manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Gaggenau
  6. •
  7. Oven
  8. •
  9. Gaggenau BOP 21 Series User manual

Gaggenau BOP 21 Series User manual

*9000801230*  

%23
Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
Þ1RWLFHGHPRQWDJH
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
Û,QVWUXFFLRQHVGHPRQWDMH
ì,QVWUXo}HVGHPRQWDJHP
Ù
ó0RQWHULQJVDQYLVQLQJ
×0RQWHULQJVYHMOHGQLQJ
ê0RQWHULQJVYHLOHGQLQJ
Ý$VHQQXVRKMH
Ü3DLJDOGXVMXKHQG
ä0RQWDYLPRLQVWUXNFLMD
å0RQWąçDVLQVWUXNFLMD
îΗμπροςιυηώξνλνμρίες
õ΅μπροςιυϕώζλνμρίες
ë,QVWUXNFMDPRQWDŰX
Ö0RQWiçQtQiYRG
ï0RQWiçQ\QiYRG
ô0RQWDMN×ODYX]X
úڅڴھښڱښڴڨڵڙڶڜڤڱڂڮڛڽڅڤڸۅڮڈ
÷㶘櫔渃䠝








PLQ



PLQ

PLQ

PLQ









de
Ø.POUBHFBOMFJUVOH
:LFKWLJH+LQZHLVH
■%JF "OMFJUVOH TPSHG¤MUJH MFTFO VOE BVGCFXBISFO /VS EFS GBDIHF
SFDIUF&JOCBVFOUTQSFDIFOEEFS.POUBHFBOMFJUVOHHFX¤ISMFJT
UFUEJF4JDIFSIFJUCFJN(FCSBVDI%FS*OTUBMMBUFVSIBGUFUG¼SEBT
FJOXBOEGSFJF'VOLUJPOJFSFOBN"VGTUFMMVOHTPSU
■/VSFJOFLPO[FTTJPOJFSUF'BDILSBGUEBSGEBT(FS¤UBOTDIMJFFO
■7PSEFS%VSDIG¼ISVOHKFHMJDIFS"SCFJUFOEJF4USPN[VGVISBCTUFM
MFO
■;VS7FSNFJEVOHWPO4DIOJUUWFSMFU[VOHFO4DIVU[IBOETDIVIF
USBHFO 5FJMF EJF X¤ISFOE EFS .POUBHF [VH¤OHMJDI TJOE L¶OOFO
TDIBSGLBOUJHTFJO
■(FS¤UWPSEFN&JOCBVBVG5SBOTQPSUTDI¤EFOQS¼GFO
■(FS¤UOJDIUBO5¼S5¼SHSJGGPEFSVOUFSFS-VGUMFJTUFBOIFCFO
■'¼SEJF*OTUBMMBUJPOEJFBLUVFMMH¼MUJHFO#BVWPSTDISJGUFOVOEEJF
7PSTDISJGUFOEFTSFHJPOBMFO&MFLUSJ[JU¤UTWFSTPSHFSTCFBDIUFO
■(FS¤UEFS(FS¤UFLMBTTF ;VN&JOCBVJOFJO,¼DIFON¶CFM
HFN¤&JOCBVTLJ[[F.JOEFTUBCTU¤OEFCFBDIUFO
3ODQXQJVKLQZHLVH
5¼SBOTDIMBHOJDIUXFDITFMCBS
"CTUBOE.¶CFMLPSQVTCJT5¼SGSPOUGM¤DIF NN
"CTUBOE.¶CFMLPSQVTCJT5¼SHSJGGBVFOLBOUF NN
'SPOU¼CFSTUBOEJOLM 5¼SHSJGGG¼SEJFGGOVOHWPOTFJUMJDIFO4DIVC
MBEFOCFBDIUFO
#FJ1MBOVOHFJOFS&DLM¶TVOH5¼S¶GGOVOHTXJOLFMWPONJOE p
CFS¼DLTJDIUJHFO
'¼S&JOCBVVOUFS,PDIGFMEFS"CTUBOE[XJTDIFO,PDIGFME6OUFS
TFJUFVOE0CFSLBOUFEFT#BDLPGFOHFI¤VTFTNJO NN%JF
1MBOVOHTIJOXFJTFEFS,PDIGFMEFSJOTCFTPOEFSF[V#FM¼GUVOH
(BT&MFLUPSBOTDIMVTTTJOE[VCFS¼DLTJDIUJHFO
(LQEDXP|EHOYRUEHUHLWHQ
&JOCBVN¶CFMN¼TTFOCJT p$UFNQFSBUVSCFTU¤OEJHTFJO
BOHSFO[FOEF.¶CFMGSPOUFOCJT p$
-¼GUVOHTBVTTDIOJUUJN;XJTDIFOCPEFOEFT&JOCBVTDISBOLT
NJO  Y  NN
"OTDIMVTTEPTFNVTTBVFSIBMCEFS&JOCBVOJTDIFMJFHFO
"VTTDIOJUUBSCFJUFOBN.¶CFMWPSEFN&JOTFU[FOEFT(FS¤UFT
EVSDIG¼ISFO4Q¤OFFOUGFSOFOEJF'VOLUJPOWPOFMFLUSJTDIFO#BV
UFJMFOLBOOCFFJOUS¤DIUJHUXFSEFO
/JDIUCFGFTUJHUF.¶CFMNJUFJOFNIBOEFMT¼CMJDIFO8JOLFMBOEFS
8BOECFGFTUJHFO
(FS¤UOVSTPIPDIFJOCBVFOEBTT;VCFI¶SQSPCMFNMPTFOUOPN
NFOXFSEFOLBOO
(OHNWULVFKHU$QVFKOXVV
"VG HFFJHOFUF "CTJDIFSVOH EFS )BVTJOTUBMMBUJPO BDIUFO 4QBOOVOH
VOE'SFRVFO[EFT(FS¤UFTN¼TTFONJUEFSFMFLUSJTDIFO*OTUBMMB
UJPO¼CFSFJOTUJNNFOTJFIF5ZQFOTDIJME
%BT(FS¤UFOUTQSJDIUEFS4DIVU[LMBTTF VOEEBSGOVSNJU4DIVU[
MFJUFS"OTDIMVTTCFUSJFCFOXFSEFO
%JF"CTJDIFSVOH¼CFS#PEFS$"VUPNBUFOJTUFSGPSEFSMJDI
*OEFS*OTUBMMBUJPONVTTFJOBMMQPMJHFS5SFOOTDIBMUFSNJUNJOEFT
UFOT NN,POUBLU¶GGOVOHWPSIBOEFOTFJO%JFTFSNVTTOBDI
EFN&JOCBVOPDI[VH¤OHMJDITFJO
*HUlWRKQH$QVFKOXVVOHLWXQJ /VSOBDI"OTDIMVTTCJME
BOTDIMJFFO#FJ#FEBSGCFJMJFHFOEF,VQGFSCS¼DLFONPOUJFSFO
#FJ'BMTDIBOTDIMVTTLBOOEBT(FS¤UCFTDI¤EJHUXFSEFO
/FU[BOTDIMVTTMFJUVOH5ZQ ) 77'PEFSI¶IFSXFSUJH%JFHFMC
HS¼OF"EFSG¼SEFO4DIVU[MFJUFS"OTDIMVTTNVTTHFS¤UFTFJUJH
 NNM¤OHFSTFJOBMTEJFBOEFSFO"EFSO
'¼SFJOF&JOCBVUJFGFWPO NNEBT"OTDIMVTTLBCFMJN#FSFJDI
EFSBCHFTDIS¤HUFO(FI¤VTF&DLFSFDIUTOBDIVOUFOG¼ISFO
*HUlWHLQEDXHQ
■#FJ&JOCBVWPO[XFJ(FS¤UFOOFCFOFJOBOEFS#FJEF5¼SHSJGGF
(SJGGNVMEFON¼TTFO[VS.JUUF[FJHFO
■(FS¤UJN4DISBOLHFHFO,JQQFOTJDIFSOGBMMTLFJO;XJTDIFOCP
EFO¼CFSEFN(FS¤UJTU;XFJIBOEFMT¼CMJDIF8JOLFMCFJETFJUJH
JN4DISBOLCFGFTUJHFOBVG NN5JFGF NN¼CFS(FS¤UF
I¶IF
(FS¤UHBO[JOEBT&JOCBVN¶CFMFJOTDIJFCFO
%BCFJ"OTDIMVTTLBCFMOJDIULOJDLFOFJOLMFNNFOPEFS¼CFS
TDIBSGF,BOUFOG¼ISFO
(FS¤UNJUUJHBVTSJDIUFO
;XJTDIFO (FS¤U VOE BOHSFO[FOEFO .¶CFMGSPOUFO JTU FJO -VGUTQBMU
WPO  NNFSGPSEFSMJDI
(FS¤UNJUEFS8BTTFSXBBHFFYBLUXBBHSFDIUBVTSJDIUFO
(FS¤UNJUEFOCFJMJFHFOEFO4DISBVCFOCFGFTUJHFO5SBOTQPSUTJ
DIFSVOHBOEFS5¼SFOUGFSOFO
+LQZHLV (FS¤UNJUUJHBVTSJDIUFOVOE[VFSTUNJUEFOVOUFSFO
4DISBVCFO JN .¶CFM GJYJFSFO %BOO EJF CFJEFO PCFSFO 4DISBVCFO
CFGFTUJHFO
$FKWXQJ
*HHLJQHWHQ6FKUDXEHQGUHKHUYHUZHQGHQGLH%OHQGHQLFKW
YHUNUDW]HQ
7UMXVWLHUHQ
;VNFYBLUFO"VTSJDIUFOLBOOEJF(FS¤UFU¼SMFJDIUKVTUJFSUXFSEFO
%B[VEJF5¼S¶GGOFOVOEEJFCFJEFO4DISBVCFOBNVOUFSFO5¼S
TDIBSOJFSFUXBTM¶TFO5¼SKVTUJFSFOVOE4DISBVCFOGFTUESFIFO

7RU[

+LQZHLV %JF(FS¤UFU¼SJTUJN"VTMJFGFSVOHT[VTUBOEKVTUJFSU&JOF
5¼SKVTUJFSVOHJTUOPSNBMFSXFJTFOJDIUO¶UJH
.RPELQDWLRQPLW'DPSIEDFNRIHQ
;VFSTUEFO%BNQGCBDLPGFONPOUJFSFO.POUBHFBOMFJUVOHEFT
%BNQGCBDLPGFOTCFBDIUFO
'¼S FJOF &JOCBVUJFGF WPO  NN EBT "OTDIMVTTLBCFM JN #FSFJDI
EFS(FI¤VTFBVTTQBSVOHQPTJUJPOJFSFO
.RPELQDWLRQPLW:lUPHVFKXEODGH
;VFSTU EJF 8¤SNFTDIVCMBEF 84 NPOUJFSFO .POUBHFBOMFJUVOH EFS
8¤SNFTDIVCMBEFCFBDIUFO
%FO0GFOBVGEJF8¤SNFTDIVCMBEFJOEFO&JOCBVTDISBOLFJO
TDIJFCFO#FJN&JOTDIJFCFOEJF#MFOEFEFS8¤SNFTDIVCMBEF
OJDIUCFTDI¤EJHFO
$XVEDX
(FS¤UTQBOOVOHTMPTNBDIFO
#FGFTUJHVOHTTDISBVCFOM¶TFO
(FS¤UMFJDIUBOIFCFOVOEHBO[IFSBVT[JFIFO
en
Ú*OTUBMMBUJPOJOTUSVDUJPOT
,PSRUWDQWQRWHV
■3FBE UIFTF JOTUSVDUJPOT DBSFGVMMZ BOE LFFQ UIFN JO B TBGF QMBDF
4BGFUZEVSJOHVTFDBOPOMZCFFOTVSFEJGUIFBQQMJBODFJTGJUUFE
DPSSFDUMZ BDDPSEJOH UP UIFTF JOTUBMMBUJPO JOTUSVDUJPOT 5IF JOTUBMMFS
JT SFTQPOTJCMF GPS FOTVSJOH UIBU UIF BQQMJBODF PQFSBUFT QFSGFDUMZ
BUUIFQPJOUPGJOTUBMMBUJPO
■0OMZBMMPXBMJDFODFEQSPGFTTJPOBMUPDPOOFDUUIFBQQMJBODF
■5IFBQQMJBODFNVTUCFEJTDPOOFDUFEGSPNUIFQPXFSTVQQMZ
EVSJOHBMMJOTUBMMBUJPOXPSL
■8FBS QSPUFDUJWF HMPWFT UP QSFWFOU JOKVSZ GSPN DVUT 1BSUT UIBU BSF
BDDFTTJCMFEVSJOHJOTUBMMBUJPONBZIBWFTIBSQFEHFT
■$IFDLUIFBQQMJBODFGPSBOZUSBOTQPSUEBNBHFCFGPSF
JOTUBMMBUJPO
■%POPUMJGUUIFBQQMJBODFCZUIFEPPSEPPSIBOEMFPSMPXFSBJS
WFOU
■'PS JOTUBMMBUJPO DVSSFOUMZ BQQMJDBCMF CVJMEJOH SFHVMBUJPOT BOE UIF
SFHVMBUJPOTPGUIFMPDBMFMFDUSJDJUZTVQQMJFSNVTUCFPCTFSWFE
■5IJTBQQMJBODFDPSSFTQPOETUPBQQMJBODFDMBTT GPSJOTUBMMBUJPO
JOBLJUDIFOVOJUBDDPSEJOHUPUIFJOTUBMMBUJPOESBXJOH0CTFSWF
UIFNJOJNVNEJTUBODFT
3ODQQLQJQRWHV
%PPSIJOHFOPUSFWFSTJCMF
5IFEPPSQBOFMTVSGBDFPGUIFBQQMJBODFFYUFOET NNGSPNUIF
GVSOJUVSFDBWJUZ
5IFPVUFSFEHFPGUIFEPPSIBOEMFFYUFOET NNGSPNUIF
GVSOJUVSFDBWJUZ
$POTJEFSUIFPWFSIBOHJODMUIFEPPSIBOEMFXIFOQMBOOJOHUP
PQFOESBXFSTOFYUUPUIFBQQMJBODF
8IFOQMBOOJOHBDPSOFSTPMVUJPOQBZBUUFOUJPOUPUIFpEPPS
PQFOJOHBOHMF
'PSJOTUBMMBUJPOVOEFSOFBUIDPPLUPQT%JTUBODFCFUXFFOUIF
VOEFSTJEFPGUIFDPPLUPQBOEUIFUPQFEHFPGUIFPWFODBWJUZ
NJO NN5IFQMBOOJOHOPUFTGPSUIFDPPLUPQTQBSUJDVMBSMZ
SFHBSEJOHWFOUJMBUJPOHBTFMFDUSJDDPOOFDUJPONVTUCFUBLFOJOUP
BDDPVOU
3UHSDULQJNLWFKHQXQLWV
'JUUFEVOJUTNVTUCFIFBUSFTJTUBOUVQUP p$BEKBDFOUDBCJOFU
GSPOUTVQUP p$
5IFSFNVTUCFBWFOUJMBUJPODVUPVUPGNJO  Y  NNNBEFJO
UIFJOUFSNFEJBUFGMPPSPGUIFTVSSPVOEVOJU
5IFBQQMJBODFDPOOFDUJPOCPYNVTUCFQPTJUJPOFEPVUTJEFUIF
JOTUBMMBUJPOTQBDF
$BSSZPVUBMMDVUPVUXPSLPOUIFGVSOJUVSFVOJUBOEXPSLUPQCFGPSF
GJUUJOHUIFBQQMJBODFT3FNPWFBOZTIBWJOHTPSUIFDPSSFDU
PQFSBUJPOPGFMFDUSJDBMDPNQPOFOUTNBZCFJNQBJSFE
4FDVSF GSFFTUBOEJOH VOJUT UP UIF XBMM VTJOH TUBOEBSE DPNNFSDJBMMZ
BWBJMBCMFCSBDLFUT
0OMZ GJU UIF BQQMJBODF VQ UP B IFJHIU XIJDI BMMPXT BDDFTTPSJFT UP CF
FBTJMZSFNPWFE
(OHFWULFDOFRQQHFWLRQ
.BLFTVSFUIBUUIFIPVTFIPMEJOTUBMMBUJPOIBTTVGGJDJFOUGVTFPS
DJSDVJUCSFBLFSQSPUFDUJPO$IFDLUIBUUIFBQQMJBODFIBTUIFTBNF
WPMUBHFBOEGSFRVFODZBTUIFFMFDUSJDBMJOTUBMMBUJPOTZTUFNTFF
SBUJOHQMBUF
5IFBQQMJBODFDPSSFTQPOETUPQSPUFDUJPODMBTT BOENBZPOMZCF
PQFSBUFEXJUIBQSPUFDUJWFFBSUIDPOOFDUJPO
'VTFQSPUFDUJPOVTJOH#PS$DJSDVJUCSFBLFSTJTSFRVJSFE
5IFJOTUBMMBUJPOTZTUFNNVTUJODPSQPSBUFBOBMMQPMFJTPMBUJOH
TXJUDIXJUIBDPOUBDUHBQPGBUMFBTU NN5IJTNVTUSFNBJO
BDDFTTJCMFBGUFSJOTUBMMBUJPO
$SSOLDQFHZLWKRXWPDLQVFRQQHFWLRQFDEOH0OMZDPOOFDUBT
TIPXO PO UIF DPOOFDUJPO EJBHSBN 'JU UIF FODMPTFE DPQQFS CSJEHFT
BTSFRVJSFE*ODPSSFDUDPOOFDUJPONBZDBVTFEBNBHFUPUIF
BQQMJBODF
.BJOTDPOOFDUJPODBCMFUZQF ) 77'PSIJHIFSSBUFE5IF
ZFMMPXHSFFOXJSFGPSUIF1&DPOOFDUJPONVTUCF NNMPOHFS
UIBOUIFPUIFSXJSFTPOUIFBQQMJBODFTJEF
5IF SFBS PG UIF BQQMJBODF IBT UBQFSFE FEHFT 8IFO DBCJOFU EFQUI
JT  NN UIF DPOOFDUJPO MFBE NVTU CF HVJEFE EPXO UIF SFBS SJHIU
TJEFPGUIFDBCJOFUUPUIFDPOOFDUPSCPY
)LWWLQJWKHDSSOLDQFH
■8IFOJOTUBMMJOHUXPBQQMJBODFTTJEFCZTJEFUIFEPPSIBOEMFT
SFDFTTFEHSJQTNVTUCFJOUIFDFOUSF
■*GUIFSFJTOPGJUUFETIFMGBCPWFUIFBQQMJBODFTFDVSFUIF
BQQMJBODFBHBJOTUUJQQJOHPWFSXIFOUIFEPPSJTPQFOFE'JUUXP
TUBOEBSEBOHMFT NNBCPWFUIFBQQMJBODFBU NNEFQUI
JOTJEFUIFDBCJOFU
'VMMZJOTFSUUIFBQQMJBODFJOUIFDBCJOFU
%P OPU LJOL PS USBQ UIF QPXFS DBCMF PS SPVUF JU PWFS TIBSQ FEHFT
$FOUSFUIFBQQMJBODF
5IFSFNVTUCFBOBJSHBQPG  NNCFUXFFOUIFBQQMJBODFBOE
BEKBDFOUDBCJOFUT
6TJOHBTQJSJUMFWFMBEKVTUUIFBQQMJBODFTPUIBUJUJTQFSGFDUMZ
MFWFM
4DSFXUIFBQQMJBODFGJSNMZJOQMBDFXJUIUIFTDSFXTQSPWJEFE
3FNPWFUIFUSBOTQPSUBUJPOMPDLPGUIFEPPS
1RWH DFOUSFUIFBQQMJBODFBOEGJYUPDBCJOFUXJUIMPXFSTDSFXT
5IFOGJUCPUIUPQTDSFXT
&DXWLRQ
8VHDVXLWDEOHWRRO%HFDUHIXOQRWWRVFUDWFKWKHIDFHSODWH
$OLJQLQJWKHGRRU
*OPSEFSUPBDIJFWFQFSGFDUBMJHONFOUUIFEFWJDFEPPSDBOFBTJMZ
CFBEKVTUFE
5PEPUIJTPQFOUIFEPPSBOEMPPTFOCPUITDSFXTPOUIFMPXFS
EPPSIJOHF"MJHOUIFEPPSBOEUJHIUFOUIFTDSFXT
1RWH 5IFEFWJDFEPPSJTBMSFBEZBMJHOFEXIFOUIFBQQMJBODFJT
EFMJWFSFE:PVEPOPUOPSNBMMZOFFEUPBMJHOUIFEPPS
&RPELQDWLRQZLWKVWHDPRYHQ
'JUUIFTUFBNPWFOGJSTU'PMMPXUIFJOTUBMMBUJPOJOTUSVDUJPOTGPSUIF
TUFBNPWFO
5PBDIJFWFUIF NNJOTUBMMBUJPOEFQUIUIFDPOOFDUJPODBCMF
OFFETUPGPMMPXUIFTMBOUFEFEHFPOUIFDPSOFSPGUIFIPVTJOH
&RPELQDWLRQZLWKZDUPLQJGUDZHU
'JUUIFXBSNJOHESBXFSGJSTU'PMMPXUIFJOTUBMMBUJPOJOTUSVDUJPOTGPS
UIFXBSNJOHESBXFS
4MJEFUIFPWFOPOUIFXBSNJOHESBXFSJOUPUIFJOTUBMMBUJPO
DBCJOFU%POPUEBNBHFUIFXBSNJOHESBXFSDPWFSXIFOTMJEJOHJU
JO
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
5HPDUTXHVLPSRUWDQWHV
■-JSFBUUFOUJWFNFOUFUDPOTFSWFSMBOPUJDF1PVSHBSBOUJSMB
T©DVSJU© QFOEBOU MF GPODUJPOOFNFOU EF MBQQBSFJM DF EFSOJFS EPJU
ªUSFNPOU©EFNBOJ¨SFDPOGPSNFBVYS¨HMFTEFMBSU
-JOTUBMMBUFVSFTUSFTQPOTBCMFEVCPOGPODUJPOOFNFOUEF
MBQQBSFJMTVSMFMJFVP¹JMMBJOTUBMM©FUNJTFOTFSWJDF
■-FUFDIOJDJFODIBSH©EVCSBODIFNFOUEPJUªUSFBHS©©
■"WBOUEFGGFDUVFSUPVUUSBWBJMDPVQFSMBMJNFOUBUJPO©MFDUSJRVF
■1PVS©WJUFSMFTDPVQVSFTQPSUFSEFTHBOUTEFQSPUFDUJPO-FT
QJ¨DFTBDDFTTJCMFTEVSBOUMFNPOUBHFQFVWFOUQS©TFOUFSEFT
BSªUFTWJWFT
■7©SJGJFSTJMBQQBSFJMOBQBT©U©FOEPNNBH©EVSBOUMFUSBOTQPSU

■/FQBTTPVMFWFSMBQQBSFJMFOMFQSFOBOUQBSMBQPSUFQBSMB
QPJHO©FEFQPSUFPVQBSMBS©HMFUUFJOG©SJFVSFEB©SBUJPO
■1PVSMJOTUBMMBUJPOSFTQFDUFSMFTS¨HMFTFOWJHVFVSFUMFT
DPOTJHOFTEVEJTUSJCVUFVSMPDBME©MFDUSJDJU©
■"QQBSFJMEFDMBTTF  JOTUBMMFSEBOTVONFVCMFEFDVJTJOF
TFMPOMFTDI©NBEFQPTFSFTQFDUFSMFTEJTUBODFTNJOJNBMFT
,QVWUXFWLRQVGHSODQLILFDWLRQ
-FTFOTEPVWFSUVSFEFMBQPSUFOFTUQBTNPEJGJBCMF
%JTUBODFFOUSFMFDPSQTEVNFVCMFFUMBGB§BEFEFMBQPSUF 
 NN
%JTUBODFFOUSFMFDPSQTEVNFVCMFFUMFCPSEFYU©SJFVSEFMB
QPJHO©FEFQPSUF  NN
'BJSF BUUFOUJPO BV E©CPSEFNFOU EF MB GB§BEF Z DPNQSJT DFMVJ EF MB
QPJHO©FQPVSMPVWFSUVSFEFUJSPJSTMBU©SBVY
4JVOFTPMVUJPOEBOHMFFTUFOWJTBH©FUFOJSDPNQUFEVOEBOHMF
EPVWFSUVSFEFMBQPSUFEBVNPJOT p
1PTFTPVTQMBOEFDVJTTPO EJTUBODFNJOJNBMFFOUSFMFEFTTPVT
EVQMBOEFDVJTTPOFUMFCPSETVQ©SJFVSEFMFOWFMPQQFEVGPVS 
 NN 5FOJS DPNQUF EFT JOTUSVDUJPOT EF QMBOJGJDBUJPO EFT QMBOT EF
DVJTTPOFOQBSUJDVMJFSQPVSDFRVJDPODFSOFMB©SBUJPOFUMFT
CSBODIFNFOUTHB[FU©MFDUSJDJU©
3UpSDUDWLRQGHVPHXEOHV
-FTNFVCMFTP¹TPOUFODBTUS©TMFTBQQBSFJMTEPJWFOUS©TJTUFS
KVTRVVOFUFNQ©SBUVSFEF p$FUMFTGB§BEFTEFTNFVCMFT
WPJTJOTKVTRV p$
%©DPVQFEB©SBUJPOEBOTMFGPOEJOUFSN©EJBJSFEVNFVCMF
NJOJ  Y  NN
-BQSJTFEFDPVSBOUEPJUTFUSPVWFSMFYU©SJFVSEFMBOJDIF
EFODBTUSFNFOU
'BJSFMFTE©DPVQFTTVSMFNFVCMFBWBOUEFNFUUSFMBQQBSFJMFO
QMBDFMJNJOFSMFTDPQFBVYRVJQPVSSBJFOUBGGFDUFSMF
GPODUJPOOFNFOUEFDPNQPTBOUT©MFDUSJRVFT
4JMFTNFVCMFTOFTPOUQBTGJY©TJMGBVUMFTGJYFSBVNVSBVNPZFO
EVOF©RVFSSFEVDPNNFSDF
1MBDFSMBQQBSFJMVOFIBVUFVSUFMMFRVJMTPJUFODPSFQPTTJCMFEF
TPSUJSGBDJMFNFOUMFTBDDFTTPJSFT
5DFFRUGHPHQWpOHFWULTXH
4BTTVSFSRVFMJOTUBMMBUJPO©MFDUSJRVFEVMPHFNFOUFTU
TVGGJTBNNFOUQSPU©H©F-BUFOTJPOFUMBGS©RVFODFEFMBQQBSFJM
EPJWFOUDPSSFTQPOESFDFMMFTEFMJOTUBMMBUJPO©MFDUSJRVFWPJSMB
QMBRVFUUFEJEFOUJGJDBUJPO
-BQQBSFJMFTUEFMBDMBTTFEFQSPUFDUJPO FUEPJUPCMJHBUPJSFNFOU
ªUSFSBDDPSE©VOFQSJTFBWFDUFSSF
*MEPJUªUSFQSPU©H©QBSVODPVQFDJSDVJUBVUPNBUJRVFUZQF#PV$
*MGBVUQS©WPJSEBOTMJOTUBMMBUJPOVOEJTKPODUFVSNVMUJQPMBJSFBZBOU
VOF EJTUBODF EPVWFSUVSF EFT DPOUBDUT EBV NPJOT  NN FU SFTUBOU
BDDFTTJCMFBQS¨TMBQPTF
$SSDUHLOVDQVFRUGRQGDOLPHQWDWLRQ  GBJSFMFSBDDPSEFNFOU
VOJRVFNFOUTFMPOMFTDI©NBEFCSBODIFNFOU4JO©DFTTBJSF
VUJMJTFSMFTDBWBMJFSTFODVJWSFGPVSOJT4JMOFTUQBTCSBODI©EF
NBOJ¨SFDPOGPSNFMBQQBSFJMQFVUªUSFFOEPNNBH©
$PSEPOEBMJNFOUBUJPOTFDUFVS UZQF ) 77'PVRVBMJU©
TVQ©SJFVSF %V D´U© EF MBQQBSFJM MF DPOEVDUFVS WFSUKBVOF EF UFSSF
EPJUBWPJSVOFMPOHVFVSTVQ©SJFVSFEF NNBVYBVUSFT
DPOEVDUFVST
1PVSVOFQSPGPOEFVSEFODBTUSFNFOUEF NNGBJSFQBTTFSMF
DPSEPOEBMJNFOUBUJPOESPJUFFUQBSMFCBTEBOTMB[POFP¹MF
CP®UJFSQS©TFOUFVODPJODPVQ©
3RVHGHODSSDUHLO
■&ODBTEFQPTFEFEFVYBQQBSFJMTMVOBVEFTTVTEFMBVUSF 
-FT EFVY QPJHO©FT EF QPSUF EPJWFOU ªUSF UPVSO©FT WFST MF NJMJFV
■4JMOZBQBTEFGPOEJOUFSN©EJBJSFBVEFTTVTEFMBQQBSFJM
CMPRVFS DF EFSOJFS QPVS MFNQªDIFS EF CBTDVMFS EBOT MF NFVCMF 
GJYFSEFVY©RVFSSFTEVDPNNFSDFEFTEFVYD´U©TEVNFVCMF
QSPGPOEFVS NN NNBVEFTTVTEFMBIBVUFVSEF
MBQQBSFJM
*OT©SFSDPNQM¨UFNFOUMBQQBSFJMEBOTMFNFVCMF
/FQBTDPVEFSMFDPSEPO©MFDUSJRVFOJMFDPJODFSPVMFGBJSF
QBTTFSTVSEFTBSªUFTWJWFT
$FOUSFSMBQQBSFJM
&OUSFMBQQBSFJMFUMFTGB§BEFTWPJTJOFTEVNFVCMFJMGBVUMBJTTFS
VOKFVEF  NN
"KVTUFSMBQQBSFJMMIPSJ[POUBMFEFNBOJ¨SFUS¨TQS©DJTFBV
NPZFOEVOOJWFBVCVMMF
'JYFSMBQQBSFJMBWFDMFTWJTGPVSOJFT&OMFWFSMBT©DVSJU©EFMB
QPSUF
5HPDUTXH #JFODFOUSFSMBQQBSFJMFUMFGJYFSEBOTMFNFVCMFBV
NPZFOEFTEFVYWJTEVCBT'JYFSFOTVJUFMFTEFVYWJTEVIBVU
$WWHQWLRQ
8WLOLVHUXQWRXUQHYLVDSSURSULpQHSDVUD\HUOHEDQGHDX 
$MXVWHUODSRUWH
-B QPSUF EF MBQQBSFJM QFVU ªUSF M©H¨SFNFOU BKVTU©F QPVS PCUFOJS VO
BMJHOFNFOUFYBDU
1PVSDFGBJSFPVWSF[MBQPSUFFUE©WJTTF[MFTEFVYWJTEFMB
DIBSOJ¨SFEFQPSUFJOG©SJFVSF"KVTUF[MBQPSUFFUTFSSF[MFTWJT
5HPDUTXH -BQPSUFEFMBQQBSFJMFTUBKVTU©FEBOTTPO©UBUEF
MJWSBJTPO*MOFTUOPSNBMFNFOUQBTO©DFTTBJSFEBKVTUFSMBQPSUF
$VVRFLDWLRQDYHFXQIRXUjYDSHXU
.POUFSEBCPSEMFGPVSWBQFVS3FTQFDUFSMBOPUJDFEFQPTFEV
GPVSWBQFVS
1PVSVOFQSPGPOEFVSEFODBTUSFNFOUEF NNQPTJUJPOOFSMF
DPSEPOEBMJNFOUBUJPOEBOTMB[POFP¹MFCP®UJFSFTU©WJE©
$VVRFLDWLRQDYHFXQWLURLUFKDXIIDQW
.POUFSEBCPSEMFUJSPJSDIBVGGBOU843FTQFDUFSMFTJOTUSVDUJPOT
EFNPOUBHFEVUJSPJSDIBVGGBOU
*OUSPEVJSFMFGPVSEBOTMFNFVCMFEFODBTUSFNFOUTVSMFUJSPJS
DIBVGGBOU&OMJOUSPEVJTBOUOFQBTFOEPNNBHFSMFCBOEFBVEV
UJSPJSDIBVGGBOU
'pSRVH
.FUUSFMBQQBSFJMIPSTUFOTJPO
%FTTFSSFSMFTWJTEFGJYBUJPO
4PVMFWFSM©H¨SFNFOUFUFYUSBJSFFOUJ¨SFNFOUMBQQBSFJM
it
â*TUSV[JPOJQFSJMNPOUBHHJP
,QGLFD]LRQLLPSRUWDQWL
■-FHHFSFBUUFOUBNFOUFFDPOTFSWBSFMFJTUSV[JPOJ4PMP
VOJOTUBMMB[JPOFDPSSFUUBDPOGPSNFNFOUFBRVBOUPJOEJDBUPOFMMF
JTUSV[JPOJEJNPOUBHHJPHBSBOUJTDFMBTJDVSF[[BEVSBOUFMVTP
-JOTUBMMBUPSFSJTQPOEFEFMDPSSFUUPGVO[JPOBNFOUPOFMMVPHPEJ
NPOUBHHJP
■-BQQBSFDDIJPEFWFFTTFSFDPMMFHBUPTPMPEBVOUFDOJDP
BVUPSJ[[BUP
■4UBDDBSFMBMJNFOUB[JPOFEJDPSSFOUFQSJNBEJQSPDFEFSFBEPHOJ
UJQPEJJOUFSWFOUP
■1FSFWJUBSFMFTJPOJEBUBHMJPJOEPTTBSFHVBOUJEJQSPUF[JPOF
* QF[[J BDDFTTJCJMJ EVSBOUF JM NPOUBHHJP QPTTPOP FTTFSF UBHMJFOUJ
■$POUSPMMBSFMBQSFTFO[BEJEBOOJEBUSBTQPSUPQSJNBEFM
NPOUBHHJP
■/POTPMMFWBSFMBQQBSFDDIJPQSFOEFOEPMPQFSMPTQPSUFMMPMB
NBOJHMJBPJMMJTUFMMPEJWFOUJMB[JPOFJOGFSJPSF
■1FS MJOTUBMMB[JPOF PTTFSWBSF MF OPSNF FEJMJ BUUVBMNFOUF JO WJHPSF
OPODI©MFEJTQPTJ[JPOJEFMMB[JFOEBSFHJPOBMFFSPHBUSJDFEJ
FMFUUSJDJU
■"QQBSFDDIJP BQQBSUFOFOUF BMMB DMBTTF  *OTUBMMBSF MBQQBSFDDIJP
JOVONPCJMFEBDVDJOBTFHVFOEPMPTDIJ[[PEJNPOUBHHJP
SJTQFUUBSFMFEJTUBO[FNJOJNF
,QGLFD]LRQLGLSURJHWWD]LRQH
/PODBNCJBSFMBCBUUVUBEFMMPTQPSUFMMP
%JTUBO[BUSBJMDPSQPEFMNPCJMFFMBTVQFSGJDJFGSPOUBMFEFMMP
TQPSUFMMPNN
%JTUBO[BUSBJMDPSQPEFMNPCJMFFJMCPSEPFTUFSOPEFMMBNBOJHMJB
NN
5FOFSFDPOUPEFMMBTQPSHFO[BEFMMBQBSUFGSPOUBMFJODMNBOJHMJB
QFSMBQFSUVSBEFJDBTTFUUJMBUFSBMJ
1FSMBQSPHFUUB[JPOFEJVOBTPMV[JPOFBEBOHPMPDPOTJEFSBSF
MBOHPMPEJBQFSUVSBEFMMPTQPSUFMMPEJNJOp
1FSJMNPOUBHHJPTPUUPJQJBOJDPUUVSB%JTUBO[BUSBJMMBUPJOGFSJPSF
EFMQJBOPDPUUVSBFJMCPSEPTVQFSJPSFEFMMBMMPHHJBNFOUPEFMGPSOP
NJO  NN 0TTFSWBSF MF JOEJDB[JPOJ QFS MB QSPHFUUB[JPOF EFJ QJBOJ
DPUUVSBJOQBSUJDPMBSFWFOUJMB[JPOFBMMBDDJBNFOUPEJHBTFMFUUSJDP
3UHSDUDUHLOPRELOHDGLQFDVVR
*NPCJMJEBJODBTTPEFWPOPFTTFSFSFTJTUFOUJBUFNQFSBUVSFGJOPB
p$JNPCJMJBEJBDFOUJGJOPBp$
*OUBHMJP EJ WFOUJMB[JPOF OFM QJBOP JOUFSNFEJP EFM NPCJMF EB JODBTTP
NJO  Y  NN
-BQSFTBEJDPMMFHBNFOUPEFWFUSPWBSTJGVPSJEBMMBOJDDIJBEJ
NPOUBHHJP

&TFHVJSFJMBWPSJEJJOUBHMJPTVJNPCJMJQSJNBEJJOTFSJSF
MBQQBSFDDIJP3JNVPWFSFJUSVDJPMJQFSOPOQSFHJVEJDBSFJM
GVO[JPOBNFOUPEFJDPNQPOFOUJFMFUUSJDJ
*NPCMJOPOGJTTBUJWBOOPBODPSBUJBMMBQBSFUFDPOVOBOHPMBSF
DPNVOFNFOUFSFQFSJCJMFJODPNNFSDJP
.POUBSFMBQQBSFDDIJPBEVOBMUF[[BUBMFEBDPOTFOUJSFMB
SJNP[JPOFBHFWPMFEFHMJBDDFTTPSJ
$OODFFLDPHQWRHOHWWULFR
"TTJDVSBSTJDIFJGVTJCJMJEFMMJNQJBOUPEPNFTUJDPTJBOPJEPOFJ
5FOTJPOFFGSFRVFO[BEFMMBQQBSFDDIJPEFWPOPDPSSJTQPOEFSF
BMMJNQJBOUPFMFUUSJDPWUBSHIFUUB
-BQQBSFDDIJP¨DPOGPSNFBMMB$MBTTFEJQSPUF[JPOFFEFWF
GVO[JPOBSFTFNQSFFTPMPDPOVODPMMFHBNFOUPEJNFTTBBUFSSB
&OFDFTTBSJBVOBQSPUF[JPOFUSBNJUFEJTQPTJUJWJBVUPNBUJDJ#P$
4VMMJNQJBOUPEFWFFTTFSFEJTQPOJCJMFVOJOUFSSVUUPSFEJ
TFQBSB[JPOFEBUVUUJJQPMJDPOVOBQFSUVSBEFJDPOUBUUJEJBMNFOP
NN2VFTUPEFWFFTTFSFBDDFTTJCJMFBODIFEPQPMJOTUBMMB[JPOF
$SSDUHFFKLRVHQ]DFDYRGLDOODFFLDPHQWR DPMMFHBSMPTPMP
TFDPOEPMPTDIFNBGPSOJUP4FOFDFTTBSJPNPOUBSFJQPOUJDFMMJJO
SBNFJOEPUB[JPOF*ODBTPEJDPMMFHBNFOUPFSSBUPMBQQBSFDDIJP
QV²TVCJSFEBOOJ
$BWPEJDPMMFHBNFOUPBMMBSFUF5JQP)77'PTVQFSJPSF*M
DPOEVUUPSFHJBMMPWFSEFTVMMBQQBSFDDIJPQFSJMDPMMFHBNFOUPEFMMB
NBTTBEFWFFTTFSFNNQJ¹MVOHPEFHMJBMUSJDPOEVUUPSJ
1FSVOBQSPGPOEJUEJNPOUBHHJPEJNNDPOWPHMJBSFJMDBWPEJ
BMMBDDJBNFOUPBEFTUSBWFSTPJMCBTTPOFMMB[POBEFMMBOHPMP
TNVTTBUPEFMMBQQBSFDDIJP
,QVWDOODUHODSSDUHFFKLR
■4F TJ NPOUBOP EVF BQQBSFDDIJ VOP BDDBOUP BMMBMUSP &OUSBNCF MF
NBOJHMJFMFJNQVHOBUVSFEFWPOPFTTFSFSJWPMUFWFSTPJMDFOUSP
■"TTJDVSBSFMBQQBSFDDIJPOFMNPCJMFEJNPEPDIFOPOQPTTB
SJCBMUBSTJTFOPOWJ¨VOQJBOPJOUFSNFEJPTPQSBMBQQBSFDDIJP
'JTTBSFEVFDPNVOJBOHPMBSJTVFOUSBNCJJMBUJOFMNPCJMF
BNNEJQSPGPOEJUNNTPQSBMBMUF[[BEFMMBQQBSFDDIJP
*OGJMBSFDPNQMFUBNFOUFMBQQBSFDDIJPOFMNPCJMF
#BEBSFBOPOQJFHBSFJODBTUSBSFFOPOGBSQBTTBSFTVCPSEJ
UBHMJFOUJJMDBWPEJDPMMFHBNFOUP
"MMJOFBSFMBQQBSFDDIJPDFOUSBMNFOUF
5SBMBQQBSFDDIJPFJQBOOFMMJGSPOUBMJEFJNPCJMJBEJBDFOUJEFWF
FTTFSDJVOBSJBEJNN
"MMJOFBSFMBQQBSFDDIJPDPOMBCPMMB
'JTTBSFMBQQBSFDDIJPDPOMFWJUJJOEPUB[JPOF3JNVPWFSFMB
QSPUF[JPOFQFSJMUSBTQPSUPEBMMPTQPSUFMMP
$YYHUWHQ]D "MMJOFBSFMBQQBSFDDIJPDFOUSBMNFOUFFGJTTBSMPOFM
NPCJMFEBQQSJNBDPOMBWJUFJOGFSJPSF2VJOEJBWWJUBSFMFEVFWJUJ
TVQFSJPSJ
$WWHQ]LRQH
8VDUHXQFDFFLDYLWHLGRQHRQRQJUDIILDUHLOSDQQHOOR
5HJROD]LRQHGHOODSRUWD
1FSPUUFOFSFMFTBUUPBMMJOFBNFOUP¨QPTTJCJMFSFHPMBSFDPOGBDJMJU
MBQPSUBEFMMBQQBSFDDIJP
"UBMFTDPQPBQSJSFMBQPSUBFBMMFOUBSFMFHHFSNFOUFFOUSBNCFMF
WJUJ TVMMB DFSOJFSB JOGFSJPSF EFMMB QPSUB 3FHPMBSF MB QPSUB F TUSJOHFSF
MFWJUJ
$YYHUWHQ]D -B QPSUB EFMMBQQBSFDDIJP ¨ SFHPMBUB DPNF OFMMP TUBUP
EJDPOTFHOB/PSNBMNFOUFOPO¨OFDFTTBSJBVOVMUFSJPSF
SFHPMB[JPOF
&RPELQD]LRQHFRQ&RPEL9DSRUH
.POUBSFQSJNBJM$PNCJ7BQPSF0TTFSWBSFMFJTUSV[JPOJEJ
NPOUBHHJPEFM$PNCJ7BQPSF
1FSVOBQSPGPOEJUEJNPOUBHHJPEJNNQPTJ[JPOBSFJMDBWPEJ
BMMBDDJBNFOUPOFMMB[POBEFMMJOUBHMJPEFMMBMMPHHJBNFOUP
&RPELQD]LRQHFRQFDVVHWWRVFDOGDYLYDQGH
1SJNBNPOUBSFMPTDBMEBWJWBOEF841SFTUBSFBUUFO[JPOFBMMF
JTUSV[JPOJQFSJMNPOUBHHJPEFMMPTDBMEBWJWBOEF
*OTFSJSFJMGPSOPOFMNPCJMFBEJODBTTPTPQSBMPTDBMEBWJWBOEF*O
GBTFEJJOTFSJNFOUPQSFTUBSFBUUFO[JPOFBOPOEBOOFHHJBSFJM
QBOOFMMPEFMMPTDBMEBWJWBOEF
6PRQWDJJLR
4UBDDBSFMBQQBSFDDIJPEBMMBDPSSFOUF
4WJUBSFMFWJUJEJGJTTBHHJP
4PMMFWBSFMFHHFSNFOUFMBQQBSFDDIJPFTGJMBSMPDPNQMFUBNFOUF
nl
é,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
■-FFT EF IBOEMFJEJOH [PSHWVMEJH FO CFXBBS EF[F HPFE "MMFFO CJK
FFOWBLLVOEJHVJUHFWPFSEFJOCPVXWPMHFOTEF
NPOUBHFIBOEMFJEJOHJTEFWFJMJHIFJEUJKEFOTIFUHFCSVJL
HFHBSBOEFFSE%FJOTUBMMBUFVSJTBBOTQSBLFMJKLWPPSIFUHPFE
GVODUJPOFSFOWBOIFUBQQBSBBUPQEFQMBBUTWBOPQTUFMMJOH
■"MMFFOFFOFSLFOEWBLNBONBHIFUBQQBSBBUBBOTMVJUFO
■7³³SBMMFXFSL[BBNIFEFOBBOIFUBQQBSBBUEJFOUIFUBQQBSBBU
TQBOOJOHTWSJKUFXPSEFOHFNBBLU
■%SBBHCFTDIFSNIBOETDIPFOFOPNUFWPPSLPNFOEBUV
TOJKXPOEFOPQMPPQU0OEFSEFMFOEJFUJKEFOTEFNPOUBHF
UPFHBOLFMJKL[JKOLVOOFOTDIFSQFSBOEFOIFCCFO
■$POUSPMFFSIFUBQQBSBBUW³³SIFUJOCPVXFOPQFWFOUVFMF
USBOTQPSUTDIBEF
■5JM IFU BQQBSBBU OJFU PQ BBO EF EFVS EF IBOEHSFFQ WBO EF EFVS
PGEFPOEFSTUFPOUMVDIUJOHTTUSJQ
■)PVEUV[JDIWPPSEFJOTUBMMBUJFBBOEFHFMEFOEF
CPVXWFSPSEFOJOHFOFOBBOEFWPPSTDISJGUFOWBOIFU
FOFSHJFCFESJKG
■)FUBQQBSBBUCFIPPSUUPUEFBQQBSBUFOLMBTTF7PPSJOCPVXJO
FFOLFVLFONFVCFMWPMHFOTEFJOCPVXTDIFUTNJOJNBMF
BGTUBOEFOBBOIPVEFO
$DQZLM]LQJHQYRRUGHNHXNHQSODQQLQJ
%FESBBJSJDIUJOHWBOEFEFVSJTOJFUXJTTFMCBBS
"GTUBOELFVLFONFVCFMUPUIFUEFVSGSPOUNN
"GTUBOELFVLFONFVCFMUPUEFCVJUFOLBOUWBOEFIBOEHSFFQ
NN
)PVESFLFOJOHNFUIFUVJUTUFLFOEFGSPOUJODMIBOEHSFFQBMTFS
[JDIBBOEF[JKLBOUMBEFOCFWJOEFOEJFHFPQFOENPFUFOLVOOFO
XPSEFO
;PSHFSCJKJOCPVXJOFFOIPFLWPPSEBUEFPQFOJOHTIPFLWPPSEF
EFVSNJOJNBBMpJT
7PPSIFUJOCPVXFOPOEFSFFOLPPLQMBBU"GTUBOEUVTTFOEF
POEFSLBOUWBOEFLPPLQMBBUFOEFCPWFOLBOUWBOEFCFIVJ[JOH
WBOEFCBLPWFONJONN/FFNEFBBOXJK[JOHFOWPPSIFU
QMBBUTFOWBOEFLPPLQMBBUWPPSBMCFUSFGGFOEFWFOUJMBUJFHBT
FMFLUSJTDIFBBOTMVJUJOHJOBDIU
,QERXZPHXEHOYRRUEHUHLGHQ
)FUJOCPVXNFVCFMNPFUUFNQFSBUVVSCFTUFOEJH[JKOUPU p$
BBOHSFO[FOEFNFVCFMQBOFMFOUPU p$
7FOUJMBUJFPQFOJOHJOEFUVTTFOCPEFNWBOEFJOCPVXLBTU
NJO  Y  NN
%FDPOUBDUEPPTNPFU[JDICVJUFOEFJOCPVXOJTCFWJOEFO
.BBL EF VJUTQBSJOHFO JO IFU LFVLFONFVCFM WPPSEBU V IFU BQQBSBBU
QMBBUTU 4QBBOEFST WFSXJKEFSFO EF[F LVOOFO FFO OBEFMJHF JOWMPFE
IFCCFOPQIFUGVODUJPOFSFOWBOFMFLUSJTDIFPOEFSEFMFO
*OEJFOIFULFVLFONFVCFMMPTTUBBUTDISPFGEJUEBONFUFFOJOEF
IBOEFMWFSLSJKHCBBSIPFLQSPGJFMBBOEFNVVSWBTU
#PVX IFU BQQBSBBU PQ FFO IPPHUF JO XBBSPQ EF UPFCFIPSFO FS OPH
HFNBLLFMJKLLVOOFOXPSEFOVJUHFOPNFO
(OHNWULVFKHDDQVOXLWLQJ
;PSHFSWPPSEBUEFIVJTJOTUBMMBUJFWPMEPFOEFJTCFWFJMJHE%F
TQBOOJOHFOEFGSFRVFOUJFWBOIFUBQQBSBBUNPFUFO
PWFSFFOLPNFONFUEFFMFLUSJTDIFJOTUBMMBUJF[JFIFUUZQFQMBBUKF
)FUBQQBSBBUWBMUPOEFSEFBQQBSBUFOLMBTTFFONBHBMMFFO
XPSEFOHFCSVJLUNFUFFOBBSEBBOTMVJUJOH
%F[FLFSJOHWJBFFO#PG$BVUPNBBUJTWFSFJTU
#JOOFOEFJOTUBMMBUJFNPFUFFOTDIFJEJOHTTDIBLFMBBSWPPSBMMF
QPMFONFUFFODPOUBDUPQFOJOHWBONJOJNBBMNNBBOXF[JH[JKO
%F[FNPFUOBIFUJOCPVXFOOPHUPFHBOLFMJKL[JKO
$SSDUDDW]RQGHUDDQVOXLWNDEHO "QQBSBBUBMMFFOWPMHFOTEF
TDIFUTBBOTMVJUFO*OEJFOOPEJHEFCJKHFWPFHEFLPQFSFOKVNQFST
QMBBUTFO #JK FFO GPVUJFWF BBOTMVJUJOH LBO IFU BQQBSBBU CFTDIBEJHE
SBLFO
"BOTMVJULBCFM5ZQF)77'PGIPPHXBBSEJHFS%FHFFMHSPFOF
BBSEESBBE NPFU CJK IFU BQQBSBBU  NN MBOHFS [JKO EBO EF BOEFSF
BEFST
7PPSFFOJOCPVXEJFQUFWBONNEJFOUEFBBOTMVJULBCFMCJKEF
TDIVJOFIPFLWBOEFCFIVJ[JOHSFDIUTOBBSPOEFSFOUFXPSEFO
HFMFJE

+HWDSSDUDDWLQERXZHQ
■#JKIFUJOCPVXFOWBOUXFFBQQBSBUFOOBBTUFMLBBS#FJEF
IBOEHSFQFOHF¯OUFHSFFSEFHSFQFONPFUFOOBBSIFUNJEEFO
XJK[FO
■"QQBSBBUJOEFLBTUCFWFJMJHFOUFHFOLBOUFMFOJOEJFOFSCPWFO
IFUBQQBSBBUHFFOUVTTFOCPEFNJT#FWFTUJHUXFFJOEFIBOEFM
WFSLSJKHCBSF QSPGJFMFO BBO CFJEF [JKEFO JO EF LBTU PQ FFO EJFQUF
WBONNNNCPWFOEFCPWFOLBOUWBOIFUBQQBSBBU
4DIVJGIFUBQQBSBBUIFMFNBBMJOIFUJOCPVXNFVCFM
%FBBOTMVJULBCFMNBHIJFSCJKOJFULMFNSBLFOXPSEFOHFLOJLUPG
PWFSTDIFSQFSBOEFOXPSEFOHFUSPLLFO
"QQBSBBUHFDFOUSFFSEQMBBUTFO
5VTTFOIFUBQQBSBBUFOBBOHSFO[FOEFNFVCFMQBOFMFOJTFFO
MVDIUTQMFFUWBONJOTUFOTNNOPPE[BLFMJKL
.FUFFOXBUFSQBTIFUBQQBSBBUFYBDUMPPESFDIUTUFMMFO
4DISPFGIFUBQQBSBBUNFUEFCJKHFWPFHEFTDISPFWFOWBTU
7FSXJKEFSEFUSBOTQPSUCFWFJMJHJOHWBOEFEFVS
$DQZLM]LQJ "QQBSBBUHFDFOUSFFSEQMBBUTFOFOFFSTUNFUEF
POEFSTUFTDISPFGJOIFUNFVCFMWBTU[FUUFO7FSWPMHFOTEFCFJEF
CPWFOTUFTDISPFWFOCFWFTUJHFO
$WWHQWLH
*HEUXLNHHQJHVFKLNWHVFKURHYHQGUDDLHU=RUJHUYRRUGDWHU
JHHQNUDVVHQNRPHQRSKHWEHGLHQLQJVSDQHHO
'HXUDIVWHOOHQ
*OEJFOOPEJHLBOEFBQQBSBBUEFVSHFNBLLFMJKLXPSEFOBGHFTUFME
)JFSWPPSEFEFVSPQFOFOFOEFCFJEFTDISPFWFOWBOEFPOEFSTUF
EFVSTDIBSOJFSFFOCFFUKFMPTESBBJFO%FEFVSBGTUFMMFOFOEF
TDISPFWFOWBTUESBBJFO
$DQZLM]LQJ %FBQQBSBBUEFVSJTCJKMFWFSJOHBGHFTUFME/PSNBBM
HFTQSPLFOJTIFUOJFUOPEJHPNEFEFVSBGUFTUFMMFO
&RPELQDWLHPHWHHQVWRRPRYHQ
.POUFFSFFSTUEFTUPPNPWFO)PVEUV[JDIBBOEF
NPOUBHFIBOEMFJEJOHWBOEFTUPPNPWFO
7PPSFFOJOCPVXEJFQUFWBONNEJFOUEFBBOTMVJULBCFMJOEF
VJUTQBSJOHWPPSIFUBQQBSBBUUFXPSEFOHFQMBBUTU
&RPELQDWLHPHWHHQZDUPKRXGODGH
&FSTUEFXBSNIPVEMBEF84NPOUFSFO)PVEVBBOIFU
JOTUBMMBUJFWPPSTDISJGUCJKEFXBSNIPVEMBEF
%F PWFO PQ EF XBSNIPVEMBEF JO EF JOCPVXLBTU TDIVJWFO 5JKEFOT
IFUJOTDIVJWFOOJFUEFBGTDIFSNJOHWBOEFXBSNIPVEMBEF
CFTDIBEJHFO
+HWXLWERXZHQ
)BBMEFTQBOOJOHWBOIFUBQQBSBBU
%SBBJEFCFWFTUJHJOHTTDISPFWFOMPT
5JMIFUBQQBSBBUJFUTPQFOUSFLIFUFSIFMFNBBMVJU
es
Û*OTUSVDDJPOFTEFNPOUBKF
,QGLFDFLRQHVLPSRUWDQWHV
■-FBEFUFOJEBNFOUFZHVBSEFFTUBTJOTUSVDDJPOFT4³MPVO
NPOUBKFDPSSFDUPTFHºOMBTJOTUSVDDJPOFTEFNPOUBKFHBSBOUJ[B
MBTFHVSJEBEEFVTP&MJOTUBMBEPSFTSFTQPOTBCMFEFVO
GVODJPOBNJFOUPDPSSFDUPFOFMMVHBSEFTVFNQMB[BNJFOUP
■-BDPOFYJ³OEFMBQBSBUPEFCFTFSSFBMJ[BEBºOJDBNFOUFQPSVO
U©DOJDPDVBMJGJDBEP
■%FTDPOFDUBSMBBMJNFOUBDJ³OFM©DUSJDBBOUFTEFFNQF[BSB
USBCBKBS
■6UJMJDFHVBOUFTEFQSPUFDDJ³OQBSBFWJUBSDPSUBSTF-BTQJF[BT
RVFRVFEBOEFTDVCJFSUBTEVSBOUFFMNPOUBKFQPESBOUFOFS
CPSEFTBGJMBEPT
■"OUFTEFMNPOUBKFEFCFS¡DPNQSPCBSTJFMBQBSBUPQSFTFOUB
EB±PTEFUSBOTQPSUF
■/PMFWBOUBSFMBQBSUPTVKFUBOEPMBQVFSUBMBNBOFUBPMB
NPMEVSBJOGFSJPSQBSBFMBJSF
■1BSBMBJOTUBMBDJ³OEFCFS¡UFOFSFODVFOUBMBTOPSNBUJWBTEF
PCSBBDUVBMFTFOWJHPSZMBTEFTVDPNQB±BSFHJPOBMEF
TVNJOJTUSPFM©DUSJDP
■"QBSBUP EF MB DMBTF EF BQBSBUPT  1BSB MB JOTUBMBDJ³O EFOUSP EF
NVFCMFTEFDPDJOBTFHºODSPRVJTEFNPOUBKFUFOFSFODVFOUB
MBTEJTUBODJBTNOJNBT
,QGLFDFLRQHVSDUDODSODQLILFDFLyQ
#JTBHSBOPSFWFSTJCMF
%JTUBODJBEFMBDBWJEBEEFMNVFCMFBMBTVQFSGJDJFGSPOUBMEFMB
QVFSUB NN
%JTUBODJB EF MB DBWJEBE EFM NVFCMF BM CPSEF FYUFSJPS EFM UJSBEPS EF
MBQVFSUB NN
%FCF UFOFSTF FO DVFOUB FM TBMJFOUF EFM GSPOUBM JODMVJEP FM UJSBEPS EF
MBQVFSUBQBSBMBBQFSUVSBEFMPTDBKPOFTKVOUPBMBQBSBUP
1BSBMBQMBOJGJDBDJ³OEFVOBTPMVDJ³OFO¡OHVMPEFCFUFOFSTFFO
DVFOUBVO¡OHVMPEFBQFSUVSBEFMBQVFSUBEFpNO
1BSB FM NPOUBKF EFCBKP EF QMBDBT EF DPDDJ³O MB EJTUBODJB FOUSF FM
MBEPJOGFSJPSEFMBQMBDBEFDPDDJ³OZFMCPSEFTVQFSJPSEFMB
DBSDBTBEFMIPSOPNJO NN4FIBOEFUFOFSFODVFOUBMBT
JOEJDBDJPOFTQBSBMBQMBOJGJDBDJ³OEFMBTQMBDBTEFDPDDJ³O
TPCSFUPEPMBWFOUJMBDJ³ODPOFYJ³OEFHBTFM©DUSJDB
3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMH
-PTNVFCMFTEFFNQPUSBSEFCFOTFSUFSNPSSFTJTUFOUFTIBTUB
 p$MPTGSFOUFTEFMPTNVFCMFTDPMJOEBOUFTIBTUB p$
"CFSUVSBEFWFOUJMBDJ³OEFMQBOFMJOUFSNFEJPEFMBSNBSJP
FNQPUSBEPNO  Y  NN
-BCBTFEFFODIVGFEFDPOFYJ³OEFCFS¡RVFEBSGVFSBEFM
BMPKBNJFOUPEFFNQPUSBS
3FBMJ[BSMPTUSBCBKPTEFSFDPSUFFOFMNVFCMFBOUFTEFJOTFSUBSFM
BQBSBUP&MJNJOBSMBTWJSVUBTEFMPDPOUSBSJPQPESBOBGFDUBS
OFHBUJWBNFOUFMBGVODJ³OEFMPTDPNQPOFOUFTFM©DUSJDPT
-PTNVFCMFTOPTVKFUPTTFIBOEFGJKBSDPOVO¡OHVMPEFVTP
DPNFSDJBMBMBQBSFE
.POUBSFMBQBSBUPBVOBBMUVSBRVFTFQVFEBFYUSBFSFMBDDFTPSJP
TJOQSPCMFNB
&RQH[LyQHOpFWULFD
$PNQSVFCFRVFMBJOTUBMBDJ³OEPN©TUJDBUFOHBJOUFSSVQUPSFT
BVUPN¡UJDPTBEFDVBEPT-BUFOTJ³OZMBGSFDVFODJBEFMBQBSBUP
EFCFODPJODJEJSDPOMPTEBUPTEFMBJOTUBMBDJ³OFM©DUSJDBW©BTFMB
QMBDBEFDBSBDUFSTUJDBT
&M BQBSBUP TF DPSSFTQPOEF DPO FM UJQP EF QSPUFDDJ³O  Z TPMP QVFEF
QPOFSTF FO GVODJPOBNJFOUP FO DPOFYJ³O DPO FM DPOEVDUPS EF UPNB
EFUJFSSB
-BQSPUFDDJ³OTFIBEFSFBMJ[BSNFEJBOUFNBHOFUPU©SNJDPT
BVUPN¡UJDPT#PCJFO$
-B JOTUBMBDJ³O EFCF FTUBS EPUBEB EF VO TFDDJPOBEPS QBSB UPEPT MPT
QPMPTDPOVOBBQFSUVSBEFDPOUBDUPTEFDPNPNOJNPNN
%FCFDPOUJOVBSTJFOEPBDDFTJCMFBMGJOBMJ[BSFMNPOUBKF
$SDUDWRVLQFDEOHGHFRQH[LyQDPOFDUBSTPMPEFBDVFSEPDPOMB
JNBHFO&ODBTPOFDFTBSJPIBEFNPOUBSMPTQVFOUFTEFDPCSF
BEKVOUPT&ODBTPEFDPOFYJ³OJODPSSFDUBQPESBEB±BSFMBQBSBUP
$BCMFEFDPOFYJ³OBMBSFE5JQP ) 77'PTVQFSJPS&M
DPOEVDUPSBNBSJMMPWFSEFQBSBMBUPNBBUJFSSBEFCFTFSNN
N¡TMBSHPFORVFMPTPUSPTDPOEVDUPSFTFOFMMBEPEFMBQBSBUP
1BSBVOBQSPGVOEJEBEEFFODBTUSFEF NNHVJBSIBDJBBCBKP
FM DBCMF EF DPOFYJ³O FO MB [POB EF MB FTRVJOB EFSFDIB CJTFMBEB EF
MBDBSDBTB
,QVWDODUHODSDUDWR
■"M JOTUBMBS EPT BQBSBUPT KVOUPT EFCFS¡O NPTUSBS MPT UJSBEPSFT EF
MBQVFSUBBTJEFSPTIBDJBFMDFOUSP
■"TFHVSBSFMBQBSBUPDPOUSBWPMDBEPFOFMBSNBSJPTJOPIBZ
OJOHºOQBOFMJOUFSNFEJPTPCSFFMBQBSBUPGJKBSEPTFTDVBESBT
DPSSJFOUFTVOBBDBEBMBEPEFMBSNBSJPB NNEF
QSPGVOEJEBE NNTPCSFMBBMUVSBEFMBQBSBUP
*OTFSUBS FM BQBSBUP EFOUSP EFM NVFCMF EF FNQPUSBS QPS DPNQMFUP
%VSBOUF FM QSPDFTP HVJBS FM DBCMF EF DPOFYJ³O QBSB OP EPCMBSMP
BQMBTUBSMPPSP[BSMP
"MJOFBSFMBQBSBUPFOFMDFOUSP
&OUSFFMBQBSBUPZMPTBSNBSJPTBEZBDFOUFTFTOFDFTBSJBVOB
TFQBSBDJ³OQBSBWFOUJMBDJ³OEF  NN
"KVTUBS FM BQBSBUP IPSJ[POUBMNFOUF EF NPEP FYBDUP DPO VO OJWFM
EFCVSCVKBT
4VKFUBSFMBQBSBUPDPOMPTUPSOJMMPTBEKVOUPT3FUJSBSMBT
QSPUFDDJPOFTEFUSBOTQPSUFEFMBQVFSUB
1RWD "MJOFBS FM BQBSBUP DFOUSBEP Z GJKBS QSJNFSP FO FM NVFCMF DPO
FMUPSOJMMPJOGFSJPS'JKBSEFTQV©TMPTEPTUPSOJMMPTTVQFSJPSFT
£$WHQFLyQ
£8VDUXQGHVWRUQLOODGRUDSURSLDGR\QRUD\DUHOSDQHO

$MXVWDUODSXHUWD
-BQVFSUBTFQVFEFBKVTUBSQBSBBMJOFBSMBEFGPSNBFYBDUB
1BSBFMMPBCSJSMBQVFSUBZBGMPKBSMJHFSBNFOUFMPTEPTUPSOJMMPT
TJUVBEPTFOMBCJTBHSBJOGFSJPSEFMBQVFSUB"KVTUBSMBQVFSUBZ
BQSFUBSMPTUPSOJMMPT
1RWD -BQVFSUBEFMBQBSBUPZBWJFOFBKVTUBEBEF
G¡CSJDB/PSNBMNFOUFOPFTOFDFTBSJPBKVTUBSMBQVFSUB
&RPELQDFLyQFRQKRUQRFRPELQDGRGHYDSRU
.POUBSQSJNFSPFMIPSOPDPNCJOBEPEFWBQPS4FHVJSMBT
JOTUSVDDJPOFTEFNPOUBKFEFMIPSOPDPNCJOBEPEFWBQPS
1BSB VOB QSPGVOEJEBE EF FODBTUSF EF  NN QPTJDJPOBS FM DBCMF
EFDPOFYJ³OFOMB[POBEFMBSBOVSBEFMBDBSDBTB
&RPELQDFLyQFRQFDMyQFDOLHQWDSODWRV
.POUBSQSJNFSPFMDBK³ODBMJFOUBQMBUPT845FOFSFODVFOUBMBT
JOTUSVDDJPOFTEFNPOUBKFEFMDBK³ODBMJFOUBQMBUPT
*OUSPEVDJSFMIPSOPFOFMDBK³ODBMJFOUBQMBUPTEFMBSNBSJP
FNQPUSBEP5FOFSDVJEBEPEFOPEB±BSMBNPMEVSBEFMDBK³O
DBMJFOUBQMBUPTBMJOUSPEVDJSMP
'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
,QVWUXo}HVLPSRUWDQWHV
■-FSPNBOVBMEFGPSNBBUFOUBFHVBSE¡MP"QFOBTBJOTUBMB§£P
DPSSFUBFNDPOGPSNJEBEFBTJOTUSV§µFTEFNPOUBHFNHBSBOUF
VNBVUJMJ[B§£PTFHVSBEPBQBSFMIP0U©DOJDPJOTUBMBEPS©
SFTQPOT¡WFM QFMP GVODJPOBNFOUP DPSSFUP EP BQBSFMIP OP MPDBM EF
NPOUBHFN
■0BQBSFMIPQPEFBQFOBTTFSMJHBEPQPSVNU©DOJDPBVUPSJ[BEP
■%FTMJHBSBBMJNFOUB§£PFM©USJDBBOUFTEFSFBMJ[BSRVBJTRVFS
USBCBMIPT
■6TBSMVWBTEFQSPUF§£PQBSBFWJUBSDPSUFT"TQF§BTRVF
EVSBOUFBNPOUBHFNGJDBNFYQPTUPTQPEFNTFSQPOUJBHVEBT
■"OUFTEBJOTUBMB§£PJOTQFDJPOBSPBQBSFMIPRVBOUPBEBOPTEF
USBOTQPSUF
■/£P MFWBOUBS P BQBSFMIP QFMB QPSUB QFHB EB QPSUB PV SBOIVSB EF
WFOUJMB§£PJOGFSJPS
■1BSBBJOTUBMB§£P©PCSJHBU³SJPPCTFSWBSBTOPSNBTEF
DPOTUSV§£PWJHFOUFTFBTOPSNBTEPGPSOFDFEPSEFFMFUSJDJEBEF
MPDBM
■"QBSFMIPEBDMBTTF 1BSBFODBTUSBNFOUPOVNN³WFMEF
DP[JOIB DPOGPSNF FTRVFNB EF JOTUBMB§£P PCTFSWBS BT EJTU¢ODJB
NOJNBT
,QGLFDo}HVGHSODQHDPHQWR
0CBUFOUFEBQPSUBO£PQPEFTFSTVCTUJUVEP
%JTU¢ODJBEPDPSQPEPN³WFMBU©TVQFSGDJFGSPOUBMEBQPSUB
NN
%JTU¢ODJBEPDPSQPEPN³WFMBU©FYUSFNJEBEFFYUFSJPSEBQFHB
EBQPSUBNN
0CTFSWBS VNB TBMJªODJB GSPOUBM JODM QFHB EB QPSUB QBSB B BCFSUVSB
EFHBWFUBTMBUFSBJT
"PQMBOFBSVNBTPMV§£PEFDBOUPUFSFNDPOUBVN¢OHVMPEF
BCFSUVSBEFQPSUBNOJNPEFp
1BSB FODBTUSBNFOUP QPS CBJYP EF QMBDBT EF GPH£P %JTU¢ODJB FOUSF
PMBEPJOGFSJPSEBQMBDBEFGPH£PFFYUSFNJEBEFTVQFSJPSEBDBJYB
EPGPSOPOPNO NNPCSJHBU³SJPPCTFSWBSBTJOEJDB§µFTEF
QMBOFBNFOUPEBQMBDBEFGPH£PFNFTQFDJBMPTBTQFUPTEB
WFOUJMB§£PMJHB§£PFM©USJDBEPH¡T
3UHSDUDomRGRPyYHOGHHQFDVWUDU
0T N³WFJT EF FODBTUSBS UªN EF TFS SFTJTUFOUFT B UFNQFSBUVSBT BU©
p$BTGSFOUFTEPTN³WFJTBEKBDFOUFTBU© p$
3FDPSUFEFWFOUJMB§£POPGVOEPGBMTPEPN³WFMEFFODBTUSBSOP
NO  Y  NN
"UPNBEBEFMJHB§£PUFNEFTJUVBSTFGPSBEPOJDIPEF
FODBTUSBNFOUP
3FBMJ[BSUPEPTPTUSBCBMIPTEFSFDPSUFOPN³WFMBOUFTEF
FODBTUSBSPBQBSFMIP3FNPWFSBTFSSBEVSBVNBWF[RVFQPEF
BGFUBSPGVODJPOBNFOUPEPTDPNQPOFOUFTFM©USJDPT
'JYBSPTN³WFJTO£PGJYBEPTQBSFEFDPNVNFTRVBESP
DPOWFODJPOBM
&ODBTUSBSPBQBSFMIPBQFOBTBVNBBMUVSBRVFQFSNJUBSFUJSBSPT
BDFTT³SJPTTFNQSPCMFNBT
/LJDomRHOpFWULFD
7FSJGJDBSTFBJOTUBMB§£PFM©USJDBEBDBTBEJTQµFEFGVTWFJT
BEFRVBEPT"UFOT£PFBGSFRVªODJBEPBQBSFMIPUªNEF
DPSSFTQPOEFSJOTUBMB§£PFM©USJDBDPOTVMUBSBQMBDBEF
DBSBDUFSTUJDBT
0BQBSFMIPDPSSFTQPOEFDMBTTFEFQSPUF§£PFT³QPEFTFS
QPTUPBGVODJPOBSDPNVNBMJHB§£PDPNDPOEVUPSEFQSPUF§£P
OFDFTT¡SJBBQSPUF§£PBUSBW©TEPEJTKVOUPSEPUJQP#PV$
" JOTUBMB§£P UFN EF EJTQPS EF VN EJTKVOUPS EF DPSUF PNOJQPMBS DPN
VNBEJTU¢ODJBNOJNBEFNNFOUSFPTDPOUBDUPT&TUFUFNEF
FTUBSBDFTTWFMBQ³TBNPOUBHFN
$SDUHOKRVHPFDERGHDOLPHQWDomR &GFUVBSBMJHB§£P
FTUSJUBNFOUFEFBDPSEPDPNPFTRVFNBEFMJHB§£P4F
OFDFTT¡SJPNPOUBSBTQPOUFTEFDPCSF6NBMJHB§£PJODPSSFUB
QPEFEBOJGJDBSPBQBSFMIP
$BCP EB SFEF EF BMJNFOUB§£P FM©USJDB 5JQP ) 77' PV TVQFSJPS
0 GJP BNBSFMP F WFSEF QBSB B MJHB§£P EP DPOEVUPS EF QSPUF§£P UFN
EFNFEJSNBJT NNEPMBEPEPBQBSFMIPEPRVFPTSFTUBOUFT
GJPT
1BSBVNBQSPGVOEJEBEFEFJOTUBMB§£PEF NNQBTTBSPDBCP
EFMJHB§£PQBSBBEJSFJUBOPTFOUJEPEFTDFOEFOUFOB¡SFBEB
FYUSFNJEBEFFOWJFTBEBEBDBJYB
0RQWDURDSDUHOKR
■&NDBTPEFFODBTUSBNFOUPEFEPJTBQBSFMIPTVNBPMBEPEP
PVUSP "NCBT BT QFHBT EBT QPSUBT UªN EF BQPOUBS QBSB P DFOUSP
■4FO£PFYJTUJSOFOIVNGVOEPGBMTPQPSDJNBEPBQBSFMIP
QSPUFHFSPNFTNPDPOUSBUPNCBNFOUPOPN³WFM'JYBSEPJT
FTRVBESPTDPOWFODJPOBJTFNBNCPTPTMBEPTEPN³WFMBVNB
QSPGVOEJEBEFEF NN NNBDJNBEBBMUVSBEPBQBSFMIP
&NQVSSBSPBQBSFMIPUPUBMNFOUFQBSBEFOUSPEPN³WFMEF
FODBTUSBS
%VSBOUFPQSPDFTTPO£PEPCSBSFOUBMBSOFNQBTTBSPDBCPEF
MJHB§£PQPSDJNBBSFTUBTWJWBT
"MJOIBSPBQBSFMIPEFGPSNBDFOUSBEB
&OUSFPBQBSFMIPFGSFOUFTEFN³WFJTBEKBDFOUFT©OFDFTT¡SJB
VNBGPMHBEFBSEF NN
"MJOIBSPBQBSFMIPDPNQSFDJT£PVTBOEPVNOWFMEFCPMIB
'JYBSPBQBSFMIPDPNPTQBSBGVTPTGPSOFDJEPT3FNPWFSB
QSPUF§£PEFUSBOTQPSUFOBQPSUB
1RWD "MJOIBSPBQBSFMIPEFGPSNBDFOUSBEBFGJY¡MPFNQSJNFJSP
MVHBSDPNPQBSBGVTPJOGFSJPSOPN³WFM&NTFHVJEBGJYBSPT
PVUSPTEPJTQBSBGVTPTTVQFSJPSFT
$WHQomR
8WLOL]DUXPDFKDYHGHIHQGDVDGHTXDGDQmRULVFDURSDLQHO
$MXVWDUDSRUWD
1BSB BMJOIBS B QPSUB EP BQBSFMIP EF VNB GPSNB QSFDJTB © QPTTWFM
BKVTU¡MBMJHFJSBNFOUF
1BSBPFGFJUPBCSBBQPSUBFTPMUFVNQPVDPBNCPTPTQBSBGVTPT
OBEPCSBEJ§BJOGFSJPSEBQPSUB"KVTUFBQPSUBFBQFSUFPT
QBSBGVTPT
1RWD "QPSUBEPBQBSFMIPWFNBKVTUBEBBRVBOEPEBFOUSFHB
/PSNBMNFOUFO£P©OFDFTT¡SJPBKVTUBSBQPSUBQPTUFSJPSNFOUF
&RPELQDomRFRPIRUQRFRPELQDGRDYDSRU
&NQSJNFJSPMVHBSNPOUBSPGPSOPDPNCJOBEPBWBQPS0CTFSWBS
BTJOTUSV§µFTEFNPOUBHFNEPGPSOPDPNCJOBEPBWBQPS
1BSBVNBQSPGVOEJEBEFEFJOTUBMB§£PEF NNQPTJDJPOBSP
DBCPEFMJHB§£POB¡SFBEBSFFOUS¢ODJBEBDBJYB
&RPELQDomRFRPJDYHWDGHDTXHFLPHQWR
.POUBSQSJNFJSPBHBWFUBEFBRVFDJNFOUP843FTQFJUBSBT
JOTUSV§µFTEFNPOUBHFNEBHBWFUBEFBRVFDJNFOUP
*OTFSJSPGPSOPOBHBWFUBEFBRVFDJNFOUPOPBSN¡SJPEFFNCVUJS
"PJOTFSJSBBCBQSPDFEFSDPNDVJEBEPQBSBO£PEBOJGJDBSB
HBWFUBEFBRVFDJNFOUP
'HVLQVWDODomR
$PSUBSBUFOT£PEPBQBSFMIP
4PMUBSPTQBSBGVTPTEFGJYB§£P
-FWBOUBS MJHFJSBNFOUF P BQBSFMIP F QVY¡MP UPUBMNFOUF QBSB GPSB

el
Ùˍˡˤˠ˜ˢ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯

■˂˦˞˟˙˰˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˭ˮˬ˰ˢ˧˱˦˧˙˧˞˦˳˲˨˙˫˱ˢ˱˦˯ˊ˹˪ˬˤ˰˶˰˱˛
ˢˠ˧˞˱˙˰˱˞˰ˤ˰˺˩˳˶˪˞˩ˢ˱˦˯ˬˡˤˠ˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯
ˢ˫˞˰˳˞˨˜ˣˢ˦˱ˤ˪˞˰˳˙˨ˢ˦˞˧˞˱˙˱ˤ˴ˮ˛˰ˤˍˢˠ˧˞˱˞˰˱˙˱ˤ˯
ˢ˲˥˺˪ˢ˱˞˦ˠ˦˞˱ˤ˪˙˵ˬˠˤ˨ˢ˦˱ˬ˲ˮˠ˜˞˱ˤ˯˰˲˰˧ˢ˲˛˯˰˱ˤ˥˚˰ˤ
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯
■ˊ˹˪ˬ˚˪˞˯˞ˡˢ˦ˬ˺˴ˬ˯ˢ˦ˡ˦˧ˢ˲˩˚˪ˬ˯˱ˢ˴˪˦˧˹˯ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞
˰˲˪ˡ˚˰ˢ˦˱ˤ˰˲˰˧ˢ˲˛
■ˎˮ˦˪˱ˤ˪ˢ˧˱˚˨ˢ˰ˤˬ˭ˬ˦˞˰ˡ˛˭ˬ˱ˢˢˮˠ˞˰˜˞˯˧˨ˢ˜˪ˢ˱ˢ˱ˤ˪˭˞ˮˬ˴˛
˱ˬ˲ˮˢ˺˩˞˱ˬ˯
■ˁ˦˞˱ˤ˪˞˭ˬ˳˲ˠ˛˱ˮ˞˲˩˞˱˦˰˩ˬ˺˧˹˵˦˩ˬ˰˺˪˥˨˦˵ˤ˳ˬˮ˙˱ˢ
˭ˮˬ˰˱˞˱ˢ˲˱˦˧˙ˠ˙˪˱˦˞ˑ˞˭ˮˬ˰˦˱˙˧˞˱˙˱ˤ˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ
ˢ˫˞ˮ˱˛˩˞˱˞˩˭ˬˮˢ˜˪˞ˢ˜˪˞˦˧ˬ˳˱ˢˮ˙
■ˎˮ˦˪˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤˢ˨˚ˠ˫˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˠ˦˞˱˲˴˹˪ˣˤ˩˦˚˯
˩ˢ˱˞˳ˬˮ˙˯
■ˊˤ ˰ˤ˧˻˰ˢ˱ˢ ˱ˤ ˰˲˰˧ˢ˲˛ ˞˭˹ ˱ˤ˪ ˭˹ˮ˱˞ ˱ˤ ˨˞˟˛ ˱ˤ˯ ˭˹ˮ˱˞˯ ˛ ˱ˬ
˧˙˱˶˭˨˞˜˰˦ˬˢ˫˞ˢˮ˦˰˩ˬ˺
■ˁ˦˞˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤ˭ˮˬ˰˚˫˱ˢ˱ˬ˲˯˱ˮ˚˴ˬ˪˱ˢ˯ˬ˦˧ˬˡˬ˩˦˧ˬ˺˯
˧˞˪ˬ˪˦˰˩ˬ˺˯˧˞˦˱˦˯˦˰˴˺ˬ˲˰ˢ˯˭ˮˬˡ˦˞ˠˮ˞˳˚˯˱ˤ˯˱ˬ˭˦˧˛˯
ˢ˭˦˴ˢ˜ˮˤ˰ˤ˯˭˞ˮˬ˴˛˯ˤ˨ˢ˧˱ˮ˦˧˛˯ˢ˪˚ˮˠˢ˦˞˯
■ː˲˰˧ˢ˲˛˱ˤ˯˧˞˱ˤˠˬˮ˜˞˯˰˲˰˧ˢ˲˻˪ ˁ˦˞˱ˬ˭ˬ˥˚˱ˤ˰ˤ˰ˢ˚˪˞
˪˱ˬ˲˨˙˭˦˧ˬ˲ˣ˜˪˞˯˰˺˩˳˶˪˞˩ˢ˱ˬ˰˴˚ˡ˦ˬ˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯
˭ˮˬ˰˚˫˱ˢ˱˦˯ˢ˨˙˴˦˰˱ˢ˯˞˭ˬ˰˱˙˰ˢ˦˯

ʿ˪˞˰˱ˬ˨˚˞˯˭˹ˮ˱˞˯˩ˤ˞˪˱˦˧˞˥˦˰˱ˬ˺˩ˢ˪ˬ˯
ʿ˭˹˰˱˞˰ˤ˱ˬ˲˰˻˩˞˱ˬ˯˱ˬ˲˪˱ˬ˲˨˞˭˦ˬ˺˩˚˴ˮ˦˱ˤ˪ˢ˭˦˳˙˪ˢ˦˞˱ˤ˯
ˢ˫˶˱ˢˮ˦˧˛˯˭˨ˢ˲ˮ˙˯˱ˤ˯˭˹ˮ˱˞˯ NN
ʿ˭˹˰˱˞˰ˤ˱ˬ˲˰˻˩˞˱ˬ˯˱ˬ˲˪˱ˬ˲˨˞˭˦ˬ˺˩˚˴ˮ˦˱ˤ˪ˢ˫˶˱ˢˮ˦˧˛˞˧˩˛
˱ˤ˯˨˞˟˛˯˱ˤ˯˭˹ˮ˱˞˯ NN
ˎˮˬ˰˚˫˱ˢ˱ˤ˪˭ˮˬˢ˫ˬ˴˛˱ˤ˯˭ˮ˹˰ˬ˵ˤ˯˩˞ˣ˜˩ˢ˱ˤ ˨˞˟˛˱ˤ˯˭˹ˮ˱˞˯
ˠ˦˞˱ˬ˙˪ˬ˦ˠ˩˞˱˶˪˭˨˞˷˪˻˪˰˲ˮ˱˞ˮ˦˻˪
ːˢ˭ˢˮ˜˭˱˶˰ˤ˭ˬ˲˰˴ˢˡ˦˙ˣˢ˱ˢ˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˰ˢˠ˶˪˜˞˨˙˟ˢ˱ˢ
˲˭˹˵ˤ˩˦˞ˠ˶˪˜˞˞˪ˬ˜ˠ˩˞˱ˬ˯˱ˤ˯˭˹ˮ˱˞˯˱ˬ˨˦ˠ˹˱ˢˮˬp
ˁ˦˞˱ˬ˭ˬ˥˚˱ˤ˰ˤ˧˙˱˶˞˭˹˱ˤ˟˙˰ˤˢ˰˱˦˻˪ʿ˭˹˰˱˞˰ˤ˩ˢ˱˞˫˺˱ˤ˯
˧˙˱˶˭˨ˢ˲ˮ˙˯˱ˤ˯˟˙˰ˤˢ˰˱˦˻˪˧˞˦˱ˤ˯ˢ˭˙˪˶˞˧˩˛˯˱ˬ˲
˭ˢˮ˦˟˨˛˩˞˱ˬ˯˱ˬ˲˳ˬ˺ˮ˪ˬ˲ˑˬ˨˦ˠ˹˱ˢˮˬ NNˍ˦˲˭ˬˡˢ˜˫ˢ˦˯
˰˴ˢˡ˦˞˰˩ˬ˺˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪ˢ˦ˡ˦˧˙ˠ˦˞˱ˬ˪˞ˢˮ˦˰˩˹˱ˤ˰˺˪ˡˢ˰ˤ
˞ˢˮ˜ˬ˲ˤ˨ˢ˧˱ˮ˦˧˛˰˺˪ˡˢ˰ˤ˭ˮ˚˭ˢ˦˪˞˨ˤ˳˥ˬ˺˪˲˭˹˵ˤ

ˑ˞ ˪˱ˬ˲˨˙˭˦˞ ˭ˮ˚˭ˢ˦ ˪˞ ˢ˜˪˞˦ ˞˪˥ˢ˧˱˦˧˙ ˰˱ˤ ˥ˢˮ˩ˬ˧ˮ˞˰˜˞ ˩˚˴ˮ˦ ˱ˬ˲˯
p$ˬ˦ˠˢ˦˱ˬ˪˦˧˚˯˭ˮˬ˰˹˵ˢ˦˯˱˶˪˪˱ˬ˲˨˞˭˦˻˪˩˚˴ˮ˦˱ˬ˲˯ p$
ʶ˪ˬ˦ˠ˩˞ˢ˫˞ˢˮ˦˰˩ˬ˺˰˱ˬ˪ˢ˪ˡ˦˙˩ˢ˰ˬ˭˙˱ˬ˱ˬ˲˪˱ˬ˲˨˞˭˦ˬ˺
ˢ˨˙˴  Y  NN
ˑˬ˧ˬ˲˱˜˰˺˪ˡˢ˰ˤ˯˭ˮ˚˭ˢ˦˪˞˟ˮ˜˰˧ˢ˱˞˦˚˫˶˞˭˹˱ˤ˥˚˰ˤ
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯
˃˧˱ˢ˨˚˰˱ˢ ˱˦˯ ˢˮˠ˞˰˜ˢ˯ ˧ˬ˭˛˯ ˱˶˪ ˞˪ˬ˦ˠ˩˙˱˶˪ ˰˱ˬ ˪˱ˬ˲˨˙˭˦ ˭ˮ˦˪ ˱ˤ˪
˱ˬ˭ˬ˥˚˱ˤ˰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˱˦˧˙
ː˱ˢˮˢ˻˰˱ˢ ˱˞ ˩ˤ ˰˱ˢˮˢ˶˩˚˪˞ ˪˱ˬ˲˨˙˭˦˞ ˩ˢ ˩˦˞ ˠ˶˪˜˞ ˱ˬ˲ ˢ˩˭ˬˮ˜ˬ˲
˰˱ˬ˪˱ˬ˜˴ˬ
ˑˬ˭ˬ˥ˢ˱˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˱˹˰ˬ˵ˤ˨˙˻˰˱ˢ˪˞˩˭ˬˮˢ˜˱ˢ˪˞
˞˳˞˦ˮˢ˜˱ˢ˴˶ˮ˜˯ˡ˲˰˧ˬ˨˜˞˱˞ˢ˫˞ˮ˱˛˩˞˱˞

ˎˮˬ˰˚˫˱ˢˠ˦˞˩˦˞˧˞˱˙˨˨ˤ˨ˤ˞˰˳˙˨ˢ˦˞˰˱ˤ˪ˬ˦˧˦˞˧˛ˤ˨ˢ˧˱ˮ˦˧˛
ˢˠ˧˞˱˙˰˱˞˰ˤ˅˱˙˰ˤ˧˞˦ˤ˰˲˴˪˹˱ˤ˱˞˱ˤ˯˰˲˰˧ˢ˲˛˯˭ˮ˚˭ˢ˦˪˞
˰˲˩˭˜˭˱ˬ˲˪˩ˢ˱ˤ˪˱˙˰ˤ˧˞˦˱ˤ˰˲˴˪˹˱ˤ˱˞˱ˤ˯ˤ˨ˢ˧˱ˮ˦˧˛˯
ˢˠ˧˞˱˙˰˱˞˰ˤ˯˟˨˚˭ˢ˭˦˪˞˧˜ˡ˞˱˺˭ˬ˲
˅˰˲˰˧ˢ˲˛˞˪˱˞˭ˬ˧ˮ˜˪ˢ˱˞˦˰˱ˤ˪˧˞˱ˤˠˬˮ˜˞˭ˮˬ˰˱˞˰˜˞˯ *˧˞˦
ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜˩˹˪ˬ˩ˢ˰˺˪ˡˢ˰ˤ˞ˠ˶ˠˬ˺˭ˮˬ˰˱˞˰˜˞˯
ˠˢ˜˶˰ˤ
˅ ˞˰˳˙˨˦˰ˤ ˩˚˰˶ ˩˦˧ˮˬ˞˲˱˹˩˞˱ˬ˲ ˡ˦˞ˮˮˬ˛˯ # ˛ $ ˢ˜˪˞˦ ˞˭˞ˮ˞˜˱ˤ˱ˤ
ː˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤ˭ˮ˚˭ˢ˦˪˞˲˭˙ˮ˴ˢ˦˩˦˞ˡ˦˙˱˞˫ˤˡ˦˞˧ˬ˭˛˯˹˨˶˪
˱˶˪˭˹˨˶˪˩ˢ˚˪˞ˡ˦˙˧ˢ˪ˬˢ˭˞˳˛˯˱ˬ˨˦ˠ˹˱ˢˮˬ NNʿ˲˱˛ˤ
ˡ˦˙˱˞˫ˤˡ˦˞˧ˬ˭˛˯˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˞˧˹˩˞˭ˮˬ˰˦˱˛˧˞˦˩ˢ˱˙˱ˤ˪
˱ˬ˭ˬ˥˚˱ˤ˰ˤ
   ː˲˪ˡ˚˰˱ˢ ˩˹˪ˬ ˰˺˩˳˶˪˞ ˩ˢ ˱ˬ
˰˴˚ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯ːˢ˭ˢˮ˜˭˱˶˰ˤ˭ˬ˲˴ˮˢ˦˙ˣˢ˱˞˦˱ˬ˭ˬ˥ˢ˱˛˰˱ˢ˱˞
˰˲˪ˤ˩˩˚˪˞˴˙˨˧˦˪˞ˢ˫˞ˮ˱˛˩˞˱˞ˠˢ˳˺ˮ˶˰ˤ˯ːˢ˭ˢˮ˜˭˱˶˰ˤ
ˢ˰˳˞˨˩˚˪ˤ˯˰˺˪ˡˢ˰ˤ˯˩˭ˬˮˢ˜˪˞˲˭ˬ˰˱ˢ˜ˣˤ˩˦˙ˤ˰˲˰˧ˢ˲˛
ˈ˞˨˻ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯˰˱ˬˡ˜˧˱˲ˬ˱ˬ˲ˮˢ˺˩˞˱ˬ˯ˑ˺˭ˬ˯ ) 77'˛
˞˪˻˱ˢˮˬ˯ˍ˧˜˱ˮ˦˪ˬ˯˭ˮ˙˰˦˪ˬ˯˧˨˻˪ˬ˯ˠ˦˞˱ˤ˰˺˪ˡˢ˰ˤ˱ˬ˲˞ˠ˶ˠˬ˺
˭ˮˬ˰˱˞˰˜˞˯ˠˢ˜˶˰ˤ˭ˮ˚˭ˢ˦˞˭˹˱ˤ˪˭˨ˢ˲ˮ˙˱ˤ˯˰˲˰˧ˢ˲˛˯˪˞ˢ˜˪˞˦
 NN˩ˢˠ˞˨˺˱ˢˮˬ˯˞˭˹˱ˬ˲˯˙˨˨ˬ˲˯˧˨˻˪ˬ˲˯
ˁ˦˞ ˚˪˞ ˟˙˥ˬ˯ ˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯  NN ˬˡˤˠ˛˰˱ˢ ˱ˬ ˧˞˨˻ˡ˦˞ ˰˺˪ˡˢ˰ˤ˯
˰˱ˤ˪ ˭ˢˮ˦ˬ˴˛ ˱ˤ˯ ˨ˬ˫ˬ˱˩ˤ˩˚˪ˤ˯ ˠ˶˪˜˞˯ ˱ˬ˲ ˭ˢˮ˦˟˨˛˩˞˱ˬ˯ ˡˢ˫˦˙ ˭ˮˬ˯
˱˞˧˙˱˶

■ːˢ ˭ˢˮ˜˭˱˶˰ˤ ˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯ ˡ˺ˬ ˰˲˰˧ˢ˲˻˪ ˱ˤ ˩˜˞ ˡ˜˭˨˞ ˰˱ˤ˪ ˙˨˨ˤ
ˍ˦ˡ˺ˬ˴ˢ˦ˮˬ˨˞˟˚˯˱˞ˡ˺ˬ˧ˬ˦˨˻˩˞˱˞˨˞˟˛˯˭ˮ˚˭ˢ˦˪˞ˡˢ˜˴˪ˬ˲˪
˭ˮˬ˯˱ˤ˩˚˰ˤ
■ʿ˰˳˞˨˜˰˱ˢ ˱ˤ ˰˲˰˧ˢ˲˛ ˰˱ˬ ˪˱ˬ˲˨˙˭˦ ˞˭˹ ˞˪˞˱ˮˬ˭˛ ˰ˢ ˭ˢˮ˜˭˱˶˰ˤ
˭ˬ˲ˡˢ˪˲˭˙ˮ˴ˢ˦˧˞˪˚˪˞˯ˢ˪ˡ˦˙˩ˢ˰ˬ˯˭˙˱ˬ˯˭˙˪˶˞˭˹˱ˤ
˰˲˰˧ˢ˲˛ː˱ˢˮˢ˻˰˱ˢˡ˺ˬˠ˶˪˜ˢ˯˱ˬ˲ˢ˩˭ˬˮ˜ˬ˲˧˞˦˞˭˹˱˦˯ˡ˺ˬ
˭˨ˢ˲ˮ˚˯˰˱ˬ˪˱ˬ˲˨˙˭˦˰ˢ˟˙˥ˬ˯ NN NN˭˙˪˶˞˭˹˱ˬ
˺˵ˬ˯˱ˤ˯˰˲˰˧ˢ˲˛˯
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˲˛
ˊˢ˱˞˫˺˱ˤ˯˰˲˰˧ˢ˲˛˯˧˞˦˱˶˪ˠˢ˦˱ˬ˪˦˧˻˪˭ˮˬ˰˹˵ˢ˶˪˱˶˪
˪˱ˬ˲˨˞˭˦˻˪ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ˚˪˞˧ˢ˪˹  NN
˃˲˥˲ˠˮ˞˩˩˜˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˩ˢ˱ˬ˞˨˳˙ˡ˦˞˧ˮ˦˟˻˯ˬˮ˦ˣ˹˪˱˦˞
ː˱ˢˮˢ˻˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˩ˢ˱˦˯˰˲˪ˤ˩˩˚˪ˢ˯˟˜ˡˢ˯ʿ˭ˬ˩˞˧ˮ˺˪ˢ˱ˢ
˱ˤ˪˞˰˳˙˨ˢ˦˞˩ˢ˱˞˳ˬˮ˙˯˰˱ˤ˪˭˹ˮ˱˞
 ˈˢ˪˱ˮ˙ˮˢ˱ˢ ˱ˤ ˰˲˰˧ˢ˲˛ ˧˞˦ ˰˱ˢˮˢ˻˰˱ˢ ˱ˤ˪ ˭ˮ˻˱˞ ˩ˢ ˱ˤ˪
˧˙˱˶˟˜ˡ˞˰˱ˬ˪˱ˬ˲˨˙˭˦ˊˢ˱˙˰˱ˢˮˢ˻˰˱ˢ˱˦˯ˡ˺ˬˢ˭˙˪˶˟˜ˡˢ˯




ˁ˦˞˱ˤ˪˞˧ˮ˦˟˛ˢ˲˥˲ˠˮ˙˩˩˦˰ˤ˩˭ˬˮˢ˜˪˞ˮ˲˥˩˦˰˱ˢ˜ˢ˨˞˳ˮ˙ˤ˭˹ˮ˱˞
˱ˤ˯˰˲˰˧ˢ˲˛˯
ˁ˦࣐˞˲˱˹˞˪ˬ˜˫˱ˢ˱ˤ˪˭˹ˮ˱˞˧˞˦˨˺˰˱ˢ˨˜ˠˬ˱˦˯ˡ˺ˬ˟˜ˡˢ˯˰˱ˬ˪˧˙˱˶
˩ˢ˪˱ˢ˰˚˱ˤ˯˭˹ˮ˱˞˯ˏ˲˥˩˜˰˱ˢ˱ˤ˪˭˹ˮ˱˞˧˞˦˰˳˜˫˱ˢ˱˦˯˟˜ˡˢ˯
 ˅ ˭˹ˮ˱˞ ˱ˤ˯ ˰˲˰˧ˢ˲˛˯ ˰˱ˤ˪ ˧˞˱˙˰˱˞˰ˤ ˭˞ˮ˙ˡˬ˰ˤ˯ ˢ˜˪˞˦
ˮ˲˥˩˦˰˩˚˪ˤˈ˞˪ˬ˪˦˧˙˩˦˞ˮ˺˥˩˦˰ˤ˱ˤ˯˭˹ˮ˱˞˯ˡˢ˪ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˤ

ˎˮ˻˱˞˰˲˪˞ˮ˩ˬ˨ˬˠ˛˰˱ˢ˱ˬ˳ˬ˺ˮ˪ˬ˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˩ˢ˞˱˩˹
ˎˮˬ˰˚˫˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˱ˬ˲˳ˬ˺ˮ˪ˬ˲˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯
˩ˢ˞˱˩˹
ˁ˦˞˚˪˞˟˙˥ˬ˯˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯ NN˱ˬ˭ˬ˥ˢ˱˛˰˱ˢ˱ˬ˧˞˨˻ˡ˦ˬ
˰˺˪ˡˢ˰ˤ˯˰˱ˤ˪˭ˢˮ˦ˬ˴˛˱ˤ˯ˢˠ˧ˬ˭˛˯˱ˬ˲˭ˢˮ˦˟˨˛˩˞˱ˬ˯

ˎˮ˻˱˞ ˰˲˪˞ˮ˩ˬ˨ˬˠ˛˰˱ˢ ˱ˬ ˥ˢˮ˩˞˦˪˹˩ˢ˪ˬ ˰˲ˮ˱˙ˮ˦ 84 ˎˮˬ˰˚˫˱ˢ ˱˦˯
ˬˡˤˠ˜ˢ˯˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯˱ˬ˲˥ˢˮ˩˞˦˪˹˩ˢ˪ˬ˲˰˲ˮ˱˞ˮ˦ˬ˺
ː˭ˮ˻˫˱ˢ˱ˬ˳ˬ˺ˮ˪ˬ˭˙˪˶˰˱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˺

ˆ˚˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˢ˧˱˹˯˱˙˰ˤ˯
ˉ˺˰˱ˢ˱˦˯˟˜ˡˢ˯˰˱ˢˮ˚˶˰ˤ˯
ːˤ˧˻˰˱ˢ˨˜ˠˬ˱ˤ˰˲˰˧ˢ˲˛˧˞˦˱ˮ˞˟˛˫˱ˢ˱ˤ˪ˢ˪˱ˢ˨˻˯˚˫˶
sv
ó0RQWHULQJVDQYLVQLQJ
9LNWLJWDWWREVHUYHUD
■-¤TBOWJTOJOHFOOPHHSBOUPDITQBSBEFO&OT¤LFSBOW¤OEOJOH
¤SFOEBTUHBSBOUFSBEPNBQQBSBUFOCZHHUTJOGBDLN¤TTJHU
*OTUBMMBU¶SFO¤SBOTWBSJHG¶SBUUBQQBSBUFOGVOHFSBSGFMGSJUUQ¥
VQQTU¤MMOJOHTQMBUTFO
■"QQBSBUFOG¥SFOEBTUBOTMVUBTBWCFI¶SJHGBDLNBO
■#SZUBMMUJETUS¶NUJMMG¶STFMOJOOBOEVHFOPNG¶SO¥HSBTPNIFMTU
BSCFUFO
■"OW¤OETLZEETIBOETLBSG¶SBUUVOEWJLBTL¤STLBEPS%FMBSTPN
¤SUJMMH¤OHMJHBWJENPOUFSJOHFOLBOIBTLBSQBLBOUFS
■,POUSPMMFSBG¶SFJOCZHHOBEFOBUUBQQBSBUFOJOUFIBS
USBOTQPSUTLBEPS
■"OW¤OEJOUFMVDLBOMVDLIBOEUBHFUFMMFSEFOOFESFMVGUMJTUFOUJMM
BUUMZGUBBQQBSBUFO
■'¶MKBLUVFMMUH¤MMBOEFCZHHOBETG¶SPSEOJOHBSPDIEFUMPLBMB
FMG¶ST¶SKOJOHTG¶SFUBHFUTG¶SFTLSJGUFSWJEJOTUBMMBUJPOFO
■"QQBSBUBWBQQBSBULMBTT'¶SJOCZHHOBEJFOL¶LTJOSFEOJOH
FOMJHUJOCZHHOBETTLJTTFOCFBLUBBOHJWOBNJOTUBBWTU¥OE
3ODQHULQJVUnG
-VDLBO¤SJOUFPNI¤OHOJOHTCBS
6HOTMVDLBOTGSPOUZUBTUJDLFSVU NNGS¥ON¶CFMTUPNNFO
-VDLIBOEUBHFUTZUUFSLBOUTUJDLFSVU NNGS¥ON¶CFMTUPNNFO
5¤OLQ¥¶WFSI¤OHJOLMMVDLIBOEUBHO¤SM¥EPSTLB¶QQOBTWJE
TJEBOBWVHOFO
 
7JEQMBOFSJOHBWI¶SOM¶TOJOHN¥TUFNBOCFS¤LOBFO
E¶SS¶QQOJOHTWJOLFMQ¥NJOTUp
'¶SJOCZHHOBEVOEFSI¤MMBS"WTU¥OEFUNFMMBOI¤MMFOTVOEFSTJEB
PDI VHOFOT PWBOLBOU NJOTU  NN '¶MK ¤WFO QMBOFSJOHTS¥EFO G¶S
I¤MMBSOBT¤STLJMUCFUS¤GGBOEFWFOUJMBUJPOHBTFMBOTMVUOJOH
)|UEHUHGDLQE\JJQDGVP|EHOQ
*OCZHHOBETN¶CFMON¥TUFU¥MBUFNQFSBUVSFSQ¥VQQUJMM p$
BOHS¤OTBOEFN¶CFMGSPOUFSVQQUJMM p$
7FOUJMBUJPOT¶QQOJOHJJOCZHHOBETTL¥QFUTNFMMBOIZMMB
 Y  NN
"OTMVUOJOHTEPTBON¥TUFTJUUBVUBOG¶SJOCZHHOBETOJTDIFO
6UG¶SBMMBVUTL¤SOJOHTBSCFUFOJJOSFEOJOHTN¶CFMOJOOBOEV
NPOUFSBSJOFOIFUFO"WM¤HTOBTQ¥OBOOBSTLBOEFFMFLUSJTLB
LPNQPOFOUFSOBTGVOLUJPOQ¥WFSLBT
&KGBTUTBUUBN¶CMFSTLBMMG¶SBOLSBTJW¤HHFONFEWBOMJHU
G¶SFLPNNBOEFG¤TUWJOLMBS
#ZHHJOUFJOFOIFUFOI¶HSF¤OBUUNBOLBOUBVUUJMMCFI¶SFOVUBO
QSPCMFN
(OHNWULVNDQVOXWQLQJ
5BSFEBQ¥BUUIVTFUTJOTUBMMBUJPOIBSM¤NQMJHT¤LSJOH&OIFUFOT
TQ¤OOJOHPDIGSFLWFOTN¥TUFTU¤NNB¶WFSFOTNFE
FMJOTUBMMBUJPOFOTFUZQTLZMUFO
&OIFUFONPUTWBSBSTLZEETLMBTT*PDIG¥SFOEBTUBOW¤OEBTNFE
TLZEETMFEBSBOTMVUOJOH
4¤LSJOHLS¤WTWJB#FMMFS$BVUPNBUT¤LSJOH
&OBMMQPMJHGS¥OTLJMKBSFNFEFUULPOUBLUHBQQ¥NJOTU NNN¥TUF
PDLT¥ JOH¥ J JOTUBMMBUJPOFO %FOOB N¥TUF WBSB UJMMH¤OHMJH ¤WFO FGUFS
JOCZHHOBEFO
(QKHWXWDQDQVOXWQLQJVOHGQLQJ "OTMVUOJOHFOG¥SFOEBTUH¶SBT
FOMJHUBOTMVUOJOHTTDIFNBU.POUFSBWJECFIPWEFNFEG¶MKBOEF
LPQQBSCSZHHPSOB7JEGFMBLUJHBOTMVUOJOHLBOFOIFUFOTLBEBT
/¤UBOTMVUOJOHTMFEOJOH5ZQ)77'FMMFSI¶HW¤SEJHBSF
1¥FOIFUFON¥TUFEFOHVMHS¶OBMFEBSFOG¶S
TLZEETMFEBSBOTMVUOJOHFOWBSBNNM¤OHSF¤OEFBOESBMFEBSOB
'¶S FUU JOTUBMMBUJPOTEKVQ Q¥  NN TLB FMMFEOJOHFO ESBT OFS¥U WJE
VHOFOTBWGBTBEFI¶SOQ¥I¶HFSTJEB
%\JJDLQDSSDUDWHQ
■7JEJOCZHHOBEBWUW¥BQQBSBUFSCSFEWJEWBSBOESB#¥EB
MVDLIBOEUBHFOHSFQQG¶SEKVQOJOHBSOBN¥TUFQFLBNPUNJUUFO
■4¤LSBBQQBSBUFOJTL¥QFUNPUUJQQOJOHPNEFUJOUFGJOOTFO
NFMMBOTLJWB¶WFSBQQBSBUFO.POUFSBUW¥JIBOEFMOWBOMJHU
G¶SFLPNNBOEFG¤TUWJOLMBSQ¥C¥EBTJEPSJTL¥QFUQ¥ NN
EKVQ NN¶WFSBQQBSBUFOTI¶KE
4LKVUJOBQQBSBUFOIFMUPDII¥MMFUJJOCZHHOBETN¶CFMO
"OTMVUOJOHTMFEOJOHFO G¥S E¥ JOUF LOJDLBT LM¤NNBT JO FMMFS MFEBT
¶WFSTLBSQBLBOUFS
4FUJMMBUUQMBDFSBBQQBSBUFOFYBLUJNJUUFO
%FU CFI¶WT EFTTVUPN FO MVGUTQSJOHB Q¥  NN NFMMBO BQQBSBUFO
PDIO¤STU¥FOEFN¶CFMGSPOUFS
3JLUBVQQBQQBSBUFOFYBLUW¥HS¤UUNFEWBUUFOQBTT
4LSVWBGBTUBQQBSBUFONFEEFNFEG¶MKBOEFTLSVWBSOB5BCPSU
USBOTQPSUT¤LSJOHFOWJEMVDLBO
$QYLVQLQJ $FOUSFSBFOIFUFOPDIGJYFSBEFOG¶STUNFEEFOOFESF
TLSVWFOJN¶CFMO4LSVWBTFEBOGBTUEFC¥EB¶WSFTLSVWBSOB
2EV
$QYlQGOlPSOLJVNUXYPHMVHOVNUDSDLQWHSDQHOHQ
-XVWHUDOXFNDQ
%FUH¥SBUUKVTUFSBMVDLBOO¥HPUT¥BUUEFOQBTTBSFYBLU
QQOBMVDLBOPDIMPTTBMJUFQ¥EFTLSVWBSOBWJEVOESF
MVDLH¥OHK¤SOFU+VTUFSBMVDLBOPDIESB¥UTLSVWBSOB
$QYLVQLQJ -VDLBO ¤S KVTUFSBE WJE VUMFWFSBOT %V TLB OPSNBMU TFUU
JOUFCFI¶WBKVTUFSBMVDLBO
.RPELQDWLRQPHGnQJXJQ
.POUFSBG¶STU¥OHVHOFO'¶MKOPHBNPOUFSJOHTBOWJTOJOHFOUJMM
¥OHVHOFO
'¶SFUUJOCZHHOBETEKVQQ¥ NNN¥TUFFMMFEOJOHFOQMBDFSBTJ
PNS¥EFUWJEVHOFOTVSTQBSOJOH
.RPELQDWLRQPHGSRUVOLQVYlUPDUH
.POUFSBG¶STUW¤SNFM¥EBO'¶MKW¤SNFM¥EBOTNPOUFSJOHTBOWJTOJOH
4LKVU JO VHOFO PWBOQ¥ W¤SNFM¥EBO J TL¥QTUPNNFO 4F UJMM T¥ BUU EV
JOUFTLBEBSGSPOUFOQ¥W¤SNFM¥EBOO¤SEVTLKVUFSJO
8UPRQWHULQJ
(¶SBQQBSBUFOTQ¤OOJOHTM¶T
-PTTBG¤TUTLSVWBSOB
-ZGUMJUFUQ¥BQQBSBUFOPDIESBVUEFOIFMUPDII¥MMFU
da
×.POUFSJOHTWFKMFEOJOH
9LJWLJHKHQYLVQLQJHU
■7FKMFEOJOHFOTLBMM¦TFTPNIZHHFMJHUPHPQCFWBSFT,VOFO
GBHMJHLPSSFLUNPOUFSJOHJIFOIPMEUJMNPOUFSJOHTBOWJTOJOHFO
HBSBOUFSFSTJLLFSIFEFOVOEFSCSVHFO*OTUBMMBU¸SFOFSBOTWBSMJH
GPSBUBQQBSBUFUGVOHFSFSGFKMGSJUQ¥PQTUJMMJOHTUFEFU
■,VOFOBVUPSJTFSFUJOTUBMMBU¸SN¥UJMTMVUUFBQQBSBUFU
■*OEFOEFSHFOOFNG¸SFTOPHFUBSCFKEFTLBMTUS¸NGPSTZOJOHFO
BGCSZEFT
■'PSBUVOEH¥TOJUT¥STLBMNBOIBWFCFTLZUUFMTFTIBOETLFSQ¥
%FMFTPNFSUJMH¦OHFMJHFVOEFSNPOUFSJOHFOLBOIBWFTLBSQF
LBOUFS
■,POUSPMMFSBQQBSBUFUG¸SNPOUFSJOHFOGPSUSBOTQPSUTLBEFS
■-¸GUBQQBSBUFUJLLFWFEE¸SFOE¸SI¥OEUBHFUFMMFSMVGUMJTUFO
OFEFSTU
■5JMJOTUBMMBUJPOFOTLBMH¦MEFOEFCZHHFSFHMFNFOUFSPH
CFTUFNNFMTFSOFGSBEFUSFHJPOBMFFMFLUSJDJUFUTW¦SLPWFSIPMEFT
■"QQBSBU BG BQQBSBULMBTTF  5JM NPOUFSJOH J FU L¸LLFOFMFNFOU JIU
NPOUFSJOHTTLJUTFNJOJNVNTBGTUBOEFTLBMPWFSIPMEFT
0RQWHULQJVDQYLVQLQJHU
%¸SLBOJLLFWFOEFT
"GTUBOETLBCTLPSQVTUJME¸SGSPOUFOTPWFSGMBEFNN
"GTUBOETLBCTLPSQVTUJMI¥OEUBHFUTZEFSTUFLBOUNN
7¦SPQN¦SLTPNQ¥EFOPQSBHFOEFGSPOUJOLMI¥OEUBHNIUBU
LVOOF¥COFTLVGGFSJTJEFO
)VTL BU E¸SFO TLBM LVOOF ¥COFT NJO p O¥S EFS QMBOM¦HHFT FO
IK¸SOFM¸TOJOH
7FENPOUFSJOHVOEFSLPHFUPQQFS"GTUBOENFMMFNLPHFUPQQFOT
VOEFSTJEF PH PWOLBCJOFUUFUT PWFSLBOU NJO  NN 5BH IFOTZO UJM
NPOUFSJOHTBOWJTOJOHFSOFWFESLPHFUPQQFSJT¦SPNWFOUJMBUJPO
HBTFMUJMTMVUOJOH
)RUEHUHGHN¡NNHQHOHPHQWHW
,¸LLFOFMFNFOUFSTLBMW¦SFUFNQFSBUVSCFTUBOEJHFPQUJMp$
UJMTU¸EFOEFN¸CFMGSPOUFSPQUJMp$
7FOUJMBUJPOTVETL¦SJOHJL¸LLFOFMFNFOUFUTNFMMFNCVOE
NJO  Y  NN
5JMTMVUOJOHTE¥TFOTLBMMJHHFVEFOGPSJOECZHOJOHTOJDIFO
(FOOFNG¸SVETL¦SJOHTBSCFKEFSQ¥N¸CMFUG¸SBQQBSBUFU
JOET¦UUFT 'KFSO TQ¥OFS EJTTF LBO Q¥WJSLF GVOLUJPOFO BG FMFLUSJTLF
LPNQPOFOUFS
*LLFGBTUHKPSUFN¸CMFSTLBMGBTUH¸SFTQ¥W¦HHFONFEFOH¦OHTF
WJOLFM
"QQBSBUFU N¥ LVO NPOUFSFT T¥ I¸KU BU UJMCFI¸S LBO UBHFT VE VEFO
QSPCMFNFS
(OHNWULVNWLOVOXWQLQJ
7¦SPQN¦SLTPNQ¥BUIVTJOTUBMMBUJPOFOIBSFOQBTTFOEF
CFTLZUUFMTF"QQBSBUFUTTQ¦OEJOHPHGSFLWFOTTLBMTUFNNF
PWFSFOTNFEEFOFMFLUSJTLFJOTUBMMBUJPOTFUZQFTLJMUFU
"QQBSBUFUTWBSFSUJMCFTLZUUFMTFTLMBTTFPHN¥LVOUBHFTJESJGU
NFEUJMTMVUOJOHBGCFTLZUUFMTFTMFEFSFO
&OCFTLZUUFMTFWJB#FMMFS$BVUPNBUTJLSJOHFSFSQ¥LS¦WFU
*OTUBMMBUJPOFOTLBMIBWFFOBMQPMFUMFEOJOHTBETLJMMFSNFENJOETU
NNLPOUBLUBGTUBOE%FOOFTLBMPHT¥W¦SFUJMH¦OHFMJHFGUFS
NPOUFSJOHFO
$SSDUDWXGHQWLOVOXWQLQJVOHGQLQJ 4LBMLVOUJMTMVUUFTJIU
UJMTMVUOJOHTTLFNB.POUFSFGUFSCFIPWEFNFEG¸MHFOEF
LPCCFSC¸KMFS"QQBSBUFULBOCFTLBEJHFTIWJTEFUUJMTMVUUFTGPSLFSU
/FUUJMTMVUOJOHTMFEOJOH 5ZQF ) 77' FMMFS BG I¸KFSF LWBMJUFU %FO
HVMHS¸OOFMFEFSTPNFSCFTLZUUFMTFTMFEFSFOTLBMQ¥BQQBSBUFUT
TJEFW¦SFNNM¦OHFSFFOEEFBOESFMFEFSF
7FEFOJOECZHOJOHTEZCEFQ¥ NNTLBMUJMTMVUOJOHTLBCMFUG¸SFT
UJMI¸KSFPHOFEBEWFEEFUBGGBTFEFLBCJOFUIK¸SOF
,QGE\JJHDSSDUDWHW
■7FENPOUFSJOHBGUPBQQBSBUFSWFETJEFOBGIJOBOEFO#FHHF
I¥OEUBHGPST¦OLFEFHSFCTLBMWJTFNPENJEUFO
■%FUTLBMTJLSFTBUBQQBSBUFUJLLFWJQQFSJTLBCFUIWJTEFSJLLF
GJOEFTOPHFONFMMFNCVOEPWFSBQQBSBUFU'BTUH¸SJTLBCFUUP
H¦OHTFWJOLMFSQ¥CFHHFTJEFSNNJOEJTLBCFUPHNN
PWFSBQQBSBUFU
 
4LVCBQQBSBUFUIFMUJOEJL¸LLFOFMFNFOUFU
)FSWFE N¥ UJMTMVUOJOHTLBCMFS JLLF GPMEFT LPNNFT J LMFNNF FMMFS
G¸SFTIFOPWFSTLBSQFLBOUFS
6ESFUBQQBSBUFUJNJEUFO
.FMMFNBQQBSBUPHUJMTU¸EFOEFN¸CFMGSPOUFSLS¦WFTEFSFO
MVGUTQBMUFQ¥NN
6ESFUBQQBSBUFUO¸KBHUJHWBOESFUNFEFUWBUFSQBT
'BTUH¸SBQQBSBUFUWIBEFNFEG¸MHFOEFTLSVFS'KFSO
USBOTQPSUTJLSJOHFOGSBE¸SFO
%HPUN "QQBSBUFUVESFUUFTJNJEUFOPHGJLTFSFTG¸STUNFEEFO
OFEFSTUFTLSVFJTLBCFU%FSFGUFSGBTUH¸SFTEFUP¸WFSTUFTLSVFS
3DVSn
%HQ\WHQHJQHWVNUXHWUNNHURJV¡UJIRUDWSDQHOHWLNNHInU
QRJHQULGVHU
,QGMXVWHUHDSSDUDWHWVG¡U
%¸SFOLBOKVTUFSFTMJEUT¥EFOLBOQMBDFSFTIFMUO¸KBHUJHU
-VLE¸SFOPQPHTLSVEFUPTLSVFSWFEEFUOFEFSTUFE¸SI¦OHTFM
MJEUVE*OEKVTUFSE¸SFOPHTQ¦OETLSVFSOFUJMJHFO
%HPUN 7FE MFWFSJOHFO FS BQQBSBUFUT E¸S JOEKVTUFSFU/PSNBMU FS
EFUJLLFO¸EWFOEJHUBUJOEKVTUFSFE¸SFO
.RPELQDWLRQPHGNRPELGDPSRYQ
.POUFSLPNCJEBNQPWOFOG¸STU7¦SPQN¦SLTPNQ¥LPNCJ
EBNQPWOFOTNPOUFSJOHTWFKMFEOJOH
7FEFOJOECZHOJOHTEZCEFQ¥ NNTLBMUJMTMVUOJOHTLBCMFU
QPTJUJPOFSFTWFEVETQBSJOHFOJLBCJOFUUFU
.RPELQDWLRQPHGYDUPHVNXIIH
.POUFSG¸STUWBSNFTLVGGFO84'¸MHNPOUFSJOHTWFKMFEOJOHFOGPS
WBSNFTLVGGFO
4¦UPWOFOQ¥WBSNFTLVGGFOPHTLZEEFNJOEJ
JOECZHOJOHTTLBCFU1BTQ¥BUWBSNFTLVGGFOTQBOFMJLLFCMJWFS
CFTLBEJHFU
'HPRQWHULQJ
(¸SBQQBSBUFUTQ¦OEJOHTM¸T
-¸TOGBTUH¸SFMTFTTLSVFSOF
-¸GUBQQBSBUFUFOTNVMFPHUS¦LEFUIFMUVE
no
ê0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU
■"OWJTOJOHFON¥MFTFTPNIZHHFMJHPHPQQCFWBSFT,VO
GBHNFTTJHNPOUFSJOHJTBNTWBSNFENPOUFSJOHTBOWJTOJOHFO
HBSBOUFSFS TJLLFS CSVL *OTUBMMBU¸SFO FS BOTWBSMJH GPS BU BQQBSBUFU
GVOHFSFSGFJMGSJUUO¥SEFUIBSLPNNFUQ¥QMBTT
■"QQBSBUFUN¥LVOUJMLPCMFTBWFOGBHNBOONFELPOTFTKPO
■'¸SBMMFBSCFJEFSN¥TUS¸NUJMG¸STFMFOCSZUFT
■#SVLWFSOFIBOTLFSGPS¥VOOH¥LVUU%FMFSTPNFSUJMHKFOHFMJHF
VOEFSNPOUFSJOHFOLBOIBTLBSQFLBOUFS
■,POUSPMMFSBQQBSBUG¸SJOOCZHHJOHGPSUSBOTQPSUTLBEFS
■-¸GUBQQBSBUFUWFSLFOQ¥E¸SE¸SI¥OEUBLFMMFSOFESF
MVGUMFEFTLJOOF
■'PSJOTUBMMBTKPON¥NBOW¦SFPQQNFSLTPNQ¥EFBLUVFMMF
CZHHFGPSTLSJGUFOF PH GPSTLSJGUFOF UJM EFO MPLBMF TUS¸NGPSTZOJOHFO
■"QQBSBUJBQQBSBULMBTTFO 'PSJOOCZHHJOHJLK¸LLFON¸CMFSJ
IFOIPMEUJMJOOCZHHJOHTTLJTTFOW¦SPQQNFSLTPNQ¥NJOTUF
BWTUBOEFS
+HQYLVQLQJHUWLOSODQOHJJLQJ
%¸SIFOHTMJOHLBOJLLFCZUUFT
"WTUBOEN¸CFMTLBQUJME¸SGSPOUNN
"WTUBOEN¸CFMTLBQUJMZUUFSLBOUE¸SI¥OEUBLNN
7¦SPQQNFSLTPNQ¥VULSBHOJOHBWGSPOUFOJOLME¸SI¥OEUBLFUGPS
¥QOJOHFOBWTLVGGFSWFETJEFOBW
5BWFEQMBOMFHHJOHBWFOIK¸SOFM¸TOJOHIFOTZOUJM
E¸S¥QOJOHTWJOLFMQ¥NJOp
'PSJOOCZHHJOHVOEFSLPLFUPQQFS"WTUBOENFMMPNLPLFUPQQFOT
VOEFSTJEFPHTUFLFPWOIVTFUTPWFSLBOUNJO NN%FUN¥UBT
IFOTZOUJMIFOWJTOJOHFOFUJMQMBOMFHHJOHGPSLPLFUPQQFOFTQFTJFMU
UJMWFOUJMBTKPOUJMLPCMJOHGPSHBTTFMFLUSJTJUFU
)RUEHUHGHOVHDYNM¡NNHQVNDSHW
,K¸LLFOJOOSFEOJOHN¥W¦SFUFNQFSBUVSCFTUBOEJHPQQUJMp$
N¸CFMGSPOUFSWFETJEFOBWPQQUJMp$
6UTLK¦SJOHGPSWFOUJMBTKPOJJOOCZHHJOHTTLBQFUTNFMMPNCVOO
NJO  Y  NN
,PCMJOHTCPLTFON¥W¦SFVUFOGPSJOOCZHHJOHTOJTKFO
"MMFVUTLK¦SJOHTBSCFJEFSQ¥LK¸LLFOJOOSFEOJOHFON¥VUG¸SFTG¸S
BQQBSBUFUTFUUFTJOO'KFSOTQPOGVOLTKPOFOUJMFMFLUSJTLF
LPNQPOFOUFSLBOQ¥WJSLFTOFHBUJWU
.¸CMFSTPNJLLFFSGFTUFUN¥GFTUFTNFEFOWBOMJHWJOLFMUJM
WFHHFO
#ZHHJOOBQQBSBUFUCBSFT¥I¸ZUBUVUTUZSFULBOUBTVUVUFO
QSPCMFNFS
(OHNWULVNWLONREOLQJ
7¦S PQQNFSLTPN Q¥ FHOFU TJLSJOH BW IVTJOTUBMMBTKPOFO 4QFOOJOH
PHGSFLWFOTUJMBQQBSBUFUN¥TUFNNFPWFSFOTNFEEFOFMFLUSJTLF
JOTUBMMBTKPOFOTFUZQFTLJMU
"QQBSBUFUFSJTBNTWBSNFECFTLZUUFMTFTLMBTTFPHN¥CBSF
CFOZUUFTNFEKPSEFUTUJLLPOUBLU
%FULSFWFTTJLSJOHJGPSNBWTJLSJOHTBVUPNBUBWUZQF#FMMFS$
*OTUBMMBTKPOFON¥UJMLPCMFTNFEFOBMMQPMJHTLJMMFCSZUFSNFEFO
LPOUBLU¥QOJOH Q¥ NJOTU  NN %FOOF N¥ GPSUTBUU W¦SF UJMHKFOHFMJH
FUUFSJOOCZHHJOHFO
$SSDUDWXWHQWLONREOLQJVOHGQLQJ 5JMLPCMJOHN¥LVOTLKFJIU
LPCMJOHTTLKFNBFU.POUFSWFEMBHUFLPCCFSTUSBQQFSWFECFIPW
7FEGFJMUJMLPCMJOHLBOBQQBSBUFUCMJTLBEFU
/FUUMFEOJOH 5ZQF ) 77' FMMFS I¸ZFSF %FO HVMHS¸OOF MFEFSFO
JEFOKPSEFEFMFEOJOHFON¥Q¥BQQBSBUTJEFOW¦SFNNMFOHSF
FOOEFBOESFMFEFSOF
'¸SUJMLPCMJOHTLBCFMFOGPSFOJOOCZHHJOHTEZCEFQ¥NN
OFEPWFSUJMI¸ZSFJPNS¥EFUUJMEFUBWGBTFEFIVTIK¸SOFU
0RQWHUHDSSDUDWHW
■7FEJOOCZHHJOHBWUPBQQBSBUFSWFETJEFOBWIWFSBOESF#FHHF
E¸SI¥OEUBLGPSTFOLFEFHSFQN¥QFLFNPUNJEUFO
■4JLSFBQQBSBUJTLBQFUNPUBUEFUWFMUFSIWJTEFUJLLFFSFO
NFMMPNCVOOPWFSBQQBSBUFU'FTUUPWBOMJHFWJOLMFSQ¥CFHHF
TJEFSJTLBQFUWFENNTLBQEZCEFNNPWFS
BQQBSBUI¸ZEF
■'FTUEFOWFEMBHUFGFTUFQMBUFOQ¥LK¸LLFOTLBQFUTIFOHTFMTJEF
OFEFQ¥TJEFONFEUPTLSVFS-BHFULK¸SOFSNFSLFQ¥TLSVFOT
NJEUQVOLUGFTUFQMBUFON¥QPTJTKPOFSFTFLTBLU%SFJGFTUFQMBUFO
NFEpBMUFUUFSNPOUFSJOHTTJUVBTKPOQ¥NFMMPNCVOOFMMFS
WBSNFTLVGG84"QQBSBUFUTNFLLFSJOOJGFTUFQMBUFOO¥SEFU
TLZWFTJOOJTLBQFU
4LZWBQQBSBUFUIFMUJOOJJOOCZHHJOHTTLBQFU
5JMLPCMJOHTLBCFMFON¥WFEEFUUFWFSLFOLOFLLFTLMFNNFTJOO
FMMFSG¸SFTPWFSTLBSQFLBOUFS
3FUUBQQBSBUFUJOOJNJEUFO
.FMMPN BQQBSBU PH N¸CFMGSPOUFS WFE TJEFO FS EFU O¸EWFOEJH NFE
FOMVGUTQBMUFQ¥NN
3FUUBQQBSBUNFEWBUFSQBTTFUJOOFLTBLUWBOOSFUU
'FTUBQQBSBUFUNFEEFOWFEMBHUFTLSVFO'KFSO
USBOTQPSUTJLSJOHFOGSBE¸SFO
0HUN 3FUUBQQBSBUFUJOONPUNJEUFOPHGFTUEFUG¸STUNFEEFO
OFESFTLSVFOJN¸CFMFU'FTUT¥EFUPTLSVFOFPQQF
2EV
%UXNHJQHWVNUXWUHNNHULNNHULSRSSSDQHOHW
-XVWHULQJDYG¡UHQ
'PSFLTBLUJOOTUJMMJOHLBOPWOTE¸SFOMFUUKVTUFSFT
QOFE¸SFOPHM¸TOFCFHHFTLSVFOFQ¥EFUOFESFE¸SIFOHTFMFU
+VTUFSE¸SFOPHTLSVGBTUTLSVFOF
0HUN 0WOTE¸SFOFSKVTUFSUWFEMFWFSJOH&OKVTUFSJOHBWE¸SFOFS
WBOMJHWJTJLLFO¸EWFOEJH
.RPELQDVMRQPHGGDPSVWHNHRYQ
.POUFSG¸STUEBNQTUFLFPWOFO5BIFOTZOUJMEBNQTUFLFPWOFOT
NPOUFSJOHTBOWJTOJOH
1PTJTKPOFS UJMLPCMJOHTLBCFMFO GPS FO JOOCZHHJOHTEZCEF Q¥  NN
JPNS¥EFUUJMVUTQBSJOHFOGPSIVTFU
.RPELQDVMRQPHGYDUPHVNXII
.POUFSG¸STUWBSNFTLVGGFO84'¸MHNPOUFSJOHTBOWJTOJOHFOUJM
WBSNFTLVGGFO
4LZWPWOFOJOOJJOOCZHHJOHTTLBQFUPQQ¥WBSNFTLVGGFO1BTTQ¥
JLLF¥TLBEFQBOFMFUQ¥WBSNFTLVGGFOO¥SEVTLZWFSPWOFOJOO
'HPRQWHULQJ
,PCMFBQQBSBUFUTQFOOJOHTM¸TU
-¸TOFGFTUFTLSVFS
-¸GUBQQBSBUFUMJUUPHUSFLLEFUIFMUVU
 
fi
Ý"TFOOVTPIKF
7lUNHLWlYLKMHLWl
■-VF O¤N¤ PIKFFU UBSLPJO LBOOFTUB LBOUFFO KB T¤JMZU¤ PIKFFU 7BJO
KPTBTFOOVTPOUFIUZBTJBOUVOUFWBTUJU¤N¤OBTFOOVTPIKFFO
NVLBJTFTUJPOMBJUUFFOUVSWBMMJOFOL¤ZUU¶UBBUUV"TFOUBKBPO
WBTUVVTTBTJJU¤FUU¤MBJUFUPJNJJQBJLBMMFFOBTFOOFUUVOB
NPJUUFFUUPNBTUJ
■-BJUUFFOTBBBTFOUBBWBJOWBMUVVUFUUVT¤IL¶BTFOUBKB
■+PLBJTFOIVPMUPUPJNFOQJUFFOZIUFZEFTT¤POMBJUUFFTUB
LBULBJTUBWBWJSUB
■,¤ZU¤TVPKBIBOTJLLBJUBMFJLLVVWBNNPKFOFTU¤NJTFLTJ
"TFOOVLTFOZIUFZEFTT¤FTJMM¤PMFWBUPTBUWPJWBUPMMBUFS¤WJ¤
■5BSLJTUBMBJUFFOOFOQBJLBMMFFOBTFOOVTUBNBIEPMMJTUFO
LVMKFUVTWBVSJPJEFOTVIUFFO
■M¤OPTUBMBJUFUUBMVVLVTUBMVVLVOLBIWBTUBUBJBMFNNBTUB
JMNBMJTUBTUB
■"TFOOFUUBFTTBU¤ZUZZOPVEBUUBBWPJNBTTBPMFWJB
SBLFOOVTT¤¤E¶LTJ¤KBQBJLBMMJTFOT¤IL¶OUVPUUBKBON¤¤S¤ZLTJ¤
■-BJUFKPLBLVVMVVMBJUFMVPLLBBO,FJUUJ¶LBMVTUFJTJJO
BTFOUBNJOFOBTFOOVTQJJSSPLTFONVLBJTFTUJIVPNJPJ
W¤IJNN¤JTFU¤JTZZEFU
6XXQQLWWHOXRKMHLWD
-VVLVOBWBVUVNJTTVVOUBBFJWPJWBJIUBB
&U¤JTZZTLBMVTUFSVOHPOKBMVVLVOFUVQJOOBOW¤MJMM¤NN
&U¤JTZZTLBMVTUFSVOHPOKBMVVLVOLBIWBOVMLPSFVOBOW¤MJMM¤
NN
)VPNJPJBTFOOFUUBFTTBFUVMFWZOZMJUZTKBMVVLVOLBIWBTJWVJMMB
PMFWJFOMBBUJLPJEFOBVLBJTFNJTFOTVIUFFO
)VPNJPJLVMNBBTFOOVTUBTVVOOJUFMUBFTTBFUU¤MVVLVO
BVLFBNJTLVMNBPOW¤Ip
"TFOOVT LFJUUPUBTPO BMBQVPMFMMF &U¤JTZZT LFJUUPUBTPO BMBSFVOBO KB
VVOJOSVOHPOZM¤SFVOBOW¤MJMM¤W¤INN)VPNJPJLFJUUPUBTPKB
LPTLFWBUTVVOOJUUFMVPIKFFUFSJUZJTFTUJJMNBOWBJIUPLBBTV
T¤IL¶MJJU¤OU¤
.DDSLVWRLKLQWHKWlYlWPXXWRVW\|W
,BBQJTUPKFOKPJIJOMBJUFBTFOOFUBBOPOPMUBWBp$
M¤NN¶OLFTU¤WJ¤ MBJUUFFO WJFSFJTUFO LBBQJTUPKFO FUVSFVOPKFO p$
,FJUUJ¶LBBQJTUPPOBTFOOFUUVVOW¤MJIZMMZZOUFIU¤W¤
JMNBOWBJIUPBVLLPW¤IYNN
-JJU¤OU¤QJTUPSBTJBOPOPMUBWBBTFOOVTTZWFOOZLTFOVMLPQVPMFMMB
,BJLLJLBBQJTUPJIJOKBUZ¶UBTPJIJOUFIU¤W¤UMFJLLVVUZ¶UPOUFIU¤W¤
FOOFOMBJUUFFOTJKPJUUBNJTUBQBJLBMMFFO4ZOUZOZUMBTUVPO
QPJTUFUUBWBLPTLBTFWPJIBJUBUBT¤IL¶JTUFOPTJFOUPJNJOUBB
.JL¤MJLBMVTUFJUBFJPMFBTFOOFUUVLJJOUF¤TUJLJJOOJU¤OFLBVQBTUB
TBBUBWBMMBLJJOOJUZTLVMNBMMBTFJO¤¤O
"TFOOBMBJUFWBJOOJJOLPSLFBMMFFUU¤Q¤¤TFUWBJWBUUBL¤TJLTJ
MJT¤WBSVTUFJTJJO
6lKN|YHUNNRRQOLLWWlPLQHQ
)VPNJPJSBLFOOVLTFOT¤IL¶BTFOOVLTFFOTPWJUFUUVWBSPLF
-BJUUFFOT¤IL¶JTFOK¤OOJUUFFOKBUBBKVVEFOPOWBTUBUUBWB
SBLFOOVLTFOT¤IL¶BTFOOVTUBLBUTP5ZZQQJLJMQJ
-BJUFWBTUBBTVPKBMVPLLBB*KBTJU¤TBBL¤ZUU¤¤WBTUBLVOPO
BTFOOFUUVTVPKBKPIEJO
7BSNJTUFUUBWB#UBJ$WBSPLFBVUPNBBUFJMMB
"TFOOVLTFOZIUFZEFTT¤POPMUBWBWBMNJJOBLBJLLJOBQBJOFO
NNOLPTLFUVTW¤MJOLBULBJTJO1JTUPSBTJBBOPOQ¤¤TU¤W¤L¤TJLTJ
NZ¶TBTFOOVLTFOK¤MLFFO
/DLWHLOPDQOLLWlQWlMRKWRD -JJUFU¤¤OWBJOMJJUPTLVWBONVLBBO
"TFOOFUBBOUBSWJUUBFTTBPIFJTFULVQBSJTJMMBU-BJUFWPJWBVSJPJUVB
KPTTFOMJJU¤OU¤UFIE¤¤OW¤¤SJO
7FSLLPMJJU¤OU¤KPIUP 7FSLLPMJJU¤OU¤KPIUPKFO PO WBTUBUUBWB W¤IJOU¤¤O
UZZQQJ¤)77',FMUBWJISF¤SBJUBJTFOTVPKBKPIUJNFOPOPMUBWB
MBJUUFFOQVPMFJTFTTBQ¤¤TT¤NNQJUFNQJLVJONVVUT¤JLFFU
"TFOOVTTZWZZEFOPMMFTTBNNPOMJJUPTKPIUPWFEFUU¤W¤VVOJO
SVOHPOWJJTUPJUFVOLVMNBOLPIEBMMBPJLFBMMFBMBT
.DDSLVWRRQDVHQWDPLQHQ
■+PTBTFOOFUBBOLBLTJMBJUFUUBWJFSFLL¤JO.PMFNQJFOMBJUUFJEFO
LBIWPKFOUBSUVOUBTZWFOOZTUFOPOPTPJUFUUBWBLFTLFMMF
■.JL¤MJLFJUUJ¶LBBQJTUPTTBFJMBJUUFFOZM¤QVPMFMMBPMFW¤MJIZMMZ¤PO
WBSNJTUFUUBWBFUU¤MBJUFFJQ¤¤TFLBMMJTUVNBBO"TFOOB
LBBQJTUPOTJT¤¤OLBLTJLBVQBTUBTBBUBWBBLJJOOJUZTLVMNBB
MBJUUFFONPMFNNJOQVPMJONNTZWZZEFMMFLBBQJO
TJT¤SFVOBBONNMBJUUFFOZM¤QVPMFMMF
5Z¶OO¤MBJUFLPLPOBBOLBBQJTUPPO
7BSP U¤MM¶JO UBJUUBNBTUB MJJUPTKPIUPB K¤UU¤N¤TU¤ KPIUPB QVSJTUVLTJJO
UBJWFU¤N¤TU¤TJU¤UFS¤WJFOSFVOPKFOZMJ
"TFUBMBJUFLFTLFMMFBVLLPBKBWBBUSBBTF
-BJUUFFOKBWJFSFJTUFOLBBQJTUPKFOFUVSFVOPKFOW¤MJJOPOK¤¤U¤W¤
W¤IJOU¤¤ONNOJMNBSBLP
5BSLJTUBWFTJWBBLBBL¤ZUU¤FOFUU¤MBJUFPOBTFOOFUUVUBSLBTUJ
WBBLBUBTPPO
,JJOOJU¤MBJUFPIFJTJMMBSVVWFJMMB1PJTUBMVVLVTTBPMFWBU
LVMKFUVTTVPKBU
+XRPDXWXV "TFUBMBJUFLFTLFMMFBVLLPBKBLJJOOJU¤FOTJO
BMJNNBJTFMMBSVVWJMMBLBMVTUFJTJJO,JJOOJU¤TFOK¤MLFFONPMFNNBU
ZMJNN¤JTFUSVVWJU
+XRPLR
.l\WlVRSLYDDUXXYLPHLVVHOLlYDURQDDUPXWWDPDVWD
RKMDXVSDQHHOLD
/XXNXQKLHQRVllW|
-BJUUFFOMVVLLVBWPJEBBOUBSWJUUBFTTBIJFOPT¤¤U¤¤W¤I¤O
"WBBTJU¤WBSUFOMBJUUFFOMVVLLVKBM¶ZTUZU¤W¤I¤OMVVLVO
BMBTBSBOBONPMFNQJBSVVWFKB)JFOPT¤¤E¤MVVLLVKBLJFSS¤SVVWJU
LJJOOJ
+XRPDXWXV -BJUUFFOMVVLLVPOUPJNJUFUUBFTTBIJFOPT¤¤EFUUZ
QBJLBMMFFO-VVLVOIJFOPT¤¤U¶FJPMFUBWBMMJTFTUJUBSQFFO
<KGLVWlPLQHQ\KGLVWHOPlK|\U\XXQLQNDQVVD
"TFOOBFOTJOZIEJTUFMN¤I¶ZSZVVOJ)VPNJPJ
ZIEJTUFMN¤I¶ZSZVVOJOBTFOOVTPIKFFU
"TFOOVTTZWZZEFOPMMFTTBNNPOMJJUPTKPIUPTJKPJUFUUBWB
SVOLPBVLPOLPIEBMMF
<KGLVWlPLQHQOlPS|ODDWLNRQNDQVVD
"TFOOBFOTJOM¤NQ¶MBBUJLLP84/PVEBUBM¤NQ¶MBBUJLPO
BTFOOVTPIKFUUB
5Z¶OO¤VVOJM¤NQ¶MBBUJLPOZM¤QVPMFMMFLBBQQJJO7BSP
WBVSJPJUUBNBTUBM¤NQ¶MBBUJLPOFUVQBOFFMJB
.DDSLVWRVWDSXUNDPLQHQ
,BULBJTFMBJUUFFTUBWJSUB
*SSPUBLJJOOJUZTSVVWJU
/PTUBMBJUFUUBIJFNBOKBWFE¤VMPT
et
Ü1BJHBMEVTKVIFOE
2OXOLVHGQ}XDQGHG
■-VHFHFLBTVUVTKVIFOEIPPMJLBMUM¤CJKBIPJELFBMMFT0IVUV
LBTVUBNJOFPOUBHBUVEBJOVMUTJJTLVJQBJHBMEBNJOFUPJNVC
WBTUBWBMUQBJHBMEVTKVIFOEJMF1BJHBMEBUVETFBENFWFBUVU¶¶
FFTUWBTUVUBCQBJHBMEBKB
■4FBEFUUPIJCWPPMVWµSHVHB¼IFOEBEBBJOVMUMJUTFOUTFFSJUVE
FMFLUSJL
■&OOFNJTUBIFTU¶¶EFUFPTUBNJTUM¼MJUBHFWPPMW¤MKB
■-µJLFWJHBTUVTUF W¤MUJNJTFLT LBOELF LBJUTFLJOEBJE 1BJHBMEBNJTF
BKBMMJHJQ¤¤TFUBWBEEFUBJMJEWµJWBEPMMBUFSBWBUFTFSWBEFHB
■&OOFQBJHBMEBNJTULPOUSPMMJHFFHBTFBEFFJPMFUSBOTQPSUJNJTFM
WJHBTBBOVE
■SHFUµTULFTFBEFUVLTFTUVLTFL¤FQJEFNFTUFHBBMVNJTFTU
WFOUJMBUTJPPOJMJJTUVTU
■1BJHBMEBNJTFMK¤SHJHFLFIUJWBJEFIJUVTOµVEFJEKBLPIBMJLV
FMFLUSJFUUFWµUKBOµVEFJE
■4FBEFLVVMVCLMBTTJFUUFO¤IUVEJOUFHSFFSJNJTFLT
L¶¶HJN¶¶CMJTTF WBTUBWBMU KPPOJTFMF KQJEBHF LJOOJ NJOJNBBMTFUFTU
WBIFLBVHVTUFTU
3ODQHHULPLVVRRYLWXVHG
6LTFQJJSFFJPMFWBIFUBUBW
.¶¶CMJLBVHVTVLTFFTJL¼MKFTUNN
.¶¶CMJLBVHVTVLTFL¤FQJEFNFW¤MJTTFSWBTUNN
7FFOEVHFFUFTJQBOFFMLPPTVLTFL¤FQJEFNFHBFJUBLJTUB
L¼MHTBIUMJUFBWBNJTU
/VSHBMBIFOEVTFQMBOFFSJNJTFMWµULFBSWFTTFFUVLTFBWBOFNJTF
OVSLPOW¤IFNBMUp
1MJJEJQMBBEJBMMBQBJHBMEBNJTFMQFBCQMJJEJQMBBEJBMVNJTFTFSWBKB
BIKVLPSQVTF¼MFNJTFTFSWBWBIFMFK¤¤NBW¤IFNBMUNN
+¤SHJHFQMJJEJQMBBUJEFQBJHBMEVTKVIJTFJEFFTL¤UUWFOUJMBUTJPPOJ
HBBTJKBFMFLUSJ¼IFOEVTJQVVEVUBWBJEKVIJTFJE
 
,QWHJUHHULWDYDP||EOLHWWHYDOPLVWDPLQH
.¶¶CFMLVIVTFBEFTJTTFFIJUBUBLTFQFBCUBMVNBUFNQFSBUVVSJ
LVOJp$L¼MHOFWN¶¶CFMUFNQFSBUVVSJLVOJp$
*OUFHSFFSJUBWBLBQJWBIFQµIKBTPMFWWFOUJMBUTJPPOJBWBQFBCPMFNB
W¤IFNBMUYNNTVVSVOF
1JTUJLVQFTBQFBCQBJLOFNBW¤MKBTQPPMQBJHBMEVTOJġġJ
5FILFN¶¶CMJTTFW¤MKBMµJLFEFOOFTFBENFLPIBMFBTFUBNJTU
&FNBMEBHFMBBTUVEOFFEWµJWBEI¤JSJEBFMFLUSJEFUBJMJEFU¶¶E
,JOOJUBNBUBN¶¶CFMUVMFCTFJOBL¼MHFLJOOJUBEBTUBOEBSETF
OVSHJLVHB
1BJHBMEVTLµSHVTFWBMJLVMWFFOEVHFFUUBSWJLVJETBBLTBIKVTU
IµMQTBMUW¤MKBWµUUB
hKHQGDPLQHYRROXY}UJXJD
7FFOEVHFFUFMFLUSJLJMCJLBJUTFPOTPCJW4FBENFQJOHFKB
TBHFEVT QFBWBE LPLLV MBOHFNB WPPMVWµSHV QJOHF KB TBHFEVTFHB
WUBOENFTJMU
4FBEF WBTUBC LBJUTFBTUNFMF  KB TFF UVMFC ¼IFOEBEB LBJUTFKVIJHB
7BKBMJLPO#WµJ$U¼¼QJBVUPNBBULBJUTFM¼MJUJ
IFOEBNJOFQBJHBMEBEBUVMFCLµJLJEFQPPMVTUFBIFMBLBULFTUJ
NJMMFLPOUBLUJWBIFPOW¤IFNBMUNN1¤SBTUTJTTFFIJUBNJTUQFBC
TFFPMFNBMJHJQ¤¤TFUBW
,OPDKHQGXVNDDEOLWDVHDGH IFOEVTUVMFCUFPTUBEBWBTUBWBMU
¼IFOEVTKPPOJTFMF 7BKBEVTF LPSSBM NPOUFFSJHF LPNQMFLUJ LVVMVWBE
WBTLTJMMBE7BMF¼IFOEBNJTFLPSSBMWµJCTFBEFLBIKVTUBEBTBBEB
IFOEVTKVIFU¼¼Q)77'WµJLµSHFN,BJUTFKVIUNFLPMMBOF
SPIFMJOFTPPOQFBCPMFNBTFBENFQPPMUFJTUFTUTPPOUFTUNN
WµSSBQJLFN
,VJQBJHBMEVTT¼HBWVTPONNWJJHF¼IFOEVTKVIFLPSQVTF
OVSHBQJJSLPOOBTQBSFNBMUBMMB
6HDGPHSDLJDOGDPLQH
■,BIFTFBENFLµSWVUJQBJHBMEBNJTFLPSSBMQFBWBENµMFNBE
VLTFL¤FQJEFNFET¼WJTUBUVEL¤FQJEFNFEPMFNBTVVOBUVE
LFTLFMF
■,VJTFBENFQFBMFJPMFWBIFQµIKBUVMFCTFBEFLBMEVWBKVNJTF
W¤MUJNJTFLTLJOOJUBEBTFMMFLTLJOOJUBHFLBQQJNµMFNBMFQPPMF
LBLTTUBOEBSETFUOVSHJLVUNNT¼HBWVTFMFNN
TFBENFTULµSHFNBMF
-¼LBLFTFBEFJOUFHSFFSJUBWBTTFN¶¶CMJTTFU¤JFMJLVMUTJTTF
7FFOEVHFFU¼IFOEVTKVIFPOWBCBFJK¤¤NJMMFHJWBIFMFFHB
KPPLTF¼MFUFSBWBUFTFSWBEF
5TFOUSFFSJHFTFBEF
4FBENFKBTFMMFHBL¼MHOFWBN¶¶CMJWBIFMFUVMFCK¤UUBNN
µIVWBIF
,POUSPMMJHFTFBENFBTFOEJUWFTJMPPEJBCJM
,JOOJUBHFTFBEFLPNQMFLUJLVVMVWBUFLSVWJEFBCJM&FNBMEBHF
VLTFL¼MKFTUUSBOTQPSEJUVHJ
0lUNXV 5TFOUSFFSJHFTFBEFKBGJLTFFSJHFLµJHFQFBMUBMVNJTUF
LSVWJEFHB N¶¶CMJ L¼MHF 4FFK¤SFM LFFSBLF LJOOJ NµMFNBE ¼MFNJTFE
LSVWJE
7lKHOHSDQX
.DVXWDJHVRELYDWNUXYLNHHUDMDWlUJHNULLPXVWDJHOLLVWX
8NVHDVHQGLUHJXOHHULPLQH
5¤QTFLTW¤MKBSJIUJNJTFLTTBBCVLTFBTFOEJUWFJEJSFHVMFFSJEB
4FMMFLTBWBHFVLTKBLFFSBLFVLTFBMVNJTFMJJHFOEJLBIUFLSVWJ
QJTVUMBIUJ3FHVMFFSJHFVLTFBTFOEJUKBLFFSBLFLSVWJELJOOJ
0lUNXV 4FBENFVLTPOUBSOJNJTFMSFHVMFFSJUVEµJHFTTF
BTFOEJTTFMEKVIVMFJPMFVLTFBTFOEJUWBKBSFHVMFFSJEB
.RPELQDWVLRRQ}KXULQJOXVHJDDXUXDKMXJD
&TNBMUQBJHBMEBHFµIVSJOHMVTFHBBVSVBIJ+¤SHJHFµIVSJOHMVTFHB
BVSVBIKVQBJHBMEVTKVIFOEJU
,VJQBJHBMEVTT¼HBWVTPONNTFBELF¼IFOEVTKVIFLPSQVTF
W¤MKBMµJLFQJJSLPOEB
.RPELQDWVLRRQVRRMHQGXVVDKWOLJD
,µJHFQFBMUQBJHBMEBHFTPPKFOEVTTBIUFM84+¤SHJHF
TPPKFOEVTTBIUMJQBJHBMEVTKVIFOEJU
5µTULF BIJ LBQQJ TPPKFOEVTTBIUMJ QFBMF 5µTUNJTFM PMHF FUUFWBBUMJL
FUW¤MUJEBTPPKFOEVTTBIUMJMJJTUVWJHBTUBNJTU
/DKWLKHQGDPLQH
-BIVUBHFTFBEFWPPMVWµSHVTU
,FFSBLFMBIUJLJOOJUVTLSVWJE
,FSHJUBHFTFBEFUQJTVUKBUµNNBLFU¤JFTUJW¤MKB
lt
ä.POUBWJNPJOTUSVLDJKB
6YDUELRVQXRURGRV
■"UJEľJBJQFSTLBJUZLJUFJOTUSVLDJKÅJSKÅJġTBVHPLJUF1SJFUBJTBT
TBVHJBJOBVEPKJNBTUJLUJOLBNBJKïïNPOUBWVTMBJLBOUJT
NPOUBWJNPJOTUSVLDJKPTîSFOHJNPEBSCVTBUMJFLBOUJTBTNVPZSB
BUTBLJOHBTVľOFQSJFLBJġUJOHÅWFJLJNÅTUBUZNPWJFUPKF
■1SJFUBJTÅQSJKVOHUJHBMJUJLMJDFODJKÅUVSJOUJTLWBMJGJLVPUBT
EBSCVPUPKBT
■1SJFġBUMJFLBOUCFULPLJVTEBSCVTSFJLJBBUKVOHUJTSPW×TUJFLJNÅ
■.īW×LJUFBQTBVHJOFTQJSġUJOFTLBEOFïTJQKBVUVN×UF%BMZT
LVSJPTZSBQSJFJOBNPTNPOUVPKBOUHBMJCīUJTVBġUSJPNJT
CSJBVOPNJT
■1SJFġ NPOUVPEBNJ QSJFUBJTÅ QBUJLSJOLJUF BS KJT OFCVWP QBľFJTUBT
USBOTQPSUVPKBOU
■/FLFMLJUFQSJFUBJTPQB×NÙVľEVSFMJijEVSFMJijSBOLFOPTBS
BQBUJOJPPSPDJSLVMJBDJKPTQMZġJP
■îSFOHEBNJBUTJľWFMLJUFïOBVKBVTJBTHBMJPKBOÍJBTTUBUZCPT
UBJTZLMFTJSSFHJPOPFMFLUSPTFOFSHJKPTUJFL×KPQPUWBSLJVT
■5BJZSBLMBT×TQSJFUBJTBTTLJSUBTNPOUVPUJïWJSUVW×TCBMEVT
QBHBMQBUFJLUÅNPOUBWJNPCS׾JOïBUTJľWFMLJUFïNBľJBVTJVT
BUTUVNVT
3ODQDYLPRQXRURGRV
%VSFMJijTUBCEJLMJPWJFUPTLFJTUJOFHBMJNB
"UTUVNBTOVPCBMEPLPSQVTPJLJEVSFMJijQSJFLJOJPQBWJSġJBVT࣊
NN
"UTUVNBTOVPCBMEPLPSQVTPJLJEVSFMJijSBOLFOPTJġPSJOJPLSBġUP࣊
NN
3FJLJBBUTJľWFMHUJïQSJFLJPJġTJLJġJNÅJSEVSFMJijSBOLFOÅLBECīUij
HBMJNBBUJEBSZUJġPOJOJVTTUBMÍJVT
1MBOVPKBOUNPOUVPUJLBNQFEVSijBUJEBSZNPLBNQBTUVSJCīUJNJO
p
.POUVPKBOUQPLBJUMFOUFBUTUVNBTOVPLBJUMFOU×TBQBÍJPTJLJ
PSLBJU×TLPSQVTPWJSġVUJOJPLSBġUPNJONN#īUJOBBUTJľWFMHUJï
LBJUMFOÍJijQMBOBWJNPOVPSPEBTZQBÍTVTJKVTJBTTVW×EJOJNVEVKij
JSFMFLUSPTKVOHUJNJ
%DOGRĭNXUĭPRQWXRMDPDVSULHWDLVDVSDUXRåLPDV
#BMEBJ ï LVSJVPT NPOUVPKBNBT QSJFUBJTBT UVSJ CīUJ BUTQBSīT LBSġÍJVJ
JLJp$PQSJFLJO×THSFUJNijCBMEijQMPLġU×T࣊JLJp$
7×EJOJNPJġQKPWBïNPOUBWJNPTQJOUFM×TUBSQJOJBNFEVHOF
NJOYNN
1SJKVOHJNPMJ[EBTUVSJCīUJVľNPOUBWJNPOJġPT
"OHBTCBMEFJġQKBVLJUFQSJFġïTUBUZEBNJQSJFUBJTÅ/VWBMZLJUF
ESPľMFTOFTKPTHBMJUVS×UJOFJHJBNPTïUBLPTFMFLUSJO×NT
LPOTUSVLDJO×NTEBMJNT
/FQSJUWJSUJOUVTCBMEVTQSJFTJFOPTQSJUWJSUJOLJUFïQSBTUVLBNQBJOJV
1SJFUBJTÅ NPOUVPLJUF UJL UPLJBNF BVLġUZKF LBE CīUij HBMJNB MFOHWBJ
JġJNUJQSJFEVT
(OHNWURVMXQJWLV
1BTJSīQJOLJUFUJOLBNBOBNijJOTUBMJBDJKPTBQTBVHB1SJFUBJTP
ïUBNQBJSEBľOJTUVSJTVUBQUJTVFMFLUSPTJOTUBMJBDJKPTEVPNFOJNJT
ľSTQFDJGJLBDJKijMFOUFMÙ
1SJFUBJTBTBUJUJOLBBQTBVHPTLMBTÙJSHBMJCīUJOBVEPKBNBTUJL
QSJKVOHVTBQTBVHJOïMBJEÅ
3FJLJBOBVEPUJ#BSCB$DIBSBLUFSJTUJLPTBVUPNBUJOJVTKVOHJLMJVT
1SJKVOHJNPWJFUPKFOFNBľFTOJVLBJQNNBUTUVNVUBSQLPOUBLUij
UVSJ CīUJ ïNPOUVPUBT WJTij QPMJij BUKVOHJNP ïUBJTBT *S ïNPOUBWVT KJT UVSJ
CīUJMBJTWBJQBTJFLJBNBT
3ULHWDLVDVEHSULMXQJLPRODLGR +VOLJUFUJLQBHBMQSJKVOHJNP
TDIFNÅ1SJSFJLVTTVNPOUVPLJUFQSJEFEBNVTWBSJOJVTUJMUFMJVT
1SJKVOHVTOFUJOLBNBJHBMJCīUJQBľFJTUBTQSJFUBJTBT
1SJKVOHJNPQSJFUJOLMPMBJEBT)77'UJQPBSCBBVLġUFTO×T
LPLZC×T(FMUPOBJľBMJBHZTMBBQTBVHJOJBNMBJEVJQSJKVOHUJJġ
QSJFUBJTPQVT×TUVSJCīUJNNJMHFTO×OFJLJUPTHZTMPT
+FJNPOUVPKBNBNNHZMZKFFMFLUSPTMBJEBTOVPMBJEBVT
LPSQVTPLBNQPTSJUZKFEFġJO×KFQVT×KFUVSJCīUJOVUJFTUBTľFNZO
3ULHWDLVRĭPRQWDYLPDV
■.POUVPKBOUEVQSJFUBJTVTWJFOÅġBMJBLJUPBCJEVSFMJijSBOLFOPT
SBOLFOijMPWFMJBJUVSJCīUJOVLSFJQUJïDFOUSÅ
■+FJWJSġQSJFUBJTPO×SBUBSQJOJPEVHOPQSJFUBJTÅVľGJLTVPLJUF
TQJOUFM×KFLBEKJTOFQBLSZQUijBCJFKPTFTQJOUFM×TQVT×TF
QSJTVLJUFEVïQSBTUVTLBNQVPÍJVTNNHZMZKFNNOVP
QSJFUBJTPWJSġBVT
 
7JTÅQSJFUBJTÅïTUVNLJUFïCBMEÅïLVSïNPOUVPKBNBTQSJFUBJTBT
5BJEBSZEBNJOFTVMFOLJUFOFQSJTQBVTLJUFJSQFSBġUSJVTLBNQVT
OFUSBVLJUFFMFLUSPTMBJEP
1SJFUBJTÅJġMZHJVPLJUFDFOUSF
5BSQQSJFUBJTPJSġBMJBTUPWJOÍJijCBMEijQSJFLJOJijQMPLġÍJijUVSJCīUJ
NNPSPUBSQBT
1SJFUBJTÅUJLTMJBJIPSJ[POUBMJBJJġMZHJVPLJUFHVMTÍJVLV
1SJUWJSUJOLJUFQSJFUBJTÅQSJTUBUZUBJTWBSľUBJT/VJNLJUFBOUEVSFMJij
FTBOÍJÅUSBOTQPSUBWJNPBQTBVHÅ
3DVWDED 1SJFUBJTÅJġMZHJVPLJUFDFOUSFJSCBMEFQJSNJBVTJB
QSJUWJSUJOLJUFBQBUJOJBJTWBSľUBJT1PUPQSJTVLJUFBCVWJSġVUJOJVT
WBSľUVT
'ėPHVLR
1DXGRNLWHWLQNDPĉDWVXNWXYĉQHVXEUDLç\NLWHVN\GHOLR
'XUHOLŨUHJXOLDYLPDV
/PSJOUUJLTMJBJJġMZHJVPUJQSJFUBJTPEVSFMFTKBTHBMJNBġJFLUJFL
QBLSFJQUJ
5BNBUJEBSZLJUFEVSFMFTJSġJFLUJFLBUTVLJUFBCVBQBUJOJPEVSFMJij
MBOLTUPWBSľUVT1BSFHVPMJVPLJUFEVSFMFTJSQSJTVLJUFWBSľUVT
3DVWDED 1SJTUBUZUPQSJFUBJTPEVSFM×TZSB
TVSFHVMJVPUPT%BľOJBVTJBJSFHVMJVPUJOFSFJLJB
'HULQLPDVVXNRPELQXRWĉMDJDULQHRUNDLWH
1JSNJBVTJBïNPOUVPLJUFLPNCJOVPUÅKÅHBSJOÙPSLBJUÙ"UTJľWFMLJUFï
LPNCJOVPUPTJPTHBSJO×TPSLBJU×TNPOUBWJNPJOTUSVLDJKÅ
+FJNPOUVPKBNBNNHZMZKFFMFLUSPTMBJEBTUVSJCīUJLPSQVTF
FTBOÍJPTJġ×NPTTSJUZKF
'HULQLPDVVXåLOGRPXRMXVWDOĀLXPL
1JSNJBVTJBTVNPOUVPLJUFġJMVNPTQBMBJLZNPTUBMÍJij84
"UTJľWFMLJUFïġJMVNPTQBMBJLZNPTUBMÍJBVTNPOUBWJNPJOTUSVLDJKÅ
0SLBJUÙBOUġJMVNPTQBMBJLZNPTUBMÍJBVTTUVNLJUFïïNPOUBWJNP
TQJOUFMÙ4UVNEBNJOFQBľFJTLJUFġJMVNPTQBMBJLZNPTUBMÍJBVT
TLZEFMJPJSSBOLFOPT
,åPRQWDYLPDV
"UKVOLJUFQSJFUBJTÅOVPïUBNQPTUJFLJNPġBMUJOJP
"UMBJTWJOLJUFUWJSUJOJNPWBSľUVT
ĠJFLUJFLLJMTUFM×LJUFQSJFUBJTÅJSJġUSBVLJUFKï
lv
å.POUÁľBTJOTUSVLDJKB
6YDUĩJLQRUąGĩMXPL
■6[NBOëHJJ[MBTJFUVOV[HMBCÁKJFUġPSPLBTHSÁNBUV5JLBJUFIOJTLJ
QBSFJ[BVOSPLBTHSÁNBUBTOPSÁEëKVNJFNBUCJMTUëHBNPOUÁľB
HBSBOUÓTMJFUPġBOBTESPġëCV1BSJFSëDFTQBSFJ[VEBSCëCV
V[TUÁEëġBOBTWJFUÁBUCJMEV[TUÁEëUÁKT
■*FSëDJQJFWJFOPUFMFLUSPUëLMBNESëLTUUJLBJTFSUJGJDÓUTTQFDJÁMJTUT
■1JSNTEBSCVWFJLġBOBTWJFONÓSBUWJFOPKJFUJFSëDJOPFMFLUSPUëLMB
■-BJOPWÓSTUVTBHSJFġBOÁTSJTLVMJFUPKJFUBJ[TBSHDJNEVT
.POUÁľBTMBJLÁQJFFKBNBKÁNEFUBüÁNWBSCīUBTBTNBMBT
■1JSNTJFCīWÓġBOBTQÁSCBVEJFUWBJJFSëDFUSBOTQPSUÓġBOBTMBJLÁ
OBWCPKÁUB
■/FDFMJFUJFSëDJUVSPUQJFEVSWëNEVSWKVSPLUVSBWBJQJFBQBLġÓKÁT
WFOUJMÁDJKBTMëTUFT
■7FJDPUNPOUÁľVJFWÓSPKJFUBUUJFDëHPTQJFNÓSPKBNPT
CīWOPUFJLVNVTVOSFãJPOÁMÁFOFSHPBQHÁEFTV[ĆÓNVNB
OPUFJLVNVT
■ LBUFHPSJKBTJFSëDFTWJSUVWFTNÓCFMÓTJFCīWÓKJFUTBTLBĆÁBS
SBTÓKVNVJFWÓSPKJFUPCMJHÁUPTBUTUBUVNVT
3URMHNWēåDQDVQRUąGĩMXPL
%VSWKVJFSPCFľPUÁKTOBWQÁSWJFUPKBNT
"UTUBUVNBNOPNÓCFMFTLPSQVTBMëE[EVSWKVQSJFLġÓKBJWJSTNBJ
KÁCīU NN
"UTUBUVNBNOPNÓCFMFTLPSQVTBMëE[EVSWKVSPLUVSBÁSÓKBJNBMBJ
KÁCīU NN
*FWÓSPKJFUQSJFLġEBüBTJ[WJS[ëKVNVTUPTUBSQTÁOVBUWJMLUĆV
BUWÓSġBOBJQBSFE[ÓUPEVSWKVSPLUVSJ
1SPKFLUÓKPUJFCīWJTUīSëĆFNJFUWÓSÁLBEVSWKVBUWÓSġBOBTMFĆ÷JN
KÁCīUWJTNB[p
*FCīWÓKPUJFSëDJ[FNQMëUTWJSTNÁNBUTUBUVNBNTUBSQQMëUTWJSTNBT
BQBLġEBüVVODFQFġLSÁTOTLPSQVTBBVHġÓKPNBMVKÁCīUWJTNB[
 NN*FWÓSPKJFUQMëUTWJSTNVJFCīWFTQSPKFLUÓġBOBTOPSÁEëKVNVT
KPëQBġJBUUJFDëCÁV[HBJTBDJSLVMÁDJKVHÁ[FTFMFLUSëCBT
QJFTMÓHVNV
,HEŠYēåDQDLSDUHG]ēWąVPēEHOHVVDJDWDYRåDQD
*FCīWÓġBOBJQBSFE[ÓUBKÁNNÓCFMÓNKÁCīUOPUVSëHÁNQSFU
UFNQFSBUīSV MëE[  p$ TBWVLÁSU CMBLVT FTPġBKÁN NÓCFMÓN ࣊ MëE[
 p$
*FCīWÓġBOBJQBSFE[ÓUÁTLBQKBQMBVLUÁKÁOPESPġJOBWJTNB[
Y NNQMBUBHBJTBDJSLVMÁDJKBTBUWFSF
&MFLUSëCBTQJFTMÓHVNBLÁSCBJKÁCīUOJġBTÁSQVTÓ
.ÓCFüVWJSTNVJ[[ÁãÓġBOVWFJDJFUQJSNTJFSëDFTJFWJFUPġBOBT
/PUëSJFUTLBJEBTMBJOPWÓSTUVFMFLUSJTLPEFUBüVEBSCëCBT
USBVDÓKVNVT
/FOPTUJQSJOÁUBT NÓCFMFT QJF TJFOBT QJFTUJQSJOJFU BS TUBOEBSUB MFĆ÷J
*FSëDJJFCīWÓKJFUUÁEÁBVHTUVNÁMBJÓSUJWBSÓUVJ[ĆFNUQJFEFSVNVT
(OHNWURSLHVOēJXPV
"UCJMTUëHJOPESPġJOJFUNÁKBTFMFLUSPJOTUBMÁDJKV*FSëDFTTQSJFHVNBN
VOGSFLWFODFJKÁBUCJMTUFMFLUSPJOTUBMÁDJKBTQBSBNFUSJFNTLBUUJQB
QMÁLTOëUJ
*FSëDFBUCJMTU BJ[TBSE[ëCBTLMBTFJVOUPBUüBVUTEBSCJOÁUUJLBJUBE
KBUÁJSESPġJOÁUBBSBJ[TBSHTBWJFOPKVNV
"J[TBSE[ëCBKÁOPESPġJOBBS#WBJ$ BVUPNÁUV
*OTUBMÓKPU KÁCīU V[TUÁEëUBN BSë WJTV QPMV TBEBMFT TMÓE[JN BS WJTNB[
 NNLPOUBLUBUWÓSVNV1ÓDNPOUÁľBTUBNKÁCīUQJFFKBNBN
,HUĩFHEH]SLHVOēJXPDYDGD 1JFTMÓE[JFUUJLBJBUCJMTUëHJ
QJFTMÓHVNBTIÓNBJ7BKBE[ëCBTHBEëKVNÁV[TUÁEJFULPNQMFLUÁ
QJFWJFOPUÁTWBSBLPQOFT/FQBSFJ[BQJFTMÓHVNBEÓüJFTQÓKBNJ
JFSëDFTCPKÁKVNJ
5ëLMBQJFTMÓHVNBWBET ࣊)77'WBJBVHTUÁLBTJ[UVSëCBT
%[FMUFOJ[BüBKBJE[ëTMBJBJ[TBSHWBEBQJFTMÓHVNÁQJFJFSëDFTKÁCīU
 NNHBSÁLBJQBSDJUÁNE[ëTMÁN
+BJFCīWÓKBNÁTOJġBTE[JüVNTJS NNFMFLUSëCBTQJFTMÓHVNB
LBCFMJWJS[PUMFKVQOPWJFUPKJFULPSQVTBMBCÁTQVTFTTMëQÁTUīSB
[POÁ
,HUĩFHVPRQWąçD
■*FCīWÓKPUEJWBTJFSëDFTLPQÁSBVHJFUJFTMBJBCVJFSëÍVEVSWKV
SPLUVSJHSPQFTCīUVDFOUSÓUBT
■+B WJST JFSëDFT OBW TUBSQTJFOBT HÁEÁKJFU MBJ JFSëDF TLBQë OFWBSÓUV
HÁ[UJFT ࣊TLBQKBJFLġQVTÓBCÁTQVTÓTQJFTUJQSJOJFUEJWVT
TUBOEBSUBMFĆ÷VT NNE[JüVNÁ NNWJSTJFSëDFT
*FSëDJQJMOëHJJFCëEJFUJFCīWÓġBOBJQBSFE[ÓUBKÁNÓCFMÓ
3BVHJFUJFTMBJQJFTMÓHVNBWBETOFCīUVTBMPDëUTWBJJFTUSÓE[JT
OFWJS[JFUUPQÁSJBTÁNNBMÁN
$FOUSÓKJFUJFSëDJ
4UBSQ JFSëDJ VO CMBLVT FTPġP NÓCFüV WJSTNÁN KÁBUTUÁK  NN QMBUB
HBJTBDJSLVMÁDJKBTTQSBVHB
*[NBOUPKPUMëNFĆSÁEJOPWJFUPKJFUJFSëDJQSFDë[JIPSJ[POUÁMJ
/PTUJQSJOJFU JFSëDJ BS LPNQMFLUÁ QJFWJFOPUBKÁN TLSīWÓN /PĆFNJFU
OPEVSWëNUSBOTQPSUÓġBOBTTUJQSJOÁKVNV
1RUąGĩMXPV $FOUSÓKJFUJFSëDJVOWJTQJSNTGJLTÓKJFUNÓCFMÓBS
BQBLġÓKÁNTLSīWÓN1ÓDUBNQJFWFMDJFUBCBTBVHġÓKÁTTLSīWFT
8]PDQĩEX
,]PDQWRMLHWSLHPēURWXVVNUŠYJULHçXVNDVQHVNUąSēOĩVWL
'XUWLŁXUHJXOēåDQD
-BJEVSUJĆBTQJFHVMÓUVQSFDë[JUÁTWBSOFEBVE[QJFSFHVMÓU
-BJUPWFJLUVBUWFSJFUEVSUJĆBTVOOFEBVE[BUTLSīWÓKJFUBCBT
TLSīWFTQJFEVSUJĆVBQBLġÓKÁġBSOëSB/PSFHVMÓKJFUEVSUJĆBTVO
QJFWFMDJFUTLSīWFT
1RUąGĩMXPV 1JFHÁEFT CSëEë JFSëDFT EVSUJĆBT JS OPSFHVMÓUBT 1BSBTUJ
OBWOFQJFDJFġBNTEVSUJĆBTSFHVMÓU
.RSąDUWYDLNDFHSHåNUąVQL
7JTQJSNTJFCīWÓKJFUUWBJLBDFQFġLSÁTOJ*FWÓSPKJFUUWBJLB
DFQFġLSÁTOTNPOUÁľBTOPSÁEëKVNVT
+BJFCīWÓKBNÁTOJġBTE[JüVNTJS NNFMFLUSëCBTQJFTMÓHVNB
LBCFMJOPWJFUPKJFULPSQVTBCSëWBKÁ[POÁ
.RSąDUWUDXNXVLOGĩåDQDVDWYLONWQL
7JTQJSNTV[TUÁEJFU84TJMEBUWJMLUOJ*FWÓSPKJFUTJMEBUWJMLUOFT
NPOUÁľBTJOTUSVLDJKV
*FCëEJFUDFQFġLSÁTOJJFCīWÓġBOBJQBSFE[ÓUBKÁTLBQëWJST
TJMEBUWJMLUOFT*FWJFUPKPUOFCPKÁKJFUTJMEBUWJMLUOFTTUJLMV
'HPRQWąçD
"UWJFOPKJFUJFSëDJOPFMFLUSPUëLMB
"UTLSīWÓKJFUTUJQSJOÁKVNBTLSīWFT
/FEBVE[QBDFMJFUVOQJMOëHJJ[WFMDJFUJFSëDJ
 
ru
îΗμπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
■




■

■

■


■

■

■


■


΢ιίζίμηώξνξκίμηοναίμηύ


 

 




p


 


Ξνγβνρναιίλδΰδκηαπροίηαίμηώ

p$
࣊p$

  Y  









άκδιρονξνγικύφδμηδ
     








Ξοηΰνοΰδζπνδγημηρδκϋμνβνιίΰδκώ 




)77'


       


Απροίηαίμηδξοηΰνοί
■


■         







      




΢ιίζίμηδ 


Αμηλίμηδ
Ηπξνκϋζςθρδξνγτνγώψςύνραδοριςηπκδγηρδζίρδλφρνΰϊ
μδξνυίοίξίρϋμίικίγις
Οδβςκηοναιίγαδουϊ




΢ιίζίμηδ 

Ινλΰημίυηώπξίονανθγςτναινθ


       

Ινλΰημίυηώπαϊγαηεμνθρδολνηζνκηοναίμμνθ
ξνκινθ


         


Γδλνμρίε



ukuk
õ΅μπροςιυϕώζλνμρίες
Αίεκηαϕαιίζϕαιη
■




■

■
■

■

■

■

■         


Αιίζϕαιηψνγνξκίμςαίμμώ







 

p





Ξϕγβνρναιίλδΰκϕαγκώαΰςγναςαίμμώ

z$࣋
p$

Y


        





Ξϕγϓγμίμμώγνδκδιρονλδοδεϕ





#$



Ξοηκίγΰδζιίΰδκύξϕγικύφδμμώ 


)77'




Αΰςγναςαίμμώξοηκίγς
■

■




        








Αιίζϕαιί 

΢αίβί
Αηινοηπρναςθρδαϕγξναϕγμςαηιοςριςψνΰμδξνχιοώΰίρη
ξίμδκϋ
Μίκίχρςαίμμώγαδουώρ





Αιίζϕαιί 

Ινλΰϕμςαίμμώζχίσνύξίοναίοινύ




Ινλΰϕμςαίμμώζαηπςαμηλρδολνπρίρηφμηλ
ώψηινλ





Γδλνμρίε



pl
ë,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
■;BQP[OBÇTJÙT[D[FH³ĂPXP[JOTUSVLDKÅPCTĂVHJJ[BDIPXBÇKÅ
5ZMLPGBDIPXB[BCVEPXB[HPEOB[JOTUSVLDKÅPCTĂVHJ
HXBSBOUVKFCF[QJFD[FĄTUXPXD[BTJFLPS[ZTUBOJB[VS[ÅE[FOJB
*OTUBMBUPS PEQPXJBEB [B OJFOBHBOOF GVOLDKPOPXBOJF VS[ÅE[FOJB
XNJFKTDVKFHP[BNPOUPXBOJB
■6S[ÅE[FOJFNPļFQPEĂÅD[ZÇXZĂÅD[OJFBVUPSZ[PXBOZ
GBDIPXJFD
■1S[FEXZLPOBOJFNXT[FMLJDIQSBDXZĂÅD[ZÇEPQĂZXQSÅEV
■8DFMVVOJLOJÙDJBTLBMFD[FĄTUPTPXBÇSÙLBXJDFPDISPOOF
$[ÙěDJTĂVļÅDFEPNPOUBļVNPHÅNJFÇPTUSFLSBXÙE[JF
■6S[ÅE[FOJFQS[FE[BCVEPXÅTLPOUSPMPXBÇQPEX[HMÙEFN
VT[LPE[FĄUSBOTQPSUPXZDI
■6S[ÅE[FOJBOJFQPEOPTJÇUS[ZNBKÅD[BES[XJVDIXZUES[XJMVC
EPMOÅMJTUXÙXFOUZMBDZKOÅ
■1PED[BTJOTUBMBDKJOBMFļZVX[HMÙEOJÇBLUVBMOJFPCPXJÅ[VKÅDF
QS[FQJTZCVEPXMBOFPSB[QS[FQJTZSFHJPOBMOFHPEPTUBXDZ
FOFSHJJFMFLUSZD[OFK
■6S[ÅE[FOJFLMBTZ8XZQBELV[BCVEPXZVS[ÅE[FOJBX
NFCMBDILVDIFOOZDIQS[FTUS[FHBÇNJOJNBMOZDIPETUÙQ³X
QPEBOZDIXQMBOJF[BCVEPXZ
,QIRUPDFMHGRW\F]ĉFHSODQRZDQLD
/JFOBMFļZ[BNJFOJÇPHSBOJD[OJLBES[XJ
0ETUÙQLPSQVTVNFCMBPEQPXJFS[DIOJGSPOUPXFKES[XJ NN
0ETUÙQLPSQVTVNFCMBPELSBXÙE[J[FXOÙUS[OFKVDIXZUVES[XJ
 NN
/BMFļZ [XS³DJÇ VXBHÙ OB XZTUBKÅDÅ D[ÙěÇ GSPOUV XSB[ [ VDIXZUFN
ES[XJEPPUXJFSBOJBCPD[OZDIT[VGMBE
1S[ZQMBOPXBOJVSP[XJÅ[BOJBOBSPļOFHP[BDIPXBÇNJOLÅU
PUXJFSBOJBES[XJXZOPT[ÅDZp
;BCVEPXBQPEQĂZUBNJHS[FKOZNJPETUÙQQPNJÙE[ZEPMOÅTUSPOÅ
QĂZUZ HS[FKOFK J H³SOÅ LSBXÙE[JÅ PCVEPXZ QJFLBSOJLB QS[ZOBKNOJFK
NN6X[HMÙEOJÇXTLB[³XLJEPUZD[ÅDFQMBOPXBOJBQĂZU
HS[FKOZDIXT[D[FH³MOPěDJJOGPSNBDKFEPUZD[ÅDFXFOUZMBDKJ
QPEĂÅD[FOJBHB[V[BTJMBOJBFMFLUSZD[OFHP
3U]\JRWRZDQLHPHEOLGR]DEXGRZDQLD
.FCMFEP[BCVEPXZNVT[ÅCZÇPEQPSOFOBE[JBĂBOJFUFNQFSBUVS
EP p$GSPOUZTÅTJBEVKÅDZDINFCMJOBUPNJBTUEPUFNQFSBUVSZ
 p$
8ZDJÙDJFXFOUZMBDZKOFXEOJFQPěSFEOJNT[BGLJEP[BCVEPXZ
QS[ZOBKNOJFKYNN
(OJB[ELPQS[ZĂÅD[FOJPXFNVTJ[OBKEPXBÇTJÙQP[BOJT[ÅEP
[BCVEPXZ
1SBDF[XJÅ[BOF[XZLPOBOJFNXZLSPKVXNFCMVOBMFļZ
QS[FQSPXBE[JÇQS[FE[BCVEPXÅVS[ÅE[FOJB6TVOÅÇXJ³SZ
QPOJFXBļNPHÅPOFNJFÇOFHBUZXOZXQĂZXOBQSBDÙ
FMFLUSZD[OZDIQPE[FTQPĂ³XVS[ÅE[FOJB
.FCMFOJF[BNPDPXBOFOBMFļZ[BNPDPXBÇEPěDJBOZ[BQPNPDÅ
LÅUPXOJLBEPTUÙQOFHPXIBOEMV
6S[ÅE[FOJF[BCVEPXZXBÇUZMLPOBUBLÅXZTPLPěÇBCZNPļOB
CZĂPCF[QSPCMFNVXZKNPXBÇXZQPTBļFOJF
3RGãĉF]HQLHGRSUĉGX
;XSBDBÇVXBHÙOBPEQPXJFEOJF[BCF[QJFD[FOJFJOTUBMBDKJ
EPNPXFK /BQJÙDJF J D[ÙTUPUMJXPěÇ VS[ÅE[FOJB NVT[Å [HBE[BÇ TJÙ
[EBOZNJJOTUBMBDKJFMFLUSZD[OFKQBUS[UBCMJD[LB[OBNJPOPXB
6S[ÅE[FOJFTQFĂOJBXZNBHBOJBLMBTZPDISPOZJNPļFCZÇ
VļZULPXBOFXZĂÅD[OJFXQPĂÅD[FOJV[QS[ZĂÅD[FNQS[FXPEV
PDISPOOFHP
,POJFD[OFKFTU[BTUPTPXBOJFCF[QJFD[OJL³X#MVC$
8JOTUBMBDKJNVTJCZÇ[BNPOUPXBOZXZĂÅD[OJLPEĂÅD[BKÅDZ
XT[ZTULJFCJFHVOZ[NJOJNBMOZNPETUÙQFNTUZL³XXZOPT[ÅDZN
QS[ZOBKNOJFK NN.VTJPOCZÇĂBUXPEPTUÙQOZQPNPOUBļV
 
8U]ĉG]HQLHEH]NDEODSU]\ãĉF]HQLRZHJR QPEĂÅD[BÇ[HPEOJF[
SZTVOLJFNQPEĂÅD[FOJB8SB[JFQPUS[FCZ[BNPOUPXBÇEPĂÅD[POF
NPTULJNJFE[JBOF/JFQPQSBXOFQPEĂÅD[FOJFNPļFQSPXBE[JÇEP
[OJT[D[FOJBVS[ÅE[FOJB
1S[FX³E[BTJMBKÅDZUZQ)77'MVCPXZļT[ZDIQBSBNFUSBDI
ĻZĂBļ³ĂUP[JFMPOBEPQPEĂÅD[FOJBQS[FXPEVPDISPOOFHPNVTJQP
TUSPOJFVS[ÅE[FOJBCZÇEĂVļT[BPNNOJļJOOFļZĂZ
8QS[ZQBELVHĂÙCPLPěDJ[BCVEPXZXZOPT[ÅDFKNNLBCFM
QS[ZĂÅD[FOJPXZQS[FQSPXBE[JÇXPCSÙCJFěDJÙUFHPOBSPļOJLB
PCVEPXZQPQSBXFKTUSPOJFVEPĂV
0RQWDŰXU]ĉG]HQLD
■8SB[JF[BCVEPXZEX³DIVS[ÅE[FĄLPĂPTJFCJFPCZEXB
VDIXZUZES[XJ[BHĂÙCJFOJBOBVDIXZUZNVT[ÅCZÇTLJFSPXBOF
EPěSPELB
■+FěMJOBEVS[ÅE[FOJFNOJFNBEOBQPěSFEOJFHPXT[BGDF
X³XD[BTOBMFļZ[BCF[QJFD[ZÇVS[ÅE[FOJFXT[BGDFQS[FE
XZXS³DFOJFN[BNPDPXBÇXT[BGDFEXBEPTUÙQOFXIBOEMV
LÅUPXOJLJOBHĂÙCPLPěDJT[BGLJ NN NNQPOBE
VS[ÅE[FOJFN
6S[ÅE[FOJFXTVOÅÇDBĂLPXJDJFEPNFCMB
,BCMBQPEĂÅD[FOJPXFHPOJFXPMOP[BHJÅÇ[BLMJOPXBÇBOJ
QS[FQSPXBE[BÇOBEPTUSZNJLSBXÙE[JBNJ
6TUBXJÇVS[ÅE[FOJFěSPELPXP
1PNJÙE[Z VS[ÅE[FOJFN J GSPOUBNJ TÅTJBEVKÅDZDI NFCMJ [BDIPXBÇ
PETUÙQPT[FSPLPěDJNN
;BQPNPDÅQP[JPNJDZEPLĂBEOJFXZQP[JPNPXBÇVS[ÅE[FOJF
6S[ÅE[FOJF[BNPDPXBÇ[BQPNPDÅEPĂÅD[POZDIěSVC6TVOÅÇ
[BCF[QJFD[FOJF EP USBOTQPSUPXBOJB VNJFT[D[POF QS[Z ES[XJBDI
:VND]yZND 6TUBXJÇ VS[ÅE[FOJF ěSPELPXP J VNPDPXBÇ X NFCMV
OBKQJFSX[BQPNPDÅEPMOFKěSVCZ/BTUÙQOJFVNJFěDJÇPCZEXJF
H³SOFěSVCZ
8ZDJD
6WRVRZDþZãDŔFLZ\ZNUęWDNL]ZUDFDþXZDJęDE\QLH
]DU\VRZDþRVãRQ\
5HJXODFMDGU]ZL
8DFMVEPLĂBEOFHPXZQP[JPNPXBOJBNPļOBMFLLPXZSFHVMPXBÇ
ES[XJVS[ÅE[FOJB
8UZNDFMVPUXPS[ZÇES[XJVS[ÅE[FOJBJOJFDPQPMV[PXBÇPCJF
ěSVCZ NPDVKÅDF EPMOZ [BXJBT ES[XJ 8ZSFHVMPXBÇ ES[XJ J EPLSÙDJÇ
ěSVCZ
:VND]yZND %S[XJVS[ÅE[FOJBTÅGBCSZD[OJFXZSFHVMPXBOF
;B[XZD[BKEPEBULPXBSFHVMBDKBES[XJOJFKFTULPOJFD[OB
.RPELQDFMD]SLHNDUQLNLHPSDURZ\P
;BNPOUPXBÇOBKQJFSXQJFLBSOJLQBSPXZ1S[FTUS[FHBÇJOTUSVLDKJ
NPOUBļVQJFLBSOJLBQBSPXFHP
8QS[ZQBELVHĂÙCPLPěDJ[BCVEPXZNNVNJFěDJÇLBCFM
QS[ZĂÅD[FOJPXZXPCSÙCJFXZļĂPCJFOJBVS[ÅE[FOJB
.RPELQDFMD]V]XIODGĉJU]HMQĉ
/BKQJFSX[BNPOUPXBÇT[VGMBEÙHS[FXD[Å841S[FTUS[FHBÇ
JOTUSVLDKJNPOUBļVT[VGMBEZHS[FXD[FK
1JFLBSOJLXTVOÅÇOBET[VGMBEÙHS[FXD[ÅXT[BGDFEP[BCVEPXZ
1PED[BTXTVXBOJBOJFVT[LPE[JÇQS[FTĂPOZT[VGMBEZHS[FXD[FK
'HPRQWDŰ
6S[ÅE[FOJFPEĂÅD[ZÇPETJFDJ
0ELSÙDJÇěSVCZNPDVKÅDF
6S[ÅE[FOJFMFLLPVOJFěÇJXZDJÅHOÅÇXDBĂPěDJ
cs
Ö.POU¡ľOO¡WPE
'ŤOHçLWpSRN\Q\
■1FÍMJWÛTJQęFÍUÛUFO¡WPEBVTDIPWFKUFTJKFK1PV[FPECPSO¡
NPOU¡ľQPEMFO¡WPEVLNPOU¡ľJ[BSVÍCF[QFÍOPTUQęJ
QPVľW¡O;BCF[DIZCO©GVOHPW¡OWNTUÛJOTUBMBDFSVÍ
QSBDPWOLQSPW¡EÛKDJOTUBMBDJ
■1ęTUSPKTNQęJQPKJUQPV[FPECPSOLTQęTMVġO½NQPWPMFON
■1ęFEQSPW¡EÛONKBL½DILPMJQSBDPEQPKUFQęTUSPKPESP[WPEO©
TUÛ
■/PTUFPDISBOO©SVLBWJDFKBLPQSFWFODJęF[O½DI[SBOÛO%MZ
LUFS©KTPVCÛIFNNPOU¡ľFQęTUVQO©NPIPVNUPTUS©ISBOZ
■1ęFENPOU¡ľ[LPOUSPMVKUF[EBTFQęTUSPKQęJQęFQSBWÛ
OFQPġLPEJM
■/F[WFEFKUFQęTUSPK[BEWęLBKFKJDINBEMPBTQPEOWÛUSBDMJġUV
■1ęJJOTUBMBDJEPESľVKUFBLUV¡MOÛQMBUO©QęFEQJTZWZQM½WBKD[F
TUBWFCOIP [¡LPOB B QęFEQJTZ SFHJPO¡MOIP EPEBWBUFMF FMFLUęJOZ
■1ęTUSPKUęEZQęTUSPKį LNPOU¡ľJEPLVDIZĈTL©IPO¡CZULV
QPEMFO¡ÍSULVWNPOU¡ľONO¡WPEVEPESľVKUFNJOJN¡MO
W[E¡MFOPTUJ
3RN\Q\NSOiQRYiQt
;¡WÛTEWęFLOFOTUSBOPWÛ[¡NÛOO½
7[E¡MFOPTULPSQVTVO¡CZULVLÍFMOQMPġFEWęFL NN
7[E¡MFOPTULPSQVTVO¡CZULVLWOÛKġISBOÛNBEMBEWęFL NN
/F[BQPNFĈUFOBÍFMOQęFTBIWÍFUOÛNBEMBEWęFLQSPPUFWS¡O
CPÍODI[¡TVWFL
1ęJQM¡OPW¡OSPIPW©IPęFġFO[PIMFEOÛUFºIFMPUFWS¡OEWęFL
NJO p
1SPJOTUBMBDJQPEWBSO©EFTLZ7[E¡MFOPTUNF[JTQPEOTUSBOPV
WBSO©EFTLZBIPSOISBOPVTLęOÛUSPVCZNJO NNĘJÏUFTF
QPLZOZLQM¡OPW¡OWBSO½DIEFTFL[FKN©OBLWÛUS¡OBQęQPKDF
QMZOVFMFLUęJOZ
3ŒtSUDYDYHVWDYěQpKRQiE\WNX
7FTUBWO½O¡CZUFLNVTC½UPEPMO½WįÍJUFQMPU¡NEP p$
TPVTFEOÍFMOTUSBOZO¡CZULVEP p$
7ÛUSBDW½ęF[WNF[JEOVWFTUBWO©TLęĈLZNJO  Y  NN
1ęQPKLPW¡LSBCJDFTFNVTOBDI¡[FUNJNPQSPTUPSQSPWFTUBWCV
7½ęF[ZWO¡CZULVQSPW¡EÛKUFQęFEWTB[FONQęTUSPKF0ETUSBĈUF
UęTLZKJOBLCZNPIMBC½UOFHBUJWOÛPWMJWOÛOBGVOLDFFMFLUSJDL½DI
LPNQPOFOU
/FVQFWOÛO½O¡CZUFLQęJQFWOÛUFLF[EJCÛľO½NºIFMOLFN
1ęTUSPKJOTUBMVKUFQPV[FUBLWZTPLPBCZTUF[OÛKNPIMJCF[
QSPCM©NįWZOE¡WBUQęTMVġFOTUW
(OHNWULFNpSŒLSRMHQt
%CFKUFOBWIPEO©KJġUÛOFMJOTUBMBDFWEPN¡DOPTUJ/BQÛUB
GSFLWFODFQęTUSPKFNVTPEQPWEBUFMJOTUBMBDJWJ[UZQPW½ġUUFL
1ęTUSPKPEQPWE¡UęEÛPDISBOZBTNTFQPVľWBUKFOT
QęJQPKFO½NPDISBOO½NWPEJÍFN
+JġUÛOTBNPÍJOO½NJQPKJTULBNJ#OFCP$KFOF[CZUO©
7JOTUBMBDJNVTC½UWęB[FOWZQOBÍPEQPKVKDWġFDIOZQ³MZT
NJOJN¡MOW[E¡MFOPTULPOUBLUįNN7ZQOBÍNVTC½UQP
NPOU¡ľJJOBE¡MFQęTUVQO½
3ŒtVWURM EH] SŒtYRGQtKR NDEHOX 1ęJQPKVKUF QPV[F QPEMF TDI©NBUV
QęJQPKFO 7 QęQBEÛ QPUęFCZ OBNPOUVKUF QęJMPľFO© NÛEÛO© NįTULZ
/FTQS¡WO½NQęJQPKFONTFNįľFQPġLPEJUQęTUSPK
4ĥPW½ QęWPEO LBCFM 5ZQ ) 77' OFCP LWBMJUOÛKġ ĽMVUP[FMFO¡
ľMB QSP QęJQPKFO PDISBOO©IP WPEJÍF NVT C½U OB TUSBOÛ QęTUSPKF P
NNEFMġOFľPTUBUOľMZ
1SP NPOU¡ľO IMPVCLV  NN WFÏUF QęWPEO LBCFM EPMį WQSBWP W
PCMBTUJ[LPTFO©IPSPIVQęTUSPKF
0RQWiçSŒtVWURMH
■1ęJNPOU¡ľJEWPVQęTUSPKįWFEMFTFCF0CÛNBEMBEWęFL
[BQVġUÛO¡NBEMBNVTTNÛęPWBUEPTUęFEV
■/FOMJ OBE QęTUSPKFN NF[JEOP [BKJTUÛUF QęTUSPK WF TLęĈDF QSPUJ
QęFLMPQFO1ęJQFWOÛUFWFTLęĈDFQPPCPVTUSBO¡DIEWBCÛľO©
ºIFMOLZIMPVCLB NN NNOBEW½ġLVQęTUSPKF
1ęTUSPK[DFMB[BTVĈUFEPWFTUBWO©IPO¡CZULV
1ęJUPNTFOFTNQęWPEOLBCFM[BMPNJUQęJTLęQOPVUOFCPW©TU
QęFTPTUS©ISBOZ
1ęTUSPKWZSPWOFKUFUBLBCZCZMWFTUęFEV
.F[J QęTUSPKFN B TPVTFEONJ ÍFMONJ TUSBOBNJ O¡CZULV KF OVUO¡
NF[FSB NN
7ZSPWOFKUFKFKWPEPW¡IPVQęFTOÛWPEPSPWOÛ
6QFWOÛUFQęTUSPKQęJMPľFO½NJġSPVCZ0ETUSBĈUFQęFQSBWO
QPKJTULVVEWęFL
8SR]RUQěQt 1ęTUSPKWZSPWOFKUFUBLBCZCZMWFTUęFEVBOFKQSWF
KFKGJYVKUFWO¡CZULVTQPEONġSPVCFN1PU©QęJQFWOÛUFPCÛNB
IPSONJġSPVCZ
3R]RU
3RXçtYHMWHYKRGQìåURXERYiNQHVPtWHSRåNUiEDWRYOiGDFt
SDQHO
6HŒt]HQtGYtŒHN
1SPQęFTO©WZSPWO¡OM[FEWęLBTQPUęFCJÍFNSOÛTFęEJU
;BUNUPºÍFMFNPUFWęFUFEWęLBB NSOÛQPWPMUFPCBġSPVCZOB
EPMON[¡WÛTVEWęFL%WęLBTFęJÏUFB ġSPVCZVU¡IOÛUF
8SR]RUQěQt %WęLBKTPVQęJEPE¡OTFę[FO¡/PSN¡MOÛOFO
OVUO©EWęLBTFęJ[PWBU
 
.RPELQDFHVSDUQtWURXERX
/FKQSWF OBNPOUVKUF QBSO USPVCV %PESľVKUF NPOU¡ľO O¡WPE QBSO
USPVCZ
1SPNPOU¡ľOIMPVCLV NNVNTUÛUFQęWPEOLBCFMWPCMBTUJ
WZCS¡OQSPQęTUSPK
.RPELQDFHVRKŒHYQRX]iVXYNRX
/FKQSWFOBNPOUVKUFPIęFWOPV[¡TVWLV84ĘJÏUFTFO¡WPEFN
L NPOU¡ľJPIęFWO©[¡TVWLZ
5SPVCV[BTVĈUFEPWFTUBWO©TLęĈLZOBPIęFWOPV[¡TVWLV1ęJ
[BTPVW¡OOFQPġLPÏUFQBOFMPIęFWO©[¡TVWLZ
'HPRQWiç
0EQPKUFQęTUSPKPE[ESPKFOBQÛU
1PWPMUFVQFWĈPWBDġSPVCZ
1ęTUSPKNSOÛOBE[WFEOÛUFB[DFMBWZU¡IOÛUF
sk
ï0RQWiçQ\QiYRG
'{OHçLWpSRN\Q\
■4UBSPTUMJWPTJQSFÍUBKUFO¡WPEBVTDIPWBKUFTJIP*CBPECPSO¡
NPOU¡ľQPEþBUPIUPO¡WPEVOBNPOU¡ľ[BSVÍCF[QFÍOPTĥQSJ
QPVľWBO;BCF[DIZCO©GVOHPWBOJFWNJFTUFJOġUBM¡DJFSVÍ
QSBDPWOLWZLPO¡WBKºDJJOġUBM¡DJV
■4QPUSFCJÍTNJFQSJQPKJĥMFOPECPSOLTQSTMVġO½NQPWPMFON
■1SFEWZLPO¡WBONBL½DILPþWFLQS¡DPEQPKUFTQPUSFCJÍPE
SP[WPEOFKTJFUF
■/B[BCS¡OFOJFSF[O½N[SBOFOJBNOPTUFPDISBOO©SVLBWJDF
%JFMZ LUPS© Tº QPÍBT NPOU¡ľF QSTUVQO© N´ľV NBĥ PTUS© ISBOZ
■1SFENPOU¡ľPVTLPOUSPMVKUFÍJTBTQPUSFCJÍQPÍBTQSFQSBWZ
OFQPġLPEJM
■/F[EWIBKUFTQPUSFCJÍ[BEWJFSLBBOJ[BJDISºÍLVBBOJ[B
TQPEOºWFUSBDJVMJġUV
■1SJJOġUBM¡DJJEPESľVKUFBLUV¡MOFQMBUO©QSFEQJTZWZQM½WBKºDF[P
TUBWFCO©IP[¡LPOBBQSFEQJTZSFHJPO¡MOFIPEPE¡WBUFþB
FMFLUSJOZ
■4QPUSFCJÍQBUSEPQSTUSPKPWFKUSJFEZ 7IPEO½QSFNPOU¡ľEP
LVDIZOTL©IPO¡CZULVQPEþBO¡ÍSULVWNPOU¡ľOPNO¡WPEF
EPESľVKUFNJOJN¡MOFW[EJBMFOPTUJ
3RN\Q\SUHSOiQRYDQLH
;¡WFTEWJFSPLOJFKFTUSBOPWP[BNFOJUFþO½
7[EJBMFOPTĥLPSQVTVO¡CZULVLÍFMOFKQMPDIFEWJFSPLNN
7[EJBMFOPTĥLPSQVTVO¡CZULVLWPOLBKġFKISBOFSºÍLZEWJFSPL
NN
/F[BCVEOJUFOBÍFMO½QSFTBIWS¡UBOFSºÍLZEWJFSPLOBPUW¡SBOJF
CPÍO½DI[¡TVWJFL
1SJQM¡OPWBOSPIPW©IPVTQPSJBEBOJB[PIþBEOJUFVIPMPUW¡SBOJB
EWJFSPLNJOp
1SFJOġUBM¡DJVQPEWBSO©EPTLZ7[EJBMFOPTĥNFE[JTQPEOPV
TUSBOPVWBSOFKEPTLZBIPSOPVISBOPVUFMFTBSºSZNJO NN
%PESľJBWBKUFQPLZOZQSFQM¡OPWBOJFWBSO½DIEPTJFL
QSFEPWġFUL½NQPLZOZQSFWFUSBOJFBQSQPKLZQMZOVBFMFLUSJOZ
3UtSUDYDYVWDYDQpKRQiE\WNX
7TUBWBO½O¡CZUPLNVTCZĥPEPMO½WPÍJUFQMPU¡NEPp$
TVTFEO©ÍFMO©TUSBOZO¡CZULVEPp$
7FUSBDW½SF[WNF[JEOFWTUBWBOFKTLSJOFNJO  Y  NN
1SQPKO¡ġLBUVþBTBNVTOBDI¡E[BĥNJNPQSJFTUPSVQSF
[BCVEPWBOJF
7½SF[Z W O¡CZULV WZQSBDVKUF QSFE WTBEFON TQPUSFCJÍB 0ETUS¡ĈUF
USJFTLZJOBLCZNPIMBCZĥOFHBUWOFPWQMZWOFO¡GVOLDJB
FMFLUSJDL½DILPNQPOFOUPW
/FVQFWOFO½O¡CZUPLQSJQFWOJUFLTUFOFCFľO½NVIPMOLPN
4QPUSFCJÍJOġUBMVKUFMFOUBLWZTPLPBCZTUF[OFIPNPIMJCF[
QSPCM©NPWWZCFSBĥQSTMVġFOTUWP
(OHNWULFNpSULSRMHQLH
%CBKUFOBWIPEO©JTUFOJFFMFLUSJDLFKJOġUBM¡DJFWEPN¡DOPTUJ
/BQ¤UJFBGSFLWFODJBTQPUSFCJÍBNVTJB[PEQPWFEBĥFMFLUSJDLFK
JOġUBM¡DJJQP[SJUZQPW½ġUUPL
4QPUSFCJÍ[PEQPWFE¡USJFEFPDISBOZBTNJFTBQPVľWBĥMFOT
QSJQPKFO½NPDISBOO½NWPEJÍPN
*TUFOJFBVUPNBUJDL½NJQPJTULBNJ#BMFCP$KFOFWZIOVUO©
7JOġUBM¡DJJNVTCZĥ[BSBEFO½WZQOBÍPEQ¡KBKºDJWġFULZQ³MZT
NJOJN¡MOPVW[EJBMFOPTĥPVLPOUBLUPWNN7ZQOBÍNVTCZĥQP
NPOU¡ľJOBÏBMFKQSTUVQO½
6SRWUHELĀEH]SUtYRGQpKRNiEOD 1SJQ¡KBKUFJCBQPEþBTDI©NZ
QSJQPKFOJB7QSQBEFQPUSFCZOBNPOUVKUFQSJMPľFO©NFEFO©
NPTULZ/FTQS¡WOZNQSJQPKFONTBN´ľFTQPUSFCJÍQPġLPEJĥ
4JFĥPW½QSWPEO½L¡CFM5ZQ ) 77'BMFCPLWBMJUOFKġ
ĽMUP[FMFO¡ľJMBQSFQSJQPKFOJFPDISBOO©IPWPEJÍBNVTCZĥOB
TUSBOFTQPUSFCJÍBPNNEMIġJBBLPPTUBUO©ľJMZ
1SFNPOU¡ľOVIúCLVNNVNJFTUOJUFQSWPEO½L¡CFMEPMV
WQSBWPWPCMBTUJTLPTFO©IPSPIVTQPUSFCJÍB
0RQWiçVSRWUHELĀD
■1SJNPOU¡ľJEWPDITQPUSFCJÍPWWFEþBTFCB0CFSºÍLZEWJFSPL
[BQVTUFO©SºÍLZNVTJBTNFSPWBĥEPTUSFEV
■"LOJFKFOBETQPUSFCJÍPNNFE[JEOP[BJTUJUFTQPUSFCJÍWTLSJOJ
QSPUJQSFLMPQFOJV1SJQFWOJUFWTLSJOJQPPCPDITUSBO¡DIEWB
CFľO©VIPMOLZIúCLBNNNNOBEW½ġLVTQPUSFCJÍB
4QPUSFCJÍºQMOF[BTVĈUFEPWTUBWBO©IPO¡CZULV
1SJUPN TB OFTNJF QSWPEO½ L¡CFM [BMPNJĥ QSJġLSJQOºĥ BMFCP WJFTĥ
DF[PTUS©ISBOZ
4QPUSFCJÍWZSPWOBKUFUBLBCZCPMWTUSFEF
.FE[JTQPUSFCJÍPNBTVTFEO½NJÍFMO½NJTUSBOBNJO¡CZULVKF
OVUO¡NFE[FSBNN
7ZSPWOBKUFTQPUSFCJÍWPEPW¡IPVQSFTOFWPEPSPWOF
6QFWOJUFTQPUSFCJÍQSJMPľFO½NJTLSVULBNJ0ETUS¡ĈUFQSFQSBWOº
QPJTULVOBEWJFSLBDI
8SR]RUQHQLH 4QPUSFCJÍ WZSPWOBKUF UBL BCZ CPM QSFTOF W TUSFEF B
OBKQSW IP GJYVKUF W O¡CZULV TQPEOPV TLSVULPV 1PUPN IP QSJQFWOJUF
PCPNBIPSO½NJTLSVULBNJ
3R]RU
3RXçtYDMWHYKRGQìVNUXWNRYDĀQHVPLHWHSRåNULDEDŚSDQHO
1DVWDYHQLHGYLHURN
1SFTO©WZSPWOBOJFEWJFSPLNPľOPEPTJBIOVĥKFNO½NOBTUBWFON
%WJFSLB PUWPSUF B PCJEWF TLSVULZ OB EPMOPN [¡WFTF EWJFSPL NJFSOF
QPWPþUF%WJFSLBOBTUBWUFB TLSVULZVUJBIOJUF
8SR]RUQHQLH %WJFSLBTQPUSFCJÍBTºW TUBWFQSJEPEBO
OBTUBWFO©/BTUBWFOJFEWJFSPL[BOPSN¡MOZDIPLPMOPTUOJFKF
QPUSFCO©
.RPELQiFLDVSDUQRXU~URX
/BKQSWOBNPOUVKUFQBSOºSºSV%PESľVKUFO¡WPEOBNPOU¡ľQBSOFK
SºSZ
1SFNPOU¡ľOVIúCLVNNVNJFTUOJUFQSWPEO½L¡CFMWPCMBTUJ
WZCSBOJBUFMFTBTQPUSFCJÍB
.RPELQiFLDVRKUHYQRX]iVXYNRX
/BKQSWOBNPOUVKUFPISJFWBDJV[¡TVWLV%PESľJBWBKUFNPOU¡ľOZ
O¡WPEPISJFWBDFK[¡TVWLZ
3ºSV[BTVĈUFEPLVDIZOTLFKMJOLZOBPISJFWBDJV[¡TVWLV1SJ
[BTºWBOOFQPġLPÏUFQSFEO½QBOFMPISJFWBDFK[¡TVWLZ
'HPRQWiç
0EQPKUFQSTUSPKPE[ESPKBOBQ¤UJB
1PWPþUFVQFWĈPWBDJFTLSVULZ
4QPUSFCJÍNJFSOFOBEWJIOJUFBºQMOFWZUJBIOJUF
tr
ô0RQWDMN×ODYX]X
gQHPOLDo×NODPDODU
■,ñMBWV[VEJLLBUMFPLVZVOWFTBLMBZñO"ODBLNPOUBKLñMBWV[V
VZBSñODBVTVM¼OFVZHVONPOUFFEJMEJßJOEFDJIB[ñOLVMMBOñN
FTOBTñOEBH¼WFOMJßJTBßMBOñS$JIB[ñLVSBOLJğJDJIB[ñOLVSVMVN
ZFSJOEFLVTVSTV[§BMñğNBTñOEBOTPSVNMVEVS
■$JIB[ñOCBßMBOUñTñBODBLSVITBUMñCJSV[NBOLJğJUBSBGñOEBO
ZBQñMNBMñEñS
■)FSU¼SM¼§BMñğNBMBSBCBğMBNBEBO¶ODFFMFLUSJLCBßMBOUñTñOñ
LFTJO
■,FTJLZBSBMBSñOñ¶OMFNFLJ§JOLPSVZVDVFMEJWFOLVMMBOñO.POUBK
FTOBTñOEBFSJğJMFCJMJSPMBOQBS§BMBSLFTLJOLFOBSMBSBTBIJQ
PMBCJMJS
■.POUBK¶ODFTJDJIB[EBOBLMJZFIBTBSMBSñPMVQPMNBEñßñOñLPOUSPM
FEJO
■$JIB[ñLBQñTñOEBOLBQñLVMQVOEBOWFZBBMUIBWBMBOEñSNB
QFSWB[ñOEBOLBMEñSNBZñO
■,VSVMVNJ§JOZ¼S¼SM¼LUFPMBOZBQñZ¶OFUNFMJLMFSJJMFC¶MHFTFM
FMFLUSJLUFEBSJLğJSLFUJOJOZ¶OFUNFMJLMFSJOJEJLLBUFBMñO
■$JIB[TñOñGñFUBCJDJIB[.POUBKğFNBTñOBH¶SFNVUGBL
NPCJMZBMBSñOBNPOUFFEJMJSNJOJNVNNFTBGFMFSJEJLLBUFBMñO
 
3ODQODPDQRWODU×
,BQñZ¶O¼EFßJğUJSJMFNF[
.PCJMZBH¶WEFTJJMFLBQñ¶OZ¼[FZJBSBTñOEBLJNFTBGF NN
.PCJMZBH¶WEFTJJMFLBQñUVUBNBßñEñğLFOBSñBSBTñOEBLJNFTBGF
 NN
:BO §FLNFDFMFSJO B§ñMNBTñ J§JO LBQñ UVUBNBßñ EBIJM PMNBL ¼[FSF ¶O
§ñLñOUñZñEJLLBUFBMñO
,¶ğFMJ§¶[¼NQMBOMBSLFOFOB[pLBQñB§ñMNBB§ñTñOñEJLLBUF
BMñO
0DBL BMUñOB NPOUBK J§JO 0DBL BMU UBSBGñ JMF GñSñO H¶WEFTJOJO ¼TU UBSBGñ
BSBTñOEBLJNFTBGFFOB[NN0DBLMBSBBJUQMBOMBNBOPUMBSñ
¶[FMMJLMFIBWBMBOEñSNBHB[FMFLUSJLCBßMBOUñTñILEJLLBUF
BMñONBMñEñS
$QNDVWUHPRELO\DQ×QKD]×UODQPDV×
"OLBTUSFNPCJMZBMBS p$ZFLBEBSCJUJğJLNPCJMZBMBSñOQBOFMMFSJ
JTF p$ZFLBEBSTñDBLMñßBEBZBOñLMñPMNBMñEñS
"OLBTUSFEPMBCñOBSB[FNJOJOEFIBWBMBOEñSNBEFMJßJ
FOB[YNN
#BßMBOUñLVUVTVNPOUBKOJğJOJOEñğñOEBLBMNBMñEñS
.PCJMZBEBIB[ñSMBOBDBLPMBOZVWBMBSñDJIB[ñZFSMFğUJSNFEFO¶ODF
LFTJO5BMBğMBSñUFNJ[MFZJO"LTJUBLEJSEFFMFLUSJLMJQBS§BMBSñO
GPOLTJZPOVPMVNTV[FULJMFOFCJMJS
4BCJUMFONFNJğNPCJMZBMBSñTUBOEBSUCJSL¶ğFCFOUMFEVWBSB
TBCJUMFZJO
$JIB[ñBODBLBLTFTVBSMBSñOTPSVOTV[CJSğFLJMEF§ñLBSñMNBTñOñ
TBßMBZBDBLZ¼LTFLMJßFNPOUFFEJO
(OHNWULNEDùODQW×V×
&WEFLJUFTJTBUñOTJHPSUBTñOñOVZHVOPMNBTñOBEJLLBUFEJO$JIB[ñO
HFSJMJNJWFGSFLBOTñFMFLUSJLUFTJTBUñOBVZHVOPMNBMñEñSCL[5JQ
FUJLFUJ
$JIB[LPSVNBTñOñGñFUBCJEJSWFBODBLLPSVZVDVJMFULFO
CBßMBOUñTñZBQñMBSBLJğMFUJMFCJMJS
#WFZB$UJQJPUPNBUJLTJHPSUBMBSMBLPSVONBMñEñS
5FTJTBUUBU¼NGB[MBSñLBQTBZBOWFFOB[NNLPOUBLNFTBGFMJCJS
EFWSFLFTJDJğBMUFSNFWDVUPMNBMñEñS.POUBKTPOSBTñğBMUFSJO
FSJğJMFCJMJSPMNBTñHFSFLJS
%DùODQW×NDEORVX]FLKD] $JIB[ñOCBßMBOUñTñOñBODBLCBßMBOUñ
ğFNBTñOBH¶SFLVSVO(FSFLUJßJOEFUFTMJNBULBQTBNñOEBLJCBLñS
L¶QS¼MFSJNPOUFFEJO#BßMBOUñTñZBOMñğZBQñMEñßñOEBDJIB[IBTBS
H¶SFCJMJS
&MFLUSJLCBßMBOUñLBCMPTV)77'UJQJWFZBEBIBOJUFMJLMJ
,PSVZVDVJMFULFOCBßMBOUñTñOBNBITVTZFğJMTBSñLBCMPEBNBSñ
DJIB[UBSBGñOEBEJßFSLBCMPEBNBSMBSñOEBONNEBIBV[VO
PMNBMñEñS
NNNPOUBKEFSJOMJßJJ§JOCBßMBOUñLBCMPTVOVDJIB[ñOTBß
UBSBGUBLJZVWBSMBLMBğUñSñMNñğL¶ğFTJOEFOBğBßñZBZ¶OMFOEJSJO
&LKD]×QPRQWDM×
■ðLJDJIB[ñOZBOZBOBNPOUBKñ)FSJLJLBQñUVUBNBßñH¶NNF
UVUBNBLMBSPSUBZBCBLNBMñEñS
■$JIB[¼[FSJOEFBSB[FNJOCVMVONBEñßñUBLEJSEFEFWSJMNFNFTJ
J§JODJIB[ñEPMBCñOJ§JOEFTBCJUMFZJOðLJBEFUTñSBEBOL¶ğFCFOEJ
EPMBCñOIFSJLJUBSBGñOBNNEFSJOMJßFWFDJIB[Z¼LTFLMJßJOJO
NN¼[FSJOFTBCJUMFZJO
$JIB[ñUBNBNFOBOLBTUSFNPCJMZBOñOJ§JOFT¼S¼O
#VTñSBEBCBßMBOUñLBCMPTVOVC¼LNFZJOTñLñğUñSNBZñOZBEB
LFTLJOLFOBSMBS¼[FSJOEFOHF§JSNFZJO
$JIB[ñPSUBMBZBSBLZFSMFğUJSJO
$JIB[JMFCJUJğJLNPCJMZBQBOFMMFSJBSBTñOEBFOB[NNBSBMñL
CñSBLñMNBTñHFSFLJS
4VUFSB[JTJZBSEñNñZMBDJIB[ñOUFSB[JBZBSñOñUBNEPßSVPMBSBL
ZBQñO
$JIB[ñUFTMJNBULBQTBNñOEBLJWJEBMBSMBTBCJUMFZJO,BQñEBLJ
OBLMJZFFNOJZFUQBS§BTñOñ§ñLBSñO
%LOJL $JIB[ñPSUBMBZBSBLZFSMFğUJSJOWFJML¶ODFBMUWJEBZMB
NPCJMZBZBTBCJUMFZJO"SEñOEBOJLJ¼TUWJEBZñTñLñO
'LNNDW
8\JXQWRUQDYLGDNXOODQ×QSDQHOLoL]PH\LQ
.DSDù×QD\DUODQPDV×
5BNIJ[BMBOEñSNBJ§JODJIB[LBQBßñLPMBZDBBZBSMBOBCJMJS
#VOVOJ§JOLBQBßñB§ñOñ[WFBMULBQñNBGTBMñOEBLJIFSJLJDJWBUBZñ
HFWğFUJOJ[,BQBßñBZBSMBZñOñ[WFDJWBUBMBSñTñLñOñ[
%LOJL $JIB[LBQBßñUFTMJNFEJMEJßJLPOVNEBBZBSMBOEñ,BQñ
BZBSMBNBTñOPSNBMEFHFSFLMJEFßJMEJS
%XKDUO×NRPELI×U×QODNRPELQDV\RQ
ðML¶ODFCVIBSMñLPNCJGñSñOñNPOUFFEJO#VIBSMñLPNCJGñSñOñO
NPOUBKLñMBWV[VOVEJLLBUFBMñO
NNNPOUBKEFSJOMJßJJ§JOCBßMBOUñLBCMPTVOVH¶WEFCPğMVßV
UBSBGñOEBLPOVNMBOEñSñO
,V×WPDoHNPHFHVL\OHNRPELQDV\RQ
ODFñTñUNB§FLNFDFTJ84NPOUFFEJMNFMJEJS*TñUNB
§FLNFDFTJOJONPOUBKLñMBWV[VOBVZVMNBMñEñS
'ñSñONPOUBKEPMBCñJ§JOEFLJñTñUNB§FLNFDFTJ¼[FSJOFJUJMNFMJEJS
ð§FSJJUNFTñSBTñOEBñTñUNB§FLNFDFTJOJOLBQBßñOB[BSBS
WFSNFZJOJ[
&LKD]×Qo×NDU×OPDV×
$JIB[ñOFMFLUSJLCBßMBOUñTñOñLFTJO
4BCJUMFNFWJEBMBSñOñ§¶[¼O
$JIB[ñIBGJGLBMEñSñOWF§FLFSFL§ñLBSñO
th
úڅڴھښڱښڴڨڵڙڶڜڤڱڂڮڛڽڅڤڸۅڮڈ
ڬڢڳڣڽڬږڹګڴڅڲڎ
■զֈ֝ո֗֒֩֗վթ֢֘վ֕վ֘պ֥֩֒րվ֚ ֪֒և֩֗լ֊֚֕֡֒ևչ
֢֊֕֡զ֨տֈ֖զ֎֥֗֌֪֤վռ֚ ֩ռ֚ ֩ր֊֒չօ֖և
֒֝րզֈո֭վ֚ ֪խ֕֏֗ֆ֗ֈջռ֘լ֗վ֥չ֪֒և֩֗լր֊֒չօ֖և
զ֨պ֩֒֡ֆ֥֜֩֒չ֪ֈ֖տզ֗ֈպ֙չպ֖֪լ֒և֩֗լջ֞զպ֪֒լպ֗ֆէ֖֪վպ֒վ
ռ֚ ֩ֈ֕տ֤֝վթ֢֘վ֕վ֤֘վզ֗ֈպ֙չպ֖֪լվ֚ ֪֡ռ֩֗վ֖֪վ
ց֪֞ռ֚֩ռ֘զ֗ֈպ֙չպ֖֪լխ֕պ֪֒լ֡ր֨վց֪֞ֈ֖տց֙չկ֒տ֤վզ֗ֈպֈ֌խ֏֒տ֤֐֪֢վ֤֩խ֌֩
֗֒֝րզֈո֭խ֕֏֗ֆ֗ֈջռ֘լ֗վ֥չ֪֒և֩֗լ֏ֆտ֞ֈո֤֭վպ֢֘֐վ֩լպ֙չպ֖֪լ
■զ֗ֈպ֩֒ֈ֕տտ֥քք֪֗է֒լ֒֝րզֈո֭խ֕պ֪֒լչ֘֡վ֙վզ֗ֈ
֣չևկ֩֗լ֡ռթվ֙թռ֚ ֩ֆ֚ ֤տ֒վ֝ղ֗պ֡ռ֩֗վ֖֪վ
■պ֪֒լջ֒չ֒֝րզֈո֭֒֒զխ֗զ֢֐֊֩լխ֩֗և֥քք֪֗֡ֆ֜֩֒ռ֘զ֗ֈպ֙չպ֖֪լ
■֏֌ֆջ֝լֆ֜֒ր֪֒լզ֖վ֡փ֜֩֒ր֪֒լզ֖վ
զ֗ֈտ֗չ֡խ֨տխ֗զզ֗ֈջ֞զէ֒լֆ֚թֆտ֗չ կ֪֙վ֏֩֌վռ֚֩֏֗ֆ֗ֈջ֡է֪֗ջ֛լ֥չ֪
֤վֈ֕֐֌֩֗լզ֗ֈպ֙չպ֖֪լ֒֗խֆ֚է֒տթֆ
■պֈ֌խ֡կ֨թ֒֝րզֈո֭֌֩֗ֆ֚զ֗ֈկ֘ֈ֝չ֡֏֚և֐֗և
֡վ֜֩֒լխ֗զզ֗ֈէվ֏֩լ֐ֈ֥֜֒ֆ֩զ֩֒վռ֚ ֩խ֕ռ֘զ֗ֈպ֙չպ֖֪լ
■֐֪֗ֆևզ֒֝րզֈո֣֭չևխ֖տռ֚ ֩ւ֗ֆ֜֒խ֖տ
֐ֈ֜֒կ֩֒լֈ֕տ֗և֒֗զ֗֍չ֪֗վ֊֩֗լէ֒լ֒֝րզֈո֭
■֤վզ֗ֈպ֙չպ֖֪լ
պ֪֒լրմ֙տ֖պ֙պ֗ֆէ֪֒տ֖լթ֖տ֒֗թ֗ֈռ֚ ֩֡զ֚ ֩և֌է֪֒լ֢֊֕է֪֒զ֘֐վչէ֒լ
ց֪֞խ֖չխ֘֐վ֩֗և֥քք֪֤֗վրֈ֕֡ռ֍է֒լթ֝ո
■֒֝րզֈո֭վ֚ ֪֡ր֨վց֊֙պօ֖ոն֭$MBTT ֏֘֐ֈ֖տզ֗ֈպ֙չպ֖֪լ֤վկ֝չթֈ֖֌
պ֗ֆօ֗փրֈ֕զ֒տ֏֘֐ֈ֖տզ֗ֈպ֙չպ֖֪լ
զֈ֝ո֗րմ֙տ֖պ֙պ֗ֆթ֢֘վ֕վ֘֡զ֚ ֩և֌զ֖տֈ֕և֕֐֩֗լպ֩֘֏֝չ
ڃۆڮڢںڦڜڤڱڂڮڛڂڳڤڨڳڈھڝښږڵڕږڲۆڈ
տ֗վփ֖տէ֒լւ֗֒֝րզֈո֭փ֖տ֥չ֪ռ֗լ֡չ֚և֌
֢ցլւ֗է֒լ֒֝րզֈո֭խ֕և֜֩վ֒֒զխ֗զկ֩֒լպ֙չպ֖֪լ ֆֆ 
է֒տչ֪֗վվ֒զէ֒լֆ֜֒խ֖տխ֕և֜֩վ֒֒զխ֗զկ֩֒լպ֙չպ֖֪լ ֆֆ 
֡ֆ֜֩֒֌֗լ֢ցվ֡զ֚ ֩և֌զ֖տզ֗ֈպ֙չպ֖֪լ֊֪֙վկ֖զ֤զ֊֪զ֖տ֒֝րզֈո֭
֤֐֪փ֙խ֗ֈո֗ջ֛լֈ֕և֕և֜֩վէ֒լ֒֝րզֈո֭ֈ֌ֆռ֖֪լֆ֜֒խ֖տռ֚ ֩ւ֗չ֪֌և
֡ֆ֜֩֒֌֗լ֢ցվ֡զ֚ ֩և֌զ֖տզ֗ֈպ֙չպ֖֪լ֡է֪֗ֆ֝ֆ
֤֐֪փ֙խ֗ֈո֗ջ֛լզ֗ֈ֡ր֙չւ֗֒֝րզֈո֭հ֛֩լխ֕֡ր֙չ֒֒զ֡ր֨վֆ֝ֆp
֏֘֐ֈ֖տզ֗ֈպ֙չպ֖֪լչ֪֗վ֊֩֗լ֡պ֗ 
ֈ֕և֕֐֩֗լֈ֕֐֌֩֗լչ֪֗վ֊֩֗լէ֒լ֡պ֢֗֊֕ է֒տչ֪֗վտվէ֒լկ֩֒լ֡պ֗֒տ
պ֩֘֏֝չ ֆֆ թ֌ֈվ֘է֪֒ֆ֞֊րֈ֕զ֒տզ֗ֈ֌֗լ֢ցվպ֙չպ֖֪լ֡պ֗
 ֣չև֡ծփ֗֕֒և֩֗լև֙֩լ֤վ֏֩֌վռ֚ ֩֡զ֚ ֩և֌զ֖տֈ֕տտֈ֕տ֗և֒֗զ֗֍
֢֊֕զ֗ֈպ֩֒ֈ֕տտ֢զ֫֏  ֈ֕տտ֥քք֪֗ ֆ֗փ֙խ֗ֈո֗ֈ֩֌ֆչ֪֌և
ڂڳڤڽږڤڶڣڢڋڹڕڅڤڲڨ
պ֪֞պ֙չպ֖֪լ֒֝րզֈո֭խ֕պ֪֒լ֏֗ֆ֗ֈջռվթ֌֗ֆֈ֪֒վ֥չ֪ջ֛լ p$
֢֊֕ւ֗չ֪֗վ֐վ֪֗է֒լպ֪֞ռ֚ ֩֒և֞֩պ֙չզ֖վխ֕պ֪֒լ֏֗ֆ֗ֈջռվթ֌֗ֆֈ֪֒վ֥չ֪ջ֛լ
 p$
պ֪֒լռ֘զ֗ֈ֡խ֗֕կ֩֒լֈ֕տ֗և֒֗զ֗֍էվ֗չպ֩֘֏֝չ  Y  ֆֆ 
֤վկ֖֪վզ֊֗լէ֒լկ֝չթֈ֖֌֢տտր֙չռ֝զչ֪֗վ
զ֊֩֒լպ֩֒֏֗և֥քէ֒լ֒֝րզֈո֭պ֪֒լ֒և֞֩վ֒զփ֪֜վռ֚ ֩պ֙չպ֖֪լ
ռ֘զ֗ֈպ֖չկ֩֒լ֡ր֙չռ֚ ֩պ֪֞թֈ֖֌֢֊֣֕պ֫֕թֈ֖֌
֤֐֪֡ֈ֚ևտֈ֪֒ևզ֩֒վպ֙չպ֖֪լ֒֝րզֈո֭էխ֖չ֡֍֎֌֖֏չ֝֒֒զ֤֐֪֐ֆչ
֡վ֜֩֒լխ֗զ֒֗խ֏֩լց֊զֈ֕ռտպ֩֒զ֗ֈռ֘լ֗վէ֒լ֒֝րզֈո֥֭քք֪֥֗չ֪
և֛չ֒֝րզֈո֢֭տտպ֙չպ֖֪լ֊֒ևպ֖֌֡է֪֗զ֖տցվ֖լ
֣չև֤կ֪֢ր֪վև֛չֆ֗պֈյ֗վռ֚ ֩ֆ֚ խ֘֐վ֩֗ևռ֖֩֌֥ր
պ֙չպ֖֪լ֒֝րզֈո֭ռ֚ ֩թ֌֗ֆ֏֞լ֥ֆ֩֡զ֙վֈ֕չ֖տռ֚ ֩֏֗ֆ֗ֈջ
ջ֒չ֒֝րզֈո֭֡֏ֈ֙ֆ֒֒զ֥չ֪֣չև֏֕չ֌զ֡ռ֩֗վ֖֪վ
ڂڳڤږۅڮڤڱڛڛہڠڠۆڳ
պֈ֌խ֡կ֨թ֤֐֪֢վ֤֩խ֌֤֩֗վտ֪֗վռ֚ ֩պ֙չպ֖֪լֆ֚ ք֙֌֏֭֐ֈ֜֒
ֆ֚ զ֗ֈր֪֒լզ֖վչ֪֌և֡հ֒ֈ֭զ֙պ֡տֈզ֡զ֒ֈ֭֒և֩֗լ֡փ֚ևլփ֒
պֈ֌խ֡կ֨թ֌֩֗֒֝րզֈո֭ֆ֚ ֢ֈլչ֖վ֥քք֪֢֗֊֕թ֌֗ֆջ֚ ֩֡ռ֩֗զ֖վզ֖տ
ֈ֕տտ֥քք֪֗ռ֚ ֩խ֕պ֙չպ֖֪լ֒֝րզֈո֭ զֈ֝ո֗չ֞ռ֚ ֢֩ց֩վր֪֗ևֈ֕տ֝թ֩֗փ֙զ֖չ
 
֒֝րզֈո֭վ֚ ֪֡ր֨վց֊֙պօ֖ոն֭ռ֚ ֩ֆ֚ ֈ֕չ֖տզ֗ֈր֪֒լզ֖վ$MBTT 
֢֊֕պ֪֒լ֤կ֪լ֗վ֣չևֆ֚ խ֝չպ֩֒֏֗ևչ֙վր֪֒լզ֖վ֡ռ֩֗վ֖֪վ
պ֪֒լֆ֚ ք֙֌֏֭ր֪֒լզ֖վռ֚ ֤֩կ֪֡հ֒ֈ֭զ֙պ֡տֈզ֡զ֒ֈ֭#֐ֈ֜֒$
ֈ֕տտ֥քք֪֗ռ֚֩խ֕պ֙չպ֖֪լ֒֝րզֈո֭պ֪֒լֆ֚֒֝րզֈո֭պ֖չ֌լխֈռ֝զէ֖֪֌
BMMQPMF JTPMBUJOH TXJUDI ֣չևֆ֚ֈ֕և֕֐֩֗լ֐վ֪֗֏֖ֆց֖֏֒և֩֗լվ֪֒և  ֆֆ
֢֊֕պ֪֒լ֏֗ֆ֗ֈջ֡է֪֗ջ֛լ֥չ֪֐֊֖լխ֗զզ֗ֈպ֙չպ֖֪լ
ڮڹڜڂڤڔۉژڶۅہڢۅڢڶګڳڣہڠږۅڮڽڃۆڳڂڲڛڤڱڛڛہڠڠۆڳڽڢښ 
ռ֘զ֗ֈպ֩֒֏֗ևպ֗ֆռ֚ ֢֩֏չլ֥֌֪֤վ֢ցվց֖լզ֗ֈպ֩֒֏֗և֡ռ֩֗վ֖֪վ
պ֙չպ֖֪լտֈ֙չխ֭ռ֒լ֢չլպ֗ֆթ֌֗ֆխ֘֡ր֨վ
զ֗ֈպ֩֒֏֗և֥ֆ֩ջ֞զպ֪֒լ֒֗խռ֤֘֐֪֒֝րզֈո֥֭չ֪ֈ֖տթ֌֗ֆ֡֏֚և֐֗և֥չ֪
֏֗և֥քպ֩֒֡է֪֗զ֖տֈ֕տտ֥քք֪֗֡ֆվ ֏֗և֥քկվ֙չ ) 77'
֐ֈ֜֒֏֗և֥քռ֚ ֩ֆ֚ փ֙զ֖չ֏֞լզ֌֩֗ ֏֗և֥ք֏֚֡֐֊֜֒լ  ֏֚֡է֚և֌ռ֚ ֩խ֝չպ֩֒1&
պ֪֒լև֗֌զ֌֩֗֏֗և֥ք֒֜֩վռ֚ ֩չ֪֗վ֒֝րզֈո֭ ֆֆ 
չ֪֗վ֐֊֖լէ֒լ֒֝րզֈո֭ֆ֚ է֒տ֡֌֪֗֡է֪֗ջ֪֗պ֪֞ֆ֚ թ֌֗ֆ֊֛զ
 ֆֆ  պ֪֒լ֡չ֙վ֏֗ևպ֩֒֊լֆ֗
ռ֗լչ֪֗վ֐֊֖լէ֌֗է֒լպ֪֥֞րև֖լզ֊֩֒լպ֩֒֏֗և֥ք
ڂڳڤږڵڕږڲۆڈڮڹڜڂڤڔۉ
■֐֗զպ֙չպ֖֪լ֒֝րզֈո֭֏֒լկ֝չ֥֌֪է֪֗լզ֖վֆ֜֒խ֖տռ֚ ֩ւ֗  ֆ֜֒խ֖տ֢տտ֡֌֪֗
խ֕պ֪֒լ֒և֞֩պֈլզ֊֗լ
■ջ֪֥֗ֆ֩ֆ֚ կ֩֒լպ֙չպ֖֪լռ֚ ֩չ֪֗վտվէ֒լ֒֝րզֈո֭
֤֐֪և֛չ֒֝րզֈո֭֡փ֜֩֒ր֪֒լզ֖վզ֗ֈփ֊֙զթ֌֩֘֡ֆ֜֩֒֡ր֙չւ֗֒֝րզֈո֭
պ֙չպ֖֪լծ֗զ֣թ֪լ֢տտֆ֗պֈյ֗վէվ֗չ ֆֆ խ֘վ֌վպ֖֌
֡֐վ֜֒֒֝րզֈո֭ռ֚ ֩թ֌֗ֆ֊֛զ֡է֪֥֗ր֤վպ֪֞ ֆֆ 
չ֖վ֒֝րզֈո֭֡է֪֥֗ր֤վպ֪֞խվ֏֝չ
֐֪֗ֆ֤֐֪֏֗և֥ք֐֖զլ֒֐ֈ֜֒ջ֞զռ֖տ֐ֈ֜֒փ֗չց֩֗վէ֒տթֆպ֩֗լ֧
֌֗լ֒֝րզֈո֤֭֐֪֒և֤֞֩վպ֢֘֐վ֩լզ֛֩լզ֊֗լ
ֈ֕֐֌֩֗լ֒֝րզֈո֭զ֖տպ֪֞ռ֚ ֩֒և֞֩պ֙չզ֖վպ֪֒լֆ֚ֈ֕և֕֐֩֗լ  ֆֆ 
֤կ֪֐֊֒չֈ֕չ֖տկ֩֌և֤վզ֗ֈրֈ֖տ
պ֢֘֐վ֩լէ֒լ֒֝րզֈո֤֭֐֪֥չ֪ֈ֕վ֗տռ֚ ֩֏֝չ
և֛չ֒֝րզֈո֭֡է֪֤֗վպ֢֘֐վ֩լ֤֐֪֢վ֩վ֐վ֗ չ֪֌և֏զֈ֞ռ֚֩խ֖չֆ֤֗֐֪փֈ֪֒ֆզ֖վ
ջ֒չ֊֨֒թ֏֘֐ֈ֖տզ֗ֈէվ֏֩լ֒֒զխ֗զւ֗֒֝րզֈո֭
څڴڋڶۆھډڈ  խ֖չպ֢֘֐վ֩լ֒֝րզֈո֤֭֐֪֒և֞֩զ֛֩լզ֊֗լ
֢֊֪֌և֛չ֡է֪֗զ֖տպ֪֞չ֪֌և֏զֈ֞ռ֚ ֩չ֪֗վ֊֩֗լ
խ֗զվ֖֪վխ֛լ֤֏֩֏զֈ֞ռ֚ ֩չ֪֗վտվռ֖֪լ֏֒լպ֖֌
ڤڱڨڲڈ
ۀڋۆڽڅڤڸۅڮڈڢڸڮژڶۅڽڬڢڳڱګڢڬۆڳڢژڴۀڬۆھڝڈڕۆڳښڬښۆڳڽڜۄښڤڮڣڃںڕڃڶڕ
ڂڳڤڜڤڲڛھښڨڞڳ
ւ֗֒֝րզֈո֥֭չ֪ֈ֖տզ֗ֈ֒֒զ֢տտֆ֤֗֐֪րֈ֖տ֥չ֪֒և֩֗լ֏֕չ֌զ֡փ֤֜֩֒֐֪թ֝ո֏֗
ֆ֗ֈջռ֘զ֗ֈրֈ֖տ֢վ֌֥չ֪֒և֩֗լ֏ֆտ֞ֈո֭
֡ֆ֜֩֒պ֪֒լզ֗ֈրֈ֖տ
֤֐֪֡ր֙չւ֗֒֒զ֢֊֕թ֊֗և֏զֈ֞ռ֖֪լ֏֒լպ֖֌ռ֚֩տ֗վփ֖տէ֒լւ֗֒֝րզֈո֭չ֪֗վ֊֩
֗լրֈ֖տ֢վ֌ւ֢֗֊֪֌է֖վ֏զֈ֤֞֐֪֢վ֩վ
څڴڋڶۆھډڈ 
ւ֗֒֝րզֈո֥֭չ֪ֈ֖տզ֗ֈրֈ֖տ֢վ֌ֆ֗֡ֈ֚ևտֈ֪֒և֢֊֪֌զ֩֒վռ֚֩խ֕ֆ֚զ֗ֈխ֖չ֏֩լ֒֝
րզֈո֭ֆ֗ջ֛լֆ֜֒թ֝ոթ֝ոխ֛լ֥ֆ֩խ֘֡ր֨վպ֪֒լռ֘զ֗ֈրֈ֖տ֢վ֌ւ֚֗֒ զ
ڂڳڤږڵڕږڲۆڈڤۅڨڢڂڲڛڽږڳڮڛہڮښۆڴ
պ֙չպ֖֪լ֡պ֗֒տ֥֒վ֪֘զ֩֒վ
րմ֙տ֖պ֙պ֗ֆթ֢֘վ֕վ֤֘վզ֗ֈպ֙չպ֖֪լ֡պ֗֒տ֥֒վ֪֘
պ֪֒լ֡չ֙վ֏֗ևպ֩֒պ֗ֆէ֒տ֡֌֪֗ռ֚ ֩ֆ֝ֆէ֒լպ֪֞պ֙չպ֖֪լ
֡փ֤֜֩֒֐֪֥չ֪թ֌֗ֆ֊֛զ֤վզ֗ֈպ֙չպ֖֪լռ֚ ֩ ֆֆ 
ڂڳڤږڵڕږڲۆڈڤۅڨڢڂڲڛڽڅڤڸۅڮڈڮڹۅښڮڳڬڳڤھڛڛڦڵۆښڋڲڂ
պ֙չպ֖֪լ֡թֈ֜֩֒լ֒֝֩վ֒֗֐֗ֈ֢տտ֊֪֙վկ֖զզ֩֒վ
րմ֙տ֖պ֙պ֗ֆթ֢֘վ֕վ֤֘վզ֗ֈպ֙չպ֖֪լ֡թֈ֜֩֒լ֒֝֩վ֒֗֐֗ֈ֢տտ֊֪֙վկ֖զ
֡֊֜֩֒վ֡պ֗֒տ֡է֪֥֗ր֤վպ֪֞ռ֚ ֩չ֪֗վտվէ֒լ֡թֈ֜֩֒լ֒֝֩վ֒֗֐֗ֈ֢տտ֊֪֙վկ֖զ
֐֪֗ֆռ֤֘֐֪ւ֗֡թֈ֜֩֒լ֒֝֩վ֒֗֐֗ֈ֢տտ֊֪֙վկ֖զկ֘ֈ֝չ֡֏֚և֐֗ևէո֕֡֊֜֩֒վ֡է֪֗
ڂڳڤڗڮڕڮڹڜڂڤڔۉ
ջ֒չր֊֖֫զ֒֝րզֈո֭֒֒զխ֗զ֢֐֊֩լխ֩֗և֥ք
թ֊֗և֢֊֕ջ֒չ֏զֈ֞և֛չ
ևզ֒֝րզֈո֭է֛֪վ֡֊֨զվ֪֒և֢֊֪֌չ֛լպ֖֌֒֝րզֈո֭֒֒զֆ֗ռ֖֪լ֐ֆչ
zh
÷㨴杰檟䒹
珜殐渃䠝
■檢橏嗊環檦䗗㨴杰檟䒹㴡⺈㨃㗓㨴〓唯㗛䑤Ⴒ㊕䖴䆴倒㨴杰檟䒹
䨎圙㨴杰叠㔓냌䃸徨⺈橬⸪叓㨴〓Ⴒ㨴杰㲐毊毎圙⺈叠㔓㗓㨴杰
ⷸ帙ⲵ䨎㳣㲐⸇Ⴒ
■㊕徨叜䆬䖴ⲵ㭂橬ⴑ唯Ⲿⳅⵥ㌃溉䉐叠㔓Ⴒ
■溆曷㨴杰䍸⸇䒡냌叠㔓㹰眦⵹叠䴻䑘㶫Ⴒ
■䃟ⲵ瓝䅏䃶㠂ⶐ瓝ㄝ⷏Ⴒ㗓㨴杰湲墶Ⳙ坛㹂ホ唯澓ⶡ㊚徨〢䖴玶
ピ唯湤巃Ⴒ
■㨴杰ヸ냌䝫䚐叠㔓䓚㋑䖴ⶦ⸀湻渾䈊㗺Ⴒ
■Ⲹ栬䄾嗫璓Ⴑ璓䄵䃶䃁㵀澓唯滅睹㊎䉻⳩叠㔓Ⴒ
■㨴杰䒡냌㹰眦漠㨳剛曷唯㶥姼桯㩅㌷㷾㗛⹆叠澓璓唯桯㩅Ⴒ
■䗗叠㔓㬉ⴹ  嬦叠㔓냌㊚䛤䈙㨴杰㖩㨴杰㗓䤜䚇ⳘႲ 檢漠倒䖫㪺
沈塦Ⴒ
淍涰㬖价
㶫璓䑤㊼Ⲹ㊚檮Ⴒ
叠㔓唯璓䘪朓瘍氰ゥ䤜䚇㶫㧿 NNႲ
璓䄵䃶㟁湤桽氰ゥ䤜䚇㶫㧿 NNႲ
疫栬䃾㶫叠㔓䑬唯䅨㫴䒡냌檢庮擼ㆰ䆗璓䄵䃶㗓〰唯㘭㽗儔Ⴒ
溆曷䅻桽㨴杰䒡냌檢䮓㾺㶫璓桽㵑⳥pႲ
㗓伡〢Ⲷ䑤㨴杰䒡냌伡〢㵀湤㌷侏婜㨴杰ⷸ帙眡湤⳶璟唯䖫㪺沈塦
⳥NNႲㅌ㹰庮擼伡〢唯橩橌檟䒹 㫏〡䓚滅睹Ⴑ偮䪿溉䉐Ⴑ
叠䪿溉䉐 Ⴒ
㏕㬖䲀䧫
㨴杰䤜䚇㹰眦徨㟊䄪㊂禃湩p$唯䳔㵑냌喣潦䤜䚇唯瘍䘪徨㟊䄪
㊂禃湩p$唯䳔㵑Ⴒ
㌓㖟䤜䚇唯Ⳙ璟㵀䘪ⲵ㹰眦䖴ⲫⳕ悞㪼⳥  Y  NN 唯滅睹㧿Ⴒ
叠㔓䉐嵪啽㹰眦㲮帙㗓㨴杰夥璟唯㟁㖟Ⴒ
㗓㨴杰叠㔓ヸ냌㴿㪤䤜䚇㌷㲐⸇㊛溆曷ゲㄝႲ䲰甏ビ慜냌㋑ツⷅ㸜
㍸叠䪿澓ⶡ唯䨎㳣㲐⸇Ⴒ
⸪叓㲭㏙唯䚲ぱ䏚䙡㪱冗奶㶺䤜䚇㖥㩅ホ㝄㝬ⲵႲ
叠㔓唯㨴杰禃㵑㹰眦⹪ⴹ渦䘩䅱㈣瓯ⶡႲ
坄丣燭䖴
圙⺈㩡叠嵪沚宦嶊〢䖴汞㟊唯⺈甔Ⳉ䃁䑘沚㔓⺈䅏Ⴒ䝫䚐㴡圙橏叠
㔓唯叠㈶㌷眼刲ⲹ叠䪿㨴杰宦嶊ⲫ悟 ㉭桬玘僷 Ⴒ
䗗叠㔓㬉ⴹ嬦橩㞲냌⸪叓䒡疫栬濸㞲⺈䅏㻒䉐㗛溉䉐Ⴒ
倿䑘⺈䅏疫⸪叓#䃁$䑘沚㔓Ⴒ
㨴杰宦嶊㹰眦灲叓梑佤璟畄䖫㪺⳥  NN 唯〓叠䘬甿塦㶫〞Ⴒ 㨴杰
⳶㊹냌㹰眦⵸信⹪ⴹ⸪叓Ⴒ
〜䀵坄傟燭䖴惎墓坄㡷넨㊕徨䆴䉐嵪㖩䃫埥溆曷溉䉐Ⴒ䛤䈙疫栬㨴
杰町橩㞲濸㠂䉻⹆唯率嵪䜐Ⴒ溉䉐Ⲹ䨎圙㊚徨ⷅ㪧悟叠㔓䈊㗺Ⴒ
叠䴻溉䉐嵪냚)77' 㘶䃁䖟禃Ⴒ叓ⴹ1&溉䉐唯絯  嶪㪧嵪㹰
眦䩿叠㔓妚唯〡㨮㪧嵪琪NNႲ
叠㔓㊹澓䖴䑇湤Ⴒ㷾䤜䚇䲜㵑⳥ NN䒡냌溉䉐㪧嵪㴿滅湲䤜䚇
㊹澓㊞⹒㊼Ⲷ溉䉐悞䉐嵪啽Ⴒ
㶘櫔坄㡷
■㴡䈽㨴杰ⳏ㊛叠㔓䒡냌璓䄵䃶  イ溆䄵䃶㹰眦ⷸⴹⳘ璟ⷸ帙Ⴒ
■㠭䙇叠㔓ⲵ䑤䭌䖴㖥㩅䙡냌疫㖥㩅ⷺ叠㔓냌ⶐ瓝璓䃾㶫䒡叠㔓⻩
⺽Ⴒ㗓䤜䚇〰 NN䲜㞯Ⴑ叠㔓ⲵ䑤 NN㞯㨴杰ⳏⳕ桽獬Ⴒ
㪱叠㔓㨷〓䉓【䤜䚇ⳘႲ
檢ㆪ巋嶀䃁㈌ⷺ叠䴻嵪냌ⴊⲸ栬㗓玶ピ唯湤巃ⲵ㲮帙叠䴻嵪Ⴒ
㪱叠㔓㫰Ⳙ䏩帙Ⴒ
叠㔓㌷喣潦䤜䚇⳶璟㹰眦⺈各NN唯䪿㧿璟沈Ⴒ
⸪叓䫟㴞ⶕ橩帙叠㔓䫟㴞㵑냌⸪〡㨷〓䫟㴞Ⴒ
叓瓯㳑唯晥猴㪱叠㔓䆒寒ホⷸႲ䅱Ⲷ叠㔓璓ⲵ唯湻渾玬Ⴒ
䗟孉  㪱叠㔓䏩帙㗓Ⳙ璟ⷸ帙냌㴡叓Ⲷ䑤晥猴㖥㩅ホ䤜䚇ⲵႲ信㊹
〸㨴杰眡澓晥猴Ⴒ
价䌞 
ㆎ圷爑䅢墓㿴㎆Ꭵ㸞䇒넚〜殐㐽ㄳ祱䦎넏
㸈腟矷
⳥ⴱ㩉剛㨷帹㪤緻냌橩㞲璓䓚㊚ⶐ渦䘩檮愭唯Ⴒ
⳥䨏냌㊚ⶐ䃾㶫璓냌信㊹䆒䘩Ⲷ妚璓玛玩ⲵ唯ⳏ睂晥猴Ⴒ䄵璓㪤
緻냌信㊹䆒寒晥猴Ⴒ
䗟孉  叠㔓㉼毒䒡橩㞲璓㫜䓚㪤緻唯Ⴒ滅㳣䒋疫叜㽓䘐㪤緻Ⴒ
〝曇二勳巀惢㘗ㆎ圷
⿳㨴杰捣䬨侏婜Ⴒ漠㨳捣䬨侏婜唯㨴杰檟䒹Ⴒ
⳥ⴱ湩ホNN唯㨴杰䲜㵑냌叠䴻嵪㴿眥嗫䗥喁䅻桽唯䑇湤䈽
ヂႲ
〝䢥媮䓌㹘惢㘗ㆎ圷
硁⿳㨴杰䕁昡䅨㫴Ⴒ檢䆴倒䕁昡䅨㫴㨴杰檟䒹溆曷䍸⸇Ⴒ
㪱叠㔓䵼【䤜䚇냌㪱〡帙ⴹ䕁坊䅨㫴眡澓Ⴒ䵼【䒡檢ㆪ䈊㗺䕁昡䅨
㫴喁㧻Ⴒ
䓕㖇
䑘㶫叠㔓叠䴻Ⴒ
䆒㶫㖥㩅晥猴Ⴒ
墸㹙䅗禃叠㔓㴡㪱〡㨷〓䅴ゥႲ

This manual suits for next models

3

Other Gaggenau Oven manuals

Gaggenau BOP 220 1 2 Series User manual

Gaggenau

Gaggenau BOP 220 1 2 Series User manual

Gaggenau BX 481 112 User manual

Gaggenau

Gaggenau BX 481 112 User manual

Gaggenau ED 220 Product guide

Gaggenau

Gaggenau ED 220 Product guide

Gaggenau ED 220-6 Series User manual

Gaggenau

Gaggenau ED 220-6 Series User manual

Gaggenau BS 260 User manual

Gaggenau

Gaggenau BS 260 User manual

Gaggenau BO 451 6 Series User manual

Gaggenau

Gaggenau BO 451 6 Series User manual

Gaggenau BOP2101.2 Operating and maintenance instructions

Gaggenau

Gaggenau BOP2101.2 Operating and maintenance instructions

Gaggenau BOP 210 1.2 User manual

Gaggenau

Gaggenau BOP 210 1.2 User manual

Gaggenau BS 470/471 User manual

Gaggenau

Gaggenau BS 470/471 User manual

Gaggenau BS 250/251 User manual

Gaggenau

Gaggenau BS 250/251 User manual

Gaggenau BX 481 612 User manual

Gaggenau

Gaggenau BX 481 612 User manual

Gaggenau BSP2601.1 User manual

Gaggenau

Gaggenau BSP2601.1 User manual

Gaggenau BSP 22 Series User manual

Gaggenau

Gaggenau BSP 22 Series User manual

Gaggenau BSP 270 User manual

Gaggenau

Gaggenau BSP 270 User manual

Gaggenau BO 240/241 User manual

Gaggenau

Gaggenau BO 240/241 User manual

Gaggenau EB 295-6 Operating and Specification sheet

Gaggenau

Gaggenau EB 295-6 Operating and Specification sheet

Gaggenau BS47 112 Series User manual

Gaggenau

Gaggenau BS47 112 Series User manual

Gaggenau BS 280/281 1.1 User manual

Gaggenau

Gaggenau BS 280/281 1.1 User manual

Gaggenau BOP2201.2 User manual

Gaggenau

Gaggenau BOP2201.2 User manual

Gaggenau BO 280/281-6 User manual

Gaggenau

Gaggenau BO 280/281-6 User manual

Gaggenau EB 333 610 User manual

Gaggenau

Gaggenau EB 333 610 User manual

Gaggenau BS 464 610 User manual

Gaggenau

Gaggenau BS 464 610 User manual

Gaggenau BSP 221 User manual

Gaggenau

Gaggenau BSP 221 User manual

Gaggenau BO 420 2 Series User manual

Gaggenau

Gaggenau BO 420 2 Series User manual

Popular Oven manuals by other brands

GE JTP28SK datasheet

GE

GE JTP28SK datasheet

Samsung NV70K2340RS User & installation manual

Samsung

Samsung NV70K2340RS User & installation manual

Belling Built-in Electric Induction Users guide & installation handbook

Belling

Belling Built-in Electric Induction Users guide & installation handbook

Pacifica POVS9 Titan quick start guide

Pacifica

Pacifica POVS9 Titan quick start guide

Jenn-Air JJW8630 Service manual

Jenn-Air

Jenn-Air JJW8630 Service manual

XLT Ovens XLT Gas Oven Parts & service manual

XLT Ovens

XLT Ovens XLT Gas Oven Parts & service manual

Lincoln Impinger II Express Series Parts & service manual

Lincoln

Lincoln Impinger II Express Series Parts & service manual

Fagor HVG-10/11 Technical manual

Fagor

Fagor HVG-10/11 Technical manual

Thermador Pro Harmony PA30GLBH Installation

Thermador

Thermador Pro Harmony PA30GLBH Installation

Dometic StarLight Installation and operating manual

Dometic

Dometic StarLight Installation and operating manual

Miele DGC 7845 X Operating and installation instructions

Miele

Miele DGC 7845 X Operating and installation instructions

Franke FSM 97 P user manual

Franke

Franke FSM 97 P user manual

EasyCook 727e manual

EasyCook

EasyCook 727e manual

Moulinex OV2066 manual

Moulinex

Moulinex OV2066 manual

Caple C2219 instruction manual

Caple

Caple C2219 instruction manual

Tower Hobbies T14012 Safety and instruction manual

Tower Hobbies

Tower Hobbies T14012 Safety and instruction manual

Vulcan-Hart VCG10H Installation and operation manual

Vulcan-Hart

Vulcan-Hart VCG10H Installation and operation manual

AEG BSK892230B user manual

AEG

AEG BSK892230B user manual

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

Copyright 2025 Manuals.Online. All Rights Reserved.