operation manual

a
b
c
d
e
f
g
h
i
j

B5ĥ',1û-8061HOLHWRMLHWLHUĦFLYDQQX
GXåXL]OLHWľXYDLFLWXDUşGHQL
SLOGĦWXWUDXNXWXYXPü

3ĎFOLHWRåDQDVYLHQPĎU
DWYLHQRMLHWLHUĦFLQRVLHQDV
NRQWDNWOLJ]GDV

-DHOHNWUĦEDVYDGVLUERMüWVODLL]YDLUĦWRV
QREĦVWDPüPVLWXüFLMüPMXPVWDV
MüQRPDLQD3KLOLSVSLOQYDURWüVHUYLVD
FHQWUüYDLSLHOĦG]ĦJLNYDOLÀFĎWDP
SHUVRQüP

äRLHUĦFLYDUL]PDQWRWEĎUQLYHFXPüQR
JDGLHPXQSHUVRQDVDULHUREHçRWüP
À]LVNDMüPVHQVRUDMüPYDLJDUĦJDMüP
VSĎMüPYDLEH]SLHUHG]HVXQ]LQüåDQüP
MDWLHNQRGURåLQüWDX]UDXG]ĦEDYDL
QRUüGĦMXPLSDUGURåXLHUĦFHVOLHWRåDQX
XQSDQüNWDL]SUDWQHSDULHVSĎMDPR
EĦVWDPĦEX%ĎUQLQHGUĦNVWURWDĶüWLHVDU
LHUĦFL%ĎUQLQHGUĦNVWWĦUĦWXQDSNRSW
LHUĦFLEH]X]UDXG]ĦEDV

3LUPVLHUĦFHVSLHYLHQRåDQDV
HOHNWURWĦNODPSüUOLHFLQLHWLHVNDX]
LHUĦFHVQRUüGĦWDLVVSULHJXPVDWELOVW
HOHNWURWĦNODVSULHJXPDPMşVXPüMü

1HL]PDQWRMLHWLHUĦFLFLWLHPQROşNLHP
NDVQDYDSUDNVWĦWLåDMüURNDVJUüPDWü

1HNüGüJDGĦMXPüQHDWVWüMLHWLHUĦFHL
EH]X]UDXG]ĦEDVNDGWüLUSLHYLHQRWD
HOHNWURWĦNODP

1HNDGQHL]PDQWRMLHWFLWXUDçRWüMX
SLHGHUXPXVYDLGHWDĶDVNXUDV3KLOLSV
QDYĦSDåLLHWHLFLV-DL]PDQWRMDWåüGXV
SLHGHUXPXVYDLGHWDĶDVJDUDQWLMDYDLUV
QDYVSĎNü

1HWLQLHWHOHNWUĦEDVYDGXDSLHUĦFL

3LUPVQRYLHWRMDWLHUĦFLJODEüåDQü
SDJDLGLHWOĦG]WüDWG]LHVW

8]PDQLHWLHVLHUĦFHVOLHWRåDQDVODLNüMR
WüYDUEşWĶRWLNDUVWD6DWYHULHWLHUĦFL
WLNDLDL]URNWXUDMRFLWDVGDĶDVLUNDUVWDV
XQL]YDLULHWLHVQRVDVNDUHVDUüGX

9LHQPĎUQRYLHWRMLHWLHUĦFLDU
VWDWĦYXX]NDUVWXPL]WXUĦJDVVWDELODV
OĦG]HQDVYLUVPDV.DUVWDLVFLOLQGUV
QHGUĦNVWVDVNDUWLHVDUYLUVPXYDLFLWX
X]OLHVPRMRåXPDWHULüOX

5DXJLHWLHVODLHOHNWUĦEDVYDGV
QHQRQüNWXVDVNDUĎDULHUĦFHVNDUVWDMüP
GHWDĶüP

1HĶDXMLHWLHUĦFHLNDGWüLULHVOĎJWD
QRQüNWVDVNDUĎDUYLHJOLX]OLHVPRMRåLHP
SULHNåPHWLHPXQPDWHULüOLHP

1HNDGQHDSVHG]LHWLHUĦFLDUNDXW
NüGLHPSULHNåPHWLHPSLHPGYLHOLYDL
GUüQLľXNDGWüLUNDUVWD

,]PDQWRMLHWLHUĦFLWLNDLODLLHYHLGRWX
VDXVXVPDWXV1HOLHWRMLHWLHUĦFLDU
VODSMüPURNüP

8]JODEüMLHWFLOLQGUXWĦUXXQEUĦYX
QRSXWHNĶLHPXQPDWXYHLGRåDQDV
L]VWUüGüMXPLHPSLHPĎUDPSXWüP
ODNDVXQçHOHMDV1HNDGQHL]PDQWRMLHW
LHUĦFLDSYLHQRMXPüDUPDWXYHLGRåDQDV
SURGXNWLHP

&LOLQGUDPLUNHUDPLVNVSüUNOüMXPVäLV
SüUNOüMXPVYDUVDPD]LQüWQRGLOXPX
ODLNDJDLWü7RPĎUWDVQHLHWHNPĎLHUĦFHV
GDUEĦEX

-DDULHUĦFLLHYHLGRNUüVRWXVPDWXV
FLOLQGUVYDUQRVPĎUĎWLHV3LUPVOLHWRW
LHUĦFLPüNVOĦJLHPPDWLHPNRQVXOWĎMLHWLHV
DUL]SODWĦWüMX

9LHQPĎUQRGRGLHWLHUĦFL3KLOLSV
SLOQYDURWDPVHUYLVDFHQWUDPMD
QHSLHFLHåDPDDSVNDWHYDLUHPRQWV
1HNYDOLÀFĎWXSHUVRQXYHLNWVUHPRQWV
YDUUDGĦWĶRWLEĦVWDPDVVLWXüFLMDV
OLHWRWüMDP

1HLHYLHWRMLHWDWYHUĎVPHWüOD
SULHNåPHWXVODLL]YDLUĦWRVQRHOHNWULVNüV
VWUüYDVWULHFLHQD
(OHNWURPDJQĎWLVNLH/DXNL(0)
äĦ3KLOLSVLHUĦFHDWELOVWYLVLHPSLHPĎURMDPLHPVWDQGDUWLHPXQ
QRWHLNXPLHPNDVDWWLHFDVX]HOHNWURPDJQĎWLVNRODXNXLHGDUEĦEX
9LGHVDL]VDUG]ĦED
-şVXSURGXNWVLUNRQVWUXĎWVXQL]JDWDYRWVQRDXJVWDVNYDOLWüWHV
PDWHULüOLHPXQVDVWüYGDĶüPNXUDVLULHVSĎMDPVSüUVWUüGüWXQ
L]PDQWRWDWNüUWRWL
-DX]SURGXNWDUHG]DPVSüUVYĦWURWDVDWNULWXPXXUQDVVLPEROVWDVQR]ĦPĎ
NDX]åRSURGXNWXDWWLHFDV(LURSDV6DYLHQĦEDVGLUHNWĦYD(6
/şG]XX]]LQLHWSDUHOHNWULVNRXQHOHNWURQLVNRSURGXNWXYLHWĎMRDWVHYLåıR
VDYüNåDQDVVLVWĎPX
/şG]XUĦNRMLHWLHVDWELOVWRåLYLHWĎMLHPQRWHLNXPLHPXQQHXWLOL]ĎMLHWYHFRV
SURGXNWXVNRSüDUSDUDVWDMLHPVDG]ĦYHVDWNULWXPLHP3DUHL]DMşVX
YHFüSURGXNWDXWLOL]üFLMDSDOĦG]QRYĎUVWSRWHQFLüORQHJDWĦYRLHWHNPLX]
DSNüUWĎMRYLGLXQFLOYĎNXYHVHOĦEX
 &LUWRMLHWPDWXV
1 1RYLHWRMLHWLHUĦFLX]NDUVWXPL]WXUĦJDVYLUVPDVDUEDOVWX X]DXJåX
2 ,HYLHWRMLHWNRQWDNWGDNåXNRQWDNWOLJ]Gü
3 %ĦGLHWLHVOĎJåDQDVL]VOĎJåDQDVVOĎG]L
SR]ĦFLMü ODLLHVOĎJWXLHUĦFL
» ,HGHJDVVWUüYDVSDGHYHVLQGLNDWRUV


/DLL]VOĎJWXLHUĦFLEĦGLHWLHVOĎJåDQDVL]VOĎJåDQDVVOĎG]LSR]ĦFLMü
4 ,HUĦFHX]NDUVWLDSWXYHQLVHNXQGHV
» .DGORNåıĎUHVLUX]NDUVXåDVOLHWRåDQDVJDWDYĦEDVLQGLNDWRUV
X]
FLOLQGUDPDLQDNUüVXQRYLROHWDVYĎVVFLOLQGUVX]UR]üX]NDUVLV
FLOLQGUV
5 ,]ıHPPĎMLHWPDWXVXQVDGDOLHWWRVQHOLHOüVåıLSVQüV
6 3DYHOFLHWEDOVWXDWSDNDĶ
7 1RVSLHGLHWVYLUX
XQLHYLHWRMLHWPDWXåıLSVQXVWDUSORNåıĎUX
FLOLQGUX
XQDSWYHUL 
8 $WODLGLHWVYLUXXQEĦGLHWFLOLQGUXX]PDWXåıLSVQDVJDOX
9 7XULHWORNåıĎUXYĎVRJDOX XQURNWXUL XQDSWLQLHWPDWX
åıLSVQXDUFLOLQGUXQRPDWXJDOLHPOĦG]VDNQĎP
107XULHWORNåıĎUHVåüGüVWüYRNOĦPDNVVHNXQGHVXQSĎFWDPDWWLQLHW
PDWXåıLSVQXOĦG]DSWYHULYDUDWYĎUWDUVYLUX
3LH]ĦPHDWWLQRWFLUWXQHYHOFLHWDL]PDWXLHYHLGRWüMDMRWDVYDUL]WDLVQRW
FLUWX
11&LUWRMLHWSüUĎMRVPDWXVDWNüUWRMRWQROĦG]SXQNWüDSUDNVWĦWüV
GDUEĦEDV
3ĎFOLHWRåDQDV
1 ,]VOĎG]LHWLHUĦFLXQDWYLHQRMLHWWRQRHOHNWURWĦNOD
2 1RYLHWRMLHWWRX]NDUVWXPL]WXUĦJDVYLUVPDVOĦG]WüDWG]LHVW
3 1RWĦULHWLHUĦFLXQFLUWRåDQDVSOüWQHVDUPLWUXGUüQLľX
4 X]JODEüMLHWLHUĦFLGURåüXQVDXVüYLHWüNDVSDVDUJüWDQRSXWHNĶLHP
9DUDWDUĦWRSDNDULQüWDL]WDPSDUHG]ĎWüVFLOSLľDV
YDLX]JODEüW
NRPSOHNWüLHNĶDXWDMüVRPLľü
 *DUDQWLMDXQDSNDOSRåDQD
-DMXPVQHSLHFLHåDPDLQIRUPüFLMDSLHPĎUDPSDUX]JDĶDQRPDLľX
YDLSDOĦG]ĦEDDSPHNOĎMLHW3KLOLSVWĦPHNĶDYLHWQLZZZSKLOLSVFRPYDL
VD]LQLHWLHVDU3KLOLSV.OLHQWXDSNDOSRåDQDVFHQWUXVDYüYDOVWĦWüWüOUXľD
QXPXUVDWURGDPVSDVDXOHVJDUDQWLMDVEURåşUü-DMşVXYDOVWĦQDY.OLHQWX
DSNDOSRåDQDVFHQWUDJULH]LHWLHVSLHYLHWĎMü3KLOLSVL]SODWĦWüMD
3ROVNL
*UDWXOXMHP\]DNXSXLZLWDP\ZőUyGNOLHQWyZÀUP\3KLOLSV$E\Z
SHãQLVNRU]\VWDĂ]REVãXJLőZLDGF]RQHMSU]H]ÀUPĔ3KLOLSVQDOHů\
]DUHMHVWURZDĂ]DNXSLRQ\SURGXNWQDVWURQLHZZZSKLOLSVFRPZHOFRPH
 :DůQH
3U]HGSLHUZV]\PXů\FLHPXU]ĀG]HQLD]DSR]QDMVLĔGRNãDGQLH]QLQLHMV]Ā
LQVWUXNFMĀREVãXJLL]DFKRZDMMĀQDSU]\V]ãRőĂ

2675=(Ů(1,(1LHNRU]\VWDM]
XU]ĀG]HQLDZSREOLůXZRG\

-HőOLNRU]\VWDV]]XU]ĀG]HQLDZãD]LHQFH
SR]DNRļF]HQLXVWRVRZDQLDZ\MPLM
ZW\F]NĔ]JQLD]GNDHOHNWU\F]QHJR
2EHFQRőĂZRG\VWDQRZL]DJURůHQLH
QDZHWZWHG\JG\XU]ĀG]HQLHMHVW
Z\ãĀF]RQH

2675=(Ů(1,(1LHNRU]\VWDM
]XU]ĀG]HQLDZSREOLůXZDQQ\
SU\V]QLFDXP\ZDONLOXELQQ\FKQDF]\ļ
QDSHãQLRQ\FKZRGĀ

ZDZV]HSR]DNRļF]HQLXNRU]\VWDQLD]
XU]ĀG]HQLDZ\MPLMZW\F]NĔ]
JQLD]GNDHOHNWU\F]QHJR

=HZ]JOĔGyZEH]SLHF]HļVWZD
Z\PLDQĔXV]NRG]RQHJRSU]HZRGX
VLHFLRZHJR]OHĂDXWRU\]RZDQHPX
FHQWUXPVHUZLVRZHPXÀUP\3KLOLSV
OXERGSRZLHGQLRZ\NZDOLÀNRZDQHM
RVRELH

8U]ĀG]HQLHPRůHE\ĂXů\ZDQHSU]H]
G]LHFLZZLHNXSRZ\ůHMODWRUD]
RVRE\]RJUDQLF]RQ\PL]GROQRőFLDPL
À]\F]Q\PLVHQVRU\F]Q\PLOXE
XP\VãRZ\PLDWDNůHQLHSRVLDGDMĀFH
ZLHG]\OXEGRőZLDGF]HQLDZ
Xů\WNRZDQLXWHJRW\SXXU]ĀG]HļSRG
ZDUXQNLHPůHEĔGĀRQHQDG]RURZDQH
OXE]RVWDQĀSRLQVWUXRZDQHQDWHPDW
NRU]\VWDQLD]WHJRXU]ĀG]HQLDZ
EH]SLHF]Q\VSRVyERUD]]RVWDQĀ
SRLQIRUPRZDQHRSRWHQFMDOQ\FK
]DJURůHQLDFK']LHFLQLHPRJĀEDZLĂ
VLĔXU]ĀG]HQLHP']LHFLFKFĀFHSRPyF
ZF]\V]F]HQLXLREVãXG]HXU]ĀG]HQLD
]DZV]HSRZLQQ\WRURELĂSRG
QDG]RUHPGRURVã\FK

3U]HGSRGãĀF]HQLHPXU]ĀG]HQLD
XSHZQLMVLĔůHQDSLĔFLHSRGDQHQD
XU]ĀG]HQLXMHVW]JRGQH]QDSLĔFLHPZ
GRPRZHMLQVWDODFMLHOHNWU\F]QHM

8U]ĀG]HQLDXů\ZDM]JRGQLH]MHJR
SU]H]QDF]HQLHPRSLVDQ\PZWHM
LQVWUXNFMLREVãXJL

1LJG\QLHSR]RVWDZLDMEH]QDG]RUX
XU]ĀG]HQLDSRGãĀF]RQHJRGR]DVLODQLD

1LHNRU]\VWDM]DNFHVRULyZDQLF]ĔőFL
LQQ\FKSURGXFHQWyZDQLWDNLFK
NWyU\FKQLH]DOHFDZZ\UDŭQ\VSRVyE
ÀUPD3KLOLSV:\NRU]\VWDQLHWHJRW\SX
DNFHVRULyZOXEF]ĔőFLVSRZRGXMH
XQLHZDůQLHQLHJZDUDQFML

1LH]DZLMDMSU]HZRGXVLHFLRZHJR
ZRNyãXU]ĀG]HQLD

3U]HGVFKRZDQLHPXU]ĀG]HQLD
RGF]HNDMDůRVW\JQLH

3RGF]DVNRU]\VWDQLD]XU]ĀG]HQLD
]DFKRZDMV]F]HJyOQĀRVWURůQRőĂ³
PRůHE\ĂEDUG]RJRUĀFH&KZ\WDM
Z\ãĀF]QLH]DXFKZ\WSRQLHZDů
SR]RVWDãHF]ĔőFLVĀJRUĀFH8QLNDM
NRQWDNWX]HVNyUĀ

=DZV]HXPLHV]F]DMXU]ĀG]HQLHQD
SRGSyUFHQDůDURRGSRUQHMVWDELOQHM
SãDVNLHMSRZLHU]FKQL5R]JU]DQ\
ZDãHNQLJG\QLHSRZLQLHQGRW\NDĂ
EODWXVWROLNDDQLLQQ\FKãDWZRSDOQ\FK
PDWHULDãyZ

1LHGRSXőĂGR]HWNQLĔFLDVLĔ
SU]HZRGX]DVLODMĀFHJR]UR]JU]DQ\PL
F]ĔőFLDPLXU]ĀG]HQLD

:ãĀF]RQHXU]ĀG]HQLHWU]\PDM]GDODRG
ãDWZRSDOQ\FKVXEVWDQFMLLSU]HGPLRWyZ

*G\XU]ĀG]HQLHMHVWJRUĀFHQLJG\JR
QLHSU]\NU\ZDMQSUĔF]QLNLHPOXE
RG]LHůĀ

8ů\ZDMXU]ĀG]HQLDQDVXFK\FKZãRVDFK
1LHXů\ZDMXU]ĀG]HQLDJG\PDV]
PRNUHGãRQLH

1DELHůĀFRF]\őĂZDãHN]NXU]X
RUD]őURGNyZGRXNãDGDQLDZãRVyZ
QSSLDQNLODNLHUXůHOX1LJG\QLH
Xů\ZDMORNyZNLZSRãĀF]HQLX]WDNLPL
őURGNDPL

:DãHNPDSRZãRNĔFHUDPLF]QĀ
3RZãRNDWDPRůH]Xů\ZDĂVLĔ]
XSã\ZHPF]DVX1LHZSã\ZDWR
QDSUDZLGãRZHIXQNFMRQRZDQLH
XU]ĀG]HQLD

-HőOLXU]ĀG]HQLHMHVWXů\ZDQH
GRZãRVyZIDUERZDQ\FKZDãHN
PRůHVLĔ]DEDUZLĂ-HőOL]DPLHU]DV]
Xů\ZDĂXU]ĀG]HQLDGRV]WXF]Q\FK
ZãRVyZQDMSLHUZGRZLHG]VLĔRGLFK
VSU]HGDZF\F]\MHVWWRGRSXV]F]DOQH

.RQLHF]QRőĂSU]HJOĀGXOXE
QDSUDZ\XU]ĀG]HQLD]DZV]H]JãDV]DM
GRDXWRU\]RZDQHJRFHQWUXP
VHUZLVRZHJRÀUP\3KLOLSV1DSUDZ\
SU]H]RVRE\QLHZ\NZDOLÀNRZDQHPRJĀ
SURZDG]LĂGRSRZDůQHJR]DJURůHQLD
GODXů\WNRZQLNDXU]ĀG]HQLD

$E\XQLNQĀĂSRUDůHQLDSUĀGHPQLH
XPLHV]F]DMPHWDORZ\FKSU]HGPLRWyZ
ZRWZRUDFKXU]ĀG]HQLD
3RODHOHNWURPDJQHW\F]QH(0)
7RXU]ĀG]HQLHÀUP\3KLOLSVVSHãQLDZV]\VWNLHQRUP\LMHVW]JRGQH
]ZV]\VWNLPLSU]HSLVDPLGRW\F]ĀF\PLQDUDůHQLDQDG]LDãDQLHSyO
HOHNWURPDJQHW\F]Q\FK
ŐURGRZLVNR
7RXU]ĀG]HQLH]RVWDãR]DSURMHNWRZDQHLZ\NRQDQH]PDWHULDãyZ
RUD]NRPSRQHQWyZZ\VRNLHMMDNRőFLNWyUHQDGDMĀVLĔ
GRSRQRZQHJRZ\NRU]\VWDQLD
-HőOLSURGXNW]RVWDãRSDWU]RQ\V\PEROHPSU]HNUHőORQHJRSRMHPQLND
QDRGSDG\R]QDF]DWRLůSRGOHJDRQSRVWDQRZLHQLRP'\UHNW\Z\
(XURSHMVNLHM:(
,QIRUPDFMHQDWHPDWZ\G]LHORQ\FKSXQNWyZVNãDGRZDQLD]Xů\W\FK
SURGXNWyZHOHNWU\F]Q\FKLHOHNWURQLF]Q\FKPRůQDX]\VNDĂZPLHMVFX
]DPLHV]NDQLD
3URVLP\SRVWĔSRZDĂ]JRGQLH]Z\W\F]Q\PLPLHMVFRZ\FKZãDG]LQLH
Z\U]XFDĂWHJRW\SXXU]ĀG]HļZUD]]LQQ\PLRGSDGDPLSRFKRG]ĀF\PL
]JRVSRGDUVWZDGRPRZHJR3UDZLGãRZDXW\OL]DFMDVWDU\FKSURGXNWyZ
SRPDJD]DSRELHJDĂ]DQLHF]\V]F]HQLXőURGRZLVNDQDWXUDOQHJRRUD]
XWUDFLH]GURZLD
 7ZRU]HQLHORNyZ
1 3RVWDZXU]ĀG]HQLH]SRGVWDZĀ VNLHURZDQĀQD]HZQĀWU]QD
SRZLHU]FKQLRGSRUQHMQDG]LDãDQLHZ\VRNLFKWHPSHUDWXU
2 3RGãĀF]ZW\F]NĔSU]HZRGX]DVLODMĀFHJRGRJQLD]GNDHOHNWU\F]QHJR
3 3U]HVXļZ\ãĀF]QLN
GRSR]\FML DE\ZãĀF]\ĂXU]ĀG]HQLH
» :ãĀF]\VLĔZVNDŭQLN]DVLODQLD


$E\Z\ãĀF]\ĂXU]ĀG]HQLHXVWDZZ\ãĀF]QLNZSR]\FML
4 2GF]HNDMFRQDMPQLHMVHNXQGDůSã\WNLXU]ĀG]HQLDVLĔQDJU]HMĀ
» *G\ORNyZNDQDJU]HMHVLĔGRZ\EUDQHMWHPSHUDWXU\R]QDF]HQLH
JRWRZRőFLGRXů\WNX
QDZDãNX]PLHQLDNRORU]OLOLRZHJR
FKãRGQ\ZDãHNQDUyůRZ\JRUĀF\ZDãHN
5 8F]HV]ZãRV\LSRG]LHOMHQDPDãHSDVPD
6 3U]HVXļSRGVWDZĔGRW\ãX
7 1DFLőQLMGŭZLJQLĔ
LXPLHőĂSDVPRZãRVyZPLĔG]\ZDãNLHP 
D]DFLVNLHP

8 =ZROQLMGŭZLJQLĔLSU]HVXļZDãHNQDNRQLHFSDVPDZãRVyZ
9 3U]\WU]\PDMQLHQDJU]HZDMĀFĀVLĔNRļFyZNĔ
LXFKZ\W 
ORNyZNLDQDVWĔSQLHRZLļSDVPRZãRVyZZRNyãZDãNDRGNRļFD
DůGRQDVDG\
103U]\WU]\PDMORNyZNĔZWHMSR]\FMLSU]H]PDNVVHNXQGDQDVWĔSQLH
RGZLļSDVPRZãRVyZLRWZyU]]DFLVN]GŭZLJQLĀ
8ZDJD1LHFLĀJQLMORNyZNLSRGF]DVRGZLMDQLDZãRVyZDE\LFKQLH
Z\SURVWRZDĂ
113RZWyU]F]\QQRőFLRGGRDE\SRGNUĔFLĂUHV]WĔZãRVyZ
3RXů\FLX
1 :\ãĀF]XU]ĀG]HQLHLZ\MPLMMHJRZW\F]NĔ]JQLD]GNDHOHNWU\F]QHJR
2 8PLHőĂMHQDRGSRUQHMQDZ\VRNLHWHPSHUDWXU\SRZLHU]FKQLL
SR]RVWDZGRRVW\JQLĔFLD
3 :\F]\őĂORNyZNĔSU]\Xů\FLXZLOJRWQHMőFLHUHF]NL
4 3U]HFKRZXMXU]ĀG]HQLHZEH]SLHF]Q\PLVXFK\PPLHMVFX]GDODRG
NXU]X0RůHV]WHůSRZLHVLĂXU]ĀG]HQLH]DXFKZ\WGR]DZLHV]DQLD

OXEVFKRZDĂMHZGRãĀF]RQ\PHWXL
 *ZDUDQFMDLVHUZLV
:UD]LHMDNLFKNROZLHNS\WDļOXESUREOHPyZQSZSU]\SDGNX
NRQLHF]QRőFLZ\PLDQ\QDVDGNLSURVLP\RGZLHG]LĂQDV]ĀVWURQĔ
LQWHUQHWRZĀZZZSKLOLSVFRPOXEVNRQWDNWRZDĂVLĔ]ORNDOQ\P&HQWUXP
2EVãXJL.OLHQWDÀUP\3KLOLSVQXPHUWHOHIRQX]QDMGXMHVLĔZXORWFH
JZDUDQF\MQHM-HőOLZ7ZRLPNUDMXQLHPD&HQWUXP2EVãXJL.OLHQWD
]ZUyĂVLĔRSRPRFGRVSU]HGDZF\SURGXNWyZÀUP\3KLOLSV
5RPkQþ
)HOLFLWþULSHQWUXDFKL]LŗLHŕLEXQYHQLWOD3KLOLSV3HQWUXDEHQHÀFLD
SHGHSOLQGHDVLVWHQŗDRIHULWþGH3KLOLSVvQUHJLVWUDŗLYþSURGXVXOOD
ZZZSKLOLSVFRPZHOFRPH
 ,PSRUWDQW
&LWLŗLFXDWHQŗLHDFHVWPDQXDOGHXWLOL]DUHvQDLQWHGHDXWLOL]DDSDUDWXOŕL
SþVWUDŗLOSHQWUXFRQVXOWDUHXOWHULRDUþ

$9(57,60(171XXWLOL]DŗLDFHVW
DSDUDWvQDSURSLHUHDDSHL

&kQGDSDUDWXOHVWHXWLOL]DWvQEDLH
VFRDWHŗLOGLQSUL]þGXSþXWLOL]DUH
GHRDUHFHDSDUHSUH]LQWþXQULVFFKLDU
ŕLFkQGDSDUDWXOHVWHRSULW

$9(57,60(171XXWLOL]DŗLDFHVW
DSDUDWvQDSURSLHUHDFþ]LORU
GXŕXULORUED]LQHORUVDXDOWRU
UHFLSLHQWHFXDSþ

6FRDWHŗLvQWRWGHDXQDDSDUDWXO
GLQSUL]þGXSþXWLOL]DUH

ÍQFD]XOvQFDUHFDEOXOGHDOLPHQWDUH
HVWHGHWHULRUDWDFHVWDWUHEXLHvQORFXLW
vQWRWGHDXQDGH3KLOLSVGHXQFHQWUX
GHVHUYLFHDXWRUL]DWGH3KLOLSVVDXGH
SHUVRQDOFDOLÀFDWvQGRPHQLXSHQWUXD
HYLWDRULFHDFFLGHQW

$FHVWDSDUDWSRDWHÀXWLOL]DWGHFþWUH
FRSLLvQFHSkQGGHODYkUVWDGHDQL
ŕLSHUVRDQHFDUHDXFDSDFLWþŗLÀ]LFH
PHQWDOHVDXVHQ]RULDOHUHGXVHVDX
VXQWOLSVLWHGHH[SHULHQŗþŕLFXQRŕWLQŗH
GDFþVXQWVXSUDYHJKHDWHVDXDXIRVW
LQVWUXLWHFXSULYLUHODXWLOL]DUHDvQ
FRQGLŗLLGHVLJXUDQŗþDDSDUDWXOXLŕL
vQŗHOHJSHULFROHOHSHFDUHOHSUH]LQWþ
&RSLLQXWUHEXLHVþVHMRDFHFX
DSDUDWXO&XUþŗDUHDŕLvQWUHŗLQHUHDGH
FþWUHXWLOL]DWRUQXWUHEXLHUHDOL]DWHGH
FþWUHFRSLLQHVXSUDYHJKHDŗL

ÍQDLQWHGHDFRQHFWDDSDUDWXODVLJXUDŗL
YþFþWHQVLXQHDLQGLFDWþSHDSDUDW
FRUHVSXQGHWHQVLXQLLUHŗHOHLORFDOH

1XXWLOL]DŗLDSDUDWXOSHQWUXDOWVFRS
GHFkWFHOGHVFULVvQDFHVWPDQXDO

1XOþVDŗLQLFLRGDWþDSDUDWXO
QHVXSUDYHJKHDWFkQGHVWHFRQHFWDWOD
VXUVDGHDOLPHQWDUH

1XXWLOL]DŗLQLFLRGDWþDFFHVRULLVDX
FRPSRQHQWHGHODDOŗLSURGXFþWRUL
VDXQHUHFRPDQGDWHH[SOLFLWGH3KLOLSV
'DFþXWLOL]DŗLDFHVWHDFFHVRULLVDX
FRPSRQHQWHJDUDQŗLDVHDQXOHD]þ

1XvQIþŕXUDŗLFDEOXOGHDOLPHQWDUHvQ
MXUXODSDUDWXOXL

ÍQDLQWHGHDGHSR]LWDDSDUDWXODŕWHSWDŗL
VþVHUþFHDVFþ

$YHŗLIRDUWHPXOWþJULMþFkQGXWLOL]DŗL
DSDUDWXOvQWUXFkWDUSXWHDÀH[WUHP
GHÀHUELQWH$SXFDŗLGRDUPkQHUXO
GHRDUHFHFHOHODOWHFRPSRQHQWHVXQW
ÀHUELQŗLŕLHYLWDŗLFRQWDFWXOFXSLHOHD

$ŕH]DŗLvQWRWGHDXQDDSDUDWXOFX
VXSRUWXOSHRVXSUDIDŗDSODWþVWDELOþ
WHUPRUH]LVWHQWþ%DUDÀHUELQWHQX
WUHEXLHVþDWLQJþQLFLRGDWþVXSUDIDŗD
VDXDOWHPDWHULDOHLQÁDPDELOH

(YLWDŗLLQWUDUHDvQFRQWDFWDFDEOXOXL
GHDOLPHQWDUHFXSLHVHOHÀHUELQŗLDOH
DSDUDWXOXL

3þVWUDŗLDSDUDWXOODGLVWDQŗþGHRELHFWH
ŕLPDWHULDOHLQÁDPDELOHFkQGHVWH
SRUQLW

1XDFRSHULŗLQLFLRGDWþDSDUDWXOFXFHYD
GHH[HPSOXXQSURVRSVDXXQDUWLFRO
YHVWLPHQWDUFkQGHVWHÀHUELQWH

8WLOL]DŗLDSDUDWXOQXPDLSHSþUXVFDW
1XXWLOL]DŗLDSDUDWXOFXPkLQLOHXGH

3þVWUDŗLEDUDFXUDWþŕLFXUþŗDŗLRGH
SUDIŕLSURGXVHSHQWUXFRDIDWSUHFXP
VSXPþVSUD\VDXJHO1XXWLOL]DŗL
QLFLRGDWþDSDUDWXOvPSUHXQþFX
SURGXVHGHFRDIDW

%DUDDUHXQvQYHOLŕFHUDPLF$FHVW
vQYHOLŕVHSRDWHX]DOHQWvQWLPS7RWXŕL
DFHVWOXFUXQXDIHFWHD]þSHUIRUPDQŗD
DSDUDWXOXL

'DFþDSDUDWXOHVWHXWLOL]DWSHSþU
YRSVLWEDUDVHSRDWHSþWDÍQDLQWHGHDO
XWLOL]DSHQWUXSþUDUWLÀFLDOFRQVXOWDŗL
vQWRWGHDXQDGLVWULEXLWRUXO

3HQWUXFRQWUROVDXGHSDQDUHGXFHŗL
DSDUDWXOQXPDLODXQFHQWUXVHUYLFH
DXWRUL]DWGH3KLOLSV5HSDUDUHDIþFXWþ
GHSHUVRDQHQHFDOLÀFDWHSRDWHJHQHUD
VLWXDŗLLSHULFXORDVHSHQWUXXWLOL]DWRU

1XLQWURGXFHŗLRELHFWHPHWDOLFHvQ
RULÀFLLSHQWUXDHYLWDHOHFWURFXWDUHD
&kPSXULHOHFWURPDJQHWLFH(0)
$FHVWDSDUDW3KLOLSVUHVSHFWþWRDWHVWDQGDUGHOHŕLUHJOHPHQWþULOH
DSOLFDELOHSULYLQGH[SXQHUHDODFkPSXULHOHFWURPDJQHWLFH
0HGLX
3URGXVXOGXPQHDYRDVWUþHVWHSURLHFWDWŕLIDEULFDWGLQPDWHULDOHŕL
FRPSRQHQWHGHvQDOWþFDOLWDWHFDUHSRWÀUHFLFODWHŕLUHXWLOL]DWH
&kQGVLPEROXOUHSUH]HQWkQGXQFRŕGHJXQRLFXURŗLWþLDWvQVRŗHŕWH
XQSURGXVvQVHDPQþFþSURGXVXOIDFHRELHFWXO'LUHFWLYHLHXURSHQH
8(
9þUXJþPVþYþLQIRUPDŗLGHVSUHVLVWHPXOVHSDUDWGHFROHFWDUHSHQWUX
SURGXVHHOHFWULFHŕLHOHFWURQLFH
9þUXJþPVþDFŗLRQDŗLvQFRQFRUGDQŗþFXUHJXOLOHGXPQHDYRDVWUþ
ORFDOHŕLQXHYDFXDŗLSURGXVHOHYHFKLvPSUHXQþFXGHŕHXULOHPHQDMHUH
RELŕQXLWH(YDFXDUHDFRUHFWþDSURGXVXOXLGYVYHFKLDMXWþODSUHYHQLUHD
FRQVHFLQŗHORUSRWHQŗLDOQHJDWLYHDVXSUDPHGLXOXLŕLVþQþWþŗLLRPXOXL
 2QGXODŗLYþSþUXO
1 $ŕH]DŗLDSDUDWXOFXVXSRUWXO vQDIDUþSHRVXSUDIDŗþ
WHUPRUH]LVWHQWþ
2 &RQHFWDŗLŕWHFKHUXOODRSUL]þGHDOLPHQWDUH
3 *OLVDŗLFRPXWDWRUXO3RUQLW2SULW
OD SHQWUXDSRUQLDSDUDWXO
» /HGXOGHDOLPHQWDUH
VHDSULQGH

3HQWUXDOVWLQJHJOLVDŗLFRPXWDWRUXO3RUQLW2SULWOD
4 /þVDŗLDSDUDWXOVþVHvQFþO]HDVFþPLQLPGHVHFXQGH
» &kQGÀHUXOGHRQGXODWVDvQFþO]LWLQGLFDWRUXOSHQWUXVWDUHDGH
XWLOL]DUH
GHSHEDUþvŕLVFKLPEþFXORDUHDGHODOLODEDUþUHFH
ODUR]EDUþÀHUELQWH
5 3LHSWþQDŗLYþSþUXOŕLvPSþUŗLŗLOvQVHFŗLXQLPLFL
6 'HSODVDŗLVXSRUWXOvQVSDWH
7 $SþVDŗLSkUJKLD
ŕLDŕH]DŗLRVHFŗLXQHGHSþUvQWUHEDUþ ŕL
FOHPþ

8 (OLEHUDŗLSkUJKLDŕLJOLVDŗLEDUDSkQþODYkUIXOSþUXOXL
9 ŖLQHŗLFDSþWXOUHFH ŕLPkQHUXO ÀHUXOXLGHRQGXODWDSRL
vQIþŕXUDŗLVHFŗLXQHDGHSþUvQMXUXOEDUHLGHODUþGþFLQþODYkUI
10ŖLQHŗLÀHUXOGHRQGXODWvQDFHDVWþSR]LŗLHPD[VHFXQGHŕLDSRL
GHVIþŕXUDŗLŕXYLŗDGHSþUSkQþFkQGSXWHŗLGHVFKLGHFOHPDGLQQRXFX
SkUJKLD
1RWþ1XWUDJHŗLGHRQGXODWRUFkQGGHVIþŕXUDŗLVHFŗLXQHDGHSþU
GHRDUHFHSXWHŗLvQGUHSWDEXFOD
113HQWUXDRQGXODUHVWXOSþUXOXLUHSHWDŗLSDŕLL
'XSþXWLOL]DUH
1 2SULŗLDSDUDWXOŕLVFRDWHŗLŕWHFKHUXOGLQSUL]þ
2 $ŕH]DŗLOSHRVXSUDIDŗþWHUPRUH]LVWHQWþSkQþODUþFLUH
3 &XUþŗDŗLDSDUDWXOŕLGLVSR]LWLYXOGHRQGXODUHFXRFkUSþXPHGþ
4 3þVWUDŗLOvQWUXQORFVLJXUŕLXVFDWIþUþSUDI'HDVHPHQHDvOSXWHŗL
VXVSHQGDGHDJþŗþWRDUH
VDXvOSXWHŗLGHSR]LWDvQKXVDIXUQL]DWþ
 *DUDQŗLHŕLVHUYLFH
'DFþDYHŗLQHYRLHGHLQIRUPDŗLLGHH[GHVSUHvQORFXLUHDXQXL
DFFHVRULXVDXvQWkPSLQDŗLSUREOHPHYL]LWDŗLVLWHXO:HE3KLOLSVODDGUHVD
ZZZSKLOLSVFRPVDXFRQWDFWDŗLFHQWUXOORFDOGHDVLVWHQŗþSHQWUXFOLHQŗL
3KLOLSVQXPþUXOGHWHOHIRQvOSXWHŗLJþVLvQFHUWLÀFDWXOGHJDUDQŗLH
XQLYHUVDO'DFþvQŗDUDGYVQXH[LVWþQLFLXQFHQWUXGHDVLVWHQŗþSHQWUX
FOLHQŗLFRQWDFWDŗLGLVWULEXLWRUXO3KLOLSVORFDO
ǝȀǾǾǷǵǶ
ǦǵǼȃȈDZǸȌǴǭǯǵǯǷǵ
ǜǻǴDZǽǭǯǸȌDzǹǾǼǻǷȀǼǷǻǶǵǼǽǵǯDzǿǾǿǯȀDzǹǯǭǾǯǷǸȀǮDz3KLOLSVǑǸȌǿǻǰǻ
ȄǿǻǮȈǯǻǾǼǻǸȉǴǻǯǭǿȉǾȌǯǾDzǹǵǼǽDzǵǹȀȆDzǾǿǯǭǹǵǼǻDZDZDzǽdzǷǵ3KLOLSV
ǴǭǽDzǰǵǾǿǽǵǽȀǶǿDzǼǽǵǮǻǽǺǭǯDzǮǾǭǶǿDzZZZSKLOLSVFRPZHOFRPH
 ǏǭdzǺǭȌǵǺȁǻǽǹǭȃǵȌ
ǜDzǽDzDZǵǾǼǻǸȉǴǻǯǭǺǵDzǹǼǽǵǮǻǽǭǯǺǵǹǭǿDzǸȉǺǻǻǴǺǭǷǻǹȉǿDzǾȉǾ
ǽȀǷǻǯǻDZǾǿǯǻǹǼǻǸȉǴǻǯǭǿDzǸȌǵǾǻȂǽǭǺǵǿDzDzǰǻDZǸȌDZǭǸȉǺDzǶȅDzǰǻ
ǵǾǼǻǸȉǴǻǯǭǺǵȌǯǷǭȄDzǾǿǯDzǾǼǽǭǯǻȄǺǻǰǻǹǭǿDzǽǵǭǸǭ

ǏǚǕǙǍǚǕǒǚDzǵǾǼǻǸȉǴȀǶǿDz
ǼǽǵǮǻǽǯǮǸǵǴǵǯǻDZȈ

ǏȈǺȉǿDzǯǵǸǷȀȅǺȀǽǭǼǵǿǭǺǵȌ
ǼǽǵǮǻǽǭǵǴǽǻǴDzǿǷǵȊǸDzǷǿǽǻǾDzǿǵ
ǼǻǾǸDzǵǾǼǻǸȉǴǻǯǭǺǵȌǼǽǵǮǻǽǭǯ
ǯǭǺǺǻǶǷǻǹǺǭǿDzǎǸǵǴǻǾǿȉǯǻDZȈ
ǼǽDzDZǾǿǭǯǸȌDzǿǽǵǾǷDZǭdzDzDzǾǸǵ
ǼǽǵǮǻǽǯȈǷǸȋȄDzǺ

ǏǚǕǙǍǚǕǒǚDzǵǾǼǻǸȉǴȀǶǿDz
ǼǽǵǮǻǽǯǯǭǺǺǻǶDZȀȅDzǮǭǾǾDzǶǺDzǵǸǵ
DZǽȀǰǵȂǼǻǹDzȆDzǺǵȌȂǾ
ǼǻǯȈȅDzǺǺǻǶǯǸǭdzǺǻǾǿȉȋ

ǜǻǾǸDzǴǭǯDzǽȅDzǺǵȌǽǭǮǻǿȈ
ǻǿǷǸȋȄǵǿDzǼǽǵǮǻǽǻǿ
ǽǻǴDzǿǷǵȊǸDzǷǿǽǻǾDzǿǵ

ǏǾǸȀȄǭDzǼǻǯǽDzdzDZDzǺǵȌǾDzǿDzǯǻǰǻ
ȅǺȀǽǭDzǰǻǺDzǻǮȂǻDZǵǹǻǴǭǹDzǺǵǿȉ
ǤǿǻǮȈǻǮDzǾǼDzȄǵǿȉǮDzǴǻǼǭǾǺȀȋ
ȊǷǾǼǸȀǭǿǭȃǵȋǼǽǵǮǻǽǭǴǭǹDzǺȌǶǿDz
ȅǺȀǽǿǻǸȉǷǻǯǭǯǿǻǽǵǴǻǯǭǺǺǻǹ
ǾDzǽǯǵǾǺǻǹȃDzǺǿǽDz3KLOLSVǵǸǵǯ
ǾDzǽǯǵǾǺǻǹȃDzǺǿǽDzǾǼDzǽǾǻǺǭǸǻǹ
ǯȈǾǻǷǻǶǷǯǭǸǵȁǵǷǭȃǵǵ

ǑǭǺǺȈǹǼǽǵǮǻǽǻǹǹǻǰȀǿ
ǼǻǸȉǴǻǯǭǿȉǾȌDZDzǿǵǾǿǭǽȅDz
ǸDzǿǵǸǵȃǭǾǻǰǽǭǺǵȄDzǺǺȈǹǵ
ǵǺǿDzǸǸDzǷǿȀǭǸȉǺȈǹǵǵǸǵȁǵǴǵȄDzǾǷǵǹǵ
ǯǻǴǹǻdzǺǻǾǿȌǹǵǭǿǭǷdzDzǸǵȃǭǾ
ǺDzDZǻǾǿǭǿǻȄǺȈǹǻǼȈǿǻǹǵǴǺǭǺǵȌǹǵ
ǼǻDZǼǽǵǾǹǻǿǽǻǹDZǽȀǰǵȂǸǵȃ
ǵǸǵǼǻǾǸDzǵǺǾǿǽȀǷǿǵǽǻǯǭǺǵȌǻ
ǮDzǴǻǼǭǾǺǻǹǵǾǼǻǸȉǴǻǯǭǺǵǵǼǽǵǮǻǽǭ
ǵǼǻǿDzǺȃǵǭǸȉǺȈȂǻǼǭǾǺǻǾǿȌȂ
ǚDzǼǻǴǯǻǸȌǶǿDzDZDzǿȌǹǵǰǽǭǿȉǾ
ǼǽǵǮǻǽǻǹǑDzǿǵǹǻǰȀǿǻǾȀȆDzǾǿǯǸȌǿȉ
ǻȄǵǾǿǷȀǵȀȂǻDZǴǭǼǽǵǮǻǽǻǹǿǻǸȉǷǻ
ǼǻDZǼǽǵǾǹǻǿǽǻǹǯǴǽǻǾǸȈȂ

ǜDzǽDzDZǼǻDZǷǸȋȄDzǺǵDzǹǼǽǵǮǻǽǭ
ȀǮDzDZǵǿDzǾȉȄǿǻȀǷǭǴǭǺǺǻDzǺǭ
ǺDzǹǺǭǼǽȌdzDzǺǵDzǾǻǻǿǯDzǿǾǿǯȀDzǿ
ǺǭǼǽȌdzDzǺǵȋǹDzǾǿǺǻǶȊǸDzǷǿǽǻǾDzǿǵ

ǚDzǵǾǼǻǸȉǴȀǶǿDzǼǽǵǮǻǽDZǸȌȃDzǸDzǶ
ǻǿǸǵȄǺȈȂǻǿǻǼǵǾǭǺǺȈȂǯDZǭǺǺǻǹ
ǽȀǷǻǯǻDZǾǿǯDz

ǚDzǻǾǿǭǯǸȌǶǿDzǯǷǸȋȄDzǺǺȈǶǯǾDzǿȉ
ǼǽǵǮǻǽǮDzǴǼǽǵǾǹǻǿǽǭ

ǔǭǼǽDzȆǭDzǿǾȌǼǻǸȉǴǻǯǭǿȉǾȌǷǭǷǵǹǵ
ǸǵǮǻǭǷǾDzǾǾȀǭǽǭǹǵǵǸǵDZDzǿǭǸȌǹǵ
DZǽȀǰǵȂǼǽǻǵǴǯǻDZǵǿDzǸDzǶǺDzǵǹDzȋȆǵȂ
ǾǼDzȃǵǭǸȉǺǻǶǽDzǷǻǹDzǺDZǭȃǵǵ
3KLOLSVǜǽǵǵǾǼǻǸȉǴǻǯǭǺǵǵǿǭǷǵȂ
ǭǷǾDzǾǾȀǭǽǻǯǵDZDzǿǭǸDzǶǰǭǽǭǺǿǵǶǺȈDz
ǻǮȌǴǭǿDzǸȉǾǿǯǭǿDzǽȌȋǿǾǵǸȀ

ǚDzǻǮǹǭǿȈǯǭǶǿDzǾDzǿDzǯǻǶȅǺȀǽ
ǯǻǷǽȀǰǼǽǵǮǻǽǭ

ǜǽDzdzDZDzȄDzǹȀǮǽǭǿȉǼǽǵǮǻǽDZǭǶǿDz
DzǹȀǻǾǿȈǿȉ

ǞǻǮǸȋDZǭǶǿDzǻǾǿǻǽǻdzǺǻǾǿȉǼǽǵ
ǵǾǼǻǸȉǴǻǯǭǺǵǵǼǽǵǮǻǽǭǿǭǷǷǭǷǻǺ
ǹǻdzDzǿǾǵǸȉǺǻǺǭǰǽDzǯǭǿȉǾȌǑDzǽdzǵǿDz
ǼǽǵǮǻǽǿǻǸȉǷǻǴǭǽȀȄǷȀǿǭǷǷǭǷ
ǻǾǿǭǸȉǺȈDzȄǭǾǿǵǻȄDzǺȉǰǻǽȌȄǵDz
ǕǴǮDzǰǭǶǿDzǷǻǺǿǭǷǿǭǾǷǻdzDzǶ

ǏǾDzǰDZǭǽǭǴǹDzȆǭǶǿDzǼǽǵǮǻǽǾ
ǼǻDZǾǿǭǯǷǻǶǺǭǿDzǽǹǻǾǿǻǶǷǻǶ
ȀǾǿǻǶȄǵǯǻǶǼǸǻǾǷǻǶǼǻǯDzǽȂǺǻǾǿǵ
ǐǻǽȌȄǵǶǷǻǺǵȄDzǾǷǵǶǷǻǽǼȀǾ
ǺDzDZǻǸdzDzǺǾǻǼǽǵǷǭǾǭǿȉǾȌǾ
ǼǻǯDzǽȂǺǻǾǿȉȋǵǸǵDZǽȀǰǵǹǵ
ǯǻǾǼǸǭǹDzǺȌȋȆǵǹǵǾȌǹǭǿDzǽǵǭǸǭǹǵ

ǚDzDZǻǼȀǾǷǭǶǿDzǷǻǺǿǭǷǿǭǾDzǿDzǯǻǰǻ
ȅǺȀǽǭǾǰǻǽȌȄǵǹǵȄǭǾǿȌǹǵǼǽǵǮǻǽǭ

ǑDzǽdzǵǿDzǯǷǸȋȄDzǺǺȈǶǼǽǵǮǻǽǯ
ǾǿǻǽǻǺDzǻǿǸDzǰǷǻǯǻǾǼǸǭǹDzǺȌȋȆǵȂǾȌ
ǻǮȇDzǷǿǻǯǵǹǭǿDzǽǵǭǸǻǯ

ǔǭǼǽDzȆǭDzǿǾȌǼǻǷǽȈǯǭǿȉǺDzǻǾǿȈǯȅǵǶ
ǼǽǵǮǻǽǺǭǼǽǵǹDzǽǼǻǸǻǿDzǺȃDzǹǵǸǵ
ǻDZDzdzDZǻǶ

ǜǻǸȉǴȀǶǿDzǾȉǼǽǵǮǻǽǻǹDZǸȌȀǷǸǭDZǷǵ
ǿǻǸȉǷǻǾȀȂǵȂǯǻǸǻǾǔǭǼǽDzȆǭDzǿǾȌ
ǮǽǭǿȉǼǽǵǮǻǽǹǻǷǽȈǹǵǽȀǷǭǹǵ

ǗǻǺǵȄDzǾǷǵǶǷǻǽǼȀǾǾǸDzDZȀDzǿ
ǾǻDZDzǽdzǭǿȉǯȄǵǾǿǻǿDzǛȄǵȆǭǶǿDz
DzǰǻǻǿǼȈǸǵǰǽȌǴǵǵǾǽDzDZǾǿǯDZǸȌ
ȀǷǸǭDZǷǵǹȀǾǾǻǯǾǼǽDzDzǯǵǰDzǸDzǶ
ǔǭǼǽDzȆǭDzǿǾȌǵǾǼǻǸȉǴǻǯǭǿȉǼǽǵǮǻǽ
ǯǹDzǾǿDzǾǻǾǽDzDZǾǿǯǭǹǵDZǸȌȀǷǸǭDZǷǵ

ǗǻǽǼȀǾǼǽǵǮǻǽǭǵǹDzDzǿ
ǷDzǽǭǹǵȄDzǾǷǻDzǼǻǷǽȈǿǵDzǞǻ
ǯǽDzǹDzǺDzǹȊǿǻǼǻǷǽȈǿǵDzǹǻdzDzǿ
ǾǿǵǽǭǿȉǾȌǪǿǻǺDzǯǸǵȌDzǿǺǭǽǭǮǻǿȀ
ǼǽǵǮǻǽǭ

ǜǽǵǵǾǼǻǸȉǴǻǯǭǺǵǵǼǽǵǮǻǽǭ
ǺǭǻǷǽǭȅDzǺǺȈȂǯǻǸǻǾǭȂǺǭ
ǷǻǽǼȀǾDzǹǻǰȀǿǼǻȌǯǵǿȉǾȌǼȌǿǺǭ
ǜǽDzdzDZDzȄDzǹǵǾǼǻǸȉǴǻǯǭǿȉ
ǼǽǵǮǻǽǺǭǵǾǷȀǾǾǿǯDzǺǺȈȂ
ǯǻǸǻǾǭȂǼǽǻǷǻǺǾȀǸȉǿǵǽȀǶǿDzǾȉ
ǾǻǾǼDzȃǵǭǸǵǾǿǭǹǵǯǹDzǾǿDz
ǼǽǵǻǮǽDzǿDzǺǵȌǯǻǸǻǾ

ǑǸȌǼǽǻǯDzǽǷǵǵǸǵǽDzǹǻǺǿǭǼǽǵǮǻǽǭ
ǾǸDzDZȀDzǿǻǮǽǭȆǭǿȉǾȌǿǻǸȉǷǻǯ
ǭǯǿǻǽǵǴǻǯǭǺǺȈǶǾDzǽǯǵǾǺȈǶȃDzǺǿǽ
3KLOLSVǝDzǹǻǺǿǼǽǻǵǴǯDzDZDzǺǺȈǶ
ǺDzǷǯǭǸǵȁǵȃǵǽǻǯǭǺǺȈǹǸǵȃǻǹ
ǹǻdzDzǿǼǽǵǯDzǾǿǵǷǻǾǻǮǻǻǼǭǾǺȈǹ
DZǸȌǼǻǸȉǴǻǯǭǿDzǸȌǾǵǿȀǭȃǵȌǹ

ǏǻǵǴǮDzdzǭǺǵDzǼǻǽǭdzDzǺǵȌ
ȊǸDzǷǿǽǵȄDzǾǷǵǹǿǻǷǻǹǺDzǯǾǿǭǯǸȌǶǿDz
ǹDzǿǭǸǸǵȄDzǾǷǵDzǼǽDzDZǹDzǿȈǯ
ǻǿǯDzǽǾǿǵȌ
ǪǸDzǷǿǽǻǹǭǰǺǵǿǺȈDzǼǻǸȌǪǙǜ
ǪǿǻǿǼǽǵǮǻǽ3KLOLSVǾǻǻǿǯDzǿǾǿǯȀDzǿǯǾDzǹǼǽǵǹDzǺǵǹȈǹǾǿǭǺDZǭǽǿǭǹǵ
ǺǻǽǹǭǹǼǻǯǻǴDZDzǶǾǿǯǵȋȊǸDzǷǿǽǻǹǭǰǺǵǿǺȈȂǼǻǸDzǶ
ǔǭȆǵǿǭǻǷǽȀdzǭȋȆDzǶǾǽDzDZȈ
ǕǴDZDzǸǵDzǽǭǴǽǭǮǻǿǭǺǻǵǵǴǰǻǿǻǯǸDzǺǻǾǼǽǵǹDzǺDzǺǵDzǹ
ǯȈǾǻǷǻǷǭȄDzǾǿǯDzǺǺȈȂDZDzǿǭǸDzǶǵǷǻǹǼǻǺDzǺǿǻǯǷǻǿǻǽȈDz
ǼǻDZǸDzdzǭǿǼDzǽDzǽǭǮǻǿǷDzǵǼǻǯǿǻǽǺǻǹȀǵǾǼǻǸȉǴǻǯǭǺǵȋ
ǒǾǸǵǵǴDZDzǸǵDzǹǭǽǷǵǽǻǯǭǺǻǴǺǭȄǷǻǹǾǵǴǻǮǽǭdzDzǺǵDzǹ
ǼDzǽDzȄDzǽǷǺȀǿǻǰǻǹȀǾǻǽǺǻǰǻǮǭǷǭȊǿǻǻǴǺǭȄǭDzǿȄǿǻǻǺǻ
ǾǻǻǿǯDzǿǾǿǯȀDzǿDZǵǽDzǷǿǵǯDzǒǯǽǻǼDzǶǾǷǻǰǻǜǭǽǸǭǹDzǺǿǭ(8
ǠǴǺǭǶǿDzǻǽǭǴDZDzǸȉǺǻǶȀǿǵǸǵǴǭȃǵǵȊǸDzǷǿǽǻǿDzȂǺǵȄDzǾǷǵȂǵ
ȊǸDzǷǿǽǻǺǺȈȂǵǴDZDzǸǵǶǾǻǰǸǭǾǺǻǹDzǾǿǺǻǹȀǴǭǷǻǺǻDZǭǿDzǸȉǾǿǯȀ
ǑDzǶǾǿǯȀǶǿDzǯǾǻǻǿǯDzǿǾǿǯǵǵǾǹDzǾǿǺȈǹǵǼǽǭǯǵǸǭǹǵǵǺDz
ǯȈǮǽǭǾȈǯǭǶǿDzǻǿǽǭǮǻǿǭǯȅDzDzǵǴDZDzǸǵDzǯǹDzǾǿDzǾǮȈǿǻǯȈǹǵ
ǻǿȂǻDZǭǹǵǜǽǭǯǵǸȉǺǭȌȀǿǵǸǵǴǭȃǵȌǻǿǽǭǮǻǿǭǯȅDzǰǻǵǴDZDzǸǵȌ
ǼǻǹǻdzDzǿǼǽDzDZǻǿǯǽǭǿǵǿȉǯǻǴǹǻdzǺȈDzǺDzǰǭǿǵǯǺȈDzǼǻǾǸDzDZǾǿǯǵȌDZǸȌ
ǻǷǽȀdzǭȋȆDzǶǾǽDzDZȈǵǴDZǻǽǻǯȉȌȄDzǸǻǯDzǷǭ
 ǔǭǯǵǯǭǶǿDzǯǻǸǻǾȈ
1 ǜǻǾǿǭǯȉǿDzǼǽǵǮǻǽǾǼǻDZǾǿǭǯǷǻǶ ǺǭǿDzǽǹǻǾǿǻǶǷȀȋ
ǼǻǯDzǽȂǺǻǾǿȉ
2 ǏǷǸȋȄǵǿDzȅǿDzǼǾDzǸȉǯǽǻǴDzǿǷȀ
3 ǜDzǽDzǯDzDZǵǿDzǼDzǽDzǷǸȋȄǭǿDzǸȉ
ǯǼǻǸǻdzDzǺǵDz
» ǕǺDZǵǷǭǿǻǽǽǭǮǻǿȈ
DZǻǸdzDzǺǴǭǰǻǽDzǿȉǾȌ

ǤǿǻǮȈǯȈǷǸȋȄǵǿȉǼǽǵǮǻǽǼDzǽDzǯDzDZǵǿDzǼDzǽDzǷǸȋȄǭǿDzǸȉǯ
ǼǻǸǻdzDzǺǵDz
4 ǜǽǵǮǻǽDZǻǸdzDzǺǺǭǰǽDzǯǭǿȉǾȌǺDzǹDzǺDzDzǾDzǷȀǺDZ
» ǗǻǰDZǭȆǵǼȃȈǰǻǿǻǯȈǵǺDZǵǷǭǿǻǽǺǭǰǽDzǯǭ ǺǭȃǵǸǵǺDZǽDz
ǾǹDzǺǵǿȃǯDzǿǾǸǵǸǻǯǻǰǻȂǻǸǻDZǺȈǶǺǭǽǻǴǻǯȈǶǰǻǽȌȄǵǶ
5 ǝǭǾȄDzȅǵǿDzǯǻǸǻǾȈǵǽǭǴDZDzǸǵǿDzǵȂǺǭǺDzǮǻǸȉȅǵDzǼǽȌDZǵ
6 ǞDZǯǵǺȉǿDzǼǻDZǾǿǭǯǷȀǺǭǴǭDZ
7 ǚǭdzǹǵǿDzǽȈȄǭdzǻǷ
ǵǼǻǹDzǾǿǵǿDzǼǽȌDZȉǯǻǸǻǾǹDzdzDZȀ
ȃǵǸǵǺDZǽǻǹ ǵǴǭdzǵǹǻǹ 
8 ǛǿǼȀǾǿǵǿDzǽȈȄǭdzǻǷǵǼDzǽDzDZǯǵǺȉǿDzȃǵǸǵǺDZǽǷǷǻǺȄǵǷȀǼǽȌDZǵ
9 ǑDzǽdzǭǾȉǴǭȂǻǸǻDZǺȈǶǷǽǭǶ
ǵǽȀȄǷȀ ȆǵǼȃǻǯǺǭǷǽȀȄǵǯǭǶǿDz
ǼǽȌDZȉǺǭȃǵǸǵǺDZǽDZǻǷǻǽǺDzǶǯǻǸǻǾ
10ǑDzǽdzǵǿDzȃǵǼȃȈǯǿǭǷǻǹǼǻǸǻdzDzǺǵǵǹǭǷǾǵǹȀǹǾDzǷȀǺDZǴǭǿDzǹ
ǽǭǾǷǽȀǿǵǿDzǼǽȌDZȉǵǻǿǷǽǻǶǿDzǴǭdzǵǹǾǼǻǹǻȆȉȋǽȈȄǭdzǷǭ
ǜǽǵǹDzȄǭǺǵDzǚDzǿȌǺǵǿDzȆǵǼȃȈǼǽǵǽǭǾǷǽȀȄǵǯǭǺǵǵǼǽȌDZǵǵǺǭȄDz
ǯǹDzǾǿǻǴǭǯǵǯǷǵǯȈǽǭǾǼǽȌǹǵǿDzDzDz
11ǔǭǯDzǶǿDzǻǾǿǭǸȉǺȈDzǯǻǸǻǾȈǼǻǯǿǻǽȌȌȅǭǰǵǾǼǻ
ǜǻǾǸDzǵǾǼǻǸȉǴǻǯǭǺǵȌ
1 ǏȈǷǸȋȄǵǿDzǼǽǵǮǻǽǵǯȈǺȉǿDzȅǿDzǼǾDzǸȉǵǴǽǻǴDzǿǷǵ
2 ǜǻǹDzǾǿǵǿDzDzǰǻǺǭǿDzǽǹǻǾǿǻǶǷȀȋǼǻǯDzǽȂǺǻǾǿȉDZǻǼǻǸǺǻǰǻ
ǻǾǿȈǯǭǺǵȌ
3 ǛȄǵǾǿǵǿDzǼǽǵǮǻǽǹȌǰǷǻǶǿǷǭǺȉȋ
4 ǢǽǭǺǵǿDzǯǾȀȂǻǹȄǵǾǿǻǹǹDzǾǿDzǜǽǵǮǻǽǿǭǷdzDzǹǻdzǺǻǯDzȅǭǿȉǴǭ
ǼDzǿǸȋ
ǵǸǵȂǽǭǺǵǿȉǯȄDzȂǸDzǼǻǾǿǭǯǸȌDzǿǾȌǯǷǻǹǼǸDzǷǿDz
 ǐǭǽǭǺǿǵȌǵǻǮǾǸȀdzǵǯǭǺǵDz
ǜǽǵǯǻǴǺǵǷǺǻǯDzǺǵǵǼǽǻǮǸDzǹȈǼǽǵǺDzǻǮȂǻDZǵǹǻǾǿǵǼǻǸȀȄDzǺǵȌ
ǾDzǽǯǵǾǺǻǰǻǻǮǾǸȀdzǵǯǭǺǵȌǵǸǵǵǺȁǻǽǹǭȃǵǵǺǭǼǽǵǹDzǽDzǾǸǵ
ǺȀdzǺǻǴǭǹDzǺǵǿȉǺǭǾǭDZǷȀǴǭǶDZǵǿDzǺǭǯDzǮǾǭǶǿǷǻǹǼǭǺǵǵ3KLOLSV
ZZZSKLOLSVFRPǵǸǵǻǮǽǭǿǵǿDzǾȉǯȃDzǺǿǽǼǻDZDZDzǽdzǷǵǼǻǿǽDzǮǵǿDzǸDzǶ
ǯǯǭȅDzǶǾǿǽǭǺDzǺǻǹDzǽǿDzǸDzȁǻǺǭȃDzǺǿǽǭȀǷǭǴǭǺǺǭǰǭǽǭǺǿǵǶǺǻǹ
ǿǭǸǻǺDzǒǾǸǵǯǯǭȅDzǶǾǿǽǭǺDzǺDzǿȃDzǺǿǽǭǼǻDZDZDzǽdzǷǵǼǻǿǽDzǮǵǿDzǸDzǶ
3KLOLSVǻǮǽǭǿǵǿDzǾȉǼǻǹDzǾǿȀǼǽǵǻǮǽDzǿDzǺǵȌǵǴDZDzǸǵȌ
ǑǸȌǮȈǿǻǯȈȂǺȀdzDZ
ǕǴǰǻǿǻǯǵǿDzǸȉ´ǡǵǸǵǼǾǗǻǺǾȉȋǹDzǽǘǭǶȁǾǿǭǶǸǎǏµǟȀǾǾDzǺDZǵDzǼDzǺ
ǍǑǑǽǭȂǿDzǺǚǵDZDzǽǸǭǺDZȈ
ǕǹǼǻǽǿDzǽǺǭǿDzǽǽǵǿǻǽǵȋǝǻǾǾǵǵǵǟǭǹǻdzDzǺǺǻǰǻǞǻȋǴǭǛǛǛ
©ǡǵǸǵǼǾªǝǻǾǾǵȌǙǻǾǷǯǭȀǸǞDzǽǰDzȌǙǭǷDzDzǯǭǿDzǸ

ǕǹǼǻǽǿDzǽǺǭǿDzǽǽǵǿǻǽǵȋǝǻǾǾǵǵǵǟǭǹǻdzDzǺǺǻǰǻǞǻȋǴǭ
ǼǽǵǺǵǹǭDzǿǼǽDzǿDzǺǴǵǵǼǻǿǽDzǮǵǿDzǸDzǶǯǾǸȀȄǭȌȂǼǽDzDZȀǾǹǻǿǽDzǺǺȈȂ
ǔǭǷǻǺǻǹǝǡ©ǛǴǭȆǵǿDzǼǽǭǯǼǻǿǽDzǮǵǿDzǸDzǶª1ª
ǯǻǿǺǻȅDzǺǵǵǿǻǯǭǽǭǼǽǵǻǮǽDzǿDzǺǺǻǰǻǺǭǿDzǽǽǵǿǻǽǵǵǝǻǾǾǵǶǾǷǻǶ
ǡDzDZDzǽǭȃǵǵ
6ORYHQVN\
%ODKRçHOiPH9iPNXN~SHDYtWDPH9iVPHG]LSRXçtYDWHĸPLSURGXNWRY
VSRORĈQRVWL3KLOLSV$NFKFHWHQDSOQRY\XçLřSRGSRUXSRQ~NDQ~
VSRORĈQRVřRX3KLOLSV]DUHJLVWUXMWHVYRMSURGXNWQDORNDOLWH
ZZZSKLOLSVFRPZHOFRPH
 '{OHçLWp
3UHGSRXçLWtP]DULDGHQLDVLSR]RUQHSUHĈtWDMWHWHQWRQiYRGQDSRXçLWLHD
SRQHFKDMWHVLKRSUHSUtSDGSRWUHE\YEXG~FQRVWL

9$529$1,(1HSRXçtYDMWH]DULDGHQLH
YEOt]NRVWLYRG\

$N]DULDGHQLHSRXçtYDWHYN~SHĸQL
KQHĊSRSRXçLWtKRRGSRMWH]R
VLHWHSUHWRçHYRGDYMHKREOt]NRVWL
SUHGVWDYXMHQHEH]SHĈHQVWYRDMNHĊMH
]DULDGHQLHY\SQXWp

9$529$1,(7RWR]DULDGHQLH
QHSRXçtYDMWHYEOt]NRVWLYDQt
VSŋFKXPîYDGLHODQLLQîFK
QiGREREVDKXM~FLFKYRGX

3RSRXçLWtYçG\RGSRMWH]DULDGHQLH]R
VLHWH

9SUtSDGHSRåNRGHQLDHOHNWULFNpKR
NiEODMHSRWUHEQpVLKRGDřY\PHQLřY
VSRORĈQRVWL3KLOLSVVHUYLVQRPVWUHGLVNX
VSRORĈQRVWL3KLOLSVDOHERXSRGREQH
NYDOLÀNRYDQîFKRV{EDE\VDSUHGLåOR
PRçQîPUL]LNiP

7RWR]DULDGHQLHP{çXSRXçtYDřGHWL
VWDUåLHDNRURNRYDRVRE\NWRUp
PDM~REPHG]HQpWHOHVQp]P\VORYp
DOHERPHQWiOQHVFKRSQRVWLDOHER
QHPDM~GRVWDWRNVN~VHQRVWtD]QDORVWt
SRNLDĸV~SRGGR]RURPDOHERLP
ERORY\VYHWOHQpEH]SHĈQpSRXçtYDQLH
WRKWR]DULDGHQLDD]DSUHGSRNODGX
çHUR]XPHM~SUtVOXåQîPUL]LNiP'HWL
VDQHVP~KUDřVWîPWR]DULDGHQtP
'HWLE\EH]GR]RUXQHVP~ĈLVWLřDQL
XGUçLDYDřWRWR]DULDGHQLH

3UHGSULSRMHQtP]DULDGHQLDVD
SUHVYHGĈWHĈLQDSlWLHXGiYDQp
QD]DULDGHQt]RGSRYHGiQDSlWLXY
PLHVWQHMHOHNWULFNHMVLHWL

=DULDGHQLHQHSRXçtYDMWHQDLQp~ĈHO\
DNRWLHNWRUpV~RStVDQpYWRPWR
QiYRGHQDSRXçLWLH

.HĊMH]DULDGHQLDSULSRMHQpN
HOHNWULFNHMVLHWLQLNG\KRQHQHFKiYDMWH
EH]GR]RUX

1LNG\QHSRXçtYDMWHSUtVOXåHQVWYR
DQLV~ĈLDVWN\RGLQîFKYîUREFRYDQL
SUtVOXåHQVWYRNWRUpVSRORĈQRVř3KLOLSV
YîVORYQHQHRGSRUXĈLOD$NWDNpWR
SUtVOXåHQVWYRDOHERV~ĈLDVWN\SRXçLMHWH
]iUXNDVWUiFDSODWQRVř

6LHřRYîNiEHOQHQDYtMDMWHRNROR
]DULDGHQLD

3UHGWîPDNR]DULDGHQLHRGORçtWH
QHFKDMWHKRY\FKODGQ~ř

3ULSRXçtYDQt]DULDGHQLDEXĊWH
PLPRULDGQHRSDWUQtSUHWRçHP{çHE\ř
YHĸPLKRU~FH=DULDGHQLHGUçWHOHQ]D
U~ĈNXSUHWRçHRVWDWQpĈDVWLV~KRU~FH
=DEUiŀWHNRQWDNWXVSRNRçNRX

=DULDGHQLHYçG\SRORçWHVWRMDQRPQD
VWDELOQîDURYQîSRYUFKRGROQîYRĈL
Y\VRNHMWHSORWH+RU~FLYDOHFVDQHVPLH
GRWîNDřSRYUFKXDQLLQpKRKRUĸDYpKR
PDWHULiOX

'iYDMWHSR]RUDE\VDVLHřRYîNiEHO
QHGRWîNDOKRU~FLFKĈDVWt]DULDGHQLD

=DSQXWp]DULDGHQLHVDQHVPLHGRVWDř
GREOt]NRVWLKRUĸDYîFKSUHGPHWRYD
PDWHULiOX

=DSQXWp]DULDGHQLHQLNG\QLĈtP
QHSULNUîYDMWHQDSUXWHUiNRPDOHER
REOHĈHQtP

=DULDGHQLHSRXçtYDMWHOHQQD
~SUDYXVXFKîFKYODVRY=DULDGHQLH
QHSRXçtYDMWHDNPiWHPRNUpUXN\

9DOHFXGUçLDYDMWHĈLVWîFKUiŀWHKRSUHG
SUDFKRPD]QHĈLVWHQtPSUtSUDYNDPL
QDWYDURYDQLH~ĈHVXDNRQDSUtNODG
SHQRYîPWXçLGORPODNRPDOHER
JpORP=DULDGHQLHQLNG\QHSRXçtYDMWHY
NRPELQiFLLVSURVWULHGNDPLQD~SUDYX
~ĈHVRY

9DOHF]DULDGHQLDPiNHUDPLFN~
SRYUFKRY~YUVWYX3RYUFKRY~YUVWYDVD
P{çHĈDVRPSRVWXSQHRSRWUHERYDř
7RWRYåDNQHPiYSO\YQDĈLQQRVřDQL
YîNRQ]DULDGHQLD

$NVD]DULDGHQLHSRXçtYDQD~SUDYX
IDUEHQîFKYODVRYYDOHFNXOP\VDP{çH
]QHĈLVWLř3UHGSRXçLWtPQDXPHOîFK
YODVRFKVDYçG\SRUDĊWHVSUHGDMFRP
GDQîFKYODVRY

=DULDGHQLHYçG\YUiřWHGRVHUYLVQpKR
VWUHGLVNDDXWRUL]RYDQpKRVSRORĈQRVřRX
3KLOLSVNGHKRVNRQWUROXM~SUtSDGQH
RSUDYLD2SUDYDQHNYDOLÀNRYDQRX
RVRERXP{çHSUHSRXçtYDWHĸD
SUHGVWDYRYDřYHĸNpQHEH]SHĈHQVWYR

'RRWYRURYQH]DV~YDMWHNRYRYp
SUHGPHW\DE\QHGRåORN]iVDKX
HOHNWULFNîPSU~GRP
(OHNWURPDJQHWLFNpSROLD(0)
7HQWRVSRWUHELĈ]QDĈN\3KLOLSVY\KRYXMHYåHWNîPSUtVOXåQîPQRUPiPD
VPHUQLFLDPWîNDM~FLPVDY\VWDYHQLDHOHNWURPDJQHWLFNîPSROLDP
æLYRWQpSURVWUHGLH
3ULQDYUKRYDQtDYîUREHSURGXNWXVDSRXçLOLY\VRNRNYDOLWQp
PDWHULiO\DV~ĈDVWLNWRUpPRçQRUHF\NORYDřD]QRYDY\XçLř
.HĊVDQDSURGXNWHQDFKiG]DV\PEROSUHĈLDUNQXWpKRNRåDVNROLHVNDPL
]QDPHQiWRçHVDQDGDQîSURGXNWY]řDKXMH(XUySVNDVPHUQLFD
(Ô
,QIRUPXMWHVDRPLHVWQRPV\VWpPHVHSDURYDQpKR]EHUXHOHNWULFNîFK
DHOHNWURQLFNîFK]DULDGHQt
'RGUçLDYDMWHPLHVWQHSUHGSLV\DQHY\KDG]XMWHSRXçLWp]DULDGHQLDGR
EHçQpKRGRPRYpKRRGSDGX6SUiYQRXOLNYLGiFLRXSRXçLWpKR]DULDGHQLD
SRP{çHWH]QLçRYDřQHJDWtYQHQiVOHGN\QDçLYRWQpSURVWUHGLHDĸXGVNp
]GUDYLH
 9\WYiUDQLHNXĈHUDYpKR~ĈHVX
1 =DULDGHQLHVSRGVWDYFRP QDVPHURYDQîPYRQSRORçWHQD
WHSORY]GRUQîSRYUFK
2 3ULSRMWH]iVWUĈNXGRVLHřRYHM]iVXYN\
3 3RVXQXWtPY\StQDĈD
GRSRORK\ ]DSQLWH]DULDGHQLH
» 5R]VYLHWLVDNRQWUROQpVYHWOR]DSQXWLD


$NFKFHWH]DULDGHQLHY\SQ~řSRVXŀWHY\StQDĈGRSRORK\
4 =DULDGHQLHQHFKDMWH]DKULHYDřDVSRŀVHN~QG
» .HĊVDNXOPD]RKUHMHLQGLNiWRUSULSUDYHQRVWLQDSRXçLWLH
QDFKiG]DM~FLVDQDYDOFL
]PHQtIDUEX]ÀDORYHMFKODGQîYDOHF
QDUXçRY~KRU~FLYDOHF
5 5R]ĈHåWHVLYODV\DUR]GHĸWHLFKGRPHQåtFKSUDPHŀRY
6 3RGVWDYHFSRVXŀWHGR]DGX
7 6WODĈWHSiNX
DGRSULHVWRUXPHG]LYDOFRPNXOP\ DVSRQRX 
YORçWHSUDPHŀYODVRY
8 8YRĸQLWHSiNXDSRV~YDMWHYDOHFDçNXNRQĈHNRPYODVRY
9 8FKRSWHFKODGQ~åSLĈNX
DU~ĈNX NXOP\DSRWRPQDYLŀWH
SUDPHŀYODVRYRNRORYDOFDVPHURPRGNRQĈHNRYNXNRULHQNRP
103RGUçWHNXOPXYGDQHMSRORKHQDPD[VHN~QGDSRWRPRGYtMDMWH
SUDPHŀYODVRYDçNîPVDQHEXGHGDřSRPRFRXSiN\]QRYDRWYRULř
VSRQD
3R]QiPND3ULRGYtMDQtSUDPHŀDQHřDKDMWH]DNXOPXSUHWRçHE\VWH
WîPNXĈHUXY\URYQDOL
11$NFKFHWHY\WYRULřNXĈHU\DM]RVWDWQîFKYODVRYRSDNXMWHNURN\Dç
3RSRXçLWt
1 9\SQLWH]DULDGHQLHDRGSRMWHKR]RVLHWH
2 8PLHVWQLWHKRQDWHSORY]GRUQîSRGNODGDSRĈNDMWHNîPY\FKODGQH
3 =DULDGHQLHDNXOPRYDFLHNOLHåWHRĈLVWLWHQDYOKĈHQRXWNDQLQRX
4 =DULDGHQLHVNODGXMWHQDEH]SHĈQRPVXFKRPDEH]SUDåQRPPLHVWH
0{çHWHKRWLHç]DYHVLř]DRĈNRQD]DYHVHQLH
DOHERKRRGORçLř
GRGRGDQpKRSX]GUD
 =iUXNDDVHUYLV
$NSRWUHEXMHWHLQIRUPiFLHQDSURYîPHQHQiVWDYFDDOHERDNVD
Y\VN\WQHSUREOpPQDYåWtYWHZHERY~VWUiQNXVSRORĈQRVWL3KLOLSVQD
DGUHVHZZZSKLOLSVFRPDOHERNRQWDNWXMWH6WUHGLVNRVWDURVWOLYRVWLR
]iND]QtNRYVSRORĈQRVWL3KLOLSVYR9DåHMNUDMLQHWHOHIyQQHĈtVORWRKWR
VWUHGLVNDQiMGHWHYPHG]LQiURGQRP]iUXĈQRPOLVWH$NVDYR9HM
NUDMLQHWRWRVWUHGLVNRQHQDFKiG]DREUiřWHVDQDPLHVWQHKRSUHGDMFX
YîURENRY3KLOLSV
6ORYHQåĈLQD
ćHVWLWDPRYDP]DQDNXSLQGREURGRåOLSUL3KLOLSVX'DELL]NRULVWLOL
YVHSUHGQRVWL3KLOLSVRYHSRGSRUHL]GHOHNUHJLVWULUDMWHQDVWUDQL
ZZZSKLOLSVFRPZHOFRPH
 3RPHPEQR
3UHGXSRUDERDSDUDWDQDWDQĈQRSUHEHULWHWDXSRUDEQLåNLSULURĈQLNLQJD
VKUDQLWH]DSR]QHMåRXSRUDER

232=25,/2$SDUDWDQHXSRUDEOMDMWH
YEOLçLQLYRGH

.RDSDUDWXSRUDEOMDWHYNRSDOQLFL
JDSRXSRUDELYHGQRL]NOMXĈLWHL]
RPUHçMDNHUQHSRVUHGQDEOLçLQDYRGH
SUHGVWDYOMDQHYDUQRVWĈHWXGLMHDSDUDW
L]NORSOMHQ

232=25,/2$SDUDWDQH
XSRUDEOMDMWHYEOLçLQLNDGLWXåHY
XPLYDOQLNRYDOLGUXJLKSRVRG]
YRGR

3RXSRUDELDSDUDWYHGQRL]NORSLWHL]
RPUHçQHYWLĈQLFH

3RåNRGRYDQLRPUHçQLNDEHOVPH
]DPHQMDWLOHSRGMHWMH3KLOLSV3KLOLSVRY
SRREODåĈHQLVHUYLVDOLXVWUH]QR
XVSRVREOMHQRRVHEMH

7DDSDUDWODKNRXSRUDEOMDMRRWURFL
RGOHWDVWDURVWLQDSUHMLQRVHEH]
]PDQMåDQLPLÀ]LĈQLPLDOLSVLKLĈQLPL
VSRVREQRVWPLDOLVSRPDQMNOMLYLPL
L]NXåQMDPLLQ]QDQMHPĈHVRSUHMHOH
QDYRGLODJOHGHYDUQHXSRUDEHDSDUDWD
DOLMLKSULXSRUDELQDG]RUXMHRGJRYRUQD
RVHEDNLMLKRSR]RULQDPRUHELWQH
QHYDUQRVWL2WURFLQDMVHQHLJUDMR]
DSDUDWRP2WURFLDSDUDWDQHVPHMR
ĈLVWLWLLQY]GUçHYDWLEUH]QDG]RUD

3UHGHQDSDUDWSULNOMXĈLWHSUHYHULWHDOL
QDDSDUDWXR]QDĈHQDQDSHWRVWXVWUH]D
QDSHWRVWLORNDOQHJDHOHNWULĈQHJD
RPUHçMD

$SDUDWXSRUDEOMDMWHL]NOMXĈQRY
QDPHQHNLVRRSLVDQLYWHPSULURĈQLNX

.RMHDSDUDWSULNOMXĈHQQDQDSDMDQMHJD
QHSXåĈDMWHEUH]QDG]RUD

1HXSRUDEOMDMWHQDVWDYNRYDOLGHORY
GUXJLKSURL]YDMDOFHYNLMLK3KLOLSV
L]UHFQRQHSULSRURĈD8SRUDEDWDNåQLK
QDVWDYNRYUD]YHOMDYLJDUDQFLMR

2PUHçQHJDNDEODQHQDYLMDMWHRNROL
DSDUDWD

3UHGHQDSDUDWVKUDQLWHSRĈDNDMWHGD
VHRKODGL

3ULXSRUDELDSDUDWDERGLWH]HOR
SR]RUQLNHUMHODKNRL]MHPQRYURĈ
3ULPLWHVDPRURĈDMNHUVRGUXJLGHOL
YURĈLLQVHL]RJLEDMWHVWLNXVNRçR

$SDUDWVVWRMDORPYHGQRSRORçLWH
QDVWDELOQRUDYQRSRYUåLQRRGSRUQR
SURWLYURĈLQL9URĈDFHYNDVHQHVPH
QLNROLGRWDNQLWLSRYUåLQHDOLGUXJHJD
YQHWOMLYHJDPDWHULDOD

3UHSUHĈLWHVWLNRPUHçQHJDNDEOD]
YURĈLPLGHOLDSDUDWD

9NORSOMHQHJDDSDUDWDQHSULEOLçXMWH
YQHWOMLYLPSUHGPHWRPLQPDWHULDORP

9URĈHJDDSDUDWDQHSRNULYDMWHQSU]
EULVDĈRDOLREOHNR

$SDUDWXSRUDEOMDMWHVDPRQDVXKLK
ODVHK$SDUDWDQHXSRUDEOMDMWH]
PRNULPLURNDPL

&HYNDPRUDELWLĈLVWDLQEUH]SUDKX
XPD]DQLMHLQVUHGVWHY]DREOLNRYDQMH
NRWVRSHQDUD]SUåLORLQJHO$SDUDWD
QHXSRUDEOMDMWHYNRPELQDFLMLVVUHGVWYL
]DREOLNRYDQMH

&HYNDLPDNHUDPLĈQRSUHYOHNR
3UHYOHNDVHVĈDVRPDODKNRREUDEL
9HQGDUWRQHYSOLYDQDGHORYDQMH
DSDUDWD

ćHDSDUDWXSRUDEOMDWHQDEDUYDQLK
ODVHKVHFHYNDODKNRXPDçH3UHGHQ
JDXSRUDELWHQDXPHWQLKODVHKVH
SRVYHWXMWH]QMLKRYLPGLVWULEXWHUMHP

=DSUHJOHGDOLSRSUDYLORDSDUDWDVH
REUQLWHQD3KLOLSVRYSRREODåĈHQLVHUYLV
3RSUDYLORVVWUDQLQHXVSRVREOMHQLK
RVHEMHODKNR]DXSRUDEQLNDL]UHGQR
QHYDUQR

9UHçHQHYVWDYOMDMWHNRYLQVNLK
SUHGPHWRYGDQHSRY]URĈLWH
HOHNWULĈQHJDåRND
(OHNWURPDJQHWQDSROMD(0)
7D3KLOLSVRYDSDUDWXVWUH]DYVHPYHOMDYQLPVWDQGDUGRPLQSUHGSLVRP
JOHGHL]SRVWDYOMHQRVWLHOHNWURPDJQHWQLPSROMHP
2NROMH
7DL]GHOHNMHQDUHMHQL]YLVRNRNDNRYRVWQLKPDWHULDORYLQVHVWDYQLK
GHORYNLMLKMHPRJRĈHUHFLNOLUDWLLQXSRUDELWL]QRYD
ćHMHL]GHOHNRSUHPOMHQVVLPERORPSUHĈUWDQHJDVPHWQMDNDQDNROHVLK
WRSRPHQLGDMHSULUDYQDQMXVWHPL]GHONRPWUHEDXSRåWHYDWLHYURSVNR
GLUHNWLYR(6
3RL]YHGLWHNDNRMHQDYDåHPREPRĈMXRUJDQL]LUDQRORĈHQR]ELUDQMH
RGSDGQLKHOHNWULĈQLKLQHOHNWURQVNLKL]GHONRY
5DYQDMWHYVNODGX]ORNDOQLPLSUHGSLVL,]UDEOMHQLKL]GHONRYQHRGODJDMWH
PHGRELĈDMQHJRVSRGLQMVNHRGSDGNH6SUDYLOQLPRGODJDQMHPVWDULK
L]GHONRYSULSRPRUHWHNSUHSUHĈHYDQMXPRUHELWQLKQHJDWLYQLKYSOLYRYQD
RNROMHLQĈORYHåNR]GUDYMH
 .RGUDQMHODV
1 $SDUDW]RSRUR QD]XQDQMLVWUDQLSRORçLWHQDSRYUåLQRRGSRUQR
SURWLYURĈLQL
2 9WLNDĈSULNOMXĈLWHQDRPUHçQRYWLĈQLFR
3 6WLNDOR]DYNORSL]NORS
SUHPDNQLWHYSRORçDM GDYNORSLWHDSDUDW
» =DVYHWLLQGLNDWRUYNORSD


$SDUDWL]NORSLWHWDNRGDVWLNDOR]DYNORSL]NORSSUHPDNQHWHY
SRORçDM
4 3XVWLWHDSDUDWGDVHVHJUHYDYVDMVHNXQG
» .RMHNRGUDOQLNVHJUHWLQGLNDWRUSULSUDYOMHQRVWL
QDFHYNLVSUHPHQL
EDUYRL]YLMROLĈDVWHKODGQDFHYNDYURçQDWRYURĈDFHYND
5 3RĈHåLWHVHLQODVHUD]GHOLWHQDSUDPHQH
6 2SRURSRWLVQLWHQD]DM
7 3ULWLVQLWHY]YRG
LQPHGFHYNR WHUVSRQNR YVWDYLWH
SUDPHQODV
8 6SURVWLWHY]YRGLQSRWLVQLWHFHYNRGRNRQFDSUDPHQD
9 'UçLWHKODGQRNRQLFR
LQURĈDM NRGUDOQLNDLQQDWRRYLMWH
SUDPHQODVRNROLFHYNHRGNRQLFHGRODVLåĈD
10.RGUDOQLNYWHPSRORçDMXGUçLWHQDMYHĈVHNXQG1DWRRGYLMWHSUDPHQ
WDNRGDODKNR]Y]YRGRP]QRYDRGSUHWHVSRQNR
2SRPED3ULRGYLMDQMXSUDPHQDQHYOHFLWH]DNRGUDOQLNćHWRQDUHGLWH
ERVWH]UDYQDOLNRGHU
11=DNRGUDQMHSUHRVWDOLKODVSRQDYOMDMWHNRUDNHRGGR
3RXSRUDEL
1 $SDUDWL]NORSLWHLQL]NOMXĈLWH
2 3RORçLWHJDQDSRYUåLQRNLMHRGSRUQDQDYURĈLQRGDVHRKODGL
3 $SDUDWLQNRGUDOQHNOHåĈHRĈLVWLWH]YODçQRNUSR
4 $SDUDWKUDQLWHQDYDUQHPLQVXKHPPHVWXNMHUQLSUDKX/DKNRJD
WXGLREHVLWH]DREHåDOQR]DQNR
DOLVSUDYLWHYSULORçHQRWRUELFR
 *DUDQFLMDLQVHUYLV
=DLQIRUPDFLMHQDSULPHUR]DPHQMDYLQDVWDYNDDOLYSULPHUXWHçDY
RELåĈLWH3KLOLSVRYRVSOHWQRVWUDQQDQDVORYXZZZSKLOLSVFRPR]LURPD
VHREUQLWHQD3KLOLSVRYFHQWHU]DSRPRĈXSRUDEQLNRPYVYRMLGUçDYL
WHOHIRQVNRåWHYLONRODKNRQDMGHWHQDPHGQDURGQHPJDUDQFLMVNHPOLVWX
ćHYYDåLGUçDYLWDNåQHJDFHQWUDQLVHREUQLWHQDORNDOQHJD3KLOLSVRYHJD
SURGDMDOFD
6USVNL
ćHVWLWDPRQDNXSRYLQLLGREURGRåOLX3KLOLSV'DELVWHQDQDMEROMLQDĈLQ
LVNRULVWLOLSRGUåNXNRMXQXGLNRPSDQLMD3KLOLSVUHJLVWUXMWHVYRMSURL]YRG
QDDGUHVLZZZSKLOLSVFRPZHOFRPH
 9DçQR
3UHXSRWUHEHDSDUDWDSDçOMLYRSURĈLWDMWHRYRXSXWVWYRLVDĈXYDMWHJD]D
EXGXĂXXSRWUHEX

832=25(1-(1HPRMWHGDNRULVWLWH
RYDMDSDUDWXEOL]LQLYRGH

$NRNRULVWLWHDSDUDWXNXSDWLOX
LVNOMXĈLWHJDL]VWUXMHQDNRQXSRWUHEH
MHUEOL]LQDYRGHSUHGVWDYOMDUL]LNĈDNL
NDGMHDSDUDWLVNOMXĈHQ

832=25(1-(1HPRMWHGDNRULVWLWH
RYDMDSDUDWXEOL]LQLNDGHWXå
NDELQHXPLYDRQLNDLSRVXGDVD
YRGRP

1DNRQXSRWUHEHDSDUDWXYHNLVNOMXĈLWH
L]XWLĈQLFH

$NRMHNDEO]DQDSDMDQMHRåWHĂHQXYHN
PRUDGDJD]DPHQLNRPSDQLMD3KLOLSV
RYODåĂHQL3KLOLSVVHUYLVQLFHQWDULOLQD
VOLĈDQQDĈLQNYDOLÀNRYDQHRVREHNDNR
ELVHL]EHJDRUL]LN

2YDMDSDUDWPRJXGDNRULVWH
GHFDVWDULMDRGJRGLQDLRVREH
VDVPDQMHQLPÀ]LĈNLPVHQ]RUQLP
LOLPHQWDOQLPVSRVREQRVWLPDLOL
QHGRVWDWNRPLVNXVWYDL]QDQMDSRG
XVORYRPGDVXSRGQDG]RURPLOLGDVX
GRELOHXSXWVWYD]DEH]EHGQXXSRWUHEX
DSDUDWDLGDUD]XPHMXPRJXĂH
RSDVQRVWL'HFDQHELWUHEDORGDVH
LJUDMXDSDUDWRP'HFDQHELWUHEDORGD
ĈLVWHDSDUDWQLWLGDJDRGUçDYDMXEH]
QDG]RUD

3UHQHJRåWRSRYHçHWHDSDUDWXYHULWH
VHGDR]QDNDYROWDçHQDDSDUDWX
RGJRYDUDYROWDçLXORNDOQRMPUHçL

$SDUDWNRULVWLWHLVNOMXĈLYRXVYUKX
RSLVDQXXRYRPSULUXĈQLNX

.DGDMHDSDUDWSRYH]DQQDQDSDMDQMH
QLNDGDJDQHPRMWHRVWDYOMDWLEH]
QDG]RUD

1LNDGDQHPRMWHGDNRULVWLWHGRGDWNH
QLWLGHORYHGUXJLKSURL]YRČDĈD
NRMHNRPSDQLMD3KLOLSVQLMHL]ULĈLWR
SUHSRUXĈLOD8VOXĈDMXXSRWUHEHWDNYLK
GRGDWDNDLOLGHORYDJDUDQFLMDSUHVWDMH
GDYDçL

1HPRMWHGDQDPRWDYDWHNDEO]D
QDSDMDQMHRNRDSDUDWD

3UHRGODJDQMDVDĈHNDMWHGDVHDSDUDW
RKODGL

%XGLWHYHRPDSDçOMLYLSULOLNRP
XSRWUHEHDSDUDWDMHUPRçHELWLYHRPD
YUXĂ$SDUDWGUçLWHVDPR]DGUåNXMHU
VXGUXJLGHORYLYUXĂLWHL]EHJDYDMWH
NRQWDNWVDNRçRP

$SDUDWVDSRVWROMHPXYHNSRVWDYLWHQD
YDWURVWDOQXVWDELOQXLUDYQXSRYUåLQX
9UXĂDFHYQLNDGDQHELWUHEDORGD
GRGLUXMHSRYUåLQHQLWLGUXJH]DSDOMLYH
PDWHULMDOH

,]EHJDYDMWHGRGLUNDEOD]DQDSDMDQMHVD
YUHOLPGHORYLPDDSDUDWD

'UçLWHDSDUDWGDOMHRG]DSDOMLYLK
SUHGPHWDLPDWHULMDODNDGDMHXNOMXĈHQ

1LNDGDQHPRMWHGDSRNULYDWHDSDUDW
QSUSHåNLURPLOLRGHĂRPNDGDMH
YUXĂ

8SRWUHEOMDYDMWHDSDUDWVDPRNDGD
MHNRVDVXYD1HPRMWHGDUXNXMHWH
DSDUDWRPGRNVXYDPUXNHPRNUH

3D]LWHGDFHYXYHNEXGHĈLVWDL
EH]WUDJRYDSUDåLQHLSURL]YRGD]D
REOLNRYDQMHNRVHSRSXWSHQHVSUHMD
LOLJHOD1LNDGDQHPRMWHGDNRULVWLWH
DSDUDWXNRPELQDFLMLVDSURL]YRGLPD]D
REOLNRYDQMHNRVH

&HYSRVHGXMHNHUDPLĈNLSUHPD]7DM
SUHPD]VHWRNRPYUHPHQDPRçH
SRODNRLVWURåLWL0HČXWLPWRQHXWLĈH
QDSHUIRUPDQVHDSDUDWD

$NRDSDUDWNRULVWLWHQDRIDUEDQRMNRVL
FHYPRçHGDVHRERML3UHXSRWUHEH
QDYHåWDĈNRMNRVLXYHNVHREUDWLWH
GLVWULEXWHUXYHåWDĈNHNRVH

8VOXĈDMXSURYHUHLOLSRSUDYNHDSDUDW
XYHNYUDWLWHXRYODåĂHQL3KLOLSV
VHUYLVQLFHQWDU3RSUDYNDRGVWUDQH
QHNYDOLÀNRYDQLKRVREDPRçHGD
L]D]RYHL]X]HWQRRSDVQHVLWXDFLMHSR
NRULVQLND

'DELVWHL]EHJOLVWUXMQLXGDUQHPRMWH
GDVWDYOMDWHPHWDOQHSUHGPHWHX
RWYRUH
(OHNWURPDJQHWQDSROMD(0)
2YDM3KLOLSVDSDUDWXVNODČHQMHVDVYLPSULPHQMLYLPVWDQGDUGLPDL
SURSLVLPDXYH]LVDHOHNWURPDJQHWQLPSROMLPD
æLYRWQDVUHGLQD
3URL]YRGMHSURMHNWRYDQLSURL]YHGHQX]XSRWUHEX
YLVRNRNYDOLWHWQLKPDWHULMDODLNRPSRQHQWLNRMHPRJXGDVH
UHFLNOLUDMXLSRQRYRXSRWUHEH
NDGDMHRYDMVLPEROSUHFUWDQHNDQWH]DRWSDWNHQDSURL]YRGX]QDĈLGDMH
WDMSURL]YRGREXKYDĂHQ(YURSVNRPGLUHNWLYRP(8
,QIRUPLåLWHVHRORNDOQRPVLVWHPX]DRGYRMHQRSULNXSOMDQMHHOHNWULĈQLKL
HOHNWURQVNLKSURL]YRGD
3RVWXSDMWHXVNODGXVDORNDOQLPSURSLVLPDLQHPRMWHGDRGODçHWH
VWDUHSURL]YRGHVDXRELĈDMHQLPRWSDGRPL]GRPDĂLQVWYD3UDYLOQLP
RGODJDQMHPVWDURJSURL]YRGDGRSULQRVLWHVSUHĈDYDQMXSRWHQFLMDOQR
QHJDWLYQLKSRVOHGLFDSRçLYRWQXVUHGLQXL]GUDYOMHOMXGL
 .RYUGçDQMHNRVH
1 $SDUDWVDGUçDĈHP SUHPDVSROMDVWDYLWHQDSRGORJXNRMDMH
RWSRUQDQDWRSORWX
2 8WLNDĈDSDUDWDSULNOMXĈLWHXXWLĈQLFX
3 *XUQLWHSUHNLGDĈ]DXNOMXĈLYDQMHLVNOMXĈLYDQMH QD GDELVWHXNOMXĈLOL
DSDUDW
» 8NOMXĈLĂHVHLQGLNDWRUQDSDMDQMD


*XUQLWHSUHNLGDĈ]DXNOMXĈLYDQMHLVNOMXĈLYDQMHQD GDELVWHJDLVNOMXĈLOL
4 2VWDYLWHDSDUDWGDVH]DJUHYDQDMPDQMHVHNXQGL
» .DGDVHDSDUDW]DNRYUGçDQMHNRVH]DJUHMHLQGLNDWRUVSUHPQRVWL
QDFHYL
PHQMDERMXL]VYHWOROMXELĈDVWHKODGQDFHYXUXçLĈDVWX
YUXĂDFHY
5 2ĈHåOMDMWHNRVXLSRGHOLWHMHQDPDOHSUDPHQRYH
6 'UçDĈSRPHULWHSUHPDQD]DG
7 3ULWLVQLWHUXĈLFX
LVWDYLWHSUDPHQNRVHL]PHČXFHYL L
KYDWDOMNH

8 2WSXVWLWHUXĈLFXLSRYXFLWHFHYSUHPDYUKXNRVH
9 'UçLWHKODGQLYUK LGUåNX DSDUDWD]DNRYUGçDQMHD]DWLP
QDPRWDMWHSUDPHQNRVHRGYUKDGRNRUHQDRNRFHYL
10'UçLWHDSDUDW]DNRYUGçDQMHQDMYLåHVHNXQGLD]DWLPRGPRWDYDMWH
SUDPHQNRVHGRNSRQRYRQHEXGHWHPRJOLRWYRULWLKYDWDOMNXSRPRĂX
UXĈLFH
1DSRPHQD1HPRMWHYXĂLDSDUDWGRNRGPRWDYDWHSUDPHQGDQH
ELVWHLVSUDYLOLNRYUGçX
11'DELVWHXYLOLRVWDWDNNRVHSRQDYOMDMWHNRUDNHRGGR
1DNRQXSRWUHEH
1 ,VNOMXĈLWHDSDUDWLL]YXFLWHNDEOL]VWUXMH
2 3RVWDYLWHJDQDSRYUåLQXNRMDMHRWSRUQDQDWRSORWXGRNVHQHRKODGL
3 2ĈLVWLWHDSDUDWLKYDWDOMNH]DNRYUGçDQMHYODçQRPNUSRP
4 2GORçLWHJDQDVXYRLEH]EHGQRPHVWREH]SUDåLQH'DELVWHJD
RGORçLOLPRçHWHLGDJDRNDĈLWHRNXNLFX
LOLSRVSUHPLWHXWRUELFX
NRMDVHQDOD]LXNRPSOHWX
 *DUDQFLMDLVHUYLV
8NROLNRVXYDPSRWUHEQHLQIRUPDFLMHQSUR]DPHQLGRGDWNDLOLLPDWH
SUREOHPSRVHWLWH:HEORNDFLMXNRPSDQLMH3KLOLSVQDDGUHVLZZZSKLOLSVFRP
LOLVHREUDWLWHFHQWUX]DNRULVQLĈNXSRGUåNXNRPSDQLMH3KLOLSVXVYRMRM]HPOML
EURMWHOHIRQDĂHWHSURQDĂLXPHČXQDURGQRPJDUDQWQRPOLVWX8NROLNRX
YDåRM]HPOMLQHSRVWRMLNRULVQLĈNDSRGUåNDNRPSDQLMH3KLOLSVREUDWLWHVYRP
SURGDYFX3KLOLSVXUHČDMD
ǠǷǽǭȓǺǾȉǷǭ
ǏȒǿǭȐǹǻǯǭǾȒǴǼǻǷȀǼǷǻȋǿǭǸǭǾǷǭǯǻǼǽǻǾǵǹǻDZǻǷǸȀǮȀ3KLOLSVǦǻǮ
ȀǼǻǯǺȒǾǷǻǽǵǾǿǭǿǵǾȌǼȒDZǿǽǵǹǷǻȋȌǷȀǼǽǻǼǻǺȀȐ3KLOLSVǴǭǽDzȐǾǿǽȀǶǿDz
ǾǯȒǶǯǵǽȒǮǺǭǯDzǮǾǭǶǿȒZZZSKLOLSVFRPZHOFRPH
 ǏǭdzǸǵǯǻ
ǜDzǽDzDZǿǵǹȌǷǯǵǷǻǽǵǾǿǻǯȀǯǭǿǵǼǽǵǾǿǽȒǶȀǯǭdzǺǻǼǽǻȄǵǿǭǶǿDzȃDzǶ
ǼǻǾȒǮǺǵǷǷǻǽǵǾǿȀǯǭȄǭȒǴǮDzǽȒǰǭǶǿDzǶǻǰǻDZǸȌǹǭǶǮȀǿǺȉǻȓDZǻǯȒDZǷǵ

ǜǛǜǒǝǒǑǓǒǚǚǬǚDz
ǯǵǷǻǽǵǾǿǻǯȀǶǿDzȃDzǶǼǽǵǾǿǽȒǶǮȒǸȌ
ǯǻDZǵ

ǠǽǭǴȒǯǵǷǻǽǵǾǿǭǺǺȌǼǽǵǾǿǽǻȋ
ȀǯǭǺǺȒǶǷȒǹǺǭǿȒǯǵǿȌǰȀǶǿDzȅǺȀǽ
ȒǴǽǻǴDzǿǷǵǼȒǾǸȌǯǵǷǻǽǵǾǿǭǺǺȌ
ǻǾǷȒǸȉǷǵǼDzǽDzǮȀǯǭǺǺȌǼǽǵǾǿǽǻȋǮȒǸȌ
ǯǻDZǵǾǿǭǺǻǯǵǿȉǽǵǴǵǷǺǭǯȒǿȉȌǷȆǻ
ǼǽǵǾǿǽȒǶǯǵǹǷǺDzǺǻ

ǜǛǜǒǝǒǑǓǒǚǚǬǚDz
ǯǵǷǻǽǵǾǿǻǯȀǶǿDzǶǻǰǻǮȒǸȌ
ǯǭǺǺDZȀȅȒǯǮǭǾDzǶǺȒǯǭǮǻ
ȒǺȅǵȂǼǻǾȀDZǵǺȒǴǯǻDZǻȋ

ǜȒǾǸȌǯǵǷǻǽǵǾǿǭǺǺȌǴǭǯdzDZǵ
ǯȒDZ·ȐDZǺȀǶǿDzǼǽǵǾǿǽȒǶǯȒDZǹDzǽDzdzȒ

ǬǷȆǻȅǺȀǽdzǵǯǸDzǺǺȌǼǻȅǷǻDZdzDzǺǻ
DZǸȌȀǺǵǷǺDzǺǺȌǺDzǮDzǴǼDzǷǵǶǻǰǻ
ǺDzǻǮȂȒDZǺǻǴǭǹȒǺǵǿǵǴǯDzǽǺȀǯȅǵǾȉDZǻ
ǾDzǽǯȒǾǺǻǰǻȃDzǺǿǽȀȀǼǻǯǺǻǯǭdzDzǺǻǰǻ
3KLOLSVǭǮǻȁǭȂȒǯȃȒǯȒǴǺǭǸDzdzǺǻȋ
ǷǯǭǸȒȁȒǷǭȃȒȐȋ

ǣǵǹǼǽǵǾǿǽǻȐǹǹǻdzȀǿȉ
ǷǻǽǵǾǿȀǯǭǿǵǾȌDZȒǿǵǯȒǷǻǹǯȒDZ
ǽǻǷȒǯǭǮǻǮȒǸȉȅDzȄǵǻǾǻǮǵȒǴ
ǼǻǾǸǭǮǸDzǺǵǹǵȁȒǴǵȄǺǵǹǵǯȒDZȄȀǿǿȌǹǵ
ǭǮǻǽǻǴȀǹǻǯǵǹǵǴDZȒǮǺǻǾǿȌǹǵȄǵ
ǮDzǴǺǭǸDzdzǺǻǰǻDZǻǾǯȒDZȀǿǭǴǺǭǺȉǴǭ
ȀǹǻǯǵȆǻǷǻǽǵǾǿȀǯǭǺǺȌǯȒDZǮȀǯǭȐǿȉǾȌ
ǼȒDZǺǭǰǸȌDZǻǹȓǹǮȀǸǻǼǽǻǯDzDZDzǺǻ
ȒǺǾǿǽȀǷǿǭdzȆǻDZǻǮDzǴǼDzȄǺǻǰǻ
ǷǻǽǵǾǿȀǯǭǺǺȌǼǽǵǾǿǽǻȐǹǿǭȓȂǮȀǸǻ
ǼǻǯȒDZǻǹǸDzǺǻǼǽǻǹǻdzǸǵǯȒǽǵǴǵǷǵ
ǚDzDZǻǴǯǻǸȌǶǿDzDZȒǿȌǹǮǭǯǵǿǵǾȌ
ǼǽǵǾǿǽǻȐǹǚDzDZǻǴǯǻǸȌǶǿDzDZȒǿȌǹ
ǯǵǷǻǺȀǯǭǿǵȄǵȆDzǺǺȌǿǭDZǻǰǸȌDZǮDzǴ
ǺǭǰǸȌDZȀDZǻǽǻǾǸǵȂ

ǜDzǽDzDZǿǵǹȌǷǼȒDZ·ȐDZǺȀǯǭǿǵǼǽǵǾǿǽȒǶ
DZǻDzǸDzǷǿǽǻǹDzǽDzdzȒǼDzǽDzǯȒǽǿDzȄǵ
ǴǮȒǰǭȐǿȉǾȌǺǭǼǽȀǰǭǯǷǭǴǭǺǭǺǭǺȉǻǹȀ
ȒǴǺǭǼǽȀǰǻȋȀǹDzǽDzdzȒ

ǚDzǯǵǷǻǽǵǾǿǻǯȀǶǿDzǼǽǵǾǿǽȒǶDZǸȌ
ȒǺȅǵȂȃȒǸDzǶǺDzǻǼǵǾǭǺǵȂȀȃȉǻǹȀ
ǼǻǾȒǮǺǵǷȀ

ǚȒǷǻǸǵǺDzǴǭǸǵȅǭǶǿDzǼȒDZ·ȐDZǺǭǺǵǶ
ǼǽǵǾǿǽȒǶǮDzǴǺǭǰǸȌDZȀ

ǚDzǯǵǷǻǽǵǾǿǻǯȀǶǿDzǼǽǵǸǭDZDZȌȄǵ
DZDzǿǭǸȒȒǺȅǵȂǯǵǽǻǮǺǵǷȒǯǴǭǯǵǺȌǿǷǻǹ
ǿǵȂȌǷȒǽDzǷǻǹDzǺDZȀȐǷǻǹǼǭǺȒȌ3KLOLSV
ǏǵǷǻǽǵǾǿǭǺǺȌǿǭǷǻǰǻǼǽǵǸǭDZDZȌȄǵ
DZDzǿǭǸDzǶǼǽǵǴǯDzDZDzDZǻǯǿǽǭǿǵǰǭǽǭǺǿȒȓ

ǚDzǺǭǷǽȀȄȀǶǿDzȅǺȀǽdzǵǯǸDzǺǺȌǺǭ
ǼǽǵǾǿǽȒǶ

ǜDzǽDzDZǿǵǹȌǷǯȒDZǷǸǭǾǿǵǼǽǵǾǿǽȒǶǺǭ
ǴǮDzǽȒǰǭǺǺȌDZǭǶǿDzǶǻǹȀǻȂǻǸǻǺȀǿǵ

ǎȀDZȉǿDzDZȀdzDzȀǯǭdzǺǵǹǵǼȒDZȄǭǾ
ǯǵǷǻǽǵǾǿǭǺǺȌǼǽǵǾǿǽǻȋǻǾǷȒǸȉǷǵǯȒǺ
ǹǻdzDzǾǵǸȉǺǻǺǭǰǽȒǿǵǾȌǟǽǵǹǭǶǿDz
ǼǽǵǾǿǽȒǶǸǵȅDzǴǭǽȀȄǷȀǿǭȀǺǵǷǭǶǿDz
ǷǻǺǿǭǷǿȀǴȒȅǷȒǽǻȋǻǾǷȒǸȉǷǵȒǺȅȒ
ȄǭǾǿǵǺǵȐǰǭǽȌȄȒ

ǔǭǯdzDZǵǷǸǭDZȒǿȉǼǽǵǾǿǽȒǶǺǭ
ǼȒDZǾǿǭǯǷȀǺǭdzǭǽǻǾǿȒǶǷȒǶǽȒǯǺȒǶǿǭ
ǾǿȒǶǷȒǶǼǻǯDzǽȂǺȒǚDzǿǻǽǷǭǶǿDzǾȌ
ǰǭǽȌȄǵǹȃǵǸȒǺDZǽǻǹǼǻǯDzǽȂǺȒȄǵ
ȒǺȅǵȂǴǭǶǹǵǾǿǵȂǹǭǿDzǽȒǭǸȒǯ

ǔǭǼǻǮȒǰǭǶǿDzǷǻǺǿǭǷǿȀȅǺȀǽǭ
dzǵǯǸDzǺǺȌȒǴǰǭǽȌȄǵǹǵȄǭǾǿǵǺǭǹǵ
ǼǽǵǾǿǽǻȋ

ǟǽǵǹǭǶǿDzȀǯȒǹǷǺDzǺǵǶǼǽǵǾǿǽȒǶ
ǼǻDZǭǸȒǯȒDZǯǻǰǺDzǺDzǮDzǴǼDzȄǺǵȂǻǮ·ȐǷǿȒǯ
ǿǭǹǭǿDzǽȒǭǸȒǯ

ǚȒǷǻǸǵǺDzǺǭǷǽǵǯǭǶǿDzǰǭǽȌȄǵǶ
ǼǽǵǾǿǽȒǶǺǭǼǽǵǷǸǭDZǽȀȅǺǵǷǻǹȄǵ
ǻDZȌǰǻǹ

ǏǵǷǻǽǵǾǿǻǯȀǶǿDzǼǽǵǾǿǽȒǶǸǵȅDzǺǭ
ǾȀȂǻǹȀǯǻǸǻǾǾȒǚDzǷǻǽǵǾǿȀǶǿDzǾȌ
ǼǽǵǾǿǽǻȐǹȌǷȆǻȀǏǭǾǹǻǷǽȒǽȀǷǵ

ǞǸȒDZǷȀǶǿDzȆǻǮȃǵǸȒǺDZǽǮȀǯȄǵǾǿǵǹ
ǯȒDZǼǵǸȀǿǭǴǭǾǻǮȒǯǹǻDZDzǸȋǯǭǺǺȌ
ǴǭȄȒǾǷǵǼȒǺǷǵǸǭǷȀǿǭǰDzǸȋDZǸȌ
ǯǻǸǻǾǾȌǚȒǷǻǸǵǺDzǷǻǽǵǾǿȀǶǿDzǾȌ
ǼǽǵǾǿǽǻȐǹȀǼǻȐDZǺǭǺǺȒǴǴǭǾǻǮǭǹǵ
ǹǻDZDzǸȋǯǭǺǺȌ

ǣǵǸȒǺDZǽǹǭȐǷDzǽǭǹȒȄǺDzǼǻǷǽǵǿǿȌDŽǴ
ȄǭǾǻǹȃDzǼǻǷǽǵǿǿȌǹǻdzDzǴǺǻǾǵǿǵǾȌ
ǛDZǺǭǷȃDzǺDzǯǼǸǵǯǭȐǺǭǽǻǮǻǿȀ
ǼǽǵǾǿǽǻȋ

ǬǷȆǻǼǽǵǾǿǽȒǶǯǵǷǻǽǵǾǿǻǯȀȐǿȉǾȌ
DZǸȌǯǷǸǭDZǭǺǺȌȁǭǽǮǻǯǭǺǻǰǻǯǻǸǻǾǾȌ
ǺǭȃǵǸȒǺDZǽȒǹǻdzȀǿȉǴ·ȌǯǵǿǵǾȌǼǸȌǹǵ
ǜDzǽDzDZǿǵǹȌǷǯǵǷǻǽǵǾǿǻǯȀǯǭǿǵ
ǼǽǵǾǿǽȒǶDZǸȌǯǷǸǭDZǭǺǺȌȅǿȀȄǺǻǰǻ
ǯǻǸǻǾǾȌǾǼDzǽȅȀǴǭǯdzDZǵ
ǷǻǺǾȀǸȉǿȀǶǿDzǾȌǴDZǵǾǿǽǵǮ·ȋǿǻǽǻǹ
ǿǭǷǻǰǻǯǻǸǻǾǾȌ

ǜDzǽDzǯȒǽǷȀǿǭǽDzǹǻǺǿǼǽǵǾǿǽǻȋǾǸȒDZ
ǼǽǻǯǻDZǵǿǵǯǵǷǸȋȄǺǻȀǾDzǽǯȒǾǺǻǹȀ
ȃDzǺǿǽȒȀǼǻǯǺǻǯǭdzDzǺǻǹȀ3KLOLSV
ǝDzǹǻǺǿǯǵǷǻǺǭǺǵǶǻǾǻǮǭǹǵǮDzǴ
ǾǼDzȃȒǭǸȉǺǻȓǷǯǭǸȒȁȒǷǭȃȒȓǹǻdzDz
ǾǼǽǵȄǵǺǵǿǵDZȀdzDzǺDzǮDzǴǼDzȄǺȀ
ǾǵǿȀǭȃȒȋDZǸȌǷǻǽǵǾǿȀǯǭȄǭ

ǚDzǯǾǿǭǯǸȌǶǿDzǹDzǿǭǸDzǯȒǼǽDzDZǹDzǿǵǯ
ǻǿǯǻǽǵǻǾǷȒǸȉǷǵȃDzǹǻdzDzǼǽǵǴǯDzǾǿǵ
DZǻȀǽǭdzDzǺǺȌDzǸDzǷǿǽǵȄǺǵǹǾǿǽȀǹǻǹ
ǒǸDzǷǿǽǻǹǭǰǺȒǿǺȒǼǻǸȌǒǙǜ
ǣDzǶǼǽǵǾǿǽȒǶ3KLOLSVǯȒDZǼǻǯȒDZǭȐȀǾȒǹȄǵǺǺǵǹǾǿǭǺDZǭǽǿǭǹǿǭǼǽǭǯǻǯǵǹ
ǺǻǽǹǭǹȆǻǾǿǻǾȀȋǿȉǾȌǯǼǸǵǯȀDzǸDzǷǿǽǻǹǭǰǺȒǿǺǵȂǼǻǸȒǯ
ǚǭǯǷǻǸǵȅǺȐǾDzǽDzDZǻǯǵȆDz
ǏǵǽȒǮǯǵǰǻǿǻǯǸDzǺǻǴǯǵǾǻǷǻȌǷȒǾǺǵȂǹǭǿDzǽȒǭǸȒǯȒǷǻǹǼǻǺDzǺǿȒǯ
ȌǷȒǹǻdzǺǭǼDzǽDzǽǻǮǵǿǵǿǭǯǵǷǻǽǵǾǿǻǯȀǯǭǿǵǼǻǯǿǻǽǺǻ
ǬǷȆǻǯǵǽȒǮǹȒǾǿǵǿȉǾǵǹǯǻǸǼDzǽDzǷǽDzǾǸDzǺǻǰǻǷǻȅǵǷǭǺǭǷǻǸDzǾǭȂȃDz
ǻǴǺǭȄǭȐȆǻǯȒǺǯȒDZǼǻǯȒDZǭȐǯǵǹǻǰǭǹǑǵǽDzǷǿǵǯǵǂǞ(8
ǑȒǴǺǭǶǿDzǾȌǼǽǻǹȒǾȃDzǯȀǾǵǾǿDzǹȀǽǻǴDZȒǸDzǺǻǰǻǴǮǻǽȀDzǸDzǷǿǽǵȄǺǵȂǿǭ
DzǸDzǷǿǽǻǺǺǵȂǼǽǵǾǿǽǻȓǯ
ǑȒǶǿDzǴǰȒDZǺǻǴǹȒǾȃDzǯǵǹǵǴǭǷǻǺǭǹǵȒǺDzȀǿǵǸȒǴȀǶǿDzǾǿǭǽȒǯǵǽǻǮǵǴȒ
ǴǯǵȄǭǶǺǵǹǵǼǻǮȀǿǻǯǵǹǵǯȒDZȂǻDZǭǹǵǚǭǸDzdzǺǭȀǿǵǸȒǴǭȃȒȌǾǿǭǽǻǰǻ
ǯǵǽǻǮȀDZǻǼǻǹǻdzDzǴǭǼǻǮȒǰǿǵǺDzǰǭǿǵǯǺǻǹȀǯǼǸǵǯȀǺǭǺǭǯǷǻǸǵȅǺȐ
ǾDzǽDzDZǻǯǵȆDzǿǭǴDZǻǽǻǯ·ȌǸȋDZDzǶ
 ǞǿǯǻǽDzǺǺȌǴǭǯǵǿǷȒǯ
1 ǜǻǾǿǭǯǿDzǼǽǵǾǿǽȒǶǽǻǴǷǸǭǯȅǵǼȒDZǾǿǭǯǷȀ ǺǭdzǭǽǻǾǿȒǶǷȀ
ǼǻǯDzǽȂǺȋ
2 ǏǾǿǭǯǿDzǯǵǸǷȀȀǽǻǴDzǿǷȀ
3 ǦǻǮȀǯȒǹǷǺȀǿǵǼǽǵǾǿǽȒǶǼǻǾȀǺȉǿDzǼDzǽDzǹǵǷǭȄ´ȀǯȒǹǷǯǵǹǷµ
Ȁ
ǼǻǸǻdzDzǺǺȌ
» ǔǭǾǯȒȄȀȐǿȉǾȌȒǺDZǵǷǭǿǻǽȀǯȒǹǷǺDzǺǺȌ


ǦǻǮǯǵǹǷǺȀǿǵǼǽǵǾǿǽȒǶǼǻǾȀǺȉǿDzǼDzǽDzǹǵǷǭȄ´ȀǯȒǹǷǯǵǹǷµȀ
ǼǻǸǻdzDzǺǺȌ
4 ǑǭǶǿDzǼǽǵǾǿǽǻȋǺǭǰǽȒǿǵǾȌǼǽǵǺǭǶǹǺȒǼǽǻǿȌǰǻǹǾDzǷȀǺDZ
» ǗǻǸǵȆǵǼȃȒDZǸȌǴǭǯǵǯǷǵǺǭǰǽȒȋǿȉǾȌǾǯȒǿǸǻȒǺDZǵǷǭǿǻǽǭ
ǰǻǿǻǯǺǻǾǿȒ
ǺǭȃǵǸȒǺDZǽȒǴǹȒǺǵǿȉǷǻǸȒǽǴǮȀǴǷǻǯǻǰǻ
ȂǻǸǻDZǺǵǶȃǵǸȒǺDZǽǺǭǽǻdzDzǯǵǶǰǭǽȌȄǵǶȃǵǸȒǺDZǽ
5 ǝǻǴȄDzȅȒǿȉǯǻǸǻǾǾȌȒǽǻǴDZȒǸȒǿȉǶǻǰǻǺǭǹǭǸȒǼǭǾǹǭ
6 ǞǷǸǭDZȒǿȉǼȒDZǾǿǭǯǷȀ
7 ǚǭǿǵǾǺȒǿȉǯǭdzȒǸȉ
ȒǼǻǷǸǭDZȒǿȉǼǭǾǹǻǯǻǸǻǾǾȌǹȒdzȃǵǸȒǺDZǽǻǹ 
ȒǴǭǿǵǾǷǭȄDzǹ

8 ǏȒDZǼȀǾǿȒǿȉǯǭdzȒǸȉȒǼDzǽDzǾȀǺȉǿDzȃǵǸȒǺDZǽDZǻǷȒǺȄǵǷȒǯǼǭǾǹǭ
9 ǏȒǴȉǹȒǿȉǴǭȂǻǸǻDZǺǵǶǺǻǾǵǷ
ȒǽȀȄǷȀ ȆǵǼȃȒǯDZǸȌǴǭǯǵǯǷǵ
ǿǭǺǭǹǻǿǭǶǿDzǼǭǾǹǻǯǻǸǻǾǾȌǺǭǯǷǻǸǻȃǵǸȒǺDZǽǭǯȒDZǷȒǺȄǵǷȒǯDZǻ
ǷǻǽDzǺȒǯ
10ǟǽǵǹǭǶǿDzȆǵǼȃȒDZǸȌǴǭǯǵǯǷǵȀȃȉǻǹȀǼǻǸǻdzDzǺǺȒȆǻǺǭǶǮȒǸȉȅDz
ǾDzǷȀǺDZǼȒǾǸȌȄǻǰǻǽǻǴǷǽȀȄȀǶǿDzǼǭǾǹǻǼǻǷǵǴǭǿǵǾǷǭȄǹǻdzǺǭ
ǮȀDZDzǴǺǻǯȀǯȒDZǷǽǵǿǵǯǭdzDzǸDzǹ
ǜǽǵǹȒǿǷǭǝǻǴǷǽȀȄȀȋȄǵǼǭǾǹǻǺDzǿȌǰǺȒǿȉǴǭȆǵǼȃȒȆǻǮǼǭǾǹǻǺDz
ǽǻǴǼǽȌǹǵǸǻǾȌ
11ǑǸȌǾǿǯǻǽDzǺǺȌǴǭǯǵǿǷȒǯǴǽDzȅǿǵǯǻǸǻǾǾȌǼǻǯǿǻǽȒǿȉǷǽǻǷǵ
ǜȒǾǸȌǯǵǷǻǽǵǾǿǭǺǺȌ
1 ǏǵǹǷǺȒǿȉǼǽǵǾǿǽȒǶȒǯȒDZ·ȐDZǺǭǶǿDzǶǻǰǻǯȒDZǹDzǽDzdzȒ
2 ǜǻǾǿǭǯǿDzǼǽǵǾǿǽȒǶǺǭdzǭǽǻǾǿȒǶǷȀǼǻǯDzǽȂǺȋȒDZǭǶǿDzǶǻǹȀ
ǻȂǻǸǻǺȀǿǵ
3 ǜǻȄǵǾǿȒǿȉǼǽǵǾǿǽȒǶǿǭȆǵǼȃȒDZǸȌǴǭǯǵǯǷǵǯǻǸǻǰǻȋǰǭǺȄȒǽǷǻȋ
4 ǔǮDzǽȒǰǭǶǿDzǼǽǵǾǿǽȒǶȀǮDzǴǼDzȄǺǻǹȀǾȀȂǻǹȀǿǭǺDzǴǭǼǵǸDzǺǻǹȀǹȒǾȃȒ
ǜǽǵǾǿǽȒǶǹǻdzǺǭǿǭǷǻdzǴǮDzǽȒǰǭǿǵȀȁȀǿǸȌǽȒǴǷǻǹǼǸDzǷǿȀǭǮǻ
ǼȒDZǯȒǾǵǯȅǵǶǻǰǻǺǭǰǭȄǻǷǴǭǼDzǿǸȋ

 ǐǭǽǭǺǿȒȌǿǭǻǮǾǸȀǰǻǯȀǯǭǺǺȌ
ǬǷȆǻǏǭǹǺDzǻǮȂȒDZǺǭȒǺȁǻǽǹǭȃȒȌǺǭǼǽǵǷǸǭDZȌǷǴǭǹȒǺǵǿǵǺǭǾǭDZǷȀ
ǭǮǻȀǏǭǾǯǵǺǵǷǸǭǼǽǻǮǸDzǹǭǯȒDZǯȒDZǭǶǿDzǯDzǮǾǿǻǽȒǺǷȀǷǻǹǼǭǺȒȓ
3KLOLSVZZZSKLOLSVFRPǭǮǻǴǯDzǽǺȒǿȉǾȌDZǻǣDzǺǿǽȀǻǮǾǸȀǰǻǯȀǯǭǺǺȌ
ǷǸȒȐǺǿȒǯǷǻǹǼǭǺȒȓ3KLOLSVȀǏǭȅȒǶǷǽǭȓǺȒǿDzǸDzȁǻǺǹǻdzǺǭǴǺǭǶǿǵ
ǺǭǰǭǽǭǺǿȒǶǺǻǹȀǿǭǸǻǺȒǬǷȆǻȀǏǭȅȒǶǷǽǭȓǺȒǺDzǹǭȐǣDzǺǿǽȀ
ǻǮǾǸȀǰǻǯȀǯǭǺǺȌǷǸȒȐǺǿȒǯǴǯDzǽǺȒǿȉǾȌDZǻǹȒǾȃDzǯǻǰǻDZǵǸDzǽǭ3KLOLSV
ǗǻǹǼǭǺȒȌ3KLOLSVǯǾǿǭǺǻǯǸȋȐǾǿǽǻǷǾǸȀdzǮǵǺǭDZǭǺǵǶǯǵǽȒǮ²ǺDz
ǹDzǺȅDzǽǻǷȒǯ
ǞǸȀdzǮǭǼȒDZǿǽǵǹǷǵǾǼǻdzǵǯǭȄȒǯ
ǿDzǸ
DZǴǯȒǺǷǵǴȒǾǿǭȃȒǻǺǭǽǺǵȂǿDzǸDzȁǻǺȒǯǺǭǿDzǽǵǿǻǽȒȓǠǷǽǭȓǺǵ
ǮDzǴǷǻȅǿǻǯǺȒ
DZǸȌǮȒǸȉȅDZDzǿǭǸȉǺǻȓȒǺȁǻǽǹǭȃȒȒǴǭǯȒǿǭǶǿDzǺǭZZZSKLOLSVXD
0RGHO+3
,QSXWUDWLQJ9a+]W
&ODVV,,DSSOLDQFH