Bosch PPQ716M91V/01 User manual

*9000549640*  4



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



PLQ











5

PD[

5





















 

PLQ



PLQ









5

PD[

5



























 

PLQ



PLQ









5

PD[

5





















a¸

a

a

PLQ

PLQ



PLQ

PD[

PLQ

PLQ



PLQ





PLQ

PD[





D















E



VLOLFRQH



D





9

9

99









.POUBHFBOMFJUVOH

6LFKHUKHLWVKLQZHLVH

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

JOTUBMMJFSFOVOECFOVU[FO

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

DIVOH

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

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

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

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

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

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

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

GHQ

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

ZLUGHQ.XQGHQGLHQVW]XUXIHQ

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

6WURPXQG*DV]XIXKUDE

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

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

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

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

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

XJSE

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

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

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

4JFBVGEFN&UJLFUUPEFS5ZQFOTDIJME

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

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

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

OJDIU BO FJOFO 4DIPSOTUFJO PEFS FJOF "CHBTBOMBHF BOHFTDIMPTTFO

XFSEFO

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

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

#FS¼ISVOHLPNNFOLBOO

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

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

HFHFCFOFOGBMMTVOTFSFO,VOEFOEJFOTUBO

9RUGHP(LQEDX

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

(BTHFS¤UF&JOCBVHFS¤UF

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

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

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

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

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

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

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

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

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

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

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

IFO

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

(FN¤ EFS HFX¼OTDIUFO 7FSGBISFOTXFJTF FJO 4U¼DL FOUTQSFDIFO

EFS (S¶F BVT EFS "SCFJUTQMBUUF IFSBVTTDIOFJEFO OPSNBM B PEFS

C¼OEJHC'¼SEFOC¼OEJHFO&JOCBV

■ "MMF"VTTDIOJUUBSCFJUFOBOEFS"SCFJUTQMBUUFN¼TTFOJOFJOFN

'BDIHFTDI¤GUEVSDIHFG¼ISUXFSEFO

■ %JF4DIOJUUTUFMMFON¼TTFOTBVCFSVOEHFOBVTFJOXFJMNBOEJF

4DIOJUULBOUFBOEFS0CFSGM¤DIFTJFIU%JF4UBCJMJU¤UEFS.¶CFM

NVTTBVDIOBDIEFO4DIOJUUBSCFJUFOHFX¤ISMFJTUFUTFJO

■ /VS4QF[JBMBSCFJUTQMBUUFOWFSXFOEFOEJFUFNQFSBUVSVOEXBT

TFSGFTUTJOE[#BVT/BUVSTUFJOPEFSHFLBDIFMUF

■ %JF&JOCBVN¶CFMN¼TTFOFJOF5FNQFSBUVSCFTU¤OEJHLFJUCJT[V

 p$BVGXFJTFO

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

$1RUPDOHU(LQEDX$EE D

+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

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

 &OUOFINFO4JFEJF,MBNNFSOEFN;VCFI¶SCFVUFMVOETDISBV

CFO 4JF TJF JO EFS BOHFHFCFOFO 1PTUJUJPO 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

%%QGLJHU(LQEDX$EE E

 '¼ISFO 4JF EFO OPSNBMFO &JOCBV EFT (FS¤UFT EVSDI VOE TUFMMFO

4JFTJDIFSEBTTFJOHMFJDIN¤JHFS4QBMUBN¤VFSFO3BOEWPS

IBOEFO JTU %BT ,PDIGFME NVTT MFJDIU VOUFS EFS "SCFJUTPCFSGM¤DIF

CMFJCFO

#FJ HFLBDIFMUFO "SCFJUTGM¤DIFO HHG EJF "VGMBHFGM¤DIFO NJU )JMGF

WPOUFNQFSBUVSVOEXBTTFSGFTUFO-FJTUFOFSI¶IFO

 %FO#FUSJFCVOEEJF4UFMMVOHEFT(FS¤UFTQS¼GFO

 '¼MMFO 4JF EJF /VU [XJTDIFO EFS "SCFJUTQMBUUF VOE EFN ,PDIGFME

NJUIFSL¶NNMJDIFN4JMJLPOMFJNJOEFSHFX¼OTDIUFO'BSCFBVT

+LQZHLV 8JSECFJ0CFSGM¤DIFOBVT/BUVSTUFJOVOHFFJHOFUFT4J

MJLPO WFSXFOEFU L¶OOFO 7FSG¤SCVOHFO FOUTUFIFO EJF EBOO OJDIU

NFIS FOUGFSOU XFSEFO L¶OOFO (FFJHOFUFT 4JMJLPONBUFSJBM JTU CFJ







VOTFSFN ,VOEFOEJFOTU 5FJMFOVNNFS  FSI¤MUMJDI #FBDI

UFO4JFEJF#FOVU[VOHTIJOXFJTFEFT)FSTUFMMFST

 4USFJDIFO 4JF EFO 4JMJLPOMFJN NJU FJOFS NJU 4FJGF BOHFGFVDIUFUFO

4QBDIUFMC[XNJUFJOFNNJU4FJGFBOHFGFVDIUFUFO'JOHFSHMBUU

CFWPSTJDIFJOF4DIJDIUCJMEFU

 %FO4JMJLPOMFJNUSPDLOFOMBTTFOCFWPSEBT(FS¤UJO#FUSJFCHF

OPNNFOXJSE

$XVEDXGHV.RFKIHOGHV

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

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

UFOJOVNHFLFISUFS3FJIFOGPMHF

*DVDQVFKOXVV$EE 

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

IBIO[VH¤OHMJDIJTU

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

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

■ FJOFO'FTUBOTDIMVTT

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

NBY  N

%JFNJUHFMJFGFSUF%JDIUVOHNVTT[XJTDIFOEFN"VTMBTT

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

#FJN"OTDIMVTTFHBMXFMDIFS"SUGDUIGHU.UPPHUQLFKW

EHZHJWRGHUYHUGUHKW VOETPBVTTFJOFSXFSLTFJUJHFO1PTJUJPO

HFCSBDIUXFSEFO

8FOO FJO [ZMJOESJTDIFS "OTDIMVTT IFSHFTUFMMU XFSEFO TPMM FSTFU[FO

4JFEFOXFSLTFJUJHJOTUBMMJFSUFO,S¼NNFSNJUEFN,S¼NNFSBVT

EFN;VCFI¶SCFVUFM"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WFS

TDISBVCUJTUBVT;VN"COFINFOHFIFO4JFXJFGPMHUWPS

 /FINFO 4JF BMMF 3PTUF #SFOOFSEFDLFM 7FSUFJMFS VOE #FEJFOLOF

CFMBC

 -PDLFSO4JFEJF#SFOOFS4DISBVCFO

 '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

*OTUBMMBUJPOJOTUSVDUJPOT

6DIHW\SUHFDXWLRQV

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

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

POMZ

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

UHTXLUHPHQWVDUHQRWFRPSOLHGZLWK

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

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

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

UHJXODWLRQV VWDQGDUGV DQG WKH VSHFLILFDWLRQV RI WKH ORFDO JDV

DQGHOHFWULFLW\SURYLGHUV

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

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

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

VXSSO\

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

DPNNFSDJBM PS QSPGFTTJPOBM VTF 5IJT BQQMJBODF DBOOPU CF JOTUBMMFE

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

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

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

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

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

TQFDJGJDBUJPOTQMBUF

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

BDDPSEBODF XJUI FYJTUJOH SFHVMBUJPOT BOE WFOUJMBUJPO TQFDJGJDBUJPOT

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

SFNPWBMEFWJDF

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

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

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

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

5FDIOJDBM"TTJTUBODF4FSWJDF

%HIRUHLQVWDOOLQJ

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

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

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

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

IFBUSFTJTUBOU

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

NBDIJOFTEJTIXBTIFSTPSTJNJMBS

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

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



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

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

 NNUPUIFIPC

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

.BLF BO BQQSPQSJBUF TJ[F DVU JO UIF XPSLUPQ TVSGBDF EFQFOEJOH PO

UIFJOTUBMMBUJPONFUIPETUBOEBSEBPSGMVTIC'PSGMVTI

JOTUBMMBUJPO

■ "MMDVUTJOUIFXPSLUPQTVSGBDFTIPVMECFEPOFCZBTQFDJBMJTFE

TIPQ

■ 5IFDVUTTIPVMECFDMFBOBOEQSFDJTFBTUIFDVUFEHFJTPOUIF

TVSGBDF5IFTUBCJMJUZPGUIFGVSOJUVSFTIPVMEBMTPCFFOTVSFE

BGUFSDVUUJOHXPSL

■ 6TFPOMZTQFDJBMMZEFTJHOFEXPSLTVSGBDFTSFTJTUBOUUPIJHI

UFNQFSBUVSFBOEXBUFSFHOBUVSBMTUPOFPSUJMFE

■ 4VSSPVOEJOHGVSOJUVSFNVTUCFSFTJTUBOUUPUFNQFSBUVSFTVQUP

 p$

*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

$6WDQGDUGLQVWDOODWLRQILJ D

%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

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

 3FNPWFUIFDMJQTGSPNUIFBDDFTTPSZCBHBOETDSFXUIFNJOUP

UIFQPTJUJPOJOEJDBUFETPUIBUUIFZDBOUVSOGSFFMZ

 *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

%)OXVKLQVWDOODWLRQILJ E

 $PNQMFUF B OPSNBM JOTUBMMBUJPO PG UIF BQQMJBODF NBLJOH TVSF UIBU

JUJTTVSSPVOEFECZBVOJGPSNTMPU5IFIPCTVSGBDFTIPVMECF

TMJHIUMZCFMPXUIFXPSLTVSGBDF

'PSUJMFXPSLUPQTJGOFDFTTBSZSBJTFUIFCFBSJOHTVSGBDFTXJUI

TUSJQTSFTJTUBOUUPXBUFSBOEUFNQFSBUVSFT

 $IFDLUIFPQFSBUJPOBOEQPTJUJPOPGBQQMJBODF

 'JMMUIFHBQCFUXFFOUIFXPSLUPQBOEIPCXJUIDPOWFOUJPOBM

TJMJDPOFBEIFTJWFBQQSPQSJBUFJOUIFDPMPVSZPVEFTJSF

1RWH *GVOTVJUBCMFTJMJDPOFBEIFTJWFJTVTFEPOOBUVSBMTUPOF

TVSGBDFT UIFO UIJT DBO QSPEVDF DPMPVST UIBU DBO OPU CF SFNPWFE

0VS 5FDIOJDBM "TTJTUBODF 4FSWJDF DBO QSPWJEF ZPV XJUI UIF NPTU

TVJUBCMFHMVFDPEF1MFBTFOPUFUIFNBOVGBDUVSFST

JOTUSVDUJPOTGPSVTF

 4NPPUIUIFTJMJDPOFBEIFTJWFXJUIBTDSBQFSPSXFUGJOHFS

NPJTUFOFEXJUITPBQBOEXBUFSCFGPSFJUGPSNTBMBZFS

 "MMPXUIFTJMJDPOFBEIFTJWFUPESZCFGPSFVTJOHUIFBQQMJBODF

5HPRYDORIKRE

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

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

*DVFRQQHFWLRQILJ 

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

UBQJTBDDFTTJCMF

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

 NNUISFBEUIBUBMMPXTGPS

■ GJYFEDPOOFDUJPO

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

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

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

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

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

BDDFTTUPBOZTQBDFTXIJDINJHIUCFDPNFPCTUSVDUFE

'RQRWPRYHWKH/WXEHGSPNUIFGBDUPSZGJUUFEQPTJUJPO

SFHBSEMFTTPGUIFDPOOFDUJPOUZQF

*GZPVOFFEUPNBLFBDZMJOESJDBMDPOOFDUJPOSFQMBDFUIFGBDUPSZ

GJUUFE-UVCFXJUIUIFPOFJOUIFBDDFTTPSZCBH'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XJUIBTFSJFTPGTDSFXT5IF

GPMMPXJOHTUFQTNVTUCFUBLFOUPSFNPWFJU

 3FNPWFBMMQBOTVQQPSUTCVSOFSDBQTEJGGVTFSTBOEDPOUSPM

LOPCT

 3FNPWFUIFTDSFXTGSPNUIFCVSOFST

 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



*OTUSVDDJPOFTEFNPOUBKF

,QGLFDFLRQHVGHVHJXULGDG

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

JOTUBMBDJ³OZVTP

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

PSJFOUBUJWPT

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

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

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

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

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

OHJLVODFLyQ DSOLFDEOHV \ ODV SUHVFULSFLRQHV GH ODV FRPSDxtDV

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

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

DGDSWDFLyQDRWURVWLSRVGHJDV

$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \

GHJDVGHODSDUDWR

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

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

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

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

EJTF±BEP

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

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

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

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

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

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

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

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

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

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

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

PCMJHBUPSJBNFOUF

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

4FSWJDJP5©DOJDP

$QWHVGHODLQVWDODFLyQ

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

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

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

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

EFCFOTFSSFTJTUFOUFTBMDBMPS

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

MBWBWBKJMMBTPTJNJMBSFT

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

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

NBOVBMEFJOTUBMBDJ³O

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

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

 NNBMBQMBDBEFDPDDJ³O

3UHSDUDFLyQGHOPXHEOHILJ

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

USBCBKPTFHºOFMNPEPEFJOTUBMBDJ³OEFTFBEPOPSNBMBP

FOSBTBEPC1BSBFMNPEPEFJOTUBMBDJ³OFOSBTBEP

■ 5PEPTMPTUSBCBKPTEFSFDPSUFFOMBTVQFSGJDJFEFUSBCBKPEFCFO

SFBMJ[BSTFFOMBUJFOEBFTQFDJBMJ[BEB

■ -PTDPSUFTEFCFOTFSMJNQJPTZQSFDJTPTZBRVFFMDBOUPEF

DPSUFTFWFFOMBTVQFSGJDJF-BFTUBCJMJEBEEFMPTNVFCMFT

UBNCJ©OEFCFFTUBSHBSBOUJ[BEBEFTQV©TEFMPTUSBCBKPTEF

SFDPSUF

■ 6UJMJ[BSºOJDBNFOUFTVQFSGJDJFTEFUSBCBKPFTQFDJBMFT

SFTJTUFOUFT B MB UFNQFSBUVSB Z BM BHVB Q FK EF QJFESB OBUVSBM P

BMJDBUBEBT

■ -PTNVFCMFTEFFODBTUSFEFCFOTFSSFTJTUFOUFTBUFNQFSBUVSBT

EFIBTUB p$

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

$,QVWDODFLyQQRUPDOILJ D

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

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

 4BRVFMBTHSBQBTEFMBCPMTBEFBDDFTPSJPTZBUPSOMMFMBT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

%,QVWDODFLyQHQUDVDGDILJ E

 3FBMJDFMBJOTUBMBDJ³OOPSNBMEFMBQBSBUPBTFHVS¡OEPTFEFRVF

BMSFEFEPSEFMNJTNPRVFEFVOBSBOVSBVOJGPSNF-BQMBDBEF

DPDDJ³O EFCF RVFEBS MJHFSBNFOUF QPS EFCBKP EF MB TVQFSGJDJF EF

USBCBKP

&OFODJNFSBTEFB[VMFKPTTJFTOFDFTBSJPTVCJSMBTTVQFSGJDJFT

EFBQPZPDPOMJTUPOFTSFTJTUFOUFTBMBUFNQFSBUVSBZBMBHVB

 7FSJGJRVFFMGVODJPOBNJFOUPZMBQPTJDJ³OEFMBQBSBUP

 3FMMFOFMBSBOVSBFOUSFMBFODJNFSBZMBQMBDBEFDPDDJ³ODPO

DPMBEFTJMJDPOBDPOWFODJPOBMBEFDVBEBFOFMDPMPSRVFEFTFF

1RWD 4J TF VUJMJ[B DPMB EF TJMJDPOB JOBEFDVBEB FO TVQFSGJDJFT EF

QJFESBOBUVSBMQVFEFOQSPEVDJSTFDPMPSBDJPOFTRVFZBOPTF

QPES¡OFMJNJOBS1VFEFBERVJSJSDPMBBEFDVBEBFOOVFTUSP

TFSWJDJPEFBTJTUFODJBU©DOJDBD³EJHP$POTJEFSFMBT

JOEJDBDJPOFTEFVTPEFMGBCSJDBOUF

 "MJTF MB DPMB EF TJMJDPOB DPO VOB SBTRVFUB P FM EFEP IVNFEFDJEPT

DPOKBC³OBOUFTEFRVFTFGPSNFVOBDBQB

 %FKF RVF MB DPMB EF TJMJDPOB TF TFRVF BOUFT EF VUJMJ[BS FM BQBSBUP

'HVPRQWDMHGHODSODFDGHFRFFLyQ

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

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

&RQH[LyQGHJDVILJ 

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

DJFSSFRVFEFBDDFTJCMF

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

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

■ MBDPOFYJ³OSHJEB

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

NBY  N

&TOFDFTBSJPJOUFSDBMBSMBKVOUBEFFTUBORVJEBE

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

)BZRVFFWJUBS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QVEJFSBOTFSTVTDFQUJCMFTEFPCTUSVJSTF

&ODVBMRVJFSBEFMBTDPOFYJPOFTQRPXHYDQLJLUHHOFRGREFMB

QPTJDJ³ORVFTBMFEFG¡CSJDB

4JOFDFTJUBSFBMJ[BSVOBDPOFYJ³ODJMOESJDBTVTUJUVZBFMDPEP

JOTUBMBEPEFG¡CSJDBQPSFMEFMBCPMTBEFBDDFTPSJPT '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

UPSOJMMPT1BSBSFUJSBSMBQSPDFEBEFMTJHVJFOUFNPEP

 2VJUFUPEBTMBTQBSSJMMBTUBQBTEFMPTRVFNBEPSFTEJGVTPSFTZ

NBOEPT

 4VFMUFMPTUPSOJMMPTEFMPTRVFNBEPSFT

 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

/PUJDFEFNPOUBHF

,QGLFDWLRQVGHVpFXULWp

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

JOTUBMMBUJPOFUTPOVUJMJTBUJPO

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

QVSFNFOUDBSBDU¨SFJOGPSNBUJG

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

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

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

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

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

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

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

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

ODGDSWDWLRQjXQDXWUHW\SHGHJD]

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

GHODSSDUHLO

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

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

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

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

B©U©DPO§VB©U©SFTQFDU©

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

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

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

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

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

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

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

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

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

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

DVJTTPO

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

PCMJHBUPJSFNFOUDPOOFDU©TMBUFSSF

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

OPUSF4FSWJDF5FDIOJRVF

$YDQWOLQVWDOODWLRQ

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

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

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

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

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

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

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

TFNCMBCMFT

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

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

EBOTMFNBOVFMEJOTUBMMBUJPO

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

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

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

QMBRVFEFDVJTTPO

3UpSDUDWLRQGXPHXEOHILJ

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

EJNFOTJPOT O©DFTTBJSFT FU MF NPEF EJOTUBMMBUJPO TPVIBJU©  OPSNBM

BPVSBTC1PVSMFNPEFEJOTUBMMBUJPOSBT

■ 5PVTMFTUSBWBVYEFE©DPVQFTVSMBTVSGBDFEFUSBWBJMEPJWFOU

ªUSFS©BMJT©TEBOTMFNBHBTJOTQ©DJBMJT©

■ -FTE©DPVQFTEPJWFOUªUSFQSPQSFTFUQS©DJTFTWVRVFMFDIBOU

EF E©DPVQF FTU WJTJCMF  MB TVSGBDF -B TUBCJMJU© EFT NFVCMFT EPJU

©HBMFNFOUªUSFHBSBOUJFBQS¨TMFTUSBWBVYEFE©DPVQF

■ /VUJMJTF[RVFEFTTVSGBDFTEFUSBWBJMTQ©DJBMFTS©TJTUBOUFTMB

UFNQ©SBUVSFFUMFBVQJFSSFOBUVSFMMFPVTVSGBDFEFUSBWBJM

DBSSFM©FQBSFYFNQMF

■ -FTNFVCMFTFODBTUSBCMFTEPJWFOUQPVWPJSS©TJTUFSEFT

UFNQ©SBUVSFTBMMBOUKVTRV z$

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

$,QVWDOODWLRQQRUPDOHILJ D

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

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

 4PSUF[MFTBHSBGFTEFMBQPDIFEFTBDDFTTPJSFTFUWJTTF[MFT

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

%,QVWDOODWLRQjUDVILJ E

 1SPD©EF[MJOTUBMMBUJPOOPSNBMFEFMBQQBSFJMFOWFJMMBOUDF

RVVOFSBJOVSFVOJGPSNFTPJUQS©TFOUFUPVUBVMPOHEFTPO

Q©SJN¨USF-BQMBRVFEFDVJTTPOEPJUªUSFTJUV©FM©H¨SFNFOUFO

EFTTPVTEFMBTVSGBDFEFUSBWBJM

4VSMFTQMBOTEFUSBWBJMDBSSFM©TNPOUF[MFTTVSGBDFTEBQQVJ

MBJEFEFCBHVFUUFTS©TJTUBOUBVYUFNQ©SBUVSFTFUMFBVTJ

O©DFTTBJSF

 7©SJGJF[MFGPODUJPOOFNFOUFUMBQPTJUJPOEFMBQQBSFJM



 3FNQMJTTF[MBSBJOVSFFOUSFMFQMBOEFUSBWBJMFUMBQMBRVFEF

DVJTTPOMBJEFEVOFDPMMFEFTJMJDPOFDPOWFOUJPOOFMMF

BQQSPQSJ©FEBOTMBDPVMFVSTPVIBJU©F

5HPDUTXH -F GBJU EVUJMJTFS VOF DPMMF EF TJMJDPOF OPO BQQSPQSJ©F

TVSEFTQMBOTEFUSBWBJMFOQJFSSFOBUVSFMMFQFVUQSPWPRVFS

MBQQBSJUJPO EF DPMPSBUJPOT RVJ OF QPVSSPOU QMVT ªUSF ©MJNJO©FT -B

DPMMFBQQSPQSJ©FFTUEJTQPOJCMFBVQS¨TEFOPUSF4FSWJDF

UFDIOJRVF DPEF  3FTQFDUF[ MFT JOEJDBUJPOT EVUJMJTBUJPO

EVGBCSJDBOU

 -JTTF[MBDPMMFEFTJMJDPOFBWBOURVFMMFOFGPSNFVOFDPVDIF

MBJEFEVOFSBDMFUUFPVBWFDMFTEPJHUTIVNJEJGJ©TEFTBWPO

 -BJTTF[MBDPMMFEFTJMJDPOFT©DIFSBWBOUEVUJMJTFSMBQQBSFJM

'pPRQWDJHGHODSODTXHGHFXLVVRQ

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

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

%UDQFKHPHQWGHJD]ILJ 

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

EBSSªUTPJUBDDFTTJCMF

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

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

■ -BDPOOFYJPOSJHJEF

■ -FCSBODIFNFOUBWFDVOUVZBVGMFYJCMFN©UBMMJRVF- NJO N

NBY  N

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

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

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

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

FTQBDFTQPVWBOUªUSFPCTUSV©T

1PVSOJNQPSUFRVFMCSBODIFNFOUQHERXJH]QLWRXUQH]OH

FRXGHEFMBQPTJUJPOS©BMJT©FEVTJOF

4JWPVTEFWF[DS©FSVOSBDDPSEDZMJOESJRVFSFNQMBDF[MFDPVEF

JOTUBMM©FOVTJOFQBSDFMVJEFMBQPDIFEFTBDDFTTPJSFT'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)LJ 

 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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

 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

*TUSV[JPOJQFSJMNPOUBHHJP

,QGLFD]LRQLGLVLFXUH]]D

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

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

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

JOEJDBUJWF

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

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

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

DGDWWDPHQWR DG DOWUL WLSL GL JDV GHYRQR HVVHUH HIIHWWXDWH GD XQ

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

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

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

HOHWWULFLWj

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

DOQRVWUR6HUYL]LR7HFQLFR

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(MJ BQQBSFDDIJ DPO BMJNFOUB[JPOF FMFUUSJDB EFWPOP FTTFSF DPMMFHBUJ

PCCMJHBUPSJBNFOUFBUFSSB

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

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

3ULPDGHOOLQVWDOOD]LRQH

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

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

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

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

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

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

MBWBUSJDJMBWBTUPWJHMJFPFMFUUSPEPNFTUJDJTJNJMJ

 

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

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

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

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

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

EJ NNEBMQJBOPEJDPUUVSB

3UHSDUD]LRQHGHOPRELOHILJ 

&TFHVJSFVOUBHMJPEFMMFEJNFOTJPOJOFDFTTBSJFOFMMBTVQFSGJDJFEJ

MBWPSP TFDPOEP JM NPEP EJ JOTUBMMB[JPOF EFTJEFSBUB OPSNBMF B P B

GJMPC1FSJMNPEPEJJOTUBMMB[JPOFBGJMP

■ 5VUUJJMBWPSJEJUBHMJPOFMMBTVQFSGJDJFEJMBWPSPEFWPOPFTTFSF

SFBMJ[[BUJEBVOOFHP[JPTQFDJBMJ[[BUP

■ * UBHMJ EFWPOP FTTFSF QVMJUJ F QSFDJTJ QFSDI© MBOHPMP EFM UBHMJP TJ

WFEFJOUVUUBMBTVQFSGJDJF"ODIFMBTUBCJMJUEFJNPCJMJEFWF

FTTFSFHBSBOUJUBEPQPJMBWPSJEJUBHMJP

■ 6UJMJ[[BSFVOJDBNFOUFTVQFSGJDJEJMBWPSPTQFDJBMJSFTJTUFOUJBMMB

UFNQFSBUVSB F BMMBDRVB QFS FT EJ QJFUSB OBUVSBMF P QJBTUSFMMBUF

■ *NPCJMJBJODBTTPEFWPOPFTTFSFSFTJTUFOUJBUFNQFSBUVSFGJOPB

 z$

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

$,QVWDOOD]LRQHQRUPDOHILJ D

"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

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

 &TUSBSSFMFHSBGGFEBMTBDDIFUUPEFHMJBDDFTTPSJFBWWJUBSMFOFMMB

QPTJ[JPOFJOEJDBUBMBTDJBOEPDIFHJSJOP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

%,QVWDOOD]LRQHDILORILJ E

 &TFHVJSFMJOTUBMMB[JPOFOPSNBMFEFMMBQQBSFDDIJPBTTJDVSBOEPTJ

DIF JOUPSOP BE FTTP DJ TJB VOP TQB[JP VOJGPSNF *M QJBOP EJ DPUUVSB

EFWFSFTUBSFMFHHFSNFOUFBMEJTPUUPEFMMBTVQFSGJDJFEJMBWPSP

1FSQJBOJEJMBWPSPEJQJBTUSFMMFTFOFDFTTBSJPTPMMFWBSFMF

TVQFSGJDJEJBQQPHHJPDPOMJTUPOJSFTJTUFOUJBMMBUFNQFSBUVSBF

BMMBDRVB

 7FSJGJDBSFJMGVO[JPOBNFOUPFMBQPTJ[JPOFEFMMBQQBSFDDIJP

 3JFNQJSF MP TQB[JP USB JM QJBOP EJ MBWPSP FE JM QJBOP EJ DPUUVSB DPO

PQQPSUVOBDPMMBBMTJMJDPOFUSBEJ[JPOBMFOFMDPMPSFEFTJEFSBUP

$YYHUWHQ]D 4F TJ VUJMJ[[B DPMMB BM TJMJDPOF JOBQQSPQSJBUB TV QJBOJ

DPUUVSBJOQJFUSBOBUVSBMFQPUSFCCFSPQSPEVSTJDPMPSB[JPOJ

JNQPTTJCJMJEBFMJNJOBSFQPTTJCJMFBDRVJTUBSFMBDPMMB

BQQSPQSJBUBDPOUBUUBOEPJMOPTUSP4FSWJ[JPEJBTTJTUFO[BUFDOJDB

DPEJDF5FOFSFJODPOTJEFSB[JPOFMFJOEJDB[JPOJEJVTP

EFMGBCCSJDBOUF

 4QJBOBSF MB DPMMB BM TJMJDPOF QSJNB DIF TJ GPSNJ VOP TUSBUP DPO VO

SBTDIJFUUPPDPOJMEJUPJOVNJEJUJDPOTBQPOF

 -BTDJBSBTDJVHBSFMBDPMMBBMTJMJDPOFQSJNBEJVUJMJ[[BSF

MBQQBSFDDIJP

6PRQWDJJLRGHOSLDQRGLFRWWXUD

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

HBT

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

NPOUBHHJP

$WWDFFRGHOJDVILJ 

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

TJBBDDFTTJCJMF

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

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

■ JMDPMMFHBNFOUPSJHJEP

■ MBUUBDDPBVOUVCPGMFTTJCJMFNFUBMMJDP- NJO NNBY N

OFDFTTBSJPJOUFSDBMBSFMBHVBSOJ[JPOFEJUFOVUBJO

EPUB[JPOFGSBMVTDJUBEFMDPMMFUUPSFFJMSBDDPSEPEFMHBT

4JEFWFFWJUBSFJMDPOUBUUPEFMUVCPDPOQBSUJNPCJMJEFMMVOJU

EJODBTTPBEFTFNQJPVODBTTFUUPFJMQBTTBHHJPBUUSBWFSTP

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

*ORVBMTJBTJDPOOFTTJPOF QRQPXRYHUHQpJLUDUHLOJRPLWREBMMB

QPTJ[JPOFTUBCJMJUBJOGBCCSJDB

/FMDBTPJODVJPDDPSSBSFBMJ[[BSFVOBDPOOFTTJPOFDJMJOESJDB

TPTUJUVJSFJMHPNJUPNPOUBUPJOGBCCSJDBDPORVFMMPGPSOJUPOFM

TBDDIFUUPEFHMJBDDFTTPSJ'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)LJ 

 $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 SJFTDF BE BDDFEFSF BMMB WJUF EJ CZQBTT TNPOUBSF MB QBSUF

TVQFSJPSFEFMQJBOPEJDPUUVSBGJTTBUBBMSFTUPEFMQJBOPEJDPUUVSB

EBVOTJTUFNBEJWJUJ1FSSJNVPWFSMBQSPDFEFSFDPNFTFHVF

 5PHMJFSFUVUUFMFHSJHMJFJDPQFSDIJEFJCSVDJBUPSJJEJGGVTPSJFMF

NBOPQPMF

 3JNVPWFSFMFWJUJEFJCSVDJBUPSJ

 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

,QVWDOODWLHYRRUVFKULIW

9HLOLJKHLGVDDQZLM]LQJHQ

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

JOTUBMMBUJFFOIFUHFCSVJLFSWBO

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

PSJ«OUBUJF

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

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

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

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

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

WRHSDVEDUH QRUPHQ HQ ZHWJHYLQJ HQ GH YRRUVFKULIWHQ YDQ GH

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

QDJHOHHIG

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

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

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

DSSDUDDWDI

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

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

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

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

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

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

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

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

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

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

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

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

NBH OJFU XPSEFO BBOHFTMPUFO PQ FFO JOSJDIUJOH WPPS EF BGWPFS WBO

WFSCSBOEJOHTQSPEVDUFO

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

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

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

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

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

JOEJFOOPEJHPO[F5FDIOJTDIF%JFOTU

9yyUGHLQVWDOODWLH

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

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

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

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

CFWFTUJHUNPFUFOIJUUFCFTUFOEJH[JKO

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

XBTNBDIJOFTWBBUXBTTFSTPGEFSHFMJKLF

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

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

EFPWFOJOVXJOTUBMMBUJFIBOEMFJEJOH

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

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

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

CFIPVEFOXPSEU

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

%PFFFOJOTOJKEJOHNFUEFHFTDIJLUFBGNFUJOHFOJOIFUXFSLWMBL

WPMHFOTEFHFXFOTUFJOTUBMMBUJFXJK[FOPSNBBMBPGPQIFU[FMGEF

OJWFBVC7PPSEFJOTUBMMBUJFXJK[FPQIFU[FMGEFOJWFBV

■ "MMFJOTOJKEJOHTXFSL[BBNIFEFOBBOIFUXFSLWMBLNPFUFO

VJUHFWPFSEXPSEFOJOEFHFTQFDJBMJTFFSEFXJOLFM

■ %FJOTOJKEJOHFONPFUFO[VJWFSFOOBVXLFVSJH[JKOXBOUEF

TOJKSBOEJT[JDIUCBBSBBOIFUPQQFSWMBL%FTUBCJMJUFJUWBOEF

NFVCFMFO NPFU PPL OB EF JOTOJKEJOHTXFSL[BBNIFEFO WFS[FLFSE

[JKO

■ (FCSVJLFOLFMTQFDJBMFXFSLWMBLLFOEJFCFTUBOE[JKOUFHFO

UFNQFSBUVVSFOXBUFSCWOBUVVSTUFFOPGUFHFMXFSL

■ %FJOCPVXNFVCFMFONPFUFOCFTUBOE[JKOUFHFOUFNQFSBUVSFO

UPU p$

*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

$1RUPDOHLQVWDOODWLHDIE D

"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

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

 )BBMEFLMFNNFOVJUEF[BLNFUBDDFTTPJSFTFOTDISPFGEF[F

WBTUJOEFBBOHFEVJEFTUBOE[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

%,QVWDOODWLHRSKHW]HOIGHQLYHDXDIE E

 7PFS EF OPSNBMF JOTUBMMBUJF WBO IFU BQQBSBBU VJU FO [PSH WPPS FFO

HFMJKLNBUJHF HMFVG SPOE IFU BQQBSBBU %F LPPLQMBBU NPFU MJDIUKFT

POEFSIFUXFSLWMBLMJHHFO

#JKCFUFHFMEFBBOSFDIUFONPFUFOEFTUFVOWMBLLFOXPSEFO

WFSIPPHENFUMBUUFOCFTUBOEUFHFOUFNQFSBUVVSFOXBUFS

 $POUSPMFFSEFXFSLJOHFOEFTUBOEWBOIFUBQQBSBBU

 7VM EF HMFVG UVTTFO IFU BBOSFDIU FO EF LPPLQMBBU NFU HFTDIJLUF

HFXPOFTJMJDPOFOMJKNJOEFHFXFOTUFLMFVS

$DQZLM]LQJ *OEJFOVPOHFTDIJLUFTJMJDPOFOMJKNHFCSVJLUPQ

PQQFSWMBLLFOJOOBUVVSTUFFOEBOLVOOFOWFSLMFVSJOHFO

PQUSFEFOEJFOJFUNFFSLVOOFOXPSEFOWFSXJKEFSE6LBO

HFTDIJLUFMJKNLPQFOCJKPO[FUFDIOJTDIFEJFOTUDPEF

)PVESFLFOJOHNFUEFHFCSVJLTBBOXJK[JOHFOWBOEFGBCSJLBOU

 4USJKLEFTJMJDPOFOMJKNVJUNFUFFOTDISBQFSPGFFOWJOHFS

CFWPDIUJHENFU[FFQWPPSEBU[JDIFFOMBBHKFWPSNU

 -BBUEFTJMJDPOFOMJKNESPHFOWPPSEBUVIFUBQQBSBBUHFCSVJLU

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 

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

UPFHBOLFMJKLJT

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

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

TDISPFGESBBEJTNPHFMJKL

■ &FOTUBSSFWFSCJOEJOH

■ &FOWFSCJOEJOHNFUFFONFUBMFOTMBOH- NJO NNBY  N

%FHFMFWFSEFBGEJDIUQBLLJOHNPFUXPSEFOJOHFWPFHE

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

&SNPFUXPSEFOWFSNFEFOEBUEF[FCVJT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

#JKCFJEFWFSCJOEJOHFOEJFOUVFSWPPSUF[PSHFO KHWNQLHVWXNQLHW

WHEHZHJHQRIWHGUDDLHQ UFOPQ[JDIUFWBOEFTUBOEXBBSJOIJK

WBOVJUEFGBCSJFLLPNU

*OEJFO V FFO DJMJOESJTDIF BBOTMVJUJOH NPFU NBLFO WFSWBOH EBO IFU

EPPSEFGBCSJFLHF¯OTUBMMFFSEFLOJFTUVLEPPSEBUVJUEF[BLNFU

BDDFTTPJSFT"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

%$IVWHOOLQJYDQGHNUDQHQ$IE 

 ;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

7JOEU V EF UPFHBOH UPU EF CZQBTT CPVU OJFU CPVX EF WFUQPU VJU EJF

CFWFTUJHEJTBBOEFSFTUWBOEFLPPLQMBBUNFUFFOTZTUFFNWBO

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

 (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

,QVWUXNFMDPRQWDŰX

:VND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD

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

OBMFļZ[BQP[OBÇTJÙ[JOTUSVLDKÅ

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

XZĂÅD[OJFKBLPQS[ZLĂBE

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

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

VĉSU]HVWU]HJDQH

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

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

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

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

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

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

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

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

7HFKQLF]Q\P

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

VTVXBOJBQSPEVLU³XTQBMBOJB

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

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

QJFLBSOJLBMVCQĂZUZLVDIFOLJ

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

PCPXJÅ[LPXPQPTJBEBÇV[JFNJFOJF

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

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

5FDIOJD[OZN

3U]HG]DLQVWDORZDQLHP

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

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

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

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

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

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

[NZXBSLBDIMVCQPEPCOZNTQS[ÙDJF

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

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

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

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

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

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

3U]\JRWRZDQLHPHEODU\V 

8ZLPOBÇXCMBDJFXZDJÙDJFPQPEBOZDIXZNJBSBDI[HPEOJF[

XZCSBOZNTQPTPCFNJOTUBMBDKJ[XZLĂBBMVCQĂBTLBC8

QS[ZQBELVJOTUBMBDKJQĂBTLJFK

■ 8T[ZTULJFQSBDF[XJÅ[BOF[XZDJÙDJFNXCMBDJFSPCPD[ZN

QPXJOOZCZÇXZLPOZXBOFXXZTQFDKBMJ[PXBOZNTFSXJTJF

■ 8ZDJÙDJBQPXJOOZCZÇD[ZTUFJEPLĂBEOFQPOJFXBļLSBXÙEĺ

XZDJÙDJBKFTUXJEPD[OBOBXJFS[DIV1PXZLPOBOJVQSBD

[XJÅ[BOZDI[XZDJÙDJFNOBMFļZS³XOJFļ[BQFXOJÇTUBCJMOF

VTUBXJFOJFNFCMJ

■ 6ļZXBÇ XZĂÅD[OJF TQFDKBMOZDI CMBU³X SPCPD[ZDI PEQPSOZDI OB

XZTPLÅUFNQFSBUVSÙJXPEÙOQ[OBUVSBMOFHPLBNJFOJBMVC

QPLSZUZDIQĂZULBNJDFSBNJD[OZNJ

■ .FCMF[BCVEPXZQPXJOOZCZÇPEQPSOFOBUFNQFSBUVSÙEP

 p$

+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

$,QVWDODFMD]Z\NãDU\V D

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

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

 8ZKÅÇVDIXZUZ[UPSFCLJ[BLDFTPSJBNJJQS[ZLSÙDJÇXF

XTLB[BOZNQPĂPļFOJVUBLCZNPHĂZTXPCPEOJFTJÙPCSBDBÇ

 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

%,QVWDODFMDSãDVNDU\V E

 8ZLPOBÇ[XZLĂÅJOTUBMBDKÙVS[ÅE[FOJBQBNJÙUBKÅDBCZ

QP[PTUBXJÇXPL³ĂOJFHPKFEOPMJUÅT[D[FMJOÙ1ĂZUBLVDIFOLJ

QPXJOOBTJÙHBÇOJFDPQPOJļFKQPXJFS[DIOJCMBUVSPCPD[FHP

8QS[ZQBELV[BCVEPXZQĂZUZHS[FKOFK[QĂZUFLDFSBNJD[OZDIX

SB[JFQPUS[FCZQPLSZÇQPXJFS[DIOJFQPEQBSDJBMJTUXBNJ

PEQPSOZNJOBXZTPLÅUFNQFSBUVSÙJOBXPEÙ

 4QSBXE[JÇE[JBĂBOJFJQPĂPļFOJFVS[ÅE[FOJB

 8ZQFĂOJÇT[D[FMJOÙNJÙE[Z[BCVEPXÅQĂZUZHS[FKOFKBQĂZUÅ

LVDIFOLJ[XZLĂZNLMFKFNTJMJLPOPXZNXXZCSBOZNLPMPS[F

:VND]yZND +FěMJ VļZXB TJÙ OJFPEQPXJFEOJFHP SPE[BKV LMFKV OB

QPXJFS[DIOJBDI[LBNJFOJBOBUVSBMOFHPNPHÅQPXTUBÇ

[BCBSXJFOJB LU³SZDI OJF CÙE[JF NPļOB VTVOÅÇ 0EQPXJFEOJ LMFK

NPļOBOBCZÇXOBT[ZN4FSXJTJF5FDIOJD[OZNLPEQSPEVLUV

/BMFļZQS[FTUS[FHBÇJOTUSVLDKJVļZULPXBOJB

QSPEVDFOUB

 1S[FE[FTUBMFOJFNXZS³XOBÇQPXJFS[DIOJÙLMFKVTJMJLPOPXFHP

[BQPNPDÅOBNZEMPOFHPTLSPCBLBMVCQBMDB

 1S[FESP[QPD[ÙDJFNVļZULPXBOJBVS[ÅE[FOJBQPD[FLBÇBļ

XZTDIOJFLMFK

'HPRQWDŰSã\W\NXFKHQNL

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

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

LPMFKOPěDJ

3RGãĉF]DQLHJD]XU\V 

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

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

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

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

 NNLU³SFVNPļMJXJB

■ T[UZXOFQPĂÅD[FOJF

■ QPĂÅD[FOJF[BQPNPDÅFMBTUZD[OFHPQS[FXPEV[NFUBMV

- NJO  NNBY  N

/JF[CÙEOF KFTU [BĂPļFOJF EPTUBSD[POFK VT[D[FMLJ  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

#F[X[HMÙEVOBSPE[BKQPĂÅD[FOJB QLHQDOHŰ\QLJG\SRUXV]Dþ

DQLREUDFDþ]ãĉF]HPNRODQNRZ\P [NJFOJBKÅDKFHPQPĂPļFOJF

GBCSZD[OF

+FěMJXZNBHBOFKFTUXZLPOBOJF[ĂÅD[BDZMJOESZD[OFHPOBMFļZ

XZNJFOJÇ[ĂÅD[FLPMBOLPXF[BNPOUPXBOFGBCSZD[OJFOB[ĂÅD[F

[OBKEVKÅDFTJÙXUPSFCDF[BLDFTPSJBNJ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5\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

XZNPOUPXBÇGPSNÙOBUĂVT[D[QS[ZNPDPXBOÅEPQĂZUZLVDIFOLJ

[BQPNPDÅTZTUFNV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

 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

,QVWUXo}HVGHPRQWDJHP

,QGLFDo}HVGHVHJXUDQoD

-FJB BT JOTUSV§µFT EP BQBSFMIP BOUFT EF QSPDFEFS  TVB JOTUBMB§£P

FVTP

0THS¡GJDPTT£PSFQSFTFOUBEPTOFTUBT*OTUSV§µFTEFNPOUBHFNB

UUVMPPSJFOUBUJWP

 

2IDEULFDQWHILFDLVHQWRGHWRGDDUHVSRQVDELOLGDGHFDVRQmR

VHFXPSUDPDVGLVSRVLo}HVFRQVWDQWHVGHVWHPDQXDO

7RGRVRVWUDEDOKRVGHLQVWDODomRUHJXODomRHDGDSWDomRD

RXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRUXPWpFQLFRGH

LQVWDODomR DXWRUL]DGR UHVSHLWDQGR WRGDV DV UHJXODPHQWDo}HV

HOHJLVODomRDSOLFiYHLVEHPFRPRRHVWLSXODGRSHODV

HPSUHVDVORFDLVIRUQHFHGRUDVGHJiVHHOHFWULFLGDGH

5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$VVLVWrQFLD

7pFQLFDSDUDDDGDSWDomRDRXWURVWLSRVGHJiV

$QWHVGHTXDOTXHUSURFHGLPHQWRFRUWHDDOLPHQWDomR

HOpFWULFDHGHJiVGRDSDUHOKR

&TUFBQBSFMIPGPJVOJDBNFOUFDPODFCJEPQBSBVUJMJ[B§£P

EPN©TUJDBO£PQPEFOEPQPSJTTPTFSVUJMJ[BEPQBSBGJOT

DPNFSDJBJT PV QSPGJTTJPOBJT &TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP

FNJBUFTPVDBSBWBOBT"HBSBOUJBBQFOBTTFS¡W¡MJEBDBTPP

BQBSFMIPTFKBVUJMJ[BEPDPSSFDUBNFOUFFQBSBPTGJOTBRVFTF

EFTUJOB

"OUFTEBJOTUBMB§£PEFWFDPNQSPWBSTFBTDPOEJ§µFTEF

EJTUSJCVJ§£PMPDBMOBUVSF[BFQSFTT£PEPH¡TFBSFHVMB§£PEP

BQBSFMIP T£P DPNQBUWFJT "T DPOEJ§µFT EF SFHVMB§£P EP BQBSFMIP

FTU£PJOEJDBEBTOBFUJRVFUBPVOBQMBDBEFDBSBDUFSTUJDBT

&TUFBQBSFMIPT³QPEFTFSJOTUBMBEPOVNMPDBMCFNWFOUJMBEPF

DVNQSJOEPDPNPTSFHVMBNFOUPTFNWJHPSFBTEJTQPTJ§µFT

SFMBUJWBTWFOUJMB§£P&TUFBQBSFMIPO£PEFWFTFSMJHBEPBVN

EJTQPTJUJWPEFFWBDVB§£PEPTQSPEVUPTEFDPNCVTU£P

0DBCPEFBMJNFOUB§£PEFWFTFSGJYPBPN³WFMQBSBFWJUBSRVF

FOUSF FN DPOUBDUP DPN BT QBSUFT RVFOUFT EP GPSOP PV EB QMBDB EF

DP[FEVSB

PCSJHBUPSJBNFOUFMJHBEPTUFSSB

/£PNBOJQVMFPJOUFSJPSEPBQBSFMIP4FOFDFTT¡SJPDPOUBDUFP

$QWHVGDLQVWDODomR

&TUF BQBSFMIP DPSSFTQPOEF  DMBTTF  TFHVOEP B OPSNB &/ 

QBSBBQBSFMIPTBH¡TBQBSFMIPFODBTUSBEPOVNN³WFM

0TN³WFJTRVFGJRVFNQS³YJNPTEPBQBSFMIPEFWFNTFSGFJUPTEF

NBUFSJBJTO£PJOGMBN¡WFJT0TSFWFTUJNFOUPTFTUSBUJGJDBEPTFB

DPMBRVFPTGJYBEFWFNTFSSFTJTUFOUFTBPDBMPS

&TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP TPCSF GSJHPSGJDPT N¡RVJOBT

EFMBWBSSPVQBN¡RVJOBTEFMBWBSMPJ§BPVBQBSFMIPTTJNJMBSFT

1BSBJOTUBMBSBQMBDBEFDP[FEVSBTPCSFVNGPSOPFTUFEFWF

JODMVJSVNNFDBOJTNPEFWFOUJMB§£PGPS§BEB7FSJGJRVFBT

EJNFOTµFTEPGPSOPOPTFVNBOVBMEFJOTUBMB§£P

4FJOTUBMBSVNFYUSBDUPSEFWFUFSFNDPOUBPSFTQFDUJWPNBOVBM

EFJOTUBMB§£PSFTQFJUBOEPTFNQSFVNBEJTU¢ODJBWFSUJDBMNOJNB

EF NNEBQMBDBEFDP[FEVSB

3UHSDUDomRGRPyYHOILJ 

3FBMJ[FVNDPSUFEBTEJNFOTµFTOFDFTT¡SJBTOBTVQFSGDJFEF

USBCBMIPTFHVOEPPNPEPEFJOTUBMB§£PEFTFKBEPOPSNBMBPV

OJWFMBEPC1BSBPNPEPEFJOTUBMB§£POJWFMBEP

■ 5PEPT PT USBCBMIPT EF DPSUF OB TVQFSGDJF EF USBCBMIP EFWFN TFS

SFBMJ[BEPTOBMPKBFTQFDJBMJ[BEB

■ 0T DPSUFT EFWFN TFS MJNQPT F QSFDJTPT K¡ RVF B FYUSFNJEBEF EP

EFWFTFSHBSBOUJEBEFQPJTEPTUSBCBMIPTEFDPSUFUFSFNTJEP

FGFDUVBEPT

■ 6UJMJ[BSVOJDBNFOUFTVQFSGDJFTEFUSBCBMIPFTQFDJBJT

SFTJTUFOUFT  UFNQFSBUVSB F  ¡HVB  QPS FY EF QFESB OBUVSBM PV

DPNB[VMFKPT

■ 0TN³WFJTFODBTUS¡WFJTEFWFNTFSSFTJTUFOUFTBUFNQFSBUVSBT

BU© p$

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

$,QVWDODomRQRUPDOILJ D

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

1BSBBGJYB§£PEPBQBSFMIPOPN³WFMEFFODBTUSBNFOUP

 3FUJSF PT HSBNQPT EP DPOKVOUP EF BDFTT³SJPT F BQBSBGVTFPT OB

QPTJ§£PJOEJDBEBEFJYBOEPRVFFTUFTSPEFNMJWSFNFOUF

 &ODBTUSFFDFOUSFBQMBDBEFDP[FEVSB

TFVQFSNFUSP

 (JSFPTHSBNQPTFBQFSUFPTCFN

" QPTJ§£P EPT HSBNQPT EFQFOEF EB FTQFTTVSB EB TVQFSGDJF EF

USBCBMIP

%,QVWDODomRQLYHODGDILJ E

 1SPDFEB  JOTUBMB§£P OPSNBM EP BQBSFMIP DFSUJGJDBOEPTF EF RVF

FNSFEPSEPNFTNPGJDBVNBSBOIVSBVOJGPSNF"QMBDBEF

DP[FEVSBEFWFGJDBSMJHFJSBNFOUFBCBJYPEBTVQFSGDJFEF

USBCBMIP

BQPJPDPNSJQBTSFTJTUFOUFTUFNQFSBUVSBF¡HVB

 7FSJGJRVFPGVODJPOBNFOUPFBQPTJ§£PEPBQBSFMIP

 5BQFBSBOIVSBFOUSFBCBODBEBFBQMBDBEFDP[FEVSBDPN

DPMBEFTJMJDPOFDPOWFODJPOBMBEFRVBEBOBDPSRVFEFTFKBS

1RWD 4FTFVUJMJ[BSVNBDPMBEFTJMJDPOFJOBEFRVBEBFN

TVQFSGDJFT EF QFESB OBUVSBM QPEFN TVSHJS DPMPSB§µFT RVF K¡ O£P

QPEFS£PTFSFMJNJOBEBT1PEFBERVJSJSVNBDPMBBEFRVBEBOP

TJOTUSV§µFTEFVUJMJ[B§£PEPGBCSJDBOUF

 "MJTFBDPMBEFTJMJDPOFDPNVNBFTQ¡UVMBPVDPNPEFEP

IVNFEFDJEPDPNTBC£PBOUFTRVFTFGPSNFVNBDBNBEB

 "OUFTEFVUJMJ[BSPBQBSFMIPEFJYFBDPMBEFTJMJDPOFTFDBS

'HVPRQWDJHPGDSODFDGHFR]HGXUD

%FTBQBSBGVTFPTHSBNQPTFQSPDFEBEFNPEPJOWFSTPBPEB

NPOUBHFN

/LJDomRDJiVILJ 

" MJHB§£P EP BQBSFMIP  SFEF EF H¡T UFN EF TFS SFBMJ[BEB EF GPSNB

BRVFBUPSOFJSBEFGFDIPGJRVFBDFTTWFM

" FYUSFNJEBEF EP 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

OFDFTT¡SJPJOUFSDBMBSBKVOUBEFFTUBORVFJEBEF

GPSOFDJEBFOUSFBTBEBEPDPMFDUPSFBFOUSBEBEFH¡T

%FWFTFFWJUBSPDPOUBDUPEPUVCPDPNRVBMRVFSQBSUFN³WFMEB

VOJEBEF POEF TF FNCVUJS¡ P BQBSFMIP QPS FYFNQMP VNB HBWFUB

CFNDPNPBTVBQBTTBHFNQPSFTQB§PTRVFQPTTBNGJDBS

PCTUSVEPT

&NRVBMRVFSVNBEBTMJHB§µFTQmRPRYDQHPURGHRFRWRYHOR

EBQPTJ§£PRVFWFNEFG¡CSJDB

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'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

"TQMBDBTEFDP[FEVSBT£PGPSOFDJEBTDPNVNDBCPEF

BMJNFOUB§£PDPNPVTFNGJDIB

0TBQBSFMIPTGPSOFDJEPTDPNGJDIBT³EFWFNTFSMJHBEPTB

UPNBEBTEFUFSSBEFWJEBNFOUFJOTUBMBEBT

%FWFQSFWFSTFVNJOUFSSVQUPSPNOJQPMBSDPNVNBBCFSUVSBEF

DPOUBDUP NOJNB EF  NN FYDFQUP FN MJHB§µFT DPN GJDIB TF FTUB

FTUJWFSBDFTTWFMBPVUJMJ[BEPS

GB[ªMP%FWFTFNQSFSFTQFJUBSTFBTFD§£PNOJNBFPUJQPEF

DBCP

0XGDQoDGRWLSRGHJiV

4F BT SFHVMBNFOUB§µFT EP QBT P QFSNJUJSFN FTUF BQBSFMIP QPEF

TFSBEBQUBEPBPVUSPTUJQPTEFH¡TWFSQMBDBEFDBSBDUFSTUJDBT

"TQF§BTOFDFTT¡SJBTQBSBUBMFTU£PJODMVEBTOPTBDPEF

 

USBOTGPSNB§£PGPSOFDJEPDPOTPBOUFPNPEFMPPVEJTQPOWFJTOP

,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

QBSBRVFJNBEPSFTEFDIBNBEVQMBPVUSJQMBD³EJHP

WFS UBCFMB * UFOEP FTQFDJBM BUFO§£P QBSB RVF P JOKFDUPS O£P TF

TPMUFBPSFUJS¡MPPVGJY¡MPBPRVFJNBEPS

"QFSUFCFNPTJOKFDUPSFTQBSBHBSBOUJSBFTUBORVFJEBEF

QSJN¡SJP

 $PMPRVFPTEJGVTPSFTFBTUBNQBTEPTRVFJNBEPSFTOPT

SFTQFDUJWPTMVHBSFTFBTHSFMIBTOPTSFTQFDUJWPTFMFNFOUPTEF

GJYB§£P

%5HJXODomRGDVWRUQHLUDV)LJ 

 $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

VNBDIBWFEFGFOEBTEFQPOUBQMBOB

$POTPBOUFPH¡TBPRVBMWBJBEBQUBSPBQBSFMIPWFSUBCFMB **

FGFDUVFBBD§£PDPSSFTQPOEFOUF

"BQFSUBSCFNPTQBSBGVTPTCZQBTT

DPSSFDUBEPTRVFJNBEPSFT

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FODPOUSBSPBDFTTPBPQBSBGVTPCZQBTTEFTNPOUFB

QJOHBEFJSBRVFFTU¡GJYBOBQBSUFSFTUBOUFEBQMBDBEFDP[FEVSB

QPSVNTJTUFNBEFQBSBGVTPT1BSBSFNPWªMBQSPDFEBEP

TFHVJOUFNPEP

 3FNPWB UPEBT BT HSFMIBT UBNQBT EPT RVFJNBEPSFT EJGVTPSFT F

DPNBOEPT

 %FTBQFSUFPTQBSBGVTPTEPTRVFJNBEPSFT

 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

Ημπροςιυηώξνλνμρίες

Ξοίαηκίρδτμηιηΰδζνξίπμνπρη

̶͌͗͌͋͔͇͇͕͓͒͞͓͕͔͙͇͍͇͏͖͚͇͙͇ͤ͑͒͘͝͏͏͉͔͏͓͇͙͔͕͌͒ͣ͏͎͚͞͏͙͌

͚͕͉͕͙͉͕͗͑͋͘͑͉͇͓͚͌͟͙͕͖ͤ͒͌͑͗͗͏͈͕͚͗

̶͗͏͉͔͔͌͋͌͌͢͉͇͔͔͕͓͋͚͕͉͕͙͉͗͑͋͌͘͖͕͓͕͔͙͇͍͚͗͏͚͔͑͘͏

͉͙ͦ͒ͦͥͦ͘͕͗͏͔͙͌͏͕͉͕͔͓͗͢͞͏

Ξοημδαϊξνκμδμηηημπροςιυηθπνγδοείψητπώαγίμμνλ

οςινανγπραδξονηζανγηρδκϋνπανΰνεγίδρπώνραπώινθ

νραδρπραδμμνπρη

Απδνξδοίυηηξνςπρίμναιδμίκίγιδηίγίξρίυηηιγοςβνλς

αηγςβίζίγνκεμϊξονανγηρϋπώπδορησηυηοναίμμϊλ

πξδυηίκηπρνλαπννραδρπραηηπναπδληγδθπραςύψηλη

μνολίληηζίινμνγίρδκϋπρανλίρίιεδπξοδγξηπίμηώλη

λδπρμϊτβίζνηόκδιρονπμίΰείύψητινλξίμηθ

Γκώίγίξρίυηηξοηΰνοίιγοςβνλςαηγςβίζίοδινλδμγςδλ

παώζίρϋπώπμίχηλπδοαηπμϊλυδμρονλ

Ξδοδγ ξοναδγδμηδλ κύΰϊτ γδθπραηθ μδνΰτνγηλν ξδοδιοϊρϋ

ξνγίφςβίζίηόκδιρονόμδοβηηιγίμμνλςόκδιρονξοηΰνος

̫͇͔͔͐͢͖͗͏͈͕͗͖͔͇͎͔͇͔͗͌͋͌͞͏͑͒ͥ͘͞͏͙͔͕͌͒ͣ͋͒ͦ͈͙͕͉͕͕͊͢

͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͏͔͌͓͕͍͙͌͖͗͏͓͔͙͌ͦͣͦ͘͉͖͕͓͔͔͗͒͌͢͟͢͜͏͒͏

͕͓͓͑͌͗͌͑͘͞͏͜͌͒ͦ͜͝̫͇͔͔͐͢͖͗͏͈͕͗͔͎͌͒ͣͦ͚͙͇͔͇͉͒͘͏͉͇͙ͣ͔͇

͙͇ͦ͜͜ ͏͒͏ ͉ ͇͉͙͕͓͖͇͑͌͌͗͜ ̪͇͇͔͙͗͏ͦ ͖͕͗͏͎͉͕͋͏͙͌͒ͦ ͙͉͋͌͐͘͏͙͔͇͌͒ͣ

͙͕͕͒ͣ͑͉͚͇͒͌͘͞͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͖͗͏͈͕͇͗͖͕͔͇͎͔͇͔͌͞͏ͥ

̶͌͗͌͋͚͙͇͔͕͉͕͑͐͘͔͕͈͕͌͋͜͏͓͕͖͕͉͗͌͗͏͙ͣ͕͕͙͉͙͙͉͚͙͌ͥ͘͘͒͏

͇͇͙͗͑͌͗͜͏͙͘͏͑͏͖͕͇͉͇͓͕͕͋͌͊͉͉͇͓͌͟͗͌͊͏͕͔͌͇͎͇͊͉͏͋͇͎͇͊͏

͇͉͔͋͒͌͏͌͔͇͙͕͇͓͗͐͑͘͖͗͏͈͕͇͗̶͇͇͓͙͗͌͗͢͔͇͙͕͗͐͑͘͏͖͗͏͈͕͇͗

͚͇͎͇͔͑͢͔͇͙ͤ͏͙͑͌͑͌͏͉͙͇͈͒͏͑͌͞͘͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏

̫͇͔͔͐͢͖͗͏͈͕͗͓͕͍͔͕͚͙͇͔͇͉͒͘͏͉͇͙ͣ͙͕͕͒ͣ͑͉͕͕͕͗͜͟

͖͕͉͙͗͌͗͏͉͇͓͕͓͌͓͙͌͌͘͉͕͕͙͉͙͙͉͌͘͘͏͏͘͙͉͚͋͌͐ͥ͘͠͏͓͏

͔͕͓͇͓͗͏͏͏͔͙͚͗͑͘͝͏͓ͦ͏͕͙͔͕͘͏͙͔͕͌͒ͣ͉͔͙͌͏͒ͦ͝͏͏͖͕͓͔͌͌͠͏͐

̫͇͔͔͐͢͖͗͏͈͕͗͔͎͌͒ͣͦ͖͕͕͋͌͋͘͏͔͙ͦͣ͑͓͕͕͚͋͋͢͜͋͒ͦ͕͙͉͕͇͋

͓͕͉͋͢͢͜͇͎͕͉͊

̱͇͈͌͒ͣ͖͏͙͇͔͏ͦ͔͕͈͕͌͋͜͏͓͕͎͇͖͑͗͌͏͙ͣ͔͇͙͚͓͈͌͙͕͈͢͞͔͌

͕͖͚͇͙͋͑ͣ͘͕͌͊͕͖͗͘͏͕͔͕͉͔͑͌͘͏ͦ͘͔͇͉͇͊͗͌ͥ͠͏͓͏ͦ͘͙͇͓͋͌͒ͦ͏

͚͕͉͕͕͋͊͜͇͇͑͛͟͏͒͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏

̶͗͏͈͕͗͢͇͈͕͙͇͗ͥ͠͏͌͕͙͙͕͙ͤ͒͌͑͗͌͘͏͕͈͎͇͙͔͕ͦ͌͒ͣ͕͍͔͋͒͢͈͙ͣ͢

͎͇͎͓͔͌͒͌͢

̴͎͌͒ͣͦ͉͔͕͘͏͙ͣ͏͎͓͔͔͌͌͏ͦ͉͕͉͔͚͙͔͔͗͌͏͌͓͔͙ͤ͒͌͌͢͖͗͏͈͕͇͗

̬͒͘͏͔͕͈͕͌͋͜͏͓͕͖͕͗͏͎͉͙͌͘͏͓͕͔͙͗͌͕͈͇͙͗͏͙͌ͣ͘͉͔͇͟

͉͌͗͘͏͔͐͘͢͔͙͌͗͝

Ξδοδγμίφίκνλςπρίμναιη

̫͇͔͔͐͢ ͖͗͏͈͕͗ ͕͙͔͕͘͏͙ͦ͘ ͑ ͙͙͓͚͗͌ͣ͌ ͇͚͑͒͘͘ ͎͇͠͏͙͢ ͖͕ ͙͇͔͇͙͚͋͗͘

&/͋͒ͦ͇͎͕͉͊͢͜͖͗͏͈͕͕͉͗͉͙͕͔͔͕͗͌͌͘͕͈͕͚͕͉͇͔͗͋͏͌

̳͈͌͌͒ͣ͕͖͗͘͏͇͇͇͑ͥͦͦ͘͘͠͘͉͇͕͔͕͗͐͞͖͇͔͌͒ͣͥ͕͍͔͇͋͒͈͙ͣ͢

͏͎͕͙͕͉͔͇͊͒͌ ͏͎ ͔͉͕͖͇͓͔͌͒͌ͦͥ͘͠͏ͦ͘͜ ͓͇͙͌͗͏͇͕͉͒ ̵͈͒͏͕͉͕͔͌͢͝͞

͕͒͘͏͙͌͘͢͖͕͙͑͗͢͏ͦ͏͎͇͖͑͗͌͒ͦͥ͠͏͐͏͜͑͒͌͐͕͍͔͋͒͢͈͙ͣ͢

͙͓͕͙͕͌͗͐͑͘͏͓͏

̫͇͔͔͐͢͖͗͏͈͕͗͔͎͌͒ͣͦ͚͙͇͔͇͉͒͘͏͉͇͙ͣ͔͇͋͕͕͒͋͜͏͔͒ͣ͏͇͓͑͏

͙͘͏͇͔͓͗͒ͣ͢͏͓͇͟͏͔͇͓͏͖͕͚͕͓͕͔͓͋͌͘͢͞͏͓͇͟͏͔͇͓͏͏͚͕͋͗͊͐

͖͕͕͈͔͕͋͐͙͔͌͜͏͕͑͐

̬͒͘͏͙͈͚͙͗͌͌ͦ͘͚͙͇͔͕͉͘͏͙ͣ͉͇͕͔͚͗ͥ͞͖͇͔͌͒ͣ͔͇͋͚͕͉͓͋͜͢

͇͕͓͑͛͟͚͙͒͌͋͌͘͉͈͇͙͗ͣ͢͓͕͋͌͒ͣ͚͕͉͕͕͋͊͜͇͇͑͛͟͘͘͏͙͓͕͌͐͘

͖͗͏͔͚͋͏͙͔͕͌͒ͣ͐ ͉͔͙͌͏͒ͦ͝͏͏ ̶͕͉͙͗͌͗ͣ͌ ͇͎͓͗͌͗͢ ͚͕͉͕͕͋͊͜ ͇͇͑͛͟

͉͕͕͙͉͙͙͉͚͓͌ͥ͌͘͘͠͚͕͉͕͙͉͗͑͋͌͘͖͕͓͕͔͙͇͍͚

̶͗͏͓͕͔͙͇͍͌͉͙͍͔͕͕ͦ͊͢͚͙͕͙͉͇͗͐͘͘͔͕͈͕͌͋͜͏͓͕͕͉͇͙͒͌͋ͣ͘

͏͔͙͚͗͑͘͝͏͓ͦ͕͕͙͉͙͙͉͚͕͌ͥ͌͊͘͘͠͚͕͉͕͙͉͇͗͑͋͘͖͕͓͕͔͙͇͍͚͒͌͋ͦ͘

͎͇͙͓͌͙͕͈͢͞͇͙͕͔͗ͦ͘͘͏͌͕͙͉͙͍ͦ͑͢͏͕͋͉͇͕͔͕͗͐͞͖͇͔͌͒͏͖͕

͉͙͌͗͏͇͑͒͏͈͕͒͢͔͌͓͔͌͌͌͓͓

Ξνγβνρναιίρςλΰϊοηπ 

̶͕͇͙͗͋͌͒͐͌͉͙͕͔͒͌͘͟͏͌͝͕͙͉͙͌͗͘͏͌͔͚͍͔͢͜͇͎͓͕͉͗͌͗͉

͎͇͉͏͘͏͓͕͙͘͏͕͙͉͈͇͔͔͕͕͗͊͢͙͏͖͇͚͙͇͔͕͉͑͘͏͕͈͔͕͐͢͞͚͙͇͔͕͉͑͘͏

B͏͒͏͚͙͇͔͕͉͑͘͏͉͕͉͔͗͌ͣ͘͖͕͉͔͕͙͌͗ͣͥ͘͜͙͕͔͒͌͘͟͏͢͝C̩

͚͇͒͌͘͞͚͙͇͔͕͉͑͘͏͉͕͉͔͗͌ͣ͘͖͕͉͔͕͙͌͗ͣͥ͘͜͙͕͔͒͌͘͟͏͢͝

■ ̩͌͘͇͈͕͙͗͢͖͕͖͕͕͙͕͉͋͊͑͌͕͙͉͙͌͗͘͏͐͉͙͕͔͒͌͘͟͏͌͝͕͍͔͋͒͢

͖͕͗͏͎͉͕͋͏͙ͣͦ͘͉͖͌͘͝͏͇͒͏͎͏͕͉͇͔͔͕͓͗͓͇͇͎͊͏͔͌

■ ̲͏͔͏͏ ͎͇͗͌͘ ͕͍͔͋͒͢ ͈͙ͣ͢ ͕͉͔͓͗͢͏ ͏ ͙͕͔͓͢͞͏ ͖͕͙͕͓͚ ͙͕͞ ͇͑͗͐

͎͇͗͌͘ ͈͚͙͋͌ ͉͏͔͋͌ ͔͇ ͖͕͉͔͕͙͌͗͘͜͏ ̶͕͒͌͘ ͖͕͕͙͕͉͋͊͑͏ ͕͙͉͙͌͗͘͏͐

͙͚͓͈͚͔͕͈͕͌͋͜͏͓͕͚͙͇͔͕͉͘͏͙ͣ͉͚͙͕͐͘͞͏͉͕͌͖͕͕͍͔͒͌͏͌

■ ̳͕͍͔͕͏͖͕͎͕͉͇͙͒ͣͣ͘͙͕͕͒ͣ͑͖͌͘͝͏͇͔͒ͣ͌͢͙͕͔͒͌͘͟͏͢͝

͚͙͕͐͘͞͏͉͌͢͑͉͕͎͙͉͋͌͐͘͏ͥ͉͕͑͘͢͏͜͙͓͖͇͙͚͌͌͗͗͏͉͇͒͊͏

͔͇͖͗͏͓͌͗͙͕͔͒͌͘͟͏͢͝͏͎͔͇͙͚͇͔͕͕͗͒ͣ͊͇͓͔͑ͦ͏͒͏͘͖͕͙͑͗͢͏͓͌

͏͎͇͓͑͌͗͏͕͌͑͐͘͞͖͒͏͙͑͏

■ ̹͚͓͈͇͉͕͙͕͚͑͗ͥ͚͙͇͔͇͉͒͘͏͉͇͙͌ͦ͘͉͇͕͔͇͗ͦ͞͖͇͔͌͒ͣ͕͍͔͇͋͒

͉͍͋͌͗͢͏͉͇͙ͣ͙͓͖͇͙͚͚͌͌͗͗͕͋ z$

̶͗͏͚͙͇͔͕͉͑͌͘͙ͤ͒͌͑͗͏͕͌͑͐͘͞͏͒͏͕͓͈͑͏͔͏͕͉͇͔͔͕͗͐͇͎͕͉͊͌͢͏

͙ͤ͒͌͑͗͏͌͑͘͞͏͌͕͔͕͑͛͗͑͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏͈͎͌͚͕͉͕͕͋͊͜͇͇͑͛͟

͔͕͈͕͌͋͜͏͓͕͖͕͙͇͉͘͏͙ͣ͖͕͋͔͌͐͖͕͕͚͌͗͌͊͗͋͑͏͎

͔͉͕͖͇͓͔͕͌͒͌ͦͥ͌͊ͦ͘͘͠͓͇͙͌͗͏͇͇͒͔͇͖͗͏͓͌͗͏͎͓͙͇͇͌͒͒͏͒͏

͇͔͔͕͕͛͌͗͊͒͏͙͇͘͔͇͇͙͕͔͗ͦ͘͘͏͏ ͓͓͕͙͕͔͕͉͇͔͘͏ͦ͉͇͕͔͕͗͐͞

͖͇͔͌͒͏̹͇͑͏͓͕͈͇͎͕͓͗͕͙͚͖͋͘͑͔͏͍͔͌͐͇͙͘͞͏͖͇͔͌͒͏͈͚͙͋͌

͖͙͌͗͌͑͗͢̩͚͇͒͌͘͞͇͎͕͉͕͊͐͉͇͕͔͕͗͐͞͖͇͔͌͒͏͙͇͍͑͌

͕͓͔͚͙͗͌͑͌͋͌ͦ͘͚͙͇͔͕͉͘͏͙ͣ͖͕͕͚͌͗͌͊͗͋͑͔͇͙͕͓͍͌͇͙͕͔͗ͦ͘͘͏͏

̬͒͘͏͙͕͔͒͌͘͟͏͇͝͉͖͕͔͔͇͒͌͢͏͎͉͇͋͌͗͌͖͕͕͙͑͗͐͌͖͕͉͔͕͙͌͗ͣ͘͜

͎͇͗͌͘͖͌͘͝͏͇͔͓͒ͣ͢͓͙͊͌͗͌͏͕͓͑͙͕͈͢͞͎͇͠͏͙͏͙ͣ͌͌͕͙͙͉͋͌͐͘͏ͦ

͉͇͒͊͏

Λνμρίεξοηΰνοί

΢ιίζίμηδ ̶͗͏ ͚͙͇͔͕͉͑͌͘ ͉͇͕͔͕͗͐͞ ͖͇͔͌͒͏ ͏͖͕͎͚͙͒ͣ͐͌͘ ͎͇͠͏͙͔͌͢

͖͇͙͌͗͑͞͏

$Νΰϊφμίώςπρίμναιίοηπ D

̴͕͙͕͌͑͗͌͢͓͕͋͌͒͏͖͕͙͇͉͙͒ͦͥͦ͘͘͘͚͙͇͔͕͉͔͔͕͒͌͐͘͔͇͇͈͛͗͏͑͌

͑͒͌ͦ͌͐ͦ͘͠͖͕͇͕͗͑͒͋͑͐̬͒͘͏͖͕͇͇͗͑͒͋͑͚͙͇͔͕͉͔͇͒͌͘͔͏͉͕͓͑͌

͚͇͒͌͘͞͔͌͔͘͏͓͇͙͐͌͌͌͇͑͒͌ͦͦͦ͘͠͖͕͇͇͗͑͒͋͑͖͕͙͉͇͇͙͗͌͋͗͌͠

͖͕͙͇͔͋͌͑͏͌̬͒͘͏͖͕͇͇͗͑͒͋͑͔͌͚͙͇͔͕͉͔͇͒͌͘͔͇͇͈͛͗͏͑͌

͖͗͏͙͑͒͌͐͌͌͌͑͔͏͍͔͓͚͌͇͑͗ͥ͉͇͕͔͕͗͐͞͖͇͔͌͒͏

͙͕͈̾͢͎͇͖͑͗͌͏͙ͣ͉͇͕͔͚͗ͥ͞͖͇͔͌͒ͣ͉͙͚͓͈͌

 ̩͕͎͓ͣ͏͙͌͏͎͖͇͙͇͑͌͘͖͗͏͔͇͍͔͕͙͓͋͒͌ͦ͘͏͎͇͍͏͓͢͏͖͗͏͉͏͔͙͏͙͌

͏͜͉͖͕͇͎͇͔͔͕͓͑͔͇͗͏͚͔͑͌͘͖͕͕͍͔͒͌͏͏͙͇͑͙͕͈͢͞͕͔͏͓͕͊͒͏

͉͕͈͕͔͕͋͘͉͇͇͙͗ͣͦ͘͠

 ̩͙͇͉͙ͣ͌͘͉͇͕͔͚͗ͥ͞͖͇͔͌͒ͣ͉͖͕͕͙͕͉͔͔͕͋͊͒͌͌͕͙͉͙͌͗͘͏͌͏

͉͕͉͔͙͗ͦ͐͌͢͌͌

̴͇͍͓͏͙͌͔͇͇͑͗ͦ͖͇͔͌͒͏͙͇͑͙͕͈͢͞͉͇͕͔͇͗ͦ͞͖͇͔͌͒ͣ͕͖͇͌͗͒ͣ͘

͔͇͇͑͗͐͙͕͔͒͌͘͟͏͢͝͖͕͉͓͚͌͘͖͌͗͏͓͙͚͌͗

 ̷͇͎͉͔͌͗͏͙͌͎͇͍͏͓͢͏͙͚͕͊͎͇͙͔ͦ͏͙͌͏͜

̶͕͕͍͔͒͌͏͌͎͇͍͏͓͕͉͎͇͉͏͘͏͙͕͙͙͕͒͠͏͔͢͙͕͔͒͌͘͟͏͢͝

%΢πρίμναιίαοναδμϋπξναδοτμνπρϋύπρνκδχμηυϊοηπ E

 ̺͙͇͔͕͉͘͏͙͌ ͉͇͕͔͚͗ͥ͞ ͖͇͔͌͒ͣ ͇͑͑ ͕͈͔͕͢͞ ͚͈͌͋͏͉͟͏ͣ͘ ͉ ͙͕͓ ͙͕͞

͉͕͚͑͗͊ ͔͌͌ ͕͙͇͙͌ͦ͘͘ ͕͉͟ ͕͋͏͔͇͕͉͕͑͐ ͟͏͗͏͔͢ ̩͇͕͔͇͗ͦ͞ ͖͇͔͌͒ͣ

͕͍͔͇͋͒͕͇͎͇͙͑ͣͦ͘͔͓͔͕͕͌͊͔͏͍͌͚͕͉͔͗ͦ͙͕͔͒͌͘͟͏͢͝

̬͒͘͏͙͕͔͒͌͘͟͏͇͝͖͕͙͇͑͗͢͇͓͑͌͗͏͕͌͑͐͘͞͖͒͏͙͕͑͐͖͗͏

͔͕͈͕͌͋͜͏͓͕͙͘͏ ͔͚͍͔͕ ͔͇͇͙͗͘͏͙ͣ ͖͕͉͔͕͙͌͗ͣ͘͜ ͕͖͕͗͢ ͕͋ ͔͚͍͔͕͕͊

 

͚͕͉͔͗ͦ͘͖͕͓͕ͣͥ͠͖͇͔͕͒͑͚͙͕͐͘͞͏͉͢͜͑͉͕͎͙͉͋͌͐͘͏ͥ͉͕͑͘͢͏͜

͙͓͖͇͙͚͌͌͗͗͏͉͇͒͊͏

 ̶͕͉͙͗͌͗ͣ͌͖͇͉͗͏͔͕͙͒ͣͣ͘͖͕͕͍͔͒͌͏ͦ͖͗͏͈͕͇͗͏͕͌͊͇͈͕͗͌͌͞

͕͙͕͔ͦ͘͘͏͌

 ̮͇͖͕͔͒͏͙͌͕͉͟͓͍͚͌͋͙͕͔͒͌͘͟͏͌͐͝͏͉͇͕͔͕͗͐͞͖͇͔͌͒ͣͥ

͖͕͕͋͋ͦ͜͠͏͓͘͏͒͏͕͔͕͉͓͑͢͓͙͊͌͗͌͏͕͓͑͕͈͔͕͕͊͢͞͙͏͖͇͔͚͍͔͕͕͊

͉͙͇͌͝

΢ιίζίμηδ ̶͗͏͏͖͕͎͕͉͇͔͒ͣ͘͏͏͔͖͕͕͕͌͋͋ͦ͌͊͜͠͓͙͊͌͗͌͏͇͑͔͇

͙͕͔͒͌͘͟͏͇͜͝͏͎͔͇͙͚͇͔͕͕͗͒ͣ͊͇͓͔͑ͦ͓͕͚͙͊͉͕͎͔͏͔͚͙͑ͣ͉͙͔͌͌͢͝

͖͙͔͇ͦ ͔͌ ͖͕͍͇͋͒͌͠͏͌ ͚͇͔͋͒͌͏ͥ ̶͕͕͋͋ͦ͜͠͏͐ ͓͙͊͌͗͌͏͑ ͓͕͍͔͕

͖͗͏͕͈͙͗͌͘͏͉͔͇͓͌͟͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝͇͙͗͏͚͑͒

̸͚͙͒͌͋͐͌͏͔͙͚͗͑͘͝͏͓ͦ͖͕͗͏͎͉͕͋͏͙͌͒ͦ

 ̶͌͗͌͋͎͇͙͉͔͌͗͋͌͏͓͌͓͙͊͌͗͌͏͇͑͉͕͉͔͙͗ͦ͐͌͢͕͌͊͖͕͉͔͕͙͌͗ͣ͘͜

͖͇͙͓͌͒͌͟͏͒͏͓͕͔͔͓͌͘͢͞͉͓͔͕͒ͣ͐͢͉͕͋͌͖͇͓͒ͣ͌͝

 ̶͌͗͌͋͏͖͕͎͕͉͇͔͒ͣ͘͏͓͌͉͇͕͔͕͗͐͞͖͇͔͌͒͏͇͙͋͐͌͓͙͊͌͗͌͏͚͑

͖͕͕͔͚͙͗ͣ͘͜

Γδλνμρίεαίονφμνθξίμδκη

̵͙͕͌͋͘͏͔͏͙͌͖͗͏͈͕͗͕͙͙͕͙ͤ͒͌͑͗͌͘͏͏͕͙͇͎͕͖͕͉͕͇͊͗͋

̵͙͚͙͑͗͏͙͌͉͏͔͙͢͎͇͍͏͓͕͉͏͖͕͉͙͕͗͏͙͌͙͉͋͌͐͘͏ͦ͉͖͕͔͔͔͒͌͌͢͢͉͕

͉͓͗͌ͦ͓͕͔͙͇͍͇͉͕͈͇͙͔͕͓͗͖͕͗ͦ͋͑͌

Ξνγικύφδμηδβίζίοηπ

̶͕͔͋͑͒ͥ͌͞͏͌͑͇͎͚͊͕͍͔͕͋͒͈͙ͣ͢͕͚͙͉͔͕͌͒͌͘͘͠͙͇͑͏͓͕͈͇͎͕͓͗

͙͕͈͢͞͈͒͢͉͕͈͕͔͋͐͘͢͕͙͚͖͋͘͑͎͇͖͕͔͕͓͚͗͇͔͚͑͗

̴͇͕͔͑͌͝͉͖͚͔͕͕͑͊͘͖͇͙͚͈͇͗͑͉͇͕͔͕͗͐͞͖͇͔͌͒͏͏͓͙͌͌ͦ͘͎͈͇͗͌ͣ

͋͏͇͓͙͕͓͌͗ࣔ ͓͓͖͕͎͉͕͇͒ͦͥͦ͠͕͈͖͌͌͘͞͏͙ͣ

■ ͍͙͕͌͑͌͘͕͌͋͘͏͔͔͌͏͌

■ ͕͌͋͘͏͔͔͌͏͌͘͊͏͈͑͏͓͓͙͇͌͒͒͏͌͑͘͞͏͓͇͔͕͓͒͊͟- NJO  N

NBY  N

̳͍͚͌͋͕͙͉͙͌͗͘͏͓͌͉͕͔͕͕͋͊͜͖͇͙͚͈͇͗͑͏͇͎͕͉͕͊͐͙͚͈͕͗͐

͔͕͈͕͌͋͜͏͓͕͚͙͇͔͕͉͘͏͙ͣ͚͖͕͙͔͒͏͙͔͚͌͒ͣͥ͖͕͇͚͗͑͒͋͑

͖͕͙͇͉͓͚͒ͦ͌ͥ͘͉͓͙͌͌͘͘͉͇͕͔͕͗͐͞͖͇͔͌͒ͣͥ

̴͕͈͕͌͋͜͏͓͕͏͑͒ͥ͘͞͏͙ͣ͕͖͗͘͏͕͔͕͉͔͑͌͘͏͌͇͔͇͒͊͟͘͖͕͉͋͏͍͔͓͢͏

͇͙͓ͦ͘͞͏͓͈͌͌͒͏͉͕͙͕͚͑͗ͥ͉͙͇͗͘͏͉͇͙͌ͦ͘͉͇͕͔͇͗ͦ͞͖͇͔͌͒ͣ

͔͇͖͗͏͓͌͗͘͉͉͋͢͏͍͔͓͢͏ͦ͠͏͇͓͑͏͇͙͇͍͑͌͖͕͕͍͔͗͋͌͜͏͌

͇͔͇͒͊͟͉͓͙͇͌͘͜͕͙͕͑͗͌͢͓͕͚͙͊͕͇͎͇͙͑ͣͦ͘͎͇͕͓͕͍͔͔͓͊͗͋͌͢͏

̱͇͑͏͓͈͢͔͏͈͕͒͢͕͌͋͘͏͔͔͌͏͌μδκϋζώπγαηβίρϋηκη

ξνανοίφηαίρϋινκδμν͏͎͖͕͕͍͔͒͌͏ͦ͉͕͙͕͕͑͗͌͕͔͕͈͕͒͢

͚͙͇͔͕͉͔͕͒͌͘͔͇͎͇͉͕͋͌

̬͒͘͏͔͕͈͕͌͋͜͏͓͕͉͖͕͔͒͢͏͙ͣ͝͏͒͏͔͋͗͏͕͌͑͌͘͞͕͌͋͘͏͔͔͌͏͌

͎͇͓͔͌͏͙͌ ͕͔͕͑͒͌ ͚͙͇͔͕͉͔͔͕͒͌͌͘ ͔͇ ͎͇͉͕͋͌ ͔͇ ͕͔͕͑͒͌ ͏͎ ͖͇͙͇͑͌ ͘

͖͗͏͔͇͍͔͕͙͓͋͒͌ͦ͘͏1͏͘ B

̴͌͎͇͈͚͙͋ͣ͌͚͙͇͔͕͉͘͏͙ͣ͚͖͕͙͔͒͏͙͔͚͌͒ͣͥ͖͕͇͚͗͑͒͋͑

: Πςψδπραςδρνξίπμνπρϋςρδφιηβίζί

̶͕͒͌͘͉͔͔͌͌͘͏ͦ͏͎͓͔͔͌͌͏͐͉͕͌͋͘͏͔͏͙͔͚͌͒ͣͥ͕͔͙͚͑͗͑͘͝͏ͥ

͖͕͉͙͗͌͗ͣ͌͌͌͓͙͊͌͗͌͏͔͕͙ͣ͘͞

̶͕͗͏͎͉͕͋͏͙͌͒ͣ͔͌͔͙͌͌͘͕͙͉͙͙͉͔͔͕͙͌͌͘͘͏͎͇͚͙͚͌͑͞͇͎͇͊͉

͕͌͋͘͏͔͔͌͏ͦ͜͉͖͕͔͔͔͒͌͢͢͜͖͕͎͕͉͇͙͓͒ͣ͌͒͌͏͒͏͏͖͕͔͒͘͏͙͓͌͒͌

͓͕͔͙͇͍͔͢͜͇͈͕͙͗

Ξνγικύφδμηδιόκδιρονπδρηοηπ

̶͕͉͙͗͌͗ͣ͌͙͕͈͢͞͔͇͖͍͔͗ͦ͌͏͌͏͓͕͔͕͙ͣ͘͠͖͗͏͈͕͇͗

͕͕͙͉͙͙͉͕͉͇͌͒͘͘͏͖͇͇͓͙͇͓͗͌͗͙͕͇͑͉͙͕͙ͤ͒͌͑͗͌͘͏

̩͇͕͔͗͌͢͞͖͇͔͌͒͏͖͕͙͇͉͙͒ͦͥͦ͘͘͘͇͈͓͑͌͒͌͖͏͙͇͔͏ͦ͕͙͕͑͗͐͢

͓͕͍͙͌͔͌͏͓͙͌ͣ͙͖͔͕͌͌͒ͣ͐͘͟͉͏͒͑͏

̶͗͏͈͕͗͢͔͇͈͍͔͔͌͌͘͢͙͖͔͕͌͌͒ͣ͐͘͟͉͏͕͒͑͐͓͕͍͔͕͖͕͇͙͋͑͒ͥͣ͞

͙͕͕͒ͣ͑͑͕͎͙͇͓͗͌͑͘͖͇͉͗͏͔͕͒ͣ͚͙͇͔͕͉͔͔͓͒͌͘͢͎͇͎͓͔͌͒͌͏͓͌

̴͕͈͕͌͋͜͏͓͕͖͚͓͕͙͙͗͌͋͗͌ͣ͘͇͎͓͇͗͑ͥ͌͌͢͠͚͙͕͙͉͕͗͐͘͘͋͒ͦ͉͌͘͜

͖͕͕͉͒ͥ͘͖͗͏͈͕͇͗͘͉͕͎͚͔͓͋͟͢͎͇͎͕͕͓͗͓͍͚͌͋͕͔͙͇͙͇͓͑͑͏͔͌

͓͔͌͌͌ ͓͓͎͇͏͔͑͒ͥ͌͘͞͏͓͌͚͇͉͒͌͘͞͖͕͕͋͌͋͘͏͔͔͌͏ͦ͘

͏͖͕͎͕͉͇͔͒ͣ͘͏͓͌͕͎͙͗͌͑͏͌͒͘͏͖͕͎͕͉͇͙͒ͣ͌͒ͣ͏͓͙͌͌͑͔͌͐͕͙͚͖͋͘

̫͇͔͔͐͢͖͗͏͈͕͗͕͙͔͕͘͏͙ͦ͘͑͇͚͑͒͘͘࣓:ࣔ͔͌͕͖͚͇͙͋͑͌ͦ͘͘͎͇͓͔͇͌

͇͈͑͌͒ͦ͖͏͙͇͔͏ͦ͖͕͎͕͉͇͙͓͒ͣ͌͒͌͙͕ͤ͓͕͍͙͌͇͙͋͌͒ͣ͙͕͕͒ͣ͑

͉͌͗͘͏͔͐͘͢͔͙͌͗͝̴͕͈͕͌͋͜͏͓͕͚͞͏͙͉͇͙ͣ͢͙͏͖͇͈͑͌͒ͦ͏͕͌͊

͓͏͔͏͓͇͔͕͒ͣ͌͔͌͌͘͞͏͌

Ώγίξρίυηώιγοςβνλςαηγςβίζί

̬͒͘͏͙͕ͤ͇͎͔͕͗͗͌͌͟͔͕͓͇͓͗͏͙͇͔͗͘͢͇͔͔͋͐͢͖͗͏͈͕͗͓͕͍͔͕

͔͇͙͕͗͘͏͙ͣ͋͒ͦ͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͘͚͋͗͊͏͓͏͉͏͇͓͋͏͇͎͇͊͓͘

͙͇͈͒͏͚͑͞͘͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏̴͕͈͕͌͋͜͏͓͌͢͋͒ͦ͙͕͕ͤ͊͙͇͋͌͒͏

͔͇͕͙͋ͦͦ͘͜͉͖͕͙͇͉͓͕͓͒ͦ͌͘͘͔͕͙͕͓͌͑͗͢͏͓͕͓͋͌͒ͦ͏͔͇͈͕͗͌͋͒ͦ

͇͇͖͙͇͋͝͏͏ ͕͙͕͑͗͐͢ ͙͇͍͑͌ ͓͕͍͔͕ ͖͗͏͕͈͙͗͌͘͏ ͉ ͔͇͓͌͟ ͉͌͗͘͏͔͕͓͘

͔͙͌͗͌͝

Αμηλίμηδ ̶͕͒͌͘͕͕͔͇͔͑͞͏ͦ͇͈͕͙͗͢͔͇͙͑͒͌͐͌͕͓͗ͦ͋͘͙͇͈͒͏͕͑͐͞

͘͇͇͙͗͑͌͗͜͏͙͘͏͇͓͑͏͉͇͕͔͕͗͐͞͖͇͔͌͒͏͙ͤ͏͙͚͑͌͑͘͚͇͎͇͔͑͏͓͌

͔͕͉͕͕͊͉͏͇͋͇͎͇͊

̴͕͈͕͌͋͜͏͓͕͉͖͕͔͒͢͏͙ͣ͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ

$Ζίλδμίεηικδοναοηπ 

 ̸͔͏͓͏͙͌͙͗͌͌͑͟͏͑͗͑͢͟͏͕͕͊͗͌͒͑͏͇͇͙͗͌͑͌͒͘͘͏

 ̮͇͓͔͌͏͙͌͍͏͑͒͌͗͢͘͖͕͓͕ͣͥ͠͇͑͒ͥ͞͏͓͕͌ͥ͌͊ͦ͘͠͉͖͕͇͍͗͋͌

͉͔͇͓͌͟͉͌͗͘͏͔͕͓͘͔͙͌͗͌͝͇͙͗͏͚͑͒̱͕͔͕͇͛͗͑

͉͕͔͕͕͋͐͊͏͒͏͙͕͔͕͕͗͐͊͖͇͓͔͒͌͏͇͙͗͏͚͑͒͓͘͙͇͈͒͏͚͝ *

͙͇͙͔͕͌͒ͣ͠͒͌͋ͦ͘͎͇͙͓͌͙͕͈͢͞͉͖͕͗͌͌͘͘͝͔͙ͦ͘͏ͦ͍͏͇͑͒͌͗͏͒͏

͕͌͊͎͇͖͔͑͗͌͒͌͏ͦ͔͇͕͊͗͌͒͑͌͕͔͔͌͕͕͑͘͘͞͏͒

̺͈͌͋͏͙͌ͣ͘͉͙͕͓͙͕͞͍͏͑͒͌͗͢͙͇͙͔͕͌͒ͣ͠͖͗͏͍͇͙͢͙͕͈͢͞

͕͈͖͌͌͘͞͏͙ͣ͓͙͊͌͗͌͏͔͕͙ͣ͘͞͕͕͊͗͌͒͑

̩͇͔͔͋͢͜͕͇͊͗͌͒͑͜͔͌͔͚͍͔͕͖͕͗͏͎͉͕͋͏͙ͣ͚͗͌͊͒͏͕͉͚͗͑͖͕͇͋͞͏

͖͉͌͗͏͔͕͕͊͞͉͕͎͚͇͋͜

 ̺͙͇͔͕͉͘͏͙͌ ͇͇͙͗͌͑͌͒͘͘͏ ͏ ͑͗͑͢͟͏ ͕͕͊͗͌͒͑ ͔͇ ͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌

͕͔͕͑͛͗͑͏͇͙͗͌͌͑͟͏ ࣋͔͇͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌͕͖͕͔͗͌͢

͓͔͙ͤ͒͌͌͢

%Οδβςκηοναιίιοίμνα3ηπ 

 ̺͙͇͔͕͉͘͏͙͌͚͗͑͞͏͚͖͇͉͔͗͒͌͏ͦ͉͖͕͕͍͔͒͌͏͌͓͏͔͏͓͇͔͕͕͒ͣ͊

͖͇͓͔͒͌͏

 ̸͔͏͓͏͙͌͚͗͑͞͏͇͔͕͉͑͗̶͕͋͔͏͓͏͔͇͕͋͜͏͙ͦ͘͚͖͕͙͔͒͏͙͔͇͌͒ͣͦ

͖͕͇͇͗͑͒͋͑͏͎͇͙ͤ͒͘͏͔͕͐͞͎͗͌͏͔͢̴͇͇͉͋͏͙͌͔͇͖͕͇͚͗͑͒͋͑

͕͔͑͞͏͕͓͑͕͙͉͙͌͗͑͏͙͕͈͢͞͕͙͙͑͗ͣ͢͕͙͚͖͋͘͑͈͇͖͇͔͕͓͚͐͘͉͏͔͙͚

Μηινβγίμδπμηλίθρδξονικίγις̶͕͇͗͑͒͋͑͏͕͈͖͌͌͘͞͏͉͇͙ͥ

͓͙͊͌͗͌͏͔͕͙ͣ͘͞ ͉͇͕͔͕͗͐͞ ͖͇͔͌͒͏ ͔͌ ͕͖͚͇͋͑ͦ͘ ͖͕͖͇͇͔͋͏ͦ ͉͔͚͙͗ͣ

͖͗͏͈͕͇͗͍͏͕͙͋͑͌͐͘͏͎͊͗ͦ͏͕͙͕͑͗͌͢͓͕͚͙͊͔͇͚͗͟͏͙ͣ͕͌͊

͖͇͉͗͏͔͚͒ͣͥ͇͈͕͙͚͗

 ̵͙͚͗͌͊͒͏͚͙͗͐͌͓͏͔͏͓͇͔͚͒ͣͥ͉͌͒͏͞͏͔͚͖͇͓͔͒͌͏͖͕͉͔͚͉͌͗

͈͇͖͇͔͐͐͘͢͉͏͔͙͘͖͕͓͕ͣͥ͠͖͕͕͒͑͐͘͕͙͉͙͌͗͑͏

̩͎͇͉͏͘͏͓͕͙͘͏͕͙͉͏͇͋͇͎͇͊͑͕͙͕͕͓͚͑͗͉͢͇͇͖͙͋͏͚͙͗͌͌͉͕͐͘

͖͗͏͈͕͗͓͘͙͇͈͒͏͚͝ **͉͖͕͔͒͢͏͙͌͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ

"͎͇͚͙͑͗͏͙͌͈͇͖͇͔͐͌͘͢͉͏͔͙͢͕͋͕͙͇͎͇͑

#͕͇͈͙͒ͣ͌͘͈͇͖͇͔͐͌͘͢͉͏͔͙͢͖͕͇͑͇͎͊͔͌͈͚͙͋͌͖͇͉͗͏͔͕͒ͣ

͉͕͋͢͜͏͙ͣ͏͎͕͕͊͗͌͒͑

$͎͇͓͔͚͌͈͇͖͇͔͐͘͢͜͉͏͔͙͕͉͓͕͍͙͌͖͕͗͏͎͉͕͋͏͙ͣ͙͕͕͒ͣ͑

͖͌͘͝͏͇͒͏͙͘͏͓͌ͥ͠͏͐͕͕͙͉͙͙͉͚͚͌ͥͥ͘͘͠͉͇͑͒͏͛͏͇͑͝͏ͥ

%͔͏͇͑͑͏͜͙͉͋͌͐͘͏͐͘͈͇͖͇͔͓͐͘͢͏͉͏͔͙͇͓͏͖͕͗͏͎͉͕͋͏͙ͣ͔͌

͔͚͍͔͕

̺͈͌͋͏͙͌ͣ͘ ͙͕͞ ͖͗͏ ͖͕͉͕͕͙͗͌ ͚͗͑͞͏ ͚͖͇͉͔͗͒͌͏ͦ ͕͙ ͓͇͑͘͏͓͇͔͕͒ͣ͐

͕͋͓͏͔͏͓͇͔͕͒ͣ͐͕͙͓͙͌͑͏͕͊͗͌͒͑͏͔͌͇͔͚͙͊͘͏͔͌͖͕͗͏͕͋͘͜͏͙

͉͕͎͉͇͙͗͖͇͓͔͒͌͏

̬͒͘͏͉͢͔͌͓͕͍͙͌͌͔͇͙͐͏͕͙͚͖͋͘͑͈͇͖͇͔͕͓͚͐͘͉͏͔͙͚

͓͕͔͙͋͌͏͚͙͗͐͌ ͇͈͕͚͗ͥ͞ ͖͇͔͌͒ͣ ͙͕͖ͤ͒͌͑͗͗͏͈͕͇͗ ͕͙͕͇͑͗ͦ ͖͑͗͌͏͙ͦ͘

͑ ͕͙͇͔͓͒ͣ͘͢ ͓͔͙͇͓ͤ͒͌͌ ͘ ͖͕͓͕ͣͥ͠ ͘͏͙͓͌͘͢ ͉͏͔͙͕͉ ͙͕͈̾͢ ͔͙ͦͣ͘

͙͚ͤ͖͇͔͌͒ͣ͉͖͕͔͒͢͏͙͌͚͒͌͋ͥ͘͠͏͌͙͉͋͌͐͘͏ͦ

 ̸͔͏͓͏͙͌͉͌͘͙͗͌͌͑͟͏͑͗͑͢͟͏͕͕͊͗͌͒͑͇͇͙͗͌͑͌͒͘͘͏͏͚͗͑͞͏

͚͖͇͉͔͗͒͌͏ͦ

 ̵͇͈͙͒ͣ͌͘͉͏͔͙͢͖͔͑͗͌͒͌͏ͦ͕͕͊͗͌͒͑

 ͙͕͈̾͢͚͙͇͔͕͉͘͏͙ͣ͇͈͕͚͗ͥ͞͖͇͔͌͒ͣ͔͇͓͙͕͌͘͖͕͉͙͕͗͏͙͌͙ͤ͏

͙͉͋͌͐͘͏ͦ͉͕͈͇͙͔͕͓͗͖͕͗ͦ͋͑͌

̴͏͕͇͑͊͋͔͌͓͕͔͙͋͌͏͚͙͗͐͌͉͇͒͇͎͕͉͕͕͊͊͇͔͇͑͗͗͏͘ ̩͚͇͒͌͘͞

͕͌͊͖͕͉͍͔͗͌͋͌͏ͦ͎͇͓͔͌͏͙͌͉͌ͣ͘͇͔͑͗

0RQWDMN×ODYX]X

*YHQOLN|QHULOHUL

$JIB[ñLVSNBEBOWFZBLVMMBONBEBO¶ODFUBMJNBUMBSñPLVZVOV[

#VNPOUBKUBMJNBUMBSñOEBCFMJSUJMFOHSBGJLMFSPSZBOUBTZPOBNB§MñEñS

%X N×ODYX]GDNL NXUDOODUD X\XOPDG×ù× WDNGLUGH UHWLFL KHUKDQJL

ELUVRUXPOXOXNWDQPXDIRODFDNW×U

%WQNXUXOXPD\DUODPDYHJD]WLSLQHJ|UHX\DUODPD

LüOHPOHUL \HWNLOL ELU WHNQLV\HQ WDUDI×QGDQ ONHGHNL VWDQGDUWODUD

YH\UUONWHNLNDQXQL\|QHUJHOHULOH\HUHOJD]YHHOHNWULN

WHGDULNoLVLüLUNHWLQWDOLPDWODU×QDX\JXQRODUDN

JHUoHNOHüWLULOPHOLGLU

'LùHUJD]WLSOHULQHX\DUODPDJHUHNWLùLQGH7HNQLN6HUYLVLPL]L

oDù×UPDQ×]|QHULOLU

+HUKDQJLELULüOHPGHQ|QFHFLKD]×QJD]YHHOHNWULN

EHVOHPHVLQLNHVLQL]

#VDJIB[FWEFLVMMBOñNJ§JOUBTBSMBONñğUñSUJDBSJWFZBQSPGFTZPOFM

BNB§MBSMB LVMMBOñMBNB[ #V DJIB[ ZBU WFZB LBSBWBOMBSB LVSVMBNB[

(BSBOUJTBEFDFUBTBSñNBNBDñOBVZHVOLVMMBOñMNBTñEVSVNVOEB

HF§FSMJEJS

,VSVMVNEBO¶ODFZFSFMEBßñUñNLPğVMMBSñOñHB[ñOEPßBTñWF

CBTñODñ¶ßSFOJOJ[WFDJIB[BZBSMBSñOñOVZVNMVPMEVßVOEBOFNJO

PMVOV[$JIB[BZBSMBNBLPğVMMBSñFUJLFU¼[FSJOEFZBEB¶[FMMJLMFS

UBCMPTVOEBZB[ñMñPMBSBLCFMJSUJMNJğUJS

#VDJIB[TBEFDFIBWBMBOEñSNBTñJZJZFSMFSFIBWBMBOEñSNBJMFJMHJMJ

LPğVMMBS WF Z¼S¼SM¼LUFLJ LVSBMMBSB VZHVO PMBSBL LVSVMNBMñEñS $JIB[

CJSZBONñğBUñLCPğBMUñNNFLBOJ[NBTñOBCBßMBONBNBMñEñS

&MFLUSJLLBCMPTVGñSñOWFZBQJğJSNFUF[HBIñOñOTñDBLLñTñNMBSñOB

UFNBTFUNFNFTJJ§JONVUGBLNPCJMZBTñOBTBCJUMFONFMJEJS

&MFLUSJLCFTMFNFTJJMF§BMñğBODJIB[MBSñOU¼NCBßMBOUñMBSñNVUMBLB

UPQSBLMBONBMñEñS

$JIB[ñOJ§LñTNñOñLVSDBMBNBZñOñ[(FSFLJSTF5FLOJL4FSWJTJNJ[J

§BßñSñOñ[

.XUXOXPGDQ|QFH

#V&/HB[MñDJIB[MBSOPSNVOBH¶SFTñOñGCJSDJIB[EñS

NPCJMZBZBH¶NNFDJIB[

 

$JIB[ñOZBLñOñOEBLJNPCJMZBMBSZBOñDñPMNBZBONBM[FNFEFO

PMNBMñEñS:¼[FZLBQMBNBMBSñWFCVOMBSñCJSCJSJOFZBQñğUñSBOUVULBM

ñTñZBEBZBOñLMñPMNBMñEñS

#VDJIB[CV[EPMBCñ§BNBğñSNBLJOFTJCVMBğñLNBLJOFTJWF

CFO[FSJFğZBMBSñO¼[FSJOFLVSVMBNB[

1JğJSNFUF[HBIñOñCJSGñSñOñO¼[FSJOFLVSNBLJ§JOCVGñSñOZBQBZCJS

IBWBMBOEñSNBZBTBIJQPMNBMñEñS'ñSñOñOCPZVUMBSñOñLVSVMVN

LñMBWV[VOEBOLPOUSPMFEJOJ[

)BWBMBOEñSNBLVSBSLFOLVSVMVNLñMBWV[VEJLLBUFBMñONBMñIFS

[BNBOQJğJSNFUF[HBIñOBFOB[NNEJLFZIJ[BBMñONBMñEñS

0RELO\DQ×QKD]×UODQPDV×üHNLO

ðTUFOFOLVSVMVNğFLMJOFVZHVOPMBSBL§BMñğNBZ¼[FZJOEFHFSFLMJ

CPZVUMBSEBLFTJNZBQñOñ[OPSNBMBWFZBE¼[MFğUJSJMNJğC

%¼[MFğUJSJMNJğLVSVMVNğFLMJJ§JO

■ BMñğNBZ¼[FZJ¼[FSJOEFZBQñMBDBLU¼NLFTJNJğMFNMFSJZFULJMJ

NBßB[BEBHFS§FLMFğUJSJMNFMJEJS

■ ,FTJNMFSUFNJ[WFIBTTBTCJSğFLJMEFZBQñMNBMñEñS[JSBLFTJN

LFOBSMBSñ[FNJO¼[FSJOEFH¶S¼M¼S,FTJNJğMFNMFSJOEFOTPOSB

NPCJMZBMBSñOTBCJUPMEVßVOEBOEBFNJOPMVONBMñEñS

■ :BMOñ[DBñTñZBWFTVZBLBSğñEJSFO§MJ¶SOFßJOEPßBMUBğUBOWFZB

UBLWJZFMJ¶[FM§BMñğNBZ¼[FZMFSJLVMMBOñMNBMñEñS

■ "OLBTUSFNPCJMZBMBS z$ZFLBEBSPMBOTñDBLMñLMBSBEJSFO§MJ

PMNBMñEñS

$JIB[ñOñ[FMFLUSJLMJWFZB§PLMVHB[WFFMFLUSJLJTFWFBMUñOEBGñSñO

CVMVONVZPSTBDJIB[ñOUBCBOñOBNNV[BLPMBDBLğFLJMEF

ZBONB[NBM[FNFEFOZBQñMNñğCJSBZSB§ZFSMFğUJSJOJ[¶SOFßJO

NFUBMZBEBBIğBQLPOUSQMBL#¶ZMFDFBMULñTNBHJSJğFOHFMMFONJğ

PMVS$JIB[ñOñ[HB[MñJTFZJOFBZOñNFTBGFEFCJSBZSB§

ZFSMFğUJSJMNFTJUBWTJZFFEJMJS

"IğBQ§BMñğNBUF[H¢IMBSñOEBLFTJNZ¼[FZJOJOFNEFOLPSVNBL

BNBDñZMB¶[FMCJSDJMBJMFWFSOJLMFZJOJ[

&LKD]×QNXUXOXPX

%LOJL 0DBßñONPOUBKñJ§JOLPSVZVDVFMEJWFOLVMMBOñOñ[

$1RUPDONXUXOXPüHN D

.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[

$JIB[ñNPCJMZBZBCBßMBNBLJ§JO

 ,MJQTMFSJBLTFTVBSTFUJOEFO§ñLBSñOñ[WFSBIBU§BE¶OFCJMNFMFSJOJ

TBßMBZBSBLCFMJSUJMFOQP[JTZPOEBWJEBMBZñOñ[

 1JğJSNFUF[HBIñOñPSUBMBZñOñ[WFDJIB[ñZFSMFğUJSJOJ[

:¼[FZJOU¼N§FWSFTJOJEFTUFLMFZFOFLBEBSLFOBSMBSñOEBO

CBTUñSñOñ[

 ,MJQTMFSJE¶OE¼S¼O¼[WFTñLñDBWJEBMBZñOñ[

,MJQTMFSJOQP[JTZPOV§BMñğNBZ¼[FZJOJOLBMñOMñßñOBCBßMñEñS

%']OHüWLULOPLüNXUXOXPüHN E

 $JIB[ñO§FWSFTJOEFLJLBOBMñOFğJUEBßñMñNMñPMEVßVOEBOFNJO

PMBSBLDJIB[ñOOPSNBMLVSVMVNVOVHFS§FLMFğUJSJOJ[1JğJSNF

UF[HBIñIBGJGCJSğFLJMEF§BMñğNB[FNJOJOJOBMUñOEBLBMNBMñEñS

4FSBNJLPDBLMBSEBHFSFLNFTJIBMJOEFñTñZBWFTVZBEBZBOñLMñ

§ñUBMBSñOZBSEñNñZMBEFTUFLZ¼[FZMFSJZ¼LTFMUJMNFMJEJS

 $JIB[ñO§BMñğNBTñOñWFLPOVNVOVOEPßSVMVßVOVLPOUSPMFEJOJ[

 0DBLJMFQJğJSNFUF[HBIñBSBTñOEBLJCPğMVßVUFSDJIFUUJßJOJ[

SFOLUFVZHVOCJSTJMJLPOZBQñğUñSñDñJMFEPMEVSVOV[

%LOJL &ßFSEPßBMUBğUBOZ¼[FZMFS¼[FSJOEFVZHVOPMNBZBOCJS

TJMJLPOZBQñğUñSñDñLVMMBOñMñSTBEBIBTPOSBHJEFSJMNFTJN¼NL¼O

PMNBZBDBLSFOLE¼[FOTJ[MJLMFSJPSUBZB§ñLBCJMJS6ZHVO

ZBQñğUñSñDñMBSñUFLOJLCBLñNTFSWJTJNJ[EFOFEJOFCJMJSTJOJ[LPE

SFUJDJOJOLVMMBOñNUBMJNBUMBSñOñH¶[¶O¼OEF

CVMVOEVSVOV[

 4JMJLPOZBQñğUñSñDñZñCJSTQBUVMBJMFWFZBTBCVOMBOFNMFOEJSJMNJğ

QBSNBßñOñ[MBCJSLBUNBOPMVğNBEBO¶ODFQ¼S¼[T¼[IBMF

HFUJSJOJ[

 $JIB[ñLVMMBONBEBO¶ODFTJMJLPOZBQñğUñSñDñOñOLVSVNBTñOñ

CFLMFZJOJ[

&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[CBßMBOUñTñLBQBUNBNVTMVßVOBFSJğJMFCJMJOFDFLğFLJMEF

ZBQñMNñğPMNBMñEñS

(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 Tñ[EñSNB[MñL DPOUBTñOñO

UBLñMNBTñHFSFLMJEJS

#V EVSVNEB CV CPSVOVO BOLBTUSF ¼OJUFTJOJO IBSFLFUMJ LñTñNMBSñ JMF

¶SOFßJOCJS§FLNFDFUFNBTFUNFTJOJOWFFOHFMMFOFCJMFDFL

ZFSMFSEFOHF§JğJOJO¶OMFONFTJHFSFLMJEJS

#BßMBOUñMBSñOIJ§CJSJTJOEF GLUVHùLQIDEULNDo×N×üSR]LV\RQXQX

EFßJğUJSNFZJOJ[

4JMJOEJSJLCBßMBOUñZBQñMNBTñHFSFLJSTFGBCSJLBEBNPOUFFEJMFO

EJSTFßJBLTFTVBS§BOUBTñOEBLJZMFEFßJğUJSJOJ[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×ûHNLO 

 ,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CVMVONB[TBQJğJSNFUF[HBIñOñOHFSJLBMBO

LñTNñOBCJSWJEBTJTUFNJJMFCBßMñPMBOZBßTñ§SBNBBQBSBUñOñ

T¶L¼O¼[ñLBSNBLJ§JOBğBßñEBLJZPMVJ[MFZJOJ[

 5¼NCS¼M¶SLBQBLMBSñOññ[HBSBMBSñWFLVNBOEBE¼ßNFMFSJOJ

T¶L¼O¼[

 #S¼M¶SMFSJOWJEBMBSñOñ§ñLBSñOñ[

 :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 4U.Z

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(      આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

 

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

(       આ

JDV PEDU 4QN: P



K JK 4U.Z

* * * * * * * * * **

*  %%%%""$"$

* %  %%%""$"$

* %% %%""$"$

* % %% %""$"$

* % %%% ""$"$

* # #### %$%$

* # ####% $%$

* $ $$$$$$ $$

* # ####%%$ $

** $ $$$$$$$$

Bosch PPQ716M91V/01 User manual

Related papers

Other documents