Gaggenau BS 47 Series User manual

*9000796330*  

%6
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
ø,QVWUXNVLSHPDVDQJDQ
÷㶘櫔渃䠝










%6
%6





%6


PLQ
PLQ


PLQ


%6

:6
PLQ
PLQ

PLQ

 
%6

:6









PLQ





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


de
Ø.POUBHFBOMFJUVOH
:LFKWLJH+LQZHLVH
: 9HUOHW]XQJVJHIDKU
%BT (FS¤U JTU TDIXFS ;VN #FXFHFO EFT (FS¤UFT TJOE  1FSTPOFO
FSGPSEFSMJDI/VSHFFJHOFUF)JMGTNJUUFMWFSXFOEFO
■%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CFJOBDIHF
S¼TUFUFN(SJGG4POEFS[VCFI¶S
'SPOU¼CFSTUBOEHHG JOLM 5¼SHSJGGG¼SEJFGGOVOHWPOTFJUMJDIFO
4DIVCMBEFOCFBDIUFO
#FJ1MBOVOHFJOFS&DLM¶TVOH5¼S¶GGOVOHTXJOLFMWPONJOEp
CFS¼DLTJDIUJHFO
CFSEJFTFN(FS¤UEBSGLFJOBOEFSFTFMFLUSJTDIFT(FS¤UJOEFO
4DISBOLFJOHFCBVUXFSEFO
%JF(FS¤UFWFSTJPONJUEFN#FEJFOUFJMVOUFOOJDIU¼CFSFJOFN
(FTDIJSSTQ¼MFS FJOCBVFO "VGTUFJHFOEFS %BNQG BVT EFN (FTDIJSS
TQ¼MFSLBOOEJF(FS¤UFFMFLUSPOJLCFTDI¤EJHFO
6LHN|QQHQIROJHQGHV,QVWDOODWLRQV]XEHK|UEHVWHOOHQ
■(;  7FSM¤OHFSVOHEFT;VVOE"CMBVGTDIMBVDIT
-¤OHF N
■('  &OULBMLVOHTVOE(FTDINBDLTGJMUFS
%BT&OULBMLVOHTTZTUFNCFJN"OTDIMJFFOEFT(FS¤UTWPSTFIFO
TPGFSOEJF8BTTFSI¤SUFpE)¼CFSTDISFJUFUVNEJF7FSLBMLVOH
EFT(FS¤UFT[VSFEV[JFSFO
(LQEDXP|EHOYRUEHUHLWHQ
&JOCBVN¶CFM N¼TTFO CJT p$ UFNQFSBUVSCFTU¤OEJH TFJO BOHSFO
[FOEF.¶CFMGSPOUFOCJTp$
"OTDIMVTTEPTFNVTTBVFSIBMCEFS&JOCBVOJTDIFMJFHFO
"VTTDIOJUUBSCFJUFOBN.¶CFMWPSEFN&JOTFU[FOEFT(FS¤UFT
EVSDIG¼ISFO4Q¤OFFOUGFSOFOEJF'VOLUJPOWPOFMFLUSJTDIFO#BV
UFJMFOLBOOCFFJOUS¤DIUJHUXFSEFO
/JDIUCFGFTUJHUF.¶CFMNJUFJOFNIBOEFMT¼CMJDIFO8JOLFMBOEFS
8BOECFGFTUJHFO
(FS¤UOVSTPIPDIFJOCBVFOEBTT;VCFI¶SQSPCMFNMPTFOUOPN
NFOXFSEFOLBOO
(OHNWULVFKHU$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'BM
TDIBOTDIMVTT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
:DVVHUDQVFKOXVV
%BT(FS¤UJTUS¼DLTBVHTJDIFS%7(8HFQS¼GU"OTDIMVTTBSNBUV
SFONJU3¼DLGMVTTWFSIJOEFSFSTJOEOJDIUFSGPSEFSMJDI%JF7PSTDISJG
UFOEFTMPLBMFO8BTTFSWFSTPSHFSTCFBDIUFO
&JOF HFFJHOFUF &OULBMLVOHTBOMBHF WPS EFN (FS¤U JOTUBMMJFSFO GBMMT
EJF8BTTFSI¤SUFpE)¼CFSTDISFJUFU8JSFNQGFIMFOEFO&OULBM
LVOHTVOE(FTDINBDLTGJMUFS('  BMT4POEFS[VCFI¶S
FSI¤MUMJDI
%BT(FS¤UOVSBOFJOFO,BMUXBTTFSBOTDIMVTT4DIMBVDIWFSCJO
EVOH~8BTTFSESVDL CBSBOTDIMJFFO
+LQZHLV %FO ;VMBVGTDIMBVDI NJU EFN "OTDIMVTTXJOLFM BN (FS¤U
NPOUJFSFO 'LH.XQVWVWRIIhEHUZXUIPXWWHUQXUYRQ+DQGIHVW
]LHKHQ
%FS8BTTFSBOTDIMVTTG¼SEFO;VMBVGTDIMBVDINVTTJNNFS
[VH¤OHMJDITFJOOJDIUEJSFLUIJOUFSEFN(FS¤U
$EZDVVHUDQVFKOXVV
&JOFO 4JQIPO BN "CXBTTFSBOTDIMVTT WPSTFIFO %FS "OTDIMVTT BO
EFO4JQIPONVTTJNNFS[VH¤OHMJDITFJOOJDIUEJSFLUIJOUFSEFN
(FS¤U
:LFKWLJH+LQZHLVH]XP$EODXIVFKODXFK
■"CMBVGTDIMBVDIBOLFJOFS4UFMMFI¶IFSBMTEJF(FS¤UFVOUFSLBOUF
WFSMFHFO
■"CGMVTTNJO ¸ NN*OOFOEVSDINFTTFS
■"CXBTTFSBOTDIMVTTNJO  NNUJFGFSBMT(FS¤UFBCMBVG
■"CMBVGTDIMBVDIOJDIULOJDLFO
■#FJMJFHFOEFO"CMBVGTDIMBVDIOJDIUL¼S[FO
■"CMBVGTDIMBVDIOJDIUM¤OHFSBMTN
■5SBOTQPSUTJDIFSVOHEFT"CMBVGTDIMBVDIT.FUBMMC¼HFMBOEFS
(FS¤UFS¼DLTFJUFFOUGFSOFO
*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
■"VGEFS4DIBSOJFSTFJUFJN&JOCBVTDISBOLTFJUMJDIVOUFOEBTCFJ
MJFHFOEF)BMUFCMFDINJU[XFJ4DISBVCFOCFGFTUJHFO%FO
4DISBVCFONJUUFMQVOLUBOL¶SOFOEBT)BMUFCMFDINVTTFYBLU
QPTJUJPOJFSU XFSEFO +F OBDI &JOCBVTJUVBUJPO BVG ;XJTDIFOCPEFO
PEFS8¤SNFTDIVCMBEF84 EBT)BMUFCMFDIVNpESFIFO
%BT(FS¤UTDIOBQQUCFJN&JOTDIJFCFOJOEFO4DISBOLJOEBT
)BMUFCMFDIFJO
(FS¤UHBO[JOEBT&JOCBVN¶CFMFJOTDIJFCFO
"OTDIMVTTLBCFMVOE;VVOE"CXBTTFSTDIMBVDIEFT%BNQG
CBDLPGFOTIJOUFOMJOLTJN&JOCBVTDISBOL[VEFO"OTDIM¼TTFO
G¼ISFO %BCFJ "OTDIMVTTLBCFM VOE 4DIM¤VDIF OJDIU LOJDLFO FJO
LMFNNFO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 EFS CFJMJFHFOEFO 4DISBVCF CFGFTUJHFO 5SBOTQPSUTJDIF
SVOHBOEFS5¼SFOUGFSOFO
.RPELQDWLRQPLW%DFNRIHQ
#FJEFO(FS¤UFWFSTJPOFO#4 VOE#4 JTUEBT
#FEJFOGFMEVOUFO%BEVSDIFJHOFOTJDIEJFTF.PEFMMFCFTPOEFST
[VN&JOCBV¼CFSFJOFN(BHHFOBV#BDLPGFOEFS4FSJF#0 
;VFSTUEFO%BNQGCBDLPGFOBOTDIMJFFOEEFO#BDLPGFONPOUJF
SFO
'¼SFJOF&JOCBVUJFGFWPO NNEJF8BTTFSTDIM¤VDIFVOEEBT
"OTDIMVTTLBCFMJN#FSFJDIEFS(FI¤VTFBVTTQBSVOHQPTJUJPOJF
SFO
%JF3¼DLTFJUFEFS#BDL¶GFO#0 CFTJU[UFJOFBCHFTDIS¤HUF
&DLF "OTDIMVTTLBCFM VOE ;V VOE "CXBTTFSTDIMBVDI EFT %BNQG
CBDLPGFOTIJOUFOMJOLTJN&JOCBVTDISBOLOBDIVOUFO[VEFO
"OTDIM¼TTFOG¼ISFO
'BMMTEJF4DIM¤VDIFOJDIUJOEFS&DLFIJOUFOMJOLTJN&JOCBV
TDISBOLHFG¼ISUXFSEFONVTTCFJ&JOCBVEFT(FS¤UT¼CFSFJOFN
#BDLPGFO EFS 4DISBOLLPSQVT VN NJOE  NN OBDI WPSO HF[PHFO
XFSEFOVOEFJOF4FJUFOWFSLMFJEVOHPEFS7FSCMFOEVOHFJOHFTFU[U
XFSEFO


.RPELQDWLRQPLW:lUPHVFKXEODGH%UHLWH FP
;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
.RPELQDWLRQPLW:lUPHVFKXEODGH%UHLWH FP
&JOCBV#0#4#SFJUF DN¼CFS8¤SNFTDIVCMBEF84OVSNJU
GPSNTUBCJMFN;XJTDIFOCPEFO
$XVEDX
(FS¤UTQBOOVOHTMPTNBDIFO
#FGFTUJHVOHTTDISBVCFOM¶TFO
(FS¤UMFJDIUBOIFCFOVOEHBO[IFSBVT[JFIFO
en
Ú*OTUBMMBUJPOJOTUSVDUJPOT
,PSRUWDQWQRWHV
: 5LVNRILQMXU\
5IFBQQMJBODFJTIFBWZ5PNPWFUIFBQQMJBODF QFPQMFBSF
SFRVJSFE6TFPOMZTVJUBCMFUPPMTBOEFRVJQNFOU
■3FBE UIFTF JOTUSVDUJPOT DBSFGVMMZ BOE LFFQ UIFN JO B TBGF QMBDF
4BGFUZEVSJOHVTFDBOPOMZCFFOTVSFEJGUIFBQQMJBODFJTGJUUFE
DPSSFDUMZ BDDPSEJOH UP UIFTF JOTUBMMBUJPO JOTUSVDUJPOT 5IF JOTUBMMFS
JT SFTQPOTJCMF GPS FOTVSJOH UIBU UIF BQQMJBODF PQFSBUFT QFSGFDUMZ
BUUIFQPJOUPGJOTUBMMBUJPO
■0OMZBMMPXBMJDFODFEQSPGFTTJPOBMUPDPOOFDUUIFBQQMJBODF
■5IFBQQMJBODFNVTUCFEJTDPOOFDUFEGSPNUIFQPXFSTVQQMZ
EVSJOHBMMJOTUBMMBUJPOXPSL
■8FBS QSPUFDUJWF HMPWFT UP QSFWFOU JOKVSZ GSPN DVUT 1BSUT UIBU BSF
BDDFTTJCMFEVSJOHJOTUBMMBUJPONBZIBWFTIBSQFEHFT
■$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
$POTJEFSUIFPWFSIBOHJODMUIFEPPSIBOEMFXIFOQMBOOJOHUP
PQFOESBXFSTOFYUUPUIFBQQMJBODF
8IFOQMBOOJOHBDPSOFSTPMVUJPOQBZBUUFOUJPOUPUIFpEPPS
PQFOJOHBOHMF
%POPUJOTUBMMBOPUIFSFMFDUSJDBMBQQMJBODFBCPWFUIJTBQQMJBODFJO
UIFDBCJOFU
%POPUJOTUBMMUIFNPEFMUIBUGFBUVSFTUIFDPOUSPMTBUUIFCPUUPN
BCPWFBEJTIXBTIFS4UFBNGSPNUIFEJTIXBTIFSNJHIUEBNBHF
UIFFMFDUSPOJDTPGUIFTUFBNPWFO
<RXFDQRUGHUWKHIROORZLQJDFFHVVRULHVIRULQVWDOODWLRQ
■(;  FYUFOTJPOGPSTVQQMZBOEPVUMFUMFOHUI N
■('  EFTDBMJOHBOEOFVUSBMJTJOHGJMUFS
*GUIFIBSEOFTTPGUIFXBUFSFYDFFETpE)XFSFDPNNFOEUP
JOTUBMMBEFTDBMJOHTZTUFNCFUXFFOUIFUBQBOEUIFBQQMJBODFUP
SFEVDFUIFCVJMEVQPGMJNFTDBMF
3UHSDULQJNLWFKHQXQLWV
'JUUFEVOJUTNVTUCFIFBUSFTJTUBOUVQUP p$BEKBDFOUDBCJOFU
GSPOUTVQUP p$
5IFNBJOTTPDLFUOFFETUPCFQPTJUJPOFEPVUTJEFPGUIFCVJMUJO
OJDIF
$BSSZPVUBMMDVUPVUXPSLPOUIFGVSOJUVSFVOJUBOEXPSLUPQCFGPSF
GJUUJOHUIFBQQMJBODFT3FNPWFBOZTIBWJOHTPSUIFDPSSFDU
PQFSBUJPOPGFMFDUSJDBMDPNQPOFOUTNBZCFJNQBJSFE
4FDVSF GSFFTUBOEJOH VOJUT UP UIF XBMM VTJOH TUBOEBSE DPNNFSDJBMMZ
BWBJMBCMFCSBDLFUT
0OMZ GJU UIF BQQMJBODF VQ UP B IFJHIU XIJDI BMMPXT BDDFTTPSJFT UP CF
FBTJMZSFNPWFE
(OHFWULFDOFRQQHFWLRQ
.BLFTVSFUIBUUIFIPVTFIPMEJOTUBMMBUJPOIBTTVGGJDJFOUGVTFPS
DJSDVJUCSFBLFSQSPUFDUJPO$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
:DWHUFRQQHFWLRQ
5IJTBQQMJBODFJTQSPUFDUFEBHBJOTUCBDLTVDUJPO%7(8UFTUFE
*UJTUIFSFGPSFOPUOFDFTTBSZUPJOTUBMMDPOOFDUJPOGJUUJOHTXJUIOPO
SFUVSOWBMWF0CTFSWFUIFSFHVMBUJPOTPGZPVSMPDBMXBUFSTVQQMJFS
"TVJUBCMFEFTDBMJOHTZTUFNNVTUCFJOTUBMMFEXIFODPOOFDUJOHUIF
BQQMJBODFJGUIFXBUFSIBSEOFTTFYDFFETpE)8FSFDPNNFOE
UIFEFTDBMJOHTZTUFN('  BWBJMBCMFBTTQFDJBM
BDDFTTPSZ
0OMZDPOOFDUUIFBQQMJBODFUPBDPMEXBUFSDPOOFDUJPO~IPTF
DPOOFDUPSXBUFSQSFTTVSF CBS
1RWH GJU UIF FMCPX PG UIF JOMFU IPTF UP UIF BQQMJBODF 2QO\ WLJKWHQ
WKHSODVWLFFRQQHFWRUE\KDQG
5IF XBUFS DPOOFDUJPO NVTU BMXBZT CF BDDFTTJCMF BOE NVTU OPU CF
EJSFDUMZCFIJOEUIFBQQMJBODF
'UDLQDJHFRQQHFWLRQ
$POOFDU UIF ESBJO IPTF UP UIF ESBJO DPOOFDUJPO PG UIF XBTUF XBUFS
QJQFTJQIPO5IFESBJOQJQFDPOOFDUJPONVTUCFBDDFTTJCMFBUBMM
UJNFTBOETIPVMEOPUCFEJSFDUMZCFIJOEUIFBQQMJBODF
,PSRUWDQWQRWHVFRQFHUQLQJWKHGUDLQKRVH
■%SBJOBHFIPTFNVTUBMXBZTMJFCFMPXUIFBQQMJBODF
■" TVGGJDJFOU ESBJOBHF DSPTTTFDUJPO  NN JOOFS EJBNFUFS NVTU
CFHVBSBOUFFE
■%SBJOBHFDPOOFDUJPONVTUMJFBUMFBTU NNCFMPXUIFESBJO
XBUFSPVUMFUPGUIFBQQMJBODF
■%POPULJOLUIFESBJOIPTF
■%POPUTIPSUFOUIFESBJOIPTFTVQQMJFEXJUIUIFBQQMJBODF
■5IFUPUBMMFOHUIPGUIFESBJOIPTFNVTUOPUFYDFFEN
■#FGPSF JOTUBMMJOH UIF TUFBN PWFO SFNPWF UIF NFUBM IPMEFS PO UIF
CBDLXIJDIIPMETUIFESBJOIPTFJOQMBDFEVSJOHUSBOTQPSU
)LWWLQJWKHDSSOLDQFH
■8IFOJOTUBMMJOHUXPBQQMJBODFTTJEFCZTJEFUIFEPPSIBOEMFT
SFDFTTFEHSJQTNVTUCFJOUIFDFOUSF
■*GUIFSFJTOPGJUUFETIFMGBCPWFUIFBQQMJBODFTFDVSFUIF
BQQMJBODFBHBJOTUUJQQJOHPWFSXIFOUIFEPPSJTPQFOFE'JUUXP
TUBOEBSEBOHMFT NNBCPWFUIFBQQMJBODFBU NNEFQUI
JOTJEFUIFDBCJOFU
■'JYUIFSFUBJOJOHQMBUFUPUIFMPXFSTJEFPGUIFDBCJOFUPOUIF
IJOHFTJEFXJUIUIF TDSFXTJODMVEFE.BSLUIFQPTJUJPOPGUIF
TDSFXT XJUI B DFOUSF QVODI GPS FYBDU QPTJUJPOJOH PG UIF SFUBJOJOH
QMBUF5VSOUIFSFUBJOJOHQMBUFCZpEFQFOEJOHJGUIF
JOTUBMMBUJPO JT PO BO JOUFSNFEJBUF TIFMG PS PO UIF XBSNJOH ESBXFS
84 5IFPWFOIPPLTJOUPUIFSFUBJOJOHQMBUFXIFOQVTIFE
JOUPUIFDBCJOFU
'VMMZJOTFSUUIFBQQMJBODFJOUIFDBCJOFU
(VJEFUIFDPOOFDUJOHDBCMFUIFXBUFSJOMFUIPTFBOEUIF
ESBJOBHFIPTFPOUIFSFBSMFGUTJEFPGUIFDBCJOFUUPUIF
DPOOFDUJPOT %P OPU LJOL PS USBQ UIF QPXFS DBCMF BOE UIF IPTFT
PSSPVUFUIFNPWFSTIBSQFEHFT
$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TDSFXQSPWJEFE
3FNPWFUIFUSBOTQPSUBUJPOMPDLPGUIFEPPS


&RPELQDWLRQZLWKRYHQ
5IFNPEFMT#4 BOE#4 GFBUVSFEJTQMBZBOE
DPOUSPMTBUUIFCPUUPN5IFTFNPEFMTBSFFTQFDJBMMZTVJUBCMFGPS
JOTUBMMBUJPOBCPWFB(BHHFOBV#0 PWFO
'JUUIFTUFBNPWFOGJSTUUIFOUIFPWFO
5PBDIJFWFUIF NNJOTUBMMBUJPOEFQUIUIFXBUFSIPTFTBOE
DPOOFDUJPO DBCMF OFFET UP GPMMPX UIF TMBOUFE FEHF PO UIF DPSOFS PG
UIFIPVTJOH
5IF SFBS PG UIF TFSJFT #0  PWFOT IBT UBQFSFE FEHFT (VJEF UIF
DPOOFDUJOHDBCMFUIFXBUFSJOMFUIPTFBOEUIFESBJOBHFIPTFPO
UIFSFBSMFGUTJEFPGUIFDBCJOFUEPXOUPUIFDPOOFDUJPOT
*GUIFIPTFTDBOOPUCFHVJEFEEPXOPOUIFSFBSMFGUTJEFPGUIF
DBCJOFUXIFOUIFBQQMJBODFJTGJUUFEBCPWFBOPWFONPWFUIF
DBCJOFUBUMFBTU NNGSPNUIFXBMMBOEGJUBTJEFXBMM
&RPELQDWLRQZLWKZDUPLQJGUDZHUFPZLGWK
'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
&RPELQDWLRQZLWKZDUPLQJGUDZHUFPZLGWK
#0#4JOTUBMMBUJPODNXJEUIPWFS84XBSNJOHESBXFSXJUI
EJNFOTJPOBMMZTUBCMFJOUFSNFEJBUFGMPPSPOMZ
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
: 5LVTXHGHEOHVVXUH 
-BQQBSFJMFTUMPVSE QFSTPOOFTTPOUO©DFTTBJSFTQPVSE©QMBDFS
MBQQBSFJM6UJMJTFSFYDMVTJWFNFOUEFTNPZFOTBQQSPQSJ©T
■-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MBQPSUF  NNEBOTMFDBTEFMBQPJHO©FBKPVU©F
BDDFTTPJSFTQ©DJBM
'BJSFBUUFOUJPOBVE©CPSEFNFOUEFMBGB§BEFZDPNQSJTMFDBT
©DI©BOU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
"VDVO BVUSF BQQBSFJM ©MFDUSJRVF OF EPJU ªUSF JOTUBMM© EBOT MF NFVCMF
BVEFTTVTEFDFUBQQBSFJM
4JMBQQBSFJMFTUVONPE¨MFEPOUMFQBOOFBVEFDPNNBOEFFTUFO
CBTOFQBTMFQPTFSBVEFTTVTEVOMBWFWBJTTFMMF-BWBQFVS
SFNPOUBOUEVMBWFWBJTTFMMFQFVUFOEPNNBHFSM©MFDUSPOJRVFEF
MBQQBSFJM
9RXVSRXYH]FRPPDQGHUOHVDFFHVVRLUHVGLQVWDOODWLRQ
VXLYDQWV
■(;   QSPMPOHBUFVSEFUVZBVTPVQMFEBMJNFOUBUJPOFUEF
UVZBVTPVQMFE©WBDVBUJPOMPOHVFVS N
■('   GJMUSFEFE©UBSUSBHFFUEFQS©TFSWBUJPOEVHP»U
4JMBEVSFU©EFMFBVE©QBTTF G)pQS©WPJSMFTZTU¨NF
BOUJUBSUSFMPSTEVCSBODIFNFOUEFMBQQBSFJMBGJOEFS©EVJSF
MFOUBSUSBHFEFMBQQBSFJM
3UpSDUDWLRQGHVPHXEOHV
-FTNFVCMFTP¹TPOUFODBTUS©TMFTBQQBSFJMTEPJWFOUS©TJTUFS
KVTRVVOFUFNQ©SBUVSFEF p$FUMFTGB§BEFTEFTNFVCMFT
WPJTJOTKVTRV p$
-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
-BQSPUFDUJPOEPJUªUSFBTTVS©FBVNPZFOEFDPVQFDJSDVJU
BVUPNBUJRVFTEF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 1SPD©EFS BV CSBODIFNFOU
TVSMBTFVMFCBTFEVTDI©NB4JO©DFTTBJSFNPOUFSMFTDBWBMJFST
FODVJWSFGPVSOJT6OFFSSFVSEFCSBODIFNFOUQFVUFOEPNNBHFS
MBQQBSFJM
$PSEPOEBMJNFOUBUJPOTFDUFVS UZQF ) 77'PVRVBMJU©
TVQ©SJFVSF%VD´U©EFMBQQBSFJMMFDPOEVDUFVSEFQSPUFDUJPOWFSU
KBVOFEPJUªUSF NNQMVTMPOHRVFMFTBVUSFT
%UDQFKHPHQWGHOHDX
-BQQBSFJMFTUQSPU©H©DPOUSFMBS©BTQJSBUJPOUFTU©%7(8EF
TPSUFRVJMOFTUQBTO©DFTTBJSFEJOTUBMMFSEFEJTQPTJUJGBOUJSFUPVS
3FTQFDUFSMFTDPOTJHOFTEVGPVSOJTTFVSEFBV
4JMBEVSFU©EFMFBVE©QBTTF pG)JOTUBMMFSVOEJTQPTJUJG
BOUJUBSUSFFOBNPOUEFMBQQBSFJM/PVTSFDPNNBOEPOTEJOTUBMMFS
MFGJMUSFBOUJUBSUSFFUEFQS©TFSWBUJPOEVHP»U('  
EJTQPOJCMFFOBDDFTTPJSFTQ©DJBM
3BDDPSEFSMBQQBSFJMTFVMFNFOUVOFBSSJW©FEFBVGSPJEFUVZBV
TPVQMFEF~QSFTTJPOEFMFBV CBS
5HPDUTXH .POUFSTVSMBQQBSFJMMFUVZBVTPVQMFEBMJNFOUBUJPO
BWFDMFDPVEFEFSBDDPSEFNFOU 6HUUHUVHXOHPHQWjODPDLQ
OpFURXUDFFRUGHQSODVWLTXH 
-FCSBODIFNFOUEVUVZBVTPVQMFEBMJNFOUBUJPOEPJUSFTUFS
BDDFTTJCMFUPVUNPNFOUOFQBTMFQMBDFSKVTUFEFSSJ¨SF
MBQQBSFJM
5DFFRUGGpYDFXDWLRQ
1S©WPJSVOTJQIPOBVOJWFBVEVCSBODIFNFOUE©WBDVBUJPO-F
CSBODIFNFOUBVTJQIPOEPJUSFTUFSBDDFTTJCMFUPVUNPNFOUOF
QBTMFQMBDFSKVTUFEFSSJ¨SFMBQQBSFJM
5HPDUTXHVLPSRUWDQWHVFRQFHUQDQWOHWX\DXVRXSOH
GpYDFXDWLRQ
■-FUVZBVTPVQMFE©WBDVBUJPOOFEPJUBVDVOFOESPJUTFTJUVFS
BVEFTTVTEVCPSEJOG©SJFVSEFMBQQBSFJM
■4PSUJF EJBN¨USFJOU©SJFVSNJOJNBM ¸ NN
■3BDDPSE E©WBDVBUJPO  BV NPJOT  NN QMVT CBT RVF MB TPSUJF
EFMBQQBSFJM
■/FQBTDPVEFSMFUVZBVTPVQMFE©WBDVBUJPO
■/FQBTSBDDPVSDJSMFUVZBVE©WBDVBUJPOGPVSOJ
■5VZBVTPVQMFE©WBDVBUJPO MPOHVFVSNBYJNBMFN
■3FUJSFSMBT»SFU©EFUSBOTQPSUEVUVZBVTPVQMFE©WBDVBUJPO
©USJFSN©UBMMJRVFMBSSJ¨SFEFMBQQBSFJM
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


■%BOT MF NFVCMF EV D´U© EF MB DIBSOJ¨SF FO CBT TVS MF D´U© GJYFS
MBQMBRVFN©UBMMJRVFGPVSOJFBVNPZFOEFEFVYWJT#JFO
NBSRVFS MF DFOUSF EFT QPJOUT EF WJTTBHF DBS JM GBVU QPTJUJPOOFS MB
QMBRVFBWFDMBQMVTHSBOEFQS©DJTJPOQPTTJCMF4FMPOMB
DPOGJHVSBUJPOQPTFTVSUBCMFUUFJOUFSN©EJBJSFPVTVSUJSPJS
DIBVGGBOU84  UPVSOFSMBQMBRVFEFNBJOUJFOEFp"V
NPNFOU EF TPO JOTFSUJPO EBOT MF NFVCMF MBQQBSFJM TFODMJRVFUUF
EBOTMBQMBRVF
*OT©SFSDPNQM¨UFNFOUMBQQBSFJMEBOTMFNFVCMF
'BJSFFOUSFSMFDPSEPO©MFDUSJRVFFUMFTUVZBVYTPVQMFT
EBMJNFOUBUJPOFUE©WBDVBUJPOEVGPVSWBQFVSEVD´U©BSSJ¨SF
HBVDIFKVTRVBVYQPJOUTEFCSBODIFNFOU/FQBTDPVEFSMF
DPSEPO ©MFDUSJRVF FU MFT UVZBVY TPVQMFT OJ MFT DPJODFS PV MFT 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 MB WJT GPVSOJF &OMFWFS MB T©DVSJU© EF MB QPSUF
$VVRFLDWLRQDYHFXQIRXU
4VSMFTWFSTJPOT#4 FU#4 EFMBQQBSFJMMF
QBOOFBVEFDPNNBOEFFTUFOCBTDFRVJQFSNFUEJOTUBMMFSDFT
NPE¨MFTBVEFTTVTEVOGPVS(BHHFOBVEFMBT©SJF#0 
1PTFSEBCPSEMFGPVSWBQFVSQVJTMFGPVSDMBTTJRVF
1PVSVOFQSPGPOEFVSEFODBTUSFNFOUEF NNQPTJUJPOOFSMFT
UVZBVY TPVQMFT EFBV FU MF DPSEPO EBMJNFOUBUJPO ©MFDUSJRVF EBOT MB
[POFP¹MFCP®UJFSFTU©WJE©
-BSSJ¨SFEFTGPVST#0 DPNQPSUFVODPJODPVQ©'BJSFFOUSFSMF
DPSEPO©MFDUSJRVFFUMFTUVZBVYTPVQMFTEBMJNFOUBUJPOFU
E©WBDVBUJPOEVGPVSWBQFVSEVD´U©BSSJ¨SFHBVDIFEBOTMF
NFVCMFFUMFTGBJSFEFTDFOESFKVTRVBVYQPJOUTEFCSBODIFNFOU
4J MFT UVZBVY TPVQMFT OF QBTTFOU QBT QBS MF DPJO BSSJ¨SF HBVDIF EV
NFVCMF JM GBVU BV NPNFOU EF QPTFS MBQQBSFJM BVEFTTVT EVO GPVS
BWBODFSMFDPSQTEVNFVCMFEBVNPJOT  NNFUJOTUBMMFSVO
QBOOFBVMBU©SBMPVVODBDIF
&RPELQDLVRQDYHFXQWLURLUFKDXIIDQW
ODUJHXUFP
.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
&RPELQDLVRQDYHFXQWLURLUFKDXIIDQW
ODUJHXUFP
&ODBTUSFNFOU #0#4 MBSHFVS  DN BVEFTTVT EV UJSPJS DIBVGGBOU
84VOJRVFNFOUBWFDVOGBVYQMBODIFSJOE©GPSNBCMF
'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
: 3HULFRORGLOHVLRQL
-BQQBSFDDIJP¨QFTBOUF1FSTQPTUBSMPPDDPSSPOP QFSTPOF
6UJMJ[[BSFFTDMVTJWBNFOUFBVTJMJBEFHVBUJ
■-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DPONBOJHMJBBHHJVOUBTVDDFTTJWBNFOUFBDDFTTPSJP
TQFDJBMF
5FOFSFDPOUPEFMMBTQPSHFO[BEFMMBQBSUFGSPOUBMFFW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
4PQSBRVFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPOFTTVOBMUSP
EJTQPTJUJWPFMFUUSJDPBMMJOUFSOPEFMNPCJMF
/PO NPOUBSF TPQSB VOB MBWBTUPWJHMJF JM NPEFMMP EJ BQQBSFDDIJP DPO
JMRVBESPEJDPNBOEPJOCBTTP*MWBQPSFDIFFTDFEBMMB
MBWBTUPWJHMJFQV²EBOOFHHJBSFMFMFUUSPOJDBEFMMBQQBSFDDIJP
3RWHWHRUGLQDUHLVHJXHQWLDFFHVVRULSHUOLQVWDOOD]LRQH
■(;  1SPMVOHBEFMGMFTTJCJMFEJBMJNFOUB[JPOFFTDBSJDP
MVOHIF[[BN
■('  'JMUSPEJEFDBMDJGJDB[JPOFFBOUJTBQPSF
1SFWFEFSFVOTJTUFNBEJBEEPMDJNFOUPQSJNBEJDPMMFHBSF
MBQQBSFDDIJPTFMBEVSF[[BEFMMBDRVBTVQFSBVOWBMPSFEJpE)
QFSSJEVSSFMBGPSNB[JPOFEJDBMDBSFOFMMBQQBSFDDIJP
3UHSDUDUHLOPRELOHDGLQFDVVR
*NPCJMJEBJODBTTPEFWPOPFTTFSFSFTJTUFOUJBUFNQFSBUVSFGJOPB
p$JNPCJMJBEJBDFOUJGJOPBp$
-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
&ROOHJDPHQWRGHOODFTXD
-BQQBSFDDIJP¨EPUBUPEJVOEJTQPTJUJWPEJOPOSJUPSOPPNPMPHBUP
%7(8*SBDDPSEJDPOWBMWPMBEJSJUFOVUBOPOTPOPOFDFTTBSJ
0TTFSWBSFMFEJTQPTJ[JPOJEFMMB[JFOEBFSPHBUSJDFMPDBMF
*OTUBMMBSFVOBEEPMDJUPSFBEFHVBUPBNPOUFEFMMBQQBSFDDIJPTFMB
EVSF[[B EFMMBDRVB TVQFSB VO WBMPSF EJ pE) 7J DPOTJHMJBNP MVTP
EFMGJMUSPEJEFDBMDJGJDB[JPOFFBOUJTBQPSF('EJTQPOJCJMF
DPNFBDDFTTPSJPTQFDJBMF
$PMMFHBSFMBQQBSFDDIJPTFNQSFFTPMPBMMBDRVBGSFEEB
DPMMFHBNFOUPGMFTJCJMF~QSFTTJPOFEFMMBDRVBCBS
$YYHUWHQ]D .POUBSF TVMMBQQBSFDDIJP JM GMFTTJCJMF EJ BMJNFOUB[JPOF
DPOJMSBDDPSEPBOHPMBSF 6WULQJHUHLOGDGRLQSODVWLFDVROR
PDQXDOPHQWH
*MSBDDPSEPEFMMBDRVBEJBMJNFOUB[JPOFEFWFFTTFSFTFNQSF
BDDFTTJCJMFNBJEJSFUUBNFOUFEJFUSPMBQQBSFDDIJP
$WWDFFRVFDULFRDFTXD
1SFWFEFSF VO TJGPOF TVMMP TDBSJDP EFMMBDRVB *M SBDDPSEP TVM TJGPOF
EFWFFTTFSFTFNQSFBDDFTTJCJMFNBJEJSFUUBNFOUFEJFUSP
MBQQBSFDDIJP


,QGLFD]LRQLLPSRUWDQWLVXOIOHVVLELOHGLVFDULFR
■/POQPTBSFJOOFTTVOQVOUPJMGMFTTJCJMFEJTDBSJDPQJ¹JOBMUPEFM
CPSEPJOGFSJPSFEFMMBQQBSFDDIJP
■4DBSJDPEJBNFUSPJOUFSOPNJO ¸ NN
■"MMBDDJBNFOUPTDBSJDPNJONNQJ¹JOCBTTPEFMMPTDBSJDP
EFMMBQQBSFDDIJP
■/POQJFHBSFJMGMFTTJCJMFEJTDBSJDP
■/POUBHMJBSFJMGMFTTJCJMFEJTDBSJDPJOEPUB[JPOF
■'MFTTJCJMFEJTDBSJDPOPOQJ¹MVOHPEJN
■3JNVPWFSFMBQSPUF[JPOFQFSJMUSBTQPSUPEBMGMFTTJCJMFEJTDBSJDP
TUBGGBNFUBMMJDBTVMSFUSP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
■'JTTBSFMBMBNJFSBEJTVQQPSUPJOEPUB[JPOFDPOWJUJTVMMBUP
EFMMBDFSOJFSBOFMNPCJMFEBJODBTTPMBUFSMBNFOUFJOCBTTP
.BSDBSFJMDFOUSPEFMMBWJUFMBMBNJFSBEFWFFTTFSFQPTJ[JPOBUB
DPOFTBUUF[[B4FDPOEPMBTJUVB[JPOFEJNPOUBHHJPHJSBSFMB
MBNJFSBEJTVQQPSUPTVpTVMQJBOPJOUFSNFEJPPTVMDBTTFUUP
TDBMEBWJWBOEF84-BQQBSFDDIJPTJJODBTUSBOFMMBMBNJFSB
RVBOEPMPTJJOTFSJTDFOFMNPCJMF
*OGJMBSFDPNQMFUBNFOUFMBQQBSFDDIJPOFMNPCJMF
*MDBWPEJDPMMFHBNFOUPFEJMGMFTTJCJMJEJBMJNFOUB[JPOFFTDBSJDP
EFM$PNCJ7BQPSFWBOOPQPTBUJEJFUSPBTJOJTUSBOFMNPCJMFEB
JODBTTP WFSTP HMJ BMMBDDJBNFOUJ #BEBSF B OPO QJFHBSF JODBTUSBSF
FOPOGBSQBTTBSFTVCPSEJUBHMJFOUJJMDBWPEJDPMMFHBNFOUPFJ
GMFTTJCJMJ
"MMJOFBSFMBQQBSFDDIJPDFOUSBMNFOUF
5SBMBQQBSFDDIJPFJQBOOFMMJGSPOUBMJEFJNPCJMJBEJBDFOUJEFWF
FTTFSDJVOBSJBEJNN
"MMJOFBSFMBQQBSFDDIJPDPOMBCPMMB
'JTTBSFMBQQBSFDDIJPDPOMBWJUFJOEPUB[JPOF3JNVPWFSFMB
QSPUF[JPOFQFSJMUSBTQPSUPEBMMPTQPSUFMMP
&RPELQD]LRQHFRQLOIRUQR
4VJNPEFMMJ#4 F#4 JMRVBESPEJDPNBOEPTJ
USPWB JO CBTTP 1FSUBOUP RVFTUJ NPEFMMJ TPOP QBSUJDPMBSNFOUF BEBUUJ
BEFTTFSFJOTUBMMBUJTPQSBVOGPSOP(BHHFOBVEFMMBTFSJF#P
.POUBSFQSJNBJM$PNCJ7BQPSFFQPJJMGPSOP
1FS VOB QSPGPOEJU EJ NPOUBHHJP EJ  NN QPTJ[JPOBSF J GMFTTJCJMJ
EFMMBDRVBFEJMDBWPEJBMMBDDJBNFOUPOFMMB[POBEFMMJOUBHMJP
EFMMBMMPHHJBNFOUP
*MSFUSPEFJGPSOJTFSJF#0IBVOBOHPMPTNVTTBUP*MDBWPEJ
DPMMFHBNFOUPFEJMGMFTTJCJMJEJBMJNFOUB[JPOFFTDBSJDPEFM
$PNCJ7BQPSFWBOOPQPTBUJEJFUSPBTJOJTUSBOFMNPCJMFEBJODBTTP
WFSTPJMCBTTPWFSTPHMJBMMBDDJBNFOUJ
4FJGMFTTJCJMJOPOQPTTPOPFTTFSFQPTBUJOFMMBOHPMPEJFUSPB
TJOJTUSBOFMNPCJMFEBJODBTTPQFSNPOUBSFMBQQBSFDDIJPTPQSBJM
GPSOPJMDPSQPEFMNPCJMFEFWFFTTFSFQPSUBUPJOBWBOUJEJDJSDB
NNFWBVTBUPVOSJWFTUJNFOUPMBUFSBMFPVOQBOOFMMP
&RPELQD]LRQHFRQVFDOGDYLYDQGH
ODUJKH]]DFP
1SJNBNPOUBSFMPTDBMEBWJWBOEF841SFTUBSFBUUFO[JPOFBMMF
JTUSV[JPOJQFSJMNPOUBHHJPEFMMPTDBMEBWJWBOEF
*OTFSJSFJMGPSOPOFMNPCJMFBEJODBTTPTPQSBMPTDBMEBWJWBOEF*O
GBTFEJJOTFSJNFOUPQSFTUBSFBUUFO[JPOFBOPOEBOOFHHJBSFJM
QBOOFMMPEFMMPTDBMEBWJWBOEF
&RPELQD]LRQHFRQVFDOGDYLYDQGH
ODUJKH]]DFP
.POUBHHJP#0#4MBSHIF[[BDNTPQSBTDBMEBWJWBOEF84
TPMPDPOSJQJBOPJOUFSNFEJPEJNFOTJPOBMNFOUFTUBCJMF
6PRQWDJJLR
4UBDDBSFMBQQBSFDDIJPEBMMBDPSSFOUF
4WJUBSFMFWJUJEJGJTTBHHJP
4PMMFWBSFMFHHFSNFOUFMBQQBSFDDIJPFTGJMBSMPDPNQMFUBNFOUF
nl
é,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
: 5LVLFRYDQOHWVHO
)FU UPFTUFM JT [XBBS &S [JKO UXFF QFSTPOFO OPEJH PN IFU BQQBSBBU
UFCFXFHFO"MMFFOHFTDIJLUFIVMQNJEEFMFOHFCSVJLFO
■-FFT EF IBOEMFJEJOH [PSHWVMEJH FO CFXBBS EF[F HPFE "MMFFO CJK
FFOWBLLVOEJHVJUHFWPFSEFJOCPVXWPMHFOTEF
NPOUBHFIBOEMFJEJOHJTEFWFJMJHIFJEUJKEFOTIFUHFCSVJL
HFHBSBOEFFSE%FJOTUBMMBUFVSJTBBOTQSBLFMJKLWPPSIFUHPFE
GVODUJPOFSFOWBOIFUBQQBSBBUPQEFQMBBUTWBOPQTUFMMJOH
■"MMFFOFFOFSLFOEWBLNBONBHIFUBQQBSBBUBBOTMVJUFO
■7³³SBMMFXFSL[BBNIFEFOBBOIFUBQQBSBBUEJFOUIFUBQQBSBBU
TQBOOJOHTWSJKUFXPSEFOHFNBBLU
■%SBBHCFTDIFSNIBOETDIPFOFOPNUFWPPSLPNFOEBUV
TOJKXPOEFOPQMPPQU0OEFSEFMFOEJFUJKEFOTEFNPOUBHF
UPFHBOLFMJKL[JKOLVOOFOTDIFSQFSBOEFOIFCCFO
■$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
$DQZLM]LQJHQYRRUGHNHXNHQSODQQLQJ
%FESBBJSJDIUJOHWBOEFEFVSJTOJFUXJTTFMCBBS
"GTUBOELFVLFONFVCFMUPUIFUEFVSGSPOUNN
"GTUBOE LFVLFONFVCFM UPU EF CVJUFOLBOU WBO EF IBOEHSFFQ  NN
CJKBDIUFSBGHFNPOUFFSEFHSFFQFYUSBUPFCFIPSFO
)PVESFLFOJOHNFUIFUVJUTUFLFOEFGSPOUFWFOUVFFMJODMVTJFG
IBOEHSFFQBMTFS[JDIBBOEF[JKLBOUMBEFOCFWJOEFOEJFHFPQFOE
NPFUFOLVOOFOXPSEFO
;PSHFSCJKJOCPVXJOFFOIPFLWPPSEBUEFPQFOJOHTIPFLWPPSEF
EFVSNJOJNBBMpJT
#PWFO EJU BQQBSBBU NBH HFFO BOEFS FMFLUSJTDI BQQBSBBU JO EF LBTU
XPSEFOJOHFCPVXE
)FUBQQBSBBUUZQFNFUIFUCFEJFOJOHTQBOFFMBBOEFPOEFSLBOU
NBHOJFUCPWFOFFOWBBUXBTTFSXPSEFOJOHFCPVXE%PPSEF
PQTUJKHFOEFEBNQVJUEFWBBUXBTTFSLBOEFFMFLUSPOJDBWBOIFU
BQQBSBBUXPSEFOCFTDIBEJHE
8NXQWGHYROJHQGHLQVWDOODWLHWRHEHKRUHQEHVWHOOHQ
■(;7FSMFOHTUVLWPPSEFUPFFOBGWPFSTMBOH
MFOHUFN
■(',BMLFOTNBBLGJMUFS
*OEJFOEFXBUFSIBSEIFJEIPHFSJTEBOpE)EJFOUIFU
POULBMLJOHTTZTUFFN CJK IFU BQQBSBBU UF XPSEFO BBOHFCSBDIU PN EF
WFSLBMLJOHWBOIFUBQQBSBBUUFHFOUFHBBO
,QERXZPHXEHOYRRUEHUHLGHQ
)FUJOCPVXNFVCFMNPFUUFNQFSBUVVSCFTUFOEJH[JKOUPUp$
BBOHSFO[FOEFNFVCFMQBOFMFOUPUp$
%FDPOUBDUEPPTNPFU[JDICVJUFOEFJOCPVXOJTCFWJOEFO
.BBL EF VJUTQBSJOHFO JO IFU LFVLFONFVCFM WPPSEBU V IFU BQQBSBBU
QMBBUTU 4QBBOEFST WFSXJKEFSFO EF[F LVOOFO FFO OBEFMJHF JOWMPFE
IFCCFOPQIFUGVODUJPOFSFOWBOFMFLUSJTDIFPOEFSEFMFO
*OEJFOIFULFVLFONFVCFMMPTTUBBUTDISPFGEJUEBONFUFFOJOEF
IBOEFMWFSLSJKHCBBSIPFLQSPGJFMBBOEFNVVSWBTU
#PVX IFU BQQBSBBU PQ FFO IPPHUF JO XBBSPQ EF UPFCFIPSFO FS OPH
HFNBLLFMJKLLVOOFOXPSEFOVJUHFOPNFO
(OHNWULVFKHDDQVOXLWLQJ
;PSHFSWPPSEBUEFIVJTJOTUBMMBUJFWPMEPFOEFJTCFWFJMJHE
%FTQBOOJOHFOEFGSFRVFOUJFWBOIFUBQQBSBBUNPFUFO
PWFSFFOLPNFONFUEFFMFLUSJTDIFJOTUBMMBUJF[JFIFUUZQFQMBBUKF
)FUBQQBSBBUWBMUPOEFSEFBQQBSBUFOLMBTTFFONBHBMMFFO
XPSEFOHFCSVJLUNFUFFOBBSEBBOTMVJUJOH
%F[FLFSJOHWJBFFO#PG$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
:DWHUDDQVOXLWLQJ
)FUBQQBSBBUJTCFWFJMJHEUFHFOUFSVHTMBHWBOXBUFS%7(8
HFLFVSE"BOTMVJULSBOFONFUFFOUFSVHTMBHCFWFJMJHJOH[JKOOJFU
OPPE[BLFMJKL)PVEUV[JDIBBOEFWPPSTDISJGUFOWBOIFU
QMBBUTFMJKLFXBUFSMFJEJOHCFESJKG
#JKFFOXBUFSIBSEIFJECPWFOpE)EJFOUFSFFOHFTDIJLU
POULBMLJOHTTZTUFFNWPPSIFUBQQBSBBUUFXPSEFOHFQMBBUTU8JK
CFWFMFOEFLBMLFOTNBBLGJMUFS('BBOWFSLSJKHCBBSBMT
FYUSBUPFCFIPSFO
4MVJUIFUBQQBSBBUBMMFFOBBOPQFFOLPVEXBUFSMFJEJOH
TMBOHLPQQFMJOH~XBUFSESVLCBS
$DQZLM]LQJ #FWFTUJHEFUPFWPFSTMBOHNFUIFULOJFTUVLBBOIFU
BQQBSBBU 'HNXQVWVWRIZDUWHOPRHUDOOHHQPHWGHKDQG
YDVWGUDDLHQ
%FXBUFSBBOTMVJUJOHWPPSEFBBOWPFSTMBOHEJFOUBMUJKEUPFHBOLFMJKL
UF[JKOOJFUEJSFDUBDIUFSIFUBQQBSBBU
$IYRHUDDQVOXLWLQJ
#JKEFBGWPFSBBOTMVJUJOHEJFOUFFOTJGPOUFXPSEFOHFQMBBUTU%F
BBOTMVJUJOHBBOEFTJGPOEJFOUBMUJKEUPFHBOLFMJKLUF[JKOOJFUEJSFDU
BDIUFSIFUBQQBSBBU
%HODQJULMNHDDQZLM]LQJHQYRRUGHDIYRHUVODQJ
■%F BGWPFSTMBOH NBH PQ HFFO FOLFMF QMBBUT IPHFS MJHHFO EBO EF
POEFSLBOUWBOIFUBQQBSBBU
■"GWPFSNJO¸NNCJOOFOEJBNFUFS
■"GWPFSBBOTMVJUJOHNJONNMBHFSEBOEFBGWPFSCJKIFU
BQQBSBBU
■"GWPFSTMBOHOJFULOJLLFO
■#JKHFWPFHEFBGWPFSTMBOHOJFUJOLPSUFO
■"GWPFSTMBOHOJFUMBOHFSEBON
■7FSXJKEFSEFUSBOTQPSUCFWFJMJHJOHWPPSEFBGWPFSTMBOH
NFUBMFOCFVHFMBBOEFBDIUFSLBOUWBOIFUBQQBSBBU
+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
■#FWFTUJH EF CJKHFWPFHEF NPOUBHFQMBBU NFU UXFF TDISPFWFO BBO
EFTDIBSOJFSLBOUPOEFSBBOEF[JKXBOEJOEFJOCPVXLBTU.BBL
NFUFFODFOUFSQPOTFFOQVUKFPQEFQMFLWBOIFUNJEEFMQVOU
WBO EF TDISPFG %F NPOUBHFQMBBU NPFU FYBDU PQ EF KVJTUF QPTJUJF
XPSEFOBBOHFCSBDIU"GIBOLFMJKLWBOEFJOCPVXTJUVBUJFPQFFO
UVTTFOCPEFNPGFFOXBSNIPVEMBEF84NPFUEF
NPOUBHFQMBBUpXPSEFOHFESBBJE#JKIFUJOTDIVJWFOJOEF
LBTULMJLUIFUBQQBSBBUJOEFNPOUBHFQMBBUWBTU
4DIVJGIFUBQQBSBBUIFMFNBBMJOIFUJOCPVXNFVCFM
-FJEEFBBOTMVJULBCFMFOEFXBUFSUPFFOBGWPFSTMBOHWBOEF
TUPPNPWFO MJOLT BDIUFS JO EF JOCPVXLBTU OBBS EF BBOTMVJUJOHFO
%FBBOTMVJULBCFMFOEFTMBOHFONPHFO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 TDISPFG WBTU 7FSXJKEFS
EFUSBOTQPSUCFWFJMJHJOHWBOEFEFVS
&RPELQDWLHPHWEDNRYHQ
#JKEFBQQBSBBUUZQFT#4FO#4CFWJOEU[JDIIFU
CFEJFOJOHTQBOFFMBBOEFPOEFSLBOU)JFSEPPS[JKOEF[FNPEFMMFO
CJK[POEFSHFTDIJLUWPPSIFUJOCPVXFOCPWFOFFO(BHHFOBV
CBLPWFOVJUEF#0TFSJF
.POUFFSFFSTUEFTUPPNPWFOFOWFSWPMHFOTEFCBLPWFO
7PPSFFOJOCPVXEJFQUFWBONNEJFOFOEFXBUFSTMBOHFOFO
EFBBOTMVJULBCFMJOEFVJUTQBSJOHWPPSIFUBQQBSBBUUFXPSEFO
HFQMBBUTU
%F #0  CBLPWFOT IFCCFO BBO EF BDIUFS[JKEF FFO TDIVJOF IPFL
-FJEEFBBOTMVJULBCFMFOEFXBUFSUPFFOBGWPFSTMBOHWBOEF
TUPPNPWFOMJOLTBDIUFSJOEFJOCPVXLBTUOBBSPOEFSFOOBBSEF
BBOTMVJUJOHFO
*OEJFOEFTMBOHFOOJFUJOEFMJOLFSIPFLBDIUFSJOEFJOCPVXLBTU
OBBSPOEFSFOXPSEFOHFMFJEFOIFUBQQBSBBUCPWFOFFOCBLPWFO
XPSEUJOHFCPVXEEJFOUEFLBTUNJOTUFOTNNOBBSWPSFOUF
XPSEFOHFUSPLLFO&SEJFOUEBOFFO[JKQBOFFMPGFFOBGEFLLJOHUF
XPSEFOBBOHFCSBDIU
&RPELQDWLHPHWZDUPKRXGODGHEUHHGWHFP
&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
&RPELQDWLHPHWZDUPKRXGODGHEUHHGWHFP
*OCPVX#0#4CSFFEUFDNCPWFOEFXBSNIPVEMBEF84
BMMFFONFUWPSNWBTUUVTTFOTDIPU
+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
: £3HOLJURGHOHVLRQHV
&MBQBSBUPFTQFTBEP1BSBNPWFSFMBQBSBUPTFOFDFTJUBO
 QFSTPOBT6UJMJ[BSºOJDBNFOUFMPTNFEJPTBVYJMJBSFTBQSPQJBEPT
■-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DPOFMBTBNPOUBEBQPTUFSJPSNFOUFBDDFTPSJP
FTQFDJBM
4BMJFOUFEFMGSPOUBMTJDPOWJFOF JODMVJEP UJSBEPSEFMBQVFSUBQBSB
MBBQFSUVSBEFMPTDBKPOFTKVOUPBMBQBSBUP
1BSBMBQMBOJGJDBDJ³OEFVOBTPMVDJ³OFO¡OHVMPUFOFSFODVFOUB
VO¡OHVMPEFBQFSUVSBEFMBQVFSUBEFpNO
4PCSFFTUFBQBSBUPOPTFJOTUBMBSFOFMBSNBSJPOJOHºOPUSP
BQBSBUPFM©DUSJDP
/PNPOUBSMBWFSTJ³OEFMBQBSBUPDPOFMQBOFMEFDPOUSPMFOMB
QBSUFJOGFSJPSTPCSFVOMBWBWBKJMMBT&MWBQPSBTDFOEFOUFEFM
MBWBWBKJMMBTQPESBEB±BSMBFMFDUS³OJDBEFMBQBSBUP
3XHGHVROLFLWDUORVDFFHVRULRVGHLQVWDODFLyQVLJXLHQWHV
■(;  QSPMPOHBDJ³OEFMBNBOHVFSBEFUPNBEFBHVBZ
EFTBH¼FMPOHJUVE N
■('  GJMUSPEFTDBMDJGJDBEPSZOFVUSBMJ[BEPS
1SFWFSFOMBDPOFYJ³OEFMBQBSBUPVOTJTUFNBEFEFTDBMDJGJDBDJ³O
BMNPNFOUPRVFMBEVSF[BEFMBHVBTPCSFQBTFMPTpE)EFFTUF
NPEPSFEVDJS¡MBDBMDJGJDBDJ³OEFMBQBSBUP