Bosch EC945RC91N/07 User manual

*9000471630*  3



Ø 0RQWDJHDQOHLWXQJ

Ú ,QVWDOODWLRQLQVWUXFWLRQV

Û ,QVWUXFFLRQHVGHPRQWDMH

Þ 1RWLFHGHPRQWDJH

â ,VWUX]LRQLSHULOPRQWDJJLR

é ,QVWDOODWLHYRRUVFKULIW

ë ,QVWUXNFMDPRQWDŰX

ì ,QVWUXo}HVGHPRQWDJHP

î Ημπροςιυηώξνλνμρίες

ô 0RQWDMN×ODYX]X





PLQPD[

PLQ

PLQ



PLQ





PLQ

PD[













9



9

99









.POUBHFBOMFJUVOH

6LFKHUKHLWVKLQZHLVH

-FTFO4JFEJF(FCSBVDITBOXFJTVOHG¼SEBT(FS¤UCFWPS4JFFT

JOTUBMMJFSFOVOECFOVU[FO

%JF"CCJMEVOHFOJOEJFTFS"OMFJUVOHEJFOFOEFS7FSBOTDIBVMJ

DIVOH

'HU +HUVWHOOHU LVW MHJOLFKHU 9HUDQWZRUWXQJ HQWKREHQ ZHQQ GLH

%HVWLPPXQJHQGLHVHV+DQGEXFKVQLFKWHLQJHKDOWHQZHUGHQ

$OOH,QVWDOODWLRQV5HJHOXQJVXQG8PVWHOOXQJVDUEHLWHQDXI

HLQHDQGHUH*DVDUWPVVHQYRQHLQHPDXWRULVLHUWHQ)DFK

PDQQXQGXQWHU%HDFKWXQJGHUMHZHLOVDQZHQGEDUHQ5HJH

OXQJHQXQGJHVHW]OLFKHQ9RUJDEHQVRZLHGHU9RUVFKULIWHQ

GHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHUYRUJHQRPPHQZHU

GHQ

)U8PVWHOOXQJVDUEHLWHQDXIHLQHDQGHUH*DVDUWHPSIHKOHQ

ZLUGHQ.XQGHQGLHQVW]XUXIHQ

6WHOOHQ6LHYRUGHU'XUFKIKUXQJMHJOLFKHU$UEHLWHQGLH

6WURPXQG*DV]XIXKUDE

%JFTFT(FS¤UXVSEFBVTTDIMJFMJDIG¼SEJF7FSXFOEVOHJO1SJWBU

IBVTIBMUFOFOUXPSGFOFJOFLPNNFS[JFMMFPEFSHFXFSCMJDIF/VU

[VOH JTU OJDIU HFTUBUUFU %JFTFT (FS¤U EBSG OJDIU BVG +BDIUFO PEFS JO

8PIOXBHFOFJOHFCBVUXFSEFO%JF(BSBOUJFHJMUOVSEBOOXFOO

EBT(FS¤UBVTTDIMJFMJDIG¼STFJOFOWPSHFTFIFOFO;XFDLHFOVU[U

XJSE

CFSQS¼GFO4JFWPSEFN&JOCBVEBTTEJF¶SUMJDIFO7PSBVTTFU[VO

HFO(BTBSUVOEESVDLVOEEJF(FS¤UFFJOTUFMMVOHFONJUFJOBOEFS

LPNQBUJCFM TJOE %JF #FEJOHVOHFO G¼S EJF (FS¤UFFJOTUFMMVOH GJOEFO

4JFBVGEFN&UJLFUUPEFS5ZQFOTDIJME

%JFTFT(FS¤UEBSGOVSBOFJOFNBVTSFJDIFOECFM¼GUFUFO0SUVOE

OVSJOCFSFJOTUJNNVOHNJUEFOG¼SEJF#FM¼GUVOHHFMUFOEFO

#FTUJNNVOHFOVOE3JDIUMJOJFOFJOHFCBVUXFSEFO%BT(FS¤UEBSG

OJDIU BO FJOFO 4DIPSOTUFJO PEFS FJOF "CHBTBOMBHF BOHFTDIMPTTFO

XFSEFO

%BT /FU[LBCFM NVTT BN &JOCBVN¶CFM HVU CFGFTUJHU XFSEFO EBNJU

FTOJDIUNJUIFJFO5FJMFOEFT#BDLPGFOTPEFSEFT,PDIGFMEFTJO

#FS¼ISVOHLPNNFOLBOO

&MFLUSJTDIF(FS¤UFN¼TTFOJNNFSHFFSEFUXFSEFO

/FINFO4JFLFJOF"SCFJUFOJN(FS¤UFJOOFSFOWPS3VGFO4JF

HFHFCFOFOGBMMTVOTFSFO,VOEFOEJFOTUBO

9RUGHP(LQEDX

%JFTFT(FS¤UFOUTQSJDIU,MBTTFHFN¤%*/&/G¼S

(BTHFS¤UF&JOCBVHFS¤UF

%JF OFCFO EFN (FS¤U CFGJOEMJDIFO .¶CFM N¼TTFO BVT OJDIU CSFOO

CBSFO .BUFSJBMJFO TFJO %JF 4DIJDIUXFSLTUPGGF EFS .¶CFM TPXJF EFS

TJF[VTBNNFOIBMUFOEF-FJNN¼TTFOIJU[FCFTU¤OEJHTFJO

%JFTFT(FS¤UEBSGOJDIU¼CFS,¼IMTDIS¤OLFO8BTDINBTDIJOFO

4Q¼MNBTDIJOFOPEFS¤IOMJDIFO(FS¤UFOFJOHFCBVUXFSEFO

8FOO4JFEBT,PDIGFME¼CFSFJOFN#BDLPGFOJOTUBMMJFSFONVTT

EJFTFS¼CFSFJOF;XBOHTCFM¼GUVOHWFSG¼HFOCFSQS¼GFO4JFEJF

"CNFTTVOHFOEFT#BDLPGFOTJO*ISFN*OTUBMMBUJPOTIBOECVDI

8FOO FJOF %VOTUBC[VHTIBVCF BOHFCSBDIU XJSE NVTT EJFT HFN¤

EFS.POUBHFBOMFJUVOHVOEJNNFSVOUFS#FS¼DLTJDIUJHVOHFJOFT

WFSUJLBMFO.JOEFTUBCTUBOEFTWPO NN[VN,PDIGFMEHFTDIF

IFO

9RUEHUHLWXQJGHV.FKHQP|EHOV$EE 

/FINFO4JFJOEFS"SCFJUTGM¤DIFFJOFO"VTTDIOJUUNJUEFO

CFO¶UJHUFO"CNFTTVOHFOWPS

8FOO FT TJDI CFJ EFN ,PDIGFME VN FJO FMFLUSJTDIFT PEFS HFNJTDI

UFT,PDIGFME(BTVOEFMFLUSJTDIIBOEFMUVOETJDILFJO0GFOEBS

VOUFSCFGJOEFUCSJOHFO4JFFJOFO;XJTDIFOCPEFOBVTOJDIU

CSFOOCBSFN.BUFSJBM[#.FUBMMPEFS4QFSSIPM[ NNVOUFS

EFN#PEFOEFT,PDIGFMEFTBO4PXJSEFJO;VHBOH[VNVOUFSFO

5FJM EFT ,PDIGFMEFT WFSIJOEFSU8FOO FT TJDI CFJ EFN ,PDIGFME VN

FJO(BTLPDIGFMEIBOEFMUXJSEFNQGPIMFOEFO;XJTDIFOCPEFOJN

TFMCFO"CTUBOE[VN,PDIGFMEBO[VCSJOHFO

#FJ"SCFJUTGM¤DIFOBVT)PM[GJSOJTTFO4JFEJF4DIOJUUGM¤DIFONJU

4QF[JBMMFJNVNTJFWPS'FVDIUJHLFJU[VTDI¼U[FO









(LQEDXGHV*HUlWV

+LQZHLV ;VN&JOCBVFOEFT,PDIGFMEFT4DIVU[IBOETDIVIFWFS

XFOEFO

+FOBDI.PEFMMLBOOEJF,MFCFEJDIUVOHCFSFJUTJN8FSLBOHF

CSBDIU XPSEFO TFJO %JF ,MFCFEJDIUVOH EBOO LFJOFTGBMMT FOUGFSOFO

TJFWFSIJOEFSU%VSDITJDLFSO8FOOEJF%JDIUVOHOJDIUXFSLTFJUJH

BOHFCSBDIUXVSEFLMFCFO4JFTJFBOEFOVOUFSFO3BOEEFT,PDI

GFMET"CC 

;VS#FGFTUJHVOHEFT(FS¤UTBN&JOCBVN¶CFM

 4DISBVCFO4JFEJF,MBNNFSOJOEFSBOHFHFCFOFO1PTJUJPOBO

TPEBTTTJFTJDIGSFJESFIFO

 '¼HFO4JFEBT,PDIGFMENJUUJHFJO

%S¼DLFO4JFEJF3¤OEFSTPMBOHFOBDIVOUFOCJTEFSHFTBNUF

3BOEBVGMJFHU

 %SFIFO4JFEJF,MBNNFSOVOE[JFIFO4JFEJFTFGFTUBO

%JF1PTJUJPOEFS,MBNNFSOI¤OHUWPOEFS%JDLFEFS

"SCFJUTPCFSGM¤DIFBC"CC 

$XVEDXGHV.RFKIHOGHV

5SFOOFO4JFEBT(FS¤UWPOEFS4USPNVOE(BTWFSTPSHVOH

4DISBVCFO 4JF EJF ,MBNNFSO BVG VOE GPMHFO 4JF EFO &JOCBVTDISJU

UFOJOVNHFLFISUFS3FJIFOGPMHF

*DVDQVFKOXVV$EE 

%FS(BTBOTDIMVTTNVTTTPBOHFPSEOFUTFJOEBTTEFS"CTQFSS

IBIO[VH¤OHMJDIJTU

"N &OEF EFT &JOHBOHTSPIST [VN (BTLPDIGFME CFGJOEFU TJDI FJO 

ࣔ(FXJOEF NN%JFTFT(FXJOEFFSN¶HMJDIU

■ &JOFO'FTUBOTDIMVTT

■ &JOFO"OTDIMVTTNJUFJOFN.FUBMMTDIMBVDI- NJO  N

NBY  N

#SJOHFO4JFEJFNJUHFMJFGFSUF%JDIUVOH[XJTDIFOEFN

"VTMBTTEFS4BNNFMMFJUVOHVOEEFN(BTBOTDIMVTTBO

%FS 4DIMBVDI TPMMUF OJDIU JO ,POUBLU [V EFO CFXFHMJDIFO 5FJMFO EFS

&JOCBVFJOIFJUHFMBOHFO[#FJOFS4DIVCMBEFPEFSEVSDI

GGOVOHFOWFSMFHUXFSEFOEJFWFSTDIMPTTFOXFSEFOL¶OOUFO

8FOO4JFFJOFLPOJTDIF7FSCJOEVOHIFSTUFMMFON¶DIUFOTFU[FO

4JF EBT ;VCFI¶SUFJM NJU EFS /VNNFS  VOE EJF %JDIUVOH NJU

EFS/VNNFSHHGJN-JFGFSVNGBOHFOUIBMUFOPEFSCFJN

,VOEFOEJFOTUFSI¤MUMJDI[XJTDIFOEFN&JOHBOHTSPISEFT(BT

LPDIGFMEFTVOEEFS(BT[VMFJUVOHFJO#JME

8FOO FJO IPSJ[POUBMFS (BTBOTDIMVTT IFSHFTUFMMU XFSEFO TPMM MJFGFSU

*IOFOVOTFSUFDIOJTDIFS,VOEFOEJFOTUFJOFO,S¼NNFS

"SUJLFMOVNNFS TPXJFFJOF%JDIUVOH

"SUJLFMOVNNFS 

: *DVDXVWULWWVJHIDKU

/BDI"SCFJUFOBOFJOFS"OTDIMVTTTUFMMFEJFTFJNNFSBVG%JDIUIFJU

QS¼GFO

%FS)FSTUFMMFS¼CFSOJNNUG¼SEFO(BTBVTUSJUUBOFJOFS"OTDIMVTT

TUFMMFBOEFS[VWPSIBOUJFSUXVSEFLFJOF7FSBOUXPSUVOH

(OHNWULVFKHU$QVFKOXVV$EE 

1S¼GFO4JFPC4QBOOVOHVOE/FOOMFJTUVOHEFT(FS¤UTNJUEFS

FMFLUSJTDIFO*OTUBMMBUJPO¼CFSFJOTUJNNFO

%JF,PDIGFMEFSXFSEFONJU/FU[LBCFMNJUPEFSPIOF4UFDLFSHFMJF

GFSU

.JU4UFDLFSBVTHFTUBUUFUF(FS¤UFE¼SGFOOVSJOWPSTDISJGUTN¤JH

BOHFCSBDIUFHFFSEFUF4UFDLEPTFOHFTUFDLUXFSEFO

&TNVTTFJOBMMQPMJHFS5SFOOTDIBMUFSNJUNJOEFTUFOT NN,PO

UBLUBCTUBOEBOHFCSBDIUXFSEFOBVFSCFJ"OTDIMVTTBOFJOFGSFJ

[VH¤OHMJDIF4UFDLEPTF

%BT (FS¤U HFI¶SU [VN 5ZQ : %BT ;VMFJUVOHTLBCFM EBSG OJDIU WPN

#FOVU[FSTPOEFSOOVSWPN,VOEFOEJFOTUBVTHFUBVTDIUXFSEFO

4PXPIM,BCFMUZQBMTBVDINJOJNBMFS2VFSTDIOJUUN¼TTFO

CFS¼DLTJDIUJHUXFSEFO

8PVWHOOXQJDXIHLQHDQGHUH*DVDUW

8FOOEJFFJOTDIM¤HJHFO#FTUJNNVOHFOEFTKFXFJMJHFO-BOEFT

EJFTFSMBVCFOLBOOEJFTFT(FS¤UBVGBOEFSF(BTBSUFOVNHFTUFMMU

XFSEFOTJFIF5ZQFOTDIJME%JFIJFSG¼SOPUXFOEJHFO5FJMFCFGJO

EFO TJDI JN NJUHFMJFGFSUFO 6NCBVLJU KF OBDI .PEFMM PEFS L¶OOFO

¼CFSEFO,VOEFOEJFOTUCF[PHFOXFSEFO&TN¼TTFOGPMHFOEF

4DISJUUFCFGPMHUXFSEFO

$$XVWDXVFKGHU'VHQ$EE 

 /FINFO4JFEJF3PTUF#SFOOFSEFDLFMVOE7FSUFJMFSBC

 5BVTDIFO4JFEJF%¼TFONJUEFN¼CFSVOTFSFO,VOEFOEJFOTU

FSI¤MUMJDIFO4DIM¼TTFMNJUEFS"SUJLFMOVNNFSBVTG¼S

%PQQFMCSFOOFSVOE%SFJGMBNNFOCSFOOFS"SUJLFMOVNNFS

TJFIF5BCFMMF *"DIUFO4JFEBCFJCFTPOEFSTEBSBVG

EBTT EJF %¼TF CFJN )FSBVTESFIFO PEFS #FGFTUJHFO BN #SFOOFS

OJDIUBCCSJDIU

4UFMMFO 4JF TJDIFS TJF CJT [VN "OTDIMBH FJOHFESFIU [V IBCFO VN

FJOFHVUF"CEJDIUVOH[VFSSFJDIFO

#FJEJFTFO#SFOOFSONVTTLFJOF&JOTUFMMVOHEFS1SJN¤SMVGUWPS

HFOPNNFOXFSEFO

 #SJOHFO4JFEJF7FSUFJMFSVOE#SFOOFSEFDLFMBVGEFOFOUTQSF

DIFOEFO ,PDITUFMMFO BO VOE TFU[FO 4JF EJF 3PTUF LPSSFLU JO EFO

FOUTQSFDIFOEFO)BMUFFMFNFOUFOFJO

%(LQVWHOOXQJGHU*DVKlKQH

 %SFIFO4JFEJF#FEJFOLOFCFMBVGEJFOJFESJHTUF4UVGF

 ;JFIFO4JFEJF#FEJFOLOFCFMEFS(BTI¤IOFBC"CC 

&T XJSE FJOF ,OFCFMEJDIUVOH BVT GMFYJCMFN (VNNJ TJDIUCBS &T JTU

BVTSFJDIFOEEJFTFNJUEFS4DISBVCFO[JFIFSTQJU[FCFJTFJUF[V

ES¼DLFO VN BO EJF &JOTUFMMTDISBVCF EFT (BTIBIOT [V HFMBOHFO

%DXHQ6LHGLH.QHEHOGLFKWXQJHQQLHPDOVDXV

 4UFMMFO4JFEJFNJOJNBMF(BT[VGVISFJOJOEFN4JFEJF#ZQBTT

4DISBVCFNJUFJOFN4DIMJU[TDISBVCFO[JFIFSESFIFO

+F OBDI (BTBSU BVG EJF 4JF VNTUFMMFO TJFIF 5BCFMMF ** N¼TTFO

FOUTQSFDIFOEF4DISJUUFEVSDIHFG¼ISUXFSEFO

"EJF#ZQBTT4DISBVCFOHBO[BO[JFIFO

#EJF#ZQBTT4DISBVCFOCJT[VNLPSSFLUFO(BTBVTUSJUUBOEFO

#SFOOFSOMPDLFSOTUFMMFO4JFTJDIFSEBTTEFS#SFOOFSCFJFJOFS

6NTUFMMVOHEFT#FEJFOLOFCFMTWPOEFSI¶DITUFOBVGEJFOJFE

SJHTUF4UVGFOJDIUBVTHFIUVOEOJDIU[VS¼DLTDIM¤HU

$ EJF #ZQBTT4DISBVCFO N¼TTFO WPO FJOFN BVUPSJTJFSUFO 'BDI

NBOOBVTHFUBVTDIUXFSEFO

% OFINFO 4JF LFJOF 7FS¤OEFSVOHFO BO EFO #ZQBTT4DISBVCFO

WPS

6N EJF %JDIUIFJU [V HFX¤ISMFJTUFO N¼TTFO DOOH ,OFCFMEJDIUVOHFO

FJOHFTFU[UXFSEFO%JF%JDIUVOHFOTJOEG¼SEFOGFIMFSGSFJFO

#FUSJFCEFT(FS¤UTVOFSM¤TTMJDIEBTJFEBT&JOESJOHFOWPO

'M¼TTJHLFJUFOVOE4DINVU[JOT(FS¤UFJOOFSFWFSIJOEFSO

4UFDLFO4JFEJF#FEJFOLOFCFMXJFEFS BVG

#BVFO4JFOJFNBMTEJF"DITFEFT(BTIBIOTBVT"CC #FJ

FJOFS4U¶SVOHEFOLPNQMFUUFO(BTIBIOFSTFU[FO

$FKWXQJ

#SJOHFO4JFEFO"VGLMFCFSNJUEFSVNHFTUFMMUFO(BTBSUJOEFS

/¤IFEFT5ZQFOTDIJMEFTBO

*OTUBMMBUJPOJOTUSVDUJPOT

6DIHW\SUHFDXWLRQV

3FBEUIFBQQMJBODFJOTUSVDUJPOTCFGPSFJOTUBMMJOHBOEVTJOH

5IFHSBQIJDTJOUIFTF"TTFNCMZJOTUSVDUJPOTBSFHJWFOBTBHVJEF

POMZ

7KHPDQXIDFWXUHULVH[HPSWIURPDOOOLDELOLW\LIWKLVPDQXDOV

UHTXLUHPHQWVDUHQRWFRPSOLHGZLWK

$OORSHUDWLRQVUHODWLQJWRLQVWDOODWLRQUHJXODWLRQDQG

FRQYHUVLRQWRRWKHUJDVW\SHVPXVWEHFDUULHGRXWE\DQ

DXWKRULVHGLQVWDOODWLRQHQJLQHHUUHVSHFWLQJDOODSSOLFDEOH

UHJXODWLRQV VWDQGDUGV DQG WKH VSHFLILFDWLRQV RI WKH ORFDO JDV

DQGHOHFWULFLW\SURYLGHUV

<RXDUHUHFRPPHQGHGWRFRQWDFWWKH7HFKQLFDO$VVLVWDQFH

6HUYLFHWRFRQYHUWWRDQRWKHUJDVW\SH

%HIRUH\RXEHJLQWXUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDV

VXSSO\

5IJTBQQMJBODFIBTCFFOEFTJHOFEGPSIPNFVTFPOMZOPUGPS

DPNNFSDJBM PS QSPGFTTJPOBM VTF 5IJT BQQMJBODF DBOOPU CF JOTUBMMFE

POZBDIUTPSJODBSBWBOT5IFXBSSBOUZXJMMPOMZCFWBMJEJGUIF

BQQMJBODFJTVTFEGPSUIFQVSQPTFGPSXIJDIJUXBTEFTJHOFE

#FGPSFJOTUBMMJOHDIFDLUIBUMPDBMEJTUSJCVUJPODPOEJUJPOTHBTUZQF

BOE QSFTTVSF BOE UIF BQQMJBODFT BEKVTUNFOU BSF DPNQBUJCMF 5IF

BQQMJBODFTBEKVTUNFOUDPOEJUJPOTBSFXSJUUFOPOUIFMBCFMPSUIF

TQFDJGJDBUJPOTQMBUF

5IJTBQQMJBODFDBOPOMZCFJOTUBMMFEJOBXFMMWFOUJMBUFEQMBDFJO

BDDPSEBODF XJUI FYJTUJOH SFHVMBUJPOT BOE WFOUJMBUJPO TQFDJGJDBUJPOT

5IFBQQMJBODFNVTUOPUCFDPOOFDUFEUPBDPNCVTUJPOQSPEVDU

SFNPWBMEFWJDF

5IFTVQQMZDBCMFNVTUCFBUUBDIFEUPUIFVOJUUPQSFWFOUJUGSPN

UPVDIJOHIPUQBSUTPGUIFPWFOPSIPC

"QQMJBODFTXJUIFMFDUSJDBMTVQQMZNVTUCFFBSUIFE

%POPUUBNQFSXJUIUIFBQQMJBODFTJOUFSJPS*GOFDFTTBSZDBMMPVS

5FDIOJDBM"TTJTUBODF4FSWJDF

%HIRUHLQVWDOOLQJ

5IJTBQQMJBODFJTDMBTTUZQFBDDPSEJOHUPUIF&/

SFHVMBUJPOGPSHBTBQQMJBODFTCVJMUJOBQQMJBODF



5IFVOJUTOFYUUPUIFBQQMJBODFNVTUCFNBEFPGOPOGMBNNBCMF

NBUFSJBMT 5IF MBNJOBUFE DPWFSJOH BOE HMVF GPS BEIFSJOH JU NVTU CF

IFBUSFTJTUBOU

5IJTBQQMJBODFDBOOPUCFJOTUBMMFEBCPWFGSJEHFTXBTIJOH

NBDIJOFTEJTIXBTIFSTPSTJNJMBS

"OPWFONVTUIBWFGPSDFEWFOUJMBUJPOUPJOTUBMMBIPCBCPWFJU

$IFDLUIFEJNFOTJPOTPGUIFPWFOJOUIFJOTUBMMBUJPONBOVBM

*GBOFYUSBDUPSGBOJTJOTUBMMFEZPVNVTUGPMMPXUIFJOTUBMMBUJPO

NBOVBMTJOTUSVDUJPOTBMXBZTLFFQJOHBNJOJNVNEJTUBODFPG

 NNUPUIFIPC

3UHSDUDWLRQRIWKHNLWFKHQXQLWILJ 

.BLFBOBQQSPQSJBUFTJ[FDVUJOUIFXPSLTVSGBDF

*GUIFIPCJTFMFDUSJDPSNJYFEHBTBOEFMFDUSJDJUZBOEUIFSFJTOP

PWFOCFMPXQMBDFBOPOGMBNNBCMFTFQBSBUPSFHNFUBMPS

QMZXPPE NNGSPNUIFCPUUPNPGUIFIPC5IJTXJMMQSFWFOU

BDDFTTUPUIFCBTFPGUIFIPC*GUIFIPCJTHBTJUJT

SFDPNNFOEBCMFUPQMBDFUIFTFQBSBUPSBUUIFTBNFEJTUBODF

0O XPPE XPSL TVSGBDFT WBSOJTI UIF DVUUJOH TVSGBDFT XJUI B TQFDJBM

HMVF5IJTQSPUFDUTUIFNGSPNNPJTUVSFXIJDIDPVMEDPMMFDUVOEFS

UIFXPSLTVSGBDF

,QVWDOODWLRQRIDSSOLDQFH

1RWH 8FBSQSPUFDUJWFHMPWFTUPGJUUIFIPC

%FQFOEJOHPOUIFNPEFMUIFBEIFTJWFTFBMNBZCFGBDUPSZGJUUFE

*GUIJTJTUIFDBTFJUTIPVMEOPUCFSFNPWFEVOEFSBOZ

DJSDVNTUBODFTTJODFUIFBEIFTJWFTFBMQSFWFOUTMFBLT*GUIFTFBM

IBTOPUCFFOGBDUPSZGJUUFEBQQMZJUUPUIFVOEFSTJEFPGUIFIPC

'JH 

'JUUJOHUIFBQQMJBODFPOUPUIFLJUDIFOVOJU

 4DSFXFBDIPOFPGUIFDMJQTJOUPUIFQPTJUJPOJOEJDBUFETPUIBU

UIFZBSFGSFFUPSPUBUF

 *OTFSUBOEDFOUSFUIFIPC

1SFTTUIFTJEFTPGUIFIPCVOUJMJUJTTVQQPSUFEBSPVOEJUTFOUJSF

QFSJNFUFS

 5VSOUIFDMJQTBOEUJHIUFOUIFNGVMMZ

5IF QPTJUJPO PG UIF DMJQT EFQFOET PO IPX UIJDL UIF XPSL TVSGBDF

JT'JH 

5HPRYDORIKRE

5VSOPGGUIFBQQMJBODFTFMFDUSJDJUZBOEHBTTVQQMZ

6OTDSFXUIFDMJQTBOEQSPDFFEJOUIFSFWFSTFPSEFSUPJOTUBMMBUJPO

*DVFRQQHFWLRQILJ 

5IFHBTDPOOFDUJPONVTUCFMPDBUFEJOBQPTJUJPOXIFSFUIFTUPQ

UBQJTBDDFTTJCMF

5IFFOEPGUIFJOMFUDPOOFDUJPOQPJOUPGUIFHBTIPCIBTBࣔ

UISFBE NNUIBUBMMPXTGPS

■ "GJYFEDPOOFDUJPO

■ $POOFDUJPOVTJOHBGMFYJCMFQJQF- NJO  NNBY  N

5IFXBUFSUJHIUTFBMTVQQMJFENVTUCFJOTFSUFECFUXFFO

UIFNBOJGPMEPVUMFUBOEUIFHBTTVQQMZ

:PVNVTUQSFWFOUUIFQJQFGSPNDPNJOHJOUPDPOUBDUXJUINPWJOH

QBSUTPGUIFLJUDIFOVOJUGPSFYBNQMFBESBXFSBOEQSFWFOU

BDDFTTUPBOZTQBDFTXIJDINJHIUCFDPNFPCTUSVDUFE )LJE

*GZPVXBOUUPDSFBUFBDPOJDBMDPOOFDUJPOJOTFSUUIFBDDFTTPSZ

XJUI OVNCFS  BOE UIF TFBM XJUI OVNCFS  JODMVEFE JO

UIFTDPQFPGEFMJWFSZPSBWBJMBCMFGSPNUIFBGUFSTBMFTTFSWJDF

CFUXFFOUIFHBTIPCJOMFUQJQFBOEUIFHBTTVQQMZ'JH 

*GZPVOFFEUPDPOOFDUUIFHBTTVQQMZIPSJ[POUBMMZPVSUFDIOJDBM

BTTJTUBODFTFSWJDFDBOTVQQMZZPVXJUIBO-UVCFDPEF 

BOEBTFBMDPEF 

: 'DQJHURIOHDNV

*GBOZDPOOFDUJPOJTIBOEMFEDIFDLUIFTFBM

5IFNBOVGBDUVSFSJTOPUMJBCMFGPSBOZDPOOFDUJPOMFBLJOHBGUFS

CFJOHIBOEMFE

(OHFWULFFRQQHFWLRQILJ 

$IFDL UIBU UIF WPMUBHF BOE QPXFS PG UIF BQQMJBODF BSF DPNQBUJCMF

XJUIUIFFMFDUSJDBMJOTUBMMBUJPO

5IFIPCTBSFTVQQMJFEXJUIBQPXFSDBCMFXJUIPSXJUIPVUBXBMM

TPDLFUQMVH

"QQMJBODFTXJUIQMVHTNVTUPOMZCFDPOOFDUFEUPTPDLFUTUIBU

IBWFFBSUIXJSFTDPSSFDUMZJOTUBMMFE

1SPWJEFBOPNOJQPMBSDVUPGGTXJUDIXJUIBNJOJNVNDPOUBDU

PQFOJOHPG NNFYDFQUGPSQMVHDPOOFDUJPOTJGUIFVTFSIBT

BDDFTTUPJU

5IJTBQQMJBODFJTUZQF࣓:ࣔUIFTVQQMZDBCMFDBOPOMZCFDIBOHFE

CZUIF5FDIOJDBM"TTJTUBODF4FSWJDFBOEOPUUIFVTFS5IFDBCMF

UZQFBOENJOJNVNDSPTTTFDUJPONVTUCFSFTQFDUFE

&KDQJLQJWKHJDVW\SH

*G UIF DPVOUSZT SFHVMBUJPOT BMMPX UIJT BQQMJBODF DBO CF BEBQUFE UP

PUIFSUZQFTPGHBTTFFTQFDJGJDBUJPOTQMBUF5IFDPNQPOFOUT

SFRVJSFEGPSUIJTBSFJOUIFUSBOTGPSNBUJPOLJUTVQQMJFEEFQFOEJOH

POUIFNPEFMPSBSFBWBJMBCMFGSPNPVS5FDIOJDBM"TTJTUBODF

4FSWJDF5IFGPMMPXJOHTUFQTTIPVMECFUBLFO

$&KDQJLQJWKHQR]]OHVILJ 

 3FNPWFUIFQBOTVQQPSUTCVSOFSDBQTBOEEJGGVTFST

 $IBOHFUIFOP[[MFTVTJOHUIFTQBOOFSDPEFDPEF

GPSEPVCMFGMBNFCVSOFSTPSUSJQMFGMBNFCVSOFST

QSPWJEFE CZ PVS 5FDIOJDBM "TTJTUBODF 4FSWJDF TFF UBCMF * UBLJOH

TQFDJBMDBSFUPFOTVSFUIBUUIFOP[[MFEPFTOPUGBMMXIFOJUJT

SFNPWFEGSPNPSGJUUFEUPUIFCVSOFS

&OTVSFUIBUJUJTDPNQMFUFMZUJHIUFOFEJOPSEFSUPHVBSBOUFFUIF

TFBM

1SJNBSZBJSBEKVTUNFOUJTOPUOFDFTTBSZXJUIUIFTFCVSOFST

 1PTJUJPO UIF EJGGVTFST BOE CVSOFS DBQT PO UIF DPSSFTQPOEJOH SJOHT

BOEUIFQBOTVQQPSUTPOUIFJSGBTUFOFST

%$GMXVWLQJWKHWDSV

 4FUUIFDPOUSPMLOPCTUPNJOJNVN

 3FNPWFUIFDPOUSPMLOPCTGSPNUIFUBQT'JH 

*U IBT B GMFYJCMF SVCCFS WBMWF SFJOGPSDJOH SJOH 4JNQMZ QSFTT PO UIJT

TFBMXJUIUIFUJQPGBTDSFXESJWFSUPBMMPXBDDFTTUPUIFUBQ

BEKVTUJOHTDSFX 1HYHUUHPRYHWKHYDOYHUHLQIRUFLQJULQJ

 "EKVTUUIFNJOJNVNSJOHTFUUJOHCZUVSOJOHUIFCZQBTTTDSFX

VTJOHBGMBUIFBETDSFXESJWFS

%FQFOEJOHPOUIFHBTUPXIJDIZPVSBQQMJBODFJTHPJOHUPCF

BEBQUFETFFUBCMF**DBSSZPVUUIFDPSSFTQPOEJOHBDUJPO

"GJSNMZUJHIUFOUIFCZQBTTTDSFXT

# MPPTFO UIF CZQBTT TDSFXT VOUJM UIF HBT GMPX GSPN UIF CVSOFST

JTDPSSFDUXIFOBEKVTUJOHUIFDPOUSPMLOPCCFUXFFONBYJNVN

BOENJOJNVNUIFCVSOFSEPFTOPUHPPVUOPSJTUIFSFBGMBNF

CBDLESBVHIUDSFBUFE

$UIFCZQBTTTDSFXTOFFEUPCFDIBOHFECZBOBVUIPSJTFE

FOHJOFFS

%EPOPUUPVDIUIFCZQBTTTDSFXT

$OO WBMWFSFJOGPSDJOHSJOHTNVTUCFJOQPTJUJPOUPFOTVSF

XBUFSUJHIUOFTT5IFTFEFWJDFTBSFFTTFOUJBMGPSUIFDPSSFDU

PQFSBUJPOPGUIFBQQMJBODFBTUIFZQSFWFOUMJRVJETBOEEJSUGSPN

FOUFSJOHUIFBQQMJBODF

3FGJUUIFDPOUSPMLOPCT

/FWFSSFNPWFUIFUBQTQJOEMF'JH *OUIFFWFOUPGB

NBMGVODUJPODIBOHFUIFXIPMFUBQ

&DXWLRQ

"GUFSGJOJTIJOHUIFTUJDLFSJOEJDBUJOHUIFOFXUZQFPGHBTNVTUCF

QMBDFEDMPTFUPUIFTQFDJGJDBUJPOTQMBUF

*OTUSVDDJPOFTEFNPOUBKF

,QGLFDFLRQHVGHVHJXULGDG

-FBMBTJOTUSVDDJPOFTEFMBQBSBUPBOUFTEFQSPDFEFSBTV

JOTUBMBDJ³OZVTP

-PT HS¡GJDPT SFQSFTFOUBEPT FO FTUBT JOTUSVDDJPOFT EF NPOUBKF TPO

PSJFOUBUJWPT

(OIDEULFDQWHTXHGDH[HQWRGHWRGDUHVSRQVDELOLGDGVLQRVH

FXPSOHQODVGLVSRVLFLRQHVGHHVWHPDQXDO

7RGRVORVWUDEDMRVGHLQVWDODFLyQUHJXODFLyQ\DGDSWDFLyQD

RWURVWLSRVGHJDVGHEHQVHUHIHFWXDGRVSRUXQWpFQLFRGH

LQVWDODFLyQDXWRUL]DGRUHVSHWDQGRWRGDODQRUPDWLYD\

OHJLVODFLyQ DSOLFDEOHV \ ODV SUHVFULSFLRQHV GH ODV FRPSDxtDV

ORFDOHVSURYHHGRUDVGHJDV\HOHFWULFLGDG

6HUHFRPLHQGDOODPDUDQXHVWUR6HUYLFLR7pFQLFRSDUDOD

DGDSWDFLyQDRWURVWLSRVGHJDV

$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \

GHJDVGHODSDUDWR

&TUFBQBSBUPIBTJEPEJTF±BEPTPMPQBSBVTPEPN©TUJDPOP

FTUBOEP QFSNJUJEP TV VTP DPNFSDJBM P QSPGFTJPOBM &TUF BQBSBUP OP

QVFEF TFS JOTUBMBEP FO ZBUFT P DBSBWBOBT -B HBSBOUB ºOJDBNFOUF

UFOES¡WBMJEF[FODBTPEFRVFTFSFTQFUFFMVTPQBSBFMRVFGVF

EJTF±BEP

"OUFTEFMBJOTUBMBDJ³OEFCFDPNQSPCBSRVFMBTDPOEJDJPOFTEF

EJTUSJCVDJ³OMPDBMOBUVSBMF[BZQSFTJ³OEFMHBTZFMSFHMBKFEFM

BQBSBUPTPODPNQBUJCMFT-BTDPOEJDJPOFTEFSFHMBKFEFMBQBSBUP

FTU¡OJOTDSJUBTTPCSFMBFUJRVFUBPMBQMBDBEFDBSBDUFSTUJDBT



&TUFBQBSBUPTPMPQVFEFTFSJOTUBMBEPFOVOMVHBSCJFOWFOUJMBEP

SFTQFUBOEPMPTSFHMBNFOUPTFOWJHPSZMBTEJTQPTJDJPOFTSFMBUJWBT

B MB WFOUJMBDJ³O /P EFCF DPOFDUBSTF FM BQBSBUP B VO EJTQPTJUJWP EF

FWBDVBDJ³OEFMPTQSPEVDUPTEFDPNCVTUJ³O

&MDBCMFEFBMJNFOUBDJ³OEFCFGJKBSTFBMNVFCMFQBSBFWJUBSRVF

UPRVFQBSUFTDBMJFOUFTEFMIPSOPPQMBDBEFDPDDJ³O

-PT BQBSBUPT DPO BMJNFOUBDJ³O FM©DUSJDB EFCFO DPOFDUBSTF B UJFSSB

PCMJHBUPSJBNFOUF

/PNBOJQVMFFMJOUFSJPSEFMBQBSBUP4JFTQSFDJTPMMBNFBOVFTUSP

4FSWJDJP5©DOJDP

$QWHVGHODLQVWDODFLyQ

&TUF BQBSBUP DPSSFTQPOEF B MB DMBTF  TFHºO MB OPSNB &/ 

QBSBBQBSBUPTBHBTBQBSBUPFODBTUSBEPFOVONVFCMF

-PTNVFCMFTQS³YJNPTBMBQBSBUPEFCFOTFSEFNBUFSJBMFTOP

JOGMBNBCMFT -PT SFWFTUJNJFOUPT FTUSBUJGJDBEPT Z MB DPMB RVF MPT GJKB

EFCFOTFSSFTJTUFOUFTBMDBMPS

&TUFBQBSBUPOPTFQVFEFJOTUBMBSTPCSFOFWFSBTMBWBEPSBT

MBWBWBKJMMBTPTJNJMBSFT

1BSBJOTUBMBSMBQMBDBEFDPDDJ³OTPCSFVOIPSOPFTUFEFCFUFOFS

WFOUJMBDJ³OGPS[BEB$PNQSVFCFMBTEJNFOTJPOFTEFMIPSOPFOTV

NBOVBMEFJOTUBMBDJ³O

4JTFJOTUBMBVOFYUSBDUPSEFCFUFOFSTFFODVFOUBTVNBOVBMEF

JOTUBMBDJ³OSFTQFUBOEPTJFNQSFVOBEJTUBODJBWFSUJDBMNOJNBEF

 NNBMBQMBDBEFDPDDJ³O

3UHSDUDFLyQGHOPXHEOHILJ

)BHBVODPSUFEFMBTEJNFOTJPOFTOFDFTBSJBTFOMBTVQFSGJDJFEF

USBCBKP

4J MB QMBDB EF DPDDJ³O FT FM©DUSJDB P NJYUB HBT Z FMFDUSJDJEBE Z OP

IBZVOIPSOPEFCBKPDPMPRVFVOTFQBSBEPSEFNBUFSJBMOP

JOGMBNBCMFQFKNFUBMPNBEFSBDPOUSBDIBQBEBB NNEFMB

CBTFEFMBQMBDBEFDPDDJ³O"TJNQJEFFMBDDFTPBMBQBSUF

JOGFSJPSEFFTUB4JMBQMBDBEFDPDDJ³OFTEFHBTTFSFDPNJFOEB

DPMPDBSFMTFQBSBEPSBMBNJTNBEJTUBODJB

&OTVQFSGJDJFTEFUSBCBKPEFNBEFSBCBSOJDFMBTTVQFSGJDJFTEF

DPSUFDPOVOBDPMBFTQFDJBMQBSBQSPUFHFSMBTEFMBIVNFEBE

,QVWDODFLyQGHODSDUDWR

1RWD 6TBSHVBOUFTEFQSPUFDDJ³OBMJOTUBMBSMBQMBDB

4FHºO NPEFMP MB KVOUB BEIFTJWB QVFEF TBMJS QVFTUB EF G¡CSJDB 4J

FTBTOPMBRVJUFCBKPOJOHºODPODFQUPMBKVOUBBEIFTJWBFWJUB

GJMUSBDJPOFT4JMBKVOUBOPFTU¡QVFTUBEFG¡CSJDBQ©HVFMBFOFM

CPSEFJOGFSJPSEFMBQMBDBEFDPDDJ³O'JH 

1BSBMBGJKBDJ³OEFMBQBSBUPBMNVFCMFEFFODBTUSBNJFOUP

 "UPSOJMMF DBEB VOB EF MBT HSBQBT FO MB QPTJDJ³O JOEJDBEB EFKBOEP

RVFHJSFOMJCSFNFOUF

 &ODBTUSFZDFOUSFMBQMBDBEFDPDDJ³O

1SFTJPOFTPCSFTVTFYUSFNPTIBTUBRVFTFBQPZFFOUPEPTV

QFSNFUSP

 (JSFMBTHSBQBTZBQSJ©UFMBTBGPOEP

-BQPTJDJ³OEFMBTHSBQBTEFQFOEFEFMFTQFTPSEFMBTVQFSGJDJF

EFUSBCBKP'JH 

'HVPRQWDMHGHODSODFDGHFRFFLyQ

%FTDPOFDUFFMBQBSBUPEFMBTUPNBTFM©DUSJDBZEFHBT

%FTBUPSOJMMFMBTHSBQBTZQSPDFEBEFNPEPJOWFSTPBMNPOUBKF

&RQH[LyQGHJDVILJ 

-BUPNBEFHBTEFCFFTUBSDPMPDBEBEFNPEPRVFFMHSJGPEF

DJFSSFRVFEFBDDFTJCMF

&MFYUSFNPEFMBDPOFYJ³OEFFOUSBEBEFMBQMBDBEFDPDDJ³OEF

HBTFTU¡QSPWJTUPEFVOBSPTDBEF࣐࣐ NNRVFQFSNJUF

■ -BDPOFYJ³OSHJEB

■ -BDPOFYJ³ODPOVOUVCPGMFYJCMFNFU¡MJDP- NO  N

N¡Y  N

*OUFSDBMFMBKVOUBEFFTUBORVJEBETVNJOJTUSBEBFOUSFMB

TBMJEBEFMDPMFDUPSZMBBDPNFUJEBEFHBT

&WJUFFMDPOUBDUPEFMUVCPDPOQBSUFTN³WJMFTEFMBVOJEBEEF

FODBTUSBNJFOUPQPSFKFNQMPVODBK³OZFMQBTPBUSBW©TEF

FTQBDJPTRVFTFBOTVTDFQUJCMFTEFPCTUSVJSTF

4JOFDFTJUBSFBMJ[BSVOBDPOFYJ³OD³OJDBJOTFSUFFOUSFMBFOUSBEB

EF HBT EFM BQBSBUP Z MB BDPNFUJEB EF HBT FM BDDFTPSJP DPO D³EJHP

ZMBKVOUBEFFTUBORVJEBEDPOD³EJHP

TVNJOJTUSBEPT P EJTQPOJCMFT B USBW©T EFM 4FSWJDJP 5©DOJDP 'JH 

4JOFDFTJUBSFBMJ[BSMBDPOFYJ³OEFHBTFOIPSJ[POUBMFOOVFTUSP

4FSWJDJP5©DOJDPEJTQPOFEFVODPEPD³EJHP N¡TVOB

KVOUBD³EJHP 

: £3HOLJURGHIXJD

4JNBOJQVMBDVBMRVJFSDPOFYJ³ODPNQSVFCFMBFTUBORVJEBE

&MGBCSJDBOUFOPTFSFTQPOTBCJMJ[BTJBMHVOBDPOFYJ³OQSFTFOUB

GVHBTUSBTIBCFSTJEPNBOJQVMBEB

&RQH[LyQHOpFWULFDILJ 

$PNQSVFCFRVFFMWPMUBKFZMBQPUFODJBEFMBQBSBUPTPO

DPNQBUJCMFTDPOMBJOTUBMBDJ³OFM©DUSJDB

-BTQMBDBTEFDPDDJ³OTFTVNJOJTUSBODPOVODBCMFEF

BMJNFOUBDJ³ODPOPTJODMBWJKB

-PTBQBSBUPTQSPWJTUPTEFDMBWJKBTPMPTFEFCFODPOFDUBSBDBKBT

EFFODIVGFDPOUPNBEFUJFSSBEFCJEBNFOUFJOTUBMBEB

%FCFQSFWFSTFVOJOUFSSVQUPSEFDPSUFPNOJQPMBSDPOBCFSUVSBEF

DPOUBDUP NO EF  NN FYDFQUP FO DPOFYJPOFT DPO DMBWJKB TJ FTUB

FTBDDFTJCMFQBSBFMVTVBSJP

&TUFBQBSBUPFTEFMUJQP࣓:ࣩFMDBCMFEFFOUSBEBOPQVFEFTFS

DBNCJBEPQPSFMVTVBSJPTJOPQPSFM4FSWJDJP5©DOJDP4FEFCFO

SFTQFUBSFMUJQPEFDBCMFZMBTFDDJ³ONOJNB

&DPELRGHOWLSRGHJDV

4J MB OPSNBUJWB EFM QBT MP QFSNJUF FTUF BQBSBUP TF QVFEF BEBQUBS

B PUSPT HBTFT WFS QMBDB EF DBSBDUFSTUJDBT -BT QJF[BT OFDFTBSJBT

QBSB FMMP FTU¡O FO MB CPMTB EF USBOTGPSNBDJ³O TVNJOJTUSBEB TFHºO

NPEFMPPEJTQPOJCMFFOOVFTUSP4FSWJDJP5©DOJDP-PTQBTPTB

TFHVJSTPOMPTTJHVJFOUFT

$&DPELRGHLQ\HFWRUHVILJ 

 3FUJSFMBTQBSSJMMBTUBQBTEFRVFNBEPSZEJGVTPSFT

 $BNCJFMPTJOZFDUPSFTVTBOEPMBMMBWFEJTQPOJCMFBUSBW©TEF

OVFTUSPTFSWJDJPU©DOJDPDPOD³EJHPQBSBRVFNBEPSFT

EFEPCMFPUSJQMFMMBNBD³EJHPWFSUBCMB *UFOJFOEP

FTQFDJBM DVJEBEP FO RVF OP TF EFTQSFOEB FM JOZFDUPS BM SFUJSBSMP

PGJKBSMPFOFMRVFNBEPS

"TFHºSFTF EF BQSFUBSMPT B GPOEP QBSB HBSBOUJ[BS MB FTUBORVJEBE

&OFTUPTRVFNBEPSFTOPIBZRVFSFBMJ[BSSFHMBKFEFMBJSF

QSJNBSJP

 $PMPRVFMPTEJGVTPSFTZMBTUBQBTEFMPTRVFNBEPSFTFOTVT

DPSSFTQPOEJFOUFTGVFHPTZMBTQBSSJMMBTFOTVTFMFNFOUPTEF

TVKFDJ³O

%5HJODMHGHORVJULIRV

 $PMPRVFMPTNBOEPTFOMBQPTJDJ³OEFNOJNP

 3FUJSFMPTNBOEPTEFMPTHSJGPT'JH 

4F FODPOUSBS¡ DPO VO SFU©O EF HPNB GMFYJCMF #BTUBS¡ DPO RVF TF

QSFTJPOFDPOMBQVOUBEFMEFTUPSOJMMBEPSQBSBRVFTFMJCFSFFM

QBTPIBDJBFMUPSOJMMPEFSFHVMBDJ³OEFMHSJGP -DPiVGHVPRQWH

HOUHWpQ

 3FHVMFFMGVFHPNOJNPHJSBOEPFMUPSOJMMPCZQBTTNFEJBOUFVO

EFTUPSOJMMBEPSEFQVOUBQMBOB

%FQFOEJFOEPEFMHBTBMRVFWBZBBBEBQUBSTVBQBSBUPWFS

UBCMB **SFBMJDFMBBDDJ³ODPSSFTQPOEJFOUF

"BQSFUBSMPTUPSOJMMPTCZQBTTBGPOEP

#BGMPKBSMPTUPSOJMMPTCZQBTTIBTUBMBDPSSFDUBTBMJEBEFHBTEF

MPTRVFNBEPSFTDPNQSVFCFRVFBMBKVTUBSFMNBOEPFOUSFFM

N¡YJNPZFMNOJNPFMRVFNBEPSOPTFBQBHBOJTFDSFB

SFUSPDFTPEFMMBNB

$MPTUPSOJMMPTCZQBTTEFCFOTFSDBNCJBEPTQPSVOU©DOJDP

BVUPSJ[BEP

%OPNBOJQVMBSMPTUPSOJMMPTCZQBTT

&TJNQPSUBOUFRVFFTU©ODPMPDBEPT WRGRVMPTSFUFOFTQBSBQPEFS

BTFHVSBSMBFTUBORVJEBE&TUPTEJTQPTJUJWPTTPOJNQSFTDJOEJCMFT

QBSBFMDPSSFDUPGVODJPOBNJFOUPEFMBQBSBUPZBRVFJNQJEFOMB

FOUSBEBEFMRVJEPTZTVDJFEBEBMJOUFSJPSEFMBQBSBUP

7VFMWBBDPMPDBSMPTNBOEPT

/VODB EFTNPOUF FM FKF EFM HSJGP 'JH  &O DBTP EF BWFSB DBNCJF

FMHSJGPDPNQMFUP

£$WHQFLyQ

"MGJOBMJ[BSDPMPRVFMBFUJRVFUBBEIFTJWBJOEJDBOEPFMOVFWPUJQP

EFHBTDFSDBEFMBQMBDBEFDBSBDUFSTUJDBT

/PUJDFEFNPOUBHF

,QGLFDWLRQVGHVpFXULWp

-JTF[MFTJOTUSVDUJPOTEFMBQQBSFJMBWBOUEFQSPD©EFSTPO

JOTUBMMBUJPOFUTPOVUJMJTBUJPO

-FTHSBQIJRVFTSFQS©TFOU©TEBOTDFUUF/PUJDFEFNPOUBHFTPOU

QVSFNFOUDBSBDU¨SFJOGPSNBUJG

/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV

LQGLFDWLRQVGHFHPDQXHOQHVRQWSDVUHVSHFWpHV



7RXVOHVWUDYDX[GLQVWDOODWLRQGHUpJODJHHWGDGDSWDWLRQj

XQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDUXQWHFKQLFLHQ

DJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWODOpJLVODWLRQ

DSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHVVRFLpWpVORFDOHV

IRXUQLVVHXVHVGpOHFWULFLWpHWGHJD]

,OHVWUHFRPPDQGpGDSSHOHUOH6HUYLFH7HFKQLTXHSRXU

ODGDSWDWLRQjXQDXWUHW\SHGHJD]

$YDQW WRXWH DFWLRQ FRXSH] ODOLPHQWDWLRQ pOHFWULTXH HW GH JD]

GHODSSDUHLO

$FUBQQBSFJMOB©U©DPO§VRVFQPVSVOVTBHFEPNFTUJRVFTPO

VTBHFDPNNFSDJBMPVQSPGFTTJPOOFMOFTUFOBVDVODBTQFSNJT

$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©EBOTEFTZBDIUTPVEFT

DBSBWBOFT -B HBSBOUJF OF TFSB WBMBCMF RVF TJ MVTBHF QPVS MFRVFM JM

B©U©DPO§VB©U©SFTQFDU©

"WBOUMJOTUBMMBUJPOWPVTEFWF[W©SJGJFSRVFMFTDPOEJUJPOTEF

EJTUSJCVUJPOMPDBMFOBUVSFFUQSFTTJPOEVHB[FUMFS©HMBHFEF

MBQQBSFJM TPOU DPNQBUJCMFT -FT DPOEJUJPOT EF S©HMBHF EF MBQQBSFJM

TPOUJOTDSJUFTTVSM©UJRVFUUFPVMBQMBRVFTJHOBM©UJRVF

$FU BQQBSFJM OF QFVU ªUSF JOTUBMM© RVF EBOT VO FOESPJU CJFO WFOUJM©

FOSFTQFDUBOUMFTS¨HMFNFOUTFOWJHVFVSFUMFTEJTQPTJUJPOT

SFMBUJWFTMBWFOUJMBUJPO-BQQBSFJMOFEPJUQBTªUSFDPOOFDU©VO

EJTQPTJUJGE©WBDVBUJPOEFTQSPEVJUTEFDPNCVTUJPO

-FD¢CMFEBMJNFOUBUJPOEPJUªUSFGJY©BVNFVCMFQPVSRVJMOF

UPVDIFQBTEFTQBSUJFTDIBVEFTEVGPVSPVEFMBQMBRVFEF

DVJTTPO

-FTBQQBSFJMTBMJNFOU©T©MFDUSJRVFNFOUEPJWFOUªUSF

PCMJHBUPJSFNFOUDPOOFDU©TMBUFSSF

/F NBOJQVMF[ QBT MJOU©SJFVS EF MBQQBSFJM -F DBT ©DI©BOU BQQFMF[

OPUSF4FSWJDF5FDIOJRVF

$YDQWOLQVWDOODWLRQ

$FUBQQBSFJMDPSSFTQPOEMBDMBTTFTFMPOMBOPSNF&/

QPVSMFTBQQBSFJMTHB[BQQBSFJMFODBTUS©EBOTVONFVCMF

-FT NFVCMFT TJUV©T  QSPYJNJU© EF MBQQBSFJM EPJWFOU ªUSF GBCSJRV©T

EBOTEFTNBU©SJBVYOPOJOGMBNNBCMFT-FTSFWªUFNFOUTTUSBUJGJ©T

FUMBDPMMFRVJMFTGJYFEPJWFOUªUSFS©TJTUBOUTMBDIBMFVS

$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©TVSEFTS©GSJH©SBUFVSTEFT

NBDIJOFTMBWFSMFMJOHFEFTMBWFWBJTTFMMFPVEBVUSFTBQQBSFJMT

TFNCMBCMFT

1PVSJOTUBMMFSMBQMBRVFEFDVJTTPOTVSVOGPVSDFMVJDJEPJU

EJTQPTFSEVOFWFOUJMBUJPOGPSD©F7©SJGJF[MFTEJNFOTJPOTEVGPVS

EBOTMFNBOVFMEJOTUBMMBUJPO

4JVOFIPUUFBTQJSBOUFFTUJOTUBMM©FJMGBVUSFTQFDUFSMFT

PCTFSWBUJPOTEFTPONBOVFMEJOTUBMMBUJPOFUSFTQFDUFSUPVKPVST

VOFEJTUBODFWFSUJDBMFNJOJNVNEF NNQBSSBQQPSUMB

QMBRVFEFDVJTTPO

3UpSDUDWLRQGXPHXEOHILJ

&GGFDUVF[VOFE©DPVQFTVSMBTVSGBDFEFUSBWBJMTFMPOMFT

EJNFOTJPOTO©DFTTBJSFT

4JMBQMBRVFEFDVJTTPOFTU©MFDUSJRVFPVNJYUFHB[FU©MFDUSJDJU©

FU TJM OZ B QBT EF GPVS EFTTPVT QMBDF[ VO T©QBSBUFVS EF NBU©SJBV

OPO JOGMBNNBCMF Q FY N©UBM PV CPJT DPOUSFQMBRV©   NN EF MB

CBTF EF MB QMBRVF EF DVJTTPO "JOTJ FTU FNQªDI© MBDD¨T  MB QBSUJF

JOG©SJFVSFEFDFMMFDJ4JMBQMBRVFEFDVJTTPOFTUHB[JMFTU

SFDPNNBOE©EFQMBDFSMFT©QBSBUFVSMBNªNFEJTUBODF

1PVSEFTTVSGBDFTEFUSBWBJMFOCPJTWFSOJTTF[MFTTVSGBDFTEF

E©DPVQFBWFDVOFDPMMFTQ©DJBMFQPVSMFTQSPU©HFSEFMIVNJEJU©

,QVWDOODWLRQGHODSSDUHLO

5HPDUTXH 1PVSMFODBTUSFNFOUEFMBQQBSFJMVUJMJTFSEFTHBOUT

EFQSPUFDUJPO

4FMPO MF NPE¨MF MF KPJOU BEI©TJG QFVU ªUSF QMBD© EVTJOF 4J DFTU MF

DBTOFMFSFUJSF[TPVTBVDVOQS©UFYUFMFKPJOUBEI©TJG©WJUFMFT

GJMUSBUJPOT4JMFKPJOUOFTUQBTQMBD©EVTJOFDPMMF[MFTVSMFCPSE

JOG©SJFVSEFMBQMBRVFEFDVJTTPO'JH 

1PVSMBGJYBUJPOEFMBQQBSFJMBVNFVCMFEFODBTUSFNFOU

 7JTTF[DIBDVOFEFTBHSBGFTEBOTMBQPTJUJPOJOEJRV©FFOMFT

MBJTTBOUUPVSOFSMJCSFNFOU

 &ODBTUSF[FUDFOUSF[MBQMBRVFEFDVJTTPO

"QQVZF[TVSTFTFYUS©NJU©TKVTRVDFRVFMMFTBQQVJFTVSUPVU

TPOQ©SJN¨USF

 5PVSOF[MFTBHSBGFTFUTFSSF[MFTGPOE

-BQPTJUJPOEFTBHSBGFTE©QFOEEFM©QBJTTFVSEFMBTVSGBDFEF

USBWBJM'JH 

'pPRQWDJHGHODSODTXHGHFXLVVRQ

%©CSBODIF[MBQQBSFJMEFTQSJTFTEFDPVSBOU©MFDUSJRVFFUEVHB[

%©WJTTF[MFTBHSBGFTFUTVJWF[MBQSPD©EVSFJOWFSTFBVNPOUBHF

%UDQFKHPHQWGHJD]ILJ 

-FSBDDPSEEFHB[EPJUªUSFEJTQPT©EFUFMMFTPSUFRVFMFSPCJOFU

EBSSªUTPJUBDDFTTJCMF

-FYUS©NJU©EVCSBODIFNFOUEFOUS©FEFMBQMBRVFEFDVJTTPO

HB[ FTU NVOJF EVO GJMFU EVO EFNJQPVDF  NN RVJ QFSNFU 

■ 6OFDPOOFYJPOSJHJEF

■ 6OF DPOOFYJPO  MBJEF EVO UVZBV GMFYJCMF N©UBMMJRVF - NJO  N

NBY  N

*M GBVU JOUFSDBMFS MF KPJOU E©UBODI©JU©  GPVSOJ FOUSF MB TPSUJF

EVDPMMFDUFVSFUMFSBDDPSEFNFOUEFHB[

*MGBVU©WJUFSRVFDFUVZBVUPVDIFEFTQBSUJFTNPCJMFTEFMVOJU©

EFODBTUSFNFOUQBSFYFNQMFVOUJSPJSFURVJMQBTTFUSBWFSTEFT

FTQBDFTQPVWBOUªUSFPCTUSV©T

1PVSDS©FSVOFMJBJTPODPOJRVFJOTUBMMF[MBDDFTTPJSFS©G©SFODF

FUMFKPJOUS©G©SFODFDPOUFOVTEBOTMBMJWSBJTPO

PVEJTQPOJCMFTBVQS¨TEVTFSWJDFBQS¨TWFOUFFOUSFMFUVZBV

EFOUS©FEFMBQMBRVFEFDVJTTPOHB[FUMBDPOEVJUFEBSSJW©FEF

HB['JHVSF 

4JWPVTEFWF[DS©FSVOCSBODIFNFOUEFHB[IPSJ[POUBMOPUSF

TFSWJDFUFDIOJRVFEJTQPTFEVODPVEFDPEF FUEVOKPJOU

DPEF 

: 5LVTXHGHIXLWHV 

4JWPVTNBOJQVMF[VOCSBODIFNFOUW©SJGJF[TPO©UBODI©JU©

-FGBCSJDBOUOFQPVSSBªUSFUFOVSFTQPOTBCMFTJVOCSBODIFNFOU

RVFMDPORVFQS©TFOUFEFTGVJUFTBQS¨TBWPJS©U©NBOJQVM©

%UDQFKHPHQWpOHFWULTXHILJ 

7©SJGJF[RVFMBUFOTJPOFUMBQVJTTBODFEFMBQQBSFJMTPOU

DPNQBUJCMFTBWFDMJOTUBMMBUJPO©MFDUSJRVF

-FT QMBRVFT EF DVJTTPO TPOU GPVSOJFT BWFD VO D¢CMF EBMJNFOUBUJPO

BWFDPVTBOTCSPDIFEFGJDIFN¢MF

-FTBQQBSFJMTNVOJTEVOFCSPDIFOFQFVWFOUªUSFSBDDPSE©TRV

EFTCP®UJFSTEFGJDIFN¢MFBWFDVOFQSJTFEFUFSSFE»NFOU

JOTUBMM©F

*MGBVUJOTUBMMFSVOJOUFSSVQUFVSEFDPVQVSFPNOJQPMBJSFBWFD

PVWFSUVSFEFDPOUBDUEBVNPJOT NNTBVGQPVSEFT

CSBODIFNFOUTGJDIFN¢MFTJDFUUFEFSOJ¨SFFTUBDDFTTJCMFQBS

MVUJMJTBUFVS

$FUBQQBSFJMFTUEVUZQF࣓:ࣔMFD¢CMFEFOUS©FOFQFVUQBTªUSF

SFNQMBD©QBSMVUJMJTBUFVSNBJTQBSMF4FSWJDF5FDIOJRVF-FUZQF

EFD¢CMFFUMBTFDUJPONJOJNVNEPJWFOUªUSFSFTQFDU©T

&KDQJHPHQWGXW\SHGHJD]

4JMBS©HMFNFOUBUJPOEVQBZTMFQFSNFUDFUBQQBSFJMQFVUªUSF

BEBQU©EBVUSFTHB[WPJSQMBRVFTJHOBM©UJRVF-FTQJ¨DFT

O©DFTTBJSFTQPVSDFMBTFUSPVWFOUEBOTMBQPDIFUUFEF

USBOTGPSNBUJPOGPVSOJFTFMPOMFNPE¨MFPVEJTQPOJCMFBVQS¨TEF

OPUSF4FSWJDF5FDIOJRVF-FTQBTTVJWSFTPOUMFTTVJWBOUT

$&KDQJHPHQWGHVLQMHFWHXUVILJ 

 3FUJSF[MFTHSJMMFTMFTDPVWFSDMFTEFCS»MFVSFUMFTEJGGVTFVST

 $IBOHF[ MFT JOKFDUFVST FO VUJMJTBOU MB DM© EJTQPOJCMF S©G 

BVQS¨TEFOPUSF4FSWJDFUFDIOJRVFQPVSCS»MFVSTEPVCMFPV

USJQMFGMBNNFS©GDGUBCMFBV *FOGBJTBOU

QBSUJDVMJ¨SFNFOUBUUFOUJPOOFQBTE©MPHFSMJOKFDUFVSFOMF

SFUJSBOUPVFOMFGJYBOUBVCS»MFVS

1SFOF[TPJOEFMFTGJYFSGPOEQPVSHBSBOUJSM࣐©UBODI©JU©

$FTCS»MFVSTOFSFRVJ¨SFOUBVDVOS©HMBHFEFMBJSQSJNBJSF

 1MBDF[MFTEJGGVTFVSTFUMFTDPVWFSDMFTEFTCS»MFVSTTVSMFTGFVY

DPSSFTQPOEBOUTFUMFTHSJMMFTTVSMFVST©M©NFOUTEFGJYBUJPO

%5pJODJHGHVURELQHWV

 1MBDF[MFTCPVUPOTEFDPNNBOEFTVSMBQPTJUJPONJOJNVN

 3FUJSF[MFTCPVUPOTEFDPNNBOEFEFTSPCJOFUT'JH 

7PVT USPVWFSF[ BMPST VOF CBHVF FO DBPVUDIPVD GMFYJCMF *M TVGGJSB

E࣐BQQVZFSBWFDMBQPJOUFEVUPVSOFWJTQPVSMJC©SFSMFQBTTBHF

WFST MB WJT EF S©HMBHF EV SPCJOFU 1H GpPRQWH] MDPDLV OD EDJXH

 3©HMF[MFGFVNJOJNVNFOUPVSOBOUMBWJTCZQBTTMBJEFEVO

UPVSOFWJTQPJOUFQMBUF

&O GPODUJPO EV UZQF EF HB[ BVRVFM WPVT BEBQUFSF[ WPUSF BQQBSFJM

DGUBCMFBV**S©BMJTF[MBDUJPODPSSFTQPOEBOUF

"TFSSF[MFTWJTCZQBTTGPOE

#  EFTTFSSF[ MFT WJT CZQBTT KVTRV PCUFOJS MB TPSUJF DPSSFDUF EF

HB[EFTCS»MFVSTW©SJGJF[FOS©HMBOUMFCPVUPOEFDPNNBOEF

FOUSF MF NBYJNVN FU MF NJOJNVN RVF MF CS»MFVS OF T©UFJOU QBT FU

RVBVDVOSFUPVSEFGMBNNFOFTUH©O©S©

$MFTWJTCZQBTTEPJWFOUªUSFDIBOH©FTQBSVOUFDIOJDJFO

BHS©©

%OFNBOJQVMF[QBTMFTWJTCZQBTT



*MFTUJNQPSUBOUEFGJYFS WRXWHV MFTCBHVFTQPVSQPVWPJSBTTVSFS

M©UBODI©JU©$FTEJTQPTJUJGTTPOUJOEJTQFOTBCMFTQPVSMF

GPODUJPOOFNFOUDPSSFDUEFMBQQBSFJMWVRVJMTFNQªDIFOUMFOUS©F

EFMJRVJEFTFUEFTBMFU©MJOU©SJFVSEFMBQQBSFJM

3FQMBDF[MFTCPVUPOTEFDPNNBOEF

/FE©NPOUF[KBNBJTMBYFEVSPCJOFU'JH &ODBTEJODJEFOU

DIBOHF[DPNQM¨UFNFOUMFSPCJOFU

$WWHQWLRQ

MBGJOQMBDF[M©UJRVFUUFBVUPDPMMBOUFFOJOEJRVBOUMFOPVWFBV

UZQFEFHB[QS¨TEFMBQMBRVFTJHOBM©UJRVF

*TUSV[JPOJQFSJMNPOUBHHJP

,QGLFD]LRQLGLVLFXUH]]D

-FHHFSFBUUFOUBNFOUFMFJTUSV[JPOJEFMMBQQBSFDDIJPQSJNBEJ

QSPDFEFSFBMMJOTUBMMB[JPOFFBMMVTP

-FJNNBHJOJQSFTFOUJJORVFTUF*TUSV[JPOJEJNPOUBHHJPTPOP

JOEJDBUJWF

,OIDEEULFDQWHGHFOLQDTXDOVLDVLUHVSRQVDELOLWjLQFDVRGL

PDQFDWD RVVHUYDQ]D GHOOH GLVSRVL]LRQL GHO SUHVHQWH PDQXDOH

7XWWHOHRSHUD]LRQLGLLQVWDOOD]LRQHUHJROD]LRQHH

DGDWWDPHQWR DG DOWUL WLSL GL JDV GHYRQR HVVHUH HIIHWWXDWH GD XQ

WHFQLFRGLLQVWDOOD]LRQHDXWRUL]]DWRQHOULVSHWWRGHOOD

QRUPDWLYDHGHOODOHJLVOD]LRQHDSSOLFDELOLQRQFKpGHOOH

SUHVFUL]LRQLGHOOHVRFLHWjORFDOLGLIRUQLWXUDGLJDVHG

HOHWWULFLWj

3HUODGDWWDPHQWRDGDOWULWLSLGLJDVVLFRQVLJOLDGLULYROJHUVL

DOQRVWUR6HUYL]LR7HFQLFR

3ULPDGLHIIHWWXDUHTXDOVLDVLRSHUD]LRQHVWDFFDUH

ODOLPHQWD]LRQHHOHWWULFDHFKLXGHUHLOJDVGHOODSSDUHFFKLR

2VFTUPBQQBSFDDIJP¨TUBUPDPODFQJUPFTDMVTJWBNFOUFQFSVTP

EPNFTUJDPOPO¨DPOTFOUJUPMVTPBTDPQJDPNNFSDJBMJP

QSPGFTTJPOBMJ2VFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPJO

ZBDIUPDBNQFS-BHBSBO[JBIBWBMJEJUTPMPJODBTPWFOHB

SJTQFUUBUPMVUJMJ[[PQFSDVJ¨TUBUPDPODFQJUP

1SJNB EFMMJOTUBMMB[JPOF WFSJGJDBSF DIF MF DPOEJ[JPOJ EJ EJTUSJCV[JPOF

MPDBMFUJQPFQSFTTJPOFEFMHBTFMBSFHPMB[JPOFEFMMBQQBSFDDIJP

TJBOPDPNQBUJCJMJ-FDPOEJ[JPOJEJSFHPMB[JPOFEFMMBQQBSFDDIJP

TPOPSJQPSUBUFTVMMFUJDIFUUBPTVMMBUBSHBJEFOUJGJDBUJWB

2VFTUPBQQBSFDDIJPQV²FTTFSFJOTUBMMBUPTPMPJOVOMVPHPCFO

WFOUJMBUPOFMSJTQFUUPEFJSFHPMBNFOUJJOWJHPSFFEFMMFEJTQPTJ[JPOJ

SFMBUJWF BMMB WFOUJMB[JPOF -BQQBSFDDIJP OPO EFWF FTTFSF DPMMFHBUP

BVOEJTQPTJUJWPEJFTQVMTJPOFEFJQSPEPUUJEJDPNCVTUJPOF

*MDBWPEJBMJNFOUB[JPOFEFWFFTTFSFGJTTBUPBMNPCJMFQFSFWJUBSF

DIFUPDDIJQBSUJDBMEFEFMGPSOPPEFMQJBOPEJDPUUVSB

(MJ BQQBSFDDIJ DPO BMJNFOUB[JPOF FMFUUSJDB EFWPOP FTTFSF DPMMFHBUJ

PCCMJHBUPSJBNFOUFBUFSSB

/PONBOJQPMBSFMJOUFSOPEFMMBQQBSFDDIJP0WFOFDFTTBSJP

DPOUBUUBSFJMOPTUSP4FSWJ[JP5FDOJDP

3ULPDGHOOLQVWDOOD]LRQH

2VFTUPBQQBSFDDIJPSJFOUSBOFMMBDMBTTFEFMMBOPSNB&/

QFSHMJBQQBSFDDIJBHBTBQQBSFDDIJPJODBTTBUPJOVONPCJMF

*NPCJMJWJDJOJBMMBQQBSFDDIJPEFWPOPFTTFSFDPTUJUVJUJEBNBUFSJBMJ

OPOJOGJBNNBCJMJ*SJWFTUJNFOUJTUSBUJGJDBUJFMBDPMMBDPODVJTPOP

GJTTBUJEFWPOPFTTFSFSFTJTUFOUJBMDBMPSF

2VFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPTVGSJHPSJGFSJ

MBWBUSJDJMBWBTUPWJHMJFPFMFUUSPEPNFTUJDJTJNJMJ

1FSJOTUBMMBSFJMQJBOPEJDPUUVSBTVVOGPSOPWFSJGJDBSFDIF

RVFTUVMUJNPTJBEPUBUPEJWFOUJMB[JPOFGPS[BUB7FSJGJDBSFMF

EJNFOTJPOJEFMGPSOPOFMSFMBUJWPNBOVBMFEJJOTUBMMB[JPOF

4FTJJOTUBMMBVOFTUSBUUPSFGBSFSJGFSJNFOUPBMSFMBUJWPNBOVBMFEJ

JOTUBMMB[JPOFNBOUFOFOEPTFNQSFVOBEJTUBO[BWFSUJDBMFNJOJNB

EJ NNEBMQJBOPEJDPUUVSB

3UHSDUD]LRQHGHOPRELOHILJ 

&GGFUUVBSFVOUBHMJPEFMMFEJNFOTJPOJOFDFTTBSJFTVMQJBOPEJ

MBWPSP

4F JM QJBOP EJ DPUUVSB ¨ FMFUUSJDP P NJTUP HBT FE FMFUUSJDJU F OPO D¨

VOGPSOPOFMMB[POBTPUUPTUBOUFDPMMPDBSFVOTFQBSBUPSFEJ

NBUFSJBMF OPO JOGJBNNBCJMF BE FT NFUBMMP P MFHOP DPNQFOTBUP B

 NNEBMMBCBTFEFMQJBOPEJDPUUVSB*OUBMNPEPTFOF

JNQFEJTDFMBDDFTTPBMMBQBSUFJOGFSJPSF4FJMQJBOPEJDPUUVSB¨B

HBTTJSBDDPNBOEBEJDPMMPDBSFJMTFQBSBUPSFBMMBTUFTTBEJTUBO[B

4VJQJBOJEJMBWPSPJOMFHOPSJGJOJSFMFTVQFSGJDJEJUBHMJPDPOVOB

DPMMBTQFDJBMFQFSQSPUFHHFSMFEBMMVNJEJU

,QVWDOOD]LRQHGHOODSSDUHFFKLR

$YYHUWHQ]D 1FSJMNPOUBHHJPEFMQJBOPEJDPUUVSBVTBSFHVBOUJ

QSPUFUUJWJ

"TFDPOEBEFMNPEFMMPMBHVBSOJ[JPOFBEFTJWBQV²FTTFSF

BQQMJDBUBJOGBCCSJDB*OUBMDBTPOPOSJNVPWFSMBQFSOFTTVO

NPUJWPMBHVBSOJ[JPOFBEFTJWBFWJUBMFJOGJMUSB[JPOJ4FMB

HVBSOJ[JPOFOPO¨BQQMJDBUBJOGBCCSJDBJODPMMBSMBTVMCPSEP

JOGFSJPSFEFMQJBOPEJDPUUVSB'JH 

1FSJMGJTTBHHJPEFMMBQQBSFDDIJPBMNPCJMFEJJODBTTP

 "WWJUBSF PHOVOB EFMMF HSBGGF OFMMB QPTJ[JPOF JOEJDBUB MBTDJBOEPMF

HJSBSFMJCFSBNFOUF

 *ODBTTBSFFDFOUSBSFJMQJBOPEJDPUUVSB

1SFNFSFTVJCPSEJGJOPBEBQQPHHJBSFQFSGFUUBNFOUFUVUUPJM

QFSJNFUSP

 (JSBSFMFHSBGGFFTUSJOHFSMFBGPOEP

-BQPTJ[JPOFEFMMFHSBGGFEJQFOEFEBMMPTQFTTPSFEFMQJBOPEJ

MBWPSP'JH 

6PRQWDJJLRGHOSLDQRGLFRWWXUD

4DPMMFHBSFMBQQBSFDDIJPEBMMFQSFTFFMFUUSJDIFFEBMMBUUBDDPEFM

HBT

4WJUBSFMFHSBGGFFTFHVJSFJONPEPJOWFSTPMBQSPDFEVSBEJ

NPOUBHHJP

$WWDFFRGHOJDVILJ 

*MSBDDPSEPEFMHBTEFWFFTTFSFEJTQPTUPJONPEPDIFJMSVCJOFUUP

TJBBDDFTTJCJMF

-FTUSFNJUEFMMBDPOOFTTJPOFEJJOHSFTTPEFMQJBOPEJDPUUVSBB

HBT¨EPUBUBEJGJMFUUBUVSBEB࣐࣐ NNDIFDPOTFOUF

■ *MDPMMFHBNFOUPSJHJEP

■ *MDPMMFHBNFOUPDPOUVCPGMFTTJCJMFNFUBMMJDP- NJO  N

NBY  N

*OTFSJSFMBHVBSOJ[JPOFEJUFOVUBJOEPUB[JPOFGSBMVTDJUB

EFMDPMMFUUPSFFJMSBDDPSEPEFMHBT

&WJUBSFJMDPOUBUUPEFMUVCPDPOQBSUJNPCJMJEFMMVOJUEJODBTTPBE

FTFNQJP VO DBTTFUUP F OPO FGGFUUVBSF JM QBTTBHHJP EFMMP TUFTTP JO

TQB[JTPHHFUUJBQPTTJCJMJPTUSV[JPOJ

4FTJEFTJEFSBSFBMJ[[BSFVODPMMFHBNFOUPDPOJDPJOTFSJSF

MBDDFTTPSJPDPOJMOVNFSPFMBHVBSOJ[JPOFDPOJMOVNFSP

 FWFOU JODMVTJ OFM WPMVNF EJ GPSOJUVSB P EJTQPOJCJMJ QSFTTP JM

TFSWJ[JPEJBTTJTUFO[BDMJFOUJUSBJMUVCPEFOUSBUBEFMQJBOPEJ

DPUUVSBBHBTFJMDPOEPUUPEFMHBT'JHVSB 

/FMDBTPJODVJPDDPSSBSFBMJ[[BSFMBUUBDDPEFMHBTJOPSJ[[POUBMF

QSFTTPJMOPTUSPTFSWJ[JPUFDOJDPTPOPEJTQPOJCJMJVOHPNJUP

DPEJDF FVOHJVOUPDPEJDF 

: 3HULFRORGLIXJKH

4FTJNBOJQPMBRVBMVORVFUJQPEJSBDDPSEPWFSJGJDBSOFMBUFOVUB

*MGBCCSJDBOUFEFDMJOBPHOJSFTQPOTBCJMJUJODBTPEJDPOOFTTJPOJ

DIFQSFTFOUJOPGVHIFEPQPMBNBOJQPMB[JPOFEFMMFTUFTTF

&RQQHVVLRQHHOHWWULFDILJ 

7FSJGJDBSFDIFMBUFOTJPOFFMBQPUFO[BEFMMBQQBSFDDIJPTJBOP

DPNQBUJCJMJDPOMJNQJBOUPFMFUUSJDP

* QJBOJ EJ DPUUVSB WFOHPOP GPSOJUJ EPUBUJ EJ DBWP EJ BMJNFOUB[JPOF DPO

PTFO[BTQJOBFMFUUSJDB

(MJBQQBSFDDIJNVOJUJEJTQJOBEFWPOPFTTFSFDPMMFHBUJTPMUBOUPB

QSFTFFMFUUSJDIFDPOQSFTBEJUFSSBEFCJUBNFOUFJOTUBMMBUF

1SFWFEFSFVOTF[JPOBUPSFPOOJQPMBSFDPOBQFSUVSBEJDPOUBUUPEJ

BMNFOP NNUSBOOFDIFQFSJDPMMFHBNFOUJBTQJOBTFMVUFOUF

QV²BDDFEFSWJ

2VFTUPBQQBSFDDIJP¨EFMUJQP࣓:ࣔ*MDBWPEJJOHSFTTPOPOQV²

FTTFSF DBNCJBUP EBMMVUFOUF NB TPMP EBM 4FSWJ[JP 5FDOJDP 0DDPSSF

JOGBUUJSJTQFUUBSFJMUJQPEJDBWPFMBTF[JPOFNJOJNB

&DPELRGHOWLSRGLJDV

4FMBOPSNBUJWBEFMQBFTFMPDPOTFOUFRVFTUPBQQBSFDDIJPQV²

FTTFSFBEBUUBUPBEBMUSJUJQJEJHBTWUBSHBJEFOUJGJDBUJWB*

DPNQPOFOUJOFDFTTBSJBRVFTUBPQFSB[JPOFTJUSPWBOPOFMMBCPSTB

LJUEJDPOWFSTJPOFJOEPUB[JPOFBTFDPOEBEFMNPEFMMPP

EJTQPOJCJMFQSFTTPJMOPTUSP4FSWJ[JP5FDOJDP1SPDFEFSFDPNF

JOEJDBUPEJTFHVJUP

$6RVWLWX]LRQHGHJOLLQLHWWRULILJ 

 3JNVPWFSFMFHSJHMJFJDPQFSDIJEFMCSVDJBUPSFFJEJGGVTPSJ

 4PTUJUVJSFHMJJOJFUUPSJVTBOEPMBDIJBWFEJTQPOJCJMFQSFTTPJM

OPTUSP4FSWJ[JP5FDOJDPDPEJDFQFSJCSVDJBUPSJ

BEPQQJBPUSJQMBGJBNNBGBSSJGFSJNFOUPBMMBUBCFMMB *GBDFOEP

QBSUJDPMBSF BUUFO[JPOF DIF MJOJFUUPSF OPO TJ EJTUBDDIJ RVBOEP UPMUP

PGJTTBUPBMCSVDJBUPSF

"TTJDVSBSTJEJTFSSBSMJBGPOEPQFSHBSBOUJSOFMBUFOVUB

*ORVFTUJCSVDJBUPSJOPO¨OFDFTTBSJPFGGFUUVBSFMBSFHPMB[JPOF

EFMMBSJBQSJNBSJB



 $PMMPDBSFJEJGGVTPSJFJDPQFSDIJEFJCSVDJBUPSJTVJGVPDIJ

DPSSJTQPOEFOUJFMFHSJHMJFTVHMJBQQPTJUJFMFNFOUJEJTPTUFHOP

%5HJROD]LRQHGHLUXELQHWWL

 $PMMPDBSFMFNBOPQPMFOFMMBQPTJ[JPOFEJNJOJNP

 &TUSBSSFMFNBOPQPMFEFJSVCJOFUUJ'JH 

4JUSPWFSVOBUFOVUBJOHPNNBGMFTTJCJMFTVGGJDJFOUFGBSF

QSFTTJPOFDPOMBQVOUBEFMDBDDJBWJUFQFSDSFBSFTQB[JPF

BDDFEFSFBMMBWJUFEJSFHPMB[JPOFEFMSVCJOFUUP 1RQVPRQWDUH

PDLODWHQXWD

 3FHPMBSFJMGVPDPNJOJNPHJSBOEPMBWJUFEJCZQBTTDPOVO

DBDDJBWJUFBQVOUBQJBUUB

"TFDPOEBEFMHBTVUJMJ[[BUPEBMMBQQBSFDDIJPWUBCFMMB**BHJSF

EJDPOTFHVFO[B

"TUSJOHFSFBGPOEPMFWJUJEJCZQBTT

# BMMFOUBSF MF WJUJ EJ CZQBTT GJOP BMMB DPSSFUUB SFHPMB[JPOF EFM HBT

JOVTDJUBEBJCSVDJBUPSJWFSJGJDBSFDIFSFHPMBOEPMBNBOPQPMBUSB

JMNBTTJNPFJMNJOJNPJMCSVDJBUPSFOPOTJTQFOHBO©TJ

WFSJGJDIJOPSJUPSOJEJGJBNNB

$MFWJUJEJCZQBTTEFWPOPFTTFSFTPTUJUVJUFEBVOUFDOJDP

BVUPSJ[[BUP

%OPONBOJQPMBSFMFWJUJEJCZQBTT

1FSHBSBOUJSFMBUFOVUB¨JNQPSUBOUFDIF WXWWHMFUFOVUFTJBOPBM

MPSPQPTUP2VFTUJFMFNFOUJTPOPJOEJTQFOTBCJMJQFSJMDPSSFUUP

GVO[JPOBNFOUPEFMMBQQBSFDDIJPEBUPDIFJNQFEJTDPOP

MJOUSPEV[JPOFEJMJRVJEJFTQPSDJ[JBBMMJOUFSOPEFMMBQQBSFDDIJP

3JDPMMPDBSFMFNBOPQPMF

/POTNPOUBSFNBJMBTTFEFMSVCJOFUUP'JH JODBTPEJHVBTUP

TPTUJUVJSFJMSVCJOFUUPDPNQMFUP

$WWHQ]LRQH

"MUFSNJOFBQQMJDBSFMFUJDIFUUBBEFTJWBJOEJDBOEPJMOVPWPUJQPEJ

HBTBDDBOUPBMMBUBSHBJEFOUJGJDBUJWB

,QVWDOODWLHYRRUVFKULIW

9HLOLJKHLGVDDQZLM]LQJHQ

-FFTEFJOTUSVDUJFTWBOIFUBQQBSBBUBMWPSFOTPWFSUFHBBOUPUEF

JOTUBMMBUJFFOIFUHFCSVJLFSWBO

%FHSBGJFLFOBGHFCFFMEJOEJU*OTUBMMBUJFWPPSTDISJGU[JKOUFS

PSJ«OUBUJF

'HIDEULNDQWLVYULMYDQHONHYHUDQWZRRUGHOLMNKHLGLQGLHQQLHW

YROGDDQZRUGWDDQGHEHVFKLNNLQJHQYDQGH]HKDQGOHLGLQJ

$OOHZHUN]DDPKHGHQEHWUHIIHQGHLQVWDOODWLHDIVWHOOLQJHQ

DDQSDVVLQJDDQHHQDQGHUJDVW\SHPRHWHQZRUGHQ

XLWJHYRHUGGRRUHHQEHNZDDPLQVWDOODWHXUZDDUELMDOOH

WRHSDVEDUH QRUPHQ HQ ZHWJHYLQJ HQ GH YRRUVFKULIWHQ YDQ GH

ORNDOHJDVHQHOHNWULFLWHLWVPDDWVFKDSSLMHQPRHWHQZRUGHQ

QDJHOHHIG

+HW ZRUGW DDQEHYROHQ RQ]H 7HFKQLVFKH 'LHQVW WH WHOHIRQHUHQ

YRRUGHDDQSDVVLQJDDQHHQDQGHUJDVW\SH

6OXLWYyyUHONHKDQGHOLQJGHVWURRPHQJDVWRHYRHUYDQKHW

DSSDUDDWDI

%JU BQQBSBBU JT VJUTMVJUFOE CFTUFNE WPPS IVJTIPVEFMJKL HFCSVJL )FU

JTOJFUUPFHFTUBBOIFUUFHFCSVJLFOWPPSQSPGFTTJPOFMFPG

DPNNFSD¯FMFEPFMFJOEFO)FUBQQBSBBUNBHOJFUJOKBDIUFOPG

DBSBWBOTXPSEFOHF¯OTUBMMFFSE%FHBSBOUJFHFMEUBMMFFOXBOOFFS

IFUBQQBSBBUPQEFKVJTUFXJK[FXPSEUHFCSVJLU

$POUSPMFFSWPPSEFJOTUBMMBUJFPGEFWPPSXBBSEFOWBOMPLBMF

EJTUSJCVUJFBBSEFOESVLWBOIFUHBTFOEFBGTUFMMJOHWBOIFU

BQQBSBBUDPNQBUJCFM[JKO%FBGTUFMWPPSXBBSEFOWBOIFUBQQBSBBU

TUBBOPQIFUMBCFMPGPQIFUHFHFWFOTQMBBUKF

%JUBQQBSBBUNBHFOLFMXPSEFOHF¯OTUBMMFFSEJOFFOHPFE

HFWFOUJMFFSEFSVJNUFXBBSCJKEFHFMEFOEFSFHMFNFOUFOFO

CFTDIJLLJOHFOJO[BLFWFOUJMBUJFOBHFMFFGEXPSEFO)FUBQQBSBBU

NBH OJFU XPSEFO BBOHFTMPUFO PQ FFO JOSJDIUJOH WPPS EF BGWPFS WBO

WFSCSBOEJOHTQSPEVDUFO

%FWPFEJOHTLBCFMNPFUXPSEFOWBTUHFNBBLUJOIFUNFVCFMTUVL

PN UF WPPSLPNFO EBU EF[F DPOUBDU NBBLU NFU EF HFEFFMUFT WBO EF

PWFOPGWBOEFLPPLQMBBUEJFXBSNXPSEFO

"QQBSBUFONFUTUSPPNUPFWPFSNPFUFOWFSQMJDIUHFBBSEXPSEFO

.BOJQVMFFSEFCJOOFO[JKEFWBOIFUBQQBSBBUOJFU5FMFGPOFFS

JOEJFOOPEJHPO[F5FDIOJTDIF%JFOTU

9yyUGHLQVWDOODWLH

%JU BQQBSBBU CFIPPSU UPU LMBTTF  WPMHFOT EF OPSN &/  WPPS

HBTBQQBSBUFOBQQBSBBUJOHFCPVXEJOFFONFVCFM

%FNFVCFMTEJDIUCJKIFUBQQBSBBUNPFUFOVJUOJFUPOUWMBNCBSF

NBUFSJBMFO CFTUBBO %F HFMBBHEF CFLMFEJOHFO FO EF MJKN EJF EF[F

CFWFTUJHUNPFUFOIJUUFCFTUFOEJH[JKO

%JUBQQBSBBULBOOJFUHF¯OTUBMMFFSEXPSEFOPQLPFMLBTUFO

XBTNBDIJOFTWBBUXBTTFSTPGEFSHFMJKLF

0NFFOLPPLQMBBUPQFFOPWFOUFJOTUBMMFSFONPFUEF[FPWFS

HFGPSDFFSEFWFOUJMBUJFCFTDIJLLFO$POUSPMFFSEFBGNFUJOHFOWBO

EFPWFOJOVXJOTUBMMBUJFIBOEMFJEJOH

*OEJFOFFOBG[VJHLBQHF¯OTUBMMFFSEXPSEUNPFUSFLFOJOH

HFIPVEFOXPSEFONFUEFJOTUBMMBUJFIBOEMFJEJOHIJFSWBOXBBSCJK

BMUJKEFFONJOJNBMFWFSUJDBMFBGTUBOEWBO NNUPUEFLPPLQMBBU

CFIPVEFOXPSEU

9RRUEHUHLGLQJYDQKHWPHXEHODIE 

#SFOHFFOJOTOJKEJOHBBOWBOEFOPEJHFBGNFUJOHFOPQIFU

XFSLWMBL

*OEJFOEFLPPLQMBBUFMFLUSJTDIPGHFNFOHEHBTFOFMFLUSJDJUFJUJT

FO FS [JDI HFFO PWFO POEFS CFWJOEU QMBBUT EBO FFO TDIFJEJOHTTUVL

WBOOJFUPOUWMBNCBBSNBUFSJBBMCWNFUBBMPGHFMBBHEIPVUPQ

 NNWBOEFCBTJTWBOEFLPPLQMBBU;PXPSEUUPFHBOH

WFSNFEFOUPUEFPOEFS[JKEFIJFSWBO*OEJFOIFUFFOHBTLPPLQMBBU

JTXPSEUBBOCFWPMFOIFUTDIFJEJOHTTUVLPQEF[FMGEFBGTUBOEUF

QMBBUTFO

7FSOJTWPPSIPVUFOXFSLWMBLLFOEFTOJKWMBLLFONFUFFOTQFDJBMF

MJKNPNEF[FUFCFTDIFSNFOUFHFOWPDIU

,QVWDOODWLHYDQKHWDSSDUDDW

$DQZLM]LQJ #JKIFUJOCPVXFOWBOEFLPPLQMBBUEJFOUV

WFJMJHIFJETIBOETDIPFOFOUFESBHFO

"GIBOLFMJKLWBOIFUNPEFMLBOEF[FMGLMFWFOEFQBLLJOHBMJOEF

GBCSJFL[JKOHFQMBBUTU"MTEBU[PJTWFSXJKEFSEF[FEBOJOHFFO

HFWBMEF[FMGLMFWFOEFQBLLJOHWPPSLPNUGJMUSBUJFT"MTEFQBLLJOH

OJFU JO GBCSJFL JT HFQMBBUTU QMBL EF[F EBO BBO EF POEFSSBOE WBO EF

LPPLQMBBU"GC 

7PPSEFCFWFTUJHJOHWBOIFUBQQBSBBUBBOIFUJOCPVXNFVCFM

 %SBBJFMLWBOEFLMFNNFOJOEFBBOHFEVJEFTUBOEFO[PSHEBU

EF[FWSJKESBBJFO

 #PVXEFLPPLQMBBUJOFODFOUSFFSEF[F

%SVLPQEFVJUFJOEFOUPUEBUEFQMBBUPQEFIFMFPNUSFLTUFVOU

 %SBBJEFLMFNNFOIFMFNBBMBBO

%FTUBOEWBOEFLMFNNFOJTBGIBOLFMJKLWBOEFEJLUFWBOIFU

XFSLWMBL"GC 

8LWERXZYDQGHNRRNSODDW

4MVJUIFUBQQBSBBUBGWBOEFFMFLUSJDJUFJUTFOHBTBBOTMVJUJOH

%SBBJ EF LMFNNFO MPT FO HB PQ PNHFLFFSEF XFSLXJK[F UF XFSL BMT

CJKEFNPOUBHF

*DVDDQVOXLWLQJILJ 

%FHBTBBOTMVJUJOHNPFU[PBBOHFMFHE[JKOEBUEFBGTMVJULSBBO

UPFHBOLFMJKLJT

)FU VJUFJOEF WBO EF JOMBBUDPMMFDUPS WBO EF HBTLPPLQMBBU JT WPPS[JFO

WBOFFOTDISPFGESBBEWBO࣐࣐ NN.FUEF[F

TDISPFGESBBEJTNPHFMJKL

■ &FOTUBSSFWFSCJOEJOH

■ "BOTMVJUJOHNFUFFONFUBMFOGMFYJCFMFTMBOH- NJO  N

NBY  N

7PFHEFCJKHFMFWFSEFBGEJDIUQBLLJOHJOUVTTFOEFVJUMBBU

WBOIFUTQSVJUTUVLFOEFHBTBBOTMVJUJOH

7FSNJKEEBUEF[FTMBOHDPOUBDUNBBLUNFUEFCFXFFHCBSF

POEFSEFMFOWBOEFFFOIFJEXBBSJOEFLPPLQMBBUJTJOHFCPVXE

FFOMBEFCJKWPPSCFFMEPGEBUIJKEPPSSVJNUFTMPPQUEJFWFSTUPQU

LVOOFOSBLFO

8JMUVFFODPOJTDIFWFSCJOEJOHNBLFOQMBBUTEBOIFUBDDFTTPJSF

NFUOVNNFSFOEFEJDIUJOHNFUOVNNFSFWUCJK

EF MFWFSJOH JOCFHSFQFO PG UF WFSLSJKHFO CJK EF TFSWJDFEJFOTU UVTTFO

EFJOWPFSQJKQWBOEFHBTLPPLQMBBUFOEFHBTUPFWPFS"GC 

*OEJFOVEFHBTBBOTMVJUJOHIPSJ[POUBBMNPFUVJUWPFSFO[JKOFSCJK

PO[FUFDIOJTDIFEJFOTUFFOLOJFTUVLDPEF FOFFO

BGEJDIUJOHDPEF CFTDIJLCBBS

: /HNJHYDDU

*OEJFOFFOBBOTMVJUJOHHFNBOJQVMFFSEXPSEUDPOUSPMFFSEF

MFLEJDIUIFJE

%FGBCSJLBOUJTOJFUBBOTQSBLFMJKLBMTFFOBBOTMVJUJOHMFLLFO

WFSUPPOUOBEBUEF[FHFNBOJQVMFFSEJT

(OHNWULVFKHDDQVOXLWLQJ$IE 

$POUSPMFFSPGIFUWPMUBHFFOIFUWFSNPHFOWBOIFUBQQBSBBU

DPNQBUJCFM[JKONFUEFFMFLUSJTDIFJOTUBMMBUJF

%FLPPLQMBUFOXPSEFOHFMFWFSENFUFFOWPFEJOHTLBCFMNFUPG

[POEFSTUFLLFS

"QQBSBUFO EJF WPPS[JFO [JKO WBO FFO TUFLLFS NPHFO BMMFFO PQ FFO

HPFEHFBBSETUPQDPOUBDUXPSEFOBBOHFTMPUFO

 

&SNPFUFFOPNOJQPMBJSFPOEFSCSFLJOHTTDIBLFMBBSWPPS[JFO

XPSEFONFUFFONJOJNBMFDPOUBDUPQFOJOHWBO NNCFIBMWFCJK

FFO TUFLLFSBBOTMVJUJOH JOEJFO EF[F HFNBLLFMJKL CFSFJLCBBS JT WPPS

EFHFCSVJLFS

%JUBQQBSBBUJTWBOIFUUZQF࣓:ࣔEFJOWPFSLBCFMNBHOJFU

WFSWBOHFOXPSEFOEPPSEFHFCSVJLFSNBBSEPPSEF5FDIOJTDIF

%JFOTU )FU UZQF LBCFM FO EF NJOJNVNEPPSTOFEF EJFOFO UF XPSEFO

HFSFTQFDUFFSE

9HUDQGHULQJYDQJDVW\SH

*OEJFOEFOPSNWBOIFUMBOEIFUUPFMBBUNBHEJUBQQBSBBU

BBOHFQBTUXPSEFOBBOBOEFSFHBTTFO[JFHFHFWFOTQMBBUKF%F

IJFSWPPSCFOPEJHEFPOEFSEFMFOCFWJOEFO[JDIJOIFUHFMFWFSEF

PNWPSNJOHTQBLLFUBGIBOLFMJKLWBOIFUNPEFM)FUQBLLFUJT

CFTDIJLCBBSCJKPO[FUFDIOJTDIFEJFOTU7PMHPOEFSTUBBOEF

TUBQQFOPQ

$9HUYDQJHQYDQGHLQVSXLWHUVDIE 

 7FSXJKEFSEFSPPTUFSTIPFEKFTFOWFSTQSFJEFST

 7FSWBOH EF JOTQVJUFST NFU EF TMFVUFM EJF CFTDIJLCBBS JT WJB PO[F

UFDIOJTDIF EJFOTU NFU DPEF  WPPS CSBOEFST NFU EVCCFMF

PGESJFEVCCFMFWMBNDPEF[JFUBCFM *;PSHEBUEF

JOTQVJUFSOJFUMPTSBBLUCJKIFUWFSXJKEFSFOPGCFWFTUJHFOIJFSWBO

PQEFCSBOEFS

%SBBJEF[FHPFEBBOPNEFMFLEJDIUIFJEUFHBSBOEFSFO

7PPS EF[F CSBOEFST EJFOU EF BGTUFMMJOH WBO EF QSJNBJSF MVDIU OJFU

UFXPSEFOVJUHFWPFSE

 1MBBUTEFEJGGVTPSTFOEFEFLTFMTWBOEFCSBOEFSTPQEF

CJKCFIPSFOEF QJUUFO FO EF SPPTUFST PQ EF CFWFTUJHJOHTFMFNFOUFO

%$IVWHOOLQJYDQGHNUDQHQ

 ;FUEFLOPQQFOJOEFMBBHTUFTUBOE

 )BBMEFLOPQQFOWBOEFLSBOFOBG"GC

6 USFGU FFO GMFYJCFMF SVCCFS LFFSSJOH BBO 6 EJFOU FOLFM UF ESVLLFO

NFU EF QVOU WBO EF TDISPFWFOESBBJFS PQEBU EF EPPSWPFS OBBS EF

TUFMTDISPFGWBOEFLSBBOWSJKLPNU %RXZGHNHHUULQJQRRLWXLW

 4UFMEFNJOJNVNTUBOEBGEPPSEFCZQBTTCPVUUFESBBJFONFU

FFOTDISPFWFOESBBJFSNFUFFOWMBLLFQVOU

7PFSBGIBOLFMJKLWBOIFUHBTXBBSBBOVXBQQBSBBUBBOHFQBTU

[BMXPSEFO[JFUBCFM**POEFSTUBBOEFIBOEFMJOHVJU

"ESBBJEFCZQBTTCPVUFOIFMFNBBMBBO

#NBBLEFCZQBTTCPVUFOMPTUPUEFDPSSFDUFHBTVJUMBBUWBOEF

CSBOEFSTDPOUSPMFFSPGCJKIFUBGTUFMMFOWBOEFLOPQUVTTFOEF

NBYJNVNFONJOJNVNTUBOEEFCSBOEFSOJFUVJUHBBUOPDI

HBTJOTMBHHFWPSNEXPSEU

$EFCZQBTTCPVUFONPFUFOXPSEFOWFSWBOHFOEPPSFFO

CFWPFHEF5FDIOJTDIF%JFOTU

%NBOJQVMFFSEFCZQBTTCPVUFOOJFU

)FUJTCFMBOHSJKLEBU DOOH LFFSSJOHFOHFQMBBUTU[JKOPNEF

MFLEJDIUIFJEUFLVOOFOHBSBOEFSFO%F[FJOSJDIUJOHFO[JKO

PONJTCBBSWPPSEFDPSSFDUFXFSLJOHWBOIFUBQQBSBBUBBOHF[JFO

EF[FEFJOMBBUWBOWMPFJTUPGFOWVJMJOIFUBQQBSBBUWFSNJKEFO

1MBBUTEFLOPQQFOPQOJFVX

#PVXEFBTWBOEFLSBBOOPPJUVJU"GC #JKTUPSJOHFOEJFOUEF

LSBBOJO[JKOHFIFFMUFXPSEFOWFSWBOHFO

$WWHQWLH

1MBBUTUFOTMPUUFEFTUJDLFSEJFIFUOJFVXFHBTUZQFBBOEVJEU

EJDIUCJKIFUHFHFWFOTQMBBUKF

,QVWUXNFMDPRQWDŰX

:VND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD

1S[FEQS[ZTUÅQJFOJFNEPJOTUBMBDKJJVļZULPXBOJBVS[ÅE[FOJB

OBMFļZ[BQP[OBÇTJÙ[JOTUSVLDKÅ

*MVTUSBDKFQS[FETUBXJPOFXOJOJFKT[FK*OTUSVLDKJNPOUBļVTĂVļÅ

XZĂÅD[OJFKBLPQS[ZLĂBE

3URGXFHQWQLHSRQRVLMDNLHMNROZLHNRGSRZLHG]LDOQRŔFLZ

SU]\SDGNXJG\]DOHFHQLD]DZDUWHZQLQLHMV]HMLQVWUXNFMLQLH

VĉSU]HVWU]HJDQH

:V]\VWNLHF]\QQRŔFL]ZLĉ]DQH]LQVWDODFMĉUHJXODFMĉL

GRVWRVRZDQLHPXU]ĉG]HQLDGRLQQ\FKURG]DMyZJD]X

SRZLQQ\E\þZ\NRQ\ZDQHSU]H]XSUDZQLRQHJRLQVWDODWRUD

VHUZLVXWHFKQLF]QHJR]XZ]JOęGQLHQLHPZV]\VWNLFKQRUPL

SU]HSLVyZSUDZQ\FKRERZLĉ]XMĉF\FKZGDQ\PNUDMXRUD]

]DOHFHĿORNDOQ\FKGRVWDZFyZHQHUJLLHOHNWU\F]QHMLJD]X

:FHOXGRVWRVRZDQLDXU]ĉG]HQLDGR]DVLODQLDLQQ\PL

URG]DMDPLJD]X]DOHFDVLęNRQWDNW]QDV]\P6HUZLVHP

7HFKQLF]Q\P

3U]HGZ\NRQDQLHPMDNLHMNROZLHNF]\QQRŔFLQDOHŰ\RGFLĉþ

]DVLODQLHHOHNWU\F]QHLGRSã\ZJD]XGRXU]ĉG]HQLD

6S[ÅE[FOJF[PTUBĂP[BQSPKFLUPXBOFXZĂÅD[OJFEPVļZULV

EPNPXFHPOJFEP[XPMPOFKFTUKFHPVļZULPXBOJFX

[BTUPTPXBOJBDIIBOEMPXZDIMVCQSPGFTKPOBMOZDI/JFOBMFļZ

JOTUBMPXBÇVS[ÅE[FOJBOBKBDIUBDIBOJXQS[ZD[FQBDI

LFNQJOHPXZDI(XBSBODKBCÙE[JFXBļOBXZĂÅD[OJFXQS[ZQBELV

QS[FTUS[FHBOJBQS[FXJE[JBOFHPTQPTPCVVļZULPXBOJBVS[ÅE[FOJB

1S[FEJOTUBMBDKÅVS[ÅE[FOJBOBMFļZVQFXOJÇTJÙļFQBSBNFUSZ

HB[VEPTUBSD[BOFHPQS[F[MPLBMOFHPEPTUBXDÙSPE[BKJDJěOJFOJF

HB[VTÅ[HPEOF[XZNBHBOZNJEMBVS[ÅE[FOJB1BSBNFUSZ

VS[ÅE[FOJB NPļOB PED[ZUBÇ [ FUZLJFUZ MVC [ UBCMJD[LJ [OBNJPOPXFK

5PVS[ÅE[FOJFNPļF[PTUBÇ[BJOTUBMPXBOFXZĂÅD[OJFX

QPNJFT[D[FOJVQPTJBEBKÅDZNEPCSÅXFOUZMBDKÙ[HPEOJF[

PCPXJÅ[VKÅDZNJ QS[FQJTBNJ J [BS[ÅE[FOJBNJ X [BLSFTJF XFOUZMBDKJ

/JFOBMFļZQPEĂÅD[BÇVS[ÅE[FOJBEPTQS[ÙUVTĂVļÅDFHPEP

VTVXBOJBQSPEVLU³XTQBMBOJB

1S[FX³E [BTJMBKÅDZ QPXJOJFO [PTUBÇ QS[ZNPDPXBOZ EP VS[ÅE[FOJB

XUFOTQPT³CBCZ[BQPCJFDKFHP[FULOJÙDJV[HPSÅDZNJD[ÙěDJBNJ

QJFLBSOJLBMVCQĂZUZLVDIFOLJ

6S[ÅE[FOJBLPS[ZTUBKÅDF[[BTJMBOJBFMFLUSZD[OFHPQPXJOOZ

PCPXJÅ[LPXPQPTJBEBÇV[JFNJFOJF

/JF OBMFļZ XZLPOZXBÇ ļBEOZDI D[ZOOPěDJ XF XOÙUS[V VS[ÅE[FOJB

8SB[JFQPUS[FCZOBMFļZTLPOUBLUPXBÇTJÙ[OBT[ZN4FSXJTFN

5FDIOJD[OZN

3U]HG]DLQVWDORZDQLHP

6S[ÅE[FOJFTQFĂOJBXZNPHJLMBTZ[HPEOJF[OPSNÅ&/

EPUZD[ÅDÅVS[ÅE[FĄHB[PXZDIVS[ÅE[FOJFEP[BCVEPXZ

.FCMF [OBKEVKÅDF TJÙ X QPCMJļV VS[ÅE[FOJB QPXJOOZ CZÇ XZLPOBOF

[ NBUFSJBĂ³X OJFQBMOZDI 1PLSZDJB [ MBNJOBUV PSB[ LMFK VļZXBOZ EP

JDI[BNPDPXBOJBQPXJOOZCZÇPEQPSOFOBXZTPLÅUFNQFSBUVSÙ

6S[ÅE[FOJFOJFNPļFCZÇJOTUBMPXBOFOBMPE³XLBDIQSBMLBDI

[NZXBSLBDIMVCQPEPCOZNTQS[ÙDJF

"CZN³D[BJOTUBMPXBÇQĂZUÙLVDIFOLJOBQJFLBSOJLVQJFLBSOJL

QPXJOJFOCZÇXZQPTBļPOZXTZTUFNXZNVT[POFKXFOUZMBDKJ

4QSBXE[JÇXZNJBSZQJFLBSOJLBXJOTUSVLDKJNPOUBļV

8D[BTJFJOTUBMBDKJXZDJÅHVLVDIFOOFHPOBMFļZQS[FTUS[FHBÇ

[BMFDFĄ[BXBSUZDIXKFHPJOTUSVLDKJNPOUBļVJ[BDIPXBÇ

NJOJNBMOÅPEMFHĂPěÇNNXQJPOJFPEQĂZUZLVDIFOLJ

3U]\JRWRZDQLHPHEODU\V 

8ZLPOBÇXCMBDJFXZDJÙDJFPQPEBOZDIXZNJBSBDI

+FļFMJQPEFMFLUSZD[OÅMVCNJFT[BOÅHB[PXPFMFLUSZD[OÅQĂZUÅ

LVDIFOLJOJFKFTU[BJOTUBMPXBOZQJFLBSOJLOBMFļZ[BTUPTPXBÇ

FMFNFOUPEE[JFMBKÅDZ[NBUFSJBĂVOJFQBMOFHPOBQS[ZLĂBE[F

TLMFKLJMVC[NFUBMVXPEMFHĂPěDJNNPEQPETUBXZ[BCVEPXZ

QĂZUZLVDIFOLJ8UFOTQPT³CVOJFNPļMJXJBTJÙEPTUÙQEPEPMOFK

D[ÙěDJQĂZUZ8QS[ZQBELVQĂZUZLVDIFOLJHB[PXFK[BMFDBOFKFTU

VNJFT[D[FOJFFMFNFOUVPEE[JFMBKÅDFHPXUFKTBNFKPEMFHĂPěDJ

8CMBUBDIXZLPOBOZDI[ESFXOBOBMFļZQPXMFDQPXJFS[DIOJF

DJÙDJBTQFDKBMOZNLMFKFNXDFMVPDISPOZQS[FEXJMHPDJÅ

,QVWDODFMDXU]ĉG]HQLD

:VND]yZND 1PED[BTNPOUBļVQĂZUZHS[FXD[FKVļZXBÇSÙLBXJD

PDISPOOZDI

8[BMFļOPěDJPENPEFMVVS[ÅE[FOJBVT[D[FMLBTBNPQS[ZMFQOB

NPļF [PTUBÇ QS[ZNPDPXBOB GBCSZD[OJF /JF OBMFļZ KFK X³XD[BT X

ļBEOZNXZQBELV[EFKNPXBÇQPOJFXBļVT[D[FMLB

TBNPQS[ZMFQOB[BQPCJFHBTÅD[FOJV+FļFMJVT[D[FMLBOJF[PTUBĂB

[BĂPļPOBGBCSZD[OJFOBMFļZKÅOBLMFJÇOBEPMOZNCS[FHVQĂZUZ

LVDIFOLJ3ZT

8DFMV[BNPDPXBOJBVS[ÅE[FOJBXNFCMV

 1S[ZLSÙDJÇLBļEZ[VDIXZU³XXFXTLB[BOFKQP[ZDKJUBLCZ

PCSBDBĂZTJÙTXPCPEOJF

 8TVOÅÇQĂZUÙLVDIFOLJJVTUBXJÇDFOUSBMOJFXXZDJÙDJVNFCMB

1S[ZDJTOÅÇ CS[FHJ QĂZUZ LVDIFOLJ X UFO TQPT³C BCZ DBĂZN TXPJN

PCXPEFNTQPD[ZXBĂBOBQPETUBXJF

 0CS³DJÇVDIXZUZJEPDJTOÅÇKFEPLPĄDB

1PĂPļFOJFVDIXZU³X[BMFļZPEHSVCPěDJCMBUV3ZT 

'HPRQWDŰSã\W\NXFKHQNL

0EĂÅD[ZÇVS[ÅE[FOJFPEQSÅEVJPEDJÅÇEPQĂZXHB[V

0ELSÙDJÇVDIXZUZJXZLPOBÇD[ZOOPěDJNPOUBļVXPEXSPUOFK

LPMFKOPěDJ

3RGãĉF]DQLHJD]XU\V 

6S[ÅE[FOJFOBMFļZXUBLJTQPT³CQPEĂÅD[ZÇEPHB[VBCZ

[BQFXOJPOZCZĂEPTUÙQEPLVSLBPEDJOBKÅDFHPEPQĂZXHB[V

;BLPĄD[FOJFLPMFLUPSBXFKěDJPXFHPQĂZUZLVDIFOLJHB[PXFKKFTU

XZQPTBļPOFX[ĂÅD[FLPMBOLPXF[HXJOUFNPXZNJBS[F࣐࣐

 NNLU³SFVNPļMJXJB

■ 4[UZXOFQPĂÅD[FOJF

 

■ 1PĂÅD[FOJF[BQPNPDÅFMBTUZD[OFHPQS[FXPEV[NFUBMV

- NJO  NNBLT  N

;BĂPļZÇ EPTUBSD[POÅ VT[D[FMLÙ  NJÙE[Z XZKěDJF LPMFLUPSB

BQS[FX³EEPQSPXBE[BKÅDZHB[

/BMFļZ[BQPCJFDTUZLBOJVTJÙQS[FXPEV[SVDIPNZNJD[ÙěDJBNJ

[BCVEPXZOBQS[ZLĂBET[VGMBEÅJQS[FDIPE[FOJVQS[F[NJFKTDB

LU³SFNPHÅ[PTUBÇ[BKÙUFQS[F[CMPLVKÅDFQS[FTUS[FĄQS[FENJPUZ

8DFMVXZLPOBOJBQPĂÅD[FOJBTUPļLPXFHPVNJFěDJÇFMFNFOU

XZQPTBļFOJBPOVNFS[FPSB[VT[D[FMLÙPOVNFS[F

FXFOU[BXBSUFXEPTUBXJFMVCEPTUÙQOFXTFSXJTJF

NJÙE[ZLPMFLUPSFNXFKěDJPXZNHB[PXFKQĂZUZHS[FXD[FKB

QS[FXPEFNEPQSPXBE[BKÅDZNHB[3ZT 

+FěMJXZNBHBOFKFTUXZLPOBOJFQP[JPNFHPQPEĂÅD[FOJBHB[V

OBT[4FSXJT5FDIOJD[OZPGFSVKFPEQPXJFEOJF[ĂÅD[FLPMBOLPXF

LPEQSPEVLUV JVT[D[FMLÙLPEQSPEVLUV 

: 1LHEH]SLHF]HĿVWZRXODWQLDQLDVLęJD]X

1PQS[FQSPXBE[FOJVKBLJDILPMXJFLD[ZOOPěDJQS[ZFMFNFOUBDI

QPEĂÅD[FOJBHB[VOBMFļZTQSBXE[JÇT[D[FMOPěÇQPĂÅD[FĄ

1SPEVDFOUOJFQPOPTJPEQPXJFE[JBMOPěDJXQS[ZQBELVHEZ

QPĂÅD[FOJFVUSBDJT[D[FMOPěÇOBTLVUFLXZLPOBOZDIPQFSBDKJ

3RGãĉF]DQLHSUĉGXU\V 

6QFXOJÇTJÙļFQBSBNFUSZVS[ÅE[FOJBTÅ[HPEOF[OBQJÙDJFNJ

NPDÅJOTUBMBDKJFMFLUSZD[OFK

1ĂZUZLVDIFOLJTÅEPTUBSD[BOFXSB[[QS[FXPEFN[BTJMBOJB

[BPQBUS[POZNXFXUZD[LÙMVCCF[OJFK

6S[ÅE[FOJBXZQPTBļPOFXFXUZD[LÙNPļOBQPEĂÅD[BÇXZĂÅD[OJF

EP QVT[FL [ HOJB[ELJFN QPTJBEBKÅDZDI QSBXJEĂPXP [BJOTUBMPXBOF

V[JFNJFOJF

/BMFļZQBNJÙUBÇPXJFMPCJFHVOPXZNXZĂÅD[OJLVPEDJOBKÅDZN

[BTJMBOJF [ QS[ZOBKNOJFK NJMJNFUSPXZN PETUÙQFN TUZLPXZN OJF

EPUZD[ZQPEĂÅD[FOJB[BQPNPDÅXUZD[LJHEZKFTUPOBEPTUÙQOB

EMBVļZULPXOJLB

+FTUUPVS[ÅE[FOJFUZQV࣓:ࣔQS[FX³EXFKěDJPXZOJFNPļFCZÇ

XZNJFOJBOZQS[F[VļZULPXOJLBMFD[XZĂÅD[OJFQS[F[4FSXJT

5FDIOJD[OZ/BMFļZ[BDIPXBÇPEQPXJFEOJSPE[BKQS[FXPEVPSB[

NJOJNBMOZQS[FLS³K

=PLDQDURG]DMXJD]X

+FěMJ[F[XBMBKÅOBUPQS[FQJTZPCPXJÅ[VKÅDFXEBOZNLSBKV

VS[ÅE[FOJF NPļOB EPTUPTPXBÇ EP [BTJMBOJB JOOZNJ SPE[BKBNJ HB[V

QBUS[UBCMJD[LB[OBNJPOPXBVS[ÅE[FOJB/JF[CÙEOFD[ÙěDJ

[OBKEVKÅTJÙXUPSFCDF[[FTUBXFNVNPļMJXJBKÅDZN[NJBOÙ

[BTJMBOJBHB[PXFHPLU³SB[PTUBĂB[BĂÅD[POBX[BMFļOPěDJPE

NPEFMV MVC LU³SÅ NPļOB OBCZÇ X OBT[ZN 4FSXJTJF 5FDIOJD[OZN

/BMFļZXZLPOBÇOBTUÙQVKÅDFD[ZOOPěDJ

$:\PLDQDG\V]\5\V 

 ;EKÅÇSVT[UZOBLĂBELJQBMOJLBJEZGV[PSZ

 8ZNJFOJÇEZT[F[BQPNPDÅLMVD[BEPTUÙQOFHPXOBT[ZN

4FSXJTJF5FDIOJD[OZNLPEQSPEVLUVOBUPNJBTUX

QS[ZQBELVQBMOJL³XPQPEX³KOZNMVCQPUS³KOZNXJFĄDV

QĂPNJFOJLPEQSPEVLUVQBUS[UBCFMB *[XSBDBKÅD

T[D[FH³MOÅVXBHÙOBUPBCZOJFPEFSXBÇEZT[ZQS[Z

XZDJÅHBOJVMVCNPDPXBOJVKFKXQBMOJLV

/BMFļZNPDOPEPLSÙDJÇEZT[FXDFMV[BQFXOJFOJBT[D[FMOPěDJ

VLĂBEV

8UZDIQBMOJLBDIOJFKFTULPOJFD[OFXZSFHVMPXBOJFEPQĂZXV

QPXJFUS[BQPETUBXPXFHP

 ;BĂPļZÇ EZGV[PSZ J OBLĂBELJ QBMOJL³X OB PEQPXJFEOJDI QBMOJLBDI

JSVT[UBDIOBXĂBěDJXZDIFMFNFOUBDINPDVKÅDZDI

%5HJXODFMDNXUNyZJD]X

 6TUBXJÇXT[ZTULJFQPLSÙUĂBXQPĂPļFOJVNJOJNBMOZN

 8ZKÅÇQPLSÙUĂB[LVSL³X3ZT

1PE TQPEFN [OBKEVKF TJÙ FMFNFOU [BCF[QJFD[BKÅDZ [ FMBTUZD[OFK

HVNZ/BDJTOÅÇFMFNFOULPĄDFNěSVCPLSÙUVBCZEPTUBÇTJÙEP

ěSVCZSFHVMBDZKOFKLVSLB :ŰDGQ\PZ\SDGNXQLHZ\MPRZDþ

HOHPHQWX]DEH]SLHF]DMĉFHJR

 8ZSFHVMPXBÇQĂPNJFĄNJOJNBMOZPCSBDBKÅDěSVCÙ[ĂÅD[LJ

QS[FKěDJPXFK[BQPNPDÅěSVCPLSÙUV[QĂBTLÅLPĄD³XLÅ

8[BMFļOPěDJPESPE[BKVHB[VEPLU³SFHPEPTUPTPXZXBOF

CÙE[JFVS[ÅE[FOJFQBUS[UBCFMB**OBMFļZXZLPOBÇOBTUÙQVKÅDF

D[ZOOPěDJ

"OBDJTOÅÇEPLPĄDBěSVCZ[ĂÅD[FLQS[FKěDJPXZDI

# QPMV[PXBÇ ěSVCZ [ĂÅD[FL QS[FKěDJPXZDI EP NPNFOUV HEZ HB[

[BD[OJFQSBXJEĂPXPXZEPCZXBÇTJÙ[QBMOJL³XVQFXOJÇTJÙļF

QS[ZPCSBDBOJVQPLSÙUĂFNNJÙE[ZQPĂPļFOJFNNBLTZNBMOZNB

NJOJNBMOZNQBMOJLOJFHBěOJFBOJOJFXZTUÙQVKFDPGBOJFTJÙ

QĂPNJFOJB

$ěSVCZ[ĂÅD[FLQS[FKěDJPXZDIQPXJOOZCZÇXZNJFOJBOFQS[F[

VQSBXOJPOFHPQSBDPXOJLB4FSXJTV5FDIOJD[OFHP

%OJFNBOJQVMPXBÇěSVCBNJ[ĂÅD[FLQS[FKěDJPXZDI

8BļOFKFTUBCZ[BNPDPXBOF[PTUBĂZ ZV]\VWNLH FMFNFOUZ

[BCF[QJFD[BKÅDFXDFMV[BQFXOJFOJBT[D[FMOPěDJ4ÅPOF

OJF[CÙEOFEMBQSBXJEĂPXFHPGVOLDKPOPXBOJBVS[ÅE[FOJB

QPOJFXBļVOJFNPļMJXJBKÅ[BOJFD[ZT[D[FOJFXOÙUS[BVS[ÅE[FOJB

DJFD[BNJJCSVEFN

1POPXOJF[BNPOUPXBÇQPLSÙUĂB

/JHEZOJFOBMFļZEFNPOUPXBÇUS[QJFOJBLVSLBSZT 8

QS[ZQBELVBXBSJJOBMFļZXZNJFOJÇLPNQMFUOZLVSFL

8ZDJD

1P[BLPĄD[FOJVQSBDZXQPCMJļVUBCMJD[LJ[OBNJPOPXFKOBMFļZ

QS[ZLMFJÇOBLMFKLÙJOGPSNVKÅDÅKBLJNSPE[BKFNHB[VVS[ÅE[FOJF

KFTU[BTJMBOF

,QVWUXo}HVGHPRQWDJHP

,QGLFDo}HVGHVHJXUDQoD

-FJB BT JOTUSV§µFT EP BQBSFMIP BOUFT EF QSPDFEFS  TVB JOTUBMB§£P

FVTP

0THS¡GJDPTT£PSFQSFTFOUBEPTOFTUBT*OTUSV§µFTEFNPOUBHFNB

UUVMPPSJFOUBUJWP

2IDEULFDQWHILFDLVHQWRGHWRGDDUHVSRQVDELOLGDGHFDVRQmR

VHFXPSUDPDVGLVSRVLo}HVFRQVWDQWHVGHVWHPDQXDO

7RGRVRVWUDEDOKRVGHLQVWDODomRUHJXODomRHDGDSWDomRD

RXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRUXPWpFQLFRGH

LQVWDODomR DXWRUL]DGR UHVSHLWDQGR WRGDV DV UHJXODPHQWDo}HV

HOHJLVODomRDSOLFiYHLVEHPFRPRRHVWLSXODGRSHODV

HPSUHVDVORFDLVIRUQHFHGRUDVGHJiVHHOHFWULFLGDGH

5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$VVLVWrQFLD

7pFQLFDSDUDDDGDSWDomRDRXWURVWLSRVGHJiV

$QWHVGHTXDOTXHUSURFHGLPHQWRFRUWHDDOLPHQWDomR

HOpFWULFDHGHJiVGRDSDUHOKR

&TUFBQBSFMIPGPJVOJDBNFOUFDPODFCJEPQBSBVUJMJ[B§£P

EPN©TUJDBO£PQPEFOEPQPSJTTPTFSVUJMJ[BEPQBSBGJOT

DPNFSDJBJT PV QSPGJTTJPOBJT &TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP

FNJBUFTPVDBSBWBOBT"HBSBOUJBBQFOBTTFS¡W¡MJEBDBTPP

BQBSFMIPTFKBVUJMJ[BEPDPSSFDUBNFOUFFQBSBPTGJOTBRVFTF

EFTUJOB

"OUFTEBJOTUBMB§£PEFWFDPNQSPWBSTFBTDPOEJ§µFTEF

EJTUSJCVJ§£PMPDBMOBUVSF[BFQSFTT£PEPH¡TFBSFHVMB§£PEP

BQBSFMIP T£P DPNQBUWFJT "T DPOEJ§µFT EF SFHVMB§£P EP BQBSFMIP

FTU£PJOEJDBEBTOBFUJRVFUBPVOBQMBDBEFDBSBDUFSTUJDBT

&TUFBQBSFMIPT³QPEFTFSJOTUBMBEPOVNMPDBMCFNWFOUJMBEPF

DVNQSJOEPDPNPTSFHVMBNFOUPTFNWJHPSFBTEJTQPTJ§µFT

SFMBUJWBTWFOUJMB§£P&TUFBQBSFMIPO£PEFWFTFSMJHBEPBVN

EJTQPTJUJWPEFFWBDVB§£PEPTQSPEVUPTEFDPNCVTU£P

0DBCPEFBMJNFOUB§£PEFWFTFSGJYPBPN³WFMQBSBFWJUBSRVF

FOUSF FN DPOUBDUP DPN BT QBSUFT RVFOUFT EP GPSOP PV EB QMBDB EF

DP[FEVSB

0TBQBSFMIPTDPNBMJNFOUB§£PFM©DUSJDBEFWFNTFS

PCSJHBUPSJBNFOUFMJHBEPTUFSSB

/£PNBOJQVMFPJOUFSJPSEPBQBSFMIP4FOFDFTT¡SJPDPOUBDUFP

OPTTP4FSWJ§PEF"TTJTUªODJB5©DOJDB

$QWHVGDLQVWDODomR

&TUF BQBSFMIP DPSSFTQPOEF  DMBTTF  TFHVOEP B OPSNB &/ 

QBSBBQBSFMIPTBH¡TBQBSFMIPFODBTUSBEPOVNN³WFM

0TN³WFJTRVFGJRVFNQS³YJNPTEPBQBSFMIPEFWFNTFSGFJUPTEF

NBUFSJBJTO£PJOGMBN¡WFJT0TSFWFTUJNFOUPTFTUSBUJGJDBEPTFB

DPMBRVFPTGJYBEFWFNTFSSFTJTUFOUFTBPDBMPS

&TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP TPCSF GSJHPSGJDPT N¡RVJOBT

EFMBWBSSPVQBN¡RVJOBTEFMBWBSMPJ§BPVBQBSFMIPTTJNJMBSFT

1BSBJOTUBMBSBQMBDBEFDP[FEVSBTPCSFVNGPSOPFTUFEFWF

JODMVJSVNNFDBOJTNPEFWFOUJMB§£PGPS§BEB7FSJGJRVFBT

EJNFOTµFTEPGPSOPOPTFVNBOVBMEFJOTUBMB§£P

4FJOTUBMBSVNFYUSBDUPSEFWFUFSFNDPOUBPSFTQFDUJWPNBOVBM

EFJOTUBMB§£PSFTQFJUBOEPTFNQSFVNBEJTU¢ODJBWFSUJDBMNOJNB

EF NNEBQMBDBEFDP[FEVSB

3UHSDUDomRGRPyYHOILJ 

3FBMJ[FVNDPSUFEBTEJNFOTµFTOFDFTT¡SJBTOBTVQFSGDJFEF

USBCBMIP

FTFO£PIPVWFSVNGPSOPQPSCBJYPEBNFTNBDPMPRVFVN

TFQBSBEPS EF NBUFSJBM O£P JOGMBN¡WFM QPS FY EF NFUBM PV NBEFJSB

DPOUSBQMBDBEBB NNEBCBTFEBQMBDBEFDP[FEVSB"TTJN

JNQFEF P BDFTTP  QBSUF JOGFSJPS EFTUB 4F B QMBDB EF DP[FEVSB GPS

BH¡TSFDPNFOEBTFRVFDPMPRVFPTFQBSBEPSNFTNB

EJTU¢ODJB

&NTVQFSGDJFTEFUSBCBMIPEFNBEFJSBFOWFSOJ[FBTTVQFSGDJFT

EFDPSUFDPNVNBDPMBFTQFDJBMQBSBBTQSPUFHFSEBIVNJEBEF

 

,QVWDODomRGRDSDUHOKR

1RWD 6UJMJ[FMVWBTEFQSPUF§£PQBSBNPOUBSBQMBDBEFDP[JOIBS

4FHVOEPPNPEFMPBKVOUBBEFTJWBQPEFWJSDPMPDBEBEFG¡CSJDB

4FGPSFTTFPDBTPO£PBSFNPWBEFGPSNBBMHVNBBKVOUB

BEFTJWBJNQFEFBTJOGJMUSB§µFT4FBKVOUBO£PWJFSDPMPDBEBEF

G¡CSJDBDPMFBOBNBSHFNJOGFSJPSEBQMBDBEFDP[FEVSB'JH 

1BSBBGJYB§£PEPBQBSFMIPOPN³WFMEFFODBTUSBNFOUP

 "QBSBGVTF DBEB VN EPT HSBNQPT OB QPTJ§£P JOEJDBEB EFJYBOEP

RVFFTUFTSPEFNMJWSFNFOUF

 &ODBTUSFFDFOUSFBQMBDBEFDP[FEVSB

QFSNFUSP

 (JSFPTHSBNQPTFBQFSUFPTCFN

" QPTJ§£P EPT HSBNQPT EFQFOEF EB FTQFTTVSB EB TVQFSGDJF EF

USBCBMIP'JH 

'HVPRQWDJHPGDSODFDGHFR]HGXUD

%FTBQBSBGVTFPTHSBNQPTFQSPDFEBEFNPEPJOWFSTPBPEB

NPOUBHFN

/LJDomRDJiVILJ 

" MJHB§£P EP BQBSFMIP  SFEF EF H¡T UFN EF TFS SFBMJ[BEB EF GPSNB

BRVFBUPSOFJSBEFGFDIPGJRVFBDFTTWFM

" FYUSFNJEBEF EP DPOFDUPS EF FOUSBEB EB QMBDB EF DP[FEVSB B H¡T

FTU¡FRVJQBEBDPNVNBSPTDBEF࣐࣐ NNRVFQFSNJUF

■ 3FBMJ[BSVNBMJHB§£PSHJEB

■ &GFDUVBSBMJHB§£PDPNVNUVCPGMFYWFMNFU¡MJDP- NO  N

N¡Y  N

*OUFSDBMFBKVOUBEFFTUBORVFJEBEFGPSOFDJEBFOUSFB

TBEBEPDPMFDUPSFBFOUSBEBEFH¡T

&WJUF P DPOUBDUP EP UVCP DPN RVBMRVFS QBSUF N³WFM EB VOJEBEF EF

FODBTUSBNFOUPQPSFYFNQMPVNBHBWFUBCFNDPNPBTVB

QBTTBHFNQPSFTQB§PTRVFQPTTBNGJDBSPCTUSVEPT

4FEFTFKBSFTUBCFMFDFSVNBMJHB§£PD³OJDBDPMPRVFPBDFTT³SJP

DPNPOºNFSPFPWFEBOUFDPNPOºNFSP

JODMVEPOPWPMVNFEFGPSOFDJNFOUPPVEJTQPOWFMOBBTTJTUªODJB

UVCPEFBMJNFOUB§£PEFH¡T'JH 

1BSBSFBMJ[BSBMJHB§£PBH¡TOBIPSJ[POUBMPOPTTP4FSWJ§PEF

VNBKVOUBD³EJHP 

: 3HULJRGHIXJD

4FNBOJQVMBSRVBMRVFSMJHB§£PWFSJGJRVFBFTUBORVFJEBEF

0GBCSJDBOUFO£PTFSFTQPOTBCJMJ[BTFBMHVNBMJHB§£PBQSFTFOUBS

GVHBTEFQPJTEFUFSTJEPNBOJQVMBEB

/LJDomRHOpFWULFDILJ 

7FSJGJRVF TF B WPMUBHFN F B QPUªODJB EP BQBSFMIP T£P DPNQBUWFJT

"TQMBDBTEFDP[FEVSBT£PGPSOFDJEBTDPNVNDBCPEF

BMJNFOUB§£PDPNPVTFNGJDIB

0TBQBSFMIPTGPSOFDJEPTDPNGJDIBT³EFWFNTFSMJHBEPTB

UPNBEBTEFUFSSBEFWJEBNFOUFJOTUBMBEBT

%FWFQSFWFSTFVNJOUFSSVQUPSPNOJQPMBSDPNVNBBCFSUVSBEF

DPOUBDUP NOJNB EF  NN FYDFQUP FN MJHB§µFT DPN GJDIB TF FTUB

FTUJWFSBDFTTWFMBPVUJMJ[BEPS

GB[ªMP%FWFTFNQSFSFTQFJUBSTFBTFD§£PNOJNBFPUJQPEF

DBCP

0XGDQoDGRWLSRGHJiV

4F BT SFHVMBNFOUB§µFT EP QBT P QFSNJUJSFN FTUF BQBSFMIP QPEF

TFSBEBQUBEPBPVUSPTUJQPTEFH¡TWFSQMBDBEFDBSBDUFSTUJDBT

"TQF§BTOFDFTT¡SJBTQBSBUBMFTU£PJODMVEBTOPTBDPEF

USBOTGPSNB§£PGPSOFDJEPDPOTPBOUFPNPEFMPPVEJTQPOWFJTOP

TFHVJOUFT

$6XEVWLWXLomRGRVLQMHFWRUHVILJ 

 3FUJSFBTHSFMIBTBTUBNQBTEFRVFJNBEPSFPTEJGVTPSFT

 4VCTUJUVBPTJOKFDUPSFTVTBOEPBDIBWFEJTQPOJCJMJ[BEBQFMP

QBSBRVFJNBEPSFTEFDIBNBEVQMBPVUSJQMBD³EJHP

WFS UBCFMB * UFOEP FTQFDJBM BUFO§£P QBSB RVF P JOKFDUPS O£P TF

TPMUFBPSFUJS¡MPPVGJY¡MPBPRVFJNBEPS

"QFSUFCFNPTJOKFDUPSFTQBSBHBSBOUJSBFTUBORVFJEBEF

QSJN¡SJP

 $PMPRVFPTEJGVTPSFTFBTUBNQBTEPTRVFJNBEPSFTOPT

SFTQFDUJWPTMVHBSFTFBTHSFMIBTOPTSFTQFDUJWPTFMFNFOUPTEF

GJYB§£P

%5HJXODomRGDVWRUQHLUDV

 $PMPRVFPTDPNBOEPTOBTVBQPTJ§£PNOJNB

 3FUJSFPTDPNBOEPTEBTUPSOFJSBT'JH 

&ODPOUSBS¡VNSFUFOUPSEFCPSSBDIBGMFYWFM#BTUBS¡QSFTTJPO¡

MP DPN B QPOUB EB DIBWF EF GFOEBT QBSB RVF TF MJCFSF P BDFTTP

BPQBSBGVTPEFSFHVMB§£PEBUPSOFJSB 1XQFDGHVPRQWHR

UHWHQWRU

VNBDIBWFEFGFOEBTEFQPOUBQMBOB

$POTPBOUFPH¡TBPRVBMWBJBEBQUBSPBQBSFMIPWFSUBCFMB**

FGFDUVFBBD§£PDPSSFTQPOEFOUF

"BQFSUBSCFNPTQBSBGVTPTCZQBTT

DPSSFDUBEPTRVFJNBEPSFTWFSJGJRVFTFBPBKVTUBSPDPNBOEP

FOUSFPN¡YJNPFPNOJNPPRVFJNBEPSO£PTFBQBHBOFN

PDPSSFVNSFUSPDFTTPEBDIBNB

BVUPSJ[BEP

%O£PNBOJQVMBSPTQBSBGVTPTCZQBTT

JNQPSUBOUFRVFFTUFKBNDPMPDBEPT WRGRV PTSFUFOUPSFTQBSB

HBSBOUJSBFTUBORVFJEBEF&TUFTEJTQPTJUJWPTT£PJNQSFTDJOEWFJT

QBSBPDPSSFDUPGVODJPOBNFOUPEPBQBSFMIPK¡RVFJNQFEFNB

FOUSBEBEFMRVJEPFBGPSNB§£PEFTVKJEBEFOPJOUFSJPSEP

BQBSFMIP

7PMUFBDPMPDBSPTDPNBOEPT

/VODBEFTNPOUFPFJYPEBUPSOFJSB'JH &NDBTPEFBWBSJB

EFWFTVCTUJUVJSTFUPEPPDPOKVOUPEBUPSOFJSB

$WHQomR

"P UFSNJOBS DPMPRVF B FUJRVFUB BEFTJWB JOEJDBOEP P OPWP UJQP EF

H¡TQS³YJNPEBQMBDBEFDBSBDUFSTUJDBT

Ημπροςιυηώξνλνμρίες

Ξοίαηκίρδτμηιηΰδζνξίπμνπρη

̶͌͗͌͋͔͇͇͕͓͒͞͓͕͔͙͇͍͇͏͖͚͇͙͇ͤ͑͒͘͝͏͏͉͔͏͓͇͙͔͕͌͒ͣ͏͎͚͞͏͙͌

͚͕͉͕͙͉͕͗͑͋͘͑͉͇͓͚͌͟͙͕͖ͤ͒͌͑͗͗͏͈͕͚͗

̶͗͏͉͔͔͌͋͌͌͢͉͇͔͔͕͓͋͚͕͉͕͙͉͗͑͋͌͘͖͕͓͕͔͙͇͍͚͗͏͚͔͑͘͏

͉͙ͦ͒ͦͥͦ͘͕͗͏͔͙͌͏͕͉͕͔͓͗͢͞͏

Ξοημδαϊξνκμδμηηημπροςιυηθπνγδοείψητπώαγίμμνλ

οςινανγπραδξονηζανγηρδκϋνπανΰνεγίδρπώνραπώινθ

νραδρπραδμμνπρη

Απδνξδοίυηηξνςπρίμναιδμίκίγιδηίγίξρίυηηιγοςβνλς

αηγςβίζίγνκεμϊξονανγηρϋπώπδορησηυηοναίμμϊλ

πξδυηίκηπρνλαπννραδρπραηηπναπδληγδθπραςύψηλη

μνολίληηζίινμνγίρδκϋπρανλίρίιεδπξοδγξηπίμηώλη

λδπρμϊτβίζνηόκδιρονπμίΰείύψητινλξίμηθ

Γκώίγίξρίυηηξοηΰνοίιγοςβνλςαηγςβίζίοδινλδμγςδλ

παώζίρϋπώπμίχηλπδοαηπμϊλυδμρονλ

Ξδοδγ ξοναδγδμηδλ κύΰϊτ γδθπραηθ μδνΰτνγηλν ξδοδιοϊρϋ

ξνγίφςβίζίηόκδιρονόμδοβηηιγίμμνλςόκδιρονξοηΰνος

̫͇͔͔͐͢͖͗͏͈͕͗͖͔͇͎͔͇͔͗͌͋͌͞͏͑͒ͥ͘͞͏͙͔͕͌͒ͣ͋͒ͦ͈͙͕͉͕͕͊͢

͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͏͔͌͓͕͍͙͌͖͗͏͓͔͙͌ͦͣͦ͘͉͖͕͓͔͔͗͒͌͢͟͢͜͏͒͏

͕͓͓͑͌͗͌͑͘͞͏͜͌͒ͦ͜͝̫͇͔͔͐͢͖͗͏͈͕͗͔͎͌͒ͣͦ͚͙͇͔͇͉͒͘͏͉͇͙ͣ͔͇

͙͇ͦ͜͜ ͏͒͏ ͉ ͇͉͙͕͓͖͇͑͌͌͗͜ ̪͇͇͔͙͗͏ͦ ͖͕͗͏͎͉͕͋͏͙͌͒ͦ ͙͉͋͌͐͘͏͙͔͇͌͒ͣ

͙͕͕͒ͣ͑͉͚͇͒͌͘͞͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͖͗͏͈͕͇͗͖͕͔͇͎͔͇͔͌͞͏ͥ

̶͌͗͌͋͚͙͇͔͕͉͕͑͐͘͔͕͈͕͌͋͜͏͓͕͖͕͉͗͌͗͏͙ͣ͕͕͙͉͙͙͉͚͙͌ͥ͘͘͒͏

͇͇͙͗͑͌͗͜͏͙͘͏͑͏͖͕͇͉͇͓͕͕͋͌͊͉͉͇͓͌͟͗͌͊͏͕͔͌͇͎͇͊͉͏͋͇͎͇͊͏

͇͉͔͋͒͌͏͌͔͇͙͕͇͓͗͐͑͘͖͗͏͈͕͇͗̶͇͇͓͙͗͌͗͢͔͇͙͕͗͐͑͘͏͖͗͏͈͕͇͗

͚͇͎͇͔͑͢͔͇͙ͤ͏͙͑͌͑͌͏͉͙͇͈͒͏͑͌͞͘͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏

̫͇͔͔͐͢͖͗͏͈͕͗͓͕͍͔͕͚͙͇͔͇͉͒͘͏͉͇͙ͣ͙͕͕͒ͣ͑͉͕͕͕͗͜͟

͖͕͉͙͗͌͗͏͉͇͓͕͓͌͓͙͌͌͘͉͕͕͙͉͙͙͉͌͘͘͏͏͘͙͉͚͋͌͐ͥ͘͠͏͓͏

͔͕͓͇͓͗͏͏͏͔͙͚͗͑͘͝͏͓ͦ͏͕͙͔͕͘͏͙͔͕͌͒ͣ͉͔͙͌͏͒ͦ͝͏͏͖͕͓͔͌͌͠͏͐

̫͇͔͔͐͢͖͗͏͈͕͗͔͎͌͒ͣͦ͖͕͕͋͌͋͘͏͔͙ͦͣ͑͓͕͕͚͋͋͢͜͋͒ͦ͕͙͉͕͇͋

͓͕͉͋͢͢͜͇͎͕͉͊

̱͇͈͌͒ͣ͖͏͙͇͔͏ͦ͔͕͈͕͌͋͜͏͓͕͎͇͖͑͗͌͏͙ͣ͔͇͙͚͓͈͌͙͕͈͢͞͔͌

͕͖͚͇͙͋͑ͣ͘͕͌͊͕͖͗͘͏͕͔͕͉͔͑͌͘͏ͦ͘͔͇͉͇͊͗͌ͥ͠͏͓͏ͦ͘͙͇͓͋͌͒ͦ͏

͚͕͉͕͕͋͊͜͇͇͑͛͟͏͒͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏

̶͗͏͈͕͗͢͇͈͕͙͇͗ͥ͠͏͌͕͙͙͕͙ͤ͒͌͑͗͌͘͏͕͈͎͇͙͔͕ͦ͌͒ͣ͕͍͔͋͒͢͈͙ͣ͢

͎͇͎͓͔͌͒͌͢

̴͎͌͒ͣͦ͉͔͕͘͏͙ͣ͏͎͓͔͔͌͌͏ͦ͉͕͉͔͚͙͔͔͗͌͏͌͓͔͙ͤ͒͌͌͢͖͗͏͈͕͇͗

̬͒͘͏͔͕͈͕͌͋͜͏͓͕͖͕͗͏͎͉͙͌͘͏͓͕͔͙͗͌͕͈͇͙͗͏͙͌ͣ͘͉͔͇͟

͉͌͗͘͏͔͐͘͢͔͙͌͗͝

Ξδοδγμίφίκνλςπρίμναιη

̫͇͔͔͐͢ ͖͗͏͈͕͗ ͕͙͔͕͘͏͙ͦ͘ ͑ ͙͙͓͚͗͌ͣ͌ ͇͚͑͒͘͘ ͎͇͠͏͙͢ ͖͕ ͙͇͔͇͙͚͋͗͘

&/͋͒ͦ͇͎͕͉͊͢͜͖͗͏͈͕͕͉͗͉͙͕͔͔͕͗͌͌͘͕͈͕͚͕͉͇͔͗͋͏͌

 

̳͈͌͌͒ͣ͕͖͗͘͏͇͇͇͑ͥͦͦ͘͘͠͘͉͇͕͔͕͗͐͞͖͇͔͌͒ͣͥ͕͍͔͇͋͒͈͙ͣ͢

͏͎͕͙͕͉͔͇͊͒͌ ͏͎ ͔͉͕͖͇͓͔͌͒͌ͦͥ͘͠͏ͦ͘͜ ͓͇͙͌͗͏͇͕͉͒ ̵͈͒͏͕͉͕͔͌͢͝͞

͕͒͘͏͙͌͘͢͖͕͙͑͗͢͏ͦ͏͎͇͖͑͗͌͒ͦͥ͠͏͐͏͜͑͒͌͐͕͍͔͋͒͢͈͙ͣ͢

͙͓͕͙͕͌͗͐͑͘͏͓͏

̫͇͔͔͐͢͖͗͏͈͕͗͔͎͌͒ͣͦ͚͙͇͔͇͉͒͘͏͉͇͙ͣ͔͇͋͕͕͒͋͜͏͔͒ͣ͏͇͓͑͏

͙͘͏͇͔͓͗͒ͣ͢͏͓͇͟͏͔͇͓͏͖͕͚͕͓͕͔͓͋͌͘͢͞͏͓͇͟͏͔͇͓͏͏͚͕͋͗͊͐

͖͕͕͈͔͕͋͐͙͔͌͜͏͕͑͐

̬͒͘͏͙͈͚͙͗͌͌ͦ͘͚͙͇͔͕͉͘͏͙ͣ͉͇͕͔͚͗ͥ͞͖͇͔͌͒ͣ͔͇͋͚͕͉͓͋͜͢

͇͕͓͑͛͟͚͙͒͌͋͌͘͉͈͇͙͗ͣ͢͓͕͋͌͒ͣ͚͕͉͕͕͋͊͜͇͇͑͛͟͘͘͏͙͓͕͌͐͘

͖͗͏͔͚͋͏͙͔͕͌͒ͣ͐ ͉͔͙͌͏͒ͦ͝͏͏ ̶͕͉͙͗͌͗ͣ͌ ͇͎͓͗͌͗͢ ͚͕͉͕͕͋͊͜ ͇͇͑͛͟

͉͕͕͙͉͙͙͉͚͓͌ͥ͌͘͘͠͚͕͉͕͙͉͗͑͋͌͘͖͕͓͕͔͙͇͍͚

̶͗͏͓͕͔͙͇͍͌͉͙͍͔͕͕ͦ͊͢͚͙͕͙͉͇͗͐͘͘͔͕͈͕͌͋͜͏͓͕͕͉͇͙͒͌͋ͣ͘

͏͔͙͚͗͑͘͝͏͓ͦ͕͕͙͉͙͙͉͚͕͌ͥ͌͊͘͘͠͚͕͉͕͙͉͇͗͑͋͘͖͕͓͕͔͙͇͍͚͒͌͋ͦ͘

͎͇͙͓͌͙͕͈͢͞͇͙͕͔͗ͦ͘͘͏͌͕͙͉͙͍ͦ͑͢͏͕͋͉͇͕͔͕͗͐͞͖͇͔͌͒͏͖͕

͉͙͌͗͏͇͑͒͏͈͕͒͢͔͌͓͔͌͌͌͓͓

Ξνγβνρναιίρςλΰϊοηπ 

̶͕͇͙͗͋͌͒͐͌͉͙͕͔͒͌͘͟͏͌͝͕͙͉͙͌͗͘͏͌͔͚͍͔͢͜͇͎͓͕͉͗͌͗

̶͗͏͚͙͇͔͕͉͑͌͘͙ͤ͒͌͑͗͏͕͌͑͐͘͞͏͒͏͕͓͈͑͏͔͏͕͉͇͔͔͕͗͐͇͎͕͉͊͌͢͏

͙ͤ͒͌͑͗͏͌͑͘͞͏͌͕͔͕͑͛͗͑͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏͈͎͌͚͕͉͕͕͋͊͜͇͇͑͛͟

͔͕͈͕͌͋͜͏͓͕͖͕͙͇͉͘͏͙ͣ͖͕͋͔͌͐͖͕͕͚͌͗͌͊͗͋͑͏͎

͔͉͕͖͇͓͔͕͌͒͌ͦͥ͌͊ͦ͘͘͠͓͇͙͌͗͏͇͇͒͔͇͖͗͏͓͌͗͏͎͓͙͇͇͌͒͒͏͒͏

͇͔͔͕͕͛͌͗͊͒͏͙͇͘͔͇͇͙͕͔͗ͦ͘͘͏͏ ͓͓͕͙͕͔͕͉͇͔͘͏ͦ͉͇͕͔͕͗͐͞

͖͇͔͌͒͏̹͇͑͏͓͕͈͇͎͕͓͗͕͙͚͖͋͘͑͔͏͍͔͌͐͇͙͘͞͏͖͇͔͌͒͏͈͚͙͋͌

͖͙͌͗͌͑͗͢̩͚͇͒͌͘͞͇͎͕͉͕͊͐͉͇͕͔͕͗͐͞͖͇͔͌͒͏͙͇͍͑͌

͕͓͔͚͙͗͌͑͌͋͌ͦ͘͚͙͇͔͕͉͘͏͙ͣ͖͕͕͚͌͗͌͊͗͋͑͔͇͙͕͓͍͌͇͙͕͔͗ͦ͘͘͏͏

̬͒͘͏͙͕͔͒͌͘͟͏͇͝͉͖͕͔͔͇͒͌͢͏͎͉͇͋͌͗͌͖͕͕͙͑͗͐͌͖͕͉͔͕͙͌͗ͣ͘͜

͎͇͗͌͘͖͌͘͝͏͇͔͓͒ͣ͢͓͙͊͌͗͌͏͕͓͑͙͕͈͢͞͎͇͠͏͙͏͙ͣ͌͌͕͙͙͉͋͌͐͘͏ͦ

͉͇͒͊͏

Λνμρίεξοηΰνοί

΢ιίζίμηδ ̶͗͏ ͚͙͇͔͕͉͑͌͘ ͉͇͕͔͕͗͐͞ ͖͇͔͌͒͏ ͏͖͕͎͚͙͒ͣ͐͌͘ ͎͇͠͏͙͔͌͢

͖͇͙͌͗͑͞͏

̴͕͙͕͌͑͗͌͢͓͕͋͌͒͏͖͕͙͇͉͙͒ͦͥͦ͘͘͘͚͙͇͔͕͉͔͔͕͒͌͐͘͔͇͇͈͛͗͏͑͌

͑͒͌ͦ͌͐ͦ͘͠͖͕͇͕͗͑͒͋͑͐̬͒͘͏͖͕͇͇͗͑͒͋͑͚͙͇͔͕͉͔͇͒͌͘͔͏͉͕͓͑͌

͚͇͒͌͘͞͔͌͔͘͏͓͇͙͐͌͌͌͇͑͒͌ͦͦͦ͘͠͖͕͇͇͗͑͒͋͑͖͕͙͉͇͇͙͗͌͋͗͌͠

͖͕͙͇͔͋͌͑͏͌̬͒͘͏͖͕͇͇͗͑͒͋͑͔͌͚͙͇͔͕͉͔͇͒͌͘͔͇͇͈͛͗͏͑͌

͖͗͏͙͑͒͌͐͌͌͌͑͔͏͍͔͓͚͌͇͑͗ͥ͉͇͕͔͕͗͐͞͖͇͔͌͒͏͗͏͘ 

̮͇͖͔͑͗͌͒͌͏͌͉͇͕͔͕͗͐͞͖͇͔͌͒͏͉͙͚͓͈͌

 ̶͗͏͉͏͔͙͏͙͌͉͌͘͎͇͍͏͓͢͉͔͚͍͔͕͓͖͕͕͍͔͒͌͏͏͙͇͑͙͕͈͢͞͕͔͏

͓͕͊͒͏͉͕͈͕͔͕͋͘͉͇͇͙͗ͣͦ͘͠

 ̩͙͇͉͙ͣ͌͘͉͇͕͔͚͗ͥ͞͖͇͔͌͒ͣ͉͖͕͕͙͕͉͔͔͕͋͊͒͌͌͕͙͉͙͌͗͘͏͌͏

͉͕͉͔͙͗ͦ͐͌͢͌͌

̴͇͍͓͏͙͌͔͇͇͑͗ͦ͖͇͔͌͒͏͙͇͑͙͕͈͢͞͉͇͕͔͇͗ͦ͞͖͇͔͌͒ͣ͕͖͇͌͗͒ͣ͘

͔͇͇͑͗͐͙͕͔͒͌͘͟͏͢͝͖͕͉͓͚͌͘͖͌͗͏͓͙͚͌͗

 ̷͇͎͉͔͌͗͏͙͌͎͇͍͏͓͢͏͙͚͕͊͎͇͙͔ͦ͏͙͌͏͜

̶͕͕͍͔͒͌͏͌͎͇͍͏͓͕͉͎͇͉͏͘͏͙͕͙͙͕͒͠͏͔͢͙͕͔͒͌͘͟͏͢͝͗͏͘ 

Γδλνμρίεαίονφμνθξίμδκη

̵͙͕͌͋͘͏͔͏͙͌͖͗͏͈͕͗͕͙͙͕͙ͤ͒͌͑͗͌͘͏͏͕͙͇͎͕͖͕͉͕͇͊͗͋

̵͙͚͙͑͗͏͙͌͉͏͔͙͢͎͇͍͏͓͕͉͏͖͕͉͙͕͗͏͙͌͙͉͋͌͐͘͏ͦ͉͖͕͔͔͔͒͌͌͢͢͉͕

͉͓͗͌ͦ͓͕͔͙͇͍͇͉͕͈͇͙͔͕͓͗͖͕͗ͦ͋͑͌

Ξνγικύφδμηδβίζίοηπ 

̶͕͔͋͑͒ͥ͌͞͏͌͑͇͎͚͊͕͍͔͕͋͒͈͙ͣ͢͕͚͙͉͔͕͌͒͌͘͘͠͙͇͑͏͓͕͈͇͎͕͓͗

͙͕͈͢͞͈͒͢͉͕͈͕͔͋͐͘͢͕͙͚͖͋͘͑͎͇͖͕͔͕͓͚͗͇͔͚͑͗

̴͇͕͔͑͌͝͉͖͚͔͕͕͑͊͘͖͇͙͚͈͇͗͑͉͇͕͔͕͗͐͞͖͇͔͌͒͏͏͓͙͌͌ͦ͘͎͈͇͗͌ͣ

͋͏͇͓͙͕͓͌͗ࣔ ͓͓͖͕͎͉͕͇͒ͦͥͦ͠͕͈͖͌͌͘͞͏͙ͣ

■ ͍͙͕͌͑͌͘͕͌͋͘͏͔͔͌͏͌

■ ͕͌͋͘͏͔͔͌͏͌͘͊͏͈͑͏͓͓͙͇͌͒͒͏͌͑͘͞͏͓͇͔͕͓͒͊͟

͓͏͔ ͋͒͏͔͇  ͓͓͇͑͘ ͋͒͏͔͇ ͓

̳͍͚͌͋͕͙͉͙͌͗͘͏͓͌͉͕͔͕͕͋͊͜͖͇͙͚͈͇͗͑͏͇͎͕͉͕͊͐͙͚͈͕͗͐

͔͕͈͕͌͋͜͏͓͕͚͙͇͔͕͉͘͏͙ͣ͚͖͕͙͔͒͏͙͔͚͌͒ͣͥ͖͕͇͚͗͑͒͋͑

͖͕͙͇͉͓͚͒ͦ͌ͥ͘͉͓͙͌͌͘͘͉͇͕͔͕͗͐͞͖͇͔͌͒ͣͥ

̴͕͈͕͌͋͜͏͓͕͏͑͒ͥ͘͞͏͙ͣ͕͖͗͘͏͕͔͕͉͔͑͌͘͏͌͇͔͇͒͊͟͘͖͕͉͋͏͍͔͓͢͏

͇͙͓ͦ͘͞͏͓͈͌͌͒͏͉͕͙͕͚͑͗ͥ͉͙͇͗͘͏͉͇͙͌ͦ͘͉͇͕͔͇͗ͦ͞͖͇͔͌͒ͣ

͔͇͖͗͏͓͌͗͘͉͉͋͢͏͍͔͓͢͏ͦ͠͏͇͓͑͏͇͙͇͍͑͌͖͕͕͍͔͗͋͌͜͏͌

͇͔͇͒͊͟͉͓͙͇͌͘͜͕͙͕͑͗͌͢͓͕͚͙͊͕͇͎͇͙͑ͣͦ͘͎͇͕͓͕͍͔͔͓͊͗͋͌͢͏

̶͗͏͕͔͑͏͕͓͌͑͘͞͕͌͋͘͏͔͔͌͏͏͉͙͇͉͙ͣ͌͘͖͗͏͔͇͍͔͕͙͋͒͌ͣ͘͖͕͋

͔͕͓͕͓͌͗͏͚͖͕͙͔͒͏͙͌͒ͣ͖͕͋͔͕͓͕͓͌͗

͖͕͙͇͉͙͒ͦͥͦ͘͘͉͕͓͖͙͑͒͌͑͌͏͒͏͓͕͚͙͊͈͙ͣ͢͖͗͏͕͈͙͔͗͌͌͢͉

͉͌͗͘͏͔͕͐͘͚͍͈͒͌͘͓͍͚͌͋͉͖͚͔͕͑͐͘͙͚͈͕͗͐͇͎͕͉͕͊͐͉͇͕͔͕͗͐͞

͖͇͔͌͒͏͏͙͚͈͕͗͐͖͕͉͕͇͋͋͇͎͇͊̷͏͘ 

̶͗͏ ͔͕͈͕͌͋͜͏͓͕͙͘͏ ͕͊͗͏͎͕͔͙͇͔͕͕͒ͣ͊ ͕͌͋͘͏͔͔͌͏ͦ ͘ ͇͎͕͉͕͊͐ ͙͚͈͕͗͐

͓͕͍͔͕͖͗͏͕͈͙͗͌͘͏͉͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝͖͌͘͝͏͇͔͕͒ͣ͌͕͔͕͑͒͌

͇͙͗͏͚͑͒ ͏͚͖͕͙͔͒͏͙͔͚͌͒ͣͥ͖͕͇͚͗͑͒͋͑͇͙͗͏͚͑͒ 

: Πςψδπραςδρνξίπμνπρϋςρδφιηβίζί

̶͕͒͌͘͉͔͔͌͌͘͏ͦ͏͎͓͔͔͌͌͏͐͉͕͌͋͘͏͔͏͙͔͚͌͒ͣͥ͕͔͙͚͑͗͑͘͝͏ͥ

͖͕͉͙͗͌͗ͣ͌͌͌͓͙͊͌͗͌͏͔͕͙ͣ͘͞

̶͕͗͏͎͉͕͋͏͙͌͒ͣ͔͌͔͙͌͌͘͕͙͉͙͙͉͔͔͕͙͌͌͘͘͏͎͇͚͙͚͌͑͞͇͎͇͊͉

͕͌͋͘͏͔͔͌͏ͦ͜͉͖͕͔͔͔͒͌͢͢͜͖͕͎͕͉͇͙͓͒ͣ͌͒͌͏͒͏͏͖͕͔͒͘͏͙͓͌͒͌

͓͕͔͙͇͍͔͢͜͇͈͕͙͗

Ξνγικύφδμηδιόκδιρονπδρηοηπ

̶͕͉͙͗͌͗ͣ͌͙͕͈͢͞͔͇͖͍͔͗ͦ͌͏͌͏͓͕͔͕͙ͣ͘͠͖͗͏͈͕͇͗

͕͕͙͉͙͙͉͕͉͇͌͒͘͘͏͖͇͇͓͙͇͓͗͌͗͙͕͇͑͉͙͕͙ͤ͒͌͑͗͌͘͏

̩͇͕͔͗͌͢͞͖͇͔͌͒͏͖͕͙͇͉͙͒ͦͥͦ͘͘͘͇͈͓͑͌͒͌͖͏͙͇͔͏ͦ͕͙͕͑͗͐͢

͓͕͍͙͌͔͌͏͓͙͌ͣ͙͖͔͕͌͌͒ͣ͐͘͟͉͏͒͑͏

̶͗͏͈͕͗͢͔͇͈͍͔͔͌͌͘͢͙͖͔͕͌͌͒ͣ͐͘͟͉͏͕͒͑͐͓͕͍͔͕͖͕͇͙͋͑͒ͥͣ͞

͙͕͕͒ͣ͑͑͕͎͙͇͓͗͌͑͘͖͇͉͗͏͔͕͒ͣ͚͙͇͔͕͉͔͔͓͒͌͘͢͎͇͎͓͔͌͒͌͏͓͌

̴͕͈͕͌͋͜͏͓͕͖͚͓͕͙͙͗͌͋͗͌ͣ͘͇͎͓͇͗͑ͥ͌͌͢͠͚͙͕͙͉͕͗͐͘͘͋͒ͦ͉͌͘͜

͖͕͕͉͒ͥ͘͖͗͏͈͕͇͗͘͉͕͎͚͔͓͋͟͢͎͇͎͕͕͓͗͓͍͚͌͋͕͔͙͇͙͇͓͑͑͏͔͌

͓͔͌͌͌ ͓͓͎͇͏͔͑͒ͥ͌͘͞͏͓͌͚͇͉͒͌͘͞͖͕͕͋͌͋͘͏͔͔͌͏ͦ͘

͏͖͕͎͕͉͇͔͒ͣ͘͏͓͌͕͎͙͗͌͑͏͌͒͘͏͖͕͎͕͉͇͙͒ͣ͌͒ͣ͏͓͙͌͌͑͔͌͐͕͙͚͖͋͘

̫͇͔͔͐͢͖͗͏͈͕͗͕͙͔͕͘͏͙ͦ͘͑͇͚͑͒͘͘࣓:ࣔ͔͌͕͖͚͇͙͋͑͌ͦ͘͘͎͇͓͔͇͌

͇͈͑͌͒ͦ͖͏͙͇͔͏ͦ͖͕͎͕͉͇͙͓͒ͣ͌͒͌͙͕ͤ͓͕͍͙͌͇͙͋͌͒ͣ͙͕͕͒ͣ͑

͉͌͗͘͏͔͐͘͢͔͙͌͗͝̴͕͈͕͌͋͜͏͓͕͚͞͏͙͉͇͙ͣ͢͙͏͖͇͈͑͌͒ͦ͏͕͌͊

͓͏͔͏͓͇͔͕͒ͣ͌͔͌͌͘͞͏͌

Ώγίξρίυηώιγοςβνλςαηγςβίζί

̬͒͘͏͙͕ͤ͇͎͔͕͗͗͌͌͟͔͕͓͇͓͗͏͙͇͔͗͘͢͇͔͔͋͐͢͖͗͏͈͕͗͓͕͍͔͕

͔͇͙͕͗͘͏͙ͣ͋͒ͦ͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͘͚͋͗͊͏͓͏͉͏͇͓͋͏͇͎͇͊͓͘

͙͇͈͒͏͚͑͞͘͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏̴͕͈͕͌͋͜͏͓͌͢͋͒ͦ͙͕͕ͤ͊͙͇͋͌͒͏

͔͇͕͙͋ͦͦ͘͜͉͖͕͙͇͉͓͕͓͒ͦ͌͘͘͔͕͙͕͓͌͑͗͢͏͓͕͓͋͌͒ͦ͏͔͇͈͕͗͌͋͒ͦ

͇͇͖͙͇͋͝͏͏ ͕͙͕͑͗͐͢ ͙͇͍͑͌ ͓͕͍͔͕ ͖͗͏͕͈͙͗͌͘͏ ͉ ͔͇͓͌͟ ͉͌͗͘͏͔͕͓͘

͔͙͌͗͌͝̴͕͈͕͌͋͜͏͓͕͉͖͕͔͒͢͏͙ͣ͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ

$Ζίλδμίεηικδοναοηπ 

 ̸͔͏͓͏͙͌͙͗͌͌͑͟͏͑͗͑͢͟͏͕͕͊͗͌͒͑͏͇͇͙͗͌͑͌͒͘͘͏

 ̮͇͓͔͌͏͙͌͍͏͑͒͌͗͢͘͖͕͓͕ͣͥ͠͇͑͒ͥ͞͏͓͕͌ͥ͌͊ͦ͘͠͉͖͕͇͍͗͋͌

͉͔͇͓͌͟͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝͇͙͗͏͚͑͒̱͕͔͕͇͛͗͑

͉͕͔͕͕͋͐͊͏͒͏͙͕͔͕͕͗͐͊͖͇͓͔͒͌͏͇͙͗͏͚͑͒͓͘͙͇͈͒͏͚͝ *

͙͇͙͔͕͌͒ͣ͠͒͌͋ͦ͘͎͇͙͓͌͙͕͈͢͞͉͖͕͗͌͌͘͘͝͔͙ͦ͘͏ͦ͍͏͇͑͒͌͗͏͒͏

͕͌͊͎͇͖͔͑͗͌͒͌͏ͦ͔͇͕͊͗͌͒͑͌͕͔͔͌͕͕͑͘͘͞͏͒

̺͈͌͋͏͙͌ͣ͘͉͙͕͓͙͕͞͍͏͑͒͌͗͢͙͇͙͔͕͌͒ͣ͠͖͗͏͍͇͙͢͙͕͈͢͞

͕͈͖͌͌͘͞͏͙ͣ͓͙͊͌͗͌͏͔͕͙ͣ͘͞͕͕͊͗͌͒͑

̩͇͔͔͋͢͜͕͇͊͗͌͒͑͜͔͌͔͚͍͔͕͖͕͗͏͎͉͕͋͏͙ͣ͚͗͌͊͒͏͕͉͚͗͑͖͕͇͋͞͏

͖͉͌͗͏͔͕͕͊͞͉͕͎͚͇͋͜

 ̺͙͇͔͕͉͘͏͙͌ ͇͇͙͗͌͑͌͒͘͘͏ ͏ ͑͗͑͢͟͏ ͕͕͊͗͌͒͑ ͔͇ ͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌

͕͔͕͑͛͗͑͏͇͙͗͌͌͑͟͏ ࣋͔͇͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌͕͖͕͔͗͌͢

͓͔͙ͤ͒͌͌͢

%Οδβςκηοναιίιοίμνα

 ̺͙͇͔͕͉͘͏͙͌͚͗͑͞͏͚͖͇͉͔͗͒͌͏ͦ͉͖͕͕͍͔͒͌͏͌͓͏͔͏͓͇͔͕͕͒ͣ͊

͖͇͓͔͒͌͏

 ̸͔͏͓͏͙͌͚͗͑͞͏͇͔͕͉͑͗͗͏͘

̶͕͋͔͏͓͏͔͇͕͋͜͏͙ͦ͘͚͖͕͙͔͒͏͙͔͇͌͒ͣͦ͖͕͇͇͗͑͒͋͑͏͎͇͙ͤ͒͘͏͔͕͐͞

͎͗͌͏͔͢̫͒ͦ͙͕͕͊͙͕͈͢͞͕͙͙͑͗ͣ͢͕͙͚͖͋͘͑͈͇͖͇͔͕͓͚͐͘͉͏͔͙͚

͕͙͇͙͕͔͕͋͘͞͔͇͍͇͙ͣ͔͇͔͌͌͕͔͑͞͏͕͓͑͕͙͉͙͌͗͑͏ Μηινβγίμδ

πμηλίθρδξονικίγις

 ̵͙͚͗͌͊͒͏͚͙͗͐͌͓͏͔͏͓͇͔͚͒ͣͥ͉͌͒͏͞͏͔͚͖͇͓͔͒͌͏͖͕͉͔͚͉͌͗

͈͇͖͇͔͐͐͘͢͉͏͔͙͘͖͕͓͕ͣͥ͠͖͕͕͒͑͐͘͕͙͉͙͌͗͑͏

̩͎͇͉͏͘͏͓͕͙͘͏͕͙͉͏͇͋͇͎͇͊͑͕͙͕͕͓͚͑͗͉͢͇͇͖͙͋͏͚͙͗͌͌͉͕͐͘

͖͗͏͈͕͗͓͘͙͇͈͒͏͚͝**͉͖͕͔͒͢͏͙͌͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ

"͎͇͚͙͑͗͏͙͌͈͇͖͇͔͐͌͘͢͉͏͔͙͢͕͋͕͙͇͎͇͑

#͕͇͈͙͒ͣ͌͘͈͇͖͇͔͐͌͘͢͉͏͔͙͢͖͕͇͑͇͎͊͔͌͈͚͙͋͌͖͇͉͗͏͔͕͒ͣ

͉͕͋͢͜͏͙ͣ͏͎͕͕͊͗͌͒͑͚͈͌͋͏͙͌ͣ͘͙͕͞͖͗͏͖͕͉͕͕͙͗͌͚͗͑͞͏

͚͖͇͉͔͗͒͌͏ͦ ͕͙ ͓͇͑͘͏͓͇͔͕͒ͣ͐ ͕͋ ͓͏͔͏͓͇͔͕͒ͣ͐ ͕͙͓͙͌͑͏ ͕͊͗͌͒͑͏

͔͌͇͔͚͙͊͘͏͔͌͖͕͗͏͕͋͘͜͏͙͉͕͎͉͇͙͗͖͇͓͔͒͌͏

$͎͇͓͔͚͌͈͇͖͇͔͐͘͢͜͉͏͔͙͕͉͓͕͍͙͌͖͕͗͏͎͉͕͋͏͙ͣ͙͕͕͒ͣ͑

͖͌͘͝͏͇͒͏͙͘͏͓͌ͥ͠͏͐͕͕͙͉͙͙͉͚͚͌ͥͥ͘͘͠͉͇͑͒͏͛͏͇͑͝͏ͥ

%͔͏͇͑͑͏͜͙͉͋͌͐͘͏͐͘͈͇͖͇͔͓͐͘͢͏͉͏͔͙͇͓͏͖͕͗͏͎͉͕͋͏͙ͣ͔͌

͔͚͍͔͕

̫͒ͦ͕͈͖͔͌͌͌͘͞͏ͦ͓͙͊͌͗͌͏͔͕͙͘͞͏͉͇͍͔͕͙͕͈͢͞ απδ

͚͖͕͙͔͒͏͙͔͌͒ͣ͌͢͖͕͇͗͑͒͋͑͏͔͇͕͋͜͏͒͏ͣ͘͔͇͉͕͓͌͘͓͙͌͌͘̵͔͏

͇͔͑͗͐͌͔͕͈͕͌͋͜͏͓͢͋͒ͦ͖͇͉͗͏͔͕͒ͣ͐͇͈͕͙͗͢͖͗͏͈͕͇͗͙͇͑͇͑͑

͖͖͙͙͉͚͙͗͌ͦͥ͘ ͖͕͖͇͇͔͋͏ͥ ͍͏͕͙͋͑͌͐͘ ͏ ͎͊͗ͦ͏ ͉ ͌͗͌͋͘͏͔͚ ͉͇͕͔͕͗͐͞

͖͇͔͌͒͏

̸͔͕͉͇͚͙͇͔͕͉͘͏͙͌͚͗͑͞͏͚͖͇͉͔͗͒͌͏ͦ

̴͏͕͇͑͊͋͔͌͓͕͔͙͋͌͏͚͙͗͐͌͉͇͒͇͎͕͉͕͕͊͊͇͔͇͑͗͗͏͘ ̩͚͇͒͌͘͞

͕͌͊͖͕͉͍͔͗͌͋͌͏ͦ͎͇͓͔͌͏͙͌͉͌ͣ͘͇͔͑͗

Αμηλίμηδ

̶͕͒͌͘͕͕͔͇͔͑͞͏ͦ͇͈͕͙͗͢͔͇͙͑͒͌͐͌͕͓͗ͦ͋͘͙͇͈͒͏͕͑͐͞͘

͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏͙ͤ͏͙͚͑͌͑͘͚͇͎͇͔͑͏͓͌͔͕͉͕͕͊

͉͏͇͋͇͎͇͊

0RQWDMN×ODYX]X

*YHQOLN|QHULOHUL

$JIB[ñLVSNBEBOWFZBLVMMBONBEBO¶ODFUBMJNBUMBSñPLVZVOV[

#VNPOUBKUBMJNBUMBSñOEBCFMJSUJMFOHSBGJLMFSPSZBOUBTZPOBNB§MñEñS

%X N×ODYX]GDNL NXUDOODUD X\XOPDG×ù× WDNGLUGH UHWLFL KHUKDQJL

ELUVRUXPOXOXNWDQPXDIRODFDNW×U

%WQNXUXOXPD\DUODPDYHJD]WLSLQHJ|UHX\DUODPD

LüOHPOHUL \HWNLOL ELU WHNQLV\HQ WDUDI×QGDQ ONHGHNL VWDQGDUWODUD

YH\UUONWHNLNDQXQL\|QHUJHOHULOH\HUHOJD]YHHOHNWULN

WHGDULNoLVLüLUNHWLQWDOLPDWODU×QDX\JXQRODUDN

JHUoHNOHüWLULOPHOLGLU

 

'LùHUJD]WLSOHULQHX\DUODPDJHUHNWLùLQGH7HNQLN6HUYLVLPL]L

oDù×UPDQ×]|QHULOLU

+HUKDQJLELULüOHPGHQ|QFHFLKD]×QJD]YHHOHNWULN

EHVOHPHVLQLNHVLQL]

#VDJIB[FWEFLVMMBOñNJ§JOUBTBSMBONñğUñSUJDBSJWFZBQSPGFTZPOFM

BNB§MBSMB LVMMBOñMBNB[ #V DJIB[ ZBU WFZB LBSBWBOMBSB LVSVMBNB[

(BSBOUJTBEFDFUBTBSñNBNBDñOBVZHVOLVMMBOñMNBTñEVSVNVOEB

HF§FSMJEJS

,VSVMVNEBO¶ODFZFSFMEBßñUñNLPğVMMBSñOñHB[ñOEPßBTñWF

CBTñODñ¶ßSFOJOJ[WFDJIB[BZBSMBSñOñOVZVNMVPMEVßVOEBOFNJO

PMVOV[$JIB[BZBSMBNBLPğVMMBSñFUJLFU¼[FSJOEFZBEB¶[FMMJLMFS

UBCMPTVOEBZB[ñMñPMBSBLCFMJSUJMNJğUJS

#VDJIB[TBEFDFIBWBMBOEñSNBTñJZJZFSMFSFIBWBMBOEñSNBJMFJMHJMJ

LPğVMMBS WF Z¼S¼SM¼LUFLJ LVSBMMBSB VZHVO PMBSBL LVSVMNBMñEñS $JIB[

CJSZBONñğBUñLCPğBMUñNNFLBOJ[NBTñOBCBßMBONBNBMñEñS

&MFLUSJLLBCMPTVGñSñOWFZBQJğJSNFUF[HBIñOñOTñDBLLñTñNMBSñOB

UFNBTFUNFNFTJJ§JONVUGBLNPCJMZBTñOBTBCJUMFONFMJEJS

&MFLUSJLCFTMFNFTJJMF§BMñğBODJIB[MBSñOU¼NCBßMBOUñMBSñNVUMBLB

UPQSBLMBONBMñEñS

$JIB[ñOJ§LñTNñOñLVSDBMBNBZñOñ[(FSFLJSTF5FLOJL4FSWJTJNJ[J

§BßñSñOñ[

.XUXOXPGDQ|QFH

#V&/HB[MñDJIB[MBSOPSNVOBH¶SFTñOñGCJSDJIB[EñS

NPCJMZBZBH¶NNFDJIB[

$JIB[ñOZBLñOñOEBLJNPCJMZBMBSZBOñDñPMNBZBONBM[FNFEFO

PMNBMñEñS:¼[FZLBQMBNBMBSñWFCVOMBSñCJSCJSJOFZBQñğUñSBOUVULBM

ñTñZBEBZBOñLMñPMNBMñEñS

#VDJIB[CV[EPMBCñ§BNBğñSNBLJOFTJCVMBğñLNBLJOFTJWF

CFO[FSJFğZBMBSñO¼[FSJOFLVSVMBNB[

1JğJSNFUF[HBIñOñCJSGñSñOñO¼[FSJOFLVSNBLJ§JOCVGñSñOZBQBZCJS

IBWBMBOEñSNBZBTBIJQPMNBMñEñS'ñSñOñOCPZVUMBSñOñLVSVMVN

LñMBWV[VOEBOLPOUSPMFEJOJ[

)BWBMBOEñSNBLVSBSLFOLVSVMVNLñMBWV[VEJLLBUFBMñONBMñIFS

[BNBOQJğJSNFUF[HBIñOBFOB[NNEJLFZIJ[BBMñONBMñEñS

0RELO\DQ×QKD]×UODQPDV×üHNLO

BMñğNBZ¼[FZJOJO¼[FSJOFCFMJSUJMFO¶M§¼MFSEFCJSLFTJLB§ñOñ[

$JIB[ñOñ[FMFLUSJLMJWFZB§PLMVHB[WFFMFLUSJLJTFWFBMUñOEBGñSñO

CVMVONVZPSTBDJIB[ñOUBCBOñOBNNV[BLPMBDBLğFLJMEF

ZBONB[NBM[FNFEFOZBQñMNñğCJSBZSB§ZFSMFğUJSJOJ[¶SOFßJO

NFUBMZBEBBIğBQLPOUSQMBL#¶ZMFDFBMULñTNBHJSJğFOHFMMFONJğ

PMVS$JIB[ñOñ[HB[MñJTFZJOFBZOñNFTBGFEFCJSBZSB§

ZFSMFğUJSJMNFTJUBWTJZFFEJMJS

"IğBQ§BMñğNBUF[H¢IMBSñOEBLFTJNZ¼[FZJOJOFNEFOLPSVNBL

BNBDñZMB¶[FMCJSDJMBJMFWFSOJLMFZJOJ[

&LKD]×QNXUXOXPX

%LOJL 0DBßñONPOUBKñJ§JOLPSVZVDVFMEJWFOLVMMBOñOñ[

.PEFMFCBßMñPMBSBLZBQñğLBODPOUBGBCSJLBEBONPOUFFEJMNJğ

PMBSBLHFMFCJMJS&ßFSCVğFLJMEFHFMJSTFIJ§CJSTVSFUMF

§ñLBSUNBZñOñ[ZBQñğLBODPOUBTñ[ñOUñMBSBFOHFMPMVS&ßFSDPOUB

GBCSJLBEBONPOUFFEJMNJğPMBSBLHFMNF[TFQJğJSNFUF[HBIñOñOBMU

LñTNñOBZBQñğUñSñOñ[ĞFLJM

$JIB[ñBOLBTUSFNPCJMZBZBCBßMBNBLJ§JO

 ,ñTLB§MBSñSBIBU§BE¶OFCJMNFMFSJOJTBßMBZBSBLCFMJSUJMFO

QP[JTZPOEBWJEBMBZñOñ[

 :FSMFğUJSJOJ[WFQJğJSNFUF[HBIñOñPSUBMBZñOñ[

:¼[FZJOU¼N§FWSFTJOJEFTUFLMFZFOFLBEBSLFOBSMBSñOEBO

CBTUñSñOñ[

 ,ñTLB§MBSñE¶OE¼S¼O¼[WFTñLñDBWJEBMBZñOñ[

,ñTLB§MBSñOQP[JTZPOV§BMñğNBZ¼[FZJOJOLBMñOMñßñOBCBßMñEñS

ĞFLJM 

&LKD]×QV|NOPHVL

$JIB[ñOFMFLUSJLWFHB[CBßMBOUñTñOñLBQBUñOñ[

,MJQTMFSJ§ñLBSñOñ[WFNPOUBKñOUFSTJCJSTñSBZMBEFWBNFEJOJ[

*D]O×EDùODQW×üHN 

(B[CBßMBOUñTñLBQBUNBNVTMVßVOBFSJğJMFCJMJOFDFLğFLJMEF

ZBQñMNñğPMNBMñEñS

(B[MñQJğJSNFUF[HBIñHJSJğCBßMBOUñTñOñOVDV࣐࣐MJL NN

CJSZJWJMFEPOBUñMNñğUñSCVBğBßñEBLJMFSJTBßMBS

■ %BZBOñLMñCJSCBßMBOUñ

■ &TOFLNFUBMCPSVMVCBßMBOUñ- NJO  NNBLT  N

,PMFLU¶S§ñLñğñJMFHB[HJSJğJBSBTñOBWFSJMFOTñ[EñSNB[MñLDPOUBTñOñ

UBLñOñ[

#PSVOVOBOLBTUSF¼OJUFTJOJOIBSFLFUMJLñTñNMBSñJMF¶SOFßJOCJS

§FLNFDFUFNBTFUNFTJOJWFFOHFMMFOFCJMFDFLZFSMFSEFOHF§JğJOJ

¶OMFZJOJ[

,POJLCJSCBßMBOUñFMEFFUNFLJTUJZPSTBOñ[OVNBSBMñ

BLTFTVBSQBS§BTñOñWFOVNBSBMñDPOUBZñUFTMJNBU

LBQTBNñOBEBIJMEJSWFZBN¼ğUFSJIJ[NFUMFSJOEFOUFNJOFEJMFCJMJS

HB[PDBßñOñOHJSJğCPSVTVJMFHB[IBUUñBSBTñOBNPOUFFEJOJ[

3FTJN 

(B[CBßMBOUñTñOñZBUBZPMBSBLZBQNBOñ[HFSFLJZPSTB5FLOJL

4FSWJTJNJ[TJ[FCJSEJSTFLLPE WFCJSDPOUBLPE 

TBßMBZBCJMJS

: 6×]×QW×WHKOLNHVL

)FSIBOHJCJSCBßMBOUñEFßJğJLMJßJHFSFLMJPMEVßVOEBTñ[EñSNBZBQñQ

ZBQNBEñßñOñLPOUSPMFEJOJ[

)FSIBOHJCJSHB[CBßMBOUñTñLVSDBMBONBTPOVDVTñ[ñOUñZBQUñßñ

UBLEJSEF¼SFUJDJGJSNBTPSVNMVMVLLBCVMFUNF[

(OHNWULNOLEDùODQW×üHNLO

$JIB[ñOLVWWFUWFWPMUBKñOñOFMFLUSJLMJLVSVMVNJ§JOVZHVOPMVQ

PMNBEñßñOñLPOUSPMFEJOJ[

1JğJSNFUF[HBIMBSñGJğMJWFZBGJğTJ[CJSCFTMFNFLBCMPTVJMFCJSMJLUF

UFEBSJLFEJMJS

'JğMFSJPMBODJIB[MBSTBEFDFVZHVOğFLJMEFZFSMFğUJSJMNJğ

UPQSBLMBNBHJSJğMJQSJ[LVUVMBSñOBCBßMBONBMñEñS

.JOJNVNLPOUBLB§ñLMñßñ NNPMBOCJSPNOJQPMBSBLñNLFTJDJ

UFNJOFEJMNFMJEJSQSJ[MJCBßMBOUñMBSIBSJ§FßFSLVMMBOñDñUBSBGñOEBO

FSJğJMFCJMJZPSTB

#V DJIB[ ࣓:ࣔ UJQJOEFOEJS (JSJğ LBCMPTV LVMMBOñDñ UBSBGñOEBO 5FLOJL

4FSWJTPMNBEBOEFßJğUJSJMFNF[,BCMPUJQJOFWFNJOJNVNLBMñOMñßB

EJLLBUFUNFLHFSFLNFLUFEJS

*D]WLSLQLQGHùLüWLULOPHVL

MLFTUBOEBSUMBSñJ[JOWFSEJßJUBLEJSEFDJIB[GBSLMñHB[UJQMFSJOF

VZBSMBOBCJMJS¶[FMMJLMFSUBCMPTVOBCBLñOñ[#VOVOJ§JOHFSFLMJPMBO

QBS§BMBSNPEFMFH¶SFUFNJOFEJMFOWFZB5FLOJL4FSWJTJNJ[EF

NFWDVUCVMVOBOUSBOTGPSNBTZPOEPOBOñN§BOUBTñOEB

CVMVONBLUBEñSð[MFOFDFLBEñNMBSğVğFLJMEFEJS

$%UO|UXFXQXQGHùLüWLULOPHVLüHN 

 *[HBSBMBSñCS¼M¶SLBQBLMBSñOñWFBMFWEBßñUñDñMBSñ§ñLBSñOñ[

 5FLOJL4FSWJTJNJ[EFOLPEOVNBSBTñJMFUFNJO

FEJMFCJMFDFLPMBOBOBIUBSñLVMMBOBSBLCS¼M¶SV§MBSñOñEFßJğUJSJOJ[

§JGUBMFWMJCS¼M¶SMFSJ§JOLPEOVNBSBTñCL[UBCMP *

CS¼M¶SFUBLBSLFOWFZB§ñLBSñSLFOCS¼M¶SVDVOVOE¼ğNFNFTJOF

EJLLBUFEJOJ[

4ñ[EñSNB[MñßñHBSBOUJFUNFLJ§JOJZJDFTñLñMEñßñOEBOFNJOPMVOV[

#VCS¼M¶SMFSEFQSJNFSIBWBE¼[FOMFNFTJOJHFS§FLMFğUJSNFZF

HFSFLZPLUVS

 "MFWEBßñUñDñMBSñWFCS¼M¶SLBQBLMBSñOñJMHJMJLñTñNMBSñOBWF

ñ[HBSBMBSñUFTQJUFMFNBOMBSñOBUBLñOñ[

%9DQDODU×QD\DUODQPDV×

 ,VNBOEBE¼ßNFMFSJOJNJOJNVNLPOVNVOBHFUJSJOJ[

 7BOBMBSñOLVNBOEBE¼ßNFMFSJOJ§ñLBSUñOñ[ĞFLJM

&TOFLCJSLBV§VLDPOUBJMFCJSMJLUFCVMVOVS#VDPOUBZBCJS

UPSOBWJEBOñOVDVJMFCBTBSBLBZBSWBOBTñOBHJEFOZPMVB§ñOñ[

&RQWD\×DVODV|NPH\LQL]

 %¼[V§MVUPSOBWJEBJMFCZQBTTWJEBTñOñ§FWJSFSFLFOE¼ğ¼LBMFWJ

BZBSMBZñOñ[

$JIB[ñOñ[ñOCBßMBOBDBßñHB[UJQJOFH¶SFCL[UBCMP**JMHJMJ

BZBSMBSñHFS§FLMFğUJSJOJ[

"CZQBTTWJEBMBSñOñJZJDFTñLñğUñSñOñ[

#CZQBTTWJEBMBSñOñCS¼M¶SMFSJOEPßSVHB[§ñLñğMBSñOBLBEBS

TñLñğUñSñOñ[NBLTJNVNWFNJOJNVNBSBTñOEBLJLVNBOEB

E¼ßNFTJOJBZBSMBSLFOCS¼M¶S¼OT¶ONFEJßJOEFOWFBMFWJOHFSJ

UFQNFEJßJOEFOFNJOPMVOV[

$CZQBTTWJEBMBSñZFULJMJCJSTFSWJTUBSBGñOEBOEFßJğUJSJMNFMJEJS

%CZQBTTWJEBMBSñOBN¼EBIBMFFUNFZJOJ[

4ñ[EñSNBPMNBEñßñOEBOFNJOPMNBLJ§JO WP DPOUBMBSñOUBLñMñ

PMNBTñHFSFLNFLUFEJS#VHFSF§MFSDJIB[ñOEPßSV§BMñğNBTñWF

J§FSJTJOFTñWñZBEBLJSJOHJSNFNFTJB§ñTñOEBO¶OFNMJEJS

,VNBOEBE¼ßNFMFSJOJZFOJEFOZFSMFğUJSJOJ[

7BOB NJMJOJ BTMB T¶LNFZJOJ[ ğFLJM  "Sñ[B IBMJOEF WBOBZñ LPNQMF

EFßJğUJSJOJ[

'LNNDW

4POPMBSBLZFOJHB[UJQJOJH¶TUFSFOFUJLFUJ¶[FMMJLMFSUBCMPTVOVO

ZBOñOBZBQñğUñSñOñ[

 

JDV PEDU 4QN: P



K JK

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

 

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

(      

JDV PEDU 4QN: P



K JK

* * * * * * * * *

*  %%%%"$$"

* %  %%%"$$"

* % % %%"$$"

* % %% %"$$"

* %%%% "$$"

* # #### $$%

* $ $$$$$ $$

* $ $$$$$$ $

* # ####%$$

Bosch EC945RC91N/07 User manual

Related papers

Other documents