Bosch PCP615B90V/33 User manual

Type
User manual
*9000407456*  "-

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
PD[

PLQ
PD[


PLQ

PLQ
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JOEJFTFS"OMFJUVOHFOUIBMUFOFO"CCJMEVOHFOTJOEPSJFOUBUJW
'HU +HUVWHOOHU LVW MHJOLFKHU 9HUDQWZRUWXQJ HQWKREHQ ZHQQ GLH
%HVWLPPXQJHQGLHVHV+DQGEXFKVQLFKWHLQJHKDOWHQZHUGHQ
%JFTFT (FS¤U EBSG OVS BO FJOFN BVTSFJDIFOE CFM¼GUFUFO 0SU HFOVU[U
XFSEFO%BT(FS¤UEBSGOJDIUBOFJOFO4DIPSOTUFJOPEFSFJOF
"CHBTBOMBHFBOHFTDIMPTTFOXFSEFO
$OOH,QVWDOODWLRQV$QVFKOXVV5HJHOXQJVXQG8PVWHOOXQJV
DUEHLWHQ DXI HLQH DQGHUH *DVDUW PVVHQ YRQ HLQHP DXWRULVLHU
WHQ )DFKPDQQ XQG XQWHU %HDFKWXQJ GHU MHZHLOV DQZHQGEDUHQ
5HJHOXQJHQXQGJHVHW]OLFKHQ9RUJDEHQVRZLHGHU9RUVFKULI
WHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHUYRUJHQRPPHQ
ZHUGHQ %HVRQGHUH $XIPHUNVDPNHLW LVW GHQ IU GLH %HOIWXQJ
JHOWHQGHQ%HVWLPPXQJHQXQG5LFKWOLQLHQ]X]XZHQGHQ
)U8PVWHOOXQJVDUEHLWHQDXIHLQHDQGHUH*DVDUWHPSIHKOHQ
ZLUGHQ.XQGHQGLHQVW]XUXIHQ
%JFTFT(FS¤UXVSEFBVTTDIMJFMJDIG¼SEJF7FSXFOEVOHJO1SJWBU
IBVTIBMUFOFOUXPSGFOFJOFLPNNFS[JFMMFPEFSHFXFSCMJDIF/VU
[VOH JTU OJDIU HFTUBUUFU %JFTFT (FS¤U EBSG OJDIU BVG +BDIUFO PEFS JO
8PIOXBHFOFJOHFCBVUXFSEFO%JF(BSBOUJFHJMUOVSEBOOXFOO
EBT(FS¤UBVTTDIMJFMJDIG¼STFJOFOWPSHFTFIFOFO;XFDLHFOVU[U
XJSE
CFSQS¼GFO4JFWPSEFS*OTUBMMBUJPOEFT(FS¤UTEBTTEJF¶SUMJDIFO
7PSBVTTFU[VOHFOVOEEJFBVGEFN5ZQFOTDIJMEBOHFHFCFOFO
(FS¤UFFJOTUFMMVOHFO (BTBSU VOE ESVDL /FOOMFJTUVOH 4QBOOVOH
NJUFJOBOEFSLPNQBUJCFMTJOE
6WHOOHQ6LHYRUGHU'XUFKIKUXQJMHJOLFKHU$UEHLWHQGLH
6WURPXQG*DV]XIXKUDE
%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
%BT.¶CFMJOXFMDIFTEBT(FS¤UFJOHFCBVUXJSENVTTBVTSFJ
DIFOEGJYJFSUVOETUBCJMTFJO
%JF OFCFO EFN (FS¤U CFGJOEMJDIFO .¶CFM EFSFO 4DIJDIUXFSLTUPGGF
TPXJFEFSTJF[VTBNNFOIBMUFOEF-FJNE¼SGFOOJDIUBVTCSFOOCB
SFO.BUFSJBMJFOCFTUFIFOVOEN¼TTFOIJU[FCFTU¤OEJHTFJO
%JFTFT(FS¤UEBSGOJDIU¼CFS,¼IMTDIS¤OLFO8BTDINBTDIJOFO
4Q¼MNBTDIJOFOPEFS¤IOMJDIFO(FS¤UFOFJOHFCBVUXFSEFO
%BT,PDIGFMEEBSGOVS¼CFSFJOFNCFM¼GUFUFO#BDLPGFOFJOHFCBVU
XFSEFO
8JSEVOUFSEFN,PDIGFMEFJO#BDLPGFOFJOHFCBVULBOOEJF%JDLF
EFS"SCFJUTQMBUUFEJFNJOJNBMHFGPSEFSUF%JDLFJOEJFTFS"OMFJUVOH
¼CFSTDISFJUFO #FBDIUFO 4JF EJF )JOXFJTF JO EFS .POUBHFBOMFJUVOH
EFT#BDLPGFOT
8FOO FJOF %VOTUBC[VHTIBVCF BOHFCSBDIU XJSE NVTT EJFT HFN¤
EFS .POUBHFBOMFJUVOH VOE JNNFS VOUFS #FS¼DLTJDIUJHVOH EFT WFSUJ
LBMFO.JOEFTUBCTUBOET[VN,PDIGFME"CC HFTDIFIFO
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 
"N &OEF EFT &JOHBOHTSPIST [VN (BTLPDIGFME CFGJOEFU TJDI FJO 
ࣔ NN(FXJOEF%JFTFT(FXJOEFFSN¶HMJDIU
FJOFO'FTUBOTDIMVTT
FJOFO"OTDIMVTTNJUFJOFN.FUBMMTDIMBVDI- NJO N
NBY N
%JFNJUHFMJFGFSUFC[X¼CFSEFOUFDIOJTDIFO,VOEFOEJFOTUCF[P
HFOF%JDIUVOH"SUJLFMOVNNFS NVTT[XJTDIFOEFN"VT
MBTTEFS4BNNFMMFJUVOHVOEEFN(BTBOTDIMVTTBOHFCSBDIU
XFSEFO
%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 FJO IPSJ[POUBMFS (BTBOTDIMVTT IFSHFTUFMMU XFSEFO TPMM MJFGFSU
*IOFOVOTFSUFDIOJTDIFS,VOEFOEJFOTUFJOFO,S¼NNFS
"SUJLFMOVNNFS TPXJFFJOF%JDIUVOH
"SUJLFMOVNNFS 
8FOO FJO [ZMJOESJTDIFS "OTDIMVTT IFSHFTUFMMU XFSEFO TPMM FSTFU[FO
4JFEFOXFSLTFJUJHJOTUBMMJFSUFO,S¼NNFSNJUEFN,S¼NNFSBVT
EFN;VCFI¶SCFVUFMEFSNJUHFMJFGFSUXVSEFC[X¼CFSEFOUFDIOJ
TDIFO,VOEFOEJFOTUCF[PHFOXFSEFOLBOO
"SUJLFMOVNNFS "CC B
7FSHFTTFO4JFOJDIUEB[XJTDIFOEJF%JDIUVOHBO[VCSJOHFO
: *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
:,&+7,*#SJOHFO4JFEFO"VGLMFCFSNJUEFSVNHFTUFMMUFO(BTBSU
JOEFS/¤IFEFT5ZQFOTDIJMEFTBO
&TN¼TTFOGPMHFOEF4DISJUUFCFGPMHUXFSEFO
$$XVWDXVFKGHU'VHQ$EE 
 /FINFO4JFEJF3PTUF#SFOOFSEFDLFMVOE7FSUFJMFSBC
 5BVTDIFO4JFEJF%¼TFONJUEFN¼CFSVOTFSFO,VOEFOEJFOTU
FSI¤MUMJDIFO4DIM¼TTFMNJUEFS"SUJLFMOVNNFSBVTG¼S
%PQQFMCSFOOFSVOE%SFJGMBNNFOCSFOOFS"SUJLFMOVNNFS
TJFIF5BCFMMF *"DIUFO4JFEBCFJCFTPOEFSTEBSBVG
EBTT EJF %¼TF CFJN )FSBVTESFIFO PEFS #FGFTUJHFO BN #SFOOFS
OJDIUBCCSJDIU

4UFMMFO 4JF TJDIFS TJF CJT [VN "OTDIMBH FJOHFESFIU [V IBCFO VN
FJOFHVUF"CEJDIUVOH[VFSSFJDIFO
#FJEJFTFO#SFOOFSONVTTLFJOF&JOTUFMMVOHEFS1SJN¤SMVGUWPS
HFOPNNFOXFSEFO
 #SJOHFO4JFEJF7FSUFJMFSVOE#SFOOFSEFDLFMBVGEFOFOUTQSF
DIFOEFO ,PDITUFMMFO BO VOE TFU[FO 4JF EJF 3PTUF LPSSFLU JO EFO
FOUTQSFDIFOEFO)BMUFFMFNFOUFOFJO
%(LQVWHOOXQJGHU*DVKlKQH$EE 
 %SFIFO4JFEJF#FEJFOLOFCFMBVGEJFOJFESJHTUF4UVGF
 ;JFIFO4JFEJF#FEJFOLOFCFMEFS(BTI¤IOFBC&TXJSEFJOF
,OFCFMEJDIUVOHBVTGMFYJCMFN(VNNJTJDIUCBS%S¼DLFO4JF
EJFTFNJUEFS4DISBVCFOESFIFSTQJU[FCFJTFJUFVNBOEJF&JO
TUFMMTDISBVCFEFT(BTIBIOT[VHFMBOHFO
%DXHQ6LHGLH.QHEHOGLFKWXQJHQQLHPDOVDXV%JF%JDIUVO
HFO TJOE G¼S EFO GFIMFSGSFJFO #FUSJFC EFT (FS¤UT VOFSM¤TTMJDI EB
TJFEBT&JOESJOHFOWPO'M¼TTJHLFJUFOVOE4DINVU[JOT
(FS¤UFJOOFSFWFSIJOEFSO
 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
$ EJF #ZQBTT4DISBVCFO N¼TTFO WPO FJOFN BVUPSJTJFSUFO 'BDI
NBOOBVTHFUBVTDIUXFSEFO
% OFINFO 4JF LFJOF 7FS¤OEFSVOHFO BO EFO #ZQBTT4DISBVCFO
WPS
4UFMMFO 4JF TJDIFS EBTT EFS #SFOOFS CFJ FJOFS 6NTUFMMVOH EFT #F
EJFOLOFCFMT WPO EFS I¶DITUFO BVG EJF OJFESJHTUF 4UVGF OJDIU BVT
HFIUVOEOJDIU[VS¼DLTDIM¤HU
8FOO4JFOJDIUBOEJF#ZQBTT4DISBVCFHFMBOHFOTPMMUFOCBVFO
4JFEJF'FUUBVGGBOHTDIBMFEJFNJUEFNSFTUMJDIFO,PDIGFMENJUUFMT
FJOFT$MJQ#FGFTUJHVOHTTZTUFNTVOE4DISBVCFOWFSCVOEFOJTU
BVT;VN"COFINFOHFIFO4JFXJFGPMHUWPS
 /FINFO 4JF BMMF 3PTUF #SFOOFSEFDLFM 7FSUFJMFS VOE #FEJFOLOF
CFMBC
 -PDLFSO4JFEJF#SFOOFS4DISBVCFO
 7FSXFOEFO 4JF HHG EFO CFJ VOTFSFN ,VOEFOEJFOTU FSI¤MUMJDIFO
%FNPOUBHFIFCFM-¶TFO4JFEJFWPSEFSF$MJQ#FGFTUJ
HVOHJOEFN4JFEFO)FCFMJOEFONBSLJFSUFO#FSFJDIFOBOTFU
[FO"CC 
 '¼S EFO 8JFEFSFJOCBV EFT (FS¤UT GPMHFO 4JF EFO "VTCBVBOXFJ
TVOHFOJOVNHFLFISUFS3FJIFOGPMHF
#BVFO4JFOJFNBMTEJF"DITFEFT(BTIBIOTBVT"CC #FJ
FJOFS4U¶SVOHEFOLPNQMFUUFO(BTIBIOFSTFU[FO
en
Ú
*OTUBMMBUJPOJOTUSVDUJPOT
6DIHW\SUHFDXWLRQV
3FBEUIFBQQMJBODFTJOTUSVDUJPOTCFGPSFJOTUBMMJOHBOEVTJOH
5IFJNBHFTTIPXOJOUIFTFJOTUSVDUJPOTBSFGPSHVJEBODFPOMZ
7KHPDQXIDFWXUHULVH[HPSWIURPDOOUHVSRQVLELOLW\LIWKH
UHTXLUHPHQWVRIWKLVPDQXDODUHQRWFRPSOLHGZLWK
5IJT BQQMJBODF NVTU POMZ CF VTFE JO XFMM WFOUJMBUFE QMBDFT *U NVTU
OPUCFDPOOFDUFEUPBDPNCVTUJPOQSPEVDUSFNPWBMEFWJDF
$OORSHUDWLRQVUHODWLQJWRLQVWDOODWLRQFRQQHFWLRQUHJXODWLRQ
DQGFRQYHUVLRQWRRWKHUJDVW\SHVPXVWEHFDUULHGRXWE\DQ
DXWKRULVHGLQVWDOODWLRQHQJLQHHUUHVSHFWLQJDOODSSOLFDEOH
UHJXODWLRQV VWDQGDUGV DQG WKH VSHFLILFDWLRQV RI WKH ORFDO JDV
DQGHOHFWULFLW\VXSSOLHUV6SHFLDODWWHQWLRQVKDOOEHSDLGWR
YHQWLODWLRQUHJXODWLRQV
,WLVUHFRPPHQGHG\RXFRQWDFWWKH7HFKQLFDO$VVLVWDQFH
6HUYLFHWRFKDQJHWRDQRWKHUJDVW\SH
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ZPVOFFEUPDIFDLUIBUMPDBMEJTUSJCVUJPO
DPOEJUJPOTBSFDPNQBUJCMFXJUIUIFBQQMJBODFTBEKVTUNFOU
JOEJDBUFEPOUIFTQFDJGJDBUJPOTQMBUFHBTUZQFBOEQSFTTVSF
QPXFSWPMUBHF
%HIRUH\RXEHJLQWXUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDV
VXSSO\
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LJUDIFOVOJUJOXIJDIUIFBQQMJBODFJTJOTUBMMFENVTUCF
QSPQFSMZTFDVSFEBOETUBCMF
5IFLJUDIFOVOJUTOFYUUPUIFBQQMJBODFUIFMBNJOBUFEDPWFSJOH
BOE HMVF GPS BEIFSJOH JU NVTU CF NBEF PG OPOGMBNNBCMF BOE IFBU
SFTJTUBOUNBUFSJBMT
5IJTBQQMJBODFDBOOPUCFJOTUBMMFEBCPWFGSJEHFTXBTIJOH
NBDIJOFTEJTIXBTIFSTPSTJNJMBS
5IFIPCNBZPOMZCFGJUUFEBCPWFBWFOUJMBUFEPWFO
*GBOPWFOJTJOTUBMMFEVOEFSOFBUIUIFIPCUIFUIJDLOFTTTQFDJGJFE
GPSUIFXPSLTVSGBDFNBZFYDFFEUIFNJOJNVNUIJDLOFTTTUBUFEJO
UIFTF JOTUSVDUJPOT 0CTFSWF UIF JOGPSNBUJPO JO UIF PWFO JOTUBMMBUJPO
JOTUSVDUJPOT
*GBOFYUSBDUPSGBOJTJOTUBMMFEZPVNVTUGPMMPXUIFJOTUSVDUJPOTJO
UIFJOTUBMMBUJPONBOVBMBMXBZTSFTQFDUJOHUIFNJOJNVNWFSUJDBM
EJTUBODFGSPNUIFIPCGJH 
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FOEPGUIFJOMFUDPOOFDUJPOQPJOUPGUIFHBTIPCIBTBࣔ
 NNUISFBEUIBUBMMPXTGPS
GJYFEDPOOFDUJPO
DPOOFDUJPOVTJOHBGMFYJCMFNFUBMQJQF- NJO NNBY N
5IFXBUFSUJHIUTFBMTVQQMJFEPSBWBJMBCMFGSPNUIFUFDIOJDBM
BTTJTUBODFTFSWJDFDPEF 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
*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 
*GZPVOFFEUPNBLFBDZMJOESJDBMDPOOFDUJPOSFQMBDFUIFGBDUPSZ
GJUUFE-UVCFXJUIUIFPOFJOUIFBDDFTTPSZCBHTVQQMJFEPS
BWBJMBCMFGSPNUIFUFDIOJDBMBTTJTUBODFTFSWJDFDPEF 
'JH B
1MFBTFSFNFNCFSUPJOTFSUUIFTFBM
: '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
,PSRUWDQW "GUFS GJOJTIJOH TUJDL UIF TUJDLFS JOEJDBUJOH UIF OFX HBT
UZQFDMPTFUPUIFTQFDJGJDBUJPOTQMBUF
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)LJ 
 4FUUIFDPOUSPMLOPCTUPNJOJNVN
 3FNPWF UIF DPOUSPM LOPCT GSPN UIF UBQT *U IBT B GMFYJCMF SVCCFS
WBMWFSFJOGPSDJOHSJOH1SFTTXJUIUIFUJQPGUIFTDSFXESJWFSUP
BDDFTTUIFUBQTBEKVTUJOHTDSFX
1HYHU UHPRYH WKH YDOYH UHLQIRUFLQJ ULQJ 5IF WBMWF SFJOGPSDJOH
SJOHTHVBSBOUFFUIFXBUFSUJHIUOFTTPGUIFBQQMJBODFTJOUFSJPS
GSPNMJRVJETBOEEJSUXIJDINJHIUPUIFSXJTFQSFWFOUJUTDPSSFDU
PQFSBUJPO
 "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
$UIFCZQBTTTDSFXTOFFEUPCFDIBOHFECZBOBVUIPSJTFE
FOHJOFFS
%EPOPUUPVDIUIFCZQBTTTDSFXT
8IFOBEKVTUJOHUIFDPOUSPMLOPCCFUXFFONBYJNVNBOE
NJOJNVNUIFCVSOFSEPFTOPUHPPVUOPSJTUIFSFBGMBNF
CBDLESBVHIUDSFBUFE
*G UIF CZQBTT TDSFX DBOOPU CF BDDFTTFE EJTBTTFNCMF UIF HSFBTF
ESJQ USBZ XIJDI JT GJUUFE UP UIF IPC WJB B TFSJFT PG DMJQT BOE TDSFXT
3FNPWFJUBTGPMMPXT
 3FNPWFBMMQBOTVQQPSUTCVSOFSDBQTEJGGVTFSTBOEDPOUSPM
LOPCT
 3FNPWFUIFTDSFXTGSPNUIFCVSOFST
 *GOFDFTTBSZVTFUIFEJTBTTFNCMZMFWFSBWBJMBCMMFGSPN
PVS5FDIOJDBM"TTJTUBODF4FSWJDF5PSFMFBTFUIFGSPOUDMJQT
BQQMZUIFMFWFSUPUIFBSFBTIPXOJOGJHVSF 
 5PSFJOTUBMMUIFBQQMJBODFQSPDFFEJOUIFSFWFSTFPSEFSUP
EJTBTTFNCMZ
/FWFSSFNPWFUIFUBQTQJOEMF'JH *OUIFFWFOUPGB
NBMGVODUJPODIBOHFUIFXIPMFUBQ
es
Û
*OTUSVDDJPOFTEFNPOUBKF
,QGLFDFLRQHVGHVHJXULGDG
-FBMBTJOTUSVDDJPOFTEFMBQBSBUPBOUFTEFQSPDFEFSBTV
JOTUBMBDJ³OZVTP
-BTJN¡HFOFTSFQSFTFOUBEBTFOFTUBTJOTUSVDDJPOFTUJFOFO
DBS¡DUFSPSJFOUBUJWP
(OIDEULFDQWHTXHGDH[HQWRGHWRGDUHVSRQVDELOLGDGVLQRVH
FXPSOHQODVGLVSRVLFLRQHVGHHVWHPDQXDO
&TUFBQBSBUPTFEFCFVUJMJ[BSºOJDBNFOUFFOMVHBSFT
TVGJDJFOUFNFOUFWFOUJMBEPT/PTFEFCFDPOFDUBSBVOEJTQPTJUJWP
EFFWBDVBDJ³OEFMPTQSPEVDUPTEFDPNCVTUJ³O
7RGRVORVWUDEDMRVGHLQVWDODFLyQFRQH[LyQ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
SRQGUiHVSHFLDODWHQFLyQDODVGLVSRVLFLRQHVDSOLFDEOHVHQ
FXDQWRDODYHQWLODFLyQ
6HUHFRPLHQGDOODPDUDQXHVWUR6HUYLFLR7pFQLFRSDUDOD
DGDSWDFLyQDRWURVWLSRVGHJDV
&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DPNQSVFCFRVFMBTDPOEJDJPOFTEF
EJTUSJCVDJ³OMPDBMTPODPNQBUJCMFTDPOFMSFHMBKFEFMBQBSBUPRVF
GJHVSB FO MB QMBDB EF DBSBDUFSTUJDBT OBUVSBMF[B Z QSFTJ³O EFM HBT
QPUFODJBWPMUBKF
$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \
GHJDVGHODSDUDWR
&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
&MNVFCMFFOFMRVFTFJOTUBMFFMBQBSBUPEFCFFTUBS
DPOWFOJFOUFNFOUFGJKBEPZTFSFTUBCMF
-PT NVFCMFT QS³YJNPT BM BQBSBUP MPT SFWFTUJNJFOUPT FTUSBUJGJDBEPT
ZMBDPMBRVFMPTGJKBEFCFOTFSEFNBUFSJBMFTOPJOGMBNBCMFTZ
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
4JTFJOTUBMBVOIPSOPEFCBKPEFMBQMBDBEFDPDDJ³OFMHSPTPS
NOJNPJOEJDBEPQBSBMBTVQFSGJDJFEFUSBCBKPQVFEFTFSNBZPS
RVFFMJOEJDBEPFOFTUBTJOTUSVDDJPOFT0CTFSWFMBTJOEJDBDJPOFT
EFMBTJOTUSVDDJPOFTEFNPOUBKFEFMIPSOP
4JJOTUBMBVOFYUSBDUPSUFOHBFODVFOUBTVNBOVBMEFJOTUBMBDJ³O
SFTQFUBOEPTJFNQSFMBEJTUBODJBWFSUJDBMNOJNBBMBQMBDBEF
DPDDJ³OGJH 
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 
&MFYUSFNPEFMBDPOFYJ³OEFFOUSBEBEFMBQMBDBEFDPDDJ³OEF
HBTFTU¡QSPWJTUPEFVOBSPTDBEF࣐࣐ NNRVFQFSNJUF
MBDPOFYJ³OSHJEB
-BDPOFYJ³ODPOVOUVCPGMFYJCMFNFU¡MJDP- NJO N
NBY N
*OUFSDBMFMBKVOUBEFFTUBORVJEBETVNJOJTUSBEBPEJTQPOJCMFB
USBW©TEFM4FSWJDJP5©DOJDPD³EJHP 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MBDPOFYJ³OEFHBTFOIPSJ[POUBMFOOVFTUSP
4FSWJDJP5©DOJDPEJTQPOFEFVODPEPD³EJHP N¡TVOB
KVOUBD³EJHP 
4JOFDFTJUBSFBMJ[BSVOBDPOFYJ³ODJMOESJDBTVTUJUVZBFMDPEP
JOTUBMBEPEFG¡CSJDBQPSFMEFMBCPMTBEFBDDFTPSJPTTVNJOJTUSBEB
PEJTQPOJCMFBUSBW©TEFM4FSWJDJP5©DOJDPD³EJHP 
'JH B
/PPMWJEFJOUFSDBMBSMBKVOUB
: £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
,PSRUWDQWH "M GJOBMJ[BS DPMPRVF MB FUJRVFUB BEIFTJWB JOEJDBOEP FM
OVFWPUJQPEFHBTDFSDBEFMBQMBDBEFDBSBDUFSTUJDBT
-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ILJ 
 $PMPRVFMPTNBOEPTFOMBQPTJDJ³OEFNOJNP
 3FUJSFMPTNBOEPTEFMPTHSJGPT4FFODPOUSBS¡DPOVOSFU©OEF
HPNBGMFYJCMF1SFTJPOFDPOMBQVOUBEFMEFTUPSOJMMBEPSQBSB
BDDFEFSBMUPSOJMMPEFSFHVMBDJ³OEFMHSJGP
-DPiVGHVPRQWHHOUHWpQ-PTSFUFOFTHBSBOUJ[BOMB
FTUBORVJEBE EFM JOUFSJPS EFM BQBSBUP GSFOUF B MRVJEPT Z TVDJFEBE
RVFQVFEFOJNQFEJSTVDPSSFDUPGVODJPOBNJFOUP
 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
$MPTUPSOJMMPTCZQBTTEFCFOTFSDBNCJBEPTQPSVOU©DOJDP
BVUPSJ[BEP
%OPNBOJQVMBSMPTUPSOJMMPTCZQBTT
$PNQSVFCFRVFBMHJSBSFMNBOEPFOUSFFMN¡YJNPZFMNOJNP
FMRVFNBEPSOPTFBQBHBOJTFDSFBSFUSPDFTPEFMMBNB
4JOPFODVFOUSBBDDFTPBMUPSOJMMPCZQBTTEFTNPOUFMBHSBTFSB
RVFFTU¡GJKBEBBMSFTUPEFMBQMBDBEFDPDDJ³OQPSVOTJTUFNBEF
DMJQBKFZUPSOJMMPT1BSBSFUJSBSMBQSPDFEBEFMTJHVJFOUFNPEP
 2VJUFUPEBTMBTQBSSJMMBTUBQBTEFMPTRVFNBEPSFTEJGVTPSFTZ
NBOEPT
 4VFMUFMPTUPSOJMMPTEFMPTRVFNBEPSFT
 4JFTOFDFTBSJPVUJMJDFMBQBMBODBEFEFTNPOUBKF
EJTQPOJCMFBUSBW©TEFOVFTUSPTFSWJDJPU©DOJDP-JCFSFFMDMJQBKF
EFMBOUFSPBQMJDBOEPMBQBMBODBFOMBT[POBTTF±BMBEBT'JH 
 1BSBWPMWFSBNPOUBSFMBQBSBUPQSPDFEBEFNPEPJOWFSTPBM
EFTNPOUBKF
/VODBEFTNPOUFFMFKFEFMHSJGP'JH &ODBTPEFBWFSB
DBNCJFFMHSJGPDPNQMFUP
fr
Þ
/PUJDFEFNPOUBHF
,QGLFDWLRQVGHVpFXULWp
-JTF[MFTJOTUSVDUJPOTEFMBQQBSFJMBWBOUEFQSPD©EFSTPO
JOTUBMMBUJPOFUTPOVUJMJTBUJPO
-FTJNBHFTEFDFUUFOPUJDFTPOUQSPQPT©FTUJUSFJOEJDBUJG
/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV
LQVWUXFWLRQVGHFHWWHQRWLFHQHVRQWSDVUHVSHFWpHV
$FUBQQBSFJMEPJUªUSFVUJMJT©VOJRVFNFOUEBOTEFTFOESPJUT
TVGGJTBNNFOUWFOUJM©T-BQQBSFJMOFEPJUQBTªUSFDPOOFDU©VO
EJTQPTJUJGE©WBDVBUJPOEFTQSPEVJUTEFDPNCVTUJPO
7RXVOHVWUDYDX[GLQVWDOODWLRQGHFRQQH[LRQ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]/HV
GLVSRVLWLRQVDSSOLFDEOHVTXDQWjODYHQWLODWLRQVHURQW
DWWHQWLYHPHQWUHVSHFWpHV
,OHVWUHFRPPDQGpGHIDLUHDSSHODX6HUYLFH7HFKQLTXHSRXU
ODGDSWDWLRQjXQDXWUHW\SHGHJD]
$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 W©SJGJF[ RVF MFT DPOEJUJPOT EF EJTUSJCVUJPO MPDBMF
TPOUDPNQBUJCMFTBWFDMFS©HMBHFEFMBQQBSFJMRVJGJHVSFTVSMB
QMBRVFTJHOBM©UJRVFOBUVSFFUQSFTTJPOEVHB[QVJTTBODF
UFOTJPO
$YDQWWRXWHLQWHUYHQWLRQFRXSH]ODOLPHQWDWLRQpOHFWULTXHHW
GHJD]GHODSSDUHLO
-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
-FNFVCMFP¹MBQQBSFJMTFSBJOTUBMM©EPJUªUSFGJY©DPSSFDUFNFOUFU
ªUSFTUBCMF
-FTNFVCMFTQSPDIFTEFMBQQBSFJMMFTSFWªUFNFOUTTUSBUJGJ©TFUMB
DPMMFRVJMFTGJYFEPJWFOUªUSFOPOJOGMBNNBCMFTFU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
-BUBCMFEFDVJTTPOEPJUªUSFFODBTUS©FVOJRVFNFOUBVEFTTVT
EVOGPVSWFOUJM©
4JVOGPVSFTUFODBTUS©TPVTMBUBCMFEFDVJTTPOM©QBJTTFVSEV
QMBOEFUSBWBJMQFVUªUSFTVQ©SJFVSFM©QBJTTFVSNJOJNBMF
TQ©DJGJ©FEBOTDFUUFOPUJDF3FTQFDUF[MFTDPOTJHOFTEFMBOPUJDF
EFNPOUBHFEVGPVS
4JVOFIPUUFBTQJSBOUFFTUJOTUBMM©FJMGBVUQSFOESFFODPNQUFMFT
PCTFSWBUJPOTEFTPONBOVFMEJOTUBMMBUJPOFUSFTQFDUFSUPVKPVST
VOF EJTUBODF WFSUJDBMF NJOJNVN QBS SBQQPSU MB QMBRVF EF DVJTTPO
GJH 
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 
-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
-BDPOOFYJPOSJHJEF
-FCSBODIFNFOUBWFDVOUVZBVGMFYJCMFN©UBMMJRVF- NJO N
NBY N
*OUFSDBMF[MFKPJOUE©UBODI©JU©GPVSOJPVEJTQPOJCMFWJBMFTFSWJDF
UFDIOJRVFDPEF 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
4JWPVTEFWF[DS©FSVOCSBODIFNFOUEFHB[IPSJ[POUBMOPUSF
TFSWJDFUFDIOJRVFEJTQPTFEVODPVEFDPEF FUEVOKPJOU
DPEF 
4JWPVTEFWF[DS©FSVOSBDDPSEDZMJOESJRVFSFNQMBDF[MFDPVEF
JOTUBMM©FOVTJOFQBSDFMVJEFMBQPDIFEFTBDDFTTPJSFTGPVSOJPV
WJBMFTFSWJDFUFDIOJRVFDPEF  'JHB
/PVCMJF[QBTEJOUFSDBMFSMFKPJOU
: 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
,PSRUWDQW MBGJOQMBDF[M©UJRVFUUFBVUPDPMMBOUFFOJOEJRVBOUMF
OPVWFBVUZQFEFHB[QS¨TEFMBQMBRVFTJHOBM©UJRVF
-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ILJ 
 1MBDF[MFTCPVUPOTEFDPNNBOEFTVSMBQPTJUJPONJOJNVN
 3FUJSF[MFTDPNNBOEFTEFTSPCJOFUT7PVTUSPVWFSF[BMPSTVOF
CBHVFFODBPVUDIPVDGMFYJCMF"QQVZF[BWFDMBQPJOUFEV
UPVSOFWJTBGJOEBDD©EFSMBWJTEFS©HMBHFEVSPCJOFU
1HGpPRQWH]MDPDLVODEDJXH-FTCBHVFTHBSBOUJTTFOU
M©UBODI©JU©MJOU©SJFVSEFMBQQBSFJMFUMFQSPU¨HFOUEFTMJRVJEFT
FUEFTTBMFU©TRVJQPVSSBJFOUMFNQªDIFSEFGPODUJPOOFS
DPSSFDUFNFOU
 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
$MFTWJTCZQBTTEPJWFOUªUSFDIBOH©FTQBSVOUFDIOJDJFO
BHS©©
%OFNBOJQVMF[QBTMFTWJTCZQBTT
7©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©
4JWPVTOFUSPVWF[QBTMBDD¨TMBWJTCZQBTTE©NPOUF[MB
M¨DIFGSJUFRVJFTUGJY©FBVSFTUFEFMBQMBRVFEFDVJTTPOQBSVO
TZTU¨NF EFOTFNCMF EF DMJQT FU EF WJT 1PVS MB SFUJSFS QSPD©EF[ EF
MBNBOJ¨SFTVJWBOUF
 UF[UPVTMFTHSJMMFTDPVWFSDMFTEFTCS»MFVSTEJGGVTFVSTFU
CPVUPOTEFDPNNBOEF
 %FTTFSSF[MFTWJTEFTCS»MFVST
 4J O©DFTTBJSF VUJMJTF[ MF MFWJFS EF E©NPOUBHF  EJTQPOJCMF
DIF[OPUSFTFSWJDFUFDIOJRVF-JC©SF[MFOTFNCMFEFDMJQTBWBOU
FOBQQMJRVBOUMFMFWJFSTVSMFT[POFTJOEJRV©FT'JH 
 1PVSSFNPOUFSMBQQBSFJMTVJWF[MBQSPD©EVSFJOWFSTFBV
E©NPOUBHF
/FE©NPOUF[KBNBJTMBYFEVSPCJOFU'JH &ODBTEJODJEFOU
DIBOHF[DPNQM¨UFNFOUMFSPCJOFU
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SBQQSFTFOUBUFJORVFTUFJTUSV[JPOJIBOOPDBSBUUFSF
PSJFOUBUJWP
,OFRVWUXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLPDQFDWD
RVVHUYDQ]DGHOOHGLVSRVL]LRQLGHOSUHVHQWHPDQXDOH
-BQQBSFDDIJPEFWFFTTFSFVUJMJ[[BUPTPMPJOMVPHIJ
TVGGJDJFOUFNFOUFWFOUJMBUJ/POEFWFFTTFSFDPMMFHBUPBVO
EJTQPTJUJWPEJFTQVMTJPOFEFJQSPEPUUJEJDPNCVTUJPOF
7XWWH OH RSHUD]LRQL GL LQVWDOOD]LRQH FRQQHVVLRQH 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)DUHSDUWLFRODUHDWWHQ]LRQHDOOHGLVSRVL]LRQL
DSSOLFDELOLLQPDWHULDGLYHQWLOD]LRQH
3HUODGDWWDPHQWRDGDOWULWLSLGLJDVVLFRQVLJOLDGLULYROJHUVL
DOQRVWURVHUYL]LRWHFQLFR
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TJBOPDPNQBUJCJMJDPOMBSFHPMB[JPOFEFMMBQQBSFDDIJP
JOEJDBUBUBSHBJEFOUJGJDBUJWBUJQPFQSFTTJPOFEFMHBTQPUFO[B
UFOTJPOF

3ULPDGLHIIHWWXDUHTXDOVLDVLRSHUD]LRQHVFROOHJDUH
ODOLPHQWD]LRQHHOHWWULFDHODOLPHQWD]LRQHGHOJDV
GHOODSSDUHFFKLR
*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
*MNPCJMFJODVJTJJOTUBMMBMBQQBSFDDIJPEFWFFTTFSF
PQQPSUVOBNFOUFGJTTBUPFEFWFFTTFSFTUBCJMF
* NPCJMJ WJDJOJ BMMBQQBSFDDIJP J SJWFTUJNFOUJ TUSBUJGJDBUJ F MB DPMMB DPO
DVJTPOPGJTTBUJEFWPOPFTTFSFDPTUJUVJUJEBNBUFSJBMFOPO
JOGJBNNBCJMFFSFTJTUFOUFBMDBMPSF
2VFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPTVGSJHPSJGFSJ
MBWBUSJDJMBWBTUPWJHMJFPFMFUUSPEPNFTUJDJTJNJMJ
*MQJBOPEJDPUUVSBQV²FTTFSFJOTUBMMBUPFTDMVTJWBNFOUFTPQSBVO
GPSOPWFOUJMBUP
4FTJJOTUBMMBVOGPSOPTPUUPJMQJBOPEJDPUUVSBMPTQFTTPSFEFM
QJBOP EJ MBWPSP QV² TVQFSBSF MP TQFTTPSF NJOJNP SJDIJFTUP JOEJDBUP
JORVFTUPNBOVBMF1SFTUBSFBUUFO[JPOFBMMFBWWFSUFO[FQSFTFOUJ
OFMMFJTUSV[JPOJQFSJMNPOUBHHJPEFMGPSOP
4FTJJOTUBMMBVOFTUSBUUPSFGBSFSJGFSJNFOUPBMSFMBUJWPNBOVBMFEJ
JOTUBMMB[JPOFNBOUFOFOEPTFNQSFVOBEJTUBO[BWFSUJDBMFNJOJNB
EBMQJBOPEJDPUUVSBGJH 
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 
-FTUSFNJUEFMMBDPOOFTTJPOFEJJOHSFTTPEFMQJBOPEJDPUUVSBB
HBT¨EPUBUBEJGJMFUUBUVSBEBࣔ NNDIFDPOTFOUF
JMDPMMFHBNFOUPSJHJEP
MBUUBDDPBVOUVCPGMFTTJCJMFNFUBMMJDP- NJO NNBY N
*OTFSJSF MB HVBSOJ[JPOF EJ UFOVUB JO EPUB[JPOF P EJTQPOJCJMF USBNJUF JM
TFSWJ[JPUFDOJDPDPEJDF USB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
/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 
/FMDBTPJODVJPDDPSSBSFBMJ[[BSFVOBDPOOFTTJPOFDJMJOESJDB
TPTUJUVJSFJMHPNJUPNPOUBUPJOGBCCSJDBDPORVFMMPGPSOJUPOFM
TBDDIFUUPEFHMJBDDFTTPSJPEJTQPOJCJMFUSBNJUFJMTFSWJ[JPUFDOJDP
DPEJDF 'JH B
/POTDPSEBSTJEJJOUFSDBMBSFMBHVBSOJ[JPOF
: 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
,PSRUWDQWH"MUFSNJOFBQQMJDBSFMFUJDIFUUBBEFTJWBJOEJDBOEPJM
OVPWPUJQPEJHBTBDDBOUPBMMBUBSHBJEFOUJGJDBUJWB
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ILJ 
 $PMMPDBSFMFNBOPQPMFOFMMBQPTJ[JPOFEJNJOJNP
 &TUSBSSFMFNBOPQPMFEFJSVCJOFUUJ4JUSPWFSVOBUFOVUBJO
HPNNBGMFTTJCJMF&TFSDJUBSFQSFTTJPOFDPOMBQVOUBEFM
DBDDJBWJUFQFSBDDFEFSFBMMBWJUFEJSFHPMB[JPOFEFMSVCJOFUUP
1RQULPXRYHUHPDLODWHQXWD-FUFOVUFHBSBOUJTDPOPMB
SFTJTUFO[BEFMMJOUFSOPEFMMBQQBSFDDIJPBMJRVJEJFTQPSDJ[JBDIF
QPTTPOPJNQFEJSOFJMDPSSFUUPGVO[JPOBNFOUP
 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
$MFWJUJEJCZQBTTEFWPOPFTTFSFTPTUJUVJUFEBVOUFDOJDP
BVUPSJ[[BUP
%OPONBOJQPMBSFMFWJUJEJCZQBTT
7FSJGJDBSF DIF SFHPMBOEP MB NBOPQPMB USB JM NBTTJNP F JM NJOJNP
JMCSVDJBUPSFOPOTJTQFOHBO©TJWFSJGJDIJOPSJUPSOJEJGJBNNB
4FOPOTJUSPWBMBDDFTTPBMMBWJUFEJCZQBTTTNPOUBSFMBQBSUF
TVQFSJPSFEFMQJBOPEJDPUUVSBDIF¨GJTTBUBBMSFTUPEFMQJBOPEJ
DPUUVSBNFEJBOUFVOTJTUFNBEJGJTTBHHJPBDMJQFWJUJ1FS
SJNVPWFSMBQSPDFEFSFDPNFTFHVF
 5PHMJFSFUVUUFMFHSJHMJFJDPQFSDIJEFJCSVDJBUPSJJEJGGVTPSJFMF
NBOPQPMF
 3JNVPWFSFMFWJUJEFJCSVDJBUPSJ
 4FOFDFTTBSJPVUJMJ[[BSFMBMFWBEJTNPOUBHHJP
EJTQPOJCJMF QSFTTP JM OPTUSP TFSWJ[JP UFDOJDP 3JMBTDJBSF JM GJTTBHHJP
BDMJQBOUFSJPSFGBDFOEPMFWBOFMMF[POFJOEJDBUF'JH
 1FSSJNPOUBSFMBQQBSFDDIJPJOWFSUJSFMBQSPDFEVSBEJ
TNPOUBHHJP

/PO TNPOUBSF NBJ MBTTF EFM SVCJOFUUP 'JH  JO DBTP EJ HVBTUP
TPTUJUVJSFJMSVCJOFUUPDPNQMFUP
nl
é
,QVWDOODWLHYRRUVFKULIW
9HLOLJKHLGVDDQZLM]LQJHQ
-FFTEFJOTUSVDUJFTWBOIFUBQQBSBBUBMWPSFOTPWFSUFHBBOUPUEF
JOTUBMMBUJFFOIFUHFCSVJLFSWBO
%FBGCFFMEJOHFOEJFCJKEF[FBBOXJK[JOHFOTUBBOBGHFESVLU[JKO
TMFDIUTUFSPSJ«OUBUJF
'HIDEULNDQWLVYULMYDQHONHYHUDQWZRRUGHOLMNKHLGLQGLHQGH
EHVFKLNNLQJHQYDQGH]HKDQGOHLGLQJQLHWQDJHOHHIGZRUGHQ
%JUBQQBSBBUNBHBMMFFOHFCSVJLUXPSEFOJOWPMEPFOEF
HFWFOUJMFFSEFSVJNUFT)FUNBHOJFUXPSEFOBBOHFTMPUFOPQFFO
JOSJDIUJOHWPPSEFBGWPFSWBOWFSCSBOEJOHTQSPEVDUFO
$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(UZRUGWPHWQDPHJHOHWRSGHYRRUVFKULIWHQPHW
EHWUHNNLQJWRWYHQWLODWLH
9RRU GH DDQSDVVLQJ DDQ HHQ DQGHU JDVW\SH UDGHQ ZLM DDQ RP
RQ]H7HFKQLVFKH'LHQVWWHEHOOHQ
%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W³³SEFJOTUBMMBUJFPGEFWPPSXBBSEFOWBOMPLBMF
EJTUSJCVUJF DPNQBUJCFM [JKO NFU EF BGTUFMMJOH WBO IFU BQQBSBBU EJF JT
BBOHFHFWFOPQIFUHFHFWFOTQMBBUKFBBSEFOESVLWBOIFUHBT
WFSNPHFOWPMUBHF
6OXLWYyyUHONHKDQGHOLQJGHVWURRPHQJDVWRHYRHUYDQKHW
DSSDUDDWDI
%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
)FUNFVCFMTUVLXBBSJOIFUBQQBSBBUHF¯OTUBMMFFSEXPSEUNPFUPQ
EFKVJTUFXJK[FCFWFTUJHE[JKOFOTUBCJFMTUBBO
.FVCFMTEJFJOEFCVVSUWBOIFUBQQBSBBUTUBBOEFHFMBBHEF
CFLMFEJOHFOFOEFMJKNXBBSNFFEF[FHFQMBLU[JKONPFUFOOJFU
POUWMBNCBBSFOIJUUFCFTUFOEJH[JKO
%JUBQQBSBBULBOOJFUHF¯OTUBMMFFSEXPSEFOPQLPFMLBTUFO
XBTNBDIJOFTWBBUXBTTFSTPGEFSHFMJKLF
%FLPPLQMBBUNBHBMMFFOCPWFOFFOHFWFOUJMFFSEFPWFOXPSEFO
JOHFCPVXE
8PSEUPOEFSEFLPPLQMBBUFFOPWFOJOHFCPVXEEBOLBOEFEJLUF
WBOIFUXFSLCMBEEFNJOJNBBMWFSFJTUFEJLUFJOEF[F
HFCSVJLTBBOXJK[JOHPWFSTDISJKEFO/FFNEFBBOXJK[JOHFOJOEF
JOTUBMMBUJFIBOEMFJEJOHCJKEFPWFOJOBDIU
"MTVFFOBG[VJHLBQJOTUBMMFFSUEPFEBUEBOWPMHFOTEF
JOTUBMMBUJFIBOEMFJEJOHFOIPVEBMUJKEEFNJOJNBMFWFSUJDBMFBGTUBOE
UPUEFLPPLQMBBUBBOGJH 
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DIE 
)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
&FOWFSCJOEJOHNFUFFONFUBMFOTMBOH- NJO NNBY N
7PFHEFCJKHFMFWFSEFPGWJBEFUFDIOJTDIFEJFOTUCFTDIJLCBSF
BGEJDIUQBLLJOHDPEF 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
*OEJFOVEFHBTBBOTMVJUJOHIPSJ[POUBBMNPFUVJUWPFSFO[JKOFSCJK
PO[FUFDIOJTDIFEJFOTUFFOLOJFTUVLDPEF FOFFO
BGEJDIUJOHDPEF CFTDIJLCBBS
*OEJFO V FFO DJMJOESJTDIF BBOTMVJUJOH NPFU NBLFO WFSWBOH EBO IFU
EPPS EF GBCSJFL HF¯OTUBMMFFSEF LOJFTUVL EPPS EBU VJU EF CJKHFMFWFSEF
PGCJKEFUFDIOJTDIFEJFOTUCFTDIJLCBSF[BLNFUBDDFTTPJSFT
DPEF "GC B
7FSHFFUOJFUPNEFQBLLJOHJOUFWPFHFO
: /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
%HODQJULMN1MBBUTUFOTMPUUFEFTUJDLFSEJFIFUOJFVXFHBTUZQF
BBOEVJEUEJDIUCJKIFUHFHFWFOTQMBBUKF
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DIE 
 ;FUEFLOPQQFOJOEFMBBHTUFTUBOE
 )BBMEFCFEJFOJOHTLOPQQFOWBOEFLSBOFOBG6USFGUFFO
GMFYJCFMFSVCCFSFOLFFSSJOHBBO7PFSNFUEFQVOUWBOEF
TDISPFWFOESBBJFSESVLVJUPNCJKEFTUFMTDISPFGWBOEFLSBBOUF
LPNFO
%RXZGHNHHUULQJQRRLWXLW%FLFFSSJOHFOHBSBOEFSFOEBUIFU
BQQBSBBUBGHFEJDIUJTUFHFOWMPFJTUPGGFOFOWVJMEJFEFDPSSFDUF
XFSLJOHLVOOFOCFMFNNFSFO
 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
$EFCZQBTTCPVUFONPFUFOXPSEFOWFSWBOHFOEPPSFFO
CFWPFHEF5FDIOJTDIF%JFOTU
%NBOJQVMFFSEFCZQBTTCPVUFOOJFU
$POUSPMFFSPGCJKIFUBGTUFMMFOWBOEFLOPQUVTTFOEFNBYJNVN
FONJOJNVNTUBOEEFCSBOEFSOJFUVJUHBBUOPDIHBTJOTMBH
HFWPSNEXPSEU
*OEJFOVHFFOUPFHBOHWJOEUUPUEFCZQBTTCPVUFOCPVXEBO
WFUQPUVJUEJFCFWFTUJHEJTBBOEFSFTUWBOEFLPPLQMBBUNFUFFO
TZTUFFNWBODMJQTFOTDISPFWFO(BPNEF[FUFWFSXJKEFSFOPQ
POEFSTUBBOEFXJK[FUFXFSL
 7FSXJKEFSBMMFSPPTUFSTIPFEKFTWFSTQSFJEFSTFOLOPQQFO
 .BBLEFCPVUFOWBOEFCSBOEFSTMPT
 (FCSVJL JOEJFO WFSFJTU EF VJUCPVXIFOEFM  CFTDIJLCBBS CJK
PO[FUFDIOJTDIFEJFOTU.BBLEFWPPSTUFDMJQTMPTEPPSEF[FJO
EFBBOHFEVJEF[POFTPNIPPHUFXJQQFO"GC 
 (B PN IFU BQQBSBBU UFSVH JO UF CPVXFO PQ PNHFLFFSEF XJK[F UF
XFSLEBOCJKEFEFNPOUBHF
#PVX EF BT WBO EF LSBBO OPPJU VJU "GC  #JK TUPSJOHFO EJFOU EF
LSBBOJO[JKOHFIFFMUFXPSEFOWFSWBOHFO
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JOTUSVLDKJNBKÅDIBSBLUFS
PSJFOUBDZKOZ
3URGXFHQWQLHSRQRVLMDNLHMNROZLHNRGSRZLHG]LDOQRŔFLZ
SU]\SDGNXJG\]DOHFHQLD]DZDUWHZQLQLHMV]HMLQVWUXNFMLQLH
EęGĉSU]HVWU]HJDQH
5PVS[ÅE[FOJFQPXJOOPCZÇVļZULPXBOFXZĂÅD[OJFXNJFKTDBDI
QPTJBEBKÅDZDIPEQPXJFEOJÅXFOUZMBDKÙ/JFOBMFļZQPEĂÅD[BÇ
VS[ÅE[FOJBEPTQS[ÙUVTĂVļÅDFHPEPVTVXBOJBQSPEVLU³X
TQBMBOJB
:V]\VWNLHF]\QQRŔFL]ZLĉ]DQH]LQVWDODFMĉSRGãĉF]HQLHP
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]JRGQLH]RERZLĉ]XMĉF\PL
QRUPDPLLSU]HSLVDPLRUD]]DU]ĉG]HQLDPLORNDOQ\FK
GRVWDZFyZHQHUJLLHOHNWU\F]QHMLJD]X1DOHŰ\]ZUyFLþ
V]F]HJyOQĉXZDJęQDRERZLĉ]XMĉFHSU]HSLV\Z]DNUHVLH
ZHQW\ODFML
:FHOXGRVWRVRZDQLDXU]ĉG]HQLDGR]DVLODQLDLQQ\PL
URG]DMDPLJD]X]DOHFDVLęNRQWDNW]QDV]\P6HUZLVHP
7HFKQLF]Q\P
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 J QSÅEV LU³SF EPTUBSD[BOF QS[F[ MPLBMOZDI EPTUBXD³X
[HPEOF[QBSBNFUSBNJSFHVMBDKJVS[ÅE[FOJB[OBKEVKÅDZNJTJÙOB
UBCMJD[DF[OBNJPOPXFKSPE[BKJDJěOJFOJFHB[VNPDOBQJÙDJF
3U]HGZ\NRQDQLHPMDNLHMNROZLHNF]\QQRŔFLQDOHŰ\RGFLĉþ
]DVLODQLHHOHNWU\F]QHLGRSã\ZJD]XGRXU]ĉG]HQLD
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
.FCFM X LU³SZN [PTUBOJF [BJOTUBMPXBOF VS[ÅE[FOJF QPXJOJFO CZÇ
PEQPXJFEOJP[BNPDPXBOZJTUBCJMOZ
.FCMF[OBKEVKÅDFTJÙXQPCMJļVVS[ÅE[FOJBQPLSZDJB[MBNJOBUV
PSB[LMFKVļZXBOZEPJDI[BNPDPXBOJBQPXJOOZCZÇXZLPOBOF[
NBUFSJBĂ³XOJFQBMOZDIJPEQPSOZDIOBXZTPLÅUFNQFSBUVSÙ
6S[ÅE[FOJFOJFNPļFCZÇJOTUBMPXBOFOBMPE³XLBDIQSBMLBDI
[NZXBSLBDIMVCQPEPCOZNTQS[ÙDJF
1ĂZUÙ HS[FXD[Å NPļOB [BNPOUPXBÇ XZĂÅD[OJF OBE QJFLBSOJLJFN [
XFOUZMBDKÅ
+FļFMJ QPE QĂZUÅ HS[FXD[Å [BNPOUPXBOZ CÙE[JF QJFLBSOJL HSVCPěÇ
CMBUVSPCPD[FHPNPļFCZÇXJÙLT[BOJļXZNBHBOBHSVCPěÇ
NJOJNBMOBXOJOJFKT[FKJOTUSVLDKJ1S[FTUS[FHBÇXTLB[³XFL
[BXBSUZDIXJOTUSVLDKJNPOUBļVQJFLBSOJLB
8QS[ZQBELVJOTUBMBDKJXZDJÅHVLVDIFOOFHPOBMFļZQS[FTUS[FHBÇ
[BMFDFĄ[BXBSUZDIXKFHPJOTUSVLDKJNPOUBļVJ[BDIPXBÇ[BXT[F
NJOJNBMOÅPEMFHĂPěÇXQJPOJFPEQĂZUZLVDIFOLJSZT 
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 
;BLPĄD[FOJFLPMFLUPSBXFKěDJPXFHPQĂZUZLVDIFOLJHB[PXFKKFTU
XZQPTBļPOFX[ĂÅD[FLPMBOLPXF[HXJOUFNPXZNJBS[Fࣔ
 NNLU³SFVNPļMJXJB
T[UZXOFQPĂÅD[FOJF
QPĂÅD[FOJF[BQPNPDÅFMBTUZD[OFHPQS[FXPEV[NFUBMV
- NJO NNBY N
;BĂPļZÇEPTUBSD[POÅMVCLVQJPOÅX4FSXJTJF5FDIOJD[OZN
VT[D[FMLÙLPE 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
+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 
+FěMJXZNBHBOFKFTUXZLPOBOJF[ĂÅD[BDZMJOESZD[OFHPOBMFļZ
XZNJFOJÇ[ĂÅD[FLPMBOLPXF[BNPOUPXBOFGBCSZD[OJFOB[ĂÅD[F
[OBKEVKÅDFTJÙXUPSFCDF[BLDFTPSJBNJMVCEPTUÙQOFX4FSXJTJF
5FDIOJD[OZNLPEQSPEVLUV 3ZT B
1SPT[ÙQBNJÙUBÇP[BĂPļFOJVVT[D[FMLJ

: 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
:DŰQH 1P[BLPĄD[FOJVQSBDZXQPCMJļVUBCMJD[LJ[OBNJPOPXFK
OBMFļZQS[ZLMFJÇOBLMFKLÙJOGPSNVKÅDÅKBLJNSPE[BKFNHB[V
VS[ÅE[FOJFKFTU[BTJMBOF
/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U\V 
 6TUBXJÇXT[ZTULJFQPLSÙUĂBXQPĂPļFOJVNJOJNBMOZN
 8ZKÅÇQPLSÙUĂB[LVSL³X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&MFNFOUZ[BCF[QJFD[BKÅDFHXBSBOUVKÅ
T[D[FMOPěÇVS[ÅE[FOJBDISPOJÅDQS[FEQS[FEPTUBOJFNTJÙEP
XOÙUS[BDJFD[ZJ[BOJFD[ZT[D[FĄLU³SFNPHÅVOJFNPļMJXJÇ
QSBXJEĂPXFE[JBĂBOJF
 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
$ěSVCZ[ĂÅD[FLQS[FKěDJPXZDIQPXJOOZCZÇXZNJFOJBOFQS[F[
VQSBXOJPOFHPQSBDPXOJLB4FSXJTV5FDIOJD[OFHP
%OJFNBOJQVMPXBÇěSVCBNJ[ĂÅD[FLQS[FKěDJPXZDI
6QFXOJÇTJÙļFQS[ZPCSBDBOJVQPLSÙUĂFNNJÙE[ZQPĂPļFOJFN
NBLTZNBMOZN B NJOJNBMOZN QBMOJL OJF HBěOJF BOJ OJF XZTUÙQVKF
DPGBOJFTJÙQĂPNJFOJB
+FļFMJOJFNPļOBEPTUBÇTJÙEPěSVCZ[ĂÅD[LJQS[FKěDJPXFKOBMFļZ
XZNPOUPXBÇGPSNÙOBUĂVT[D[LU³SBKFTUQS[ZNPDPXBOBEPQĂZUZ
LVDIFOLJ[BQPNPDÅTZTUFNV[BDJTL³XJěSVC8DFMVKFKXZKÙDJB
OBMFļZQPTUÙQPXBÇXTQPT³COBTUÙQVKÅDZ
 ;EKÅÇ XT[ZTULJF SVT[UZ OBLĂBELJ [ QBMOJL³X EZGV[PSZ PSB[ XZKÅÇ
QPLSÙUĂB
 8ZLSÙDJÇěSVCZ[QBMOJL³X
 /BMFļZTLPS[ZTUBÇ[EĺXJHOJEFNPOUVKÅDFKLPEQSPEVLUV
EPTUÙQOFKXOBT[ZN4FSXJTJF5FDIOJD[OZN;XPMOJÇ
QS[FEOJF[BDJTLJVļZXBKÅDEĺXJHOJX[B[OBD[POZDINJFKTDBDI
3ZT 
 8DFMVQPOPXOFHP[BNPOUPXBOJBGPSNZOBUĂVT[D[OBMFļZ
XZLPOBÇD[ZOOPěDJEFNPOUBļVXPEXSPUOFKLPMFKOPěDJ
/JHEZOJFOBMFļZEFNPOUPXBÇUS[QJFOJBLVSLBSZT 8
QS[ZQBELVBXBSJJOBMFļZXZNJFOJÇLPNQMFUOZLVSFL
pt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVGHVHJXUDQoD
-FJBBTJOTUSV§µFTEPBQBSFMIPBOUFTEFQSPDFEFSJOTUBMB§£PF
VUJMJ[B§£P
"T JNBHFOT BQSFTFOUBEBT BP MPOHP EBT JOTUSV§µFT TFSWFN BQFOBT
QBSBPSJFOUB§£P
2 IDEULFDQWH ILFD LVHQWR GH TXDOTXHU WLSR GH UHVSRQVDELOLGDGH
FDVRQmRVHFXPSUDPDVGLVSRVLo}HVGHVWHPDQXDO
&TUFBQBSFMIPEFWFTFSBQFOBTVUJMJ[BEPFNMPDBJTDPNVNB
WFOUJMB§£PBEFRVBEB/£PEFWFTFSMJHBEPBVNEJTQPTJUJWPEF
FWBDVB§£PEPTQSPEVUPTEFDPNCVTU£P
7RGRVRVWUDEDOKRVGHLQVWDODomROLJDomRUHJXODomRH
DGDSWDomRDRXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRU
XPWpFQLFRGHLQVWDODomRDXWRUL]DGRUHVSHLWDQGRWRGDVDV
UHJXODPHQWDo}HVHOHJLVODomRDSOLFiYHLVEHPFRPRR
HVWLSXODGRSHODVHPSUHVDVORFDLVIRUQHFHGRUDVGHJiVH
HOHFWULFLGDGH 'HYH SUHVWDU SDUWLFXODU DWHQomR jV GLVSRVLo}HV
DSOLFiYHLVUHODWLYDPHQWHjYHQWLODomR
5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$VVLVWrQFLD
7pFQLFDSDUDDDGDSWDomRDRXWURVWLSRVGHJiV
&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 WFSJGJRVF TF BT DPOEJ§µFT EF EJTUSJCVJ§£P MPDBM
T£P DPNQBUWFJT DPN B SFHVMB§£P EP BQBSFMIP RVF © BQSFTFOUBEB
OBQMBDBEFDBSBDUFSTUJDBTOBUVSF[BFQSFTT£PEPH¡TQPUªODJB
WPMUBHFN
$QWHVGHTXDOTXHUSURFHGLPHQWRFRUWHDDOLPHQWDomR
HOpFWULFDHGHJiVGRDSDUHOKR
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
0 N³WFM POEF TF JOTUBMB P BQBSFMIP EFWF FTUBS DPOWFOJFOUFNFOUF
GJYBEPFEFWFTFSFTU¡WFM
0TN³WFJTQS³YJNPTEPBQBSFMIPPTSFWFTUJNFOUPTFTUSBUJGJDBEPT
F B DPMB RVF PT GJYB EFWFN USBUBSTF EF NBUFSJBJT O£P JOGMBN¡WFJT
F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
"QMBDBEFDP[JOIBST³QPEFTFSNPOUBEBTPCSFVNGPSOP
WFOUJMBEP
4FGPSNPOUBEPVNGPSOPQPSCBJYPEBQMBDBEFDP[JOIBSB
FTQFTTVSBEBCBODBEBQPEFVMUSBQBTTBSBFTQFTTVSBNOJNB
FYJHJEBQPSFTUFNBOVBM3FTQFJUFBTJOEJDB§µFTDPOTUBOUFTEBT
JOTUSV§µFTEFNPOUBHFNEPGPSOP
4FJOTUBMBSVNFYUSBDUPSEFWFUFSFNDPOUBPSFTQFDUJWPNBOVBM
EFJOTUBMB§£PSFTQFJUBOEPTFNQSFBEJTU¢ODJBWFSUJDBMNOJNBFN
SFMB§£PQMBDBEFDP[FEVSBGJH 
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 
" FYUSFNJEBEF EP DPMFDUPS 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
3FBMJ[BSBMJHB§£PDPNVNUVCPGMFYWFMNFU¡MJDP- NJO N
NBY N
*OUFSDBMF B KVOUB EF FTUBORVFJEBEF GPSOFDJEB PV EJTQPOWFM BUSBW©T
EP 4FSWJ§P EF "TTJTUªODJB 5©DOJDB D³EJHP  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
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 
1BSBSFBMJ[BSVNBMJHB§£PDPNUVCBHFNDJMOESJDBTVCTUJUVBP
DPUPWFMP JOTUBMBEP EF G¡CSJDB QFMP DPUPWFMP JODMVEP OP DPOKVOUP EF
BDFTT³SJPTGPSOFDJEPPVEJTQPOWFMBUSBW©TEP4FSWJ§PEF
"TTJTUªODJB5©DOJDBD³EJHP 'JH B
/£PTFFTRVF§BEFJOUFSDBMBSBKVOUB
: 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
,PSRUWDQWH"PUFSNJOBSDPMPRVFBFUJRVFUBBEFTJWBJOEJDBOEPP
OPWPUJQPEFH¡TQS³YJNPEBQMBDBEFDBSBDUFSTUJDBT
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ILJ 
 $PMPRVFPTDPNBOEPTOBTVBQPTJ§£PNOJNB
 3FUJSF PT DPNBOEPT EBT UPSOFJSBT 'JDBS¡ WJTWFM VN SFUFOUPS EF
CPSSBDIBGMFYWFM1SFTTJPOFDPNBQPOUBEFVNBDIBWFEF
GFOEBTQBSBBDFEFSBPQBSBGVTPEFSFHVMB§£PEBUPSOFJSB
1XQFDGHVPRQWHRUHWHQWRU0TSFUFOUPSFTHBSBOUFNB
FTUBORVFJEBEF EP JOUFSJPS EP BQBSFMIP SFMBUJWBNFOUF B MRVJEPT F
TVKJEBEFRVFQPTTBNJNQFEJSVNGVODJPOBNFOUPDPSSFDUP
 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
$PTQBSBGVTPTCZQBTTEFWFNTFSTVCTUJUVEPTQPSVNU©DOJDP
BVUPSJ[BEP
%O£PNBOJQVMBSPTQBSBGVTPTCZQBTT
7FSJGJRVF 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
4FO£PDPOTFHVJSBDFEFSBPQBSBGVTPCZQBTTEFTNPOUFB
QJOHBEFJSB RVF FTU¡ GJYBEB QMBDB EF DP[FEVSB QPS VN TJTUFNB EF
DMJQFTFQBSBGVTPT1BSBSFUJS¡MBQSPDFEBEBTFHVJOUFGPSNB
 3FNPWB UPEBT BT HSFMIBT UBNQBT EPT RVFJNBEPSFT EJGVTPSFT F
DPNBOEPT
 %FTBQFSUFPTQBSBGVTPTEPTRVFJNBEPSFT
 4FOFDFTT¡SJPVUJMJ[FBBMBWBODBEFEFTNPOUBHFN
EJTQPOWFMBUSBW©TEPOPTTP4FSWJ§PEF"TTJTUªODJB5©DOJDB
3FUJSFPDMJQFEJBOUFJSPDPMPDBOEPBBMBWBODBOBT[POBT
BTTJOBMBEBT'JH 
 1BSB WPMUBS B NPOUBS P BQBSFMIP QSPDFEB EF NPEP JOWFSTP BP EB
EFTNPOUBHFN
/VODBEFTNPOUFPFJYPEBUPSOFJSB'JH &NDBTPEFBWBSJB
EFWFTVCTUJUVJSTFUPEPPDPOKVOUPEBUPSOFJSB
ru
î
Ημπροςιυηώξνλνμρίες
Ξοίαηκίρδτμηιηΰδζνξίπμνπρη
̶͌͗͌͋͔͇͇͕͓͒͞͓͕͔͙͇͍͇͏͖͚͇͙͇ͤ͑͒͘͝͏͏͉͔͏͓͇͙͔͕͌͒ͣ͏͎͚͞͏͙͌
͚͕͉͕͙͉͕͗͑͋͘͑͙͕͖ͤ͒͌͑͗͗͏͈͕͚͗
̶͗͏͉͔͔͌͋͌͌͢͉͇͔͔͕͓͋͚͕͉͕͙͉͗͑͋͌͘͗͏͚͔͑͘͏͉͙ͦ͒ͦͥͦ͘
͕͗͏͔͙͌͏͕͉͕͔͓͗͢͞͏
Ξοημδαϊξνκμδμηηημπροςιυηθπνγδοείψητπώαγίμμνλ
οςινανγπραδξονηζανγηρδκϋνπανΰνεγίδρπώνραπώινθ
νραδρπραδμμνπρη
̫͇͔͔͐͢͖͗͏͈͕͗͓͕͍͔͕͚͙͇͔͇͉͒͘͏͉͇͙ͣ͙͕͕͒ͣ͑͉͕͕͕͗͜͟
͖͕͉͙͗͌͗͏͉͇͓͌͢͜͖͕͓͔͌͌͠͏ͦ͜̩͇͕͔͚͗ͥ͞͖͇͔͌͒ͣ͔͎͌͒ͣͦ
͖͕͕͋͌͋͘͏͔͙ͦͣ͑͓͕͕͚͋͋͢͜͋͒ͦ͕͙͉͕͇͋͓͕͉͋͢͢͜͇͎͕͉͊
Απδνξδοίυηηξνςπρίμναιδξνγικύφδμηύιόκδιρονπδρη
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Νπνΰνδαμηλίμηδπκδγςδρ
ςγδκηρϋροδΰναίμηώλιαδμρηκώυηη
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
̴͇͕͔͑͌͝͉͖͚͔͕͕͑͊͘͖͇͙͚͈͇͗͑͉͇͕͔͕͗͐͞͖͇͔͌͒͏͏͓͙͌͌ͦ͘͎͈͇͗͌ͣ
͋͏͇͓͙͕͓͌͗ࣔ ͓͓͖͕͎͉͕͇͒ͦͥͦ͠͕͈͖͌͌͘͞͏͙ͣ
͍͙͕͌͑͌͘͕͌͋͘͏͔͔͌͏͌
͕͌͋͘͏͔͔͌͏͌͘͊͏͈͑͏͓͓͙͇͌͒͒͏͌͑͘͞͏͓͇͔͕͓͒͊͟- NJO N
NBY N
̳͍͚͌͋͕͙͉͙͌͗͘͏͓͌͉͕͔͕͕͋͊͜͖͇͙͚͈͇͗͑͏͇͎͕͉͕͊͐͙͚͈͕͗͐
͔͕͈͕͌͋͜͏͓͕͚͙͇͔͕͉͘͏͙ͣ͚͖͕͙͔͒͏͙͔͚͌͒ͣͥ͖͕͇͚͗͑͒͋͑
͖͕͙͇͉͓͚͒ͦ͌ͥ͘͉͓͙͌͌͘͘͉͇͕͔͕͗͐͞͖͇͔͌͒ͣͥ͏͒͏͖͗͏͕͈͙͔͔͚͗͌͌ͥ͉
͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝͇͙͗͏͚͑͒ 
̴͕͈͕͌͋͜͏͓͕͏͑͒ͥ͘͞͏͙ͣ͕͖͗͘͏͕͔͕͉͔͑͌͘͏͌͇͔͇͒͊͟͘͖͕͉͋͏͍͔͓͢͏
͇͙͓ͦ͘͞͏͓͈͌͌͒͏͉͕͙͕͚͑͗ͥ͉͙͇͗͘͏͉͇͙͌ͦ͘͉͇͕͔͇͗ͦ͞͖͇͔͌͒ͣ
͔͇͖͗͏͓͌͗͘͉͉͋͢͏͍͔͓͢͏ͦ͠͏͇͓͑͏͇͙͇͍͑͌͖͕͕͍͔͗͋͌͜͏͌
͇͔͇͒͊͟͉͓͙͇͌͘͜͕͙͕͑͗͌͢͓͕͚͙͊͕͇͎͇͙͑ͣͦ͘͎͇͕͓͕͍͔͔͓͊͗͋͌͢͏
̶͗͏ ͔͕͈͕͌͋͜͏͓͕͙͘͏ ͕͊͗͏͎͕͔͙͇͔͕͕͒ͣ͊ ͕͌͋͘͏͔͔͌͏ͦ ͘ ͇͎͕͉͕͊͐ ͙͚͈͕͗͐
͓͕͍͔͕͖͗͏͕͈͙͗͌͘͏͉͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝͖͌͘͝͏͇͔͕͒ͣ͌͕͔͕͑͒͌
͇͙͗͏͚͑͒ ͏͚͖͕͙͔͒͏͙͔͚͌͒ͣͥ͖͕͇͚͗͑͒͋͑͇͙͗͏͚͑͒ 
̶͗͏͔͕͈͕͌͋͜͏͓͕͙͘͏͉͕͌͋͘͏͔͔͌͏͏͘͝͏͒͏͔͋͗͏͕͌͑͐͘͞͎͈͕͗͌ͣ͐
͎͇͓͔͌͏͙͌ ͕͔͕͑͒͌ ͚͙͇͔͕͉͔͔͕͒͌͌͘ ͔͇ ͎͇͉͕͋͌ ͔͇ ͕͔͕͑͒͌ ͏͎ ͖͇͙͇͑͌ ͘
͖͗͏͔͇͍͔͕͙͓͋͒͌ͦ͘͏͉͕͋ͦ͌͌͜͠͉͕͓͖͙͑͒͌͑͖͕͙͇͉͑͘͏͉͇͕͔͕͗͐͞
͖͇͔͌͒͏͏͒͏͔͇͕͔͕͑͒͌͖͗͏͕͈͙͔͔͕͗͌͌͌͉͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝
͇͙͗͏͚͑͒ ͗͏͘ B
̴͌͎͇͈͚͙͋ͣ͌͚͙͇͔͕͉͘͏͙ͣ͚͖͕͙͔͒͏͙͔͚͌͒ͣͥ͖͕͇͚͗͑͒͋͑
: Πςψδπραςδρνξίπμνπρϋςρδφιηβίζί
̶͕͒͌͘͉͔͔͌͌͘͏ͦ͏͎͓͔͔͌͌͏͐͉͕͌͋͘͏͔͏͙͔͚͌͒ͣͥ͕͔͙͚͑͗͑͘͝͏ͥ
͖͕͉͙͗͌͗ͣ͌͌͌͓͙͊͌͗͌͏͔͕͙ͣ͘͞
̶͕͗͏͎͉͕͋͏͙͌͒ͣ͔͌͔͙͌͌͘͕͙͉͙͙͉͔͔͕͙͌͌͘͘͏͎͇͚͙͚͌͑͞͇͎͇͊͉
͕͌͋͘͏͔͔͌͏ͦ͜͉͖͕͔͔͔͒͌͢͢͜͖͕͎͕͉͇͙͓͒ͣ͌͒͌͏͒͏͏͖͕͔͒͘͏͙͓͌͒͌
͓͕͔͙͇͍͔͢͜͇͈͕͙͗
Ξνγικύφδμηδιόκδιρονπδρηοηπ
̶͕͉͙͗͌͗ͣ͌͙͕͈͢͞͔͇͖͍͔͗ͦ͌͏͌͏͓͕͔͕͙ͣ͘͠͖͗͏͈͕͇͗
͕͕͙͉͙͙͉͕͉͇͌͒͘͘͏͖͇͇͓͙͇͓͗͌͗͙͕͇͑͉͙͕͙ͤ͒͌͑͗͌͘͏
̩͇͕͔͗͌͢͞͖͇͔͌͒͏͖͕͙͇͉͙͒ͦͥͦ͘͘͘͇͈͓͑͌͒͌͖͏͙͇͔͏ͦ͕͙͕͑͗͐͢
͓͕͍͙͌͔͌͏͓͙͌ͣ͙͖͔͕͌͌͒ͣ͐͘͟͉͏͒͑͏
̶͗͏͈͕͗͢͔͇͈͍͔͔͌͌͘͢͙͖͔͕͌͌͒ͣ͐͘͟͉͏͕͒͑͐͓͕͍͔͕͖͕͇͙͋͑͒ͥͣ͞
͙͕͕͒ͣ͑͑͕͎͙͇͓͗͌͑͘͖͇͉͗͏͔͕͒ͣ͚͙͇͔͕͉͔͔͓͒͌͘͢͎͇͎͓͔͌͒͌͏͓͌
̴͕͈͕͌͋͜͏͓͕͖͚͓͕͙͙͗͌͋͗͌ͣ͘͇͎͓͇͗͑ͥ͌͌͢͠͚͙͕͙͉͕͗͐͘͘͋͒ͦ͉͌͘͜
͖͕͕͉͒ͥ͘͖͗͏͈͕͇͗͘͉͕͎͚͔͓͋͟͢͎͇͎͕͕͓͗͓͍͚͌͋͕͔͙͇͙͇͓͑͑͏͔͌
͓͔͌͌͌ ͓͓͎͇͏͔͑͒ͥ͌͘͞͏͓͌͚͇͉͒͌͘͞͖͕͕͋͌͋͘͏͔͔͌͏ͦ͘
͏͖͕͎͕͉͇͔͒ͣ͘͏͓͌͕͎͙͗͌͑͏͌͒͘͏͖͕͎͕͉͇͙͒ͣ͌͒ͣ͏͓͙͌͌͑͔͌͐͕͙͚͖͋͘
̫͇͔͔͐͢͖͗͏͈͕͗͕͙͔͕͘͏͙ͦ͘͑͇͚͑͒͘͘࣓:ࣔ͔͌͕͖͚͇͙͋͑͌ͦ͘͘͎͇͓͔͇͌
͇͈͑͌͒ͦ͖͏͙͇͔͏ͦ͖͕͎͕͉͇͙͓͒ͣ͌͒͌͙͕ͤ͓͕͍͙͌͇͙͋͌͒ͣ͙͕͕͒ͣ͑
͉͌͗͘͏͔͐͘͢͔͙͌͗͝̴͕͈͕͌͋͜͏͓͕͚͞͏͙͉͇͙ͣ͢͙͏͖͇͈͑͌͒ͦ͏͕͌͊
͓͏͔͏͓͇͔͕͒ͣ͌͔͌͌͘͞͏͌
Ώγίξρίυηώιγοςβνλςαηγςβίζί
̬͒͘͏͙͕ͤ͇͎͔͕͗͗͌͌͟͔͕͓͇͓͗͏͙͇͔͗͘͢͇͔͔͋͐͢͖͗͏͈͕͗͓͕͍͔͕
͔͇͙͕͗͘͏͙ͣ͋͒ͦ͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͘͚͋͗͊͏͓͏͉͏͇͓͋͏͇͎͇͊͓͘
͙͇͈͒͏͚͑͞͘͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏̴͕͈͕͌͋͜͏͓͌͢͋͒ͦ͙͕͕ͤ͊͙͇͋͌͒͏
͔͇͕͙͋ͦͦ͘͜͉͖͕͙͇͉͓͕͓͒ͦ͌͘͘͔͕͙͕͓͌͑͗͢͏͓͕͓͋͌͒ͦ͏͔͇͈͕͗͌͋͒ͦ
͇͇͖͙͇͋͝͏͏ ͕͙͕͑͗͐͢ ͙͇͍͑͌ ͓͕͍͔͕ ͖͗͏͕͈͙͗͌͘͏ ͉ ͔͇͓͌͟ ͉͌͗͘͏͔͕͓͘
͔͙͌͗͌͝
Αμηλίμηδ ̶͕͒͌͘͕͕͔͇͔͑͞͏ͦ͇͈͕͙͗͢͔͇͙͑͒͌͐͌͕͓͗ͦ͋͘͙͇͈͒͏͕͑͐͞
͘͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏͙ͤ͏͙͚͑͌͑͘͚͇͎͇͔͑͏͓͌
͔͕͉͕͕͊͉͏͇͋͇͎͇͊
̴͕͈͕͌͋͜͏͓͕͉͖͕͔͒͢͏͙ͣ͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ
$Ζίλδμίεηικδοναοηπ 
 ̸͔͏͓͏͙͌͙͗͌͌͑͟͏͑͗͑͢͟͏͕͕͊͗͌͒͑͏͇͇͙͗͌͑͌͒͘͘͏
 ̮͇͓͔͌͏͙͌͍͏͑͒͌͗͢͘͖͕͓͕ͣͥ͠͇͑͒ͥ͞͏͓͕͌ͥ͌͊ͦ͘͠͉͖͕͇͍͗͋͌
͉͔͇͓͌͟͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝͇͙͗͏͚͑͒̱͕͔͕͇͛͗͑
͉͕͔͕͕͋͐͊͏͒͏͙͕͔͕͕͗͐͊͖͇͓͔͒͌͏͇͙͗͏͚͑͒͓͘͙͇͈͒͏͚͝ *
͙͇͙͔͕͌͒ͣ͠͒͌͋ͦ͘͎͇͙͓͌͙͕͈͢͞͉͖͕͗͌͌͘͘͝͔͙ͦ͘͏ͦ͍͏͇͑͒͌͗͏͒͏
͕͌͊͎͇͖͔͑͗͌͒͌͏ͦ͔͇͕͊͗͌͒͑͌͕͔͔͌͕͕͑͘͘͞͏͒
̺͈͌͋͏͙͌ͣ͘͉͙͕͓͙͕͞͍͏͑͒͌͗͢͙͇͙͔͕͌͒ͣ͠͖͗͏͍͇͙͢͙͕͈͢͞
͕͈͖͌͌͘͞͏͙ͣ͓͙͊͌͗͌͏͔͕͙ͣ͘͞͕͕͊͗͌͒͑
̩͇͔͔͋͢͜͕͇͊͗͌͒͑͜͔͌͔͚͍͔͕͖͕͗͏͎͉͕͋͏͙ͣ͚͗͌͊͒͏͕͉͚͗͑͖͕͇͋͞͏
͖͉͌͗͏͔͕͕͊͞͉͕͎͚͇͋͜
 ̺͙͇͔͕͉͘͏͙͌ ͇͇͙͗͌͑͌͒͘͘͏ ͏ ͑͗͑͢͟͏ ͕͕͊͗͌͒͑ ͔͇ ͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌
͕͔͕͑͛͗͑͏͇͙͗͌͌͑͟͏ ࣋͔͇͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌͕͖͕͔͗͌͢
͓͔͙ͤ͒͌͌͢
ΑΟδβςκηοναιίιοίμναοηπ 
 ̺͙͇͔͕͉͘͏͙͌͚͗͑͞͏͚͖͇͉͔͗͒͌͏ͦ͉͖͕͕͍͔͒͌͏͌͓͏͔͏͓͇͔͕͕͒ͣ͊
͖͇͓͔͒͌͏
 ̸͔͏͓͏͙͌͚͗͑͞͏͇͔͕͉͑͗̶͕͋͔͏͓͏͔͇͕͋͜͏͙ͦ͘͚͖͕͙͔͒͏͙͔͇͌͒ͣͦ
͖͕͇͇͗͑͒͋͑͏͎͇͙ͤ͒͘͏͔͕͐͞͎͗͌͏͔͢̴͇͇͉͋͏͙͌͔͇͖͕͇͚͗͑͒͋͑
͕͔͑͞͏͕͓͑͕͙͉͙͌͗͑͏͙͕͈͢͞͕͙͙͑͗ͣ͢͕͙͚͖͋͘͑͈͇͖͇͔͕͓͚͐͘͉͏͔͙͚
Μηινβγίμδπμηλίθρδξονικίγις̶͕͇͗͑͒͋͑͏͕͈͖͌͌͘͞͏͉͇͙ͥ
͓͙͊͌͗͌͏͔͕͙ͣ͘͞ ͉͇͕͔͕͗͐͞ ͖͇͔͌͒͏ ͔͌ ͕͖͚͇͋͑ͦ͘ ͖͕͖͇͇͔͋͏ͦ ͉͔͚͙͗ͣ
͖͗͏͈͕͇͗͍͏͕͙͋͑͌͐͘͏͎͊͗ͦ͏͕͙͕͑͗͌͢͓͕͚͙͊͔͇͚͗͟͏͙ͣ͕͌͊
͖͇͉͗͏͔͚͒ͣͥ͇͈͕͙͚͗
 ̵͙͚͗͌͊͒͏͚͙͗͐͌͓͏͔͏͓͇͔͚͒ͣͥ͉͌͒͏͞͏͔͚͖͇͓͔͒͌͏͖͕͉͔͚͉͌͗
͈͇͖͇͔͐͐͘͢͉͏͔͙͘͖͕͓͕ͣͥ͠͖͕͕͒͑͐͘͕͙͉͙͌͗͑͏
̩͎͇͉͏͘͏͓͕͙͘͏͕͙͉͏͇͋͇͎͇͊͑͕͙͕͕͓͚͑͗͉͢͇͇͖͙͋͏͚͙͗͌͌͉͕͐͘
͖͗͏͈͕͗͓͘͙͇͈͒͏͚͝ **͉͖͕͔͒͢͏͙͌͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ
"͎͇͚͙͑͗͏͙͌͈͇͖͇͔͐͌͘͢͉͏͔͙͢͕͋͕͙͇͎͇͑
#͕͇͈͙͒ͣ͌͘͈͇͖͇͔͐͌͘͢͉͏͔͙͢͖͕͇͑͇͎͊͔͌͈͚͙͋͌͖͇͉͗͏͔͕͒ͣ
͉͕͋͢͜͏͙ͣ͏͎͕͕͊͗͌͒͑
$͎͇͓͔͚͌͈͇͖͇͔͐͘͢͜͉͏͔͙͕͉͓͕͍͙͌͖͕͗͏͎͉͕͋͏͙ͣ͙͕͕͒ͣ͑
͖͌͘͝͏͇͒͏͙͘͏͓͌ͥ͠͏͐͕͕͙͉͙͙͉͚͚͌ͥͥ͘͘͠͉͇͑͒͏͛͏͇͑͝͏ͥ
%͔͏͇͑͑͏͜͙͉͋͌͐͘͏͐͘͈͇͖͇͔͓͐͘͢͏͉͏͔͙͇͓͏͖͕͗͏͎͉͕͋͏͙ͣ͔͌
͔͚͍͔͕
̺͈͌͋͏͙͌ͣ͘ ͙͕͞ ͖͗͏ ͖͕͉͕͕͙͗͌ ͚͗͑͞͏ ͚͖͇͉͔͗͒͌͏ͦ ͕͙ ͓͇͑͘͏͓͇͔͕͒ͣ͐
͕͋͓͏͔͏͓͇͔͕͒ͣ͐͕͙͓͙͌͑͏͕͊͗͌͒͑͏͔͌͇͔͚͙͊͘͏͔͌͖͕͗͏͕͋͘͜͏͙
͉͕͎͉͇͙͗͖͇͓͔͒͌͏
̬͒͘͏͉͢͔͌͓͕͍͙͌͌͔͇͙͐͏͕͙͚͖͋͘͑͈͇͖͇͔͕͓͚͐͘͉͏͔͙͚
͓͕͔͙͋͌͏͚͙͗͐͌ ͇͈͕͚͗ͥ͞ ͖͇͔͌͒ͣ ͙͕͖ͤ͒͌͑͗͗͏͈͕͇͗ ͕͙͕͇͑͗ͦ ͖͑͗͌͏͙ͦ͘
͑͕͙͇͔͓͒ͣ͘͢͓͔͙͇͓ͤ͒͌͌͘͖͕͓͕ͣͥ͠͘͏͙͓͌͘͢͎͇͍͏͓͕͉͏͉͏͔͙͕͉
͙͕͈̾͢͔͙ͦͣ͘͙͚ͤ͖͇͔͌͒ͣ͉͖͕͔͒͢͏͙͌͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ
 ̸͔͏͓͏͙͌͉͌͘͙͗͌͌͑͟͏͑͗͑͢͟͏͕͕͊͗͌͒͑͇͇͙͗͌͑͌͒͘͘͏͏͚͗͑͞͏
͚͖͇͉͔͗͒͌͏ͦ
 ̵͇͈͙͒ͣ͌͘͉͏͔͙͢͖͔͑͗͌͒͌͏ͦ͕͕͊͗͌͒͑
 ̶͗͏ ͔͕͈͕͌͋͜͏͓͕͙͘͏ ͏͖͕͎͚͙͒ͣ͐͌͘ ͇͗͊͢͞ ͋͒ͦ ͓͕͔͙͇͍͇͋͌ 
͕͙͕͑͗͐͢͓͕͍͔͕͖͗͏͕͈͙͗͌͘͏͉͔͇͓͌͟͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝
̴͇͍͇͙͏͓͌͇͇͗͊͢͞͉͚͇͎͇͔͔͑͢͜͙͕͇͑͜͞͉͉͕͈͕͋͘͢͏͙͌͎͇͍͏͓͢͔͇
͖͔͌͗͌͋͌͐͇͙͘͞͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏͗͏͘ 

 ͙͕͈̾͢͚͙͇͔͕͉͘͏͙ͣ͇͈͕͚͗ͥ͞͖͇͔͌͒ͣ͔͇͓͙͕͌͘͖͕͉͙͕͗͏͙͌͙ͤ͏
͙͉͋͌͐͘͏ͦ͉͕͈͇͙͔͕͓͗͖͕͗ͦ͋͑͌
̴͏͕͇͑͊͋͔͌͓͕͔͙͋͌͏͚͙͗͐͌͉͇͒͇͎͕͉͕͕͊͊͇͔͇͑͗͗͏͘ ̩͚͇͒͌͘͞
͕͌͊͖͕͉͍͔͗͌͋͌͏ͦ͎͇͓͔͌͏͙͌͉͌ͣ͘͇͔͑͗
tr
ô
0RQWDMN×ODYX]X
*YHQOLN|QHULOHUL
$JIB[ñLVSNBEBOWFZBLVMMBONBEBO¶ODFUBMJNBUMBSñPLVZVOV[
#VUBMJNBUMBSEBZFSBMBOSFTJNMFSCJMHJMFOEJSNFBNB§MñEñS
%X N×ODYX]GDNL NXUDOODUD X\XOPDG×ù× WDNGLUGH UHWLFL KHUKDQJL
ELUVRUXPOXOXNWDQPXDIRODFDNW×U
#V DJIB[ ZBMOñ[DB ZFUFSJODF IBWBMBOEñSñMBO ZFSMFSEF LVMMBOñMNBMñEñS
)FSIBOHJCJSZBONB¼S¼OMFSJUBIMJZFDJIB[ñOBCBßMBONBNBMñEñS
%WQNXUXOXPEDùODQW×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+DYDODQG×UPDLOHLOJLOLJHoHUOL
G]HQOHPHOHUH|]HOELUGLNNDWJ|VWHULOHFHNWLU
'LùHUJD]WLSOHULQHX\DUODPDJHUHNWLùLQGH7HNQLN6HUYLVLPL]L
oDù×UPDQ×]|QHULOLU
#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HB[UFEBSJLğBSUMBSñOñO¶[FMMJLQMBLBTñOEB
ZFSBMBODJIB[E¼[FOMFNFTJZMFHB[ñO¶[FMMJßJWFCBTñODñH¼§
WPMUBKVZVNMVPMVQPMNBEñßñOñLPOUSPMFEJOJ[
+HUKDQJLELULüOHPGHQ|QFHFLKD]×QJD]YHHOHNWULN
EHVOHPHVLQLNHVLQL]
&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NPOUFFEJMEJßJNPCJMZBE¼[H¼OğFLJMEFTBCJUMFONJğWF
IBSFLFUTJ[PMNBMñEñS
$JIB[ZBLñOñOEBLJNPCJMZBMBSZ¼[FZLBQMBNBMBSñWFCVOMBSñ
CJSCJSJOFZBQñğUñSBOUVULBMZBOñDñPMNBNBMñWFñTñZBEBZBOñLMñ
PMNBMñEñS
#VDJIB[CV[EPMBCñ§BNBğñSNBLJOFTJCVMBğñLNBLJOFTJWF
CFO[FSJFğZBMBSñO¼[FSJOFLVSVMBNB[
0DBLTBEFDFIBWBMBOEñSNBMñCJSGñSñOñO¼[FSJOFNPOUFFEJMFCJMJS
0DBßñOBMUñOBCJSGñSñONPOUFFEJMJSTF§BMñğNBUF[HBIñLBMñOMñßñCV
LñMBWV[EBUBMFQFEJMFONJOJNVNLBMñOMñßñBğBCJMJS'ñSñOñONPOUBK
LñMBWV[VOEBLJVZBSñMBSBEJLLBUFEJOJ[
)BWBMBOEñSNB LVSBSLFO LVSVMVN LñMBWV[VOV EJLLBUF BMñOñ[ QJğJSNF
UF[HBIñOBNJOJNVNEJLFZV[BLMñßBVZVOV[ğFL 
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×üHNLO
(B[MñQJğJSNFUF[HBIñHJSJğCBßMBOUñTñOñOVDV NNMJL
CJSZJWJMFEPOBUñMNñğUñSCVBğBßñEBLJMFSJTBßMBS
TBCJUCBßMBOUñ
CBßMBOUñOñONFUBMFMBTUJLCJSCPSVJMFHFS§FLMFğUJSJMNFTJ
- NJO NNBY N
,PMFLU¶S§ñLñğñJMFHB[HJSJğJBSBTñOBWFSJMFOZBEB5FLOJL4FSWJT
BSBDñMñßñZMBFEJOFCJMFDFßJOJ[LPE Tñ[EñSNB[MñLDPOUBTñOñ
UBLñOñ[
#PSVOVOBOLBTUSF¼OJUFTJOJOIBSFLFUMJLñTñNMBSñJMF¶SOFßJOCJS
§FLNFDFUFNBTFUNFTJOJWFFOHFMMFOFCJMFDFLZFSMFSEFOHF§JğJOJ
¶OMFZJOJ[
(B[CBßMBOUñTñOñZBUBZPMBSBLZBQNBOñ[HFSFLJZPSTB5FLOJL
4FSWJTJNJ[TJ[FCJSEJSTFLLPE WFCJSDPOUBLPE 
TBßMBZBCJMJS
4JMJOEJSJLCBßMBOUñZBQñMNBTñHFSFLJSTFGBCSJLBEBNPOUFFEJMFO
EJSTFßJBLTFTVBS§BOUBTñEBLJZMFZBEB5FLOJL4FSWJTBSBDñMñßñZMB
FEJOFCJMFDFßJOJ[EJSTFLMFEFßJğUJSJOJ[LPE ĞFLJM B
$POUBZñUBLNBZñVOVUNBZñOñ[
: 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
gQHPOL4POPMBSBLZFOJHB[UJQJOJH¶TUFSFOFUJLFUJ¶[FMMJLMFS
UBCMPTVOVOZBOñOBZBQñğUñSñOñ[
ð[MFOFDFLBEñNMBSğVğFLJMEFEJS
$%UO|UXFXQXQGHùLüWLULOPHVLüHN 
 *[HBSBMBSñCS¼M¶SLBQBLMBSñOñWFBMFWEBßñUñDñMBSñ§ñLBSñOñ[
 5FLOJL4FSWJTJNJ[EFOLPEOVNBSBTñJMFUFNJO
FEJMFCJMFDFLPMBOBOBIUBSñLVMMBOBSBLCS¼M¶SV§MBSñOñEFßJğUJSJOJ[
§JGUBMFWMJCS¼M¶SMFSJ§JOLPEOVNBSBTñCL[UBCMP *
CS¼M¶SFUBLBSLFOWFZB§ñLBSñSLFOCS¼M¶SVDVOVOE¼ğNFNFTJOF
EJLLBUFEJOJ[
4ñ[EñSNB[MñßñHBSBOUJFUNFLJ§JOJZJDFTñLñMEñßñOEBOFNJOPMVOV[
#VCS¼M¶SMFSEFQSJNFSIBWBE¼[FOMFNFTJOJHFS§FLMFğUJSNFZF
HFSFLZPLUVS
 "MFWEBßñUñDñMBSñWFCS¼M¶SLBQBLMBSñOñJMHJMJLñTñNMBSñOBWF
ñ[HBSBMBSñUFTQJUFMFNBOMBSñOBUBLñOñ[
%9DQDODU×QD\DUODQPDV×üHN 
 ,VNBOEBE¼ßNFMFSJOJNJOJNVNLPOVNVOBHFUJSJOJ[
 7BOBMBSñOLVNBOEBE¼ßNFMFSJOJ§ñLBSUñOñ[&TOFLCJSLBV§VL
DPOUBJMFCJSMJLUFCVMVOVS7BOBBZBSWJEBTñOBVMBğNBLJ§JO
UPSOBWJEBOñOVDVZMBCBTUñSñOñ[
&RQWD\×NHVLQOLNOHV|NPH\LQL]$POUBMBSDJIB[ñOEPßSV
§BMñğNBTñOñCP[BCJMFDFLPMBOTñWñZBWFLJSFLBSğñDJIB[ñOJ§JOJO
LVSVLBMNBTñOñTBßMBS
 %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[
$CZQBTTWJEBMBSñZFULJMJCJSTFSWJTUBSBGñOEBOEFßJğUJSJMNFMJEJS
%CZQBTTWJEBMBSñOBN¼EBIBMFFUNFZJOJ[
.BLTJNVNWFNJOJNVNBSBTñOEBLJLVNBOEBE¼ßNFTJOJ
BZBSMBSLFO CS¼M¶S¼O T¶ONFEJßJOEFO WF BMFWJO HFSJ UFQNFEJßJOEFO
FNJOPMVOV[
#ZQBTTWJEBZBFSJğJNCVMVONVZPSTBQJğJSNFUF[HBIñOñOHFSJ
LBMBOñOBCBßMBOUñWFWJEBTJTUFNJJMFTBCJUMFONJğPMBOZBßEBOMñßñ
T¶L¼O¼[:BßEBOMñßñ§ñLBSNBLJ§JOBğBßñEBLJJğMFNMFSJUBLJQFEJOJ[
 5¼NCS¼M¶SLBQBLMBSñOññ[HBSBMBSñWFLVNBOEBE¼ßNFMFSJOJ
T¶L¼O¼[
 #S¼M¶SMFSJOWJEBMBSñOñ§ñLBSñOñ[
 (FSFLMJZTFUFLOJLTFSWJTJNJ[EFOLPEVJMFUFEBSJL
FEFCJMFDFßJOJ[CJSEFNPOUBKBMFUJLVMMBOñOñ["MFUJCFMJSUJMFO
BMBOMBSEBVZHVMBZBSBL¶OLñTñNEBLJCBßMBOUñZñB§ñOñ[ĞFL 
 :Bß Tñ§SBUNB BQBSBUñOñ UFLSBS UBLNBL J§JO T¶LNF JğMFNMFSJOJO UFSTJ
CJSTñSBZMBEFWBNFEJOJ[
7BOBNJMJOJBTMBT¶LNFZJOJ[ğFLJM "Sñ[BIBMJOEFWBOBZñ
LPNQMFEFßJğUJSJOJ[
,
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
  • Page 17 17
  • Page 18 18

Bosch PCP615B90V/33 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