Gaggenau BX 480 Double Oven Manual de utilizare

Tip
Manual de utilizare
*9000801374*  

%;
Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
ü0RQWDMWɊOLPDW×
Ö0RQWiçQtQiYRG
×0RQWHULQJVYHMOHGQLQJ
Ù̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ
Û,QVWUXFFLRQHVGHPRQWDMH
Ü3DLJDOGXVMXKHQG
Ý$VHQQXVRKMH
Þ1RWLFHGHPRQWDJH
à8SXWH]DPRQWDçX
ø,QVWUXNVLSHPDVDQJDQ
â,VWUX]LRQLSHULOPRQWDJJLR
Ïۡۥ۪ۣ۫ۙۙ۳۪ۡۡۡۥ۪۫۩۬ۮ۳ۡ۝ۚۡ
ùΝομίρςρςοίκϊμЧπБίςκίο




å 0RQWąçDVLQVWUXNFLMD
é ,QVWDOODWLHYRRUVFKULIW
ê 0RQWHULQJVYHLOHGQLQJ
ë ,QVWUXNFMDPRQWDŰX
ì ,QVWUXo}HVGHPRQWDJHP
î Ημπροςιυηώξνλνμρίες
ï 0RQWiçQ\QiYRG
ð 1DYRGLOD]DPRQWDçR
ò 8SXWVWYRRSRVWDYOMDQMX
ó 0RQWHULQJVDQYLVQLQJ
ô 0RQWDMN×ODYX]X
õ ΅μπροςιυϕώζλνμρίες
÷ 㶛櫗渆䠠
ÿ㶛櫯沼䠠
Ò Ръководство за монтаж
í Instrucţiuni de montare
ã霂ꐶ鬦蚒雺
ä 0RQWDYLPRLQVWUXNFLMD

PLQ

PLQ
PLQ
PPPLWZLWKDYHFFRQ%$
PLQ







de
Ø0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
: 9HUOHW]XQJVJHIDKU
'DV *HUlW LVW VFKZHU =XP %HZHJHQ GHV *HUlWHV VLQG  3HUVRQHQ
HUIRUGHUOLFK1XUJHHLJQHWH+LOIVPLWWHOYHUZHQGHQ
'LH $QOHLWXQJ VRUJIlOWLJ OHVHQ XQG DXIEHZDKUHQ 1XU GHU IDFKJH
UHFKWH(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHLWXQJJHZlKUOHLV
WHWGLH6LFKHUKHLWEHLP*HEUDXFK'HU,QVWDOODWHXUKDIWHWIUGDV
HLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
1XUHLQHNRQ]HVVLRQLHUWH)DFKNUDIWGDUIGDV*HUlWDQVFKOLHHQ
9RUGHU'XUFKIKUXQJMHJOLFKHU$UEHLWHQGLH6WURP]XIXKUDEVWHO
OHQ
=XU9HUPHLGXQJYRQ6FKQLWWYHUOHW]XQJHQ6FKXW]KDQGVFKXKH
WUDJHQ 7HLOH GLH ZlKUHQG GHU 0RQWDJH ]XJlQJOLFK VLQG N|QQHQ
VFKDUINDQWLJVHLQ
*HUlWYRUGHP(LQEDXDXI7UDQVSRUWVFKlGHQSUIHQ
*HUlWQLFKWDQ7U7UJULIIRGHUXQWHUHU/XIWOHLVWHDQKHEHQ
)UGLH,QVWDOODWLRQGLHDNWXHOOJOWLJHQ%DXYRUVFKULIWHQXQGGLH
9RUVFKULIWHQGHVUHJLRQDOHQ(OHNWUL]LWlWVYHUVRUJHUVEHDFKWHQ
*HUlWGHU*HUlWHNODVVH =XP(LQEDXLQHLQ.FKHQP|EHO
JHPl(LQEDXVNL]]H0LQGHVWDEVWlQGHEHDFKWHQ
3ODQXQJVKLQZHLVH
7UDQVFKODJQLFKWZHFKVHOEDU
$EVWDQG0|EHONRUSXVELV7UIURQWIOlFKH PP
$EVWDQG0|EHONRUSXVELV7UJULIIDXHQNDQWH PP
)URQWEHUVWDQGIUGLHgIIQXQJYRQVHLWOLFKHQ6FKXEODGHQEHDFK
WHQ
%HL3ODQXQJHLQHU(FNO|VXQJ7U|IIQXQJVZLQNHOYRQPLQG
EHUFNVLFKWLJHQ
(LQEDXP|EHOYRUEHUHLWHQ
:LFKWLJ*HZLFKWGHV'RSSHOEDFNRIHQVEHDFKWHQFD  NJ
PLW=XEHK|U'HU6WW]ERGHQGHV(LQEDXVFKUDQNHVPXVV
DXVUHLFKHQGVWDELOVHLQ
(LQEDXP|EHOPVVHQELV &WHPSHUDWXUEHVWlQGLJVHLQ
DQJUHQ]HQGH0|EHOIURQWHQELV &
/IWXQJVDXVVFKQLWWLP=ZLVFKHQERGHQGHV(LQEDXVFKUDQNV
PLQ  [  PP
$QVFKOXVVGRVHPXVVDXHUKDOEGHU(LQEDXQLVFKHOLHJHQ
$XVVFKQLWWDUEHLWHQDP0|EHOYRUGHP(LQVHW]HQGHV*HUlWHV
GXUFKIKUHQ6SlQHHQWIHUQHQGLH)XQNWLRQYRQHOHNWULVFKHQ%DX
WHLOHQNDQQEHHLQWUlFKWLJWZHUGHQ
1LFKWEHIHVWLJWH0|EHOPLWHLQHPKDQGHOVEOLFKHQ:LQNHODQGHU
:DQGEHIHVWLJHQ
*HUlWQXUVRKRFKHLQEDXHQGDVV=XEHK|USUREOHPORVHQWQRP
PHQZHUGHQNDQQ
(OHNWULVFKHU$QVFKOXVV
$XI JHHLJQHWH $EVLFKHUXQJ GHU +DXVLQVWDOODWLRQ DFKWHQ 6SDQQXQJ
XQG)UHTXHQ]GHV*HUlWHVPVVHQPLWGHUHOHNWULVFKHQ,QVWDOOD
WLRQEHUHLQVWLPPHQVLHKH7\SHQVFKLOG
'DV*HUlWHQWVSULFKWGHU6FKXW]NODVVH XQGGDUIQXUPLW6FKXW]
OHLWHU$QVFKOXVVEHWULHEHQZHUGHQ
'LH$EVLFKHUXQJEHU%RGHU&$XWRPDWHQLVWHUIRUGHUOLFK
,QGHU,QVWDOODWLRQPXVVHLQDOOSROLJHU7UHQQVFKDOWHUPLWPLQGHV
WHQV PP.RQWDNW|IIQXQJYRUKDQGHQVHLQ'LHVHUPXVVQDFK
GHP(LQEDXQRFK]XJlQJOLFKVHLQ
*HUlWRKQH$QVFKOXVVOHLWXQJ 1XUQDFK$QVFKOXVVELOGDQVFKOLH
HQ%HL%HGDUIEHLOLHJHQGH.XSIHUEUFNHQPRQWLHUHQ%HL)DO
VFKDQVFKOXVVNDQQGDV*HUlWEHVFKlGLJWZHUGHQ
1HW]DQVFKOXVVOHLWXQJ7\S + 99)RGHUK|KHUZHUWLJ'LHJHOE
JUQH$GHUIUGHQ6FKXW]OHLWHU$QVFKOXVVPXVVJHUlWHVHLWLJ
 PPOlQJHUVHLQDOVGLHDQGHUHQ$GHUQ
)UHLQH(LQEDXWLHIHYRQ PPGDV$QVFKOXVVNDEHOLP%HUHLFK
GHUDEJHVFKUlJWHQ*HKlXVH(FNHUHFKWVQDFKXQWHQIKUHQ
*HUlWHLQEDXHQ
:LFKWLJ*HZLFKWGHV'RSSHOEDFNRIHQVEHDFKWHQ
FD  NJPLW=XEHK|U*HUlWQXUDXIUHFKWWUDQVSRUWLHUHQ
*HUlWLP6FKUDQNJHJHQ.LSSHQVLFKHUQIDOOVNHLQ=ZLVFKHQER
GHQEHUGHP*HUlWLVW=ZHLKDQGHOVEOLFKH:LQNHOEHLGVHLWLJ
LP6FKUDQNEHIHVWLJHQDXI PP7LHIH PPEHU*HUlWH
K|KH
 *HUlWJDQ]LQGDV(LQEDXP|EHOHLQVFKLHEHQ
'DEHL$QVFKOXVVNDEHOQLFKWNQLFNHQHLQNOHPPHQRGHUEHU
VFKDUIH.DQWHQIKUHQ
 *HUlWPLWWLJDXVULFKWHQ*HUlWPLWGHU:DVVHUZDDJHH[DNW
ZDDJUHFKWDXVULFKWHQ
 *HUlWPLWGHQEHLOLHJHQGHQ6FKUDXEHQEHIHVWLJHQ7UDQVSRUWVL
FKHUXQJDQGHU7UHQWIHUQHQ

.RPELQDWLRQPLW:lUPHVFKXEODGH
:LFKWLJ*HZLFKWGHV'RSSHOEDFNRIHQVEHDFKWHQFD  NJ
PLW=XEHK|UhEHUGHU:lUPHVFKXEODGHPXVVHLQDXVUHL
FKHQGVWDELOHU=ZLVFKHQERGHQPRQWLHUWZHUGHQ
$XVEDX
 *HUlWVSDQQXQJVORVPDFKHQ
 %HIHVWLJXQJVVFKUDXEHQO|VHQ
 *HUlWOHLFKWDQKHEHQXQGJDQ]KHUDXV]LHKHQ
en
Ú,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
: 5LVNRILQMXU\
7KHDSSOLDQFHLVKHDY\7RPRYHWKHDSSOLDQFH SHRSOHDUH
UHTXLUHG8VHRQO\VXLWDEOHWRROVDQGHTXLSPHQW
5HDG WKHVH LQVWUXFWLRQV FDUHIXOO\ DQG NHHS WKHP LQ D VDIH SODFH
6DIHW\GXULQJXVHFDQRQO\EHHQVXUHGLIWKHDSSOLDQFHLVILWWHG
FRUUHFWO\ DFFRUGLQJ WR WKHVH LQVWDOODWLRQ LQVWUXFWLRQV 7KH LQVWDOOHU
LV UHVSRQVLEOH IRU HQVXULQJ WKDW WKH DSSOLDQFH RSHUDWHV SHUIHFWO\
DWWKHSRLQWRILQVWDOODWLRQ
2QO\DOORZDOLFHQFHGSURIHVVLRQDOWRFRQQHFWWKHDSSOLDQFH
7KHDSSOLDQFHPXVWEHGLVFRQQHFWHGIURPWKHSRZHUVXSSO\
GXULQJDOOLQVWDOODWLRQZRUN
:HDU SURWHFWLYH JORYHV WR SUHYHQW LQMXU\ IURP FXWV 3DUWV WKDW DUH
DFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUSHGJHV
&KHFNWKHDSSOLDQFHIRUDQ\WUDQVSRUWGDPDJHEHIRUH
LQVWDOODWLRQ
'RQRWOLIWWKHDSSOLDQFHE\WKHGRRUGRRUKDQGOHRUORZHUDLU
YHQW
)RU LQVWDOODWLRQ FXUUHQWO\ DSSOLFDEOH EXLOGLQJ UHJXODWLRQV DQG WKH
UHJXODWLRQVRIWKHORFDOHOHFWULFLW\VXSSOLHUPXVWEHREVHUYHG
7KLVDSSOLDQFHFRUUHVSRQGVWRDSSOLDQFHFODVV IRULQVWDOODWLRQ
LQDNLWFKHQXQLWDFFRUGLQJWRWKHLQVWDOODWLRQGUDZLQJ2EVHUYH
WKHPLQLPXPGLVWDQFHV
3ODQQLQJQRWHV
'RRUKLQJHQRWUHYHUVLEOH
7KHGRRUSDQHOVXUIDFHRIWKHDSSOLDQFHH[WHQGV PPIURPWKH
IXUQLWXUHFDYLW\
7KHRXWHUHGJHRIWKHGRRUKDQGOHH[WHQGV PPIURPWKH
IXUQLWXUHFDYLW\
&RQVLGHU WKH RYHUKDQJ ZKHQ SODQQLQJ WR RSHQ GUDZHUV QH[W WR WKH
DSSOLDQFH
:KHQSODQQLQJDFRUQHUVROXWLRQSD\DWWHQWLRQWRWKHGRRU
RSHQLQJDQJOH
3UHSDULQJNLWFKHQXQLWV
,PSRUWDQW3D\DWWHQWLRQWRWKHZHLJKWRIWKHGRXEOHRYHQ
DSSUR[  NJ ZLWK DFFHVVRULHV 7UDQVSRUW WKH DSSOLDQFH LQ
DQXSULJKWSRVLWLRQ
)LWWHGXQLWVPXVWEHKHDWUHVLVWDQWXSWR &DGMDFHQWFDELQHW
IURQWVXSWR &
7KHUHPXVWEHDYHQWLODWLRQFXWRXWRIPLQ  [  PPPDGHLQ
WKHLQWHUPHGLDWHIORRURIWKHVXUURXQGXQLW
7KHDSSOLDQFHFRQQHFWLRQER[PXVWEHSRVLWLRQHGRXWVLGHWKH
LQVWDOODWLRQVSDFH
&DUU\RXWDOOFXWRXWZRUNRQWKHIXUQLWXUHXQLWDQGZRUNWRSEHIRUH
ILWWLQJWKHDSSOLDQFHV5HPRYHDQ\VKDYLQJVRUWKHFRUUHFW
RSHUDWLRQRIHOHFWULFDOFRPSRQHQWVPD\EHLPSDLUHG
6HFXUH IUHHVWDQGLQJ XQLWV WR WKH ZDOO XVLQJ VWDQGDUG FRPPHUFLDOO\
DYDLODEOHEUDFNHWV
2QO\ ILW WKH DSSOLDQFH XS WR D KHLJKW ZKLFK DOORZV DFFHVVRULHV WR EH
HDVLO\UHPRYHG
(OHFWULFDOFRQQHFWLRQ
0DNHVXUHWKDWWKHKRXVHKROGLQVWDOODWLRQKDVVXIILFLHQWIXVHRU
FLUFXLWEUHDNHUSURWHFWLRQ&KHFNWKDWWKHDSSOLDQFHKDVWKHVDPH
YROWDJHDQGIUHTXHQF\DVWKHHOHFWULFDOLQVWDOODWLRQV\VWHPVHH
UDWLQJSODWH
7KHDSSOLDQFHFRUUHVSRQGVWRSURWHFWLRQFODVV DQGPD\RQO\EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
)XVHSURWHFWLRQXVLQJ%RU&FLUFXLWEUHDNHUVLVUHTXLUHG
7KHLQVWDOODWLRQV\VWHPPXVWLQFRUSRUDWHDQDOOSROHLVRODWLQJ
VZLWFKZLWKDFRQWDFWJDSRIDWOHDVW PP7KLVPXVWUHPDLQ
DFFHVVLEOHDIWHULQVWDOODWLRQ
$SSOLDQFHZLWKRXWPDLQVFRQQHFWLRQFDEOH2QO\FRQQHFWDV
VKRZQ RQ WKH FRQQHFWLRQ GLDJUDP )LW WKH HQFORVHG FRSSHU EULGJHV
DVUHTXLUHG,QFRUUHFWFRQQHFWLRQPD\FDXVHGDPDJHWRWKH
DSSOLDQFH
0DLQVFRQQHFWLRQFDEOHW\SH + 99)RUKLJKHUUDWHG7KH
\HOORZJUHHQZLUHIRUWKH3(FRQQHFWLRQPXVWEH PPORQJHU
WKDQWKHRWKHUZLUHVRQWKHDSSOLDQFHVLGH
7KH UHDU RI WKH DSSOLDQFH KDV WDSHUHG HGJHV :KHQ FDELQHW GHSWK
LV  PP WKH FRQQHFWLRQ OHDG PXVW EH JXLGHG GRZQ WKH UHDU ULJKW
VLGHRIWKHFDELQHWWRWKHFRQQHFWRUER[
)LWWLQJWKHDSSOLDQFH
,PSRUWDQW3D\DWWHQWLRQWRWKHZHLJKWRIWKHGRXEOHRYHQ
DSSUR[  NJZLWKDFFHVVRULHV7UDQVSRUWWKHDSSOLDQFH
LQDQXSULJKWSRVLWLRQ
,IWKHUHLVQRILWWHGVKHOIDERYHWKHDSSOLDQFHVHFXUHWKH
DSSOLDQFHDJDLQVWWLSSLQJRYHUZKHQWKHGRRULVRSHQHG)LWWZR
VWDQGDUGDQJOHV PPDERYHWKHDSSOLDQFHDW PPGHSWK
LQVLGHWKHFDELQHW
 )XOO\LQVHUWWKHDSSOLDQFHLQWKHFDELQHW
'R QRW NLQN RU WUDS WKH SRZHU FDEOH RU URXWH LW RYHU VKDUS HGJHV
 &HQWUH WKH DSSOLDQFH 8VLQJ D VSLULW OHYHO DGMXVW WKH DSSOLDQFH VR
WKDWLWLVSHUIHFWO\OHYHO
 6FUHZWKHDSSOLDQFHILUPO\LQSODFHZLWKWKHVFUHZVSURYLGHG
5HPRYHWKHWUDQVSRUWDWLRQORFNRIWKHGRRU
&RPELQDWLRQZLWKZDUPLQJGUDZHU
,PSRUWDQW3D\DWWHQWLRQWRWKHZHLJKWRIWKHGRXEOHRYHQ
DSSUR[  NJ ZLWK DFFHVVRULHV $ VWDEOH LQWHUPHGLDWH VKHOI
PXVWEHLQVWDOOHGDERYHWKHZDUPLQJGUDZHU
5HPRYDO
 'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
 8QGRWKHVHFXULQJVFUHZV
 /LIWWKHDSSOLDQFHVOLJKWO\DQGSXOOLWRXWFRPSOHWHO\
az
ü0RQWDMWɊOLPDW×
9DFLEJ|VWɊULü
: <DUDODQPDWɊKONɊVL
&LKD]Dù×UG×U&LKD]×QKɊUɊNɊWHWGLULOPɊVLoQüɊ[VɊHKWL\DF
YDU0YDILT\DUG×Po×PDGGɊGɊQLVWLIDGɊHGLQ
%XWɊOLPDWNLWDEoDV×Q×GLTTɊWOɊR[X\XQYɊVD[OD\×Q<DOQ×]
SHüɊNDUPWɊ[ɊVLVJ|VWɊULüLQɊX\ùXQRODUDTPYDILT
TXUDüG×U×OPDLVWLIDGɊ]DPDQ×WɊKONɊVL]OL\LWɊPLQHWPLü
ROXU4XUDüG×UDQXVWDTRüXODQ\HUGɊG]JQLüOɊPɊVLoQ
PɊVXOL\\ɊWGDü×\×U
<DOQ×]EDFDUDQüɊ[VFLKD]×TRüDELOɊU
+ɊU Q|Y LüLQ \HULQɊ \HWLULOPɊVLQGɊQ ɊYYɊO HQHUML WɊPLQDW×Q× D\×U×Q
.ɊVLP\DUDODQPDODU×Q×QTDUü×V×Q×DOPDToQTRUX\XFX
ɊOFɊNOɊUGɊQLVWLIDGɊHGLQ0RQWDM]DPDQ×RUWD\Do×[DQKLVVɊOɊU
LWLNɊQDUO×RODELOɊU
&LKD]×TXUXOPDGDQɊYYɊOQɊTOL\\DW]ɊGɊOɊULQɊTDUü×\R[OD\×Q
&LKD]×TDS×TDS×WXWDFDù×YɊ\DDüDù×KDYDüHULGLLOɊ
TDOG×UPD\×Q
4XUDüG×UPDoQKD]×UN×TD\GDODUDYɊUHJLRQDOHOHNWULN
WɊFKL]DWo×ODU×Q×QTD\GDODU×QDɊPɊOHGLQ
&LKD]TXUùXVX6×Q×I0ɊWEɊ[PHEHOLQɊTXUDüG×U×OPDHVNL]LQɊ
X\ùXQRODUDTTXUDüG×U×OPDV×oQPLQLPXPPɊVDIɊOɊUɊED[×Q
'L]D\QPɊOXPDW
4DS×Q×QVWRSHULGɊ\LüPLU
0HEHOLQJ|YGɊVLQGɊQTDS×Q×Q|QVDKɊVLQɊTɊGɊURODQPɊVDIɊ
PP
0HEHOLQJ|YGɊVLQGɊQTDS×WXWDFDù×Q×QNɊQDUNDQW×QDTɊGɊURODQ
PɊVDIɊPP
<DQVL\LUWPɊOɊULQDo×OPDV×oQ|Qo×[×QW×\DGLTTɊW\HWLULQ
%LUNQFKɊOOLQLQSODQODüG×U×OPDV×]DPDQ×TDS×Q×QɊQD]×
GɊUɊFɊOLNDo×OPDEXFDù×Q×QɊ]ɊUɊDO×Q
'D[LOLPHEHOKD]×UOD\×Q
9DFLEGLU 4RüD ELüLUPɊ VREDV×Q×Q oɊNLVLQɊ GLTTɊW \HWLULQ WɊTU
 NT DNVHVVXDU LOɊ 4XUDüG×UPD GRODE×Q×Q G|üɊPɊVL NLID\ɊW
TɊGɊUGD\DQ×TO×ROPDO×G×U
4XUXOPDPHEHOL&WHPSHUDWXUDTɊGɊUGDYDPO×ROPDO×G×U
PHEHOLQNɊQDUODU×&ɊGDYDPO×ROPDO×G×UODU
ûNDI×QDUDüHOILQGɊYHQWLO\DVL\D\HULPLQ[PP
&LKD]EDùODQW×V×\XYDV×TXUDüG×UPD\HULQGɊQNɊQDUGDROPDO×G×U

0HEHOGɊNLNɊVLPLüOɊULQLFLKD]×LüɊVDOPDP×üGDQɊYYɊO\HULQɊ
\HWLULQ7D[WDWR]XQXNɊQDUODüG×U×QɊNVKDOGDHOHNWULNKLVVɊOɊULQLQ
IXQNVL\DV×QD]L\DQGɊ\ɊELOɊU
%ɊUNLGLOPɊPLüPHEHOLVDW×üGDRODQEXFDTDOɊWL&LOɊGLYDUDEɊUNLGLQ
&LKD]×HOɊ\NVɊNOLNGɊTXUXQNLDNVHVVXDUSUREOHPVL]
NɊQDUODüG×U×ODELOLQVLQ
(OHNWULNELUOɊüPɊVL
(YGɊG]JQTXUXOGXùXQDɊPLQROXQ4XUùXQXQJɊUJLQOL\LYɊ
WH]OL\LHOHNWULNTXUDüG×UPDLOɊX\ùXQROPDO×G×UQ|YO|YKɊVLQɊED[
%XFLKD]TRUXQPDVLQILɊX\ùXQJɊOLUYɊ\DOQ×]TRUX\XFX
ELUOɊüPɊLOɊLüɊVDO×QDELOɊU
%YɊ&PDü×QODU×LOɊTRUXQPDWɊOɊEROXQXU
4XUDüG×UPDGDEWQTWEONɊQDUODüG×UPDNHoLGLQGɊPLQLPXP
PPOLNɊODTɊKLVVɊVLQɊPDOLNROPDO×G×UODU%XTXUXOPDGDQVRQUD
JLULüɊPDOLNROPDO×G×U
4RüXOPD[ɊWWLROPD\DQFLKD] %DùODQPDGLDTUDP×QDX\ùXQ
EDùOD\×Q/D]×PROVDTR\XOPXüPLVN|SUOɊUTXUXQ6ɊKYTRüPD
]DPDQOFLKD]]ɊGɊOɊQɊELOɊU
ûɊEɊNɊELUOɊüGLUPɊ[ɊWWL1|Y + 99)YɊ\D\NVɊNGɊ\ɊUOL
4RUX\XFX[ɊWWELUOɊüPɊVLoQVDU×\Dü×O[ɊWWFLKD]GDQGLJɊULQɊ
QLVEɊWɊQPPX]XQOXùXQGDROPDO×G×U
PPOLNELUPRQWDMGɊULQOL\LoQEDùODQDQNDEHOGɊQɊ\LOPLü
P|KNɊPNQFVDKɊVLQLQVDùWɊUɊILQɊGRùUXLVWLTDPɊWYHULQ
&LKD]×TXUXQ
9DFLEGLU4RüDELüLUPɊVREDV×Q×QoɊNLVLQɊGLTTɊW\HWLULQ
WɊTU  NT DNVHVVXDU LOɊ &LKD]× \DOQ×] üDTXOL LVWLTDPɊWGɊ
GDü×\×Q
&LKD]×Q]ɊULQGɊDUDO×TG|üɊPɊVL\R[GXUVDRQXQDüPDPDV×Q×
WɊPLQHGLQûNDI×QKɊULNLWɊUɊILQɊLNLɊGɊGVDW×üGDRODQEXFDT
EɊUNLGLQGɊULQOL\LPPPPFLKD]GDQKQGU
 &LKD]×GD[LOLPHEHOLQLoLQɊWDP\HUOɊüGLULQ
%X]DPDQELUOɊüGLUPɊNDEHOLQLɊ]PɊ\LQV×[PD\×QYɊ\DLWL
NɊQDUODUGDQNHoLUPɊ\LQ
 &LKD]× PɊUNɊ]Ɋ \HUOɊüGLULQ &LKD]× VX WɊUɊ]LVL LOɊ WDP GɊTLT ITL
\HUOɊüGLULQ
 &LKD]×\DQ×QGDYHULOPLüYLQWOɊUOɊEɊUNLGLQ4DS×GDN×GDü×QPD
TRUX\XFXVXQXo×[DU×Q
4×]G×U×F×TXWXLOɊNRPELQDVL\D
9DFLEGLU 4RüD ELüLUPɊ VREDV×Q×Q oɊNLVLQɊ GLTTɊW \HWLULQ WɊTU
NTDNVHVVXDULOɊĮVWLOLNVL\LUWPɊVL]ɊULQGɊQNLID\ɊW
TɊGɊUGD\DQ×TO×DUDO×TG|üɊPɊVLTXUDüG×U×OPDO×G×U
$UW×UPD
 &LKD]×HQHUMLGɊQD\LULQ
 %ɊUNLWPɊYLQWOɊULQLERüDOG×Q
 &LKD]×\DYDüFDTDOG×U×QYɊWDPo×[DU×Q
cs
Ö0RQWiçQtQiYRG
'ŤOHçLWpSRN\Q\
: 1HEH]SHĀt~UD]X
6SRWŒHELĀMHWěçNì3URSŒHPLVŚRYiQtVSRWŒHELĀHMVRX]DSRWŒHEt
 RVRE\3RXçtYHMWHSRX]HYKRGQpSRPŤFN\
3HĀOLYěVLSŒHĀWěWHQiYRGDXVFKRYHMWHVLMHM3RX]HRGERUQi
PRQWiçSRGOHQiYRGXNPRQWiçL]DUXĀtEH]SHĀQRVWSŒL
SRXçtYiQt=DEH]FK\EQpIXQJRYiQtYPtVWěLQVWDODFHUXĀt
SUDFRYQtNSURYiGěMtFtLQVWDODFL
3ŒtVWURMVPtSŒLSRMLWSRX]HRGERUQtNVSŒtVOXåQìPSRYROHQtP
3ŒHGSURYiGěQtPMDNìFKNROLSUDFtRGSRMWHSŒtVWURMRGUR]YRGQp
VtWě
1RVWHRFKUDQQpUXNDYLFHMDNRSUHYHQFLŒH]QìFK]UDQěQt'tO\
NWHUpMVRXEěKHPPRQWiçHSŒtVWXSQpPRKRXPtWRVWUpKUDQ\
3ŒHGPRQWiçt]NRQWUROXMWH]GDVHSŒtVWURMSŒLSŒHSUDYě
QHSRåNRGLO
1H]YHGHMWHSŒtVWURM]DGYtŒNDMHMLFKPDGORDVSRGQtYěWUDFtOLåWX
3ŒLLQVWDODFLGRGUçXMWHDNWXiOQěSODWQpSŒHGSLV\Y\SOìYDMtFt]H
VWDYHEQtKR ]iNRQD D SŒHGSLV\ UHJLRQiOQtKR GRGDYDWHOH HOHNWŒLQ\
3ŒtVWURMWŒtG\SŒtVWURMŤ NPRQWiçLGRNXFK\ŃVNpKRQiE\WNX
SRGOHQiĀUWNXYPRQWiçQtPQiYRGXGRGUçXMWHPLQLPiOQt
Y]GiOHQRVWL
3RN\Q\NSOiQRYiQt
'YHŒQt]DUiçNDQHO]HY\PěQLW
9]GiOHQRVW QiE\WNRYpKR NRUSXVX RG ĀHOQt SORFK\ GYtŒHN MH  PP
9]GiOHQRVWQiE\WNRYpKRGtOXRGYQěMåtKUDQ\UXNRMHWLGYtŒHNMH
 PP
=DFKRYHMWHSŒHVDKYSŒHGXSURRWYRUSRVWUDQQt]iVXYN\
3ŒLSOiQRYiQtŒHåHQtGRURKX]RKOHGQěWH~KHORWHYŒHQtGYtŒHNPLQ
YUR]SěWt
3ŒtSUDYDYHVWDYěQpKRQiE\WNX
'ŤOHçLWp%HUWHRKOHGQDKPRWQRVWGYRMLWpWURXE\FFD  NJ
V SŒtVOXåHQVWYtP 'QR YHVWDYQp VNŒtŃN\ PXVt EìW GRVWDWHĀQě
VWDELOQt
9HVWDYQìQiE\WHNPXVtEìWRGROQìYŤĀLWHSORWiPGR &
VRXVHGQtĀHOQtVWUDQ\QiE\WNXGR &
9ěWUDFtYìŒH]YPH]LGQXYHVWDYQpVNŒtŃN\PLQ  [  PP
3ŒtSRMNRYiNUDELFHVHPXVtQDFKi]HWPLPRSURVWRUSURYHVWDYEX
9ìŒH]\YQiE\WNXSURYiGěMWHSŒHGYVD]HQtPSŒtVWURMH2GVWUDŃWH
WŒtVN\MLQDNE\PRKODEìWQHJDWLYQěRYOLYQěQDIXQNFHHOHNWULFNìFK
NRPSRQHQW
1HXSHYQěQìQiE\WHNSŒLSHYQěWHNH]GLEěçQìP~KHOQtNHP
3ŒtVWURMLQVWDOXMWHSRX]HWDNY\VRNRDE\VWH]QěMPRKOLEH]
SUREOpPŤY\QGiYDWSŒtVOXåHQVWYt
(OHNWULFNpSŒLSRMHQt
'EHMWHQDYKRGQpMLåWěQtHOLQVWDODFHYGRPiFQRVWL1DSěWtD
IUHNYHQFHSŒtVWURMHPXVtRGSRYtGDWHOLQVWDODFLYL]W\SRYìåWtWHN
3ŒtVWURMRGSRYtGiWŒtGěRFKUDQ\DVPtVHSRXçtYDWMHQV
SŒLSRMHQìPRFKUDQQìPYRGLĀHP
-LåWěQtVDPRĀLQQìPLSRMLVWNDPL%QHER&MHQH]E\WQp
9LQVWDODFLPXVtEìWYŒD]HQY\StQDĀRGSRMXMtFtYåHFKQ\SyO\V
PLQLPiOQtY]GiOHQRVWtNRQWDNWŤPP9\StQDĀPXVtEìWSR
PRQWiçLLQDGiOHSŒtVWXSQì
3ŒtVWURM EH] SŒtYRGQtKR NDEHOX 3ŒLSRMXMWH SRX]H SRGOH VFKpPDWX
SŒLSRMHQt 9 SŒtSDGě SRWŒHE\ QDPRQWXMWH SŒLORçHQp PěGěQp PŤVWN\
1HVSUiYQìPSŒLSRMHQtPVHPŤçHSRåNRGLWSŒtVWURM
6tŚRYì SŒtYRGQt NDEHO 7\S + 99) QHER NYDOLWQěMåt æOXWR]HOHQi
çtOD SUR SŒLSRMHQt RFKUDQQpKR YRGLĀH PXVt EìW QD VWUDQě SŒtVWURMH R
PPGHOåtQHçRVWDWQtçtO\
3UR PRQWiçQt KORXENX  PP YHďWH SŒtYRGQt NDEHO GROŤ YSUDYR Y
REODVWL]NRVHQpKRURKXSŒtVWURMH
0RQWiçSŒtVWURMH
'ŤOHçLWp3R]RUQDKPRWQRVWGYRMLWpSHĀLFtWURXE\FFD
 NJVSŒtVOXåHQVWYtP3ŒHSUDYXMWHVSRWŒHELĀSRX]HYH
VYLVOpSROR]H
6SRWŒHELĀYHVNŒtQL]DMLVWěWHSURWLSŒHNORSHQtSRNXGQHQtQDG
VSRWŒHELĀHPPH]LGQR8SHYQěWHGYDEěçQp~KHOQtN\]RERX
VWUDQVNŒtQěFFD PPKORXEND PPQDGYìåNRX
VSRWŒHELĀH
 =DVXŃWHVSRWŒHELĀ]FHODGRYHVWDYQpKRQiE\WNRYpKRGtOX
'EHMWHSŒLWRPQDWRDE\SŒtYRGQtNDEHOQHE\O]DORPHQì
SŒLVNŒtSQXWìQHERQHYHGOSŒHGRVWUpKUDQ\
 6SRWŒHELĀY\FHQWUXMWH6SRWŒHELĀY\URYQHMWHSŒHVQěSRPRFt
YRGRYiK\GRYRGRURYQpSRORK\
 8SHYQěWHVSRWŒHELĀSRPRFtSŒLORçHQìFKåURXEŤ2GVWUDŃWH
SŒHSUDYQtSRMLVWN\QDGYtŒNiFK
.RPELQDFHVRKŒHYQRX]iVXYNRX
'ŤOHçLWp%HUWHRKOHGQDKPRWQRVWGYRMLWpWURXE\FFD  NJ
VSŒtVOXåHQVWYtP1DGRKŒHYQRX]iVXYNRXVHPXVt
QDPRQWRYDWGRVWDWHĀQěVWDELOQtPH]LGQR
'HPRQWiç
 2GSRMWHSŒtVWURMRG]GURMHQDSěWt
 3RYROWHXSHYŃRYDFtåURXE\
 3ŒtVWURMPtUQěQDG]YHGQěWHD]FHODY\WiKQěWH
da
×0RQWHULQJVYHMOHGQLQJ
9LJWLJHKHQYLVQLQJHU
: )DUHIRUWLOVNDGHNRPVW
(PKWWHQHUWXQJ'HUNUYHV SHUVRQHUIRUDWIO\WWHHPKWWHQ
$QYHQGNXQHJQHGHKMOSHPLGOHU
9HMOHGQLQJHQVNDOOVHVRPK\JJHOLJWRJRSEHYDUHV.XQHQ
IDJOLJNRUUHNWPRQWHULQJLKHQKROGWLOPRQWHULQJVDQYLVQLQJHQ
JDUDQWHUHUVLNNHUKHGHQXQGHUEUXJHQ,QVWDOODW¡UHQHUDQVYDUOLJ
IRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVWHGHW
.XQHQDXWRULVHUHWLQVWDOODW¡UPnWLOVOXWWHDSSDUDWHW
,QGHQGHUJHQQHPI¡UHVQRJHWDUEHMGHVNDOVWU¡PIRUV\QLQJHQ
DIEU\GHV
)RUDWXQGJnVQLWVnUVNDOPDQKDYHEHVN\WWHOVHVKDQGVNHUSn
'HOHVRPHUWLOJQJHOLJHXQGHUPRQWHULQJHQNDQKDYHVNDUSH
NDQWHU

.RQWUROOHUDSSDUDWHWI¡UPRQWHULQJHQIRUWUDQVSRUWVNDGHU
/¡IWDSSDUDWHWLNNHYHGG¡UHQG¡UKnQGWDJHWHOOHUOXIWOLVWHQ
QHGHUVW
7LOLQVWDOODWLRQHQVNDOJOGHQGHE\JJHUHJOHPHQWHURJ
EHVWHPPHOVHUQHIUDGHWUHJLRQDOHHOHNWULFLWHWVYUNRYHUKROGHV
$SSDUDW DI DSSDUDWNODVVH  7LO PRQWHULQJ L HW N¡NNHQHOHPHQW LKW
PRQWHULQJVVNLWVHPLQLPXPVDIVWDQGHVNDORYHUKROGHV
0RQWHULQJVDQYLVQLQJHU
'¡UDQVODJHWVVLGHNDQLNNHYHQGHV
$IVWDQGIUDVNDEVNRUSXVWLOG¡UHQVIURQWVLGH PP
$IVWDQGIUDVNDEVNRUSXVWLOKnQGWDJHWV\GHUNDQW PP
9URSPUNVRPSnIURQWXGKQJHWDIKHQV\QWLOnEQLQJDI
WLOVW¡GHQGHVNXIIHU
9HG SODQOJQLQJ DI KM¡UQHO¡VQLQJHU VNDO GHU EHUHJQHV SODGV WLO HQ
G¡UnEQLQJVYLQNHOSnPLQLPXP
)RUEHUHGHN¡NNHQHOHPHQWHW
9LJWLJW9URSPUNVRPSnGREEHOWRYQHQVYJWFDNJ
PHGWLOEHK¡U6W¡WWHEXQGHQLN¡NNHQHOHPHQWHWVNDOYUH
WLOVWUNNHOLJVWDELO
.¡NNHQHOHPHQWHUVNDOYUHWHPSHUDWXUEHVWDQGLJHRSWLO&
WLOVW¡GHQGHP¡EHOIURQWHURSWLO&
9HQWLODWLRQVXGVNULQJLN¡NNHQHOHPHQWHWVPHOOHPEXQG
PLQ  [  PP
7LOVOXWQLQJVGnVHQVNDOOLJJHXGHQIRULQGE\JQLQJVQLFKHQ
*HQQHPI¡UXGVNULQJVDUEHMGHUSnP¡EOHWI¡UDSSDUDWHW
LQGVWWHV )MHUQ VSnQHU GLVVH NDQ SnYLUNH IXQNWLRQHQ DI HOHNWULVNH
NRPSRQHQWHU
,NNHIDVWJMRUWHP¡EOHUVNDOIDVWJ¡UHVSnYJJHQPHGHQJQJVH
YLQNHO
$SSDUDWHW Pn NXQ PRQWHUHV Vn K¡MW DW WLOEHK¡U NDQ WDJHV XG XGHQ
SUREOHPHU
(OHNWULVNWLOVOXWQLQJ
9URSPUNVRPSnDWKXVLQVWDOODWLRQHQKDUHQSDVVHQGH
EHVN\WWHOVH$SSDUDWHWVVSQGLQJRJIUHNYHQVVNDOVWHPPH
RYHUHQVPHGGHQHOHNWULVNHLQVWDOODWLRQVHW\SHVNLOWHW
$SSDUDWHWVYDUHUWLOEHVN\WWHOVHVNODVVHRJPnNXQWDJHVLGULIW
PHGWLOVOXWQLQJDIEHVN\WWHOVHVOHGHUHQ
(QEHVN\WWHOVHYLD%HOOHU&DXWRPDWVLNULQJHUHUSnNUYHW
,QVWDOODWLRQHQVNDOKDYHHQDOSROHWOHGQLQJVDGVNLOOHUPHGPLQGVW
PPNRQWDNWDIVWDQG'HQQHVNDORJVnYUHWLOJQJHOLJHIWHU
PRQWHULQJHQ
$SSDUDWXGHQWLOVOXWQLQJVOHGQLQJ 6NDONXQWLOVOXWWHVLKW
WLOVOXWQLQJVVNHPD0RQWHUHIWHUEHKRYGHPHGI¡OJHQGH
NREEHUE¡MOHU$SSDUDWHWNDQEHVNDGLJHVKYLVGHWWLOVOXWWHVIRUNHUW
1HWWLOVOXWQLQJVOHGQLQJ 7\SH + 99) HOOHU DI K¡MHUH NYDOLWHW 'HQ
JXOJU¡QQHOHGHUVRPHUEHVN\WWHOVHVOHGHUHQVNDOSnDSSDUDWHWV
VLGHYUHPPOQJHUHHQGGHDQGUHOHGHUH
9HGHQLQGE\JQLQJVG\EGHSn PPVNDOWLOVOXWQLQJVNDEOHWI¡UHV
WLOK¡MUHRJQHGDGYHGGHWDIIDVHGHNDELQHWKM¡UQH
,QGE\JJHDSSDUDWHW
9LJWLJW9URSPUNVRPSnGREEHOWRYQHQVYJW
FD  NJPHGWLOEHK¡U$SSDUDWHWPnNXQWUDQVSRUWHUHV
RSUHWVWnHQGH
+YLV GHU LNNH HU SODFHUHW HQ PHOOHPEXQG RYHU DSSDUDWHW VNDO GHU
HWDEOHUHVHQVLNULQJLVNDEHWVnDSSDUDWHWLNNHNDQYLSSH
)DVWJ¡UWRDOPLQGHOLJHYLQNHOEHVODJLKYHUVLGHDIVNDEHW
 PPLG\EGHQ PPRYHUDSSDUDWHWVK¡MGH
 6N\GDSSDUDWHWKHOWLQGLLQGE\JQLQJVVNDEHW
3DV Sn DW WLOVOXWQLQJVNDEOHW LNNH InU NQN NRPPHU L NOHPPH HOOHU
EOLYHUI¡UWKHQRYHUVNDUSHNDQWHU
 &HQWUHUDSSDUDWHW,QGMXVWHUDSSDUDWHWYHGKMOSDIHWYDWHUSDV
VnGHWVWnUIXOGVWQGLJYDQGUHW
 )DVWJ¡UDSSDUDWHWLEHJJHVLGHUPHGGHYHGODJWHVNUXHU)MHUQ
WUDQVSRUWVLNULQJHQYHGG¡UHQ
.RPELQDWLRQPHGYDUPHVNXIIH
9LJWLJW9URSPUNVRPSnGREEHOWRYQHQVYJWFDNJ
PHGWLOEHK¡U2YHQRYHUYDUPHVNXIIHQVNDOPDQPRQWHUHHQ
WLOVWUNNHOLJVWDELOPHOOHPEXQG
'HPRQWHULQJ
 *¡UDSSDUDWHWVSQGLQJVO¡V
 /¡VQIDVWJ¡UHOVHVVNUXHUQH
 /¡IWDSSDUDWHWHQVPXOHRJWUNGHWKHOWXG
el
Ù̯̓͆͂̾̈́͐͉̻̈́͂̀͒͑͒̀͑͆͐
̵͉͎̓͏͕͓͋͌̿͖͇͇͓͑͆́͐͋
: ̭́͏͖͆͏͓͑͕͖͎͕͔͎͒̓̓͋͑͞
̧͓͉͓͑͑̈́̽͈̈́̾͌̀́̀͏͈̻̤͈̀͒͆͉͋̈́͒̀̾͌͆͑͆͒͆͐͓͉͓͑͑̈́̽͐͈̈́̾͌̀
̀̀͏̀̾͒͆͒̀̻͎͒͋̀̶͏͈͎͆͑͋͎͈̈́̾͒̈́͚͎͋͌͉̻̀͒͊͊͆͊̀͎͇͈͉̻́͆͆͒
̼͋͑̀
῭͈̻́͑͒̈́͈͒͐͎̓͆͂̾̈́͐͏͎͉͈͉̻͑̈́͒͉͈̀͔͓̻͍͊͒̈́͈͒͐̬͚͎͌͆͑͗͑͒̽
͉̻̈́͂̀͒͑͒̀͑͆͔͑͛͋͗͌̀͋̈́͈͒͐͎̓͆͂̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐
͍͔͈̈́̀͑̀͊̾̈́ͅ͒͆͌͔̻͈̀͑͊̈́̀͉̻̀͒͒͆͕͏̽͑͆̯͉̻̈́͂̀͒̀͑͒͒͆͐
͓͇͈̈́͛͌̈́͒̀͈͂̀͒͆͌̻͖͎͂͆͈͎͓͊̈́͒͏͂̾̀͒͆͐͓͉͓͑͑̈́̽͐͑͒͆͇̼͑͆
͎͒͎͇̼͒͆͑͆͐
̬͚͎͌̼͌̀͐͈͎͕͎̀̓̈́͛͐͈͈͉͓̼͎̈́̓̈́͋͌͐͕͈͉͚͒̈́͌͐̈́͈͒͏̼͈̈́͒̀͌̀
͓̼͈͑͌̓͑̈́͒͆͓͉͓͑͑̈́̽
̰͏͈͌͒͆͌͉̼̈́͒͊̈́͑͆͎͎͈̀͑̓̽͎͒̈́̈́͏͂̀͑̾̀͐͉͊̈́̾͌̈́͒̈́͒͆͌̀͏͎͕̽
͎͓͒͏͎̈́͛͋̀͒͐
̤͈̀͒͆͌̀͎͔͓͂̽͒͏͓͈͎̀͋̀͒͑͋͛͉͚͖͈͎͋͇͈͖͑͛͌͊͆͔͎͏̻͒̈́
͏͎͓͈͉̻͑͒̀͒̈́͒̻͈͂͌͒̀̳̀͏͎͈̻͑͒͉̻̀͒͒͆͓͑͌̀͏͎͚͋͊͂͆͑͆
͍̈́̀͏͒̽͋̀͒̀͋͎͏̈́̾͌̀͈̈́̾͌̀͉͎͔͒̈́͏̻
̰͏͈͌͒͆͌͎͒͎͇̼͒͆͑͆̼͍̈́͊͂͒̈́͒͆͓͉͓͑͑̈́̽͈͂̀͓͕͚͒͌͈̼͆͋͐ͅ
͔͎͋̈́͒̀͏̻͐
̬͆ ͉͑͆͑̈́͒̈́͜ ͒͆ ͓͉͓͑͑̈́̽ ̀͚ ͒͆͌ ͚͏͒̀ ͒͆ ͊̀́̽ ͒͆͐ ͚͏͒̀͐ ̽ ͎͒
͉̻͒͗͈͎͊̀̾͑͍̈́̀̈́͏͈͎͑͋͛
̤͈̀͒͆͌͉̻̈́͂̀͒͑͒̀͑͆͏͎̼͍͑͒̈́͎͓͒͐͒͏̼͕͎͌͒̈́͐͎͈͉͎͎͈͉͎̓͋͛͐
͉͎͈͎̀͌͌͑͋͛͐͉͈̀͈͒͐͈͕͎͓͑͛͑̈́͐͏͎͈̓̀͂͏͔̼̀͐͒͆͐͎͒͈͉̽͐
̈́͈͕̈́̾͏͆͑͆͐̀͏͎͕̽͐͉͆͊̈́͒͏͈͉̽͐̼̈́͌͏͈͂̈́̀͐
̲͓͉͓͑̈́̽͒͆͐͉͎̀͒͆͂͏̾̀͐͓͉͓͑͑̈́͌͜ ̤͈̀͎͒͎͇̼͒͆͑͆͑̈́̼͌̀
͎͓̻͌͒͊͈͉͎͓̾͌̀͐ͅ͔͑͛͋͗͌̀͋̈́͎͒͕̼͈͎͑̓͎͒͎͇̼͒͆͑͆͐͏͎̼͍͑͒̈́
͈͒͐̻͕͈̈́͊͑͒̈́͐̀͎̻͈͑͒͑̈́͐
̷͇͇͓͑͆́͐͋͔͇͔͎͆͋̓͑͘͞
̢͎̼͌̀͑͒͊̀͐͚͏͒̀͐͋͆͈͉͇͈͎͎̀͌͒̀͑͒͛͋̈́͌͐
̢͚͑͒̀͑͆͎͓͒͎͑͋̀͒͐͜̈́̾͎͓͊̼͕͋͏͈͒͆͌̈́͈͔̻͈͌̈́̀͍̈́͗͒̈́͏͈͉̽͐
͓͊̈́͏̻͐͒͆͐͚͏͒̀͐ PP
̢͚͑͒̀͑͆ ͎͓͒ ͎͑͋̀͒͐͜ ̈́̾͎͓͊ ̼͕͋͏͈ ͒͆͌ ͍̈́͗͒̈́͏͈͉̽ ͉̀͋̽ ͊̀́̽͐ ͒͆͐
͚͏͒̀͐ PP
̰͏͎̼͍͑͒̈́͒͆͌͋͏͎͈͑͒͌̽͏͎͍͎͕̈́̽͈͂̀͎͒̻͎͈͌͂͋̀͒͗͌͓͊̈́͏͈͉͌͜
͓͑͏͒̀͏͈͌͜
̪̻̀͒͎͒͌͕͈͚͑̈́̓̀͑͋͈͋̀͐͊͛͑͆͐͂͗͌̾̀͐̻͊́̈́͒̈́͓͚͖͆͒͆͂͗͌̾̀
͎͎̀͌̾͂͋̀͒͐͒͆͐͚͏͒̀͐̀͚͎͓̻͕͈͎͒͊͑͒͌
̳͇͕͎͔͒͑͑͋̓́̓͕͖͑͇͏͕͈͎͇͑͋͋͘͝͏͖͑͏͕͖͍͑̓͋͑͞
̵͉͎̓͏͕͋͌͝̳͔͕͇͒͑̿͐͕͑͓̈́̾͒͑͕͖͑͆͋͍͑͞͗͑͒͞͏͖͑
͇͒́͖͑  ͍͌͋̾͎͇͇͕͎͕͐̓͒̀̓̓̪͇͋͗̾͏͇͋̓͔͕͉͓̀͒͋͐͕͖͑
͏͕͖͍͑̓͋͑͞͒̿͇͋͏̓͇́͏̓͋͇͕̓͒͌̾͔͕͇̓͊͒̀
̳̀ ͎͓̻͌͒͊͈̀ ͏̼͈̈́ ͌̀ ͈̈́̾͌̀ ͇͉͈͉̻̀͌̈́͒ ͑͒͆ ͇̈́͏͎͉͋͏̀͑̾̀ ̼͕͋͏͈ ͎͓͒͐
&͎͈͈͎͈͉̼͂̈́͒͌͐͏͎͚͖͈͑̈́͐͒͗͌͎͓͌͒͊̀͈͌͜̼͕͋͏͈͎͓͒͐ &
̙͎͈͌͂͋̀͍̈́̀̈́͏͈͎͑͋͛͎͑͒͌͈̻͎̈́͌̓͋̈́͑̻͎͒͎͓͒͎͓͌͒͊̀͈͎͛
̻͕̈́͊  [  PP
̳͎͉͎͓͒̾͑͛͌̓̈́͑͆͐͏̼͈̈́͌̀́͏͉͈̾͑̈́͒̀̼͍͗̀͚͒͆͇̼͑͆
͎͒͎͇̼͒͆͑͆͐
̥͉̼͒̈́͊͑͒̈́ ͈͒͐ ̈́͏͂̀͑̾̈́͐ ͉͎̽͐ ͒͗͌ ͎͈̻̀͌͂͋͒͗͌ ͎͑͒ ͎͓̻͌͒͊͈ ͏͈͌ ͒͆͌
͎͒͎͇̼͒͆͑͆͒͆͐͓͉͓͑͑̈́̽͐̢͎͉͋̀͏͛͌̈́͒̈́͒̀̀͚́͊͆͒̀͏͈͎͈͌̾̓̀
͂͏̼͈̀ͅ͆͈͎͓͊̈́͒͏͂̾̀͒͗͌͉͆͊̈́͒͏͈͉͌͜͍̈́̀͏̻͒͆͋͒͗͌͋͎͏̈́̾͌̀
̈́͆͏̈́̀͑͒̈́̾̀͏͈͉̻͌͆͒
̲͒̈́͏̈́͑͒̈́͜ ͒̀ ͋͆ ͑͒̈́͏̼̈́͗͋͌̀ ͎͓̻͌͒͊͈̀ ͋̈́ ͈͋̀ ͂͗͌̾̀ ͎͓͒ ̈́͋͎͏͎͓̾
͎͑͒͌͎͕͎͒̾
̳͎͎͇̈́͒̽͑͒̈́͒͆͓͉͓͑͑̈́̽͚͎͒͑͖̻͆͊͑͒̈́͜͌̀͋͎͏̈́̾͒̈́͌̀
͔͈̀̀͏̈́̾͒̈́͕͗͏̾͐͓͉͎̓͑͊̾̀͒̀͍̈́̀͏͒̽͋̀͒̀
̪͍͇͕͌͒͋͌̀͔͞͏͇͔͉͆
̰͏͎̼͍͑͒̈́͈͂̀͈͋̀͉̻̀͒͊͊͆͊͆͔̻͈̀͑͊̈́̀͑͒͆͌͎͈͉͈͉̀̽͉͆͊̈́͒͏͈͉̽
͉̻̈́͂̀͒͑͒̀͑͆̧̻͒͑͆͉͈̀͆͓͕͚͑͌͒͆͒̀͒͆͐͓͉͓͑͑̈́̽͐͏̼͈̈́͌̀
͓͑͋̾͎͓͒͌͋̈́͒͆͌̻͒͑͆͉͈̀͒͆͓͕͚͑͌͒͆͒̀͒͆͐͉͆͊̈́͒͏͈͉̽͐
͉̻̈́͂̀͒͑͒̀͑͆͐̼́͊̈́͈͉͌̀̾̓̀͒͛͎͓
̧͓͉͓͑͑̈́̽̀͌͒̀͎͉͏͈̾͌̈́͒̀͑͒͆͌͉͎̀͒͆͂͏̾̀͏͎͑͒̀͑̾̀͐ ,͉͈̀
̈́͈͒͏̼͈̈́͒̀͌̀͈͎͓͊̈́͒͏͂̈́̾͚͎͋͌͋̈́͑͛͌̓̈́͑͆͎̀͂͗͂͛͏͎͑͒̀͑̾̀͐
͂̈́̾͗͑͆
̧ ͔̻͈̀͑͊͑͆ ̼͋͑͗ ͈͉͋͏͎͓͚͎͓̀͒͋̀͒ ͈̓̀͏͏͎̽͐ % ̽ & ͈̈́̾͌̀ ̀̀͏̀̾͒͆͒͆
̲͒͆͌͉̻̈́͂̀͒͑͒̀͑͆͏̼͈̈́͌̀͓̻͏͕͈̈́͈͋̀͈̻͍̓͒̀͆͈͉͎̓̀̽͐͚͊͗͌
͒͗͌͚͊͗͌͋̈́̼͌̀͈̻͉͎̓̈́͌̈́͔̀̽͐͎͒͈͚͊͂͒̈́͏͎ PP̢͓͒̽͆
͈̻͍̓͒̀͆͈͉͎̓̀̽͐͏̼͈̈́͌̀͈̈́̾͌̀͉͚̀͋̀͏͎͈͑͒̽͉͈̀̻͋̈́͒͒͆͌
͎͒͎͇̼͒͆͑͆
̵͖͔͇͖͌̀ ͚͓͒́͘ ͍͌̓͆͋͑͟ ͔͞͏͇͔͉͓͆̲͓̼͌̓͑͒̈́ ͚͎͋͌ ͔͑͛͋͗͌̀ ͋̈́ ͎͒
͕̼͈͎͑̓͑͛͌̓̈́͑͆͐̲̈́̈́͏̾͒͗͑͆͎͓͕͏͈̻͈̈́̈́͒̀ͅ͎͒͎͇̈́͒̽͑͒̈́͒̀
͓̼͑͌͆͋͋͌̀͕̻͉͈͊͌̀͍̈́̀͏͒̽͋̀͒̀͔͂̈́͛͏͗͑͆͐̲̈́̈́͏̾͒͗͑͆
͔̼̈́͑̀͊͋͌͆͐͑͛͌̓̈́͑͆͐͋͎͏̈́̾͌̀͓͎͑͒̈́̾͈̻͆͋ͅ͆͓͉͓͑͑̈́̽
̪͈͎̀͊̓͜͑͛͌̓̈́͑͆͐͎͑͒͉͓͎̓̾͒͎͓͒͏͎̈́͛͋̀͒͐̳͛͎͐ + 99)̽
̀͌͒̈́͜͏͎͐̯͉̾͒͏͈͎͌͐͏̻͈͎͑͌͐͉͎͊͌͐͜͈͂̀͒͆͑͛͌̓̈́͑͆͎͓͒͎̀͂͗͂͛
͏͎͑͒̀͑̾̀͐͂̈́̾͗͑͆͏̼͈̈́̀͚͒͆͌͓͊̈́͏̻͒͆͐͓͉͓͑͑̈́̽͐͌̀͈̈́̾͌̀
 PP͋̈́͂̀͊͛͒̈́͏͎͐̀͚͎͓͒͐̻͎͓͊͊͐͉͎͓͊͌͐͜

̤͈̀ ̼͌̀ ̻͇͎́͐ ͎͒͎͇̼͒͆͑͆͐  PP ͎̓͆͂̽͑͒̈́ ͎͒ ͉͈̀͊̓̀͜ ͑͛͌̓̈́͑͆͐
͑͒͆͌ ̈́͏͈͎͕̽ ͒͆͐ ͎͍͎̼͊͒͋͆͋͌͆͐ ͂͗͌̾̀͐ ͎͓͒ ̈́͏͈͎́͊̽͋̀͒͐ ͍͈̻̓̈́ ͏͎͐
͒̀͉̻͒͗
̶͑͕͉͔͉͑͊̿͕͉͓͔͖͔͇͖͓͌̀
̵͉͎̓͏͕͋͌͝̳͔͕͇͒͑̿͐͕͑͓̈́̾͒͑͕͖͑͆͋͍͑͞͗͑͒͞͏͖͑
͇͒́͖͑  NJ͎͇͇͕͎͕͐̓͒̀̓̓̯͇͕͇͕͇̓͗̿͒͕͉͔͖͔͇͖͌̀
͎͝͏͑͔͇͒͊͋̓͝͔͉͊̿
̢͔͑̀͊̾͑͒̈́͒͆͓͉͓͑͑̈́̽͎͑͒͎͓̻͌͒͊͈̼͈͌̀͌͒̀͌̀͒͏͎̽͐͑̈́
̈́͏̾͒͗͑͆͎͓̓̈́͌͓̻͏͕͈̈́͈̻͎̈́͌̓͋̈́͑͐̻͎͒͐̻͌͗̀͚͒͆
͓͉͓͑͑̈́̽̲͒̈́͏̈́͑͒̈́͜͎̓͛͂͗͌̾̈́͐͎͓͒̈́͋͎͏͎͓̾͉͈̀̀͚͈͒͐͓͎̓
͓͊̈́͏̼͐͎͑͒͎͓̻͌͒͊͈͑̈́ PP̻͇͎́͐ PP̻͌͗̀͚͎͒
͖͎͛͐͒͆͐͓͉͓͑͑̈́̽͐
 ̲͏͍͒̈́͜͒͆͓͉͓͑͑̈́̽̈́͌͒̈́͊͐͜̼͋͑̀͎͑͒͎͈͕͈͚͎̈́͌͒͋̈́͌ͅ̼͈͎͊
̲̈́͓̀͒̽͒͆͌̈́͏̾͒͗͑͆͋͆͌͉͒͑̀̾͑̈́͒̈́͉͋̀͂͑̈́͒̈́͜̽̈́͏̻͑̈́͒̈́͎͒
͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐̻͌͗̀͚͉͎͔͒̈́͏̼͐͉̼̀͋͐
 ̪̈́͌͒͏̻͏̈́͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ̥͓͇͓͂͏̀͋͋̾͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͋̈́ ͎͒ ͔̻͈̀͊̓
͉̀͏͈́͐͜͎͏͈͚͈͌͒̀ͅ
 ̲͒̈́͏̈́͑͒̈́͜͒͆͓͉͓͑͑̈́̽͋̈́͈͒͐͓̼͑͌͆͋͋͌̈́͐́̾̓̈́͐̢͔͈̀͏̼͑͒̈́͒͆͌
͔̻͈̀͑͊̈́̀͔͎͋̈́͒̀͏̻͐͑͒͆͌͚͏͒̀
̵͖͏͖͔͎͓͆̓͝͎͇͇͎͊͒̓͋͏͎͇͝͏͑͔͖͕͒̾͒͋
̵͉͎̓͏͕͋͌͝̳͔͕͇͒͑̿͐͕͑͓̈́̾͒͑͕͖͑͆͋͍͑͞͗͑͒͞͏͖͑
͇͒́͖͑  ͍͌͋̾͎͇͇͕͎͕͐̓͒̀̓̓̳̾͏͚̓͝͕͑͔͖͕͒̾͒͋
͎͊̿͒̓͏͔͉͓͒̿͇͋͏̓͇͕͔͕͇͌̓̓̓͊́ͅ̿͏͓̓͇͕̓͒͌̾͔͕͇͓̓͊͒͝
͇͏͎͇͔͓͆͋̾͑͕͓̾͑
̥͇͔͉͗̓́͒
 ̨̼͑͒̈́͒͆͓͉͓͑͑̈́̽͉͚̈́͒͐̻͒͑͆͐
 ̫͛͑͒̈́͈͒͐́̾̓̈́͐͑͒̈́͏̼͗͑͆͐
 ̲͉͆͑͒̈́͜͎͊̾͂͒͆͓͉͓͑͑̈́̽͉͈̀͒͏͍̀́̽͒̈́͒͆͌̈́͌͒̈́͊͐͜̼͍͗
es
Û,QVWUXFFLRQHVGHPRQWDMH
,QGLFDFLRQHVLPSRUWDQWHV
: £3HOLJURGHOHVLRQHV
(ODSDUDWRHVSHVDGR3DUDPRYHUHODSDUDWRVHQHFHVLWDQ
 SHUVRQDV8WLOL]DU~QLFDPHQWHORVPHGLRVDX[LOLDUHVDSURSLDGRV
/HDGHWHQLGDPHQWH\JXDUGHHVWDVLQVWUXFFLRQHV6yORXQ
PRQWDMHFRUUHFWRVHJ~QODVLQVWUXFFLRQHVGHPRQWDMHJDUDQWL]D
ODVHJXULGDGGHXVR(OLQVWDODGRUHVUHVSRQVDEOHGHXQ
IXQFLRQDPLHQWRFRUUHFWRHQHOOXJDUGHVXHPSOD]DPLHQWR
/DFRQH[LyQGHODSDUDWRGHEHVHUUHDOL]DGD~QLFDPHQWHSRUXQ
WpFQLFRFXDOLILFDGR
'HVFRQHFWDUODDOLPHQWDFLyQHOpFWULFDDQWHVGHHPSH]DUD
WUDEDMDU
8WLOLFHJXDQWHVGHSURWHFFLyQSDUDHYLWDUFRUWDUVH/DVSLH]DV
TXHTXHGDQGHVFXELHUWDVGXUDQWHHOPRQWDMHSRGUtDQWHQHU
ERUGHVDILODGRV
$QWHVGHOPRQWDMHGHEHUiFRPSUREDUVLHODSDUDWRSUHVHQWD
GDxRVGHWUDQVSRUWH
1ROHYDQWDUHODSDUWRVXMHWDQGRODSXHUWDODPDQHWDROD
PROGXUDLQIHULRUSDUDHODLUH
3DUDODLQVWDODFLyQGHEHUiWHQHUHQFXHQWDODVQRUPDWLYDVGH
REUDDFWXDOHVHQYLJRU\ODVGHVXFRPSDxtDUHJLRQDOGH
VXPLQLVWURHOpFWULFR
$SDUDWR GH OD FODVH GH DSDUDWRV  3DUD OD LQVWDODFLyQ GHQWUR GH
PXHEOHVGHFRFLQDVHJ~QFURTXLVGHPRQWDMHWHQHUHQFXHQWD
ODVGLVWDQFLDVPtQLPDV
,QGLFDFLRQHVSDUDODSODQLILFDFLyQ
/DELVDJUDGHODSXHUWDQRHVUHYHUVLEOH
'LVWDQFLD GH OD FDYLGDG GHO PXHEOH KDVWD OD VXSHUILFLH IURQWDO GH OD
SXHUWD PP
'LVWDQFLDGHODFDYLGDGGHOPXHEOHKDVWDHOERUGHH[WHULRUGHO
WLUDGRUGHODSXHUWD PP
7HQHUHQFXHQWDHOVDOLHQWHGHOIURQWDOSDUDDEULUORVFDMRQHV
ODWHUDOHV
$OSODQLILFDUWHQHUHQFXHQWDXQDVROXFLyQSDUDHOiQJXORGH
DSHUWXUDGHODSXHUWDGHDOPHQRV
3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMH
,PSRUWDQWH'HEHWHQHUVHHQFXHQWDHOSHVRGHOKRUQRGREOH
DSUR[  NJFRQDFFHVRULR(OSDQHOGHVRSRUWHGHO
DUPDULRHPSRWUDGRGHEHVHUVXILFLHQWHPHQWHHVWDEOH
/RVPXHEOHVGHHPSRWUDUGHEHQVHUWHUPRUUHVLVWHQWHVKDVWD
 &ORVIUHQWHVGHORVPXHEOHVFROLQGDQWHVKDVWD &
$EHUWXUDGHYHQWLODFLyQGHOSDQHOLQWHUPHGLRGHODUPDULR
HPSRWUDGRPtQ  [  PP
/DEDVHGHHQFKXIHGHFRQH[LyQGHEHUiTXHGDUIXHUDGHO
DORMDPLHQWRGHHPSRWUDU
5HDOL]DUORVWUDEDMRVGHUHFRUWHHQHOPXHEOHDQWHVGHLQVHUWDUHO
DSDUDWR(OLPLQDUODVYLUXWDVGHORFRQWUDULRSRGUtDQDIHFWDU
QHJDWLYDPHQWHODIXQFLyQGHORVFRPSRQHQWHVHOpFWULFRV
/RVPXHEOHVQRVXMHWRVVHKDQGHILMDUFRQXQiQJXORGHXVR
FRPHUFLDODODSDUHG
0RQWDUHODSDUDWRDXQDDOWXUDTXHVHSXHGDH[WUDHUHODFFHVRULR
VLQSUREOHPD
&RQH[LyQHOpFWULFD
&RPSUXHEHTXHODLQVWDODFLyQGRPpVWLFDWHQJDLQWHUUXSWRUHV
DXWRPiWLFRVDGHFXDGRV/DWHQVLyQ\ODIUHFXHQFLDGHODSDUDWR
GHEHQFRLQFLGLUFRQORVGDWRVGHODLQVWDODFLyQHOpFWULFDYpDVHOD
SODFDGHFDUDFWHUtVWLFDV
(O DSDUDWR VH FRUUHVSRQGH FRQ HO WLSR GH SURWHFFLyQ  \ VROR SXHGH
SRQHUVH HQ IXQFLRQDPLHQWR HQ FRQH[LyQ FRQ HO FRQGXFWRU GH WRPD
GHWLHUUD
/DSURWHFFLyQVHKDGHUHDOL]DUPHGLDQWHPDJQHWRWpUPLFRV
DXWRPiWLFRV%RELHQ&
/D LQVWDODFLyQ GHEH HVWDU GRWDGD GH XQ VHFFLRQDGRU SDUD WRGRV ORV
SRORVFRQXQDDSHUWXUDGHFRQWDFWRVGHFRPRPtQLPRPP
'HEHFRQWLQXDUVLHQGRDFFHVLEOHDOILQDOL]DUHOPRQWDMH
$SDUDWRVLQFDEOHGHFRQH[LyQFRQHFWDUVRORGHDFXHUGRFRQOD
LPDJHQ(QFDVRQHFHVDULRKDGHPRQWDUORVSXHQWHVGHFREUH
DGMXQWRV(QFDVRGHFRQH[LyQLQFRUUHFWDSRGUtDGDxDUHODSDUDWR
&DEOHGHFRQH[LyQDODUHG7LSR + 99)RVXSHULRU(O
FRQGXFWRUDPDULOORYHUGHSDUDODWRPDDWLHUUDGHEHVHUPP
PiVODUJRHQTXHORVRWURVFRQGXFWRUHVHQHOODGRGHODSDUDWR
3DUDXQDSURIXQGLGDGGHHQFDVWUHGH PPJXLDUKDFLDDEDMR
HO FDEOH GH FRQH[LyQ HQ OD ]RQD GH OD HVTXLQD GHUHFKD ELVHODGD GH
ODFDUFDVD
,QVWDODUHODSDUDWR
,PSRUWDQWH WHQHU HQ FXHQWD HO SHVR GHO KRUQR GREOH DSUR[
 NJFRQDFFHVRULRV7UDQVSRUWDUHODSDUDWRVRORHQ
SRVLFLyQYHUWLFDO
$VHJXUDU HO DSDUDWR HQ HO PXHEOH SDUD TXH QR YXHOTXH (Q FDVR
GHTXHQRKD\DXQSDQHOLQWHUPHGLRHQFLPDGHODSDUDWRILMDUD
DPERVODGRVGHOPXHEOHGRVHVFXDGUDVFRQYHQFLRQDOHVDXQD
SURIXQGLGDGGH PP\D PPVREUHODDOWXUDGHODSDUDWR
 ,QWURGXFLUHODSDUDWRHQHOPXHEOHGHPRQWDMHKDVWDHOWRSH
1RGREODUQLDSULVLRQDUHOFDEOHGHFRQH[LyQQLSDVDUORSRU
ERUGHVDILODGRV
 &HQWUDUHODSDUDWR1LYHODUHODSDUDWRHQSRVLFLyQH[DFWDPHQWH
KRUL]RQWDOFRQXQQLYHODGRUGHDJXD
 )LMDUHODSDUDWRFRQORVWRUQLOORVDGMXQWRV5HWLUDUHOVHJXURGH
WUDQVSRUWHGHODSXHUWD
&RPELQDFLyQFRQFDMyQFDOLHQWDSODWRV
,PSRUWDQWH'HEHWHQHUVHHQFXHQWDHOSHVRGHOKRUQRGREOH
DSUR[  NJFRQDFFHVRULR6REUHHOFDMyQFDOLHQWDSODWRV
GHEHPRQWDUVHXQSDQHOLQWHUPHGLRVXILFLHQWHPHQWHHVWDEOH
'HVPRQWDMH
 'HMDUHODSDUDWRVLQWHQVLyQ
 6ROWDUORVWRUQLOORVGHILMDFLyQ
 /HYDQWDUOLJHUDPHQWHHODSDUDWR\H[WUDHUORSRUFRPSOHWR
et
Ü3DLJDOGXVMXKHQG
2OXOLVHGQ}XDQGHG
: 9LJDVWXVWHRKW
6HDGHRQUDVNH6HDGPHOLLJXWDPLVHNVOlKHEYDMDLQLPHVW
.DVXWDJHYDLGVRELYDLGDELYDKHQGHLG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlELMDKRLGNHDOOHV2KXWX
NDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQHWRLPXE
YDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWXW||
HHVWYDVWXWDESDLJDOGDMD
6HDGHWWRKLEYRROXY}UJXJDKHQGDGDDLQXOWOLWVHQWVHHULWXG
HOHNWULN
(QQHPLVWDKHVW||GHWHRVWDPLVWOOLWDJHYRROYlOMD
/}LNHYLJDVWXVWH YlOWLPLVHNV NDQGNH NDLWVHNLQGDLG 3DLJDOGDPLVH
DMDOOLJLSllVHWDYDGGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD
(QQHSDLJDOGDPLVWNRQWUROOLJHHJDVHDGHHLROHWUDQVSRUWLPLVHO
YLJDVDDQXG
bUJHW}VWNHVHDGHWXNVHVWXNVHNlHSLGHPHVWHJDDOXPLVHVW
YHQWLODWVLRRQLOLLVWXVW
3DLJDOGDPLVHOMlUJLJHNHKWLYDLGHKLWXVQ}XGHLGMDNRKDOLNX
HOHNWULHWWHY}WMDQ}XGHLG

6HDGHNXXOXENODVVLHWWHQlKWXGLQWHJUHHULPLVHNV
N||JLP||EOLVVH YDVWDYDOW MRRQLVHOH MSLGDJH NLQQL PLQLPDDOVHWHVW
YDKHNDXJXVWHVW
3ODQHHULPLVVRRYLWXVHG
8NVHSLLUHHLROHYDKHWDWDY
0||EOLNDXJXVXNVHHVLNOMHVWPP
0||EOLNDXJXVXNVHNlHSLGHPHYlOLVVHUYDVWPP
9HHQGXJHHWHVLSDQHHOHLWDNLVWDNOJPLVWHVDKWOLWHDYDPLVW
1XUJDODKHQGXVHSODQHHULPLVHOY}WNHDUYHVVHHWXNVHDYDQHPLVH
QXUNRQYlKHPDOW
,QWHJUHHULWDYDP||EOLHWWHYDOPLVWDPLQH
2OXOLQHSLGDJHVLOPDVWRSHOWDKMXNDDOXFDNJNRRV
OLVDWDUYLNXWHJD 6LVVHHKLWDWDYD DKMX DOO ROHY SLQG SHDE ROHPD
SLLVDYDOWVWDELLOQH
0||EHONXKXVHDGHVLVVHHKLWDWDNVHSHDEWDOXPDWHPSHUDWXXUL
NXQL&NOJQHYP||EHOWHPSHUDWXXULNXQL&
,QWHJUHHULWDYDNDSLYDKHS}KMDVROHYYHQWLODWVLRRQLDYDSHDEROHPD
YlKHPDOW[PPVXXUXQH
3LVWLNXSHVDSHDESDLNQHPDYlOMDVSRROSDLJDOGXVQLååL
7HKNHP||EOLVVHYlOMDO}LNHGHQQHVHDGPHNRKDOHDVHWDPLVW
(HPDOGDJHODDVWXGQHHGY}LYDGKlLULGDHOHNWULGHWDLOLGHW||G
.LQQLWDPDWDP||EHOWXOHEVHLQDNOJHNLQQLWDGDVWDQGDUGVH
QXUJLNXJD
3DLJDOGXVN}UJXVHYDOLNXOYHHQGXJHHWWDUYLNXLGVDDNVDKMXVW
K}OSVDOWYlOMDY}WWD
hKHQGDPLQHYRROXY}UJXJD
9HHQGXJHHWHOHNWULNLOELNDLWVHRQVRELY6HDGPHSLQJHMD
VDJHGXV SHDYDG NRNNX ODQJHPD YRROXY}UJX SLQJH MD VDJHGXVHJD
YWDQGPHVLOW
6HDGH YDVWDE NDLWVHDVWPHOH  MD VHH WXOHE KHQGDGD NDLWVHMXKLJD
9DMDOLNRQ%Y}L&WSLDXWRPDDWNDLWVHOOLWL
hKHQGDPLQHSDLJDOGDGDWXOHEN}LNLGHSRROXVWHDKHODNDWNHVWL
PLOOHNRQWDNWLYDKHRQYlKHPDOWPP3lUDVWVLVVHHKLWDPLVWSHDE
VHHROHPDOLJLSllVHWDY
,OPDKHQGXVNDDEOLWDVHDGH hKHQGXVWXOHEWHRVWDGDYDVWDYDOW
KHQGXVMRRQLVHOH 9DMDGXVH NRUUDO PRQWHHULJH NRPSOHNWL NXXOXYDG
YDVNVLOODG9DOHKHQGDPLVHNRUUDOY}LEVHDGHNDKMXVWDGDVDDGD
hKHQGXVMXKHWS+99)Y}LN}UJHP.DLWVHMXKWPHNROODQH
URKHOLQHVRRQSHDEROHPDVHDGPHSRROWHLVWHVWVRRQWHVWPP
Y}UUDSLNHP
.XLSDLJDOGXVVJDYXVRQPPYLLJHKHQGXVMXKHNRUSXVH
QXUJDSLLUNRQQDVSDUHPDOWDOOD
6HDGPHSDLJDOGDPLQH
2OXOLQHSLGDJHVLOPDVWRSHOWDKMXNDDOXFDNJNRRV
OLVDWDUYLNXWHJD7UDQVSRUWLJHVHDGHWDLQXOWSVWLDVHQGLV
.XLVHDGPHSHDOHLROHYDKHSODDWLWXOHEVHDGHNDOGXYDMXPLVH
YlOWLPLVHNVNLQQLWDGDVHOOHNVNLQQLWDJHNDSSLP}OHPDOHSRROH
NDNVVWDQGDUGVHWQXUJLNXWPPVJDYXVHOHPP
VHDGPHVWN}UJHPDOH
 /NDNHVHDGHP||EOLVVHWlLHOLNXOWVLVVH
9HHQGXJHHWKHQGXVMXKHRQYDEDHLMllPLOOHJLYDKHOHHJD
MRRNVHOHWHUDYDWHVHUYDGH
 7VHQWUHHULJHVHDGH.RQWUROOLJHVHDGPHDVHQGLWYHVLORRGLDELO
 .LQQLWDJHVHDGHNRPSOHNWLNXXOXYDWHNUXYLGHDELO(HPDOGDJH
XNVHNOMHVWWUDQVSRUGLWXJL
.RPELQDWVLRRQVRRMHQGXVVDKWOLJD
2OXOLQHSLGDJHVLOPDVWRSHOWDKMXNDDOXFDNJNRRV
OLVDWDUYLNXWHJD6RRMHQGXVVDKWOLNRKDOHWXOHEPRQWHHULGD
SLLVDYDOWVWDELLOQHYDKHSODDW
/DKWLKHQGDPLQH
 /DKXWDJHVHDGHYRROXY}UJXVW
 .HHUDNHODKWLNLQQLWXVNUXYLG
 .HUJLWDJHVHDGHWSLVXWMDW}PPDNHWlLHVWLYlOMD
fi
Ý$VHQQXVRKMH
7lUNHLWlYLKMHLWl
: /RXNNDDQWXPLVYDDUD
/DLWH RQ SDLQDYD /DLWWHHQ VLLUWlPLVHHQ WDUYLWDDQ  KHQNLO|l .l\Wl
YDLQWDUNRLWXNVHHQVRSLYLDDSXYlOLQHLWl
/XH QlPl RKMHHW WDUNRLQ NDQQHVWD NDQWHHQ MD VlLO\Wl RKMHHW 9DLQ
MRVDVHQQXVRQWHKW\DVLDQWXQWHYDVWLWlPlQDVHQQXVRKMHHQ
PXNDLVHVWLRQODLWWHHQWXUYDOOLQHQNl\WW|WDDWWX$VHQWDMDRQ
YDVWXXVVDVLLWlHWWlODLWHWRLPLLSDLNDOOHHQDVHQQHWWXQD
PRLWWHHWWRPDVWL
/DLWWHHQVDDDVHQWDDYDLQYDOWXXWHWWXVlKN|DVHQWDMD
-RNDLVHQKXROWRWRLPHQSLWHHQ\KWH\GHVVlRQODLWWHHVWD
NDWNDLVWDYDYLUWD
.l\WlVXRMDKDQVLNNDLWDOHLNNXXYDPPRMHQHVWlPLVHNVL
$VHQQXNVHQ\KWH\GHVVlHVLOOlROHYDWRVDWYRLYDWROODWHUlYLl
7DUNLVWDODLWHHQQHQSDLNDOOHHQDVHQQXVWDPDKGROOLVWHQ
NXOMHWXVYDXULRLGHQVXKWHHQ
bOlQRVWDODLWHWWDOXXNXVWDOXXNXQNDKYDVWDWDLDOHPPDVWD
LOPDOLVWDVWD
$VHQQHWWDHVVDWl\W\\QRXGDWWDDYRLPDVVDROHYLD
UDNHQQXVVllG|NVLlMDSDLNDOOLVHQVlKN|QWXRWWDMDQPllUl\NVLl
/DLWHMRNDNXXOXXODLWHOXRNNDDQ.HLWWL|NDOXVWHLVLLQ
DVHQWDPLQHQDVHQQXVSLLUURNVHQPXNDLVHVWLKXRPLRL
YlKLPPlLVHWlLV\\GHW
6XXQQLWWHOXRKMHLWD
/XXNXQDYDXWXPLVVXXQWDDHLYRLYDLKWDD
.DOXVWHUXQJRQHWlLV\\VOXXNXQHWXSLQWDDQ PP
.DOXVWHUXQJRQHWlLV\\VOXXNXQNDKYDQXONRUHXQDDQ PP
2WDKXRPLRRQHWXUHXQDQ\OLW\VVLYXLOODROHYLHQODDWLNRLGHQ
DYDDPLVWDYDUWHQ
2WDNXOPDUDWNDLVXDVXXQQLWHOWDHVVDKXRPLRRQOXXNXQ
DYDXWXPLVNXOPDYlKLQWllQ
.DDSLVWRLKLQWHKWlYlWPXXWRVW\|W
7lUNHll+XRPLRLNDNVRLVXXQLQSDLQRQNJ
OLVlWDUYLNNHLQHHQ.HLWWL|NDOXVWHHQWXNLSRKMDQRQROWDYD
ULLWWlYlQYDNDD
.DDSLVWRMHQMRLKLQODLWHDVHQQHWDDQRQROWDYD&
OlPP|QNHVWlYLl ODLWWHHQ YLHUHLVWHQ NDDSLVWRMHQ HWXUHXQRMHQ &
.HLWWL|NDDSLVWRRQDVHQQHWWXXQYlOLK\OO\\QWHKWlYl
LOPDQYDLKWRDXNNRYlK[PP
/LLWlQWlSLVWRUDVLDQRQROWDYDDVHQQXVV\YHQQ\NVHQXONRSXROHOOD
.DLNNLNDDSLVWRLKLQMDW\|WDVRLKLQWHKWlYlWOHLNNXXW\|WRQWHKWlYl
HQQHQODLWWHHQVLMRLWWDPLVWDSDLNDOOHHQ6\QW\Q\WODVWXRQ
SRLVWHWWDYDNRVNDVHYRLKDLWDWDVlKN|LVWHQRVLHQWRLPLQWDD
0LNlOLNDOXVWHLWDHLROHDVHQQHWWXNLLQWHlVWLNLLQQLWlQHNDXSDVWD
VDDWDYDOODNLLQQLW\VNXOPDOODVHLQllQ
$VHQQDODLWHYDLQQLLQNRUNHDOOHHWWlSllVHWYDLYDWWDNlVLNVL
OLVlYDUXVWHLVLLQ
6lKN|YHUNNRRQOLLWWlPLQHQ
+XRPLRLUDNHQQXNVHQVlKN|DVHQQXNVHHQVRYLWHWWXYDURNH
/DLWWHHQVlKN|LVHQMlQQLWWHHQMDWDDMXXGHQRQYDVWDWWDYD
UDNHQQXNVHQVlKN|DVHQQXVWDNDWVR7\\SSLNLOSL
/DLWHYDVWDDVXRMDOXRNNDD,MDVLWlVDDNl\WWllYDVWDNXQRQ
DVHQQHWWXVXRMDMRKGLQ
9DUPLVWHWWDYD%WDL&YDURNHDXWRPDDWHLOOD
$VHQQXNVHQ\KWH\GHVVlRQROWDYDYDOPLLQDNDLNNLQDSDLQHQ
PPQNRVNHWXVYlOLQNDWNDLVLQ3LVWRUDVLDDQRQSllVWlYlNlVLNVL
P\|VDVHQQXNVHQMlONHHQ
/DLWHLOPDQOLLWlQWlMRKWRD /LLWHWllQYDLQOLLWRVNXYDQPXNDDQ
$VHQQHWDDQWDUYLWWDHVVDRKHLVHWNXSDULVLOODW/DLWHYRLYDXULRLWXD
MRVVHQOLLWlQWlWHKGllQYllULQ
9HUNNROLLWlQWlMRKWR 9HUNNROLLWlQWlMRKWRMHQ RQ YDVWDWWDYD YlKLQWllQ
W\\SSLl+99).HOWDYLKUHlUDLWDLVHQVXRMDMRKWLPHQRQROWDYD
ODLWWHHQSXROHLVHVVDSllVVlPPSLWHPSLNXLQPXXWVlLNHHW
$VHQQXVV\Y\\GHQROOHVVDPPRQOLLWRVMRKWRYHGHWWlYlXXQLQ
UXQJRQYLLVWRLWHXQNXOPDQNRKGDOODRLNHDOOHDODV

.DDSLVWRRQDVHQWDPLQHQ
7lUNHllRWDKXRPLRRQNDNVRLVXXQLQSDLQRQ  NJ
YDUXVWHLQHHQ.XOMHWDNRQHWWDYDLQS\VW\DVHQQRVVD
9DUPLVWDHWWlODLWHHLSllVHNDDWXPDDQNDDSLVWDMRVODLWWHHQ
\OlSXROHOODHLROHYlOLSRKMDDNLLQQLWlNDNVL\OHLVHVWLVDDWDYDQD
ROHYDDNXOPDDNXPPDOOHNLQVLYXOOHNDDSSLLQ PP
V\Y\\GHOOH PPODLWWHHQ\OlSXROHOOH
 7\|QQlODLWHNRNRQDDQNDOXVWHHVHHQ
9DUPLVWDHWWlOLLWlQWlMRKWRHLWDLWXMllSXULVWXNVLLQWDLNXOMH
WHUlYLHQNXOPLHQ\OL
 .RKGLVWDODLWHNHVNHOOH6XRULVWDODLWHYHVLYDDDQDYXOOD
WlVPlOOLVHVWLYDDNDWDVRRQ
 .LLQQLWlODLWHPXNDQDWRLPLWHWXLOODUXXYHLOOD3RLVWDNXOMHWXVWXHW
OXXNXVWD
<KGLVWlPLQHQOlPS|ODDWLNRQNDQVVD
7lUNHll+XRPLRLNDNVRLVXXQLQSDLQRQNJ
OLVlWDUYLNNHLQHHQ /lPS|ODDWLNRQ \OlSXROHOOH RQ DVHQQHWWDYD
ULLWWlYlQYDNDDYlOLSRKMD
.DDSLVWRVWDSXUNDPLQHQ
 .DWNDLVHODLWWHHVWDYLUWD
 ,UURWDNLLQQLW\VUXXYLW
 1RVWDODLWHWWDKLHPDQMDYHGlXORV
fr
Þ1RWLFHGHPRQWDJH
5HPDUTXHVLPSRUWDQWHV
: 5LVTXHGHEOHVVXUH 
/DSSDUHLOHVWORXUG SHUVRQQHVVRQWQpFHVVDLUHVSRXUGpSODFHU
ODSSDUHLO8WLOLVHUH[FOXVLYHPHQWGHVPR\HQVDSSURSULpV
/LUHDWWHQWLYHPHQWHWFRQVHUYHUODQRWLFH3RXUJDUDQWLUOD
VpFXULWp SHQGDQW OH IRQFWLRQQHPHQW GH ODSSDUHLO FH GHUQLHU GRLW
rWUHPRQWpGHPDQLqUHFRQIRUPHDX[UqJOHVGHODUW
/LQVWDOODWHXUHVWUHVSRQVDEOHGXERQIRQFWLRQQHPHQWGH
ODSSDUHLOVXUOHOLHXRLOODLQVWDOOpHWPLVHQVHUYLFH
/HWHFKQLFLHQFKDUJpGXEUDQFKHPHQWGRLWrWUHDJUpp
$YDQWGHIIHFWXHUWRXWWUDYDLOFRXSHUODOLPHQWDWLRQpOHFWULTXH
3RXUpYLWHUOHVFRXSXUHVSRUWHUGHVJDQWVGHSURWHFWLRQ/HV
SLqFHVDFFHVVLEOHVGXUDQWOHPRQWDJHSHXYHQWSUpVHQWHUGHV
DUrWHVYLYHV
9pULILHUVLODSSDUHLOQDSDVpWpHQGRPPDJpGXUDQWOHWUDQVSRUW
1HSDVVRXOHYHUODSSDUHLOHQOHSUHQDQWSDUODSRUWHSDUOD
SRLJQpHGHSRUWHRXSDUODUpJOHWWHLQIpULHXUHGDpUDWLRQ
3RXUOLQVWDOODWLRQUHVSHFWHUOHVUqJOHVHQYLJXHXUHWOHV
FRQVLJQHVGXGLVWULEXWHXUORFDOGpOHFWULFLWp
$SSDUHLOGHFODVVH  jLQVWDOOHUGDQVXQPHXEOHGHFXLVLQH
VHORQOHVFKpPDGHSRVHUHVSHFWHUOHVGLVWDQFHVPLQLPDOHV
,QVWUXFWLRQVGHSODQLILFDWLRQ
%XWpHGHSRUWHQRQUpYHUVLEOH
'LVWDQFHHQWUHOHFRUSVGHPHXEOHHWODVXUIDFHGKDELOODJH 
PP
'LVWDQFHHQWUHOHFRUSVGHPHXEOHHWOHERUGH[WpULHXUGHOD
SRLJQpHGHODSRUWH PP
3UHQH]HQFRPSWHOHGpERUGSRXUORXYHUWXUHGHVWLURLUVODWpUDX[
/RUVGHODSODQLILFDWLRQGXQSODFHPHQWHQDQJOHWHQH]FRPSWH
GXQDQJOHGRXYHUWXUHGHSRUWHGDXPRLQV
3UpSDUDWLRQGHVPHXEOHV
,PSRUWDQW WHQLUFRPSWHGXSRLGVGXIRXUGRXEOH NJ
HQYLURQDFFHVVRLUHVFRPSULV/HIRQGGXPHXEOHGRLWrWUH
VXIILVDPPHQWVROLGH
/HVPHXEOHVRVRQWHQFDVWUpVOHVDSSDUHLOVGRLYHQWUpVLVWHU
MXVTXjXQHWHPSpUDWXUHGH &HWOHVIDoDGHVGHVPHXEOHV
YRLVLQVMXVTXj &
'pFRXSHGDpUDWLRQGDQVOHIRQGLQWHUPpGLDLUHGXPHXEOH
PLQL  [  PP
/DSULVHGHFRXUDQWGRLWVHWURXYHUjOH[WpULHXUGHODQLFKH
GHQFDVWUHPHQW
)DLUHOHVGpFRXSHVVXUOHPHXEOHDYDQWGHPHWWUHODSSDUHLOHQ
SODFHeOLPLQHUOHVFRSHDX[TXLSRXUUDLHQWDIIHFWHUOH
IRQFWLRQQHPHQWGHFRPSRVDQWVpOHFWULTXHV
6LOHVPHXEOHVQHVRQWSDVIL[pVLOIDXWOHVIL[HUDXPXUDXPR\HQ
GXQHpTXHUUHGXFRPPHUFH
3ODFHUODSSDUHLOjXQHKDXWHXUWHOOHTXLOVRLWHQFRUHSRVVLEOHGH
VRUWLUIDFLOHPHQWOHVDFFHVVRLUHV
5DFFRUGHPHQWpOHFWULTXH
6DVVXUHUTXHOLQVWDOODWLRQpOHFWULTXHGXORJHPHQWHVW
VXIILVDPPHQWSURWpJpH/DWHQVLRQHWODIUpTXHQFHGHODSSDUHLO
GRLYHQWFRUUHVSRQGUHjFHOOHVGHOLQVWDOODWLRQpOHFWULTXHYRLUOD
SODTXHWWHGLGHQWLILFDWLRQ
/DSSDUHLOHVWGHODFODVVHGHSURWHFWLRQ HWGRLWREOLJDWRLUHPHQW
rWUHUDFFRUGpjXQHSULVHDYHFWHUUH
,OGRLWrWUHSURWpJpSDUXQFRXSHFLUFXLWDXWRPDWLTXHW\SH%RX&
,OIDXWSUpYRLUGDQVOLQVWDOODWLRQXQGLVMRQFWHXUPXOWLSRODLUHD\DQW
XQH GLVWDQFH GRXYHUWXUH GHV FRQWDFWV GDX PRLQV  PP HW UHVWDQW
DFFHVVLEOHDSUqVODSRVH
$SSDUHLOVDQVFRUGRQGDOLPHQWDWLRQ  IDLUHOHUDFFRUGHPHQW
XQLTXHPHQWVHORQOHVFKpPDGHEUDQFKHPHQW6LQpFHVVDLUH
XWLOLVHUOHVFDYDOLHUVHQFXLYUHIRXUQLV6LOQHVWSDVEUDQFKpGH
PDQLqUHFRQIRUPHODSSDUHLOSHXWrWUHHQGRPPDJp
&RUGRQGDOLPHQWDWLRQVHFWHXU W\SH + 99)RXTXDOLWp
VXSpULHXUH 'X F{Wp GH ODSSDUHLO OH FRQGXFWHXU YHUWMDXQH GH WHUUH
GRLWDYRLUXQHORQJXHXUVXSpULHXUHGH PPDX[DXWUHV
FRQGXFWHXUV
3RXUXQHSURIRQGHXUGHQFDVWUHPHQWGH PPIDLUHSDVVHUOH
FRUGRQGDOLPHQWDWLRQjGURLWHHWSDUOHEDVGDQVOD]RQHROH
ERvWLHUSUpVHQWHXQFRLQFRXSp
3RVHGHODSSDUHLO
,PSRUWDQW  SUHQH] HQ FRPSWH OH SRLGV GX IRXU GRXEOH HQY
NJDYHFDFFHVVRLUHV/DSSDUHLOGRLWrWUHWUDQVSRUWp
XQLTXHPHQWjODYHUWLFDOH
%ORTXH]ODSSDUHLOGDQVODUPRLUHSRXUpYLWHUWRXWUHQYHUVHPHQW
VLDXFXQIRQGGHVpSDUDWLRQQHVWLQVWDOOpDXGHVVXVGH
ODSSDUHLO IL[H]GHX[pTXHUUHVGXFRPPHUFHGDQVODUPRLUH
j PPGHSURIRQGHXU PPDXGHVVXVGHODKDXWHXUGH
ODSSDUHLO
 3RXVVH]ODSSDUHLOjIRQGGDQVOHPHXEOHGHQFDVWUHPHQW
&H IDLVDQW YHLOOH] j QH SDV SOLHU QL FRLQFHU OH FkEOH GDOLPHQWDWLRQ
HWjQHSDVOHIDLUHSDVVHUDXGHVVXVGDUrWHVFRXSDQWHV
 &HQWUH] ODSSDUHLO $OLJQH] ODSSDUHLO H[DFWHPHQW j OKRUL]RQWDOH j
ODLGHGXQLYHDXjEXOOH
 )L[H]ODSSDUHLOGHFKDTXHF{WpDXPR\HQGHVYLVLQFOXVHV
5HWLUH]OHVFDOHVGHWUDQVSRUWVXUODSRUWH
$VVRFLDWLRQDYHFXQWLURLUFKDXIIDQW
,PSRUWDQW WHQLUFRPSWHGXSRLGVGXIRXUGRXEOH NJ
HQYLURQDFFHVVRLUHVFRPSULV8QIRQGLQWHUPpGLDLUH
VXIILVDPPHQWVROLGHGRLWrWUHLQVWDOOpDXGHVVXVGXWLURLU
FKDXIIDQW
'pSRVH
 0HWWUHODSSDUHLOKRUVWHQVLRQ
 'HVVHUUHUOHVYLVGHIL[DWLRQ
 6RXOHYHUOpJqUHPHQWHWH[WUDLUHHQWLqUHPHQWODSSDUHLO
hr
à8SXWH]DPRQWDçX
9DçQHQDSRPHQH
: 2SDVQRVWRGR]OMHGH
8UHđDMMHWHçDN=DSRPLFDQMHXUHđDMDSRWUHEQHVX RVREH
.RULVWLWHVDPRSULPMHUHQDSRPDJDOD
3DçOMLYRSURĀLWDMWHLĀXYDMWHRYHXSXWH6DPRNRGSUDYLOQH
XJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçXMH]DMDPĀHQD
VLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMDPĀL]DEHVSULMHNRUQR
IXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
6DPRRYODåWHQRVWUXĀQRRVREOMHVPLMHSULNOMXĀLWLXUHđDM
3ULMHL]YUåHQMDVYLKUDGRYDLVNOMXĀLWHGRYRGVWUXMH
.DNRELVWHVSULMHĀLOLSRVMHNRWLQHQRVLWH]DåWLWQHUXNDYLFH
'LMHORYL NRML VX GRVWXSQL NRG XJUDGQMH PRJX LPDWL RåWUH UXERYH
3ULMH XJUDGQMH XUHđDMD SURYMHULWH GD QD QMHPX QHPD WUDQVSRUWQLK
RåWHþHQMD
8UHđDMQHSRGLçLWHGUçHþLYUDWDUXĀNXQDYUDWLPDLOLGRQMX
YHQWLODFLMVNXOHWYLFX
.RGLQVWDODFLMHPRUDWHSRåWLYDWLWUHQXWQRYDçHþHSURSLVHL]
SRGUXĀMDJUDGQMHLSURSLVHORNDOQRJGLVWULEXWHUDHOHNWULĀQH
HQHUJLMH
8UHđDMUD]UHGDXUHđDMD =DXJUDGQMXXNXKLQMVNLHOHPHQW
SUHPDVNLFL]DXJUDGQMXSULGUçDYDMWHVHQDMPDQMLKUD]PDND

1DSRPHQH]DSODQLUDQMH
*UDQLĀQLNYUDWDQLMH]DPMHQMLY
5D]PDNRGNRUSXVDHOHPHQWDGRIURQWHYUDWD PP
5D]PDNRGNRUSXVDHOHPHQWDGRYDQMVNRJUXEDUXĀNHQDYUDWLPD
 PP
9RGLWHUDĀXQDRLVWXUHQRPGLMHOXIURQWH]DRWYDUDQMHERĀQLKODGLFD
3UL SODQLUDQMX NXWQRJ UMHåHQMD YRGLWH UDĀXQD R NXWX RWYDUDQMD YUDWD
RGQDMPDQMH
3ULSUHPDXJUDGEHQRJHOHPHQWD
9DçQR9RGLWHUDĀXQDRWHçLQLGYRVWUXNHSHþQLFHRNR  NJ
VSULERURP3RWSRUQRGQRXJUDGEHQRJHOHPHQWDPRUDELWL
GRYROMQRVWDELOQR
8JUDGEHQL HOHPHQWL PRUDMX ELWL RWSRUQL QD WHPSHUDWXUX GR  & D
JUDQLĀQHIURQWHHOHPHQDWDQDWHPSHUDWXUXGR &
,]UH]]DYHQWLODFLMXXPHđXGQXXJUDGEHQRJHOHPHQWD
PLQ  [  PP
3ULNOMXĀQDNXWLMDPRUDELWLL]YDQXJUDGEHQHQLåH
6YHUDGRYHL]UH]LYDQMDQDHOHPHQWXSURYHGLWHSULMHXPHWDQMD
XUHđDMD8NORQLWHVWUXJRWLQHMHUELPRJOHQHJDWLYQRXWMHFDWLQDUDG
HOHNWULĀQLKVDVWDYQLKGLMHORYD
1HSULĀYUåþHQLHOHPHQWVRELĀQLPNXWQLNRPSULĀYUVWLWHQD]LG
8UHđDMXJUDđXMWHVDPRQDRQXYLVLQXQDNRMRMþHWHEH]SRWHåNRþD
PRþLYDGLWLSULERU
(OHNWULĀQLSULNOMXĀDN
3D]LWHQDSULPMHUHQX]DåWLWXNXþQHLQVWDODFLMH1DSRQLIUHNYHQFLMD
XUHđDMDPRUDMXVHSRGXGDUDWLVHOHNWULĀQRPLQVWDODFLMRPYLGL
R]QDĀQXSORĀLFX
8UHđDMRGJRYDUDNODVL]DåWLWH LVPLMHVHNRULVWLWLVDPRXNROLNRMH
SULNOMXĀHQQDSULNOMXĀDNVD]DåWLWQLPYRGLĀHP
3RWUHEQDMH]DåWLWDSRPRþX%LOL&DXWRPDWD
.RGLQVWDODFLMHWUHEDELWLSULVXWQDMHGQDVYHSROQDUD]GYRMQD
VNORSNDVRWYRURPNRQWDNWDRGQDMPDQMH PP,VWDPRUDELWLODNR
GRVWXSQDLQDNRQXJUDGQMH
8UHđDM EH] SULNOMXĀQRJ YRGD 3ULNOMXĀLWH VDPR SUHPD SULNOMXĀQRM
VKHPL3RSRWUHELPRQWLUDMWHLVSRUXĀHQHEDNUHQHSUHPRVQLFH8
VOXĀDMXSRJUHåQRJSULNOMXĀNDXUHđDMVHPRçHRåWHWLWL
0UHçQL SULNOMXĀQL YRG WLS + 99) LOL YHþH YULMHGQRVWL æXWR]HOHQD
çLODSULNOMXĀNDVD]DåWLWQLPYRGLĀHPPRUDELWLQDVWUDQLXUHđDMD
GXOMD PPRGRVWDOLKçLOD
=DGXELQXXJUDGQMHRG PPYRGLWHSULNOMXĀQLNDEHOXSRGUXĀMX
NRVRJNXWDNXþLåWDVGHVQHVWUDQHSUHPDGROMH
8JUDGQMDXUHđDMD
9DçQR9RGLWHUDĀXQDRWHçLQLGYRVWUXNHSHþQLFH
RNR  NJVSULERURP8UHđDMWUDQVSRUWLUDMWHVDPRX
XVSUDYQRPSRORçDMX
8UHđDMXHOHPHQWXRVLJXUDMWHRGSUHYUWDQMDDNRQHPDPHđXGQD
L]QDGXUHđDMD3ULĀYUVWLWHGYDRELĀQDNXWQLNDQDREMHVWUDQHX
HOHPHQWXQDGXELQX PP PPL]QDGXUHđDMD
 8UHđDMXPHWQLWHGRNUDMDXXJUDGEHQLHOHPHQW
3ULWRP SD]LWH GD QH SUHVDYLMHWH SULNOLMHåWLWH SULNOMXĀQL NDEHO L GD JD
QHYRGLWHSUHNRRåWULKUXERYD
 8UHđDML]UDYQDMWH8UHđDML]UDYQDMWHWRĀQRYRGRUDYQRSRPRþX
OLEHOH
 8UHđDMSULĀYUVWLWHLVSRUXĀHQLPYLMFLPD6NLQLWHWUDQVSRUWQL
RVLJXUDĀQDYUDWLPD
.RPELQLUDQMHVJULMDþRPODGLFRP
9DçQR9RGLWHUDĀXQDRWHçLQLGYRVWUXNHSHþQLFHRNR  NJ
VSULERURP,]QDGJULMDþHODGLFHWUHEDPRQWLUDWLGRYROMQR
VWDELOQRPHđXGQR
'HPRQWDçD
 2GYRMLWHXUHđDMVQDSRQD
 2WSXVWLWHSULĀYUVQHYLMNH
 8UHđDMODJDQRQDGLJQLWHLXSRWSXQRVWLJDL]YXFLWH
id
ø,QVWUXNVLSHPDVDQJDQ
&DWDWDQSHQWLQJ
: %DKD\DFHGHUD
3HUDODWDQLQLVDQJDWEHUDW'LSHUOXNDQRUDQJXQWXN
PHPLQGDKNDQ SHUDODWDQ LQL *XQDNDQ DODW GDQ SHUOHQJNDSDQ \DQJ
VHVXDLVDMD
%DFD LQVWUXNVL LQL GHQJDQ WHOLWL GDQ VLPSDQ GL WHPSDW \DQJ DPDQ
.HDPDQDQVHODPDSHPDNDLDQKDQ\DGDSDWGLSDVWLNDQMLND
SHUDODWDQGLSDVDQJGHQJDQEHQDUVHVXDLGHQJDQLQVWUXNVL
SHPDVDQJDQLQL3HPDVDQJEHUWDQJJXQJMDZDEXQWXN
PHPDVWLNDQSHUDODWDQEHNHUMDGHQJDQVHPSXUQDSDGDWLWLN
SHPDVDQJDQ
+DQ\DL]LQNDQSURIHVLRQDOEHUOLVHQVLXQWXNPHQ\DPEXQJNDQ
SHUDODWDQ
3HUDODWDQKDUXVWHUSXWXVGDULVXPEHUGD\DVHODPDVHPXD
SHQJHUMDDQSHPDVDQJDQ
.HQDNDQVDUXQJWDQJDQSHOLQGXQJXQWXNPHQFHJDKFHGHUD
NDUHQDOXND%DJLDQ\DQJGDSDWGLDNVHVVHODPDSHPDVDQJDQ
PXQJNLQPHPLOLNLWHSL\DQJWDMDP
3HULNVDSHUDODWDQDNDQNHUXVDNDQVDDWSHPLQGDKDQVHEHOXP
SHPDVDQJDQ
-DQJDQDQJNDWSHUDODWDQSDGDSLQWXJDJDQJSLQWXDWDX
YHQWLODVLXGDUDEDZDK
8QWXNSHPDVDQJDQSHUDWXUDQJHGXQJGDQSHUDWXUDQSHPDVRN
OLVWULNVHWHPSDW\DQJVDDWLQLEHUODNXKDUXVGLLNXWL
3HUDODWDQLQLVHVXDLGHQJDQSHUDODWDQNHODV XQWXN
SHPDVDQJDQSDGDXQLWGDSXUPHQXUXWJDPEDUSHPDVDQJDQ
$PDWLMDUDNPLQLPXP
&DWDWDQSHUHQFDQDDQ
(QJVHOSLQWXWLGDNGDSDWGLEDOLN
3HUPXNDDQSDQHOSLQWXDODWPHPDQMDQJKLQJJD PPGDULFHODK
IXUQLWXU
7HSLOXDUGDULJDJDQJSLQWXPHPDQMDQJKLQJJD PPGDULFHODK
IXUQLWXU
3HUKLWXQJNDQEDJLDQ\DQJPHQJJDQWXQJVDDWKHQGDNPHPEXND
ODFLGLVDPSLQJDODW
6DDWPHUHQFDQDNDQSHPDVDQJDQVXGXWFRUQHUVROXWLRQ
SHUKDWLNDQVXGXWEXNDDQSLQWX
0HPSHUVLDSNDQXQLWGDSXU
3HQWLQJ 3HUKDWLNDQ EHUDW RYHQ JDQGD VHNLWDU  NJ GHQJDQ
DNVHVRULQ\D$QJNXWRYHQGDODPSRVLVLWHJDNOXUXV
8QLW\DQJGLSDVDQJKDUXVWDKDQSDQDVKLQJJD &EDJLDQ
GHSDQNDELQHWGLVHNLWDUKLQJJD &
3HPLVDKYHQWLODVLPLQLPDOVHEHVDU  [  PPKDUXVGLEXDW
SDGDODQWDLSHPLVDKGDULXQLWVHNLWDU
.RWDNVDPEXQJDQSHUDODWDQKDUXVEHUDGDGLOXDUUXDQJ
SHPDVDQJDQ
/DNXNDQSHQJHUMDDQSHPLVDKSDGDXQLWSHUDERWGDQEDJLDQNHUMD
GDSXUVHEHOXPPHPDVDQJSHUDODWDQ%XDQJVLVDVLVDDWDX
SHQJRSHUDVLDQ\DQJEHQDUGDULNRPSRQHQOLVWULNPXQJNLQDNDQ
PHQJDODPLJDQJJXDQ
$PDQNDQXQLWEHEDVNHGLQGLQJPHQJJXQDNDQEUDNHWVWDQGDU
\DQJEHEDVGLMXDOGLSDVDUDQ
+DQ\DSDVDQJSHUDODWDQKLQJJDNHWLQJJLDQ\DQJPHPXQJNLQNDQ
DNVHVRULXQWXNGLOHSDVGHQJDQPXGDK
6DPEXQJDQOLVWULN
3DVWLNDQLQVWDODVLUXPDKPHPLOLNLVHNHULQJDWDXSHUOLQGXQJDQ
SHPXWXVVLUNXLW\DQJFXNXS3HULNVDSHUDODWDQPHPLOLNLYROWDVH
GDQ IUHNXHQVL \DQJ VDPD GHQJDQ VLVWHP LQVWDODVL OLVWULN OLKDW SHODW
QLODL
3HUDODWDQVHVXDLGHQJDQNHODVSHUOLQGXQJDQGDQKDQ\DEROHK
GLRSHUDVLNDQGHQJDQVDPEXQJDQSHPEXPLDQEHUSHOLQGXQJ
3HUOLQGXQJDQVHNHULQJPHQJJXQDNDQSHPXWXVVLUNXLW%DWDX&
GLSHUOXNDQ
6LVWHP LQVWDODVL KDUXV PHQJJDEXQJNDQ VDNODU LVRODVL VHPXD NXWXE
GHQJDQMDUDNNRQWDNVHWLGDNQ\D PP,QLKDUXVWHWDSGDSDW
GLDNVHVVHWHODKSHPDVDQJDQ
3HUDODWDQWDQSDNDEHOSHQ\DPEXQJGD\D+DQ\DVDPEXQJNDQ
VHSHUWL\DQJGLWXQMXNNDQSDGDGLDJUDPSHQ\DPEXQJDQ3DVDQJ
MHPEDWDQWHPEDJD\DQJGLVHUWDNDQVHSHUWL\DQJGLPLQWD
3HQ\DPEXQJDQ \DQJ VDODK GDSDW PHQJDNLEDWNDQ NHUXVDNDQ SDGD
SHUDODWDQ
.DEHOSHQ\DPEXQJGD\DWLSH + 99)DWDXGHQJDQQLODLOHELK
WLQJJL .DEHO NXQLQJKLMDX XQWXN VDPEXQJDQ 3( KDUXV  PP OHELK
SDQMDQJGDULSDGDNDEHOODLQSDGDVLVLSHUDODWDQ

%DJLDQEHODNDQJSHUDODWDQPHPLOLNLWHSL\DQJUXQFLQJ.HWLND
NHGDODPDQNDELQHWDGDODK PPWLPDKSHQ\DPEXQJKDUXV
GLDUDKNDQ NH EDZDK NH EDJLDQ VLVL NDQDQ EHODNDQJ GDUL NDELQHW NH
NRWDNSHQ\DPEXQJ
0HPDVDQJSHUDODWDQ
3HQWLQJ3HUKDWLNDQEHUDWRYHQJDQGDVHNLWDU  NJ
GHQJDQDNVHVRULQ\D$QJNXWRYHQGDODPSRVLVLWHJDN
OXUXV
-LND WLGDN DGD ODFL \DQJ GLSDVDQJ GL DWDV DODW DPDQNDQ DODW GDUL
EDKD\DWHUEDOLNVDDWSLQWXGLEXND3DVDQJGXDVXGXWVWDQGDU
 PPGLDWDVDODWSDGDNHGDODPDQ PPGLGDODPNDELQHW
 0DVXNNDQSHUDODWDQVHOXUXKQ\DNHNDELQHW
-DQJDQPHQHNXNDWDXPHOLOLWNDQNDEHOGD\DDWDXKLQGDULNDEHO
GDULWHSL\DQJWDMDP
 3RVLVLNDQDODWGLWHQJDK'HQJDQPHQJJXQDNDQZDWHUSDVDWXU
DODWDJDUEHQDUEHQDUUDWD
 6HNUXSDODWGHQJDQNXDWSDGDWHPSDWQ\DGHQJDQVHNUXS\DQJ
GLVHGLDNDQ/HSDVNXQFLWUDQVSRUWDVLSDGDSLQWX
.RPELQDVLGHQJDQODFLSHQJKDQJDW
3HQWLQJ 3HUKDWLNDQ EHUDW RYHQ JDQGD VHNLWDU  NJ GHQJDQ
DNVHVRULQ\D/DFLWHQJDK\DQJVWDELOKDUXVGLSDVDQJGLDWDV
ODFLSHQJKDQJDW
3HOHSDVDQ
 3XWXVNDQVDPEXQJDQSHUDODWDQLQLGDULSDVRNDQOLVWULN
 /HSDVVHNUXSSHQJDPDQ
 $QJNDWSHUDODWDQVHGLNLWGDQWDULNNHOXDU
it
â,VWUX]LRQLSHULOPRQWDJJLR
,QGLFD]LRQLLPSRUWDQWL
: 3HULFRORGLOHVLRQL
/DSSDUHFFKLRqSHVDQWH3HUVSRVWDUORRFFRUURQR SHUVRQH
8WLOL]]DUHHVFOXVLYDPHQWHDXVLOLDGHJXDWL
/HJJHUHDWWHQWDPHQWHHFRQVHUYDUHOHLVWUX]LRQL6ROR
XQLQVWDOOD]LRQHFRUUHWWDFRQIRUPHPHQWHDTXDQWRLQGLFDWRQHOOH
LVWUX]LRQLGLPRQWDJJLRJDUDQWLVFHODVLFXUH]]DGXUDQWHOXVR
/LQVWDOODWRUHULVSRQGHGHOFRUUHWWRIXQ]LRQDPHQWRQHOOXRJRGL
PRQWDJJLR
/DSSDUHFFKLRGHYHHVVHUHFROOHJDWRVRORGDXQWHFQLFR
DXWRUL]]DWR
6WDFFDUHODOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
3HUHYLWDUHOHVLRQLGDWDJOLRLQGRVVDUHJXDQWLGLSURWH]LRQH,
SH]]LDFFHVVLELOLGXUDQWHLOPRQWDJJLRSRVVRQRHVVHUHWDJOLHQWL
&RQWUROODUHODSUHVHQ]DGLGDQQLGDWUDVSRUWRSULPDGHO
PRQWDJJLR
1RQVROOHYDUHODSSDUHFFKLRSUHQGHQGRORSHUORVSRUWHOOROD
PDQLJOLDRLOOLVWHOORGLYHQWLOD]LRQHLQIHULRUH
3HU OLQVWDOOD]LRQH RVVHUYDUH OH QRUPH HGLOL DWWXDOPHQWH LQ YLJRUH
QRQFKpOHGLVSRVL]LRQLGHOOD]LHQGDUHJLRQDOHHURJDWULFHGL
HOHWWULFLWj
$SSDUHFFKLR DSSDUWHQHQWH DOOD FODVVH  ,QVWDOODUH ODSSDUHFFKLR
LQXQPRELOHGDFXFLQDVHJXHQGRORVFKL]]RGLPRQWDJJLR
ULVSHWWDUHOHGLVWDQ]HPLQLPH
,QGLFD]LRQLGLSURJHWWD]LRQH
&HUQLHUDSRUWDQRQUHYHUVLELOH
'LVWDQ]DWUDQLFFKLDGHOPRELOHHVXSHUILFLHGHOSDQQHOORSRUWD
PP
'LVWDQ]DWUDQLFFKLDGHOPRELOHHERUGRHVWHUQRGHOODPDQLJOLD
SRUWDPP
5LVSHWWDUHODVSRUJHQ]DIURQWDOHSHUODSHUWXUDGLFDVVHWWLYLFLQL
DOODSSDUHFFKLR
1HOODSLDQLILFD]LRQHGLXQDVROX]LRQHDGDQJRORWHQHUFRQWRGLXQ
DQJRORGLDSHUWXUDGHOODSRUWDGLDOPHQR 
3UHSDUDUHLOPRELOHDGLQFDVVR
,PSRUWDQWH&RQVLGHUDUHLOSHVRGHOIRUQRGRSSLRFDNJ
FRQDFFHVVRUL,OSLDQRGLVXSSRUWRQHOPRELOHGDLQFDVVR
GHYHHVVHUHVXIILFLHQWHPHQWHVWDELOH
,PRELOLGDLQFDVVRGHYRQRHVVHUHUHVLVWHQWLDWHPSHUDWXUHILQRD
&LPRELOLDGLDFHQWLILQRD&
,QWDJOLR GL YHQWLOD]LRQH QHO SLDQR LQWHUPHGLR GHO PRELOH GD LQFDVVR
PLQ  [  PP
/DSUHVDGLFROOHJDPHQWRGHYHWURYDUVLIXRULGDOODQLFFKLDGL
PRQWDJJLR
(VHJXLUHLODYRULGLLQWDJOLRVXLPRELOLSULPDGLLQVHULUH
ODSSDUHFFKLR5LPXRYHUHLWUXFLROLSHUQRQSUHJLXGLFDUHLO
IXQ]LRQDPHQWRGHLFRPSRQHQWLHOHWWULFL
,PREOLQRQILVVDWLYDQQRDQFRUDWLDOODSDUHWHFRQXQDQJRODUH
FRPXQHPHQWHUHSHULELOHLQFRPPHUFLR
0RQWDUHODSSDUHFFKLRDGXQDOWH]]DWDOHGDFRQVHQWLUHOD
ULPR]LRQHDJHYROHGHJOLDFFHVVRUL
$OODFFLDPHQWRHOHWWULFR
$VVLFXUDUVLFKHLIXVLELOLGHOOLPSLDQWRGRPHVWLFRVLDQRLGRQHL
7HQVLRQHHIUHTXHQ]DGHOODSSDUHFFKLRGHYRQRFRUULVSRQGHUH
DOOLPSLDQWRHOHWWULFRYWDUJKHWWD
/DSSDUHFFKLRqFRQIRUPHDOOD&ODVVHGLSURWH]LRQHHGHYH
IXQ]LRQDUHVHPSUHHVRORFRQXQFROOHJDPHQWRGLPHVVDDWHUUD
(QHFHVVDULDXQDSURWH]LRQHWUDPLWHGLVSRVLWLYLDXWRPDWLFL%R&
6XOOLPSLDQWRGHYHHVVHUHGLVSRQLELOHXQLQWHUUXWWRUHGL
VHSDUD]LRQHGDWXWWLLSROLFRQXQDSHUWXUDGHLFRQWDWWLGLDOPHQR
 PP4XHVWRGHYHHVVHUHDFFHVVLELOHDQFKHGRSROLQVWDOOD]LRQH
$SSDUHFFKLRVHQ]DFDYRGLDOODFFLDPHQWR FROOHJDUORVROR
VHFRQGRORVFKHPDIRUQLWR6HQHFHVVDULRPRQWDUHLSRQWLFHOOLLQ
UDPHLQGRWD]LRQH,QFDVRGLFROOHJDPHQWRHUUDWRODSSDUHFFKLR
SXzVXELUHGDQQL
&DYRGLFROOHJDPHQWRDOODUHWH7LSR+99)RVXSHULRUH,O
FRQGXWWRUHJLDOORYHUGHVXOODSSDUHFFKLRSHULOFROOHJDPHQWRGHOOD
PDVVDGHYHHVVHUHPPSLOXQJRGHJOLDOWULFRQGXWWRUL
3HUXQDSURIRQGLWjGLPRQWDJJLRGLPPFRQYRJOLDUHLOFDYRGL
DOODFFLDPHQWRDGHVWUDYHUVRLOEDVVRQHOOD]RQDGHOODQJROR
VPXVVDWRGHOODSSDUHFFKLR
,QVWDOODUHODSSDUHFFKLR
,PSRUWDQWHULVSHWWDUHLOSHVRGHOIRUQRGRSSLRFD  NJ
FRQDFFHVVRULR7UDVSRUWDUHO·DSSDUHFFKLRVRORLQ
SRVL]LRQHYHUWLFDOH
$VVLFXUDUHODSSDUHFFKLRQHOPRELOHLQPRGRFKHQRQVLULEDOWL
QHO FDVR LQ FXL QRQ YL VLD XQ ULSLDQR LQWHUPHGLR VX GL HVVR ILVVDUH
GXHDQJRODULGLVSRQLELOLLQFRPPHUFLRVXHQWUDPELLODWLQHO
PRELOHD PPGLSURIRQGLWj PPROWUHODOWH]]D
GHOODSSDUHFFKLR
 6SLQJHUHFRPSOHWDPHQWHO·DSSDUHFFKLRQHOPRELOHGDLQFDVVR
)DUHLQPRGRFKHLOFDYRGLFROOHJDPHQWRQRQVLSLHJKLQRQ
ULPDQJDLQFDVWUDWRHQRQSDVVLVXVSLJROLYLYL
 &HQWUDUHODSSDUHFFKLR0HWWHUHODSSDUHFFKLRSHUIHWWDPHQWHLQ
SLDQRVHUYHQGRVLGLXQDOLYHOODDEROODGDULD
 )LVVDUHODSSDUHFFKLRFRQOHYLWLIRUQLWHLQGRWD]LRQH5LPXRYHUH
GDOORVSRUWHOORLGLVSRVLWLYLGLSURWH]LRQHSHULOWUDVSRUWR
&RPELQD]LRQHFRQFDVVHWWRVFDOGDYLYDQGH
,PSRUWDQWH&RQVLGHUDUHLOSHVRGHOIRUQRGRSSLRFDNJ
FRQDFFHVVRUL6RSUDLOFDVVHWWRVFDOGDYLYDQGHGHYHHVVHUH
PRQWDWRXQIRQGRVXIILFLHQWHPHQWHVWDELOH
6PRQWDJJLR
 6WDFFDUHODSSDUHFFKLRGDOODFRUUHQWH
 6YLWDUHOHYLWLGLILVVDJJLR
 6ROOHYDUHOHJJHUPHQWHODSSDUHFFKLRHVILODUORFRPSOHWDPHQWH
kaka
Ïۜ۠ۥۦ۔۞۔ۮۜۜۥۜ۠ۥۦۤۧ۩ۮۜۘەۜ
ۤۥۡ۱۞ۥ۝ۣۦ۞ۙۥۡۤۡ۠ۡ۠۝ۚۙ
: ۜۙ۟ۡۙۥ۝۪ۚۡ۩۪ۡۢۡ
ۗ۔۠۔ۗۖ۔ۤۜ۟ۯۜ۟ۘ۔ۗ۔۠۔ۗۖ۔ۤۜۥۖ۔ۗ۔۔ۗۖۜ۞ۘەۜۥ۔ۛۙۜۥۥ۔۱ۜۤۡ۔
۔ۗ۔۟ۜ۔۠ۜۖ۔۟ۡۜ۫ۘ۠ۘۛ۟۲ۡ۞ۡۗ۬ۘۥ۔ە۔۟ۜۥۜ۲ۘ۞ۥ۔۰۫ۡۘەۜۗ۔
۔۪۱ۧۤۙۜ۞ۡە۔
۰۔ۜ۝ۜۛ۲ۘۛۜ۠ۥۦۤۧ۩ۮۜ۔ۥ۔ۨۧۯۙ۞ۜ۔۠۔ۗۗ۔۬ۘۜ۠۔۲ۘۛۜۥ
۟۲ۡ۞ۡۗۥ۔۟ۡ۠ۦ۔ۣۡۜ۠ۥۦۤۧ۩ۮۜۜۥ۬ۘۥ۔ە۔۟ۜۥۜ
ۥۢۘۮۜ۔۞ۜۚۜۤۘەۧ۞ۜۭ۔۬ۘ۠ۘە۔ۧۚۤۧ۠ۙۘ۞۫ۡۨۥۧۥ۔ۨۤۛ۲ۡ
ۘ۩ۥۢ۞ۧ۔ۦ۔ۮۜ۔ۥ۟ۘ۟ۡ۠ۦ۔ۣۘۧۚۤۧ۠ۙۘ۞۴۫ۡۨۥۥ۔۟ۡ۠ۦ۔ۣۡ
۔ۗۖۜ۞ۚۘۗ۔۠۔ۗۖ۔ۤۜۥۛ۔ۙۜۥۧۨ۔۞ۨۧ۠۩ۮۜۡ۠ۜۤۘە۔ۥ
ۗ۔۠۔ۗۖ۔ۤۜۥ۬ۘۘۤۛە۔۠ۘە۔ۗ۔ۤۛۧ۞ۜ۔۟۲ۡ۞ۡۗ
۝ۙ۔۞ۜۨۜۗۜۤۘەۧ۞ۜ۲ۘ۞ۡۥ۠ۜۥ۟ۜۘۤ
۬ۘۥ۔ە۔۟ۜۥۜۥ۔۟ۧ۬۔ۡۘەۜۥۖ۔۠۲ۡۤۮۜۘ۞ۘە۔۟ۗۘۖ۔ۛۜ۬ۘۛۗۘ۠ۜۥ
۟ۡ۟۔ۤ۔ۖۘە۔
ۗۘ۠ۜۥۗ۔ۤۦ۫۟ۜۥۥ۔۬ۜ۬ۤۡۘەۜۥۛ۔ۙۜۗ۔۠۔ۥ۔ۮۜ۞ۘە۞۔ۗ
ۖ۔۟ۡۜ۫ۘ۠ۘۛۗ۔۟ۮ۔ۙۜ۲ۘ۞ۛ۔ۛ۟۔۠ۘەۜ۠۔۰ۜ۞ۘەۜۤۡ۟۞ۘەۜۮ
۟ۡ۠ۦ۔ۣۜۥۗۤۡۥ۲ۘ۞۟ۜۥ۔۰ۙۗۡ۟ۜ۔۬ۘۜۯ۞ۘە۔۟۱ۤۘ۞ۜ
ۚۘۗ۔ۢۜۤۜۥ۟۩ۡ۠ۘۜ۫ۡۥ
ۭ۔۬ۘ۠ۘە۔۟ۗۘ۬ۘ۔۟ۡ۰۟ۘۛ۩ۧۤ۔۲ۡ۟۔ۤۗ۔ۚۜ۔۠ۗ۔
ۦۤ۔۠ۥۢۡۤۦۜۤۘەۜۥ۔ۥ
ۗ۔۠۔ۗۖ۔ۤۜ۔ۤ۔ۥ۰ۜۡۛ۝۔ۤۜۛ۝۔ۤۜۥۥ۔۲ۘ۞ۧۤۜۛ۔۠۴۔ۘۤۜۥ
۬ۘ۟۬ۙۘەۜۛ

۟ۡ۠ۦ۔ۣۜۥ۔ۥ۫ۧۤ۔۪ۗۘە۔۟ۜ۔ۜ۩ۮۜۘۛ۟ۜ۟ۗۜ۠۔ۤۘ۟ۡ۩۟ۘۗ
ۥ۔۟۬ۘ۠ۘە۞ۡۤۘۖۧ۞۔ۮۜۘەۥ۔ۗ۔۔ۗۖۜ۞ۡەۤۜۙۜ
ۘ۞ۘ۩ۦۤۡ۟ۡ۟۔ۤ۔ۖۘەۜۥۗۘەۧ۞ۘەۘەۥ
ۦۜۢۜۥۗ۔۠۔ۗۖ۔ۤۜۥ۝۞۔ۥۜۥ۔۟ۚ۔ۤۘۧ۞ۡۥ۔ۙۘ۳۬ۜ
ۭ۔ۥ۔۬ۘ۠ۘەۘ۞ۜۘۥ۝ۜۚۜۥ۬ۘۥ۔ە۔۟ۜۥ۔ۗ۫ۧۤ۔۪ۗۘە۔۟ۜ۔۩ۮۜۘۛ
۟ۜ۠ۜ۟۔۞ۧۤ۟۔۠ۯۜ۞ۥ
ۤۡ۠ۡ۠۝ۚۙۜۙۛ۝ۛۤ۞۪ۡ۠۞۪ۡ
۝۔ۤۜۥۥ۔ە۳ۘ۠ۜۧۮۙ۞ۘ۞ۜ
۟ۡ۰۫ۡەۜ۞ۡەۜۥ۝۔ۤۜ۔ۙۘ۳ۜۥ۝ۡۤۢۧۥۜۥ۪ۚۙ۔ۤۚۘ ۟۟ۜۛ۰ۜ۠
ۜ۩۠ۘە۔
۟ۡ۰۫ۡەۜ۞ۡەۜۥ۝۔ۤۜ۔ۙۘ۳ۜۥ۝ۡۤۢۧۥۜۥ۪ۚۙ۔ۤۚۘ ۟۟ۜۛ۰ۜ۠
ۜ۩۠ۘە۔
ۗ۔ۜۮ۔ۙۜۛۥۜۨۤۛ۲ۜ۞ۘۖۙۘۤۗۜۛ۔ۖ۔۟ۡۥ۔۰ۘۙۜۧ۳ۤۘەۜۥ
ۖ۔۟ۡ۲ۥ۠ۜۥ۔ۥ
۝ۧۛ۲ۘ۬ۜۖ۔۠ۛ۔ۙۥۘەۜۥۗ۔ۖۘۖ۟ۙۜۥ۔ۥۖ۔ۜۛۙ۔۞ۜۥ۰ۜ۠ۘۛ
۟ۜ۠ۜ۟۔۞ۧۤۜ۝ۧۛ۲ۘ ۤۡ۟ۘ۞ۜۮۥ۔۱ۜۤۡ۔۝۔ۤۜۥۖ۔۟ۡۥ۔۪ۘە۔ۗ
۲۪ۙۙ۱۝ۥ۝ۚ۝ۣۡۙ۞۝۸۪ۡۤۦۤ۟ۙۜ۝ۚۙ
ۤۥۡ۱۞ۥ۝ۣۦ۞ۙۥۡۙۦ۩ۤۙۛۡۯ۬ۤ۝ۣۡۤ۴ۡۤ۝ۙۜۙۙ۷  ۢۛ
ۙۮ۪۝۪۬ۙ۩۝ۚ۠ۙۥ۝۩۠ۙۜ۲۪ۙۙ۱۝ۥ۝ۚ۝ۣۡۢۙ۩۪ۙۜۡۚۙ۟ۙ۬ۥۜۙ
ۡ۰ۦ۪۪ۙۢۤۙ۩۪ۡۙۜۛۙۤ۴ۣ۝
ۭ۔ۥ۔۬ۘ۠ۘەۘ۞ۜ۔ۙۘ۳ۜۧ۠ۗ۔ۧۯ۞ۘەۗۘۥ۟ۜ۠ۜ۟ۧ۟&ۥ۲ۡ۞ۡ
۟ۡۥ۔۪ۚۙۤۘ۔ۙۘ۳ۜ&ۥ
ۙۘ۠ۦۜ۞۔ۮۜۜۥ۲ۙۤۘ۞ۜۭ۔ۥ۔۬ۘ۠ۘەۘ۞ۜ۝۔ۤ۔ۗۜۥ۬ۧ۔۞ۘۗۧۤ
ۛ۔ۤۡ۬ۜ۟ۜ۠ [  ۟۟
۬ۘۥ۔ۘۤۛۘەۘ۞ۜ۬ۦۘۨۥۘ۞ۜۧ۠ۗ۔ۜ۫ۡۥۭ۔ۥ۔۬ۘ۠ۘەۘ۞ۜ۠ۜ۬ۜۥ
ۖ۔ۤۘۛ
۟ۡ۰۫ۡەۜ۞ۡەۜۥۭ۔۬ۘ۠ۘە۔۟ۗۘ۫ۙۘ۞۔۔ۙۘ۳ۜۥۗ۔ەۤۦ۫ۘ۞ۜ
ۚۘۗ۔ۢۜۤۜۥۥ۔۱ۤۘ۞ۜۥ۔۟ۧ۬۔ۡۘەۜۧ۠ۗ۔۬ۘۥۤۧ۞ۗۘۥ۟ۡ۔ۮۜ۞ۘۛ
۠۔ۛ۔۞ۜۘ۞ۘ۩ۦۤۡ۠۔۰ۜ۞ۘەۜۥۨۧ۠۩ۮۜۡ۠ۜۤۘە۔۬ۘۜۯ۞ۘە۔
ۗ۔۪ۜۤۙۘۥ
ۗ۔ۧ۟۔ۖۤۘەۘ۞ۜ۔ۙۘ۳ۜۘۤۛۘۤۛۜۗ۔ۭۤۘ۠ۜ۞ۜ۝ۧۛ۲ۜۛ%
۝ۘۗۘ۞ۚۘ۟ۜ۔۟۔ۖۤۘۛ
۟ۡ۰۫ۡەۜ۞ۡە۔۟۲ۡ۞ۡۗۜ۟ۥۜ۟۔۪۞ۘۚۘۧ۠ۗ۔ۭ۔۬ۘ۠ۗۘۥۤۡ۟
۬ۘۥ۔ۯ۞ۘەۘ۞ۜۜ۫ۡۥ۔۩ۥۘۥۧ۔ۤۘەۜۥۧۢۤۡە۞ۘ۟ۡ۔۪۟ۡۘە۔
۝ۣ۝ۮ۫۩ۣ۬ۡ۱۝۝۩۠۝ۚۙ
۫ۧۤ۔۪ۗۘە۔۟ۜ۔۩ۮۜۘۛۥ۔۲۞۬ۜ۟ۡ۠ۦ۔ۣۜۥ۬ۘۥ۔ە۔۟ۜۥۗ۔۟ۮۙۘ۞ۘەۥ
۟ۡ۰۫ۡەۜ۞ۡەۜۥۯ۔ەۙ۔ۗ۔ۥۜ۲۬ۜۤۘۧ۠ۗ۔۬ۘۘۥ۔ە۔۟ۘەۡۗۘۥ
ۘ۞ۘ۩ۦۤۧ۞۟ۡ۠ۦ۔ۣۥۜ۲ۜ۞ۘۛۦۜۢۜۥ۠ۜ۬۠ۧ۞ۜ
ۘ۞ۘ۩ۦۤۡ۟ۡ۰۫ۡەۜ۞ۡە۔۬ۘۘۥ۔ە۔۟ۘە۔ۗ۔ۮۙۜۥ۝۞۔ۥۥۗ۔
۬ۘۜۯ۞ۘە۔۟۲ۡ۞ۡۗ۟ۮۙۘ۞ۜۛۜ۟ۧ۬۔ۡۥ
ۗ۔ۮۙ۔ۥ۔۱ۜۤۡ۔%۔۠&۔ۙۦۡ۟۔ۦۘەۜۗ۔۠
ۧۥ۔ۨۤۛ۲ۡۘەۜۥ۰ۘۥۘەۜۥ۟ۜ۲ۘۗۙۜۛ۩ۥۘ۞ۧۤۜۗ۔۟۔ۮ۔۞۝ۘۙۘەۘ۞ۜ
۟ۡ۰۫ۡەۜ۞ۡە۔۟ۜ۠ۜ۟ۧ۟۟ۜ۞ۜ۟ۘۦۤۜۛۧ۠ۗ۔ۜ۫ۡۥ
ۗ۔ۮۜ۞ۘەۧ۞ۜ ۘۥ ۔۰۫ۡەۜۥ ۬ۘ۟ۗۘۖ۔ۮ ۧ۠ۗ۔ ۜ۫ۡۥ ۲ۘ۞۟ۜۥ۔۰ۙۗۡ۟ۜ
ۤۦ۵۰ۦۣۚۡۦۚۙ۱۝ۤۙ۝۩۠ۚ۝ۣۡۛۙ۰۞ۙۥۣۡۦ۪ۚۡۛۙ۩۝۱۝
۬ۘ۔ۘۤۛۘۛ۟۲ۡ۞ۡۗۗ۔ۥۧۤ۔ۛۘەۜۥۛ۔۠۔۲۟۔ۗۥ۔۱ۜۤۡۘەۜۥ
۬ۘ۟ۛ۲ۙۘۙ۔۬ۜۗ۔۔۟ۡ۠ۦ۔ۣۘۛۛ۔۠ۗ۔ۤۛۧ۞ۜۥۢۜ۞ۘ۠ۯۜۥ۲ۜۗۘەۜ
۔ۤ۔ۥ۰ۡۤۜ۬ۘۘۤۛۘەۜۛ۟ۡ۰۫ۡەۜ۞ۡە۔۬ۘۜۯ۞ۘە۔ۗ۔ۚۜ۔۠ۗۘۥ
۩ۥۘ۞ۛ۔۠۬ۘۘۤۛە۔ۦۜۢۜ+ 99)۔۠۟ۘۦۜ۟ۡ۰۫ۡەۜ۞ۡەۜۥ
۟۲ۤۜۙۗ۔۟ۜ۰ۘەۜۥ۝۔ەۘ۞ۜۥ۫ۙۜۛۘ۞۟۰ۙ۔۠ۘۥ۔ۗۘ۠ۜ۟۟ۜۛ
ۖۤۯۘ۞ۜۧ۠ۗ۔ۜ۫ۡۥۗ۔۠۔ۭۤۘ۠ۥ۔ۗۘ۠ۘەۚۘ
ۭ۔۬ۘ۠ۘەۜۥ۟۟ۥ۪ۜۤ۟ۜۥ۬ۘ۟ۛ۲ۙۘۙ۔۬ۜ۬ۘ۟۔ۘۤۛۘەۘ۞ۜ۝۔ەۘ۞ۜ
ۧ۠ۗ۔ۭ۔ۜۨۜ۠ۡۥ۟ۡ۰۫ۡەۜ۞ۡەۜۥ۝ۡۤۢۧۥۜۥ۟۔ۤ۳ۙۘ۠۔ۗ۔۩ۙۘۗ۔
۟ۡ۝ۙۘۛۜ۞ۜ۝ۧۛ۲ۜۥ۔ۤۘ۬ۜ
ۜۙۥۙۜۛۙ۩۪ۡۤۦ۩ۛ۝ۚۙ
ۤۥۡ۱۞ۥ۝ۣۦ۞ۙۥۡۙۦ۩ۤۙۛۡۯ۬ۤ۝ۣۡۤ۴ۡۤ۝ۙۜۙۙ۷  ۢۛ
ۙۮ۪۝۪۬ۙ۩۝ۚ۠ۙۥ۝۩۠ۙۜۤۦ۵۰ۦۣۚۡۦ۪ۚۡ۫۩ۙۥ۪ۧۦ۩۫ۡ۩۝ۚۙ
ۤ۷ۦۣۦۜ۞۝۩ۣ۫ۡۢۙ۬۩ۤۜۛۦۤۙ۩۝ۦۚۙ۱ۡۤۦۙ۷ۜۡۥ۝۠
ۛۧ۝۔ۤ۔ۗ۔۬ۜ۟ۡ۰۫ۡەۜ۞ۡە۔ۚۘۛ۔ۤۡۘەۜ۔ۤ۔ۤۜۥ
۟ۡ۰۫ۡەۜ۞ۡە۔ۧ۠ۗ۔ۗ۔ۨۜ۩ۥۜۤۗۘۥ۬ۘۤ۫ۘۙۜۥۖ۔۠۝۔ۤ۔ۗۜۥ
ۡۤۜۙۘ۟۲۔ۤۘۥۗ۔۔ۨۜ۩ۥۜۤۘۛۡۤۜۥۦ۔۠ۗ۔ۤۦۧ۞ۜ۝ۧۛ۲ۘ
 ۟۟ۥ۪ۜۤ۟ۘۚۘ۟ۡ۰۫ۡەۜ۞ۡەۜۥۚۘۗ۔ۢۜۤۜۗ۔۠ ۟۟ۜۛ
ۚۘۙۜۛ
 ۟ۡ۰۫ۡەۜ۞ۡە۔۟ۛ۞ۜ۔۠۔ۗ۬ۘۥۙۜۛۭ۔ۥ۔۬ۘ۠ۘەۘ۞۔ۙۘ۳۬ۜ
۔۟۔ۥۛ۔۠۔ۤۖ۔ۗ۔۪ۧ۠ۡۛ۬ۘۘۤۛۘەۜۥ۝۔ەۘ۞ۘەۜ۔ۤۖ۔۟ۡ۔ە۔ۛ۔۠
ۖ۔ۗ۔۔ۦ۔ۤۡۛە۔ۥۤ۝ۜۗۘۘەۥ
 ۗ۔۔۫ۘ۠ۘۛ۟ۡ۰۫ۡەۜ۞ۡە۔۬ۧ۔۬ۜ۟ۡ۰۫ۡەۜ۞ۡە۔ۛ۔ۤ۔ۚۡۥ
۟ۘ۬ۙۘۡەۜۛ۴ۡۤۜۚۡ۠ۦ۔۞ۧۤ۔ۗۥ۰ۡۤ۔ۗۖ۔۔ۥ۰ۡۤۘۛ
 ۟ۡ۰۫ۡەۜ۞ۡە۔ ۗ۔۔۟۔ۖۤۘۛ ۛ۔۠ۗ۔ۤۛۧ۞ۜ ۲ۤ۔۲۠ۘەۜۛ ۟ۡ۲ۥۘ۠ۜۛ
ۥ۔ۦۤ۔۠ۥۢۡۤۦۡۗ۔۟ۮ۔ۙۘەۜ۝۔ۤۜۗ۔۠
ۢۦۤۚۡۥۙ۳ۡۙ۶۬۩۶ۣ۪ۡۛۙۤۙ۠ۚۦۚ۝ۣ۬۸۩۪ۙ۠ۙۥ
ۤۥۡ۱۞ۥ۝ۣۦ۞ۙۥۡۙۦ۩ۤۙۛۡۯ۬ۤ۝ۣۡۤ۴ۡۤ۝ۙۜۙۙ۷  ۢۛ
ۙۮ۪۝۪۬ۙ۩۝ۚ۠ۙۥ۝۩۠ۙۜ۶۬۩۶ۣ۪ۡۛۙۤۙ۠ۚۦۚ۝ۣ۬ۢ۩ۙ۟۝
۪ۙۢۤۙ۩۪ۡۙۜۛۙۤ۴ۣ۝۱ۣ۬ۙ۝ۜ۬۩ۡ۠ۙ۩ۦ۬ۥۜۙۜۙۙۤۦۥ۫ۙۨۦ۠
ۤۦ۷۪ۥۙ
 ۖ۔۟ۡۤۛۘۛۗ۔۠۔ۗۖ۔ۤۜۗۘ۠ۜۥ۰۫۔ۤۡۗ۔۠
 ۟ۡۧ۬ۙۜۛۥ۔۟۔ۖۤۜ۲ۤ۔۲۠ۘەۜ
 ۟ۥۧەۧ۩۔ۗ۔ۥ۰ۜۘۛۗ۔۠۔ۗۖ۔ۤۜۗ۔ۥۤۧ۞۔ۗۖ۔۪۟ۡۜۘۛ
ukkkukkk
ùΝομίρςρςοίκϊμЧπБίςκίο
Μδβϕζβϕδπιδορςκδο
: ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
ЋТκυεЄυΪνυκЋТκυεЄυηυΰυεΰυμνРςϐηδϐλϐδίκίδΜίδμβϐλμϐ
δєζίδЌТκΪευηιΪγήΪευДυα
ΗТλЌΪνευЌμυζТЌβωμθЌυιλΪЌμΪДυαΜίδθκηΪμνηТλЌΪνευЄυ
ΫθγυηςΪ ζΪζΪηήυЌ θκηΪμν ιΪγήΪεΪην ЌΪνϐιλϐαήϐέϐη ЌΪζμΪζΪλυα
ίμίήϐ ΘκηΪμνςυ θκηΪμυεЄΪη ΰίκήί δίήίκέϐλϐα ΰТζυλ ϐλμίνϐ Рςϐη
ΰΪνΪιδίκ
ΜίδδθηπίλλβωεΪηЄΪηζΪζΪηЄΪηΪЌТκυεЄυηυЌθλνδίκίδ
΋ΪκευЌΰТζυλμΪκήυθκυηήΪνήΪηΪεήυημθЌμυєςϐκϐДϐα
Δίλϐεν ЌΪνϐιϐηϐД Ϊεήυη Ϊεν Рςϐη ЌθκЄΪν ЌθεЄΪΫυη δβγϐДϐα ΘκηΪμν
δίαϐηήίέϐЌθεΰίμϐζήϐΫєεϐδμίκєμδϐκΫθενυζРζδϐη
ΘκηΪμνήΪηΪεήυηЌТκυεЄυηυμΪλυζΪεήΪναβωηήΪκυηΪ
μίδλίκϐДϐα
ЋТκυεЄυηυίλϐδμίίλϐδμТμЌΪλυηήΪηίζίλίμєζίηέϐΪνΪ
ιεΪηδΪλυηήΪδєμίκζίДϐα
ΘκηΪμνРςϐηΪЄυζήυЌΰРκίμϐηЌТκυευλίκίΰίείκϐζίη
ΪγζΪЌμυЌχείδμκΰΪΫήυЌμΪνςυλυηυДЌΪЄβήΪεΪκυηίλδίκϐДϐα
ЌТκυεЄυδεΪλυηυДЌТκυεЄυλυΪλРγΰβЬΪαυηΪθκηΪμν
λυαΫΪλυηΪλΪγθκηΪμνРςϐηζβηβζΪεήυЌΪκΪευЌμΪκήυ
ίλδίκϐДϐαήίκ
ΕνπξίοκίςμЧπБίςκίοϊ
ΏλϐδμϐϐεϐιЌθψΰΪЄυηєαέίκμνζРζδϐηίζίλ
ΐβЬΪαδθκινλυηΪηίλϐδΪεήυΫίμϐηίήίγϐηέϐЌΪςυЌμυЌζζ
ΐβЬΪαδθκινλυηΪηίλϐδμТμЌΪλυηυДλυκμЌυЌυκυηΪήίγϐηέϐ
ЌΪςυЌμυЌζζ
ΐυεΰυζΪευΫРγϐκΰфςϐδμίκήϐΪςЌΪηήΪλΪЌΫθευДυα
Ώέίκ ЌТκυεЄυ ΫТκυςμΪ θκηΪμυεΪμυη ΫθελΪ ίλϐδμϐД Ϊςυεν ΫТκυςυ
δίζϐηήίΫθενδίκίδμϐέϐηίλδίκϐДϐα
Ιϕοϕιρϕολδεηбίζγίθϊμγίς
Δπιδορς Бνπίοκϊ ρЧλχίξδχ њρδ ίςϊο είΰγϊБρίοϊλδμ ΰϕοβδ
 ιβγίθ Δμγϕολδ χιίσρϊЙ μδβϕζϕ εδριϕκϕιρϕ γδЙβδθγδ ΰδοϕι
ΰνκςϊρηϕπ
ΔϐκϐδμϐκζίΰβЬΪα&ήίγϐημίζιίκΪμνκΪЄΪςυήΪζήυΫθενυ
δίκίδςίδμίλΰβЬΪαΪεήυεΪκυ&ήίγϐη
ΐίεήίμνθγυЄυδϐκϐλμϐκϐείμϐηςδΪξμυДΪκΪευЌμТΫϐηήί
ζβη  [  ζζ
ΚθαίμδΪδϐκϐλμϐκνЌνυλυλυκμυηήΪΰΪμνυδίκίδ
ЋТκυεЄυηυθκηΪμνήΪηΪεήυηΰβЬΪαήΪΫΪκευЌδίλνΰТζυλμΪκυη
θκυηήΪДυαΐθДЌΪεΪκήυΪευιμΪλμΪДυαфγμιίλίθεχείδμκ
ΫєεϐδμίκϐηϐДΰТζυλυηΪфλίκίμνϐζРζδϐη
΋ίδϐμϐεζίέίηΰβЬΪαήΪλμΪηήΪκμμυΫТκυςιίηЌΪΫυκЄΪήΪΫίδϐμν
ЋТκυεЄυηυΰΪΫήυЌμΪκδίήίκέϐλϐαΪευηΪμυηΰΪЄήΪγήΪЄυΫβϐδμϐδμί
θκηΪμυДυα
άκδιροεδκϕπϕμδБνπς
ПγχείδμκλυζήΪκυηυДλфγδίλЌθκЄΪενυηΪδєαΰίμδϐαϐДϐα
ЋТκυεЄυηυД δίκηίνϐ ζίη ΰβϐεϐέϐ χείδμκ θκηΪμιΪ ζίη λфγδίλ Ϋθενυ
δίκίδαΪνυμμυЌμΪЌμΪγςΪηυЌΪκΪДυα
ЋТκυεЄυЌθκЄΪνλυηυΫυηΪλфγδίλΫθευιΫϐκЄΪηΪΰίκέί
ЌθλυεЄΪηЌθκίδιίηЌθεήΪηνυζРζδϐη
%ηίζίλί&ΪάμθζΪμυΪκЌυευλΪЌμΪηήυκνδίκίδΫθεΪήυ
ΘκηΪμνήΪΫΪκευЌιθεψλμυδίζϐηήίζζδθημΪδμμϐЌθγυЄυΫΪκ
ΪΰυκΪμνςυΫθενυδίκίδ΋ТεθηΪμνήΪηλθДфεϐЌθεΰίμϐζϐήϐΫθενυ
δίκίδ
ΏπξίξБνπϊπϊλϊπϊζЋθλνλοίζΪλυΫθγυηςΪЌθλυДυαΔίκίδ
ΫθελΪΰβηΪЌμΪЄυζυλЌΪιλυκζΪεΪκυηθκηΪμυДυαΎТκυλίζίλ
ЌθλυενήΪЌТκυεЄυηυαΪЌυζήΪνζРζδϐη
ΐίεϐέίЌθλνλυζυμРκϐ+99)ηίζίλίΰθЄΪκυλυΐίκέί
ЌθλυεЄΪηЌθκίδιίηλΪκυΰΪλυεμΪκΪζΪλιΪιΰΪЄυηΪηΫΪλЌΪ
μΪκΪζήΪκήΪηζζТαυηΫθενυδίκίδ
ΘκηΪμνμίκίДήϐέϐ ζζΫθεЄΪηήΪЌθλνδΪΫίεϐηЌβλυЌδθκινλ
ΫТκυςυηΪγζΪЄυηήΪθДЄΪμєζίηέίΪιΪκυДυα
АЧοϊκЉϊμϊνομίρς
ΔπιδορςБνπίοκϊρЧλχίξδχњρδίςϊοείΰγϊБρίοϊλδμ
ΰϕοβδ ιβγίθАЧοϊκЉϊμϊρίπϊλίκγίЉίμγίνκρδι
ιњκγδμδЙιХθγδρЧοςϊιδοδι
ЋТκυεЄυηυςδΪξϐςϐηήίΪνήΪκυευιδίμνήίηλΪЌμΪηήυκυДυα
ίέίκЌТκυεЄυηυДРλμϐηήίΪκΪευЌλєκίΫθεζΪλΪςδΪξμυДίδϐ
ΰΪЄυηΪηλμΪηήΪκμμυΫТκυςμυЌμΪκήυΫίδϐμϐДϐα ζζ
μίκίДήϐδμίЌТκυεЄυηυДРλμϐηίη ζζΫβϐδμϐδμί

 ЋТκυεЄυηυίηήϐκζίΰβЬΪαήυДϐςϐηίμθευЄυζίηίηέϐαϐДϐα
΋Тε κίμμί Ќθλν δΪΫίεϐηϐД ζΪγυλνυηΪ Ќυλυευι ЌΪενυηΪ ηίζίλί
єμδϐκίκηίνείκέίμβϐιδίμνϐηίΰθεΫίκζίДϐα
 ЋТκυεЄυηυ θκμΪЄΪ δίεμϐκϐι μνκΪεΪДυα ЋТκυεЄυηυ δєεήίηίДϐηίη
άΪμίκιΪλμυДδєζίέϐζίημνκΪεΪДυα
 ЋТκυεЄυηυΰβηΪЌμΪЄυΫТκΪηήΪζίηΫίδϐμϐДϐαΏλϐδμίέϐ
μΪλυζΪεήΪνλΪЌμΪηήυκЄυςυηΪευιЌθγυДυα
Ϊπρϊρςεъχϕβϕλδμινλΰημίυηώκίς
Δπιδορς Бνπίοκϊ ρЧλχίξδχ њρδ ίςϊο είΰγϊБρίοϊλδμ ΰϕοβδ
 ιβγίθ ΪγϊπίώБρίογϊ εϊκϊρς χιίσϊμϊЙ Хπρϕμδ δγъςϕο
ΰδοϕιίοίκϊБπњοδνομίρςБίεδρ
Ώεϊοίρς
 ЋТκυεЄυηΪδίκηίνήίηΫθλΪμν
 ΋ίδϐμνΫТκΪηήΪεΪκυηςυЄΪκυДυα
 ЋТκυεЄυηυΪαδєμίκϐιμθευЌςυЄΪκυДυα
ko
ã霈ꐼ鬬蚘需
黯鱲鷳鋒
: 鍞隟鳢ꮶ
鸀ꩬ鵘鄘艥颙袬裈鸀ꩬ鴨鰒萔踈遘適鵘ꬨ鱸ꭍ袬裈鷥鷬ꭀ
覨荐鰤鶉鐨辰鴨隐鲍ꬼ飑飀鰈
鋜霈適需轠鵡苄韽龤ꬼ苄鬬鷨ꭀ苗鮴鋘苤ꬼ飑飀鰈隐鲍黵
鬬鷨鴤 鋜 霈ꐼ 霈適需鮴 謔赠 鸀ꩬ鴨 鰐釸轘艰 霈ꐼꭄ 芡鲔鮴辰
鋘鶉訍袬裈霈ꐼ鵴衸霈ꐼ鶉靰鮴需鸀ꩬ鴼鰨銡ꭀ鵵覽鴨
鋘鶉ꭄꈩ鵨鵘鵬颙袬裈
ꮬ臤轠釿鴤鷨鄜萔隐辰鸀ꩬ鴨鯔芔ꭄ韼鵬颙袬裈
霈ꐼ鵵鮩黵鮴衸鸀ꩬ鮴需鷨鲴鴨ꈌ裌ꭘ魠ꭍ袬裈
鍤隥鈍龤轠鳨ꭘ鋘개鶉臵鴨ꈍ鲍ꬼ飑飀鰈霈ꐼ鵵鮩黵
臤鶉鵴辐臤蚄ꑘ蹀鲘鍤ꩬ鮴裣鴨韼鵬颙袬裈
霈ꐼ鷨鮴鈔鞅苠鷹鮴需靴隥言鍤鍨鵘鵬衸龤갹鵜ꬼ飑飀鰈
鄜鄜靴鶅鵘说衸ꬼ裌갼萔荐轠鶅苄鸀ꩬ鴨諈龤辬飑飀鰈
霈ꐼ飀苤踌艘鄠菀鷹苠ꯨ龤鷨萔苙菭鮩ꊘ鴼菀鷹鴨釼諀飀
黤韼ꬼ飑飀鰈
鋜鸀ꩬ鴤霈ꐼ覨遘鮴謔轜黠鈍荐鹔鄠蚘霈ꐼ轠鳨ꭀ鸀ꩬ
諕菭鴨黤韼ꭍ袬裈ꍀ靰艔辐轠鴄龤ꬼ飑飀鰈
霂ꐶ點鐢
鄜芡ꊍ鴤誈龵鴨韼鮪颙袬裈
鸀ꩬ鴼鄜ꤌ蛴ꩀ遘鴤荐鹔鄠苙臨鴠蹀鍤꜔PP覰ꎀ訍袬裈
鄜靴鶅鵘鴼釸葉ꂡ邌需辐衸荐鹔鄠苙臨鴠蹀鍤꜔PP
覰ꎀ訍袬裈
霈ꐼ芨걱飀鸀ꩬ鯪鮴鵬衸需赱鴼舀鈍鮴鈍ꭘ臤觼龤鬮覨蹁
覰ꎀ言鍤鍨鴨苄踈ꬼ飑飀鰈
ꔸ蛬霈ꐼ飀鄜舀鈍臥覨臤臤觼覨蹁黠鴼ꬼ飑飀鰈
鍞鮪荊鹎鄚點鐢
黯鱲 褲鏲 鰂鏮鴶 鄒艪鮮 鳾鴶ꬶ飋颺鰂鬿霖雺辊 ꧊ꭆ 魛  NJ
鷺ꩦ鴢韶龟隟ꚺ踺鲒釶ꬶ飋颺鰂
荐鹔鄠鴤ꍀ裤&黠銤ꑴ鐨袿鴤ꍀ裤&鴼蚘鯘霕袉鴨
臤鸜魠ꭍ袬裈
荐鹔鄠鴼黵臨釸裉鮴ꍀ靰[PP鴼갼萔荐轠貏鮘魠
ꭍ袬裈
鸀ꩬ鯔芔ꭌ鴤霈ꐼ苙臨釺鮴鵬鮘魠ꭍ袬裈
鸀ꩬ霈ꐼ鷨鮴荐鹔鄠鮴荐週鴨貏衸鵵鮩鴨邌訴鰨躰ꬼ飑飀鰈
鈀雁ꭀ鍤颈跐萔轠邌訴鸀艔ꬼ飑飀鰈菜跫龤鬮鴠遘鷨萔鍤ꩬ鵘
鰐釸轘艰鵵覽ꬼ龤鬮鴨韼鵬颙袬裈
飀黵鮴需ꣴ迈ꬼ衸ꩀ黤鏰赼ꚛ鴨隐鲍ꭘ荐鹔鄠鴨銡鮴
苄鷹ꬼ飑飀鰈
鍤靱ꩬ鴨顡艰鸀艔ꭄ韼鵬衸蝶鵘鮴鸀ꩬ鴨霈ꐼꬼ飑飀鰈
鷢萎鯎芎
臤鷹鲍霈ꐼ鮴衸꫌齬虼거蹀ꈌ裌萔轠ꞙꭀꎍ鍨ꭀ鋘개鹔ꐼ臤
ꏌꭘ鸜魠ꭍ袬裈鸀ꩬ鷨鬹苠黠꣰韼臤鷨萔霈ꐼ飀颈Ꝁ苠
覽鵠ꭀ龤갹鵜ꬼ飑飀鰈適ꣴꈜ鹔
鋜 鸀ꩬ鴤 鋘개 諕菭 鴨 黤韼ꬼ苄 鋘개 鷵龤 鯔芔鵘 言 隥ꛀ鮴需辰
鵵覽ꭄ韼鵬颙袬裈
%说衸&거蹀ꈌ裌萔轠隐鲍ꭀ꫌齬鋘개臤ꬨ鱸ꭍ袬裈
霈ꐼ飀颈Ꝁ鮴鷵ꋭ臨菝鵘ꍀ靰PP鵜鷨菝鷬鯔颈鳨ꐼ臤
꧐ꭌ觼鮘魠ꭍ袬裈说ꭀ霈ꐼ겨鷵菠鵘臤袉ꭘ魠ꭍ袬裈
鷢鲮꓂蜃꜎ꓞ鵒鏲鵒鮤衲鷺ꩦ 覨ꩀ鮴霈適言裤蹀辰
鯔芔ꬼ飑飀鰈ꬨ鱸飀鸀ꩬ苠ꭌ蒼鸀苙言荐辐鏰辣龤轠
鶉ꈍꬼ飑飀鰈鵼邟鯔芔ꬼ遘鸀ꩬ鵘靴隥訄韼鵬颙袬裈
鷨鲴꓈蜉꜔ꓤ鵘鏸+99)鴄꯹객鴤菜鵘隥諕菭ꓤ鵘鏸3(
鯔芔鴼蝜赤隭蝝隭鷨霄鵘鸀ꩬꐅ鴼裈轜鷨霄鋘裈PP褸
萜鮘魠ꭍ袬裈
鸀ꩬ誛遘鴤ꜰ鵘ꥠ邌需辐鵩袬裈ꑴ鐨袿萮鵘臤PP鵠芡鲔
鯔芔覨霄鵘ꑴ鐨袿鴼鰈轜ꂡ誛遘鴨謔赠꓈蜉꜔ꭌ鴠蹀鵘鮘鸜魠
ꭍ袬裈
萎萎霂ꐶ
黯鱲褲鏲鰂鏮鴶鄒艪鮮鳾鴶ꬶ飋颺鰂鬿霖雺辊꧊ꭆ魛
 NJ鷺ꩦ鴢韶龟隟ꚺ踺鲒釶ꬶ飋颺鰂
鸀ꩬ鳨鮴霈ꐼ言霄釼鵘鮪鴨芡鲔鄜鴨鯘謰鸀ꩬ鵘誈龵구龤
鬮艰苄鷹ꬼ飑飀鰈ꑴ鐨袿蚘鍤PP萮鵘鮴需鸀ꩬ鳨鮴
舀鴼PPꩀ黤魙菤鴨鶉ꈍꬼ飑飀鰈
 鸀ꩬ鴨ꑴ鐨袿鮴鰨鷨구隡鵩ꬼ飑飀鰈
鷨鲴 ꓤ鵘鏸鵘 虠鵘艔虼 蔐鵘龤 鬮艰 ꬼ苄 蚄ꑘ蹀鲘 邌需辐 鳨蹀
鈔霄ꬼ龤辬飑飀鰈
 鸀ꩬ鴨黵飐鳨ꐼ鮴蝷颙袬裈韼ꦭ芨轠隐鲍ꭘ韼ꦭ鴨
迂ꍸ飑飀鰈
 鸀苙言虼隐轠隐鲍ꭘ鸀ꩬ鴨裌裌구苄鷹ꬼ飑飀鰈鲘鞅鲍
鵴鄠韄轠鸀艔ꬼ飑飀鰈
鲪釫誺踺鮒鰞ꭆ蒶隊鲇
黯鱲 褲鏲 鰂鏮鴶 鄒艪鮮 鳾鴶ꬶ飋颺鰂鬿霖雺辊 ꧊ꭆ 魛  NJ
鲪釫誺踺鮒鳢鮮衲鬦鷳鷟鵖黯臢雾釶鴢霂ꐶꭒ魚ꭇ袦裂
鷺艎
 鸀ꩬ鴨鷨鲴鮴需鍨辐ꬼ飑飀鰈
 苄鷹虼隐轠꩜飑飀鰈
 鸀ꩬ鴨隘鿁諈鮘鰐辔裈鴰釺鴠蹀鰨鷨구鑠蚘飑飀鰈
lt
ä0RQWDYLPRLQVWUXNFLMD
6YDUELRVQXRURGRV
: 3DYRMXVVXVLçHLVWL
3ULHWDLVDV\UDVXQNXV3ULHWDLVXLSDWUDXNWLUHLNLD DVPHQŨ
1DXGRNLWHWLNWLQNDPDVSDJDOELQHVSULHPRQHV
$WLGçLDLSHUVNDLW\NLWHLQVWUXNFLMĉLUMĉLåVDXJRNLWH3ULHWDLVDV
VDXJLDLQDXGRMLPDVWLNWLQNDPDLMĭĭPRQWDYXVODLNDQWLV
PRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXVDWOLHNDQWLVDVPXR\UD
DWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PRYLHWRMH
3ULHWDLVĉSULMXQJWLJDOLWLNOLFHQFLMĉWXULQWLVNYDOLILNXRWDV
GDUEXRWRMDV
3ULHåDWOLHNDQWEHWNRNLXVGDUEXVUHLNLDDWMXQJWLVURYėVWLHNLPĉ
0ŠYėNLWHDSVDXJLQHVSLUåWLQHVNDGQHĭVLSMDXWXPėWH'DO\V
NXULRV\UDSULHLQDPRVPRQWXRMDQWJDOLEŠWLVXDåWULRPLV
EULDXQRPLV
3ULHå PRQWXRGDPL SULHWDLVĉ SDWLNULQNLWH DU MLV QHEXYR SDçHLVWDV
WUDQVSRUWXRMDQW
1HNHONLWHSULHWDLVRSDėPęXçGXUHOLŨGXUHOLŨUDQNHQRVDU
DSDWLQLRRURFLUNXOLDFLMRVSO\åLR
ĬUHQJGDPLDWVLçYHONLWHĭQDXMDXVLDVJDOLRMDQĀLDVVWDW\ERV
WDLV\NOHVLUUHJLRQRHOHNWURVHQHUJLMRVWLHNėMRSRWYDUNLXV
7DL\UDNODVėVSULHWDLVDVVNLUWDVPRQWXRWLĭYLUWXYėVEDOGXV
SDJDOSDWHLNWĉPRQWDYLPREUėçLQĭDWVLçYHONLWHĭPDçLDXVLXV
DWVWXPXV
3ODQDYLPRQXRURGRV
'XUHOLŨVWDEGLNOLRYLHWRVNHLVWLQHJDOLPD
$WVWXPDVQXREDOGRNRUSXVRLNLGXUHOLŨSULHNLQLRSDYLUåLDXV²
PP
$WVWXPDVQXREDOGRNRUSXVRLNLGXUHOLŨUDQNHQRVLåRULQLRNUDåWR²
PP
5HLNLDDWVLçYHOJWLĭSULHNLRLåVLNLåLPĉLUGXUHOLŨUDQNHQĉNDGEŠWŨ
JDOLPDDWLGDU\WLåRQLQLXVVWDOĀLXV
3ODQXRMDQWPRQWXRWLNDPSHGXUŨDWLGDU\PRNDPSDVWXULEŠWLPLQ

%DOGRĭNXUĭPRQWXRMDPDVSULHWDLVDVSDUXRåLPDV
6YDUEXDWNUHLSNLWHGėPHVĭĭGYLJXERVRUNDLWėVVYRUĭ
PDçGDXJNJVXSULHGDLVĬPRQWDYLPRVSLQWHOėV
DWUDPLQLVGXJQDVWXULEŠWLSDNDQNDPDLVWDELOXV
%DOGDL ĭ NXULXRV PRQWXRMDPDV SULHWDLVDV WXUL EŠWL DWVSDUŠV NDUåĀLXL
LNL&RSULHNLQėVJUHWLPŨEDOGŨSORNåWėV²LNL&
9ėGLQLPRLåSMRYDĭPRQWDYLPRVSLQWHOėVWDUSLQLDPHGXJQH
PLQ[PP
3ULMXQJLPROL]GDVWXULEŠWLXçPRQWDYLPRQLåRV
$QJDVEDOGHLåSMDXNLWHSULHåĭVWDW\GDPLSULHWDLVĉ1XYDO\NLWH
GURçOHVQHVMRVJDOLWXUėWLQHLJLDPRVĭWDNRVHOHNWULQėPV
NRQVWUXNFLQėPVGDOLPV
1HSULWYLUWLQWXVEDOGXVSULHVLHQRVSULWYLUWLQNLWHĭSUDVWXNDPSDLQLX
3ULHWDLVĉ PRQWXRNLWH WLN WRNLDPH DXNåW\MH NDG EŠWŨ JDOLPD OHQJYDL
LåLPWLSULHGXV

(OHNWURVMXQJWLV
3DVLUŠSLQNLWHWLQNDPDQDPŨLQVWDOLDFLMRVDSVDXJD3ULHWDLVR
ĭWDPSDLUGDçQLVWXULVXWDSWLVXHOHNWURVLQVWDOLDFLMRVGXRPHQLPLV
çUVSHFLILNDFLMŨOHQWHOę
3ULHWDLVDVDWLWLQNDDSVDXJRVNODVęLUJDOLEŠWLQDXGRMDPDVWLN
SULMXQJXVDSVDXJLQĭODLGĉ
5HLNLDQDXGRWL%DUED&FKDUDNWHULVWLNRVDXWRPDWLQLXVMXQJLNOLXV
3ULMXQJLPRYLHWRMHQHPDçHVQLXNDLSPPDWVWXPXWDUSNRQWDNWŨ
WXUL EŠWL ĭPRQWXRWDV YLVŨ SROLŨ DWMXQJLPR ĭWDLVDV ,U ĭPRQWDYXV MLV WXUL
EŠWLODLVYDLSDVLHNLDPDV
3ULHWDLVDVEHSULMXQJLPRODLGR -XQNLWHWLNSDJDOSULMXQJLPR
VFKHPĉ3ULUHLNXVVXPRQWXRNLWHSULGHGDPXVYDULQLXVWLOWHOLXV
3ULMXQJXVQHWLQNDPDLJDOLEŠWLSDçHLVWDVSULHWDLVDV
3ULMXQJLPRSULHWLQNORODLGDV+99)WLSRDUEDDXNåWHVQėV
NRN\EėV*HOWRQDLçDOLDJ\VODDSVDXJLQLDPODLGXLSULMXQJWLLå
SULHWDLVRSXVėVWXULEŠWLPPLOJHVQėQHLNLWRVJ\VORV
-HLPRQWXRMDPDPPJ\O\MHHOHNWURVODLGDVQXRODLGDXV
NRUSXVRNDPSRVULW\MHGHåLQėMHSXVėMHWXULEŠWLQXWLHVWDVçHP\Q
3ULHWDLVRĭPRQWDYLPDV
6YDUEXDWNUHLSNLWHGėPHVĭĭGYLJXERVRUNDLWėVVYRUĭ
PDçGDXJ  NJVXSULHGDLV3ULHWDLVĉWUDQVSRUWXRNLWHWLN
VWDĀLĉ
-HLYLUåSULHWDLVRQėUDWDUSLQLRGXJQRSULHWDLVĉXçILNVXRNLWH
VSLQWHOėMHNDGMLVQHSDNU\SWŨDELHMRVHVSLQWHOėVSXVėVH
SULVXNLWHGXĭSUDVWXVNDPSXRĀLXVPPJ\O\MHPPQXR
SULHWDLVRYLUåDXV
 9LVĉSULHWDLVĉĭVWXPNLWHĭEDOGĉĭNXUĭPRQWXRMDPDVSULHWDLVDV
7DLGDU\GDPLQHVXOHQNLWHQHSULVSDXVNLWHLUSHUDåWULXVNDPSXV
QHWUDXNLWHHOHNWURVODLGR
 3ULHWDLVĉLåO\JLXRNLWHFHQWUH3ULHWDLVĉWLNVOLDLKRUL]RQWDOLDL
LåO\JLXRNLWHJXOVĀLXNX
 3ULWYLUWLQNLWHSULHWDLVĉSULVWDW\WDLVYDUçWDLV1XLPNLWHDQWGXUHOLŨ
HVDQĀLĉWUDQVSRUWDYLPRDSVDXJĉ
'HULQLPDVVXåLOGRPXRMXVWDOĀLXPL
6YDUEXDWNUHLSNLWHGėPHVĭĭGYLJXERVRUNDLWėVVYRUĭ
PDçGDXJNJVXSULHGDLV9LUååLOGRPRMRVWDOĀLDXVUHLNLD
ĭPRQWXRWLSDNDQNDPDLVWDELOŨWDUSLQĭGXJQĉ
,åPRQWDYLPDV
 $WMXQNLWHSULHWDLVĉQXRĭWDPSRVWLHNLPRåDOWLQLR
 $WODLVYLQNLWHWYLUWLQLPRYDUçWXV
 äLHNWLHNNLOVWHOėNLWHSULHWDLVĉLULåWUDXNLWHMĭ
lv
å0RQWąçDVLQVWUXNFLMD
6YDUĩJLQRUąGĩMXPL
: 6DYDLQRMXPXULVNV
,HUĩFHLUVPDJD/DLLHUĩFLYDUēWXSąUYLHWRWLUQHSLHFLHåDPDV
SHUVRQDV,]PDQWRMLHWWLNDLSLHPēURWXVSDOĩJOĩG]HNĹXV
8]PDQĩJLL]ODVLHWXQX]JODEąMLHWåRURNDVJUąPDWX7LNDLWHKQLVNL
SDUHL]DXQURNDVJUąPDWDVQRUąGĩMXPLHPDWELOVWĩJDPRQWąçD
JDUDQWēVOLHWRåDQDVGURåĩEX3DULHUĩFHVSDUHL]XGDUEĩEX
X]VWąGĩåDQDVYLHWąDWELOGX]VWąGĩWąMV
,HUĩFLSLHYLHQRWHOHNWURWĩNODPGUĩNVWWLNDLVHUWLILFēWVVSHFLąOLVWV
3LUPVGDUEXYHLNåDQDVYLHQPēUDWYLHQRMLHWLHUĩFLQRHOHNWURWĩNOD
/DLQRYēUVWXVDJULHåDQąVULVNXOLHWRMLHWDL]VDUJFLPGXV
0RQWąçDVODLNąSLHHMDPDMąPGHWDĹąPYDUEŠWDVDVPDODV
3LUPVLHEŠYēåDQDVSąUEDXGLHWYDLLHUĩFHWUDQVSRUWēåDQDVODLNą
QDYERMąWD
1HFHOLHWLHUĩFLWXURWSLHGXUYĩPGXUYMXURNWXUDYDLSLHDSDNåēMąV
YHQWLOąFLMDVOĩVWHV
9HLFRWPRQWąçXLHYēURMLHWDWWLHFĩJRVSLHPēURMDPRV
EŠYQRWHLNXPXVXQUHġLRQąOąHQHUJRDSJąGHVX]ŁēPXPD
QRWHLNXPXV
 NDWHJRULMDVLHUĩFHVYLUWXYHVPēEHOēVLHEŠYēMLHWVDVNDŁąDU
UDVēMXPXLHYēURMLHWREOLJąWRVDWVWDWXPXV
3URMHNWēåDQDVQRUąGĩMXPL
'XUYMXLHUREHçRWąMVQDYSąUYLHWRMDPV
$WVWDWXPDPQRPēEHOHVNRUSXVDOĩG]GXUYMXSULHNåēMDLYLUVPDL
MąEŠW PP
$WVWDWXPDPQRPēEHOHVNRUSXVDOĩG]GXUYMXURNWXUDąUēMDLPDODL
MąEŠW PP
,HYēURMLHWVąQXDWYLONWŁXDWYēUåDQDLSDUHG]ēWRSULHNåGDĹDV
L]YLU]ĩMXPX
3URMHNWēMRWLHEŠYLVWŠUĩŁHPLHWYēUąNDGXUYMXDWYēUåDQDVOHŁĴLP
MąEŠWYLVPD]
,HEŠYēåDQDLSDUHG]ēWąVPēEHOHVVDJDWDYRåDQD
6YDUĩJLŀHPLHWYēUąGXEXOWąVFHSHåNUąVQVVYDUXDU
SLHGHUXPLHPDSP NJ,HEŠYēåDQDLSDUHG]ēWąVNDSMD
SODXNWDPMąEŠWSLHWLHNDPLL]WXUĩJDP
,HEŠYēåDQDLSDUHG]ēWDMąPPēEHOēPMąEŠWQRWXUĩJąPSUHW
WHPSHUDWŠUX OĩG]  & VDYXNąUW EODNXV HVRåDMąP PēEHOēP ² OĩG]
 &
,HEŠYēåDQDLSDUHG]ēWąVNDSMDSODXNWąMąQRGURåLQDYLVPD][
 PPSODWDJDLVDFLUNXOąFLMDVDWYHUH
(OHNWUĩEDVSLHVOēJXPDNąUEDLMąEŠWQLåDVąUSXVē
0ēEHĹXYLUVPXL]]ąġēåDQXYHLFLHWSLUPVLHUĩFHVLHYLHWRåDQDV
1RWĩULHWVNDLGDVODLQRYēUVWXHOHNWULVNRGHWDĹXGDUEĩEDV
WUDXFēMXPXV
1HQRVWLSULQąWDV PēEHOHV SLH VLHQDV SLHVWLSULQLHW DU VWDQGDUWD OHŁĴL
,HUĩFLLHEŠYēMLHWWąGąDXJVWXPąODLēUWLYDUēWXL]ŁHPWSLHGHUXPXV
(OHNWURSLHVOēJXPV
$WELOVWĩJLQRGURåLQLHWPąMDVHOHNWURLQVWDOąFLMX,HUĩFHVVSULHJXPDP
XQIUHNYHQFHLMąDWELOVWHOHNWURLQVWDOąFLMDVSDUDPHWULHPVNDWWLSD
SOąNVQĩWL
,HUĩFHDWELOVW DL]VDUG]ĩEDVNODVHLXQWRDWĹDXWVGDUELQąWWLNDLWDG
MDWąLUGURåLQąWDDUDL]VDUJVDYLHQRMXPX
$L]VDUG]ĩEDMąQRGURåLQDDU%YDL& DXWRPąWX
,QVWDOēMRW MąEŠW X]VWąGĩWDP DUĩ YLVX SROX VDGDOHV VOēG]LP DU YLVPD]
 PPNRQWDNWDWYēUXPX3ēFPRQWąçDVWDPMąEŠWSLHHMDPDP
,HUĩFHEH]SLHVOēJXPDYDGD 3LHVOēG]LHWWLNDLDWELOVWĩJL
SLHVOēJXPDVKēPDL9DMDG]ĩEDVJDGĩMXPąX]VWąGLHWNRPSOHNWą
SLHYLHQRWąVYDUDNRSQHV1HSDUHL]DSLHVOēJXPDGēĹLHVSēMDPL
LHUĩFHVERMąMXPL
7ĩNODSLHVOēJXPDYDGV ²+99)YDLDXJVWąNDVL]WXUĩEDV
']HOWHQL]DĹDMDLG]ĩVODLDL]VDUJYDGDSLHVOēJXPąSLHLHUĩFHVMąEŠW
 PPJDUąNDLSDUFLWąPG]ĩVOąP
-DLHEŠYēMDPąVQLåDVG]LĹXPVLU PPHOHNWUĩEDVSLHVOēJXPD
NDEHOLYLU]RWOHMXSQRYLHWRMLHWNRUSXVDODEąVSXVHVVOĩSąVWŠUD
]RQą
,HUĩFHVPRQWąçD
6YDUĩJLŁHPLHWYēUąGXEXOWąVFHSHåNUąVQVVYDUX
DSP  NJDUSLHGHUXPLHP7UDQVSRUWēMLHWLHUĩFLWLNDL
YHUWLNąOąVWąYRNOĩ
-D YLUV LHUĩFHV QDY VWDUSVLHQDV JąGąMLHW ODL LHUĩFH VNDSĩ QHYDUēWX
Ją]WLHV ²VNDSMDLHNåSXVēDEąVSXVēVSLHVWLSULQLHWGLYXV
VWDQGDUWDOHŁĴXV PPG]LĹXPą PPYLUVLHUĩFHV
 3LOQĩEąLHYLHWRMLHWLHUĩFLLHEŠYēMDPąPēEHOē
5DXJLHWLHVODLSLHVOēJNDEHOLVQHEŠWXVDORFĩWVLHVWUēG]LV
QHYLU]LHWWRSąULDVąPPDOąP
 1RYLHWRMLHWLHUĩFLYLGŠ,]PDQWRMRWOĩPHŁUąGLQRYLHWRMLHWLHUĩFL
SUHFĩ]LKRUL]RQWąOL
 1RVWLSULQLHWLHUĩFLDUNRPSOHNWąFLMąLHNĹDXWDMąPVNUŠYēP1R
GXUYĩPQRŁHPLHWWUDQVSRUWēåDQDVVWLSULQąMXPX
.RSąDUWUDXNXVLOGĩåDQDVDWYLONWQL
6YDUĩJLŀHPLHWYēUąGXEXOWąVFHSHåNUąVQVVYDUXDU
SLHGHUXPLHPDSP NJ9LUVWUDXNXVLOGĩåDQDVDWYLONWQHV
MąLHEŠYēSLHWLHNDPLL]WXUĩJVSODXNWV
'HPRQWąçD
 $WYLHQRMLHWLHUĩFLQRHOHNWURWĩNOD
 $WVNUŠYēMLHWVWLSULQąMXPDVNUŠYHV
 1HGDXG]SDFHOLHWXQSLOQĩJLL]YHOFLHWLHUĩFL
nl
é,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
: 5LVLFRYDQOHWVHO
+HW WRHVWHO LV ]ZDDU (U ]LMQ WZHH SHUVRQHQ QRGLJ RP KHW DSSDUDDW
WHEHZHJHQ$OOHHQJHVFKLNWHKXOSPLGGHOHQJHEUXLNHQ
/HHV GH KDQGOHLGLQJ ]RUJYXOGLJ HQ EHZDDU GH]H JRHG $OOHHQ ELM
HHQYDNNXQGLJXLWJHYRHUGHLQERXZYROJHQVGH
PRQWDJHKDQGOHLGLQJLVGHYHLOLJKHLGWLMGHQVKHWJHEUXLN
JHJDUDQGHHUG'HLQVWDOODWHXULVDDQVSUDNHOLMNYRRUKHWJRHG
IXQFWLRQHUHQYDQKHWDSSDUDDWRSGHSODDWVYDQRSVWHOOLQJ
$OOHHQHHQHUNHQGYDNPDQPDJKHWDSSDUDDWDDQVOXLWHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW

'UDDJEHVFKHUPKDQGVFKRHQHQRPWHYRRUNRPHQGDWX
VQLMZRQGHQRSORRSW2QGHUGHOHQGLHWLMGHQVGHPRQWDJH
WRHJDQNHOLMN]LMQNXQQHQVFKHUSHUDQGHQKHEEHQ
&RQWUROHHUKHWDSSDUDDWYyyUKHWLQERXZHQRSHYHQWXHOH
WUDQVSRUWVFKDGH
7LO KHW DSSDUDDW QLHW RS DDQ GH GHXU GH KDQGJUHHS YDQ GH GHXU
RIGHRQGHUVWHRQWOXFKWLQJVVWULS
+RXGWX]LFKYRRUGHLQVWDOODWLHDDQGHJHOGHQGH
ERXZYHURUGHQLQJHQHQDDQGHYRRUVFKULIWHQYDQKHW
HQHUJLHEHGULMI
+HWDSSDUDDWEHKRRUWWRWGHDSSDUDWHQNODVVH9RRULQERXZLQ
HHQNHXNHQPHXEHOYROJHQVGHLQERXZVFKHWVPLQLPDOH
DIVWDQGHQDDQKRXGHQ
$DQZLM]LQJHQYRRUGHNHXNHQSODQQLQJ
'UDDLULFKWLQJQLHWZLVVHOEDDU
$IVWDQGPHXEHOURPSWRWGHXUIURQWRSSHUYODNPP
$IVWDQGPHXEHOURPSWRWEXLWHQNDQWGHXUJUHHSPP
8LWVWHHNVHOIURQWYRRUGHRSHQLQJYDQ]LMGHOLQJVHODGHQLQDFKW
QHPHQ
%LMSODQQLQJYDQHHQKRHNRSORVVLQJGHXURSHQLQJVKRHNYDQPLQ
LQDFKWQHPHQ
,QERXZPHXEHOYRRUEHUHLGHQ
%HODQJULMN/HWRSKHWJHZLFKWYDQGHGXEEHOHRYHQFD
NJ PHW WRHEHKRUHQ 'H ERGHPSODDW YDQ GH LQERXZNDVW PRHW
YROGRHQGHVWHYLJ]LMQ
+HWLQERXZPHXEHOPRHWWHPSHUDWXXUEHVWHQGLJ]LMQWRW &
DDQJUHQ]HQGHPHXEHOSDQHOHQWRW &
9HQWLODWLHRSHQLQJLQGHWXVVHQERGHPYDQGHLQERXZNDVW
PLQ  [  PP
'HFRQWDFWGRRVPRHW]LFKEXLWHQGHLQERXZQLVEHYLQGHQ
0DDN GH XLWVSDULQJHQ LQ KHW NHXNHQPHXEHO YRRUGDW X KHW DSSDUDDW
SODDWVW 6SDDQGHUV YHUZLMGHUHQ GH]H NXQQHQ HHQ QDGHOLJH LQYORHG
KHEEHQRSKHWIXQFWLRQHUHQYDQHOHNWULVFKHRQGHUGHOHQ
,QGLHQKHWNHXNHQPHXEHOORVVWDDWVFKURHIGLWGDQPHWHHQLQGH
KDQGHOYHUNULMJEDDUKRHNSURILHODDQGHPXXUYDVW
%RXZ KHW DSSDUDDW RS HHQ KRRJWH LQ ZDDURS GH WRHEHKRUHQ HU QRJ
JHPDNNHOLMNNXQQHQZRUGHQXLWJHQRPHQ
(OHNWULVFKHDDQVOXLWLQJ
=RUJHUYRRUGDWGHKXLVLQVWDOODWLHYROGRHQGHLVEHYHLOLJG'H
VSDQQLQJHQGHIUHTXHQWLHYDQKHWDSSDUDDWPRHWHQ
RYHUHHQNRPHQPHWGHHOHNWULVFKHLQVWDOODWLH]LHKHWW\SHSODDWMH
+HWDSSDUDDWYDOWRQGHUGHDSSDUDWHQNODVVHHQPDJDOOHHQ
ZRUGHQJHEUXLNWPHWHHQDDUGDDQVOXLWLQJ
'H]HNHULQJYLDHHQ%RI&DXWRPDDWLVYHUHLVW
%LQQHQGHLQVWDOODWLHPRHWHHQVFKHLGLQJVVFKDNHODDUYRRUDOOH
SROHQPHWHHQFRQWDFWRSHQLQJYDQPLQLPDDOPPDDQZH]LJ]LMQ
'H]HPRHWQDKHWLQERXZHQQRJWRHJDQNHOLMN]LMQ
$SSDUDDW]RQGHUDDQVOXLWNDEHO $SSDUDDWDOOHHQYROJHQVGH
VFKHWVDDQVOXLWHQ,QGLHQQRGLJGHELMJHYRHJGHNRSHUHQMXPSHUV
SODDWVHQ %LM HHQ IRXWLHYH DDQVOXLWLQJ NDQ KHW DSSDUDDW EHVFKDGLJG
UDNHQ
$DQVOXLWNDEHO7\SH+99)RIKRRJZDDUGLJHU'HJHHOJURHQH
DDUGGUDDG PRHW ELM KHW DSSDUDDW  PP ODQJHU ]LMQ GDQ GH DQGHUH
DGHUV
9RRUHHQLQERXZGLHSWHYDQPPGLHQWGHDDQVOXLWNDEHOELMGH
VFKXLQHKRHNYDQGHEHKXL]LQJUHFKWVQDDURQGHUHQWHZRUGHQ
JHOHLG
+HWDSSDUDDWLQERXZHQ
%HODQJULMNJHZLFKWYDQGHGXEEHOHRYHQLQDFKWQHPHQ
FD  NJPHWDFFHVVRLUHV$SSDUDDWDOOHHQUHFKWRS
YHUYRHUHQ
$SSDUDDWLQGHNDVWWHJHQKHWNDQWHOHQEHYHLOLJHQDOVHUJHHQ
WXVVHQVFKRWERYHQKHWDSSDUDDWLVWZHHFRXUDQWHKRHNHQDDQ
EHLGH]LMGHQLQGHNDVWEHYHVWLJHQRSPPGLHSWHPP
ERYHQDSSDUDDWKRRJWH
 'XZKHWDSSDUDDWKHOHPDDOWHUXJLQKHWLQERXZPHXEHO
=RUJHUYRRUGDWKHWDDQVOXLWVQRHUKLHUELMQLHWNQLNWZRUGW
LQJHNOHPGRIRYHUVFKHUSHUDQGHQJHOHLG
 +HWDSSDUDDWFHQWULVFKXLWULFKWHQ+HWDSSDUDDWPHWHHQ
ZDWHUSDVH[DFWKRUL]RQWDDOXLWULFKWHQ
 $SSDUDDWPHWGHPHHJHOHYHUGHVFKURHYHQEHYHVWLJHQ
7UDQVSRUWEHYHLOLJLQJYDQGHGHXUYHUZLMGHUHQ
&RPELQDWLHPHWHHQZDUPKRXGODGH
%HODQJULMN/HWRSKHWJHZLFKWYDQGHGXEEHOHRYHQFD
NJPHWWRHEHKRUHQ%RYHQGHZDUPKRXGODGHGLHQWHHQ
WXVVHQERGHPWHZRUGHQJHPRQWHHUGGLHYROGRHQGHVWHYLJLV
+HWXLWERXZHQ
 +DDOGHVSDQQLQJYDQKHWDSSDUDDW
 'UDDLGHEHYHVWLJLQJVVFKURHYHQORV
 7LOKHWDSSDUDDWLHWVRSHQWUHNKHWHUKHOHPDDOXLW
no
ê0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU
: )DUHIRUSHUVRQVNDGHU
$SSDUDWHWHUWXQJW'HWNUHYHV SHUVRQHUQnUDSSDUDWHWVNDO
IO\WWHV%UXNEDUHHJQHGHKMHOSHPLGOHU
$QYLVQLQJHQPnOHVHVRPK\JJHOLJRJRSSEHYDUHV.XQ
IDJPHVVLJPRQWHULQJLVDPVYDUPHGPRQWHULQJVDQYLVQLQJHQ
JDUDQWHUHU VLNNHU EUXN ,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW
IXQJHUHUIHLOIULWWQnUGHWKDUNRPPHWSnSODVV
$SSDUDWHWPnNXQWLONREOHVDYHQIDJPDQQPHGNRQVHVMRQ
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
%UXNYHUQHKDQVNHUIRUnXQQJnNXWW'HOHUVRPHUWLOJMHQJHOLJH
XQGHUPRQWHULQJHQNDQKDVNDUSHNDQWHU
.RQWUROOHUDSSDUDWI¡ULQQE\JJLQJIRUWUDQVSRUWVNDGHU
/¡IWDSSDUDWHWYHUNHQSnG¡UG¡UKnQGWDNHOOHUQHGUH
OXIWOHGHVNLQQH
)RULQVWDOODVMRQPnPDQYUHRSSPHUNVRPSnGHDNWXHOOH
E\JJHIRUVNULIWHQH RJ IRUVNULIWHQH WLO GHQ ORNDOH VWU¡PIRUV\QLQJHQ
$SSDUDWLDSSDUDWNODVVHQ )RULQQE\JJLQJLNM¡NNHQP¡EOHUL
KHQKROGWLOLQQE\JJLQJVVNLVVHQYURSSPHUNVRPSnPLQVWH
DYVWDQGHU
+HQYLVQLQJHUWLOSODQOHJJLQJ
2PKHQJVOLQJLNNHPXOLJ
$YVWDQGIUDVNDSNRUSXVWLOG¡UIURQWIODWHHU PP
$YVWDQGIUDVNDSNRUSXVWLO\WWHUNDQWSnG¡UKnQGWDNHUPP
9U REV Sn RYHUKHQJHQGH IURQW IRU nSQLQJHQ WLO VNXIIHQH Sn VLGHQ
1nUGXSODQOHJJHUHQKM¡UQHO¡VQLQJWDHQG¡UnSQLQJVYLQNHOSn
PLQVWPHGLEHUHJQLQJHQ
)RUEHUHGHOVHDYNM¡NNHQVNDSHW
9LNWLJ7DKHQV\QWLOGREEHOVWHNHRYQVYHNWFDNJPHG
XWVW\U%XQQHQLLQQE\JJLQJVVNDSHWPnYUHWLOVWUHNNHOLJ
VWDELO
.M¡NNHQLQQUHGQLQJPnYUHWHPSHUDWXUEHVWDQGLJRSSWLO&
P¡EHOIURQWHUYHGVLGHQDYRSSWLO&
8WVNMULQJIRUYHQWLODVMRQLLQQE\JJLQJVVNDSHWVPHOORPEXQQ
PLQ  [  PP
.REOLQJVERNVHQPnYUHXWHQIRULQQE\JJLQJVQLVMHQ
$OOHXWVNMULQJVDUEHLGHUSnNM¡NNHQLQQUHGQLQJHQPnXWI¡UHVI¡U
DSSDUDWHWVHWWHVLQQ)MHUQVSRQIXQNVMRQHQWLOHOHNWULVNH
NRPSRQHQWHUNDQSnYLUNHVQHJDWLYW
0¡EOHUVRPLNNHHUIHVWHWPnIHVWHVPHGHQYDQOLJYLQNHOWLO
YHJJHQ
%\JJLQQDSSDUDWHWEDUHVnK¡\WDWXWVW\UHWNDQWDVXWXWHQ
SUREOHPHU
(OHNWULVNWLONREOLQJ
9U RSSPHUNVRP Sn HJQHW VLNULQJ DY KXVLQVWDOODVMRQHQ 6SHQQLQJ
RJIUHNYHQVWLODSSDUDWHWPnVWHPPHRYHUHQVPHGGHQHOHNWULVNH
LQVWDOODVMRQHQVHW\SHVNLOW
$SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVHRJPnEDUH
EHQ\WWHVPHGMRUGHWVWLNNRQWDNW
'HWNUHYHVVLNULQJLIRUPDYVLNULQJVDXWRPDWDYW\SH%HOOHU&
,QVWDOODVMRQHQPnWLONREOHVPHGHQDOOSROLJVNLOOHEU\WHUPHGHQ
NRQWDNWnSQLQJ Sn PLQVW  PP 'HQQH Pn IRUWVDWW YUH WLOJMHQJHOLJ
HWWHULQQE\JJLQJHQ
$SSDUDWXWHQWLONREOLQJVOHGQLQJ 7LONREOLQJPnNXQVNMHLKW
NREOLQJVVNMHPDHW0RQWHUYHGODJWHNREEHUVWUDSSHUYHGEHKRY
9HGIHLOWLONREOLQJNDQDSSDUDWHWEOLVNDGHW
1HWWOHGQLQJ 7\SH + 99) HOOHU K¡\HUH 'HQ JXOJU¡QQH OHGHUHQ
LGHQMRUGHGHOHGQLQJHQPnSnDSSDUDWVLGHQYUHPPOHQJUH
HQQGHDQGUHOHGHUQH
)¡UWLONREOLQJVNDEHOHQIRUHQLQQE\JJLQJVG\EGHSnPP
QHGRYHUWLOK¡\UHLRPUnGHWWLOGHWDYIDVHGHKXVKM¡UQHW

0RQWHUHDSSDUDWHW
9LNWLJ9UREVSnGREEHORYQHQVYHNWFD  NJPHG
WLOEHK¡U$SSDUDWHWPnNXQWUDQVSRUWHUHVLORGGUHWWVWLOOLQJ
6LNUHDSSDUDWHWPRWnYHOWHLQLVMHQGHUVRPGHWLNNHHUQRHQ
PHOORPSODWHRYHUDSSDUDWHW)HVWWRYDQOLJHYLQNOHUSnEHJJH
VLGHUDYQLVMHQL PPG\EGH PPRYHUDSSDUDWHWVK¡\GH
 6N\YDSSDUDWHWKHOWLQQLLQQE\JJLQJVPRGXOHQ
3DVV Sn DW WLONREOLQJVOHGQLQJHQ LNNH NQHNNHV NOHPPHV IDVW HOOHU
WUHNNHVRYHUVNDUSHNDQWHU
 5HWWLQQDSSDUDWHWVOLNDWGHWVWnUPLGWVWLOW6HWWDSSDUDWHWKHOWL
YDWHUPHGHWYDWHUSDVV
 )HVWDSSDUDWHWPHGGHYHGODJWHVNUXHQH)MHUQ
WUDQVSRUWVLNULQJHQIUDG¡UHQ
.RPELQDVMRQPHGYDUPHVNXII
9LNWLJ7DKHQV\QWLOGREEHOVWHNHRYQVYHNWFDNJPHG
XWVW\U2YHUYDUPHVNXIIHQPnHQWLOVWUHNNHOLJVWDELO
PHOORPEXQQPRQWHUHV
'HPRQWHULQJ
 .REOHDSSDUDWHWVSHQQLQJVO¡VW
 /¡VQHIHVWHVNUXHU
 /¡IWDSSDUDWHWOLWWRJWUHNNGHWKHOWXW
pl
ë,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
8U]ĉG]HQLH MHVW FLęŰNLH 'R SU]HQRV]HQLD XU]ĉG]HQLD SRWU]HEQH Vĉ
 RVRE\8Ű\ZDþZ\ãĉF]QLHRGSRZLHGQLFKQDU]ęG]L
SRPRFQLF]\FK
=DSR]QDþVLęV]F]HJyãRZR]LQVWUXNFMĉREVãXJLL]DFKRZDþMĉ
7\ONRIDFKRZD]DEXGRZD]JRGQD]LQVWUXNFMĉREVãXJL
JZDUDQWXMHEH]SLHF]HĿVWZRZF]DVLHNRU]\VWDQLD]XU]ĉG]HQLD
,QVWDODWRU RGSRZLDGD ]D QLHQDJDQQH IXQNFMRQRZDQLH XU]ĉG]HQLD
ZPLHMVFXMHJR]DPRQWRZDQLD
8U]ĉG]HQLHPRŰHSRGãĉF]\þZ\ãĉF]QLHDXWRU\]RZDQ\
IDFKRZLHF
3U]HGZ\NRQDQLHPZV]HONLFKSUDFZ\ãĉF]\þGRSã\ZSUĉGX
:FHOXXQLNQLęFLDVNDOHF]HĿVWRVRZDþUęNDZLFHRFKURQQH
&]ęŔFLVãXŰĉFHGRPRQWDŰXPRJĉPLHþRVWUHNUDZęG]LH
8U]ĉG]HQLHSU]HG]DEXGRZĉVNRQWURORZDþSRGZ]JOęGHP
XV]NRG]HĿWUDQVSRUWRZ\FK
8U]ĉG]HQLDQLHSRGQRVLþWU]\PDMĉF]DGU]ZLXFKZ\WGU]ZLOXE
GROQĉOLVWZęZHQW\ODF\MQĉ
3RGF]DVLQVWDODFMLQDOHŰ\XZ]JOęGQLþDNWXDOQLHRERZLĉ]XMĉFH
SU]HSLV\EXGRZODQHRUD]SU]HSLV\UHJLRQDOQHJRGRVWDZF\
HQHUJLLHOHNWU\F]QHM
8U]ĉG]HQLHNODV\:Z\SDGNX]DEXGRZ\XU]ĉG]HQLDZ
PHEODFKNXFKHQQ\FKSU]HVWU]HJDþPLQLPDOQ\FKRGVWęSyZ
SRGDQ\FKZSODQLH]DEXGRZ\
,QIRUPDFMHGRW\F]ĉFHSODQRZDQLD
%UDNPRŰOLZRŔFL]PLDQ\VWURQ\PRFRZDQLDGU]ZL
2GVWęSPLęG]\NRUSXVHPPHEOLDSRZLHU]FKQLĉIURQWXGU]ZL
 PP
2GVWęSPLęG]\NRUSXVHPPHEOLD]HZQęWU]QĉNUDZęG]LĉXFKZ\WX
GU]ZL PP
=ZUyFLþXZDJęQDZ\VWęSRGIURQWXXPRŰOLZLDMĉF\RWZLHUDQLH
V]XIODGERF]Q\FK
:SU]\SDGNXPRGHOLQDURŰQ\FKXZ]JOęGQLþNĉWRWZLHUDQLDGU]ZL
PLQ
3U]\JRWRZDQLHPHEOLGR]DEXGRZDQLD
:DŰQH]ZUyFLþXZDJęQDFLęŰDUSRGZyMQHJRSLHNDUQLND
RN NJ]Z\SRVDŰHQLHP'QRSRGVWDZ\V]DINLPXVLE\þ
RGSRZLHGQLRVWDELOQH
0HEOHGR]DEXGRZ\PXV]ĉE\þRGSRUQHQDG]LDãDQLHWHPSHUDWXU
GR &IURQW\VĉVLDGXMĉF\FKPHEOLQDWRPLDVWGRWHPSHUDWXU\
 &
:\FLęFLHZHQW\ODF\MQHZGQLHSRŔUHGQLPV]DINLGR]DEXGRZ\
SU]\QDMPQLHM[PP
*QLD]GNRSU]\ãĉF]HQLRZHPXVL]QDMGRZDþVLęSR]DQLV]ĉGR
]DEXGRZ\
3UDFH]ZLĉ]DQH]Z\NRQDQLHPZ\NURMXZPHEOXQDOHŰ\
SU]HSURZDG]LþSU]HG]DEXGRZĉXU]ĉG]HQLD8VXQĉþZLyU\
SRQLHZDŰPRJĉRQHPLHþQHJDW\ZQ\ZSã\ZQDSUDFę
HOHNWU\F]Q\FKSRG]HVSRãyZXU]ĉG]HQLD
0HEOHQLH]DPRFRZDQHQDOHŰ\]DPRFRZDþGRŔFLDQ\]DSRPRFĉ
NĉWRZQLNDGRVWęSQHJRZKDQGOX
8U]ĉG]HQLH]DEXGRZ\ZDþW\ONRQDWDNĉZ\VRNRŔþDE\PRŰQD
E\ãREH]SUREOHPXZ\MPRZDþZ\SRVDŰHQLH
3RGãĉF]HQLHGRSUĉGX
=ZUDFDþXZDJęQDRGSRZLHGQLH]DEH]SLHF]HQLHLQVWDODFML
GRPRZHM 1DSLęFLH L F]ęVWRWOLZRŔþ XU]ĉG]HQLD PXV]ĉ ]JDG]Dþ VLę
]GDQ\PLLQVWDODFMLHOHNWU\F]QHMSDWU]WDEOLF]ND]QDPLRQRZD
8U]ĉG]HQLHVSHãQLDZ\PDJDQLDNODV\RFKURQ\LPRŰHE\þ
XŰ\WNRZDQHZ\ãĉF]QLHZSRãĉF]HQLX]SU]\ãĉF]HPSU]HZRGX
RFKURQQHJR
.RQLHF]QHMHVW]DVWRVRZDQLHEH]SLHF]QLNyZ%OXE&
:LQVWDODFMLPXVLE\þ]DPRQWRZDQ\Z\ãĉF]QLNRGãĉF]DMĉF\
ZV]\VWNLHELHJXQ\]PLQLPDOQ\PRGVWęSHPVW\NyZZ\QRV]ĉF\P
SU]\QDMPQLHM PP0XVLRQE\þãDWZRGRVWęSQ\SRPRQWDŰX
8U]ĉG]HQLHEH]NDEODSU]\ãĉF]HQLRZHJR SRGãĉF]Dþ]JRGQLH]
U\VXQNLHPSRGãĉF]HQLD:UD]LHSRWU]HE\]DPRQWRZDþGRãĉF]RQH
PRVWNLPLHG]LDQH1LHSRSUDZQHSRGãĉF]HQLHPRŰHSURZDG]LþGR
]QLV]F]HQLDXU]ĉG]HQLD
3U]HZyG]DVLODMĉF\W\S+99)OXERZ\ŰV]\FKSDUDPHWUDFK
ů\ãDŰyãWR]LHORQDGRSRGãĉF]HQLDSU]HZRGXRFKURQQHJRPXVLSR
VWURQLHXU]ĉG]HQLDE\þGãXŰV]DRPPQLŰLQQHŰ\ã\
:SU]\SDGNXJãęERNRŔFL]DEXGRZ\Z\QRV]ĉFHMPPNDEHO
SU]\ãĉF]HQLRZ\SU]HSURZDG]LþZREUęELHŔFLęWHJRQDURŰQLND
REXGRZ\SRSUDZHMVWURQLHXGRãX
0RQWDŰXU]ĉG]HQLD
:DŰQH8Z]JOęGQLþFLęŰDUSRGZyMQHJRSLHNDUQLND
RN  NJ]Z\SRVDŰHQLHP8U]ĉG]HQLHWUDQVSRUWRZDþ
W\ONRZSR]\FMLSLRQRZHM
=DEH]SLHF]\þXU]ĉG]HQLHZV]DIFHSU]HGSU]HFK\OHQLHPMHŰHOL
QDG XU]ĉG]HQLHP QLH PD Sã\W\ SU]HJUDG]DMĉFHM 3R REX VWURQDFK
V]DINL]DPRFRZDþGZDGRVWęSQHZVSU]HGDŰ\NĉWRZQLNLGR
JãęERNRŔFLPPPPSRZ\ŰHMZ\VRNRŔFLXU]ĉG]HQLD
 8U]ĉG]HQLHFDãNRZLFLHZVXQĉþZPHEHO
8ZDŰDþSU]\W\PDE\SU]HZRGXSU]\ãĉF]HQLRZHJRQLH]DJLĉþ
QLHSU]\FLĉþDQLQLHSURZDG]LþSRRVWU\FKNUDZęG]LDFK
 8VWDZLþ XU]ĉG]HQLH SRŔURGNX 3U]\ SRPRF\ SR]LRPLF\ GRNãDGQLH
Z\SR]LRPRZDþXU]ĉG]HQLH
 =DPRFRZDþ XU]ĉG]HQLH ]D SRPRFĉ GRãĉF]RQ\FK ŔUXE 8VXQĉþ ]
GU]ZL]DEH]SLHF]HQLHWUDQVSRUWRZH
.RPELQDFMD]V]XIODGĉJU]HMQĉ
:DŰQH ]ZUyFLþ XZDJę QD FLęŰDU SRGZyMQHJR SLHNDUQLND RN
 NJ]Z\SRVDŰHQLHP1DGV]XIODGĉJU]HMQĉPXVLE\þ
]DPRQWRZDQHZ\VWDUF]DMĉFRVWDELOQHGQRSRŔUHGQLH
'HPRQWDŰ
 8U]ĉG]HQLHRGãĉF]\þRGVLHFL
 2GNUęFLþŔUXE\PRFXMĉFH
 8U]ĉG]HQLHOHNNRXQLHŔþLZ\FLĉJQĉþZFDãRŔFL
ptpt
ì,QVWUXo}HVGHPRQWDJHP
,QVWUXo}HVLPSRUWDQWHV
: 3HULJRGHIHULPHQWRV
2 DSDUHOKR p SHVDGR 6mR QHFHVViULDV  SHVVRDV SDUD WUDQVSRUWDU
RDSDUHOKR8WLOL]DUDSHQDVPHLRVDX[LOLDUHVDSURSULDGRV
/HURPDQXDOGHIRUPDDWHQWDHJXDUGiOR$SHQDVDLQVWDODomR
FRUUHWDHPFRQIRUPLGDGHDVLQVWUXo}HVGHPRQWDJHPJDUDQWH
XPDXWLOL]DomRVHJXUDGRDSDUHOKR2WpFQLFRLQVWDODGRUp
UHVSRQViYHO SHOR IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR QR ORFDO GH
PRQWDJHP
2DSDUHOKRSRGHDSHQDVVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
'HVOLJDUDDOLPHQWDomRHOpWULFDDQWHVGHUHDOL]DUTXDLVTXHU
WUDEDOKRV
8VDUOXYDVGHSURWHomRSDUDHYLWDUFRUWHV$VSHoDVTXH
GXUDQWHDPRQWDJHPILFDPH[SRVWRVSRGHPVHUSRQWLDJXGDV
$QWHVGDLQVWDODomRLQVSHFLRQDURDSDUHOKRTXDQWRDGDQRVGH
WUDQVSRUWH
1mR OHYDQWDU R DSDUHOKR SHOD SRUWD SHJD GD SRUWD RX UDQKXUD GH
YHQWLODomRLQIHULRU
3DUDDLQVWDODomRpREULJDWyULRREVHUYDUDVQRUPDVGH
FRQVWUXomRYLJHQWHVHDVQRUPDVGRIRUQHFHGRUGHHOHWULFLGDGH
ORFDO
$SDUHOKRGDFODVVH 3DUDHQFDVWUDPHQWRQXPPyYHOGH
FR]LQKD FRQIRUPH HVTXHPD GH LQVWDODomR REVHUYDU DV GLVWkQFLD
PtQLPDV

,QGLFDo}HVGHSODQHDPHQWR
3RUWDQmRUHYHUVtYHO
'LVWkQFLDHQWUHFRUSRGRPyYHOHVXSHUItFLHIURQWDOGDSRUWD
 PP
'LVWkQFLDHQWUHFRUSRGRPyYHOHUHERUGRH[WHULRUGRSX[DGRUGD
SRUWD PP
5HVSHLWHRUHVVDOWRIURQWDOSDUDDDEHUWXUDGHJDYHWDVODWHUDLV
$RSODQHDUXPDVROXomRSDUDFDQWRVFRQVLGHUHRkQJXORGH
DEHUWXUDGDSRUWDPtQGH
3UHSDUDomRGRPyYHOGHHQFDVWUDU
,PSRUWDQWHREVHUYDURSHVRGRIRUQRGXSORDSUR[NJ
FRPDFHVVyULRV2IXQGRGHVXSRUWHGRDUPiULRHPEXWLGR
WHPGHVHUVXILFLHQWHPHQWHUREXVWR
2V PyYHLV GH HQFDVWUDU WrP GH VHU UHVLVWHQWHV D WHPSHUDWXUDV DWp
&DVIUHQWHVGRVPyYHLVDGMDFHQWHVDWp &
5HFRUWHGHYHQWLODomRQRIXQGRIDOVRGRPyYHOGHHQFDVWUDUQR
PtQ  [  PP
$WRPDGDGHOLJDomRWHPGHVLWXDUVHIRUDGRQLFKRGH
HQFDVWUDPHQWR
5HDOL]DUWRGRVRVWUDEDOKRVGHUHFRUWHQRPyYHODQWHVGH
HQFDVWUDURDSDUHOKR5HPRYHUDVHUUDGXUDXPDYH]TXHSRGH
DIHWDURIXQFLRQDPHQWRGRVFRPSRQHQWHVHOpWULFRV
)L[DURVPyYHLVQmRIL[DGRVjSDUHGHFRPXPHVTXDGUR
FRQYHQFLRQDO
(QFDVWUDURDSDUHOKRDSHQDVDXPDDOWXUDTXHSHUPLWDUHWLUDURV
DFHVVyULRVVHPSUREOHPDV
/LJDomRHOpFWULFD
9HULILFDUVHDLQVWDODomRHOpWULFDGDFDVDGLVS}HGHIXVtYHLV
DGHTXDGRV$WHQVmRHDIUHTXrQFLDGRDSDUHOKRWrPGH
FRUUHVSRQGHUjLQVWDODomRHOpWULFDFRQVXOWDUDSODFDGH
FDUDFWHUtVWLFDV
2DSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomRHVySRGHVHU
SRVWRDIXQFLRQDUFRPXPDOLJDomRFRPFRQGXWRUGHSURWHomR
eQHFHVViULDDSURWHomRDWUDYpVGRGLVMXQWRUGRWLSR%RX&
$ LQVWDODomR WHP GH GLVSRU GH XP GLVMXQWRU GH FRUWH RPQLSRODU FRP
XPDGLVWkQFLDPtQLPDGHPPHQWUHRVFRQWDFWRV(VWHWHPGH
HVWDUDFHVVtYHODSyVDPRQWDJHP
$SDUHOKRVHPFDERGHDOLPHQWDomR (IHWXDUDOLJDomR
HVWULWDPHQWHGHDFRUGRFRPRHVTXHPDGHOLJDomR6H
QHFHVViULRPRQWDUDVSRQWHVGHFREUH8PDOLJDomRLQFRUUHWD
SRGHGDQLILFDURDSDUHOKR
&DER GD UHGH GH DOLPHQWDomR HOpWULFD 7LSR + 99) RX VXSHULRU
2 ILR DPDUHOR H YHUGH SDUD D OLJDomR GR FRQGXWRU GH SURWHomR WHP
GHPHGLUPDLV PPGRODGRGRDSDUHOKRGRTXHRVUHVWDQWHV
ILRV
3DUDXPDSURIXQGLGDGHGHLQVWDODomRGH PPSDVVDURFDER
GHOLJDomRSDUDDGLUHLWDQRVHQWLGRGHVFHQGHQWHQDiUHDGD
H[WUHPLGDGHHQYLHVDGDGDFDL[D
0RQWDURDSDUHOKR
,PSRUWDQWHUHVSHLWHRSHVRGRIRUQRGXSORDSUR[  NJ
FRPDFHVVyULR2DSDUHOKRVyGHYHVHUWUDQVSRUWDGRQD
YHUWLFDO
6HJXUH R DSDUHOKR QR DUPiULR SDUD QmR FDLU FDVR QmR H[LVWD XP
IXQGR IDOVR SRU FLPD GR DSDUHOKR IL[H GRLV FRWRYHORV GLVSRQtYHLV
QRPHUFDGRGRVGRLVODGRVQRDUPiULR PPGH
SURIXQGLGDGH PPDFLPDGDDOWXUDGRDSDUHOKR
 ,QVLUDRDSDUHOKRFRPSOHWRQRPyYHO
'XUDQWHRSURFHGLPHQWRQmRGREUHQmRHQWDOHQHPSDVVHR
FDERGHOLJDomRSRUDUHVWDVYLYDV
 $OLQKH R DSDUHOKR DR FHQWUR $OLQKH R DSDUHOKR QD KRUL]RQWDO FRP
H[DWLGmRXWLOL]DQGRXPQtYHOGHEROKDGHDU
 )L[DURDSDUHOKRQDSDUWHVXSHULRUFRPRVSDUDIXVRVLQFOXtGRV
5HWLUHRVGLVSRVLWLYRVGHVHJXUDQoDGHWUDQVSRUWHGDSRUWD
&RPELQDomRFRPJDYHWDGHDTXHFLPHQWR
,PSRUWDQWHREVHUYDURSHVRGRIRUQRGXSORDSUR[NJ
FRPDFHVVyULRV7HPGHVHUPRQWDGRXPIXQGRIDOVR
VXILFLHQWHPHQWHUREXVWRVREUHDJDYHWDGHDTXHFLPHQWR
'HVLQVWDODomR
 &RUWDUDWHQVmRGRDSDUHOKR
 6ROWDURVSDUDIXVRVGHIL[DomR
 /HYDQWDU OLJHLUDPHQWH R DSDUHOKR H SX[iOR WRWDOPHQWH SDUD IRUD
ru
îΗμπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
: Νξίπμνπρϋροίαληοναίμηώ
ΙκβΫθκμωΰϋευγΎεωίέθιίκίζίσίηβωιθμκίΫνψμλω ρίεθάίδΪ
ΒλιθεφανγμίμθεφδθιθήοθήωσβίάλιθζθέΪμίεφηυίλκίήλμάΪ
ΌηβζΪμίεφηθικθρβμΪγμίηΪλμθωσνψβηλμκνδπβψοκΪηβμίίίά
ηΪήίΰηθζζίλμί΋ίαθιΪληθλμφβλιθεφαθάΪηβωέΪκΪημβκνίμλω
μθεφδθικβδάΪεβξβπβκθάΪηηθγνλμΪηθάδίλθέεΪληθβηλμκνδπββ
ιθζθημΪΰνΒηλμΪεεωμθκθμάίρΪίμαΪβλικΪάηθί
ξνηδπβθηβκθάΪηβίηΪζίλμίνλμΪηθάδβ
ΙθήδεψρίηβίικβΫθκΪήθεΰηθάυιθεηωμφλωμθεφδθ
ΪάμθκβαθάΪηηυζλιίπβΪεβλμθζ
ΙίκίήικθάίήίηβίζεψΫυοκΪΫθμάυδεψρΪγμίιθήΪρν
χείδμκβρίλδθέθμθδΪ
ΌθβαΫίΰΪηβίκίαΪηυοκΪηηΪήίάΪγμίαΪσβμηυίιίκρΪμδβ
ΘμήίεφηυίήίμΪεβλδθμθκυζβικβοθήβμλωβζίμφήίεθάθ
άκίζωζθημΪΰΪζθένμβζίμφθλμκυίδκΪω
ΙίκίήνλμΪηθάδθγικβΫθκλείήνίμικθάίκβμφηΪικίήζίμ
ιθάκίΰήίηβγικβμκΪηλιθκμβκθάδί
ΗίεφαωιθήηβζΪμφικβΫθκήίκΰΪλφαΪήάίκφαΪκνρδνήάίκβ
βεβαΪηβΰηψψηΪδεΪήδνάίημβεωπββ
ΙκββηλμΪεεωπββήθεΰηυλθΫεψήΪμφλωήίγλμάνψσβί
λμκθβμίεφηυίικΪάβεΪβικίήιβλΪηβωκίέβθηΪεφηθέθ
ιθλμΪάσβδΪχείδμκθχηίκέββ
ΙκβΫθκωάεωίμλωνλμκθγλμάθζΔεΪλλΪήεωνλμΪηθάδβά
δνοθηηνψζίΫίεφλθέεΪληθρίκμίΰνάλμκΪβάΪηβωλθΫεψήΪμφ
ζβηβζΪεφηυίαΪαθκυ
΢ιίζίμηώξνξκίμηοναίμηύ
ΗίάθαζθΰηθλζίηβμφλμθκθηνηΪάίςβάΪηβωήάίκπυ
ΚΪλλμθωηβί θμ ζίΫίεφηθέθ δθκινλΪ ήθ ιθάίκοηθλμβ ξΪλΪήΪ ήάίκβ
λθλμΪάεωίμ ζζ
ΚΪλλμθωηβίθμζίΫίεφηθέθδθκινλΪήθηΪκνΰηθγδκθζδβήάίκβ
λθλμΪάεωίμ ζζ
ΛθΫεψήΪγμίθλμθκθΰηθλμφικβθμδκυάΪηββάυήάβΰηυοΫθδθάυο
ωσβδθά
ΏλεβικβΫθκΫνήίμβζίμφνέεθάθίκΪλιθεθΰίηβίνρβμυάΪγμίρμθ
νέθεθμδκυάΪηβωήάίκίπήθεΰίηλθλμΪάεωμφηίζίηίί
Ξνγβνρναιίλδΰδκηαπροίηαίμηώ
Αίεμνδζίλδφίμηδαπκςφίδγανθμνθγςτναιημδνΰτνγηλν
ςφηρϊαίρϋαδπξοηΰκιβπξοημίγκδεμνπρώληΝξνομνδ
γμηψδχιίσίαπροίηαίμηώγνκεμνΰϊρϋγνπρίρνφμν
πρίΰηκϋμϊλ
ΌλμκθίηηΪωζίΫίεφήθεΰηΪΫυμφνλμθγρβάΪδμίιεθάθζν
άθαήίγλμάβψμίζιίκΪμνκήθ&ΪικβείέΪψσβίεβπίάυί
ιΪηίεβζίΫίεβ²ήθ&
ΌίημβεωπβθηηυγάυκίαάικθζίΰνμθρηθζιθενςδΪξΪ
άλμκΪβάΪηβωζβη  [  ζζ
ΚθαίμδΪήθεΰηΪηΪοθήβμφλωαΪικίήίεΪζβηβςβάλμκΪβάΪηβω
ΙκίΰήίρίζικβλμνιβμφδάλμκΪβάΪηβψικβΫθκΪλείήνίμλήίεΪμφ
άυκίαάδνοθηηθγιΪηίεβΝΫίκβμίθιβεδβδθμθκυίζθένμ
ικβάίλμβδνονήςίηβψξνηδπβθηβκθάΪηβωχείδμκβρίλδβο
δθζιθηίημθά
ΗίαΪδκίιείηηνψζίΫίεφλείήνίμικβδκίιβμφδλμίηί
ιθλκίήλμάθζλμΪηήΪκμηυονέεθάυοδκθηςμίγηθά
ΙκβΫθκήθεΰίηΫυμφλζθημβκθάΪηηΪμΪδθγάυλθμίδθμθκΪω
ιθαάθεωίμΫίαμκνήΪήθλμΪάΪμφβαηίέθικβηΪήείΰηθλμβ
άκδιρονξνγικύφδμηδ
ΘΫκΪσΪγμί άηβζΪηβί ηΪ νλμΪηθάδν ιθήοθήωσβο ικίήθοκΪηβμίείγ
άήθζίΗΪικωΰίηβίβρΪλμθμΪικβΫθκΪήθεΰηυλθθμάίμλμάθάΪμφ
ιΪκΪζίμκΪζχείδμκβρίλδθγλίμβλζξβκζίηηνψμΪΫεβρδν
ΙκβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυβήθεΰίη
χδλιενΪμβκθάΪμφλωμθεφδθλιθήδεψρίηβίζαΪσβμηθέθικθάθήΪ
ΎεωμθδθάθγαΪσβμυμκίΫνψμλωΪάμθζΪμυαΪσβμυμβιθάΌβεβΛ
ΙκββηλμΪεεωπββήθεΰίηβλιθεφαθάΪμφλωιθεηθδθημΪδμηυγ
κΪατίήβηβμίεφλαΪαθκθζζίΰήνδθημΪδμΪζβηίζίηίίζζ
ΙθλείνλμΪηθάδβικβΫθκΪθηήθεΰίηΫυμφείέδθήθλμνιίη
Ξοηΰνοΰδζπνδγημηρδκϋμνβνιίΰδκώ ιθήδεψρΪγμίμθεφδθά
λθθμάίμλμάββλχείδμκβρίλδθγλοίζθγΙκβηίθΫοθήβζθλμβ
λείήνίμλζθημβκθάΪμφικβεΪέΪίζυίζίήηυίιίκίζυρδβ
ΗίικΪάβεφηθίιθήδεψρίηβίζθΰίμικβάίλμβδιθάκίΰήίηβψ
ικβΫθκΪ
ΔΪΫίεφήεωιθήδεψρίηβωδλίμβηίονΰίρίζ+99)ΐίεμθ
αίείηΪωΰβεΪήεωιθήδεψρίηβωαΪσβμηθέθικθάθήΪλθλμθκθηυ
ικβΫθκΪήθεΰηΪΫυμφηΪζζήεβηηίίήκνέβοΰβε
Ικβ έενΫβηί άλμκΪβάΪηβω  ζζ λθίήβηβμίεφηυγ δΪΫίεφ ήθεΰίη
ικθδεΪήυάΪμφλωάθΫεΪλμβλδθςίηηθέθνέεΪδθκινλΪάικΪάθβ
άηβα

Απροίηαίμηδξοηΰνοί
Αίεμνγανθμίώγςτναιίρώεϐκίώνι  ιβαλδπρδπ
ξοημίγκδεμνπρώληΞοηροίμπξνορηοναιδξοηΰνογνκεδμ
μίτνγηρϋπώρνκϋιναβνοηζνμρίκϋμνλξνκνεδμηη
ΑΪσβμβμίικβΫθκθμθικθδβήυάΪηβωάςδΪξνίλεβηΪή
ικβΫθκθζ ηίμ ικθζίΰνμθρηθγ ιθεδβ ικβδκίιβμί λ θΫίβο λμθκθη
ςδΪξΪ λμΪηήΪκμηυί νέθεδβ ηΪ έενΫβηί  ζζ ηΪ άυλθμί  ζζ
θμάίκοΪικβΫθκΪ
 ΙθεηθλμφψάλμΪάφμίικβΫθκάζίΫίεφήεωάλμκΪβάΪηβω
ΙκβχμθζηίήθινλδΪγμίιίκίέβΫΪηβωαΪσίζείηβωβ
λθικβδθληθάίηβωλίμίάθέθδΪΫίεωλθλμκυζβδκθζδΪζβ
 ΌυκθάηωγμίικβΫθκιθπίημκνΌυκθάηωγμίικβΫθκιθ
έθκβαθημΪεβλιθζθσφψνκθάηω
 ΑΪδκίιβμίικβΫθκικβεΪέΪψσβζβλωάβημΪζβΛηβζβμί
μκΪηλιθκμβκθάθρηυγξβδλΪμθκλήάίκπυ
Ινλΰημίυηώπαϊγαηεμνθρδολνηζνκηοναίμμνθ
ξνκινθ
Αίεμνδζίλδφίμηδαπκςφίδγανθμνθγςτναιημδνΰτνγηλν
ςφηρϊαίρϋαδπξοηΰκιβπξοημίγκδεμνπρώληΜίγ
αϊγαηεμνθρδολνηζνκηοςύψδθξνκινθγνκεμίΰϊρϋ
πλνμρηοναίμίγνπρίρνφμνπρίΰηκϋμίώξδοδβνονγιί
Γδλνμρίε
 ΘμδεψρβμίικβΫθκθμχείδμκβρίλδθγλίμβ
 ΘλεΪΫφμίάβημυδκίιείηβω
 ΛείέδΪικβιθήηβζβμίικβΫθκβάυμΪσβμφίέθιθεηθλμφψ
sk
ï0RQWiçQ\QiYRG
'{OHçLWpSRN\Q\
: 1HEH]SHĀHQVWYRSRUDQHQLD
6SRWUHELĀMHŚDçNì1DPDQLSXOiFLXVSRWUHELĀRPV~SRWUHEQp
RVRE\3RXçtYDMWHOHQYKRGQpSRP{FN\
6WDURVWOLYRVLSUHĀtWDMWHQiYRGDXVFKRYDMWHVLKR,EDRGERUQi
PRQWiçSRGĻDWRKWRQiYRGXQDPRQWiç]DUXĀtEH]SHĀQRVŚSUL
SRXçtYDQt=DEH]FK\EQpIXQJRYDQLHYPLHVWHLQåWDOiFLHUXĀt
SUDFRYQtNY\NRQiYDM~FLLQåWDOiFLX
6SRWUHELĀVPLHSULSRMLŚOHQRGERUQtNVSUtVOXåQìPSRYROHQtP
3UHGY\NRQiYDQtPDNìFKNRĻYHNSUiFRGSRMWHVSRWUHELĀRG
UR]YRGQHMVLHWH
1D]DEUiQHQLHUH]QìP]UDQHQLDPQRVWHRFKUDQQpUXNDYLFH
'LHO\ NWRUp V~ SRĀDV PRQWiçH SUtVWXSQp P{çX PDŚ RVWUp KUDQ\
3UHGPRQWiçRXVNRQWUROXMWHĀLVDVSRWUHELĀSRĀDVSUHSUDY\
QHSRåNRGLO
1H]GYtKDMWHVSRWUHELĀ]DGYLHUNDDQL]DLFKU~ĀNXDDQL]D
VSRGQ~YHWUDFLXOLåWX
3ULLQåWDOiFLLGRGUçXMWHDNWXiOQHSODWQpSUHGSLV\Y\SOìYDM~FH]R
VWDYHEQpKR]iNRQDDSUHGSLV\UHJLRQiOQHKRGRGiYDWHĻD
HOHNWULQ\
6SRWUHELĀSDWUtGRSUtVWURMRYHMWULHG\ 9KRGQìSUHPRQWiçGR
NXFK\QVNpKRQiE\WNXSRGĻDQiĀUWNXYPRQWiçQRPQiYRGH
GRGUçXMWHPLQLPiOQHY]GLDOHQRVWL
3RN\Q\SUHSOiQRYDQLH
'YHUQi]DUiçNDQLHMHPRçQp]DPHQLŚ
9]GLDOHQRVŚQiE\WNRYpKRGLHOXRGSUHGQHMSORFK\GYLHURNMH
PP
9]GLDOHQRVŚQiE\WNRYpKRGLHOXRGYRQNDMåHMKUDQ\UXNRYlWHQD
GYLHUNDFKMHPP
=DFKRYDMWHSUHVDKYSUHGXSUHRWYRUERĀQìFK]iVXYLHN
3UL SOiQRYDQt URKRYpKR ULHåHQLD ]RKĻDGQLWH XKRO RWYiUDQLD GYLHURN
YUR]SlWtPLQ
3UtSUDYDYVWDYDQpKRQiE\WNX
'{OHçLWp=RKĻDGQLWHKPRWQRVŚGYRMLWHMU~U\FFDNJV
SUtVOXåHQVWYRP1RVQpGQRYVWDYDQHMVNULQN\PXVtE\Ś
GRVWDWRĀQHVWDELOQp
9VWDYDQìQiE\WRNPXVtE\ŚRGROQìYRĀLWHSORWiPGR&
VXVHGQpĀHOQpVWUDQ\QiE\WNXGR&
9HWUDFtYìUH]YPH]LGQHYVWDYDQHMVNULQHPLQ  [  PP
3UtSRMQiåNDWXĻDVDPXVtQDFKiG]DŚPLPRSULHVWRUXSUH
]DEXGRYDQLH
9ìUH]\ Y QiE\WNX Y\SUDFXMWH SUHG YVDGHQtP VSRWUHELĀD 2GVWUiŃWH
WULHVN\LQDNE\PRKODE\ŚQHJDWtYQHRYSO\YQHQiIXQNFLD
HOHNWULFNìFKNRPSRQHQWRY
1HXSHYQHQìQiE\WRNSULSHYQLWHNVWHQHEHçQìPXKROQtNRP
6SRWUHELĀLQåWDOXMWHOHQWDNY\VRNRDE\VWH]QHKRPRKOLEH]
SUREOpPRYY\EHUDŚSUtVOXåHQVWYR
(OHNWULFNpSULSRMHQLH
'EDMWHQDYKRGQpLVWHQLHHOHNWULFNHMLQåWDOiFLHYGRPiFQRVWL
1DSlWLHDIUHNYHQFLDVSRWUHELĀDPXVLD]RGSRYHGDŚHOHNWULFNHM
LQåWDOiFLLSR]ULW\SRYìåWtWRN
6SRWUHELĀ]RGSRYHGiWULHGHRFKUDQ\DVPLHVDSRXçtYDŚOHQV
SULSRMHQìPRFKUDQQìPYRGLĀRP
,VWHQLHDXWRPDWLFNìPLSRLVWNDPL%DOHER&MHQHY\KQXWQp
9LQåWDOiFLLPXVtE\Ś]DUDGHQìY\StQDĀRGSiMDM~FLYåHWN\SyO\V
PLQLPiOQRXY]GLDOHQRVŚRXNRQWDNWRYPP9\StQDĀPXVtE\ŚSR
PRQWiçLQDďDOHMSUtVWXSQì
6SRWUHELĀEH]SUtYRGQpKRNiEOD 3ULSiMDMWHLEDSRGĻDVFKpP\
SULSRMHQLD9SUtSDGHSRWUHE\QDPRQWXMWHSULORçHQpPHGHQp
PRVWtN\1HVSUiYQ\PSULSRMHQtPVDP{çHVSRWUHELĀSRåNRGLŚ
6LHŚRYìSUtYRGQìNiEHO7\S + 99)DOHERNYDOLWQHMåt
æOWR]HOHQiçLODSUHSULSRMHQLHRFKUDQQpKRYRGLĀDPXVtE\ŚQD
VWUDQHVSRWUHELĀDRPPGOKåLDDNRRVWDWQpçLO\
3UHPRQWiçQXKķENXPPXPLHVWQLWHSUtYRGQìNiEHOGROX
YSUDYRYREODVWLVNRVHQpKRURKXVSRWUHELĀD
0RQWiçVSRWUHELĀD
'{OHçLWp =RKĻDGQLWH KPRWQRVŚ GYRMLWHM U~U\ QD SHĀHQLH FFD
NJVSUtVOXåHQVWYRP6SRWUHELĀSUHSUDYXMWHLEDY
]YLVOHMSRORKH
$N QLH MH QDG VSRWUHELĀRP çLDGQH PHG]LGQR VSRWUHELĀ ]DLVWLWH Y
VNULQLSURWLSUHYUiWHQLX3RPRFRXGYRFKEHçQHGRVWXSQìFK
XKORYìFKVYRULHNKRYVNULQLXSHYQLWH]RELGYRFKVWUiQPP
GRKķEN\PPQDGYìåNRXVSRWUHELĀD
 6SRWUHELĀFHONRP]DVXŃWHGRYVWDYDQpKRQiE\WNRYpKRGLHOX
3ULWRP GDMWH SR]RU DE\ VWH SULSiMDFt NiEHO QH]DORPLOL QH]DFYLNOL
DDQLKRQHYHďWHFH]RVWUpKUDQ\
 6SRWUHELĀY\FHQWUXMWH6SRWUHELĀULDGQHY\URYQDMWHSRPRFRX
YRGRYiK\GRYRGRURYQHMSRORK\
 6SRWUHELĀXSHYQLWHSULORçHQìFKVNUXWLHN2GVWUiŃWHSUHSUDYQp
SRLVWN\QDGYLHUNDFK
.RPELQiFLDVRKUHYQRX]iVXYNRX
'{OHçLWp=RKĻDGQLWHKPRWQRVŚGYRMLWHMU~U\FFDNJV
SUtVOXåHQVWYRP1DGRKUHYQRX]iVXYNRXVDPXVt
QDPRQWRYDŚGRVWDWRĀQHVWDELOQpPHG]LGQR
'HPRQWiç
 2GSRMWHSUtVWURMRG]GURMDQDSlWLD
 3RYRĻWHXSHYŃRYDFLHVNUXWN\
 6SRWUHELĀPLHUQHQDGYLKQLWHD~SOQHY\WLDKQLWH
sl
ð1DYRGLOD]DPRQWDçR
3RPHPEQLQDSRWNL
: 1HYDUQRVWWHOHVQLKSRåNRGE
$SDUDWMHWHçHN=DSUHPLNDQMHDSDUDWDVWDSRWUHEQLRVHEL
8SRUDEOMDMWHOHSULPHUQHSULSRPRĀNH
1DYRGLOD]DXSRUDERVNUEQRSUHEHULWHLQVKUDQLWH9DUQRVWPHG
XSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQHPRQWDçHY
VNODGX ] QDYRGLOL ]D PRQWDçR 0RQWHU MH RGJRYRUHQ ]D EUH]KLEQR
GHORYDQMHQDPHVWXSRVWDYLWYH
$SDUDWODKNRSULNOMXĀLOHSRREODåĀHQVWURNRYQMDN
3UHGNDNUåQLPLNROLGHOLQDDSDUDWXL]NOMXĀLWHHOHNWULĀQR
QDSDMDQMH
1RVLWH ]DåĀLWQH URNDYLFH GD SUHSUHĀLWH XUH]QLQH 'HOL NL VR PHG
PRQWDçRGRVWRSQLLPDMRODKNRRVWUHURERYH
3UHGYJUDGQMRSUHYHULWHĀHVHMHDSDUDWPHGWUDQVSRUWRP
SRåNRGRYDO
$SDUDWDQHGYLJXMWHWDNRGDJDGUçLWH]DYUDWDURĀDMYUDWDOL
VSRGQMRSUH]UDĀHYDOQROHWHY
3ULYJUDGQMLXSRåWHYDMWHWUHQXWQRYHOMDYQHJUDGEHQHSUHGSLVHLQ
SUHGSLVHORNDOQHJDGREDYLWHOMDHOHNWULĀQHHQHUJLMH
$SDUDWUD]UHGD ]DYJUDGQMRYNXKLQMVNRSRKLåWYRYVNODGXV
VNLFRYJUDGQMHXSRåWHYDMWHQDMPDQMåHUD]GDOMH
1DSRWNL]DQDĀUWRYDQMH
3ULVORQDYUDWQLPRJRĀH]DPHQMDWL
5D]PLNPHGSRKLåWYHQLPHOHPHQWRPLQVSUHGQMRSRYUåLQRYUDW
 PP
5D]PLNPHGSRKLåWYHQLPHOHPHQWRPLQ]XQDQMLPURERPURĀDMD
YUDW PP
8SRåWHYDMWHL]ERĀHQRVWVSUHGQMHSRYUåLQH]DRGSLUDQMHSUHGDORY
REVWUDQL

3ULQDĀUWRYDQMXYRJDOQHUHåLWYHXSRåWHYDMWHNRWRGSLUDQMDYUDW
QDMPDQM 
3ULSUDYDYJUDGQHJDSRKLåWYD
3RPHPEQRXSRåWHYDMWHWHçRGYRMQHSHĀLFHSULEO  NJV
SULERURP3RGSRUQRGQRYJUDGQHRPDULFHPRUDELWLGRYROM
VWDELOQR
9JUDGQRSRKLåWYRPRUDELWLRGSRUQRQDWHPSHUDWXURGR &
ĀHOQHSORåĀHVRVHGQMLKSRKLåWYHQLKHOHPHQWRYSDGR &
3UH]UDĀHYDOQDRGSUWLQDYYPHVQHPGQXYJUDGQHRPDUH
QDMPDQM  [  PP
3ULNOMXĀQDYWLĀQLFDPRUDELWLL]YHQYJUDGQHQLåH
,]UH]HQDSRKLåWYXQDUHGLWHSUHGQDPHVWLWYLMRDSDUDWD2GVWUDQLWH
çDJRYLQRVDMODKNRSRY]URĀLVODEåHGHORYDQMHHOHNWULĀQLK
NRPSRQHQW
1HSULWUMHQRSRKLåWYRSULWUGLWHQDVWHQR]RELĀDMQLPNRWQLNRP
$SDUDW YJUDGLWH OH WDNR YLVRNR GD ODKNR SULERU EUH] WHçDY Y]DPHWH
YHQ
(OHNWULĀQLSULNOMXĀHN
3UHSULĀDMWHVHGDMHKLåQDQDSHOMDYDXVWUH]QR]DYDURYDQD
1DSHWRVWLQIUHNYHQFDDSDUDWDVHPRUDWDXMHPDWL]HOHNWULĀQR
QDSHOMDYRJOHMWHWLSVNRSORåĀLFR
$SDUDWVRGLY]DåĀLWQLUD]UHG LQJDODKNRXSRUDEOMDWHOH]
R]HPOMLWYHQLPSULNOMXĀNRP
3RWUHEQRMH]DYDURYDQMH]DYWRPDWRP%DOL&
1DPHVWLWLMHWUHEDWXGLYHĀSROQRORĀLOQRVWLNDOR]QDMPDQM
PLOLPHWUVNLPUD]PLNRPNRQWDNWRY6WLNDORPRUDELWLSRYJUDGQMLåH
YHGQRGRVWRSQR
$SDUDWEUH]SULNOMXĀQHJDNDEODSULNOMXĀLWHYVDPRYVNODGXV
SULNOMXĀQRVKHPR3RSRWUHELQDPHVWLWHSULORçHQHEDNUHQHVSRQH
=QDSDĀQRSULNOMXĀLWYLMRODKNRSRåNRGXMHWHDSDUDW
2PUHçQLSULNOMXĀQLNDEHOYUVWD + 99)DOL]YLåMRYUHGQRVWMR
5XPHQR]HOHQDçLOD]DR]HPOMLWYHQLSULNOMXĀHNPRUDELWLQDVWUDQL
DSDUDWD PPGDOMåDRGGUXJLKçLO
=DYJUDGQRJORELQR PPVSHOMLWHSULNOMXĀQLNDEHOYSUHGHOX
SRåHYQHJDYRJDODRKLåMDYGHVQRQDY]GRO
1DPHVWLWHYDSDUDWD
3RPHPEQR XSRåWHYDMWH WHçR GYRMQH SHĀLFH SULEO  NJ V
SULERURP$SDUDWSUHQDåDMWHVDPRYSRNRQĀQHPSRORçDMX
=DYDURYDQMHDSDUDWDYRPDULFLSUHGSUHYUDĀDQMHPĀHQDG
DSDUDWRP QL YPHVQHJD GQD Y RPDULFR QD REHK VWUDQHK SULWUGLWH
GYDRELĀDMQDNRWQLNDQDJORELQR PP PPQDGYLåLQR
DSDUDWD
 $SDUDWSRWLVQLWHGRNRQFDYYJUDGQLSRKLåWYHQLHOHPHQW
3ULWHPQHSUHSRJQLWHDOLVWLVQLWHSULNOMXĀQHJDNDEODLQJDQH
YOHFLWHĀH]RVWUHURERYH
 $SDUDWSRUDYQDMWHQDVUHGLQR=YRGQRWHKWQLFRQDWDQĀQR
YRGRUDYQRSRUDYQDMWHDSDUDW
 3ULWUGLWHDSDUDWVSULORçHQLPLYLMDNL2GVWUDQLWHWUDQVSRUWQD
YDURYDODQDYUDWLK
.RPELQDFLMD]JUHOQLPSUHGDORP
3RPHPEQRXSRåWHYDMWHWHçRGYRMQHSHĀLFHSULEO  NJV
SULERURP1DGJUHOQLSUHGDOMHWUHEDYJUDGLWLGRYROMVWDELOQR
YPHVQRGQR
'HPRQWDçD
 ,]NOMXĀLWHDSDUDWL]HOHNWULĀQHJDRPUHçMD
 2GYLMWHSULWUGLOQHYLMDNH
 $SDUDWUDKORSULY]GLJQLWHLQSRYVHPL]YOHFLWH
sr
ò8SXWVWYRRSRVWDYOMDQMX
9DçQHSUHSRUXNH
: 2SDVQRVWRGSRYUHGH
8UHđDMMHWHçDN=DSRPHUDQMHXUHđDMDQHRSKRGQHVXRVREH
8SRWUHEOMDYDMWHVDPRDGHNYDWQDSRPRþQDVUHGVWYD
3DçOMLYRSURĀLWDMWHRYRXSXWVWYRLVDĀXYDMWHJD6DPRXVOXĀDMX
VWUXĀQHXJUDGQMHXVNODGXVDXSXWVWYRP]DPRQWDçXMH
]DJDUDQWRYDQDVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHUMH
RGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
6DPRREXĀHQDNYDOLILNRYDQDRVREDPRçHSRYH]DWLXUHđDM
3UHQHJRåWRELORåWDXUDGLWHLVNOMXĀLWHGRYRGVWUXMH
.DNRQHELGRåORGRSRYUHGHXVOHGUH]DQMDQRVLWH]DåWLWQH
UXNDYLFH 'HORYL NRML VX SULVWXSDĀQL WRNRP PRQWDçH PRJX LPDWL
RåWUHLYLFH
3UHXJUDGQMHSURYHULWHGDOLQDXUHđDMXLPDWUDQVSRUWQLK
RåWHþHQMD
1HPRMWHXUHđDMKYDWDWL]DYUDWDUXĀLFX]DYUDWDLOLGRQMXODMVQX
YHQWLODWRUD
=DLQVWDODFLMXPRUDWHSRåWRYDWLYDçHþDSUDYLODXJUDGQMHNDRL
SURSLVHUHJLRQDOQRJVQDEGHYDĀDHOHNWULĀQRPHQHUJLMRP
8UHđDMNODVHXJUDGQMDXNXKLQMVNHHOHPHQWHXVNODGLVD
VNLFRPXJUDGQMHYRGLWHUDĀXQDRQDMPDQMLPGR]YROMHQLP
UDVWRMDQMLPD
3UHSRUXNHRSODQLUDQMX
=DSWLYNHQDYUDWLPDQLVX]DPHQOMLYH
5DVWRMDQMHRGQDPHåWDMDGRSUHGQMHSRYUåLQHYUDWDL]QRVLPP
5DVWRMDQMHRGQDPHåWDMDGRVSROMQHLYLFHNYDNHQDYUDWLPDL]QRVL
PP
3UHGQMLLVWXUHQLGHRSRVWDYLWHWDNRGDQHVPHWDSULRWYDUDQMXILRND
VDVWUDQH
3ULOLNRPSODQLUDQMDUHåHQMD]DþRåNRYHYRGLWHUDĀXQDRWRPHGD
YUDWDWUHEDGDPRJXGDVHRWYRUHQDMPDQMHSRGXJORPRG
3ULSUHPLWHXJUDGQLQDPHåWDM
9DçQRREUDWLWHSDçQMXQDWHçLQXGXSOHUHUQHFD  NJVD
RSUHPRP 3RGORJD XJUDGQRJ RUPDUD PRUD GD EXGH GRYROMQR
VWDELOQD
8JUDGQL QDPHåWDM PRUD ELWL RWSRUDQ QD WHPSHUDWXUH GR  & D VD
VXVHGQHSUHGQMHVWUDQHQDPHåWDMDGR&
3URUH]]DYHQWLODFLMXXPHđXSROLFLXJUDGQRJRUPDQD
PLQ  [  PP
8WLĀQLFD]DSULNOMXĀNHPRUDGDEXGHL]YDQQLåH]DXJUDGQMX
6HĀHQMHQDQDPHåWDMXREDYLWHSUHXJUDGQMHXUHđDMD8NORQLWH
RSLOMNHPRJOLELGDXWLĀXQDIXQNFLRQLVDQMHHOHNWULĀQLKNRPSRQHQWL
1HSULĀYUåþHQQDPHåWDMSULĀYUVWLWH]D]LGSRPRþXXJDRQRJGHOD
8UHđDMXJUDGLWHQDYLVLQXWDNRGDEH]SUREOHPDPRçHWHGD
X]LPDWHSULERU
(OHNWULĀQRSULNOMXĀLYDQMH
2EUDWLWHSDçQMXQDSULNODGQX]DåWLWXNXþQHLQVWDODFLMH1DSRQL
IUHNYHQFLMDXUHđDMDPRUDMXGDEXGXXVNODGXVDHOHNWULĀQRP
LQVWDODFLMRPYLGHWLSORĀLFXJGHMHQDYHGHQWLS
8UHđDM RGJRYDUD NODVL ]DåWLWH  L VPH GD VH NRULVWL VDPR X] ]DåWLWQL
SULNOMXĀDN]DX]HPOMHQMH
=DåWLWDSUHNRDXWRPDWD%LOL&MHQHRSKRGQD
8LQVWDODFLMLPRUDGDSRVWRMLUD]GHOQLSUHNLGDĀ]DVYHSRORYHVD
RWYRURPNRQWDNWDRGQDMPDQMHPP3RVOHXJUDGQMHSUHNLGDĀ
PRUDGDEXGHSULVWXSDĀDQ
8UHđDMEH]SULNOMXĀQRJNDEODSULNOMXĀLWHLVNOMXĀLYRSUHPDVOLFL
SULNOMXĀND3RSRWUHELPRQWLUDMWHSULORçHQHEDNDUQHSROXJH8
VOXĀDMXSRJUHåQRJSULNOMXĀNDXUHđDMPRçHGDVHRåWHWL
0UHçQL SULNOMXĀQL NDEO 7LS + 99) LOL NYDOLWHWQLML æXWR]HOHQD çLOD
]D SULNOMXĀDN ]DåWLWQRJ SURYRGQLND VD VWUDQH XUHđDMD PRUD GD EXGH
PPGXçDQHJRRVWDOHçLOH
=DGXELQXXJUDGQMHRGPPVSURYHGLWHSULNOMXĀQLNDEO
QDGHVQRXSRGUXĀMHXXJOXJGHMHNXþLåWHVXçHQR
8JUDGQMDXUHđDMD
9DçQRREUDWLWHSDçQMXQDWHçLQXGXSOHUHUQHFD  NJVD
RSUHPRP8UHđDMWUDQVSRUWXMWHVDPRXXVSUDYQRP
SRORçDMX
8UHđDMXJUDđHQXNUHGHQFX]DåWLWLWHGDQHLVSDGDDXNROLNR
L]QDGXUHđDMDQHSRVWRMLPHđXSROLFDSULĀYUVWLWHGYHUXĀLþH]D
NDĀHQMHVDREHVWUDQHNUHGHQFDQDGXELQLRGPPPP
L]QDGYUKDXUHđDMD
 8UHđDMXFHORVWLVWDYLWHXXJUDGQLQDPHåWDM
3ULWRPHSULNOMXĀQLNDEOQHPRMWHSUHODPDWLSULNOMHåWLWLLOLYRGLWL
SUHNRRåWULKLYLFD
 3RUDYQDMWHXUHđDMSRVUHGLQL8UHđDMSRPRþXOLEHOHSUHFL]QR
SRVWDYLWHXKRUL]RQWDODQSRORçDM
 3ULĀYUVWLWHXUHđDMSULORçHQLP]DYUWQMLPD8NORQLWHWUDQVSRUWQR
RVLJXUDQMHVDYUDWD
.RPELQDFLMDVDJUHMQRPILRNRP
9DçQRREUDWLWHSDçQMXQDWHçLQXGXSOHUHUQHFD  NJVD
RSUHPRP,]QDGJUHMQHILRNHVHPRUDPRQWLUDWLGRYROMQR
VWDELODQPHđXSRG
'HPRQWLUDQMH
 3UHNLQLWHQDSRQXUHđDMD
 2WSXVWLWHSULĀYUVQH]DYUWQMH
 0DORSRGLJQLWHXUHđDMLVDVYLPJDL]YXFLWH

sv
ó0RQWHULQJVDQYLVQLQJ
9LNWLJWDWWREVHUYHUD
: 6NDGHULVN
(QKHWHQlUWXQJ'HWNUlYVWYnSHUVRQHUI|UDWWIO\WWDHQKHWHQ
$QYlQGHQGDVWKlUI|UDYVHGGDKMlOSPHGHO
/lVDQYLVQLQJHQQRJJUDQWRFKVSDUDGHQ(QVlNHUDQYlQGQLQJ
lUHQGDVWJDUDQWHUDGRPDSSDUDWHQE\JJWVLQIDFNPlVVLJW
,QVWDOODW|UHQlUDQVYDULJI|UDWWDSSDUDWHQIXQJHUDUIHOIULWWSn
XSSVWlOOQLQJVSODWVHQ
$SSDUDWHQInUHQGDVWDQVOXWDVDYEHK|ULJIDFNPDQ
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UQnJUDVRPKHOVW
DUEHWHQ
$QYlQGVN\GGVKDQGVNDUI|UDWWXQGYLNDVNlUVNDGRU'HODUVRP
lUWLOOJlQJOLJDYLGPRQWHULQJHQNDQKDVNDUSDNDQWHU
.RQWUROOHUDI|UHLQE\JJQDGHQDWWDSSDUDWHQLQWHKDU
WUDQVSRUWVNDGRU
$QYlQGLQWHOXFNDQOXFNKDQGWDJHWHOOHUGHQQHGUHOXIWOLVWHQWLOO
DWWO\IWDDSSDUDWHQ
)|OMDNWXHOOWJlOODQGHE\JJQDGVI|URUGQLQJDURFKGHWORNDOD
HOI|UV|UMQLQJVI|UHWDJHWVI|UHVNULIWHUYLGLQVWDOODWLRQHQ
$SSDUDWDYDSSDUDWNODVV)|ULQE\JJQDGLHQN|NVLQUHGQLQJ
HQOLJWLQE\JJQDGVVNLVVHQEHDNWDDQJLYQDPLQVWDDYVWnQG
3ODQHULQJVUnG
/XFNXSSKlQJQLQJHQJnULQWHDWWlQGUD
$YVWnQGIUnQVNnSVWRPPHWLOOOXFNIURQWHQV\WD PP
$YVWnQGIUnQVNnSVWRPPHWLOOOXFNKDQGWDJHWV\WWHUNDQW PP
7lQNSnIURQWXWVWLFNHWPDS|SSQLQJDYOnGRUQDLQWLOO
3ODQHUDUGXHQK|UQO|VQLQJVnNUlYVHQOXFN|SSQLQJVYLQNHORP
PLQVW
)|UEHUHGDLQE\JJQDGVP|EHOQ
9LNWLJW 2EVHUYHUD VlUVNLOW GXEEHOXJQHQV YLNW FD  NJ PHG
WLOOEHK|U,QE\JJQDGVVNnSHWVVW|GERWWHQPnVWHYDUD
WLOOUlFNOLJWVWDELO
,QE\JJQDGVP|EHOQPnVWHWnODWHPSHUDWXUHUSnXSSWLOO &
DQJUlQVDQGHP|EHOIURQWHUXSSWLOO &
9HQWLODWLRQV|SSQLQJLLQE\JJQDGVVNnSHWVPHOODQK\OOD
 [  PP
$QVOXWQLQJVGRVDQPnVWHVLWWDXWDQI|ULQE\JJQDGVQLVFKHQ
8WI|UDOODXWVNlUQLQJVDUEHWHQLLQUHGQLQJVP|EHOQLQQDQGX
PRQWHUDULQHQKHWHQ$YOlJVQDVSnQDQQDUVNDQGHHOHNWULVND
NRPSRQHQWHUQDVIXQNWLRQSnYHUNDV
(MIDVWVDWWDP|EOHUVNDOOI|UDQNUDVLYlJJHQPHGYDQOLJW
I|UHNRPPDQGHIlVWYLQNODU
%\JJLQWHLQHQKHWHQK|JUHlQDWWPDQNDQWDXWWLOOEHK|UHQXWDQ
SUREOHP
(OHNWULVNDQVOXWQLQJ
7DUHGDSnDWWKXVHWVLQVWDOODWLRQKDUOlPSOLJVlNULQJ(QKHWHQV
VSlQQLQJRFKIUHNYHQVPnVWHVWlPPD|YHUHQVPHG
HOLQVWDOODWLRQHQVHW\SVN\OWHQ
(QKHWHQPRWVYDUDUVN\GGVNODVV,RFKInUHQGDVWDQYlQGDVPHG
VN\GGVOHGDUDQVOXWQLQJ
6lNULQJNUlYVYLD%HOOHU&DXWRPDWVlNULQJ
(QDOOSROLJIUnQVNLOMDUHPHGHWWNRQWDNWJDSSnPLQVW PPPnVWH
RFNVn LQJn L LQVWDOODWLRQHQ 'HQQD PnVWH YDUD WLOOJlQJOLJ lYHQ HIWHU
LQE\JJQDGHQ
(QKHWXWDQDQVOXWQLQJVOHGQLQJ $QVOXWQLQJHQInUHQGDVWJ|UDV
HQOLJWDQVOXWQLQJVVFKHPDW0RQWHUDYLGEHKRYGHPHGI|OMDQGH
NRSSDUEU\JJRUQD9LGIHODNWLJDQVOXWQLQJNDQHQKHWHQVNDGDV
1lWDQVOXWQLQJVOHGQLQJ7\S+99)HOOHUK|JYlUGLJDUH3n
HQKHWHQ PnVWH GHQ JXOJU|QD OHGDUHQ I|U VN\GGVOHGDUDQVOXWQLQJHQ
YDUDPPOlQJUHlQGHDQGUDOHGDUQD
)|U HWW LQVWDOODWLRQVGMXS Sn  PP VND HOOHGQLQJHQ GUDV QHUnW YLG
XJQHQVDYIDVDGHK|UQSnK|JHUVLGD
%\JJDLQDSSDUDWHQ
9LNWLJW7lQNSnDWWGXEEHOXJQHQlUWXQJFD  NJPHG
WLOOEHK|U7UDQVSRUWHUDOOWLGHQKHWHQXSSUlWW
(QKHWLVNnSVWRPPH7LSSVlNUDRPGHWVDNQDVK\OOSODQRYDQI|U
HQKHWHQ IlVW WYn YDQOLJD YLQNODU Sn EnGD VLGRU DY VNnSVWRPPHQ
 PPGMXSW PP|YHUHQKHWVK|MGHQ
 6NMXWLQHQKHWHQKHOWLVWRPPHQ
6H WLOO Vn DWW VODGGHQ LQWH EOLU YLNW NOlPG HOOHU GUDJHQ |YHU YDVVD
NDQWHU
 &HQWUHUDHQKHWHQ1LYHOOHUDHQKHWHQPHGYDWWHQSDVV
 )lVWHQKHWHQPHGGHPHGI|OMDQGHVNUXYDUQD7DERUW
WUDQVSRUWVlNULQJHQSnOXFNDQ
.RPELQDWLRQPHGSRUVOLQVYlUPDUH
9LNWLJW 2EVHUYHUD VlUVNLOW GXEEHOXJQHQV YLNW FD  NJ PHG
WLOOEHK|UgYHUSRUVOLQVYlUPDUHQPnVWHHQWLOOUlFNOLJWVWDELO
PHOODQK\OODPRQWHUDV
8UPRQWHULQJ
 *|UDSSDUDWHQVSlQQLQJVO|V
 /RVVDIlVWVNUXYDUQD
 /\IWOLWHWSnDSSDUDWHQRFKGUDXWGHQKHOWRFKKnOOHW
tr
ô0RQWDMN×ODYX]X
gQHPOLDo×NODPDODU
: <DUDODQPDWHKOLNHVL
&LKD]Dù×UG×U&LKD]×QKDUHNHWHWWLULOPHVLLoLQ NLüLJHUHNOLGLU
<DOQ×]FDX\JXQ\DUG×PF×PDO]HPHOHULNXOODQ×Q×]
.×ODYX]XGLNNDWOHRNX\XQYHVDNOD\×Q$QFDNPRQWDMN×ODYX]X
X\DU×QFDXVXOQHX\JXQPRQWHHGLOGLùLQGHFLKD]×QNXOODQ×P
HVQDV×QGDJYHQOLùLVDùODQ×U&LKD]×NXUDQNLüLFLKD]×QNXUXOXP
\HULQGHNXVXUVX]oDO×üPDV×QGDQVRUXPOXGXU
&LKD]×QEDùODQW×V×DQFDNUXKVDWO×ELUX]PDQNLüLWDUDI×QGDQ
\DS×OPDO×G×U
+HUWUOoDO×üPDODUDEDüODPDGDQ|QFHHOHNWULNEDùODQW×V×Q×
NHVLQ
.HVLN\DUDODU×Q×|QOHPHNLoLQNRUX\XFXHOGLYHQNXOODQ×Q0RQWDM
HVQDV×QGDHULüLOHELOLURODQSDUoDODUNHVNLQNHQDUODUDVDKLS
RODELOLU
0RQWDM|QFHVLFLKD]GDQDNOL\HKDVDUODU×ROXSROPDG×ù×Q×NRQWURO
HGLQ
&LKD]×NDS×V×QGDQNDS×NXOSXQGDQYH\DDOWKDYDODQG×UPD
SHUYD]×QGDQNDOG×UPD\×Q
.XUXOXPLoLQ\UUONWHRODQ\DS×\|QHWPHOLNOHULLOHE|OJHVHO
HOHNWULNWHGDULNüLUNHWLQLQ\|QHWPHOLNOHULQLGLNNDWHDO×Q
&LKD]V×Q×I×HWDELFLKD]0RQWDMüHPDV×QDJ|UHPXWIDN
PRELO\DODU×QDPRQWHHGLOLUPLQLPXPPHVDIHOHULGLNNDWHDO×Q
3ODQODPDQRWODU×
.DSDNGD\DQDNQRNWDV×GHùLüWLULOHPH]
0RELO\DJ|YGHVL\OHNDSDN|Q\]H\LQLQPHVDIHVL PP
0RELO\DJ|YGHVL\OHNDSDNWXWDPDù×G×üNHQDU×PHVDIHVL PP
<DQoHNPHFHOHULQDo×OPDV×LoLQ|Qo×N×QW×\DGLNNDWHGLQL]
%LU N|üH o|]P SODQODUNHQ NDSDN Do×OPD Do×V×Q× HQ D]  GHUHFH
RODUDNJ|]|QQHDO×Q×]
$QNDVWUHPRELO\DQ×QKD]×UODQPDV×
gQHPOLQRWĮNLOLI×U×Q×QDù×UO×ù×Q×GLNNDWHDO×QDNVHVXDUOD
ELUOLNWH \DNODü×N  NJ $QNDVWUH GRODE×Q GHVWHNOH\LFL ]HPLQL
\HWHULQFHVDùODPROPDO×G×U
$QNDVWUHPRELO\DODU &\HNDGDUELWLüLNPRELO\DODU×QSDQHOOHUL
LVH &\HNDGDUV×FDNO×ùDGD\DQ×NO×ROPDO×G×U
$QNDVWUHGRODE×QDUD]HPLQLQGHKDYDODQG×UPDGHOLùLHQD][
PP
%DùODQW×NXWXVXPRQWDMQLüLQLQG×ü×QGDNDOPDO×G×U
0RELO\DGDKD]×UODQDFDNRODQ\XYDODU×FLKD]×\HUOHüWLUPHGHQ|QFH
NHVLQ7DODüODU×WHPL]OH\LQ$NVLWDNGLUGHHOHNWULNOLSDUoDODU×Q
IRQNVL\RQXROXPVX]HWNLOHQHELOLU
6DELWOHQPHPLüPRELO\DODU×VWDQGDUWELUN|üHEHQWOHGXYDUD
VDELWOH\LQ
&LKD]×DQFDNDNVHVXDUODU×QVRUXQVX]ELUüHNLOGHo×NDU×OPDV×Q×
VDùOD\DFDN\NVHNOLùHPRQWHHGLQ
(OHNWULNEDùODQW×V×
(YGHNLWHVLVDW×QVLJRUWDV×Q×QX\JXQROPDV×QDGLNNDWHGLQ&LKD]×Q
JHULOLPLYHIUHNDQV×HOHNWULNWHVLVDW×QDX\JXQROPDO×G×UEN]7LS
HWLNHWL
&LKD]NRUXPDV×Q×I×HWDELGLUYHDQFDNNRUX\XFXLOHWNHQ
EDùODQW×V×\DS×ODUDNLüOHWLOHELOLU
%YH\D&WLSLRWRPDWLNVLJRUWDODUODNRUXQPDO×G×U
7HVLVDWWDWPID]ODU×NDSVD\DQYHHQD]PPNRQWDNPHVDIHOLELU
GHYUHNHVLFLüDOWHUPHYFXWROPDO×G×U0RQWDMVRQUDV×üDOWHULQ
HULüLOHELOLUROPDV×JHUHNLU
%DùODQW×NDEORVX]FLKD] &LKD]×QEDùODQW×V×Q×DQFDNEDùODQW×
üHPDV×QDJ|UHNXUXQ*HUHNWLùLQGHWHVOLPDWNDSVDP×QGDNLEDN×U
N|SUOHULPRQWHHGLQ%DùODQW×V×\DQO×ü\DS×OG×ù×QGDFLKD]KDVDU
J|UHELOLU
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24

Gaggenau BX 480 Double Oven Manual de utilizare

Tip
Manual de utilizare