MANUAL LAVADORA SAMSUNG WA85U7.pdf
-BWBEPSB NBOVBMEFMVTVBSJP JNBHJOFMBTQPTJCJMJEBEFT (SBDJBTQPSBERVJSJSFTUFQSPEVDUP4BNTVOH 4JEFTFBSFDJCJSVO
Views 120 Downloads 12 File size 682KB
Recommend stories
- Author / Uploaded
- Miad Computo
Citation preview
-BWBEPSB NBOVBMEFMVTVBSJP
JNBHJOFMBTQPTJCJMJEBEFT (SBDJBTQPSBERVJSJSFTUFQSPEVDUP4BNTVOH
4JEFTFBSFDJCJSVOTFSWJDJPNÈTDPNQMFUP SFHJTUSFFMQSPEVDUPFO
XXXTBNTVOHDPNHMPCBMSFHJTUFS
DBSBDUFSÓTUJDBT t
4JTUFNBEFTFDBEP"JS5VSCP -BUFDOPMPHÓB"JS5VSCPDFOUSJGVHBGVFSUFZSÈQJEBNFOUFEFUBMNBOFSBRVFTFOFDFTJUB NFOPTUJFNQPEFTFDBEP "*3563#0BIPSSBUJFNQP ZBRVFBTFHVSBRVFMBSPQBTFTFRVFVONÈT SÈQJEBNFOUFRVFFOVOBMÓOFBEFTFDBEPJOEJWJEVBM&TQFDJBMNFOUFFOMBÏQPDBEFMMVWJBT ZDPOUJFNQPNVZIÞNFEP MBQSFOEBRVFBOUFTUBSEBCBEÓBTFOTFDBSTF DPNPUPBMMBT NBOUBTZUFKJEPTHSVFTPT TFTFDBNÈTSÈQJEBNFOUF "*3563#0 RVFQFSNJUFVOGÈDJMQMBODIBEP FTQFSGFDUPQBSBSPQBEFMJDBEBZUFKJEP TJOUÏUJDP:BOPIBDFGBMUBDPMHBSZFTQFSBS1MBODIFMBSPQBOBEBNÈTBMTBDBSMBEFMB MBWBEPSB ZBRVF"*3563#0FMJNJOBMBDBOUJEBETVGJDJFOUFEFBHVBQBSBNBOUFOFSMB SPQBDPOVOBIVNFEBEKVTUBQBSBQMBODIBSMB
t
$POUSPM'V[[Z &MDPOUSPM'V[[ZEFUFDUBFMFDUSØOJDBNFOUFMBDBSHBZBDUJWBFMDJDMPEFMBWBEPNÈT BEFDVBEP
t
7FOUBOBUSBOTQBSFOUF &TUBWFOUBOBUSBOTQBSFOUFFTVOBOVFWBDSFBDJØOQFOTBEBQBSBTBUJTGBDFSMBDVSJPTJEBE RVFTJFOUFOMPTVTVBSJPTEFNJSBSFMJOUFSJPSEFVOBMBWBEPSBFOGVODJPOBNJFOUP .JFOUSBTMBMBWBEPSBFTUÈGVODJPOBOEP QPESÈDPNQSPCBSFMQSPHSFTPEFMMBWBEPBUSBWÏT EFMBWFOUBOBUSBOTQBSFOUF
t
1PUFOUFHFOFSBEPSEFJNQVMTPTEPCMF.FOPTFOSFEPT NFKPS SFOEJNJFOUPEFMBWBEP 4JOFOSFEPT-PTDIPSSPTEFBHVBEFEJTUJOUPTUBNB×PTFMJNJOBOMPTFOSFEPTEFMBQSFOEB 5FDOPMPHÓBEFMGMVKPEFBHVBEJTF×BEBFTQFDÓGJDBNFOUFQBSBNFKPSBSFMSFOEJNJFOUPEFM MBWBEP-BQPUFODJBEFMPTWJPMFOUPTDIPSSPTEFBHVBEFEJWFSTPTUBNB×PTHBSBOUJ[BOVO FYDFMFOUFSFOEJNJFOUPEFMMBWBEP
t
'JMUSPNÈHJDP &TUFFYDMVTJWPGJMUSPNÈHJDPHBSBOUJ[BMBDBQUVSBEFUPEBMBQFMVTBEFMJOUFSJPSEFMUBNCPS QPSNFEJPEFVOPTGJMUSPTEFHSBODBMJEBE PGSFDJFOEPVOBMJNQJF[BBMUBNFOUFFGJDB[
t
3FJOJDJPBVUPNÈUJDP -BBMJNFOUBDJØOTFBDUJWBBVUPNÈUJDBNFOUFEFTQVÏTEFMBJOUFSSVQDJØOEFTVNJOJTUSP FMÏDUSJDP
t
%JTQFOTBEPSEFTVBWJ[BOUF &MEJTQFOTBEPSEFTVBWJ[BOUFQPOFFODPOUBDUPFTUFQSPEVDUPDPOMBSPQBFOFM NPNFOUPBEFDVBEP EVSBOUFFMÞMUJNPFOKVBHVF
t
'VODJØOEFCMPRVFPQBSBOJ×PT 4FUSBUBEFVOEJTQPTJUJWPQBSBFWJUBSRVFMPTOJ×PTTVGSFOBDDJEFOUFTTJKVFHBODPOMB MBWBEPSB t 1BSBJOJDJBSMBGVODJØOEFCMPRVFPQBSBOJ×PT 1VMTFFMCPUØOi&ODFOEFSwQBSBJSBMNPEPEFMBWBEPJOJDJBM 4JQVMTBFMCPUØOi*OJDJP1BVTBw TFJOJDJBFMMBWBEP ZFOFMDBTPEFRVFTFOFDFTJUFMB GVODJØOEFCMPRVFPQBSBOJ×PTEVSBOUFMBMBWBEB 1VMTFBMNJTNPUJFNQPMPTCPUPOFTi&OKVBHBSwZi$FOUSJGVHBS 1SF4FDBS w EVSBOUF TFHVOEPT /PUBOPQVFEFQPOFSFONBSDIBFTUBGVODJØOTJOPBDUJWBFMCPUØO i&ODFOEFSw
t 1BSBEFTBDUJWBSMBGVODJØOEFCMPRVFPQBSBOJ×PT&ODBTPEFRVFFTUÏQSPHSBNBEPFMCMPRVFP QBSBOJ×PT QVMTFMPTCPUPOFTi&OKVBHBSwZi$FOUSJGVHBS 1SF4FDBS wBMNJTNPUJFNQP
@DBSBDUFSÓTUJDBT
JOTUSVDDJPOFTEFTFHVSJEBE -BTTJHVJFOUFTQSFDBVDJPOFTEFTFHVSJEBEUSBUBOEFFWJUBSSJFTHPTZQSFWFOJS EB×PT ZMFBZVEBSÈOBIBDFSVOVTPDPSSFDUPZTFHVSPEFMBNÈRVJOB $VBOEPVUJMJDFBHVBDBMJFOUFBMMBWBS BTFHÞSFTFEFRVFMBUFNQFSBUVSBOP TPCSFQBTFMPT$ t -BTQJF[BTEFQMÈTUJDPTFQVFEFOEFGPSNBSPEB×BS ZDBVTBSVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP
"%7&35&/$*" "%7&35&/$*"
4JOPIBDFDBTPEFFTUBTJOTUSVDDJPOFT TFQVFEFQSPEVDJSVOBDDJEFOUFGBUBMPVOBMFTJØOHSBWF t 4JTFEB×BFMFODIVGF DBCMFEFBMJNFOUBDJØOFMÏDUSJDB
QBSBFWJUBSBDDJEFOUFTEFCFSÈ TVTUJUVJSMPFMGBCSJDBOUF VOUÏDOJDPEFSFQBSBDJPOFTPVOBQFSTPOBJHVBMNFOUFDBMJGJDBEB t /PUJSFEFMDBCMFOJMPUPRVFDVBOEPUFOHBMBTNBOPTIÞNFEBT ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t /PEPCMFFMDBCMFEFBMJNFOUBDJØOFMÏDUSJDBOJDPMPRVFTPCSFÏMPCKFUPTQFTBEPT ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t /PJOTUBMFMBMBWBEPSBDFSDBEFMBBDPNFUJEBFMÏDUSJDB OJQPOHBTPCSFFMMBWFMBTPDJHBSSJMMPT FODFOEJEPT ¦ 1VFEFQSPEVDJSTFVOJODFOEJP t .JFOUSBTFTUÏFOGVODJPOBNJFOUP OPQPOHBMBTNBOPTOJNBUFSJBMFTNFUÈMJDPTCBKPMB MBWBEPSB ¦ 1VFEFIFSJSTFDPOMBQMBDBEFDFOUSJGVHBEPTJUVBEBFOMBQBSUFJOGFSJPSEFMBMBWBEPSB t 1FSNBOF[DBBMFKBEPEFMBMBWBEPSBTJMBQBSUFJOGFSJPSTFJOVOEBEFBHVB ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDB&TQFSFIBTUBRVFMBMBWBEPSBEFTBHàF DPNQMFUBNFOUF t /PDPMPRVFSPQBNBODIBEBEFHBTPMJOB CFODFOPPBMDPIPMFOMBMBWBEPSB OJEFKFRVFFTUPT QSPEVDUPTFOUSFOFODPOUBDUPDPOMBNÈRVJOB ¦ 1VFEFQSPEVDJSTFVOBFYQMPTJØOPVOJODFOEJP t %VSBOUFFMDFOUSJGVHBEP OPDPMPRVFMBTNBOPTFOFMUBNCPS ¦ 1PESÓBIBDFSTFEB×P4JOPTFEFUJFOFBMPTTFHVOEPTEFBCSJSMBUBQB MMBNFBM TFSWJDJPUÏDOJDPJONFEJBUBNFOUF t &TUFFMFDUSPEPNÏTUJDPOPFTUÈQFOTBEPQBSBRVFMPVTFOOJ×PTQFRVF×PTPQFSTPOBTDPO EJTDBQBDJEBEFTTJOMBTVQFSWJTJØOEFVOBQFSTPOBSFTQPOTBCMFRVFHBSBOUJDFVOVTPTFHVSP EFMBQBSBUP /PEFKFRVFMPTOJ×PTQFRVF×PTKVFHVFODPOFMFMFDUSPEPNÏTUJDP t &TUFFMFDUSPEPNÏTUJDPEFCFDPOFDUBSTFBVOBUPNBEFDPSSJFOUFDPSSFTQPOEJFOUFBM DPOTVNPEFQPUFODJBBEFDVBEP t &TUFFMFDUSPEPNÏTUJDPEFCFDPMPDBSTFEFNPEPRVFFMFODIVGFTFBBDDFTJCMFEFTQVÏTEFMB JOTUBMBDJØO t /PIBZQJF[BTRVFFMVTVBSJPQVFEBSFQBSBSFOFMJOUFSJPS5PEBTMBTSFQBSBDJPOFTEFCFO EFKBSTFFONBOPTEFQFSTPOBMEFNBOUFOJNJFOUPDBMJGJDBEP ¦ &ODBTPDPOUSBSJP QPESÓBQSPWPDBSVOGBMMPNFDÈOJDP VOJODFOEJP VOBEFTDBSHB FMÏDUSJDBPMFTJPOFTGÓTJDBT ¦ -BHBSBOUÓBOPDVCSFMPTQSPCMFNBTRVFQVFEBOEFSJWBSTFEFMEFTNPOUBKFEFMQSPEVDUP t /PVUJMJDFFTUFBQBSBUPDPOGJOFTDPNFSDJBMFT t &OFMDBTPEFMBWBEPSBTDPOBCFSUVSBTEFWFOUJMBDJØOFOMBCBTF BTFHÞSFTFEFRVFÏTUBTOP RVFEFOPCTUSVJEBTQPSVOBBMGPNCSB
JOTUSVDDJPOFTEFTFHVSJEBE@
JOTUSVDDJPOFTEFTFHVSJEBE 13&$"6$*0/&4 13&$"6$*»/
4JOPIBDFDBTPEFFTUBTJOTUSVDDJPOFT TFQVFEFOQSPEVDJSEB×PTPMFTJPOFTMFWFT t /PJOTUBMFMBNÈRVJOBFOVOB[POBIÞNFEB OJFOFMFYUFSJPSEPOEFMMVFWFPOJFWB ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t %FTDPOFDUFFMDBCMFEFBMJNFOUBDJØOFMÏDUSJDBTJOPVUJMJ[BMBNÈRVJOB ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t 4JIBZQPMWPPBHVBFOFMFODIVGFEFBMJNFOUBDJØOFMÏDUSJDBZFOMBQJF[BDPOFDUBEB SFUÓSFMPT DPNQMFUBNFOUF ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t &WJUFRVFMPTOJ×PTTFBTPNFOBMJOUFSJPSEFMBMBWBEPSB ¦ 4JDBFOEFOUSP TVWJEBQVFEFDPSSFSQFMJHSP t &ODBTPEFFTDBQFEFHBT WFOUJMFMBIBCJUBDJØOJONFEJBUBNFOUF TJOUPDBSFMFODIVGF ¦ 4JMFBMDBO[BVOBMMBNB QVFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t 4JMBMBWBEPSBFNJUFSVJEPT IVNPTVPMPSFTFYUSB×PT EFTDPOÏDUFMBJONFEJBUBNFOUFZMMBNF BMTFSWJDJPUÏDOJDP ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t $VBOEPMBMJNQJF OPSPDÓFEJSFDUBNFOUFMBTQJF[BTEFMBMBWBEPSBDPOBHVB ¦ 1VFEFSFEVDJSTVWJEBÞUJM 5BNCJÏOQVFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t /PDPOFDUFWBSJPTBQBSBUPTFMÏDUSJDPTBVOBTPMBUPNBEFDPSSJFOUF ¦ 1VFEFQSPEVDJSTFVOJODFOEJPEFCJEPBVOBVNFOUPEFUFNQFSBUVSB t /PQVMTFFMCPUØODPOVOQVO[ØOPVOBBHVKB ¦ 1VFEFQSPEVDJSTFVOBEFTDBSHBFMÏDUSJDBPVOJODFOEJP t 6UJMJDFMBTOVFWBTGJKBDJPOFTQBSBMBNBOHVFSB MBTWJFKBTOPTFEFCFOWPMWFSBVUJMJ[BS t 4JTFQFSDJCFVOEFUFSJPSPFOFMDBCMFFOVTPMPEFCFTVTUJUVJSFMGBCSJDBOUF FMDFOUSPEF TFSWJDJPPVOBQFSTPOBBVUPSJ[BEB DPOFMGJOEFFWJUBSSJFTHPT t $POFDUFFMDBCMFEFUPNBEFUJFSSBBMBQMBDBEFMBDVCJFSUBZFOUJÏSSFMPBMNFOPTBDNEF QSPGVOEJEBE PUSBQPTJCJMJEBEFTDPOFDUBSFMDBCMFEFUPNBEFUJFSSBBMBDMBWJKBBQSPQJBEBEF VOFODIVGFBEFDVBEBNFOUFQVFTUPBUJFSSB/PDPOFDUFOVODBFMDBCMFBMBMÓOFBEFUFMÏGPOP VOQBSBSSBZPTPVOBUVCFSÓBEFHBT
@JOTUSVDDJPOFTEFTFHVSJEBE
ÓOEJDF */45"-"$*»/%&-"-"7"%03"
'6/$*0/&4."/6"-&4
FTDSJQDJØOEFMBTQJF[BT % $PNQSPCBDJØOBOUFTEFMMBWBEPZDVJEBEP EFMBTQSFOEBT -BWBEPBVUPNÈUJDPTFHÞOFMUJQPEFQSFOEB 1BOFMEFDPOUSPM
'VODJPOFTNBOVBMFT
*/45"-"$*»/:."/5&/*.*&/50
40-6$*»/%&130#-&."4
&OUPSOP /JWFMBDJØO $POFYJØOEFMBNBOHVFSBEFTVNJOJTUSPEF BHVB &OTBNCMBKFEFMQBOFMEFQSPUFDDJØODPOUSB SPFEPSFT $POFYJØOEFMBNBOHVFSBEFEFTBHàF $ØNPQPOFSFMEFUFSHFOUF $ØNPB×BEJSFMTVBWJ[BOUF 'JMUSPEFMDPOFDUPSEFTVNJOJTUSPEFBHVB -JNQJF[BEFMGJMUSP -JNQJF[BEFMGJMUSPEFMBCPNCB
4PMVDJØOEFQSPCMFNBT
{-"-"7"%03"/0'6/$*0/"
{-BMBWBEPSBOPGVODJPOB
&41&$*'*$"$*0/&4
&TQFDJGJDBDJPOFT
ÓOEJDF@
JOTUBMBDJØOEFMBMBWBEPSB %&4$3*1$*»/%&-"41*&;"4 &MNBOVBMEFMVTVBSJPTJSWFQBSBWBSJBTNÈRVJOBT 4JHBMBTJOTUSVDDJPOFTEFMNBOVBMEFMVTVBSJPEFBDVFSEPDPOFMNPEFMPEFTVMBWBEPSB
5BQB "TFHÞSFTFEFDFSSBSMB UBQBEVSBOUFFMMBWBEPZFM DFOUSJGVHBEP
'JMUSP
.BOHVFSBEFTVNJOJTUSPEF BHVB DBMJFOUF .BOHVFSBEFTVNJOJTUSPEF BHVB GSÓB
.BOHVFSBEFESFOBKF CPNCB
&MGJMUSPSFDPHFMBTQFMVTBT EVSBOUFFMMBWBEP
$PNQBSUJNJFOUPEFMEFUFSHFOUF %JTQFOTBEPSEFM TVBWJ[BOUF
5BNCPSEFDFOUSJGVHBEP $BCMFEFBMJNFOUBDJØO
(FOFSBEPSEF JNQVMTPT $POUSPMFTEFM QBOFMGSPOUBM
1BUBTSFHVMBCMFT "KVTUFMBMPOHJUVEEF MBTQBUBTBMJOTUBMBSMB MBWBEPSB
@JOTUBMBDJØOEFMBMBWBEPSB
5PNBEFUJFSSB 4JMBUVCFSÓBEFMBHVBFT NFUÈMJDB DVCSBFMFYUSFNP EFMDBCMFEFUPNBBUJFSSB
.BOHVFSBEFEFTBHàF
1BOFMEFQSPUFDDJØO DPOUSBSPFEPSFT
$0.130#"$*»/"/5&4%&--"7"%0:$6*%"%0%&-"4 13&/%"4 %FCFSFBMJ[BSVOBTFSJFEFDPNQSPCBDJPOFTQBSBFWJUBSQSPCMFNBTFOMBNÈRVJOBPEB×PTFOMBSPQB t 4JFMDBVTBOUFEFMPTTJHVJFOUFTQSPCMFNBTFTFMDMJFOUF EFCFSÈIBDFSTFDBSHPEFMDPTUFEFMB SFQBSBDJØO
$PNQSPCBDJPOFTBOUFTEFJOJDJBSFMMBWBEP
1SFOEBTOPMBWBCMFT -BTQSFOEBTGÈDJMNFOUFBMUFSBCMFTJODMVTPFOMBGBTFEFSFNPKP t -BTDPSCBUBT MPTTVKFUBEPSFT MBTDIBRVFUBT MPTUSBKFTZMPTBCSJHPTQVFEFOGÈDJMNFOUF FODPHFSPEFTUF×JSTJNQMFNFOUFTVNFSHJÏOEPMPTFOBHVB ZBRVFFOTVNBZPSÓBFTUÈO IFDIPTEFSBZØO QPMJOØTJDP FUDZUFKJEPTNF[DMBEPT t -BTQSFOEBTQMJTBEBT DPOIVFDPTPUSBUBEBTDPOSFTJOBTPOGÈDJMNFOUFBMUFSBCMFTJODMVTPFO MBGBTFEFSFNPKP t 1SFOEBTRVFEFTUJ×FOGÈDJMNFOUFIFDIBTEFBMHPEØOZMBOB TFEBBSSVHBEB QSFOEBTEFQJFM BDDFTPSJPTEFQJFM SPQBDPOBEPSOPTEFQJFMZTVTBDDFTPSJPT t /PMBWFFTUBTQSFOEBTTJOUFOFSFODVFOUBMBTEJSFDUSJDFTPMBTJOEJDBDJPOFTTPCSFFMNBUFSJBM RVFWJFOFOEFTDSJUBTFOMBFUJRVFUB
"DFSDBEFMEFUFSHFOUF t $VBOEPFMEFUFSHFOUFOPTFEJTVFMWFCJFO VUJMJDFBHVBUJCJB BQSPYJNBEBNFOUF$ QBSB EJTPMWFSMP
13&$"6$*»/
t 6UJMJDFVOBDBOUJEBEBEFDVBEB t "VORVFVTFVOBDBOUJEBEFYDFTJWBEFEFUFSHFOUFOPOPUBSÈNVDIBEJGFSFODJBFOMPT SFTVMUBEPTEFMMBWBEP1VFEFRVFEB×FMBTQSFOEBTBMOPTFSTVGJDJFOUFFMFOKVBHBEP t -PTBHFOUFTCMBORVFBEPSFTQVFEFOEB×BSMBTQSFOEBTBMTFSEFNBTJBEPBMDBMJOPT t 3FBMJDFMPTFOKVBHBEPTOFDFTBSJPT QPSRVFFMEFUFSHFOUFFOQPMWPTFRVFEBGÈDJMNFOUF FOMBSPQBZQSPEVDFNBMPMPS t 4JTFVTBBHVBGSÓBPEFNBTJBEPEFUFSHFOUF ÏTUFOPTFEJTPMWFSÈDPNQMFUBNFOUF ZQFSNBOFDFSÈFOMBSPQB MBNBOHVFSBPFMUBNCPSEFDFOUSJGVHBEP DPOMPRVF DPOUBNJOBSÈMBUJOB t &ODBTPEFQSFOEBTFTQFDJBMFT FMEFUFSHFOUFEFCFSÈDPMPDBSTFFOFMDPNQBSUJNJFOUP EFMEFUFSHFOUF4JFMEFUFSHFOUFFOQPMWPTFFYUJFOEFTPCSFMBSPQBEJSFDUBNFOUF ÏTUB QVFEFQFSEFSFMDPMPS
JOTUBMBDJØOEFMBMBWBEPSB@
JOTUBMBDJØOEFMBMBWBEPSB
$PNQSVFCFTJMBTSPQBTEFTUJ×FOPOP t "×BEBEFUFSHFOUFMÓRVJEPBVOBUPBMMBCMBODBZBMBQSFOEBFOMBRVFOPQVFEBBQSFDJBSMP CJFO"DPOUJOVBDJØO GSØUFMBTKVOUBTDPOGVFS[B$PNQSVFCFTJFMDPMPSTFIBUSBOTGFSJEPBMB UPBMMB t 5FOHBDVJEBEPDPOMPTQB×VFMPTZMBTQSFOEBTJNQPSUBEBT ZBRVFEFTUJ×FOGÈDJMNFOUF t $PNQSVFCFTJIBZNBODIBTPTVDJFEBEQBSDJBM t 4JFODVFOUSBNBODIBT VUJMJDFMBUPBMMBIÞNFEBDPOEFUFSHFOUFQBSBGSPUBSMBTFOVOBÞOJDB EJSFDDJØO t "OUFTEFMBWBSMBSPQB DFQJMMFDPOEFUFSHFOUFFMDVFMMP MBTNBOHBT MPTEPCMBEJMMPTZMPT CPMTJMMPT -BSPQBQMJTBEBEFMBOBTFUSBUBFTQFDJBMNFOUFIJMWBOBOEPMPTQMJFHVFTBOUFTEFMMBWBEP6OBWF[ TFDBEBMBSPQB TFSFUJSBOMPTIJMPT
JOTUBMBDJØOEFMBMBWBEPSB $VJEBEPEFMBSPQBBOUFTEFMBWBSMB 4BRVFMPTFGFDUPTQFSTPOBMFTEFMPTCPMTJMMPT t 1SFDBVDJØODPNQSVFCFMPTCPMTJMMPT-BTIPSRVJMMBTZMBTNPOFEBT QVFEFOEB×BSMBSPQBZMBMBWBEPSB1VFEFOQSPEVDJSSVJEPZ QSPCMFNBTFOMBNÈRVJOB%FCFDPNQSPCBSMPTCPMTJMMPT 4JMBTDSFNBMMFSBTEFMPTQBOUBMPOFTFTUÈOBCJFSUBTEVSBOUFFM MBWBEP FMUBNCPSEFDFOUSJGVHBEPQVFEFEB×BSTF"OUFTEFMBWBS EFCFDFSSBSMBDSFNBMMFSBZGJKBSMBDPOVODPSEØO t -BTQJF[BTEFNFUBMEFMBSPQBQVFEFOEB×BSÏTUBZFMUBNCPS t %ÏMBWVFMUBBMBTQSFOEBTDPOCPUPOFTPCPSEBEPTBOUFTEFMBWBSMBT t -BSPQBDPOGMFDPTMBSHPTQVFEFFOSFEBSTFDPOPUSBSPQB BNCBT QPESÓBOEB×BSTF'JKFMPTGMFDPTBOUFTEFMMBWBEP -BSPQBSFTJTUFOUFBMBHVB SPQBEFFTRVÓ QSPUFDUPSFTJNQFSNFBCMFTQBSBDBNBT FUD OP TFQVFEFMBWBS t -BQSFOEBTFQPESÓBFYQVMTBSPTFQPESÓBOQSPEVDJSWJCSBDJPOFTBOPSNBMFTEFMBMBWBEPSB MPRVFQPESÓBDBVTBSMFTJPOFTGÓTJDBTPEB×BSMBMBWBEPSB FMTVFMPPMBSPQB 1B×BMFT SPQB SFTJTUFOUFBMBHVB JNQFSNFBCMFT GVOEBTEFQBSBHVBT SPQBEFFTRVÓ GVOEBTEFDPDIFTZ TBDPTEFEPSNJS FUD t $VBOEPFMUBNCPSHJSB FMBHVBQVFEFRVFEBSBUSBQBEBFOUSFMBSPQBPMPTUFKJEPTSFTJTUFOUFT BMBHVBZBDVNVMBSTFFOVOFTRVJOB MPRVFQSPWPDBSÓBWJCSBDJPOFTBOPSNBMFT"EFNÈT MB QSFOEBBTDJFOEFZQVFEFSFTVMUBSFYQVMTBEBZDBVTBSMFTJPOFTGÓTJDBT 4BDVEBFMQPMWPPMBTVDJFEBEEFMBSPQB t -BUJFSSBZMBBSFOBQVFEFOSP[BSMBTQSFOEBTEFMJDBEBTZFTUSPQFBSMBT BEFNÈT FMSFTVMUBEP EFMMBWBEPQVFEFOPTFSFMFTQFSBEP &GFDUÞFVOQSFMBWBEPQBSBMPTDBMDFUJOFT QV×PTZDVFMMPTCMBODPTBOUFTEFMMBWBEP QSJODJQBM t &OMBTNBODIBTZMBTVDJFEBEFODVFMMPT QV×PT EPCMBEJMMPTZCPMTJMMPTBQMJRVFVOQPDPEF EFUFSHFOUFZGSPUFMJHFSBNFOUFDPOVODFQJMMPBOUFTEFMMBWBEP t 6UJMJDFTØMPEFUFSHFOUFFOQPMWPPMÓRVJEP/PVUJMJDFKBCØOQVFTFMUBNCPSQPESÓBFOTVDJBSTF BDBVTBEFMBTVDJFEBEMJCFSBEBQPSFMKBCØO %ÏMBWVFMUBBMBTQSFOEBTEFGFMQBBOUFTEFMBWBSMBT t 4JUJFOFQSFOEBTEFNBTJBEPTVDJBT MÈWFMBTBQBSUF4JOP FMSFTUPEFMB SPQBQVFEFSFDPHFSMBTVDJFEBE QFMVTBT FUD t -BWFMBSPQBOFHSBZMBTUPBMMBTEFBMHPEØOJOEFQFOEJFOUFNFOUF4JMBT MBWBKVOUBT MBTUPBMMBTQVFEFOSFDPHFSMBTVDJFEBE$PNQSVFCFUPEP FTUPBOUFTEFMBWBS &MDBDIFNJSZBRVFMMBTQSFOEBTRVFUJFOFOHSBOWPMVNFOZQPDP QFTP QPSFKFNQMP MBSPQBEFDPSBEBDPOMÈTFS MBMFODFSÓB MBTNFEJBT EFOZMPO MPTUFKJEPTTJOUÏUJDPT FUD QVFEFOBTDFOEFSZQSPEVDJSEB×PT FOMBQSPQJBSPQBZFOMBNÈRVJOB6UJMJDFVOBCPMTBEFNBMMBPMÈWFMBT QPSTFQBSBEP t "OUFTEFMBWBSMB EFCFSÈDPMPDBSMBSPQBDPOGMFDPTMBSHPT MBSPQB USBCBKBEBDPOMÈTFS MBTDPMDIBTZMBSPQBEFMBOBFOVOBCPMTBEFNBMMB QBSBDPMBEBT t $PMPRVFMBSPQBEFMJDBEBFOVOBCPMTBEFNBMMBQBSBDPMBEBT t 6UJMJDFTØMPCPMTBTFTQFDJBMNFOUFEJTF×BEBTQBSBMBWBEPSBT -BTDPSUJOBT MBTQSFOEBTWBQPSPTBTZMPTQBOUBMPOFTKFBOTQPESÓBORVFEBSGMPUBOEP t 4JFTUPPDVSSF QVMTFFMCPUØO*OJDJP1BVTBQBSBEFUFOFSMBMBWBEPSBZIVOEBMBSPQBFO FMBHVB4JFMMBWBEPDPOUJOÞBDPOMBSPQBGMPUBOEP UBOUPÏTUBDPNPMBNÈRVJOBQPESÓBO EB×BSTFZMPTSFTVMUBEPTEFMBWBEPOPTFSÈOMPTFTQFSBEPT
@JOTUBMBDJØOEFMBMBWBEPSB
-"7"%0"650.«5*$04&(Á/&-5*10%&13&/%" "OUFTEFFNQF[BSBMBWBS IBHBMBTTJHVJFOUFTDPNQSPCBDJPOFT t $POFDUFMBNBOHVFSBEFTVNJOJTUSPEFBHVBBMBTBMJEBEFBHVB%FKFMBMMBWFBCJFSUB$POFDUFFMDBCMF EFBMJNFOUBDJØO"TFHÞSFTFEFEFKBSMPCBKPMBNBOHVFSBEFEFTBHàF
-BWBEPQPSQSJNFSBWF[
/PUBTFTQFDJBMFT 'VODJØOEFEFUFDDJØOBVUPNÈUJDB t &ODBEBDJDMP FYDFQUPMPTEF-BWBEPEFUBNCPSZ%FMJDBEB
MBDBOUJEBEEFQSFOEBTTF EFUFDUBBVUPNÈUJDBNFOUFZ BDPOUJOVBDJØO TFTFMFDDJPOBOBVUPNÈUJDBNFOUFFMOJWFMEF BHVB FMUJFNQPEFMBWBEP FMDJDMPEFFOKVBHVFZFMUJFNQPEFDFOUSJGVHBEPQBSBSFBMJ[BSVO MBWBEPBVUPNÈUJDP t 6OBWF[FODFOEJEBMBNÈRVJOB TFTFMFDDJPOBVODJDMPZTFQVMTBFMCPUØO*OJDJP1BVTB "DPOUJOVBDJØO FMNFDBOJTNPEFMBWBEPFNQJF[BBHJSBSTJOBHVB&TUBBDDJØOEFUFDUB MBDBOUJEBEEFDPMBEBEFMUBNCPSEFMBWBEP OPFTVOQSPCMFNBEFMBNÈRVJOB6OBWF[ GJOBMJ[BEPFTUFQSPDFTPEFEFUFDDJØO FMBHVBTFTVNJOJTUSBBVUPNÈUJDBNFOUF
"EJDJØOEFEFUFSHFOUFZTVBWJ[BOUF t 4FEFUFDUBMBDBOUJEBEEFQSFOEBTZTFJOEJDBFMOJWFMEFBHVBZMBDBOUJEBEEFEFUFSHFOUF" DPOUJOVBDJØO FNQJF[BFMTVNJOJTUSPEFBHVB t %VSBOUFFMTVNJOJTUSPEFBHVB QVFEFBCSJSFMDPNQBSUJNJFOUPEFMEFUFSHFOUFZB×BEJSNÈT /PPCTUBOUF FTNFKPSQVMTBSFMCPUØO*OJDJP1BVTBQBSBEFUFOFSFMTVNJOJTUSPEFBHVBZ B×BEJSFMEFUFSHFOUF$JFSSFMBUBQBZQVMTFEFOVFWPFMCPUØO*OJDJP1BVTB&TUFNÏUPEPFT NÈTDPOWFOJFOUF t 4JJOUSPEVDFFMTVBWJ[BOUFFOFMEJTQFOTBEPSEFTVBWJ[BOUF ÏTUFTFB×BEJSÈBVUPNÈUJDBNFOUF EVSBOUFFMÞMUJNPDJDMPEFFOKVBHVF
1POFSMBSPQBTVDJBFOMBMBWBEPSBZB×BEJSUBNCJÏOFMEFUFSHFOUF t 5FOHBDVJEBEPEFOPTPCSFDBSHBSMBNÈRVJOB6UJMJDFFMEFUFSHFOUFBEFDVBEPQBSBMPTUFKJEPT RVFWBBMBWBS t 4JMBUBQBTFBCSFNJFOUSBTMBMBWBEPSBFTUÈGVODJPOBOEP ÏTUBTFEFUFOESÈ BVUPNÈUJDBNFOUFQPSSB[POFTEFTFHVSJEBE 4JOFNCBSHP FMTVNJOJTUSPEFBHVB DPOUJOÞBNJFOUSBTMBUBQBFTUÏBCJFSUB
t $VBOEPTFMFDDJPOFBHVBDBMJFOUF TFTVNJOJTUSBSÈUBOUPBHVBGSÓBDPNPBHVBDBMJFOUF EVSBOUFMPTQSJNFSPTTFHVOEPTQBSBQSPUFHFSMBSPQB t &TQPTJCMFDPOUSPMBSFMUJFNQPEFMBWBEP FMDJDMPEFFOKVBHBEPZFMUJFNQPEF DFOUSJGVHBEPEFDBEBDJDMPEVSBOUFFMQSPDFTPEFMBWBEP
JOTUBMBDJØOEFMBMBWBEPSB@
JOTUBMBDJØOEFMBMBWBEPSB
"OUFTEFMBWBSQSFOEBTQPSQSJNFSBWF[ EFCFFGFDUVBSVODJDMPDPNQMFUPEFMBWBEPTJOSPQB 1BSBFMMP 1VMTFFMCPUØO&ODFOEFS "CSBFMDPNQBSUJNJFOUPEFMEFUFSHFOUFZQPOHBVOQPDPEFEFUFSHFOUF "CSBMBMMBWFEFMTVNJOJTUSPEFBHVBBMBMBWBEPSB 1VMTFFMCPUØO*OJDJP1BVTB $POFMMPFMJNJOBSÈDVBMRVJFSSFTUPEFBHVBRVFIBZBRVFEBEPFOMBMBWBEPSBEFTQVÏTEFMBT QSVFCBTFGFDUVBEBTQPSFMGBCSJDBOUF
JOTUBMBDJØOEFMBMBWBEPSB 1"/&-%&$0/5301BSBPCUFOFSNÈTEFUBMMFT DPOTVMUFFMQBOFMEFDPOUSPMEFMBMBWBEPSB
#05»/&/$&/%&3
#05»/.&.03*"
1VMTFFTUFCPUØOVOBWF[QBSBBDUJWBSMBGVODJØO 1ÞMTFMPEFOVFWPQBSBBQBHBSMB 1VMTFFTUFCPUØOVOBWF[QBSBBDUJWBSMBGVODJØO 4FMFDDJPOFNBOVBMNFOUFMBTGVODJPOFTRVFEFTFFVUJMJ[BS $JDMPT "JS5VSCP &OKVBHBS -BTTFMFDDJPOFTTFHVBSEBOBVUPNÈUJDBNFOUFDVBOEPTFQVMTBFMCPUØO*OJDJP 1BVTB 1BSBVTBSVODJDMPNFNPSJ[BEP QVMTFFMCPUØO.FNPSJBZ BDPOUJOVBDJØO QVMTFFMCPUØO*OJDJP1BVTB
-BTGVODJPOFTNFNPSJ[BEBTTFNPTUSBSÈOFOFMQBOFM
#05»/*/*$*0 1"64" #05»/%& 4&-&$$*»/ $*$-04
#05»/*/*$*0 3&5"3%"%0
'*-5&3$)&$,
#05»/ $&/53*'6("3 1SF4FDBS
1POHBVOQPDPEFEFUFSHFOUFZEFEFUFSHFOUFEFBDMBSBEPFOQSPQPSDJØOBM OJWFMEFMBHVBZDJFSSFMBUBQB &TUBGVODJØOQFSNJUFNFNPSJ[BSMBTGVODJPOFTEFVTPNÈTGSFDVFOUFZBTÓQPEFS VTBSMBTNÈTGÈDJMNFOUFDVBOEPTFOFDFTJUFO 6UJMÓDFMPQBSBEFUFOFSZWPMWFSBQPOFSFONBSDIBMBMBWBEPSB 1BSBDBNCJBSFMQSPDFEJNJFOUPEFMBWBEPNJFOUSBTMBNÈRVJOBFTUÏGVODJPOBOEP QVMTFFTUFCPUØOQBSBEFUFOFSMBZQÞMTFMPEFOVFWPQBSBSFJOJDJBSMBEFTQVÏTEF FGFDUVBSFMDBNCJP $BEBWF[RVFTFQVMTBFTUFCPUØO DBNCJBFMDJDMPEFMBWBEP 'V[[ZÆ1FTBEPÆ%FMJDBEBÆ-BWBEPEF5BNCPSÆ3ÈQJEPÆ"IPSSP Æ +FBOTÆ%FQPSUFT 1VMTFFTUFCPUØOQBSBGJOBMJ[BSFMMBWBEPBVOBIPSBFTQFDJGJDBEB "QBHVFMBMBWBEPSBQBSBDBODFMBSFMJOJDJPSFUBSEBEP &MUJFNQPBKVTUBCMFWBEFBIPSBT $VBOEPFMMBWBEPGJOBMJ[B MBMÈNQBSBEFBEWFSUFODJBTFJMVNJOBFOMBQBOUBMMB i'JMUFSDIFDLw $VBOEPTFBCSBMBQVFSUB MBMÈNQBSBTFBQBHBSÈ &TUPOPFTVOGBMMP
4JFMGJMUSPNÈHJDPTFPCTUSVZF TFQVFEFOBEIFSJSNBUFSJBMFTFYUSB×PTBMBSPQB 1BSBBTFHVSBSVOCVFOMBWBEP SFUJSFMPTNBUFSJBMFTFYUSB×PTEFMGJMUSPEFTQVÏT EFDBEBMBWBEP 1VMTFFTUFCPUØOQBSBSFBMJ[BSVODFOUSJGVHBEPTPMBNFOUFPQBSBBKVTUBSFM UJFNQPEFDFOUSJGVHBEP &MUJFNQPBKVTUBCMFWBEFBNJOVUPT $VBOEPTØMPTFTFMFDDJPOBVODFOUSJGVHBEP FMUJFNQPEFDFOUSJGVHBEPTFSÈ EJGFSFOUFEFMUJFNQPUPUBMSFTUBOUF-BDBVTBFTRVFFMUJFNQPUPUBMSFTUBOUF JODMVZFFMUJFNQPSFBMEFDFOUSJGVHBEPZFMEFEFTBHàFZQBSBEB
@JOTUBMBDJØOEFMBMBWBEPSB
#05»/&/+6"("3
#05»/-"7"3
#05»/3&.0+"3
5*&.103&45"/5& )03"%&-*/*$*0 3&5"3%"%0 1"/5"--"%& &3303&4
#05»/"*3563#0
#05»//*7&-%& "(6"
#05»/ 46.*/*4530%& "(6"
1VMTFFTUFCPUØOQBSBSFBMJ[BSVOBDMBSBEPTPMBNFOUFPQBSBBKVTUBSFMUJFNQP EFBDMBSBEP 1VFEFFTUBCMFDFSIBTUBDJODPBDMBSBEPT 1VMTFFTUFCPUØOQBSBSFBMJ[BSVOMBWBEPTPMBNFOUFPQBSBBKVTUBSFMUJFNQPEF MBWBEP &MUJFNQPBKVTUBCMFWBEFBNJOVUPT 1VMTFFTUFCPUØOQBSBEFKBSMBSPQBFOSFNPKP &TUBGVODJØOOPTFQVFEFTFMFDDJPOBSEVSBOUFFMDJDMP%FMJDBEB &MSFNPKPTFBQMJDBBVUPNÈUJDBNFOUFEVSBOUFFMDJDMP-BWBEPEF5BNCPS &MUJFNQPBKVTUBCMFWBEFBNJOVUPT .VFTUSBFMUJFNQPSFTUBOUFEFMBWBEP .VFTUSBMBIPSBSFTFSWBEBQBSBFMJOJDJPSFUBSEBEP .VFTUSBFMFTUBEPEFFSSPSTJTVSHFBMHÞOQSPCMFNBFOMBMBWBEPSBQBSBQFSNJUJS SFTPMWFSMP 1VMTFFTUFCPUØOQBSBDPOTFHVJSVOTFDBEPNÈTSÈQJEPEFMBDPMBEB $PODBEBQVMTBDJØOEFMCPUØO TFDBNCJBMBTFMFDDJØOFOFTUFPSEFO .JOÆ.JOÆ"QBHBEPÆ.JO &TUÈGVODJØOTØMPTFQVFEFTFMFDDJPOBSTJTFIBFTUBCMFDJEPVODJDMPEF DFOUSJGVHBEP &MOJWFMEFMBHVBTFBKVTUBBVUPNÈUJDBNFOUF4JOFNCBSHP DPOFTUFCPUØOTF QVFEFTFMFDDJPOBSFMOJWFMEFMBHVBNBOVBMNFOUF .FEJPÆ"MUPÆ.FEJPÆ#BKPÆ.ÓOJNPÆ#BKPÆ.FEJP $PODBEBQVMTBDJØOEFFTUFCPUØOTFTFMFDDJPOBFMUJQPEFBHVB 'SÓBÆ5JCJBÆ$BMJFOUFÆ'SÓB
JOTUBMBDJØOEFMBMBWBEPSB@
JOTUBMBDJØOEFMBMBWBEPSB
JOTUBMBDJØOEFMBMBWBEPSB $JDMP'V[[Z 4FMFDDJPOBBVUPNÈUJDBNFOUFFMNFKPSDJDMPEFMBWBEP 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFFMCPUØO*OJDJP1BVTB &MOJWFMEFBHVBTFTFMFDDJPOBSÈBVUPNÈUJDBNFOUF"DPOUJOVBDJØOWFOESÈOFMMBWBEP FM BDMBSBEPZFMDFOUSJGVHBEP4JEFTFBEFUFOFSFMQSPDFTP QVMTFEFOVFWPFMCPUØO*OJDJP 1BVTB$VBOEPTFEFUFOHBFMQSPDFTP QPESÈDBNCJBSFMDJDMP $JFSSFMBUBQB
$JDMP1FTBEP 1SFOEBTEFHSBOWPMVNFO DPNPNBOUBTZSPQBEFDBNB
1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFVOBWF[FMCPUØO$JDMPT 1VMTFFMCPUØO*OJDJP1BVTB &MOJWFMEFBHVBTFTFMFDDJPOBSÈBVUPNÈUJDBNFOUF"DPOUJOVBDJØOWFOESÈOFMMBWBEP FM FOKVBHBEPZFMDFOUSJGVHBEP4JEFTFBEFUFOFSFMQSPDFTP QVMTFEFOVFWPFMCPUØO*OJDJP 1BVTB$VBOEPTFEFUFOHBFMQSPDFTP QPESÈDBNCJBSFMDJDMP $JFSSFMBUBQB t %PCMFMBDPMBEBEFHSBOWPMVNFO NBOUBTZSPQBEF DBNB DPNPTFNVFTUSBFOMBJMVTUSBDJØOBOUFTEF DPMPDBSMBFOFMUBNCPSEFDFOUSJGVHBEP t /PMBWFMBTNBOUBTFMÏDUSJDBTOJMBTBMGPNCSBT t $PNQSFVOBCPMTBEFNBMMBQBSBMBDPMBEBMJHFSBEFHSBOWPMVNFO QPSFKFNQMP DBDIFNJSFT
ZBRVFQVFEFTBMJSEFMBHVBZFTUSPQFBSTF
$JDMP%FMJDBEB 5FKJEPTMBWBCMFT DIBRVFUBTEFQVOUP SPQBEFMJDBEB FUD 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFEPTWFDFTFMCPUØOEFTFMFDDJØO$JDMPT 1VMTFFMCPUØO*OJDJP1BVTB "DPOUJOVBDJØOWFOESÈOFMMBWBEP FMFOKVBHBEPZFMDFOUSJGVHBEP4JEFTFBEFUFOFSFMQSPDFTP QVMTFEFOVFWPFMCPUØO*OJDJP1BVTB$VBOEPTFEFUFOHBFMQSPDFTP QPESÈDBNCJBSFMDJDMP $JFSSFMBUBQB 4ØMPTFQVFEFTFMFDDJPOBSBHVBGSÓB &MÞMUJNPDFOUSJGVHBEPFTNÈTTVBWFQBSBFWJUBSMBTBSSVHBT 13&$"6$*»/ 6UJMJDFFMEFUFSHFOUFJOEJDBEP Ú &OFMDJDMP%FMJDBEB 3FNPKBSZ"JS5VSCPOPTFQVFEFOTFMFDDJPOBSZBRVFQPESÓBOEB×BS MBSPQB
@JOTUBMBDJØOEFMBMBWBEPSB
$JDMP-BWBEPEF5BNCPS
.BOUFOJNJFOUPEFMBMJNQJF[BEFMUBNCPS $VBOEPTFVUJMJ[BFMFMFDUSPEPNÏTUJDPFOVOFOUPSOPBNCJFOUBMIÞNFEPEVSBOUFQFSJPEPTEF UJFNQPQSPMPOHBEPT FOFMUBNCPSTFQVFEFOGJKBSEJGFSFOUFTUJQPTEFCBDUFSJBTZGPSNBSVOB DBQBEFTVDJFEBE IPOHPT RVFQVFEFOSFTVMUBSEB×JOPTQBSBMBTBMVE1BSBNBOUFOFSFMUBNCPS TJFNQSFMJNQJPZFOCVFOBTDPOEJDJPOFTIJHJÏOJDBT MFSFDPNFOEBNPTRVFMFBMBTFDDJØOi$JDMP -BWBEPEFUBNCPSwZMJNQJFÏTUFSFHVMBSNFOUF BMNFOPTVOBWF[DBEBUSFTNFTFT TØMPDPO EFUFSHFOUFTBEFDVBEPTPSFDPNFOEBEPT
$JDMP3ÈQJEP 4JEFTFBMBWBSMBTUPBMMBTRVFVUJMJ[BGSFDVFOUFNFOUFPMBSPQBNFOPTTVDJB $PNPFMMBWBEPFTSÈQJEP FTJEFBMQBSBMBDPMBEBNÈTMJHFSBPNFOPTTVDJB 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFDVBUSPWFDFTFMCPUØOEFTFMFDDJØO$JDMPT 1VMTFFMCPUØO*OJDJP1BVTB &MOJWFMEFBHVBTFTFMFDDJPOBSÈBVUPNÈUJDBNFOUF"DPOUJOVBDJØOWFOESÈOFMMBWBEP FM BDMBSBEPZFMDFOUSJGVHBEP4JEFTFBEFUFOFSFMQSPDFTP QVMTFEFOVFWPFMCPUØO*OJDJP 1BVTB$VBOEPTFEFUFOHBFMQSPDFTP QPESÈDBNCJBSFMDJDMP $JFSSFMBUBQB
$JDMP"IPSSP 4JEFTFBMBWBSMBTUPBMMBTRVFVUJMJ[BGSFDVFOUFNFOUFPMBSPQBNFOPTTVDJB $PNPFMMBWBEPFTSÈQJEP FTJEFBMQBSBMBDPMBEBNÈTMJHFSBPNFOPTTVDJB 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFDJODPWFDFTFMCPUØOEFTFMFDDJØO$JDMPT 1VMTFFMCPUØO*OJDJP1BVTB &MOJWFMEFBHVBTFTFMFDDJPOBSÈBVUPNÈUJDBNFOUF"DPOUJOVBDJØOWFOESÈOFMMBWBEP FM FOKVBHBEPZFMDFOUSJGVHBEP4JEFTFBEFUFOFSFMQSPDFTP QVMTFEFOVFWPFMCPUØO*OJDJP 1BVTB$VBOEPTFEFUFOHBFMQSPDFTP QPESÈDBNCJBSFMDJDMP $JFSSFMBUBQB
JOTUBMBDJØOEFMBMBWBEPSB@
JOTUBMBDJØOEFMBMBWBEPSB
6UJMJDFFTUFDJDMPQBSBMJNQJBSFMUBNCPS"TÓQPESÈDPOTFSWBSFMUBNCPSMJNQJPZFOCVFOBT DPOEJDJPOFTTBOJUBSJBT 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFUSFTWFDFTFMCPUØOEFTFMFDDJØO$JDMPT 1VMTFFMCPUØO*OJDJP1BVTB "×BEBFMEFUFSHFOUFBEFDVBEPZDJFSSFMBUBQB %VSBOUFFMQSPDFTPEFMJNQJF[BOPEFKFSPQBEFOUSPEFMUBNCPS ZBRVFMBSPQBTFQPESÓB EFDPMPSBSPEB×BS $VBOEPMBWFMBSPQBQPSQSJNFSBWF[EFTQVÏTEFMJNQJBSFMUBNCPS QVFEFFODPOUSBS BMHVOBTJNQVSF[BT4ØMPTPOSFTJEVPTEFMEFUFSHFOUFFJNQVSF[BTPSJHJOBEBTEVSBOUFMB MJNQJF[BEFMUBNCPS3FQJUBEPTPUSFTWFDFTFMDJDMPEFFOKVBHVF -BGVODJØOEFSFNPKP NJOVUPT TFBKVTUBBVUPNÈUJDBNFOUF &MOJWFMEFMBHVBQSJNFSPTFFTUBCMFDFFO.FEJPZTFHVJEBNFOUFDBNCJBB"MUPEVSBOUF FMBDMBSBEP
JOTUBMBDJØOEFMBMBWBEPSB $JDMP+FBOT 4FVTBQBSBVOMBWBEPNÈTBGPOEP 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFTFJTWFDFTFMCPUØOEFTFMFDDJØO$JDMPT 1VMTFFMCPUØO*OJDJP1BVTBZDPMPRVFMBDBOUJEBEBEFDVBEBEFEFUFSHFOUFFOFMUBNCPS &MOJWFMEFBHVBTFTFMFDDJPOBSÈBVUPNÈUJDBNFOUF 4ØMPTFQVFEFOTFMFDDJPOBSMBTPQDJPOFT"MUP_#BKPEFMBGVODJØO/JWFMEFBHVB $JFSSFMBUBQB
$JDMP%FQPSUFT 8BTI1FSV
4FMFDDJPOFFTUFDJDMPQBSBMBWBSSPQBEFQPSUJWB 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFTJFUFWFDFTFMCPUØOEFTFMFDDJØO$JDMPT 1VMTFFMCPUØO*OJDJP1BVTB &MOJWFMEFBHVBTFTFMFDDJPOBSÈBVUPNÈUJDBNFOUF"DPOUJOVBDJØOWFOESÈOFMMBWBEP FM BDMBSBEPZFMDFOUSJGVHBEP4JEFTFBEFUFOFSFMQSPDFTP QVMTFEFOVFWPFMCPUØO*OJDJP 1BVTB$VBOEPTFEFUFOHBFMQSPDFTP QPESÈDBNCJBSFMDJDMP $JFSSFMBUBQB
*OJDJPSFUBSEBEP {$ØNPQSPHSBNBSVOMBWBEPSFUBSEBEP 4FMFDDJPOFFTUFDJDMPDVBOEPUFOHBRVFTBMJSPIBDFSPUSBDPTB 1VMTFFMCPUØO&ODFOEFSQBSBRVFTFBDUJWF 1VMTFFMCPUØOEFTFMFDDJØO$JDMPT 1VMTFFMCPUØO*OJDJP3FUBSEBEPVOBWF[ 1VFEFDBNCJBSFMUJFNQPEFJOJDJPSFUBSEBEPDPOFMCPUØO*OJDJP3FUBSEBEP EFB IPSBT 1VMTFFMCPUØO*OJDJP1BVTBZDPMPRVFMBDBOUJEBEBEFDVBEBEFEFUFSHFOUFFOFMUBNCPS $JFSSFMBUBQB &MMBWBEPGJOBMJ[BSÈFOFMNPNFOUPQSPHSBNBEP"×BEBEFUFSHFOUFZTVBWJ[BOUFFO QSPQPSDJØOBMOJWFMEFBHVB"DPOUJOVBDJØO DJFSSFMBUBQB t %FCFB×BEJSFMEFUFSHFOUFFOFMDPNQBSUJNJFOUPEFMEFUFSHFOUF t 4JFMEFUFSHFOUFTFFYUJFOEFEJSFDUBNFOUFTPCSFMBQSFOEB QVFEFRVFBMHVOBTQSFOEBT TFEFTUJ×BOBMSFUSBTBSTFFMJOJDJP t 4JEFTFBDBODFMBSMBGVODJØO*OJDJP3FUBSEBEP QVMTFFMCPUØO&ODFOEFS t -BIPSBEFGJOBMJ[BDJØOQSPHSBNBEBQVFEFWBSJBSEFQFOEJFOEPEFMBQSFTJØOEFMBHVB
@JOTUBMBDJØOEFMBMBWBEPSB
GVODJPOFTNBOVBMFT &TQPTJCMFTFMFDDJPOBSMBGVODJØOQBSBDBEBDJDMP &KFNQMP 1BSBVOMBWBEPTFODJMMPDPNPVODJDMPEFQPDBTVDJFEBE &ODFOEFSÆ4FMFDDJPOFFMDJDMPEFSPQBQPDPTVDJBÆ-BWBSÆ*OJDJP1BVTB
4»-0-"7"3 1VMTFFMCPUØO&ODFOEFS 1VMTFFMCPUØO-BWBS 1VMTFFMCPUØO*OJDJP1BVTB &MMBWBEPTFQSPMPOHBEVSBOUFNJOVUPT $VBOEPTFQVMTBFMCPUØO-BWBSEVSBOUFFMMBWBEP FTQPTJCMFDBNCJBS MBEVSBDJØOEFMUJFNQPEFMBWBEPFOUSFZNJOVUPT 4»-0&/+6"("3 1VMTFFMCPUØO&OKVBHBS 1VMTFFMCPUØO*OJDJP1BVTB &MBDMBSBEPTFSFBMJ[BWFDFT $VBOEPTFQVMTBFMCPUØO&OKVBHBSEVSBOUFFMBDMBSBEP FTQPTJCMF DBNCJBSMBEVSBDJØOEFMUJFNQPEFBDMBSBEPFOUSFZWFDFT 4»-0$&/53*'6("3 1VMTFFMCPUØO$FOUSJGVHBS 1VMTFFMCPUØO*OJDJP1BVTB $VBOEPTFQVMTBFMCPUØO$FOUSJGVHBSEVSBOUFFMDFOUSJGVHBEP FT QPTJCMFDBNCJBSMBEVSBDJØOEFMUJFNQPEFDFOUSJGVHBEPFOUSFZ NJOVUPT -"7"3:&/+6"("3 1VMTFMPTCPUPOFT-BWBSZ&OKVBHBS 1VMTFVOBWF[FMCPUØO*OJDJP1BVTB %FUFDUBMBDBOUJEBEEFDPMBEBZEFUFSNJOBBVUPNÈUJDBNFOUFFMUJFNQP EFMBWBEPZEFBDMBSBEP $VBOEPTFQVMTBOMPTCPUPOFT-BWBSZ&OKVBHBSNJFOUSBTMBMBWBEPSB FTUÈGVODJPOBOEP&MUJFNQPEFMBWBEPTFQVFEFBKVTUBSEFB NJOVUPTZFMBDMBSBEP EFBWFDFT &/+6"("3:$&/53*'6("3 1SF4FDBS
1VMTFMPTCPUPOFT&OKVBHBSZ$FOUSJGVHBS 1VMTFVOBWF[FMCPUØO*OJDJP1BVTB "DPOUJOVBDJØODPNFO[BSÈFMBDMBSBEP BMRVFTFHVJSÈFMDFOUSJGVHBEP $VBOEPTFQVMTBOMPTCPUPOFT-BWBSZ$FOUSJGVHBSNJFOUSBTMB MBWBEPSBFTUÈGVODJPOBOEP&MOÞNFSPEFBDMBSBEPTTFQVFEFFTUBCMFDFS EFBZFMUJFNQPEFDFOUSJGVHBEPQBSBFMTFDBEPEFMBDPMBEB EFB NJOVUPT -"7"3 &/+6"("3:$&/53*'6("3 1SF4FDBS
1VMTFMPTCPUPOFT-BWBS &OKVBHBSZ$FOUSJGVHBS 1VMTFVOBWF[FMCPUØO*OJDJP1BVTB 4FFKFDVUBOMBTGVODJPOFTEF-BWBS &OKVBHBSZ$FOUSJGVHBS
GVODJPOFTNBOVBMFT@
GVODJPOFTNBOVBMFT
'6/$*»/3&.0+"3 *ODMVZF-"7"3 &/+6"("3 $&/53*'6("3
1VMTFFMCPUØO&ODFOEFS 1VMTFVOBWF[FMCPUØO3FNPKBS 1VMTFVOBWF[FMCPUØO*OJDJP1BVTB &MOJWFMEFBHVBTFTFMFDDJPOBSÈBVUPNÈUJDBNFOUF "DPOUJOVBDJØOWFOESÈOFMMBWBEP FMBDMBSBEPZFMDFOUSJGVHBEP
JOTUBMBDJØOZNBOUFOJNJFOUP &M.BOVBMEFMVTVBSJPTJSWFQBSBWBSJBTNÈRVJOBT 4JHBMBTJOTUSVDDJPOFTEFM.BOVBMEFMVTVBSJPEFBDVFSEPDPOFMNPEFMPEFTV MBWBEPSB
&/503/0 %FKFBMHPEFFTQBDJPBMSFEFEPSEFMBNÈRVJOB %FKFBMNFOPTDNFOUSFMBMBWBEPSBZMBQBSFE $PMPRVFMBMBWBEPSBFOVOBTVQFSGJDJFTØMJEBZQMBOB 4JDPMPDBMBMBWBEPSBFOVOBTVQFSGJDJFCMBOEBPEFTOJWFMBEB QVFEFOQSPEVDJSTFSVJEPTPWJCSBDJPOFT &M NÈYJNPEFTOJWFMQFSNJUJEPFTEF
"KVTUFMBTQBUBTQBSBOJWFMBSMBMBWBEPSB /VODBJOTUBMFMBMBWBEPSBDFSDBEFBHVB /PDPMPRVFMBMBWBEPSBFOIBCJUBDJPOFTIÞNFEBTOJFOMVHBSFTFOMPTRVFRVFEFFYQVFTUBBMBMMVWJB-B IVNFEBEQVFEFEFTUSVJSFMBJTMBNJFOUPFMÏDUSJDPDPOFMDPOTJHVJFOUFSJFTHPEFEFTDBSHBFMÏDUSJDB &WJUFMBMV[EJSFDUBEFMTPMZMPTDBMFOUBEPSFTPDBMFGBDUPSFT $PNPFMQMÈTUJDPZMPTDPNQPOFOUFTFMÏDUSJDPTTFWFOBGFDUBEPTQPSFMDBMPSEJSFDUP OVODBDPMPRVFMB MBWBEPSBDFSDBEFIPSOPT DBMEFSBT FUD/PMBFYQPOHBOVODBBMBMV[EJSFDUBEFMTPM
/*7&-"$*»/ t 4JMBMBWBEPSBOPFTUÈOJWFMBEBDPOFMTVFMP QVFEFRVFWJCSFNÈTEFMPEFCJEPPTFBWFSÓF1PSMPUBOUP BTFHÞSFTFEFRVFMBNÈRVJOBFTUÏDPSSFDUBNFOUFOJWFMBEB "HVB $0.136&#&26&-"-"7"%03"&45²/*7&-"%" 1"3" &--07&3*'*26&-"104*$*»/%&-5".#03 t "CSBMBUBQBEFMBMBWBEPSB WJFSUBBHVBFOFMUBNCPS IBTUBBMDBO[BSFMOJWFMTJUVBEPKVTUPEFCBKPEFMHFOFSBEPS EFJNQVMTPTZBKVTUFMBTQBUBTQBSBRVFFMHFOFSBEPSEF JNQVMTPTRVFEFDFOUSBEP UBMDPNPTFNVFTUSBFOMBGJHVSB #-026&"3 "'-0+"3 t $PMPRVFMBNÈRVJOBBNÈTEFDNEFEJTUBODJBEFMB QBSFE t /JWFMFMBTQBUBT
$0/&9*»/%&-"."/(6&3"%&46.*/*4530%&"(6" 3FUJSFFMBEBQUBEPSEFMBNBOHVFSBEFTVNJOJTUSPEFBHVB
1SJNFSP VUJMJDFVOEFTUPSOJMMBEPSUJQPi wZBGMPKFMPTDVBUSP UPSOJMMPTEFMBEBQUBEPS"DPOUJOVBDJØO TBRVFFMBEBQUBEPS ZHJSFMBQJF[B C TJHVJFOEPMBGMFDIBQBSBEFKBSVOFTQBDJP FOUSFFMMPTEFNN $POFDUFFMBEBQUBEPSBMBTBMJEBEFBHVBBQSFUBOEP MPTUPSOJMMPTDPOGVFS[B"DPOUJOVBDJØO HJSFMBQJF[B C TJHVJFOEPMBGMFDIBZKVOUFMBTQJF[BT B Z C
A B
@JOTUBMBDJØOZNBOUFOJNJFOUP
$POFDUFMBNBOHVFSBEFTVNJOJTUSPEFBHVBBMBEBQUBEPS 5JSFEFMBQJF[B D EFMBNBOHVFSBEFMTVNJOJTUSPEFBHVB $VBOEPMBQJF[B D TFMJCFSF MBNBOHVFSBTFDPOFDUBSÈ BVUPNÈUJDBNFOUFBMBEBQUBEPSIBDJFOEPVOiDMJDw
$POFDUFFMPUSPFYUSFNPEFMBNBOHVFSBEFTVNJOJTUSP EFBHVBBMBMMBWFEFQBTPEFMBHVBTJUVBEBFOMBQBSUF TVQFSJPSEFMBMBWBEPSB"QSJFUFDPNQMFUBNFOUFMB NBOHVFSBFOFMTFOUJEPEFMBTBHVKBTEFMSFMPK Ú 4JMBTBMJEBEFBHVBFTEFUJQPSPTDB NPOUFVOBNBOHVFSB EFTVNJOJTUSPEFBHVBRVFFODBKFDPOMBTBMJEB UBMDPNP TFNVFTUSBFOMBJMVTUSBDJØO6OBWF[GJOBMJ[BEBMBDPOFYJØO TJFMBHVBTFTBMFEFMBNBOHVFSBSFQJUBMPTNJTNPTQBTPT
JOTUBMBDJØOZNBOUFOJNJFOUP
$POFDUFFMPUSPFYUSFNPEFMBNBOHVFSBEFTVNJOJTUSP EFBHVBBMBMMBWFEFQBTPEFMBHVBTJUVBEBFOMBQBSUF QPTUFSJPSEFMBMBWBEPSB"QSJFUFDPNQMFUBNFOUFMB NBOHVFSBFOFMTFOUJEPEFMBTBHVKBTEFMSFMPK
C
6OBWF[GJOBMJ[BEBMBDPOFYJØO TJFMBHVBTFTBMFEFMBNBOHVFSBSFQJUBMPTNJTNPTQBTPT 6UJMJDFMBMMBWFEFUJQPNÈTDPSSJFOUFQBSBFMTVNJOJTUSPEFBHVB &ODBTPEFRVFMBMMBWFTFBDVBESBEBPEFNBTJBEPHSBOEF RVJUFFMBOJMMPBOUFTEFJOTFSUBS MBMMBWFFOFMBEBQUBEPS
&/4".#-"+&%&-1"/&-%&1305&$$*»/$0/53"30&%03&4
*ODMJOFVOQPDPMBMBWBEPSBZMFWBOUFFMQBOFMIBTUBRVFFODBKF1PSÞMUJNP BUPSOJMMFFMQBOFMB MBCBTFDPNPTFNVFTUSBFOMBGJHVSB -BEPQPTUFSJPS
*OTFSUFFMQBOFMEFQSPUFDDJØODPOUSB SPFEPSFTFOFMPSJGJDJPEFFOTBNCMBKF TJUVBEPFOMBQBSUFQPTUFSJPS
4JMFSFTVMUBEJGÓDJMJOTFSUBSFMQBOFM MFWBOUF MBMBWBEPSBVOQPDP
JOTUBMBDJØOZNBOUFOJNJFOUP@
JOTUBMBDJØOZNBOUFOJNJFOUP $0/&9*»/%&-"."/(6&3"%&%&4"(Ã&
&OVOBMBWBEPSBDPOEFTBHàFEFCPNCFP UBQØOEF NBOHVFSB
"TFHÞSFTFEFVOJSGJSNFNFOUFMBNBOHVFSB EFEFTBHàFBMBTBMJEBTJUVBEBFOMBQBSUF QPTUFSJPSEFMBNÈRVJOB
_DN
4BRVFFMUBQØOEFNBOHVFSBZDPOFDUFMB NBOHVFSBEFEFTBHàF
*OTUBMFMBNBOHVFSBEFEFTBHàF "TFHÞSFTFEFVOJSGJSNFNFOUFMBNBOHVFSB EFEFTBHàFBMBTBMJEBTJUVBEBBVOMBEPEFMB BQSPYJNBEBNFOUFB_DNEFMTVFMP NÈRVJOB
&OVOBMBWBEPSBEFUJQPDPNÞO %FTQVÏTEFFNQVKBSFMBOJMMPEFFNQBMNF JOTFSUFMB NBOHVFSBEFEFTBHàF
%FTQVÏTEFEJSJHJSMBNBOHVFSBBVOEFTBHàF DPOÏDUFMB DPOMBTBMJEBEFEFTBHàFEFMBMBWBEPSB
TBMJEBEF EFTBHàF
"TFHÞSFTFEFDPOFDUBSMBGJSNFNFOUF QBSBFMMPFNQVKFFM BOJMMPEFFNQBMNFZBDPQMFMBNBOHVFSBFOMBTBMJEBEF EFTBHàF t -BMPOHJUVEEFMBNBOHVFSBEFEFTBHàFFTBKVTUBCMF1PS MPUBOUP QVFEFBMBSHBSMBEFMBNBOFSBBQSPQJBEB
@JOTUBMBDJØOZNBOUFOJNJFOUP
$BNCJPEFMBEJSFDDJØOEFMBNBOHVFSBEFEFTBHàF t 1BSBTBDBSMBNBOHVFSBEFEFTBHàF TFQVMTBMBNBOJMMBEFM BOJMMPEFFNQBMNF$BNCJFMBEJSFDDJØOEFMBNBOHVFSBEF EFTBHàFZTJHBMBTJOTUSVDDJPOFTBOUFSJPSFTEFOVFWP
1SFDBVDJPOFTEVSBOUFMBDPMPDBDJØOEFMBNBOHVFSBEFEFTBHàF
$VBOEPDPOFDUFMBNBOHVFSBEFEFTBHàF %FKFFTDVSSJSFMBHVBEFMFYUSFNPEFMB DPOPUSBTNBOHVFSBT OPEFKFRVF NBOHVFSBEFEFTBHàF TPCSFTBMHBNÈTEFN .FOPTEFN .FOPTEF DN
&MVNCSBMOPEFCFTPCSFQBTBSMPTDN
/PJOTUBMFMBNBOHVFSBEFEFTBHàF EFCBKPEFMBMBWBEPSB
$».010/&3&-%&5&3(&/5& "CSBFMDPNQBSUJNJFOUPEFEFUFSHFOUFUJSBOEPEFÏMFOMBEJSFDDJØOEF MBGMFDIB DPNPTFNVFTUSBFOMBGJHVSB FJOUSPEV[DBFMEFUFSHFOUFFO QPMWP %JTUSJCVZBFMEFUFSHFOUFEFGPSNBSFHVMBSQBSBRVFFMEFUFSHFOUFOP SFCPTF
$».0"º"%*3&-46"7*;"/5& %FTMJDFZBCSBMBUBQBFOMBEJSFDDJØOEFMBGMFDIB QPOHBFMEFUFSHFOUFEF BDMBSBEPZWVFMWBBEFTMJ[BSZDFSSBSMBUBQBFOFMTFOUJEPDPOUSBSJP t $VBOEPTFEFQPTJUBVOBDBOUJEBEBEFDVBEB VOBWF[CBTUB EF TVBWJ[BOUFFOMBFOUSBEBEFTVBWJ[BOUF ÏTUFTFWJFSUFBVUPNÈUJDBNFOUF FOFMÞMUJNPDJDMPEFFOKVBHBEP t /PQPOHBEFUFSHFOUF MFKÓBOJBMNJEØOFOMBFOUSBEBEFTVBWJ[BOUF t 4JVUJMJ[BEFNBTJBEPTVBWJ[BOUF QVFEFRVFMPTSFTVMUBEPTOPTFBOEF TVBHSBEP t /PBCSBMBUBQBEVSBOUFFMDJDMPEFDFOUSJGVHBDJØO4JMPB×BEF EFNBTJBEPQSPOUP TVFGJDBDJBEJTNJOVZF t /PEFKFFMTVBWJ[BOUFFOFMEJTQFOTBEPSEVSBOUFNVDIPUJFNQP&M TVBWJ[BOUFTFTPMJEJGJDB
JOTUBMBDJØOZNBOUFOJNJFOUP@
JOTUBMBDJØOZNBOUFOJNJFOUP
.FOPTEFN
JOTUBMBDJØOZNBOUFOJNJFOUP '*-530%&-$0/&$503%&46.*/*4530%&"(6" 4BRVFFMGJMUSPZMÓNQJFMPCJFO
$PMPRVFFMGJMUSPZDPOFDUFGJSNFNFOUFMBNBOHVFSBBMB MMBWFEFQBTPEFMBHVB
$PNQSVFCFRVFOPIBZBHPUFP "QSJFUFCJFOFMDPOFDUPS
-*.1*&;"%&-'*-530 -JNQJFDPOGSFDVFODJBMBNBMMBEFMGJMUSPQBSBNBOUFOFSMJNQJBMBMBWBEPSB
&NQVKFMBQBSUFTVQFSJPSEFMGJMUSP NÈHJDPZUJSF
"CSBMBDVCJFSUBDPNPTFNVFTUSBFOMB GJHVSB
-JNQJF[BEFMGJMUSPNÈHJDP
$JFSSFMBDVCJFSUBFJOTFSUFMBQBSUFJOGFSJPSEFM GJMUSPFOFMUBNCPS"DPOUJOVBDJØO FNQVKFFM GJMUSPIBTUBRVFFODBKFIBDJFOEPiDMJDw
-*.1*&;"%&-'*-530%&-"#0.#"
$PMPRVFVOUSBQPEFCBKPEFMGJMUSPEFMBMBWBEPSBQBSBOPNPKBSFM TVFMP (JSFFMGJMUSPFOTFOUJEPPQVFTUPBMEFMBTBHVKBTEFMSFMPKZUJSFEFÏM 3FUJSFMBTVDJFEBEZHJSFFMGJMUSPFOFMTFOUJEPEFMBTBHVKBTEFMSFMPK IBTUBRVFWVFMWBBFODBKBS
1"35&1045&3*03 '*-530
53"10
@JOTUBMBDJØOZNBOUFOJNJFOUP
"#3*3 $&33"3
TPMVDJØOEFQSPCMFNBT $0.130#"3
-BMBWBEPSBOPGVODJPOB
&MBHVBOPTFWBDÓB
{&TUÈIBDJBBCBKPMBNBOHVFSBEFEFTBHàF /P IBZCPNCFP
{&TUÈDPOHFMBEBMBNBOHVFSBEFEFTBHàF {&TUÈBUBTDBEBMBNBOHVFSBEFEFTBHàF 4JFONJOVUPTOPTFWBDÓBFMBHVB TPOBSÈ VOBBMBSNBZBQBSFDFSÈi&wFOFMJOEJDBEPSEF UJFNQPSFTUBOUF
/PTFTVNJOJTUSBBHVBBMB MBWBEPSB
{&TUÈBCJFSUBMBMMBWFEFMBHVB {&TUÈDPSUBEBFMBHVB {&TUÈBUBTDBEBMBDPOFYJØOEFMBNBOHVFSB PMBNBOHVFSBEFTVNJOJTUSPEFBHVB {&TUÈDPOHFMBEBMBMMBWFEFMBHVB 4JFOIPSBOPTFTVNJOJTUSBBHVBBMB MBWBEPSB TPOBSÈVOBBMBSNBZBQBSFDFSÈ i&wFOFMJOEJDBEPSEFUJFNQPSFTUBOUF
{&TUÈBCJFSUBMBMMBWFEFMBHVB {&TUÈMBMBWBEPSBFODIVGBEB {&TUÈDPSUBEBMBDPSSJFOUFFMÏDUSJDB {)BZTVGJDJFOUFBHVB
&MDFOUSJGVHBEPOPGVODJPOB {&TUÈMBSPQBEJTUSJCVJEBEFGPSNBSFHVMBS EFOUSPEFMBMBWBEPSB {&TUÈDPMPDBEBMBMBWBEPSBFOVOBTVQFSGJDJF QMBOBZTØMJEB
&MBHVBTFEFTCPSEB
7VFMWBBQPOFSFOGVODJPOBNJFOUPMBNÈRVJOBEFTQVÏTEFM DFOUSJGVHBEP 4JDPOUJOÞBJOEJDBOEPTF×BMEFFSSPS MMBNFBMTFSWJDJPUÏDOJDP
TPMVDJØOEFQSPCMFNBT@
TPMVDJØOEFQSPCMFNBT
130#-&."
{MBMBWBEPSBOPGVODJPOB 130#-&."
$0.130#"$*»/:40-6$*»/
-BDPSSJFOUFFMÏDUSJDBFTUÈEFTBDUJWBEB
{&TOPSNBMFMWPMUBKF {&TUÈMBMBWBEPSBFODIVGBEB $POFDUFFMDBCMFEFBMJNFOUBDJØOFMÏDUSJDB Â&MBHVBOPTFWBDÓB {&TUÈDPMPDBEBIBDJBBCBKPMBNBOHVFSBEFEFTBHàF $PMPRVFMBNBOHVFSB EFEFTBHàFIBDJBBCBKP {&TUÈEPCMBEBMBNBOHVFSBEFEFTBHàF &YUJFOEBCJFOMBNBOHVFSBEF EFTBHàF {&TUÈBUBTDBEBMBTBMJEBEFEFTBHàF 3FUJSFMPTSFTJEVPTZMÓNQJFMB
-BMBWBEPSBOPGVODJPOB
{&TUÈBCJFSUBMBUBQBEFMBMBWBEPSB Â$JFSSFMBUBQB {&TUÈQVMTBEPFMCPUØOEFQBVTB Â1VMTFFMCPUØO*OJDJP1BVTBVOBWF[NÈTZDPNQSVFCFTJMBMBWBEPSBTF QPOFFONBSDIB {)BZTVGJDJFOUFBHVBQBSBBMDBO[BSFMOJWFMEFBHVB Â4JMBQSFTJØOEFMBHVBFTCBKB UBSEBSÈNÈTFOJOJDJBSTFFMMBWBEP {&TUÈDFSSBEBMBMMBWFEFMTVNJOJTUSPEFBHVB Â"CSBMBMMBWFEFMTVNJOJTUSPEFBHVB
4JMBNBOHVFSBEFEFTBHàFZFMUBNCPS r "×BEBBHVBDBMJFOUFBMBMMBWFEFMBHVBDPOHFMBEBZSFUJSFMBNBOHVFSB EFDFOUSJGVHBEPFTUÈODPOHFMBEPT EFEFTBHàF*OUSPEÞ[DBMBFOBHVBDBMJFOUF SFBMJDFMPTTJHVJFOUFTQBTPT r 7JFSUBBHVBDBMJFOUFFOFMUBNCPSEFDFOUSJGVHBEPEVSBOUF BQSPYJNBEBNFOUFNJOVUPT r $PMPRVFVOBUPBMMBDPOBHVBDBMJFOUFFOFMDPOFDUPSEFMBNBOHVFSBEF EFTBHàF r $VBOEPTFEFTDPOHFMFMBNBOHVFSBEFEFTBHàF DPOÏDUFMBEFOVFWPZ DPNQSVFCFRVFFMBHVBTFWBDÓFDPSSFDUBNFOUF &MBHVBTFWBDÓBJONFEJBUBNFOUF
r &MEFTBHàFFTUÈPCTUSVJEPDPONPOFEBTPBMGJMFSFT-BNBOHVFSBEF EFTBHàFFTUÈDPMHBEBEFMHBODIP-MFOFIBTUBMBNJUBEFMUBNCPSEF DFOUSJGVHBEPDPOBHVBFJOUFOUFDFOUSJGVHBSEFOVFWP
&MBHVBHPUFBFOFMDPOFDUPSEFMB NBOHVFSBEFTVNJOJTUSPEFBHVB
4JMBQJF[BEFDPOFYJØOEFMBMMBWFFTUÈTVFMUB QVFEFRVFFMBHVBHPUFF Â3FQJUBEFOVFWPMPTQBTPTEFNPOUBKF $POTVMUFi$POFYJØOEFMB NBOHVFSBEFTVNJOJTUSPEFBHVBw
$PNQSVFCFTJMBSPTDBEFHPNBEFMBNBOHVFSBEFBHVBFTUÈFOMBQPTJDJØO DPSSFDUB Â"UPSOÓMMFMPEFOVFWPDPOGJSNF[B {&TUÈEPCMBEBMBNBOHVFSBEFTVNJOJTUSPEFBHVB Â&YUJFOEBCJFOMBNBOHVFSB 4JFMTVNJOJTUSPEFBHVBUJFOFEFNBTJBEBQSFTJØO QVFEFRVFFMBHVBHPUFF Â$JFSSFVOQPDPMBMMBWF {4BMFBHVBEFMBMMBWFQSPQJBNFOUFEJDIB Â'JKFMBMMBWF/PTFTVNJOJTUSBBHVBBMBMBWBEPSB {)BQVMTBEPFMCPUØO*OJDJP1BVTBEFTQVÏTEFTFMFDDJPOBSFMTVNJOJTUSPEF BHVB Â4JOPQVMTBFMCPUØO*OJDJP1BVTB OPTFTVNJOJTUSBSÈBHVBBMBMBWBEPSB 1VMTFFMCPUØO*OJDJP1BVTB {&TUÈDFSSBEBMBMMBWFEFMTVNJOJTUSPEFBHVB Â"CSBMBMMBWF
@{MBMBWBEPSBOPGVODJPOB
130#-&."
$0.130#"$*»/:40-6$*»/
&MBHVBHPUFBFOFMDPOFDUPSEFMB NBOHVFSBEFTVNJOJTUSPEFBHVB
{&TUÈBUBTDBEBMBNBMMBEFMGJMUSPEFMDPOFDUPSEFMBNBOHVFSBEFTVNJOJTUSP EFBHVB Â-JNQJFMBNBMMBEFMGJMUSPGSPUÈOEPMBDPOVODFQJMMPEFEJFOUFT {&TUÈDPSUBEBFMBHVB Â4JFMTVNJOJTUSPEFBHVBTFJOUFSSVNQF DJFSSFMBMMBWFZBQBHVFMB NÈRVJOB
&MDFOUSJGVHBEPFNJUFSVJEPTZ WJCSBDJPOFTGVFSUFT
$PNQSVFCFTJMBMBWBEPSBFTUÈOJWFMBEBTPCSFVOBTVQFSGJDJFQMBOBZTØMJEB Â/JWFMFMBNÈRVJOB {&TUÈTVFMUBMBNBOJMMBQBSBOJWFMBSMBTQBUBT Â/JWFMFMBTQBUBT {)BZPCKFUPTBMSFEFEPSEFMBMBWBEPSB Â3FUJSFFTUPTPCKFUPTEFMÈSFBEFMBMBWBEPSB
FTQFDJGJDBDJPOFT 8"6 8"6 $"/5*%"%.«9*." %&301"4&$"&/LH $0/46.0%& &/&3(¶"
8"6
LH
8"6
LH
-"7"%0
8
$&/53*'6("%0
8
%*.&/4*0/&4 NN
1&40
/*7&- "O Y 1S Y "M &45«/%"3%& "(6" #"4& */'&3*03
"O Y 1S Y "M #"4&461&3*03
LH _ .1B _LHGDN
13&4*»/%&-"(6"
5*10%&-"7"%0
3FNPWJEP
"-50
M
.&%*0
M
#"+0
M
.¶/*.0
M
640%&"(6"
M
7&-0$*%"%%&305"$*»/ %&-(&/&3"%03%& *.16-404
SQN
8"6 8"6 $"/5*%"%.«9*." %&301"4&$"&/LH $0/46.0%& &/&3(¶"
%*.&/4*0/&4 NN
1&40 13&4*»/%&-"(6"
5*10%&-"7"%0
8"6
LH
8"6
LH
-"7"%0
8
$&/53*'6("%0
8
/*7&- "O Y 1S Y "M &45«/%"3%& "(6" #"4& */'&3*03
"O Y 1S Y "M #"4&461&3*03
LH _ .1B _LHGDN
3FNPWJEP
"-50
M
.&%*0
M
#"+0
M
.¶/*.0
M
640%&"(6" 7&-0$*%"%%&305"$*»/ %&-(&/&3"%03%& *.16-404
M
SQN
FTQFDJGJDBDJPOFT@
FTQFDJGJDBDJPOFT
$PNQSVFCFTJMBSPQBFTUÈEJTUSJCVJEBSFHVMBSNFOUFEFOUSPEFMBMBWBEPSB Â%JTUSJCVZBSFHVMBSNFOUFMBSPQBZQPOHBEFOVFWPFONBSDIBMB MBWBEPSB
$POUBDUFDPO4".46/(803-%8*%& 4JUJFOFBMHVOBQSFHVOUBPDPNFOUBSJPSFGFSFOUFBOVFTUSPTQSPEVDUPT QPSGBWPS DPOUBDUFDPOOVFTUSP4FSWJDJPEF"UFODJØOBM$MJFOUF 1BÓT
--".&
07*4*5&/6&453"1«(*/"8&#
"3(&/5*/" $)*-& $045"3*$" +"."*$" 1"/"." 16&3503*$0 53*/*%"%50#"(0 7&/&;6&-" $0-0.#*"
4".46/(
XXXTBNTVOHDPNBS XXXTBNTVOHDPNDM XXXTBNTVOHDPNMBUJO XXXTBNTVOHDPNMBUJO XXXTBNTVOHDPNMBUJO XXXTBNTVOHDPNMBUJO XXXTBNTVOHDPNMBUJO XXXTBNTVOHDPNMBUJO XXXTBNTVOHDPNDP
/ÞNFSPEFDØEJHP%$$&4