Siemens | EO616HB10E | Installation instructions | Siemens iQ100 Gas hob Installation instructions

Siemens iQ100 Gas hob Installation instructions
*9000512234*
Ø
Ú
Û
Þ
/
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
ì ,QVWUXo}HVGHPRQWDJHP
0RQWDJHDQOHLWXQJ
,QVWDOODWLRQLQVWUXFWLRQV
,QVWUXFFLRQHVGHPRQWDMH
1RWLFHGHPRQWDJH
PLQ
PLQ
PLQ
“ ¸“ PLQ
PLQ
a
PLQ
PLQ
PLQ
PD[
PLQ
PLQ
PLQ
PLQ
D
PD[
D
99 a
/
1
D
9
9
de
;VS#FGFTUJHVOHEFT(FS¤UTBN&JOCBVN¶CFM
&OUOFINFO4JFEJF,MBNNFSOEFN;VCFI¶SCFVUFMVOETDISBV
CFO 4JF TJF JO EFS BOHFHFCFOFO 1PTUJUJPO BO TP EBTT TJF TJDI GSFJ
ESFIFO
'¼HFO4JFEBT,PDIGFMENJUUJHFJO
%S¼DLFO4JFEJF3¤OEFSTPMBOHFOBDIVOUFO CJTEFSHFTBNUF
3BOEBVGMJFHU
%SFIFO4JFEJF,MBNNFSOVOE[JFIFO4JFEJFTFGFTUBO
%JF1PTJUJPOEFS,MBNNFSOI¤OHUWPOEFS%JDLFEFS
"SCFJUTPCFSGM¤DIFBC"CC B
Ø .POUBHFBOMFJUVOH
6LFKHUKHLWVKLQZHLVH
-FTFO4JFEJF(FCSBVDITBOXFJTVOHG¼SEBT(FS¤U CFWPS4JFFT
JOTUBMMJFSFOVOECFOVU[FO
%JF"CCJMEVOHFOJOEJFTFS"OMFJUVOHEJFOFOEFS7FSBOTDIBVMJ
DIVOH
'HU +HUVWHOOHU LVW MHJOLFKHU 9HUDQWZRUWXQJ HQWKREHQ ZHQQ GLH
%HVWLPPXQJHQGLHVHV+DQGEXFKVQLFKWHLQJHKDOWHQZHUGHQ
$OOH,QVWDOODWLRQV5HJHOXQJVXQG8PVWHOOXQJVDUEHLWHQDXI
HLQHDQGHUH*DVDUWPVVHQYRQHLQHPDXWRULVLHUWHQ)DFK
PDQQXQGXQWHU%HDFKWXQJGHUMHZHLOVDQZHQGEDUHQ5HJH
OXQJHQXQGJHVHW]OLFKHQ9RUJDEHQVRZLHGHU9RUVFKULIWHQ
GHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHUYRUJHQRPPHQZHU
GHQ
)U8PVWHOOXQJVDUEHLWHQDXIHLQHDQGHUH*DVDUWHPSIHKOHQ
ZLUGHQ.XQGHQGLHQVW]XUXIHQ
6WHOOHQ6LHYRUGHU'XUFKIKUXQJMHJOLFKHU$UEHLWHQGLH
6WURPXQG*DV]XIXKUDE
%JFTFT(FS¤UXVSEFBVTTDIMJFŸMJDIG¼SEJF7FSXFOEVOHJO1SJWBU
IBVTIBMUFOFOUXPSGFOFJOFLPNNFS[JFMMFPEFSHFXFSCMJDIF/VU
[VOH JTU OJDIU HFTUBUUFU %JFTFT (FS¤U EBSG OJDIU BVG +BDIUFO PEFS JO
8PIOXBHFOFJOHFCBVUXFSEFO%JF(BSBOUJFHJMUOVSEBOO XFOO
EBT(FS¤UBVTTDIMJFŸMJDIG¼STFJOFOWPSHFTFIFOFO;XFDLHFOVU[U
XJSE
œCFSQS¼GFO4JFWPSEFN&JOCBV EBTTEJF¶SUMJDIFO7PSBVTTFU[VO
HFO (BTBSUVOEESVDL VOEEJF(FS¤UFFJOTUFMMVOHFONJUFJOBOEFS
LPNQBUJCFMTJOE TJFIF5BCFMMF * %JF#FEJOHVOHFOG¼SEJF
(FS¤UFFJOTUFMMVOHGJOEFO4JFBVGEFN&UJLFUUPEFS5ZQFOTDIJME
%JFTFT(FS¤UEBSGOVSBOFJOFNBVTSFJDIFOECFM¼GUFUFO0SUVOE
OVSJOœCFSFJOTUJNNVOHNJUEFOG¼SEJF#FM¼GUVOHHFMUFOEFO
#FTUJNNVOHFOVOE3JDIUMJOJFOFJOHFCBVUXFSEFO%BT(FS¤UEBSG
OJDIU BO FJOFO 4DIPSOTUFJO PEFS FJOF "CHBTBOMBHF BOHFTDIMPTTFO
XFSEFO
%BT /FU[LBCFM NVTT BN &JOCBVN¶CFM HVU CFGFTUJHU XFSEFO EBNJU
FTOJDIUNJUIFJŸFO5FJMFOEFT#BDLPGFOTPEFSEFT,PDIGFMEFTJO
#FS¼ISVOHLPNNFOLBOO
&MFLUSJTDIF(FS¤UFN¼TTFOJNNFSHFFSEFUXFSEFO
/FINFO4JFLFJOF"SCFJUFOJN(FS¤UFJOOFSFOWPS3VGFO4JF
HFHFCFOFOGBMMTVOTFSFO,VOEFOEJFOTUBO
$XVEDXGHV.RFKIHOGHV
5SFOOFO4JFEBT(FS¤UWPOEFS4USPNVOE(BTWFSTPSHVOH
4DISBVCFO 4JF EJF ,MBNNFSO BVG VOE GPMHFO 4JF EFO &JOCBVTDISJU
UFOJOVNHFLFISUFS3FJIFOGPMHF
*DVDQVFKOXVV $EE %FS(BTBOTDIMVTTNVTTTPBOHFPSEOFUTFJO EBTTEFS"CTQFSS
IBIO[VH¤OHMJDIJTU
"N &OEF EFT &JOHBOHTSPIST [VN (BTLPDIGFME CFGJOEFU TJDI FJO ࣔ NN (FXJOEF%JFTFT(FXJOEFFSN¶HMJDIU
■ FJOFO'FTUBOTDIMVTT
■ FJOFO"OTDIMVTTNJUFJOFN.FUBMMTDIMBVDI - NJO N
NBY N %JFNJUHFMJFGFSUF%JDIUVOH NVTT[XJTDIFOEFN"VTMBTT
EFS4BNNFMMFJUVOHVOEEFN(BTBOTDIMVTTBOHFCSBDIUXFSEFO
%FS 4DIMBVDI TPMMUF OJDIU JO ,POUBLU [V EFO CFXFHMJDIFO 5FJMFO EFS
&JOCBVFJOIFJUHFMBOHFO [#FJOFS4DIVCMBEF PEFSEVSDI
–GGOVOHFOWFSMFHUXFSEFO EJFWFSTDIMPTTFOXFSEFOL¶OOUFO
#FJN"OTDIMVTT FHBMXFMDIFS"SU GDUIGHU.UPPHUQLFKW
EHZHJWRGHUYHUGUHKW VOETPBVTTFJOFSXFSLTFJUJHFO1PTJUJPO
HFCSBDIUXFSEFO
8FOO FJO [ZMJOESJTDIFS "OTDIMVTT IFSHFTUFMMU XFSEFO TPMM FSTFU[FO
4JFEFOXFSLTFJUJHJOTUBMMJFSUFO,S¼NNFSNJUEFN,S¼NNFSBVT
EFN;VCFI¶SCFVUFM"CC B
7FSHFTTFO4JFOJDIU EB[XJTDIFOEJF%JDIUVOHBO[VCSJOHFO
: *DVDXVWULWWVJHIDKU
/BDI"SCFJUFOBOFJOFS"OTDIMVTTTUFMMFEJFTFJNNFSBVG%JDIUIFJU
QS¼GFO
%FS)FSTUFMMFS¼CFSOJNNUG¼SEFO(BTBVTUSJUUBOFJOFS"OTDIMVTT
TUFMMF BOEFS[VWPSIBOUJFSUXVSEF LFJOF7FSBOUXPSUVOH
9RUGHP(LQEDX
%JFTFT(FS¤UFOUTQSJDIU,MBTTFHFN¤Ÿ%*/&/G¼S
(BTHFS¤UF&JOCBVHFS¤UF
%JF OFCFO EFN (FS¤U CFGJOEMJDIFO .¶CFM N¼TTFO BVT OJDIU CSFOO
CBSFO .BUFSJBMJFO TFJO %JF 4DIJDIUXFSLTUPGGF EFS .¶CFM TPXJF EFS
TJF[VTBNNFOIBMUFOEF-FJNN¼TTFOIJU[FCFTU¤OEJHTFJO
%JFTFT(FS¤UEBSGOJDIU¼CFS,¼IMTDIS¤OLFO 8BTDINBTDIJOFO
4Q¼MNBTDIJOFOPEFS¤IOMJDIFO(FS¤UFOFJOHFCBVUXFSEFO
8FOO4JFEBT,PDIGFME¼CFSFJOFN#BDLPGFOJOTUBMMJFSFO NVTT
EJFTFS¼CFSFJOF;XBOHTCFM¼GUVOHWFSG¼HFOœCFSQS¼GFO4JFEJF
"CNFTTVOHFOEFT#BDLPGFOTJO*ISFN*OTUBMMBUJPOTIBOECVDI
8FOO FJOF %VOTUBC[VHTIBVCF BOHFCSBDIU XJSE NVTT EJFT HFN¤Ÿ
EFS.POUBHFBOMFJUVOHVOEJNNFSVOUFS#FS¼DLTJDIUJHVOHFJOFT
WFSUJLBMFO.JOEFTUBCTUBOEFTWPO NN[VN,PDIGFMEHFTDIF
IFO
(OHNWULVFKHU$QVFKOXVV $EE 1S¼GFO4JF PC4QBOOVOHVOE/FOOMFJTUVOHEFT(FS¤UTNJUEFS
FMFLUSJTDIFO*OTUBMMBUJPO¼CFSFJOTUJNNFO
%JF,PDIGFMEFSXFSEFONJU/FU[LBCFMNJUPEFSPIOF4UFDLFSHFMJF
GFSU
.JU4UFDLFSBVTHFTUBUUFUF(FS¤UFE¼SGFOOVSJOWPSTDISJGUTN¤ŸJH
BOHFCSBDIUF HFFSEFUF4UFDLEPTFOHFTUFDLUXFSEFO
&TNVTTFJOBMMQPMJHFS5SFOOTDIBMUFSNJUNJOEFTUFOT NN,PO
UBLUBCTUBOEBOHFCSBDIUXFSEFO BVŸFSCFJ"OTDIMVTTBOFJOFGSFJ
[VH¤OHMJDIF4UFDLEPTF %BT (FS¤U HFI¶SU [VN 5ZQ : %BT ;VMFJUVOHTLBCFM EBSG OJDIU WPN
#FOVU[FS TPOEFSOOVSWPN,VOEFOEJFOTUBVTHFUBVTDIUXFSEFO
4PXPIM,BCFMUZQBMTBVDINJOJNBMFS2VFSTDIOJUUN¼TTFO
CFS¼DLTJDIUJHUXFSEFO
9RUEHUHLWXQJGHV.FKHQP|EHOV $EE 8PVWHOOXQJDXIHLQHDQGHUH*DVDUW
/FINFO4JFJOEFS"SCFJUTGM¤DIFFJOFO"VTTDIOJUUNJUEFO
CFO¶UJHUFO"CNFTTVOHFOWPS
8FOO FT TJDI CFJ EFN ,PDIGFME VN FJO FMFLUSJTDIFT PEFS HFNJTDI
UFT,PDIGFME (BTVOEFMFLUSJTDI IBOEFMUVOETJDILFJO0GFOEBS
VOUFSCFGJOEFU CSJOHFO4JFFJOFO;XJTDIFOCPEFOBVTOJDIU
CSFOOCBSFN.BUFSJBM [#.FUBMMPEFS4QFSSIPM[ NNVOUFS
EFN#PEFOEFT,PDIGFMEFTBO4PXJSEFJO;VHBOH[VNVOUFSFO
5FJM EFT ,PDIGFMEFT WFSIJOEFSU8FOO FT TJDI CFJ EFN ,PDIGFME VN
FJO(BTLPDIGFMEIBOEFMU XJSEFNQGPIMFO EFO;XJTDIFOCPEFOJN
TFMCFO"CTUBOE[VN,PDIGFMEBO[VCSJOHFO
#FJ"SCFJUTGM¤DIFOBVT)PM[GJSOJTTFO4JFEJF4DIOJUUGM¤DIFONJU
4QF[JBMMFJN VNTJFWPS'FVDIUJHLFJU[VTDI¼U[FO
8FOOEJFFJOTDIM¤HJHFO#FTUJNNVOHFOEFTKFXFJMJHFO-BOEFT
EJFTFSMBVCFO LBOOEJFTFT(FS¤UBVGBOEFSF(BTBSUFOVNHFTUFMMU
XFSEFO TJFIF5ZQFOTDIJME %JFIJFSG¼SOPUXFOEJHFO5FJMFCFGJO
EFO TJDI JN NJUHFMJFGFSUFO 6NCBVLJU KF OBDI .PEFMM PEFS L¶OOFO
¼CFSEFO,VOEFOEJFOTUCF[PHFOXFSEFO&TN¼TTFOGPMHFOEF
4DISJUUFCFGPMHUXFSEFO
$ $XVWDXVFKGHU'VHQ $EE /FINFO4JFEJF3PTUF #SFOOFSEFDLFMVOE7FSUFJMFSBC
5BVTDIFO 4JF EJF 7FSUFJMFS NJU EFN ¼CFS VOTFSFO ,VOEFOEJFOTU
FSI¤MUMJDIFO4DIM¼TTFMNJUEFS"SUJLFMOVNNFSBVT G¼S
%PQQFMCSFOOFS "SUJLFMOVNNFS TJFIF 5BCFMMF ** "DIUFO
4JFEBCFJCFTPOEFSTEBSBVG EBTTEFS7FSUFJMFSCFJN)FSBVTESF
IFOPEFS#FGFTUJHFOBN#SFOOFSOJDIUBCCSJDIU
4UFMMFO 4JF TJDIFS TJF CJT [VN "OTDIMBH FJOHFESFIU [V IBCFO VN
FJOFHVUF"CEJDIUVOH[VFSSFJDIFO
#FJEJFTFO#SFOOFSONVTTLFJOF&JOTUFMMVOHEFS1SJN¤SMVGUWPS
HFOPNNFOXFSEFO
#SJOHFO4JFEJF7FSUFJMFSVOE#SFOOFSEFDLFMBVGEFOFOUTQSF
DIFOEFO ,PDITUFMMFO BO "VŸFSEFN N¼TTFO EJF 3PTUF LPSSFLU JO
EFOFOUTQSFDIFOEFO)BMUFFMFNFOUFOFJOHFTFU[UXFSEFO
"CC B (LQEDXGHV*HUlWV
+LQZHLV ;VN&JOCBVFOEFT,PDIGFMEFT4DIVU[IBOETDIVIFWFS
XFOEFO
+FOBDI.PEFMMLBOOEJF,MFCFEJDIUVOHCFSFJUTJN8FSLBOHF
CSBDIU XPSEFO TFJO %JF ,MFCFEJDIUVOH EBOO LFJOFTGBMMT FOUGFSOFO
TJFWFSIJOEFSU%VSDITJDLFSO8FOOEJF%JDIUVOHOJDIUXFSLTFJUJH
BOHFCSBDIUXVSEF LMFCFO4JFTJFBOEFOVOUFSFO3BOEEFT,PDI
GFMET"CC 5IJTBQQMJBODFDBOOPUCFJOTUBMMFEBCPWFGSJEHFT XBTIJOH
NBDIJOFT EJTIXBTIFSTPSTJNJMBS
"OPWFONVTUIBWFGPSDFEWFOUJMBUJPOUPJOTUBMMBIPCBCPWFJU
$IFDLUIFEJNFOTJPOTPGUIFPWFOJOUIFJOTUBMMBUJPONBOVBM
*GBOFYUSBDUPSGBOJTJOTUBMMFE ZPVNVTUGPMMPXUIFJOTUBMMBUJPO
NBOVBMTJOTUSVDUJPOT BMXBZTLFFQJOHBNJOJNVNEJTUBODFPG
NNUPUIFIPC
% (LQVWHOOXQJGHU*DVKlKQH
%SFIFO4JFEJF#FEJFOLOFCFMBVGEJFOJFESJHTUF4UVGF
;JFIFO4JFEJF#FEJFOLOFCFMEFS(BTI¤IOFBC"CC &T XJSE FJOF ,OFCFMEJDIUVOH BVT GMFYJCMFN (VNNJ TJDIUCBS &T JTU
BVTSFJDIFOE EJFTFNJUEFS4DISBVCFO[JFIFSTQJU[FCFJTFJUF[V
ES¼DLFO VN BO EJF &JOTUFMMTDISBVCF EFT (BTIBIOT [V HFMBOHFO
%DXHQ6LHGLH.QHEHOGLFKWXQJHQQLHPDOVDXV
4UFMMFO4JFEJFNJOJNBMF(BT[VGVISFJO JOEFN4JFEJF#ZQBTT
4DISBVCFNJUFJOFN4DIMJU[TDISBVCFO[JFIFSESFIFO
+F OBDI (BTBSU BVG EJF 4JF VNTUFMMFO TJFIF 5BCFMMF *** N¼TTFO
FOUTQSFDIFOEF4DISJUUFEVSDIHFG¼ISUXFSEFO
"EJF#ZQBTT4DISBVCFOHBO[BO[JFIFO
#EJF#ZQBTT4DISBVCFOCJT[VNLPSSFLUFO(BTBVTUSJUUBOEFO
#SFOOFSOMPDLFSOTUFMMFO4JFTJDIFS EBTTEFS#SFOOFSCFJFJOFS
6NTUFMMVOHEFT#FEJFOLOFCFMTWPOEFSI¶DITUFOBVGEJFOJFE
SJHTUF4UVGFOJDIUBVTHFIUVOEOJDIU[VS¼DLTDIM¤HU
$ EJF #ZQBTT4DISBVCFO N¼TTFO WPO FJOFN BVUPSJTJFSUFO 'BDI
NBOOBVTHFUBVTDIUXFSEFO
% OFINFO 4JF LFJOF 7FS¤OEFSVOHFO BO EFO #ZQBTT4DISBVCFO
WPS
8FOO4JFOJDIUBOEJF#ZQBTT4DISBVCFHFMBOHFOTPMMUFO CBVFO
4JFEJF'FUUBVGGBOHTDIBMF EJFNJUEFNSFTUMJDIFO,PDIGFMEWFS
TDISBVCUJTU BVT;VN"COFINFOHFIFO4JFXJFGPMHUWPS
/FINFO 4JF BMMF 3PTUF #SFOOFSEFDLFM 7FSUFJMFS VOE #FEJFOLOF
CFMBC
-PDLFSO4JFEJF#SFOOFS4DISBVCFO
'¼S EFO 8JFEFSFJOCBV EFT (FS¤UT GPMHFO 4JF EFO "VTCBVBOXFJ
TVOHFOJOVNHFLFISUFS3FJIFOGPMHF
6NEJF%JDIUIFJU[VHFX¤ISMFJTUFO N¼TTFO DOOH,OFCFMEJDIUVO
HFO FJOHFTFU[U XFSEFO %JF %JDIUVOHFO TJOE G¼S EFO GFIMFSGSFJFO
#FUSJFCEFT(FS¤UTVOFSM¤TTMJDI EBTJFEBT&JOESJOHFOWPO
'M¼TTJHLFJUFOVOE4DINVU[JOT(FS¤UFJOOFSFWFSIJOEFSO
#BVFO4JFOJFNBMTEJF"DITFEFT(BTIBIOTBVT "CC #FJ
FJOFS4U¶SVOHEFOLPNQMFUUFO(BTIBIOFSTFU[FO
$FKWXQJ
#SJOHFO4JFEFO"VGLMFCFSNJUEFSVNHFTUFMMUFO(BTBSUJOEFS
/¤IFEFT5ZQFOTDIJMEFTBO
3UHSDUDWLRQRIWKHNLWFKHQXQLW ILJ .BLFBOBQQSPQSJBUFTJ[FDVUJOUIFXPSLTVSGBDF
*GUIFIPCJTFMFDUSJDPSNJYFE HBTBOEFMFDUSJDJUZ BOEUIFSFJTOP
PWFOCFMPX QMBDFBOPOGMBNNBCMFTFQBSBUPS FHNFUBMPS
QMZXPPE NNGSPNUIFCPUUPNPGUIFIPC5IJTXJMMQSFWFOU
BDDFTTUPUIFCBTFPGUIFIPC*GUIFIPCJTHBT JUJT
SFDPNNFOEBCMFUPQMBDFUIFTFQBSBUPSBUUIFTBNFEJTUBODF
0O XPPE XPSL TVSGBDFT WBSOJTI UIF DVUUJOH TVSGBDFT XJUI B TQFDJBM
HMVF5IJTQSPUFDUTUIFNGSPNNPJTUVSFXIJDIDPVMEDPMMFDUVOEFS
UIFXPSLTVSGBDF
,QVWDOODWLRQRIDSSOLDQFH
1RWH 8FBSQSPUFDUJWFHMPWFTUPGJUUIFIPC
%FQFOEJOHPOUIFNPEFM UIFBEIFTJWFTFBMNBZCFGBDUPSZGJUUFE
*GUIJTJTUIFDBTF JUTIPVMEOPUCFSFNPWFEVOEFSBOZ
DJSDVNTUBODFT TJODFUIFBEIFTJWFTFBMQSFWFOUTMFBLT*GUIFTFBM
IBTOPUCFFOGBDUPSZGJUUFE BQQMZJUUPUIFVOEFSTJEFPGUIFIPC
'JH 'JUUJOHUIFBQQMJBODFPOUPUIFLJUDIFOVOJU
3FNPWFUIFDMJQTGSPNUIFBDDFTTPSZCBHBOETDSFXUIFNJOUP
UIFQPTJUJPOJOEJDBUFETPUIBUUIFZDBOUVSOGSFFMZ
*OTFSUBOEDFOUSFUIFIPC
1SFTTUIFTJEFTPGUIFIPCVOUJMJUJTTVQQPSUFEBSPVOEJUTFOUJSF
QFSJNFUFS
5VSOUIFDMJQTBOEUJHIUFOUIFNGVMMZ
5IF QPTJUJPO PG UIF DMJQT EFQFOET PO IPX UIJDL UIF XPSL TVSGBDF
JT'JH B
5HPRYDORIKRE
5VSOPGGUIFBQQMJBODFTFMFDUSJDJUZBOEHBTTVQQMZ
6OTDSFXUIFDMJQTBOEQSPDFFEJOUIFSFWFSTFPSEFSUPJOTUBMMBUJPO
en
Ú *OTUBMMBUJPOJOTUSVDUJPOT
*DVFRQQHFWLRQ ILJ 6DIHW\SUHFDXWLRQV
5IFHBTDPOOFDUJPONVTUCFMPDBUFEJOBQPTJUJPOXIFSFUIFTUPQ
UBQJTBDDFTTJCMF
5IFFOEPGUIFJOMFUDPOOFDUJPOQPJOUPGUIFHBTIPCIBTBࣔ
NN UISFBEUIBUBMMPXTGPS
■ GJYFEDPOOFDUJPO
■ DPOOFDUJPOVTJOHBGMFYJCMFNFUBMQJQF - NJO NNBY N 5IFXBUFSUJHIUTFBM TVQQMJFENVTUCFJOTFSUFECFUXFFO
UIFNBOJGPMEPVUMFUBOEUIFHBTTVQQMZ
:PVNVTUQSFWFOUUIFQJQFGSPNDPNJOHJOUPDPOUBDUXJUINPWJOH
QBSUTPGUIFLJUDIFOVOJU GPSFYBNQMF BESBXFS BOEQSFWFOU
BDDFTTUPBOZTQBDFTXIJDINJHIUCFDPNFPCTUSVDUFE
'RQRWPRYHWKH/WXEHGSPNUIFGBDUPSZGJUUFEQPTJUJPO
SFHBSEMFTTPGUIFDPOOFDUJPOUZQF
*GZPVOFFEUPNBLFBDZMJOESJDBMDPOOFDUJPO SFQMBDFUIFGBDUPSZ
GJUUFE-UVCFXJUIUIFPOFJOUIFBDDFTTPSZCBH'JH B
1MFBTFSFNFNCFSUPJOTFSUUIFTFBM
: 'DQJHURIOHDNV
*GBOZDPOOFDUJPOJTIBOEMFE DIFDLUIFTFBM
5IFNBOVGBDUVSFSJTOPUMJBCMFGPSBOZDPOOFDUJPOMFBLJOH BGUFS
CFJOHIBOEMFE
3FBEUIFBQQMJBODFJOTUSVDUJPOTCFGPSFJOTUBMMJOHBOEVTJOH
5IFHSBQIJDTJOUIFTF"TTFNCMZJOTUSVDUJPOTBSFHJWFOBTBHVJEF
POMZ
7KHPDQXIDFWXUHULVH[HPSWIURPDOOOLDELOLW\LIWKLVPDQXDO V
UHTXLUHPHQWVDUHQRWFRPSOLHGZLWK
$OORSHUDWLRQVUHODWLQJWRLQVWDOODWLRQUHJXODWLRQDQG
FRQYHUVLRQWRRWKHUJDVW\SHVPXVWEHFDUULHGRXWE\DQ
DXWKRULVHGLQVWDOODWLRQHQJLQHHUUHVSHFWLQJDOODSSOLFDEOH
UHJXODWLRQV VWDQGDUGV DQG WKH VSHFLILFDWLRQV RI WKH ORFDO JDV
DQGHOHFWULFLW\SURYLGHUV
<RXDUHUHFRPPHQGHGWRFRQWDFWWKH7HFKQLFDO$VVLVWDQFH
6HUYLFHWRFRQYHUWWRDQRWKHUJDVW\SH
%HIRUH\RXEHJLQWXUQRIIWKHDSSOLDQFH VHOHFWULFLW\DQGJDV
VXSSO\
5IJTBQQMJBODFIBTCFFOEFTJHOFEGPSIPNFVTFPOMZ OPUGPS
DPNNFSDJBM PS QSPGFTTJPOBM VTF 5IJT BQQMJBODF DBOOPU CF JOTUBMMFE
POZBDIUTPSJODBSBWBOT5IFXBSSBOUZXJMMPOMZCFWBMJEJGUIF
BQQMJBODFJTVTFEGPSUIFQVSQPTFGPSXIJDIJUXBTEFTJHOFE
#FGPSFJOTUBMMJOH DIFDLUIBUMPDBMEJTUSJCVUJPODPOEJUJPOT HBTUZQF
BOE QSFTTVSF BOE UIF BQQMJBODFT BEKVTUNFOU BSF DPNQBUJCMF TFF
UBCMF * 5IFBQQMJBODFTBEKVTUNFOUDPOEJUJPOTBSFXSJUUFOPOUIF
MBCFMPSUIFTQFDJGJDBUJPOTQMBUF
5IJTBQQMJBODFDBOPOMZCFJOTUBMMFEJOBXFMMWFOUJMBUFEQMBDFJO
BDDPSEBODF XJUI FYJTUJOH SFHVMBUJPOT BOE WFOUJMBUJPO TQFDJGJDBUJPOT
5IFBQQMJBODFNVTUOPUCFDPOOFDUFEUPBDPNCVTUJPOQSPEVDU
SFNPWBMEFWJDF
5IFTVQQMZDBCMFNVTUCFBUUBDIFEUPUIFVOJUUPQSFWFOUJUGSPN
UPVDIJOHIPUQBSUTPGUIFPWFOPSIPC
"QQMJBODFTXJUIFMFDUSJDBMTVQQMZNVTUCFFBSUIFE
%POPUUBNQFSXJUIUIFBQQMJBODFTJOUFSJPS*GOFDFTTBSZ DBMMPVS
5FDIOJDBM"TTJTUBODF4FSWJDF
(OHFWULFFRQQHFWLRQ ILJ $IFDL UIBU UIF WPMUBHF BOE QPXFS PG UIF BQQMJBODF BSF DPNQBUJCMF
XJUIUIFFMFDUSJDBMJOTUBMMBUJPO
5IFIPCTBSFTVQQMJFEXJUIBQPXFSDBCMFXJUIPSXJUIPVUBXBMM
TPDLFUQMVH
"QQMJBODFTXJUIQMVHTNVTUPOMZCFDPOOFDUFEUPTPDLFUTUIBU
IBWFFBSUIXJSFTDPSSFDUMZJOTUBMMFE
1SPWJEFBOPNOJQPMBSDVUPGGTXJUDIXJUIBNJOJNVNDPOUBDU
PQFOJOHPG NN FYDFQUGPSQMVHDPOOFDUJPOT JGUIFVTFSIBT
BDDFTTUPJU 5IJTBQQMJBODFJTUZQF࣓:ࣔUIFTVQQMZDBCMFDBOPOMZCFDIBOHFE
CZUIF5FDIOJDBM"TTJTUBODF4FSWJDFBOEOPUUIFVTFS5IFDBCMF
UZQFBOENJOJNVNDSPTTTFDUJPONVTUCFSFTQFDUFE
%HIRUHLQVWDOOLQJ
5IJTBQQMJBODFJTDMBTTUZQF BDDPSEJOHUPUIF&/
SFHVMBUJPOGPSHBTBQQMJBODFTCVJMUJOBQQMJBODF
5IFVOJUTOFYUUPUIFBQQMJBODFNVTUCFNBEFPGOPOGMBNNBCMF
NBUFSJBMT 5IF MBNJOBUFE DPWFSJOH BOE HMVF GPS BEIFSJOH JU NVTU CF
IFBUSFTJTUBOU
&KDQJLQJWKHJDVW\SH
*G UIF DPVOUSZT SFHVMBUJPOT BMMPX UIJT BQQMJBODF DBO CF BEBQUFE UP
PUIFSUZQFTPGHBT TFFTQFDJGJDBUJPOTQMBUF 5IFDPNQPOFOUT
EFMBQBSBUPFTU¡OJOTDSJUBTTPCSFMBFUJRVFUBPMBQMBDBEF
DBSBDUFS­TUJDBT
&TUFBQBSBUPTPMPQVFEFTFSJOTUBMBEPFOVOMVHBSCJFOWFOUJMBEP
SFTQFUBOEPMPTSFHMBNFOUPTFOWJHPSZMBTEJTQPTJDJPOFTSFMBUJWBT
B MB WFOUJMBDJ³O /P EFCF DPOFDUBSTF FM BQBSBUP B VO EJTQPTJUJWP EF
FWBDVBDJ³OEFMPTQSPEVDUPTEFDPNCVTUJ³O
&MDBCMFEFBMJNFOUBDJ³OEFCFGJKBSTFBMNVFCMFQBSBFWJUBSRVF
UPRVFQBSUFTDBMJFOUFTEFMIPSOPPQMBDBEFDPDDJ³O
-PT BQBSBUPT DPO BMJNFOUBDJ³O FM©DUSJDB EFCFO DPOFDUBSTF B UJFSSB
PCMJHBUPSJBNFOUF
/PNBOJQVMFFMJOUFSJPSEFMBQBSBUP4JFTQSFDJTP MMBNFBOVFTUSP
4FSWJDJP5©DOJDP
SFRVJSFEGPSUIJTBSFJOUIFUSBOTGPSNBUJPOLJUTVQQMJFE EFQFOEJOH
POUIFNPEFM PSBSFBWBJMBCMFGSPNPVS5FDIOJDBM"TTJTUBODF
4FSWJDF5IFGPMMPXJOHTUFQTTIPVMECFUBLFO
$ &KDQJLQJWKHQR]]OHV ILJ 3FNPWFUIFQBOTVQQPSUT CVSOFSDBQTBOEEJGGVTFST
$IBOHFUIFOP[[MFTVTJOHUIFTQBOOFSQSPWJEFECZPVS
5FDIOJDBM"TTJTUBODF4FSWJDF DPEFPSGPS
EPVCMFGMBNF CVSOFST TFF UBCMF ** UBLJOH TQFDJBM DBSF UP FOTVSF
UIBUUIFOP[[MFEPFTOPUGBMMXIFOJUJTSFNPWFEGSPNPSGJUUFEUP
UIFCVSOFS
&OTVSFUIBUJUJTDPNQMFUFMZUJHIUFOFEJOPSEFSUPHVBSBOUFFUIF
TFBM
1SJNBSZBJSBEKVTUNFOUJTOPUOFDFTTBSZXJUIUIFTFCVSOFST
1PTJUJPOUIFEJGGVTFSTBOECVSOFSDBQTPOUIFDPSSFTQPOEJOH
SJOHT 5IF QBO TVQQPSUT NVTU BMTP CF DPSSFDUMZ QPTJUJPOFE JO UIFJS
GBTUFOFSTBTTIPXOJO'JH B
% $GMXVWLQJWKHWDSV
4FUUIFDPOUSPMLOPCTUPNJOJNVN
3FNPWFUIFDPOUSPMLOPCTGSPNUIFUBQT'JH *U IBT B GMFYJCMF SVCCFS WBMWF SFJOGPSDJOH SJOH 4JNQMZ QSFTT PO UIJT
TFBMXJUIUIFUJQPGBTDSFXESJWFSUPBMMPXBDDFTTUPUIFUBQ
BEKVTUJOHTDSFX 1HYHUUHPRYHWKHYDOYHUHLQIRUFLQJULQJ
"EKVTUUIFNJOJNVNSJOHTFUUJOHCZUVSOJOHUIFCZQBTTTDSFX
VTJOHBGMBUIFBETDSFXESJWFS
%FQFOEJOHPOUIFHBTUPXIJDIZPVSBQQMJBODFJTHPJOHUPCF
BEBQUFE TFFUBCMF*** DBSSZPVUUIFDPSSFTQPOEJOHBDUJPO
"GJSNMZUJHIUFOUIFCZQBTTTDSFXT
# MPPTFO UIF CZQBTT TDSFXT VOUJM UIF HBT GMPX GSPN UIF CVSOFST
JTDPSSFDUXIFOBEKVTUJOHUIFDPOUSPMLOPCCFUXFFONBYJNVN
BOENJOJNVN UIFCVSOFSEPFTOPUHPPVU OPSJTUIFSFBGMBNF
CBDLESBVHIUDSFBUFE
$UIFCZQBTTTDSFXTOFFEUPCFDIBOHFECZBOBVUIPSJTFE
FOHJOFFS
%EPOPUUPVDIUIFCZQBTTTDSFXT
*G UIF CZQBTT TDSFX DBOOPU CF BDDFTTFE EJTBTTFNCMF UIF HSFBTF
ESJQUSBZ XIJDIJTGJUUFEUPUIFIPCXJUIBTFSJFTPGTDSFXT5IF
GPMMPXJOHTUFQTNVTUCFUBLFOUPSFNPWFJU
3FNPWFBMMQBOTVQQPSUT CVSOFSDBQT EJGGVTFSTBOEDPOUSPM
LOPCT
3FNPWFUIFTDSFXTGSPNUIFCVSOFST
5PSFJOTUBMMUIFBQQMJBODF QSPDFFEJOUIFSFWFSTFPSEFSUP
EJTBTTFNCMZ
$OO WBMWFSFJOGPSDJOHSJOHTNVTUCFJOQPTJUJPOUPFOTVSF
XBUFSUJHIUOFTT5IFTFEFWJDFTBSFFTTFOUJBMGPSUIFDPSSFDU
PQFSBUJPOPGUIFBQQMJBODFBTUIFZQSFWFOUMJRVJETBOEEJSUGSPN
FOUFSJOHUIFBQQMJBODF
/FWFSSFNPWFUIFUBQTQJOEMF 'JH *OUIFFWFOUPGB
NBMGVODUJPO DIBOHFUIFXIPMFUBQ
&DXWLRQ
"GUFSGJOJTIJOH UIFTUJDLFSJOEJDBUJOHUIFOFXUZQFPGHBTNVTUCF
QMBDFEDMPTFUPUIFTQFDJGJDBUJPOTQMBUF
$QWHVGHODLQVWDODFLyQ
&TUF BQBSBUP DPSSFTQPOEF B MB DMBTF TFHºO MB OPSNB &/ QBSBBQBSBUPTBHBTBQBSBUPFODBTUSBEPFOVONVFCMF
-PTNVFCMFTQS³YJNPTBMBQBSBUPEFCFOTFSEFNBUFSJBMFTOP
JOGMBNBCMFT -PT SFWFTUJNJFOUPT FTUSBUJGJDBEPT Z MB DPMB RVF MPT GJKB
EFCFOTFSSFTJTUFOUFTBMDBMPS
&TUFBQBSBUPOPTFQVFEFJOTUBMBSTPCSFOFWFSBT MBWBEPSBT
MBWBWBKJMMBTPTJNJMBSFT
1BSBJOTUBMBSMBQMBDBEFDPDDJ³OTPCSFVOIPSOP FTUFEFCFUFOFS
WFOUJMBDJ³OGPS[BEB$PNQSVFCFMBTEJNFOTJPOFTEFMIPSOPFOTV
NBOVBMEFJOTUBMBDJ³O
4JTFJOTUBMBVOFYUSBDUPS EFCFUFOFSTFFODVFOUBTVNBOVBMEF
JOTUBMBDJ³O SFTQFUBOEPTJFNQSFVOBEJTUBODJBWFSUJDBMN­OJNBEF
NNBMBQMBDBEFDPDDJ³O
3UHSDUDFLyQGHOPXHEOH ILJ
)BHBVODPSUFEFMBTEJNFOTJPOFTOFDFTBSJBTFOMBTVQFSGJDJFEF
USBCBKP
4J MB QMBDB EF DPDDJ³O FT FM©DUSJDB P NJYUB HBT Z FMFDUSJDJEBE Z OP
IBZVOIPSOPEFCBKP DPMPRVFVOTFQBSBEPSEFNBUFSJBMOP
JOGMBNBCMF QFKNFUBMPNBEFSBDPOUSBDIBQBEB B NNEFMB
CBTFEFMBQMBDBEFDPDDJ³O"T­JNQJEFFMBDDFTPBMBQBSUF
JOGFSJPSEFFTUB4JMBQMBDBEFDPDDJ³OFTEFHBT TFSFDPNJFOEB
DPMPDBSFMTFQBSBEPSBMBNJTNBEJTUBODJB
&OTVQFSGJDJFTEFUSBCBKPEFNBEFSB CBSOJDFMBTTVQFSGJDJFTEF
DPSUFDPOVOBDPMBFTQFDJBMQBSBQSPUFHFSMBTEFMBIVNFEBE
,QVWDODFLyQGHODSDUDWR
1RWD 6TBSHVBOUFTEFQSPUFDDJ³OBMJOTUBMBSMBQMBDB
4FHºO NPEFMP MB KVOUB BEIFTJWB QVFEF TBMJS QVFTUB EF G¡CSJDB 4J
FTBT­ OPMBRVJUFCBKPOJOHºODPODFQUPMBKVOUBBEIFTJWBFWJUB
GJMUSBDJPOFT4JMBKVOUBOPFTU¡QVFTUBEFG¡CSJDB Q©HVFMBFOFM
CPSEFJOGFSJPSEFMBQMBDBEFDPDDJ³O'JH 1BSBMBGJKBDJ³OEFMBQBSBUPBMNVFCMFEFFODBTUSBNJFOUP
4BRVFMBTHSBQBTEFMBCPMTBEFBDDFTPSJPTZBUPSO­MMFMBTFOMB
QPTJDJ³OJOEJDBEBEFKBOEPRVFHJSFOMJCSFNFOUF
&ODBTUSFZDFOUSFMBQMBDBEFDPDDJ³O
1SFTJPOFTPCSFTVTFYUSFNPTIBTUBRVFTFBQPZFFOUPEPTV
QFS­NFUSP
(JSFMBTHSBQBTZBQSJ©UFMBTBGPOEP
-BQPTJDJ³OEFMBTHSBQBTEFQFOEFEFMFTQFTPSEFMBTVQFSGJDJF
EFUSBCBKP'JH B
es
Û *OTUSVDDJPOFTEFNPOUBKF
,QGLFDFLRQHVGHVHJXULGDG
'HVPRQWDMHGHODSODFDGHFRFFLyQ
-FBMBTJOTUSVDDJPOFTEFMBQBSBUPBOUFTEFQSPDFEFSBTV
JOTUBMBDJ³OZVTP
-PT HS¡GJDPT SFQSFTFOUBEPT FO FTUBT JOTUSVDDJPOFT EF NPOUBKF TPO
PSJFOUBUJWPT
(OIDEULFDQWHTXHGDH[HQWRGHWRGDUHVSRQVDELOLGDGVLQRVH
FXPSOHQODVGLVSRVLFLRQHVGHHVWHPDQXDO
7RGRVORVWUDEDMRVGHLQVWDODFLyQUHJXODFLyQ\DGDSWDFLyQD
RWURVWLSRVGHJDVGHEHQVHUHIHFWXDGRVSRUXQWpFQLFRGH
LQVWDODFLyQDXWRUL]DGRUHVSHWDQGRWRGDODQRUPDWLYD\
OHJLVODFLyQ DSOLFDEOHV \ ODV SUHVFULSFLRQHV GH ODV FRPSDxtDV
ORFDOHVSURYHHGRUDVGHJDV\HOHFWULFLGDG
6HUHFRPLHQGDOODPDUDQXHVWUR6HUYLFLR7pFQLFRSDUDOD
DGDSWDFLyQDRWURVWLSRVGHJDV
$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \
GHJDVGHODSDUDWR
&TUFBQBSBUPIBTJEPEJTF±BEPTPMPQBSBVTPEPN©TUJDP OP
FTUBOEP QFSNJUJEP TV VTP DPNFSDJBM P QSPGFTJPOBM &TUF BQBSBUP OP
QVFEF TFS JOTUBMBEP FO ZBUFT P DBSBWBOBT -B HBSBOU­B ºOJDBNFOUF
UFOES¡WBMJEF[FODBTPEFRVFTFSFTQFUFFMVTPQBSBFMRVFGVF
EJTF±BEP
"OUFTEFMBJOTUBMBDJ³O EFCFDPNQSPCBSRVFMBTDPOEJDJPOFTEF
EJTUSJCVDJ³OMPDBM OBUVSBMF[BZQSFTJ³OEFMHBT ZFMSFHMBKFEFM
BQBSBUPTPODPNQBUJCMFT WFSUBCMB * -BTDPOEJDJPOFTEFSFHMBKF
%FTDPOFDUFFMBQBSBUPEFMBTUPNBTFM©DUSJDBZEFHBT
%FTBUPSOJMMFMBTHSBQBTZQSPDFEBEFNPEPJOWFSTPBMNPOUBKF
&RQH[LyQGHJDV ILJ -BUPNBEFHBTEFCFFTUBSDPMPDBEBEFNPEPRVFFMHSJGPEF
DJFSSFRVFEFBDDFTJCMF
&MFYUSFNPEFMBDPOFYJ³OEFFOUSBEBEFMBQMBDBEFDPDDJ³OEF
HBTFTU¡QSPWJTUPEFVOBSPTDBEF࣐࣐ NN RVFQFSNJUF
■ MBDPOFYJ³OS­HJEB
■ -BDPOFYJ³ODPOVOUVCPGMFYJCMFNFU¡MJDP - NJO N
NBY N &TOFDFTBSJPJOUFSDBMBSMBKVOUBEFFTUBORVJEBE TVNJOJTUSBEBFOUSFMBTBMJEBEFMDPMFDUPSZMBBDPNFUJEBEFHBT
)BZRVFFWJUBSFMDPOUBDUPEFMUVCPDPOQBSUFTN³WJMFTEFMB
VOJEBEEFFODBTUSBNJFOUP QPSFKFNQMPVODBK³O ZFMQBTPB
USBW©TEFFTQBDJPTRVFQVEJFSBOTFSTVTDFQUJCMFTEFPCTUSVJSTF
&ODVBMRVJFSBEFMBTDPOFYJPOFTQRPXHYDQLJLUHHOFRGREFMB
QPTJDJ³ORVFTBMFEFG¡CSJDB
4JOFDFTJUBSFBMJ[BSVOBDPOFYJ³ODJM­OESJDB TVTUJUVZBFMDPEP
JOTUBMBEPEFG¡CSJDBQPSFMEFMBCPMTBEFBDDFTPSJPT 'JH B
/PPMWJEFJOUFSDBMBSMBKVOUB
fr
: £3HOLJURGHIXJD
4JNBOJQVMBDVBMRVJFSDPOFYJ³O DPNQSVFCFMBFTUBORVJEBE
&MGBCSJDBOUFOPTFSFTQPOTBCJMJ[BTJBMHVOBDPOFYJ³OQSFTFOUB
GVHBTUSBTIBCFSTJEPNBOJQVMBEB
Þ /PUJDFEFNPOUBHF
,QGLFDWLRQVGHVpFXULWp
-JTF[MFTJOTUSVDUJPOTEFMBQQBSFJMBWBOUEFQSPD©EFS TPO
JOTUBMMBUJPOFU TPOVUJMJTBUJPO
-FTHSBQIJRVFTSFQS©TFOU©TEBOTDFUUF/PUJDFEFNPOUBHFTPOU
QVSFNFOU DBSBDU¨SFJOGPSNBUJG
/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV
LQGLFDWLRQVGHFHPDQXHOQHVRQWSDVUHVSHFWpHV
7RXVOHVWUDYDX[G LQVWDOODWLRQGHUpJODJHHWG DGDSWDWLRQj
XQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDUXQWHFKQLFLHQ
DJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWODOpJLVODWLRQ
DSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHVVRFLpWpVORFDOHV
IRXUQLVVHXVHVG pOHFWULFLWpHWGHJD]
,OHVWUHFRPPDQGpG DSSHOHUOH6HUYLFH7HFKQLTXHSRXU
O DGDSWDWLRQjXQDXWUHW\SHGHJD]
$YDQW WRXWH DFWLRQ FRXSH] O DOLPHQWDWLRQ pOHFWULTXH HW GH JD]
GHO DSSDUHLO
$FUBQQBSFJMOB©U©DPO§VRVFQPVSVOVTBHFEPNFTUJRVFTPO
VTBHFDPNNFSDJBMPVQSPGFTTJPOOFMOFTUFOBVDVODBTQFSNJT
$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©EBOTEFTZBDIUTPVEFT
DBSBWBOFT -B HBSBOUJF OF TFSB WBMBCMF RVF TJ MVTBHF QPVS MFRVFM JM
B©U©DPO§VB©U©SFTQFDU©
"WBOUMJOTUBMMBUJPO WPVTEFWF[W©SJGJFSRVFMFTDPOEJUJPOTEF
EJTUSJCVUJPOMPDBMF OBUVSFFUQSFTTJPOEVHB[ FUMFS©HMBHFEF
MBQQBSFJMTPOUDPNQBUJCMFT DGUBCMFBV * -FTDPOEJUJPOTEF
S©HMBHFEFMBQQBSFJMTPOUJOTDSJUFTTVSM©UJRVFUUFPVMBQMBRVF
TJHOBM©UJRVF
$FU BQQBSFJM OF QFVU ªUSF JOTUBMM© RVF EBOT VO FOESPJU CJFO WFOUJM©
FOSFTQFDUBOUMFTS¨HMFNFOUTFOWJHVFVSFUMFTEJTQPTJUJPOT
SFMBUJWFT MBWFOUJMBUJPO-BQQBSFJMOFEPJUQBTªUSFDPOOFDU© VO
EJTQPTJUJGE©WBDVBUJPOEFTQSPEVJUTEFDPNCVTUJPO
-FD¢CMFEBMJNFOUBUJPOEPJUªUSFGJY©BVNFVCMFQPVSRVJMOF
UPVDIFQBTEFTQBSUJFTDIBVEFTEVGPVSPVEFMBQMBRVFEF
DVJTTPO
-FTBQQBSFJMTBMJNFOU©T©MFDUSJRVFNFOUEPJWFOUªUSF
PCMJHBUPJSFNFOUDPOOFDU©T MBUFSSF
/F NBOJQVMF[ QBT MJOU©SJFVS EF MBQQBSFJM -F DBT ©DI©BOU BQQFMF[
OPUSF4FSWJDF5FDIOJRVF
&RQH[LyQHOpFWULFD ILJ $PNQSVFCFRVFFMWPMUBKFZMBQPUFODJBEFMBQBSBUPTPO
DPNQBUJCMFTDPOMBJOTUBMBDJ³OFM©DUSJDB
-BTQMBDBTEFDPDDJ³OTFTVNJOJTUSBODPOVODBCMFEF
BMJNFOUBDJ³ODPOPTJODMBWJKB
-PTBQBSBUPTQSPWJTUPTEFDMBWJKBTPMPTFEFCFODPOFDUBSBDBKBT
EFFODIVGFDPOUPNBEFUJFSSBEFCJEBNFOUFJOTUBMBEB
%FCFQSFWFSTFVOJOUFSSVQUPSEFDPSUFPNOJQPMBSDPOBCFSUVSBEF
DPOUBDUP N­O EF NN FYDFQUP FO DPOFYJPOFT DPO DMBWJKB TJ FTUB
FTBDDFTJCMFQBSBFMVTVBSJP &TUFBQBSBUPFTEFMUJQP࣓:ࣩFMDBCMFEFFOUSBEBOPQVFEFTFS
DBNCJBEPQPSFMVTVBSJP TJOPQPSFM4FSWJDJP5©DOJDP4FEFCFO
SFTQFUBSFMUJQPEFDBCMFZMBTFDDJ³ON­OJNB
&DPELRGHOWLSRGHJDV
4J MB OPSNBUJWB EFM QB­T MP QFSNJUF FTUF BQBSBUP TF QVFEF BEBQUBS
B PUSPT HBTFT WFS QMBDB EF DBSBDUFS­TUJDBT -BT QJF[BT OFDFTBSJBT
QBSB FMMP FTU¡O FO MB CPMTB EF USBOTGPSNBDJ³O TVNJOJTUSBEB TFHºO
NPEFMP PEJTQPOJCMFFOOVFTUSP4FSWJDJP5©DOJDP-PTQBTPTB
TFHVJSTPOMPTTJHVJFOUFT
$ &DPELRGHLQ\HFWRUHV ILJ 3FUJSFMBTQBSSJMMBT UBQBTEFRVFNBEPSZEJGVTPSFT
$BNCJFMPTJOZFDUPSFTVTBOEPMBMMBWFEJTQPOJCMFBUSBW©TEF
OVFTUSPTFSWJDJPU©DOJDPDPOD³EJHP QBSBRVFNBEPSFT
EFEPCMFMMBNBD³EJHP WFSUBCMB ** UFOJFOEPFTQFDJBM
DVJEBEPFORVFOPTFEFTQSFOEBFMJOZFDUPSBMSFUJSBSMPPGJKBSMP
FOFMRVFNBEPS
"TFHºSFTF EF BQSFUBSMPT B GPOEP QBSB HBSBOUJ[BS MB FTUBORVJEBE
&OFTUPTRVFNBEPSFTOPIBZRVFSFBMJ[BSSFHMBKFEFMBJSF
QSJNBSJP
$PMPRVFMPTEJGVTPSFTZMBTUBQBTEFMPTRVFNBEPSFTFOTVT
DPSSFTQPOEJFOUFTGVFHPT"EFN¡TEFCFS¡DPMPDBS
BEFDVBEBNFOUFMBTQBSSJMMBTFOTVTFMFNFOUPTEFTVKFDJ³O
'JH B
% 5HJODMHGHORVJULIRV
$PMPRVFMPTNBOEPTFOMBQPTJDJ³OEFN­OJNP
3FUJSFMPTNBOEPTEFMPTHSJGPT'JH 4F FODPOUSBS¡ DPO VO SFU©O EF HPNB GMFYJCMF #BTUBS¡ DPO RVF TF
QSFTJPOFDPOMBQVOUBEFMEFTUPSOJMMBEPSQBSBRVFTFMJCFSFFM
QBTPIBDJBFMUPSOJMMPEFSFHVMBDJ³OEFMHSJGP -DPiVGHVPRQWH
HOUHWpQ
3FHVMFFMGVFHPN­OJNPHJSBOEPFMUPSOJMMPCZQBTTNFEJBOUFVO
EFTUPSOJMMBEPSEFQVOUBQMBOB
%FQFOEJFOEPEFMHBTBMRVFWBZBBBEBQUBSTVBQBSBUP WFS
UBCMB *** SFBMJDFMBBDDJ³ODPSSFTQPOEJFOUF
"BQSFUBSMPTUPSOJMMPTCZQBTTBGPOEP
#BGMPKBSMPTUPSOJMMPTCZQBTTIBTUBMBDPSSFDUBTBMJEBEFHBTEF
MPTRVFNBEPSFTDPNQSVFCFRVFBMBKVTUBSFMNBOEPFOUSFFM
N¡YJNPZFMN­OJNP FMRVFNBEPSOPTFBQBHBOJTFDSFB
SFUSPDFTPEFMMBNB
$MPTUPSOJMMPTCZQBTTEFCFOTFSDBNCJBEPTQPSVOU©DOJDP
BVUPSJ[BEP
%OPNBOJQVMBSMPTUPSOJMMPTCZQBTT
4JOPFODVFOUSBBDDFTPBMUPSOJMMPCZQBTTEFTNPOUFMBHSBTFSB
RVFFTU¡GJKBEBBMSFTUPEFMBQMBDBEFDPDDJ³OQPSVOTJTUFNBEF
UPSOJMMPT1BSBSFUJSBSMBQSPDFEBEFMTJHVJFOUFNPEP
2VJUFUPEBTMBTQBSSJMMBT UBQBTEFMPTRVFNBEPSFT EJGVTPSFTZ
NBOEPT
4VFMUFMPTUPSOJMMPTEFMPTRVFNBEPSFT
1BSBWPMWFSBNPOUBSFMBQBSBUPQSPDFEBEFNPEPJOWFSTPBM
EFTNPOUBKF
&T JNQPSUBOUF RVF FTU©O DPMPDBEPT WRGRV MPT SFUFOFT QBSB QPEFS
BTFHVSBS MB FTUBORVJEBE &TUPT EJTQPTJUJWPT TPO JNQSFTDJOEJCMFT
QBSBFMDPSSFDUPGVODJPOBNJFOUPEFMBQBSBUP ZBRVFJNQJEFOMB
FOUSBEBEFM­RVJEPTZTVDJFEBEBMJOUFSJPSEFMBQBSBUP
/VODB EFTNPOUF FM FKF EFM HSJGP 'JH &O DBTP EF BWFS­B DBNCJF
FMHSJGPDPNQMFUP
£$WHQFLyQ
"MGJOBMJ[BS DPMPRVFMBFUJRVFUBBEIFTJWB JOEJDBOEPFMOVFWPUJQP
EFHBT DFSDBEFMBQMBDBEFDBSBDUFS­TUJDBT
$YDQWO LQVWDOODWLRQ
$FUBQQBSFJMDPSSFTQPOE MBDMBTTF TFMPOMBOPSNF&/
QPVSMFTBQQBSFJMT HB[BQQBSFJMFODBTUS©EBOTVONFVCMF
-FT NFVCMFT TJUV©T QSPYJNJU© EF MBQQBSFJM EPJWFOU ªUSF GBCSJRV©T
EBOTEFTNBU©SJBVYOPOJOGMBNNBCMFT-FTSFWªUFNFOUTTUSBUJGJ©T
FUMBDPMMFRVJMFTGJYFEPJWFOUªUSFS©TJTUBOUT MBDIBMFVS
$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©TVSEFTS©GSJH©SBUFVST EFT
NBDIJOFT MBWFSMFMJOHF EFTMBWFWBJTTFMMFPVEBVUSFTBQQBSFJMT
TFNCMBCMFT
1PVSJOTUBMMFSMBQMBRVFEFDVJTTPOTVSVOGPVS DFMVJDJEPJU
EJTQPTFSEVOFWFOUJMBUJPOGPSD©F7©SJGJF[MFTEJNFOTJPOTEVGPVS
EBOTMFNBOVFMEJOTUBMMBUJPO
4JVOFIPUUFBTQJSBOUFFTUJOTUBMM©F JMGBVUSFTQFDUFSMFT
PCTFSWBUJPOTEFTPONBOVFMEJOTUBMMBUJPO FUSFTQFDUFSUPVKPVST
VOFEJTUBODFWFSUJDBMFNJOJNVNEF NNQBSSBQQPSU MB
QMBRVFEFDVJTTPO
3UpSDUDWLRQGXPHXEOH ILJ
&GGFDUVF[VOFE©DPVQFTVSMBTVSGBDFEFUSBWBJMTFMPOMFT
EJNFOTJPOTO©DFTTBJSFT
4JMBQMBRVFEFDVJTTPOFTU©MFDUSJRVFPVNJYUF HB[FU©MFDUSJDJU©
FU TJM OZ 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© MBDD¨T MB QBSUJF
JOG©SJFVSFEFDFMMFDJ4JMBQMBRVFEFDVJTTPOFTU HB[ JMFTU
SFDPNNBOE©EFQMBDFSMFT©QBSBUFVS MBNªNFEJTUBODF
1PVSEFTTVSGBDFTEFUSBWBJMFOCPJT WFSOJTTF[MFTTVSGBDFTEF
E©DPVQFBWFDVOFDPMMFTQ©DJBMF QPVSMFTQSPU©HFSEFMIVNJEJU©
,QVWDOODWLRQGHO DSSDUHLO
5HPDUTXH 1PVSMFODBTUSFNFOUEFMBQQBSFJM VUJMJTFSEFTHBOUT
EFQSPUFDUJPO
4FMPO MF NPE¨MF MF KPJOU BEI©TJG QFVU ªUSF QMBD© EVTJOF 4J DFTU MF
DBT OFMFSFUJSF[TPVTBVDVOQS©UFYUFMFKPJOUBEI©TJG©WJUFMFT
GJMUSBUJPOT4JMFKPJOUOFTUQBTQMBD©EVTJOF DPMMF[MFTVSMFCPSE
JOG©SJFVSEFMBQMBRVFEFDVJTTPO'JH 1PVSMBGJYBUJPOEFMBQQBSFJMBVNFVCMFEFODBTUSFNFOU
4PSUF[MFTBHSBGFTEFMBQPDIFEFTBDDFTTPJSFTFUWJTTF[MFT
EBOTMBQPTJUJPOJOEJRV©FFOMFTMBJTTBOUUPVSOFSMJCSFNFOU
&ODBTUSF[FUDFOUSF[MBQMBRVFEFDVJTTPO
"QQVZF[TVSTFTFYUS©NJU©TKVTRV DFRVFMMFTBQQVJFTVSUPVU
TPOQ©SJN¨USF
5PVSOF[MFTBHSBGFTFUTFSSF[MFT GPOE
-BQPTJUJPOEFTBHSBGFTE©QFOEEFM©QBJTTFVSEFMBTVSGBDFEF
USBWBJM'JH B
&O GPODUJPO EV UZQF EF HB[ BVRVFM WPVT BEBQUFSF[ WPUSF BQQBSFJM
DGUBCMFBV*** S©BMJTF[MBDUJPODPSSFTQPOEBOUF
"TFSSF[MFTWJTCZQBTT GPOE
# EFTTFSSF[ MFT WJT CZQBTT KVTRV PCUFOJS MB TPSUJF DPSSFDUF EF
HB[EFTCS»MFVSTW©SJGJF[ FOS©HMBOUMFCPVUPOEFDPNNBOEF
FOUSF MF NBYJNVN FU MF NJOJNVN RVF MF CS»MFVS OF T©UFJOU QBT FU
RVBVDVOSFUPVSEFGMBNNFOFTUH©O©S©
$MFTWJTCZQBTTEPJWFOUªUSFDIBOH©FTQBSVOUFDIOJDJFO
BHS©©
%OFNBOJQVMF[QBTMFTWJTCZQBTT
4JWPVTOFUSPVWF[QBTMBDD¨T MBWJTCZQBTT E©NPOUF[MB
M¨DIFGSJUF RVJFTUGJY©FBVSFTUFEFMBQMBRVFEFDVJTTPOQBSVO
TZTU¨NFEFWJT1PVSMBSFUJSFS QSPD©EF[EFMBNBOJ¨SFTVJWBOUF
”UF[UPVTMFTHSJMMFT DPVWFSDMFTEFTCS»MFVST EJGGVTFVSTFU
CPVUPOTEFDPNNBOEF
%FTTFSSF[MFTWJTEFTCS»MFVST
1PVSSFNPOUFSMBQQBSFJM TVJWF[MBQSPD©EVSFJOWFSTFBV
E©NPOUBHF
*MFTUJNQPSUBOUEFGJYFS WRXWHV MFTCBHVFTQPVSQPVWPJSBTTVSFS
M©UBODI©JU©$FTEJTQPTJUJGTTPOUJOEJTQFOTBCMFTQPVSMF
GPODUJPOOFNFOU DPSSFDU EF MBQQBSFJM WV RVJMT FNQªDIFOU MFOUS©F
EFMJRVJEFTFUEFTBMFU© MJOU©SJFVSEFMBQQBSFJM
/FE©NPOUF[KBNBJTMBYFEVSPCJOFU 'JH &ODBTEJODJEFOU
DIBOHF[DPNQM¨UFNFOUMFSPCJOFU
$WWHQWLRQ
€MBGJO QMBDF[M©UJRVFUUFBVUPDPMMBOUF FOJOEJRVBOUMFOPVWFBV
UZQFEFHB[ QS¨TEFMBQMBRVFTJHOBM©UJRVF
'pPRQWDJHGHODSODTXHGHFXLVVRQ
%©CSBODIF[MBQQBSFJMEFTQSJTFTEFDPVSBOU©MFDUSJRVFFUEVHB[
%©WJTTF[MFTBHSBGFTFUTVJWF[MBQSPD©EVSFJOWFSTFBVNPOUBHF
%UDQFKHPHQWGHJD] ILJ -FSBDDPSEEFHB[EPJUªUSFEJTQPT©EFUFMMFTPSUFRVFMFSPCJOFU
EBSSªUTPJUBDDFTTJCMF
-FYUS©NJU©EVCSBODIFNFOUEFOUS©FEFMBQMBRVFEFDVJTTPO
HB[ FTU NVOJF EVO GJMFU EVO EFNJQPVDF NN RVJ QFSNFU
■ -BDPOOFYJPOSJHJEF
■ -FCSBODIFNFOUBWFDVOUVZBVGMFYJCMFN©UBMMJRVF - NJO N
NBY N *M GBVU JOUFSDBMFS MF KPJOU E©UBODI©JU© GPVSOJ FOUSF MB TPSUJF
EVDPMMFDUFVSFUMFCSBODIFNFOUEFHB[
*MGBVU©WJUFSRVFDFUVZBVUPVDIFEFTQBSUJFTNPCJMFTEFMVOJU©
EFODBTUSFNFOU QBSFYFNQMFVOUJSPJS FURVJMQBTTF USBWFSTEFT
FTQBDFTQPVWBOUªUSFPCTUSV©T
1PVSOJNQPSUFRVFMCSBODIFNFOU QHERXJH]QLWRXUQH]OH
FRXGHEFMBQPTJUJPOS©BMJT©FEVTJOF
4JWPVTEFWF[DS©FSVOSBDDPSEDZMJOESJRVF SFNQMBDF[MFDPVEF
JOTUBMM©FOVTJOFQBSDFMVJEFMBQPDIFEFTBDDFTTPJSFT'JH B
/PVCMJF[QBTEJOUFSDBMFSMFKPJOU
: 5LVTXHGHIXLWHV 4JWPVTNBOJQVMF[VOCSBODIFNFOU W©SJGJF[TPO©UBODI©JU©
-FGBCSJDBOUOFQPVSSBªUSFUFOVSFTQPOTBCMFTJVOCSBODIFNFOU
RVFMDPORVFQS©TFOUFEFTGVJUFTBQS¨TBWPJS©U©NBOJQVM©
it
â *TUSV[JPOJQFSJMNPOUBHHJP
,QGLFD]LRQLGLVLFXUH]]D
-FHHFSFBUUFOUBNFOUFMFJTUSV[JPOJEFMMBQQBSFDDIJPQSJNBEJ
QSPDFEFSFBMMJOTUBMMB[JPOFFBMMVTP
-FJNNBHJOJQSFTFOUJJORVFTUF*TUSV[JPOJEJNPOUBHHJPTPOP
JOEJDBUJWF
,OIDEEULFDQWHGHFOLQDTXDOVLDVLUHVSRQVDELOLWjLQFDVRGL
PDQFDWD RVVHUYDQ]D GHOOH GLVSRVL]LRQL GHO SUHVHQWH PDQXDOH
7XWWHOHRSHUD]LRQLGLLQVWDOOD]LRQHUHJROD]LRQHH
DGDWWDPHQWR DG DOWUL WLSL GL JDV GHYRQR HVVHUH HIIHWWXDWH GD XQ
WHFQLFRGLLQVWDOOD]LRQHDXWRUL]]DWRQHOULVSHWWRGHOOD
QRUPDWLYDHGHOODOHJLVOD]LRQHDSSOLFDELOLQRQFKpGHOOH
SUHVFUL]LRQLGHOOHVRFLHWjORFDOLGLIRUQLWXUDGLJDVHG
HOHWWULFLWj
3HUO DGDWWDPHQWRDGDOWULWLSLGLJDVVLFRQVLJOLDGLULYROJHUVL
DOQRVWUR6HUYL]LR7HFQLFR
3ULPDGLHIIHWWXDUHTXDOVLDVLRSHUD]LRQHVWDFFDUH
O DOLPHQWD]LRQHHOHWWULFDHFKLXGHUHLOJDVGHOO DSSDUHFFKLR
2VFTUPBQQBSFDDIJP¨TUBUPDPODFQJUPFTDMVTJWBNFOUFQFSVTP
EPNFTUJDP OPO¨DPOTFOUJUPMVTPBTDPQJDPNNFSDJBMJP
QSPGFTTJPOBMJ2VFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPJO
ZBDIUPDBNQFS-BHBSBO[JBIBWBMJEJU TPMPJODBTPWFOHB
SJTQFUUBUPMVUJMJ[[PQFSDVJ¨TUBUPDPODFQJUP
1SJNB EFMMJOTUBMMB[JPOF WFSJGJDBSF DIF MF DPOEJ[JPOJ EJ EJTUSJCV[JPOF
MPDBMF UJQPFQSFTTJPOFEFMHBT FMBSFHPMB[JPOFEFMMBQQBSFDDIJP
TJBOPDPNQBUJCJMJ WUBCFMMB * -FDPOEJ[JPOJEJSFHPMB[JPOF
EFMMBQQBSFDDIJPTPOPSJQPSUBUFTVMMFUJDIFUUBPTVMMBUBSHB
JEFOUJGJDBUJWB
2VFTUPBQQBSFDDIJPQV²FTTFSFJOTUBMMBUPTPMPJOVOMVPHPCFO
WFOUJMBUP OFMSJTQFUUPEFJSFHPMBNFOUJJOWJHPSFFEFMMFEJTQPTJ[JPOJ
SFMBUJWF BMMB WFOUJMB[JPOF -BQQBSFDDIJP OPO EFWF FTTFSF DPMMFHBUP
BVOEJTQPTJUJWPEJFTQVMTJPOFEFJQSPEPUUJEJDPNCVTUJPOF
*MDBWPEJBMJNFOUB[JPOFEFWFFTTFSFGJTTBUPBMNPCJMFQFSFWJUBSF
DIFUPDDIJQBSUJDBMEFEFMGPSOPPEFMQJBOPEJDPUUVSB
(MJ BQQBSFDDIJ DPO BMJNFOUB[JPOF FMFUUSJDB EFWPOP FTTFSF DPMMFHBUJ
PCCMJHBUPSJBNFOUFBUFSSB
/PONBOJQPMBSFMJOUFSOPEFMMBQQBSFDDIJP0WFOFDFTTBSJP
DPOUBUUBSFJMOPTUSP4FSWJ[JP5FDOJDP
%UDQFKHPHQWpOHFWULTXH ILJ 7©SJGJF[RVFMBUFOTJPOFUMBQVJTTBODFEFMBQQBSFJMTPOU
DPNQBUJCMFTBWFDMJOTUBMMBUJPO©MFDUSJRVF
-FT QMBRVFT EF DVJTTPO TPOU GPVSOJFT BWFD VO D¢CMF EBMJNFOUBUJPO
BWFDPVTBOTCSPDIFEFGJDIFN¢MF
-FTBQQBSFJMTNVOJTEVOFCSPDIFOFQFVWFOUªUSFSBDDPSE©TRV
EFTCP®UJFSTEFGJDIFN¢MFBWFDVOFQSJTFEFUFSSFE»NFOU
JOTUBMM©F
*MGBVUJOTUBMMFSVOJOUFSSVQUFVSEFDPVQVSFPNOJQPMBJSFBWFD
PVWFSUVSFEFDPOUBDUEBVNPJOT NN TBVGQPVSEFT
CSBODIFNFOUT GJDIFN¢MF TJDFUUFEFSOJ¨SFFTUBDDFTTJCMFQBS
MVUJMJTBUFVS $FUBQQBSFJMFTUEVUZQF࣓:ࣔMFD¢CMFEFOUS©FOFQFVUQBTªUSF
SFNQMBD©QBSMVUJMJTBUFVS NBJTQBSMF4FSWJDF5FDIOJRVF-FUZQF
EFD¢CMFFUMBTFDUJPONJOJNVNEPJWFOUªUSFSFTQFDU©T
&KDQJHPHQWGXW\SHGHJD]
4JMBS©HMFNFOUBUJPOEVQBZTMFQFSNFU DFUBQQBSFJMQFVUªUSF
BEBQU© EBVUSFTHB[ WPJSQMBRVFTJHOBM©UJRVF -FTQJ¨DFT
O©DFTTBJSFTQPVSDFMBTFUSPVWFOUEBOTMBQPDIFUUFEF
USBOTGPSNBUJPOGPVSOJF TFMPOMFNPE¨MF PVEJTQPOJCMFBVQS¨TEF
OPUSF4FSWJDF5FDIOJRVF-FTQBT TVJWSFTPOUMFTTVJWBOUT
$ &KDQJHPHQWGHVLQMHFWHXUV ILJ 3FUJSF[MFTHSJMMFT MFTDPVWFSDMFTEFCS»MFVSFUMFTEJGGVTFVST
$IBOHF[MFTJOKFDUFVSTFOVUJMJTBOUMBDM©EJTQPOJCMFBVQS¨TEF
OPUSF4FSWJDF5FDIOJRVF S©G QPVSCS»MFVSTEPVCMF
GMBNNF S©G DGUBCMFBV** FOGBJTBOUQBSUJDVMJ¨SFNFOU
BUUFOUJPO OF QBT E©MPHFS M࣐JOKFDUFVS FO MF SFUJSBOU PV FO MF GJYBOU
BVCS»MFVS
1SFOF[TPJOEFMFTGJYFS GPOEQPVSHBSBOUJSM࣐©UBODI©JU©
*MOFGBVUS©BMJTFSBVDVOS©HMBHFEFMBJSQSJNBJSFEBOTDFT
CS»MFVST
1MBDF[ MFT EJGGVTFVST FU MFT DPVWFSDMFT EFT CS»MFVST TVS MFVST GFVY
DPSSFTQPOEBOUT &O QMVT JM GBVESB QMBDFS EF NBOJ¨SF BQQSPQSJ©F
MFTHSJMMFTTVSMFVST©M©NFOUTEFGJYBUJPO GJH B
% 5pJODJHGHVURELQHWV
1MBDF[MFTCPVUPOTEFDPNNBOEFTVSMBQPTJUJPONJOJNVN
3FUJSF[MFTCPVUPOTEFDPNNBOEFEFTSPCJOFUT'JH 7PVT USPVWFSF[ BMPST VOF CBHVF FO DBPVUDIPVD GMFYJCMF *M TVGGJSB
E࣐BQQVZFSBWFDMBQPJOUFEVUPVSOFWJTQPVSMJC©SFSMFQBTTBHF
WFST MB WJT EF S©HMBHF EV SPCJOFU 1H GpPRQWH] MDPDLV OD EDJXH
3©HMF[MFGFVNJOJNVNFOUPVSOBOUMBWJTCZQBTT MBJEFEVO
UPVSOFWJT QPJOUFQMBUF
3ULPDGHOO LQVWDOOD]LRQH
2VFTUPBQQBSFDDIJPSJFOUSBOFMMBDMBTTFEFMMBOPSNB&/
QFSHMJBQQBSFDDIJBHBTBQQBSFDDIJPJODBTTBUPJOVONPCJMF
*NPCJMJWJDJOJBMMBQQBSFDDIJPEFWPOPFTTFSFDPTUJUVJUJEBNBUFSJBMJ
OPOJOGJBNNBCJMJ*SJWFTUJNFOUJTUSBUJGJDBUJFMBDPMMBDPODVJTPOP
GJTTBUJEFWPOPFTTFSFSFTJTUFOUJBMDBMPSF
2VFTUPBQQBSFDDIJPOPOQV²FTTFSFJOTUBMMBUPTVGSJHPSJGFSJ
MBWBUSJDJ MBWBTUPWJHMJFPFMFUUSPEPNFTUJDJTJNJMJ
1FSJOTUBMMBSFJMQJBOPEJDPUUVSBTVVOGPSOP WFSJGJDBSFDIF
RVFTUVMUJNPTJBEPUBUPEJWFOUJMB[JPOFGPS[BUB7FSJGJDBSFMF
EJNFOTJPOJEFMGPSOPOFMSFMBUJWPNBOVBMFEJJOTUBMMB[JPOF
4FTJJOTUBMMBVOFTUSBUUPSF GBSFSJGFSJNFOUPBMSFMBUJWPNBOVBMFEJ
JOTUBMMB[JPOF NBOUFOFOEPTFNQSFVOBEJTUBO[BWFSUJDBMFNJOJNB
EJ NNEBMQJBOPEJDPUUVSB
&DPELRGHOWLSRGLJDV
4FMBOPSNBUJWBEFMQBFTFMPDPOTFOUF RVFTUPBQQBSFDDIJPQV²
FTTFSFBEBUUBUPBEBMUSJUJQJEJHBT WUBSHBJEFOUJGJDBUJWB *
DPNQPOFOUJOFDFTTBSJBRVFTUBPQFSB[JPOFTJUSPWBOPOFMMBCPSTB
LJUEJDPOWFSTJPOFJOEPUB[JPOF BTFDPOEBEFMNPEFMMP P
EJTQPOJCJMFQSFTTPJMOPTUSP4FSWJ[JP5FDOJDP1SPDFEFSFDPNF
JOEJDBUPEJTFHVJUP
$ 6RVWLWX]LRQHGHJOLLQLHWWRUL ILJ 3JNVPWFSFMFHSJHMJF JDPQFSDIJEFMCSVDJBUPSFFJEJGGVTPSJ
4PTUJUVJSFHMJJOJFUUPSJVTBOEPMBDIJBWFEJTQPOJCJMFQSFTTPJM
OPTUSP4FSWJ[JP5FDOJDP DPEJDF QFSJCSVDJBUPSJ
BEPQQJBGJBNNB GBSSJGFSJNFOUPBMMBUBCFMMB** GBDFOEP
QBSUJDPMBSF BUUFO[JPOF DIF MJOJFUUPSF OPO TJ EJTUBDDIJ RVBOEP UPMUP
PGJTTBUPBMCSVDJBUPSF
"TTJDVSBSTJEJTFSSBSMJBGPOEPQFSHBSBOUJSOFMBUFOVUB
*ORVFTUJCSVDJBUPSJ OPO¨OFDFTTBSJPFGGFUUVBSFMBSFHPMB[JPOF
EFMMBSJBQSJNBSJB
$PMMPDBSFJEJGGVTPSJFJDPQFSDIJEFJCSVDJBUPSJTVJDPSSJTQPOEFOUJ
GVPDIJ4JEFWPOPJOPMUSFQPTJ[JPOBSFBEFHVBUBNFOUFMFHSJHMJF
TVHMJBQQPTJUJFMFNFOUJEJTPTUFHOP'JH B
% 5HJROD]LRQHGHLUXELQHWWL
$PMMPDBSFMFNBOPQPMFOFMMBQPTJ[JPOFEJNJOJNP
&TUSBSSFMFNBOPQPMFEFJSVCJOFUUJ'JH 4JUSPWFS VOBUFOVUBJOHPNNBGMFTTJCJMFˆTVGGJDJFOUFGBSF
QSFTTJPOFDPOMBQVOUBEFMDBDDJBWJUFQFSDSFBSFTQB[JPF
BDDFEFSFBMMBWJUFEJSFHPMB[JPOFEFMSVCJOFUUP 1RQVPRQWDUH
PDLODWHQXWD
3FHPMBSFJMGVPDPNJOJNPHJSBOEPMBWJUFEJCZQBTTDPOVO
DBDDJBWJUFBQVOUBQJBUUB
" TFDPOEB EFM HBT VUJMJ[[BUP EBMMBQQBSFDDIJP W UBCFMMB *** BHJSF
EJDPOTFHVFO[B
"TUSJOHFSFBGPOEPMFWJUJEJCZQBTT
# BMMFOUBSF MF WJUJ EJ CZQBTT GJOP BMMB DPSSFUUB SFHPMB[JPOF EFM HBT
JOVTDJUBEBJCSVDJBUPSJWFSJGJDBSFDIFSFHPMBOEPMBNBOPQPMBUSB
JMNBTTJNPFJMNJOJNP JMCSVDJBUPSFOPOTJTQFOHB O©TJ
WFSJGJDIJOPSJUPSOJEJGJBNNB
$MFWJUJEJCZQBTTEFWPOPFTTFSFTPTUJUVJUFEBVOUFDOJDP
BVUPSJ[[BUP
%OPONBOJQPMBSFMFWJUJEJCZQBTT
4F OPO TJ SJFTDF BE BDDFEFSF BMMB WJUF EJ CZQBTT TNPOUBSF MB QBSUF
TVQFSJPSFEFMQJBOPEJDPUUVSB GJTTBUBBMSFTUPEFMQJBOPEJDPUUVSB
EBVOTJTUFNBEJWJUJ1FSSJNVPWFSMB QSPDFEFSFDPNFTFHVF
5PHMJFSFUVUUFMFHSJHMJF JDPQFSDIJEFJCSVDJBUPSJ JEJGGVTPSJFMF
NBOPQPMF
3JNVPWFSFMFWJUJEFJCSVDJBUPSJ
1FSSJNPOUBSFMBQQBSFDDIJP JOWFSUJSFMBQSPDFEVSBEJ
TNPOUBHHJP
1FS HBSBOUJSF MB UFOVUB ¨ JNQPSUBOUF DIF WXWWH MF UFOVUF TJBOP BM
MPSPQPTUP2VFTUJFMFNFOUJTPOPJOEJTQFOTBCJMJQFSJMDPSSFUUP
GVO[JPOBNFOUPEFMMBQQBSFDDIJPEBUPDIFJNQFEJTDPOP
MJOUSPEV[JPOFEJMJRVJEJFTQPSDJ[JBBMMJOUFSOPEFMMBQQBSFDDIJP
/POTNPOUBSFNBJMBTTFEFMSVCJOFUUP 'JH JODBTPEJHVBTUP
TPTUJUVJSFJMSVCJOFUUPDPNQMFUP
$WWHQ]LRQH
"MUFSNJOFBQQMJDBSFMFUJDIFUUBBEFTJWB JOEJDBOEPJMOVPWPUJQPEJ
HBT BDDBOUPBMMBUBSHBJEFOUJGJDBUJWB
3UHSDUD]LRQHGHOPRELOH ILJ &GGFUUVBSFVOUBHMJP EFMMFEJNFOTJPOJOFDFTTBSJF TVMQJBOPEJ
MBWPSP
4F JM QJBOP EJ DPUUVSB ¨ FMFUUSJDP P NJTUP HBT FE FMFUUSJDJU F OPO D¨
VOGPSOPOFMMB[POBTPUUPTUBOUF DPMMPDBSFVOTFQBSBUPSFEJ
NBUFSJBMF OPO JOGJBNNBCJMF BE FT NFUBMMP P MFHOP DPNQFOTBUP B
NNEBMMBCBTFEFMQJBOPEJDPUUVSB*OUBMNPEP TFOF
JNQFEJTDFMBDDFTTPBMMBQBSUFJOGFSJPSF4FJMQJBOPEJDPUUVSB¨B
HBT TJSBDDPNBOEBEJDPMMPDBSFJMTFQBSBUPSFBMMBTUFTTBEJTUBO[B
4VJQJBOJEJMBWPSPJOMFHOP SJGJOJSFMFTVQFSGJDJEJUBHMJPDPOVOB
DPMMBTQFDJBMF QFSQSPUFHHFSMFEBMMVNJEJU ,QVWDOOD]LRQHGHOO DSSDUHFFKLR
$YYHUWHQ]D 1FSJMNPOUBHHJPEFMQJBOPEJDPUUVSBVTBSFHVBOUJ
QSPUFUUJWJ
"TFDPOEBEFMNPEFMMP MBHVBSOJ[JPOFBEFTJWBQV²FTTFSF
BQQMJDBUBJOGBCCSJDB*OUBMDBTP OPOSJNVPWFSMBQFSOFTTVO
NPUJWPMBHVBSOJ[JPOFBEFTJWBFWJUBMFJOGJMUSB[JPOJ4FMB
HVBSOJ[JPOFOPO¨BQQMJDBUBJOGBCCSJDB JODPMMBSMBTVMCPSEP
JOGFSJPSFEFMQJBOPEJDPUUVSB'JH 1FSJMGJTTBHHJPEFMMBQQBSFDDIJPBMNPCJMFEJJODBTTP
&TUSBSSFMFHSBGGFEBMTBDDIFUUPEFHMJBDDFTTPSJFBWWJUBSMFOFMMB
QPTJ[JPOFJOEJDBUBMBTDJBOEPDIFHJSJOPMJCFSBNFOUF
*ODBTTBSFFDFOUSBSFJMQJBOPEJDPUUVSB
1SFNFSFTVJCPSEJGJOPBEBQQPHHJBSFQFSGFUUBNFOUFUVUUPJM
QFSJNFUSP
(JSBSFMFHSBGGFFTUSJOHFSMFBGPOEP
-BQPTJ[JPOFEFMMFHSBGGFEJQFOEFEBMMPTQFTTPSFEFMQJBOPEJ
MBWPSP'JH B
6PRQWDJJLRGHOSLDQRGLFRWWXUD
4DPMMFHBSFMBQQBSFDDIJPEBMMFQSFTFFMFUUSJDIFFEBMMBUUBDDPEFM
HBT
4WJUBSFMFHSBGGFFTFHVJSF JONPEPJOWFSTP MBQSPDFEVSBEJ
NPOUBHHJP
$WWDFFRGHOJDV ILJ *MSBDDPSEPEFMHBTEFWFFTTFSFEJTQPTUPJONPEPDIFJMSVCJOFUUP
TJBBDDFTTJCJMF
-FTUSFNJU EFMMBDPOOFTTJPOFEJJOHSFTTPEFMQJBOPEJDPUUVSBB
HBT¨EPUBUBEJGJMFUUBUVSBEBࣔ NN DIFDPOTFOUF
■ JMDPMMFHBNFOUPSJHJEP
■ MBUUBDDPBVOUVCPGMFTTJCJMFNFUBMMJDP - NJO NNBY N ˆOFDFTTBSJPJOUFSDBMBSFMBHVBSOJ[JPOFEJUFOVUB JO
EPUB[JPOFGSBMVTDJUBEFMDPMMFUUPSFFJMSBDDPSEPEFMHBT
4JEFWFFWJUBSFJMDPOUBUUPEFMUVCPDPOQBSUJNPCJMJEFMMVOJU
EJODBTTP BEFTFNQJP VODBTTFUUP FJMQBTTBHHJPBUUSBWFSTP
TQB[JTPHHFUUJBQPTTJCJMJPTUSV[JPOJ
*ORVBMTJBTJDPOOFTTJPOF QRQPXRYHUHQpJLUDUHLOJRPLWREBMMB
QPTJ[JPOFTUBCJMJUBJOGBCCSJDB
/FMDBTPJODVJPDDPSSBSFBMJ[[BSFVOBDPOOFTTJPOFDJMJOESJDB
TPTUJUVJSFJMHPNJUPNPOUBUPJOGBCCSJDBDPORVFMMPGPSOJUPOFM
TBDDIFUUPEFHMJBDDFTTPSJ'JH B
/POTDPSEBSTJEJJOUFSDBMBSFMBHVBSOJ[JPOF
: 3HULFRORGLIXJKH
4FTJNBOJQPMBRVBMVORVFUJQPEJSBDDPSEP WFSJGJDBSOFMBUFOVUB
*MGBCCSJDBOUFEFDMJOBPHOJSFTQPOTBCJMJU JODBTPEJDPOOFTTJPOJ
DIFQSFTFOUJOPGVHIFEPQPMBNBOJQPMB[JPOFEFMMFTUFTTF
nl
é ,QVWDOODWLHYRRUVFKULIW
9HLOLJKHLGVDDQZLM]LQJHQ
-FFTEFJOTUSVDUJFTWBOIFUBQQBSBBUBMWPSFOTPWFSUFHBBOUPUEF
JOTUBMMBUJFFOIFUHFCSVJLFSWBO
%FHSBGJFLFOBGHFCFFMEJOEJU*OTUBMMBUJFWPPSTDISJGU[JKOUFS
PSJ«OUBUJF
'HIDEULNDQWLVYULMYDQHONHYHUDQWZRRUGHOLMNKHLGLQGLHQQLHW
YROGDDQZRUGWDDQGHEHVFKLNNLQJHQYDQGH]HKDQGOHLGLQJ
$OOHZHUN]DDPKHGHQEHWUHIIHQGHLQVWDOODWLHDIVWHOOLQJHQ
DDQSDVVLQJDDQHHQDQGHUJDVW\SHPRHWHQZRUGHQ
XLWJHYRHUGGRRUHHQEHNZDDPLQVWDOODWHXUZDDUELMDOOH
WRHSDVEDUH QRUPHQ HQ ZHWJHYLQJ HQ GH YRRUVFKULIWHQ YDQ GH
ORNDOHJDVHQHOHNWULFLWHLWVPDDWVFKDSSLMHQPRHWHQZRUGHQ
QDJHOHHIG
+HW ZRUGW DDQEHYROHQ RQ]H 7HFKQLVFKH 'LHQVW WH WHOHIRQHUHQ
YRRUGHDDQSDVVLQJDDQHHQDQGHUJDVW\SH
6OXLWYyyUHONHKDQGHOLQJGHVWURRPHQJDVWRHYRHUYDQKHW
DSSDUDDWDI
%JU BQQBSBBU JT VJUTMVJUFOE CFTUFNE WPPS IVJTIPVEFMJKL HFCSVJL )FU
JTOJFUUPFHFTUBBOIFUUFHFCSVJLFOWPPSQSPGFTTJPOFMFPG
&RQQHVVLRQHHOHWWULFD ILJ 7FSJGJDBSFDIFMBUFOTJPOFFMBQPUFO[BEFMMBQQBSFDDIJPTJBOP
DPNQBUJCJMJDPOMJNQJBOUPFMFUUSJDP
* QJBOJ EJ DPUUVSB WFOHPOP GPSOJUJ EPUBUJ EJ DBWP EJ BMJNFOUB[JPOF DPO
PTFO[BTQJOBFMFUUSJDB
(MJBQQBSFDDIJNVOJUJEJTQJOBEFWPOPFTTFSFDPMMFHBUJTPMUBOUPB
QSFTFFMFUUSJDIFDPOQSFTBEJUFSSBEFCJUBNFOUFJOTUBMMBUF
1SFWFEFSFVOTF[JPOBUPSFPOOJQPMBSFDPOBQFSUVSBEJDPOUBUUPEJ
BMNFOP NN USBOOFDIFQFSJDPMMFHBNFOUJBTQJOB TFMVUFOUF
QV²BDDFEFSWJ 2VFTUPBQQBSFDDIJP¨EFMUJQP࣓:ࣔ*MDBWPEJJOHSFTTPOPOQV²
FTTFSF DBNCJBUP EBMMVUFOUF NB TPMP EBM 4FSWJ[JP 5FDOJDP 0DDPSSF
JOGBUUJSJTQFUUBSFJMUJQPEJDBWPFMBTF[JPOFNJOJNB
DPNNFSD¯FMFEPFMFJOEFO)FUBQQBSBBUNBHOJFUJOKBDIUFOPG
DBSBWBOTXPSEFOHF¯OTUBMMFFSE%FHBSBOUJFHFMEUBMMFFOXBOOFFS
IFUBQQBSBBUPQEFKVJTUFXJK[FXPSEUHFCSVJLU
$POUSPMFFSWPPSEFJOTUBMMBUJFPGEFWPPSXBBSEFOWBOMPLBMF
EJTUSJCVUJF BBSEFOESVLWBOIFUHBT FOEFBGTUFMMJOHWBOIFU
BQQBSBBUDPNQBUJCFM[JKO [JFUBCFM * %FBGTUFMWPPSXBBSEFOWBO
IFUBQQBSBBUTUBBOPQIFUMBCFMPGPQIFUHFHFWFOTQMBBUKF
%JUBQQBSBBUNBHFOLFMXPSEFOHF¯OTUBMMFFSEJOFFOHPFE
HFWFOUJMFFSEFSVJNUF XBBSCJKEFHFMEFOEFSFHMFNFOUFOFO
CFTDIJLLJOHFOJO[BLFWFOUJMBUJFOBHFMFFGEXPSEFO)FUBQQBSBBU
NBH OJFU XPSEFO BBOHFTMPUFO PQ FFO JOSJDIUJOH WPPS EF BGWPFS WBO
WFSCSBOEJOHTQSPEVDUFO
%FWPFEJOHTLBCFMNPFUXPSEFOWBTUHFNBBLUJOIFUNFVCFMTUVL
PN UF WPPSLPNFO EBU EF[F DPOUBDU NBBLU NFU EF HFEFFMUFT WBO EF
PWFOPGWBOEFLPPLQMBBUEJFXBSNXPSEFO
"QQBSBUFONFUTUSPPNUPFWPFSNPFUFOWFSQMJDIUHFBBSEXPSEFO
.BOJQVMFFSEFCJOOFO[JKEFWBOIFUBQQBSBBUOJFU5FMFGPOFFS
JOEJFOOPEJHPO[F5FDIOJTDIF%JFOTU
&SNPFUXPSEFOWFSNFEFOEBUEF[FCVJTDPOUBDUNBBLUNFUEF
CFXFFHCBSFPOEFSEFMFOWBOEFFFOIFJEXBBSJOEFLPPLQMBBUJT
JOHFCPVXE FFO MBEF CJKWPPSCFFME PG EBU IJK EPPS SVJNUFT MPPQU EJF
WFSTUPQULVOOFOSBLFO
#JKCFJEFWFSCJOEJOHFOEJFOUVFSWPPSUF[PSHFO KHWNQLHVWXNQLHW
WHEHZHJHQRIWHGUDDLHQ UFOPQ[JDIUFWBOEFTUBOEXBBSJOIJK
WBOVJUEFGBCSJFLLPNU
*OEJFO V FFO DJMJOESJTDIF BBOTMVJUJOH NPFU NBLFO WFSWBOH EBO IFU
EPPSEFGBCSJFLHF¯OTUBMMFFSEFLOJFTUVLEPPSEBUVJUEF[BLNFU
BDDFTTPJSFT"GC B
7FSHFFUOJFUPNEFQBLLJOHJOUFWPFHFO
: /HNJHYDDU
*OEJFOFFOBBOTMVJUJOHHFNBOJQVMFFSEXPSEU DPOUSPMFFSEF
MFLEJDIUIFJE
%FGBCSJLBOUJTOJFUBBOTQSBLFMJKLBMTFFOBBOTMVJUJOHMFLLFO
WFSUPPOUOBEBUEF[FHFNBOJQVMFFSEJT
9yyUGHLQVWDOODWLH
$POUSPMFFSPGIFUWPMUBHFFOIFUWFSNPHFOWBOIFUBQQBSBBU
DPNQBUJCFM[JKONFUEFFMFLUSJTDIFJOTUBMMBUJF
%FLPPLQMBUFOXPSEFOHFMFWFSENFUFFOWPFEJOHTLBCFMNFUPG
[POEFSTUFLLFS
"QQBSBUFO EJF WPPS[JFO [JKO WBO FFO TUFLLFS NPHFO BMMFFO PQ FFO
HPFEHFBBSETUPQDPOUBDUXPSEFOBBOHFTMPUFO
&SNPFUFFOPNOJQPMBJSFPOEFSCSFLJOHTTDIBLFMBBSWPPS[JFO
XPSEFONFUFFONJOJNBMFDPOUBDUPQFOJOHWBO NN CFIBMWFCJK
FFO TUFLLFSBBOTMVJUJOH JOEJFO EF[F HFNBLLFMJKL CFSFJLCBBS JT WPPS
EFHFCSVJLFS %JUBQQBSBBUJTWBOIFUUZQF࣓:ࣔEFJOWPFSLBCFMNBHOJFU
WFSWBOHFOXPSEFOEPPSEFHFCSVJLFS NBBSEPPSEF5FDIOJTDIF
%JFOTU )FU UZQF LBCFM FO EF NJOJNVNEPPSTOFEF EJFOFO UF XPSEFO
HFSFTQFDUFFSE
(OHNWULVFKHDDQVOXLWLQJ $IE %JU BQQBSBBU CFIPPSU UPU LMBTTF WPMHFOT EF OPSN &/ WPPS
HBTBQQBSBUFOBQQBSBBUJOHFCPVXEJOFFONFVCFM
%FNFVCFMTEJDIUCJKIFUBQQBSBBUNPFUFOVJUOJFUPOUWMBNCBSF
NBUFSJBMFO CFTUBBO %F HFMBBHEF CFLMFEJOHFO FO EF MJKN EJF EF[F
CFWFTUJHU NPFUFOIJUUFCFTUFOEJH[JKO
%JUBQQBSBBULBOOJFUHF¯OTUBMMFFSEXPSEFOPQLPFMLBTUFO
XBTNBDIJOFT WBBUXBTTFSTPGEFSHFMJKLF
0NFFOLPPLQMBBUPQFFOPWFOUFJOTUBMMFSFO NPFUEF[FPWFS
HFGPSDFFSEFWFOUJMBUJFCFTDIJLLFO$POUSPMFFSEFBGNFUJOHFOWBO
EFPWFOJOVXJOTUBMMBUJFIBOEMFJEJOH
*OEJFOFFOBG[VJHLBQHF¯OTUBMMFFSEXPSEU NPFUSFLFOJOH
HFIPVEFOXPSEFONFUEFJOTUBMMBUJFIBOEMFJEJOHIJFSWBO XBBSCJK
BMUJKEFFONJOJNBMFWFSUJDBMFBGTUBOEWBO NNUPUEFLPPLQMBBU
CFIPVEFOXPSEU
9HUDQGHULQJYDQJDVW\SH
9RRUEHUHLGLQJYDQKHWPHXEHO DIE *OEJFOEFOPSNWBOIFUMBOEIFUUPFMBBU NBHEJUBQQBSBBU
BBOHFQBTUXPSEFOBBOBOEFSFHBTTFO [JFHFHFWFOTQMBBUKF %F
IJFSWPPSCFOPEJHEFPOEFSEFMFOCFWJOEFO[JDIJOIFUHFMFWFSEF
PNWPSNJOHTQBLLFU BGIBOLFMJKLWBOIFUNPEFM )FUQBLLFUJT
CFTDIJLCBBSCJKPO[FUFDIOJTDIFEJFOTU7PMHPOEFSTUBBOEF
TUBQQFOPQ
$ 9HUYDQJHQYDQGHLQVSXLWHUV DIE 7FSXJKEFSEFSPPTUFST IPFEKFTFOWFSTQSFJEFST
7FSWBOH EF JOTQVJUFST NFU EF TMFVUFM EJF CFTDIJLCBBS JT WJB PO[F
UFDIOJTDIF EJFOTU NFU DPEF WPPS CSBOEFST NFU EVCCFMF
WMBNDPEF [JFUBCFM**;PSHEBUEFJOTQVJUFSOJFU
MPTSBBLUCJKIFUWFSXJKEFSFOPGQMBBUTFOIJFSWBOPQEFCSBOEFS
%SBBJEF[FHPFEBBO PNEFMFLEJDIUIFJEUFHBSBOEFSFO
*OEF[FCSBOEFSTIPFGUHFFOBGTUFMMJOHWBOEFQSJNBJSFMVDIU
QMBBUTUFWJOEFO
1MBBUT EF WFSTQSFJEFST FO EF IPFEKFT PQ EF PWFSFFOTUFNNFOEF
QJUUFO0PLEJFOFOEFSPPTUFSTPQEFKVJTUFXJK[FUFXPSEFO
HFQMBBUTU "GC B
% $IVWHOOLQJYDQGHNUDQHQ
;FUEFLOPQQFOJOEFMBBHTUFTUBOE
)BBMEFLOPQQFOWBOEFLSBOFOBG"GC
6 USFGU FFO GMFYJCFMF SVCCFS LFFSSJOH BBO 6 EJFOU FOLFM UF ESVLLFO
NFU EF QVOU WBO EF TDISPFWFOESBBJFS PQEBU EF EPPSWPFS OBBS EF
TUFMTDISPFGWBOEFLSBBOWSJKLPNU %RXZGHNHHUULQJQRRLWXLW
4UFMEFNJOJNVNTUBOEBGEPPSEFCZQBTTCPVUUFESBBJFONFU
FFOTDISPFWFOESBBJFSNFUFFOWMBLLFQVOU
7PFS BGIBOLFMJKLWBOIFUHBTXBBSBBOVXBQQBSBBUBBOHFQBTU
[BMXPSEFO [JFUBCFM*** POEFSTUBBOEFIBOEFMJOHVJU
"ESBBJEFCZQBTTCPVUFOIFMFNBBMBBO
#NBBLEFCZQBTTCPVUFOMPTUPUEFDPSSFDUFHBTVJUMBBUWBOEF
CSBOEFSTDPOUSPMFFSPGCJKIFUBGTUFMMFOWBOEFLOPQUVTTFOEF
NBYJNVNFONJOJNVNTUBOE EFCSBOEFSOJFUVJUHBBUOPDI
HBTJOTMBHHFWPSNEXPSEU
$EFCZQBTTCPVUFONPFUFOXPSEFOWFSWBOHFOEPPSFFO
CFWPFHEF5FDIOJTDIF%JFOTU
%NBOJQVMFFSEFCZQBTTCPVUFOOJFU
7JOEU V EF UPFHBOH UPU EF CZQBTT CPVU OJFU CPVX EF WFUQPU VJU EJF
CFWFTUJHEJTBBOEFSFTUWBOEFLPPLQMBBUNFUFFOTZTUFFNWBO
TDISPFWFO (B PN EF[F UF WFSXJKEFSFO PQ POEFSTUBBOEF XJK[F UF
XFSL
7FSXJKEFSBMMFSPPTUFST IPFEKFT WFSTQSFJEFSTFOLOPQQFO
.BBLEFCPVUFOWBOEFCSBOEFSTMPT
(B PNIFUBQQBSBBUUFSVHJOUFCPVXFO PQPNHFLFFSEFXJK[F
UFXFSLEBOCJKEFEFNPOUBHF
#SFOHFFOJOTOJKEJOHBBOWBOEFOPEJHFBGNFUJOHFOPQIFU
XFSLWMBL
*OEJFOEFLPPLQMBBUFMFLUSJTDIPGHFNFOHE HBTFOFMFLUSJDJUFJU JT
FO FS [JDI HFFO PWFO POEFS CFWJOEU QMBBUT EBO FFO TDIFJEJOHTTUVL
WBOOJFUPOUWMBNCBBSNBUFSJBBM CWNFUBBMPGHFMBBHEIPVU PQ
NNWBOEFCBTJTWBOEFLPPLQMBBU;PXPSEUUPFHBOH
WFSNFEFOUPUEFPOEFS[JKEFIJFSWBO*OEJFOIFUFFOHBTLPPLQMBBU
JT XPSEUBBOCFWPMFOIFUTDIFJEJOHTTUVLPQEF[FMGEFBGTUBOEUF
QMBBUTFO
7FSOJTWPPSIPVUFOXFSLWMBLLFOEFTOJKWMBLLFONFUFFOTQFDJBMF
MJKN PNEF[FUFCFTDIFSNFOUFHFOWPDIU
,QVWDOODWLHYDQKHWDSSDUDDW
$DQZLM]LQJ #JKIFUJOCPVXFOWBOEFLPPLQMBBUEJFOUV
WFJMJHIFJETIBOETDIPFOFOUFESBHFO
"GIBOLFMJKLWBOIFUNPEFMLBOEF[FMGLMFWFOEFQBLLJOHBMJOEF
GBCSJFL[JKOHFQMBBUTU"MTEBU[PJT WFSXJKEFSEF[FEBOJOHFFO
HFWBMEF[FMGLMFWFOEFQBLLJOHWPPSLPNUGJMUSBUJFT"MTEFQBLLJOH
OJFU JO GBCSJFL JT HFQMBBUTU QMBL EF[F EBO BBO EF POEFSSBOE WBO EF
LPPLQMBBU"GC 7PPSEFCFWFTUJHJOHWBOIFUBQQBSBBUBBOIFUJOCPVXNFVCFM
)BBMEFLMFNNFOVJUEF[BLNFUBDDFTTPJSFTFOTDISPFGEF[F
WBTUJOEFBBOHFEVJEFTUBOE [PSHEBUEF[FWSJKESBBJFO
#PVXEFLPPLQMBBUJOFODFOUSFFSEF[F
%SVLPQEFVJUFJOEFOUPUEBUEFQMBBUPQEFIFMFPNUSFLTUFVOU
%SBBJEFLMFNNFOIFMFNBBMBBO
%FTUBOEWBOEFLMFNNFOJTBGIBOLFMJKLWBOEFEJLUFWBOIFU
XFSLWMBL"GC B
8LWERXZYDQGHNRRNSODDW
4MVJUIFUBQQBSBBUBGWBOEFFMFLUSJDJUFJUTFOHBTBBOTMVJUJOH
%SBBJ EF LMFNNFO MPT FO HB PQ PNHFLFFSEF XFSLXJK[F UF XFSL BMT
CJKEFNPOUBHF
*DVDDQVOXLWLQJ DIE %FHBTBBOTMVJUJOHNPFU[PBBOHFMFHE[JKOEBUEFBGTMVJULSBBO
UPFHBOLFMJKLJT
)FU VJUFJOEF WBO EF JOMBBUDPMMFDUPS WBO EF HBTLPPLQMBBU JT WPPS[JFO
WBOFFOTDISPFGESBBEWBOࣔ NN .FUEF[F
TDISPFGESBBEJTNPHFMJKL
■ &FOTUBSSFWFSCJOEJOH
■ &FOWFSCJOEJOHNFUFFONFUBMFOTMBOH - NJO NNBY N %FHFMFWFSEFBGEJDIUQBLLJOH NPFUXPSEFOJOHFWPFHE
UVTTFOEFVJUMBBUWBOIFUTQSVJUTUVLFOHBTBBOTMVJUJOH
)FUJTCFMBOHSJKLEBU DOOH LFFSSJOHFOHFQMBBUTU[JKOPNEF
MFLEJDIUIFJEUFLVOOFOHBSBOEFSFO%F[FJOSJDIUJOHFO[JKO
PONJTCBBS WPPS EF DPSSFDUF XFSLJOH WBO IFU BQQBSBBU BBOHF[JFO
EF[FEFJOMBBUWBOWMPFJTUPGFOWVJMJOIFUBQQBSBBUWFSNJKEFO
#PVXEFBTWBOEFLSBBOOPPJUVJU "GC #JKTUPSJOHFOEJFOUEF
LSBBOJO[JKOHFIFFMUFXPSEFOWFSWBOHFO
$WWHQWLH
1MBBUTUFOTMPUUFEFTUJDLFSEJFIFUOJFVXFHBTUZQFBBOEVJEU
EJDIUCJKIFUHFHFWFOTQMBBUKF
pt
ì ,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVGHVHJXUDQoD
-FJB BT JOTUSV§µFT EP BQBSFMIP BOUFT EF QSPDFEFS TVB JOTUBMB§£P
FVTP
0THS¡GJDPTT£PSFQSFTFOUBEPTOFTUBT*OTUSV§µFTEFNPOUBHFNB
U­UVMPPSJFOUBUJWP
2IDEULFDQWHILFDLVHQWRGHWRGDDUHVSRQVDELOLGDGHFDVRQmR
VHFXPSUDPDVGLVSRVLo}HVFRQVWDQWHVGHVWHPDQXDO
7RGRVRVWUDEDOKRVGHLQVWDODomRUHJXODomRHDGDSWDomRD
RXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRUXPWpFQLFRGH
LQVWDODomR DXWRUL]DGR UHVSHLWDQGR WRGDV DV UHJXODPHQWDo}HV
HOHJLVODomRDSOLFiYHLVEHPFRPRRHVWLSXODGRSHODV
HPSUHVDVORFDLVIRUQHFHGRUDVGHJiVHHOHFWULFLGDGH
5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$VVLVWrQFLD
7pFQLFDSDUDDDGDSWDomRDRXWURVWLSRVGHJiV
$QWHVGHTXDOTXHUSURFHGLPHQWRFRUWHDDOLPHQWDomR
HOpFWULFDHGHJiVGRDSDUHOKR
&TUFBQBSFMIPGPJVOJDBNFOUFDPODFCJEPQBSBVUJMJ[B§£P
EPN©TUJDB O£PQPEFOEP QPSJTTP TFSVUJMJ[BEPQBSBGJOT
DPNFSDJBJT PV QSPGJTTJPOBJT &TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP
FNJBUFTPVDBSBWBOBT"HBSBOUJBBQFOBTTFS¡W¡MJEBDBTPP
BQBSFMIPTFKBVUJMJ[BEPDPSSFDUBNFOUFFQBSBPTGJOTBRVFTF
EFTUJOB
"OUFTEBJOTUBMB§£P EFWFDPNQSPWBSTFBTDPOEJ§µFTEF
EJTUSJCVJ§£PMPDBM OBUVSF[BFQSFTT£PEPH¡T FBSFHVMB§£PEP
BQBSFMIPT£PDPNQBU­WFJT WFSUBCFMB * "TDPOEJ§µFTEF
SFHVMB§£P EP BQBSFMIP FTU£P JOEJDBEBT OB FUJRVFUB PV OB QMBDB EF
DBSBDUFS­TUJDBT
&TUFBQBSFMIPT³QPEFTFSJOTUBMBEPOVNMPDBMCFNWFOUJMBEPF
DVNQSJOEPDPNPTSFHVMBNFOUPTFNWJHPSFBTEJTQPTJ§µFT
SFMBUJWBT WFOUJMB§£P&TUFBQBSFMIPO£PEFWFTFSMJHBEPBVN
EJTQPTJUJWPEFFWBDVB§£PEPTQSPEVUPTEFDPNCVTU£P
0DBCPEFBMJNFOUB§£PEFWFTFSGJYPBPN³WFMQBSBFWJUBSRVF
FOUSF FN DPOUBDUP DPN BT QBSUFT RVFOUFT EP GPSOP PV EB QMBDB EF
DP[FEVSB
0TBQBSFMIPTDPNBMJNFOUB§£PFM©DUSJDBEFWFNTFS
PCSJHBUPSJBNFOUFMJHBEPT UFSSB
/£PNBOJQVMFPJOUFSJPSEPBQBSFMIP4FOFDFTT¡SJP DPOUBDUFP
OPTTP4FSWJ§PEF"TTJTUªODJB5©DOJDB
'HVPRQWDJHPGDSODFDGHFR]HGXUD
%FTMJHVFPBQBSFMIPEBTUPNBEBTFM©DUSJDBFEFH¡T
%FTBQBSBGVTFPTHSBNQPTFQSPDFEBEFNPEPJOWFSTPBPEB
NPOUBHFN
/LJDomRDJiV ILJ " MJHB§£P EP BQBSFMIP SFEF EF H¡T UFN EF TFS SFBMJ[BEB EF GPSNB
BRVFBUPSOFJSBEFGFDIPGJRVFBDFTT­WFM
" FYUSFNJEBEF EP DPMFDUPS EF FOUSBEB EB QMBDB EF DP[FEVSB B H¡T
FTU¡FRVJQBEBDPNVNBSPTDBEFࣔ NN RVFQFSNJUF
■ 3FBMJ[BSVNBMJHB§£PS­HJEB
■ 3FBMJ[BSBMJHB§£PDPNVNUVCPGMFY­WFMNFU¡MJDP - NJO N
NBY N
‰OFDFTT¡SJPJOUFSDBMBSBKVOUBEFFTUBORVFJEBEF GPSOFDJEBFOUSFBTB­EBEPDPMFDUPSFBFOUSBEBEFH¡T
%FWFTFFWJUBSPDPOUBDUPEPUVCPDPNRVBMRVFSQBSUFN³WFMEB
VOJEBEF POEF TF FNCVUJS¡ P BQBSFMIP QPS FYFNQMP VNB HBWFUB
CFNDPNPBTVBQBTTBHFNQPSFTQB§PTRVFQPTTBNGJDBS
PCTUSV­EPT
&NRVBMRVFSVNBEBTMJHB§µFTQmRPRYDQHPURGHRFRWRYHOR
EBQPTJ§£PRVFWFNEFG¡CSJDB
1BSBSFBMJ[BSVNBMJHB§£PDPNUVCBHFNDJM­OESJDB TVCTUJUVBP
DPUPWFMP JOTUBMBEP EF G¡CSJDB QFMP DPUPWFMP JODMV­EP OP DPOKVOUP EF
BDFTT³SJPT'JH B
/£PTFFTRVF§BEFJOUFSDBMBSBKVOUB
: 3HULJRGHIXJD
4FNBOJQVMBSRVBMRVFSMJHB§£P WFSJGJRVFBFTUBORVFJEBEF
0GBCSJDBOUFO£PTFSFTQPOTBCJMJ[BTFBMHVNBMJHB§£PBQSFTFOUBS
GVHBTEFQPJTEFUFSTJEPNBOJQVMBEB
/LJDomRHOpFWULFD ILJ $QWHVGDLQVWDODomR
&TUF BQBSFMIP DPSSFTQPOEF DMBTTF TFHVOEP B OPSNB &/ QBSBBQBSFMIPTBH¡TBQBSFMIPFODBTUSBEPOVNN³WFM
0TN³WFJTRVFGJRVFNQS³YJNPTEPBQBSFMIPEFWFNTFSGFJUPTEF
NBUFSJBJTO£PJOGMBN¡WFJT0TSFWFTUJNFOUPTFTUSBUJGJDBEPTFB
DPMBRVFPTGJYBEFWFNTFSSFTJTUFOUFTBPDBMPS
&TUF BQBSFMIP O£P QPEF TFS JOTUBMBEP TPCSF GSJHPS­GJDPT N¡RVJOBT
EFMBWBSSPVQB N¡RVJOBTEFMBWBSMPJ§BPVBQBSFMIPTTJNJMBSFT
1BSBJOTUBMBSBQMBDBEFDP[FEVSBTPCSFVNGPSOP FTUFEFWF
JODMVJSVNNFDBOJTNPEFWFOUJMB§£PGPS§BEB7FSJGJRVFBT
EJNFOTµFTEPGPSOPOPTFVNBOVBMEFJOTUBMB§£P
4FJOTUBMBSVNFYUSBDUPS EFWFUFSFNDPOUBPSFTQFDUJWPNBOVBM
EFJOTUBMB§£P SFTQFJUBOEPTFNQSFVNBEJTU¢ODJBWFSUJDBMN­OJNB
EF NNEBQMBDBEFDP[FEVSB
3UHSDUDomRGRPyYHO ILJ 3FBMJ[FVNDPSUFEBTEJNFOTµFTOFDFTT¡SJBTOBTVQFSG­DJFEF
USBCBMIP
4F B QMBDB EF DP[FEVSB GPS FM©DUSJDB PV NJTUB H¡T F FMFDUSJDJEBEF
FTFO£PIPVWFSVNGPSOPQPSCBJYPEBNFTNB DPMPRVFVN
TFQBSBEPS EF NBUFSJBM O£P JOGMBN¡WFM QPS FY EF NFUBM PV NBEFJSB
DPOUSBQMBDBEB B NNEBCBTFEBQMBDBEFDP[FEVSB"TTJN
JNQFEF P BDFTTP QBSUF JOGFSJPS EFTUB 4F B QMBDB EF DP[FEVSB GPS
BH¡T SFDPNFOEBTFRVFDPMPRVFPTFQBSBEPS NFTNB
EJTU¢ODJB
&NTVQFSG­DJFTEFUSBCBMIPEFNBEFJSB FOWFSOJ[FBTTVQFSG­DJFT
EFDPSUFDPNVNBDPMBFTQFDJBMQBSBBTQSPUFHFSEBIVNJEBEF
,QVWDODomRGRDSDUHOKR
1RWD 6UJMJ[FMVWBTEFQSPUF§£PQBSBNPOUBSBQMBDBEFDP[JOIBS
4FHVOEPPNPEFMP BKVOUBBEFTJWBQPEFWJSDPMPDBEBEFG¡CSJDB
4FGPSFTTFPDBTP O£PBSFNPWBEFGPSNBBMHVNBBKVOUB
BEFTJWBJNQFEFBTJOGJMUSB§µFT4FBKVOUBO£PWJFSDPMPDBEBEF
G¡CSJDB DPMFBOBNBSHFNJOGFSJPSEBQMBDBEFDP[FEVSB'JH 1BSBBGJYB§£PEPBQBSFMIPOPN³WFMEFFODBTUSBNFOUP
3FUJSF PT HSBNQPT EP DPOKVOUP EF BDFTT³SJPT F BQBSBGVTFPT OB
QPTJ§£PJOEJDBEB EFJYBOEPRVFFTUFTSPEFNMJWSFNFOUF
&ODBTUSFFDFOUSFBQMBDBEFDP[FEVSB
1SFTTJPOFTPCSFPTTFVTFYUSFNPTBU©RVFTFBQPJFFNUPEPP
TFVQFS­NFUSP
(JSFPTHSBNQPTFBQFSUFPTCFN
" QPTJ§£P EPT HSBNQPT EFQFOEF EB FTQFTTVSB EB TVQFSG­DJF EF
USBCBMIP'JH B
7FSJGJRVF TF B WPMUBHFN F B QPUªODJB EP BQBSFMIP T£P DPNQBU­WFJT
DPNBJOTUBMB§£PFM©DUSJDB
"TQMBDBTEFDP[FEVSBT£PGPSOFDJEBTDPNVNDBCPEF
BMJNFOUB§£PDPNPVTFNGJDIB
0TBQBSFMIPTGPSOFDJEPTDPNGJDIBT³EFWFNTFSMJHBEPTB
UPNBEBTEFUFSSBEFWJEBNFOUFJOTUBMBEBT
%FWFQSFWFSTFVNJOUFSSVQUPSPNOJQPMBSDPNVNBBCFSUVSBEF
DPOUBDUP N­OJNB EF NN FYDFQUP FN MJHB§µFT DPN GJDIB TF FTUB
FTUJWFSBDFTT­WFMBPVUJMJ[BEPS &TUFBQBSFMIP©EPUJQP࣓:ࣔPDBCPEFFOUSBEBO£PQPEFTFS
NVEBEP QFMP VUJMJ[BEPS T³ P 4FSWJ§P EF "TTJTUªODJB 5©DOJDB EFWF
GB[ªMP%FWFTFNQSFSFTQFJUBSTFBTFD§£PN­OJNBFPUJQPEF
DBCP
0XGDQoDGRWLSRGHJiV
4F BT SFHVMBNFOUB§µFT EP QB­T P QFSNJUJSFN FTUF BQBSFMIP QPEF
TFSBEBQUBEPBPVUSPTUJQPTEFH¡T WFSQMBDBEFDBSBDUFS­TUJDBT "TQF§BTOFDFTT¡SJBTQBSBUBMFTU£PJODMV­EBTOPTBDPEF
USBOTGPSNB§£PGPSOFDJEP DPOTPBOUFPNPEFMP PVEJTQPO­WFJTOP
OPTTP 4FSWJ§P EF "TTJTUªODJB 5©DOJDB 0T QBTTPT B TFHVJS T£P PT
TFHVJOUFT
$ 6XEVWLWXLomRGRVLQMHFWRUHV ILJ 3FUJSFBTHSFMIBT BTUBNQBTEFRVFJNBEPSFPTEJGVTPSFT
4VCTUJUVBPTJOKFDUPSFTVTBOEPBDIBWFEJTQPOJCJMJ[BEBQFMP
OPTTP4FSWJ§PEF"TTJTUªODJB5©DOJDB DPNPD³EJHP
QBSB RVFJNBEPSFT EF DIBNB EVQMB D³EJHP WFS UBCFMB
** UFOEPFTQFDJBMBUFO§£PQBSBRVFPJOKFDUPSO£PTFTPMUFBP
SFUJS¡MPPVGJY¡MPBPRVFJNBEPS
"QFSUFCFNPTJOKFDUPSFTQBSBHBSBOUJSBFTUBORVFJEBEF
/FTUFT RVFJNBEPSFT O£P © OFDFTT¡SJP SFBMJ[BS B SFHVMB§£P EP BS
QSJN¡SJP
$PMPRVFPTEJGVTPSFTFBTUBNQBTEPTRVFJNBEPSFTOPT
SFTQFDUJWPTMVHBSFT"M©NEJTTP EFWFDPMPDBSBEFRVBEBNFOUF
BTHSFMIBTOPTTFVTFMFNFOUPTEFGJYB§£P GJH B
S PEDU
S PEDU
&DW
S PEDU
&DW
S PEDU
&DW
37
&<
%()5
/8
,737
/9
3/
,, +%3
%()5
/8
,737
/9
,,(//%3
3/
,,+
,, +%3
,, +%3
,,(//%3
,,+
, ( ,, + , + ,, (3 %3
,, (
(6*%*5,(
'.),6(&=6.((/76,52%*12&<
'(
$7
,, +%3
, ( ,, + , + ,, (3 %3
,, (
(6*%*5,(
'.),6(&=6.((/76,52%*12&<
'(
$7
07
,, + , %3 ,, +%3
S PEDU &DW
**PEDU)/h66,**$6
)/h66,**$6%87$13523$1%87$$1
%87$1(3523$$13523$1()*$6
%87$123523$12%87$$1,%87$1
3523$$1,3523$1%87$1(3523$1(
ȊȖȡĮİȡȚȠȝȚȞȝĮȆȡȠʌĮȞȚȠ
*PEDU(5'*$6(5'*$6(
1$785*$6*$61$785$/ 0$$.$$681$785*$6 ĭȣȠȚțBĮİȠȚȠ
1$785$/ *$6*$60(7$12*$6
1$785(/ *$==,(01<
**PEDU $$5'*$6*$=
1$785(/ /$&4
**PEDU%87$123523$12
2&$(
2&$
+6(75'
+6(75
+6(75: 2$+'
+6(75:
+6(75
+6(75'
+6(75:
+6(75
+6(75
+6(75
+6(75'
+6(75
+6(75
+6(75
Ȉ4Q
(2+%(
(23%(
(2<%(
32+%(
323%(
323%(
323%(
32<%(
766
99.*
(7*%
7<3(
*
PK
*
PK
*
PK
*
JK
*
JK
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
9a
9a
9a
9a
9a
9a
9a
9a
9a
9a
9a
9a
9a
9a
9a
+]
+]
+]
+]
+]
+]
+]
+]
+]
+]
+]
+]
+]
+]
+]
&ODPOUSBS¡VNSFUFOUPSEFCPSSBDIBGMFY­WFM#BTUBS¡QSFTTJPO¡
MP DPN B QPOUB EB DIBWF EF GFOEBT QBSB RVF TF MJCFSF P BDFTTP
BPQBSBGVTPEFSFHVMB§£PEBUPSOFJSB 1XQFDGHVPRQWHR
UHWHQWRU
3FHVMF B DIBNB N­OJNB SPEBOEP P QBSBGVTP CZQBTT BUSBW©T EF
VNBDIBWFEFGFOEBTEFQPOUBQMBOB
$POTPBOUF P H¡T BP RVBM WBJ BEBQUBS P BQBSFMIP WFS UBCFMB ***
FGFDUVFBBD§£PDPSSFTQPOEFOUF
"BQFSUBSCFNPTQBSBGVTPTCZQBTT
#BGSPVYBSPTQBSBGVTPTCZQBTTBU©DPOTFHVJSBTB­EBEFH¡T
DPSSFDUBEPTRVFJNBEPSFTWFSJGJRVFTF BPBKVTUBSPDPNBOEP
FOUSFPN¡YJNPFPN­OJNP PRVFJNBEPSO£PTFBQBHBOFN
PDPSSFVNSFUSPDFTTPEBDIBNB
$PTQBSBGVTPTCZQBTTEFWFNTFSTVCTUJUV­EPTQPSVNU©DOJDP
BVUPSJ[BEP
%O£PNBOJQVMBSPTQBSBGVTPTCZQBTT
4FO£PFODPOUSBSPBDFTTPBPQBSBGVTPCZQBTT EFTNPOUFB
QJOHBEFJSB RVFFTU¡GJYBOBQBSUFSFTUBOUFEBQMBDBEFDP[FEVSB
QPSVNTJTUFNBEFQBSBGVTPT1BSBSFNPWªMB QSPDFEBEP
TFHVJOUFNPEP
3FNPWB UPEBT BT HSFMIBT UBNQBT EPT RVFJNBEPSFT EJGVTPSFT F
DPNBOEPT
%FTBQFSUFPTQBSBGVTPTEPTRVFJNBEPSFT
1BSB WPMUBS B NPOUBS P BQBSFMIP QSPDFEB EF NPEP JOWFSTP BP EB
EFTNPOUBHFN
‰JNQPSUBOUFRVFFTUFKBNDPMPDBEPT WRGRV PTSFUFOUPSFTQBSB
HBSBOUJS B FTUBORVFJEBEF &TUFT EJTQPTJUJWPT T£P JNQSFTDJOE­WFJT
QBSBPDPSSFDUPGVODJPOBNFOUPEPBQBSFMIP K¡RVFJNQFEFNB
FOUSBEBEFM­RVJEPFBGPSNB§£PEFTVKJEBEFOPJOUFSJPSEP
BQBSFMIP
/VODBEFTNPOUFPFJYPEBUPSOFJSB 'JH &NDBTPEFBWBSJB
EFWFTVCTUJUVJSTFUPEPPDPOKVOUPEBUPSOFJSB
$WHQomR
"P UFSNJOBS DPMPRVF B FUJRVFUB BEFTJWB JOEJDBOEP P OPWP UJQP EF
H¡T QS³YJNPEBQMBDBEFDBSBDUFS­TUJDBT
(6
02'(/
,
,, +
*$6$'-867('
% 5HJXODomRGDVWRUQHLUDV
&DW
&28175,(6*$6(6
$PMPRVFPTDPNBOEPTOBTVBQPTJ§£PN­OJNB
3FUJSFPTDPNBOEPTEBTUPSOFJSBT'JH ,,
*$6 PEDU
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
,,, *
*
*
*
*
*
*
*
*
4Q N:
PK
JK
* * * * * * * *
'
'
'
'
$
$
&
'
'
'
'
$
$
&
'
'
'
'
$
$
&
'
'
'
'
$
$
&
'
'
'
'
$
$
&
%
%
%
%
%
'
&
%
%
%
%
%
'
&
&
&
&
&
&
&
&
%
%
%
%
%
'
'
&
*
$
$
$
$
$
'
'
&
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertising