Electrolux LFG716R Manual


Læs gratis den danske manual til Electrolux LFG716R (160 sider) i kategorien Emhætte. Denne vejledning er vurderet som hjælpsom af 10 personer og har en gennemsnitlig bedømmelse på 4.7 stjerner ud af 5.5 anmeldelser. Har du et spørgsmål om Electrolux LFG716R, eller vil du spørge andre brugere om produktet?

Side 1/160
'%*/&1
'%*/&1
'%*/&1
/)*5
/)*5
/)*:
/)*:
/)*;
/)*;
̷͕͉͕͙͉͕͑͋͘͡͎͇͚͖͕͙͈͇͗͌ 
1£YRGNSRXŀLW¯ 
%UXJVDQYLVQLQJ 
%HQXW]HULQIRUPDWLRQ 
ˍˡˤˠ˜ˢ˯˔ˮ˛˰ˤ˯ 
8VHU0DQXDO 
0DQXDOGHLQVWUXFFLRQHV 
.DVXWXVMXKHQG 
.¦\WW¸RKMH 
1RWLFHGXWLOLVDWLRQ 
8SXWH]DXSRUDEX 
%*
&6
'$
'(
(/
(1
(6
(7
),
)5
+5
+DV]Q£ODWL¼WPXWDWµ 
,VWUX]LRQLSHUOಬXVR 
Φ͕͇͔͚͒͋͙͚͇͗͒͢
͔ν͘Χ͇͚͇͒͗͢ 
1DXGRMLPRLQVWUXNFLMD 
/LHWRģDQDVLQVWUXNFLMD 
̺͖͇͙͙͉͕͘͎͇͇͚͉͇͗͑Ͱ͌ 
*HEUXLNVDDQZLM]LQJ 
%UXNVDQYLVQLQJ 
,QVWUXNFMDREVĄXJL 
0DQXDOGHLQVWUX©·HV 
+8
,7
..
/7
/9
0.
1/
12
3/
37
0DQXDOGHXWLOL]DUH 
̯͔͙͚͗͑͘͝͏ͦ͖͕
͖͚͇͙͇ͤ͑͒͘͝͏͏ 
1£YRGQDSRXŀ¯YDQLH 
1DYRGLOD]DXSRUDER 
8GK]LPHWSUSUGRULP 
̺͖͚͙͙͉͕͘͎͇͚͖͕͙͈͚͗͌ 
%UXNVDQYLVQLQJ 
.XOODQPD.óODYX]X 
̞͔͙͚͗͑ͬͦ͘͝ 
52
58
6.
6/
64
65
69
75
8.
156AR
DBGL1031CN
DBGL7731CN
DBGL5431CN
LFG716R
LFG719R
LFG716W
LFG719W
LFG716X
LFG719X
DBGL1031CN
DBGL7731CN
DBGL5431CN
LFG716R
LFG719R
LFG716W
LFG719W
LFG716X
LFG719X
KFG726X
KFG726R
̸̷̴̧̫̭̯̬́́
̴̵̷̧̯̻̳̯̽͆̧̮̵̶̸̴̵̸̨̧̬̮̹̯̵̴̧̳̹̭ 
̵̶̸̴̧̯̯̬̴̧̷̧̺̬̫ 
̸̴̴̧̩̬̱̯̫̬̩̶̵̷̨̧̺̹̬ 
̷̪̯̭̯̯̶̵̸̴̧̯̹̩̬̾ 
̸̳̯̲̯̳̧̮̸̧̩
̨͇͕͇͒͊͋͗͏͓̩͏͌͞͎͇͚͖͑͏͙͌͜͚͗͌͋͔͇(OHFWUROX[̯͎͈͇͙͗͌͜͖͕͚͙͗͋͑͕͙͕͑͐
͔͕͘͏͉͈͌͌͘͘͏͙͋͌͌͘͏͙͒͌͏ͦ͖͕͗͛͌͘͏͕͔͇͔͒͌͕͖͏͙͏͏͔͕͉͇͝͏͏̵͗͏͊͏͔͇͔͒͌͏
͙͘͏͔͒͌͙͕͐͌͎͇͔͋͋͌͘͡͘͓͏͒͘͡͎͇̩͇͘̮͇͙͕͉͇͕͇͙͕͑͊͕͊͏͎͖͕͎͉͇͙͒͌͓͕͍͙͌͌
͇͋͙͌͘͘͏͚͔͊͗͏͌͞͉͌͑͘͏͖͙͡͌͠͖͕͙͘͏͇͙͊͌͙͇͕͙͔͗͘͜͏͎͚͙͇͙͗͌͒͏
̫͕͈͗͌͕͋͒͟͏͉(OHFWUROX[
ИзкЮлЮлЮжЩсбшмЮЪкЩвлаЩ
̩͏͍͙͌͖͕͎͔͒͌͏͉͙͌͘͡͏͎͇͚͖͕͙͈͇͗͌͈͕͚͗͗͟͏͕͙͙͇͔͉͇͔͗ͦ͌͘͔͇
͔͌͏͎͖͇͉͔͕͙͗͘͏͏͔͕͓͇͛͗͝͏ͦ͎͇͉͌͗͘͏͎͏͓͕͔͙͗͌
ZZZHOHFWUROX[FRPVXSSRUW
̷͌͊͏͙͗͘͏͇͙͗͐͌̩͇͟͏ͦ͖͕͚͙͗͋͑͎͇͖͕͕͈͕͋͗͕͈͚͍͉͇͔͒͌͘
ZZZUHJLVWHUHOHFWUROX[FRP
̱͚͖͙͌͌͇͕͇͑͌͗͘͘͏͕͔͚͓͇͙͑͘͏͉͏͏͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏͎͇̩͇͟͏ͦ
͚͗͌͋
ZZZHOHFWUROX[FRPVKRS
̵̸̴̨̧̲̺̭̩̬̴̧̴̱̲̯̬̹̯
̩͏͔͇͊͏͏͎͖͕͎͉͇͙͒͐͌͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏
̱͕͇͙͕͊͌͘͉͎͉͇͙͗͌͘͡͘͔͇͟͏ͦ͕͙͕͗͏͎͏͇͔͗͕͙͋͌͒ಱ̵͈͚͍͉͇͔͒͌͘ಯ͙͈͉͇͗ͦ͇͋
͏͓͇͙͌͖͕͋͇͗͑͡͔͇͙͇͒͌͋͘͏͔͕͓͇͛͗͝͏ͦ̳͕͋͌͒31&͌͗͘͏͔͌͔͕͓͌͗
̯͔͕͓͇͛͗͝͏͙͇ͦ͓͕͍͌͇͋͈͋͌͡͕͙͑͗͏͙͇͔͇͙͇͈͇͙͇͌͒͑͘͕͔͕͉͔͘͏͇͔͔͋͏
̶͚͖͍͔͗͌͋͗͌͋͌͏͌̩͔͏͓͇͔͏͌ದ̯͔͕͓͇͛͗͝͏ͦ͎͇͈͎͕͖͇͔͕͙͌͘͘
̵͈͇͠͏͔͕͓͇͛͗͝͏ͦ͏͉͙͌͘͡͏
̯͔͕͓͇͛͗͝͏ͦ͎͇͕͕͔͇͙͇͑͒͇͗͌͋͘
̮͇͖͇͎͉͇͓͌͘͏͖͇͉͕͙͕͗͔͇͏͎͓͔͔͌͌͏ͦ
̴̵̷̧̯̻̳̯̽͆̧̮̵̶̸̴̵̸̨̧̬̮̹̯̵̴̧̳̹̭
ЋЖБЕЉЖБЎ
̩͏͍͙͌͕͙͔͇͙͇͋͌͒͈͕͚͇͗͗͟
͘͏͔͙͚͗͑͘͝͏͏͎͇
͏͔͙͇͒͘͏͇͔͗͌͎͇
̯͔͕͓͇͛͗͝͏ͦ͎͇
͈͎͕͖͇͔͕͙͌͘͘͏͓͕͔͙͇͍
̶͕͙͙͗͌͌͌͞͉͔͏͓͇͙͔͕͌͒
͇͉͊͒͏͙͌͎͇͈͎͕͖͇͔͕͙͌͘͘
͖͗͌͋͏͉͇ͦ͑͘͚͖͕͙͈͇͗͌͏͒͏
͖͕͍͇͋͋͗͑͡͔͇͚͇͗͌͋
ZZZHOHFWUROX[FRP
̸̷̴̧̫̭̯̬́́
̴̵̷̧̯̻̳̯̽͆̧̮̵̶̸̴̵̸̨̧̬̮̹̯̵̴̧̳̹̭ 
̵̶̸̴̧̯̯̬̴̧̷̧̺̬̫ 
̸̴̴̧̩̬̱̯̫̬̩̶̵̷̨̧̺̹̬ 
̷̪̯̭̯̯̶̵̸̴̧̯̹̩̬̾ 
̸̳̯̲̯̳̧̮̸̧̩
̨͇͕͇͒͊͋͗͏͓̩͏͌͞͎͇͚͖͑͏͙͌͜͚͗͌͋͔͇(OHFWUROX[̯͎͈͇͙͗͌͜͖͕͚͙͗͋͑͕͙͕͑͐
͔͕͘͏͉͈͌͌͘͘͏͙͋͌͌͘͏͙͒͌͏ͦ͖͕͗͛͌͘͏͕͔͇͔͒͌͕͖͏͙͏͏͔͕͉͇͝͏͏̵͗͏͊͏͔͇͔͒͌͏
͙͘͏͔͒͌͙͕͐͌͎͇͔͋͋͌͘͡͘͓͏͒͘͡͎͇̩͇͘̮͇͙͕͉͇͕͇͙͕͑͊͕͊͏͎͖͕͎͉͇͙͒͌͓͕͍͙͌͌
͇͋͙͌͘͘͏͚͔͊͗͏͌͞͉͌͑͘͏͖͙͡͌͠͖͕͙͘͏͇͙͊͌͙͇͕͙͔͗͘͜͏͎͚͙͇͙͗͌͒͏
̫͕͈͗͌͕͋͒͟͏͉(OHFWUROX[
ИзкЮлЮлЮжЩсбшмЮЪкЩвлаЩ
̩͏͍͙͌͖͕͎͔͒͌͏͉͙͌͘͡͏͎͇͚͖͕͙͈͇͗͌͈͕͚͗͗͟͏͕͙͙͇͔͉͇͔͗ͦ͌͘͔͇
͔͌͏͎͖͇͉͔͕͙͗͘͏͏͔͕͓͇͛͗͝͏ͦ͎͇͉͌͗͘͏͎͏͓͕͔͙͗͌
ZZZHOHFWUROX[FRPVXSSRUW
̷͌͊͏͙͗͘͏͇͙͗͐͌̩͇͟͏ͦ͖͕͚͙͗͋͑͎͇͖͕͕͈͕͋͗͕͈͚͍͉͇͔͒͌͘
ZZZUHJLVWHUHOHFWUROX[FRP
̱͚͖͙͌͌͇͕͇͑͌͗͘͘͏͕͔͚͓͇͙͑͘͏͉͏͏͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏͎͇̩͇͟͏ͦ
͚͗͌͋
ZZZHOHFWUROX[FRPVKRS
̵̸̴̨̧̲̺̭̩̬̴̧̴̱̲̯̬̹̯
̩͏͔͇͊͏͏͎͖͕͎͉͇͙͒͐͌͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏
̱͕͇͙͕͊͌͘͉͎͉͇͙͗͌͘͡͘͔͇͟͏ͦ͕͙͕͗͏͎͏͇͔͗͕͙͋͌͒ಱ̵͈͚͍͉͇͔͒͌͘ಯ͙͈͉͇͗ͦ͇͋
͏͓͇͙͌͖͕͋͇͗͑͡͔͇͙͇͒͌͋͘͏͔͕͓͇͛͗͝͏ͦ̳͕͋͌͒31&͌͗͘͏͔͌͔͕͓͌͗
̯͔͕͓͇͛͗͝͏͙͇ͦ͓͕͍͌͇͋͈͋͌͡͕͙͑͗͏͙͇͔͇͙͇͈͇͙͇͌͒͑͘͕͔͕͉͔͘͏͇͔͔͋͏
̶͚͖͍͔͗͌͋͗͌͋͌͏͌̩͔͏͓͇͔͏͌ದ̯͔͕͓͇͛͗͝͏ͦ͎͇͈͎͕͖͇͔͕͙͌͘͘
̵͈͇͠͏͔͕͓͇͛͗͝͏ͦ͏͉͙͌͘͡͏
̯͔͕͓͇͛͗͝͏ͦ͎͇͕͕͔͇͙͇͑͒͇͗͌͋͘
̮͇͖͇͎͉͇͓͌͘͏͖͇͉͕͙͕͗͔͇͏͎͓͔͔͌͌͏ͦ
̴̵̷̧̯̻̳̯̽͆̧̮̵̶̸̴̵̸̨̧̬̮̹̯̵̴̧̳̹̭
ЋЖБЕЉЖБЎ
̩͏͍͙͌͕͙͔͇͙͇͋͌͒͈͕͚͇͗͗͟
͘͏͔͙͚͗͑͘͝͏͏͎͇
͏͔͙͇͒͘͏͇͔͗͌͎͇
̯͔͕͓͇͛͗͝͏ͦ͎͇
͈͎͕͖͇͔͕͙͌͘͘͏͓͕͔͙͇͍
̶͕͙͙͗͌͌͌͞͉͔͏͓͇͙͔͕͌͒
͇͉͊͒͏͙͌͎͇͈͎͕͖͇͔͕͙͌͘͘
͖͗͌͋͏͉͇ͦ͑͘͚͖͕͙͈͇͗͌͏͒͏
͖͕͍͇͋͋͗͑͡͔͇͚͇͗͌͋
ZZZHOHFWUROX[FRP
̵̶̸̴̧̯̯̬̴̧̷̧̺̬̫
̶͗͌͊͒͌͋͔͇͕͔͙͕͔͑͗͒͏ͦ͖͇͔͌͒
2 3 4 5 6 71
Нмжгпбш ЗибкЩжбЮ
+REt+RRG ̯͔͋͏͇͙͕͑͗͎͇͚͔͛͑͝͏͙͇ͦ͎͇͚͖͇͉͔͗͒͌͏͌͔͇͇͖͇͑ಣ
͇͑͕͙͕͙͕͔͇͑͒
̲͇͓͖͇ ̩͉͇͔͑͒ͥ͌͞͏͏͎͉͇͔͑͒ͥ͌͞͔͇͇͓͖͒͏
̶͉͇͗͡͕͕͙͑͗͘͘͏͎͑͒ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͖͉͇͗͡͕͕͙͑͗͘͘̺͙͗͌͋͡
͌͘͏͎͉͇͑͒ͥ͞͒͌͋͘͉͙͕͕͗͔͇͙͏͇͔͑͌͘
̩͙͕͇͗͕͕͙͑͗͘͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͉͙͕͇͗͕͕͙͑͗͘͘
̹͙͇͗͌͕͕͙͑͗͘͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͙͙͇͗͌͕͕͙͑͗͘͘
̳͇͑͘͏͓͇͔͇͒͕͕͙͑͗͘͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͓͇͑͘͏͓͇͔͇͒͕͕͙͑͗͘͘
̯͎͉͙͌͘͏͌͎͇͛͏͙͒͗͡ ̴͇͖͕͓͔ͦ͎͇͓͔͇ͦ͘͏͒͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇͓͇͎ಣ
͔͏͔͏
̸̴̴̧̩̬̱̯̫̬̩̶̵̷̨̧̺̹̬
̯͎͖͕͎͉͇͔͒͌͔͇
͇͈͕͈͇͙͕͇͗͗͘
̶͕͉͙͗͌͗͌͌͖͖͕͗͌͗͡͞͏͙͔͇͙͇͌͒͕͕͙͑͗͘͘
͉͕͙͉͙͙͉͌͘͘͡͏͌͘͙͇͈͒͏͇͙͇͝͖͕͕͚͋͒
̶͗͏͎͇͙͕͖͔͒ͦ͌͔͇͇͔͇͗͜͕͙͉͔͊͌͌͘͖͕͙͇͉͔͌͘
͇͖͇͑͑
̶͗͏͕͙͉͔͊͌͌͘͇͖͇͑͑͉͚͗͜͡͔͕͕ͦ͑͒͑͎͕͔͏͎͇͕͊ಣ
͙͉͔͌͌͏͒͏͕͙͕͔͑͒͏͕͒͌͑͖͍͔͗͌͌͡
̶͗͏͉͇͔͗͌͌͖͍͔͗͌͌͡͔͇͕͓͊͒͌͏͕͑͒͏͙͉͇͌͘͞
͇͔͇͗͜͈͎͌͇͖͇͑͑͕͙͉͔͊͌͌͔͇͔͕͕ͦ͑͒͑͎͕͔͏͎͇͕͊ಣ
͙͉͔͌͌͏͒͏͕͙͕͔͑͒͏
̶͗͏͉͇͔͗͌͌͖͍͔͗͌͌͡͔͇͕͓͊͒͌͏͕͑͒͏͙͉͇͌͘͞
͇͔͇͗͜͈͎͌͇͖͇͑͑͉͏͕͇͑͘͉͇͍͔͕͙͒͘̧͈͕͈͇͙͕͗͘ಣ
͙͗͡͇͈͕͙͗͏͔͇͓͇͑͘͏͓͇͔͇͒͕͕͙͑͗͘͘̸͒͌͋͓͏ಣ
͔͚͙͏͚͙͗͌͋͡͌͘͉͇͗͡͠͔͇͖͕͔͇͙͇͒͌͋͘͔͇͙͕͗͐͘ಣ
͇͑
ЊУДЌЉЙКГБ 
̶͖͕͗͌͗͡͞͏͙͔͕͌͒͌͇͋
͕͙͇͉͘͏͙͌͇͈͕͈͇͙͕͇͗͗͘͇͋
͇͈͕͙͗͏͖͗͏͈͒͏͎͏͙͔͕͌͒
͓͏͔͚͙͏͒͌͋͘͕͙͉͔͊͌͌
̮͇͇͋͇͈͕͙͗͏͙͌͘͇͈͕͈͇͙͕͙͗͗͘͡
 ̴͇͙͏͔͙͌͌͘͖͉͗͡͏ͦ͈͚͙͕͔͎͇͕͕͙͑͗͘͘
͎͇͇͋͉͑͒ͥ͞͏͙͌͚͇͗͌͋
 ̧͕͑͌͔͕͈͕͌͋͜͏͓͕͔͇͙͏͔͙͌͌͘
͈͚͙͕͔͇͔͇͇͓͖͒͏͇͙͇͑͞ ͎͇͇͋
͕͉͙͌͘͏͙͌͖͕͉͔͕͙͙͇͗͘͜͡͎͇͕͙͉͔͊͌͌
 ̧͕͑͌͔͕͈͕͌͋͜͏͓͕͓͔͙͌͌͌͘
͕͕͙͙͇͑͗͘͘͇͙͕͑͔͇͙͏͔͙͌͌͘͍͇͔͌͒͏ͦ
͈͚͙͕͔
̮͇͇͋͏͎͑͒ͥ͞͏͙͌͚͇͗͌͋͔͇͙͏͔͙͌͌͘
͕͙͔͕͉͕͈͚͙͕͔͇
+REt+RRG͚͔͛͑͝͏ͦ
̹͕͉͇͌͇͉͙͕͓͇͙͏͔͇͞͚͔͛͑͝͏ͦ
͉͎͉͇͇͗͘͡͠͖͕͙͇͒͓͑͡͇͈͕͈͇͙͕͇͗͗͘
̱͇͙͕͑͖͕͇͙͇͒͞͙͇͇͑͏͇͈͕͈͇͙͕͙͗͗͘͡
͇͎͖͕͇͇͙͗͒͊͘͕͓͚͔͑͏͇͙͕͑͗͘
͏͔͇͉͔͛͗͌͗͌͞͘͏͔͇͊͒̸͕͕͙͙͇͑͗͘͔͇
͉͔͙͌͏͇͙͕͇͒͗͌͘͕͖͗͌͋͌͒ͦ
͇͉͙͕͓͇͙͏͔͕͞͉͎͡͕͔͕͉͇͘͔͇
͔͇͙͕͇͙͇͗͐͑͘͔͇͍͗͌͏͓͇͏
͙͓͖͇͙͚͇͙͇͌͌͗͗͔͇͔͇͐͕͊͗͌͠͏͙͌
͕͙͉͇͊͗͑͘͏͕͉͋͌͘͡͉͚͗͜͡͖͕͙͇͒̸͕͡͠
͙͇͇͑͓͕͍͙͌͌͇͋͚͖͇͉͉͇͙͗͒ͦ͌
͉͔͙͌͏͇͙͕͇͒͗͏͔͕͗͡͞͕͙͖͕͙͇͒
̻͚͔͑͝͏͙͇ͦ͓͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗͕͙
͖͇͔͇͌͒͔͇͖͕͙͇͒
̮͇͖͕͉͌͌͞͏͔͕͓͇͛͗͝͏ͦ
͕͙͔͕͔͕͘͇͑͑͌͘͏͎͖͕͎͉͇͒
͚͔͛͑͝͏͙͇ͦ͉͏͍͙͌
͖͕͙͈͗͌͏͙͕͙͕͌͒͑͘
͕͉͕͙͉͕͗͑͋͘͡͎͇͖͕͙͇͒
̯͎͉͙͌͘͏͌͎͇͛͏͙͒͗͡
̧͇͓͇͙͇͒͗͔͇͛͏͙͇͒͗͡͔͇͖͕͓͔ͦ͎͇
͓͔͇ͦ͘͏͒͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͇͙͕͑͑͏͎͇͖͕͞͏͙͉͇͔͌͘
͔͇͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏̯͔͋͏͇͙͕͙͑͗͡
͔͇͛͏͙͇͒͗͡ ͌͘͉͉͇͑͒ͥ͞͉͉
͖͕͍͔͗͋͒͌͡͏͌͔͇͚͔͌͑͋͘͏͉͚͇͒͐͘͞
͌͞͛͏͙͙͒͗͡͡͎͇͓͇͎͔͏͔͏͏͓͇͔͚͍͇͋͕͙
͖͕͞͏͙͉͇͔͌͘̯͔͋͏͇͙͕͙͑͗͡͔͇͛͏͙͇͒͗͡
͖͓͗͌͏͉͇͊͉͖͕͍͔͗͋͒͌͡͏͌͔͇
͚͔͌͑͋͘͏͇͕͑͛͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌
͉͔͊͒͌͡͙͈͉͇͗ͦ͇͋͌͘͓͔͌ͦ͘͏͒͏
͖͕͞͏͙͉͇͘
̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘͎͇
͖͕͞͏͙͉͇͔͙͕͌͘͔͇͛͏͙͇͒͗͡
͎͇͓͇͎͔͏͔͏͉͇͉͇͊͒
ಱ̶͕͞͏͙͉͇͔͌͘͏͊͗͏͍͇ಯ
̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘
͕͙͔͕͔͕͘͖͕͞͏͙͉͇͔͙͕͌͘͏͒͏
͓͔͇͙͇ͦ͘͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͉͇͉͇͙͇͊͒
ಱ̪͗͏͍͏͏͖͕͞͏͙͉͇͔͌͘ಯ
̮͇͇͋͔͚͒͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ͎͇͍͙͋͗͌͡
͈͚͙͕͔͇ ͎͇͚͔͌͑͋͘͏
АЩЭЩЩглбЫбйЩлЮбдбЭЮЩглбЫбйЩлЮ
нмжгпбш
 ̮͇͇͋͇͙͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ
͎͇͍͙͋͗͌͡͈͚͙͕͔͇ ͎͇͚͔͌͑͋͘͏
̧͕͑͚͔͛͑͝͏͙͇ͦ͌͇͙͑͏͉͏͇͔͇͗
͏͔͋͏͇͙͕͙͑͗͡ ͓͏͇͊͉͇͋͖͙͡͏
 ̮͇͇͋͇͙͋͌͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ
͎͇͍͙͋͗͌͡͈͚͙͕͔͇ ͎͇͚͔͌͑͋͘͏
̧͕͑͚͔͛͑͝͏͙͇ͦ͌͇͙͋͌͑͏͉͏͇͔͇͗
͏͔͋͏͇͙͕͙͑͗͡ ͓͏͇͊͉͔͍͌͋͡
̫͏͙͇͔͘͝͏͕͔͔͕͚͖͇͉͔͗͒͌͏͌
̺͙͗͌͋͡͌͔͇͈͔͋͌͘͘͋͏͙͇͔͘͝͏͕͔͔͕
͚͖͇͉͔͗͒͌͏͌
̶͉͕͔͇͇͔͕͗͒͡͞͉͎͇͙͇͗͑͡͌͇͙͑͏͉͏͇͔͇͗
АЩЭЩкЫуйЯЮлЮбдббагдчрблЮ
ЭбклЩжпбзжжзлзмийЩЫдЮжбЮ
 ̯͎͙͑͒ͥ͌͌͞͚͇͗͌͋
 ̴͇͙͏͔͙͌͌͘ ͎͇͚͔͌͑͋͘͏
̯͔͋͏͇͙͕͙͑͗͡͔͇͕͔͙͕͔͑͗͒͏ͦ͖͇͔͌͒
͓͏͇͊͉͇͋͖͙͡͏͇͕͑͚͔͛͑͝͏͙͇ͦ͌
͇͙͑͏͉͏͇͔͇͗͏͉͔͍͌͋͡͇͕͑͌
͇͙͋͌͑͏͉͏͇͔͇͗
ZZZHOHFWUROX[FRP
̶͖͕͗͌͗͡͞͏͙͔͕͌͒͌͇͋
͕͙͇͉͘͏͙͌͇͈͕͈͇͙͕͇͗͗͘͇͋
͇͈͕͙͗͏͖͗͏͈͒͏͎͏͙͔͕͌͒
͓͏͔͚͙͏͒͌͋͘͕͙͉͔͊͌͌
̮͇͇͋͇͈͕͙͗͏͙͌͘͇͈͕͈͇͙͕͙͗͗͘͡
 ̴͇͙͏͔͙͌͌͘͖͉͗͡͏ͦ͈͚͙͕͔͎͇͕͕͙͑͗͘͘
͎͇͇͋͉͑͒ͥ͞͏͙͌͚͇͗͌͋
 ̧͕͑͌͔͕͈͕͌͋͜͏͓͕͔͇͙͏͔͙͌͌͘
͈͚͙͕͔͇͔͇͇͓͖͒͏͇͙͇͑͞ ͎͇͇͋
͕͉͙͌͘͏͙͌͖͕͉͔͕͙͙͇͗͘͜͡͎͇͕͙͉͔͊͌͌
 ̧͕͑͌͔͕͈͕͌͋͜͏͓͕͓͔͙͌͌͌͘
͕͕͙͙͇͑͗͘͘͇͙͕͑͔͇͙͏͔͙͌͌͘͍͇͔͌͒͏ͦ
͈͚͙͕͔
̮͇͇͋͏͎͑͒ͥ͞͏͙͌͚͇͗͌͋͔͇͙͏͔͙͌͌͘
͕͙͔͕͉͕͈͚͙͕͔͇
+REt+RRG͚͔͛͑͝͏ͦ
̹͕͉͇͌͇͉͙͕͓͇͙͏͔͇͞͚͔͛͑͝͏ͦ
͉͎͉͇͇͗͘͡͠͖͕͙͇͒͓͑͡͇͈͕͈͇͙͕͇͗͗͘
̱͇͙͕͑͖͕͇͙͇͒͞͙͇͇͑͏͇͈͕͈͇͙͕͙͗͗͘͡
͇͎͖͕͇͇͙͗͒͊͘͕͓͚͔͑͏͇͙͕͑͗͘
͏͔͇͉͔͛͗͌͗͌͞͘͏͔͇͊͒̸͕͕͙͙͇͑͗͘͔͇
͉͔͙͌͏͇͙͕͇͒͗͌͘͕͖͗͌͋͌͒ͦ
͇͉͙͕͓͇͙͏͔͕͞͉͎͡͕͔͕͉͇͘͔͇
͔͇͙͕͇͙͇͗͐͑͘͔͇͍͗͌͏͓͇͏
͙͓͖͇͙͚͇͙͇͌͌͗͗͔͇͔͇͐͕͊͗͌͠͏͙͌
͕͙͉͇͊͗͑͘͏͕͉͋͌͘͡͉͚͗͜͡͖͕͙͇͒̸͕͡͠
͙͇͇͑͓͕͍͙͌͌͇͋͚͖͇͉͉͇͙͗͒ͦ͌
͉͔͙͌͏͇͙͕͇͒͗͏͔͕͗͡͞͕͙͖͕͙͇͒
̻͚͔͑͝͏͙͇ͦ͓͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗͕͙
͖͇͔͇͌͒͔͇͖͕͙͇͒
̮͇͖͕͉͌͌͞͏͔͕͓͇͛͗͝͏ͦ
͕͙͔͕͔͕͘͇͑͑͌͘͏͎͖͕͎͉͇͒
͚͔͛͑͝͏͙͇ͦ͉͏͍͙͌
͖͕͙͈͗͌͏͙͕͙͕͌͒͑͘
͕͉͕͙͉͕͗͑͋͘͡͎͇͖͕͙͇͒
̯͎͉͙͌͘͏͌͎͇͛͏͙͒͗͡
̧͇͓͇͙͇͒͗͔͇͛͏͙͇͒͗͡͔͇͖͕͓͔ͦ͎͇
͓͔͇ͦ͘͏͒͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͇͙͕͑͑͏͎͇͖͕͞͏͙͉͇͔͌͘
͔͇͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏̯͔͋͏͇͙͕͙͑͗͡
͔͇͛͏͙͇͒͗͡ ͌͘͉͉͇͑͒ͥ͞͉͉
͖͕͍͔͗͋͒͌͡͏͌͔͇͚͔͌͑͋͘͏͉͚͇͒͐͘͞
͌͞͛͏͙͙͒͗͡͡͎͇͓͇͎͔͏͔͏͏͓͇͔͚͍͇͋͕͙
͖͕͞͏͙͉͇͔͌͘̯͔͋͏͇͙͕͙͑͗͡͔͇͛͏͙͇͒͗͡
͖͓͗͌͏͉͇͊͉͖͕͍͔͗͋͒͌͡͏͌͔͇
͚͔͌͑͋͘͏͇͕͑͛͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌
͉͔͊͒͌͡͙͈͉͇͗ͦ͇͋͌͘͓͔͌ͦ͘͏͒͏
͖͕͞͏͙͉͇͘
̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘͎͇
͖͕͞͏͙͉͇͔͙͕͌͘͔͇͛͏͙͇͒͗͡
͎͇͓͇͎͔͏͔͏͉͇͉͇͊͒
ಱ̶͕͞͏͙͉͇͔͌͘͏͊͗͏͍͇ಯ
̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘
͕͙͔͕͔͕͘͖͕͞͏͙͉͇͔͙͕͌͘͏͒͏
͓͔͇͙͇ͦ͘͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͉͇͉͇͙͇͊͒
ಱ̪͗͏͍͏͏͖͕͞͏͙͉͇͔͌͘ಯ
̮͇͇͋͔͚͒͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ͎͇͍͙͋͗͌͡
͈͚͙͕͔͇ ͎͇͚͔͌͑͋͘͏
АЩЭЩЩглбЫбйЩлЮбдбЭЮЩглбЫбйЩлЮ
нмжгпбш
 ̮͇͇͋͇͙͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ
͎͇͍͙͋͗͌͡͈͚͙͕͔͇ ͎͇͚͔͌͑͋͘͏
̧͕͑͚͔͛͑͝͏͙͇ͦ͌͇͙͑͏͉͏͇͔͇͗
͏͔͋͏͇͙͕͙͑͗͡ ͓͏͇͊͉͇͋͖͙͡͏
 ̮͇͇͋͇͙͋͌͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ
͎͇͍͙͋͗͌͡͈͚͙͕͔͇ ͎͇͚͔͌͑͋͘͏
̧͕͑͚͔͛͑͝͏͙͇ͦ͌͇͙͋͌͑͏͉͏͇͔͇͗
͏͔͋͏͇͙͕͙͑͗͡ ͓͏͇͊͉͔͍͌͋͡
̫͏͙͇͔͘͝͏͕͔͔͕͚͖͇͉͔͗͒͌͏͌
̺͙͗͌͋͡͌͔͇͈͔͋͌͘͘͋͏͙͇͔͘͝͏͕͔͔͕
͚͖͇͉͔͗͒͌͏͌
̶͉͕͔͇͇͔͕͗͒͡͞͉͎͇͙͇͗͑͡͌͇͙͑͏͉͏͇͔͇͗
АЩЭЩкЫуйЯЮлЮбдббагдчрблЮ
ЭбклЩжпбзжжзлзмийЩЫдЮжбЮ
 ̯͎͙͑͒ͥ͌͌͞͚͇͗͌͋
 ̴͇͙͏͔͙͌͌͘ ͎͇͚͔͌͑͋͘͏
̯͔͋͏͇͙͕͙͑͗͡͔͇͕͔͙͕͔͑͗͒͏ͦ͖͇͔͌͒
͓͏͇͊͉͇͋͖͙͡͏͇͕͑͚͔͛͑͝͏͙͇ͦ͌
͇͙͑͏͉͏͇͔͇͗͏͉͔͍͌͋͡͇͕͑͌
͇͙͋͌͑͏͉͏͇͔͇͗
ZZZHOHFWUROX[FRP
̷̪̯̭̯̯̶̵̸̴̧̯̹̩̬̾
̨͍͌͒͌͑͏͕͙͔͕͔͕͘͖͕͞͏͙͉͇͔͙͕͌͘
ИйЮиЩйЩлбаЩ
изрбклЫЩжЮ
ЖЮбаиздаЫЩвлЮЩЪйЩабЫжбизрбклЫЩтбийЮиЩйЩлббрЮлгб
̶͕͞͏͙͙͌͌͘͒͏͉͇͙͇͌͝͇͙͘͞͔͇͚͔͇͙͇͛͗͘͓͇͌͑͖͇͑͗͡͘͙͕͖͇͒͉͕ಣ
͇͋͏͒͌͑͖͖͇͇͙͗͌͗͎͇͖͕͞͏͙͉͇͔͌͘
̸͒͌͋͕͙͉͔͊͌͌͔͕ͦ͑͏͇͙͘͞͏͔͇͚͇͗͌͋͓͕͇͙͊͇͋͌͘͔͇͙͊͗͌ͦ̮͇͇͋
͏͎͈͔͙͌͊͌͌͖͙͔͇͌͚͙͗͌͋͡͙͈͉͇͗ͦ͇͋͌͘͕͇͒͋͜͏͏͏͎͚͘͟͏͘͞͏͙͇͘
͖͇͑͗͡͏͒͏͇͙͒͛͌͑͘͏
̶͕͞͏͙͙͌͌͘͖͙͔͇͙͇͌͘͒͌͑͖͕͞͏͙͉͇͘͠͖͖͇͇͙͗͌͗
ИзЭЭуйЯЩвлЮ
ЩЪкзйЪЩлзйЩ
рбкл
̶͕͞͏͙͉͇͙͐͌͘͚͗͌͋͏͙͌͏͛͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͉͌͑͘͏͓͌͌͘͝̩͔͏ಣ
͓͇͙͔͕͌͒͖͕͞͏͙͉͇͙͐͌͘͓͇͎͔͏͔͏͖͕͉͙͔͕͙͙͇͗͌͘͟͡͔͇͚͇͗͌͋͏
͛͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏̴͇͙͚͖͉͇͔͗͏ͦ͔͇͓͇͎͔͏͔͏͏͒͏͚͋͗͊͏͕͙͇͘ಣ
͙͡͝͏͓͕͇͙͊͇͋͕͉͇͙͋͌͋͕͋͖͕͍͇͗
̸͉͇͙͒͌͋͐͌͏͔͙͚͗͑͘͝͏͏͙͌͎͇͖͕͞͏͙͉͇͔͌͘͔͇͇͕͇͑͌͗͘͘͏͙͌͕͇͙͕͑͊
͌͉͔͕͑͒ͥ͌͞͏͎͉͙͌͘͏͙͕͌͎͇͛͏͙͒͗͡̩͏͍͙͌͏͎͉͙͉͇͔͌ͦ͘͏ͦ͎͇̻͏͒ಣ
͙͇͗͡͉͇͉͇͙͇͊͒͎͇͍͔͉͔͇͌͌͋͌͚͖͕͙͈͇͗͌
̻͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͓͕͇͙͊͇͋͌͘͖͕͞͏͙͉͇͙͘͉͕͓͋͘͡͏͔͇ͦ͒
̸͕͓͋͡͏͔͇͙͇ͦ͒͙͈͉͇͗ͦ͇͋͌͔͇͙͕͔͇͗͌͘͔͇͔͏͇͑͘͙͓͖͇͙͚͇͌͌͗͗͏
͇͙͑͗͑͡͝͏͑͒͡̻͏͙͙͒͗͡͡͎͇͓͇͎͔͏͔͏͓͕͍͌͇͋͎͇͚͈͊͏͉͙͇͌͝͘͏
͔͕͙͕͉͇͔͌͉͒͏ͦ͌͉͚͗͜͡͇͈͕͙͇͙͇͗͔͇͚͇͗͌͋
НбдлуйкЩг഻
лбЫЮжЫуЬдЮж
̩͓͙͕͗͌͌͎͇͔͇͘͏͇͔͌͠͔͇͛͏͙͇͒͗͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡͎͇͉͏͘͏͕͙
͙͏͖͇͕͙͉͔͊͌͌͏͕͉͔͕͙͙͇͗͌͋͘͔͇͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇͓͇͎ಣ
͔͏͔͏̻͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡͔͌͓͕͍͌͇͋͌͘͓͏͌͔͌͓͕͍͌
͇͋͌͘͔͗͌͊͌͌͗͏͇͗͏͙͈͉͇͗ͦ͇͋͌͘͖͕͓͔͋͌ͦ͖͗͏͈͒͏͎͏͙͔͕͌͒͔͇
͉͌͑͘͏͓͇͌͌͘͝͇͈͕͙͇͗͏͒͏͖͕͙͕͌͘͞͖͗͏͕͕͈͔͕͌͘͙͍͇͌͑͚͖͕ಣ
͙͈͇͗͌
̶͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡
͎͇͓͇͎͔͏͔͏
̻͏͙͒͗͏͙͌͌͘͓͕͔͙͏͇͙͗͘͖͕͓͕͙͇͠͔͇
͕͈͑͘͏͏͠͏͙͕͉͛͌͇͎͖͕͕͍͔͗͒͌͏͕͙
͕͈͇͙͔͇͙͇͗͙͇͔͇͗͘
АЩЭЩизрбклблЮнбдлуйЩ
 ̴͇͙͏͔͙͌͌͘͍͇͙͇͋͗͑͡͔͇͕͈͇͙͇͑͘͎͇
͓͕͔͙͇͍͉͚͗͜͡͖͇͔͇͌͒͔͇͛͏͙͇͒͗͡
͖͕͋͇͈͕͈͇͙͕͇͗͗͘
1
2
 ̲͕͌͑͔͇͕͔͙͑͒͌͌͖͔͇͙͇͗͌͋͇͙͘͞͔͇
͛͏͙͇͒͗͡͔͇͕͚͋͒͒͌͋͘͕͙͕͑͌
͖͔͙͋͗͌͌͡
̶͕͉͙͕͙͗͌͌͖͉͗͡͏͙͌͉͋͌͙͖͑͘͡͏͎͇
͉͘͏͑͞͏͛͏͙͒͗͏
ЊУДЌЉЙКГБ 
 ̶͕͞͏͙͙͌͌͘͛͏͙͒͗͏͙͌͘͖͕͓͕͙͇͠͔͇
͈͇͊͡͏͔͇͈͇͎͌͗͏͉͔͏͖͖͇͇͙͗͌͗͏͏͒͏
͉͕͓͋͘͡͏͔͇ͦ͒
̸͕͓͋͡͏͔͇͙͇ͦ͒͙͈͉͇͗ͦ͇͋͌
͔͇͙͕͔͇͗͌͘͔͇͔͏͇͑͘
͙͓͖͇͙͚͇͌͌͗͗͏͇͙͑͗͑͡
͝͏͑͒͡̻͏͙͙͒͗͡͡͎͇
͓͇͎͔͏͔͏͓͕͍͌͇͋͎͇͚͈͊͏
͉͙͇͌͝͘͏͔͕͙͕͉͇͔͌͉͒͏ͦ͌
͉͚͗͜͡͇͈͕͙͇͙͇͗͔͇͚͇͗͌͋
 ̮͇͓͕͔͙͏͇͔͗͌͔͇͛͏͙͒͗͏͙͌
͏͎͖͔͙͒͌͌͡͖͉͗͡͏͙͌͉͋͌͙͖͑͘͡͏͉
͕͈͇͙͔͗͌͗͌͋
̶͕͉͙͕͙͗͌͌͙͖͑͘͡͏͙͌͎͇͉͘͏͑͞͏͛͏͙͒͗͏
͇͕͑͌͖͗͏͕͍͒͏͓͕
̸͓͔͇ͦ͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡
ЋЖБЕЉЖБЎ
̻͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡
͔͌͙͈͉͇͗ͦ͇͋͌͘͓͏͌
̮͇͇͋͓͔͌͘͏͙͌͛͏͙͇͒͗͡
 ̯͎͉͇͙͋͌͌͛͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͕͙
͚͇͗͌͋
̩͏͍͙͌ಱ̶͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇
͓͇͎͔͏͔͏ಯ͉͙͇͎͏͇͉͇͊͒
 ̴͇͙͏͔͙͌͌͘͖͔͗͌͋͏ͦ͈͗͡͉͕͙͇͒͘
͓͑͡͕͔͇͙͇͋͒͇͙͘͞͔͇͛͏͙͇͒͗͡
̲͕͌͑͔͇͕͔͙͑͒͌͌͖͔͇͙͇͗͌͋͇͙͘͞͔͇
͛͏͙͇͒͗͡͔͇͕͚͋͒
 ̮͇͓͕͔͙͏͇͔͗͌͔͇͔͕͉͛͏͙͒͗͡
͏͎͖͔͙͒͌͌͡͙͖͑͘͡͏͙͌͉͕͈͇͙͔͗͌͗͌͋
̶͗͏͉͘͏͑͞͏͚͇͒͘͞͏͌͔͕͈͕͌͋͜͏͓͕͇͋
͓͔͙͌ͦ͌͘͛͏͙͒͗͏͙͌͖͕͔͌͔͇͉͌͑͘͏
͙͌͞͏͗͏͓͇͌͌͘͝
̸͓͔͇ͦ͔͇͇͓͖͒͏͇͙͇͑͞
̹͕͎͏͚͗͌͋͌͔͇͈͔͋͌͘͘͘͡͉͙͕͌͋͘͏͕͔͇͋
͇͓͖͒͏͇͑͞/('̹͇͎͏͇͙͘͞͙͈͉͇͗ͦ͇͋
͌͘͓͔͌͘͏͌͋͏͔͙͉͔͕͌͘͕͙͙͔͌͜͏͑̩
͚͇͒͐͘͞͔͇͔͌͏͎͖͇͉͔͕͙͗͘͉͏͍͙͌
ಱ̵͈͚͍͉͇͔͒͌͘ಯ͉͇͉͇͊͒ಱ̯͔͙͚͗͑͘͝͏͏͎͇
͈͎͕͖͇͔͕͙͌͘͘ಯ
̵̶̴̧̧̮̩̬̴̧̵̵̴̧̧̱̲̹̸̷̧̬̫
̷͌͝͏͑͒͏͇͙͗͐͌͓͇͙͌͗͏͇͒͏͙͌͘͘͡
͘͏͓͉͕͇͒ ̶͕͙͇͉͙ͦ͐͌͘͕͖͇͕͉͑͑͏͙͌͉
͕͙͉͙͔͌͘͡͏͙͌͕͔͙͔͑͌͐͌͗͏͎͇
͗͌͝͏͑͒͏͇͔͙͕͗͌͏͓̶͕͓͕͔͙͊͌͌͎͇
͕͖͇͎͉͇͔͙͕͌͔͇͕͕͔͇͙͇͑͒͇͗͌͋͘͏
͕͉͕͙͕͌͑͟͞͎͇͉͋͗͌͇͙͕͑͑͏͎͇
͗͌͝͏͑͒͏͇͔͙͕͗͌͔͇͕͙͖͇͋͡͝͏͕͙
͙͌͒͌͑͗͏͌͑͘͞͏͏͙͕͔͔͌͒͌͑͗͏͚͗͌͋͏̴͌
͏͎͉͙͗͒ͦ͐͌͜͡͚͗͌͋͏͙͌͕͎͔͇͔͌͞͏͘͘͡
͘͏͓͉͕͇͒O ͎͇͔͕͌͋͘͈͏͙͕͉͇͙͇͓͙͌͘
̩͔͙͗͌͌͡͚͇͗͌͋͉͓͙͔͌͘͏ͦ͖͚͔͙͑͎͇
͗͌͝͏͑͒͏͇͔͗͌͏͒͏͌͘͕͈͔͙͗͌͌͡͓͑͡
͉͇͇͙͇͟͕͈͠͏͔͇͑͘͚͍͈͇͒͘
ZZZHOHFWUROX[FRP
 ̶͕͞͏͙͙͌͌͘͛͏͙͒͗͏͙͌͘͖͕͓͕͙͇͠͔͇
͈͇͊͡͏͔͇͈͇͎͌͗͏͉͔͏͖͖͇͇͙͗͌͗͏͏͒͏
͉͕͓͋͘͡͏͔͇ͦ͒
̸͕͓͋͡͏͔͇͙͇ͦ͒͙͈͉͇͗ͦ͇͋͌
͔͇͙͕͔͇͗͌͘͔͇͔͏͇͑͘
͙͓͖͇͙͚͇͌͌͗͗͏͇͙͑͗͑͡
͝͏͑͒͡̻͏͙͙͒͗͡͡͎͇
͓͇͎͔͏͔͏͓͕͍͌͇͋͎͇͚͈͊͏
͉͙͇͌͝͘͏͔͕͙͕͉͇͔͌͉͒͏ͦ͌
͉͚͗͜͡͇͈͕͙͇͙͇͗͔͇͚͇͗͌͋
 ̮͇͓͕͔͙͏͇͔͗͌͔͇͛͏͙͒͗͏͙͌
͏͎͖͔͙͒͌͌͡͖͉͗͡͏͙͌͉͋͌͙͖͑͘͡͏͉
͕͈͇͙͔͗͌͗͌͋
̶͕͉͙͕͙͗͌͌͙͖͑͘͡͏͙͌͎͇͉͘͏͑͞͏͛͏͙͒͗͏
͇͕͑͌͖͗͏͕͍͒͏͓͕
̸͓͔͇ͦ͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡
ЋЖБЕЉЖБЎ
̻͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡
͔͌͙͈͉͇͗ͦ͇͋͌͘͓͏͌
̮͇͇͋͓͔͌͘͏͙͌͛͏͙͇͒͗͡
 ̯͎͉͇͙͋͌͌͛͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͕͙
͚͇͗͌͋
̩͏͍͙͌ಱ̶͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇
͓͇͎͔͏͔͏ಯ͉͙͇͎͏͇͉͇͊͒
 ̴͇͙͏͔͙͌͌͘͖͔͗͌͋͏ͦ͈͗͡͉͕͙͇͒͘
͓͑͡͕͔͇͙͇͋͒͇͙͘͞͔͇͛͏͙͇͒͗͡
̲͕͌͑͔͇͕͔͙͑͒͌͌͖͔͇͙͇͗͌͋͇͙͘͞͔͇
͛͏͙͇͒͗͡͔͇͕͚͋͒
 ̮͇͓͕͔͙͏͇͔͗͌͔͇͔͕͉͛͏͙͒͗͡
͏͎͖͔͙͒͌͌͡͙͖͑͘͡͏͙͌͉͕͈͇͙͔͗͌͗͌͋
̶͗͏͉͘͏͑͞͏͚͇͒͘͞͏͌͔͕͈͕͌͋͜͏͓͕͇͋
͓͔͙͌ͦ͌͘͛͏͙͒͗͏͙͌͖͕͔͌͔͇͉͌͑͘͏
͙͌͞͏͗͏͓͇͌͌͘͝
̸͓͔͇ͦ͔͇͇͓͖͒͏͇͙͇͑͞
̹͕͎͏͚͗͌͋͌͔͇͈͔͋͌͘͘͘͡͉͙͕͌͋͘͏͕͔͇͋
͇͓͖͒͏͇͑͞/('̹͇͎͏͇͙͘͞͙͈͉͇͗ͦ͇͋
͌͘͓͔͌͘͏͌͋͏͔͙͉͔͕͌͘͕͙͙͔͌͜͏͑̩
͚͇͒͐͘͞͔͇͔͌͏͎͖͇͉͔͕͙͗͘͉͏͍͙͌
ಱ̵͈͚͍͉͇͔͒͌͘ಯ͉͇͉͇͊͒ಱ̯͔͙͚͗͑͘͝͏͏͎͇
͈͎͕͖͇͔͕͙͌͘͘ಯ
̵̶̴̧̧̮̩̬̴̧̵̵̴̧̧̱̲̹̸̷̧̬̫
̷͌͝͏͑͒͏͇͙͗͐͌͓͇͙͌͗͏͇͒͏͙͌͘͘͡
͘͏͓͉͕͇͒ ̶͕͙͇͉͙ͦ͐͌͘͕͖͇͕͉͑͑͏͙͌͉
͕͙͉͙͔͌͘͡͏͙͌͕͔͙͔͑͌͐͌͗͏͎͇
͗͌͝͏͑͒͏͇͔͙͕͗͌͏͓̶͕͓͕͔͙͊͌͌͎͇
͕͖͇͎͉͇͔͙͕͌͔͇͕͕͔͇͙͇͑͒͇͗͌͋͘͏
͕͉͕͙͕͌͑͟͞͎͇͉͋͗͌͇͙͕͑͑͏͎͇
͗͌͝͏͑͒͏͇͔͙͕͗͌͔͇͕͙͖͇͋͡͝͏͕͙
͙͌͒͌͑͗͏͌͑͘͞͏͏͙͕͔͔͌͒͌͑͗͏͚͗͌͋͏̴͌
͏͎͉͙͗͒ͦ͐͌͜͡͚͗͌͋͏͙͌͕͎͔͇͔͌͞͏͘͘͡
͘͏͓͉͕͇͒O ͎͇͔͕͌͋͘͈͏͙͕͉͇͙͇͓͙͌͘
̩͔͙͗͌͌͡͚͇͗͌͋͉͓͙͔͌͘͏ͦ͖͚͔͙͑͎͇
͗͌͝͏͑͒͏͇͔͗͌͏͒͏͌͘͕͈͔͙͗͌͌͡͓͑͡
͉͇͇͙͇͟͕͈͠͏͔͇͑͘͚͍͈͇͒͘
ZZZHOHFWUROX[FRP
2%6$+
%(=3(Î12671,1)250$&($,167$/$&(
323,66327Ě(%,Î(
'(11328Ŀ91 
Î,Ģ7Ü1$'5Ŀ%$ 
0<6/0(1$96
'ÝNXMHPHY£PŀHMVWHVL]DNRXSLOLVSRWěHELÏ]QDÏN\(OHFWUROX[3URGXNWNWHU¿
MVWHVL]YROLOLÏHUS£]GHVHWLOHW¯SURIHVLRQ£OQ¯FK]NXģHQRVW¯DLQRYDF¯3ěL
QDYUKRY£Q¯WRKRWRGıP\VOQ«KRDVW\ORY«KRVSRWěHELÏHMVPHP\VOHOLQDYDģH
SRWěHE\0ıŀHWHVHSURWRYŀG\NG\ŀMHMSRXŀ¯Y£WHVSROHKQRXWŀHSRNDŀG«
GRV£KQHWHVNYÝO¿FKY¿VOHGNı
9¯W£Y£V(OHFWUROX[
1DYƢWLYWHQDƢHZHERY«VWU£QN\
5DG\NSRXŀ¯Y£Q¯EURŀXU\SRUDGFHSěLSRW¯ŀ¯FKDLQIRUPDFHRVHUYLVXD
RSUDY£FK]¯VN£WHQD
ZZZHOHFWUROX[FRPVXSSRUW
=DUHJLVWUXMWHVYıMVSRWěHELÏD]¯VNHMWHOHSģ¯VHUYLV
ZZZUHJLVWHUHOHFWUROX[FRP
1£NXSSě¯VOXģHQVWY¯VSRWěHEQ¯KRPDWHUL£OXDRULJLQ£OQ¯FKQ£KUDGQ¯FKG¯OıSUR
Y£ģVSRWěHELÏ
ZZZHOHFWUROX[FRPVKRS
3Î(2=.$=1.<$6(59,6
'RSRUXÏXMHPHSRXŀ¯YDWRULJLQ£OQ¯Q£KUDGQ¯G¯O\
9Sě¯SDGÝNRQWDNWRY£Q¯QDģHKRDXWRUL]RYDQ«KRVHUYLVQ¯KRVWěHGLVNDPÝMWHXVHEH
Q£VOHGXM¯F¯¼GDMH0RGHOY¿UREQ¯ϯVORV«ULRY«ϯVOR
7\WRLQIRUPDFHQDOH]QHWHQDW\SRY«PģW¯WNX
9DURY£Q¯'ıOHŀLW«EH]SHÏQRVWQ¯LQIRUPDFH
9ģHREHFQ«LQIRUPDFHDUDG\
,QIRUPDFHRRFKUDQÝŀLYRWQ¯KRSURVWěHG¯
=P×Q\Y\KUD]HQ\
%(=3(Î12671,1)250$&($,167$/$&(
9$5291
%H]SHÏQRVWQ¯LQIRUPDFHD
LQVWDODFLQDOH]QHWHY
VDPRVWDWQ£Sě¯UXÏFHV
SRN\Q\NLQVWDODFL3ěHG
MDN¿PNROLYSRXŀLW¯PÏL
¼GUŀERXVSRWěHELÏHVL
SHÏOLYÝSěHÏWÝWHNDSLWRO\R
EH]SHÏQRVWL
Î(6.< 
323,66327Ě(%,Î(
3ěHKOHGRYO£GDF¯KRSDQHOX
2 3 4 5 6 71
)XQNFH 3RSLV
+REt+RRG .RQWURONDIXQNFHRYO£G£Q¯RGVDYDÏHSDU]YDUQ«
GHVN\
2VYÝWOHQ¯ .]DSQXW¯DY\SQXW¯RVYÝWOHQ¯
3UYQ¯QDVWDYHQ¯RWಣ
£ÏHNY\SQXWR 0RWRUSěHSQHQDSUYQ¯QDVWDYHQ¯RW£ÏHN'UXK¿P
VWLVNQXW¯PVHVSRWěHELÏY\SQH
'UXK«QDVWDYHQ¯RW£ÏHN 0RWRUSěHSQHQDGUXK«QDVWDYHQ¯RW£ÏHN
7ěHW¯QDVWDYHQ¯RW£ÏHN 0RWRUSěHSQHQDWěHW¯QDVWDYHQ¯RW£ÏHN
0D[LP£OQ¯RW£ÏN\ 0RWRUSěHSQHQDPD[LP£OQ¯QDVWDYHQ¯RW£ÏHN
8SR]RUQÝQ¯QDY¿PÝQX
ILOWUX 8SR]RUĊXMHQDQXWQRVWY¿PÝQ\QHERY\ÏLģWÝQ¯XKO¯ಣ
NRY«KRILOWUXDY\ÏLģWÝQ¯WXNRY«KRILOWUX
'(11328Ŀ91
3RXŀ¯Y£Q¯RGVDYDÏHSDU
'RSRUXÏHQ«RW£ÏN\QDOH]QHWHYQ¯ŀH
XYHGHQ«WDEXOFH
3ěLRKěHYXM¯GODSěLYDěHQ¯VH]DNU\W¿PLQ£GREDPL
3ěLYDěHQ¯VH]DNU\W¿PLQ£GREDPLQDY¯FHYDUQ¿FK
]µQ£FKQHERKRě£F¯FKSěLP¯UQ«PVPDŀHQ¯
3ěLYDěHQ¯YRG\SěLVPDŀHQ¯YHON«KRPQRŀVWY¯M¯ಣ
GODEH]SRNOLFHSěLYDěHQ¯QDY¯FHYDUQ¿FK]µQ£FK
QHERKRě£F¯FK
3ěLYDěHQ¯YRG\SěLVPDŀHQ¯YHON«KRPQRŀVWY¯M¯ಣ
GODEH]SRNOLFHSěLY\VRN«YOKNRVWL2GVDYDÏSDU
SUDFXMHSěLPD[LP£OQ¯FKRW£ÏN£FK3RģHVWLPLQXಣ
W£FKVHVSRWěHELÏYU£W¯NSěHGFKR]¯PXQDVWDYHQ¯
ZZZHOHFWUROX[FRP
323,66327Ě(%,Î(
3ěHKOHGRYO£GDF¯KRSDQHOX
2 3 4 5 6 71
)XQNFH 3RSLV
+REt+RRG .RQWURONDIXQNFHRYO£G£Q¯RGVDYDÏHSDU]YDUQ«
GHVN\
2VYÝWOHQ¯ .]DSQXW¯DY\SQXW¯RVYÝWOHQ¯
3UYQ¯QDVWDYHQ¯RWಣ
£ÏHNY\SQXWR 0RWRUSěHSQHQDSUYQ¯QDVWDYHQ¯RW£ÏHN'UXK¿P
VWLVNQXW¯PVHVSRWěHELÏY\SQH
'UXK«QDVWDYHQ¯RW£ÏHN 0RWRUSěHSQHQDGUXK«QDVWDYHQ¯RW£ÏHN
7ěHW¯QDVWDYHQ¯RW£ÏHN 0RWRUSěHSQHQDWěHW¯QDVWDYHQ¯RW£ÏHN
0D[LP£OQ¯RW£ÏN\ 0RWRUSěHSQHQDPD[LP£OQ¯QDVWDYHQ¯RW£ÏHN
8SR]RUQÝQ¯QDY¿PÝQX
ILOWUX 8SR]RUĊXMHQDQXWQRVWY¿PÝQ\QHERY\ÏLģWÝQ¯XKO¯ಣ
NRY«KRILOWUXDY\ÏLģWÝQ¯WXNRY«KRILOWUX
'(11328Ŀ91
3RXŀ¯Y£Q¯RGVDYDÏHSDU
'RSRUXÏHQ«RW£ÏN\QDOH]QHWHYQ¯ŀH
XYHGHQ«WDEXOFH
3ěLRKěHYXM¯GODSěLYDěHQ¯VH]DNU\W¿PLQ£GREDPL
3ěLYDěHQ¯VH]DNU\W¿PLQ£GREDPLQDY¯FHYDUQ¿FK
]µQ£FKQHERKRě£F¯FKSěLP¯UQ«PVPDŀHQ¯
3ěLYDěHQ¯YRG\SěLVPDŀHQ¯YHON«KRPQRŀVWY¯M¯ಣ
GODEH]SRNOLFHSěLYDěHQ¯QDY¯FHYDUQ¿FK]µQ£FK
QHERKRě£F¯FK
3ěLYDěHQ¯YRG\SěLVPDŀHQ¯YHON«KRPQRŀVWY¯M¯ಣ
GODEH]SRNOLFHSěLY\VRN«YOKNRVWL2GVDYDÏSDU
SUDFXMHSěLPD[LP£OQ¯FKRW£ÏN£FK3RģHVWLPLQXಣ
W£FKVHVSRWěHELÏYU£W¯NSěHGFKR]¯PXQDVWDYHQ¯
ZZZHOHFWUROX[FRP
'RSRUXÏXMHVHQHFKDW
RGVDYDÏSDU]DSQXW¿MHģWÝ
SěLEOLŀQÝPLQXWSR
GRNRQÏHQ¯Sě¯SUDY\M¯GOD
-DNXY«VWGRSURYR]XRGVDYDÏSDU
 6SRWěHELÏ]DSQHWHVWLVNQXW¯PSUYQ¯KR
WODϯWNDRW£ÏHN
 9Sě¯SDGÝSRWěHE\VWLVNQÝWHWODϯWNR
SURRVYÝWOHQ¯YDUQ«SORFK\
 9Sě¯SDGÝSRWěHE\]PÝĊWHRW£ÏN\
VWLVNQXW¯PSě¯VOXģQ«KRWODϯWND
6SRWěHELÏY\SQHWHRSÝWRYQ¿PVWLVNQXW¯P
SUYQ¯KRWODϯWNDQDVWDYHQ¯RW£ÏHN
+REt+RRGIXQNFH
-HGQ£VHRDXWRPDWLFNRXIXQNFLNWHU£
VSRM¯YDUQRXGHVNXVRGVDYDÏHPSDU
-DNYDUQ£GHVNDWDNRGVDYDÏSDUMVRX
Y\EDYHQ\LQIUDÏHUYHQ¿PY\V¯ODÏHP
5\FKORVWYHQWLO£WRUXVHě¯G¯DXWRPDWLFN\
QD]£NODGQÝUHŀLPXQDVWDYHQ¯DWHSORW\
QHMWHSOHMģ¯YDUQ«Q£GRE\QDYDUQ«GHVFH
9HQWLO£WRUO]HWDN«SURVWěHGQLFWY¯PYDUQ«
GHVN\RYO£GDWUXÏQÝ)XQNFLO]H]DSQRXW
]SDQHOXYDUQ«GHVN\
'DOģ¯LQIRUPDFHRSRXŀLW¯
IXQNFHQDMGHWHYQ£YRGXN
SRXŀLW¯YDUQ«GHVN\
8SR]RUQÝQ¯QDY¿PÝQX
ILOWUX
.RQWURONDY¿VWUDK\ILOWUXXSR]RUĊXMHQD
QXWQRVWY¿PÝQ\QHERY\ÏLģWÝQ¯
XKO¯NRY«KRILOWUXDY\ÏLģWÝQ¯WXNRY«KR
ILOWUX3RNXGNRQWURONDILOWUX VY¯W¯
VHNXQGMHQXWQ«Y\ÏLVWLWWXNRY¿ILOWU
3RNXGNRQWURONDILOWUX EOLN£VHNXQG
MHQXWQ«Y\PÝQLWQHERY\ÏLVWLWXKO¯NRY¿
ILOWU
9L]SRN\Q\NÏLģWÝQ¯
WXNRY«KRILOWUXYNDSLWROH
ÎLģWÝQ¯D¼GUŀED
9L]SRN\Q\NÏLģWÝQ¯
XKO¯NRY«KRILOWUXQHER
Y¿PÝQÝXKO¯NRY«KRILOWUXY
NDSLWROHÎLģWÝQ¯D¼GUŀED
)XQNFLUHVHWXMWHVWLVNQXW¯PWODϯWND QD
VHNXQG\
=DSQXW¯QHERY\SQXW¯IXQNFH
 )XQNFL]DSQHWHVWLVNQXW¯PWODϯWND
QDVHNXQG\
-HOLIXQNFH]DSQXW£NRQWUROND
GYDNU£W]DEOLN£
 )XQNFLY\SQHWHVWLVNQXW¯PWODϯWND
QDVHNXQG\
-HOLIXQNFHY\SQXW£NRQWUROND
MHGQRXEOLNQH
'£ONRY«RYO£G£Q¯
6SRWěHELÏVHGRG£Y£VG£ONRY¿P
RYO£G£Q¯P
3ěLSRMHQ¯MH]DSQXW«MLŀ]Y¿URE\
=DSQXW¯QHERY\SQXW¯G£ONRY«KR
RYO£G£Q¯
 9\SQÝWHVSRWěHELÏ
 1DWěLVHNXQG\VWLVNQÝWH
.RQWURONDQDRYO£GDF¯PSDQHOX]DEOLN£
GYDNU£WNG\ŀMHIXQNFH]DSQXW£D
MHGQRXNG\ŀMHY\SQXW£
Î(6.< 
Î,Ģ7Ü1$'5Ŀ%$
3R]Q£PN\NÏLģWÝQ¯
ÎLVWLF¯SUR഻
VWěHGN\
1HSRXƿ¯YHMWHDEUD]LYQ¯ÏLVWLF¯SURVWěHGN\DNDUW£ÏH
3RYUFKVSRWěHELÏHRWěHWHPÝNN¿PKDGě¯NHPQDPRÏHQ¿PYUR]WRNX
WHSO«YRG\DģHWUQ«KRP\F¯KRSURVWěHGNX
3RYDěHQ¯VHPRKRXQÝNWHU«Ï£VWLVSRWěHELÏH]DKě£W$E\VWH]DEU£ಣ
QLOLVNYUQ£PPXV¯VSRWěHELÏY\FKODGQRXDMHQXWQ«MHMY\VXģLWÏLVWRX
O£WNRYRXQHERSDS¯URYRXXWÝUNRX
6NYUQ\Y\ÏLVWÝWHSRPRF¯ģHWUQ«KRÏLVWLF¯KRSURVWěHGNX
2GVDYDÏSDU
XGUƿXMWHYƿG\
ÏLVW¿
6SRWěHELÏDWXNRY«ILOWU\ÏLVWÝWHNDŀG¿PÝV¯F9QLWěHNDWXNRY«ILOWU\
ģHWUQÝRÏLVWÝWHRGWXNX+URPDGÝQ¯PDVWQRW\ÏL]E\WNıM¯GHOPıŀH
]SıVRELWSRŀ£U
.G\ŀVH]REUD]XMHXSR]RUQÝQ¯ILOWUXěLÑWHVHSRN\Q\NÏLģWÝQ¯Sě¯ಣ
VOXģHQVWY¯9L]Ï£VW8SR]RUQÝQ¯ILOWUXYNDSLWROH'HQQ¯SRXŀ¯Y£Q¯
7XNRY«ILOWU\O]HP¿WYP\ÏFHQ£GRE¯
0\ÏNDQ£GRE¯PXV¯E¿WQDVWDYHQDQDQ¯]NRXWHSORWXDNU£WN¿SURಣ
JUDP8WXNRY«KRILOWUXPıŀHGRM¯WNEDUHYQ«]PÝQÝDOHQHP£WR
ŀ£GQ¿YOLYQDY¿NRQVSRWěHELÏH
8KO¯NRY¿ILOWU
'REDQDV\FHQ¯XKO¯NRY«KRILOWUXVHOLģ¯Y]£YLVORVWLQDW\SXSě¯SUDY\
M¯GODDÏHWQRVWLÏLģWÝQ¯WXNRY«KRILOWUX$NWLYQ¯XKO¯NRY¿ILOWUQHQ¯RP\ಣ
YDWHOQ¿QHO]HMHMUHJHQHURYDWDMHQXWQ«MHMY\PÝQLWNDŀG¿FK
PÝV¯FıSRXŀ¯Y£Q¯QHERÏDVWÝMLYSě¯SDGÝRE]YO£ģWÝYHON«KRY\W¯ŀHಣ
Q¯
ÎLģWÝQ¯WXNRY«KRILOWUX
)LOWU\MVRXXFK\FHQ\QDSURWÝMģ¯VWUDQÝ
SRPRF¯¼FK\WHNDVYRUHN
ÎLƢWÝQ¯ILOWUX
 6WLVNQÝWHGUŀDGOR¼FK\WN\QDSDQHOX
ILOWUXSRGRGVDYDÏHPSDU
1
2
 3ěHGQ¯Ï£VWILOWUXQDNORSWHP¯UQÝGROı
DSRW«]DW£KQÝWH
2SDNXMWHSUYQ¯GYDNURN\SRVWXSXX
YģHFKILOWUı
 )LOWU\RP\MWHSRPRF¯KRXELÏN\V
QHDEUD]LYQ¯PLÏLVWLF¯PLSURVWěHGN\
QHERSRXŀLMWHP\ÏNXQ£GRE¯
0\ÏNDQ£GRE¯PXV¯E¿W
QDVWDYHQDQDQ¯]NRXWHSORWX
DNU£WN¿SURJUDP8
WXNRY«KRILOWUXPıŀHGRM¯WN
EDUHYQ«]PÝQÝDOHQHP£WR
ŀ£GQ¿YOLYQDY¿NRQ
VSRWěHELÏH
 3ěLLQVWDODFLILOWUı]SÝWSURYHÑWHSUYQ¯
GYDNURN\SRVWXSXYRSDÏQ«P
SRěDG¯
9Sě¯SDGÝSRWěHE\RSDNXMWHSRVWXSX
YģHFKILOWUı
ZZZHOHFWUROX[FRP
Î,Ģ7Ü1$'5Ŀ%$
3R]Q£PN\NÏLģWÝQ¯
ÎLVWLF¯SUR഻
VWěHGN\
1HSRXƿ¯YHMWHDEUD]LYQ¯ÏLVWLF¯SURVWěHGN\DNDUW£ÏH
3RYUFKVSRWěHELÏHRWěHWHPÝNN¿PKDGě¯NHPQDPRÏHQ¿PYUR]WRNX
WHSO«YRG\DģHWUQ«KRP\F¯KRSURVWěHGNX
3RYDěHQ¯VHPRKRXQÝNWHU«Ï£VWLVSRWěHELÏH]DKě£W$E\VWH]DEU£ಣ
QLOLVNYUQ£PPXV¯VSRWěHELÏY\FKODGQRXDMHQXWQ«MHMY\VXģLWÏLVWRX
O£WNRYRXQHERSDS¯URYRXXWÝUNRX
6NYUQ\Y\ÏLVWÝWHSRPRF¯ģHWUQ«KRÏLVWLF¯KRSURVWěHGNX
2GVDYDÏSDU
XGUƿXMWHYƿG\
ÏLVW¿
6SRWěHELÏDWXNRY«ILOWU\ÏLVWÝWHNDŀG¿PÝV¯F9QLWěHNDWXNRY«ILOWU\
ģHWUQÝRÏLVWÝWHRGWXNX+URPDGÝQ¯PDVWQRW\ÏL]E\WNıM¯GHOPıŀH
]SıVRELWSRŀ£U
.G\ŀVH]REUD]XMHXSR]RUQÝQ¯ILOWUXěLÑWHVHSRN\Q\NÏLģWÝQ¯Sě¯ಣ
VOXģHQVWY¯9L]Ï£VW8SR]RUQÝQ¯ILOWUXYNDSLWROH'HQQ¯SRXŀ¯Y£Q¯
7XNRY«ILOWU\O]HP¿WYP\ÏFHQ£GRE¯
0\ÏNDQ£GRE¯PXV¯E¿WQDVWDYHQDQDQ¯]NRXWHSORWXDNU£WN¿SURಣ
JUDP8WXNRY«KRILOWUXPıŀHGRM¯WNEDUHYQ«]PÝQÝDOHQHP£WR
ŀ£GQ¿YOLYQDY¿NRQVSRWěHELÏH
8KO¯NRY¿ILOWU
'REDQDV\FHQ¯XKO¯NRY«KRILOWUXVHOLģ¯Y]£YLVORVWLQDW\SXSě¯SUDY\
M¯GODDÏHWQRVWLÏLģWÝQ¯WXNRY«KRILOWUX$NWLYQ¯XKO¯NRY¿ILOWUQHQ¯RP\ಣ
YDWHOQ¿QHO]HMHMUHJHQHURYDWDMHQXWQ«MHMY\PÝQLWNDŀG¿FK
PÝV¯FıSRXŀ¯Y£Q¯QHERÏDVWÝMLYSě¯SDGÝRE]YO£ģWÝYHON«KRY\W¯ŀHಣ
Q¯
ÎLģWÝQ¯WXNRY«KRILOWUX
)LOWU\MVRXXFK\FHQ\QDSURWÝMģ¯VWUDQÝ
SRPRF¯¼FK\WHNDVYRUHN
ÎLƢWÝQ¯ILOWUX
 6WLVNQÝWHGUŀDGOR¼FK\WN\QDSDQHOX
ILOWUXSRGRGVDYDÏHPSDU
1
2
 3ěHGQ¯Ï£VWILOWUXQDNORSWHP¯UQÝGROı
DSRW«]DW£KQÝWH
2SDNXMWHSUYQ¯GYDNURN\SRVWXSXX
YģHFKILOWUı
 )LOWU\RP\MWHSRPRF¯KRXELÏN\V
QHDEUD]LYQ¯PLÏLVWLF¯PLSURVWěHGN\
QHERSRXŀLMWHP\ÏNXQ£GRE¯
0\ÏNDQ£GRE¯PXV¯E¿W
QDVWDYHQDQDQ¯]NRXWHSORWX
DNU£WN¿SURJUDP8
WXNRY«KRILOWUXPıŀHGRM¯WN
EDUHYQ«]PÝQÝDOHQHP£WR
ŀ£GQ¿YOLYQDY¿NRQ
VSRWěHELÏH
 3ěLLQVWDODFLILOWUı]SÝWSURYHÑWHSUYQ¯
GYDNURN\SRVWXSXYRSDÏQ«P
SRěDG¯
9Sě¯SDGÝSRWěHE\RSDNXMWHSRVWXSX
YģHFKILOWUı
ZZZHOHFWUROX[FRP
9¿PÝQDXKO¯NRY«KRILOWUX
9$5291
8KO¯NRY¿ILOWUMH
QHRP\YDWHOQ¿
9¿PÝQDILOWUX
 9\MPÝWHWXNRY«ILOWU\]HVSRWěHELÏH
9L]ಱÎLģWÝQ¯WXNRY«KRILOWUXಯYW«WR
NDSLWROH
 =DWODÏWHSěHGQ¯KUDQXYHY¿ěH]X
VPÝUHPNGROQ¯Ï£VWLILOWUX3ěHGQ¯
Ï£VWILOWUXQDNORSWHP¯UQÝGROı
 3ěLLQVWDODFLQRY«KRILOWUXSURYHÑWH
VWHMQ¿SRVWXSYRSDÏQ«PSRěDG¯
9NDŀG«PSě¯SDGÝMHQXWQ«PÝQLWILOWU\
QHMP«QÝNDŀG«ÏW\ěLPÝV¯FH
9¿PÝQDŀ£URYN\
6SRWěHELÏVHGRG£Y£Vŀ£URYNRXW\SX
/('7HQWRG¯OVP¯Y\PÝQLWSRX]H
ģNROHQ¿WHFKQLN9Sě¯SDGÝMDN«NROLY
]£YDG\YL]Ï£VWಱ6HUYLVಯYNDSLWROH
ಱ%H]SHÏQRVWQ¯SRN\Q\ಯ
32=10.<.2&+5$1ÜĿ,9271+235267Ě('
5HF\NOXMWHPDWHUL£O\R]QDÏHQ«
V\PEROHP 2EDO\Y\KRÑWHGR
Sě¯VOXģQ¿FKRGSDGQ¯FKNRQWHMQHUıN
UHF\NODFL3RP£KHMWHFKU£QLWŀLYRWQ¯
SURVWěHG¯DOLGVN«]GUDY¯DUHF\NORYDW
HOHNWULFN«DHOHNWURQLFN«VSRWěHELÏH
XUÏHQ«NOLNYLGDFL6SRWěHELÏHR]QDÏHQ«
Sě¯VOXģQ¿PV\PEROHP QHOLNYLGXMWH
VSROXVGRPRYQ¯PRGSDGHP6SRWěHELÏ
RGHY]GHMWHYP¯VWQ¯PVEÝUQ«PGYRěH
QHERNRQWDNWXMWHP¯VWQ¯¼ěDG
Î(6.< 
,1'+2/'6)257(*1(/6(
6,..(5+('6,1)250$7,212*,167$//$7,21 
352'8.7%(6.5,9(/6( 
'$*/,*%58*
9('/,*(+2/'(/6(2*5(1*5,1* 
9,71.(53',*
7DNIRUGLGXNºEWHHW(OHFWUROX[DSSDUDW'XKDUYDOJWHWSURGXNWVRPJLYHUGLJ
§UWLHUVSURIHVVLRQHOHUIDULQJRJLQQRYDWLRQ*HQLDOWRJHOHJDQW'HWHUGHVLJQHW
PHGGLJLWDQNHUQH6§XDQVHWKYRUQ§UGXEUXJHUGHQNDQGXY¨UHVLNNHUS§DW
GXI§UIDQWDVWLVNHUHVXOWDWHUKYHUJDQJ
9HONRPPHQWLO(OHFWUROX[
%HVºJYRUHVKMHPPHVLGHIRUDW
I§U§GJLYQLQJEURFKXUHUIHMOILQGLQJVHUYLFHRJUHSDUDWLRQVLQIRUPDWLRQ
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWU«UGLWSURGXNWIRUDWI§EHGUHVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
.ºEWLOEHKºUIRUEUXJVYDUHURJRULJLQDOHUHVHUYHGHOHWLOGLWDSSDUDW
ZZZHOHFWUROX[FRPVKRS
.81'(3/(-(2*6(59,&(
%UXJDOWLGRULJLQDOHUHVHUYHGHOH
6ºUJIRUDWKDYHIºOJHQGHGDWDNODUQ§UGXNRQWDNWHUYRUHVDXWRULVHUHGH
VHUYLFHFHQWHU0RGHO31&VHULHQXPPHU
2SO\VQLQJHUQHILQGHVS§W\SHVNLOWHW
$GYDUVHOIRUVLJWLJVLNNHUKHGVDQYLVQLQJHU
*HQHUHOOHRSO\VQLQJHURJU§G
0LOMºRSO\VQLQJHU
5HWWLO¨QGULQJHUXGHQYDUVHOIRUEHKROGHV
6,..(5+('6,1)250$7,212*,167$//$7,21
$'9$56(/
6HGHWVHSDUDWHK¨IWHPHG
LQVWDOODWLRQVLQVWUXNWLRQHUIRU
VLNNHUKHGVLQIRUPDWLRQRJ
LQVWDOODWLRQ/¨VNDSLWOHUQH
RPVLNNHUKHGRPK\JJHOLJW
LQGHQHQKYHUEUXJHOOHU
YHGOLJHKROGHOVHDIDSSDUDWHW
ZZZHOHFWUROX[FRP
,1'+2/'6)257(*1(/6(
6,..(5+('6,1)250$7,212*,167$//$7,21 
352'8.7%(6.5,9(/6( 
'$*/,*%58*
9('/,*(+2/'(/6(2*5(1*5,1* 
9,71.(53',*
7DNIRUGLGXNºEWHHW(OHFWUROX[DSSDUDW'XKDUYDOJWHWSURGXNWVRPJLYHUGLJ
§UWLHUVSURIHVVLRQHOHUIDULQJRJLQQRYDWLRQ*HQLDOWRJHOHJDQW'HWHUGHVLJQHW
PHGGLJLWDQNHUQH6§XDQVHWKYRUQ§UGXEUXJHUGHQNDQGXY¨UHVLNNHUS§DW
GXI§UIDQWDVWLVNHUHVXOWDWHUKYHUJDQJ
9HONRPPHQWLO(OHFWUROX[
%HVºJYRUHVKMHPPHVLGHIRUDW
I§U§GJLYQLQJEURFKXUHUIHMOILQGLQJVHUYLFHRJUHSDUDWLRQVLQIRUPDWLRQ
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWU«UGLWSURGXNWIRUDWI§EHGUHVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
.ºEWLOEHKºUIRUEUXJVYDUHURJRULJLQDOHUHVHUYHGHOHWLOGLWDSSDUDW
ZZZHOHFWUROX[FRPVKRS
.81'(3/(-(2*6(59,&(
%UXJDOWLGRULJLQDOHUHVHUYHGHOH
6ºUJIRUDWKDYHIºOJHQGHGDWDNODUQ§UGXNRQWDNWHUYRUHVDXWRULVHUHGH
VHUYLFHFHQWHU0RGHO31&VHULHQXPPHU
2SO\VQLQJHUQHILQGHVS§W\SHVNLOWHW
$GYDUVHOIRUVLJWLJVLNNHUKHGVDQYLVQLQJHU
*HQHUHOOHRSO\VQLQJHURJU§G
0LOMºRSO\VQLQJHU
5HWWLO¨QGULQJHUXGHQYDUVHOIRUEHKROGHV
6,..(5+('6,1)250$7,212*,167$//$7,21
$'9$56(/
6HGHWVHSDUDWHK¨IWHPHG
LQVWDOODWLRQVLQVWUXNWLRQHUIRU
VLNNHUKHGVLQIRUPDWLRQRJ
LQVWDOODWLRQ/¨VNDSLWOHUQH
RPVLNNHUKHGRPK\JJHOLJW
LQGHQHQKYHUEUXJHOOHU
YHGOLJHKROGHOVHDIDSSDUDWHW
ZZZHOHFWUROX[FRP
352'8.7%(6.5,9(/6(
2YHUVLJWRYHUEHWMHQLQJVSDQHO
2 3 4 5 6 71
)XQNWLRQ %HVNULYHOVH
+REt+RRG ,QGLNDWRUIRUIXQNWLRQHQWLODWVW\UHHPK¨WWHQIUDNRಣ
JHVHNWLRQHQ
/DPSH 6O§UODPSHUQHWLORJIUD
)ºUVWHKDVWLJKHG6OXNಣ
NHW 0RWRUHQVNLIWHUWLOIºUVWHKDVWLJKHGVQLYHDX(WDQGHW
WU\NVOXNNHUIRUDSSDUDWHW
$QGHQKDVWLJKHG 0RWRUHQVNLIWHUWLODQGHWKDVWLJKHGVQLYHDX
7UHGMHKDVWLJKHG 0RWRUHQVNLIWHUWLOWUHGMHKDVWLJKHGVQLYHDX
0DNVLPDOKDVWLJKHG 0RWRUHQVNLIWHUWLOPDNVLPDOWKDVWLJKHGVQLYHDX
)LOWHUPHGGHOHOVH 0LQGHUEUXJHUHQRPDWVNLIWHHOOHUUHQJºUHNXOILOWHUHW
RJRPDWUHQJºUHIHGWILOWHUHW
'$*/,*%58*
%UXJDIHPK¨WWHQ
.RQWUROOHUGHQDQEHIDOHGHKDVWLJKHGL
KHQKROGWLOQHGHQVW§HQGHWDEHO
2SYDUPQLQJDIPDGRJWLOEHUHGQLQJPHGJU\GHU
PHGO§JS§
7LOEHUHGQLQJDIPDGLJU\GHUPHGO§JS§S§IOHUH
NRJH]RQHUHOOHUEOXVOHWVWHJQLQJ
.RJQLQJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQ
O§JS§PDGWLOEHUHGQLQJS§IOHUHNRJH]RQHUHOOHU
EOXV
.RJQLQJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQ
O§JS§PHJHWIXJW(PK¨WWHQNºUHUS§PDNVLPDO
KDVWLJKHG(IWHUPLQXWWHUVNLIWHUDSSDUDWHWWLOEDಣ
JHWLOGHQIRUULJHLQGVWLOOLQJ
'$16. 
9LDQEHIDOHUDWPDQODGHU
HPK¨WWHQNºUHYLGHUHLFD
PLQXWWHUHIWHU
PDGODYQLQJHQ
)RUDWEHWMHQHHPK¨WWHQ
 7U\NS§GHQIºUVWHKDVWLJKHGVNQDS
IRUDWW¨QGHDSSDUDWHW
 +YLVGHWHUQºGYHQGLJWWU\NNHVS§
O\VNQDSSHQ IRUDWRSO\VH
PDGODYQLQJVRYHUIODGHQ
 +YLVGHWHUQºGYHQGLJWVNLIWHV
KDVWLJKHGHQYHGDWWU\NNHS§GHQ
ºQVNHGHNQDS
6OXNIRUHQKHGHQYHGLJHQDWWU\NNHS§
GHQIºUVWHKDVWLJKHGVNQDS
+REt+RRGIXQNWLRQ
'HWHUHQDYDQFHUHWDXWRPDWLVNIXQNWLRQ
VRPIRUELQGHUNRJHVHNWLRQHQWLOHQV¨UOLJ
HPK¨WWH%§GHNRJHVHNWLRQHQRJ
HPK¨WWHQKDUHQLQIUDUºG
VLJQDONRPPXQLNDWRU%O¨VHUHQV
KDVWLJKHGGHILQHUHVDXWRPDWLVNS§
EDJJUXQGDIIXQNWLRQHQVLQGVWLOOLQJRJ
WHPSHUDWXUHQDIGHWYDUPHVWHNRJHJUHM
S§NRJHVHNWLRQHQ'XNDQRJV§EHWMHQH
EO¨VHUHQPDQXHOWIUDNRJHVHNWLRQHQ
)XQNWLRQHQDNWLYHUHVIUDNRPIXUSDQHOHW
1¨UPHUHRSO\VQLQJHURP
NRJHVHNWLRQHQILQGHUGXL
GHQWLOKºUHQGH
EUXJVYHMOHGQLQJ
)LOWHUPHGGHOHOVH
)LOWHUDODUPPLQGHUEUXJHUHQRPDWVNLIWH
HOOHUUHQJºUHNXOILOWHUHWRJRPDWUHQJºUH
IHGWILOWHUHW)LOWHULQGLNDWRUHQ W¨QGHUL
VHNXQGHUKYLVIHGWILOWHUHWVNDO
UHQJºUHV)LOWHULQGLNDWRUHQ EOLQNHUL
VHNXQGHUKYLVNXOILOWHUHWVNDOXGVNLIWHV
HOOHUUHQJºUHV
6HUHQJºULQJDIIHGWILOWHUHWL
SOHMHRJUHQJºULQJVNDSLWOHW
6HDIVQLWWHWRPNXOILOWHUHW
HOOHUXGVNLIWQLQJDINXOILOWHUHWL
SOHMHRJUHQJºULQJVNDSLWOHW
)XQNWLRQHQQXOVWLOOHVYHGDWWU\NNHS§
NQDSSHQ LVHNXQGHU
6§GDQVO§VIXQNWLRQHQWLOHOOHUIUD
 )XQNWLRQHQDNWLYHUHVYHGDWWU\NNHS§
NQDSSHQ LVHNXQGHU
+YLVIXQNWLRQHQHUDNWLYHUHWEOLQNHU
LQGLNDWRUHQ WRJDQJH
 )XQNWLRQHQGHDNWLYHUHVYHGDWWU\NNH
S§NQDSSHQ LVHNXQGHU
+YLVIXQNWLRQHQHUGHDNWLYHUHWEOLQNHU
LQGLNDWRUHQ «QJDQJ
)MHUQVW\ULQJ
$SSDUDWHWOHYHUHVPHGIMHUQEHWMHQLQJ
)RUELQGHOVHQHURSULQGHOLJWDNWLYHUHW
6§GDQWLOVOXWWHVHOOHUIUDNREOHV
IMHUQEHWMHQLQJHQ
 6OXNDSSDUDWHW
 7U\NS§ LVHNXQGHU
/DPSHQS§NRQWUROSDQHOHWEOLQNHUWR
JDQJHKYLVIXQNWLRQHQHUDNWLYHUHWRJ«Q
JDQJKYLVGHQHUGHDNWLYHUHW
9('/,*(+2/'(/6(2*5(1*5,1*
%HP¨UNQLQJHURPUHQJºULQJ
5HQJºULQJV഻
PLGOHU
%UXJLNNHVOLEHQGHUHQJºULQJVPLGOHURJEºUVWHU
5HQJºUDSSDUDWHWVRYHUIODGHPHGHQEOºGNOXGRSYUHGHWLYDUPW
YDQGWLOVDWHWUHQJºULQJVPLGGHO
(IWHUPDGODYQLQJNDQQRJOHGHOHDIDSSDUDWHWEOLYHYDUPW)RUDW
XQGJ§SOHWWHUVNDODSSDUDWHWNºOHVQHGRJWºUUHVPHGUHQNOXGHOOHU
SDSLUK§QGNO¨GH
5HQJºUSOHWWHUPHGHWPLOGWUHQJºULQJVPLGGHO
ZZZHOHFWUROX[FRP
8GVNLIWQLQJDIS¨UHQ
'HWWHDSSDUDWHUIRUV\QHWPHG/('
ODPSH'HQQHGHOP§NXQXGVNLIWHVDI
WHNQLNHUHQ9HGIXQNWLRQVIHMOIºOJHV
6HUYLFHLNDSLWOHW
6LNNHUKHGVYHMOHGQLQJ
0,/-+(16<1
*HQEUXJPDWHULDOHUPHGV\PEROHW 
$QEULQJHPEDOODJHPDWHULDOHWLSDVVHQGH
EHKROGHUHWLOJHQEUXJ+M¨OSPHGDW
EHVN\WWHPLOMºHWRJPHQQHVNHOLJ
VXQGKHGVDPWDWJHQEUXJHDIIDOGDI
HOHNWULVNHRJHOHNWURQLVNHDSSDUDWHU
.DVVHULNNHDSSDUDWHUGHUHUP¨UNHW
PHGV\PEROHW VDPPHQPHG
KXVKROGQLQJVDIIDOGHW/HYHUSURGXNWHW
WLOEDJHWLOGLQORNDOHJHQEUXJVSODGVHOOHU
NRQWDNWGLQNRPPXQH
ZZZHOHFWUROX[FRP
8GVNLIWQLQJDIS¨UHQ
'HWWHDSSDUDWHUIRUV\QHWPHG/('
ODPSH'HQQHGHOP§NXQXGVNLIWHVDI
WHNQLNHUHQ9HGIXQNWLRQVIHMOIºOJHV
6HUYLFHLNDSLWOHW
6LNNHUKHGVYHMOHGQLQJ
0,/-+(16<1
*HQEUXJPDWHULDOHUPHGV\PEROHW 
$QEULQJHPEDOODJHPDWHULDOHWLSDVVHQGH
EHKROGHUHWLOJHQEUXJ+M¨OSPHGDW
EHVN\WWHPLOMºHWRJPHQQHVNHOLJ
VXQGKHGVDPWDWJHQEUXJHDIIDOGDI
HOHNWULVNHRJHOHNWURQLVNHDSSDUDWHU
.DVVHULNNHDSSDUDWHUGHUHUP¨UNHW
PHGV\PEROHW VDPPHQPHG
KXVKROGQLQJVDIIDOGHW/HYHUSURGXNWHW
WLOEDJHWLOGLQORNDOHJHQEUXJVSODGVHOOHU
NRQWDNWGLQNRPPXQH
ZZZHOHFWUROX[FRP
,1+$/769(5=(,&+1,6
6,&+(5+(,7681',167$//$7,216+,1:(,6(
*(57(%(6&+5(,%81* 
7*/,&+(5*(%5$8&+
5(,1,*81*81'3)/(*( 
:,5'(1.(1$16,(
9LHOHQ'DQNI¾U,KUHQ.DXIHLQHV(OHFWUROX[*HU¦WV6LHKDEHQHLQ3URGXNW
JHZ¦KOWGDVMDKU]HKQWHODQJHSURIHVVLRQHOOH(UIDKUXQJXQG,QQRYDWLRQPLWVLFK
EULQJW'DVDXVJHNO¾JHOWHXQGVWLOYROOH3URGXNWZXUGHI¾U6LHHQWZLFNHOW6R
N¸QQHQ6LHMHGHV0DOZHQQ6LHGDV3URGXNWYHUZHQGHQVLFKHUVHLQGDVV6LH
JUR¡DUWLJH(UJHEQLVVHHU]LHOHQZHUGHQ
:LOONRPPHQEHL(OHFWUROX[
%HVXFKHQ6LHXQVDXIXQVHUHU:HEVLWHXP
$QZHQGXQJVKLQZHLVH3URVSHNWH,QIRUPDWLRQHQ]X)HKOHUEHKHEXQJ6HUYLFH
XQG5HSDUDWXU]XHUKDOWHQ
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWULHUHQ6LH,KU3URGXNWXPHLQHQHUVWNODVVLJHQ6HUYLFH]XHUKDOWHQ
ZZZUHJLVWHUHOHFWUROX[FRP
8P=XEHK¸U9HUEUDXFKVPDWHULDOXQG2ULJLQDO(UVDW]WHLOHI¾U,KU*HU¦W]X
NDXIHQ
ZZZHOHFWUROX[FRPVKRS
.81'(1',(16781'6(59,&(
9HUZHQGHQ6LHLPPHU2ULJLQDO(UVDW]WHLOH
+DOWHQ6LHIROJHQGH$QJDEHQEHUHLWZHQQ6LHVLFKDQHLQHQDXWRULVLHUWHQ
.XQGHQGLHQVWZHQGHQ0RGHOO31&6HULHQQXPPHU
'LH'DWHQILQGHQ6LHDXIGHP7\SHQVFKLOG
:DUQXQJV6LFKHUKHLWVKLQZHLVH
$OOJHPHLQH,QIRUPDWLRQHQXQG(PSIHKOXQJHQ
,QIRUPDWLRQHQ]XP8PZHOWVFKXW]
QGHUXQJHQYRUEHKDOWHQ
6,&+(5+(,7681',167$//$7,216+,1:(,6(
:$5181*
%H]¾JOLFKGHU6LFKHUKHLWV
XQG,QVWDOODWLRQVKLQZHLVH
VLHKHGLHVHSDUDWH
0RQWDJHDQOHLWXQJ/HVHQ
6LHYRUGHU9HUZHQGXQJXQG
:DUWXQJGHV*HU¦WVGDV
.DSLWHOPLWGHQ
6LFKHUKHLWVLQIRUPDWLRQHQ
VRUJI¦OWLJGXUFK
'(876&+ 
*(57(%(6&+5(,%81*
EHUEOLFNದ%HGLHQIHOG
2 3 4 5 6 71
)XQNWLRQ %HVFKUHLEXQJ
+REt+RRG $Q]HLJHGHU)XQNWLRQPLWGHUGLH$E]XJVKDXEH
YRP.RFKIHOGDXVJHVWHXHUWZHUGHQNDQQ
/DPSH (LQXQG$XVVFKDOWHQGHU%HOHXFKWXQJ
(UVWH0RWRUJHVFKZLQಣ
GLJNHLW$XV 'HU0RWRUVFKDOWHWDXIGLHHUVWH*HVFKZLQGLJNHLWVಣ
VWXIH(UQHXWHV'U¾FNHQVFKDOWHWGDV*HU¦WDXV
=ZHLWH*HVFKZLQGLJNHLW 'HU0RWRUVFKDOWHWDXIGLH]ZHLWH*HVFKZLQGLJNHLWVಣ
VWXIH
'ULWWH*HVFKZLQGLJNHLW 'HU0RWRUVFKDOWHWDXIGLHGULWWH*HVFKZLQGLJNHLWVಣ
VWXIH
0D[LPDOH*HVFKZLQGLJಣ
NHLW 'HU0RWRUVFKDOWHWDXIGLHK¸FKVWH*HVFKZLQGLJಣ
NHLWVVWXIH
)LOHUEHQDFKULFKWLJXQJ (ULQQHUW6LHGDUDQGHQ.RKOHILOWHUDXV]XWDXVFKHQ
E]Z]XUHLQLJHQXQGGHQ)HWWILOWHU]XUHLQLJHQ
7*/,&+(5*(%5$8&+
9HUZHQGHQGHU
$E]XJVKDXEH
(QWQHKPHQ6LHGLHHPSIRKOHQH
*HVFKZLQGLJNHLWDXVGHU7DEHOOHXQWHQ
$XIZ¦UPHQYRQ6SHLVHQ.RFKHQLQ7¸SIHQPLW
'HFNHOQ
.RFKHQLQ7¸SIHQPLW'HFNHOQDXIPHKUHUHQ
.RFK]RQHQRGHU%UHQQHUQVDQIWHV%UDWHQ
.RFKHQYRQ:DVVHU%UDWHQYRQJUR¡HQ6SHLVHಣ
PHQJHQRKQH'HFNHO.RFKHQDXIPHKUHUHQ
.RFK]RQHQRGHU%UHQQHUQ
ZZZHOHFWUROX[FRP
.RFKHQYRQ:DVVHU%UDWHQYRQJUR¡HQ6SHLVHಣ
PHQJHQRKQH'HFNHOKRKH/XIWIHXFKWLJNHLW'LH
'XQVWDE]XJVKDXEHO¦XIWPLWPD[LPDOHU*HVFKZLQಣ
GLJNHLW1DFK0LQXWHQNHKUWVLH]XUYRULJHQ(LQಣ
VWHOOXQJ]XU¾FN
(VZLUGHPSIRKOHQGLH
'XQVWDE]XJVKDXEHQDFK
GHP.RFKHQHWZD
0LQXWHQODQJODXIHQ]X
ODVVHQ
%HGLHQHQGHU$E]XJVKDXEH
 =XP(LQVFKDOWHQGHV*HU¦WVGU¾FNHQ
6LHGLHHUVWH*HVFKZLQGLJNHLWVWDVWH
 %HL%HGDUIGU¾FNHQ6LHGLH/LFKWWDVWH
XPGHQ.RFKEHUHLFK]X
EHOHXFKWHQ
 %HL%HGDUI¦QGHUQ6LHGLH
*HVFKZLQGLJNHLWGXUFK'U¾FNHQGHU
HQWVSUHFKHQGHQ7DVWH
=XP$XVVFKDOWHQGHV*HU¦WVGU¾FNHQ
6LHGLHHUVWH*HVFKZLQGLJNHLWVWDVWH
HUQHXW
+REt+RRG)XQNWLRQ
'LHVHDXWRPDWLVFKH)XQNWLRQYHUELQGHW
GDV.RFKIHOGPLWHLQHU
'XQVWDE]XJVKDXEH'DV.RFKIHOGXQG
GLH'XQVWDE]XJVKDXEHNRPPXQL]LHUHQ
PLW+LOIHYRQ,QIUDURWVLJQDOHQ'LH
*HVFKZLQGLJNHLWGHV/¾IWHUVZLUG
DXWRPDWLVFKHLQJHVWHOOW6LHULFKWHWVLFK
QDFKGHPHLQJHVWHOOWHQ0RGXVXQGGHU
7HPSHUDWXUGHVKHL¡HVWHQ.RFKJHVFKLUUV
DXIGHP.RFKIHOG6LHN¸QQHQGDV
*HEO¦VHDXFKPDQXHOODXIGHP
%HGLHQIHOGGHV.RFKIHOGVHLQVWHOOHQ'LH
)XQNWLRQNDQQYRP%HGLHQIHOGGHV
.RFKIHOGVDNWLYLHUWZHUGHQ
:HLWHUH,QIRUPDWLRQHQ]XU
1XW]XQJGHU)XQNWLRQILQGHQ
6LHLQGHU
*HEUDXFKVDQOHLWXQJGHV
.RFKIHOGV
)LOWHUEHQDFKULFKWLJXQJ
'HU)LOWHUDODUPHULQQHUW6LHGDUDQGHQ
.RKOHILOWHUDXV]XWDXVFKHQE]Z]X
UHLQLJHQXQGGHQ)HWWILOWHU]XUHLQLJHQ
'LH)LOWHUDQ]HLJH OHXFKWHW
6HNXQGHQZHQQGHU)HWWILOWHUJHUHLQLJW
ZHUGHQPXVV'LH)LOWHUDQ]HLJH EOLQNW
6HNXQGHQZHQQGHU.RKOHILOWHU
DXVJHWDXVFKWRGHUJHUHLQLJWZHUGHQ
PXVV
6LHKHಱ5HLQLJHQGHV
)HWWILOWHUVಯLP.DSLWHO
ಱ5HLQLJXQJXQG3IOHJHಯ
6LHKHಱ5HLQLJHQGHV
.RKOHILOWHUVಯRGHU
ಱ$XVWDXVFKHQGHV
.RKOHILOWHUVಯLP.DSLWHO
ಱ5HLQLJXQJXQG3IOHJHಯ
=XP=XU¾FNVHW]HQGHU)XQNWLRQKDOWHQ
6LH6HNXQGHQODQJGLH7DVWH
JHGU¾FNW
(LQRGHU$XVVFKDOWHQGHU)XQNWLRQ
 =XP(LQVFKDOWHQGHU)XQNWLRQKDOWHQ
6LH6HNXQGHQODQJGLH7DVWH
JHGU¾FNW
:HQQGLH)XQNWLRQHLQJHVFKDOWHWLVW
EOLQNWGLH$Q]HLJH ]ZHLPDO
 =XP$XVVFKDOWHQGHU)XQNWLRQKDOWHQ
6LH6HNXQGHQODQJGLH7DVWH
JHGU¾FNW
:HQQGLH)XQNWLRQDXVJHVFKDOWHWLVW
EOLQNWGLH$Q]HLJH HLQPDO
)HUQEHGLHQXQJ
'DV*HU¦WZLUGPLWHLQHU)HUQEHGLHQXQJ
JHOLHIHUW
'LH9HUELQGXQJLVWZHUNVHLWLJDNWLYLHUW
(LQRGHU$XVVFKDOWHQGHU
)HUQEHGLHQXQJ
 6FKDOWHQ6LHGDV*HU¦WDXV
'(876&+ 
 +DOWHQ6LH 6HNXQGHQJHGU¾FNW
'LH$Q]HLJHDXIGHP%HGLHQIHOGEOLQNW
]ZHLPDOZHQQGLH)XQNWLRQ
HLQJHVFKDOWHWXQGHLQPDOZHQQVLH
DXVJHVFKDOWHWLVW
5(,1,*81*81'3)/(*(
+LQZHLVH]XU5HLQLJXQJ
5HLQLJXQJV഻
PLWWHO
.HLQH6FKHXHUPLWWHOXQG%¾UVWHQYHUZHQGHQ
)HXFKWHQ6LHHLQZHLFKHV7XFKPLWZDUPHP:DVVHUXQGHWZDV
PLOGHP5HLQLJXQJVPLWWHODQXQGUHLQLJHQ6LHGDPLWGLH*HU¦WHಣ
REHUIO¦FKH
1DFKGHP.RFKYRUJDQJN¸QQHQHLQLJH7HLOHGHV*HU¦WVKHL¡VHLQ
8P)OHFNHQ]XYHUPHLGHQPXVVGDV*HU¦WQDFKGHPHVDEJHN¾KOW
LVWPLWHLQHPVDXEHUHQ7XFKRGHU3DSLHUW¾FKHUQDEJHWURFNQHW
ZHUGHQ
5HLQLJHQ6LH)OHFNHQPLWHLQHPPLOGHQ5HLQLJXQJVPLWWHO
+DOWHQ6LHGLH
'XQVWDE]XJV഻
KDXEHVDXEHU
5HLQLJHQ6LHGDV*HU¦WXQGGLH)HWWILOWHUHLQPDOLP0RQDW5HLQLಣ
JHQ6LHGHQ,QQHQUDXPXQGGLH)HWWILOWHUVRUJI¦OWLJYRQ)HWW)HWWDQಣ
VDPPOXQJHQRGHUDQGHUH6SHLVHUHVWHN¸QQWHQHLQHQ%UDQGYHUXUಣ
VDFKHQ
%HIROJHQ6LHGLH$QZHLVXQJHQ]XU5HLQLJXQJGHV=XEHK¸UVZHQQ
GLH)LOWHUEHQDFKULFKWLJXQJHLQJHVFKDOWHWLVW6LHKH)LOWHUEHQDFKULFKಣ
WLJXQJLP.DSLWHO7¦JOLFKHU*HEUDXFK
)HWWILOWHUN¸QQHQLP*HVFKLUUVS¾OHUJHVS¾OWZHUGHQ
'D]XPXVVGHU*HVFKLUUVS¾OHUDXIHLQHQNXU]HQ6S¾OJDQJPLWQLHGಣ
ULJHU7HPSHUDWXUHLQJHVWHOOWZHUGHQ$P)HWWILOWHUN¸QQHQ9HUI¦Uಣ
EXQJHQDXIWUHWHQGLHVHEHHLQWU¦FKWLJHQGLH/HLVWXQJGHV*HU¦WVMHಣ
GRFKQLFKW
.RKOHILOWHU
'HU=HLWSXQNWGHU6¦WWLJXQJGHV.RKOHILOWHUVYDULLHUWMHQDFK$UWGHV
.RFKHQVXQGGHUUHJHOP¦¡LJHQ5HLQLJXQJGHV)HWWILOWHUV'HUDNWLಣ
YLHUWH.RKOHILOWHULVWQLFKWZDVFKEDUXQGNDQQQLFKWUHJHQHULHUWZHUಣ
GHQ(UPXVVQDFKHLQHU%HWULHEVGDXHUYRQHWZD0RQDWHQRGHU
¸IWHUEHLHLQHULQWHQVLYHQ9HUZHQGXQJDXVJHWDXVFKWZHUGHQ
5HLQLJHQGHV)HWWILOWHUV
'LH)LOWHUVLQGPLW.ODPPHUQXQG6WLIWHQ
DXIGHUJHJHQ¾EHUOLHJHQGHQ6HLWH
EHIHVWLJW
5HLQLJHQGHV)LOWHUV
 'U¾FNHQ6LHGHQ*ULIIGHU
%HIHVWLJXQJVNODPPHUDQGHU
)LOWHUWDIHOXQWHUKDOEGHU
'XQVWDE]XJVKDXEH
1
2
ZZZHOHFWUROX[FRP
 +DOWHQ6LH 6HNXQGHQJHGU¾FNW
'LH$Q]HLJHDXIGHP%HGLHQIHOGEOLQNW
]ZHLPDOZHQQGLH)XQNWLRQ
HLQJHVFKDOWHWXQGHLQPDOZHQQVLH
DXVJHVFKDOWHWLVW
5(,1,*81*81'3)/(*(
+LQZHLVH]XU5HLQLJXQJ
5HLQLJXQJV഻
PLWWHO
.HLQH6FKHXHUPLWWHOXQG%¾UVWHQYHUZHQGHQ
)HXFKWHQ6LHHLQZHLFKHV7XFKPLWZDUPHP:DVVHUXQGHWZDV
PLOGHP5HLQLJXQJVPLWWHODQXQGUHLQLJHQ6LHGDPLWGLH*HU¦WHಣ
REHUIO¦FKH
1DFKGHP.RFKYRUJDQJN¸QQHQHLQLJH7HLOHGHV*HU¦WVKHL¡VHLQ
8P)OHFNHQ]XYHUPHLGHQPXVVGDV*HU¦WQDFKGHPHVDEJHN¾KOW
LVWPLWHLQHPVDXEHUHQ7XFKRGHU3DSLHUW¾FKHUQDEJHWURFNQHW
ZHUGHQ
5HLQLJHQ6LH)OHFNHQPLWHLQHPPLOGHQ5HLQLJXQJVPLWWHO
+DOWHQ6LHGLH
'XQVWDE]XJV഻
KDXEHVDXEHU
5HLQLJHQ6LHGDV*HU¦WXQGGLH)HWWILOWHUHLQPDOLP0RQDW5HLQLಣ
JHQ6LHGHQ,QQHQUDXPXQGGLH)HWWILOWHUVRUJI¦OWLJYRQ)HWW)HWWDQಣ
VDPPOXQJHQRGHUDQGHUH6SHLVHUHVWHN¸QQWHQHLQHQ%UDQGYHUXUಣ
VDFKHQ
%HIROJHQ6LHGLH$QZHLVXQJHQ]XU5HLQLJXQJGHV=XEHK¸UVZHQQ
GLH)LOWHUEHQDFKULFKWLJXQJHLQJHVFKDOWHWLVW6LHKH)LOWHUEHQDFKULFKಣ
WLJXQJLP.DSLWHO7¦JOLFKHU*HEUDXFK
)HWWILOWHUN¸QQHQLP*HVFKLUUVS¾OHUJHVS¾OWZHUGHQ
'D]XPXVVGHU*HVFKLUUVS¾OHUDXIHLQHQNXU]HQ6S¾OJDQJPLWQLHGಣ
ULJHU7HPSHUDWXUHLQJHVWHOOWZHUGHQ$P)HWWILOWHUN¸QQHQ9HUI¦Uಣ
EXQJHQDXIWUHWHQGLHVHEHHLQWU¦FKWLJHQGLH/HLVWXQJGHV*HU¦WVMHಣ
GRFKQLFKW
.RKOHILOWHU
'HU=HLWSXQNWGHU6¦WWLJXQJGHV.RKOHILOWHUVYDULLHUWMHQDFK$UWGHV
.RFKHQVXQGGHUUHJHOP¦¡LJHQ5HLQLJXQJGHV)HWWILOWHUV'HUDNWLಣ
YLHUWH.RKOHILOWHULVWQLFKWZDVFKEDUXQGNDQQQLFKWUHJHQHULHUWZHUಣ
GHQ(UPXVVQDFKHLQHU%HWULHEVGDXHUYRQHWZD0RQDWHQRGHU
¸IWHUEHLHLQHULQWHQVLYHQ9HUZHQGXQJDXVJHWDXVFKWZHUGHQ
5HLQLJHQGHV)HWWILOWHUV
'LH)LOWHUVLQGPLW.ODPPHUQXQG6WLIWHQ
DXIGHUJHJHQ¾EHUOLHJHQGHQ6HLWH
EHIHVWLJW
5HLQLJHQGHV)LOWHUV
 'U¾FNHQ6LHGHQ*ULIIGHU
%HIHVWLJXQJVNODPPHUDQGHU
)LOWHUWDIHOXQWHUKDOEGHU
'XQVWDE]XJVKDXEH
1
2
ZZZHOHFWUROX[FRP
 1HLJHQ6LHGLH9RUGHUVHLWHGHV
)LOWHUVOHLFKWQDFKXQWHQXQG
]LHKHQ6LHLKQKHUDXV
:LHGHUKROHQ6LHGLHEHLGHQHUVWHQ
6FKULWWHI¾UDOOH)LOWHU
 5HLQLJHQ6LHGLH)LOWHUPLWHLQHP
6FKZDPPXQGQLFKWVFKHXHUQGHP
5HLQLJHURGHULP*HVFKLUUVS¾OHU
'D]XPXVVGHU
*VFKLUUVS¾OHUDXIHLQHQ
NXU]HQ6S¾OJDQJPLW
QLHGULJHU7HPSHUDWXU
HLQJHVWHOOWZHUGHQ$P
)HWWILOWHUN¸QQHQ
9HUI¦UEXQJHQDXIWUHWHQ
GLHVHEHHLQWU¦FKWLJHQGLH
/HLVWXQJGHV*HU¦WVMHGRFK
QLFKW
 =XPHUQHXWHQ(LQEDXGHU)LOWHU
EHIROJHQ6LHGLHHUVWHQEHLGHQ
6FKULWWHLQXPJHNHKUWHU5HLKHQIROJH
:LHGHUKROHQ6LHJJIGLH6FKULWWHI¾UDOOH
)LOWHU
$XVWDXVFKHQGHV
.RKOHILOWHUV
:$5181*
'HU.RKOHILOWHUNDQQQLFKW
JHZDVFKHQZHUGHQ
$XVWDXVFKHQGHV)LOWHUV
 %DXHQ6LHGLH)HWWILOWHUDXVGHP
*HU¦WDXV
6LHKHಱ5HLQLJHQGHV)HWWILOWHUVಯLQGLHVHP
.DSLWHO
 'U¾FNHQ6LHGLH9RUGHUNDQWHLP
6FKOLW]LQ5LFKWXQJGHVXQWHUHQ7HLOV
GHV)LOWHUV1HLJHQ6LHGLH
9RUGHUVHLWHGHV)LOWHUVOHLFKWQDFK
XQWHQ
 )¾KUHQ6LH]XP(LQEDXGHVQHXHQ
)LOWHUVGLHJOHLFKHQ6FKULWWHLQ
XPJHNHKUWHU5HLKHQIROJHGXUFK
$XIMHGHQ)DOOP¾VVHQGLH)LOWHU
PLQGHVWHQVDOOHYLHU0RQDWH
DXVJHWDXVFKWZHUGHQ
$XVWDXVFKHQGHU/DPSH
'DV*HU¦WZLUGPLWHLQHU/('/DPSH
JHOLHIHUW'LHVHV7HLOGDUIQXUYRQHLQHP
7HFKQLNHUDXVJHWDXVFKWZHUGHQ,P)DOOH
HLQHU6W¸UXQJVLHKHXQWHUಱ6HUYLFHಯLP
.DSLWHOಱ6LFKHUKHLVDQZHLVXQJHQಯ
80:(/77,336
5HF\FHOQ6LH0DWHULDOLHQPLWGHP
6\PERO (QWVRUJHQ6LHGLH
9HUSDFNXQJLQGHQHQWVSUHFKHQGHQ
5HF\FOLQJEHK¦OWHUQ5HF\FHOQ6LH]XP
8PZHOWXQG*HVXQGKHLWVVFKXW]
HOHNWULVFKHXQGHOHNWURQLVFKH*HU¦WH
(QWVRUJHQ6LH*HU¦WHPLWGLHVHP6\PERO
QLFKWPLWGHP+DXVP¾OO%ULQJHQ6LH
GDV*HU¦W]X,KUHU¸UWOLFKHQ
6DPPHOVWHOOHRGHUZHQGHQ6LHVLFKDQ
,KU*HPHLQGHDPW
'(876&+ 
ˎ˃ˏˇ˃˔ˍˊ˃ˋʿ
ˎˉ˅ˏˍ˓ˍˏʺ˃ːʿː˓ʿˉ˃ʺʿːˈʿˇ˃ˁˈʿˑʶːˑʿː˅ː
ˎ˃ˏˇˁˏʿ˓ʹˎˏˍ˗ʻˋˑˍː
ˈʿˆ˅ˊ˃ˏˇˋʹ˔ˏʹː˅ 
˓ˏˍˋˑʺ˂ʿˈʿˇˈʿˆʶˏˇːˊʿ 
ːʿːːˈ˃˓ˑˍˊʿːˑ˃
˃˲˴˞ˮ˦˰˱ˬ˺˩ˢ˭ˬ˲ˢ˭˦˨˚˫˞˱ˢ˩˦˞˰˲˰˧ˢ˲˛(OHFWUROX[˃˭˦˨˚˫˞˱ˢ˚˪˞˭ˮˬ˷˹˪˭ˬ˲
˴˞ˮ˞˧˱ˤˮ˜ˣˢ˱˞˦˞˭˹ˢ˭˞ˠˠˢ˨˩˞˱˦˧˛ˢ˩˭ˢ˦ˮ˜˞˧˞˦˧˞˦˪ˬ˱ˬ˩˜˞ˡˢ˧˞ˢ˱˦˻˪ʸ˫˲˭˪ˬ˧˞˦
˧ˬ˩˵˹˚˴ˢ˦˰˴ˢˡ˦˞˰˱ˢ˜ˠ˦˞ˢ˰˙˯ʸ˱˰˦˹˭ˬ˱ˢ˱ˬ˴ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱ˢ˩˭ˬˮˢ˜˱ˢ˪˞ˢ˜˰˱ˢ
˛˰˲˴ˬ˦˹˱˦˥˞ˢ˭˦˱˲ˠ˴˙˪ˢ˱ˢ˰˭ˬ˲ˡ˞˜˞˞˭ˬ˱ˢ˨˚˰˩˞˱˞˧˙˥ˢ˳ˬˮ˙
ˈ˞˨˶˰ˬˮ˜˰˞˱ˢ˰˱ˤ˪(OHFWUROX[
Δξηρθγτζγέςγςνληρςϊςνξϊκίπαηίλί
ˀˮˢ˜˱ˢ˲˭ˬˡˢ˜˫ˢ˦˯˴ˮ˛˰ˤ˯˳˲˨˨˙ˡ˦˞˰˲˩˟ˬ˲˨˚˯ˠ˦˞˱ˤ˪ˢ˭˜˨˲˰ˤ
˭ˮˬ˟˨ˤ˩˙˱˶˪˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˚ˮ˟˦˯˧˞˦ˢ˭˦˰˧ˢ˲˛˯
ZZZHOHFWUROX[FRPVXSSRUW
ˈ˞˱˞˴˶ˮ˜˰ˢ˱ˢ˱ˬ˭ˮˬ˷˹˪˰˞˯˻˰˱ˢ˪˞˚˴ˢ˱ˢ˧˞˨˺˱ˢˮˬ˰˚ˮ˟˦˯
ZZZUHJLVWHUHOHFWUROX[FRP
ʿˠˬˮ˙˰ˢ˱ˢ˞˫ˢ˰ˬ˲˙ˮ˞˪˞˨˻˰˦˩˞˧˞˦ˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙ˠ˦˞˱ˤ˰˲˰˧ˢ˲˛˰˞˯
ZZZHOHFWUROX[FRPVKRS
˃ˌ˒ˎ˅ˏ˃ˑ˅ː˅ˎ˃ˉʿˑ˖ˋˈʿˇː˃ˏˀˇː
˔ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱ˢ˭˙˪˱˞˩˹˪ˬˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙
ʻ˱˞˪ˢ˭˦˧ˬ˦˪˶˪ˢ˜˱ˢ˩ˢ˱ˬ˃˫ˬ˲˰˦ˬˡˬ˱ˤ˩˚˪ˬˈ˚˪˱ˮˬː˚ˮ˟˦˯˟ˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˚˴ˢ˱ˢ
ˡ˦˞˥˚˰˦˩˞˱˞˞˧˹˨ˬ˲˥˞˰˱ˬ˦˴ˢ˜˞ˊˬ˪˱˚˨ˬ31&ʿˮ˦˥˩˹˯˰ˢ˦ˮ˙˯
ˊ˭ˬˮˢ˜˱ˢ˪˞˟ˮˢ˜˱ˢ˱˦˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˱ˤ˪˭˦˪˞˧˜ˡ˞˱ˢ˴˪˦˧˻˪˴˞ˮ˞˧˱ˤˮ˦˰˱˦˧˻˪
ˎˮˬˢ˦ˡˬ˭ˬ˜ˤ˰ˤˎˮˬ˰ˬ˴˛ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞
ˁˢ˪˦˧˚˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˧˞˦˰˲˩˟ˬ˲˨˚˯
ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˬ˭ˢˮ˦˟˙˨˨ˬ˪
˒˭˹˧ˢ˦˱˞˦˞ˢ˞˨˨˞ˠ˚˯˴˶ˮ˜˯˭ˮˬˢ˦ˡ˭ˬ˜ˤ˰ˤ
ˎˉ˅ˏˍ˓ˍˏʺ˃ːʿː˓ʿˉ˃ʺʿːˈʿˇ˃ˁˈʿˑʶːˑʿː˅ː
ΟΠΞΔΘΓΞΟΞΘΖΡΖ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˬ˫ˢ˴˶ˮ˦˰˱˹
˳˲˨˨˙ˡ˦ˬˍˡˤˠ˦˻˪
˃ˠ˧˞˱˙˰˱˞˰ˤ˯ˠ˦˞˱˦˯
ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˞˰˳˞˨ˢ˜˞˯˧˞˦
˃ˠ˧˞˱˙˰˱˞˰ˤ˯˂˦˞˟˙˰˱ˢ
˭ˮˬ˰ˢ˧˱˦˧˙˱˞˧ˢ˳˙˨˞˦˞ˠ˦˞
˱ˤ˪ʿ˰˳˙˨ˢ˦˞˭ˮ˦˪˞˭˹
ˬ˭ˬ˦˞ˡ˛˭ˬ˱ˢ˴ˮ˛˰ˤ˛
˰˲˪˱˛ˮˤ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
ZZZHOHFWUROX[FRP
ˎ˃ˏˇ˃˔ˍˊ˃ˋʿ
ˎˉ˅ˏˍ˓ˍˏʺ˃ːʿː˓ʿˉ˃ʺʿːˈʿˇ˃ˁˈʿˑʶːˑʿː˅ː
ˎ˃ˏˇˁˏʿ˓ʹˎˏˍ˗ʻˋˑˍː
ˈʿˆ˅ˊ˃ˏˇˋʹ˔ˏʹː˅ 
˓ˏˍˋˑʺ˂ʿˈʿˇˈʿˆʶˏˇːˊʿ 
ːʿːːˈ˃˓ˑˍˊʿːˑ˃
˃˲˴˞ˮ˦˰˱ˬ˺˩ˢ˭ˬ˲ˢ˭˦˨˚˫˞˱ˢ˩˦˞˰˲˰˧ˢ˲˛(OHFWUROX[˃˭˦˨˚˫˞˱ˢ˚˪˞˭ˮˬ˷˹˪˭ˬ˲
˴˞ˮ˞˧˱ˤˮ˜ˣˢ˱˞˦˞˭˹ˢ˭˞ˠˠˢ˨˩˞˱˦˧˛ˢ˩˭ˢ˦ˮ˜˞˧˞˦˧˞˦˪ˬ˱ˬ˩˜˞ˡˢ˧˞ˢ˱˦˻˪ʸ˫˲˭˪ˬ˧˞˦
˧ˬ˩˵˹˚˴ˢ˦˰˴ˢˡ˦˞˰˱ˢ˜ˠ˦˞ˢ˰˙˯ʸ˱˰˦˹˭ˬ˱ˢ˱ˬ˴ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱ˢ˩˭ˬˮˢ˜˱ˢ˪˞ˢ˜˰˱ˢ
˛˰˲˴ˬ˦˹˱˦˥˞ˢ˭˦˱˲ˠ˴˙˪ˢ˱ˢ˰˭ˬ˲ˡ˞˜˞˞˭ˬ˱ˢ˨˚˰˩˞˱˞˧˙˥ˢ˳ˬˮ˙
ˈ˞˨˶˰ˬˮ˜˰˞˱ˢ˰˱ˤ˪(OHFWUROX[
Δξηρθγτζγέςγςνληρςϊςνξϊκίπαηίλί
ˀˮˢ˜˱ˢ˲˭ˬˡˢ˜˫ˢ˦˯˴ˮ˛˰ˤ˯˳˲˨˨˙ˡ˦˞˰˲˩˟ˬ˲˨˚˯ˠ˦˞˱ˤ˪ˢ˭˜˨˲˰ˤ
˭ˮˬ˟˨ˤ˩˙˱˶˪˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˚ˮ˟˦˯˧˞˦ˢ˭˦˰˧ˢ˲˛˯
ZZZHOHFWUROX[FRPVXSSRUW
ˈ˞˱˞˴˶ˮ˜˰ˢ˱ˢ˱ˬ˭ˮˬ˷˹˪˰˞˯˻˰˱ˢ˪˞˚˴ˢ˱ˢ˧˞˨˺˱ˢˮˬ˰˚ˮ˟˦˯
ZZZUHJLVWHUHOHFWUROX[FRP
ʿˠˬˮ˙˰ˢ˱ˢ˞˫ˢ˰ˬ˲˙ˮ˞˪˞˨˻˰˦˩˞˧˞˦ˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙ˠ˦˞˱ˤ˰˲˰˧ˢ˲˛˰˞˯
ZZZHOHFWUROX[FRPVKRS
˃ˌ˒ˎ˅ˏ˃ˑ˅ː˅ˎ˃ˉʿˑ˖ˋˈʿˇː˃ˏˀˇː
˔ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱ˢ˭˙˪˱˞˩˹˪ˬˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙
ʻ˱˞˪ˢ˭˦˧ˬ˦˪˶˪ˢ˜˱ˢ˩ˢ˱ˬ˃˫ˬ˲˰˦ˬˡˬ˱ˤ˩˚˪ˬˈ˚˪˱ˮˬː˚ˮ˟˦˯˟ˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˚˴ˢ˱ˢ
ˡ˦˞˥˚˰˦˩˞˱˞˞˧˹˨ˬ˲˥˞˰˱ˬ˦˴ˢ˜˞ˊˬ˪˱˚˨ˬ31&ʿˮ˦˥˩˹˯˰ˢ˦ˮ˙˯
ˊ˭ˬˮˢ˜˱ˢ˪˞˟ˮˢ˜˱ˢ˱˦˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˱ˤ˪˭˦˪˞˧˜ˡ˞˱ˢ˴˪˦˧˻˪˴˞ˮ˞˧˱ˤˮ˦˰˱˦˧˻˪
ˎˮˬˢ˦ˡˬ˭ˬ˜ˤ˰ˤˎˮˬ˰ˬ˴˛ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞
ˁˢ˪˦˧˚˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˧˞˦˰˲˩˟ˬ˲˨˚˯
ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˬ˭ˢˮ˦˟˙˨˨ˬ˪
˒˭˹˧ˢ˦˱˞˦˞ˢ˞˨˨˞ˠ˚˯˴˶ˮ˜˯˭ˮˬˢ˦ˡ˭ˬ˜ˤ˰ˤ
ˎˉ˅ˏˍ˓ˍˏʺ˃ːʿː˓ʿˉ˃ʺʿːˈʿˇ˃ˁˈʿˑʶːˑʿː˅ː
ΟΠΞΔΘΓΞΟΞΘΖΡΖ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˬ˫ˢ˴˶ˮ˦˰˱˹
˳˲˨˨˙ˡ˦ˬˍˡˤˠ˦˻˪
˃ˠ˧˞˱˙˰˱˞˰ˤ˯ˠ˦˞˱˦˯
ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˞˰˳˞˨ˢ˜˞˯˧˞˦
˃ˠ˧˞˱˙˰˱˞˰ˤ˯˂˦˞˟˙˰˱ˢ
˭ˮˬ˰ˢ˧˱˦˧˙˱˞˧ˢ˳˙˨˞˦˞ˠ˦˞
˱ˤ˪ʿ˰˳˙˨ˢ˦˞˭ˮ˦˪˞˭˹
ˬ˭ˬ˦˞ˡ˛˭ˬ˱ˢ˴ˮ˛˰ˤ˛
˰˲˪˱˛ˮˤ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
ZZZHOHFWUROX[FRP
ˎ˃ˏˇˁˏʿ˓ʹˎˏˍ˗ʻˋˑˍː
˃˭˦˰˧˹˭ˤ˰ˤ˭˜˪˞˧˞˴ˢ˦ˮ˦˰˱ˤˮ˜˶˪
2 3 4 5 6 71
Κγηςνσοαέί Ογοηαοίτά
+REt+RRG ʸ˪ˡˢ˦˫ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯ˠ˦˞˱ˬ˪˚˨ˢˠ˴ˬ˱ˬ˲˞˭ˬˮˮˬಣ
˳ˤ˱˛ˮ˞˞˭˹˱˦˯ˢ˰˱˜ˢ˯
ˉ˞˩˭˱˛ˮ˞˯ ˃˪ˢˮˠˬ˭ˬ˦ˢ˜˧˞˦˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱ˬ˪˳˶˱˦˰˩˹
ˎˮ˻˱ˤ˱˞˴˺˱ˤ˱˞ʿ˭ˢಣ
˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬ˭ˮ˻˱ˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤಣ
˱˞˯ˑˬˡˢ˺˱ˢˮˬ˭˙˱ˤ˩˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱ˤ˰˲˰˧ˢ˲˛
˂ˢ˺˱ˢˮˤ˱˞˴˺˱ˤ˱˞ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬˡˢ˺˱ˢˮˬˢ˭˜˭ˢˡˬ˱˞˴˺ಣ
˱ˤ˱˞˯
ˑˮ˜˱ˤ˱˞˴˺˱ˤ˱˞ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬ˱ˮ˜˱ˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤಣ
˱˞˯
ˊ˚ˠ˦˰˱ˤ˱˞˴˺˱ˤ˱˞ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬ˩˚ˠ˦˰˱ˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤಣ
˱˞˯
˃˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲ ː˞˯˲˭ˢ˪˥˲˩˜ˣˢ˦˪˞˞˨˨˙˫ˢ˱ˢ˛˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ
˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞˧˞˦˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯
ˈʿˆ˅ˊ˃ˏˇˋʹ˔ˏʹː˅
˔ˮ˛˰ˤ˱ˬ˲˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞
˃˨˚ˠ˫˱ˢ˱ˤ˰˲˪˦˰˱˻˩ˢ˪ˤ˱˞˴˺˱ˤ˱˞
˰˺˩˳˶˪˞˩ˢ˱ˬ˪˭˞ˮ˞˧˙˱˶˭˜˪˞˧˞
ˈ˞˱˙˱ˬˣ˚˰˱˞˩˞˳˞ˠˤ˱ˬ˺˩ˢ˰˧ˢ˭˞˰˩˚˪˞˰˧ˢ˺ˤ
ˈ˞˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞˩ˢ˰˧ˢ˭˞˰˩˚˪˞˰˧ˢ˺ˤ˰ˢ˭ˬ˨ಣ
˨˞˭˨˚˯ˣ˻˪ˢ˯˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˛˰ˢˢ˰˱˜ˢ˯˧˞˱˙˱ˬ
ˢ˨˞˳ˮ˺˱ˤˠ˙˪˦˰˩˞
ˈ˞˱˙˱ˬ˟ˮ˙˰˦˩ˬ˱ˬ˱ˤˠ˙˪˦˰˩˞˩ˢˠ˙˨˶˪˭ˬ˰ˬ˱˛ಣ
˱˶˪˳˞ˠˤ˱ˬ˺˴˶ˮ˜˯˧˞˭˙˧˦˧˞˦˧˞˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞
˰ˢ˭ˬ˨˨˞˭˨˚˯ˣ˻˪ˢ˯˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˛ˢ˰˱˜ˢ˯
ˈ˞˱˙˱ˬ˟ˮ˙˰˦˩ˬ˱ˬ˱ˤˠ˙˪˦˰˩˞˩ˢˠ˙˨˶˪˭ˬ˰ˬ˱˛ಣ
˱˶˪˳˞ˠˤ˱ˬ˺˴˶ˮ˜˯˧˞˭˙˧˦˧˞˦˩ˢ˭ˬ˨˨˛˲ˠˮ˞˰˜˞
ˍ˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˯˨ˢ˦˱ˬ˲ˮˠˢ˜˰˱ˤ˩˚ˠ˦˰˱ˤ˱˞˴˺˱ˤಣ
˱˞ʸ˭ˢ˦˱˞˞˭˹˨ˢ˭˱˙ˤ˰˲˰˧ˢ˲˛ˢ˭˦˰˱ˮ˚˳ˢ˦
˰˱ˤ˪˭ˮˬˤˠˬ˺˩ˢ˪ˤˮ˺˥˩˦˰ˤ
ΔΚΚΖΜΘΙΐ 
ː˲˪˦˰˱˙˱˞˦˪˞˞˳˛˪ˢ˱ˢ˱ˬ˪
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜
ˠ˦˞˭ˢˮ˜˭ˬ˲˨ˢ˭˱˙˩ˢ˱˙
˱ˬ˩˞ˠˢ˜ˮˢ˩˞
ˁ˦˞˪˞˴ˢ˦ˮ˦˰˱ˢ˜˱ˢ˱ˬ˪˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞
 ˎ˦˚˰˱ˢ˱ˬ˭ˮ˻˱ˬ˧ˬ˲˩˭˜˱˞˴˺˱ˤ˱˞˯
ˠ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ
˰˲˰˧ˢ˲˛
 ʿ˪˴ˮˢ˦˞˰˱ˢ˜˭˦˚˰˱ˢ˱ˬ˧ˬ˲˩˭˜
˳˶˱˦˰˩ˬ˺ ˠ˦˞˪˞˳˶˱˜˰ˢ˱ˢ˱ˤ˪
ˢ˭˦˳˙˪ˢ˦˞˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯
 ʿ˪˴ˮˢ˦˞˰˱ˢ˜˞˨˨˙˫˱ˢ˱ˤ˪˱˞˴˺˱ˤ˱˞
˭˦˚ˣˬ˪˱˞˯˱ˬˢ˭˦˥˲˩ˤ˱˹˧ˬ˲˩˭˜
ˁ˦˞˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛
˭˦˚˰˱ˢ˭˙˨˦˱ˬ˭ˮ˻˱ˬ˧ˬ˲˩˭˜˱˞˴˺˱ˤ˱˞˯
+REt+RRG˨ˢ˦˱ˬ˲ˮˠ˜˞
˃˜˪˞˦˩˦˞˞˲˱˹˩˞˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤˬ˭ˬ˜˞
˰˲˪ˡ˚ˢ˦˱˦˯ˢ˰˱˜ˢ˯˩ˢ˚˪˞˪
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞ˑ˹˰ˬˬ˦ˢ˰˱˜ˢ˯˹˰ˬ˧˞˦ˬ
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˯ˡ˦˞˥˚˱ˬ˲˪˭ˬ˩˭ˬˡ˚˧˱ˤ
˲˭˚ˮ˲˥ˮˬ˲˰˛˩˞˱ˬ˯˅˱˞˴˺˱ˤ˱˞˱ˬ˲
˞˪ˢ˩˦˰˱˛ˮ˞˧˞˥ˬˮ˜ˣˢ˱˞˦˞˲˱˹˩˞˱˞˩ˢ
˟˙˰ˤ˱ˤˮ˺˥˩˦˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˧˞˦˱ˤ
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˱ˬ˲˥ˢˮ˩˹˱ˢˮˬ˲˩˞ˠˢ˦ˮ˦˧ˬ˺
˰˧ˢ˺ˬ˲˯˰˱˦˯ˢ˰˱˜ˢ˯ˊ˭ˬˮˢ˜˱ˢˢ˭˜˰ˤ˯˪˞
˴ˢ˦ˮ˦˰˱ˢ˜˱ˢ˱ˬ˪˞˪ˢ˩˦˰˱˛ˮ˞˴ˢ˦ˮˬ˧˜˪ˤ˱˞˩ˢ
˱ˤ˴ˮ˛˰ˤ˱˶˪ˢ˰˱˦˻˪˅˨ˢ˦˱ˬ˲ˮˠ˜˞
˩˭ˬˮˢ˜˪˞ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜˞˭˹˱ˬ
˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ˱˶˪ˢ˰˱˦˻˪
ˁ˦˞˭ˢˮ˦˰˰˹˱ˢˮˢ˯
˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˤ
˴ˮ˛˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯
˞˪˞˱ˮ˚˫˱ˢ˰˱ˬˢˠ˴ˢ˦ˮ˜ˡ˦ˬ
˴ˮ˛˰˱ˤ˱ˤ˯˩ˬ˪˙ˡ˞˯ˢ˰˱˦˻˪
˃˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲
ˍ˰˲˪˞ˠˢˮ˩˹˯˳˜˨˱ˮˬ˲˰˙˯˲˭ˢ˪˥˲˩˜ˣˢ˦
˪˞˞˨˨˙˫ˢ˱ˢ˛˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˙˪˥ˮ˞˧˞˧˞˦˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ˳˜˨˱ˮˬ˲ ˞˪˙˟ˢ˦ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪˭ˮ˚˭ˢ˦˪˞
˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ
˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪˭ˮ˚˭ˢ˦˪˞
˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˛˪˞˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ
˙˪˥ˮ˞˧˞
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪˭˞ˮ˙ˠˮ˞˳ˬ
˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲
˨˜˭ˬ˲˯˰˱ˬ˧ˢ˳˙˨˞˦ˬ
m˓ˮˬ˪˱˜ˡ˞˧˞˦˧˞˥˙ˮ˦˰˩˞}
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˛˞˪˱˦˧˞˱˙˰˱˞˰ˤ
˱ˬ˲˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞˰˱ˬ
˧ˢ˳˙˨˞˦ˬm˓ˮˬ˪˱˜ˡ˞˧˞˦
˧˞˥˙ˮ˦˰˩˞}
ˁ˦˞ˢ˭˞˪˞˳ˬˮ˙˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˭˦˚˰˱ˢ˱ˬ
˧ˬ˲˩˭˜ ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
Βηίςελγλγοανξνέερεά
ίξγλγοανξνέερεςεπιγηςνσοαέίπ
 ˁ˦˞˱ˤ˪ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˱ˤ˯
˨ˢ˦˱ˬ˲ˮˠ˜˞˯˭˦˚˰˱ˢ˱ˬ˧ˬ˲˩˭˜ ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˃˙˪ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤ
˚˪ˡˢ˦˫ˤ ˞˪˞˟ˬ˰˟˛˪ˢ˦ˡ˺ˬ˳ˬˮ˚˯
 ˁ˦˞˱ˤ˪˞˭ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˱ˤ˯
˨ˢ˦˱ˬ˲ˮˠ˜˞˯˭˦˚˰˱ˢ˱ˬ˧ˬ˲˩˭˜ ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˃˙˪˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤ
˚˪ˡˢ˦˫ˤ ˞˪˞˟ˬ˰˟˛˪ˢ˦˩˜˞˳ˬˮ˙
ˑˤ˨ˢ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ
˅˰˲˰˧ˢ˲˛˭˞ˮ˚˴ˢ˱˞˦˩ˢ˚˪˞
˱ˤ˨ˢ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ
˅˰˺˪ˡˢ˰ˤˢ˜˪˞˦ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ˞˭˹
˭ˮˬˢ˭˦˨ˬˠ˛
Βηίςερϋλβγρεάςελίξνρϋλβγρε
ςνσςειγυγηοηρςεοένσ
 ʿ˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛
 ˎ˞˱˛˰˱ˢ˱ˬ ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˅˚˪ˡˢ˦˫ˤ˰˱ˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ˞˪˞˟ˬ˰˟˛˪ˢ˦
ˡ˺ˬ˳ˬˮ˚˯˞˪ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˢ˜˪˞˦
ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ˧˞˦˩˜˞˳ˬˮ˙˞˪ˢ˜˪˞˦
˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ
ZZZHOHFWUROX[FRP
ː˲˪˦˰˱˙˱˞˦˪˞˞˳˛˪ˢ˱ˢ˱ˬ˪
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜
ˠ˦˞˭ˢˮ˜˭ˬ˲˨ˢ˭˱˙˩ˢ˱˙
˱ˬ˩˞ˠˢ˜ˮˢ˩˞
ˁ˦˞˪˞˴ˢ˦ˮ˦˰˱ˢ˜˱ˢ˱ˬ˪˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞
 ˎ˦˚˰˱ˢ˱ˬ˭ˮ˻˱ˬ˧ˬ˲˩˭˜˱˞˴˺˱ˤ˱˞˯
ˠ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ
˰˲˰˧ˢ˲˛
 ʿ˪˴ˮˢ˦˞˰˱ˢ˜˭˦˚˰˱ˢ˱ˬ˧ˬ˲˩˭˜
˳˶˱˦˰˩ˬ˺ ˠ˦˞˪˞˳˶˱˜˰ˢ˱ˢ˱ˤ˪
ˢ˭˦˳˙˪ˢ˦˞˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯
 ʿ˪˴ˮˢ˦˞˰˱ˢ˜˞˨˨˙˫˱ˢ˱ˤ˪˱˞˴˺˱ˤ˱˞
˭˦˚ˣˬ˪˱˞˯˱ˬˢ˭˦˥˲˩ˤ˱˹˧ˬ˲˩˭˜
ˁ˦˞˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛
˭˦˚˰˱ˢ˭˙˨˦˱ˬ˭ˮ˻˱ˬ˧ˬ˲˩˭˜˱˞˴˺˱ˤ˱˞˯
+REt+RRG˨ˢ˦˱ˬ˲ˮˠ˜˞
˃˜˪˞˦˩˦˞˞˲˱˹˩˞˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤˬ˭ˬ˜˞
˰˲˪ˡ˚ˢ˦˱˦˯ˢ˰˱˜ˢ˯˩ˢ˚˪˞˪
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞ˑ˹˰ˬˬ˦ˢ˰˱˜ˢ˯˹˰ˬ˧˞˦ˬ
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˯ˡ˦˞˥˚˱ˬ˲˪˭ˬ˩˭ˬˡ˚˧˱ˤ
˲˭˚ˮ˲˥ˮˬ˲˰˛˩˞˱ˬ˯˅˱˞˴˺˱ˤ˱˞˱ˬ˲
˞˪ˢ˩˦˰˱˛ˮ˞˧˞˥ˬˮ˜ˣˢ˱˞˦˞˲˱˹˩˞˱˞˩ˢ
˟˙˰ˤ˱ˤˮ˺˥˩˦˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˧˞˦˱ˤ
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˱ˬ˲˥ˢˮ˩˹˱ˢˮˬ˲˩˞ˠˢ˦ˮ˦˧ˬ˺
˰˧ˢ˺ˬ˲˯˰˱˦˯ˢ˰˱˜ˢ˯ˊ˭ˬˮˢ˜˱ˢˢ˭˜˰ˤ˯˪˞
˴ˢ˦ˮ˦˰˱ˢ˜˱ˢ˱ˬ˪˞˪ˢ˩˦˰˱˛ˮ˞˴ˢ˦ˮˬ˧˜˪ˤ˱˞˩ˢ
˱ˤ˴ˮ˛˰ˤ˱˶˪ˢ˰˱˦˻˪˅˨ˢ˦˱ˬ˲ˮˠ˜˞
˩˭ˬˮˢ˜˪˞ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜˞˭˹˱ˬ
˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ˱˶˪ˢ˰˱˦˻˪
ˁ˦˞˭ˢˮ˦˰˰˹˱ˢˮˢ˯
˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˤ
˴ˮ˛˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯
˞˪˞˱ˮ˚˫˱ˢ˰˱ˬˢˠ˴ˢ˦ˮ˜ˡ˦ˬ
˴ˮ˛˰˱ˤ˱ˤ˯˩ˬ˪˙ˡ˞˯ˢ˰˱˦˻˪
˃˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲
ˍ˰˲˪˞ˠˢˮ˩˹˯˳˜˨˱ˮˬ˲˰˙˯˲˭ˢ˪˥˲˩˜ˣˢ˦
˪˞˞˨˨˙˫ˢ˱ˢ˛˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˙˪˥ˮ˞˧˞˧˞˦˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ˳˜˨˱ˮˬ˲ ˞˪˙˟ˢ˦ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪˭ˮ˚˭ˢ˦˪˞
˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ
˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪˭ˮ˚˭ˢ˦˪˞
˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˛˪˞˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ
˙˪˥ˮ˞˧˞
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪˭˞ˮ˙ˠˮ˞˳ˬ
˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲
˨˜˭ˬ˲˯˰˱ˬ˧ˢ˳˙˨˞˦ˬ
m˓ˮˬ˪˱˜ˡ˞˧˞˦˧˞˥˙ˮ˦˰˩˞}
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˛˞˪˱˦˧˞˱˙˰˱˞˰ˤ
˱ˬ˲˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞˰˱ˬ
˧ˢ˳˙˨˞˦ˬm˓ˮˬ˪˱˜ˡ˞˧˞˦
˧˞˥˙ˮ˦˰˩˞}
ˁ˦˞ˢ˭˞˪˞˳ˬˮ˙˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˭˦˚˰˱ˢ˱ˬ
˧ˬ˲˩˭˜ ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
Βηίςελγλγοανξνέερεά
ίξγλγοανξνέερεςεπιγηςνσοαέίπ
 ˁ˦˞˱ˤ˪ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˱ˤ˯
˨ˢ˦˱ˬ˲ˮˠ˜˞˯˭˦˚˰˱ˢ˱ˬ˧ˬ˲˩˭˜ ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˃˙˪ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤ
˚˪ˡˢ˦˫ˤ ˞˪˞˟ˬ˰˟˛˪ˢ˦ˡ˺ˬ˳ˬˮ˚˯
 ˁ˦˞˱ˤ˪˞˭ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˱ˤ˯
˨ˢ˦˱ˬ˲ˮˠ˜˞˯˭˦˚˰˱ˢ˱ˬ˧ˬ˲˩˭˜ ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˃˙˪˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤ
˚˪ˡˢ˦˫ˤ ˞˪˞˟ˬ˰˟˛˪ˢ˦˩˜˞˳ˬˮ˙
ˑˤ˨ˢ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ
˅˰˲˰˧ˢ˲˛˭˞ˮ˚˴ˢ˱˞˦˩ˢ˚˪˞
˱ˤ˨ˢ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ
˅˰˺˪ˡˢ˰ˤˢ˜˪˞˦ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ˞˭˹
˭ˮˬˢ˭˦˨ˬˠ˛
Βηίςερϋλβγρεάςελίξνρϋλβγρε
ςνσςειγυγηοηρςεοένσ
 ʿ˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛
 ˎ˞˱˛˰˱ˢ˱ˬ ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˅˚˪ˡˢ˦˫ˤ˰˱ˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ˞˪˞˟ˬ˰˟˛˪ˢ˦
ˡ˺ˬ˳ˬˮ˚˯˞˪ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˢ˜˪˞˦
ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ˧˞˦˩˜˞˳ˬˮ˙˞˪ˢ˜˪˞˦
˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ
ZZZHOHFWUROX[FRP
˓ˏˍˋˑʺ˂ʿˈʿˇˈʿˆʶˏˇːˊʿ
ːˤ˩ˢ˦˻˰ˢ˦˯ˠ˦˞˱ˬ˪˧˞˥˞ˮ˦˰˩˹
ΟονψϊλςίΙί഻
ζίοηρκνϋ
ΛευοερηκνξνηγέςγιγηίλςηθΪίξνοοσξίλςηθΪθίηΰνϋοςργπ
ˈ˞˥˞ˮ˜˰˱ˢ˱ˤ˪ˢ˭˦˳˙˪ˢ˦˞˱ˤ˯˰˲˰˧ˢ˲˛˯˩ˢ˚˪˞˩˞˨˞˧˹˭˞˪˜ˣˢ˰˱˹
˪ˢˮ˹˧˞˦˚˪˞˛˭˦ˬ˞˭ˬˮˮ˲˭˞˪˱˦˧˹
ˊˢ˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞˩ˢˮ˦˧˙˩˚ˮˤ˱ˤ˯˰˲˰˧ˢ˲˛˯˩˭ˬˮˢ˜˪˞ˢ˜˪˞˦ˣˢಣ
˰˱˙ˁ˦˞˱ˤ˪˞˭ˬ˳˲ˠ˛˰˴ˤ˩˞˱˦˰˩ˬ˺˨ˢ˧˚ˡ˶˪ˤ˰˲˰˧ˢ˲˛˭ˮ˚˭ˢ˦˪˞
˚˴ˢ˦˧ˮ˲˻˰ˢ˦˧˞˦˪˞˰˧ˬ˲˭˜ˣˢ˱˞˦˩ˢ˚˪˞˧˞˥˞ˮ˹˭˞˪˜˛˴˞ˮ˱˜˧ˬ˲ˣ˜ಣ
˪˞˯
ˈ˞˥˞ˮ˜˰˱ˢ˱ˬ˲˯˨ˢ˧˚ˡˢ˯˩ˢ˚˪˞˛˭˦ˬ˞˭ˬˮˮ˲˭˞˪˱˦˧˹
Γηίςεογέςγςνλ
ίξνοοντεςά഻
οίθίζίοϊ
ˈ˞˥˞ˮ˜ˣˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛˧˞˦˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˧˙˥ˢ˩˛˪˞ˈ˞˥˞ˮ˜ˣˢ˱ˢ
˭ˮˬ˰ˢ˧˱˦˧˙˞˭˹˱ˬ˨˜˭ˬ˯˱ˬˢ˰˶˱ˢˮ˦˧˹˧˞˦˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˅
˰˲˰˰˻ˮˢ˲˰ˤ˨˜˭ˬ˲˯˛˙˨˨˶˪˲˭ˬ˨ˢ˦˩˩˙˱˶˪˩˭ˬˮˢ˜˪˞˭ˮˬ˧˞˨˚˰ˢ˦
˭˲ˮ˧˞ˠ˦˙
ʿ˧ˬ˨ˬ˲˥˛˰˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯ˠ˦˞˱ˬ˪˧˞˥˞ˮ˦˰˩˹˱˶˪˞˫ˢ˰ˬ˲˙ˮ˹˱˞˪ˢ˜ಣ
˪˞˦ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤˤˢ˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞
ˢ˦ˡˬ˭ˬ˜ˤ˰ˤ˯˓˜˨˱ˮˬ˲˰˱ˬ˧ˢ˳˙˨˞˦ˬˠ˦˞˱ˤ˪˧˞˥ˤ˩ˢˮ˦˪˛˴ˮ˛˰ˤ
ˑ˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˩˭ˬˮˬ˺˪˪˞˭˨˲˥ˬ˺˪˰ˢ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪
ˑˬ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪˭ˮ˚˭ˢ˦˪˞ˮ˲˥˩˦˰˱ˢ˜˰ˢ˴˞˩ˤ˨˛˥ˢˮ˩ˬ˧ˮ˞˰˜˞
˧˞˦˰ˢ˰˺˪˱ˬ˩ˬ˧˺˧˨ˬˑˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯˩˭ˬˮˢ˜˪˞˞˭ˬ˴ˮ˶˩˞˱˦ಣ
˰˱ˢ˜˞˲˱˹ˡˢ˪ˢ˭ˤˮˢ˙ˣˢ˦˱ˤ˪˞˭˹ˡˬ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
ΤέιςονΪλζοί഻
θί
ˍ˴ˮ˹˪ˬ˯˧ˬˮˢ˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞ˡ˦˞˳˚ˮˢ˦˞˪˙˨ˬˠ˞˩ˢ˱ˬ˪
˱˺˭ˬ˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˧˞˦˱ˤ˰˲˴˪˹˱ˤ˱˞˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲˨˜ಣ
˭ˬ˲˯ˑˬ˳˜˨˱ˮˬˢ˪ˢˮˠˬ˺˙˪˥ˮ˞˧˞ˡˢ˪ˢ˜˪˞˦˭˨ˢ˪˹˩ˢ˪ˬˡˢ˪˩˭ˬˮˢ˜
˪˞˞˪˞ˠˢ˪˪ˤ˥ˢ˜˧˞˦˭ˮ˚˭ˢ˦˪˞˞˪˱˦˧˞˥˜˰˱˞˱˞˦˭ˢˮ˜˭ˬ˲˧˙˥ˢ˩˛ಣ
˪ˢ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˛˰˲˴˪˹˱ˢˮ˞ˠ˦˞˦ˡ˦˞˜˱ˢˮ˞˟˞ˮ˦˙˴ˮ˛˰ˤ
ˈ˞˥˞ˮ˦˰˩˹˯˱ˬ˲˳˜˨˱ˮˬ˲
˨˜˭ˬ˲˯
ˑ˞˳˜˨˱ˮ˞ˢ˜˪˞˦˱ˬ˭ˬ˥ˢ˱ˤ˩˚˪˞˩ˢ˱ˤ
˴ˮ˛˰ˤ˧˨˦˭˧˞˦˭ˢ˜ˮ˶˪˰˱ˤ˪˞˪˱˜˥ˢ˱ˤ
˭˨ˢ˲ˮ˙
Βηίλίθίζίοέργςγςντέιςον
 ˎ˦˚˰˱ˢ˱ˤ˨˞˟˛˱ˬ˲˧˨˦˭˰˱ˢˮ˚˶˰ˤ˯
˰˱ˬ˭˨˞˜˰˦ˬ˱ˬ˲˳˜˨˱ˮˬ˲˧˙˱˶˞˭˹
˱ˬ˪˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞
1
2
 ˁˢ˜ˮˢ˱ˢˢ˨˞˳ˮ˻˯˱ˬ˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯
˱ˬ˲˳˜˨˱ˮˬ˲˭ˮˬ˯˱˞˧˙˱˶˧˞˦
˧˞˱˹˭˦˪˱ˮ˞˟˛˫˱ˢ
˃˭˞˪˞˨˙˟ˢ˱ˢ˱˞ˡ˺ˬ˭ˮ˻˱˞˟˛˩˞˱˞ˠ˦˞
˹˨˞˱˞˳˜˨˱ˮ˞
ΔΚΚΖΜΘΙΐ 
 ˈ˞˥˞ˮ˜˰˱ˢ˱˞˳˜˨˱ˮ˞
˴ˮˤ˰˦˩ˬ˭ˬ˦˻˪˱˞˯˚˪˞˰˳ˬ˲ˠˠ˙ˮ˦˩ˢ
˩ˤ˨ˢ˦˞˪˱˦˧˙˞˭ˬˮˮ˲˭˞˪˱˦˧˙˛˰˱ˬ
˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪
ˑˬ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪˭ˮ˚˭ˢ˦
˪˞ˮ˲˥˩˦˰˱ˢ˜˰ˢ˴˞˩ˤ˨˛
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˧˞˦˰ˢ˰˺˪˱ˬ˩ˬ
˧˺˧˨ˬˑˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯
˩˭ˬˮˢ˜˪˞˞˭ˬ˴ˮ˶˩˞˱˦˰˱ˢ˜
˞˲˱˹ˡˢ˪ˢ˭ˤˮˢ˙ˣˢ˦˱ˤ˪
˞˭˹ˡˬ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
 ˁ˦˞˪˞˱ˬ˭ˬ˥ˢ˱˛˰ˢ˱ˢ˫˞˪˙˱˞˳˜˨˱ˮ˞
˞˧ˬ˨ˬ˲˥˛˰˱ˢ˱˞ˡ˺ˬ˭ˮ˻˱˞˟˛˩˞˱˞
˩ˢ˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙
˃˭˞˪˞˨˙˟ˢ˱ˢ˱˞˟˛˩˞˱˞ˠ˦˞˹˨˞˱˞
˳˜˨˱ˮ˞˹˭ˬ˲ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ
ʿ˪˱˦˧˞˱˙˰˱˞˰ˤ˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞
ΟΠΞΔΘΓΞΟΞΘΖΡΖ
ˑˬ˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞ˢ˜˪˞˦˩ˤ
˭˨ˢ˪˹˩ˢ˪ˬ
ˁ˦˞˪˞˞˪˱˦˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
 ʿ˳˞˦ˮ˚˰˱ˢ˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˞˭˹˱ˤ
˰˲˰˧ˢ˲˛
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mˈ˞˥˞ˮ˦˰˩˹˯
˱ˬ˲˳˜˨˱ˮˬ˲˨˜˭ˬ˲˯}˰ˢ˞˲˱˹˱ˬ
˧ˢ˳˙˨˞˦ˬ
 ˎ˦˚˰˱ˢ˱ˤ˪˩˭ˮˬ˰˱˦˪˛˙˧ˮˤ˰˱ˤ˪
ˢ˰ˬ˴˛˭ˮˬ˯˱ˬ˧˙˱˶˩˚ˮˬ˯˱ˬ˲
˳˜˨˱ˮˬ˲ˁˢ˜ˮˢ˱ˢˢ˨˞˳ˮ˻˯˱ˬ
˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯˱ˬ˲˳˜˨˱ˮˬ˲˭ˮˬ˯
˱˞˧˙˱˶
 ˁ˦˞˪˞ˢˠ˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˧˞˦˪ˬ˺ˮ˦ˬ
˳˜˨˱ˮˬˢ˧˱ˢ˨˚˰˱ˢ˱˞˜ˡ˦˞˟˛˩˞˱˞˩ˢ
˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙
ːˢ˧˙˥ˢ˭ˢˮ˜˭˱˶˰ˤˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ˪˞
˞˪˱˦˧˞˥˦˰˱˙˱ˢ˱˞˳˜˨˱ˮ˞˱ˬ˲˨˙˴˦˰˱ˬ˪˧˙˥ˢ
˱˚˰˰ˢˮˢ˦˯˩˛˪ˢ˯
ʿ˪˱˦˧˞˱˙˰˱˞˰ˤ˱ˬ˲
˨˞˩˭˱˛ˮ˞
˅˰˲˰˧ˢ˲˛˭˞ˮ˚˴ˢ˱˞˦˩ˢ˨˞˩˭˱˛ˮ˞/('
ʿ˲˱˹˱ˬˢ˫˙ˮ˱ˤ˩˞˩˭ˬˮˢ˜˪˞
˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˩˹˪ˬ˞˭˹˱ˢ˴˪˦˧˹ːˢ
˭ˢˮ˜˭˱˶˰ˤˬ˭ˬ˦˞˰ˡ˛˭ˬ˱ˢ˟˨˙˟ˤ˯
˞˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mː˚ˮ˟˦˯}˰˱ˬ
˧ˢ˳˙˨˞˦ˬmˍˡˤˠ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞}
ˎ˃ˏˇˀʿˉˉˍˋˑˇˈʿˆ˃ˊʿˑʿ
ʿ˪˞˧˲˧˨˻˰˱ˢ˱˞˲˨˦˧˙˭ˬ˲˳˚ˮˬ˲˪˱ˬ
˰˺˩˟ˬ˨ˬ ˑˬ˭ˬ˥ˢ˱˛˰˱ˢ˱˞˲˨˦˧˙
˰˲˰˧ˢ˲˞˰˜˞˯˰ˢ˧˞˱˙˨˨ˤ˨˞ˡˬ˴ˢ˜˞ˠ˦˞
˞˪˞˧˺˧˨˶˰ˤː˲˩˟˙˨ˢ˱ˢ˰˱ˤ˪˭ˮˬ˰˱˞˰˜˞
˱ˬ˲˭ˢˮ˦˟˙˨˨ˬ˪˱ˬ˯˧˞˦˱ˤ˯˞˪˥ˮ˻˭˦˪ˤ˯
˲ˠˢ˜˞˯˞˪˞˧˲˧˨˻˪ˬ˪˱˞˯˱˦˯˙˴ˮˤ˰˱ˢ˯
ˤ˨ˢ˧˱ˮ˦˧˚˯˧˞˦ˤ˨ˢ˧˱ˮˬ˪˦˧˚˯˰˲˰˧ˢ˲˚˯
ˊˤ˪˞˭ˬˮˮ˜˭˱ˢ˱ˢ˩ˢ˱˞ˬ˦˧˦˞˧˙
˞˭ˬˮˮ˜˩˩˞˱˞˰˲˰˧ˢ˲˚˯˭ˬ˲˳˚ˮˬ˲˪˱ˬ
˰˺˩˟ˬ˨ˬ ˃˭˦˰˱ˮ˚˵˱ˢ˱ˬ˭ˮˬ˷˹˪˰˱ˤ˪
˱ˬ˭˦˧˛˰˞˯˩ˬ˪˙ˡ˞˞˪˞˧˺˧˨˶˰ˤ˯˛
ˢ˭˦˧ˬ˦˪˶˪˛˰˱ˢ˩ˢ˱ˤˡˤ˩ˬ˱˦˧˛˞ˮ˴˛
ZZZHOHFWUROX[FRP
 ˈ˞˥˞ˮ˜˰˱ˢ˱˞˳˜˨˱ˮ˞
˴ˮˤ˰˦˩ˬ˭ˬ˦˻˪˱˞˯˚˪˞˰˳ˬ˲ˠˠ˙ˮ˦˩ˢ
˩ˤ˨ˢ˦˞˪˱˦˧˙˞˭ˬˮˮ˲˭˞˪˱˦˧˙˛˰˱ˬ
˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪
ˑˬ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪˭ˮ˚˭ˢ˦
˪˞ˮ˲˥˩˦˰˱ˢ˜˰ˢ˴˞˩ˤ˨˛
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˧˞˦˰ˢ˰˺˪˱ˬ˩ˬ
˧˺˧˨ˬˑˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯
˩˭ˬˮˢ˜˪˞˞˭ˬ˴ˮ˶˩˞˱˦˰˱ˢ˜
˞˲˱˹ˡˢ˪ˢ˭ˤˮˢ˙ˣˢ˦˱ˤ˪
˞˭˹ˡˬ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯
 ˁ˦˞˪˞˱ˬ˭ˬ˥ˢ˱˛˰ˢ˱ˢ˫˞˪˙˱˞˳˜˨˱ˮ˞
˞˧ˬ˨ˬ˲˥˛˰˱ˢ˱˞ˡ˺ˬ˭ˮ˻˱˞˟˛˩˞˱˞
˩ˢ˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙
˃˭˞˪˞˨˙˟ˢ˱ˢ˱˞˟˛˩˞˱˞ˠ˦˞˹˨˞˱˞
˳˜˨˱ˮ˞˹˭ˬ˲ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ
ʿ˪˱˦˧˞˱˙˰˱˞˰ˤ˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞
ΟΠΞΔΘΓΞΟΞΘΖΡΖ
ˑˬ˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞ˢ˜˪˞˦˩ˤ
˭˨ˢ˪˹˩ˢ˪ˬ
ˁ˦˞˪˞˞˪˱˦˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
 ʿ˳˞˦ˮ˚˰˱ˢ˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˞˭˹˱ˤ
˰˲˰˧ˢ˲˛
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mˈ˞˥˞ˮ˦˰˩˹˯
˱ˬ˲˳˜˨˱ˮˬ˲˨˜˭ˬ˲˯}˰ˢ˞˲˱˹˱ˬ
˧ˢ˳˙˨˞˦ˬ
 ˎ˦˚˰˱ˢ˱ˤ˪˩˭ˮˬ˰˱˦˪˛˙˧ˮˤ˰˱ˤ˪
ˢ˰ˬ˴˛˭ˮˬ˯˱ˬ˧˙˱˶˩˚ˮˬ˯˱ˬ˲
˳˜˨˱ˮˬ˲ˁˢ˜ˮˢ˱ˢˢ˨˞˳ˮ˻˯˱ˬ
˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯˱ˬ˲˳˜˨˱ˮˬ˲˭ˮˬ˯
˱˞˧˙˱˶
 ˁ˦˞˪˞ˢˠ˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˧˞˦˪ˬ˺ˮ˦ˬ
˳˜˨˱ˮˬˢ˧˱ˢ˨˚˰˱ˢ˱˞˜ˡ˦˞˟˛˩˞˱˞˩ˢ
˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙
ːˢ˧˙˥ˢ˭ˢˮ˜˭˱˶˰ˤˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ˪˞
˞˪˱˦˧˞˥˦˰˱˙˱ˢ˱˞˳˜˨˱ˮ˞˱ˬ˲˨˙˴˦˰˱ˬ˪˧˙˥ˢ
˱˚˰˰ˢˮˢ˦˯˩˛˪ˢ˯
ʿ˪˱˦˧˞˱˙˰˱˞˰ˤ˱ˬ˲
˨˞˩˭˱˛ˮ˞
˅˰˲˰˧ˢ˲˛˭˞ˮ˚˴ˢ˱˞˦˩ˢ˨˞˩˭˱˛ˮ˞/('
ʿ˲˱˹˱ˬˢ˫˙ˮ˱ˤ˩˞˩˭ˬˮˢ˜˪˞
˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˩˹˪ˬ˞˭˹˱ˢ˴˪˦˧˹ːˢ
˭ˢˮ˜˭˱˶˰ˤˬ˭ˬ˦˞˰ˡ˛˭ˬ˱ˢ˟˨˙˟ˤ˯
˞˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mː˚ˮ˟˦˯}˰˱ˬ
˧ˢ˳˙˨˞˦ˬmˍˡˤˠ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞}
ˎ˃ˏˇˀʿˉˉˍˋˑˇˈʿˆ˃ˊʿˑʿ
ʿ˪˞˧˲˧˨˻˰˱ˢ˱˞˲˨˦˧˙˭ˬ˲˳˚ˮˬ˲˪˱ˬ
˰˺˩˟ˬ˨ˬ ˑˬ˭ˬ˥ˢ˱˛˰˱ˢ˱˞˲˨˦˧˙
˰˲˰˧ˢ˲˞˰˜˞˯˰ˢ˧˞˱˙˨˨ˤ˨˞ˡˬ˴ˢ˜˞ˠ˦˞
˞˪˞˧˺˧˨˶˰ˤː˲˩˟˙˨ˢ˱ˢ˰˱ˤ˪˭ˮˬ˰˱˞˰˜˞
˱ˬ˲˭ˢˮ˦˟˙˨˨ˬ˪˱ˬ˯˧˞˦˱ˤ˯˞˪˥ˮ˻˭˦˪ˤ˯
˲ˠˢ˜˞˯˞˪˞˧˲˧˨˻˪ˬ˪˱˞˯˱˦˯˙˴ˮˤ˰˱ˢ˯
ˤ˨ˢ˧˱ˮ˦˧˚˯˧˞˦ˤ˨ˢ˧˱ˮˬ˪˦˧˚˯˰˲˰˧ˢ˲˚˯
ˊˤ˪˞˭ˬˮˮ˜˭˱ˢ˱ˢ˩ˢ˱˞ˬ˦˧˦˞˧˙
˞˭ˬˮˮ˜˩˩˞˱˞˰˲˰˧ˢ˲˚˯˭ˬ˲˳˚ˮˬ˲˪˱ˬ
˰˺˩˟ˬ˨ˬ ˃˭˦˰˱ˮ˚˵˱ˢ˱ˬ˭ˮˬ˷˹˪˰˱ˤ˪
˱ˬ˭˦˧˛˰˞˯˩ˬ˪˙ˡ˞˞˪˞˧˺˧˨˶˰ˤ˯˛
ˢ˭˦˧ˬ˦˪˶˪˛˰˱ˢ˩ˢ˱ˤˡˤ˩ˬ˱˦˧˛˞ˮ˴˛
ZZZHOHFWUROX[FRP
&217(176
6$)(7<,1)250$7,21$1',167$//$7,21 
352'8&7'(6&5,37,21 
'$,/<86(
&$5($1'&/($1,1*
:(ಬ5(7+,1.,1*2)<28
7KDQN\RXIRUSXUFKDVLQJDQ(OHFWUROX[DSSOLDQFH<RXಬYHFKRVHQDSURGXFWWKDW
EULQJVZLWKLWGHFDGHVRISURIHVVLRQDOH[SHULHQFHDQGLQQRYDWLRQ,QJHQLRXVDQG
VW\OLVKLWKDVEHHQGHVLJQHGZLWK\RXLQPLQG6RZKHQHYHU\RXXVHLW\RXFDQ
EHVDIHLQWKHNQRZOHGJHWKDW\RXಬOOJHWJUHDWUHVXOWVHYHU\WLPH
:HOFRPHWR(OHFWUROX[
9LVLWRXUZHEVLWHWR
*HWXVDJHDGYLFHEURFKXUHVWURXEOHVKRRWHUVHUYLFHDQGUHSDLULQIRUPDWLRQ
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWHU\RXUSURGXFWIRUEHWWHUVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
%X\$FFHVVRULHV&RQVXPDEOHVDQG2ULJLQDOVSDUHSDUWVIRU\RXUDSSOLDQFH
ZZZHOHFWUROX[FRPVKRS
&86720(5&$5($1'6(59,&(
$OZD\VXVHRULJLQDOVSDUHSDUWV
:KHQFRQWDFWLQJRXU$XWKRULVHG6HUYLFH&HQWUHHQVXUHWKDW\RXKDYHWKH
IROORZLQJGDWDDYDLODEOH0RGHO31&6HULDO1XPEHU
7KHLQIRUPDWLRQFDQEHIRXQGRQWKHUDWLQJSODWH
:DUQLQJ&DXWLRQ6DIHW\LQIRUPDWLRQ
*HQHUDOLQIRUPDWLRQDQGWLSV
(QYLURQPHQWDOLQIRUPDWLRQ
6XEMHFWWRFKDQJHZLWKRXWQRWLFH
6$)(7<,1)250$7,21$1',167$//$7,21
:$51,1*
5HIHUWRWKHVHSDUDWH
,QVWDOODWLRQ,QVWUXFWLRQV
ERRNOHWIRU6DIHW\
,QIRUPDWLRQDQG,QVWDOODWLRQ
5HDGFDUHIXOO\WKH6DIHW\
FKDSWHUVEHIRUHDQ\XVHRU
PDLQWHQDQFHRIWKH
DSSOLDQFH
(1*/,6+ 
352'8&7'(6&5,37,21
&RQWUROSDQHORYHUYLHZ
2 3 4 5 6 71
)XQFWLRQ 'HVFULSWLRQ
+REt+RRG ,QGLFDWRURIWKHIXQFWLRQWRFRQWUROKRRGIURPKRE
/DPS 7XUQVWKHOLJKWVRQDQGRII
)LUVWVSHHG2II 7KHPRWRUVZLWFKHVWRILUVWVSHHGOHYHO6HFRQG
SUHVVWXUQVRIIWKHDSSOLDQFH
6HFRQGVSHHG 7KHPRWRUVZLWFKHVWRVHFRQGVSHHGOHYHO
7KLUGVSHHG 7KHPRWRUVZLWFKHVWRWKLUGVSHHGOHYHO
0D[LPXPVSHHG 7KHPRWRUVZLWFKHVWRPD[LPXPVSHHGOHYHO
)LOWHUQRWLILFDWLRQ 5HPLQGVWRFKDQJHRUFOHDQWKHFKDUFRDOILOWHUDQG
FOHDQWKHJUHDVHILOWHU
'$,/<86(
8VLQJWKHKRRG
&KHFNWKHUHFRPPHQGHGVSHHG
DFFRUGLQJWRWKHWDEOHEHORZ
:KLOHKHDWLQJXSIRRGFRRNLQJZLWKFRYHUHGSRWV
:KLOHFRRNLQJZLWKFRYHUHGSRWVRQPXOWLSOHFRRNಣ
LQJ]RQHVRUEXUQHUVJHQWOHIU\LQJ
:KLOHERLOLQJIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGFRRNLQJRQPXOWLSOHFRRNLQJ]RQHVRUEXUQಣ
HUV
:KLOHERLOLQJIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGELJKXPLGLW\7KHKRRGRSHUDWHVRQPD[Lಣ
PXPVSHHG$IWHUPLQXWHVWKHDSSOLDQFHUHWXUQV
WRSUHYLRXVVHWWLQJ
,WLVUHFRPPHQGHGWROHDYH
WKHKRRGRSHUDWLQJIRU
DSSUR[LPDWHO\PLQXWHV
DIWHUFRRNLQJ
7RRSHUDWHWKHKRRG
 3UHVVWKHILUVWVSHHGEXWWRQ WR
VZLWFKRQWKHDSSOLDQFH
ZZZHOHFWUROX[FRP
352'8&7'(6&5,37,21
&RQWUROSDQHORYHUYLHZ
2 3 4 5 6 71
)XQFWLRQ 'HVFULSWLRQ
+REt+RRG ,QGLFDWRURIWKHIXQFWLRQWRFRQWUROKRRGIURPKRE
/DPS 7XUQVWKHOLJKWVRQDQGRII
)LUVWVSHHG2II 7KHPRWRUVZLWFKHVWRILUVWVSHHGOHYHO6HFRQG
SUHVVWXUQVRIIWKHDSSOLDQFH
6HFRQGVSHHG 7KHPRWRUVZLWFKHVWRVHFRQGVSHHGOHYHO
7KLUGVSHHG 7KHPRWRUVZLWFKHVWRWKLUGVSHHGOHYHO
0D[LPXPVSHHG 7KHPRWRUVZLWFKHVWRPD[LPXPVSHHGOHYHO
)LOWHUQRWLILFDWLRQ 5HPLQGVWRFKDQJHRUFOHDQWKHFKDUFRDOILOWHUDQG
FOHDQWKHJUHDVHILOWHU
'$,/<86(
8VLQJWKHKRRG
&KHFNWKHUHFRPPHQGHGVSHHG
DFFRUGLQJWRWKHWDEOHEHORZ
:KLOHKHDWLQJXSIRRGFRRNLQJZLWKFRYHUHGSRWV
:KLOHFRRNLQJZLWKFRYHUHGSRWVRQPXOWLSOHFRRNಣ
LQJ]RQHVRUEXUQHUVJHQWOHIU\LQJ
:KLOHERLOLQJIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGFRRNLQJRQPXOWLSOHFRRNLQJ]RQHVRUEXUQಣ
HUV
:KLOHERLOLQJIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGELJKXPLGLW\7KHKRRGRSHUDWHVRQPD[Lಣ
PXPVSHHG$IWHUPLQXWHVWKHDSSOLDQFHUHWXUQV
WRSUHYLRXVVHWWLQJ
,WLVUHFRPPHQGHGWROHDYH
WKHKRRGRSHUDWLQJIRU
DSSUR[LPDWHO\PLQXWHV
DIWHUFRRNLQJ
7RRSHUDWHWKHKRRG
 3UHVVWKHILUVWVSHHGEXWWRQ WR
VZLWFKRQWKHDSSOLDQFH
ZZZHOHFWUROX[FRP
 ,IQHHGHGSUHVVWKHOLJKWEXWWRQ WR
LOOXPLQDWHWKHFRRNLQJVXUIDFH
 ,IQHHGHGFKDQJHWKHVSHHGE\
SUHVVLQJWKHGHVLUHGEXWWRQ
7RWXUQRIIWKHDSSOLDQFHSUHVVWKHILUVW
VSHHGEXWWRQ DJDLQ
+REt+RRGIXQFWLRQ
,WLVDQDXWRPDWLFIXQFWLRQZKLFK
FRQQHFWVWKHKREZLWKDKRRG%RWKWKH
KREDQGWKHKRRGKDYHDQLQIUDUHGVLJQDO
FRPPXQLFDWRU6SHHGRIWKHIDQLV
GHILQHGDXWRPDWLFDOO\RQEDVLVRIPRGH
VHWWLQJDQGWHPSHUDWXUHRIWKHKRWWHVW
FRRNZDUHRQWKHKRE<RXFDQDOVR
RSHUDWHWKHIDQXVLQJWKHKREPDQXDOO\
7KHIXQFWLRQFDQEHDFWLYDWHGIURPSDQHO
RIWKHKRE
)RUPRUHLQIRUPDWLRQKRZWR
XVHWKHIXQFWLRQUHIHUWRWKH
KREXVHUPDQXDO
)LOWHUQRWLILFDWLRQ
)LOWHUDODUPUHPLQGVWRFKDQJHRUFOHDQ
WKHFKDUFRDOILOWHUDQGFOHDQWKHJUHDVH
ILOWHU7KHILOWHULQGLFDWRU LVWXUQHGRQ
IRUVHFRQGVLIWKHJUHDVHILOWHUPXVW
EHFOHDQHG7KHILOWHULQGLFDWRU IODVKHV
IRUVHFRQGVLIWKHFKDUFRDOILOWHUPXVW
EHUHSODFHGRUFOHDQHG
5HIHUWRFOHDQLQJWKHJUHDVH
ILOWHULQFDUHDQGFOHDQLQJ
FKDSWHU
5HIHUWRFOHDQLQJWKH
FKDUFRDOILOWHURUUHSODFLQJ
WKHFKDUFRDOILOWHULQFDUHDQG
FOHDQLQJFKDSWHU
7RUHVHWWKHIXQFWLRQSUHVVWKHEXWWRQ
IRUVHFRQGV
7RDFWLYDWHRUGHDFWLYDWHIXQFWLRQ
 7RDFWLYDWHIXQFWLRQSUHVVWKHEXWWRQ
IRUVHFRQGV
,IWKHIXQFWLRQLVDFWLYDWHGWKHLQGLFDWRU
IODVKHVWZRWLPHV
 7RGHDFWLYDWHIXQFWLRQSUHVVWKH
EXWWRQ IRUVHFRQGV
,IWKHIXQFWLRQLVGHDFWLYDWHGWKH
LQGLFDWRU IODVKHVRQHV
5HPRWHFRQWURO
7KHDSSOLDQFHLVVXSSOLHGZLWKDUHPRWH
FRQWURO
7KHFRQQHFWLRQLVRULJLQDOO\HQDEOHG
7RFRQQHFWRUGLVFRQQHFWUHPRWH
FRQWURO
 6ZLWFKRIIWKHDSSOLDQFH
 3UHVVWKH IRUVHFRQGV
7KHLQGLFDWRURQFRQWUROSDQHOIODVKHV
WZLFHLIIXQFWLRQLVHQDEOHGDQGRQFHLI
GLVDEOHG
&$5($1'&/($1,1*
1RWHVRQFOHDQLQJ
&OHDQLQJ
$JHQWV
'RQRWXVHDEUDVLYHGHWHUJHQWVDQGEUXVKHV
&OHDQWKHVXUIDFHRIWKHDSSOLDQFHZLWKDVRIWFORWKZLWKZDUPZDWHU
DQGDPLOGGHWHUJHQW
$IWHUFRRNLQJVRPHSDUWVRIDSSOLDQFHFDQJHWKRW7RDYRLGVWDLQV
DSSOLDQFHPXVWEHFRROHGGRZQDQGGULHGZLWKFOHDQFORWKRUSDSHU
WRZHOV
&OHDQVWDLQVZLWKDPLOGGHWHUJHQW
(1*/,6+ 
.HHSWKHKRRG
FOHDQ
&OHDQWKHDSSOLDQFHDQGJUHDVHILOWHUVHDFKPRQWK&OHDQWKHLQWHಣ
ULRUDQGJUHDVHILOWHUVFDUHIXOO\IURPIDW)DWDFFXPXODWLRQRURWKHU
UHVLGXHPD\FDXVHILUH
)ROORZWKHLQVWUXFWLRQVIRUFOHDQLQJWKHDFFHVVRULHVZKHQILOWHUQRWLಣ
ILFDWLRQLVRQ5HIHUWR)LOWHUQRWLILFDWLRQLQGDLO\XVHFKDSWHU
*UHDVHILOWHUVFDQEHZDVKHGLQDGLVKZDVKHU
7KHGLVKZDVKHUPXVWEHVHWWRDORZWHPSHUDWXUHDQGDVKRUWF\ಣ
FOH7KHJUHDVHILOWHUPD\GLVFRORXULWKDVQRLQIOXHQFHRQWKHSHUಣ
IRUPDQFHRIWKHDSSOLDQFH
&KDUFRDOILOWHU
7KHWLPHRIVDWXUDWLRQRIWKHFKDUFRDOILOWHUYDULHVGHSHQGLQJRQWKH
W\SHRIFRRNLQJDQGWKHUHJXODULW\RIFOHDQLQJWKHJUHDVHILOWHU7KH
DFWLYDWHGFKDUFRDOILOWHULVQRWZDVKDEOHFDQQRWEHUHJHQHUDWHG
DQGPXVWEHUHSODFHGDSSUR[LPDWHO\HYHU\PRQWKVRIRSHUDWLRQ
RUPRUHIUHTXHQWO\IRUSDUWLFXODUO\KHDY\XVDJH
&OHDQLQJWKHJUHDVHILOWHU
)LOWHUVDUHPRXQWHGZLWKWKHXVHRIFOLSV
DQGSLQVRQWKHRSSRVLWHVLGH
7RFOHDQWKHILOWHU
 3UHVVWKHKDQGOHRIWKHPRXQWLQJFOLS
RQWKHILOWHUSDQHOXQGHUQHDWKWKH
KRRG
1
2
 6OLJKWO\WLOWWKHIURQWRIWKHILOWHU
GRZQZDUGVWKHQSXOO
5HSHDWWKHILUVWWZRVWHSVIRUDOOILOWHUV
 &OHDQWKHILOWHUVXVLQJDVSRQJHZLWK
QRQDEUDVLYHGHWHUJHQWVRULQD
GLVKZDVKHU
7KHGLVKZDVKHUPXVWEHVHW
WRDORZWHPSHUDWXUHDQGD
VKRUWF\FOH7KHJUHDVHILOWHU
PD\GLVFRORXULWKDVQR
LQIOXHQFHRQWKH
SHUIRUPDQFHRIWKH
DSSOLDQFH
 7RPRXQWWKHILOWHUVEDFNIROORZWKH
ILUVWWZRVWHSVLQUHYHUVHRUGHU
5HSHDWWKHVWHSVIRUDOOILOWHUVLI
DSSOLFDEOH
5HSODFLQJWKHFKDUFRDOILOWHU
:$51,1*
7KHFKDUFRDOILOWHULVQRQ
ZDVKDEOH
7RUHSODFHWKHILOWHU
 5HPRYHWKHJUHDVHILOWHUVIURPWKH
DSSOLDQFH
5HIHUWR&OHDQLQJWKHJUHDVHILOWHULQ
WKLVFKDSWHU
 3UHVVWKHIURQWHGJHLQVORWWRZDUGV
WKHERWWRPSDUWRIWKHILOWHU6OLJKWO\
WLOWWKHIURQWRIWKHILOWHUGRZQZDUGV
 7RLQVWDOODQHZILOWHUSHUIRUPWKH
VDPHVWHSVLQUHYHUVHRUGHU
,QDQ\FDVHLWLVQHFHVVDU\WRUHSODFH
WKHILOWHUVDWOHDVWHYHU\IRXUPRQWKV
ZZZHOHFWUROX[FRP
.HHSWKHKRRG
FOHDQ
&OHDQWKHDSSOLDQFHDQGJUHDVHILOWHUVHDFKPRQWK&OHDQWKHLQWHಣ
ULRUDQGJUHDVHILOWHUVFDUHIXOO\IURPIDW)DWDFFXPXODWLRQRURWKHU
UHVLGXHPD\FDXVHILUH
)ROORZWKHLQVWUXFWLRQVIRUFOHDQLQJWKHDFFHVVRULHVZKHQILOWHUQRWLಣ
ILFDWLRQLVRQ5HIHUWR)LOWHUQRWLILFDWLRQLQGDLO\XVHFKDSWHU
*UHDVHILOWHUVFDQEHZDVKHGLQDGLVKZDVKHU
7KHGLVKZDVKHUPXVWEHVHWWRDORZWHPSHUDWXUHDQGDVKRUWF\ಣ
FOH7KHJUHDVHILOWHUPD\GLVFRORXULWKDVQRLQIOXHQFHRQWKHSHUಣ
IRUPDQFHRIWKHDSSOLDQFH
&KDUFRDOILOWHU
7KHWLPHRIVDWXUDWLRQRIWKHFKDUFRDOILOWHUYDULHVGHSHQGLQJRQWKH
W\SHRIFRRNLQJDQGWKHUHJXODULW\RIFOHDQLQJWKHJUHDVHILOWHU7KH
DFWLYDWHGFKDUFRDOILOWHULVQRWZDVKDEOHFDQQRWEHUHJHQHUDWHG
DQGPXVWEHUHSODFHGDSSUR[LPDWHO\HYHU\PRQWKVRIRSHUDWLRQ
RUPRUHIUHTXHQWO\IRUSDUWLFXODUO\KHDY\XVDJH
&OHDQLQJWKHJUHDVHILOWHU
)LOWHUVDUHPRXQWHGZLWKWKHXVHRIFOLSV
DQGSLQVRQWKHRSSRVLWHVLGH
7RFOHDQWKHILOWHU
 3UHVVWKHKDQGOHRIWKHPRXQWLQJFOLS
RQWKHILOWHUSDQHOXQGHUQHDWKWKH
KRRG
1
2
 6OLJKWO\WLOWWKHIURQWRIWKHILOWHU
GRZQZDUGVWKHQSXOO
5HSHDWWKHILUVWWZRVWHSVIRUDOOILOWHUV
 &OHDQWKHILOWHUVXVLQJDVSRQJHZLWK
QRQDEUDVLYHGHWHUJHQWVRULQD
GLVKZDVKHU
7KHGLVKZDVKHUPXVWEHVHW
WRDORZWHPSHUDWXUHDQGD
VKRUWF\FOH7KHJUHDVHILOWHU
PD\GLVFRORXULWKDVQR
LQIOXHQFHRQWKH
SHUIRUPDQFHRIWKH
DSSOLDQFH
 7RPRXQWWKHILOWHUVEDFNIROORZWKH
ILUVWWZRVWHSVLQUHYHUVHRUGHU
5HSHDWWKHVWHSVIRUDOOILOWHUVLI
DSSOLFDEOH
5HSODFLQJWKHFKDUFRDOILOWHU
:$51,1*
7KHFKDUFRDOILOWHULVQRQ
ZDVKDEOH
7RUHSODFHWKHILOWHU
 5HPRYHWKHJUHDVHILOWHUVIURPWKH
DSSOLDQFH
5HIHUWR&OHDQLQJWKHJUHDVHILOWHULQ
WKLVFKDSWHU
 3UHVVWKHIURQWHGJHLQVORWWRZDUGV
WKHERWWRPSDUWRIWKHILOWHU6OLJKWO\
WLOWWKHIURQWRIWKHILOWHUGRZQZDUGV
 7RLQVWDOODQHZILOWHUSHUIRUPWKH
VDPHVWHSVLQUHYHUVHRUGHU
,QDQ\FDVHLWLVQHFHVVDU\WRUHSODFH
WKHILOWHUVDWOHDVWHYHU\IRXUPRQWKV
ZZZHOHFWUROX[FRP
5HSODFLQJWKHODPS
7KLVDSSOLDQFHLVVXSSOLHGZLWKD/('
ODPS7KLVSDUWFDQEHUHSODFHGE\D
WHFKQLFLDQRQO\,QFDVHRIDQ\
PDOIXQFWLRQUHIHUWR6HUYLFHLQWKH
6DIHW\,QVWUXFWLRQVFKDSWHU
(19,5210(17$/&21&(516
5HF\FOHPDWHULDOVZLWKWKHV\PERO 
3XWWKHSDFNDJLQJLQUHOHYDQWFRQWDLQHUV
WRUHF\FOHLW+HOSSURWHFWWKH
HQYLURQPHQWDQGKXPDQKHDOWKE\
UHF\FOLQJZDVWHRIHOHFWULFDODQG
HOHFWURQLFDSSOLDQFHV'RQRWGLVSRVHRI
DSSOLDQFHVPDUNHGZLWKWKHV\PERO
ZLWKWKHKRXVHKROGZDVWH5HWXUQWKH
SURGXFWWR\RXUORFDOUHF\FOLQJIDFLOLW\RU
FRQWDFW\RXUPXQLFLSDORIILFH
(1*/,6+ 
&217(1,'2
,1',&$&,21(6'(6(*85,'$'(,167$/$&,1
'(6&5,3&,1'(/352'8&72 
862',$5,2
0$17(1,0,(172</,03,(=$
3(16$026(1867('
*UDFLDVSRUDGTXLULUXQHOHFWURGRP«VWLFR(OHFWUROX[+DHOHJLGRXQSURGXFWRTXH
OOHYDG«FDGDVGHH[SHULHQFLDHLQQRYDFLµQSURIHVLRQDOHV,QJHQLRVR\HOHJDQWH
KDVLGRGLVH³DGRSHQVDQGRHQXVWHG$V¯SXHVFDGDYH]TXHORXWLOLFHSXHGH
WHQHUODVHJXULGDGGHTXHREWHQGU£VLHPSUHH[FHOHQWHVUHVXOWDGRV
/HGDPRVODELHQYHQLGDD(OHFWUROX[
9LVLWHQXHVWURVLWLRZHESDUD
2EWHQHUFRQVHMRVIROOHWRVVROXFLRQHVDSUREOHPDVHLQIRUPDFLµQGHVHUYLFLR\
UHSDUDFLµQ
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWUDUVXSURGXFWRSDUDUHFLELUXQPHMRUVHUYLFLR
ZZZUHJLVWHUHOHFWUROX[FRP
&RPSUDUDFFHVRULRVDUW¯FXORVGHFRQVXPR\SLH]DVGHUHFDPELRRULJLQDOHV
SDUDVXDSDUDWR
ZZZHOHFWUROX[FRPVKRS
$7(1&,1$/&/,(17(<6(59,&,2
/HUHFRPHQGDPRVTXHXWLOLFHUHFDPELRVRULJLQDOHV
&XDQGRVHSRQJDHQFRQWDFWRFRQQXHVWUR&HQWURGHVHUYLFLRW«FQLFRDVHJ¼UHVH
GHWHQHUORVVLJXLHQWHVGDWRVGLVSRQLEOHV0RGHORFµGLJRQXP«ULFRGHOSURGXFWR
31&Q¼PHURGHVHULH
/DLQIRUPDFLµQVHHQFXHQWUDHQODSODFDGHFDUDFWHU¯VWLFDV
$GYHUWHQFLD3UHFDXFLµQ,QIRUPDFLµQVREUHVHJXULGDG
,QIRUPDFLµQJHQHUDO\FRQVHMRV
,QIRUPDFLµQUHODWLYDDOPHGLRDPELHQWH
6DOYRPRGLILFDFLRQHV
,1',&$&,21(6'(6(*85,'$'(,167$/$&,1
$'9(57(1&,$
&RQVXOWHHOIROOHWRGH
LQVWUXFFLRQHVGHLQVWDODFLµQ
VHSDUDGRSDUDREWHQHU
LQIRUPDFLµQVREUHOD
VHJXULGDG\ODLQVWDODFLµQ
/HDDWHQWDPHQWHORV
FDS¯WXORVGH6HJXULGDG
DQWHVGHFXDOTXLHUXVRR
PDQWHQLPLHQWRGHODSDUDWR
ZZZHOHFWUROX[FRP
&217(1,'2
,1',&$&,21(6'(6(*85,'$'(,167$/$&,1
'(6&5,3&,1'(/352'8&72 
862',$5,2
0$17(1,0,(172</,03,(=$
3(16$026(1867('
*UDFLDVSRUDGTXLULUXQHOHFWURGRP«VWLFR(OHFWUROX[+DHOHJLGRXQSURGXFWRTXH
OOHYDG«FDGDVGHH[SHULHQFLDHLQQRYDFLµQSURIHVLRQDOHV,QJHQLRVR\HOHJDQWH
KDVLGRGLVH³DGRSHQVDQGRHQXVWHG$V¯SXHVFDGDYH]TXHORXWLOLFHSXHGH
WHQHUODVHJXULGDGGHTXHREWHQGU£VLHPSUHH[FHOHQWHVUHVXOWDGRV
/HGDPRVODELHQYHQLGDD(OHFWUROX[
9LVLWHQXHVWURVLWLRZHESDUD
2EWHQHUFRQVHMRVIROOHWRVVROXFLRQHVDSUREOHPDVHLQIRUPDFLµQGHVHUYLFLR\
UHSDUDFLµQ
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWUDUVXSURGXFWRSDUDUHFLELUXQPHMRUVHUYLFLR
ZZZUHJLVWHUHOHFWUROX[FRP
&RPSUDUDFFHVRULRVDUW¯FXORVGHFRQVXPR\SLH]DVGHUHFDPELRRULJLQDOHV
SDUDVXDSDUDWR
ZZZHOHFWUROX[FRPVKRS
$7(1&,1$/&/,(17(<6(59,&,2
/HUHFRPHQGDPRVTXHXWLOLFHUHFDPELRVRULJLQDOHV
&XDQGRVHSRQJDHQFRQWDFWRFRQQXHVWUR&HQWURGHVHUYLFLRW«FQLFRDVHJ¼UHVH
GHWHQHUORVVLJXLHQWHVGDWRVGLVSRQLEOHV0RGHORFµGLJRQXP«ULFRGHOSURGXFWR
31&Q¼PHURGHVHULH
/DLQIRUPDFLµQVHHQFXHQWUDHQODSODFDGHFDUDFWHU¯VWLFDV
$GYHUWHQFLD3UHFDXFLµQ,QIRUPDFLµQVREUHVHJXULGDG
,QIRUPDFLµQJHQHUDO\FRQVHMRV
,QIRUPDFLµQUHODWLYDDOPHGLRDPELHQWH
6DOYRPRGLILFDFLRQHV
,1',&$&,21(6'(6(*85,'$'(,167$/$&,1
$'9(57(1&,$
&RQVXOWHHOIROOHWRGH
LQVWUXFFLRQHVGHLQVWDODFLµQ
VHSDUDGRSDUDREWHQHU
LQIRUPDFLµQVREUHOD
VHJXULGDG\ODLQVWDODFLµQ
/HDDWHQWDPHQWHORV
FDS¯WXORVGH6HJXULGDG
DQWHVGHFXDOTXLHUXVRR
PDQWHQLPLHQWRGHODSDUDWR
ZZZHOHFWUROX[FRP
'(6&5,3&,1'(/352'8&72
9LVWDJHQHUDOGHOSDQHOGHPDQGRV
2 3 4 5 6 71
)XQFLµQ 'HVFULSFLµQ
+REt+RRG ,QGLFDGRUGHODIXQFLµQGHFRQWUROGHODFDPSDQDGH
ODSODFD
%RPELOOD (QFLHQGH\DSDJDODVOXFHV
3ULPHUDYHORFLGDG
$SDJDGR (OPRWRUFDPELDDOSULPHUQLYHOGHYHORFLGDG8QD
VHJXQGDSXOVDFLµQDSDJDHODSDUDWR
6HJXQGDYHORFLGDG (OPRWRUFDPELDDOVHJXQGRQLYHOGHYHORFLGDG
7HUFHUDYHORFLGDG (OPRWRUFDPELDDOWHUFHUQLYHOGHYHORFLGDG
9HORFLGDGP£[LPD (OPRWRUFDPELDDOQLYHOGHYHORFLGDGP£[LPD
1RWLILFDFLµQGHOILOWUR 5HFXHUGDFDPELDUROLPSLDUHOILOWURGHFDUEµQ\OLPಣ
SLDUHOILOWURGHJUDVD
862',$5,2
8VRGHODFDPSDQD
&RPSUXHEHODYHORFLGDGUHFRPHQGDGD
VHJ¼QODWDEODVLJXLHQWH
0LHQWUDVFDOLHQWDODFRPLGDFRFLQHFRQODVROODV
FXELHUWDV
0LHQWUDVFRFLQDFRQODVROODVWDSDGDVHQP¼OWLSOHV
]RQDVGHFRFFLµQRTXHPDGRUHVIUH¯UVXDYHPHQಣ
WH
$OKHUYLUIUH¯UJUDQGHVFDQWLGDGHVGHFRPLGDVLQ
WDSDFRFLQDUHQP¼OWLSOHV]RQDVGHFRFFLµQR
TXHPDGRUHV
$OKHUYLUIUH¯UJUDQGHVFDQWLGDGHVGHFRPLGDVLQ
WDSDJUDQKXPHGDG/DFDPSDQDIXQFLRQDDP£ಣ
[LPDYHORFLGDG'HVSX«VGHPLQXWRVHODSDUDWR
YXHOYHDODMXVWHDQWHULRU
(63$2/ 
6HUHFRPLHQGDGHMDUOD
FDPSDQDHQIXQFLRQDPLHQWR
GXUDQWHDSUR[LPDGDPHQWH
PLQXWRVGHVSX«VGHOD
FRFFLµQ
3DUDXWLOL]DUODFDPSDQD
 3XOVHHOSULPHUERWµQGHYHORFLGDG
SDUDHQFHQGHUHODSDUDWR
 6LHVQHFHVDULRSXOVHHOERWµQGHOX]
SDUDLOXPLQDUODVXSHUILFLHGH
FRFFLµQ
 6LHVQHFHVDULRFDPELHODYHORFLGDG
SXOVDQGRHOERWµQGHVHDGR
3DUDDSDJDUHODSDUDWRSXOVHGHQXHYR
HOSULPHUERWµQGHYHORFLGDG
+REt+RRG)81&,1
(VXQDIXQFLµQDXWRP£WLFDTXHFRQHFWD
ODSODFDGHFRFFLµQFRQXQDFDPSDQD
/DSODFDGHFRFFLµQ\ODFDPSDQDWLHQHQ
XQFRPXQLFDGRUGHVH³DOHVLQIUDUURMDV
/DYHORFLGDGGHOYHQWLODGRUVHGHILQH
DXWRP£WLFDPHQWHVHJ¼QHODMXVWHGH
PRGR\WHPSHUDWXUDGHOXWHQVLOLRGH
FRFLQDP£VFDOLHQWHHQODSODFDGH
FRFFLµQ7DPEL«QSXHGHRSHUDU
PDQXDOPHQWHHOYHQWLODGRUGHVGHOD
SODFDGHFRFFLµQ/DIXQFLµQVHSXHGH
DFWLYDUGHVGHHOSDQHOGHODSODFDGH
FRFFLµQ
3DUDP£VLQIRUPDFLµQVREUH
FµPRXWLOL]DUHVWDIXQFLµQ
FRQVXOWHHOPDQXDOGHO
XVXDULRGHODSODFDGH
FRFFLµQ
1RWLILFDFLµQGHOILOWUR
/DDODUPDGHOILOWURUHFXHUGDFDPELDUR
OLPSLDUHOILOWURGHFDUEµQ\OLPSLDUHOILOWUR
GHJUDVD(OLQGLFDGRUGHOILOWUR VH
HQFLHQGHGXUDQWHVHJXQGRVVLVH
GHEHOLPSLDUHOILOWURGHJUDVD(O
LQGLFDGRUGHILOWUR SDUSDGHDGXUDQWH
VHJXQGRVVLHVQHFHVDULRUHHPSOD]DU
ROLPSLDUHOILOWURGHFDUEµQ
&RQVXOWHODOLPSLH]DGHOILOWUR
GHJUDVDHQHOFDS¯WXORGH
PDQWHQLPLHQWR\OLPSLH]D
&RQVXOWHODOLPSLH]DGHOILOWUR
GHFDUEµQRDODVXVWLWXFLµQ
GHOILOWURGHFDUEµQHQHO
FDS¯WXOR0DQWHQLPLHQWR\
OLPSLH]D
3DUDUHVHWHDUODIXQFLµQPDQWHQJD
SXOVDGRHOERWµQ GXUDQWH
VHJXQGRV
3DUDDFWLYDURGHVDFWLYDUODIXQFLµQ
 3DUDDFWLYDUODIXQFLµQPDQWHQJD
SXOVDGRHOERWµQ GXUDQWH
VHJXQGRV
6LODIXQFLµQHVW£DFWLYDGDHOLQGLFDGRU
SDUSDGHDGRVYHFHV
 3DUDGHVDFWLYDUODIXQFLµQPDQWHQJD
SXOVDGRHOERWµQ GXUDQWH
VHJXQGRV
6LODIXQFLµQHVW£GHVDFWLYDGDHO
LQGLFDGRU SDUSDGHDXQDYH]
0DQGRDGLVWDQFLD
(ODSDUDWRVHVXPLQLVWUDFRQXQPDQGRD
GLVWDQFLD
/DFRQH[LµQHVW£DFWLYDGDRULJLQDOPHQWH
3DUDFRQHFWDURGHVFRQHFWDUHOPDQGR
DGLVWDQFLD
 $SDJDUHODSDUDWR
 3XOVH GXUDQWHVHJXQGRV
(OLQGLFDGRUGHOSDQHOGHFRQWURO
SDUSDGHDGRVYHFHVVLODIXQFLµQHVW£
DFWLYDGD\XQDYH]VLHVW£GHVDFWLYDGD
ZZZHOHFWUROX[FRP
6HUHFRPLHQGDGHMDUOD
FDPSDQDHQIXQFLRQDPLHQWR
GXUDQWHDSUR[LPDGDPHQWH
PLQXWRVGHVSX«VGHOD
FRFFLµQ
3DUDXWLOL]DUODFDPSDQD
 3XOVHHOSULPHUERWµQGHYHORFLGDG
SDUDHQFHQGHUHODSDUDWR
 6LHVQHFHVDULRSXOVHHOERWµQGHOX]
SDUDLOXPLQDUODVXSHUILFLHGH
FRFFLµQ
 6LHVQHFHVDULRFDPELHODYHORFLGDG
SXOVDQGRHOERWµQGHVHDGR
3DUDDSDJDUHODSDUDWRSXOVHGHQXHYR
HOSULPHUERWµQGHYHORFLGDG
+REt+RRG)81&,1
(VXQDIXQFLµQDXWRP£WLFDTXHFRQHFWD
ODSODFDGHFRFFLµQFRQXQDFDPSDQD
/DSODFDGHFRFFLµQ\ODFDPSDQDWLHQHQ
XQFRPXQLFDGRUGHVH³DOHVLQIUDUURMDV
/DYHORFLGDGGHOYHQWLODGRUVHGHILQH
DXWRP£WLFDPHQWHVHJ¼QHODMXVWHGH
PRGR\WHPSHUDWXUDGHOXWHQVLOLRGH
FRFLQDP£VFDOLHQWHHQODSODFDGH
FRFFLµQ7DPEL«QSXHGHRSHUDU
PDQXDOPHQWHHOYHQWLODGRUGHVGHOD
SODFDGHFRFFLµQ/DIXQFLµQVHSXHGH
DFWLYDUGHVGHHOSDQHOGHODSODFDGH
FRFFLµQ
3DUDP£VLQIRUPDFLµQVREUH
FµPRXWLOL]DUHVWDIXQFLµQ
FRQVXOWHHOPDQXDOGHO
XVXDULRGHODSODFDGH
FRFFLµQ
1RWLILFDFLµQGHOILOWUR
/DDODUPDGHOILOWURUHFXHUGDFDPELDUR
OLPSLDUHOILOWURGHFDUEµQ\OLPSLDUHOILOWUR
GHJUDVD(OLQGLFDGRUGHOILOWUR VH
HQFLHQGHGXUDQWHVHJXQGRVVLVH
GHEHOLPSLDUHOILOWURGHJUDVD(O
LQGLFDGRUGHILOWUR SDUSDGHDGXUDQWH
VHJXQGRVVLHVQHFHVDULRUHHPSOD]DU
ROLPSLDUHOILOWURGHFDUEµQ
&RQVXOWHODOLPSLH]DGHOILOWUR
GHJUDVDHQHOFDS¯WXORGH
PDQWHQLPLHQWR\OLPSLH]D
&RQVXOWHODOLPSLH]DGHOILOWUR
GHFDUEµQRDODVXVWLWXFLµQ
GHOILOWURGHFDUEµQHQHO
FDS¯WXOR0DQWHQLPLHQWR\
OLPSLH]D
3DUDUHVHWHDUODIXQFLµQPDQWHQJD
SXOVDGRHOERWµQ GXUDQWH
VHJXQGRV
3DUDDFWLYDURGHVDFWLYDUODIXQFLµQ
 3DUDDFWLYDUODIXQFLµQPDQWHQJD
SXOVDGRHOERWµQ GXUDQWH
VHJXQGRV
6LODIXQFLµQHVW£DFWLYDGDHOLQGLFDGRU
SDUSDGHDGRVYHFHV
 3DUDGHVDFWLYDUODIXQFLµQPDQWHQJD
SXOVDGRHOERWµQ GXUDQWH
VHJXQGRV
6LODIXQFLµQHVW£GHVDFWLYDGDHO
LQGLFDGRU SDUSDGHDXQDYH]
0DQGRDGLVWDQFLD
(ODSDUDWRVHVXPLQLVWUDFRQXQPDQGRD
GLVWDQFLD
/DFRQH[LµQHVW£DFWLYDGDRULJLQDOPHQWH
3DUDFRQHFWDURGHVFRQHFWDUHOPDQGR
DGLVWDQFLD
 $SDJDUHODSDUDWR
 3XOVH GXUDQWHVHJXQGRV
(OLQGLFDGRUGHOSDQHOGHFRQWURO
SDUSDGHDGRVYHFHVVLODIXQFLµQHVW£
DFWLYDGD\XQDYH]VLHVW£GHVDFWLYDGD
ZZZHOHFWUROX[FRP
0$17(1,0,(172</,03,(=$
1RWDVVREUHODOLPSLH]D
$JHQWHVOLP഻
SLDGRUHV
1RXVHGHWHUJHQWHV\FHSLOORVDEUDVLYRV
/LPSLHODVXSHUILFLHGHODSDUDWRFRQXQSD³RVXDYHKXPHGHFLGRHQ
DJXDWHPSODGD\GHWHUJHQWHVXDYH
'HVSX«VGHFRFLQDUDOJXQDVSLH]DVGHODSDUDWRSXHGHQFDOHQWDUಣ
VH3DUDHYLWDUPDQFKDVORVDSDUDWRVGHEHQHQIULDUVH\VHFDUVH
FRQXQSD³ROLPSLRRWRDOODVGHSDSHO
/LPSLHODVPDQFKDVFRQXQGHWHUJHQWHVXDYH
0DQWHQJDOD
FDPSDQDOLP഻
SLD
/LPSLHHODSDUDWR\ORVILOWURVGHJUDVDFDGDPHV/LPSLHFXLGDGRಣ
VDPHQWHODJUDVDGHOLQWHULRU\ORVILOWURVGHJUDVD/DDFXPXODFLµQ
GHJUDVDXRWURVUHVLGXRVSXHGHSURYRFDUXQLQFHQGLR
6LJDODVLQVWUXFFLRQHVGHOLPSLH]DGHORVDFFHVRULRVFXDQGRODQRWLಣ
ILFDFLµQGHOILOWURHVW«DFWLYDGD&RQVXOWHHOFDS¯WXOR1RWLILFDFLµQGH
ILOWURVHQHOXVRGLDULR
/RVILOWURVGHJUDVDVHSXHGHQODYDUHQHOODYDYDMLOODV
(OODYDYDMLOODVGHEHDMXVWDUVHDXQDWHPSHUDWXUDEDMD\DXQFLFOR
FRUWR(OILOWURGHJUDVDSXHGHGHFRORUDUVHQRLQIOX\HHQHOUHQGLಣ
PLHQWRGHODSDUDWR
)LOWURGHFDU഻
EµQ
(OWLHPSRGHVDWXUDFLµQGHOILOWURGHFDUEµQYDU¯DHQIXQFLµQGHOWLSR
GHFRFFLµQ\GHODUHJXODULGDGGHODOLPSLH]DGHOILOWURGHJUDVD(O
ILOWURGHFDUEµQDFWLYDGRQRHVODYDEOHQRVHSXHGHUHJHQHUDU\
GHEHVXVWLWXLUVHDSUR[LPDGDPHQWHFDGDPHVHVGHIXQFLRQDಣ
PLHQWRRFRQPD\RUIUHFXHQFLDHQFDVRGHXVRSDUWLFXODUPHQWHLQಣ
WHQVR
/LPSLH]DGHOILOWURGHJUDVD
/RVILOWURVVHPRQWDQFRQHOXVRGHFOLSV
\SDVDGRUHVHQHOODGRRSXHVWR
3DUDOLPSLDUHOILOWUR
 3UHVLRQHODPDQLMDGHOFOLSGH
PRQWDMHHQHOSDQHOGHOILOWURGHEDMR
GHODFDPSDQD
1
2
 ,QFOLQHOLJHUDPHQWHODSDUWHGHODQWHUD
GHOILOWURKDFLDDEDMR\WLUHGH«O
5HSLWDORVGRVSULPHURVSDVRVSDUD
WRGRVORVILOWURV
 /LPSLHORVILOWURVFRQXQDHVSRQMD
FRQGHWHUJHQWHVQRDEUDVLYRVRHQ
XQODYDYDMLOODV
(OODYDYDMLOODVGHEHDMXVWDUVH
DXQDWHPSHUDWXUDEDMD\D
XQFLFORFRUWR(OILOWURGH
JUDVDSXHGHGHFRORUDUVHQR
LQIOX\HHQHOUHQGLPLHQWRGHO
DSDUDWR
 3DUDYROYHUDPRQWDUORVILOWURVVLJD
ORVGRVSULPHURVSDVRVHQRUGHQ
LQYHUVR
5HSLWDORVSULPHURVSDVRVSDUDWRGRVORV
ILOWURVVLHVQHFHVDULR
(63$2/ 
&DPELRGHOILOWURGHFDUEµQ
$'9(57(1&,$
(OILOWURGHFDUEµQ12HV
ODYDEOH
3DUDUHHPSOD]DUHOILOWUR
 5HWLUHORVILOWURVGHJUDVDGHODSDUDWR
9«DVH/LPSLH]DGHOILOWURGHJUDVDHQ
HVWHFDS¯WXOR
 3UHVLRQHHOERUGHIURQWDOHQODUDQXUD
KDFLDODSDUWHLQIHULRUGHOILOWUR,QFOLQH
OLJHUDPHQWHODSDUWHGHODQWHUDGHO
ILOWURKDFLDDEDMR
 3DUDLQVWDODUHOILOWURUHDOLFHORV
SDVRVHQRUGHQLQYHUVR
(QFXDOTXLHUFDVRHVQHFHVDULRVXVWLWXLU
ORVILOWURVDOPHQRVFDGDFXDWURPHVHV
&DPELRGHODERPELOOD
(VWHDSDUDWRVHVXPLQLVWUDFRQXQD
O£PSDUD/('/DVXVWLWXFLµQGHHVWD
SLH]DGHEHKDFHUODXQW«FQLFR(QFDVR
GHDYHU¯DFRQVXOWHHODSDUWDGR
$VLVWHQFLDHQHOFDS¯WXORGH
,QVWUXFFLRQHVGHVHJXULGDG
$63(&7260(',2$0%,(17$/(6
5HFLFOHORVPDWHULDOHVFRQHOV¯PEROR 
&RORTXHHOPDWHULDOGHHPEDODMHHQORV
FRQWHQHGRUHVDGHFXDGRVSDUDVX
UHFLFODMH$\XGHDSURWHJHUHOPHGLR
DPELHQWH\ODVDOXGS¼EOLFDDV¯FRPRD
UHFLFODUUHVLGXRVGHDSDUDWRVHO«FWULFRV\
HOHFWUµQLFRV1RGHVHFKHORVDSDUDWRV
PDUFDGRVFRQHOV¯PEROR MXQWRFRQORV
UHVLGXRVGRP«VWLFRV/OHYHHOSURGXFWRD
VXFHQWURGHUHFLFODMHORFDORSµQJDVHHQ
FRQWDFWRFRQVXRILFLQDPXQLFLSDO
ZZZHOHFWUROX[FRP
7227(.,5-(/'86
-XKWSDQHHOL¾OHYDDGH
2 3 4 5 6 71
)XQNWVLRRQ .LUMHOGXV
+REt+RRG 3OLLGLNDXGX·KXSXKDVWLNDVXWDPLVHIXQNWVLRRQLLQGLಣ
NDDWRU
/DPS /¾OLWDEYDOJXVWXVHVLVVHMDY¦OMD
(VLPHQHPRRWRULNLLUXV
9¦OMDV 0RRWRUO¾OLWXEHVLPHVHOHNLLUXVHOH7HLQHYDMXWXVO¾ಣ
OLWDEVHDGPHY¦OMD
7HLQHNLLUXV 0RRWRUO¾OLWXEWHLVHOHNLLUXVHOH
.ROPDVNLLUXV 0RRWRUO¾OLWXENROPDQGDOHNLLUXVHOH
0DNVLPXPNLLUXV 0RRWRUO¾OLWXEPDNVLPXPNLLUXVHOH
)LOWULP¦UJXDQQH 7XOHWDEPHHOGHHWV¸HILOWHUWXOHEDVHQGDGDY·LSXಣ
KDVWDGDMDUDVYDILOWHUSXKDVWDGD
,*$3(9$1(.$687$0,1(
KXSXKDVWLNDVXWDPLQH
.RQWUROOLJHVRRYLWDWDYDLGNLLUXVLDOOROHYDVW
WDEHOLVW
7RLGXVRRMHQGDPLQHWRLGXYDOPLVWDPLQHNDDQHJD
Q·XGHV
7RLGXYDOPLVWDPLQHNDDQHJDQ·XGHVPLWPHONHHಣ
GXDODOY·LS·OHWLONHUJHSUDDGLPLQH
.HHWPLQHVXXUHPDWHNRJXVWHSUDDGLPLQHLOPD
NDDQHWDWRLGXYDOPLVWDPLQHPLWPHONHHGXDODOY·L
S·OHWLO
.HHWPLQHVXXUHPDWHNRJXVWHSUDDGLPLQHLOPD
NDDQHWDVXXUQLLVNXVKXSXKDVWLW¸¸WDEPDNVLಣ
PXPY·LPVXVHOPLQXWLS¦UDVWS¸¸UGXEVHDGHWDಣ
JDVLHHOPLVHVHDGHMXXUGH
ZZZHOHFWUROX[FRP
7227(.,5-(/'86
-XKWSDQHHOL¾OHYDDGH
2 3 4 5 6 71
)XQNWVLRRQ .LUMHOGXV
+REt+RRG 3OLLGLNDXGX·KXSXKDVWLNDVXWDPLVHIXQNWVLRRQLLQGLಣ
NDDWRU
/DPS /¾OLWDEYDOJXVWXVHVLVVHMDY¦OMD
(VLPHQHPRRWRULNLLUXV
9¦OMDV 0RRWRUO¾OLWXEHVLPHVHOHNLLUXVHOH7HLQHYDMXWXVO¾ಣ
OLWDEVHDGPHY¦OMD
7HLQHNLLUXV 0RRWRUO¾OLWXEWHLVHOHNLLUXVHOH
.ROPDVNLLUXV 0RRWRUO¾OLWXENROPDQGDOHNLLUXVHOH
0DNVLPXPNLLUXV 0RRWRUO¾OLWXEPDNVLPXPNLLUXVHOH
)LOWULP¦UJXDQQH 7XOHWDEPHHOGHHWV¸HILOWHUWXOHEDVHQGDGDY·LSXಣ
KDVWDGDMDUDVYDILOWHUSXKDVWDGD
,*$3(9$1(.$687$0,1(
KXSXKDVWLNDVXWDPLQH
.RQWUROOLJHVRRYLWDWDYDLGNLLUXVLDOOROHYDVW
WDEHOLVW
7RLGXVRRMHQGDPLQHWRLGXYDOPLVWDPLQHNDDQHJD
Q·XGHV
7RLGXYDOPLVWDPLQHNDDQHJDQ·XGHVPLWPHONHHಣ
GXDODOY·LS·OHWLONHUJHSUDDGLPLQH
.HHWPLQHVXXUHPDWHNRJXVWHSUDDGLPLQHLOPD
NDDQHWDWRLGXYDOPLVWDPLQHPLWPHONHHGXDODOY·L
S·OHWLO
.HHWPLQHVXXUHPDWHNRJXVWHSUDDGLPLQHLOPD
NDDQHWDVXXUQLLVNXVKXSXKDVWLW¸¸WDEPDNVLಣ
PXPY·LPVXVHOPLQXWLS¦UDVWS¸¸UGXEVHDGHWDಣ
JDVLHHOPLVHVHDGHMXXUGH
ZZZHOHFWUROX[FRP
3¦UDVWWRLGXYDOPLVWDPLVH
O·SSXVRRYLWDWDNVH
·KXSXKDVWLXPEHV
PLQXWLNVW¸¸OHM¦WWD
KXSXKDVWLNDVXWDPLVHNV
 9DMXWDJHHVLPHVHNLLUXVHQXSSX
HWVHDGHVLVVHO¾OLWDGD
 9DMDGXVHOYDMXWDJHYDOJXVWLQXSSX
HWW¸¸SLQGDYDOJXVWDGD
 9DMDGXVHOPXXWNHNLLUXVWYDMXWDGHV
VRELYDWQXSSX
6HDGPHY¦OMDO¾OLWDPLVHNVYDMXWDJHXXHVWL
HVLPHVWNLLUXVHQXSSX
+REt+RRGIXQNWVLRRQ
6HHRQDXWRPDDWQHIXQNWVLRRQPLV
¾KHQGDESOLLGLMD·KXSXKDVWL1LLSOLLGLONXL
ND·KXSXKDVWLORQLQIUDSXQD
VLJQDDONRPPXQLNDDWRU9HQWLODDWRULNLLUXV
P¦¦UDWDNVHDXWRPDDWVHOWYDOLWXGUHŀLLPL
MDSOLLGLOROHYDN·LJHNXXPHPDQ·X
WHPSHUDWXXULDOXVHO9HQWLODDWRULW¸¸G
VDDESOLLGLNDXGXNDN¦VLWVLMXKWLGD
)XQNWVLRRQLVDDEVLVVHO¾OLWDGDSOLLGL
SDQHHOLOW
/LVDWHDYHWIXQNWVLRRQL
NDVXWDPLVHNRKWDOHLDWHSOLLGL
NDVXWXVMXKHQGLVW
)LOWULP¦UJXDQQH
)LOWULKRLDWXVWXOHWDEPHHOGHHWV¸HILOWHU
WXOHEDVHQGDGDY·LSXKDVWDGDMD
UDVYDILOWHUSXKDVWDGD.XLUDVYDILOWHU
YDMDESXKDVWDPLVWO¾OLWXEILOWULLQGLNDDWRU
VHNXQGLNV VLVVH.XLV¸HILOWHU
YDMDESXKDVWDPLVWO¾OLWXEILOWULLQGLNDDWRU
VHNXQGLNV VLVVH
/XJHJHUDVYDILOWULSXKDVWXVH
NRKWDSXKDVWXVHMDKRROGXVH
SHDW¾NLVW
/XJHJHV¸HILOWULSXKDVWDPLVH
Y·LV¸HILOWULDVHQGDPLVH
NRKWDSXKDVWXVHMDKRROGXVH
SHDW¾NLVW
)XQNWVLRRQLO¦KWHVWDPLVHNVYDMXWDJH
QXSSX VHNXQGLW
)XQNWVLRRQL
 )XQNWVLRRQLDNWLYHHULPLVHNVYDMXWDJH
QXSSX VHNXQGLW
.XLIXQNWVLRRQRQVLVVHO¾OLWDWXGVLLV
LQGLNDDWRU YLOJXENDNVNRUGD
 )XQNWVLRRQLY¦OMDO¾OLWDPLVHNV
YDMXWDJHQXSSX VHNXQGLW
.XLIXQNWVLRRQRQY¦OMDO¾OLWDWXGVLLV
LQGLNDDWRU YLOJXE¾NVNRUG
.DXJMXKWLPLQH
6HDGPHMXXUGHNXXOXEND
NDXJMXKWLPLVSXOW
KHQGXVRQDOJVHOWOXEDWXG
.DXJMXKWLPLVSXOGL¾KHQGDPLVHNVY·L
Y¦OMDO¾OLWDPLVHNV
 /¾OLWDJHVHDGHY¦OMD
 9DMXWDJHVHNXQGLW
.XLIXQNWVLRRQRQOXEDWXGYLOJXE
MXKWSDQHHOLV¾PERONDNVNRUGDQLQJNXL
NHHODWXGVLLV¾NVNRUG
38+$6786-$+22/'86
-XKLVHGSXKDVWDPLVHNV
3XKDVWXVYD഻
KHQGLG
UJHNDVXWDJHDEUDVLLYVHLGYDKHQGHLGHJDKDUMX
3XKDVWDJHVHDGPHSLQGDSHKPHODSLVRRMDYHHQLQJSHKPHWRLPHಣ
OLVHSHVXYDKHQGLJD
3¦UDVWWRLGXYDOPLVWDPLVWRQP·QHGVHDGPHRVDGNXXPDG3OHNNLGH
Y¦OWLPLVHNVODVNHVHDGPHOHQQHSXKDVWDPLVWMDKWXGDNXLYDWDJHVHಣ
GDSXKWDODSLY·LN¸¸JLSDEHULJD
3OHNNLGHHHPDOGDPLVHNVNDVXWDJHSHKPHWRLPHOLVWSXKDVWXVYDKHQಣ
GLW
((67, 
+RLGNH·KXSX഻
KDVWLSXKWDQD
1LLVHDGHWNXLUDVYDILOWULWWXOHNVS·KMDOLNXPDOWSXKDVWDGDNRUGNXXV
3XKDVWDJHKRROLNDOWVHDGPHVLVHPXVMDUDVYDILOWULGUDVYDVW7RLGXಣ
M¦¦NLGHNRJXQHPLQHY·LENDDVDWXXDV¾WWLPLVH
.XLILOWULKRLDWXVS·OHEM¦UJLJHWDUYLNXWHSXKDVWDPLVHMXKLVHLG9WILOಣ
WULKRLDWXVHMDRWLVWSHDW¾NLV,JDS¦HYDQHNDVXWDPLQH
5DVYDILOWUHLGY·LESHVWDNDQ·XGHSHVXPDVLQDV
9DOLJHQ·XGHSHVXPDVLQDVPDGDODWHPSHUDWXXULJDO¾KLNHWV¾NNHO
5DVYDILOWHUY·LENHUJHOWPXXWDY¦UYLNXLGVHHHLP·MXWDNXLGDJL
VHDGPHW¸¸G
6¸HILOWHU
6¸HILOWULNDVXWXVDHJY·LEROODHULQHYV·OWXGHVWRLGXYDOPLVWDPLVH
W¾¾ELVWMDUDVYDILOWULSXKDVWDPLVHVDJHGXVHVW$NWLYHHULWXGV¸HILOWHU
HLROHSHVWDYVHGDHLVDDUHJHQHUHHULGDQLQJVHHWXOHELJDNXX
WDJDQWXXHYDVWXY¦OMDYDKHWDGDY¦JDLQWHQVLLYVHONDVXWDPLVHODJD
WLKHGDPLQL
5DVYDILOWULSXKDVWDPLQH
)LOWULGRQNLQQLWDWXGYDVWDVN¾OJHGHO
DVXYDWHNODPEULWHMDYDUUDVWHDELO
)LOWULSXKDVWDPLVHNV
 9DMXWDJHNLQQLWXVNODPEULKRLGLNXW
PLVDVXEILOWULSDQHHOLO·KXSXKDVWLDOO

1
2
 .DOOXWDJHILOWULHVLRVDNHUJHOW
DOODSRROHVHHM¦UHOW·PPDNH
.RUUDNHNDKWHHVLPHVWVDPPXN·LJL
ILOWULWHJD
 3HVNHILOWUHLGPLWWHDEUDVLLYVH
SHVXYDKHQGLMDN¦VQDJDY·L
Q·XGHSHVXPDVLQDV
9DOLJHQ·XGHSHVXPDVLQDV
PDGDODWHPSHUDWXXULJD
O¾KLNHWV¾NNHO5DVYDILOWHU
Y·LENHUJHOWPXXWDY¦UYL
NXLGVHHHLP·MXWDNXLGDJL
VHDGPHW¸¸G
 )LOWULWHWDJDVLDVHWDPLVHNVNRUUDNH
NDKWHHVLPHVWVDPPXYDVWXSLGLVHV
M¦UMHNRUUDV
.RUUDNHWRLPLQJXWN·LJLILOWULWHJD
6¸HILOWULDVHQGDPLQH
+2,$786
6¸HILOWHUHLROHSHVWDY
)LOWULDVHQGDPLVHNV
 (HPDOGDJHVHDGPHVWN·LN
UDVYDILOWULG
9WN¦HVROHYDSHDW¾NLRVD5DVYDILOWUL
SXKDVWDPLQH
 9DMXWDJHSHVDVHHVPLVWVHUYDILOWUL
WDJXPLVHRVDVXXQDV.DOOXWDJHILOWUL
HVLRVDNHUJHOWDOODSRROH
 8XHILOWULSDLJDOGDPLVHNVWHRVWDJH
WRLPLQJYDVWXSLGLVHVM¦UMHNRUUDV
.LQGODVWLWXOHEILOWULGY¦OMDYDKHWDGD
Y¦KHPDOWLJDQHOMDNXXWDJDQW
ZZZHOHFWUROX[FRP
+RLGNH·KXSX഻
KDVWLSXKWDQD
1LLVHDGHWNXLUDVYDILOWULWWXOHNVS·KMDOLNXPDOWSXKDVWDGDNRUGNXXV
3XKDVWDJHKRROLNDOWVHDGPHVLVHPXVMDUDVYDILOWULGUDVYDVW7RLGXಣ
M¦¦NLGHNRJXQHPLQHY·LENDDVDWXXDV¾WWLPLVH
.XLILOWULKRLDWXVS·OHEM¦UJLJHWDUYLNXWHSXKDVWDPLVHMXKLVHLG9WILOಣ
WULKRLDWXVHMDRWLVWSHDW¾NLV,JDS¦HYDQHNDVXWDPLQH
5DVYDILOWUHLGY·LESHVWDNDQ·XGHSHVXPDVLQDV
9DOLJHQ·XGHSHVXPDVLQDVPDGDODWHPSHUDWXXULJDO¾KLNHWV¾NNHO
5DVYDILOWHUY·LENHUJHOWPXXWDY¦UYLNXLGVHHHLP·MXWDNXLGDJL
VHDGPHW¸¸G
6¸HILOWHU
6¸HILOWULNDVXWXVDHJY·LEROODHULQHYV·OWXGHVWRLGXYDOPLVWDPLVH
W¾¾ELVWMDUDVYDILOWULSXKDVWDPLVHVDJHGXVHVW$NWLYHHULWXGV¸HILOWHU
HLROHSHVWDYVHGDHLVDDUHJHQHUHHULGDQLQJVHHWXOHELJDNXX
WDJDQWXXHYDVWXY¦OMDYDKHWDGDY¦JDLQWHQVLLYVHONDVXWDPLVHODJD
WLKHGDPLQL
5DVYDILOWULSXKDVWDPLQH
)LOWULGRQNLQQLWDWXGYDVWDVN¾OJHGHO
DVXYDWHNODPEULWHMDYDUUDVWHDELO
)LOWULSXKDVWDPLVHNV
 9DMXWDJHNLQQLWXVNODPEULKRLGLNXW
PLVDVXEILOWULSDQHHOLO·KXSXKDVWLDOO

1
2
 .DOOXWDJHILOWULHVLRVDNHUJHOW
DOODSRROHVHHM¦UHOW·PPDNH
.RUUDNHNDKWHHVLPHVWVDPPXN·LJL
ILOWULWHJD
 3HVNHILOWUHLGPLWWHDEUDVLLYVH
SHVXYDKHQGLMDN¦VQDJDY·L
Q·XGHSHVXPDVLQDV
9DOLJHQ·XGHSHVXPDVLQDV
PDGDODWHPSHUDWXXULJD
O¾KLNHWV¾NNHO5DVYDILOWHU
Y·LENHUJHOWPXXWDY¦UYL
NXLGVHHHLP·MXWDNXLGDJL
VHDGPHW¸¸G
 )LOWULWHWDJDVLDVHWDPLVHNVNRUUDNH
NDKWHHVLPHVWVDPPXYDVWXSLGLVHV
M¦UMHNRUUDV
.RUUDNHWRLPLQJXWN·LJLILOWULWHJD
6¸HILOWULDVHQGDPLQH
+2,$786
6¸HILOWHUHLROHSHVWDY
)LOWULDVHQGDPLVHNV
 (HPDOGDJHVHDGPHVWN·LN
UDVYDILOWULG
9WN¦HVROHYDSHDW¾NLRVD5DVYDILOWUL
SXKDVWDPLQH
 9DMXWDJHSHVDVHHVPLVWVHUYDILOWUL
WDJXPLVHRVDVXXQDV.DOOXWDJHILOWUL
HVLRVDNHUJHOWDOODSRROH
 8XHILOWULSDLJDOGDPLVHNVWHRVWDJH
WRLPLQJYDVWXSLGLVHVM¦UMHNRUUDV
.LQGODVWLWXOHEILOWULGY¦OMDYDKHWDGD
Y¦KHPDOWLJDQHOMDNXXWDJDQW
ZZZHOHFWUROX[FRP
/DPELDVHQGDPLQH
6HOOHVHDGPHMXXUGHNXXOXEND/('
ODPS6HGDRVDY·LEDVHQGDGDDLQXOW
WHKQLN0LVWDKHVULNNHNRUUDOYDDGDNH
MDRWLVW+RROGXVSHDW¾NLV
2KXWXVMXKLVHG
-70(.,7/86
6¾PEROLJD W¦KLVWDWXGPDWHUMDOLGY·LE
ULQJOXVVHVXXQDWD6HOOHNVYLLJHSDNHQGLG
YDVWDYDWHVVHNRQWHLQHULWHVVH$LGDNH
KRLGDNHVNNRQGDMDLQLPHVWHWHUYLVWMD
VXXQDNHHOHNWULMDHOHNWURRQLOLVHG
M¦¦WPHGULQJOXVVHUJHYLVDNH
V¾PEROLJD W¦KLVWDWXGVHDGPHLGPXXGH
PDMDSLGDPLVM¦¦WPHWHKXOND9LLJHVHDGH
NRKDOLNNXULQJOXVSXQNWLY·LS¸¸UGXJHDEL
VDDPLVHNVNRKDOLNNXRPDYDOLWVXVVH
((67, 
6,6/7
7859$//,68867,('27-$$6(11862+-((7
7827(.89$86
3,9,77,1(1.<77
+2,72-$38+',6786 
6,1813$5+$$.6(6,
.LLWRVNXQYDOLWVLW(OHFWUROX[ODLWWHHQ2OHWYDOLQQXWWXRWWHHQMRNDSHUXVWXX
YXRVLN\PPHQLHQDLNDQDKDQNLWWXXQNRNHPXNVHHQMDLQQRYDDWLRRQ.HNVHOL¦VMD
W\\OLN¦VODLWHMRNDRQVXXQQLWHOWXVLQXDYDUWHQ/DLWHWWDN¦\WW¦HVV¦VLYRLWROODDLQD
YDUPDHULQRPDLVLVWDWXORNVLVWD
7HUYHWXORD(OHFWUROX[LLQ
9LHUDLOHYHUNNRVLYXOODPPH
6DDWN¦\WW¸¸QOLLWW\YL¦QHXYRMDHVLWWHLW¦YLDQP¦¦ULW\VRKMHLWDVHN¦KXROWRMD
NRUMDXVRKMHLWD
ZZZHOHFWUROX[FRPVXSSRUW
5HNLVWHU¸LWXRWWHHVLVDDGDNVHVLSDUHPSDDKXROWRD
ZZZUHJLVWHUHOHFWUROX[FRP
2VWDODLWWHHVHHVLOLV¦YDUXVWHLWDNXOXWXVWXRWWHLWDMDDONXSHU¦LVL¦YDUDRVLD
ZZZHOHFWUROX[FRPVKRS
$6,$.$63$/9(/8
.¦\W¦DLQDDONXSHU¦LVL¦YDUDRVLD
3LG¦VHXUDDYDWWLHGRWVDDWDYLOODRWWDHVVDVL\KWH\WW¦YDOWXXWHWWXXQ
KXROWROLLNNHHVHHPPH0DOOL31&WXRWHQXPHURVDUMDQXPHUR
7LHGRWO¸\W\Y¦WDUYRNLOYHVW¦
9DURLWXV9DURWRLPLMDWXUYDOOLVXXVWLHWRMD
<OHLVWLHWRDMDYLQNNHM¦
<PS¦ULVW¸QVXRMHOXWLHWRMD
2LNHXVPXXWRNVLLQSLG¦WHW¦¦Q
7859$//,68867,('27-$$6(11862+-((7
9$52,786
.DWVRWXUYDOOLVXXVWLHGRWMD
DVHQQXVRKMHHWHULOOLVLVW¦
DVHQQXVRKMHLVWD/XH
7XUYDOOLVXXVOXYXW
KXROHOOLVHVWLHQQHQODLWWHHQ
N¦\WW¸¦WDLKXROWRD
ZZZHOHFWUROX[FRP
7827(.89$86
.¦\WW¸SDQHHOLQRVDW
2 3 4 5 6 71
7RLPLQWR .XYDXV
+REt+RRG 0HUNNLYDORMRNDRVRLWWDDNHLWWRWDVROODWDSDKWXYDQ
OLHVLWXXOHWWLPHQRKMDXNVHQ
/DPSSX 6\W\WW¦¦MDVDPPXWWDDYDORW
(QVLPP¦LQHQQRSHXVಣ
WDVR3RLV 6LLUW\\PRRWWRULQHQVLPP¦LVHHQQRSHXVWDVRRQ/DLಣ
WHN\WNH\W\\SRLVWRLPLQQDVWDWRLVHOODSDLQDOOXNVHOOD
7RLQHQQRSHXVWDVR 6LLUW\\PRRWWRULQWRLVHHQQRSHXVWDVRRQ
.ROPDVQRSHXVWDVR 6LLUW\\PRRWWRULQNROPDQWHHQQRSHXVWDVRRQ
0DNVLPLQRSHXV 0RRWWRULVLLUW\\PDNVLPLQRSHXWHHQ
6XRGDWWLPHQK¦O\W\V ,OPRLWWDDKLLOLVXRGDWWLPHQYDLKWRWDLSXKGLVWXVWDUಣ
SHHVWDVHN¦UDVYDVXRGDWWLPHQSXKGLVWXVWDUSHHVWD
3,9,77,1(1.<77
/LHVLWXXOHWWLPHQN¦\WW¸
7DUNLVWDVXRVLWHOWXQRSHXVDOODROHYDVWD
WDXOXNRVWD
5XRNLHQO¦PPLW\VUXRDQYDOPLVWXVNDQQHOOLVLOOD
NHLWWRDVWLRLOOD
5XRDQYDOPLVWXVNDQQHOOLVLOODNHLWWRDVWLRLOODXVHDPಣ
PDOODNHLWWRDOXHHOODWDLSROWWLPHOODNHY\WSDLVWDPLಣ
QHQ
.HLWW¦PLQHQVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ
PDQNDQWWDUXRDQYDOPLVWXVXVHDPPDOODNHLWWRDOXಣ
HHOODWDLSROWWLPHOOD
.HLWW¦PLQHQVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ
PDQNDQWWDVXXULNRVWHXV/LHVLWXXOHWLQWRLPLLPDNಣ
VLPLQRSHXGHOODPLQXXWLQNXOXWWXDODLWHSDODXWWDD
HGHOOLVHQDVHWXNVHQ
6820, 
/LHVLWXXOHWLQRQVXRVLWHOWDYDD
M¦WW¦¦WRLPLQWDDQQRLQ
PLQXXWLQDMDNVLUXRDQODLWRQ
M¦ONHHQ
/LHVLWXXOHWWLPHQN¦\WW¦PLQHQ
 .\WNHODLWHS¦¦OOHSDLQDPDOOD
HQVLPP¦LVW¦QRSHXVSDLQLNHWWD
 3DLQDWDUYLWWDHVVDYDORSDLQLNHWWD
NHLWWRWDVRQYDODLVHPLVHNVL
 0XXWDQRSHXWWDWDUYLWWDHVVD
SDLQDPDOODKDOXDPDDVLSDLQLNHWWD
6DPPXWDODLWHSDLQDPDOODHQVLPP¦LVW¦
QRSHXVSDLQLNHWWD XXGHOOHHQ
+REt+RRGWRLPLQWR
.\VHHVV¦RQDXWRPDDWWLWRLPLQWRMRND
\KGLVW¦¦NHLWWRWDVRQOLHVLWXXOHWWLPHHQ
6HN¦NHLWWRWDVRVVDHWW¦OLHVLWXXOHWWLPHVVD
RQLQIUDSXQDVLJQDDOLQYLHVWLQ3XKDOWLPHQ
QRSHXVV¦¦W\\DXWRPDDWWLVHVWLWLOD
DVHWXNVHQMDNHLWWRWDVROODROHYDQ
NXXPLPPDQNHLWWRDVWLDQO¦PS¸WLODQ
PXNDDQ3XKDOOLQWDYRLGDDQV¦¦W¦¦P\¸V
NHLWWRWDVRVWDPDQXDDOLVHVWL7RLPLQWR
YRLGDDQN\WNH¦WRLPLQWDDQNHLWWRWDVRQ
SDQHHOLVWD
/LV¦WLHWRDWRLPLQQRQ
N¦\WW¦PLVHVW¦O¸\W\\
NHLWWRWDVRQN¦\WW¸RKMHHVWD
6XRGDWLQLOPRLWXV
6XRGDWLQK¦O\W\VPXLVWXWWDD
KLLOLVXRGDWWLPHQYDLKWRWDL
SXKGLVWXVWDUSHHVWDVHN¦
UDVYDVXRGDWWLPHQSXKGLVWXVWDUSHHVWD
6XRGDWWLPHQPHUNNLYDOR V\WW\\
VHNXQQLQDMDNVLMRVUDVYDVXRGDWWLPHQ
SXKGLVWXVRQWDUSHHQ6XRGDWWLPHQ
PHUNNLYDOR YLONNXXVHNXQQLQDMDQ
MRVKLLOLVXRGDWWLPHQYDLKWRWDLSXKGLVWXV
RQWDUSHHQ
.DWVROXNX
5DVYDVXRGDWWLPHQ
SXKGLVWDPLQHQOXYXVWD
+RLWRMDSXKGLVWXV
.DWVRKLLOLVXRGDWWLPHQ
SXKGLVWXVWDLYDLKWRRKMHHW
OXYXVWD+RLWRMDSXKGLVWXV
1ROODDWRLPLQWRSDLQDPDOODSDLQLNHWWD
NROPHQVHNXQQLQDMDQ
.\NHWRLPLQWRS¦¦OOHWDLSRLVS¦¦OW¦
 .\WNHWRLPLQWRS¦¦OOHSDLQDPDOOD
SDLQLNHWWD VHNXQQLQDMDQ
-RVWRLPLQWRRQN¦\W¸VV¦PHUNNLYDOR
YLONNXXNDNVLNHUWDD
 .\WNHWRLPLQWRSRLVS¦¦OW¦SDLQDPDOOD
SDLQLNHWWD VHNXQQLQDMDQ
-RVWRLPLQWRRQSRLVN¦\W¸VW¦PHUNNLYDOR
YLONNXXNHUUDQ
.DXNRV¦¦W¸
/DLWWHHQPXNDQDWRLPLWHWDDQ
NDXNRV¦¦GLQ
<KWH\VRQROHWXNVHQDN¦\W¸VV¦
.DXNRV¦¦WLPHQ\KGLVW¦PLQHQWDL
\KWH\GHQSRLVWDPLQHQ
 .\WNHODLWHSRLVWRLPLQQDVWD
 3DLQD SDLQLNHWWDVHNXQQLQDMDQ
.¦\WW¸SDQHHOLQPHUNNLYDORYLONNXXNDNVL
NHUWDDMRVWRLPLQWRRQWRLPLQQDVVDMD
NHUUDQMRVWRLPLQWRRQSRLVWRLPLQQDVWD
ZZZHOHFWUROX[FRP
/LHVLWXXOHWLQRQVXRVLWHOWDYDD
M¦WW¦¦WRLPLQWDDQQRLQ
PLQXXWLQDMDNVLUXRDQODLWRQ
M¦ONHHQ
/LHVLWXXOHWWLPHQN¦\WW¦PLQHQ
 .\WNHODLWHS¦¦OOHSDLQDPDOOD
HQVLPP¦LVW¦QRSHXVSDLQLNHWWD
 3DLQDWDUYLWWDHVVDYDORSDLQLNHWWD
NHLWWRWDVRQYDODLVHPLVHNVL
 0XXWDQRSHXWWDWDUYLWWDHVVD
SDLQDPDOODKDOXDPDDVLSDLQLNHWWD
6DPPXWDODLWHSDLQDPDOODHQVLPP¦LVW¦
QRSHXVSDLQLNHWWD XXGHOOHHQ
+REt+RRGWRLPLQWR
.\VHHVV¦RQDXWRPDDWWLWRLPLQWRMRND
\KGLVW¦¦NHLWWRWDVRQOLHVLWXXOHWWLPHHQ
6HN¦NHLWWRWDVRVVDHWW¦OLHVLWXXOHWWLPHVVD
RQLQIUDSXQDVLJQDDOLQYLHVWLQ3XKDOWLPHQ
QRSHXVV¦¦W\\DXWRPDDWWLVHVWLWLOD
DVHWXNVHQMDNHLWWRWDVROODROHYDQ
NXXPLPPDQNHLWWRDVWLDQO¦PS¸WLODQ
PXNDDQ3XKDOOLQWDYRLGDDQV¦¦W¦¦P\¸V
NHLWWRWDVRVWDPDQXDDOLVHVWL7RLPLQWR
YRLGDDQN\WNH¦WRLPLQWDDQNHLWWRWDVRQ
SDQHHOLVWD
/LV¦WLHWRDWRLPLQQRQ
N¦\WW¦PLVHVW¦O¸\W\\
NHLWWRWDVRQN¦\WW¸RKMHHVWD
6XRGDWLQLOPRLWXV
6XRGDWLQK¦O\W\VPXLVWXWWDD
KLLOLVXRGDWWLPHQYDLKWRWDL
SXKGLVWXVWDUSHHVWDVHN¦
UDVYDVXRGDWWLPHQSXKGLVWXVWDUSHHVWD
6XRGDWWLPHQPHUNNLYDOR V\WW\\
VHNXQQLQDMDNVLMRVUDVYDVXRGDWWLPHQ
SXKGLVWXVRQWDUSHHQ6XRGDWWLPHQ
PHUNNLYDOR YLONNXXVHNXQQLQDMDQ
MRVKLLOLVXRGDWWLPHQYDLKWRWDLSXKGLVWXV
RQWDUSHHQ
.DWVROXNX
5DVYDVXRGDWWLPHQ
SXKGLVWDPLQHQOXYXVWD
+RLWRMDSXKGLVWXV
.DWVRKLLOLVXRGDWWLPHQ
SXKGLVWXVWDLYDLKWRRKMHHW
OXYXVWD+RLWRMDSXKGLVWXV
1ROODDWRLPLQWRSDLQDPDOODSDLQLNHWWD
NROPHQVHNXQQLQDMDQ
.\NHWRLPLQWRS¦¦OOHWDLSRLVS¦¦OW¦
 .\WNHWRLPLQWRS¦¦OOHSDLQDPDOOD
SDLQLNHWWD VHNXQQLQDMDQ
-RVWRLPLQWRRQN¦\W¸VV¦PHUNNLYDOR
YLONNXXNDNVLNHUWDD
 .\WNHWRLPLQWRSRLVS¦¦OW¦SDLQDPDOOD
SDLQLNHWWD VHNXQQLQDMDQ
-RVWRLPLQWRRQSRLVN¦\W¸VW¦PHUNNLYDOR
YLONNXXNHUUDQ
.DXNRV¦¦W¸
/DLWWHHQPXNDQDWRLPLWHWDDQ
NDXNRV¦¦GLQ
<KWH\VRQROHWXNVHQDN¦\W¸VV¦
.DXNRV¦¦WLPHQ\KGLVW¦PLQHQWDL
\KWH\GHQSRLVWDPLQHQ
 .\WNHODLWHSRLVWRLPLQQDVWD
 3DLQD SDLQLNHWWDVHNXQQLQDMDQ
.¦\WW¸SDQHHOLQPHUNNLYDORYLONNXXNDNVL
NHUWDDMRVWRLPLQWRRQWRLPLQQDVVDMD
NHUUDQMRVWRLPLQWRRQSRLVWRLPLQQDVWD
ZZZHOHFWUROX[FRP
+2,72-$38+',6786
3XKGLVWXNVHHQOLLWW\YL¦KXRPDXWXNVLD
3XKGLVWXVDL഻
QHHW
O¦N¦\W¦KDQNDDYLDSHVXDLQHLWDWDLKDUMRMD
3XKGLVWDODLWWHHQSLQQDWO¦PSLP¦OO¦YHGHOO¦MDPLHGROODSHVXDLQHHOOD
N¦\WW¦HQSHKPH¦¦SXKGLVWXVOLLQDD
-RWNLQODLWWHHQRVDWYRLYDWNXXPHQWXDN¦\W¸QDLNDQD$QQDODLWWHHQ
M¦¦KW\¦MDNXLYDDVHSXKWDDOODOLLQDOODWDLSDSHULS\\KNHLOO¦WDKURMHQ
Y¦OWW¦PLVHNVL
3RLVWDWDKUDWPLHGROODSHVXDLQHHOOD
3LG¦OLHVLWXXOH഻
WLQSXKWDDQD
3XKGLVWDODLWHMDUDVYDVXRGDWWLPHWNXXNDXGHQY¦OHLQ3RLVWDUDVYD
KXROHOOLVHVWLVLV¦RVDVWDMDUDVYDVXRGDWWLPLVWD5DVYDQWDLPXLGHQ
URLVNHLGHQNHUW\PLQHQYRLMRKWDDWXOLSDORRQ
.XQVXRGDWWLPHQK¦O\W\VDNWLYRLWXXQRXGDWDOLV¦YDUXVWHLGHQSXKಣ
GLVWXVRKMHLWD.DWVRNRKWD6XRGDWWLPHQK¦O\W\VRVLRVWD3¦LYLWW¦Lಣ
QHQN¦\WW¸
5DVYDVXRGDWWLPHWYRLGDDQSHVW¦DVWLDQSHVXNRQHHVVD
3HVHDVWLDQSHVXNRQHHQDOKDLVHOODO¦PS¸WLODOODMDO\K\HOO¦RKMHOPDOಣ
OD5DVYDVXRGDWWLPHVVDYRLHVLLQW\¦Y¦ULPXXWRNVLDW¦P¦HLYDLNXWD
ODLWWHHQVXRULWXVN\N\\Q
+LLOLVXRGDWLQ
+LLOLVXRGDWWLPHQN\OO¦VW\PLVDLNDYDLKWHOHHUXRDQODLWWRWDYDQMDUDVYDಣ
VXRGDWWLPHQSXKGLVWXVWLKH\GHQPXNDDQ$NWLYRLWXQXWWDKLLOLVXRGDಣ
WLQWDHLYRLSHVW¦WDLUHJHQHURLGDVHWXOHHYDLKWDDQRLQNXXNDXಣ
GHQN¦\W¸QM¦ONHHQWDLVLW¦WLKH¦PPLQHULW\LVHQYDDWLYDVVDN¦\W¸VV¦
5DVYDVXRGDWWLPHQ
SXKGLVWDPLQHQ
6XRGDWWLPHWWXOHHDVHQWDDSLGLNNHLGHQ
DYXOODQLLQHWW¦WDSLWRYDWYDVWDNNDLVHOOD
SXROHOOD
6XRGDWWLPHQSXKGLVWDPLQHQ
 3DLQDDVHQQXVSLGLNNHHQNDKYDD
OLHVLWXXOHWWLPHQDODRVDVVDROHYDVVD
VXRGDWLQSDQHHOLVVD
1
2
 .DOOLVWDVXRGDWWLPHQHWXRVDDKLXNDQ
DODVS¦LQMDYHG¦VHQM¦ONHHQ
7RLVWDNDNVLHQVLPP¦LVW¦YDLKHWWD
MRNDLVHQVXRGDWWLPHQNRKGDOOD
 3XKGLVWDVXRGDWWLPHWVLHQHOO¦
N¦\WW¦HQKDQNDDPDWWRPLD
SHVXDLQHLWDWDLSHVHQH
DVWLDQSHVXNRQHHVVD
6820, 
3HVHDVWLDQSHVXNRQHHQ
DOKDLVHOODO¦PS¸WLODOODMD
O\K\HOO¦RKMHOPDOOD
5DVYDVXRGDWWLPHVVDYRL
HVLLQW\¦Y¦ULPXXWRNVLDW¦P¦
HLYDLNXWDODLWWHHQ
VXRULWXVN\N\\Q
 $VHQQDVXRGDWWLPHWWDNDLVLQ
QRXGDWWDPDOODNDKGHQHQVLPP¦LVHQ
YDLKHHQRKMHLWDS¦LQYDVWDLVHVVD
M¦UMHVW\NVHVV¦
7RLVWDYDLKHHWWDUYLWWDHVVDNDLNNLHQ
VXRGDWWLPLHQNRKGDOOD
+LLOLVXRGDWWLPHQ
YDLKWDPLQHQ
9$52,786
+LLOLVXRGDWLQWDHLYRLSHVW¦
6XRGDWWLPHQYDLKWDPLQHQ
 ,UURWDUDVYDVXRGDWWLPHWODLWWHHVWD
/XHRKMHHWW¦P¦QOXYXQRVLRVWD
5DVYDVXRGDWWLPHQSXKGLVWDPLQHQ
 3DLQDV\YHQQ\NVHQHWXUHXQDD
VXRGDWWLPHQDODRVDDNRKWL.DOOLVWD
VXRGDWWLPHQHWXRVDDKLXNDQ
DODVS¦LQ
 $VHQQDXXVLVXRGDWLQVXRULWWDPDOOD
WRLPHQSLWHHWS¦LQYDVWDLVHVVD
M¦UMHVW\NVHVV¦
6XRGDWWLPHWRQMRNDWDSDXNVHVVD
YDLKGHWWDYDY¦KLQW¦¦QQHOM¦QNXXNDXGHQ
Y¦OHLQ
/DPSXQYDLKWDPLQHQ
/DLWWHHQPXNDQDWRLPLWHWDDQ/('
ODPSSX7¦P¦QRVDQVDDYDLKWDD
DLQRDVWDDQKXROWRWHNQLNNR0LN¦OL
ODLWWHHVVDHVLLQW\\WRLPLQWDK¦LUL¸LW¦NDWVR
NRKWD+XROWROXYXVWD
7XUYDOOLVXXVRKMHHW
<035,671682-(/8
.LHUU¦W¦PDWHULDDOLWMRWNDRQPHUNLWW\
PHUNLOO¦ .LHUU¦W¦SDNNDXVODLWWDPDOOD
VHDVLDQPXNDLVHHQNLHUU¦W\VDVWLDDQ
6XRMHOH\PS¦ULVW¸¦MDLKPLVWHQWHUYH\WW¦
NLHUU¦WW¦P¦OO¦V¦KN¸MD
HOHNWURQLLNNDURPXWO¦K¦YLW¦PHUNLOO¦
PHUNLWW\M¦NRGLQNRQHLWDNRWLWDORXVM¦WWHHQ
PXNDQD3DODXWDWXRWHSDLNDOOLVHHQ
NLHUU¦W\VNHVNXNVHHQWDLRWD\KWH\WW¦
SDLNDOOLVHHQYLUDQRPDLVHHQ
ZZZHOHFWUROX[FRP
3HVHDVWLDQSHVXNRQHHQ
DOKDLVHOODO¦PS¸WLODOODMD
O\K\HOO¦RKMHOPDOOD
5DVYDVXRGDWWLPHVVDYRL
HVLLQW\¦Y¦ULPXXWRNVLDW¦P¦
HLYDLNXWDODLWWHHQ
VXRULWXVN\N\\Q
 $VHQQDVXRGDWWLPHWWDNDLVLQ
QRXGDWWDPDOODNDKGHQHQVLPP¦LVHQ
YDLKHHQRKMHLWDS¦LQYDVWDLVHVVD
M¦UMHVW\NVHVV¦
7RLVWDYDLKHHWWDUYLWWDHVVDNDLNNLHQ
VXRGDWWLPLHQNRKGDOOD
+LLOLVXRGDWWLPHQ
YDLKWDPLQHQ
9$52,786
+LLOLVXRGDWLQWDHLYRLSHVW¦
6XRGDWWLPHQYDLKWDPLQHQ
 ,UURWDUDVYDVXRGDWWLPHWODLWWHHVWD
/XHRKMHHWW¦P¦QOXYXQRVLRVWD
5DVYDVXRGDWWLPHQSXKGLVWDPLQHQ
 3DLQDV\YHQQ\NVHQHWXUHXQDD
VXRGDWWLPHQDODRVDDNRKWL.DOOLVWD
VXRGDWWLPHQHWXRVDDKLXNDQ
DODVS¦LQ
 $VHQQDXXVLVXRGDWLQVXRULWWDPDOOD
WRLPHQSLWHHWS¦LQYDVWDLVHVVD
M¦UMHVW\NVHVV¦
6XRGDWWLPHWRQMRNDWDSDXNVHVVD
YDLKGHWWDYDY¦KLQW¦¦QQHOM¦QNXXNDXGHQ
Y¦OHLQ
/DPSXQYDLKWDPLQHQ
/DLWWHHQPXNDQDWRLPLWHWDDQ/('
ODPSSX7¦P¦QRVDQVDDYDLKWDD
DLQRDVWDDQKXROWRWHNQLNNR0LN¦OL
ODLWWHHVVDHVLLQW\\WRLPLQWDK¦LUL¸LW¦NDWVR
NRKWD+XROWROXYXVWD
7XUYDOOLVXXVRKMHHW
<035,671682-(/8
.LHUU¦W¦PDWHULDDOLWMRWNDRQPHUNLWW\
PHUNLOO¦ .LHUU¦W¦SDNNDXVODLWWDPDOOD
VHDVLDQPXNDLVHHQNLHUU¦W\VDVWLDDQ
6XRMHOH\PS¦ULVW¸¦MDLKPLVWHQWHUYH\WW¦
NLHUU¦WW¦P¦OO¦V¦KN¸MD
HOHNWURQLLNNDURPXWO¦K¦YLW¦PHUNLOO¦
PHUNLWW\M¦NRGLQNRQHLWDNRWLWDORXVM¦WWHHQ
PXNDQD3DODXWDWXRWHSDLNDOOLVHHQ
NLHUU¦W\VNHVNXNVHHQWDLRWD\KWH\WW¦
SDLNDOOLVHHQYLUDQRPDLVHHQ
ZZZHOHFWUROX[FRP
7$%/('(60$7,5(6
,1)250$7,216'(6&85,7(7,167$//$7,21
'(6&5,37,21'(/$33$5(,/
87,/,6$7,214827,',(11(
(175(7,(1(71(772<$*(
12863(162169286
0HUFLGಬDYRLUFKRLVLXQDSSDUHLO(OHFWUROX[9RXVDYH]FKRLVLXQSURGXLWTXL
E«Q«ILFLHGHG«FHQQLHVGH[S«ULHQFHSURIHVVLRQQHOOHHWGLQQRYDWLRQ,QJ«QLHX[HW
«O«JDQWLOD«W«SHQV«SRXUYRXV&HVWODUDLVRQSRXUODTXHOOHYRXVSRXYH]DYRLU
ODFHUWLWXGHGREWHQLUGH[FHOOHQWVU«VXOWDWV¢FKDTXHXWLOLVDWLRQ
%LHQYHQXHFKH](OHFWUROX[
&RQVXOWH]QRWUHVLWHSRXU
2EWHQLUGHVFRQVHLOVGಬXWLOLVDWLRQGHVEURFKXUHVXQG«SDQQHXUGHV
LQIRUPDWLRQVVXUOHVHUYLFHHWOHVU«SDUDWLRQV
ZZZHOHFWUROX[FRPVXSSRUW
(QUHJLVWUHUYRWUHSURGXLWSRXUXQPHLOOHXUVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
$FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHGಬRULJLQHSRXU
YRWUHDSSDUHLO
ZZZHOHFWUROX[FRPVKRS
6(59,&((7$66,67$1&(/$&/,(17/(
1ಬXWLOLVH]TXHGHVSLªFHVGHUHFKDQJHGಬRULJLQH
$YDQWGHFRQWDFWHUQRWUHFHQWUHGHVHUYLFHDJU««DVVXUH]YRXVGHGLVSRVHUGHV
LQIRUPDWLRQVVXLYDQWHV0RGªOH31&QXP«URGHV«ULH
&HVLQIRUPDWLRQVILJXUHQWVXUODSODTXHVLJQDO«WLTXH
$YHUWLVVHPHQW&RQVLJQHVGHV«FXULW«
,QIRUPDWLRQVJ«Q«UDOHVHWFRQVHLOV
,QIRUPDWLRQVHQYLURQQHPHQWDOHV
6RXVU«VHUYHGHPRGLILFDWLRQV
,1)250$7,216'(6&85,7(7,167$//$7,21
$9(57,66(0(17
&RQVXOWH]OHOLYUHWV«SDU«
,QVWUXFWLRQVGಬLQVWDOODWLRQ
SRXUREWHQLUGHV
LQIRUPDWLRQVUHODWLYHV¢OD
V«FXULW«HW¢OಬLQVWDOODWLRQ
/LVH]DWWHQWLYHPHQWOHV
FKDSLWUHV6«FXULW«DYDQW
GಬXWLOLVHURXGಬHQWUHWHQLU
OಬDSSDUHLO
)5$1$,6 
'(6&5,37,21'(/$33$5(,/
3U«VHQWDWLRQGXEDQGHDXGHFRPPDQGH
2 3 4 5 6 71
)RQFWLRQ 'HVFULSWLRQ
+REt+RRG ,QGLFDWHXUGHODIRQFWLRQSHUPHWWDQWGHFRQWU¶OHUOD
KRWWHGHSXLVODWDEOHGHFXLVVRQ
FODLUDJH $OOXPHHW«WHLQWO«FODLUDJH
3UHPLªUHYLWHVVH$UU¬W /HPRWHXUSDVVH¢ODSUHPLªUHYLWHVVH8QGHX[Lªಣ
PHDSSXLSHUPHWGಬ«WHLQGUHOಬDSSDUHLO
'HX[LªPHYLWHVVH /HPRWHXUSDVVH¢ODGHX[LªPHYLWHVVH
7URLVLªPHYLWHVVH /HPRWHXUSDVVH¢ODWURLVLªPHYLWHVVH
9LWHVVHPD[LPDOH /HPRWHXUSDVVH¢ODYLWHVVHPD[LPDOH
1RWLILFDWLRQGXILOWUH 5DSSHOOHGHFKDQJHURXGHQHWWR\HUOHILOWUH¢FKDUಣ
ERQHWGHQHWWR\HUOHILOWUH¢JUDLVVH
87,/,6$7,214827,',(11(
8WLOLVDWLRQGHODKRWWH
9«ULILH]ODYLWHVVHUHFRPPDQG«HGDQVOH
WDEOHDXFLGHVVRXV
/RUVTXHYRXVIDLWHVU«FKDXIIHUGHVDOLPHQWVFXLUH
DYHFGHVU«FLSLHQWVFRXYHUWV
/RUVTXHYRXVFXLVLQH]GDQVGHVU«FLSLHQWVFRXಣ
YHUWVVXUSOXVLHXUV]RQHVGHFXLVVRQRXEU½OHXUV
IULUHGRXFHPHQW
/RUVTXHYRXVIDLWHVERXLOOLUIULUHGHJURVVHVTXDQಣ
WLW«VGDOLPHQWVVDQVFRXYHUFOHFXLUHVXUSOXVLHXUV
]RQHVGHFXLVVRQRXEU½OHXUV
/RUVTXHYRXVIDLWHVERXLOOLUIULUHGHJURVVHVTXDQಣ
WLW«VGDOLPHQWVVDQVFRXYHUFOHJUDQGHTXDQWLW«
GKXPLGLW«/DKRWWHIRQFWLRQQH¢YLWHVVHPD[LPDಣ
OH$XERXWGHPLQXWHVODSSDUHLOUHYLHQWDXSU«ಣ
F«GHQWU«JODJH
ZZZHOHFWUROX[FRP
(175(7,(1(71(772<$*(
5HPDUTXHVFRQFHUQDQWOHQWUHWLHQ
$JHQWVQHWWR\഻
DQWV
1XWLOLVH]SDVGHG«WHUJHQWVDEUDVLIVQLGHEURVVHV
1HWWR\H]ODVXUIDFHGHOಬDSSDUHLODYHFXQFKLIIRQGRX[GHOಬHDXWLªಣ
GHHWXQG«WHUJHQWGRX[
$SUªVODFXLVVRQFHUWDLQHVSDUWLHVGHOಬDSSDUHLOSHXYHQW¬WUHFKDXಣ
GHV3RXU«YLWHUOHVWDFKHVOಬDSSDUHLOGRLWUHIURLGLUHW¬WUHV«FK«
DYHFXQFKLIIRQSURSUHRXGHOಬHVVXLHWRXW
1HWWR\H]OHVWDFKHVDYHFXQG«WHUJHQWGRX[
0DLQWHQH]OD
KRWWHSURSUH
1HWWR\H]OಬDSSDUHLOHWOHVILOWUHV¢JUDLVVHWRXVOHVPRLV1HWWR\H]
VRLJQHXVHPHQWOಬLQW«ULHXUHWOHVILOWUHV¢JUDLVVHSRXUUHWLUHUODJUDLVಣ
VH/ಬDFFXPXODWLRQGHJUDLVVHRXGಬDXWUHVU«VLGXVSHXWSURYRTXHU
XQLQFHQGLH
6XLYH]OHVLQVWUXFWLRQVGHQHWWR\DJHGHVDFFHVVRLUHVORUVTXHODQRಣ
WLILFDWLRQGXILOWUHVHG«FOHQFKH&RQVXOWH]1RWLILFDWLRQGXILOWUHGDQV
OHFKDSLWUH8WLOLVDWLRQTXRWLGLHQQH
/HVILOWUHV¢JUDLVVHSHXYHQW¬WUHODY«VDXODYHYDLVVHOOH
/HODYHYDLVVHOOHGRLW¬WUHU«JO«¢EDVVHWHPS«UDWXUHVXUF\FOH
FRXUW/DG«FRORUDWLRQGXILOWUH¢JUDLVVHQDDXFXQHLQFLGHQFHVXU
OHVSHUIRUPDQFHVGHODSSDUHLO
)LOWUH¢FKDU഻
ERQ
/HWHPSVGHVDWXUDWLRQGXILOWUH¢FKDUERQYDULHHQIRQFWLRQGXW\SH
GHFXLVVRQHWODU«JXODULW«GXQHWWR\DJHGXILOWUH¢JUDLVVH/HILOWUH
¢FKDUERQDFWLIQಬHVWSDVODYDEOHQHSHXWSDV¬WUHU«J«Q«U«HWGRLW
¬WUHUHPSODF«WRXVOHV¢PRLVGಬXWLOLVDWLRQHQYLURQRXSOXVIU«ಣ
TXHPPHQWHQFDVGಬXWLOLVDWLRQSDUWLFXOLªUHPHQWLQWHQVLYH
1HWWR\DJHGXILOWUH¢JUDLVVH
/HVILOWUHVVRQWIL[«V¢ODLGHGHSLQFHVHW
GHSLYRWVGXF¶W«RSSRV«
3RXUQHWWR\HUOHILOWUH
 $SSX\H]VXUOHOHYLHUGHODSLQFHGH
IL[DWLRQGXILOWUHVRXVODKRWWH
1
2
 )DLWHVEDVFXOHUGRXFHPHQWODYDQWGX
ILOWUHYHUVOHEDVSXLVWLUH]
GHVVXV
5«S«WH]OHVGHX[SUHPLªUHV«WDSHVSRXU
WRXVOHVILOWUHV
 1HWWR\H]OHVILOWUHV¢ODLGHGXQH
«SRQJHHWGXQG«WHUJHQWQRQDEUDVLI
RXDXODYHYDLVVHOOH
/HODYHYDLVVHOOHGRLW¬WUH
U«JO«¢EDVVHWHPS«UDWXUH
VXUF\FOHFRXUW/D
G«FRORUDWLRQGXILOWUH¢
JUDLVVHQDDXFXQHLQFLGHQFH
VXUOHVSHUIRUPDQFHVGH
ODSSDUHLO
 3RXUU«LQVWDOOHUOHILOWUHVXLYH]OHV
GHX[SUHPLªUHV«WDSHVGDQVORUGUH
LQYHUVH
5«S«WH]OHV«WDSHVSRXUWRXVOHVILOWUHV
VLSU«VHQWV
ZZZHOHFWUROX[FRP
(175(7,(1(71(772<$*(
5HPDUTXHVFRQFHUQDQWOHQWUHWLHQ
$JHQWVQHWWR\഻
DQWV
1XWLOLVH]SDVGHG«WHUJHQWVDEUDVLIVQLGHEURVVHV
1HWWR\H]ODVXUIDFHGHOಬDSSDUHLODYHFXQFKLIIRQGRX[GHOಬHDXWLªಣ
GHHWXQG«WHUJHQWGRX[
$SUªVODFXLVVRQFHUWDLQHVSDUWLHVGHOಬDSSDUHLOSHXYHQW¬WUHFKDXಣ
GHV3RXU«YLWHUOHVWDFKHVOಬDSSDUHLOGRLWUHIURLGLUHW¬WUHV«FK«
DYHFXQFKLIIRQSURSUHRXGHOಬHVVXLHWRXW
1HWWR\H]OHVWDFKHVDYHFXQG«WHUJHQWGRX[
0DLQWHQH]OD
KRWWHSURSUH
1HWWR\H]OಬDSSDUHLOHWOHVILOWUHV¢JUDLVVHWRXVOHVPRLV1HWWR\H]
VRLJQHXVHPHQWOಬLQW«ULHXUHWOHVILOWUHV¢JUDLVVHSRXUUHWLUHUODJUDLVಣ
VH/ಬDFFXPXODWLRQGHJUDLVVHRXGಬDXWUHVU«VLGXVSHXWSURYRTXHU
XQLQFHQGLH
6XLYH]OHVLQVWUXFWLRQVGHQHWWR\DJHGHVDFFHVVRLUHVORUVTXHODQRಣ
WLILFDWLRQGXILOWUHVHG«FOHQFKH&RQVXOWH]1RWLILFDWLRQGXILOWUHGDQV
OHFKDSLWUH8WLOLVDWLRQTXRWLGLHQQH
/HVILOWUHV¢JUDLVVHSHXYHQW¬WUHODY«VDXODYHYDLVVHOOH
/HODYHYDLVVHOOHGRLW¬WUHU«JO«¢EDVVHWHPS«UDWXUHVXUF\FOH
FRXUW/DG«FRORUDWLRQGXILOWUH¢JUDLVVHQDDXFXQHLQFLGHQFHVXU
OHVSHUIRUPDQFHVGHODSSDUHLO
)LOWUH¢FKDU഻
ERQ
/HWHPSVGHVDWXUDWLRQGXILOWUH¢FKDUERQYDULHHQIRQFWLRQGXW\SH
GHFXLVVRQHWODU«JXODULW«GXQHWWR\DJHGXILOWUH¢JUDLVVH/HILOWUH
¢FKDUERQDFWLIQಬHVWSDVODYDEOHQHSHXWSDV¬WUHU«J«Q«U«HWGRLW
¬WUHUHPSODF«WRXVOHV¢PRLVGಬXWLOLVDWLRQHQYLURQRXSOXVIU«ಣ
TXHPPHQWHQFDVGಬXWLOLVDWLRQSDUWLFXOLªUHPHQWLQWHQVLYH
1HWWR\DJHGXILOWUH¢JUDLVVH
/HVILOWUHVVRQWIL[«V¢ODLGHGHSLQFHVHW
GHSLYRWVGXF¶W«RSSRV«
3RXUQHWWR\HUOHILOWUH
 $SSX\H]VXUOHOHYLHUGHODSLQFHGH
IL[DWLRQGXILOWUHVRXVODKRWWH
1
2
 )DLWHVEDVFXOHUGRXFHPHQWODYDQWGX
ILOWUHYHUVOHEDVSXLVWLUH]
GHVVXV
5«S«WH]OHVGHX[SUHPLªUHV«WDSHVSRXU
WRXVOHVILOWUHV
 1HWWR\H]OHVILOWUHV¢ODLGHGXQH
«SRQJHHWGXQG«WHUJHQWQRQDEUDVLI
RXDXODYHYDLVVHOOH
/HODYHYDLVVHOOHGRLW¬WUH
U«JO«¢EDVVHWHPS«UDWXUH
VXUF\FOHFRXUW/D
G«FRORUDWLRQGXILOWUH¢
JUDLVVHQDDXFXQHLQFLGHQFH
VXUOHVSHUIRUPDQFHVGH
ODSSDUHLO
 3RXUU«LQVWDOOHUOHILOWUHVXLYH]OHV
GHX[SUHPLªUHV«WDSHVGDQVORUGUH
LQYHUVH
5«S«WH]OHV«WDSHVSRXUWRXVOHVILOWUHV
VLSU«VHQWV
ZZZHOHFWUROX[FRP
5HPSODFHPHQWGXILOWUH¢
FKDUERQ
$9(57,66(0(17
/HILOWUH¢FKDUERQQHVWSDV
ODYDEOH
3RXUUHPSODFHUOHILOWUH
 5HWLUH]OHVILOWUHV¢JUDLVVHGH
ODSSDUHLO
5HSRUWH]YRXVDXSDUDJUDSKH
m1HWWR\DJHGXILOWUH¢JUDLVVH}GHFH
FKDSLWUH
 $SSX\H]VXUOHERUGDYDQWGDQV
OಬHPSODFHPHQWYHUVODSDUWLH
LQI«ULHXUHGXILOWUH)DLWHVEDVFXOHU
GRXFHPHQWODYDQWGXILOWUHYHUVOH
EDV
 3RXULQVWDOOHUXQQRXYHDXILOWUH
VXLYH]ODP¬PHSURF«GXUHGDQV
ORUGUHLQYHUVH
'DQVWRXVOHVFDVOHVILOWUHVGRLYHQW¬WUH
UHPSODF«VDXPRLQVXQHIRLVWRXVOHV
TXDWUHPRLV
5HPSODFHPHQWGH
O«FODLUDJH
&HWDSSDUHLOHVWIRXUQLDYHFXQHDPSRXOH
/('&HWWHSLªFHSHXWXQLTXHPHQW¬WUH
UHPSODF«HSDUXQWHFKQLFLHQ(QFDVGH
G\VIRQFWLRQQHPHQWUHSRUWH]YRXVDX
SDUDJUDSKHm0DLQWHQDQFH}GXFKDSLWUH
m&RQVLJQHVGHV«FXULW«}
(10$7,5('(3527(&7,21'(
/(19,5211(0(17
5HF\FOH]OHVPDW«ULDX[SRUWDQWOH
V\PEROH '«SRVH]OHVHPEDOODJHV
GDQVOHVFRQWHQHXUVSU«YXV¢FHWHIIHW
&RQWULEXH]¢ODSURWHFWLRQGH
OHQYLURQQHPHQWHW¢YRWUHV«FXULW«
UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW
«OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV
SRUWDQWOHV\PEROH DYHFOHVRUGXUHV
P«QDJªUHV(PPHQH]XQWHOSURGXLW
GDQVYRWUHFHQWUHORFDOGHUHF\FODJHRX
FRQWDFWH]YRVVHUYLFHVPXQLFLSDX[
)5$1$,6 
6$'5Ŀ$-
6,*851261(8387(,3267$9/-$1-(
23,6352,=92'$
69$.2'1(91$8325$%$
Î,ĢÈ(1-(,2'5Ŀ$9$1-(
0,6/,021$9$6
+YDODYDPQDNXSQML(OHFWUROX[XUHÓDMD2GDEUDOLVWHSURL]YRGNRMLXVHELXNOMXÏXMH
GHVHWOMHÉDSURIHVLRQDOQRJLVNXVWYDLLQRYDFLMD*HQLMDODQLPRGHUDQRVPLģOMHQ
SUHPDYDģLPSRWUHEDPD'DNOHNDGJRGJDNRULVWLWHPRŀHWHELWLVLJXUQL]QDMXÉL
NDNRÉHWHVYDNLSXWSRVWLÉLL]YUVQHUH]XOWDWH
'REURGRģOLX(OHFWUROX[
3RVMHWLWHQDƢHLQWHUQHWVNHVWUDQLFH
'RELWÉHWHVDYMHWHRNRULģWHQMXUMHģDYDQMXSUREOHPDEURģXUHLLQIRUPDFLMHR
VHUYLVXLSRSUDYFLPD
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWULUDMWHVYRMSURL]YRG]DEROMXXVOXJX
ZZZUHJLVWHUHOHFWUROX[FRP
.XSLWHGRGDWQXRSUHPXSRWURģQLPDWHULMDOLRULJLQDOQHUH]HUYQHGLMHORYH]D
VYRMXUHÓDM
ZZZHOHFWUROX[FRPVKRS
.25,61,Î.$6/8Ŀ%$,6(59,6
8YLMHNNRULVWLWHRULJLQDOQH]DPMHQVNHGLMHORYH
.DGDNRQWDNWLUDWHQDģRYODģWHQLVHUYLVWUHEDWHLPDWLVOMHGHÉHSRGDWNH0RGHO
31&SDUWQXPEHUFRGHEURMÏDQDģLIUDGLMHODVHULMVNLEURM
3RGDFLVHPRJXQDÉLQDQD]LYQRMSORÏLFL
8SR]RUHQMHRSUH]VLJXUQRVQHLQIRUPDFLMH
2SÉHLQIRUPDFLMHLVDYMHWL
(NRORģNHLQIRUPDFLMH
=DGUŀDYDVHSUDYRQDL]PMHQH
6,*851261(8387(,3267$9/-$1-(
832=25(1-(
3RJOHGDMWHVLJXUQRVQX
NQMLŀLFXVXSXWDPD]D
SRVWDYOMDQMHUDGLSRGDWDNDR
VLJXUQRVWLLSRVWDYOMDQMX
3DŀOMLYRSURÏLWDMWHSRJODYOMDR
VLJXUQRVWLSULMHXSRUDEHLOL
RGUŀDYDQMDXUHÓDMD
ZZZHOHFWUROX[FRP
6$'5Ŀ$-
6,*851261(8387(,3267$9/-$1-(
23,6352,=92'$
69$.2'1(91$8325$%$
Î,ĢÈ(1-(,2'5Ŀ$9$1-(
0,6/,021$9$6
+YDODYDPQDNXSQML(OHFWUROX[XUHÓDMD2GDEUDOLVWHSURL]YRGNRMLXVHELXNOMXÏXMH
GHVHWOMHÉDSURIHVLRQDOQRJLVNXVWYDLLQRYDFLMD*HQLMDODQLPRGHUDQRVPLģOMHQ
SUHPDYDģLPSRWUHEDPD'DNOHNDGJRGJDNRULVWLWHPRŀHWHELWLVLJXUQL]QDMXÉL
NDNRÉHWHVYDNLSXWSRVWLÉLL]YUVQHUH]XOWDWH
'REURGRģOLX(OHFWUROX[
3RVMHWLWHQDƢHLQWHUQHWVNHVWUDQLFH
'RELWÉHWHVDYMHWHRNRULģWHQMXUMHģDYDQMXSUREOHPDEURģXUHLLQIRUPDFLMHR
VHUYLVXLSRSUDYFLPD
ZZZHOHFWUROX[FRPVXSSRUW
5HJLVWULUDMWHVYRMSURL]YRG]DEROMXXVOXJX
ZZZUHJLVWHUHOHFWUROX[FRP
.XSLWHGRGDWQXRSUHPXSRWURģQLPDWHULMDOLRULJLQDOQHUH]HUYQHGLMHORYH]D
VYRMXUHÓDM
ZZZHOHFWUROX[FRPVKRS
.25,61,Î.$6/8Ŀ%$,6(59,6
8YLMHNNRULVWLWHRULJLQDOQH]DPMHQVNHGLMHORYH
.DGDNRQWDNWLUDWHQDģRYODģWHQLVHUYLVWUHEDWHLPDWLVOMHGHÉHSRGDWNH0RGHO
31&SDUWQXPEHUFRGHEURMÏDQDģLIUDGLMHODVHULMVNLEURM
3RGDFLVHPRJXQDÉLQDQD]LYQRMSORÏLFL
8SR]RUHQMHRSUH]VLJXUQRVQHLQIRUPDFLMH
2SÉHLQIRUPDFLMHLVDYMHWL
(NRORģNHLQIRUPDFLMH
=DGUŀDYDVHSUDYRQDL]PMHQH
6,*851261(8387(,3267$9/-$1-(
832=25(1-(
3RJOHGDMWHVLJXUQRVQX
NQMLŀLFXVXSXWDPD]D
SRVWDYOMDQMHUDGLSRGDWDNDR
VLJXUQRVWLLSRVWDYOMDQMX
3DŀOMLYRSURÏLWDMWHSRJODYOMDR
VLJXUQRVWLSULMHXSRUDEHLOL
RGUŀDYDQMDXUHÓDMD
ZZZHOHFWUROX[FRP
23,6352,=92'$
3UHJOHGXSUDYOMDÏNHSORÏH
2 3 4 5 6 71
)XQNFLMD 2SLV
+REt+RRG 3RND]DWHOMIXQNFLMHXSUDYOMDQMDNDSXOMDÏRPL]SORÏH
]DNXKDQMH
ĿDUXOMD 8NOMXÏXMHLLVNOMXÏXMHVYMHWOR
3UYDEU]LQD,VNOM 0RWRUSUHEDFXMHQDSUYXUD]LQXEU]LQH'UXJLSULWLಣ
VDNLVNOMXÏXMHXUHÓDM
'UXJDEU]LQD 0RWRUSUHEDFXMHQDGUXJXUD]LQXEU]LQH
7UHÉDEU]LQD 0RWRUSUHEDFXMHQDWUHÉXUD]LQXEU]LQH
0DNVLPDOQDEU]LQD 0RWRUVHSUHEDFXMHQDPDNVLPDOQXUD]LQXEU]LQH
2EDYLMHVWRILOWUX 3RGVMHÉDGDSURPLMHQLWHLOLRÏLVWLWHILOWHUGUYHQRJ
XJOMHQDLRÏLVWLWHILOWHUPDVWL
69$.2'1(91$8325$%$
8SRUDEDQDSH
3URYMHULWHSUHSRUXÏHQXEU]LQXSUHPD
GRQMRMWDEOLFL
3ULOLNRP]DJULMDYDQMDKUDQHNXKDQMHVSRNULYHQLP
SRVXGDPD
3ULOLNRPNXKDQMDVSRNULYHQLPSRVXGDPDQDYLģH
]RQDNXKDQMDLOLSODPHQLNDEODJRSUŀHQMH
3ULOLNRPNOMXÏDQMDSUŀHQMDYHOLNLKNROLÏLQDKUDQH
EH]SRNORSFDNXKDQMDQDYLģH]RQDNXKDQMDLOL
SODPHQLND
3ULOLNRPNOMXÏDQMDSUŀHQMDYHOLNLKNROLÏLQHKUDQH
EH]SRNORSFDYLVRNDYODŀQRVW1DSDUDGLQDPDNಣ
VLPDOQRMEU]LQL1DNRQPLQXWDXUHÓDMVHYUDÉD
QDSUHWKRGQXSRVWDYNX
+59$76., 
3UHSRUXÏDVHRVWDYLWLQDSX
GDUDGLRNRPLQXWDQDNRQ
NXKDQMD
=DXSUDYOMDQMHQDSRP
 3ULWLVQLWHSUYXWLSNXEU]LQH NDNR
ELVWHXNOMXÏLOLXUHÓDM
 $NRMHSRWUHEQRSULWLVQLWHWLSNX]D
VYMHWOR ]DRVYMHWOMDYDQMHSRYUģLQH
]DNXKDQMH
 $NRMHSRWUHEQRSURPLMHQLWHEU]LQX
SULWLVNRPQDŀHOMHQXWLSNX
=DLVNOMXÏLYDQMHXUHÓDMDSRQRYQR
SULWLVQLWHWLSNXSUYHEU]LQH
+REt+RRGIXQNFLMD
7RMHDXWRPDWVNDIXQNFLMDNRMDSRYH]XMH
SORÏX]DNXKDQMHVNXKLQMVNRPQDSRP
3ORÏD]DNXKDQMHLNXKLQMVNDQDSDLPDMX
NRPXQLNDFLMXSUHNRLQIUDFUYHQRJVLJQDOD
%U]LQDYHQWLODWRUDDXWRPDWVNLVH
RGUHÓXMHQDWHPHOMXSRVWDYOMHQRJQDÏLQD
UDGDLWHPSHUDWXUHQDMWRSOLMHSRVXGHQD
SORÏL]DNXKDQMH9HQWLODWRUPRŀHWH
NRULVWLWLLX]UXÏQXXSRUDEXSORÏH]D
NXKDQMH)XQNFLMDVHPRŀHXNOMXÏLWLV
NRQWUROQHSORÏHQDSORÏL]DNXKDQMH
=DYLģHLQIRUPDFLMDRXSRUDEL
IXQNFLMHSRJOHGDMWH
NRULVQLÏNLSULUXÏQLNSORÏH
2EDYLMHVWRILOWUX
$ODUPILOWUDSRGVMHÉDQDSURPMHQXLOL
ÏLģÉHQMHILOWUDVXJOMHQRPLÏLģÉHQMHILOWUD
]DPDVQRÉX,QGLNDWRUILOWUD MH
XNOMXÏHQQDVHNXQGLDNRVHILOWDU]D
PDVQRÉXPRUDRÏLVWLWL,QGLNDWRUILOWUD
WUHSHULQDVHNXQGLDNRILOWDUV
XJOMHQRPWUHED]DPLMHQLWLLOLRÏLVWLWL
3RJOHGDMWHÏLģÉHQMHILOWUD]D
PDVQRÉXXSRJODYOMXR
RGUŀDYDQMXLÏLģÉHQMX
3RJOHGDMWHÏLģÉHQMHLOL
]DPMHQXILOWUDVXJOMHQRPX
SRJODYOMXRRGUŀDYDQMXL
ÏLģÉHQMX
=DUHVHWLUDQMHIXQNFLMHSULWLVQLWHWLSNX
QDVHNXQGH
=DDNWLYLUDQMHLOLGHDNWLYLUDQMHIXQNFLMH
 =DXNOMXÏLYDQMHIXQNFLMHSULWLVQLWH
WLSNX QDVHNXQGH
$NRMHIXQNFLMDXNOMXÏHQDLQGLNDWRU
WUHSHULGYDSXWD
 =DLVNOMXÏLYDQMHIXQNFLMHSULWLVQLWH
WLSNX QDVHNXQGH
$NRMHIXQNFLMDLVNOMXÏHQDLQGLNDWRU
WUHSHULMHGQRP
'DOMLQVNLXSUDYOMDÏ
8UHÓDMVHLVSRUXÏXMHVGDOMLQVNLP
XSUDYOMDÏHP
9H]DMHL]YRUQRRPRJXÉHQD
'DELVWHSRYH]DOLLOLLVNOMXÏLOLGDOMLQVNL
XSUDYOMDÏ
 ,VNOMXÏLWHXUHÓDM
 GUŀLWHSULWLVQXWVHNXQGH
,QGLNDWRUQDXSUDYOMDÏNRMSORÏLWUHSÉH
GYDSXWDNRMHIXQNFLMDRPRJXÉHQDL
MHGQRPDNRMHRQHPRJXÉHQD
Î,ĢÈ(1-(,2'5Ŀ$9$1-(
1DSRPHQHRÏLģÉHQMX
6UHGVWYD]D
ÏLƢÉHQMH
1HPRMWHNRULVWLWLDEUD]LYQHGHWHUGƿHQWHLÏHWNH
3RYUģLQXXUHÓDMDRÏLVWLWHPHNRPNUSRPQDPRÏHQRPXPODNXYRGX
LEODJLPGHWHUGŀHQWRP
1DNRQNXKDQMDQHNLGLMHORYLXUHÓDMDPRJXVH]DJULMDWL'DELVWHL]ಣ
EMHJOLPUOMHXUHÓDMWUHEDRKODGLWLLRVXģLWLÏLVWRPNUSRPLOLSDSLUQDWLP
UXÏQLFLPD
0UOMHRÏLVWLWHEODJLPGHWHUGŀHQWRP
ZZZHOHFWUROX[FRP
3UHSRUXÏDVHRVWDYLWLQDSX
GDUDGLRNRPLQXWDQDNRQ
NXKDQMD
=DXSUDYOMDQMHQDSRP
 3ULWLVQLWHSUYXWLSNXEU]LQH NDNR
ELVWHXNOMXÏLOLXUHÓDM
 $NRMHSRWUHEQRSULWLVQLWHWLSNX]D
VYMHWOR ]DRVYMHWOMDYDQMHSRYUģLQH
]DNXKDQMH
 $NRMHSRWUHEQRSURPLMHQLWHEU]LQX
SULWLVNRPQDŀHOMHQXWLSNX
=DLVNOMXÏLYDQMHXUHÓDMDSRQRYQR
SULWLVQLWHWLSNXSUYHEU]LQH
+REt+RRGIXQNFLMD
7RMHDXWRPDWVNDIXQNFLMDNRMDSRYH]XMH
SORÏX]DNXKDQMHVNXKLQMVNRPQDSRP
3ORÏD]DNXKDQMHLNXKLQMVNDQDSDLPDMX
NRPXQLNDFLMXSUHNRLQIUDFUYHQRJVLJQDOD
%U]LQDYHQWLODWRUDDXWRPDWVNLVH
RGUHÓXMHQDWHPHOMXSRVWDYOMHQRJQDÏLQD
UDGDLWHPSHUDWXUHQDMWRSOLMHSRVXGHQD
SORÏL]DNXKDQMH9HQWLODWRUPRŀHWH
NRULVWLWLLX]UXÏQXXSRUDEXSORÏH]D
NXKDQMH)XQNFLMDVHPRŀHXNOMXÏLWLV
NRQWUROQHSORÏHQDSORÏL]DNXKDQMH
=DYLģHLQIRUPDFLMDRXSRUDEL
IXQNFLMHSRJOHGDMWH
NRULVQLÏNLSULUXÏQLNSORÏH
2EDYLMHVWRILOWUX
$ODUPILOWUDSRGVMHÉDQDSURPMHQXLOL
ÏLģÉHQMHILOWUDVXJOMHQRPLÏLģÉHQMHILOWUD
]DPDVQRÉX,QGLNDWRUILOWUD MH
XNOMXÏHQQDVHNXQGLDNRVHILOWDU]D
PDVQRÉXPRUDRÏLVWLWL,QGLNDWRUILOWUD
WUHSHULQDVHNXQGLDNRILOWDUV
XJOMHQRPWUHED]DPLMHQLWLLOLRÏLVWLWL
3RJOHGDMWHÏLģÉHQMHILOWUD]D
PDVQRÉXXSRJODYOMXR
RGUŀDYDQMXLÏLģÉHQMX
3RJOHGDMWHÏLģÉHQMHLOL
]DPMHQXILOWUDVXJOMHQRPX
SRJODYOMXRRGUŀDYDQMXL
ÏLģÉHQMX
=DUHVHWLUDQMHIXQNFLMHSULWLVQLWHWLSNX
QDVHNXQGH
=DDNWLYLUDQMHLOLGHDNWLYLUDQMHIXQNFLMH
 =DXNOMXÏLYDQMHIXQNFLMHSULWLVQLWH
WLSNX QDVHNXQGH
$NRMHIXQNFLMDXNOMXÏHQDLQGLNDWRU
WUHSHULGYDSXWD
 =DLVNOMXÏLYDQMHIXQNFLMHSULWLVQLWH
WLSNX QDVHNXQGH
$NRMHIXQNFLMDLVNOMXÏHQDLQGLNDWRU
WUHSHULMHGQRP
'DOMLQVNLXSUDYOMDÏ
8UHÓDMVHLVSRUXÏXMHVGDOMLQVNLP
XSUDYOMDÏHP
9H]DMHL]YRUQRRPRJXÉHQD
'DELVWHSRYH]DOLLOLLVNOMXÏLOLGDOMLQVNL
XSUDYOMDÏ
 ,VNOMXÏLWHXUHÓDM
 GUŀLWHSULWLVQXWVHNXQGH
,QGLNDWRUQDXSUDYOMDÏNRMSORÏLWUHSÉH
GYDSXWDNRMHIXQNFLMDRPRJXÉHQDL
MHGQRPDNRMHRQHPRJXÉHQD
Î,ĢÈ(1-(,2'5Ŀ$9$1-(
1DSRPHQHRÏLģÉHQMX
6UHGVWYD]D
ÏLƢÉHQMH
1HPRMWHNRULVWLWLDEUD]LYQHGHWHUGƿHQWHLÏHWNH
3RYUģLQXXUHÓDMDRÏLVWLWHPHNRPNUSRPQDPRÏHQRPXPODNXYRGX
LEODJLPGHWHUGŀHQWRP
1DNRQNXKDQMDQHNLGLMHORYLXUHÓDMDPRJXVH]DJULMDWL'DELVWHL]ಣ
EMHJOLPUOMHXUHÓDMWUHEDRKODGLWLLRVXģLWLÏLVWRPNUSRPLOLSDSLUQDWLP
UXÏQLFLPD
0UOMHRÏLVWLWHEODJLPGHWHUGŀHQWRP
ZZZHOHFWUROX[FRP
5HGRYLWRÏLVWL഻
WHQDSX
6YDNLPMHVHFÏLVWLWHXUHÓDMLILOWUH]DPDVQRÉX8QXWUDģQMRVWLILOWUH
]DPDVQRÉXSDŀOMLYRRGPDVWLWH1DNXSOMDQMHPDVWLLOLGUXJLKRVWDWDಣ
NDPRŀHX]URNRYDWLSRŀDU
.DGDMHREDYLMHVWRILOWUXXNOMXÏHQDVOLMHGLWHXSXWH]DÏLģÉHQMHGRGDಣ
WDND3RJOHGDMWH2EDYLMHVWRILOWUXXSRJODYOMX6YDNRGQHYQDXSRUDಣ
ED
)LOWUL]DPDVQRÉXPRJXVHSUDWLXSHULOLFLSRVXÓD
3HULOLFDPRUDELWLSRVWDYOMHQDQDQLVNXWHPSHUDWXUXLNUDWDNFLNOXV
)LOWDU]DPDVQRÉXPRŀHL]JXELWLERMXWRQHPDXWMHFDMDQDUDGXUHಣ
ÓDMD
)LOWDUVXJOMH഻
QRP
9ULMHPH]DVLÉHQMDILOWUDVXJOMHQRPYDULUDRYLVQRRYUVWLNXKDQMDL
SUDYLOQRVWLÏLģÉHQMDILOWUD]DPDVQRÉX)LOWDUVDNWLYQLPXJOMHQRPQLMH
PRJXÉHSUDWLQHPRŀHVHREQRYLWLLPRUDVH]DPLMHQLWLRWSULOLNH
VYDNLKGRPMHVHFLUDGDLOLÏHģÉH]DRVRELWRXÏHVWDOXXSRWUHEX
ÎLģÉHQMHILOWUD]DPDVQRÉX
)LOWULVHPRQWLUDMXSRPRÉXNRSÏLL]DWLND
QDVXSURWQRMVWUDQL
ÎLƢÉHQMHILOWUD
 3ULWLVQLWHUXÏNXPRQWDŀQHNRSÏHQD
SORÏLILOWUDLVSRGQDSH
1
2
 /DJDQRQDJQLWHSUHGQMLGLRILOWUD
SUHPDGROMHD]DWLPJDSRYXFLWH
3RQRYLWHSUYDGYDNRUDND]DVYHILOWUH
 2ÏLVWLWHILOWUHSRPRÉXVSXŀYHV
GHWHUGŀHQWLPDNRMLQLVXDEUD]LYQLLOLX
SHULOLFLSRVXÓD
3HULOLFDPRUDELWLSRVWDYOMHQD
QDQLVNXWHPSHUDWXUXL
NUDWDNFLNOXV)LOWDU]D
PDVQRÉXPRŀHL]JXELWLERMX
WRQHPDXWMHFDMDQDUDG
XUHÓDMD
 =DPRQWDŀXILOWUDVOLMHGLWHSUYDGYD
NRUDNDREUQXWLPUHGRVOLMHGRP
3RQRYLWHNRUDNH]DVYHILOWUHDNRMH
SULPMHQMLYR
=DPMHQDILOWUDVXJOMHQRP
832=25(1-(
)LOWDUVXJOMHQRPQLMHSHULY
=DPMHQDILOWUD
 ,]YDGLWHILOWUH]DPDVQRÉXL]XUHÓDMD
3RJOHGDMWHÎLģÉHQMHILOWUD]DPDVQRÉXX
RYRPSRJODYOMX
 3ULWLVQLWHSUHGQMLUXEXXWRUSUHPD
GRQMHPGLMHOXILOWUD/DJDQRQDJQLWH
SUHGQMLGLRILOWUDSUHPDGROMH
 'DELVWHLQVWDOLUDOLQRYLILOWDUL]YUģLWH
LVWHNRUDNHREUQXWLPUHGRVOLMHGRP
8VYDNRPVOXÏDMXSRWUHEQRMH]DPLMHQLWL
ILOWUHQDMPDQMHVYDNDÏHWLULPMHVHFD
+59$76., 
7(50./(56
$NH]HOēSDQHO£WWHNLQW«VH
2 3 4 5 6 71
)XQNFLµ /H¯U£V
+REt+RRG $S£UDHOV]¯YµWDIē]ēODSUµOYH]«UOēIXQNFLµYLVV]Dಣ
MHO]ēMH
/£PSD $I«Q\HNEH«VNLNDSFVRO£VD
(OVēVHEHVV«J.L $PRWRUD]HOVēVHEHVV«JIRNR]DWEDNDSFVRO$P£ಣ
VRGLNPHJQ\RP£VUDDN«V]¾O«NNLNDSFVRO
0£VRGLNVHEHVV«J $PRWRUDP£VRGLNVHEHVV«JIRNR]DWEDNDSFVRO
+DUPDGLNVHEHVV«J $PRWRUDKDUPDGLNVHEHVV«JIRNR]DWEDNDSFVRO
0D[LP£OLVVHEHVV«J $PRWRUDPD[LP£OLVVHEHVV«JIRNR]DWEDNDSFVRO
6]ijUēUHYRQDWNR]µILಣ
J\HOPH]WHW«V $ILJ\HOPH]WHW«VHPO«NH]WHWDV]«QV]ijUēFVHU«M«ಣ
QHNYDJ\WLV]W¯W£V£QDNYDODPLQWD]V¯UV]ijUēWLV]W¯W£ಣ
V£QDNHVHG«NHVV«J«UH
1$3,+$6=1/$7
$S£UDHOV]¯YµKDV]Q£ODWD
.HUHVVHPHJDMDYDVROW
VHEHVV«JIRNR]DWRWD]DO£EELW£EO£]DW
DODSM£Q
WHOIHOPHOHJ¯W«VHOHIHGHWWHG«Q\HNNHOYDOµIē]«V
)ē]«VW¸EEIē]ē]µQ£QYDJ\«JēQOHIHGHWWHG«ಣ
Q\HNNHON¯P«OēV¾W«V]VLUDG«NEDQ
)RUUDO£VPHOOHWWQDJ\PHQQ\LV«Jij«WHOV¾W«VH]VLಣ
UDG«NEDQIHGēQ«ON¾OIē]«VW¸EEIē]ē]µQ£QYDJ\
«JēQ
)RUUDO£VPHOOHWWQDJ\PHQQ\LV«Jij«WHOV¾W«VH]VLಣ
UDG«NEDQIHGēQ«ON¾OPDJDVS£UDWDUWDORP$S£ಣ
UDHOV]¯YµPD[LP£OLVVHEHVV«JIRNR]DWRQPijN¸GLN
SHUFHOWHOW«YHODN«V]¾O«NYLVV]DW«UD]HOē]ēEHಣ
£OO¯W£VKR]
ZZZHOHFWUROX[FRP


Produkt Specifikationer

Mærke: Electrolux
Kategori: Emhætte
Model: LFG716R
Type: Indbygget under
Vekselstrømsindgangsspænding: 220 - 240 V
Vekselstrømsindgangsfrekvens: 50 Hz
Bredde: 540 mm
Dybde: 300 mm
Vægt: 8700 g
Produktfarve: Sort
Antal hastigheder: 3
Indbygget skærm: Ingen
Ledningslængde: 1.6 m
Årligt energiforbrug: 55 kWh
Lampetype: LED
Støjniveau: 67 dB
Energieffektivitetsskala: A+++ til D
Energieffektivitetsklasse: A
Antal lyskilder: 2 pære(r )
Maksimal ekstraktionseffekt: 700 m³/t
Fedtfilter type: Aluminium
Ekstraktionstype: Ledet
Intensiv hastighed: Ja
Højde (min.): 330 mm
Støjniveau (lav hastighed): 54 dB
Væske - dynamisk effektivitetsklasse: A
Lys - effektivitetsklasse: A
Fedt - filtrering effektivitetsklasse: D
Antal filtre: 1 stk
Minimum afstand fra elektrisk komfur: 500 mm
Minimum afstand fra gaskomfur: 570 mm
Støjniveau (medium hastighed): 67 dB

Har du brug for hjælp?

Hvis du har brug for hjælp til Electrolux LFG716R stil et spørgsmål nedenfor, og andre brugere vil svare dig