Bosch PCR915B91E/01 User manual

Type
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[


D
/
9
9
99
1
a

de
Ø
.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
D


(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
en
Ú
*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
es
Û
*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
fr
Þ
/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VOJ
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
it
â
*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
nl
é
,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
pl
ë
,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
$ěSVCZ[ĂÅD[FLQS[FKěDJPXZDIQPXJOOZCZÇXZNJFOJBOFQS[F[
VQSBXOJPOFHPQSBDPXOJLB4FSXJTV5FDIOJD[OFHP
%OJFNBOJQVMPXBÇěSVCBNJ[ĂÅD[FLQS[FKěDJPXZDI
8BļOFKFTUBCZ[BNPDPXBOF[PTUBĂZ ZV]\VWNLH FMFNFOUZ
[BCF[QJFD[BKÅDFXDFMV[BQFXOJFOJBT[D[FMOPěDJ4ÅPOF
OJF[CÙEOFEMBQSBXJEĂPXFHPGVOLDKPOPXBOJBVS[ÅE[FOJB
QPOJFXBļVOJFNPļMJXJBKÅ[BOJFD[ZT[D[FOJFXOÙUS[BVS[ÅE[FOJB
DJFD[BNJJCSVEFN
1POPXOJF[BNPOUPXBÇQPLSÙUĂB
/JHEZOJFOBMFļZEFNPOUPXBÇUS[QJFOJBLVSLBSZT 8
QS[ZQBELVBXBSJJOBMFļZXZNJFOJÇLPNQMFUOZLVSFL
8ZDJD
1P[BLPĄD[FOJVQSBDZXQPCMJļVUBCMJD[LJ[OBNJPOPXFKOBMFļZ
QS[ZLMFJÇOBLMFKLÙJOGPSNVKÅDÅKBLJNSPE[BKFNHB[VVS[ÅE[FOJF
KFTU[BTJMBOF
pt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVGHVHJXUDQoD
-FJB BT JOTUSV§µFT EP BQBSFMIP BOUFT EF QSPDFEFS TVB JOTUBMB§£P
FVTP
0THS¡GJDPTT£PSFQSFTFOUBEPTOFTUBT*OTUSV§µFTEFNPOUBHFNB
UUVMPPSJFOUBUJWP
2IDEULFDQWHILFDLVHQWRGHWRGDDUHVSRQVDELOLGDGHFDVRQmR
VHFXPSUDPDVGLVSRVLo}HVFRQVWDQWHVGHVWHPDQXDO
7RGRVRVWUDEDOKRVGHLQVWDODomRUHJXODomRHDGDSWDomRD
RXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRUXPWpFQLFRGH
LQVWDODomR DXWRUL]DGR UHVSHLWDQGR WRGDV DV UHJXODPHQWDo}HV
HOHJLVODomRDSOLFiYHLVEHPFRPRRHVWLSXODGRSHODV
HPSUHVDVORFDLVIRUQHFHGRUDVGHJiVHHOHFWULFLGDGH
5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$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
4F B QMBDB EF DP[FEVSB GPS FM©DUSJDB PV NJTUB H¡T F FMFDUSJDJEBEF
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
'B§B QSFTT£P TPCSF PT FYUSFNPT BU© RVF TF BQPJF FN UPEP P TFV
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
%FTMJHVFPBQBSFMIPEBTUPNBEBTFM©DUSJDBFEFH¡T
%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
U©DOJDBFOUSFPUVCPEFFOUSBEBEBQMBDBEFDP[JOIBSBH¡TFP
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
"TTJTUªODJB5©DOJDBEJTQPOJCJMJ[BVNDPUPWFMPD³EJHP F
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
DPNBJOTUBMB§£PFM©DUSJDB
"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
&TUFBQBSFMIP©EPUJQP࣓:ࣔPDBCPEFFOUSBEBO£PQPEFTFS
NVEBEP QFMP VUJMJ[BEPS P 4FSWJ§P EF "TTJTUªODJB 5©DOJDB EFWF
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
OPTTP 4FSWJ§P EF "TTJTUªODJB 5©DOJDB 0T QBTTPT B TFHVJS T£P PT
TFHVJOUFT
$6XEVWLWXLomRGRVLQMHFWRUHVILJ 
 3FUJSFBTHSFMIBTBTUBNQBTEFRVFJNBEPSFPTEJGVTPSFT
 4VCTUJUVBPTJOKFDUPSFTVTBOEPBDIBWFEJTQPOJCJMJ[BEBQFMP
OPTTPTFSWJ§PEFBTTJTUªODJBU©DOJDBDPNPD³EJHP
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
/FTUFT RVFJNBEPSFT O£P © OFDFTT¡SJP SFBMJ[BS B SFHVMB§£P EP BS
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
 3FHVMF B DIBNB NOJNB SPEBOEP P QBSBGVTP CZQBTT BUSBW©T EF
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
#BGSPVYBSPTQBSBGVTPTCZQBTTBU©DPOTFHVJSBTBEBEFH¡T
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
$PTQBSBGVTPTCZQBTTEFWFNTFSTVCTUJUVEPTQPSVNU©DOJDP
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
ru
î
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
̶͕͒͌͘͕͕͔͇͔͑͞͏ͦ͇͈͕͙͗͢͔͇͙͑͒͌͐͌͕͓͗ͦ͋͘͙͇͈͒͏͕͑͐͞͘
͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏͙ͤ͏͙͚͑͌͑͘͚͇͎͇͔͑͏͓͌͔͕͉͕͕͊
͉͏͇͋͇͎͇͊
tr
ô
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[
$JIB[ñOñ[FMFLUSJLMJWFZB§PLMVHB[WFFMFLUSJLJTFWFBMUñOEBGñSñO
CVMVONVZPSTBDJIB[ñOUBCBOñOBNNV[BLPMBDBLğFLJMEF
ZBONB[NBM[FNFEFOZBQñMNñğCJSBZSB§ZFSMFğUJSJOJ[¶SOFßJO
NFUBMZBEBBIğBQLPOUSQMBL#¶ZMFDFBMULñTNBHJSJğFOHFMMFON
PMVS$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
* * * * * * * * *
* %%%%"$$"
* % %%%"$$"
* % % %%"$$"
* % %% %"$$"
* %%%% "$$"
* # #### $$%
* $ $$$$$ $$
* $ $$$$$$ $
* # ####%$$
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16

Bosch PCR915B91E/01 User manual

Type
User manual

Ask a question and I''ll find the answer in the document

Finding information in a document is now easier with AI