBMF
"DFTU BQBSBU OV QPBUF GJ JOTUBMBU QF JBIUVSJ TBV SVMPUF (BSBOģJB WB GJ
WBMBCJMÃOVNBJEBDÃTFSFTQFDUÃVUJMJ[BSFBQFOUSVDBSFBGPTU
EFTUJOBU
OBJOUFEFJOTUBMBSFWFSJGJDBģJDPNQBUJCJMJUBUFBEJOUSFDPOEJģJJMFEF
EJTUSJCVJSF MPDBMÃ DV SFHMBKVM BQBSBUVMVJ DBSF GJHVSFB[Ã QF QMÃDVģB DV
DBSBDUFSJTUJDJUJQVMğJQSFTJVOFBHB[VMVJQVUFSFBUFOTJVOFB
ÍQDLQWHGHRULFHDFŘLXQHvQWUHUXSHŘLDOLPHQWDUHDHOHFWULFćüL
FHDFXJD]DDSDUDWXOXL
$BCMVMEFBMJNFOUBSFUSFCVJFGJYBUEFNPCJMÃQFOUSVBOVBUJOHF
QÃSģJGJFSCJOģJBMFDVQUPSVMVJTBVBMFQMJUFJEFHÃUJU
"QBSBUFMFDVBMJNFOUBSFFMFDUSJDÃUSFCVJFDPOFDUBUFPCMJHBUPSJVMB
®NQÃN¢OUBSF
/V JOUFSWFOJģJ ®O JOUFSJPSVM BQBSBUVMVJ %BDÃ FTUF OFDFTBS BQFMBģJ MB
4FSWJDJVMOPTUSVUFIOJD
ÍQDLQWHGHLQVWDODUH
"DFTUBQBSBUDPSFTQVOEFDVDMBTBDPOGPSNOPSNFJ&/
QFOUSVBQBSBUFQFCB[ÃEFHB[BQBSBU®ODBTUSBU®OUSPNPCJMÃ
.PCJMB®ODBSFTFJOTUBMFB[ÃBQBSBUVMUSFCVJFTÃGJFGJYBUÃ®OUSVO
NPEDPOWFOBCJMğJTÃGJFTUBCJMÃ
.PCJMFMFBQSPQJBUFEFBQBSBU®OWFMJğVSJMFTUSBUJGJDBUFğJBEF[JWVM
DBSFMFGJYFB[ÃUSFCVJFTÃGJFEJONBUFSJBMFOFJOGMBNBCJMFğJ
SF[JTUFOUFMBDÃMEVSÃ
"DFTUBQBSBUOVTFQPBUFJOTUBMBEFBTVQSBGSJHJEFSFMPSNBğJOJMPS
EFTQÃMBUSVGFNBğJOJMPSEFTQÃMBUWBTFTBVTJNJMBSF
1MJUBUSFCVJFTÃGJF®ODPSQPSBUÃOVNBJEFBTVQSBVOVJDVQUPSDV
WFOUJMBSF
%BDÃFTUF®ODPSQPSBUVODVQUPSTVCQMJUÃHSPTJNFBQMÃDJJEFMVDSV
QPBUFGJEJGFSJUÃEFNÃTVSÃUPSJMFEJOBDFTUNBOVBM3FTQFDUBģJ
JOEJDBģJJMFEJONBOVBMVMEFNPOUBKBMDVQUPSVMVJ
%BDÃJOTUBMBģJPIPUÃBWFģJ®OWFEFSFNBOVBMVMTÃVEFJOTUBMBSF
SFTQFDU¢OE®OUPUEFBVOBEJTUBOģBWFSUJDBMÃNJOJNÃGBģÃEFQMJUBEF
HÃUJUGJH 
3UHJćWLUHDPRELOHLILJ
3FBMJ[BģJ P UÃJFUVSÃ ®O TVQSBGBģB EF MVDSV EF EJNFOTJVOJMF OFDFTBSF
®OGVODģJFEFNPEVMEFJOTUBMBSFEPSJUOPSNBMBTBVMBOJWFMC
1FOUSVNPEVMEFJOTUBMBSFMBOJWFM
■5PBUFMVDSÃSJMFEFEFDVQBSF®OTVQSBGBģBEFMVDSVUSFCVJF
SFBMJ[BUFMBVONBHB[JOTQFDJBMJ[BU
■%FDVQBKFMFUSFCVJFTÃGJFDVSBUFğJQSFDJTF®OUSVD¢UDBOUVM
EFDVQBKFMPSTFWFEFQFTVQSBGBģÃ4UBCJMJUBUFBNPCJMFJUSFCVJF
EF BTFNFOFB TÃ GJF HBSBOUBUÃ EVQÃ DF TBV FGFDUVBU MVDSÃSJMF EF
EFDVQBSF
■6UJMJ[BģJOVNBJTVQSBGFģFMFEFMVDSVTQFDJBMFSF[JTUFOUFMB
UFNQFSBUVSÃğJBQÃEFFYEFQJBUSÃOBUVSBMÃTBVGBJBOģÃ
■1JFTFMFEFNPCJMJFS®ODBTUSBUFUSFCVJFTÃGJFSF[JTUFOUFMB
UFNQFSBUVSJEFQ¢OÃMB p$
1FTVQSBGFģFEFMVDSVEJOMFNOBQMJDBģJVOBEF[JWTQFDJBMQF
TVQSBGFģFMFEFUÃJFSFQFOUSVBMFQSPUFKBEFVNJEJUBUF
3ODFćLQWHUPHGLDUć
%BDÃ TVC QMJUÃ OV FTUF JOTUBMBU OJDJVO DVQUPS JBS QBSUFB JOGFSJPBSÃ B
BDFTUFJBSÃN¢OFBDDFTJCJMÃTFWPSSFTQFDUBVSNÃUPBSFMF
■4FJNQVOFNPOUBSFBVOFJQMÃDJJOUFSNFEJBSFTVCQMJUFDVQMÃDJ
FMFDUSJDFTBVBS[ÃUPBSF8PL
■.POUBSFB VOFJ QMÃDJ JOUFSNFEJBSF TVC QMJUF GÃSÃ BS[ÃUPS 8PL FTUF
SFDPNBOEBUÃQFOUSVBFYDMVEFDPOUBDUVMDVQBSUFBJOGFSJPBSÃ
®ODÃM[JUÃBQMJUFJ
OÃMģJNFEFNPOUBK NNEFMBQBSUFBJOGFSJPBSÃBQMJUFJ
.BUFSJBMVMQMÃDJJJOUFSNFEJBSFNBUFSJBMOFJOGMBNBCJMQSFDVNEF
FYFNQMVNFUBMTBVQMBDBK
,QVWDODUHDDSDUDWXOXL
,QGLFDŘLH -BNPOUBSFBQMJUFJGPMPTJģJNÃOVğJEFQSPUFDģJF
$,QVWDODUHQRUPDOćILJ D
O GVODģJF EF NPEFM HBSOJUVSB BEF[JWÃ QPBUF GJ NPOUBUÃ EJO GBCSJDÃ
OBDFTUDB[OVPEFNPOUBģJTVCOJDJPGPSNÃHBSOJUVSBBEF[JWÃ
FWJUÃTDVSHFSJMF%BDÃHBSOJUVSBOVFTUFNPOUBUÃEJOGBCSJDÃ
NPOUBģJPMBNBSHJOFBJOGFSJPBSÃBQMJUFJEFHÃUJU
 
1FOUSVGJYBSFBBQBSBUVMVJ®ONPCJMBEF®ODBTUSBSF
 4DPBUFģJ DMFNFMF EJO QVOHB DV BDDFTPSJJ ğJ ®OğVSVCBģJMF ®O QP[JģJB
JOEJDBUÃMÃT¢OETÃTFSPUFBTDÃMJCFSF
 ODBTUSBģJğJDFOUSBģJQMJUBEFHÃUJU
"QÃTBģJQFFYUSFNJUÃģJMFBDFTUFJBQ¢OÃD¢OETFTQSJKJOÃQFUPU
QFSJNFUSVMTÃV
 3PUJģJDMFNFMFğJTUS¢OHFģJMFQ¢OÃMBDBQÃU
1P[JģJBDMFNFMPSEFQJOEFEFHSPTJNFBTVQSBGFģFJEFMVDSV
"QBSBUVMOVUSFCVJFMJQJUDVTJMJDPOQFQMBDBEFMVDSV
%,QVWDODUHODQLYHOILJ E
 3FBMJ[BģJJOTUBMBSFBOPSNBMÃBBQBSBUVMVJBTJHVS¢OEVWÃDÃ®O
KVSVMBDFTUVJBSÃN¢OFPDBOFMVSÃVOJGPSNÃ1MJUBEFHÃUJUUSFCVJF
TÃJOUSFVğPSQFTVCTVQSBGBģBEFMVDSV
-BTVQSBGFģFMFEFMVDSVEJOQMÃDJEBDÃFTUFOFDFTBSSJEJDBģJ
TVQSBGFģFMFEFTQSJKJODVCBSFSF[JTUFOUFMBUFNQFSBUVSÃğJBQÃ
 7FSJGJDBģJGVODģJPOBSFBğJQP[JģJBBQBSBUVMVJ
 6NQMFģJEJOOPVDBOFMVSBEJOUSFTVQSBGBģBEFMVDSVğJQMJUBEF
HÃUJU DV BEF[JW TJMJDPOJD DPOWFOģJPOBM BEFDWBU ®O DVMPBSFB EPSJUÃ
,QGLFDŘLH %BDÃTFVUJMJ[FB[ÃVOBEF[JWTJMJDPOJDJOBEFDWBUQF
TVQSBGFģFMFEFQJBUSÃOBUVSBMÃTFQPUQSPEVDFDPMPSÃSJJNQPTJCJM
EFFMJNJOBU1VUFģJBDIJ[JģJPOBBEF[JWJBEFDWBģJEFMBTFSWJDJVM
OPTUSVEFBTJTUFOģÃUFIOJDÃDPE3FTQFDUBģJ
JOTUSVDģJVOJMFEFVUJMJ[BSFBMFQSPEVDÃUPSVMVJ
 /FUF[JģJ BEF[JWVM EF TJMJDPO DV P SBDMFUÃ TBV DV EFHFUFMF VNF[JUF
ğJTÃQVO®OBJOUFEFBTFGPSNBVOTUSBUFYUFSJPS
 -ÃTBģJ BEF[JWVM TJMJDPOJD TÃ TF VTVDF ®OBJOUF EF B VUJMJ[B BQBSBUVM
'HPRQWDUHDSOLWHLGHJćWLW
%FDPOFDUBģJBQBSBUVMEFMBBMJNFOUBSFBFMFDUSJDÃğJDFBEFHB[
%FğVSVCBģJDMFNFMFğJQSPDFEBģJ®ONPEJOWFSTNPOUÃSJJ
&RQHFWDUHODJD]ILJ 
3BDPSEVM MB HB[ USFCVJF SFBMJ[BU BTUGFM ®OD¢U SPCJOFUVM EF ®OUSFSVQFSF
TÃGJFBDDFTJCJM
$BQÃUVMSBDPSEVMVJEFJOUSBSFBQMJUFJEFHÃUJUQFHB[FTUFQSFWÃ[VU
DVVOGJMFUEF࣐࣐ NNDBSFQFSNJUF
■$POFDUBSFBSJHJEÃ
■$POFDUBSFBDVVOUVCGMFYJCJMNFUBMJD- NJO  NNBY  N
*OUFSDBMBģJ HBSOJUVSB EF FUBOğFJUBUF GVSOJ[BUÃ  ®OUSF JFğJSFB
EJODPMFDUPSğJSBDPSEVMEFHB[
&WJUBģJDPOUBDUVMUVCVMVJDVQÃSģJMFNPCJMFBMFVOJUÃģJJEF®ODBTUSBSF
EFFYFNQMVVOTFSUBSğJUSFDFSFBQSJOTQBģJJMFDBSFTVOU
TVTDFQUJCJMFEFCMPDBSF
OPSJDBSFEJOUSFDPOFYJVOJQXPLüFDŘLQLFLQXURWLŘLFRWXOEJO
QP[JģJB®ODBSFJFTFEJOGBCSJDÃ
%BDÃUSFCVJFTÃSFBMJ[BģJPDPOFDUBSFDJMJOESJDÃ®OMPDVJģJDPUVM
JOTUBMBUEJOGBCSJDÃDVDFMEJOQVOHBDVBDDFTPSJJ'JH B
/VVJUBģJTÃJOUFSDBMBģJHBSOJUVSB
: 3HULFROGHVFXUJHUH
%BDÃNBOFWSBģJWSFVOSBDPSEWFSJGJDBģJFUBOğFJUBUFB
1SPEVDÃUPSVMOVQPBUFGJUSBTMBSÃTQVOEFSFEBDÃWSFVOSBDPSE
QSF[JOUÃTDVSHFSJEVQÃDFBGPTUNBOFWSBU
&RQH[LXQHHOHFWULFćILJ 
"DFTU BQBSBU FTUF EF UJQVM ࣓:ࣔ DBCMVM EF BMJNFOUBSF OV QPBUF TÃ GJF
TDIJNCBUEFDÃUSFVUJMJ[BUPSDJEFDÃUSF4FSWJDJVMUFIOJD5SFCVJF
SFTQFDUBUUJQVMEFDBCMVğJTFDģJVOFBNJOJNÃ
1MJUFMFEFHÃUJUTVOUGVSOJ[BUFDVVODBCMVEFBMJNFOUBSFDVTBVGÃSÃ
ğUFDIFS
"QBSBUFMFQSFWÃ[VUFDVğUFDIFSUSFCVJFEPBSTÃGJFDPOFDUBUFMB
QSJ[ÃDBSFTÃEJTQVOÃEF®NQÃN¢OUBSFJOTUBMBUÃDPSFDU
5SFCVJFQSFWÃ[VUVO®OUSFSVQÃUPSEFDJSDVJUPNOJQPMBSDV
EFTDIJEFSFBDPOUBDUVMVJEFNJOJN NNDVFYDFQģJBDPOFYJVOJMPS
MBQSJ[ÃEBDÃBDFBTUBFTUFBDDFTJCJMÃQFOUSVVUJMJ[BUPS
6FKLPEDUHDWLSXOXLGHJD]
%BDÃMFHJTMBģJBģÃSJJQFSNJUFBDFTUBQBSBUQPBUFGJBEBQUBUMBBMUF
UJQVSJ EF HB[ DPOTVMUBģJ QMÃDVģB DV DBSBDUFSJTUJDJ 1JFTFMF OFDFTBSF
QFOUSV BDFBTUB TVOU ®O HFBOUB EF USBOTGPSNBSF GVSOJ[BUÃ ®O GVODģJF
EFNPEFMEJTQPOJCJMÃMB4FSWJDJVMOPTUSVUFIOJD
,PSRUWDQW -BGJOBMQP[JģJPOBģJFUJDIFUBBEF[JWÃDBSFJOEJDÃOPVM
UJQEFHB[®OBQSPQJFSFBQMÃDVģFJDVDBSBDUFSJTUJDJ
1BğJJDBSFUSFCVJFVSNBģJTVOUVSNÃUPSJJ
$ÍQORFXLUHDGX]HORUILJ 
 OEFQÃSUBģJUPBUFHSÃUBSFMFDBQBDFMFBS[ÃUPBSFMPSğJ
SFQBSUJUPBSFMF
 OMPDVJģJEV[FMFDVDIFJBDBSFFTUFEJTQPOJCJMÃQSJOVOJUBUFB
OPBTUSÃEFTFSWJDFUFIOJDDVDPEVMQFOUSVBS[ÃUPBSFDV
GMBDÃSÃEVCMÃ"TFWFEFBUBCFMVM5SFCVJFTÃTFģJOÃ
TFBNB®OEFPTFCJDBEV[BTÃOVTFEFTQSJOEÃMBTDPBUFSFB
FMFNFOUVMVJEFGJYBSF1FOUSVBTFBTJHVSBFUBOğFJUBUFBFMF
USFCVJFTUS¢OTFGFSN
-B BDFTUF BS[ÃUPBSF OV FTUF OFDFTBSÃ P SFHMBSF B BFSVMVJ QSJNBS
 'JYBģJEV[FMFğJDBQBDFMFBS[ÃUPBSFMPSQFBS[ÃUPBSFMF
DPSFTQVO[ÃUPBSFOBGBSÃEFBDFTUFBUSFCVJFBUBğBUFHSÃUBSFMF
®ONPEDPSFTQVO[ÃUPS
%5HJODUHDURELQHWHORUGHJD]ILJ 
 1P[JģJPOBģJCVUPOVMEFDPOUSPMQFUSFBQUBDFBNBJSFEVTÃ
 4DPBUFģJ CVUPBOFMF EF DPOUSPM EF QF SPCJOFUFMF EF HB[ "QBSF VO
JOFMEFFUBOğBSFGMFYJCJMEJODBVDJVD"QÃTBģJDVW¢SGVM
ğVSVCFMOJģFJQFğVSVCVMEFSFHMBSFBSPCJOFUVMVJEFHB[
1XVFRDWHŘLQLFLRGDWćLQHOXOGHHWDQüDUH*OFMFMFEFFUBOğBSF
®NQJFEJDÃQÃUSVOEFSFBMJDIJEFMPSğJBNVSEÃSJFJ®OJOUFSJPSVM
BQBSBUVMVJ MVDSV DBSF BS QVUFB BGFDUB DBQBDJUBUFB EF GVODģJPOBSF
 "TFWFEFBUBCFMVMEBDÃFTUFOFDFTBSBKVTUBģJğVSVCVSJMFEF
CZQBTT .DVBKVUPSVMVOFJğVSVCFMOJģF5PSY
$ğVSVCVSJMFEFCZQBTTUSFCVJFTUS¢OTFCJOF
%ğVSVCVSJMFEFCZQBTTUSFCVJFBğF[BUFDPQMBOBSDVEVMJB
"TJHVSBģJWÃDÃMBSPUJSFBCVUPOVMVJEFDPOUSPM®OUSFUSFBQUBDFB
NBJNBSFğJDFBNBJNJDÃBS[ÃUPSVMOVTFTUJOHFğJDÃOVTF
QSPEVDFP®OUPBSDFSFBGMÃDÃSJJ
/VEFNPOUBģJOJDJPEBUÃBYVMSPCJOFUVMVJEFHB[ODB[VMVOFJ
EFUFSJPSÃSJSPCJOFUVMEFHB[USFCVJFTDIJNCBUDPNQMFU
ru
îΗμπροςιυηώξνλνμρίες
Ξοίαηκίρδτμηιηΰδζνξίπμνπρη




Ξοημδαϊξνκμδμηηημπροςιυηθπνγδοείψητπώαγίμμνλ
οςινανγπραδξονηζανγηρδκϋνπανΰνεγίδρπώνραπώινθ
νραδρπραδμμνπρη



Απδνξδοίυηηξνςπρίμναιδξνγικύφδμηύιόκδιρονπδρη
μίκίγιδηίγίξρίυηηιγοςβνλςαηγςβίζίγνκεμϊ
ξονανγηρϋπώπδορησηυηοναίμμϊλπξδυηίκηπρνλα
πννραδρπραηηπναπδληγδθπραςύψηλημνολίληη
ζίινμνγίρδκϋπρανλίρίιεδπξοδγξηπίμηώληλδπρμϊτβίζν
ηόκδιρονπμίΰείύψητινλξίμηθΝπνΰνδαμηλίμηδπκδγςδρ
ςγδκηρϋροδΰναίμηώλιαδμρηκώυηη
Γκώίγίξρίυηηξοηΰνοίιγοςβνλςαηγςβίζίοδινλδμγςδλ
παώζίρϋπώπμίχηλπδοαηπμϊλυδμρονλ



      



      

Ξδοδγ ξοναδγδμηδλ κύΰϊτ γδθπραηθ μδνΰτνγηλν ξδοδιοϊρϋ
ξνγίφςβίζίηόκδιρονόμδοβηηιγίμμνλςόκδιρονξοηΰνος








Ξδοδγμίφίκνλςπρίμναιη
        
&/








       


Other Bosch Hob manuals

Bosch PXV975DV1E User manual

Bosch

Bosch PXV975DV1E User manual

Bosch PIE6..T1 Series User manual

Bosch

Bosch PIE6..T1 Series User manual

Bosch PKC8 FP Series Specification sheet

Bosch

Bosch PKC8 FP Series Specification sheet

Bosch PKF375V14E User manual

Bosch

Bosch PKF375V14E User manual

Bosch PKN6 DV1 Series User manual

Bosch

Bosch PKN6 DV1 Series User manual

Bosch Cooking Hob User manual

Bosch

Bosch Cooking Hob User manual

Bosch PIE651B17E User manual

Bosch

Bosch PIE651B17E User manual

Bosch PRS9A6D70A User manual

Bosch

Bosch PRS9A6D70A User manual

Bosch PCS815B90E User manual

Bosch

Bosch PCS815B90E User manual

Bosch Cooking Hob User manual

Bosch

Bosch Cooking Hob User manual

Bosch PCC6A B90 Series Specification sheet

Bosch

Bosch PCC6A B90 Series Specification sheet

Bosch NKC8 Series User manual

Bosch

Bosch NKC8 Series User manual

Bosch PKV9..DC1 series User manual

Bosch

Bosch PKV9..DC1 series User manual

Bosch PCI7O5B10I User manual

Bosch

Bosch PCI7O5B10I User manual

Bosch EP612PB20E User manual

Bosch

Bosch EP612PB20E User manual

Bosch PCQ9O5B10I User manual

Bosch

Bosch PCQ9O5B10I User manual

Bosch PID9 L Series User manual

Bosch

Bosch PID9 L Series User manual

Bosch PKY475FB1W User manual

Bosch

Bosch PKY475FB1W User manual

Bosch PIE975N14E User manual

Bosch

Bosch PIE975N14E User manual

Bosch PKE611FA2A User manual

Bosch

Bosch PKE611FA2A User manual

Bosch PKE645C14D User manual

Bosch

Bosch PKE645C14D User manual

Bosch PKF375FP2E User manual

Bosch

Bosch PKF375FP2E User manual

Bosch PKD9..N24 Series User manual

Bosch

Bosch PKD9..N24 Series User manual

Bosch NKN6 17 series User manual

Bosch

Bosch NKN6 17 series User manual

Popular Hob manuals by other brands

Whirlpool GMA 6411 manual

Whirlpool

Whirlpool GMA 6411 manual

Electrolux KIV64463 user manual

Electrolux

Electrolux KIV64463 user manual

Kuppersbusch EKE 807.2 Instructions for use and installation instructions

Kuppersbusch

Kuppersbusch EKE 807.2 Instructions for use and installation instructions

Belion GK604VG20 installation instructions

Belion

Belion GK604VG20 installation instructions

Caple C950I instruction manual

Caple

Caple C950I instruction manual

Electrolux EHO 603 K Operating and assembly instructions

Electrolux

Electrolux EHO 603 K Operating and assembly instructions

NEFF T58.T2 Series INFORMATION FOR USE

NEFF

NEFF T58.T2 Series INFORMATION FOR USE

AEG C61320M OPERATING AND INSTALLATION Manual

AEG

AEG C61320M OPERATING AND INSTALLATION Manual

AEG IPE93531FB user manual

AEG

AEG IPE93531FB user manual

Whirlpool AKM481IX QS Instructions for use

Whirlpool

Whirlpool AKM481IX QS Instructions for use

Hoover HIES55MCTT instruction manual

Hoover

Hoover HIES55MCTT instruction manual

Klarstein IGNITO manual

Klarstein

Klarstein IGNITO manual

AEG HK634000XB user manual

AEG

AEG HK634000XB user manual

Leonard LES6061F user manual

Leonard

Leonard LES6061F user manual

AEG HK634060XB user manual

AEG

AEG HK634060XB user manual

Eno FLUSH Series Instructions for use

Eno

Eno FLUSH Series Instructions for use

Dacor DTT48 963 Series installation instructions

Dacor

Dacor DTT48 963 Series installation instructions

Siemens EH67.M.11 Series instruction manual

Siemens

Siemens EH67.M.11 Series instruction manual

manuals.online logo
manuals.online logoBrands
  • About & Mission
  • Contact us
  • Privacy Policy
  • Terms and Conditions

Copyright 2025 Manuals.Online. All Rights Reserved.