Manual de instrucciones y advertencias Manual de

Transkript

Manual de instrucciones y advertencias Manual de
.)+%-INI3
&4
.BOVBMEFJOTUSVDDJPOFT
ZBEWFSUFODJBT
$4
͌ͺ;ͽͼͽͬ͹Ͳͪ;ͺ͹ͽͻͰͫ;
ͳ͹ͯͻͱͪͬͪΔͰ
15
.BOVBMEFJOTUSVÎÜFT
FBEWFSUÐODJBT
4*
1SJSPŗOJL[OBWPEJMJ
JOPQP[PSJMJ
)6
)BT[OÈMBUJVUBTÓUÈT
ÏTmHZFMNF[UFUÏTFL
36
«ÎÅɽɿÌͽÉÊÉ
ØÅÌÊÆλͻÑÃÃ
30
.BOVBMEFJOTUSVDŲJVOJ
ůJSFDPNBOEœSJ
*&
*OTUSVDUJPOCPPLMFU
BOEXBSOJOH
(3
153
$;
˜ÉÚÇËÔ¿ÆËÑÑÆÊÉËÓÐ
1PESŝD[OJLPCT’VHJ
XSB[[JOTUSVLDKBNJ
5BMJNBUWFVZBS‘MBSLJUBQΑޑ
/ÈWPELQPVäJUÓBVQP[PSOŚOÓ
"EWFSUÐODJBTHFSBJT
0NBOVBMEFJOTUSVÎÜFTÏQBSUFJOUFHSBOUFFFTTFODJBMEPBQBSFMIPFEFWFTFSFOUSFHVFBP
VUJMJ[BEPSJHVBMNFOUFFNDBTPEFUSBOTGFSÐODJBEFQSPQSJFEBEF$POTFSWFFTUFNBOVBM
DPNDVJEBEPFDPOTVMUFPDPNBUFOÎÍPQPJTBTTVBTBEWFSUÐODJBTDPOUÐNJOEJDBÎÜFT
JNQPSUBOUFT SFMBUJWBT Ë TFHVSBOÎB EVSBOUF BT GBTFT EF JOTUBMBÎÍP EF VUJMJ[BÎÍP F EF
NBOVUFOÎÍP"JOTUBMBÎÍPFBTPQFSBÎÜFTEFNBOVUFOÎÍPEFWFNTFSFGFDUVBEBTFN
DPOGPSNJEBEFDPNBTOPSNBTFNWJHPSTFHVOEPBTJOTUSVÎÜFTEPGBCSJDBOUFFQPS
QFTTPBMRVBMJmDBEPBTBCFSQFTTPBMDPNDPNQFUÐODJBUÏDOJDBFTQFDÓmDBOPTFDUPSEPT
TJTUFNBT"JOTUBMBÎÍPOÍPDPOTPBOUFQPEFQSPWPDBSEBOPTBQFTTPBTBOJNBJTFCFOT
NBUFSJBJT SFMBUJWBNFOUF BPT RVBJT P GBCSJDBOUF OÍP Ï SFTQPOTÈWFM "T PQFSBÎÜFT EF
NBOVUFOÎÍPEFWFSÍPTFSSFBMJ[BEBTQPSQFTTPBMFTQFDJBMJ[BEP0TFSWJÎPEF"TTJTUÐODJB
5ÏDOJDB*NNFSHBTSFQSFTFOUBVNBHBSBOUJBEFRVBMJmDBÎÍPQSPmTTJPOBM0BQBSFMIP
EFWFSÈTFSVUJMJ[BEPFYDMVTJWBNFOUFQBSBPVTPBPRVBMGPJFYQSFTTBNFOUFQSPKFDUBEP
F GBCSJDBEP 2VBMRVFS PVUSB VUJMJ[BÎÍP Ï DPOTJEFSBEB JNQSØQSJB F QPS DPOTFHVJOUF
QFSJHPTB&NDBTPEFJOTUBMBÎÍPGVODJPOBNFOUPPVNBOVUFOÎÍPJODPSSFDUPTEFWJEPT
ËJOPCTFSWÉODJBEBMFHJTMBÎÍPUÏDOJDBWJHFOUFEBOPSNBUJWBPVEBTJOTUSVÎÜFTDPOUJEBT
OP QSFTFOUF NBOVBM PV GPSOFDJEBT QFMP GBCSJDBOUF
P GBCSJDBOUF EFDMJOB RVBMRVFS
SFTQPOTBCJMJEBEFDPOUSBUVBMFFYUSBDPOUSBUVBMQFMPTFWFOUVBJTEBOPTFBHBSBOUJBEP
BQBSFMIPQSFTDSFWF1BSBNBJTJOGPSNBÎÜFTTPCSFBJOTUBMBÎÍPEPTHFSBEPSFTEFDBMPSB
HÈTDPOTVMUFPTJUF*NNFSHBTOPTFHVJOUFFOEFSFÎPXXXJNNFSHBTDPN
&4
%&$-"3"±°0%&$0/'03.*%"%&
%FBDPSEPDPNB%JSFDUJWBEFHÈT$&%JSFDUJWB&.$$&%JSFDUJWB
EFSFOEJNFOUPT$&F%JSFDUJWBEF#BJYB5FOTÍP$&
0GBCSJDBOUF*NNFSHBT4Q"W$JTB-JHVSFO¡#SFTDFMMP3&
&4
15
(3
1-
53
$;
%&$-"3"26&BTDBMEFJSBT*NNFSHBTEPNPEFMP/JLF.JOJ4
&TUJNBEP$MJFOUF
'FMJDJUBDJPOFTQPSIBCFSFMFHJEP*NNFSHBT&TUBDBMEFSBFTVOQSPEVDUPEFBMUBDBMJEBE
RVFMFHBSBOUJ[BNVDIPTB×PTEFCJFOFTUBSZTFHVSJEBE6TUFEQPESÈDPOUBSDPOFMBQPZP
EFVO4FSWJDJP"VUPSJ[BEPEF"TJTUFODJB5ÏDOJDBmBCMFZBDUVBMJ[BEPDBQB[EFNBOUFOFS
DPOTUBOUFMBFmDJFODJBEFMBDBMEFSB-FBBUFOUBNFOUFFTUFNBOVBMEFJOTUSVDDJPOFTEF
VTP1PEFNPTBTFHVSBSMFRVFTJMBTDVNQMFFTUBSÈUPUBMNFOUFTBUJTGFDIPDPOFMQSPEVDUP
%JSÓKBTFZBBTV$FOUSP"VUPSJ[BEPEF"TJTUFODJB5ÏDOJDBNÈTDFSDBOPQBSBQFEJSMB
WFSJmDBDJØOJOJDJBMEFGVODJPOBNJFOUP/VFTUSPUÏDOJDPWFSJmDBSÈFMGVODJPOBNJFOUP
FGFDUVBSÈMBTSFHVMBDJPOFTOFDFTBSJBTZMFNPTUSBSÈDØNPVUJMJ[BSFMHFOFSBEPS
4JOFDFTJUBFGFDUVBSSFQBSBDJPOFTPNBOUFOJNJFOUPPSEJOBSJPEJSÓKBTFBVOPEFOVFTUSPT
$FOUSPT"VUPSJ[BEPT*NNFSHBTRVFEJTQPOFOEFUÏDOJDPTBMUBNFOUFFTQFDJBMJ[BEPTZ
SFDBNCJPTPSJHJOBMFT
"EWFSUFODJBTHFOFSBMFT
&TUF NBOVBM EF JOTUSVDDJPOFT FT QBSUF JOUFHSBOUF Z FTFODJBM EFM QSPEVDUP Z EFCF
FOUSFHBSTFBMVTVBSJPJODMVTPFODBTPEFDBNCJPEFQSPQJFEBE%FCFSÈDPOTFSWBSTF
DPODVJEBEPZDPOTVMUBSTFBUFOUBNFOUFQPSRVFDPOUJFOFJOEJDBDJPOFTEFTFHVSJEBE
JNQPSUBOUFTQBSBMBTGBTFTEFJOTUBMBDJØOVTPZNBOUFOJNJFOUP-BJOTUBMBDJØOZFM
NBOUFOJNJFOUP EFCFO TFS FGFDUVBEPT QPS QFSTPOBM DVBMJmDBEP RVF QPTFB MB DPN
QFUFODJB UÏDOJDB RVF FYJHF MB MFZ Z BQMJRVF MBT OPSNBT WJHFOUFT Z MBT JOTUSVDDJPOFT
EFMGBCSJDBOUF6OBJOTUBMBDJØOJODPSSFDUBQVFEFDBVTBSBQFSTPOBTBOJNBMFTZDPTBT
EB×PTEFMPTRVFFMGBCSJDBOUFOPFTSFTQPOTBCMF&MNBOUFOJNJFOUPSFRVJFSFQFSTPOBM
UÏDOJDPBVUPSJ[BEP&M4FSWJDJP"VUPSJ[BEPEF"TJTUFODJB5ÏDOJDB*NNFSHBTFTHBSBOUÓB
EFDVBMJmDBDJØOZQSPGFTJPOBMJEBE-BDBMEFSBEFCFVUJMJ[BSTFTØMPQBSBMPTmOFTQBSB
MPTRVFIBTJEPQSPZFDUBEB$VBMRVJFSPUSPVTPTFDPOTJEFSBJOBEFDVBEPZQPSUBOUP
QFMJHSPTP&MGBCSJDBOUFTFFYJNFEFUPEBSFTQPOTBCJMJEBEDPOUSBDUVBMPOPDPOUSBDUVBM
ZMBHBSBOUÓBRVFEBBOVMBEBFODBTPEFFSSPSFTEFJOTUBMBDJØOVTPPNBOUFOJNJFOUP
EFCJEPTBMJODVNQMJNJFOUPEFMBOPSNBUÏDOJDBPMBTJOTUSVDDJPOFTEFMNBOVBMPEFM
GBCSJDBOUF1BSBPCUFOFSNÈTJOGPSNBDJØOTPCSFMBJOTUBMBDJØOEFMPTHFOFSBEPSFTEF
DBMPSDPOGVODJPOBNJFOUPBHBTDPOTVMUFMBQÈHJOBEF*NNFSHBT
XXXJNNFSHBTDPN
%&$-"3"$*»/$&%&$0/'03.*%"%
%FDPOGPSNJEBEDPOMB%JSFDUJWBHBT$&MB%JSFDUJWB&.$$&MB
%JSFDUJWBSFOEJNJFOUPT$&ZMB%JSFDUJWB#BKB5FOTJØO$&
&MGBCSJDBOUF*NNFSHBT4Q"W$JTB-JHVSFO¡#SFTDFMMP3&
%&$-"3"26&MBTDBMEFSBT*NNFSHBTNPEFMP/JLF.JOJ4
TPODPOGPSNFTBUBMFT%JSFDUJWBT$PNVOJUBSJBT
%JSFDUPSEF*OWFTUJHBDJØOZ%FTBSSPMMP
.BVSP(VBSFTDIJ
'JSNB
15
1SF[BEPDMJFOUF
²OPTTBJOUFOÎÍPBOUFTEFNBJTBHSBEFDFSMIFQFMBDPOmBOÎBEJTQFOTBEBFTDPMIFOEP
VNQSPEVUP*NNFSHBTEFBMUBRVBMJEBEFRVFMIFHBSBOUJSÈQPSMPOHPUFNQPCFNFTUBS
FTFHVSBOÎB$PNP$MJFOUF*NNFSHBT74QPEFDPOUBSDPNVN4FSWJÎPEF"TTJTUÐODJB
"VUPSJ[BEPRVBMJmDBEPQSFQBSBEPFBDUVBMJ[BEPQBSBHBSBOUJSVNBDPOTUBOUFFmDJÐODJB
ËTVBDBMEFJSB-FJBEJMJHFOUFNFOUFBTQÈHJOBTBCBJYPQPJTDPOUÐNJOGPSNBÎÜFTTPCSF
BVUJMJ[BÎÍPDPSSFDUBEPBQBSFMIPSFDPSEBNPTRVFPSFTQFJUPEBTNFTNBTDPOmSNBSÈ
B TVB TBUJTGBÎÍP DPN P QSPEVUP *NNFSHBT FTDPMIJEP $POUBDUF JNFEJBUBNFOUF P
QFTTPBMFTQFDJBMJ[BEPEFVNEPT$FOUSPT"VUPSJ[BEPT*NNFSHBTQBSBRVFFGFDUVFP
UFTUFFBBGFSJÎÍPJOJDJBJTEFGVODJPOBNFOUP0OPTTPUÏDOJDPWFSJmDBSÈBTDPOEJÎÜFT
JEFBJTEFGVODJPOBNFOUPFGFDUVBSÈBTSFHVMBÎÜFTFDBMJCSBHFOTOFDFTTÈSJBTFNPTUSBS
MIFÈ P GVODJPOBNFOUP JEFBM EP HFSBEPS 1BSB FWFOUVBJT JOUFSWFOÎÜFT OFDFTTÈSJBT F
QBSBNBOVUFOÎÍPSFHVMBSDPOUBDUFPT$FOUSPT"VUPSJ[BEPT*NNFSHBTFTUFTQPTTVFN
QFÎBTTPCSFTTFMFOUFTPSJHJOBJTFQPEFNHBSBOUJSVNBQSFQBSBÎÍPFTQFDÓmDBDVJEBEB
EJSFDUBNFOUFQFMPGBCSJDBOUF
FTUÍPFNDPOGPSNJEBEFDPNBTSFTQFDUJWBT%JSFDUJWBT$PNVOJUÈSJBT
%JSFDUPSEFQFTRVJTBFEFTFOWPMWJNFOUP
.BVSP(VBSFTDIJ
"TTJOBUVSB
$4
4*
(3
ȁʄʂʑʈʔʐʝʑʆʌʚʔʆʥ
Ȓʕʄʗʂʒʈʔʜʒʊʂʄʊʂʔʈʎʂʄʐʒʚʆʎʟʥʑʒʐʞʟʎʔʐʥʕʘʈʌʜʥʑʐʊʟʔʈʔʂʥʔʈʥ*NNFSHBTʔʐ
ʐʑʐʝʐʓʂʥʆʏʂʓʖʂʌʝʇʆʊʍʂʋʒʐʗʒʟʎʊʂʚʎʆʓʈʋʂʊʂʓʖʚʌʆʊʂձʥʑʆʌʚʔʈʥʔʈʥ*NNFSHBT
ʍʑʐʒʆʝʔʆ ʑʚʎʔʂ ʎʂ ʃʂʓʝʇʆʓʔʆ ʓʆ ʛʎʂ ʆʊʅʊʋʆʕʍʛʎʐ ʋʂʊ ʆʏʐʕʓʊʐʅʐʔʈʍʛʎʐ ʋʛʎʔʒʐ
ʆʏʕʑʈʒʛʔʈʓʈʥʔʐʐʑʐʝʐʆʝʎʂʊʑʒʟʉʕʍʐʋʂʊʆʎʈʍʆʒʙʍʛʎʐʄʊʂʎʂʓʂʥʆʄʄʕʈʉʆʝʄʊʂʔʈ
ʓʕʎʆʗʜʂʑʟʅʐʓʈʔʐʕʌʛʃʈʔʚʓʂʥհʊʂʃʚʓʔʆʍʆʑʒʐʓʐʗʜʔʊʥʓʆʌʝʅʆʥʑʐʕʂʋʐʌʐʕʉʐʠʎ
Ȑʆʒʊʛʗʐʕʎʗʒʜʓʊʍʆʥʐʅʈʄʝʆʥʄʊʂʔʈʓʙʓʔʜʗʒʜʓʈʔʈʥʓʕʓʋʆʕʜʥʋʂʊʈʔʜʒʈʓʜʔʐʕʥ
ʉʂʆʑʊʓʖʒʂʄʝʓʆʊʔʈʅʊʋʜʓʂʥʊʋʂʎʐʑʐʝʈʓʈʍʆʔʐʑʒʐʞʟʎʔʈʥ*NNFSHBT
ȃʊʂ ʎʂ ʇʈʔʜʓʆʔʆ ʔʐʎ ʂʒʗʊʋʟ ʛʌʆʄʗʐ ʔʈʥ ʌʆʊʔʐʕʒʄʝʂʥ ʆʑʊʋʐʊʎʙʎʜʓʔʆ ʛʄʋʂʊʒʂ ʍʆ
ʔʐ ʑʌʈʓʊʛʓʔʆʒʐ ʆʏʐʕʓʊʐʅʐʔʈʍʛʎʐ ʋʛʎʔʒʐ ʆʏʕʑʈʒʛʔʈʓʈʥ ȏ ʔʆʗʎʊʋʟʥ ʍʂʥ ʉʂ
ʆʑʊʃʆʃʂʊʢʓʆʊ ʔʊʥ ʓʙʓʔʛʥ ʓʕʎʉʜʋʆʥ ʌʆʊʔʐʕʒʄʝʂʥ ʉʂ ʆʋʔʆʌʛʓʆʊ ʔʊʥ ʂʑʂʒʂʝʔʈʔʆʥ
ʒʕʉʍʝʓʆʊʥʃʂʉʍʐʎʟʍʈʓʈʥʋʂʊʉʂʓʂʥʅʆʝʏʆʊʔʈʓʙʓʔʜʗʒʜʓʈʔʈʥʄʆʎʎʜʔʒʊʂʥ
ȃʊʂʐʑʐʊʂʅʜʑʐʔʆʂʎʚʄʋʈʋʂʎʐʎʊʋʜʥʋʂʊʛʋʔʂʋʔʈʥʓʕʎʔʜʒʈʓʈʥʂʑʆʕʉʕʎʉʆʝʔʆʓʔʂ
ʋʛʎʔʒʂʆʏʕʑʈʒʛʔʈʓʈʥʔʈʥ*NNFSHBTȅʋʆʝʉʂʃʒʆʝʔʆʄʎʜʓʊʂʂʎʔʂʌʌʂʋʔʊʋʚʂʌʌʚʋʂʊ
ʑʒʐʓʙʑʊʋʟʑʐʕʆʝʎʂʊʆʊʅʊʋʚʆʋʑʂʊʅʆʕʍʛʎʐʂʑʆʕʉʆʝʂʥʂʑʟʔʐʎʋʂʔʂʓʋʆʕʂʓʔʜ
ȃʆʎʊʋʛʥʐʅʈʄʝʆʥ
ȓʐ ʖʕʌʌʚʅʊʐ ʐʅʈʄʊʢʎ ʂʑʐʔʆʌʆʝ ʂʎʂʑʟʓʑʂʓʔʐ ʋʂʊ ʃʂʓʊʋʟ ʍʛʒʐʥ ʔʐʕ ʑʒʐʞʟʎʔʐʥ
ʋʂʊʑʒʛʑʆʊʎʂʑʂʒʂʅʝʅʆʔʂʊʓʔʐʗʒʜʓʔʈʂʋʟʍʈʋʂʊʓʆʑʆʒʝʑʔʙʓʈʍʆʔʂʃʝʃʂʓʈʥʔʈʥ
ʊʅʊʐʋʔʈʓʝʂʥ ʔʐʕ ʑʒʐʞʟʎʔʐʥ Ȉʂ ʑʒʛʑʆʊ ʎʂ ʖʕʌʚʓʓʆʔʆ ʔʐ ʖʕʌʌʚʅʊʐ ʐʅʈʄʊʢʎ ʍʆ
ʖʒʐʎʔʝʅʂʋʂʊʎʂʔʐʓʕʍʃʐʕʌʆʠʆʓʔʆʑʒʐʓʆʗʔʊʋʚʆʑʆʊʅʜʟʌʆʥʐʊʐʅʈʄʝʆʥʑʆʒʊʛʗʐʕʎ
ʓʈʍʂʎʔʊʋʛʥ ʑʌʈʒʐʖʐʒʝʆʥ ʄʊʂ ʔʈʎ ʂʓʖʚʌʆʊʂ ʔʙʎ ʓʔʂʅʝʙʎ ʔʈʥ ʆʄʋʂʔʚʓʔʂʓʈʥ
ʔʈʥ ʗʒʜʓʈʥ ʋʂʊ ʔʈʥ ʓʕʎʔʜʒʈʓʈʥ ȇ ʆʄʋʂʔʚʓʔʂʓʈ ʋʂʊ ʈ ʓʕʎʔʜʒʈʓʈ ʑʒʛʑʆʊ ʎʂ
ʆʋʔʆʌʐʠʎʔʂʊ ʓʆ ʓʕʍʍʟʒʖʙʓʈ ʍʆ ʔʐʕʥ ʊʓʗʠʐʎʔʆʥ ʋʂʎʐʎʊʓʍʐʠʥ ʓʠʍʖʙʎʂ ʍʆ ʔʊʥ
ʐʅʈʄʝʆʥʔʐʕʋʂʔʂʓʋʆʕʂʓʔʜʋʂʊʂʑʟʆʑʂʄʄʆʌʍʂʔʊʋʚʂʒʍʟʅʊʐʑʒʐʓʙʑʊʋʟʔʐʐʑʐʝʐ
ʅʊʂʉʛʔʆʊʆʊʅʊʋʜʔʆʗʎʊʋʜʑʆʝʒʂʓʔʐʎʔʐʍʛʂʔʙʎʆʎʌʟʄʙʓʕʓʔʈʍʚʔʙʎȇʆʓʖʂʌʍʛʎʈ
ʆʄʋʂʔʚʓʔʂʓʈʍʑʐʒʆʝʎʂʑʒʐʋʂʌʛʓʆʊʃʌʚʃʆʥʜʔʒʂʕʍʂʔʊʓʍʐʠʥʓʆʂʎʉʒʢʑʐʕʥʓʆ
ʇʢʂʜʓʆʂʎʔʊʋʆʝʍʆʎʂʄʊʂʔʊʥʐʑʐʝʆʥʐʋʂʔʂʓʋʆʕʂʓʔʜʥʅʆʎʆʕʉʠʎʆʔʂʊȇʓʕʎʔʜʒʈʓʈ
ʉʂ ʑʒʛʑʆʊ ʎʂ ʆʋʔʆʌʆʝʔʂʊ ʂʑʟ ʂʒʍʟʅʊʐ ʔʆʗʎʊʋʟ ʑʒʐʓʙʑʊʋʟ ȓʐ ʆʏʐʕʓʊʐʅʐʔʈʍʛʎʐ
ʋʛʎʔʒʐʔʆʗʎʊʋʜʥʆʏʕʑʈʒʛʔʈʓʈʥʔʈʥ*NNFSHBTʂʎʔʊʑʒʐʓʙʑʆʠʆʊʆʄʄʠʈʓʈʑʒʐʓʟʎʔʙʎ
ʋʂʊʆʑʂʄʄʆʌʍʂʔʊʓʍʐʠȇʓʕʓʋʆʕʜʑʒʛʑʆʊʎʂʗʒʈʓʊʍʐʑʐʊʈʉʆʝʍʟʎʐʄʊʂʔʐʓʋʐʑʟ
ʄʊʂʔʐʎʐʑʐʝʐʛʗʆʊʒʈʔʚʓʗʆʅʊʂʓʔʆʝȊʚʉʆʚʌʌʈʗʒʜʓʈʉʆʙʒʆʝʔʂʊʂʋʂʔʚʌʌʈʌʈʋʂʊ
ʆʑʐʍʛʎʙʥʆʑʊʋʝʎʅʕʎʈȒʆʑʆʒʝʑʔʙʓʈʓʖʂʌʍʚʔʙʎʋʂʔʚʔʈʎʆʄʋʂʔʚʓʔʂʓʈʔʈʗʒʜʓʈ
ʜʔʈʓʕʎʔʜʒʈʓʈʌʟʄʙʍʈʓʕʍʍʟʒʖʙʓʈʥʍʆʔʈʎʊʓʗʠʐʕʓʂʔʆʗʎʊʋʜʎʐʍʐʉʆʓʝʂʔʐʕʥ
ʋʂʎʐʎʊʓʍʐʠʥʜʔʊʥʐʅʈʄʝʆʥʑʐʕʑʆʒʊʛʗʐʎʔʂʊʓʔʐʑʂʒʟʎʖʕʌʌʚʅʊʐʜʋʚʉʆʐʅʈʄʝʂ
ʑʐʕʑʂʒʛʗʆʔʂʊʂʑʟʔʐʎʋʂʔʂʓʋʆʕʂʓʔʜ
ʐʋʂʔʂʓʋʆʕʂʓʔʜʥʂʑʂʌʌʚʓʓʆʔʂʊʂʑʟʋʚʉʆ
ʆʕʉʠʎʈʆʎʔʟʥʋʂʊʆʋʔʟʥʓʕʍʃʐʌʂʝʐʕʄʊʂʆʎʅʆʗʟʍʆʎʆʥʃʌʚʃʆʥʋʂʊʂʋʕʒʢʎʆʔʂʊʈ
ʓʗʆʔʊʋʜ ʆʄʄʠʈʓʈ ʔʈʥ ʓʕʓʋʆʕʜʥ ȃʊʂ ʑʆʒʂʊʔʛʒʙ ʑʌʈʒʐʖʐʒʝʆʥ ʑʐʕ ʂʖʐʒʐʠʎ ʔʈʎ
ʆʄʋʂʔʚʓʔʂʓʈʓʕʓʋʆʕʢʎʑʂʒʂʄʙʄʜʥʉʆʒʍʟʔʈʔʂʥʍʆʗʒʜʓʈʂʆʒʝʐʕʓʕʍʃʐʕʌʆʕʔʆʝʔʆ
ʔʐʎʊʓʔʐʗʢʒʐʔʈʥ*NNFSHBTʓʔʈʅʊʆʠʉʕʎʓʈXXXJNNFSHBTDPN
հȇȋձȒȇȒȔȌȌȏȑȕձȒȇȒ$&
Ȓʆ ʓʕʍʍʟʒʖʙʓʈ ʍʆ ʔʈʎ ȏʅʈʄʝʂ ʑʆʒʝ ʂʆʒʝʙʎ $& ʔʈʎ ȏʅʈʄʝʂ ʑʆʒʝ
ʈʌʆʋʔʒʐʍʂʄʎʈʔʊʋʜʥʓʕʍʃʂʔʟʔʈʔʂʥ$&ʔʈʎȏʅʈʄʝʂʑʆʒʝʂʑʐʅʐʔʊʋʟʔʈʔʂʥ
$&ʋʂʊʔʈʎȏʅʈʄʝʂʑʆʒʝʗʂʍʈʌʢʎʔʚʓʆʙʎ$&
ȏʋʂʔʂʓʋʆʕʂʓʔʜʥ*NNFSHBT4Q"W$JTB-JHVSFOž#SFTDFMMP3&
հȇȋձȍȅȉȏȓȉȏʊʌʛʃʈʔʆʥ*NNFSHBTʍʐʎʔʛʌʐ/JLF.JOJ4
ʓʕʍʍʐʒʖʢʎʐʎʔʂʊʍʆʔʊʥʑʒʐʂʎʂʖʆʒʉʆʝʓʆʥʐʅʈʄʝʆʥʔʈʥȅʕʒʙʑʂʞʋʜʥȊʐʊʎʟʔʈʔʂʥ
հʊʆʕʉʕʎʔʜʥȚʒʆʕʎʂʥʋʂʊȁʎʚʑʔʕʏʈʥ
.BVSP(VBSFTDIJ
Ȕʑʐʄʒʂʖʜ
)6
36
30
*&
1-
&4
15
(3
1-
53
$;
$4
4*
)6
36
30
4[BOPXOZ,MJFODJF
(SBUVMVKFNZ XZCPSV XZTPLJFK KBLPƽDJ QSPEVLUV *NNFSHBT LUØSZ NPLJF [BQFXOJƥ
1BƵTUXVEPCSFTBNPQPD[VDJFJCF[QJFD[FƵTUXP+BLP,MJFODJNPLJFDJF1BƵTUXP[BXT[F
MJD[ZƥOBQPNPDXZLXBMJmLPXBOFHPQFSTPOFMVBVUPSZ[PXBOFHPTFSXJTVUFDIOJD[OFHP
E[JƬLJ D[FNV CƬE[JFDJF [BXT[F QFXOJ OJF[BXPEOPƽDJ LPU’B 1SPT[Ƭ [BQP[OBƥ TJƬ
VXBLJOJF[OJOJFKT[ƤJOTUSVLDKƤ.PLJOBXOJFK[OBMFdžƥQS[ZEBUOFXTLB[ØXLJEPUZD[ƤDF
QSBXJE’PXFHP VLJZULPXBOJB VS[ƤE[FOJB LUØSZDI QS[FTUS[FHBOJF [BQFXOJ LJF [BXT[F
CƬE[JFDJF[BEPXPMFOJ[QSPEVLUVmSNZ*NNFSHBT
1SPT[Ƭ [XSØDJƥ TJƬ EP MPLBMOFHP BVUPSZ[PXBOFHP QVOLUV TFSXJTPXFHP [ QSPƽCƤ P
EPLPOBOJF XTUƬQOFK LPOUSPMJ E[JB’BOJB /BT[ UFDIOJL TQSBXE[J XBSVOLJ E[JB’BOJB
EPLPOB XZNBHBOZDI SFHVMBDKJ J [BEFNPOTUSVKF X’BƽDJXZ TQPTØC FLTQMPBUBDKJ
HFOFSBUPSB
8SB[JFLPOJFD[OPƽDJOBQSBXZMVC[XZL’ZDIQSBDLPOTFSXBDZKOZDIOBMFLJZ[XSØDJƥTJƬEP
BVUPSZ[PXBOZDIQVOLUØXTFSXJTPXZDImSNZ*NNFSHBTEZTQPOVKƤPOFPSZHJOBMOZNJ
D[ƬƽDJBNJ[BNJFOOZNJBQFSTPOFM[PTUB’QS[FT[LPMPOZQPECF[QPƽSFEOJNOBE[PSFN
LPOTUSVLUPSB
6XBHJPHØMOF
/JOJFKT[B JOTUSVLDKB PCT’VHJ TUBOPXJ JOUFHSBMOƤ D[Ƭƽƥ QSPEVLUV J QPXJOOB CZƥ
QS[FLB[BOBVLJZULPXOJLPXJSØXOJFLJXQS[ZQBELVQS[FOJFTJFOJBX’BTOPƽDJ
/BMFLJZTJƬ[OJƤVXBLJOJF[BQP[OBƥJ[BDIPXBƥOBQS[ZT[’PƽƥQPOJFXBLJ[BXJFSBXBLJOF
XTLB[ØXLJEPUZD[ƤDFCF[QJFD[FƵTUXBJOTUBMBDKJFLTQMPBUBDKJJLPOTFSXBDKJ
*OTUBMBDKBJLPOTFSXBDKBQPXJOOZCZƥXZLPOBOF[HPEOJF[PCPXJƤ[VKƤDZNJOPSNBNJ
XFE’VHJOTUSVLDKJQSPEVDFOUBJQS[F[XZLXBMJmLPXBOZQFSTPOFMUKPTPCZQPTJBEBKƤDF
LPOLSFUOƤXJFE[ƬUFDIOJD[OƤ[[BLSFTVJOTUBMBDKJ
/JFX’BƽDJXB JOTUBMBDKB NPLJF TQPXPEPXBƥ PCSBLJFOJB V MVE[J J [XJFS[ƤU B UBLLJF
T[LPEZNBUFSJBMOF[BLUØSFQSPEVDFOUOJFCƬE[JFQPOPTJ’LJBEOFKPEQPXJFE[JBMOPƽDJ
1SBDFLPOTFSXBDZKOFNVT[ƤCZƥXZLPOZXBOFQS[F[XZLXBMJmLPXBOFHPUFDIOJLBB
BVUPSZ[PXBOZQVOLUTFSXJTPXZmSNZ*NNFSHBTEBKFXUBLJNQS[ZQBELVHXBSBODKƬ
LXBMJmLBDKJJQSPGFTKPOBMJ[NV
6S[ƤE[FOJFNPLJOBTUPTPXBƥKFEZOJFEPDFMØXEPKBLJDI[PTUB’PQS[FXJE[JBOF8T[FMLJF
JOOF[BTUPTPXBOJBTƤVXBLJBOF[BOJFX’BƽDJXFJNPHƤCZƥOJFCF[QJFD[OF
8 SB[JF OJFX’BƽDJXFK JOTUBMBDKJ FLTQMPBUBDKJ MVC LPOTFSXBDKJ XZOJLBKƤDZDI [
OJFQS[FTUS[FHBOJB PCPXJƤ[VKƤDZDI QS[FQJTØX UFDIOJD[OZDI OPSN MVC OJOJFKT[ZDI
JOTUSVLDKJMVCJOOZDIJOTUSVLDKJQSPEVDFOUB
QSPEVDFOUOJFCƬE[JFQPOPTJ’LJBEOFK
PEQPXJFE[JBMOPƽDJ VNPXOFK BOJ JOOFK [ UZUV’V FXFOUVBMOZDI T[LØE B HXBSBODKB
VS[ƤE[FOJBXZHBTB8JƬDFKJOGPSNBDKJOBUFNBUJOTUBMBDKJHB[PXZDIHFOFSBUPSØXDJFQ’B
NPLJOB[OBMFdžƥOBTUSPOJFJOUFSOFUPXFKmSNZ*NNFSHBTQPEOBTUƬQVKƤDZNBESFTFN
XXXJNNFSHBTDPN
%&,-"3"$+";(0%/0Ň$*
;HPEOJF[%ZSFLUZXƤPHB[JF$&%ZSFLUZXƤ&.$$&%ZSFLUZXƤ
PTQSBXOPƽDJ$&J%ZSFLUZXƤP/JTLJDI/BQJƬDJBDI$&
1SPEVDFOU*NNFSHBT4Q"W$JTB-JHVSFO¡#SFTDFMMP3&
0Ɩ8*"%$;"Ơ&LPU’Z*NNFSHBTNPEFM/JLF.JOJ4
TƤ[HPEOF[UZNJ%ZSFLUZXBNJ6OJKOZNJ
*&
%ZSFLUPSE[JB’V#BEBƵ3P[XPKV
.BVSP(VBSFTDIJ
1PEQJT
53
%FŞFSMJ.àůUFSJNJ[
:àLTFLLBMJUFMJV[VOTàSFHàWFOMFLVMMBOBCJMFDFƭJOJ[*NNFSHBTàSàOàNà[àTFÎUJƭJOJ[
JÎJOTJ[JUFCSJLFEFSJ[*NNFSHBTNàƾUFSJTJPMBSBLFULJMJWFTàSFLMJPMBSBL‘T‘ONBO‘[‘
HBSBOUJMFNFLJÎJOIB[‘SMBON‘ƾWFHàODFMMFƾUJSJMNJƾ:FULJMJ4FSWJT%FTUFƭJOFIFS[BNBO
HàWFOFCJMJSTJOJ[
ơ[MFZFOTBZGBMBS‘MàUGFOEJLLBUMFPLVZVOV[DJIB[‘OEPƭSVLVMMBO‘MBCJMNFTJJÎJOZBSBSM‘
CJMHJMFS FEJOFCJMJS WF CÚZMFDF *NNFSHBT àSàOàOà[à LVMMBO‘SLFO ZàLTFL Eà[FZEF
NFNOVOJZFUFMEFFEFSTJOJ[
$JIB[‘O‘[‘ JML LF[ ÎBM‘ƾU‘SNBEBO ÚODF CÚMHFOJ[EFLJ :FULJMJ %FTUFL .FSLF[JOF
CBƾWVSVOV[ 5FLOJL 4FSWJT FMFNBO‘N‘[ DJIB[‘O ÎBM‘ƾNBT‘ JÎJO VZHVO LPƾVMMBS‘
LPOUSPMFEFDFLHFSFLMJBZBSMBNBMBS‘ZBQBDBLWFKFOFSBUÚSàOEPƭSVLVMMBO‘NƾFLMJOJ
HÚTUFSFDFLUJS
ơMFSJEFDJIB[‘OÎBM‘ƾNBNBT‘IBMJOEFHFSFLMJNàEBIBMFMFSWFEà[FOMJPMBSBLCBL‘N‘JÎJO
*NNFSHBT:FULJMJ.FSLF[MFSJOFCBƾWVSVOV[CVNFSLF[MFSTJ[FPSJKJOBMQBSÎBTBƭMBZBDBL
WFEPƭSVEBOàSFUJDJUBSBG‘OEBOÚ[FOMFIB[‘SMBON‘ƾÚ[FMIJ[NFUMFSTVOBDBLMBSE‘S
(FOFM6ZBS‘MBS
,VMMBO‘N,JUBQΑƭ‘àSàOàOUBNBNMBZ‘D‘WFHFSFLMJCJSQBSÎBT‘PMVQLVMMBO‘D‘ZBZFOJ
TBIJCJPMBOLJƾJZFWFSJMNFMJEJS
,JUBQΑLÚ[FOMFTBLMBONBM‘WFEJLLBUMFVZHVMBONBM‘E‘SUàNVZBS‘MBSNPOUBKLVMMBO‘N
WFCBL‘NBƾBNBMBS‘OEBHàWFOMJLJÎJOÎPLÚOFNMJCJMHJMFSJÎFSNFLUFEJS
.POUBKWFCBL‘NJƾMFNMFSJZàSàSMàLUFLJTUBOEBSUMBSBVZHVOPMBSBLàSFUJDJUBMJNBUMBS‘
EPƭSVMUVTVOEB WF ZBTBEB ÚOHÚSàMEàƭà HJCJ CV TJTUFNMFS LPOVTVOEB HFSFLMJ UFLOJL
V[NBOM‘ƭBTBIJQQSPGFTZPOFMLBMJmZFQFSTPOFMDFZBQ‘MNBM‘E‘S
.POUBK IBUBT‘ LJƾJ IBZWBO ZB EB DJTJNMFSF [BSBS WFSFCJMJS àSFUJDJ CVOEBO TPSVNMV
EFƭJMEJS #BL‘N JƾMFNJ JƾJOJO V[NBO‘ UFLOJL QFSTPOFM UBSBG‘OEBO ZBQ‘MNBM‘E‘S
*NNFSHBT:FULJMJ5FLOJL4FSWJT%FTUFƭJCVBOMBNEBLBMJUFWFQSPGFTZPOFMMJLHBSBOUJTJ
TVONBLUBE‘S
$JIB[TBEFDFBΑLMBOBSBLÚOHÚSàMFOBNBÎEPƭSVMUVTVOEBLVMMBO‘MNBM‘E‘S#BƾLBBNBÎM‘
IFSUàSMàLVMMBO‘NVZHVOEFƭJMEJSWFUFIMJLFMJEJS
:àSàSMàLUFLJ UFLOJL TUBOEBSU WF OPSNMBS‘O CV LJUBQΑLUB ZFS BMBO WFZB àSFUJDJ
UBSBG‘OEBOTBƭMBOBO
UBMJNBUMBS‘OHÚ[BSE‘FEJMNFTJTPOVDVZBƾBOBONPOUBKLVMMBO‘N
WFZBCBL‘NIBUBMBS‘TÚ[MFƾNFEFWFTÚ[MFƾNFE‘ƾ‘OEBàSFUJDJZFZàLMFOFOTPSVNMVMVLMBS‘O
E‘ƾ‘OEBLBM‘SWFDJIB[‘OHBSBOUJTJOJOHFÎFSMJMJƭJOJLBZCFUNFTJOFOFEFOPMVS
(B[M‘‘T‘U‘D‘KFOFSBUÚSMFSJOJONPOUBK‘JMFJMHJMJEBIBGB[MBCJMHJJÎJO*NNFSHBTXFCTJUFTJOF
CBL‘O‘[XXXJNNFSHBTDPN
$&6:(6/-6,#&:"/*
$&(B[%JSFLUJm$&&.$%JSFLUJm$&7FSJNMJMJL%JSFLUJm
WF$&"MÎBL(FSJMJN%JSFLUJmVZBS‘ODB
ÃSFUJDJ*NNFSHBT4Q"W$JTB-JHVSFOP#SFTDFMMP3&
#&:"/&%&3,ơ/JLF.JOJ4NPEFMJ*NNFSHBTLPNCJMFSJ
ZVLBS‘EBLJEJSFLUJnFSFVZHVOEVS
"SBƾU‘SNB(FMJƾUJSNF.àEàSà
.BVSP(VBSFTDIJ
ơN[B
$;
7ÈäFOâ[ÈLB[OÓLV
#MBIPQƻFKFNF7ÈN L [BLPVQFOÓ WZTPDF LWBMJUOÓIP WâSPCLV mSNZ *NNFSHBT LUFSâ
7ÈNOBEMPVIPVEPCV[BKJTUÓTQPLPKFOPTUBCF[QFƦÓ+BLP[ÈLB[OÓLmSNZ*NNFSHBTTF
NDžäFUF[BWÝFDIPLPMOPTUÓTQPMFIOPVUOBPECPSOâTFSWJTmSNZLUFSâKFWäEZEPLPOBMF
QƻJQSBWFO[BSVƦJU7ÈNTUÈMâWâLPO7BÝFIPLPUMF
1ƻFƦUƩUFTJQP[PSOƩOÈTMFEVKÓDÓTUSÈOLZNDžäFUFWOJDIOBKÓUVäJUFƦOÏSBEZLFTQSÈWOÏNV
QPVäÓWÈOÓQƻÓTUSPKFKFKJDIäEPESäPWÈOÓ7ÈN[BKJTUÓKFÝUƩWƩUÝÓTQPLPKFOPTUTWâSPCLFN
*NNFSHBTV
/BWÝUJWUFWƦBTOÈÝPCMBTUOÓTFSWJTBäÈEFKUFÞWPEOÓQƻF[LPVÝFOÓDIPEVLPUMF/ÈÝUFDIOJL
PWƩƻÓTQSÈWOÏQPENÓOLZQSPWP[VQSPWFEFOF[CZUOPVSFHVMBDJDFKDIPWÈOÓBWZTWƩUMÓ
7ÈNTQSÈWOÏQPVäÓWÈOÓLPUMF
7 QƻÓQBEƩ OVUOâDI PQSBW B CƩäOÏ ÞESäCZ TF WäEZ PCSBDFKUF OB TDIWÈMFOÏ PECPSOÏ
TFSWJTZmSNZ*NNFSHBTQSPUPäFQPV[FUZUPTFSWJTZNBKÓLEJTQP[JDJTQFDJÈMOƩWZÝLPMFOÏ
UFDIOJLZBPSJHJOÈMOÓOÈISBEOÓEÓMZ
7ÝFPCFDOÈVQP[PSOŚOÓ
/ÈWPELQPVäJUÓKFOFEÓMOPVBEDžMFäJUPVTPVƦÈTUÓWâSPCLVBNVTÓCâUQƻFEÈOVäJWBUFMJ
JWQƻÓQBEƩKFIPEBMÝÓIPQSPEFKF
/ÈWPEKFUƻFCBQP[PSOƩQSPƦÓTUBQFƦMJWƩVTDIPWBUQSPUPäFWÝFDIOBVQP[PSOƩOÓPCTBIVKÓ
EDžMFäJUÏJOGPSNBDFQSP7BÝJCF[QFƦOPTUWFGÈ[JJOTUBMBDFJQPVäÓWÈOÓBÞESäCZ
*OTUBMBDJBÞESäCVTNÓQSPWÈEƩUWTPVMBEVTQMBUOâNJOPSNBNJBQPEMFQPLZODžWâSPCDF
QPV[FPECPSOƩWZÝLPMFOâQSBDPWOÓLLUFSâNTFWUPNUPQƻÓQBEƩSP[VNÓQSBDPWOÓLT
PECPSOPVUFDIOJDLPVLWBMJmLBDÓWPCPSVUƩDIUPTZTUÏNDž
$IZCOÈJOTUBMBDFNDžäF[QDžTPCJUÝLPEZPTPCÈN[WÓƻBUDžNOFCPOBWƩDFDI[BLUFSÏ
WâSPCDF OFPEQPWÓEÈ ÁESäCV CZ NƩMJ WäEZ QSPWÈEƩU PECPSOƩ WZÝLPMFOÓ PQSÈWOƩOÓ
QSBDPWOÓDJ;ÈSVLPVLWBMJmLBDFBPECPSOPTUJKFWUPNUPQƻÓQBEƩTDIWÈMFOÏTFSWJTOÓ
TUƻFEJTLPmSNZ*NNFSHBT
1ƻÓTUSPKTFTNÓQPVäÓWBUQPV[FLÞƦFMVLFLUFSÏNVCZMWâTMPWOƩVSƦFO,BäEÏKJOÏ
QPVäJUÓTFQPWBäVKF[BOFWIPEOÏBUFEZOFCF[QFƦOÏ
/BDIZCZWJOTUBMBDJQSPWP[VOFCPÞESäCƩLUFSÏKTPV[QDžTPCFOZOFEPESäFOÓNQMBUOâDI
UFDIOJDLâDI[ÈLPODžOPSFNBQƻFEQJTDžVWFEFOâDIWUPNUPOÈWPEVOFCPQPTLZUOVUâDI
WâSPCDFN
TFWäÈEOÏNQƻÓQBEƩOFW[UBIVKFTNMVWOÓBOJNJNPTNMVWOÓPEQPWƩEOPTU
WâSPCDF[BQƻÓQBEOÏÝLPEZBQƻÓTMVÝOÈ[ÈSVLBOBQƻÓTUSPKQSPQBEÈ
%BMÝÓJOGPSNBDFPLJOTUBMBDJUFQFMOâDIQMZOPWâDIHFOFSÈUPSDžOBKEFUFOBUÏUPXFCPWÏ
BESFTFQPEOJLV*NNFSHBTXXXJNNFSHBTDPN
130)-«À&/¶0406-"%641Ņ&%1*4:&6
7F TNZTMV 4NƩSOJDF QSP TQPUƻFCJƦF QMZOOâDI QBMJW &4 4NƩSOJDF P
FMFLUSPNBHOFUJDLÏ LPNQBUJCJMJUƩ &)4 4NƩSOJDF P ÞƦJOOPTUJ &4 B
4NƩSOJDFQSPFMFLUSJDLÈ[BƻÓ[FOÓEPKJTUÏIPOBQƩUÓ&4
7âSPCDF*NNFSHBT4Q"W$JTB-JHVSFO¡#SFTDFMMP3&
130)-"À6+&Ç&LPUMF*NNFSHBTNPEFM/JLF.JOJ4
PEQPWÓEBKÓVWFEFOâNTNƩSOJDÓN&WSPQTLÏIPTQPMFƦFOTUWÓ
ƔFEJUFMWâ[LVNVBWâWPKF
.BVSP(VBSFTDIJ
1PEQJT
$4
̽ͻͪͭͳ͵;ͺ΂Ͱ
͐Ͱͼͽͳͽͪͷ͹ ̺ͪͷ ΃ͽ͹ ͼͽͰ ͳͲͪͫͻͪͶͳ ͺͻ͹ͳͲͬ͹ͯ ͿͳͻͷͰ *NNFSHBT ͬͳͼ͹͵͹ͭ
͵ͬͪͶͳͽͰͽͪ͵͹ΒͳΒͰ;ͼͽͪΔ;̺ͯͪͪͷ͹ͫͰͲͫͰͯͳͲͪͯ;ͭͳͬͻͰͷͰ͸ͼ͵ͳͺͰͻͳ͹ͯ;ͭ͹ͯ͸͹
͹ͼͰΕͪΔͰͳͼͳͭ;ͻ͸͹ͼͽ̓ͪ͹͵;ͺͪ΁ͿͳͻͷͰ*NNFSHBTͷ͹ͱͰͽͰ;ͬͰ͵ͯͪͻͪ΂;͸ͪͽͰ
͸ͪ ͼͽͻ;΂ͪ͸ ͹ͬͶͪ΃ΕͰ͸ ͋Ͱ΀͸ͳ΂͵ͳ ͼͰͻͬͳͼ Ͳͪ ͺͻ;ͱͪΔͰ ;ͼͶ;ͭͪ ͵;ͺ΁ͳͷͪ ͵͹Βͳ
ΒͰ ͯ͹ͫͻ͹ ͺͻͳͺͻͰͷΓͰ͸ ͳ ͼͪͬͻͰͷͰ͸ ͵ͪ͵͹ ͫͳ ͷ͹ͭͪ͹ ͵͹͸ͼͽͪ͸ͽ͸͹ ͯͪ ͭͪͻͪ͸ͽ;ΒͰ
ͰͿͳ͵ͪͼ͸͹ͼͽ̺ͪ΃Ͱͭ͵͹ͽͶͪ
͈ͻ͹΂ͳͽͪΒͽͰͼͪͺͪͱΔ͹ͷͼͽͻͪ͸ͳ΁Ͱ͵͹ΒͰͼͶͰͯͰͷ͹ΕͳΕͰͽͰͳͲΔͳ΀ͯͪͳͲͬ;΂ͰͽͰ
͵͹ͻͳͼ͸ͰͼͪͬͰͽͰ͹ͺͻͪͬͳͶ͸͹Β;ͺ͹ͽͻͰͫͳͪͺͪͻͪͽͪ΂ͳΒͰ;ͬͪͱͪͬͪΔͰΕͰͺ͹ͽͬͻͯͳͽͳ
̺ͪ΃ͰͲͪͯ͹ͬ͹Γͼͽͬ͹ͺͻ͹ͳͲͬ͹ͯ͹ͷͿͳͻͷͰ*NNFSHBT
͇ͫͻͪͽͳͽͰͼͰ͸ͪͬͻͰͷͰ͸ͪ΃Ͱͷ͹ͬͶͪ΃ΕͰ͸͹ͷ͋Ͱ΀͸ͳ΂͵͹ͷͼͰͻͬͳͼ;Ͳͪͺͻ;ͱͪΔͰ;ͼͶ;ͭͪ
;͹ͯ͸͹ͼ͸͹ͷͺ͹ͯͻ;΂Β;͵ͪ͵͹ͫͳͼͽͰͲͪ΀ͽͰͬͪͶͳͺͻͬ;͵͹͸ͽͻ͹Ͷ;Ϳ;͸͵΁ͳ͹͸ͳͼͪΔͪ
͆ͪ΃ ͽͰ΀͸ͳ΂ͪͻ ΕͰ ͺͻ͹ͬͰͻͳͽͳ ͺͻ͹ͺͳͼ͸Ͱ ;ͼͶ͹ͬͰ Ϳ;͸͵΁ͳ͹͸ͳͼͪΔͪ ͹ͫͪͬͳΕͰ
͸Ͱ͹ͺ΀͹ͯ͸ͪ ͺ͹ͯͰ΃ͪͬͪΔͪ ͵ͪͶͳͫͻͪ΁ͳΒͰ ͳ ͹ͫΒͪͼ͸ͳΕͰ ̺ͪͷ ͺͻͪͬͳͶ͸; ;ͺ͹ͽͻͰͫ;
ͭͰ͸Ͱͻͪͽ͹ͻͪͽ͹ͺͶ͹ͽͰ
͇ͫͻͪͽͳͽͰ ͼͰ ; ͼͶ;΂ͪΒ; ͰͬͰ͸ͽ;ͪͶ͸Ͱ ͺ͹ͽͻͰͫͰ Ͳͪ ͳ͸ͽͰͻͬͰ͸΁ͳΒ͹ͷ ͳ ͻͰͯ͹ͬ͸ͳͷ
͹ͯͻͱͪͬͪΔͰͷ ͹ͬͶͪ΃ΕͰ͸ͳͷ ͋Ͱ΀͸ͳ΂͵ͳͷ ͼͰͻͬͳͼͳͷͪ ͿͳͻͷͰ *NNFSHBT ͹͸ͳ
ͻͪͼͺ͹Ͷͪͱ;͹ͻͳͭͳ͸ͪͶ͸ͳͷ͵͹ͷͺ͹͸Ͱ͸ͽͪͷͪͳͷ͹ͭ;ͼͰͺ͹΀ͬͪͶͳͽͳͼͺͰ΁ͳͿͳ΂͸ͳͷ
ͼͽͻ;΂͸ͳͷͲ͸ͪΔͰͷͲͪ͵͹ΒͰͼͰͯͳͻͰ͵ͽ͸͹ͫͻͳ͸Ͱͼͪͷͺͻ͹ͳͲͬ͹Όͪ΂
͇ͺ΃ͽͰ͸ͪͺ͹ͷͰ͸Ͱ
͌ͺ;ͽͼͽͬ͹Ͳͪ;ͺ͹ͽͻͰͫ;ͺͻͰͯͼͽͪͬΓͪͼͪͼͽͪͬ͸ͳͳͬͪͱͪ͸ͯͰ͹ͺͻ͹ͳͲͬ͹ͯͪͳͽͻͰͫͪ
ͯͪͼͰͺͻͰͯͪ͵͹ͻͳͼ͸ͳ͵;ͽͪ͵͹ΌͰͳ;ͼͶ;΂ͪΒ;ͺͻͰ͸͹ͼͪͬͶͪͼ͸ͳ΃ͽͬͪ
͋ͻͰͫͪͭͪͫͻͳͱΓͳͬ͹΂;ͬͪͽͳͳͺͪͱΓͳͬ͹͵͹͸ͼ;Ͷͽ͹ͬͪͽͳͺ͹΃ͽ͹ͼͬͰ͹ͬͰ͸ͪͺ͹ͷͰ͸Ͱ
ͺͻ;ͱͪΒ; ͬͪͱ͸Ͱ ͳ͸ͼͽͻ;͵΁ͳΒͰ Ͳͪ ͫͰͲͫͰͯ͸͹ͼͽ ; ͿͪͲͳ ͷ͹͸ͽͪͱͰ ;ͺ͹ͽͻͰͫͰ ͳ
͹ͯͻͱͪͬͪΔͪ
ͅ͹͸ͽͪͱ; ͳ ͹ͯͻͱͪͬͪΔͰ ͽͻͰͫͪ ͯͪ ͹ͫͪͬͳ ; ͼ͵Ͷͪͯ; ͼͪ ͬͪͱͰΕͳͷ ͺͻ͹ͺͳͼͳͷͪ ͳ
ͺͻͰͷͪͳ͸ͼͽͻ;͵΁ͳΒͪͷͪͺͻ͹ͳͲͬ͹Όͪ΂ͪͺͻ͹ͿͰͼͳ͹͸ͪͶ͸͹͵ͬͪͶͳͿͳ͵͹ͬͪ͸͹͹ͼ͹ͫΓͰ
ͺ͹ͯͻͪͲ;ͷͰͬͪΒ;Εͳ ͺ͹ͯ ͽͳͷ ͹ͼ͹ͫΓͰ ͵͹ΒͰ ͺ͹ͼͰͯ;ΒͰ ͼͺͰ΁ͳͿͳ΂͸; ͽͰ΀͸ͳ΂͵;
͵͹ͷͺͰͽͰ͸ͽ͸͹ͼͽ;͹ͫͶͪͼͽͳͳ͸ͼͽͪͶͪ΁ͳΒͪ
͈͹ͭͻͰ΃͸ͪ ͷ͹͸ͽͪͱͪ ͷ͹ͱͰ ͯͪ ͺͻ͹;Ͳͻ͹͵;ΒͰ ΃ͽͰͽͰ ͹ͼ͹ͫͪͷͪ ͱͳͬ͹ͽͳΔͪͷͪ ͳ
ͼͽͬͪͻͳͷͪͲͪ͵͹ΒͰͼͰͺͻ͹ͳͲͬ͹Όͪ΂͸Ͱͷ͹ͱͰͼͷͪͽͻͪͽͳ͹ͯͭ͹ͬ͹ͻ͸ͳͷ͇ͯͻͱͪͬͪΔͰ
ͽͻͰͫͪͯͪ͹ͫͪͬͳ͵ͬͪͶͳͿͳ͵͹ͬͪ͸͹ͽͰ΀͸ͳ΂͵͹͹ͼ͹ͫΓͰͺͻͳ΂Ͱͷ;͹ͬͶͪ΃ΕͰ͸͋Ͱ΀͸ͳ΂͵ͳ
ͼͰͻͬͳͼͲͪͺͻ;ͱͪΔͰ;ͼͶ;ͭͪͿͳͻͷͰ*NNFSHBTͺͻͰͯͼͽͪͬΓͪ;ͽ͹ͷͼͷͳͼͶ;ͭͪͻͪ͸΁ͳΒ;
Ͳͪͺ͹ͽͻͰͫ͸Ͱ͵ͬͪͶͳͿͳ͵ͪ΁ͳΒͰͳͺͻ͹ͿͰͼͳ͹͸ͪͶ͸͹ͼͽ
͆ͪͷͰ͸ͪ ͹ͬ͹ͭ ͪͺͪͻͪͽͪ ͽͻͰͫͪ ͯͪ ͫ;ͯͰ ͼͪͷ͹ Ͳͪ ;ͺ͹ͽͻͰͫ; Ͳͪ ͵͹Β; ΒͰ ͳͲͻͳ΂ͳͽ͹
ͺͻͰͯͬͳΌͰ͸ ͊ͬͪ͵ͪ ͯͻ;ͭͪ΂ͳΒͪ ;ͺ͹ͽͻͰͫͪ ͼͰ ͷ͹ͻͪ ͼͷͪͽͻͪͽͳ ͸Ͱͺͻ͹ͺͳͼ͸͹ͷ ͳ
ͼͽ͹ͭͪ͹ͺͪͼ͸͹ͷ
͌ͼͶ;΂ͪΒ;ͭͻͰ΃ͪ͵ͪͺͻͳͷ͹͸ͽͪͱͳ;Ͱ͵ͼͺͶ͹ͪͽͪ΁ͳΒͳͳͶͳͺͻͳͶͳ͵͹ͷ͹ͯͻͱͪͬͪΔͪ
͵͹ΒͰ ͼ; ͺͻ͹;Ͳͻ͹͵͹ͬͪ͸Ͱ ;ͼͶͰͯ ͸ͰͺͻͳͯͻͱͪͬͪΔͪ ͬͪͱͰΕͳ΀ ͽͰ΀͸ͳ΂͵ͳ΀ ͺͻ͹ͺͳͼͪ
͸͹ͻͷͪͽͳͬͪͳͶͳͳ͸ͼͽͻ;͵΁ͳΒͪ͵͹ΒͰͼ;ͯͪͽͰ;͹ͬ͹ͷ;ͺ;ͽͼͽͬ;Ͳͪ;ͺ͹ͽͻͰͫ;ͳͶͳ
͹͸ͳ΀ ͵͹ΒͰ ΒͰ ͯͪ͹ ͺͻ͹ͳͲͬ͹Όͪ΂
ͳͼ͵Γ;΂;ΒͰ ͼͰ ͼͬͪ͵ͪ ;ͭ͹ͬ͹ͻ͸ͪ ͳ ͬͪ͸;ͭ͹ͬ͹ͻ͸ͪ
͹ͯͭ͹ͬ͹ͻ͸͹ͼͽͺͻ͹ͳͲͬ͹Όͪ΂ͪͲͪͰͬͰ͸ͽ;ͪͶ͸;΃ͽͰͽ;ͳͭ;ͫͳͼͰͺͻͪͬ͹͸ͪͭͪͻͪ͸΁ͳΒ;
͵͹ΒͪͼͰ͹ͯ͸͹ͼͳ͸ͪͪͺͪͻͪͽ
̀ͪͫͶͳͱͰͳ͸Ϳ͹ͻͷͪ΁ͳΒͰ͵͹ΒFͼͰ͹ͯ͸͹ͼͰ͸ͪͷ͹͸ͽͪͱ;ͭͰ͸Ͱͻͪͽ͹ͻͪͽ͹ͺͶ͹ͽͰ͸ͪͭͪͼ
͵͹͸ͼ;Ͷͽ;ΒͽͰͬͰͫͼͪΒͽͿͳͻͷͰ*NNFSHBT͸ͪͼͶͰͯͰΕ͹ΒͪͯͻͰͼͳ
XXXJNNFSHBTDPN
̸̸̸̸̺͇̻͇́̀͌͊̈́͑̾͆͊͋́̾̾̀͠
͌ͼͷͳͼͶ;̽ͳͻͰ͵ͽͳͬͰͲͪͭͪͼ͸ͰͪͺͪͻͪͽͰ̾̾̀̽ͳͻͰ͵ͽͳͬͰͲͪͰͶͰ͵ͽͻ͹ͷͪͭ͸Ͱͽ͸;
͵͹ͷͺͪͽͳͫͳͶ͸͹ͼͽ̾̾̀̽ͳͻͰ͵ͽͳͬͰͲͪͼͽͰͺͰ͸Ͱ͵͹ͻͳͼ͸͹ͼͽͳ̾̾̀ͳ
̽ͳͻͰ͵ͽͳͬͰͲͪ͸ͳͲͪ͵͸ͪͺ͹͸̾̾̀
͈ͻ͹ͳͲͬ͹Όͪ΂*NNFSHBT4Q"W$JTB-JHVSFOž#SFTDFMMP3&
̸̺́̀͌̾͠͡͠͵͹ͽͶ͹ͬͳͿͳͻͷͰ*NNFSHBTͷ͹ͯͰͶ/JLF.JOJ4
͹ͯͭ͹ͬͪͻͪΒ;ͭ͹ͻͰ͸ͪͬͰͯͰ͸ͳͷ̽ͳͻͰ͵ͽͳͬͪͷͪ̾̾̀
̽ͳͻͰ͵ͽ͹ͻ͇ͯͰΓͰΔͪͲͪͳͼͽͻͪͱͳͬͪΔͰͳͻͪͲͬ͹Β
ͪͅ;ͻ͹̻;ͪͻͰͼ͵ͳ
͈͹ͽͺͳͼ
4*
4QPÝUPWBOJLVQFD
ſFTUJUBNP WBN L J[CJSJ LBLPWPTUOFHB *NNFSHBTPWFHB J[EFMLB LJ WBN [BHPUBWMKB
USBKOPVEPCKFJOWBSOPTU,PU*NNFSHBTPWLVQFDTFMBILPWFEOP[BOFTFUFOBOKFHPW
QPPCMBÝƦFOJTFSWJTLBUFSFHBPTFCKFTFOFOFIOPTUSPLPWOPJ[QPQPMOKVKFUFSOBUBOBƦJO
[BHPUBWMKBTUBMOPVƦJOLPWJUPEFMPWBOKFWBÝFHBLPUMB
1P[PSOPQSFCFSJUFOBTMFEOKFTUSBOJEPCJMJCPTUFLPSJTUOFOBTWFUFHMFEFQSBWJMOFVQPSBCF
OBQSBWF6QPÝUFWBKUFKJIJO[*NNFSHBTPWJNJ[EFMLPNCPTUFÝFCPMK[BEPWPMKOJ
ſJNQSFKTFPCSOJUFOBQPPCMBÝƦFOJTFSWJTOBWBÝFNPCNPƦKVJO[BQSPTJUF[B[BƦFUOP
QSFWFSKBOKF EFMPWBOKB /BÝ TUSPLPWOKBL CP QSFWFSJM QSBWJMOPTU EFMPWBOKB J[WFEFM CP
QPUSFCOFOBTUBWJUWFJOWBNQPLB[BMLBLPTFOBQSBWPQSBWJMOPVQPSBCMKB
ſF CP QPUSFCOP QPQSBWJMP BMJ SFEOP W[ESäFWBOKF TF PCSOJUF OB QPPCMBÝƦFOJ TFSWJT
*NNFSHBT UB SB[QPMBHB [ PSJHJOBMOJNJ OBEPNFTUOJNJ EFMJ JO QSJ QSPJ[WBKBMDV
VTQPTPCMKFOJNJTFSWJTFSKJ
4QMPÝOBOBWPEJMB
,OKJäJDB [ OBWPEJMJ KF CJTUWFOJ TFTUBWOJ EFM QSPJ[WPEB JO KP NPSBUF QPTSFEPWBUJ
VQPSBCOJLVUVEJWQSJNFSVQSFOPTBMBTUOJÝUWB
4LSCOPKPQSFCFSJUFJOTISBOJUFTBKWTFCVKFWTBQPNFNCOBOBWPEJMB[BWBSOPNPOUBäP
VQPSBCPJOW[ESäFWBOKF
.POUBäP JO W[ESäFWBOKF NPSBUF J[WBKBUJ W TLMBEV [ WFMKBWOP [BLPOPEBKP OBWPEJMJ
QSPJ[WBKBMDB JO OBWPEJMJ VTQPTPCMKFOFHB PTFCKB LJ JNB QPTFCOB UFIOJƦOB [OBOKB OB
QPESPƦKVUBLÝOJITJTUFNPW
/BQBƦOBNPOUBäBJNBMBILP[BQPTMFEJDPQPÝLPECFMKVEJäJWBMJJOQSFENFUPWJOW
UFNQSJNFSVQSPJ[WBKBMFD[BOKFOFPEHPWBSKB7[ESäFWBOKFNPSBJ[WBKBUJVTQPTPCMKFOP
UFIOJƦOPPTFCKFQPPCMBÝƦFOJTFSWJT*NNFSHBTQSFETUBWMKBKBNTUWP[BTUSPLPWOPTUJO
QSPGFTJPOBMOPTU
/BQSBWBKFOBNFOKFOBTBNPUJTUJVQPSBCJ[BLBUFSPKFCJMBJ[SFDOPQSFEWJEFOB7TBLB
ESVHBVQPSBCBÝUFKF[BOFVTUSF[OPJO[BUPOFWBSOP
7 QSJNFSV OBQBL QSJ NPOUBäJ W EFMPWBOKV BMJ QSJ W[ESäFWBOKV OBTUBMJI [BSBEJ
OFTQPÝUPWBOKB WFMKBWOF UFIOJƦOF [BLPOPEBKF TUBOEBSEPW BMJ OBWPEJM LJ KJI WTFCVKF
UBLOKJäJDBBMJLJKJIQSFKNFUFPEQSPJ[WBKBMDB
KFJ[LMKVƦFOBLBLSÝOBLPMJQPHPECFOB
JOOFQPHPECFOBPEHPWPSOPTUQSPJ[WBKBMDB[BNPSFCJUOPÝLPEP7UBLFNQSJNFSVOJ
NPƦVWFMKBWMKBUJHBSBODJKF
;BOBEBMKOKFJOGPSNBDJKFPJOTUBMBDJKJQMJOTLJILPUMPWPCJÝƦJUFJOUFSOFUOPTUSBOQPEKFUKB
*NNFSHBTOBOBTMPWV
XXXJNNFSHBTDPN
*;+"7"04,-"%/045*
7TLMBEV[EJSFLUJWP[BQMJO$&[EJSFLUJWP&.$$&[EJSFLUJWP[B
J[LPSJTUFL$&JO[EJSFLUJWP[BOJ[LPOBQFUPTU$&
1SPJ[WBKBMFD*NNFSHBT4Q"W$JTB-JHVSFO¡#SFTDFMMP3&
&4
15
(3
1-
53
*;+"7-+"%"LPUMJ*NNFSHBTNPEFM/JLF.JOJ4
VTUSF[BKPPNFOKFOJNEJSFLUJWBN&WSPQTLF4LVQOPTUJ
$;
%JSFLUPSPEEFMLB[BSB[JTLBWFJOSB[WPK
.BVSP(VBSFTDIJ
1PEQJT
$4
)6
4*
5JT[UFMUWÈTÈSMØ
(SBUVMÈMVOLIPHZFHZKØNJOƸTÏHǂ*NNFSHBTUFSNÏLFUWÈMBT[UPUUBNFMZIPTT[ÞJEFJH
HBSBOUÈMKB ½OOFL B LÏOZFMNFU ÏT B CJ[UPOTÈHPU *NNFSHBT WÈTÈSMØLÏOU ½O NJOEJH
T[ÈNÓUIBU B LÏQ[FUU 4[FSWJ[ T[PMHÈMBUSB BNFMZ GFMLÏT[àMUTÏHÏWFM CJ[UPTÓUBOJ UVEKB
LB[ÈOKÈOBLGPMZBNBUPTIBUÏLPOZNǂLÚEÏTÏU
0MWBTTB FM GJHZFMNFTFO B LÚWFULF[Ƹ PMEBMBLBU B CFSFOEF[ÏT IFMZFT IBT[OÈMBUÈSB
WPOBULP[ØIBT[OPTUBOÈDTPLBUGPHUBMÈMOJBNFMZFLCFUBSUÈTBFTFUÏOJHB[ÈOFMÏHFEFUU
MFT[B[*NNFSHBTUFSNÏLLFM
*EƸCFOGPSEVMKPOIFMZJ4[FSWJ[T[PMHÈMBUVOLIP[BNǂLÚEÏTCFJOEÓUÈTBLPSFMWÏH[FOEƸ
FMMFOƸS[ÏT WÏHFUU .ǂT[BLJ T[BLFNCFSàOL FMMFOƸSJ[OJ GPHKB B IFMZFT NǂLÚEÏTJ
GFMUÏUFMFLFU FM GPHKB WÏHF[OJ B T[àLTÏHFT CFÈMMÓUÈTPLBU ÏT CF GPHKB NVUBUOJ B LB[ÈO
NFHGFMFMƸIBT[OÈMBUÈOBLNØEKÈU
"[ FTFUJ KBWÓUÈTJ ÏT SFOEFT LBSCBOUBSUÈTJ JHÏOZÏWFM GPSEVMKPO B[ *NNFSHBT
4[FSWJ[T[PMHÈMBUIP["4[FSWJ[T[PMHÈMBUOBLFSFEFUJBMLBUSÏT[FJWBOOBLÏTLÚ[WFUMFOàMB
HZÈSUØLÏQ[JB[PUUEPMHP[ØT[BLFNCFSFLFU
«MUBMÈOPTmHZFMNF[UFUÏT
"IBT[OÈMBUJVUBTÓUÈTBUFSNÏLT[FSWFTÏTMÏOZFHJSÏT[ÏULÏQF[JB[UBGFMIBT[OÈMØOBLÈU
LFMMBEOJBUVMBKEPOKPHÈUSVIÈ[ÈTBLPS
" IBT[OÈMBUJ VUBTÓUÈTU NFH LFMM ƸSJ[OJ ÏT mHZFMNFTFO FM LFMM PMWBTOJ NJWFM NJOEFO
mHZFMNF[UFUÏTBCFà[FNFMÏTSFIBT[OÈMBUSBÏTLBSCBOUBSUÈTSBWPOBULP[ØGPOUPTCJ[UPOTÈHJ
JOGPSNÈDJØUUBSUBMNB[
"CFà[FNFMÏTUÏTBLBSCBOUBSUÈTUB[ÏSWÏOZFTT[BCWÈOZPLCFUBSUÈTÈWBMBHZÈSUØVUBTÓUÈTBJ
T[FSJOU ÏT B CFSFOEF[ÏT T[BLUFSàMFUF T[FSJOUJ LÏQFTÓUÏTTFM SFOEFMLF[Ƹ T[BLFNCFS LFMM
WÏHF[[F
"IFMZUFMFOCFà[FNFMÏTLÈSUPLP[IBUFNCFSFLCFOÈMMBUPLCBOWBHZUÈSHZBLCBOBNJÏSU
BHZÈSUØOFNWÈMMBMGFMFMƸTTÏHFU"LBSCBOUBSUÈTUBSSBGFMIBUBMNB[PUUT[BLFNCFSFLLFMM
WÏHF[[ÏLB[*NNFSHBT4[FSWJ[T[PMHÈMBUBHBSBODJBBGFMLÏT[àMUTÏHSFÏTBT[BLÏSUFMFNSF
WPOBULP[ØBO
"CFSFOEF[ÏTUDTBLBSSBBDÏMSBT[BCBEIBT[OÈMOJBNFMZSFUFSWF[UÏL.JOEFOFHZÏC
IBT[OÈMBUJNØEOFNSFOEFMUFUÏTT[FSǂOFLUFIÈUWFT[ÏMZFTIBT[OÈMBUOBLNJOƸTàM
"[ÏSWÏOZFTNǂT[BLJKFMMFHǂKPHT[BCÈMZPLT[BCWÈOZPLÏTBKFMFOLÏ[JLÚOZWCFOMFÓSUWBHZ
FHZÏCNØEPOBHZÈSUØÈMUBMÈUBEPUU
VUBTÓUÈTPLCFOFNUBSUÈTÈCØMT[ÈSNB[ØCFà[FNFMÏTJ
NǂLÚEÏTJ ÏT LBSCBOUBSUÈTJ IJCÈL FTFUÏO B HZÈSUØOBL TFNNJMZFO T[FS[ƸEÏTFT WBHZ
T[FS[ƸEÏTFOLÓWàMJGFMFMƸTTÏHFOJODTB[FTFUMFHFTLÈSPLÏSUÏTBCFSFOEF[ÏTSFWPOBULP[Ø
HBSBODJBNFHT[ǂOJL
"HÈ[IƸGFKMFT[UƸLCFT[FSFMÏTÏSFWPOBULP[ØBOUPWÈCCJJOGPSNÈDJØLBUUBMÈMB[*NNFSHBT
IPOMBQKÈOXXXJNNFSHBTDPN
&,.&('&-&-ł4²(*/:*-"5,0;"5
"[&,&,T[HÈ[JSÈOZFMWB[&,T[&.$JSÈOZFMWB[&,T[
IP[BNJSÈOZFMWÏTB[&,T[LJTGFT[àMUTÏHJSÈOZFMWBMBQKÈO
"HZÈSUØ*NNFSHBT4Q"W$JTB-JHVSFO¡#SFTDFMMP3&
,*+&-&/5*)0(:B[*NNFSHBT/JLF.JOJ4
LB[ÈOPLNFHGFMFMOFLB[BMÈCCJ,Ú[ÚTTÏHJ*SÈOZFMWFLOFL
,VUBUÈTJÏT'FKMFT[UÏTJ*HB[HBUØ
.BVSP(VBSFTDIJ
"MÈÓSÈT
)6
36
30
*&
&4
15
(3
1-
53
$;
$4
4*
)6
36
30
*&
36
͌ͬͪͱͪͰͷΆʹ͈͹͵;ͺͪͽͰͶ·
͈͹ͲͯͻͪͬͶΊͰͷ ͬͪͼ ͼ ͺ͹͵;ͺ͵͹ʹ ͬΆͼ͹͵͹͵ͪ΂ͰͼͽͬͰ͸͸͹ͭ͹ ͳͲͯͰͶͳΊ ͵͹ͷͺͪ͸ͳͳ
*NNFSHBT͵͹ͽ͹ͻ͹Ͱ͸ͪͯ͹Ͷͭ͹ͰͬͻͰͷΊ͹ͫͰͼͺͰ΂ͳͽͬͪͷ͵͹ͷͿ͹ͻͽͳ͸ͪͯͰͱ͸͹ͼͽ·
̓ͪ͵ ͵ͶͳͰ͸ͽ ͵͹ͷͺͪ͸ͳͳ *NNFSHBT ̺Ά ͬͼͰͭͯͪ ͼͷ͹ͱͰͽͰ ͻͪͼͼ΂ͳͽΆͬͪͽ· ͸ͪ
͸ͪ΃; ͪͬͽ͹ͻͳͲ͹ͬͪ͸͸;Ή ͼͰͻͬͳͼ͸;Ή ͼͶ;ͱͫ; ͺ͹ͼͽ͹Ί͸͸͹ ͭ͹ͽ͹ͬ;Ή ͹ͫͰͼͺͰ΂ͳͽ·
ͺ͹ͼͽ͹Ί͸͸;ΉͳΈͿͿͰ͵ͽͳͬ͸;Ήͻͪͫ͹ͽ;̺ͪ΃Ͱͭ͹͵͹ͽͶͪ
̺͸ͳͷͪͽͰͶ·͸͹ͺͻ͹΂ͳͽͪʹͽͰ͸ͳͱͰͼͶͰͯ;Ή΄ͳͰͼͽͻͪ͸ͳ΁ΆͬΆͼͷ͹ͱͰͽͰ͸ͪʹͽͳͬ͸ͳ΀
ͺ͹ͶͰͲ͸ΆͰ;͵ͪͲͪ͸ͳΊͺ͹ͻͪͫ͹ͽͰͪͭͻͰͭͪͽͪͼ͹ͫͶΉͯͰ͸ͳͰ͵͹ͽ͹ͻΆ΀ͽ͹Ͷ·͵͹;ͬͰͶͳ΂ͳͽ
;ͬͪͼ΂;ͬͼͽͬ͹;ͯ͹ͬͶͰͽͬ͹ͻͰ͸ͳΊ͹ͽͺͻͳ͹ͫͻͰͽͰ͸ͳΊ͵͹ͽͶͪͿͳͻͷΆ*NNFSHBT
͉Ͱ͵͹ͷͰ͸ͯ;Ͱͷͬͪͷͼͬ͹ͰͬͻͰͷͰ͸͸͹͹ͫͻͪͽͳͽ·ͼΊͬͼͬ͹ʹͷͰͼͽ͸Άʹ̸ͬͽ͹ͻͳͲ͹ͬͪ͸͸Άʹ
͊Ͱͻͬͳͼ͸Άʹ ΁Ͱ͸ͽͻ ͯͶΊ ͺͻ͹ͬͰͻ͵ͳ ͺͻͪͬͳͶ·͸͹ͼͽͳ ͺͰͻͬ͹͸ͪ΂ͪͶ·͸͹ͭ͹
Ϳ;͸͵΁ͳ͹͸ͳͻ͹ͬͪ͸ͳΊ ͪͭͻͰͭͪͽͪ ͆ͪ΃ ͼͺͰ΁ͳͪͶͳͼͽ ͺͻ͹ͬͰͻͳͽ ͺͻͪͬͳͶ·͸͹ͼͽ·
Ϳ;͸͵΁ͳ͹͸ͳͻ͹ͬͪ͸ͳΊͺͻ͹ͳͲͬͰͯͰͽ͸Ͱ͹ͫ΀͹ͯͳͷΆͰͻͰͭ;Ͷͳͻ͹ͬ͵ͳͳͺ͹͵ͪͱͰͽͬͪͷ
͵ͪ͵ͺͻͪͬͳͶ·͸͹Έ͵ͼͺͶ;ͪͽͳͻ͹ͬͪͽ·ͪͭͻͰͭͪͽ
͈ͻͳ ͸Ͱ͹ͫ΀͹ͯͳͷ͹ͼͽͳ ͺͻ͹ͬͰͯͰ͸ͳΊ ͻͰͷ͹͸ͽͪ ͳ ͻ;ͽͳ͸͸͹ͭ͹ ͽͰ΀͹ͫͼͶ;ͱͳͬͪ͸ͳΊ
͹ͫͻͪ΄ͪʹͽͰͼ·ͬͪͬͽ͹ͻͳͲ͹ͬͪ͸͸ΆͰͼͰͻͬͳͼ͸ΆͰ΁Ͱ͸ͽͻΆ͵͹ͷͺͪ͸ͳͳ*NNFSHBT͹͸ͳ
ͻͪͼͺ͹ͶͪͭͪΉͽ͹ͻͳͭͳ͸ͪͶ·͸Άͷͳ͵͹ͷͺͶͰ͵ͽ;Ή΄ͳͷͳͳͺͰͻͼ͹͸ͪͶ͹ͷͺͻ͹΃Ͱͯ΃ͳͷ
ͼͺͰ΁ͳͪͶ·͸;Ή ͺ͹ͯͭ͹ͽ͹ͬ͵; ͺ͹ͯ ͻ;͵͹ͬ͹ͯͼͽͬ͹ͷ ͺͻͰͯͼͽͪͬͳͽͰͶͰʹ ͿͳͻͷΆ
ͳͲͭ͹ͽ͹ͬͳͽͰͶΊ
͇ͫ΄ͳͰ;͵ͪͲͪ͸ͳΊͺ͹ͽͰ΀͸ͳ͵ͰͫͰͲ͹ͺͪͼ͸͹ͼͽͳ
́͸ͼͽͻ;͵΁ͳΊͺ͹Έ͵ͼͺͶ;ͪͽͪ΁ͳͳΊͬͶΊͰͽͼΊͬͪͱ͸Ͱʹ΃Ͱʹͼ͹ͼͽͪͬ͸͹ʹ΂ͪͼͽ·ΉͪͭͻͰͭͪͽͪ
ͳͯ͹Ͷͱ͸ͪͫΆͽ·ͺͰͻͰͯͪ͸ͪͶͳ΁;͵͹ͽ͹ͻ͹ͷ;ͺ͹ͻ;΂Ͱ͸ͪͰͭ͹Έ͵ͼͺͶ;ͪͽͪ΁ͳΊͬͽ͹ͷ
΂ͳͼͶͰͬͼͶ;΂ͪͰͼͷͰ͸ΆͰͭ͹ͬͶͪͯͰͶ·΁ͪ
̾ͰͼͶͰͯ;Ͱͽͽ΄ͪͽͰͶ·͸͹΀ͻͪ͸ͳͽ·ͳͬ͸ͳͷͪͽͰͶ·͸͹ͳͲ;΂ͪͽ·ͽͪ͵͵ͪ͵ͬ͸Ͱʹͼ͹ͯͰͻͱͪͽͼΊ
ͬͪͱ͸ΆͰ;͵ͪͲͪ͸ͳΊͺ͹ͫͰͲ͹ͺͪͼ͸͹ͼͽͳͷ͹͸ͽͪͱͪΈ͵ͼͺͶ;ͪͽͪ΁ͳͳͳͽͰ΀͹ͫͼͶ;ͱͳͬͪ͸ͳΊ
ͪͭͻͰͭͪͽͪ
ͅ͹͸ͽͪͱͳͽͰ΀͹ͫͼͶ;ͱͳͬͪ͸ͳͰͪͭͻͰͭͪͽͪͯ͹Ͷͱ͸Άͺͻ͹ͳͲͬ͹ͯͳͽ·ͼΊͼͼ͹ͫͶΉͯͰ͸ͳͰͷ
ͬͼͰ΀ ͯͰʹͼͽͬ;Ή΄ͳ΀ ͸͹ͻͷ ͳ ͬ ͼ͹͹ͽͬͰͽͼͽͬͳͳ ͼ ;͵ͪͲͪ͸ͳΊͷͳ ͳͲͭ͹ͽ͹ͬͳͽͰͶΊ
͵ͬͪͶͳͿͳ΁ͳͻ͹ͬͪ͸͸Άͷ ͺͰͻͼ͹͸ͪͶ͹ͷ ͺ͹ͯ ͵͹ͽ͹ͻΆͷ ͺ͹͸ͳͷͪΉͽͼΊ Ͷͳ΁ͪ
͹ͫͶͪͯͪΉ΄ͳͰ ͸Ͱ͹ͫ΀͹ͯͳͷ͹ʹ ͵͹ͷͺͰͽͰ͸ͽ͸͹ͼͽ·Ή ͬ ͹ͫͶͪͼͽͳ ͼ͹͹ͽͬͰͽͼͽͬ;Ή΄Ͱͭ͹
͹ͫ͹ͻ;ͯ͹ͬͪ͸ͳΊ
͆ͰͺͻͪͬͳͶ·͸Άʹ ͷ͹͸ͽͪͱ ͷ͹ͱͰͽ ͺͻͳͬͰͼͽͳ ͵ ͬͻͰͯ; ͯͶΊ Ͳͯ͹ͻ͹ͬ·Ί ͶΉͯͰʹ
ͳ ͱͳͬ͹ͽ͸Ά΀ ͳͶͳ ͷͪͽͰͻͳͪͶ·͸͹ͷ; ;΄Ͱͻͫ; Ͳͪ ͵͹ͽ͹ͻΆͰ ͳͲͭ͹ͽ͹ͬͳͽͰͶ· ͸Ͱ
ͫ;ͯͰͽ ͸Ͱͼͽͳ ͹ͽͬͰͽͼͽͬͰ͸͸͹ͼͽ· ͋Ͱ΀͹ͫͼͶ;ͱͳͬͪ͸ͳͰ ͯ͹Ͷͱ͸͹ ͬΆͺ͹Ͷ͸Ίͽ·ͼΊ
͵ͬͪͶͳͿͳ΁ͳͻ͹ͬͪ͸͸ΆͷͽͰ΀͸ͳ΂Ͱͼ͵ͳͷͺͰͻͼ͹͸ͪͶ͹ͷͪͬͽ͹ͻͳͲ͹ͬͪ͸͸ͪΊ͊Ͱͻͬͳͼ͸ͪΊ
ͼͶ;ͱͫͪ͵͹ͷͺͪ͸ͳͳ*NNFSHBT͹ͫͶͪͯͪͰͽͬΈͽ͹ͷͼͷΆͼͶͰͭͪͻͪ͸ͽͳͰʹ͵ͬͪͶͳͿͳ͵ͪ΁ͳͳ
ͳͺͻ͹ͿͰͼͼͳ͹͸ͪͶͳͲͷͪ
̸ͭͻͰͭͪͽ ͯ͹ͶͱͰ͸ ͳͼͺ͹Ͷ·Ͳ͹ͬͪͽ·ͼΊ ͳͼ͵ͶΉ΂ͳͽͰͶ·͸͹ ͺ͹ ͽ͹ͷ; ͸ͪͲ͸ͪ΂Ͱ͸ͳΉ ͯͶΊ
͵͹ͽ͹ͻ͹ͭ͹ ͹͸ ͺͻͰͯ͸ͪͲ͸ͪ΂Ͱ͸ ̈́Ήͫ͹Ͱ ͺͻ͹΂ͰͰ ͳͼͺ͹Ͷ·Ͳ͹ͬͪ͸ͳͰ ͼͶͰͯ;Ͱͽ ͼ΂ͳͽͪͽ·
͸ͰͺͻͪͬͳͶ·͸ΆͷͳͼͶͰͯ͹ͬͪͽͰͶ·͸͹ͺͻͰͯͼͽͪͬͶΊΉ΄ͳͷ͹ͺͪͼ͸͹ͼͽ·
̺ ͼͶ;΂ͪͰ ͹΃ͳͫ͹͵ ͺͻͳ ͷ͹͸ͽͪͱͰ Έ͵ͼͺͶ;ͪͽͪ΁ͳͳ ͳͶͳ ͽͰ΀͹ͫͼͶ;ͱͳͬͪ͸ͳͳ
ͬΆͲͬͪ͸͸Ά΀ ͸Ͱͼ͹ͫͶΉͯͰ͸ͳͰͷ ͯͰʹͼͽͬ;Ή΄ͳ΀ ͽͰ΀͸ͳ΂Ͱͼ͵ͳ΀ ͸͹ͻͷ ͳ ͺ͹Ͷ͹ͱͰ͸ͳʹ
ͳͶͳ ;͵ͪͲͪ͸ͳʹ ͼ͹ͯͰͻͱͪ΄ͳ΀ͼΊ ͬ ͸ͪͼͽ͹Ί΄Ͱʹ ͳ͸ͼͽͻ;͵΁ͳͳ ͳͶͳ ͬ ͶΉͫ͹ͷ
ͼͶ;΂ͪͰ ͺͻͰͯ͹ͼͽͪͬͶͰ͸͸Ά΀ ͳͲͭ͹ͽ͹ͬͳͽͰͶͰͷ
ͼ ͳͲͭ͹ͽ͹ͬͳͽͰͶΊ ͼ͸ͳͷͪͰͽͼΊ ͶΉͫͪΊ
͵͹͸ͽͻͪ͵ͽ͸ͪΊ ͳͶͳ ͬ͸Ͱ͵͹͸ͽͻͪ͵ͽ͸ͪΊ ͹ͽͬͰͽͼͽͬͰ͸͸͹ͼͽ· Ͳͪ ͷ͹ͭ;΄ͳʹ ͫΆͽ·
ͺͻͳ΂ͳ͸Ͱ͸͸Άͷ;΄Ͱͻͫͪͽͪ͵ͱͰͪ͸͸;Ͷͳͻ;ͰͽͼΊͳͷͰͬ΃ͪΊͼΊͭͪͻͪ͸ͽͳΊ
̽ͶΊͺ͹Ͷ;΂Ͱ͸ͳΊͯ͹ͺ͹Ͷ͸ͳͽͰͶ·͸͹ʹͳ͸Ϳ͹ͻͷͪ΁ͳͳͺ͹ͷ͹͸ͽͪͱ;ͽͰͺͶ͹ͬΆ΀ͭͪͲ͹ͬΆ΀
ͭͰ͸Ͱͻͪͽ͹ͻ͹ͬͺ͹ͼͰͽͳͽͰͼͪʹͽ͵͹ͷͺͪ͸ͳͳ*NNFSHBTͻͪͼͺ͹Ͷ͹ͱͰ͸͸Άʹͺ͹ͪͯͻͰͼ;
XXXJNNFSHBTDPN
̸̸͉̽̾̓̈́͏͇͇̺̺́͊͋̾͋͊͋́͘͘$&
̺ ͼ͹͹ͽͬͰͽͼͽͬͳͳ ͼ ̽ͳͻͰ͵ͽͳͬ͹ʹ ͺ͹ ͭͪͲ; $& ̽ͳͻͰ͵ͽͳͬ͹ʹ ͺ͹
ΈͶͰ͵ͽͻ͹ͷͪͭ͸ͳͽ͸͹ʹͼ͹ͬͷͰͼͽͳͷ͹ͼͽͳ$&ͯͳͻͰ͵ͽͳͬ͹ʹͺ͹͵ͺͯ$&
ͳ̽ͳͻͰ͵ͽͳͬ͹ʹͺ͹͸ͳͲ͵͹ͷ;͸ͪͺͻΊͱͰ͸ͳΉ$&
́Ͳͭ͹ͽ͹ͬͳͽͰͶ·*NNFSHBT4Q"W$JTB-JHVSFOž#SFTDFMMP3&
̸̺͇̀̈́̾͋͐͋͘͘͵͹ͽͶΆ*NNFSHBTͷ͹ͯͰͶͳ/JLF.JOJ4
ͼ͹͹ͽͬͰͽͼͽͬ;ΉͽͬΆ΃Ͱ;͵ͪͲͪ͸͸ΆͷͯͳͻͰ͵ͽͳͬͪͷ̾ͬͻ͹ͺͰʹͼ͵͹ͭ͹͊͹ΉͲͪ
̽ͳͻͰ͵ͽ͹ͻͺ͹͇͉͆́̓ͳͺͰͻͼͺͰ͵ͽͳͬ͸͹ͷ;ͻͪͲͬͳͽͳΉ
ͪͅ;ͻ͹̻;ͪͻͰͼ͵ͳ
͈͹ͯͺͳͼ·
30
4UJNBUF$MJFOU
7ƢGFMJDJUƢNQFOUSVDƢBǁJBMFTVOQSPEVT*NNFSHBTEFÔOBMUƢDBMJUBUFÔONƢTVSƢTƢ
WƢBTJHVSFUJNQÔOEFMVOHBUDPOGPSUƾJTJHVSBOǁƢ·ODBMJUBUFEFDMJFOU*NNFSHBTWFǁJ
QVUFBÔOUPUEFBVOBTƢWƢCB[BǁJQFVO4FSWJDJVEF"TJTUFOǁƢ5FIOJDƢ"VUPSJ[BUDBMJ
mDBUQSFHƢUJUƾJNFSFVJOGPSNBUQFOUSVBHBSBOUBPFmDJFOǁƢDPOTUBOUƢQSPEVTVMVJ
EVNOFBWPBTUSƢ
$JUJǁJDVBUFOǁJFQBHJOJMFDFVSNFB[ƢWFǁJQVUFBEFTDPQFSJTVHFTUJJVUJMFDVQSJWJSFMB
VUJMJ[BSFBDPSFDUƢBBQBSBUVMVJBDƢSPSSFTQFDUBSFWBDPOmSNBTBUJTGBDǁJBEVNOFBWPBTUSƢ
GBǁƢEFQSPEVTVM*NNFSHBT
"ESFTBǁJWƢEJOUJNQVOVJBEJO$FOUSFMFOPBTUSF"VUPSJ[BUFEF"TJTUFOǁƢ5FIOJDƢQFOUSV
BTPMJDJUBQVOFSFBÔOGVODǁJVOFBBQBSBUVMVJOFDFTBSƢQFOUSVDPOmSNBSFBHBSBOǁJFJ
*NNFSHBT
5FIOJDJBOVMOPTUSVWBWFSJmDBCVOFMFDPOEJǁJJEFGVODǁJPOBSFWBFYFDVUB
SFHMƢSJMFOFDFTBSFƾJWƢWBBSƢUBNPEVMDPSFDUEFVUJMJ[BSFBBQBSBUVMVJ
"ESFTBǁJWƢQFOUSVFWFOUVBMFMFOFDFTJUƢǁJEFJOUFSWFOǁJFƾJÔOUSFǁJOFSFQFSJPEJDƢ$FOUSFMPS
EF"TJTUFOǁƢ5FIOJDƢ"VUPSJ[BUF*NNFSHBTFMFEJTQVOEFDPNQPOFOUFPSJHJOBMFƾJBV
BWBOUBKVMEFBCFOFmDJBEFPQSFHƢUJSFTQFDJmDƢTVQSBWFHIFBUƢÔONPEEJSFDUEFDƢUSF
DPOTUSVDUPS
"WFSUJ[œSJHFOFSBMF
1SF[FOUVMNBOVBMDPOTUJUVJFQBSUFJOUFHSBOUƢƾJFTFOǁJBMƢBQSPEVTVMVJƾJUSFCVJFQVTMB
EJTQP[JǁJBVUJMJ[BUPSVMVJDIJBSƾJÔODB[VMTDIJNCƢSJJQSPQSJFUBSVMVJ
&MUSFCVJFQƢTUSBUDVHSJKƢƾJDPOTVMUBUDVBUFOǁJFEFPBSFDFUPBUFBWFSUJ[ƢSJMFGVSOJ[FB[Ƣ
JOEJDBǁJJJNQPSUBOUFQSJWJOETJHVSBOǁBÔOGB[FMFEFJOTUBMBSFVUJMJ[BSFƾJÔOUSFǁJOFSF
*OTUBMBSFBQVOFSFBÔOGVODǁJVOFTFSWJDFVMÔOUSFǁJOFSFBƾJWFSJmDBSFBUFIOJDƢQFSJPEJDƢ
USFCVJFTD FGFDUVBUF DPOGPSN OPSNFMPS ÔO WJHPBSF ƾJ JOTUSVDǁJVOJMPS QSPEVDƢUPSVMVJ
FYDMVTJWEFDƢUSFQFSTPOBMBVUPSJ[BUEF*4$*3DPOGPSN15"
0JOTUBMBSFHSFƾJUƢQPBUFDBV[BEBVOFQFSTPBOFMPSBOJNBMFMPSTBVMVDSVSJMPSQFOUSV
DBSFQSPEVDƢUPSVMOVQPBUFmGƢDVUSƢTQVO[ƢUPS
·OUSFǁJOFSFBUSFCVJFFGFDUVBUƢEFQFSTPOBMUFIOJDBVUPSJ[BU*4$*34FSWJDJVMEF"TJTUFOǁƢ
5FIOJDƢ"VUPSJ[BU*NNFSHBTSFQSF[FOUÉOEÔOBDFTUTFOTPHBSBOǁJFEFDBMJmDBSFƾJEF
QSPGFTJPOBMJUBUF
"QBSBUVMUSFCVJFVUJMJ[BUEPBSÔOTDPQVMQFOUSVDBSFBGPTUQSPJFDUBU0SJDFBMUƢVUJMJ[BSF
FTUFDPOTJEFSBUƢJNQSPQSJFƾJEFDJQFSJDVMPBTƢ
·ODB[VMFSPSJMPSEFJOTUBMBSFEFGVODǁJPOBSFTBVEFÔOUSFǁJOFSFDBV[BUFEFOFSFTQFDUBSFB
OPSNBUJWFMPS UFIOJDF ÔO WJHPBSF TBV B JOTUSVDǁJVOJMPS EJO QSF[FOUVM NBOVBM TBV
PSJDVNGVSOJ[BUFEFDƢUSFQSPEVDƢUPS
FTUFFYDMVTƢPSJDFSƢTQVOEFSFDPOUSBDUVBMƢƾJ
FYUSBDPOUSBDUVBMƢBQSPEVDƢUPSVMVJQFOUSVFWFOUVBMFMFEBVOFƾJQSPEVTVMÔƾJQJFSEF
ESFQUVMEFHBSBOǁJF
%&$-"3"ŋ*&%&$0/'03.*5"5&$&
$POTUSVDUPSVM*NNFSHBT4Q"7$JTB-JHVSFOS#SFTDFMMP3&
%&$-"3Ż$ŻDFOUSBMFMFUFSNJDF*NNFSHBTNPEFM/JLF.JOJ4
4VOUDPOGPSNFDVQSFWFEFSJMFVSNƢUPBSFMPS%JSFDUJWF$PNVOJUBSF
%JSFDUJWBEFHB[$&%JSFDUJWB&.$$&%JSFDUJWBEFSBOEBNFOUF
$&ƾJ%JSFDUJWBEF+PBTƢ5FOTJVOF$&
%JSFDUPS%FTJHOƾJ1SPEVDǁJF
.BVSP(VBSFTDIJ
4FNOƢUVSƢ
*&
%FBS$VTUPNFS
$POHSBUVMBUJPOTPOZPVSQVSDIBTFPGBIJHIRVBMJUZ*NNFSHBTQSPEVDUEFTJHOFEUP
FOTVSFQSPMPOHFEDPNGPSUBOETBGFUZ"TBO*NNFSHBTDVTUPNFSZPVDBODPVOUPOB
QSPGFTTJPOBM"VUIPSJTFE4FSWJDF$FOUSFUPHVBSBOUFFUIFDPOTUBOUFċDJFODZPGZPVS
CPJMFS
3FBEUIFGPMMPXJOHQBHFTDBSFGVMMZBTUIFZDPOUBJOJNQPSUBOUJOGPSNBUJPOPOUIFDPSSFDU
VTFPGZPVSCPJMFSPCTFSWFBMMJOTUSVDUJPOTUPNBLFUIFNPTUPG*NNFSHBTQSPEVDUT
$POUBDUPVSMPDBM"VUIPSJTFE4FSWJDF$FOUSFBTTPPOBTQPTTJCMFUPSFRVFTUUIFQSFMJNJ
OBSZUFTU0VSUFDIOJDJBOXJMMWFSJGZDPSSFDUPQFSBUJOHDPOEJUJPOTNBLFUIFOFDFTTBSZ
BEKVTUNFOUTBOEXJMMTIPXZPVIPXUPVTFUIFBQQMJBODFDPSSFDUMZ
*O UIF FWFOU PG QSPCMFNT PS PSEJOBSZ NBJOUFOBODF SFRVJSFNFOUT DPOUBDU PVS "V
UIPSJ[FE$FOUSFTUIFTFIBWFPSJHJOBMQBSUTBWBJMBCMFBTXFMMBTQFSTPOOFMTQFDJmDBMMZ
USBJOFECZUIFNBLFS
(FOFSBMXBSOJOHT
ɨJTJOTUSVDUJPOCPPLMFUJTBOJOUFHSBMBOEFTTFOUJBMQBSUPGUIFQSPEVDUBOENVTUCF
EFMJWFSFEUPUIFVTFSPSBOZOFXPXOFS
4UPSFUIFCPPLMFUJOBTBGFQMBDFBOESFBEDBSFGVMMZCFGPSFVTJOHUIFBQQMJBODFBTJUDPO
UBJOTJNQPSUBOUJOGPSNBUJPOUPFOTVSFTBGFJOTUBMMBUJPOPQFSBUJPOBOENBJOUFOBODF
*OTUBMMBUJPOBOENBJOUFOBODFNVTUCFQFSGPSNFEJODPNQMJBODFXJUIDVSSFOUSFHVMB
UJPOT BDDPSEJOH UP UIF NBOVGBDUVSFST JOTUSVDUJPOT BOE CZ QSPGFTTJPOBMMZ RVBMJmFE
QFSTPOOFMIBWJOHTQFDJmDUFDIOJDBMFYQFSUJTFJOUIFIFBUJOHTZTUFNTTFDUPS
*ODPSSFDUJOTUBMMBUJPODBODBVTFEBNBHFPSQIZTJDBMJOKVSZBOEUIFNBOVGBDUVSFSEF
DMJOFTBMMMJBCJMJUZGPSGBJMVSFUPPCTFSWFJOTUSVDUJPOTBOETUBOEBSET.BJOUFOBODFNVTU
CFQFSGPSNFECZRVBMJmFEUFDIOJDBMQFSTPOOFMJOUIJTDBTFBO"VUIPSJTFE5FDIOJDBM
4FSWJDF$FOUSFSFQSFTFOUTBHVBSBOUFFPGRVBMJmDBUJPOBOEQSPGFTTJPOBMJTN
ɨFBQQMJBODFNVTUCFVTFEBDDPSEJOHUPUIFBQQMJDBUJPOTBTTQFDJmFEJOEFTJHO"OZ
PUIFSVTFJTDPOTJEFSFEJNQSPQFSBOEUIFSFGPSFIB[BSEPVT
*ODBTFPGFSSPSTJOJOTUBMMBUJPOPQFSBUJPOPSNBJOUFOBODFEVFUPOPODPNQMJBODF
XJUI DVSSFOU UFDIOJDBM SFHVMBUJPOT TUBOEBSET PS UIF JOTUSVDUJPOT DPOUBJOFE JO UIJT
CPPLMFUPSJOBOZDBTFTVQQMJFECZUIFNBOVGBDUVSFS
UIFNBOVGBDUVSFSJTSFMJFWFEPG
BOZDPOUSBDUVBMPSOPODPOUSBDUVBMSFTQPOTJCJMJUZGPSQPTTJCMFEBNBHFBOEUIFBQQMJ
BODFXBSSBOUZJTJOWBMJEBUFE
'PSGVSUIFSJOGPSNBUJPODPODFSOJOHUIFJOTUBMMBUJPOPGHBTmSFEIFBUHFOFSBUPSTDPOTVMU
UIF*NNFSHBTXFCTJUFXXXJNNFSHBTDPN
$&%&$-"3"5*0/0'$0/'03.*5:
*ODPNQMJBODFXJUI(BT%JSFDUJWF&$&.$%JSFDUJWF&$%JSFDUJWF
POFċDJFODJFT&$BOE-PX7PMUBHF%JSFDUJWF&$
ɨFNBOVGBDUVSFS*NNFSHBT4Q"W$JTB-JHVSFOP#SFTDFMMP3&
%&$"-"3&45)"5*NNFSHBTCPJMFSTNPEFM/JLF.JOJ4
DPNQMZXJUIUIFBCPWF&$%JSFDUJWFT
3%.BOBHFS
.BVSP(VBSFTDIJ
4JHOBUVSF
$;&$)3&16#-*$
&4
15
(3
1-
53
$;
$4
4*
)6
*/45"-"5²3
ǩ*/45"-"$&,05& 1PLZOZLJOTUBMBDJ
,JOTUBMBDJQMZOPWâDIQƻÓTUSPKDž*NNFSHBTKFPQSÈWOƩOâQPV[FQSBDPWOÓL
PECPSOƩ WZÝLPMFOâ L JOTUBMBDJ UFSNPIZESBVMJDLâDI QƻÓTUSPKDž *OTUBMBDF
NVTÓCâUQSPWFEFOBWTPVMBEVTOPSNBNJQMBUOâNJ[ÈLPOZBTEPESäFOÓN
NÓTUOÓDIUFDIOJDLâDIQƻFEQJTDžBPCFDOƩQMBUOâDIUFDIOJDLâDIQƻFEQJTDž
1ƻFEJOTUBMBDÓQƻÓTUSPKFTFQƻFTWƩEƦUFäFCZMEPEÈOOFQPÝLP[FOâWPQBƦOÏN
QƻÓQBEƩTFJIOFEPCSBǀUFOBEPEBWBUFMF0CBMPWÏNBUFSJÈMZTQPOZIƻFCÓLZ
QMBTUPWÏTÈƦLZQPMZTUZSÏOBQPE
NPIPVCâUQSPEƩUJOFCF[QFƦOÏQSPUPKF
UƻFCBPETUSBOJUUZUPNBUFSJÈMZ[KFKJDIEPTBIV7QƻÓQBEƩäFQƻÓTUSPKDIDFUF
VNÓTUJUNF[JOÈCZUFLOF[BQPNFƶUFOBEPTUBUFƦOâWPMOâQSPTUPSQSPCƩäOPV
ÞESäCV EPQPSVƦVKFNF QPOFDIBU NF[J QMÈÝUƩN LPUMF B TWJTMâNJ TUƩOBNJ
OÈCZULVDNWPMOÏIPQSPTUPSV/BELPUMFNBQPELPUMFNTFQPOFDIÈWÈ
QSPTUPS QSP QƻÓQBEOÏ [ÈTBIZ OB IZESBVMJDLâDI QƻÓQPKLÈDI B LPVƻPWÏN
TZTUÏNV/BTÈWBDÓNƻÓäLZNVTÓCâUSPWOƩäWPMOÏ7CMÓ[LPTUJQƻÓTUSPKFOFTNÓ
CâUäÈEOÏIPƻMBWÏQƻFENƩUZQBQÓSIBESZQMBTUQPMZTUZSÏOBQPE
7QƻÓQBEƩPEDIZMLZQPSVDIZOFCPOFTQSÈWOÏIPDIPEVQƻÓTUSPKWZQOƩUFB
[BWPMFKUFLWBMJmLPWBOÏIPUFDIOJLBOBQƻ[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
LUFSâ KF QƻÓTMVÝOƩ PECPSOƩ WZÝLPMFO B NÈ L EJTQP[JDJ OÈISBEOÓ EÓMZ
/FQPLPVÝFKUFTFTBNJPäÈEOâ[ÈTBIOFCPPQSBWV
/FEPESäFOÓ WâÝF VWFEFOâDI QPLZODž NÈ [B OÈTMFEFL 7BÝJ PTPCOÓ
[PEQPWƩEOPTUBQSPQBEOVUÓ[ÈSVLZ
t *OTUBMBƦOÓOPSNZUZUPLPUMFCZMZ[LPOTUSVPWÈOZWâMVƦOƩLJOTUBMBDJOB
TUƩOVTNÓTFQPVäÓWBUQPV[FLWZUÈQƩOÓPCZUOâDIQSPTUPSBWâSPCƩUFQMÏ
VäJULPWÏWPEZLEPNÈDÓNBQPEPCOâNÞƦFMDžN4UƩOBNVTÓCâUIMBELÈ
CF[WâTUVQLDžOFCPWâEVUÓBCZVNPäƶPWBMBQƻÓTUVQL[BEOÓƦÈTUJ,PUMF
OFKTPVWäÈEOÏNQƻÓQBEƩVSƦFOZLJOTUBMBDÓNOBQPETUBWDFOFCPQPEMBIZ
WJ[PCS
36
30
*&
"/0
/&
6QP[PSOŚOÓ*OTUBMBDFLPUMFOBTUƩOVNVTÓ[BKJTUJUKFIPTUBCJMOÓBÞƦJOOPV
PQƩSV
)NPäEJOLZ LUFSÏ TF EPEÈWBKÓ TÏSJPWŚ T LPUMFN
KTPV W QŬÓQBEŚ äF TPVŗÈTUÓ
WZCBWFOÓLPUMFKFPQŚSOÈLPO[PMBOFCPmYBŗOÓNPOUÈäOÓEFTLBVSŗFOZWâISBEOŚ
LVQFWOŚOÓLPUMFLFTUŚOŚNPIPV[BKJTUJUÞƦJOOÏQƻJQFWOƩOÓQPV[FUFIEZKTPV
MJTQSÈWOƩ[BTVOVUZQPEMFPCFDOƩQMBUOâDIUFDIOJDLâDIQƻFEQJTDž
EPTUƩO
[QMOâDIOFCPQPMPWJƦOÓDIDJIFM7QƻÓQBEƩTUƩO[EƩSPWBOâDIDJIFMOFCP
CMPLDžQƻÓƦFLTPNF[FOPVTUBUJLPVOFCPPCFDOƩKJOâDIOFäVWFEFOâDITUƩO
KFOVUOÏQSPWÏTUQƻFECƩäOÏTUBUJDLÏPWƩƻFOÓPQƩSOÏIPTZTUÏNV
1P[OÝSPVCZLINPäEJODFTFÝFTUJISBOOPVIMBWPVWCMJTUSPWÏNCBMFOÓTF
QPVäÓWBKÓWâISBEOŚLQŬJQFWOŚOÓQŬÓTMVÝOÏPQŚSOÏLPO[PMZOBTUŚOV
5ZUPLPUMFKTPVVSƦFOZLPIƻÓWÈOÓWPEZOBUFQMPUVOJäÝÓOFäKFCPEWBSV
QƻJBUNPTGÏSJDLÏNUMBLV
,PUMFNVTÓCâUQƻJQPKFOZLPIƻÓWBDÓNVTZTUÏNVBLSP[WPEOÏTÓUJVäJULPWÏ
WPEZ LUFSÏ PEQPWÓEBKÓ KFKJDI GVOLDJ B WâLPOV /FTNÓ CâU JOTUBMPWÈOZ W
MPäOJDJOFCPWNÓTUOPTUFDIQPVäÓWBOâDIKBLPLPVQFMOBOFCPTQSDIB/FTNÓ
CâUJOTUBMPWÈOZBOJWNÓTUOPTUFDIWFLUFSâDIKTPVPUFWƻFOÏLPNÓOZLSCZ
CF[WMBTUOÓIPQƻÓWPEVW[EVDIV*OTUBMVKUFKFQPV[FEPNÓTUOPTUÓWFLUFSâDI
UFQMPUBOFLMFTÈQPECPENSB[V
,PUMFOFTNÓCâUWZTUBWFOZäÈEOâNQPWƩUSOPTUOÓNWMJWDžN
)MBWOÓSP[NŚSZ
7âÝLBNN
ÀÓƻLBNN
)MPVCLBNN
1Ɣ¶10+,:
1-:/
70%"
(
33
3
.
w
w
w
w
1PQJT
( 33 3 . 7 1ŬÓQPKLZ
1MZOPWÈ QŬÓQPKLB QŬÓTUSPK LBUFHPSJF ** ) /BÝF LPUMF KTPV
[LPOTUSVPWÈOZUBLäFNPIPVGVOHPWBUOBNFUBO(
BUFLVUâQSPQBO
1ƻÓWPEOÓQPUSVCÓNVTÓCâUTUFKOÏOFCPWƩUÝÓOFäQƻÓQPKLBLPUMFw(1ƻFE
4:45².
1ŬÓWPEQMZOV
1MOŚOÓTZTUÏNV
7SBUOâPLSVITZTUÏNV
7âUMBLTZTUÏNV
&MFLUSJDLÈQŬÓQPKLB
QƻJQPKFOÓNQMZOPWÏIPQPUSVCÓKFUƻFCBQSPWÏTUƻÈEOÏWZƦJÝUƩOÓWOJUƻLVDFMÏIP
QPUSVCÓQƻJWÈEƩKÓDÓIPQBMJWPBCZTFPETUSBOJMZQƻÓQBEOÏTQBMJOZLUFSÏCZ
NPIMZPISP[JUTQSÈWOÏGVOHPWÈOÓLPUMF%ÈMFKFUƻFCBPWƩƻJU[EBQƻJWÈEƩOâ
QMZOPEQPWÓEÈQMZOVQSPLUFSâCZMLPUFM[LPOTUSVPWÈOWJ[UZQPWâÝUÓUFLW
LPUMJ
7QƻÓQBEƩPEMJÝOPTUÓKFUƻFCBQSPWÏTUQƻFTUBWCVLPUMFOBQƻÓWPEKJOÏIP
ESVIVQMZOVWJ[QƻFTUBWCBQƻÓTUSPKDžWQƻÓQBEƩ[NƩOZQMZOV
0WƩƻJUKFUƻFCB
JEZOBNJDLâUMBLQMZOVWTÓUJNFUBOVOFCPUFLVUÏIPQSPQBOV
LUFSâTFCVEF
QPVäÓWBULOBQÈKFOÓLPUMFQSPUPäFWQƻÓQBEƩOFEPTUBUFƦOÏIPUMBLVCZNPIMP
EPKÓULFTOÓäFOÓWâLPOVHFOFSÈUPSVBW[OJLVQSPCMÏNDžQSPVäJWBUFMF
1ƻFTWƩEƦUF TF [EB KF QƻJQPKFOÓ QMZOPWÏIP LPIPVUV TQSÈWOƩ QSPWFEFOP
1ƻÓWPEOÓ QMZOPWÈ USVCLB NVTÓ NÓU PEQPWÓEBKÓDÓ SP[NƩSZ QPEMF QMBUOâDI
OPSFNBCZNPIMCâUQMZOLIPƻÈLVQƻJWÈEƩOWQPUƻFCOÏNNOPäTUWÓJQƻJ
NBYJNÈMOÓNWâLPOVHFOFSÈUPSVBCZMUBL[BSVƦFOWâLPOQƻÓTUSPKFUFDIOJDLÏ
ÞEBKF
4ZTUÏNTQPKFOÓNVTÓPEQPWÓEBUQMBUOâNOPSNÈN
,WBMJUBTQBMPWBOÏIPQMZOV1ƻÓTUSPKCZM[LPOTUSVPWÈOLQSPWP[VOBQMZOOÏ
QBMJWP[CBWFOÏOFƦJTUPUWQƻÓQBEƩ[OFƦJTUƩOÓQMZOVKFOVUOÏWMPäJUQƻFELPUFM
WIPEOÏmMUSZLWZƦJÝUƩOÓQMZOV
;ÈTPCOÓLZWQŬÓQBEŚOBQÈKFOÓ[FTLMBEVUFLVUÏIPQSPQBOV
/PWÏ[ÈTPCOÓLZUFLVUÏIPQSPQBOVNPIPVPCTBIPWBU[CZULZJOFSUOÓIP
QMZOVEVTÓL
LUFSÏNPIPVPDIV[PWBUTNƩTEPEÈWBOPVQƻÓTUSPKJBUÓN
[QDžTPCPWBUKFIPÝQBUOâDIPE
4MPäFOÓTNƩTJUFLVUÏIPQSPQBOVNDžäF[QDžTPCJUäFQƻJTLMBEPWÈOÓTNƩTJW
[ÈTPCOÓLVNDžäFEPKÓULSP[WSTUWFOÓKFKÓDITMPäFL5PNDžäFNÓU[BOÈTMFEFL
[NƩOVUFQFMOÏIPWâLPOVTNƩTJEPEÈWBOÏEPLPUMFTOÈTMFEOPV[NƩOPV
WâLPOVLPUMF
&4
15
(3
1t %JHJUÈMOÓDISPOPUFSNPTUBU;BQ7ZQ$ISPOPUFSNPTUBUVNPäƶVKF
OBTUBWJUEWƩIPEOPUZUFQMPUZQSPTUƻFEÓKFEOVOBEFOUFQMPUBDPNGPSU
BKFEOVOBOPDTOÓäFOÈUFQMPUB
OBTUBWJUBäƦUZƻJSDž[OÏUâEFOOÓQSPHSBNZ[BQOVUÓBWZQOVUÓ
[WPMJUQPäBEPWBOâQSPWP[OÓTUBW[OƩLPMJLBNPäOPTUÓ
t TUÈMÏGVOHPWÈOÓTUFQMPUPVDPNGPSU
t TUÈMÏGVOHPWÈOÓTFTOÓäFOPVUFQMPUPV
t TUÈMÏGVOHPWÈOÓTOBTUBWJUFMOPVUFQMPUPVQSPUJ[BNS[OVUÓ
$ISPOPUFSNPTUBUKFOBQÈKFOâBMLBMJDLâNJCBUFSJFNJ7UZQ-3
53
$;
$4
7PEPWPEOÓQŬÓQPKLB
6QP[PSOŚOÓ1ƻFEQƻJQPKFOÓNLPUMFKFUƻFCBƻÈEOƩWZNâUUFQFMOâTZTUÏN
QPUSVCÓ QƻÓTUSPKF UPQOÏ QSWLZ BQPE
WIPEOâNJ ƦJTUJDÓNJ QSPTUƻFELZ B
QSPTUƻFELZOBPETUSBƶPWÈOÓVTB[FOJOBCZTFPETUSBOJMZQƻÓQBEOÏVTB[FOJOZ
LUFSÏCZNPIMZPISP[JUTQSÈWOÏGVOHPWÈOÓLPUMF
4*
7PEPWPEOÓQƻJQPKFOÓNVTÓCâUQSPWFEFOPÞTQPSOƩTWZVäJUÓNQƻÓQPKFLOB
NPOUÈäOÓEFTDFLPUMF7âWPEQPKJTUOÏIPWFOUJMVLPUMFNVTÓCâUQƻJQPKFOL
QƻÓTMVÝOÏNVWâWPEV+JOBLCZTFQƻJSFBLDJQPKJTULZ[BQMBWJMBNÓTUOPTU[B
DPäCZWâSPCDFOFOFTMäÈEOPVPEQPWƩEOPTU
)6
6QP[PSOŚOÓ $IDFUFMJ BCZ TJ QŬÓTUSPK EMPVIPEPCŚ [BDIPWBM TWPKJ ÞŗJOOPTU
EPQPSVŗVKFNFWQŬÓQBEŚWPEZKFKÓäWMBTUOPTUJQPEQPSVKÓVTB[PWÈOÓLPUFMOÓIP
LBNFOFOBQŬKFMJUWSEPTUWPEZWZÝÝÓOFäGSBODPV[TLâDITUVQŧŶBWEBMÝÓDI
QŬÓQBEFDI
JOTUBMBDJTPVQSBWZiEÈWLPWBŗFQPMZGPTGÈUŶ
&MFLUSJDLÈQŬÓQPKLB,PUFM/JLF.JOJ4KFKBLPDFMFLDISÈOƩOPDISBOOâN
TUVQOƩN*19%1ƻÓTUSPKKFFMFLUSJDLZKJÝUƩOQPV[FUFIEZKFMJEPLPOBMF
QƻJQPKFOLÞƦJOOÏNVV[FNOƩOÓQSPWFEFOÏNVQPEMFQPäBEBWLDžQMBUOâDI
CF[QFƦOPTUOÓDIQƻFEQJTDž
6QP[PSOŚOÓ 'JSNB *NNFSHBT 4Q" PENÓUÈ KBLPVLPMJ PEQPWƩEOPTU [B
ÝLPEZ[QDžTPCFOÏPTPCÈN[WÓƻBUDžNOFCPOBWƩDFDILUFSÏCZMZ[BWJOƩOZ
OFWIPEOâNV[FNOƩOÓNLPUMFBOFEPESäFOÓNQƻÓTMVÝOâDIQƻFEQJTDž
0WƩƻUF TJ UBLÏ [EB FMFLUSJDLâ TZTUÏN PEQPWÓEÈ NBYJNÈMOÓNV QƻÓLPOV
QƻÓTUSPKFVWFEFOÏNVOBUZQPWÏNÝUÓULVTÞEBKJLUFSâKFVNÓTUƩOâWLPUMJ
,PUMFKTPVWZCBWFOÏTQFDJÈMOÓNQƻÓWPEOÓNLBCFMFNUZQVi9wCF[[ÈTUSƦLZ
1ƻÓWPEOÓLBCFMNVTÓCâUQƻJQPKFOLTÓUJ7œ)[TPIMFEFN
OBQPMBSJUVGÈ[FOVMBBOBV[FNOƩOÓ WUÏUPTÓUJNVTÓCâULEJTQP[JDJ
WÓDFQØMPWÏPEQPKFOÓLUFSÏ[BKJÝǀVKFNJOJNÈMOÓSP[FWƻFOÓLPOUBLUDžBMFTQPƶ
NN $IDFUFMJ WZNƩOJU QƻÓWPEOÓ LBCFM PCSBǀUF TF OB LWBMJmLPWBOÏIP
UFDIOJLB OBQƻ [F TFSWJTOÓIP TUƻFEJTLB *NNFSHBT
1ƻÓWPEOÓ LBCFM NVTÓ
WÏTU QƻFEFQTBOâN TNƩSFN 7 QƻÓQBEƩ OVUOÏ WâNƩOZ TÓǀPWÏ QPKJTULZ OB
SFHVMBƦOÓEFTDFQPVäJKUFQPKJTULVUZQV"TSZDIMâNÞƦJOLFN,OBQÈKFOÓ
QƻÓTUSPKF[FMFLUSJDLÏTÓUƩOFOÓEPWPMFOPQPVäÓWBUBEBQUÏSZTESVäFOÏ[ÈTVWLZ
BQSPEMVäPWBDÓÝƶDžSZ
$ISPOPUFSNPTUBUZQSPTUŬFEÓWPMJUFMOÏ
,PUFMKFKJäVQSBWFOQSPJOTUBMBDJDISPOPUFSNPTUBUDžQSPTUƻFEÓ
5ZUPTPVƦÈTUJ[OBƦLZ*NNFSHBTKTPVLEJTQP[JDJKBLPTBNPTUBUOÏTPVQSBWZ
LFLPUMJOBWZäÈEÈOÓ
7ÝFDIOZDISPOPUFSNPTUBUZ*NNFSHBTKTPVQƻJQPKJUFMOÏQPVIâNJWPEJƦJ
1ƻFƦUƩUFTJQP[PSOƩOÈWPELNPOUÈäJBQPVäJUÓLUFSâKFQƻJMPäFOâLTPVQSBWƩ
TQƻÓTMVÝFOTUWÓN
36
t ;BƻÓ[FOÓ EJHJUÈMOÓIP EÈMLPWÏIP PWMÈEÈOÓ T GVOHPWÈOÓN LMJNBUJDLÏIP
DISPOPUFSNPTUBUV 1BOFM EJHJUÈMOÓIP EÈMLPWÏIP PWMÈEÈOÓ VNPäƶVKF
VäJWBUFMJ NJNP GVOLDÓ VWFEFOâDI W QƻFEDIP[ÓN PETUBWDJ LPOUSPMPWBU
B QƻFEFWÝÓN NÓU OB EPTBI SVLZ WÝFDIOZ EDžMFäJUÏ JOGPSNBDF UâLBKÓDÓ
TF QSPWP[V QƻÓTUSPKF B UFQFMOÏIP TZTUÏNV VäJWBUFM NÈ UBL NPäOPTU
TOBEOÏ ÞQSBWZ EƻÓWF OBTUBWFOâDI QBSBNFUSDž BOJä CZ NVTFM EPKÓU L
JOTUBMBƦOÓNV NÓTUV QƻÓTUSPKF 1BOFM EJHJUÈMOÓIP EÈMLPWÏIP PWMÈEÈOÓ KF
WZCBWFO BVUPEJBHOPTUJLPV L [PCSB[FOÓ QƻÓQBEOâDI GVOLƦOÓDI QPSVDI
LPUMF OB EJTQMFKJ ,MJNBUJDLâ DISPOPUFSNPTUBU [BCVEPWBOâ EP QBOFMV
EÈMLPWÏIP PWMÈEÈOÓ VNPäƶVKF QƻJ[QDžTPCPWBU UFQMPUV OÈCƩIV TZTUÏNV
TLVUFƦOâNQPUƻFCÈNWZUÈQƩOÏIPQSPTUƻFEÓBDPOFKQƻFTOƩKJUBLEPTÈIOPVU
QPäBEPWBOÏUFQMPUZQSPTUƻFEÓBUFEZJ[ƻFUFMOÏÞTQPSZOÈLMBEDžOBƻÓ[FOÓ
$ISPOPUFSNPTUBUKFOBQÈKFOâQƻÓNP[LPUMFQPNPDÓEWPVTUFKOâDIWPEJƦDž
LUFSÏTMPVäÓJLQƻFEÈWÈOÓEBUNF[JLPUMFNBDISPOPUFSNPTUBUFN
30
*&
&MFLUSJDLÏ QŬJQPKFOÓ EJHJUÈMOÓIP EÈMLPWÏIP PWMÈEÈOÓ OFCP
DISPOPUFSNPTUBUV ;BQ7ZQ WPMJUFMOÏ
%ÈMF VWFEFOÏ QPTUVQZ TF TNÓ
QSPWÈEŚUQPV[FQPPEQPKFOÓQŬÓTUSPKFPEFMFLUSJDLÏIPOBQŚUÓ1ƻÓQBEOâUFSNPTUBU
OFCPDISPOPUFSNPTUBUQSPTUƻFEÓ;BQ7ZQTFQƻJQPKVKFLFTWPSLÈNB
[SVÝFOÓNNDžTULV9WJ[FMFLUSJDLÏTDIÏNB
;LPOUSPMVKUF[EBKFLPOUBLU
UFSNPTUBUV;BQ7ZQUZQViƦJTUâwUFEZOF[ÈWJTMâOBOBQƩUÓWTÓUJQSPUPäFW
PQBƦOÏNQƻÓQBEƩCZTFQPÝLPEJMBFMFLUSPOJDLÈSFHVMBƦOÓEFTLB1ƻÓQBEOÏ
EJHJUÈMOÓEÈMLPWÏPWMÈEÈOÓTFNVTÓQƻJQPKJULFTWPSLÈNBFMFLUSPOJDLÏ
EFTLZWLPUMJ
WJ[FMFLUSJDLÏTDIÏNB
%ŶMFäJUÏVQP[PSOŚOÓ7QƻÓQBEƩWZVäJUÓEJHJUÈMOÓIPEJHJUÈMOÓIPEÈMLPWÏIP
PWMÈEÈOÓKFQPWJOOÏQPVäÓUEWƩTBNPTUBUOÈWFEFOÓQPEMFQMBUOâDIQƻFEQJTDžP
FMFLUSJDLâDITZTUÏNFDIÇÈEOÏQPUSVCÓLPUMFOJLEZOFQPVäÓWFKUFLV[FNOƩOÓ
FMFLUSJDLÏIPOFCPUFMFGPOOÓIPTZTUÏNV1ƻFEFMFLUSJDLâNQƻJQPKFOÓNLPUMF
TFQƻFTWƩEƦUF[EBQPUSVCÓOFCZMPLUPNVUPV[FNOƩOÓQPVäJUP
&4
7ŚUSÈOÓNÓTUOPTUÓ
+FCF[QPENÓOFƦOƩOVUOÏBCZEPNÓTUOPTUJWFLUFSÏKFLPUFMVNÓTUƩONPIMP
QSPVEJU OFKNÏOƩ UPMJL W[EVDIV LPMJL WZäBEVKF ƻÈEOÏ TQBMPWÈOÓ QMZOV B
WƩUSÈOÓNÓTUOPTUJ7[EVDINÈQƻJSP[FOƩQSPVEJUQƻÓNPVDFTUPVTLS[F
USWBMÏPUWPSZWFTUƩOÈDIWƩUSBOÏNÓTUOPTUJLUFSÏWFEPVTNƩSFNWFO
15
WƩUSBDÓQPUSVCÓKFEOPEVDIÏOFCPSP[WƩUWFOÏ
(3
7[EVDILWƩUSÈOÓNÓTUOPTUJTFNVTÓPEFCÓSBUQƻÓNPWFOLVWEPTUBUFƦOÏ
W[EÈMFOPTUJ PE QƻÓQBEOâDI [ESPKDž [OFƦJÝUƩOÓ 1ƻJSP[FOâ QƻÓWPE W[EVDIV
KF EPWPMFO UBLÏ OFQƻÓNP PECƩSFN W[EVDIV [ NÓTUOPTUÓ TPVTFEÓDÓDI
T WƩUSBOPV NÓTUOPTUÓ %BMÝÓ JOGPSNBDF P WƩUSÈOÓ NÓTUOPTUÓ OBKEFUF W
QƻÓTMVÝOâDIQƻFEQJTFDI
1-
0UWPSZOBWOŚKÝÓDITUŚOÈDIWŚUSBOÏNÓTUOPTUJ5ZUPPUWPSZNVTÓPEQPWÓEBU
OÈTMFEVKÓDÓNQPäBEBWLDžN
NVTÓ NÓU DFMLPWâ WPMOâ ƦJTUâ QSDžƻF[ WFMJLPTUJ DN OB LBäEâ L8
JOTUBMPWBOÏIPUFQFMOÏIPWâLPOVNJOJNÈMOƩDN
53
PUWPSZ OB WOJUƻOÓ J WOƩKÝÓ TUSBOƩ TUƩOZ NVTÓ CâU QSPWFEFOZ UBL BCZ
OFNPIMZCâUVDQÈOZ
$;
4*
)6
36
NVTÓCâUTQPKFOÏWJEJUFMOƩTOBEOPEFNPOUPWBUFMOÏBJOTUBMPWBOÏUBL
BCZVNPäƶPWBMZOPSNÈMOÓUFQFMOÏSP[UBäFOÓ
QƻÓTUSPKFTWFSUJLÈMOÓNPEWPEFNNVTÓCâUWZCBWFOZWFSUJLÈMOÓƦÈTUÓPEÏMDF
LUFSÈOFTNÓCâUNFOÝÓOFäEWBQSDžNƩSZ[NƩƻFOÏOBQƻÓQPKDFPEWPEOÏ
USVCLZ
NVTÓNÓU[BWFSUJLÈMOÓƦÈTUÓWDFMÏNTWÏN[CâWBKÓDÓNQSDžCƩIVW[FTUVQOâ
QSDžCƩITNJOJNÈMOÓNTLMPOFNſÈTUTFTVCIPSJ[POUÈMOÓNQSDžCƩIFN
OFTNÓCâUEFMÝÓOFäÞƦJOOÏWâÝLZ)LPNÓOBOFCPLPVƻPWPEVBW
äÈEOÏNQƻÓQBEƩOFTNÓCâUEFMÝÓOFäNNWJ[PCSÈ[FL
TWâKJNLPV
QƻÓQBEVPWƩƻFOÓQPEMFPCFDOÏNFUPEZWâQPƦUV
NN."9
NVTÓCâUVNÓTUƩOZWFWâÝDFCMÓ[LÏÞSPWOJQPEMBIZOFOÓMJUPNPäOÏQBL
KFOVUOÏ[WƩUÝJUQSDžƻF[WƩUSBDÓDIPUWPSDžOFKNÏOƩP
4BNPTUBUOÏ WŚUSBDÓ QPUSVCÓ 7 QƻÓQBEƩ QƻÓWPEV TQBMPWBDÓIP W[EVDIV
QPNPDÓQPUSVCÓKFOVUOÏEPESäPWBUQMBUOÏUFDIOJDLÏQƻFEQJTZ
$4
NVTÓCâUW[EVDIPUƩTOƩTQPKFOÏKTPVMJLUPNVUPÞƦFMVQPVäJUZTQFDJÈMOÓ
NBUFSJÈMZNVTÓCâUPEPMOÏWDžƦJUFQMVBLPSP[J
4,-0/.*/
4QPMFŗOÈ WŚUSBDÓ QPUSVCÓ 1ƻÓWPE TQBMPWBDÓIP W[EVDIV KF NPäOâ
TQPMFƦOâN SP[WƩUWFOâN QPUSVCÓN [B QPENÓOLZ EPESäFOÓ QMBUOâDI
UFDIOJDLâDIQƻFEQJTDž
/FQŬÓNÏQŬJSP[FOÏWŚUSÈOÓ1ƻÓWPEW[EVDIVKFEPWPMFOUBLÏ[FTPVTFEÓDÓ
NÓTUOPTUJ[BUƩDIUPQPENÓOFL
TPVTFEÓDÓ NÓTUOPTU KF WZCBWFOB QƻÓNâN WƩUSÈOÓN W TPVMBEV T EƻÓWF
VWFEFOâNJQPENÓOLBNJ
WF WƩUSBOÏ NÓTUOPTUJ KTPV JOTUBMPWÈOZ QPV[F QƻÓTUSPKF QƻJQPKFOÏ L
PEWPEOÓNVQPUSVCÓ
TPVTFEÓDÓ NÓTUOPTU OFOÓ QPVäÓWÈOB KBLP MPäOJDF BOJ OFOÓ TQPMFƦOâN
QSPTUPSFNOFNPWJUPTUJ
TPVTFEÓDÓNÓTUOPTUOFOÓQSPTUƻFEÓNTOFCF[QFƦÓNQPäÈSVKBLPKTPVLDžMOZ
HBSÈäFTLMBEZIPƻMBWâDINBUFSJÈMDžBQPE
30
*&
TPVTFEÓDÓNÓTUOPTUOFTNÓCâUW[IMFEFNLWƩUSBOÏNÓTUOPTUJWQPEUMBLV
[ EDžWPEV FGFLUV [QƩUOÏIP UBIV [QƩUOâ UBI NDžäF CâU WZWPMÈO KJOâN
GVOLƦOÓNQƻÓTUSPKFNWNÓTUOPTUJOBKBLÏLPMJQBMJWPCVƧLSCFNOFCP
MJCPWPMOâN OBTÈWBDÓN [BƻÓ[FOÓN QSP LUFSÏ OFOÓ L EJTQP[JDJ WTUVQ
W[EVDIV
W[EVDI[FTPVTFEÓDÓNÓTUOPTUJBäEPWƩUSBOÏNÓTUOPTUJNVTÓWPMOƩQSPVEJU
TUÈMâNJ PUWPSZ KFKJDIä DFMLPWâ ƦJTUâ QSDžƻF[ OFTNÓ CâU NFOÝÓ OFä KF
VWFEFOPWOPSNƩ
5ZUP PUWPSZ KF UBLÏ NPäOÏ [ÓTLBU [WƩUÝFOÓN ÝUƩSCJOZ NF[J EWFƻNJ B
QPEMBIPV
0EWPE[LBäFOÏIPW[EVDIV7NÓTUOPTUFDIWFLUFSâDIKTPVJOTUBMPWBOÏ
QMZOPWÏ QƻÓTUSPKF NDžäF CâU OVUOÏ [BKJTUJU WFEMF QƻÓWPEV TQBMPWBDÓIP
W[EVDIVUBLÏPEWPE[LBäFOÏIPW[EVDIVTOÈTMFEOâNQƻÓWPEFNTUFKOÏIP
NOPäTUWÓƦJTUÏIPOF[LBäFOÏIPW[EVDIV1SPWFEFOÓNVTÓPEQPWÓEBUQMBUOâN
UFDIOJDLâNQƻFEQJTDžN
,PVŬPWÏLBOÈMZ
1MZOPWÏQƻÓTUSPKFWZCBWFOÏQƻÓQPKLPVQSPUSVCLVLPEWPEVTQBMJONVTÓNÓU
QƻÓNÏQƻJQPKFOÓEPCF[QFƦOƩÞƦJOOâDILPNÓODžOFCPLPVƻPWPEDž
1PV[FWQƻÓQBEƩäFUZUPOFKTPVLEJTQP[JDJKFEPWPMFOPWZQPVÝUƩOÓTQBMJO
QƻÓNPWFO[BEPESäFOÓQƻFEQJTDžVWFEFOâDIWOPSNƩ
1ŬJQPKFOÓEPLPNÓOŶOFCPLPVŬPWPEŶ1ƻJQPKFOÓQƻÓTUSPKDžEPLPNÓOB
OFCPLFLPVƻPWPEVKFQSPWFEFOPQPNPDÓLPVƻPWâDILBOÈMDž
7 QŬÓQBEŚ QŬJQPKFOÓ L KJä FYJTUVKÓDÓN LPVŬPWPEŶN NVTÓ CâU UZUP LPVŬPWPEZ
EPLPOBMFŗJTUÏQSPUPäFOFŗJTUPUZPEMVQVKÓDÓTF[BQSPWP[V[FTUŚOCZNPIMZCSÈOJU
QSŶDIPEVTQBMJOB[BQŬÓŗJOJUUBLQSPVäJWBUFMFWZTPDFOFCF[QFŗOÏTJUVBDF
,PVƻPWÏLBOÈMZNVTÓCâUQƻJQPKFOZLFLPNÓOVOFCPLPVƻPWPEVWFTUFKOÏ
NÓTUOPTUJWFLUFSÏKFJOTUBMPWÈOQƻÓTUSPKOFCPNBYJNÈMOƩWFWFEMFKÝÓBNVTÓ
PEQPWÓEBUOÈTMFEVKÓDÓNQPäBEBWLDžN
NVTÓCâUW[EVDIPUƩTOÏBWZSPCFOÏ[NBUFSJÈMDžLUFSÏPEPMÈWBKÓCƩäOÏNV
NFDIBOJDLÏNVOBNÈIÈOÓUFQMVBQDžTPCFOÓTQBMJOBKFKJDIQƻÓQBEOÏNV
LPOEFO[ÈUV7KBLÏNLPMJCPEƩLPVƻPWÏIPLBOÈMVB[BKBLâDILPMJWOƩKÝÓDI
QPENÓOFLNVTÓCâUUFQMPUBTQBMJOWZÝÝÓOFäKFUFQMPUBSPTOÏIPCPEV
TNÓNÓUNBYJNÈMOƩUƻJ[NƩOZTNƩSVWƦFUOƩQƻÓQPKLZWZÞTUƩOÓEPLPNÓOB
OFCPLPVƻPWPEVQSPWFEFOÏTWOJUƻOÓNJÞIMZWƩUÝÓNJOFä¡;NƩOZ
TNƩSVNVTÓCâUQSPWFEFOZQPV[FTQPVäJUÓNPIZCDž
NVTÓ NÓU PTV LPODPWÏ ƦÈTUJ WZÞTUƩOÓ LPMNPV OB WOJUƻOÓ QSPUJMFIMPV
TUƩOV LPNÓOB OFCP LPVƻPWPEV ,PVƻPWâ LBOÈM NVTÓ CâU EÈMF QFWOƩ
W[EVDIPUƩTOƩ QƻJQFWOƩOâ L WZÞTUƩOÓ LPNÓOB OFCP LPVƻPWPEV OFTNÓ
WZTUVQPWBUEPWOJUƻ
WDFMÏTWÏEÏMDFOFTNÓNÓUQSDžNƩSNFOÝÓOFäKFQSDžNƩSQƻÓQPKLZPEWPEOÓ
USVCLZQƻÓTUSPKF7QƻÓQBEƩäFLPNÓOOFCPLPVƻPWPENBKÓNFOÝÓQSDžNƩS
OFäKFQSDžNƩSLPVƻPWÏIPLBOÈMVKFOVUOÏQSPWÏTULØOJDLÏQƻJQPKFOÓW
TPVMBEVTWZÞTUƩOÓN
OFTNÓCâUWZCBWFOÏV[BWÓSBDÓN[BƻÓ[FOÓNÝPVQÈULZ
1PLVEKTPVUBUP
[BƻÓ[FOÓKJäWQSPWP[VNVTÓCâUPETUSBOƩOB
NVTÓCâUWFW[EÈMFOPTUJOFKNÏOƩNNPEIPƻMBWâDIOFCPW[OƩUMJWâDI
NBUFSJÈMDžKFTUMJäFUVUPW[EÈMFOPTUOFOÓNPäOÏEPESäFUKFOVUOÏ[BKJTUJU
TQFDJÈMOÓPDISBOVQƻFEUFQMFN
TNÓQƻJKÓNBUPEWPEQPV[F[KFEOPIPQPVäÓWBOÏIPQƻÓTUSPKFKFEPWPMFOP
PEWÈEƩU EP TUFKOÏIP LPVƻPWÏIP LBOÈMV NBYJNÈMOƩ EWB QƻÓTUSPKF [B
QPENÓOLZEPESäFOÓOÈTMFEVKÓDÓDIQPENÓOFL
UFQFMOÈLBQBDJUBPCPVQƻÓTUSPKDžTFW[ÈKFNOƩMJÝÓNBYJNÈMOƩPB
PCBQƻÓTUSPKFKTPVJOTUBMPWÈOZWFTUFKOÏNÓTUOPTUJ
QSDžƻF[LPVƻPWÏIPLBOÈMVTQPMFƦOÏIPQSPPCBQƻÓTUSPKFTFSPWOÈBMFTQPƶ
QSDžƻF[V LPVƻPWÏIP LBOÈMV QƻÓTUSPKF T WƩUÝÓ LBQBDJUPV OÈTPCFOPV
QPNƩSFN1D1QƻJƦFNä1DKFTPVƦFUUFQFMOâDILBQBDJUKFEOPUMJWâDI
QƻÓTUSPKDžB1KFWZÝÝÓUFQFMOÈLBQBDJUB
EWBQƻÓTUSPKF[BWâÝFVWFEFOâDIPNF[VKÓDÓDIQPENÓOFLNPIPVCâUUBLÏ
QƻJQPKFOZ QƻÓNP LF TUFKOÏNV LPNÓOV B LPVƻPWPEV W UPNUP QƻÓQBEƩ
NVTÓCâUWFSUJLÈMOÓW[EÈMFOPTUQSPCÓIBKÓDÓNF[JPTBNJPUWPSDžWZÞTUƩOÓ
BMFTQPƶNNWJ[PCSÈ[FL
OFOÓOBPQBLEPWPMFOPPEWÈEƩUEPTUFKOÏIPLPVƻPWÏIPLBOÈMVTQBMJOZ
[ QMZOPWâDI QƻÓTUSPKDž B LBOÈMZ WFEPVDÓ [ EJHFTUPƻÓ VNÓTUƩOâDI OBE
TQPUƻFCJƦJOBUFQFMOPVÞQSBWVKÓEFM
,PVŬPWPEZLPNÓOZ
0CFDOŚ,PVƻPWPELPNÓOLPEWPEVTQBMJO[QƻÓTUSPKDžTQƻJSP[FOâNUBIFN
EPPW[EVÝÓNVTÓPEQPWÓEBUOÈTMFEVKÓDÓNQPäBEBWLDžN
NVTÓCâUEPLPOBMFUƩTOÏBCZ[BCSÈOJMZÞOJLVTQBMJOOFTNÓQSPQPVÝUƩU
WPEV B NVTÓ CâU UFQFMOƩ J[PMPWBOÏ W TPVMBEV T QƻFEQJTZ QƻÓTMVÝOÏ
OPSNZ
&4
15
NVTÓ CâU WZSPCFOÏ [ NBUFSJÈMDž LUFSÏ EMPVIPEPCƩ PEPMÈWBKÓ CƩäOÏNV
NFDIBOJDLÏNVOBNÈIÈOÓUFQMVBQDžTPCFOÓTQBMJOJKFKJDIQƻÓQBEOÏIP
LPOEFO[ÈUV
(3
NVTÓWÏTUWFSUJLÈMOƩBOFTNÓOBOJDICâUQPDFMÏEÏMDFäÈEOÏ[ÞäFOÓ
NVTÓ CâU WIPEOâN [QDžTPCFN UFQFMOƩ J[PMPWBOÏ BCZ OFEPDIÈ[FMP L
UWPSCƩLPOEFO[ÈUVOFCPPDIMB[PWÈOÓTQBMJO[FKNÏOBKTPVMJVNÓTUƩOZ
WOƩCVEPWZOFCPWOFWZUÈQƩOâDINÓTUOPTUFDI
1-
NVTÓ WÏTU [B QPNPDJ W[EVDIPWâDI WSTUFW OFCP WIPEOâDI J[PMBƦOÓDI
NBUFSJÈMDž W EPTUBUFƦOÏ W[EÈMFOPTUJ PE NÓTU T IPƻMBWâNJ BOFCP MFIDF
[ÈQBMOâNJNBUFSJÈMZ
53
NVTÓ NÓU QPE WZÞTUƩOÓN QSWOÓIP LPVƻPWÏIP LBOÈMDž LPNPSV OB TCƩS
QFWOâDI NBUFSJÈMDž B QƻÓQBEOÏIP LPOEFO[ÈUV T WâÝLPV OFKNÏOƩ NNBQƻÓTUVQLUÏUPLPNPƻFNVTÓCâU[BKJÝUƩOQSPTUƻFEOJDUWÓNPUWPSVT
LPWPWâNJW[EVDIPUƩTOâNJEWÓƻLZ
$;
NVTÓNÓUWOJUƻOÓQSDžƻF[PLSPVIMÏIPƦUWFSDPWÏIPOFCPPCEÏMOÓLPWÏIP
UWBSVWQPTMFEOÓDIEWPVQƻÓQBEFDINVTÓCâUÞIMZPCMÏTQPMPNƩSFN
OFKNÏOƩ NN
KTPV OJDNÏOƩ QƻÓQVTUOÏ J IZESBVMJDLZ FLWJWBMFOUOÓ
QSDžƻF[Z
$4
NVTÓ CâU OB WSDIPMV WZCBWFOÏ LPNÓOPWâN OÈTUBWDFN PEQPWÓEBKÓDÓN
EÈMFVQƻFTOƩOâNQPäBEBWLDžN
4*
OB WSDIPMV WFEFOÓ OFTNÓ CâU VNÓTUƩOB äÈEOÈ NFDIBOJDLÈ OBTÈWBDÓ
[BƻÓ[FOÓ
WLPNÓOVLUFSâWFEFVWOJUƻOFCPQƻJMÏIÈLPCZUOâNQSPTUPSÈNOFTNÓ
CâUOJLEZQƻFUMBL
)6
1SPQƻÓTUSPKFTQƻJSP[FOâNUBIFNKFNPäOÏWZVäÓUJTBNPTUBUOÏLPNÓOZB
TQPMFƦOÏSP[WƩUWFOÏLPVƻPWPEZ
4BNPTUBUOÏ LPNÓOZ 7OJUƻOÓ SP[NƩSZ OƩLUFSâDI UZQDž TBNPTUBUOâDI
LPNÓODž KTPV VWFEFOZ W OPSNƩ 7 QƻÓQBEƩ äF TLVUFƦOÏ ÞEBKF TZTUÏNV
OFPEQPWÓEBKÓ QPVäJUFMOâN QPENÓOLÈN OFCP MJNJUDžN UBCVMFL KF OVUOÏ
QSPWÏTUWâQPƦFULPNÓOVQPEMFOPSNZ
6NÓTUŚOÓLPODPWFLUBIV,PODPWLZUBIVNVTÓ
CâUVNÓTUƩOÏOBWOƩKÝÓDIPCWPEPWâDITUƩOÈDICVEPWZ
4QPMFŗOÏ SP[WŚUWFOÏ LPVŬPWPEZ 7F WÓDFQPEMBäOÓDI CVEPWÈDI KF L
PEWPEV TQBMJO T QƻJSP[FOâN UBIFN NPäOÏ QPVäÓU TQPMFƦOÏ SP[WƩUWFOÏ
LPVƻPWPEZ5ZUPLPVƻPWPEZOPWÏLPOTUSVLDFNVTÓCâUOBWSäFOZWTPVMBEV
TWâQPƦFUOÓNJNFUPEBNJBOPSNBUJWOÓNJQƻFEQJTZ
0EWPETQBMJO[QŬÓTUSPKŶTQŬJSP[FOâNUBIFNEPV[BWŬFOâDIQSPTUPS
TWPMOâNOFCFN%PQSPTUPSV[BWƻFOâDIOBWÝFDITUSBOÈDIBTWPMOâN
OFCFN WƩUSBDÓ ÝBDIUZ EWPSLZ OÈEWPƻÓ BQPE
KF QPWPMFO QƻÓNâ PEWPE
TQBMJO[QMZOPWâDIQƻÓTUSPKDžTQƻJSP[FOâNOFCPOVDFOâNUBIFNBUFQFMOâN
WâLPOFNWÓDFOBEBEPL8QPLVEKTPVEPESäFOZQPENÓOLZQMBUOâDI
UFDIOJDLâDIOPSFN
,PNÓOPWÏOÈTUBWDF,PNÓOPWâNOÈTUBWDFNTFOB[âWÈ[BƻÓ[FOÓVNÓTUƩOÏOB
WSDIPMLVTBNPTUBUOÏIPLPNÓOBOFCPTQPMFƦOÏIPSP[WƩUWFOÏIPLPVƻPWPEV
5PUP [BƻÓ[FOÓ VTOBEƶVKF SP[QUZM TQBMJO J W OFQƻÓ[OJWâDI BUNPTGÏSJDLâDI
QPENÓOLÈDIBCSÈOÓVTB[PWÈOÓDJ[ÓDIQƻFENƩUDž
;BƻÓ[FOÓNVTÓTQMƶPWBUOÈTMFEVKÓDÓQPäBEBWLZ
NVTÓNÓUVäJUFƦOâQSDžƻF[WâTUVQVOFKNÏOƩEWBLSÈUWƩUÝÓOFäKFQSDžƻF[
LPNÓOVLPVƻPWPEVEPLUFSÏIPKF[BTVOVUâ
NVTÓCâUV[QDžTPCFOâUBLBCZCSÈOJMQSPOJLOVUÓEFÝUƩOFCPTOƩIVEP
LPNÓOBLPVƻPWPEV
NVTÓCâU[LPOTUSVPWÈOUBLBCZWäEZ[BKJÝǀPWBMPEWPETQBMJOJWQƻÓQBEƩ
WƩUSDžMJCPWPMOÏIPTNƩSVBTLMPOV
,WØUB ÞTUÓ LUFSÈ PEQPWÓEÈ WSDIPMV LPNÓOBLPVƻPWPEV OF[ÈWJTMF OB
QƻÓQBEOâDILPNÓOPWâDIOÈTUBWDÓDINVTÓCâUNJNPi[ØOV[QƩUOÏIPUPLVw
BCZOFEPDIÈ[FMPLFW[OJLVQSPUJUMBLDžCSÈOÓDÓDIWPMOÏNVÞOJLVTQBMJOEP
BUNPTGÏSZ7äEZQSPUPEPESäVKUFNJOJNÈMOÓWâÝLZVWFEFOÏWFTDIÏNBUFDI
OPSNZW[ÈWJTMPTUJOBTLMPOVTUƻFDIZ
1ŬÓNâPEWPEEPWOŚKÝÓIPQSPTUŬFEÓ1ƻÓTUSPKFTQƻJSP[FOâNUBIFNVSƦFOÏ
L QƻJQPKFOÓ LF LPNÓOV OFCP LPVƻPWPEV NPIPV PEWÈEƩU TQBMJOZ QƻÓNP
EPWOƩKÝÓIPQSPTUƻFEÓQPNPDÓQPUSVCÓLUFSÏWFEFPCWPEPWPV[EÓCVEPWZ
0EWPETFWUPNUPQƻÓQBEƩQSPWÈEÓPEWPEOÓNQPUSVCÓNLFLUFSÏNVKFOB
WOƩKÝÓTUSBOƩQƻJQPKFOBLPODPWLBUBIV
36
CâUVNÓTUƩOÏUBLBCZW[EÈMFOPTUJPEQPWÓEBMZNJOJNÈMOÓNIPEOPUÈN
VWFEFOâNWQMBUOâDIUFDIOJDLâDIOPSNÈDI
30
*&
%ŶMFäJUÏ VQP[PSOŚOÓ ÁNZTMOÏ WZƻB[FOÓ [BƻÓ[FOÓ OB LPOUSPMV PEWPEV
TQBMJO[QSPWP[VKF[BLÈ[ÈOP,BäEPVQPÝLP[FOPVƦÈTUUPIPUP[BƻÓ[FOÓKF
OVUOÏOBISBEJUPSJHJOÈMOÓNJOÈISBEOÓEÓMZ7QƻÓQBEƩPQBLPWBOâDI[ÈTBIDž
[BƻÓ[FOÓOBLPOUSPMVPEWPEVTQBMJO[LPOUSPMVKUFQPUSVCÓPEWPEVTQBMJOB
WƩUSÈOÓNÓTUOPTUJWFLUFSÏKFLPUFMVNÓTUƩOâ
1MOŚOÓTZTUÏNV
1PQƻJQPKFOÓLPUMFOBQMƶUFTZTUÏNQPNPDÓQMOJDÓIPLPIPVUVWJ[PCSÈ[FL
TUS
,PUFMQMƶUFQPNBMVBCZTFW[EVDIPWÏCVCMJOZPCTBäFOÏWFWPEƩ
NPIMZVWPMOJUBVOJLOPVUPUWPSZOBWZQPVÝUƩOÓW[EVDIVWLPUMJBUPQOÏN
TZTUÏNV,PUFMNÈ[BCVEPWBOâBVUPNBUJDLâPEW[EVÝƶPWBDÓWFOUJMVNÓTUƩOâ
OB ƦFSQBEMF 0UFWƻFUF PEW[EVÝƶPWBDÓ WFOUJMZ SBEJÈUPSDž 0EW[EVÝƶPWBDÓ
WFOUJMZSBEJÈUPSDž[BWƻFUFBäLEZä[OJDIWZUÏLÈQPV[FWPEB
1MOJDÓLPIPVU[BWƻFUFLEZäUMBLPNƩSLPUMFVLB[VKFBTJCBSV
1P[O 1ƻJ UPNUP QPTUVQV [BQOƩUF IMBWOÓN WZQÓOBƦFN VNÓTUƩOâN OB
PWMÈEBDÓ EFTDF JOUFSWBMPWÏ ƦFSQBEMP İFSQBEMP PEW[EVÝOŚUF WZÝSPVCPWÈOÓN
QŬFEOÓIPV[ÈWŚSVNPUPSVESäVKUFWDIPEV
1PPEW[EVÝOƩOÓV[ÈWƩSPQƩU[BÝSPVCVKUF
0EWPEOÓQPUSVCÓ0EWPEOÓQPUSVCÓNVTÓPEQPWÓEBUTUFKOâNQPäBEBWLDžN
LUFSÏKTPVVWFEFOZQSPLPVƻPWPEZBEBMÝÓNQƻFEQJTDžNVWFEFOâNWQMBUOÏ
OPSNBUJWƩ
&4
6WFEFOÓQMZOPWÏIPTZTUÏNVEPQSPWP[V
,VWFEFOÓTZTUÏNVEPQSPWP[VKFOVUOÏ
PUFWƻÓUPLOBBEWFƻF
[LPOUSPMPWBU[EBWNÓTUOPTUJOFEPÝMPLWâSPOVTQBMJOJCƩIFNQSPWP[V
QƻÓQBEOâDIFMFLUSJDLâDIWFOUJMÈUPSDž
PWƩƻJU[ÈTBICF[QFƦOPTUOÓIP[BƻÓ[FOÓWQƻÓQBEƩWâQBELVQMZOVBSZDIMPTU
UÏUPSFBLDF
[BCSÈOJUWâTLZUVKJTLFSBWPMOÏIPQMBNFOFWNÓTUOPTUJ
15
PEW[EVÝOJUQPUSVCÓ
[LPOUSPMPWBUGVOLƦOPTUIMBWOÓIPFMFLUSJDLÏIPWZQÓOBƦFVNÓTUƩOÏIPQƻFE
LPUMFN
PWƩƻJUUƩTOƩOÓWOJUƻOÓIPTZTUÏNVQPEMFQPLZODžVWFEFOâDIWQƻÓTMVÝOÏ
OPSNƩ
(3
1-
1PLVEKFJKFOKFEOB[UƩDIUPLPOUSPMOFHBUJWOÓLPUFMOFTNÓCâUVWFEFO
EPQSPWP[V
6WFEFOÓLPUMFEPQSPWP[V[BQÈMFOÓ
;BÞƦFMFNWZTUBWFOÓ1SPIMÈÝFOÓPTPVMBEVWZäBEPWBOÏIP[ÈLPOFNKFQƻJ
VWFEFOÓLPUMFEPQSPWP[VOVUOÏQSPWÏTUOÈTMFEVKÓDÓLSPLZ
PWƩƻJUUƩTOƩOÓWOJUƻOÓIPTZTUÏNVQPEMFQPLZODžVWFEFOâDIWQƻÓTMVÝOÏ
OPSNƩ
1P[O ÁWPEOÓ QŬF[LPVÝFOÓ LPUMF TNÓ QSPWÏTU QPV[F LWBMJmLPWBOâ UFDIOJL
;ÈSVLBLPUMF[BŗÓOÈQMZOPVUPEEBUBÞWPEOÓIPQŬF[LPVÝFOÓ
%PLMBEPÞWPEOÓNQŬF[LPVÝFOÓB[ÈSVLVQŬFEÈUFDIOJLVäJWBUFMJ
İFSQBEMP
,PUMFTÏSJF/JLF.JOJTFEPEÈWBKÓTKJä[BCVEPWBOâNƦFSQBEMFNTFMFLUSJ
DLâNSFHVMÈUPSFNSZDIMPTUJTFUƻFNJQPMPIBNJ1PVäJUÓQSWOÓSZDIMPTUJTF
OFEPQPSVƦVKF[EDžWPEVOÓ[LÏIPWâLPOV$IDFUFMJEPTÈIOPVUOFKMFQÝÓIP
WâLPOV LPUMF EPQPSVƦVKFNF V OPWâDI [BƻÓ[FOÓ NPOPUVCVT B NPEVM
QPVäÓWBUPCƩIPWÏƦFSQBEMPOBTUBWFOÏOBOFKWZÝÝÓSZDIMPTUUƻFUÓSZDIMPTU
0CƩIPWÏƦFSQBEMPKFKJäWZCBWFOPLPOEFO[ÈUPSFN
[LPOUSPMPWBUWIPEOPTUQPVäJUÏIPQMZOVQSPEBOâLPUFM
53
[BQÈMJULPUFMB[LPOUSPMPWBUTQSÈWOÏ[BQÈMFOÓ
[LPOUSPMPWBU[EBQSDžUPLQMZOVBQƻÓTMVÝOÏUMBLZPEQPWÓEBKÓIPEOPUÈN
VWFEFOâNWOÈWPEVWJ[TUS
$;
[LPOUSPMPWBUTQSÈWOÏWƩUSÈOÓNÓTUOPTUÓ
[LPOUSPMPWBU UBI FYJTUVKÓDÓ CƩIFN ƻÈEOÏIP GVOHPWÈOÓ QƻÓTUSPKF OBQƻ
QPNPDÓWBLVPNFUSVVNÓTUƩOÏIPIOFEVWâTUVQVTQBMJOQƻÓTUSPKF
$4
7ZVäJUFMOâWâUMBL[BŬÓ[FOÓTBVUPNBUJDLâNCZQBTTFN
4*
)6
*&
"
#
7âUMBLN)0
30
7âUMBLL1B
36
1SŶUPLMI
" 7ZVäJUFMOâWâUMBL[BŬÓ[FOÓQŬJUŬFUÓSZDIMPTUJTBVUPNBUJDLâNCZQBTTFN
# 7ZVäJUFMOâWâUMBL[BŬÓ[FOÓQŬJESVIÏSZDIMPTUJTBVUPNBUJDLâNCZQBTTFN
;BCMPLPWÈOÓŗFSQBEMB+FTUMJäFKFQPEMPVIÏQƻFTUÈWDFƦFSQBEMP[BCMPLPWBOÏ
KFOVUOÏWZÝSPVCPWBUQƻFEOÓV[ÈWƩSBQPNPDÓÝSPVCPWÈLVPUPƦJUIƻÓEFMFN
NPUPSV5FOUP QPTUVQQSPWÈEƩKUFKFOTOFKWƩUÝÓPQBUSOPTUÓBCZTUF IƻÓEFM
OFQPÝLPEJMJ
4PVQSBWZLPCKFEOÈOÓ
t 4PVQSBWB V[BWÓSBDÓDI WFOUJMDž NPäOP PCKFEOBU
/B LPUFM KF NPäOÏ
OBNPOUPWBU V[BWÓSBDÓ WFOUJMZ TZTUÏNV LUFSÏ TF JOTUBMVKÓ OB USVCLZ
OÈCƩIPWÏIPBWSBUOÏIPPLSVIVTLVQJOZQƻÓQPKFL5BUPTPVQSBWBKFWFMNJ
VäJUFƦOÈQƻJÞESäCƩQSPUPäFVNPäƶVKFWZQVTUJUQPV[FLPUFMOJLPMJDFMâ
TZTUÏN
7âÝFVWFEFOÏTPVQSBWZTFEPEÈWBKÓLPNQMFUOÓTQPMVTOÈWPEFNLNPOUÈäJ
BQPVäJUÓ
4PVŗÈTUJLPUMF/JLF.JOJ4
&4
15
(3
1-
53
$;
$4
4*
)6
36
30
*&
1PQJT
)PŬÈL
1MZOPWâWFOUJM
1MOJDÓLPIPVUTZTUÏNV
5MBLPNŚSLPUMF
5FSNPTUBUTQBMJO
0ETBWBŗTQBMJO
İJEMPOÈCŚIPWâPLSVI
#F[QFŗOPTUOÓUFSNPTUBU
&YQBO[OÓOÈEPCBTZTUÏNV
4QBMPWBDÓLPNPSB
İFSQBEMP
1PKJTUOâWFOUJMCBSZ
"VUPNBUJDLâCZQBTT
7ZQPVÝUŚDÓLPIPVUTZTUÏNV
1SJNÈSOÓWâNŚOÓL
;BQBMPWBDÓTWÓŗLZEFUFLDF
0EW[EVÝŧPWBDÓWFOUJM
&4
15
(3
1-
53
$;
$4
6Ç*7"5&-
ǩ/«70%,106Ç*5¶"Á%3Ç#ij
ÁESäCBBŗJÝUŚOÓ
6QP[PSOŚOÓ6äJWBUFMKFQPWJOFOQSPWÏTUOFKNÏOƩKFEOPVSPƦOƩÞESäCV
UPQOÏIPTZTUÏNVBOFKNÏOƩKFEOPV[BEWBSPLZLPOUSPMVTQBMPWÈOÓ[LPVÝLV
TQBMJO
#VEFUFMJEPESäPWBUUBUPEPQPSVƦFOÓ[BKJTUÓUFTJ[BDIPWÈOÓTUÈMFTUFKOâDI
CF[QFƦOPTUOÓDIWâLPOOPTUOÓDIBQSPWP[OÓDIWMBTUOPTUÓLPUMF
%PQPSVƦVKFNF7ÈNV[BWƻÓUSPƦOÓTNMPVWVPƦJÝUƩOÓÞESäCƩTQƻÓTMVÝOâN
UFDIOJLFNWNÓTUƩ7BÝFIPCZEMJÝUƩ
7ŚUSÈOÓNÓTUOPTUÓ
+F CF[QPENÓOFƦOƩ OVUOÏ BCZ EP NÓTUOPTUJ WF LUFSÏ KF LPUFM VNÓTUƩO
NPIMP QSPVEJU OFKNÏOƩ UPMJL W[EVDIV LPMJL WZäBEVKF ƻÈEOÏ TQBMPWÈOÓ
QMZOVBWƩUSÈOÓNÓTUOPTUJ1ƻÓTMVÝOÏQƻFEQJTZLWƩUSÈOÓLPVƻPWâNLBOÈMDžN
LPNÓODžN B LPNÓOPWâN OÈTUBWDDžN KTPV VWFEFOZ OB TUS B 7
QƻÓQBEƩQPDIZCOPTUÓPTQSÈWOÏNWƩUSÈOÓTFPCSBǀUFOBPECPSOƩWZÝLPMFOÏ
QSBDPWOÓLZ
7ÝFPCFDOÈVQP[PSOŚOÓ
;ÈWƩTOâLPUFMOFWZTUBWVKUFQƻÓNâNWâQBSDžN[FTQPSÈLDž
,PUFMOFTNÓQPVäÓWBUEƩUJBOFQPVƦFOÏPTPCZ
3P[IPEOFUFMJTFLPUFMEPƦBTOƩWZQOPVUKFUƻFCB
B
WZQVTUJUWPEPWPEOÓQPUSVCÓWQƻÓQBEƩäFOFOÓNPäOÏQPVäÓUQSPTUƻFELZ
QSPUJNSB[V
C
V[BWƻÓUQƻÓWPEFMFLUƻJOZWPEZBQMZOV
4*
/FƦJTUƩUFQƻÓTUSPKBKFIPTPVƦÈTUJMFIDFIPƻMBWâNJMÈULBNJ
7 NÓTUOPTUJ LEF KF VNÓTUƩO QƻÓTUSPK OFOFDIÈWFKUF OÈEPCZ T IPƻMBWâNJ
MÈULBNJ
+F[BLÈ[ÈOPBKFWFMNJOFCF[QFƦOÏJKFOƦÈTUFƦOƩ[BLSâWBUW[EVDIPWÏWƩUSBDÓ
PUWPSZWNÓTUOPTUJLEFKFLPUFMVNÓTUƩO
%ÈMFKF[CF[QFƦOPTUOÓDIEDžWPEDž[BLÈ[ÈOPQPVäÓWBUWFTUFKOÏNÓTUOPTUJ
WFLUFSÏKFVNÓTUƩOâLPUFMPETBWBƦFLSCZBQPEPCOÈ[BƻÓ[FOÓOFOÓMJUBUP
NÓTUOPTUWZCBWFOBEBMÝÓNJEPEBUFƦOâNJPUWPSZTUBLPWâNJSP[NƩSZLUFSÏ
PEQPWÓEBKÓEBMÝÓNQPäBEBWLDžNOBW[EVDI3P[NƩSZUƩDIUPEPEBUFƦOâDI
PUWPSDžLPO[VMUVKUFTPECPSOƩWZÝLPMFOâNJQSBDPWOÓLZ1ƻFEFWÝÓNPUFWƻFOâ
LSCNVTÓNÓUWMBTUOÓ[ESPKW[EVDIV
/FOÓMJUPNVUBLOFOÓNPäOÏLPUFMJOTUBMPWBUWFTUFKOÏNÓTUOPTUJ
t 6QP[PSOŚOÓ 1PVäÓWÈOÓ KBLÏIPLPMJ FMFLUSJDLÏIP QƻÓTUSPKF WZäBEVKF
EPESäPWÈOÓOƩLUFSâDI[ÈTBEOÓDIQSBWJEFM
OFEPUâLFKUFTFQƻÓTUSPKFNPLSâNJOFCPWMILâNJƦÈTUNJUƩMBQƻÓTUSPKF
TFOFEPUâLFKUFBOJCPTâNBOPIBNB
OFUBIFKUF [B FMFLUSJDLÏ LBCFMZ OFWZTUBWVKUF QƻÓTUSPK QPWƩUSOPTUOÓN
WMJWDžNEFÝUJTMVODJBQPE
OJLEZTBNJOFWZNƩƶVKUFQƻÓWPEOÓLBCFM
W QƻÓQBEƩ QPÝLP[FOÓ LBCFMV KF UƻFCB QƻÓTUSPK WZQOPVU B PCSÈUJU TF
WâISBEOƩ OB PECPSOƩ WZÝLPMFOÏ QSBDPWOÓLZ LUFƻÓ TBNJ QSPWFEPV
WâNƩOV
WQƻÓQBEƩPETUBWFOÓLPUMFOBVSƦJUPVEPCVTFEPQPSVƦVKFWZQOPVU
FMFLUSJDLâQƻÓWPEOÓWZQÓOBƦ
7QƻÓQBEƩQSBDÓOFCPÞESäCZOB[BƻÓ[FOÓDILUFSÏTFOBDIÈ[FKÓWCMÓ[LPTUJ
WFEFOÓ B [BƻÓ[FOÓ OB PEWPE TQBMJO B KFKJDI QƻÓTMVÝFOTUWÓ WZQOƩUF QƻÓTUSPK
B QP EPLPOƦFOÓ QSBDÓ OFDIUF [LPOUSPMPWBU ÞƦJOOPTU WFEFOÓ B [BƻÓ[FOÓ
LWBMJmLPWBOâNPECPSOÓLFN
)6
0WMÈEBDÓQBOFM/JLF.JOJ4
36
30
*&
1PQJT
5MBŗÓULP3FTFU
5MBŗÓULP4UBOECZ-ÏUP;JNB
5MBŗÓULP
LF[WâÝFOÓ
UFQMPUZVäJULPWÏWPEZ
5MBŗÓULP
LFTOÓäFOÓ
UFQMPUZVäJULPWÏWPEZ
5MBŗÓULP
LF[WâÝFOÓ
UFQMPUZWPEZTZTUÏNV
5MBŗÓULP
LFTOÓäFOÓ
UFQMPUZWPEZTZTUÏNV
5MBLPNŚSLPUMF
1SPWP[VäJULPWÏIPPLSVIV
;PCSB[FOÓUFQMPUBDIZCPWâLØE
.ŚSOÈKFEOPULB
1SPWP[WZUÈQŚOÓ
;JNB
-ÏUP
0EFW[EBOâWâLPO
1ŬÓUPNOPTUQMBNFOF
;BQÈMFOÓLPUMFWJ[TUS
6QP[PSOŚOÓ J LEZä KTPV L EJTQP[JDJ UMBƦÓULB B NDžäFUF KF [WPMJU
UâLBKÓTFTFƻÓ[FOÓUFQMPUZVäJULPWÏWPEZ
BUMBƦÓULP
QSPWP[WSFäJNV
iMÏUPwTZNCPMiw
OFKTPVBLUJWPWÈOBLQSPWP[V
1ƻFE[BQÈMFOÓNLPUMFTFQƻFTWƩEƦUFäFKFTZTUÏNOBQMOƩOâWPEPVBäFSVƦJƦLB
UMBLPNƩSV
VLB[VKFUMBLŸCBSV
0UFWƻFUFQƻÓWPEQMZOVQƻFELPUMFN
4UJTLOƩUFUMBƦÓULP
BVWFƧUFLPUFMEPQPMPIZ;JNB
1BSB[JUOÓQMBNFO;KJTUÓTFWQƻÓQBEƩEJTQFS[FPLSVIVEFUFLDFOFCPQPSVDIZ
LPOUSPMZQMBNFOFLØE
/FEPTUBUFŗOâPCŚIWPEZ,UÏUPQPSVÝFEPKEFWQƻÓQBEƩäFTFLPUFMQƻFIƻFKF
LWDžMJOFEPTUBUFƦOÏNVPCƩIVWPEZWQSJNÈSOÓNPLSVIVLØE
QƻÓƦJOZ
NPIPVCâUUZUP
OFEPTUBUFƦOâPCƩIWTZTUÏNVPWƩƻUF[EBOFEPÝMPLV[ÈWƩSVWUPQOÏN
PLSVIV B [EB W TZTUÏNV OFOÓ äÈEOâ W[EVDI TZTUÏN KF EPLPOBMF
PEW[EVÝOƩO
1PWPMCƩQSPWP[VWQPMP[F;JNB TFUFQMPUBWPEZWTZTUÏNVSFHVMVKF
UMBƦÓULZ
TUJTLOVUÓN
TFUFQMPUB[WZÝVKFTUJTLOVUÓN
TFUFQMPUB
TOJäVKF
[BCMPLPWBOÏƦFSQBEMPKFOVUOÏQSPWÏTUPECMPLPWÈOÓƦFSQBEMB
0EUÏUPDIWÓMFGVOHVKFLPUFMBVUPNBUJDLZ7QƻÓQBEƩäFOFKTPVQPäBEBWLZOB
UFQMPVWFEFTFLPUFMEPWZƦLÈWBDÓQPMPIZLUFSÈPEQPWÓEÈLPUMJQPEQSPVEFN
CF[QƻÓUPNOPTUJQMBNFOF1ƻJLBäEÏN[BQÈMFOÓIPƻÈLVTFOBEJTQMFKJ[PCSB[Ó
QƻÓTMVÝOâTZNCPM
QƻÓUPNOPTUJQMBNFOF
;USÈUB LPNVOJLBDF T EJHJUÈMOÓN EÈMLPWâN PWMÈEÈOÓN ;KJTUÓ TF QP NJOVUƩ WâQBELV LPNVOJLBDF NF[J LPUMFN B EÈMLPWâN PWMÈEÈOÓN LØE
,PCOPWƩDIZCPWÏIPLØEVQƻFSVÝUFBPQƩUPCOPWUFOBQƩUÓLFLPUMJ
0QBLVKFMJTFUBUPTJUVBDFƦBTUP[BWPMFKUFLWBMJmLPWBOÏIPPECPSOÓLBOBQƻ
[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
4JHOBMJ[BDFQPSVDIBPEDIZMFL
0TWƩUMFOÓEJTQMFKFLPUMFTFWQƻÓQBEƩQPSVDIZ[NƩOÓ[F[FMFOÏOBPSBOäPWPV
OFCPƦFSWFOPVBOBWÓDTFOBEJTQMFKJPCKFWÓQƻÓTMVÝOÏDIZCPWÏLØEZVWFEFOÏ
WUBCVMDF
4JHOBMJ[PWBOÈQPSVDIB
;PCSB[FOâ
LØE
CMJLBKÓDÓ
;PCSB[
CBSWBEJTQMFKF
#MPLTFMIBMP[BQBMPWÈOÓ
ſFSWFOÈ
;BCMPLPWÈOÓUFSNPTUBUVCF[QFƦOPTUOÓIP
QƻFIƻÈUÓ
ſFSWFOÈ
;ÈTBIUFSNPTUBUVTQBMJO
0SBOäPWÈ
OFCP
ſFSWFOÈ
&MFLUSPNFDIBOJDLÏLPOUBLUZ
ſFSWFOÈ
0EDIZMLBƦJEMBOÈCƩIPWÏIPPLSVIV
0SBOäPWÈ
1BSB[JUOÓQMBNFO
ſFSWFOÈ
/FEPTUBUFƦOâPCƩI
0SBOäPWÈ
;USÈUBLPNVOJLBDFTEJHEÈMLPWMÈEÈOÓN
0SBOäPWÈ
7ZQOVUÓLPUMF4UJTLOƩUFUMBƦÓULPTUS
TZNCPM (3
1-
53
BäTFOBEJTQMFKJ[PCSB[Ó
$;
1P[O7UPNUPTUBWVKFLPUFMTUÈMFQPEQSPVEFN
;BWƻFUF QMZOPWâ LPIPVU QƻFE QƻÓTUSPKFN +FTUMJäF LPUFM EMPVIPV EPCV
OFQPVäÓWÈUFOFOFDIÈWFKUFIP[CZUFƦOƩ[BQOVUâ
0COPWFOÓUMBLVWUPQOÏNTZTUÏNV
1SBWJEFMOƩLPOUSPMVKUFUMBLWPEZWTZTUÏNV3VƦJƦLBUMBLPNƩSVLPUMFNVTÓ
VLB[PWBUIPEOPUVNF[JBCBSZ
+FMJUMBLOJäÝÓOFäCBS[BTUVEFOB
KFOVUOÏQSPWÏTUPCOPWFOÓUMBLVQPNPDÓ
LPIPVULVVNÓTUŚOÏIPWFTQPEOÓŗÈTUJLPUMFWJ[PCSÈ[FL
1P[O1PQSPWFEFOÓ[ÈTBIVLPIPVUFLV[BWƻFUF
#MÓäÓMJTFUMBLLIPEOPUÈNCMÓ[LâNCBSDžNNDžäF[BSFBHPWBUCF[QFƦOPTUOÓ
WFOUJM
7UBLPWÏNQƻÓQBEƩQPäÈEFKUFPQPNPDPECPSOƩWZÝLPMFOÏIPQSBDPWOÓLB
+TPVMJ QPLMFTZ UMBLV ƦBTUÏ QPäÈEFKUF P QSPIMÓELV TZTUÏNV PECPSOƩ
WZÝLPMFOÏIPQSBDPWOÓLBBCZTUF[BCSÈOJMJKFIPQƻÓQBEOÏNVOFOBQSBWJUFMOÏNV
QPÝLP[FOÓ
7:106À5Ƃ$¶
,0)065
#MPLTFMIÈOÓ[BQBMPWÈOÓ1ƻJLBäEÏNQPäBEBWLVOBUPQFOÓOFCPPIƻFW
UFQMÏWPEZTFLPUFMBVUPNBUJDLZ[BQÈMÓ/F[KJTUÓMJLPUFMEPWUFƻJO[BQÈMFOÓ
IPƻÈLVQƻFKEFEPTUBWViCMPL[BQBMPWÈOÓwLØE
,PETUSBOƩOÓCMPLV
[BQBMPWÈOÓKFOVUOÏTUJTLOPVUUMBƦÓULP3FTFU
1ƻFEQSWOÓN[BQÈMFOÓNOFCP
QPEFMÝÓQƻFTUÈWDFWQSPWP[VLPUMFTFNDžäFTUÈUäFCVEFOVUOÏ[BQBMPWÈOÓ
PECMPLPWBU 0QBLVKFMJ TF UBUP TJUVBDF ƦBTUP [BWPMFKUF LWBMJmLPWBOÏIP
PECPSOÓLBOBQƻ[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
;ÈTBI UFSNPTUBUV TQBMJO +FTUMJäF CƩIFN QSPWP[V OFGVOHVKF TQSÈWOƩ
QPUSVCÓOBPEWPETQBMJO[BTÈIOFUFSNPTUBUTQBMJOB[BCMPLVKFLPUFMLØE
0SBOäPWÈ
1PPCOPWFOÓOPSNÈMOÓDIQPENÓOFL[BƦOFLPUFMBVUPNBUJDLZ
GVOHPWBU[BNJOVUBOFOÓUƻFCBIPSFTFUPWBU7QƻÓQBEƩUƻÓ[ÈTBIDžUFSNPTUBUV
TQBMJOWƦBTPWÏNSP[NF[ÓEPIPEJOKFOVUOÏLPUFMQP[BCMPLPWÈOÓLØE
ƦFSWFOÈ
SVƦOƩ SFTFUPWBU TUJTLOVUÓN UMBƦÓULB 3FTFU 0QBLVKFMJ TF
UBUPTJUVBDFƦBTUP[BWPMFKUFLWBMJmLPWBOÏIPPECPSOÓLBOBQƻ[FTFSWJTOÓIP
TUƻFEJTLB*NNFSHBT
15
0QBLVKFMJTFUBUPTJUVBDFƦBTUP[BWPMFKUFLWBMJmLPWBOÏIPPECPSOÓLBOBQƻ
[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
10)-&%;&410%"
#MPLUFSNPTUBUQŬFIŬÈUÓ1PLVETFQƻJOPSNÈMOÓNQSPWP[OÓNSFäJNV[KJTUÓ
OBENƩSOÏWOJUƻOÓQƻFIƻÈUÓ[EDžWPEVQPSVDIZLPUFMTF[BCMPLVKF[EDžWPEV
QƻFIƻÈUÓ LØE 1P EPTUBUFƦOÏN PDIMB[FOÓ PETUSBƶUF CMPL [ QƻFIƻÈUÓ
TUJTLOVUÓN UMBƦÓULB 3FTFU 0QBLVKFMJ TF UBUP TJUVBDF ƦBTUP [BWPMFKUF
LWBMJmLPWBOÏIPPECPSOÓLBOBQƻ[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
&4
$4
4*
)6
36
30
*&
1-/*$¶,06)065
7ZQPVÝUŚOÓTZTUÏNV
$IDFUFMJLPUFMWZQVTUJUQPVäJKUFQƻÓTMVÝOâWZQPVÝUƩDÓLPIPVUWJ[QƻFEDIP[Ó
PCSÈ[FLOBTUS
1ƻFEWZQPVÝUƩOÓNTFQƻFTWƩEƦUF[EBKFQMOJDÓLPIPVU[BWƻFOâ
&MFLUSPNFDIBOJDLÏ LPOUBLUZ ;KJTUÓ TF W QƻÓQBEƩ PEQPSPWÏIP LPOUBLUV
CF[QFƦOPTUOÓIPUFSNPTUBUVOFCPQSFTPTUBUVTQBMJOLØE
0EDIZMLB ŗJEMB OÈCŚIPWÏIP PLSVIV +FTUMJäF EFTLB [KJTUÓ QPSVDIV
ƦJEMB/5$OÈCƩIVTZTUÏNVLØE
LPUFMTFOFTQVTUÓKFOVUOÏ[BWPMBU
LWBMJmLPWBOÏIPPECPSOÓLBOBQƻ[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
&4
15
(3
1-
53
$;
$4
4*
)6
36
30
*&
0DISBOBQSPUJNSB[V
,PUFM KF TÏSJPWƩ WZCBWFO GVOLDÓ QSPUJ [BNS[OVUÓ LUFSÈ VWFEF EP DIPEV
ƦFSQBEMP B IPƻÈL KFTUMJäF UFQMPUB WPEZ TZTUÏNV VWOJUƻ LPUMF LMFTOF QPE
¡$ B WZQOF TF QP EPTBäFOÓ UFQMPUZ ¡$ 'VOLDF QSPUJ [BNS[OVUÓ TF
[BQOFKFOUFIEZKTPVMJWÝFDIOZTPVƦÈTUJLPUMF[DFMBGVOLƦOÓLPUFMOFOÓWF
TUBWV[BCMPLPWÈOÓBKFFMFLUSJDLZOBQÈKFO$IDFUFMJWQƻÓQBEƩQMÈOPWBOÏ
EMPVIPEPCÏOFQƻÓUPNOPTUJLPUFMWZƻBEJU[QSPWP[VKFOVUOÏTZTUÏNÞQMOƩ
WZQVTUJUOFCPQƻJEBUEPWPEZUPQOÏIPTZTUÏNVNSB[VW[EPSOPVTNƩT7
QƻÓQBEƩƦBTUÏIPWZQPVÝUƩOÓTZTUÏNVKFOF[CZUOÏWIPEOâN[QDžTPCFN[NƩLƦJU
WPEV LUFSPV TF LPUFM QMOÓ BCZ QƻÓMJÝ UWSEÈ WPEB OF[QDžTPCJMB VTB[PWÈOÓ
LPUFMOÓIPLBNFOF
İJÝUŚOÓQMÈÝUŚ
, ƦJÝUƩOÓ QMÈÝUƩ LPUMF QPVäJKUF WMILÏ IBEƻÓLZ B OFVUSÈMOÓ TBQPOÈU
/FQPVäÓWFKUFBCSB[JWOÓOFCPQSÈÝLPWÏƦJTUJDÓQSPTUƻFELZ
,POFŗOÏWZQOVUÓ
3P[IPEOFUFMJTFLPUFMÞQMOƩPETUBWJUQPäÈEFKUFPQSPWFEFOÓQƻÓTMVÝOâDI
LSPLDžPECPSOƩWZÝLPMFOÏIPQSBDPWOÓLBLUFSâ[BKJTUÓNJNPKJOÏPEQPKFOÓ
FMFLUSJDLâDIBWPEPWPEOÓDIQƻÓQPKFLBQƻÓWPEVQBMJWB
5&$)/*,ǩÁ70%/¶1Ņ&;,06À&/¶,05-&
[LPOUSPMPWBU[ÈTBISFHVMBƦOÓDI[BƻÓ[FOÓ
,VWFEFOÓLPUMFEPQSPWP[VKFOVUOÏ
[LPOUSPMPWBUWZEÈOÓ1SPIMÈÝFOÓPTPVMBEVJOTUBMBDF
[BQFƦFUJU [BƻÓ[FOÓ L SFHVMBDJ QSDžUPLV QMZOV QPLVE TF OBTUBWFOÓ
[NƩOJMB
[LPOUSPMPWBUWIPEOPTUQPVäJUÏIPQMZOVQSPEBOâLPUFM
PWƩƻJUUƩTOƩOÓPLSVIVQMZOPWÏIPWFEFOÓ
[LPOUSPMPWBUQƻJQPKFOÓLTÓUJ7)[EPESäVKUFQPMBSJ[BDF-/B
V[FNOƩOÓ
[LPOUSPMPWBU WFOUJMBDJ BOFCP WƩUSÈOÓ NÓTUOPTUJ LEF CVEF LPUFM
JOTUBMPWÈO
[BQÈMJULPUFMB[LPOUSPMPWBUTQSÈWOÏ[BQÈMFOÓ
1PLVEKFJKFOKFEOB[UƩDIUPLPOUSPMUâLBKÓDÓDITFCF[QFƦOPTUJOFHBUJWOÓ
OFTNÓCâUTZTUÏNVWFEFOEPQSPWP[V
[LPOUSPMPWBU [EB NBYJNÈMOÓ TUƻFEOÓ B NJOJNÈMOÓ QSDžUPL QMZOV B
QƻÓTMVÝOÏUMBLZPEQPWÓEBKÓIPEOPUÈNVWFEFOâNWOÈWPEVOBTUS
[LPOUSPMPWBUSFBLDJCF[QFƦOPTUOÓIP[BƻÓ[FOÓOBWâQBEFLQMZOVBSZDIMPTU
UÏUPSFBLDF
&4
15
(3
1-
[LPOUSPMPWBUGVOLƦOPTUIMBWOÓIPFMFLUSJDLÏIPWZQÓOBƦFVNÓTUƩOÏIPQƻFE
LPUMFN
53
[LPOUSPMPWBU UBI FYJTUVKÓDÓ CƩIFN ƻÈEOÏIP GVOHPWÈOÓ QƻÓTUSPKF OBQƻ
QPNPDÓWBLVPNFUSVVNÓTUƩOÏIPIOFEVWâTUVQVTQBMJOQƻÓTUSPKF
[LPOUSPMPWBU[EBWNÓTUOPTUJOFEPÝMPLWâSPOVTQBMJOJCƩIFNQSPWP[V
QƻÓQBEOâDIFMFLUSJDLâDIWFOUJMÈUPSDž
$;
$4
&MFLUSJDLÏTDIÏNB/JLF.JOJ4
4*
ÝFEÈ
CÓMÈ
CÓMÈ
ƦFSOÈ
ƦFSOÈ
ÝFEÈ
ƦFSWFOÈ
ƦFSWFOÈ
ƦFSOÈ
ƦFSOÈ
)6
IOƩEÈ
NPESÈ
NPESÈ
IOƩEÈ
[FMFOÈäMVUÈ
NPESÈ
IOƩEÈ
/BQÈKFOÓ
7BD
)[
36
30
*&
53"/4'03.«503
30;)3"/¶6Ç*7"5&-&
PQJT
1
# $3%
%4 & & & & ' İJEMPOÈCŚIPWâPLSVI
%JHJUÈMOÓEÈMLPWÏPWMÈEÈOÓWPMJUFMOÏ
%JTQMFK
;BQBMPWBDÓTWÓŗLB
%FUFLŗOÓTWÓŗLB
#F[QFŗOPTUOÓUFSNPTUBU
5FSNPTUBUTQBMJO
1PKJTULBWFEFOÓ"
TSZDIMâNÞŗJOLFN
' 1PKJTULBOVMPWâWPEJŗ"
10;/30;)3"/¶6Ç*7"5&-&
4&/"$)«;¶/"453"/Ƃ47"36
%&4,:,05-&
TSZDIMâNÞŗJOLFN
7PMJŗUZQVLPUMFWâDIP[ÓOBTUBWFOÓ
İFSQBEMPLPUFM
7PMJŗQSPWP[V
5MBŗÓULPSFTFU[BCMPLPWÈOÓ
1PLPKPWâUFSNPTUBUWPMJUFMOÏ
5MBŗÓULP[WâÝFOÓUFQMPUZVäJULPWÏWPEZ
KFMJVNPEFMV
4 5MBŗÓULPTOÓäFOÓUFQMPUZVäJULPWÏWPEZ
KFMJVNPEFMV
+1 . 4 4 4 4 ,PUFM KF KJä QƻJQSBWFO QSP JOTUBMBDJ QPLPKPWÏIP UFSNPTUBUV 4
DISPOPUFSNPTUBUV QSPTUƻFEÓ ;BQ7ZQ QSPHSBNPWBDÓDI IPEJO OFCP
EJHJUÈMOÓIPEÈMLPWÏIPPWMÈEÈOÓ$3%
1ƻJQPKVKÓTFLFTWPSLÈN
[SVÝFOÓNNDžTULV9
4 4 5 5 9 : : 5MBŗÓULP[WâÝFOÓUFQMPUZWZUÈQŚOÓ
5MBŗÓULPTOÓäFOÓUFQMPUZWZUÈQŚOÓ
5SBOTGPSNÈUPS[BQÈMFOÓ
5SBOTGPSNÈUPSEFTLZLPUMF
.ŶTUFLQPLPKPWÏIPUFSNPTUBUV
1MZOPWâWFOUJM
.PEVMÈUPSQMZOPWÏIPWFOUJMV
)ZESBVMJDLÏTDIÏNB/JLF.JOJ4
&4
15
(3
1-
53
$;
$4
1PQJT
1PKJTUOâWFOUJMCBSZ
1MOJDÓLPIPVUTZTUÏNV
1MZOPWâWFOUJM
)PŬÈL
1SJNÈSOÓWâNŚOÓL
0ETBWBŗTQBMJO
5FSNPTUBUTQBMJO
İJEMPOÈCŚIPWâPLSVI
#F[QFŗOPTUOÓUFSNPTUBU
&YQBO[OÓOÈEPCBTZTUÏNV
0EW[EVÝŧPWBDÓWFOUJM
İFSQBEMPLPUMF
"VUPNBUJDLâCZQBTT
4CŚSOÈUSVCLBOÈCŚIPWÏIPPLSVIV
7ZQPVÝUŚDÓLPIPVUTZTUÏNV
( 33 3 . 1ŬÓWPEQMZOV
1MOŚOÓTZTUÏNV
7SBUOâPLSVITZTUÏNV
7âUMBLTZTUÏNV
4*
)6
36
30
.PäOÏQSPCMÏNZBKFKJDIQŬÓŗJOZ
1P[OſJOOPTUÓÞESäCZTNÓQSPWÈEƩUQPV[FLWBMJmLPWBOâUFDIOJLOBQƻ
[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
*&
1BDIQMZOV7[OJLÈQƻJÞOJLVWQPUSVCÓQMZOPWÏIPPLSVIV0WƩƻUFUƩTOƩOÓ
PLSVIVQƻÓWPEVQMZOV
/FQSBWJEFMOÏTQBMPWÈOÓƦFSWFOâOFCPäMVUâQMBNFO
%PDIÈ[ÓLOƩNV
KFMJIPƻÈL[OFƦJÝUƩOâOFCPKFMJMBNFMPWâTWB[FLLPUMF[BOFTFOâ7ZƦJTUƩUF
IPƻÈLOFCPMBNFMPWâTWB[FL
ſBTUÏ[ÈTBIZCF[QFƦOPTUOÓIPUFSNPTUBUVQƻFIƻÈUÓ.DžäFCâU[QDžTPCFOP
OFEPTUBULFNWPEZWLPUMJOFEPTUBUFƦOâNPCƩIFNWPEZWTZTUÏNVOFCP
[BCMPLPWÈOÓNƦFSQBEMB;LPOUSPMVKUFOBUMBLPNƩSV[EBKFUMBLTZTUÏNVW
QƻFEFQTBOÏNSP[NF[Ó;LPOUSPMVKUF[EBOFKTPVWÝFDIOZWFOUJMZSBEJÈUPSDž
[BWƻFOÏB[EBƦFSQBEMPGVOHVKF
7LPUMJW[OJLÈLPOEFO[ÈU.DžäFCâU[QDžTPCFOPVDQÈOÓNLPNÓOBOFCP
WâÝLPV OFCP QSDžƻF[FN LPNÓOB OFPEQPWÓEBKÓDÓNJ LPUMJ .DžäF CâU
[QDžTPCFOP QSPWP[FN QƻJ WFMNJ OÓ[LÏ UFQMPUƩ LPUMF 7 UPNUP QƻÓQBEƩ
QSPWP[VKUFLPUFMOBWZÝÝÓUFQMPUV
ſBTUÏ[ÈTBIZUFSNPTUBUVTQBMJO.DžäFCâU[QDžTPCFOPQƻFLÈäLBNJWPCƩIV
TQBMJO;LPOUSPMVKUFLPVƻPWPE,PVƻPWPENDžäFCâUVDQBOâOFCPKFIP
WâÝLBOFCPQSDžƻF[OFPEQPWÓEBKÓLPUMJ7ƩUSÈOÓNDžäFCâUOFEPTUBUFƦOÏ
WJ[CPEWƩUSÈOÓNÓTUOPTUÓ
6WOJUƻ TZTUÏNV KF W[EVDI ;LPOUSPMVKUF PUFWƻFOÓ WÓƦLB QƻÓTMVÝOÏIP
PEW[EVÝƶPWBDÓIPWFOUJMVWJ[PCSÈ[FLTUS
0WƩƻUFäFUMBLTZTUÏNVB
QƻFECƩäOÏ[BUÓäFOÓFYQBO[OÓOÈEPCZKTPVWSÈNDJQƻFEFNTUBOPWFOâDI
MJNJUDžIPEOPUB[BUÓäFOÓFYQBO[OÓOÈEPCZNVTÓCâUCBSVIPEOPUB
UMBLVTZTUÏNVNVTÓCâUNF[JBCBSZ
;BCMPLPWÈOÓ [BQBMPWÈOÓ B [BCMPLPWÈOÓ LPNÓOB WJ[ TUS B TUS FMFLUSJDLÈQƻÓQPKLB
1ŬFTUBWCBLPUMFWQŬÓQBEŚ[NŚOZQMZOV
$IDFUFMJLPUFMQƻFTUBWƩUOBKJOâQMZOOFäKFVWFEFOâOBUZQPWÏNÝUÓULV
KF OVUOÏ TJ LF TOBEOÏ B SZDIMÏ QƻFTUBWCƩ PCTUBSBU QƻÓTMVÝOPV TPVQSBWV L
QƻFTUBWCƩ
1ƻFTUBWCV OB KJOâ ESVI QMZOV TNÓ QSPWÈEƩU QPV[F LWBMJmLPWBOâ UFDIOJL
OBQƻ[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
,QƻFTUBWCƩOBKJOâESVIQMZOVKFOF[CZUOÏ
QƻFSVÝJUQƻÓWPEQSPVEVLQƻÓTUSPKJ
WZNƩOJU USZTLZ IMBWOÓIP IPƻÈLV OF[BQPNFƶUF QƻJUPN WMPäJU NF[J
QMZOPWPV USVCLV B USZTLZ QƻÓTMVÝOÏ UƩTOJDÓ SDžäJDF LUFSÏ KTPV TPVƦÈTUÓ
TPVQSBWZQSPQƻFTUBWCV
PCOPWJUQƻÓWPEQSPVEVLQƻÓTUSPKJ
OBLMÈWFTOJDJLPUMF[WPMJUQBSBNFUSESVIVQMZOV1
BQBL[WPMJUO(
W QƻÓQBEƩ OBQÈKFOÓ NFUBOFN OFCP -(
W QƻÓQBEƩ OBQÈKFOÓ [LBQ
QSPQBOFN
[WPMJUQBSBNFUSESVIVQMZOV1
WQƻÓQBEƩOBQÈKFOÓQMZOFN(
TFƻÓEJUKNFOPWJUâUFQFMOâWâLPOLPUMF
TFƻÓEJUNJOJNÈMOÓUFQFMOâWâLPOLPUMF
TFƻÓEJUQƻÓQBEOƩ
NJOJNÈMOÓUFQFMOâWâLPOLPUMFWFGÈ[JWZUÈQƩOÓ
TFƻÓEJUQPQƻÓQBEƩ
NBYJNÈMOÓUFQFMOâWâLPOLPUMFWFGÈ[JWZUÈQƩOÓ
[BQFƦFUJU [BƻÓ[FOÓ L SFHVMBDJ QSDžUPLV QMZOV QPLVE TF OBTUBWFOÓ
[NƩOJMB
QP QSPWFEFOÓ QƻFTUBWCZ OBMFQJU WFEMF UZQPWÏIP ÝUÓULV MFQJDÓ ÝUÓUFL [F
TPVQSBWZQSPQƻFTUBWCV/BUZQPWÏNÝUÓULVQƻFÝLSUOƩUFOFTNB[BUFMOâN
mYFNÞEBKFUâLBKÓDÓTFTUBSÏIPESVIVQMZOV
5BUPTFƻÓ[FOÓNVTÓCâUWIPEOÈQSPQPVäJUâESVIQMZOVWTPVMBEVTIPEOPUBNJ
VWFEFOâNJWUBCVMDFOBTUS
/VUOÏLPOUSPMZQPQSPWFEFOÓQŬFTUBWCZQMZOV
1PPWƩƻFOÓäFQƻFTUBWCBCZMBQSPWFEFOBTUSZTLBNJPQSDžNƩSVQƻFEFQTBOÏN
QSPQPVäJUâESVIQMZOVBDFKDIPWÈOÓCZMPQSPWFEFOPQSPVWFEFOPVIPEOPUV
UMBLVKFOVUOÏKFÝUƩ[LPOUSPMPWBU[EB
QMBNFOOFÝMFIÈEPTQBMPWBDÓLPNPSZ
QMBNFOIPƻÈLVOFOÓQƻÓMJÝWZTPLâBOJOÓ[LâBKFTUBCJMJ[PWBOâOFPEEƩMVKF
TFPEIPƻÈLV
NƩƻJƦFUMBLVQPVäJUÏLDFKDIPWÈOÓKTPVEPLPOBMFV[BWƻFOÏBOFEPDIÈ[ÓL
ÞOJLVQMZOVWPLSVIV
1P[O7ÝFDIOZQPTUVQZLTFƻÓ[FOÓLPUMDžTNÓQSPWÈEƩUQPV[FLWBMJmLPWBOâ
UFDIOJLOBQƻ[FTFSWJTOÓIPTUƻFEJTLB*NNFSHBT
$FKDIPWÈOÓIPƻÈLVTFNVTÓ
QSPWÈEƩUQPNPDÓEJGFSFOƦOÓIPUMBLPNƩSVTFTMPVQLFNWFUWBSVi6wOFCP
EJHJUÈMOÓNQƻJQPKFOâNLUMBLPWÏNVISEMVWâTUVQVQMZOPWÏIPWFOUJMVCPE
TUS
ƻJƧUFTFIPEOPUPVUMBLVVWFEFOPVWUBCVMDFOBTUSQSPESVI
QMZOVQSPLUFSâKFLPUFMVQSBWFO
1ŬÓQBEOÏTFŬJ[PWÈOÓLPUMF/JLF.JOJ4
t 4FƻÓ[FOÓKNFOPWJUÏIPUFQFMOÏIPWâLPOVLPUMF
1P[OQSPWÈEƩKUFBäQPVLPOƦFOÓSBNQZWZUÈQƩOÓWJ[QBSBNFUS1
/B NPTB[OÏ NBUJDJ TUS TFƻJƧUF KNFOPWJUâ WâLPO LPUMF ƻJƧUF
TF IPEOPUBNJ UMBLV VWFEFOâNJ W UBCVMLÈDI OB TUS QPEMF ESVIV
QMZOV
0UÈƦFOÓNWFTNƩSVIPEJOPWâDISVƦJƦFLUFQFMOâWâLPOTUPVQÈPUÈƦFOÓN
QSPUJTNƩSVIPEJOPWâDISVƦJƦFLLMFTÈ
t 4FƻÓ[FOÓNJOJNÈMOÓIPUFQFMOÏIPWâLPOVLPUMF
WJ[PCSÈ[FLTUS
1P[O1SPWÈEƩKUFQPV[FQPPDFKDIPWÈOÓKNFOPWJUÏIPUMBLV
4FƻÓ[FOÓNJOJNÈMOÓIPUFQFMOÏIPWâLPOVTFQSPWÈEÓQPNPDÓQMBTUPWÏIP
LƻÓäPWÏIPÝSPVCV
VNÓTUƩOÏIPOBQMZOPWÏNWFOUJMVNPTB[OPVNBUJDJ
QƻJUPN[BCMPLVKUF
WZQOƩUF OBQÈKFOÓ L NPEVMBƦOÓ DÓWDF TUBƦÓ PEQPKJU GBTUPO
PUÈƦFOÓN
ÝSPVCVWFTNƩSVIPEJOPWâDISVƦJƦFLUMBLTUPVQÈPUÈƦFOÓNQSPUJTNƩSV
IPEJOPWâDI SVƦJƦFL LMFTÈ 1P PDFKDIPWÈOÓ PQƩU [BQOƩUF OBQÈKFOÓ L
NPEVMBƦOÓDÓWDF5MBLOBLUFSâTFTFƻJ[VKFNJOJNÈMOÓWâLPOLPUMFOFTNÓ
CâUOJäÝÓOFäUMBLVWFEFOâWUBCVMLÈDIOBTUSQPEMFESVIVQMZOV
1P[O,TFƻÓ[FOÓQMZOPWÏIPWFOUJMVKFOVUOÏTFKNPVUQMBTUPWÏWÓƦLP
B
QPQSPWFEFOÓTFƻÓ[FOÓIPPQƩUOBTBEJUOBNÓTUP
[NƩƶUFQƻÓTMVÝOPVIPEOPUVQPNPDÓOÈTMFEVKÓDÓUBCVMLZQSPTUƻFEOJDUWÓN
UMBƦÓUFL
B
OBTUBWFOPVIPEOPUVQPUWSƧUFTUJTLOVUÓNUMBƦÓULB3FTFU
BTJOBWUFƻJO
TPVƦBTOâNTUJTLOVUÓNUMBƦÓUFL
B
TFƻÓ[FOÓUFQMPUZVäJULPWÏIP
PLSVIVTFQPTUVQ[SVÝÓ
1P[O+FTUMJäFTFQPVSƦJUPVEPCVOFEPULOFUFäÈEOÏIPUMBƦÓULBQPTUVQ
TFBVUPNBUJDLZ[SVÝÓ
7PMCBESVIVQMZOV/BTUBWFOÓUÏUPGVOLDFTMPVäÓLTFƻÓ[FOÓLPUMFOBQSPWP[
TF[LBQQSPQBOFNOFCPNFUBOFN
7PMCBESVIVQMZOV
3P[TBIOBTUBWJUFMOâDIIPEOPU
-([LBQQSPQBO
OFCPO(NFUBO
TÏSJPWÏ
OBTUBWFOÓ
&4
15
(3
11BSBNFUS
1
1MZO(1MZO$JOB/BTUBWFOÓUÏUPGVOLDFTMPVäÓLTFƻÓ[FOÓLPUMFOB
QSPWP[TQMZOZQSWOÓTLVQJOZ
53
$;
1MZO(QMZO$JOBQMZOQSWOÓTLVQJOZ
3P[TBIOBTUBWJUFMOâDIIPEOPU
POP'TÏSJPWÏOBTUBWFOÓ
1BSBNFUS
$4
1
7âLPOWZUÈQŚOÓ,PUFM/JLF.JOJ4KFWZCBWFOFMFLUSPOJDLPVNPEVMBDÓ
LUFSÈVQSBWVKFWâLPOLPUMFQPEMFTLVUFƦOâDIUFQMFOâDIQPäBEBWLDžCZUV
,PUFM UFEZ OPSNÈMOƩ GVOHVKF WF WBSJBCJMOÓN SP[TBIV UMBLDž QMZOV PE
NJOJNÈMOÓIPEPNBYJNÈMOÓIPUFQFMOÏIPWâLPOVW[ÈWJTMPTUJOBUFQFMOÏN
[BUÓäFOÓTZTUÏNV
1P[O ,PUFM /JLF .JOJ 4 TF WZSÈCÓ B DFKDIVKF WF WZUÈQƩDÓ GÈ[J OB
KNFOPWJUâ WâLPO +F QSPUP OVUOÏ QPƦLBU BTJ NJOVU OFä TF WPMCPV
QBSBNFUSV1
EPTÈIOFVQSBWJUFMOÏIPKNFOPWJUÏIPWâLPOVWZUÈQƩOÓ
1P[O 7PMCB QBSBNFUSDž i7âLPO NJOJNÈMOÓIP WZUÈQƩOÓw B i7âLPO
NBYJNÈMOÓIPWZUÈQƩOÓwWEPCƩQPäBEBWLVOBWZUÈQƩOÓVNPäƶVKF[BQÈMFOÓ
LPUMFBOBQÈKFOÓNPEVMÈUPSVQSPVEFNSPWOBKÓDÓNTFQƻÓTMVÝOÏOBTUBWFOÏ
IPEOPUƩ
4*
)6
36
30
7âLPONJOJNÈMOÓIPWZUÈQŚOÓ
1SPHSBNPWÈOÓFMFLUSPOJDLÏEFTLZ
WJ[PCSÈ[FLTUS
,PUFM/JLF.JOJ4KFQƻJQSBWFOLQƻÓQBEOÏNVQSPHSBNPWÈOÓOƩLUFSâDI
QSPWP[OÓDIQBSBNFUSDž;NƩOPVUƩDIUPQBSBNFUSDžQPEMFOÈTMFEVKÓDÓDIQPLZODž
KFNPäOÏLPUFMVQSBWJUWTPVMBEVTWMBTUOÓNJQPäBEBWLZ
%PGÈ[FQSPHSBNPWÈOÓTFEPTUBOFUFUÓNUP[QDžTPCFN
3P[TBIOBTUBWJUFMOâDIIPEOPU
PE*NBYEP*NBY
1BSBNFUS
*&
1
7âLPONBYJNÈMOÓIPWZUÈQŚOÓ
TUJTLOƩUFTPVƦBTOƩBTJOBWUFƻJOUMBƦÓULB
B
QPNPDÓUMBƦÓUFL
B
[WPMUFKFEFO[QBSBNFUSDžVWFEFOâDIWOÈTMFEVKÓDÓ
UBCVMDFLUFSâDIDFUF[NƩOJU
4F[OBN
QBSBNFUSŶ
3P[TBIOBTUBWJUFMOâDIIPEOPU
PE*NBYEP*NBYTÏSJPWÏOBTUBWFOÓ
1BSBNFUS
1
1PQJT
1
7PMCBESVIVQMZOV
1
7PMCBTQFDJÈMOÓIPQMZOV(
1
/BTUBWFOÓVäJULPWÏIPPLSVIVTUÈMÏOFCP
LPSFMPWBOÏOFBLUJWPWÈOP
1
7âLPONJOJNÈMOÓIPWZUÈQƩOÓ
1
7âLPONBYJNÈMOÓIPWZUÈQƩOÓ
1
ſBTPWâTQÓOBƦ[BQOVUÓWZUÈQƩOÓ
1
ſBTPWâTQÓOBƦSBNQZWZUÈQƩOÓ
1
5ZQLPUMFNPOPUFSNJDLâCJUFSNJDLâ
&4
/BTUBWFOÓ ŗBTPWÏIP TQÓOBŗF ,PUFM KF WZCBWFO FMFLUSPOJDLâN ƦBTPWâN
TQÓOBƦFNLUFSâCSÈOÓQƻÓMJÝƦBTUâN[BQBMPWÈOÓNIPƻÈLVWUPQOÏGÈ[J,PUFM
TFTÏSJPWƩEPEÈWÈTƦBTPWâNTQÓOBƦFNOBTUBWFOâNOBNJOVUZ
İBTPWâTQÓOBŗ[BQOVUÓWZUÈQŚOÓ
15
(3
3P[TBIOBTUBWJUFMOâDIIPEOPU
PEEP
WUFƻJO
NJOVUZ
NJOVUZTÏSJPWÏOBTUBWFOÓ
1BSBNFUS
1
1-
İBTPWâTQÓOBŗSBNQZWZUÈQŚOÓ,PUFMQSPWFEFBTJOBNJOVU[BQÈMFOÓ
SBNQZ BCZ NPIM QƻFKÓU [ NJOJNÈMOÓIP WâLPOV L KNFOPWJUÏNV WâLPOV
WZUÈQƩOÓ
53
İBTPWâTQÓOBŗSBNQZWZUÈQŚOÓ
3P[TBIOBTUBWJUFMOâDIIPEOPU
$;
$4
4*
)6
PEEP
WUFƻJO
NJOVUZ
NJOVUTÏSJPWÏOBTUBWFOÓ
1P[OQPEMFQSPWFEFOÏWPMCZQƻFNÓTUƩUFUBLÏNDžTUFL+1
OBFMFLUSPOJDLÏ
EFTDF TUS QPMPIB QSP CJUFSNJDLâ LPUFM OFCP QPMPIB QSP
NPOPUFSNJDLâLPUFM
6QP[PSOŚOÓLPUFMCZMTFƻÓ[FOKJäWFWâSPCƩUBUPGVOLDFTFUFEZQPVäÓWÈ
QPV[FWQƻÓQBEƩWâNƩOZFMFLUSPOJDLÏEFTLZ
5ZQLPUMF
3P[TBIOBTUBWJUFMOâDIIPEOPU
PEEP
NPOPUFSNJDLâLPUFMTPLBNäJUâNWâLPOFN
CJUFSNJDLâLPUFM
NPOPUFSNJDLâLPUFMTCPJMFSFN
*&
1-:/07ÅWFOUJMQSP/JLF.JOJ4
1
5ZQLPUMF7PMCPVUPIPUPQBSBNFUSVKFNPäOÏ[WPMJUUZQQSPWP[VQPVäÓWBOÏIP
LPUMFNPOPUFSNJDLâLPUFMTPLBNäJUâNWâLPOFN
CJUFSNJDLâLPUFM
OFCPNPOPUFSNJDLâLPUFMTCPJMFSFN
36
30
1BSBNFUS
1PQJT
$ÓWLB
4FŬJ[PWBDÓÝSPVCNJOJNÈMOÓIPWâLPOV
4FŬJ[PWBDÓÝSPVCNBYJNÈMOÓIPWâLPOV
5MBLPWÏISEMPWâTUVQVQMZOPWÏIPWFOUJMV
5MBLPWÏISEMPWTUVQVQMZOPWÏIPWFOUJMV
0DISBOOÏWÓŗLP
1BSBNFUS
1
'VOLDFBVUPNBUJDLÏIPQPNBMÏIP[BQÈMFOÓTWâLPOFNQŬJ
ŗBTPWŚPNF[FOÏSBNQŚ
&MFLUSPOJDLÈEFTLBWFGÈ[J[BQÈMFOÓBLUJWVKFOBQƻFEFNVSƦFOâƦBTSBNQV
TF[WƩUÝVKÓDÓNTFQMZOPWâNWâLPOFNTIPEOPUBNJUMBLVLUFSÏ[ÈWJTÓOB
[WPMFOÏNESVIVQMZOV
5ÓNTFPETUSBOÓKBLÏLPMJDFKDIPWÈOÓOFCPTFƻÓ[FOÓ
VGÈ[F[BQÈMFOÓLPUMF[BWÝFDIQPENÓOFLQPVäJUÓ
'VOLDFi,PNJOÓLw
+FMJUBUPGVOLDF[BQOVUÈVWFEFTFLPUFMOBNJOVUOBNBYJNÈMOÓWâLPO
WZUÈQƩOÓ
7UPNUPTUBWVOFKTPVNPäOÈäÈEOÈTFƻÓ[FOÓBBLUJWOÓKFQPV[FCF[QFƦOPTUOÓ
UFSNPTUBUUFQMPUZBMJNJUOÓUFSNPTUBU'VOLDJLPNJOÓLB[BQOFUFTUJTLOVUÓN
UMBƦÓULB3FTFUOBBMFTQPƶWUFƻJOVLPUMFWFTUBWVTUBOECZLMJEPWâTUBW
BLUJWBDFGVOLDFKFTJHOBMJ[PWÈOBCMJLÈOÓNTZNCPMDžBTUS
5BUP
GVOLDF VNPäƶVKF UFDIOJLPWJ PWƩƻFOÓ QBSBNFUSDž TQBMPWÈOÓ 1P VLPOƦFOÓ
LPOUSPMGVOLDJWZQOƩUFWZQOVUÓNB[BQOVUÓNLPUMF
İBTPWâTQÓOBŗWZUÈQŚOÓ
,PUFM/JLF.JOJ4KFWZCBWFOFMFLUSPOJDLâNƦBTPWâNTQÓOBƦFNLUFSâ
CSÈOÓQƻÓMJÝƦBTUâN[BQBMPWÈOÓNIPƻÈLVWUPQOÏGÈ[J,PUFMTFTÏSJPWƩEPEÈWÈ
TƦBTPWâNTQÓOBƦFNOBTUBWFOâNOBNJOVUZ1ƻJTFƻJ[PWÈOÓƦBTPWÏIPTQÓOBƦF
OBKJOÏIPEOPUZTFƻJƧUFQPLZOZLOBTUBWFOÓQBSBNFUSDž[WPMUFQBSBNFUS1
BOBTUBWUFIPOBKFEOV[IPEOPUVWFEFOâDIWQƻÓTMVÝOÏUBCVMDF
'VOLDFQSPUJ[BCMPLPWÈOÓŗFSQBEMB
7QSPWP[OÓNSFäJNVi;JNBw KFLPUFMWZCBWFOGVOLDÓLUFSÈBMFTQPƶY
[BIPEJOZTQVTUÓOBWUFƻJOƦFSQBEMP
'VOLDFQSPUJ[BNS[OVUÓUFSNPTJGPOŶ
+FTUMJäFNÈWPEBWSBUOÏIPPLSVIVTZTUÏNVUFQMPUVOJäÝÓOFä¡$LPUFMTF
[BQOFBGVOHVKFBäEPEPTBäFOÓUFQMPUZ¡$
1SBWJEFMOÈBVUPNBUJDLÈLPOUSPMBFMFLUSPOJDLÏEFTLZ
#ƩIFNQSPWP[VWSFäJNVWZUÈQƩOÓOFCPTLPUMFNWFTUBWVTUBOECZTFGVOLDF
BLUJWVKFLBäEâDIIPEJOPEQPTMFEOÓLPOUSPMZOBQÈKFOÓLPUMF7QƻÓQBEƩ
QSPWP[VWSFäJNVVäJULPWÏIPPLSVIVTFBVUPNBUJDLÈLPOUSPMBTQVTUÓEP
NJOVUQPTLPOƦFOÓQSPCÓIBKÓDÓIPPECƩSVOBBTJWUFƻJO
1P[OCƩIFNBVUPNBUJDLÏLPOUSPMZKFLPUFMOFBLUJWOÓWƦFUOƩTJHOBMJ[BDF
%FNPOUÈäQMÈÝUŚ
,F TOBEOÏ ÞESäCƩ LPUMF KF NPäOÏ OÈTMFEVKÓDÓN [QDžTPCFN PENPOUPWBU
QMÈÝǀ
0ENPOUVKUFEPMOÓNƻÓäLV
WZÝSPVCPWÈOÓNÝSPVCDž
7ZÝSPVCVKUFÝSPVCZ
VQFWOƩOÓQMÈÝUƩ
;BUÈIOƩUF[BQMÈÝǀ
TNƩSFNLTPCƩBTPVƦBTOƩIP[EWJIOƩUFTNƩSFN
W[IDžSVWJ[PCSÈ[FL
BCZTUFIPNPIMJWZUÈIOPVU[IPSOÓDIIÈƦLDž
&4
15
(3
1-
53
$;
$4
4*
)6
36
30
*&
&4
15
(3
3PŗOÓLPOUSPMBBÞESäCBQŬÓTUSPKF
/FKNÏOƩKFEOPVSPƦOƩKFUƻFCBQSPWÏTUOÈTMFEVKÓDÓLPOUSPMOÓBÞESäCPWÏ
LSPLZ
WZƦJTUJUCPƦOÓWâNƩOÓLTQBMJO
[SBLFN PWƩƻJU äF CF[QFƦOPTUOÓ B LPOUSPMOÓ [BƻÓ[FOÓ OFKTPV QPÝLP[FOB
BOFCP[LSBUPWÈOBQƻFEFWÝÓN
CF[QFƦOPTUOÓUFSNPTUBUUFQMPUZ
QSFTPTUBUWPEZ
WZƦJTUJUIMBWOÓIPƻÈL
[SBLFNPWƩƻJU[EBOFOÓQƻFSVÝPWBƦUBIVPDISBOBQSPUJWƩUSVQPÝLP[FOâ
OFCP[LPSPEPWBOâ
UFSNPTUBULPOUSPMZPEWPEVTQBMJO
PWƩƻJUTUBWBÞQMOPTUFMFLUSJDLÏIPTZTUÏNVQƻFEFWÝÓN
[LPOUSPMPWBUQSBWJEFMOPTU[BQBMPWÈOÓBDIPEV
LBCFMZFMFLUSJDLÏIPQƻÓWPEVNVTÓCâUVMPäFOZWLBCFMPWÏJ[PMBDJ
PWƩƻJUTQSÈWOPTUPDFKDIPWÈOÓIPƻÈLVWVäJULPWÏBUPQOÏGÈ[J
OFTNÓOBOJDICâUTUPQZQPTQÈMFOÓOFCP[BƦPV[FOÓ
PWƩƻJUTQSÈWOâDIPEƻÓEÓDÓDIBTFƻJ[PWBDÓDIQSWLDžQƻÓTUSPKFQƻFEFWÝÓN
1-
'VOHPWÈOÓIMBWOÓIPFMFLUSJDLÏIPWZQÓOBƦFVNÓTUƩOÏIPNJNPLPUFM
GVOHPWÈOÓSFHVMBƦOÓIPUFSNPTUBUVTZTUÏNV
53
PWƩƻJUUƩTOƩOÓWOJUƻOÓIPTZTUÏNVQPEMFQPLZODžVWFEFOâDIWQƻÓTMVÝOÏ
OPSNƩ
PWƩƻJUSFBLDJ[BƻÓ[FOÓOBWâQBEFLQMZOVBLPOUSPMVQMBNFOFBJPOJ[BDF
[BƻÓ[FOÓNVTÓSFBHPWBUEPWUFƻJO
$;
[SBLFNPWƩƻJU[EBOFEPDIÈ[ÓLF[USÈUƩWPEZBPYJEBDJTQPKFL
[SBLFN PWƩƻJU [EB OFOÓ WâTUVQ CF[QFƦOPTUOÓIP WPEPWPEOÓIP WFOUJMV
[BOFTFOâ
$4
4*
PWƩƻJUäFUMBLWFYQBO[OÓOÈEPCƩKFQPPEMFIƦFOÓUMBLVTZTUÏNVTOÓäFOÓN
OBOVMVWJEJUFMOÏOBUMBLPNƩSVLPUMF
CBSV
PWƩƻJUäFTUBUJDLâUMBLWTZTUÏNV[BTUVEFOBBQPPQƩUOÏNOBQVÝUƩOÓ
TZTUÏNVQMOJDÓNLPIPVUFN
KFNF[JBCBSV
)6
36
7BSJBCJMOÓVäJUOâUFQFMOâWâLPO/JLF.JOJ4
.&5"/(
30
*&
#65"/(
5&1&-/Å
7Å,0/
5&1&-/Å
7Å,0/
L8
LDBMI
NCBS
NN)0
LHI
NCBS
NN)0
LHI
NCBS
NN)0
5-",53:4&,
)0Ɣ«,6
1P[O1SDžUPLZQMZOVTFUâLBKÓUFQFMOÏIPWâLPOVOJäÝÓIPOFäKF¡$BUMBLV
NCBS5MBLZOBIPƻÈLPEQPWÓEBKÓQPVäJUÓQMZOVPUFQMPUƩ¡$
13ƞ50,
1-:/6
)0Ɣ«,6
1301"/(
13ƞ50,
1-:/6
)0Ɣ«,6
NI
5-",53:4&,
)0Ɣ«,6
13ƞ50,
1-:/6
)0Ɣ«,6
5-",53:4&,
)0Ɣ«,6
5FDIOJDLÏÞEBKFTÏSJF/JLF.JOJ4
&4
+NFOPWJUÈUFQFMOÈLBQBDJUB
.JOJNÈMOÓUFQFMOÈLBQBDJUB
+NFOPWJUâUFQFMOâWâLPOVäJUOâ
.JOJNÈMOÓUFQFMOâWâLPOVäJUOâ
6äJUOÈUFQFMOÈÞƦJOOPTUWQPNƩSVLFKNFOPWJUÏNVWâLPOV
6äJUOÈUFQFMOÈÞƦJOOPTULKNFOPWJUÏIPWâLPOV
5FQFMOÏ[USÈUZOBQMÈÝUJTIPƻÈLFN;"17:1
5FQFMOÏ[USÈUZWLPNÓOƩTIPƻÈLFN;BQ7ZQ
1SDžNƩSQMZOPWÏUSZTLZ
5MBLQƻÓWPEV
.BYQSPWP[OÓUMBLWFWZUÈQƩDÓNPLSVIV
.BYQSPWP[OÓUFQMPUBWFWZUÈQƩDÓNPLSVIV
/BTUBWJUFMOÈUFQMPUBWZUÈQƩOÓ
$FMLPWâPCKFNFYQBO[OÓOÈEPCZWZUÈQƩOÓ
5MBLWFYQBO[OÓOÈEPCƩWZUÈQƩOÓ
0CKFNWPEZWHFOFSÈUPSV
7ZVäJUFMOâWâUMBLQƻJQSDžUPLVMI
7ÈIBQMOÏIPLPUMF
7ÈIBQSÈ[EOÏIPLPUMF
&MFLUSJDLÈQƻÓQPKLB
+NFOPWJUÈTQPUƻFCB
*OTUBMPWBOâFMWâLPO
4QPUƻFCBƦFSQBEMB
0DISBOBFMFLUSJDLÏIPTZTUÏNVQƻÓTUSPKF
$FMLPWÏNOPäTUWÓTQBMJOQƻJKNFOPWJUÏNWâLPOV
$FMLPWÏNOPäTUWÓTQBMJOQƻJNJOJNÈMOÓNWâLPOV
$0QƻJKNFONJO[BUÓäFOÓ
$0QƻJ0QƻJKNFONJO[BUÓäFOÓ
/09QƻJ0QƻJKNFONJO[BUÓäFOÓ
5FQMPUBTQBMJOQƻJKNFOPWJUÏNWâLPOV
5FQMPUBTQBMJOQƻJNJOJNÈMOÓNWâLPOV
0EQPSPLSVIVTQBMJOLPUMF
5ƻÓEB/09
/09QƻJ[BUÓäFOÓ
$0QƻJ[BUÓäFOÓ
5ZQQƻÓTUSPKF
,BUFHPSJF
L8LDBMI
L8LDBMI
L8LDBMI
L8LDBMI
NN
NCBSNN)0
(3
(
(
(
CBS
¡$
¡$
M
CBS
M
L1BN)0
LH
LH
7)[
"
8
8
*19%
LHI
LHI
QQN
QQN
¡$
¡$
15
53
$;
$4
4*
(
(
(
1B
NHL8I
NHL8I
1-
)6
36
30
*&
##4
***B)
5FQMPUZTQBMJOPEQPWÓEBKÓUFQMPUƩW[EVDIVOBWTUVQV¡$
.BYJNÈMOÓIMVLWZEÈWBOâQƻJDIPEVLPUMFKFE#".ƩƻFOÓIMBEJOZ
IMVLV QSPCÓIÈ W QPMPBLVTUJDLZ NSUWÏ LPNPƻF V LPUMF [BQOVUÏIP OB
NBYJNÈMOÓUFQFMOâWâLPOTLPVƻPWâNTZTUÏNFNQSPEMPVäFOâNWTPVMBEV
TOPSNBNJWâSPCLV
Kondenzačné, závesné a stacionárne liatinové plynové kotly
ISO 9001
Obchodné zastúpenie a servisný garant pre Slovensko
IMMERGAS, s.r.o.
Zlatovská 2195, 911 05 Trenčín
Informácie
Odbyt
Objednávky
e-mail
Internet
032 6402 123-5
¬ 032 6583 764
[email protected]
www.immergas.sk

Podobné dokumenty

Manual de instrucciones y advertencias Manual de

Manual de instrucciones y advertencias Manual de /JOJFKT[B JOTUSVLDKB PCT’VHJ TUBOPXJ JOUFHSBMOƤ D[Ƭƽƥ QSPEVLUV J QPXJOOB CZƥ QS[FLB[BOBVLJZULPXOJLPXJSØXOJFLJXQS[ZQBELVQS[FOJFTJFOJBX’BTOPƽDJ /BMFLJZTJƬ[OJƤVXBLJOJF[BQP[OBƥJ[BDI...

Více

53 - Immergas

53 - Immergas FTUF NBOVBM EF JOTUSVDDJPOFT EF VTP 1PEFNPT BTFHVSBSMF RVF  TJ MBT DVNQMF  FTUBSÃ UPUBMNFOUF TBUJTGFDIPDPOFMQSPEVDUP %JSÎKBTFZBBTV$FOUSP"VUPSJ[BEPEF"TJTUFODJB 5ÊDOJDB NÃ...

Více

ZEUS Superior

ZEUS Superior %JSÎKBTFZBBTV$FOUSP"VUPSJ[BEPEF"TJTUFODJB 5ÊDOJDB NÃT DFSDBOP QBSB QFEJS MB WFSJGJDBDJÓO JOJDJBMEFGVODJPOBNJFOUP/VFTUSPUÊDOJDPWFSJê DBSÃFMGVODJPOBNJFOUP FGFDUVBSÃMBTSFHVM...

Více

Lanaform - zvlhčovač Notus

Lanaform - zvlhčovač Notus t$FMÏCBMFOÓKFUWPDzFOPNBUFSJÈMZCF[OFCF[QFǏOâDIEPQBEǾOBäJWPUOÓQSPTUDzFEÓ LUFSÏUFEZM[FVLMÈEBUWFTUDzFEJTDÓDI QSPUDzÓEǔOÓPEQBEV[BÞǏFMFNOÈTMFEOÏIPESVIPUOÏIPWZVäJUÓ1BQÓSPWâPCBMM[...

Více

ZEUS 24 kW

ZEUS 24 kW *NNFSHBTUFSNÊLFUWÃTÃSPMU BNFMZIPTT[ÙJEFJHÊT CJ[UPOTÃHPTBOGPHKBB[¸OLÊOZFMNÊUT[PMHÃMOJ"[ *NNFSHBT WÃTÃSMÓJOBL CÃSNJLPS SFOEFMLF[ÊTÊSF ÃMMBDÊHT[FSWJ[IÃMÓ[BUB NFMZNBHBTUVEÃTTBM...

Více

Manual de instrucciones y advertencias Manual de

Manual de instrucciones y advertencias Manual de /FSFTQFLUPWÃOÎWÝØFVWFEFOÊIPQPWFEFLPTPCOÎ [PEQPWLJEOPTUJB[USÃULJ[ÃSVLZ r *OTUBMBǁOÎ OPSNZ 5ZUP LPUMF CZMZ [LPOTUSVP WÃOZWÝMVǁOLJLJOTUBMBDJOBTULJOVQPVßÎWBKÎTFL PIǥFWVPLPMOÎIP...

Více

hotel hoffmeister

hotel hoffmeister pro soukromé bankety i konference

Více

číslo 1/2014 - Česká společnost pro hypertenzi

číslo 1/2014 - Česká společnost pro hypertenzi t,PNFOUÈƻLOPWâNBNFSJDLâNEPQPSVƦFOÓN pro léčbu vysokého krevního tlaku u dospělých (JNC8) J. Filipovský ..........................................................................................

Více

Kézikönyv - Immergas

Kézikönyv - Immergas .PǻOB X OJFK [OBMFǺǀ QS[ZEBUOF XTLB[ÓXLJ EPUZD[ƾDFQSBXJEPXFHPVǻZULPXBOJBVS[ƾE[FOJB  LUÓSZDI QS[FTUS[FHBOJF [BQFXOJ  ǻF [BXT[F CNjE[JFDJF[BEPXPMFOJ[QSPEVLUVêSNZ*NNFSHBT 1SPT[Nj...

Více