PCP616B80Y/01

Bosch PCP616B80Y/01 User manual

  • Hello! I am an AI chatbot trained to assist you with the Bosch PCP616B80Y/01 User manual. I’ve already reviewed the document and can help you find the information you need or explain it in simple terms. Just ask your questions, and providing more details will help me assist you more effectively!
*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
* * * * * * * * *
* %%%%""$"
* % %%%""$"
* %% %%""$"
* % %% %""$"
* %%%% ""$"
* # #### %$%
* # ####% $%
* $ $$$$$$ $
* # ####%%$
/