AEG DBE5661HG Bedienungsanleitung


Lesen Sie kostenlos die 📖 deutsche Bedienungsanleitung für AEG DBE5661HG (140 Seiten) in der Kategorie Dunstabzugshauben. Dieser Bedienungsanleitung war für 16 Personen hilfreich und wurde von 2 Benutzern mit durchschnittlich 4.5 Sternen bewertet

Seite 1/140
USER
MANUAL
'%(+*
'%(+*
'%(+*
8GK]LPHWSUSUGRULP 
̷͕͉͕͙͉͕͑͋͘͡͎͇͚͖͕͙͈͇͗͌ 
8SXWH]DXSRUDEX 
1£YRGNSRXŀLW¯ 
%UXJVDQYLVQLQJ 
*HEUXLNVDDQZLM]LQJ 
8VHU0DQXDO 
.DVXWXVMXKHQG 
.¦\WW¸RKMH 
1RWLFHGXWLOLVDWLRQ 
%HQXW]HULQIRUPDWLRQ 
64
%*
+5
&6
'$
1/
(1
(7
),
)5
'(
ˍˡˤˠ˜ˢ˯˔ˮ˛˰ˤ˯ 
+DV]Q£ODWL¼WPXWDWµ 
,VWUX]LRQLSHUOಬXVR 
Φ͕͇͔͚͒͋͙͚͇͗͒͢
͔ν͘Χ͇͚͇͒͗͢ 
/LHWRģDQDVLQVWUXNFLMD 
1DXGRMLPRLQVWUXNFLMD 
̺͖͇͙͙͉͕͘͎͇͇͚͉͇͗͑Ͱ͌ 
%UXNVDQYLVQLQJ 
,QVWUXNFMDREVĄXJL 
0DQXDOGHLQVWUX©·HV 
(/
+8
,7
..
/9
/7
0.
12
3/
37
0DQXDOGHXWLOL]DUH 
̯͔͙͚͗͑͘͝͏ͦ͖͕
͖͚͇͙͇ͤ͑͒͘͝͏͏ 
̺͖͚͙͙͉͕͘͎͇͚͖͕͙͈͚͗͌ 
1£YRGQDSRXŀ¯YDQLH 
1DYRGLOD]DXSRUDER 
0DQXDOGHLQVWUXFFLRQHV 
%UXNVDQYLVQLQJ 
.XOODQPD.óODYX]X 
̞͔͙͚͗͑ͬͦ͘͝ 
52
58
65
6.
6/
(6
69
75
8.
139AR
350%$-7-$
,1)250$&,21,,6,*85,6'+(,167$/,0, 
356+.5,0,352'8.7,7
35'25,0,,35',76+0
.8-'(6,'+(3$675,0, 
355(=8/7$7(3(5)(.7(
)DOHPLQGHULWTNHQL]JMHGKXUNWSURGXNW$(*1HHNHPLNULMXDUDWSUWMX
RIUXDUSHUIRUPDQFWSUVRVXUSUVKXPYLWHPHWHNQRORJMLQRYDWRUHT
QGLKPRMQQWKMHVKWLPLQHMHWVYH©RULTPXQGWPRVLJMHQLQSDMLVMHWH
]DNRQVKPH.XVKWRMLQLSDNPLQXWDOH[LPLWSUWDVKIU\W]XDUVDPPLU
9L]LWRQLIDTHQWRQWLQWHUQHWLWSU
7PDUUNVKLOODPELSUGRULPLQEURVKXUDLQIRUPDFLRQUUHWK]JMLGKMHVV
SUREOHPHYHVKUELPLWGKHULSDULPLW
ZZZDHJFRPVXSSRUW
5HJMLVWURMHQLSURGXNWLQSUVKUELPPWPLU
ZZZUHJLVWHUDHJFRP
%OLQLDNVHVRUSMHVNRQVXPLGKHSMHVRULJMLQDOHNPELPLSUSDMLVMHQ
ZZZDHJFRPVKRS
.8-'(6,'+(6+5%,0,1'$-./,(17,7
3UGRUQLJMLWKPRQSMHVNPELPLRULJMLQDOH
.XUNRQWDNWRQL4HQGUQWRQW$XWRUL]XDUW6KUELPLWVLJXURKXQLTWNHQLQ
GLVSR]LFLRQWGKQDWHPSRVKWPH0RGHOL31&QXPULVHULDO
.\,QIRUPDFLRQLPXQGWJMHQGHWQSOODNQHNODVLILNLPLW
3DUDODMPULP7GKQDUUHWKVLJXULVGKHNXMGHVLW
7GKQDWSUJMLWKVKPHGKHNVKLOOD
7GKQDUUHWKDPELHQWLW
5H]HUYRKHWPXQGVLDHQGU\VKLPHYH
,1)250$&,21,,6,*85,6'+(,167$/,0,
3$5$/$-05,0
5HIHURMXQLEURVKXUVWMHWUಯ8GK]LPHW
SULQVWDOLPLQರSUಯ,QIRUPDFLRQLQH
VLJXULVGKHLQVWDOLPLQರ/H[RQLPH
NXMGHVNDSLWXMWHಯ6LJXULVರSUSDUD©GR
SUGRULPLRVHPLUPEDMWMHMHWSDMLVMHV
ZZZDHJFRP
356+.5,0,352'8.7,7
3UPEOHGKMHHSDQHOLWWNRQWUROOLW
1 2 3 4 5 6 7 8 9
1GH]MD)LNMD
6KSHMWVLDHSDUHPRWRULW
6KSHMWVLDHG\WHPRWRULW
6KSHMWVLDHWUHWHPRWRULW
6KSHMWVLDPDNVLPDOHHPRWRULW
)XQNVLRQLLWUKHTMHVVOHKW
.XMWXHVLLILOWULW
)XQNVLRQLಯ+REWR+RRGರ
/ODPED
35'25,0,,35',76+0
3UGRULPLLDVSLUDWRULW
.RQWUROORQLVKSHMWVLQHUHNRPDQGXDU
VLSDVWDEHOVPSRVKW
*MDWQJURKMHVVXVKTLPLWJDWLPLWPHWHQ[KHUHW
PEXOXDUD
*MDWJDWLPLWPHWHQ[KHUHWPEXOXDUDQGLVD]RQD
RVHYDWUDJDWLPLVNXTMHVVOHKW
*MDW]LHUMHVGKHVNXTMHVVVDVLYHWPGKDW
XVKTLPLWSDNDSDNJDWLPLWQGLVD]RQDRVHYDWUD
JDWLPL
*MDWJDWLPLWGKHVNXTMHVVVDVLYHWPGKDW
XVKTLPLWSDNDSDNQODJVKWLWPDGKH
)UHVNRQDMULQQNX]KLQSDVJDWLPLWPHQLYHO]KXUPH
VKXPWXOW0XQGWDNWLYL]KHWGKHW©DNWLYL]RKHW
GXNHVKW\SXUVLPEROLQ)XQNVLRQLILNHWDXWRPDWLNLVKW
SDVPLQXWDVK3UGRUHYHWPSDVJDWLPLW
5HNRPDQGRKHWTWDOLQL
DVSLUDWRULQQSXQSUUUHWK
PLQXWDSDVJDWLPLW
3DQHOLLNRQWUROOLWVKWIXVK
PHVHQVRU3UHNQLVLPEROHW
SUVHNRQGSUW
DNWLYL]XDUIXQNVLRQHW
3UWSUGRUXUDVSLUDWRULQ
 1GL]HQLSDMLVMHQGXNHVKW\SXU
VLPEROLQ
7DQLPXQGWDNWLYL]RQLIXQNVLRQHW
 3UWDNWLYL]XDUIXQNVLRQLQSUHNQL
VLPEROLQ
6+4,3 
 1VHVKWQHYRMDSUHNQLVLPEROLQH
GULWV SUWQGUL©XDUVLSUIDTHQH
JDWLPLW
3UW©DNWLYL]XDUSDMLVMHQVKW\SQLVULVK
VLPEROLQ
)XQNVLRQLേ+REWR+RRGൈ
VKWQMIXQNVLRQDXWRPDWLNLFLOLOLGK
SLDQXUQPHQMDVSLUDWRU6LSLDQXUD
DVKWXHGKHDVSLUDWRULNDQQM
NRPXQLNXHVPHUUH]HLQIUDWNXTH
6KSHMWVLDHYHQWLODWRULWSUFDNWRKHW
DXWRPDWLNLVKWQED]WFLOVLPLWW
PRGDOLWHWLWGKHWHPSHUDWXUVVHQVP
WQ[HKWQSLDQXU0XQGWDSUGRUQL
JMLWKDVKWXYHQWLODWRULQGXNHSUGRUXU
PDQXDOLVKWSLDQXUQ)XQNVLRQLPXQGW
DNWLYL]RKHWQJDSDQHOLLSLDQXUV
3UPVKXPLQIRUPDFLRQ
UUHWKPQ\UVVSUGRULPLW
WIXQNVLRQLWUHIHURMXQL
PDQXDOLWWSUGRUXHVLWSU
SLDQXUQ
$NWLYL]LPLL6KSHMWVLV
PDNVLPDOHWPRWRULW
.XUVKW\SQLEXWRQLQ 6KSHMWVLD
PDNVLPDOHHPRWRULWILOORQWSXQRMSU
PLQXWD3DVNVDMNRKHSDMLVMDNWKHKHW
QFLOVLPHWHPSDUVKPHWVKSHMWVLV
.XUIXQNVLRQLVKWL
DNWLYL]XDUSUHNMDVKWHVPEL
EXWRQLQ QXNNDDVQM
HIHNW
$NWLYL]LPLGKH©DNWLYL]LPL
LQMRIWLPLWWILOWULW
$ODUPLLILOWULWMXNXMWRQWQGUURQLRVHW
SDVWURQLILOWULQHNDUERQLWGKHWSDVWURQL
ILOWULQH\QG\UV7UHJXHVLLILOWULW QGL]HW
HNXTHSUVHNRQGDQVHILOWULL
\QG\UVGXKHWWSDVWURKHW7UHJXHVLL
ILOWULW SXOVRQHNXTHSUVHNRQGD
QVHILOWULLNDUERQLWGXKHWWQGUURKHW
RVHWSDVWURKHW
5HIHURMXQLDODUPLWWILOWULWWH
NDSLWXOOLಯ.XMGHVLGKH
SDVWULPLರ
 1GL]QLSDQHOLQHNRQWUROOLW
 6LJXURKXQLTLNRQDWWMHQILNXU
 3UWDNWLYL]XDURVH©DNWLYL]XDU
QMRIWLPLQHILOWULWWNDUERQLWSUHNQL
SUVHNRQGD
1VHQMRIWLPLLILOWULWW
NDUERQLWVKWLDNWLYL]XDU
LNRQDHILOWULW SXOVRQH
NXTHSUVHNRQGD
1VHQMRIWLPLLILOWULWW
NDUERQLWVKWL©DNWLYL]XDU
LNRQDHILOWULW SXOVRQH
NXTHWUHKHU
.8-'(6,'+(3$675,0,
3DVWULPLLILOWULWW\QG\UV
6HFLOLILOWUGXKHWWSDVWURKHWWSDNWQ
QMKHUQPXDM)LOWUDWPRQWRKHQPH
DQWNDSVHYHGKHNXQMDYHQDQQH
NXQGUW
3UWSDVWUXDUILOWULQ
 7UKLTQLGRUH]QQILOWUSRVKW
DVSLUDWRULWGKHDQRQLOHKWSRVKW
SMHVQHSUSDUPHWILOWULW
ZZZDHJFRP
1
 3DVWURMLQLILOWUDWGXNHSUGRUXUQM
VIXQJMHUPHGHWHUJMHQWHMRJUU\HVH
RVHQQMODYDVWRYLOMH
/DYDVWRYLOMDGXKHWW
YHQGRVHWQWHPSHUDWXUW
XOWGKHFLNOWVKNXUWU
)LOWULL\QG\UVPXQGW
©QJM\URVHWNMRQXNNDQGLNLP
WHSHUIRUPDQFDHSDMLVMHV
 3UWPRQWXDUVULVKILOWUDWQGLTQLG\
KDSDWHSDUQUHQGLQHNXQGUW
3UVULVQLKDSDWSUWJMLWKILOWUDWQVH
DSOLNRKHW
1GUULPLLILOWULWW
NDUERQLW
3$5$/$-05,0
)LOWULLNDUERQLWQXNPXQGW
ODKHW
.RKDHQJRSMHVVILOWULWWNDUERQLW
QGU\VKRQQYDUVLWOORMLWWJDWLPLWGKH
VDUUHJXOOLVKWSDVWURKHWILOWULL\QG\UV
3UWQGUUXDUILOWULQ
 +LTQLILOWUDWH\QG\UVQJDSDMLVMD
5HIHURMXQLSMHVVಯ3DVWULPLLILOWULWW
\QG\UVರQNWNDSLWXOO
 VKW\SQLJMXK]QGKHDQRMHQL
OHKWSMHVQHSUSDUPHWILOWULW
1
1
 3UWLQVWDOXDUQMILOWUWULNU\HQL
WQMMWDWKDSDQUHQGWNXQGUW
1©GRUDVWVKWHQHYRMVKPHTW
QGUURKHQILOWUDWWSDNWQ©GRNDWU
PXDM
$ODUPLLILOWULW
5HIHURMXQLDNWLYL]LPLWGKH
©DNWLYL]LPLWWDODUPLWWILOWULW
QNDSLWXOOLQಯ3UGRULPLL
SUGLWVKPರ
5HIHURMXQLSMHVVಯ3DVWULPLL
ILOWULWW\QG\UVರQNW
NDSLWXOO
5HIHURMXQLSMHVVಯ3DVWULPLL
ILOWULWW\QG\UVರRVH
ಯ1GUULPLLILOWULWWNDUERQLWರ
QYDUVLWOORMLWWILOWULW
3UWULYHQGRVXUNRKQ
3UHNQL SUVHNRQGD
1GUULPLLOODPEV
.MRSDMLVMHVKWHSDMLVXUPHQMOODPE
/('.MRSMHVPXQGWQGUURKHWYHWP
QJDQMWHNQLN1UDVWNHTIXQNVLRQLPL
UHIHURMXQLSMHVVಯ6KUELPLರWHNDSLWXOOL
ಯ8GK]LPHWHVLJXULVರ
6+7-(4/,'+(10($0%,(17,1
5LFLNORQLPDWHULDOHWPHVLPEROLQ 
9HQGRVHQLDPEDOD]KLQWHNRQWHMQHUWH
ULFLNOLPLWQVHND1GLKPRQLQPEURMWMHQ
HPMHGLVLWGKHVKQGHWLWWQMHU]YHGKH
QULFLNOLPLQHPEHWMHYHWSDMLVMHYH
HOHNWULNHGKHHOHNWURQLNH0RVKLGKQL
SDMLVMHWHVKQXDUDPHVLPEROLQ H
PEHWXULQDYHVKWSLDNH.WKHQLSURGXNWLQ
QSLNQORNDOHWULFLNOLPLWRVH
NRQWDNWRQLPH]\UQNRPXQDOH
6+4,3 
КУЍУЙЏЉЖБЎ
̴̵̷̧̯̻̳̯̽͆̧̮̵̶̸̴̵̸̨̧̬̮̹̯̵̴̧̳̹̭
̵̶̸̴̧̯̯̬̴̧̷̧̺̬̫
̸̴̴̧̩̬̱̯̫̬̩̶̵̷̨̧̺̹̬
̷̪̯̭̯̯̶̵̸̴̧̯̹̩̬̾
АЉЗЛДБРЖБЙЎАМДЛЉЛБ
̨͇͕͇͒͊͋͗͏͓̩͏͌͞͏͎͈͇͙͗͌͜͖͕͚͙͗͋͑͔͇$(*̴͏͌͕͊͎͇͕͓͋͋͌͘͜͡͎͇͇͋̩͏
͖͕͙͇͉͗͌͋͘͏͓͈͎͚͖͔͇͌͗͌͞͖͕͇͙͇͌͑͒͘͝͏ͦ͉͖͕͍͔͗͋͒͌͡͏͌͔͇͓͔͕͕͊͕͊͋͏͔͏͘
͏͔͕͉͇͙͏͉͔͏͙͔͕͕͌͒͊͜͏͏͕͑͏͙͕͖͇͉͙͗ͦ͍͏͉͕͙͇͖͕͔͒͌͌͘ದ͚͔͛͑͝͏͏͕͑͏͙͕͔͌
͓͕͍͙͌͌͇͋͕͙͑͗͏͙͌͌͖͗͏͕͈͏͔͕͉͔͑͌͏͙͌͚͗͌͋͏̳͕͒ͦ͕͙͙͋͌͒͌͌͔͕͕ͦ͑͒͑
͓͏͔͚͙͏͎͇͙͔͌͌͌͞͎͇͇͋͏͎͉͙͒͌͌͌͞͔͇͐͕͈͕͙͕͋͗
̶͕͙͙͌͌͌͘͔͇͟͏ͦ͚͈͇͙͌͐͘͎͇
̩͏͍͙͌͖͕͎͔͒͌͏͉͙͌͘͡͏͎͇͚͖͕͙͈͇͗͌͈͕͚͗͗͟͏͕͙͙͇͔͉͇͔͗ͦ͌͘͔͇
͔͌͏͎͖͇͉͔͕͙͗͘͏͏͔͕͓͇͛͗͝͏ͦ͎͇͉͌͗͘͏͎͏͓͕͔͙͗͌
ZZZDHJFRPVXSSRUW
̷͌͊͏͙͗͘͏͇͙͗͐͌̩͇͟͏ͦ͖͕͚͙͗͋͑͎͇͖͕͕͈͕͋͗͕͈͚͍͉͇͔͒͌͘
ZZZUHJLVWHUDHJFRP
̱͚͖͙͌͌͇͕͇͑͌͗͘͘͏͕͔͚͓͇͙͑͘͏͉͏͏͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏͎͇̩͇͟͏ͦ
͚͗͌͋
ZZZDHJFRPVKRS
ЗЊКДМЏЋЉЖЎЖЉГДБЎЖЛБ
̩͏͔͇͊͏͏͎͖͕͎͉͇͙͒͐͌͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏
̱͕͇͙͕͊͌͘͉͎͉͇͙͗͌͘͡͘͔͇͟͏ͦ͕͙͕͗͏͎͏͇͔͗͕͙͋͌͒ಱ̵͈͚͍͉͇͔͒͌͘ಯ͙͈͉͇͗ͦ͇͋
͏͓͇͙͌͖͕͋͇͗͑͡͔͇͙͇͒͌͋͘͏͔͕͓͇͛͗͝͏ͦ̳͕͋͌͒31&͌͗͘͏͔͌͔͕͓͌͗
̯͔͕͓͇͛͗͝͏͙͇ͦ͓͕͍͌͇͋͈͋͌͡͕͙͑͗͏͙͇͔͇͙͇͈͇͙͇͌͒͑͘͕͔͕͉͔͘͏͇͔͔͋͏
̶͚͖͍͔͗͌͋͗͌͋͌͏͌̩͔͏͓͇͔͏͌ದ̯͔͕͓͇͛͗͝͏ͦ͎͇͈͎͕͖͇͔͕͙͌͘͘
̵͈͇͠͏͔͕͓͇͛͗͝͏ͦ͏͉͙͌͘͡͏
̯͔͕͓͇͛͗͝͏ͦ͎͇͕͕͔͇͙͇͑͒͇͗͌͋͘
̮͇͖͇͎͉͇͓͌͘͏͖͇͉͕͙͕͗͔͇͏͎͓͔͔͌͌͏ͦ
БЖНЗЙЕЉПБШАЉЊЎАЗИЉКЖЗКЛБЕЗЖЛЉЏ
ЋЖБЕЉЖБЎ
̩͏͍͙͌͕͙͔͇͙͇͋͌͒͈͕͚͇͗͗͟͘
͏͔͙͚͗͑͘͝͏͏͎͇͏͔͙͇͒͘͏͇͔͗͌͎͇
̯͔͕͓͇͛͗͝͏ͦ͎͇͈͎͕͖͇͔͕͙͌͘͘͏
͓͕͔͙͇͍̶͕͙͙͗͌͌͌͞͉͔͏͓͇͙͔͕͌͒
͇͉͊͒͏͙͌͎͇͈͎͕͖͇͔͕͙͌͘͘͖͗͌͋͏͉͇ͦ͑͘
͚͖͕͙͈͇͗͌͏͒͏͖͕͍͇͋͋͗͑͡͔͇͚͇͗͌͋
ZZZDHJFRP
ЗИБКЉЖБЎЖЉМЙЎЍЉ
ИйЮЬдЮЭжЩгзжлйзджбшиЩжЮд
1 2 3 4 5 6 7 8 9
̩͑͒͏͎͑͒
̶͉͇͗͡͕͕͙͑͗͘͘͔͇͓͕͙͕͇͗
̩͙͕͇͗͕͕͙͑͗͘͘͔͇͓͕͙͕͇͗
̹͙͇͗͌͕͕͙͑͗͘͘͔͇͓͕͙͕͇͗
̳͇͑͘͏͓͇͔͇͒͕͕͙͑͗͘͘͔͇͓͕͙͕͇͗
̻͚͔͑͝͏ͦಱ̨͗͏͎ಯ
̴͇͖͕͓͔͔ͦ͌͎͇͛͏͙͇͒͗͡
̻͚͔͑͝͏ͦ+REWR+RRG
̲͇͓͖͇
ЋКЎГБЍЖЎЋЖЉМИЗЛЙЎЊЉ
БаиздаЫЩжЮжЩ
ЩЪкзйЪЩлзйЩ
̶͕͉͙͗͌͗͌͌͖͖͕͗͌͗͡͞͏͙͔͇͙͇͌͒͕͕͙͑͗͘͘
͉͕͙͉͙͙͉͌͘͘͡͏͌͘͙͇͈͒͏͇͙͇͝͖͕͕͚͋͒
̶͗͏͎͇͙͕͖͔͒ͦ͌͔͇͇͔͇͗͜͕͙͉͙͊͌͌͘͖͕͙͇͉͔͌͘͇͖͇͑͑
̶͗͏͕͙͉͔͊͌͌͘͇͖͇͑͑͉͚͗͜͡͔͕͕ͦ͑͒͑͎͕͔͏͎͇͕͙͉͊͌ಣ
͔͌͏͒͏͕͙͕͔͑͒͏͖͍͙͗͌͌͡͔͇͇͈͒͘͕͔͊͡
̶͗͏͉͇͔͗͌͌͏͖͍͔͗͌͌͡͔͇͕͓͊͒͌͏͕͑͒͏͙͉͇͌͘͞͇͗͜ಣ
͔͇͈͎͌͇͖͇͑͑͕͙͉͙͊͌͌͉͚͗͜͡͔͕͕ͦ͑͒͑͎͕͔͏͎͇͕͙͉͊͌ಣ
͔͌͏͒͏͕͙͕͔͑͒͏
̶͗͏͉͇͔͗͌͌͏͖͍͔͗͌͌͡͔͇͕͓͊͒͌͏͕͑͒͏͙͉͇͌͘͞͇͗͜ಣ
͔͇͈͎͌͇͖͇͑͑͉͏͕͇͑͘͉͇͍͔͕͙͒͘
̵͉͍͇͉͇͌͘͉͎͚͇͋͜͡͉͚͔͙͇͑ͦ͜͒͌͋͘͕͙͉͔͊͌͌͖͗͏
͓͔͕͕͊͔͏͕͑͘͔͏͉͕͔͇͚͓͟̳͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗͏
͇͙͋͌͑͏͉͏͇͗͎͗͌͞͕͕͉͇͔͋͑͌͘͔͇͘͏͓͉͕͇͒̹͇͎͏
͚͔͛͑͝͏ͦ͌͘͏͎͉͇͑͒ͥ͞͇͉͙͕͓͇͙͏͔͕͞͒͌͋͘͓͏͔͚ಣ
͙͏̯͎͖͕͎͉͇͙͒͐͌͇͓͕͘͒͌͋͘͕͙͉͔͊͌͌
̶͖͕͗͌͗͡͞͏͙͔͕͌͒͌͇͋
͕͙͇͉͘͏͙͌͇͈͕͈͇͙͕͇͗͗͘͇͋
͇͈͕͙͗͏͖͗͏͈͒͏͎͏͙͔͕͌͒
͓͏͔͚͙͏͒͌͋͘͕͙͉͔͊͌͌
̱͕͔͙͕͔͕͙͕͗͒͙͇͈͕͒͌
͔͎͕͔͕͌͗͘͖͕͒͌̫͕͕͔͙͑͌͌͘
͘͏͓͉͕͒͏͙͌͎͇͚͔͇͌͑͋͘͎͇
͇͋͇͙͑͏͉͏͇͙͗͌͚͔͛͑͝͏͏͙͌
АЩЭЩйЩЪзлблЮкЩЪкзйЪЩлзйул
̷̸̨̧̲̪̱̯́ 
 ̩͙͑͒ͥ͌͌͞͚͇͗͌͋͇͙͕͑͔͇͙͏͔͙͌͌͘
͘͏͓͉͕͇͒
̩͌͌͞͓͕͍͙͌͌͇͋͇͙͑͏͉͏͇͙͗͌
͚͔͛͑͝͏͏͙͌
 ̮͇͇͋͇͙͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ
͕͕͔͙͋͑͌͌͘͘͏͓͉͕͇͒
 ̧͕͑͌͔͕͈͕͌͋͜͏͓͕͔͇͙͏͔͙͌͌͘
͘͏͓͉͕͇͒͔͇͇͓͖͒͏͇͙͇͑͞ ͎͇͇͋
͕͉͙͌͘͏͙͌͖͕͉͔͕͙͙͇͗͘͜͡͎͇͕͙͉͔͊͌͌
̮͇͇͋͏͎͑͒ͥ͞͏͙͌͚͇͗͌͋͔͇͙͏͔͙͌͌͘
͘͏͓͉͕͇͒ ͕͙͔͕͉͕
Нмжгпбш+REWR+RRG
̹͕͉͇͌͇͉͙͕͓͇͙͏͔͇͞͚͔͛͑͝͏ͦ
͉͎͉͇͇͗͘͡͠͖͕͙͇͒͓͑͡͇͈͕͈͇͙͕͇͗͗͘
̱͇͙͕͑͖͕͙͇͒͙͇͇͑͏͇͈͕͈͇͙͕͙͗͗͘͡
͇͎͖͕͇͇͙͗͒͊͘͕͓͚͔͑͏͇͙͕͑͗͘
͏͔͇͉͔͛͗͌͗͌͞͘͏͔͇͊͒̸͕͕͙͙͇͑͗͘͔͇
͉͔͙͌͏͇͙͕͇͒͗͌͘͕͖͗͌͋͌͒ͦ
͇͉͙͕͓͇͙͏͔͕͞͉͎͡͕͔͕͉͇͘͔͇
͔͇͙͕͇͙͇͗͐͑͘͔͇͍͗͌͏͓͇͏
͙͓͖͇͙͚͇͙͇͌͌͗͗͔͇͔͇͐͕͊͗͌͠͏͙͌
͕͙͉͇͊͗͑͘͏͕͉͋͌͘͡͉͚͗͜͡͖͕͙͇͒̸͕͡͠
͙͇͇͑͓͕͍͙͌͌͇͋͚͖͇͉͉͇͙͗͒ͦ͌
͉͔͙͌͏͇͙͕͇͒͗͏͔͕͗͡͞͕͙͖͕͙͇͒
̻͚͔͑͝͏͙͇ͦ͓͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗͕͙
͖͇͔͇͌͒͔͇͖͕͙͇͒
̮͇͖͕͉͌͌͞͏͔͕͓͇͛͗͝͏ͦ
͕͙͔͕͔͕͘͇͑͑͌͘͏͎͖͕͎͉͇͒
͚͔͛͑͝͏͙͇ͦ͉͏͍͙͌
͖͕͙͈͗͌͏͙͕͙͕͌͒͑͘
͕͉͕͙͉͕͗͑͋͘͡͔͇͖͕͙͇͒
ЉглбЫбйЩжЮжЩ
еЩгкбеЩджЩкгзйзклжЩ
езлзйЩ
̱͕͇͙͕͊͔͇͙͏͔͙͌͌͘͈͚͙͕͔͇ 
͓͇͑͘͏͓͇͔͇͙͇͒͕͕͙͑͗͘͘͔͇͓͕͙͕͇͗͌͘
͉͉͇͑͒ͥ͞͎͇͓͏͔͚͙͏̸͒͌͋͙͕͎͏
͖͌͗͏͕͋͚͙͗͌͋͡͌͘͉͇͗͡͠͓͑͡
͖͕͔͗͌͋͋͜͏͙͌͔͇͙͕͗͐͑͘͏͔͇͕͕͙͙͇͑͗͘͘
̱͕͇͙͕͊͚͔͛͑͝͏͙͇ͦ͌
͉͔͇͑͒ͥ͌͞͕͖͔͋͒͡͏͙͔͕͙͕͌͒
͕͕͉͇͔͋͑͌͘͔͇͈͚͙͕͔͇ ͔͌
͖͗͌͋͏͎͉͏͉͇͑͙͉͋͌͐͘͏͌
ЉглбЫбйЩжЮб
ЭЮЩглбЫбйЩжЮжЩ
баЫЮклбЮлзаЩнбдлуйЩ
̧͇͓͇͙͇͒͗͔͇͛͏͙͇͒͗͡͔͇͖͕͓͔ͦ͎͇
͓͔͇ͦ͘͏͒͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͇͙͕͑͑͏͎͇͖͕͞͏͙͉͇͔͌͘
͔͇͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏̯͔͋͏͇͙͕͙͑͗͡
͔͇͛͏͙͇͒͗͡ ͌͉͔͑͒ͥ͌͞͉͔͕͌͗͌͞͉
͖͕͍͔͗͋͒͌͡͏͌͔͇͚͔͌͑͋͘͏͉͚͇͒͐͘͞
͌͞͛͏͙͙͒͗͡͡͎͇͓͇͎͔͏͔͏͏͓͇͔͚͍͇͋͕͙
͖͕͞͏͙͉͇͔͌͘̯͔͋͏͇͙͕͙͑͗͡͔͇͛͏͙͇͒͗͡
͖͓͗͌͏͉͇͊͉͔͕͌͗͌͞͉͖͕͍͔͗͋͒͌͡͏͌
͔͇͚͔͌͑͋͘͏͇͕͑͛͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌
͉͔͊͒͌͡͙͈͉͇͗ͦ͇͋͌͘͓͔͌ͦ͘͏͒͏
͖͕͞͏͙͉͇͘
̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘
͕͙͔͕͔͕͘͇͇͓͇͙͇͒͗͔͇
͛͏͙͇͒͗͡͉͇͉͇͊͒
ಱ̶͕͞͏͙͉͇͔͌͘͏͊͗͏͍͇ಯ
 ̩͙͑͒ͥ͌͌͞͕͓͇͔͔͕͙͕͑͋͙͇͈͕͒
 ̺͉͙͌͗͌͌͌͘͌͞͏͕͔͑͏͙͌͇͘
͏͎͔͑͒ͥ͌͞͏
 ̮͇͇͋͇͙͑͏͉͏͇͙͗͌͏͒͏
͇͙͋͌͑͏͉͏͇͙͗͌͏͎͉͙͌͘͏͙͕͌͎͇
͛͏͙͇͒͗͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡
͕͕͔͙͋͑͌͌͘ ͎͇͚͔͌͑͋͘͏
̧͕͑͏͎͉͙͌͘͏͙͕͌͎͇͛͏͙͇͒͗͡
͘͇͙͑͏͉͔͌͉͔͊͒͌͡͌
͇͙͑͏͉͏͇͔͕͗͏͕͔͇͙͇͑͔͇
͛͏͙͇͒͗͡
͖͓͗͌͏͉͇͊͉͔͕͌͗͌͞͖͙͡͏
̧͕͑͏͎͉͙͌͘͏͙͕͌͎͇͛͏͙͇͒͗͡
͘͇͙͑͏͉͔͌͉͔͊͒͌͡͌
͇͙͋͌͑͏͉͏͇͔͕͗͏͕͔͇͙͇͑͔͇
͛͏͙͇͒͗͡
͖͓͗͌͏͉͇͊͉͔͕͌͗͌͞͙͗͏
͖͙͡͏
ZZZDHJFRP
ЌЙБЏББИЗРБКЛЋЉЖЎ
ИзрбклЫЩжЮжЩнбдлуйЩ
аЩеЩажбжб
̩͌͑͘͏͛͏͙͒͗͡͙͈͉͇͗ͦ͇͋͌͘͖͕͞͏͙͉͇͘
͖͕͔͌͉͔͍͌͋͡͓͔͕͌͌͘͞̻͏͙͒͗͏͙͌͌͘
͓͕͔͙͏͇͙͗͘͖͕͓͕͙͇͠͔͇͕͈͑͘͏͏
͠͏͙͕͉͛͌͇͎͖͕͕͍͔͗͒͌͏͕͙͕͈͇͙͔͇͙͇͗
͙͇͔͇͗͘
АЩЭЩизрбклблЮнбдлуйЩ
 ̯͎͖͇͙͋͗͐͌͡͍͇͙͇͋͗͑͡͔͇͛͏͙͇͒͗͡
͖͕͋͇͈͕͈͇͙͕͇͗͗͘͏͕͒͌͑
͔͇͕͔͙͑͒͌͌͖͔͇͙͇͗͌͋͇͙͘͞͔͇
͛͏͙͇͒͗͡͔͇͕͚͋͒
1
 ̶͕͞͏͙͙͌͌͘͛͏͙͒͗͏͙͌͘͖͕͓͕͙͇͠͔͇
͈͇͊͡͏͔͇͈͇͎͌͗͏͉͔͏͖͖͇͇͙͗͌͗͏͏͒͏
͉͕͓͋͘͡͏͔͇ͦ͒
̸͕͓͋͡͏͔͇͙͇ͦ͒͙͈͉͇͗ͦ͇͋͌
͔͇͙͕͔͇͗͌͘͔͇͔͏͇͑͘
͙͓͖͇͙͚͇͌͌͗͗͏͇͙͑͗͑͡
͝͏͑͒͡̻͏͙͙͒͗͡͡͎͇
͓͇͎͔͏͔͏͓͕͍͌͇͋͎͇͚͈͊͏
͉͙͇͌͝͘͏͔͕͙͕͉͇͔͌͉͒͏ͦ͌
͉͚͗͜͡͇͈͕͙͇͙͇͗͔͇͚͇͗͌͋
 ̮͇͓͕͔͙͏͇͔͗͌͔͇͛͏͙͒͗͏͙͌
͏͎͖͔͙͒͌͌͡͖͉͗͡͏͙͌͉͋͌͙͖͑͘͡͏͉
͕͈͇͙͔͗͌͗͌͋
̶͕͉͙͕͙͗͌͌͙͖͑͘͡͏͙͌͎͇͉͘͏͑͞͏͛͏͙͒͗͏
͇͕͑͌͖͗͏͕͍͒͏͓͕
КешжЩжЩнбдлуйЩк
ЩглбЫЮжЫуЬдЮж
ЋЖБЕЉЖБЎ
̻͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡
͔͌͙͈͉͇͗ͦ͇͋͌͘͓͏͌
̩͓͙͕͗͌͌͎͇͔͇͘͏͇͔͌͠͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͎͇͉͏͘͏͕͙͙͏͖͇͕͙͉͔͊͌͌
͏͕͉͔͕͙͙͇͗͌͋͘͔͇͖͕͞͏͙͉͇͔͌͘͔͇
͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏
̮͇͇͋͓͔͌͘͏͙͌͛͏͙͇͒͗͡
 ̯͎͉͇͙͋͌͌͛͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͕͙
͚͇͗͌͋
̩͏͍͙͌ಱ̶͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇
͓͇͎͔͏͔͏ಯ͉͙͇͎͏͇͉͇͊͒
 ͔͇͙͏͔͙͌͌͘͚͔͙͕͌͌͟͝͏͕͒͌͑
͔͇͕͔͙͑͒͌͌͖͔͇͙͇͗͌͋͇͙͘͞͔͇
͛͏͙͇͒͗͡
1
1
 ̮͇͓͕͔͙͏͇͔͗͌͔͇͔͕͉͛͏͙͒͗͡
͏͎͖͔͙͒͌͌͡͙͖͑͘͡͏͙͌͉͕͈͇͙͔͗͌͗͌͋
̶͗͏͉͘͏͑͞͏͚͇͒͘͞͏͌͔͕͈͕͌͋͜͏͓͕͇͋
͓͔͙͌ͦ͌͘͛͏͙͒͗͏͙͌͖͕͔͌͔͇͉͌͑͘͏
͙͌͞͏͗͏͓͇͌͌͘͝
ЉдЩйеЩжЩнбдлуйЩ
̩͏͍͙͌͏͔͙͚͗͑͘͝͏͏͙͌͎͇
͇͙͑͏͉͏͇͔͗͌͏
͇͙͋͌͑͏͉͏͇͔͗͌͔͇͇͇͓͇͙͇͒͗
͔͇͛͏͙͇͒͗͡͉͇͉͇͙͇͊͒͎͇
͍͔͉͔͇͌͌͋͌͚͖͕͙͈͇͗͌
̩͏͍͙͌ಱ̶͕͞͏͙͉͇͔͌͘͔͇
͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏ಯ͉
͙͇͎͏͇͉͇͊͒
̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘
͕͙͔͕͔͕͘͖͕͞͏͙͉͇͔͙͕͌͘͏͒͏
͓͔͇͙͇ͦ͘͔͇͛͏͙͇͒͗͡͘
͇͙͑͏͉͔͌͉͔͊͒͌͡͉
͎͇͉͏͘͏͓͕͙͘͕͙͙͏͖͇
͛͏͙͒͗͡
АЩЭЩжмдбйЩлЮЩдЩйеЩлЩ
̫͕͕͔͙͑͌͌͘ ͎͇͚͔͌͑͋͘͏
КешжЩжЩдЩеибргЩлЩ
̹͕͎͏͚͗͌͋͌͔͇͈͔͋͌͘͘͘͡͉͙͕͌͋͘͏͕͔͇͋
͇͓͖͒͏͇͑͞/('̹͇͎͏͇͙͘͞͙͈͉͇͗ͦ͇͋
̷̸̨̧̲̪̱̯́ 
͌͘͓͔͌͘͏͌͋͏͔͙͉͔͕͌͘͕͙͙͔͌͜͏͑̩
͚͇͒͐͘͞͔͇͔͌͏͎͖͇͉͔͕͙͗͘͉͏͍͙͌ ಱ̵͈͚͍͉͇͔͒͌͘ಯ͉͇͉͇͊͒ಱ̯͔͙͚͗͑͘͝͏͏͎͇
͈͎͕͖͇͔͕͙͌͘͘ಯ
ЗИЉАЋЉЖЎЖЉЗГЗДЖЉЛЉКЙЎЍЉ
̷͌͝͏͑͒͏͇͙͗͐͌͓͇͙͌͗͏͇͒͏͙͌͘͘͡
͘͏͓͉͕͇͒ ̶͕͙͇͉͙ͦ͐͌͘͕͖͇͕͉͑͑͏͙͌͉
͕͙͉͙͔͌͘͡͏͙͌͕͔͙͔͑͌͐͌͗͏͎͇
͗͌͝͏͑͒͏͇͔͙͕͗͌͏͓̶͕͓͕͔͙͊͌͌͎͇
͕͖͇͎͉͇͔͙͕͌͔͇͕͕͔͇͙͇͑͒͇͗͌͋͘͏
͕͉͕͙͕͌͑͟͞͎͇͉͋͗͌͇͙͕͑͑͏͎͇
͗͌͝͏͑͒͏͇͔͙͕͗͌͔͇͕͙͖͇͋͡͝͏͕͙
͙͌͒͌͑͗͏͌͑͘͞͏͏͙͕͔͔͌͒͌͑͗͏͚͗͌͋͏̴͌
͏͎͉͙͗͒ͦ͐͌͜͡͚͗͌͋͏͙͌͕͎͔͇͔͌͞͏͘͘͡
͘͏͓͉͕͇͒O ͎͇͔͕͌͋͘͈͏͙͕͉͇͙͇͓͙͌͘
̩͔͙͗͌͌͡͚͇͗͌͋͉͓͙͔͌͘͏ͦ͖͚͔͙͑͎͇
͗͌͝͏͑͒͏͇͔͗͌͏͒͏͌͘͕͈͔͙͗͌͌͡͓͑͡
͉͇͇͙͇͟͕͈͠͏͔͇͑͘͚͍͈͇͒͘
ZZZDHJFRP
6$'5ƾ$-
6,*851261(8387(,3267$9/-$1-(
23,6352,=92'$ 
69$.2'1(91$8325$%$
Î,ĢÈ(1-(,2'5Ŀ$9$1-(
=$6$95ơ(1(5(=8/7$7(
+YDODYDPQDRGDELUXRYRJ$(*SURL]YRGD3URL]YHOLVPRJDWDNRGDGXJR
JRGLQDEHVSULMHNRUQRUDGLSULPMHQRPLQRYDWLYQLKWHKQRORJLMDNRMHRODNģDYDMXŀLYRW
IXQNFLMHNRMHPRŀGDQHÉHWHSURQDÉLNRGRELÏQLKXUHÓDMD2GYRMLWHQHNROLNR
PLQXWDQDÏLWDQMHNDNRELVWHL]QMHJDL]YXNOLRQRQDMEROMH
3RVMHWLWHQDģHLQWHUQHWVNHVWUDQLFH
'RELWÉHWHVDYMHWHRNRULģWHQMXUMHģDYDQMXSUREOHPDEURģXUHLLQIRUPDFLMHR
VHUYLVXLSRSUDYFLPD
ZZZDHJFRPVXSSRUW
5HJLVWULUDMWHVYRMSURL]YRG]DEROMXXVOXJX
ZZZUHJLVWHUDHJFRP
.XSLWHGRGDWQXRSUHPXSRWURģQLPDWHULMDOLRULJLQDOQHUH]HUYQHGLMHORYH]D
VYRMXUHÓDM
ZZZDHJFRPVKRS
.25,61,Î.$6/8ƾ%$,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
+59$76., 
23,6352,=92'$
3UHJOHGXSUDYOMDÏNHSORÏH
1 2 3 4 5 6 7 8 9
8NOMLVNOM
3UYDEU]LQDPRWRUD
'UXJDEU]LQDPRWRUD
7UHÉDEU]LQDPRWRUD
0DNVLPDOQDEU]LQDPRWRUD
)XQNFLMD%UHH]H
3RGVMHWQLN]DILOWDU
)XQNFLMD]DSUHEDFLYDQMHL]SORÏH]D
NXKDQMHXQDSX
ĿDUXOMD
69$.2'1(91$8325$%$
8SRUDEDQDSH
3URYMHULWHSUHSRUXÏHQXEU]LQXSUHPD
WDEOLFLXQDVWDYNX
3ULOLNRP]DJULMDYDQMDKUDQHNXKDQMDVSRNULYHQLPSRಣ
VXGDPD
3ULOLNRPNXKDQMDVSRNULYHQLPSRVXGDPDQDYLģH]Rಣ
QDNXKDQMDLOLSODPHQLNDODJDQRSUŀHQMH
3ULOLNRPNOMXÏDQMDLSUŀHQMDYHOLNLKNROLÏLQDKUDQHEH]
SRNORSFDNXKDQMDQDYLģH]RQDNXKDQMDLOLSODPHQLಣ
ND
3ULOLNRPNOMXÏDQMDLSUŀHQMDYHOLNLKNROLÏLQHKUDQHEH]
SRNORSFDYLVRNDYODŀQRVW
2VYMHŀDYD]UDNXNXKLQMLQDNRQNXKDQMDQDYUORQLVNRM
UD]LQLEXNH0RŀHVHDNWLYLUDWLLGHDNWLYLUDWLGRGLURP
VLPEROD)XQNFLMDVHDXWRPDWVNLLVNOMXÏXMHQDNRQ
PLQXWD.RULVWLVHVDPRQDNRQNXKDQMD
3UHSRUXÏDVHRVWDYLWLQDSX
GDUDGLRNRPLQXWDQDNRQ
NXKDQMD
8SUDYOMDÏNDSORÏDMHSROMH
VHQ]RUD'RGLUQLWHVLPEROH
QDVHNXQGX]DDNWLYLUDQMH
IXQNFLMH
=DXSUDYOMDQMHQDSRP
ZZZDHJFRP
 8NOMXÏLWHXUHÓDMSULWLVNRPVLPEROD
6DGPRŀHWHXNOMXÏLWLIXQNFLMH
 =DXNOMXÏLYDQMHIXQNFLMHGRGLUQLWH
VLPERO
 $NRMHSRWUHEQRGRGLUQLWHVLPERO]D
VYMHWOR ]DRVYMHWOMDYDQMHSRYUģLQH
]DNXKDQMH
=DLVNOMXÏLYDQMHXUHÓDMDSRQRYQR
SULWLVQLWHVLPERO
)XQNFLMDVSDMDQMDSORÏH
]DNXKDQMHLQDSH
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9HQWLODWRURPPRŀHWHL
UXÏQRXSUDYOMDWLVSORÏH]DNXKDQMH
)XQNFLMDVHPRŀHDNWLYLUDWLVSORÏH]D
NXKDQMH
9LģHLQIRUPDFLMDRXSRUDEL
IXQNFLMHSRWUDŀLWHX
NRULVQLÏNRPSULUXÏQLNX]D
SORÏX
8NOMXÏLYDQMHPDNVLPDOQH
EU]LQHPRWRUD
.DGDSULWLVQHWHWLSNX PDNVLPDOQD
EU]LQDPRWRUDSRÏLQMHUDGLWLXWUDMDQMXRG
PLQXWD1DNRQWRJYUHPHQDXUHÓDMVH
YUDÉDQDVYRMHSUHWKRGQHSRVWDYNH
EU]LQH
.DGDMHIXQNFLMDXNOMXÏHQD
GRGDWQLGRGLUQDWLSNX
QHPDQLNDNDYXÏLQDN
8NOMXÏLYDQMHL
LVNOMXÏLYDQMHREDYLMHVWLR
ILOWUX
$ODUPILOWUDSRGVMHÉDQDSURPMHQXLOL
ÏLģÉHQMHILOWUDVXJOMHQRPLÏLģÉHQMHILOWUD
]DPDVQRÉX,QGLNDWRUILOWUD MH
XNOMXÏHQFUYHQRVHNXQGLDNRVHILOWDU
]DPDVQRÉXPRUDRÏLVWLWL,QGLNDWRUILOWUD
EOMHVNDFUYHQRVHNXQGLDNRILOWDU
VXJOMHQRPWUHED]DPLMHQLWLLOLRÏLVWLWL
3RJOHGDMWHSRJODYOMH$ODUP
ILOWUDXSRJODYOMXR
RGUŀDYDQMXLÏLģÉHQMX
 8NOMXÏLWHXSUDYOMDÏNXSORÏX
 8YMHULWHVHGDVXLNRQHLVNOMXÏHQH
 'DELVWHXNOMXÏLOLLOLLVNOMXÏLOLREDYLMHVWL
RILOWUXVXJOMHQRPGRGLUQLWH QD
VHNXQGH
$NRMHREDYLMHVWRILOWUXV
XJOMHQRPXNOMXÏHQDLNRQD
ILOWUD EOMHVNDFUYHQRSHW
SXWD
$NRMHREDYLMHVWRILOWUXV
XJOMHQRPLVNOMXÏHQDLNRQD
ILOWUD EOMHVNDFUYHQRWUL
SXWD
Î,ơÈ(1-(,2'5ƾ$9$1-(
ÎLƢÉHQMHILOWUD]D
PDVQRÉX
6YDNLILOWDUPRUDVHÏLVWLWLQDMPDQMH
MHGQRPPMHVHÏQR)LOWULVHPRQWLUDMX
SRPRÉXNRSÏLL]DWLNDQDVXSURWQRM
VWUDQL
ÎLƢÉHQMHILOWUD
 3RYXFLWHUXÏLFXQDILOWUXLVSRGQDSH
LODJDQRQDJQLWHSUHGQMLGLRILOWUD
SUHPDGROMH
1
+59$76., 
 2ÏLVWLWHILOWUHSRPRÉXVSXŀYHV
GHWHUGŀHQWLPDNRMLQLVXDEUD]LYQLLOLX
VWURMX]DSUDQMHSRVXÓD
3HULOLFDPRUDELWLSRVWDYOMHQD
QDQLVNXWHPSHUDWXUXL
NUDWDNFLNOXV)LOWDU]D
PDVQRÉXPRŀHL]JXELWLERMX
QHPDXWMHFDMDQDUDG
XUHÓDMD
 =DPRQWDŀXILOWUDVOLMHGLWHSUYDGYD
NRUDNDREUQXWLPUHGRVOLMHGRP
3RQRYLWHNRUDNH]DVYHILOWUHDNRMH
SULPMHQMLYR
=DPMHQDILOWUDVXJOMHQRP
832=25(1-(
)LOWDUVXJOMHQRPMHQHSHULY
9ULMHPH]DVLÉHQMDILOWUDVXJOMHQRPYDULUD
RYLVQRRYUVWLNXKDQMDLSUDYLOQRVWL
ÏLģÉHQMDILOWUD]DPDVQRÉX
=DPMHQDILOWUD
 ,]YDGLWHILOWUH]DPDVQRÉXL]XUHÓDMD
3RJOHGDMWHÎLģÉHQMHILOWUD]DPDVQRÉXX
RYRPSRJODYOMX
 SULWLVQLWHMH]LÏDFLODJDQRQDJQLWH
SUHGQMLGLRILOWUD
1
1
 'DELVWHLQVWDOLUDOLQRYLILOWDUL]YUģLWH
LVWHNRUDNHREUQXWLPUHGRVOLMHGRP
8VYDNRPVOXÏDMXSRWUHEQRMH]DPLMHQLWL
ILOWUHQDMPDQMHVYDNDÏHWLULPMHVHFD
$ODUPILOWUD
2XNOMXÏLYDQMXLLVNOMXÏLYDQMX
DODUPDILOWUDSRJOHGDMWHX
SRJODYOMX6YDNRGQHYQD
XSRUDED
3RJOHGDMWHRÏLģÉHQMXILOWUD
]DPDVQRÉXXRYRP
SRJODYOMX
3RJOHGDMWHÏLģÉHQMHILOWUDV
XJOMHQRPLOL]DPMHQXILOWUDV
XJOMHQRPRYLVLRYUVWLILOWUD
=DSRQRYQRSRVWDYOMDQMHDODUPD
'RGLUQLWH XWUDMDQMXRGVHNXQGH
=DPMHQDƿDUXOMH
2YDMXUHÓDMRSUHPOMHQMH/('ŀDUXOMRP
2YDMGLRPRŀH]DPLMHQLWLVDPRWHKQLÏDU
8VOXÏDMXELORNDNYHQHLVSUDYQRVWL
SRJOHGDMWH6HUYLVXSRJODYOMX
6LJXUQRVQHXSXWH
%5,*$=$2.2/,ơ
5HFLNOLUDMWHPDWHULMDOHVDVLPERORP 
$PEDODŀX]DUHFLNOLUDQMHRGORŀLWHX
SULNODGQHVSUHPQLNH3RPR]LWHX]DģWLWL
RNROLģDLOMXGVNRJ]GUDYOMDNDRLX
UHFLNOLUDQMXRWSDGDRGHOHNWULÏQLKL
HOHNWURQLÏNLKXUHÓDMD8UHÓDMHR]QDÏHQH
VLPERORP QHEDFDMWH]DMHGQRVNXÉQLP
RWSDGRP3URL]YRGRGQHVLWHQDORNDOQR
UHFLNODŀQRPMHVWRLOLNRQWDNWLUDMWH
QDGOHŀQXVOXŀEX
ZZZDHJFRP
2%6$+
%(=3(Î12671,1)250$&($,167$/$&( 
323,66327Ě(%,Î(
'(11328Ŀ91
Î,Ģ7Ü1$'5Ŀ%$
352'2.21$/96/('.<
'ÝNXMHPHY£PŀHMVWHVL]YROLOLY¿UREHN]QDÏN\$(*$E\Y£PEH]FK\EQÝVORXŀLO
PQRKROHWY\URELOLMVPHMHMVSRPRF¯LQRYDWLYQ¯FKWHFKQRORJL¯NWHU«XVQDGĊXM¯
ŀLYRWDY\EDYLOLIXQNFHPLNWHU«XRE\ÏHMQ¿FKVSRWěHELÏıQHVS¯ģQHQDMGHWH$E\
Y£PVORXŀLOFRQHMO«SHVWDϯYÝQRYDWS£UPLQXWÏWHQ¯
1DYģWLYWHQDģH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DHJFRPVXSSRUW
=DUHJLVWUXMWHVYıMVSRWěHELÏD]¯VNHMWHOHSģ¯VHUYLV
ZZZUHJLVWHUDHJFRP
1£NXSSě¯VOXģHQVWY¯VSRWěHEQ¯KRPDWHUL£OXDRULJLQ£OQ¯FKQ£KUDGQ¯FKG¯OıSUR
Y£ģVSRWěHELÏ
ZZZDHJ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
1 2 3 4 5 6 7 8 9
=DS9\S
3UYQ¯QDVWDYHQ¯RW£ÏHNPRWRUX
'UXK«QDVWDYHQ¯RW£ÏHNPRWRUX
7ěHW¯QDVWDYHQ¯RW£ÏHNPRWRUX
0D[LP£OQ¯QDVWDYHQ¯RW£ÏHNPRWRUX
)XQNFH%UHH]H
3ěLSRP¯QNDILOWUX
)XQNFH+REWR+RRG
2VYÝWOHQ¯
'(11328ƾ91
3RXƿ¯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]µಣ
Q£FKQHERKRě£F¯FKSěLP¯UQ«PVPDŀHQ¯
3ěLYDěHQ¯YRG\DVPDŀHQ¯YHON«KRPQRŀVWY¯M¯GOD
EH]SRNOLFHSěLYDěHQ¯QDY¯FHYDUQ¿FK]µQ£FKQHER
KRě£F¯FK
3ěLYDěHQ¯YRG\DVPDŀHQ¯YHON«KRPQRŀVWY¯M¯GOD
EH]SRNOLFHSěLY\VRN«YOKNRVWL
2VYÝŀXMHY]GXFKYNXFK\QLSRYDěHQ¯SěLYHOPLQ¯]N«
KODGLQÝKOXNX)XQNFLO]H]DSQRXWDY\SQRXWVWLVNQXಣ
W¯PV\PEROX)XQNFHVHDXWRPDWLFN\Y\SQHSRPLಣ
QXW£FK3RXŀ¯YHMWHSRX]HSRYDěHQ¯
'RSRUXÏXMHVHQHFKDW
RGVDYDÏSDU]DSQXW¿MHģWÝ
SěLEOLŀQÝPLQXWSR
GRNRQÏHQ¯Sě¯SUDY\M¯GOD
2YO£GDF¯SDQHOMHVHQ]RURY«
WODϯWNR)XQNFH]DSQHWH
VWLVNQXW¯PSě¯VOXģQ«KR
V\PEROXQDVHNXQGX
-DNXY«VWGRSURYR]XRGVDYDÏSDU
 6SRWěHELÏ]DSQHWHVWLVNQXW¯P
V\PEROX
ZZZDHJFRP
1\Q¯PıŀHWH]DSQRXWIXQNFH
 .]DSQXW¯IXQNFHVWLVNQÝWHV\PERO
 9Sě¯SDGÝSRWěHE\VWLVNQÝWHV\PERO
RVYÝWOHQ¯ SURRVYÝWOHQ¯YDUQ«
SORFK\
6SRWěHELÏY\SQHWHRSÝWRYQ¿PVWLVNQXW¯P
V\PEROX
)XQNFH+REWR+RRG
-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\
$NWLYDFHPD[LP£OQ¯FK
RW£ÏHNPRWRUX
.G\ŀVWLVNQHWHWODϯWNR PRWRUEXGH
ģHVWPLQXWSUDFRYDWSěLPD[LP£OQ¯FK
RW£ÏN£FK3RW«WRGREÝVHVSRWěHELÏYU£W¯
NSěHGFKR]¯PXQDVWDYHQ¯RW£ÏHN
.G\ŀMHIXQNFHVSXģWÝQ£
GDOģ¯VWLVNQXW¯WODϯWND
QHP£ŀ£GQ¿YOLY
=DSQXW¯DY\SQXW¯
XSR]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¯
ÏHUYHQÝVHNXQGMHQXWQ«Y\ÏLVWLW
WXNRY¿ILOWU3RNXGNRQWURONDILOWUX EOLN£
ÏHUYHQÝVHNXQGMHQXWQ«Y\PÝQLW
QHERY\ÏLVWLWXKO¯NRY¿ILOWU
ĚLÑWHVHÏ£VW¯W¿NDM¯F¯VH
Y¿VWUDK\ILOWUXYNDSLWROH
ಱÎLģWÝQ¯D¼GUŀEDಯ
 =DSQÝWHRYO£GDF¯SDQHO
 8MLVWÝWHVHŀHLNRQ\QHVY¯W¯
 8SR]RUQÝQ¯QDY¿PÝQXXKO¯NRY«KR
ILOWUX]DSQHWHQHERY\SQHWH
VWLVNQXW¯PWODϯWND QDWěLVHNXQG\
-HOLXSR]RUQÝQ¯QDY¿PÝQX
XKO¯NRY«KRILOWUX]DSQXW«
LNRQDILOWUX ÏHUYHQÝ
SÝWNU£W]DEOLN£
-HOLXSR]RUQÝQ¯QDY¿PÝQX
XKO¯NRY«KRILOWUXY\SQXW«
LNRQDILOWUX ÏHUYHQÝ
WěLNU£W]DEOLN£
Î,ơ7Ü1$'5ƾ%$
ÎLƢWÝQ¯WXNRY«KRILOWUX
-HGQRWOLY«ILOWU\MHQXWQ«ÏLVWLWDOHVSRĊ
MHGQRX]DPÝV¯F)LOWU\MVRXXFK\FHQ\QD
SURWÝMģ¯VWUDQÝSRPRF¯¼FK\WHNDVYRUHN
ÎLƢWÝQ¯ILOWUX
 =DW£KQÝWH]DGUŀDGORQDILOWUXSRG
RGVDYDÏHPSDUDSěHGQ¯Ï£VWILOWUX
QDNORSWHP¯UQÝGROı
1
 )LOWU\RP\MWHSRPRF¯KRXELÏN\V
QHDEUD]LYQ¯PLÏLVWLF¯PLSURVWěHGN\
QHERSRXŀLMWHP\ÏNXQ£GRE¯
Î(6.< 
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
9¿PÝQDXKO¯NRY«KRILOWUX
9$5291
8KO¯NRY¿ILOWUMH
QHRP\YDWHOQ¿
'REDQDV\FHQ¯XKO¯NRY«KRILOWUXVHOLģ¯Y
]£YLVORVWLQDW\SXSě¯SUDY\M¯GODDÏHWQRVWL
ÏLģWÝQ¯WXNRY«KRILOWUX
9¿PÝQDILOWUX
 9\MPÝWHWXNRY«ILOWU\]HVSRWěHELÏH
9L]ಱÎLģWÝQ¯WXNRY«KRILOWUXಯYW«WR
NDSLWROH
 6WLVNQÝWH]RXEHNDP¯UQÝ
QDNORSWHSěHGQ¯Ï£VWILOWUX
1
1
 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¿VWUDKDILOWUX
9L]]DSQXW¯DY\SQXW¯ILOWUXY
NDSLWROHಱ'HQQ¯SRXŀ¯Y£Q¯ಯ
9L]ಱÎLģWÝQ¯WXNRY«KRILOWUXಯY
W«WRNDSLWROH
9L]SRN\Q\NÏLģWÝQ¯
XKO¯NRY«KRILOWUXQHER
Y¿PÝQÝXKO¯NRY«KRILOWUXY
]£YLVORVWLQDW\SXILOWUX
5HVHWRY£Q¯Y¿VWUDK\
1DWěLVHNXQG\VWLVNQÝWH
9¿PÝQDƿ£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ƾ,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
ZZZDHJ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*
7,/3(5)(.7(5(68/7$7(5
7DNIRUGLGXYDOJWHGHWWH$(*SURGXNW9LKDUVNDEWGHWIRUDWJLYHGLJXS§NODJHOLJ
\GHHYQHLPDQJH§UPHGLQQRYDWLYHWHNQRORJLHUVRPJºUOLYHWOHWWHUHದIXQNWLRQHU
VRPGXP§VNHLNNHILQGHUS§DOPLQGHOLJHDSSDUDWHU%UXJHWSDUPLQXWWHUS§DW
O¨VHPHUHದV§GXNDQI§GHWEHGVWHXGDIGHW
%HVºJYRUHVKMHPPHVLGHIRUDW
I§U§GJLYQLQJEURFKXUHUIHMOILQGLQJVHUYLFHRJUHSDUDWLRQVLQIRUPDWLRQ
ZZZDHJFRPVXSSRUW
5HJLVWU«UGLWSURGXNWIRUDWI§EHGUHVHUYLFH
ZZZUHJLVWHUDHJFRP
.ºEWLOEHKºUIRUEUXJVYDUHURJRULJLQDOHUHVHUYHGHOHWLOGLWDSSDUDW
ZZZDHJ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
'$16. 
352'8.7%(6.5,9(/6(
2YHUVLJWRYHUEHWMHQLQJVSDQHO
1 2 3 4 5 6 7 8 9
7¨QGVOXN
)ºUVWHPRWRUKDVWLJKHG
$QGHQPRWRUKDVWLJKHG
7UHGMHPRWRUKDVWLJKHG
0DNVKDVWLJKHG
%O¨VHIXQNWLRQ
)LOWHUS§PLQGHOVH
+REWR+RRGIXQNWLRQ
/DPSH
'$*/,*%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NRಣ
JH]RQHUHOOHUEOXVOHWVWHJQLQJ
.RJQLQJRJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQO§J
S§PDGWLOEHUHGQLQJS§IOHUHNRJH]RQHUHOOHUEOXV
.RJQLQJRJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQO§J
S§PHJHQIXJW
)ULVNHUOXIWHQRSLNºNNHQHWHIWHUWLOEHUHGQLQJYHGHW
PHJHWODYWVWºMQLYHDX'HQNDQDNWLYHUHVRJGHDNWLYHಣ
UHVYHGDWEHUºUHV\PEROHW)XQNWLRQHQVOXNNHUDXWRಣ
PDWLVNHIWHUPLQXWWHU%UXJNXQHIWHUWLOEHUHGQLQJ
9LDQEHIDOHUDWPDQODGHU
HPK¨WWHQNºUHYLGHUHLFD
PLQXWWHUHIWHU
PDGODYQLQJHQ
%HWMHQLQJVSDQHOHWHUHW
VHQVRUIHOW7U\NS§
V\PEROHUQHLVHNXQGIRUDW
DNWLYHUHIXQNWLRQHUQH
)RUDWEHWMHQHHPK¨WWHQ
 7¨QGDSSDUDWHWYHGDWWU\NNHS§
V\PEROHW
1XNDQGXDNWLYHUHIXQNWLRQHUQH
 %HUºUV\PEROHWIRUDWDNWLYHUH
IXQNWLRQHQ
 +YLVGHWHUQºGYHQGLJWEHUºUHV
O\VLNRQHW IRUDWRSO\VH
PDGODYQLQJVRYHUIODGHQ
ZZZDHJFRP
6OXNIRUDSSDUDWHWYHGDWWU\NNHS§LNRQHW
LJHQ
.RPIXUWLOHPK¨WWH
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
$NWLYHULQJDIPDNVLPDO
PRWRUKDVWLJKHG
1§UGXWU\NNHUS§NQDSSHQ EHJ\QGHU
PDNVLPDOPRWRUKDVWLJKHGRJGHQYDUHUL
PLQXWWHU'HUHIWHUYHQGHUDSSDUDWHW
WLOEDJHWLOVLQHWLGOLJHUH
KDVWLJKHGVLQGVWLOOLQJHU
0HQVIXQNWLRQHQHULJDQJ
KDU\GHUOLJHUHWU\NS§
NQDSSHQ LQJHQHIIHNW
$NWLYHULQJRJ
GHDNWLYHULQJDI
ILOWHUQRWLILNDWLRQHU
)LOWHUDODUPHUPLQGHUEUXJHUHQRPDW
VNLIWHHOOHUUHQJºUHNXOILOWHUHWRJRPDW
UHQJºUHIHGWILOWHUHW)LOWHULQGLNDWRUHQ
W¨QGHUUºGLVHNXQGHUKYLV
IHGWILOWHUHWVNDOUHQJºUHV
)LOWHULQGLNDWRUHQ EOLQNHUUºGL
VHNXQGHUKYLVNXOILOWHUHWVNDOXGVNLIWHV
HOOHUUHQJºUHV
9LKHQYLVHUWLOWHNVWHQRP
ILOWHUDODUPLDIVQLWWHWRPSOHMH
RJUHQJºULQJ
 7¨QGEHWMHQLQJVSDQHOHW
 6ºUJIRUDWLRQHUQHHUVOXNNHGH
 )RUDWDNWLYHUHHOOHUGHDNWLYHUH
QRWLILNDWLRQHURPNXOILOWHUHWEHUºUHV
LVHNXQGHU
+YLVQRWLILNDWLRQHURP
NXOILOWHUHWHUDNWLYHUHWEOLQNHU
ILOWHULNRQHW UºGWLIHP
VHNXQGHU
+YLVQRWLILNDWLRQHURP
NXOILOWHUHWHUGHDNWLYHUHW
EOLQNHUILOWHULNRQHW UºGWL
WUHVHNXQGHU
9('/,*(+2/'(/6(2*5(1*5,1*
5HQJºULQJDIIHGWILOWHUHW
+YHUWILOWHUVNDOUHQJºUHVPLQGVWHQJDQJ
RPP§QHGHQ)LOWUHQHHUPRQWHUHWPHG
FOLSVRJVWLIWHULGHQPRGVDWWHVLGH
5HQJºULQJDIILOWUHW
 7U¨NLJUHEHWS§ILOWHUHWXQGHU
HPK¨WWHQRJYLSIRUHQGHQDI
ILOWHUHWHQVPXOHQHGDG
1
 5HQJºUILOWUHQHPHGHQVYDPSPHG
LNNHVNXUUHQGHUHQJºULQJVPLGOHUHOOHU
LRSYDVNHPDVNLQHQ
'$16. 
2SYDVNHPDVNLQHQVNDOY¨UH
LQGVWLOOHWWLOODYHWHPSHUDWXUHU
RJHQNRUWF\NOXV)HGWILOWHUHW
NDQEOLYHPLVIDUYHWPHQGHW
KDULQJHQLQGYLUNQLQJS§
ILOWHUHWV\GHOVH
 )LOWUHQHPRQWHUHVLJHQYHGDWPDQ
IºOJHUGHIºUVWHWRWULQLRPYHQGW
U¨NNHIºOJH
*HQWDJGHWWHS§DOOHGHILOWUHKYRUGHWHU
UHOHYDQW
8GVNLIWQLQJDINXOILOWHU
$'9$56(/
.XOILOWHUHWNDQLNNHYDVNHV
.XOILOWHUHWVKROGEDUKHGDIK¨QJHUDI
W\SHQDIPDGODYQLQJRJKYRURIWH
IHGWILOWUHQHUHQJºUHV
6§GDQXGVNLIWHVILOWHUHW
 )MHUQIHGWILOWUHQHIUDDSSDUDWHW
9LKHQYLVHUWLODIVQLWWHWರ5HQJºULQJDI
IHGWILOWHUHWರ
 7U\NS§VWLIWHQRJYLSIRUVLGHQDI
ILOWHUHWOHW
1
1
 1§UGXVNDOLQVWDOOHUHGHWQ\HILOWHU
JHQWDJHVSURFHGXUHQLRPYHQGW
U¨NNHIºOJH
'HWHUXQGHUDOOHRPVW¨QGLJKHGHU
QºGYHQGLJWDWXGVNLIWHILOWUHQHPLQGVW
KYHUIMHUGHP§QHG
)LOWHUDODUP
9LKHQYLVHUWLODNWLYHULQJRJ
GHDNWLYHULQJDIILWHUDODUPHQL
DIVQLWWHWRPGDJOLJWEUXJ
9LKHQYLVHUWLODIVQLWWHWRP
UHQJºULQJDIILOWHU
9LKHQYLVHUWLODIVQLWWHWRP
NXOILOWHUHWHOOHUXGVNLIWQLQJDI
NXOILOWHUHWDIK¨QJHUDI
ILOWHUW\SHQ
6§GDQQXOVWLOOHVDODUPHQ
5ºUYHG LVHNXQGHU
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DHJFRP
,1+28'623*$9(
9(,/,*+(,'6,1)250$7,((1,167$//$7,(
%(6&+5,-9,1*9$1+(7352'8&7
'$*(/,-.6*(%58,.
21'(5+28'(15(,1,*,1*
92253(5)(&7(5(68/7$7(1
%HGDQNWGDWMHYRRUGLW$(*SURGXFWKHEWJHNR]HQ:HKHEEHQKHWJHFUHHUGRP
MDUHQODQJRQEHULVSHOLMNHSUHVWDWLHVWHOHYHUHQPHWLQQRYDWLHYHWHFKQRORJLHQGLH
KHWOHYHQHHQYRXGLJHUPDNHQದIXQFWLHVGLHMHZHOOLFKWQLHWRSJHZRQHDSSDUDWHQ
DDQWUHIW1HHPHHQSDDUPLQXWHQGHWLMGRPKHWEHVWHXLWKHWDSSDUDDWWHKDOHQ
*DQDDURQ]HZHEVLWHYRRU
$GYLHVRYHUJHEUXLNEURFKXUHVKHWRSORVVHQYDQSUREOHPHQVHUYLFHHQ
UHSDUDWLHLQIRUPDWLH
ZZZDHJFRPVXSSRUW
5HJLVWUHHUMHSURGXFWYRRUHHQEHWHUHVHUYLFH
ZZZUHJLVWHUDHJFRP
.RRSDFFHVVRLUHVYHUEUXLNVDUWLNHOHQHQRULJLQHOHUHVHUYHRQGHUGHOHQYRRUMH
DSSDUDDW
ZZZDHJFRPVKRS
./$17(16(59,&((16(59,&(
*HEUXLNDOWLMGRULJLQHOHRQGHUGHOHQ
$OVXFRQWDFWRSQHHPWPHWRQ]HHUNHQGHVHUYLFHGLHQVW]RUJHUGDQYRRUGDWXGH
YROJHQGHJHJHYHQVWRWXZEHVFKLNNLQJKHEW0RGHO31&VHULHQXPPHU
'HLQIRUPDWLHYLQGWXRSKHWW\SHSODDWMH
:DDUVFKXZLQJHQHQYHLOLJKHLGVLQIRUPDWLH
$OJHPHQHLQIRUPDWLHHQWLSV
0LOLHXLQIRUPDWLH
:LM]LJLQJHQYRRUEHKRXGHQ
9(,/,*+(,'6,1)250$7,((1,167$//$7,(
:$$56&+8:,1*
5DDGSOHHJKHWDSDUWHLQVWDOODWLH
LQVWUXFWLHERHNMHYRRU
YHLOLJKHLGVLQIRUPDWLHHQLQVWDOODWLH/HHV
GHKRRIGVWXNNHQRYHU9HLOLJKHLG
]RUJYXOGLJGRRUYRRUGDWXKHWDSSDUDDW
JHEUXLNWRIRQGHUKRXGW
1('(5/$1'6 
%(6&+5,-9,1*9$1+(7352'8&7
2YHU]LFKWEHGLHQLQJVSDQHHO
1 2 3 4 5 6 7 8 9
$DQXLW
(HUVWHPRWRUVQHOKHLG
7ZHHGHPRWRUVQHOKHLG
'HUGHPRWRUVQHOKHLG
0D[LPDOHPRWRUVQHOKHLG
%HYULHVIXQFWLH
)LOWHUKHULQQHULQJ
.RRNSODDWQDDUNDSIXQFWLH
/DPS
'$*(/,-.6*(%58,.
'HNDSJHEUXLNHQ
&RQWUROHHUGHDDQEHYROHQVQHOKHLG
YROJHQVRQGHUVWDDQGHWDEHO
7LMGHQVKHWRSZDUPHQYDQYRHGVHONRNHQPHWSRWWHQ
PHWGHNVHO
7LMGHQVKHWNRNHQPHWSRWWHQPHWGHNVHORSPHHUGHಣ
UHNRRN]RQHVRIEUDQGHUV]DFKWMHVEDNNHQ
7LMGHQVKHWNRNHQHQEDNNHQYDQJURWHKRHYHHOKHGHQ
YRHGVHO]RQGHUGHNVHONRNHQRSPHHUGHUHNRRN]Rಣ
QHVRIEUDQGHUV
7LMGHQVKHWNRNHQHQEDNNHQYDQJURWHKRHYHHOKHGHQ
YRHGVHO]RQGHUGHNVHOJURWHOXFKWYRFKWLJKHLG
)ULVWRSHHQODDJJHOXLGVQLYHDXQDKHWNRNHQGHOXFKW
LQNHXNHQRS+HWDSSDUDDWNDQZRUGHQLQHQXLWJHಣ
VFKDNHOGGRRUKHWV\PERRODDQWHUDNHQ'HIXQFWLH
VFKDNHOWDXWRPDWLVFKXLWQDPLQXWHQ$OOHHQJHಣ
EUXLNHQQDKHWNRNHQ
+HWZRUGWDDQEHYROHQRPGH
NDSRQJHYHHUPLQXWHQQD
KHWNRNHQDDQWHODWHQVWDDQ
+HWEHGLHQLQJVSDQHHOLVHHQ
VHQVRUYHOG5DDNGH
V\PEROHQJHGXUHQGH
VHFRQGHDDQRPGHIXQFWLHV
LQWHVFKDNHOHQ
2PGHNDS
ZZZDHJFRP
 =HWKHWDSSDUDDWDDQGRRURSKHW
V\PERRO WHGUXNNHQ
-HNXQWQXGHIXQFWLHVDFWLYHUHQ
 5DDNRPGHIXQFWLHLQWHVFKDNHOHQ
KHWV\PERRODDQ
 'UXNLQGLHQQRGLJRSKHWOLFKWV\PERRO
RPKHWNRRNRSSHUYODNWH
YHUOLFKWHQ
2PKHWDSSDUDDWXLWWHVFKDNHOHQGUXNMH
RSQLHXZRSKHWV\PERRO
.RRNSODDWQDDUNDS
IXQFWLH
+HWLVHHQDXWRPDWLVFKHIXQFWLHGLHGH
NRRNSODDWRSHHQDI]XLJNDSDDQVOXLW
=RZHOGHNRRNSODDWDOVGHDI]XLJNDS
KHHIWHHQLQIUDURRGRQWYDQJHU'H
VQHOKHLGYDQGHYHQWLODWRUZRUGW
DXWRPDWLVFKEHSDDOGRSEDVLVYDQGH
PRGXVLQVWHOOLQJHQGHWHPSHUDWXXUYDQ
GHKHHWVWHSDQRSGHNRRNSODDW8NXQW
GHYHQWLODWRUYDQGHNRRNSODDWRRN
KDQGPDWLJEHGLHQHQ'HIXQFWLHNDQ
ZRUGHQJHDFWLYHHUGYDQDIKHWSDQHHOYDQ
GHNRRNSODDW
9RRUPHHULQIRUPDWLHRYHU
KHWJHEUXLNYDQGHNRRNSODDW
UDDGSOHHJWXGH
JHEUXLNVDDQZLM]LQJYDQGH
NRRNSODDW
0D[LPDOHPRWRUVQHOKHLG
DFWLYHUHQ
:DQQHHUXRSGHNQRS GUXNWEHJLQW
GHPD[LPDOHPRWRUVQHOKHLGJHGXUHQGH
PLQXWHQWHZHUNHQ'DDUQDNHHUWKHW
DSSDUDDWWHUXJQDDUGHYRULJH
VQHOKHLGVLQVWHOOLQJHQ
:DQQHHUGHIXQFWLHLV
LQJHVFKDNHOGKHHIWHHQ
H[WUDDDQUDNLQJYDQGHNQRS
JHHQHIIHFW
)LOWHUPHOGLQJDFWLYHUHQHQ
GHDFWLYHUHQ
+HWILOWHUDODUPKHULQQHUWXHUDDQRPGH
NRROILOWHUWHYHUYDQJHQRIWHUHLQLJHQHQ
GHYHWILOWHUWHUHLQLJHQ+HW
FRQWUROHODPSMHYDQGHILOWHU EUDQGW
URRGJHGXUHQGHVHFRQGHQDOVGH
YHWILOWHUPRHWZRUGHQJHUHLQLJG+HW
FRQWUROHODPSMHYDQGHILOWHU NQLSSHUW
URRGJHGXUHQGHVHFRQGHQDOVGH
NRROILOWHUPRHWZRUGHQYHUYDQJHQRI
JHUHLQLJG
=LHಯ)LOWHUDODUPರLQKRRIGVWXN
ಯ2QGHUKRXGHQUHLQLJLQJರ
 6FKDNHOKHWEHGLHQLQJVSDQHHOLQ
 =RUJHUYRRUGDWGHSLFWRJUDPPHQ
XLWJHVFKDNHOG]LMQ
 5DDN VHFRQGHQDDQRPGH
NRROILOWHUPHOGLQJWHDFWLYHUHQRIWH
GHDFWLYHUHQ
$OVGHPHOGLQJYDQGH
NRROILOWHULVJHDFWLYHHUG
NQLSSHUWKHWILOWHUSLFWRJUDP
URRGYLMINHHU
$OVGHPHOGLQJYDQGH
NRROILOWHULVJHGHDFWLYHHUG
NQLSSHUWKHWILOWHUSLFWRJUDP
URRGGULHNHHU
21'(5+28'(15(,1,*,1*
'HYHWILOWHUUHLQLJHQ
(ONHILOWHUPRHWWHQPLQVWHHHQPDDOSHU
PDDQGZRUGHQJHUHLQLJG)LOWHUVZRUGHQ
JHPRQWHHUGPHWEHKXOSYDQFOLSVHQ
SHQQHQDDQGHDQGHUHNDQW
'HILOWHUUHLQLJHQ
 7UHNDDQGHKHQGHOYDQGHILOWHU
RQGHUGHNDSHQNDQWHOGH
YRRUNDQWYDQGHILOWHUOLFKWMHVQDDU
EHQHGHQ
1('(5/$1'6 
&217(176
6$)(7<,1)250$7,21$1',167$//$7,21
352'8&7'(6&5,37,21
'$,/<86( 
&$5($1'&/($1,1*
)253(5)(&75(68/76
7KDQN\RXIRUFKRRVLQJWKLV$(*SURGXFW:HKDYHFUHDWHGLWWRJLYH\RX
LPSHFFDEOHSHUIRUPDQFHIRUPDQ\\HDUVZLWKLQQRYDWLYHWHFKQRORJLHVWKDWKHOS
PDNHOLIHVLPSOHUದIHDWXUHV\RXPLJKWQRWILQGRQRUGLQDU\DSSOLDQFHV3OHDVH
VSHQGDIHZPLQXWHVUHDGLQJWRJHWWKHYHU\EHVWIURPLW
9LVLWRXUZHEVLWHWR
*HWXVDJHDGYLFHEURFKXUHVWURXEOHVKRRWHUVHUYLFHDQGUHSDLULQIRUPDWLRQ
ZZZDHJFRPVXSSRUW
5HJLVWHU\RXUSURGXFWIRUEHWWHUVHUYLFH
ZZZUHJLVWHUDHJFRP
%X\$FFHVVRULHV&RQVXPDEOHVDQG2ULJLQDOVSDUHSDUWVIRU\RXUDSSOLDQFH
ZZZDHJ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
1 2 3 4 5 6 7 8 9
2Q2II
)LUVWPRWRUVSHHG
6HFRQGPRWRUVSHHG
7KLUGPRWRUVSHHG
0D[LPXPPRWRUVSHHG
%UHH]HIXQFWLRQ
)LOWHUUHPLQGHU
+REWR+RRGIXQFWLRQ
/DPS
'$,/<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FRRNLQJ
]RQHVRUEXUQHUVJHQWOHIU\LQJ
:KLOHERLOLQJDQGIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGFRRNLQJRQPXOWLSOHFRRNLQJ]RQHVRUEXUQHUV
:KLOHERLOLQJDQGIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW
DOLGELJKXPLGLW\
5HIUHVKHVWKHDLULQNLWFKHQDIWHUFRRNLQJDWDYHU\
ORZQRLVHOHYHO,WFDQEHDFWLYDWHGDQGGHDFWLYDWHG
E\WRXFKLQJWKHV\PERO7KHIXQFWLRQWXUQVRIIDXWRಣ
PDWLFDOO\DIWHUPLQXWHV8VHDIWHUFRRNLQJRQO\
,WLVUHFRPPHQGHGWROHDYH
WKHKRRGRSHUDWLQJIRU
DSSUR[LPDWHO\PLQXWHV
DIWHUFRRNLQJ
7KHFRQWURO3DQHOLVD
VHQVRUILHOG7RXFKWKH
V\PEROVIRUVHFRQGWR
DFWLYDWHWKHIXQFWLRQV
7RRSHUDWHWKHKRRG
 7XUQRQWKHDSSOLDQFHE\SUHVVLQJ
WKH V\PERO
<RXFDQQRZDFWLYDWHWKHIXQFWLRQV
 7RDFWLYDWHWKHIXQFWLRQWRXFKWKH
V\PERO
 ,IQHHGHGWRXFKWKHOLJKWV\PERO
WRLOOXPLQDWHWKHFRRNLQJVXUIDFH
ZZZDHJFRP
7RWXUQRIIWKHDSSOLDQFHSUHVVWKH
V\PERODJDLQ
+REWR+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
$FWLYDWLQJ0D[LPXP
0RWRU6SHHG
:KHQ\RXSUHVVWKHEXWWRQ WKH
0D[LPXP0RWRU6SHHGVWDUWVWRRSHUDWH
IRUPLQXWHV$IWHUWKDWWLPHWKH
DSSOLDQFHUHWXUQVWRLWVSUHYLRXVVSHHG
VHWWLQJV
:KHQWKHIXQFWLRQLVWXUQHG
RQDGGLWLRQDOWRXFKRQWKH
EXWWRQ GRHVQRWKDYHDQ\
HIIHFWV
$FWLYDWLQJDQG
GHDFWLYDWLQJWKHILOWHU
QRWLILFDWLRQ
)LOWHUDODUPUHPLQGVWRFKDQJHRUFOHDQ
WKHFKDUFRDOILOWHUDQGFOHDQWKHJUHDVH
ILOWHU7KHILOWHULQGLFDWRU LVWXUQHGRQ
UHGIRUVHFRQGVLIWKHJUHDVHILOWHU
PXVWEHFOHDQHG7KHILOWHULQGLFDWRU
IODVKHVUHGIRUVHFRQGVLIWKH
FKDUFRDOILOWHUPXVWEHUHSODFHGRU
FOHDQHG
5HIHUWRILOWHUDODUPLQFDUH
DQGFOHDQLQJFKDSWHU
 6ZLWFKRQWKHFRQWUROSDQHO
 0DNHVXUHWKDWWKHLFRQVDUHWXUQHG
RII
 7RDFWLYDWHRUGHDFWLYDWHWKHFKDUFRDO
ILOWHUQRWLILFDWLRQWRXFK IRU
VHFRQGV
,IWKHFKDUFRDOILOWHU
QRWLILFDWLRQLVDFWLYDWHGWKH
ILOWHULFRQ IODVKHVUHG
ILYHWLPHV
,IWKHFKDUFRDOILOWHU
QRWLILFDWLRQLVGHDFWLYDWHG
WKHILOWHULFRQ IODVKHV
UHGWKUHHWLPHV
&$5($1'&/($1,1*
&OHDQLQJWKHJUHDVHILOWHU
(DFKILOWHUPXVWEHFOHDQHGDWOHDVWRQFH
DPRQWK)LOWHUVDUHPRXQWHGZLWKWKH
XVHRIFOLSVDQGSLQVRQWKHRSSRVLWH
VLGH
7RFOHDQWKHILOWHU
 3XOOWKHKDQGOHRQWKHILOWHU
XQGHUQHDWKWKHKRRGDQGVOLJKWO\
WLOWWKHIURQWRIWKHILOWHUGRZQ
1
 &OHDQWKHILOWHUVXVLQJDVSRQJHZLWK
QRQDEUDVLYHGHWHUJHQWVRULQD
GLVKZDVKHU
(1*/,6+ 
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
7KHWLPHRIVDWXUDWLRQRIWKHFKDUFRDO
ILOWHUYDULHVGHSHQGLQJRQWKHW\SHRI
FRRNLQJDQGWKHUHJXODULW\RIFOHDQLQJWKH
JUHDVHILOWHU
7RUHSODFHWKHILOWHU
 5HPRYHWKHJUHDVHILOWHUVIURPWKH
DSSOLDQFH
5HIHUWR&OHDQLQJWKHJUHDVHILOWHULQ
WKLVFKDSWHU
 SUHVVWKHWDEDQGVOLJKWO\WLOWWKH
IURQWRIWKHILOWHU
1
1
 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
)LOWHUDODUP
5HIHUWRDFWLYDWLQJDQG
GHDFWLYDWLQJWKHILOWHUDODUP
LQGDLO\XVHFKDSWHU
5HIHUWRFOHDQLQJWKHJUHDVH
ILOWHULQWKLVFKDSWHU
5HIHUWRFOHDQLQJWKH
FKDUFRDOILOWHURUUHSODFLQJ
WKHFKDUFRDOILOWHUGHSHQGV
RQILOWHUW\SH
7RUHVHWWKHDODUP
7RXFKWKH IRUVHFRQGV
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
ZZZDHJFRP
6,68.25'
2+8786,1)2-$3$,*$/'$0,1(
7227(.,5-(/'86
,*$3(9$1(.$687$0,1(
38+$6786-$+22/'86
3$5,0$7(78/(0867(6$$987$0,6(.6
7¦QDPHHWYDOLVLWHVHOOH$(*WRRWH7¸¸WDVLPHVHOOHY¦OMDHWVDDNVLWHSDOMX
DDVWDLGQDXWLGDODLWPDWXLGWXOHPXVLQLQJOLVDVLPHHOXOLKWVXVWDYDLGXXHQGXVOLNNH
IXQNWVLRRQHPLGDWHWDYDOLVWHVHDGPHWHMXXUHVHLSUXXJLOHLGD/HLGNHP·QLPLQXW
DHJDQLQJOXJHJHNXLGDVVHDGPHJDSDULPDLGWXOHPXVLVDDYXWDGD
.¾ODVWDJHPHLHYHHELVDLWLNXVWOHLDWH
Q·XDQGHLGEURģ¾¾UHW·UNHRWVLQJXUHPRQGLMDKRROGXVWHDYHW
ZZZDHJFRPVXSSRUW
3DUHPDNVWHHQLQGXVHNVUHJLVWUHHULJHRPDWRRGHDDGUHVVLO
ZZZUHJLVWHUDHJFRP
2VWNHRPDVHDGPHOHOLVDVHDGPHLGWDUYLNXLGMDRULJLQDDOYDUXRVLDDGUHVVLO
ZZZDHJFRPVKRS
./,(1',7((1,1'86-$+22/'86
$ODWLWXOHENDVXWDGDRULJLQDDOYDUXRVL
9ROLWDWXGWHHQLQGXVNHVNXVHVVHS¸¸UGXPLVHOSHDNVLGWHLOROHPDYDUXNV
DOOM¦UJQHYDGDQGPHGPXGHORVDQXPEHU31&VHHULDQXPEHU
7HDYHRQWRRGXGDQGPHSODDGLO
+RLDWXVHG(WWHYDDWXVDELQ·XGದRKXWXVWHDYH
OGLQHWHDYHMDYLKMHG
.HVNNRQQDWHDYH
-¦HWDNVH·LJXVWHKDPXXWXVL
2+8786,1)2-$3$,*$/'$0,1(
+2,$786
2KXWXVLQIRMDSDLJDOGDPLVHNRKWDOHLDWH
WHDYHWHUDOGLSDLJDOGXVMXKLVWHOHKHOW
(QQHVHDGPHNDVXWDPLVWY·L
KRROGXVWRLPLQJXLGOXJHJH
W¦KHOHSDQHOLNXOWRKXWXVWN¦VLWOHYDLG
SHDW¾NNH
((67, 
7227(.,5-(/'86
-XKWSDQHHOL¾OHYDDGH
1 2 3 4 5 6 7 8 9
6LVVHY¦OMD
(VLPHQHPRRWRULNLLUXV
7HLQHPRRWRULNLLUXV
.ROPDVPRRWRULNLLUXV
0DNVLPDDOQHPRRWRULNLLUXV
7XXOHIXQNWVLRRQ
)LOWULPHHOGHWXOHWXV
3OLLGLMD·KXSXKDVWL
¾KHQGXVIXQNWVLRRQ
/DPS
,*$3(9$1(.$687$0,1(
KXSXKDVWLNDVXWDPLQH
.RQWUROOLJHVRRYLWDWDYDWNLLUXVWYDVWDYDOW
DOOWRRGXGWDEHOLOH
7RLGXNXXPXWDPLVHONDDQHWDWXGSRWLJD
7RLGXYDOPLVWDPLVHONDDQHWDWXGSRWWLGHJDPLWPHO
NHHGXDODOY·LS·OHWLO·UQSUDDGLPLQH
.HHWPLQHMDVXXUHPDWHNRJXVWHSUDDGLPLQHLOPDNDDಣ
QHWDWRLGXYDOPLVWDPLQHPLWPHONHHGXDODOY·LS·OHWLO
.HHWPLQHMDVXXUHPDWHNRJXVWHSUDDGLPLQHLOPDNDDಣ
QHWDVXXUQLLVNXV
9¦UVNHQGDEN¸¸JL·KNXS¦UDVWN¾SVHWDPLVWY¦JDPDಣ
GDODP¾UDWDVHPHJD6HGDVDDEDNWLYHHULGDMDGHDNWLಣ
YHHULGDSXXGXWDGHVV¾PEROLW6HHIXQNWVLRRQO¾OLWXE
LJDPLQXWLM¦UHODXWRPDDWVHOWY¦OMD.DVXWDGDDLQXOW
S¦UDVWN¾SVHWDPLVW
6RRYLWDWDYRQM¦WWDS¦UDVW
N¾SVHWDPLVW·KXSXKDVWL
W¸¸OHOLJLNDXGXPLQXWLNV
-XKWSDQHHORQVHQVRUY¦OL
3XXGXWDJHV¾PEROHLG
VHNXQGHWIXQNWVLRRQLG
DNWLYHHULGD
KXSXKDVWLNDVXWDPLVHNV
ZZZDHJFRP
 /¾OLWDJHVHDGHVLVVHYDMXWDGHV
V¾PEROLW
1¾¾GVDDWHIXQNWVLRRQLGVLVVHO¾OLWDGD
 )XQNWVLRRQLN¦LYLWDPLVHNVSXXGXWDJH
V¾PEROLW
 9DMDGXVHOSXXGXWDJHYDOJXVWL
V¾PEROLW HWNHHGXDODYDOJXVWDGD
6HDGPHY¦OMDO¾OLWDPLVHNVYDMXWDJHXXHVWL
V¾PEROLW
3OLLGLMD·KXSXKDVWL
¾KHQGXVIXQNWVLRRQ
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
0DNVLPDDOVH
PRRWRULNLLUXVH
VLVVHO¾OLWDPLQH
9DMXWDGHVQXSSX O¾OLWXE
PDNVLPDDOQHPRRWRULNLLUXVVLVVH
PLQXWLNV3¦UDVWVHGDS¸¸UGXEVHDGH
WDJDVLHHOPLVHOHNLLUXVWDVHPHOH
.XLIXQNWVLRRQRQVLVVH
O¾OLWDWXGHLROHQXSX
W¦LHQGDYDOSXXGXWDPLVHO
PLQJLWP·MX
)LOWULWHDGDDQGHVLVVHMD
Y¦OMDO¾OLWDPLQH
)LOWULKRLDWXVWXOHWDEPHHOGHHWV¸HILOWHU
WXOHEDVHQGDGDY·LSXKDVWDGDMD
UDVYDILOWHUSXKDVWDGD.XLUDVYDILOWHU
YDMDESXKDVWDPLVWO¾OLWXEILOWULLQGLNDDWRU
VHNXQGLNV VLVVHSXQDVHOW.XL
V¸HILOWHUWXOHEDVHQGDGDY·LSXKDVWDGD
VLLVILOWULLQGLNDDWRU YLOJXEVHNXQGLW
SXQDVHOW
9DDGDNHILOWULKRLDWXVW
SXKDVWXVHMDKRROGXVH
SHDW¾NLV
 /¾OLWDJHVLVVHMXKWSDQHHO
 9HHQGXJHHWLNRRQLGRQY¦OMD
O¾OLWDWXG
 6¸HILOWULWHDGDDQGHVLVVHY·L
Y¦OMDO¾OLWDPLVHNVSXXGXWDJH
VHNXQGLW
.XLV¸HILOWULWHDGDDQQHRQ
VLVVHO¾OLWDWXGVLLVILOWULLNRRQ
YLOJXEYLLVNRUGD
SXQDVHOW
.XLV¸HILOWULWHDGDDQQHRQ
Y¦OMDO¾OLWDWXGVLLVILOWULLNRRQ
YLOJXENROPNRUGD
SXQDVHOW
38+$6786-$+22/'86
5DVYDILOWULSXKDVWDPLQH
,JDILOWULWWXOHESXKDVWDGDY¦KHPDOWNRUG
NXXV)LOWULGRQNLQQLWDWXGYDVWDVN¾OJHGHO
DVXYDWHNODPEULWHMDYDUUDVWHDELO
)LOWULSXKDVWDPLVHNV
 7·PPDNH·KXSXKDVWLDOODVXYDW
NLQQLWXVNODPEULKRLGLNXWMD
NDOOXWDJHILOWULHVLRVDNHUJHOW
DOODSRROH
((67, 
1
 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,$786
6¸HILOWHUHLROHSHVWDY
6¸HILOWULNDVXWXVDHJY·LEROODHULQHY
V·OWXGHVWRLGXYDOPLVWDPLVHW¾¾ELVWMD
UDVYDILOWULSXKDVWDPLVHVDJHGXVHVW
)LOWULDVHQGDPLVHNV
 (HPDOGDJHVHDGPHVWN·LN
UDVYDILOWULG
9WN¦HVROHYDSHDW¾NLRVD5DVYDILOWUL
SXKDVWDPLQH
 YDMXWDJHVDNNLMDNDOOXWDJHNHUJHOW
ILOWULHVLRVD
1
1
 8XHILOWULSDLJDOGDPLVHNVWHRVWDJH
WRLPLQJYDVWXSLGLVHVM¦UMHNRUUDV
.LQGODVWLWXOHEILOWULGY¦OMDYDKHWDGD
Y¦KHPDOWLJDQHOMDNXXWDJDQW
)LOWULKRLDWXV
)LOWULKRLDWXVHVLVVHMD
Y¦OMDO¾OLWDPLVHNRKWDOHLDWH
WHDYHWLJDS¦HYDVH
NDVXWDPLVHMDRWLVHVW
9DDGDNHN¦HVROHYDSHDW¾NL
UDVYDILOWULSXKDVWDPLVHRVD
9DDGDNHV¸HILOWUL
SXKDVWDPLVHY·LV¸HILOWUL
DVHQGDPLVHMDRWLVW
ROHQHYDOWILOWULW¾¾ELVW
+RLDWXVHO¦KWHVWDPLVHNV
3XXGXWDJHVHNXQGLW
/DPELDVHQGDPLQH
6HOOHVHDGPHMXXUGHNXXOXEND/('
ODPS6HGDRVDY·LEDVHQGDGDDLQXOW
WHKQLN0LVWDKHVULNNHNRUUDOYDDGDNH
MDRWLVW+RROGXVSHDW¾NLV
2KXWXVMXKLVHG
-70(.,7/86
6¾PEROLJD W¦KLVWDWXGPDWHUMDOLGY·LE
ULQJOXVVHVXXQDWD6HOOHNVYLLJHSDNHQGLG
YDVWDYDWHVVHNRQWHLQHULWHVVH$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
ZZZDHJFRP
6,6/7
7859$//,68867,('27-$$6(11862+-((7
7827(.89$86
3,9,77,1(1.<77
+2,72-$38+',6786
7<'(//,6,78/2.6,$
.LLWRVNXQYDOLWVLWW¦P¦Q$(*WXRWWHHQ2OHPPHOXRQHHWVHQDQWDPDDQVLQXOOH
PRLWWHHWWRPDQVXRULWXVN\Y\QPRQLHQYXRVLHQDMDQLQQRYDWLLYLVLOODWHNQLLNRLOODMRWND
KHOSRWWDYDWHO¦P¦¦ದQ¦P¦RYDWRPLQDLVXXNVLDMRLWDHWHKN¦O¸\G¦WDYDOOLVLVWD
ODLWWHLVWD.¦\W¦PXXWDPDPLQXXWWLDLNDDVLOXNHDNVHVLNXLQNDVDDWNDLNHQNDLNHQ
K\¸G\QLUWLODLWWHHVWD
9LHUDLOHYHUNNRVLYXOODPPH
6DDWN¦\WW¸¸QOLLWW\YL¦QHXYRMDHVLWWHLW¦YLDQP¦¦ULW\VRKMHLWDVHN¦KXROWRMD
NRUMDXVRKMHLWD
ZZZDHJFRPVXSSRUW
5HNLVWHU¸LWXRWWHHVLVDDGDNVHVLSDUHPSDDKXROWRD
ZZZUHJLVWHUDHJFRP
2VWDODLWWHHVHHVLOLV¦YDUXVWHLWDNXOXWXVWXRWWHLWDMDDONXSHU¦LVL¦YDUDRVLD
ZZZDHJ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
6820, 
7827(.89$86
.¦\WW¸SDQHHOLQRVDW
1 2 3 4 5 6 7 8 9
3¦¦OO¦3RLV
0RRWWRULQHQVLPP¦LQHQQRSHXVWDVR
0RRWWRULQWRLQHQQRSHXVWDVR
0RRWWRULQNROPDVQRSHXVWDVR
0RRWWRULQPDNVLPLQRSHXV
%UHH]HWRLPLQWR
6XRGDWWLPHQPXLVWXWXV
+REWR+RRGWRLPLQWR
9DOR
3,9,77,1(1.<77
/LHVLWXXOHWWLPHQN¦\WW¸
7DUNLVWDVXRVLWHOWXQRSHXVDOODROHYDVWD
WDXOXNRVWD
5XRNLHQO¦PPLW\VUXRDQYDOPLVWXVNDQQHOOLVLOODNHLWWRಣ
DVWLRLOOD
5XRDQYDOPLVWXVNDQQHOOLVLOODNHLWWRDVWLRLOODXVHDPPDOಣ
ODNHLWWRDOXHHOODWDLSROWWLPHOODNHY\WSDLVWDPLQHQ
.HLWW¦PLQHQMDVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ
PDQNDQWWDUXRDQYDOPLVWXVXVHDPPDOODNHLWWRDOXHHOಣ
ODWDLSROWWLPHOOD
.HLWW¦PLQHQMDVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ
PDQNDQWWDVXXULP¦¦U¦NRVWHXWWDLOPDDQ
5DLNDVWDDNHLWWL¸QLOPDDUXRDQYDOPLVWXNVHQM¦ONHHQ
HLN¦SLG¦SDOMRQPHWHOL¦6HYRLGDDQN¦\QQLVW¦¦MD
VDPPXWWDDNRVNHWWDPDOODV\PEROLD7RLPLQWRN\WNH\ಣ
W\\DXWRPDDWWLVHVWLSRLVS¦¦OW¦PLQXXWLQNXOXWWXD
.¦\W¦DLQRDVWDDQUXRDQYDOPLVWXNVHQM¦ONHHQ
/LHVLWXXOHWLQRQVXRVLWHOWDYDD
M¦WW¦¦WRLPLQWDDQQRLQ
PLQXXWLQDMDNVL
UXRDQYDOPLVWXNVHQM¦ONHHQ
.¦\WW¸SDQHHOLNRRVWXX
DQWXUHLVWD.RVNHWD
V\PEROHLWDVHNXQQLQDMDQ
WRLPLQWRMHQN\WNHPLVHNVL
WRLPLQWDDQ
/LHVLWXXOHWWLPHQN¦\WW¦PLQHQ
ZZZDHJFRP
 .\WNHODLWHS¦¦OOHSDLQDPDOOD
V\PEROLD
9RLWN\WNH¦WRLPLQQRQSRLVS¦¦OW¦
 .\WNHWRLPLQWRS¦¦OOHNRVNHWWDPDOOD
V\PEROLD
 .RVNHWDWDUYLWWDHVVDYDORQV\PEROLD
NHLWWRWDVRQYDODLVHPLVHNVL
6DPPXWDODLWHSDLQDPDOODXXGHOOHHQ
V\PEROLD
+REWR+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
0RRWWRULQ
PDNVLPLQRSHXGHQ
DNWLYRLPLQHQ
3DLQLNHWWD SDLQDHVVDPRRWWRULQ
PDNVLPLQRSHXVN¦\QQLVW\\PLQXXWLQ
DMDNVL6HQM¦ONHHQODLWHSDODDHGHOOLVHHQ
QRSHXVDVHWXNVHHQ
.XQWRLPLQWRRQN\WNHWW\
WRLPLQWDDQSDLQLNNHHQ
NRVNHWXNVLOODHLROH
YDLNXWXVWD
6XRGDWWLPHQK¦O\W\NVHQ
N\WNHPLQHQS¦¦OOHMDSRLV
S¦¦OW¦
6XRGDWWLPHQK¦O\W\VLOPRLWWDD
KLLOLVXRGDWWLPHQYDLKWRWDL
SXKGLVWXVWDUSHHVWDVHN¦
UDVYDVXRGDWWLPHQSXKGLVWXVWDUSHHVWD
6XRGDWWLPHQPHUNNLYDORRQ V\WW\\
SXQDLQHQYDORVHNXQQLQDMDNVLMRV
UDVYDVXRGDWWLPHQSXKGLVWXVRQWDUSHHQ
6XRGDWWLPHQPHUNNLYDORVVD YLONNXX
SXQDLQHQYDORVHNXQQLQDMDQMRV
KLLOLVXRGDWWLPHQYDLKWRWDLSXKGLVWXVRQ
WDUSHHQ
/XHVXRGDWWLPHQ
K¦O\W\VWLHGRWNRKGDVWD+RLWR
MDSXKGLVWXV
 .\WNHN¦\WW¸SDQHHOLS¦¦OOH
 9DUPLVWDHWW¦NXYDNNHHWRYDW
VDPPXQHHW
 .\WNHKLLOLVXRGDWWLPHQK¦O\W\VS¦¦OOH
MDSRLVS¦¦OW¦NRVNHWWDPDOOD
SDLQLNHWWD VHNXQQLQDMDQ
-RVKLLOLVXRGDWWLPHQK¦O\W\V
RQS¦¦OO¦VXRGDWWLPHQ
NXYDNNHHVVD YLONNXX
SXQDLQHQYDORYLLVLNHUWDD
-RVKLLOLVXRGDWWLPHQK¦O\W\V
RQSRLVS¦¦OW¦VXRGDWWLPHQ
NXYDNNHHVVD YLONNXX
SXQDLQHQYDORNROPH
NHUWDD
+2,72-$38+',6786
5DVYDVXRGDWWLPHQ
SXKGLVWDPLQHQ
6XRGDWWLPHWWXOHHSXKGLVWDDY¦KLQW¦¦Q
NHUUDQNXXNDXGHVVD6XRGDWWLPHWWXOHH
DVHQWDDSLGLNNHLGHQDYXOODQLLQHWW¦WDSLW
RYDWYDVWDNNDLVHOODSXROHOOD
6XRGDWWLPHQSXKGLVWDPLQHQ
 9HG¦OLHVLWXXOHWWLPHQDOODROHYDQ
VXRGDWWLPHQNDKYDDMDNDOOLVWD
VXRGDWWLPHQHWXRVDDKLXNDQ
DODVS¦LQ
6820, 
1
 3XKGLVWDVXRGDWWLPHWVLHQHOO¦
N¦\WW¦HQKDQNDDPDWWRPLD
SHVXDLQHLWDWDLSHVHQH
DVWLDQSHVXNRQHHVVD
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¦
+LLOLVXRGDWWLPHQN\OO¦VW\PLVDLNDYDLKWHOHH
UXRDQODLWWRWDYDQMDUDVYDVXRGDWWLPHQ
SXKGLVWXVWLKH\GHQPXNDDQ
6XRGDWWLPHQYDLKWDPLQHQ
 ,UURWDUDVYDVXRGDWWLPHWODLWWHHVWD
/XHRKMHHWW¦P¦QOXYXQRVLRVWD
5DVYDVXRGDWWLPHQSXKGLVWDPLQHQ
 3DLQDNLHOHNHWW¦MDNDOOLVWDKLXNDQ
VXRGDWWLPHQHWXRVDD
1
1
 $VHQQDXXVLVXRGDWLQVXRULWWDPDOOD
WRLPHQSLWHHWS¦LQYDVWDLVHVVD
M¦UMHVW\NVHVV¦
6XRGDWWLPHWRQMRNDWDSDXNVHVVD
YDLKGHWWDYDY¦KLQW¦¦QQHOM¦QNXXNDXGHQ
Y¦OHLQ
6XRGDWWLPHQK¦O\W\V
.DWVROLV¦WLHWRDVXRGDWWLPHQ
K¦O\W\NVHQN\WNHPLVHVW¦
WRLPLQWDDQMDSRLV
WRLPLQQDVWD3¦LYLWW¦LQHQ
N¦\WW¸OXYXVWD
/XHRKMHHWW¦P¦QOXYXQ
RVLRVWD5DVYDVXRGDWWLPHQ
SXKGLVWDPLQHQ
.DWVRRVLR+LLOLVXRGDWWLPHQ
SXKGLVWDPLQHQWDL
+LLOLVXRGDWWLPHQ
YDLKWDPLQHQVXRGDWWLPHQ
PDOOLVWDULLSSXHQ
.XLWWDDK¦O\W\VVHXUDDYDVWL
.RVNHWD SDLQLNHWWDNROPHQVHNXQQLQ
DMDQ
/DPSXQYDLKWDPLQHQ
/DLWWHHQPXNDQDWRLPLWHWDDQ/('
ODPSSX7¦P¦QRVDQVDDYDLKWDD
DLQRDVWDDQKXROWRWHNQLNNR0LN¦OL
ODLWWHHVVDHVLLQW\\WRLPLQWDK¦LUL¸LW¦NDWVR
NRKWD+XROWROXYXVWD
7XUYDOOLVXXVRKMHHW
<035,671682-(/8
.LHUU¦W¦PDWHULDDOLWMRWNDRQPHUNLWW\
PHUNLOO¦ .LHUU¦W¦SDNNDXVODLWWDPDOOD
VHDVLDQPXNDLVHHQNLHUU¦W\VDVWLDDQ
6XRMHOH\PS¦ULVW¸¦MDLKPLVWHQWHUYH\WW¦
NLHUU¦WW¦P¦OO¦V¦KN¸MD
HOHNWURQLLNNDURPXWO¦K¦YLW¦PHUNLOO¦
PHUNLWW\M¦NRGLQNRQHLWDNRWLWDORXVM¦WWHHQ
PXNDQD3DODXWDWXRWHSDLNDOOLVHHQ
ZZZDHJFRP
7$%/('(60$7,5(6
,1)250$7,216'(6&85,7(7,167$//$7,21 
'(6&5,37,21'(/$33$5(,/ 
87,/,6$7,214827,',(11(
(175(7,(1(71(772<$*(
3285'(6568/7$763$5)$,76
0HUFLGಬDYRLUFKRLVLFHSURGXLW$(*1RXVOಬDYRQVFRQ©XSRXUTXಬLOYRXVRIIUHGHV
SHUIRUPDQFHVLUU«SURFKDEOHVSHQGDQWGHQRPEUHXVHVDQQ«HVHQLQW«JUDQWGHV
WHFKQRORJLHVLQQRYDQWHVYRXVVLPSOLILDQWODYLHದIRQFWLRQVTXHYRXVQHWURXYHUH]
SHXW¬WUHSDVVXUGHVDSSDUHLOVRUGLQDLUHV9HXLOOH]SUHQGUHTXHOTXHVLQVWDQWV
SRXUOLUHFHWWHQRWLFHDILQGಬXWLOLVHUDXPLHX[YRWUHDSSDUHLO
&RQVXOWH]QRWUHVLWHSRXU
2EWHQLUGHVFRQVHLOVGಬXWLOLVDWLRQGHVEURFKXUHVXQG«SDQQHXUGHV
LQIRUPDWLRQVVXUOHVHUYLFHHWOHVU«SDUDWLRQV
ZZZDHJFRPVXSSRUW
(QUHJLVWUHUYRWUHSURGXLWSRXUXQPHLOOHXUVHUYLFH
ZZZUHJLVWHUDHJFRP
$FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHGಬRULJLQHSRXU
YRWUHDSSDUHLO
ZZZDHJ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
ZZZDHJFRP
'(6&5,37,21'(/$33$5(,/
3U«VHQWDWLRQGXEDQGHDXGHFRPPDQGH
1 2 3 4 5 6 7 8 9
0DUFKH$UU¬W
3UHPLªUHYLWHVVHGXPRWHXU
'HX[LªPHYLWHVVHGXPRWHXU
7URLVLªPHYLWHVVHGXPRWHXU
9LWHVVHPD[LPDOHGXPRWHXU
)RQFWLRQ%UHH]H
5DSSHOILOWUH
)RQFWLRQ+REWRKRRG
FODLUDJH
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RXFXLUHGHVDOLPHQWV
DYHFGHVU«FLSLHQWVFRXYHUWV
/RUVTXHYRXVFXLVLQH]GDQVGHVU«FLSLHQWVFRXYHUWV
VXUSOXVLHXUV]RQHVGHFXLVVRQRXEU½OHXUVIULUHGRXಣ
FHPHQW
/RUVTXHYRXVIDLWHVERXLOOLUHWIULUHGHJURVVHVTXDQWLಣ
W«VGಬDOLPHQWVVDQVFRXYHUFOHFXLUHVXUSOXVLHXUV]Rಣ
QHVGHFXLVVRQRXEU½OHXUV
/RUVTXHYRXVIDLWHVERXLOOLUHWIULUHGHJURVVHVTXDQWLಣ
W«VGಬDOLPHQWVVDQVFRXYHUFOHJUDQGHTXDQWLW«GಬKXಣ
PLGLW«
5DIUD°FKLWOಬDLUGDQVODFXLVLQHDSUªVODFXLVVRQ¢WUªV
IDLEOHQLYHDXVRQRUH(OOHSHXW¬WUHDFWLY«HHWG«VDFWLಣ
Y«HHQDSSX\DQWVXUOHV\PEROH/DIRQFWLRQVಬ«WHLQW
DXWRPDWLTXHPHQWDXERXWGHPLQXWHVXWLOLVHU
XQLTXHPHQWDSUªVODFXLVVRQ
1RXVYRXVUHFRPPDQGRQV
GHODLVVHUODKRWWH
IRQFWLRQQHUSHQGDQWHQYLURQ
PLQXWHVDSUªVODFXLVVRQ
)5$1$,6 
/HEDQGHDXGHFRPPDQGH
HVWWDFWLOH$SSX\H]VXUOHV
V\PEROHVSHQGDQW
VHFRQGHSRXUDFWLYHUOHV
IRQFWLRQV
3RXUXWLOLVHUODKRWWH
 0HWWH]HQIRQFWLRQQHPHQWOಬDSSDUHLO
HQDSSX\DQWVXUOHV\PEROH
9RXVSRXYH]PDLQWHQDQWDFWLYHUOHV
IRQFWLRQV
 3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU
OHV\PEROH
 6LQ«FHVVDLUHDSSX\H]VXUOH
V\PEROHGHOಬ«FODLUDJH SRXU
«FODLUHUODVXUIDFHGHFXLVVRQ
3RXU«WHLQGUHOಬDSSDUHLODSSX\H]¢
QRXYHDXVXUOHV\PEROH
)RQFWLRQ+REWRKRRG
,OVDJLWGXQHIRQFWLRQDXWRPDWLTXH
SHUPHWWDQWGHUHOLHUODWDEOHGHFXLVVRQ¢
XQHKRWWH/DWDEOHGHFXLVVRQHWODKRWWH
GLVSRVHQWWRXWHVOHVGHX[GXQ
FRPPXQLFDWHXUGHVLJQDOLQIUDURXJH/D
YLWHVVHGXYHQWLODWHXUHVWG«ILQLH
DXWRPDWLTXHPHQWHQVHEDVDQWVXUOH
U«JODJHGXPRGHHWGHODWHPS«UDWXUHGX
U«FLSLHQWOHSOXVFKDXGVHWURXYDQWVXUOD
WDEOHGHFXLVVRQ9RXVSRXYH]
«JDOHPHQWDFWLYHUOHYHQWLODWHXU
PDQXHOOHPHQWGHSXLVODWDEOHGH
FXLVVRQ/DIRQFWLRQSHXW¬WUHDFWLY«H
GHSXLVOHEDQGHDXGHFRPPDQGHGHOD
WDEOHGHFXLVVRQ
3RXUSOXVGLQIRUPDWLRQVVXU
OXWLOLVDWLRQGHODIRQFWLRQ
UHSRUWH]YRXV¢ODQRWLFH
GXWLOLVDWLRQGHODWDEOHGH
FXLVVRQ
$FWLYDWLRQGHODYLWHVVH
PD[LPDOHGXPRWHXU
/RUVTXHYRXVDSSX\H]VXUODWRXFKH 
ODYLWHVVHPD[LPDOHGXPRWHXUHVW
DFWLY«HSHQGDQWPLQXWHV(QVXLWH
OಬDSSDUHLOUHSDVVHDX[SU«F«GHQWV
U«JODJHVGHYLWHVVH
/RUVTXHODIRQFWLRQHVW
DFWLY«HXQDSSXL
VXSSO«PHQWDLUHVXUODWRXFKH
QಬDDXFXQHIIHW
$FWLYDWLRQHW
G«VDFWLYDWLRQGHOD
QRWLILFDWLRQGXILOWUH
/DODUPHGXILOWUHYRXVUDSSHOOHTXLOHVW
WHPSVGHFKDQJHURXGHQHWWR\HUOHILOWUH
¢FKDUERQHWGHQHWWR\HUOHILOWUH¢
JUDLVVH6LOHILOWUH¢JUDLVVHGRLW¬WUH
QHWWR\«OHYR\DQWGXILOWUH HVWDOOXP«
HQURXJHSHQGDQWVHFRQGHV6LOH
ILOWUH¢FKDUERQGRLW¬WUHUHPSODF«RX
QHWWR\«OHYR\DQWGXILOWUH FOLJQRWHHQ
URXJHSHQGDQWVHFRQGHV
5HSRUWH]YRXVDX
SDUDJUDSKHm$ODUPHGX
ILOWUH}GXFKDSLWUH
m(QWUHWLHQHWQHWWR\DJH}
 $FWLYH]OHEDQGHDXGHFRPPDQGH
 $VVXUH]YRXVTXHOHVLF¶QHVVRQW
«WHLQWHV
 3RXUDFWLYHURXG«VDFWLYHUOD
QRWLILFDWLRQGXILOWUH¢FKDUERQ
DSSX\H]VXU SHQGDQWVHFRQGHV
6LODQRWLILFDWLRQGXILOWUH¢
FKDUERQHVWDFWLY«HOಬLF¶QH
GXILOWUH FOLJQRWHHQ
URXJHIRLV
6LODQRWLILFDWLRQGXILOWUH¢
FKDUERQHVWG«VDFWLY«H
OಬLF¶QHGXILOWUH FOLJQRWH
HQURXJHIRLV
ZZZDHJFRP
(175(7,(1(71(772<$*(
1HWWR\DJHGXILOWUH¢
JUDLVVH
&KDTXHILOWUHGRLW¬WUHQHWWR\«DXPRLQV
XQHIRLVSDUPRLV/HVILOWUHVVRQWIL[«V¢
ODLGHGHSLQFHVHWGHSLYRWVGXF¶W«
RSSRV«
3RXUQHWWR\HUOHILOWUH
 7LUH]VXUOHOHYLHUGXILOWUHVRXVOD
KRWWHHWEDVFXOH]O«JªUHPHQW
ODYDQWGXILOWUHYHUVOHEDV
1
 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
5HPSODFHPHQWGXILOWUHDX
FKDUERQ
$9(57,66(0(17
/HILOWUH¢FKDUERQQHVWSDV
ODYDEOH
/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
3RXUUHPSODFHUOHILOWUH
 5HWLUH]OHVILOWUHV¢JUDLVVHGH
ODSSDUHLO
5HSRUWH]YRXVDXSDUDJUDSKH
m1HWWR\DJHGXILOWUH¢JUDLVVH}GHFH
FKDSLWUH
 $SSX\H]VXUODSDWWHHWIDLWHV
EDVFXOHUGRXFHPHQWOಬDYDQWGXILOWUH
1
1
 3RXULQVWDOOHUXQQRXYHDXILOWUH
VXLYH]ODP¬PHSURF«GXUHGDQV
ORUGUHLQYHUVH
'DQVWRXVOHVFDVOHVILOWUHVGRLYHQW¬WUH
UHPSODF«VDXPRLQVXQHIRLVWRXVOHV
TXDWUHPRLV
$ODUPHGXILOWUH
5HSRUWH]YRXVDX
SDUDJUDSKHm$FWLYDWLRQHW
G«VDFWLYDWLRQGHOಬDODUPHGX
ILOWUH}GXFKDSLWUH
m8WLOLVDWLRQTXRWLGLHQQH}
5HSRUWH]YRXVDX
SDUDJUDSKHm1HWWR\DJHGX
ILOWUH¢JUDLVVH}GHFH
FKDSLWUH
5HSRUWH]YRXVDX
SDUDJUDSKHm1HWWR\DJHGX
ILOWUH¢FKDUERQRX
UHPSODFHPHQWGXILOWUH¢
FKDUERQ}HQIRQFWLRQGX
W\SHGHILOWUH
3RXUU«LQLWLDOLVHUODODUPH
$SSX\H]VXU SHQGDQWVHFRQGHV
)5$1$,6 
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$7,5('(3527(&7,21'(
/(19,5211(0(17
5HF\FOH]OHVPDW«ULDX[SRUWDQWOH
V\PEROH '«SRVH]OHVHPEDOODJHV
GDQVOHVFRQWHQHXUVSU«YXV¢FHWHIIHW
&RQWULEXH]¢ODSURWHFWLRQGH
OHQYLURQQHPHQWHW¢YRWUHV«FXULW«
UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW
«OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV
SRUWDQWOHV\PEROH DYHFOHVRUGXUHV
P«QDJªUHV(PPHQH]XQWHOSURGXLW
GDQVYRWUHFHQWUHORFDOGHUHF\FODJHRX
FRQWDFWH]YRVVHUYLFHVPXQLFLSDX[
ZZZDHJFRP
,1+$/769(5=(,&+1,6
6,&+(5+(,7681',167$//$7,216+,1:(,6( 
*(57(%(6&+5(,%81*
7*/,&+(5*(%5$8&+
5(,1,*81*81'3)/(*(
)53(5)(.7((5*(%1,66(
'DQNHGDVV6LHVLFKI¾UGLHVHV$(*3URGXNWHQWVFKLHGHQKDEHQ:LUKDEHQHV
JHVFKDIIHQGDPLW6LHYLHOH-DKUHYRQVHLQHUDXVJH]HLFKQHWHQ/HLVWXQJXQGGHQ
LQQRYDWLYHQ7HFKQRORJLHQGLH,KQHQGDV/HEHQHUOHLFKWHUQSURILWLHUHQN¸QQHQ(V
LVWPLW)XQNWLRQHQDXVJHVWDWWHWGLHLQJHZ¸KQOLFKHQ*HU¦WHQQLFKWYRUKDQGHQ
VLQG%LWWHQHKPHQ6LHVLFKHLQSDDU0LQXWHQ=HLWXPGDV%HVWHDXVLKP
KHUDXV]XKROHQ
%HVXFKHQ6LHXQVDXIXQVHUHU:HEVLWHXP
$QZHQGXQJVKLQZHLVH3URVSHNWH,QIRUPDWLRQHQ]X)HKOHUEHKHEXQJ6HUYLFH
XQG5HSDUDWXU]XHUKDOWHQ
ZZZDHJFRPVXSSRUW
5HJLVWULHUHQ6LH,KU3URGXNWXPHLQHQHUVWNODVVLJHQ6HUYLFH]XHUKDOWHQ
ZZZUHJLVWHUDHJFRP
8P=XEHK¸U9HUEUDXFKVPDWHULDOXQG2ULJLQDO(UVDW]WHLOHI¾U,KU*HU¦W]X
NDXIHQ
ZZZDHJFRPVKRS
.81'(1',(16781'6(59,&(
9HUZHQGHQ6LHLPPHU2ULJLQDO(UVDW]WHLOH
+DOWHQ6LHIROJHQGH$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(
:$5181*
%H]¾JOLFKGHU6LFKHUKHLWVXQG
,QVWDOODWLRQVKLQZHLVHVLHKHGLHVHSDUDWH
0RQWDJHDQOHLWXQJ/HVHQ6LHYRUGHU
9HUZHQGXQJXQG:DUWXQJGHV*HU¦WV
GDV.DSLWHOPLWGHQ
6LFKHUKHLWVLQIRUPDWLRQHQVRUJI¦OWLJ
GXUFK
'(876&+ 
*(57(%(6&+5(,%81*
EHUEOLFNാ%HGLHQIHOG
1 2 3 4 5 6 7 8 9
(LQ$XV
(UVWH0RWRUJHVFKZLQGLJNHLW
=ZHLWH0RWRUJHVFKZLQGLJNHLW
'ULWWH0RWRUJHVFKZLQGLJNHLW
0D[LPDOH0RWRUJHVFKZLQGLJNHLW
%ULVHQIXQNWLRQ
)LOWHU(ULQQHUXQJVIXQNWLRQ
+REWR+RRG)XQNWLRQ
/DPSH
7*/,&+(5*(%5$8&+
9HUZHQGHQGHU
$E]XJVKDXEH
(QWQHKPHQ6LHGLHHPSIRKOHQH
*HVFKZLQGLJNHLWDXVGHU7DEHOOHXQWHQ
$XIZ¦UPHQYRQ6SHLVHQ.RFKHQLQ7¸SIHQPLW'Hಣ
FNHOQ
.RFKHQLQ7¸SIHQPLW'HFNHOQDXIPHKUHUHQ.RFK]Rಣ
QHQRGHU%UHQQHUQVDQIWHV%UDWHQ
.RFKHQXQG%UDWHQYRQJUR¡HQ6SHLVHPHQJHQRKQH
'HFNHO.RFKHQDXIPHKUHUHQ.RFK]RQHQRGHU%UHQಣ
QHUQ
.RFKHQXQG%UDWHQYRQJUR¡HQ6SHLVHPHQJHQRKQH
'HFNHOKRKH/XIWIHXFKWLJNHLW
(UIULVFKWGLH/XIWLQGHU.¾FKHQDFKGHP.RFKHQEHL
VHKUQLHGULJHU*HU¦XVFKHQWZLFNOXQJ6LHNDQQGXUFK
%HU¾KUHQGHV6\PEROVDNWLYLHUWXQGGHDNWLYLHUWZHUಣ
GHQ'LH)XQNWLRQZLUGQDFK0LQXWHQDXWRPDWLVFK
DXVJHVFKDOWHW1XUQDFKGHP.RFKHQYHUZHQGHQ
(VZLUGHPSIRKOHQGLH
'XQVWDE]XJVKDXEHQDFK
GHP.RFKHQHWZD
0LQXWHQODQJODXIHQ]X
ODVVHQ
'DV%HGLHQIHOGLVWHLQ
6HQVRUIHOG=XP(LQVFKDOWHQ
GHU)XQNWLRQHQEHU¾KUHQ6LH
GLH6\PEROH6HNXQGH
ODQJ
ZZZDHJFRP
%HGLHQHQGHU$E]XJVKDXEH
 =XP(LQVFKDOWHQGHV*HU¦WVGU¾FNHQ
6LHDXIGDV6\PERO
-HW]WN¸QQHQ6LHGLH)XQNWLRQHQ
HLQVFKDOWHQ
 =XP(LQVFKDOWHQGHU)XQNWLRQ
EHU¾KUHQ6LHGDV6\PERO
 %HL%HGDUIGU¾FNHQ6LHGDV
/LFKWV\PERO XPGHQ.RFKEHUHLFK
]XEHOHXFKWHQ
=XP$XVVFKDOWHQGHV*HU¦WVGU¾FNHQ
6LHHUQHXWDXIGDV6\PERO
.RFKIHOGDQ
'XQVWDE]XJVKDXEH)XQNWLRQ
'LHVHDXWRPDWLVFKH)XQNWLRQYHUELQGHW
GDV.RFKIHOGPLWHLQHU
'XQVWDE]XJVKDXEH'DV.RFKIHOGXQG
GLH'XQVWDE]XJVKDXEHNRPPXQL]LHUHQ
PLW+LOIHYRQ,QIUDURWVLJQDOHQ'LH
*HVFKZLQGLJNHLWGHV*HEO¦VHVZLUG
DXWRPDWLVFKHLQJHVWHOOW6LHULFKWHWVLFK
QDFKGHPHLQJHVWHOOWHQ0RGXVXQGGHU
7HPSHUDWXUGHVKHL¡HVWHQ.RFKJHVFKLUUV
DXIGHP.RFKIHOG6LHN¸QQHQGDV
*HEO¦VHDXFKPDQXHOODXIGHP
%HGLHQIHOGGHV.RFKIHOGVHLQVWHOOHQ'LH
)XQNWLRQNDQQYRP%HGLHQIHOGGHV
.RFKIHOGVDNWLYLHUWZHUGHQ
:HLWHUH,QIRUPDWLRQHQ]XU
1XW]XQJGHU)XQNWLRQILQGHQ
6LHLQGHU
*HEUDXFKVDQOHLWXQJGHV
.RFKIHOGV
(LQVFKDOWHQGHU
PD[LPDOHQ
0RWRUJHVFKZLQGLJNHLW
:HQQ6LHGLH7DVWH GU¾FNHQVFKDOWHW
VLFKGLHPD[LPDOH0RWRUJHVFKZLQGLJNHLW
I¾U0LQXWHQHLQ1DFKGLHVHU=HLWNHKUW
GDV*HU¦W]XUYRULJHQ
*HVFKZLQGLJNHLWVHLQVWHOOXQJ]XU¾FN
:HQQGLH)XQNWLRQ
HLQJHVFKDOWHWLVWKDWGLH
HUQHXWH%HU¾KUXQJGHU7DVWH
NHLQH$XVZLUNXQJHQ
(LQXQG$XVVFKDOWHQGHU
)LOWHUEHQDFKULFKWLJXQJ
'HU)LOWHUDODUPHULQQHUW6LHGDUDQGHQ
.RKOHILOWHUDXV]XWDXVFKHQE]Z]X
UHLQLJHQXQGGHQ)HWWILOWHU]XUHLQLJHQ
'LH)LOWHUDQ]HLJH OHXFKWHW
6HNXQGHQURWZHQQGHU)HWWILOWHU
JHUHLQLJWZHUGHQPXVV'LH)LOWHUDQ]HLJH
EOLQNW6HNXQGHQURWZHQQGHU
.RKOHILOWHUDXVJHWDXVFKWRGHUJHUHLQLJW
ZHUGHQPXVV
6LHKH)LOWHUDODUPLP.DSLWHO
5HLQLJXQJXQG3IOHJH
 6FKDOWHQ6LHGDV%HGLHQIHOGHLQ
 6WHOOHQ6LHVLFKHUGDVVGLH6\PEROH
QLFKWOHXFKWHQ
 %HU¾KUHQ6LH]XP(LQRGHU
$XVVFKDOWHQGHU
.RKOHILOWHUEHQDFKULFKWLJXQJ 
6HNXQGHQODQJ
:HQQGLH
.RKOHILOWHUEHQDFKULFKWLJXQJ
HLQJHVFKDOWHWLVWEOLQNWGDV
)LOWHUV\PEROI¾QIPDO URW
:HQQGLH
.RKOHILOWHUEHQDFKULFKWLJXQJ
DXVJHVFKDOWHWLVWEOLQNWGDV
)LOWHUV\PEROGUHLPDO URW
5(,1,*81*81'3)/(*(
5HLQLJHQGHV)HWWILOWHUV
-HGHU)LOWHUPXVVPLQGHVWHQVHLQPDOLP
0RQDWJHUHLQLJWZHUGHQ'LH)LOWHUVLQG
PLW.ODPPHUQXQG6WLIWHQDXIGHU
JHJHQ¾EHUOLHJHQGHQ6HLWHEHIHVWLJW
5HLQLJHQGHV)LOWHUV
 =LHKHQ6LHGHQ*ULIIDP)LOWHUXQWHU
GHU'XQVWDE]XJVKDXEHXQG
'(876&+ 
QHLJHQ6LHGLH)LOWHUYRUGHUVHLWHOHLFKW
QDFKXQWHQ
1
 5HLQLJHQ6LHGLH)LOWHUPLWHLQHP
6FKZDPPXQGQLFKWVFKHXHUQGHP
5HLQLJHURGHULQGHU6S¾OPDVFKLQH
'D]XPXVVGLH
6S¾OPDVFKLQHDXIHLQHQ
NXU]HQ6S¾OJDQJPLW
QLHGULJHU7HPSHUDWXU
HLQJHVWHOOWZHUGHQ$P
)HWWILOWHUN¸QQHQ
9HUI¦UEXQJHQDXIWUHWHQ
GLHVHEHHLQWU¦FKWLJW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
:$5181*
'HU.RKOHILOWHUNDQQQLFKW
JHZDVFKHQZHUGHQ
'HU=HLWSXQNWGHU6¦WWLJXQJGHV
.RKOHILOWHUVYDULLHUWMHQDFK$UWGHV
.RFKHQVXQGGHUUHJHOP¦¡LJHQ
5HLQLJXQJGHV)HWWILOWHUV
$XVWDXVFKHQGHV)LOWHUV
 %DXHQ6LHGLH)HWWILOWHUDXVGHP
*HU¦WDXV
6LHKHಱ5HLQLJHQGHV)HWWILOWHUVಯLQGLHVHP
.DSLWHO
 'U¾FNHQ6LHDXIGLH/DVFKHXQG
QHLJHQ6LHGLH)LOWHUYRUGHUVHLWH
OHLFKW
1
1
 )¾KUHQ6LH]XP(LQEDXGHVQHXHQ
)LOWHUVGLHJOHLFKHQ6FKULWWHLQ
XPJHNHKUWHU5HLKHQIROJHGXUFK
$XIMHGHQ)DOOP¾VVHQGLH)LOWHU
PLQGHVWHQVDOOHYLHU0RQDWH
DXVJHWDXVFKWZHUGHQ
)LOWHUDODUP
6LHKH(LQXQG$XVVFKDOWHQ
GHV)LOWHUDODUPVLP.DSLWHO
7¦JOLFKHU*HEUDXFK
6LHKH5HLQLJHQGHV
)HWWILOWHUVLQGLHVHP.DSLWHO
6LHKH5HLQLJHQGHV
.RKOHILOWHUVRGHU
$XVWDXVFKHQGHV
.RKOHILOWHUVMHQDFK
)LOWHUW\S
=XU¾FNVHW]HQGHV$ODUPV
%HU¾KUHQ6LH 6HNXQGHQODQJ
$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]
ZZZDHJFRP
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&+ 
ΟΔΠΘΒΠΐΤΊΟΠΞΨΌΜ΢ΞΡ
Δξηρθϊξερεξέλίθίυγηοηρςεοέχλ
1 2 3 4 5 6 7 8 9
˃˪ˢˮˠˬ˭ˬ˜ˤ˰ˤʿ˭ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ
ˎˮ˻˱ˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
˂ˢ˺˱ˢˮˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
ˑˮ˜˱ˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
ˊ˚ˠ˦˰˱ˤ˱˞˴˺˱ˤ˱˞˧˦˪ˤ˱˛ˮ˞
ˉˢ˦˱ˬ˲ˮˠ˜˞%UHH]H
˒˭ˢ˪˥˺˩˦˰ˤ˳˜˨˱ˮˬ˲
ˉˢ˦˱ˬ˲ˮˠ˜˞+REWR+RRG
ˉ˞˩˭˱˛ˮ˞˯
ΙΐΗΖΛΔΠΘΜΊΥΠΊΡΖ
Υοάρεςνσ
ίξνοοντεςάοί
˃˨˚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˞˰˜˞
ʿ˪˞˪ˢ˻˪ˢ˦˱ˬ˪˞˚ˮ˞˰˱ˤ˪˧ˬ˲ˣ˜˪˞˩ˢ˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞
˰ˢ˭ˬ˨˺˴˞˩ˤ˨˹ˢ˭˜˭ˢˡˬ˥ˬˮ˺˟ˬ˲ˊ˭ˬˮˢ˜˪˞ˢ˪ˢˮಣ
ˠˬ˭ˬ˦ˤ˥ˢ˜˧˞˦˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜˩ˢ˱ˬ˙ˠˠ˦ˠ˩˞˱ˬ˲
˰˲˩˟˹˨ˬ˲˅˨ˢ˦˱ˬ˲ˮˠ˜˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱˞˦˞˲˱˹˩˞˱˞
˩ˢ˱˙˞˭˹˨ˢ˭˱˙˔ˮˤ˰˦˩ˬ˭ˬ˦˛˰˱ˢ˱ˬ˩˹˪ˬ˩ˢ˱˙˱ˬ
˩˞ˠˢ˜ˮˢ˩˞
˃ˉˉ˅ˋˇˈʿ 
ː˲˪˦˰˱˙˱˞˦˪˞˞˳˛˪ˢ˱ˢ˱ˬ˪
˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜
ˠ˦˞˭ˢˮ˜˭ˬ˲˨ˢ˭˱˙˩ˢ˱˙
˱ˬ˩˞ˠˢ˜ˮˢ˩˞
ˑˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬˢ˜˪˞˦˚˪˞
˭ˢˡ˜ˬ˞˳˛˯ʿˠˠ˜˫˱ˢ˱˞
˰˺˩˟ˬ˨˞ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱ˬ
ˠ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱˦˯
˨ˢ˦˱ˬ˲ˮˠ˜ˢ˯
Βηίλίυγηοηρςγέςγςνλίξνοοντεςάοί
 ˃˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˭˦˚ˣˬ˪˱˞˯
˱ˬ˰˺˩˟ˬ˨ˬ
ˊ˭ˬˮˢ˜˱ˢ˱˻ˮ˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱˦˯
˨ˢ˦˱ˬ˲ˮˠ˜ˢ˯
 ˁ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞
˞ˠˠ˜˫˱ˢ˱ˬ˰˺˩˟ˬ˨ˬ
 ʿ˪˴ˮˢ˦˞˰˱ˢ˜˞ˠˠ˜˫˱ˢ˱ˬ˰˺˩˟ˬ˨ˬ
˳˶˱˦˰˩ˬ˺ ˠ˦˞˪˞˳˶˱˜˰ˢ˱ˢ˱ˤ˪
ˢ˭˦˳˙˪ˢ˦˞˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯
ˁ˦˞˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛
˭˦˚˰˱ˢ˭˙˨˦˱ˬ˰˺˩˟ˬ˨ˬ
Κγηςνσοαέί+REWR+RRG
˃˜˪˞˦˩˦˞˞˲˱˹˩˞˱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˰˱˦˻˪
Δλγοανξνέερεςεπ
ΛΫαηρςεπ΢ίυϋςεςίπ
Ιηλεςάοί
ʻ˱˞˪˭˦˚ˣˢ˱ˢ˱ˬ˧ˬ˲˩˭˜ ˫ˢ˧˦˪˙ˢ˦˪˞
˨ˢ˦˱ˬ˲ˮˠˢ˜ˤˊ˚ˠ˦˰˱ˤˑ˞˴˺˱ˤ˱˞ˈ˦˪ˤ˱˛ˮ˞
ˠ˦˞˨ˢ˭˱˙ˊˢ˱˙˞˭˹˞˲˱˹˱ˬˡ˦˙˰˱ˤ˩˞
ˤ˰˲˰˧ˢ˲˛ˢ˭˦˰˱ˮ˚˳ˢ˦˰˱˦˯˭ˮˬˤˠˬ˺˩ˢ˪ˢ˯
ˮ˲˥˩˜˰ˢ˦˯˱˞˴˺˱ˤ˱˞˯
ʻ˱˞˪ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˢ˜˪˞˦
ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ˱ˬˢ˭˦˭˨˚ˬ˪
˙ˠˠ˦ˠ˩˞˱ˬ˲˧ˬ˲˩˭˦ˬ˺ ˡˢ˪
˚˴ˢ˦˞˭ˬ˱˚˨ˢ˰˩˞
Δλγοανξνέερεθίη
ίξγλγοανξνέερεςεπ
γηβνξνέερεπτέιςονσ
ˍ˰˲˪˞ˠˢˮ˩˹˯˳˜˨˱ˮˬ˲˰˞˯˲˭ˢ˪˥˲˩˜ˣˢ˦
˪˞˞˨˨˙˫ˢ˱ˢ˛˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˙˪˥ˮ˞˧˞˧˞˦˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ
˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ˳˜˨˱ˮˬ˲ ˞˪˙˟ˢ˦
˧˹˧˧˦˪ˬˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪
˭ˮ˚˭ˢ˦˪˞˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯˅
˚˪ˡˢ˦˫ˤ˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦
˧˹˧˧˦˪ˬˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪
˭ˮ˚˭ˢ˦˪˞˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˛˪˞˧˞˥˞ˮ˦˰˱ˢ˜
˱ˬ˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˬ˪˰˲˪˞ˠˢˮ˩˹
˳˜˨˱ˮˬ˲˰˱ˬ˧ˢ˳˙˨˞˦ˬ
˳ˮˬ˪˱˜ˡ˞˧˞˦˧˞˥˙ˮ˦˰˩˞
 ˃˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ
 ˀˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˱˞ˢ˦˧ˬ˪˜ˡ˦˞ˢ˜˪˞˦
˰˟ˤ˰˱˙
 ˁ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˛˪˞
˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˪ˢ˦ˡˬ˭ˬ˜ˤ˰ˤ
˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞˞ˠˠ˜˫˱ˢ˱ˬ ˠ˦˞
ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
ʿ˪ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ
ˢ˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˱ˬˢ˦˧ˬ˪˜ˡ˦ˬ
˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦
˧˹˧˧˦˪ˬ˭˚˪˱ˢ˳ˬˮ˚˯
ʿ˪˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ
ˢ˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˱ˬˢ˦˧ˬ˪˜ˡ˦ˬ
˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦
˧˹˧˧˦˪ˬ˱ˮˢ˦˯˳ˬˮ˚˯
ZZZDHJFRP
ΤΠΞΜ΢΋ΓΐΙΐΘΙΐΗ·ΠΘΡΛΐ
Ιίζίοηρκϊπςνστέιςονσ
ιέξνσπ
ˑˬ˧˙˥ˢ˳˜˨˱ˮˬ˭ˮ˚˭ˢ˦˪˞˧˞˥˞ˮ˜ˣˢ˱˞˦
˱ˬ˲˨˙˴˦˰˱ˬ˪˩˜˞˳ˬˮ˙˱ˬ˪˩˛˪˞ˑ˞
˳˜˨˱ˮ˞ˢ˜˪˞˦˱ˬ˭ˬ˥ˢ˱ˤ˩˚˪˞˩ˢ˱ˤ˴ˮ˛˰ˤ
˧˨˦˭˧˞˦˭ˢ˜ˮ˶˪˰˱ˤ˪˞˪˱˜˥ˢ˱ˤ˭˨ˢ˲ˮ˙
Βηίλίθίζίοέργςγςντέιςον
 ˑˮ˞˟˛˫˱ˢ˱ˤ˨˞˟˛˰˱ˬ˳˜˨˱ˮˬ˧˙˱˶
˞˭˹˱ˬ˪˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˧˞˦
ˠˢ˜ˮˢ˱ˢˢ˨˞˳ˮ˻˯˭ˮˬ˯˱˞˧˙˱˶˱ˬ
˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯˱ˬ˲˳˜˨˱ˮˬ˲
1
 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
ΐλςηθίςΪρςίρεςνσ
τέιςονσΪλζοίθί
ΟΠΞΔΘΓΞΟΞΘΖΡΖ
ˑˬ˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞ˢ˜˪˞˦˩ˤ
˭˨ˢ˪˹˩ˢ˪ˬ
ˍ˴ˮ˹˪ˬ˯˧ˬˮˢ˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞ˡ˦˞˳˚ˮˢ˦˞˪˙˨ˬˠ˞˩ˢ˱ˬ˪˱˺˭ˬ
˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˧˞˦˱ˤ˰˲˴˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲˨˜˭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
 ˭˦˚˰˱ˢ˱ˤˠ˨˶˱˱˜ˡ˞˧˞˦ˠˢ˜ˮˢ˱ˢ
ˢ˨˞˳ˮ˻˯˱ˬ˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯˱ˬ˲
˳˜˨˱ˮˬ˲
1
1
 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˯
Ρσλίαγοκϊπτέιςονσ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪
ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˧˞˦
˞˭ˢ˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˱ˬ˲
˰˲˪˞ˠˢˮ˩ˬ˺˳˜˨˱ˮˬ˲˰˱ˬ
˧ˢ˳˙˨˞˦ˬ˧˞˥ˤ˩ˢˮ˦˪˛˴ˮ˛˰ˤ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩˹˯˱ˬ˲˳˜˨˱ˮˬ˲
˨˜˭ˬ˲˯˰ˢ˞˲˱˹˱ˬ˧ˢ˳˙˨˞˦ˬ
ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞
˧˞˥˞ˮ˦˰˩˹˯˱ˬ˲˳˜˨˱ˮˬ˲
˙˪˥ˮ˞˧˞˛˞˪˱˦˧˞˱˙˰˱˞˰ˤ
˱ˬ˲˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞
ˢ˫˞ˮ˱˙˱˞˦˞˭˹˱ˬ˪˱˺˭ˬ˱ˬ˲
˳˜˨˱ˮˬ˲
ΒηίλίγξίλίτνοΪςεπγηβνξνέερεπ
ʿˠˠ˜˫˱ˢ˱ˬ˧ˬ˲˩˭˜ ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞
˃ˉˉ˅ˋˇˈʿ 
ΐλςηθίςΪρςίρεςνσ
ιίκξςάοί
˅˰˲˰˧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˦˞}
ΟΔΠΘΑΐΚΚΞΜ΢ΘΙΐΗΔΛΐ΢ΐ
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DHJFRP
7$57$/20
%,=7216*,78'1,9$/.6=(0%(+(/<(=6
7(50./(56 
1$3,+$6=1/$7
32/667,6=776
$7./(7(69*(5('01<5'(.%(1
.¸V]¸QM¾NKRJ\H]WD]$(*N«V]¾O«NHWY£ODV]WRWWD7HUP«N¾QNJ\£UW£VDNRUHJ\
RO\DQEHUHQGH]«VWN¯Y£QWXQNPHJDONRWQLD]QV]£P£UDDPHO\NLIRJ£VWDODQ
WHOMHV¯WP«Q\WQ\¼MWKRVV]¼«YHNHQNHUHV]W¾ON¸V]¸QKHWēHQD]DONDOPD]RWW
LQQRYDW¯YWHFKQROµJL£NQDNDPHO\HND]«OHW«WMHOHQWēVHQPHJN¸QQ\¯WLNದ«V
DPHO\HNHWP£VN«V]¾O«NHNHQQHPWDO£OPHJ.«UM¾NV]£QMRQQ«K£Q\SHUFHWD]
¼WPXWDWµY«JLJROYDV£V£UDKRJ\DPD[LPXPRWKR]KDVVDNLN«V]¾O«N«EēO
/£WRJDVVRQHOZHEROGDOXQNUDD]DO£EELDN«UW
+DV]Q£ODWWDONDSFVRODWRVWDQ£FVRNSURVSHNWXVRNKLEDHOK£U¯W£VLV]HUYL]«V
MDY¯W£VLLQIRUP£FLµNN«U«VH
ZZZDHJFRPVXSSRUW
5HJLV]WU£OMDWHUP«N«WDP«JNLY£OµEEV]ROJ£OWDW£VRN«UW
ZZZUHJLVWHUDHJFRP
7DUWR]«NRNVHJ«GDQ\DJRN«VHUHGHWLDONDWU«V]HNY£V£UO£VDDN«V]¾O«NKH]
ZZZDHJFRPVKRS
*<)/6=2/*/$766=(59,=
0LQGLJHUHGHWLFVHUHDONDWU«V]HNHWKDV]Q£OMRQ
$PLNRUIHOYHV]LDNDSFVRODWRWDKLYDWDORVV]HUYL]N¸]SRQWWDOJRQGRVNRGMRQDUUµO
KRJ\DN¸YHWNH]ēDGDWRNN«]Q«OOHJ\HQHN7¯SXV31&WHUP«NV]£P
VRUR]DWV]£P
$]LQIRUP£FLµND]DGDWW£EO£QWDO£OKDWµN
)LJ\HOHP9LJ\£]DWದ%L]WRQV£JLLQIRUP£FLµN
OWDO£QRVLQIRUP£FLµN«VWDQ£FVRN
.¸UQ\H]HWY«GHOPLLQIRUP£FLµN
$Y£OWR]WDW£VRNMRJ£WIHQQWDUWMXN
%,=7216*,78'1,9$/.6=(0%(
+(/<(=6
),*<(/0(=7(76
$EL]WRQV£JL«V¾]HPEHKHO\H]«VL
WXGQLYDOµN«UWROYDVVDHODN¾O¸QPHOO«NHOW
]HPEHKHO\H]«VL¼WPXWDWµW$N«V]¾O«N
E£UPHO\KDV]Q£ODWDYDJ\NDUEDQWDUW£VD
HOēWWDODSRVDQROYDVVDHODEL]WRQV£JUD
YRQDWNR]µIHMH]HWHNHW
0$*<$5 
7(50./(56
$NH]HOēSDQHO£WWHNLQW«VH
1 2 3 4 5 6 7 8 9
%H.L
(OVēPRWRUVHEHVV«J
0£VRGLNPRWRUVHEHVV«J
+DUPDGLNPRWRUVHEHVV«J
0D[LP£OLVPRWRUVHEHVV«J
6]HOOēIXQNFLµ
$V]ijUēWLV]W¯W£V£UDYRQDWNR]µ
HPO«NH]WHWē
)ē]ēODSDS£UDHOV]¯YµKR]IXQNFLµ
/£PSD
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«Q\HNಣ
NHON¯P«OēV¾W«V]VLUDG«NEDQ
)RUUDO£V«VQDJ\PHQQ\LV«Jij«WHOV¾W«VH]VLUDG«Nಣ
EDQIHGēQ«ON¾OIē]«VW¸EEIē]ē]µQ£QYDJ\«JēQ
)RUUDO£V«VQDJ\PHQQ\LV«Jij«WHOV¾W«VH]VLUDG«Nಣ
EDQIHGēQ«ON¾OPDJDVS£UDWDUWDORP
$ODFVRQ\]DMV]LQWPHOOHWWIē]«VWN¸YHWēHQIHOIULVV¯WLD
NRQ\KDOHYHJēM«W$V]LPEµOXPPHJ«ULQW«V«YHOEH
«VNLNDSFVROKDWµ$IXQNFLµSHUFHOWHOW«YHODXWRಣ
PDWLNXVDQNLNDSFVRO&VDNDIē]«VEHIHMH]«VHXW£Q
KDV]Q£OMD
$Iē]«VXW£QMDYDVROWD
S£UDHOV]¯YµWWRY£EELNE
SHUFLJPijN¸GQLKDJ\QL
$NH]HOēSDQHO
«U]«NHOēPH]ēNEēO£OO$
IXQNFLµNEHNDSFVRO£V£KR]
«ULQWVHPHJP£VRGSHUFUH
DV]LPEµOXPRNDW
$S£UDHOV]¯Yµ¾]HPHOWHW«VH
ZZZDHJFRP
 .DSFVROMDEHDN«V]¾O«NHWD
V]LPEµOXPPHJQ\RP£V£YDO
(NNRUEHNDSFVROKDWMDDIXQNFLµNDW
 $IXQNFLµEHNDSFVRO£V£KR]«ULQWVH
PHJDV]LPEµOXPRW
 +DV]¾NV«JHVDIē]ēIHO¾OHW
PHJYLO£J¯W£V£KR]«ULQWVHPHJD
YLO£J¯W£VV]LPEµOXPRW
$N«V]¾O«NNLNDSFVRO£V£KR]Q\RPMDPHJ
LVP«WD V]LPEµOXPRW
)ē]ēODSDS£UDHOV]¯YµKR]
IXQNFLµ
(]HJ\DXWRPDWLNXVIXQNFLµPHO\D
Iē]ēODSRW¸VV]HNDSFVROMDD
S£UDHOV]¯YµYDO$Iē]ēODS«VD
S£UDHOV]¯YµLVLQIUDY¸U¸VMHOHNNHO
NRPPXQLN£O$YHQWLO£WRUVHEHVV«J«WD
N«V]¾O«NDXWRPDWLNXVDQKDW£UR]]DPHJ
DEH£OO¯WRWW¾]HPPµG«VDIē]ēODSRQOHYē
OHJPHOHJHEEIē]ēHG«Q\DODSM£Q$
YHQWLO£WRUN«]]HOLVLU£Q\¯WKDWµD
Iē]ēODSUµO$IXQNFLµDIē]ēODS
NH]HOēSDQHOM«UēONDSFVROKDWµEH
$IXQNFLµKDV]Q£ODW£UD
YRQDWNR]µWRY£EEL
W£M«NR]WDW£V«UWODSR]]DIHOD
Iē]ēODSKDV]Q£ODWL
XWDV¯W£V£W
0D[LP£OLVPRWRUVHEHVV«J
EHNDSFVRO£VD
+DPHJQ\RPMDD JRPERWD
PD[LP£OLVPRWRUVHEHVV«JSHUFLJ
PijN¸GLN$]LGēOHWHOWHXW£QDN«V]¾O«N
YLVV]DW«UD]HOē]ēVHEHVV«J
EH£OO¯W£VKR]
$PLNRUDIXQNFLµEHYDQ
NDSFVROYDD JRPE
WRY£EELPHJ«ULQW«VHQLQFV
VHPPLO\HQKDW£VVDO
$V]ƲUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VEH«V
NLNDSFVRO£VD
$V]ijUēUHYRQDWNR]µILJ\HOPH]WHW«V
HPO«NH]WHWDV]«QV]ijUēFVHU«M«QHNYDJ\
WLV]W¯W£V£QDNYDODPLQWD]V¯UV]ijUē
WLV]W¯W£V£QDNHVHG«NHVV«J«UH$
V]ijUēYLVV]DMHO]ēYLO£J¯WDQLNH]G
P£VRGSHUFLJ«VSLURVV]¯QQHOKDD
]V¯UV]ijUēWLV]W¯W£VDV]¾NV«JHV$
V]ijUēYLVV]DMHO]ēYLOORJP£VRGSHUFLJ
«VSLURVV]¯QQHOKDDV]«QV]ijUē
FVHU«MHYDJ\WLV]W¯W£VDV]¾NV«JHV
2OYDVVDHOD]ಱSRO£V«V
WLV]W¯W£VರFIHMH]HWV]ijUēUH
YRQDWNR]µILJ\HOPH]WHW«VVHO
NDSFVRODWRVV]DNDV]£W
 .DSFVROMDEHDNH]HOēSDQHOHQ
 (OOHQēUL]]HKRJ\D]LNRQRN
NLDOV]DQDNH
 $V]«QV]ijUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VEHYDJ\
NLNDSFVRO£V£KR]«ULQWVHPHJ
P£VRGSHUFLJD JRPERW
+DDV]«QV]ijUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VEHYDQ
NDSFVROYDDV]ijUēLNRQ 
DONDORPPDOIHOYLOODQ«V
SLURVV]¯QQHO
+DDV]«QV]ijUēUHYRQDWNR]µ
ILJ\HOPH]WHW«VNLYDQ
NDSFVROYDDV]ijUēLNRQ 
DONDORPPDOIHOYLOODQ«V
SLURVV]¯QQHO
32/667,6=776
$]V¯UV]ƲUēWLV]W¯W£VD
0LQGHJ\LNV]ijUēWOHJDO£EEKDYRQWD
HJ\V]HUPHJNHOOWLV]W¯WDQL$V]ijUēNHWD]
HOOHQNH]ēROGDORQNDSFVRN«VS£OF£N
WDUWM£NDKHO\¾N¸Q
$V]ƲUēWLV]W¯W£VD
 +¼]]DPHJDS£UDHOV]¯YµDOM£QOHYē
V]ijUēSDQHOHQWDO£OKDWµIRJDQW\¼W
0$*<$5 
PDMGHQ\K«QELOOHQWVHOHDV]ijUē
HOHM«W
1
 7LV]W¯WVDPHJDV]ijUēNHWHJ\
V]LYDFFVDO«VQHPV¼UROµ
WLV]W¯WµV]HUUHOYDJ\KDV]Q£OMRQ
PRVRJDWµJ«SHW
$PRVRJDWµJ«SHQDODFVRQ\
KēP«UV«NOHWHW«VU¸YLG
FLNOXVW£OO¯WVRQEH$
]V¯UV]ijUēHOV]¯QH]ēGKHW
D]RQEDQH]QHP
EHIRO\£VROMDDN«V]¾O«N
WHOMHV¯WP«Q\«W
 $V]ijUēNYLVV]DV]HUHO«V«KH]IRUG¯WRWW
VRUUHQGEHQY«JH]]HHOD]HOVēN«W
O«S«VW
$PHQQ\LEHQV]¾NV«JHVLVP«WHOMHPHJD
O«S«VHNHWD]¸VV]HVV]ijUēQ«O
$V]«QV]ƲUēFVHU«MH
),*<(/0(=7(76
$V]«QV]ijUēQHPPRVKDWµ
$V]«QV]ijUēWHO¯WēG«V«QHNLGēWDUWDPDD
Iē]«VPµGM£WµO«VD]V¯UV]ijUē
WLV]W¯W£V£QDNJ\DNRULV£J£WµOI¾JJ
$V]ijUēFVHU«MH
 7£YRO¯WVDHOD]V¯UV]ijUēNHWD
N«V]¾O«NEēO
/£VGಱ$]V¯UV]ijUēWLV]W¯W£VDರFV]DNDV]W
DMHOHQIHMH]HWEHQ
 Q\RPMDPHJDI¾OHWPDMGHQ\K«Q
ELOOHQWVHOHDV]ijUēHOHM«W
1
1
 $]¼MV]ijUēEHV]HUHO«V«KH]IRUG¯WRWW
VRUUHQGEHQY«JH]]HHOXJ\DQH]HNHW
DO«S«VHNHW
$V]ijUēNFVHU«MHPLQGHQHVHWEHQ
OHJDO£EEQ«J\KDYRQWDV]¾NV«JHV
6]ƲUēUHYRQDWNR]µ
ILJ\HOPH]WHW«V
2OYDVVDHOD1DSLKDV]Q£ODW
FIHMH]HWEHQDV]ijUēUH
YRQDWNR]µILJ\HOPH]WHW«V
EH«VNLNDSFVRO£V£UD
YRQDWNR]µV]DNDV]£W
/£VGD]V¯UV]ijUēWLV]W¯W£V£UD
YRQDWNR]µV]DNDV]WDMHOHQ
IHMH]HWEHQ
2OYDVVDHODV]«QV]ijUē
WLV]W¯W£V£UDYDJ\FVHU«M«UH
YRQDWNR]µV]DNDV]WDV]ijUē
W¯SXV£WµOI¾JJēHQ
$ILJ\HOPH]WHW«VNLNDSFVRO£VD
ULQWVHPHJP£VRGSHUFUHD
JRPERW
$V¾WēO£PSDFVHU«MH
$N«V]¾O«N/('O£PS£YDOUHQGHONH]LN
(]WD]DONDWU«V]WNL]£UµODJV]DNHPEHU
FVHU«OKHWLNL+LE£VPijN¸G«VHVHW«Q
ROYDVVDHODಱ6]HUYL]ರF¯PijV]DNDV]WD
ಱ%L]WRQV£JLXWDV¯W£VRNರFIHMH]HWEHQ
.51<(=(79'(/0,78'1,9$/.
$ N¸YHWNH]ēMHO]«VVHOHOO£WRWW
DQ\DJRNDWKDV]QRV¯WVD¼MUD
MUDKDV]QRV¯W£VKR]WHJ\HDPHJIHOHOē
NRQW«QHUHNEHDFVRPDJRO£VW-£UXOMRQ
KR]]£N¸UQ\H]HW¾QN«VHJ«V]V«J¾QN
Y«GHOP«KH]«VKDV]QRV¯WVD¼MUDD]
HOHNWURPRV«VHOHNWURQLNXVKXOODG«NRW$
ZZZDHJFRP
WLOWµV]LPEµOXPPDOHOO£WRWWN«V]¾O«NHW
QHGREMDDK£]WDUW£VLKXOODG«NN¸]«
-XWWDVVDHODN«V]¾O«NHWDKHO\L
¼MUDKDV]QRV¯WµWHOHSUHYDJ\O«SMHQ
NDSFVRODWEDDKXOODG«NNH]HO«V«UWIHOHOēV
KLYDWDOODO
0$*<$5 
,1',&(
,1)250$=,21,68//$6,&85(==$(/ಬ,167$//$=,21(
'(6&5,=,21('(/352'2772
87,/,==24827,',$12 
38/,=,$(&85$
3(55,68/7$7,3(5)(77,
*UD]LHSHUDYHUVFHOWRGLDFTXLVWDUHTXHVWRSURGRWWR$(*/RDEELDPRFUHDWRSHU
IRUQLUYLSUHVWD]LRQLLPSHFFDELOLSHUPROWLDQQLJUD]LHDWHFQRORJLHLQQRYDWLYHFKH
YLVHPSOLILFKHUDQQRODYLWDIXQ]LRQLFKHQRQWURYHUHWHVXOOHQRUPDOL
DSSDUHFFKLDWXUH9LLQYLWLDPRGLGHGLFDUHTXDOFKHPLQXWRDOODOHWWXUDSHUVDSHUH
FRPHWUDUUHLOPDVVLPRGDOYRVWURHOHWWURGRPHVWLFR
9LVLWDWHLOQRVWURVLWRZHESHU
5LFHYHUHFRQVLJOLVFDULFDUHLQRVWULRSXVFROLHOLPLQDUHHYHQWXDOLDQRPDOLH
RWWHQHUHLQIRUPD]LRQLVXOODVVLVWHQ]DHODULSDUD]LRQH
ZZZDHJFRPVXSSRUW
3HUUHJLVWUDUHLOYRVWURSURGRWWRHULFHYHUHXQVHUYL]LRPLJOLRUH
ZZZUHJLVWHUDHJFRP
$FTXLVWDUHDFFHVVRULPDWHULDOLGLFRQVXPRHULFDPELRULJLQDOLSHUODYRVWUD
DSSDUHFFKLDWXUD
ZZZDHJFRPVKRS
$66,67(1=$&/,(17,($66,67(1=$7(&1,&$
&RQVLJOLDPRVHPSUHOಬLPSLHJRGLULFDPELRULJLQDOL
4XDQGRVLFRQWDWWDLOQRVWUR&HQWURGL$VVLVWHQ]D$XWRUL]]DWRDFFHUWDUVLGLDYHUH
DGLVSRVL]LRQHLGDWLVHJXHQWL0RGHOORQXPHURGHOOಬDSSDUHFFKLR31&QXPHUR
GLVHULH
/HLQIRUPD]LRQLVRQRULSRUWDWHVXOODWDUJKHWWDLGHQWLILFDWLYD
$YYHUWHQ]D$WWHQ]LRQH,PSRUWDQWL,QIRUPD]LRQLSHUODVLFXUH]]D
,QIRUPD]LRQLJHQHUDOLHVXJJHULPHQWL
,QIRUPD]LRQLDPELHQWDOL
&RQULVHUYDGLPRGLILFKH
,1)250$=,21,68//$6,&85(==$(
/ൄ,167$//$=,21(
$99(57(1=$
3HUOHLQIRUPD]LRQLVXOODVLFXUH]]DH
OLQVWDOOD]LRQHIDUHULIHULPHQWRDOOH
LVWUX]LRQLGLLQVWDOOD]LRQHVHSDUDWH
/HJJHUHDWWHQWDPHQWHLFDSLWROLVXOOD
VLFXUH]]DSULPDGLTXDOVLDVLXWLOL]]RR
PDQXWHQ]LRQHGHOODSSDUHFFKLR
ZZZDHJFRP
'(6&5,=,21('(/352'2772
3DQRUDPLFDGHOSDQQHOORGLFRQWUROOR
1 2 3 4 5 6 7 8 9
$FFHVR6SHQWR
3ULPDYHORFLW¢PRWRUH
6HFRQGDYHORFLW¢PRWRUH
7HU]DYHORFLW¢PRWRUH
9HORFLW¢PDVVLPDPRWRUH
)XQ]LRQHಯ%UHH]Hರ
3URPHPRULDILOWUR
)XQ]LRQHGDSLDQRGLFRWWXUDDFDSSD
/DPSDGLQD
87,/,==24827,',$12
8VRGHOODFDSSD
&RQWUROODUHODYHORFLW¢FRQVLJOLDWDLQEDVH
DOODVHJXHQWHWDEHOOD
'XUDQWHLOULVFDOGDPHQWRGHOFLERFXFLQDUHFRQSHQಣ
WROHFRSHUWH
0HQWUHVLFXRFHFRQSHQWROHFRSHUWHVXSL»]RQHGL
FRWWXUDREUXFLDWRULIULJJHUHGHOLFDWDPHQWH
0HQWUHYHQJRQREROOLWHRIULWWHJUDQGLTXDQWLW¢GLFLER
VHQ]DFRSHUFKLRFXRFHQGRVXSL»]RQHGLFRWWXUDR
EUXFLDWRUL
0HQWUHYHQJRQREROOLWHJUDQGLTXDQWLW¢GLFLERVHQ]D
XQFRSHUFKLRHOHYDWDXPLGLW¢
5LQIUHVFDOಬDULDLQFXFLQDGRSRODFRWWXUDDXQOLYHOOR
GLUXPRURVLW¢PROWREDVVR3X´HVVHUHDWWLYDWDHGLಣ
VDWWLYDWDWRFFDQGRLOVLPEROR/DIXQ]LRQHVLGLVDWWLYD
DXWRPDWLFDPHQWHGRSRPLQXWL8WLOL]]DUHVRORGRಣ
SRODFRWWXUD
6LFRQVLJOLDGLODVFLDUHOD
FDSSDLQIXQ]LRQHSHUFLUFD
PLQXWLGRSRODFRWWXUD
,OSDQQHOORGLFRQWUROORªXQ
FDPSRVHQVRUH7RFFDUHL
VLPEROLSHUVHFRQGRSHU
DWWLYDUHOHIXQ]LRQL
3HUIDUIXQ]LRQDUHODFDSSD
,7$/,$12 
 $FFHQGHUHOಬDSSDUHFFKLDWXUD
SUHPHQGRLOVLPEROR
RUDSRVVLELOHDWWLYDUHOHIXQ]LRQL
 3HUDWWLYDUHODIXQ]LRQHWRFFDUHLO
VLPEROR
 6HQHFHVVDULRWRFFDUHLOVLPEROR
VSLD SHULOOXPLQDUHODVXSHUILFLHGL
FRWWXUD
3HUVSHJQHUHOಬDSSDUHFFKLDWXUDSUHPHUH
QXRYDPHQWHLOVLPEROR
)XQ]LRQHGDSLDQRGL
FRWWXUDDFDSSD
XQDIXQ]LRQHDXWRPDWLFDFKHFROOHJDLO
SLDQRGLFRWWXUDDXQDFDSSD6LDLOSLDQR
GLFRWWXUDFKHODFDSSDGLVSRQJRQRGLXQ
FRPXQLFDWRUHGLVHJQDOHDLQIUDURVVL/D
YHORFLW¢GHOODYHQWRODYLHQHGHILQLWD
DXWRPDWLFDPHQWHVXOODEDVHGHOOH
LPSRVWD]LRQLGHOODPRGDOLW¢HGHOOD
WHPSHUDWXUDGHOODSHQWRODSL»FDOGDVXO
SLDQRGLFRWWXUDDQFKHSRVVLELOH
PHWWHUHLQIXQ]LRQHODYHQWRODXVDQGRLO
SLDQRGLFRWWXUDPDQXDOPHQWH/D
IXQ]LRQHSX´HVVHUHDWWLYDWDGDOSDQQHOOR
GHOSLDQRGLFRWWXUD
3HUXOWHULRULLQIRUPD]LRQLVX
FRPHXWLOL]]DUHODIXQ]LRQH
FRQVXOWDUHLOPDQXDOHXWHQWH
GHOSLDQRGLFRWWXUD
$WWLYD]LRQHPRWRUH
YHORFLW¢PDVVLPD
4XDQGRYLHQHSUHPXWRLOWDVWR OD
YHORFLW¢PDVVLPDGHOPRWRUHLQL]LDD
IXQ]LRQDUHSHUPLQXWL
6XFFHVVLYDPHQWHODSSDUHFFKLDWXUDWRUQD
DOOLPSRVWD]LRQHGLYHORFLW¢SUHFHGHQWH
4XDQGRODIXQ]LRQHªDWWLYD
XQXOWHULRUHVILRUDPHQWRGHO
SXOVDQWH QRQFRPSRUWD
QHVVXQHIIHWWR
$WWLYD]LRQHH
GLVDWWLYD]LRQHGHOODQRWLILFD
ILOWUR
/DOODUPHILOWURULFRUGDGLFDPELDUHR
SXOLUHLOILOWURFDUERQHHSXOLUHLOILOWUR
DQWLJUDVVR/LQGLFDWRUHILOWUR VL
DFFHQGHURVVRSHUVHFRQGLVHª
QHFHVVDULRSXOLUHLOILOWURDQWLJUDVVR
/LQGLFDWRUHGHOILOWUR ODPSHJJLD
URVVRSHUVHFRQGLVHLOILOWURFDUERQH
GHYHHVVHUHVRVWLWXLWRRSXOLWR
5LPDQGLDPRDOODOODUPHGHO
ILOWURQHOFDSLWRORGHGLFDWR
DOODSXOL]LDHDOODFXUD
 $FFHQGHUHLOSDQQHOORGHLFRPDQGL
 9HULILFDUHFKHOHLFRQHVLDQRVSHQWH
 3HUDWWLYDUHRGLVDWWLYDUHODQRWLILFD
ILOWURFDUERQHVILRUDUHSUHPHUH
SHUVHFRQGL
6HODQRWLILFDGHOILOWUR
FDUERQHªDWWLYDWDOLFRQD
ILOWUR ODPSHJJLDURVVR
FLQTXHYROWH
6HODQRWLILFDGHOILOWUR
FDUERQHªGLVDWWLYDWDOLFRQD
ILOWUR ODPSHJJLDURVVR
WUHYROWH
38/,=,$(&85$
3XOL]LDGHOILOWUR
DQWLJUDVVR
2JQLILOWURGHYHHVVHUHSXOLWRDOPHQRXQD
YROWDDOPHVH,ILOWULVRQRPRQWDWLFRQ
OXVRGLFOLSHSHUQLVXOODWRRSSRVWR
3HUSXOLUHLOILOWUR
 7LUDUHOಬLPSXJQDWXUDVXOILOWURVRWWR
DOODFDSSDHLQFOLQDUH
OHJJHUPHQWHODSDUWHDQWHULRUHGHO
ILOWURYHUVRLOEDVVR
ZZZDHJFRP
1
 3XOLUHLILOWULFRQXQDVSXJQDFRQ
GHWHUJHQWLQRQDEUDVLYLRLQ
ODYDVWRYLJOLH
/DODYDVWRYLJOLHGHYHHVVHUH
LPSRVWDWDVXXQD
WHPSHUDWXUDEDVVDHXQFLFOR
EUHYH,OILOWURDQWLJUDVVR
SRWUHEEHVFRORULUHQRQ
LQIOXLVFHLQDOFXQPRGRVXOOH
SUHVWD]LRQL
GHOODSSDUHFFKLDWXUD
 3HUPRQWDUHLILOWULHVHJXLUHLSULPL
GXHSDVVDJJLQHOOಬRUGLQHLQYHUVR
5LSHWHUHLSDVVDJJLSHUWXWWLLILOWULRYH
DSSOLFDELOH
6RVWLWX]LRQHGHOILOWURDO
FDUERQHDWWLYR
$99(57(1=$
,OILOWURDOFDUERQHDWWLYRQRQ
ªODYDELOH
,OWHPSRGLVDWXUD]LRQHGHOILOWURDO
FDUERQHDWWLYRYDULDDVHFRQGDGHOWLSRGL
FRWWXUDHGHOODUHJRODULW¢GLSXOL]LDGHO
ILOWURDQWLJUDVVR
3HUVRVWLWXLUHLOILOWUR
 5LPXRYHUHLILOWULDQWLJUDVVR
GDOODSSDUHFFKLDWXUD
5LPDQGLDPRDOODVH]LRQH3XOL]LDGHO
ILOWURDQWLJUDVVRLQTXHVWRFDSLWROR
 SUHPHUHODOHWWDHLQFOLQDUH
OHJJHUPHQWHODSDUWHDQWHULRUHGHO
ILOWUR
1
1
 3HULQVWDOODUHXQQXRYRILOWUR
HVHJXLUHJOLVWHVVLSDVVDJJL
QHOORUGLQHLQYHUVR
,QRJQLFDVRªQHFHVVDULRVRVWLWXLUHLILOWUL
DOPHQRRJQLTXDWWURPHVL
$OODUPHILOWUR
5LPDQGLDPRDOODWWLYD]LRQHH
DOODGLVDWWLYD]LRQH
GHOODOODUPHILOWURQHOFDSLWROR
XVRTXRWLGLDQR
5LPDQGLDPRDOODVH]LRQH
3XOL]LDGHOILOWURDQWLJUDVVR
LQTXHVWRFDSLWROR
)DUHULIHULPHQWRDOODSXOL]LD
GHOILOWURDOFDUERQHRDOOD
VRVWLWX]LRQHGHOILOWURDO
FDUERQHDWWLYRGLSHQGHGDO
WLSRGLILOWUR
3HUUHVHWWDUHODOODUPH
6ILRUDUHLOWDVWR SHUVHFRQGL
6RVWLWX]LRQHGHOOD
ODPSDGLQD
/DSSDUHFFKLDWXUDªSURYYLVWDGLXQD
ODPSDGLQD/('4XHVWDFRPSRQHQWH
SX´HVVHUHVRVWLWXLWDXQLFDPHQWHGDXQ
WHFQLFR,QFDVRGLDQRPDOLHGL
IXQ]LRQDPHQWRULPDQGLDPRD
$VVLVWHQ]DQHOFDSLWRORGHGLFDWRDOOH
,VWUX]LRQLGLVLFXUH]]D
&216,'(5$=,21,68//$0%,(17(
5LFLFODUHLPDWHULDOLFRQLOVLPEROR 
%XWWDUHOLPEDOODJJLRQHJOLDSSRVLWL
FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD
SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQD
HDULFLFODUHULILXWLGHULYDQWLGD
,7$/,$12 
DSSDUHFFKLDWXUHHOHWWULFKHHG
HOHWWURQLFKH1RQVPDOWLUHOH
DSSDUHFFKLDWXUHFKHULSRUWDQRLOVLPEROR
LQVLHPHDLQRUPDOLULILXWLGRPHVWLFL
3RUWDUHLOSURGRWWRDOSXQWRGLULFLFODJJLR
SL»YLFLQRRFRQWDWWDUHLOFRPXQHGL
UHVLGHQ]D
ZZZDHJFRP
ЕЉАЕҨЖФ
Φ̶̸̧̺̞̞̮̫̞̱̱̬̭ϝ̴̬̵̷̴̧̹̺Ξ̧̷̴̧̧̲Ξ̴̧̧Φ̶̷̧̧̹
̨μ̰̳͂̸̶̸̧̧̧̯̹̹̳͂ 
ϝ̷̱κ̴̫̞̱Φ̵̴̧̲̫̺ 
̱κ̹̺̴̴̳̬̬̧̧̧̹̮̲̺
ЕϿЖКϿАЖӏЛБЏЎДЎЙЉДМҦСϿЖ
̵͘͢$(*Ϯ͔͓͔ͬͬ͙͇ί͇͋Ο͇͔͢ί͎͢Ο͇͇͗Χ͓͙͌̨͎ͬ͕͔͢͎ͬ͊͌͘͑Ϯ͖͍͇͒͋͗͢Ο͇͓͔͎ͬͬ͘
Ϯ͔͓͙ͬ͋ͬ͒ͬ͑ͬ͈͚͌͗λ͔ͬ͟͍͇͇͋͘͢Χ̯͔͔͕͉͇͝͏ͦ͒͢Χ͙͔͕͕͌͒͊͜͏͇ͦ͒͗Ϯ͓ͬ͗͋ͬ
͍͌ί͙ͬ͒͋͌͌͋ͬ̳ν͔͇͋͐͓λ͓͔͙͑ͬ͋ͬ͑͌͗͋ͬ͑Ϟ͓͋ͬ͊ͬΧν͗͒͢Ο͇͇͒͗͋͢͙͇͈͇͇͓͇͎͒͐͘͢
̵͔͢ί͇͙͗͢Χ͒͟͢͢Χ͙͇͔͗͢͈͇͔͇͗͢͟͖͇͇͇͔͚͐͋͒λ͔ͬ͟͈͔ͬ͗͌͌͟͓͏͔͚͙
͍ν͓͇͚͘͢ί͎͋͢͢͘ν͇͓͎͗͐͢
̳͔͇͚͢λ͔ͬ͟͉͈͌͇͙͓͎͐͘͢͢Ο͇͑ͬ͗ͬί͎ͬ
̶͇͇͇͔͚͐͋͒͙͚͇͗͒͢͇Χ͖͇͇͙͙͗͢͙͇͖͇͇͑ͬ͒͗͋͟͢͇Χ͇͚͒͢Χ͙͢͍͕ͥΧν͇͗͒͢
Χ͎͓͙͌͢͑Ϯ͙͚͗͌͘͍Ϟ͔͌͍Ϯ͔͚͋͌͙͚͇͗͒͢͇Χ͖͇͇͙͙͗͢͓͔͇͢͍͔͌͗͋͌͇͒͢ί͎͢
ZZZDHJFRPVXSSRUW
̭͇Χ͇͗͘͢ΧΧ͎͓͙͌͢͇͚͒λ͔ͬ͟Ϯ͔͓ͬͬί͎ͬ͋ͬ͙ͬ͗͑͌ί͎ͬ
ZZZUHJLVWHUDHJFRP
Φν͗͒͢Ο͢ί͎͢λ͔ͬ͟͇͚͇͇͑͌͗͒͗͋͘͘͘͢͟͢Ο͔͢͓͇͙͌͗͏͇͇͔͒͋͗͢͍Ϟ͔͌Χ͕͇͒͘Χ͢
͈Ϯ͙͒͌͑͌͗͋ͬ͟͇͙͖͘͢͇͒͢ί͎͢
ZZZDHJFRPVKRS
ЛҨЛФЖМСФДЉЙҊЉҒЗДЍЉМЏӏЖЎҒФАЕЎЛ
ГӟЙКЎЛМ
ϝ͗Χ͇͇͔͟͙λ͖͔ν͘Χ͇͒͢ΧΧ͕͇͒͘Χ͢͈Ϯ͙͒͌͑͌͗͋ͬ͟͖͇͇͇͔͐͋͒͢ί͎͢
ϭ͙͙͑ͬ͒͌ͬΧ͎͓͙͌͢͑Ϯ͙͚͗͌͘͕͙͇͗͒͢Ο͓͎͢͢Ο͇͇͈͇͇͗͒͘͜Χ͇͔͇͋͓͔͇͢͙͋͌͗͌͑͌͗͋ͬί
͈͕͚͔͒͢Χ͇͓͙͇͓͇͎͘͢͙͌ͬί͎ͬκ͒͊ͬ31&͌͗͘͏ͦ͒͢Χ͔Ϯ͓ͬ͗
̨ν͒͇Χ͖͇͇͙͙͗͢͙͔͌͜͏͇͑͒͢Χ͙͋͌͗͌͑͌͗͙͇Χ͙͇͇͔͇͔͐͘͟͢͙͇͈͚Ο͇͈͕͇͒͋͢
̬͙͚͑͌͗͘͇͘Χ͙͢ΧΧ͇͚͖͎ͬͬ͋ͬ͑͘͙͚͇͗͒͢͇Χ͖͇͇͙͗
̭͇͖͒͢͇Χ͖͇͇͙͗͖͔͌͑͌ί͙͌͌͗͘
Φ͕͇͗͟Ο͇͔͕͙͇͗͙͚͇͗͒͢͇Χ͖͇͇͙͗
ϭ͔͚͋ͬ͗ͬ͟͙͚͎͌͑͌͗ͬ͘͘Ϯ͎͊͌͗ͬ͘͔͎͚͌͊ͬΧνΧ͢Ο͔͇͢͏͌
ҒЉМϿИКϿАЍϿГГЎЏӏЖЎЗЙЖЉЛМҊЉЉЙЖЉДҊЉЖ
ЉҒИЉЙЉЛ
ЎКГЎЙЛМ
Φ͇͚͖͎ͬͬ͋ͬ͑͑͌͘͍Ϟ͔͌͕͔͇͙͚͗Ο͇Χ͇͙͙͘͢͢
͇Χ͖͇͇͙͗Χ͇͇͔͇͗͒Ο͇͔͙͇͖͇͇͔͑ͬ͋͟
Χ͇͚͖͎ͬͬ͘͕͔͇͙͚͗͙͚͇͗͒͢͔ν͘Χ͇͚͒͢Χ͙͢
Χ͇͇͗ί͎͢Φν͗͒͢Ο͔͢͢͖͇͇͇͔͚͐͋͒
͔͓͌͌͌͘͕Ο͇͔Χ͎͓͙͌͢͑Ϯ͙͚͗͌͘͇͔͇͒͋͋͢
Χ͇͚͖͎ͬͬ͋ͬ͑͘͙͚͇͗͒͢͙͇͇͚͇͗͒͗͋͢͓νΧ͏͙ͦ
͕Χ͖͢͟͢Ο͢ί͎͢
Φ̧̧̮Φ 
ЊҨВФЕКБИЉЛЛЉЕЉКФ
ЊЩкғЩймиЩжЮдяжЮсздм
1 2 3 4 5 6 7 8 9
Φ͕͚͘̸Ϯ͔͚͋ͬ͗
Φ͕͎Ο͇͙͒Χ͙͢͟͢ί͈͔ͬ͗ͬͬ͟
͍͇͓͒͋͋͢͢Ο͢
Φ͕͎Ο͇͙͒Χ͙͢͟͢ί͔͌͑ͬͬ͟
͍͇͓͒͋͋͢͢Ο͢
Φ͕͎Ο͇͙͒Χ͙͢͟͢ίλ͔ͬͬ͟͟
͍͇͓͒͋͋͢͢Ο͢
Φ͕͎Ο͇͙͒Χ͙͢͟͢ί͌ί͍͕Ο͇͗Ο͢
͍͇͓͒͋͋͢͢Ο͢
̭͙͌͒͋͌͑ͬ͟͚͔͛͑͝͏ͦ͘͢
̸λ͎͔͊ͬͬ͙͚͌͑͌͗͘
̶͙͔͌͌͟͇͚͇͙͇͙͗Χ͢͟͚͔͛͑͝͏ͦ
͇͓̿
ӏЙГҦЖЍϿГҒЗДЍЉЖМ
ЉмЩлЩйлғфсғҩйЩдЭф
иЩвЭЩдЩжм
̹Ϯ͓͔͌͋͌͊ͬ͙͑͌͌͊͌͘͘Ϟ͐͑͌͘ν͔͒͘͢͢Ο͇͔
͍͇͓͒͋͋͢͢Χ͙͢͙͌͑͌͗ͬ͘ί͎ͬ
̹͇͓͇Χ͙͢͍͙͒͢͢Χ͇͔͇͋Χ͇Χ͖͇Χ͍͇͈͒͢Ο͇͔͙͋͘͢͢͢
Χ͕͇͔͖͒͋͢͖͔ͬͬ͗͊͌͋͌͘
̨͔ͬ͗͌͌͟͖͚ͬͬ͗͘͇͓͇͐Χ͙͇͔͇͗͋͢͔͓͌͌͌͘͕͙͙͢Χ͙͇͇͗͋
Χ͇Χ͖͇Ο͢͍͇͈͢Χ͙͇͋͘͢͢͙͇͓͇Χ͖͔ͬͬ͗͊͌͋͌͘͈͇͖͖͔͌
Χ͚͗͢Ο͇͔͇͋
̱Ϯ͖͓Ϯ͒͌͗͋͌͊ͬ͟͙͇Ο͇͓͇͋͗͋͢Χ͇Χ͖͇Χ͎͘͢
Χ͇͔͇͙͐Χ͇͔͇͋͍Ϟ͔͌Χ͚͗͢Ο͇͔͇͋͈͔ͬ͗͌͌͟͖͚ͬͬ͗͘
͇͓͇͐Ο͔͇͋͢͔͓͌͌͌͘͕͙͙͢Χ͙͇͇͗͋͖͔ͬͬ͗͊͌͋͌͘
κ͔͒͑͌͓Ϯ͒͌͗͋͌͊ͬ͟͙͇Ο͇͓͇͋͗͋͢Χ͇Χ͖͇Χ͎͘͢
Χ͇͔͇͙͐Χ͇͔͇͋͍Ϟ͔͌Χ͚͗͢Ο͇͔͇͋͒͢Ο͇͒͋͒͢͢Χ͑Ϯ͖
̶͔͔͔ͬͬ͗͊͌͌͘͔͑͌͐ͬ͇͘λ͐͋͌͊ͬ͇͚͇͔͢Ϯ͙͌͙Ϯ͓͔͌͚͟
͋͌ί͔͊͌͐ͬ͋͌͍͇ί͇͙͇͗͋͢̵͔͢͙͇ί͈͇͔͢͙λ͙͚͗
͇͗Χ͒͢͢͈͔͚͌͒͌͋ͬ͗͊͌͘͍Ϟ͔͌Ϯ͚ͬ͗͊͌͟͈͕͇͒͋͢
̻͚͔͑͝͏ͦ͓͏͔͚͙͙͇͔͔͑͌͐ͬ͇͉͙͕͓͇͙͙͢͙λ͗͋͌
͘Ϯ͔͌͋ͬ̹͌͑͖͚͔ͬͬ͗͋͌͘͔͑͌͐ͬ͖͇͇͇͔͐͋͒͢ί͎͢
ZZZDHJFRP
̹͇Ο͇͓͋͢͖͔͔͔ͬͬ͗͊͌͌͘͔͑͌͐ͬ
͇͚͇͙͇͙͗Χ͢͟Χν͇͗͒͋͢
͇͓͇͓͔͌͟͓͏͔͚͙Χ͕͖͘͢
Χ͕ͥΟ͇͑͌ί͌͘͈͌͗ͬ͒͌͋ͬ
̨͇͘Χ͇͚͗͖͇͔͌͒ͬಧ
͔͕͌͗͒͘͘͢ΧϮ͗ͬ͘
̻͚͔͑͝͏͇ͦ͒͗͋͢͈͔͚͌͒͌͋ͬ͗͘
λ͔ͬ͟͙͇ί͈͇͇͒͗͋͢͚͔͌͑͋͘
͙λ͙͗ͬί͎ͬ
ЩмЩлЩйлғфсғҩйЩдЭфиЩвЭЩдЩжм
ҧсяж
 ͙͇ί͈͇͔͘͢͈͇͚͘͇͗Χ͒͢͢
Χν͗͒͢Ο͔͢͢Χ͕͘͢ί͎͢
̬͔͋ͬ͚͔͛͑͝͏͇ͦ͒͗͋͢͈͔͌͒͌͋ͬ͗͌͘
͇͇͎͒͘͢
 ̻͚͔͑͝͏͔ͦ͢͈͔͚͌͒͌͋ͬ͗͘λ͔ͬ͟
͙͇ί͈͇͔͢͙λ͙͗ͬί͎ͬ
 Φ͇͍͙͌͈͕͇͒͘͖͚ͬͬ͗͘͈͙͔͌ͬ
͍͇͗͢Χ͙͇͔͚͋͗͢λ͔ͬ͟ ͇͓͟
͙͇ί͈͇͔͘͢͙λ͙͗ͬί͎ͬ
Φν͗͒͢Ο͔͢͢͘Ϯ͔͚͋ͬ͗λ͔ͬ͟ ͙͇ί͈͇͔͘͢
Χ͇͙͇͐͈͇͘͢ί͎͢
ИЮслЮжЩмЩлЩйлғфс
нмжгпбш
̨ν͒͖͙͌ͬ͟͇͚͇͙͇͙͗Χ͢͟Χν͇͗͒Ο͇
͍͇͒Ο͇͙͔͐͢͇͉͙͕͓͇͙͙͢͚͔͛͑͝͏ͦ̶͌͟
͖͔͌͇͚͇͙͇͙͗Χ͢͟Χν͇͗͒͚͌͑͌ͬ͋͌
͏͔͇͛͗Χ͎͒͢͢͘͏͔͇͊͒
͕͓͓͚͔͑͏͇͙͕͓͔͑͗͌͢͍͇͈͋͢Χ͙͇͒Ο͇͔
̭͙͙͌͒͋͌͑ͬͬ͟ί͍͇͓͒͋͋͢͢Ο͢͍͗͌͏͓
͖͇͇͓͙͗͌͗ͬ͓͔͌͖͌͟λ͙͔ͬ͋͌͊ͬ͘͌ί͙͘͢͢Χ
͙͋͘͢͢͢ί͙͓͖͇͙͚͇͌͌͗͗͘͢͈͕͔͇͐͢͟
͇͉͙͕͓͇͙͙͢͙λ͗͋͌͇͔͢Χ͙͇͇͒͋͢̸͕͔͇͋͐
͇Χ͖͙͌ͬ͟Χ͕͓͔͒͌͈͇͘Χ͇͖͗͢͇͚͇
͙͇͙͗Χ͙͢͟͢Χ͕͇͘͇͇͎͒͘͢̨ν͒
͚͔͛͑͝͏͔ͦ͢͖͙͌ͬ͟ί͖͇͔͌͒ͬ͇͗Χ͒͢͢ͬ͑͌͘
Χ͕͚͘Ο͇͈͕͇͒͋͢
̻͚͔͑͝͏͔ͦ͢͖͇͇͇͔͚͐͋͒Ο͇
Χ͇͙͙͘͢͢͙͕͒͢Χ͇Χ͖͇͇͙͙͗͢
͖͌͟λ͙͔ͬͬ͘ί͖͇͇͇͔͚͐͋͒͟͢
͔ν͘Χ͇͚͒͢Ο͔͇͔͢Χ͇͇͗ί͎͢
ҒзаҋЩдлғфслфқЮқ
ЯзҋЩйҋфЯфдЭЩеЭфҋфжякгЮ
ғзкм
͙λ͓͔͐͌ͬ͘͈͇͘Χ͇͔͇͋Χ͕͎Ο͇͙͒Χ͙͢͟͢ί
͌ί͍͕Ο͇͗Ο͢͍͇͓͒͋͋͢͢Ο͢͓͏͔͚͙͙͢ί
͔ͬͬ͋͌͟͍ν͓͘͢͙ͬ͌͐͘͈͇͙͇͐͋͘͢̵͘͢
͚͇Χ͙͙͇͔͢͔͑͌͐ͬΧν͗͒͢Ο͢͇͒͋͢ίΟ͢
͍͇͓͒͋͋͢͢Χ͖͇͇͓͙͔͗͌͗ͬ͌͕͇͇͗͒͋͢
̻͚͔͑͝͏ͦͬ͑͌͘Χ͕͒͘͢Ο͇͔͇͋
͙λ͓͙͐͌ͬ͑ͬ͟Χ͇͙͇͐͈͇͘Χ͇͔
͍͇Ο͇͇͋͐͋͌͟Χ͇͔͇͋͐Ϯ͎͊͌͗ͬ͘
͈͕͓͇͒͐͋͢
ЎкгЮйлмкҧаЬякяжякгЮ
ғзкмЯӐжЮкӠжЭяйм
̸λ͎͔͊ͬͬί͙͚͌͑͌͗͘͘͏͔͇͊͒͢͑Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘
͇͚͙͚͗͘͢͢͔͌͙͇͎͇͇͚͒͍Ϟ͔͌͓͇͐͘λ͎͔͊ͬͬ͘
͙͇͎͇͇͚͒Χ͇͍͙͌͔͔͌͑͌ͬ͌͑͌͘͇͇͒͋͘͢
̸λ͎͔͊ͬͬί ͏͔͋͏͇͙͕͑͗͢Χ͎͒͢͢͓͇͐
͘λ͎͔͊ͬͬ͘͙͇͎͇͇͚͒͑͌͗͌͑͈͕͇͒͘͚͔͌͑͋͘
͔ͬͬ͋͌͟͍͇͔͇͋͢̸λ͎͔͊ͬͬί ͏͋͏͇͙͕͑͗͢
Χ͎͒͢͢͑Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘͇͚͙͚͗͘͢͢͔͌
͙͇͎͇͇͚͒Χ͇͍͙͌͈͕͇͒͘͚͔͌͑͋͘͔ͬͬ͋͌͟
͍͖͒͢͢͢Χ͙͇͐͋͢
̱λ͙͖ͬν͙͇͚͘͍Ϟ͔͌͙͇͎͇͇͚͒
͙͇͇͚͔͇͔͗͢͘λ͎͔͊ͬͬί͙͚͌͑͌͗͘
͘͏͔͇͊͒͢͙͚͇͗͒͢͇Χ͖͇͇͙͙͗͢
Χ͇͇͗ί͎͢
 ̨͇͘Χ͇͚͗͖͇͔͔͌͒ͬΧ͕͘͢ί͎͢
 ̨͌͒͊ͬ͌͒͌͗͋ͬ͟ί͘Ϯ͔͔͔͊͌ͬ͌͑Ϯ͎
͍͙͎͌͑ͬͬί͎ͬ
 ̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬͬ͘ί͙͚͔͌͑͌͗ͬ͘Χ͕͚͘
͔͓͌͌͌͘͘Ϯ͔͚͋ͬ͗λ͔ͬ͟ ͙͙͔͌ͬ͊ͬ
͚͔͌͑͋͘͈͇͘͢ί͎͢
̱Ϯ͓ͬ͗͘λ͎͊ͬͬ͘͙͚͇͗͒͢
͙͚͌͑͌͗͘Χ͕͒͘͢Ο͇͔͈͕͇͒͘
͘λ͎͔͊ͬͬί ͈͌͒͊ͬ͌ͬ͘͟
Χ͎͒͢͢͈͌͘͙͗͌
͍͖͒͢͢͢Χ͙͇͐͋͢
̱Ϯ͓ͬ͗͘λ͎͊ͬͬ͘͙͚͇͗͒͢
͙͚͌͑͌͗͘͘Ϯ͔͚͋ͬ͗͒ͬ͈͕͇͒͘
͘λ͎͔͊ͬͬί ͈͌͒͊ͬ͌ͬ͘͟
Χ͎͒͢͢λ͟͙͗͌
͍͖͒͢͢͢Χ͙͇͐͋͢
Φ̧̧̮Φ 
ГҦЛМЕЎЖЎЖЛЉАЉДЉМ
ЕЩвкҧаЬякяжлЩаЩдЩм
ϝ͗͘λ͎͔͊ͬͬ͇͔͇͐͋͢͓͔͑͌ͬ͋͌͈ͬ͗͙͗͌
͙͇͎͇͇͚͒Χ͇͍͙͌̸λ͎͊ͬ͒͌͗͋ͬ͕͔͇͙͚͗λ͔ͬ͟
Χ͇͇͓͇͗Χ͇͗͘͢͍͇Χ͙͇͔͇͗͋͢Χ͘͢Χ͙͇͗͢͟
͓͔͌Χ͇͇͚͙͇͋͗͢͟͖͇͇͇͔͐͋͒͒͢Ο͇͔
КҧаЬяжялЩаЩдЩмҧсяж
 ̧͚͇͙͇͙͗Χ͢͟Χν͇͗͒͋͢ί͇͙͔͇͋͘͢Ο͢
͘λ͎͔͊ͬͬί͙ν͙Χ͇͔͘͢͙͇͙͖͗͢
͘λ͎͔͊ͬͬί͇͒͋͢ίΟ͢͍͇Ο͔͢͇͎͇͖͋
͌ί͙͑͌͐ͬί͎ͬ
1
 ̸λ͎͊ͬ͒͌͗͋ͬ͍͓͌ͬ͗͊ͬ͟͓͌͌͘͍͚Ο͢͟
͎͇͙͙͇͗͋͢Χ͕͇͔͖͒͋͢͍Ϯ͓͔͑͌͌
͔͓͌͌͌͘͋͘͢͢͍͚Ο͢͟͓͇͟͏͔͇͓͔͌
͙͇͎͇͇͒ί͎͢
͂͋͘͢͍͚Ο͢͟͓͇͟͏͔͇Ο͇
͙Ϯ͓͔͌͙͓͖͇͙͚͇͌͌͗͗͍Ϟ͔͌
Χ͘͢Χ͇͝͏͑͒͕͔͇͙͚͗͑͌͗͌͑
̳͇͐͘λ͎͔͊ͬͬͬ͘ί͙λͬ͘Ϯ͎͚͊͌͗ͬ
͓λ͓͔͑ͬ͈ν͒Χν͗͒͢Ο͔͢͢ί
͍ν͓͘͢͙͚͔ͬ͌ͬ͌͘Ϟ͌͗͘
͙͖͌͌͐͋ͬ
 ̸λ͎͔͊ͬͬΧ͇͙͇͐͕͔͔͇͗͢Χ͕ͥλ͔ͬ͟
͇͒Ο͇͟Χ͢͌͑ͬΧ͇͇͓͋͋͢͔͑͌͗ͬͬ͌͘͟
͕͔͇͗͋͢ί͎͢
Φ͇͍͙͌͈͕͇͒͘͈͇͗͒͢Χ͘λ͎͊ͬ͒͌͗λ͔ͬ͟
Χ͇͇͓͇͋͋͗͋͢Χ͇͙͇͇͐͒ί͎͢
ГӠеяйкҧаЬякяжЩмфклфйм
ЎКГЎЙЛМ
̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘͍͚͚Ο͇
͈͕͓͇͒͐͋͢
̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬͬ͘ί͙͕͚͒͚͇Χ͙͢͢͙͇Ο͇͓
͖͚ͬͬ͗͋ͬ͘ί͙λ͗ͬ͓͔͌͓͇͐͘λ͎͔͊ͬͬͬ͘ί
Χ͇͔͇͒͟͢Χ͙͢͍͏ͬ͙͇͎͇͇͔͒Ο͇͔͔͇͢
͈͇͇͔͙͐͒͘͢͢͈͕͇͒͋͢
̸λ͎͔͊ͬͬ͇͚͙͚͗͘͢͢λ͔ͬ͟
 ̳͇͐͘λ͎͔͊ͬ͒͌͗ͬΧν͗͒͢Ο͇͔͋͢
͇͒͢ί͎͢
̵͘͢͙͇͇͚͇͗͋Ο͢̳͇͐͘λ͎͔͊ͬ͒͌͗ͬ
͙͇͎͇͇͚͒͈Ϯ͓͔͒ͬͬΧ͇͇͗ί͎͢
 ͙͔ͬͬ͑͌ͬ͘͟͈͇͖͘͢͘λ͎͔͊ͬͬί
͇͒͋͢ίΟ͢͍͇Ο͔͢͇͎͇͖͋͌ί͙͑͌͐ͬί͎ͬ
1
1
 ̭͇ί͇͘λ͎͔͊ͬͬ͕͔͇͙͚͗λ͔ͬ͟͕͘͢
Χ͇͇͓͇͋͋͗͋͢͔͑͌͗ͬͬ͌͘͟͕͔͇͗͋͢ί͎͢
̱͎͌͔͑͌͒͊͌͍͇Ο͇͇͋͐͋͘λ͎͊ͬ͒͌͗͋ͬ͓͑͌
͔͋͌͊͌͋͌͙Ϯ͙͗͇͐͇͔͐͘͢͇͚͙͚͗͘͢͢
͑͌͗͌͑
КҧаЬяжяқЮкгЮйлм
кбЬжЩдф
̸λ͎͔͊ͬͬί͙͚͌͑͌͗͘͘͏͔͇͔͊͒͢
Χ͕͚͘͍Ϟ͔͌͘Ϯ͔͚͋ͬ͗͙͚͇͗͒͢
͇Χ͖͇͇͙͙͗͢͑λ͔͙͋͌͒ͬ͑ͬ
͖͇͇͇͔͚͐͋͒͙͇͓͇͗Ο͔͇͔͢
Χ͇͇͗ί͎͢
̵͘͢͙͇͇͚͇͗͋Ο͢͓͇͐
͘λ͎͔͊ͬ͒͌͗ͬ͙͇͎͇͇͚͒͈Ϯ͓͔͒ͬͬ
Χ͇͇͗ί͎͢
̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘͙͇͎͇͇͚͒
͔͓͌͌͌͘͑Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘
͇͚͙͚͗͘͢͢͙͇͇͚͔͗͢Χ͇͇͗ί͎͢
͘λ͎͊ͬ͙λ͔͗ͬ͌͈͇͇͔͙͐͒͘͢͢
ЎкгЮйлмкбЬжЩдфжғЩдифжЩгЮдляйм
ҧсяж
͈͔͌͒͊ͬ͌ͬ͘͟͚͔͌͑͋͘͈͇͘͢ί͎͢
СЩеЭфЩмфклфйм
Φν͗͒͢Ο͢/('͇͓͓͔͌͟͢͍͇͈͋͢Χ͙͇͒Ο͇͔
̨ν͒͈Ϯ͙͒ͬ͑ͬ͙͔͌͜͏͑Ο͇͔͇͇͚͙͇͗͋͘͢͢͢
̧Χ͇͚͒͢Χ͕͔͗͢͇͒Ο͇͔͍͇Ο͇͇͋͐͋
Φ͇͚͖͎ͬͬ͋ͬ͑͘͔ν͘Χ͇͚͇͒͗͢͙͇͇͚͔͇͗͋͢Ο͢
Φ͎͓͙͌͢͑Ϯ͙͚͗͌͘͈Ϯ͓͔͒ͬͬΧ͇͇͗ί͎͢
ZZZDHJFRP
ҒЗЙСЉҊЉЖЗЙЛЉҊЉҒЉЛФКЛФЏЉҊЍЉВДЉЙ
̨͌͒͊ͬ ͇͔͒͘͢Ο͇͔͓͇͙͌͗͏͇͇͒͋͗͋͢
Χ͇͙͇͐Ϯί͚͔͋͌͋͌Ϯ͙͎͚͑ͬ͊͌͙͇͖͗͘͢͢ί͎͢
̵͇͓͗͓͇͙͌͗͏͇͇͔͒͋͗͢Χ͇͙͇͐Ϯί͚͔͋͌͋͌
Ϯ͙͎͚͑ͬλ͔ͬ͟͙͏͙ͬͬ͘͕͔͙͔͑͌͐͌͗͒͌͗͊͌
͇͒͘͢ί͎͢͙̈́͒͌͑͗͒ͬ͑͍Ϟ͔͌
͙͕͔ͤ͒͌͑͗͏͇͑͒͢ΧΧν͗͒͢Ο͇͒͗͋͢͢ί
Χ͇͒͋͢Ο͔͢Χ͇͙͇͐Ϯί͚͔͋͌͋͌Ϯ͙͎͚͑ͬ
͇͗Χ͒͢͢Χ͕͇͗͟Ο͇͔͕͙͇͗Ο͇͍Ϟ͔͌
͇͇͓͔͋͢ί͔͇͚͋͌͒͘͢Ο͔͇͢͎͏͔͢
͙͙͔͑͌͒ͬ͗͌ͬ͍͇Ο͇͇͋͐͒͗Ο͇͍͕͒͈͓͚͌͗͌͊͌
Ϯ͎λ͒͌ͬ͘ί͎ͬ͋ͬΧ͕͘͢ί͎͢̨͌͒͊ͬ
͇͔͒͘͢Ο͇͔Χν͗͒͢Ο͇͒͗͋͢͢͙ν͓͙͗͘͢͢Χ
Χ͇͒͋͢Χ͙͇͓͔͗͌͈ͬ͗͊͌͙͇͙͇͓͇͘ί͎͢
ϭ͔͓ͬ͋ͬ͍͙͌͗͊ͬ͒ͬ͑ͬΧ͇͙͇͐Ϯί͚͋͌
͕͙͇͗͒͢Ο͔͇͢Ϯ͙͎͑ͬͬί͎ͬ͔͓͌͌͌͘͍͙͌͗͊ͬ͒ͬ͑ͬ
͓͓͌͑͌͌͊͌͇͈͇͇͗͒͘͜͢ί͎͢
Φ̧̧̮Φ 
6$7856
'52Ģì%$6,1)250Â&,-$818=67Â'ìĢ$1$
,=675Â'Â-80$$35$.676 
,=0$172Ģ$1$,.',(1Â
.23Ģ$1$817ì5ìĢ$1$
1(9$,12-$0,(05(=8/7Â7,(0
3DWHLFDPLHVNDL]YÕOÕMÃWLHV$(*L]VWUÃGÃMXPX(VDPWRUDGíMXģLODLQRGURģLQÃWX
QHYDLQRMDPXL]SLOGLGDXG]XJDGXJDUXPÃL]PDQWRMRWLQRYDWíYDVWHKQRORåLMDVNDV
SDOíG]YLHQNÃUģRWG]íYLಧLHVSÕMDVNRQHDWUDGíVLHWSDUDVWÃVLHUíFÕV/ĭG]XYHOWLHW
GDŀDVPLQĭWHVWDPODLL]ODVíWXģRPDWHULÃOXXQJĭWXODEÃNXVUH]XOWÃWXV
$SPHNOÕMLHWPĭVXWíPHNþDYLHWQLODL
VDĈHPWXOLHWRģDQDVLHWHLNXPXVXQEURģĭUDVNÃDUíWUDXFÕMXPPHNOÕģDQDV
VHUYLVDXQUHPRQWDLQIRUPÃFLMX
ZZZDHJFRPVXSSRUW
UHåLVWUÕWXVDYXLHUíFLODEÃNDVHUYLVDVDĈHPģDQDL
ZZZUHJLVWHUDHJFRP
LHJÃGÃWRVVDYDLLHUíFHLSDSLOGSLHGHUXPXVYLHQUHL]ÕMDVOLHWRģDQDVPDWHULÃOXV
XQRULåLQÃOÃVUH]HUYHVGDþDV
ZZZDHJFRPVKRS
./,(178$3.$/32ơ$1$816(59,66
,]PDQWRMLHWWLNDLRULåLQÃODVUH]HUYHVGDþDV
6D]LQRWLHVDUPĭVXSLOQYDURWRVHUYLVDFHQWUXQRGURģLQLHWODLMXPVEĭWXSLHHMDPL
ģÃGLGDWLPRGHOLV31&VÕULMDVQXPXUV
ĢíLQIRUPÃFLMDLUQRUÃGíWDX]GDWXSOÃNVQíWHV
8]PDQíEXGURģíEDVLQIRUPÃFLMD
9LVSÃUíJDLQIRUPÃFLMDXQLHWHLNXPL
$UYLGLVDLVWíWDLQIRUPÃFLMD
,]PDLĈXWLHVíEDVUH]HUYÕWDV
'52ơì%$6,1)250Â&,-$818=67Â'ìơ$1$
%5ì',1Â-806
,QIRUPÃFLMXSDUGURģíEXXQX]VWÃGíģDQX
VNDWLHWDWVHYLģùDMÃX]VWÃGíģDQDV
URNDVJUÃPDWDVEXNOHWÃ3LUPVLHUíFHV
OLHWRģDQDVYDLDSNRSHVUĭSíJLL]ODVLHW
VDGDþDVSDUGURģíEX
ZZZDHJFRP
,=675Â'Â-80$$35$.676
9DGíEDVSDQHþDSÃUVNDWV
1 2 3 4 5 6 7 8 9
,HVOÕJW,]VOÕJW
3LUPDLVPRWRUDÃWUXPV
2WUDLVPRWRUDÃWUXPV
7UHģDLVPRWRUDÃWUXPV
0DNVLPÃODLVPRWRUDÃWUXPV
9ÕVPDVIXQNFLMD
)LOWUDDWJÃGLQÃMXPV
)XQNFLMDಯ+REWRKRRGರ
/DPSD
,=0$172ơ$1$,.',(1Â
7YDLNDQRVƬFÕMDOLHWRƢDQD
3ÃUEDXGLHWLHWHLFDPRÃWUXPXDWELOVWRģL
WXUSPÃNVQLHJWDMDLWDEXODL
ÔGLHQDX]NDUVÕģDQDVODLNÃJDWDYRMRWDUQRVHJWLHP
NDWOLHP
*DWDYRMRWDUQRVHJWLHPNDWOLHPL]PDQWRMRWYDLUÃNDV
JDWDYRģDQDV]RQDVYDLGHJþXVPDLJDFHSģDQD
9ÃURWXQFHSRWOLHOXÕGLHQDDSMRPXEH]YÃNDL]PDQಣ
WRMRWYDLUÃNDVJDWDYRģDQDV]RQDVYDLGHJþXV
9ÃURWXQFHSRWOLHOXÕGLHQDGDXG]XPXEH]YÃND
DXJVWVPLWUXPDOíPHQLV
$WVYDLG]LQDJDLVXYLUWXYÕSÕFÕGLHQDJDWDYRģDQDVDU
]HPXWURNģĈDOíPHL7RDNWLYL]ÕXQGHDNWLYL]ÕSLHVNDಣ
URWLHVVLPERODP)XQNFLMDDXWRPÃWLVNLL]VOÕG]DVSÕF
PLQĭWÕP,]PDQWRMLHWWLNDLSÕFÕGLHQDJDWDYRģDಣ
QDV
,HWHLFDPVWYDLNDQRVĭFÕMX
DWVWÃWLHVOÕJWXYÕO
PLQĭWHVSÕFÕGLHQD
JDWDYRģDQDVEHLJÃP
9DGíEDVSDQHOLVLUVHQVRUD
ODXNV/DLDNWLYL]ÕWX
IXQNFLMDVWXULHWVLPEROXV
QRVSLHVWXVYLVPD]YLHQX
VHNXQGL
/DLOLHWRWXQRVƬFÕMX
/$79,(Ģ8 
 ,HVOÕG]LHWLHUíFLQRVSLHŀRWVLPEROX
7DJDGYDUDWDNWLYL]ÕWIXQNFLMDV
 /DLDNWLYL]ÕWXIXQNFLMXSLHVNDULHWLHV
VLPERODP
 -DQHSLHFLHģDPVSLHVNDULHWLHV
DSJDLVPRMXPDVLPERODP ODL
L]JDLVPRWXJDWDYRģDQDVYLUVPX
/DLL]VOÕJWXLHUíFLDWNÃUWRWLQRVSLHGLHW
VLPEROX
)XQNFLMDേ+REWRKRRGൈ
7ÃLUDXWRPÃWLVNDIXQNFLMDNDVVDYLHQR
SOíWVYLUVPXXQWYDLNDQRVĭFÕMX3OíWV
YLUVPDLXQWYDLNDQRVĭFÕMDPLU
LQIUDVDUNDQDVLJQÃODNRPXQLFÕģDQDV
LHUíFH9HQWLODWRUDÃWUXPVWLHNQRWHLNWV
DXWRPÃWLVNLSDUSDPDWXĈHPRWUHŀíPD
LHVWDWíMXPXXQX]SOíWVL]YLHWRWÃNDUVWÃNÃ
ÕGLHQDJDWDYRģDQDVWUDXNDWHPSHUDWĭUX
9HQWLODWRUXYDUDUíGDUELQÃWPDQXÃOL
L]PDQWRMRWSOíWVYLUVPX)XQNFLMXDUDUí
DNWLYL]ÕWQRSOíWVYLUVPDVSDQHþD
9DLUÃNSDUIXQNFLMDV
OLHWRģDQXVNDWLHWSOíWV
YLUVPDVOLHWRģDQDV
SDPÃFíEÃ
0DNVLPÃOÃPRWRUDÃWUXPD
DNWLYÕƢDQD
1RVSLHŀRW SRJXPRWRUVPLQĭWHV
GDUERMDVDUPDNVLPÃORÃWUXPX.DGģLV
ODLNVLUSDJÃMLVLHUíFHDWJULHŀDV
LHSULHNģÕMÃÃWUXPDLHVWDWíMXPÃ
.DGģíIXQNFLMDLULHVOÕJWD
YÕOUHL]SLHVNDURWLHV
SRJDLQHNDVQHQRWLHN
)LOWUDSD]LĈRMXPD
DNWLYÕƢDQDXQGHDNWLYÕƢDQD
)LOWUDEUíGLQÃMXPVDWJÃGLQDND
QHSLHFLHģDPVQRPDLQíWYDLQRWíUíWRJOHV
ILOWUXXQQRWíUíWWDXNXILOWUX)LOWUDLQGLNDWRUV
LHVOÕG]DVVDUNDQÃNUÃVÃX]
VHNXQGÕPMDLUMÃL]WíUDWDXNXILOWUV
)LOWUDLQGLNDWRUV PLUJRVDUNDQÃNUÃVÃ
VHNXQGHVMDLUMÃQRPDLQDYDLMÃL]WíUD
RJOHVILOWUV
6NDWLHWILOWUDEUíGLQÃMXPD
QRGDþXVDGDþÃ.RSģDQDXQ
WíUíģDQD
 ,HVOÕG]LHWYDGíEDVSDQHOL
 3ÃUOLHFLQLHWLHVNDLNRQDVLUL]VOÕJWDV
 /DLDNWLYÕWXYDLGHDNWLYÕWXRJOHVILOWUD
SD]LĈRMXPXSLHVNDULHWLHV X]
VHNXQGÕP
-DRJOHVILOWUDSD]LĈRMXPVLU
DNWLYÕWVILOWUDLNRQD PLUJR
VDUNDQÃNUÃVÃSLHFDV
UHL]HV
-DRJOHVILOWUDSD]LĈRMXPVLU
GHDNWLYÕWVILOWUDLNRQD
PLUJRVDUNDQÃNUÃVÃWUíV
UHL]HV
.23ơ$1$817ì5ìơ$1$
7DXNXILOWUDWíUíƢDQD
.DWUVILOWUVMÃWíUDYLVPD]UHL]LPÕQHVí)LOWUL
LUX]VWÃGíWLDUVWLSULQÃMXPLHPXQWDSÃP
RWUDMÃSXVÕ
)LOWUDWíUíƢDQD
 3DYHOFLHWILOWUDURNWXUL]HPWYDLND
QRVĭFÕMDXQQHGDXG]QRODLGLHW
ILOWUDSULHNģSXVLX]OHMX
1
ZZZDHJFRP
 7íULHWILOWUXVL]PDQWRMRWVĭNOLXQ
QHDEUD]íYXPD]JÃģDQDVOíG]HNOLYDL
DUíPD]JÃMLHWWRVWUDXNXPD]JÃMDPÃ
PDģíQÃ
7UDXNXPD]JÃMDPÃPDģíQÃ
MÃLHVWDWD]HPDWHPSHUDWĭUD
XQíVVFLNOV7DXNXILOWUVYDU
]DXGÕWNUÃVXWDV
QHLHWHNPÕVLHNÃUWDV
VQLHJXPX
 /DLDWNDOX]VWÃGíWXILOWUXVYHLFLHW
SLUPÃVGLYDVGDUEíEDVSUHWÕMÃNÃUWíEÃ
$WNÃUWRMLHWGDUEíEDVYLVLHPILOWULHPMDWDV
DWELOVWVLWXÃFLMDL
2JOHVILOWUDQRPDLĈD
%5ì',1Â-806
2JOHVILOWUVQDYPD]JÃMDPV
7DVFLNÃWULRJOHVILOWUVSLHVĭFLQÃV
DWNDUíJVQRJDWDYRģDQDVYHLGDXQWDXNX
ILOWUDWíUíģDQDVELHŀXPD
)LOWUDQRPDLĈD
 ,]ĈHPLHWWDXNXILOWUXVQRLHUíFHV
6NDWLHWVDGDþXಯ7DXNXILOWUDWíUíģDQDರģDMÃ
QRGDþÃ
 3LHVSLHGLHWL]FLOQLXQQHGDXG]
VDVYHULHWILOWUDSULHNģSXVL
1
1
 /DLX]VWÃGíWXMDXQRILOWUXYHLFLHW
LHSULHNģDSUDNVWíWRVVRþXVSUHWÕMÃ
VHFíEÃ
)LOWUXVMHENXUÃJDGíMXPÃLHWHLFDPV
QRPDLQíWUHL]LÏHWURVPÕQHģRV
)LOWUDEUíGLQÃMXPV
,QIRUPÃFLMXSDUILOWUD
EUíGLQÃMXPDDNWLYÕģDQXXQ
GHDNWLYÕģDQXVNDWLHWVDGDþÃ
/LHWRģDQDLNGLHQÃ
6NDWLHWLQIRUPÃFLMXSDUWDXNX
ILOWUDWíUíģDQXģDMÃQRGDþÃ
6NDWLHWLQIRUPÃFLMXSDURJOHV
ILOWUDWíUíģDQXYDLRJOHVILOWUD
QRPDLĈXDWNDUíJVQRILOWUD
YHLGD
/DLDWLHVWDWíWXEUíGLQÃMXPX
3LHVNDULHWLHVSLH VHNXQGHV
6SXOG]HVPDLĈD
ĢíLHUíFHLUDSUíNRWDDU/('VSXOG]LĢR
GHWDþXQRPDLQíWGUíNVWWLNDLLQŀHQLHULV
'DUEíEDVWUDXFÕMXPXJDGíMXPÃVNDWLHW
VDGDþXಯ$SNRSHರQRGDþÃಯ'URģíEDV
QRUÃGíMXPLರ
$369Ô580,3$59,'(6$,=6$5'=ì%8
1RGRGLHWRWUUHL]ÕMDLSÃUVWUÃGHLPDWHULÃOXV
DUVLPEROX ,HYLHWRMLHWLHSDNRMXPD
PDWHULÃOXVDWELOVWRģDMRVNRQWHLQHURVWR
RWUUHL]ÕMDLSÃUVWUÃGHL3DOíG]LHWDL]VDUJÃW
DSNÃUWÕMRYLGLXQFLOYÕNXYHVHOíEX
DWNÃUWRWLSÃUVWUÃGÃMRWHOHNWULVNRXQ
HOHNWURQLVNRLHNÃUWXDWNULWXPXV
1HL]PHWLHWLHUíFHVNDVDS]íPÕWDVDUģR
VLPEROX NRSÃDUPÃMVDLPQLHFíEDV
DWNULWXPLHP1RGRGLHWL]VWUÃGÃMXPX
YLHWÕMÃRWUUHL]ÕMÃVSÃUVWUÃGHVSXQNWÃYDL
VD]LQLHWLHVDUYLHWÕMRSDģYDOGíEX
/$79,(Ģ8 
785,1<6
6$8*26,1)250$&,-$,5ð5(1*,0$6
*$0,1,2$35$Ģ<0$6
.$6',(1,61$8'2-,0$6 
9$/<0$6,535,(Ŀ,Ĭ5$ 
38,.,(065(=8/7$7$06
$ÏLĭNDGSDVLULQNRWHģñ$(*JDPLQñ0HVMñVXNĭUÙPHWDLSNDGQHSULHNDLģWLQJDL
YHLNWĵGDXJHOñPHWĵದMDPHQDXGRMDPRVSDŀDQJLRVWHFKQRORJLMRVLUQDXGLQJRV
XQLNDOLRVIXQNFLMRVNXULRVSDOHQJYLQVMĭVĵNDVGLHQ\EÛ6NLUNLWHNHOLDVPLQXWHVģLDL
LQVWUXNFLMDLSHUVNDLW\WLNDGSDVLQDXGRWXPÙWHYLVDLVMRMHSDWHLNWDLVSDWDULPDLV
$SVLODQN\NLWHPĭVĵLQWHUQHWRVYHWDLQÙMH
ÎLDUDVLWHQDXGRMLPRSDWDULPĵEURģLĭUĵLQIRUPDFLMRVDSLHWULNÏLĵģDOLQLPÇ
DSWDUQDYLPÇLUUHPRQWÇ
ZZZDHJFRPVXSSRUW
8ŀUHJLVWUXRNLWHVDYRJDPLQñLUQDXGRNLWÙVSDSLOGRPRPLVSDVODXJRPLV
ZZZUHJLVWHUDHJFRP
-ĭVĵSULHWDLVXLVNLUWĵSULHGĵQXVLGÙYLQÏLĵLURULJLQDOLĵDWVDUJLQLĵGDOLĵLHģNRNLWH
ÏLD
ZZZDHJFRPVKRS
./,(17Ƴ$37$51$9,0$6,57(&+1,1Ø35,(ƾ,ƫ5$
9LVDGDQDXGRNLWHRULJLQDOLDVDWVDUJLQHVGDOLV
.UHLSGDPLHVLññJDOLRWÇMñDSWDUQDYLPRFHQWUÇñVLWLNLQNLWHNDGJDOLWHQXURG\WLģLÇ
LQIRUPDFLMÇSULHWDLVRPRGHOLV31&VHULMRVQXPHULV
ĢLÇLQIRUPDFLMÇJDOLPDUDVWLWHFKQLQLĵGXRPHQĵSORNģWÙMH
ðVSÙMLPRSHUVSÙMLPRLUVDXJRVLQIRUPDFLMD
%HQGURMLLQIRUPDFLMDLUSDWDULPDL
$SOLQNRVDXJRVLQIRUPDFLMD
*DOLPLSDNHLWLPDL
6$8*26,1)250$&,-$,5ð5(1*,0$6
ð63Ø-,0$6
6DXJRVLQIRUPDFLMÇLUñUHQJLPÇŀU
DWVNLURMHñUHQJLPRLQVWUXNFLMĵEURģLĭURMH
3ULHģQDXGRGDPLSULHWDLVÇDUEDDWOLNGDPL
MRWHFKQLQÙVSULHŀLĭURVGDUEXVDWLGŀLDL
SHUVNDLW\NLWHVDXJRVVN\ULXV
ZZZDHJFRP
*$0,1,2$35$ơ<0$6
9DOG\PRVN\GHOLRDSƿYDOJD
1 2 3 4 5 6 7 8 9
ðMXQJLPDVLģMXQJLPDV
3LUPDVYDULNOLRJUHLWLV
$QWUDVYDULNOLRJUHLWLV
7UHÏLDVYDULNOLRJUHLWLV
'LGŀLDXVLDVYDULNOLRJUHLWLV
ಱ%UHH]HಯIXQNFLMD
)LOWURSULPLQLPDV
ಱ+REWR+RRGಯIXQNFLMD
/HPSXWÙ
.$6',(1,61$8'2-,0$6
*DUƴULQNWXYRQDXGRMLPDV
3DWLNULQNLWHUHNRPHQGXRMDPÇJUHLWñSDJDO
WROLDXSDWHLNWÇOHQWHOÛ
.DLģLOGRWHPDLVWÇDUUXRģLDWHXŀGHQJWXRVHSXRGXRಣ
VH
.DLUXRģLDWHPDLVWÇXŀGHQJWXRVHSXRGXRVHDQWNHOLĵ
NDLWYLHÏLĵDUEDGHJLNOLĵDUEDNHSDWHDQWQHGLGHOÙV
NDLWURV
.DLYHUGDWHLUNHSDWHGDXJPDLVWRQHXŀGHQJÛSXRGĵ
LUNHSWXYLĵGDQJÏLDLVYLHQXPHWXJDPLQDWHDQWNHOLĵ
NDLWYLHÏLĵDUEDGHJLNOLĵ
.DLYHUGDWHLUNHSDWHGDXJPDLVWRQHXŀGHQJÛSXRGĵ
LUNHSWXYLĵDSOLQNRMHGDXJGUÙJPÙV
,ģYDORRUÇYLUWXYÙMHSRPDLVWRUXRģLPRYHLNLDODEDLW\ಣ
OLDL*DOLPDñMXQJWLLULģMXQJWLSDOLHÏLDQWVLPEROñ)XQNಣ
FLMDLģVLMXQJLDDXWRPDWLģNDLSRPLQXÏLĵ1DXGRNLWH
WLNEDLJÛUXRģWLPDLVWÇ
%DLJÛUXRģWLPDLVWÇJDUĵ
ULQNWXYÇSDOLNLWHYHLNLDQWñ
PDŀGDXJPLQXÏLĵ
9DOG\PRVN\GHOLV\UD
MXWLNOLQLVODXNDV1RUÙGDPL
ñMXQJWLIXQNFLMÇSDODLN\NLWH
SDOLHWÛDWLWLQNDPÇVLPEROñ
VHNXQGÛ
-HLQRULWHQDXGRWL
/,(789,Ĵ 
1
 .HPSLQHVXQHģYHLÏLDPDLVLDLV
SORYLNOLDLVLģYDO\NLWHILOWUXVDUED
SODXNLWHMXRVLQGDSORYÙMH
,QGDSORYÙMHWXULEĭWL
QXVWDW\WDŀHPDWHPSHUDWĭUD
LUWUXPSDVFLNODV5LHEDOĵ
ILOWUDVJDOLSDNHLVWLVSDOYÇWDL
QHWXUÙVSRYHLNLRSULHWDLVR
YHLNLPXL
 1RUÙGDPLYÙOñGÙWLILOWUXVDWOLNLWH
SLUPXVGXYHLNVPXVDWYLUNģÏLDWYDUND
-HLJXWDLN\WLQDNDUWRNLWHYHLNVPXV
YLVLHPVILOWUDPV
$QJOLHVILOWURNHLWLPDV
ð63Ø-,0$6
$QJOLHVILOWURQHJDOLPDSODXWL
$QJOLHVILOWURSULVRWLQLPRWUXNPÙVNLULDVL
SULNODXVRPDLQXRJDPLQLPRWLSRLUULHEDOĵ
ILOWURYDO\PRUHJXOLDUXPR
1RUÙGDPLSDNHLVWLILOWUÇ
 ,ģLPNLWHULHEDOĵILOWUXVLģSULHWDLVR
ĿUģLDPHVN\ULXMHಱ5LHEDOĵILOWUR
YDO\PDVಯ
 SDVSDXVNLWHDXVHOÛLUģLHNWLHN
SDNUHLSNLWHILOWURSULHNñ
1
1
 1RUÙGDPLñGÙWLQDXMÇILOWUÇDWOLNLWH
WXRVSDÏLXVYHLNVPXVDWYLUNģÏLD
WYDUND
)LOWUXVUHLNLDNHLVWLEHQWNDVNHWXULV
PÙQHVLXV
)LOWURñVSÙMLPRVLJQDODV
.DLSñMXQJWLLULģMXQJWLILOWUR
ñVSÙMDPÇMñVLJQDOÇUDVLWH
DSUDģ\WDVN\ULXMHಱ.DVGLHQLV
QDXGRMLPDVಯ
ĿUģLDPHVN\ULXMHಱ5LHEDOĵ
ILOWURYDO\PDVಯ
ĿUಱ$QJOLHVILOWUR
YDO\PDVಯDUEDಱ$QJOLHVILOWUR
NHLWLPDVಯSULNODXVRPDLQXR
ILOWURUĭģLHV
1RUÙGDPLLƢMXQJWLñVSÙMDPÇMñVLJQDOÇ
/LHVNLWH VHNXQGHV
/HPSXWÙVNHLWLPDV
ĢLVSULHWDLVDVSULVWDWRPDVVXGLRGLQH
OHPSXWHĢLÇGDOñJDOLSDNHLVWLWLN
WHFKQLNDV7ULNWLHVDWYHMXVNDLW\NLWH
ಱ3ULHŀLĭUDಯVN\ULXMHಱ6DXJRVWDLV\NOÙVಯ
$3/,1.26$36$8*$
$WLGXRNLWHSHUGLUEWLPHGŀLDJDV
SDŀ\PÙWDVģLXRŀHQNOX ,ģPHVNLWH
SDNXRWÛñDWLWLQNDPÇDWOLHNĵVXULQNLPR
NRQWHLQHUñNDGMLEĭWĵSHUGLUEWD3DGÙNLWH
VDXJRWLDSOLQNÇEHLŀPRQLĵVYHLNDWÇLU
VXULQNWLEHLSHUGLUEWLHOHNWURVLU
HOHNWURQLNRVSULHWDLVĵDWOLHNDV
1HLģPHVNLWHģLXRŀHQNOX SDŀ\PÙWĵ
SULHWDLVĵNDUWXVXNLWRPLVEXLWLQÙPLV
DWOLHNRPLV$WLGXRNLWHģñJDPLQññYLHWRV
DWOLHNĵVXULQNLPRSXQNWÇDUEDVXVLVLHNLWH
VXYLHWQRVVDYLYDOG\EHGÙOSDSLOGRPRV
LQIRUPDFLMRV
/,(789,Ĵ 
КЗЍЙЏБЖЉ
̴̵̸̴̨̨̬̮̬̫̯̴̵̷̧̯̻̳̯̯̽̯̵̴̧̧̳̹̭
̵̶̸̯̴̧̶̷̵̵̵̯̮̩̫̹ 
̸̵̴̴̧̬̱̠̫̬̩̶̵̷̨̧̺̹̬ 
̴̧̬̪̯̸̢̯̹̬̬̾
АЉКЗЋЙСЎЖБЙЎАМДЛЉЛБ
̩͏͈͇͕͇͒͊͋͗͏͓͌͙͕͟͕͊͏͎͈͇͉͙͗͌͕͉͕ͮ$(*͖͕͗͏͎͉͕͋̪͕͕͎͇͕͉͓͋͋͌͘͎͇͇͋͉͏
͕͈͎͈͌͌͋͏͓͌͕͕͕͋͒͊͊͋͏͔͇͟͈͖͕͔͇͌͗͌͑͗͘͇͈͕͙͇͗͕͘͏͔͕͉͇͙͏͉͔͏͙͔͕͕͌͒͊͜͏͏
͕͑͏͕͊͖͇͉͇͙͗͍͏͉͕͙͕͙͖͕͔͕͙͇͉͔͌͋͌͘͚͔͛͑͝͏͏͙͕͟͓͕͍͈͌͏͔͓͇͌͇͋͊͏
͔͇͙ͮ͋͌͌͇͑ͮ͕͈͏͔͞͏͙͌͇͖͇͇͙͗͏̩͌͓͕͒͏͓͌͕͉͕͙͋ͮ͌͔͕͚͌͑͒͑͓͏͔͚͙͏͎͇͞͏͙͇Ͱ͌
͎͇͇͋͕͊͕͈͋͏͙͌͌͔͇͕͈͕͙͕ͮ͋͗͕͋͕͉͕ͮ͇͖͇͇͙͗
̶͕͙͙͌͌͌͘͇ͮ͔͇͇͙͇͟͙͇͔͗͘͏͇͝͎͇͇͋
̫͕͈͏͙͌͌͕͉͙͌͘͏͎͇͕͑͗͏͙͌͘Ͱ͌͈͕͚͗͗͟͏͉͕͋͏͞͎͇͇͉͇͗͌͟Ͱ͌͖͕͈͓͗͒͌͏
͏͔͕͓͇͛͗͝͏͏͎͇͉͌͗͘͏͘͏͇͗Ͱ͌͏͖͕͖͇͉͇͗͑
ZZZDHJFRPVXSSRUW
̷͌͊͏͙͗͘͏͇͙͗ͮ͌͕͊͉͇͟͏͕͙͖͕͗͏͎͉͕͋͎͇͖͕͕͈͕͋͗͉͌͗͘͏͘͏͇͗Ͱ͌
ZZZUHJLVWHUDHJFRP
̱͚͖͚͉͇͙ͮ͌͕͖͕͔͋͒͏͙͔͌͒͌͖͗͏͈͕͗͖͕͙͕͔͗͟͏͓͇͙͌͗͏͇ͮ͒͏͏͒͏͕͗͏͊͏͔͇͔͒͏
͎͉͔͗͌͌͗͏͕͉͋͌͒͏͎͇͉͇͟͏͕͙͇͖͇͇͙͗
ZZZDHJFRPVKRS
ЌЙБЏЉАЉГЗЙБКЖБПББКЎЙЋБКБЙЉЃЎ
̩͏͖͖͕͇͚͉͇͓͗͌͗͌͞͇͋͕͑͗͏͙͘͏͙͌͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͕͉͋͌͒͏
̱͕͇͊Ͳ͌͕͔͙͇͙͑͑͏͇͙͗͌͕͘͔͇͟͏͕͙͕͉͇͙͔͒͌͘͉͌͗͘͏͔͌͘͔͙͇͌͗͝͖͕͊͗͏͍͙͌͌͌͘͇͋
͊͏͏͓͇͙͌͔͇͇͖͕͇͇͗͒͊͘Ͱ͌͔͒͌͋͘͏͉͌͖͕͇͙͕͋͝͏̳͕͋͌͒̨͕͗ͮ͔͇͖͕͗͏͎͉͕͕͙͋
̸͌͗͏͑͘͏͈͕͗ͮ
̯͔͕͓͇͛͗͝͏͏͙͌͓͕͍͇͙͇͋͌͘͔͇͇͙ͮ͋͔͇͙͌͏͙͇͙͇͑͌͕͘͏͔͕͓͇͛͗͝͏͏
̶͚͖͚͉͇͗͌͋͗͌͋Ͱ͌̩͔͏͓͇͔͏͌̨͎͈͔͕͔͌͌͋͘͏͏͔͕͓͇͛͗͝͏͏
̵͖͙͟͏͏͔͕͓͇͛͗͝͏͏͏͕͉͙͌͘͏
̯͔͕͓͇͛͗͝͏͏͎͇͍͏͉͕͙͔͇͙͇͗͌͋͘͏͔͇
̳͕͍͔͕͙͇͘͎͇͖͕͓͔͗͌͏͌͎͇͍͇͔͇͋͗
ЊЎАЊЎЍЖЗКЖББЖНЗЙЕЉПБББЕЗЖЛЉЏЉ
ИЙЎЍМИЙЎЍМЋЉЃЎ
̶͕͔͙͊͒͌͋͌͌͉͕͖͕͈͔͇͙͇͌͘͈͕͚͇͗͗͟͎͇
͚͖͇͙͙͉͇͘͎͇͓͕͔͙͇͍͇͎͇͈͎͈͔͕͔͌͌͋͘͏
͏͔͕͓͇͛͗͝͏͏͏͓͕͔͙͇͍͇̩͔͏͓͇͙͔͕͌͒
͖͕͗͞͏͙͇͙ͮ͌͊͏͖͕͇͉͇͙͇͊͒ͮ͎͇
͈͎͈͔͕͙͌͌͋͘͖͗͌͋͇͉͇͑͑͈͏͕͒͚͖͕͙͈͇͗͌
͏͒͏͕͍͚͉͇͋͗Ͱ͌͔͇͇͖͇͇͙͕͙͗
ZZZDHJFRP
ЗИБКЖЉИЙЗБАЋЗЍЗЛ
ИйЮЬдЮЭжЩгзжлйзджЩлЩлЩЪдЩ
1 2 3 4 5 6 7 8 9
̩͚͔͕͑͒͌͞̯͚͔͕͑͒͌͘͞
̶͉͇͗͈͎͗͏͔͇͔͇͓͕͙͕͗
̩͙͕͇͗͈͎͗͏͔͇͔͇͓͕͙͕͗
̹͙͇͗͌͈͎͗͏͔͇͔͇͓͕͙͕͗
̳͇͑͘͏͓͇͔͇͒͈͎͗͏͔͇͔͇͓͕͙͕͗
̻͚͔͑͝͏͇ͮ͖͕͉͙͚͉͇͗͌͗Ͱ͌
̶͕͙͙͔͌͘͏͑͎͇͛͏͙͒͌͗
̻͚͑͝͏͇ͮ͕͋͖͕͇͒͞͕͋͇͖͘͏͇͙͕͗͗
̸͉͙͕͌͒
КЎГЗЁЍЖЎЋЖЉМИЗЛЙЎЊЉ
ГзйбклЮѓЮжЩ
ЩкибйЩлзйзл
̶͕͉͙͗͌͗͌͌͇ͮ͖͖͕͇͇͔͇͙͇͗͌͗͞͈͎͗͏͔͇
͖͕͗͌͋͘͙͇͈͇͙͇͌͒͖͗͏͇͍͇͔͇͑͖͕͕͚͋͒
̱͕͇͊͇ͮ͎͇͉͇͙͊͗͌͌͇͔͇͙͇͗͜͕͙͉͊͌Ͱ͌͕͘͖͕͑͗͏͔͌͏
͇͕͉͋͘͏
̱͕͇͊͕͙͉͊͏͙͌͕͘͖͕͑͗͏͔͌͏͙͔͌ʹ͌͗͏Ͱ͇͏͒͏͔͇
͖͕͉͌Ͳ͌͗͏͔͊͒͏͏͒͏͖͇͓͔͒͌͏͝͏͔͍͔͕͌͖͍͗͌Ͱ͌
̱͕͇͊͉͇͗͏͙͌͏͖͍͗͏͙͌͖͕͕͓͇͊͒͌͕͑͒͏͞͏͔͇͔͇͇͔͇͗͜
͈͎͌͇͖͇͑͑͕͙͉͊͌Ͱ͌͔͇͖͕͉͌Ͳ͌͗͏͔͊͒͏͏͒͏
͖͇͓͔͒͌͏͝͏
̱͕͇͊͉͇͗͏͙͌͏͖͍͗͏͙͌͕͓͊͒͌͏͕͑͒͏͞͏͔͏͇͔͇͗͜͈͎͌
͇͖͇͑͑͕͓͇͊͒͌͉͇͍͔͕͙͒͘
̪͕͕͉͍͚͉͇͌͘͉͕͎͚͕͙͋͜͉͕͚͔͇͙͇͑ͮ͖͕͕͙͉͊͌Ͱ͌͕͘
͓͔͕͚͊͔͏͕͑͘͔͏͉͕͔͇͈͚͇͉͇͞̳͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗
͏͇͙͋͌͑͏͉͏͇͗͕͘͕͖͋͏͇͗Ͱ͌͔͇͘͏͓͈͕͕͙͒
̻͚͔͑͝͏͇͙͇ͮ͌͘͉͚͚͉͇͑͒͞͇͉͙͕͓͇͙͑͘͏͖͕͓͏͔͚͙͏
̱͕͗͏͙͙͌͌͘͇͓͕͘͖͕͕͙͉͊͌Ͱ͌
̸͌͖͖͕͇͚͉͇͗͌͗͞͇͋͕͊
͕͙͇͉͘͏͙͌͇͖͘͏͇͙͕͕͙͗͗͇͋
͇͈͕͙͗͏͕͕͚͑͒͓͏͔͚͙͏͖͕
͕͙͉͊͌Ͱ͙͕͌
̱͕͔͙͕͔͇͙͇͗͒͖͕͇͒͞͌
͔͎͕͕͌͗͑͘͘͖͕͒͌̫͕͖͙͗͌͌͊͏
͘͏͓͈͕͒͏͙͌͚͔͇͌͑͋͘͎͇͇͋
͊͏͉͚͑͒͞͏͙͌͚͔͛͑͝͏͏͙͌
АЩЭЩйЩЪзлблЮкзЩкибйЩлзйзл
̵̴̸̧̳̱̬̫̱̯ 
 ̩͚͙͑͒͌͌͞͕͊͇͖͇͇͙͕͙͗͕͘
͖͗͏͙͏͇͑͘Ͱ͌͔͇͘͏͓͈͕͕͙͒
̸͇͌͊͓͕͍͙͌͌͇͋͊͏͉͚͑͒͞͏͙͌
͚͔͛͑͝͏͏͙͌
 ̮͇͇͋͇ͮ͉͚͑͒͞͏͙͌͚͔͛͑͝͏͇͙͇ͮ
͕͖͙͋͗͌͌͕͊͘͏͓͈͕͕͙͒
 ̧͕͑͌͖͕͙͈͔͕͗͌͖͗͏͙͏͔͙͌͌͘͕͊
͕͖͙͕͑͌͞͎͇͉͙͕͌͒͘ ͎͇͇͋͇ͮ
͕͉͙͌͒͘͏͙͌͖͕͉͗͟͏͔͇͙͇͎͇͕͙͉͊͌Ͱ͌
̮͇͇͋͕͊͏͚͑͒͘͞͏͙͌͇͖͇͇͙͕͙͗
͖͗͏͙͏͔͙͌͌͘͕͊͖͕͉͙͕͔͕͗͘͏͓͈͕͕͙͒
НмгпбёЩзЭидзрЩЭз
ЩкибйЩлзй
̹͕͇͌͇͉͙͕͓͇͙͇͑͘͚͔͛͑͝͏͇ͮ͕͇͑ͮ͇ͮ
͖͕͉͎͚͉͇͗͖͕͇͙͇͒͞͎͇͕͙͉͊͌Ͱ͌͕͘
͖͌͘͝͏͇͔ͮ͒͌͖͕͕͖͑͒͌͝̫͉͙͌͌͖͕͇͙͇͒͞
͎͇͕͙͉͊͌Ͱ͌͏͖͕͕͖͕͙͑͒͌͝͏͓͇͇͙͏͔͇͛͗
͉͔͗͌͝͘͏͔͇͔͊͒͌͕͓͚͔͑͏͇͙͕͑͗
̨͎͗͏͔͇͙͇͔͇͉͔͙͌͏͇͙͕͕͙͒͗͌
͇͉͙͕͓͇͙͑͘͏͕͔͇͋͗͌͋͌͉͎͗͕͔͕͉͇͘͔͇
͖͕͙͇͉͇͙͇͑͘͔͇͍͗͌͏͓͕͙͏
͙͓͖͇͙͚͇͙͇͌͌͗͗͔͇͔͇͍ͮ͌͑͟͏͕͙͇͋͘͔͇
͖͕͇͙͇͒͞͎͇͕͙͉͊͌Ͱ͌̯͙͕͘͙͇͇͑͓͕͍͙͌͌
͇͋͇͈͕͙͗͏͙͌͕͘͉͔͙͌͏͇͙͕͕͙͒͗͇͔͕͗͞͕͋
͖͕͇͙͇͒͞͎͇͕͙͉͊͌Ͱ͌̻͚͔͑͝͏͇͙͇ͮ͓͕͍͌
͇͋͌͘͉͚͑͒͞͏͕͋͙͇͈͇͙͇͌͒͔͇
͖͕͉͗͟͏͔͇͙͇͎͇͕͙͉͊͌Ͱ͌
̮͇͖͕͉͌Ͳ͌͏͔͕͓͇͛͗͝͏͏
͇͕͑͑͇͋͇ͮ͕͑͗͏͙͘͏͙͌͕͉͇͇
͚͔͛͑͝͏͇ͮ͉͏͙͋͌͌͕͊
͚͖͇͙͙͉͕͙͕͘͎͇͖͕͇͙͇͒͞͎͇
͕͙͉͊͌Ͱ͌
ЋггдмрмЫЩѓЮжЩ
еЩгкбеЩджЩЪйабжЩжЩ
езлзйзл
̱͕͇͊Ͳ͌͕͊͖͗͏͙͏͔͙͌͌͘͕͖͙͕͑͌͞ 
̳͇͑͘͏͓͇͔͇͙͇͒͈͎͗͏͔͇͔͇͓͕͙͕͕͙͗
͇͈͕͙͗͏͓͏͔͚͙͏̶͕͒͌͘͙͕͇͇͖͇͇͙͕͙͗
͌͘͉͇͗Ͳ͇͔͇͖͙͕͔͇͙͇͗͌͋͜͖͕͙͇͉͇͑͘
̱͕͇͊͚͔͛͑͝͏͇͙͇ͮ͌
͉͚͔͇͑͒͌͞͕͖͕͔͋͒͏͙͔͕͌͒
͕͖͋͏͇͗Ͱ͌͔͇͕͖͙͕͑͌͞
͔͓͇͌͙͌͛͌͑
ЋгдмрмЫЩѓЮб
бкгдмрмЫЩѓЮжЩ
баЫЮклмЫЩѓЮлзжЩ
нбдлЮйзл
̧͇͓͕͙͒͗͎͇͛͏͙͒͌͗̩͌͖͕͙͙͚͉͇͌͘͇͋͕͊
͓͔͌͘͏͙͌͏͒͏͏͘͞͏͙͘͏͙͌͛͏͙͕͙͒͌͗͎͇
͇͔ͮ͊͒͌͏͇͋͕͊͏͘͞͏͙͘͏͙͌͛͏͙͕͙͒͌͗͎͇
͓͇͔͕͙͘͏͏̶͕͇͎͇͙͕͙͑͌͒͎͇͛͏͙͒͌͗ ͌
͉͚͔͑͒͌͞͉͔͕͗͌͝͚͔͌͑͋͘͏͇͕͑
͛͏͙͕͙͒͌͗͎͇͖͕͓͇͚͉͇͋͑͞Ͱ͌͓͕͇͗͇͋
͈͏͋͌͏͘͞͏͙͔͌͘̶͕͇͎͇͙͕͙͑͌͒͎͇͛͏͙͒͌͗
͙͖͇͗͌͑͉͔͕͗͌͝͚͔͌͑͋͘͏͇͕͑
͛͏͙͕͙͒͌͗͎͇͇͔ͮ͊͒͌͓͕͇͗͇͋͌͘͎͇͓͔͌͏
͏͒͏͏͘͞͏͙͘͏
̶͕͔͙͊͒͌͋͌͌͕͊͇͇͓͒͗͎͇
͛͏͙͕͙͒͌͗͉͕͖͕͇͉͙͕͊͒ͮ͌͎͇
͔͇͌͊͏͞͏͙͌͘Ͱ͌
 ̩͚͙͑͒͌͌͞͇ͮ͕͔͙͕͔͇͙͇͑͗͒͙͇͈͇͒
 ̶͕͉͙͗͌͗͌͌͇͋͒͏͏͕͔͑͏͙͌͌͘
͏͚͔͑͒͌͘͞͏
 ̮͇͉͚͚͉͇͑͒͞Ͱ͌͏͒͏͏͚͚͉͇͑͒͘͞Ͱ͌
͔͇͏͎͉͙͚͉͇͌͘Ͱ͙͕͌͎͇͛͏͙͒͌͗͔͇
͇͔ͮ͊͒͌͕͖͙͋͗͌͌͕͊ ͚͔͌͑͋͘͏
̧͕͑͏͎͉͙͚͉͇͌͘Ͱ͙͕͌͎͇
͛͏͙͒͌͗͔͇͇͔ͮ͊͒͌͌
͉͚͔͕͑͒͌͞͏͕͔͇͙͇͑͎͇
͛͏͙͒͌͗ ͙͖͇͗͌͑͉͔͕͗͌͝
͖͇͙͏
̧͕͑͏͎͉͙͚͉͇͌͘Ͱ͙͕͌͎͇
͛͏͙͒͌͗͔͇͇͔ͮ͊͒͌͌
͏͚͔͕͑͒͌͘͞͏͕͔͇͙͇͑͎͇
͛͏͙͒͌͗ ͙͖͇͗͌͑͉͔͕͗͌͝
͖͇͙͏
ЖЎЌЉБРБКЛЎЃЎ
РбклЮѓЮжЩнбдлЮйзлаЩ
ейкжзлбб
̸͕͌͑ͮ͛͏͙͒͌͗͓͕͇͗͇͋͌͘͞͏͙͘͏
͔͇͓͇͚ͮ͒͑͔͇͌͋͟͓͔͕͌͌͘͞̻͏͙͒͗͏͙͌͌͘
͓͕͔͙͏͇͇͙͗͕͘͚͖͕͙͈͇͗͌͔͇͙͌͊͘͏͏
͖͕ͮ͑͘͏͔͇͖͕͙͗͘͏͉͔͇͙͇͙͇͔͇͗͘
АЩрбклЮѓЮжЩнбдлЮйзл
 ̶͕͉͙͒͌͌͌͞͇ͮ͇͇͙͇͗͑͞͔͇͛͏͙͕͙͒͌͗
͖͕͋͇͖͘͏͇͙͕͕͙͗͗͏͓͇͚͒͑
ZZZDHJFRP
͔͇͕͔͙͑͒͌͌͕͊͖͔͗͌͋͏͕͙͋͌͒͔͇
͛͏͙͕͙͒͌͗͔͇͕͚͋͒
1
 ̯͘͞͏͙͙͌͌͘͊͏͛͏͙͒͗͏͙͌͕͘͚͔ͩ͌͗͘
͕͘͔͇͈͇͎͌͗͏͉͔͏͙͔͙͋͌͌͗͊͌͏͏͒͏͉͕
͓͇͟͏͔͇͎͇͓͏͌Ͱ͌͇͕͉͋͘͏
̳͇͟͏͔͇͙͇͎͇͓͏͌Ͱ͌
͇͕͉͋͘͏͓͕͇͗͇͋͈͏͋͌
͖͕͙͇͉͔͇͌͘͔͇͔͏͇͑͘
͙͓͖͇͙͚͇͌͌͗͗͏͇͙͕͑͗͑
͝͏͚͑͒͘̻͏͙͕͙͒͌͗͎͇
͓͇͔͕͙͘͏͏͓͕͍͌͇͋͏͎͚͈͊͏
͈͕͇ͮ͔͓͇͌͉͒͏͇͔ͮ͏͌͉͎͗
͖͕͓͇͔͌͗͛͗͘͏͙͌͔͇
͇͖͇͇͙͕͙͗
 ̮͇͇͋͊͏͙͇͉͘͏͙͌͛͏͙͒͗͏͙͌͔͇͎͇͋
͏͎͉͙͗͌͌͟͊͏͖͉͗͏͙͌͉͇͋͕͌͑͗͞͏͉͕
͕͈͇͙͔͗͌͕͗͌͋͒͌͋͘
̶͕͉͙͕͙͗͌͌͊͏͕͌͑͗͞͏͙͌͎͇͘͏͙͌͛͏͙͒͗͏
͇͕͑͌͓͕͍͔͕
АЩеЮжмЫЩѓЮжЩ
нбдлЮйзлаЩёЩЬдЮж
ИЙЎЍМИЙЎЍМЋЉЃЎ
̻͏͙͕͙͒͌͗͎͇͇͔ͮ͊͒͌͔͌͓͌͌͘
͇͋͌͘͓͏͌
̩͓͙͕͗͌͌͔͇͎͇͘͏͙͔͕͙͇͌͘͔͇͛͏͙͕͙͒͌͗
͎͇͇͔ͮ͊͒͌͉͇͗͏͇͗͉͕͎͇͉͏͔͕͙͘͘͕͋
͉͏͕͙͋͔͇͕͙͉͊͌Ͱ͙͕͌͏͕͉͔͕͙͇͗͌͋͘͔͇
͞͏͙͌͘Ͱ͌͔͇͛͏͙͕͙͒͌͗͎͇͓͇͔͕͙͘͏͏
̮͇͖͕͓͔͇͗͌͔͇͛͏͙͕͙͒͌͗
 ̯͎͉͇͙͋͌͌͊͏͛͏͙͒͗͏͙͌͎͇͓͇͔͕͙͘͏͏
͕͋͇͖͇͇͙͕͙͗
̶͕͔͙͊͒͌͋͌͌͉͕ಱ̾͏͙͌͘Ͱ͌͔͇͛͏͙͒͌͗͎͇
͓͇͔͕͙͘͏͏ಯ͉͕͕͉͇͖͕͇͉͊͒ͮ͌
 ͖͗͏͙͏͔͙͌͌͘͔͇͙͇͈͚͇͙͕͕͙͒͗͏
͓͇͚͒͑͔͇͉͇͙͒͌͌͕͊͖͔͗͌͋͏͕͙͋͌͒͔͇
͛͏͙͕͙͒͌͗
1
1
 ̮͇͇͋͕͊͙͇͉͘͏͙͌͔͕͉͛͏͙͒͌͗
͏͎͉͙͗͌͌͟͊͏͕͌͑͗͞͏͙͌͉͕͕͈͇͙͔͗͌
͕͗͌͋͒͌͋͘
̩͕͕͌͑ͮ͘͚͇͒ͮ͘͞͖͕͙͈͔͕͗͌͌͇͋͊͏
͎͇͓͔͌͏͙͌͛͏͙͒͗͏͙͌͔͇͔͇͓͇͚ͮ͒͑
͙͌͞͏͗͏͓͌͌͘͝͏
ЉдЩйеаЩнбдлЮй
̩͏͙͋͌͌͉͕͚͖͇͙͙͉͕͙͕͘͎͇
͕͔͉͔͇͌͑ͮ͋͌͘͚͖͕͙͈͇͗͌͎͇
͉͚͚͉͇͑͒͞Ͱ͌͏͏͚͚͉͇͑͒͘͞Ͱ͌
͔͇͇͇͓͒͗͎͇͛͏͙͒͌͗
̶͕͔͙͊͒͌͋͌͌͉͕͞͏͙͌͘Ͱ͌͔͇
͛͏͙͒͌͗͎͇͓͇͔͕͙͘͏͏͉͕͕͉͇
͖͕͇͉͊͒ͮ͌
̶͕͔͙͊͒͌͋͌͌͉͕͞͏͙͌͘Ͱ͌͔͇
͛͏͙͕͙͒͌͗͎͇͇͔ͮ͊͒͌͏͒͏
͎͇͓͔͚͉͇͌Ͱ͌͔͇͛͏͙͕͙͒͌͗
͎͇͇͔ͮ͊͒͌͉͕͎͇͉͏͔͕͙͘͘͕͋
͙͏͖͕͙͔͇͛͏͙͕͙͒͌͗
АЩйЮкЮлбйЩѓЮжЩЩдЩйезл
̫͕͖͙͗͌͌͕͊ ͉͕͙͇͗͌Ͱ͌͕͋͚͔͌͑͋͘͏
АЩеЮжЩжЩкЫЮлдзлз
̵͉͕ͮ͇͖͇͇͙͗͌͘͏͖͕͇͚͉͇͗͘͞͕͘̲̬̫
͇͓͖͇͒̵͉͕ͮ͋͌͒͓͕͍͌͇͋͕͊͘͎͇͓͔͌͏
͇͓͕͘͙͔͌͜͏͇͗͞̩͕͚͇͒ͮ͘͞͔͇͙͋͌͛͌͑
͉͏͙͋͌͌͉͕ಱ̸͉͌͗͏͘ಯ͉͕͖͕͇͉͙͕͊͒ͮ͌
ಱ̨͎͈͔͕͔͌͌͋͘͏͏͔͙͚͗͑͘͝͏͏ಯ
̵̴̸̧̳̱̬̫̱̯ 
ЌЙБЏЉАЉЗГЗДБЖЉЛЉ
̷͌͝͏͑͒͏͇͙͗ͮ͌͊͏͓͇͙͌͗͏͇ͮ͒͏͙͌͕͘
͘͏͓͈͕͕͙͒ ̸͙͇͉͙͌͌͇ͮ͇͓͈͇͇͍͇͙͇͒
͉͕͕͕͉͙͔͋͌͘͏͕͔͙͔͑͌ͮ͌͗͏͎͇͇͋͇ͮ
͗͌͝͏͑͒͏͇͙͗͌̶͕͓͕͔͙͊͌͌͉͕͎͇͙͟͏͙͇͙͇
͔͇͍͏͉͙͔͇͙͇͗͌͋͘͏͔͇͏͕͉͕͉͕͙͕͌͑͞
͎͇͉͋͗ͮ͌͏͗͌͝͏͑͒͏͇͙͗ͮ͌͕͊͕͙͖͇͕͙͋͕͋
͙͌͒͌͑͗͏͔͞͏͏͙͕͔͌͒͌͑͗͑͘͏͇͖͇͇͙͗͏̴͌
͇͙͛͗͒ͮ͌͊͏͇͖͇͇͙͗͏͙͌͕͎͇͔͔͌͞͏͕͘
͘͏͓͈͕͕͙͒ ͉͕͕͙͖͇͕͙͋͕͋
͕͓͇͋Ͳ͏͔͙͉͕͙͕͘̩͇͙͙͗͌͌͕͊͖͕͗͏͎͉͕͕͙͋
͉͕͉͇͟͏͕͙͕͇͔͒͑͒͌͇͖͇͑͝͏͙͙͌͎͇
͗͌͝͏͑͒͏͇͗Ͱ͌͏͒͏͕͔͙͇͙͑͑͏͇͙͗ͮ͌͇ͮ
͉͇͇͙͇͟͕͖͙͟͏͔͇͑͘͇͔͇͑͌͒͗͝͏͇ͮ
ZZZDHJFRP
,11+2/'
6,..(5+(76,1)250$6-212*,167$//$6-21
352'8.7%(6.5,9(/6(
'$*/,*%58.
67(//2*5(1*-5,1*
)253(5)(.7(5(68/7$7(5
7DNNIRUDWGXYDOJWHGHWWH$(*SURGXNWHW9LKDUODJHWGHWIRU§JLGHJSHUIHNW
\WHOVHLPDQJH§UPHGLQQRYDWLYWHNQRORJLVRPELGUDUWLO§JMºUHOLYHWHQNOHUHದ
HJHQVNDSHUVRPGXNDQVNMHLNNHILQQHUS§RUGLQ¨UHDSSDUDWHU%UXNQRHQ
PLQXWWHUS§§OHVHGHWWHIRU§I§PHVWPXOLJXWDYGHQ
*§LQQS§QHWWVLGHQY§UIRU§
)§U§GRPEUXNEURVM\UHUKMHOSWLOIHLOVºNLQJRJLQIRUPDVMRQRPVHUYLFHRJ
UHSDUDVMRQ
ZZZDHJFRPVXSSRUW
5HJLVWUHUSURGXNWHWIRU§I§EHGUHVHUYLFH
ZZZUHJLVWHUDHJFRP
.MºSWLOEHKºUIRUEUXNVYDUHURJRULJLQDOHUHVHUYHGHOHUWLODSSDUDWHWGLWW
ZZZDHJFRPVKRS
.81'(6777(2*6(59,&(
%UXNDOOWLGRULJLQDOHUHVHUYHGHOHU
1§UGXNRQWDNWHUY§UWDXWRULVHUWHVHUYLFHVHQWHUP§GXVºUJHIRUDWGXKDU
IºOJHQGHRSSO\VQLQJHUWLOJMHQJHOLJ0RGHOO31&VHULHQXPPHU
,QIRUPDVMRQHQILQQHUGXS§W\SHVNLOWHW
$GYDUVHO)RUVLNWLJದ6LNNHUKHWVLQIRUPDVMRQ
*HQHUHOOLQIRUPDVMRQRJWLSV
0LOMºLQIRUPDVMRQ
0HGIRUEHKROGRPHQGULQJHU
6,..(5+(76,1)250$6-212*,167$//$6-21
$'9$56(/
6HGHWVHSDUDWHKHIWHWIRU
LQVWDOODVMRQVLQVWUXNVMRQHUIRU
VLNNHUKHWVLQIRUPDVMRQRJLQVWDOODVMRQ
/HVVLNNHUKHWVNDSLWOHQHQº\HIºUGX
EUXNHUHOOHUYHGOLNHKROGHUSURGXNWHW
1256. 
352'8.7%(6.5,9(/6(
2YHUVLNWRYHUEHWMHQLQJVSDQHOHW
1 2 3 4 5 6 7 8 9
3§$Y
)ºUVWHPRWRUKDVWLJKHW
$QGUHPRWRUKDVWLJKHW
7UHGMHPRWRUKDVWLJKHW
0DNVLPXPPRWRUKDVWLJKHW
%UHH]HIXQNVMRQ
)LOWHUS§PLQQHOVH
.RPI\UWRSSWLOYHQWLODWRUIXQNVMRQHQ
2YQVODPSH
'$*/,*%58.
%UXNDYYHQWLODWRUHQ
6MHNNDQEHIDOWKDVWLJKHWLKHQKROGWLO
WDEHOOHQQHGHQIRU
8QGHURSSYDUPLQJDYPDWWLOEHUHGQLQJPHGGHNNHGH
NRNHNDU
6N§QVRPVWHNLQJದQ§UGXWLOEHUHGHUPHGGHNNHGH
NRNHNDUS§IOHUHNRNHVRQHUHOOHUEUHQQHUH
8QGHUNRNLQJRJVWHNLQJDYP\HPDWXWHQORNNWLOEHಣ
UHGQLQJS§IOHUHNRNHVRQHUHOOHUEUHQQHUH
8QGHUNRNLQJRJVWHNLQJDYVWRUHPHQJGHUPDWXWHQ
ORNNKº\IXNWLJKHW
)ULVNHURSSOXIWHQS§NMºNNHQHWHWWHUPDWODJLQJದPHG
VY¨UWODYWVWº\QLY§'HQNDQDNWLYHUHVRJGHDNWLYHUHV
YHG§EHUºUHV\PEROHW)XQNVMRQHQVO§VDYDXWRPDಣ
WLVNHWWHUPLQXWWHU%UXNHVNXQHWWHUWLOEHUHGQLQJ
'HWHUDQEHIDOW§OD
YHQWLODWRUHQVW§S§L
PLQXWWHUHWWHUWLOEHUHGQLQJ
%HWMHQLQJVSDQHOHWHUHW
VHQVRUIHOW%HUºUV\PEROHQH
LVHNXQGIRU§DNWLYHUH
IXQNVMRQHQH
6OLNEUXNHUGXYHQWLODWRUHQ
 6O§S§DSSDUDWHWYHG§WU\NNHS§
V\PEROHW
1§NDQGXDNWLYHUHIXQNVMRQHQH
 )XQNVMRQHQDNWLYHUHVYHG§EHUºUH
V\PEROHW
 %HUºUO\VV\PEROHW IRU§EHO\VH
VWHNHRYHUIODWHQYHGEHKRY
7U\NN V\PEROHWS§Q\WWIRU§VO§DY
DSSDUDWHW
ZZZDHJFRP
+RE+RRGIXQNVMRQ
'HWWHHUHQDXWRPDWLVNIXQNVMRQVRP
NQ\WWHUNRNHWRSSHQWLOHQYHQWLODWRU%§GH
NRNHWRSSHQRJYHQWLODWRUHQKDUHQ
LQIUDUºGVLJQDONRPPXQLNDWRU
9LIWHKDVWLJKHWHQGHILQHUHVDXWRPDWLVNS§
JUXQQODJDYPRGXVHQRJWHPSHUDWXUHQWLO
GHYDUPHVWHNRNHNDUHQHS§NRNHWRSSHQ
'XNDQRJV§EHWMHQHYLIWHQIUD
NRNHWRSSHQPDQXHOW'HQQHIXQNVMRQHQ
NDQDNWLYHUHVIUDEHWMHQLQJVSDQHOHWS§
NRNHWRSSHQ
)RUPHULQIRUPDVMRQRP
KYRUGDQGXEUXNHU
IXQNVMRQHQVHNRNHWRSSHQV
EUXNVDQYLVQLQJ
$NWLYHULQJDYKº\HVWH
YLIWHKDVWLJKHW
1§UGXWU\NNHUS§NQDSSHQ VWDUWHU
GHQKº\HVWHYLIWHKDVWLJKHWHQLPLQXWWHU
(WWHUGHWWHJ§UDSSDUDWHWWLOEDNHWLOGHQ
WLGOLJHUHKDVWLJKHWVLQQVWLOOLQJHQ
1§UIXQNVMRQHQHUVO§WWS§
KDU\WWHUOLJHUHEHUºULQJDY
NQDSSHQ LQJHQHIIHNW
6OLNDNWLYHUHUGXRJ
GHDNWLYHUHUILOWHUYDUVHOHW
)LOWHUYDUVHOHWPLQQHUGHJRP§VNLIWHHOOHU
UHQJMºUHNXOOILOWHUHWRJIHWWILOWHUHW
)LOWHULQGLNDWRUHQ VO§VS§UºGWL
VHNXQGHUKYLVIHWWILOWHUHWP§UHQJMºUHV
)LOWHULQGLNDWRUHQ EOLQNHUUºGWL
VHNXQGHUKYLVNXOOILOWHUHWP§E\WWHVXW
HOOHUUHQJMºUHV
6HILOWHUYDUVHOLNDSLWWHOHWIRU
VWHOORJUHQJMºULQJ
 6O§S§EHWMHQLQJVSDQHOHW
 3§VHDWLNRQHQHHUVO§WWDY
 7U\NNS§ LVHNXQGHUIRU§
DNWLYHUHHOOHUGHDNWLYHUHYDUVHOHWRP
NXOOILOWHUHW
+YLVYDUVHOHWRPNXOOILOWHUHU
DNWLYHUWEOLQNHUILOWHULNRQHW
UºGWIHPJDQJHU
+YLVYDUVHOHWRPNXOOILOWHUHU
GHDNWLYHUWEOLQNHUILOWHULNRQHW
UºGWWUHJDQJHU
67(//2*5(1*-5,1*
5HQJMºULQJDYIHWWILOWHUHW
+YHUWILOWHUP§UHQJMºUHVPLQVW«QJDQJL
P§QHGHQ)LOWUHQHPRQWHUHVPHGNOLSV
RJVWLIWHUS§PRWVDWWVLGH
)RU§UHQJMºUHILOWHUHW
 'UDLK§QGWDNHWS§ILOWHUHWXQGHU
YHQWLODWRUHQRJEº\IURQWHQS§
ILOWHUHWIRUVLNWLJQHG
1
 5HQJMºUILOWUHQHYHG§EUXNHHQ
VYDPSPHGYDVNHPLGGHOXWHQ
VOLSHYLUNQLQJHOOHULHQ
RSSYDVNPDVNLQ
2SSYDVNPDVNLQHQP§VWLOOHV
LQQS§ODYWHPSHUDWXURJHW
NRUWSURJUDP)HWWILOWHUHWNDQ
EOLPLVIDUJHWPHQGHWWHKDU
LQJHQS§YLUNQLQJS§\WHOVHQ
WLODSSDUDWHW
 )RU§PRQWHUHILOWUHQHLJMHQIºOJGH
WRIºUVWHWULQQHQHLRPYHQGW
UHNNHIºOJH
*MHQWDWULQQHQHIRUDOOHILOWUHKYLVDNWXHOW
6OLNVNLIWHUGXNXOOILOWHUHW
$'9$56(/
.XOOILOWHUHWNDQLNNHYDVNHV
1256. 
0HWQLQJHQDYNXOOILOWHUHWYDULHUHU
DYKHQJLJDYW\SHWLOEHUHGQLQJRJKYRU
UHJHOPHVVLJGXUHQJMºUHUIHWWILOWHUHW
6OLNVNLIWHUGXILOWHUHW
 )MHUQIHWWILOWUHQHIUDDSSDUDWHW
6H5HQJMºULQJDYIHWWILOWHUHWLGHWWH
NDSLWWHOHW
 WU\NNWDSSHQRJWLOWIURQWHQDY
ILOWHUHWOLWWQHGRYHU
1
1
 )RU§PRQWHUHHWQ\WWILOWHUXWIºUGH
VDPPHWULQQHQHLRPYHQGW
UHNNHIºOJH
8DQVHWWHUGHWQºGYHQGLJ§VNLIWHILOWUHQH
PLQVWKYHUIMHUGHP§QHG
)LOWHUYDUVHO
/HVDNWLYHULQJRJ
GHDNWLYHULQJDYILOWHUDODUPHQ
LNDSLWWHOHWIRUGDJOLJEUXN
6H5HQJMºULQJDYIHWWILOWHUHW
LGHWWHNDSLWWHOHW
6HVOLNUHQJMºUGXNXOOILOWHUHW
HOOHUVOLNVNLIWHUGXNXOOILOWHUHW
DYKHQJLJDYILOWHUW\SH
6OLNQXOOVWLOOHUGXDODUPHQ
%HUºU LVHNXQGHU
6NLIWHO\VS¨UH
'HWWHSURGXNWHWOHYHUHVPHGHQ/('
S¨UH'HQQHGHOHQNDQNXQVNLIWHVDYHQ
WHNQLNHU+YLVGHWRSSVW§UIHLOVH
6HUYLFHLNDSLWWHOHW
6LNNHUKHWVLQVWUXNVMRQHU
%(6.<77(/6($90,/-(7
5HVLUNXOHUPDWHULDOHUVRPHUPHUNHWPHG
V\PEROHW /HJJHPEDOODVMHQLULNWLJH
EHKROGHUHIRU§UHVLUNXOHUHGHW%LGUDUWLO
§EHVN\WWHPLOMºHWPHQQHVNHUVKHOVHRJ
IRU§UHVLUNXOHUHDYIDOODYHOHNWULVNHRJ
HOHNWURQLVNHSURGXNWHU,NNHNDVW
SURGXNWHUVRPHUPHUNHWPHGV\PEROHW
VDPPHQPHGKXVKROGQLQJVDYIDOOHW
3URGXNWHWNDQOHYHUHVGHUKYRU
WLOVYDUHQGHSURGXNWVHOJHVHOOHUS§
PLOMºVWDVMRQHQLNRPPXQHQ.RQWDNW
NRPPXQHQIRUQ¨UPHUHRSSO\VQLQJHU
ZZZDHJFRP
63,675(Ĝ&,
,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$,,167$/$&-, 
23,685=Æ'=(1,$
&2'=,(11$(.63/2$7$&-$
.216(5:$&-$,&=<6=&=(1,( 
=0<Ĝ/Æ2'26.21$ă<&+()(.7$&+
']LÛNXMHP\]DZ\EµUSURGXNWX$(*=DSURMHNWRZDOLĝP\JR]P\ĝOÇRZLHOROHWQLHM
EH]DZDU\MQHMSUDF\LZ\SRVDľ\OLĝP\ZLQQRZDF\MQHUR]ZLÇ]DQLDWHFKQLF]QH
XĄDWZLDMÇFHľ\FLHದQLHZV]\VWNLH]QLFKPRľQD]QDOHļÉZ]Z\NĄ\FKXU]ÇG]HQLDFK
3URVLP\RSRĝZLÛFHQLHNLONXPLQXWQD]DSR]QDQLHVLÛ]QLQLHMV]ÇLQVWUXNFMÇDE\
MDNQDMOHSLHMZ\NRU]\VWDÉPRľOLZRĝFLXU]ÇG]HQLD
3U]HMGļQDQDV]ÇZLWU\QÛLQWHUQHWRZÇ
:VND]µZNLGRW\F]ÇFHXľ\WNRZDQLDEURV]XU\SRPRFZUR]ZLÇ]\ZDQLX
SUREOHPµZRUD]LQIRUPDFMHGRW\F]ÇFHVHUZLVXLQDSUDZ
ZZZDHJFRPVXSSRUW
=DUHMHVWUXMSURGXNWDE\NRU]\VWDÉ]OHSV]HMREVĄXJLVHUZLVRZHM
ZZZUHJLVWHUDHJFRP
.XSDNFHVRULDPDWHULDĄ\HNVSORDWDF\MQHLRU\JLQDOQHF]ÛĝFL]DPLHQQHGR
VZRMHJRXU]ÇG]HQLD
ZZZDHJFRPVKRS
2%6ă8*$./,(17$,6(5:,6
1DOHľ\]DZV]HXľ\ZDÉRU\JLQDOQ\FKF]ÛĝFL]DPLHQQ\FK
3U]HGNRQWDNWHP]DXWRU\]RZDQ\PFHQWUXPVHUZLVRZ\PQDOHľ\SU]\JRWRZDÉ
SRQLľV]HGDQH0RGHOQXPHUSURGXNWXQXPHUVHU\MQ\
,QIRUPDFMHPRľQD]QDOHļÉQDWDEOLF]FH]QDPLRQRZHM
2VWU]HľHQLHSU]HVWURJDಧLQIRUPDFMHGRW\F]ÇFHEH]SLHF]HĆVWZD
2JµOQHLQIRUPDFMHLZVND]µZNL
,QIRUPDFMHGRW\F]ÇFHĝURGRZLVNDQDWXUDOQHJR
3URGXFHQW]DVWU]HJDVRELHPRľOLZRĝÉZSURZDG]HQLD]PLDQEH]ZF]HĝQLHMV]HJR
SRZLDGRPLHQLD
,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$,
,167$/$&-,
2675=(Ƽ(1,(
,QIRUPDFMHGRW\F]ÇFHEH]SLHF]HĆVWZDL
LQVWDODFMLVÇ]DZDUWHZRGUÛEQHM
EURV]XU]Hಱ,QVWUXNFMDLQVWDODFMLರ3U]HG
SU]\VWÇSLHQLHPGRXľ\WNRZDQLDOXE
NRQVHUZDFMLXU]ÇG]HQLDQDOHľ\XZDľQLH
SU]HF]\WDÉUR]G]LDĄ\GRW\F]ÇFH
EH]SLHF]HĆVWZD
32/6., 
23,685=Æ'=(1,$
:LGRNSDQHOXVWHURZDQLD
1 2 3 4 5 6 7 8 9
:Ą:\Ą
3LHUZV]DSUÛGNRĝÉVLOQLND
'UXJDSUÛGNRĝÉVLOQLND
7U]HFLDSUÛGNRĝÉVLOQLND
0DNV\PDOQDSUÛGNRĝÉVLOQLND
)XQNFMD%U\]D
3U]\SRPQLHQLHRREVĄXG]HILOWUD
)XQNFMD+REWR+RRG
2ĝZLHWOHQLH
&2'=,(11$(.63/2$7$&-$
.RU]\VWDQLH]RNDSX
6SUDZG]LÉ]DOHFDQHSUÛGNRĝFLSRGDQHZ
SRQLľV]HMWDEHOL
3RGJU]HZDQLHSRWUDZJRWRZDQLHZQDF]\QLDFK]SRಣ
NU\ZNÇ
*RWRZDQLHZQDF]\QLDFK]SRNU\ZNÇQDZLHOXSRODFK
JU]HMQ\FKOXESDOQLNDFKGHOLNDWQHVPDľHQLH
,QWHQV\ZQHJRWRZDQLHLVPDľHQLHGXľ\FKSRUFMLSRಣ
WUDZEH]SRNU\ZNLJRWRZDQLHQDZLHOXSRODFKJU]HMಣ
Q\FKOXESDOQLNDFK
*RWRZDQLHLVPDľHQLHGXľ\FKSRUFMLSRWUDZEH]SRಣ
NU\ZNLGXľRSDU\
2GĝZLHľDSRZLHWU]HZNXFKQLSR]DNRĆF]HQLXSLHಣ
F]HQLDEH]KDĄDVX)XQNFMÛPRľQDZĄÇF]\ÉLZ\ĄÇಣ
F]\ÉGRW\NDMÇFV\PERO)XQNFMDZ\ĄÇF]DVLÛDXWRPDಣ
W\F]QLHSRPLQXWDFK8ľ\ZDÉZ\ĄÇF]QLHSR]DNRĆಣ
F]HQLXSLHF]HQLD
=DOHFDVLÛSR]RVWDZLHQLH
ZĄÇF]RQHJRRNDSXSU]H]RN
PLQSR]DNRĆF]HQLX
JRWRZDQLD
3DQHOVWHURZDQLD
Z\SRVDľRQRZGRW\NRZH
SRODF]XMQLNµZ'RWNQÇÉ
V\PEROLSU]H]VHNXQGÛ
DE\ZĄÇF]\ÉIXQNFMH
2EVĄXJD
ZZZDHJFRP
 :ĄÇF]\ÉXU]ÇG]HQLHQDFLVNDMÇF
V\PERO
1DVWÛSQLHPRľQDNRU]\VWDÉ]MHJR
IXQNFML
 $E\ZĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ
RGSRZLHGQLV\PERO
 :UD]LHSRWU]HE\GRWNQÇÉV\PEROX
RĝZLHWOHQLD DE\RĝZLHWOLÉ
SRZLHU]FKQLÛJRWRZDQLD
$E\Z\ĄÇF]\ÉXU]ÇG]HQLHQDOHľ\
SRQRZQLHQDFLVQÇÉV\PERO
)XQNFMD+REWR+RRG
-HVWWRDXWRPDW\F]QDIXQNFMDNWµUD
XPRľOLZLDSRĄÇF]HQLHSĄ\W\JU]HMQHM]H
ZVSµĄSUDFXMÇF\P]QLÇRNDSHP=DUµZQR
SĄ\WDJU]HMQDMDNLRNDSVÇZ\SRVDľRQH
ZXNĄDGNRPXQLNDFMLSU]HV\ĄDMÇF\V\JQDĄ\
ZSRGF]HUZLHQL3UÛGNRĝÉZHQW\ODWRUD
MHVWRNUHĝODQDDXWRPDW\F]QLHQD
SRGVWDZLHXVWDZLHQLDWU\EXRUD]
WHPSHUDWXU\QDMPRFQLHMUR]JU]DQHJR
QDF]\QLDQDSĄ\FLHJU]HMQHM0RľOLZHMHVW
UµZQLHľUÛF]QHVWHURZDQLHRNDSHP]D
SRĝUHGQLFWZHPSĄ\W\JU]HMQHM)XQNFMÛ
PRľQDXUXFKRPLÉ]SDQHOXVWHURZDQLD
SĄ\W\JU]HMQHM
:LÛFHMLQIRUPDFMLQDWHPDW
NRU]\VWDQLD]IXQNFML
]QDMGXMHVLÛZLQVWUXNFML
REVĄXJLSĄ\W\JU]HMQHM
:ĄÇF]DQLHPDNV\PDOQHM
SUÛGNRĝFLVLOQLND
1DFLĝQLÛFLHSU]\FLVNX SRZRGXMH
ZĄÇF]HQLHPDNV\PDOQHMSUÛGNRĝFLVLOQLND
QDPLQXW3RXSĄ\ZLHWHJRF]DVX
XU]ÇG]HQLHSRZUµFLGRZF]HĝQLHM
XVWDZLRQHMSUÛGNRĝFL
*G\IXQNFMDMHVWZĄÇF]RQD
GRGDWNRZHGRWNQLÛFLH
SU]\FLVNX QLHSRZRGXMH
ľDGQHMUHDNFMLXU]ÇG]HQLD
:ĄÇF]DQLHLZ\ĄÇF]DQLH
SRZLDGRPLHĆGRW\F]ÇF\FK
ILOWUD
$ODUPILOWUDSU]\SRPLQDRNRQLHF]QRĝFL
Z\PLDQ\OXERF]\V]F]HQLDILOWUD
ZÛJORZHJRRUD]RF]\V]F]HQLDILOWUD
SU]HFLZWĄXV]F]RZHJR-HĝOLNRQLHF]QH
MHVWRF]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJR]DSDODVLÛQD
VHNXQGZVNDļQLNILOWUD QDF]HUZRQR
-HĝOLNRQLHF]QDMHVWZ\PLDQDOXE
RF]\V]F]HQLHILOWUDZÛJORZHJR]DF]\QD
PLJDÉSU]H]VHNXQGZVNDļQLNILOWUD
QDF]HUZRQR
3DWU]LQIRUPDFMHGRW\F]ÇFH
DODUPXILOWUDZUR]G]LDOH
ಱ.RQVHUZDFMDLF]\V]F]HQLHರ
 3U]HĄÇF]QLNQDSDQHOXVWHURZDQLD
 8SHZQLÉVLÛľHQLHĝZLHFÇVLÛľDGQH
V\PEROH
 $E\ZĄÇF]\ÉOXEZ\ĄÇF]\É
SRZLDGRPLHQLDGRW\F]ÇFHILOWUD
ZÛJORZHJRQDOHľ\GRWNQÇÉ L
SU]\WU]\PDÉSU]H]VHNXQG\
:ĄÇF]HQLHSRZLDGRPLHĆ
GRW\F]ÇF\FKILOWUD
ZÛJORZHJRMHVW
V\JQDOL]RZDQH
SLÛFLRNURWQ\PPLJQLÛFLHP
V\PEROXILOWUD QD
F]HUZRQR
:\ĄÇF]HQLHSRZLDGRPLHĆ
GRW\F]ÇF\FKILOWUD
ZÛJORZHJRMHVW
V\JQDOL]RZDQHWU]\NURWQ\P
PLJQLÛFLHPV\PEROXILOWUD
QDF]HUZRQR
32/6., 
.216(5:$&-$,&=<6=&=(1,(
&]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJR
.DľG\]ILOWUµZQDOHľ\F]\ĝFLÉFR
QDMPQLHMUD]ZPLHVLÇFX)LOWU\VÇ
]DPRFRZDQH]DSRPRFÇ]DWU]DVNµZ
RUD]WU]SLHQLSRSU]HFLZQHMVWURQLH
&]\V]F]HQLHILOWUD
 3RFLÇJQÇÉ]DXFKZ\WQDILOWU]HSRG
RNDSHPLOHNNRRGFK\OLÉSU]HGQLÇ
F]ÛĝÉILOWUDZGµĄ
1
 2F]\ĝFLÉILOWU\JÇENÇQDVÇF]RQÇ
ĄDJRGQ\PGHWHUJHQWHPOXEXP\ÉZ
]P\ZDUFH
8VWDZLÉZ]P\ZDUFHQLVNÇ
WHPSHUDWXUÛLNUµWNLF\NO
]P\ZDQLD(ZHQWXDOQH
RGEDUZLHQLHILOWUD
SU]HFLZWĄXV]F]RZHJRQLHPD
ľDGQHJRZSĄ\ZXQD
G]LDĄDQLHXU]ÇG]HQLD
 =DPRQWRZDÉILOWU\]SRZURWHPZ
XU]ÇG]HQLXZ\NRQXMÇFGZLH
SLHUZV]HF]\QQRĝFLZRGZURWQHM
NROHMQRĝFL
3RZWµU]\ÉF]\QQRĝFLZRGQLHVLHQLXGR
ZV]\VWNLFKILOWUµZMHĝOLGRW\F]\
:\PLDQDILOWUDZÛJORZHJR
2675=(Ƽ(1,(
)LOWUZÛJORZ\QLHMHVW
SU]\VWRVRZDQ\GRP\FLD
Ľ\ZRWQRĝÉILOWUDZÛJORZHJRMHVW
]UµľQLFRZDQDL]DOHľ\RGURG]DMX
JRWRZDQ\FKSRWUDZRUD]F]ÛVWRWOLZRĝFL
F]\V]F]HQLDILOWUDSU]HFLZWĄXV]F]RZHJR
$E\Z\PLHQLÉILOWUQDOHľ\
 :\MÇÉILOWU\SU]HFLZWĄXV]F]RZH]
XU]ÇG]HQLD
3DWU]ಱ&]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJRರZW\PUR]G]LDOH
 1DFLVQÇÉZ\VWÛSLOHNNRRGFK\OLÉ
SU]HGQLÇF]ÛĝÉILOWUD
1
1
 :FHOX]DPRQWRZDQLDQRZHJRILOWUD
QDOHľ\Z\NRQDÉRSLVDQHF]\QQRĝFLZ
RGZURWQHMNROHMQRĝFL
)LOWU\QDOHľ\Z\PLHQLDÉFRQDMPQLHMUD]
QDF]WHU\PLHVLÇFH
$ODUPILOWUD
,QIRUPDFMHGRW\F]ÇFH
ZĄÇF]DQLDLZ\ĄÇF]DQLD
DODUPXILOWUD]QDMGXMÇVLÛZ
UR]G]LDOHಱ&RG]LHQQD
HNVSORDWDFMDರ
3DWU]ಱ&]\V]F]HQLHILOWUD
SU]HFLZWĄXV]F]RZHJRರZW\P
UR]G]LDOH
3DWU]LQIRUPDFMHGRW\F]ÇFH
F]\V]F]HQLDOXEZ\PLDQ\
ILOWUDZÛJORZHJR]DOHľQLHRG
W\SXILOWUD
$QXORZDQLHDODUPX
'RWNQÇÉ LSU]\WU]\PDÉSU]H]
VHNXQG\
:\PLDQDRĝZLHWOHQLD
8U]ÇG]HQLHZ\SRVDľRQRZRĝZLHWOHQLH
/('(OHPHQWWHQPRľHZ\PLHQLÉW\ONR
VSHFMDOLVWDVHUZLVRZ\:SU]\SDGNX
Z\VWÇSLHQLDXVWHUNLSDWU]ಱ6HUZLVರZ
UR]G]LDOHಱ:VND]µZNLGRW\F]ÇFH
EH]SLHF]HĆVWZDರ
ZZZDHJFRP
2&+521$Ĝ52'2:,6.$
0DWHULDĄ\R]QDF]RQHV\PEROHP
QDOHľ\SRGGDÉXW\OL]DFML2SDNRZDQLH
XU]ÇG]HQLDZĄRľ\ÉGRRGSRZLHGQLHJR
SRMHPQLNDZFHOXSU]HSURZDG]HQLD
UHF\NOLQJX1DOHľ\]DGEDÉRSRQRZQH
SU]HWZDU]DQLHRGSDGµZXU]ÇG]HĆ
HOHNWU\F]Q\FKLHOHNWURQLF]Q\FKDE\
FKURQLÉĝURGRZLVNRQDWXUDOQHRUD]
OXG]NLH]GURZLH1LHZROQRZ\U]XFDÉ
XU]ÇG]HĆR]QDF]RQ\FKV\PEROHP
UD]HP]RGSDGDPLGRPRZ\PL1DOHľ\
]ZUµFLÉSURGXNWGRPLHMVFRZHJRSXQNWX
SRQRZQHJRSU]HWZDU]DQLDOXE
VNRQWDNWRZDÉVLÛ]RGSRZLHGQLPL
ZĄDG]DPLPLHMVNLPL
32/6., 
1',&(
,1)250$2'(6(*85$1$(,167$/$2
'(6&5,2'2352'872 
87,/,=$2',5,$
0$187(12(/,03(=$
3$5$5(68/7$'263(5)(,726
2EULJDGRSRUHVFROKHUHVWHSURGXWR$(*&UL£PRORSDUDOKHSURSRUFLRQDUXP
GHVHPSHQKRLPSHF£YHOGXUDQWHPXLWRVDQRVFRPWHFQRORJLDVLQRYDGRUDVTXH
WRUQDPDVXDYLGDPDLVI£FLOದIXQFLRQDOLGDGHVTXHSRGHU£Q¥RHQFRQWUDUHP
DSDUHOKRVFRPXQV&RQWLQXHDOHUGXUDQWHDOJXQVPLQXWRVSDUDWLUDURP£[LPR
SDUWLGRGRSURGXWR
9LVLWHRQRVVRZHEVLWHSDUD
2EWHUFRQVHOKRVGHXWLOL]D©¥RIROKHWRVUHVROX©¥RGHSUREOHPDVH
LQIRUPD©·HVVREUHDVVLVW¬QFLDHUHSDUD©·HV
ZZZDHJFRPVXSSRUW
5HJLVWHRVHXSURGXWRSDUDEHQHILFLDUGHXPVHUYL©RPHOKRU
ZZZUHJLVWHUDHJFRP
$GTXLUDDFHVVµULRVFRQVXP¯YHLVHSH©DVGHVXEVWLWXL©¥RRULJLQDLVSDUDRVHX
DSDUHOKR
ZZZDHJFRPVKRS
$32,2$2&/,(17(($66,671&,$
8VDUVHPSUHSH©DVVREUHVVDOHQWHVGHRULJHP
6HPSUHTXHFRQWDFWDURQRVVR&HQWURGH$VVLVW¬QFLD7«FQLFD$XWRUL]DGR
DVVHJXUHTXHWHPGLVSRQ¯YHLVRVGDGRVVHJXLQWHV0RGHOR31&1¼PHURGH
V«ULH
(VWDLQIRUPD©¥RHQFRQWUDVHQDSODFDGHLGHQWLILFD©¥R
$YLVR&XLGDGRದ,QIRUPD©·HVGHVHJXUDQ©D
,QIRUPD©·HVJHUDLVHVXJHVW·HV
,QIRUPD©·HVDPELHQWDLV
6XMHLWRDDOWHUD©·HVVHPDYLVRSU«YLR
,1)250$2'(6(*85$1$(,167$/$2
$9,62
&RQVXOWHRIROKHWRGHLQVWUX©·HVGD
LQVWDOD©¥RHPVHSDUDGRUHODWLYDPHQWH¢
,QIRUPD©¥RGHVHJXUDQ©DHLQVWDOD©¥R
/HLDFXLGDGRVDPHQWHRVFDS¯WXORVGH
6HJXUDQ©DDQWHVGHTXDOTXHUXWLOL]D©¥R
RXPDQXWHQ©¥RGRDSDUHOKR
ZZZDHJFRP
'(6&5,2'2352'872
'HVFUL©¥RJHUDOGRSDLQHOGHFRPDQGRV
1 2 3 4 5 6 7 8 9
/LJDU'HVOLJDU
3ULPHLUDYHORFLGDGHGRPRWRU
6HJXQGDYHORFLGDGHGRPRWRU
7HUFHLUDYHORFLGDGHGRPRWRU
9HORFLGDGHP£[LPDGRPRWRU
)XQ©¥RGHEULVD
$YLVRGRILOWUR
)XQ©¥Rಯ+REWR+RRGರ
/¤PSDGD
87,/,=$2',5,$
8WLOL]DURH[DXVWRU
9HULILTXHDYHORFLGDGHUHFRPHQGDGDQD
WDEHODVHJXLQWH
4XDQGRDTXHFHUDOLPHQWRVRXFR]LQKDUHPWDFKRV
WDSDGRV
4XDQGRFR]LQKDUHPWDFKRVWDSDGRVHPY£ULDV]Rಣ
QDVGHDTXHFLPHQWRRXY£ULRVTXHLPDGRUHVHTXDQಣ
GRIULWDUOHQWDPHQWH
4XDQGRFR]HUHIULWDUJUDQGHVTXDQWLGDGHVGHDOLಣ
PHQWRVHPWDFKRVGHVWDSDGRVRXTXDQGRFR]LQKDU
HPY£ULDV]RQDVGHDTXHFLPHQWRRXY£ULRVTXHLPDಣ
GRUHV
4XDQGRFR]HUHIULWDUJUDQGHVTXDQWLGDGHVGHDOLಣ
PHQWRVFRPPXLWDKXPLGDGHHPWDFKRVGHVWDSDGRV
5HIUHVFDRDUQDFR]LQKDDSµVFR]LQKDUDXPQ¯YHO
GHUX¯GRPXLWREDL[R3RGHVHUDWLYDGRHGHVDWLYDGR
WRFDQGRQRV¯PEROR$IXQ©¥RGHVDWLYDVHDXWRPDWLಣ
FDPHQWHDSµVPLQXWRV8WLOL]HDSHQDVDSµVFR]Lಣ
QKDU
UHFRPHQG£YHOGHL[DUR
H[DXVWRUDIXQFLRQDUGXUDQWH
FHUFDGHPLQXWRVDSµVR
ILPGRVFR]LQKDGRV
32578*86 
2SDLQHOGHFRPDQGRV«XP
FDPSRGHVHQVRU7RTXH
QRVV¯PERORVGXUDQWH
VHJXQGRSDUDDWLYDUDV
IXQ©·HV
2SHUDURH[DXVWRU
 /LJXHRDSDUHOKRSUHPLQGRRV¯PEROR

3RGHDJRUDDWLYDUDVIXQ©·HV
 7RTXHQRV¯PERORSDUDDWLYDUD
IXQ©¥R
 6HQHFHVV£ULRWRTXHQRV¯PERORGD
OX] SDUDLOXPLQDUDVXSHUI¯FLHSDUD
FR]LQKDU
3DUDGHVDWLYDURDSDUHOKRSULPD
QRYDPHQWHRV¯PEROR
)XQ©¥Rേ+REWR+RRGൈ
XPDIXQ©¥RDXWRP£WLFDTXHOLJDD
SODFDDXPH[DXVWRU$SODFDHR
H[DXVWRUSRVVXHPVLVWHPDVGH
FRPXQLFD©¥RSRUVLQDOGH
LQIUDYHUPHOKRV$YHORFLGDGHGD
YHQWRLQKD«GHILQLGDDXWRPDWLFDPHQWH
HPIXQ©¥RGRPRGRGHIXQFLRQDPHQWR
GDSODFDHGDWHPSHUDWXUDGRWDFKRPDLV
TXHQWH7DPE«P«SRVV¯YHOFRQWURODU
PDQXDOPHQWHDYHQWRLQKDDWUDY«VGD
SODFD$IXQ©¥RSRGHVHUDWLYDGDDSDUWLU
GRSDLQHOGDSODFD
3DUDREWHUPDLVLQIRUPD©·HV
VREUHDXWLOL]D©¥RGDIXQ©¥R
FRQVXOWHRPDQXDOGR
XWLOL]DGRUGDSODFD
$WLYDUDYHORFLGDGH
P£[LPDGRPRWRU
4XDQGRSUHPLURERW¥R DYHORFLGDGH
P£[LPDGRPRWRU«VHOHFLRQDGDH
PDQWLGDGXUDQWHPLQXWRV$SµVHVVH
WHPSRRDSDUHOKRYROWD¢UHJXOD©¥RGH
YHORFLGDGHDQWHULRU
4XDQGRDIXQ©¥RHVW£DWLYD
XPWRTXHDGLFLRQDOQRERW¥R
Q¥RWHPTXDOTXHUHIHLWR
$WLYDUHGHVDWLYDURDYLVR
GRILOWUR
2DODUPHGRILOWUROHPEUDTXH«
QHFHVV£ULRVXEVWLWXLURXOLPSDURILOWURGH
FDUY¥RHOLPSDURILOWURGHJRUGXUD2
LQGLFDGRUGRILOWUR HVW£DFHVR
YHUPHOKRGXUDQWHVHJXQGRVVHR
ILOWURGHJRUGXUDWLYHUGHVHUOLPSR2
LQGLFDGRUGRILOWUR SLVFDYHUPHOKR
GXUDQWHVHJXQGRVVHRILOWURGH
FDUY¥RWLYHUGHVHUVXEVWLWX¯GRRXOLPSR
&RQVXOWHDVHF©¥RVREUHR
DODUPHGRILOWURQRFDS¯WXOR
ಯ0DQXWHQ©¥RHOLPSH]Dರ
 ,QWHUUXSWRUQRSDLQHOGHFRPDQGRV
 &HUWLILTXHVHGHTXHRV¯FRQHVHVW¥R
DSDJDGRV
 3DUDDWLYDURXGHVDWLYDURDYLVRGR
ILOWURGHFDUY¥RWRTXH GXUDQWH
VHJXQGRV
6HRDYLVRGRILOWURGH
FDUY¥RHVWLYHUDWLYDGRR
¯FRQHGRILOWUR SLVFD
YHUPHOKRFLQFRYH]HV
6HRDYLVRGRILOWURGH
FDUY¥RHVWLYHUGHVDWLYDGRR
¯FRQHGRILOWUR SLVFD
YHUPHOKRWU¬VYH]HV
0$187(12(/,03(=$
/LPSDURILOWURGHJRUGXUD
QHFHVV£ULROLPSDUFDGDILOWURSHOR
PHQRVPHQVDOPHQWH2VILOWURVHVW¥R
IL[DGRVFRPPRODVHSLQRVQRODGR
RSRVWR
3DUDOLPSDURILOWUR
 3X[HRPDQ¯SXORGRILOWURQDSDUWH
LQIHULRUGRH[DXVWRUHLQFOLQH
OLJHLUDPHQWHDSDUWHGDIUHQWHGRILOWUR
SDUDEDL[R
ZZZDHJFRP
1
 /DYHRVILOWURVFRPXPDHVSRQMDH
GHWHUJHQWHQHXWURRXQDP£TXLQDGH
ODYDUORL©D
3URJUDPHDP£TXLQDGH
ODYDUORL©DSDUDXPFLFOR
FXUWRFRPWHPSHUDWXUD
EDL[D2ILOWURGHJRUGXUD
SRGHILFDUGHVERWDGRPDV
LVVRQ¥RDIHWDR
GHVHPSHQKRGRDSDUHOKR
 3DUDLQVWDODURVILOWURVH[HFXWHRV
SULPHLURVGRLVSDVVRVSHODRUGHP
LQYHUVD
5HSLWDRVSDVVRVHPWRGRVRVILOWURVVH
DSOLF£YHO
6XEVWLWXLURILOWURGH
FDUY¥R
$9,62
2ILOWURGHFDUY¥R12SRGH
VHUODYDGR
2WHPSRGHVDWXUD©¥RGRILOWURGHFDUY¥R
GHSHQGHGRVWLSRVGHFR]LQKDGRVHGD
IUHTX¬QFLDGHOLPSH]DGRILOWURGH
JRUGXUD
3DUDVXEVWLWXLURILOWUR
 5HWLUHRVILOWURVGHJRUGXUDGR
DSDUHOKR
&RQVXOWHDVHF©¥Rಯ/LPSDURILOWURGH
JRUGXUDರQHVWHFDS¯WXOR
 3ULPDDSDWLOKDHLQFOLQH
OLJHLUDPHQWHDSDUWHGDIUHQWHGR
ILOWUR
1
1
 3DUDLQVWDODUXPQRYRILOWURH[HFXWH
RVPHVPRVSDVVRVSHODRUGHP
LQYHUVD
'HTXDOTXHUPRGR«QHFHVV£ULR
VXEVWLWXLURVILOWURVSHORPHQRVDFDGD
TXDWURPHVHV
$ODUPHGRILOWUR
&RQVXOWHRFDS¯WXOR
ಯ8WLOL]D©¥RGL£ULDರSDUDVDEHU
FRPRDWLYDUHGHVDWLYDUR
DODUPHGRILOWUR
&RQVXOWHDVHF©¥RGD
OLPSH]DGRILOWURGHJRUGXUD
QHVWHFDS¯WXOR
&RQVXOWHDVHF©¥RGD
OLPSH]DGRILOWURGHFDUY¥R
RXGDVXEVWLWXL©¥RGRILOWUR
GHFDUY¥RFRQVRDQWHRWLSR
GHILOWUR
3DUDGHVOLJDURDODUPH
7RTXHHP GXUDQWHVHJXQGRV
6XEVWLWXLUDO¤PSDGD
(VWHDSDUHOKR«IRUQHFLGRFRPXPD
O¤PSDGD/('$VXEVWLWXL©¥RGHVWDSH©D
WHPGHVHUHIHWXDGDSRUXPW«FQLFR
TXDOLILFDGR(PFDVRGHDYDULDFRQVXOWH
DVHF©¥Rಯ$VVLVW¬QFLDರQRFDS¯WXOR
ಯ,QVWUX©·HVGHVHJXUDQ©Dರ
35(2&83$(6$0%,(17$,6
5HFLFOHRVPDWHULDLVTXHDSUHVHQWHPR
V¯PEROR &RORTXHDHPEDODJHPQRV
FRQWHQWRUHVLQGLFDGRVSDUDUHFLFODJHP
$MXGHDSURWHJHURDPELHQWHHDVD¼GH
S¼EOLFDDWUDY«VGDUHFLFODJHPGRV
32578*86 
DSDUHOKRVHO«FWULFRVHHOHFWUµQLFRV1¥R
HOLPLQHRVDSDUHOKRVTXHWHQKDPR
V¯PEROR MXQWDPHQWHFRPRVUHV¯GXRV
GRP«VWLFRV&RORTXHRSURGXWRQXP
SRQWRGHUHFROKDSDUDUHFLFODJHPORFDO
RXFRQWDFWHDVVXDVDXWRULGDGHV
PXQLFLSDLV
ZZZDHJFRP
&835,16
,1)250$ۂ,,35,9,1'6,*85$1ۂ$ۀ,,167$/$5($ 
'(6&5,(5($352'868/8,
87,/,=$5($=,/1,&Ä
1*5,-,5($Ġ,&85ÄĤ$5($ 
3(17585(=8/7$7(3(5)(&7(
9ÅPXOۃXPLPSHQWUXFÅDۃLDOHVDFHVWSURGXV$(*$PFUHDWDFHVWSURGXVSHQWUX
DRIHULSHUIRUPDQۃHLPSHFDELOHSHQWUXPXOۃLDQLGHDFXP°QDLQWHFXWHKQRORJLL
LQRYDWRDUHFDUHYÅIDFYLDۃDPDLVLPSOÅIXQFۃLLSHFDUHVDUSXWHDVÅQXOHJÅVLۃL
ODDSDUDWHOHRELہQXLWH9ÅUXJÅPVÅDORFDۃLF¤WHYDPLQXWHہLVÅFLWLۃLPDQXDOXO
SHQWUXDUHۃLQHDVSHFWHOHLPSRUWDQWH
9L]LWDۃLVLWHXOQRVWUXSHQWUX
$JÅVLVIDWXULSULYLQGXWLOL]DUHDEURہXULLQIRUPDۃLLSHQWUXGHSDQDUHVHUYLFHہL
UHSDUDۃLL
ZZZDHJFRPVXSSRUW
$YÅ°QUHJLVWUDSURGXVXOSHQWUXDEHQHILFLDGHVHUYLFLLPDLEXQH
ZZZUHJLVWHUDHJFRP
$FXPSÅUDDFFHVRULLFRQVXPDELOHہLSLHVHGHVFKLPERULJLQDOHSHQWUXDSDUDWXO
GYV
ZZZDHJFRPVKRS
$6,67(1ƣÄ3(1758&/,(1ƣ,Ɵ,6(59,&(
8WLOL]DۃL°QWRWGHDXQDSLHVHGHVFKLPERULJLQDOH
$WXQFLF¤QGFRQWDFWDۃL&HQWUXOQRVWUXGHVHUYLFHDXWRUL]DWDVLJXUDۃLYÅFÅDYHۃLOD
GLVSR]LۃLHXUPÅWRDUHOHLQIRUPDۃLL0RGHO31&1XPÅUGHVHULH
,QIRUPDĥLLOHSRWILJÅVLWHSHSOÅFXĥDFXGDWHWHKQLFH
$YHUWLVPHQW$WHQĥLH,QIRUPDĥLLSULYLQGVLJXUDQĥD
,QIRUPDۃLLہLVIDWXULJHQHUDOH
,QIRUPDۃLLSULYLQGPHGLXO°QFRQMXUÅWRU
1HUH]HUY¥PGUHSWXODVXSUDHIHFWX¥ULLGHPRGLILF¥UL
,1)250$Ģ,,35,9,1'6,*85$1Ģ$Ġ,,167$/$5($
$9(57,60(17
&RQVXOWDۃLEURہXUDVHSDUDWÅFX
,QVWUXFۃLXQLGHLQVWDODUHSHQWUX,QIRUPDۃLL
SULYLQGVLJXUDQۃDہLLQVWDODUHD&LWLۃLFX
DWHQۃLHFDSLWROHOHGHVSUH6LJXUDQۃÅ
°QDLQWHGHXWLOL]DUHDVDXUHDOL]DUHD
RSHUDۃLLORUGH°QWUHۃLQHUHDVXSUD
DSDUDWXOXL
5201$ 
'(6&5,(5($352'868/8,
3UH]HQWDUHDSDQRXOXLGHFRPDQGÅ
1 2 3 4 5 6 7 8 9
3RUQLW2SULW
3ULPDWXUDۃLHDPRWRUXOXL
$GRXDWXUDۃLHDPRWRUXOXL
$WUHLDWXUDۃLHDPRWRUXOXL
7XUDۃLDPD[LPÅDPRWRUXOXL
)XQFۃLH%UL]Å
5HDPLQWLUHILOWUX
)XQFۃLD3OLWÅFÅWUHKRWÅ
%HF
87,/,=$5($=,/1,&Ä
8WLOL]DUHDKRWHL
9HULILFDۃLWXUDۃLDUHFRPDQGDWÅFRQIRUP
WDEHOXOXLGHPDLMRV
QWLPSFH°QFÅO]LۃLP¤QFDUHDJÅWLۃLFXYDVHOHDFRSHಣ
ULWH
QWLPSXOJÅWLULLFXYDVHOHDFRSHULWHSHPDLPXOWH]Rಣ
QHGHJÅWLWVDXDU]ÅWRDUHSUÅMLUHOHQWÅ
QWLPSXOILHUEHULLہLSUÅMLULLXQRUFDQWLWÅۃLPDULGHDOLಣ
PHQWHIÅUÅFDSDFJÅWLUHSHPDLPXOWH]RQHVDXDU]Åಣ
WRDUH
QWLPSXOILHUEHULLہLSUÅMLULLXQRUFDQWLWÅۃLPDULGHDOLಣ
PHQWHIÅUÅFDSDFXPLGLWDWHPDUH
PSURVSÅWHD]ÅDHUXOGLQEXFÅWÅULHGXSÅJÅWLWODXQQLಣ
YHOIRDUWHUHGXVGH]JRPRW$FHDVWDSRDWHILDFWLYDWÅ
ہLGH]DFWLYDWÅSULQDWLQJHUHDVLPEROXOXL)XQFۃLDVH
RSUHہWHDXWRPDWGXSÅGHPLQXWH8WLOL]DۃLGRDUGXಣ
SÅJÅWLUH
6HUHFRPDQGÅVÅOÅVDۃLKRWD
VÅIXQFۃLRQH]HWLPSGHFLUFD
PLQXWHGXSÅJÅWLUH
3DQRXOGHFRPDQGÅHVWHXQ
F¤PSFXVHQ]RU$WLQJHۃL
VLPEROXULOHWLPSGH
VHFXQGÅSHQWUXDDFWLYD
IXQFۃLLOH
3HQWUXDXWLOL]DKRWD
ZZZDHJFRP
 3RUQLۃLDSDUDWXOSULQDSÅVDUHD
VLPEROXOXL
$FXPSXWHۃLDFWLYDIXQFۃLLOH
 3HQWUXDDFWLYDIXQFۃLDDWLQJHۃL
VLPEROXO
 'DFÅHVWHQHFHVDUDWLQJHۃLVLPEROXO
GHOXPLQÅ SHQWUXDOXPLQD
VXSUDIDۃDGHJÅWLW
3HQWUXDRSULDSDUDWXODSÅVDۃLGLQQRX
VLPEROXO
)XQFģLD3OLWÅFÅWUHKRWÅ
(VWHRIXQFۃLHDXWRPDWÅFDUHFRQHFWHD]Å
SOLWDODRKRWÅ$W¤WSOLWDF¤WہLKRWDDXXQ
VLVWHPGHFRPXQLFDUHFXVHPQDOH°Q
LQIUDURہX9LWH]DYHQWLODWRUXOXLHVWH
VWDELOLWÅDXWRPDW°QIXQFۃLHGHVHWDUHD
PRGXOXLہLDWHPSHUDWXULLFHOXLPDL
ILHUELQWHYDVGHSHSOLWÅ9HQWLODWRUXOVH
SRDWHFRPDQGDہLPDQXDOGHODSOLWÅ
)XQFۃLDSRDWHILDFWLYDWÅGHODSDQRXO
SOLWHL
&RQVXOWDۃLPDQXDOXO
XWLOL]DWRUXOXLSOLWHLSHQWUXPDL
PXOWHLQIRUPDۃLLGHVSUH
XWLOL]DUHDIXQFۃLHL
$FWLYDUHDWXUDģLHLPD[LPH
DPRWRUXOXL
$WXQFLF¤QGDSÅVDۃLEXWRQXO 7XUDۃLD
PD[LPÅDPRWRUXOXLVHDFWLYHD]ÅSHQWUX
PLQXWH'XSÅUHVSHFWLYDSHULRDGÅ
DSDUDWXOUHYLQHODVHWDUHDDQWHULRDUÅD
WXUDۃLHL
&¤QGIXQFۃLDHVWHSRUQLWÅR
DWLQJHUHVXSOLPHQWDUÅD
EXWRQXOXL QXSURGXFH
QLFLXQHIHFW
$FWLYDUHDġLGH]DFWLYDUHD
QRWLILFÅULLSHQWUXILOWUX
$ODUPDGHILOWUXYÅUHDPLQWHہWHVÅ
VFKLPEDۃLVDXVÅFXUÅۃDۃLILOWUXOGH
FÅUEXQHہLVÅFXUÅۃDۃLILOWUXOGHJUÅVLPH
,QGLFDWRUXOILOWUXOXL HVWHSRUQLWURہX
WLPSGHGHVHFXQGHGDFÅILOWUXOGH
JUÅVLPHWUHEXLHFXUÅۃDW,QGLFDWRUXO
ILOWUXOXL FOLSHہWHURہXWLPSGHGH
VHFXQGHGDFÅILOWUXOGHFÅUEXQHWUHEXLH
°QORFXLWVDXFXUÅۃDW
&RQVXOWDۃLDODUPDGHILOWUX
GLQFDSLWROXO°QJULMLUHDہL
FXUÅۃDUHD
 &RPXWDWRUSHSDQRXOGHFRPDQGÅ
 $VLJXUDۃLYÅFÅSLFWRJUDPHOHVXQW
VWLQVH
 3HQWUXDDFWLYDVDXGH]DFWLYD
QRWLILFDUHDSHQWUXILOWUXOGHFÅUEXQH
DWLQJHۃL WLPSGHVHFXQGH
'DFÅQRWLILFDUHDSHQWUXILOWUXO
GHFÅUEXQHHVWHDFWLYDWÅ
SLFWRJUDPDILOWUXOXL
FOLSHہWHURہXGHFLQFLRUL
'DFÅQRWLILFDUHDSHQWUXILOWUXO
GHFÅUEXQHHVWHGH]DFWLYDWÅ
SLFWRJUDPDILOWUXOXL
FOLSHہWHURہXGHWUHLRUL
1*5,-,5($Ɵ,&85Äƣ$5($
&XUÅģDUHDILOWUXOXLGH
JUÅVLPH
)LHFDUHILOWUXWUHEXLHFXUÅۃDWFHOSXۃLQR
GDWÅSHOXQÅ)LOWUHOHVXQWPRQWDWHFX
DMXWRUXOFOHPHORUہLSLQLORUSHSDUWHD
RSXVÅ
3HQWUXFXUÅģDUHDILOWUXOXL
 7UDJHۃLP¤QHUXOILOWUXOXLGHVXEKRWÅ
ہL°QFOLQDۃLXہRU°QMRVSDUWHD
IURQWDOÅDILOWUXOXL
5201$ 
1
 &XUÅۃDۃLILOWUHOHIRORVLQGXQEXUHWHFX
GHWHUJHQۃLQHDEUD]LYLVDX°QWUR
PDہLQÅGHVSÅODWYDVH
0DہLQDGHVSÅODWYDVH
WUHEXLHVHWDWÅODR
WHPSHUDWXUÅUHGXVÅہLODXQ
FLFOXVFXUW)LOWUXOGHJUÅVLPH
VHSRDWHGHFRORUD$FHVW
OXFUXQXLQIOXHQۃHD]Å
SHUIRUPDQۃDDSDUDWXOXL
 3HQWUXDPRQWDILOWUHOH°QDSRLXUPDۃL
SULPLLGRLSDہL°QRUGLQHLQYHUVÅ
5HSHWDۃLSDہLLSHQWUXWRDWHILOWUHOHGDFÅ
HVWHFD]XO
QORFXLUHDILOWUXOXLGH
FÅUEXQH
$9(57,60(17
)LOWUXOGHFÅUEXQHQXHVWH
ODYDELO
'XUDWDVDWXUÅULLILOWUXOXLGHFÅUEXQH
YDULD]Å°QIXQFۃLHGHWLSXOGHJÅWLUHہL
UHJXODULWDWHD°QFXUÅۃDUHDILOWUXOXLGH
JUÅVLPH
3HQWUX°QORFXLUHDILOWUXOXL
 6FRDWHۃLILOWUHOHGHJUÅVLPHGLQ
DSDUDW
&RQVXOWDۃLಱ&XUÅۃDUHDILOWUXOXLGH
JUÅVLPHರGLQDFHVWFDSLWRO
 DSÅVDۃLVHFۃLXQHDہL°QFOLQDۃLXہRU
SDUWHDIURQWDOÅDILOWUXOXL
1
1
 3HQWUXDLQVWDODQRXOILOWUXXUPDۃL
DFHHDہLSDہL°QRUGLQHLQYHUVÅ
QRULFHVLWXDۃLHHVWHQHFHVDUÅ°QORFXLUHD
ILOWUHORUFHOSXۃLQODILHFDUHSDWUXOXQL
$ODUPDGHILOWUX
&RQVXOWDۃLDFWLYDUHDہL
GH]DFWLYDUHDDODUPHLGHILOWUX
GLQFDSLWROXO8WLOL]DUHD
]LOQLFÅ
&RQVXOWDۃLFXUÅۃDUHDILOWUXOXL
GHJUÅVLPHGLQDFHVWFDSLWRO
&RQVXOWDۃLFXUÅۃDUHDILOWUXOXL
GHFÅUEXQHVDX°QORFXLUHD
ILOWUXOXLGHFÅUEXQH°Q
IXQFۃLHGHWLSXOGHILOWUX
3HQWUXDUHVHWDDODUPD
$WLQJHۃL WLPSGHVHFXQGH
QORFXLUHDEHFXOXL
$FHVWDSDUDWHVWHIXUQL]DWFXXQEHF
/('$FHDVWÅSLHVÅVH°QORFXLHہWH
H[FOXVLYGHFÅWUHXQWHKQLFLDQQFD]XO
XQHLGHIHFWÅULFRQVXOWDۃLFDSLWROXO
ಱ6HUYLFHರGLQಱ,QVWUXFۃLXQLSULYLQG
VLJXUDQۃDರ
,1)250$ƣ,,35,9,1'0(',8/
5HFLFODĥLPDWHULDOHOHPDUFDWHFXVLPEROXO
3HQWUXDUHFLFODDPEDODMHOHDFHVWHD
WUHEXLHSXVH°QFRQWDLQHUHOH
FRUHVSXQ]ÅWRDUH$MXWDĥLODSURWHMDUHD
PHGLXOXLġLDVÅQÅWÅĥLLXPDQHġLOD
UHFLFODUHDGHġHXULORUGLQDSDUDWHOH
HOHFWULFHġLHOHFWURFDVQLFH1XDUXQFDĥL
DSDUDWHOHPDUFDWHFXDFHVWVLPERO
°PSUHXQÅFXGHġHXULOHPHQDMHUH
5HWXUQDĥLSURGXVXOODFHQWUXOORFDOGH
UHFLFODUHVDXFRQWDFWDĥLDGPLQLVWUDĥLD
RUDġXOXLGYV
ZZZDHJFRP
ЗИБКЉЖБЎБАЍЎДБШ
ЗЪтбвЫбЭиЩжЮдбмийЩЫдЮжбш
1 2 3 4 5 6 7 8 9
̩͑͒̩͑͒͢
̶͉͇͌͗ͦ͕͕͙͑͗ͣ͘͘͉͋͏͇͙͊͌͒ͦ
̩͙͕͇͗ͦ͕͕͙͑͗ͣ͘͘͉͋͏͇͙͊͌͒ͦ
̹͙͗͌ͣͦ͕͕͙͑͗ͣ͘͘͉͋͏͇͙͊͌͒ͦ
̳͇͑͘͏͓͇͔͇͒ͣͦ͕͕͙͑͗ͣ͘͘͉͋͏͇͙͊͌͒ͦ
̻͚͔͑͝͏ͦm̨͗͏͎}
̴͇͖͕͓͏͔͇͔͏͌͕͛͏͙͒ͣ͗͌
̻͚͔͑͝͏ͦm+REWR+RRG}
̲͇͓͖͇͕͉͔͌͌͘͠͏ͦ
ЎЏЎЍЖЎЋЖЗЎБКИЗДХАЗЋЉЖБЎ
БкиздхазЫЩжбЮЫфлшЯгб
̷͕͓͔͕͉͇͔͔͌͑͌͋͌͢͎͔͇͔͌͞͏ͦ͕͕͙͑͗͘͘͏
͖͗͏͉͔͌͋͌͢͉͙͇͈͒͏͌͝͔͏͍͌
̷͇͎͕͉͊͗͌͖͕͚͙͕͉͗͋͑͉͖͕͚͋͌͘͔͇͙͕͑͗͐͢͇͑͗͑͢͟ಣ
͓͏
̶͗͏͕͙͕͉͔͊͒͌͏͌͉͖͕͚͋͌͘͔͇͙͕͑͗͐͢͇͓͑͗͑͢͟͏͔͇
͔͕͌͑͒ͣ͑͘͏͜͕͔͕͇͑͛͗͑͜͏͒͏͕͇͊͗͌͒͑͜̭͇͇͗͑͓͇͕͒͐
͏͔͙͔͌͘͏͉͔͕͙͘͏
̱͏͖͔ͦ͌͞͏͌͏͍͇͇͗͑͈͕͕͕͒ͣ͊͟͕͑͒͏͙͉͇͌͘͞͖͕͚͗͋͑ಣ
͙͕͉͈͎͌͑͗͑͢͟͏͖͗͏͕͙͕͉͔͊͒͌͏͌͔͇͔͕͌͑͒ͣ͑͘͏͜͕͔͑ಣ
͕͇͛͗͑͜͏͒͏͕͇͊͗͌͒͑͜
̱͏͖͔ͦ͌͞͏͌͏͍͇͇͗͑͈͕͕͕͒ͣ͊͟͕͑͒͏͙͉͇͌͘͞͖͕͚͗͋͑ಣ
͙͕͉͈͎͌͑͗͑͢͟͏͖͗͏͉͕͕͑͐͘͢͉͇͍͔͕͙͒͘͏
̵͉͍͇͙͌͌͘͉͕͎͚͋͜͔͇͚͔͑͌͜͖͕͒͌͘͖͗͏͕͙͕͉͔͊͒͌͏ͦ
͖͏͠͏͘͕͔͌ͣ͞͔͏͎͑͏͓͚͕͉͔͓͗͌͚͓͇͟̳͕͍͔͕͉͑͒ͥಣ
͞͏͙ͣ͏͕͙͑͒ͥ͞͏͙ͣ͕͔͚͉͑͘͟͏ͣ͘͘͏͓͉͕͇͒̻͚͔͑͝͏ͦ
͇͉͙͕͓͇͙͏͌͑͘͞͏͕͙͇͙͑͒ͥ͌ͦ͘͞͎͌͗͌͞͓͏͔͚͙̯͘ಣ
͖͕͎͚͙͒ͣ͐͌͙͕͕͒ͣ͑͖͕͒͌͘͖͗͏͕͙͕͉͔͊͒͌͏ͦ
̷͕͓͔͚͙͌͑͌͋͌ͦ͘͇͙͋ͣ
͉͙͍ͦ͑͌͢͖͕͇͈͕͙͇͙͗ͣ͕͕͕͑͒
͓͏͔͚͙͖͕͕͕͔͇͔͑͞͏͏
͖͗͏͕͙͕͉͔͊͒͌͏ͦ
̶͇͔͌͒ͣ͚͖͇͉͔͗͒͌͏ͦ
͉͙ͦ͒ͦ͌ͦ͘͔͕͔͕͌͗͐͘͘͎͕͔͕͐
̩͔͑͒ͥ͌͞͏͌͚͔͛͑͝͏͐
͖͕͗͏͎͉͕͋͏͙ͦ͘͇͇͔͑͘͏͓͌
͘͏͓͉͕͕͉͒͔͇͚͔͚͌͑͋͘
ЋгдчрЮжбЮЫфлшЯгб
ZZZDHJFRP
 ̩͑͒ͥ͞͏͙͌͖͗͏͈͕͗͔͇͍͇͙͏͓͌
͘͏͓͉͕͇͒
̹͖͌͌͗ͣ͓͕͍͔͕͉͑͒ͥ͞͏͙ͣ͚͔͛͑͝͏͏
 ̫͒ͦ͉͔͑͒ͥ͌͞͏ͦ͚͔͛͑͝͏͏͕͔͑͘͏͙͌ͣ͘
͘͏͓͉͕͇͒
 ̶͗͏͔͕͈͕͌͋͜͏͓͕͙͘͏͕͔͑͘͏͙͌ͣ͘
͘͏͓͉͕͇͒͖͕͉͙͋͌͑͘͏ ͋͒ͦ
͕͉͔͌͌͘͠͏ͦ͉͇͕͔͕͗͐͞͖͇͔͌͒͏
̫͒ͦ͉͔͑͒ͥ͌͢͞͏ͦ͖͗͏͈͕͇͗͔͕͉͇͘
͔͇͍͓͏͙͌͘͏͓͉͕͒
Нмжгпбшm+REWR+RRG}
͙͇̈́͚͔͛͑͝͏ͦ͘͏͖͕͎͕͉͇͔͒ͣ͘͏͓͌
͇͉͙͕͓͇͙͏͑͏͉͎͉͇ͦͥ͌͐͘͢͠͉͇͕͔͚͗ͥ͞
͖͕͉͔͕͙͌͗ͣ͘͜͘͉͙͍͕ͦ͑͐͢̱͇͑͉͇͕͔͇͗ͦ͞
͖͕͉͔͕͙͌͗ͣ͘͜͙͇͑͏͉͙͍͇ͦ͑͢
͖͕͍͋͋͌͗͏͉͇͙ͥ͇͔͇͑͒͏͔͇͇͔͕͛͗͑͗͐͘
͉͎ͦ͘͏̸͕͕͙͑͗ͣ͘͉͇͔͗͌͠͏ͦ
͉͔͙͌͏͙͕͇͒ͦ͗͎͇͇͙͋͌ͦ͘͇͉͙͕͓͇͙͏͌͑͘͞͏
͔͇͕͔͕͉͌͘͉͈͕͇͗͢͍͗͌͏͓͇͏
͙͓͖͇͙͚͌͌͗͗͢͇͓͕͐͘͕͊͗ͦ͌͐͞͖͕͚͋͘͢͔͇
͉͇͕͔͕͗͐͞͖͕͉͔͕͙͌͗͘͜͏̹͇͍͑͌͏͓͙͌͌ͦ͘
͉͕͎͓͕͍͔͕͙ͣ͘͚͔͕͗͐͞͚͗͌͊͒͏͕͉͗͑͏
͉͔͙͌͏͙͕͇͒ͦ͗͖͗͏͖͕͓͕͠͏͉͇͕͔͕͗͐͞
͖͕͉͔͕͙͌͗͘͜͏̻͚͔͑͝͏ͦ͉͇͙͑͒ͥ͌ͦ͘͞͔͇
͖͇͔͌͒͏͚͖͇͉͔͗͒͌͏ͦ͉͇͕͔͕͗͐͞
͖͕͉͔͕͙͌͗͘͜͏
̨͕͒͌͌͖͕͕͈͔͚͋͗ͥ
͏͔͕͓͇͛͗͝͏ͥ͕͈
͏͖͕͎͕͉͇͔͒ͣ͘͏͏͇͔͔͕͋͐
͚͔͛͑͝͏͏͓͘͉̷͚͕͉͕͙͉͑͋͌͘
͖͕͎͕͉͇͙͒ͣ͌͒ͦ͉͇͕͔͕͗͐͞
͖͇͔͌͒͏
ЋгдчрЮжбЮЭЫбЬЩлЮдшжЩ
еЩгкбеЩдхжзвкгзйзклб
̶͗͏͔͇͍͇͙͏͏͔͕͖͑͑͏ ͉͋͏͇͙͊͌͒ͣ͔͇
͓͏͔͚͙͖͕͌͗͌͋͜͏͙͉͍͗͌͏͓
͓͇͑͘͏͓͇͔͕͒ͣ͐͕͕͙͑͗͘͘͏̶͕͏͙͔͌͌͘͞͏͏
͇͔͔͕͕͋͊͖͌͗͏͕͇͋͉͓͔͗͌͌͏͖͗͏͈͕͗
͉͕͎͉͇͇͙͗͌ͦ͘͠͑͖͚͗͌͋͋͌͐͢͠
͔͇͙͕͗͐͑͌͘͕͕͙͑͗͘͘͏
̬͒͘͏͇͔͔͇͋ͦ͚͔͛͑͝͏ͦ
͉͔͇͑͒ͥ͌͞͇͔͋͒ͣ͌͐͟͏͌
͔͇͍͇͙͏ͦ͔͕͖͑͑͏ ͔͌
͖͗͏͉͕͙͋ͦ͑͇͕͓͚͑͑͒͏͈͕
͎͚͙͇͙͚͗͌͒ͣ
ЋгдчрЮжбЮб
ЫфгдчрЮжбЮмЫЮЭзедЮжбш
заЩеЮжЮнбдхлйЩ
̸͏͔͇͔͊͒ͣ͐͢͏͔͋͏͇͙͕͑͗͛͏͙͇͒ͣ͗
͔͇͖͕͓͏͔͇͙͌͕͔͕͈͕͌͋͜͏͓͕͙͘͏͎͇͓͔͌͢
͏͒͏͓͙ͣͦ͢͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗͏͒͏
͕͞͏͙͑͘͏͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠͛͏͙͇͒ͣ͗
̩͚͇͒͌͘͞͔͕͈͕͌͋͜͏͓͕͙͘͏͕͞͏͙͑͘͏
͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠͛͏͙͇͒ͣ͗͔͇
͚͔͌͑͋͘͎͇͕͇͙͊͗͌ͦ͘͇͔͑͗͐͘͢
͏͔͋͏͇͙͕͑͗͛͏͙͇͒ͣ͗ ̶͗͏
͔͕͈͕͌͋͜͏͓͕͙͘͏͎͇͓͔͌͢͏͒͏͓͙ͣͦ͢
͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗͉͙͔͌͌͞͏͌
͚͔͌͑͋͘͔͇͞͏͔͇͙͌͓͏͇͙͊ͣ͇͔͑͗͐͘͢
͏͔͋͏͇͙͕͑͗͛͏͙͇͒ͣ͗
̶͕͕͈͔͋͗͌͌͓͘͇͎͗͋͌͒͕
͘͏͔͇͊͒͏͎͇͝͏͏͛͏͙͇͒ͣ͗
͇͉͊͒͢m̺͕͋͜͏͕͞͏͙͇͑͘}
 ̩͑͒ͥ͞͏͙͌͖͇͔͌͒ͣ͚͖͇͉͔͗͒͌͏ͦ
 ̺͈͌͋͏͙͌ͣ͘͙͕͞͉͌͘͎͔͇͑͞͏
͖͕͇͔͊͌͟͢
 ̫͒ͦ͉͔͑͒ͥ͌͞͏ͦ͏͒͏͉͔͑͒ͥ͌͢͞͏ͦ
͚͉͕͓͔͌͋͒͌͏͐͕͈͚͕͔͕͓͊͒ͣ͛͏͙͒ͣ͗͌
͕͔͑͘͏͙͌ͣ͘͏͚͍͋͌͗͏͉͇͙͐͌ ͉
͙͔͌͌͞͏͌͚͔͌͑͋͘
̬͒͘͏͚͉͕͓͔͌͋͒͌͏ͦ͕͈
͚͕͔͕͓͊͒ͣ͛͏͙͒ͣ͗͌
͉͔͑͒ͥ͌͢͞͇͔͑͗͐͘͢
͎͔͇͕͑͞͛͏͙͇͒ͣ͗ ͈͚͙͋͌
͓͏͇͙͊ͣ͉͙͔͌͌͞͏͌͚͔͌͑͋͘
̬͒͘͏͚͉͕͓͔͌͋͒͌͏ͦ͕͈
͚͕͔͕͓͊͒ͣ͛͏͙͒ͣ͗͌
͉͔͑͒ͥ͌͢͢͞͇͔͑͗͐͘͢
͎͔͇͕͑͞͛͏͙͇͒ͣ͗ ͓͏͔͙͊͌
͙͗͏͇͎͇͗
̷̸̸̺̱̯̰ 
МОЗЍБЗРБКЛГЉ
ЗрбклгЩ
ЯбйзмдЩЫдбЫЩчтЮЬз
нбдхлйЩ
̱͇͍͋͐͢͛͏͙͒ͣ͗͔͚͍͇͙͋͌ͦ͘͇͑͑
͓͏͔͏͓͚͓͉͍͓͔͕͌͌͌ͦ͐͘͞͕͞͏͙͑͌͘
̻͏͙͒ͣ͗͢͛͏͑͘͏͚͙͗ͥͦ͘͖͗͏͖͕͓͕͠͏
͎͇͕͌͒͑͠͏͖͟͏͒͌͑͔͇
͖͕͙͗͏͉͕͖͕͕͍͔͕͒͐͙͕͕͔͗͌͘
ЗрбклгЩнбдхлйЩ
 ̶͕͙͔ͦ͏͙͌͚͕͙͚͗͑ͦ͑͛͏͙͇͒ͣ͗͖͕͋
͉͙͍͕ͦ͑͐͢͏͔͓͔͕͕͌͊͔͇͕͔͑͒͏͙͌
͉͔͏͎͖͔͌͗͌͋ͥͥ͇͙ͣ͘͞͛͏͙͇͒ͣ͗
1
 ̵͞͏͙͘͏͙͌͛͏͙͒ͣ͗͢͚͈͕͊͑͐͘
͔͇͈͇͎͌͗͏͉͔͓͢͓͕ͥ͠͏͓͙͉͕͓͗͌͋͘͘
͏͒͏͉͓͕͙͐͌͢͏͜͉͖͕͚͕͓͕͔͕͋͌͐͘͞
͓͇͟͏͔͌
̶͕͚͕͓͕͔͇͋͌ͦ͘͞͓͇͟͏͔͇
͕͍͔͇͋͒͈͙ͣ͢͔͇͙͕͔͇͗͌͘͔͇
͔͏͎͕͙͓͖͇͙͚͔͚͑͌͌͗͗ͥ͓͕͚͐͑
͏͕͕͙͑͗͑͏͐͝͏͑͒
̭͏͕͚͇͉͗͒͒͏͉͇ͥ͠͏͐
͛͏͙͒ͣ͗͓͕͍͙͌͏͎͓͔͌͏͙ͣ
͉͙͌͝͙͕ͤ͔͌͖͕͉͒͏͙ͦ͌͔͇
͖͕͗͏͎͉͕͋͏͙͔͕͙͌͒ͣͣ͘
͖͗͏͈͕͇͗
 ̫͒ͦ͚͙͇͔͕͉͑͘͏͛͏͙͕͉͒ͣ͗͔͇͓͙͕͌͘
͉͖͕͔͒͢͏͙͌͕͖͏͇͔͔͌͘͢͉͌͢͟͉͇͋
͇͇͊͟͉͕͈͇͙͔͕͓͗͖͕͗ͦ͋͑͌
̶͕͉͙͕͗͏͙͌͇͔͔͋͌͢͇͊͟͏͕͘͉͓͌͘͏
͛͏͙͇͓͒ͣ͗͏͌͒͘͏͙͕ͤ͖͗͏͓͔͌͏͓͕
АЩеЮжЩмЬздхжзЬз
нбдхлйЩ
ЋЖБЕЉЖБЎ
̺͕͔͊͒ͣ͐͢͛͏͙͒ͣ͗͔͌
͉͙ͦ͒ͦ͌ͦ͘͓͕ͥ͠͏͓ͦ͘
̩͓͗͌ͦ͔͇͔͌͘͢͠͏ͦ͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗
͉͇͗ͣ͏͚͙͗͌ͦ͘͉͎͇͉͏͘͏͓͕͙͘͏͕͙͉͏͇͋
͖͗͏͕͙͕͉͔͊͒͌͏ͦ͏͚͔͕͙͗͌͊͒ͦ͗͘͏͕͞͏͙͑͘͏
͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠͛͏͙͇͒ͣ͗
̫͒ͦ͎͇͓͔͌͢͛͏͙͇͒ͣ͗
 ̯͎͉͒͌͑͏͙͌͏͎͖͗͏͈͕͇͗
͍͏͕͚͇͉͗͒͒͏͉͇ͥ͠͏͌͛͏͙͒ͣ͗͢
̸͓͇͎͗͋͌͒m̾͏͙͇͑͘
͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠͛͏͙͇͒ͣ͗}͇͔͔͕͋͐
͇͉͊͒͢
 ͔͇͍͓͏͙͌͎͇͚͌͒͑͠͏͇͒͌͊͑͘
͔͇͕͔͑͒͏͙͌͖͔͌͗͌͋ͥͥ͇͙ͣ͘͞
͛͏͙͇͒ͣ͗
1
1
 ̫͒ͦ͚͙͇͔͕͉͑͘͏͔͕͉͕͕͊͛͏͙͇͒ͣ͗
͉͖͕͔͒͢͏͙͌͙͌͍͌͇͊͟͏͉͕͈͇͙͔͕͓͗
͖͕͗ͦ͋͑͌
̩͈͕͓͒ͥ͚͇͒͌͘͞͎͇͓͔͚͌͛͏͙͇͒ͣ͗
͔͕͈͕͌͋͜͏͓͕͖͕͗͏͎͉͕͋͏͙ͣ͇͑͑͓͏͔͏͓͚͓
͕͋͏͔͇͎͗͉͇͍͑͋͌͢͙͌͗͌͢͞͓͇͌ͦ͘͝
КбЬжЩдхжфвбжЭбгЩлзй
нбдхлйЩ
̩͔͑͒ͥ͌͞͏͌͏͉͔͑͒ͥ͌͢͞͏͌
͘͏͔͇͊͒͏͎͇͝͏͏͛͏͙͇͒ͣ͗͓͘
͇͉͚͊͒m̬͍͔͉͔͕͌͋͌͌
͏͖͕͎͕͉͇͔͒ͣ͘͏͌}
̸͓͕͖͏͇͔͘͏͌͞͏͙͑͘͏
͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠
͛͏͙͇͒ͣ͗͖͗͏͉͔͔͕͌͋͌͌͉
͇͔͔͕͋͐͇͉͊͒͌
ZZZDHJFRP
̸͓͕͖͏͇͔͘͏͌͖͕͚͗͌͋͗͢͝
͓͙ͣͦ͢͏͒͏͎͇͓͔͌͢
͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗͉
͎͇͉͏͘͏͓͕͙͘͏͕͙͉͏͇͋
͛͏͙͇͒ͣ͗
ЗлгдчрЮжбЮзизЫЮтЮжбш
̱͕͔͘͏͙͌ͣ͘ ͏͚͍͋͌͗͏͉͇͙͐͌
͚͔͌͑͋͘͢
АЩеЮжЩдЩеиф
̩͕͓͖͙͑͒͌͑͖͕͙͇͉͑͘͏͖͗͏͈͕͇͗͉͕͋͜͏͙
͉͙͕͌͋͘͏͕͔͇͋ͦ͇͓͖͇͒̫͇͔͔͇ͦ͙͇͋͌͒ͣ
͓͕͍͙͌͈͙ͣ͢͎͇͓͔͔͇͌͌͙͕͕͒ͣ͑
͙͔͌͜͏͌͑͘͞͏͓͖͌͘͝͏͇͒͏͙͕͓͘̩͚͇͒͌͘͞
͈͒ͥ͢͜͔͌͏͖͇͉͔͕͙͗͌͐͘͘͓͘m̸͉͌͗͏͘}
͇͉͊͒͢m̺͇͎͇͔͑͏ͦ͖͕͈͎͕͖͇͔͕͙͌͘͘͏}
ЗОЙЉЖЉЗГЙМЏЉЧТЎВКЙЎЍФ
̳͇͙͌͗͏͇͒͢͘͘͏͓͉͕͕͓͒ ͚͙͒͌͋͌͘
͇͉͇͙͋ͣ͘͔͇͖͇͈͕͙͚͌͗͌͗͑̶͕͕͍͒͏͙͌
͚͖͇͕͉͚͑͑͉͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌
͕͔͙͔͑͌͐͌͗͢͋͒ͦ͈͕͇͗͘͉͙͕͗͏͔͕͕͊͞
͗ͣͦ͘͢̶͗͏͔͏͓͇ͦ͚͇͙͘͞͏͌͉
͖͇͈͕͙͌͗͌͗͑͌͙͇͕͕͗͊͘͙͕͈͙͕͉͕͕ͤ͒͌͑͗͊͢
͕͈͕͚͕͉͇͔͗͋͏ͦ̩͢͖͕͓͕͇͙͊͌͌
͎͇͠͏͙͏͙ͣ͕͚͍͇͚͑͗ͥͥ͠͚͗͌͋͘͏
͎͕͕͉͋͗ͣ͌͕͉͇͌͒͌͑͞̴͌͉͈͇͉͇͙͗͐͌͘͢͢
͉͓͙͌͌͘͘͈͙͕͉͓͢͢͏͕͙͕͇͓͋͜͏͈͙͕͉͚ͥ͢
͙͔͌͜͏͚͑͖͕͓͔͔͚͌͌ͥ͞͘͏͓͉͕͕͓͒
̶͗͏͈͕͗͚͙͒͌͋͌͘͕͙͇͉͋͘͏͙ͣ͉͓͙͕͌͘
͇͎͔͕͕͗͋͌͒ͣ͊͔͇͕͖͔͑͒͌͏ͦ͏͈͕͇͗͘
͕͙͕͕͉͋͜͖͕͙͈͔͗͌͒͌͏ͦ͏͒͏͉͖͚͔͙͑
͈͕͇͗͘͏͖͕͎͕͉͇͔͔͕͒ͣ͐͘͈͙͕͉͕͐͢
͙͔͌͜͏͑͏͋͒ͦ͖͕͚͒͌͋ͥ͌͐͘͠͚͙͏͒͏͎͇͝͏͏
̷̸̸̺̱̯̰ 
КЉЍЙЏЉЁ
̴̵̷̧̯̻̳̯̠̬̽̵̴̵̸̨̨̬̮̬̫̹̯̯̴̸̧̧̯̹̲̯̠̯̽
̵̶̸̯̶̷̵̵̧̯̮̩̫
̸̵̴̴̧̧̩̱̫̬̩̶̵̷̨̧̺̹̬
̴̧̬̪̯̢̯̣̬̬̾̿ 
АЉКЉЋЙСЎЖЎЙЎАМДЛЉЛЎ
̼͉͇͇͒͙͕͟͙͌͘͏͎͇͈͇͗͒͏͕͉͇ͮ$(*͖͕͗͏͎͉͕͋̸͙͉͕͗͏͒͏͓͕͘͇͊͙͇͕͑͇͋͖͚͍͇͗
͏͎͉͇͔͔͗͌͋͌͖͕͓͇͔͌͗͛͗͌͘͙͕͕͓͑͓͔͕͕͊͕͊͋͏͔͇͇͇͗͋͚͎͏͔͕͉͇͙͏͉͔͌
͙͔͕͕͌͒͊͜͏ͮ͌͕͑ͮ͌͕͇͇͉͇͚͒͑ͮ͟͍͏͉͕͙͏͚͔͛͑͝͏ͮ͌͕͑ͮ͌͔͌ͱ͙͌͌͔͇ͱ͏͕͑͋͕͈͏͔͞͏͜
͚͇͇͗͌ͨͮ̵͉͕͙͋ͮ͌͔͕͌͑͒͏͕͑͓͏͔͚͙͇͇͋͖͕͗͞͏͙͇͙͌͇͕͑͑͇͋͕͋Ͱ͇͌͊͕͈͋͏͙ͮ͌͌
͓͇͑͘͏͓͚͓
̶͕͙͌͘͏͙͌͔͇͟͇͙ͮ͘͇͋
̶͗͏͈͇͉͏͙͌͇͉͙͌͌͘͎͇͕͑͗͏͟ͱ͌Ͱ͌͈͕͚͗͗͌͟͏͏͔͕͓͇͛͗͝͏ͮ͌͎͇͇͉͇͗͌͟Ͱ͌
͖͕͈͓͇͗͒͌͉͌͗͘͏͘͏͖͕͖͇͉͚͗͑
ZZZDHJFRPVXSSRUW
̷͌͊͏͙͚͙͗ͮ͌͘͖͕͗͏͎͉͕͋͇͗͋͏͈͕ͯ͌͚͚͒͊͌͘
ZZZUHJLVWHUDHJFRP
̱͚͖͏͙͌͖͗͏͈͕͗͖͕͙͕͔͗͟͏͓͇͙͌͗͏͇ͮ͒͏͕͗͏͊͏͔͇͔͒͌͎͉͔͗͌͌͗͌͕͉͋͌͒͌͎͇
͉͕ͮ͘͚͇͗͌ͨͮ
ZZZDHJFRPVKRS
ГЗЙБКЖБРГЉИЗЍЙСГЉБКЎЙЋБК
̺͉͌͑͕͑͗͏͙͘͏͙͌͕͗͏͊͏͔͇͔͒͌͎͉͔͗͌͌͗͌͕͉͋͌͒͌
̱͇͇͋͕͔͙͇͙͑͑͏͇͙͗͌͕͉͇͒͟ͱ͔͌͏͉͌͗͘͏͔͘͏͔͙͇͌͗͝͉͕͋͏͙͌͇͚͔͇͗͞͇͋͕͑͋͈͌͌͘
͏͓͇͙͌͒͌͋͌͘ͱ͌͖͕͇͙͋͑͌̳͕͋͌͒͈͕͗ͮ͖͕͗͏͎͉͕͇͋͌͗͘͏ͮ͑͘͏͈͕͗ͮ
̶͕͇͋͝͏͓͕͚͊͇͋͌͘͖͕͔͇͚͗ͨ͔͇͖͕͒͞͏͝͏͇͘͙͔͌͜͏͑͞͏͓͇͇͙͑͗͑͌͗͏͙͘͏͇͓͇͑
̺͖͕͎͕͗͌Ͱ͌͕͖͎͗͌ದ͏͔͕͓͇͛͗͝͏ͮ͌͕͈͎͈͔͕͙͌͌͋͘͏
̵͖͙͌͟͏͔͕͓͇͛͗͝͏ͮ͌͏͇͉͙͌͘͏
̯͔͕͓͇͛͗͝͏ͮ͌͕͍͏͉͕͙͔͕ͮ͗͌͋͘͏͔͏
̮͇͍͇͔͕͋͗͖͇͉͕͗͏͎͓͔͇͌
БЖНЗЙЕЉПБЁЎЗЊЎАЊЎЍЖЗКЛББ
БЖКЛЉДЉПБЁБ
МИЗАЗЙЎЃЎ
̶͕͇͙͊͒͌͋ͮ͌͎͇͈͔͚͌͘͈͕͚͚͗͗͟͘
͚͖͚͙͙͉͘͏͓͇͎͇͏͔͙͇͇͒͘͝͏͚ͮ͎͇
̯͔͕͓͇͛͗͝͏ͮ͌͕͈͎͈͔͕͙͌͌͋͘͏͏
͏͔͙͇͇͒͘͝͏ͮ͏̶͇͍ͯ͏͉͕͖͕͗͒͏͙͇͙ͮ͌
͖͕͇͉͇͊͒ͯ͕͈͎͈͔͕͙͌͌͋͘͏͖͗͌͈͏͕͒
͇͉͕͑͑͊͕͑͗͏͟ͱ͌Ͱ͇͏͒͏͕͍͇͉͇͋͗Ͱ͇
͚͇͇͗͌ͨͮ
ZZZDHJFRP
ЗИБКИЙЗБАЋЗЍЉ
ИйЮЬдЮЭгзеЩжЭжЮлЩЪдЮ
1 2 3 4 5 6 7 8 9
̺͚͔͕͑ͯ͌͞̯͚͔͕͑ͯ͌͘͞
̶͉͇͗͈͎͗͏͔͇͓͕͙͕͇͗
̫͚͇͗͊͈͎͗͏͔͇͓͕͙͕͇͗
̹͗͌ͱ͇͈͎͗͏͔͇͓͕͙͕͇͗
̳͇͑͘͏͓͇͔͇͒͈͎͗͏͔͇͓͕͙͕͇͗
̻͚͔͑͝͏͇ͮ͖͕͉͙͇͇͌͗͝
̶͕͙͔͋͌͘͏͑͎͇͛͏͙͒͌͗
̻͚͔͑͝͏͇ͮ͎͇͉͎͚͌͏͎͓͚͌ͨ͖͕͒͌͞͎͇
͚͉͇͑Ͱ͌͏͇͖͘͏͇͙͕͇͗͗
̲͇͓͖͏͇͝
КЋЉГЗЍЖЎЋЖЉМИЗЛЙЎЊЉ
ГзйбсєЮѓЮЩкибйЩлзйЩ
̶͕͉͗͌͗͏͙͌͖͖͕͚͔͚͗͌͗͌͞͈͎͗͏͔͚͚
͇͚͑͒͋͘͇͘͒͌͋͌͘ͱ͕͓͙͇͈͕͓͌͒
̶͗͏͒͏͕͓͑͎͇͉͇͊͗͌Ͱ͇͇͔͗͌͜͚͉͇͑Ͱ͇͇͘͖͕͕͖͑͒ͯ͌ಣ
͔͏͓͖͕͚͇͓͇͋͘
̶͗͏͒͏͕͓͑͚͉͇͑Ͱ͇͇͘͖͕͕͖͔͑͒ͯ͌͏͓͖͕͚͇͓͇͋͘͔͇
͉͏͌͟͎͕͔͇͎͇͚͉͇͑Ͱ͌͏͒͏͉͏͌͟͕͊͗͏͕͔͏͇͑͖͗͏
͖͇͍ͯ͏͉͕͓͖͍͗͌Ͱ͚
̶͗͏͒͏͕͓͑͚͉͇͑Ͱ͇͏͖͍͗͌Ͱ͇͉͌͒͏͑͏͜͕͑͒͏͞͏͔͇
͇͔͗͌͜͈͎͌͖͕͕͖͇͑͒͝͚͉͇͑Ͱ͇͔͇͉͏͌͟͎͕͔͇͎͇͚͉͇͑ಣ
Ͱ͌͏͒͏͉͏͌͟͕͊͗͏͕͔͏͇͑
̶͗͏͒͏͕͓͑͚͉͇͑Ͱ͇͏͖͍͗͌Ͱ͇͉͌͒͏͑͌͕͑͒͏͞͏͔͌͇͗͜ಣ
͔͌͉͌͒͏͑͌͉͇͍͔͕͙͒͘͏͈͎͌͖͕͕͖͇͑͒͝
̵͉͍͇͉͇͌͘͉͇͎͚͋͜͚͚͑͜͏Ͱ͏͔͇͕͔͑͚͉͇͑Ͱ͇͚͎͉͕͓͇͌
͙͏͜͇͗͋̳͕͍͌͇͋͌͘͚͚͚͑ͯͮ͌͞͏͏͚͚͑ͯͮ͌͘͞͕͋͋͏͗͏ಣ
͉͇Ͱ͓͌͘͏͓͈͕͇͒̻͚͔͑͝͏͇ͮ͌͘͏͚͚͑ͯͮ͌͘͞͇͚͙͕͓͇͙ಣ
͑͘͏͔͇͕͔͑͓͏͔͚͙͇̱͕͗͏͙͘͏͙͌͇͓͕͘͔͇͕͔͑͚͉͇͑ಣ
Ͱ͇
̶͖͕͚͚͗͌͗ͮ͌͞͌͘͇͋
͕͙͇͉͘͏͙͌͇͖͘͏͇͙͕͗͗͇͋
͇͗͋͏͖͗͏͈͒͏͍͔͕͓͏͔͚͙͇
͔͇͕͔͑͚͉͇͑Ͱ͇
̸̷̶̸̱̯ 
̱͕͓͇͔͔͇͋͙͇͈͇͒ͮ͌
͔͎͕͕͌͗͑͘͘͖͕ͯ͌̶͕͔͕͉͕
͕͋͋͏͔͗͏͙͌͘͏͓͈͕͒͌͔͇
͚͔͚͌͑͋͘͇͋͈͏͙͌͘
͇͙͑͏͉͏͇͗͒͏͚͔͛͑͝͏ͮ͌
АЩмийЩЫђЩѓЮйЩЭзеЩкибйЩлзйЩ
 ̺͚͑ͯ͞͏͙͌͚͇͗͌ͨͮ͖͗͏͙͏͇͑͘Ͱ͓͌
͘͏͓͈͕͇͒
̸͇͇͋͓͕͍͙͌͌͇͋͇͙͋͌͑͏͉͏͇͙͗͌
͚͔͛͑͝͏ͮ͌
 ̮͇͇͙͑͏͉͇͝͏͚ͮ͚͔͛͑͝͏ͮ͌͕͋͋͏͔͗͏͙͌
͘͏͓͈͕͒
 ̶͕͖͕͙͈͗͌͏͖͗͏͙͏͔͘͏͙͌͘͏͓͈͕͒
͕͉͙͌ͯ͌͘Ͱ͇ ͇͋͈͏͙͌͘͕͉͙͌͒͘͏͒͏
͖͕͉͗͟͏͔͚͎͇͚͉͇͑Ͱ͌
̫͇͈͏͙͌͘͏͚͑ͯ͘͞͏͒͏͚͇͗͌ͨͮ͖͕͔͕͉͕
͖͗͏͙͏͔͘͏͙͌͘͏͓͈͕͒
НмжгпбёЩаЩЫЮамбаеЮым
идзрЮаЩгмЫЩѓЮб
ЩкибйЩлзйЩ
̵͉͕ͮ͌͇͚͙͕͓͇͙͇͑͘͚͔͛͑͝͏͇ͮ͕͇͑ͮ
͖͕͉͎͚͌ͮ͌͖͕͚͒͞͎͇͚͉͇͑Ͱ͌͇͘
͇͖͘͏͇͙͕͕͓͗͗̯͖͕͇͒͞͎͇͚͉͇͑Ͱ͌͏
͇͖͘͏͇͙͕͗͗͏͓͇͚ͮ͕͓͚͔͑͏͇͙͕͑͗͇͘
͏͔͇͉͔͛͗͗͌͝͏͓͘͏͔͇͕͓͊͒̨͎͗͏͔͇
͉͔͙͌͏͇͙͕͇͒͗͌͘͋͌͛͏͔͏͌͟͇͚͙͕͓͇͙͑͘͏
͔͇͕͔͕͉͚͘͖͕͇͉͇͋͌͟Ͱ͇͍͗͌͏͓͇͏
͙͓͖͇͙͚͌͌͗͗͌͔͇͙͕͖ͮ͒͏ͮ͌͊͖͕͚͇ͨ͘͔͇
͖͕͒͞͏͎͇͚͉͇͑Ͱ͌̩͔͙͌͏͇͙͕͕͓͒͗
͓͕͍͙͌͌͇͋͚͖͇͉͇͙͗ͯ͌͏͚͔͕͗͞͖͕͓͕ͱ͚
͖͕͒͌͞͎͇͚͉͇͑Ͱ͌̻͚͔͑͝͏͇ͮ͓͕͍͌͇͋͌͘
͇͙͑͏͉͏͇͗͇͘͖͇͔͇͌͒͖͕͒͌͞͎͇͚͉͇͑Ͱ͌
̮͇͉͏͌͟͏͔͕͓͇͛͗͝͏͇ͮ͕
͙͕͓͌͇͕͑͑͌͘͕͑͗͏͙͘͏͕͉͇
͚͔͛͑͝͏͇ͮ͖͕͇͙͊͒͌͋ͮ͌
͚͖͚͙͙͉͕͘͎͇͚͖͕͙͈͚͗͌
͖͕͒͌͞͎͇͚͉͇͑Ͱ͌
ЉглбЫбйЩѓЮ
еЩгкбеЩджЮЪйабжЮезлзйЩ
̱͇͋͖͗͏͙͏͔͙͌͌͘͚͓͋͊͌ ͚͔͛͑͝͏͇ͮ
͓͇͑͘͏͓͇͔͒͌͈͎͗͏͔͌͓͕͙͕͇͗͖͕͞͏Ͱ͌͇͋
͇͗͋͏͙͕͕͓͑͓͏͔͚͙͇̴͇͕͔͑͙͕͊
͉͓͔͇͗͌͌͚͇͗͌ͨͮ͌͘͉͇͗ͱ͇͔͇͉͕ͮ͌͘
͖͙͕͔͕͗͌͋͜͖͕͇͉͇͋͌͟Ͱ͌͈͎͗͏͔͌
̱͇͇͋ͮ͌͚͔͛͑͝͏͇ͮ
͚͚͔͇͑ͯ͌͞͕͇͙͔͕͋͋
͕͋͋͏͗͏͉͇Ͱ͌͚͓͙͇͋͊͌
͔͇͌͑͔͏͇͉͑͑͌͙͌͛͌͑͌
ЉглбЫбйЩѓЮб
ЭЮЩглбЫбйЩѓЮзЪЩЫЮслЮѓЩ
знбдлЮйм
̧͇͓͒͗͎͇͛͏͙͒͌͗͖͕͋͌͘ͱ͇͉͇͘͇͋ͮ͌
͖͕͙͈͔͕͗͌͎͇͓͔͌͏͙͏͏͒͏͕͞͏͙͘͏͙͏
͚͔͊ͯ͌͏͛͏͙͒͌͗͏͕͞͏͙͘͏͙͏͛͏͙͒͌͗͎͇
͓͇͔͕͘ͱ͌̯͔͋͏͇͙͕͑͗͛͏͙͇͒͌͗ ͮ͌
͚͚͔͑ͯ͌͞͉͔͕͗͌͝͚͔͌͑͋͘͏͇͕͑
͛͏͙͒͌͗͎͇͓͇͔͕͘ͱ͌͙͈͇͗͌͕͞͏͙͘͏͙͏
̯͔͋͏͇͙͕͑͗͛͏͙͇͒͌͗ ͙͖͗͌͌͗͏
͉͔͕͗͌͝͚͔͌͑͋͘͏͇͕͑͚͔͊ͯ͌͏
͛͏͙͒͌͗͙͈͇͗͌͇͋͌͘͎͇͓͔͌͏͏͒͏
͕͞͏͙͘͏
̶͕͇͙͊͒͌͋ͮ͌͕͋͌͕͇͇͓͚͒͗
͎͇͛͏͙͒͌͗͚͕͚͋͌ͯ͑ಱ̴͇͌͊
͏͞͏͟ͱ͌Ͱ͌ಯ
 ̺͚͑ͯ͞͏͙͌͕͓͇͔͔͚͑͋͙͇͈͚͒
 ̺͉͌͗͏͙͌͌͘͇͋͚͘͏͕͔͑͏͌͝
͏͚͔͑ͯ͌͌͘͞
 ̫͇͈͏͙͌͘͇͙͑͏͉͏͇͗͒͏͏͒͏
͇͙͋͌͑͏͉͏͇͗͒͏͕͈͇͉͙͌͌͟Ͱ͌͕
͚͔͕͓͊ͯ͌͛͏͙͚͒͌͗͕͋͋͏͔͗͏͙͌
͔͇͚͔͌͑͋͌͘
̧͕͑ͮ͌͇͙͑͏͉͏͇͔͕͗
͕͈͇͉͙͌͌͟Ͱ͌͕͚͔͕͓͊ͯ͌
͛͏͙͚͒͌͗͏͕͔͑͏͇͝͛͏͙͇͒͌͗
͙͖͗͌͌͗͏͉͔͕͗͌͝
͖͚͙͇
̧͕͑ͮ͌͇͙͋͌͑͏͉͏͇͔͕͗
͕͈͇͉͙͌͌͟Ͱ͌͕͚͔͕͓͊ͯ͌
͛͏͙͚͒͌͗͏͕͔͑͏͇͝͛͏͙͇͒͌͗
͙͖͗͌͌͗͏͉͔͕͗͌͝͙͗͏
͖͚͙͇
ZZZDHJFRP
ЖЎЌЉБРБСЄЎЃЎ
РбсєЮѓЮнбдлЮйЩаЩ
еЩкжзєЮ
̸͉͇͑͏͛͏͙͒͌͗͓͕͇͗͇͋͌͘͞͏͙͘͏͈͇͓͗͌
͔͕͓ͮ͌͋͓͔͕͌͌͘͞̻͏͙͒͌͗͏͚͘
͓͕͔͙͏͇͔͗͏͖͕͓͕ͱ͚͎͇͙͇͌͊͏͕͘͏͚͇͇͊͗͞
͔͇͚͖͕͙͔͕͗ͮ͘͙͇͔͗͘͏
ЍЩЪбклЮзрбклбдбнбдлЮй
 ̶͕͉͚͝͏͙͌͚͚͗͑͞͔͇͛͏͙͚͒͌͗͏͖͕͋͘
͇͖͘͏͇͙͕͇͗͗͏͇͇͔͕͒͊͔͇͔͊͏͙͌
͔͇͕͋͒͌͖͗͌͋Ͱ͏͕͋͌͛͏͙͇͒͌͗
1
 ̵͞͏͙͘͏͙͌͛͏͙͒͌͗͌͕͑͗͏͙͌͘ͱ͏
͚͔ͨ͌͗͘͏͔͇͈͇͎͌͗͏͉͔͌͙͋͌͌͗ʹ͔͙͌͌
͏͒͏͚͓͇͟͏͔͏͎͇͚͕͉͋͌͘
̳͇͟͏͔͇͎͇͖͇͗Ͱ͌͚͕͉͇͋͘
͓͕͇͗͈͏͙͏͖͕͔͇͋͌͌͟͔͇
͔͏͚͑͘͙͓͖͇͙͚͚͌͌͗͗͏͇͙͇͑͗͑
͝͏͚͑͒͘̻͏͙͒͌͗͎͇͓͇͔͕͘ͱ͌
͓͕͍͌͇͋͖͕͓͔͗͌͏͈͕͚ͮ͇͒͏
͙͕͔͓͇͌͚͙͏͇͇ͮ͝͔͇͚͞͏͔͇͑
͚͇͇͗͌ͨͮ
 ̫͇͈͏͙͌͘͉͇͙͗͏͒͏͛͏͙͒͌͗͔͇
͓͙͕͌͘͒͌͋͘͏͙͌͖͉͇͗͉͇͋͕͇͇͑͗͑
͕͈͔͚͙͗͏͓͕͕͓͗͌͋͒͌͋͘
̶͕͔͕͉͏͙͌͕͇͑͗͑͌͎͇͉͌͘͛͏͙͒͌͗͌͇͕͑ͮ͌
͙͕͓͕͚͊ͱ͌
АЩеЮжЩмЬђЮжзЬ
нбдлЮйЩ
МИЗАЗЙЎЃЎ
̺͔͊ͯ͌͏͛͏͙͒͌͗͔͏ͮ͌
͓͕͚͊ͱ͌͖͇͙͗͏
̩͓͗͌͌͎͇͘͏ͱ͌Ͱ͇͚͔͕͊ͯ͌͊͛͏͙͇͒͌͗
͉͇͗͏͇͗͚͎͇͉͏͔͕͙͘͘͏͕͋͉͙͗͌͘͚͉͇͑Ͱ͇
͏͕͉͔͕͙͗͌͋͘͏͞͏͟ͱ͌Ͱ͇͛͏͙͇͒͌͗͎͇
͓͇͔͕͘ͱ͌
̫͇͈͏͙͌͘͎͇͓͔͌͏͒͏͛͏͙͒͌͗
 ̯͎͉͇͋͏͙͌͛͏͙͒͌͗͌͎͇͓͇͔͕͘ͱ͌͏͎
͚͇͇͗͌ͨͮ
̶͕͇͙͊͒͌͋ͮ͌͕͇͋͌ͯ͑ಱ̾͏͟ͱ͌Ͱ͌
͛͏͙͇͒͌͗͎͇͓͇͔͕͘ͱ͌ಯ͚͕͉͕͓
͖͕͇͉͚͊͒ͯ
 ͖͗͏͙͏͔͘͏͙͌͎ͮ͌͏͇͑͞͏͇͇͔͕͒͊
͔͇͔͊͏͙͌͔͇͕͋͒͌͖͗͌͋Ͱ͏͕͋͌
͛͏͙͇͒͌͗
1
1
 ̫͇͈͏͙͌͘͏͔͙͇͒͘͏͇͗͒͏͔͕͉͏
͛͏͙͒͌͗͖͕͔͕͉͏͙͌͏͙͌͘͕͇͑͗͑͌
͕͈͔͚͙͗͏͓͕͕͓͗͌͋͒͌͋͘
̺͉͇͕͓͑͘͚͇͚͒ͮ͘͞͛͏͙͒͌͗͌ͮ͌͖͕͙͈͔͕͗͌
͓͌Ͱ͇͙͏͈͇͓͗͌͔͇͉͇͇͑͘͙͌͞͏͗͏
͓͇͌͌͘͝
ЉдЩйеаЩнбдлЮй
̶͕͇͙͊͒͌͋ͮ͌͕͇͋͌ͯ͑͕
͇͙͑͏͉͏͇͗Ͱ͚͏
͇͙͋͌͑͏͉͏͇͗Ͱ͚͇͇͓͇͒͗
͛͏͙͇͒͌͗͚͖͕͇͉͚͊͒ͯ
ಱ̸͉͇͕͔͉͔͇͑͋͌͚͖͕͙͈͇͗͌ಯ
̶͕͇͙͊͒͌͋ͮ͌͕͇͋͌ͯ͑
ಱ̾͏͟ͱ͌Ͱ͌͛͏͙͇͒͌͗͎͇
͓͇͔͕͘ͱ͌ಯ͚͕͉͕͓͖͕͇͉͚͊͒ͯ
̶͕͇͙͊͒͌͋ͮ͌͕͋͌͕͞͏͟ͱ͌Ͱ͚
͏͒͏͕͎͇͓͔͌͏͚͔͕͊ͯ͌͊
͛͏͙͇͒͌͗͎͇͉͏͘͏͕͋͙͏͖͇
͛͏͙͇͒͌͗
АЩйЮкЮлзЫЩѓЮЩдЩйеЩ
̫͕͋͏͔͗͏͙͌ ͔͇͚͔͌͑͋͌͘
АЩеЮжЩдЩеибпЮ
̺͇͗͌ͨͮ͌͘͏͖͕͚͚͗ͮ͌͘͞͇͘/('
͇͓͖͒͏͕͓͝̵͉͇ͮ͕͋͌͓͕͍͌͇͋͎͇͓͔͌͏
͇͓͕͘͙͔͌͜͏͇͗͞̺͚͇͚͒ͮ͘͞͈͏͕͒͇͉͕͑͑͊
͉͇͇͑͗͖͕͇͙͊͒͌͋ͮ͌͕͋͌ಱ̸͉͌͗͏͘ಯ͚
͕͚͋͌ͯ͑ಱ̺͖͚͙͙͉͇͘͕͈͎͈͔͕͙͌͌͋͘͏ಯ
̸̷̶̸̱̯ 
2%6$+
%(=3(Î1267132.<1<$,1Ģ7$/&,$ 
323,6952%.8
.$Ŀ'2'(11328Ŀ9$1,( 
2Ģ(7529$1,($Î,67(1,(
1$'26,$+187,(3(5)(.71&+96/('.29
ÐDNXMHPHŀHVWHVLY\EUDOLWHQWRY¿URERN]QDÏN\$(*9\WYRULOLVPHKRDE\Y£P
SRVN\WROEH]FK\EQ¿Y¿NRQQDPQRKRURNRYSULÏRPVPHSRXŀLOLLQRYDÏQ«
WHFKQROµJLHNWRU«SRP£KDM¼]MHGQRGXģRYDħŀLYRWದIXQNFLHNWRU«QHQ£MGHWH
XEHŀQ¿FKVSRWUHELÏRY9HQXMWHSURV¯PQLHNRĀNRPLQ¼WWRPXWRQ£YRGXD
G¶NODGQHVLKRSUHϯWDMWHDE\VWHVYRMVSRWUHELÏPRKOLY\Xŀ¯YDħÏRQDMOHSģLH
1DYģW¯YWHQDģXVWU£QNXNGHQ£MGHWH
5DG\W¿NDM¼FHVDSRXŀ¯YDQLDEURŀ¼U\Q£YRG\QDULHģHQLHSUREO«PRYD
LQIRUP£FLHRVHUYLVHDRSUDY£FK
ZZZDHJFRPVXSSRUW
=DUHJLVWUXMWHVLY¿URERNDY\XŀLWHWDNHģWHOHSģ¯VHUYLV
ZZZUHJLVWHUDHJFRP
3UHY£ģVSRWUHELÏVLP¶ŀHWH]DN¼SLħSU¯VOXģHQVWYRVSRWUHEQ¿PDWHUL£OD
RULJLQ£OQHQ£KUDGQ«GLHO\
ZZZDHJFRPVKRS
67$5267/,926ƥ2=.$=1.$$=.$=1&.<
6(59,6
9ŀG\SRXŀ¯YDMWHRULJLQ£OQHQ£KUDGQ«GLHO\
$NSRWUHEXMHWHNRQWDNWRYDħDXWRUL]RYDQ«VHUYLVQ«VWUHGLVNRXLVWLWHVDŀHP£WHN
GLVSR]¯FLLQDVOHGXM¼FH¼GDMH0RGHOϯVORY¿URENXV«ULRY«ϯVOR
7LHWRLQIRUP£FLHQ£MGHWHQDW\SRYRPģW¯WNX
8SR]RUQHQLH9¿VWUDŀQ«DEH]SHÏQRVWQ«LQIRUP£FLH
9ģHREHFQ«LQIRUP£FLHDWLS\
,QIRUP£FLHRŀLYRWQRPSURVWUHG¯
9\KUDG]XMHPHVLSU£YRQD]PHQ\EH]SUHGFK£G]DM¼FHKRXSR]RUQHQLD
%(=3(Î1267132.<1<$,1ơ7$/&,$
9$529$1,(
3UHEH]SHÏQRVWQ«SRN\Q\DLQģWDO£FLXVL
SR]ULWHVDPRVWDWQ¼EURŀ¼UXV
LQģWDODÏQ¿PLSRN\QPL3UHGDN¿PNRĀYHN
SRXŀ¯YDQ¯PDOHER¼GUŀERXVSRWUHELÏDVL
SR]RUQHSUHϯWDMWHEH]SHÏQRVWQ«
NDSLWRO\
6/29(16.< 
323,6952%.8
3UHKĀDGRYO£GDFLHKRSDQHOD
1 2 3 4 5 6 7 8 9
=DS9\S
3UY£U¿FKORVħPRWRUD
'UXK£U¿FKORVħPRWRUD
7UHWLDU¿FKORVħPRWRUD
0D[LP£OQDU¿FKORVħPRWRUD
)XQNFLD%UHH]H
3ULSRPLHQNDILOWUD
)XQNFLD+REWR+RRG
2VYHWOHQLH
.$ƾ'2'(11328ƾ9$1,(
3RXƿ¯YDQLHRGV£YDÏDS£U
6NRQWUROXMWHRGSRU¼ÏDQ¼U¿FKORVħSRGĀD
WDEXĀN\QLŀģLH
3RÏDVRKUHYXMHGODYDUHQLHVSULNU\W¿PLKUQFDPL
3RÏDVYDUHQLDVSULNU\W¿PLKUQFDPLQDYLDFHU¿FKYDUಣ
Q¿FK]µQDFKDOHERKRU£NRFKSRÏDVMHPQ«KRY\SU£ಣ
ŀDQLD
3RÏDVYDUHQLDDY\SU£ŀDQLDYHĀN¿FKPQRŀVWLHYMHGOD
EH]SRNULHYN\SRÏDVYDUHQLDQDYLDFHU¿FKYDUQ¿FK
]µQDFKDOHERKRU£NRFK
3RÏDVYDUHQLDDY\SU£ŀDQLDYHĀN¿FKPQRŀVWLHYMHGOD
EH]SRNULHYN\SULY\VRNHMYOKNRVWL
2VYLHŀLY]GXFKYNXFK\QLSRYDUHQ¯VYHĀPLQ¯]NRX
KOXÏQRVħRX'£VDDNWLYRYDħDGHDNWLYRYDħSRVWODÏHಣ
Q¯V\PEROX)XQNFLDVDSRPLQ¼WDFKDXWRPDWLFN\
Y\SQH3RXŀLWHLEDSRYDUHQ¯
2GSRU¼ÏDVDQHFKDħ
RGV£YDÏS£UYÏLQQRVWL
SULEOLŀQHPLQ¼WSRYDUHQ¯
2YO£GDF¯SDQHOMHVHQ]RURY«
SROH)XQNFLH]DSQHWHWDN
ŀHQDVHNXQGXVWODϯWH
V\PERO\
$NFKFHWHSRXƿ¯YDƦRGV£YDÏS£U
ZZZDHJFRP
 6SRWUHELÏ]DSQLWHVWODÏHQ¯PV\PEROX
7HUD]P¶ŀHWHIXQNFLH]DSQ¼ħ
 )XQNFLX]DSQHWHVWODÏHQ¯PV\PEROX
 9SU¯SDGHSRWUHE\VDGRWNQLWH
V\PEROX DE\VWHRVYHWOLOLYDUQ¿
SRYUFK
$NFKFHWHY\SQ¼ħVSRWUHELÏRS¦WRYQH
VWODÏWHV\PERO
)XQNFLD+REWR+RRG
-HWRDXWRPDWLFN£IXQNFLDVS£MDM¼FD
YDUQ¿SDQHOVRGV£YDÏRPS£U9DUQ¿
SDQHODMRGV£YDÏS£UNRPXQLNXM¼
LQIUDÏHUYHQ¿PVLJQ£ORP5¿FKORVħ
YHQWLO£WRUDVDXUÏXMHDXWRPDWLFN\SRGĀD
QDVWDYHQ«KRUHŀLPXDWHSORW\
QDMKRU¼FHMģLHKRULDGXQDYDUQRPSDQHOL
9HQWLO£WRUP¶ŀHWHRYO£GDħDMUXÏQH]
YDUQ«KRSDQHOD7¼WRIXQNFLXP¶ŀHWH
]DSQ¼ħ]RYO£GDFLHKRSDQHODYDUQ«KR
SDQHOD
9LDFLQIRUP£FL¯RSRXŀ¯YDQ¯
WHMWRIXQNFLHQ£MGHWHY
Q£YRGHNYDUQ«PXSDQHOX
=DSQXWLHPD[LP£OQHM
U¿FKORVWLPRWRUD
.HÑVWODϯWHWODÏLGOR VSXVW¯VDQD
PLQ¼WPD[LP£OQDU¿FKORVħPRWRUD3RWRP
VDVSRWUHELÏYU£WLQDSUHGFK£G]DM¼FH
QDVWDYHQLDU¿FKORVWL
.HÑMHIXQNFLD]DSQXW£
QHP£GRGDWRÏQ«VWODÏHQLH
WODÏLGOD ŀLDGQ\¼ÏLQRN
=DSQXWLHDY\SQXWLH
SULSRPLHQN\ILOWUD
$ODUPILOWUDSULSRP¯QDY¿PHQXDOHER
ÏLVWHQLHILOWUDVXKO¯PDÏLVWHQLHWXNRY«KR
ILOWUD$NWUHEDY\ÏLVWLħWXNRY¿ILOWHU
UR]VYLHWLVDQDVHN¼QGQDÏHUYHQR
XND]RYDWHĀILOWUD $NWUHEDY\PHQLħ
DOHERY\ÏLVWLħILOWHUVXKO¯PXND]RYDWHĀ
ILOWUD EOLN£QDÏHUYHQRVHN¼QG
3R]ULWHVLÏDVħ$ODUPILOWUDY
NDSLWROH2ģHWURYDQLHD
ÏLVWHQLH
 =DSQLWHRYO£GDF¯SDQHO
 8LVWLWHVDŀHQHVYLHWLDLNRQ\
 $NFKFHWH]DSQ¼ħDOHERY\SQ¼ħ
SULSRPLHQNXILOWUDVXKO¯PGRWNQLWHVD
WODÏLGOD QDVHNXQG\
$NMH]DSQXW£SULSRPLHQND
ILOWUDVXKO¯PLNRQDILOWUD
EOLN£QDÏHUYHQRVHN¼QG
$NMHY\SQXW£SULSRPLHQND
ILOWUDVXKO¯PLNRQDILOWUD
WULNU£W]DEOLN£QDÏHUYHQR
2ơ(7529$1,($Î,67(1,(
ÎLVWHQLHWXNRY«KRILOWUD
.DŀG¿ILOWHUWUHEDY\ÏLVWLħDVSRĊUD]
PHVDÏQH)LOWUHV¼QDPRQWRYDQ«
SRPRFRXVYRULHNDSU¯FK\WLHNQDRSDÏQHM
VWUDQH
ÎLVWHQLHILOWUD
 3RWLDKQLWHUXNRY¦ħILOWUDSRG
RGV£YDÏRPS£UDPLHUQHQDNORĊWH
SUHGQ¼ÏDVħILOWUDQDGRO
1
 )LOWUHY\ÏLVWLWHSRPRFRXģSRQJLHV
QHDEUD]¯YQ\PLÏLVWLDFLPL
SURVWULHGNDPLDOHERYXP¿YDÏNH
6/29(16.< 
8P¿YDÏNDPXV¯E\ħ
QDVWDYHQ£QDQ¯]NXWHSORWXD
NU£WN\F\NOXV7XNRY¿ILOWHU
P¶ŀH]PHQLħIDUEXQHP£WR
YSO\YQDY¿NRQVSRWUHELÏD
 3ULVS¦WQHMLQģWDO£FLLILOWURYY\NRQDMWH
SUY«GYDNURN\VRSDÏQ¿PSRVWXSRP
9SU¯SDGHSRWUHE\]RSDNXMWHNURN\SUH
YģHWN\ILOWUH
9¿PHQDILOWUDVXKO¯P
9$529$1,(
)LOWHUVXKO¯PVDQHVPLH
XP¿YDħ
'REDQDV¿WHQLDILOWUDVXKO¯P]£YLV¯RG
VS¶VREXYDUHQLDDIUHNYHQFLHÏLVWHQLD
WXNRY«KRILOWUD
9¿PHQDILOWUD
 =RVSRWUHELÏDY\EHUWHWXNRY«ILOWUH
3R]ULWHVLÏDVħಱÎLVWHQLHWXNRY«KRILOWUDಯY
WHMWRNDSLWROH
 VWODÏWHGUŀLDNDPLHUQHQDGYLKQLWH
SUHGQ¼ÏDVħILOWUD
1
1
 3ULLQģWDO£FLLILOWUD]YRĀWHRSDÏQ¿
SRVWXS
9NDŀGRPSU¯SDGHMHSRWUHEQ«Y\PHQLħ
ILOWUHPLQLP£OQHNDŀG«ģW\ULPHVLDFH
$ODUPILOWUD
3R]ULWHVL]DSQXWLHD
Y\SQXWLHDODUPXILOWUDY
NDSLWROH.DŀGRGHQQ«
SRXŀ¯YDQLH
3R]ULWHVLÏDVħÎLVWHQLH
WXNRY«KRILOWUDYWHMWR
NDSLWROH
3R]ULWHVLÏDVħÎLVWHQLH
XKO¯NRY«KRILOWUDDOHER
9¿PHQDXKO¯NRY«KRILOWUDY
]£YLVORVWLRGW\SXILOWUD
=UXƢHQLHDODUPX
'RWNQLWHVDWODÏLGOD QDVHNXQG\
9¿PHQDRVYHWOHQLD
6SRWUHELÏVDGRG£YDV/('RVYHWOHQ¯P
7HQWRGLHOP¶ŀHY\PHQLħLEDWHFKQLN9
SU¯SDGHDNHMNRĀYHNSRUXFK\VLSR]ULWH
ÏDVħಱ6HUYLVಯYNDSLWROHಱ%H]SHÏQRVWQ«
SRN\Q\ಯ
2&+5$1$ƾ,9271+2352675(',$
0DWHUL£O\R]QDÏHQ«V\PERORP
RGRY]GDMWHQDUHF\NO£FLX 2EDOKRÑWH
GRSU¯VOXģQ¿FKNRQWDMQHURYQDUHF\NO£FLX
&KU£ĊWHŀLYRWQ«SURVWUHGLHD]GUDYLHĀXG¯
DUHF\NOXMWHRGSDG]HOHNWULFN¿FKD
HOHNWURQLFN¿FKVSRWUHELÏRY1HOLNYLGXMWH
VSRWUHELÏHR]QDÏHQ«V\PERORPVSROXV
RGSDGRP]GRP£FQRVWL 9¿URERN
RGRY]GDMWHYPLHVWQRPUHF\NODÏQRP
]DULDGHQ¯DOHERVDREU£ħWHQDREHFQ¿
DOHERPHVWVN¿¼UDG
ZZZDHJFRP
.$=$/2
9$512671(,1)250$&,-(,11$0(67,7(9
23,6,='(/.$
96$.2'1(91$8325$%$
9='5Ŀ(9$1-(,1Î,ĢÎ(1-(
=$3232/1(5(=8/7$7(
=DKYDOMXMHPRVHYDPGDVWHL]EUDOLWDL]GHOHN$(*8VWYDULOLVPRJDGDELYDP
]DJRWRYLOLGROJROHWQREUH]KLEQRGHORYDQMH]LQRYDWLYQLPLWHKQRORJLMDPLNL
SRPDJDMRSRHQRVWDYLWLŀLYOMHQMHದVIXQNFLMDPLNLMLKQHPRUHWHQDMWLSULRELÏDMQLK
QDSUDYDK3URVLPRY]HPLWHVLQHNDMPLQXW]DEUDQMHGDJDNDUQDMEROMH
L]NRULVWLWH
2ELģÏLWHQDģHVSOHWQRPHVWR]D
3ULGRELWHYQDVYHWRYJOHGHXSRUDEHEURģXUHRGSUDYOMDQMHWHŀDYVHUYLVQH
LQIRUPDFLMHLQLQIRUPDFLMHJOHGHSRSUDYLO
ZZZDHJFRPVXSSRUW
5HJLVWULUDMWHL]GHOHN]DYHÏMRXSRUDEQRVW
ZZZUHJLVWHUDHJFRP
.XSLWHGRGDWQRRSUHPRSRWURģQREODJRLQRULJLQDOQHQDGRPHVWQHGHOH]D
YDģRQDSUDYR
ZZZDHJFRPVKRS
6.5%=$675$1.(,16(59,6
9HGQRXSRUDELWHVDPRRULJLQDOQHUH]HUYQHGHOH
.RNOLÏHWHVHUYLVLPHMWHSULURNLQDVOHGQMHSRGDWNH0RGHOģWHYLONDL]GHOND
VHULMVNDģWHYLOND
3RGDWNHQDMGHWHQDSORģÏLFL]DWHKQLÏQHQDYHGEH
2SR]RULORYDUQRVWQHLQIRUPDFLMH
6SORģQLSRGDWNLLQQDVYHWL
,QIRUPDFLMHRYDURYDQMXRNROMD
3ULGUŀXMHPRVLSUDYLFRGRVSUHPHPE
9$512671(,1)250$&,-(,11$0(67,7(9
232=25,/2
=DYDUQRVWQHLQIRUPDFLMHLQQDPHVWLWHYVL
RJOHMWHGRGDWQDQDYRGLOD]DQDPHVWLWHY
3UHGXSRUDERDOLY]GUŀHYDOQLPLGHOLQD
QDSUDYLSR]RUQRSUHEHULWHSRJODYMDR
YDUQRVWL
6/29(1ĢÎ,1$ 
23,6,='(/.$
3UHJOHGXSUDYOMDOQHSORƢÏH
1 2 3 4 5 6 7 8 9
9NORS,]NORS
3UYDKLWURVWPRWRUMD
'UXJDKLWURVWPRWRUMD
7UHWMDKLWURVWPRWRUMD
1DMYHÏMDKLWURVWPRWRUMD
)XQNFLMD}%UHH]Hm
2SRPQLN]DILOWHU
)XQNFLMD}+REWRKRRGm
/XÏ
96$.2'1(91$8325$%$
8SRUDEDQDSH
3UHYHULWHSULSRURÏHQRKLWURVWJOHGHQD
VSRGQMRUD]SUHGHOQLFR
0HGVHJUHYDQMHPKUDQHNXKDQMHPVSRNULWRSRVRGR
0HGNXKDQMHPVSRNULWRSRVRGRQDYHÏNXKDOLģÏLKDOL
JRULOQLNLKQHŀQLPFYUHQMHP
0HGYUHQMHPLQSHÏHQMHPYHÏMHNROLÏLQHKUDQHEUH]
SRNURYDNXKDQMHPQDYHÏNXKDOLģÏLKDOLJRULOQLNLK
0HGYUHQMHPLQSHÏHQMHPYHÏMHNROLÏLQHKUDQHEUH]
SRNURYDSULYHOLNLYODŀQRVWL
2VYHŀL]UDNYNXKLQMLSRNXKDQMX]]HORQL]NRUDYQMR
KUXSD$NWLYLUDWLLQGHDNWLYLUDWLMRMHPRJRÏH]GRWLNRP
VLPEROD)XQNFLMDVHSRPLQXWDKVDPRGHMQRL]NOMXಣ
ÏL8SRUDEOMDMWHVDPRSRNXKDQMX
3ULSRURÏOMLYRMHGDSR
NXKDQMXSXVWLWHQDSR
GHORYDWLSULEOLŀQRPLQXW
1DG]RUQDSORģÏDMH
VHQ]RUVNRSROMH6LPERORY
VHGRWLNDMWHHQRVHNXQGRGD
YNORSLWHIXQNFLMH
=DXSUDYOMDQMHQDSH
 1DSUDYRYNORSLWHVSULWLVNRPVLPEROD
=GDMODKNRYNORSLWHIXQNFLMH
 =DYNORSIXQNFLMHVHGRWDNQLWH
VLPEROD
 3RSRWUHELVHGRWDNQLWHVLPEROD]D
OXÏ GDRVYHWOLWHSRYUģLQR]D
NXKDQMH
=DL]NORSQDSUDYHSRQRYQRSULWLVQLWH
VLPERO
ZZZDHJFRP
)XQNFLMD}+REWRKRRGm
-HVDPRGHMQDIXQNFLMDNLSRYHŀH
NXKDOQRSORģÏRVNXKLQMVNRQDSR
.XKDOQDSORģÏDLQQDSDLPDWD
NRPXQLNDWRULQIUDUGHÏHJDVLJQDOD+LWURVW
YHQWLODWRUMDVHQDVWDYLVDPRGHMQRJOHGH
QDQDVWDYLWHYQDÏLQDLQWHPSHUDWXUR
QDMEROMYURÏHSRVRGHQDNXKDOQLSORģÏL
9HQWLODWRUODKNRXSUDYOMDWHWXGLURÏQRV
NXKDOQHSORģÏH)XQNFLMRODKNRYNORSLWHV
SORģÏHQDNXKDOQLSORģÏL
=DGRGDWQHLQIRUPDFLMHR
XSRUDELIXQNFLMHVLRJOHMWH
QDYRGLOD]DXSRUDERNXKDOQH
SORģÏH
9NORSQDMYHÏMHKLWURVWL
PRWRUMD
.RSULWLVQHWHWLSNR VH]DģHVWPLQXW
YNORSLQDMYHÏMDKLWURVWPRWRUMD3RWHPVH
QDSUDYDYUQHQDSUHMģQMHQDVWDYLWYH
KLWURVWL
.RMHIXQNFLMDYNORSOMHQD
GRGDWHQGRWLNWLSNH QLPD
XÏLQND
9NORSLQL]NORSRSR]RULOD
]DILOWHU
$ODUP]DILOWHURSR]DUMDQDPHQMDYRDOL
ÏLģÏHQMHRJOHQHJDILOWUDLQÏLģÏHQMH
PDģÏREQHJDILOWUDÎHMHWUHEDRÏLVWLWL
PDģÏREQLILOWHULQGLNDWRUILOWUD 
VHNXQGVYHWLUGHÏHÎHMHWUHED
]DPHQMDWLDOLRÏLVWLWLRJOHQLILOWHULQGLNDWRU
ILOWUD VHNXQGXWULSDUGHÏH
2JOHMWHVLDODUP]DILOWHUY
SRJODYMX9]GUŀHYDQMHLQ
ÏLģÏHQMH
 9NORSLWHXSUDYOMDOQRSORģÏR
 ,NRQHQHVPHMRVYHWLWL
 ÎHŀHOLWHYNORSLWLDOLL]NORSLWLRSR]RULOR
]DRJOHQLILOWHUVH]DWULVHNXQGH
GRWDNQLWH
ÎHMHRSR]RULOR]DRJOHQL
ILOWHUYNORSOMHQRLNRQDILOWUD
SHWNUDWXWULSQHUGHÏH
ÎHMHRSR]RULOR]DRJOHQL
ILOWHUL]NORSOMHQRLNRQDILOWUD
WULNUDWXWULSQHUGHÏH
9='5ƾ(9$1-(,1Î,ơÎ(1-(
ÎLƢÏHQMHPDƢÏREQHJD
ILOWUD
9VDNILOWHUMHWUHEDRÏLVWLWLYVDMHQNUDWQD
PHVHF)LOWULVRQDPHģÏHQLVSRPRÏMR
VSRQNLQ]DWLÏHYQDQDVSURWQLVWUDQL
=DÏLƢÏHQMHILOWUD
 3RYOHFLWHURÏLFRILOWUDSRGQDSRLQ
UDKORQDJQLWHVSUHGQMLGHOILOWUD
QDY]GRO
1
 )LOWUHRÏLVWLWH]JRELFRLQÏLVWLOQLP
VUHGVWYRPNLQLJURERDOLY
SRPLYDOQHPVWURMX
3RPLYDOQLVWURMPRUDWH
QDVWDYLWLQDQL]NR
WHPSHUDWXURLQNUDWHN
SURJUDP0DģÏREQLILOWHUVH
ODKNRUD]EDUYDDWRQH
YSOLYDQD]PRJOMLYRVW
QDSUDYH
6/29(1ĢÎ,1$ 
 =DSRQRYQRQDPHVWLWHYILOWURY
SRQRYLWHSUYDGYDNRUDNDYREUDWQHP
]DSRUHGMX
.RUDNHSRQRYLWH]DYVHILOWUHÏH
REVWDMDMR
=DPHQMDYDRJOHQHJDILOWUD
232=25,/2
2JOHQLILOWHUQLSUDOHQ
ÎDVQDVLÏHQRVWLRJOHQHJDILOWUDVH
VSUHPLQMDJOHGHQDYUVWRNXKDQMDLQ
SRJRVWRVWÏLģÏHQMDPDģÏREQHJDILOWUD
=D]DPHQMDYRILOWUD
 ,]QDSUDYHRGVWUDQLWHPDģÏREQH
ILOWUH
2JOHMWHVL}ÎLģÏHQMHPDģÏREQHJD
ILOWUDmYWHPSRJODYMX
 3ULWLVQLWHMH]LÏHNLQUDKORQDJQLWH
VSUHGQMLGHOILOWUD
1
1
 =DQDPHVWLWHYQRYHJDILOWUDSRQRYLWH
LVWHNRUDNHYREUDWQHP]DSRUHGMX
9YVDNHPSULPHUXMHWUHEDILOWUH
]DPHQMDWLYVDMQDģWLULPHVHFH
$ODUP]DILOWHU
2JOHMWHVL9NORSLQL]NORS
DODUPD]DILOWHUYSRJODYMX
9VDNRGQHYQDXSRUDED
2JOHMWHVL}ÎLģÏHQMH
PDģÏREQHJDILOWUDmYWHP
SRJODYMX
2JOHMWHVL}ÎLģÏHQMHDOL
]DPHQMDYDRJOHQHJD
ILOWUDmRGYLVQRRGYUVWH
ILOWUD
=DSRQDVWDYLWHYDODUPD
=DWULVHNXQGHVHGRWDNQLWH
=DPHQMDYDƿDUQLFH
7DQDSUDYDLPD/('ŀDUQLFR7DGHO
ODKNR]DPHQMDVDPRVWURNRYQMDN9
SULPHUXNDNUģQHNROLQDSDNHVL
RJOHMWH}6HUYLVmYSRJODYMX}9DUQRVWQD
QDYRGLODm
6.5%=$2.2/-(
5HFLNOLUDMWHPDWHULDOHNLMLKR]QDÏXMH
VLPERO (PEDODŀRRGORŀLWHYXVWUH]QH
]DERMQLNH]DUHFLNODŀR3RPDJDMWH
]DģÏLWLWLRNROMHLQ]GUDYMHOMXGLWHU
UHFLNOLUDWLRGSDGNHHOHNWULÏQLKLQ
HOHNWURQVNLKQDSUDY1DSUDYR]QDÏHQLK
VVLPERORP QHRGVWUDQMXMWH]
JRVSRGLQMVNLPLRGSDGNL,]GHOHNYUQLWHQD
NUDMHYQR]ELUDOLģÏH]DUHFLNOLUDQMHDOLVH
REUQLWHQDREÏLQVNLXUDG
ZZZDHJ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$5$81265(68/7$'263(5)(&726
*UDFLDVSRUHOHJLUHVWHSURGXFWR$(*/RKHPRVFUHDGRSDUDEULQGDUOHXQ
UHQGLPLHQWRLPSHFDEOHGXUDQWHPXFKRVD³RVFRQWHFQRORJ¯DVLQQRYDGRUDVTXH
ORD\XGDQDVLPSOLILFDUODYLGDFDUDFWHU¯VWLFDVTXHTXL]£VQRHQFXHQWUHHQORV
HOHFWURGRP«VWLFRVFRPXQHV'HGLTXHXQRVPLQXWRVDOHHUHVWHGRFXPHQWRSDUD
VDFDUOHHOP£[LPRSDUWLGR
9LVLWHQXHVWURVLWLRZHESDUD
2EWHQHUFRQVHMRVIROOHWRVVROXFLRQHVDSUREOHPDVHLQIRUPDFLµQGHVHUYLFLR\
UHSDUDFLµQ
ZZZDHJFRPVXSSRUW
5HJLVWUDUVXSURGXFWRSDUDUHFLELUXQPHMRUVHUYLFLR
ZZZUHJLVWHUDHJFRP
&RPSUDUDFFHVRULRVDUW¯FXORVGHFRQVXPR\SLH]DVGHUHFDPELRRULJLQDOHV
SDUDVXDSDUDWR
ZZZDHJ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
(63$2/ 
 (QFLHQGDHODSDUDWRSXOVDQGRHO
V¯PEROR
$KRUDSXHGHDFWLYDUODVIXQFLRQHV
 3DUDDFWLYDUODIXQFLµQWRTXHHO
V¯PEROR
 6LHVQHFHVDULRWRTXHHOV¯PERORGH
ODERPELOOD SDUDLOXPLQDUOD
VXSHUILFLHGHFRFFLµQ
3DUDDSDJDUHODSDUDWRSXOVHGHQXHYR
HOV¯PEROR
)XQFLµQ+REWR+RRG
(VXQDIXQFLµQDXWRP£WLFDTXHFRQHFWD
ODSODFDGHFRFFLµQFRQXQDFDPSDQD
/DSODFDGHFRFFLµQ\ODFDPSDQDWLHQHQ
XQFRPXQLFDGRUGHVH³DOHVLQIUDUURMDV
/DYHORFLGDGGHOYHQWLODGRUVHGHILQH
DXWRP£WLFDPHQWHVHJ¼QHODMXVWHGH
PRGR\WHPSHUDWXUDGHOXWHQVLOLRGH
FRFLQDP£VFDOLHQWHHQODSODFDGH
FRFFLµQ7DPEL«QSXHGHRSHUDU
PDQXDOPHQWHHOYHQWLODGRUGHVGHOD
SODFDGHFRFFLµQ/DIXQFLµQVHSXHGH
DFWLYDUGHVGHHOSDQHOGHODSODFDGH
FRFFLµQ
3DUDP£VLQIRUPDFLµQVREUH
FµPRXWLOL]DUHVWDIXQFLµQ
FRQVXOWHHOPDQXDOGHO
XVXDULRGHODSODFDGH
FRFFLµQ
$FWLYDFLµQGHODYHORFLGDG
P£[LPDGHOPRWRU
&XDQGRVHSXOVDHOERWµQ OD
YHORFLGDGP£[LPDGHOPRWRUFRPLHQ]DD
IXQFLRQDUGXUDQWHPLQXWRV'HVSX«VGH
HVHWLHPSRHODSDUDWRYXHOYHDVXV
DMXVWHVGHYHORFLGDGDQWHULRUHV
&XDQGRODIXQFLµQHVW£
DFWLYDGDODSXOVDFLµQ
DGLFLRQDOGHOERWµQ QR
WLHQHQLQJ¼QHIHFWR
$FWLYDFLµQ\
GHVDFWLYDFLµQGHOD
QRWLILFDFLµQGHILOWUR
/DDODUPDGHOILOWURUHFXHUGDFDPELDUR
OLPSLDUHOILOWURGHFDUEµQ\OLPSLDUHOILOWUR
GHJUDVD(OLQGLFDGRUGHOILOWUR VH
HQFLHQGHURMRGXUDQWHVHJXQGRVVL
VHGHEHOLPSLDUHOILOWURGHJUDVD(O
LQGLFDGRUGHILOWUR SDUSDGHDURMR
GXUDQWHVHJXQGRVVLHVQHFHVDULR
UHHPSOD]DUROLPSLDUHOILOWURGHFDUEµQ
&RQVXOWHODDODUPDGHOILOWUR
HQHOFDS¯WXORGH
PDQWHQLPLHQWR\OLPSLH]D
 (QFLHQGDHOSDQHOGHFRQWURO
 $VHJ¼UHVHGHTXHORVLFRQRVHVW«Q
DSDJDGRV
 3DUDDFWLYDURGHVDFWLYDUOD
QRWLILFDFLµQGHILOWURGHFDUEµQWRTXH
GXUDQWHVHJXQGRV
6LODQRWLILFDFLµQGHILOWURGH
FDUEµQHVW£DFWLYDGDHO
LFRQRGHOILOWUR SDUSDGHD
URMRFLQFRYHFHV
6LODQRWLILFDFLµQGHILOWURGH
FDUEµQHVW£GHVDFWLYDGDHO
LFRQRGHOILOWUR SDUSDGHD
URMRWUHVYHFHV
0$17(1,0,(172</,03,(=$
/LPSLH]DGHOILOWURGH
JUDVD
&DGDILOWURGHEHOLPSLDUVHDOPHQRVXQD
YH]DOPHV/RVILOWURVVHPRQWDQFRQHO
XVRGHFOLSV\SDVDGRUHVHQHOODGR
RSXHVWR
3DUDOLPSLDUHOILOWUR
 7LUHGHODHPSX³DGXUDGHOILOWURSRU
GHEDMRGHODFDPSDQDHLQFOLQH
OLJHUDPHQWHODSDUWHGHODQWHUDGHO
ILOWURKDFLDDEDMR
(63$2/ 
,11(+//
6.(5+(76,1)250$7,212&+,167$//$7,21
352'8.7%(6.5,91,1*
'$*/,*$191'1,1*
6.76(/2&+5(1*5,1* 
)53(5)(.7$5(68/7$7
7DFNI¸UDWWGXYDOWGHQQD$(*SURGXNW'HQKDUXWYHFNODWVI¸UDWWGXVNDNXQQD
DQY¦QGDGHQLP§QJD§UPHGLQQRYDWLYDIXQNWLRQHUVRPJ¸UOLYHWHQNODUHದRFK
VRPLQWHILQQVS§DOODHQNODUHSURGXNWHUJQDQ§JUDPLQXWHU§WGHQQD
EHVNULYQLQJI¸UDWWI§VW¸UVWDP¸MOLJDXWE\WHDYSURGXNWHQ
%HV¸NY§UZHEESODWVI¸UDWW
I§WLSVRPDQY¦QGQLQJEURVFK\UHUIHOV¸NQLQJVHUYLFHRFK
UHSDUDWLRQVLQIRUPDWLRQ
ZZZDHJFRPVXSSRUW
UHJLVWUHUDGLQSURGXNWI¸UE¦WWUHVHUYLFH
ZZZUHJLVWHUDHJFRP
N¸SDWLOOEHK¸UI¸UEUXNQLQJVYDURURFKRULJLQDOUHVHUYGHODUWLOOGLQSURGXNW
ZZZDHJFRPVKRS
.81'7-1672&+6(59,&(
$QY¦QGDOOWLGRULJLQDOUHVHUYGHODU
+DI¸OMDQGHXSSJLIWHUWLOOKDQGVQ¦UGXNRQWDNWDUY§UDXNWRULVHUDGH
VHUYLFHYHUNVWDG0RGHOODUWLNHOQXPPHUVHULHQXPPHU
,QIRUPDWLRQHQVW§US§P¦UNSO§WHQ
9DUQLQJ)¸UVLNWLJKHWದ6¦NHUKHWVLQIRUPDWLRQ
$OOP¦QLQIRUPDWLRQRFKWLSV
0LOM¸LQIRUPDWLRQ
0HGUHVHUYDWLRQI¸U¦QGULQJDU
6.(5+(76,1)250$7,212&+,167$//$7,21
9$51,1*
6HVHSDUDWEURVFK\UI¸U
V¦NHUKHWVLQIRUPDWLRQRFKLQVWDOODWLRQ
/¦VQRJDLJHQRPV¦NHUKHWVNDSLWOHQ
LQQDQGXDQY¦QGHUHOOHUXWI¸UXQGHUK§OO
S§SURGXNWHQ
69(16.$ 
352'8.7%(6.5,91,1*
%HVNULYQLQJDYNRQWUROOSDQHOHQ
1 2 3 4 5 6 7 8 9
3§$Y
)¸UVWDPRWRUKDVWLJKHW
$QGUDPRWRUKDVWLJKHW
7UHGMHPRWRUKDVWLJKHW
0D[PRWRUKDVWLJKHW
%UHH]HIXQNWLRQ
3§PLQQHOVHILOWHU
+¦OOWLOOIO¦NWIXQNWLRQ
/DPSD
'$*/,*$191'1,1*
$QY¦QGDIO¦NWHQ
6HGHQUHNRPPHQGHUDGHKDVWLJKHWHQ
HQOLJWWDEHOOHQQHGDQ
8QGHUXSSY¦UPQLQJDYPDWYLGWLOODJQLQJXQGHUORFN
9LGWLOODJQLQJXQGHUORFNS§IOHUDNRN]RQHUHOOHUEU¦Qಣ
QDUHPLOGVWHNQLQJ
8QGHUNRNQLQJRFKVWHNQLQJDYVWRUDP¦QJGHUPDW
XWDQORFNWLOODJQLQJS§IOHUDNRN]RQHUHOOHUEU¦QQDUH
8QGHUNRNQLQJVWHNQLQJDYVWRUDP¦QJGHUPDWXWDQ
ORFNP\FNHWIXNW
)U¦VFKDUXSSOXIWHQLN¸NHWHIWHUWLOODJQLQJYLGHQ
P\FNHWO§JOMXGQLY§'HQNDQDNWLYHUDVRFKLQDNWLYHಣ
UDVJHQRPDWWWU\FNDS§V\PEROHQ)XQNWLRQHQVW¦QJV
DYDXWRPDWLVNWHIWHUPLQXWHU$QY¦QGHQGDVWHIWHU
WLOODJQLQJ
9LUHNRPPHQGHUDUDWWGX
O¦PQDUIO¦NWHQS§LFLUND
PLQXWHUHIWHUWLOODJQLQJHQ
.RQWUROOSDQHOHQ¦UHWW
VHQVRUI¦OW7U\FNS§
V\PEROHUQDLVHNXQGI¸UDWW
DNWLYHUDIXQNWLRQHUQD
$QY¦QGDIO¦NWHQ
 6¦WWS§SURGXNWHQJHQRPDWWWU\FND
S§ V\PEROHQ
'XNDQQXDNWLYHUDIXQNWLRQHUQD
 )¸UDWWDNWLYHUDIXQNWLRQHQWU\FNS§
V\PEROHQ
 9LGEHKRYWU\FNS§ODPSV\PEROHQ
I¸UDWWW¦QGDODPSRUQD
ZZZDHJFRP


Produktspezifikationen

Marke: AEG
Kategorie: Dunstabzugshauben
Modell: DBE5661HG
Breite: 598 mm
Tiefe: 455 mm
Produktfarbe: Edelstahl
Steuerung: Berührung
Höhe (min): 759 mm
Höhe (max): 1204 mm
AC Eingangsspannung: 220 - 240 V
AC Eingangsfrequenz: 50/60 Hz
Zertifizierung: CE
Typ: Wandmontiert
Energieeffizienzklasse: A
Kabellänge: 1.3 m
Gehäusematerial: Aluminium,Stainless steel
Energieeffizienzskala: A+++ bis D
Montageset: Ja
Jährlicher Energieverbrauch: 52 kWh
Geräuschpegel: 54 dB
Maximale Absaugleistung: 700 m³/h
Einbauraum Breite: 329.5 mm
Einbauraum Tiefe: 290 mm
Motorleistung: - W
Anzahl Geschwindigkeiten: 3
Entfernbarer Filter: Ja
Waschbarer Filter: Ja
Anzahl an Lampen: 2 Glühbirne(n)
Schnellinstallationsanleitung: Ja
Einbauraum Höhe: 759 mm
Blitzeistung: 5 W
Anzahl Filter: 2 Stück(e)
Absaugart: Abluft/Umluft
Anzahl der Motoren: 1
Leuchtmitteltyp: LED
Fettfiltertyp: Edelstahl
Fluiddynamische Effizienzklasse: A
Beleuchtungs-Effizienzklasse: A
Ölfilter-Effizienzklasse: B
Geräuschpegel (langsame Geschwindigkeit): 44 dB
Geräuschpegel (hohe Geschwindigkeit): 66 dB
Durchmesser Auspuffanschluss: 150 mm
Ablüftungsort: Oben
Intensivgeschwindigkeit: Ja
Filtereinigungsindikator: Ja
Luftschallemission (hohe Drehzahl): 65 dB
Maximale Umluftbetrieb Leistung: 380 m³/h
Mindestabstand vom elektrischen Kochfeld: 500 mm
Mindestabstand vom Gas-Kochfeld: 650 mm
Motor enthalten: Ja
Luftschallemission (Umluftbetrieb): 66 dB
Geräuschpegel (mittlere Geschwindigkeit): 55 dB
Anti-Geruchsfilter: Ja

Brauchst du Hilfe?

Wenn Sie Hilfe mit AEG DBE5661HG benötigen, stellen Sie unten eine Frage und andere Benutzer werden Ihnen antworten




Bedienungsanleitung Dunstabzugshauben AEG

Bedienungsanleitung Dunstabzugshauben

Neueste Bedienungsanleitung für -Kategorien-