Descargar PDF Manual de usuario - Samsung

DBSBDUFSÓTUJDBTEFTVOVFWP
BDPOEJDJPOBEPSEFBJSF
t 0GFSUBEF7FSBOP'SFTDP
&OFTPTEÓBTTPGPDBOUFTZOPDIFTMBSHBTJORVJFUBTOPIBZNFKPSFTDBQFEFMDBMPSRVFMB
DPNPEJEBEGSFTDBEFDBTB4VOVFWPBDPOEJDPOBEPSEFBJSFQPOFOGJOBEÓBTBHPUBEPSFT
EFWFSBOPDBMVSPTPZMFQFSNJUFEFTDBOTBS&TUFWFSBOPMVDIFDPOUSBFMDBMPSDPOTVQSPQJP
BDPOEJDJPOBEPSEFBJSF
t 4JTUFNBEF$PTUP&GJDJFOUF
4VOVFWPBDPOEJDJPOBEPSEFBJSFOPTØMPQSPQPSDJPOBNÈYJNBFOFSHÓBEFSFGSJHFSBDJØOFO
FMWFSBOPTJOPUBNCJÏOFTVONÏUPEPFGJDJFOUFEFDBMFGBDDJØOFOFMJOWJFSOPDPOFMTJTUFNB
BWBO[BEPi#PNCBEFDBMFGBDDJØOw&MTJTUFNBi#PNCBEFDBMFGBDDJØOwFTWFDFTNÈTFGJDJFOUF
FODPNQBSBDJØODPOPUSPBQBSBUPFMÏDUSJDPEFDBMFGBDDJØO%FNPEPRVFQVFEFSFEVDJSDPTUPEF
GVODJPOBNJFOUP"IPSBUJFOFVTUFEVOBDPOEJDJPOBEPSEFBJSFQBSBNVDIPTB×PT
t 6OB.JSBEBQBSB5PEBT1BSUFT
&MEJTF×PFMFHBOUFZBSNPOJPTPEBQSJPSJEBEBMBTFTUÏUJDBTEFTVFTQBDJPZDPNQMFNFOUB
DVBMRVJFSBEFTVEFDPSBDJØOJOUFSJPSFYJTUFOUF$POTVDPMPSTVBWFZGPSNBEFCPSEF
SFEPOEPFMOVFWPBDPOEJDJPOBEPSEFBJSFB×BEFFTUJMPBDBEBDVBSUP%JTGSVUFEFMPRVFTV
BDPOEJPOBEPSEFBJSFMFPGSF[DBUBOUPGVODJPOBMNFOUFDPNPFTUÏUJDBNFOUF
t 'VODJØO
-BGVODJØO
MFQFSNJUFDPOGJHVSBSVOBUFNQFSBUVSBDØNPEBEFEPSNJS"TÓRVF
QVFEFBIPSSBSFOFSHÓBZEPSNJSCJFO
1BSBSFGFSFODJBGÈDJMFOFMGVUVSPBOPUFFMOÞNFSPEFNPEFMP
ZTFSJF-PDBMJ[BSÈFMOÞNFSPEFNPEFMPBMBEFSFDIBEFM
BDPOEJDJPOBEPSEFBJSF
@ DBSBDUFSÓTUJDBT
.PEFMP
4FSJF
JOGPSNBDJØOEFTFHVSJEBE
1BSBQSFWFOJSEFTDBSHBFMÏDUSJDBEFTDPOFDUFMBFOFSHÓBBOUFTEFSFQBSBSMJNQJBSFJOTUBMBSMBVOJEBE
*/'03."$*»/%&4&(63*%"%
"OUFTEFVTBSTVOVFWPBDPOEJDJPOBEPSEFBJSFMFBFTUFNBOVBMCJFOQBSBBTFHVSBSRVFTBCFDØNPPQFSBS
EFNBOFSBTFHVSBZFGJDJFOUFMBTDBSBDUFSÓTUJDBTZGVODJPOFTFYUFOTJWBTEFTVOVFWPBQBSBUP
4ÓNCPMPTJNQPSUBOUFTEFTFHVSJEBEZQSFDBVDJPOFT
"%7&35&/$*"
13&$"6$*»/
13&$"6$*»/
1FMJHSPTPQSÈDUJDBTJOTFHVSBTRVFQPESÓBOQSPWPDBSIFSJEBQFSTPOBMTFWFSB
PNVFSUF
1FMJHSPTPQSÈDUJDBTJOTFHVSBTRVFQPESÓBOQSPWPDBSNFOPSIFSJEBQFSTPOBM
PEB×PEFQSPQJFEBE
1BSBSFEVDJSFMSJFTHPEFJODFOEJPFYQMPTJØOEFTDBSHBFMÏDUSJDBPIFSJEB
QFSTPOBMBMVUJMJ[BSTVBDPOEJDJPOBEPSEFBJSFTJHBMBTTJHVJFOUFTJOTUSVDDJPOFT
CÈTJDBTEFTFHVSJEBE
/0MPJOUFOUF
/0EFTNPOUF
/0UPRVF
4JHBEJSFDDJPOFTDPOBUFODJØO
%FTFODIVGFMBFOFSHÓBEFMBUPNBEFDPSSJFOUFEFQBSFE
"TFHÞSFTFEFRVFMBNÈRVJOBFTUÏDPOFDUBEBBUJFSSBQBSBQSFWFOJSEFTDBSHBFMÏDUSJDB
-MBNFFMDFOUSPEFDPOUBDUPQPSBZVEB
/PUB
&TUPTTJHOPTEFBEWFSUFODJBTJSWFOQBSBQSFWFOJSEB×PBVTUFEZPUSPT
4ÓHBMPTCJFO
%FTQVÏTEFMFFSFTUBTFDDJØODPOTÏSWFMBFOVOMVHBSTFHVSPQPSSFGFSFODJBFOFMGVUVSP
JOGPSNBDJØOEFTFHVSJEBE@
&41"º0-
$PNPMBTTJHVJFOUFTJOTUSVDDJPOFTEFPQFSBDJØODVCSFOWBSJPTNPEFMPTMBTDBSBDUFSÓTUJDBTEFTV
BDPOEJDJPOBEPSEFBJSFQPESÓBOEJGFSJSVOQPDPEFMBTEFTDSJUBTFOFTUFNBOVBM4JUJFOFEVEBTMMBNFBTV
DFOUSPEFDPOUBDUPDFSDBOPPQJEBBZVEBFJOGPSNBDJØOFOMÓOFBFOXXXTBNTVOHDPN
JOGPSNBDJØOEFTFHVSJEBE
"%7&35&/$*"
4*(/04%&"%7&35&/$*"44&7&3"4
/PDPMPRVFFMBDPOEJDJPOBEPSEFBJSFDFSDBEFTVTUBODJBTPFRVJQPT
QFMJHSPTPTRVFQSPEV[DBOMMBNBTMJCSFTQBSBFWJUBSJODFOEJPFYQMPTJØOP
EB×PT
t 3JFTHPQPUFODJBMEFQFMJHSPEFJODFOEJPPFYQMPTJØO
/PJOTUBMFMBVOJEBEFYUFSOBFOVOMVHBSJOFTUBCMFPTVQFSGJDJFFMFWBEB
EPOEFIBZSJFTHPQPUFODJBMEFDBÓEB
t 4JMBVOJEBEFYUFSOBOPGVODJPOBQPESÓBQSPWPDBSEB×PPQÏSEJEBEFQSPQJFEBE
'BMMPPEB×PQPESÓBPDVSSJSTJTFFGFDUÞBDVBMRVJFSDBNCJPPNPEJGJDBDJØO
OPQFSNJUJEPFOFMNBOVBMEFJOTUBMBDJØO&OFTUFDBTPFMVTVBSJPTFSÈ
SFTQPOTBCMFQPSHBTUPTEFSFQBSBDJØO
*OTUBMFFMBDPOEJDJPOBEPSEFBJSFMFKPTEFFYQPTJDJØOEJSFDUBBMBMV[EFTPM
BQBSBUPEFDBMFGBDDJØOZMVHBSFTIÞNFEPT
t $VFMHVFVOBDPSUJOBQBSBNFKPSBSMBFGJDJFODJBEFSFGSJHFSBDJØOZQBSBFWJUBSFMDPOTVNP
EFNBZPSFOFSHJB
/PDPSUFFMFODIVGFEFFOFSHÓBZDPOFDUFBVODBCMFEFFOFSHÓBEJGFSFOUF
/PUJSFFMDBCMFEFFOFSHÓBOJUPRVFFMFODIVGFEFFOFSHÓBDPONBOPT
NPKBEBT
t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB
/VODBVUJMJDFVOFODIVGFEFFOFSHÓBDBCMFEFFOFSHÓBEB×BEPTP
UPNBDPSSJFOUFGMPKP
t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB
*OTUBMFVOJOUFSSVQUPSEFDJSDVJUPFYDMVTJWPFJOUFSSVQUPSEFDJSDVJUPDPSUP
QBSBFMBDPOEJDJPOBEPSEFBJSF
t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBPJODFOEJP
/PJOTFSUFDVBMRVJFSDPTBDPNPEFEPTPSBNBTFOMBTSFKJMMBTEFM
BDPOEJDJPOBEPSEFBJSFDVBOEPFMBDPOEJDJPOBEPSEFBJSFFTUÈGVODJPOBOEP
t .BOUFOHBMPTOJ×PTMFKPTEFMBDPOEJDJPOBEPSEFBJSFQBSBQSFWFOJSMPTEFQPOFSTVTEFEPT
FOFMBDPOEJDJPOBEPSEFBJSF3JFTHPQPUFODJBMEFIFSJEBQFSTPOBM
"TFHVSFTFEFRVFOPFOUSFBHVBFOFMBDPOEJDJPOBEPSEFBJSF
t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB
t 4JFMBHVBQFOFUSBFOFMBDPOEJDJPOBEPSEFBJSFBQBHVFZEFTFODIVGFMBGVFOUFEF
FOFSHÓBJONFEJBUBNFOUF
"QBHVFFMBDPOEJDJPOBEPSEFBJSFVUJMJ[BOEPFMDPOUSPMSFNPUPQSPQPSDJPOBEP
PBDDFTPSJPEFDPOUSPMTJQSPQPSDJPOBEP
/PEFTFODIVGFMBFOFSHÓBQBSB
BQBHBSMBVOJEBEBNFOPTRVFIBZBVOQFMJHSPJONFEJBUP
/PIBHBGVODJPOBSFMBDPOEJDJPOBEPSEFBJSFQPSVOQFSÓPEPMBSHPEF
UJFNQPFOVODVBSUPDPOMBQVFSUBDFSSBEBPDPOCFCÏTQFSTPOBTWJFKBTP
EJTDBQBDJUBEBT
t "CSBMBQVFSUBPWFOUBOBTQBSBWFOUJMBSTVDVBSUPQPSMPNFOPTVOBIPSBQBSBQSFWFOJS
FTDBTF[EFPYÓHFOP
&MBDPOEJDJPOBEPSEFBJSFFTUÈDPNQVFTUPEFQJF[BTQPSUÈUJMFT.BOUFOHBB
OJ×PTMFKPTEFMBVOJEBEQBSBFWJUBSIFSJEBGÓTJDB
@ JOGPSNBDJØOEFTFHVSJEBE
"TFHÞSFTFEFRVFMPTOJ×PTUPNFOQSFDBVDJPOFTDPOUSBBDDFTPBM
BDPOEJDJPOBEPSEFBJSFZOPKVFHVFODPOMBVOJEBE
/PMJNQJFFMJOUFSJPSEFBDPOEJDJPOBEPSEFBJSFVTUFENJTNP
t 1PESÓBEB×BSMBTQJF[BTZQSPWPDBSEFTDBSHBFMÏDUSJDBPJODFOEJP
t $POTVMUFFMDFOUSPEFDPOUBDUPQPSDØNPMJNQJBSFMJOUFSJPSEFMBDPOEJDJPOBEPSEFBJSF
/PDPOFDUFFMBDPOEJDJPOBEPSEFBJSFDPOBQBSBUPEFDBMFGBDDJØOPOP
JOUFOUFEFTNPOUBSSFNPEFMBSPSFQBSBSMPVTUFENJTNP
$POTVMUFFMMVHBSEFDPNQSBPDFOUSPEFDPOUBDUPQBSBJOTUBMBSSFJOTUBMBSP
EFTNPOUBSFMBDPOEJDJPOBEPSEFBJSF
t *OTUBMBDJØOJOBEFDVBEBQSPWPDBVOSJFTHPEFNBMGVODJPOBNJFOUPEFMBVOJEBEFTDBQF
EFBHVBEFTDBSHBFMÏDUSJDBPJODFOEJP
t 4JTFJOTUBMBFOÈSFBTFTQFDJBMFTDPNPVODPNQMFKPEFGÈCSJDBPÈSFBTBMJOBEFDPTUB
DPOTVMUFFMMVHBSEFDPNQSBPDFOUSPEFDPOUBDUPQPSEFUBMMFTFTQFDÓGJDPTEFJOTUBMBDJØO
t -BTVOJEBEFTEFCFOJOTUBMBSTFTFHÞOEJTUBODJBTEFDMBSBEBTQBSBQFSNJUJSBDDFTPEFPUSP
MBEPQBSBHBSBOUJ[BSPQFSBDJØODPSSFDUBEFNBOUFOJNJFOUPPSFQBSBDJØOEFQSPEVDUPT
-BTQJF[BTEFMBVOJEBEEFCFOTFSBMDBO[BCMFTZEFTNPOUBCMFTCBKPDPOEJDJØOEF
TFHVSJEBEQBSBQFSTPOBTPDPTBT
$POTVMUFBVOEJTUSJCVJEPSSFTQFDUPBMBTNFEJBTBQSPQJBEBTEFDØNP
NBOUFOFSMBDPODFOUSBDJØOQFSNJUJCMF
t 4JTFTBMFFMSFGSJHFSBOUFFMDVBMQSPWPDBFMMJNJUFEFDPODFOUSBDJPOBFYDFEFSZQPESJB
PDVSSJSQFMJHSPEFCJEPBFTDBTF[EFPYJHFOPFOFMDVBSUP
4JMBVOJEBEJOUFSOBFTUÈNPKBEBEFTFODIVGFMBFOFSHÓBJONFEJBUBNFOUFZ
MMBNFBMDFOUSPEFDPOUBDUPNÈTDFSDBOP
t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB
4JFNQSFBTFHÞSFTFEFRVFMBBMJNFOUBDJØOFMÏDUSJDBTFDPOGPSNFDPO
FTUÈOEBSFTBDUVBMFTEFTFHVSJEBE4JNQSFJOTUBMFFMBDPOEJDJPOBEPSEFBJSF
TFHÞOFTUÈOEBSFTBDUVBMFTEFTFHVSJEBEMPDBM
$PNQSVFCFRVFMBUFOTJØOZGSFDVFODJBEFMBBMJNFOUBDJØOFMÏDUSJDBDVNQMBO
DPOMBTFTQFDJGJDBDJPOFTZRVFMBFOFSHÓBJOTUBMBEBTFBTVGJDJFOUFQBSB
HBSBOUJ[BSFMGVODJPOBNJFOUPEFDVBMRVJFSPUSPBQBSBUPEPNÏTUJDPDPOFDUBEP
BMBTNJTNBTMÓOFBTFMÏDUSJDBT
6UJMJDFVOJOUFSSVQUPSEFDJSDVJUPOPNJOBMTØMP
t /VODBVUJMJDFBMBNCSFTEFBDFSPPDPCSFDPNPVOJOUFSSVQUPSEFDJSDVJUP1PESÓBQSPWPDBS
JODFOEJPPNBMGVODJPOBNJFOUPEFVOJEBE
/PDPMPRVFQSFTJØOJOBEFDVBEBFOFMDBCMFEFFOFSHÓBOJDPMPRVFPCKFUPT
QFTBEPTFOÏTUF
/PDVSWFFMDBCMFEFFOFSHÓBFYDFTJWBNFOUF
t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB
1BSBQSPUFHFSFMQSPEVDUPEFBHVBZEFTDBSHBQPTJCMFEFCFNBOUFOFSFM
DBCMFFMÏDUSJDPZFMDPSEØOEFDPOFYJØOEFMBVOJEBEJOUFSOBZFYUFSOBFOFM
UVCPEFQSPUFDDJØO
"MBCSJSPDFSSBSFMQBOFMEFMBOUFSPVTFVOCBODPFTUBCMFZUFOHBDVJEBEP
DPOTVTQBTPT
%FTDPOFDUFFMBDPOEJDJPOBEPSEFBJSFEFMBBMJNFOUBDJØOFMÏDUSJDBBOUFTEF
SFQBSBSPEFTNPOUBSMP
-JNQJFFMBDPOEJDJPOBEPSEFBJSFEFTQVÏTEFRVFFMWFOUJMBEPSJOUFSOPQBSF
EFGVODJPOBS
t 3JFTHPQPUFODJBMEFEB×PPEFTDBSHBFMÏDUSJDB
JOGPSNBDJØOEFTFHVSJEBE@
&41"º0-
t 3JFTHPQPUFODJBMEFNBMGVODJPOBNJFOUPEFTDBSHBFMÏDUSJDBPJODFOEJP4JTFSFRVJFSF
SFQBSBDJØODPOTVMUFFMDFOUSPEFDPOUBDUP
JOGPSNBDJØOEFTFHVSJEBE
"%7&35&/$*"
4*(/04%&"%7&35&/$*"44&7&3"4$0/5*/6"%0
6UJMJDFVOUPNBDPSSJFOUFRVFUFOHBVOUFSNJOBMBUJFSSB&MUPNBDPSSJFOUF
EFCFVUJMJ[BSTFFYDMVTJWBNFOUFQBSBFMBDPOEJDJPOBEPSEFBJSF
t -BDPOFYJØOFMÏDUSJDBJOBEFDVBEBBUJFSSBQPESÓBQSPWPDBSEFTDBSHBFMÏDUSJDBPJODFOEJP
"TFHÞSFTFEFRVFMBDPOFYJØOBQSPQJBEBBUJFSSBFTUÏFTUBCMFDJEBBMJOTUBMBS
FMBDPOEJDJPOBEPSEFBJSF
t 4JMBVOJEBEOPFTUÈDPOFDUBEBBUJFSSBDPSSFDUBNFOUFVOBEFTDBSHBFMÏDUSJDBQPESJBPDVSSJS
4JIVFMFBQMÈTUJDPRVFNBEPPZFTPOJEPTFYUSB×PTPWFIVNPWJOJFOEPEF
MBVOJEBEEFTFODIVGFFMBDPOEJDJPOBEPSEFBJSFJONFEJBUBNFOUFZMMBNFB
VODFOUSPEFDPOUBDUP
t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB
13&$"6$*»/
4*(/04%&13&$"6$*»/
/PCMPRVFFOJDPMPRVFBSUÓDVMPTEFMBOUFEFMBDPOEJDJPOBEPSEFBJSF/PQJTF
DVFMHVFPDPMPRVFBSUÓDVMPTQFTBEPTFOFMBDPOEJDJPOBEPSEFBJSF
t 3JFTHPQPUFODJBMEFEB×PQFSTPOBM
4JGBMMBPEB×PPDVSSFFOMBTDPOEJDJPOFTEFVTPJOBEFDVBEPRVFFM
NBOVBMEFJOTUBMBDJØOOPQFSNJUFIBCSÈVOBMBCPSFYUSBQBSBJOTUBMBDJØOZ
DPOTUSVDDJØO
t 3JFTHPQPUFODJBMEFNBMGVODJPOBNJFOUPEFTDBSHBFMÏDUSJDBPJODFOEJPTJVOUÏDOJDPOP
DVBMJGJDBEPEFTFSWJDJPJOUFOUBSFQBSBSPJOTUBMBS
/PFDIFHBTFTJOGMBNBCMFTDPNPJOTFDUJDJEBDFSDBEFMBDPOEJDJPOBEPSEFBJSF
t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBJODFOEJPPNBMGVODJPOBNJFOUPEFVOJEBE
/PBCSBMBSFKJMMBEFMBOUFSBEVSBOUFMBPQFSBDJØO
t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBPNBMGVODJPOBNJFOUPEFVOJEBE
"JSFGSÓPOPEFCFGMVJSEJSFDUBNFOUFIBDJBHFOUFBOJNBMFTZQMBOUBT
t &TQFSKVEJDJBMQBSBTVTBMVEBOJNBMFTZQMBOUBT
/PUPNFBHVBEFMBDPOEJDJPOBEPSEFBJSF
t 3JFTHPQPUFODJBMEFQFMJHSPEFTBMVE
/PEFKFBMPTOJ×PTTVCJSFOFMBDPOEJDJPOBEPSEFBJSF
/PVUJMJDFFMBDPOEJDJPOBEPSEFBJSFDPNPVOJOTUSVNFOUPEFSFGSJHFSBDJØO
QBSBDPNJEBBOJNBMFTQMBOUBTDPTNÏUJDPTPNÈRVJOB
/PUJSFPEFHPMQFFYDFTJWPBMBDPOEJDJPOBEPSEFBJSF
t 3JFTHPQPUFODJBMEFJODFOEJPPNBMGVODJPOBNJFOUPEFVOJEBEZIBZSJFTHPEFIFSJEB
QFSTPOBMQPSRVFMBVOJEBEQPESÓBDBFSTF
/PFDIFBHVBEJSFDUBNFOUFFOFMBDPOEJDJPOBEPSEFBJSFPVUJMJDFCFODFOP
EJTPMWFOUFPBMDPIPMQBSBMJNQJBSMBTVQFSGJDJFEFMBVOJEBE
t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBPJODFOEJP
t 3JFTHPQPUFODJBMEFEB×PBMBDPOEJDJPOBEPSEFBJSF
/PDPMPRVFWBTPTDPOMÓRVJEPVPUSPTPCKFUPTFOMBVOJEBE
@ JOGPSNBDJØOEFTFHVSJEBE
/PUPRVFFMUVCPDPOFDUBEPBMBDPOEJDJPOBEPSEFBJSF
*OTUBMFMBVOJEBEJOUFSOBMFKPTEFBQBSBUPEFJMVNJOBDJØOVTBOEPFMCBMBTUSP
t 4JVTBFMDPOUSPMSFNPUPJOBMÈNCSJDPFSSPSEFSFDFQDJØOQPESÓBPDVSSJSEFCJEPBMCBMBTUSF
EFBQBSBUPEFJMVNJOBDJØO
*OTUBMFMBVOJEBEFYUFSOBEPOEFFMSVJEPZWJCSBDJØOEFGVODJPOBNJFOUPOP
NPMFTUFOBTVTWFDJOPTZFTUÏCJFOWFOUJMBEPTJOPCTUÈDVMP
t 3JFTHPQPUFODJBMEFNBMGVODJPOBNJFOUP
t 3VJEPEFGVODJPOBNJFOUPQPESÓBNPMFTUBSBTVTWFDJOPT
t 7FOUJMBDJØOJOTVGJDJFOUFQPESÓBSFTVMUBSFOSFOEJNJFOUPCBKP
4JFMDBCMFPDPSEØOEFFOFSHÓBFTUÈEB×BEPFMGBCSJDBUOFVOUÏDOJDP
DVBMJGJDBEPEFTFSWJDJPEFCFSFFNQMB[BSMPQBSBFWJUBSVOSJFTHPQPUFODJBM
4JTVDFEFFTDBTF[EFFOFSHÓBNJFOUSBTRVFFMBDPOEJDJPOBEPSEFBJSFFTUÏ
GVODJPOBOEPBQBHVFMBGVFOUFEFFOFSHÓBJONFEJBUBNFOUF
$PSSJFOUFNÈYJNBTFNJEFTFHÞO*&$FTUÈOEBSQBSBTFHVSJEBEZDPSSJFOUFTF
NJEFTFHÞO*40FTUÈOEBSQBSBFGJDJFODJBEFFOFSHÓB
$PNQSVFCFFMEB×PFOFMFOWÓP4JFTUÈEB×BEPOPJOTUBMFFMBDPOEJDJPOBEPS
EFBJSFZMMBNFBMMVHBSEFDPNQSBJONFEJBUBNFOUF
.BOUFOHBMBUFNQFSBUVSBEFMJOUFSJPSFTUBCMFZOPFYUSFNBEBNFOUFGSÓB
FTQFDJBMNFOUFEPOEFIBZBOJ×PTQFSTPOBTWJFKBTPEJTDBQBDJUBEBT
&MNBUFSJBMEFFNCBMBKFZCBUFSÓBTVTBEBTEFMDPOUSPMSFNPUPPQDJPOBM
EFCF
FDIBSTFTFHÞOMPTFTUÈOEBSFTOBDJPOBMFT
&MSFGSJHFSBOUFVUJMJ[BEPFOFMBDPOEJDJPOBEPSEFBJSFEFCFUSBUBSTFDPNP
SFTJEVPRVÓNJDP$BSHVFFMSFGSJHFSBOUFTFHÞOFTUÈOEBSFTOBDJPOBMFT
6OUÏDOJDPDVBMJGJDBEPEFTFSWJDJPEFCFJOTUBMBSFMBDPOEJDJPOBEPSEFBJSFZ
FGFDUVBSVOBPQFSBDJØOEFQSVFCB
$POFDUFCJFOMBNBOHVFSBEFESFOBKFBMBDPOEJDJPOBEPSEFBJSFQPSVO
ESFOBKFBQSPQJBEPEFBHVB
$IFRVFFMBVOJEBEFYUFSOBQPSMPNFOPTVOBWF[BMB×P
t 3JFTHPQPUFODJBMEFIFSJEBQFSTPOBMPQÏSEJEBEFQSPQJFEBE
"TFHÞSFTFEFVUJMJ[BSFMDPOUSPMSFNPUPJOBMÈNCSJDPIBTUBVOBEJTUBODJBEF
BQSPYJNBEBNFOUFNEFMTFOTPSEFMDPOUSPMSFNPUPEFMBDPOEJDJPOBEPSEF
BJSF
4JFMDPOUSPMSFNPUPOPTFVTBQPSVOMBSHPQFSÓPEPEFUJFNQPTBRVFMBT
CBUFSÓBTQBSBQSFWFOJSFTDBQFEFFMFDUSPMJUP
"MMJNQJBSMBVOJEBEFYUFSOBUPRVFMBTBMFUBTEFMSBEJBEPSEFJOUFSDBNCJBEPS
EFDBMPSDPONVDIPDVJEBEP
t -MFWBSHVBOUFTHSVFTPTQBSBQSPUFHFSTVTNBOPT
"TFHÞSFTFEFRVFFMBHVBDPOEFOTBEBEFNBOHVFSBEFESFOBKFTBMHBEF
NBOFSBBEFDVBEBZTFHVSB
&MBQBSBUPOPTJSWFQBSBVTPQPSQFSTPOBTJODMVZFOEPOJ×PT
DPODBQBDJEBE
SFEVDJEBGÓTJDBTFOTPSJBMPNFOUBMPGBMUBEFFYQFSJFODJBZDPOPDJNJFOUP
BNFOPTRVFMFTIBZBOEBEPTVQFSWJTJØOPJOTUSVDDJØOTPCSFVTPEFM
BQBSBUPQPSVOBQFSTPOBSFTQPOTBCMFEFTVTFHVSJEBE/J×PTEFCFOTFS
TVQFSWJTBEPTQBSBBTFHVSBSRVFOPKVFHVFODPOFMBQBSBUP
JOGPSNBDJØOEFTFHVSJEBE@
&41"º0-
"TFHÞSFTFEFRVFMBUBQBPDVBMRVJFSPCTUÈDVMPOPFTUÏDFSDBEFM
BDPOEJDJPOBEPSEFBJSF
%FTVGJDJFOUFFTQBDJPQBSBFMBDPOEJDJPOBEPSEFBJSF
JOGPSNBDJØOEFTFHVSJEBE
13&$"6$*»/
4*(/04%&13&$"6$*»/$0/5*/6"%0
6OUÏDOJDPDBMJGJDBEPEFTFSWJDJPEFCFJOTQFDDJPOBSMBDPOEJDJØO
DPOFYJPOFTFMÏDUSJDBTUVCPTZDBKBFYUFSOBEFMBDPOEJDJPOBEPSEFBJSFDPO
SFHVMBSJEBE
/PBCSBQVFSUBTZWFOUBOBTFOFMDVBSUPTJFOEPSFGSFTDÈOEPTFEVSBOUF
PQFSBDJØOBNFOPTRVFTFBOFDFTBSJP
/PCMPRVFFMBTSFKJMMBTEFWFOUJMBDJØOEFMBDPOEJDJPOBEPSEFBJSF4JPCKFUPT
CMPRVFBOFMGMVKPEFBJSFQPESÓBQSPWPDBSNBMGVODJPOBNJFOUPEFBJSFP
SFOEJNJFOUPCBKP
"TFHÞSFTFEFRVFOPIBZBPCTUÈDVMPTCBKPMBVOJEBEJOUFSOB
t 3JFTHPQPUFODJBMEFJODFOEJPPQÏSEJEBEFQSPQJFEBE
"TFHÞSFTFEFRVFMPTJOUFSSVQUPSFTEFFODFOEJEPZBQBHBEPZQSPUFDDJØO
FTUÏOCJFOJOTUBMBEPT
/PVUJMJDFFMBDPOEJDJPOBEPSEFBJSFTJFTUÈEB×BEP4JFYJTUFO
QSPCMFNBTQBSFJONFEJBUBNFOUFMBPQFSBDJPOZEFTDPOFDUFFMFODIVGFEFMB
BMJNFOUBDJPOFMFDUSJDB
4JFMBDPOEJDJPOBEPSEFBJSFOPTFVUJMJ[BQPSVOMBSHPQFSÓPEPEFUJFNQPQPS
FKFNQMPQPSVOPTNFTFT
EFTFODIVGFMBFOFSHÓBEFMBQBSFE
-MBNFBMMVHBSEFDPNQSBPVODFOUSPEFDPOUBDUPTJTFSFRVJFSFSFQBSBDJØO
t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDBTJVOUÏDOJDPOPDVBMJGJDBEPEFTFSWJDJP
JOUFOUBEFTNPOUBSPSFQBSBSFMBDPOEJDJPOBEPSEFBJSF
@ JOGPSNBDJØOEFTFHVSJEBE
DPOUFOJEPT
7&346"$0/%*$*0/"%03%&"*3& $IFRVFBSMBVOJEBEJOUFSOBZQBOUBMMBEJHJUBM
01&3"3'6/$*»/#«4*$"
&ODFOEFSZBQBHBSFMBDPOEJDJPOBEPSEFBJSF
&MFHJSNPEPEFGVODJPOBNJFOUP
"VUP
3FGSJHFSBS
4FDBS
7FOUJMBS
$BMFOUBS
"KVTUBSMBEJSFDDJØOEFGMVKPEFBJSF
'MVKPEFBJSFWFSUJDBM
'MVKPEFBJSFIPSJ[POUBM
64"3'6/$*0/&4"7"/;"%"4 6TBSMBGVODJØOUVSCP
$POGJHVSBSUFNQPSJ[BEPS
5FNQPSJ[BEPSEFFODFOEJEP
5FNQPSJ[BEPSEFBQBHBEP
$PNCJOBS5FNQPSJ[BEPSEFFODFOEJEPZ
5FNQPSJ[BEPSEFBQBHBEP
.PEP
5FNQFSBUVSBDBNCJBFONPEP
6TBSMBGVODJØO4NBSU4BWFS
-*.1*"3:."/5&/&3&- -JNQJBSFMFYUFSJPS
"$0/%*$*0/"%03%&"*3& -JNQJBSFMGJMUSP
"/&90
'JMUSPEFBJSF
.BOUFOFSTVBDPOEJDJPOBEPSEFBJSF
$IFRVFPTQFSJØEJDPT
1SPUFDDJPOFTJOUFSOBTWÓBFMTJTUFNBEF
DPOUSPMEFVOJEBE
3FTPMVDJØOEFQSPCMFNBT
3BOHPTEFGVODJPOBNJFOUP
&TUFQSPEVDUPIBTJEPBQSPCBEPDPOGPSNFB%JSFDUJWBEF5FOTJØO#BKB&$
Z%JSFDUJWBEF$PNQBUJCJMJEBE
&MFDUSPNBHOÏUJDB&&$
EFMB6OJØO&VSPQFB
&MJNJOBDJØODPSSFDUBEFFTUFQSPEVDUP
3FTJEVPTEFBQBSBUPTFMÏDUSJDPTZFMFDUSØOJDPT
"QMJDBCMFFOMB6OJØO&VSPQFBZFOQBÓTFTFVSPQFPTDPOTJTUFNBTEFSFDPHJEBTFMFDUJWBEFSFTJEVPT
-BQSFTFODJBEFFTUFTÓNCPMPFOFMQSPEVDUPBDDFTPSJPTPNBUFSJBMJOGPSNBUJWPRVFMPBDPNQB×BOJOEJDBRVFBMGJOBMJ[BSTVWJEBÞUJM
OJFMQSPEVDUPOJTVTBDDFTPSJPTFMFDUSØOJDPTDPNPFMDBSHBEPSDBTDPTDBCMF64#
EFCFSÈOFMJNJOBSTFKVOUPDPOPUSPTSFTJEVPT
EPNÏTUJDPT1BSBFWJUBSMPTQPTJCMFTEB×PTBMNFEJPBNCJFOUFPBMBTBMVEIVNBOBRVFSFQSFTFOUBMBFMJNJOBDJØOJODPOUSPMBEBEF
SFTJEVPTTFQBSFFTUPTQSPEVDUPTEFPUSPTUJQPTEFSFTJEVPTZSFDÓDMFMPTDPSSFDUBNFOUF%FFTUBGPSNBTFQSPNVFWFMBSFVUJMJ[BDJØO
TPTUFOJCMFEFSFDVSTPTNBUFSJBMFT
-PTVTVBSJPTQBSUJDVMBSFTQVFEFODPOUBDUBSDPOFMFTUBCMFDJNJFOUPEPOEFBERVJSJFSPOFMQSPEVDUPPDPOMBTBVUPSJEBEFTMPDBMFT
QFSUJOFOUFTQBSBJOGPSNBSTFTPCSFDØNPZEØOEFQVFEFOMMFWBSMPQBSBRVFTFBTPNFUJEPBVOSFDJDMBKFFDPMØHJDPZTFHVSP
-PTVTVBSJPTDPNFSDJBMFTQVFEFODPOUBDUBSDPOTVQSPWFFEPSZDPOTVMUBSMBTDPOEJDJPOFTEFMDPOUSBUPEFDPNQSB&TUFQSPEVDUPZ
TVTBDDFTPSJPTFMFDUSØOJDPTOPEFCFOFMJNJOBSTFKVOUPBPUSPTSFTJEVPTDPNFSDJBMFT
DPOUFOJEPT@
&41"º0-
1JF[BTQSJODJQBMFT
1BOUBMMB
"CSJSFMQBOFMEFMBOUFSP
#PUØOEFFOFSHÓBZTFOTPSEFUFNQFSBUVSBEFDVBSUP
$IFRVFBSMBVOJEBEFYUFSOB
$IFRVFBSFMDPOUSPMSFNPUP
1BOUBMMBEFDPOUSPMSFNPUP
6TBSFMDPOUSPMSFNPUP
*OTUBMBSMBTCBUFSÓBT
WFSTVBDPOEJDJPOBEPSEFBJSF
&OIPSBCVFOBQPSDPNQSBSFMBDPOEJDJPOBEPSEFBJSF&TQFSBNPTRVFMFHVTUFOMBTDBSBDUFSÓTUJDBTEFTV
BDPOEJPOBEPSEFBJSFZTFOUJSTFGSFTDPPUFNQMBEPDPOFGJDJFODJBØQUJNB
-FBFMNBOVBMEFVTVBSJPQBSBDPNFO[BSZBQSPWFDIBSCJFOFMBDPOEJPOBEPSEFBJSF
$)&26&"3-"6/*%"%*/5&3/":1"/5"--"%*(*5"%FTFNCBMFDPOBUFODJØOTVBDPOEJDJPOBEPSEFBJSFZDIFRVFFMBVOJEBEQBSBBTFHVSBSRVFOPFTUÏEB×BEB
1JF[BTQSJODJQBMFT
'JMUSPEFBJSFCBKPFMQBOFM
&OUSBEBEFBJSF
)PKBEFGMVKPEFBJSF
BSSJCBZBCBKP
1BMBODBEFDMBWJKBEFIPKB
)PKBEFGMVKPEFBJSF
J[RVJFSEBZ
EFSFDIB
1BOUBMMB
3FDFQUPSEF$POUSPM3FNPUP
*OEJDBEPSEFGVODJPOBNJFOUP
*OEJDBEPSEFUFNQPSJ[BEPS
*OEJDBEPS4NBSU4BWFS
#PUØOEF&OFSHÓB
4VBDPOEJDJPOBEPSEFBJSFQPESÓBTFSVOQPDPEJGFSFOUFEFJMVTUSBDJØOFYIJCJEB
EFQFOEJFOEPEFTVTVNPEFMP
@SFWJTBS
"#3*3&-1"/&-%&-"/5&30
5PNFCJFOMBQBSUFEFMBOUFSBEFMQBOFMEFMBOUFSPZFMFWFFMQBOFMQBSBBCSJS-VFHPFMFWFVOQPDPFMQBOFM
IBTUBRVFFMQBOFMTFGJKFCJFOFOMPTHBODIPTEFMBVOJEBE
&41"º0-
#PUØOEFFOFSHÓBZTFOTPSEFUFNQFSBUVSBEFDVBSUP
1VFEFMPDBMJ[BSFMCPUØO&OFSHÓB FOMBQBSUFJOGFSJPSEFSFDIBEFMBDPOEJDJPOBEPSEFBJSF4JFM
QBOFMEFMBOUFSPFTUÈBCJFSUPQVFEFDIFRVFBSFMTFOTPSEFUFNQFSBUVSBEFDVBSUP
1VFEFFODFOEFSFMBDPOEJDJPOBEPSEFBJSFTJOFMDPOUSPMSFNPUPQSFTJPOBOEPFMCPUØO&OFSHÓB &MTFOTPSEFUFNQFSBUVSBEFDVBSUPNJEFMBUFNQFSBUVSBEFDVBSUPJOUFSOP
"TFHÞSFTFEFRVFFMTFOTPSEFUFNQFSBUVSBZIVNFEBEEFDVBSUPOPFTUÏEB×BEP
13&$"6$*»/
4FOTPSEF
UFNQFSBUVSBEF
DVBSUP
#PUØOEFFOFSHÓB
$)&26&"3-"6/*%"%&95&3/"
4FSJFT"23
4FSJFT"264FSJFT"26
&OUSBEBEF"JSF
1BSUF5SBTFSB
&OUSBEBEF"JSF
1BSUF5SBTFSB
7ÈMWVMBEFDPOFYJØO
7ÈMWVMBEFDPOFYJØO
4BMJEBEFBJSF
4BMJEBEFBJSF
4FSJFT"26
4FSJFT"26
&OUSBEBEF"JSF
1BSUF5SBTFSB
&OUSBEBEF"JSF
1BSUF5SBTFSB
7ÈMWVMBEFDPOFYJØO
4BMJEBEFBJSF
4BMJEBEFBJSF
7ÈMWVMBEFDPOFYJØO
SFWJTBS@
WFSTVBDPOEJDJPOBEPSEFBJSF
$)&26&"3&-$0/530-3&.050
1VFEFBDUJWBSTVBDPOEJDJPOBEPSEFBJSFBQVOUBOEPFMDPOUSPMSFNPUPEFTEFMFKPT"MVTBSFMDPOUSPMSFNPUP
TJFNQSFBQÞOUFMPEJSFDUBNFOUFFOFMBDPOEJDJPOBEPSEFBJSF
1BOUBMMBEFDPOUSPMSFNPUP
5VSCP
&OFSHÓB
1BSBFODFOEFSBQBHBSFM
BDPOEJDJPOBEPSEFBJSF
.PEP
$POGJHVSBSVOPEFMPTNPEPTEF
GVODJPOBNJFOUP7FBQÈHJOBT_
QPSJOTUSVDDJPOFT
7FOUJMBEPSvw
"KVTUFFMGMVKPEFBJSFRVFQBTB
QPSFMBDPOEJDJPOBEPSEFBJSFDPO
WFMPDJEBEFTEJGFSFOUFTDPNP
"VUP#BKB.FEJB"MUB
4NBSU4BWFS
$POQPDPDPOTVNPEFFOFSHÓB
QVFEFSFGSFTDBSTVFTQBDJPFOUSFFM
SBOHPEFUFNQFSBUVSB$_$
5FNQPSJ[BEPSEF&ODFOEJEP
1BSBBDUJWBSFM5FNQPSJ[BEPSEF&ODFOEJEP
"KVTUFFMUFNQPSJ[BEPSEFFODFOEJEP
0QFSBSFOWFMPDJEBEBVUPEFWFOUJMBEPS
QBSBSFGSJHFSBSDBMFOUBSSÈQJEBNFOUF
#BMBODFPEFBJSF
1BSBBDUJWBSEFTBDUJWBSFMNPWJNJFOUPEF
IPKBEFGMVKPEFBJSFIBDJBBSSJCBZBCBKP
BVUPNÈUJDBNFOUF
5FNQrs
1BSB4VCJS#BKBSMBUFNQFSBUVSBQPS„$
1BSBBDUJWBSFMNPEP
$POGJHVSBS$BODFMBS
1BSB$POGJHVSBS$BODFMBSMBGVODJØOEF
UFNQPSJ[BEPS
5FNQPSJ[BEPSEF"QBHBEP
1BSBBDUJWBSFM5FNQPSJ[BEPSEF"QBHBEP
"KVTUFFMUFNQPSJ[BEPSEFBQBHBEP
$VBOEPQSFTJPOFFTUFCPUØOVOQJUJEPDPSUPTPOBSÈZVOJOEJDBEPSEFUSBOTNJTJØO
BQBSFDFSÈFOMBQBOUBMMBEFDPOUSPMSFNPUP
@ SFWJTBS
1BOUBMMBEFDPOUSPMSFNPUP
*OEJDBEPSEFNPEPEF
GVODJPOBNJFOUP
*OEJDBEPSEFUFNQPSJ[BEPS
EFFODFOEJEP
*OEJDBEPS
*OEJDBEPSEFUFNQPSJ[BEPS
EFBQBHBEP
*OEJDBEPSEFUSBOTNJTJØO
$POGJHVSBSJOEJDBEPS
EFUFNQFSBUVSBIPSB
*OEJDBEPSEFWFMPDJEBEEF
WFOUJMBEPS
*OEJDBEPS5VSCP
"VUP5VSCP
*OEJDBEPS4NBSU4BWFS
#BKB
*OEJDBEPSEF
#BMBODFPEF"JSF
.FEJB
"MUB
6TBSFMDPOUSPMSFNPUP
t"QVOUFFMDPOUSPMSFNPUPIBDJBFMTFOTPSEFMDPOUSPMSFNPUPEFMBVOJEBEWFBQÈHJOB
QPSMBMPDBMJEBEEFSFDFQUPSEFDPOUSPMSFNPUP
t4JQSFTJPOBFMCPUØOFOFMDPOUSPMSFNPUPPJSÈFMTPOJEPEFQJUJEPEFTEFMBVOJEBE
t-BTF×BMQPESÓBOPTFSSFDJCJEBCJFOFOMBTCPNCJMMBTGMVPSFTDFOUFTEFUJQPFMFDUSØOJDP
DPNPCPNCJMMBTGMVPSFTDFOUFTEFJOWFSTPSFTUÈOFOFMNJTNPFTQBDJP
t4JPUSPTQSPEVDUPTFMÏDUSJDPTGVODJPOBODPOFMDPOUSPMSFNPUPMMBNFTVDFOUSPEF
DPOUBDUPDFSDBOP
*OTUBMBSMBTCBUFSÓBT
&NQVKFMBQBMBODB
DVBOEPGMFDIBJOEJDB
FOMBQBSUFUSBTFSB
EFMDPOUSPMSFNPUPZ
FMÏWFMB
*OTUBMFEPTCBUFSÓBT"""
$JFSSFMBUBQBEFTMJ[ÈOEPMB
IBDJBBUSÈTBTVQPTJDJØO
$PNQSVFCFZIBHB
PSJHJOBM
KVFHPMPTTJHOPTiwZiw
BQSPQJBEBNFOUF"TFHÞSFTF
%FCFPJSTPOJEPEFDMJD
EFIBCFSJOTUBMBEPMBT
DVBOEPMBUBQBFTUÏ
CBUFSÓBTFOEJSFDDJØODPSSFDUB
CMPRVFBEBBQSPQJBEBNFOUF
&MJNJOBDJØODPSSFDUBEFMBTCBUFSÓBTEFFTUFQSPEVDUP
"QMJDBCMFFOMB6OJØO&VSPQFBZFOPUSPTQBÓTFTFVSPQFPTDPOTJTUFNBTEFSFDPHJEBTFMFDUJWBEF
CBUFSÓBT
-BQSFTFODJBEFFTUBNBSDBFOMBTCBUFSÓBTFMNBOVBMPFMQBRVFUFEFMQSPEVDUPJOEJDBRVF
DVBOEPIBZBGJOBMJ[BEPMBWJEBÞUJMEFMBTCBUFSÓBTOPEFCFSÈOFMJNJOBSTFKVOUPDPOPUSPTSFTJEVPT
EPNÏTUJDPT-PTTÓNCPMPTRVÓNJDPT)H$EP1CTJBQBSFDFOJOEJDBORVFMBCBUFSÓBDPOUJFOF
NFSDVSJPDBENJPPQMPNPFOOJWFMFTTVQFSJPSFTBMPTWBMPSFTEFSFGFSFODJBBENJUJEPTQPSMB
%JSFDUJWBEFMB6OJØO&VSPQFB4JMBTCBUFSÓBTOPTFEFTFDIBODPOWFOJFOUFNFOUFFTUBT
TVTUBODJBTQPESÓBOQSPWPDBSMFTJPOFTQFSTPOBMFTPEB×BSFMNFEJPBNCJFOUF
1BSBQSPUFHFSMPTSFDVSTPTOBUVSBMFTZQSPNPWFSFMSFDJDMBKFTFQBSFMBTCBUFSÓBTEFMPTEFNÈT
SFTJEVPTZSFDÓDMFMBTNFEJBOUFFMTJTUFNBEFSFDPHJEBHSBUVJUPEFTVMPDBMJEBE
SFWJTBS@
&41"º0-
*OEJDBEPSEFCBUFSÓB
CBKB
PQFSBSGVODJØOCÈTJDB
&/$&/%&3:"1"("3&-"$0/%*$*0/"%03%&"*3&
1SFTJPOFFMCPUØO&OFSHÓB
FOFMDPOUSPMSFNPUP
0JSÈVOTPOJEPEFUJNCSFZMBIPKBEFGMVKPEFBJSFTFNPWFSÈIBDJB
BSSJCBZBCBKPBVUPNÈUJDBNFOUFDVBOEPFMBDPOEJDJPOBEPSEFBJSF
FTUÏFODFOEJEP
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈFOFMNPEPNÈTSFDJFOUF
VUJMJ[BEPPNPEP"VUP
$VBOEPBQBHVFFMBDPOEJDJPOBEPSEFBJSFMBIPKBEFGMVKPEFBJSF
QBSBSÈEFNPWFSZNBOUJFOFDFSSBEB
&ODFOEFSBQBHBSTVBDPOEJDJPOBEPSEFBJSFTJOFMDPOUSPMSFNPUP
1VFEFPQFSBSTVBDPOEJDJPOBEPSEFBJSFQSFTJPOBOEPFMCPUØO&OFSHÓB FOMBQBSUFJOGFSJPSEFSFDIB
EFMBDPOEJDJPOBEPSEFBJSF
&-&(*3.0%0%&'6/$*0/".*&/50
"VUP
&ONPEP"VUPFMBDPOEJDJPOBEPSEFBJSFDPOGJHVSBSÈBVUPNÈUJDBNFOUFMBUFNQFSBUVSBZMB
WFMPDJEBEEFWFOUJMBEPSEFQFOEJFOEPEFUFNQFSBUVSBEFDVBSUPEFUFDUBEBQPSFMTFOTPSEF
UFNQFSBUVSBEFDVBSUP
&ODJFOEBFMBDPOEJDJPOBEPSEFBJSF
1SFTJPOFFMCPUØO&OFSHÓB
FOFMDPOUSPMSFNPUP
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUB
RVFFMNPEP"VUPZ"VUPJOEJDBEPSEFWFMPDJEBEEF
WFOUJMBEPSBQBSF[DBOFOMBQBOUBMMBEFMDPOUSPMSFNPUP
&MBDPOEJDJPOBEPSEFBJSFDPOGJHVSBSÈBVUPNÈUJDBNFOUF
FMNPEPEFGVODJPOBNJFOUPB3FGSFTDBSP$BMFOUBS
EFQFOEJFOEPEFUFNQFSBUVSBEFDVBSUP
$BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP
DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS
"KVTUFMBUFNQFSBUVSBTJOFDFTJUBTVCJSPCBKBSMB
UFNQFSBUVSBEFDVBSUP
1SFTJPOFMB5FNQr Ps FOFMDPOUSPMSFNPUPQBSBCBKBS
PTVCJSMBUFNQFSBUVSBEFTFBEB
1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM
SBOHPEF„$_„$
1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS„$
t $VBOEPFMBDPOEJDJPOBEPSZBFTUÏGVODJPOBOEPFOPUSPNPEPQSFTJPOFFMCPUØO.PEP
IBTUB"VUPJOEJDBEPSEFNPEPBQBSF[DBFOMBQBOUBMMBEFMDPOUSPMSFNPUP
t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV
TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP
t 'MVKPEFBJSFQVFEFTFSBKVTUBEPNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT
@PQFSBDJØO
3FGSJHFSBS
&ONPEP3FGSJHFSBSFMBDPOEJDJPOBEPSEFBJSFSFGSFTDBSÈTVDVBSUP1VFEFBKVTUBSMBUFNQFSBUVSB
ZMBWFMPDJEBEEFWFOUJMBEPSQBSBTFOUJSTFNÈTGSFTDPFOFTUBDJØODBMVSPTB
&ODJFOEBFMBDPOEJDJPOBEPSEFBJSF
1SFTJPOFFMCPUØO&OFSHÓB
FOFMDPOUSPMSFNPUP
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF
FMJOEJDBEPSEFNPEP3FGSJHFSBSBQBSF[DBFOMBQBOUBMMB
EFMDPOUSPMSFNPUP
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP3FGSJHFSBS
ZCBKBSÈMBUFNQFSBUVSBFOTVDVBSUP
&41"º0-
$BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP
DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS
$POGJHVSFMBUFNQFSBUVSB
1SFTJPOF5FNQr PsFOFMDPOUSPMSFNPUPQBSBCBKBSP
TVCJSMBUFNQFSBUVSBEFTFBEB
1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM
SBOHPEF„$_„$
1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS„$
$POGJHVSFMBWFMPDJEBEEFWFOUJMBEPS
1SFTJPOFFMCPUØO7FOUJMBSvPwFOFMDPOUSPMSFNPUP
QBSBDPOGJHVSBSMBWFMPDJEBEEFWFOUJMBEPSEFTFBEB
4JMBUFNQFSBUVSBEFDVBSUPMMFHBBMWBMPSEFTFBEPFM
BDPOEJDJPOBEPSEFBJSFQBSBSÈEFSFGSFTDBSQPSVOSBUP
ZTØMPFMWFOUJMBEPSGVODJPOB
$BEBWF[RVFQSFTJPOBFMCPUØO7FOUJMBSvPwMB
WFMPDJEBEEFWFOUJMBDJØODBNCJBSÈFOPSEFOEF"VUP
#BKP.FEJPZ"MUP
t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV
TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP
t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT
t4JMBTUFNQFSBUVSBTBDUVBMFTEFMFYUFSJPSFTUÈONVDIPNÈTBMUBTRVFMBUFNQFSBUVSB
TFMFDDJPOBEBEFJOUFSJPSQPESÓBUBSEBSUJFNQPFOCBKBSMBUFNQFSBUVSBBMBEFTFBEB
PQFSBDJØO@
PQFSBSGVODJØOCÈTJDB
&-&(*3.0%0%&'6/$*0/".*&/50
4FDBS
&MBDPOEJDJPOBEPSEFBJSFFONPEP4FDBSGVODJPOBDPNPVOEFTIVNJEJGJDBEPSRVJUBOEP
IVNFEBEEFMBJSFJOUFSOP&MNPEP4FDBSSFGSFTDBFMBJSFFOVODMJNBIÞNFEP
&ODJFOEBFMBDPOEJDJPOBEPSEFBJSF
1SFTJPOFFMCPUØO&OFSHÓB
FOFMDPOUSPMSFNPUP
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF
FMJOEJDBEPSEFNPEP4FDBSBQBSF[DBFOMBQBOUBMMBEFM
DPOUSPMSFNPUP
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP4FDBSZ
BVUPNÈUJDBNFOUFBKVTUBMBWFMPDJEBEEFWFOUJMBEPSB
"VUP
$BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEPDBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS
4FDBS7FOUJMBSZ$BMFOUBS
$POGJHVSFMBUFNQFSBUVSB
1SFTJPOF5FNQr PsFOFMDPOUSPMSFNPUPQBSBCBKBSP
TVCJSMBUFNQFSBUVSBEFTFBEB
1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM
SBOHPEF„$_„$
1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS„$
t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV
TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP
t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT
@PQFSBDJØO
7FOUJMBS
1VFEFFMFHJSFMNPEPEFWFOUJMBEPSQBSBWFOUJMBSTVDVBSUP&MNPEPEFWFOUJMBEPSTFSÈÞUJMQBSB
SFGSFTDBSFMBJSFOPGSFTDPFOTVDVBSUP
&ODJFOEBFMBDPOEJDJPOBEPSEFBJSF
1SFTJPOFFMCPUØO&OFSHÓB
FOFMDPOUSPMSFNPUP
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUB
RVFFMJOEJDBEPSEFNPEPEF7FOUJMBSBQBSF[DBFOMB
QBOUBMMBEFMDPOUSPMSFNPUP
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEPEF7FOUJMBS
ZDJSDVMBFMBJSFEFMJOUFSJPS
&41"º0-
$BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP
DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS
$POGJHVSFMBWFMPDJEBEEFWFOUJMBEPS
1SFTJPOFFMCPUØO7FOUJMBSvPwFOFMDPOUSPMSFNPUP
QBSBDPOGJHVSBSMBWFMPDJEBEEFWFOUJMBEPSEFTFBEB
$BEBWF[RVFQSFTJPOBFMCPUØO7FOUJMBSvPwMB
WFMPDJEBEEFWFOUJMBDJØODBNCJBSÈFOPSEFOEF#BKP
.FEJPZ"MUP
t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV
TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP
t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT
PQFSBDJØO@
PQFSBSGVODJØOCÈTJDB
&-&(*3.0%0%&'6/$*0/".*&/50
$BMFOUBS
&MBDPOEJDJPOBEPSEFBJSFDBMJFOUBDPNPSFGSJHFSB$BMJFOUFTVDVBSUPDPOFTUFBQBSBUPWFSTÈUJMFO
FMJOWJFSOPGSÓP
&ODJFOEBFMBDPOEJDJPOBEPSEFBJSF
1SFTJPOFFMCPUØO&OFSHÓB
FOFMDPOUSPMSFNPUP
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF
FMJOEJDBEPS$BMFOUBSBQBSF[DBFOMBQBOUBMMBEFMDPOUSPM
SFNPUP
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP$BMFOUBSZ
DBMJFOUBTVDVBSUP
BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP
$
DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS
$POGJHVSFMBUFNQFSBUVSB
1SFTJPOF5FNQr PsFOFMDPOUSPMSFNPUPQBSBCBKBS
PTVCJSMBUFNQFSBUVSBEFTFBEB
1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM
SBOHPEF„$_„$
1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS„$
$POGJHVSFMBWFMPDJEBEEFWFOUJMBEPS
1SFTJPOFFMCPUØO7FOUJMBSvPwFOFMDPOUSPMSFNPUP
QBSBDPOGJHVSBSMBWFMPDJEBEEFWFOUJMBEPSEFTFBEB
4JMBUFNQFSBUVSBEFDVBSUPBMDBO[BBMWBMPSEFTFBEP
DBMFGBDDJØOQBSBSÈQPSVOSBUP
t$BEBWF[RVFQSFTJPOBFMCPUØO7FOUJMBSvPw
MBWFMPDJEBEEFWFOUJMBDJØODBNCJBSÈFOPSEFOEF
"VUP#BKP.FEJPZ"MUP
t7FOUJMBEPSQVFEFOPGVODJPOBSQPS_NJOVUPTBM
DPNJFO[PQBSBQSFWFOJSFMGSÓPSFQFOUJOPDVBOEPFM
BDPOEJDJPOBEPSEFBJSFFTUÏDBMFOUBOEP
t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT
t $PNPFMBDPOEJDJPOBEPSEFBJSFDBMJFOUBFMDVBSUPRVJUBOEPMBFOFSHÓBEFDBMPSEFMBJSF
FYUFSOPMBDBQBDJEBEEFDBMFGBDDJØOQVFEFCBKBSDVBOEPMBTUFNQFSBUVSBTFYUFSOBT
FTUÏOFYUSFNBEBNFOUFGSÓBT4JTJFOUFRVFFMBDPOEJDJPOBEPSEFBJSFDBMJFOUBEFNBOFSB
JOTVGJDJFOUFTFSFDPNJFOEBVTBSVOBQBSBUPBEJDJPOBMEFDBMFGBDDJØOFODPNCJOBDJØODPO
FMBDPOEJDJPOBEPSEFBJSF
@PQFSBDJØO
"+645"3-"%*3&$$*»/%&'-6+0%&"*3&
&MGMVKPEFBJSFQVFEFHVJBSTFBTVQPTJDJØOEFTFBEB
'MVKPEFBJSFWFSUJDBM
-BTIPKBTEFGMVKPEFBJSFTFNVFWFOIBDJBBSSJCBZBCBKP
1SFTJPOFFMCPUØO#BMBODFPEFBJSF FOFMDPOUSPMSFNPUP
&MJOEJDBEPSEFCBMBODFPEFBJSFTFFODFOEFSÈZMBTIPKBTEFGMVKPEFBJSFTFNVFWFOIBDJB
BSSJCBZBCBKPDPOUJOVBNFOUFQBSBDJSDVMBSFMBJSF
1BSBNBOUFOFSMBEJSFDDJØOEFGMVKPEFBJSFFOVOBQPTJDJØODPOTUBOUFQSFTJPOFFMCPUØO
#BMBODFPEFBJSF FOFMDPOUSPMSFNPUPEFOVFWP
'MVKPEFBJSFIPSJ[POUBM
"TFHÞSFTFEFRVFVOBEFMBTDMBWJKBTEFIPKBRVFTBMHBEFMBTIPKBTEFMGMVKPEFBJSFOPFTUÏSPUB
.VFWBMBQBMBODBEFQJOEFIPKBBMBJ[RVJFSEBPEFSFDIBQBSBNBOUFOFSMBEJSFDDJØOEFGMVKP
EFBJSFFOVOBQPTJDJØODPOTUBOUFRVFQSFGJFSF
1BMBODFEFQJOEFIPKB
13&$"6$*»/
5FOHBDVJEBEPFYUSFNBEPDPOTVTEFEPTBMBKVTUBSMBEJSFDDJØOEFGMVKPEFBJSFIPSJ[POUBM
)BZVOSJFTHPQPUFODJBMEFEB×PQFSTPOBMDVBOEPOPTFNBOFKFCJFOMBVOJEBE
PQFSBDJØO@
&41"º0-
VTBSGVODJPOFTBWBO[BEBT
64"3-"'6/$*»/563#0
-BGVODJØO5VSCPTFSÈÞUJMQBSBSFGSJHFSBSZDBMFOUBSTVDVBSUPSÈQJEBZFGJDJFOUFNFOUFTJFMBDPOEJDJPOBEPSEF
BJSFGVODJPOBFOWFMPDJEBENÈYJNBEFWFOUJMBEPSQPSNJOVUPT
&ODJFOEBFMBDPOEJDJPOBEPSEFBJSF
1SFTJPOFFMCPUØO&OFSHÓB
FOFMDPOUSPMSFNPUP
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO5VSCP FOFMDPOUSPMSFNPUPIBTUB
RVFFMJOEJDBEPS5VSCPBQBSF[DBFOMBQBOUBMMBEFMDPOUSPM
SFNPUP
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBFOWFMPDJEBE
EFWFOUJMBEPS5VSCPZBVUPNÈUJDBNFOUFBKVTUBMB
UFNQFSBUVSBTFHÞOMBUFNQFSBUVSBBDUVBMEFDVBSUP
-BVOJEBEGVODJPOBQPSNJOVUPTZMVFHPGVODJPOB
FOFMÞMUJNPNPEPVUJMJ[BEPPFONPEP"VUPTJNPEP
4FDBS7FOUJMBSFTFMNPEPSFDJÏOVUJMJ[BEP
-BGVODJØO5VSCPTØMPFTUÈEJTQPOJCMFFONPEP"VUP3FGSJHFSBS$BMFOUBS
4JTFFMJKFMBGVODJØO5VSCPFONPEP4FDBS7FOUJMBSFMNPEPEFGVODJPOBNJFOUPDBNCJBB"VUP
1BSBEFTBDUJWBSMBGVODJØO5VSCP
1SFTJPOFFMCPUØO5VSCP
FOFMDPOUSPMSFNPUPDVBOEPMBGVODJØO5VSCPFTUÈBDUJWBEB
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBFOFMÞMUJNPNPEPVUJMJ[BEPPFONPEP"VUPTJNPEP
4FDBS7FOUJMBSFTFMNPEPSFDJÏOVUJMJ[BEP
t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV
TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP
t -BUFNQFSBUVSB7FMPDJEBEEFWFOUJMBEPSOPTFQVFEFBKVTUBSBMVUJMJ[BSFTUBGVODJØO
t 'MVKPEFBJSFTFQVFEFBKVTUBSNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT
t 4JQSFTJPOBFMCPUØO.PEPDVBOEPMBGVODJØO5VSCPFTUÈBDUJWBEBTFDBODFMBSÈMB
GVODJØO
@VTBSGVODJPOFTBWBO[BEBT
$0/'*(63"35&.103*;"%03
&TUBGVODJØOBWBO[BEB5FNQPSJ[BEPSMFQFSNJUFFODFOEFSBQBHBSTVBDPOEJDJPOBEPSEFBJSFBVUPNÈUJDBNFOUFBVORVF
FTUÏBVTFOUF4JNQMFNFOUFDPOGJHVSFMBIPSBZTVBDPOEJDJPOBEPSEFBJSFTFFODFOEFSÈBQBHBSÈBVUPNÈUJDBNFOUF
5FNQPSJ[BEPSEFFODFOEJEP
&TUBGVODJØOMFQFSNJUFFODFOEFSBMBDPOEJDJPOBEPSEF
BJSFBVUPNÈUJDBNFOUFEFOUSPEFMSBOHPEFIPSBT
5FNQPSJ[BEPSEFFODFOEJEPFTUÈEJTQPOJCMFDVBOEPTV
BDPOEJDJPOBEPSFTUÏBQBHBEP
&41"º0-
1SFTJPOFFMCPUØO0O5JNFSFOFMDPOUSPMSFNPUP
&MJOEJDBEPS5FNQPSJ[BEPSEFFODFOEJEPQBSQBEFBFO
MBQBOUBMMBEFMDPOUSPMSFNPUP
$POGJHVSFMBIPSBDVBOEPRVJFSBRVFFMBDPOEJDJPOBEPS
TFFODJFOEBBVUPNÈUJDBNFOUF
1SFTJPOFFMCPUØO0O5JNFSFOFMDPOUSPMSFNPUP
QBSBDBNCJBSFMBKVTUFEFIPSBDVBOEPFMJOEJDBEPS
5FNQPSJ[BEPSEFFODFOEJEPFTUÏQBSQBEFBOEP1VFEF
DPOGJHVSBSMBIPSBIBTUBIPSBTBVNFOUBOEPFO
NJOVUPVOJEBEIBTUBMBTQSJNFSBTIPSBTFOVOJEBE
IPSBSJBEFTQVÏTEFMBTQSJNFSBTIPSBT
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPQBSBBDUJWBS
&OMBQBOUBMMBEFDPOUSPMSFNPUPTFFYIJCJSÈO
MBT
IPSBT
RVFIBDPOGJHVSBEPQPS
TFHVOEPTZTFFYIJCSÈMBUFNQFSBUVSBDPOGJHVSBEB
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈBVUPNÈUJDBNFOUFBMBIPSBDPOGJHVSBEBZMVFHPFM
JOEJDBEPSEFUFNQPSJ[BEPSEF&ODFOEJEPQBSBEFQBSQBEFBSZNBOUJFOFFODFOEJEP4J
UFNQPSJ[BEPSEF&ODFOEJEPOPTFDPOGJHVSBFOTFHVOEPTFMBDPOEJDJPOBEPSEFBJSF
UFSNJOBSÈBKVTUF
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVFFM
NPEPEFTFBEPBQBSF[DBFOMBQBOUBMMBEFMDPOUSPMSFNPUP
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈFOFMNPEPRVF
IBDPOGJHVSBEP
-BGVODJPO5FNQPSJ[BEPSEFFODFOEJEPFTUÈ
EJTQPOJCMFFONPEP"VUP3FGSJHFSBS4FDBS7FOUJMBS
$BMFOUBS
t 5BNCJÏOTFQVFEFBKVTUBSMBUFNQFSBUVSB7FBQBTPFOQÈHJOBQPSJOTUSVDDJPOFT
t 5PEPTMPTJOEJDBEPSFTFYDFQUP5FNQPSJ[BEPSEF&ODFOEJEPEFTBQBSFDFSÈOBQSPYJNBEBNFOUF
EFTQVÏTEFTFHVOEPTEFTQVÏTEFBKVTUF
t $VBOEP5FNQPSJ[BEPSEF&ODFOEJEPTFIBDPOGJHVSBEPQVFEFQSFTJPOBSFMCPUØO0O
5JNFSEFOVFWPQBSBDBNCJBSMBIPSBQSFDPOGJHVSBEB1SFTJPOFFMCPUØO0O5JNFSQBSB
DBNCJBSFMBKVTUFEFBIPSBZMVFHPQSFTJPOFFMCPUØO$POGJHVSBS$BODFMBSQBSBBDUJWBS
1BSBEFTBDUJWBSFM5FNQPSJ[BEPSEFFODFOEJEP
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEP5FNQPSJ[BEPSEF
&ODFOEJEPFTUÈBDUJWBEP
5FNQPSJ[BEPSEFFODFOEJEPRVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPSEFUFNQPSJ[BEPS
EF&ODFOEJEPEFTBQBSFDFSÈ
VTBSGVODJPOFTBWBO[BEBT@
VTBSGVODJPOFTBWBO[BEBT
$0/'*(63"35&.103*;"%03
5FNQPSJ[BEPSEFBQBHBEP
&TUBGVODJØOMFQFSNJUFBQBHBSFMBDPOEJDJPOBEPSEFBJSFBVUPNÈUJDBNFOUFEFOUSPEFMSBOHPEF
IPSBT&MUFNQPSJ[BEPSEFBQBHBEPUJFOFFGFDUPDVBOEPMBVOJEBEFTUÏGVODJPOBOEP
1SFTJPOFFMCPUØO0GG5JNFSFOFMDPOUSPMSFNPUP
&MJOEJDBEPSEFUFNQPSJ[BEPSEFBQBHBEPQBSQBEFBFO
MBQBOUBMMBEFMDPOUSPMSFNPUP
$POGJHVSFMBIPSBDVBOEPRVJFSFRVFFMBDPOEJDJPOBEPS
EFBJSFTFBQBHVFBVUPNÈUJDBNFOUF
1SFTJPOFFMCPUØO0GG5JNFSFOFMDPOUSPMSFNPUP
QBSBDBNCJBSFMBKVTUFEFIPSBDVBOEPFMJOEJDBEPSEF
UFNQPSJ[BEPSEFBQBHBEPFTUÏQBSQBEFBOEP1VFEF
DPOGJHVSBSFMUJFNQPIBTUBIPSBTBVNFOUBOEPFO
NJOVUPVOJEBEIBTUBMBTQSJNFSBTIPSBTZFOVOJEBE
IPSBSJBEFTQVÏTEFMBTQSJNFSBTIPSBT
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPQBSBBDUJWBSMP
&OMBQBOUBMMBEFDPOUSPMSFNPUPTFFYIJCJSÈO
MBT
IPSBT
RVFIBDPOGJHVSBEPQPS
TFHVOEPTZTFFYIJCJSÈUFNQFSBUVSBEFTFBEB
&MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈBVUPNÈUJDBNFOUFBMBIPSBDPOGJHVSBEBZMVFHP
JOEJDBEPSEFUFNQPSJ[BEPSEF"QBHBEPQBSBEFQBSQBEFBSZNBOUJFOFFODFOEJEP4J
UFNQPSJ[BEPSEF"QBHBEPOPTFDPOGJHVSBFOTFHVOEPTFMBDPOEJDJPOBEPSEFBJSF
UFSNJOBSÈBKVTUF
t $VBOEPFM5FNQPSJ[BEPSEF"QBHBEPTFIBDPOGJHVSBEPQVFEFQSFTJPOBSFMCPUØO0GG
5JNFSEFOVFWPQBSBDBNCJBSMBIPSBQSFDPOGJHVSBEB
1SFTJPOFFMCPUØO0GG5JNFSQBSBDBNCJBSFMBKVTUFEFBIPSBZMVFHPQSFTJPOFFMCPUØO
$POGJHVSBS$BODFMBSQBSBBDUJWBS
t 1VFEFDPNCJOBSMBGVODJØOEFUFNQPSJ[BEPSEFBQBHBEPDPOMBGVODJØOEFUFNQPSJ[BEPS
EFFODFOEJEPQBSBFODFOEFSZBQBHBSFMBDPOEJDJPOBEPSEFBJSFBMBIPSBEFTFBEB7FB
QÈHJOBQPSJOTUSVDDJPOFT
1BSBEFTBDUJWBSFM5FNQPSJ[BEPSEFBQBHBEP
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEP5FNQPSJ[BEPSEF
"QBHBEPFTUÈBDUJWBEP
5FNQPSJ[BEPSEFBQBHBEPRVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPSEFUFNQPSJ[BEPSEF
"QBHBEPEFTBQBSFDFSÈ
@VTBSGVODJPOFTBWBO[BEBT
$PNCJOBS5FNQPSJ[BEPSEFFODFOEJEPZ5FNQPSJ[BEPSEFBQBHBEP
1VFEFDPNCJOBSFM5FNQPSJ[BEPSEFFODFOEJEPZ5FNQPSJ[BEPSEFBQBHBEPQPSVTPNÈT
DPOWFOJFOUFEFMBGVODJØOEFUFNQPSJ[BEPS
&41"º0-
$POGJHVSFFM5FNQPSJ[BEPSEFFODFOEJEP
1SFTJPOFFMCPUØO0O5JNFS
$POGJHVSFMBIPSBDPOCPUØO0O5JNFS
1SFTJPOF$POGJHVSBS$BODFMBSQBSBBDUJWBSFM
5FNQPSJ[BEPSEFFODFOEJEP
7FBQÈHJOBQPSNÈTJOTUSVDDJPOFTEFUBMMBEBT
BDFSDBEF5FNQPSJ[BEPSEFFODFOEJEP
$POGJHVSFFMUFNQPSJ[BEPSEF"QBHBEP
1SFTJPOFFMCPUØO0GG5JNFS
$POGJHVSFMBIPSBDPOCPUØO0GG5JNFS
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSQBSBBDUJWBSFM5FNQPSJ[BEPSEFBQBHBEP
$VBOEPDPOGJHVSFMBIPSBUJFOFEPTPQDJPOFTQPTJCMFT
)PSBQSFDPOGJHVSBEBEF5FNQPSJ[BEPSEF&ODFOEJEPFTNÈTDPSUBRVF
5FNQPSJ[BEPSEF"QBHBEP
&MBDPOEJDJPOBEPSEFBJSFTFFODFOEFSÈZBQBHBSÈ
BVUPNÈUJDBNFOUF&MBKVTUFTFEFCFFGFDUVBSDVBOEP
FMBDPOEJDJPOBSEFBJSFFTUÏBQBHBEP
FKFNQMP
4JMBIPSBQSFDPOGJHVSBEBEF5FNQPSJ[BEPS
EF&ODFOEJEPFTIPSBTZFM5FNQPSJ[BEPSEF
"QBHBEPFTIPSBTFMBDPOEJDJPOBEPSEFBJSF
TFFODFOEFSÈEFTQVÏTEFIPSBTEFTEFFM
NPNFOUPRVFIBDPOGJHVSBEPFMUFNQPSJ[BEPS4V
BDPOEJDJPOBEPSEFBJSFTFHVJSÈFODFOEJEPQPSIPSBT
ZMVFHPTFBQBHBSÈBVUPNÈUJDBNFOUF
)PSBQSFDPOGJHVSBEBEF5FNQPSJ[BEPSEF&ODFOEJEPFTNÈTMBSHBRVF
5FNQPSJ[BEPSEF"QBHBEP
&MBDPOEJDJPOBEPSEFBJSFTFBQBHBSÈBVUPNÈUJDBNFOUF
ZMVFHPTFFODFOEFSÈBVUPNÈUJDBNFOUF&MBKVTUF
EFCFFGFDUVBSTFDVBOEPFMBDPOEJDJPOBSEFBJSFFTUÏ
GVODJPOBOEP
FKFNQMP
4JMBIPSBQSFDPOGJHVSBEBEFM5FNQPSJ[BEPS
EF&ODFOEJEPFTIPSBTZFM5FNQPSJ[BEPSEF
"QBHBEPFTIPSBFMBDPOEJDJPOBEPSEFBJSFTF
BQBHBSÈEFTQVÏTEFMNPNFOUPRVFIBDPOGJHVSBEP
FMUFNQPSJ[BEPS4VBDPOEJDJPOBEPSEFBJSFTFHVJSÈ
BQBHBEPQPSEPTIPSBTZMVFHPTFFODFOEFSÈBVUPNÈUJDBNFOUF
7FBQÈHJOBQPSNÈTJOTUSVDDJPOFTEFUBMMBEBTBMDPOGJHVSBSFMUFNQPSJ[BEPSEF"QBHBEP
1BSBEFTBDUJWBSMBDPNCJOBDJØOEFUFNQPSJ[BEPS
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEPMBDPNCJOBDJØOEF
UFNQPSJ[BEPSFTUÈBDUJWBEB
BOUPFM5FNQPSJ[BEPSEFFODFOEJEPDPNPFMEFBQBHBEPTFDBODFMBSÈZMPTJOEJDBEPSFT
5
EFTBQBSFDFSÈO
VTBSGVODJPOFTBWBO[BEBT@
VTBSGVODJPOFTBWBO[BEBT
$0/'*(63"35&.103*;"%03
.PEP
&MNPEP
MFQFSNJUFDPOGJHVSBSVOBUFNQFSBUVSBDØNPEBEFEPSNJSZQVFEFBIPSSBS
FOFSHÓBZEPSNJSCJFO&MNPEP
QVFEFDPOGJHVSBSTFDVBOEPFMBDPOEJDJPOBEPSEFBJSF
FTUÏFODFOEJEP
$POGJHVSFFMNPEPEFGVODJPOBNJFOUP
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF
3FGSJHFSBS$BMFOUBSBQBSF[DBFOMBQBOUBMMBEFMDPOUSPM
SFNPUP
TØMPFTUÈEJTQPOJCMFFONPEP3FGSJHFSBS
$BMFOUBS
1SFTJPOFFMCPUØO
FOFMDPOUSPMSFNPUP
&MJOEJDBEPS
BQBSFDFZFMJOEJDBEPSEF
5FNQPSJ[BEPSEFBQBHBEPDPNJFO[BBQBSQBEFBSFOMB
QBOUBMMBEFMDPOUSPMSFNPUP
$POGJHVSFMBEVSBDJØORVFRVJFSBRVFFMBDPOEJDJPOBEPS
EFBJSFFTUÏFODFOEJEP
QPSEFGFDUPFTIPSBT1SFTJPOF
&MUJFNQP
FMCPUØO
FOFMDPOUSPMSFNPUPQBSB
DBNCJBSFMBKVTUFEFUJFNQPDVBOEPFMJOEJDBEPSEF
5FNQPSJ[BEPSEFBQBHBEPFTUÏQBSQBEFBOEP
1VFEFDPOGJHVSBSMBIPSBIBTUBIPSBTBVNFOUBOEP
FONJOVUPVOJEBEIBTUBMBTQSJNFSBTIPSBTZFO
VOJEBEIPSBSJBEFTQVÏTEFMBTQSJNFSBTIPSBT
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUP
QBSBBDUJWBS
&OMBQBOUBMMBEFMDPOUSPMSFNPUPTFFYIJCJSÈMBIPSBRVFIB
DPOGJHVSBEP
$VBOEPIBZBQBTBEPMBIPSBDPOGJHVSBEBFMBDPOEJDJPOBEPSEF
EFTBQBSFDF
BJSFTFBQBHBSÈBVUPNÈUJDBNFOUFZMVFHPFMJOEJDBEPS
4JFMNPEP
OPFTUÈDPOGJHVSBEPFOTFHVOEPTFMBDPOEJDJPOBEPSEFBJSFQBSBSÈBKVTUF
t 4FQVFEFBKVTUBS5FNQFSBUVSB7FMPDJEBEEFWFOUJMBEPS#BMBODFPEFBJSFEFTQVÏTEF
DPOGJHVSBS
FONPEP$BMFOUBS
t -BUFNQFSBUVSBTFQVFEFBKVTUBSZFMBDPOEJDJPOBEPSEFBJSFBKVTUBSÈBVUPNÈUJDBNFOUF
MBWFMPDJEBEEFWFOUJMBEPS#BMBODFPEFBJSEFTQVÏTEFDPOGJHVSBS
FONPEP
3FGSJHFSBS
t 4JQSFTJPOBFMCPUØO.PEPDVBOEPFMNPEP
FTUÈBDUJWBEBTFDBODFMBSÈFM
NPEP
@VTBSGVODJPOFTBWBO[BEBT
5FNQFSBUVSBDBNCJBFONPEP
1BSBQSFWFOJSSFGSJHFSBDJØODBMFGBDDJØOFYDFTJWBEVSBOUFSFQPTPFMNPEP
NPEJGJDB
BVUPNÈUJDBNFOUFFMBKVTUFEFUFNQFSBUVSBTFHÞOFMBKVTUFEFIPSB5FNQFSBUVSBZBJSFDBNCJBO
TFHÞOMBTUSFTFUBQBT$PODJMJBSFMTVF×P%PSNJSQSPGVOEBNFOUFZ%FTQFSUBSTFEFNPEP
ZMVFHPFMBDPOEJDJPOBEPSEFBJSFTFBQBHBSÈBVUPNÈUJDBNFOUFDVBOEPMBIPSB
DPOGJHVSBEBTFIBZBQBTBEP
-BTUSFTFUBQBT
MFQSFWJFOFOEFUFOFSEJGJDVMUBEEFEPSNJSFOOPDIFEFWFSBOPJOWJFSOP
&41"º0-
① $PODJMJBSFMTVF×P-FBZVEBBDPODJMJBSFMTVF×PCBKBOEPMBUFNQFSBUVSB
② %PSNJSQSPGVOEBNFOUF-FBZVEBBSFMBKBSTVDVFSQPZFMFWBUFNQFSBUVSBVOQPDP
③ %FTQFSUBSTFEFMNPEP
-FQFSNJUFEFTQFSUBSTFEFBJSFDØNPEPJOUFSNJUFOUFZMFEFKBTFOUJSTFGSFTDP
NÈTEFIPSBT/PQVFEF
t$POGJHVSFUFNQPSJ[BEPSEF"QBHBEPFONPEP
EPSNJSCJFOTJ
FTUÈDPOGJHVSBEPEFNBTJBEPDPSUPPMBSHPZBRVFFMBKVTUFQPS
EFGFDUPFTIPSBPQFSBDJØO
t4JFMNPEP
FTUÈDPOGJHVSBEPNFOPTEFIPSBTMBPQFSBDJØOQBSBSÈBMBIPSB
DPOGJHVSBEB
FTUÈDPOGJHVSBEPNÈTEFIPSBTGVODJPOBSÈDPNPFUBQBEF
4JFMNPEP
%FTQFSUBSTFQPSMBÞMUJNBIPSBBOUFTEFQBSBS
t5FNQFSBUVSBDPOGJHVSBEBSFDPNFOEBEBFTFOUSF„$_„$QBSBSFGSJHFSBSZ„$_„$
QBSBDBMFOUBS
1BSBEFTBDUJWBSFMNPEP
1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEPFMNPEP
FTUÈBDUJWBEB
&MNPEP
RVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPS
EFTBQBSFDFSÈ
VTBSGVODJPOFTBWBO[BEBT@
VTBSGVODJPOFTBWBO[BEBT
64"3-"'6/$*»/4."354"7&3
&TUBGVODJØODPOGJHVSBSÈFMMÓNJUFEFSBOHPEFUFNQFSBUVSBQBSBBZVEBSMFBBIPSSBSFOFSHÓBNJFOUSBTRVFFM
BDPOEJDJPOBEPSEFBJSFFTUÏGVODJPOBOEPFONPEP3FGSJHFSBS
1SFTJPOFFMCPUØO4NBSU4BWFSFOFMDPOUSPM
SFNPUPNJFOUSBTRVFFMBDPOEJDJPOBEPSEFBJSFFTUÏ
GVODJPOBOEPFONPEP3FGSJHFSBS
*OEJDBEPS4NBSU4BWFSFJOEJDBEPSEFCBMBODFPEFBJSF
BQBSFDFOBVUPNÈUJDBNFOUFFOMBQBOUBMMBEFDPOUSPM
SFNPUP-BTIPKBTEFGMVKPEFBJSFTFNVFWFOIBDJBBSSJCB
ZBCBKP
4JMBUFNQFSBUVSBBDUVBMDPOGJHVSBEBFTUÈNÈTCBKBRVF
$TVCJSÈBVUPNÈUJDBNFOUFB$
t -BGVODJØO4NBSU4BWFSTØMPFTUÈEJTQPOJCMFFONPEP3FGSFTDBS
t $VBOEPTFBDUJWBMBGVODJØO4NBSU4BWFSFMSBOHPEFUFNQFSBUVSBTFSÈMJNJUBEPB
$_$
t 4JMBUFNQFSBUVSBEFTFBEBFTNFOPTRVF$EFTBDUJWFMBGVODJØO4NBSU4BWFS
QSFTJPOBOEPFMCPUØO4NBSU4BWFSPUSBWF[
t 5FNQFSBUVSB7FMPDJEBEEFWFOUJMBEPSUBNCJÏOTFQVFEFOBKVTUBS7FBQBTP_FO
QÈHJOBQPSJOTUSVDDJPOFT
t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT
t 4JQSFTJPOBFMCPUØO.PEPDVBOEPMBGVODJØO4NBSU4BWFSFTUÈBDUJWBEBTFDBODFMBSÈMB
GVODJØO
1BSBEFTBDUJWBSMBGVODJØO4NBSU4BWFS
1SFTJPOFFMCPUØO4NBSU4BWFSFOFMDPOUSPMSFNPUPDVBOEPMBGVODJØO4NBSU4BWFSFTUÈ
BDUJWBEB
-BGVODJØO4NBSU4BWFSRVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPSEF4NBSU4BWFS
EFTBQBSFDFSÈFOMBQBOUBMMBEFDPOUSPMSFNPUP
@VTBSGVODJPOFTBWBO[BEBT
MJNQJBSZNBOUFOFSFM
BDPOEJDJPOBEPSEFBJSF
-*.1*"3&-&95&3*03
-JNQJFMBTVQFSGJDJFEFMBVOJEBEDPOVOBUFMBVOQPDP
NPKBEBPTFDBTJOFDFTBSJP
13&$"6$*»/
/PVUJMJDF#FODFOP%JTPMWFOUFP$MPSPY5.
1VFEFOEB×BSMBTVQFSGJDJFEFMBDPOEJDJPOBEPSEF
-*.1*"3&-'*-530
"MMJNQJBSFMGJMUSPBTFHÞSFTFEFEFTFODIVGBSMBFOFSHÓBEFMBVOJEBE/PTFSFRVJFSFOIFSSBNJFOUBTFTQFDJBMFT
QBSBMJNQJBSMP
'JMUSPEFBJSF
'JMUSPEFBJSFEFFTQVNBMJNQJBCMFDBQUVSBQBSUÓDVMBTHSBOEFTEFMBJSF&MGJMUSPTFMJNQJBDPOVOB
BTQJSBEPSBPMJNQJBSBNBOP
"CSJSFMQBOFMEFMBOUFSP
5PNFCJFOMBQBSUFEFMBOUFSBEFMQBOFMEFMBOUFSPZFMFWFFMQBOFMQBSBBCSJS
-VFHPFNQVKFVOQPDPFMQBOFMIBDJBBSSJCBIBTUBRVFFMQBOFMTFGJKFFOMPTHBODIPTEFMB
VOJEBE
5PNFMBNBOJMMBZFMÏWFMB-VFHPUJSFFMGJMUSPEFBJSFIBDJBVTUFEZEFTMÓDFMPIBDJBBCBKP
'JMUSPEFBJSF
-JNQJFFMGJMUSPEFBJSFDPOVOBBTQJSBEPSBPDFQJMMPTVBWF4JFTUÈEFNBTJBEPQFTBEP
MÓNQJFMPDPOBHVBDPSSJFOUFZTÏRVFMPFOVOÈSFBWFOUJMBEB
t 1PSMBTNFKPSFTDPOEJDJPOFTSFQJUBDBEBEPTTFNBOB
t 4JFMGJMUSPEFBJSFTFTFDBFOVOÈSFBDPOGJOBEBPIÞNFEB
PMPSFTQPESÓBOHFOFSBSTF4J
FTUPPDVSSFSFMJNQJFZTÏRVFMPFOVOÈSFBCJFOWFOUJMBEB
*OTFSUFFMGJMUSPEFBJSFFOTVQPTJDJØOPSJHJOBM
$JFSSFFMQBOFMEFMBOUFSP
MJNQJBSZNBOUFOFS@
&41"º0-
"TFHÞSFTFEFRVFMBFOFSHÓBFTUÏBQBHBEBZEFTFODIVGBEBEFMUPNBDPSSJFOUFEFQBSFEBM
13&$"6$*»/ MJNQJBSFMBDPOEJDJPOBEPSEFBJSF
4JFMTJTUFNBUJFOFLHPNÈTEFHBTFTGMVPSJOBEPTJOWFSOBEFSPTFOFTUFDBTPEFCFDPNQSPCBSFMFTDBQF
QPSMPNFOPTVOBWF[DBEBNFTFTTFHÞOSFHVMBDJØOO¡4ØMPQFSTPOBMDVBMJGJDBEPEFCFSFBMJ[BS
FTUBBDUJWJEBE
&OFMDBTPBSSJCBVOMJCSPEFNBOUFOJNJFOUPEFCFFTUBSEJTQPOJCMFQBSBDBEBVOJEBEJOTUBMBEB
MJNQJBSZNBOUFOFSFM
BDPOEJDJPOBEPSEFBJSF
."/5&/&346"$0/%*$*0/"%03%&"*3&
4JFMBDPOEJDJPOBEPSEFBJSFOPTFVTBQPSVOQFSÓPEPMBSHPEFUJFNQPTFRVFFMBDPOEJDJPOBEPSEFBJSF
QBSBNBOUFOFSMPFOCVFOFTUBEP
4FRVFCJFOFMBDPOEJDJPOBEPSEFBJSFGVODJPOBOEPFONPEP7FOUJMBSQPSBIPSBTZ
EFTDPOFDUFMBFOFSHÓB)BCSÈEB×PTJOUFSOPTTJIVNFEBETFQSPEVDFFODPNQPOFOUFT
"OUFTEFVTBSFMBDPOEJDJPOBEPSEFBJSFEFOVFWPTFRVFMPTDPNQPOFOUFTJOUFSOPTEFM
BDPOEJDJPOBEPSEFBJSFEFOVFWPGVODJPOBOEPFONPEPEF7FOUJMBSQPSBIPSBT&TUPMF
BZVEBBRVJUBSPMPSFTRVFQPESÓBIBCFSHFOFSBEPEFIVNFEBE
$IFRVFPTQFSJØEJDPT
3FGJÏSBTFBMBMJTUBTJHVJFOUFQBSBNBOUFOFSFMBDPOEJDJPOBEPSEFBJSFBEFDVBEBNFOUF
5JQP
%FTDSJQDJØO
-JNQJFFMGJMUSPEFBJSF
6OJEBEEF
JOUFSJPS
$BEB
TFNBOBT
$BEB
NFTFT
$BEB
NFTFT
6OBWF[
BMB×P
●
-JNQJFMBCBOEFKBQBSBSFDJCJSFMESFOBKF
EFDPOEFOTBDJØO
●
-JNQJFBGPOEPBDBNCJBEPSEFDBMPS
●
-JNQJFFMUVCPEFEFTBHàFDPOEFOTBDJØO
●
4VCTUJUVZBMBTCBUFSÓBTEFMDPOUSPMSFNPUP
-JNQJFBDBNCJBEPSEFDBMPSFOFM
FYUFSJPSEFMBVOJEBE
6OJEBEEF
FYUFSJPS
●
●
-JNQJFBDBNCJBEPSEFDBMPSFOFM
JOUFSJPSEFMBVOJEBE
●
-JNQJFMPTDPNQPOFOUFTFMÏDUSJDPTDPO
MPTKFUTEFMBJSF
●
7FSJGJRVFRVFUPEPTMPTDPNQPOFOUFT
FMÏDUSJDPTFTUÏOBQSFUBEPTGJSNFNFOUF
●
-JNQJFFMWFOUJMBEPS
●
7FSJGJRVFRVFUPEPFMNPOUBKFEF
WFOUJMBEPSFTUÏBQSFUBEPGJSNFNFOUF
●
-JNQJFMBCBOEFKBQBSBSFDJCJSFMESFOBKF
EFDPOEFOTBDJØO
●
● 4FSFRVJFSFDIFRVFBSMBVOJEBEJOUFSOBFYUFSOBQFSJØEJDBNFOUFTJHVJFOEPMBEFTDSJQDJØO
QBSBNBOUFOFSFMBDPOEJDJPOBEPSEFBJSFBEFDVBEBNFOUF
-BTSFWJTJPOFTZMBTPQFSBDJPOFTEFMNBOUFOJNJFOUPEFTDSJUBTTPOFTFODJBMFTHBSBOUJ[BS
MBFGJDBDJBEFMBJSFBDPOEJDJPOBEP-BGSFDVFODJBEFFTUBTPQFSBDJPOFTWBSÓBTFHÞOMBT
DBSBDUFSÓTUJDBTEFMÈSFBMBDBOUJEBEEFQPMWPZFUD
-BTPQFSBDJPOFTEFTDSJUBTTFEFCFOSFBMJ[BSNÈTDPOGSFDVFODJBTJFMÈSFBEFMB
JOTUBMBDJØOFTNVZQPMWPSJFOUB
&TUBTPQFSBDJPOFTTFEFCFOSFBMJ[BSTJFNQSFQPSFMQFSTPOBMDVBMJGJDBEP1BSBVOB
JOGPSNBDJØONÈTEFUBMMBEBWFBFMNBOVBMEFMBJOTUBMBDJØO
@ MJNQJBSZNBOUFOFS
1SPUFDDJPOFTJOUFSOBTWÓBFMTJTUFNBEFDPOUSPMEFVOJEBE
&TUBQSPUFDDJØOJOUFSOBGVODJPOBTJVOBGBMUBJOUFSOBPDVSSFFOFMBDPOEJDJPOBEPSEFBJSF
5JQP
$POUSBBJSFGSÓP
%FTDSJQDJØO
&MWFOUJMBEPSJOUFSOPTFBQBHBSÈQBSBQSFWFOJSBJSFGSÓPDVBOEPMB
CPNCBEFDBMFGBDDJØOFTUÏDBMFOUBOEP
&MWFOUJMBEPSJOUFSOPTFBQBHBSÈQBSBQSFWFOJSFMBJSFGSÓPDVBOEPMB
CPNCBEFDBMFGBDDJØOFTUÏDBMFOUBOEP
"OUJQSPUFDDJØOEF
CBUFSÓBJOUFSOB
&MDPNQSFTPSTFBQBHBSÈQBSBQSPUFHFSMBCBUFSÓBJOUFSOBDVBOEPFM
BDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP3FGSFTDBS
1SPUFHFSDPNQSFTPS
&MBDPOEJDJPOBEPSEFBJSFOPGVODJPOBJONFEJBNFOUFQBSBQSPUFHFSFM
DPNQSFTPSEFMBVOJEBEFYUFSOBEFTQVÏTEFFODFOEFSMP
4JMBCPNCBEFDBMFGBDDJØOGVODJPOBFONPEPEF$BMFOUBSDJDMPEFEFTIFMBSTFBDUJWBQBSB
RVJUBSMBFTDBSDIBEFMBVOJEBEFYUFSOBRVFQPESÓBIBCFSHFOFSBEPFOUFNQFSBUVSBTCBKBT
&MWFOUJMBEPSJOUFSOPTFBQBHBBVUPNÈUJDBNFOUFZTFFODJFOEFEFOVFWPTØMPEFTQVÏTEF
RVFDJDMPEFEFTIFMBSUFSNJOF
MJNQJBSZNBOUFOFS@
&41"º0-
$JDMPEFEFTIFMBS
BOFYP
3&40-6$*»/%&130#-&."4
3FGJÏSBTFBMBMJTUBTJHVJFOUFTJFMBDPOEJDJPOBEPSEFBJSFGVODJPOBBOPSNBMNFOUF&TUPQPESÓBBIPSSBSUJFNQP
ZDPTUPTJOOFDFTBSJPT
130#-&."
40-6$*»/
t 1PSFMNFDBOJNTPQSPUFDUPSFMBQBSBUPOPDPNJFO[BBGVODJPOBS
&MBDPOEJDJPOBEPS
JONFEJBUBNFOUFQBSBQSFWFOJSMBVOJEBEEFTPCSFDBSHB&MBDPOEJDJPOBEPS
EFBJSFOPGVODJPOB
EFBJSFGVODJPOBSÈFONJOVUPT
JONFEJBUBNFOUFEFTQVÏT
EFSFFODFOEJEP
&MBDPOEJDJPOBEPSEFBJSF t $PNQSVFCFTJFMFODIVGFEFFOFSHÓBFTUÈCJBODPOFDUBEP*OTFSUFFM
OPGVODJPOB
FODIVGFEFFOFSHÓBFOMBUPNBEFDPSSJFOUFEFQBSFEEFNBOFSBDPSSFDUB
t $PNQSVFCFTJFMJOUFSSVQUPSEFDJSDVJUPFTUÈBQBHBEP
t $PNQSVFCFTJIBZVOBGBMMBEFFOFSHÓB
t $PNQSVFCFTVGVTJCMF"TFHÞSFTFEFRVFOPFTUÏSPUP
-BUFNQFSBUVSBOP
DBNCJB
t $PNQSVFCFTJIBFMFHJEPFMNPEP7FOUJMBS
1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPQBSBFMFHJSPUSPNPEP
&MBJSFGSFTDP
UFNQMBEP
OPWJFOFEFM
BDPOEJDJPOBEPSEFBJSF
t $PNQSVFCFTJMBUFNQFSBUVSBDPOGJHVSBEBFTUÈNÈTBMUBCBKB
RVFMB
UFNQFSBUVSBBDUVBM1SFTJPOFFMCPUØO5FNQrPsFOFMDPOUSPMSFNPUP
QBSBDBNCJBSMBUFNQFSBUVSBDPOGJHVSBEB1SFTJPOF5FNQrPsQBSB
CBKBSPTVCJSMBUFNQFSBUVSB
t $PNQSVFCFTJFMGJMUSPEFBJSFFTUÈCMPRVFBEPQPSQPMWP-JNQJFFMGJMUSPEF
BJSFDBEBEPTTFNBOBT
t $PNQSVFCFTJFMBDPOEJDJPOBEPSEFBJSFTFIBFODFOEJEP4JFTUÈ
FODFOEJEPFTQFSFNJOVUPT
-BWFMPDJEBEEF
WFOUJMBEPSOPDBNCJB
t $PNQSVFCFTJIBFMFHJEPNPEP"VUPP4FDBS
&MBDPOEJDJPOBEPSEFBJSFBKVTUBBVUPNÈUJDBNFOUFMBWFMPDJEBEEF
WFOUJMBEPSB"VUPFONPEP"VUP4FDBS
-BGVODJØOEF
UFNQPSJ[BEPSOPFTUÈ
DPOGJHVSBEB
t $PNQSVFCFTJQSFTJPOBFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPM
SFNPUPEFTQVÏTEFIBCFSDPOGJHVSBEPMBIPSB
0MPSFTQFSNBOFDFO
FOFMDVBSUPEVSBOUFMB
PQFSBDJØO
t $PNQSVFCFTJFMBQBSBUPFTUÈGVODJPOBOEPFOVOÈSFBMMFOBEFIVNPPTJ
IBZIVNPWJOJFOEPEFMFYUFSJPS)BHBFMBDPOEJDJPOBSPEFBJSFGVODJPOBSFO
NPEP7FOUJMBSPBCSBMBTWFOUBOBTQBSBRVFFMBJSFTBMHBEFMDVBSUP
&MBDPOEJDJPOBEPSEFBJSF t 6OTPOJEPSFCPTBOUFQPESÓBPJSTFDVBOEPFMSFGSJHFSBOUFFTUÏDJSDVMBOEPQPSFM
IBDFVOSVJEPSFCPTBOUF
DPNQSFTPS%FKFFMBDPOEJDJPOBEPSEFBJSFGVODJPOBSFOVONPEPTFMFDDJPOBEP
"HVBFTUÈHPUFBOEPEF
MBTIPKBTEFGMVKPEFBJSF
t $PNQSVFCFTJFMBDPOEJDJPOBEPSEFBJSFIBTJEPSFGSJHFSBEPQPSVOMBSHP
QFSÓPEPEFUJFNQPDPOMBTIPKBTEFGMVKPEFBJSFBQVOUBEBTIBDJBBCBKP
$POEFOTBDJØOQPESÓBHFOFSBSTFEFCJEPBMBEJGFSFODJBFOUFNQFSBUVSB
&MDPOUSPMSFNPUPOP
GVODJPOB
t $PNQSVFCFTJTVTCBUFSÓBTFTUÈOBHPUBEBT
t "TFHÞSFTFEFRVFMBTCBUFSÓBTFTUÏOCJFOJOTUBMBEBT
t "TFHÞSFTFEFRVFOJOHVOBDPTBFTUÏCMPRVFBOEPTVTFOTPSEFMDPOUSPMSFNPUP
t $PNQSVFCFTJIBZBQBSBUPEFJMVNJOBDJØOGVFSUFDFSDBEFMBDPOEJDJPOBEPS
EFBJSF*MVNJOBDJØOGVFSUFRVFWJFOFEFMBTCPNCJMMBTGMVPSFTDFOUFTPTJHOPT
EFOFØOQPESÓBJOUFSSVNQJSMBTPOEBTFMÏDUSJDBT
@BOFYP
3"/(04%&'6/$*0/".*&/50
-BUBCMBBCBKPJOEJDBSBOHPTEFUFNQFSBUVSBZIVNFEBEEFMGVODJPOBNJFOUPEFMBDPOEJDJPOBEPSEFBJSF
3FGJÏSBTFBMBUBCMBQPSVTPFGJDJFOUF
.0%0
5&.1&3"563"'6/$*0/"#-&
4*'6&3"%&$0/%*$*0/&4
„$B„$
PNFOPT
$POEFOTBDJØOQPESÓBPDVSSJSFO
MBVOJEBEJOUFSOBDPOSJFTHPEF
UFOFSBHVBPHPUJUBTFOFMTVFMP
„$PNFOPT
„$B„$
1SPUFDDJØOJOUFSOBGVODJPOBZFM
BDPOEJDJPOBEPSEFBJSFQBSBSÈ
„$B„$
„$B„$
$POEFOTBDJØOQPESÓBPDVSSJSFO
MBVOJEBEJOUFSOBDPOSJFTHPEF
UFOFSBHVBPHPUJUBTFOFMTVFMP
&95&3*03
3&'3&4$"3
„$B„$
$"-&/5"3
4&$"3
-BUFNQFSBUVSBFTUBOEBSJ[BEBQBSBDBMFOUBSFT„$4JMBUFNQFSBUVSBFYUFSOBCBKBB„$PNFOPTMB
DBQBDJEBEEFDBMFGBDDJØOQPESÓBSFEVDJSEFQFOEJFOEPEFMBDPOEJDJØOEFUFNQFSBUVSB
4JMBPQFSBDJØOEFSFGSFTDBSTFVTBFONÈTEF„$UFNQFSBUVSBJOUFSOB
OPSFGSFTDBFOTVDBQBDJEBE
NÈYJNB
BOFYP@
&41"º0-
)6.&%"%*/5&3/"
*/5&3*03