manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. NEFF
  6. •
  7. Oven
  8. •
  9. NEFF B27CR22N1B User manual

NEFF B27CR22N1B User manual

*9001045099*  

Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
Þ1RWLFHGHPRQWDJH
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
×0RQWHULQJVYHMOHGQLQJ
ó0RQWHULQJVDQYLVQLQJ
ê0RQWHULQJVYHLOHGQLQJ
Ý$VHQQXVRKMH
Û,QVWUXFFLRQHVGHPRQWDMH
ì,QVWUXo}HVGHPRQWDJHP
Ù
ë,QVWUXNFMDPRQWDŰX
îΗμπροςιυηώξνλνμρίες
ô0RQWDMN×ODYX]X





%




$





PLQ

PLQ
PD[
PLQ





PLQ

PLQ


PLQ

PLQ
PLQ
'
&


PLQ 

de
Ø.POUBHFBOMFJUVOH
:LFKWLJH+LQZHLVH%LOG
■%JFTFT (FS¤U JTU G¼S FJOF /VU[VOH CJT [V FJOFS )¶IF WPO NBYJNBM
 .FUFSO¼CFSEFN.FFSFTTQJFHFMCFTUJNNU
■/VSFJOGBDIHFSFDIUFS&JOCBVOBDIEJFTFS.POUBHFBOXFJTVOH
HBSBOUJFSUFJOFOTJDIFSFO(FCSBVDI#FJ4DI¤EFOEVSDIGBM
TDIFO&JOCBVIBGUFUEFS.POUFVS
■%BT(FS¤UOBDIEFN"VTQBDLFOQS¼GFO#FJFJOFN5SBOTQPSU
TDIBEFOOJDIUBOTDIMJFFO
■7FSQBDLVOHTNBUFSJBMVOE,MFCFGPMJFOWPS*OCFUSJFCOBINFBVT
EFN(BSSBVNVOEWPOEFS5¼SFOUGFSOFO
■&JOCBVN¶CFMN¼TTFOCJTp$UFNQFSBUVSCFTU¤OEJHTFJO
BOHSFO[FOEF.¶CFMGSPOUFOCJTp$
■%BT(FS¤UOJDIUIJOUFSFJOFS%FLPSCMFOEFFJOCBVFO&TCFTUFIU
(FGBISEVSDICFSIJU[VOH
■"VTTDIOJUUBSCFJUFOBN.¶CFMWPSEFN&JOTFU[FOEFT(FS¤UFT
EVSDIG¼ISFO4Q¤OFFOUGFSOFOEJF'VOLUJPOWPOFMFLUSJTDIFO
#BVUFJMFOLBOOCFFJOUS¤DIUJHUXFSEFO
■;VS7FSNFJEVOHWPO4DIOJUUWFSMFU[VOHFO4DIVU[IBOETDIVIF
USBHFO 5FJMF EJF X¤ISFOE EFS .POUBHF [VH¤OHMJDI TJOE L¶OOFO
TDIBSGLBOUJHTFJO
■#FJ(FS¤UFONJU4DIXFOL4DIBMUFSGSPOUEBSBVGBDIUFOEBTTEJF
4DIBMUFSGSPOUCFJN"VTGBISFOOJDIUNJUBOHSFO[FOEFO.¶CFMO
LPMMJEJFSU
■%JF(FS¤UF"OTDIMVTTEPTFNVTTJN#FSFJDIEFSTDISBGGJFSUFO
'M¤DIF $PEFSBVFSIBMCEFT&JOCBVSBVNFTMJFHFO
■/JDIUCFGFTUJHUF.¶CFMNJUFJOFNIBOEFMT¼CMJDIFO8JOLFM %BO
EFS8BOECFGFTUJHFO
■.BBOHBCFOEFS#JMEFSJONN
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
%BT(FS¤ULBOO1FSNBOFOUNBHOFUFFOUIBMUFOEJFFMFLUSPOJTDIF
*NQMBOUBUFXJF[#)FS[TDISJUUNBDIFSPEFS*OTVMJOQVNQFOCFFJO
GMVTTFOL¶OOFO%FTIBMCCFJEFS.POUBHFFJOFO.JOEFTUBCTUBOE
WPODN[VFMFLUSPOJTDIFO*NQMBOUBUFOFJOIBMUFO
*HUlWXQWHU$UEHLWVSODWWH%LOG
;VS#FM¼GUVOHEFT(FS¤UFTNVTTEFS;XJTDIFOCPEFOFJOFO-¼G
UVOHTBVTTDIOJUUBVGXFJTFO
"SCFJUTQMBUUFBVG&JOCBVN¶CFMCFGFTUJHFO
8JSEEBT(FS¤UVOUFSFJOFN,PDIGFMEFJOHFCBVUN¼TTFOEJFGPM
HFOEFO.JOEFTUNBFFJOHFIBMUFOXFSEFOHFHFCFOFOGBMMTJOLMV
TJWF6OUFSLPOTUSVLUJPO
"VGHSVOEEFTOPUXFOEJHFO.JOEFTUBCTUBOEFT EFSHJCUTJDIEJF
NJOEFTUF"SCFJUTQMBUUFOTU¤SLF D
%JF.POUBHFBOMFJUVOHEFT,PDIGFMEFTCFBDIUFO
*HUlWLP+RFKVFKUDQN%LOG
;VS#FM¼GUVOHEFT(FS¤UFTN¼TTFOEJF;XJTDIFOC¶EFOFJOFO-¼G
UVOHTBVTTDIOJUUBVGXFJTFO
8FOOEFS)PDITDISBOL[VT¤U[MJDI[VEFO&MFNFOU3¼DLX¤OEFO
FJOFXFJUFSF3¼DLXBOEIBUNVTTEJFTFFOUGFSOUXFSEFO
(FS¤UOVSTPIPDIFJOCBVFOEBTT;VCFI¶SQSPCMFNMPTFOUOPN
NFOXFSEFOLBOO
(FNHLQEDX%LOG
%BNJU EJF (FS¤UFU¼S HF¶GGOFU XFSEFO LBOO CFJN &DLFJOCBV .BF
&CFS¼DLTJDIUJHFO%BT.B 'JTUBCI¤OHJHWPOEFS%JDLFEFS
.¶CFMGSPOUVOUFSEFN(SJGG
*HUlWDQVFKOLHHQ
%BT(FS¤UFOUTQSJDIUEFS4DIVU[LMBTTFVOEEBSGOVSNJU4DIVU[
MFJUFS"OTDIMVTTCFUSJFCFOXFSEFO
%JF"CTJDIFSVOHNVTTHFN¤EFS-FJTUVOHTBOHBCFBVGEFN
5ZQFOTDIJMEVOEEFOMPLBMFO7PSTDISJGUFOFSGPMHFO
#FJBMMFO.POUBHFBSCFJUFONVTTEBT(FS¤UTQBOOVOHTMPTTFJO
%BT(FS¤UEBSGOVSNJUEFSNJUHFMJFGFSUFO"OTDIMVTTMFJUVOHBOHF
TDIMPTTFOXFSEFO4UFDLFO4JFEJF"OTDIMVTTMFJUVOHBOEFS(FS¤
UFS¼DLTFJUFBO$MJDL
&JOFN"OTDIMVTTMFJUVOHJTUCFJN,VOEFOEJFOTUFSI¤MUMJDI
%JF"OTDIMVTTMFJUVOHEBSGOVSEVSDIFJOF0SJHJOBMMFJUVOHCF[JFI
CBS¼CFSEFO,VOEFOEJFOTUFSTFU[UXFSEFO
%FS#FS¼ISVOHTTDIVU[NVTTEVSDIEFO&JOCBVHFX¤ISMFJTUFUTFJO
$QVFKOXVVOHLWXQJPLW6FKXW]NRQWDNW6WHFNHU
%BT (FS¤U EBSG OVS BO FJOF WPSTDISJGUTN¤JH JOTUBMMJFSUF 4DIVU[LPO
UBLU4UFDLEPTFBOHFTDIMPTTFOXFSEFO
8FOOEFS4UFDLFSOBDIEFN&JOCBVOJDIUNFISFSSFJDICBSJTU
NVTTJOTUBMMBUJPOTTFJUJHFJOFBMMQPMJHF5SFOOWPSSJDIUVOHNJUFJOFN
,POUBLUBCTUBOEWPONJOENNWPSIBOEFOTFJO
$QVFKOXVVOHLWXQJRKQH6FKXW]NRQWDNW6WHFNHU
/VSFJOLPO[FTTJPOJFSUFS'BDINBOOEBSGEBT(FS¤UBOTDIMJFFO
*OEFS*OTUBMMBUJPONVTTFJOBMMQPMJHFS5SFOOTDIBMUFSNJUNJOEFT
UFOTNN,POUBLU¶GGOVOHWPSIBOEFOTFJO1IBTFVOE/FVUSBM
࣓/VMM࣓-FJUFSJOEFS"OTDIMVTTEPTFJEFOUJGJ[JFSFO#FJ'BMTDIBO
TDIMVTTLBOOEBT(FS¤UCFTDI¤EJHUXFSEFO
/VSOBDI"OTDIMVTTCJMEBOTDIMJFFO4QBOOVOHTJFIF5ZQFO
TDIJME%JF"EFSOEFS/FU[BOTDIMVTTMFJUVOHFOUTQSFDIFOEEFS
'BSCDPEJFSVOHBOTDIMJFFOHS¼OHFMC4DIVU[MFJUFS <CMBV
/VMM/FVUSBM-FJUFSCSBVO1IBTF"VFOMFJUFS
1XU6FKZHGHQ)LQQODQGXQG1RUZHJHQ
%BT(FS¤ULBOOBVDINJUEFNCFJHFMFHUFO4UFDLFSNJUEFN
4DIVU[LPOUBLU4ZTUFNBOHFTDIMPTTFOXFSEFO%JFTFSNVTTOBDI
EFN &JOCBV [VH¤OHMJDI TFJO *TU EJFT OJDIU EFS 'BMM NVTT JOTUBMMBUJ
POTTFJUJH XJFEFS FJO BMMQPMJHFS 5SFOOTDIBMUFS NJU NJOEFTUFOT  NN
,POUBLU¶GGOVOHFJOHFTFU[UXFSEFO
*HUlWEHIHVWLJHQ%LOG
$FKWXQJ
;VS#FGFTUJHVOHEFS#MFOEFOLFJOFO"LLVTDISBVCFSWFSXFOEFO
#MFOEFOL¶OOFOCFTDI¤EJHUXFSEFO
 (FS¤UHBO[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NJO NNFSGPSEFSMJDI
 (FS¤UFU¼S ¶GGOFO VOE EJF #MFOEFO MJOLT VOE SFDIUT BCTDISBVCFO
 (FS¤UBN.¶CFMGFTUTDISBVCFO
 #MFOEFOBOMFHFOVOE[VFSTUPCFOEBOOVOUFOXJFEFSGFTU
TDISBVCFO
 %FS4QBMU[XJTDIFO(FS¤UFU¼SVOEEFOTFJUMJDIFO#MFOEFOLBOO
¼CFSEJFPCFSF4DISBVCFMJOLTVOESFDIUTBOHFQBTTUXFSEFO
%FS4QBMU[XJTDIFO"SCFJUTQMBUUFVOE(FS¤UEBSGOJDIUEVSDI
[VT¤U[MJDIF-FJTUFOWFSTDIMPTTFOXFSEFO
"O EFO 4FJUFOX¤OEFO EFT 6NCBVTDISBOLFT E¼SGFO LFJOF 8¤SNF
TDIVU[MFJTUFOBOHFCSBDIUXFSEFO
$XVEDX
 (FS¤UTQBOOVOHTMPTNBDIFO
 (FS¤UFU¼S ¶GGOFO VOE EJF #MFOEFO MJOLT VOE SFDIUT BCTDISBVCFO
 #FGFTUJHVOHTTDISBVCFOM¶TFO
 (FS¤UMFJDIUBOIFCFOVOEHBO[IFSBVT[JFIFO
.RFKIHOGDUW D
DXIJHVHW]W
D
IOlFKHQEQGLJ
E
*OEVLUJPOTLPDIGFME NN NN NN
7PMMGM¤DIFO
*OEVLUJPOTLPDIGFME
NN NN NN
(BTLPDIGFME NN NN NN
&MFLUSPLPDIGFME NN NN NN
D
E

en
Ú*OTUBMMBUJPOJOTUSVDUJPOT
,PSRUWDQWLQIRUPDWLRQ²)LJ
■5IJTBQQMJBODFJTJOUFOEFEGPSVTFVQUPBNBYJNVNIFJHIUPG
 NFUSFTBCPWFTFBMFWFM
■5IF TBGF PQFSBUJPO PG UIJT BQQMJBODF DBO POMZ CF HVBSBOUFFE JG JU
IBT CFFO JOTUBMMFE UP B QSPGFTTJPOBM TUBOEBSE JO BDDPSEBODF XJUI
UIFTFJOTUBMMBUJPOJOTUSVDUJPOT5IFJOTUBMMFSTIBMMCFMJBCMFGPS
EBNBHFTJODVSSFEBTBSFTVMUPGJODPSSFDUJOTUBMMBUJPO
■$IFDLUIFBQQMJBODFGPSEBNBHFBGUFSVOQBDLJOHJU%POPU
DPOOFDUUIFBQQMJBODFJGJUIBTCFFOEBNBHFEJOUSBOTJU
■#FGPSF TUBSUJOH VQ UIF BQQMJBODF SFNPWF BOZ QBDLBHJOH NBUFSJBM
BOEBEIFTJWFGJMNGSPNUIFDPPLJOHDPNQBSUNFOUBOEUIFEPPS
■'JUUFEVOJUTNVTUCFIFBUSFTJTUBOUVQUPp$BOEBEKBDFOU
VOJUGSPOUTVQUPp$
■%POPUJOTUBMMUIFBQQMJBODFCFIJOEBEFDPSBUJWFQBOFM5IFSFJT
BSJTLPGPWFSIFBUJOH
■"OZDVUPVUTUIBUOFFEUPCFNBEFJOUIFVOJUTTIPVMECFNBEF
CFGPSFUIFBQQMJBODFJTJOTUBMMFE3FNPWFBOZTIBWJOHTBTUIFZ
NBZQSFWFOUUIFFMFDUSJDBMDPNQPOFOUTGSPNXPSLJOHQSPQFSMZ
■8FBS QSPUFDUJWF HMPWFT TP UIBU ZPV EP OPU DVU ZPVSTFMG 1BSUT UIBU
BSFBDDFTTJCMFEVSJOHJOTUBMMBUJPONBZIBWFTIBSQFEHFT
■'PSBQQMJBODFTUIBUIBWFBIJOHFETXJUDIQBOFMNBLFTVSFUIBU
UIFTXJUDIQBOFMEPFTOPUIJUBEKBDFOULJUDIFOVOJUTXIFOZPV
PQFOJU
■5IF QPXFS TPDLFU GPS UIF BQQMJBODF NVTU FJUIFS CF MPDBUFE JO UIF
IBUDIFEBSFB $PSPVUTJEFPGUIFBSFBXIFSFUIFBQQMJBODFJT
JOTUBMMFE
■4FDVSF BOZ VOTFDVSFE VOJUT UP UIF XBMM VTJOH B TUBOEBSE CSBDLFU
%
■5IFEJNFOTJPOTJOUIFGJHVSFTBSFJONN
: :HDUHUVRIHOHFWURQLFLPSODQWV
5IFBQQMJBODFNBZDPOUBJOQFSNBOFOUNBHOFUTXIJDINBZBGGFDU
FMFDUSPOJDJNQMBOUTFHIFBSUQBDFNBLFSTPSJOTVMJOQVNQT
5IFSFGPSFEVSJOHJOTUBMMBUJPOXFBSFSTPGFMFDUSPOJDJNQMBOUTNVTU
NBJOUBJOBNJOJNVNEJTUBODFPGDNGSPNUIFBQQMJBODF
$SSOLDQFHXQGHUZRUNWRS²)LJ
5PWFOUJMBUFUIFBQQMJBODFUIFJOUFSNFEJBUFGMPPSNVTUIBWFB
WFOUJMBUJPODVUPVU
4FDVSFUIFXPSLUPQUPUIFGJUUFEVOJUT
*GUIFBQQMJBODFJTJOTUBMMFEVOEFSBIPCUIFGPMMPXJOHNJOJNVN
EJNFOTJPOTNVTUCFBEIFSFEUPJODMVEJOHTVCTUSVDUVSFJG
BQQMJDBCMF
5IFNJOJNVNXPSLUPQUIJDLOFTT DSFTVMUTGSPNUIFNJOJNVN
SFRVJSFEEJNFOTJPO E
0CTFSWFUIFJOTUBMMBUJPOJOTUSVDUJPOTGPSUIFIPC
$SSOLDQFHLQDWDOOXQLW)LJ
5PWFOUJMBUFUIFBQQMJBODFUIFJOUFSNFEJBUFGMPPSTNVTUIBWFB
WFOUJMBUJPODVUPVU
*GUIFUBMMVOJUIBTBOPUIFSCBDLQBOFMJOBEEJUJPOUPUIFFMFNFOU
CBDLQBOFMTUIJTNVTUCFSFNPWFE
0OMZ GJU UIF BQQMJBODF VQ UP B IFJHIU XIJDI BMMPXT BDDFTTPSJFT UP CF
FBTJMZSFNPWFE
&RUQHULQVWDOODWLRQ²)LJ
5PFOTVSFUIBUUIFBQQMJBODFEPPSDBOCFPQFOFEJOBDPSOFS
JOTUBMMBUJPOUBLFBDDPVOUPGEJNFOTJPO &%JNFOTJPO 'JT
EFQFOEFOUPOUIFUIJDLOFTTPGUIFVOJUGSPOUVOEFSUIFIBOEMF
&RQQHFWLQJWKHDSSOLDQFH
5IF BQQMJBODF DPSSFTQPOET UP QSPUFDUJPO DMBTT  BOE NVTU POMZ CF
PQFSBUFEXJUIBQSPUFDUJWFFBSUIDPOOFDUJPO
5IF GVTF QSPUFDUJPO NVTU DPSSFTQPOE UP UIF QPXFS SBUJOH TQFDJGJFE
POUIFBQQMJBODFTSBUJOHQMBUFBOEUPMPDBMSFHVMBUJPOT
5IFBQQMJBODFNVTUCFEJTDPOOFDUFEGSPNUIFQPXFSTVQQMZ
XIFOFWFSJOTUBMMBUJPOXPSLJTCFJOHDBSSJFEPVU
5IFBQQMJBODFNVTUPOMZCFDPOOFDUFEXJUIUIFQPXFSDBCMF
QSPWJEFE$POOFDUUIFQPXFSDBCMFUPUIFCBDLPGUIFBQQMJBODF
MJTUFOGPSUIFDMJDL
"NQPXFSDBCMFDBOCFPCUBJOFEGSPNUIFBGUFSTBMFTTFSWJDF
5IFQPXFSDBCMFNVTUPOMZCFSFQMBDFEXJUIBDBCMFGSPNUIF
PSJHJOBMNBOVGBDUVSFSXIJDIDBOCFPCUBJOFEGSPNUIFBGUFSTBMFT
TFSWJDF
8IFOUIFBQQMJBODFJTJOTUBMMFEQSPUFDUJPONVTUCFQSPWJEFE
BHBJOTUBDDJEFOUBMDPOUBDUJOUIFGVUVSF
3RZHUFDEOHZLWKDSOXJZLWKHDUWKLQJFRQWDFW
5IFBQQMJBODFNVTUPOMZCFDPOOFDUFEUPBQSPQFSMZJOTUBMMFE
QSPUFDUJWFDPOUBDUTPDLFU
*G UIF QMVH JT OP MPOHFS BDDFTTJCMF GPMMPXJOH JOTUBMMBUJPO BO BMMQPMF
JTPMBUJOHTXJUDINVTUCFQSFTFOUPOUIFJOTUBMMBUJPOTJEFXJUIB
DPOUBDUHBQPGBUMFBTU NN
3RZHUFDEOHZLWKRXWDWKUHHSLQHDUWKHGSOXJ
5IFBQQMJBODFNVTUPOMZCFDPOOFDUFECZBMJDFOTFEQSPGFTTJPOBM
5IFJOTUBMMBUJPONVTUIBWFBOBMMQPMFJTPMBUJOHTXJUDIXJUIB
DPOUBDUHBQPGBUMFBTUNN*EFOUJGZUIFMJWFBOEOFVUSBM
DPOEVDUPST JO UIF NBJOT TPDLFU 5IF BQQMJBODF NBZ CF EBNBHFE JG
JUJTOPUDPOOFDUFEDPSSFDUMZ
0OMZDPOOFDUUIFIPCBTTIPXOJOUIFDPOOFDUJPOEJBHSBN4FF
UIFSBUJOHQMBUFGPSUIFWPMUBHF$POOFDUUIFXJSFTPGUIFNBJOT
QPXFSDBCMFBDDPSEJOHUPUIFDPMPVSDPEJOH(SFFOZFMMPX1&
DPOEVDUPS <CMVFOFVUSBMDPOEVDUPSCSPXOMJWFFYUFSOBM
DPOEVDUPS
2QO\LQ6ZHGHQ)LQODQGDQG1RUZD\
5IFBQQMJBODFDBOBMTPCFDPOOFDUFEVTJOHUIFQMVHQSPWJEFE
XIJDIIBTBOFBSUIJOHDPOUBDUTZTUFN5IJTNVTUTUJMMCF
BDDFTTJCMFBGUFSJOTUBMMBUJPO*GUIJTJTOPUUIFDBTFBOBMMQPMF
JTPMBUJOH TXJUDI NVTU CF VTFE PO UIF JOTUBMMBUJPO TJEF XJUI B DPOUBDU
HBQPGBUMFBTU NN
6HFXULQJWKHDSSOLDQFH²)LJ
&DXWLRQ
%POPUVTFBDPSEMFTTTDSFXESJWFSUPTFDVSFUIFQBOFMT5IJTNBZ
EBNBHFUIFQBOFMT
 1VTIUIFBQQMJBODFJOGVMMZ%POPULJOLPSUSBQUIFQPXFSDBCMF
PSSPVUFJUPWFSTIBSQFEHFT
 $FOUSFUIFBQQMJBODF
" HBQ PG BU MFBTU  NN JT SFRVJSFE CFUXFFO UIF BQQMJBODF BOE UIF
GSPOUPGBEKBDFOUVOJUT
 0QFOUIFBQQMJBODFEPPSBOEVOTDSFXUIFMFGUBOESJHIUIBOE
QBOFMT
 4DSFXUIFBQQMJBODFUPUIFVOJU
 3FGJU UIF QBOFMT BOE TDSFX UIFN JO QMBDF GJSTU BU UIF UPQ BOE UIFO
BUUIFCPUUPN
 5IF HBQ CFUXFFO UIF BQQMJBODF EPPS BOE UIF TJEF QBOFMT DBO CF
BEKVTUFEVTJOHUIFTDSFXTBUUIFUPQMFGUBOESJHIU
5IFHBQCFUXFFOUIFXPSLUPQBOEBQQMJBODFNVTUOPUCFTFBMFE
CZBEEJUJPOBMTUSJQT
5IFSNBMJOTVMBUJPOTUSJQTNVTUOPUCFGJUUFEUPUIFTJEFQBOFMTPG
UIFTVSSPVOEVOJU
+REW\SH D
)L[HG
D
)OXVKZLWKVXU
URXQGLQJVXU
IDFHV
E
*OEVDUJPOIPC NN NN NN
'VMMTVSGBDF JOEVDUJPO
IPC NN NN NN
(BTIPC NN NN NN
&MFDUSJDIPC NN NN NN
D
E

5HPRYDO
 %JTDPOOFDUUIFBQQMJBODFGSPNUIFQPXFSTVQQMZ
 0QFOUIFBQQMJBODFEPPSBOEVOTDSFXUIFMFGUBOESJHIUIBOE
QBOFMT
 6OEPUIFNPVOUJOHTDSFXT
 -JGUUIFBQQMJBODFTMJHIUMZBOEQVMMJUPVUDPNQMFUFMZ
fr
Þ/PUJDFEFNPOUBHF
&RQVLJQHVLPSRUWDQWHVILJ
■$FUBQQBSFJMFTUDPO§VQPVSVOFVUJMJTBUJPOKVTRVVOFBMUJUVEF
NBYJNBMFEF  N
■4FVMFVOFJOTUBMMBUJPOFGGFDUV©FTFMPODFUUFOPUJDFEFNPOUBHF
HBSBOUJUVOFVUJMJTBUJPOFOUPVUFT©DVSJU©&ODBTEFEPNNBHFT
S©TVMUBOUEVOFJOTUBMMBUJPOJODPSSFDUFMJOTUBMMBUFVSFTU
SFTQPOTBCMF
■$POUS´MF[M©UBUEFMBQQBSFJMBQS¨TMBWPJSE©CBMM©/FMF
SBDDPSEF[QBTTJMQS©TFOUFEFTBWBSJFTEFUSBOTQPSU
■"WBOUMBNJTFFOTFSWJDFSFUJSF[MFNBU©SJBVEFNCBMMBHFFUMFT
GJMNTBEI©TJGTEVDPNQBSUJNFOUEFDVJTTPOFUTVSMBQPSUF
■-FT NFVCMFT EFODBTUSFNFOU EPJWFOU S©TJTUFS  VOF UFNQ©SBUVSF
KVTRVp$MBGB§BEFEFTNFVCMFTWPJTJOTKVTRVp$
■/JOTUBMMF[ QBT MBQQBSFJM EFSSJ¨SF VOF QMBRVF E©DPSBUJWF *M FYJTUF
VOSJTRVFEFTVSDIBVGGF
■3©BMJTF[ MFT USBWBVY EF E©DPVQF TVS MF NFVCMF BWBOU MB NJTF FO
QMBDF EF MBQQBSFJM 3FUJSF[ MFT DPQFBVY TVTDFQUJCMFT EF HªOFS MF
GPODUJPOOFNFOUEFTDPNQPTBOUT©MFDUSJRVFT
■1PSUF[EFTHBOUTEFQSPUFDUJPOQPVS©WJUFSEFTDPVQVSFT
$FSUBJOFT QJ¨DFT BDDFTTJCMFT MPST EV NPOUBHF QFVWFOU QPTT©EFS
EFTBSªUFTDPVQBOUFT
■&ODBTEBQQBSFJMTEPU©TEVOCBOEFBVEJOUFSSVQUFVST
PSJFOUBCMFBTTVSF[WPVTRVFMFCBOEFBVEJOUFSSVQUFVSTOFOUSF
QBTFODPMMJTJPOBWFDMFTNFVCMFTWPJTJOT
■-BQSJTFEFSBDDPSEFNFOUEFMBQQBSFJMEPJUTFTJUVFSEBOTMB
[POFEFMBTVSGBDFIBDIVS©F $PVMFYU©SJFVSEFMFTQBDF
EFODBTUSFNFOU
■-FT NFVCMFT OPO GJY©T EPJWFOU ªUSF GJY©T BV NVS BV NPZFO EVOF
©RVFSSF %VTVFMMFEVDPNNFSDF
■%JNFOTJPOTJOEJRV©FTEBOTMFTJMMVTUSBUJPOTFONN
: 3RUWHXUVGLPSODQWVpOHFWURQLTXHV 
-BQQBSFJMQFVUDPOUFOJSEFTBJNBOUTQFSNBOFOUTRVJQFVWFOU
JOGMVFSTVSEFTJNQMBOUT©MFDUSPOJRVFTQBSFYTUJNVMBUFVST
DBSEJBRVFTPVQPNQFTJOTVMJOF1PVSDFUUFSBJTPOMPSTEV
NPOUBHFSFTQFDUFSVOFEJTUBODFNJOJNVNEFDNQBSSBQQPSU
BVYJNQMBOUT©MFDUSPOJRVFT
/DSSDUHLOVRXVOHSODQGHWUDYDLOILJ
1PVSMB©SBUJPOEFMBQQBSFJMMFGBVYQMBODIFSEPJUQS©TFOUFSVOF
E©DPVQFEFWFOUJMBUJPO
'JYFSMFQMBOEFUSBWBJMTVSMFNFVCMFEFODBTUSFNFOU
4JMBQQBSFJMFTUFODBTUS©TPVTVOFUBCMFEFDVJTTPOMFTDPUFT
NJOJNBMFTTVJWBOUFTEPJWFOUªUSFSFTQFDU©FTMFDBT©DI©BOU
DPOTUSVDUJPOTVQQPSUJODMVTF
&OSBJTPOEFMBEJTUBODFNJOJNBMFO©DFTTBJSF EM©QBJTTFVS
NJOJNBMFEVQMBOEFUSBWBJMRVJFOE©DPVMFFTU D
3FTQFDUFSMBOPUJDFEFNPOUBHFEFMBUBCMFEFDVJTTPO
$SSDUHLOGDQVXQHDUPRLUHILJ
1PVSMB©SBUJPOEFMBQQBSFJMMFTGBVYQMBODIFSTEPJWFOUQS©TFOUFS
VOFE©DPVQFEFWFOUJMBUJPO
4JMBSNPJSFQPTT¨EFVOQBOOFBVBSSJ¨SFFOQMVTEFTQBOOFBVY
BSSJ¨SFEFT©M©NFOUTDFMVJDJEPJUªUSFFOMFW©
/JOTUBMMFSMBQQBSFJMRVVOFUFMMFIBVUFVSRVFMFTBDDFTTPJSFT
QVJTTFOUªUSFSFUJS©TTBOTQSPCM¨NF
(QFDVWUHPHQWDQJXODLUHILJ
"GJOEFQPVWPJSPVWSJSMBQPSUFEFMBQQBSFJMSFTQFDUFSMFTDPUFT &
FODBTEFODBTUSFNFOUBOHVMBJSF-BDPUF 'FTUGPODUJPOEF
M©QBJTTFVSEFMBGB§BEFEVNFVCMFTPVTMBQPJHO©F
5DFFRUGHUODSSDUHLO
-BQQBSFJMS©QPOEMBDMBTTFEFQSPUFDUJPOFUEPJUVOJRVFNFOU
ªUSFVUJMJT©BWFDVOFQSJTFDPOEVDUFVSEFQSPUFDUJPO
-BQSPUFDUJPOQBSGVTJCMFEPJUTFGGFDUVFSDPOGPSN©NFOU
MJOEJDBUJPOEFQVJTTBODFTVSMBQMBRVFTJHOBM©UJRVFFUMFT
QSFTDSJQUJPOTMPDBMFT
1PVS UPVT MFT USBWBVY EF NPOUBHF MBQQBSFJM EPJU ªUSF IPST UFOTJPO
-BQQBSFJMEPJUVOJRVFNFOUªUSFSBDDPSE©BVNPZFOEVD¢CMFEF
SBDDPSEFNFOUGPVSOJ$POOFDUF[MFD¢CMFEFSBDDPSEFNFOUTVSMF
QBOOFBVBSSJ¨SFEFMBQQBSFJMDMJDTPOPSF 
6OD¢CMFEFSBDDPSEFNFOUEFNFTUFOWFOUFBVQS¨TEV
TFSWJDFBQS¨TWFOUF
-FD¢CMFEFSBDDPSEFNFOUEPJUVOJRVFNFOUªUSFSFNQMBD©QBSVO
D¢CMFEPSJHJOFRVJQFVUªUSFDPNNBOE©BVQS¨TEVTFSWJDFBQS¨T
WFOUF
-B QSPUFDUJPO DPOUSF MFT DPOUBDUT BDDJEFOUFMT EPJU ªUSF HBSBOUJF QBS
MFNPOUBHF
&kEOHGHUDFFRUGHPHQWDYHFILFKHDYHFWHUUH
-BQQBSFJM EPJU ªUSF SBDDPSE© JNQ©SBUJWFNFOU  VOF QSJTF BWFD UFSSF
JOTUBMM©FEFNBOJ¨SFS©HMFNFOUBJSF
4JBQS¨TMFODBTUSFNFOUEFMBQQBSFJMMBQSJTFOFTUQMVT
BDDFTTJCMFJMGBVESBJOTUBMMFSD´U©TFDUFVSVOTFDUJPOOFVS
PNOJQPMBJSF BWFD VO JOUFSTUJDF EPVWFSUVSF EF DPOUBDU EBV NPJOT 
NN
&kEOHGHUDFFRUGHPHQWVDQVILFKHDYHFWHUUH
4FVMVOTQ©DJBMJTUFBHS©©FTUIBCJMJU©SBDDPSEFSMBQQBSFJM
6OTFDUJPOOFVSPNOJQPMBJSFBWFDVOJOUFSTUJDFEPVWFSUVSFEF
DPOUBDUEBVNPJOT NNEPJUªUSFQS©TFOUEBOTMJOTUBMMBUJPO
*EFOUJGJFSMFDPOEVDUFVSEFQIBTFFUMFDPOEVDUFVSOFVUSFEBOTMB
QSJTFEFSBDDPSEFNFOU-BQQBSFJMSJTRVFEªUSFFOEPNNBH©FO
DBTEFSSFVSEFCSBODIFNFOU
&GGFDUVFSVOJRVFNFOUMFSBDDPSEFNFOUDPOGPSN©NFOUBVTDI©NB
EFSBDDPSEFNFOU1PVSMBUFOTJPOWPJSMBQMBRVFTJHOBM©UJRVF
3BDDPSEFSMFTGJMTEVD¢CMFEFSBDDPSEFNFOUBVTFDUFVS
DPOGPSN©NFOUBVDPEFEFDPVMFVST WFSUKBVOFDPOEVDUFVSEF
QSPUFDUJPO <CMFVOFVUSFNBSSPOQIBTFDPOEVDUFVS
FYU©SJFVS
6XqGH)LQODQGHHW1RUYqJHXQLTXHPHQW
-BQQBSFJMQFVUBVTTJªUSFSBDDPSE©BVNPZFOEFMBGJDIFKPJOUF
EPU©FEVTZTU¨NFEFT©DVSJU©$FMMFDJEPJUªUSFBDDFTTJCMFBQS¨T
MFODBTUSFNFOU4JDFMBOFTUQBTMFDBTS©VUJMJTFSD´U©TFDUFVSVO
TFDUJPOOFVSPNOJQPMBJSFBWFDVOJOUFSTUJDFEPVWFSUVSFEFDPOUBDU
EBVNPJOTNN
D
E
7\SHGHWDEOHGH
FXLVVRQ D
SRVp
D
DIIOHXUDQW
E
5BCMF EF DVJTTPO  JO
EVDUJPO NN NN NN
5BCMF EF DVJTTPO  JO
EVDUJPO
QMFJOFTVSGBDF
NN NN NN
5BCMFEFDVJTTPOHB[ NN NN NN
5BCMFEFDVJTTPO
©MFDUSJRVF NN NN NN

)L[HUODSSDUHLOILJ
$WWHQWLRQ
/VUJMJTF[BVDVOFWJTTFVTFTBOTGJMQPVSGJYFSMFTCBOEFBVY7PVT
SJTRVFSJF[E࣐FOEPNNBHFSMFTCBOEFBVY
 1PVTTFS MBQQBSFJM  GPOE EBOT MF NFVCMF UPVU FO WFJMMBOU  OF QBT
QMJFS OJ DPJODFS MF D¢CMF EBMJNFOUBUJPO FU  OF QBT MF GBJSF QBTTFS
BVEFTTVTEBSªUFTDPVQBOUFT
 $FOUSFSMBQQBSFJM
6OF GFOUF EB©SBUJPO EF  NN NJO FTU O©DFTTBJSF FOUSF MBQQBSFJM
FUMBGB§BEFEFTNFVCMFTWPJTJOT
 &OUSFC¢JMMF[MBQPSUFEFMBQQBSFJMFUE©WJTTF[MFTCBOEFBVY
HBVDIFFUESPJUF
 7JTTF[MBQQBSFJMBVNFVCMF
 "QQMJRVF[ MFT CBOEFBVY FU WJTTF[MFT EBCPSE FO IBVU FU FOTVJUF
FOCBT
 -©DBSU FOUSF MB QPSUF EF MBQQBSFJM FU MFT CBOEFBVY MBU©SBVY QFVU
ªUSF BKVTU© FO BHJTTBOU TVS MB WJT TVQ©SJFVSF  HBVDIF FU  ESPJUF
-©DBSU FOUSF MF QMBO EF USBWBJM FU MBQQBSFJM OF QFVU QBT ªUSF PCUVS©
QBSEFTCBHVFUUFTTVQQM©NFOUBJSFT
"VDVOFCBHVFUUFEFQSPUFDUJPOUIFSNJRVFOFEPJUªUSFNPOU©FTVS
MFTQBSPJTMBU©SBMFTEVNFVCMFEFODBTUSFNFOU
'pPRQWDJH
 .FUUF[MBQQBSFJMIPSTUFOTJPO
 &OUSFC¢JMMF[MBQPSUFEFMBQQBSFJMFUE©WJTTF[MFTCBOEFBVY
HBVDIFFUESPJUF
 %FTTFSSF[MFTWJTEFGJYBUJPO
 4PVMFWF[M©H¨SFNFOUMBQQBSFJMFUSFUJSF[MFDPNQM¨UFNFOU
it
â*TUSV[JPOJQFSJMNPOUBHHJP
$YYHUWHQ]HLPSRUWDQWL)LJXUD
■2VFTUPBQQBSFDDIJP¨QSPHFUUBUPTPMPQFSMVUJMJ[[PGJOPBE
VOBMUF[[BEJNBTTJNPNFUSJTVMMJWFMMPEFMNBSF
■-VUJMJ[[PTJDVSPWJFOFHBSBOUJUPTPMPTFJMNPOUBHHJP¨TUBUP
FGGFUUVBUP JO NPEP DPSSFUUP TFDPOEP MF QSFTFOUJ JTUSV[JPOJ *O DBTP
EJ EBOOJ EPWVUJ B VO NPOUBHHJP TDPSSFUUP MB SFTQPOTBCJMJU SJDBEF
TVDIJIBNPOUBUPMBQQBSFDDIJP
■$POUSPMMBSFMBQQBSFDDIJPEPQPBWFSMPEJTJNCBMMBUP2VBMPSBTJ
GPTTFSP WFSJGJDBUJ EBOOJ EB USBTQPSUP OPO DPMMFHBSF MBQQBSFDDIJP
■3JNVPWFSFJMNBUFSJBMFEJJNCBMMBHHJPFMBQFMMJDPMBBEFTJWBEBM
WBOPDPUUVSBFEBMMPTQPSUFMMPQSJNBEFMMBNFTTBJOGVO[JPOF
■*NPCJMJEBJODBTTPEFWPOPFTTFSFUFSNPTUBCJMJGJOPBVOB
UFNQFSBUVSBQBSJBp$FJNPCJMJDPOUJHVJGJOPBp$
■/PONPOUBSFMBQQBSFDDIJPEJFUSPBVOQBOOFMMPEFDPSBUJWP
4VTTJTUFJMQFSJDPMPEJTVSSJTDBMEBNFOUP
■$PNQMFUBSFJMBWPSJEJUBHMJPTVMNPCJMFQSJNBEFMMJOTFSJNFOUP
EFMMBQQBSFDDIJP3JNVPWFSFJUSVDJPMJJORVBOUPQPTTPOP
QSFHJVEJDBSFJMGVO[JPOBNFOUPEFJDPNQPOFOUJFMFUUSJDJ
■*OEPTTBSFHVBOUJQSPUFUUJWJQFSFWJUBSFEJQSPDVSBSTJGFSJUFEB
UBHMJP1BSUJDIFSFTUBOPTDPQFSUFEVSBOUFJMNPOUBHHJPQPTTPOP
FTTFSFBQQVOUJUF
■*ODBTPEJBQQBSFDDIJDPOQBOOFMMPEFJDPNBOEJPSJFOUBCJMF
QSFTUBSFBUUFO[JPOFBGGJODI©RVFTUVMUJNPOPOVSUJJNPCJMJ
DPOUJHVJEVSBOUFMBGBTFEJFTUSB[JPOF
■-BQSFTBEJDPMMFHBNFOUPEFMMBQQBSFDDIJPEFWFUSPWBSTJ
BMMJOUFSOPEFMMBSFBUSBUUFHHJBUB $PBMMFTUFSOPEFMMBSFBEJ
JODBTTP
■'JTTBSFJMNPCJMFBMMBQBSFUFDPOVOBOHPMBSF %EJTQPOJCJMFJO
DPNNFSDJP
■/FMMFGJHVSFMFNJTVSFTPOPFTQSFTTFJONN
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
-BQQBSFDDIJPQV²DPOUFOFSFNBHOFUJQFSNBOFOUJDIFQPTTPOP
BHJSFTVHMJJNQJBOUJFMFUUSPOJDJRVBMJBEFTQBDFNBLFSPQPNQFEJ
JOTVMJOB1FSUBOUPBMNPNFOUPEFMNPOUBHHJPJQPSUBUPSJEJJNQJBOUJ
FMFUUSPOJDJEFWPOPNBOUFOFSFVOBEJTUBO[BNJOJNBEJDN
$SSDUHFFKLRVRWWRLOSLDQRGLODYRURILJXUD
1FSMBWFOUJMB[JPOFEFMMBQQBSFDDIJPPDDPSSFVOBGFTTVSBEJ
WFOUJMB[JPOFOFMSJQJBOPJOUFSNFEJP
'JTTBSFJMQJBOPEJMBWPSPBMNPCJMFEBJODBTTP
4F MBQQBSFDDIJP WJFOF JODBTTBUP TPUUP VO QJBOP EJ DPUUVSB WBOOP
SJTQFUUBUFMFTFHVFOUJNJTVSFNJOJNFFWFOUVBMNFOUFJODMVTB
TPUUPTUSVUUVSB
"DBVTBEFMMBEJTUBO[BNJOJNBOFDFTTBSJB ESJTVMUBMPTQFTTPSF
NJOJNPEFMQJBOPEJMBWPSP D
3JTQFUUBSFMFJTUSV[JPOJQFSJMNPOUBHHJPEFMQJBOPEJDPUUVSB
$SSDUHFFKLRLQXQPRELOHDOWR)LJXUD
1FSMBWFOUJMB[JPOFEFMMBQQBSFDDIJPPDDPSSFVOBGFTTVSBEJ
WFOUJMB[JPOFOFMSJQJBOPJOUFSNFEJP
4FPMUSFBJQBOOFMMJQPTUFSJPSJEFMMFMFNFOUPVONPCJMFBMUPIBVO
VMUFSJPSFQBOOFMMPQPTUFSJPSFRVFTUVMUJNPEFWFFTTFSFSJNPTTP
.POUBSFMBQQBSFDDIJPBVOBMUF[[BUBMFEBQPUFSQSFMFWBSFHMJ
BDDFTTPSJTFO[BQSPCMFNJ
0RQWDJJLRDQJRODUH)LJXUD
1FS QFSNFUUFSF MBQFSUVSB EFMMB QPSUB UFOFSF DPOUP EFMMB NJTVSB EFM
NPOUBHHJPBOHPMBSF &-BNJTVSB 'EJQFOEFEBMMPTQFTTPSFEFM
GSPOUBMFEFMNPCJMFTPUUPMBNBOJHMJB
&ROOHJDUHODSSDUHFFKLR
-BQQBSFDDIJP BQQBSUJFOF BMMB DMBTTF EJ QSPUF[JPOF  FE ¨ JO HSBEP
EJGVO[JPOBSFTPMPTFEPUBUPEJVODPOEVUUPSFEJUFSSB
-BQSPUF[JPOFBWWJFOFTFDPOEPMJOEJDB[JPOFEJQPUFO[BTVMMB
UBSHIFUUBEJJEFOUJGJDB[JPOFFOFMSJTQFUUPEFMMFEJTQPTJ[JPOJMPDBMJ
%VSBOUFUVUUFMFPQFSB[JPOJEJNPOUBHHJPMBQQBSFDDIJPEFWF
FTTFSFTFO[BUFOTJPOF
"MMBDDJBSF MBQQBSFDDIJP FTDMVTJWBNFOUF NFEJBOUF JM DBWP GPSOJUP JO
EPUB[JPOF$PMMFHBSFJMDBWPEJBMJNFOUB[JPOFBMMBQBSUFQPTUFSJPSF
EFMMBQQBSFDDIJPDMJD
QPTTJCJMFSJDIJFEFSFQSFTTPJMTFSWJ[JPEJBTTJTUFO[BUFDOJDBVO
DBWPEJBMJNFOUB[JPOFEJN
4PTUJUVJSFJMDBWPEJBMJNFOUB[JPOFVOJDBNFOUFDPOVODBWP
PSJHJOBMFEJTQPOJCJMFQSFTTPJMTFSWJ[JPEJBTTJTUFO[BUFDOJDB
-BQSPUF[JPOFEBDPOUBUUPEFWFFTTFSFHBSBOUJUBUSBNJUFJM
NPOUBHHJP
&DYRGLDOLPHQWD]LRQHFRQVSLQDFRQPHVVDDWHUUD
-BQQBSFDDIJPQV²FTTFSFDPMMFHBUPTPMBNFOUFBVOBQSFTBDPO
NFTTBBUFSSBJOTUBMMBUBTFDPOEPMFJTUSV[JPOJ
4FEPQPJMNPOUBHHJPMBTQJOBOPO¨QJ¹SBHHJVOHJCJMFPDDPSSF
QSFEJTQPSSFBMNPNFOUPEFMMJOTUBMMB[JPOFVOEJTQPTJUJWPEJ
TFQBSB[JPOFVOJWFSTBMFDPOVOBEJTUBO[BEJDPOUBUUPEJBMNFOP
NN
&DYRGLFROOHJDPHQWRVHQ]DVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
-BMMBDDJBNFOUPEFMMBQQBSFDDIJPQV²FTTFSFFGGFUUVBUPTPMPEBVO
UFDOJDPBVUPSJ[[BUP
7LSRGLSLDQRGLFRW
WXUD D
ULDO]DWR
D
DILOR
E
1JBOPEJDPUUVSBBJO
EV[JPOF NN NN NN
1JBOPEJDPUUVSBDPO
TJTUFNBBJOEV[JPOF
TVMMJOUFSBTVQFSGJDJF
NN NN NN
1JBOP EJ DPUUVSB B HBT NN NN NN
1JBOPEJDPUUVSBFMFU
USJDP NN NN NN
D
E

*OGBTFEJOTUBMMB[JPOF¨OFDFTTBSJPQSFWFEFSFVOTF[JPOBUPSF
VOJWFSTBMFDPOVOBQFSUVSBEJDPOUBUUPEJBMNFOPNN
/FMMFMFNFOUPGFNNJOBJOEJWJEVBSFVODPOEVUUPSFEJGBTFFVOP
OFVUSP࣓[FSPࣔ6OBMMBDDJBNFOUPTDPSSFUUPEFMMBQQBSFDDIJPQV²
DPNQPSUBSOFJMEBOOFHHJBNFOUP
"UUFOFSTJTFNQSFBMMPTDIFNBEJBMMBDDJBNFOUP1FSMBUFOTJPOF
WFEFSFMBUBSHIFUUBEJJEFOUJGJDB[JPOF$PMMFHBSFJGJMJEFMDBWPEJ
DPMMFHBNFOUPBMMBSFUFFMFUUSJDBSJTQFUUBOEPJDPMPSJWFSEFHJBMMP
DPOEVUUPSFEJUFSSB <CMV[FSPDPOEVUUPSFOFVUSPNBSSPOF
GBTFDPOEVUUPSFFTUFSOP
6RORSHU6YH]LD)LQODQGLDH1RUYHJLD
-BQQBSFDDIJPQV²BODIFFTTFSFDPMMFHBUPUSBNJUFMBTQJOBDPO
TJTUFNBEJNFTTBBUFSSBGPSOJUBJOEPUB[JPOF'BSFJONPEPDIF
VOBWPMUBUFSNJOBUPJMNPOUBHHJPRVFTUBTJBBDDFTTJCJMF*ODBTP
DPOUSBSJPBMNPNFOUPEFMMJOTUBMMB[JPOFVUJMJ[[BSFVOTFQBSBUPSF
VOJWFSTBMFDPOBQFSUVSBEFJDPOUBUUJEJBMNFOPNN
)LVVDJJLRGHOODSSDUHFFKLR)LJXUD
$WWHQ]LRQH
1FSJMGJTTBHHJPEFJQBOOFMMJOPOVUJMJ[[BSFBMDVOBWWJUBUPSFB
CBUUFSJB*QBOOFMMPQPTTPOPFTTFSFEBOOFHHJBUJ
 *OTFSJSFMBQQBSFDDIJPGJOPJOGPOEP'BSFJONPEPDIFJMDBWPEJ
BMMBDDJBNFOUP OPO TJ QJFHIJ OPO SJNBOHB JODBTUSBUP F OPO QBTTJ
TVTQJHPMJWJWJ
 $FOUSBSFMBQQBSFDDIJP
5SB MBQQBSFDDIJP F J GSPOUBMJ EFJ NPCJMJ DPOUJHVJ EFWF FTTFSDJ VOB
GFTTVSBEBSJBEJNJOpNN
 "QSJSFMBQPSUBEFMMBQQBSFDDIJPFTWJUBSFJQBOOFMMJBEFTUSBFB
TJOJTUSB
 'JTTBSFMBQQBSFDDIJPBMNPCJMF
 "QQMJDBSFJQBOOFMMJFBWWJUBSFQSJNBJOBMUPFQPJEJOVPWPJO
CBTTP
 -PTQB[JPUSBMBQPSUBEFMMBQQBSFDDIJPFJQBOOFMMJMBUFSBMJQV²
FTTFSFBEBUUBUPBTJOJTUSBFBEFTUSBUSBNJUFMBWJUFTVQFSJPSF
/PODIJVEFSFMPTQB[JPUSBJMQJBOPEJMBWPSPFMBQQBSFDDIJPDPO
VMUFSJPSJMJTUFMMJ
4VMMFQBSFUJMBUFSBMJEFMNPCJMFOPOEFWFFTTFSFDPMMPDBUPBMDVO
MJTUFMMPEJJTPMBNFOUPUFSNJDP
6PRQWDJJLR
 4DPMMFHBSFMBQQBSFDDIJPEBMMBSFUFFMFUUSJDB
 "QSJSFMBQPSUBEFMMBQQBSFDDIJPFTWJUBSFJQBOOFMMJBEFTUSBFB
TJOJTUSB
 4WJUBSFMFWJUJEJGJTTBHHJP
 4PMMFWBSF MFHHFSNFOUF MBQQBSFDDIJP FE FTUSBSMP DPNQMFUBNFOUF
nl
é,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ$IE
■%JUBQQBSBBUJTCFTUFNEWPPSHFCSVJLUPUPQFFOIPPHUFWBO
NBYJNBBM NFUFSCPWFO[FFOJWFBV
■"MMFFOBMTEFJOCPVXPQEFTLVOEJHFXJK[FFODPOGPSNEJU
JOTUBMMBUJFWPPSTDISJGUXPSEUVJUHFWPFSEJTEFWFJMJHIFJECJKIFU
HFCSVJL HFHBSBOEFFSE%F NPOUFVS JT BBOTQSBLFMJKL WPPS TDIBEF
BMTHFWPMHWBOFFOWFSLFFSEFJOCPVX
■$POUSPMFFSIFUBQQBSBBUOBIFUVJUQBLLFO/JFUBBOTMVJUFOJO
HFWBMWBOUSBOTQPSUTDIBEF
■7FSQBLLJOHTNBUFSJBBMFOQMBLGPMJFWPPSJOHFCSVJLOBNF
WFSXJKEFSFOVJUEFCJOOFOSVJNUFFOWBOEFEFVS
■*OCPVXNFVCFMTEJFOFOCFTUBOEUF[JKOUFHFOFFOUFNQFSBUVVS
WBONBYJNBBMp$BBOHSFO[FOEFWPPS[JKEFOWBONFVCFMT
UFHFOFFOUFNQFSBUVVSWBONBYJNBBMp$
■)FUBQQBSBBUOJFUBDIUFSFFOEFDPSQMBBUJOCPVXFO&SCFTUBBU
HFWBBSWBOPWFSWFSIJUUJOH
■7PFS VJUTOJKEJOHTXFSL[BBNIFEFO BBO IFU NFVCFM VJU WPPSEBU IFU
BQQBSBBUXPSEUHFQMBBUTU4QBOFOWFSXJKEFSFOEF[FLVOOFO
JOWMPFEIFCCFOPQEFXFSLJOHWBOFMFLUSJTDIFDPNQPOFOUFO
■%SBBHXFSLIBOETDIPFOFOUFSWPPSLPNJOHWBOTOJKXPOEFO
0OEFSEFMFOEJFUJKEFOTEFNPOUBHFUPFHBOLFMJKL[JKOLVOOFO
TDIFSQFSBOEFOIFCCFO
■-FUFSCJKBQQBSBUFONFUFFOESBBJCBBSTDIBLFMGSPOUPQEBUIFU
TDIBLFMGSPOUCJKIFUOBBSCVJUFOLPNFOHFFOBBOHSFO[FOEF
NFVCFMTSBBLU
■%FDPOUBDUEPPTWBOIFUBQQBSBBUEJFOU[JDIJOIFUHFCJFEWBO
IFUHFBSDFFSEFWMBL $PGCVJUFOEFJOCPVXSVJNUFUFCFWJOEFO
■/JFUCFWFTUJHEFNFVCFMTNFUFFOHFCSVJLFMJKLFJOEFIBOEFM
WFSLSJKHCBSFIBBL %BBOEFXBOECFWFTUJHFO
■.BBUBBOEVJEJOHFOWBOEFBGCFFMEJOHFOJONN
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
)FU BQQBSBBU LBO QFSNBOFOUNBHOFUFO CFWBUUFO EJF FMFLUSPOJTDIF
JNQMBOUBUFO[PBMTQBDFNBLFSTPGJOTVMJOFQPNQFOLVOOFO
CF¯OWMPFEFO)PVEEBBSPNCJKEFNPOUBHFFFOBGTUBOEWBO
NJOTUFOTDNUPUFMFLUSPOJTDIFJNQMBOUBUFOBBO
$SSDUDDWRQGHUZHUNEODG$IE
.FUIFUPPHPQEFMVDIUUPFWPFSWBOIFUBQQBSBBUEJFOUIFU
UVTTFOTDIPUUFCFTDIJLLFOPWFSFFOWFOUJMBUJFPQFOJOH
8FSLCMBECFWFTUJHFOPQIFUJOCPVXNFVCFM
8PSEUIFUBQQBSBBUPOEFSFFOLPPLQMBBUJOHFCPVXEEBONPFUFO
EFWPMHFOEFNJOJNBMFBGNFUJOHFOJOBDIUXPSEFOHFOPNFO
FWFOUVFFMJODMVTJFGPOEFSCPVX
0QCBTJTWBOEFWFSFJTUFNJOJNBMFBGTUBOE EJTEFNJOJNBMFEJLUF
WBOIFUXFSLCMBE D
)PVEVBBOIFUJOTUBMMBUJFWPPSTDISJGUWPPSEFLPPLQMBBU
$SSDUDDWLQERYHQNDVW$IEHHOGLQJ
.FUIFUPPHPQEFMVDIUUPFWPFSWBOIFUBQQBSBBUEJFOFOEF
UVTTFOTDIPUUFOUFCFTDIJLLFOPWFSFFOWFOUJMBUJFPQFOJOH
8BOOFFSEFCPWFOLBTUOBBTUEFFMFNFOUBDIUFSXBOEFOOPHFFO
BDIUFSXBOEIFFGUEJFOUEF[FWFSXJKEFSEUFXPSEFO
)FUBQQBSBBUOJFUUFIPPHJOCPVXFO[PEBUEFUPFCFIPSFOFS
[POEFSQSPCMFFNVJUHFOPNFOLVOOFOXPSEFO
+RHNLQERXZ$IE
0NFSWPPSUF[PSHFOEBUEFEFVSWBOIFUBQQBSBBULBOXPSEFO
HFPQFOEEJFOUV[JDICJKEFIPFLJOCPVXUFIPVEFOBBOEF
BGNFUJOHFO &"GNFUJOH 'JTBGIBOLFMJKLWBOEFEJLUFWBOIFU
NFVCFMGSPOUPOEFSEFHSFFQ
$SSDUDDWDDQVOXLWHQ
)FUBQQBSBBUWPMEPFUBBOCFWFJMJHJOHTLMBTTFFONBHBMMFFONFU
FFOHFBBSEFBBOTMVJUJOHXPSEFOHFCSVJLU
%F[FLFSJOHEJFOUJOPWFSFFOTUFNNJOHUF[JKONFUEF
WFSNPHFOTPQHBWFPQIFUUZQFQMBBUKFFOEFMPLBMFWPPSTDISJGUFO
#JK BMMF NPOUBHFXFSL[BBNIFEFO EJFOU IFU BQQBSBBU TQBOOJOHTMPPT
UF[JKO
)FUBQQBSBBUNBHBMMFFONFUEFNFFHFMFWFSEFBBOTMVJULBCFM
XPSEFOBBOHFTMPUFO4UFFLEFTUFLLFSWBOEFBBOTMVJULBCFMJOEF
BDIUFSLBOUWBOIFUBQQBSBBULMJL
#JKEFTFSWJDFEJFOTUJTFFONBBOTMVJULBCFMWFSLSJKHCBBS
%F BBOTMVJULBCFM NBH BMMFFO XPSEFO WFSWBOHFO EPPS FFO PSJHJOFMF
LBCFMEJFWFSLSJKHCBBSJTCJKEFTFSWJDFEJFOTU
%FCFTDIFSNJOHUFHFOBBOSBLJOHEJFOUEPPSEFJOCPVXUF[JKO
HFXBBSCPSHE
7\SHNRRNSODDW D
RSERXZ
D
YODNJHPRQ
WHHUG
E
*OEVDUJFLPPLQMBBU NN NN NN
*OEVDUJFLPPLQMBBU
NFUEPPSMPQFOE
LPPLPQQFSWMBL
NN NN NN
(BTLPPLQMBBU NN NN NN
&MFLUSJTDIFLPPLQMBBU NN NN NN
D
E

$DQVOXLWNDEHOPHWJHDDUGHVWHNNHU
)FUBQQBSBBUNBHBMMFFOPQFFOHFBBSETUPQDPOUBDUXPSEFO
BBOHFTMPUFOEBUWPMHFOTEFWPPSTDISJGUFOJTHFNPOUFFSE
8BOOFFSEFTUFLLFSOBIFUJOCPVXFOOJFUNFFSUPFHBOLFMJKLJT
NPFUFFOTDIBLFMBBSNFUFFODPOUBDUBGTUBOEWBONJOTUFOTNN
XPSEFOHF¯OTUBMMFFSE
$DQVOXLWNDEHO]RQGHUJHDDUGHVWHNNHU
"MMFFO FFO EBBSUPF CFWPFHE WBLNBO NBH IFU BQQBSBBU BBOTMVJUFO
%FJOTUBMMBUJFEJFOUUFCFTDIJLLFOPWFSFFOTDIBLFMBBSNFUFFO
DPOUBDUPQFOJOHWBONJOTUFOTNN'BTFFOOFVUSBBMOVM
MFJEFSJOIFUTUPQDPOUBDUJEFOUJGJDFSFO#JKFFOWFSLFFSEF
BBOTMVJUJOHLBOIFUBQQBSBBUCFTDIBEJHESBLFO
"MMFFOBBOTMVJUFOWPMHFOTIFUBBOTMVJUTDIFNB%FTQBOOJOHTUBBU
WFSNFMEPQIFUUZQFQMBBUKF%FBEFSTWBOEFIPPGEMFJEJOH
OFUBBOTMVJUJOH BBOTMVJUFO WPMHFOT EF LMFVSDPEFSJOH HSPFOHFFM 
BBSEMFJEJOH <CMBVXOVMOFVUSBBMMFJEJOHCSVJOGBTF
CVJUFOMFJEJOH
$OOHHQ=ZHGHQ)LQODQGHQ1RRUZHJHQ
)FUBQQBSBBULBOPPLNFUEFCJKHFWPFHEFTUFLLFSNFU
BBSEJOHTDPOUBDUTZTUFFNXPSEFOBBOHFTMPUFO%JUEJFOUOBEF
JOCPVX UPFHBOLFMJKL UF [JKO *T EJU OJFU IFU HFWBM EBO NPFU FS PQ IFU
BQQBSBBUXFFSFFOTDIBLFMBBSNFUFFODPOUBDUPQFOJOHWBO
NJOTUFOTNNXPSEFOBBOHFCSBDIU
$SSDUDDWEHYHVWLJHQ$IEHHOGLQJ
$WWHQWLH
(FFO BDDVTDISPFWFOESBBJFS HFCSVJLFO WPPS IFU CFWFTUJHFO WBO EF
QBOFMFO1BOFMFOLVOOFOCFTDIBEJHESBLFO
 "QQBSBBU IFMFNBBM JOTDIVJWFO ;PSH FSWPPS EBU IFU BBOTMVJUTOPFS
IJFSCJK OJFU LOJLU XPSEU JOHFLMFNE PG PWFS TDIFSQF SBOEFO HFMFJE
 "QQBSBBUDFOUSJTDIVJUSJDIUFO
5VTTFOIFUBQQBSBBUFOEFBBOHSFO[FOEFWPPS[JKEFOWBO
NFVCFMTEJFOUFFOMVDIUTQMFFUWBONJOTUFOT NNBBOXF[JHUF
[JKO
 "QQBSBBUEFVSPQFOFOFOEFQBOFMFOMJOLTFOSFDIUT
MPTTDISPFWFO
 "QQBSBBUBBOIFUNFVCFMWBTUTDISPFWFO
 1BOFMFOFSUFHFOBBO[FUUFOFOFFSTUCPWFOFOWFSWPMHFOT
CFOFEFOXFFSWBTUTDISPFWFO
 %FTQMFFUUVTTFOEFBQQBSBBUEFVSFOEF[JKQBOFMFOLBONFUEF
CPWFOTUFTDISPFGMJOLTFOSFDIUTXPSEFOBBOHFQBTU
%F TQMFFU UVTTFO XFSLCMBE FO BQQBSBBU NBH OJFU EPPS FYUSB MJKTUFO
XPSEFOBGHFTMPUFO
"BOEF[JKXBOEFOWBOEFPNCPVXLBTUNPHFOHFFO
JTPMBUJFQSPGJFMFOXPSEFOBBOHFCSBDIU
'HPRQWDJH
 .BBLIFUBQQBSBBUTQBOOJOHTMPPT
 "QQBSBBUEFVSFFOCFFUKFPQFO[FUUFOFOEFQBOFMFOMJOLTFO
SFDIUTMPTTDISPFWFO
 #FWFTUJHJOHTTDISPFWFOMPTESBBJFO
 "QQBSBBUMJDIUPQUJMMFOFOIFMFNBBMOBBSCVJUFOUSFLLFO
da
×.POUFSJOHTWFKMFEOJOH
9LJWLJHRSO\VQLQJHUILJXU
■%FUUFBQQBSBUFSCFSFHOFUUJMCSVHPQUJMFOI¸KEFQ¥NBLTJNBMU
NFUFSPWFSIBWFUTPWFSGMBEF
■,VO WFE LPSSFLU JOECZHOJOH JIU EFOOF NPOUFSJOHTBOWJTOJOH LBO
EFSHBSBOUFSFTGPSTJLLFSBOWFOEFMTFBGBQQBSBUFU.POU¸SFO
I¦GUFSGPSTLBEFSTPNTLZMEFTVLPSSFLUJOECZHOJOH
■,POUSPMMFS BQQBSBUFU O¥S EFU FS QBLLFU VE 5JMTMVU JLLF BQQBSBUFU
IWJTEFUIBSUSBOTQPSUTLBEFS
■'KFSO FNCBMMBHFNBUFSJBMF PH LM¦CFGPMJF GSB PWOSVNNFU PH E¸SFO
JOEFOJCSVHUBHOJOHFO
■*OECZHOJOHTTLBCFTLBMW¦SFUFNQFSBUVSCFTUBOEJHFPQUJMp$
PHGSPOUFSQ¥UJMTU¸EFOEFTLBCFPQUJMp$
■"QQBSBUFU N¥ JLLF JOECZHHFT CBH FU EFLPSBUJPOTQBOFM'BSF TPN
G¸MHFBGPWFSPQIFEOJOH
■6ETL¦SJOHFSOFJJOECZHOJOHTTLBCFOFTLBMVEG¸SFTJOEFO
BQQBSBUFUT¦UUFTQ¥QMBET'KFSOTQ¥OFSTPNLBOGPSSJOHFEF
FMFLUSJTLFLPNQPOFOUFSTGVOLUJPO
■#SVHCFTLZUUFMTFTIBOETLFSGPSBUVOEH¥TOJUT¥S%FSLBOW¦SF
EFMFNFETLBSQFLBOUFSTPNFSUJMH¦OHFMJHFVOEFSNPOUBHFO
■7FEBQQBSBUFSNFEESFKFMJHUGSPOUQBOFMN¥GSPOUQBOFMFUJLLF
LVOOFLPMMJEFSFNFEEFUJMTU¸EFOEFL¸LLFOFMFNFOUFSO¥SEFU
ESFKFTVE
■,POUBLUFOIWPSBQQBSBUFUUJMTMVUUFTTLBMW¦SFQMBDFSFUJEFO
TLSBWFSFEFGMBEF $FMMFSVEFOGPSJOECZHOJOHTSVNNFU
■*LLFGBTUHKPSUFL¸LLFOFMFNFOUFSTLBMGBTUH¸SFTUJMW¦HHFONFE
FUBMNJOEFMJHUWJOLFMCFTMBH %
■.¥MFOFQ¥UFHOJOHFSOFFSBOHJWFUJNN
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
"QQBSBUFULBOJOEFIPMEFQFSNBOFOUFNBHOFUFSTPNLBOQ¥WJSLF
FMFLUSPOJTLFJNQMBOUBUFSGFLTQBDFNBLFSFFMMFSJOTVMJOQVNQFS
0WFSIPMEEFSGPSFONJOJNVNBGTUBOEQ¥DNUJMFMFLUSPOJTLF
JNQMBOUBUFSWFENPOUBHFO
$SSDUDWXQGHUERUGSODGHILJXU
%FSTLBMW¦SFFOVETL¦SJOHJNFMMFNCVOEFOUJMWFOUJMBUJPO
#PSEQMBEFOTLBMGBTUH¸SFTUJML¸LLFOFMFNFOUFSOF
)WJTBQQBSBUFUCMJWFSJOECZHHFUVOEFSFOLPHFTFLUJPOTLBM
G¸MHFOEFNJOJNVNBGTUBOEFPWFSIPMEFTFWFOUVFMUJOLMVTJWFFO
VOEFSLPOTUSVLUJPO
%FOO¸EWFOEJHFNJOJNVNBGTUBOE ECFTUFNNFSEFONJOETUF
CPSEQMBEFUZLLFMTF D
0WFSIPMENPOUBHFWFKMFEOJOHFOGPSLPHFTFLUJPOFO
$SSDUDWLK¡MVNDEILJXU
*OECZHOJOHTTLBCFUTNFMMFNCVOEFTLBMIBWFVETL¦SJOHFSUJM
WFOUJMBUJPO
)WJTI¸KTLBCFUVEPWFSFMFNFOUCBHW¦HHFOIBSFOEOVFO
CBHW¦HTLBMEFOGKFSOFT
"QQBSBUFUN¥JLLFJOECZHHFTI¸KFSFPQQFFOEBUUJMCFI¸SFULBO
UBHFTVEVEFOQSPCMFNFS
+M¡UQHLQGE\JQLQJILJXU
7FEIK¸SOFJOECZHOJOHTLBMN¥MFOF 'PWFSIPMEFTGPSBUBQQBSBUFU
E¸STLBMLVOOF¥COFT.¥MFU 'BGI¦OHFSBGN¸CFMGSPOUFOT
UZLLFMTFVOEFSI¥OEUBHFU
7LOVOXWQLQJDIDSSDUDW
"QQBSBUFUFSLMBTTJGJDFSFUJCFTLZUUFMTFTLMBTTFPHN¥LVO
BOWFOEFTNFEFOTJLLFSIFETKPSEGPSCJOEFMTF
"GTJLSJOHFOTLBMTLFJIFOIPMEUJMBOHJWFMTFOBGFGGFLUGPSCSVHQ¥
UZQFTLJMUFUPHEFMPLBMFGPSTLSJGUFS
"QQBSBUFUTLBMW¦SFVEFOFMFLUSJTLTQ¦OEJOHWFEBMMFGPSNFSGPS
NPOUBHFBSCFKEF
"QQBSBUFUN¥LVOUJMTMVUUFTNFEEFOMFWFSFEFUJMTMVUOJOHTMFEOJOH
4UJLUJMTMVUOJOHTMFEOJOHFOJOEQ¥CBHTJEFOBGBQQBSBUFUH¥SJ
JOEHSFCNFEFULMJL
%FSLBOG¥TFOUJMTMVUOJOHTMFEOJOHQ¥NIPTLVOEFTFSWJDF
5JMTMVUOJOHTMFEOJOHFON¥LVOVETLJGUFTNFEFOPSJHJOBM
UJMTMVUOJOHTMFEOJOHTPNLBOCFTUJMMFTWJBLVOEFTFSWJDF
*OECZHOJOHFOTLBMZEFCFS¸SJOHTCFTLZUUFMTF
7\SHNRJHVHNWLRQ D
3nVDW
D
3ODQPRQWHUHW
E
*OEVLUJPOTLPHFTFLUJ
PO NN NN NN
'VMEGMBEF
JOEVLUJPOTLPHFTFLUJ
PO
NN NN NN
(BTLPHFTFLUJPO NN NN NN
&MLPHFTFLUJPO NN NN NN
D
E

7LOVOXWQLQJVOHGQLQJPHGVWLNWLOVLNNHUKHGVNRQWDNW
"QQBSBUFUN¥LVOUJMTMVUUFTUJMFOLPSSFLUJOTUBMMFSFU
TJLLFSIFETTUJLLPOUBLU
)WJTEFSJLLFFSBEHBOHUJMTUJLLFUFGUFSJOECZHOJOHFOTLBMEFS
JOTUBMMFSFTFOGMFSQPMFUBGCSZEFSNFEFOLPOUBLUBGTUBOEQ¥NJO
NNQ¥JOTUBMMBUJPOTTJEFO
7LOVOXWQLQJVOHGQLQJXGHQVLNNHUKHGVVWLN6FKXNRVWLN
"QQBSBUFUN¥LVOUJMTMVUUFTBGFOBVUPSJTFSFUGBHNBOE
%FSTLBMJOEH¥FOBMQPMFUBGCSZEFSNFENJOETUNN
LPOUBLUBGTUBOEJJOTUBMMBUJPOFO*EFOUJGJDFSGBTFPHOVMMFEFSJ
UJMTMVUOJOHTTUJLLPOUBLUFO)WJTBQQBSBUFUUJMTMVUUFTGPSLFSULBOEFU
CMJWFCFTLBEJHFU
.¥LVOUJMTMVUUFTJIUUJMTMVUOJOHTEJBHSBNNFU7FESTQ¦OEJOHTF
UZQFTLJMU5JMTMVUOFUUJMTMVUOJOHTMFEOJOHFOTMFEFSFJIU
GBSWFNBSLFSJOHFO HS¸OHVM  CFTLZUUFMTFTMFEFS < CM¥  OVMMFEFS
CSVOGBTFZEFSMFEFS
.XQIRU6YHULJH)LQODQGRJ1RUJH
"QQBSBUFULBOPHT¥GPSCJOEFTNFEFOTJLLFSIFETLPOUBLUWFE
IK¦MQBGEFUMFWFSFEFTUJL%FOOFLPOUBLUTLBMW¦SFUJMH¦OHFMJH
FGUFSJOECZHOJOHFO)WJTEFUUFJLLFFSUJMG¦MEFUTLBMEFSJOEH¥FO
BMQPMFUTLJMMFBGCSZEFSNFENJOETUNNLPOUBLUBGTUBOEQ¥
JOTUBMMBUJPOTTJEFO
)DVWJ¡UHDSSDUDWILJXU
3DVSn
"OWFOEJLLFFOBLLVTLSVFUS¦LLFSUJMGBTUTLSVOJOHBG
QBOFMFSOF1BOFMFSOFLBOCMJWFCFTLBEJHFU
 4LZEBQQBSBUFUIFMUJOE1BTQ¥BUUJMTMVUOJOHTLBCMFUJLLFG¥S
LO¦LLPNNFSJLMFNNFFMMFSCMJWFSG¸SUIFOPWFSTLBSQFLBOUFS
 $FOUSFSBQQBSBUFU
%FSTLBMW¦SFFOMVGUTQBMUFQ¥NJONNNFMMFNBQQBSBUFUPH
GSPOUFOQ¥EFUJMTU¸EFOEFL¸LLFOFMFNFOUFS
 -VLBQQBSBUFUTE¸SPQPHTLSVQBOFMFSOFBGJWFOTUSFPHI¸KSF
TJEF
 4LSVBQQBSBUFUGBTUJL¸LLFOFMFNFOUFU
 4¦UQBOFMFSOFQ¥PHTLSVEFNGBTUJHFOG¸STUGPSPWFOPH
EFSFGUFSGPSOFEFO
 4QBMUFONFMMFNBQQBSBUFUTE¸SPHTJEFQBOFMFSOFLBOKVTUFSFT
NFEEFO¸WFSTUFTLSVFJI¸KSFPHWFOTUSFTJEF
4QBMUFONFMMFNCPSEQMBEFPHBQQBSBUN¥JLLFMVLLFTNFEFLTUSB
MJTUFS
%FSN¥JLLFQMBDFSFTMJTUFSUJMWBSNFCFTLZUUFMTFQ¥
JOECZHOJOHTTLBCFUTTJEFW¦HHF
$IPRQWHULQJ
 4¸SHGPSBUBQQBSBUFUFSVEFOTQ¦OEJOH
 -VL BQQBSBUFUT E¸S MJEU PQ PH TLSV QBOFMFSOF BG J WFOTUSF PH I¸KSF
TJEF
 4LSVNPOUFSJOHTTLSVFSOFVE
 -¸GUBQQBSBUFUMJEUPHUS¦LEFUIFMUVE
sv
ó0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDUELOG
■&OIFUFO¤SBWTFEEG¶SBOW¤OEOJOHVQQUJMMI¶HTU N¶WFS
IBWFU
■4¤LFSBOW¤OEOJOHG¶SVUT¤UUFSQSPGGTJHNPOUFSJOHFOMJHU
NPOUFSJOHTBOWJTOJOHFO*OTUBMMBU¶SFOBOTWBSBSG¶STLBEPSTPN
VQQTU¥SQ¥HSVOEBWGFMBLUJHJOCZHHOBE
■,POUSPMMFSBFOIFUFOFGUFSVQQBDLOJOH"OTMVUJOUFFOIFUFOPN
EFOIBSUSBOTQPSUTLBEPS
■5B CPSU G¶SQBDLOJOHTNBUFSJBM PDI TLZEETGPMJFS GS¥O VHOTVUSZNNF
PDIMVDLBG¶SFBOW¤OEOJOH
■4UPNNBSOBTLBU¥MBUFNQFSBUVSFSVQQUJMMp$MVDLPSPDI
M¥EGSPOUFSJOUJMMVQQUJMMp$
■.POUFSBJOUFFOIFUFOCBLPNEFLPSQBOFM3JTLG¶S¶WFSIFUUOJOH
■(¶SVSUBHFOJTUPNNBSOBJOOBOEVT¤UUFSJFOIFUFO5BCPSU
TQ¥OFOEFLBOQ¥WFSLBFMLPNQPOFOUFSOBTGVOLUJPO
■"OW¤OETLZEETIBOETLBST¥VOEWJLFSEVTL¤STLBEPS%V
LPNNFS¥UEFMBSWJENPOUFSJOHTPNLBOIBWBTTBLBOUFS
■4F UJMM T¥ BUU GSPOUFO JOUF H¥S FNPU BOHS¤OTBOEF TUPNNBS O¤S EFO
¥LFSVUQ¥FOIFUFSNFEG¤MMCBSGSPOU
■7¤HHVUUBHFUG¶SBOTMVUOJOHFON¥TUFTJUUBJOPNPNS¥EFU $FMMFS
VUBOG¶SJOCZHHOBETVUSZNNFU
■'¤TUM¶TBTUPNNBSNFEWBOMJHBN¶CFMWJOLMBS %NPUW¤HHFO
■"MMBCJMEN¥UU¤SJNN
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
&OIFUFOLBOJOOFI¥MMBQFSNBOFOUNBHOFUFSTPNLBOQ¥WFSLB
FMFLUSPOJTLBJNQMBOUBUTPNUFYQBDFNBLFSPDIJOTVMJOQVNQBS
)¥MMDNNJOJNJBWTU¥OEWJEJOTUBMMBUJPOPNEVIBSFMFLUSPOJTLB
JNQMBOUBU
(QKHWXQGHUElQNVNLYDELOG
)ZMMQMBOFUTLBIBFUUWFOUJMBUJPOTVSUBHT¥BUUFOIFUFOCMJS
WFOUJMFSBE
'¤TUC¤OLTLJWBOJTUPNNFO
*OCZHHOBEVOEFSI¤MMLS¤WFSBUUEVI¥MMFSG¶MKBOEFNJOJNJN¥UUFW
JOLMVTJWFTUPNNF
/¶EW¤OEJHUNJOJNJBWTU¥OE EHFSNJOC¤OLTLJWUKPDLMFL D
'¶MKI¤MMFOTNPOUFSJOHTBOWJTOJOHBS
(QKHWLK|JVNnSELOG
)ZMMQMBOFOTLBIBWFOUJMBUJPOTVSUBHG¶SFOIFUFO
'JOOT EFU G¶SVUPN FMFNFOUCBLTJEPSOB ¤WFO SZHH Q¥ I¶HTL¥QFU T¥
N¥TUFEVUBCPSUEFO
.POUFSBJOUFFOIFUFOI¶HSF¤OBUUEVTNJEJHULBOUBVSUJMMCFI¶S
+|UQPRQWHULQJELOG
5BI¤OTZOUJMMN¥UU &T¥BUUMVDLBOUJMMFOIFUFOH¥SBUU¶QQOBWJE
I¶SONPOUFSJOH.¥UU '¤SPCFSPFOEFBWGSPOUUKPDLMFLFOVOEFS
CFTMBHFU
$QVOXWHQKHWHQ
&OIFUFOIBSTLZEETLMBTTPDITLBIBKPSEBEFMBOTMVUOJOH
"WT¤LSBFOMJHUBOHJWFOFGGFLUQ¥UZQTLZMUFOPDIMPLBMBG¶SFTLSJGUFS
&OIFUFOTLBWBSBTQ¤OOJOHTM¶TWJEBMMTMBHTNPOUFSJOH
"OTMVUCBSBFOIFUFONFEEFONFEG¶MKBOEFTMBEEFO4¤UUJ
LPOUBLUFOTO¤QQFSGBTUQ¥FOIFUFOTCBLTJEB
%FUH¥SBUUCFTU¤MMBNTMBEEIPTTFSWJDF
%VG¥SCBSBCZUBVUTMBEEFONPUPSJHJOBMTMBEETPNEVCFTU¤MMFSBW
TFSWJDF
*OTUBMMBUJPOFON¥TUFHFFUUGVMMHPUUQFUTLZEE
.DEHOPHGMRUGDGNRQWDNW
&OIFUFOG¥SCBSBBOTMVUBTUJMMKPSEBEFW¤HHVUUBH
0NEFUJOUFH¥SBUUO¥LPOUBLUFOFGUFSJOTUBMMBUJPOFON¥TUFEV
JOTUBMMFSBFOBMMQPMJHCSZUBSFNFECSZUBWTU¥OEPNNJOTUNN
6ODGGXWDQMRUGDGNRQWDNW
%FU¤SCBSBCFI¶SJHFMFLUSJLFSTPNG¥SFMBOTMVUBFOIFUFO
*OTUBMMBUJPOFOLS¤WFSBMMQPMJHCSZUBSFNFECSZUBWTU¥OEQ¥NJOTU
NN*EFOUJGJFSBGBTPDIOFVUSBMMFEBSFOPMMBJLPQQMJOHTEPTBO
'FMBOTMVUOJOHLBOTLBEBFOIFUFO
%VG¥SCBSBBOTMVUBFOMJHUFMTDIFNBU4Q¤OOJOHTFN¤SLTLZMUFO
"OTMVUMFEBSOBJFMBOTMVUOJOHFOFOMJHUG¤SHN¤SLOJOHFOHS¶OHVM
KPSEMFEBSF <CM¥OPMMBOFVUSBMMFEBSFCSVOGBTGBTMFEBSF
+lOOW\S D
RYDQSnOLJ
JDQGH
D
LQIlOOGPRQWH
ULQJ
E
JOEVLUJPOTI¤MM NN NN NN
)FMU¤DLBOEF
JOEVLUJPOTI¤MM
NN NN NN
(BTI¤MM NN NN NN
&MI¤MM NN NN NN
D
E
 
*lOOHUEDUD6YHULJH)LQODQGRFK1RUJH
.FEIK¤MQBWNFEG¶MKBOEFLPOUBLULBOFOIFUFO¤WFOBOTMVUBTUJMM
KPSEBU TZTUFN "OTMVUOJOHFO N¥TUF WBSB UJMMH¤OHMJH FGUFS JOCZHHOBE
(¥SJOUFEFUN¥TUFEVJTU¤MMFUT¤UUBJOFOBMMQPMJHCSZUBSFNFE
CSZUBWTU¥OEQ¥NJOTUNN
)lVWDHQKHWHQELOG
2EV
'¤TUJOUFQBOFMFSOBNFETMBEEM¶TTLSVWESBHBSF%VLBOTLBEB
QBOFMFSOB
 4LKVU JO FOIFUFO IFMU 4F UJMM T¥ BUU TMBEEFO JOUF CMJS WJLU LM¤NE FMMFS
ESBHFO¶WFSWBTTBLBOUFS
 $FOUSFSBFOIFUFO
%FUTLBGJOOBTFONNMVGUTQBMUNFMMBOFOIFUFOPDI
BOHS¤OTBOEFTL¥QTTUPNNBS
 QQOBMVDLBOPDITLSVWBBWW¤OTUFSPDII¶HFSQBOFM
 4LSVWBGBTUFOIFUFOJTUPNNFO
 4¤UUQ¥QBOFMFSOBVQQUJMMG¶STUTLSVWBTFEBOGBTUEFNOFEUJMM
 4QBMUFO NFMMBO VHOTMVDLB PDI TJEPQBOFMFS H¥S BUU BOQBTTB NFE
¶WSFTLSVWFOUJMMW¤OTUFSPDII¶HFS
4FUJMMT¥BUUJOUFBOESBMJTUFSU¤DLFSTQBMUFONFMMBOC¤OLTLJWBPDI
FOIFU
%FUG¥SJOUFTJUUBO¥HSBUFSNPTLZEETMJTUFSQ¥TJEPW¤HHBSOBJ
PNCZHHOBETTUPNNFO
'HPRQWHULQJ
 (¶SFOIFUFOTQ¤OOJOHTM¶T
 QQOBMVDLBOPDITLSVWBBWW¤OTUFSPDII¶HFSQBOFM
 -PTTBG¤TUTLSVWBSOB
 -ZGUFOIFUFOO¥HPUPDIESBTFEBOVUEFOIFMUPDII¥MMFU
no
ê0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU²ELOGH
■%FUUF BQQBSBUFU FS MBHFU GPS CSVL J FO I¸ZEF PWFS IBWFU Q¥ NBLT
 NFUFS
■4JLLFSCSVLHBSBOUFSFTCBSFWFELPSSFLUNPOUFSJOHJIFOIPMEUJM
EFOOFNPOUFSJOHTBOWJTOJOHFO.POU¸SFOTU¥SBOTWBSMJHGPS
TLBEFSTPNPQQTU¥SQHBGFJMNPOUFSJOH
■,POUSPMMFSBQQBSBUFUFUUFSBUEVIBSQBLLFUEFUVU*LLFLPCMFUJM
BQQBSBUFUIWJTEFUFSCMJUUTLBEFUVOEFSUSBOTQPSU
■'KFSOBMMFNCBMMBTKFGSBPWOTSPNNFUPHBQQBSBUE¸SFOG¸S
BQQBSBUFUUBTJCSVL
■*OOCZHHJOHTNPEVMFSN¥U¥MFUFNQFSBUVSFSQ¥JOOUJMp$PH
FMFNFOUGSPOUFSJPNS¥EFUN¥U¥MFJOOUJMp$
■"QQBSBUFUN¥JLLFNPOUFSFTCBLQZOUFEFLTFM%FUFSGBSFGPS
PWFSPQQIFUJOH
■5JMQBTOJOHFSBWN¸CMFOFSVOEUN¥VUG¸SFTG¸SBQQBSBUFUTFUUFT
JOO'KFSOTQPO7JSLFN¥UFOUJMEFFMFLUSJTLFLPNQPOFOUFOFLBO
Q¥WJSLFT
■#SVLWFSOFIBOTLFSGPS¥VOOH¥LVUUTLBEFS%FMFSTPNFS
UJMHKFOHFMJHFVOEFSNPOUFSJOHLBOIBTLBSQFLBOUFS
■1¥BQQBSBUFSNFEVUTWJOHCBSUCSZUFSQBOFMN¥EVQBTTFQ¥BU
CSZUFSQBOFMFUJLLFLPMMJEFSFSNFEUJMHSFOTFOEFN¸CMFSO¥SEFU
TWJOHFTVU
■7FHHVUUBLGPSBQQBSBUFUN¥MJHHFJPNS¥EFUWFEEFOTLSBWFSUF
GMBUFO $FMMFSVUFOGPSJOOCZHHJOHTPNS¥EFU
■,K¸LLFOFMFNFOUFSTPNJLLFFSGFTUFUTLSVTGBTUUJMWFHHFONFE
FUWBOMJHWJOLFMKFSO %
■.¥MJGJHVSFOFJNN
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
"QQBSBUFULBOJOOFIPMEFQFSNBOFOUNBHOFUFSTPNLBOQ¥WJSLF
FMFLUSPOJTLFJNQMBOUBUFSTPNGFLTQBDFNBLFSFFMMFS
JOTVMJOQVNQFS)PMEEFSGPSFONJOTUFBWTUBOEQ¥ DNUJM
FMFLUSPOJTLFJNQMBOUBUFSWFENPOUFSJOHFO
$SSDUDWXQGHUDUEHLGVSODWHQ²ILJXU
'PSBUBQQBSBUFUTLBMLVOOFMVGUFTVUN¥NFMMPNQMBUFOIBFO
VUTL¥SFUMVGUF¥QOJOH
'FTUBSCFJETQMBUFOQ¥LK¸LLFOFMFNFOUFU
)WJTBQQBSBUFUCMJSCZHHFUJOOVOEFSFOQMBUFUPQQN¥G¸MHFOEF
NJOTUFN¥MPWFSIPMEFTFWFOUVFMUJOLMVTJWFVOEFSTUFMM
1HBEFOO¸EWFOEJHFNJOTUFBWTUBOEFO ECMJSNJOTUFTUZSLFOQ¥
BSCFJETQMBUFO D
'¸MHNPOUFSJOHTBOWJTOJOHFOGPSQMBUFUPQQFO
$SSDUDWLK¡\VNDSILJXU
'PSBUBQQBSBUFUTLBMLVOOFVUMVGUFTN¥NFMMPNQMBUFOFIB
VUTL¥SFEFMVGUF¥QOJOHFS
/¥SI¸ZTLBQFUJUJMMFHHUJMFMFNFOUCBLWFHHFOFIBSFOEBFO
CBLWFHHN¥EFOOFGKFSOFT
"QQBSBUFUN¥CZHHFTJOOTMJLBUUJMCFI¸SFULBOUBTVUVUFO
QSPCMFNFS
,QQE\JJLQJLKM¡UQHU²ILJXU
'PSBUBQQBSBUE¸SFOTLBMLVOOF¥QOFTN¥EFUUBTIFOTZOUJM
N¥MFOF &WFEJOOCZHHJOHJIK¸SOFS.¥MFU 'FSBWIFOHJHBW
UZLLFMTFOQ¥FMFNFOUGSPOUFOVOEFSI¥OEUBLFU
.REOHWLODSSDUDWHW
"QQBSBUFUFSJTBNTWBSNFECFTLZUUFMTFTLMBTTFPHN¥CBSF
LPCMFTUJMFOKPSEFUTUJLLPOUBLU
"QQBSBUFUN¥TJLSFTJIFOIPMEUJMPQQMZTOJOHFOFQ¥UZQFTLJMUFUPH
MPLBMFGPSTLSJGUFS
7FEBMUNPOUFSJOHTBSCFJEN¥BQQBSBUFUW¦SFTQFOOJOHTM¸TU
"QQBSBUFUTLBMCBSFLPCMFTUJMNFEEFONFEG¸MHFOEF
UJMLPCMJOHTMFEOJOHFO4FUUJUJMLPCMJOHTMFEOJOHFOQ¥CBLTJEFOBW
BQQBSBUFULMJLL
5JMLPCMJOHTMFEOJOHQ¥NLBOG¥TIPTLVOEFTFSWJDF
5JMLPCMJOHTMFEOJOHFON¥CBSFFSTUBUUFTBWFOPSJHJOBMMFEOJOHTPN
G¥TIPTLVOEFTFSWJDF
.POUFSJOHFON¥JLLFJOOTLSFOLFCFS¸SJOHTCFTLZUUFMTFO
7LONREOLQJVOHGQLQJPHGMRUGHWVW¡SVHO
"QQBSBUFUN¥CBSFLPCMFTUJMFOGPSTLSJGUTNFTTJHNPOUFSUKPSEFU
TUJLLPOUBLU
%FSTPNTU¸QTFMFUJLLFFSUJMHKFOHFMJHFUUFSNPOUFSJOHN¥EFU
JOTUBMMFSFT FO GMFSQPMFU TLJMMFCSZUFS NFE FO LPOUBLUBWTUBOE Q¥ NJOTU
NN
7LONREOLQJVOHGQLQJXWHQMRUGHWVW¡SVHO
"QQBSBUFUN¥CBSFUJMLPCMFTBWFOHPELKFOUGBHQFSTPO
%FUTLBMJOOH¥FOGMFSQPMFUTLJMMFCSZUFSNFENJOTUNN
LPOUBLU¥QOJOHJJOTUBMMBTKPOFO*EFOUJGJTFSGBTFPHO¸ZUSBMMFEFS
OVMMFEFSJTUJLLPOUBLUFO"QQBSBUFULBOCMJ¸EFMBHUWFE
GFJMUJMLPCMJOH
5JMLPCMJOHFO N¥ TLKF JIU UJMLPCMJOHTTLJTTFO 4QFOOJOH TF UZQFTLJMU
-FEFSOFJUJMLPCMJOHTMFEOJOHFON¥LPCMFTUJMJTBNTWBSNFE
GBSHFLPEJOHFOHS¸OOHVMKPSEMFEOJOH <CM¥OVMM
O¸ZUSBMMFEFSCSVOGBTFZUUFSMFEFS
7\SHSODWHWRSS D
PRQWHUW
RSSn
D
PRQWHUWLIOXNW
E
NFE©OIFMEFLLFOEF
LPLFTPOF NN NN NN
*OEVLTKPOTUPQQ
NFE©OIFMEFLLFOEF
LPLFTPOF
NN NN NN
(BTTUPQQ NN NN NN
&MFLUSJTLQMBUFUPQQ NN NN NN
D
E
 
)RU6YHULJH)LQODQGRJ1RUJH
"QQBSBUFU LBO PHT¥ TZTUFNUJMLPCMFT NFE EFU NFEG¸MHFOEF KPSEFEF
TU¸QTFMFU%FUUFN¥JNJEMFSUJEW¦SFUJMHKFOHFMJHFUUFSJOOCZHHJOH
)WJT EFUUF JLLF FS UJMGFMMF N¥ EFU JOTUBMMFSFT FO GMFSQPMFU TLJMMFCSZUFS
NFENJOTUNNLPOUBLUBWTUBOE
)HVWLQJDYDSSDUDWHW²ILJXU
2EV
#SVLJLLFTLSVNBTLJOUJM¥TLSVTBNNFOEFMFOF%FMFOFLBOCMJ
TLBEFU
 4LZWBQQBSBUFUIFMUJOO1BTTQ¥BUUJMLPCMJOHTMFEOJOHFOJLLF
LOFLLFTLMFNNFTGBTUFMMFSUSFLLFTPWFSTLBSQFLBOUFS
 +VTUFSBQQBSBUFUTMJLBUEFUFSNJEUTUJMU
.FMMPNBQQBSBUPHUJMHSFOTFOEFFMFNFOUGSPOUFSN¥EFUW¦SFFO
MVGUFTQBMUFQ¥NJO NN
 QOFBQQBSBUE¸SFOPHTLSVBWTJEFEFMFOFQ¥I¸ZSFPHWFOTUSF
TJEF
 4LSVBQQBSBUFUGBTUUJMLK¸LLFOFMFNFOUFU
 4FUUQ¥TJEFEFMFOFPHTLSVEFNGBTUG¸STUPQQFEFSFUUFSOFEF
 4QBMUFONFMMPNBQQBSBUE¸SFOPHTJEFEFMFOFLBOKVTUFSFTNFE
TLSVFOPQQFQ¥WFOTUSFPHI¸ZSFTJEF
4QBMUFONFMMPNCFOLFQMBUFOPHBQQBSBUFUN¥JLLFMVLLFTBW
FLTUSBMJTUFS
1¥TJEFWFHHFOFUJMPNCZHHJOHTTLBQFUTLBMEFUJLLFGFTUFTOPFO
WBSNFCFTLZUUFMTFTMJTUFS
8WPRQWHULQJ
 ,PCMFBQQBSBUFUGSBTUS¸NOFUUFU
 QOF BQQBSBUE¸SFO PH TLSV BW QMBUFOF Q¥ I¸ZSF PH WFOTUSF TJEF
 -¸TOFGFTUFTLSVFOF
 -¸GUBQQBSBUFUMJUUPQQPHUSFLLEFUIFMUVU
fi
Ý"TFOOVTPIKF
7lUNHLWlRKMHLWDNXYD
■5¤N¤MBJUFPOUBSLPJUFUUVL¤ZUFUU¤W¤LTJFOJOU¤¤O NFUSJO
LPSLFVEFMMBNFSFOQJOOBTUB
■"JOPBTUBBOO¤JEFOBTFOOVTPIKFJEFONVLBJOFOBTFOOVTUBLBB
UVSWBMMJTFOL¤ZU¶O7JSIFFMMJTFTU¤BTFOOVLTFTUBKPIUVWJTUB
WBIJOHPJTUBWBTUBBBTFOUBKB
■5BSLBTUBMBJUFLVOPMFUQVSLBOVUTFOQBLLBVLTFTUB+PT
MBJUUFFTTBPOLVMKFUVTWBVSJPJUB¤M¤LZULFMBJUFUUBL¤ZUU¶¶O
■1PJTUBQBJLLBVTNBUFSJBBMJKBMJJNBLBMWPUVVOJUJMBTUBKBMVVLVTUB
FOOFOMBJUUFFOL¤ZUU¶¶OPUUPB
■,BMVTUFJEFOKPJIJOMBJUFBTFOOFUBBOQJU¤¤LFTU¤¤M¤NQ¶UJMBB
p$WJFSFTT¤PMFWJFOLBMVTUFJEFOFUVPTJFOW¤IJOU¤¤OM¤NQ¶UJMBB
p$
■M¤BTFOOBMBJUFUUBTPNJTUFMFWZOUBBLTF7BBSBOBPO
ZMJLVVNFOFNJOFO
■5FFLBMVTUFFOMFJLLBVTUZ¶UFOOFOMBJUUFFOBTFOUBNJTUB1PJTUB
MBTUVUT¤IL¶JTUFOSBLFOOFPTJFOUPJNJOUBBOWPJUVMMBI¤JSJ¶JU¤
■,¤ZU¤ TVPKBL¤TJOFJU¤ KPUUB W¤MU¤U WJJMUPIBBWBU 0TBU KPJIJO Q¤¤TFU
BTFOOVLTFOBJLBOBL¤TJLTJWPJWBUPMMBUFS¤W¤SFVOBJTJB
■+PTMBJUUFFTTBPOL¤¤OOFUU¤W¤PIKBVTQBOFFMJWBSNJTUBFUU¤
PIKBVTQBOFFMJFJVMPTL¤¤OOFUU¤FTT¤PTVWJFSFJTJJOLBMVTUFJTJJO
■-BJUUFFOMJJU¤OU¤SBTJBOUVMFFPMMBWJJWPJUFUVOQJOOBOBMVFFMMB $UBJ
BTFOOVTBMVFFOVMLPQVPMFMMB
■,JJOOJU¤JSSBMMJTFULBMVTUFFUZMFJTFTUJTBBUBWBOBPMFWBMMB
LVMNBMFWZMM¤ %TFJO¤¤O
■,VWJFONJUBUNN
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
-BJUUFFTTBWPJPMMBLFTUPNBHOFFUUFKBKPULBWPJWBUWBJLVUUBB
FMFLUSPOJTJJOJNQMBOUUFJIJOFTJNFSLJLTJTZE¤NFOUBIEJTUJNJJOUBJ
JOTVMJJOJQVNQQVJIJO1JE¤TFOU¤IEFOBTFOOVLTFOZIUFZEFTT¤
W¤IJOU¤¤ODNOFU¤JTZZTFMFLUSPOJTJJOJNQMBOUUFJIJO
/DLWHW\|WDVRQDOODNXYD
7¤MJQPIKBTTBQJU¤¤PMMBSBLPMBJUUFFOUVVMFUVTUBWBSUFO
,JJOOJU¤UZ¶UBTPLBMVTUFFTFFO
+PTMBJUFBTFOOFUBBOLFJUUPUBTPOBMMFPOOPVEBUFUUBWBTFVSBBWJB
NJOJNJNJUUPKBUBSWJUUBFTTBBMMBPMFWBSBLFOOFNVLBBOMVLJFO
5BSWJUUBWBONJOJNJFU¤JTZZEFO EUBLJBUZ¶UBTPOW¤IJNN¤JTWBIWVVT
PO D
/PVEBUBLFJUUPUBTPOBTFOOVTPIKFUUB
/DLWHNRUNHDVVDNDDSLVVDNXYD
7¤MJQPIKJTTBQJU¤¤PMMBSBLPMBJUUFFOUVVMFUVTUBWBSUFO
+PTLPSLFBTTBLBBQJTTBPOFMFNFOUUJUBLBTFJOJFOMJT¤LTJUPJOFO
UBLBTFJO¤TFPOQPJTUFUUBWB
"TFOOB MBJUF WBJO OJJO LPSLFBMMF FUU¤ WBSVTUFFU TBB PUFUUVB IFMQPTUJ
VMPT
$VHQQXVNXOPDDQNXYD
+PUUBMBJUUFFOMVVLLVTBBEBBOBWBUUVBPUBLVMNBBOBTFOUBFTTBTJ
IVPNJPPO NJUBU & .JUUB 'SJJQQVV LBMVTUFFO FUVPTBO QBLTVVEFTUB
LBIWBOBMBQVPMFMMB
/DLWWHHQOLLWWlPLQHQ
-BJUUFFOTVPKBMVPLLBPOKBTFOL¤ZUU¶POTBMMJUUVWBJO
NBBEPJUVTMJJU¤OO¤OLBOTTB
4VPKBVTPOUFIU¤W¤UZZQQJLJMWFTT¤NBJOJUVOUFIPUJFEPOKB
QBJLBMMJTUFON¤¤S¤ZTUFONVLBBO
-BJUUFFTTBFJTBBPMMBK¤OOJUFUU¤BTFOOVTU¶JU¤UFIU¤FTT¤
-BJUUFFOTBBMJJUU¤¤WBJONVLBOBUPJNJUFUVOMJJU¤OU¤KPIEPOLBOTTB
,ZULFMJJU¤OU¤KPIUPMBJUUFFOUBLBTJWVMMFLMJL
)VPMUPQBMWFMVTUBPOTBBUBWBOBNFUSJOMJJU¤OU¤KPIUP
-JJU¤OU¤KPIEPO TBB WBJIUBB WBJO BMLVQFS¤JTFFO MJJU¤OU¤KPIUPPO KPLB
POTBBUBWBOBIVPMUPQBMWFMVTUB
"TFOOVLTFOQJU¤¤UBBUBLPTLFUVTTVPKB
/LLWlQWlMRKWRMRVVDPDDGRLWHWWXSLVWRNH
-BJUUFFO TBB MJJUU¤¤ BJOPBTUBBO N¤¤S¤ZTUFONVLBJTFTUJ BTFOOFUUVVO
NBBEPJUFUUVVOQJTUPSBTJBBO
+PTQJTUPLLFFTFFOFJQ¤¤TFBTFOOVLTFOK¤MLFFOFO¤¤L¤TJLTJ
BTFOOVLTFFO UBSWJUBBO KPLBOBQBJOFO LBULBJTJO KPOLB LPTLFUUJNJFO
BWBVUVNJTW¤MJPOW¤IJOU¤¤ONN
/LLWlQWlMRKWRMRVVDHLPDDGRLWHWWXDSLVWRNHWWD
-BJUUFFOTBBMJJUU¤¤WBJOWBMUVVUFUUVBTFOUBKB
"TFOOVLTFFO UBSWJUBBO KPLBOBQBJOFO LBULBJTJO KPOLB LPTLFUUJNJFO
BWBVUVNJTW¤MJPOW¤IJOU¤¤ONN:LTJM¶JWBJIFKBOPMMBKPIEPU
MJJU¤OU¤SBTJBTTB+PTMJJU¤OU¤UFIE¤¤OW¤¤SJOMBJUFWPJWBVSJPJUVB
-JJU¤MBJUFWBJOMJJU¤OU¤LVWBONVLBBO+¤OOJUFLTUZZQQJLJMQJ-JJU¤
WFSLLPMJJU¤OU¤KPIEPOKPIUJNFUW¤SJLPPEJFONVLBBOWJISF¤
LFMUBJOFOTVPKBKPIEJO <TJOJOFOOPMMBOPMMBKPIEJOSVTLFB
WBJIFWBJIFKPIEJO
.HLWWRWDVRQW\\SSL D
SllOOHDVHQ
QHWWX
D
VDPDQWDVRLQHQ
DVHQQXV
E
JOEVLUJPLFJUUPUBTP NN NN NN
5¤ZTJQJOUBJOFO
JOEVLUJPLFJUUPUBTP
NN NN NN
,BBTVLFJUUPUBTP NN NN NN
4¤IL¶LFJUUPUBTP NN NN NN
D
E
 
9DLQ5XRWVL6XRPLMD1RUMD
-BJUFWPJEBBOMJJUU¤¤NZ¶TNVLBOBUPJNJUFUVMMB
TVPKBLPTLFUJOQJTUPLLFFMMB 5¤I¤O QJU¤¤ Q¤¤TU¤ L¤TJLTJ BTFOOVLTFO
K¤MLFFO+PTU¤N¤FJPMFNBIEPMMJTUBBTFOOVLTFFOUBSWJUBBO
KPLBOBQBJOFOLBULBJTJOKPOLBLPTLFUUJNJFOBWBVUVNJTW¤MJPO
W¤IJOU¤¤ONN
/DLWWHHQNLLQQLWWlPLQHQNXYD
+XRPLR
M¤L¤ZU¤MJTUPKFOLJJOOJUU¤NJTFFOBLLVSVVWJOW¤¤OOJOU¤-JTUBU
WPJWBUWBVSJPJUVB
 5Z¶OO¤MBJUFLPLPOBBOQBJLBMMFFO7BSNJTUBFUU¤MJJU¤OU¤KPIUPFJ
K¤¤QVSJTUVLTJJOUBJLVMKFUFS¤WJFOLVMNJFOZMJ
 ,PIEJTUBMBJUFLFTLFMMF
-BJUUFFO KB WJFSFJTUFO LFJUUJ¶LBMVTUFJEFO FUVPTJFO W¤MJTT¤ QJU¤¤ PMMB
JMNBUJMBBW¤IJOU¤¤O NN
 "WBBMBJUUFFOMVVLLVBIJVLBOKBSVVWBBWBTFNNBMMBKBPJLFBMMB
PMFWBUMJTUBUJSUJ
 ,JJOOJU¤MBJUFSVVWFJMMBLBMVTUFFTFFO
 "TFUBMJTUBUQBJLPJMMFFOKBLJJOOJU¤UBBTSVVWFJMMBFOTJOZMI¤¤MU¤
TJUUFOBMIBBMUB
 -BJUUFFOMVVLVOKBTJWVMMBPMFWJFOMJTUPKFOW¤MJTU¤SBLPBWPJEBBO
T¤¤U¤¤WBTFNNBMMBKBPJLFBMMBPMFWBOZMFNN¤OSVVWJOBWVMMB
5Z¶UBTPOKBMBJUUFFOW¤MJTU¤SBLPBFJTBBTVMLFBMJT¤MJTUPJMMB
,BBQJOTJWVTFJOJJOFJTBBBTFOUBBM¤NQ¶TVPKBMJTUPKB
,UURWXV
 1PJTUBMBJUUFFTUBK¤OOJUF
 "WBBMBJUUFFOMVVLLVBIJVLBOKBSVVWBBWBTFNNBMMBKBPJLFBMMB
PMFWBUMJTUBUJSUJ
 *SSPUBLJJOOJUZTSVVWJU
 /PTUBMBJUFUUBLFWZFTUJKBWFE¤LPLPOBBOVMPT
es
Û*OTUSVDDJPOFTEFNPOUBKF
$GYHUWHQFLDVLPSRUWDQWHVILJXUD
■&TUFBQBSBUPFTU¡QSFWJTUPQBSBTFSVUJMJ[BEPBVOBBMUVSB
N¡YJNBEF NFUSPTTPCSFFMOJWFMEFMNBS
■4PMPVONPOUBKFQSPGFTJPOBMTJHVJFOEPFTUBTJOTUSVDDJPOFTEF
NPOUBKF HBSBOUJ[B VO VTP TFHVSP &O DBTP EF EB±PT EFCJEP B VO
NPOUBKFFSS³OFPMBSFTQPOTBCJMJEBETFS¡EFMJOTUBMBEPS
■$PNQSPCBSFMFMFDUSPEPN©TUJDPBMTBDBSMPEFTVFNCBMBKF&M
FMFDUSPEPN©TUJDPOPEFCFDPOFDUBSTFFODBTPEFIBCFSTVGSJEP
EB±PTEVSBOUFFMUSBOTQPSUF
■"OUFTEFQPOFSFONBSDIBFMBQBSBUPSFUJSBSFMNBUFSJBMEF
FNCBMBKF Z MBT M¡NJOBT BEIFSFOUFT EF MB QVFSUB Z EFM JOUFSJPS EFM
BQBSBUP
■-PTNVFCMFTEPOEFTFBMPKBFMFMFDUSPEPN©TUJDPEFCFOQPEFS
SFTJTUJS VOB UFNQFSBUVSB EF IBTUB  p$ Z MB QBSUF GSPOUBM EF MPT
NVFCMFTBEZBDFOUFTIBTUBp$
■/PJOTUBMBSFMBQBSBUPEFUS¡TEFVOQBOFMEFDPSBUJWP&YJTUF
SJFTHPEFTPCSFDBMFOUBNJFOUP
■-MFWBSBDBCPMPTUSBCBKPTEFSFDPSUFFOFMNVFCMFBOUFTEF
DPMPDBSFMFMFDUSPEPN©TUJDP3FUJSBSMBTWJSVUBTEFMPDPOUSBSJP
QPESBOBGFDUBSBMGVODJPOBNJFOUPEFMPTDPNQPOFOUFT
FM©DUSJDPT
■-MFWBSHVBOUFTQSPUFDUPSFTQBSBFWJUBSDPSUFT-BTQJF[BTRVF
FTU©OBDDFTJCMFTEVSBOUFFMNPOUBKFQVFEFOUFOFSMPTCPSEFT
BGJMBEPT
■&OMPTBQBSBUPTFOMPTRVFMBQBSUFGSPOUBMEFMJOUFSSVQUPSTFB
PTDJMBOUFFWJUBSRVFEJDIBQBSUFDPMJTJPOFDPOMPTNVFCMFT
DPOUJHVPTBMFYUSBFSMP
■-BDBKBEFDPOFYJ³OEFMFMFDUSPEPN©TUJDPEFCFRVFEBSEFOUSP
EFMBTVQFSGJDJFTPNCSFBEB $PGVFSBEFMFTQBDJPEFNPOUBKF
■'JKBSBMBQBSFEDPOVOBFTDVBESBFTU¡OEBS %MPTNVFCMFTRVF
OPFTU©OGJKBEPT
■-BTNFEJEBTEFMBTGJHVSBTTFJOEJDBOFONN
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
&MBQBSBUPQVFEFDPOUFOFSJNBOFTQFSNBOFOUFTMPTDVBMFT
QVFEFOSFQFSDVUJSFOFMDPSSFDUPGVODJPOBNJFOUPEFJNQMBOUFT
FMFDUS³OJDPTDPNPNBSDBQBTPTPCPNCBTEFJOTVMJOB1PSFMMP
EVSBOUFFMNPOUBKFFTOFDFTBSJPNBOUFOFSVOBEJTUBODJBNOJNB
EFDNSFTQFDUPBJNQMBOUFTFMFDUS³OJDPT
$SDUDWRGHEDMRGHODSODFDGHFRFFLyQILJXUD
1BSBQPEFSWFOUJMBSFMBQBSBUPFMQJTPTFQBSBEPSEFCFDPOUBSDPO
VOBSBOVSBEFWFOUJMBDJ³O
'JKBSMBFODJNFSBTPCSFFMNVFCMFEFNPOUBKF
4JFMBQBSBUPTFNPOUBEFCBKPEFVOBQMBDBEFDPDDJ³OEFCFO
SFTQFUBSTFMBTTJHVJFOUFTNFEJEBTNOJNBTFODBTPOFDFTBSJP
JODMVJEBMBFTUSVDUVSBJOGFSJPS
&OGVODJ³OEFMBTNFEJEBTNOJNBTSFRVFSJEBT ETFEFUFSNJOBMB
DBQBDJEBENOJNBEFMBFODJNFSB D
5FOFSFODVFOUBMBTJOTUSVDDJPOFTEFNPOUBKFEFMBQMBDBEF
DPDDJ³O
$SDUDWRHQXQDUPDULRHQDOWRILJXUD
1BSBQPEFSWFOUJMBSFMBQBSBUPFMQJTPTFQBSBEPSEFCFDPOUBSDPO
VOBSBOVSBEFWFOUJMBDJ³O
$VBOEPFMBSNBSJPFOBMUPDVFOUBDPOPUSBQMBDBQPTUFSJPS
BEJDJPOBM BM NBSHFO EF MBT QMBDBT QPTUFSJPSFT FTUB EFCF SFUJSBSTF
/PNPOUBSFMBQBSBUPEFNBTJBEPBMUPBGJOEFQPEFSSFUJSBSMPT
BDDFTPSJPTTJOQSPCMFNBT
0RQWDMHHQHVTXLQDILJXUD
1BSBRVFTFBQPTJCMFBCSJSMBQVFSUBEFMBQBSBUPPCTFSWBSVOB
EJTUBODJB &FOFMNPOUBKFFOFTRVJOB-BNFEJEB 'EFQFOEFEFM
HSPTPSEFMGSPOUBMEFMNVFCMFCBKPFMUJSBEPS
&RQHFWDUHODSDUDWRDODUHGHOpFWULFD
&MBQBSBUPQFSUFOFDFBMBDMBTFEFQSPUFDDJ³OZTPMPQVFEF
VUJMJ[BSTFDPOFDUBEPBVOBDPOFYJ³ODPODPOEVDUPSEFUPNBB
UJFSSB
-BQSPUFDDJ³OQPSGVTJCMFEFCFDPOGJHVSBSTFEFBDVFSEPDPOMPT
EBUPT EF QPUFODJB JOEJDBEPT FO MB QMBDB EF DBSBDUFSTUJDBT Z DPO MB
OPSNBUJWBMPDBM
&MBQBSBUPEFCFFTUBSTJOUFOTJ³OQBSBQPEFSSFBMJ[BSMPTUSBCBKPT
EFNPOUBKF
&MBQBSBUPTPMPQVFEFDPOFDUBSTFDPOFMDBCMFEFDPOFYJ³O
TVNJOJTUSBEP$POFDUBSFMDBCMFEFDPOFYJ³OFOMBQBSUFQPTUFSJPS
EFMBQBSBUPEFCFPSTFVODMJD
1VFEFBERVJSJSTFVODBCMFEFDPOFYJ³OEFNBUSBW©TEFM
4FSWJDJPEF"TJTUFODJB5©DOJDB
&MDBCMFEFDPOFYJ³OTPMPQVFEFTFSTVTUJUVJEPQPSVODBCMF
PSJHJOBMRVFQVFEFTPMJDJUBSTFBUSBW©TEFM4FSWJDJPEF"TJTUFODJB
5©DOJDB
-BQSPUFDDJ³ODPOUSBDPOUBDUPBDDJEFOUBMEFCFHBSBOUJ[BSTF
NFEJBOUFFMNPOUBKF
&DEOHGHFRQH[LyQFRQHQFKXIHFRQWRPDGHWLHUUD
&MBQBSBUPTPMPQPES¡DPOFDUBSTFBVOBUPNBEFDPSSJFOUFEF
JOTUBMBDJ³OSFHMBNFOUBSJBZQSPWJTUBEFUPNBBUJFSSB
4JVOBWF[SFBMJ[BEPFMNPOUBKFFMFODIVGFOPFTU¡
TVGJDJFOUFNFOUFDFSDBMBJOTUBMBDJ³OEFCFDPOUBSDPOVO
EJTQPTJUJWP EF TFQBSBDJ³O PNOJQPMBS DPO VOB EJTUBODJB EF DPOUBDUP
NOJNBEFNN
7LSRGHSODFD D
HQFDVWUDGR
D
DUDVGHODVX
SHUILFLH
E
1MBDBEFJOEVDDJ³O NN NN NN
1MBDBEFJOEVDDJ³O
1MBDBEFJOEVDDJ³O
NN NN NN
1MBDBEFDPDDJ³OEF
HBT NN NN NN
1MBDBEFDPDDJ³O
FM©DUSJDB NN NN NN
D
E
 
&DEOH GH FRQH[LyQ VLQ HQFKXIH FRQ FRQWDFWR GH SXHVWD D WLHUUD
4PMP VO U©DOJDP FTQFDJBMJTUB BVUPSJ[BEP QVFEF DPOFDUBS FM BQBSBUP
1BSBMBJOTUBMBDJ³OTFOFDFTJUBVOEJTQPTJUJWPEFTFQBSBDJ³O
PNOJQPMBSDPOVOBBCFSUVSBEFDPOUBDUPEFNNDPNPNOJNP
*EFOUJGJDBSMPTDPOEVDUPSFTEFGBTFZFMDPOEVDUPSOFVUSPEFMB
UPNBEFDPSSJFOUF&MBQBSBUPQVFEFSFTVMUBSEB±BEPTJOPTF
DPOFDUBEFGPSNBBEFDVBEB
$POFDUBSFMBQBSBUPTFHºOFMFTRVFNBEFDPOFYJ³O$POTVMUBSMB
UFOTJ³O FO MB QMBDB EF DBSBDUFSTUJDBT $POFDUBS MPT IJMPT EFM DBCMF
EFDPOFYJ³OBMBSFEEFBDVFSEPDPOMBDPEJGJDBDJ³OQPSDPMPSFT
WFSEFBNBSJMMP  UPNB B UJFSSB < B[VM  DPOEVDUPS OFVUSP NBSS³O
GBTFDPOEVDUPSFYUFSJPS
6RORSDUD6XHFLD)LQODQGLD\1RUXHJD
&M BQBSBUP UBNCJ©O QVFEF DPOFDUBSTF BM TJTUFNB EF UPNB EF UJFSSB
NFEJBOUFFMDPOFDUPSTVNJOJTUSBEP&TUFDPOFDUPSEFCFRVFEBS
BDDFTJCMFVOBWF[GJOBMJ[BEPFMNPOUBKF4JOPFTBTEFCFS¡
JOTUBMBSTFEFOVFWPVOEJTQPTJUJWPEFTFQBSBDJ³OPNOJQPMBSDPO
VOBBCFSUVSBEFDPOUBDUPEFDPNPNOJNPNN
)LMDUHOHOHFWURGRPpVWLFRILJXUD
£$WHQFLyQ
/PVTBSEFTUPSOJMMBEPSFM©DUSJDPQBSBGJKBSMBTNPMEVSBT-BT
NPMEVSBTQVFEFOSFTVMUBSEB±BEBT
 *OUSPEVDJSDPNQMFUBNFOUFFMFMFDUSPEPN©TUJDP/PEPCMBS
BQSJTJPOBSOJQBTBSQPSCPSEFTBGJMBEPTFMDBCMFEFDPOFYJ³O
 $FOUSBSFMFMFDUSPEPN©TUJDP
&OUSFFMFMFDUSPEPN©TUJDPZMPTGSPOUBMFTEFMPTNVFCMFT
BEZBDFOUFTEFCFEFKBSTFVOBEJTUBODJBNOJNBEF NN
 "CSJSMJHFSBNFOUFMBQVFSUBEFMFMFDUSPEPN©TUJDPZEFTBUPSOJMMBS
MBTNPMEVSBTBMBJ[RVJFSEBZBMBEFSFDIB
 "UPSOJMMBSFMFMFDUSPEPN©TUJDPBMNVFCMF
 .POUBSMBTNPMEVSBTZWPMWFSMBTBBUPSOJMMBSQSJNFSPBSSJCBZ
EFTQV©TBCBKP
 -BTFQBSBDJ³OFOUSFMBQVFSUBEFMFMFDUSPEPN©TUJDPZMBT
NPMEVSBT MBUFSBMFT TF QVFEF BKVTUBS B EFSFDIB F J[RVJFSEB DPO FM
UPSOJMMPTVQFSJPS
&MFTQBDJPFOUSFMBFODJNFSBZFMFMFDUSPEPN©TUJDPOPEFCF
PCTUSVJSTFDPOMJTUPOFTTVQMFNFOUBSJPT
&OMBTQBSFEFTMBUFSBMFTEFMBSNBSJPEFTNPOUBCMFOPTFQVFEFO
NPOUBSMJTUPOFTU©SNJDPT
'HVPRQWDMH
 %FTDPOFDUBSFMBQBSBUPEFMBDPSSJFOUF
 "CSJSMJHFSBNFOUFMBQVFSUBEFMBQBSBUPZEFTBUPSOJMMBSMBT
NPMEVSBTQPSMBJ[RVJFSEBZMBEFSFDIB
 "GMPKBSMPTUPSOJMMPTEFBKVTUF
 -FWBOUBSMJHFSBNFOUFFMBQBSBUPZFYUSBFSMPQPSDPNQMFUP
pt
ì,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHVILJXUD
■&TUFBQBSFMIPFTU¡DPODFCJEPQBSBVNBVUJMJ[B§£PBVNB
BMUJUVEFEFOPN¡YJNP NBDJNBEPOWFMEPNBS
■"QFOBTVNBNPOUBHFNQSPGJTTJPOBMEFBDPSEPDPNFTUBT
JOTUSV§µFTEFNPOUBHFNHBSBOUFVNBVUJMJ[B§£PTFHVSB0T
EBOPTDBVTBEPTQPSVNBNPOUBHFNJOBEFRVBEBT£PEB
SFTQPOTBCJMJEBEFEPJOTUBMBEPS
■&YBNJOFPBQBSFMIPEFQPJTEFPEFTFNCBMBS4FGPSFN
EFUFUBEPTEBOPTEFUSBOTQPSUFO£PMJHVFPBQBSFMIP
■3FNPWB B FNCBMBHFN F BT QFMDVMBT BVUPDPMBOUFT EP JOUFSJPS EP
BQBSFMIPFEBQPSUBBOUFTEBDPMPDB§£PFNGVODJPOBNFOUP
■0TN³WFJTEFFODBTUSBSUªNEFTFSSFTJTUFOUFTBUFNQFSBUVSBT
BU©p$FBTGSFOUFTEPTN³WFJTBEKBDFOUFTBU©p$
■/£PNPOUFPBQBSFMIPBUS¡TEFVNQBJOFMEFDPSBUJWP)¡SJTDP
EFBRVFDJNFOUPFYDFTTJWP
■3FBMJ[FPTUSBCBMIPTEFBCFSUVSBOPN³WFMBOUFTEBDPMPDB§£P
EPBQBSFMIP3FNPWBBTBQBSBTQPJTQPEFNQSFKVEJDBSP
GVODJPOBNFOUPEPTDPNQPOFOUFTFM©USJDPT
■1BSBFWJUBSGFSJNFOUPTQPSDPSUFEFWFNTFSVUJMJ[BEBTMVWBTEF
QSPUF§£P"TQF§BTRVFGJDBNBDFTTWFJTEVSBOUFBNPOUBHFN
QPEFNUFSBSFTUBTBGJBEBT
■/PTBQBSFMIPTDPNQBJOFMEFDPNBOEPGSPOUBMEFBCSJS
DFSUJGJRVFTFEFRVFPQBJOFMEFDPNBOEPO£PDPMJEFDPNPT
N³WFJTBEKBDFOUFTBPBCSJS
■"UPNBEBEFMJHB§£PEPBQBSFMIPEFWFS¡TJUVBSTFOB[POB
TPNCSFBEB $PVGPSBEPFTQB§PEFJOTUBMB§£P
■'JYF PT N³WFJT TPMUPT  QBSFEF DPN VN FTRVBESP EJTQPOWFM OP
DPN©SDJP %
■.FEJEBTJOEJDBEBTOBTGJHVSBTFNNN
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
0BQBSFMIPQPEFDPOUFSNBOFTQFSNBOFOUFTRVFQPEFNBGFUBS
JNQMBOUFTFMFUS³OJDPTQPSFYFNQMPQBDFNBLFSTPVCPNCBTEF
JOTVMJOB1PSJTTPEVSBOUFBNPOUBHFNEFWFSFTQFJUBSTFVNB
EJTU¢ODJBNOJNBEFDNFNSFMB§£PBPTJNQMBOUFTFMFUS³OJDPT
$SDUHOKRVREDEDQFDGDILJXUD
1BSBBWFOUJMB§£PEPBQBSFMIPPGVOEPJOUFSN©EJPEFWF
BQSFTFOUBSVNBBCFSUVSBEFWFOUJMB§£P
'JYBSBCBODBEBOPN³WFMQBSBFODBTUSBS
4F P BQBSFMIP GPS NPOUBEP QPS CBJYP EF VNB QMBDB EF DP[JOIBS ©
OFDFTT¡SJPSFTQFJUBSBTTFHVJOUFTNFEJEBTNOJNBTJODMVJ
FWFOUVBMNFOUFBJOGSBFTUSVUVSB
$PNCBTFOBEJTU¢ODJBNOJNBOFDFTT¡SJB ESFTVMUBBFTQFTTVSB
NOJNBEBCBODBEB D
3FTQFJUFBTJOTUSV§µFTEFNPOUBHFNEBQMBDBEFDP[JOIBS
$SDUHOKRQRDUPiULRYHUWLFDOILJXUD
1BSBBWFOUJMB§£PEPBQBSFMIPPTGVOEPTJOUFSN©EJPTEFWFN
BQSFTFOUBSVNBBCFSUVSBEFWFOUJMB§£P
4FPBSN¡SJPWFSUJDBMUJWFSVNBQBSFEFUSBTFJSBQBSBBM©NEBT
QBSFEFTUSBTFJSBTEPFMFNFOUPFMBEFWFTFSSFNPWJEB
.POUBSPBQBSFMIPBVNBBMUVSBN¡YJNBRVFQFSNJUBSFUJSBSPT
BDFTT³SJPTTFNQSPCMFNBT
,QVWDODomRGHFDQWRILJXUD
%F NPEP B DPOTFHVJS BCSJS B QPSUB EP BQBSFMIP SFTQFJUF B NFEJEB
&BRVBOEPEBJOTUBMB§£PEFDBOUP"NFEJEB 'EFQFOEFEB
FTQFTTVSBEBGSFOUFEPN³WFMQPSCBJYPEPQVYBEPS
/LJDURDSDUHOKR
0BQBSFMIPDPSSFTQPOEFDMBTTFEFQSPUF§£PFT³QPEFTFS
DPMPDBEP FN GVODJPOBNFOUP BUSBW©T EF VNB MJHB§£P DPN DPOEVUPS
EFQSPUF§£P
"TFHVSBO§BUFNEFTFSHBSBOUJEBEFBDPSEPDPNBJOEJDB§£PEF
QPUªODJBQSFTFOUFOBQMBDBEFDBSBDUFSTUJDBTFDPNBTOPSNBJT
MPDBJT
0BQBSFMIPUFNEFFTUBSEFTMJHBEPEBDPSSFOUFEVSBOUFB
SFBMJ[B§£PEFRVBMRVFSUSBCBMIPEFNPOUBHFN
0BQBSFMIPT³QPEFTFSMJHBEPDPNPDBCPEFMJHB§£PGPSOFDJEP
*OUSPEV[BPDBCPEFMJHB§£POBQBSUFEFUS¡TEPBQBSFMIPDMJD
/P4FSWJ§PEF"TTJTUªODJB5©DOJDBQPEFS¡BERVJSJSVNDBCPEF
MJHB§£PEFN
7LSRGHSODFDGHFR
]LQKDU D
VDOLHQWH
D
SODQDjVXSHUIt
FLH
E
1MBDB EF DP[JOIBS QPS
JOEV§£P NN NN NN
1MBDB EF DP[JOIBS QPS
JOEV§£P EF TVQFSGDJF
JOUFHSBM
*OEVLUJPOTLPDIGFME
NN NN NN
1MBDBEFDP[JOIBSB
H¡T NN NN NN
1MBDBEFDP[JOIBS
FM©USJDB NN NN NN
D
E
 
0DBCPEFMJHB§£PBQFOBTQPEFTFSTVCTUJUVEPQPSVNDBCP
PSJHJOBMEJTQPOWFMOP4FSWJ§PEF"TTJTUªODJB5©DOJDB
"QSPUF§£PDPOUSBDPOUBDUPBDJEFOUBMEFWFGJDBSBTTFHVSBEBOB
NPOUBHFN
&DERGHOLJDomRFRPILFKDFRPFRQWDFWRGHVHJXUDQoD
0BQBSFMIPEFWFTFSMJHBEPBQFOBTBVNBUPNBEBDPNDPOUBDUP
EFTFHVSBO§BJOTUBMBEBFNDPOGPSNJEBEFDPNBTOPSNBT
4F B GJDIB O£P GJDBS BDFTTWFM BQ³T B NPOUBHFN B JOTUBMB§£P EFWF
FTUBSQSPWJEBEFVNEJTQPTJUJWPTFDDJPOBEPSPNOJQPMBSDPNVNB
EJTU¢ODJBEFDPOUBDUPNOJNBEF NN
&DERGHOLJDomRVHPILFKDGHOLJDomRjWHUUD
0BQBSFMIPT³QPEFTFSMJHBEPQPSVNU©DOJDPBVUPSJ[BEP
/BJOTUBMB§£PEFWFS¡FYJTUJSVNEJTQPTJUJWPEFDPSUFPNOJQPMBS
DPNVNBBCFSUVSBEFDPOUBDUPEFQFMPNFOPTNN*EFOUJGJRVF
PTDPOEVUPSFTEFGBTFFOFVUSP[FSPEBUPNBEBEFMJHB§£P
6NBMJHB§£PFSSBEBQPEFEBOJGJDBSPBQBSFMIP
-JHVF BQFOBT EF BDPSEP DPN P FTRVFNB EF MJHB§µFT 5FOT£P WFS
QMBDBEFDBSBDUFSTUJDBT-JHVFPTDPOEVUPSFTEPDBCPEF
BMJNFOUB§£PEFBDPSEPDPNBDPEJGJDB§£PEFDPSFTWFSEFBNBSFMP
DPOEVUPSEFQSPUF§£P <B[VM[FSPDPOEVUPSOFVUSP
DBTUBOIPGBTFDPOEVUPSFYUFSOP
$SHQDVSDUDD6XpFLD)LQOkQGLDH1RUXHJD
0BQBSFMIPUBNC©NQPEFTFSMJHBEPBPTJTUFNBEFDPOUBDUPEF
QSPUFD§£PBUSBW©TEBGJDIBRVF©GPSOFDJEBKVOUBNFOUFDPNP
BQBSFMIP&TUBUFNEFGJDBSBDFTTWFMBQ³TBNPOUBHFN$BTP
DPOUS¡SJPUFNEFFTUBSOPWBNFOUFEJTQPOWFMOPMBEPEB
JOTUBMB§£PVNEJTQPTJUJWPEFDPSUFHFSBMPNOJQPMBSDPNVNB
EJTU¢ODJBEFDPOUBDUPNOJNBEF NN
)L[DURDSDUHOKRILJXUD
$WHQomR
/£PVUJMJ[FVNBBQBSBGVTBEPSBFM©USJDBQBSBGJYBSPTQBJO©JT0T
QBJO©JTQPEFNGJDBSEBOJGJDBEPT
 *OTJSBPBQBSFMIPQPSDPNQMFUP%VSBOUFPQSPDFEJNFOUPO£P
EPCSFO£PFOUBMFOFNQBTTFPDBCPEFMJHB§£PQPSBSFTUBT
WJWBT
 "MJOIFPBQBSFMIPBPDFOUSP
 OFDFTT¡SJP EFJYBS VN FTQB§P NO EF  NN FOUSF P BQBSFMIP F
BTGSFOUFTEPTN³WFJTBEKBDFOUFTQBSBWFOUJMB§£P
 "CSB B QPSUB EP BQBSFMIP F EFTBQBSBGVTF PT QBJO©JT FTRVFSEP F
EJSFJUP
 "QBSBGVTFPBQBSFMIPBPN³WFM
 $PMPRVFPTQBJO©JTFBQBSBGVTFPTQSJNFJSPFNDJNBFEFQPJT
FNCBJYP
 " GFOEB FOUSF B QPSUB EP BQBSFMIP F PT QBJO©JT MBUFSBJT QPEF TFS
BKVTUBEBBUSBW©TEPQBSBGVTPTVQFSJPSFTRVFSEBFEJSFJUB
0 FTQB§P FOUSF B CBODBEB F P BQBSFMIP O£P QPEF TFS WFEBEP DPN
S©HVBTBEJDJPOBJT
/BTQBSFEFTMBUFSBJTEPBSN¡SJPFNCVUJEPO£PQPEFNTFS
DPMPDBEBTS©HVBTEFQSPUF§£PU©SNJDB
'HVPRQWDJHP
 %FTMJHVFPBQBSFMIPEBDPSSFOUF
 "CSB B QPSUB EP BQBSFMIP F EFTBQBSBGVTF PT QBJO©JT FTRVFSEP F
EJSFJUP
 %FTBQFSUFPTQBSBGVTPTEFGJYB§£P
 -FWBOUFMJHFJSBNFOUFPBQBSFMIPFSFUJSFPDPNQMFUBNFOUFQBSB
GPSB
el
Ùˍˡˤˠ˜ˢ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯

■ʿ˲˱˛ˤ˰˲˰˧ˢ˲˛˭ˮˬˬˮ˜ˣˢ˱˞˦ˠ˦˞˴ˮ˛˰ˤ˩˚˴ˮ˦˚˪˞˩˚ˠ˦˰˱ˬ˺˵ˬ˯
˩˚˱ˮ˶˪˭˙˪˶˞˭˹˱ˤ˪ˢ˭˦˳˙˪ˢ˦˞˱ˤ˯˥˙˨˞˰˰˞˯
■ˊ˹˪ˬˤ˰˶˰˱˛ˢˠ˧˞˱˙˰˱˞˰ˤ˰˺˩˳˶˪˞˩࣐˞˲˱˚˯˱˦˯ˬˡˤˠ˜ˢ˯
˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯ˢˠˠ˲˙˱˞˦˱ˤ˪˞˰˳˞˨˛˨ˢ˦˱ˬ˲ˮˠ˜˞ːˢ˭ˢˮ˜˭˱˶˰ˤ
˭ˬ˲ˡˤ˩˦ˬ˲ˮˠˤ˥ˬ˺˪ˣˤ˩˦˚˯˞˭˹˨˙˥ˬ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˱ˤ˪ˢ˲˥˺˪ˤ
˳˚ˮˢ˦ˬˢˠ˧˞˱˞˰˱˙˱ˤ˯
■ˊˢ˱˙˱ˤ˪˞˳˞˜ˮˢ˰ˤ˞˭˹˱ˤ˰˲˰˧ˢ˲˞˰˜˞ˢ˨˚ˠ˫˱ˢ˱ˤ˰˲˰˧ˢ˲˛ːˢ
˭ˢˮ˜˭˱˶˰ˤˣˤ˩˦˙˯˧˞˱˙˱ˤ˩ˢ˱˞˳ˬˮ˙˩ˤ˪˱ˤ˪˰˲˪ˡ˚˰ˢ˱ˢ
■ʿ˭ˬ˩˞˧ˮ˺˪ˢ˱ˢ˱˞˲˨˦˧˙˰˲˰˧ˢ˲˞˰˜˞˯˧˞˦˱˦˯˧ˬ˨˨ˤ˱˦˧˚˯
˩ˢ˩˟ˮ˙˪ˢ˯ ˭ˮ˦˪ ˱ˤ ˥˚˰ˤ ˰ˢ ˨ˢ˦˱ˬ˲ˮˠ˜˞ ˞˭˹ ˱ˬ ˴˻ˮˬ ˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯
˧˞˦˱ˤ˪˭˹ˮ˱˞
■ˑ˞ˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪˞˪˱ˬ˲˨˙˭˦˞˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˞˪˥ˢ˧˱˦˧˙˰˱ˤ
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˩˚˴ˮ˦˱ˬ˲˯p$ˬ˦ˡˢˠˢ˦˱ˬ˪˦˧˚˯˭ˮˬ˰˹˵ˢ˦˯˱˶˪
˪˱ˬ˲˨˞˭˦˻˪˩˚˴ˮ˦p$
■ˊˤ˪˱ˬ˭ˬ˥ˢ˱˛˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛˭˜˰˶˞˭˹˩˦˞ˡ˦˞˧ˬ˰˩ˤ˱˦˧˛
ˢ˭˚˪ˡ˲˰ˤ˒˭˙ˮ˴ˢ˦˧˜˪ˡ˲˪ˬ˯˲˭ˢˮ˥˚ˮ˩˞˪˰ˤ˯
■ˎˮ˞ˠ˩˞˱ˬ˭ˬ˦˛˰˱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˱˦˧˙
■ˁ˦˞˱ˤ˪˞˭ˬ˳˲ˠ˛˱ˮ˞˲˩˞˱˦˰˩˻˪˳ˬˮ˙˱ˢˠ˙˪˱˦˞˭ˮˬ˰˱˞˰˜˞˯
˃˫˞ˮ˱˛˩˞˱˞˱˞ˬ˭ˬ˜˞˧˞˱˙˱ˤˡ˦˙ˮ˧ˢ˦˞˱ˤ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯
ˢ˜˪˞˦˭ˮˬ˰˦˱˙˩˭ˬˮˢ˜˪˞ˢ˜˪˞˦˧ˬ˳˱ˢˮ˙
■ː˱˦˯˰˲˰˧ˢ˲˚˯˩ˢ˰˱ˮˢ˳˹˩ˢ˪ˤ˧ˬ˪˰˹˨˞ˡ˦˞˧ˬ˭˱˻˪˭ˮˬ˰˚˫˱ˢ˪˞
˩ˤ ˰˲ˠ˧ˮˬ˺ˢ˱˞˦ ˤ ˧ˬ˪˰˹˨˞ ˡ˦˞˧ˬ˭˱˻˪ ˧˞˱˙ ˱ˤ˪ ˭ˢˮ˦˰˱ˮˬ˳˛ ˱ˤ˯ ˩ˢ
˱˞ˠˢ˦˱ˬ˪˦˧˙˪˱ˬ˲˨˙˭˦˞
■ˑˬ˧ˬ˲˱˜˰˺˪ˡˢ˰ˤ˯˱˶˪˰˲˰˧ˢ˲˻˪˭ˮ˚˭ˢ˦˪˞˟ˮ˜˰˧ˢ˱˞˦˰˱ˤ˪
˭ˢˮ˦ˬ˴˛˱ˤ˯ˠˮ˞˩˩ˬ˰˧˦˞˰˩˚˪ˤ˯ˢ˭˦˳˙˪ˢ˦˞˯ $˛˚˫˶˞˭˹˱ˬ˴˻ˮˬ
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯
■ː˱ˢˮˢ˻˰˱ˢ˱˞˩ˤ˰˱ˢˮˢ˶˩˚˪˞˪˱ˬ˲˨˙˭˦˞˩ˢ˩˦˞ˠ˶˪˜˞˱ˬ˲
ˢ˩˭ˬˮ˜ˬ˲ %˰˱ˬ˪˱ˬ˜˴ˬ
■˂˦˞˰˱˙˰ˢ˦˯˱˶˪ˢ˦˧˹˪˶˪˰ˢNN
: 
˅ ˰˲˰˧ˢ˲˛ ˩˭ˬˮˢ˜ ˪˞ ˭ˢˮ˦˚˴ˢ˦ ˩˹˪˦˩ˬ˲˯ ˩˞ˠ˪˛˱ˢ˯ ˬ˦ ˬ˭ˬ˜ˬ˦ ˩˭ˬˮˬ˺˪
˪˞ˢ˭ˤˮˢ˙˰ˬ˲˪˞ˮ˪ˤ˱˦˧˙˱˞ˤ˨ˢ˧˱ˮˬ˪˦˧˙˰˱ˬ˦˴ˢ˜˞ˢ˩˳˺˱ˢ˲˰ˤ˯˭˴
˟ˤ˩˞˱ˬˡ˹˱ˢ˯˧˞ˮˡ˦˙˯˛˞˪˱˨˜ˢ˯˦˪˰ˬ˲˨˜˪ˤ˯ˁ˦࣐˞˲˱˹˧˞˱˙˱ˤ
˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˱ˤˮ˛˰˱ˢ˩˦˞ˢ˨˙˴˦˰˱ˤ˞˭˹˰˱˞˰ˤDN˞˭˹˱˞
ˤ˨ˢ˧˱ˮˬ˪˦˧˙˰˱ˬ˦˴ˢ˜˞ˢ˩˳˺˱ˢ˲˰ˤ˯

ˁ˦˞˱ˬ˪˞ˢˮ˦˰˩˹˱ˤ˯˰˲˰˧ˢ˲˛˯˭ˮ˚˭ˢ˦ˬˢ˪ˡ˦˙˩ˢ˰ˬ˯˭˙˱ˬ˯˪˞˚˴ˢ˦
˚˪˞˙˪ˬ˦ˠ˩˞ˢ˫˞ˢˮ˦˰˩ˬ˺
ː˱ˢˮˢ˻˰˱ˢ˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˭˙˪˶˰˱˞ˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪˞˪˱ˬ˲˨˙˭˦˞
˃˙˪ˤ˰˲˰˧ˢ˲˛˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜˧˙˱˶˞˭˹˩˦˞˟˙˰ˤˢ˰˱˦˻˪˭ˮ˚˭ˢ˦˪˞
˱ˤˮˤ˥ˬ˺˪ˬ˦˞˧˹˨ˬ˲˥ˢ˯ˢ˨˙˴˦˰˱ˢ˯ˡ˦˞˰˱˙˰ˢ˦˯ˢ˪ˡˢ˴ˬ˩˚˪˶˯
˰˲˩˭ˢˮ˦˨˞˩˟˞˪ˬ˩˚˪ˤ˯˱ˤ˯˲˭ˬ˧˞˱˞˰˧ˢ˲˛˯
ˉ˹ˠ˶˱ˤ˯˞˭˞ˮ˞˜˱ˤ˱ˤ˯ˢ˨˙˴˦˰˱ˤ˯˞˭˹˰˱˞˰ˤ˯ E˭ˮˬ˧˺˭˱ˢ˦˱ˬ
ˢ˨˙˴˦˰˱ˬ˭˙˴ˬ˯˱ˬ˲˭˙ˠ˧ˬ˲ˢˮˠ˞˰˜˞˯ D
ˎˮˬ˰˚˫˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪

ˁ˦˞˱ˬ˪˞ˢˮ˦˰˩˹˱ˤ˯˰˲˰˧ˢ˲˛˯˭ˮ˚˭ˢ˦ˬ˦ˢ˪ˡ˦˙˩ˢ˰ˬ˦˭˙˱ˬ˦˪˞˚˴ˬ˲˪
˚˪˞˙˪ˬ˦ˠ˩˞ˢ˫˞ˢˮ˦˰˩ˬ˺
ʻ˱˞˪˱ˬ˵ˤ˨˹˪˱ˬ˲˨˙˭˦˚˴ˢ˦˭ˮ˹˰˥ˢ˱˞˰˱˞˭˜˰˶˱ˬ˦˴˻˩˞˱˞˱˶˪
˫ˢ˴˶ˮ˦˰˱˻˪˰˱ˬ˦˴ˢ˜˶˪˚˪˞ˢ˭˦˭˨˚ˬ˪˭˜˰˶˱ˬ˜˴˶˩˞˭ˮ˚˭ˢ˦˞˲˱˹˪˞
˞˳˞˦ˮˢ˥ˢ˜
ˑˬ˭ˬ˥ˢ˱˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˩˹˪ˬ˱˹˰ˬ˵ˤ˨˙˻˰˱ˢ˪˞˩˭ˬˮˬ˺˪˪˞
˞˭ˬ˩˞˧ˮ˺˪ˬ˪˱˞˦˱˞ˢ˫˞ˮ˱˛˩˞˱˞˴˶ˮ˜˯˭ˮ˹˟˨ˤ˩˞

ˁ˦˞˪˞˩˭ˬˮˢ˜˪˞˞˪ˬ˜˫ˢ˦ˤ˭˹ˮ˱˞˱ˤ˯˰˲˰˧ˢ˲˛˯˧˞˱˙˱ˤ˪
˱ˬ˭ˬ˥˚˱ˤ˰ˤ ˰ˢ ˠ˶˪˜˞ ˨˙˟ˢ˱ˢ ˲˭˹˵ˤ ˱˦˯ ˡ˦˞˰˱˙˰ˢ˦˯ & ˅ ˡ˦˙˰˱˞˰ˤ '
ˢ˫˞ˮ˱˙˱˞˦ ˞˭˹ ˱ˬ ˭˙˴ˬ˯ ˱ˤ˯ ˭ˮ˹˰ˬ˵ˤ˯ ˱ˬ˲ ˪˱ˬ˲˨˞˭˦ˬ˺ ˧˙˱˶ ˞˭˹ ˱ˤ
˨˞˟˛
 D

D


E
˃˭˞ˠ˶ˠ˦˧˛˟˙˰ˤˢ˰˱˦
˻˪ NN NN NN
˃˭˞ˠ˶ˠ˦˧˛˟˙˰ˤˢ˰˱˦
˻˪˰˲˪ˬ˨˦˧˛˯ˢ˭˦˳˙
˪ˢ˦˞˯
*OEVLUJPOTLPDIGFME
NN NN NN
ˀ˙˰ˤˢ˰˱˦˻˪˞ˢˮ˜ˬ˲ NN NN NN
˅˨ˢ˧˱ˮ˦˧˛˟˙˰ˤˢ˰˱˦
˻˪ NN NN NN
D
E
 

˅˰˲˰˧ˢ˲˛˞˪˱˞˭ˬ˧ˮ˜˪ˢ˱˞˦˰˱ˤ˪˧˞˱ˤˠˬˮ˜˞˭ˮˬ˰˱˞˰˜˞˯˧˞˦
ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜˩˹˪ˬ˩ˢ˰˺˪ˡˢ˰ˤ˞ˠ˶ˠˬ˺˭ˮˬ˰˱˞˰˜˞˯
ˠˢ˜˶˰ˤ
˅˞˰˳˙˨ˢ˦˞˭ˮ˚˭ˢ˦˪˞˞˪˱˞˭ˬ˧ˮ˜˪ˢ˱˞˦˰˱˞˰˱ˬ˦˴ˢ˜˞˦˰˴˺ˬ˯˰˱ˤ˪
˭˦˪˞˧˜ˡ˞˱˺˭ˬ˲˧˞˦˰˱˦˯˱ˬ˭˦˧˚˯˭ˮˬˡ˦˞ˠˮ˞˳˚˯
ːˢ˹˨ˢ˯˱˦˯ˢˮˠ˞˰˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˭ˮ˚˭ˢ˦ˤ˰˲˰˧ˢ˲˛˪˞
˟ˮ˜˰˧ˢ˱˞˦ˢ˧˱˹˯˱˙˰ˤ˯
˅˰˲˰˧ˢ˲˛ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˰˲˪ˡˢ˥ˢ˜˩˹˪ˬ˩ˢ˱ˬ˰˲˪ˤ˩˩˚˪ˬ˧˞˨˻ˡ˦ˬ
˰˺˪ˡˢ˰ˤ˯ː˲˪ˡ˚˰˱ˢ˱ˬ˧˞˨˻ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯˰˱ˤ˪˭˜˰˶˭˨ˢ˲ˮ˙˱ˤ˯
˰˲˰˧ˢ˲˛˯˧˨˦˧
ʸ˪˞ ˧˞˨˻ˡ˦ˬ ˰˺˪ˡˢ˰ˤ˯  N ˢ˜˪˞˦ ˡ˦˞˥˚˰˦˩ˬ ˰˱ˤ˪ ˲˭ˤˮˢ˰˜˞ ˱ˢ˴˪˦˧˛˯
ˢ˫˲˭ˤˮ˚˱ˤ˰ˤ˯˭ˢ˨˞˱˻˪
ˑˬ˧˞˨˻ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˩˹˪ˬ˩ˢ˚˪˞
ˠ˪˛˰˦ˬ˧˞˨˻ˡ˦ˬˡ˦˞˥˚˰˦˩ˬ˩˚˰˶˱ˤ˯˲˭ˤˮˢ˰˜˞˯˱ˢ˴˪˦˧˛˯
ˢ˫˲˭ˤˮ˚˱ˤ˰ˤ˯˭ˢ˨˞˱˻˪
˅˭ˮˬ˰˱˞˰˜˞ˢ˭˞˳˛˯˭ˮ˚˭ˢ˦˪˞ˢ˫˞˰˳˞˨˜ˣˢ˱˞˦˩ˢ˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ

˅˰˲˰˧ˢ˲˛ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˰˲˪ˡˢ˥ˢ˜˩˹˪ˬ˰ˢ˩˦˞˭ˮ˜ˣ˞˰ˬ˺˧ˬ˭ˬ˲
ˢ˜˪˞˦ˢˠ˧˞˱ˢ˰˱ˤ˩˚˪ˤ˰˺˩˳˶˪˞˩ˢ˱ˬ˲˯˧˞˪ˬ˪˦˰˩ˬ˺˯
˃˙˪˱ˬ˳˦˯˩ˢ˱˙˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤˡˢ˪ˢ˜˪˞˦˭˨˚ˬ˪˭ˮˬ˰˦˱˹˭ˮ˚˭ˢ˦
˞˭˹ ˱ˤ˪ ˭˨ˢ˲ˮ˙ ˱ˤ˯ ˢˠ˧˞˱˙˰˱˞˰ˤ˯ ˪˞ ˲˭˙ˮ˴ˢ˦ ˩˦˞ ˡ˦˙˱˞˫ˤ ˡ˦˞˧ˬ˭˛˯
˹˨˶˪˱˶˪˭˹˨˶˪˩ˢ˩˦˞ˢ˨˙˴˦˰˱ˤ˞˭˹˰˱˞˰ˤˢ˭˞˳˛˯NN

ˊ˹˪ˬ˚˪˞˯˞ˡˢ˦ˬ˺˴ˬ˯ˢˠ˧˞˱˞˰˱˙˱ˤ˯ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˰˲˪ˡ˚˰ˢ˦˱ˤ
˰˲˰˧ˢ˲˛
ː˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤ˭ˮ˚˭ˢ˦˪˞˲˭˙ˮ˴ˢ˦˩˦˞ˡ˦˙˱˞˫ˤˡ˦˞˧ˬ˭˛˯˹˨˶˪
˱˶˪˭˹˨˶˪˩ˢ˚˪˞ˡ˦˙˧ˢ˪ˬˢ˭˞˳˛˯˱ˬ˨˦ˠ˹˱ˢˮˬNN˃˫˞˧ˮ˦˟˻˰˱ˢ
˱ˬ˲˯˞ˠ˶ˠˬ˺˯˱˶˪˳˙˰ˢ˶˪˧˞˦˱ˬ˪ˬ˲ˡ˚˱ˢˮˬ˞ˠ˶ˠ˹˩ˤˡ˚˪˰˱ˬ
˧ˬ˲˱˜˰˺˪ˡˢ˰ˤ˯ːˢ˭ˢˮ˜˭˱˶˰ˤˢ˰˳˞˨˩˚˪ˤ˯˰˺˪ˡˢ˰ˤ˯˩˭ˬˮˢ˜ˤ
˰˲˰˧ˢ˲˛˪˞˲˭ˬ˰˱ˢ˜ˣˤ˩˦˙
ː˲˪ˡ˚˰˱ˢ ˱ˤ ˰˲˰˧ˢ˲˛ ˩˹˪ˬ ˰˺˩˳˶˪˞ ˩ˢ ˱ˬ ˰˴˚ˡ˦ˬ ˰˺˪ˡˢ˰ˤ˯ ˁ˦˞ ˱ˤ˪
˱˙˰ˤ˟˨˚˭ˢ˰˱ˤ˪˭˦˪˞˧˜ˡ˞˱˺˭ˬ˲ː˲˪ˡ˚˰˱ˢ˱ˬ˲˯˧˨˻˪ˬ˲˯˱ˬ˲
˧˞˨˶ˡ˜ˬ˲˰˺˪ˡˢ˰ˤ˯˰˺˩˳˶˪˞˩ˢ˱˞˞˪˱˜˰˱ˬ˦˴˞˴ˮ˻˩˞˱˞
ˎˮ˙˰˦˪ˬ˧˜˱ˮ˦˪ˬ  ʿˠ˶ˠ˹˯ ˭ˮˬ˰˱˞˰˜˞˯ < ˩˭˨ˢ  ˩ˤˡ˚˪ ˬ˲ˡ˚˱ˢˮˬ˯
˞ˠ˶ˠ˹˯˧˞˳˚˳˙˰ˤˢ˫˶˱ˢˮ˦˧˹˯˞ˠ˶ˠ˹˯

˅˰˲˰˧ˢ˲˛˩˭ˬˮˢ˜˪˞˰˲˪ˡˢ˥ˢ˜ˢ˭˜˰ˤ˯˩ˢ˱ˬ˰˲˪ˤ˩˩˚˪ˬ
ˮˢ˲˩˞˱ˬ˨˛˭˱ˤ˳˦˯˩ˢ˩˦˞˭ˮ˜ˣ˞˰ˬ˺˧ˬʿ˲˱˛ˤ˭ˮ˜ˣ˞˭ˮ˚˭ˢ˦˩ˢ˱˙
˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˪˞ˢ˜˪˞˦˭ˮˬ˰˦˱˛ʻ˱˞˪˞˲˱˹ˡˢ˰˲˩˟˞˜˪ˢ˦˭ˮ˚˭ˢ˦
˞˭˹ ˱ˤ˪ ˭˨ˢ˲ˮ˙ ˱ˤ˯ ˢˠ˧˞˱˙˰˱˞˰ˤ˯ ˪˞ ˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜ ˫˞˪˙ ˩˦˞ ˡ˦˙˱˞˫ˤ
ˡ˦˞˧ˬ˭˛˯˹˨˶˪˱˶˪˭˹˨˶˪˩ˢˡ˦˙˧ˢ˪ˬˢ˭˞˳˛˯˱ˬ˨˦ˠ˹˱ˢˮˬNN


ˁ˦˞˱ˤ˰˱ˢˮ˚˶˰ˤ˱ˤ˯˧ˬ˪˰˹˨˞˯˴ˢ˦ˮ˦˰˩ˬ˺˩ˤ˴ˮˤ˰˦˩ˬ˭ˬ˦˛˰ˢ˱ˢ
˧˞˪˚˪˞˧˞˱˰˞˟˜ˡ˦˩˭˞˱˞ˮ˜˞˯ˑ˞˧˞˨˺˩˩˞˱˞˩˭ˬˮˢ˜˪˞˲˭ˬ˰˱ˬ˺˪
ˣˤ˩˦˚˯
 ː˭ˮ˻˫˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˢ˪˱ˢ˨˻˯˩˚˰˞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˪˞˲˭˙ˮ˴ˢ˦˚˪˞˧ˢ˪˹NN
 ʿ˪ˬ˜˫˱ˢ˱ˤ˪˭˹ˮ˱˞˱ˤ˯˰˲˰˧ˢ˲˛˯˧˞˦˫ˢ˟˦ˡ˻˰˱ˢ˱˦˯˨˶ˮ˜ˡˢ˯
˧˙˨˲˵ˤ˯˞ˮ˦˰˱ˢˮ˙˧˞˦ˡˢ˫˦˙
 ˀ˦ˡ˻˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˰˱ˬ˪˱ˬ˲˨˙˭˦
 ˑˬ˭ˬ˥ˢ˱˛˰˱ˢ˱˦˯˨˶ˮ˜ˡˢ˯˧˙˨˲˵ˤ˯˧˞˦˟˦ˡ˻˰˱ˢ˱˦˯˫˞˪˙˧˞˨˙
˭ˮ˻˱˞ˢ˭˙˪˶˩ˢ˱˙˧˙˱˶
 ˅˰˴˦˰˩˛˩ˢ˱˞˫˺˱ˤ˯˭˹ˮ˱˞˯˱ˤ˯˰˲˰˧ˢ˲˛˯˧˞˦˱˶˪˭˨ˢ˲ˮ˦˧˻˪
˨˶ˮ˜ˡ˶˪˧˙˨˲˵ˤ˯˩˭ˬˮˢ˜˪˞˭ˮˬ˰˞ˮ˩ˬ˰˱ˢ˜˩ˢ˱ˤ˪ˢ˭˙˪˶˟˜ˡ˞
˞ˮ˦˰˱ˢˮ˙˧˞˦ˡˢ˫˦˙
˅˰˴˦˰˩˛˩ˢ˱˞˫˺˱ˬ˲˭˙ˠ˧ˬ˲ˢˮˠ˞˰˜˞˯˧˞˦˱ˤ˯˰˲˰˧ˢ˲˛˯ˡˢ˪
ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˧˞˨˲˳˥ˢ˜˞˭˹˭ˮ˹˰˥ˢ˱˞˭ˤ˴˙˧˦˞
ː˱˞˭˨ˢ˲ˮ˦˧˙˱ˬ˦˴˻˩˞˱˞˱ˬ˲˪˱ˬ˲˨˞˭˦ˬ˺ˢ˪˱ˬ˦˴˦˰˩ˬ˺ˡˢ˪
ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˱ˬ˭ˬ˥ˢ˱ˤ˥ˬ˺˪˭ˤ˴˙˧˦˞˥ˢˮ˩ˬ˭ˮˬ˰˱˞˰˜˞˯

 ˆ˚˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˢ˧˱˹˯˱˙˰ˤ˯
 ʿ˪ˬ˜˫˱ˢ˱ˤ˪˭˹ˮ˱˞˱ˤ˯˰˲˰˧ˢ˲˛˯˧˞˦˫ˢ˟˦ˡ˻˰˱ˢ˱˦˯˨˶ˮ˜ˡˢ˯
˧˙˨˲˵ˤ˯˞ˮ˦˰˱ˢˮ˙˧˞˦ˡˢ˫˦˙
 ˉ˺˰˱ˢ˱˦˯˟˜ˡˢ˯˰˱ˢˮ˚˶˰ˤ˯
 ʿ˪˞˰ˤ˧˻˰˱ˢˢ˨˞˳ˮ˙˱ˤ˰˲˰˧ˢ˲˛˧˞˦˱ˮ˞˟˛˫˱ˢ˱ˤ˪ˢ˪˱ˢ˨˻˯˚˫˶
pl
ë,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNLU\V
■6S[ÅE[FOJFKFTUQS[F[OBD[POFEPVļZULPXBOJBOBNBLTZNBMOFK
XZTPLPěDJNFUS³XOBEQP[JPNFNNPS[B
■8ZĂÅD[OJFQSBXJEĂPXZNPOUBļXZLPOBOZ[HPEOJF[JOTUSVLDKÅ
NPOUBļVHXBSBOUVKFCF[QJFD[OFVļZULPXBOJFVS[ÅE[FOJB;B
T[LPEZQPXTUBĂFXXZOJLVOJFXĂBěDJXFHPNPOUBļVPEQPXJBEB
NPOUFS
■1PSP[QBLPXBOJVOBMFļZTQSBXE[JÇTUBOVS[ÅE[FOJB/JF
QPEĂÅD[BÇKFěMJVS[ÅE[FOJF[PTUBĂPVT[LPE[POFQPED[BT
USBOTQPSUV
■1S[FEVSVDIPNJFOJFNVTVOÅÇ[LPNPSZQJFLBSOJLBPSB[[ES[XJ
NBUFSJBĂZPQBLPXBOJPXFJGPMJFLMFKÅDF
■.FCMFEP[BCVEPXZNVT[ÅCZÇPEQPSOFOBUFNQFSBUVSÙEP
p$BQS[ZMFHBKÅDFEPVS[ÅE[FOJBGSPOUZNFCMJEPp$
■6S[ÅE[FOJB OJF NPOUPXBÇ [B MJTUXÅ EFLPSBDZKOÅ *TUOJFKF SZ[ZLP
QS[FHS[BOJB
■.FCMFOBMFļZEPDJOBÇQS[FEXTUBXJFOJFNVS[ÅE[FOJB6TVOÅÇ
XJ³SZ QPOJFXBļ NPHÅ POF [BLĂ³DBÇ GVOLDKPOPXBOJF FMFNFOU³X
FMFLUSZD[OZDI
■/BMFļZOPTJÇSÙLBXJDFPDISPOOFDISPOJÅDFQS[FE
TLBMFD[FOJFN&MFNFOUZLU³SFTÅEPTUÙQOFQPED[BTNPOUBļV
NPHÅNJFÇPTUSFLSBXÙE[JF
■8QS[ZQBELVVS[ÅE[FĄ[SVDIPNZNQBOFMFNPCTĂVHJ[XS³DJÇ
VXBHÙOBUPBCZQBOFMPCTĂVHJQPED[BTXZTVXBOJBOJF
LPMJEPXBĂ[QS[ZMFHBKÅDZNJEPVS[ÅE[FOJBNFCMBNJ
■(OJB[EPQS[ZĂÅD[FOJPXFVS[ÅE[FOJBNVTJ[OBKEPXBÇTJÙX
[BLSFTLPXBOZNPCT[BS[F $MVCQP[BPCT[BSFN[BCVEPXZ
■.FCMFLU³SFOJFTÅQS[ZNPDPXBOFOBMFļZQS[ZUXJFSE[JÇEP
ěDJBOZQS[ZQPNPDZLÅUPXOJLB %
■8ZNJBSZOBSZTVOLBDIQPEBOFTÅXNN
: 8Ű\WNRZQLF\LPSODQWyZHOHNWURQLF]Q\FK
6S[ÅE[FOJFNPļF[BXJFSBÇNBHOFTZUSXBĂFLU³SFNPHÅNJFÇ
XQĂZXOBE[JBĂBOJFJNQMBOU³XFMFLUSPOJD[OZDIOQSP[SVT[OJL³X
TFSDBMVCQPNQJOTVMJOPXZDI%MBUFHPQPED[BTNPOUBļVOBMFļZ
[BDIPXBÇPEMFHĂPěÇDPOBKNOJFK DNPEJNQMBOU³X
FMFLUSPOJD[OZDI
8U]ĉG]HQLHSRGEODWHPURERF]\PU\V
8DFMV[BQFXOJFOJBXFOUZMBDKJVS[ÅE[FOJBXQĂZDJF
QS[FHSBE[BKÅDFKNVTJCZÇPUX³SXFOUZMBDZKOZ
1S[ZNPDPXBÇCMBUSPCPD[ZEPNFCMJ
8QS[ZQBELVNPOUBļVVS[ÅE[FOJBQPEQĂZUÅHS[FXD[ÅOBMFļZ
VX[HMÙEOJÇQPOJļT[FXZNJBSZNJOJNBMOFXUZNFXFOUVBMOÅ
LPOTUSVLDKÙOPěOÅ
D
E
 
/BQPETUBXJFXZNBHBOFKXBSUPěDJNJOJNBMOFHPPETUÙQV E
PLSFěMBOBKFTUNJOJNBMOBHSVCPěÇCMBUVSPCPD[FHP D
1S[FTUS[FHBÇJOTUSVLDKJNPOUBļVQĂZUZHS[FXD[FK
8U]ĉG]HQLHZV]DIFHZ\VRNLHMU\V
8DFMV[BQFXOJFOJBXFOUZMBDKJVS[ÅE[FOJBXQĂZUBDI
QS[FHSBE[BKÅDZDINVTJCZÇPUX³SXFOUZMBDZKOZ
+FļFMJ T[BGLB XZTPLB QPTJBEB PQS³D[ UZMOZDI ěDJBOFL NPEVĂPXZDI
EPEBULPXÅ ěDJBOLÙ UZMOÅ NVTJ POB [OBKEPXBÇ TJÙ X PEQPXJFEOJFK
PEMFHĂPěDJ
6S[ÅE[FOJFOBMFļZ[BNPOUPXBÇOBUBLJFKXZTPLPěDJBCZNPļMJXF
CZĂPTXPCPEOFXZKNPXBOJFXZQPTBļFOJB
0RQWDŰQDURŰQ\U\V
"CZXQS[ZQBELVNPOUBļVOBSPļOFHPNPļMJXFCZĂPPUXPS[FOJF
ES[XJD[FLVS[ÅE[FOJBOBMFļZVX[HMÙEOJÇXZNJBS &8ZNJBS '
[BMFļZPEHSVCPěDJGSPOUVNFCMJQPEVDIXZUFN
3RGãĉF]DQLHXU]ĉG]HQLD
6S[ÅE[FOJFPEQPXJBEBLMBTJFPDISPOZJNPļFCZÇVļZULPXBOF
XZĂÅD[OJFKFěMJKFTUQPEĂÅD[POFEPQS[FXPEVV[JFNJBKÅDFHP
#F[QJFD[OJLEPQBTPXBÇ[HPEOJF[QBSBNFUSBNJNPDZQPEBOZNJ
OBUBCMJD[DF[OBNJPOPXFKJPCPXJÅ[VKÅDZNJQS[FQJTBNJMPLBMOZNJ
1PED[BT XT[ZTULJDI QSBD NPOUBļPXZDI OBMFļZ XZĂÅD[ZÇ [BTJMBOJF
VS[ÅE[FOJB
6S[ÅE[FOJFNPļOBQPEĂÅD[ZÇEPTJFDJXZĂÅD[OJF[BQPNPDÅ
EPTUBSD[POFHPQS[FXPEVQS[ZĂÅD[FOJPXFHP1PEĂÅD[ZÇQS[FX³E
QS[ZĂÅD[FOJPXZ[UZĂVVS[ÅE[FOJBLMJL
1S[FX³EQS[ZĂÅD[FOJPXZPEĂVHPěDJNNPļOBOBCZÇX
TFSXJTJF
1S[FX³EQS[ZĂÅD[FOJPXZNPļOBXZNJFOJÇXZĂÅD[OJFOBQS[FX³E
PSZHJOBMOZLU³SZNPļOBOBCZÇXTFSXJTJF
.POUBļNVTJ[BQFXOJÇPDISPOÙQS[FEOJF[BNJFS[POZN
EPULOJÙDJFN
3U]HZyGSU]\ãĉF]HQLRZ\]ZW\F]Nĉ]X]LHPLHQLHP
6S[ÅE[FOJFNPļOBQPEĂÅD[ZÇXZĂÅD[OJFEPHOJB[EB[
V[JFNJFOJFN[BJOTUBMPXBOFHP[HPEOJF[QS[FQJTBNJ
+FěMJQP[BCVEPXBOJVOJFCÙE[JFEPTUÙQVEPXUZD[LJX³XD[BTX
JOTUBMBDKJFMFLUSZD[OFKNVTJ[OBKEPXBÇXJFMPCJFHVOPXZSP[ĂÅD[OJL
PETJFDJFMFLUSZD[OFK[SP[XBSDJFNTUZL³XXZOPT[ÅDZNNJOJNVN
NN
3U]HZyGSU]\ãĉF]HQLRZ\EH]ZW\F]NL]X]LHPLHQLHP
6S[ÅE[FOJF NPļF QPEĂÅD[ZÇ XZĂÅD[OJF TQFDKBMJTUB [ PEQPXJFEOJNJ
VQSBXOJFOJBNJFMFLUSZD[OZNJ
*OTUBMBDKBNVTJCZÇXZQPTBļPOBXXJFMPCJFHVOPXZSP[ĂÅD[OJLPE
TJFDJFMFLUSZD[OFK[SP[XBSDJFNTUZL³XDPOBKNOJFKNN/BMFļZ
[JEFOUZGJLPXBÇQS[FX³EGB[PXZJ[FSPXZXHOJFĺE[JF
QS[ZĂÅD[FOJPXZN /JFXĂBěDJXF QPEĂÅD[FOJF NPļF EPQSPXBE[JÇ EP
VT[LPE[FOJBVS[ÅE[FOJB
1PEĂÅD[BÇXZĂÅD[OJFXFEĂVHTDIFNBUVQPEĂÅD[FOJB/BQJÙDJF
QBUS[UBCMJD[LB[OBNJPOPXBĻZĂZQS[FXPEVQS[ZĂÅD[FOJPXFHP
QPEĂÅD[BÇ[HPEOJF[P[OBD[FOJFNLPMPS³X[JFMPOPļ³ĂUZ
QS[FX³EV[JFNJBKÅDZ <OJFCJFTLJQS[FX³E[FSPXZCSÅ[PXZ
QS[FX³EGB[PXZQS[FX³E[FXOÙUS[OZ
'RW\F]\W\ONR6]ZHFML)LQODQGLLL1RUZHJLL
6S[ÅE[FOJFNPļOBS³XOJFļQPEĂÅD[ZÇ[BQPNPDÅEPTUBSD[POFK
XUZD[LJ [ V[JFNJFOJFN 1P [BNPOUPXBOJV VS[ÅE[FOJB NVTJ TJÙ POB
[OBKEPXBÇXEPTUÙQOZNNJFKTDV8QS[FDJXOZNSB[JFEP
JOTUBMBDKJLPOJFD[OZKFTUXJFMPCJFHVOPXZSP[ĂÅD[OJLPETJFDJ
FMFLUSZD[OFK[SP[XBSDJFNTUZL³XNJOJNVNNN
0RFRZDQLHXU]ĉG]HQLDU\V
8ZDJD
%PNPDPXBOJBMJTUFXNBTLVKÅDZDIOJFVļZXBÇXLSÙUBSLJ
BLVNVMBUPSPXFK-JTUXZNBTLVKÅDFNPHÅVMFDVT[LPE[FOJV
 $BĂLPXJDJF XTVOÅÇ VS[ÅE[FOJF 6XBļBÇ QS[Z UZN BCZ QS[FXPEV
QS[ZĂÅD[FOJPXFHPOJF[BHJÅÇOJFQS[ZDJÅÇBOJOJFQSPXBE[JÇQP
PTUSZDILSBXÙE[JBDI
 6TUBXJÇVS[ÅE[FOJFQPěSPELV
1PNJÙE[ZVS[ÅE[FOJFNBGSPOUBNJQS[ZMFHĂZDINFCMJOBMFļZ
[BDIPXBÇPETUÙQNJO NN
 0UXPS[ZÇ ES[XJ VS[ÅE[FOJB J PELSÙDJÇ MJTUXZ NBTLVKÅDF QP MFXFK
JQSBXFKTUSPOJF
 1S[ZLSÙDJÇVS[ÅE[FOJFEPNFCMJ
 1S[ZĂPļZÇ MJTUXZ NBTLVKÅDF J [ QPXSPUFN QS[ZLSÙDJÇ OBKQJFSX OB
H³S[FBQPUFNOBEPMF
 4[D[FMJOÙNJÙE[ZES[XJBNJVS[ÅE[FOJBBCPD[OZNJMJTUXBNJ
NBTLVKÅDZNJNPļOBEPQBTPXBÇ[BQPNPDÅH³SOFKěSVCZQP
MFXFKJQSBXFKTUSPOJF
/JFXPMOPQS[ZTĂBOJBÇEPEBULPXÅMJTUXÅT[D[FMJOZQPNJÙE[Z
CMBUFNSPCPD[ZNBVS[ÅE[FOJFN
/BCPD[OZDIěDJBOLBDIT[BGLJEPPCVEPXZOJFXPMOPVNJFT[D[BÇ
PTĂPOUFSNJD[OZDI
'HPRQWDŰ
 8ZĂÅD[ZÇ[BTJMBOJFVS[ÅE[FOJB
 0UXPS[ZÇ ES[XJ VS[ÅE[FOJB J PELSÙDJÇ MJTUXZ NBTLVKÅDF QP MFXFK
JQSBXFKTUSPOJF
 0ELSÙDJÇěSVCZNPDVKÅDF
 6S[ÅE[FOJFMFLLPVOJFěÇJDBĂLPXJDJFXZDJÅHOÅÇ
ru
îΗμπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ²οηπ
■
 
■



■

■

■
 p$ ࣊ p
■

■


■       

■


■
 $

■
 %
■
: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ


      


5RG]DMSã\W\JU]HZ
F]HM D
QDNãDGDQD
QDEODW
D
PRQWRZDQDQD
UyZQL]SR
ZLHU]FKQLĉEODWX
E
*OEVLDZKOBQĂZUB
HS[FXD[B NN NN NN
1FĂOPQPXJFS[DIOJPXB
QĂZUBJOEVLDZKOB
NN NN NN
(B[PXBQĂZUB
HS[FXD[B NN NN NN
&MFLUSZD[OBQĂZUB
HS[FXD[B NN NN NN
 
Ξοηΰνοξνγπρνκδχμηυδθ৯οηπ






 E
 D

΢πρίμναιίξοηΰνοίαχιίσινκνμμς²οηπ



       



Λνμρίεαςβκς৯οηπ

 & '
       

Ξνγικύφδμηδξοηΰνοί








       







Πδρδανθξονανγπνχρδξπδκϋμνθαηκινθπζίζδλκώύψηλ
ινμρίιρνλ





 
Πδρδανθξονανγΰδζαηκιηπζίζδλκώύψηλινμρίιρνλ


     

        






 <

ΡνκϋινγκώΧαδυηηΣημκώμγηηηΜνοαδβηη




 
Ζίιοδξκδμηδξοηΰνοί³οηπ
Αμηλίμηδ


         


 

 
 
 
          
 





Γδλνμρίε
 
 
 
 
Ρηξαίονφμνθξίμδ
κη D
ςπρίμνακδμ
μϊθ
D
αοναδμϋπξν
αδοτμνπρϋύ
E

      




     

      

      
D
E
 
tr
ô0RQWDMN×ODYX]X
gQHPOLX\DU×ODU5HVLP
■#VDJIB[EFOJ[TFWJZFTJOEFOFOGB[MBNFUSFZ¼LTFLMJLUF
LVMMBOñMNBL¼[FSFUBTBSMBONñğUñS
■$JIB[ñO NPOUBKñ BODBL CV NPOUBK UBMJNBUñOEB UBSJG FEJMFO ğFLJMEF
VTVM¼OFVZHVOPMBSBLZBQñMNñğTBDJIB[ñOH¼WFOMJLVMMBOñNñT¶[
LPOVTVPMBCJMJS:BOMñğNPOUBKEBOLBZOBLMBOBOBSñ[BMBSEBO
NPOUBKñZBQBOLJğJTPSVNMVEVS
■"NCBMBKñ B§ñMEñLUBO TPOSB DJIB[ñ LPOUSPM FEJOJ[ #JS OBLMJZF IBTBSñ
PMNBTñEVSVNVOEBDJIB[CBßMBOUñTñZBQñMNBNBMñEñS
■'ñSñOñWFLBQBßñOñDJIB[ñ§BMñğUñSNBEBO¶ODFBNCBMBK
NBM[FNFMFSJOJWFZBQñğLBOMñCBOUMBSñQJğJSNFBMBOñOEBOWF
LBQBßñOEBO§ñLBSñOñ[
■(¶NNFNPCJMZBMBSp$MJLTñDBLMñßBLBEBSZBONPCJMZB
Z¼[FZMFSJJTFp$MJLTñDBLMñßBLBEBSEBZBOñLMñPMNBMñEñS
■$JIB[ñCJSEFLPSLBQBßñOñOBSLBTñOBNPOUFFUNFZJOJ["ğñSñ
ñTñONBOFEFOJZMFUFIMJLFPMVğUVSVS
■.PCJMZBEBZBQñMBDBLLFTJNJğMFSJDJIB[UBLñMNBEBO¶ODF
ZBQñMNBMñEñS&MFLUSJLMJQBS§BMBSñO§BMñğNBTñOñFULJMFZFCJMFDFL
UBMBğMBSñUFNJ[MFZJOJ[
■:BSBMBONBMBSñ¶OMFNFLJ§JOLPSVZVDVFMEJWFOUBLñMNBMñEñS
.POUBK FTOBTñOEB FSJğJMFCJMFO QBS§BMBSñO LFOBSMBSñ LFTLJO PMBCJMJS
■%¶OFSğBMUFS¶OLñTNñOBTBIJQPMBODJIB[MBSEBğBMUFS¶O
LñTNñOñOEñğBSñT¼S¼M¼SLFOZBOñOEBLJNPCJMZBMBSMB
§BSQñğNBNBTñOBEJLLBUFEJOJ[
■$JIB[ CBßMBOUñ QSJ[J UBSBLMñ Z¼[FZ BMBOñ $EB WFZB NPOUBK C¶MHFTJ
EñğñOEBPMNBMñEñS
■4BCJUMFONFZFONPCJMZBMBSVZHVOCJSB§ñZMB %EVWBSB
TBCJUMFONFMJEJS
■3FTJNMFSJO¶M§¼NCJMHJMFSJNNDJOTJOEFOEJS
: (OHNWURQLNLPSODQWWDü×\DQODU
$JIB[EBLBMñDñNñLOBUñTMBSNFWDVUPMBCJMJS#VNñLOBUñTMBS
FMFLUSPOJLJNQMBOUBTZPOMBSñ¶SOFßJOLBMQQJMJOJWFZBJOT¼MJO
QPNQBMBSñOñFULJMFZFCJMJS#VOFEFOMFNPOUBKTñSBTñOEBFMFLUSPOJL
JNQMBOUUBğñZBOMBSFOB[DNV[BLEVSNBMñEñS
&LKD]oDO×üPDWH]JDK×Q×QDOW×QD\HUOHüWLULOHFHNVH5HVLP
$JIB[ñOIBWBMBOEñSñMNBTñJ§JOBSBSBGUBIBWBMBOEñSNBC¶M¼N¼
CVMVONBMñEñS
BMñğNBUF[HBIñNPOUBKNPCJMZBTñOBTBCJUMFONFMJEJS
$JIB[CJSPDBßñOBMUñOBNPOUFFEJMJSTFBğBßñEBLJBTHBSJ¶M§¼MFSF
VZVMNBTñHFSFLMJEJSHFSFLJSTFBMULPOTUS¼LTJZPOEBIJM
(FSFLMJNJOJNVNNFTBGF EOFEFOJZMFBTHBSJ§BMñğNBUF[HBIñ
LBMñOMñßñ DPSUBZB§ñLBS
0DBLNPOUBKLñMBWV[VOBEJLLBUFEJOJ[
%R\GRODE×QGDNLFLKD]5HVLP
$JIB[ñO IBWBMBOEñSñMNBTñ J§JO BSB SBGMBSEB CJS IBWBMBOEñSNB C¶M¼N¼
CVMVONBMñEñS
&ßFSFMFNBOBSLBEVWBSñOBFLPMBSBLCPZEPMBCñOñOEBCJSBSLB
EVWBSñWBSTBCVOVO§ñLBSUñMNBTñHFSFLMJEJS
$JIB[TBEFDFBLTFTVBSMBSñOLPMBZMñLMB§ñLBSUñMBCJMFDFßJCJS
Z¼LTFLMJßFNPOUFFEJMNFMJEJS
.|üHPRQWDM×5HVLP
$JIB[LBQBßñOñOB§ñMBCJMNFTJJ§JOL¶ğFNPOUBKñTñSBTñOEB &
¶M§¼T¼OF EJLLBU FEJMNFMJEJS '¶M§¼T¼ UVUBNBßñO BMU LñTNñOEB LBMBO
NPCJMZBOñO¶ODFQIFTJOJOLBMñOMñßñOBCBßMñEñS
&LKD]×QEDùODQPDV×
$JIB[LPSVNBTñOñGñFBJUUJSWFTBEFDFUPQSBLMBNBLBCMPTV
CBßMBOUñTñJMF§BMñğUñSñMBCJMJS
4JHPSUBUBOñUñNQMBLBTñ¼[FSJOEFLJH¼§EFßFSJOFH¶SFTBßMBOñSWF
ZFSFMZ¶OFUNFMJLMFSFH¶SFHFS§FLMFğJS
#¼U¼ONPOUBKJğMFNMFSJTñSBTñOEBDJIB[ñOğFCFLFCBßMBOUñTñLFTJL
PMNBMñEñS
$JIB[ZBMOñ[CJSMJLUFUFTMJNFEJMFOCBßMBOUñLBCMPTVJMF
CBßMBONBMñEñS#BßMBOUñLBCMPTVOVDJIB[ñOBSLBUBSBGñOBUBLñOñ[
,MJL
NV[BUNBLBCMPTVN¼ğUFSJIJ[NFUMFSJOEFOUFNJOFEJMFCJMJS
#BßMBOUñLBCMPTVTBEFDFN¼ğUFSJIJ[NFUMFSJOEFOUFNJOFEJMFO
PSJKJOBMCJSLBCMPJMFEFßJğUJSJMNFMJEJS
.POUBKTñSBTñOEBCJSFMFLUSJLUFNBTLPSVZVDVTVNFWDVUPMNBMñEñS
7RSUDNO×SUL]HVDKLSEDùODQW×NDEORVX
$JIB[TBEFDFLVSBMMBSBVZHVOPMBSBLLVSVMNVğUPQSBLMñQSJ[F
UBLñMNBMñEñS
1SJ[FNPOUBKEBOTPOSBVMBğñMBNñZPSTBLVSVMVNUBSBGñOEBFOB[
NNMJLLPOUBLNFTBGFTJOFTBIJQCJSBZñSNBUFSUJCBUñNFWDVU
PMNBMñEñS
'DUEH\HGD\DQ×NO×VRNHWOLEDùODQW×KDWW×
$JIB[ñOFMFLUSJLCBßMBOUñTñTBEFDFFßJUJNMJCJSV[NBOUBSBGñOEBO
ZBQñMNBMñEñS
,VSVMVNEBFOB[NNMJLLPOUBLNFTBGFTJOFTBIJQCJSBZñSNB
UFSUJCBUñNFWDVUPMNBMñEñS'B[WFO¶US4ñGñSLBCMPCBßMBOUñ
QSJ[JOEFUBOñNMBONBMñEñS)BUBMñCJSCBßMBOUñDJIB[ñO[BSBS
H¶SNFTJOFTFCFQPMBCJMJS
4BEFDFCBßMBOUñğFNBTñOBH¶SFCBßMBZñOñ[(FSJMJNJ§JOUJQ
QMBLBTñOBCBLñOñ[ĞFCFLFCBßMBOUñIBUUñLBCMPMBSñSFOL
LPEMBNBTñOBVZHVOğFLJMEFCBßMBONBMñEñS:FğJMTBSñ
5PQSBLMBNBLBCMPTV <NBWJTñGñSO¶USLBCMPLBIWFSFOHJ
'B[EñğJMFULFO
6DGHFHĮVYHo)LQODQGL\DYH1RUYHo
$JIB[CJSMJLUFWFSJMFOQSJ[JMFEFLPSVNBLPOUBßñTJTUFNJOF
CBßMBOBCJMJS#VOMBSBLVSVMEVLUBOTPOSBLPMBZDBVMBğñMBCJMNFMJEJS
%VSVNC¶ZMFEFßJMTFLVSVMVNUBSBGñOEBFOB[NNMJLLPOUBL
NFTBGFTJOFTBIJQU¼NLVUVQMVCJSBZñSNBğBMUFSJNFWDVUPMNBMñEñS
&LKD]×QVDELWOHQPHVLUHVLP
'LNNDW
1BOFMMFSJOTBCJUMFONFTJJ§JOBL¼M¼WJEBMBZñDñLVMMBONBZñOñ[
1BOFMMFSIBTBSH¶SFCJMJS
 $JIB[UBNBNFOJ§FSJJUJMNFMJEJS#VFTOBEBCBßMBOUñLBCMPTV
C¼L¼MNFNFMJTñLñğUñSñMNBNBMñWFZBLFTLJOLFOBSMBSñO¼[FSJOEFO
HF§JSJMNFNFMJEJS
 $JIB[ñOPSUBOPLUBZBLPOVNMBOEñSñMNBTñ
$JIB[WFNPCJMZBLFOBSñBSBTñOEBNJOJNVN NNMJLCJSIBWB
CPğMVßVPMNBMñEñS
 $JIB[ LBQBßñOñ B§ñOñ[ WF TPM JMF TBß QBOFMMFSJO WJEBMBSñOñ T¶L¼O¼[
 $JIB[ñNPCJMZBZBTñLñDBWJEBMBZñOñ[
 1BOFMMFSJ ZFSMFğUJSJOJ[ WF ¶ODF ¼TUUFO TPOSB BMUUBO ZFOJEFO TñLñDB
WJEBMBZñOñ[
 $JIB[LBQBßñJMFZBOQBOFMMFSBSBTñOEBLJCPğMVL¼TUTPMWF
TBßEBLJBZBSWJEBMBSñZMBBZBSMBOBCJMJS
BMñğNBUF[HBIñWFDJIB[BSBTñOEBLJBSBMñLFLQFSWB[MBSMB
LBQBUñMNBNBMñEñS
5BEJMFEJMFOEPMBCñOZBOEVWBSMBSñOBñTñLPSVNB§VCVLMBSñOñO
UBLñMNBTñHFSFLMJEJS
6|NPH
 $JIB[ñOFMFLUSJLHJSJğJOJLFTJOJ[
 $JIB[ LBQBßñOñ B§ñOñ[ WF TPM JMF TBß QBOFMMFSJO WJEBMBSñOñ T¶L¼O¼[
 4BCJUMFNFWJEBMBSñOñT¶L¼O¼[
 $JIB[ñIBGJG§FLBMEñSñOñ[WFUBNBNFOEñğBSñ§FLJOJ[
2FDNWU D
\HUOHüWLULOGL
D
\]H\HV×I×U
E
ðOE¼LTJZPOMVPDBL NN NN NN
5BNZ¼[FZ
ðOE¼LTJZPOMVPDBL
NN NN NN
(B[MñQJğJSNFC¶M¼N¼ NN NN NN
&MFLUSJLMJPDBL NN NN NN
D
E

Other manuals for B27CR22N1B

1

Other NEFF Oven manuals

NEFF B44M42.3GB User manual

NEFF

NEFF B44M42.3GB User manual

NEFF B12S22.3GB User manual

NEFF

NEFF B12S22.3GB User manual

NEFF B57VR22.0B User manual

NEFF

NEFF B57VR22.0B User manual

NEFF B24CR31.0 User manual

NEFF

NEFF B24CR31.0 User manual

NEFF C18FT56 1B Series User manual

NEFF

NEFF C18FT56 1B Series User manual

NEFF B48FT78N2 User manual

NEFF

NEFF B48FT78N2 User manual

NEFF B44S52 5GB Series User manual

NEFF

NEFF B44S52 5GB Series User manual

NEFF C18MT33N0B User manual

NEFF

NEFF C18MT33N0B User manual

NEFF B47FS36 0B Series User manual

NEFF

NEFF B47FS36 0B Series User manual

NEFF U2ACM7H.0B User manual

NEFF

NEFF U2ACM7H.0B User manual

NEFF U16E74N0AU - annexe 1 User manual

NEFF

NEFF U16E74N0AU - annexe 1 User manual

NEFF U1721N2GB - annexe 1 User manual

NEFF

NEFF U1721N2GB - annexe 1 User manual

NEFF B14M42N0EU User manual

NEFF

NEFF B14M42N0EU User manual

NEFF B94M43N3 User manual

NEFF

NEFF B94M43N3 User manual

NEFF U15E52.3GB User manual

NEFF

NEFF U15E52.3GB User manual

NEFF C44L20N0 User manual

NEFF

NEFF C44L20N0 User manual

NEFF B 1544 EO User manual

NEFF

NEFF B 1544 EO User manual

NEFF E 1664 Series User manual

NEFF

NEFF E 1664 Series User manual

NEFF U15E42N0AU - annexe 2 User manual

NEFF

NEFF U15E42N0AU - annexe 2 User manual

NEFF U2ACH7C.0A User manual

NEFF

NEFF U2ACH7C.0A User manual

NEFF B16P52.3GB User manual

NEFF

NEFF B16P52.3GB User manual

NEFF C29MS31 0 Series Operating and maintenance instructions

NEFF

NEFF C29MS31 0 Series Operating and maintenance instructions

NEFF U1DHC0A 0B Series User manual

NEFF

NEFF U1DHC0A 0B Series User manual

NEFF U1ACI5H.0B User manual

NEFF

NEFF U1ACI5H.0B User manual

Popular Oven manuals by other brands

Electrolux EI27EW45PSB Use and care guide

Electrolux

Electrolux EI27EW45PSB Use and care guide

Matsui MSF60WH user guide

Matsui

Matsui MSF60WH user guide

Metos CHEF 220 Installation and operation manual

Metos

Metos CHEF 220 Installation and operation manual

Gourmia GTF7460 user manual

Gourmia

Gourmia GTF7460 user manual

Bosch HBL56 use and care manual

Bosch

Bosch HBL56 use and care manual

Breville Smart Oven Air BOV900 Instruction book

Breville

Breville Smart Oven Air BOV900 Instruction book

AYO AFE70AB Instructions for use

AYO

AYO AFE70AB Instructions for use

ETNA OM165ZT Instructions for use

ETNA

ETNA OM165ZT Instructions for use

Cuisinart Express Oven Air Fry TOA-65XA Instruction booklet

Cuisinart

Cuisinart Express Oven Air Fry TOA-65XA Instruction booklet

Midea IKA-BO13F88L-DTC user manual

Midea

Midea IKA-BO13F88L-DTC user manual

Drija OCEANIA 60 user manual

Drija

Drija OCEANIA 60 user manual

Kogan KA23LSSFRYA user guide

Kogan

Kogan KA23LSSFRYA user guide

Calphalon TSCLTV-PZDADAFSS instruction manual

Calphalon

Calphalon TSCLTV-PZDADAFSS instruction manual

Fisher & Paykel BI600A parts manual

Fisher & Paykel

Fisher & Paykel BI600A parts manual

ACP XpressChef 2C Series quick start guide

ACP

ACP XpressChef 2C Series quick start guide

GE Monogram ZET1PMSS datasheet

GE

GE Monogram ZET1PMSS datasheet

AEG B 2.88 L operating instructions

AEG

AEG B 2.88 L operating instructions

Manta MM537 user manual

Manta

Manta MM537 user manual

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

Copyright 2025 Manuals.Online. All Rights Reserved.