Gaggenau BO 450 User manual

*9000814853*  

%0
Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
Þ1RWLFHGHPRQWDJH
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
Û,QVWUXFFLRQHVGHPRQWDMH
ì,QVWUXo}HVGHPRQWDJHP
×0RQWHULQJVYHMOHGQLQJ
ê0RQWHULQJVYHLOHGQLQJ
ó0RQWHULQJVDQYLVQLQJ
Ý$VHQQXVRKMH
Ù
ô0RQWDMN×ODYX]X
îΗμπροςιυηώξνλνμρίες
ë,QVWUXNFMDPRQWDŰX
Ü3DLJDOGXVMXKHQG
ä0RQWDYLPRLQVWUXNFLMD
å0RQWąçDVLQVWUXNFLMD
Ö0RQWiçQtQiYRG
ï0RQWiçQ\QiYRG
õ΅μπροςιυϕώζλνμρίες
ùΛνμρίεγίςμЧπБίςκϊЉϊ
÷㨴杰檟䒹
ã頴ꕨ頴醕頬
úคำแนะนำในการติดตั้ง
ûタ⨨ㄝ󰩣᭩






PLQ 
PLQ


PLQ


PLQ





PLQ

PLQ






PLQ
PLQ
PLQ






de
Ø.POUBHFBOMFJUVOH
:LFKWLJH+LQZHLVH
%BT (FS¤U JTU G¼S EFO 'FTUBOTDIMVTT NJU FJOFS QPMJHFO "OTDIMVTT
MFJUVOHCFTUJNNUVOEEBSGOVSEVSDIFJOFOLPO[FTTJPOJFSUFO'BDI
NBOOOBDI"OTDIMVTTCJMEBOHFTDIMPTTFOXFSEFO
%FS"VTUBVTDIEFS"OTDIMVTTMFJUVOHEBSGOVSWPN&MFLUSPGBDI
NBOOVOUFS#FS¼DLTJDIUJHVOHEFSFJOTDIM¤HJHFO7PSTDISJGUFO
EVSDIHFG¼ISUXFSEFO
,FJOF.FISGBDITUFDLFS4UFDLFSMFJTUFOVOE
7FSM¤OHFSVOHFOCFOVU[FO#FJCFSMBTUVOHCFTUFIU#SBOEHFGBIS
8FOOEFS"OTDIMVTTOBDIEFN&JOCBVOJDIUNFISFSSFJDICBSJTU
NVTTFJOFBMMQPMJHF5SFOOWPSSJDIUVOHNJUFJOFN,POUBLUBCTUBOE
WPONJOENNWPSIBOEFOTFJO
'LH$GHUQGHU1HW]DQVFKOXVVOHLWXQJHQWVSUHFKHQGGHU
)DUEFRGLHUXQJDQVFKOLHHQ
*UREULWDQQLHQXQG$XVWUDOLHQ
/JDIUNJUFJOFN"4UFDLFSBOTDIMJFFOPEFSNJU"BCTJ
DIFSO%BT(FS¤UNVTTNJUNJOEFTUFOT "BCHFTJDIFSUXFSEFO
#FJBMMFO.POUBHFBSCFJUFONVTTEBT(FS¤UTQBOOVOHTMPTTFJO
%FS#FS¼ISVOHTTDIVU[NVTTEVSDIEFO&JOCBVHFX¤ISMFJTUFUTFJO
(LQEDXP|EHOYRUEHUHLWHQ
%JFTFT(FS¤UJTUOVSG¼SEFO&JOCBVCFTUJNNU%JFTFT(FS¤UJTU
OJDIUBMT5JTDIHFS¤UPEFSG¼SEFO(FCSBVDIJOOFSIBMCFJOFT
4DISBOLFTHFEBDIU
%FS &JOCBVTDISBOL EBSG IJOUFS EFN (FS¤U LFJOF 3¼DLXBOE IBCFO
;XJTDIFO8BOEVOE4DISBOLCPEFOC[X3¼DLXBOEEFT
EBS¼CFSMJFHFOEFO4DISBOLFTNVTTFJO"CTUBOEWPONJOE  NN
FJOHFIBMUFOXFSEFO#.
-¼GUVOHTTDIMJU[FVOE"OTBVH¶GGOVOHFOE¼SGFOOJDIUWFSEFDLUXFS
EFO/VSFJOGBDIHFSFDIUFS&JOCBVOBDIEJFTFS.POUBHFBOXFJ
TVOHHBSBOUJFSUFJOFOTJDIFSFO(FCSBVDI#FJ4DI¤EFOEVSDI
GBMTDIFO&JOCBVIBGUFUEFS.POUFVS&JOCBVN¶CFMN¼TTFOCJT
p$ UFNQFSBUVSCFTU¤OEJH TFJO BOHSFO[FOEF .¶CFMGSPOUFO NJOE
CJTp$"MMF"VTTDIOJUUBSCFJUFOBO.¶CFMVOE"SCFJUTQMBUUFWPS
EFN&JOTFU[FOEFS(FS¤UFEVSDIG¼ISFO4Q¤OFFOUGFSOFOEJF
'VOLUJPOWPOFMFLUS#BVUFJMFOLBOOCFFJOUS¤DIUJHUXFSEFO
*HUlWHNRPELQDWLRQHQ
%BT(FS¤UEBSGOVS¼CFSFJOFNCFM¼GUFUFO#BDLPGFOEFTHMFJDIFO
)FSTUFMMFSTFJOHFCBVUXFSEFO#FJEFO(FS¤UFWFSTJPOFO#.
VOE#.JTUEBT#FEJFOGFMEVOUFO%BEVSDIFJHOFO
TJDIEJFTF.PEFMMFCFTPOEFST[VN&JOCBV¼CFSFJOFN(BHHFOBV
#BDLPGFOEFS4FSJF#0#FJ&JOCBVOFCFOFJOFN#BDLPGFO
N¼TTFOTJDIEJF5¼SHSJGGNVMEFOEFSCFJEFO(FS¤UFJOEFS.JUUF
CFGJOEFO%FS&JOCBV¼CFSFJOFN,¼IMHFS¤UJTUN¶HMJDI
%JF(FS¤UFWFSTJPONJUEFN#FEJFOUFJMVOUFOOJDIU¼CFS%BNQGHB
SFS%BNQGCBDLPGFOPEFSFJOFN(FTDIJSSTQ¼MFSFJOCBVFO
.RPELQDWLRQPLW:lUPHVFKXEODGH
#.
;VFSTUEJF8¤SNFTDIVCMBEFNPOUJFSFO.POUBHFBOMFJUVOHEFS
8¤SNFTDIVCMBEFCFBDIUFO%JF.JLSPXFMMFBVGEJF
8¤SNFTDIVCMBEFJOEFO&JOCBVTDISBOLFJOTDIJFCFO
:LFKWLJ #FJN &JOTDIJFCFO EJF #MFOEF EFS 8¤SNFTDIVCMBEF OJDIU
CFTDI¤EJHFO
#.
.POUBHFBOMFJUVOH EFS 8¤SNFTDIVCMBEF CFBDIUFO %JF .JLSPXFMMF
BVGTFQBSBUFN#PEFOJOEFO&JOCBVTDISBOLFJOTDIJFCFO
*HUlWHLQEDXHQ
:LFKWLJ(FS¤UOJDIUBOEFS5¼SBOIFCFO
:LFKWLJ%JF(FS¤UFWFSTJPONJUEFN#FEJFOGFMEVOUFOOJDIUBVG
EFN#PEFOBCTUFMMFOTPOEFSO[#)PM[MFJTUFOVOUFSMFHFO%BT
(FS¤UOJDIUWPOIJOUFOTDIS¤HBOIFCFOEBT#FEJFOGFMELBOO
CFTDI¤EJHUXFSEFO
*HUlWLP+RFKVFKUDQN%LOG
(FNHLQEDX%LOG
*HUlWEHIHVWLJHQ%LOG
 (FS¤UHBO[JOEBT&JOCBVN¶CFMFJOTDIJFCFO
%BCFJ"OTDIMVTTLBCFMOJDIULOJDLFOFJOLMFNNFOPEFS¼CFS
TDIBSGF,BOUFOG¼ISFO
 (FS¤UNJUUJHBVTSJDIUFO
 (FS¤UNJUEFS8BTTFSXBBHFFYBLUXBBHSFDIUBVTSJDIUFO
 (FS¤UNJUEFOCFJMJFHFOEFO4DISBVCFOCFGFTUJHFO
$XVEDX
 (FS¤UTQBOOVOHTMPTNBDIFO
 #FGFTUJHVOHTTDISBVCFOM¶TFO
 (FS¤UMFJDIUBOIFCFOVOEHBO[IFSBVT[JFIFO
en
Ú*OTUBMMBUJPOJOTUSVDUJPOT
,PSRUWDQWLQIRUPDWLRQ
5IFBQQMJBODFJTEFTJHOFEUPCFQFSNBOFOUMZJOTUBMMFEXJUIB
UISFFQJOQPXFSDPSEBOENBZPOMZCFDPOOFDUFECZBMJDFOTFE
FYQFSUJOBDDPSEBODFXJUIUIFDPOOFDUJPOEJBHSBN
0OMZBRVBMJGJFEFMFDUSJDJBOXIPUBLFTUIFSFMFWBOUSFHVMBUJPOTJOUP
BDDPVOUNBZSFQMBDFUIFQPXFSDPSE
%P OPU VTF NVMUJQMF QMVHT QPXFS TUSJQT PS FYUFOTJPOT 0WFSMPBEJOH
DBVTFTBSJTLPGGJSF
*GUIFDPOOFDUJPOJTOPMPOHFSBDDFTTJCMFGPMMPXJOHJOTUBMMBUJPOBO
BMMQJO JTPMBUJOH TXJUDI XJUI B DPOUBDU HBQ PG BU MFBTU  NN NVTU CF
QSPWJEFE
&RQQHFW WKH ZLUHV RI WKH PDLQV SRZHU FRUG LQ DFFRUGDQFH ZLWK WKH
IROORZLQJFRORXUFRGLQJ
*UHDW%ULWDLQDQG$XVWUDOLD
%P OPU DPOOFDU UIF BQQMJBODF VTJOH B  " QMVH PS QSPUFDU JU XJUI B
"GVTF5IFBQQMJBODFNVTUCFQSPUFDUFEVTJOHBGVTFUIBUJT
SBUFE  " PS IJHIFS 5IF BQQMJBODF NVTU CF EJTDPOOFDUFE GSPN UIF
QPXFSTVQQMZEVSJOHBMMJOTUBMMBUJPOXPSL8IFOUIFBQQMJBODFJT
JOTUBMMFE QSPUFDUJPO NVTU CF QSPWJEFE BHBJOTU BDDJEFOUBM DPOUBDU JO
UIFGVUVSF
3UHSDULQJNLWFKHQXQLWV
5IJTBQQMJBODFJTPOMZJOUFOEFEUPCFGVMMZGJUUFEJOBLJUDIFO5IJT
BQQMJBODFJTOPUEFTJHOFEUPCFVTFEBTBUBCMFUPQBQQMJBODFPS
JOTJEFBDVQCPBSE
5IF GJUUFE DBCJOFU NVTU OPU IBWF B CBDL XBMM CFIJOE UIF BQQMJBODF
" HBQ PG BU MFBTU  NN NVTU CF NBJOUBJOFE CFUXFFO UIF XBMM BOE
UIFCBTFPSCBDLQBOFMPGUIFVOJUBCPWF#.
7FOUJMBUJPOTMPUTBOEJOUBLFTNVTUOPUCFDPWFSFE5IFTBGF
PQFSBUJPOPGUIJTBQQMJBODFDBOPOMZCFHVBSBOUFFEJGJUIBTCFFO
JOTUBMMFEJOBDDPSEBODFXJUIUIFTFJOTUBMMBUJPOJOTUSVDUJPOT5IF
GJUUFSJTMJBCMFGPSBOZEBNBHFSFTVMUJOHGSPNJODPSSFDUJOTUBMMBUJPO
5IFVOJUTJOUPXIJDIUIFBQQMJBODFJTGJUUFENVTUCFIFBUSFTJTUBOU
VQUPp$BOEBEKBDFOUVOJUGSPOUTVQUPBUMFBTUp$.BLFBMM
UIFDVUPVUTJOUIFVOJUTBOEUIFXPSLTVSGBDFCFGPSFGJUUJOHUIF
BQQMJBODFT3FNPWFTIBWJOHTBTUIFZDBOBGGFDUUIFGVODUJPOPG
FMFDUSJDBMDPNQPOFOUT
$SSOLDQFHFRPELQDWLRQV
5IF BQQMJBODF NBZ POMZ CF GJUUFE BCPWF B WFOUJMBUFE PWFO GSPN UIF
TBNFNBOVGBDUVSFS0ONPEFMT#.BOE#.UIF
DPOUSPMQBOFMJTBUUIFCPUUPN5IJTNBLFTUIFTFNPEFMT
QBSUJDVMBSMZXFMMTVJUFEUPJOTUBMMBUJPOBCPWFB(BHHFOBV#0
TFSJFT PWFO *G ZPV XJTI UP JOTUBMM UIF BQQMJBODF OFYU UP BO PWFO UIF
EPPSIBOEMFTPGCPUIBQQMJBODFTNVTUCFJOUIFDFOUSF5IF
BQQMJBODFDBOCFJOTUBMMFEBCPWFBSFGSJHFSBUPS
%P OPU JOTUBMM UIF NPEFM XJUI UIF DPOUSPM QBOFM BU UIF CPUUPN BCPWF
BTUFBNDPPLFSDPNCJTUFBNPWFOPSEJTIXBTIFS
&RPELQDWLRQZLWKZDUPLQJGUDZHU
#.
'JSTUGJUUIFXBSNJOHESBXFS'PMMPXUIFJOTUBMMBUJPOJOTUSVDUJPOTGPS
UIF XBSNJOH ESBXFS 4MJEF UIF NJDSPXBWF PO UIF XBSNJOH ESBXFS
JOUPUIFGJUUFEDBCJOFU
,PSRUWDQW 8IFO TMJEJOH JO UIF NJDSPXBWF UBLF DBSF OPU UP EBNBHF
UIFQBOFMPGUIFXBSNJOHESBXFS
#.
'PMMPXUIFJOTUBMMBUJPOJOTUSVDUJPOTGPSUIFXBSNJOHESBXFS4MJEF
UIFNJDSPXBWFJOUPUIFGJUUFEDBCJOFUPOBTFQBSBUFCBTF
)LWWLQJWKHDSSOLDQFH
,PSRUWDQW%POPUMJGUUIFBQQMJBODFCZUIFEPPS
,PSRUWDQW5IFNPEFMUIBUGFBUVSFTUIFDPOUSPMTBUUIFCPUUPN
TIPVMEOPUCFQMBDFEEJSFDUMZPOUIFGMPPS1MBDFTPNFXPPEFO
TUSJQT VOEFS JU %P OPU UJMU UIF BQQMJBODF UPXBSET UIF GSPOU UIJT NJHIU
EBNBHFUIFDPOUSPM
$SSOLDQFHLQWKHXSSHUFDELQHW)LJXUH
&RUQHULQVWDOODWLRQ)LJXUH
(S¼OHFMC 4DIVU[-FJUFS <&
#MBV /FVUSBM-FJUFS/
#SBVO 1IBTF-
(SFFOBOE
ZFMMPX &BSUIXJSF <&
#MVF /FVUSBMXJSF/
#SPXO -JWF-


6HFXULQJWKHDSSOLDQFHLQSODFH)LJXUH
 'VMMZJOTFSUUIFBQQMJBODFJOUIFDBCJOFU
%P OPU LJOL PS USBQ UIF QPXFS DBCMF PS SPVUF JU PWFS TIBSQ FEHFT
 $FOUSFUIFBQQMJBODF
 6TJOHBTQJSJUMFWFMBEKVTUUIFBQQMJBODFTPUIBUJUJTQFSGFDUMZ
MFWFM
 4DSFXUIFBQQMJBODFGJSNMZJOQMBDFXJUIUIFTDSFXTQSPWJEFE
5HPRYDO
 %JTDPOOFDUUIFBQQMJBODFGSPNUIFQPXFSTVQQMZ
 6OEPUIFTFDVSJOHTDSFXT
 -JGUUIFBQQMJBODFTMJHIUMZBOEQVMMJUPVUDPNQMFUFMZ
fr
Þ/PUJDFEFNPOUBHF
&RQVLJQHVLPSRUWDQWHV
-BQQBSFJMFTUDPO§VQPVSMFSBDDPSEFNFOUGJYFBWFDVODPSEPO
EBMJNFOUBUJPOQ´MFTFUEPJUVOJRVFNFOUªUSFSBDDPSE©QBSVO
TQ©DJBMJTUFBHS©©FUTFMPOMFTDI©NBEFSBDDPSEFNFOU
4FVM VO ©MFDUSJDJFO BHS©© FTU IBCJMJU©  QSPD©EFS BV SFNQMBDFNFOU
EVD¢CMFEFSBDDPSEFNFOUFOSFTQFDUBOUMFTQSFTDSJQUJPOTFO
WJHVFVS
/FQBTVUJMJTFSEFNVMUJQSJTFTEFCBSSFUUFTEFDPOOFYJPOOJEF
SBMMPOHFT&ODBTEFTVSDIBSHFJMZBSJTRVFEJODFOEJF
4JMFSBDDPSEFNFOUOFTUQMVTBDDFTTJCMFBQS¨TNPOUBHFJMGBVU
QS©WPJSEBOTMJOTUBMMBUJPOVOTZTU¨NFDPVQFDJSDVJUBWFDVOF
EJTUBODFFOUSFDPOUBDUTEBVNPJOTNN
5DFFRUGHU OHV ILOV GX FRUGRQ GDOLPHQWDWLRQ VHFWHXU FRQIRUPpPHQW
DXFRGHGHFRXOHXU 
*UDQGH%UHWDJQHHW$XVWUDOLH 
/F QBT SBDDPSEFS BWFD VOF GJDIF  " PV QSPU©HFS BWFD VO GVTJCMF
EF"-BQQBSFJMEPJUªUSFQSPU©H©BWFDVOGVTJCMFEBVNPJOT
 "1PVSUPVTMFTUSBWBVYEFNPOUBHFMBQQBSFJMEPJUªUSFNJT
IPSTUFOTJPO-FODBTUSFNFOUEPJUHBSBOUJSMBQSPUFDUJPODPOUSFMFT
DPOUBDUTBDDJEFOUFMT
3UpSDUDWLRQGXPHXEOHGHQFDVWUHPHQW
$FU BQQBSFJM FTU EFTUJO©  MFODBTUSFNFOU VOJRVFNFOU $FU BQQBSFJM
OFTUQBTEFTUJO©ªUSFVUJMJT©DPNNFBQQBSFJMEFUBCMFPVEBOT
VOFBSNPJSFGFSN©F
-FNFVCMFEFODBTUSFNFOUEPJUªUSFTBOTQBSPJEFSSJ¨SFMBQQBSFJM
&OUSFMFNVSFUMFQMBODIFSEVNFVCMFPVCJFOMBQBSPJBSSJ¨SFEV
NFVCMFTJUV©BVEFTTVTSFTQFDUFSVOFEJTUBODFEBV
NPJOT  NN#.
-FT GFOUFT EB©SBUJPO FU MFT PSJGJDFT EBTQJSBUJPO OF EPJWFOU QBT ªUSF
SFDPVWFSUT6OJRVFNFOUVOFJOTUBMMBUJPOFGGFDUV©FTFMPODFUUF
OPUJDF EF NPOUBHF HBSBOUJU VOF VUJMJTBUJPO FO UPVUF T©DVSJU© &O DBT
EFEPNNBHFTS©TVMUBOUEVOFJOTUBMMBUJPOJODPSSFDUFMJOTUBMMBUFVS
FTUSFTQPOTBCMF-FTNFVCMFTEFODBTUSFNFOUEPJWFOUS©TJTUFS
VOFUFNQ©SBUVSFKVTRVp$MBGB§BEFEFTNFVCMFTWPJTJOTBV
NPJOTKVTRVp$&GGFDUVFSUPVTMFTUSBWBVYEFE©DPVQFTVSMF
NFVCMFFUTVSMFQMBOEFUSBWBJMBWBOUEFODBTUSFSMFTBQQBSFJMT
&OMFWFSMFTDPQFBVYMFGPODUJPOOFNFOUEFTDPNQPTBOUT
©MFDUSJRVFTQFVUªUSFDPNQSPNJT
&RPELQDLVRQVGDSSDUHLOV
-BQQBSFJMEPJUªUSFFODBTUS©VOJRVFNFOUBVEFTTVTEVOGPVS
WFOUJM© EV NªNF GBCSJDBOU 4VS MFT WFSTJPOT EBQQBSFJM #.
FU#.MFCBOEFBVEFDPNNBOEFFTUTJUV©FOCBT$FT
NPE¨MFTTPOUEPODQBSUJDVMJ¨SFNFOUBQQSPQSJ©TQPVSMJOTUBMMBUJPO
BVEFTTVTEVOGPVS(BHHFOBVEFMBT©SJF#01PVSVO
FODBTUSFNFOUD´U©EVOGPVSMFTQPJHO©FTEFQPSUFFODBTUS©FT
EFTEFVYBQQBSFJMTEPJWFOUTFUSPVWFSBVNJMJFV-FODBTUSFNFOU
BVEFTTVTEVOBQQBSFJMS©GSJH©SBOUFTUQPTTJCMF
-B WFSTJPO EBQQBSFJM BWFD M©M©NFOU EF DPNNBOEF TJUV© FO CBT OF
EPJU QBT ªUSF JOTUBMM©F BVEFTTVT EVO DVJTFVS  WBQFVSGPVS DPNCJ
WBQFVSPVEVOMBWFWBJTTFMMF
&RPELQDLVRQDYHFWLURLUFKDXIIDQW
#. 
.POUFSEBCPSEMFUJSPJSDIBVGGBOU3FTQFDUFSMFTJOTUSVDUJPOTEF
NPOUBHFEVUJSPJSDIBVGGBOU1MBDFSMFNJDSPPOEFTTVSMFUJSPJS
DIBVGGBOUFUQPVTTFSMFOTFNCMFEBOTMFNFVCMFEFODBTUSFNFOU
,PSRUWDQW&OMJOUSPEVJTBOUOFQBTFOEPNNBHFSMFCBOEFBVEV
UJSPJSDIBVGGBOU
#. 
3FTQFDUFSMFTJOTUSVDUJPOTEFNPOUBHFEVUJSPJSDIBVGGBOU
*OUSPEVJSF MF NJDSPPOEFT TVS VOF UBCMFUUF T©QBS©F EBOT MF NFVCMF
EFODBTUSFNFOU
3RVHGHODSSDUHLO
,PSRUWDQW/FQBTTPVMFWFSMBQQBSFJMQBSMBQPSUF
,PSRUWDQW  /F QBT E©QPTFS TVS MF TPM MB WFSTJPO EBQQBSFJM BZBOU MF
CBOEFBVEFDPNNBOEFFOCBTNBJTMFQMBDFSQBSFYTVSEFT
MJUFBVY/FQBTTPVMFWFSMBQQBSFJMQBSMBSSJ¨SFFOMJODMJOBOUMF
CBOEFBVEFDPNNBOEFSJTRVFEªUSFFOEPNNBH©
$SSDUHLOGDQVXQHDUPRLUHILJ
(QFDVWUHPHQWDQJXODLUHILJ
)L[HUODSSDUHLOILJ
 1PVTTFS MBQQBSFJM KVTRVBV GPOE EBOT MF NFVCMF EFODBTUSFNFOU
&OQPVTTBOUWFJMMFSOFQBTQMJFSOJDPJODFSMFD¢CMF
EBMJNFOUBUJPOFUOFQBTMFGBJSFQBTTFSQBSEFTTVTEBSªUFT
DPVQBOUFT
 $FOUSFSMBQQBSFJM
 "MJHOFS MBQQBSFJM FYBDUFNFOU  MIPSJ[POUBMF FO VUJMJTBOU VO OJWFBV
CVMMF
 'JYFSMBQQBSFJMBWFDMFTWJTGPVSOJFT
'pSRVH
 .FUUSFMBQQBSFJMIPSTUFOTJPO
 %FTTFSSFSMFTWJTEFGJYBUJPO
 4PVMFWFSM©H¨SFNFOUFUFYUSBJSFFOUJ¨SFNFOUMBQQBSFJM
it
â*TUSV[JPOJQFSJMNPOUBHHJP
$YYHUWHQ]HLPSRUWDQWL
-BQQBSFDDIJP¨DPODFQJUPQFSVODPMMFHBNFOUPGJTTPDPOVODBWP
EJDPMMFHBNFOUPBQPMJFEFWFFTTFSFDPMMFHBUPFTDMVTJWBNFOUF
EBVOUFDOJDPBVUPSJ[[BUPTFHVFOEPMPTDIFNBEJDPMMFHBNFOUP
-BTPTUJUV[JPOFEFMDBWPEJDPMMFHBNFOUPQV²FTTFSFFTFHVJUB
VOJDBNFOUFEBVOFMFUUSJDJTUBRVBMJGJDBUPUFOFOEPDPOUPEFMMF
SFMBUJWFJTUSV[JPOJ
/PO JNQJFHBSF TQJOF NVMUJQMF DJBCBUUF O© QSPMVOHIF *O DPOEJ[JPOJ
EJTPWSBDDBSJDPTVTTJTUFJMQFSJDPMPEJJODFOEJP
4F EPQP JM NPOUBHHJP MBMMBDDJBNFOUP OPO ¨ QJ¹ SBHHJVOHJCJMF EFWF
FTTFSF QSFWJTUP VO EJTQPTJUJWP EJ TFQBSB[JPOF TV UVUUJ J QPMJ DPO VOB
EJTUBO[BGSBJDPOUBUUJEJNJONN
&ROOHJDUH L ILOL GHO FROOHJDPHQWR GL UHWH ULVSHWWDQGR ODWWULEX]LRQH GHL
FRORUL
*UDQ%UHWDJQDH$XVWUDOLD
/PODPMMFHBSFDPOTQJOB"PQSPUFHHFSFDPO"
-BQQBSFDDIJPEFWFFTTFSFDPMMFHBUPBQSFTFDPOVOBQSPUF[JPOF
EJBMNFOP"%VSBOUFUVUUFMFPQFSB[JPOJEJNPOUBHHJP
MBQQBSFDDIJPEFWFFTTFSFTFO[BUFOTJPOF-BQSPUF[JPOFEB
DPOUBUUPEFWFFTTFSFHBSBOUJUBUSBNJUFJMNPOUBHHJP
3UHGLVSRVL]LRQHGHOPRELOHGLLQVWDOOD]LRQH
2VFTUPBQQBSFDDIJP¨DPODFQJUPFTDMVTJWBNFOUFQFSMJODBTTPF
OPO¨JOEJDBUPQFSMVUJMJ[[PDPNFBQQBSFDDIJPEBUBWPMPP
BMMJOUFSOPEJVONPCJMF
*OTFSJSFMBQQBSFDDIJPJOVONPCJMFEBJODBTTPTFO[BQBSFUF
QPTUFSJPSF3JTQFUUBSFVOBEJTUBO[BQBSJBEBMNFOP  NNUSBJM
NVSPFJMGPOEPPMBQBSFUFQPTUFSJPSFEFMQFOTJMFTPUUPTUBOUF
#.
-FGFTTVSFEJWFOUJMB[JPOFFMFQSFTFEBSJBOPOEFWPOPFTTFSF
DPQFSUF-VUJMJ[[PTJDVSPWJFOFHBSBOUJUPTPMPTFJMNPOUBHHJP¨
TUBUPFGGFUUVBUPJONPEPDPSSFUUPTFDPOEPMFQSFTFOUJJTUSV[JPOJ*O
DBTPEJEBOOJEPWVUJBVONPOUBHHJPTDPSSFUUPMBSFTQPOTBCJMJU
SJDBEF TV DIJ IB NPOUBUP MBQQBSFDDIJP * NPCJMJ EB JODBTTP EFWPOP
FTTFSFUFSNPTUBCJMJGJOPBp$FJGSPOUBMJEFJNPCJMJWJDJOJBMNFOP
GJOP B p$ $PNQMFUBSF UVUUJ J MBWPSJ EJ UBHMJP TVJ NPCJMJ F TVM QJBOP
EJMBWPSPQSJNBEJJOTFSJSFMBQQBSFDDIJP3JNVPWFSFJUSVDJPMJQFS
FWJUBSF DIF QSFHJVEJDIJOP JM GVO[JPOBNFOUP EFJ DPNQPOFOUJ FMFUUSJDJ
7FSUKBVOF $POEVDUFVSEFQSPUFDUJPO <&
#MFV $POEVDUFVSOFVUSF/
.BSSPO 1IBTF-
WFSEFHJBMMP $POEVUUPSFEJUFSSB <&
CMV $POEVUUPSFOFVUSP/
NBSSPOF 'BTF-


&RPELQD]LRQLGLDSSDUHFFKL
-BQQBSFDDIJPEFWFFTTFSFJOTUBMMBUPFTDMVTJWBNFOUFTPQSBVO
GPSOPWFOUJMBUPEFMMPTUFTTPDPTUSVUUPSF/FMMFWFSTJPOJ#.
F#.JMQBOOFMMPEJDPNBOEP¨JOCBTTP2VFTUJNPEFMMJ
TPOPRVJOEJQBSUJDPMBSNFOUFBEBUUJBMNPOUBHHJPBMEJTPQSBEJVO
GPSOP (BHHFOBV EFMMB TFSJF #0 *O DBTP EJ NPOUBHHJP BDDBOUP B
VOGPSOPMFJNQVHOBUVSFEJFOUSBNCJHMJBQQBSFDDIJEFWPOP
USPWBSTJBMDFOUSPQPTTJCJMFNPOUBSFMBQQBSFDDIJPTPQSBVO
GSJHPSJGFSP
-BWFSTJPOFDPOQBOOFMMPDPNBOEJJOCBTTPOPOQV²FTTFSF
NPOUBUBTPQSBVOBWBQPSJFSBPVOGPSOPBWBQPSFPBMEJTPQSBEJ
VOBMBWBTUPWJHMJF
&RPELQD]LRQHFRQVFDOGDYLYDQGH
#.
1SJNB NPOUBSF MP TDBMEBWJWBOEF 1SFTUBSF BUUFO[JPOF BMMF JTUSV[JPOJ
QFSJMNPOUBHHJPEFMMPTDBMEBWJWBOEF*OTFSJSFJMNJDSPPOEFOFM
NPCJMFBEJODBTTPTPQSBMPTDBMEBWJWBOEF
,PSRUWDQWHJOGBTFEJJOTFSJNFOUPQSFTUBSFBUUFO[JPOFBOPO
EBOOFHHJBSFJMQBOOFMMPEFMMPTDBMEBWJWBOEF
#.
1SFTUBSFBUUFO[JPOFBMMFJTUSV[JPOJQFSJMNPOUBHHJPEFMMP
TDBMEBWJWBOEF *OTFSJSF JM NJDSPPOEF OFM NPCJMF BE JODBTTP TPQSB JM
GPOEPTFQBSBUP
,QVWDOODUHODSSDUHFFKLR
,PSRUWDQWHOPOTPMMFWBSFMBQQBSFDDIJPBGGFSSBOEPMPEBMMBQPSUB
,PSRUWDQWHMBWFSTJPOFDPOQBOOFMMPDPNBOEJJOCBTTPOPOEFWF
QPHHJBSF BM TVPMP JOTFSJSWJ BM EJ TPUUP BE FT EFJ MJTUFMMJ JO MFHOP /PO
TPMMFWBSFMBQQBSFDDIJPEBEJFUSPJODMJOBOEPMPJMQBOOFMMPDPNBOEJ
QPUSFCCFEBOOFHHJBSTJ
$SSDUHFFKLRLQXQSHQVLOHDOWRILJXUD
0RQWDJJLRDQJRODUHILJXUD
)LVVDJJLRGHOODSSDUHFFKLRILJXUD
 *OTFSJSFDPNQMFUBNFOUFMBQQBSFDDIJPOFMNPCJMFEBJODBTTP
'BSFJONPEPDIFJMDBWPEJBMMBDDJBNFOUPOPOTJQJFHIJOPO
SJNBOHBJODBTUSBUPFOPOQBTTJTVTQJHPMJWJWJ
 $FOUSBSFMBQQBSFDDIJP
 .FUUFSFMBQQBSFDDIJPQFSGFUUBNFOUFJOQJBOPTFSWFOEPTJEJVOB
MJWFMMBBCPMMBEBSJB
 'JTTBSFMBQQBSFDDIJPDPOMFWJUJJOEPUB[JPOF
6PRQWDJJLR
 4UBDDBSFMBQQBSFDDIJPEBMMBDPSSFOUF
 4WJUBSFMFWJUJEJGJTTBHHJP
 4PMMFWBSFMFHHFSNFOUFMBQQBSFDDIJPFTGJMBSMPDPNQMFUBNFOUF
nl
é,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
)FUBQQBSBBUJTCFTUFNEWPPSFFOWBTUFBBOTMVJUJOHNFUQPMJHF
BBOTMVJUMFJEJOHFONBHBMMFFOEPPSHFTDIPPMEQFSTPOFFMFO
WPMHFOTIFUBBOTMVJUTDIFNBXPSEFOBBOHFTMPUFO
)FUBBOCSFOHFOWBOEFDPOUBDUEPPTNBHBMMFFOEPPSFFO
FMFLUSPUFDIOJDVTNFUJOBDIUOFNJOHWBOEFHFMEFOEF
WPPSTDISJGUFOXPSEFOVJUHFWPFSE
(FFONFFSWPVEJHFTUFLLFSTTUFLLFSEP[FOPGWFSMFOHTOPFSFO
HFCSVJLFO#JKPWFSCFMBTUJOHCFTUBBUIFUSJTJDPWBOCSBOE
8BOOFFSEFBBOTMVJUJOHOBIFUJOCPVXFOOJFUNFFSCFSFJLCBBSJT
NPFUEFJOTUBMMBUJFXPSEFOWPPS[JFOWBOFFOTUSPPNPOEFSCSFLFS
WPPSBMMFQPMFONFUFFODPOUBDUPQFOJOHWBONJOTUFOTNN
'H DGHUV YDQ GH HOHNWULVFKH DDQVOXLWOHLGLQJ GLHQHQ RYHUHHQNRPVWLJ
GHNOHXUFRGHULQJWHZRUGHQDDQJHVORWHQ
*URRW%ULWWDQQLsHQ$XVWUDOLs
/JFUNFUFFO"TUFLLFSBBOTMVJUFOPGNFU"CFWFJMJHFO)FU
BQQBSBBUNPFUNFUNJOTUFOT"CFWFJMJHEXPSEFO#JKBMMF
NPOUBHFXFSL[BBNIFEFOEJFOUIFUBQQBSBBUTQBOOJOHTMPPTUF
[JKO%FCFTDIFSNJOHUFHFOBBOSBLJOHEJFOUEPPSEFJOCPVXUF[JKO
HFXBBSCPSHE
,QERXZPHXEHOYRRUEHUHLGHQ
%JUUPFTUFMJTVJUTMVJUFOECFTUFNEWPPSJOCPVX%JUUPFTUFMJTOJFU
CFEPFMEWPPSHFCSVJLPQUBGFMPGJOFFOLBTU
%FJOCPVXLBTUNBHBDIUFSIFUBQQBSBBUHFFOBDIUFSXBOE
IFCCFO5VTTFOEFXBOEFOEFCPEFNWBOEFLBTUPGEF
BDIUFSXBOEWBOEFLBTUFSCPWFOEJFOUFFOBGTUBOEWBO
NJOTUFOT  NNUFXPSEFOBBOHFIPVEFO#.
7FOUJMBUJFTQMFUFOFOBBO[VJHPQFOJOHFONPHFOOJFUXPSEFO
BGHFEFLU "MMFFO BMT EF JOCPVX PQ EFTLVOEJHF XJK[F FO DPOGPSN EJU
JOTUBMMBUJFWPPSTDISJGUXPSEUVJUHFWPFSEJTEFWFJMJHIFJECJKIFU
HFCSVJLHFHBSBOEFFSE#JKTDIBEFEPPSWFSLFFSEFJOCPVXJTEF
NPOUFVSBBOTQSBLFMJKL*OCPVXNFVCFMTNPFUFOUPU z$
UFNQFSBUVVSCFTUFOEJH[JKOBBOHSFO[FOEFNFVCFMGSPOUFOUPU
NJOJNBBM z$"MMFVJUTQBSJOHTXFSL[BBNIFEFOBBONFVCFMTFO
XFSLCMBEFOVJUWPFSFOWPPSEBUEFBQQBSBUFOXPSEFOHFQMBBUTU
4QBOFOWFSXJKEFSFOEF[FLVOOFOJOWMPFEIFCCFOPQEFXFSLJOH
WBOFMFLUSDPNQPOFOUFO
$SSDUDDWFRPELQDWLHV
)FUBQQBSBBUNBHBMMFFOCPWFOFFOHFWFOUJMFFSEFPWFOWBO
EF[FMGEFQSPEVDFOUXPSEFOJOHFCPVXE#JKEFVJUWPFSJOHFO
#. FO #. CFWJOEU IFU CFEJFOJOHTQBOFFM [JDI BBO
EF POEFSLBOU )JFSEPPS [JKO EF[F NPEFMMFO CJK[POEFS HFTDIJLU WPPS
JOCPVXCPWFOFFO(BHHFOBVPWFOWBOEFTFSJF#0#JKJOCPVX
OBBTUFFOPWFONPFUFOEFEFVSHSFQFOWBOCFJEFBQQBSBUFO[JDI
JOIFUNJEEFOCFWJOEFO*OCPVXCPWFOFFOLPFMBQQBSBBUJT
NPHFMJKL
%F BQQBSBBUVJUWPFSJOH XBBSCJK IFU CFEJFOJOHTHFEFFMUF [JDI BBO EF
POEFSLBOUCFWJOEUOJFUJOCPVXFOCPWFOFFOTUPPNBQQBSBBU
TUPPNPWFOPGWBBUXBTNBDIJOF
&RPELQDWLHPHWZDUPKRXGODGH
#.
&FSTUEFXBSNIPVEMBEFBBOCSFOHFO)PVEVBBOIFU
JOTUBMMBUJFWPPSTDISJGUCJKEFXBSNIPVEMBEF%FNBHOFUSPOCPWFO
EFXBSNIPVEMBEFJOEFJOCPVXLBTUQMBBUTFO
%HODQJULMN)JFSCJKEFBGTDIFSNJOHWBOEFXBSNIPVEMBEFOJFU
CFTDIBEJHFO
#.
)PVEVBBOIFUJOTUBMMBUJFWPPSTDISJGUCJKEFXBSNIPVEMBEF%F
NBHOFUSPOPQFFOBG[POEFSMJKLFWFSEJFQJOHJOEFJOCPVXLBTU
QMBBUTFO
+HWDSSDUDDWLQERXZHQ
%HODQJULMN"QQBSBBUOJFUPQUJMMFOBBOEFEFVS
%HODQJULMN%FUPFTUFMWFSTJFNFUIFUCFEJFOJOHTQBOFFMBBOEF
POEFSLBOU OJFU EJSFDU PQ EF WMPFS [FUUFO NBBS FS CJKW IPVUFO MBUUFO
POEFSMFHHFO)FUUPFTUFMOJFUBBOEFBDIUFSLBOUTDIVJOPQUJMMFO
EBOLBOIFUCFEJFOJOHTQBOFFMCFTDIBEJHESBLFO
$SSDUDDWLQERYHQNDVW$IEHHOGLQJ
+RHNLQERXZ$IEHHOGLQJ
$SSDUDDWEHYHVWLJHQ$IEHHOGLQJ
 )FUUPFTUFMHFIFFMJOIFUJOCPVXNFVCFMTDIVJWFO
;PSHFSWPPSEBUIFUBBOTMVJUTOPFSIJFSCJKOJFULOJLUXPSEU
JOHFLMFNEPGPWFSTDIFSQFSBOEFOHFMFJE
 "QQBSBBUDFOUSJTDIVJUSJDIUFO
 "QQBSBBUNFUFFOXBUFSQBTFYBDUIPSJ[POUBBMVJUSJDIUFO
 "QQBSBBUNFUEFCJKHFWPFHEFTDISPFWFOCFWFTUJHFO
+HWXLWERXZHQ
 )BBMEFTQBOOJOHWBOIFUBQQBSBBU
 %SBBJEFCFWFTUJHJOHTTDISPFWFOMPT
 5JMIFUBQQBSBBUJFUTPQFOUSFLIFUFSIFMFNBBMVJU
(SPFOHFFM (FBBSEFMFJEJOH <&
#MBVX /FVUSBBMMFJEJOH/
#SVJO 'BTF-


es
Û*OTUSVDDJPOFTEFNPOUBKF
$GYHUWHQFLDVLPSRUWDQWHV
&MBQBSBUPFTU¡EJTF±BEPQBSBVOBDPOFYJ³OGJKBDPOVODBCMFEF
TBMJEBEFQPMPTZTPMPEFCFDPOFDUBSMPVOU©DOJDPBVUPSJ[BEP
TFHºOFMFTRVFNBEFDPOFYJ³O
&MDBNCJPEFMDBCMFEFBMJNFOUBDJ³OEFCFSFBMJ[BSMPTJFNQSFVO
U©DOJDPFMFDUSJDJTUBFYQFSUPDVNQMJFOEPDPOMBTOPSNBT
QFSUJOFOUFT
/PVUJMJ[BSFODIVGFTNºMUJQMFTSBDMFUBTOJDBCMFTEFFYUFOTJ³O
&YJTUFSJFTHPEFJODFOEJPFODBTPEFTPCSFDBSHB
&ODBTPEFOPQPEFSBMDBO[BSTFFMQVOUPEFDPOFYJ³OUSBTFM
NPOUBKFEFMBQBSBUPEFCFS¡IBCFSVOJOUFSSVQUPSPNOJQPMBSDPO
VOBBQFSUVSBEFDPOUBDUPNOJNBEFNN
&RQHFWDU ORV FRQGXFWRUHV GH OD OtQHD GH FRQH[LyQ D UHG GH DFXHUGR
FRQODFRGLILFDFLyQSRUFRORUHV
*UDQ%UHWDxD\$XVWUDOLD
/PDPOFDUBSDPOVOFODIVGFEF"PQSPUFHFSDPOGVTJCMFEF
"&MBQBSBUPEFCFDPOUBSDPOQSPUFDDJ³OQPSGVTJCMFEF"&M
BQBSBUPEFCFFTUBSTJOUFOTJ³OQBSBQPEFSSFBMJ[BSMPTUSBCBKPTEF
NPOUBKF-BQSPUFDDJ³ODPOUSBDPOUBDUPBDDJEFOUBMEFCF
HBSBOUJ[BSTFNFEJBOUFFMNPOUBKF
3UHSDUDUHOPXHEOHHPSRWUDGR
&TUFBQBSBUPIBTJEPEJTF±BEPFYDMVTJWBNFOUFQBSBTVNPOUBKF
FNQPUSBEP&TUFBQBSBUPOPIBTJEPDPODFCJEPDPNPBQBSBUPEF
TPCSFNFTBOJQBSBTFSVUJMJ[BEPEFOUSPEFVOBSNBSJP
&MBSNBSJPFNQPUSBEPOPQVFEFUFOFSQMBDBQPTUFSJPSEFUS¡TEFM
BQBSBUP&OUSFMBQBSFEZFMGPOEPEFMBSNBSJPPMBQMBDBQPTUFSJPS
EFM BSNBSJP TJUVBEP BSSJCB EFCF NBOUFOFSTF VOB EJTUBODJB NOJNB
EF  NN#.
/PTFEFCFOUBQBSMBTBCFSUVSBTEFWFOUJMBDJ³OOJMPTPSJGJDJPTEF
BTQJSBDJ³O 4PMP VO NPOUBKF QSPGFTJPOBM TFHºO FTUBT JOTUSVDDJPOFT
HBSBOUJ[BVOVTPTFHVSP&ODBTPEFEB±PTEFCJEPBVONPOUBKF
FSS³OFPMBSFTQPOTBCJMJEBETFS¡EFMJOTUBMBEPS-PTNVFCMFT
FNQPUSBEPTEFCFOTFSDBQBDFTEFSFTJTUJSVOBUFNQFSBUVSBEF
IBTUB  p$ MPT GSPOUBMFT EF MPT NVFCMFT DPOUJHVPT DPNP NOJNP
IBTUB  p$ 3FBMJ[BS UPEPT MPT USBCBKPT EF DPSUF FO MPT NVFCMFT Z
FOMBFODJNFSBBOUFTEFNPOUBSFMBQBSBUP3FUJSBSMBTWJSVUBTZB
RVF FM GVODJPOBNJFOUP EF MPT DPNQPOFOUFT FM©DUSJDPT QVFEF WFSTF
BGFDUBEP
&RPELQDFLRQHVSRVLEOHVFRQHODSDUDWR
&MBQBSBUPTPMPEFCFSTFSJOTUBMBEPTPCSFVOIPSOPWFOUJMBEPEFM
NJTNPGBCSJDBOUF&OFMDBTPEFMPTNPEFMPTEFBQBSBUP#.
Z#.FMQBOFMEFNBOEPTFTU¡TJUVBEPFOMBQBSUF
JOGFSJPS1PSFMMPFTUPTNPEFMPTTPOFTQFDJBMNFOUFBQSPQJBEPT
QBSBFMNPOUBKFTPCSFVOIPSOP(BHHFOBVEFMBTFSJF#0&OFM
DBTPEFNPOUBKFKVOUPBVOIPSOPMPTUJSBEPSFTEFMBQVFSUBEF
BNCPTBQBSBUPTEFCFOFTUBSTJUVBEPTFOMBQBSUFDFOUSBM1VFEF
NPOUBSTFTPCSFVOBOFWFSB
/PNPOUBSFMNPEFMPDPOFMQBOFMEFNBOEPTTJUVBEPFOMBQBSUF
JOGFSJPSTPCSFVOBQBSBUPEFDPDDJ³OBMWBQPSOJTPCSFVOIPSOP
DPNCJOBEPEFWBQPS
&RPELQDFLyQFRQXQFDMyQFDOLHQWDSODWRV
#.
.POUBSQSJNFSPFMDBK³ODBMJFOUBQMBUPT5FOFSFODVFOUBMBT
JOTUSVDDJPOFTEFNPOUBKFEFMDBK³ODBMJFOUBQMBUPT*OUSPEVDJSFM
NJDSPPOEBTFOFMDBK³ODBMJFOUBQMBUPTEFMBSNBSJPEFNPOUBKF
,PSRUWDQWH5FOFSDVJEBEPEFOPEB±BSMBNPMEVSBEFMDBK³O
DBMJFOUBQMBUPTBMJOUSPEVDJSMP
#.
5FOFSFODVFOUBMBTJOTUSVDDJPOFTEFNPOUBKFEFMDBK³O
DBMJFOUBQMBUPT*OUSPEVDJSFMNJDSPPOEBTFOFMBSNBSJPTPCSFVOB
CBTFTFQBSBEB
,QVWDODUHODSDUDWR
,PSRUWDQWH/PMFWBOUBSFMBQBSBUPQPSMBQVFSUB
,PSRUWDQWH/PDPMPDBSTPCSFFMTVFMPFMNPEFMPEFBQBSBUPRVF
QPTFFFMQBOFMEFNBOEPBCBKPTJOPQ FKTPCSFMJTUPOFTEF
NBEFSB /P MFWBOUBS FM BQBSBUP EFTEF BUS¡T FO EJBHPOBM ZB RVF FM
QBOFMEFNBOEPQPESBEB±BSTF
$SDUDWRPRQWDGRHQXQDUPDULRHQDOWRILJXUD
0RQWDMHHQHVTXLQDILJXUD
)LMDUHODSDUDWRILJXUD
 *OUSPEVDJSFMBQBSBUPQPSDPNQMFUPFOFMNVFCMFFNQPUSBEP
DPO DVJEBEP EF OP EPCMBS BQSJTJPOBS OJ QBTBS QPS CPSEFT BGJMBEPT
FMDBCMFEFDPOFYJ³O
 $FOUSBSFMBQBSBUP
 /JWFMBSFMBQBSBUPFOQPTJDJ³OFYBDUBNFOUFIPSJ[POUBMDPOVO
OJWFMEFCVSCVKB
 'JKBS FM BQBSBUP DPO MPT UPSOJMMPT RVF TF BEKVOUBO FO FM TVNJOJTUSP
'HVPRQWDMH
 %FKBSFMBQBSBUPTJOUFOTJ³O
 4PMUBSMPTUPSOJMMPTEFGJKBDJ³O
 -FWBOUBSMJHFSBNFOUFFMBQBSBUPZFYUSBFSMPQPSDPNQMFUP
pt
ì,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHV
0 BQBSFMIP EFTUJOBTF B VNB MJHB§£P GJYB DPN VN DBCP EF MJHB§£P
EFQ³MPTFT³QPEFTFSMJHBEPQPSVNU©DOJDPFTQFDJBMJ[BEP
MJDFODJBEPFEFBDPSEPDPNPFTRVFNBEFMJHB§µFT
"TVCTUJUVJ§£PEPDBCPEFMJHB§£PT³QPEFTFSSFBMJ[BEBQPSVN
FMFUSJDJTUBDSFEFODJBEPSFTQFJUBOEPBTOPSNBTBQMJD¡WFJT
/£PVUJMJ[FGJDIBTEFDPOUBDUPTNºMUJQMPTS©HVBTEFMJHB§µFT
FM©USJDBT OFN FYUFOTµFT &N DBTP EF TPCSFDBSHB FYJTUF QFSJHP EF
JODªOEJP
4F EFQPJT EB JOTUBMB§£P B MJHB§£P EFJYBS EF FTUBS BDFTTWFM EFWF
FTUBSEJTQPOWFMVNEJTQPTJUJWPEFJTPMBNFOUPPNOJQPMBSDPNVN
FTQB§BNFOUPFOUSFDPOUBDUPTEFNN
/LJXH RV ILRV GR FDER GH OLJDomR j UHGH HOpWULFD UHVSHLWDQGR DV
FRUHV
*Um%UHWDQKDH$XVWUiOLD
/£PVTFVNBGJDIBEF"PVVNGVTWFMEF"0EJTKVOUPSEP
BQBSFMIP EFWF TFS EF QFMP NFOPT  " 0 BQBSFMIP UFN EF FTUBS
EFTMJHBEPEBDPSSFOUFEVSBOUFBSFBMJ[B§£PEFRVBMRVFSUSBCBMIP
EFNPOUBHFN"QSPUF§£PDPOUSBDPOUBDUPBDJEFOUBMEFWFGJDBS
BTTFHVSBEBOBNPOUBHFN
3UHSDUDURPyYHOGHHQFDVWUDU
&TUFBQBSFMIPEFTUJOBTFBTFSFODBTUSBEP/£PGPJDPODFCJEP
QBSBTFSVUJMJ[BEPFNDJNBEFVNBCBODBEBPVEFOUSPEFVN
BSN¡SJP
0N³WFMEFFODBTUSBSO£PQPEFUFSVNBQBSFEFUSBTFJSBBUS¡TEP
BQBSFMIPOFDFTT¡SJPNBOUFSVNBEJTU¢ODJBNOJNBEF NN
FOUSFBQBSFEFFPGVOEP EP BSN¡SJP PV B QBSFEF USBTFJSB EP N³WFM
RVFTFFODPOUSBJNFEJBUBNFOUFBDJNB#.
/£P©QFSNJUJEPDPCSJSSBOIVSBTEFWFOUJMB§£PFBCFSUVSBTEF
BTQJSB§£P4³ VN FODBTUSBNFOUP QSPGJTTJPOBM EF BDPSEP DPN FTUBT
JOTUSV§µFTEFNPOUBHFNHBSBOUFVNBVUJMJ[B§£PTFHVSB0
NPOUBEPS©SFTQPOT¡WFMQFMPTEBOPTQSPWPDBEPTQPSVN
FODBTUSBNFOUPJODPSSFUP0TN³WFJTEFFODBTUSBSEFWFNTFS
SFTJTUFOUFTBUFNQFSBUVSBTBU©p$BTGSFOUFTEPTN³WFJT
BEKBDFOUFTBU©p$OPNOJNP&YFDVUFUPEPTPTUSBCBMIPTEF
SFDPSUF OPT N³WFJT F OB CBODBEB BOUFT EF JOUSPEV[JS PT BQBSFMIPT
3FNPWB BT BQBSBT B GVO§£P EPT DPNQPOFOUFT FM©USJDPT QPEF TFS
QSFKVEJDBEB
&RPELQDo}HVGRVDSDUHOKRV
0BQBSFMIPT³QPEFTFSNPOUBEPTPCSFVNGPSOPWFOUJMBEPEP
NFTNPGBCSJDBOUF/BTWFSTµFT#.F#.EP
BQBSFMIPPQBJOFMEFDPNBOEPTFODPOUSBTFOBQBSUFJOGFSJPS
%FTUFNPEPFTUFTNPEFMPTT£PQBSUJDVMBSNFOUFBEFRVBEPTQBSB
B NPOUBHFN TPCSF VN GPSOP (BHHFOBV EB T©SJF #0 &N DBTP EF
NPOUBHFNKVOUPEFVNGPSOPBTDBWJEBEFTEPTQVYBEPSFTEBT
QPSUBTEFBNCPTPTBQBSFMIPTEFWFNFODPOUSBSTFBPDFOUSP"
NPOUBHFNTPCSFVNBQBSFMIPEFSFGSJHFSB§£P©QPTTWFM
/£P NPOUF B WFST£P EP BQBSFMIP DPN P FMFNFOUP EF DPNBOEP OB
QBSUFJOGFSJPSTPCSFVNBQBSFMIPEFDP[FEVSBBWBQPSGPSOP
DPNCJOBEPBWBQPSPVVNBN¡RVJOBEFMBWBSMPJ§B
7FSEFBNBSJMMP $POEVDUPSEFUPNBBUJFSSB <&
"[VM $POEVDUPSOFVUSP/
.BSS³O 'BTF-
WFSEFBNBSFMP $POEVUPSEFQSPUF§£P <&
B[VM $POEVUPSOFVUSP/
DBTUBOIP 'BTF-


&RPELQDomRFRPJDYHWDGHDTXHFLPHQWR
#.
.POUFQSJNFJSPBHBWFUBEFBRVFDJNFOUP3FTQFJUFBTJOTUSV§µFT
EF NPOUBHFN EB HBWFUB EF BRVFDJNFOUP *OTJSB P NJDSPPOEBT OB
HBWFUBEFBRVFDJNFOUPOPBSN¡SJPEFFNCVUJS
,PSRUWDQWH BP JOTFSJS QSPDFEB DPN DVJEBEP QBSB O£P EBOJGJDBS B
BCBEBHBWFUBEFBRVFDJNFOUP
#.
3FTQFJUFBTJOTUSV§µFTEFNPOUBHFNEBHBWFUBEFBRVFDJNFOUP
*OTJSBPNJDSPPOEBTOPGVOEPFNTFQBSBEPOPBSN¡SJPEF
FNCVUJS
0RQWDURDSDUHOKR
,PSRUWDQWHO£PFSHBPBQBSFMIPQFMBQPSUB
,PSRUWDQWHO£PBTTFOUFOPDI£PPBQBSFMIPOBWFST£PDPNP
QBJOFMEFDPNBOEPTFNCBJYPDPMPRVFQPSFYFNQMPU¡CVBTQPS
CBJYP/£PFSHBPBQBSFMIPJODMJOBEPQFMBQBSUFEFUS¡TQPJTP
QBJOFMEFDPNBOEPTQPEFTFSEBOJGJDBEP
$SDUHOKRQRDUPiULRYHUWLFDO)LJXUD
(QFDVWUDPHQWRQXPFDQWR)LJXUD
)L[HRDSDUHOKR)LJXUD
 *OUSPEV[BPBQBSFMIPOBUPUBMJEBEFOPN³WFMEFFODBTUSBS
/£P EPCSF PV FOUBMF P DBCP EF MJHB§£P OFN P QBTTF QPS BSFTUBT
WJWBT
 $FOUSFPBQBSFMIP
 "MJOIFPBQBSFMIPFYBUBNFOUFOBIPSJ[POUBMDPNVNOWFMEF
CPMIB
 'JYFPBQBSFMIPDPNPTQBSBGVTPTGPSOFDJEPT
'HVLQVWDODomR
 $PSUBSBUFOT£PEPBQBSFMIP
 4PMUBSPTQBSBGVTPTEFGJYB§£P
 -FWBOUBS MJHFJSBNFOUF P BQBSFMIP F QVY¡MP UPUBMNFOUF QBSB GPSB
da
×.POUFSJOHTWFKMFEOJOH
9LJWLJHKHQYLVQLQJHU
"QQBSBUFUFSCFSFHOFUUJMGBTUUJMTMVUOJOHNFEFOQPMFU
UJMTMVUOJOHTMFEOJOHPHN¥VEFMVLLFOEFUJMTMVUUFTJIFOIPMEUJM
UJMTMVUOJOHTEJBHSBNNFUBGFOBVUPSJTFSFUGBHNBOE
5JMTMVUOJOHTMFEOJOHFON¥LVOVETLJGUFTBGFOGBHVEEBOOFU
FMFLUSJLFSJIFOIPMEUJMEFH¦MEFOEFGPSTLSJGUFS
%FSN¥JLLFBOWFOEFTEPCCFMUTUJLNVMUJTUJLE¥TFSPH
GPSM¦OHFSMFEOJOHFS7FEPWFSCFMBTUOJOHFSEFSGBSFGPSCSBOE
)WJTEFSJLLFFSBEHBOHUJMUJMTMVUOJOHFOFGUFSJOECZHOJOHFOTLBM
EFS W¦SF JOTUBMMFSFU FO GMFSQPMFU BGCSZEFS NFE FO LPOUBLU¥COJOH Q¥
NJOETUNN
/HGHUQH L QHWWLOVOXWQLQJVOHGQLQJHQ VNDO WLOVOXWWHV LKW IDUYHNRGHUQH
6WRUEULWDQQLHQRJ$XVWUDOLHQ
"QQBSBUFUN¥JLLFUJMTMVUUFTNFEFU"TUJLFMMFSBGTJLSFTNFE
""QQBSBUFUTLBMTPNNJOJNVNW¦SFBGTJLSFUNFE"
"QQBSBUFUTLBMW¦SFVEFOFMFLUSJTLTQ¦OEJOHWFEBMMFGPSNFSGPS
NPOUBHFBSCFKEF*OECZHOJOHFOTLBMZEFCFS¸SJOHTCFTLZUUFMTF
)RUEHUHGHLQGE\JQLQJVVNDEH
%FUUFBQQBSBUFSVEFMVLLFOEFCFSFHOFUUJMJOECZHOJOH%FUUF
BQQBSBU FS JLLF CFSFHOFU UJM CSVH TPN CPSEBQQBSBU FMMFS UJM CSVH JOEF
JFUTLBC
%FSN¥JLLFW¦SFFOCBHW¦HJJOECZHOJOHTTLBCFUCBHBQQBSBUFU
%FSTLBMW¦SFFOBGTUBOEQ¥NJOETU  NNNFMMFNW¦HHFOPH
TLBCFUTCVOEIIWCBHW¦HHFOJTLBCFUPWFOPWFS#.

7FOUJMBUJPOT¥COJOHFSPHMVGUJOEUBHN¥JLLFE¦LLFTUJM,VOFO
GBHMJHU LPSSFLU JOECZHOJOH J IFOIPME UJM EFOOF NPOUFSJOHTWFKMFEOJOH
HBSBOUFSFS GPS TJLLFS BOWFOEFMTF .POU¸SFO I¦GUFS GPS TLBEFS TPN
TLZMEFTVLPSSFLUJOECZHOJOH*OECZHOJOHTTLBCFTLBMW¦SF
UFNQFSBUVSCFTUBOEJHFPQUJMz$GSPOUFSQ¥UJMTU¸EFOEF
TLBCTGSPOUFSPQUJMNJO  "MMFVETL¦SJOHFSJTLBCFPH
CPSEQMBEF TLBM VEG¸SFT JOEFO BQQBSBUFSOF T¦UUFT J 'KFSO TQ¥OFS
EFSLBOGPSSJOHFEFFMFLUSJTLFLPNQPOFOUFSTGVOLUJPO
.RPELQDWLRQDIDSSDUDWHU
"QQBSBUFUN¥LVOJOECZHHFTPWFSFOWFOUJMFSFUPWOGSBTBNNF
QSPEVDFOU7FENPEFM#.PH#.FS
CFUKFOJOHTGFMUFUQMBDFSFUGPSOFEFO%FSGPSFSEJTTFNPEFMMFS
TQFDJFMUWFMFHOFEFUJMJOECZHOJOHPWFSFO(BHHFOBVPWOTFSJF
#07FEJOECZHOJOHWFETJEFOBGFOPWOTLBM
HSFCTGPSEZCOJOHFSOFQ¥CFHHFBQQBSBUFSW¦SFQMBDFSFUJNJEUFO
"QQBSBUFULBOJOECZHHFTPWFSFUL¸MFTLBC
.PEFMMFSNFECFUKFOJOHTEFMFOQMBDFSFUGPSOFEFON¥JLLF
JOECZHHFTPWFSFOEBNQLPHFSLPNCJEBNQPWOFMMFSFO
PQWBTLFNBTLJOF
.RPELQDWLRQPHGYDUPHVNXIIH
#.
.POUFSG¸STUWBSNFTLVGGFO'¸MHNPOUFSJOHTWFKMFEOJOHFOGPS
WBSNFTLVGGFO4¦UNJLSPC¸MHFPWOFOJOEJJOECZHOJOHTTLBCFU
PWFOQ¥WBSNFTLVGGFO
9LJWLJW1BTQ¥BUWBSNFTLVGGFOTQBOFMJLLFCMJWFSCFTLBEJHFU
#.
'¸MHNPOUFSJOHTWFKMFEOJOHFOGPSWBSNFTLVGGFO4¦U
NJLSPC¸MHFPWOFOJOEJJOECZHOJOHTTLBCFUQ¥FOTFQBSBUCVOE
,QGE\JJHDSSDUDWHW
9LJWLJW-¸GUJLLFBQQBSBUFUJE¸SFO
9LJWLJW 4¦U JLLF BQQBSBUFS NFE CFUKFOJOHTGFMUFU QMBDFSFU GPSOFEFO
EJSFLUFQ¥HVMWFUNFOM¦HGFLTOPHMFUS¦MJTUFSVOEFS/¥S
BQQBSBUFUM¸GUFTPQCBHGSBN¥EFUJLLFWJQQFTGSFNBEGPSEJ
CFUKFOJOHTGFMUFULBOCMJWFCFTLBEJHFU
$SSDUDWLK¡MVNDEILJXU
+M¡UQHLQGE\JQLQJILJXU
)DVWJ¡ULQJDIDSSDUDWILJXU
 4LZEBQQBSBUFUIFMUJOEJJOECZHOJOHTLBCFU
5JMTMVUOJOHTMFEOJOHFON¥JLLFLO¦LLFTLMFNNFTFMMFSM¦HHFT
PWFSTLBSQFLBOUFS
 $FOUSFSBQQBSBUFU
 *OEKVTUFSBQQBSBUFUWFEIK¦MQBGFUWBUFSQBTT¥EFUTU¥S
GVMETU¦OEJHWBOESFU
 'BTUH¸SBQQBSBUFUNFEEFWFEMBHUFTLSVFS
'HPRQWHULQJ
 (¸SBQQBSBUFUTQ¦OEJOHTM¸T
 -¸TOGBTUH¸SFMTFTTLSVFSOF
 -¸GUBQQBSBUFUFOTNVMFPHUS¦LEFUIFMUVE
no
ê0RQWHULQJVYHLOHGQLQJ
9LNWLJLQIRUPDVMRQ
"QQBSBUFUFSCFSFHOFUQ¥GBTUUJMLPCMJOHNFEFOUSFQPMFU
UJMLPCMJOHTMFEOJOH %FU TLBM CBSF LPCMFT UJM BW FO BVUPSJTFSU GBHNBOO
JTBNTWBSNFELPCMJOHTTLKFNBFU
6UTLJGUJOHBWUJMLPCMJOHTMFEOJOHN¥CBSFGPSFUBTBWFMFLUSJLFSPH
BMMFHKFMEFOEFSFHMFSPHGPSTLSJGUFSN¥G¸MHFT
*LLFCSVLGPSHSFOJOHFSLPOUBLUMJTUFSFMMFSTLK¸UFMFEOJOHFS
0WFSCFMBTUOJOHLBOG¸SFUJMCSBOOGBSF
%FSTPNUJMLPCMJOHFOJLLFFSUJMHKFOHFMJHFUUFSNPOUFSJOHN¥EFU
JOTUBMMFSFT FO GMFSQPMFU TLJMMFCSZUFS NFE FO LPOUBLUBWTUBOE Q¥ NJOTU
NN
/HGHUQH L QHWWOHGQLQJHQ Pn WLONREOHV L VDPVYDU PHG IDUJHNRGLQJHQ
6WRUEULWDQQLDRJ$XVWUDOLD
*LLFLPCMFUJMNFEFO"TUJLLPOUBLUFMMFSTJLSFNFE"
"QQBSBUFUN¥W¦SFTJLSFUNFENJOTU"7FEBMU
NPOUFSJOHTBSCFJE N¥ BQQBSBUFU W¦SF TQFOOJOHTM¸TU .POUFSJOHFO
N¥JLLFJOOTLSFOLFCFS¸SJOHTCFTLZUUFMTFO
(S¸OHVM #FTLZUUFMTFTMFEFS <&
#M¥ /VMMFEFS/
#SVO 'BTF-
(VMHS¸OO +PSEMFEOJOH <&
#M¥ /¸ZUSBMMFEFS/
#SVO 'BTF-


.ODUJM¡UHLQQE\JJLQJVHOHPHQWHW
%FUUF BQQBSBUFU FS LVO CFSFHOFU GPS JOOCZHHJOH %FUUF BQQBSBUFU FS
JLLFFHOFUTPNCPSEBQQBSBUFMMFSUJMCSVLJOOFJTLBQ
*OOCZHHJOHTTLBQFU N¥ JLLF IB FO CBLWFHH CBL BQQBSBUFU .FMMPN
WFHHFOPHTLBQCVOOFOFMMFSCBLWFHHFOUJMTLBQFUPWFOGPSN¥EFU
W¦SFFOBWTUBOEQ¥NJO  NN#.
-VGUF¥QOJOHFSPHJOOTVHJOHT¥QOJOHFSN¥JLLFUJMEFLLFT4JLLFS
CSVLLBOCBSFHBSBOUFSFTO¥SNPOUFSJOHVUG¸SFTLPSSFLUJIFOIPME
UJMEFOOFBOWJTOJOHFO.POU¸SFOTU¥SBOTWBSMJHGPSTLBEFSTPN
PQQTU¥S Q¥ HSVOO BW GFJM NPOUFSJOH *OOCZHHJOHTFMFNFOUFS N¥ U¥MF
UFNQFSBUVSFS Q¥ JOOUJM  p$ PH UJMTU¸UFOEF FMFNFOUGSPOUFS N¥ U¥MF
J IWFSU GBMM JOOUJM p$ "MU VUTLK¦SJOHTBSCFJE J LK¸LLFOFMFNFOUFS PH
JBSCFJETQMBUFON¥VUG¸SFTG¸SBQQBSBUFUTFUUFTQ¥QMBTT'KFSO
TQPOEBGVOLTKPOFOUJMEFFMFLUSJTLFLPNQPOFOUFOFLBOQ¥WJSLFT
$SSDUDWNRPELQDVMRQHU
"QQBSBUFUTLBMCBSFCZHHFTJOOPWFSFOWFOUJMFSUTUFLFPWOGSB
TBNNFQSPEVTFOU1¥BQQBSBUWFSTKPOFOF#.PH#.
 FS CFUKFOJOHTEFMFO OFEF %FSNFE FS EJTTF NPEFMMFOF TQFTJFMU
HPEUFHOFUUJM¥CZHHFTJOOPWFSFO(BHHFOBVTUFLFPWOJ#0
TFSJFO7FEJOOCZHHJOHWFETJEFOBWFOTUFLFPWON¥
E¸SI¥OEUBLFOFUJMCFHHFBQQBSBUFOFCFGJOOFTFHJNJEUFO
*OOCZHHJOHPWFSLK¸MFTLBQFSNVMJH
"QQBSBUWFSTKPOFONFECFUKFOJOHTEFMOFEFN¥JLLFCZHHFTJOO
PWFSFOEBNQLPLFSLPNCJEBNQPWOFMMFSFOPQQWBTLNBTLJO
.RPELQDVMRQPHGYDUPHVNXII
#.
.POUFSG¸STUWBSNFTLVGGFO'¸MHNPOUFSJOHTBOWJTOJOHFOUJM
WBSNFTLVGGFO4LZWNJLSPC¸MHFPWOFOJOOJJOOCZHHJOHTTLBQFU
PQQ¥WBSNFTLVGGFO
9LNWLJ1BTTQ¥JLLF¥TLBEFQBOFMFUQ¥WBSNFTLVGGFOO¥SEV
TLZWFSNJLSPC¸MHFPWOFOJOO
#.
'¸MHNPOUFSJOHTBOWJTOJOHFOUJMWBSNFTLVGGFO4LZW
NJLSPC¸MHFPWOFOJOOQ¥TFQBSBUVOEFSMBHJJOOCZHHJOHTTLBQFU
0RQWHUHDSSDUDWHW
9LNWLJ*LLFM¸GUBQQBSBUFUWFE¥UBUBLJE¸SFO
9LNWLJ*LLFTFUUBQQBSBUWFSTKPONFECFUKFOJOHTQBOFMFUOFEFGSB
EFH Q¥ HVMWFU VUFO ¥ MFHHF GFLT USFMJTUFS VOEFS *LLF M¸GU BQQBSBUFU
Q¥TLS¥CBLGSB#FUKFOJOHTQBOFMFUCMJTLBEFU
$SSDUDWLK¡\VNDSILJXU
,QQE\JJLQJLKM¡UQHILJXU
)HVWHDSSDUDWHWILJXU
 4LZWBQQBSBUFUIFMUJOOJJOOCZHHJOHTFMFNFOUFU
1BTTQ¥BUUJMLPCMJOHTMFEOJOHFOJLLFG¥SLOFLLFMMFSLPNNFSJ
LMFNPHVOOH¥BUEFOUSFLLFTPWFSTLBSQFLBOUFS
 .JEUTUJMMBQQBSBUFU
 ,POUSPMMFSNFEWBUFSQBTTFUBUBQQBSBUFUTU¥SIFMUWBOOSFUU
 'FTUBQQBSBUFUNFETLSVFOFTPNG¸MHFSNFE
'HPRQWHULQJ
 ,PCMFBQQBSBUFUTQFOOJOHTM¸TU
 -¸TOFGFTUFTLSVFS
 -¸GUBQQBSBUFUMJUUPHUSFLLEFUIFMUVU
sv
ó0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDU
&OIFUFO¤SBWTFEEG¶SGBTUBOTMVUOJOHNFEQPMJHTMBEETPN
LS¤WFSBOTMVUOJOHBWCFI¶SJHFMFLUSJLFSFOMJHULPQQMJOHTTDIFNBU
%FU¤SCBSBCFI¶SJHFMFLUSJLFSTPNG¥SCZUBTMBEEFOMJHUH¤MMBOEF
G¶SFTLSJGUFS
"OW¤OEJOHBTMBEEPTPSHSFOVUUBHFMMFSG¶SM¤OHOJOHTTMBEEBS
#SBOEGBSBWJE¶WFSCFMBTUOJOH
0NEFUJOUFH¥SBUUO¥BOTMVUOJOHFOFGUFSJOCZHHOBET¥N¥TUF
JOTUBMMBUJPOFOIBFO¥ULPNMJHBMMQPMJHCSZUBSFNFENJONN
CSZUBWTU¥OE
$QVOXWOHGDUQDLHODQVOXWQLQJHQHQOLJWIlUJPlUNQLQJHQ
6WRUEULWDQQLHQRFK$XVWUDOLHQ
"OTMVU JOUF NFE  "LPOUBLU PDI BWT¤LSB JOUF NFE  " &OIFUFO
LS¤WFSNJOTU"BWT¤LSJOH&OIFUFOTLBWBSBTQ¤OOJOHTM¶TWJE
BMMTMBHTNPOUFSJOH*OTUBMMBUJPOFON¥TUFHFFUUGVMMHPUUQFUTLZEE
)|UEHUHGDVWRPPDUQD
&OIFUFO ¤S CBSB BWTFEE G¶S JOCZHHOBE &OIFUFO ¤S JOUF BWTFEE G¶S
C¤OLQMBDFSJOHFMMFSTL¥QTNPOUFSJOH
4L¥QTUPNNFOG¥SJOUFIBO¥HPOSZHHCBLPNQSPEVLUFO%FUTLB
WBSB NJOTU  NN TQBMU NFMMBO W¤HH PDI TL¥QCPUUFO SFTQ SZHH Q¥
¶WFSTL¥QFU#.
4FUJMMT¥BUUWFOUJMBUJPOTPDIJOTVHT¶QQOJOHBSJOUFCMJS¶WFSU¤DLUB
4¤LFSBOW¤OEOJOHLS¤WFSBUUNPOUFSJOHFO¤SVUG¶SEGBDLN¤TTJHU
FOMJHUNPOUFSJOHTBOWJTOJOHFO.POU¶SFOBOTWBSBSG¶STLBEPSQ¥
HSVOEBWGFMNPOUFSJOH4UPNNBSOBTLBU¥MBUFNQFSBUVSFSVQQUJMM
z$MVDLPSPDIM¥EGSPOUFSJOUJMMVQQUJMMp$(¶SBMMBVSUBHJ
TUPNNBS PDI C¤OLTLJWPS JOOBO EV T¤UUFS J FOIFUFSOB 5B CPSU TQ¥O
TPNLBOQ¥WFSLBFMLPNQPOFOUFSOB
(QKHWVNRPELQDWLRQHU
&OIFUFO¤SCBSBBWTFEEG¶SNPOUFSJOH¶WFSWFOUJMFSBEVHOGS¥O
TBNNB UJMMWFSLBSF &OIFUTWFSTJPOFSOB #. PDI #.
IBS LPOUSPMMFSOB OFEUJMM .PEFMMFSOB ¤S BWTFEEB G¶S JOCZHHOBE ¶WFS
(BHHFOBVVHOTTFSJF#0*OCZHHOBECSFEWJEVHOLS¤WFSBUU
IBOEUBHFO¤SDFOUSFSBEFQ¥C¥EBFOIFUFSOB%FOH¥S¤WFOBUU
NPOUFSB¶WFSLZMTL¥Q
.POUFSBJOUFFOIFUTWFSTJPOFSNFELPOUSPMMFSOBOFEUJMM¶WFS
¥OHLPLBSFVHOFMMFSEJTLNBTLJO
.RPELQDWLRQPHGYlUPHOnGD
#.
.POUFSB G¶STU W¤SNFM¥EBO '¶MK W¤SNFM¥EBOT NPOUFSJOHTBOWJTOJOH
4LKVUJONJLSPOPWBOQ¥W¤SNFM¥EBOJTL¥QTUPNNFO
9LNWLJW4FUJMMT¥BUUEVJOUFTLBEBSQBOFMFOQ¥W¤SNFM¥EBOO¤SEV
TLKVUFSJO
#.
'¶MK W¤SNFM¥EBOT NPOUFSJOHTBOWJTOJOH 4LKVU JO NJLSPO Q¥ TFQBSBU
IZMMQMBOJTL¥QTUPNNFO
%\JJDLQDSSDUDWHQ
9LNWLJWMZGUJOUFFOIFUFOJMVDLIBOEUBHFUFMMFSMVDLBO
9LNWLJW4U¤MM BMESJH FOIFUTWFSTJPOFS NFE LPOUSPMMFS OFEUJMM EJSFLU Q¥
HPMWFUVUBOM¤HHUFYUS¤MJTUFSVOEFS-ZGUJOUFFOIFUFOTOFUU
CBLJGS¥OEFULBOTLBEBLPOUSPMMFSOB
(QKHWLK|JVNnSELOG
+|UQPRQWHULQJELOG
)lVWDHQKHWHQELOG
 4LKVUJOFOIFUFOIFMUJTUPNNFO
4FUJMMT¥BUUEVJOUFWFDLBSFMMFSLM¤NNFSTMBEEFOFMMFSESBSEFO
¶WFSWBTTBLBOUFS
 $FOUSFSBFOIFUFO
 /JWFMMFSBFOIFUFONFEWBUUFOQBTT
 '¤TUFOIFUFONFEEFNFEG¶MKBOEFTLSVWBSOB
8UPRQWHULQJ
 (¶SBQQBSBUFOTQ¤OOJOHTM¶T
 -PTTBG¤TUTLSVWBSOB
 -ZGUMJUFUQ¥BQQBSBUFOPDIESBVUEFOIFMUPDII¥MMFU
fi
Ý"TFOOVTPIKF
7lUNHLWlRKMHLWD
-BJUFPOTVVOOJUFMUVOBQBJTFFOLJJOUF¤¤OMJJU¤OU¤¤OKBMBJUUFFO
TBBMJJUU¤¤WBJOBNNBUUJBTFOUBKBMJJU¤OU¤LVWBONVLBBO
-JJU¤OU¤KPIEPOWBJIUPPOTBMMJUUVBWBJOBNNBUUJNBJTFMMF
T¤IL¶BTFOUBKBMMFKPOLBPOOPVEBUFUUBWBBTJBOPNBJTJB
N¤¤S¤ZLTJ¤
M¤L¤ZU¤NPOJOBQBQJTUPLLFJUBQJTUPLFSJNPKBUBJKBULPKPIUPKB
:MJLVPSNJUVTBJIFVUUBBQBMPWBBSBO
+PTMJJU¤OU¤¤OFJQ¤¤TFBTFOOVLTFOK¤MLFFOFO¤¤L¤TJLTJ
BTFOOVLTFFO UBSWJUBBO KPLBOBQBJOFO LBULBJTJO KPOLB LPTLFUUJNJFO
BWBVUVNJTW¤MJPOW¤IJOU¤¤ONN
/LLWlYHUNNROLLWlQWlMRKGRQMRKWLPHWYlULNRRGLHQPXNDDQ
%ULWDQQLDMD$XVWUDOLD
M¤ MJJU¤  "O QJTUPLLFFO LBOTTB UBJ L¤ZU¤  "O TVMBLFUUB -BJUF
QJU¤¤TVPKBUBW¤IJOU¤¤O "OTVMBLLFFMMB-BJUUFFTTBFJTBBPMMB
K¤OOJUFUU¤BTFOOVTU¶JU¤UFIU¤FTT¤"TFOOVLTFOQJU¤¤UBBUB
LPTLFUVTTVPKB
(S¶OHVM 4LZEETKPSE <&
#M¥ /FVUSBMMFEBSF/
#SVO 'BT-
7JISF¤LFMUBJOFO 4VPKBKPIEJO <&
4JOJOFO /PMMBKPIEJO/
3VTLFB 7BJIF-

 
.DOXVWHHQYDOPLVWHOX
5¤N¤ MBJUF PO UBSLPJUFUUV BJOPBTUBBO LBMVTUFFTFFO BTFOOFUUBWBLTJ
-BJUFUUBFJPMFTVVOOJUFMUVL¤ZUFUU¤W¤LTJQ¶ZE¤MM¤UBJLBBQJOTJT¤MM¤
,BMVTUFFTTBFJTBBPMMBUBLBTFJO¤¤MBJUUFFOUBLBOB4FJO¤OKB
ZM¤QVPMFMMB PMFWBO LBBQJO QPIKBO KB UBLBTFJO¤O W¤MJTFO FU¤JTZZEFO
MBJUUFFTFFOQJU¤¤PMMBW¤IJOU¤¤O  NN#.
5VVMFUVTBVLLPKBKBJNVJMNBBVLLPKBFJTBBQFJUU¤¤7BJOO¤JEFO
BTFOOVTPIKFJEFONVLBJOFOBTFOOVTUBLBBUVSWBMMJTFOL¤ZU¶O
7JSIFFMMJTFTU¤BTFOOVLTFTUBBJIFVUVOFJTUBWBVSJPJTUBWBTUBB
BTFOUBKB,BMVTUFJEFOKPJIJOMBJUFBTFOOFUBBOQJU¤¤LFTU¤¤
M¤NQ¶UJMBB  p$ WJFSFJTUFO LBMVTUFSVOLPKFO W¤IJOU¤¤O M¤NQ¶UJMBB
p$5FFLBJLLJLBMVTUFJEFOKBUZ¶UBTPOMFJLLBVLTFUFOOFO
MBJUUFFOBTFOOVTUB1PJTUBMBTUVUT¤IL¶JTUFOSBLFOOFPTJFO
UPJNJOUBWPJI¤JSJZUZ¤
/DLWH\KGLVWHOPlW
-BJUUFFOTBBBTFOUBBWBJOTBNBOWBMNJTUBKBOUVVMFUVLTFMMB
WBSVTUFUVO VVOJO ZM¤QVPMFMMF -BJUFNBMMFJTTB #. KB #.
PIKBVTQBOFFMJPOBMIBBMMB4JUFOO¤N¤NBMMJUTPQJWBU
BTFOOFUUBWJLTJFSJUZJTFTUJ(BHHFOBVVVOJTBSKBO#0ZM¤QVPMFMMF
,VOMBJUFBTFOOFUBBOVVOJOWJFSFFONPMFNQJFOMBJUUFJEFO
L¤EFOTJKBTZWFOOZTUFOQJU¤¤PMMBLFTLFMM¤-BJUFWPJEBBOBTFOUBB
LZMN¤MBJUUFFOZM¤QVPMFMMF
M¤BTFOOBMBJUFNBMMJBKPTTBPIKBVTQBOFFMJPOBMIBBMMB
I¶ZSZVVOJOZIEJTUFMN¤I¶ZSZVVOJOUBJBTUJBOQFTVLPOFFO
ZM¤QVPMFMMF
<KWHHQVRYLWXVOlPS|ODDWLNRQNDQVVD
#.
"TFOOBFOTJOM¤NQ¶MBBUJLLP/PVEBUBM¤NQ¶MBBUJLPO
BTFOOVTPIKFUUB5Z¶OO¤NJLSPBBMUPVVOJM¤NQ¶MBBUJLPOZM¤QVPMFMMF
LBBQQJJO
7lUNHll7BSPWBVSJPJUUBNBTUBM¤NQ¶MBBUJLPOFUVQBOFFMJBLVO
UZ¶OO¤UMBJUUFFOQBJLBMMFFO
#.
/PVEBUBM¤NQ¶MBBUJLPOBTFOOVTPIKFUUB5Z¶OO¤NJLSPBBMUPVVOJ
FSJMMJTFOQPIKBOQ¤¤MMFLBBQQJJO
.DDSLVWRRQDVHQWDPLQHQ
7lUNHllM¤OPTUBMBJUFUUBMVVLVTUB
7lUNHllM¤BTFUBBMIBBMMBPMFWBMMBPIKBVTQBOFFMJMMBWBSVTUFUUVB
MBJUFWFSTJPUB MBUUJBMMF WBBO MBJUB FTJNFSLJLTJ QVVMJTUBU BMMF M¤ OPTUB
MBJUFUUBWJJTUPTUJUBLBBPIKBVTQBOFFMJWPJWBVSJPJUVB
/DLWHNRUNHDVVDNDDSLVVDNXYD
$VHQQXVNXOPDDQNXYD
/DLWWHHQNLLQQLWWlPLQHQNXYD
 5Z¶OO¤MBJUFLPLPOBBOLBMVTUFFOTJT¤¤O
7BSNJTUBFUU¤MJJU¤OU¤KPIUPFJUBJUVK¤¤QVSJTUVLTJJOUBJLVMKF
UFS¤WJFOLVMNJFOZMJ
 4VPSJTUBMBJUFLFTLFMMF
 4VPSJTUBMBJUFWFTJWBBBOBWVMMBUBSLBTUJWBBLBTVPSBBO
 ,JJOOJU¤MBJUFNVLBOBUPJNJUFUVJMMBSVVWFJMMB
.DDSLVWRVWDSXUNDPLQHQ
 ,BULBJTFMBJUUFFTUBWJSUB
 *SSPUBLJJOOJUZTSVVWJU
 /PTUBMBJUFUUBIJFNBOKBWFE¤VMPT
el
Ùˍˡˤˠ˜ˢ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯

˅˰˲˰˧ˢ˲˛˭ˮˬˬˮ˜ˣˢ˱˞˦ˠ˦˞˰˱˞˥ˢˮ˛˰˺˪ˡˢ˰ˤ˩ˢ˚˪˞˱ˮ˦˭ˬ˨˦˧˹
˧˞˨˻ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯˧˞˦ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˰˲˪ˡˢ˥ˢ˜˩˹˪ˬ˞˭˹˚˪˞˪
˞ˡˢ˦ˬ˺˴ˬˤ˨ˢ˧˱ˮˬ˨˹ˠˬ˰˺˩˳˶˪˞˩ˢ˱ˬ˰˴˚ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯
˅˞˪˱˦˧˞˱˙˰˱˞˰ˤ˱ˬ˲˧˞˨˶ˡ˜ˬ˲˰˺˪ˡˢ˰ˤ˯ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞
˭ˮ˞ˠ˩˞˱ˬ˭ˬ˦ˤ˥ˢ˜˩˹˪ˬ˞˭˹˚˪˞˪ˢ˦ˡ˦˧ˢ˲˩˚˪ˬˤ˨ˢ˧˱ˮˬ˨˹ˠˬ
˨˞˩˟˙˪ˬ˪˱˞˯˲˭˹˵ˤ˱ˬ˲˯˰˴ˢ˱˦˧ˬ˺˯˧˞˪ˬ˪˦˰˩ˬ˺˯
ˎˬ˨˺˭ˮ˦ˣ˞˭˛˴ˢ˦˯˭ˮ˦ˣ˻˪˧˞˦˩˭˞˨˞˪˱˚ˣˢ˯ˡˢ˪ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞
˴ˮˤ˰˦˩ˬ˭ˬ˦ˤ˥ˬ˺˪ːˢ˭ˢˮ˜˭˱˶˰ˤ˲˭ˢˮ˳˹ˮ˱˶˰ˤ˯˲˭˙ˮ˴ˢ˦˧˜˪ˡ˲˪ˬ˯
˭˲ˮ˧˞ˠ˦˙˯
˃˙˪ˤ˰˺˪ˡˢ˰ˤ˩ˢ˱˙˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤˡˢ˪ˢ˜˪˞˦˭˨˚ˬ˪˭ˮˬ˰˦˱˛
˭ˮ˚˭ˢ˦˞˭˹˱ˤ˪˭˨ˢ˲ˮ˙˱ˤ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯˪˞˲˭˙ˮ˴ˢ˦˩˦˞ˡ˦˙˱˞˫ˤ
ˡ˦˞˧ˬ˭˛˯˹˨˶˪˱˶˪˭˹˨˶˪˩ˢ˩˦˞ˢ˨˙˴˦˰˱ˤ˞˭˹˰˱˞˰ˤˢ˭˞˳˛˯NN
        


ˊˤ˰˲˪ˡ˚ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛˩ˢ˚˪˞ˮˢ˲˩˞˱ˬ˨˛˭˱ˤ˳˦˯"˛˩ˤ˪˱ˤ˪
˞˰˳˞˨˜ˣˢ˱ˢ˩ˢ"˅˰˲˰˧ˢ˲˛˭ˮ˚˭ˢ˦˪˞˞˰˳˞˨˦˰˱ˢ˜˩ˢ˞˰˳˙˨ˢ˦˞
˱ˬ˨˦ˠ˹˱ˢˮˬ"ːˢ˹˨ˢ˯˱˦˯ˢˮˠ˞˰˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˭ˮ˚˭ˢ˦ˤ
˰˲˰˧ˢ˲˛˪˞˟ˮ˜˰˧ˢ˱˞˦ˢ˧˱˹˯˱˙˰ˤ˯˅˭ˮˬ˰˱˞˰˜˞ˢ˭˞˳˛˯˭ˮ˚˭ˢ˦˪˞
ˢ˫˞˰˳˞˨˜ˣˢ˱˞˦˩ˢ˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ

ʿ˲˱˛ ˤ ˰˲˰˧ˢ˲˛ ˭ˮˬˬˮ˜ˣˢ˱˞˦ ˩˹˪ˬ ˠ˦˞ ˢ˪˰˶˩˙˱˶˰ˤ ʿ˲˱˛ ˤ ˰˲˰˧ˢ˲˛
ˡˢ˪ ˭ˮˬˬˮ˜ˣˢ˱˞˦ ˶˯ ˢ˭˦˱ˮ˞˭˚ˣ˦˞ ˰˲˰˧ˢ˲˛ ˛ ˠ˦˞ ˱ˤ ˴ˮ˛˰ˤ ˩˚˰˞ ˰ˢ ˚˪˞
˪˱ˬ˲˨˙˭˦
ˑˬˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪ˬ˪˱ˬ˲˨˙˭˦ˡˢ˪ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˚˴ˢ˦˭˜˰˶˞˭˹˱ˤ
˰˲˰˧ˢ˲˛ ˧˞˪˚˪˞ ˭˜˰˶ ˱ˬ˜˴˶˩˞ ˊˢ˱˞˫˺ ˱ˬ˲ ˱ˬ˜˴ˬ˲ ˧˞˦ ˱ˬ˲ ˭˙˱ˬ˲ ˱ˬ˲
˪˱ˬ˲˨˞˭˦ˬ˺˛˱ˬ˲˭˜˰˶˱ˬ˦˴˻˩˞˱ˬ˯˱ˬ˲˪˱ˬ˲˨˞˭˦ˬ˺˭ˬ˲˟ˮ˜˰˧ˢ˱˞˦
˞˭˹˭˙˪˶˭ˮ˚˭ˢ˦˪˞˱ˤˮˤ˥ˢ˜˩˜˞˞˭˹˰˱˞˰ˤ˱ˬ˲˨˙˴˦˰˱ˬ˪  NN
#.
˂ˢ˪ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˧˞˨˲˳˥ˬ˺˪ˬ˦˰˴˦˰˩˚˯˞ˢˮ˦˰˩ˬ˺˧˞˦˱˞
˞˪ˬ˜ˠ˩˞˱˞˞˪˞ˮˮ˹˳ˤ˰ˤ˯ˊ˹˪ˬˤ˰˶˰˱˛ˢˠ˧˞˱˙˰˱˞˰ˤ˰˺˩˳˶˪˞˩࣐
˞˲˱˚˯˱˦˯ˬˡˤˠ˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯ˢˠˠ˲˙˱˞˦˱ˤ˪˞˰˳˞˨˛
˨ˢ˦˱ˬ˲ˮˠ˜˞ːˢ˭ˢˮ˜˭˱˶˰ˤ˭ˬ˲ˡˤ˩˦ˬ˲ˮˠˤ˥ˬ˺˪ˣˤ˩˦˚˯˞˭˹˨˙˥ˬ˯
ˢˠ˧˞˱˙˰˱˞˰ˤ˱ˤ˪ˢ˲˥˺˪ˤ˳˚ˮˢ˦ˬˢˠ˧˞˱˞˰˱˙˱ˤ˯ˑ˞ˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪˞
˪˱ˬ˲˨˙˭˦˞˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˞˪˥ˢ˧˱˦˧˙˰˱ˤ˥ˢˮ˩ˬ˧ˮ˞˰˜˞˩˚˴ˮ˦˱ˬ˲˯
p$ˬ˦ˠˢ˦˱ˬ˪˦˧˚˯˭ˮˬ˰˹˵ˢ˦˯˪˱ˬ˲˨˞˭˦˻˪˱ˬ˨˦ˠ˹˱ˢˮˬ˩˚˴ˮ˦˱ˬ˲˯
p$˃˧˱ˢ˨˚˰˱ˢ˹˨ˢ˯˱˦˯ˢˮˠ˞˰˜ˢ˯˧ˬ˭˛˯˱˶˪˞˪ˬ˦ˠ˩˙˱˶˪˰˱˞
˪˱ˬ˲˨˙˭˦˞˧˞˦˰˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˭ˮ˦˪˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˱˶˪
˰˲˰˧ˢ˲˻˪ʿ˭ˬ˩˞˧ˮ˺˪ˢ˱ˢ˱˞˞˭˹˟˨ˤ˱˞˭ˮ˦ˬ˪˜ˡ˦˞ˠˮ˚ˣ˦˞ˤ
˨ˢ˦˱ˬ˲ˮˠ˜˞˱˶˪ˤ˨ˢ˧˱ˮ˦˧˻˪ˢ˫˞ˮ˱ˤ˩˙˱˶˪˩˭ˬˮˢ˜˪˞ˢ˭ˤˮˢ˞˰˱ˢ˜
˞ˮ˪ˤ˱˦˧˙

˅˰˲˰˧ˢ˲˛ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜˩˹˪ˬ˭˙˪˶˞˭˹˚˪˞
˞ˢˮ˦ˣ˹˩ˢ˪ˬ˳ˬ˺ˮ˪ˬ˱ˬ˲˜ˡ˦ˬ˲˧˞˱˞˰˧ˢ˲˞˰˱˛ː˱˦˯ˢ˧ˡ˹˰ˢ˦˯
˰˲˰˧ˢ˲˻˪ #. ˧˞˦ #. ˱ˬ ˭ˢˡ˜ˬ ˴ˢ˦ˮ˦˰˩ˬ˺ ˢ˜˪˞˦ ˧˙˱˶
ʸ˱˰˦˞˲˱˙˱˞˩ˬ˪˱˚˨˞ˢ˜˪˞˦˦ˡ˦˞˜˱ˢˮ˞˧˞˱˙˨˨ˤ˨˞ˠ˦˞˱ˬ˭ˬ˥˚˱ˤ˰ˤ
˭˙˪˶˞˭˹˚˪˞˳ˬ˺ˮ˪ˬ(BHHFOBV˱ˤ˯˰ˢ˦ˮ˙˯#0ːˢ˭ˢˮ˜˭˱˶˰ˤ
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯ ˭˨ˤ˰˜ˬ˪ ˢ˪˹˯ ˳ˬ˺ˮ˪ˬ˲ ˭ˮ˚˭ˢ˦ ˱˞ ˧ˬ˦˨˻˩˞˱˞ ˨˞˟˛˯ ˰˱˦˯
˭˹ˮ˱ˢ˯˧˞˦˱˶˪ˡ˺ˬ˰˲˰˧ˢ˲˻˪˪˞˟ˮ˜˰˧ˬ˪˱˞˦˰˱ˤ˩˚˰ˤ˅
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˭˙˪˶˞˭˹˚˪˞˵˲ˠˢ˜ˬˢ˜˪˞˦ˡ˲˪˞˱˛
ˊˤ˪ ˱ˬ˭ˬ˥ˢ˱ˢ˜˱ˢ ˱ˤ˪ ˚˧ˡˬ˰ˤ ˰˲˰˧ˢ˲˛˯ ˩ˢ ˱ˬ ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ ˧˙˱˶ ˭˙˪˶
˞˭˹ ˚˪˞˪ ˞˱˩ˬ˩˙ˠˢ˦ˮ˞ ˳ˬ˺ˮ˪ˬ˲ ˚˪˞ ˳ˬ˺ˮ˪ˬ ˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯ ˩ˢ ˞˱˩˹
˛˚˪˞˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪

#.
ˎˮ˻˱˞˰˲˪˞ˮ˩ˬ˨ˬˠ˛˰˱ˢ˱ˬ˥ˢˮ˩˞˦˪˹˩ˢ˪ˬ˰˲ˮ˱˙ˮ˦ˎˮˬ˰˚˫˱ˢ˱˦˯
ˬˡˤˠ˜ˢ˯˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯˱ˬ˲˥ˢˮ˩˞˦˪˹˩ˢ˪ˬ˲˰˲ˮ˱˞ˮ˦ˬ˺ː˭ˮ˻˫˱ˢ˱ˬ
˳ˬ˺ˮ˪ˬ˩˦˧ˮˬ˧˲˩˙˱˶˪˭˙˪˶˰˱ˬ˥ˢˮ˩˞˦˪˹˩ˢ˪ˬ˰˲ˮ˱˙ˮ˦˩˚˰˞˰˱ˬ
ˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪ˬ˪˱ˬ˲˨˙˭˦
ˈ˞˱˙˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˩ˤ˪˭ˮˬ˫ˢ˪˛˰ˢ˱ˢˣˤ˩˦˙˰˱ˤ˪
˧ˬ˪˰˹˨˞˱ˬ˲˥ˢˮ˩˞˦˪˹˩ˢ˪ˬ˲˰˲ˮ˱˞ˮ˦ˬ˺
#.
ˎˮˬ˰˚˫˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯˱ˬ˲˥ˢˮ˩˞˦˪˹˩ˢ˪ˬ˲˰˲ˮ˱˞ˮ˦ˬ˺
ː˭ˮ˻˫˱ˢ˱ˬ˳ˬ˺ˮ˪ˬ˩˦˧ˮˬ˧˲˩˙˱˶˪˭˙˪˶˰ˢ˫ˢ˯˴˶ˮ˦˰˱˹˭˙˱ˬ˩˚˰˞
˰˱ˬˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪ˬ˪˱ˬ˲˨˙˭˦

ˊˤ˰ˤ˧˻˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛˞˭˹˱ˤ˪˭˹ˮ˱˞
ˊˤ˪ˢ˪˞˭ˬ˥˚˰ˢ˱ˢ˭˙˪˶˰˱ˬˡ˙˭ˢˡˬ˱ˤ˪˚˧ˡˬ˰ˤ
˰˲˰˧ˢ˲˛˯˩ˢ˱ˬ˭ˢˡ˜ˬ˴ˢ˦ˮ˦˰˩ˬ˺˧˙˱˶˞˨˨˙˱ˬ˭ˬ˥ˢ˱˛˰˱ˢ˞˭˹˧˙˱˶
˭˴˫˺˨˦˪˞˭ˤ˴˙˧˦˞ˊˤ˰ˤ˧˻˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛˨ˬ˫˙˞˭˹˭˜˰˶˱ˬ
˭ˢˡ˜ˬ˴ˢ˦ˮ˦˰˩ˬ˺˩˭ˬˮˢ˜˪˞˲˭ˬ˰˱ˢ˜ˣˤ˩˦˙



 ː˭ˮ˻˫˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˢ˪˱ˢ˨˻˯˩˚˰˞˰˱ˬˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪ˬ˪˱ˬ˲˨˙˭˦
ːˢ˞˲˱˛˱ˤ˪˭ˢˮ˜˭˱˶˰ˤ˩ˤ˪˱˰˞˧˜˰ˢ˱ˢ˩ˤ˪˩˞ˠ˧˻˰ˢ˱ˢ˛˩ˤ˪
˭ˢˮ˙˰ˢ˱ˢ˱ˬ˧˞˨˻ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯˭˙˪˶˞˭˹˧ˬ˳˱ˢˮ˚˯˞˧˩˚˯
 ˈˢ˪˱ˮ˙ˮˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛
 ˃˲˥˲ˠˮ˞˩˩˜˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˩ˢ˱ˬ˞˨˳˙ˡ˦˞˧ˮ˦˟˻˯ˬˮ˦ˣ˹˪˱˦˞
 ː˱ˢˮˢ˻˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˩ˢ˱˦˯˰˲˪ˤ˩˩˚˪ˢ˯˟˜ˡˢ˯

 ˆ˚˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˢ˧˱˹˯˱˙˰ˤ˯
 ˉ˺˰˱ˢ˱˦˯˟˜ˡˢ˯˰˱ˢˮ˚˶˰ˤ˯
 ːˤ˧˻˰˱ˢ˨˜ˠˬ˱ˤ˰˲˰˧ˢ˲˛˧˞˦˱ˮ˞˟˛˫˱ˢ˱ˤ˪ˢ˪˱ˢ˨˻˯˚˫˶
ˎˮ˙˰˦˪ˬ˧˜˱ˮ˦˪ˬ ʿˠ˶ˠ˹˯˭ˮˬ˰˱˞˰˜˞˯ <&
ˊ˭˨ˢ ˍ˲ˡ˚˱ˢˮˬ˯˞ˠ˶ˠ˹˯/
ˈ˞˳˚ ˓˙˰ˤ-