BALAY 00466148 ユーザーマニュアル

タイプ
ユーザーマニュアル
*9000978359*  

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Û ,QVWUXFFLRQHVGHPRQWDMH
Þ 1RWLFHGHPRQWDJH
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
ì ,QVWUXo}HVGHPRQWDJHP
[
[
[
[
[
[
[
[
[
PLQ
PP
PD[
PP
PLQ
PP
PP
PLQ
PP
$
PP
PP

%
÷
安裝說明

[
PP
PP
PP
PP
PP
[
D
E

DE
PP
PP
D

de
Ø
.POUBHFBOMFJUVOH
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
%JFTF"OMFJUVOHTPSHG¤MUJHMFTFO/VSEBOOL¶OOFO4JF*IS(FS¤U
TJDIFSVOESJDIUJHCFEJFOFO%JF(FCSBVDITVOE.POUBHFBOMFJ
UVOHG¼SFJOFOTQ¤UFSFO(FCSBVDIPEFSG¼S/BDICFTJU[FSBVGCF
XBISFO
/VSCFJGBDIHFSFDIUFN&JOCBVFOUTQSFDIFOEEFS.POUBHFBOMFJ
UVOHJTUEJF4JDIFSIFJUCFJN(FCSBVDIHFX¤ISMFJTUFU%FS*OTUBMMB
UFVSJTUG¼SEBTFJOXBOEGSFJF'VOLUJPOJFSFOBN"VGTUFMMVOHTPSU
WFSBOUXPSUMJDI
%JF #SFJUF EFS %VOTUBC[VHTIBVCF NVTT NJOEFTUFOT EFS #SFJUF EFS
,PDITUFMMFFOUTQSFDIFO
'¼SEJF*OTUBMMBUJPON¼TTFOEJFBLUVFMMH¼MUJHFO#BVWPSTDISJGUFO
VOEEJF7PSTDISJGUFOEFS¶SUMJDIFO4USPNVOE(BTWFSTPSHFS
CFBDIUFUXFSEFO
#FJEFS"CMFJUVOHWPO"CMVGUTJOEEJFCFI¶SEMJDIFOVOEHFTFU[MJ
DIFO7PSTDISJGUFO[#-BOEFTCBVPSEOVOHFO[VCFBDIUFO
/HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO%JF"CMVGUEBSGXFEFSJOFJOFOJO#FUSJFCCFGJOEMJDIFO3BVDI
PEFS"CHBTLBNJOOPDIJOFJOFO4DIBDIUXFMDIFSEFS&OUM¼GUVOH
WPO"VGTUFMMVOHTS¤VNFOWPO'FVFSTU¤UUFOEJFOUBCHFHFCFOXFS
EFO'BMMTEJF"CMVGUJOFJOFO3BVDIPEFS"CHBTLBNJOHFG¼ISU
XFSEFOTPMMEFSOJDIUJO#FUSJFCJTUNVTTEJF;VTUJNNVOHEFT
[VTU¤OEJHFO4DIPSOTUFJOGFHFSNFJTUFSTFJOHFIPMUXFSEFO
/HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO
*NNFS G¼S BVTSFJDIFOE ;VMVGU TPSHFO XFOO EBT (FS¤U JN "CMVGUCF
USJFCHMFJDI[FJUJHNJUFJOFSSBVNMVGUBCI¤OHJHFO'FVFSTU¤UUFWFS
XFOEFUXJSE
3BVNMVGUBCI¤OHJHF'FVFSTU¤UUFO[#HBT¶MIPM[PEFSLPIMF
CFUSJFCFOF)FJ[HFS¤UF%VSDIMBVGFSIJU[FS8BSNXBTTFSCFSFJUFS
CF[JFIFO7FSCSFOOVOHTMVGUBVTEFN"VGTUFMMSBVNVOEG¼ISFOEJF
"CHBTFEVSDIFJOF"CHBTBOMBHF[#,BNJOJOT'SFJF
*O7FSCJOEVOHNJUFJOFSFJOHFTDIBMUFUFO%VOTUBC[VHTIBVCFXJSE
EFS,¼DIFVOEEFOCFOBDICBSUFO3¤VNFO3BVNMVGUFOU[PHFO
PIOFBVTSFJDIFOEF;VMVGUFOUTUFIUFJO6OUFSESVDL(JGUJHF(BTF
BVTEFN,BNJOPEFS"C[VHTTDIBDIUXFSEFOJOEJF8PIOS¤VNF
[VS¼DLHFTBVHU
&TNVTTEBIFSJNNFSG¼SBVTSFJDIFOEF;VMVGUHFTPSHUXFSEFO
&JO;VMVGU"CMVGUNBVFSLBTUFOBMMFJOTUFMMUEJF&JOIBMUVOHEFT
(SFO[XFSUFTOJDIUTJDIFS
&JO HFGBISMPTFS #FUSJFC JTU OVS EBOO N¶HMJDI XFOO EFS 6OUFSESVDL
JN "VGTUFMMSBVN EFS 'FVFSTU¤UUF 1B  NCBS OJDIU ¼CFSTDISFJ
UFU%JFTLBOOFSSFJDIUXFSEFOXFOOEVSDIOJDIUWFSTDIMJFCBSF
GGOVOHFO[#JO5¼SFO'FOTUFSOJO7FSCJOEVOHNJUFJOFN
;VMVGU"CMVGUNBVFSLBTUFOPEFSEVSDIBOEFSFUFDIOJTDIF.B
OBINFOEJF[VS7FSCSFOOVOHCFO¶UJHUF-VGUOBDITUS¶NFOLBOO
[
D
E
F

;JFIFO4JFJOKFEFN'BMMEFO3BUEFT[VTU¤OEJHFO4DIPSOTUFJOGF
HFSNFJTUFSTIJO[VEFSEFOHFTBNUFO-¼GUVOHTWFSCVOEEFT)BV
TFTCFVSUFJMFOLBOOVOE*IOFOEJFQBTTFOEF.BOBINF[VS
#FM¼GUVOHWPSTDIM¤HU
8JSEEJF%VOTUBC[VHTIBVCFBVTTDIMJFMJDIJN6NMVGUCFUSJFCFJO
HFTFU[UJTUEFS#FUSJFCPIOF&JOTDIS¤OLVOHN¶HMJDI
/HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO#FJ*OTUBMMBUJPOFJOFS-¼GUVOHNJUFJOFSLBNJOHFCVOEFOFO
'FVFSTUFMMFNVTTEJF4USPN[VG¼ISVOHEFS)BVCFNJUFJOFSHFFJH
OFUFO4JDIFSIFJUTTDIBMUVOHWFSTFIFOXFSEFO
%UDQGJHIDKU
%JF 'FUUBCMBHFSVOHFO JN 'FUUGJMUFS L¶OOFO TJDI FOU[¼OEFO %JF WPS
HFHFCFOFO 4JDIFSIFJUTBCTU¤OEF N¼TTFO FJOHFIBMUFO XFSEFO VN
FJOFO)JU[FTUBV[VWFSNFJEFO#FBDIUFO4JFEJF"OHBCFO[V
*ISFN,PDIHFS¤U8FSEFO(BTVOE&MFLUSP,PDITUFMMFO[VTBN
NFOCFUSJFCFOHJMUEFSHS¶UFBOHFHFCFOF"CTUBOE
%BT(FS¤UEBSGOVSBOFJOFS4FJUFEJSFLUOFCFOFJOFN)PDI
TDISBOLPEFSFJOFS8BOEJOTUBMMJFSUXFSEFO%FS"CTUBOE[VS
8BOEPEFS[VN)PDITDISBOLNVTTNJOENNCFUSBHFO
9HUOHW]XQJVJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO
4DIVU[IBOETDIVIFUSBHFO
7FSMFU[VOHTHFGBIS
*TUEBT(FS¤UOJDIUPSEOVOHTHFN¤CFGFTUJHULBOOFTIFSBCGBM
MFO "MMF #FGFTUJHVOHTFMFNFOUF N¼TTFO GFTU VOE TJDIFS NPOUJFSU
XFSEFO
7FSMFU[VOHTHFGBIS
%BT(FS¤UJTUTDIXFS;VN#FXFHFOEFT(FS¤UFTTJOE
1FSTPOFOFSGPSEFSMJDI/VSHFFJHOFUF)JMGTNJUUFMWFSXFOEFO
6WURPVFKODJJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO%BT
"OTDIMVTTLBCFMLBOOCFTDI¤EJHUXFSEFO"OTDIMVTTLBCFMX¤I
SFOEEFS*OTUBMMBUJPOOJDIULOJDLFOPEFSFJOLMFNNFO
6WURPVFKODJJHIDKU
%JF 5SFOOVOH EFT (FS¤UFT WPN 4USPNOFU[ NVTT KFEFS[FJU N¶HMJDI
TFJO%BT(FS¤UEBSGOVSBOFJOFWPSTDISJGUTN¤JHJOTUBMMJFSUF
4DIVU[LPOUBLU4UFDLEPTFBOHFTDIMPTTFOXFSEFO'BMMTEFS4UF
DLFSOBDIEFN&JOCBVOJDIUNFISFSSFJDICBSJTUPEFSCFJFJOFN
FSGPSEFSMJDIFO'FTUBOTDIMVTTNVTTJOTUBMMBUJPOTTFJUJHFJOFBMMQP
MJHF5SFOOWPSSJDIUVOHNJUFJOFN,POUBLUBCTUBOEWPONJOE NN
WPSIBOEFOTFJO/VSFJOF&MFLUSPGBDILSBGUEBSGEFO'FTUBOTDIMVTT
BVTG¼ISFO
(UVWLFNXQJVJHIDKU
7FSQBDLVOHTNBUFSJBMJTUG¼S,JOEFSHFG¤ISMJDI,JOEFSOJFNJU7FS
QBDLVOHTNBUFSJBMTQJFMFOMBTTFO
$OOJHPHLQH+LQZHLVH
$FKWXQJ
(FS¤UFTDIBEFO
%JF 0CFSGM¤DIFO EFT (FS¤UFT TJOE FNQGJOEMJDI #FJ EFS *OTUBMMBUJPO
#FTDI¤EJHVOHFOWFSNFJEFO
$EOXIWEHWULHE
: /HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO%JF"CMVGUEBSGXFEFSJOFJOFOJO#FUSJFCCFGJOEMJDIFO3BVDI
PEFS"CHBTLBNJOOPDIJOFJOFO4DIBDIUXFMDIFSEFS&OUM¼GUVOH
WPO"VGTUFMMVOHTS¤VNFOWPO'FVFSTU¤UUFOEJFOUBCHFHFCFOXFS
EFO'BMMTEJF"CMVGUJOFJOFO3BVDIPEFS"CHBTLBNJOHFG¼ISU
XFSEFOTPMMEFSOJDIUJO#FUSJFCJTUNVTTEJF;VTUJNNVOHEFT
[VTU¤OEJHFO4DIPSOTUFJOGFHFSNFJTUFSTFJOHFIPMUXFSEFO
8JSEEJF"CMVGUEVSDIEJF"VFOXBOEHFMFJUFUTPMMUFFJO5FMFTLPQ
.BVFSLBTUFOWFSXFOEFUXFSEFO
$EOXIWOHLWXQJ
+LQZHLV '¼S#FBOTUBOEVOHFOEJFBVGEJF3PISTUSFDLF
[VS¼DL[VG¼ISFOTJOE¼CFSOJNNUEFS)FSTUFMMFSEFT(FS¤UFTLFJOF
(FX¤ISMFJTUVOH
%BT(FS¤UFSSFJDIUTFJOFPQUJNBMF-FJTUVOHEVSDIFJOLVS[FT
HFSBEMJOJHFT"CMVGUSPISVOEFJOFON¶HMJDITUHSPFO3PISEVSDI
NFTTFS
%VSDIMBOHFSBVF"CMVGUSPISFWJFMF3PISC¶HFOPEFS3PISEVSDI
NFTTFSEJFLMFJOFSBMTNNTJOEXJSEEJFPQUJNBMF
"CTBVHMFJTUVOHOJDIUFSSFJDIUVOEEBT-¼GUFSHFS¤VTDIXJSEMBV
UFS
%JF3PISFPEFS4DIM¤VDIF[VN7FSMFHFOEFS"CMVGUMFJUVOHN¼T
TFOBVTOJDIUCSFOOCBSFN.BUFSJBMTFJO
5XQGURKUH
&TXJSEFJO*OOFOEVSDINFTTFSWPONNFNQGPIMFOKFEPDI
NJOEFTUFOTNN
)ODFKNDQlOH
%FS*OOFORVFSTDIOJUUNVTTEFN%VSDINFTTFSEFS3VOESPISFFOU
TQSFDIFO
 PPFD  FP
 PPFD  FP
'MBDILBO¤MFTPMMUFOLFJOFTDIBSGFO6NMFOLVOHFOIBCFO
#FJBCXFJDIFOEFO3PISEVSDINFTTFSO%JDIUTUSFJGFOFJOTFU[FO
:DQGEHUSUIHQ
%JF8BOENVTTFCFOTFOLSFDIUVOEBVTSFJDIFOEUSBHG¤IJH
TFJO
%JF5JFGFEFS#PISM¶DIFSNVTTEFS-¤OHFEFS4DISBVCFOFOU
TQSFDIFO%JF%¼CFMN¼TTFOFJOFOGFTUFO)BMUIBCFO
%JFCFJMJFHFOEFO4DISBVCFOVOE%¼CFMTJOEG¼SNBTTJWFT.BV
FSXFSL HFFJHOFU '¼S BOEFSF ,POTUSVLUJPOFO [# 3JHJQT 1PSFO
CFUPO1PSPUPO.BVFS[JFHFMN¼TTFOFOUTQSFDIFOEF
#FGFTUJHVOHTNJUUFMWFSXFOEFUXFSEFO
%BTNBY(FXJDIUEFS%VOTUBC[VHTIBVCFCFUS¤HU NJ
(OHNWULVFKHU$QVFKOXVV
: 6WURPVFKODJJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO%BT
"OTDIMVTTLBCFMLBOOCFTDI¤EJHUXFSEFO"OTDIMVTTLBCFMX¤I
SFOEEFS*OTUBMMBUJPOOJDIULOJDLFOPEFSFJOLMFNNFO
%JF FSGPSEFSMJDIFO "OTDIMVTTEBUFO TUFIFO BVG EFN 5ZQFOTDIJME JN
*OOFOSBVNEFT(FS¤UFTEB[V.FUBMMGFUUGJMUFSBVTCBVFO
/lQJHGHU$QVFKOXVVOHLWXQJFDP
%JFTFT(FS¤UFOUTQSJDIUEFO&('VOLFOUTU¶SCFTUJNNVOHFO
: 6WURPVFKODJJHIDKU
%JF 5SFOOVOH EFT (FS¤UFT WPN 4USPNOFU[ NVTT KFEFS[FJU N¶HMJDI
TFJO%BT(FS¤UEBSGOVSBOFJOFWPSTDISJGUTN¤JHJOTUBMMJFSUF
4DIVU[LPOUBLU4UFDLEPTFBOHFTDIMPTTFOXFSEFO'BMMTEFS4UF
DLFSOBDIEFN&JOCBVOJDIUNFISFSSFJDICBSJTUPEFSCFJFJOFN
FSGPSEFSMJDIFO'FTUBOTDIMVTTNVTTJOTUBMMBUJPOTTFJUJHFJOFBMMQP
MJHF5SFOOWPSSJDIUVOHNJUFJOFN,POUBLUBCTUBOEWPONJOE NN
WPSIBOEFOTFJO/VSFJOF&MFLUSPGBDILSBGUEBSGEFO'FTUBOTDIMVTT
BVTG¼ISFO
*HUlWHPDH%LOG $
6LFKHUKHLWVDEVWlQGH%LOG %
,QVWDOODWLRQYRUEHUHLWHQ
$FKWXQJ
4UFMMFO4JFTJDIFSEBTTTJDIJN#FSFJDIEFS#PISVOHFOLFJOF
4USPNMFJUVOHFO(BTPEFS8BTTFSSPISFCFGJOEFO
 7POEFS%FDLFCJT[VS6OUFSLBOUFEFS%VOTUBC[VHTIBVCFFJOF
TFOLSFDIUF.JUUFMMJOJFBOEJF8BOE[FJDIOFO
 1PTJUJPOFO G¼S EJF 4DISBVCFO VOE EJF ,POUVS EFT &JOI¤OHFCFSFJ
DIFTBO[FJDIOFO
 '¼OG -¶DIFS NJU NN VOE #PISUJFGF  NN G¼S EJF #FGFTUJHVO
HFOCPISFOVOEEJF%¼CFMXBOEC¼OEJHFJOES¼DLFO
*HUlWPRQWLHUHQ
:DQGKDOWHUXQJPRQWLHUHQ
 )BMUFXJOLFMG¼SEJF,BNJOWFSCMFOEVOHBOTDISBVCFO %LOG 
 "VGI¤OHVOHFO G¼S EJF %VOTUBC[VHTIBVCF IBOEGFTU NBY 1P
BOTDISBVCFO %LOG D
 (FXJOEFCPM[FOTPXFJUFJOTDISBVCFOEBTTFSOPDI PP
BVTEFS8BOESBHU %LOG E
*HUlWDXIKlQJHQXQGDXVULFKWHQ
: 9HUOHW]XQJVJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO4DIVU[
IBOETDIVIFUSBHFO
 4DIVU[GPMJFWPN(FS¤U[VFSTUBOEFS3¼DLTFJUFVOEOBDIEFS
.POUBHFWPMMTU¤OEJHBC[JFIFO
 (FS¤UTPFJOI¤OHFOEBTTFTGFTUBOEFO"VGI¤OHVOHFOFJOSBT
UFU %LOG D
 (FS¤UEVSDI%SFIFOEFS"VGI¤OHVOHFOXBBHFSFDIUBVTSJDIUFO
#FJ#FEBSGEBT(FS¤UOBDISFDIUTPEFSMJOLTWFSTDIJFCFO
%LOG E

6LFKHUXQJVVFKUDXEHQEHIHVWLJHQ
 .FUBMMGFUUGJMUFSBVTCBVFO
 -¶DIFSG¼S4JDIFSVOHTTDISBVCFOBO[FJDIOFO %LOG 
 (FS¤UBCOFINFO
 -¶DIFS G¼S EJF 4JDIFSVOHTTDISBVCFO CPISFO VOE EJF %¼CFM XBOE
C¼OEJHFJOES¼DLFO
 (FS¤UBVGI¤OHFO
 4JDIFSVOHTTDISBVCFOCFGFTUJHFO
 .FUBMMGFUUGJMUFSFJOCBVFO
*HUlWEHIHVWLJHQ
 4JDIFSVOHTLBQQFONJUEFN1GFJMOBDIPCFOBVGEJF"VGI¤OHVO
HFOES¼DLFOCJTTJFFJOSBTUFO %LOG D
 3¤OEFMNVUUFSNJU6OUFSMFHTDIFJCFGFTUBOESFIFO %LOG 
6LFKHUXQJVNDSSHQHQWIHUQHQ
'BMMTEJF4JDIFSVOHTLBQQFOFOUGFSOUXFSEFON¼TTFOFJOFOGMB
DIFO4DISBVCFOESFIFSWFSXFOEFO %LOG 
*HUlWDQVFKOLHHQ
+LQZHLVH
#FJ"CMVGUCFUSJFCTPMMUFFJOF3¼DLTUBVLMBQQFFJOHFCBVUXFSEFO
*TUEFN(FS¤ULFJOF3¼DLTUBVLMBQQFCFJHFMFHULBOOTJF¼CFS
EFO'BDIIBOEFMCF[PHFOXFSEFO
8JSEEJF"CMVGUEVSDIEJF"VFOXBOEHFMFJUFUTPMMUFFJO5FMFT
LPQ.BVFSLBTUFOWFSXFOEFUXFSEFO
$EOXIWYHUELQGXQJKHUVWHOOHQ
$EOXIWURKUPPHPSIRKOHQH*U|H
 "CMVGUSPISEJSFLUBN-VGUTUVU[FOCFGFTUJHFO
 7FSCJOEVOH[VS"CMVGU¶GGOVOHIFSTUFMMFO
 7FSCJOEVOHTTUFMMFOHFFJHOFUBCEJDIUFO
$EOXIWURKUPP
 3FEV[JFSTUVU[FOBN-VGUTUVU[FOCFGFTUJHFO
 "CMVGUSPISBN3FEV[JFSTUVU[FOCFGFTUJHFO
 7FSCJOEVOH[VS"CMVGU¶GGOVOHIFSTUFMMFO
 7FSCJOEVOHTTUFMMFOHFFJHOFUBCEJDIUFO
6WURPDQVFKOXVVKHUVWHOOHQ
 /FU[TUFDLFSJOEJF4DIVU[LPOUBLUTUFDLEPTFTUFDLFO
 #FJFJOFNFSGPSEFSMJDIFO'FTUBOTDIMVTTCJUUFEJF)JOXFJTFJN
,BQJUFM &MFLUSJTDIFS"OTDIMVTTCFBDIUFO
.DPLQYHUEOHQGXQJPRQWLHUHQ
: 9HUOHW]XQJVJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO4DIVU[
IBOETDIVIFUSBHFO
 ,BNJOWFSCMFOEVOHFOUSFOOFO
%B[VEBT,MFCFCBOEBC[JFIFO
 4DIVU[GPMJFOBOCFJEFO,BNJOWFSCMFOEVOHFOBC[JFIFO
 ,BNJOWFSCMFOEVOHFOJOFJOBOEFSTDIJFCFO
+LQZHLVH
6N,SBU[FS[VWFSNFJEFO1BQJFSBMT4DIVU[¼CFSEJF,BOUFO
EFS¤VFSFO,BNJOWFSCMFOEVOHMFHFO
#FJ"CMVGUCFUSJFCEJFJOOFSF,BNJOWFSCMFOEVOHNJUEFO4DIMJU
[FOOBDIVOUFONPOUJFSFO
 ,BNJOWFSCMFOEVOHFOBVGEFN(FS¤UBVGTFU[FO
 *OOFSF,BNJOWFSCMFOEVOHOBDIPCFOTDIJFCFOVOEMJOLTVOE
SFDIUTBN)BMUFXJOLFMFJOI¤OHFO %LOG D
 ,BNJOWFSCMFOEVOHOBDIVOUFOFJOSBTUFO %LOG E
 ,BNJOWFSCMFOEVOH NJU [XFJ 4DISBVCFO TFJUMJDI BO EFO )BMUFXJO
LFMTDISBVCFO %LOG F
*HUlWGHPRQWLHUHQ
 ,BNJOWFSCMFOEVOHM¶TFO
 (FS¤UTUSPNMPTNBDIFO
 "CMVGUMFJUVOHFOM¶TFO
 4JDIFSVOHTLBQQFOFOUGFSOFO
 3¤OEFMTDISBVCFM¶TFO
 (FS¤UBCOFINFO
en
Ú
*OTUBMMBUJPOJOTUSVDUJPOT
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
3FBEUIFTFJOTUSVDUJPOTDBSFGVMMZ0OMZUIFOXJMMZPVCFBCMFUP
PQFSBUFZPVSBQQMJBODFTBGFMZBOEDPSSFDUMZ3FUBJOUIFJOTUSVDUJPO
NBOVBMBOEJOTUBMMBUJPOJOTUSVDUJPOTGPSGVUVSFVTFPSGPS
TVCTFRVFOUPXOFST
5IFBQQMJBODFDBOPOMZCFVTFETBGFMZJGJUJTDPSSFDUMZJOTUBMMFE
BDDPSEJOH UP UIF TBGFUZ JOTUSVDUJPOT 5IF JOTUBMMFS JT SFTQPOTJCMF GPS
FOTVSJOHUIBUUIFBQQMJBODFXPSLTQFSGFDUMZBUJUTJOTUBMMBUJPO
MPDBUJPO
5IFXJEUIPGUIFFYUSBDUPSIPPENVTUDPSSFTQPOEBUMFBTUXJUIUIF
XJEUIPGUIFIPC
'PS UIF JOTUBMMBUJPO PCTFSWF UIF DVSSFOUMZ WBMJE CVJMEJOH SFHVMBUJPOT
BOEUIFSFHVMBUJPOTPGUIFMPDBMFMFDUSJDJUZBOEHBTTVQQMJFST
8IFO DPOWFZJOH UIF FYIBVTU BJS PGGJDJBM BOE MFHBM SFHVMBUJPOT FH
TUBUFCVJMEJOHSFHVMBUJPOTNVTUCFGPMMPXFE
5LVNRIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO5IF
FYIBVTUBJSNVTUOPUCFDPOWFZFEJOUPBGVODUJPOJOHTNPLFPS
FYIBVTUHBTGMVFPSJOUPBTIBGUXIJDIJTVTFEUPWFOUJMBUF
JOTUBMMBUJPOSPPNTUIBUDPOUBJOIFBUJOHBQQMJBODFT*GUIFFYIBVTU
BJS JT UP CF DPOWFZFE JOUP B OPOGVODUJPOJOH TNPLF PS FYIBVTU HBT
GMVFZPVNVTUPCUBJOUIFDPOTFOUPGUIFIFBUJOHFOHJOFFS
SFTQPOTJCMF
'DQJHURIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO
"MXBZTFOTVSFBEFRVBUFGSFTIBJSJOUIFSPPNJGUIFBQQMJBODFJT
CFJOHPQFSBUFEJOFYIBVTUBJSNPEFBUUIFTBNFUJNFBTSPPNBJS
EFQFOEFOUIFBUQSPEVDJOHBQQMJBODFJTCFJOHPQFSBUFE
3PPNBJSEFQFOEFOUIFBUQSPEVDJOHBQQMJBODFTFHHBTPJM
XPPEPSDPBMPQFSBUFEIFBUFSTDPOUJOVPVTGMPXIFBUFSTPSXBUFS
IFBUFSTPCUBJODPNCVTUJPOBJSGSPNUIFSPPNJOXIJDIUIFZBSF
JOTUBMMFEBOEEJTDIBSHFUIFFYIBVTUHBTFTJOUPUIFPQFOBJS
UISPVHIBOFYIBVTUHBTTZTUFNFHBDIJNOFZ
*O DPNCJOBUJPO XJUI BO BDUJWBUFE WBQPVS FYUSBDUPS IPPE SPPN BJS JT
FYUSBDUFEGSPNUIFLJUDIFOBOEOFJHICPVSJOHSPPNTBQBSUJBM
WBDVVNJTQSPEVDFEJGOPUFOPVHIGSFTIBJSJTTVQQMJFE5PYJD
HBTFTGSPNUIFDIJNOFZPSUIFFYUSBDUJPOTIBGUBSFTVDLFECBDL
JOUPUIFMJWJOHTQBDF
"EFRVBUFJODPNJOHBJSNVTUUIFSFGPSFBMXBZTCFFOTVSFE
"OJODPNJOHFYIBVTUBJSXBMMCPYBMPOFXJMMOPUFOTVSF
DPNQMJBODFXJUIUIFMJNJU
4BGFPQFSBUJPOJTQPTTJCMFPOMZXIFOUIFQBSUJBMWBDVVNJOUIF
QMBDFXIFSFUIFIFBUQSPEVDJOHBQQMJBODFJTJOTUBMMFEEPFTOPU
FYDFFE1BNCBS5IJTDBOCFBDIJFWFEXIFOUIFBJS
OFFEFEGPSDPNCVTUJPOJTBCMFUPFOUFSUISPVHIPQFOJOHTUIBU
DBOOPUCFTFBMFEGPSFYBNQMFJOEPPSTXJOEPXTJODPNJOH
FYIBVTUBJSXBMMCPYFTPSCZPUIFSUFDIOJDBMNFBOT
*O BOZ DBTF DPOTVMU ZPVS SFTQPOTJCMF .BTUFS $IJNOFZ 4XFFQ )F
JTBCMFUPBTTFTTUIFIPVTFTFOUJSFWFOUJMBUJPOTFUVQBOEXJMM
TVHHFTUUIFTVJUBCMFWFOUJMBUJPONFBTVSFTUPZPV
6OSFTUSJDUFEPQFSBUJPOJTQPTTJCMFJGUIFWBQPVSFYUSBDUPSIPPEJT
PQFSBUFEFYDMVTJWFMZJOUIFDJSDVMBUJOHBJSNPEF
'DQJHURIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO*G
JOTUBMMJOHBWFOUJMBUJPOTZTUFNJOBSPPNXJUIBIFBUQSPEVDJOH
BQQMJBODF DPOOFDUFE UP B DIJNOFZGMVF UIF FMFDUSJDJUZ TVQQMZ UP UIF
IPPENVTUCFFRVJQQFEXJUIBTVJUBCMFTBGFUZTXJUDI

5LVNRIILUH
(SFBTFEFQPTJUTJOUIFHSFBTFGJMUFSNBZDBUDIGJSF5IFTQFDJGJFE
TBGFUZEJTUBODFTNVTUCFPCTFSWFEJOPSEFSUPQSFWFOUBO
BDDVNVMBUJPOPGIFBU0CTFSWFUIFTQFDJGJDBUJPOTGPSZPVSDPPLJOH
BQQMJBODF*GHBTBOEFMFDUSJDIPCTBSFPQFSBUFEUPHFUIFSUIF
MBSHFTUTQFDJGJFEEJTUBODFBQQMJFT
0OMZPOFTJEFPGUIFBQQMJBODFNBZCFJOTUBMMFEEJSFDUMZOFYUUPB
IJHITJEFE VOJU PS B XBMM 5IF EJTUBODF CFUXFFO UIF BQQMJBODF BOE
XBMMPSIJHITJEFEVOJUNVTUCFBUMFBTUNN
5LVNRILQMXU\
$PNQPOFOUT JOTJEF UIF BQQMJBODF NBZ IBWF TIBSQ FEHFT 8FBS
QSPUFDUJWFHMPWFT
3JTLPGJOKVSZ
5IF BQQMJBODF NBZ GBMM EPXO JG JU IBT OPU CFFO QSPQFSMZ GBTUFOFE
JOQMBDF"MMGBTUFOJOHDPNQPOFOUTNVTUCFGJYFEGJSNMZBOE
TFDVSFMZ
3JTLPGJOKVSZ
5IFBQQMJBODFJTIFBWZ5PNPWFUIFBQQMJBODF QFPQMFBSF
SFRVJSFE6TFPOMZTVJUBCMFUPPMTBOEFRVJQNFOU
5LVNRIHOHFWULFVKRFN
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT5IFTF
NBZEBNBHFUIFDPOOFDUJOHDBCMF%POPULJOLPSQJODIUIF
DPOOFDUJOHDBCMFEVSJOHJOTUBMMBUJPO
5LVNRIHOHFWULFVKRFN
*UNVTUBMXBZTCFQPTTJCMFUPEJTDPOOFDUUIFBQQMJBODFGSPNUIF
FMFDUSJDJUZTVQQMZ5IFBQQMJBODFNVTUPOMZCFDPOOFDUFEUPB
QSPUFDUJWFDPOUBDUTPDLFUXIJDIIBTCFFODPSSFDUMZJOTUBMMFE*GUIF
QMVH JT OP MPOHFS BDDFTTJCMF GPMMPXJOH JOTUBMMBUJPO PG UIF BQQMJBODF
PSBGJYFEDPOOFDUJPOJTSFRVJSFEBOBMMQPMFJTPMBUJOHTXJUDINVTU
CFQSFTFOUPOUIFJOTUBMMBUJPOTJEFXJUIBDPOUBDUHBQPGBUMFBTU
NN5IFGJYFEDPOOFDUJPONVTUPOMZCFJOTUBMMFECZBOFMFDUSJDJBO
'DQJHURIVXIIRFDWLRQ
1BDLBHJOHNBUFSJBMJTEBOHFSPVTUPDIJMESFO/FWFSBMMPXDIJMESFO
UPQMBZXJUIQBDLBHJOHNBUFSJBM
*HQHUDOLQIRUPDWLRQ
&DXWLRQ
%BNBHFUPUIFBQQMJBODF
5IF TVSGBDFT PG UIF BQQMJBODF BSF TFOTJUJWF "WPJE EBNBHJOH UIFN
EVSJOHJOTUBMMBUJPO
([KDXVWDLUPRGH
: 5LVNRIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO5IF
FYIBVTUBJSNVTUOPUCFDPOWFZFEJOUPBGVODUJPOJOHTNPLFPS
FYIBVTUHBTGMVFPSJOUPBTIBGUXIJDIJTVTFEUPWFOUJMBUF
JOTUBMMBUJPOSPPNTUIBUDPOUBJOIFBUJOHBQQMJBODFT*GUIFFYIBVTU
BJS JT UP CF DPOWFZFE JOUP B OPOGVODUJPOJOH TNPLF PS FYIBVTU HBT
GMVFZPVNVTUPCUBJOUIFDPOTFOUPGUIFIFBUJOHFOHJOFFS
SFTQPOTJCMF
*GUIFFYIBVTUBJSJTDPOWFZFEUISPVHIUIFPVUFSXBMMBUFMFTDPQJD
XBMMCPYTIPVMECFVTFE
([KDXVWGXFW
1RWH 5IF EFWJDF NBOVGBDUVSFS EPFT OPU BTTVNF BOZ XBSSBOUZ GPS
DPNQMBJOUTBUUSJCVUBCMFUPUIFQJQFTFDUJPO
5IFEFWJDFBDIJFWFTJUTPQUJNVNQFSGPSNBODFCZNFBOTPGB
TIPSUTUSBJHIUFYIBVTUBJSQJQFBOEBTMBSHFBQJQFEJBNFUFSBT
QPTTJCMF
"TBSFTVMUPGMPOHSPVHIFYIBVTUBJSQJQFTNBOZQJQFCFOETPS
QJQFEJBNFUFSTUIBUBSFTNBMMFSUIBONNUIFPQUJNVN
FYUSBDUJPOQFSGPSNBODFJTOPUBDIJFWFEBOEGBOOPJTFJT
JODSFBTFE
5IF QJQFT PS IPTFT GPS MBZJOH UIF FYIBVTU BJS MJOF NVTU DPOTJTU PG
OPODPNCVTUJCMFNBUFSJBM
5RXQGSLSHV
"OJOOFSEJBNFUFSPGNNCVUBUMFBTUNNJT
SFDPNNFOEFE
)ODWGXFWV
5IFJOOFSDSPTTTFDUJPONVTUDPSSFTQPOEUPUIFEJBNFUFSPGUIF
SPVOEQJQFT
GLDPPFDFP
GLDPPFDFP
'MBUEVDUTTIPVMEOPUIBWFBOZTIBSQEFGMFDUJPOT
6TFTFBMJOHTUSJQTGPSEFWJBUJOHQJQFEJBNFUFST
&KHFNLQJWKHZDOO
5IFXBMMNVTUCFMFWFMWFSUJDBMBOEBEFRVBUFMZMPBECFBSJOH
5IFEFQUIPGUIFCPSFIPMFTNVTUCFUIFTBNFMFOHUIBTUIF
TDSFXT5IFXBMMQMVHTNVTUIBWFBTFDVSFHSJQ
5IFFODMPTFETDSFXTBOEXBMMQMVHTBSFTVJUBCMFGPSTPMJE
CSJDLXPSL4VJUBCMFGBTUFOFSTNVTUCFVTFEGPSPUIFSTUSVDUVSFT
FHQMBTUFSCPBSEQPSPVTDPODSFUFQPSPUPOCSJDLT
5IFNBYXFJHIUPGUIFFYUSBDUPSIPPEJT NJ
(OHFWULFDOFRQQHFWLRQ
: 5LVNRIHOHFWULFVKRFN
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT5IFTF
NBZEBNBHFUIFDPOOFDUJOHDBCMF%POPULJOLPSQJODIUIF
DPOOFDUJOHDBCMFEVSJOHJOTUBMMBUJPO
5IFSFRVJSFEDPOOFDUJPOEBUBDBOCFGPVOEPOUIFSBUJOHQMBUF
JOTJEFUIFBQQMJBODFUPEPUIJTSFNPWFUIFNFUBMNFTIHSFBTF
GJMUFS
/HQJWKRIWKHFDEOHDSSUR[P
5IJTBQQMJBODFDPNQMJFTXJUIUIF&$JOUFSGFSFODFTVQQSFTTJPO
SFHVMBUJPOT
: 5LVNRIHOHFWULFVKRFN
*UNVTUBMXBZTCFQPTTJCMFUPEJTDPOOFDUUIFBQQMJBODFGSPNUIF
FMFDUSJDJUZTVQQMZ5IFBQQMJBODFNVTUPOMZCFDPOOFDUFEUPB
QSPUFDUJWFDPOUBDUTPDLFUXIJDIIBTCFFODPSSFDUMZJOTUBMMFE*GUIF
QMVH JT OP MPOHFS BDDFTTJCMF GPMMPXJOH JOTUBMMBUJPO PG UIF BQQMJBODF
PSBGJYFEDPOOFDUJPOJTSFRVJSFEBOBMMQPMFJTPMBUJOHTXJUDINVTU
CFQSFTFOUPOUIFJOTUBMMBUJPOTJEFXJUIBDPOUBDUHBQPGBUMFBTU
NN5IFGJYFEDPOOFDUJPONVTUPOMZCFJOTUBMMFECZBOFMFDUSJDJBO
$SSOLDQFHGLPHQVLRQV)LJ $
6DIHW\FOHDUDQFHV)LJ %
3UHSDULQJIRULQVWDOODWLRQ
&DXWLRQ
&OTVSFUIBUUIFSFBSFOPFMFDUSJDXJSFTHBTPSXBUFSQJQFTJOUIF
BSFBXIFSFIPMFTBSFUPCFNBEF
 .BSL B WFSUJDBM DFOUSF MJOF PO UIF XBMM GSPN UIF DFJMJOH UP UIF MPXFS
FEHFPGUIFFYUSBDUPSIPPE
 .BSLUIFQPTJUJPOTGPSUIFTDSFXTBOEUIFDPOUPVSPGUIF
BUUBDINFOUBSFB
 %SJMMGJWFNNIPMFTUPBEFQUIPGNNGPSUIFBUUBDINFOUT
BOEQSFTTJOUIFXBMMQMVHTGMVTIXJUIUIFXBMM
,QVWDOOLQJWKHDSSOLDQFH
)LWWLQJWKHZDOOEUDFNHW
 4DSFXPOUIFGJYJOHCSBDLFUGPSUIFGMVFEVDU )LJ
 4DSFXPOUIFCSBDLFUTGPSUIFFYUSBDUPSIPPEIBOEUJHIU
NBY 1P )LJD
 4DSFX JO UIF UISFBEFE CPMU MFBWJOH JU QSPUSVEJOH PVU PG UIF XBMM CZ
²PP )LJE
$WWDFKLQJDQGDOLJQLQJWKHDSSOLDQFH
: 5LVNRILQMXU\
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT8FBS
QSPUFDUJWFHMPWFT
 'JSTUSFNPWFUIFQSPUFDUJWFGPJMGSPNUIFCBDLPGUIFBQQMJBODF
BOEGPMMPXJOHJOTUBMMBUJPOSFNPWFUIFGPJMDPNQMFUFMZ
 8IFO BUUBDIJOH UIF BQQMJBODF FOTVSF UIBU JU FOHBHFT GJSNMZ XJUI
UIFCSBDLFUT )LJD
 "MJHOUIFBQQMJBODFIPSJ[POUBMMZCZUVSOJOHUIFCSBDLFUT*G
SFRVJSFENPWFUIFBQQMJBODFUPUIFSJHIUPSUPUIFMFGU )LJE
6HFXULQJWKHVDIHW\VFUHZV
 3FNPWFUIFNFUBMHSFBTFGJMUFS
 .BSLUIFIPMFTGPSUIFTBGFUZTDSFXT )LJ
 3FNPWFUIFBQQMJBODF
 #PSFUIFIPMFTGPSUIFTBGFUZTDSFXTBOEQSFTTJOUIFXBMMQMVHT
TPUIBUUIFZGMVTIXJUIUIFXBMM
 .PVOUUIFBQQMJBODF
 4FDVSFUIFTBGFUZTDSFXT
 'JUUIFNFUBMHSFBTFGJMUFS
6HFXULQJWKHDSSOLDQFH
 8JUI UIF BSSPX VQXBSET QSFTT UIF TBGFUZ DBQT POUP UIF CSBDLFUT
VOUJMUIFZFOHBHF )LJD
 4DSFXPOUIFLOVSMFEOVUBOEXBTIFSGJSNMZ )LJ

5HPRYLQJWKHVDIHW\FDSV
*G UIF TBGFUZ DBQT IBWF UP CF SFNPWFE VTF B GMBUIFBE TDSFXESJWFS
)LJ
&RQQHFWLQJWKHDSSOLDQFHWRWKHSRZHUVXSSO\
1RWHV
'PSFYIBVTUBJSPQFSBUJPOBCBDLGMPXGMBQTIPVMECFGJUUFE*GB
CBDLGMPX GMBQ IBT OPU CFFO JODMVEFE XJUI UIF BQQMJBODF JU DBO CF
PCUBJOFEGSPNBTQFDJBMJTUSFUBJMFS
*G UIF FYIBVTU BJS JT DPOWFZFE UISPVHI UIF PVUFS XBMM B UFMFTDPQJD
XBMMCPYTIPVMECFVTFE
&RQQHFWLQJWKHDLUH[WUDFWRU
1RWH *GVTJOHBOBMVNJOJVNQJQFTNPPUIUIFDPOOFDUJPOBSFB
CFGPSFIBOE
([KDXVWDLUSLSHPPUHFRPPHQGHGVL]H
 "UUBDIUIFFYIBVTUBJSQJQFEJSFDUMZUPUIFBJSQJQFDPOOFDUPS
 $POOFDUJUUPUIFBJSFYUSBDUPSPQFOJOH
 4FBMUIFKPJOUTBQQSPQSJBUFMZ
([KDXVWDLUSLSHPP
 "UUBDIUIFSFEVDJOHDPOOFDUPSUPUIFBJSQJQFDPOOFDUPS
 4FDVSFUIFFYIBVTUBJSQJQFUPUIFSFEVDJOHDPOOFDUPS
 $POOFDUJUUPUIFBJSFYUSBDUPSPQFOJOH
 4FBMUIFKPJOUTBQQSPQSJBUFMZ
(VWDEOLVKLQJDFRQQHFWLRQWRWKHPDLQV
 1MVHUIFNBJOTQMVHJOUPUIFFBSUIFETPDLFU
 *GBGJYFEDPOOFDUJPOJTSFRVJSFEGPMMPXUIFJOTUSVDUJPOTJOUIF
&MFDUSJDBMDPOOFDUJPOTFDUJPO
$WWDFKLQJWKHIOXHGXFW
: 5LVNRILQMXU\
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT8FBS
QSPUFDUJWFHMPWFT
 4FQBSBUFUIFGMVFEVDUT
5PEPUIJTSFNPWFUIFBEIFTJWFUBQF
 3FNPWFUIFQSPUFDUJWFGPJMGSPNCPUIGMVFEVDUT
 1VTIPOFGMVFEVDUJOUPUIFPUIFS
1RWHV
5PQSFWFOUTDSBUDIFTMBZQBQFSPWFSUIFFEHFTPGUIFMPXFS
GMVFEVDUUPQSPUFDUUIFTVSGBDF
'PS EVDUFE PQFSBUJPO GJU UIF JOOFS GMVF EVDU XJUI JUT TMPUT GBDJOH
EPXOXBSET
 1MBDFUIFGMVFEVDUTPOUIFBQQMJBODF
 1VTIUIFJOOFSGMVFEVDUVQXBSETBOEBUUBDIJUUPUIFGJYJOH
CSBDLFUTPOUIFMFGUBOESJHIU )LJD
 1SFTTUIFGMVFEVDUEPXOXBSETVOUJMJUFOHBHFT )LJE
 4DSFXUIFGMVFEVDUUPUIFTJEFTPGUIFGJYJOHCSBDLFUVTJOHUXP
TDSFXT )LJF
5HPRYLQJWKHDSSOLDQFH
 -PPTFOUIFGMVFEVDU
 %JTDPOOFDUUIFBQQMJBODFGSPNUIFQPXFSTVQQMZ
 -PPTFOUIFFYIBVTUBJSMJOFT
 3FNPWFUIFTBGFUZDBQT
 -PPTFOUIFNJMMFETDSFX
 3FNPWFUIFBQQMJBODF
es
Û
*OTUSVDDJPOFTEFNPOUBKF
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
-FFSDPOBUFODJ³OMBTTJHVJFOUFTJOTUSVDDJPOFT4PMPBTTFQVFEF
NBOFKBSFMBQBSBUPEFGPSNBDPSSFDUBZTFHVSB$POTFSWBSMBT
JOTUSVDDJPOFTEFVTPZNPOUBKFQBSBVUJMJ[BSMBTN¡TBEFMBOUFP
QBSBQPTJCMFTGVUVSPTDPNQSBEPSFT
4PMBNFOUF VO NPOUBKF QSPGFTJPOBM DPOGPSNF B MBT JOTUSVDDJPOFT EF
NPOUBKF QVFEF HBSBOUJ[BS VO VTP TFHVSP EFM BQBSBUP &M JOTUBMBEPS
FTSFTQPOTBCMFEFMGVODJPOBNJFOUPQFSGFDUPFOFMMVHBSEF
JOTUBMBDJ³O
-BBODIVSBEFMBDBNQBOBFYUSBDUPSBEFCFDPSSFTQPOEFSQPSMP
NFOPTBMBBODIVSBEFMB[POBEFDPDDJ³O
1BSBMBJOTUBMBDJ³OEFCFOPCTFSWBSTFMBTQSFTDSJQDJPOFTU©DOJDBT
W¡MJEBTFODBEBNPNFOUPZMPTSFHMBNFOUPTEFMBTDPNQB±BT
MPDBMFTTVNJOJTUSBEPSBTEFFMFDUSJDJEBEZHBT
1BSBMBEFTWJBDJ³OEFMBTBMJEBEFMBJSFTFIBOEFTFHVJSMBT
EJTQPTJDJPOFTPGJDJBMFTFKOPSNBUJWBTEFFEJGJDBDJ³OEFMQBT
£3HOLJURGHPXHUWH
-PTHBTFTEFDPNCVTUJ³ORVFTFWVFMWFOBBTQJSBSQVFEFO
PDBTJPOBS JOUPYJDBDJPOFT -B TBMJEB EF BJSF OP EFCF USBOTNJUJSTF OJ
BVOBDIJNFOFBEFIVNPTPHBTFTEFFTDBQFFOTFSWJDJPOJBVO
IVFDP RVF TJSWB DPNP WFOUJMBDJ³O EF MPT SFDJOUPT EF JOTUBMBDJ³O EF
FRVJQPTDBMFGBDUPSFT4JMBTBMJEBEFBJSFTFWBBFWBDVBSFOVOB
DIJNFOFBEFIVNPTPHBTFTEFFTDBQFRVFOPFTU¡FOTFSWJDJP
TFS¡OFDFTBSJPDPOUBSQSFWJBNFOUFDPOMBBQSPCBDJ³O
DPSSFTQPOEJFOUFEFMU©DOJDPDPNQFUFOUFEFMB[POB
£3HOLJURPRUWDO
-PTHBTFTEFDPNCVTUJ³ORVFTFWVFMWFOBBTQJSBSQVFEFO
PDBTJPOBSJOUPYJDBDJPOFT
(BSBOUJDFVOBFOUSBEBEFBJSFTVGJDJFOUFTJFMBQBSBUPTFFNQMFB
FONPEPEFGVODJPOBNJFOUPFOTBMJEBEFBJSFBMFYUFSJPSKVOUPDPO
VOFRVJQPDBMFGBDUPSEFQFOEJFOUFEFMBJSFEFMSFDJOUPEF
JOTUBMBDJ³O
-PTFRVJQPTDBMFGBDUPSFTRVFEFQFOEFOEFMBJSFEFMSFDJOUPEF
JOTUBMBDJ³OQFKDBMFGBDUPSFTEFHBTBDFJUFNBEFSBPDBSC³O
DBMFOUBEPSFT EF TBMJEB MJCSF DBMFOUBEPSFT EF BHVB BERVJFSFO BJSF
EFDPNCVTUJ³OEFMSFDJOUPEFJOTUBMBDJ³OZFWBDVBOMPTHBTFTEF
FTDBQFBMFYUFSJPSBUSBW©TEFVOTJTUFNBFYUSBDUPSQFKVOB
DIJNFOFB
&O DPNCJOBDJ³O DPO VOB DBNQBOB FYUSBDUPSB DPOFDUBEB TF FYUSBF
BJSFEFMBDPDJOBZEFMBTIBCJUBDJPOFTQS³YJNBTTJOVOBFOUSBEB
EF BJSF TVGJDJFOUF TF HFOFSB VOB EFQSFTJ³O -PT HBTFT WFOFOPTPT
QSPDFEFOUFT EF MB DIJNFOFB P EFM IVFDP EF WFOUJMBDJ³O TF WVFMWFO
BBTQJSBSFOMBTIBCJUBDJPOFT
1PS UBOUP BTFHVSBSTF EF RVF TJFNQSF IBZB VOB FOUSBEB EF BJSF
TVGJDJFOUF
6OQBTBNVSPTEFFOUSBEBTBMJEBEFBJSFOPFTHBSBOUBQPST
TPMPEFMDVNQMJNJFOUPEFMWBMPSMNJUF
"GJOEFHBSBOUJ[BSVOGVODJPOBNJFOUPTFHVSPMBEFQSFTJ³OFOFM
SFDJOUP EF JOTUBMBDJ³O EF MPT FRVJQPT DBMFGBDUPSFT OP EFCF TVQFSBS
1B  NCBS &TUP TF DPOTJHVF TJ NFEJBOUF BCFSUVSBT RVF OP
TFQVFEFODFSSBSQFKFOQVFSUBTWFOUBOBTFODPNCJOBDJ³O
DPOVOQBTBNVSPTEFFOUSBEBTBMJEBEFBJSFPNFEJBOUFPUSBT
NFEJEBT U©DOJDBT TF QVFEF IBDFS SFDJSDVMBS FM BJSF OFDFTBSJP QBSB
MBDPNCVTUJ³O
1FEJS TJFNQSF BTFTPSBNJFOUP BM U©DOJDP DPNQFUFOUF EF TV SFHJ³O
RVFFTUBS¡FODPOEJDJPOFTEFFWBMVBSUPEPFMTJTUFNBEF
WFOUJMBDJ³OEFTVIPHBSZSFDPNFOEBSMFMBTNFEJEBTBEFDVBEBT
FONBUFSJBEFWFOUJMBDJ³O
4JMBDBNQBOBFYUSBDUPSBTFVUJMJ[BFYDMVTJWBNFOUFFO
GVODJPOBNJFOUPFOSFDJSDVMBDJ³OOPIBZMJNJUBDJPOFTQBSBFM
GVODJPOBNJFOUP
£3HOLJURPRUWDO
-PTHBTFTEFDPNCVTUJ³ORVFTFWVFMWFOBBTQJSBSQVFEFO
PDBTJPOBS JOUPYJDBDJPOFT "M JOTUBMBS VOB WFOUJMBDJ³O DPO VOB QMBDB
EFDPDDJ³ODPODBNQBOBFYUSBDUPSBMBDPOEVDDJ³OFM©DUSJDBEFMB
DBNQBOBEFCFFTUBSQSPWJTUBEFMPTGVTJCMFTBQSPQJBEPT
£3HOLJURGHLQFHQGLR
-PT EFQ³TJUPT EF HSBTB EFM GJMUSP EF HSBTBT QVFEFO QSFOEFSTF )BZ
RVF SFTQFUBS MBT EJTUBODJBT EF TFHVSJEBE QSFTDSJUBT QBSB FWJUBS VOB
DPOEFOTBDJ³OEFMDBMPS4FEFCFOUFOFSFODVFOUBMBT
JOEJDBDJPOFTEFMSFDJQJFOUFEFDPDDJ³O4JTFVUJMJ[BO
DPOKVOUBNFOUF[POBTEFDPDDJ³OEFHBTZFM©DUSJDBTSJHFMB
EJTUBODJBJOEJDBEBN¡THSBOEF
4PMPVOMBEPEFMBQBSBUPEFCFJOTUBMBSTFEJSFDUBNFOUFKVOUPBM
BSNBSJPPQBSFE-BEJTUBODJBSFTQFDUPBMBQBSFEPBMBSNBSJPFO
BMUPEFCFTFSQPSMPNFOPTEFNN

£3HOLJURGHOHVLRQHV
-BTQJF[BTJOUFSOBTEFMBQBSBUPQVFEFOUFOFSCPSEFTBGJMBEPT
6TBSHVBOUFTQSPUFDUPSFT
a1FMJHSPEFMFTJPOFT
4J FM BQBSBUP OP FTU¡ GJKBEP DPSSFDUBNFOUF QVFEF DBFSTF 5PEPT
MPTFMFNFOUPTEFGJKBDJ³OEFCFONPOUBSTFEFCJEBNFOUF
a1FMJHSPEFMFTJPOFT
&MBQBSBUPFTQFTBEP1BSBNPWFSFMBQBSBUPTFOFDFTJUBO
QFSTPOBT6UJMJ[BSºOJDBNFOUFMPTNFEJPTBVYJMJBSFT
BQSPQJBEPT
£3HOLJURGHGHVFDUJDHOpFWULFD
-BTQJF[BTJOUFSOBTEFMBQBSBUPQVFEFOUFOFSCPSEFTBGJMBEPT&M
DBCMF EF DPOFYJ³O QPESB SFTVMUBS EB±BEP /P EPCMBS OJ BQSJTJPOBS
FMDBCMFEFDPOFYJ³OEVSBOUFMBJOTUBMBDJ³O
£3HOLJURGHGHVFDUJDHOpFWULFD
%FCFTFSQPTJCMFEFTFODIVGBSFMBQBSBUPEFMBSFEFM©DUSJDBFO
DVBMRVJFS NPNFOUP &M BQBSBUP TPMP QPES¡ DPOFDUBSTF B VOB UPNB
EFDPSSJFOUFEFJOTUBMBDJ³OSFHMBNFOUBSJBZQSPWJTUBEFUPNBB
UJFSSB4JVOBWF[SFBMJ[BEPFMNPOUBKFEFMBQBSBUPFMFODIVGFOP
FTU¡TVGJDJFOUFNFOUFDFSDBPTFOFDFTJUBVOBDPOFYJ³OGJKBMB
JOTUBMBDJ³OEFCFDPOUBSDPOVOEJTQPTJUJWPEFTFQBSBDJ³O
PNOJQPMBSDPOVOBEJTUBODJBEFDPOUBDUPNOJNBEFNN
&ODPNFOEBSMBFKFDVDJ³OEFMBDPOFYJ³OGJKBFYDMVTJWBNFOUFB
QFSTPOBMFMFDUSPU©DOJDP
£3HOLJURGHDVIL[LD
&MNBUFSJBMEFFNCBMBKFFTQFMJHSPTPQBSBMPTOJ±PT/PEFKBSRVF
MPTOJ±PTKVFHVFODPOFMNBUFSJBMEFFNCBMBKF
&RQVHMRV\DGYHUWHQFLDVJHQHUDOHV
£$WHQFLyQ
%B±PTFOFMBQBSBUP
-BT TVQFSGJDJFT EFM BQBSBUP TPO TFOTJCMFT &WJUBS EB±PT EVSBOUF MB
JOTUBMBDJ³O
)XQFLRQDPLHQWRHQVDOLGDGHDLUHDOH[WHULRU
: £3HOLJURGHPXHUWH
-PTHBTFTEFDPNCVTUJ³ORVFTFWVFMWFOBBTQJSBSQVFEFO
PDBTJPOBS JOUPYJDBDJPOFT -B TBMJEB EF BJSF OP EFCF USBOTNJUJSTF OJ
BVOBDIJNFOFBEFIVNPTPHBTFTEFFTDBQFFOTFSWJDJPOJBVO
IVFDP RVF TJSWB DPNP WFOUJMBDJ³O EF MPT SFDJOUPT EF JOTUBMBDJ³O EF
FRVJQPTDBMFGBDUPSFT4JMBTBMJEBEFBJSFTFWBBFWBDVBSFOVOB
DIJNFOFBEFIVNPTPHBTFTEFFTDBQFRVFOPFTU¡FOTFSWJDJP
TFS¡OFDFTBSJPDPOUBSQSFWJBNFOUFDPOMBBQSPCBDJ³O
DPSSFTQPOEJFOUFEFMU©DOJDPDPNQFUFOUFEFMB[POB
4JMBTBMJEBEFBJSFTFFWBDVBNFEJBOUFMBQBSFEFYUFSJPSTF
EFCFS¡VUJMJ[BSVOQBTBNVSPTUFMFTD³QJDP
&RQGXFWRGHHYDFXDFLyQGHODLUH
1RWD -BHBSBOUBEFMGBCSJDBOUFEFMBQBSBUPOPDVCSFMBT
SFDMBNBDJPOFTRVFTFBUSJCVZBOBMUSBNPEFDPOEVDUPT
&MBQBSBUPBMDBO[BTVQPUFODJB³QUJNBDPOVODPOEVDUPEF
TBMJEBEFBJSFSFDUJMOFPZDPSUPZDPOVOEJ¡NFUSPHSBOEFEF
DPOEVDUPFOMBNFEJEBEFMPQPTJCMF
$PODPOEVDUPTEFTBMJEBEFBJSFMBSHPTZSVHPTPTNVDIPT
DPEPTEFUVCPPEJ¡NFUSPTEFUVCPEFVOUBNB±PJOGFSJPSB
NNOPTFDPOTJHVFMBDBQBDJEBEEFBTQJSBDJ³O³QUJNBZMPT
SVJEPTEFMWFOUJMBEPSTFS¡ONBZPSFT
-PTUVCPTPNBOHVFSBTQBSBFMUFOEJEPEFMDPOEVDUPEFTBMJEB
EFMBJSFEFCFOFTUBSGBCSJDBEPTDPONBUFSJBMJHOGVHP
&RQGXFWRVFLOtQGULFRV
4FSFDPNJFOEBVOEJ¡NFUSPJOUFSJPSEFNNFMEJ¡NFUSP
NOJNPFTEFNNFOUPEPDBTP
&RQGXFWRVSODQRV
-BTFDDJ³OJOUFSJPSEFCFDPSSFTQPOEFSBMEJ¡NFUSPEFMPT
DPOEVDUPTDJMOESJDPT
PPDSUR[FP
PPDSUR[FP
-PTDPOEVDUPTQMBOPTOPEFCFOQSFTFOUBSEFTWPT
QSPOVODJBEPT
4JMPTEJ¡NFUSPTEFDPOEVDUPEJGJFSFOEFMPBOUFSJPSNFOUF
NFODJPOBEPVUJMJ[BSUJSBTPCUVSBEPSBT
&RPSUREDUODSDUHG
-B QBSFE EFCF TFS QMBOB WFSUJDBM Z UFOFS TVGJDJFOUF DBQBDJEBE EF
DBSHB
-BQSPGVOEJEBEEFMPTUBMBESPTEFCFTFSFRVJWBMFOUFBMB
MPOHJUVEEFMPTUPSOJMMPT-PTUBDPTEFCFORVFEBSCJFOTVKFUPT
-PTUPSOJMMPTZUBDPTTVNJOJTUSBEPTTPOBQSPQJBEPTQBSB
NBNQPTUFSBT³MJEB1BSBPUSPUJQPEFDPOTUSVDDJPOFTQFK
QMBDBTEFZFTPIPSNJH³ODFMVMBSMBESJMMPT1PSPUPOTFEFCFS¡O
VUJMJ[BSNFEJPTEFGJKBDJ³OBQSPQJBEPT
&MQFTPN¡YJNPEFMBDBNQBOBFYUSBDUPSBFTEF NJ
&RQH[LyQHOpFWULFD
: £3HOLJURGHGHVFDUJDHOpFWULFD
-BTQJF[BTJOUFSOBTEFMBQBSBUPQVFEFOUFOFSCPSEFTBGJMBEPT&M
DBCMF EF DPOFYJ³O QPESB SFTVMUBS EB±BEP /P EPCMBS OJ BQSJTJPOBS
FMDBCMFEFDPOFYJ³OEVSBOUFMBJOTUBMBDJ³O
-PTEBUPTEFDPOFYJ³OOFDFTBSJPTGJHVSBOFOMBFUJRVFUBEF
DBSBDUFSTUJDBTVCJDBEBFOFMJOUFSJPSEFMBQBSBUPQBSBFMMP
EFTNPOUBSFMGJMUSPEFNFUBMBOUJHSBTB
/RQJLWXGGHOFDEOHGHFRQH[LyQDSUR[P
&TUFBQBSBUPDVNQMFDPOMBTEJTQPTJDJPOFTFONBUFSJBEF
TVQSFTJ³OEFJOUFSGFSFODJBTEFMB$&
: £3HOLJURGHGHVFDUJDHOpFWULFD
%FCFTFSQPTJCMFEFTFODIVGBSFMBQBSBUPEFMBSFEFM©DUSJDBFO
DVBMRVJFS NPNFOUP &M BQBSBUP TPMP QPES¡ DPOFDUBSTF B VOB UPNB
EFDPSSJFOUFEFJOTUBMBDJ³OSFHMBNFOUBSJBZQSPWJTUBEFUPNBB
UJFSSB4JVOBWF[SFBMJ[BEPFMNPOUBKFEFMBQBSBUPFMFODIVGFOP
FTU¡TVGJDJFOUFNFOUFDFSDBPTFOFDFTJUBVOBDPOFYJ³OGJKBMB
JOTUBMBDJ³OEFCFDPOUBSDPOVOEJTQPTJUJWPEFTFQBSBDJ³O
PNOJQPMBSDPOVOBEJTUBODJBEFDPOUBDUPNOJNBEFNN
&ODPNFOEBSMBFKFDVDJ³OEFMBDPOFYJ³OGJKBFYDMVTJWBNFOUFB
QFSTPOBMFMFDUSPU©DOJDP
'LPHQVLRQHVGHODSDUDWR)LJ $
'LVWDQFLDVGHVHJXULGDG)LJ %
3UHSDUDUODLQVWDODFLyQ
£$WHQFLyQ
"TFHVSBSTFEFRVFOPIBZBDBCMFTFM©DUSJDPTPUVCFSBTEFHBTP
BHVBFOFM¡SFBEPOEFTFWBBUBMBESBS
 %JCVKBS FO MB QBSFE VOB MOFB DFOUSBM WFSUJDBM EFTEF FM UFDIP IBTUB
FMCPSEFJOGFSJPSEFMBDBNQBOBFYUSBDUPSB
 %JCVKBS MBT QPTJDJPOFT QBSB MPT UPSOJMMPT Z FM DPOUPSOP EF MB [POB
EFFOHBODIF
 5BMBESBSDJODPPSJGJDJPTDPOVOEJ¡NFUSPEFNNZVOB
QSPGVOEJEBEEFQFSGPSBDJ³OEFNNQBSBMBTGJKBDJPOFTZ
TFHVJEBNFOUFJOUSPEVDJSMPTUBDPTEFUBMNBOFSBRVFRVFEFO
FOSBTBEPTDPOMBQBSFE
0RQWDMHGHODSDUDWR
0RQWDUHOVRSRUWHGHODSDUHG
 "UPSOJMMBSMBFTDVBESBEFTVKFDJ³OQBSBFMSFWFTUJNJFOUPEFMB
DIJNFOFB )LJ
 "UPSOJMMBSNBOVBMNFOUFMBTTVTQFOTJPOFTQBSBMBDBNQBOB
FYUSBDUPSBDPOVON¡YEF 1P )LJD
 "UPSOJMMBS FM QFSOP SPTDBEP EF NBOFSB RVF TPCSFTBMHB  PP EF
MBQBSFE )LJE
&ROJDU\DOLQHDUHODSDUDWR
: £3HOLJURGHOHVLRQHV
-BTQJF[BTJOUFSOBTEFMBQBSBUPQVFEFOUFOFSCPSEFTBGJMBEPT
6TBSHVBOUFTQSPUFDUPSFT
 3FUJSBSMBM¡NJOBQSPUFDUPSBEFMBQBSBUPQSJNFSPFOMBQBSUF
QPTUFSJPSZQPSDPNQMFUPVOBWF[GJOBMJ[BEPFMNPOUBKF
 &OHBODIBS FM BQBSBUP EF NBOFSB RVF RVFEF FODMBWBEP GJKBNFOUF
FOMBTTVTQFOTJPOFT )LJD
 "MJOFBSIPSJ[POUBMNFOUFFMBQBSBUPHJSBOEPQBSBFMMPMBT
TVTQFOTJPOFT(JSBSFMBQBSBUPIBDJBMBEFSFDIBPIBDJBMB
J[RVJFSEBTFHºOTFBOFDFTBSJP )LJE
)LMDFLyQGHORVWRUQLOORVGHUHWHQFLyQ
 %FTNPOUBSFMGJMUSPNFU¡MJDPBOUJHSBTB
 .BSDBSMPTPSJGJDJPTQBSBMPTUPSOJMMPTEFSFUFODJ³O )LJ
 4BDBSFMBQBSBUP
 5BMBESBS MPT PSJGJDJPT QBSB MPT UPSOJMMPT EF SFUFODJ³O F JOTFSUBS MPT
UBDPTQSFTJPO¡OEPMPTQBSBRVFRVFEFOBSBTEFMBQBSFE
 $PMHBSFMBQBSBUP
 'JKBSMPTUPSOJMMPTEFSFUFODJ³O
 .POUBSFMGJMUSPNFU¡MJDPBOUJHSBTB
)LMDFLyQGHODSDUDWR
 1SFTJPOBS MPT UBQPOFT EF TFHVSJEBE DPO MB GMFDIB IBDJB BSSJCB FO
MBTTVTQFOTJPOFTIBTUBRVFRVFEFOFODMBWBEPT )LJD
 "QSFUBSCJFOMBUVFSDBNPMFUFBEBKVOUPDPOMBBSBOEFMB )LJ
5HWLUDGDGHORVWDSRQHVGHVHJXULGDG
4JGVFTFOFDFTBSJPSFUJSBSMPTUBQPOFTEFTFHVSJEBEVUJMJ[BSVO
EFTUPSOJMMBEPSQMBOP )LJ

&RQH[LyQGHODSDUDWR
1RWDV
1BSBFMGVODJPOBNJFOUPDPOBJSFEFTBMJEBEFCFJOTUBMBSTFVO
EJTQPTJUJWPEFSFUFODJ³O4JFMBQBSBUPOPMMFWBJODMVJEPVO
EJTQPTJUJWPEFSFUFODJ³OFTUFQVFEFJOTUBMBSTFFODPNFSDJPT
FTQFDJBMJ[BEPT
4JMBTBMJEBEFBJSFTFFWBDVBNFEJBOUFMBQBSFEFYUFSJPSTF
EFCFS¡VUJMJ[BSVOQBTBNVSPTUFMFTD³QJDP
&RQH[LyQGHODVDOLGDGHDLUH
1RWD 4JTFVUJMJ[BVODPOEVDUPEFBMVNJOJPQVMJSQSFWJBNFOUFMB
[POBEFDPOFYJ³O
&RQGXFWRGHVDOLGDGHDLUHPPWDPDxRUHFRPHQGDGR
 'JKBSFMUVCPEFBJSFEFTBMJEBEJSFDUBNFOUFFOMBUVCVMBEVSBEF
BJSF
 &TUBCMFDFSMBDPOFYJ³ODPOMBBCFSUVSBEFTBMJEBEFBJSF
 0CUVSBSDPOWFOJFOUFNFOUFMPTQVOUPTEFVOJ³O
&RQGXFWRGHVDOLGDGHDLUHPP
 'JKBSMBQJF[BSFEVDUPSBEJSFDUBNFOUFEJSFDUBNFOUFFOMB
UVCVMBEVSBEFBJSF
 -JNQJBSFMDPOEVDUPEFTBMJEBEFBJSFFOMBQJF[BSFEVDUPSB
 &TUBCMFDFSMBDPOFYJ³ODPOMBBCFSUVSBEFTBMJEBEFBJSF
 0CUVSBSDPOWFOJFOUFNFOUFMPTQVOUPTEFVOJ³O
0RQWDMHGHODWRPDGHFRUULHQWH
 *OTFSUBSFMFODIVGFFOMBUPNBEFDPSSJFOUFDPOUPNBBUJFSSB
 &ODBTPEFSFRVFSJSTFVOBDPOFYJ³OGJKBUFOFSFODVFOUBMPT
DPOTFKPTZBEWFSUFODJBTEFMDBQUVMP $POFYJ³OFM©DUSJDB
0RQWDUHOUHYHVWLPLHQWRGHODFDPSDQD
: £3HOLJURGHOHVLRQHV
-BTQJF[BTJOUFSOBTEFMBQBSBUPQVFEFOUFOFSCPSEFTBGJMBEPT
6TBSHVBOUFTQSPUFDUPSFT
 3FUJSBSMPTSFWFTUJNJFOUPTEFMBDIJNFOFB
3FUJSBSQBSBFMMPMBDJOUBBEIFTJWB
 3FUJSBSMBTM¡NJOBTQSPUFDUPSBTVCJDBEBTFOBNCPT
SFWFTUJNJFOUPTEFMBDIJNFOFB
 %FTQMB[BSFOUSFTMPTSFWFTUJNJFOUPTEFMBDIJNFOFB
1RWDV
1BSBFWJUBSBSB±B[PTDPMPDBSQBQFMBNPEPEFQSPUFDDJ³O
TPCSFMPTCPSEFTEFMSFWFTUJNJFOUPFYUFSJPSEFMBDIJNFOFB
&OFMDBTPEFFWBDVBDJ³OEFMBJSFBMFYUFSJPSNPOUBSFM
SFWFTUJNJFOUPJOUFSJPSEFMBDIJNFOFBDPOMBTSBOVSBTIBDJB
BCBKP
 $PMPDBSMPTSFWFTUJNJFOUPTEFMBDIJNFOFBTPCSFFMBQBSBUP
 %FTQMB[BS IBDJB BSSJCB FM SFWFTUJNJFOUP JOUFSJPS EF MB DIJNFOFB Z
FOHBODIBSMPBMBJ[RVJFSEBZBMBEFSFDIBFOMBFTDVBESBEF
TVKFDJ³O )LJD
 &ODMBWBSIBDJBBCBKPFMSFWFTUJNJFOUPEFMBDIJNFOFB )LJE
 "UPSOJMMBSFMSFWFTUJNJFOUPEFMBDIJNFOFBDPOEPTUPSOJMMPTB
BNCPTMBEPTEFMBFTDVBESBEFTVKFDJ³O )LJF
'HVPRQWDMHGHODSDUDWR
 "GMPKBSFMSFWFTUJNJFOUPEFMBDIJNFOFB
 %FTDPOFDUBSFMBQBSBUPEFMBDPSSJFOUF
 "GMPKBSMPTDPOEVDUPTEFBJSFEFTBMJEB
 3FUJSBSMPTUBQPOFTEFTFHVSJEBE
 "GMPKBSFMUPSOJMMPNPMFUFBEP
 4BDBSFMBQBSBUP
fr
Þ
/PUJDFEFNPOUBHF
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
-JSFBUUFOUJWFNFOUDFNBOVFM$FOFTURVBMPSTRVFWPVTQPVSSF[
VUJMJTFS WPUSF BQQBSFJM DPSSFDUFNFOU FU FO UPVUF T©DVSJU© $POTFSWFS
MBOPUJDFEVUJMJTBUJPOFUEFNPOUBHFQPVSVOVTBHFVMU©SJFVSPV
QPVSMFQSPQSJ©UBJSFTVJWBOU
-BT©DVSJU©EFM࣐BQQBSFJMM࣐VTBHFFTUHBSBOUJFT࣐JMB©U©FODBTUS©
DPOGPSN©NFOUMBOPUJDFEFNPOUBHF-FNPOUFVSFTU
SFTQPOTBCMF EV GPODUJPOOFNFOU DPSSFDU TVS MF MJFV MBQQBSFJM FTU
JOTUBMM©
-BMBSHFVSEFMBIPUUFBTQJSBOUFEPJU©RVJWBMPJSDFMMFEFMBUBCMF
EFDVJTTPO
-࣐JOTUBMMBUJPOEPJUBWPJSMJFVFOSFTQFDUBOUMFTQSFTDSJQUJPOT
BDUVFMMFNFOUFOWJHVFVSEBOTMFC¢UJNFOUBJOTJRVFMFT
QSFTDSJQUJPOTQVCMJ©FTQBSMFTDPNQBHOJFTEJTUSJCVUSJDFT
E࣐©MFDUSJDJU©FUEFHB[
-FNPEFE©WBDVBUJPOEFMBJSWJDJ©EFWSBªUSFDPOGPSNFBVY
BSSªU©T NVOJDJQBVY QS©GFDUPSBVY FU BVY QSFTDSJQUJPOT M©HBMFT QBS
FYBVYPSEPOOBODFTQVCMJRVFTBQQMJDBCMFTBVC¢UJNFOU
'DQJHUGHPRUW
*M Z B SJTRVF EJOUPYJDBUJPO QBS S©BTQJSBUJPO EFT HB[ EF DPNCVTUJPO
-࣐BJSTPSUBOUOFEPJUQ©O©USFSOJEBOTVOFDIFNJO©FFOTFSWJDF
EFTUJO©F ©WBDVFS MB GVN©F PV EFT HB[ CS»M©T OJ EBOT VOF HBJOF
TFSWBOUB©SFSMFTMPDBVYP¹TPOUJOTUBMM©TEFTGPZFST
DPNCVTUJPO4JM࣐BJSTPSUBOUDJSDVMFQBSVOFDIFNJO©FOPOFO
TFSWJDFEFTUJO©F©WBDVFSMBGVN©FPVEFTHB[CS»M©TJMGBVESB
WPVTQSPDVSFSM࣐BDDPSEEVSBNPOFVSDPNQ©UFOUEBOTWPUSF
RVBSUJFS
'DQJHUGHPRUW
*MZBSJTRVFEJOUPYJDBUJPOQBSS©BTQJSBUJPOEFTHB[EFDPNCVTUJPO
&ODBTEVUJMJTBUJPOTJNVMUBO©FEFMBQQBSFJMFONPEF©WBDVBUJPO
EFMBJSFUEVOGPZFSDPNCVTUJPOBMJNFOU©FOBJSBNCJBOUWFJMMF[
JNQ©SBUJWFNFOUDFRVFMBQQPSUEBJSTPJUTVGGJTBOU
-FTGPZFSTDPNCVTUJPOBMJNFOU©TFOBJSBNCJBOUQBSFYFNQMF
BQQBSFJMTEFDIBVGGBHFBVHB[BVCPJTBVGJPVMPVBVDIBSCPO
MFTDIBVGGFFBVDIBVGGFFBVBDDVNVMBUFVSTQS©M¨WFOUMBJSEF
DPNCVTUJPOEBOTMBQJ¨DFP¹JMTTPOUJOTUBMM©TFUSFKFUUFOUMFTHB[
EFGVN©FMFYU©SJFVSQBSMFCJBJTEVOTZTU¨NFTQ©DJGJRVF
DIFNJO©FQBSFYFNQMF
-PSTRVF MB IPUUF BTQJSBOUF FTU FO NBSDIF FMMF QS©M¨WF EF MBJS EBOT
MB DVJTJOF FU EBOT MFT QJ¨DFT WPJTJOFT TJ MBQQPSU EBJS GSBJT FTU USPQ
GBJCMF VOF E©QSFTTJPO TF GPSNF %FT HB[ UPYJRVFT QSPWFOBOU EF MB
DIFNJO©FPVEVDPOEVJUE©WBDVBUJPOTPOUS©BTQJS©TEBOTMFT
QJ¨DFTEIBCJUBUJPO
*M GBVU EPOD UPVKPVST TBTTVSFS RVF MBQQPSU EBJS GSBJT FTU TVGGJTBOU
-BQS©TFODFEVOFWFOUPVTFU©MFTDPQJRVFEBQQPSUFU
E©WBDVBUJPOEBJSOFTVGGJUQBTBTTVSFSMFSFTQFDUEFMBWBMFVS
MJNJUF
-FGPODUJPOOFNFOUT»SEFMBQQBSFJMOFTUQPTTJCMFRVFTJMB
E©QSFTTJPOEBOTMBQJ¨DFP¹FTUJOTUBMM©MFGPZFSOFE©QBTTFQBT
1BNCBS0OZQBSWJFOUFOQS©TFODFEPVWFSUVSFTOPO
PCUVSBCMFTBN©OBH©FTQBSFYEBOTMFTQPSUFTGFOªUSFTFUFO
BTTPDJBUJPOBWFDEFTWFOUPVTFTU©MFTDPQJRVFTEBENJTTJPO
©WBDVBUJPOEFMBJSUSBWFSTMBNB§POOFSJFPVQBSEBVUSFT
NFTVSFTUFDIOJRVFTQFSNFUUBOUMBJSEBGGMVFSQPVSBTTVSFSMB
DPNCVTUJPO
%FNBOEF[UPVKPVSTDPOTFJMBVNB®USFSBNPOFVSDPNQ©UFOURVJ
QPVSSB ©WBMVFS MFOTFNCMF EV S©TFBV EF WFOUJMBUJPO EF MB NBJTPO FU
WPVTQSPQPTFSMFNPZFOMFNJFVYBEBQU©QPVSMB©SBUJPO
4J MB IPUUF BTQJSBOUF FTU VUJMJT©F FYDMVTJWFNFOU FO NPEF SFDZDMBHF
MFGPODUJPOOFNFOUFTUQPTTJCMFTBOTSFTUSJDUJPOT
'DQJHUGHPRUW
*M Z B SJTRVF EJOUPYJDBUJPO QBS S©BTQJSBUJPO EFT HB[ EF DPNCVTUJPO
-PSTEFMJOTUBMMBUJPOEVOFWFOUJMBUJPOBWFDVOGPZFSSFMJ©VOF
DIFNJO©F MBMJNFOUBUJPO ©MFDUSJRVF EF MB IPUUF EPJU ªUSF NVOJF EVO
DJSDVJUEFT©DVSJU©BQQSPQSJ©
5LVTXHGLQFHQGLH
-FT E©Q´UT EF HSBJTTF EBOT MF GJMUSF HSBJTTF QFVWFOU TFOGMBNNFS
-FTEJTUBODFTEFT©DVSJU©JOEJRV©FTEPJWFOUªUSFSFTQFDU©FTBGJO
E©WJUFSVOFBDDVNVMBUJPOEFDIBMFVS7FVJMMF[SFTQFDUFSMFT
JOEJDBUJPOTSFMBUJWFTWPUSFBQQBSFJMEFDVJTTPO4JWPUSFUBCMFEF
DVJTTPODPNCJOFEFTGPZFSTHB[FU©MFDUSJRVFM©DBSUNBYJNBM
T࣐BQQMJRVF
*MFTUQFSNJTEFNPOUFSMBQQBSFJMBWFDVOTFVMDPU©EJSFDUFNFOU
D´U©EVONFVCMFIBVUPVQS¨TEVONVSIBVU-BEJTUBODFWFSTMB
QBSPJPVMFNFVCMFIBVUEPJUªUSFEBVNPJOTNN

5LVTXHGHEOHVVXUH
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFT
BSªUFTWJWFT1PSUFSEFTHBOUTEFQSPUFDUJPO
3JTRVFEFCMFTTVSF
4J MBQQBSFJM OFTU QBT DPSSFDUFNFOU GJY© JM QFVU UPNCFS 5PVT MFT
©M©NFOUT EF GJYBUJPO EPJWFOU ªUSF NPOU©T TPMJEFNFOU FU EF GB§PO
T»SF
3JTRVFEFCMFTTVSF
-BQQBSFJMFTUMPVSE QFSTPOOFTTPOUO©DFTTBJSFTQPVS
E©QMBDFSMBQQBSFJM6UJMJTFSFYDMVTJWFNFOUEFTNPZFOT
BQQSPQSJ©T
5LVTXHGHFKRFpOHFWULTXH
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT*MZBSJTRVFEFOEPNNBHFNFOUEVD¢CMFEBMJNFOUBUJPO
1FOEBOUM࣐JOTUBMMBUJPOWFJMMFSOFQBTQMJFSOJDPJODFSMFD¢CMF
E࣐BMJNFOUBUJPO
5LVTXHG·pOHFWURFXWLRQ
" UPVU NPNFOU JM EPJU ªUSF QPTTJCMF EF T©QBSFS MBQQBSFJM EV S©TFBV
©MFDUSJRVF-BQQBSFJMEPJUªUSFSBDDPSE©JNQ©SBUJWFNFOUVOF
QSJTF EF DPVSBOU EF T©DVSJU© JOTUBMM©F EF NBOJ¨SF S©HMFNFOUBJSF 4J
MBQSJTFOFTUQMVTBDDFTTJCMFBQS¨TNPOUBHFPVTJVO
SBDDPSEFNFOU FO GJYF FTU JOEJTQFOTBCMF JM GBVU QS©WPJS D´U© TFDUFVS
VOEJTQPTJUJGEFDPVQVSFPNOJQPMBJSFBWFDVO©DBSUFNFOUEFT
DPOUBDUTEBVNPJOTNN-FSBDDPSEFNFOUFTUFYDMVTJWFNFOU
S©TFSW©VO©MFDUSJDJFORVBMJGJ©
5LVTXHGDVSK\[LH
-FNBU©SJFMEFNCBMMBHFFTUEBOHFSFVYQPVSMFTFOGBOUT/F
QFSNFUUF[KBNBJTBVYFOGBOUTEFKPVFSBWFDMFTNBU©SJBVY
E࣐FNCBMMBHF
&RQVLJQHVJpQpUDOHV
$WWHQWLRQ
%PNNBHFEFMBQQBSFJM
-FT TVSGBDFT EF M࣐BQQBSFJM TF QFVWFOU GBDJMFNFOU TF SBZFS -PST EF
M࣐JOTUBMMBUJPO©WJUF[EFMFTFOEPNNBHFS
0RGHeYDFXDWLRQGHO·DLU
: 'DQJHUGHPRUW
*M Z B SJTRVF EJOUPYJDBUJPO QBS S©BTQJSBUJPO EFT HB[ EF DPNCVTUJPO
-࣐BJSTPSUBOUOFEPJUQ©O©USFSOJEBOTVOFDIFNJO©FFOTFSWJDF
EFTUJO©F ©WBDVFS MB GVN©F PV EFT HB[ CS»M©T OJ EBOT VOF HBJOF
TFSWBOUB©SFSMFTMPDBVYP¹TPOUJOTUBMM©TEFTGPZFST
DPNCVTUJPO4JM࣐BJSTPSUBOUDJSDVMFQBSVOFDIFNJO©FOPOFO
TFSWJDFEFTUJO©F©WBDVFSMBGVN©FPVEFTHB[CS»M©TJMGBVESB
WPVTQSPDVSFSM࣐BDDPSEEVSBNPOFVSDPNQ©UFOUEBOTWPUSF
RVBSUJFS
4JM࣐BJSTPSUBOUUSBWFSTFMBQBSPJFYU©SJFVSFJMGBVESBJUVUJMJTFSVOF
WFOUPVTFU©MFTDPQJRVF
&RQGXLWGpYDFXDWLRQ
5HPDUTXH -FGBCSJDBOUEFMBQQBSFJMOBTTVNFBVDVOFHBSBOUJF
QPVSMFTQSPCM¨NFTEFGPODUJPOOFNFOUMJ©TMBUVZBVUFSJF
-BQQBSFJMBUUFJOUVOSFOEFNFOUEBVUBOUNFJMMFVSRVFMFUVZBV
E©WBDVBUJPOFTUDPVSUFUESPJUFURVFTPOEJBN¨USFFTUHSBOE
4JMFTUVZBVYE©WBDVBUJPOTPOUMPOHTQS©TFOUFOUEFOPNCSFVY
DPVEFTPVPOUVOEJBN¨USFJOG©SJFVSNNMBQVJTTBODF
NBYJNBMF EBTQJSBUJPO OF TFSB QBT BUUFJOUF FU MB©SBUFVS GFSB QMVT
EFCSVJU
-FTUVZBVYSJHJEFTPVTPVQMFTDPOTUJUVBOUMFDPOEVJU
E©WBDVBUJPOEPJWFOUªUSFGBCSJRV©TEBOTVONBU©SJBVOPO
JOGMBNNBCMF
7X\DX[URQGV
/PVT SFDPNNBOEPOT VO EJBN¨USF JOU©SJFVS EF  NN NBJT EBV
NPJOTNN
*DLQHVSODWHV
-BTFDUJPOJOU©SJFVSFEPJUDPSSFTQPOESFBVEJBN¨USFEFTUVZBVY
SPOET
PPHQYFP
PPHQYFP
-FT HBJOFT QMBUFT OF EPJWFOU QBT QS©TFOUFS EF E©WPJFNFOUT USPQ
JNQPSUBOUT
4J EFT UVZBVY EF QMVTJFVST EJBN¨USFT TPOU VUJMJT©T JM GBVU QS©WPJS
EFTCBOEFTE©UBODI©JU©
9pULILHUOHPXU
-FNVSEPJUªUSFQMBUWFSUJDBMFUPGGSJSVOFQPSUBODFTVGGJTBOUF
-BQSPGPOEFVSEFTUSPVTQFSD©TEPJUªUSFBEBQU©FMBMPOHVFVS
EFTWJT-FTDIFWJMMFTEPJWFOUPGGSJSVOFSFUFOVFT»SF
-FTWJTFUDIFWJMMFTDJKPJOUFTDPOWJFOOFOUQPVSMBNB§POOFSJF
NBTTJWF &O QS©TFODF E࣐BVUSFT NBU©SJBVY EF DPOTUSVDUJPO Q FY
MBQMBRVFEFQM¢USFMFC©UPODFMMVMBJSFMFTCSJRVFT1PSPUPOJM
GBVUVUJMJTFSEFTNPZFOTEFGJYBUJPODPSSFTQPOEBOUT
-BIPUUFBTQJSBOUFQ¨TF NJNBY
%UDQFKHPHQWpOHFWULTXH
: 5LVTXHGHFKRFpOHFWULTXH
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT*MZBSJTRVFEFOEPNNBHFNFOUEVD¢CMFEBMJNFOUBUJPO
1FOEBOUM࣐JOTUBMMBUJPOWFJMMFSOFQBTQMJFSOJDPJODFSMFD¢CMF
E࣐BMJNFOUBUJPO
-FTEPOO©FTEFSBDDPSEFNFOUO©DFTTBJSFTTFUSPVWFOUTVSMB
QMBRVFTJHOBM©UJRVFEBOTMFDPNQBSUJNFOUJOU©SJFVSEFM࣐BQQBSFJM
QPVSDFGBJSFSFUJSF[MFGJMUSFN©UBMMJRVFHSBJTTF
/RQJXHXUGXFkEOHGHEUDQFKHPHQWHQYP
$FUBQQBSFJMFTUDPOGPSNFBVYEJTQPTJUJPOT$&S©HJTTBOU
M࣐BOUJQBSBTJUBHF
: 5LVTXHG·pOHFWURFXWLRQ
" UPVU NPNFOU JM EPJU ªUSF QPTTJCMF EF T©QBSFS MBQQBSFJM EV S©TFBV
©MFDUSJRVF-BQQBSFJMEPJUªUSFSBDDPSE©JNQ©SBUJWFNFOUVOF
QSJTF EF DPVSBOU EF T©DVSJU© JOTUBMM©F EF NBOJ¨SF S©HMFNFOUBJSF 4J
MBQSJTFOFTUQMVTBDDFTTJCMFBQS¨TNPOUBHFPVTJVO
SBDDPSEFNFOU FO GJYF FTU JOEJTQFOTBCMF JM GBVU QS©WPJS D´U© TFDUFVS
VOEJTQPTJUJGEFDPVQVSFPNOJQPMBJSFBWFDVO©DBSUFNFOUEFT
DPOUBDUTEBVNPJOTNN-FSBDDPSEFNFOUFTUFYDMVTJWFNFOU
S©TFSW©VO©MFDUSJDJFORVBMJGJ©
'LPHQVLRQVGHODSSDUHLO)LJ $
'LVWDQFHVGHVpFXULWp)LJ%
3UpSDUHUO·LQVWDOODWLRQ
$WWHQWLRQ
7FJMMF[ DF RVJM OZ BJU QBT EF DPOEVJUFT ©MFDUSJRVFT EF UVZBVY EF
HB[PVEFBVBVOJWFBVEFTQFS§BHFT
 %VQMBGPOEBVCPSEJOG©SJFVSEFMBIPUUFBTQJSBOUFUSBDFSVOF
MJHOFN©EJBOFWFSUJDBMFTVSMFNVS
 .BSRVFSMFTFNQMBDFNFOUTEFTWJTFUMFDPOUPVSEFMB[POF
E࣐BDDSPDIBHF
 1PVS MFT GJYBUJPOT QFSDFS DJOR USPVT EF NN EF FU QSPGPOET EF
NNQVJTFOGPODFSMFTDIFWJMMFTKVTRV࣐GMFVSEVNVS
0RQWHUODSSDUHLO
0RQWDJHGHODIL[DWLRQPXUDOH
 7JTTFSMBDPSOJ¨SFBGGFDU©FBVDBQPUEFDIFNJO©F )LJ
 7JTTFSMFTQJ¨DFTEBDDSPDIBHFEFMBIPUUFBTQJSBOUFMBNBJO
TFVMFNFOUVODPVQMFEF 1PNBY )LJD
 7JTTFS MF CPVMPO GJMFU© EF TPSUF RV࣐JM E©QBTTF FODPSF EF PP
EVNVS )LJE
$FFURFKHUHWDOLJQHUO·DSSDUHLO
: 5LVTXHGHEOHVVXUH
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT1PSUFSEFTHBOUTEFQSPUFDUJPO
 3FUJSFSMBQFMMJDVMFQSPUFDUSJDFE࣐BCPSEEVEPTEFMBQQBSFJMQVJT
JOU©HSBMFNFOUVOFGPJTMFNPOUBHFBDIFW©
 "DDSPDIFS M࣐BQQBSFJM EF TPSUF RV࣐JM TFODSBOUF GFSNFNFOU EBOT MFT
QJ¨DFTE࣐BDDSPDIBHF )LJD
 "MJHOFSMBQQBSFJMIPSJ[POUBMFNFOUFOUPVSOBOUMFTQJ¨DFT
EBDDSPDIBHF4JO©DFTTBJSFE©QMBDFSMBQQBSFJMWFSTMBHBVDIF
PVMBESPJUF )LJE
)L[HUOHVYLVGHVpFXULVDWLRQ
 3FUJSFSMFGJMUSFN©UBMMJRVFHSBJTTF
 .BSRVFSMFTUSPVTQPVSMFTWJTEFT©DVSJTBUJPO )LJ
 &OMFWFSMBQQBSFJM
 1FSDFSMFTUSPVTQPVSMFTWJTEFT©DVSJTBUJPOFUFOGPODFSMFT
DIFWJMMFTKVTRV࣐BVSBTEVNVS
 "DDSPDIFSMBQQBSFJM
 'JYFSMFTWJTEFT©DVSJTBUJPO
 .FUUSFFOQMBDFMFGJMUSFN©UBMMJRVFHSBJTTF
)L[HUO·DSSDUHLO
 4VSMFTNPZFOTE࣐BDDSPDIBHFFOGPODFSMFTDBQVDIPOTEF
T©DVSJTBUJPOKVTRV࣐DFRV࣐JMTTFODMJRVFUUFOUFUFOWFJMMBOUDF
RVFMBGM¨DIFQPJOUFWFSTMFIBVU )LJD
 7JTTFSM©DSPVNPMFU©BWFDMBSPOEFMMF )LJ
(QOHYHUOHVFDSXFKRQVGHVpFXULVDWLRQ
4࣐JMGBVUFOMFWFSMFTDBQVDIPOTEFT©DVSJTBUJPOVUJMJTFSVO
UPVSOFWJTQBOFQMBUF )LJ

5DFFRUGHPHQWGHODSSDUHLO
5HPDUTXHV
&ONPEFWBDVBUJPOEFMBJSVODMBQFUBOUJSFUPVSEPJUªUSF
JOTUBMM©4JVODMBQFUBOUJSFUPVSOFTUQBTKPJOUMBQQBSFJMJMFTU
FOWFOUFEBOTMFDPNNFSDFTQ©DJBMJT©
4JM࣐BJSTPSUBOUUSBWFSTFMBQBSPJFYU©SJFVSFJMGBVESBJUVUJMJTFSVOF
WFOUPVTFU©MFTDPQJRVF
5pDOLVHUOHUDFFRUGHPHQWGHOpYDFXDWLRQGHODLU
5HPDUTXH 4JWPVTVUJMJTF[VODPOEVJUFOBMVNJOJVNMJTTF[
QS©BMBCMFNFOUMB[POFEFSBDDPSEFNFOU
&RQGXLWG·pYDFXDWLRQPPGLDPqWUHUHFRPPDQGp
&RQGXLWG·pYDFXDWLRQPPGLDPqWUHUHFRPPDQGp
 'JYFSMFDPOEVJUE©WBDVBUJPOEJSFDUFNFOUTVSMFNBODIPO
E࣐©WBDVBUJPO
 3©BMJTFSMBKPODUJPOWFSTMPSJGJDFE©WBDVBUJPOEBJS
 UBODIFSMFT[POFTEFKPODUJPOEFGB§POBQQSPQSJ©F
&RQGXLWG·pYDFXDWLRQPP
&RQGXLWG·pYDFXDWLRQPP
 'JYFSMFNBODIPOS©EVDUFVSDPOUSFMFNBODIPOE࣐©WBDVBUJPO
 'JYFSMFDPOEVJUE࣐©WBDVBUJPODPOUSFMFNBODIPOS©EVDUFVS
 3©BMJTFSMBKPODUJPOWFSTMPSJGJDFE©WBDVBUJPOEBJS
 UBODIFSMFT[POFTEFKPODUJPOEFGB§POBQQSPQSJ©F
5pDOLVHUOHUDFFRUGHPHQWpOHFWULTXH
 #SBODIF[MBGJDIFTFDUFVSTVSMBQSJTFBWFDUFSSF
 4J VO SBDDPSEFNFOU GJYF FTU O©DFTTBJSF SFTQFDUF[ MFT DPOTJHOFT
EBOTMFDIBQJUSF 3BDDPSEFNFOU©MFDUSJRVF
0RQWHUOHFDSRWGHFKHPLQpH
: 5LVTXHGHEOHVVXUH
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT1PSUFSEFTHBOUTEFQSPUFDUJPO
 4©QBSFSMFTDBQPUTEFDIFNJO©F
1PVSDFGBJSFSFUJSFSMFSVCBOBEI©TJG
 3FUJSFSMFTQFMMJDVMFTQSPUFDUSJDFTSFDPVWSBOUMFTEFVYDBQPUTEF
DIFNJO©F
 'BJSFDPVMJTTFSMFTDBQPUTEFDIFNJO©FM࣐VOEBOTM࣐BVUSF
5HPDUTXHV
1PVS©WJUFSMFTSBZVSFTQPTFSEVQBQJFSUJUSFEFQSPUFDUJPO
TVSMFTCPSETEVDBQPUFYU©SJFVS
&ODBTEFGPODUJPOOFNFOUFONPEFWBDVBUJPOEFMBJS
NPOUFSMFDBQPUEFDIFNJO©FJOU©SJFVSMFTGFOUFTPSJFOU©FT
WFSTMFCBT
 1PTFSMFTDBQPUTEFDIFNJO©FTVSM࣐BQQBSFJM
 1PVTTFS MF DBQPU EF DIFNJO©F JOU©SJFVS WFST MF IBVU FU MBDDSPDIFS
TVSMFTD´U©THBVDIFFUESPJUDPOUSFMBDPSOJ¨SFEFSFUFOVF
)LJD
 &ODMFODIFSMFDBQPUEFDIFNJO©FWFSTMFCBT )LJE
 "M࣐BJEFEFEFVYWJTWJTTFSMFDBQPUEFDIFNJO©FMBU©SBMFNFOU
DPOUSFMBDPSOJ¨SFEFSFUFOVF )LJF
'pPRQWHUODSSDUHLO
 %©UBDIFSMFDBQPUEFDIFNJO©F
 .FUUSFMBQQBSFJMIPSTUFOTJPO
 %©UBDIFSMFTDPOEVJUTE©WBDVBUJPO
 &OMFWFSMFTDBQVDIPOTEFT©DVSJTBUJPO
 %©WJTTFSMBWJTNPMFU©F
 &OMFWFSMBQQBSFJM
it
â
*TUSV[JPOJQFSJMNPOUBHHJP
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
-FHHFSFBUUFOUBNFOUFMFQSFTFOUJJTUSV[JPOJQFSMVTP4PMPDPT¬¨
QPTTJCJMFVUJMJ[[BSFMBQQBSFDDIJPJONPEPTJDVSPFDPSSFUUP
$VTUPEJSFDPOMBNBTTJNBDVSBMFQSFTFOUJJTUSV[JPOJQFSMVTPFJM
NPOUBHHJPJODBTPEJVOVUJMJ[[PGVUVSPPDFTTJPOFBUFS[J
-BTJDVSF[[BEJVUJMJ[[P¨HBSBOUJUBTPMPJODBTPEJJOTUBMMB[JPOF
TFDPOEPMFSFHPMFEJCVPOBUFDOJDBSJQPSUBUFOFMMFJTUSV[JPOJEJ
NPOUBHHJP-JOTUBMMBUPSF¨SFTQPOTBCJMFEFMDPSSFUUP
GVO[JPOBNFOUPOFMMVPHPEJJOTUBMMB[JPOF
-BMBSHIF[[BEFMMBDBQQBEJBTQJSB[JPOFEFWFDPSSJTQPOEFSF
BMNFOPBMMBMBSHIF[[BEFJQVOUJEJDPUUVSB
1FS M࣐JOTUBMMB[JPOF ¨ OFDFTTBSJP SJTQFUUBSF MF EJTQPTJ[JPOJ JO NBUFSJB
EJFEJMJ[JBBUUVBMNFOUFJOWJHPSFFMFOPSNFEFMGPSOJUPSFMPDBMFEJ
FMFUUSJDJUFHBT
1FS RVBOUP DPODFSOF MB DPOEV[JPOF EFMMBSJB FTBVTUB ¨ OFDFTTBSJP
SJTQFUUBSFMFOPSNBUJWFEJMFHHFVGGJDJBMJBEFTOPSNBUJWF
VSCBOJTUJDIFQSPWJODJBMJ
3HULFRORGLPRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
-࣐BSJB FTBVTUB OPO EFWF FTTFSF JNNFTTB JO VO DBNJOP QFS JM GVNP
P QFS J HBT EJ TDBSJDP GVO[JPOBOUF JO VO QP[[P EJ BFSB[JPOF EFJ
MPDBMJEJJOTUBMMB[JPOFEJGPDPMBSJ/FMDBTPJODVJM࣐BSJBFTBVTUB
EFCCBFTTFSFJNNFTTBJOVODBNJOPQFSGVNPPHBTEJTDBSJDP
OPOJOGVO[JPOF¨OFDFTTBSJPPUUFOFSFM࣐BVUPSJ[[B[JPOFEJVO
UFDOJDPTQFDJBMJ[[BUP
3HULFRORGLPRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
OFDFTTBSJPBTTJDVSBSFTFNQSFVOBMJNFOUB[JPOFEJBSJB
TVGGJDJFOUFRVBOEPMBQQBSFDDIJPJONPEBMJUBTQJSB[JPOFWJFOF
VUJMJ[[BUPDPOUFNQPSBOFBNFOUFBVOGPDPMBSFEJQFOEFOUFEBMMBSJB
BNCJFOUF
*GPDPMBSJDIFEJQFOEPOPEBMMBSJBBNCJFOUFQFSFTBHBTPMJP
MFHOBPDBSCPOFTDBMEBCBHOPDBMEBJFFMFUUSJDIFSJDBWBOPMBSJB
QFSMBDPNCVTUJPOFEBMMBTUBO[BFEFMJNJOBOPJHBTEJTDBSJDP
BMMFTUFSOPBUUSBWFSTPVOJNQJBOUPQFSFTDBNJOP
*ODPODPNJUBO[BEFMMBDBQQBBDDFTBEBMMBDVDJOBFEBMMFTUBO[F
BEJBDFOUJWJFOFTPUUSBUUBEFMMBSJBTFO[BVOBMJNFOUB[JPOF
TVGGJDJFOUF EJ BSJB TJ DSFB EFQSFTTJPOF * HBT WFMFOPTJ EBM DBNJOP P
EBMMBDBQQBEJBTQJSB[JPOFWFOHPOPSJBTQJSBUJOFMMFTUBO[F
"TTJDVSBSFTFNQSFVOBMJNFOUB[JPOFEJBSJBTVGGJDJFOUF
6OBQFSUVSBOFMNVSPQFSBMJNFOUB[JPOFTDBSJDPBSJBOPO
HBSBOUJTDFJMSJTQFUUPEFMWBMPSFMJNJUF
6O FTFSDJ[JP TJDVSP ¨ QPTTJCJMF TPMP TF MB EFQSFTTJPOF OFMMB TUBO[B
JO DVJ ¨ JOTUBMMBUP JM GPDPMBSF OPO TVQFSB J 1B  NCBS 2VFTUP
¨HBSBOUJUPTFMBSJBOFDFTTBSJBBMMBDPNCVTUJPOFQV²BGGMVJSFOFMMB
TUBO[BBUUSBWFSTPBQFSUVSFOPOGJTTFQFSFTQPSUFGJOFTUSFJO
DPNCJOB[JPOFDPOVODBOBMFEJBEEV[JPOFTDBSJDPBSJBPBMUSF
NJTVSFUFDOJDIF
$POTVMUBUFJOPHOJDBTPMPTQB[[BDBNJOPSFTQPOTBCJMFDIF¨JO
HSBEPEJHJVEJDBSFMBWFOUJMB[JPOFDPNQMFTTJWBJODBTBFQSPQPSSF
NJTVSFBEFHVBUF
4FMBDBQQB¨VTBUBTPMPOFMMBNPEBMJUBSJDJSDPMPEBSJBJMTVP
FTFSDJ[JP¨QPTTJCJMFTFO[BMJNJUB[JPOJ
3HULFRORGLPRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
*ODBTPEJJOTUBMMB[JPOFEJVOTJTUFNBEJBTQJSB[JPOF
DPOUFNQPSBOFBNFOUFBVOGPDPMBSFDPMMFHBUPBMDBNJOP
MBMJNFOUB[JPOFEFMMBDBQQBEFWFFTTFSFQSPWWJTUBEJVOBEFHVBUP
DPNBOEPEJTJDVSF[[B
3HULFRORGLLQFHQGLR
*EFQPTJUJEJHSBTTPQSFTFOUJOFMGJMUSPQFSHSBTTJQPTTPOP
JODFOEJBSTJ-FEJTUBO[FEJTJDVSF[[BQSFTDSJUUFEFWPOPFTTFSF
NBOUFOVUFQFSFWJUBSFVOBDDVNVMPEJDBMPSF"UUFOFSTJBMMF
JOEJDB[JPOJ SFMBUJWF BM QSPQSJP QJBOP EJ DPUUVSB 4F WFOHPOP JOTUBMMBUJ
QVOUJ EJ DPUUVSB B HBT FE FMFUUSJDJ JOTJFNF ¨ OFDFTTBSJP SJTQFUUBSF MB
EJTUBO[BNBTTJNBJOEJDBUB
-࣐BQQBSFDDIJP EFWF FTTFSF JOTUBMMBUP TPMP TV VO MBUP EJSFUUBNFOUF B
GJBODPEJVOBSNBEJPBMUPPVOBQBSFUF-BEJTUBO[BEBMMBQBSFUFP
EBVOBSNBEJPBMUPEFWFFTTFSFEJBMNFOPNN
3HULFRORGLOHVLRQL
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
1FSJDPMPEJMFTJPOJ
4FMBQQBSFDDIJPOPOWJFOFGJTTBUPDPSSFUUBNFOUFQV²DBEFSF
5VUUJHMJFMFNFOUJEJGJTTBHHJPEFWPOPFTTFSFNPOUBUJJONPEP
TBMEPFTJDVSP
1FSJDPMPEJMFTJPOJ
-BQQBSFDDIJP¨QFTBOUF1FSTQPTUBSMPPDDPSSPOP QFSTPOF
6UJMJ[[BSFFTDMVTJWBNFOUFBVTJMJBEFHVBUJ

3HULFRORGLVFRVVDHOHWWULFD
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ1PUSFCCFWFOJSFEBOOFHHJBUPJMDBWPEJDPMMFHBNFOUP
%VSBOUFM࣐JOTUBMMB[JPOFGBSFBUUFO[JPOFBOPOQJFHBSFPTFSSBSFJM
DBWPEJDPMMFHBNFOUP
3HULFRORGLVFDULFDHOHWWULFD
%FWFFTTFSFQPTTJCJMFJORVBMTJBTJNPNFOUPTFQBSBSF
MBQQBSFDDIJPEBMMBSFUFFMFUUSJDB-BQQBSFDDIJPQV²FTTFSF
DPMMFHBUPTPMBNFOUFBVOBQSFTBDPONFTTBBUFSSBJOTUBMMBUB
TFDPOEPMFJTUSV[JPOJ4FJOTFHVJUPBMNPOUBHHJPMBTQJOBOPO
SJTVMUBQJ¹BDDFTTJCJMFPJODBTPEJBMMBDDJBNFOUPGJTTPPDDPSSF
QSFEJTQPSSFBMNPNFOUPEFMMJOTUBMMB[JPOFVOEJTQPTJUJWPEJ
TFQBSB[JPOFVOJWFSTBMFDPOVOBEJTUBO[BEJDPOUBUUPEJBMNFOP
NN-࣐BMMBDDJBNFOUPGJTTPEFWFFTTFSFFTFHVJUPFTDMVTJWBNFOUF
EBVOUFDOJDPTQFDJBMJ[[BUP
3HULFRORGLVRIIRFDPHQWR
*MNBUFSJBMFEJNCBMMBHHJP¨QFSJDPMPTPQFSJCBNCJOJ/POMBTDJBSF
NBJDIFJCBNCJOJHJPDIJOPDPOJMNBUFSJBMFEJJNCBMMBHHJP
,QGLFD]LRQLJHQHUDOL
$WWHQ]LRQH
%BOOJBMMBQQBSFDDIJP
-FTVQFSGJDJEFMM࣐BQQBSFDDIJPTPOPEFMJDBUF&WJUBSFEBOOJEVSBOUF
MJOTUBMMB[JPOF
0RGDOLWjDVSLUD]LRQH
: 3HULFRORGLPRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
-࣐BSJB FTBVTUB OPO EFWF FTTFSF JNNFTTB JO VO DBNJOP QFS JM GVNP
P QFS J HBT EJ TDBSJDP GVO[JPOBOUF JO VO QP[[P EJ BFSB[JPOF EFJ
MPDBMJEJJOTUBMMB[JPOFEJGPDPMBSJ/FMDBTPJODVJM࣐BSJBFTBVTUB
EFCCBFTTFSFJNNFTTBJOVODBNJOPQFSGVNPPHBTEJTDBSJDP
OPOJOGVO[JPOF¨OFDFTTBSJPPUUFOFSFM࣐BVUPSJ[[B[JPOFEJVO
UFDOJDPTQFDJBMJ[[BUP
4FM࣐BSJBFTBVTUBWJFOFDPOEPUUBBUUSBWFSTPMBQBSFUFFTUFSOB¨
OFDFTTBSJPVUJMJ[[BSFVOBDBTTFUUBNVSBMFUFMFTDPQJDB
6FDULFRGHOODULD
$YYHUWHQ]D *MQSPEVUUPSFEFMMBQQBSFDDIJPOPOTJBTTVNFBMDVOB
SFTQPOTBCJMJUQFSMFDPOUFTUB[JPOJSFMBUJWFBMDPOEPUUP
-BQQBSFDDIJP SBHHJVOHF MB NBTTJNB QSFTUB[JPOF DPO VO UVCP EJ
TDBSJDPDPSUPFESJUUPDIFIBVOEJBNFUSPQPTTJCJMNFOUFHSBOEF
*OQSFTFO[BEJUVCJEFTQVMTJPOFBSJBMVOHIJNPMUFDVSWFPDPO
VOEJBNFUSPJOGFSJPSFBNNOPOTJSBHHJVOHFMBQSFTUB[JPOF
PUUJNBMFEJBTQJSB[JPOFFJMSVNPSFEFMMBWFOUPMBBVNFOUB
*UVCJPJUVCJGMFTTJCJMJQFSJMDPOEPUUPEJTDBSJDPEFMMBSJBEFWPOP
FTTFSFJONBUFSJBMFJHOJGVHP
7XELURWRQGL
4J DPOTJHMJB VO EJBNFUSP JOUFSOP EJ  NN UVUUBWJB EJ BMNFOP 
NN
&DQDOLSLDWWL
-B TF[JPOF JOUFSOB EFWF DPSSJTQPOEFSF BM EJBNFUSP EFJ UVCJ SPUPOEJ
PPFDFP
PPFDFP
*DBOBMJQJBUUJOPOEFWPOPQSFTFOUBSFSJOWJJUBHMJFOUJ
/FMDBTPEJEJBNFUSJEJWFSTJEFMDPOEPUUPVUJMJ[[BSFTUSJTDFEJ
UFOVUB
&RQWUROODUHODSDUHWH
-B QBSFUF EFWF FTTFSF QJBUUB WFSUJDBMF F TVGGJDJFOUFNFOUF TPMJEB
-BQSPGPOEJUEFJGPSJEFWFDPSSJTQPOEFSFBMMBMVOHIF[[BEFMMF
WJUJ*UBTTFMMJEFWPOPBWFSFVOBQQPHHJPGJTTP
-FWJUJFJUBTTFMMJJOEPUB[JPOFTPOPQSPHFUUBUJQFSNVSJNBTTJDDJ
JO NBUUPOJ 1FS BMUSJ UJQJ EJ DPTUSV[JPOJ BE FT 3JHJQT DBMDFTUSV[[P
QPSPTPNBUUPOJ1PSPUPO¨OFDFTTBSJPVUJMJ[[BSFFMFNFOUJEJ
GJTTBHHJPBEFHVBUJ
*MQFTPNBYEFMMBDBQQBEJBTQJSB[JPOF¨QBSJB NJ
&ROOHJDPHQWRHOHWWULFR
: 3HULFRORGLVFRVVDHOHWWULFD
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ1PUSFCCFWFOJSFEBOOFHHJBUPJMDBWPEJDPMMFHBNFOUP
%VSBOUFM࣐JOTUBMMB[JPOFGBSFBUUFO[JPOFBOPOQJFHBSFPTFSSBSFJM
DBWPEJDPMMFHBNFOUP
*EBUJEJDPMMFHBNFOUPOFDFTTBSJTPOPTVMMBUBSHIFUUBJEFOUJGJDBUJWB
OFMMB QBSUF JOUFSOB EFMM࣐BQQBSFDDIJP B UBMF TDPQP SJNVPWFSF JM GJMUSP
NFUBMMJDPBOUJHSBTTP
/XQJKH]]DGHOFDYRGLFROOHJDPHQWRFLUFDP
2VFTUPBQQBSFDDIJP¨DPOGPSNFBJSFRVJTJUJEJQSPUF[JPOF3'*
EFMM࣐6OJPOF&VSPQFB
: 3HULFRORGLVFDULFDHOHWWULFD
%FWFFTTFSFQPTTJCJMFJORVBMTJBTJNPNFOUPTFQBSBSF
MBQQBSFDDIJPEBMMBSFUFFMFUUSJDB-BQQBSFDDIJPQV²FTTFSF
DPMMFHBUPTPMBNFOUFBVOBQSFTBDPONFTTBBUFSSBJOTUBMMBUB
TFDPOEPMFJTUSV[JPOJ4FJOTFHVJUPBMNPOUBHHJPMBTQJOBOPO
SJTVMUBQJ¹BDDFTTJCJMFPJODBTPEJBMMBDDJBNFOUPGJTTPPDDPSSF
QSFEJTQPSSFBMNPNFOUPEFMMJOTUBMMB[JPOFVOEJTQPTJUJWPEJ
TFQBSB[JPOFVOJWFSTBMFDPOVOBEJTUBO[BEJDPOUBUUPEJBMNFOP
NN -࣐BMMBDDJBNFOUP GJTTP EFWF FTTFSF FTFHVJUP FTDMVTJWBNFOUF
EBVOUFDOJDPTQFDJBMJ[[BUP
'LPHQVLRQLGHOODSSDUHFFKLR)LJXUD $
'LVWDQ]HGLVLFXUH]]D)LJXUD%
3UHSDUD]LRQHGHOOLQVWDOOD]LRQH
$WWHQ]LRQH
"DDFSUBSTJDIFOFMMBSFBEFJGPSJOPOTJBOPQSFTFOUJDBWJFMFUUSJDJO©
DPOEVUUVSFEFMHBTPEFMMBDRVB
 %BMTPGGJUUPGJOPBMMPTQJHPMPJOGFSJPSFEFMMBDBQQBEJBTQJSB[JPOF
EJTFHOBSFVOBMJOFBNFEJBOBWFSUJDBMFTVMMBQBSFUF
 5SBDDJBSFMFQPTJ[JPOJEFMMFWJUJFJMQSPGJMPEFMM࣐BSFBEJBHHBODJP
 &TFHVJSF DJORVF GPSJ DPO NN F VOB QSPGPOEJU EJ  NN QFS
JGJTTBHHJFJOTFSJSFEFOUSPJUBTTFMMJGJOPBMMJWFMMPEFMMBQBSFUF
0RQWDJJLRGHOO·DSSDUHFFKLR
0RQWDUHLOVXSSRUWRPXUDOH
 "WWJUBSFMFTUBGGFEJTVQQPSUPQFSJMSJWFTUJNFOUPEFMDBNJOP
)LJXUD
 "WWJUBSF TBMEBNFOUF MF TPTQFOTJPOJ QFS MB DBQQB EJ BTQJSB[JPOF
NBY 1P )LJXUDD
 "WWJUBSFJMQFSOPGJMFUUBUPJONPEPDIFTQPSHBEBMMBQBSFUFEJ
PP )LJXUDE
$SSHQGHUHHDOOLQHDUHODSSDUHFFKLR
: 3HULFRORGLOHVLRQL
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
 3JNVPWFSF MB QFMMJDPMB QSPUFUUJWB EBMM࣐BQQBSFDDIJP QSJNB TPMP TVM
MBUPQPTUFSJPSFFDPNQMFUBNFOUFEPQPJMNPOUBHHJP
 "QQFOEFSFM࣐BQQBSFDDIJPJONPEPUBMFDIFTJBCFOBHHBODJBUP
BMMFTPTQFOTJPOJ )LJXUDD
 "MMJOFBSF PSJ[[POUBMNFOUF M࣐BQQBSFDDIJP SVPUBOEP MF TPTQFOTJPOJ
4FOFDFTTBSJPTQPTUBSFMBQQBSFDDIJPWFSTPEFTUSBPWFSTP
TJOJTUSB )LJXUDE
)LVVDUHOHYLWLGLVLFXUH]]D
 3JNVPWFSFJMGJMUSPHSBTTJNFUBMMJDP
 5SBDDJBSFJGPSJQFSMFWJUJEJTJDVSF[[B )LJXUD
 3JNVPWFSFMBQQBSFDDIJP
 1SBUJDBSF J GPSJ QFS MF WJUJ EJ TJDVSF[[B F JOTFSJSWJ J UBTTFMMJ B GJMP EFMMB
QBSFUF
 "QQFOEFSFMBQQBSFDDIJP
 'JTTBSFMFWJUJEJTJDVSF[[B
 .POUBSFJMGJMUSPHSBTTJNFUBMMJDP
)LVVDUHO·DSSDUHFFKLR
 1SFNFSF J UBQQJ EJ TJDVSF[[B DPO MB GSFDDJB SJWPMUB WFSTP M࣐BMUP TVMMF
TPTQFOTJPOJGJOPBRVBOEPTJBHHBODJBOP )LJXUDD
 "WWJUBSFCFOFJEBEJ[JHSJOBUJDPOMFSPOEFMMF )LJXUD
5LPXRYHUHLWDSSLGLVLFXUH]]D
4FJUBQQJEJTJDVSF[[BEFWPOPFTTFSFSJNPTTJVUJMJ[[BSFVO
DBDDJBWJUFQJBUUP )LJXUD
$OODFFLDPHQWRGHOODSSDUHFFKLR
$YYHUWHQ]H
/FMGVO[JPOBNFOUPBEBSJBEJTDBSJDPEFWFFTTFSFNPOUBUPVO
SBDDPSEPBMFUUBUP4FDPOMBQQBSFDDIJPOPO¨GPSOJUPJMSBDDPSEP
BMFUUBUP¨QPTTJCJMFSFQFSJSMPJOVOOFHP[JPTQFDJBMJ[[BUP
4FM࣐BSJBFTBVTUBWJFOFDPOEPUUBBUUSBWFSTPMBQBSFUFFTUFSOB¨
OFDFTTBSJPVUJMJ[[BSFVOBDBTTFUUBNVSBMFUFMFTDPQJDB
5HDOL]]D]LRQHGHOFROOHJDPHQWRDOORVFDULFRGHOODULD
$YYHUWHQ]D 4FTJVUJMJ[[BVOUVCPJOBMMVNJOJPMFWJHBSFQSJNBMB
[POBEJSBDDPSEP
7XERGHVSXOVLRQHDULDPPGLPHQVLRQHFRQVLJOLDWD
 'JTTBSFJMUVCPEFTQVMTJPOFBSJBEJSFUUBNFOUFBMNBOJDPUUP
EFMM࣐BSJB
 3FBMJ[[BSFJMDPMMFHBNFOUPBMMBQFSUVSBQFSMPTDBSJDPEFMMBSJB
 4JHJMMBSFFSNFUJDBNFOUFJQVOUJEJDPMMFHBNFOUP

7XERGHVSXOVLRQHDULDPP
 'JTTBSFJMNBOJDPUUPEJSJEV[JPOFBMNBOJDPUUPEFMM࣐BSJB
 'JTTBSFJMNBOJDPUUPEJSJEV[JPOFEFMUVCPEFTQVMTJPOFBSJB
 3FBMJ[[BSFJMDPMMFHBNFOUPBMMBQFSUVSBQFSMPTDBSJDPEFMMBSJB
 4JHJMMBSFFSNFUJDBNFOUFJQVOUJEJDPMMFHBNFOUP
(VHFX]LRQHGHOFROOHJDPHQWRHOHWWULFR
 *OTFSJSFMBTQJOBOFMMBQSFTBDPODPOUBUUPEJUFSSB
 *ODBTPEJBMMBDDJBNFOUPGJTTPQSFTUBSFBUUFO[JPOFBMMF
BWWFSUFO[FDPOUFOVUFOFMDBQJUPMP "MMBDDJBNFOUPFMFUUSJDP
0RQWDUHLOULYHVWLPHQWRGHOFDPLQR
: 3HULFRORGLOHVLRQL
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
 4FQBSBSFJSJWFTUJNFOUJEFMDBNJOP
"UBMFTDPQPSJNVPWFSFJMOBTUSPBEFTJWP
 3JNVPWFSFMBQFMMJDPMBQSPUFUUJWBEBFOUSBNCJJSJWFTUJNFOUJEFM
DBNJOP
 *OTFSJSFJSJWFTUJNFOUJEFMDBNJOPVOPEFOUSPM࣐BMUSP
$YYHUWHQ]H
1FSFWJUBSFEJQSPWPDBSFHSBGGJNFUUFSFEFMMBDBSUBDPNF
QSPUF[JPOFTPQSBHMJTQJHPMJEFMSJWFTUJNFOUPFTUFSOPEFM
DBNJOP
/FMGVO[JPOBNFOUPBEBSJBEJTDBSJDPNPOUBSFJMSJWFTUJNFOUP
EFMDBNJOPJOUFSOPDPOMFGFTTVSFSJWPMUFWFSTPJMCBTTP
 $PMMPDBSFJMSJWFTUJNFOUPEFMDBNJOPTPQSBM࣐BQQBSFDDIJP
 4QJOHFSFJMSJWFTUJNFOUPJOUFSOPEFMDBNJOPWFSTPM࣐BMUPF
BQQFOEFSMP B EFTUSB F TJOJTUSB BMMB TUBGGB EJ GJTTBHHJP )LJXUD D
 "HHBODJBSFJOCBTTPJMSJWFTUJNFOUPEFMDBNJOP )LJXUDE
 "WWJUBSF JM SJWFTUJNFOUP EFM DBNJOP DPO EVF WJUJ MBUFSBMJ BMMB TUBGGB
EJGJTTBHHJP )LJXUDF
6PRQWDJJLRGHOODSSDUHFFKLR
 4UBDDBSFJMSJWFTUJNFOUPEFMDBNJOP
 4DPMMFHBSFMBQQBSFDDIJP
 4UBDDBSFJDPOEPUUJEFMMBSJBEJTDBSJDP
 3JNVPWFSFJUBQQJEJTJDVSF[[B
 4WJUBSFMBWJUFBUFTUB[JHSJOBUB
 3JNVPWFSFMBQQBSFDDIJP
nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
-FFTEF[FHFCSVJLTBBOXJK[JOH[PSHWVMEJHEPPS"MMFFOEBOLVOUV
VXBQQBSBBUHPFEFOWFJMJHCFEJFOFO#FXBBSEF
HFCSVJLTBBOXJK[JOH WPPS MBUFS HFCSVJL PG PN EPPS UF HFWFO BBO FFO
WPMHFOEFFJHFOBBS
%FWFJMJHIFJEJTBMMFFOHFXBBSCPSHECJKFFOEFTLVOEJHFNPOUBHF
WPMHFOTEFNPOUBHFIBOEMFJEJOH%FJOTUBMMBUFVSJT
WFSBOUXPPSEFMJKLWPPSFFOHPFEFXFSLJOHPQEFQMBBUTWBO
PQTUFMMJOH
%FCSFFEUFWBOEFBG[VJHLBQNPFUNJOTUFOTPWFSFFOLPNFONFU
EFCSFFEUFWBOIFULPPLUPFTUFM
#JKEFJOTUBMMBUJFNPFUFOEFBDUVFMFHFMEJHFCPVXWPPSTDISJGUFOFO
EFWPPSTDISJGUFOWBOEFQMBBUTFMJKLFTUSPPNFOHBTMFWFSBODJFSJO
BDIUXPSEFOHFOPNFO
5FO BBO[JFO WBO EF BGWPFSMVDIU EJFOFO EF PWFSIFJET FO XFUUFMJKLF
WPPSTDISJGUFO[PBMTMPLBMFCPVXWFSPSEFOJOHFOJOBDIUUFXPSEFO
HFOPNFO
/HYHQVJHYDDU
5FSVHHF[PHFO WFSCSBOEJOHTHBTTFO LVOOFO MFJEFO UPU WFSHJGUJHJOH
%FBGWPFSMVDIUNBHOJFUXPSEFOXFHHFMFJEWJBFFOSPPLPG
BGWPFSHBTTDIPPSTUFFOEJFJOHFCSVJLJTOPDIWJBFFOTDIBDIUEJF
EJFOUWPPSEFPOUMVDIUJOHWBOSVJNUFTNFUTUPPLQMBBUTFO.PFUEF
BGWPFSMVDIU OBBS FFO SPPL PG BGWPFSHBTTDIPPSTUFFO XPSEFO HFMFJE
EJFOJFUJOHFCSVJLJTEBOEJFOUIJFSWPPSUPFTUFNNJOHUFXPSEFO
WFSLSFHFOWBOFFOWBLCFLXBNFTDIPPSTUFFOWFHFS
/HYHQVJHYDDU
5FSVHHF[PHFOWFSCSBOEJOHTHBTTFOLVOOFOMFJEFOUPUWFSHJGUJHJOH
"MUJKE WPPS WPMEPFOEF MVDIUUPFWPFS [PSHFO XBOOFFS EF MVDIUBGWPFS
QMBBUTWJOEUJOFFOSVJNUFNFUFFOWVVSCSPOEJFHFCSVJLNBBLUWBO
EFBBOXF[JHFMVDIU
7VVSCSPOOFOEJFEFMVDIUJOEFSVJNUFWFSCSVJLFOCJKWBQQBSBUFO
EJFPQHBTPMJFIPVUPGLPMFOXPSEFOHFTUPPLUHFJTFST
XBSNXBUFSUPFTUFMMFOUSFLLFOEFWFSCSBOEJOHTMVDIUVJUEF
PQTUFMMJOHTSVJNUFFOWPFSFOEFHBTTFOWJBFFOBGWPFSCJKW
TDIPPSTUFFOBGOBBSCVJUFO
*ODPNCJOBUJFNFUFFOJOHFTDIBLFMEFBG[VJHLBQXPSEUBBOEF
LFVLFOFOBBOEFSVJNUFTFSOBBTUMVDIUPOUUSPLLFO[POEFS
WPMEPFOEF MVDIUUPFWPFS POUTUBBU FS FFO POEFSESVL (JGUJHF HBTTFO
VJU EF TDIPPSTUFFO PG IFU BGWPFSLBOBBM XPSEFO UFSVHHF[PHFO JO EF
XPPOSVJNUF
;PSHEBBSPNBMUJKEWPPSWPMEPFOEFWFOUJMBUJF
&FO WFOUJMBUJFLBTU JO EF NVVS BMMFFO JT OJFU WPMEPFOEF PN BBO EF
NJOJNBMFFJTFOUFWPMEPFO
6LVOUIFUBQQBSBBUBMMFFOEBO[POEFSSJTJDPHFCSVJLFOXBOOFFS
EFPOEFSESVLJOEFSVJNUFXBBSJOEFWVVSCSPO[JDICFWJOEUOJFU
HSPUFS JT EBO 1B  NCBS %JU LBO XPSEFO CFSFJLU XBOOFFS EF
WPPSEFWFSCSBOEJOHCFOPEJHEFMVDIUEPPSOJFUBGTMVJUCBSF
PQFOJOHFOCJKWJOEFVSFOSBNFOJODPNCJOBUJFNFUFFO
WFOUJMBUJFLBTU JO EF NVVS PG BOEFSF UFDIOJTDIF WPPS[JFOJOHFO LBO
XPSEFOUPFHFWPFSE
3BBEQMFFHJOJFEFSHFWBMIFUCFESJKGEBUJOVXIVJT[PSHUWPPSEF
TDIPPSTUFFOSFJOJHJOH%JUCFESJKGJTJOTUBBUIFUUPUBMF
WFOUJMBUJFTZTUFFNWBOVXIVJTUFCFPPSEFMFOFOLBOFFOWPPSTUFM
EPFOWPPSQBTTFOEFNBBUSFHFMFOPQIFUHFCJFEWBOEF
MVDIUUPFWPFS
*OEJFOEFBG[VJHJOHBMMFFONFUSFDJSDVMBUJFXPSEUHFCSVJLUJTFFO
POCFQFSLUHFCSVJLNPHFMJKL
/HYHQVJHYDDU
5FSVHHF[PHFO WFSCSBOEJOHTHBTTFO LVOOFO MFJEFO UPU WFSHJGUJHJOH
#JKEFJOTUBMMBUJFWBOFFOWFOUJMBUJFNFUFFOBGWPFSHFCPOEFO
WVVSCSPO NPFU EF TUSPPNUPFWPFS WBO EF LBQ WPPS[JFO XPSEFO WBO
FFOHFTDIJLUFWFJMJHIFJETTDIBLFMJOH
%UDQGJHYDDU
%FWFUBG[FUUJOHFOJOIFUWFUGJMUFSLVOOFOPOUCSBOEFO%F
WPPSHFTDISFWFOWFJMJHIFJETBGTUBOEFOEJFOFOUFXPSEFO
BBOHFIPVEFOPNXBSNUFPQIPQJOHUFWPPSLPNFO/FFNEF
JOTUSVDUJFTWBOVXLPPLUPFTUFMJOBDIU8BOOFFSHBTFO
FMFLUSJTDIFLPPLUPFTUFMMFOTBNFOXPSEFOHFCSVJLUHFMEUEF
HSPPUTUBBOHFHFWFOBGTUBOE
)FUBQQBSBBUNBHTMFDIUTNFU©©O[JKEFEJSFDUOBBTUFFOLBTUPG
UFHFOFFOXBOEXPSEFOHF¯OTUBMMFFSE%FBGTUBOEUPUEFNVVSPG
EFLBTUNPFUNJOTUFOTNNCFESBHFO
5LVLFRYDQOHWVHO
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO7FJMJHIFJETIBOETDIPFOFOESBHFO
3JTJDPWBOMFUTFM
*TIFUUPFTUFMOJFUOBBSCFIPSFOCFWFTUJHEEBOLBOIFUOBBS
CFOFEFOWBMMFO"MMFCFWFTUJHJOHTTDISPFWFONPFUFOWBTUFO
WFJMJHXPSEFOHFNPOUFFSE
3JTJDPWBOMFUTFM
)FUUPFTUFMJT[XBBS&S[JKOUXFF QFSTPOFOOPEJHPNIFU
BQQBSBBU UF CFXFHFO "MMFFO HFTDIJLUF IVMQNJEEFMFO HFCSVJLFO
*HYDDUYDQHHQHOHNWULVFKHVFKRN
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO)JFSEPPSLBOEFBBOTMVJULBCFMCFTDIBEJHESBLFO
"BOTMVJULBCFMOJFULOJLLFOPGBGLMFNNFOCJKEFJOTUBMMBUJF
5LVLFRYDQHHQHOHNWULVFKHVFKRN
0Q FML HFXFOTU NPNFOU NPFU IFU BQQBSBBU WBO EF TUSPPN LVOOFO
XPSEFOBGHFTMPUFO)FUBQQBSBBUNBHBMMFFOPQFFOHFBBSEF
DPOUBDUEPPTXPSEFOBBOHFTMPUFOEJFWPMHFOTEFWPPSTDISJGUFOJT
HF¯OTUBMMFFSE8BOOFFSEFTUFLLFSOBIFUJOCPVXFOOJFUNFFS
CFSFJLCBBSJTPGJOEJFOFFOWBTUFBBOTMVJUJOHJTWFSFJTUNPFUEF
JOTUBMMBUJFXPSEFOWPPS[JFOWBOFFOTUSPPNPOEFSCSFLFSNFUFFO
DPOUBDUPQFOJOHWBONJOTUFOTNN%FWBTUFBBOTMVJUJOHNBH
BMMFFOEPPSFFOFMFLUSJDJFOXPSEFOBBOHFMFHE

9HUVWLNNLQJVJHYDDU
7FSQBLLJOHTNBUFSJBBMJTHFWBBSMJKLWPPSLJOEFSFO,JOEFSFOOPPJU
NFUWFSQBLLJOHTNBUFSJBBMMBUFOTQFMFO
$OJHPHQHDDQZLM]LQJHQ
$WWHQWLH
4DIBEFBBOIFUBQQBSBBU
%FPQQFSWMBLLFOWBOIFUBQQBSBBU[JKOHFWPFMJH7PPSLPN
CFTDIBEJHJOHUJKEFOTEFJOTUBMMBUJF
*HEUXLNPHWDIYRHUOXFKW
: /HYHQVJHYDDU
5FSVHHF[PHFO WFSCSBOEJOHTHBTTFO LVOOFO MFJEFO UPU WFSHJGUJHJOH
%FBGWPFSMVDIUNBHOJFUXPSEFOXFHHFMFJEWJBFFOSPPLPG
BGWPFSHBTTDIPPSTUFFOEJFJOHFCSVJLJTOPDIWJBFFOTDIBDIUEJF
EJFOUWPPSEFPOUMVDIUJOHWBOSVJNUFTNFUTUPPLQMBBUTFO.PFUEF
BGWPFSMVDIU OBBS FFO SPPL PG BGWPFSHBTTDIPPSTUFFO XPSEFO HFMFJE
EJFOJFUJOHFCSVJLJTEBOEJFOUIJFSWPPSUPFTUFNNJOHUFXPSEFO
WFSLSFHFOWBOFFOWBLCFLXBNFTDIPPSTUFFOWFHFS
8PSEUEFBGWPFSMVDIUEPPSEFCVJUFONVVSHFMFJEEBOSBEFOXJKV
BBOFFOUFMFTDPPQNVVSLBTUUFHFCSVJLFO
/XFKWDIYRHU
$DQZLM]LQJ 7PPSLMBDIUFOEJFUFXJKUFO[JKOBBOEFCFCVJ[JOH
TUBBUEFGBCSJLBOUWBOIFUBQQBSBBUOJFUHBSBOU
6WFSLSJKHUEFCFTUFXFSLJOHWBOIFUBQQBSBBUEPPSIFUPQFFO
LPSUFSFDIUMJKOJHFBGWPFSCVJTNFUFFO[PHSPPUNPHFMJKLF
EJBNFUFSBBOUFTMVJUFO
#JKHFCSVJLWBOMBOHFSVXFBGWPFSCVJ[FOWFFMCPDIUFOPG
CVJTEJBNFUFSTLMFJOFSEBONNXPSEUIFUPQUJNBMF
MVDIUBGWPFSWFSNPHFOOJFUCFSFJLUFOJTIFUWFOUJMBUJFHFMVJE
IBSEFS
%FCVJ[FOPGEFTMBOHFOEJFWPPSEFMVDIUBGWPFSXPSEFO
HFCSVJLUEJFOFOWBOFFOOJFUCSBOECBBSNBUFSJBBMUF[JKO
5RQGHEXL]HQ
8JKBEWJTFSFOFFOCJOOFOEJBNFUFSWBONNJOFMLHFWBMWBO
NJOTUFOTNN
9ODNNHEXL]HQ
%FCJOOFOEJBNFUFSNPFUPWFSFFOLPNFONFUEFEJBNFUFSWBOEF
SPOEFCVJ[FO
PPFDFP
PPFDFP
7MBLLFCVJ[FONPHFOHFFOTDIFSQFPNCVJHJOHFOIFCCFO
(FCSVJLCJKFFOBGXJKLFOEFCVJTEJBNFUFSFFOBGEJDIUTUSJQ
:DQGFRQWUROHUHQ
%FXBOENPFUWMBLFOMPPESFDIU[JKOFOWPMEPFOEF
ESBBHWFSNPHFOIFCCFO
%F EJFQUF WBO EF CPPSHBUFO NPFU PWFSFFOLPNFO NFU EF MFOHUF
WBOEFTDISPFWFO%FQMVHHFONPFUFOHPFEWBTU[JUUFO
%FCJKHFWPFHEFTDISPFWFOFOQMVHHFO[JKOHFTDIJLUWPPS
NBTTJFWFNVSFO7PPSBOEFSFDPOTUSVDUJFTCJKWHJQTQMBBU
QPSFVTCFUPOQPSPUPOTUFOFONPFUFOCFWFTUJHJOHTNJEEFMFO
XPSEFOHFCSVJLUEJFEBBSWPPSHFTDIJLU[JKO
)FUNBYHFXJDIUWBOEFBG[VJHLBQCFESBBHU NJ
(OHNWULVFKHDDQVOXLWLQJ
: *HYDDUYDQHHQHOHNWULVFKHVFKRN
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO)JFSEPPSLBOEFBBOTMVJULBCFMCFTDIBEJHESBLFO
"BOTMVJULBCFMOJFULOJLLFOPGBGLMFNNFOCJKEFJOTUBMMBUJF
%FCFOPEJHEFBBOTMVJUHFHFWFOTTUBBOPQIFUUZQFQMBBUKFJOEF
CJOOFOSVJNUFWBOIFUBQQBSBBUEBBSUPFIFUNFUBMFOWFUGJMUFS
EFNPOUFSFO
/HQJWHYDQGHDDQVOXLWOHLGLQJFDP
%JUBQQBSBBUWPMEPFUBBOEFPOUTUPSJOHTWPPSTDISJGUFOWBOEF&(
: 5LVLFRYDQHHQHOHNWULVFKHVFKRN
0Q FML HFXFOTU NPNFOU NPFU IFU BQQBSBBU WBO EF TUSPPN LVOOFO
XPSEFOBGHFTMPUFO)FUBQQBSBBUNBHBMMFFOPQFFOHFBBSEF
DPOUBDUEPPTXPSEFOBBOHFTMPUFOEJFWPMHFOTEFWPPSTDISJGUFOJT
HF¯OTUBMMFFSE8BOOFFSEFTUFLLFSOBIFUJOCPVXFOOJFUNFFS
CFSFJLCBBSJTPGJOEJFOFFOWBTUFBBOTMVJUJOHJTWFSFJTUNPFUEF
JOTUBMMBUJFXPSEFOWPPS[JFOWBOFFOTUSPPNPOEFSCSFLFSNFUFFO
DPOUBDUPQFOJOHWBONJOTUFOTNN%FWBTUFBBOTMVJUJOHNBH
BMMFFOEPPSFFOFMFLUSJDJFOXPSEFOBBOHFMFHE
$IPHWLQJHQYDQKHWDSSDUDDW$IE $
9HLOLJKHLGVDIVWDQGHQ$IE%
,QVWDOODWLHYRRUEHUHLGHQ
$WWHQWLH
;PSH FSWPPS EBU [JDI JO IFU HFCJFE WBO EF PQFOJOHFO HFFO TUSPPN
HBTPGXBUFSMFJEJOHFOCFWJOEFO
 7BOIFUQMBGPOEUPUEFPOEFSLBOUWBOEFBG[VJHLBQFFO
MPPESFDIUFNJEEFMMJKOPQEFNVVSUFLFOFO
 1PTJUJFTWPPSEFTDISPFWFOFOEFPNUSFLMJKOWBOIFU
CFWFTUJHJOHTHFCJFEBGUFLFOFO
 7JKG HBUFO  NN WBO  NN EJFQ CPSFO WPPS EF CFWFTUJHJOHFO
FOEFQMVHHFOHFIFFMJOEFHBUFOEVXFO
$SSDUDDWPRQWHUHQ
:DQGKRXGHUPRQWHUHQ
 #FWFTUJHJOHTIPFLWPPSEFTDIPPSTUFFOBGTDIFSNJOH
WBTUTDISPFWFO $IE
 0QIBOHJOHFOWPPSEFBG[VJHLBQIBOEWBTUBBOESBBJFONBY
1P $IED
 %SBBEUBQ JOTDISPFWFO UPU EF[F OPH ² PP VJU EF XBOE TUFFLU
$IEE
$SSDUDDWRSKDQJHQHQXLWOLMQHQ
: 5LVLFRYDQOHWVHO
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO7FJMJHIFJETIBOETDIPFOFOESBHFO
 #FTDIFSNGPMJF FFSTU WBO EF BDIUFSLBOU WBO IFU BQQBSBBU USFLLFO
FOOBEFNPOUBHFWPMMFEJHWFSXJKEFSFO
 )FUBQQBSBBU[PPQIBOHFOEBUIFUTUFWJHWBTU[JUJOEF
PQIBOHJOHFO $IED
 )FUBQQBSBBUIPSJ[POUBBMVJUMJKOFOEPPSBBOEFPQIBOHJOHFOUF
ESBBJFO%FTHFXFOTULBOIFUBQQBSBBUOBBSMJOLTPGSFDIUT
XPSEFOWFSTDIPWFO $IEE
%RUJVFKURHYHQEHYHVWLJHQ
 .FUBMFOWFUGJMUFSEFNPOUFSFO
 (BUFOWPPSCPSHTDISPFWFONBSLFSFO $IE
 "QQBSBBUBGOFNFO
 (BUFO WPPS EF CPSHTDISPFWFO CPSFO FO EF QMVHHFO HFIFFM JO EF
HBUFOEVXFO
 "QQBSBBUPQIBOHFO
 #PSHTDISPFWFOCFWFTUJHFO
 .FUBMFOWFUGJMUFSJOCSFOHFO
$SSDUDDWEHYHVWLJHQ
 %F EPQQFO NFU EF QJKM OBBS CPWFO PQ EF PQIBOHJOHFO ESVLLFO UPU
[FWBTULMJLLFO $IED
 (FLBSUFMEFNPFSNFUPOEFSMFHSJOHWBTUESBBJFO $IE
'RSSHQYHUZLMGHUHQ
.PFUFOEFEPQQFOWFSXJKEFSEXPSEFOHFCSVJLEBOFFOQMBUUF
TDISPFWFOESBBJFS $IE
$SSDUDDWDDQVOXLWHQ
$DQZLM]LQJHQ
7PPS EF BGWPFSMVDIU EJFOU FFO TUVXLMFQ UF XPSEFO JOHFCPVXE *T
FSHFFOTUVXLMFQCJKIFUBQQBSBBUHFWPFHEEBOLBOEF[F
WFSLSFHFOXPSEFOCJKTQFDJBBM[BLFO
8PSEU EF BGWPFSMVDIU EPPS EF CVJUFONVVS HFMFJE EBO SBEFO XJK V
BBOFFOUFMFTDPPQNVVSLBTUUFHFCSVJLFO
/XFKWDIYRHUYHUELQGLQJPDNHQ
$DQZLM]LQJ #JKHFCSVJLWBOFFOBMVNJOJVNCVJTNPFUIFU
BBOTMVJUHFEFFMUFFFSTUXPSEFOHMBEHFNBBLU
/XFKWDIYRHUEXLVPPDDQEHYROHQGLDPHWHU
 "GWPFSCVJTSFDIUTUSFFLTPQIFUMVDIUBGWPFSBBOTMVJUTUVL
CFWFTUJHFO
 7FSCJOEJOHNFUEFMVDIUBGWPFSPQFOJOHNBLFO
 7FSCJOEJOHTQVOUFOHPFEBGEJDIUFO
/XFKWDIYRHUEXLVPP
 7FSMPPQTUVLPQIFUBBOTMVJUTUVLWBOEFMVDIUBGWPFSCFWFTUJHFO
 -VDIUBGWPFSCVJTWFSMPPQTUVLCFWFTUJHFO
 7FSCJOEJOHNFUEFMVDIUBGWPFSPQFOJOHNBLFO
 7FSCJOEJOHTQVOUFOHPFEBGEJDIUFO

6WURRPDDQVOXLWHQ
 /FUTUFLLFSJOIFUHFBBSEFTUPQDPOUBDUTUFLFO
 *TFFOWBTUFBBOTMVJUJOHOPPE[BLFMJKLWPMHEBOEFBBOXJK[JOHFO
JOIFUIPPGETUVL &MFLUSJTDIFBBOTMVJUJOHPQ
6FKRRUVWHHQDIVFKHUPLQJPRQWHUHQ
: 5LVLFRYDQOHWVHO
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO7FJMJHIFJETIBOETDIPFOFOESBHFO
 4DIPPSTUFFOBGTDIFSNTUVLLFOWBOFMLBBSMPTNBLFO
%BBSUPFIFUQMBLCBOEWFSXJKEFSFO
 #FTDIFSNGPMJFWBOCFJEFTDIPPSTUFFOBGTDIFSNTUVLLFOUSFLLFO
 4DIPPSTUFFOBGTDIFSNTUVLLFOJOFMLBBSTDIVJWFO
$DQZLM]LQJHQ
0NLSBTTFOUFWFSNJKEFOQBQJFSPWFSEFSBOEFOWBOIFU
CVJUFOTUFTDIPPSTUFFOBGTDIFSNTUVLMFHHFO
7PPSEFBGWPFSMVDIUIFUCJOOFOTUFTDIPPSTUFFOBGTDIFSNTUVL
NFUEFTMFVWFOOBBSCFOFEFONPOUFSFO
 4DIPPSTUFFOBGTDIFSNTUVLLFOPQIFUBQQBSBBUQMBBUTFO
 #JOOFOTUFTDIPPSTUFFOBGTDIFSNTUVLOBBSCPWFOTDIVJWFOFO
MJOLTFOSFDIUTBBOEFCFWFTUJHJOHTIPFLWBTUNBLFO $IED
 4DIPPSTUFFOBGTDIFSNTUVLPNMBBHESVLLFOUPUIFUWBTULMJLU
$IEE
 4DIPPSTUFFOBGTDIFSNTUVLNFUUXFFTDISPFWFOCFWFTUJHFOBBO
EF[JKLBOUWBOEFCFWFTUJHJOHTIPFL $IEF
$SSDUDDWGHPRQWHUHQ
 4DIPPSTUFFOBGTDIFSNTUVLMPTNBLFO
 5PFTUFMTUSPPNMPPTNBLFO
 "GWPFSMFJEJOHFOMPTNBLFO
 %PQQFOWFSXJKEFSFO
 (FLBSUFMEFTDISPFGMPTESBBJFO
 "QQBSBBUBGOFNFO
pt
ì
,QVWUXo}HVGHPRQWDJHP
: ,QVWUXo}HVGHVHJXUDQoDLPSRUWDQWHV
-FJBBUFOUBNFOUFPQSFTFOUFNBOVBM4³BTTJNQPEFS¡VUJMJ[BSP
TFV BQBSFMIP EF GPSNB TFHVSB F DPSSFDUB (VBSEF BT JOTUSV§µFT EF
VUJMJ[B§£PFNPOUBHFNQBSBDPOTVMUBTGVUVSBTPVQBSBGVUVSPT
VUJMJ[BEPSFT
DPN VNB NPOUBHFN FTQFDJBMJ[BEB F FN DPOGPSNJEBEF DPN BT
JOTUSV§µFT EF NPOUBHFN QPEF TFS HBSBOUJEB B TFHVSBO§B EVSBOUF
BVUJMJ[B§£P0JOTUBMBEPS©SFTQPOT¡WFMQFMPGVODJPOBNFOUP
DPSSFUPOPMPDBMEFNPOUBHFN
"MBSHVSBEPFYBVTUPSUFNEFOPNOJNPDPSSFTQPOEFSMBSHVSB
EBQMBDBEFDP[JOIBS
/BTVBJOTUBMB§£PUªNEFTFSSFTQFJUBEBTBTOPSNBTEF
DPOTUSV§£PFNWJHPSCFNDPNPBTOPSNBTEBTFOUJEBEFTMPDBJT
EJTUSJCVJEPSBTEFFMFDUSJDJEBEFFEFH¡T
%FWFNTFSSFTQFJUBEPTPTSFHVMBNFOUPTMPDBJTFMFHBJT
SFMBUJWBNFOUF FYUSB§£P EP BS FWBDVBEP Q FY SFHVMBNFOUPT EF
DPOTUSV§£PNVOJDJQBJT
3HULJRGHPRUWH
0THBTFTEFDPNCVTU£PBTQJSBEPTQPEFNMFWBSBJOUPYJDB§£P0
BSFWBDVBEPO£PQPEFTFSFODBNJOIBEPQPSVNBDIBNJO©EF
FYBVTU£PEFGVNPTPVEFHBTFTRVFJNBEPTFNGVODJPOBNFOUP
OFNQPSVNBDBJYBEFBSRVFTJSWBEFWFOUJMB§£PEFMPDBJTDPN
MBSFJSBTJOTUBMBEBT$BTPPBSFWBDVBEPUFOIBEFTFS
FODBNJOIBEPQPSVNBDIBNJO©EFFYBVTU£PEFGVNPTPVEF
HBTFT RVFJNBEPT RVF O£P FTUFKB FN GVODJPOBNFOUP © OFDFTT¡SJB
VNBBVUPSJ[B§£PEBFOUJEBEFTVQFSWJTPSBEBJOTUBMB§£PEPT
BQBSFMIPTEFRVFJNB
3HULJRGHYLGD
0THBTFTEFDPNCVTU£PBTQJSBEPTQPEFNMFWBSBJOUPYJDB§£P
$FSUJGJRVFTFEFRVFI¡TFNQSFSFQPTJ§£PEFBSGSFTDPTVGJDJFOUF
RVBOEPPBQBSFMIP©VUJMJ[BEPOPNPEPEFFYBVTU£PFNDPOKVOUP
DPNFRVJQBNFOUPTEFBRVFDJNFOUPRVFDPOTPNFNPBS
BNCJFOUF
0TFRVJQBNFOUPTEFBRVFDJNFOUPRVFDPOTPNFNPBSBNCJFOUF
QFYTJTUFNBTEFBRVFDJNFOUPBH¡T³MFPMFOIBPVDBSW£P
FTRVFOUBEPSFTDJMJOESPTVUJMJ[BNQBSBBDPNCVTU£PPBSEPMPDBM
EFNPOUBHFNFUSBOTQPSUBNPTHBTFTEFDPNCVTU£PQBSBP
FYUFSJPSBUSBW©TEFVNTJTUFNBEFFYBVTU£PQFYVNBDIBNJO©
2VBOEPPFYBVTUPSFTU¡MJHBEPSFUJSBPBSBNCJFOUFDP[JOIBF
BPT FTQB§PT BEKBDFOUFT TFN BS TVGJDJFOUF © DSJBEB VNB QSFTT£P
OFHBUJWB 0T HBTFT U³YJDPT EB DIBNJO© PV EB DPOEVUB EF FYUSB§£P
WPMUBNBTFSBTQJSBEPTQBSBPTFTQB§PTEFIBCJUB§£P
1PSJTTPUFNRVFFYJTUJSTFNQSFBSFQPTJ§£PEFBSGSFTDP
TVGJDJFOUFOPMPDBMEBJOTUBMB§£P
6NBDBJYBEFFOUSBEBFYBVTU£PEFBST³QPSTJO£PHBSBOUFB
NBOVUFO§£PEPWBMPSMJNJUF
0 GVODJPOBNFOUP TFN QFSJHPT © QPTTWFM TF B QSFTT£P OFHBUJWB
OPMPDBMEBJOTUBMB§£PEPGPH£PO£PVMUSBQBTTBSPT1B
NCBS*TUPQPEFTFSDPOTFHVJEPTFPBSOFDFTT¡SJPQBSBB
DPNCVTU£PQVEFSTFSSFQPTUPBUSBW©TEFBCFSUVSBTRVFO£P
GFDIFNQFYQPSUBTKBOFMBTFNMJHB§£PDPNVNBDBJYBEF
FOUSBEBFYBVTU£PEFBSRVFQFSNJUBNVNBDJSDVMB§£PEFBS
TVGJDJFOUFQBSBBDPNCVTU£P
$POTVMUFTFNQSFBFOUJEBEFSFTQPOT¡WFMQBSBBWBMJBSB
JOUFSMJHB§£PEBWFOUJMB§£PEFUPEBBDBTBFTVHFSJSBTNFEJEBT
BEFRVBEBTEFWFOUJMB§£P
4FPFYBVTUPSGVODJPOBSFYDMVTJWBNFOUFFNDJSDVMB§£PEFBSO£P
FYJTUFRVBMRVFSMJNJUB§£POBTVBVUJMJ[B§£P
3HULJRGHYLGD
0T HBTFT EF DPNCVTU£P BTQJSBEPT QPEFN MFWBS B JOUPYJDB§£P /P
DBTPEFJOTUBMB§£PEFVNWFOUJMBEPSDPNTBEBQBSBDIBNJO©©
OFDFTT¡SJPQSFWFSVNDJSDVJUPEFTFHVSBO§BOBBMJNFOUB§£PEF
DPSSFOUFEBDPCFSUVSBEFFYBVTU£P
3HULJRGHLQFrQGLR
"HPSEVSBBDVNVMBEBOPGJMUSPQPEFJODFOEJBSTFOFDFTT¡SJP
NBOUFSBTEJTU¢ODJBTEFTFHVSBO§BJOEJDBEBTQBSBFWJUBSVNB
BDVNVMB§£PEFDBMPS0CTFSWFBTFTQFDJGJDB§µFTTPCSFBTVB
QMBDBEFDP[JOIBS/PDBTPEFVUJMJ[B§£PTJNVMU¢OFBEFCJDPT
FM©USJDPTFBH¡TBQMJDBTFBNBJPSEJTU¢ODJBJOEJDBEB
0BQBSFMIPQPEFTFSJOTUBMBEPBQFOBTDPNVNBEBTGBDFT
EJSFUBNFOUFKVOUPBVNBSN¡SJPTVQFSJPSPVBVNBQBSFEF"
EJTU¢ODJBNOJNBFNSFMB§£PQBSFEFPVBVNBSN¡SJPTVQFSJPS
EFWFTFSOPNOJNPEFNN
3HULJRGHIHULPHQWRV
0TDPNQPOFOUFTJOUFSJPSFTEPBQBSFMIPQPEFNUFSBSFTUBT
WJWBT6TFMVWBTEFQSPUF§£P
1FSJHPEFGFSJNFOUPT
0 BQBSFMIP QPEF DBJS TF O£P FTUJWFS DPSSFUBNFOUF GJYBEP 5PEPT
PTFMFNFOUPTEFGJYB§£PUªNEFTFSNPOUBEPTEFGPSNBGJYBF
TFHVSB
1FSJHPEFGFSJNFOUPT
0BQBSFMIP©QFTBEP4£POFDFTT¡SJBT QFTTPBTQBSB
USBOTQPSUBSPBQBSFMIP6UJMJ[BSBQFOBTNFJPTBVYJMJBSFT
BQSPQSJBEPT
3HULJRGHFKRTXHHOpWULFR
0TDPNQPOFOUFTJOUFSJPSFTEPBQBSFMIPQPEFNUFSBSFTUBTWJWBT
0 DBCP EF MJHB§£P QPEF GJDBS EBOJGJDBEP /£P EPCSBS OFN FOUBMBS P
DBCPFM©USJDPEVSBOUFBJOTUBMB§£P
3HULJRGHFKRTXHHOpWULFR
%FWF FYJTUJS B QPTTJCJMJEBEF EF EFTMJHBS P BQBSFMIP EB SFEF FM©USJDB
FNRVBMRVFSBMUVSB0BQBSFMIPEFWFTFSMJHBEPBQFOBTBVNB
UPNBEBEFDPOUBDUPEFTFHVSBO§BJOTUBMBEBFNDPOGPSNJEBEF
DPNBTOPSNBT4FBGJDIBEFQPJTEBJOTUBMB§£PEPBQBSFMIPPV
FN DBTP EF OFDFTTJEBEF EF TF FGFUVBS VNB MJHB§£P GJYB EFJYBS EF
FTUBSBDFTTWFMUFNRVFFYJTUJSOBJOTUBMB§£PVNEJTQPTJUJWPEF
DPSUFNVMUJQPMBSDPNVNBBCFSUVSBEFDPOUBDUPTEFQFMPNFOPT
NN"MJHB§£PGJYBT³QPEFTFSFGFUVBEBQPSVNFMFUSJDJTUB
DSFEFODJBEP
3HULJRGHDVIL[LD
0NBUFSJBMEFFNCBMBHFN©QFSJHPTPQBSBBTDSJBO§BT/VODB
EFJYFBTDSJBO§BTCSJODBSFNDPNPNBUFSJBMEFFNCBMBHFN

,QGLFDo}HVJHUDLV
$WHQomR
%BOJGJDB§£PEPBQBSFMIP
"TTVQFSGDJFTEPBQBSFMIPT£PTFOTWFJT&WJUBSEBOPTEVSBOUFB
JOTUBMB§£P
)XQomRFRPH[DXVWmRGHDU
: 3HULJRGHPRUWH
0THBTFTEFDPNCVTU£PBTQJSBEPTQPEFNMFWBSBJOUPYJDB§£P0
BSFWBDVBEPO£PQPEFTFSFODBNJOIBEPQPSVNBDIBNJO©EF
FYBVTU£PEFGVNPTPVEFHBTFTRVFJNBEPTFNGVODJPOBNFOUP
OFNQPSVNBDBJYBEFBSRVFTJSWBEFWFOUJMB§£PEFMPDBJTDPN
MBSFJSBTJOTUBMBEBT$BTPPBSFWBDVBEPUFOIBEFTFS
FODBNJOIBEPQPSVNBDIBNJO©EFFYBVTU£PEFGVNPTPVEF
HBTFT RVFJNBEPT RVF O£P FTUFKB FN GVODJPOBNFOUP © OFDFTT¡SJB
VNBBVUPSJ[B§£PEBFOUJEBEFTVQFSWJTPSBEBJOTUBMB§£PEPT
BQBSFMIPTEFRVFJNB
4FPBSFWBDVBEPGPSFODBNJOIBEPBUSBW©TEBQBSFEFFYUFSJPS
EFWFTFSVUJMJ[BEBVNBDBJYBNVSBMUFMFTD³QJDB
7XEDJHPGHH[WUDomR
1RWD 0GBCSJDBOUFEPBQBSFMIPO£PTFSFTQPOTBCJMJ[BQPS
SFDMBNB§µFTRVFSFTVMUFNEPQFSDVSTPEPUVCP
0BQBSFMIPPGFSFDFVNEFTFNQFOIPJEFBMRVBOEPPUVCPEF
FYUSB§£P©DVSUPFSFUJMOFPDPNVNEJ¢NFUSPEFHSBOEF
EJNFOT£P
"VUJMJ[B§£PEFUVCPTEFFYBVTU£PMPOHPTFSVHPTPTNVJUBT
DVSWBTFEJ¢NFUSPJOGFSJPSBNNJNQFEFVNGVODJPOBNFOUP
JEFBMFBVNFOUBPTSVEPT
0TUVCPTPVBTNBOHVFJSBTQBSBDPMPDB§£PEBUVCBHFNEF
FYUSB§£PUªNEFTFSGBCSJDBEPTEFNBUFSJBMJODPNCVTUWFM
7XERVFLUFXODUHV
3FDPNFOEBNPTVNEJ¢NFUSPJOUFSJPSEFNNOPFOUBOUP
OVODBJOGFSJPSBNN
&DQDLVSODQRV
0EJ¢NFUSPJOUFSOPUFNEFDPSSFTQPOEFSBPEJ¢NFUSPEPTUVCPT
DJSDVMBSFT
PPDSUR[FP
PPDSUR[FP
0TDBOBJTQMBOPTO£PEFWFNBQSFTFOUBSEFTWJPTBDFOUVBEPT
&N DBTP EF EJGFSFOUFT EJ¢NFUSPT EF UVCPT EFWFN TFS BQMJDBEBT
UJSBTEFWFEB§£P
3UHSDUDomRGDSDUHGH
"QBSFEFUFNEFTFSMJTBWFSUJDBMFTVGJDJFOUFNFOUFSFTJTUFOUF
"QSPGVOEJEBEFEPTGVSPTUFNRVFDPSSFTQPOEFSBP
DPNQSJNFOUPEPTQBSBGVTPT"TCVDIBTUªNEFUFSVNBGJYB§£P
TFHVSB
0T QBSBGVTPT F BT CVDIBT BOFYPT T£P BEFRVBEPT QBSB QBSFEFT
NBDJ§BTEFBMWFOBSJB1BSBPVUSBTDPOTUSV§µFTEFQBSFEFTQ
FYQMBDBTEFHFTTPQBSBSFNPEFMB§µFTEFJOUFSJPSFTCFU£P
QPSPTPUJKPMPTEFCBSSPQPSPTPQBSBSFNPEFMB§µFTEF
JOUFSJPSFTVUJMJ[BSPNBUFSJBMEFGJYB§£PDPSSFTQPOEFOUF
0QFTPN¡YJNPEPFYBVTUPS©EF NJ
/LJDomRHOpFWULFD
: 3HULJRGHFKRTXHHOpWULFR
0TDPNQPOFOUFTJOUFSJPSFTEPBQBSFMIPQPEFNUFSBSFTUBTWJWBT
0 DBCP EF MJHB§£P QPEF GJDBS EBOJGJDBEP /£P EPCSBS OFN FOUBMBS P
DBCPFM©USJDPEVSBOUFBJOTUBMB§£P
0TEBEPTOFDFTT¡SJPTTPCSFBMJHB§£PFODPOUSBNTFOBQMBDBEF
DBSBDUFSTUJDBTOPJOUFSJPSEPBQBSFMIPQBSBJTTPEFTNPOUBSP
GJMUSPNFU¡MJDPEFHPSEVSBT
&RPSULPHQWRGRFDERHOpFWULFRDSUR[P
&TUF BQBSFMIP DPSSFTQPOEF T EFUFSNJOB§µFT 6& TPCSF TVQSFTT£P
EFJOUFSGFSªODJBT
: 3HULJRGHFKRTXHHOpWULFR
%FWF FYJTUJS B QPTTJCJMJEBEF EF EFTMJHBS P BQBSFMIP EB SFEF FM©USJDB
FNRVBMRVFSBMUVSB0BQBSFMIPEFWFTFSMJHBEPBQFOBTBVNB
UPNBEBEFDPOUBDUPEFTFHVSBO§BJOTUBMBEBFNDPOGPSNJEBEF
DPNBTOPSNBT4FBGJDIBEFQPJTEBJOTUBMB§£PEPBQBSFMIPPV
FN DBTP EF OFDFTTJEBEF EF TF FGFUVBS VNB MJHB§£P GJYB EFJYBS EF
FTUBSBDFTTWFMUFNRVFFYJTUJSOBJOTUBMB§£PVNEJTQPTJUJWPEF
DPSUFNVMUJQPMBSDPNVNBBCFSUVSBEFDPOUBDUPTEFQFMPNFOPT
NN"MJHB§£PGJYBT³QPEFTFSFGFUVBEBQPSVNFMFUSJDJTUB
DSFEFODJBEP
0HGLGDVGRDSDUHOKR)LJ $
'LVWkQFLDVGHVHJXUDQoD)LJ %
3UHSDUDUDLQVWDODomR
$WHQomR
$FSUJGJRVFTF EF RVF O£P FYJTUFN DBCPT FM©USJDPT UVCPT EF H¡T PV
EF¡HVBOB[POBEPTGVSPT
 .BSDBSVNBMJOIBDFOUSBMWFSUJDBMOBQBSFEFEFTEFPUFUPBU©
QBSUFJOGFSJPSEPFYBVTUPS
 .BSDBSBTQPTJ§µFTQBSBPTQBSBGVTPTFPDPOUPSOPEB[POBEF
TVTQFOT£P
 'B[FS DJODP GVSPT DPN EJ¢NFUSP NN F  NN EF QSPGVOEJEBEF
QBSBBTGJYB§µFTFJOUSPEV[JSBTCVDIBTGBDFDPNBQBSFEF
0RQWDURDSDUHOKR
0RQWDURVXSRUWHGHSDUHGH
 "QBSBGVTBSP¢OHVMPEFGJYB§£PQBSBPQBJOFMEFDPSBUJWPEB
DIBNJO© )LJ
 "QBSBGVTBS BT TVTQFOTµFT QBSB P FYBVTUPS DPN P N¡Y EF 1P
)LJD
 "QBSBGVTBSBDBWJMIBSPTDBEBBU©FMBGJDBSTBMJFOUFEBQBSFEF
BQFOBT PP )LJE
6XVSHQGHUHDOLQKDURDSDUHOKR
: 3HULJRGHIHULPHQWRV
0TDPNQPOFOUFTJOUFSJPSFTEPBQBSFMIPQPEFNUFSBSFTUBTWJWBT
6TFMVWBTEFQSPUF§£P
 3FUJSBS B QFMDVMB EF QSPUF§£P EP BQBSFMIP QSJNFJSP OB QBSUF
EFUS¡TFEFQPJTEBNPOUBHFNSFUJS¡MBDPNQMFUBNFOUF
 4VTQFOEFSPBQBSFMIPEFGPSNBBRVFFODBJYFGJYBNFOUFOBT
TVTQFOTµFT )LJD
 /JWFMBSPBQBSFMIPOBIPSJ[POUBMBUSBW©TEBSPUB§£PEBT
TVTQFOTµFT 4F OFDFTT¡SJP EFTMPDBS P BQBSFMIP QBSB EJSFJUB PV
QBSBBFTRVFSEB )LJE
)L[DURVSDUDIXVRVGHUHWHQomR
 %FTNPOUBSPGJMUSPNFU¡MJDPEFHPSEVSBT
 .BSDBSPTGVSPTQBSBPTQBSBGVTPTEFSFUFO§£P )LJ
 3FUJSBSPBQBSFMIP
 'B[FSPTGVSPTQBSBPTQBSBGVTPTEFSFUFO§£PFJOUSPEV[JSBT
CVDIBTGBDFDPNBQBSFEF
 4VTQFOEFSPBQBSFMIP
 'JYBSPTQBSBGVTPTEFSFUFO§£P
 .POUBSPGJMUSPNFU¡MJDPEFHPSEVSBT
)L[DURDSDUHOKR
 1SFTTJPOBSBTDBQBTEFSFUFO§£PDPNBTFUBQBSBDJNBOBT
TVTQFOTµFTBU©FMBTFODBJYBSFN )LJD
 "QFSUBSCFNBQPSDBTFSSJMIBEBDPNBBSSVFMBQMBOB )LJ
$IDVWDUDVFDSDVGHUHWHQomR
$BTP BT DBQBT EF SFUFO§£P UFOIBN EF TFS BGBTUBEBT VUJMJ[BS VNB
DIBWFEFGFOEBT )LJ
/LJDURDSDUHOKR
1RWDV
1BSBPGVODJPOBNFOUPEBFYUSB§£PEFBSEFWFTFNPOUBSVNB
UBNQBEFSFGMVYP$BTPO£PWFOIBOFOIVNBUBNQBEFSFGMVYP
KVOUBNFOUFDPNPBQBSFMIPQPEFTFSBERVJSJEBOPDPN©SDJP
FTQFDJBMJ[BEP
4FPBSFWBDVBEPGPSFODBNJOIBEPBUSBW©TEBQBSFEFFYUFSJPS
EFWFTFSVUJMJ[BEBVNBDBJYBNVSBMUFMFTD³QJDB
&RQVWUXLUDOLJDomRGHH[DXVWmRGHDU
1RWD 4FGPSVUJMJ[BEPVNUVCPEFBMVNOJPBMJTBSQSJNFJSPB¡SFB
EFMJHB§£P
7XERGHH[DXVWmRPPPHGLGDUHFRPHQGDGD
 'JYBSPUVCPEFFYBVTU£PEJSFUBNFOUFOPCPDBMEFBENJTT£P
 'B[FSBMJHB§£PQBSBBTBEBEBFYBVTU£PEFBS
 7FEBSDPOWFOJFOUFNFOUFPTQPOUPTEFMJHB§£P
7XERGHH[DXVWmRPP
 'JYBSPCPDBMEFSFEV§£POPCPDBMEFBENJTT£P
 'JYBSPUVCPEFFYBVTU£POPCPDBMEFSFEV§£P
 'B[FSBMJHB§£PQBSBBTBEBEBFYBVTU£PEFBS
 7FEBSDPOWFOJFOUFNFOUFPTQPOUPTEFMJHB§£P

(IHWXDUDOLJDomRHOpWULFD
 -JHVFBGJDIBUPNBEBEFMJHB§£PUFSSBJTPMBEB
 $BTP TFKB OFDFTT¡SJB VNB MJHB§£P GJYB SFTQFJUF BT JOEJDB§µFT OP
DBQUVMP -JHB§£PFM©USJDB
0RQWDJHPGRSDLQHOGHFRUDWLYRGDFKDPLQp
: 3HULJRGHIHULPHQWRV
0TDPNQPOFOUFTJOUFSJPSFTEPBQBSFMIPQPEFNUFSBSFTUBTWJWBT
6TFMVWBTEFQSPUF§£P
 4FQBSBSPTQBJO©JTEFDPSBUJWPTEBDIBNJO©
1BSBJTTPSFUJSBSBGJUBBEFTJWB
 3FUJSBS B QFMDVMB EF QSPUF§£P FN BNCPT PT QBJO©JT EFDPSBUJWPT
EBDIBNJO©
 &ODBJYBS PT QBJO©JT EFDPSBUJWPT EB DIBNJO© VN EFOUSP EP PVUSP
1RWDV
1BSBTFFWJUBSFNSJTDPTDPMPDBSQBQFMTPCSFPTDBOUPTEP
QBJOFMEFDPSBUJWPFYUFSJPSQBSBQSPUF§£P
1BSBPGVODJPOBNFOUPQPSFYBVTU£PEFBSNPOUBSPQBJOFM
EFDPSBUJWPJOUFSJPSDPNBTSBOIVSBTWJSBEBTQBSBCBJYP
 "TTFOUBSPTQBJO©JTEFDPSBUJWPTEBDIBNJO©OPBQBSFMIP
 %FTMPDBSPQBJOFMEFDPSBUJWPJOUFSJPSQBSBDJNBFQFOEVS¡MP
FTRVFSEBFEJSFJUBOP¢OHVMPEFGJYB§£P )LJD
 &ODBJYBSPQBJOFMEFDPSBUJWPQBSBCBJYP )LJE
 "QBSBGVTBSMBUFSBMNFOUFPQBJOFMEFDPSBUJWPEBDIBNJO©DPN
EPJTQBSBGVTPTOP¢OHVMPEFGJYB§£P )LJF
'HVPRQWDURDSDUHOKR
 4PMUBSPQBJOFMEFDPSBUJWPEBDIBNJO©
 *OUFSSPNQBBMJHB§£PEPBQBSFMIPDPSSFOUF
 4PMUBSPTUVCPTEFFYBVTU£P
 "GBTUBSBTDBQBTEFSFUFO§£P
 %FTBQFSUBSPQBSBGVTPTFSSJMIBEP
 3FUJSBSPBQBSFMIP
- 19 -
zh
÷ 安裝說明
: 重要安全資訊
請仔細閱讀本說明書中的指示。 如此方能安全且正確的使用本產
品。 請妥善保管說明手冊及安裝說明,以便未來使用或交給下一位
持有人。
要安全地使用設備,請根據安全說明來以正確的方式安裝。 安裝者
有責任確保設備在安裝的位置中完善地運作。
抽油煙機闊度必須至少與爐面寬度對應。
安裝時,請遵從有效的建築條例以及當地電力和煤氣 / 氣體公司的
相關規定。
排放廢氣時,務必遵循政府與法規規定,例如建築法規。.
死亡風險 !
倒吸的廢氣可能會引致中毒。 排出的廢氣不可傳送到運作中的煙霧
或排氣煙道中,又或是由置有加熱設備的房間所使用的通風口。
要將排出的廢氣傳送到閒置的煙霧或排氣煙道,請先取得加熱設備
工程師的同意。
致命危險 !
倒吸的廢氣可能會引致中毒。
使用排氣模式時,如果依賴室內空氣的發熱裝置同時開啟,請務必
確保室內有足夠新鮮空氣。
依賴室內空氣的發熱裝置(例如以氣體、汽油、木材或煤炭為燃料
的熱爐、續流式熱爐或熱水器)從安裝所在地取得可燃氣體,再經
由排氣系統將廢氣排放至室外(例如煙囪)。
抽油煙機運作時,也會從廚房與相鄰房間抽走室內空氣。 因此,如
果兩者同時運作而新鮮空氣又不足的話,就會出現局部真空的狀
態,令有毒氣體將從煙囪或抽氣管道中倒吸入起居空間中。
因此,請確保一直有新鮮空氣流入。
單靠入氣/排氣牆箱不能確保滿足要求。
安全操作的確保方式是:燃火設備的安裝地點無論在何時,其局部
的真空狀態不得超過 4 Pa0.04 mbar)。 只要讓燃燒時所需的空
氣能夠從無法密封的開口進入(例如門上、窗戶、進氣/排氣壁箱
或藉由其他技術方式),即可滿足上述要求。
無論如何,請向負責清潔主煙囪的人士查詢。 他能夠評估整個房子
的通風設施,從而建議合適的通風方法。
如果抽油煙機只以空氣循環模式運作,即可安心操作。
致命危險 !
倒吸的廢氣可能會引致中毒。 如果通風系統安裝的地方,同時有發
熱設備連接到煙囪或煙道,抽油煙機的電力供應處需裝上合適的安
全開關。
火災風險 !
沉積在濾油網的油垢可能會造成火災。 請保持指定的安全距離,以
免熱量累積。 請注意家中烹調用具的特性。 如果同時使用氣體和
電力爐具,請保持兩者中最大的安全距離。
設備僅有一側面能直接安裝至高隔間或牆面 設備與牆面或高隔間必
須間隔 50 mm 以上
受傷風險 !
設備內部零件可能會有銳利邊緣。 請戴上保護手套。
受傷風險 !
如果沒有適當的固定設備,設備可能會掉落。 所有緊固元件都必
須安全地扣緊。
受傷風險 !
本設備重。 要移動此設備需要 2 個人。 請使用適當的工具及裝
備。
觸電風險 !
設備內部零件可能會有銳利邊緣。 這些地方可能會讓連接電源線受
損。 因此,安裝時請勿彎折或擠壓連接電源線。
觸電風險 !
務必確保能切斷烤箱的電源供應。 此設備僅限插入妥善安裝的保護
型插座。 設備安裝後若無法連接插座,或必須使用固定式連接,必
須使用全極隔離開關,並離安裝側至少 3 mm 需由專業水電工安
裝固定式連接。.
窒息危險 !
包裝材料可能會對兒童造成危險。 請勿讓孩童將包裝材料當做玩
具。
一般資訊
小心
設備損壞
設備表面容易損傷。 安裝時請避免損傷。
排氣模式
: 死亡風險 !
倒吸的廢氣可能會引致中毒。 排出的廢氣不可傳送到運作中的煙霧
或排氣煙道中,又或是由置有加熱設備的房間所使用的通風口。
要將排出的廢氣傳送到閒置的煙霧或排氣煙道,請先取得加熱設備
工程師的同意。
如果廢氣會經過外牆,請使用可伸縮牆箱。
排氣管
注意:任何與管道有關的投訴,一概不在裝置製造商的保養範圍之
內。
短型、直式而直徑大的排氣管,能讓本裝置能夠發揮最佳效能。
排氣管如果過長、凹凸不平、管子彎曲太多或直徑小於 150
mm,抽油煙機將無法發揮最佳效能,風扇噪音也會隨之增加。
鋪設排氣管道所使用的管子或軟管必須由不可燃材質所造。
圓管
議內徑 150 mm,或不少於 120 mm
扁平管
內側斷面必須配合圓管直徑。.
dia. 150 mm ca. 177 cm2
dia. 120 mm ca. 113 cm2
扁平管不可過度扭轉。
管道直徑如有差異,請使用密封條。
- 20 -
檢查牆壁
牆壁必須平整、垂直並有足夠的負載力。
鑽口深度必須與螺絲長度相同。 壁釘必須可穩定支撐
隨附的螺絲與壁釘使用於紅磚牆。 其他結構如石膏板、透水混凝
土與粘土空心磚,必須使用合適的扣件。
抽油煙機重量上限為 25 kg.
電源連接
: 觸電風險 !
設備內部零件可能會有銳利邊緣。 這些地方可能會讓連接電源線受
損。 因此,安裝時請勿彎折或擠壓連接電源線。
設備內的標牌上將有所需的連接資料 —— 拆下金屬濾油網即可看
見標牌。
電源線的長度:約 1.30 m
本設備符合歐盟對於干擾抑制的相關規定。
: 觸電風險 !
務必確保能切斷烤箱的電源供應。 此設備僅限插入妥善安裝的保護
型插座。 設備安裝後若無法連接插座,或必須使用固定式連接,必
須使用全極隔離開關,並離安裝側至少 3 mm 固定式連結必須由
水電工安裝。
設備尺寸(圖 A
安全距離(圖 B
安裝準備事項
小心
請確保鑽孔區域沒有電線、瓦斯或水管線。
1. 沿著天花板到抽油煙機的下緣劃一條垂直中線。
2. 標記螺絲的位置,並勾繪懸掛區域的輪廓。
3. 鑽五個直徑 8 mm,深度 80 mm 的固定口,釘入壁釘與牆面平
齊。
安裝設備
安裝牆面支架
1. 用螺絲鎖上排氣管的固定支架。 ( 1)
2. 以最大 3 Nm 扭距手動鎖上抽油煙機的支架。 ( 2a)
3. 將螺絲鎖入,留約 5–9 mm 長度凸出牆面。 ( 2b)
裝上並調整設備
: 受傷風險 !
設備內部零件可能會有銳利邊緣。 請戴上保護手套。
1. 安裝完後先移除設備後方的保護膜。
2. 安裝設備時,請確保其牢固地卡入支架。 ( 3a)
3. 旋轉支架調整設備的水平位置。 必要時可向左或向右移動設備。
( 3b)
鎖緊安全螺絲
1. 拆下金屬濾油網。
2. 標示安全螺絲的鑽孔位置。 ( 4)
3. 拆下設備。
4. 鑽出安全螺絲的固定口,釘入壁釘與牆面平齊。
5. 裝上設備。
6. 鎖上安全螺絲。
7. 妥善安裝金屬濾油網。
固定設備
1. 安全拴的箭頭朝上,牢牢插入支架。 ( 5a)
2. 牢牢鎖緊螺絲帽與墊圈。 ( 5)
拆下安全拴
如需移除安全拴請使用平頭螺絲起子。 ( 6)
將烤箱連接到電源
注意
排氣前,應先安裝回流閥。 如果設備未包括回流閥,請向專業零
售商查詢。
如果廢氣排放路程會通過外牆,請使用可伸縮牆箱。
連接抽風機
注意:如果使用鋁製排氣管,安裝前請先將連接部位磨平。
排氣管直徑 150 mm ( 建議尺寸 )
1. 直接將抽風機的管子接到排氣管接頭。
2. 將管子連接至抽風機接口。
3. 將接合處妥善地封好。
排氣管直徑 120 mm
1. 將變徑接頭接到排氣管接頭。
2. 將排氣管固定至變徑接頭。
3. 將管子連接至抽風機接口。
4. 將接合處妥善地封好。
建立電源連接
1. 將主電源線插入已接地的插座。
2. 如需固定連接電源,請遵從
電源連接
章節的說明。
安裝抽油煙管
: 受傷風險 !
設備內部零件可能會有銳利邊緣。 請戴上保護手套。
1. 拆除抽油煙管。
請撕開膠帶以移除抽油煙管。
2. 拆下兩個抽油煙管的保護膜。
3. 將兩個抽油煙管組裝在一起。
注意
為防止刮傷表面,請利用紙包覆抽油煙管下緣。
若要進行內循環,請將內側抽油煙管的開口朝上安裝至設備。
4. 將抽油煙管安裝至設備上。
5. 將內側抽油煙管向上推,固定左右兩側的支架上。 ( 7a)
6. 向下壓抽油煙管直到牢牢卡住。 ( 7b)
7. 用兩顆螺絲將抽油煙管鎖住支架兩側。 ( 7c)
拆除設備
1. 鬆開抽油煙管。
2. 切斷設備的電源供應。
3. 鬆開排氣管。
4. 移除安全拴。
5. 鬆開螺絲。
6. 拆下設備。
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20

BALAY 00466148 ユーザーマニュアル

タイプ
ユーザーマニュアル