Bosch HND22AS50(00) Owner's manual

Type
Owner's manual
*5650025416*  

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
× 0RQWHULQJVYHMOHGQLQJ
ì ,QVWUXo}HVGHPRQWDJHP
Û ,QVWUXFFLRQHVGHPRQWDMH
Ù ̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ
ê 0RQWHULQJVYHLOHGQLQJ
ó 0RQWHULQJVDQYLVQLQJ
Ý $VHQQXVRKMH
î Ημπροςιυηώξνλνμρίες
Ö 0RQWiçQtQiYRG
ë ,QVWUXNFMDPRQWDŰX
ô 0RQWDMN×ODYX]X
PLQ
















%
&
PLQ
PLQ
(
'
PLQ

de
Ø
.POUBHFBOMFJUVOH
*HUlWH.RPELQDWLRQ
,PDIGFMEVOE)FSEN¼TTFOWPNHMFJDIFO)FSTUFMMFSVOELPNCJ
OJFSCBSTFJO%JF,PNCJOBUJPOTQVOLUFN¼TTFOHMFJDITFJO
#FBDIUFO4JFEJF.BBOHBCFOJOEFS.POUBHFBOXFJTVOHEFT
,PDIGFMEFT
,MFCUBVGEFN"OTDIMVTTQVOLUG¼SEBT,PDIGFMEFJO"VGLMFCFS
NVTTEJFTFSOBDIEFN"OTDIMVTTEFT,PDIGFMEFTXJFEFSBVGHF
LMFCUXFSEFO
0|EHOYRUEHUHLWHQ%LOG
%JFTFT (FS¤U JTU G¼S FJOF /VU[VOH CJT [V FJOFS )¶IF WPO NBYJNBM
 .FUFSO¼CFSEFN.FFSFTTQJFHFMCFTUJNNU
/VSFJOGBDIHFSFDIUFS&JOCBVOBDIEJFTFS.POUBHFBOXFJTVOH
HBSBOUJFSU FJOFO TJDIFSFO (FCSBVDI#FJ 4DI¤EFO EVSDI GBMTDIFO
&JOCBVIBGUFUEFS.POUFVS
&JOCBVN¶CFMN¼TTFOCJTp$UFNFQFSBUVSCFTU¤OEJHTFJO
BOHSFO[FOEF.¶CFMGSPOUFOCJTp$
%BT(FS¤UOJDIUIJOUFSFJOFS%FLPSCMFOEFFJOCBVFO&TCFTUFIU
(FGBISEVSDICFSIJU[VOH
"MMF"VTTDIOJUUBSCFJUFOBO.¶CFMVOE"SCFJUTQMBUUFWPSEFN&JO
TFU[FOEFS(FS¤UFEVSDIG¼ISFO4Q¤OFFOUGFSOFOEJF'VOLUJPO
WPOFMFLUSJTDIFO#BVUFJMFOLBOOCFFJOUS¤DIUJHUXFSEFO
7PSTJDIUCFJN&JOCBV5FJMFEJFX¤ISFOEEFS.POUBHF[VH¤OH
MJDI TJOE L¶OOFO TDIBSGLBOUJH TFJO ;VS 7FSNFJEVOH WPO 4DIOJUU
WFSMFU[VOHFO4DIVU[IBOETDIVIFUSBHFO
;XJTDIFO(FS¤UVOEBOHSFO[FOEFO.¶CFMGSPOUFOJTUFJO-VGUT
QBMUWPONNFSGPSEFSMJDI
*HUlWXQWHU$UEHLWVSODWWH%LOG
%JF(FS¤UF"OTDIMVTTEPTFNVTTJN#FSFJDIEFSTDISBGGJFSUFO'M¤
DIF %PEFSBVFSIBMCEFT&JOCBVSBVNFTMJFHFO
%FS;XJTDIFOCPEFOEFT6NCBVTDISBOLFTCFO¶UJHUFJOFO-¼G
UVOHTBVTTDIOJUU
/JDIU CFGFTUJHUF .¶CFM NJU FJOFN IBOEFMT¼CMJDIFO 8JOLFM & BO EFS
8BOECFGFTUJHFO
"SCFJUTQMBUUFBVG&JOCBVN¶CFMCFGFTUJHFO
(FNHLQEDX%LOG
%BNJU EJF (FS¤UFU¼S HF¶GGOFU XFSEFO LBOO CFJN &DLFJOCBV .BF
'CFS¼DLTJDIUJHFO%BT.B (JTUBCI¤OHJHWPOEFS%JDLFEFS
.¶CFMGSPOUVOUFSEFN(SJGG
*HUlWDQVFKOLHHQ
/VS FJO LPO[FTTJPOJFSUFS 'BDINBOO EBSG EBT (FS¤U BOTDIMJFFO
&THFMUFOEJF#FTUJNNVOHFOEFTSFHJPOBMFO&MFLUSJ[JU¤UTWFSTPS
HFSTVOEEFT-BOEFT
#FJBMMFO.POUBHFBSCFJUFONVTTEBT(FS¤UTQBOOVOHTMPTTFJO
%BT(FS¤UFOUTQSJDIUEFS4DIVU[LMBTTFVOEEBSGOVSNJU
4DIVU[MFJUFS"OTDIMVTTCFUSJFCFOXFSEFO
/FU[BOTDIMVTTMFJUVOH5ZQ)77'PEFSI¶IFSXFSUJH%JF
HFMCHS¼OF"EFSG¼SEFO4DIVU[MFJUFS"OTDIMVTTNVTTHFS¤UFTFJ
UJH NNM¤OHFSTFJOBMTEJFBOEFSFO"EFSO
*OEFS*OTUBMMBUJPONVTTFJOBMMQPMJHFS5SFOOTDIBMUFSNJUNJOEFT
UFOTNN,POUBLU¶GGOVOHWPSIBOEFOTFJOPEFSET(FS¤UXJSE
¼CFSFJOFO4UFDLFSNJU4DIVU[LPOUBLU4ZTUFNBOHFTDIMPTTFO
%JFTFSNVTTOBDIEFN&JOCBV[VH¤OHMJDITFJO
%FS#FS¼ISVOHTTDIVU[NVTTEVSDIEFO&JOCBVHFX¤ISMFJTUFU
TFJO
1IBTFVOE/FVUSBM࣓/VMM࣓-FJUFSJOEFS"OTDIMVTTEPTFJEFOUJ
GJ[JFSFO#FJ'BMTDIBOTDIMVTTLBOOEBT(FS¤UCFTDI¤EJHUXFS
EFO
/VSOBDI"OTDIMVTTCJMEBOTDIMJFFO4QBOOVOHTJFIF5ZQFO
TDIJME
%BT(FS¤U[VN"OTDIMJFFOWPSEFN.¶CFMBCTUFMMFO%BT
"OTDIMVTTLBCFMNVTTFOUTQSFDIFOEMBOHTFJO
%JF.POUBHFBOMFJUVOHEFT,PDIGFMEFTCFBDIUFO
(LQEDXJHUlWEHIHVWLJHQ%LOG
#FJ#BDLXBHFOHFS¤UFOEFO#BDLXBHFOIFSBVTOFINFO
(FS¤UHBO[FJOTDIJFCFOVOENJUUJHBVTSJDIUFO
"OTDIMVTTLBCFMOJDIULOJDLFO
(FS¤UNJU4DISBVCFOYCFGFTUJHFO
%FS4QBMU[XJTDIFO"SCFJUTQMBUUFVOE(FS¤UEBSGOJDIUEVSDI
[VT¤U[MJDIF-FJTUFOWFSTDIMPTTFOXFSEFO
$XVEDX
(FS¤UTQBOOVOHTMPTNBDIFO#FGFTUJHVOHTTDISBVCFOM¶TFO
(FS¤UMFJDIUBOIFCFOVOEHBO[IFSBVT[JFIFO%FO,PDIGFME
"OTDIMVTTBCTUFDLFOTJFIF.POUBHFBOMFJUVOHEFT,PDIGFMEFT
en
Ú
*OTUBMMBUJPOJOTUSVDUJPOT
&RPELQDWLRQDSSOLDQFHV
5IFIPCBOEPWFONVTUCFNBEFCZUIFTBNFNBOVGBDUVSFSBOE
CFEFTJHOFEUPXPSLJODPNCJOBUJPO5IFDPNCJOBUJPOGFBUVSFT
NVTUCFUIFTBNF
0CTFSWFUIFEJNFOTJPOTJOUIFIPCJOTUBMMBUJPOJOTUSVDUJPOT
*GUIFSFJTBTUJDLFSBGGJYFEUPUIFDPOOFDUJPOQPJOUGPSUIFIPCUIJT
NVTUCFSFBGGJYFEPODFUIFIPCIBTCFFODPOOFDUFE
3UHSDULQJWKHXQLWV)LJXUH
5IJTBQQMJBODFJTJOUFOEFEGPSVTFVQUPBNBYJNVNIFJHIUPG
 NFUSFTBCPWFTFBMFWFM
5IF TBGF PQFSBUJPO PG UIJT BQQMJBODF DBO POMZ CF HVBSBOUFFE JG JU
IBT CFFO JOTUBMMFE UP B QSPGFTTJPOBM TUBOEBSE JO BDDPSEBODF XJUI
UIFTFJOTUBMMBUJPOJOTUSVDUJPOT5IFJOTUBMMFSJTMJBCMFGPSEBNBHF
JODVSSFEBTBSFTVMUPGJODPSSFDUJOTUBMMBUJPO
'JUUFEVOJUTNVTUCFIFBUSFTJTUBOUVQUPp$BOE
OFJHICPVSJOHVOJUGSPOUTVQUPp$
%POPUJOTUBMMUIFBQQMJBODFCFIJOEBEFDPSBUJWFQBOFM5IFSFJT
BSJTLPGPWFSIFBUJOH
$BSSZ PVU BMM DVUPVU XPSL PO UIF LJUDIFO VOJU BOE XPSLUPQ CFGPSF
GJUUJOHUIFBQQMJBODFT3FNPWFBOZTIBWJOHTPSUIFGVODUJPOPG
UIFFMFDUSJDBMDPNQPOFOUTNBZCFJNQBJSFE
$BVUJPOEVSJOHJOTUBMMBUJPO1BSUTUIBUBSFBDDFTTJCMFEVSJOH
JOTUBMMBUJPONBZIBWFTIBSQFEHFT8FBSQSPUFDUJWFHMPWFTUP
QSFWFOUDVUT
5IFSFNVTUCFBOBJSHBQPGNNCFUXFFOUIFBQQMJBODFBOE
BEKBDFOUDBCJOFUT
2YHQXQGHUWKHZRUNVXUIDFH )LJ
5IFQPXFSTPDLFUGPSUIFBQQMJBODFNVTUFJUIFSCFMPDBUFEJOUIF
IBUDIFEBSFB %PSFMTFBXBZGSPNUIFJOTUBMMBUJPOTQBDF
5IFSFNVTUCFBWFOUJMBUJPODVUPVUNBEFJOUIFJOUFSNFEJBUFGMPPS
PGUIFTVSSPVOEVOJU
4FDVSFGSFFTUBOEJOHVOJUTUPUIFXBMMVTJOHBTUBOEBSECSBDLFU &
4FDVSFUIFXPSLUPQUPUIFGJUUFEVOJUT
&RUQHULQVWDOODWLRQă)LJ
5PFOTVSFUIBUUIFBQQMJBODFEPPSDBOCFPQFOFEJOUIFDBTFPG
DPSOFSJOTUBMMBUJPOUBLFBDDPVOUPGEJNFOTJPO '%JNFOTJPO (JT
EFQFOEFOUPOUIFUIJDLOFTTPGUIFVOJUGSPOUVOEFSUIFIBOEMF
&RQQHFWLQJWKHDSSOLDQFH
5IFBQQMJBODFNVTUPOMZCFDPOOFDUFECZBMJDFOTFE
QSPGFTTJPOBM /BUJPOBM SFHVMBUJPOT BQQMZ BT XFMM BT UIPTF PG ZPVS
FMFDUSJDJUZTVQQMJFS
5IFBQQMJBODFNVTUCFEJTDPOOFDUFEGSPNUIFQPXFSTVQQMZ
XIFOFWFSJOTUBMMBUJPOXPSLJTCFJOHDBSSJFEPVU
5IFBQQMJBODFDPSSFTQPOETUPQSPUFDUJPODMBTTBOENVTUPOMZ
CFPQFSBUFEXJUIBQSPUFDUJWFFBSUIDPOOFDUJPO
1PXFS DPSE 5ZQF ) 77' PS B IJHIFS SBUJOH 5IF ZFMMPXHSFFO
XJSF GPS UIF 1& DPOOFDUJPO NVTU CF  NN MPOHFS UIBO UIF PUIFS
XJSFTGPSUIFBQQMJBODF
5IFJOTUBMMBUJPONVTUIBWFBOBMMQPMFJTPMBUJOHTXJUDIXJUIB
DPOUBDUHBQPGBUMFBTUNNPSUIFBQQMJBODFNVTUCF
DPOOFDUFEWJBBUISFFQJOFBSUIFEQMVH5IJTNVTUCFBDDFTTJCMF
BGUFSJOTUBMMBUJPO
8IFOUIFBQQMJBODFJTJOTUBMMFEQSPUFDUJPONVTUCFQSPWJEFE
BHBJOTUBDDJEFOUBMDPOUBDUJOUIFGVUVSF
*EFOUJGZUIFQIBTFBOEOFVUSBM[FSPDPOEVDUPSTJOUIFNBJOT
TPDLFU5IFBQQMJBODFNBZCFEBNBHFEJGJUJTOPUDPOOFDUFE
DPSSFDUMZ
0OMZDPOOFDUUIFBQQMJBODFJOBDDPSEBODFXJUIUIFDPOOFDUJPO
EJBHSBN4FFUIFSBUJOHQMBUFGPSUIFWPMUBHF
1PTJUJPOUIFBQQMJBODFJOGSPOUPGUIFLJUDIFOVOJUTJOSFBEJOFTT
GPSDPOOFDUJPO5IFDPOOFDUJOHDBCMFNVTUCFTVGGJDJFOUMZMPOH
1SPDFFEJOBDDPSEBODFXJUIUIFJOTUBMMBUJPOJOTUSVDUJPOTGPSUIF
IPC
6HFXULQJWKHDSSOLDQFHă)LJ
'VMMZJOTFSUUIFBQQMJBODFBOEDFOUSFJU
4DSFXUIFBQQMJBODFJOUPQMBDF
5IFHBQCFUXFFOUIFXPSLUPQBOEUIFBQQMJBODFNVTUOPUCF
DMPTFECZBEEJUJPOBMCBUUFOT

5HPRYDO
%JTDPOOFDUUIFBQQMJBODFGSPNUIFQPXFSTVQQMZ6OEPUIF
TFDVSJOHTDSFXT3BJTFUIFBQQMJBODFTMJHIUMZBOEQVMMJUPVU
DPNQMFUFMZ%JTDPOOFDUUIFIPCDPOOFDUJPOTFFIPCJOTUBMMBUJPO
NBOVBM
fr
Þ
/PUJDFEFNPOUBHF
&RPELQDLVRQGHVDSSDUHLOV
-B UBCMF EF DVJTTPO FU MB DVJTJOJ¨SF EPJWFOU ªUSF EV NªNF GBCSJDBOU
FUªUSFDPNCJOBCMFT-FTQPJOUTEFDPNCJOBJTPOEPJWFOUªUSF
JEFOUJRVFT
3FTQFDUF[ MFT EJNFOTJPOT JOEJRV©FT EBOT MB OPUJDF EF NPOUBHF EF
MBUBCMFEFDVJTTPO
4J VO BVUPDPMMBOU FTU BQQMJRV© TVS MF QPJOU EF SBDDPSEFNFOU QPVS MB
UBCMFEFDVJTTPOMBVUPDPMMBOUEPJUªUSFSFGJY©BQS¨TMF
SBDDPSEFNFOUEFMBUBCMFEFDVJTTPO
3UpSDUDWLRQGXPHXEOHILJ
$FUBQQBSFJMFTUDPO§VQPVSVOFVUJMJTBUJPOKVTRVVOFBMUJUVEF
NBYJNBMFEF  N
4FVMFVOFJOTUBMMBUJPOFGGFDUV©FTFMPODFUUFOPUJDFEFNPOUBHF
HBSBOUJUVOFVUJMJTBUJPOFOUPVUFT©DVSJU©&ODBTEFEPNNBHFT
S©TVMUBOUEVOFJOTUBMMBUJPOJODPSSFDUFMJOTUBMMBUFVSFTU
SFTQPOTBCMF
-FTNFVCMFTEFODBTUSFNFOUEPJWFOUS©TJTUFSEFT
UFNQ©SBUVSFTBMMBOUKVTRVp$MFTGB§BEFTEFTNFVCMFT
BUUFOBOUTEFTUFNQ©SBUVSFTBMMBOUKVTRVp$
/JOTUBMMF[ QBT MBQQBSFJM EFSSJ¨SF VOF QMBRVF E©DPSBUJWF *M FYJTUF
VOSJTRVFEFTVSDIBVGGF
&GGFDUVF[UPVTMFTUSBWBVYEFE©DPVQFTVSMFNFVCMFFUTVSMF
QMBOEFUSBWBJMBWBOUEFODBTUSFSMFTBQQBSFJMT3FUJSF[MFT
DPQFBVYTVTDFQUJCMFTEFHªOFSMFGPODUJPOOFNFOUEFT
DPNQPTBOUT©MFDUSJRVFT
"UUFOUJPOMPSTEFMFODBTUSFNFOU $FSUBJOFTQJ¨DFTBDDFTTJCMFT
MPSTEVNPOUBHFQFVWFOUQPTT©EFSEFTBSªUFTDPVQBOUFT
1PSUF[EFTHBOUTEFQSPUFDUJPOQPVS©WJUFSEFTDPVQVSFT
6OFGFOUFEB©SBUJPOEF NNFTUO©DFTTBJSFFOUSFMBQQBSFJMFU
MBGB§BEFEFTNFVCMFTWPJTJOT
/DSSDUHLOVRXVOHSODQGHWUDYDLOILJ
-BQSJTFEFSBDDPSEFNFOUEFMBQQBSFJMEPJUTFTJUVFSEBOTMB[POF
EFMBTVSGBDF %PVMFYU©SJFVSEFMB[POFEFODBTUSFNFOU
-FGBVYQMBODIFSEFMBOJDIFO©DFTTJUFVOFE©DPVQFQPVS
MB©SBUJPO
-FTNFVCMFTOPOGJY©TEPJWFOUªUSFWJTT©TBVNVSBWFDVOF
©RVFSSFVTVFMMFEVDPNNFSDF &
'JYFSMFQMBOEFUSBWBJMTVSMFNFVCMFEFODBTUSFNFOU
(QFDVWUHPHQWDQJXODLUHăILJ
"GJOEFQPVWPJSPVWSJSMBQPSUFEFMBQQBSFJMSFTQFDUFSMFTDPUFT '
FODBTEFODBTUSFNFOUBOHVMBJSF-BDPUF (FTUGPODUJPOEF
M©QBJTTFVSEFMBGB§BEFEVNFVCMFTPVTMBQPJHO©F
5DFFRUGHUODSSDUHLO
4FVMVOTQ©DJBMJTUFBHS©©FTUIBCJMJU©SBDDPSEFSMBQQBSFJM-FT
QSFTDSJQUJPOTEVGPVSOJTTFVSS©HJPOBME©MFDUSJDJU©FUDFMMFTFO
WJHVFVSEBOTMFQBZTTPOUBQQMJDBCMFT
1PVSUPVTMFTUSBWBVYEFNPOUBHFMBQQBSFJMEPJUªUSFIPST
UFOTJPO
-BQQBSFJM S©QPOE MB DMBTTF EF QSPUFDUJPO FU EPJU VOJRVFNFOU
ªUSFVUJMJT©BWFDVOFQSJTFDPOEVDUFVSEFQSPUFDUJPO
$¢CMFEFSBDDPSEFNFOUTFDUFVS UZQF)77'PVTVQ©SJFVS
$´U©BQQBSFJMMFGJMKBVOFWFSUQPVSMBQSJTFDPOEVDUFVSEF
QSPUFDUJPOEPJUªUSF NNQMVTMPOHRVFMFTBVUSFTGJMT
-JOTUBMMBUJPOEPJUDPNQSFOESFVOTFDUJPOOFVSPNOJQPMBJSFBWFD
VOJOUFSTUJDFEPVWFSUVSFEFDPOUBDUEBVNPJOTNNPV
MBQQBSFJM EPJU ªUSF SBDDPSE© QBS VOF GJDIF EPU©F EVO TZTU¨NF EF
T©DVSJU©$FMVJDJEPJUªUSFBDDFTTJCMFBQS¨TMFNPOUBHF
-BQSPUFDUJPODPOUSFMFTDPOUBDUTBDDJEFOUFMTEPJUªUSFHBSBOUJF
QBSMFNPOUBHF
*EFOUJGJFS MF DPOEVDUFVS EF QIBTF FU MF DPOEVDUFVS OFVUSF EBOT MB
QSJTFEFSBDDPSEFNFOU-BQQBSFJMSJTRVFEªUSFFOEPNNBH©FO
DBTEFSSFVSEFCSBODIFNFOU
3BDDPSEFSVOJRVFNFOUTFMPOMFTDI©NBEFSBDDPSEFNFOU1PVS
MBUFOTJPOWPJSMBQMBRVFTJHOBM©UJRVF
1PVS SBDDPSEFS MBQQBSFJM MF E©QPTFS EFWBOU MF NFVCMF -F D¢CMF
EFSBDDPSEFNFOUEPJUªUSFTVGGJTBNNFOUMPOH
3FTQFDUFSMBOPUJDFEFNPOUBHFEFMBUBCMFEFDVJTTPO
)L[HUODSSDUHLOăILJ
1PVTTFSMBQQBSFJMKVTRVBVGPOEFUMFDFOUSFS
7JTTFSMBQQBSFJM
-©DBSUFOUSFMFQMBOEFUSBWBJMFUMBQQBSFJMOFEPJUQBTªUSF
PCUVS©QBSEFTCBHVFUUFTTVQQM©NFOUBJSFT
'pSRVH
.FUUSFMBQQBSFJMIPSTUFOTJPO%FTTFSSFSMFTWJTEFGJYBUJPO
4PVMFWFSM©H¨SFNFOUMBQQBSFJMFUMFSFUJSFSDPNQM¨UFNFOU
%©DPOOFDUFS MF SBDDPSEFNFOU EF MB UBCMF EF DVJTTPO WPJS MB OPUJDF
EFNPOUBHFEFMBUBCMFEFDVJTTPO
it
â
*TUSV[JPOJQFSJMNPOUBHHJP
&RPELQD]LRQHGLSLDSSDUHFFKL
*MQJBOPEJDPUUVSBFMBDVDJOBEFWPOPFTTFSFDPNCJOBCJMJFEFMMP
TUFTTPQSPEVUUPSF*QVOUJEJDPNCJOB[JPOFEFWPOPFTTFSFVHVBMJ
3JTQFUUBSFMFNJTVSFSJQPSUBUFOFMMFJTUSV[JPOJEJNPOUBHHJPEFM
QJBOPEJDPUUVSB
4FOFMQVOUPEJDPMMFHBNFOUPQFSJMQJBOPEJDPUUVSB¨QSFTFOUF
VOFUJDIFUUBBEFTJWBRVFTUVMUJNBEFWFFTTFSFSJBQQMJDBUBEPQP
MBMMBDDJBNFOUPEFMQJBOPEJDPUUVSB
3UHSDUD]LRQHGHOPRELOHILJXUD
2VFTUPBQQBSFDDIJP¨QSPHFUUBUPTPMPQFSMVUJMJ[[PGJOPBE
VOBMUF[[BEJNBTTJNPNFUSJTVMMJWFMMPEFMNBSF
-VUJMJ[[PTJDVSPWJFOFHBSBOUJUPTPMPTFJMNPOUBHHJP¨TUBUP
FGGFUUVBUP JO NPEP DPSSFUUP TFDPOEP MF QSFTFOUJ JTUSV[JPOJ *O DBTP
EJ EBOOJ EPWVUJ B VO NPOUBHHJP TDPSSFUUP MB SFTQPOTBCJMJU SJDBEF
TVDIJIBNPOUBUPMBQQBSFDDIJP
*NPCJMJEBJODBTTPEFWPOPFTTFSFUFSNPTUBCJMJGJOPBVOB
UFNQFSBUVSBQBSJBp$FJNPCJMJDPOUJHVJGJOPBp$
/PONPOUBSFMBQQBSFDDIJPEJFUSPBVOQBOOFMMPEFDPSBUJWP
4VTTJTUFJMQFSJDPMPEJTVSSJTDBMEBNFOUP
$PNQMFUBSFUVUUJJMBWPSJEJUBHMJPTVJNPCJMJFJMQJBOPEJMBWPSP
QSJNBEFMMJOTFSJNFOUPEFHMJBQQBSFDDIJ3JNVPWFSFJUSVDJPMJJO
RVBOUPQPTTPOPQSFHJVEJDBSFJMGVO[JPOBNFOUPEFJDPNQPOFOUJ
FMFUUSJDJ
1SFTUBSFBUUFO[JPOFEVSBOUFJMNPOUBHHJP1BSUJDIFSFTUBOP
TDPQFSUFEVSBOUFJMNPOUBHHJPQPTTPOPFTTFSFBQQVOUJUF
*OEPTTBSFHVBOUJQSPUFUUJWJQFSFWJUBSFEJQSPDVSBSTJGFSJUFEB
UBHMJP
5SB MBQQBSFDDIJP F J GSPOUBMJ EFJ NPCJMJ DPOUJHVJ EFWF FTTFSDJ VOP
TQB[JPMJCFSPEJNN
$SSDUHFFKLRVRWWRODSLDVWUDGLODYRUR)LJXUD
-B QSFTB EJ DPMMFHBNFOUP EFMMBQQBSFDDIJP EFWF USPWBSTJ BMMJOUFSOP
EFMMBSFBUSBUUFHHJBUB %PBMMFTUFSOPEFMMBSFBEJJODBTTP
*MEPQQJPGPOEPEFMNPCJMFOFDFTTJUBEJGFTTVSBEJWFOUJMB[JPOF
'JTTBSFJMNPCJMFBMMBQBSFUFDPOVOBOHPMBSF &EJTQPOJCJMFJO
DPNNFSDJP
'JTTBSFMBQJBTUSBEJMBWPSPBMNPCJMFEBJODBTTP
0RQWDJJLRDQJRODUHă)LJXUD
1FS QFSNFUUFSF MBQFSUVSB EFMMB QPSUB UFOFSF DPOUP EFMMB NJTVSB EFM
NPOUBHHJPBOHPMBSF '-BNJTVSB (EJQFOEFEBMMPTQFTTPSFEFM
GSPOUBMFEFMNPCJMFTPUUPMBNBOJHMJB
&ROOHJDUHODSSDUHFFKLR
-BMMBDDJBNFOUPEFMMBQQBSFDDIJPQV²FTTFSFFGGFUUVBUPTPMPEB
VOUFDOJDPBVUPSJ[[BUP"UUFOFSTJBMMFEJTQPTJ[JPOJEFMMB[JFOEB
FSPHBUSJDFEFMMFOFSHJBFMFUUSJDBBMJWFMMPSFHJPOBMFFOB[JPOBMF
%VSBOUFUVUUFMFPQFSB[JPOJEJNPOUBHHJPMBQQBSFDDIJPEFWF
FTTFSFTFO[BUFOTJPOF
-BQQBSFDDIJPBQQBSUJFOFBMMBDMBTTFEJQSPUF[JPOFFE¨JO
HSBEPEJGVO[JPOBSFTPMPTFEPUBUPEJVODPOEVUUPSFEJUFSSB
$BWPEJDPMMFHBNFOUPBMMBSFUFFMFUUSJDBNPEFMMP)77'P
TVQFSJPSF *M GJMP HJBMMPWFSEF QFS JM DPMMFHBNFOUP EFM DPOEVUUPSF EJ
UFSSBEBMMBUPEFMMBQQBSFDDIJPEFWFFTTFSFNNQJ¹MVOHP
EFHMJBMUSJ
-JNQJBOUPEFWFFTTFSFQSPWWJTUPEJVOTF[JPOBUPSFVOJWFSTBMF
DPOVOBQFSUVSBEJDPOUBUUPQBSJBEBMNFOPNNPQQVSF
PDDPSSF DPMMFHBSF MBQQBSFDDIJP B VOB TQJOB EPUBUB EJ TJTUFNB EJ
DPOUBUUPEJQSPUF[JPOF'BSFJONPEPDIFVOBWPMUBUFSNJOBUPJM
NPOUBHHJPRVFTUBTJBBDDFTTJCJMF
-BQSPUF[JPOFEBDPOUBUUPEFWFFTTFSFHBSBOUJUBUSBNJUFJM
NPOUBHHJP
/FMMFMFNFOUPGFNNJOBJOEJWJEVBSFVODPOEVUUPSFEJGBTFFVOP
OFVUSP ࣓[FSPࣔ 6O BMMBDDJBNFOUP TDPSSFUUP EFMMBQQBSFDDIJP QV²
DPNQPSUBSOFJMEBOOFHHJBNFOUP

"UUFOFSTJTFNQSFBMMPTDIFNBEJDPMMFHBNFOUP1FSMBUFOTJPOF
WFEFSFMBUBSHIFUUBEJJEFOUJGJDB[JPOF
1PTJ[JPOBSFMBQQBSFDDIJPEBWBOUJBMNPCJMFQFSQSPDFEFSF
BMMBMMBDDJBNFOUP*MDBWPEJBMMBDDJBNFOUPEFWFBWFSFVOB
MVOHIF[[BBQQSPQSJBUB
3JTQFUUBSFMFJTUSV[JPOJQFSJMNPOUBHHJPEFMQJBOPEJDPUUVSB
)LVVDJJLRGHOODSSDUHFFKLR)LJXUD
*OTFSJSFMBQQBSFDDIJPGJOPJOGPOEPFDFOUSBSMP
'JTTBSFMBQQBSFDDIJPDPOMFWJUJ
/PODIJVEFSFMPTQB[JPUSBJMQJBOPEJMBWPSPFMBQQBSFDDIJPDPO
VMUFSJPSJMJTUFMMJ
6PRQWDJJLR
4DPMMFHBSFMBQQBSFDDIJP4WJUBSFMFWJUJEJGJTTBHHJP4PMMFWBSF
MFHHFSNFOUF MBQQBSFDDIJP FE FTUSBSMP DPNQMFUBNFOUF 5SBDDJBSF JM
DPMMFHBNFOUP EFM QJBOP EJ DPUUVSB WFEFSF MF JTUSV[JPOJ EJ NPOUBHHJP
EFMQJBOPEJDPUUVSB
nl
é
,QVWDOODWLHYRRUVFKULIW
&RPELQDWLHYDQDSSDUDWXXU
%FLPPLQMBBUFOIFUGPSOVJTEJFOFOWBOEF[FGMEFGBCSJLBOUFO
DPNCJOFFSCBBSUF[JKO%FDPNCJOBUJFQVOUFONPFUFOHFMJKL[JKO
/FFNEFNFFUHFHFWFOTJOIFUJOTUBMMBUJFWPPSTDISJGUWPPSEF
LPPLQMBBUJOBDIU
8BOOFFSFSFFOFUJLFUPQIFUBBOTMVJUQVOUWPPSEFLPPLQMBBU[JU
EJFOUEJUOBEFBBOTMVJUJOHWBOEFLPPLQMBBUPQOJFVXUFXPSEFO
BBOHFCSBDIU
0HXEHOYRRUEHUHLGHQ$IEHHOGLQJ
%JUBQQBSBBUJTCFTUFNEWPPSHFCSVJLUPUPQFFOIPPHUFWBO
NBYJNBBM NFUFSCPWFO[FFOJWFBV
"MMFFOFFOWBLLVOEJHFJOCPVXWPMHFOTEJUJOTUBMMBUJFWPPSTDISJGU
HBSBOEFFSUFFOWFJMJHHFCSVJL#JKTDIBEFEPPSFFOWFSLFFSEF
JOCPVXJTEFNPOUFVSBBOTQSBLFMJKL
*OCPVXNFVCFMTEJFOFOCFTUBOEUF[JKOUFHFOFFOUFNQFSBUVVS
WBOp$BBOHSFO[FOEFWPPS[JKEFOWBONFVCFMTUFHFOFFO
UFNQFSBUVVSWBOp$
)FUBQQBSBBUOJFUBDIUFSFFOEFDPSQMBBUJOCPVXFO&SCFTUBBU
HFWBBSWBOPWFSWFSIJUUJOH
"MMFVJUTOJKEJOHTXFSL[BBNIFEFOBBOIFUNFVCFMFOIFU
XFSLCMBEVJUWPFSFOWPPSEBUEFBQQBSBUFOXPSEFO
JOHFCSBDIU4QBOFO WFSXJKEFSFO EF[F LVOOFO JOWMPFE IFCCFO PQ
EFXFSLJOHWBOFMFLUSJTDIFDPNQPOFOUFO
7PPS[JDIUJH CJK IFU JOCPVXFO 0OEFSEFMFO EJF UJKEFOT EF NPOUBHF
UPFHBOLFMJKL[JKOLVOOFOTDIFSQFSBOEFOIFCCFO%SBBH
XFSLIBOETDIPFOFOUFSWPPSLPNJOHWBOTOJKXPOEFO
5VTTFOIFUBQQBSBBUFOEFBBOHSFO[FOEFWPPS[JKEFOWBO
NFVCFMTEJFOUFFOMVDIUTQMFFUWBONJOTUFOTNNBBOXF[JHUF
[JKO
$SSDUDDWRQGHUZHUNEODG$IEHHOGLQJ
)FUBBOTMVJUTUPQDPOUBDUWBOIFUBQQBSBBUEJFOU[JDIJOIFUHFCJFE
WBOIFUHFBSDFFSEFWMBL %PGCVJUFOEFJOCPVXSVJNUFUFCFWJOEFO
7PPSIFUUVTTFOTDIPUWBOEFPNCPVXLBTUJTFFOWFOUJMBUJF
VJUTOJKEJOHOPEJH
/JFUCFWFTUJHEFNFVCFMFONFUFFOHFCSVJLFMJKLFJOEFIBOEFM
WFSLSJKHCBSFIBBL &BBOEFXBOECFWFTUJHFO
)FUXFSLCMBECFWFTUJHFOPQIFUJOCPVXNFVCFM
+RHNLQERXZă$IEHHOGLQJ
0NFSWPPSUF[PSHFOEBUEFEFVSWBOIFUBQQBSBBULBOXPSEFO
HFPQFOEEJFOUV[JDICJKEFIPFLJOCPVXUFIPVEFOBBOEF
BGNFUJOHFO '%FNBBU (JTBGIBOLFMJKLWBOEFEJLUFWBOIFU
NFVCFMGSPOUPOEFSEFHSFFQ
$SSDUDDWDDQVOXLWHQ
"MMFFOFFOEBBSUPFCFWPFHEWBLNBONBHIFUBQQBSBBU
BBOTMVJUFO%FCFQBMJOHFOWBOIFUFMFLUSJDJUFJUTCFESJKGFOIFU
CFUSFGGFOEFMBOE[JKOWBOUPFQBTTJOH
#JKBMMFNPOUBHFXFSL[BBNIFEFOEJFOUIFUBQQBSBBU
TQBOOJOHTMPPTUF[JKO
)FUBQQBSBBUWPMEPFUBBOCFWFJMJHJOHTLMBTTFFONBHBMMFFO
NFUFFOHFBBSEFBBOTMVJUJOHXPSEFOHFCSVJLU
)PPGEMFJEJOHOFUBBOTMVJUJOHUZQF)77'PGIPPHXBBSEJHFS
%F HFFMHSPFOF BEFS WPPS EF BBOTMVJUJOH WBO EF HFBBSEF MFJEJOH
NPFUCJKIFUBQQBSBBU NNMBOHFS[JKOEBOEFBOEFSFBEFST
*OEFJOTUBMMBUJFEJFOUFFOBMQPMJHFTDIBLFMBBSNFUFFO
DPOUBDUPQFOJOHWBONJOTUFOTNNBBOXF[JHUF[JKOPGIFU
BQQBSBBUNPFUWJBFFOHFBBSEFTUFLLFSXPSEFO
BBOHFTMPUFO%F[FEJFOUOBEFJOCPVXUPFHBOLFMJKLUF[JKO
%FCFTDIFSNJOHUFHFOBBOSBLJOHEJFOUEPPSEFJOCPVXUF[JKO
HFXBBSCPSHE
'BTFFOOFVUSBBMOVMMFJEFSJOIFUTUPQDPOUBDUJEFOUJGJDFSFO
#JKFFOWFSLFFSEFBBOTMVJUJOHLBOIFUBQQBSBBUCFTDIBEJHE
SBLFO
"MMFFOBBOTMVJUFOWPMHFOTIFUBBOTMVJUTDIFNB;JFWPPSEF
TQBOOJOHIFUUZQFQMBBUKF
)FUBBOUFTMVJUFOBQQBSBBUWPPSIFUNFVCFMQMBBUTFO%F
BBOTMVJULBCFMEJFOUWPMEPFOEFMBOHUF[JKO
)PVEVBBOIFUJOTUBMMBUJFWPPSTDISJGUWPPSEFLPPLQMBBU
$SSDUDDWEHYHVWLJHQă$IEHHOGLQJ
)FUBQQBSBBUWPMMFEJHJOTDIVJWFOFODFOUSJTDIVJUSJDIUFO
"QQBSBBUWBTUTDISPFWFO
%FTQMFFUUVTTFOXFSLCMBEFOBQQBSBBUNBHOJFUEPPSFYUSB
MJKTUFOXPSEFOBGHFTMPUFO
'HPRQWDJH
.BBLIFUBQQBSBBUTQBOOJOHTMPPT#FWFTUJHJOHTTDISPFWFO
MPTESBBJFO)FUBQQBSBBUMJDIUPQUJMMFOFOIFMFNBBMOBBSCVJUFO
USFLLFO%FBBOTMVJUJOHWBOEFLPPLQMBBUMPTNBLFO[JFIFU
JOTUBMMBUJFWPPSTDISJGUWPPSEFLPPLQMBBU
da
×
.POUFSJOHTWFKMFEOJOH
.RPELQDWLRQDIDSSDUDWHU
,PHFTFLUJPO PH LPNGVS TLBM W¦SF MFWFSFU GSB TBNNF QSPEVDFOU PH
TLBMLVOOFLPNCJOFSFT,PNCJOBUJPOTQVOLUFSOFTLBMW¦SFFOT
0WFSIPMEEFBOHJWOFN¥MJLPHFTFLUJPOFOTNPOUFSJOHTWFKMFEOJOH
)WJT EFS FS LM¦CFU FO N¦SLBU LPHFTFLUJPOFOT UJMTMVUOJOHTQVOLU
TLBMEFOOFN¦SLBULM¦CFTQ¥LPHFTFLUJPOFOJHFOFGUFS
UJMTMVUOJOHFO
)RUEHUHGHOVHDIN¡NNHQVNDEILJXU
%FUUFBQQBSBUFSCFSFHOFUUJMCSVHPQUJMFOI¸KEFQ¥NBLTJNBMU
NFUFSPWFSIBWFUTPWFSGMBEF
%FSLBOLVOHBSBOUFSFTGPSTJLLFSIFEFOWFECSVHFOBG
BQQBSBUFUIWJTJOECZHOJOHFOGPSFUBHFTJIFOIPMEUJMEFOOF
NPOUFSJOHTBOWJTOJOH.POU¸SFOFSBOTWBSMJHGPSTLBEFSTPN
TLZMEFTVLPSSFLUJOECZHOJOH
*OECZHOJOHTTLBCF TLBM W¦SF UFNQFSBUVSCFTUBOEJHF PQ UJM  p$
GSPOUFSQ¥UJMTU¸EFOEFTLBCFPQUJMp$
"QQBSBUFU JLLF JOECZHHFT CBH FU EFLPSBUJPOTQBOFM'BSF TPN
G¸MHFBGPWFSPQIFEOJOH
"MMFVETL¦SJOHFSJL¸LLFOTLBCFPHCPSEQMBEFSTLBMVEG¸SFT
JOEFOBQQBSBUFSOFT¦UUFTQ¥QMBET'KFSOTQ¥OFSEFSLBO
GPSSJOHFFMFLUSJTLFLPNQPOFOUFSTGVOLUJPO
7¦SGPSTJHUJHVOEFSJOECZHOJOHFO%FSLBOW¦SFEFMFNFE
TLBSQFLBOUFSTPNFSUJMH¦OHFMJHFVOEFSNPOUBHFO#SVH
CFTLZUUFMTFTIBOETLFSGPSBUVOEH¥TOJUT¥S
%FSTLBMW¦SFFOMVGUTQBMUFQ¥NNNFMMFNBQQBSBUFUPH
GSPOUFOQ¥EFUJMTU¸EFOEFL¸LLFOTLBCF
$SSDUDWXQGHUERUGSODGHILJXU
"QQBSBUFUTTUJLE¥TFTLBMW¦SFQMBDFSFUJOEFOGPSEFOTLSBWFSFEF
GMBEF %FMMFSTLBMW¦SFQMBDFSFUVEFOGPSNPOUBHFSVNNFU
%FSTLBMW¦SFFOWFOUJMBUJPOT¥COJOHJL¸LLFOFMFNFOUFUT
NFMMFNCVOE
&MFNFOUFS EFS JLLF FS GBTUHKPSU TLBM CFG¦TUJHFT UJM W¦HHFO NFE FU
BMNJOEFMJHUWJOLFMCFTMBH &
#PSEQMBEFOTLBMGBTUH¸SFTQ¥L¸LLFOFMFNFOUFSOF
+M¡UQHLQGE\JQLQJILJXU
'PS BU BQQBSBUFUT E¸S TLBM LVOOF ¥COFT TLBM N¥MFOF ' PWFSIPMEFT
WFEIK¸SOFNPOUBHF.¥MFU (BGI¦OHFSBGN¸CFMGSPOUFOTUZLLFMTF
PHI¥OEHSFCFU
7LOVOXWQLQJDIDSSDUDW
"QQBSBUFUN¥LVOUJMTMVUUFTBGFOBVUPSJTFSFUGBHNBOE
'PSTLSJGUFSOFGSBEFUMPLBMFFMGPSTZOJOHTTFMTLBCTBNUEF
OBUJPOBMFGPSTLSJGUFSTLBMPWFSIPMEFT
"QQBSBUFU TLBM W¦SF VEFO FMFLUSJTL TQ¦OEJOH WFE BMMF GPSNFS GPS
NPOUBHFBSCFKEF
"QQBSBUFUFSLMBTTJGJDFSFUJCFTLZUUFMTFTLMBTTFPHN¥LVO
BOWFOEFTNFEFOTJLLFSIFETKPSEGPSCJOEFMTF
/FUUJMTMVUOJOHTMFEOJOH5ZQF)77'FMMFSI¸KFSF%FOHVM
HS¸OOFMFEOJOHUJMKPSEGPSCJOEFMTFOQ¥BQQBSBUFUTLBMW¦SF
NNM¦OHFSFFOEEFBOESFMFEOJOHFS
%FSTLBMW¦SFFOBMQPMFUTLJMMFBGCSZEFSNFENJOETUNN
LPOUBLUBGTUBOEJJOTUBMMBUJPOFOFMMFSBQQBSBUFUTLBMUJMTMVUUFTWJB

FU TUJL NFE TJLLFSIFETBGCSZEFSTZTUFN%FOOF LPOUBLU TLBM W¦SF
UJMH¦OHFMJHFGUFSJOECZHOJOHFO
*OECZHOJOHFOTLBMZEFCFS¸SJOHTCFTLZUUFMTF
*EFOUJGJDFSGBTFPHOVMMFEFSJUJMTMVUOJOHTTUJLLPOUBLUFO)WJT
BQQBSBUFUUJMTMVUUFTGPSLFSULBOEFUCMJWFCFTLBEJHFU
LVO UJMTMVUUFT JIU UJMTMVUOJOHTEJBHSBNNFU 7FES TQ¦OEJOH TF
UZQFTLJMU
1MBDFSBQQBSBUFUGPSBOL¸LLFOFMFNFOUFUJOEFOUJMTMVUOJOHFO
5JMTMVUOJOHTMFEOJOHFOTLBMW¦SFUJMTUS¦LLFMJHMBOH
0WFSIPMENPOUBHFWFKMFEOJOHFOGPSLPHFTFLUJPOFO
)DVWJ¡UHDSSDUDWHWILJXU
4LZEBQQBSBUFUIFMUJOEPHDFOUSFSEFU
4LSVBQQBSBUFUGBTU
4QBMUFONFMMFNCPSEQMBEFPHBQQBSBUN¥JLLFMVLLFTNFE
FLTUSBMJTUFS
$IPRQWHULQJ
4¸SHGPSBUBQQBSBUFUFSVEFOTQ¦OEJOH.POUFSJOHTTLSVFSOF
M¸TOFT-¸GUBQQBSBUFUMJEUPHUS¦LEFUVE5S¦LLPHFTFLUJPOFOT
UJMTMVUOJOHTTUJLVETFNPOUFSJOHTWFKMFEOJOHFOGPSLPHFTFLUJPOFO
pt
ì
,QVWUXo}HVGHPRQWDJHP
&RPELQDomRGHDSDUHOKRV
"QMBDBEFDP[JOIBSFPGPH£PUªNEFTFSEPNFTNPGBCSJDBOUFF
DPNCJO¡WFJT0TQPOUPTEFDPNCJOB§£PUªNEFTFSJHVBJT
5FOIBFNBUFO§£PBTNFEJEBTJOEJDBEBTOBTJOTUSV§µFTEF
NPOUBHFNEBQMBDBEFDP[JOIBS
4FPQPOUPEFMJHB§£PEBQMBDBEFDP[JOIBSUJWFSVNBVUPDPMBOUF
BQ³TBMJHB§£PEPBQBSFMIPFTUFUFNEFTFSOPWBNFOUFDPMBEP
3UHSDUDURPyYHOILJXUD
&TUFBQBSFMIPFTU¡DPODFCJEPQBSBVNBVUJMJ[B§£PBVNB
BMUJUVEFEFOPN¡YJNP NBDJNBEPOWFMEPNBS
VNB NPOUBHFN UFDOJDBNFOUF DPSSFUB FN DPOGPSNJEBEF DPN
BTQSFTFOUFTJOTUSV§µFTEFNPOUBHFNHBSBOUFVNBVUJMJ[B§£P
TFHVSB0TEBOPTDBVTBEPTQPSVNBNPOUBHFNJODPSSFUBT£P
EBSFTQPOTBCJMJEBEFEPJOTUBMBEPS
0T N³WFJT QBSB FODBTUSBS UªN EF TFS SFTJTUFOUFT B UFNQFSBUVSBT
BU©p$FBTGSFOUFTEPTN³WFJTBEKBDFOUFTBU©p$
/£PNPOUFPBQBSFMIPBUS¡TEFVNQBJOFMEFDPSBUJWP)¡SJTDP
EFBRVFDJNFOUPFYDFTTJWP
5PEPTPTUSBCBMIPTEFSFDPSUFOPN³WFMFOBCBODBEBUªNEF
TFSSFBMJ[BEPTBOUFTEFDPMPDBSPTBQBSFMIPT3FNPWFSBT
BQBSBTQPJTQPEFNQSFKVEJDBSPGVODJPOBNFOUPEPT
DPNQPOFOUFTFM©USJDPT
$VJEBEPBPNPOUBS"TQF§BTRVFGJDBNBDFTTWFJTEVSBOUFB
NPOUBHFNQPEFNUFSBSFTUBTBGJBEBT1BSBFWJUBSGFSJNFOUPT
QPSDPSUFEFWFNTFSVUJMJ[BEBTMVWBTEFQSPUF§£P
OFDFTT¡SJPEFJYBSVNFTQB§PEFNNFOUSFPBQBSFMIPFBT
GSFOUFTEPTN³WFJTBEKBDFOUFTQBSBWFOUJMB§£P
$SDUHOKRVREDEDQFDGD ILJXUD
"UPNBEBEPBQBSFMIPEFWFS¡TJUVBSTFOB[POBTPNCSFBEB %PV
GPSBEPFTQB§PEFJOTUBMB§£P
0GVOEPGBMTPEPBSN¡SJPEFJOTUBMB§£PQSFDJTBEFVNBBCFSUVSB
EFWFOUJMB§£P
0TN³WFJTRVFO£PTFFODPOUSFNGJYPTEFWFNTFSGJYBEPT
QBSFEFDPNVN-OPSNBM &
'JYBSBCBODBEBBPN³WFMQBSBFODBTUSBS
,QVWDODomRGHFDQWRăILJXUD
%FNPEPBDPOTFHVJSBCSJSBQPSUBEPBQBSFMIPSFTQFJUFB
NFEJEB 'BRVBOEPEBJOTUBMB§£PEFDBOUP"NFEJEB (EFQFOEF
EBFTQFTTVSBEBGSFOUFEPN³WFMQPSCBJYPEPQVYBEPS
/LJDURDSDUHOKR
0BQBSFMIPT³QPEFTFSMJHBEPQPSVNU©DOJDPBVUPSJ[BEP4£P
W¡MJEBTBTEJTQPTJ§µFTEPGPSOFDFEPSEFFOFSHJBFM©USJDB
SFHJPOBMCFNDPNPBTEPSFTQFUJWPQBT
0BQBSFMIPUFNEFFTUBSEFTMJHBEPEBDPSSFOUFEVSBOUFB
SFBMJ[B§£PEFRVBMRVFSUSBCBMIPEFNPOUBHFN
0BQBSFMIPDPSSFTQPOEFDMBTTFEFQSPUF§£PFT³QPEFTFS
DPMPDBEPFNGVODJPOBNFOUPBUSBW©TEFVNBMJHB§£PDPN
DPOEVUPSEFQSPUF§£P
$BCPEFMJHB§£PSFEFFM©DUSJDBUJQP)77'PVTVQFSJPS0
GJPWFSEFBNBSFMPQBSBMJHB§£PEPDPOEVUPSEFQSPUF§£PUFNEF
UFSNBJTNNEPMBEPEPBQBSFMIPEPRVFPTPVUSPTGJPT
/BJOTUBMB§£PUFNEFIBWFSVNJOUFSSVQUPSTFDDJPOBEPS
PNOJQPMBS DPN QFMP NFOPT NN EF BCFSUVSB EF DPOUBDUPT PV
PBQBSFMIP©MJHBEPQPSNFJPEFVNBGJDIBBPTJTUFNBEF
DPOUBDUP EF TFHVSBO§B "Q³T B NPOUBHFN FTTF TJTUFNB UFN EF
GJDBSBDFTTWFM
"QSPUF§£PDPOUSBDPOUBDUPBDJEFOUBMEFWFGJDBSBTTFHVSBEBOB
NPOUBHFN
*EFOUJGJRVFPTDPOEVUPSFTEFGBTFFOFVUSPEBUPNBEBEF
MJHB§£P6NBMJHB§£PFSSBEBQPEFEBOJGJDBSPBQBSFMIP
-JHVF P BQBSFMIP BQFOBT EF BDPSEP DPN P FTRVFNB EF MJHB§£P
$POTVMUFBDPSSFOUFOBQMBDBEFDBSBDUFSTUJDBT
1BSB MJHBS P BQBSFMIP DPMPRVFP FN GSFOUF BP N³WFM 0 DBCP EF
MJHB§£PEFWFUFSPDPNQSJNFOUPBEFRVBEP
3FTQFJUFBTJOTUSV§µFTEFNPOUBHFNEBQMBDBEFDP[JOIBS
)L[DURDSDUHOKRILJXUD
*OTJSBUPUBMNFOUFPBQBSFMIPFDFOUSFP
"QBSBGVTFPBQBSFMIP
0FTQB§PFOUSFBCBODBEBFPBQBSFMIPO£PQPEFTFSWFEBEP
DPNS©HVBTBEJDJPOBJT
'HVPRQWDU
%FTMJHVFPBQBSFMIPEBDPSSFOUF%FTBQFSUFPTQBSBGVTPTEF
GJYB§£P -FWBOUF MJHFJSBNFOUF P BQBSFMIP F SFUJSFP DPNQMFUBNFOUF
QBSBGPSB%FTMJHBSBQMBDBEFDP[JOIBSWFSJOTUSV§µFTEF
NPOUBHFNEBQMBDBEFDP[JOIBS
es
Û
*OTUSVDDJPOFTEFNPOUBKF
&RPELQDFLyQGHDSDUDWRV
-BQMBDBEFDPDDJ³OZMBDPDJOBEFCFOTFSEFMNJTNPGBCSJDBOUFZ
EFCFOQPEFSDPNCJOBSTF-PTQVOUPTEFDPNCJOBDJ³OEFCFOTFS
MPTNJTNPT
1SFTUBSBUFODJ³OBMBTNFEJEBTJOEJDBEBTFOMBTJOTUSVDDJPOFTEF
NPOUBKFEFMBQMBDBEFDPDDJ³O
4JIBZBMHVOBFUJRVFUBBEIFTJWBFOFMQVOUPEFDPOFYJ³OEFMB
QMBDBEFDPDDJ³OTFUJFOFRVFWPMWFSBQFHBSUSBTDPOFDUBSMB
QMBDBEFDPDDJ³O
3UHSDUDFLyQGHORVPXHEOHV)LJXUD
&TUFBQBSBUPFTU¡QSFWJTUPQBSBTFSVUJMJ[BEPBVOBBMUVSB
N¡YJNBEF NFUSPTTPCSFFMOJWFMEFMNBS
4PMP VO NPOUBKF QSPGFTJPOBM TFHºO FTUBT JOTUSVDDJPOFT HBSBOUJ[B
VO VTP TFHVSP &O DBTP EF EB±PT EFCJEP B VO NPOUBKF FSS³OFP
MBSFTQPOTBCJMJEBETFS¡EFMJOTUBMBEPS
-PTNVFCMFTFNQPUSBEPTEFCFOQPEFSSFTJTUJSVOBUFNQFSBUVSB
EF IBTUB  p$ MPT GSPOUBMFT EF MPT NVFCMFT MJNUSPGFT IBTUB 
p$
/PJOTUBMBSFMBQBSBUPEFUS¡TEFVOQBOFMEFDPSBUJWP&YJTUF
SJFTHPEFTPCSFDBMFOUBNJFOUP
3FBMJ[BSUPEPTMPTUSBCBKPTEFDPSUFFOMPTNVFCMFTZFOMB
FODJNFSBBOUFTEFNPOUBSFMBQBSBUP3FUJSBSMBTWJSVUBTZBRVF
FMGVODJPOBNJFOUPEFMPTDPNQPOFOUFTFM©DUSJDPTQVFEFWFSTF
BGFDUBEP
5FOFSDVJEBEPBMSFBMJ[BSFMNPOUBKF-BTQJF[BTRVFFTU©O
BDDFTJCMFT EVSBOUF FM NPOUBKF QVFEFO UFOFS MPT CPSEFT BGJMBEPT
-MFWBSHVBOUFTQSPUFDUPSFTQBSBFWJUBSDPSUFT
&OUSF FM BQBSBUP Z MPT GSPOUBMFT EF MPT NVFCMFT BEZBDFOUFT EFCF
EFKBSTFVOBEJTUBODJBEFNN
$SDUDWRGHEDMRGHODSODFDGHFRFFLyQ)LJXUD
-B DBKB EF DPOFYJ³O EFM BQBSBUP EFCF RVFEBS EFOUSP EF MB [POB EF
MBTVQFSGJDJFTPNCSFBEB %PGVFSBEFMFTQBDJPEFNPOUBKF
&MTPQPSUFJOUFSNFEJPEFMBSNBSJPEFTNPOUBCMFSFRVJFSFVOB
BCFSUVSBEFWFOUJMBDJ³O
'JKBSBMBQBSFEMPTNVFCMFTRVFOPFTU¡OGJKBEPTEFKBOEPVO
¡OHVMPSB[POBCMF &
'JKBSMBTVQFSGJDJFEFUSBCBKPTPCSFFMNVFCMFFNQPUSBEP
0RQWDMHHQHVTXLQD)LJXUD
1BSBRVFTFBQPTJCMFBCSJSMBQVFSUBEFMBQBSBUPPCTFSWBSVOB
EJTUBODJB 'FOFMNPOUBKFFOFTRVJOB-BNFEJEB (EFQFOEFEFM
HSPTPSEFMGSPOUBMEFMNVFCMFCBKPFMUJSBEPS
&RQHFWDUHODSDUDWRDODUHGHOpFWULFD
4PMPVOU©DOJDPFTQFDJBMJTUBBVUPSJ[BEPQVFEFDPOFDUBSFM
BQBSBUP3JHFOMBTEJTQPTJDJPOFTEFMQSPWFFEPSEFFMFDUSJDJEBE
SFHJPOBMZOBDJPOBM
&MBQBSBUPEFCFFTUBSTJOUFOTJ³OQBSBQPEFSSFBMJ[BSMPT
USBCBKPTEFNPOUBKF
&MBQBSBUPQFSUFOFDFBMBDMBTFEFQSPUFDDJ³OZTPMPQVFEF
VUJMJ[BSTFDPOFDUBEPBVOBDPOFYJ³ODPODPOEVDUPSEFUPNBB
UJFSSB

$BCMFEFDPOFYJ³OBMBSFEUJQP)77'PTVQFSJPS&M
DPOEVDUPS WFSEF Z BNBSJMMP EF MB DPOFYJ³O B UPNB EF UJFSSB EFCF
TFSQPSFMMBEPEFMBQBSBUP NNN¡TMBSHPRVFFMSFTUPEF
DPOEVDUPSFT
-BJOTUBMBDJ³OEFCFEJTQPOFSEFVOEJTQPTJUJWPEFTFQBSBDJ³O
PNOJQPMBSDPOVOBBCFSUVSBEFDPOUBDUPEFNOJNPNNPFM
BQBSBUPEFCFS¡DPOFDUBSTFNFEJBOUFVODPOFDUPSDPOTJTUFNB
EF UPNB EF UJFSSB&TUF DPOFDUPS EFCF RVFEBS BDDFTJCMF VOB WF[
GJOBMJ[BEPFMNPOUBKF
-BQSPUFDDJ³ODPOUSBDPOUBDUPBDDJEFOUBMEFCFHBSBOUJ[BSTF
NFEJBOUFFMNPOUBKF
*EFOUJGJDBSMPTDPOEVDUPSFTEFGBTFZFMDPOEVDUPSOFVUSPEFMB
UPNBEFDPSSJFOUF&MBQBSBUPQVFEFSFTVMUBSEB±BEPTJOPTF
DPOFDUBEFGPSNBBEFDVBEB
$POFDUBSTJFNQSFTFHºOFMFTRVFNBEFDPOFYJ³O$POTVMUBSMB
UFOTJ³OFOMBQMBDBEFDBSBDUFSTUJDBT
$PMPDBS FM BQBSBUP EFMBOUF EFM NVFCMF QBSB DPOFDUBSMP &M DBCMF
EFDPOFYJ³OEFCFUFOFSMBMPOHJUVEBEFDVBEB
5FOFSFODVFOUBMBTJOTUSVDDJPOFTEFNPOUBKFEFMBQMBDBEF
DPDDJ³O
)LMDUHODSDUDWR)LJXUD
*OUSPEVDJSFMBQBSBUPQPSDPNQMFUPZDFOUSBSMP
"UPSOJMMBSFMBQBSBUP
&M FTQBDJP FOUSF MB FODJNFSB Z FM BQBSBUP OP EFCF PCTUSVJSTF DPO
MJTUPOFTTVQMFNFOUBSJPT
'HVPRQWDMH
%FTDPOFDUBSFMBQBSBUPEFMBDPSSJFOUF"GMPKBSMPTUPSOJMMPTEF
BKVTUF-FWBOUBSMJHFSBNFOUFFMBQBSBUPZFYUSBFSMPQPSDPNQMFUP
3FUJSBSMBDPOFYJ³OEFMBQMBDBEFDPDDJ³OQBSBFMMPWFSMBT
JOTUSVDDJPOFTEFNPOUBKFEFMBQMBDBEFDPDDJ³O
el
Ù
ˍˡˤˠ˜ˢ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯
̵͖͏͖͔͎͓͆̓͝͔͖͔͇͖͌͟͏
˅ ˟˙˰ˤ ˢ˰˱˦˻˪ ˧˞˦ ˤ ˧ˬ˲ˣ˜˪˞ ˭ˮ˚˭ˢ˦ ˪˞ ˢ˜˪˞˦ ˱ˬ˲ ˜ˡ˦ˬ˲ ˧˞˱˞˰˧ˢ˲˞˰˱˛
˧˞˦˪˞˩˭ˬˮˬ˺˪˪˞˰˲˪ˡ˲˞˰˱ˬ˺˪ˑ˞˰ˤ˩ˢ˜˞˰˺˪ˡˢ˰ˤ˯˭ˮ˚˭ˢ˦˪˞
ˢ˜˪˞˦˜ˡ˦˞
ˎˮˬ˰˚˫˱ˢ˱˦˯ˡ˦˞˰˱˙˰ˢ˦˯˰˱˦˯ˬˡˤˠ˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˱ˤ˯˟˙˰ˤ˯
ˢ˰˱˦˻˪
˃˙˪˰˱ˬ˰ˤ˩ˢ˜ˬ˰˺˪ˡˢ˰ˤ˯˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪˟ˮ˜˰˧ˢ˱˞˦˧ˬ˨˨ˤ˩˚˪ˬ
˚˪˞˞˲˱ˬ˧˹˨˨ˤ˱ˬ˭ˮ˚˭ˢ˦˞˲˱˹˪˞˧ˬ˨˨ˤ˥ˢ˜˫˞˪˙˩ˢ˱˙˱ˤ˰˺˪ˡˢ˰ˤ
˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪
̳͇͕͎͔͒͑͑͋̓́̓͕͖͑͏͕͖͍͑̓͋͑͞̨͋͌
ʿ˲˱˛ˤ˰˲˰˧ˢ˲˛˭ˮˬˬˮ˜ˣˢ˱˞˦ˠ˦˞˴ˮ˛˰ˤ˩˚˴ˮ˦˚˪˞˩˚ˠ˦˰˱ˬ˺˵ˬ˯
˩˚˱ˮ˶˪˭˙˪˶˞˭˹˱ˤ˪ˢ˭˦˳˙˪ˢ˦˞˱ˤ˯˥˙˨˞˰˰˞˯
ˊ˹˪ˬˤ˰˶˰˱˛ˢˠ˧˞˱˙˰˱˞˰ˤ˰˺˩˳˶˪˞˩࣐˞˲˱˚˯˱˦˯ˬˡˤˠ˜ˢ˯
˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯ ˢˠˠ˲˙˱˞˦ ˱ˤ˪ ˞˰˳˞˨˛ ˨ˢ˦˱ˬ˲ˮˠ˜˞ ːˢ ˭ˢˮ˜˭˱˶˰ˤ
˭ˬ˲ˡˤ˩˦ˬ˲ˮˠˤ˥ˬ˺˪ˣˤ˩˦˚˯˞˭˹˨˙˥ˬ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˱ˤ˪ˢ˲˥˺˪ˤ
˳˚ˮˢ˦ˬˢˠ˧˞˱˞˰˱˙˱ˤ˯
ˑ˞ˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪˞˪˱ˬ˲˨˙˭˦˞˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˞˪˥ˢ˧˱˦˧˙˰˱ˤ
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˩˚˴ˮ˦˱ˬ˲˯p$ˬ˦ˠˢ˦˱ˬ˪˦˧˚˯˭ˮˬ˰˹˵ˢ˦˯˱˶˪
˪˱ˬ˲˨˞˭˦˻˪˩˚˴ˮ˦˱ˬ˲˯p$
ˊˤ˪˱ˬ˭ˬ˥ˢ˱˛˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛˭˜˰˶˞˭˹˩˦˞ˡ˦˞˧ˬ˰˩ˤ˱˦˧˛
ˢ˭˚˪ˡ˲˰ˤ˒˭˙ˮ˴ˢ˦˧˜˪ˡ˲˪ˬ˯˲˭ˢˮ˥˚ˮ˩˞˪˰ˤ˯
˃˧˱ˢ˨˚˰˱ˢ˹˨ˢ˯˱˦˯ˢˮˠ˞˰˜ˢ˯˧ˬ˭˛˯˱˶˪˞˪ˬ˦ˠ˩˙˱˶˪˰˱˞
˪˱ˬ˲˨˙˭˦˞˧˞˦˰˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˭ˮ˦˪˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˱˶˪
˰˲˰˧ˢ˲˻˪ʿ˭ˬ˩˞˧ˮ˺˪ˢ˱ˢ˱˞˞˭˹˟˨ˤ˱˞˭ˮ˦ˬ˪˜ˡ˦˞ˠˮ˚ˣ˦˞ˤ
˨ˢ˦˱ˬ˲ˮˠ˜˞˱˶˪ˤ˨ˢ˧˱ˮ˦˧˻˪ˢ˫˞ˮ˱ˤ˩˙˱˶˪˩˭ˬˮˢ˜˪˞ˢ˭ˤˮˢ˞˰˱ˢ˜
˞ˮ˪ˤ˱˦˧˙
ˎˮˬ˰ˬ˴˛˧˞˱˙˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˃˫˞ˮ˱˛˩˞˱˞˱˞ˬ˭ˬ˜˞˧˞˱˙˱ˤ
ˡ˦˙ˮ˧ˢ˦˞˱ˤ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯ˢ˜˪˞˦˭ˮˬ˰˦˱˙˩˭ˬˮˢ˜˪˞ˢ˜˪˞˦
˧ˬ˳˱ˢˮ˙ˁ˦˞˱ˤ˪˞˭ˬ˳˲ˠ˛˱ˮ˞˲˩˞˱˦˰˩˻˪˳ˬˮ˙˱ˢˠ˙˪˱˦˞
˭ˮˬ˰˱˞˰˜˞˯
ˊˢ˱˞˫˺˱ˤ˯˰˲˰˧ˢ˲˛˯˧˞˦˱˶˪ˠˢ˦˱ˬ˪˦˧˻˪˭ˮˬ˰˹˵ˢ˶˪˱˶˪
˪˱ˬ˲˨˞˭˦˻˪ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ˪˞˲˭˙ˮ˴ˢ˦˚˪˞˧ˢ˪˹NN
̵͖͔͇͖͌̀͕͚͌̾̓͝͕͑͏̾͌͑ͅ͇͔͓͒̓́̓ͅ̨͋͌
ˑˬ˧ˬ˲˱˜˰˺˪ˡˢ˰ˤ˯˰˲˰˧ˢ˲˻˪˭ˮ˚˭ˢ˦˪˞˟ˮ˜˰˧ˢ˱˞˦˰˱ˤ˪˭ˢˮ˦ˬ˴˛˱ˤ˯
ˠˮ˞˩˩ˬ˰˧˦˞˰˩˚˪ˤ˯ˢ˭˦˳˙˪ˢ˦˞˯ %˛˚˫˶˞˭˹˱ˬ˴˻ˮˬ˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯
ˍˢ˪ˡ˦˙˩ˢ˰ˬ˯˭˙˱ˬ˯˱ˬ˲˪˱ˬ˲˨˞˭˦ˬ˺ˢ˪˱ˬ˦˴˦˰˩ˬ˺˴ˮˢ˦˙ˣˢ˱˞˦˚˪˞
˙˪ˬ˦ˠ˩˞˞ˢˮ˦˰˩ˬ˺
ː˱ˢˮˢ˻˰˱ˢ ˱˞ ˩ˤ ˰˱ˢˮˢ˶˩˚˪˞ ˪˱ˬ˲˨˙˭˦˞ ˩ˢ ˩˦˞ ˠ˶˪˜˞ ˱ˬ˲ ˢ˩˭ˬˮ˜ˬ˲
&˰˱ˬ˪˱ˬ˜˴ˬ
ː˱ˢˮˢ˻˰˱ˢ˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˭˙˪˶˰˱˞ˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪˞˪˱ˬ˲˨˙˭˦˞
̶͑͕͉͔͉͑͊̿͔͇͚ͅ͏́̓ă̨͋͌
ˁ˦˞˪˞˩˭ˬˮˢ˜˪˞˞˪ˬ˜˫ˢ˦ˤ˭˹ˮ˱˞˱ˤ˯˰˲˰˧ˢ˲˛˯˧˞˱˙˱ˤ˪
˱ˬ˭ˬ˥˚˱ˤ˰ˤ ˰ˢ ˠ˶˪˜˞ ˨˙˟ˢ˱ˢ ˲˭˹˵ˤ ˱˦˯ ˡ˦˞˰˱˙˰ˢ˦˯ ' ˅ ˡ˦˙˰˱˞˰ˤ (
ˢ˫˞ˮ˱˙˱˞˦ ˞˭˹ ˱ˬ ˭˙˴ˬ˯ ˱ˤ˯ ˭ˮ˹˰ˬ˵ˤ˯ ˱ˬ˲ ˪˱ˬ˲˨˞˭˦ˬ˺ ˧˙˱˶ ˞˭˹ ˱ˤ
˨˞˟˛
̵͞͏͇͔͉͆͕͉͓͔͖͔͇͖͓͌̀
ˊ˹˪ˬ˚˪˞˯˞ˡˢ˦ˬ˺˴ˬ˯ˢˠ˧˞˱˞˰˱˙˱ˤ˯ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˰˲˪ˡ˚˰ˢ˦˱ˤ
˰˲˰˧ˢ˲˛ˇ˰˴˺ˬ˲˪ˬ˦˧˞˪ˬ˪˦˰˩ˬ˜˱ˤ˯˱ˬ˭˦˧˛˯ˢ˭˦˴ˢ˜ˮˤ˰ˤ˯ˡ˦˞˪ˬ˩˛˯
ˮˢ˺˩˞˱ˬ˯˧˞˦˱ˤ˯ˢ˧˙˰˱ˬ˱ˢ˴˻ˮ˞˯
ːˢ˹˨ˢ˯˱˦˯ˢˮˠ˞˰˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˭ˮ˚˭ˢ˦ˤ˰˲˰˧ˢ˲˛˪˞
˟ˮ˜˰˧ˢ˱˞˦ˢ˧˱˹˯˱˙˰ˤ˯
˅˰˲˰˧ˢ˲˛˞˪˱˞˭ˬ˧ˮ˜˪ˢ˱˞˦˰˱ˤ˪˧˞˱ˤˠˬˮ˜˞˭ˮˬ˰˱˞˰˜˞˯˧˞˦
ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜˩˹˪ˬ˩ˢ˰˺˪ˡˢ˰ˤ˞ˠ˶ˠˬ˺˭ˮˬ˰˱˞˰˜˞˯
ˠˢ˜˶˰ˤ
ˈ˞˨˻ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯˰˱ˬˡ˜˧˱˲ˬ˱ˬ˲ˮˢ˺˩˞˱ˬ˯ˑ˺˭ˬ˯)77'˛
˞˪˻˱ˢˮˬˍ˧˦˱ˮ˦˪ˬ˭ˮ˙˰˦˪ˬ˯˧˨˻˪ˬ˯ˠ˦˞˱ˤ˰˺˪ˡˢ˰ˤ˱ˬ˲˞ˠ˶ˠˬ˺
˭ˮˬ˰˱˞˰˜˞˯ˠˢ˜˶˰ˤ˯˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˞˭˹˱ˤ˪˭˨ˢ˲ˮ˙˱ˤ˯
˰˲˰˧ˢ˲˛˯NN˭˦ˬ˩˞˧ˮ˺˯˞˭˹˱ˬ˲˯˙˨˨ˬ˲˯˧˨˻˪ˬ˲˯
ː˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤ˭ˮ˚˭ˢ˦˪˞˲˭˙ˮ˴ˢ˦˩˦˞ˡ˦˙˱˞˫ˤˡ˦˞˧ˬ˭˛˯˹˨˶˪
˱˶˪˭˹˨˶˪˩ˢˡ˦˙˧ˢ˪ˬˢ˭˞˳˛˯˱ˬ˨˦ˠ˹˱ˢˮˬNN˛ˤ˰˲˰˧ˢ˲˛
˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˰˲˪ˡˢˡˢ˩˚˪ˤ˰ˢ˩˦˞˭ˮ˜ˣ˞˰ˬ˺˧ˬʿ˲˱˛ˤ˭ˮ˜ˣ˞
˩ˢ˱˙˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˭ˮˬ˰˦˱˛
˅˭ˮˬ˰˱˞˰˜˞ˢ˭˞˳˛˯˭ˮ˚˭ˢ˦˪˞ˢ˫˞˰˳˞˨˜ˣˢ˱˞˦˩ˢ˱ˤ˪
˱ˬ˭ˬ˥˚˱ˤ˰ˤ
˃˫˞˧ˮ˦˟˻˰˱ˢ˱ˬ˲˯˞ˠ˶ˠˬ˺˯˱˶˪˳˙˰ˢ˶˪˧˞˦˱ˬ˪ˬ˲ˡ˚˱ˢˮˬ˞ˠ˶ˠ˹
˩ˤˡ˚˪˰˱ˬ˧ˬ˲˱˜˰˺˪ˡˢ˰ˤ˯ːˢ˭ˢˮ˜˭˱˶˰ˤˢ˰˳˞˨˩˚˪ˤ˯
˰˺˪ˡˢ˰ˤ˯˩˭ˬˮˢ˜ˤ˰˲˰˧ˢ˲˛˪˞˲˭ˬ˰˱ˢ˜ˣˤ˩˦˙
˃˧˱ˢ˨˚˰˱ˢ˱ˤ˰˺˪ˡˢ˰ˤ˩˹˪ˬ˰˺˩˳˶˪˞˩ˢ˱ˬ˰˴˚ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯ˁ˦˞
˱ˤ˪˱˙˰ˤ˟˨˚˭ˢ˰˱ˤ˪˭˦˪˞˧˜ˡ˞˱˺˭ˬ˲
ˁ˦˞˱ˤ˰˺˪ˡˢ˰ˤ˱ˬ˭ˬ˥ˢ˱˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˩˭ˮˬ˰˱˙˞˭˹˱ˬ
˪˱ˬ˲˨˙˭˦ˑˬ˧˞˨˻ˡ˦ˬ˰˺˪ˡˢ˰ˤ˯˭ˮ˚˭ˢ˦˪˞˚˴ˢ˦˱ˬ˞˪˱˜˰˱ˬ˦˴ˬ
˩˛˧ˬ˯
ˎˮˬ˰˚˫˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪
̵͕͇͚͔͉͒̿͕͉͓͔͖͔͇͖͓͌̀ă̨͋͌
ː˭ˮ˻˫˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˢ˪˱ˢ˨˻˯˩˚˰˞˧˞˦˧ˢ˪˱ˮ˙ˮˢ˱˚˱ˤ˪
ˀ˦ˡ˻˰˱ˢ˧˞˨˙˱ˤ˰˲˰˧ˢ˲˛
˅˰˴˦˰˩˛˩ˢ˱˞˫˺˱ˬ˲˭˙ˠ˧ˬ˲ˢˮˠ˞˰˜˞˯˧˞˦˱ˤ˯˰˲˰˧ˢ˲˛˯ˡˢ˪
ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˧˞˨˲˳˥ˢ˜˞˭˹˭ˮ˹˰˥ˢ˱˞˭ˤ˴˙˧˦˞
̥͇͔͉͗̓́͒
ˆ˚˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛ˢ˧˱˹˯˱˙˰ˤ˯ˉ˺˰˱ˢ˱˦˯˟˜ˡˢ˯˰˱ˢˮ˚˶˰ˤ˯
ʿ˪˞˰ˤ˧˻˰˱ˢˢ˨˞˳ˮ˙˱ˤ˰˲˰˧ˢ˲˛˧˞˦˱ˮ˞˟˛˫˱ˢ˱ˤ˪ˢ˪˱ˢ˨˻˯˚˫˶
ʿ˭ˬ˰˲˪ˡ˚˰˱ˢ˱ˤ˰˺˪ˡˢ˰ˤ˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪˟˨˚˭ˢˬˡˤˠ˜ˢ˯
˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ˯˱ˤ˯˟˙˰ˤ˯ˢ˰˱˦˻˪
no
ê
0RQWHULQJVYHLOHGQLQJ
.RPELQDVMRQDYDSSDUDWHU
,PLFTPOFOPHLPNGZSFON¥W¦SFGSBTBNNFQSPEVTFOUPHW¦SF
LPNCJOFSCBSF,PNCJOBTKPOTQVOLUFOFN¥W¦SFMJLF
5BIFOTZOUJMEFPQQHJUUFN¥MFOFJNPOUFSJOHTBOWJTOJOHFOGPS
LPLFTPOFO
)WJTEFUFSLMJTUSFUQ¥FUNFSLFQ¥UJMLPCMJOHTQVOLUFUGPS
LPLFTPOFON¥EFUUFLMJTUSFTQ¥JHKFOFUUFSUJMLPCMJOHBW
LPLFTPOFO
.ODUJM¡ULQJDYNM¡NNHQHOHPHQWHQHILJXU
%FUUF BQQBSBUFU FS MBHFU GPS CSVL J FO I¸ZEF PWFS IBWFU NBLT
 NFUFS
#BSFGBHNFTTJHJOOCZHHJOHJIFOIPMEUJMEFOOF
NPOUFSJOHTBOWJTOJOHFOHBSBOUFSFSTJLLFSCSVL7FETLBEFSTPN
G¸MHFBWGFJMJOOCZHHJOHTU¥SNPOU¸SFOBOTWBSMJH
*OOCZHHJOHTNPEVMFSN¥U¥MFUFNQFSBUVSFSQ¥JOOUJMp$PH
FMFNFOUGSPOUFSJPNS¥EFUN¥U¥MFJOOUJMp$
"QQBSBUFUN¥JLLFNPOUFSFTCBLQZOUFEFLTFM%FUFSGBSFGPS
PWFSPQQIFUJOH
"MMFVUTLK¦SJOHTBSCFJEFSJLK¸LLFOFMFNFOUFSPHJBSCFJETQMBUFO
VUG¸SFT G¸S BQQBSBUFU TFUUFT QMBTT 'KFSO TQPO 7JSLFN¥UFO
UJMEFFMFLUSJTLFLPNQPOFOUFOFLBOQ¥WJSLFT
7¦SGPSTJLUJHWFENPOUFSJOH%FMFSTPNFSUJMHKFOHFMJHFVOEFS
NPOUFSJOH LBO IB TLBSQF LBOUFS #SVL WFSOFIBOTLFS GPS ¥ VOOH¥
LVUUTLBEFS
.FMMPNBQQBSBUPHUJMHSFOTFOEFFMFNFOUGSPOUFSN¥EFUW¦SFFO
MVGUFTQBMUFQ¥NN
$SSDUDWXQGHUDUEHLGVSODWHQ²ILJXU
7FHHVUUBLGPSBQQBSBUFUN¥MJHHFJPNS¥EFUWFEEFOTLSBWFSUF
GMBUFO %FMMFSVUFOGPSJOOCZHHJOHTPNS¥EFU
.FMMPNCVOOFOVOEFSPNCZHHJOHTTLBQFUUSFOHFSFOMVGUF¥QOJOH
,K¸LLFOFMFNFOUFSTPNJLLFFSGBTUHKPSUTLSVTGBTUUJMWFHHFONFE
FUWBOMJHWJOLFMKFSO &
'FTUBSCFJETQMBUFOQ¥LK¸LLFOFMFNFOUFU
,QQE\JJLQJLKM¡UQHU²ILJXU
'PSBUBQQBSBUE¸SFOTLBMLVOOF¥QOFTN¥EFUUBTIFOTZOUJM
N¥MFOF 'WFEJOOCZHHJOHJIK¸SOFS.¥MFU (FSBWIFOHJHBW
UZLLFMTFOQ¥FMFNFOUGSPOUFOVOEFSI¥OEUBLFU

.REOHWLODSSDUDWHW
"QQBSBUFUN¥CBSFUJMLPCMFTBWFOHPELKFOUGBHQFSTPO'¸MH
CFTUFNNFMTFOFGSBEFOMPLBMFTUS¸NMFWFSBOE¸SFOPHOBTKPOBMF
MPWFSPHGPSTLSJGUFS
7FEBMUNPOUFSJOHTBSCFJEN¥BQQBSBUFUW¦SFTQFOOJOHTM¸TU
"QQBSBUFUFSJTBNTWBSNFECFTLZUUFMTFTLMBTTFPHN¥CBSF
LPCMFTUJMFOKPSEFUTUJLLPOUBLU
/FUUMFEOJOH5ZQF)77'FMMFSI¸ZFSF%FOHVMFPHHS¸OOF
MFEFSFO J KPSEMFEOJOHFO BQQBSBUTJEFO W¦SF  NN MFOHSF
FOOEFBOESFMFEFSOF
*OTUBMMBTKPOFON¥UJMLPCMFTNFEFOGMFSQPMFUTLJMMFCSZUFSNFEFO
LPOUBLUBWTUBOEQ¥NJOTUNNFMMFSBQQBSBUFUN¥UJMLPCMFTWJB
TU¸QTFMPHKPSEFUTUJLLPOUBLU4U¸QTFMFUN¥W¦SFUJMHKFOHFMJH
FUUFSJOOCZHHJOHFO
.POUFSJOHFON¥JLLFJOOTLSFOLFCFS¸SJOHTCFTLZUUFMTFO
*EFOUJGJTFSGBTFPHO¸ZUSBMMFEFSOVMMFEFSJTUJLLPOUBLUFO
"QQBSBUFULBOCMJ¸EFMBHUWFEGFJMUJMLPCMJOH
4LBM CBSF LPCMFT UJM J IFOIPME UJM UJMLPCMJOHTTLJTTFO 4QFOOJOH TF
UZQFTLJMUFU
4FUUBQQBSBUFUTPNTLBMUJMLPCMFTGPSBOLK¸LLFOFMFNFOUFU
5JMLPCMJOHTMFEOJOHFON¥IBFOUJMTWBSFOEFMFOHEF
'¸MHNPOUFSJOHTBOWJTOJOHFOGPSQMBUFUPQQFO
)HVWLQJDYDSSDUDWHW²ILJ
4LZWBQQBSBUFUIFMUJOOPHJNJEUFO
4LSVGBTUBQQBSBUFU
(MJQFONFMMPNBSCFJETQMBUFPHBQQBSBUN¥JLLFMVLLFTBWMJTUFS
FM
8WPRQWHULQJ
,PCMFBQQBSBUFUTQFOOJOHTM¸TU-¸TOFGFTUFTLSVFOF-¸GU
BQQBSBUFUMJUUPQQPHUSFLLEFUIFMUVU,PCMFGSBLPLFTPOF
LPOUBLUFO4FNPOUFSJOHTBOWJTOJOHFOGPSLPLFTPOFO
sv
ó
0RQWHULQJVDQYLVQLQJ
.RPELQHUDGXWUXVWQLQJ
)¤MMPDITQJTTLBLPNNBGS¥OTBNNBUJMMWFSLBEFPDIWBSB
LPNCJOFSCBSB,PNCJOBUJPOTQVOLUFSOBN¥TUFTU¤NNB¶WFSFOT
0CTFSWFSBN¥UUBOHJWFMTFSOBJI¤MMFOTNPOUFSJOHTBOWJTOJOH
0NEFUTJUUFSFOLMJTUFSFUJLFUUWJEI¤MMFOTBOTMVUOJOHTQVOLUN¥TUF
EFOT¤UUBTUJMMCBLBJHFOO¤SI¤MMFOIBSLPQQMBUTJO
)|UEHUHGDVWRPPHQELOG
&OIFUFO¤SBWTFEEG¶SBOW¤OEOJOHVQQUJMMI¶HTU N¶WFS
IBWFU
4¤LFSBOW¤OEOJOHG¶SVUT¤UUFSQSPGGTJHNPOUFSJOHFOMJHU
NPOUFSJOHTBOWJTOJOHFO*OTUBMMBU¶SFOBOTWBSBSG¶STLBEPSTPN
VQQTU¥SQ¥HSVOEBWGFMBLUJHJOCZHHOBE
4UPNNBSOB TLB U¥MB UFNQFSBUVSFS VQQ UJMM p$ GSPOUFS JOUJMM VQQ
UJMMp$
.POUFSBJOUFFOIFUFOCBLPNEFLPSQBOFM3JTLG¶S¶WFSIFUUOJOH
(¶SBMMBVSUBHJTUPNNBSPDIC¤OLTLJWPSJOOBOEVT¤UUFSJ
FOIFUFO5BCPSUTQ¥OFOEFLBOQ¥WFSLBFMLPNQPOFOUFSOBT
GVOLUJPO
7BS G¶STJLUJH WJE NPOUFSJOHFO %V LPNNFS ¥U EFMBS WJE NPOUFSJOH
TPNLBOIBWBTTBLBOUFS6OEWJLTL¤STLBEPSHFOPNBUU
BOW¤OEBTLZEETIBOETLBS
%FUTLBGJOOBTFONNMVGUTQBMUNFMMBOFOIFUFOPDI
BOHS¤OTBOEFTL¥QGSPOUFS
(QKHWXQGHUElQNVNLYDELOG
7¤HHVUUBHFUG¶SBOTMVUOJOHFON¥TUFTJUUBJOPNPNS¥EFU %FMMFS
VUBOG¶SJOCZHHOBETVUSZNNFU
*OCZHHOBETTL¥QFUTIZMMQMBOTLBIBWFOUJMBUJPOTI¥M
"OW¤OEWJOLFMK¤SOGJOOTBUUL¶QBJIBOEFMO &WJENPOUFSJOHBW
N¶CMFSTPNJOUF¤SW¤HHGBTUB
'¤TUC¤OLTLJWBOJJOCZHHOBETTL¥QFU
+|UQPRQWHULQJELOG
#FBLUBN¥UU 'WJENPOUFSJOHJI¶SOT¥BUUE¶SSFOUJMMFOIFUFOLBO
¶QQOBT (N¥UUFU¤SCFSPFOEFBWUKPDLMFLFOQ¥TL¥QGSPOUPDI
CFTMBH
$QVOXWHQKHWHQ
%FU¤SCBSBCFI¶SJHFMFLUSJLFSTPNG¥SFMBOTMVUBFOIFUFO'¶MK
H¤MMBOEFOBUJPOFMMBFMG¶SFTLSJGUFSTBNUFMMFWFSBOU¶SFOT
CFTU¤NNFMTFS
&OIFUFOTLBWBSBTQ¤OOJOHTM¶TWJEBMMTMBHTNPOUFSJOH
&OIFUFOIBSTLZEETLMBTTPDITLBIBKPSEBEFMBOTMVUOJOH
/¤UBOTMVUOJOHNJOTUUZQ)77'%FOHVMHS¶OBKPSEMFEBSFO
TLBWBSBNNM¤OHSF¤O¶WSJHBMFEBSFQ¥FOIFUTTJEBO
*OTUBMMBUJPOFOLS¤WFSFOBMMQPMJHCSZUBSFNFECSZUBWTU¥OEQ¥
NJOTU NN BOOBST N¥TUF EV BOTMVUB FOIFUFO UJMM KPSEBU VUUBH%FU
TLBH¥BUULPNNB¥ULPOUBLUFOFGUFSJOCZHHOBE
*OTUBMMBUJPOFON¥TUFHFFUUGVMMHPUUQFUTLZEE
*EFOUJGJFSBGBTPDIOFVUSBMMFEBSFOPMMBJLPQQMJOHTEPTBO
'FMBOTMVUOJOHLBOTLBEBFOIFUFO
"OTMVUFOMJHULPQQMJOHTTDIFNBU*OGPSNBUJPOPNTQ¤OOJOHGJOOT
Q¥N¤SLTLZMUFO
4U¤MMFOIFUFOGSBNG¶STUPNNFOG¶SFBOTMVUOJOH4MBEEFOTLBIB
S¤UUM¤OHE
'¶MKI¤MMFOTNPOUFSJOHTBOWJTOJOHBS
)DVWPRQWHULQJDYHQKHWHQELOG
4LKVUJOFOIFUFOJTL¥QFUIFMUPDII¥MMFUPDISJLUBVQQEFO
4LSVWBGBTUFOIFUFO
4FUJMMT¥BUUTQBMUFONFMMBOC¤OLTLJWBPDIFOIFUJOUFU¤DLTBW
BOESBMJTUFS
'HPRQWHULQJ
4U¤OHBWTUS¶NNFO-PTTBG¤TUTLSVWBSOB-ZGUFOIFUFOO¥HPUPDI
ESBTFEBOVUEFOIFMUPDII¥MMFU-PTTBI¤MMFOTBOTMVUOJOHTF
I¤MMFOTNPOUFSJOHTBOWJTOJOH
fi
Ý
"TFOOVTPIKF
/DLWWHLGHQ\KGLVWlPLQHQ
,FJUUPUBTPO KB MJFEFO QJU¤¤ PMMB TBNBMUB WBMNJTUBKBMUB KB MJJUFUU¤WJTT¤
-JJU¤OU¤QJTUFJEFOQJU¤¤PMMBTBNBOMBJTFU
0UBLFJUUPUBTPOBTFOOVTPIKFFTTBPMFWBUNJUUBUJFEPUIVPNJPPO
+PTLFJUUPUBTPOMJJU¤OU¤LPIEBTTBPOUBSSBTFPOMJJNBUUBWB
LFJUUPUBTPOBTFOOVLTFOK¤MLFFOUBLBJTJOQBJLBMMFFO
.DOXVWHHQYDOPLVWHOXNXYD
5¤N¤MBJUFPOUBSLPJUFUUVL¤ZUFUU¤W¤LTJFOJOU¤¤O NFUSJO
LPSLFVEFMMBNFSFOQJOOBTUB
"JOPBTUBBOO¤JEFOBTFOOVTPIKFJEFONVLBJOFOBTFOOVTUBLBB
UVSWBMMJTFOL¤ZU¶O7JSIFFMMJTFTU¤BTFOOVLTFTUBKPIUVWJTUB
WBIJOHPJTUBWBTUBBBTFOUBKB
,BMVTUFFOU¤ZUZZLFTU¤¤M¤NQ¶UJMBBp$ZNQ¤SJMM¤PMFWJFO
LBMVTUFJEFOFUVPTJFOW¤IJOU¤¤OM¤NQ¶UJMBBp$
M¤BTFOOBMBJUFUUBTPNJTUFMFWZOUBBLTF7BBSBOBPO
ZMJLVVNFOFNJOFO
5FFLBJLLJLBMVTUFJEFOKBUZ¶UBTPOMFJLLBVLTFUFOOFOMBJUUFFO
BTFOOVTUB1PJTUBMBTUVUT¤IL¶JTUFOSBLFOOFPTJFOUPJNJOUBWPJ
I¤JSJZUZ¤
0MFWBSPWBJOFOLVOUFFUBTFOOVTUZ¶U¤0TBUKPJIJOQ¤¤TFU
BTFOOVLTFOBJLBOBL¤TJLTJWPJWBUPMMBUFS¤W¤SFVOBJTJB,¤ZU¤
TVPKBL¤TJOFJU¤KPUUBW¤MU¤UWJJMUPIBBWBU
-BJUUFFOKBWJFSFJTUFOLFJUUJ¶LBMVTUFJEFOFUVPTJFOW¤MJTT¤QJU¤¤
PMMBJMNBUJMBBW¤IJOU¤¤ONN
/DLWHW\|WDVRQDOOD NXYD
-BJUUFFOMJJU¤OU¤SBTJBOUVMFFPMMBWJJWPJUFUVOQJOOBOBMVFFMMB %UBJ
BTFOOVTBMVFFOVMLPQVPMFMMB
"TFOOVTLBBQJOW¤MJQPIKBTTBU¤ZUZZPMMBUVVMFUVTSBLP
,JJOOJU¤ JSSBMMJTFU LBMVTUFFU ZMFJTFTUJ TBBUBWBOB PMFWBMMB LVMNBMFWZM
&TFJO¤¤O
,JJOOJU¤UZ¶UBTPLBMVTUFFTFFO
$VHQQXVNXOPDDQăNXYD
+PUUBMBJUUFFOMVVLLVTBBEBBOBWBUUVBPUBLVMNBBOBTFOUBFTTBTJ
IVPNJPPO NJUBU ' .JUUB ( SJJQQVV LBMVTUFFO FUVPTBO QBLTVVEFTUB
LBIWBOBMBQVPMFMMB
/DLWWHHQOLLWWlPLQHQ
-BJUUFFO TBB MJJUU¤¤ WBJO WBMUVVUFUUV BTFOUBKB /PVEBUB QBJLBMMJTFO
T¤IL¶OKBLFMJKBOKBLZTFJTFONBBOT¤¤E¶LTJ¤
-BJUUFFTTBFJTBBPMMBK¤OOJUFUU¤BTFOOVTU¶JU¤UFIU¤FTT¤
-BJUUFFOTVPKBMVPLLBPOKBTFOL¤ZUU¶POTBMMJUUVWBJO
NBBEPJUVTMJJU¤OO¤OLBOTTB
7FSLLPMJJU¤OU¤KPIUPUZZQQJ)77'UBJLPSLFBNQJBSWPJOFO
.BBEPJUVTKPIEPOMJJU¤OO¤OLFMUBWJISF¤OKPIUJNFOQJU¤¤PMMB
MBJUUFFOQVPMFMMB NNQJEFNQJLVJONVVUKPIUJNFU
"TFOOVLTFFOUBSWJUBBOKPLBOBQBJOFOLBULBJTJOKPOLB
LPTLFUUJNJFO BWBVUVNJTW¤MJ PO W¤IJOU¤¤O NN UBJ MBJUF MJJUFU¤¤O
NBBEPJUFUUVVOQJTUPSBTJBBO5¤I¤OQJU¤¤Q¤¤TU¤L¤TJLTJ
BTFOOVLTFOK¤MLFFO
"TFOOVLTFOQJU¤¤UBBUBLPTLFUVTTVPKB

:LTJM¶J WBJIF KB OPMMBKPIEPU MJJU¤OU¤SBTJBTTB +PT MJJU¤OU¤ UFIE¤¤O
W¤¤SJOMBJUFWPJWBVSJPJUVB
-JJU¤WBJOMJJU¤OU¤LVWBONVLBBO+¤OOJUFLTUZZQQJLJMQJ
"TFUBMBJUFMJJU¤OU¤¤WBSUFOLBMVTUFFOFUFFO-JJU¤OU¤KPIEPOPO
PMUBWBSJJUU¤W¤OQJUL¤
/PVEBUBLFJUUPUBTPOBTFOOVTPIKFUUB
/DLWWHHQNLLQQLWWlPLQHQăNXYD
5Z¶OO¤MBJUFLVOOPMMBQBJLBMMFFOKBLPIEJTUBLFTLFMMF
3VVWBBMBJUFLJJOOJ
5Z¶UBTPOKBMBJUUFFOW¤MJTU¤SBLPBFJTBBTVMLFBMJT¤MJTUBMMB
,UURWXV
1PJTUBMBJUUFFTUBK¤OOJUF*SSPUBLJJOOJUZTSVVWJU/PTUBMBJUFUUB
LFWZFTUJKBWFE¤LPLPOBBOVMPT*SSPUBLFJUUPUBTPOQJTUPLFLT
LFJUUPUBTPOBTFOOVTPIKF
ru
î
Ημπροςιυηώξνλνμρίες
Ινλΰημηοναίμηδξοηΰνονα
̩͇͕͔͇͗ͦ͞͖͇͔͌͒ͣ͏͖͒͏͙͇͕͍͔͋͒͢͈͙ͣ͢͏͎͕͙͕͉͔͊͒͌͢͕͔͋͏͓
͖͕͗͏͎͉͕͋͏͙͓͌͒͌͏͏͓͙͌ͣ͉͕͎͓͕͍͔͕͙ͣ͘͕͓͈͑͏͔͏͕͉͇͔͗͏ͦ
̸͕͌͋͏͔͏͙͔͌͒ͣ͌͢͈͕͒͑͏͕͍͔͋͒͢͈͙ͣ͢͕͋͏͔͇͕͉͓͑͢͏
̵͈͇͙͗͏͙͌͉͔͏͓͇͔͏͌͔͇͇͎͓͗͌͗͢͉͏͔͙͚͗͑͘͝͏͏͖͕͓͕͔͙͇͍͚
͉͇͕͔͕͗͐͞͖͇͔͌͒͏
̬͒͘͏͔͇͓͙͌͌͘͖͕͕͋͌͋͘͏͔͔͌͏ͦ͔͇͕͋͜͏͙ͦ͘͔͇͇͑͒͌͐͑͖͗͏͙͑͒͌͐͌͌ͧ
͕͈͇͙͔͕͗͖͕͒͌͘͖͕͕͋͌͋͘͏͔͔͌͏ͦ͉͇͕͔͕͗͐͞͖͇͔͌͒͏
Ξνγβνρναιίλδΰδκη²οηπ
̫͇͔͔͐͢͖͗͏͈͕͗͖͔͇͎͔͇͔͗͌͋͌͞͋͒ͦ͏͖͕͎͕͉͇͔͒ͣ͘͏ͦ͔͇͉͕͙͌͘͢͔͌
͈͕͒͌͌ ͓͙͕͉͌͗͔͇͋͚͕͉͔͓͗͌͓͕͗ͦ
̨͎͕͖͇͔͕͙͌ͣ͘͘͖͚͇͙͇ͤ͑͒͘͝͏͏͇͇͔͙͊͗͏͚͙͗͌ͦ͘͙͕͕͒ͣ͑͖͗͏
͉͇͑͒͏͛͏͝͏͕͉͇͔͔͕͗͐͈͕͗͑͌͘͘͕͈͔͒ͥ͋͌͘͏͓͌͇͔͔͕͋͐͏͔͙͚͗͑͘͝͏͏
͖͕͓͕͔͙͇͍͚̮͇͖͕͉͍͔͗͌͋͌͏ͦ͏͎͎͇͔͖͇͉͌͗͏͔͕͒ͣ͐͚͙͇͔͕͉͑͘͏
͕͙͉͙͙͉͔͔͕͙͌͌ͣ͘͘͔͙͌ͧ͘͈͕͗͘͠͏͑
̳͈͌͌͒ͣ͋͒ͦ͉͙͇͗͘͏͉͇͔͏ͦ͕͍͔͇͋͒͉͍͋͌͗͢͏͉͇͙ͣ͙͓͖͇͙͚͚͌͌͗͗͕͋
 p$͇͕͔͌͋͘͘͏͌͇͇͛͋͘͢࣊͕͋ p̸
̴͌͚͙͇͔͇͉͒͘͏͉͇͙͐͌͖͗͏͈͕͗͎͇͕͇͙͋͌͑͗͏͉͔͕͐͔͇͇͕͑͒͋͑͐̩
͖͕͙͗͏͉͔͕͓͚͇͒͌͘͞͉͕͎͔͏͔͙͑͌͕͖͇͔͕͙ͣ͘͘͖͉͇͌͗͌͊͗͌
̩͌͘͇͈͕͙͗͢͖͕͉͖͕͔͔͒͌͢͏ͥ͉͎͕͉͗͌͢͔͇͓͈͌͌͒͏͏͙͕͔͒͌͘͟͏͌͝
͉͖͕͔͙͒ͦ͐͌͢ ͕͋ ͚͙͇͔͕͉͑͘͏ ͖͗͏͈͕͕͉͗ ̺͇͋͒͏͙͌ ͕͖͏͒͑͏ ͙͇͑ ͇͑͑ ͕͔͏
͓͕͚͙͊͔͇͚͗͟͏͙ͣ͇͈͕͙͚͗͙ͤ͒͌͑͗͏͌͑͘͞͏͜͕͓͖͕͔͔͙͕͉͑͌
̨͚͙͋ͣ͌͕͙͕͕͍͔͗͘͢̫͙͇͌͒͏͕͙͙͑͗͌͢͢͖͗͏͓͕͔͙͇͍͌͓͕͚͙͊͈͙ͣ͢
͕͙͓͗͘͢͏͙͕͈̾͢͔͌͖͕͎͇͙͗͌ͣͦ͘͉͕͉͓͗͌ͦ͓͕͔͙͇͍͇͏͖͕͎͚͙͒ͣ͐͌͘
͎͇͠͏͙͔͌͢͖͇͙͌͗͑͞͏
̳͍͚͌͋͖͗͏͈͕͕͓͗͏͕͔͌͋͘͘͏͓͏͇͇͇͓͛͋͘͏͕͍͔͋͒͌͈͙ͣ͢͎͇͎͕͗
͓͏͔͏͓͚͓ ͓͓
΢πρίμναιίξοηΰνοίξνγπρνκδχμηυς³οηπ
̷͕͎͙͇͌͑͋͒ͦ͖͕͔͋͑͒ͥ͌͞͏ͦ͖͗͏͈͕͇͗͕͍͔͇͋͒͔͇͕͋͜͏͙ͣͦ͘͉
͎͇͙͗͟͏͕͉͇͔͔͕͐͜͕͈͇͙͒͘͏ %͏͒͏͎͇͖͇͓͗͌͋͌͒͏͉͙͇͗͘͏͉͇͓͕͕͌͊
͓͕͚͋͒ͦ
̩͇͎͗͋͌͒͏͙͔͕͌͒ͣ͐͖͕͕͌͗͌͊͗͋͑͌͇͇͑͛͟͉͕͙͕͑͗͐͢͉͙͇͗͘͏͉͇͙͌ͦ͘
͖͗͏͈͕͗͕͍͔͕͋͒͈͙ͣ͢͕͙͉͙͌͗͘͏͌͋͒ͦ͉͔͙͌͏͒ͦ͝͏͏
̴͎͇͖͔͔͌͑͗͌͒͌͌͢ ͓͕͚͋͒͏ ͖͗͏͖͑͗͌͏͙͌ ͑ ͙͔͌͌͘ ͘ ͖͕͓͕ͣͥ͠ ͕͈͔͕͕͊͢͞
͚͕͇͊͒͑ &
̮͇͖͑͗͌͏͙͌͙͕͔͒͌͘͟͏͚͝͔͇͓͕͚͋͒ͦ͜
Λνμρίεαςβκίτ³οηπ
͙͕͈̾͢͉͋͌͗ͣ͓͕͇͊͒͉͕͈͕͔͕͋͘͕͙͉͇͙͑͗ͣͦ͘͢͖͗͏͓͕͔͙͇͍͌͉͚͇͊͒͜
͚͞͏͙͉͇͙͐͌͢͇͙͕͔͗ͦ͘͘͏͌͚͇͎͇͔͔͕͑͌͔͇͗͏͚͔͑͌͘ '̮͔͇͔͌͞͏͌ (
͇͉͇͙͑͒͋͌ͦ͘͘͢ ͏͎ ͙͕͒͠͏͔͢ ͕͔͙͇͔͛͗͒ͣ͢͜ ͖͇͔͌͒͌͐ ͓͈͌͌͒͏ ͏ ͉͕͙͘͢͢
͚͗͌͑͞
Ξνγικύφδμηδξοηΰνοί
̶͕͔͋͑͒ͥ͌͞͏͌͖͗͏͈͕͇͗͕͍͔͕͋͒͉͖͕͔͙͒ͦͣͦ͘͢͙͕͕͒ͣ͑
͉͇͑͒͏͛͏͝͏͕͉͇͔͔͓͗͢͖͌͘͝͏͇͒͏͙͕͓͘̴͕͈͕͌͋͜͏͓͕͕͈͇͙͒ͥ͋ͣ͘
͔͇͝͏͕͔͇͔͒ͣ͌͢͏͗͌͊͏͕͔͇͔͒ͣ͌͢͔͕͓͗͢͙͕͔͇͈͍͔ͤ͒͌͑͗͌͘͏ͦ
̶͗͏͉͖͕͔͔͒͌͢͏͏͈͒ͥ͢͜͓͕͔͙͇͍͔͢͜͇͈͕͙͗͖͗͏͈͕͗͕͍͔͋͒͌͈͙ͣ͢
͕͈͙͕͔͌͌͘͞
̶͗͏͈͕͗͕͕͙͉͙͙͉͚͙͌͌͘͘͇͚͑͒͘͘͎͇͠͏͙͢͖͕͙͕͓͚ͤ͕͔͕͍͔͋͒͌
͖͚͇͙ͤ͑͒͘͏͕͉͇͙͗ͣͦ͘͙͕͕͒ͣ͑͘͖͕͔͔͓͋͑͒ͥͧ͢͞͎͇͎͓͌͒ͦͥ͠͏͓
͖͕͉͕͕͓͗͋
̸͙͉͕͌͌͐͖͕͉͕͗͋͙͏͖)77'͏͒͏͉͌͢͟̭͙͕ͧ͒͎͔͇͌͒ͧͦ͍͏͇͒
͎͇͎͓͕͌͒ͦͥ͌͊͠͖͕͉͕͇͗͋͕͘͙͕͕͔͗͘͢͖͗͏͈͕͇͗͕͍͔͇͋͒͈͙ͣ͢͔͇
 ͓͓͋͒͏͔͔͌͌͕͙͇͔͒ͣ͘͢͜͍͏͒
̶͗͏͚͙͇͔͕͉͑͌͘͚͙͒͌͋͌͘͖͚͓͕͙͙͗͌͋͗͌ͣ͘͖͌͘͝͏͇͔͒ͣ͐͢
͉͇͙͑͒ͥ͌͒ͣ͢͞͋͒ͦ͇͎͓͇͔͗͑͢͏ͦ͉͌͘͜͖͕͕͉͒ͥ͘͘͇͙͕͔͗ͦ͘͘͏͓͌
͓͍͚͌͋͇͎͕͓͔͚͙͓͗͑͢͏͕͔͙͇͙͇͓͑͑͏͔͌͓͔͌͌͌͓͓͏͒͏
͖͕͋͑͒ͥ͞͏͙ͣ͖͗͏͈͕͗͎͌͗͌͞͚͙͕͙͉͕͗͐͘͘͘͎͇͎͓͌͒ͦͥ͠͏͓
͕͔͙͇͙͕͓͑͑̵͈͖͙͌͌ͣ͌͘͞͑͔͓͚͌͉͕͈͕͔͋͐͘͢͕͙͚͖͋͘͖͕͒͌͘
͉͙͇͗͘͏͉͇͔͏ͦ͖͗͏͈͕͇͗
̶͗͏͚͙͇͔͕͉͑͌͘͕͈͖͙͌͌ͣ͌͘͞͎͇͠͏͙͚͕͙͖͗͏͕͔͕͉͔͑͌͘͏ͦ
̵͖͗͌͋͌͒͏͙͌͇͎͕͉͛͐͢͏͔͙͇͔͌͐͗͒ͣ͐͢͔͚͉͕͒͌͐͕͔͙͇͙͑͑͢͉
͕͎͙͗͌͑͌̴͖͇͉͌͗͏͔͕͒ͣ͌͖͕͔͋͑͒ͥ͌͞͏͌͓͕͍͙͌͙͇͙ͣ͘͖͗͏͞͏͔͕͐
͖͕͉͍͔͗͌͋͌͏ͦ͖͗͏͈͕͇͗
̶͕͇͙͋͑͒ͥ͐͌͞͙͕͕͒ͣ͑͉͕͕͙͉͙͙͉͌͘͘͏͏͕͘͓͕͌͐͘͜̴͇͖͍͔͗ͦ͌͏͌
͚͇͎͇͔͕͑͔͇͙͏͖͕͉͕͐͙͇͈͒͏͑͌͞
̫͒ͦ͖͕͔͋͑͒ͥ͌͞͏ͦ͑͙͌͘͏͚͙͇͔͕͉͘͏͙͌͖͗͏͈͕͗͖͌͗͌͋͓͈͌͌͒ͣͥ
̸͙͉͕͌͌͐͖͕͉͕͗͋͕͍͔͋͒͌͈͙ͣ͢͕͕͙͉͙͙͉͚͌ͥ͌͐͘͘͠͋͒͏͔͢
̸͕͈͇͙͒ͥ͋͐͌͏͔͙͚͗͑͘͝͏ͥ͖͕͓͕͔͙͇͍͚͉͇͕͔͕͗͐͞͖͇͔͌͒͏
Ζίιοδξκδμηδξοηΰνοί³οηπ
̩͙͇͉͙ͣ͌͘͖͗͏͈͕͗͕͋͕͔͇͑͝͏͉͕͉͔͙͗ͦ͐͌͢͖͕͔͙͚͌͗͝
̮͇͖͑͗͌͏͙͌͖͗͏͈͕͗
̮͇͎͕͗͓͍͚͌͋͙͕͔͒͌͘͟͏͌͐͝͏͖͗͏͈͕͕͓͗͔͕͈͕͌͋͜͏͓͕͎͇͙͑͗ͣ͢
͕͖͕͔͋͒͏͙͔͕͌͒ͣ͐͖͇͔͕͒͑͐
Γδλνμρίε
̵͈͙͕͙͌ͣ͌͘͞͖͗͏͈͕͗̵͇͈͙͒ͣ͌͘͉͏͔͙͢͖͔͑͗͌͒͌͏ͦ̶͗͏͖͕͔͋͏͓͏͙͌͏
͉͔͙ͣ͌͢͖͗͏͈͕͗̵͙͑͒ͥ͞͏͙͌͉͇͕͔͚͗ͥ͞͖͇͔͌͒ͣ͓͘͏͔͙͚͗͑͘͝͏ͥ͖͕
͓͕͔͙͇͍͚͉͇͕͔͕͗͐͞͖͇͔͌͒͏
cs
Ö
.POU¡ľOO¡WPE
.RPELQDFHVSRWŒHELĀŤ
7BSO¡EFTLBB USPVCBNVTC½UPETUFKO©IPW½SPCDFB OBW[¡KFN
LPNCJOPWBUFMO©,PNCJOBÍOCPEZNVTC½UTUFKO©
ĘJÏUFTFQPEMFºEBKįP SP[NÛSFDIW NPOU¡ľONO¡WPEVQSP
WBSOPVEFTLV
1PLVEKFOBNTUÛQęJQPKFOQSPWBSOPVEFTLVOBMFQFO¡O¡MFQLB
KFOVUO©KJQPQęJQPKFOWBSO©EFTLV[OPWVOBMFQJU
3ŒtSUDYDQiE\WNX²REUi]HN
5FOUPTQPUęFCJÍKFVSÍFO½QSPQPVľJUW NBYJN¡MOOBENPęTL©
W½ġDF  N
+FOPECPSO¡WFTUBWCBQPEMFUPIPUPNPOU¡ľOIPO¡WPEV
[BSVÍVKFCF[QFÍO©QPVľW¡O;BġLPEZ[QįTPCFO©DIZCOPV
WFTUBWCPVPEQPWE¡NPOU¡ľOGJSNB
7FTUBWO½O¡CZUFLNVTC½UPEPMO½WįÍJUFQMPUÛBľEP p$
QęJMFIM©QęFEOISBOZO¡CZULVBľEP p$
/F[BCVEPW¡WFKUFTQPUęFCJÍ[BEFLPSBÍOLSZU)SP[OFCF[QFÍ
QęFIę¡U
7ġFDIOZW½ęF[PW©QS¡DFW O¡CZULVB QSBDPWOEFTDFQSPWFÏUF
QęFEWTB[FONTQPUęFCJÍį0ETUSBĈUFQJMJOZGVOLDFFMFLUSJDL½DI
TPVÍ¡TUFLCZNPIMBC½UOFHBUJWOÛPWMJWOÛOB
1P[PSQęJWFTUBWCÛÌ¡TUJLUFS©KTPVQęTUVQO©QęJNPOU¡ľJ
NPIPVNUPTUS©ISBOZ"CZTUF[BCS¡OJMJQPęF[¡OQPVľWFKUF
PDISBOO©SVLBWJDF
.F[JTQPUęFCJÍFNB QęJMFIM½NJQęFEONJISBOBNJO¡CZULVNVT
C½UW[EVDIPW¡NF[FSB NN
6SRWŒHELĀSRGSUDFRYQtGHVNRX REUi]HN
;¡TVWLBQSPQęJQPKFOTQPUęFCJÍFNVTC½UVNTUÛOBW PCMBTUJ
WZġSBGPWBO©QMPDIZ %OFCPNJNPQSPTUPS[BCVEPW¡OTQPUęFCJÍF
6 NF[JEOBO¡CZULPW©IPLPSQVTVKFOVUO½WÛUSBDW½ęF[
/FVQFWOÛO½O¡CZUFLQęJQFWOÛUFLFTUÛOÛCÛľOÛQSPE¡WBO½N
ºIFMOLFN &
1SBDPWOEFTLVQęJQFWOÛUFL WFTUBWO©NVO¡CZULV
9HVWDYEDGRURKXăREUi]HN
"CZCZMPNPľOPPUFWSBUEWęLBTQPUęFCJÍFKFOVUO©QęJWFTUBWCÛ
EPSPIVEPESľFUSP[NÛSZ '3P[NÛS ([¡WJTOBUMPVġĥDFQęFEO
ISBOZO¡CZULVQPENBEMFN
3ŒLSRMHQtVSRWŒHELĀH
&MFLUSJDL©QęJQPKFOTNQSPW¡EÛUQPV[FLPODFTPWBO½PECPSOL
1MBUQęFEQJTZNTUODIFMFLUSPSP[WPEO½DI[¡WPEįB QęTMVġO©
[FNÛ
1ęJWFġLFS½DINPOU¡ľODIQSBDDINVTC½UTQPUęFCJÍPEQPKFO½
PETUÛ
4QPUęFCJÍPEQPWE¡TUVQOJPDISBOZ B TNC½UQęJQPKFOKFO
LBCFMFNT PDISBOO½NWPEJÍFN
1ęWPEO LBCFM UZQ ) 77' OFCP WZġġ ĽMVUP[FMFO½ WPEJÍ QSP
QęJQPKFOPDISBOO©IPWPEJÍFNVTC½UOBTUSBOÛTQPUęFCJÍF
P  NNEFMġOFľPTUBUOWPEJÍF
1ęJJOTUBMBDJTFNVTQPVľUKJTUJÍWġFDIQ³MįTFW[E¡MFOPTU
LPOUBLUįNJO NNOFCPNVTC½UTQPUęFCJÍ[BQPKFOQPNPD
[¡TUSÍLZT PDISBOO½NLPOUBLUFN;¡TUSÍLBNVTC½UQęTUVQO¡
J QPEPLPOÍFOWFTUBWCZ
0DISBOBQSPUJEPUZLVNVTC½U[BKJġUÛOBWFTUBWCPV
*EFOUJGJLVKUF G¡[PW© WPEJÍF B OVMPW½ WPEJÍ W QęJQPKPWBD [¡TVWDF
7 QęQBEÛOFTQS¡WO©IPQęJQPKFONįľFEPKUL QPġLP[FO
TQPUęFCJÍF

1ęJQPKFO QSPW¡EÛKUF QPV[F QPEMF TDI©NBUV QęJQPKFO /BQÛU WJ[
UZQPW½ġUUFL
1ęJQęJQPKPW¡OQPTUBWUFTQPUęFCJÍQęFEO¡CZUFL1ęWPEOLBCFM
NVTC½UEPTUBUFÍOÛEMPVI½
%PESľVKUFNPOU¡ľOO¡WPEQSPWBSOPVEFTLV
8SHYQěQtVSRWŒHELĀHăREUi]HN
4QPUęFCJÍ[DFMB[BTVĈUFB TUęFEPWÛWZSPWOFKUF
4QPUęFCJÍQęJġSPVCVKUF
.F[FSB NF[J QSBDPWO EFTLPV B TQPUęFCJÍFN TF OFTN [BLS½WBU
ľ¡EO½NJQęEBWO½NJMJġUBNJ
'HPRQWiç
4QPUęFCJÍ PEQPKUF PE TUÛ 6WPMOÛUF VQFWĈPWBD ġSPVCZ 4QPUęFCJÍ
NSOÛOB[EWJIOÛUFB [DFMBWZU¡IOÛUF7BSOPVEFTLVPEQPKUFWJ[
NPOU¡ľOO¡WPEQSPWBSOPVEFTLV
pl
ë
,QVWUXNFMDPRQWDŰX
.RPELQDFMDXU]ĉG]HĿ
1ĂZUBHS[FKOBJLVDIFOLBNVT[ÅQPDIPE[JÇPEUFHPTBNFHP
QSPEVDFOUBPSB[EPTJFCJFQBTPXBÇ.JFKTDBQPĂÅD[FĄNVT[ÅCZÇ
JEFBMOJFEPTJFCJFEPQBTPXBOF
/BMFļZQS[FTUS[FHBÇXZNJBS³XQPEBOZDIXJOTUSVLDKJNPOUBļV
QĂZUZHS[FKOFK
+FěMJXNJFKTDVQPEĂÅD[FOJBQĂZUZHS[FKOFKQS[ZLMFKPOBKFTU
OBLMFKLB QP QPEĂÅD[FOJV VS[ÅE[FOJB OBMFļZ QPOPXOJF QS[ZLMFJÇ
3U]\JRWRZDQLHPHEOLU\V
6S[ÅE[FOJFKFTUQS[F[OBD[POFEPVļZULPXBOJBOBNBLTZNBMOFK
XZTPLPěDJNFUS³XOBEQP[JPNFNNPS[B
8ZĂÅD[OJFQSBXJEĂPXZNPOUBļXZLPOBOZXFEĂVHJOTUSVLDKJ
NPOUBļVHXBSBOUVKFCF[QJFD[OFVļZULPXBOJFVS[ÅE[FOJB;B
T[LPEZQPXTUBĂFXXZOJLVOJFXĂBěDJXFHPNPOUBļVPEQPXJBEB
NPOUFS
.FCMFEP[BCVEPXZNVT[ÅCZÇPEQPSOFOBUFNQFSBUVSÙEP
p$BHSBOJD[ÅDF[VS[ÅE[FOJFNGSPOUZNFCMJEPp$
6S[ÅE[FOJB OJF NPOUPXBÇ [B MJTUXÅ EFLPSBDZKOÅ *TUOJFKF SZ[ZLP
QS[FHS[BOJB
.FCMFJCMBUSPCPD[ZOBMFļZEPDJOBÇQS[FEXTUBXJFOJFN
VS[ÅE[FĄ6TVOÅÇXJ³SZQPOJFXBļNPHÅPOF[BLĂ³DBÇ
GVOLDKPOPXBOJFFMFNFOU³XFMFLUSZD[OZDI
1PED[BTNPOUBļV[BDIPXBÇPTUSPļOPěÇ&MFNFOUZLU³SFTÅ
EPTUÙQOF QPED[BT NPOUBļV NPHÅ NJFÇ PTUSF LSBXÙE[JF /BMFļZ
OPTJÇSÙLBXJDFPDISPOOFDISPOJÅDFQS[FETLBMFD[FOJFN
1PNJÙE[ZVS[ÅE[FOJFNBGSPOUBNJQS[ZMFHĂZDINFCMJOBMFļZ
[BDIPXBÇPETUÙQ NN
8U]ĉG]HQLHSRGEODWHPURERF]\PU\V
(OJB[EPQS[ZĂÅD[FOJPXFVS[ÅE[FOJBNVTJ[OBKEPXBÇTJÙX
[BLSFTLPXBOZNPCT[BS[F %MVCQP[BPCT[BSFN[BCVEPXZ
8QĂZDJFQS[FHSBE[BKÅDFKT[BGLJEP[BCVEPXZNVTJCZÇPUX³S
XFOUZMBDZKOZ
.FCMF LU³SF OJF QS[ZNPDPXBOF OBMFļZ QS[ZUXJFSE[JÇ EP ěDJBOZ
QS[ZQPNPDZLÅUPXOJLB &
1S[ZNPDPXBÇCMBUSPCPD[ZEPNFCMJ
0RQWDŰQDURŰQ\ăU\V
"CZXQS[ZQBELVNPOUBļVOBSPļOFHPNPļMJXFCZĂPPUXPS[FOJF
ES[XJD[FLVS[ÅE[FOJBOBMFļZVX[HMÙEOJÇXZNJBS '8ZNJBS (
[BMFļZPEHSVCPěDJGSPOUVNFCMJQPEVDIXZUFN
3RGãĉF]DQLHXU]ĉG]HQLD
6S[ÅE[FOJFNPļFQPEĂÅD[ZÇXZĂÅD[OJFTQFDKBMJTUB[
PEQPXJFEOJNJVQSBXOJFOJBNJFMFLUSZD[OZNJ0CPXJÅ[VKÅ
QS[FQJTZLSBKPXFPSB[[BMFDFOJBMPLBMOFHPEPTUBXDZQSÅEV
1PED[BTXT[ZTULJDIQSBDNPOUBļPXZDIOBMFļZXZĂÅD[ZÇ
[BTJMBOJFVS[ÅE[FOJB
6S[ÅE[FOJF PEQPXJBEB LMBTJF PDISPOZ J NPļF CZÇ VļZULPXBOF
XZĂÅD[OJFKFěMJKFTUQPEĂÅD[POFEPQS[FXPEVV[JFNJBKÅDFHP
1S[FX³EQS[ZĂÅD[FOJPXZEPTJFDJUZQ)77'MVCPXZļT[ZN
TZNCPMV ,BCFM ļ³ĂUP[JFMPOZ QS[ZĂÅD[B QS[FXPEV V[JFNJBKÅDFHP
QPTUSPOJFVS[ÅE[FOJBNVTJCZÇEĂVļT[ZP NNPEJOOZDI
LBCMJ
%PJOTUBMBDKJLPOJFD[OZKFTUXJFMPCJFHVOPXZSP[ĂÅD[OJLPETJFDJ
FMFLUSZD[OFK[SP[XBSDJFNTUZL³XNJOJNVNNNMVC
VS[ÅE[FOJF NPļOB QPEĂÅD[ZÇ [B QPNPDÅ XUZD[LJ [ V[JFNJFOJFN
.VTJTJÙPOB[OBKEPXBÇXEPTUÙQOZNNJFKTDV
.POUBļNVTJ[BQFXOJÇPDISPOÙQS[FEOJF[BNJFS[POZN
EPULOJÙDJFN
/BMFļZ[JEFOUZGJLPXBÇQS[FX³EGB[PXZJ[FSPXZXHOJFĺE[JF
QS[ZĂÅD[FOJPXZN/JFXĂBěDJXFQPEĂÅD[FOJFNPļFEPQSPXBE[JÇ
EPVT[LPE[FOJBVS[ÅE[FOJB
1PEĂÅD[BÇXZĂÅD[OJFXFEĂVHTDIFNBUVQPĂÅD[FĄ/BQJÙDJF
QBUS[UBCMJD[LB[OBNJPOPXB
8DFMVQPEĂÅD[FOJBVTUBXJÇVS[ÅE[FOJFQS[FENFCMBNJ
1S[FX³EQS[ZĂÅD[FOJPXZNVTJCZÇXZTUBSD[BKÅDPEĂVHJ
1S[FTUS[FHBÇJOTUSVLDKJNPOUBļVQĂZUZHS[FXD[FK
0RQWDŰXU]ĉG]HQLDăU\V
6S[ÅE[FOJFDBĂLPXJDJFXTVOÅÇVTUBXJBKÅDQPěSPELV
1S[ZNPDPXBÇVS[ÅE[FOJFěSVCBNJ
/JFXPMOPQS[ZTĂBOJBÇEPEBULPXÅMJTUXÅT[D[FMJOZQPNJÙE[Z
CMBUFNSPCPD[ZNBVS[ÅE[FOJFN
'HPRQWDŰ
8ZĂÅD[ZÇ[BTJMBOJFVS[ÅE[FOJB0ELSÙDJÇěSVCZNPDVKÅDF
6S[ÅE[FOJFVOJFěÇJDBĂLPXJDJFXZDJÅHOÅÇ8ZDJÅHOÅÇXUZD[LÙ
VS[ÅE[FOJB[HOJB[EBQBUS[JOTUSVLDKBNPOUBļVQĂZUZHS[FKOFK
tr
ô
0RQWDMN×ODYX]X
&LKD]ODU×QNRPELQDV\RQX
"ZOñ¼SFUJDJZFBJUPDBLWFGñSñOLPNCJOFFEJMFCJMJS
PMNBMñEñS,PNCJOBTZPOOPLUBMBSñBZOñPMNBMñEñS
0DBßñONPOUBKUBMJNBUñOEBLJ¶M§¼CJMHJMFSJOJEJLLBUFBMñOñ[
0DBßñOCBßMBOUñOPLUBTñOBZBQñğLBOMñğFSJUZBQñğUñSñMñSTBPDBßñO
CBßMBONBTñOEBOTPOSBCVğFSJUZFOJEFOZBQñğUñSñMNBMñEñS
0RELO\DODU×QKD]×UODQPDV×5HVLP
#VDJIB[EFOJ[TFWJZFTJOEFOFOGB[MBNFUSFZ¼LTFLMJLUF
LVMMBOñMNBL¼[FSFUBTBSMBONñğUñS
$JIB[ñO NPOUBKñ BODBL CV NPOUBK UBMJNBUñOEB UBSJG FEJMFO ğFLJMEF
VTVM¼OFVZHVOPMBSBLZBQñMNñğTBDJIB[ñOH¼WFOMJLVMMBOñNñT¶[
LPOVTVPMBCJMJS:BOMñğNPOUBKEBOLBZOBLMBOBOBSñ[BMBSEBO
NPOUBKñZBQBOLJğJTPSVNMVEVS
.POUBKNPCJMZBMBSñp$ZFLBEBSZBLñOñOEBLJNPCJMZB
DFQIFMFSJJTFp$ZFLBEBSñTñZBEBZBOñLMñPMNBMñEñS
$JIB[ñCJSEFLPSLBQBßñOñOBSLBTñOBNPOUFFUNFZJOJ["ğñSñ
ñTñONBOFEFOJZMFUFIMJLFPMVğUVSVS
.PCJMZBMBSEBWF§BMñğNBUF[HBIñOEBZBQñMBDBLU¼N§BMñğNBMBSñ
DJIB[MBSñ ZFSMFğUJSNFEFO ¶ODF UBNBNMBZñOñ[ &MFLUSJLMJ QBS§BMBSñO
§BMñğNBTñOñFULJMFZFCJMFDFLUBMBğMBSñUFNJ[MFZJOJ[
.POUBK TñSBTñOEB EJLLBU .POUBK FTOBTñOEB FSJğJMFCJMFO QBS§BMBSñO
LFOBSMBSñLFTLJOPMBCJMJS:BSBMBONBMBSñ¶OMFNFLJ§JOLPSVZVDV
FMEJWFOUBLñMNBMñEñS
$JIB[WFNPCJMZBLFOBSñBSBTñOEBNNMJLCJSIBWBCPğMVßV
PMNBMñEñS
&LKD]oDO×üPDWH]JDK×Q×QDOW×QD\HUOHüWLULOHFHNVH5HVLP
$JIB[CBßMBOUñQSJ[JUBSBLMñZ¼[FZBMBOñ %EFWFZBNPOUBKC¶MHFTJ
EñğñOEBPMNBMñEñS
%PMBQUBLJBSB[FNJOCJSIBWBMBOEñSNBCPğMVßVOBTBIJQPMNBMñEñS
4BCJUMFONFNJğNPCJMZBMBSQJZBTBEBCVMVOBO &L¶ğFCFOUMFSJJMF
EVWBSBTBCJUMFONFMJEJS
BMñğNBUF[HBIñNPOUBKNPCJMZBTñOBTBCJUMFONFMJEJS
.|üHPRQWDM×ăUHVLP
$JIB[ñOLBQBßñOñOB§ñMBCJMNFTJJ§JOL¶ğFNPOUBKñTñSBTñOEB '
¶M§¼T¼OFEJLLBUFEJMNFMJEJSM§¼MFS (UVUBNBßñOBMULñTNñOEB
LBMBONPCJMZBOñO¶ODFQIFTJOJOLBMñOMñßñOBCBßMñEñS
&LKD]×QEDùODQPDV×
$JIB[ñOFMFLUSJLCBßMBOUñTñTBEFDFFßJUJNMJCJSV[NBOUBSBGñOEBO
ZBQñMNBMñEñS#¶MHFTFMFMFLUSJLEBßñUñDñTñOñOWF¼MLFOJO
Z¶OFSHFMFSJHF§FSMJEJS
#¼U¼O NPOUBK JğMFNMFSJ TñSBTñOEB DJIB[ñO ğFCFLF CBßMBOUñTñ LFTJL
PMNBMñEñS
$JIB[LPSVNBTñOñGñFBJUUJSWFTBEFDFUPQSBLMBNBLBCMPTV
CBßMBOUñTñJMF§BMñğUñSñMBCJMJS
ĞFCFLFCBßMBOUñLBCMPTV5JQ)77'WFZBEBIBZ¼LTFL
EFßFSMJ5PQSBLMBNBLBCMPTVCBßMBOUñTñJ§JOTBSñZFğJMLBCMP
EJßFSLBCMPMBSEBOFOB[NNEBIBV[VOPMNBMñEñS
.POUBKTñSBTñOEBFOB[NNUFNBTB§ñLMñßñPMBOU¼NLVUVQMBSB
VZHVOCJSBZñSñDñğBMUFSJONFWDVUPMNBTñHFSFLNFLUFEJSWFZB
DJIB[QSJ[LPSVNBTJTUFNJJMFGJğFCBßMBONñğPMNBMñEñS#VOMBSB
LVSVMEVLUBOTPOSBLPMBZDBVMBğñMBCJMNFMJEJS
.POUBK TñSBTñOEB CJS FMFLUSJL UFNBT LPSVZVDVTV NFWDVU PMNBMñEñS
'B[WFO¶US4ñGñSLBCMPCBßMBOUñQSJ[JOEFUBOñNMBONBMñEñS
)BUBMñCJSCBßMBOUñDJIB[ñO[BSBSH¶SNFTJOFTFCFQPMBCJMJS

4BEFDFCBßMBOUñSFTNJOFH¶SFCBßMBONBMñEñS(FSJMJNJ§JOUJQ
MFWIBTñOBCBLñOñ[
$JIB[ñCBßMBNBLJ§JONPCJMZBOñO¶O¼OFZFSMFğUJSJOJ[#BßMBOUñ
LBCMPTVZFUFSJODFV[VOPMNBMñEñS
0DBLNPOUBKLñMBWV[VOBEJLLBUFEJOJ[
&LKD]×VDELWOH\LQL]ă5HVLP
$JIB[ñUBNBNFOJ§FSJJUJOJ[WFPSUBMBZñOñ[
$JIB[ñTñLñDBWJEBMBZñOñ[
BMñğNBUF[HBIñWFDJIB[BSBTñOEBLJBSBMñLFLQFSWB[MBSMB
LBQBUñMNBNBMñEñS
6|NOPHVL
$JIB[ñOFMFLUSJLHJSJğJOJLFTJOJ[4BCJUMFNFDñWBUBMBSñOñT¶L¼O¼[
$JIB[ñIBGJG§FLBMEñSñOñ[WFUBNBNFOEñğBSñ§FLJOJ[0DBL
CBßMBOUñTñOñLFTJOJ[CVOVOJ§JOPDBßñONPOUBKUBMJNBUñOBCBLñOñ[
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12

Bosch HND22AS50(00) Owner's manual

Type
Owner's manual

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

Finding information in a document is now easier with AI