ARIETE 1342/05 Vintage Blue Handleiding

Type
Handleiding
&2' 5(9GHO
02'

'H¶/RQJKL$SSOLDQFHV6UO
'LYLVLRQH&RPPHUFLDOH$ULHWH
9LD6DQ4XLULFR
&DPSL%LVHQ]LR),
(0DLOLQIR#DULHWHQHW
,QWHUQHWZZZDULHWHQHW
0DFFKLQDGDFDIIpÀOWUR
)LOWHUFRIIHH
&DIHWLqUHÀOWUH
)LOWHUNDIIHHPDVFKLQHQ
0iTXLQDGHFDIpÀOWUR
0iTXLQDGHFDIpFRPÀOWUR
.RIÀH]HWDSSDUDDWYRRUÀOWHUNRIÀH
ȃșȥįȟȓȗįȝȝțȜȡȫȜįĴȒ
Ʌɩɯɠɝɛɫɥɛ
)LJ
)LJ
)LJ )LJ
0
,
+
-
%
/
1
2
3
4
5
6
7
&
$
.
'
*
(
)
)LJ )LJ
,7
$352326,72',48(6720$18$/(
$QFKHVHJOLDSSDUHFFKLVRQRVWDWLUHDOL]]DWLLQFRQIRUPLWjFRQOHVSHFL¿FKH1RUPDWLYHHXURSHH
YLJHQWLHVRQRSHUWDQWRSURWHWWLLQWXWWHOHSDUWLSRWHQ]LDOPHQWHSHULFRORVHOHJJHWHFRQDWWHQ]LRQH
TXHVWHDYYHUWHQ]HHXVDWHO¶DSSDUHFFKLRVRORSHUO¶XVRFXLqVWDWRGHVWLQDWRSHUHYLWDUHLQIRUWXQLH
GDQQL7HQHWHDSRUWDWDGLPDQRTXHVWROLEUHWWRSHUIXWXUHFRQVXOWD]LRQL4XDORUDYRJOLDWHFHGHUH
TXHVWRDSSDUHFFKLRDGDOWUHSHUVRQHULFRUGDWHYLGLLQFOXGHUHDQFKHTXHVWHLVWUX]LRQL
/HLQIRUPD]LRQLULSRUWDWHLQTXHVWRPDQXDOHVRQRPDUFDWHGDLVHJXHQWLVLPEROLFKHLQGLFDQR
3HULFRORSHULEDPELQL
3HULFRORGRYXWRDHOHWWULFLWj
3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH
$YYHUWHQ]DUHODWLYDDXVWLRQL
$WWHQ]LRQHGDQQLPDWHULDOL
86235(9,672
3RWHWHXVDUHODSSDUHFFKLRSHUSUHSDUDUHFDIIq4XHVWRDSSDUHFFKLRqVWDWRFRQFHSLWRVRORSHUXQ
XVRSULYDWRHGqTXLQGLGDFRQVLGHUDUVLLQDGHJXDWRO¶XVRSHUVFRSLFRPPHUFLDOLRLQGXVWULDOL2JQL
DOWURXWLOL]]RGHOODPDFFKLQDQRQqSUHYLVWRGDO&RVWUXWWRUHFKHVLHVLPHGDTXDOVLDVLUHVSRQVDELOLWj
SHUGDQQLGLRJQLQDWXUDJHQHUDWLGDXQLPSLHJRLPSURSULRGHOODPDFFKLQDVWHVVD/¶XVRLPSURSULR
GHWHUPLQDLQROWUHO¶DQQXOODPHQWRGLRJQLIRUPDGLJDUDQ]LD
5,6&+,5(6,'8,
/HFDUDWWHULVWLFKHFRVWUXWWLYHGHOO¶DSSDUHFFKLRRJJHWWRGHOODSUHVHQWHSXEEOLFD]LRQHQRQFRQVHQWR
QRGLSURWHJJHUHO¶XWLOL]]DWRUHGDOSRVVLELOHFRQWDWWRFRQVFKL]]LGLYDSRUHRDFTXDFDOGD
$WWHQ]LRQH
3HULFRORGLXVWLRQLFDXVDWRGDVSUX]]LRVFKL]]LGLDFTXDFDOGDRFDIIq1RQDSULUHLOFRSHUFKLR
TXDQGRO¶HURJD]LRQHqLQFRUVR
$99(57(1=(',6,&85(==$
/(**(5($77(17$0(17(/(,6758=,21,35,0$'(//·862
 /¶DSSDUHFFKLRqGHVWLQDWRVRORDGXVRGRPHVWLFRHQRQGHYHHVVHUHDGLELWRDG
XVRFRPPHUFLDOHRLQGXVWULDOH
 1RQVLDVVXPRQRUHVSRQVDELOLWjSHUXVRHUUDWRRSHULPSLHJKLGLYHUVLGDTXHOOL
SUHYLVWLGDOSUHVHQWHOLEUHWWR
 6LFRQVLJOLDGLFRQVHUYDUHJOLLPEDOOLRULJLQDOLSRLFKpO¶DVVLVWHQ]DJUDWXLWDQRQq
SUHYLVWDSHULJXDVWLFDXVDWLGDLPEDOORQRQDGHJXDWRGHOSURGRWWRDOPRPHQWR
GHOODVSHGL]LRQHDGXQ&HQWURGL$VVLVWHQ]DDXWRUL]]DWR
 /¶DSSDUHFFKLRqFRQIRUPHDOUHJRODPHQWR(&1RGHOVXL
PDWHULDOLLQFRQWDWWRFRQDOLPHQWL
,7
3HULFRORSHULEDPELQL

/¶DSSDUHFFKLRSXzHVVHUHXVDWRGDLEDPELQLFRQXQHWjVXSHULRUHDDQQLVROR
VHVRQRVHJXLWLGDXQDSHUVRQDUHVSRQVDELOHRVHKDQQRULFHYXWROHLVWUX]LRQL
ULJXDUGDQWLO¶XWLOL]]RGHOO¶DSSDUHFFKLRLQVLFXUH]]DHGKDQQRFRPSUHVRLSHULFROL
SUHVHQWLGXUDQWHO¶XVR
 /HRSHUD]LRQLGLSXOL]LDHGLPDQXWHQ]LRQHGDSDUWHGHOO¶XWLOL]]DWRUHQRQGHYRQR
HVVHUHHIIHWWXDWHGDLEDPELQLDPHQRFKHQRQDEELDQRXQ¶HWjVXSHULRUHDDQQL
HRSHULQRVRWWRVRUYHJOLDQ]D$VVLFXUDUVLFKHLEDPELQLQRQJLRFKLQRFRQO¶DSSD
UHFFKLR
 7HQHUHVHPSUHO¶DSSDUHFFKLRHLOFDYRGLDOLPHQWD]LRQHIXRUL GDOOD SRUWDWD GL
EDPELQLFRQHWjLQIHULRUHDDQQL
 1RQODVFLDUSHQGHUHLOFDYRLQXQOXRJRGRYHSRWUHEEHHVVHUHDIIHUUDWRGDXQ
EDPELQR
 *OLHOHPHQWLGHOO¶LPEDOODJJLRQRQGHYRQRHVVHUHODVFLDWLDOODSRUWDWDGHLEDPELQL
LQTXDQWRSRWHQ]LDOLIRQWLGLSHULFROR
 $OORUFKpVLGHFLGDGLVPDOWLUHFRPHUL¿XWRTXHVWRDSSDUHFFKLRVLUDFFRPDQGDGL
UHQGHUORLQRSHUDQWHWDJOLDQGRQHLOFDYRGLDOLPHQWD]LRQH6LUDFFRPDQGDLQROWUH
GLUHQGHUHLQQRFXHTXHOOHSDUWLGHOO¶DSSDUHFFKLRVXVFHWWLELOLGLFRVWLWXLUHXQSHUL
FRORVSHFLDOPHQWHSHULEDPELQLFKHSRWUHEEHURVHUYLUVLGHOO¶DSSDUHFFKLRSHUL
SURSULJLRFKL
3HULFRORGRYXWRDHOHWWULFLWj
 /¶DSSDUHFFKLRSXzHVVHUHXVDWRGDSHUVRQHFKHKDQQRFDSDFLWj¿VLFKHVHQVR
ULDOLRPHQWDOLULGRWWHRSSXUHFRQPDQFDQ]DGLHVSHULHQ]DRGLFRQRVFHQ]DVROR
VHVRQRVHJXLWLGDXQDSHUVRQDUHVSRQVDELOHRVHKDQQRULFHYXWRHFRPSUHVROH
LVWUX]LRQLULJXDUGDQWLO¶XWLOL]]RGHOO¶DSSDUHFFKLRLQVLFXUH]]DHGKDQQRFRPSUHVR
LSHULFROLSUHVHQWLGXUDQWHO¶XVR
 3ULPD GL FROOHJDUH O¶DSSDUHFFKLR DOOD UHWH GL DOLPHQWD]LRQH FRQWUROODUHFKH OD
WHQVLRQHLQGLFDWDVXOODWDUJKHWWDSRVWDDOGLVRWWRGHOODPDFFKLQDFRUULVSRQGDD
TXHOODGHOODUHWHORFDOH
 /¶XVR GLSUROXQJKHHOHWWULFKHQRQDXWRUL]]DWH GDOIDEEULFDQWH GHOO¶DSSDUHFFKLR
SXzSURYRFDUHGDQQLHLQFLGHQWL
 3ULPD GL SURFHGHUH DOO¶RSHUD]LRQH GL ULHPSLPHQWR GHO VHUEDWRLR GHOO¶DFTXD
VFROOHJDUHO¶DSSDUHFFKLRGDOODSUHVDGLFRUUHQWH
 6H LO FDYR GL DOLPHQWD]LRQH q GDQQHJJLDWR HVVR GHYH HVVHUH VRVWLWXLWR GDO
FRVWUXWWRUHRGDOVXRVHUYL]LR$VVLVWHQ]D7HFQLFDRFRPXQTXHGDXQDSHUVRQD
FRQTXDOL¿FDVLPLODUHLQPRGRGDSUHYHQLUHRJQLULVFKLR
 1RQPHWWHUHPDLOHSDUWLVRWWRWHQVLRQHDFRQWDWWRFRQO¶DFTXDSXzJHQHUDUVLXQ
FRUWRFLUFXLWR
 7RJOLHUHODVSLQDGDOODSUHVDSULPDGLRJQLLQWHUYHQWRGLSXOL]LDRGLPDQXWHQ]LRQH
 1RQLPPHUJHUHO¶DSSDUHFFKLRLQDFTXDRDOWULOLTXLGL
,7
 1RQPHWWHUHPDLODSSDUHFFKLRYLFLQRRVRSUDXQODYDQGLQR
 1RQULPXRYHUHLOFRSHUFKLRLQIHULRUHGHOODSSDUHFFKLR1RQFLVRQRSDUWLLQWHUQH
GDXWLOL]]DUHRSXOLUH
3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH
 6FHJOLHUHXQDPELHQWHVXI¿FLHQWHPHQWHLOOXPLQDWRSXOLWRHFRQODSUHVDGLFRU
UHQWHIDFLOPHQWHDFFHVVLELOH
 (YLWDUHGLLPPHWWHUHQHOVHUEDWRLRXQDTXDQWLWjHFFHVVLYDGLDFTXD
 1RQODVFLDUHLQFXVWRGLWRO¶DSSDUHFFKLRPHQWUHqFROOHJDWRDOODUHWHHOHWWULFD
 /¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRHODVFLDWRDULSRVRVXXQDVXSHU¿FLHVWDELOH
 /¶DSSDUHFFKLR QRQ GHYH HVVHUHXWLOL]]DWRVHqVWDWRIDWWRFDGHUHVHYLVRQR
VHJQLGLGDQQLYLVLELOLRVHKDSHUGLWHGLDFTXD1RQXVDUHO¶DSSDUHFFKLRVHLO
FDYRHOHWWULFRRODVSLQDULVXOWDQRGDQQHJJLDWLRVHO¶DSSDUHFFKLRVWHVVRULVXOWD
GLIHWWRVR7XWWHOHULSDUD]LRQLFRPSUHVDODVRVWLWX]LRQHGHOFDYRGLDOLPHQWD]LR
QHGHYRQRHVVHUHHVHJXLWHVRODPHQWHGDO&HQWUR$VVLVWHQ]D$ULHWHRGDWHFQLFL
DXWRUL]]DWL$ULHWHLQPRGRGDSUHYHQLUHRJQLULVFKLR
$YYHUWHQ]DUHODWLYDDXVWLRQL
 1RQDSULUHLOFRSHUFKLRTXDQGRO¶HURJD]LRQHqLQFRUVR
 $WWHQGHUHFKHODSSDUHFFKLRVLVLDUDIIUHGGDWRSULPDGLULIRUQLUHLOVHUEDWRLRFRQ
DFTXDSHULFRORGLXVWLRQLFDXVDWHGDVFKL]]LGLDFTXDRYDSRUH
 1RQODVFLDUHODFDUDIIDYXRWDVRSUDODSLDVWUDGLULVFDOGDPHQWRFRQODPDFFKLQD
LQIXQ]LRQH3HULFRORGLURWWXUDGHOODFDUDIID3HULFRORGLXVWLRQLGRYXWRDOFRQWDWWR
FRQODFDUDIID
$WWHQ]LRQHGDQQLPDWHULDOL
 &ROORFDUHODPDFFKLQDVXXQSLDQRVWDELOHGRYHQRQSRVVDHVVHUHURYHVFLDWD
 1RQXVDUHODPDFFKLQDVHQ]DDFTXDSRLFKpLQWDOHFDVRODSRPSDVLEUXFHUHE
EH
 1RQULHPSLUHPDLLOVHUEDWRLRGHOO¶DFTXDFRQDFTXDFDOGDREROOHQWH
 1RQSRVL]LRQDUHODPDFFKLQDVXVXSHU¿FLPROWRFDOGHRQHOOHYLFLQDQ]HGL¿DP
PHOLEHUHSHUHYLWDUHFKHODFDUUR]]HULDSRVVDHVVHUHGDQQHJJLDWD
 ,OFDYRQRQGHYHWRFFDUHOHSDUWLFDOGHGHOODPDFFKLQD
 1RQXWLOL]]DUHDFTXDJDVVDWDDGGL]LRQDWDGLDQLGULGHFDUERQLFD
 1RQLQWURGXUUHPDLQHO¿OWURVRVWDQ]HGLYHUVHGDOFDIIqLQSROYHUH6LSRWUHEEHUR
FDXVDUHJUDYLGDQQLDOO¶DSSDUHFFKLR
 1RQODVFLDUHODPDFFKLQDDWHPSHUDWXUDDPELHQWHLQIHULRUHD&LQTXDQWRLO
UHVLGXRG¶DFTXDQHOODFDOGDLDSRWUHEEHJKLDFFLDUHHSURYRFDUHGHLGDQQL
 1RQXVDUHO¶DSSDUHFFKLRDOO¶DSHUWR
 1RQODVFLDUHO¶DSSDUHFFKLRHVSRVWRDGDJHQWLDWPRVIHULFLSLRJJLDVROHHFF
 'RSRDYHUVWDFFDWRODVSLQDGLDOLPHQWD]LRQHHGRSRFKHOHSDUWLFDOGHVLVDUDQQR
IUHGGDWHO¶DSSDUHFFKLRGRYUjHVVHUHSXOLWRHVFOXVLYDPHQWHFRQXQSDQQRQRQ
,7
DEUDVLYRDSSHQDLQXPLGLWRDJJLXQJHQGRSRFKHJRFFHGLGHWHUJHQWLQHXWULQRQ
DJJUHVVLYLQRQXVDUHPDLVROYHQWLFKHGDQQHJJLDQRODSODVWLFD
3UHFDX]LRQLQHOOXVRGHOODFDUDIID
 8WLOL]]DUHODFDUDIIDVRORFRQTXHVWDPDFFKLQDGDFDIIq1RQXWLOL]]DUHODFDUDIID
SHUVFDOGDUHLOFDIIqVRSUDXQIRUQHOORRDOWUHIRQWLGLFDORUH1RQPHWWHUHODFDUDI
IDQHOIRUQRDPLFURRQGHSHUVFDOGDUHLOFDIIq
 /DFDUDIIDGHYHHVVHUHXWLOL]]DWDVRORFRQODSLDVWUDGLULVFDOGDPHQWRLQGRWD]LR
QHFRQODSSDUHFFKLR
 3HUHYLWDUHURWWXUHGHOODFDUDIIDVROOHYDUODFRQFDXWHOD(YLWDUHGLXUWDUHODFDUDI
IDFRQWURDOWULRJJHWWLSHULFRORGLURWWXUDGHOYHWUR'XUDQWHLOULHPSLPHQWRGHOOD
FDUDIIDFRQDFTXDHYLWDUHGLFROSLUHLOUXELQHWWR
 1RQDSSRJJLDUHODFDUDIIDYXRWDVXVXSHU¿FLFDOGH
 1RQDSSRJJLDUHODFDUDIIDFDOGDVXVXSHU¿FLIUHGGHREDJQDWH$WWHQGHUHLOUDI
IUHGGDPHQWRGHOODFDUDIIDSULPDGLODYDUODRGLDJJLXQJHUHDFTXDIUHVFD
 1RQSXOLUHODFDUDIIDFRQVSXJQHPHWDOOLFKHGHWHUVLYLDEUDVLYLRDOWULPDWHULDOL
FKHSRVVRQRJUDI¿DUHLOYHWUR
 1RQXWLOL]]DUHODFDUDIIDVHqVWDWDULVFDOGDWDDVHFFRSHUWURSSRWHPSRVRVWLWX
LUODFRQXQDOWUDFDUDIIDRULJLQDOH
&216(59$5(6(035(48(67(,6758=,21,
'(6&5,=,21('(//$33$5(&&+,2
$&DUDIID .9DQRUDFFRJOLFDYR
%,PSXJQDWXUDGHOODFDUDIID / &DYRDOLPHQWD]LRQHVSLQD
&&RSHUFKLRFDUDIID 03LDVWUDGLULVFDOGDPHQWR
'%HFFXFFLRGLHURJD]LRQH 1'LVSOD\
(6HGHGHOSRUWD¿OWUR 202'(
)6HUEDWRLRDFTXD 36(/
*,QGLFDWRUHGLOLYHOORGHOODFTXD 4$872
+)LOWURFDIIq 53XOVDQWHGLLPSRVWD]LRQHGHOOHRUH+5
, 3RUWD¿OWURULPRYLELOH 63XOVDQWHGLLPSRVWD]LRQHGHLPLQXWL0,1
- &RSHUFKLRVHUEDWRLR
73XOVDQWHHURJD]LRQHFDIIq
VSHJQLPHQWR
'DWLGLLGHQWLÀFD]LRQH
1HOODWDUJKHWWDSRVWDVRWWRODEDVHGLDSSRJJLRGHOODPDFFKLQDVRQRULSRUWDWLLVHJXHQWLGDWLG¶LGHQ
WL¿FD]LRQHGHOODPDFFKLQD
 FRVWUXWWRUHHPDUFDWXUD&(
 PRGHOOR0RG
 QGLPDWULFROD61
 WHQVLRQHHOHWWULFDGLDOLPHQWD]LRQH9HIUHTXHQ]D+]
 SRWHQ]DHOHWWULFDDVVRUELWD:
 QXPHURYHUGHDVVLVWHQ]D
1HOOHHYHQWXDOLULFKLHVWHDL&HQWUL$VVLVWHQ]D$XWRUL]]DWLLQGLFDUHPRGHOORHQXPHURGLPDWULFROD
,7
,6758=,21,3(5/862
0HVVDLQIXQ]LRQH
 &RQWUROODUHFKHODWHQVLRQHGHOODUHWHGRPHVWLFDVLDXJXDOHDTXHOODLQGLFDWDVXOODWDUJKHWWDGDWL
WHFQLFLGHOO¶DSSDUHFFKLR
 5LPXRYHUHLPDWHULDOLGHOOLPEDOODJJLRGDOOLQWHUQRHGDOOHVWHUQRGHOODSSDUHFFKLR
 3RVL]LRQDUHSRLODSSDUHFFKLRVXXQDVXSHU¿FLHSLDQD3RVL]LRQDUHODSSDUHFFKLRDGXQDGLVWDQ
]DGLDOPHQRFPGDSDUHWLPRELOLRDOWULDSSDUHFFKL
$WWHQ]LRQH
3HULFRORGLGDQQLDOODVXSHU¿FLHGLDSSRJJLRGHOODSSDUHFFKLR/DWHPSHUDWXUDHOHYDWDGHOODS
SDUHFFKLRSXzSURYRFDUHSODVWL¿FD]LRQLGHOOHVXSHU¿FLGLDSSRJJLR,QVHULUHXQSDQQRRXQD
WRYDJOLHWWDIUDODSSDUHFFKLRHODVXSHU¿FLHGLDSSRJJLR
$WWHQ]LRQH
3HULFRORGLVRYUDFFDULFRGHOODOLQHDHOHWWULFD3LDSSDUHFFKLFROOHJDWLDGXQXQLFDSUHVDHOHW
WULFDSXzJHQHUDUHXQFRUWRFLUFXLWR&ROOHJDUHODSSDUHFFKLRDGXQDSUHVDHOHWWULFDOLEHUDGD
DOWULHOHWWURGRPHVWLFL
 /DYDUHODFDUDIIDLOSRUWD¿OWURULPRYLELOHHLO¿OWURFDIIqFRQDFTXDFDOGDHVDSRQH6FLDFTXDUHHG
DVFLXJDUHLFRPSRQHQWL
 3RVL]LRQDUHLOSRUWD¿OWURULPRYLELOHQHOODVXDVHGH)LJ
/DYDOYRODGLÁXVVRSRVL]LRQDWDVXOIRQGRGHOSRUWDÀOWURULPRYLELOHGHYHHVVHUHLQVHULWDQHO
IRURFHQWUDOHGHOODVHGHGHOSRUWDÀOWUR
3ULPDDFFHQVLRQH
,QFDVRGLSULPDDFFHQVLRQHRGRSRXQSHULRGRGLLQXWLOL]]RVLUDFFRPDQGDGLIDUIXRULXVFL
UHDOPHQRGXHFDUDIIHGLDFTXDGDOFLUFXLWRLGUDXOLFRGHOODFDOGDLD
 5LHPSLUHLOVHUEDWRLRFRQDFTXDQDWXUDOHIUHVFD)LJ¿QRDOOLYHOORLQGLFDWRFRQ,OOLYHOOR
HTXLYDOHDOOLYHOORPDVVLPRGLDFTXDHDOQXPHURPDVVLPRGLWD]]HGLFDIIq&KLXGHUHLO
FRSHUFKLRGHOVHUEDWRLR
1RQULHPSLUH0$,LOVHUEDWRLRROWUHLOOLYHOORPDVVLPR
3HUTXHVWRODYDJJLRQRQLQVHULUHLOÀOWURFDIIqQHOSRUWDÀOWUR
 ,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWHHOHWWULFDFKHGHYHHVVHUHGRWDWDGLPHVVDDWHUUD
 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR09HUL¿FDUHFKHODYDOYRODGLÀXVVR
VLDSRVL]LRQDWDFRUUHWWDPHQWHVXOFRSHUFKLRGHOODFDUDIID
 3UHPHUHLOSXOVDQWHGLHURJD]LRQHFDIIq
$WWHQGHUHFKHWXWWDODFTXDFRQWHQXWDQHOVHUEDWRLR
VLDVFHVDQHOODFDUDIID$WWHQGHUHPLQXWLSHUIDUUDIIUHGGDUHODSSDUHFFKLR
 5LSHWHUHORSHUD]LRQHFRQXQDVHFRQGDFDUDIIDGLDFTXD$WWHQGHUHFKHWXWWDODFTXDFRQWHQXWD
QHOVHUEDWRLRVLDVFHVDQHOODFDUDIID
$GHVVRqSRVVLELOHSUHSDUDUHODSSDUHFFKLRHGHURJDUHODYRVWUDSULPDFDUDIIDGLFDIIq
3UHSDUD]LRQHGHOODPDFFKLQD
3ULPDGLDFFHQGHUHO·DSSDUHFFKLRDFFHUWDUVLFKHYLVLDDFTXDDVXIÀFLHQ]DDOO·LQWHUQRGHO
VHUEDWRLR
,7
/HRSHUD]LRQLGLULHPSLPHQWRGLDFTXDGHYRQRHVVHUHHIIHWWXDWHFRQODVSLQDGHOFDYRGL
DOLPHQWD]LRQHHOHWWULFDVWDFFDWDGDOODSUHVDGLFRUUHQWH
 $SULUHLOFRSHUFKLRGHOVHUEDWRLR-/LQGLFDWRUHGLOLYHOOR*KDXQDVFDODJUDGXDWDGDD
RJQLQXPHURFRUULVSRQGHDOQXPHURGLWD]]HGLFDIIq5LHPSLUHODFDUDIIDFRQDFTXDQDWXUDOH
IUHVFD9HUVDUHODFTXDQHOVHUEDWRLR¿QRDOOLYHOORGHVLGHUDWRSHUWD]]HGLFDIIqHSHU
WD]]HGLFDIIq
 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR0
$WWHQ]LRQH
1RQXWLOL]]DUHODFDUDIIDVHSUHVHQWDURWWXUHVXOYHWURRVXOPDQLFR3HULFRORGLXVWLRQLFDXVDWR
GDOFRQWDWWRFRQLOFDIIqEROOHQWHGRYXWRDOODURWWXUDGHOODFDUDIID
1RQDSSRJJLDUHDOFXQRJJHWWRVRSUDLOFRSHUFKLRTXDQGRODSSDUHFFKLRqLQIXQ]LRQH
$WWHQ]LRQH
1RQDSULUHLOFRSHUFKLRTXDQGRO¶HURJD]LRQHqLQFRUVRSHULFRORGLXVWLRQLFDXVDWRGDVSUX]]L
RVFKL]]LGLDFTXDFDOGDRFDIIq
 3RVL]LRQDUHLO¿OWURFDIIqQHOSRUWD¿OWUR'RVDUHLOFDIIqQHO¿OWUR8QDWD]]DGLFDIIqHTXLYDOHDG
XQFXFFKLDLRUDVRGLFDIIqLQSROYHUH
 $EEDVVDUHODPDQLJOLDGHO¿OWURFDIIq&KLXGHUHLOFRSHUFKLRGHOVHUEDWRLR
 ,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWHHOHWWULFDFKHGHYHHVVHUHGRWDWDGLPHVVDDWHUUD,O
GLVSOD\VLDFFHQGHHORUDULRLQL]LDDODPSHJJLDUH$0 8WLOL]]DUHLWDVWL+5H0,1
SHULPSRVWDUHORUDORFDOH3UHPHUH6(/SHUFRQIHUPDUH6HQRQYLHQHSUHPXWRDOFXQWDVWRLO
GLVSOD\VLVSHJQHGRSRVHFRQGL
 3UHPHUHLOWDVWRFDIIq SHUDYYLDUHLOFLFORGLHURJD]LRQHGHOFDIIq$WWHQGHUHODIXRULXVFLWDGHO
FDIIqQHOODFDUDIIDVLQRDOFRPSOHWDPHQWRGHOFLFORVHOH]LRQDWRQXPHURGLWD]]H
 ÊSRVVLELOHLQWHUURPSHUHOHURJD]LRQHGHOFDIIqSULPDGHOFRPSOHWDPHQWRGHOFLFORGLHURJD]LRQH
 HVWUDUUHODWD]]DYHGL)XQ]LRQHSDXVDSHUVHUYLUHLOFDIIq
 SUHPHUHLOSXOVDQWHFDIIq¿QRDTXDQGRODSSDUHFFKLRQRQHPHWWHXQEHHSHVLVSHJQHODVSLD
OXPLQRVDGHOPHGHVLPRWDVWR
8QDYROWDHIIHWWXDWRORVSHJQLPHQWRDXWRPDWLFRRGHVLGHUDWRODSLDVWUDGLULVFDOGDPHQWRLQL]LHUj
DULVFDOGDUVL
/DVFLDUHLOFRSHUFKLRVXOODFDUDIIDSHUPDQWHQHUHFDOGRLOFDIIqHSHUVHUYLUHLOFDIIqVHQ]D
SHULFRORGLVFRWWDWXUH
 3UHQGHUHODFDUDIIDWUDPLWHOLPSXJQDWXUD,QFOLQDUHOHJJHUPHQWHODFDUDIIDHYHUVDUHLOFDIIq
FDOGRLQXQDWD]]D
 3UHPHUHHULODVFLDUHLOWDVWRFDIIq SHUVSHJQHUHODSSDUHFFKLR
1RQPXRYHUHODSSDUHFFKLRTXDQGRODFDUDIIDRLOVHUEDWRLRFRQWHQJRQROLTXLGLFDOGL$WWHQ
GHUHLOFRPSOHWRUDIIUHGGDPHQWRGHOODSSDUHFFKLR
/DTXDQWLWjGLDFTXDHURJDWDQHOODFDUDIIDVDUjXQSRPHQRULVSHWWRDTXHOODYHUVDWDQHO
VHUEDWRLR8QSRGLDFTXDVDUjDVVRUELWDGDOODSROYHUHGHOFDIIqHGDOÀOWUR
,PSRVWD]LRQHGHOORUD
 3UHPHUHLOWDVWR+5SHUVHOH]LRQDUHORUD3UHPHUHHPDQWHQHUHSUHPXWRLOWDVWR+5SHULPSR
VWDUHORUDGHVLGHUDWDSLYHORFHPHQWH
,7
 3UHPHUHLOWDVWR0,1SHUVHOH]LRQDUHLPLQXWL3UHPHUHHPDQWHQHUHSUHPXWRLOWDVWR0,1SHU
LPSRVWDUHLPLQXWLGHVLGHUDWLSLYHORFHPHQWH
 4XDQGRORUDLPSRVWDWDqHVDWWDSUHPHUHLOWDVWR6(//DSSDUHFFKLRHPHWWHXQEHHS
 3HUUHLPSRVWDUHORUDSUHPHUHLOWDVWR02'(VHLYROWH¿QRDTXDQGRLOVLPEROR QRQODPSHJ
JLD3UHPHUHLOWDVWR6(//RUDULRLQL]LDDODPSHJJLDUH$GHVVRqSRVVLELOHLPSRVWDUHORUDFRPH
GHVFULWWRQHLSXQWLSUHFHGHQWL
,PSRVWD]LRQHGHOFLFORDXWRPDWLFR
3UHPHUHHWHQHUHSUHPXWRLOWDVWR$872¿QFKpVXOGLVSOD\QRQODPSHJJLDODVFULWWD352*5$00
LQVLHPHDOVLPEROR 6HJXLUHLOPHWRGRGLLPSRVWD]LRQHGHOORUDSHULPSRVWDUHRUHHPLQXWL3UH
PHUHLOWDVWR$872R6(/SHUFRQIHUPDUH/DSSDUHFFKLRHPHWWHXQEHHSHVXOGLVSOD\FRPSDUH
ORUDDWWXDOHHLOVLPERORGHOWLPHU ODSSDUHFFKLRDYYLHUjXQFLFORGLHURJD]LRQHGHOFDIIqDOORUD
LPSRVWDWD
3HUDQQXOODUHODSLDQL¿FD]LRQHHOHLPSRVWD]LRQLSUHFHGHQWHPHQWHGH¿QLWHqVXI¿FLHQWHSUHPHUH
QXRYDPHQWHLOWDVWR$872
,PSRVWD]LRQHGHOOLQWHQVLWjGHOFDIIq
/DSSDUHFFKLRKDXQDIXQ]LRQHFKHSHUPHWWHGLUHJRODUHOLQWHQVLWjGHOFDIIqSHUDGDWWDUORDLSURSUL
JXVWL
1RUPDOH
3UHPHUHLO WDVWR02'(XQD YROWD,O VLPEROR LQL]LDD ODPSHJJLDUH
3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH4XHVWDPRGDOLWjFRUULVSRQGHDOOD
LPSRVWD]LRQHGLIDEEULFD
0HGLR
3UHPHUHLOWDVWR02'(GXHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH
3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH,OVLPEROR UHJRODOHURJD]LRQH
FRQVLGHUDQGRXQDFDUDIIDGLFDIIq4XHVWRVLWUDGXFHLQXQFDIIqSLDUR
PDWLFR
)RUWH
3UHPHUHLOWDVWR02'(WUHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH
3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH,OVLPEROR UHJRODOHURJD
]LRQHHLOWHPSRGLLQIXVLRQHFRQVLGHUDQGRXQDFDUDIIDGLFDIIq4XHVWRVL
WUDGXFHLQXQFDIIqSLIRUWH
0RGDOLWjWD]]H 3UHPHUHLOWDVWR02'(TXDWWURYROWH,OVLPEROR LQL]LDDODPSHJ
JLDUH3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH/DPRGDOLWjWD]]HSHUPHW
WHGLSUHSDUDUHLOFDIIqSHUXQPDVVLPRGLWD]]H1HOVHUEDWRLRGHOODFTXD
GHYHHVVHUHYHUVDWDVRODPHQWHXQDTXDQWLWjGLDFTXDFRUULVSRQGHQWHDO
OLYHOORGHOODFDUDIIDOOVLPEROR UHJRODDXWRPDWLFDPHQWHOHURJD
]LRQHSHURWWHQHUHLOPDVVLPRJXVWRSHUSLFFROHTXDQWLWjGLFDIIq,GHDOH
SHUXQPDVVLPRGLWD]]HGLFDIIq
6HQHO VHUEDWRLRqSUHVHQWH SLDFTXDOHURJD]LRQH QRQWHUPLQHUj
ÀQRDTXDQGRWXWWDODFTXDQRQVDUjHURJDWDQHOODFDUDIID
'RSRDYHUVHOH]LRQDWROLPSRVWD]LRQHGHVLGHUDWDSUHPHUHLOWDVWRFDIIq /DSSDUHFFKLRHPHWWH
XQEHHSHGLQL]LDOHURJD]LRQHGHOFDIIq

,7
)XQ]LRQHSDXVDSHUVHUYLUHLOFDIIq
3HUVHUYLUHLOFDIIqSULPDFKHVLDFRPSOHWDWDOHURJD]LRQHGHOFDIIqQHOODFDUDIIDEDVWDULPXRYHUHOD
FDUDIIDGDOODSLDVWUDGLULVFDOGDPHQWR
$WWHQGHUHOHURJD]LRQHGLDOPHQRWD]]HGLFDIIqSULPDGLULPXRYHUHODFDUDIID
/HURJD]LRQHVLLQWHUURPSHDXWRPDWLFDPHQWHSHUVHFRQGL3RVL]LRQDUHODFDUDIIDVXOODSLDVWUDGL
ULVFDOGDPHQWRSHUULSUHQGHUHLOFLFORGLHURJD]LRQH
$WWHQ]LRQH
3HULFRORGLXVWLRQLGRYXWHDOFRQWDWWRFRQLOFDIIqFDOGRFKHHVFHGDOEHFFXFFLRGLHURJD]LRQH
/DFDUDIIDGHYHHVVHUHSRVL]LRQDWDVXOODSLDVWUDGLULVFDOGDPHQWRHQWURVHFRQGLGDOODVXD
ULPR]LRQH
)XQ]LRQHGLDXWRVSHJQLPHQWR
6HODPDFFKLQDqDFFHVDPDQRQYLHQHXWLOL]]DWDGRSRFLUFDPLQXWLLQWHUYLHQHODIXQ]LRQHGL
DXWRVSHJQLPHQWR4XHVWDIXQ]LRQHPHWWHLQVWDQGE\ODPDFFKLQDHGLVDWWLYDWXWWHOHIXQ]LRQLGL
ULVFDOGDPHQWR
&RPHSUHSDUDUHXQDVHFRQGDFDUDIIDGLFDIIq
3UHPHUHLOWDVWRFDIIq /DPDFFKLQDVLVSHJQH5LPXRYHUHODVSLQDGDOODSUHVDGLFRUUHQWH
$WWHQ]LRQH
3HULFRORGLXVWLRQLFDXVDWHGDVFKL]]LGLDFTXDRYDSRUH$WWHQGHUHDOPHQRPLQXWLSULPDGL
ULIRUQLUHLOVHUEDWRLRFRQDFTXD$WWHQGHUHLOUDIIUHGGDPHQWRGHOOHSDUWLFDOGHGHOODSSDUHFFKLR
3ULPDGLDYYLDUHOHURJD]LRQHGHOFDIIqFRQWUROODUHFKHFLVLDDFTXDDVXIÀFLHQ]DQHOVHUEDWR
LR1RQDYYLDUHOHURJD]LRQHGHOFDIIqVHLOOLYHOORGHOODFTXDqVRWWRLOOLYHOORPLQLPR
 $SULUHLOFRSHUFKLRGHOODSSDUHFFKLR6ROOHYDUHODPDQLJOLDGHO¿OWURGHOFDIIq(VWUDUUHLO¿OWURGHO
FDIIqGDOSRUWD¿OWUR5LPXRYHUHLUHVLGXLGLFDIIqGDO¿OWUR
 5LPXRYHUHLOSRUWD¿OWURGDOODSSDUHFFKLR6FLDFTXDUHODFDUDIIDHLOSRUWD¿OWURFRQDFTXDIUHVFDH
SXOLWD5LHPSLUHLOVHUEDWRLRFRQDFTXDQDWXUDOHIUHVFD¿QRDOOLYHOORGHVLGHUDWR
 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR0
 3RVL]LRQDUHLOSRUWD¿OWURQHOODVXDVHGH)LJ3RVL]LRQDUHLO¿OWURFDIIqQHOSRUWD¿OWUR)LJ
'RVDUHLOFDIIqQHO¿OWUR8QDWD]]DGLFDIIqHTXLYDOHDGXQFXFFKLDLRUDVRGLFDIIqLQSROYHUH
 &KLXGHUHLOFRSHUFKLR,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWH
 3UHPHUHLOWDVWRFDIIq /DPDFFKLQDLQL]LDLOFLFORGLHURJD]LRQHGHOFDIIq
&216,*/,87,/,3(535(3$5$5(81%821&$))Ë
 3HURWWHQHUHXQFDIIqJXVWRVRqQHFHVVDULRPDQWHQHUHODSSDUHFFKLRSXOLWR(VHJXLUHODSXOL]LDH
ODGHFDOFL¿FD]LRQHFRQUHJRODULWjFRPHGHVFULWWRQHOSDUDJUDIR3XOL]LDGHOODSSDUHFFKLR
 8WLOL]]DUHVHPSUHDFTXDIUHVFDHSXOLWD
 &RQPDFLQDWXUHSL¿QLVLRWWHQJRQRFDIIqSLULFFKLHFRUSRVL8QDPDFLQDWXUDUHJRODUHULFKLH
GHUjSLFDIIqSHURWWHQHUHLOVROLWRJXVWRFKHVLULFDYDGDPLVFHOHPDFLQDWHSL¿QHPHQWH
 7HQHUHODSROYHUHGLFDIIqLQXQSRVWRIUHVFRHGDVFLXWWR&KLXGHUHHUPHWLFDPHQWHOHFRQIH]LRQL
DSHUWHHODVFLDUOHQHOIULJRULIHUR
 3HUXQVDSRUHRWWLPDOHDFTXLVWDUHLOFDIIqLQFKLFFKLHPDFLQDUORSULPDGHOODSUHSDUD]LRQH
 ,OFDIIqULVFDOGDWRQRQKDXQVDSRUHRWWLPDOH,OFDIIqUDJJLXQJHLOVXRPLJOLRUJXVWRVXELWRGRSR
ODSUHSDUD]LRQH

,7
 /DSUHVHQ]DGLSLFFROHJRFFHGLROLRVXOODVXSHU¿FLHGHOFDIIqSXzHVVHUHFDXVDWDGDOOXVRSUR
OXQJDWRGLPLVFHOHWRVWDWHHVHJXLUHODSXOL]LDFRQUHJRODULWj
38/,=,$'(//$33$5(&&+,2
4XHVWRDSSDUHFFKLRULFKLHGHSRFDPDQXWHQ]LRQH(VVRQRQFRQWLHQHSDUWLULSDUDELOLGDOOXWHQWH
4XDOVLDVLRSHUD]LRQHFKHULFKLHGDORVPRQWDJJLRGLSDUWLGHYHHVVHUHHVHJXLWDGDXQ&HQWURGL
$VVLVWHQ]D$XWRUL]]DWR
$WWHQ]LRQH
7XWWHOHRSHUD]LRQLGLSXOL]LDVRWWRLQGLFDWHGHYRQRHVVHUHHIIHWWXDWHDPDFFKLQDVSHQWDHFRQ
ODVSLQDHOHWWULFDVFROOHJDWDGDOODSUHVDGLFRUUHQWH
$WWHQ]LRQH
8QDPDQXWHQ]LRQHHGXQDSXOL]LDUHJRODULPDQWHQJRQRHI¿FLHQWHODPDFFKLQDSHUXQSHULRGR
PDJJLRUH1RQODYDUHPDLLFRPSRQHQWLGHOODPDFFKLQDLQODYDVWRYLJOLH1RQXWLOL]]DUHJHWWL
GLDFTXDGLUHWWD
$WWHQ]LRQH
2JQLLQWHUYHQWRYDHVHJXLWRDPDFFKLQDIUHGGD
3XOL]LDGHOÀOWURHGHOSRUWDÀOWUR
'RSRRJQLXWLOL]]RHVWUDUUHLO¿OWURGHOFDIIqGDOSRUWD¿OWUR5LPXRYHUHLUHVLGXLGLFDIIqGDO¿OWUR
6FLDFTXDUHLO¿OWURFRQDFTXDIUHVFDHSXOLWD(VWUDUUHLOSRUWD¿OWURHODYDUORFRQDFTXDFDOGDH
VDSRQH
3XOL]LDGHOODFDUDIID
$WWHQ]LRQH
3HUHYLWDUHURWWXUHGHOODFDUDIIDVROOHYDUODFRQFDXWHOD(YLWDUHGLXUWDUHODFDUDIIDFRQWURDOWUL
RJJHWWLSHULFRORGLURWWXUDGHOYHWUR'XUDQWHLOULHPSLPHQWRGHOODFDUDIIDFRQDFTXDHYLWDUH
GLFROSLUHLOUXELQHWWR
6FLDFTXDUHODFDUDIIDFRQDFTXDFDOGDHVDSRQH/DYDUHLOFRSHUFKLRGHOODFDUDIIDGDLUHVLGXLGL
FDIIqXWLOL]]DQGRXQRVSD]]ROLQR3XOLUHODFDUDIIDXVDQGRXQSDQQRXPLGRHPRUELGRSHUQRQGDQ
QHJJLDUHODVXSHU¿FLHLQYHWUR1RQXWLOL]]DUHVSXJQHPHWDOOLFKHRDOWULPDWHULDOLDEUDVLYL
3XOL]LDGHOVHUEDWRLR
6LFRQVLJOLDGLSXOLUHSHULRGLFDPHQWHO¶LQWHUQRGHOVHUEDWRLRFRQXQDVSXJQDRXQSDQQRXPLGR
3XOL]LDGHOFRUSRPDFFKLQD
$WWHQ]LRQH
3XOLUHOHSDUWL¿VVHGHOODPDFFKLQDXVDQGRXQSDQQRXPLGRQRQDEUDVLYRSHUQRQGDQQHJ
JLDUHODFDUUR]]HULD
$87238/,=,$
3XOLUHODSSDUHFFKLRDOPHQRXQDYROWDDOPHVH
6HDYHWHDFTXLVWDWRLO¿OWURSHUODFTXDYHQGXWRVHSDUDWDPHQWHULPXRYHWHORGDOVHUEDWRLRSULPD
GLHVHJXLUHLOFLFORGLSXOL]LDDXWRPDWLFD
 5LHPSLUHODFDUDIIDFRQXQDPLVFHODFRPSRVWDGDWD]]HGLDFHWRELDQFRHWD]]HGLDFTXD

,7
IUHVFDHSXOLWD9HUVDUHODPLVFHODQHOVHUEDWRLR
 3RVL]LRQDUHXQ¿OWURGLFDUWDGDWD]]HQHOSRUWD¿OWUR&KLXGHUHLOFRSHUFKLR
 3UHPHUHLOWDVWR02'(SHUFLQTXHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH3UHPHUHLOWDVWR
6(/SHUFRQIHUPDUH
 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRHPHWWHXQEHHSHGLQL]LDLOFLFORGLDXWRSXOL]LD3DUWH
GHOODPLVFHODVDUjHURJDWDQHOODFDUDIIDPHQWUHODUHVWDQWHVDUjWUDWWHQXWDQHLFLUFXLWLGHOODPDF
FKLQDSHUFLUFDPLQXWLSULPDGLHVVHUHHURJDWDFRPSOHWDPHQWHQHOODFDUDIID/LQWHURFLFORGL
SXOL]LDDXWRPDWLFDGXUHUjPLQXWL4XDQGRqWHUPLQDWRLOFLFORGLDXWRSXOL]LDODSSDUHFFKLR
HPHWWHUjLQEHHSHVLVSHJQHUjDXWRPDWLFDPHQWH
 6FLDFTXDUHODFDUDIIDFRQDFTXDIUHVFDHSXOLWD
3ULPDGLSUHSDUDUHXQFDIIqHURJDUHFDUDIIHGLVRODDFTXDQDWXUDOHIUHVFD4XHVWRSXOLUj
ODSSDUHFFKLRGDLUHVLGXLGLDFTXDHDFHWR
'(&$/&,),&$=,21(
8QDEXRQDPDQXWHQ]LRQHHGXQDUHJRODUHSXOL]LDSUHVHUYDQRHPDQWHQJRQRHI¿FLHQWHODPDFFKLQD
SHUXQSHULRGRPDJJLRUHOLPLWDQGRQRWHYROPHQWHLULVFKLGLIRUPD]LRQHGLGHSRVLWLFDOFDUHLQHOO¶DS
SDUHFFKLR6HQRQRVWDQWHFLzGRSRTXDOFKHWHPSRODIXQ]LRQHGHOO¶DSSDUHFFKLRGRYHVVHHVVHUH
FRPSURPHVVDLQVHJXLWRDOO¶XVRIUHTXHQWHGLDFTXDGXUDHPROWRFDOFDUHDVLSXzSURFHGHUHDOOD
GHFDOFL¿FD]LRQHGHOODPDFFKLQDSHUHOLPLQDUHLOPDOIXQ]LRQDPHQWR8WLOL]]DWHSHUTXHVWRVFRSR
HVFOXVLYDPHQWHLOSURGRWWRGHFDOFL¿FDQWH12&$/GL$ULHWHDEDVHGLDFLGRFLWULFR4XHVWRSURGRWWR
VLSXzUHSHULUHIDFLOPHQWHQHLFHQWULGLDVVLVWHQ]DWHFQLFD$ULHWH$ULHWHQRQVLDVVXPHDOFXQDUH
VSRQVDELOLWjSHUGDQQLDLFRPSRQHQWLLQWHUQLGHOODPDFFKLQDGDFDIIqDUUHFDWLGDOO¶XVRGLSURGRWWLQRQ
FRQIRUPLDFDXVDGHOODSUHVHQ]DGLDGGLWLYLFKLPLFL
(VHJXLUHODGHFDOFLÀFD]LRQHXQDYROWDDOPHVH6HODFTXDXWLOL]]DWDqPROWRGXUDHFDOFDUHD
HVHJXLUHODSXOL]LDRJQLGXHVHWWLPDQH
 5LHPSLUHODFDUDIIDFRQXQDPLVFHODFRPSRVWDGDWD]]DGLDFHWRELDQFRHWD]]HGLDFTXD
IUHVFDHSXOLWD
 9HUVDUHODPLVFHODQHOVHUEDWRLR
 $YYLDUHLOFLFORGLHURJD]LRQHHGDWWHQGHUHLOULHPSLPHQWRGHOODFDUDIID¿QRDOODPHWj
 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRVLVSHJQH
6HQHOODIDVHGLDWWHVDYDSRUHVHVLGRYHVVHURYHULÀFDUHSLFFROLVEXIÀGLYDSRUHLOIHQRPHQR
qGDULWHQHUVLDVVROXWDPHQWHQRUPDOH
 4XDQGRODFTXDKDWHUPLQDWRGLVFHQGHUHQHOODFDUDIIDqSRVVLELOHULPXRYHUHODFDUDIID/DVFLDUH
UDIIUHGGDUHODFTXDSHUPLQXWL
 9HUVDUHODPLVFHODFRQWHQXWDQHOODFDUDIIDQHOVHUEDWRLR&KLXGHUHLOFRSHUFKLR3RVL]LRQDUHOD
FDUDIIDVXOODSLDVWUDGLULVFDOGDPHQWR
 $YYLDUHDQFRUDXQFLFORGLHURJD]LRQHHGDWWHQGHUHLOFRPSOHWRULHPSLPHQWRGHOODFDUDIID4XDQ
GRODFTXDKDWHUPLQDWRGLVFHQGHUHQHOODFDUDIIDqSRVVLELOHULPXRYHUHODFDUDIID
 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRVLVSHJQH
 $WWHQGHUH  PLQXWL SHU IDU UDIIUHGGDUH ODSSDUHFFKLR 9HUL¿FDUH FKH LO ¿OWUR VLD LQVHULWR QHO
SRUWD¿OWUR
5LHPSLUHODFDUDIIDFRQDFTXDQDWXUDOHIUHVFDHULSHWHUHLOFLFORGLHURJD]LRQHSHUSXOLUHLFLUFXLWL
LQWHUQLGHOODSSDUHFFKLR$OOD¿QHGHOFLFORGLULVFLDFTXRSUHPHUHLOWDVWRFDIIq SHUVSHJQDUH

,7
ODSSDUHFFKLR6YXRWDUHODFDUDIID
/DYDUHODFDUDIIDLOSRUWD¿OWURULPRYLELOHHLO¿OWURFDIIqFRQDFTXDFDOGDHVDSRQH$VFLXJDUHWXWWH
OHSDUWL
4XDQGRODSSDUHFFKLRVLqUDIIUHGGDWRSXOLUHOHVWHUQRFRQXQSDQQRPRUELGR
&RPHULSRUUHODSSDUHFFKLR
 6FROOHJDUHODVSLQDGDOODSUHVDGLFRUUHQWHHOHWWULFD
 5LSRUUHODSSDUHFFKLRLQXQOXRJRIUHVFRHDVFLXWWR
1RQODVFLDUHO·DSSDUHFFKLRDULSRVRFRQODVSLQDFROOHJDWDDOODSUHVDGLFRUUHQWHHOHWWULFD
0(66$)825,6(59,=,2
,QFDVR GL PHVVDIXRULVHUYL]LR GHOODPDFFKLQDRFFRUUHVFRQQHWWHUODHOHWWULFDPHQWH VYXRWDUHLO
VHUEDWRLRGHOO¶DFTXDHODFDUDIID(VHJXLUHODSXOL]LDGHLFRPSRQHQWLYHGLSDUDJUDIR³3XOL]LDGHOO¶DS
SDUHFFKLR´,QFDVRGLURWWDPD]LRQHVLGRYUjSURYYHGHUHDOODVHSDUD]LRQHGHLYDULPDWHULDOLXWLOL]]DWL
QHOODFRVWUX]LRQHGHOODPDFFKLQDHSURYYHGHUHDOORURVPDOWLPHQWRLQEDVHDOODORURFRPSRVL]LRQH
HDOOHGLVSRVL]LRQLGLOHJJHYLJHQWLQHO3DHVHGLXWLOL]]R

(1
:,7+5(*$5'727+,60$18$/
(YHQLIWKHDSSOLDQFHVDUHPDGHLQFRQIRUPLW\ZLWKWKH(XURSHDQUHJXODWRU\VSHFL¿FDWLRQVLQIRUFH
DQGWKHUHIRUHDOOSRWHQWLDOO\KD]DUGRXVSDUWVDUHSURWHFWHG&DUHIXOO\UHDGWKHVHZDUQLQJVDQGXVH
WKHDSSOLDQFHRQO\IRUWKHXVHLWLVGHVLJQHGIRULQRUGHUWRSUHYHQWDFFLGHQWVDQGGDPDJH.HHSWKLV
PDQXDOFORVHE\IRUIXWXUHFRQVXOWDWLRQ,I\RXVKRXOGGHFLGHWRJLYHWKLVDSSOLDQFHWRRWKHUSHRSOH
UHPHPEHUWRDOVRLQFOXGHWKHVHLQVWUXFWLRQV
7KHLQIRUPDWLRQSURYLGHGLQWKLVPDQXDOLVPDUNHGZLWKWKHIROORZLQJV\PEROVLQGLFDWLQJ
'DQJHUIRUFKLOGUHQ
'DQJHUGXHWRHOHFWULFLW\
'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV
:DUQLQJRIEXUQV
:DUQLQJ±PDWHULDOGDPDJH
,17(1'('86(
<RXFDQXVHWKHDSSOLDQFHWRSUHSDUHFRIIHH7KLVDSSOLDQFHLVGHVLJQHGRQO\DQGVROHO\IRUSULYDWH
XVHDQGLVWKHUHIRUHWREHFRQVLGHUHGXQVXLWDEOHIRULQGXVWULDORUSURIHVVLRQDOSXUSRVHV1RRWKHU
XVHRIWKHPDFKLQHLVFRQWHPSODWHGE\WKHPDQXIDFWXUHUZKLFKLVH[HPSWIURPDQ\OLDELOLW\IRUDOO
W\SHVRIGDPDJHVFDXVHGE\LPSURSHUXVHRIWKHPDFKLQH,PSURSHUXVHDOVRUHVXOWVLQDQ\IRUP
RIZDUUDQW\EHLQJIRUIHLWHG
5(6,'8$/5,6.6
7KHFRQVWUXFWLYHFKDUDFWHULVWLFVRIWKHDSSOLDQFHFRYHUHGE\WKLVSXEOLFDWLRQGRHVQRWDOORZWR
SURWHFWWKHXVHUIURPSRVVLEOHFRQWDFWZLWKVSODVKHVRIVWHDPRUKRWZDWHU
:DUQLQJ
'DQJHURIEXUQVFDXVHGE\VSODVKHVRUVSUD\VRIKRWZDWHURUFRIIHH'RQRWRSHQWKHOLG
ZKHQWKHDSSOLDQFHLVGLVSHQVLQJ
,03257$176$)(*8$5'6
5($'7+(6(,16758&7,216&$5()8//<
 7KLVDSSOLDQFHLVGHVLJQHGRQO\IRUSULYDWHXVHDQGLVWKHUHIRUHWREHFRQVLGHUHG
XQVXLWDEOHIRUFRPPHUFLDORULQGXVWULDOSXUSRVHV
 :HGHFOLQHDQ\UHVSRQVLELOLW\UHVXOWLQJIURPPLVXVHRUDQ\XVHRWKHUWKDQWKRVH
FRYHUHGLQWKLVERRNOHW
 :HVXJJHVW\RXNHHSWKHRULJLQDOER[DQGSDFNDJLQJDVRXU IUHHRIFKDUJH
VHUYLFHGRHVQRWFRYHUDQ\GDPDJHUHVXOWLQJIURPLQDGHTXDWHSDFNDJLQJRIWKH
SURGXFWZKHQWKLVLVVHQWEDFNWRDQ$XWKRULVHG6HUYLFH&HQWUH
 7KHDSSOLDQFHFRPSOLHVZLWK5HJXODWLRQ(&1RRIRQ
WKHPDWHULDOVLQFRQWDFWZLWKIRRG

(1
'DQJHUIRUFKLOGUHQ

7KHDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHG \HDUVDQG XSRQO\LIWKH\DUH
PRQLWRUHGE\DUHVSRQVLEOHSHUVRQRULIWKH\KDYHUHFHLYHGLQVWUXFWLRQVUHJDUGLQJ
WKHDSSOLDQFHVDIHXVHDQGLIWKH\KDYHXQGHUVWRRGWKHGDQJHUVZKLFKPD\DULVH
GXULQJWKHDSSOLDQFHXVH
 &OHDQLQJDQGPDLQWHQDQFHE\WKHXVHUPXVWQRWEHFDUULHGRXWE\FKLOGUHQXQ
OHVVWKH\DUHROGHUWKDQ\HDUVDQGDUHPRQLWRUHGGXULQJWKHRSHUDWLRQ&KLOGUHQ
PXVWEHVXSHUYLVHGDWDOOWLPHVWRHQVXUHWKH\GRQRWSOD\ZLWKWKHDSSOLDQFH
 $OZD\VNHHSWKHDSSOLDQFHDQGWKHSRZHUFRUGRXWRIWKHUHDFKRIFKLOGUHQXQGHU
WKHDJHRI\HDUV
 'RQRWOHWWKHSRZHUFRUGKDQJLQDSODFHZKHUHLWFRXOGEHJUDVSHGE\DFKLOG
 'RQRWOHDYHWKHSDFNDJLQJQHDUFKLOGUHQEHFDXVHLWLVSRWHQWLDOO\GDQJHURXV
 ,QWKHHYHQWWKDWWKLVDSSOLDQFHLVWREHGLVSRVHGRILWLV VXJJHVWHGWKDWWKH
SRZHUFKRUGLVFXWRII,W LVDOVRUHFRPPHQGHGWKDWDOOSRWHQWLDOO\GDQJHURXV
FRPSRQHQWVDUHUHQGHUHGKDUPOHVVWRSUHYHQWFKLOGUHQKXUWLQJWKHPVHOYHVZKHQ
SOD\LQJZLWKWKHDSSDUDWXV
'DQJHUGXHWRHOHFWULFLW\
 7KLVDSSOLDQFHFDQEHXVHGE\SHUVRQVZKRKDYHUHGXFHGSK\VLFDOVHQVRU\RU
PHQWDOFDSDELOLWLHVRUODFNRIH[SHULHQFHDQGNQRZOHGJHRQO\LIWKH\DUHPRQL
WRUHGE\DUHVSRQVLEOHSHUVRQRULIWKH\KDYHUHFHLYHGDQGXQGHUVWRRGLQVWUXF
WLRQVUHJDUGLQJWKHDSSOLDQFHVDIHXVHDQGLIWKH\KDYHXQGHUVWRRGWKHGDQJHUV
ZKLFKPD\DULVHGXULQJWKHDSSOLDQFHXVH
 %HIRUHFRQQHFWLQJWKHDSSOLDQFHWRWKHPDLQVFKHFNWKDWWKHYROWDJHVKRZQRQWKH
ODEHOORFDWHGXQGHUQHDWKWKHPDFKLQHFRUUHVSRQGVWRWKHYROWDJHRIWKHORFDOPDLQV
 7KHXVHRIH[WHQVLRQVQRWDSSURYHGE\WKHPDQXIDFWXUHUFDQUHVXOWLQGDPDJH
WRSURSHUW\DQGSHUVRQDOLQMXU\
 %HIRUH¿OOLQJWKHWDQNZLWKZDWHUXQSOXJWKHDSSOLDQFHIURPWKHSRZHURXWOHW
 ,IWKHSRZHUFRUGLVGDPDJHGLWPXVWEHUHSODFHGE\WKHPDQXIDFWXUHURUE\LWV
7HFKQLFDO$VVLVWDQFH6HUYLFHRUE\DVLPLODUO\TXDOL¿HGSHUVRQLQRUGHUWRDYRLG
DQ\KD]DUG
 1HYHUSXWOLYHSDUWVLQWRFRQWDFWZLWKZDWHU,WFDQFDXVHDVKRUWFLUFXLW
 5HPRYHWKHSOXJIURPWKHSRZHURXWOHWEHIRUHFOHDQLQJRUPDLQWHQDQFH
 'RQRWLPPHUVHWKHDSSOLDQFHLQZDWHURURWKHUOLTXLGV
 1HYHUSODFHWKHDSSOLDQFHQHDURURYHUDVLQN
 'RQRWUHPRYHWKHDSSOLDQFHERWWRPFRYHU7KHUHDUHQRLQWHUQDOSDUWVWRXVHRU
FOHDQ
'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV
 &KRRVHDQDGHTXDWHO\LOOXPLQDWHGDQGFOHDQURRPZLWKHDVLO\DFFHVVLEOHSRZHU
RXWOHW

(1
 $YRLGSRXULQJDQH[FHVVLYHDPRXQWRIZDWHULQWRWKHWDQN
 1HYHUOHDYHWKHDSSOLDQFHXQDWWHQGHGZKHQLWLVFRQQHFWHGWRWKHSRZHUVXSSO\
 7KHDSSOLDQFHPXVWEHXVHGDQGOHIWDWUHVWRQDVWDEOHVXUIDFH
 7KHDSSOLDQFHPXVWQRWEHXVHGLILWKDVEHHQGURSSHGLIWKHUHDUHYLVLEOHVLJQV
RIGDPDJHRUOHDNVRIZDWHU'RQRWXVHWKHDSSOLDQFHLIWKHSRZHUFRUGRUWKH
SOXJDUHGDPDJHGRULIWKHDSSOLDQFHLVIDXOW\7RSUHYHQWDQ\DFFLGHQWDOOUH
SDLUVLQFOXGLQJWKHUHSODFHPHQWRIWKHSRZHUFRUGPXVWEHFDUULHGRXWE\DQ
$XWKRULVHG6HUYLFH&HQWUHRULQDQ\FDVHE\TXDOL¿HGSHUVRQQHO
:DUQLQJRIEXUQV
 'RQRWRSHQWKHOLGZKHQWKHDSSOLDQFHLVGLVSHQVLQJ
 :DLWXQWLOWKHDSSOLDQFHKDVFRROHGEHIRUH¿OOLQJWKHWDQNZLWKZDWHUGDQJHURI
EXUQVFDXVHGE\VSODVKHVRIZDWHURUVWHDP
 'RQRWOHDYHWKHHPSW\MXJRQWKHKHDWLQJSODWHZLWKWKHPDFKLQHLQRSHUDWLRQ
'DQJHURIEUHDNLQJWKHMXJ5LVNRIEXUQVGXHWRFRQWDFWZLWKWKHMXJ
:DUQLQJ²PDWHULDOGDPDJH
 3ODFHWKHPDFKLQHRQDVWHDG\VXUIDFHZKHUHLWFDQQRWEHRYHUWXUQHG
 'RQRWXVHWKHPDFKLQHZLWKRXWZDWHUEHFDXVHLQWKLVFDVHWKHSXPSZLOOEXUQ
 1HYHU¿OOWKHZDWHUWDQNZLWKKRWRUERLOLQJZDWHU
 'RQRWSODFHWKHPDFKLQHRQYHU\KRWVXUIDFHVRUQHDURSHQÀDPHVWRSUHYHQW
WKHERG\IURPEHLQJGDPDJHG
 7KHFDEOHPXVWQRWWRXFKWKHKRWSDUWVRIWKHPDFKLQH
 'RQRWXVHVSDUNOLQJFDUERQDWHGZDWHU
 1HYHUSXWVXEVWDQFHVRWKHUWKDQFRIIHHSRZGHULQWKH¿OWHU7KLVFRXOGFDXVH
VHULRXVGDPDJH
 'RQRWOHDYHWKHPDFKLQHDWDPELHQWWHPSHUDWXUHVEHORZ&EHFDXVHWKHZD
WHUUHVLGXHLQWKHERLOHUFRXOGIUHH]HDQGFDXVHGDPDJH
 'RQRWXVHWKHDSSOLDQFHRXWGRRUV
 'RQRWH[SRVHWKHDSSOLDQFHWRDWPRVSKHULFDJHQWVUDLQVXQ«
 $IWHUGLVFRQQHFWLQJWKHSRZHUSOXJDQGDIWHUWKHKRWSDUWVKDYHFRROHGWKHDS
SOLDQFHPXVWEHFOHDQHGRQO\ZLWKDQRQDEUDVLYHFORWKVOLJKWO\PRLVWHQHGE\
DGGLQJDIHZGURSVRIPLOGQRQDJJUHVVLYHGHWHUJHQWQHYHUXVHVROYHQWVWKDW
GDPDJHSODVWLF
3UHFDXWLRQVXVLQJWKHMXJ
 8VHWKHMXJRQO\ZLWKWKLVFRIIHHPDFKLQH'RQRWXVHWKHMXJWRZDUPFRIIHHRQD
EXUQHURURWKHUKHDWVRXUFHV'RQRWSODFHWKHMXJLQWKHPLFURZDYHWRKHDWWKHFRIIHH
 7KHMXJPXVWEHXVHGRQO\ZLWKWKHKHDWLQJSODWHVXSSOLHGZLWKWKHDSSOLDQFH
 7RDYRLGEUHDNLQJWKHMXJOLIWLWJHQWO\$YRLGNQRFNLQJWKHMXJDJDLQVWRWKHURE
MHFWVGDQJHURIJODVVEUHDNDJH:KHQ¿OOLQJWKHMXJZLWKZDWHUWRDYRLGKLWWLQJ
WKHWDS
 'RQRWSODFHWKHHPSW\MXJRQKRWVXUIDFHV

(1
 'RQRWSODFHWKHKRWMXJRQZHWRUFROGVXUIDFHV:DLWIRUWKHMXJFRROLQJEHIRUH
ZDVKLQJRUDGGLQJIUHVKZDWHU
 'RQRWFOHDQWKHMXJZLWKPHWDOVFRXULQJSDGVDEUDVLYHFOHDQHUVRURWKHUPDWH
ULDOVWKDWFRXOGVFUDWFKWKHJODVV
 'RQRWXVHWKHFDUDIHLILWZDVKHDWHGGU\IRUWRRORQJUHSODFHLWZLWKDQRWKHU
RULJLQDOMXJ
6$9(7+(6(,16758&7,216)25)8785(5()(5(1&(
'(6&5,37,212)7+($33/,$1&(
$-XJ .&DEOHFRPSDUWPHQW
%&DUDIHKDQGOH / 3RZHUFRUG3OXJ
&&DUDIHOLG 0+RWSODWH
''LVSHQVLQJVSRXW 1'LVSOD\
()LOWHUKROGHUVHDW 202'(
):DWHUWDQN 36(/
*:DWHUOHYHOLQGLFDWRU 4$872
+&RIIHH¿OWHU 5%XWWRQIRUVHWWLQJWKHKRXUV+5
, 5HPRYDEOH¿OWHUKROGHU 6%XWWRQIRUVHWWLQJWKHPLQXWHV0,1
- 7DQNOLG
7&RIIHHGLVSHQVLQJEXWWRQ
2))
,GHQWLÀFDWLRQGDWD
,QWKHODEHOORFDWHGXQGHUWKHVXSSRUWEDVHRIWKHPDFKLQHWKHUHLVWKHIROORZLQJLGHQWL¿FDWLRQGDWD
RIWKHPDFKLQH
 PDQXIDFWXUHUDQG&(PDUNLQJ
 PRGHO0RG
 VHULDOQXPEHU61
 HOHFWULFDOVXSSO\YROWDJH9DQGIUHTXHQF\+]
 HOHFWULFDOSRZHUFRQVXPSWLRQ:
 DVVLVWDQFHWROOIUHHSKRQHQXPEHU
:KHQRUGHULQJDW$XWKRUL]HG6HUYLFH&HQWHUVLQGLFDWHWKHPRGHODQGVHULDOQXPEHU
,16758&7,216)2586(
6WDUWLQJWKHDSSOLDQFH
 &KHFNWKDWWKHGRPHVWLFPDLQVYROWDJHLVWKHVDPHDVWKHYROWDJHLQGLFDWHGRQWKHODEHORIWKH
GHYLFH
 5HPRYHWKHSDFNDJLQJPDWHULDOVIURPLQVLGHDQGRXWVLGHRIWKHDSSOLDQFH
 7KHQSODFHWKHXQLWRQDÀDWVXUIDFH3ODFHWKHDSSOLDQFHDWDGLVWDQFHRIDWOHDVWFPIURP
ZDOOVIXUQLWXUHRURWKHUDSSOLDQFHV
:DUQLQJ
5LVNRIGDPDJHWRWKHDSSOLDQFHVXUIDFH7KHDSSOLDQFHKLJKWHPSHUDWXUHFDQFDXVHWKH
VXSSRUWVXUIDFHVODPLQDWLRQ3ODFHDFORWKRUDPDWEHWZHHQWKHDSSOLDQFHDQGWKHVXSSRUW
LQJVXUIDFH

(1
:DUQLQJ
5LVNRISRZHU OLQHRYHUORDG 0RUHDSSOLDQFHVFRQQHFWHGWR DVLQJOHHOHFWULFDORXWOHW FDQ
FDXVHDVKRUWFLUFXLW&RQQHFWWKHGHYLFHWRDQHOHFWULFDORXWOHWIUHHIURPRWKHUDSSOLDQFHV
 :DVKWKHMXJWKHUHPRYDEOH¿OWHUKROGHUDQGWKHFRIIHH¿OWHUZLWKKRWZDWHUDQGVRDS5LQVHDQG
GU\WKHFRPSRQHQWV
 3ODFHWKHUHPRYDEOH¿OWHUKROGHULQLWVVHDW)LJ
7KHÁRZYDOYHORFDWHGRQWKHERWWRPRIWKHUHPRYDEOHÀOWHUKROGHUPXVWEHLQVHUWHGLQWRWKH
FHQWUDOKROHRIWKHÀOWHUKROGHU
)LUVWVWDUWXS
,QFDVHRIÀUVWSRZHURQRUDIWHUDSHULRGRIGLVXVHLWLVUHFRPPHQGHGWRDOORZDWOHDVWWZR
MXJVRIZDWHUWRFRPHRXWIURPWKHK\GUDXOLFFLUFXLWRIWKHERLOHU
 )LOOWKHWDQNZLWKFRROWDSZDWHU)LJWRWKHOHYHOLQGLFDWHGZLWK7KHOHYHOLVHTXLYD
OHQWWRWKHPD[LPXPZDWHUOHYHODQGWKHPD[LPXPQXPEHURIFXSVRIFRIIHH&ORVHWKHWDQNOLG
1(9(5ÀOOWKHWDQNEH\RQGWKHPD[LPXPOHYHO
)RUWKLVZDVKLQJGRQRWÀWWKHFRIIHHÀOWHULQWKHÀOWHUKROGHU
 ,QVHUWWKHSOXJLQWRWKHVRFNHWZKLFKPXVWEHHDUWKHG
 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH00DNHVXUHWKDWWKHÀRZYDOYHLVFRUUHFWO\SRVL
WLRQHGRQWKHMXJOLG
 3UHVVWKHFRIIHHGLVSHQVLQJEXWWRQ :DLWXQWLODOOWKHZDWHUFRQWDLQHGLQWKHWDQNLVGURSSHG
LQWRWKHMXJ:DLWPLQXWHVWROHWWKHDSSOLDQFHFRROGRZQ
 5HSHDWZLWKDVHFRQGMXJRIZDWHU:DLWXQWLODOOWKHZDWHUFRQWDLQHGLQWKHWDQNLVGURSSHGLQWR
WKHMXJ
1RZLWLVSRVVLEOHWRSUHSDUHWKHDSSOLDQFHDQGGLVSHQVH\RXU¿UVWMXJRIFRIIHH
$SSOLDQFHSUHSDUDWLRQ
%HIRUH\RXWXUQRQWKHDSSOLDQFHPDNHVXUHWKHUHLVVXIÀFLHQWZDWHULQVLGHWKHWDQN
%HVXUHWRXQSOXJWKHDSSOLDQFHEHIRUHSRXULQJZDWHULQWRWKHWDQN
 2SHQWKHWDQNOLG-7KHOHYHOLQGLFDWRU*KDVDJUDGXDWHGVFDOHIURPWRHDFKQXPEHU
FRUUHVSRQGVWRWKHQXPEHURIFXSVRIFRIIHH)LOOWKHMXJZLWKIUHVKWDSZDWHU3RXUWKHZDWHULQWR
WKHWDQNXSWRWKHGHVLUHGOHYHOIRUHDFKFXSVRIFRIIHHDQGIRUFXSVRIFRIIHH
 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH0
:DUQLQJ
'RQRWXVHWKHMXJLILWVKRZVFUDFNVRQWKHJODVVRURQWKHKDQGOH'DQJHURIEXUQVFDXVHG
E\WKHFRQWDFWZLWKWKHKRWFRIIHHGXHWRWKHMXJEUHDNLQJ
'RQRWSODFHDQ\REMHFWVRQWKHOLGZKHQWKHDSSOLDQFHLVLQRSHUDWLRQ
:DUQLQJ
'RQRWRSHQWKHOLGZKHQWKHDSSOLDQFHLVGLVSHQVLQJGDQJHURIEXUQVFDXVHGE\VSODVKHV
RUVSUD\VRIKRWZDWHURUFRIIHH
 3ODFHWKHFRIIHH¿OWHULQWKH¿OWHUKROGHU0HDVXUHWKHFRIIHHLQWKH¿OWHU$FXSRIFRIIHHLVHTXLYD
OHQWWRDVSRRQIXORISRZGHUFRIIHH

(1
 /RZHUWKHKDQGOHRIWKH¿OWHUFRIIHH&ORVHWKHWDQNOLG
 ,QVHUWWKHSOXJLQWRWKHVRFNHWZKLFKPXVWEHHDUWKHG7KHGLVSOD\OLJKWVXSDQGWKHWLPHVWDUWV
ÀDVKLQJ$0 8VHWKH+5DQG0,1EXWWRQVWRVHWWKHORFDOWLPH3UHVV6(/WRFRQ¿UP
,IQREXWWRQLVSUHVVHGWKHGLVSOD\WXUQVRIIDIWHUVHFRQGV
 3UHVVWKHFRIIHHEXWWRQ WRVWDUWWKHFRIIHHGLVSHQVLQJF\FOH:DLWIRUWKHRXWÀRZRIFRIIHHLQ
WKHMXJXQWLOWKHVHOHFWHGF\FOHLVFRPSOHWHGQXPEHURIFXSV
 ,7,63266,%/(7267237+(&2))((',63(16,1*%()25(7+(',63(16,1*&<&/(
,6&203/(7('
 UHPRYHWKHFXSVHH3DXVHIXQFWLRQWRVHUYHFRIIHH
 SUHVVWKHFRIIHHEXWWRQXQWLOWKHDSSOLDQFHEHHSVDQGWKHOLJKWRIWKHVDPHEXWWRQWXUQVRII
2QFHWKHSRZHULVRIIDXWRPDWLFRUGHVLUHGWKHKHDWLQJSODWHZLOOVWDUWKHDWLQJ
/HDYHWKHOLGRQWKHMXJWRNHHSWKHFRIIHHKRWDQGWRVHUYHFRIIHHZLWKRXWWKHULVNRIVFDOGLQJ
 7DNHWKHMXJE\WKHKDQGOH6OLJKWO\WLOWWKHMXJDQGSRXUWKHKRWFRIIHHLQWRDFXS
 3UHVVDQGUHOHDVHWKHFRIIHHEXWWRQ WRVZLWFKRIIWKHDSSOLDQFH
'RQRWPRYHWKHGHYLFHZKHQWKHMXJRUWDQNFRQWDLQKRWOLTXLGV:DLWIRUWKHDSSOLDQFH
FRPSOHWHFRROLQJ
7KHTXDQWLW\RIZDWHUGLVSHQVHGLQWRWKHMXJZLOOEHDOLWWOHOHVVWKDQWKDWSRXUHGLQWKHWDQN
$ELWRIZDWHUZLOOEHDEVRUEHGE\WKHFRIIHHSRZGHUDQGÀOWHU
6HWWLQJWKHWLPH
 3UHVVWKH+5EXWWRQWRVHOHFWWKHWLPH3UHVVDQGKROGWKH+5EXWWRQWRVHWWKHGHVLUHGWLPH
IDVWHU
 3UHVVWKH0,1EXWWRQWRVHOHFWWKHPLQXWHV3UHVVDQGKROGWKH0,1EXWWRQWRVHWWKHGHVLUHG
PLQXWHVIDVWHU
 :KHQWKHVHWWLPHLVFRUUHFWSUHVVWKH6(/EXWWRQ7KHDSSOLDQFHEHHSV
 7RVHWWKHWLPHSUHVVWKH02'(EXWWRQVL[WLPHVXQWLOWKHV\PERO ÀDVKHV3UHVVWKH6(/
EXWWRQ7KHWLPHEHJLQVWRÀDVK1RZLWLVSRVVLEOHWRVHWWKHWLPHDVGHVFULEHGLQWKHSUHFHGLQJ
SDUDJUDSKV
6HWWLQJWKHDXWRPDWLFF\FOH
3UHVVDQGKROGWKH$872EXWWRQXQWLO352*5$0ÀDVKHVRQWKHGLVSOD\WRJHWKHUZLWKWKHV\PERO
)ROORZWKHWLPHVHWWLQJPHWKRGWRVHWKRXUVDQGPLQXWHV3UHVVWKH$872RU6(/EXWWRQWR
FRQ¿UP7KHDSSOLDQFHEHHSVDQGWKHGLVSOD\VKRZVWKHFXUUHQWWLPHDQGWKHWLPHUV\PERO WKH
DSSOLDQFHZLOOVWDUWDFRIIHHGLVSHQVLQJF\FOHRIDWWKHVHWWLPH
7RFDQFHOWKHVFKHGXOHDQGVHWWLQJVSUHYLRXVO\GH¿QHGVLPSO\SUHVVWKH$872EXWWRQDJDLQ
6HWWLQJWKHFRIIHHLQWHQVLW\
7KHDSSOLDQFHKDVDIXQFWLRQWKDWDOORZVWRDGMXVWWKHFRIIHHVWUHQJWKWRVXLWLWWR\RXUWDVWH
1RUPDO
3UHVVWKH02'(NH\RQFH7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ¿UP
7KLVPRGHFRUUHVSRQGVWRWKHIDFWRU\VHWWLQJ
$YHUDJH
3UHVVWKH02'(NH\WZLFH7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ
¿UP7KHV\PERO UHJXODWHVWKHGLVSHQVLQJFRQVLGHULQJDMXJRIFRI
IHH7KLVUHVXOWVLQPRUHDURPDWLFFRIIHH

(1
6WURQJ
3UHVVWKH02'(EXWWRQWKUHHWLPHV7KH
VWDUWVÀDVKLQJ3UHVV
6(/WRFRQ¿UP7KHV\PERO UHJXODWHVWKHGLVSHQVLQJDQGLQIXVLRQ
WLPHFRQVLGHULQJDMXJRIFRIIHH7KLVUHVXOWVLQDVWURQJHUFRIIHH
0RGHIRUFXSV 3UHVVWKH02'(EXWWRQIRXUWLPHV7KH
VWDUWVÀDVKLQJ3UHVV
6(/WRFRQ¿UP7KHPRGHFXSVDOORZV\RXWRSUHSDUHFRIIHHIRUD
PD[LPXPRIFXSV,QWKHZDWHUWDQNRQO\DTXDQWLW\RIZDWHUFRUUHVSRQG
LQJWROHYHORIWKHMXJPXVWEHSRXUHG7KHV\PERO
DXWRPDWLFDOO\
DGMXVWVWKHGLVSHQVLQJIRUPD[LPXP WDVWHIRUVPDOO DPRXQWVRIFRIIHH
,GHDOIRUXSWRFXSVRIFRIIHH
,IWKHUHLVPRUHZDWHULQWKHWDQNWKHGLVSHQVLQJZLOOQRWHQGXQWLODOO
WKHZDWHUZLOOEHGLVSHQVHGLQWRWKHMXJ
$IWHUVHOHFWLQJWKHGHVLUHGVHWWLQJSUHVVWKHFRIIHHEXWWRQ 7KHGHYLFHEHHSVDQGVWDUWVWKH
FRIIHHGLVSHQVLQJ
3DXVHIXQFWLRQWRVHUYHFRIIHH
7RVHUYHFRIIHHEHIRUHWKHFRIIHHGLVSHQVLQJLQWKHMXJLVFRPSOHWHGMXVWUHPRYHWKHMXJIURPWKH
KHDWLQJSODWH
:DLWWKDWDWOHDVWWZRFXSVRIFRIIHHDUHGLVSHQVHGEHIRUHUHPRYLQJWKHMXJ
7KHGLVSHQVLQJVWRSVDXWRPDWLFDOO\IRUVHFRQGV3ODFHWKHMXJRQWKHKHDWLQJSODWHWRUHVXPH
GLVSHQVLQJF\FOH
:DUQLQJ
5LVNRIEXUQVIURPFRQWDFWZLWKWKHKRWFRIIHHFRPLQJRXWRIWKHGLVSHQVLQJVSRXW7KHMXJ
PXVWEHSODFHGRQWKHKHDWLQJSODWHZLWKLQVHFRQGVDIWHULWVUHPRYDO
$XWRRIIIXQFWLRQ
,IWKHPDFKLQHLVWXUQHGRQEXWQRWLQXVHWKHDXWRRIIIXQFWLRQRSHUDWHVDIWHUDERXWPLQXWHV
7KLVIXQFWLRQSXWVWKHDSSOLDQFHRQVWDQGE\DQGGLVDEOHGDOOWKHKHDWLQJIXQFWLRQV
+RZWRSUHSDUHDVHFRQGMXJRIFRIIHH
3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHWXUQVRII5HPRYHWKHSOXJIURPWKHVRFNHW
:DUQLQJ
'DQJHURIEXUQVFDXVHGE\VSODVKHVRIZDWHURUVWHDP:DLWDWOHDVWPLQXWHVEHIRUHUH¿OO
LQJWKHWDQNZLWKZDWHU:DLWIRUWKHFRROLQJRIKRWSDUWV
%HIRUHVWDUWLQJWRGLVSHQVHFRIIHHFKHFNWKDWWKHUHLVHQRXJKZDWHULQWKHWDQN'RQRWVWDUW
WKHFRIIHHGLVSHQVLQJLIWKHZDWHUOHYHOLVEHORZWKHPLQLPXPOHYHO
 2SHQWKHOLG/LIWWKHFRIIHH¿OWHUKDQGOH3XOORXWWKHFRIIHH¿OWHUIURPWKH¿OWHUKROGHU5HPRYH
WKHFRIIHHUHVLGXHVIURPWKH¿OWHU
 5HPRYHWKH¿OWHUKROGHUIURPWKHDSSOLDQFH5LQVHWKHMXJDQG¿OWHUKROGHUZLWKIUHVKFOHDQ
ZDWHU)LOOWKHWDQNZLWKFRROWDSZDWHUWRWKHGHVLUHGOHYHO
 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH0
 3ODFHWKH¿OWHUKROGHULQLWVVHDW)LJ3ODFHWKHFRIIHH¿OWHULQWKH¿OWHUKROGHU)LJ0HDVXUH
WKHFRIIHHLQWKH¿OWHU$FXSRIFRIIHHLVHTXLYDOHQWWRDVSRRQIXORISRZGHUFRIIHH
 &ORVHWKHFRYHU3OXJLQWRWKHPDLQVVRFNHW

(1
 3UHVVWKHFRIIHHEXWWRQ 7KHPDFKLQHVWDUWVWKHFRIIHHGLVSHQVLQJF\FOH
86()8/7,367235(3$5($*22'&2))((
 7RJHWDWDVW\FRIIHHLWLVQHFHVVDU\WRNHHSWKHDSSOLDQFHFOHDQ3HUIRUPWKHFOHDQLQJDQGGHV
FDOLQJUHJXODUO\DVGHVFULEHGLQWKH&OHDQLQJWKHPDFKLQHSDUDJUDSK
 $OZD\VXVHIUHVKFOHDQZDWHU
 :LWK¿QHUPLOOLQJULFKHUDQGIXOOERGLHGFRIIHHVDUHREWDLQHG$UHJXODUJULQGZLOOUHTXLUHPRUH
FRIIHHWRJHWWKHXVXDOWDVWHWKDWLVPDGHIURP¿QHO\PLOOHGPL[WXUHV
 .HHSWKHFRIIHHSRZGHULQDFRROGU\SODFH6HDORSHQHGFRQWDLQHUVDQGOHDYHWKHPLQWKH
UHIULJHUDWRU
 )RUWKHEHVWWDVWHEX\FRIIHHEHDQVDQGJULQGWKHPEHIRUHSUHSDUDWLRQ
 +HDWHGFRIIHHGRHVQRWWDVWHJRRG7KHFRIIHHUHDFKHVLWVEHVWWDVWHLPPHGLDWHO\DIWHUSUHSDUD
WLRQ
 7KHSUHVHQFHRIVPDOOGURSVRIRLORQWKHFRIIHHVXUIDFHFDQEHFDXVHGE\SURORQJHGXVHRI
WRDVWHGPL[WXUHVFOHDQUHJXODUO\
$33/,$1&(&/($1,1*
7KLVDSSOLDQFHUHTXLUHVOLWWOHPDLQWHQDQFH,WFRQWDLQVQRSDUWVZKLFKFDQEHUHSDLUHGE\WKHXVHU
$Q\RSHUDWLRQUHTXLULQJGLVDVVHPEO\RISDUWVPXVWEHSHUIRUPHGE\DQ$XWKRUL]HG6HUYLFH&HQWHU
:DUQLQJ
$OOFOHDQLQJRSHUDWLRQVGHVFULEHGEHORZPXVWEHFDUULHGRXWZLWKWKHPDFKLQHRIIDQGZLWKWKH
SOXJGLVFRQQHFWHGIURPWKHRXWOHW
:DUQLQJ
5HJXODUPDLQWHQDQFHDQGFOHDQLQJNHHSWKHPDFKLQHHI¿FLHQWIRUDORQJHUSHULRG1HYHU
ZDVKPDFKLQHFRPSRQHQWVLQWKHGLVKZDVKHU'RQRWXVHGLUHFWMHWVRIZDWHU
:DUQLQJ
$Q\LQWHUYHQWLRQPXVWEHFDUULHGRXWZLWKFROGPDFKLQH
&OHDQLQJWKHÀOWHUDQGWKHÀOWHUKROGHU
$IWHUHDFKXVHUHPRYHWKHFRIIHH¿OWHUIURPWKH¿OWHUKROGHU5HPRYHWKHFRIIHHUHVLGXHVIURPWKH
¿OWHU5LQVHWKH¿OWHUZLWKIUHVKFOHDQZDWHU7DNHRXWWKH¿OWHUKROGHUDQGZDVKLWZLWKKRWVRDS\
ZDWHU
&OHDQLQJWKHFDUDIH
:DUQLQJ
7RDYRLGEUHDNLQJWKHMXJOLIWLWJHQWO\$YRLGNQRFNLQJWKHMXJDJDLQVWRWKHUREMHFWVGDQJHU
RIJODVVEUHDNDJH:KHQ¿OOLQJWKHMXJZLWKZDWHUWRDYRLGKLWWLQJWKHWDS
5LQVHWKHMXJZLWKKRWZDWHUDQGVRDS:DVKWKHFRIIHHUHVLGXHVIURPWKHMXJOLGXVLQJDEUXVK
&OHDQWKHMXJXVLQJDGDPSVRIWFORWKWRDYRLGGDPDJLQJWKHJODVVVXUIDFH'RQRWXVHPHWDOVFRXU
LQJSDGVRURWKHUDEUDVLYHPDWHULDOV
7DQNFOHDQLQJ
,WLVDGYLVDEOHWRSHULRGLFDOO\FOHDQLQVLGHWKHWDQNZLWKDVSRQJHRUGDPSFORWK

(1
&OHDQLQJWKHPDFKLQHERG\
:DUQLQJ
&OHDQWKH¿[HGSDUWVRIWKHPDFKLQHXVLQJDGDPSQRQDEUDVLYHFORWKWRDYRLGGDPDJLQJ
WKHERG\
6(/)&/($1,1*
&OHDQWKHDSSOLDQFHDWOHDVWRQFHDPRQWK
,I\RXSXUFKDVHGWKHZDWHU¿OWHUVROGVHSDUDWHO\UHPRYHLWIURPWKHWDQNEHIRUHFDUU\LQJRXWWKH
DXWRPDWLFFOHDQLQJF\FOH
 )LOOWKHMXJZLWKDPL[WXUHFRQVLVWLQJRIFXSVRIZKLWHYLQHJDUDQGFXSVRIIUHVKFOHDQZDWHU
3RXUWKHPL[WXUHLQWKHWDQN
 3ODFHDSDSHU¿OWHUIRUFXSVLQWKH¿OWHUKROGHU&ORVHWKHFRYHU
 3UHVVWKH02'(EXWWRQ¿YHWLPHV7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ¿UP
 3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHEHHSVDQGVWDUWVWKHVHOIFOHDQLQJF\FOH3DUWRI
WKHPL[WXUHZLOOEHGLVSHQVHGLQWRWKHMXJZKLOHWKHUHPDLQLQJZLOOEHUHWDLQHGLQWKHFLUFXLWVRI
WKHPDFKLQHIRUDERXWPLQXWHVEHIRUHEHLQJFRPSOHWHO\GLVSHQVHGLQWRWKHMXJ7KHHQWLUH
DXWRPDWLFFOHDQLQJF\FOHZLOOODVWPLQXWHV:KHQWKHVHOIFOHDQLQJF\FOHLV¿QLVKHGWKH
DSSOLDQFHZLOOEHHSDQGWXUQRIIDXWRPDWLFDOO\
 5LQVHWKHMXJZLWKIUHVKFOHDQZDWHU
%HIRUHSUHSDULQJFRIIHHGLVSHQVHMXJVRIIUHVKSODLQZDWHURQO\7KLVZLOOFOHDQWKHDS
SOLDQFHIURPUHVLGXDOZDWHUDQGYLQHJDU
'(6&$/,1*
*RRGPDLQWHQDQFH DQGUHJXODUFOHDQLQJ SUHVHUYHDQGNHHS WKHPDFKLQH HI¿FLHQWIRUD ORQJHU
SHULRGJUHDWO\UHGXFLQJWKHULVNRIVFDOHIRUPDWLRQLQWRWKHDSSOLDQFH,IGHVSLWHWKLVDIWHUVRPH
WLPHWKHDSSOLDQFHRSHUDWLRQVKRXOGEHFRPSURPLVHGGXHWRWKHFRQVWDQWXVHRIKDUGDQGYHU\
KDUGZDWHULWLVSRVVLEOHWRFDUU\RXWWKHPDFKLQHGHVFDOLQJRSHUDWLRQLQRUGHUWRHOLPLQDWHWKH
PDOIXQFWLRQ)RUWKLVSXUSRVHXVHRQO\WKHFLWULFDFLGEDVHGGHVFDOLQJSURGXFW12&$/E\$ULHWH
7KLVSURGXFWFDQEHHDVLO\IRXQGLQWKH$ULHWHWHFKQLFDODVVLVWDQFHVHUYLFHFHQWUHV$ULHWHLVQRW
OLDEOHIRUGDPDJHWRLQWHUQDOFRPSRQHQWVRIWKHFRIIHHPDFKLQHFDXVHGE\WKHXVHRIQRQFRPSOLDQW
SURGXFWVGXHWRWKHSUHVHQFHRIFKHPLFDODGGLWLYHV
&DUU\RXWWKHGHVFDOLQJRSHUDWLRQRQFHDPRQWK,IWKHZDWHULVYHU\KDUGFOHDQHYHU\WZR
ZHHNV
 )LOOWKHMXJZLWKDPL[WXUHRIFXSRIZKLWHYLQHJDUDQGFXSVRIIUHVKFOHDQZDWHU
 3RXUWKHPL[WXUHLQWKHWDQN
 6WDUWWKHGLVSHQVLQJF\FOHDQGZDLWWR¿OOKDOIWKHMXJ
 3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHVZLWFKHVRII
,IGXULQJWKHVWHDPZDLWLQJWLPHVPDOOSXIIVRIVWHDPDUHGLVSHQVHGLWLVSHUIHFWO\QRUPDO
 :KHQWKHZDWHUKDV¿QLVKHGGURSSLQJLQWRWKHMXJMXVWUHPRYHWKHMXJ$OORZWKHZDWHUWRFRRO
IRUPLQXWHV
 3RXUWKHPL[WXUHFRQWDLQHGLQWKHMXJLQWRWKHWDQN&ORVHWKHFRYHU3ODFHWKHMXJRQWKHKHDWLQJ
SODWH

(1
 6WDUWDQRWKHUGLVSHQVLQJF\FOHDQGZDLWIRUWKHMXJFRPSOHWH¿OOLQJ:KHQWKHZDWHUKDV¿QLVKHG
GURSSLQJLQWRWKHMXJMXVWUHPRYHWKHMXJ
 3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHVZLWFKHVRII
 :DLWPLQXWHVWROHWWKHDSSOLDQFHFRROGRZQ0DNHVXUHWKDWWKH¿OWHULVLQVHUWHGLQWRWKH¿OWHU
KROGHU
)LOOWKHMXJZLWKIUHVKSODLQZDWHUDQGUHSHDWWKHGLVSHQVLQJF\FOHWRFOHDQWKHLQWHUQDOFLUFXLWU\
RIWKHDSSOLDQFH$WWKHHQGRIWKHULQVHF\FOHSUHVVWKHFRIIHHEXWWRQ
WRVZLWFKRIIWKHDS
SOLDQFH(PSW\WKHMXJ
:DVKWKHMXJWKHUHPRYDEOH¿OWHUKROGHUDQGWKHFRIIHH¿OWHUZLWKKRWZDWHUDQGVRDS'U\DOO
SDUWV
:KHQWKHDSSOLDQFHKDVFRROHGZLSHWKHH[WHULRUZLWKDVRIWFORWK
+RZWRVWRUHWKHDSSOLDQFH
 8QSOXJLWIURPWKHVRFNHWRXWOHW
 6WRUHLWLQDFRROGU\SODFH
'RQRWOHDYHWKHGHYLFHDWUHVWZLWKWKHSOXJFRQQHFWHGWRWKHHOHFWULFDORXWOHW
6(77,1*7+(0$&+,1(2872)6(59,&(
,QFDVHRIDSSOLDQFHGHFRPPLVVLRQLQJLWLVQHFHVVDU\WRGLVFRQQHFWLWHOHFWULFDOO\HPSW\WKHZDWHU
WDQNDQGWKHMXJ &OHDQWKH FRPSRQHQWVVHH &OHDQLQJWKH DSSOLDQFHSDUDJUDSK ,QFDVH RI
VFUDSSLQJLWLVQHFHVVDU\WRSURYLGHIRUWKHVHSDUDWLRQRIWKHYDULRXVPDWHULDOVXVHGLQWKHFRQVWUXF
WLRQRIWKHPDFKLQHDQGGLVSRVHRIWKHPDFFRUGLQJWRWKHLUFRPSRVLWLRQDQGWKHSURYLVLRQVRIODZ
LQIRUFHLQWKHFRXQWU\RIXVH

)5
$352326'80$18(/
0rPHVLOHVDSSDUHLOVRQWpWpUpDOLVpVHQFRQIRUPLWpDYHFOHV1RUPHVHXURSpHQQHVVSpFL¿TXHVHQ
YLJXHXUHWTXHWRXWHVOHVSLqFHVSRWHQWLHOOHPHQWGDQJHUHXVHVVRQWSURWpJpHVOLVH]DYHFDWWHQWLRQ
FHVDYHUWLVVHPHQWVHWQ¶XWLOLVHUO¶DSSDUHLOTXHSRXUFHTXHLODpWpFRQoXD¿QG¶pYLWHUOHVEOHVVXUHV
HWOHVGRPPDJHV*DUGHUFHOLYUHWjSRUWpGHPDLQSRXUOHVIXWXUHVFRQVXOWDWLRQV6LYRXVGpVLUH]
HQVXLWHFpGHUFHWDSSDUHLOjG¶DXWUHVSHUVRQQHVUDSSHOH]YRXVG¶LQFOXUHFHVLQVWUXFWLRQV
/HVLQIRUPDWLRQVUHSRUWpHVGDQVFHPDQXHOVRQWPDUTXpHVGHVV\PEROHVVXLYDQWVTXLLQGLTXHQW
'DQJHUSRXUOHVHQIDQWV
'DQJHUpOHFWULTXH
'DQJHUVSURYHQDQWG¶DXWUHVFDXVHV
$YHUWLVVHPHQWVVXUOHVEUOXUHV
$WWHQWLRQGpJkWVPDWpULHOV
87,/,6$7,2135e98(
2QSHXWXWLOLVHUODSSDUHLOSRXUSUpSDUHUOHFDIp/¶DSSDUHLOHVWGHVWLQpVHXOHPHQWjXQXVDJHGR
PHVWLTXHHWQHGRLWHQDXFXQFDVVHUYLUjGHV¿QVFRPPHUFLDOHVRXLQGXVWULHOOHV/HFRQVWUXFWHXU
Q¶DSUpYXDXFXQDXWUHXVDJHGHO¶DSSDUHLOHWLOVHGpJDJHGHWRXWHUHVSRQVDELOLWpSRXUOHVGpJkWVGH
WRXWHQDWXUHJpQpUpVG¶XQHXWLOLVDWLRQLQDSSURSULpH8QXVDJHLQDSSURSULpGpWHUPLQHUDLWpJDOHPHQW
O¶DQQXODWLRQGHWRXWHIRUPHGHJDUDQWLH
5,648(65e6,'8(/6
/HVFDUDFWpULVWLTXHVGHIDEULFDWLRQGHODSSDUHLOVXMHWGHFHWWHSXEOLFDWLRQQHSHUPHWWHQWSDVGH
SURWpJHUOXWLOLVDWHXUFRQWUHOHVpYHQWXHOOHVpFODERXVVXUHVGHDXFKDXGHRXGHYDSHXU
$WWHQWLRQ
'DQJHUGHEUOXUHjFDXVHGHVMHWVRXpFODERXVVXUHVGHDXFKDXGHRXGHFDIp1HSDV
RXYULUOHFRXYHUFOHDXFRXUVGHOpFRXOHPHQW
&216(,/6'(6e&85,7e
/,6(=$77(17,9(0(17&(6,16758&7,216
 /¶DSSDUHLOHVWGHVWLQpVHXOHPHQWjXQXVDJHGRPHVWLTXHHWQHGRLWHQDXFXQFDV
VHUYLUjGHV¿QVFRPPHUFLDOHVRXLQGXVWULHOOHV
 /HFRQVWUXFWHXUGpFOLQHWRXWHUHVSRQVDELOLWpSRXUXQHXWLOLVDWLRQHUURQpHRXSRXU
GHVHPSORLVDXWUHVTXHFHX[SUpYXVSDUFHOLYUHW
 ,OHVWFRQVHLOOpGHFRQVHUYHUO¶HPEDOODJHG¶RULJLQHYXTXHDVVLVWDQFHJUDWXLWHQH
MRXHSDVSRXUOHVGRPPDJHVFDXVpVSDUXQHPEDOODJHGXSURGXLWQRQDGpTXDW
ORUVGHO¶H[SpGLWLRQjXQVHUYLFHDSUqVYHQWHDJUpp
 /¶DSSDUHLOHVWFRQIRUPHDXUqJOHPHQW(&1GXVXUOHV
PDWpULDX[HQFRQWDFWDYHFOHVDOLPHQWV

)5
'DQJHUSRXUOHVHQIDQWV

&HWDSSDUHLOSHXWrWUHXWLOLVpSDUOHVHQIDQWVjSDUWLUGHDQVjFRQGLWLRQTXLOV
VRLHQWVXUYHLOOpVSDUXQDGXOWHRXTXLOVDLHQWpWpLQVWUXLWVVXUODIDoRQGXWLOLVHU
ODSSDUHLOHQWRXWHVpFXULWp,OVGRLYHQWDYRLUFRPSULVOHVGDQJHUVLPSOLTXpV
 /HQHWWR\DJHHWO¶HQWUHWLHQHIIHFWXpVSDUO¶XWLOLVDWHXUQHGRLYHQWSDVrWUHGpOpJXpV
DX[HQIDQWVjPRLQVTX¶LOVDLHQWSOXVGHDQVHWVRLHQWVXUYHLOOpVSDUXQDGXOWH
,OIDXWVXUYHLOOHUOHVHQIDQWVSRXUrWUHFHUWDLQTX¶LOVQHMRXHQWSDVDYHFO¶DSSDUHLO
 7RXMRXUVFRQVHUYHUO¶DSSDUHLOHWOHFRUGRQG¶DOLPHQWDWLRQKRUVGHODSRUWpHGHV
HQIDQWVGHPRLQVGHDQV
 1HSDVODLVVHUOHFRUGRQSHQGUHGDQVXQHQGURLWRLOSRXUUDLWrWUHVDLVLSDUXQ
HQIDQW
 /HVpOpPHQWVGHO¶HPEDOODJHQHGRLYHQWSDVrWUHODLVVpVjODSRUWpHGHVHQIDQWV
FDULOVUHSUpVHQWHQWXQHVRXUFHGHGDQJHU
 /RUVTX¶RQGpFLGHUDGHMHWHUFHWDSSDUHLOLOHVWUHFRPPDQGpGHOHPHWWUHKRUV
G¶XVDJHHQFRXSDQWOHFkEOHG¶DOLPHQWDWLRQ,OHVWpJDOHPHQWUHFRPPDQGpGH
SURWpJHUOHVSDUWLHVVXVFHSWLEOHVGHFRQVWLWXHUXQGDQJHUVSpFLDOHPHQWSRXUOHV
HQIDQWVTXLSRXUUDLHQWVHVHUYLUGHO¶DSSDUHLOSRXUMRXHU
'DQJHUpOHFWULTXH
 /¶DSSDUHLOSHXWrWUHXWLOLVpSDUGHVSHUVRQQHVD\DQWGHVFDSDFLWpVSK\VLTXHV
VHQVRULHOOHV RX PHQWDOHV UpGXLWHV RX GpSRXUYXHV GH[SpULHQFH GH FRQQDLV
VDQFHjFRQGLWLRQTXHOOHVVRLHQWVXLYLHVSDUXQDGXOWHUHVSRQVDEOHRXTXHOOHV
DLHQWFRPSULVOHVLQVWUXFWLRQVIRXUQLHVFRQFHUQDQWOXWLOLVDWLRQHQWRXWHVpFXULWpHW
GHVGDQJHUVSRXYDQWGpFRXOHUGHOXWLOLVDWLRQ
 $YDQWGHEUDQFKHUODSSDUHLODXUpVHDXGDOLPHQWDWLRQFRQWU{OHUTXHODWHQVLRQ
LQGLTXpHVXUODSODTXHWWHVLWXpHVRXVODPDFKLQHFRUUHVSRQGHjFHOOHGXVHFWHXU
 /¶XWLOLVDWLRQGHUDOORQJHVpOHFWULTXHVQRQDXWRULVpHVSDUOHIDEULFDQWGHO¶DSSDUHLO
SHXWFDXVHUGHVGRPPDJHVHWSURYRTXHUpJDOHPHQWGHVDFFLGHQWV
 $YDQWGHUHPSOLUOHUpVHUYRLUGpEUDQFKHUODSSDUHLOGHODSULVHGHFRXUDQW
 6LOHFRUGRQGDOLPHQWDWLRQHVWDELPpLOGRLWrWUHUHPSODFpSDUOHFRQVWUXFWHXU
RXSDUVRQVHUYLFH$VVLVWDQFH7HFKQLTXHRXGHWRXWHIDoRQSDUXQHSHUVRQQH
SUpVHQWDQWGHVTXDOL¿FDWLRQVVLPLODLUHVD¿QGHSUpYHQLUWRXWULVTXH
 1HMDPDLVPHWWUHOHVSDUWLHVpOHFWULTXHVVRXVWHQVLRQHQFRQWDFWDYHFOHDXXQ
FRXUWFLUFXLWSHXWVHSURGXLUH
 'pEUDQFKHUODSULVHGHFRXUDQWDYDQWFKDTXHLQWHUYHQWLRQGHQHWWR\DJHRXG¶HQ
WUHWLHQ
 1HWUHPSH]SDVO¶DSSDUHLOGDQVO¶HDXQLGDQVWRXWDXWUHOLTXLGH
 1HMDPDLVPHWWUHODSSDUHLOjF{WpRXDXGHVVXVGXQpYLHU
 1HSDVUHWLUHUOHFRXYHUFOHLQIpULHXUGHODSSDUHLO,OQ\DSDVGHSDUWLHVLQWHUQHV
jQHWWR\HU

)5
'DQJHUVSURYHQDQWG·DXWUHVFDXVHV
 &KRLVLUXQHQGURLWDVVH]pFODLUpSURSUHHWDYHFXQHSULVHGHFRXUDQWIDFLOHPHQW
DFFHVVLEOH
 (YLWHUGHYHUVHUGDQVOHUpVHUYRLUXQHTXDQWLWpH[FHVVLYHG¶HDX
 1HODLVVH]SDVO¶DSSDUHLOVDQVVXUYHLOODQFHORUVTX¶LOHVWEUDQFKp
 ,OIDXWXWLOLVHUHWODLVVHUODSSDUHLODXUHSRVVXUXQHVXUIDFHVWDEOH
 ,OQHIDXWSDVXWLOLVHUODSSDUHLOVLOHVWWRPEpVLOSUpVHQWHGHVVLJQHVYLVLEOHV
GHGpWpULRUDWLRQRXHQFDVGHIXLWHGHDX1¶XWLOLVH]SDVO¶DSSDUHLOVLOHFRUGRQ
pOHFWULTXHRXODSULVHVRQWHQGRPPDJpVRXVLO¶DSSDUHLOHVWGpIHFWXHX[7RXWHV
OHVUpSDUDWLRQV\FRPSULVOHUHPSODFHPHQWGXFRUGRQGDOLPHQWDWLRQGRLYHQW
H[FOXVLYHPHQWrWUHHIIHFWXpHVGDQVXQFHQWUHVGDVVLVWDQFHDSUqVYHQWH$ULHWH
RXSDUGHVWHFKQLFLHQVDJUppV$ULHWHGHIDoRQjSUpYHQLUOHVULVTXHVpYHQWXHOV
$YHUWLVVHPHQWVVXUOHVEUOXUHV
 1HSDVRXYULUOHFRXYHUFOHDXFRXUVGHOpFRXOHPHQW
 $WWHQGUHTXHODSSDUHLODLWUHIURLGLDYDQWGHUHPSOLUOHUpVHUYRLUDYHFGHOHDX
'DQJHUGHEUOXUHjFDXVHGHVpFODERXVVXUHVGHDXFKDXGHRXGHYDSHXU
 1HSDVODLVVHUODYHUVHXVHYLGHSRVpHVXUODSODTXHFKDXIIDQWHORUVTXHODPD
FKLQHHVWHQPDUFKH'DQJHUGHFDVVXUHGHODYHUVHXVH'DQJHUGHEUOXUH
SURYRTXpSDUOHFRQWDFWDYHFODYHUVHXVH
$WWHQWLRQGpJkWVPDWpULHOV
 3ODFHUODPDFKLQHVXUXQSODQVWDEOHRHOOHQHULVTXHSDVGrWUHUHQYHUVpH
 QHSDVXWLOLVHUODPDFKLQHVDQVHDXODSRPSHVHEUOHUDLW
 1HMDPDLVUHPSOLUOHUpVHUYRLUDYHFGHOHDXFKDXGHRXERXLOODQWH
 1HSDVPHWWUHODPDFKLQHVXUGHVVXUIDFHVWUqVFKDXGHVRXSUqVGHÀDPPHV
OLEUHVD¿QGpYLWHUTXHOHFRUSVGHODPDFKLQHVHGpWpULRUH
 /HFRUGRQQHGRLWSDVWRXFKHUOHVSDUWLHVFKDXGHVGHODPDFKLQH
 1¶XWLOLVH]MDPDLVG¶HDXJD]HXVHDGGLWLRQQpHG¶DQK\GULGHGHFDUERQH
 1HMDPDLVLQWURGXLUHGHVVXEVWDQFHVDXWUHVTXHGXFDIpHQSRXGUHGDQVOH¿OWUH
/DSSDUHLOSRXUUDLWJUDYHPHQWVHQGRPPDJHU
 1HSDVODLVVHUODFDIHWLqUHH[SRVpHjGHVWHPSpUDWXUHVDPELDQWHVLQIpULHXUHVj
&FDUOHDXFKDXGHFRQWHQXHGDQVODFKDXGLqUHSRXUUDLWJHOHUHWHQGRPPDJHU
ODSSDUHLO
 1HSDVXWLOLVHUO¶DSSDUHLOHQSOHLQDLU
 1HSDVODLVVHUO¶DSSDUHLOH[SRVpDX[DJHQWVDWPRVSKpULTXHVSOXLHVROHLOHWF
 $SUqVDYRLUGpEUDQFKpOD¿FKHGDOLPHQWDWLRQHWDSUqVOHUHIURLGLVVHPHQWGHV
SDUWLHVFKDXGHVO¶DSSDUHLOGHYUDrWUHQHWWR\pH[FOXVLYHPHQWDYHFXQOLQJHQRQ
DEUDVLIjSHLQHKXPLGHHWTXHOTXHVJRXWWHVGHGpWHUJHQWVQHXWUHVQRQDJUHVVLIV
QHMDPDLVXWLOLVHUGHVROYDQWVTXLHQGRPPDJHUDLHQWOHSODVWLTXH

)5
3UpFDXWLRQVjSUHQGUHSRXUXWLOLVHUODYHUVHXVH
 /DYHUVHXVHGRLWXQLTXHPHQWrWUHXWLOLVpHDYHFFHWWHPDFKLQHjFDIp1HSDVXWL
OLVHUODYHUVHXVHSRXUFKDXIIHUOHFDIpVXUXQHSODTXHGHFXLVVRQRXDXWUHVRXUFH
GHFKDOHXU1HSDVPHWWUHODYHUVHXVHDXIRXUjPLFURRQGHVSRXUFKDXIIHUOHFDIp
 /DYHUVHXVHGRLWXQLTXHPHQWrWUHXWLOLVpHDYHFODSODTXHFKDXIIDQWHIRXUQLHDYHF
ODSSDUHLO
 3RXUpYLWHUGHFDVVHUODYHUVHXVHODVRXOHYHUDYHFSUpFDXWLRQ(YLWHUGHKHXUWHU
ODYHUVHXVHFRQWUHGDXWUHVREMHWVGDQJHUGHFDVVXUHGXYHUUH4XDQGRQUHP
SOLWODYHUVHXVHDYHFGHOHDXpYLWHUGHODKHXUWHUFRQWUHOHURELQHW
 1HSDVSRVHUODYHUVHXVHYLGHVXUGHVVXUIDFHVFKDXGHV
 1HSDVSRVHUODYHUVHXVHFKDXGHVXUGHVVXUIDFHVIURLGHVRXPRXLOOpHV$W
WHQGUHTXHODYHUVHXVHUHIURLGLVVHDYDQWGHODODYHURXGHODUHPSOLUGHDX
 1H SDV QHWWR\HU OD YHUVHXVH DYHF GHV pSRQJHV PpWDOOLTXHV GHV GpWHUJHQWV
DEUDVLIVRXDXWUHVPDWpULDX[TXLSHXYHQWUD\HUOHYHUUH
 1HSDVXWLOLVHUODYHUVHXVHVLHOOHDpWpUpFKDXIIpHYLGHSHQGDQWWURSORQJWHPSV
/DUHPSODFHUSDUXQHDXWUHYHUVHXVHRULJLQDOH
&216(59(5&(6,16758&7,216
'(6&5,37,21'(/$33$5(,/
$9HUVHXVH .&RPSDUWLPHQWGHUDQJHPHQWGXFRUGRQ
%3RLJQpHGHODYHUVHXVH / &RUGRQG¶DOLPHQWDWLRQ3ULVH
&&RXYHUFOHGHODYHUVHXVH 03ODTXHFKDXIIDQWH
'%HFGHVRUWLH 1$I¿FKHXU
(6LqJHGXSRUWH¿OWUH 202'(
)5pVHUYRLUG¶HDX 36(/
*,QGLFDWHXUGXQLYHDXGHDX 4$872
+)LOWUHFDIp 57RXFKHGHSURJUDPPDWLRQGHVKHXUHV+5
, 3RUWH¿OWUHDPRYLEOH 67RXFKHGHSURJUDPPDWLRQGHVPLQXWHV0,1
- &RXYHUFOHGXUpVHUYRLU
77RXFKHpFRXOHPHQWGXFDIp
H[WLQFWLRQ
'RQQpHVGLGHQWLÀFDWLRQ
/HVGRQQpHVGLGHQWL¿FDWLRQGHODPDFKLQH¿JXUDQWVXUODSODTXHWWHSODFpHVRXVODEDVHGDSSXL
GHODPDFKLQHVRQWOHVVXLYDQWHV
 IDEULFDQWHWPDUTXH&(
 PRGqOH0RG
 QGLPDWULFXOH61
 WHQVLRQGDOLPHQWDWLRQ9HWIUpTXHQFH+]
 SXLVVDQFHpOHFWULTXHDEVRUEpH:
 QXPpURYHUW
(QFDVGHGHPDQGHHQYR\pHjXQ&HQWUHG$VVLVWDQFH$JUppQHSDVRXEOLHUGLQGLTXHUOHPRGqOH
HWOHQXPpURGHPDWULFXOH

)5
02'('(03/2,
0LVHHQPDUFKH
 &RQWU{OHUTXHODWHQVLRQGXUpVHDXGRPHVWLTXHVRLWODPrPHTXHFHOOHLQGLTXpHVXUODSODTXHWWH
GHGRQQpHVWHFKQLTXHVGHODSSDUHLO
 5HWLUHUOHVPDWpULDX[GHOHPEDOODJHjOLQWpULHXUHWjOH[WpULHXUGHODSSDUHLO
 'LVSRVHUHQVXLWHODSSDUHLOVXUXQHVXUIDFHSODWH3ODFHUODSSDUHLOjDXPRLQVFPGHVSDURLV
GHVPHXEOHVRXGHVDXWUHVDSSDUHLOV
$WWHQWLRQ
'DQJHUGHQGRPPDJHPHQWGHVVXUIDFHVGDSSXLGHODSSDUHLO/DWHPSpUDWXUHpOHYpHGH
ODSSDUHLOSHXWSURYRTXHUODSODVWL¿FDWLRQGHVVXUIDFHVGDSSXL,QWURGXLUHXQFKLIIRQRXXQH
VHUYLHWWHHQWUHODSSDUHLOHWODVXUIDFHGDSSXL
$WWHQWLRQ
'DQJHUGHVXUFKDUJHGHODOLJQHpOHFWULTXH6LSOXVLHXUVDSSDUHLOVpOHFWULTXHVVRQWEUDQFKpV
jXQHVHXOHSULVHpOHFWULTXHFHODSHXWSURYRTXHUXQFRXUWFLUFXLW%UDQFKHUODSSDUHLOjXQH
SULVHpOHFWULTXHOLEUHVDQVTXHGDXWUHVpOHFWURPpQDJHUVVRLHQWFRQQHFWpV
 /DYHUODYHUVHXVHOHSRUWH¿OWUHDPRYLEOHHWOH¿OWUHjFDIpDYHFGHOHDXFKDXGHHWGXVDYRQ
5LQFHUHWVpFKHUOHVFRPSRVDQWV
 'LVSRVHUOHSRUWH¿OWUHDPRYLEOHGDQVVRQORJHPHQW)LJ
/DYDQQHGpFRXOHPHQWVLWXpHVXUOHIRQGGXSRUWHÀOWUHDPRYLEOHGRLWrWUHLQWURGXLWHGDQV
OHWURXFHQWUDOGXORJHPHQWGXSRUWHÀOWUH
3UHPLHUDOOXPDJH
6LOVDJLWGXQSUHPLHUDOOXPDJHRXGXQHUHPLVHHQURXWHDSUqVXQHORQJXHSpULRGHGLQDF
WLYLWpLOHVWFRQVHLOOpGHIDLUHFRXOHUGHOHDXjWUDYHUVOHFLUFXLWK\GUDXOLTXHGHODFKDXGLqUH
pTXLYDOHQWDXFRQWHQXGHGHX[YHUVHXVHV
 5HPSOLUOHUpVHUYRLUDYHFGHOHDXSODWHIURLGH)LJMXVTXDXQLYHDX/HQLYHDXFRU
UHVSRQGDXQLYHDXGHDXPD[LPDOHWDXQRPEUHPD[LPDOGHWDVVHVGHFDIp)HUPHUOHFRXYHUFOH
GXUpVHUYRLU
1H-$0$,6UHPSOLUOHUpVHUYRLUDXGHOjGXQLYHDXPD[LPXP
3RXUHIIHFWXHUFHODYDJHQHSDVLQVpUHUOHÀOWUHjFDIpGDQVOHSRUWHÀOWUH
 %UDQFKHUO¶DSSDUHLOjODSULVHGHFRXUDQWTXLGRLWrWUHPXQLHG¶XQHSULVHGHWHUUH
 3ODFHUODYHUVHXVHYLGHVXUODSODTXHFKDXIIDQWH09pUL¿HUTXHODYDQQHGpFRXOHPHQWHVW
FRUUHFWHPHQWSODFpHVXUOHFRXYHUFOHGHODYHUVHXVH
 $SSX\HU VXUOD WRXFKHGpFRXOHPHQWGXFDIp $WWHQGUHTXH WRXWHOHDXFRQWHQXHGDQVOH
UpVHUYRLUVRLWGHVFHQGXHGDQVODYHUVHXVH$WWHQGUHPLQXWHVSRXUODLVVHUUHIURLGLUODSSDUHLO
 5HFRPPHQFHUORSpUDWLRQ DYHF XQHGHX[LqPH YHUVHXVH$WWHQGUH TXH WRXWH OHDXFRQWHQXH
GDQVOHUpVHUYRLUVRLWGHVFHQGXHGDQVODYHUVHXVH
,OHVWGpVRUPDLVSRVVLEOHGHSUpSDUHUODFDIHWLqUHSRXUOHSUHPLHUFDIp
3UpSDUDWLRQGHODPDFKLQH
9pULÀHUTX·LO\DLWVXIÀVDPPHQWG·HDXjO·LQWpULHXUGXUpVHUYRLUDYDQWG·DOOXPHUOHIHU

)5
/HUHPSOLVVDJHHQHDXV·HIIHFWXHDYHFO·DSSDUHLOGpEUDQFKpGHODSULVHGHFRXUDQW
 2XYULUOHFRXYHUFOHGXUpVHUYRLU-/LQGLFDWHXUGHQLYHDX*DXQHpFKHOOHJUDGXpHTXLYDGH
jFKDTXHQXPpURFRUUHVSRQGDXQRPEUHGHWDVVHVGHFDIp5HPSOLUODYHUVHXVHDYHFGH
OHDXSODWHIURLGH9HUVHUOHDXGDQVOHUpVHUYRLUMXVTXDXQLYHDXGpVLUpSRXUWDVVHVGHFDIp
HWSRXUWDVVHVGHFDIp
 3ODFHUODYHUVHXVHYLGHVXUODSODTXHFKDXIIDQWH0
$WWHQWLRQ
1HSDVXWLOLVHUODYHUVHXVHVLVRQPDQFKHRXOHYHUUHSUpVHQWHQWGHV¿VVXUHV'DQJHUGH
EUOXUHVFDXVpHVSDUOHFRQWDFWDYHFOHFDIpERXLOODQWVLODYHUVHXVHVHFDVVH
1HSRVHUDXFXQREMHWVXUOHFRXYHUFOHTXDQGODSSDUHLOHVWHQPDUFKH
$WWHQWLRQ
1HSDVRXYULUOHFRXYHUFOHDXFRXUVGHOpFRXOHPHQWGDQJHUGHEUOXUHVFDXVpHVSDUOHVMHWV
RXOHVpFODERXVVXUHVGHDXFKDXGHRXGHFDIp
 0HWWUHOH¿OWUHjFDIpGDQVOHSRUWH¿OWUH'RVHUOHFDIpGDQVOH¿OWUH8QHWDVVHGHFDIpHVWpTXL
YDOHQWHjXQHFXLOOqUHUDVHGHFDIpHQSRXGUH
 %DLVVHUODSRLJQpHGX¿OWUHjFDIp)HUPHUOHFRXYHUFOHGXUpVHUYRLU
 %UDQFKHUO¶DSSDUHLOjODSULVHGHFRXUDQWTXLGRLWrWUHPXQLHG¶XQHSULVHGHWHUUH/DI¿FKHXU
VDOOXPHHWOKHXUHFRPPHQFHjFOLJQRWHU$0 8WLOLVHUOHVWRXFKHV+5HW0,1SRXU
SURJUDPPHUOKHXUHORFDOH$SSX\HUVXU6(/SRXUFRQ¿UPHU6LRQQDSSXLHVXUDXFXQHWRXFKH
ODI¿FKHXUVpWHLQWDSUqVVHFRQGHV
 $SSX\HUVXUODWRXFKHFDIp SRXUODQFHUOHF\FOHGHSUpSDUDWLRQGXFDIp$WWHQGUHOpFRXOH
PHQWGXFDIpGDQVODYHUVHXVHMXVTXjOD¿QGXF\FOHVpOHFWLRQQpQRPEUHGHWDVVHV
 ,/(673266,%/(',17(552035(/e&28/(0(17'8&$)e$9$17/$),1'8&<&/(
'(35e3$5$7,21
 H[WUDLUHODWDVVHYRLU)RQFWLRQSDXVHSRXUVHUYLUOHFDIp
 DSSX\HUVXUODWRXFKHFDIpMXVTXjFHTXHODSSDUHLOpPHWWHXQELSHWTXHOHYR\DQWOXPLQHX[
GHODWRXFKHVpWHLJQH
$SUqVH[WLQFWLRQDXWRPDWLTXHRXYRXOXHODSODTXHFKDXIIDQWHFRPPHQFHjFKDXIIHU
/DLVVHUOHFRXYHUFOHVXUODYHUVHXVHSRXUFRQVHUYHUOHFDIpDXFKDXGHWOHVHUYLUVDQVULV
TXHUGHVHEUOHU
 6DLVLUODYHUVHXVHSDUODSRLJQpH,QFOLQHUOpJqUHPHQWODYHUVHXVHHWYHUVHUOHFDIpFKDXGGDQV
XQHWDVVH
 $SSX\HUVXUODWRXFKHFDIp HWODUHOkFKHUSRXUpWHLQGUHODSSDUHLO
1HSDVGpSODFHUODFDIHWLqUHTXDQGODYHUVHXVHRXOHUpVHUYRLUFRQWLHQQHQW GHV OLTXLGHV
FKDXGV$WWHQGUHOHUHIURLGLVVHPHQWWRWDOGHODSSDUHLO
/DTXDQWLWpGHDXTXLVpFRXOHGDQVODYHUVHXVHHVWOpJqUHPHQWLQIpULHXUHjFHOOHYHUVpH
GDQVOHUpVHUYRLU8QSHXGHDXHVWDEVRUEpHSDUODSRXGUHGHFDIpHWSDUOHÀOWUH
5pJODJHGHOKHXUH
 $SSX\HUVXUODWRXFKH+5SRXUVpOHFWLRQQHUOKHXUH$SSX\HUVXUODWRXFKH+5HWPDLQWHQLUOD
SUHVVLRQSRXUUpJOHUOHVKHXUHVGHIDoRQSOXVUDSLGH
 $SSX\HUVXUODWRXFKH0,1SRXUVpOHFWLRQQHUOHVPLQXWHV$SSX\HUVXUODWRXFKH0,1HWPDLQWH

)5
QLUODSUHVVLRQSRXUUpJOHUOHVPLQXWHVGHIDoRQSOXVUDSLGH
 4XDQGOKHXUHSURJUDPPpHHVWH[DFWHDSSX\HUVXUODWRXFKH6(//DSSDUHLOpPHWXQELS
 3RXUUHSURJUDPPHUOKHXUHDSSX\HUVL[IRLVVXUODWRXFKH02'(MXVTXjFHTXHOHV\PEROH 
FOLJQRWH$SSX\HUVXUODWRXFKH6(//KHXUHFRPPHQFHjFOLJQRWHU,OHVWGpVRUPDLVSRVVLEOHGH
UpJOHUOKHXUHFRPPHGpFULWDXSRLQWSUpFpGHQW
5pJODJHGXF\FOHDXWRPDWLTXH
$SSX\HUVXUODWRXFKH$872HWPDLQWHQLUODSUHVVLRQMXVTXjFHTXHOHPHVVDJH352*5$00
FOLJQRWHVXUODI¿FKHXUDLQVLTXHOHV\PEROH 6XLYUHODPpWKRGHGHUpJODJHGHOKHXUHSRXU
SURJUDPPHUOHVKHXUHVHWOHVPLQXWHV$SSX\HUVXUODWRXFKH$872RX6(/SRXUFRQ¿UPHU/DS
SDUHLOpPHWXQELSHWOKHXUHDFWXHOOHDFFRPSDJQpHGXV\PEROHGXWLPHU DSSDUDLVVHQWVXU
ODI¿FKHXU/DSSDUHLOODQFHUDXQF\FOHGHSUpSDUDWLRQGXFDIpjOKHXUHSURJUDPPpH
3RXUDQQXOHUODSODQL¿FDWLRQHWOHVUpJODJHVGp¿QLVDXSDUDYDQWLOVXI¿WGDSSX\HUjQRXYHDXVXUOD
WRXFKH$872
5pJODJHGHOLQWHQVLWpGXFDIp
/DSSDUHLOSRVVqGHXQHIRQFWLRQTXLOXLSHUPHWGHUpJOHUOLQWHQVLWpGXFDIpD¿QGHODGDSWHUDXJRW
GHOXWLOLVDWHXU
1RUPDO
$SSX\HUXQHIRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFHjFOL
JQRWHU$SSX\HUVXUODWRXFKH6(/SRXUFRQ¿UPHU&HPRGHFRUUHVSRQG
DXUpJODJHHIIHFWXpHQXVLQH
0R\HQ
$SSX\HUGHX[IRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFHj
FOLJQRWHU$SSX\HUVXUODWRXFKH6(/SRXUFRQ¿UPHU/HV\PEROH 
UqJOHOpFRXOHPHQWVXUODEDVHGXQHYHUVHXVHGHFDIp&HODVLJQL¿HTXRQ
REWLHQWXQFDIpDYHFSOXVGDU{PH
)RUW
$SSX\HUWURLVIRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFHj
FOLJQRWHU$SSX\HUVXUODWRXFKH6(/SRXU FRQ¿UPHU/HV\PEROH 
UqJOHOpFRXOHPHQWHWOHWHPSVGLQIXVLRQVXUODEDVHGXQHYHUVHXVHGHFDIp
&HODVLJQL¿HTXRQREWLHQWXQFDIpSOXVIRUW
0RGHWDVVHV $SSX\HUTXDWUHIRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFH
jFOLJQRWHU$SSX\HUVXUODWRXFKH6(/SRXUFRQ¿UPHU/HPRGHWDVVHV
SHUPHWGHSUpSDUHUOHFDIpSRXUWDVVHVDXPD[LPXP/DTXDQWLWpGHDX
jYHUVHUGDQVOHUpVHUYRLUGRLWFRUUHVSRQGUHDXQLYHDXGHODYHUVHXVH
/HV\PEROH UqJOHDXWRPDWLTXHPHQWOpFRXOHPHQWSRXUREWHQLUOH
PD[LPXPGHJRWSRXUXQHSHWLWHTXDQWLWpGHFDIp,GpDOSRXUWDVVHVGH
FDIpDXPD[LPXP
6LO\DSOXVGHDXTXHSUpYXGDQVOHUpVHUYRLUOpFRXOHPHQWQHSUHQ
GUDÀQTXXQHIRLVWRXWHOHDXpFRXOpHGDQVODYHUVHXVH
$SUqVDYRLUVpOHFWLRQQpOHUpJODJHGpVLUpDSSX\HUVXUODWRXFKHFDIp /DSSDUHLOpPHWXQELS
HWOHFDIpFRPPHQFHjFRXOHU
)RQFWLRQSDXVHSRXUVHUYLUOHFDIp
3RXUVHUYLUOHFDIpDYDQWTXLOVRLWFRPSOqWHPHQWSDVVpGDQVODYHUVHXVHLOVXI¿WGHQOHYHUODYHU
VHXVHGHODSODTXHFKDXIIDQWH

)5
$WWHQGUHODSUpSDUDWLRQGHDXPRLQVWDVVHVGHFDIpDYDQWGHQOHYHUODYHUVHXVH
/pFRXOHPHQWVLQWHUURPSWDXWRPDWLTXHPHQWSHQGDQWVHFRQGHV'LVSRVHUODYHUVHXVHVXUOD
SODTXHGHFKDXIIDJHSRXUUHSUHQGUHOHF\FOHGHSUpSDUDWLRQ
$WWHQWLRQ
'DQJHUGHEUOXUHVjFDXVHGXFRQWDFWDYHFOHFDIpFKDXGTXLUHVVRUWSDUODEXVH/DYHU
VHXVHGRLWrWUHUHSODFpHVXUODSODTXHFKDXIIDQWHGDQVXQGpODLGHVHFRQGHVDSUqVVRQ
UHWUDLW
)RQFWLRQH[WLQFWLRQDXWRPDWLTXH
6LODPDFKLQHUHVWHDOOXPpHVDQVrWUHXWLOLVpHODIRQFWLRQGDXWRH[WLQFWLRQVHGpFOHQFKHDSUqV
PLQXWHVHQYLURQ&HWWHIRQFWLRQIDLWSDVVHUODPDFKLQHHQYHLOOHHWDQQXOHWRXWHVOHVIRQFWLRQVGH
UpFKDXIIHPHQW
&RPPHQWSUpSDUHUXQHGHX[LqPHYHUVHXVHGHFDIp
$SSX\HUODWRXFKHFDIp /DPDFKLQHVpWHLQW5HWLUHUOD¿FKHGHODSULVHGHFRXUDQW
$WWHQWLRQ
'DQJHUGHEUOXUHVjFDXVHGHVpFODERXVVXUHVGHDXRXGHYDSHXU$WWHQGUHDXPRLQV
PLQXWHVDYDQWGHUHPSOLUOHUpVHUYRLUGHDX$WWHQGUHOHUHIURLGLVVHPHQWGHVSDUWLHVFKDXGHV
GHODFDIHWLqUH
$YDQWGHODQFHUODSUpSDUDWLRQGXFDIpFRQWU{OHUTXLO\DLWVXIÀVDPPHQWGHDXGDQVOHUpVHU
YRLU1HSDVFRPPHQFHUjIDLUHFRXOHUOHFDIpVLOHQLYHDXGHDXHVWVRXVOHVHXLOPLQLPXP
 2XYULUOHFRXYHUFOHGHODFDIHWLqUH6RXOHYHUODSRLJQpHGX¿OWUHjFDIp([WUDLUHOH¿OWUHjFDIpGX
SRUWH¿OWUH(OLPLQHUOHVUpVLGXVGHFDIpGX¿OWUH
 5HWLUHUOHSRUWH¿OWUHGHODFDIHWLqUH5LQFHUODYHUVHXVHHWOHSRUWH¿OWUHjOHDXIURLGHHWSURSUH
5HPSOLUOHUpVHUYRLUDYHFGHOHDXSODWHIURLGHMXVTXDXQLYHDXGpVLUp
 3ODFHUODYHUVHXVHYLGHVXUODSODTXHFKDXIIDQWH0
 'LVSRVHUOHSRUWH¿OWUHGDQVVRQORJHPHQW)LJ'LVSRVHUOH¿OWUHjFDIpGDQVOHSRUWH¿OWUH
)LJ'RVHUOHFDIpGDQVOH¿OWUH8QHWDVVHGHFDIpHVWpTXLYDOHQWHjXQHFXLOOqUHUDVHGH
FDIpHQSRXGUH
 )HUPHUOHFRXYHUFOH%UDQFKHUOD¿FKHGDQVODSULVHGHFRXUDQW
 $SSX\HUODWRXFKHFDIp /DPDFKLQHFRPPHQFHODSUpSDUDWLRQGXFDIp
&216(,/687,/(6328535e3$5(581%21&$)e
 3RXUREWHQLUXQFDIpVDYRXUHX[LOIDXWTXHODFDIHWLqUHUHVWHSURSUH(IIHFWXHUOHQHWWR\DJHHWOD
GpFDOFL¿FDWLRQGHODPDFKLQHjLQWHUYDOOHVUpJXOLHUVFRPPHGpFULWDXSDUDJUDSKH1HWWR\DJH
GHODSSDUHLO
 7RXMRXUVXWLOLVHUGHOHDXIURLGHHWSURSUH
 /HVPRXWXUHVSOXV¿QHVSHUPHWWHQWGREWHQLUGHVFDIpVDXJRWSOXVULFKHHWSOXVSURQRQFp8QH
PRXWXUHUpJXOLqUHQpFHVVLWHXQHSOXVJUDQGHTXDQWLWpGHFDIpSRXURIIULUOHPrPHJRWTXDYHF
XQHPRXWXUHSOXV¿QH
 &RQVHUYHUOHFDIpHQSRXGUHGDQVXQHQGURLWIUDLVHWVHF)HUPHUKHUPpWLTXHPHQWOHVHPEDO
ODJHVRXYHUWVHWOHVJDUGHUDXIULJR
 3RXUXQHVDYHXURSWLPDOHDFKHWHUGXFDIpHQJUDLQVHWOHPRXGUHDYDQWGHODSUpSDUHU
 /HFDIpUpFKDXIIpQDSDVWUqVERQJRW/HFDIpGpJDJHWRXWHVDVDYHXUjSHLQHIDLW

)5
 /DSUpVHQFHGHSHWLWHVJRXWWHVGKXLOHjODVXUIDFHGXFDIpSHXWrWUHXQHFRQVpTXHQFHGHOXWL
OLVDWLRQSURORQJpHGHPpODQJHVWRUUp¿pVHIIHFWXHUXQQHWWR\DJHUpJXOLHU
1(772<$*('(/$33$5(,/
&HWDSSDUHLOQHGHPDQGHSDVEHDXFRXSGHQWUHWLHQ,OQHFRPSRUWHSDVGHSLqFHVSRXYDQWrWUH
UpSDUpHVSDUOXWLOLVDWHXU/HVRSpUDWLRQVTXLQpFHVVLWHQWOHGpPRQWDJHGHVSLqFHVGRLYHQWrWUH
HIIHFWXpHVGDQVXQ&HQWUHGH6HUYLFH$SUqV9HQWH$JUpp
$WWHQWLRQ
7RXWHVOHVRSpUDWLRQVGHQHWWR\DJHLQGLTXpHVFLGHVVRXVGRLYHQWrWUHHIIHFWXpHVjPDFKLQH
pWHLQWHHWDYHFOD¿FKHpOHFWULTXHGpEUDQFKpHGHODSULVHGHFRXUDQW
$WWHQWLRQ
8QHQWUHWLHQHWXQQHWWR\DJHUpJXOLHUVSHUPHWWHQWGHPDLQWHQLUOHI¿FDFLWpGHODPDFKLQHj
SOXVORQJWHUPH1HMDPDLVODYHUOHVFRPSRVDQWVGHODPDFKLQHDXODYHYDLVVHOOH1HSDV
XWLOLVHUGHVMHWVGHDXGLUHFWH
$WWHQWLRQ
&KDTXHLQWHUYHQWLRQGRLWrWUHHIIHFWXpHjPDFKLQHIURLGH
1HWWR\DJHGXÀOWUHHWGXSRUWHÀOWUH
$SUqVFKDTXHXWLOLVDWLRQH[WUDLUHOH¿OWUHjFDIpGXSRUWH¿OWUH(OLPLQHUOHVUpVLGXVGHFDIpGX¿OWUH
5LQFHUOH¿OWUHjOHDXIURLGHHWSURSUH([WUDLUHOHSRUWH¿OWUHHWOHDXFKDXGHHWDXVDYRQ
1HWWR\DJHGHODYHUVHXVH
$WWHQWLRQ
3RXUpYLWHUGHFDVVHUODYHUVHXVHODVRXOHYHUDYHFSUpFDXWLRQ(YLWHUGHKHXUWHUODYHUVHXVH
FRQWUHGDXWUHVREMHWVGDQJHUGHFDVVXUHGXYHUUH4XDQGRQUHPSOLWODYHUVHXVHDYHFGH
OHDXpYLWHUGHODKHXUWHUFRQWUHOHURELQHW
5LQFHUODYHUVHXVHjOHDXFKDXGHHWDXVDYRQ/DYHUOHFRXYHUFOHGHODYHUVHXVHDYHFXQHEURVVH
jGHQWVSRXUpOLPLQHUOHVUpVLGXVGHFDIp1HWWR\HUODYHUVHXVHDYHFXQFKLIIRQKXPLGHHWGRX[
SRXUQHSDVDEvPHUODVXUIDFHHQYHUUH1HSDVXWLOLVHUGpSRQJHVPpWDOOLTXHVRXDXWUHVPDWpULDX[
DEUDVLIV
1HWWR\DJHGXUpVHUYRLU
,OHVWFRQVHLOOpGHQHWWR\HUSpULRGLTXHPHQWOLQWpULHXUGXUpVHUYRLUDYHFXQHpSRQJHRXXQOLQJH
KXPLGH
1HWWR\DJHGXFRUSVGHODPDFKLQH
$WWHQWLRQ
1HWWR\HUOHVSDUWLHV¿[HVGHODPDFKLQHHQXWLOLVDQWXQOLQJHKXPLGHQRQDEUDVLISRXUQHSDV
DELPHUODVXUIDFH
$8721(772<$*(
1HWWR\HUODSSDUHLODXPRLQVXQHIRLVSDUPRLV
6LRQDDFKHWpOH¿OWUHjHDXYHQGXVpSDUpPHQWOHUHWLUHUGXUpVHUYRLUDYDQWGHIIHFWXHUXQF\FOH
GHQHWWR\DJHDXWRPDWLTXH

)5
 5HPSOLUODYHUVHXVHDYHFXQPpODQJHFRPSRVpGHWDVVHVGHYLQDLJUHEODQFHWWDVVHVGHDX
IURLGHHWSURSUH9HUVHUOHPpODQJHGDQVOHUpVHUYRLU
 0HWWUHOH¿OWUHHQSDSLHUSRXUWDVVHVGDQVOHSRUWH¿OWUH)HUPHUOHFRXYHUFOH
 $SSX\HUFLQTIRLVGHVXLWHVXUODWRXFKH02'(/HV\PEROH FRPPHQFHjFOLJQRWHU$SSX\HU
VXUODWRXFKH6(/SRXUFRQ¿UPHU
 $SSX\HUODWRXFKHFDIp /DSSDUHLOpPHWXQELSHWOHF\FOHGHQHWWR\DJHDXWRPDWLTXH
FRPPHQFH8QHSDUWLHGXPpODQJHVpFRXOHGDQVODYHUVHXVHWDQGLVTXHODSDUWLHUHVWDQWHHVW
UHWHQXHGDQVOHVFLUFXLWVGHODFDIHWLqUHSHQGDQWPLQXWHVHQYLURQDYDQWGrWUHUHYHUVpHGDQV
ODYHUVHXVH/HF\FOHFRPSOHWGHQHWWR\DJHGXUHPLQXWHV4XDQGOHF\FOHGHQHWWR\DJH
DXWRPDWLTXHHVWWHUPLQpODSSDUHLOpPHWXQELSHWVpWHLQWDXWRPDWLTXHPHQW
 5LQFHUODYHUVHXVHDYHFGHOHDXIURLGHHWSURSUH
$YDQWGHSUpSDUHUXQFDIpIDLUHSDVVHUGHOHDXIURLGHSODWHGDQVODPDFKLQHGHIDoRQjUHP
SOLURXYHUVHXVHV/DFDIHWLqUHVHUDDLQVLGpEDUUDVVpHGXUHVWHGXPpODQJHHDXYLQDLJUH
'e&$/&,),&$7,21
8QERQHQWUHWLHQHWXQQHWWR\DJHUpJXOLHUSUpVHUYHQWODPDFKLQHHWHQPDLQWLHQQHQWOHI¿FDFLWpVXU
XQHSOXVORQJXHGXUpHHQOLPLWDQWFRQVLGpUDEOHPHQWOHVULVTXHVGHIRUPDWLRQGHGpS{WVFDOFDLUHV
GDQVODSSDUHLO6LPDOJUpFHODDSUqVTXHOTXHVWHPSVOHERQIRQFWLRQQHPHQWGHODSSDUHLOGHYDLW
rWUHFRPSURPLVVXLWHjODIUpTXHQWHXWLOLVDWLRQGXQHHDXGXUHHWWUqVFDOFDLUHRQSHXWSURFpGHUjOD
GpFDOFL¿FDWLRQGHODPDFKLQHSRXUHQUpWDEOLUOHERQIRQFWLRQQHPHQW'DQVFHEXWXWLOLVHUH[FOXVLYH
PHQWOHSURGXLWGpFDOFL¿DQW12&$/G$ULHWHjEDVHGDFLGHFLWULTXH2QSHXWIDFLOHPHQWVHSURFXUHU
FHSURGXLWGDQVOHVFHQWUHVGDVVLVWDQFHWHFKQLTXH$ULHWH$ULHWHQDVVXPHDXFXQHUHVSRQVDELOLWp
HQFDVGHGRPPDJHVVXUOHVFRPSRVDQWVLQWHUQHVGHODPDFKLQHjFDIpSURYRTXpVSDUOXWLOLVDWLRQ
GHSURGXLWVQRQFRQIRUPHVjFDXVHGHODSUpVHQFHGDGGLWLIVFKLPLTXHV
(IIHFWXHUODGpFDOFLÀFDWLRQXQHIRLVSDUPRLV6LOHDXXWLOLVpHHVWWUqVGXUHHWWUqVFDOFDLUH
HIIHFWXHUXQQHWWR\DJHWRXWHVOHVGHX[VHPDLQHV
 5HPSOLUODYHUVHXVHDYHFXQPpODQJHFRPSRVpGWDVVHGHYLQDLJUHEODQFHWWDVVHVGHDX
IURLGHHWSURSUH
 9HUVHUOHPpODQJHGDQVOHUpVHUYRLU
 /DQFHUXQF\FOHGHSUpSDUDWLRQHWDWWHQGUHOHUHPSOLVVDJHGHODYHUVHXVHMXVTXjPLKDXWHXU
 $SSX\HUODWRXFKHFDIp /DSSDUHLOVpWHLQW
'XUDQWODSKDVHGDWWHQWHGHODYDSHXUVLRQUHPDUTXHODIRUPDWLRQGHSHWLWHVERXIIpHVGH
YDSHXULOVDJLWGXQSKpQRPqQHWRXWjQRUPDO
 4XDQGOHDXD¿QLGHVpFRXOHUGDQVODYHUVHXVHRQSHXWUHWLUHUFHWWHGHUQLqUH/DLVVHUOHDX
UHIURLGLUSHQGDQWPLQXWHV
 9HUVHUOHPpODQJHFRQWHQXGDQVODYHUVHXVHjOLQWpULHXUGXUpVHUYRLU)HUPHUOHFRXYHUFOH
'LVSRVHUODYHUVHXVHVXUODSODTXHFKDXIIDQWH
 /DQFHUXQDXWUHF\FOHGHSUpSDUDWLRQHWDWWHQGUHTXHODYHUVHXVHVRLWFRPSOqWHPHQWUHPSOLH
4XDQGOHDXD¿QLGHVpFRXOHUGDQVODYHUVHXVHRQSHXWUHWLUHUFHWWHGHUQLqUH
 $SSX\HUODWRXFKHFDIp /DSSDUHLOVpWHLQW
 $WWHQGUHPLQXWHVSRXUODLVVHUUHIURLGLUODSSDUHLO9pUL¿HUTXHOH¿OWUHHVWLQWURGXLWGDQVOH
SRUWH¿OWUH
5HPSOLUODYHUVHXVHDYHFGHOHDXIURLGHSODWHHWUHFRPPHQFHUOHF\FOHGHSUpSDUDWLRQSRXU

)5
QHWWR\HUOHVFLUFXLWVLQWHUQHVGHODSSDUHLO$OD¿QGXF\FOHGHULQoDJHDSSX\HUVXUODWRXFKHFDIp
SRXUpWHLQGUHODSSDUHLO9LGHUODYHUVHXVH
/DYHUODYHUVHXVHOHSRUWH¿OWUHDPRYLEOHHWOH¿OWUHjFDIpDYHFGHOHDXFKDXGHHWGXVDYRQ
(VVX\HUOHVGLIIpUHQWVFRPSRVDQWV
4XDQGODSSDUHLODUHIURLGLQHWWR\HUODVXUIDFHH[WHUQHDYHFXQFKLIIRQGRX[
&RPPHQWUDQJHUODFDIHWLqUH
 'pEUDQFKHUOD¿FKHGHODSULVHGHFRXUDQW
 5DQJHUODSSDUHLOGDQVXQHQGURLWIUDLVHWVHF
1HSDVODLVVHUODSSDUHLODXUHSRVDYHFODÀFKHEUDQFKpHGDQVODSULVHGHFRXUDQW
0,6(+2566(59,&(
6LODPDFKLQHHVWPLVHKRUVVHUYLFHLOIDXWODGpEUDQFKHUYLGHUOHUpVHUYRLUGHDXHWODYHUVHXVH
1HWWR\HUOHVFRPSRVDQWVYRLUSDUDJUDSKH1HWWR\DJHGHODSSDUHLO6LRQGRLWMHWHUODPDFKLQH
LOIDXWWRXWGDERUGODGpPHPEUHUHWVpSDUHUOHVGLIIpUHQWVPDWpULDX[TXLODFRPSRVHQWD¿QGHOHV
MHWHUVHORQOHVFULWqUHVGXWULVpOHFWLILPSRVpVSDUOHVORLVQDWLRQDOHVHQYLJXHXU

'(
=8',(6(5%(',(181*6$1/(,781*
$XFKZHQQGLH*HUlWHHQWVSUHFKHQGGHUJHOWHQGHQ(XURSlLVFKHQ1RUPHQKHUJHVWHOOWZXUGHQXQG
GDKHUDOOHSRWHQWLHOOJHIlKUOLFKHQ7HLOHJHVFKW]WVLQGPVVHQXP8QIlOOHXQG6FKlGHQ]XYHU
PHLGHQGLHVH+LQZHLVHDXIPHUNVDPJHOHVHQXQGGDV*HUlWQXUIUGHQ=ZHFNYHUZHQGHWZHUGHQ
IUGHQHVYRUJHVHKHQZXUGH'LH%HGLHQXQJVDQOHLWXQJDXFKIUVSlWHUHV1DFKVFKODJHQVWHWV
JULIIEHUHLWDXIEHZDKUHQ6ROOGLHVHV*HUlWDQDQGHUH3HUVRQHQDEJHJHEHQZHUGHQELWWHGDUDQ
GHQNHQDXFKGLH%HGLHQXQJVDQOHLWXQJPLW]XJHEHQ
'LHLQGLHVHU%HGLHQXQJVDQOHLWXQJDXIJHIKUWHQ,QIRUPDWLRQHQVLQGPLWGHQQDFKVWHKHQGHQ6\P
EROHQJHNHQQ]HLFKQHWGLHDXIIROJHQGHVKLQZHLVHQ
*HIDKUIU.LQGHU
*HIDKUZHJHQ6WURP
6FKDGHQVJHIDKUZHJHQDQGHUHU8UVDFKHQ
+LQZHLVH]X9HUEUKXQJVJHIDKU
$FKWXQJ6DFKVFKlGHQ
925*(6(+(1(5*(%5$8&+
'DV*HUlWLVW]XU9RUEHUHLWXQJYRQ.DIIHHEHVWLPPW'DV*HUlWLVWQXUIUGHQ+DXVJHEUDXFKYRU
JHVHKHQXQGGDUIQLFKWIUJHZHUEOLFKHRGHULQGXVWULHOOH=ZHFNHYHUZHQGHWZHUGHQ-HGHUDQGHUH
(LQVDW]LVWQLFKWYRP+HUVWHOOHUYRUJHVHKHQ'HU+HUVWHOOHUEHUQLPPWGDKHUNHLQHUOHL+DIWXQJIU
MHJOLFKH$UWYRQ6FKlGHQGLHGXUFKHLQHQXQJHHLJQHWHQ(LQVDW]GHV*HUlWHVYHUXUVDFKWZHUGHQ
%HLHLQHPXQJHHLJQHWHQ(LQVDW]YHUIDOOHQDOOH*DUDQWLHDQVSUFKH
5(675,6,.(1
'LH%DXPHUNPDOHGHVLQGLHVHP+DQGEXFKEHVFKULHEHQHQ*HUlWVJHVWDWWHQHVQLFKWGHQ%HQXW
]HUYRQHLQHPGLUHNWHQ.RQWDNWPLW'DPSIRGHU+HLZDVVHUVSULW]HQ]XVFKW]HQ
$FKWXQJ
9HUEUHQQXQJVJHIDKUZHJHQ+HLZDVVHURGHU.DIIHHVSULW]HQ'HQ'HFNHOGDUIQLFKWJH|II
QHWZHUGHQZHQQGLH.DIIHHDEJDEHOlXIW
:,&+7,*(+,1:(,6(
',( %(',(181*6$1/(,781* 925 '(0 *(%5$8&+ $8)0(5.6$0 /(
6(1
 'DV*HUlWLVWQXUIUGHQ+DXVJHEUDXFKYRUJHVHKHQXQGGDUIQLFKWIUJHZHUEOL
FKHRGHULQGXVWULHOOH=ZHFNHYHUZHQGHWZHUGHQ
 :LUEHUQHKPHQNHLQH+DIWXQJEHLHLQHPIDOVFKHQRGHULQGLHVHU$QOHLWXQJQLFKW
YRUJHVHKHQHQ(LQVDW]
 :LU HPSIHKOHQ GLH 2ULJLQDOYHUSDFNXQJHQ DXI]XEHZDKUHQ GD GLH NRVWHQORVH
/HLVWXQJ GHV .XQGHQGLHQVWV IU 7UDQVSRUWVFKlGHQ GLH GXUFK IDOVFKH 9HUSD
FNXQJEHLGHU6SHGLWLRQ]XP.XQGHQGLHQVWHQWVWHKHQQLFKWYRUJHVHKHQLVW
 'DV*HUlWHQWVSULFKWGHU9HURUGQXQJ(*1UYRP2NWREHU

'(
EHU0DWHULDOLHQXQG*HJHQVWlQGHGLHGD]XEHVWLPPWVLQGPLW/HEHQVPLWWHOQ
LQ%HUKUXQJ]XNRPPHQ
*HIDKUIU.LQGHU

'DV*HUlWGDUIYRQ.LQGHUQDEGHP/HEHQVMDKUQXUXQWHUGHU$XIVLFKWHLQHU
YHUDQWZRUWOLFKHQ3HUVRQYHUZHQGHWZHUGHQRGHUZHQQVLH$QZHLVXQJHQEHUGLH
VLFKHUH%HGLHQXQJGHV*HUlWVHUKDOWHQKDEHQXQGGLHZlKUHQGGHU%HGLHQXQJ
YRUKDQGHQHQ*HIDKUHQYHUVWDQGHQKDEHQ
 'LH.LQGHUQDEGHP-DKUGUIHQ5HLQLJXQJVXQG:DUWXQJVHLQJULIIHQXUXQWHU
$XIVLFKWYRQ(UZDFKVHQHQDXVEHQ.LQGHUPVVHQEHDXIVLFKWLJWZHUGHQXP
VLFKHU]XVWHOOHQGDVVVLHQLFKWPLWGHP*HUlWVSLHOHQ
 'DV*HUlWXQGGDV6WURPNDEHOVROOHQDXHUKDOEGHU5HLFKZHLWHYRQ.LQGHUQ
GLHMQJHUDOV-DKUHQVLQGJHKDOWHQZHUGHQ
 'DV.DEHOGDUIQLFKWDQ6WHOOHQKlQJHQZRHV.LQGHUDQIDVVHQN|QQWHQ
 'LH9HUSDFNXQJVWHLOHYRQ.LQGHUQIHUQKDOWHQGDGLHVHHLQHP|JOLFKH*HIDKUHQ
TXHOOHELOGHQ
 6ROOGDV*HUlWDOV$EIDOOHQWVRUJWZHUGHQHPSIHKOHQZLUHVGXUFK$EVFKQHLGHQ
GHV$QVFKOXVVNDEHOVXQEUDXFKEDU ]X PDFKHQ :LU HPSIHKOHQDXHUGHP GLH
*HUlWHWHLOHXQVFKlGOLFK]X PDFKHQGLHEHVRQGHUVIU.LQGHUJHIlKUOLFKVHLQ
N|QQWHQIDOOVVLHHYHQWXHOOGDV*HUlWIULKUH6SLHOHYHUZHQGHQVROOWHQ
*HIDKUZHJHQ6WURP
 'LHVHV*HUlWLVWQLFKWJHHLJQHWIUGLH9HUZHQGXQJGXUFK3HUVRQHQPLWHLQJH
VFKUlQNWHU:DKUQHKPXQJRGHUYHUPLQGHUWSK\VLVFKHQRGHUJHLVWLJHQ)lKLJNHL
WHQRGHUHLQHP0DQJHODQ(UIDKUXQJXQG.HQQWQLVVHQVRIHUQVLHQLFKWGXUFK
HLQHIULKUH6LFKHUKHLWYHUDQWZRUWOLFKH3HUVRQEHDXIVLFKWLJWXQGRGHUEHLGHU
VLFKHUHQ%HGLHQXQJGHV*HUlWHVDQJHOHLWHWZHUGHQ
 %HYRU6LHGDV*HUlWDQGDV6WURPQHW]DQVFKOLHHQSUIHQ6LHREGLHORNDOH
1HW]VSDQQXQJGHQ$QJDEHQDXIGHPDP*HUlWHERGHQDQJHEUDFKWHQ7\SHQ
VFKLOGHQWVSULFKW
 'HU(LQVDW]YRQQLFKWYRP+HUVWHOOHU]XJHODVVHQHQ9HUOlQJHUXQJVNDEHOQNDQQ
6FKlGHQXQG8QIlOOHYHUXUVDFKHQ
 %HYRU6LHGHQ:DVVHUEHKlOWHUIOOHQGHQ6WHFNHUGHV*HUlWVDXVGHU6WHFNGRVH
]LHKHQ
 :HQQGDV9HUVRUJXQJVNDEHOEHVFKlGLJWLVWPXVVHVYRP+HUVWHOOHURGHUYRP
VHLQHP.XQGHQGLHQVWRGHUDXIMHGHP)DOOYRQHLQHPHQWVSUHFKHQGTXDOL¿]LHU
WHQ7HFKQLNHUHUVHW]WZHUGHQXPMHGHQ5LVLNR]XYHUPHLGHQ
 'LHXQWHU6SDQQXQJVWHKHQGHQ*HUlWHWHLOHGUIHQQLFKWLQ.RQWDNWPLW:DVVHU
NRPPHQHVEHVWHKW.XU]VFKOXJHIDKU
 9RUMHGHU:DUWXQJRGHU5HLQLJXQJGHQ6WHFNHUDXVGHP*HUlW]LHKHQ
 'DV*HUlWQLHLQ:DVVHURGHUDQGHUH)OVVLJNHLWHQWDXFKHQ
 'DV*HUlWQLFKWQHEHQGHPRGHUDXIGDV:DVFKEHFNHQVWHOOHQ

'(
 'HQXQWHUHQ'HFNHOGHV*HUlWVGDUIQLFKWHQWIHUQWZHUGHQ'DV*HUlWHQWKlOW
NHLQHLQQHUH%HVWDQGWHLOHGLHYHUZHQGHWZHUGHQRGHUJHUHLQLJWZHUGHQPVVHQ
6FKDGHQVJHIDKUZHJHQDQGHUHU8UVDFKHQ
 (LQHQ DXVUHLFKHQG EHOHXFKWHWHQ VDXEHUHQ 5DXP ZlKOHQ 'DEHL PXVV GLH
6WURPVWHFNGRVHOHLFKW]XJlQJOLFKVHLQ
 'HQ:DVVHUWDQNQLFKWEHUIOOHQ
 'DV*HUlWQLHXQEHDXIVLFKWLJWODVVHQVRODQJHHVDP6WURPQHW]DQJHVFKORVVHQLVW
 'DV*HUlWDXIHLQHUIHVWHQ8QWHUODJHEHQXW]HQXQGDEVWHOOHQ
 'DV*HUlWGDUIQLFKWYHUZHQGHWZHUGHQZHQQHVJHVWU]WLVWVLFKWEDUH6FKlGHQ
RGHU:DVVHUYHUOXVWHDXIZHLVW'DV*HUlWGDUIQLFKWEHQXW]WZHUGHQZHQQGDV
6WURPNDEHORGHUGHU6WHFNHUEHVFKlGLJWVLQG8PMHJOLFKHV5LVLNRYRU]XEHXJHQ
GUIHQDOOH5HSDUDWXUHQHLQVFKOLHOLFKGHV6WURPNDEHOZHFKVHOVQXUGXUFKGDV
6HUYLFH&HQWHU$ULHWHE]ZDXWRULVLHUWH$ULHWH)DFKWHFKQLNHUGXUFKJHIKUWZHUGHQ
+LQZHLVH]X9HUEUKXQJVJHIDKU
 'HQ'HFNHOGDUIQLFKWJH|IIQHWZHUGHQZHQQGLH.DIIHHDEJDEHOlXIW
 %HYRU6LHZLHGHU:DVVHULQGHQ7DQNIOOHQZDUWHQ6LHELWWHELVGDV*HUlWNKO
LVW9HUEUHQQXQJVJHIDKUZHJHQ+HLZDVVHURGHU'DPSIVSULW]HQ
 :HQQGDV*HUlWHLQJHVFKDOWHWLVWGDUIGLHOHHUH.DQQHQLHDXIGHU+HL]SODWWH
EOHLEHQ(VEHVWHKWGLH*HIDKUGDVVGLH.DQQHEULFKW9HUEUHQQXQJVJHIDKUEHLP
.RQWDNWPLWGHU.DQQH
$FKWXQJ6DFKVFKlGHQ
 'DV*HUlWDXIHLQHUVWDELOHQ2EHUÀlFKHVWHOOHQVRGDVVHVQLFKWXPNLSSHQNDQQ
 'DV*HUlWQLHRKQH:DVVHUYHUZHQGHQGDLQGLHVHP)DOOGLH3XPSHVLFKYHU
EUHQQHQZHUGH
 'HQ:DVVHUEHKlOWHUQLFKWPLWZDUPHPRGHUKHLHP:DVVHUDXIIOOHQ
 'DV*HUlWQLFKWDXIKHLHQ2EHUÀlFKHQRGHULQGHU1lKHYRQRIIHQHQ)ODPPHQ
VWHOOHQXP]XYHUPHLGHQGDVVGDV*HKlXVHEHVFKlGLJWZLUG
 'DV.DEHOGDUIQLFKWPLWGHQKHLHQ*HUlWWHLOHQGHV*HUlWVLQ%HUKUXQJNRP
PHQ
 .HLQ6SUXGHOZDVVHUYHUZHQGHQPLW]XJHIJWHP.RKOHQGLR[\G
 'HQ)LOWHUGDUIPDQDXVVFKOLHOLFKPLW3XOYHUNDIIHHDXIIOOHQ'LHVN|QQWHVFKZH
UH6FKDGHQLP*HUlWYHUXUVDFKHQ
 'LH.DIIHHPDVFKLQHGDUIQLFKWLQ5lXPHQPLW7HPSHUDWXUHQXQWHU&EOHLEHQ
GDGDVUHVWOLFKH:DVVHULP.HVVHOIULHUHQXQG6FKDGHQYHUXUVDFKHQN|QQWH
 'DV*HUlWGDUIQLFKWLP)UHLHQEHQXW]WZHUGHQ
 'DV*HUlWQLFKWGHU:LWWHUXQJDXVJHVHW]WODVVHQ5HJHQ6RQQHXVZ
 =XU3ÀHJHGHV*HUlWHVDOVHUVWHVGHQ6WHFNHUGHV$QVFKOXVVNDEHOVDXVGHU
6WHFNGRVH]LHKHQDQVFKOLHHQGZDUWHQELVDOOH7HLOHDEJHNKOWVLQG'DV*HUlW
DXVVFKOLHOLFKPLWHLQHPQLFKWVFKHXHUQGHPPLWHLQ3DDU7URSIHQPLOGHQ5HLQL

'(
JXQJVPLWWHOQJHWUlQNWHQ7XFKUHLQLJHQNHLQH/|VXQJVPLWWHOQYHUZHQGHQGLHVH
EHVFKlGLJHQGLH3ODVWLN
9RUVLFKWVPDQDKPHQEHLGHU9HUZHQGXQJGHU.DQQH
 'LH.DQQHGDUIQXUPLWGLHVHU.DIIHHPDVFKLQHYHUZHQGHWZHUGHQ'LH.DQQH
GDUI]XU:DUPPDFKHQGHV.DIIHHVDXIHLQHP+HUGRGHUDXIDQGHUHQ+LW]HTXHO
OHQQLFKWYHUZHQGHWZHUGHQ'LH.DQQHLVW]XU(UZlUPXQJGHV.DIIHHVLQGHU
0LNURZHOOHQLFKWJHHLJQHW
 'LH.DQQHGDUIQXUDXIGHU+HL]SODWWHGHV*HUlWVYHUZHQGHWZHUGHQ
 8PGLH.DQQHQLFKW]XEHVFKlGLJHQVLHPLW9RUVLFKWKHEHQ'LH.DQQHGDUI
QLFKWJHJHQDQGHUH*HJHQVWlQGHVWRHQ(VEHVWHKWGLH*HIDKUGDVVGDV*ODV
EULFKW:lKUHQGGDV$XIIOOHQGHU.DQQHPLW:DVVHUQLFKWJHJHQGHQ:DVVHU
KDKQVWRHQ
 'LHOHHUH.DQQHGDUIQLFKWDXIKHLH)OlFKHQJHVWHOOWZHUGHQ
 'LHOHHUH.DQQHGDUIQLFKWDXINDOWHQRGHUQDVVHQ)OlFKHQJHVWHOOWZHUGHQ%H
YRUPDQGLH.DQQHZlVFKVWRGHUVLHPLWIULVFKHP:DVVHUDXIIOOWVROOPDQZDU
WHQELVVLHNKOLVW
 'LH .DQQH GDUI QLFKW PLW 0HWDOOVFKZlPPHQ VFKHXHUQGHQ 5HLQLJXQJVPLWWHOQ
RGHUDQGHUHQ6WRIIHQJHUHLQLJWZHUGHQGLHGDV*ODVNUDW]HQN|QQWHQ
 :HQQGLH.DQQH]XODQJHWURFNHQJHKHL]WZXUGHGDUIVLHQLFKWYHUZHQGHWZHU
GHQ,QGLHVHP)DOOHVROOVLHPLWHLQHUDQGHUHQ2ULJLQDONDQQHHUVHW]WZHUGHQ
',(%(',(181*6$1/(,781*67(76*87$8)%(:$+5(1
*(5b7(%(6&+5(,%81*
$.DQQH ..DEHO$XIZLFNHOIDFK
%*ULIIGHU.DUDIIH / 6WURPNDEHO6WHFNHU
&.DUDIIHQGHFNHO 0:DUPKDOWHSODWWH
'$EJDEHWOOH 1$Q]HLJH
(6LW]GHV)LOWHUKDOWHUV 202'(
):DVVHUEHKlOWHU 36(7
*:DVVHUVWDQGDQ]HLJH 4$872
+.DIIHH¿OWHU 5.QRSI]XU(LQVWHOOXQJGHU6WXQGHQ+5
, (QWIHUQEDUHU)LOWHUKDOWHU 6.QRSI]XU(LQVWHOOXQJGHU0LQXWHQ0,1
- 'HFNHOGHV:DVVHUEHKlOHUUV
7.QRSI]XU.DIIHHDEJDEH
]XP$XVVFKDOWHQ
,GHQWLÀNDWLRQVDQJDEHQ
$XIGHP7\SHQVFKLOGXQWHUGHU*HUlWEDVLVVLQGIROJHQGHQ,GHQWL¿NDWLRQVGDWHQDQJHJHEHQ
 +HUVWHOOHUXQG(&0DUNLHUXQJ
 0RGHOO0RG
 6HULHQQXPPHU61
 9HUVRUJXQJVVSDQQXQJ9XQG)UHTXHQ]+]
 /HLVWXQJVDXIQDKPH:
 *UDWLVQXPPHU.XQGHQGLHQVW

'(
)UHYHQWXHOOH$QIUDJHQDQ GHQDXWRULVLHUWHQ 6HUYLFH&HQWHUVROOHQ 0RGHOOXQG6HULHQQXPPHU
DQJHJHEHQZHUGHQ
*(%5$8&+6$1:(,681*(1
,QEHWULHEQDKPH
 hEHUSUIHQREGLH1HW]VSDQQXQJGHU+DXVLQVWDOODWLRQGHQ$QJDEHQDXIGHP7\SHQVFKLOGGHV
*HUlWVHQWVSULFKW
 'DV9HUSDFNXQJVPDWHULDOGHV*HUlWVLQQHQXQGDXHQHQWIHUQHQ
 'DV*HUlWGDQQDXIHLQHÀDFKH8QWHUODJHVWHOOHQ'DV*HUlWPLQFPYRQ:lQGHQ0|EHOQ
RGHUDQGHUHQ*HUlWHQHQWIHUQWVWHOOHQ
$FKWXQJ
(VEHVWHKWGLH*HIDKUGDVVGLH6WHOOÀlFKHGHV*HUlWVEHVFKlGLJWZLUG'LHKRKH7HPSHUDWXU
GHV*HUlWVNDQQGLH6WHOOÀlFKHSODVWL¿]LHUHQ(LQHQ/DSSHQRGHUHLQHNOHLQH7LVFKGHFNH
]ZLVFKHQGHP*HUlWXQGGHU6WHOOÀlFKHHLQVFKLHEHQ
$FKWXQJ
6WURPEHUODVWXQJVJHIDKU.XU]VFKOXVVJHIDKUZHQQPDQPHKUHUH*HUlWHDQHLQHHLQ]LJH
6WHFNGRVHDQVFKOLHW'DV*HUlWPXVVDQHLQH6WHFNGRVHDQJHVFKORVVHQZHUGHQDQGHU
NHLQHDQGHUH*HUlWHDQJHVFKORVVHQVLQG
 'LH.DQQHVSOHQGHQHQWIHUQEDUHQ)LOWHUKDOWHUXQGGHQ.DIIHH¿OWHUPLWZDUPHQ:DVVHUXQG
6HLIHZDVFKHQ$OOH7HLOHVSOHQXQGDEWURFNQHQ
 'HQHQWIHUQEDUHQ)LOWHUKDOWHULQVHLQHQ6LW]HLQVWHFNHQ$EE
'DVDXIGHP%RGHQGHVHQWIHUQEDUHQ)LOWHUKDOWHUVHLQJHVHW]WH9HQWLOPXVVLQGDVPLWWOHUH
/RFKGHV)LOWHUKDOWHUVLW]HLQJHVWHFNWZHUGHQ
(UVWHV(LQVFKDOWHQ
%HLGHUHUVWHQ,QEHWULHEQDKPHRGHUQDFKHLQHUODQJHQ%HWULHEVSDXVHHPSÀHKOWPDQPLQ
GHVWHQV]ZHL:DVVHUNDQQHQDXVGHP.HVVHOZDVVHUNUHLVDXVÁLHHQ]XODVVHQ
 'HQ:DVVHUWDQNPLWIULVFKHP1DWXUZDVVHU$EEELV]XUPLWJHNHQQ]HLFKQHWHQ1LYHDX
DXIIOOHQ'DV1LYHDXHQWVSULFKWGHPPD[LPDOHQ:DVVHUVWDQGXQGGHUPD[LPDOHQ$Q]DKO
.DIIHHWDVVHQ'HQ7DQNGHFNHOVFKOLHHQ
1,(0$/6GHQ7DQNEHUGHQ+|FKVWIOOVWDQGIOOHQ
)UGLHVHQ6SOJDQJGHQ.DIIHHÀOWHUQLFKWLQGHQ)LOWHUKDOWHUHLQVWHFNHQ
 $QVFKOLHHQGGHQ6WHFNHULQHLQH6WHFNGRVHPLW(UGOHLWXQJVWHFNHQ
 'LHOHHUH.DQQHDXIGLHHOHNWULVFKH+HL]SODWWHVWHOOHQ06WHOOHQ6LHVLFKHUGDVVGDV6WURP
YHQWLOLQGHQ.DQQHQGHFNHONRUUHNWHLQJHVWHFNWLVW
 'HQ.DIIHHDEJDEHNQRSI GUFNHQ:DUWHQELVGDVJDQ]HLP7DQNHQWKDOWHQH:DVVHULQGLH
.DQQHDXVJHÀRVVHQLVW0LQXWHQZDUWHQXPGDV*HUlWDENKOHQ]XODVVHQ
 'HQ9RUJDQJPLWHLQHU]ZHLWHQ:DVVHUNDQQHZLHGHUKROHQ:DUWHQELVGDVJDQ]HLP7DQNHQW
KDOWHQH:DVVHULQGLH.DQQHDXVJHÀRVVHQLVW
-HW]WNDQQPDQGDV*HUlWYRUEHUHLWHQXQGGLHHUVWH.DIIHHNDQQHEUKHQ

'(
9RUEHUHLWXQJGHV*HUlWV
9RUGHP(LQVFKDOWHQGHV%JHOHLVHQVVLFKHUVWHOOHQGDVVDXVUHLFKHQG:DVVHULP7DQNLVW
9RUP1DFKIOOHQYRQ:DVVHUVWHWVGHQ6WHFNHUGHV$QVFKOXVVNDEHOVDXVGHU6WHFNGRVH
]LHKHQ
 'HQ'HFNHOGHV%HKlOWHUV-|IIQHQ'LH:DVVHUVWDQGDQ]HLJH*LVWPLWJUDGXLHUWHQ0DUNLH
UXQJYRQELVYHUVHKHQ-HGH1XPPHUHQWVSULFKWHLQHU$Q]DKOYRQ.DIIHHWDVVHQ'LH.DQQH
PLWIULVFKHP1DWXUZDVVHUIOOHQ'DV:DVVHULQGHQ7DQNELV]XPJHZQVFKWHQ6WDQGIU
.DIIHHWDVVHQXQGIU.DIIHHWDVVHQDXIIOOHQ
 'LHOHHUH.DQQHDXIGLHHOHNWULVFKH+HL]SODWWHVWHOOHQ0
$FKWXQJ
:HQQGDV*ODVRGHUGHU*ULIIGHU.DQQHEHVFKlGLJWLVWGDUIGLHVHQLFKWYHUZHQGHWZHUGHQ
9HUEUHQQXQJVJHIDKUEHLP.RQWDNWPLWGHPKHLHQ.DIIHHZHJHQHLQHV.DQQHQEUXFKV
.HLQH2EMHNWHDXIGHQ'HFNHOVWHOOHQZlKUHQGGDV*HUlWLQ%HWULHELVW
$FKWXQJ
'HQ'HFNHOGDUIQLFKWJH|IIQHWZHUGHQZHQQGLH.DIIHHDEJDEHOlXIW9HUEUHQQXQJVJHIDKU
ZHJHQ+HLZDVVHURGHU.DIIHHVSULW]HQ
 'HQ.DIIHH¿OWHULQGHQ)LOWHUKDOWHUHLQVHW]HQ'HQ.DIIHHLQGHQ)LOWHUKDOWHUGRVLHUHQ(LQH7DVVH
.DIIHHHQWVSULFKWHLQHPJHVWULFKHQHP(VVO|IIHO3XOYHUNDIIHH
 'HU*ULIIGHV.DIIHH¿OWHUVHQNHQ'HQ7DQNGHFNHOVFKOLHHQ
 $QVFKOLHHQGGHQ6WHFNHULQHLQH6WHFNGRVHPLW(UGOHLWXQJVWHFNHQ'DV'LVSOD\VFKDOWHWVLFK
HLQXQG8KU]HLW$0 IlQJWDQ]XEOLQNHQ'LH+5XQG0,17DVWHQ]XU(LQVWHOOXQJGHU
ORNDOHQ8KU]HLWYHUZHQGHQ6(/GUFNHQXP]XEHVWlWLJHQ:HQQNHLQH7DVWHJHGUFNWZLUG
VFKDOWHWVLFKGDV*HUlWQDFK6HNXQGHQDXV
 =XP6WDUWGHV.DIIHHDEJDEHYRUJDQJVGLH.DIIHHWDVWH GUFNHQ'HQ.DIIHHDXVÀXVVLQGLH
.DQQHZDUWHQELV]XP(QGHGHVDXVJHZlKOWHQ9RUJDQJHV$Q]DKO7DVVHQ
 ',(.$))(($%*$%(.$11$8&+925'(0925*$1*6(1'(*(672337:(5'(1
 'LH7DVVHKHUDXV]LHKHQVLHKH3DXVH)XQNWLRQ]XP6HUYLHUHQGHV.DIIHHV
 'HQ.DIIHHNQRSIGUFNHQELVHLQ%HHSDXVGHP*HUlWHUW|QWXQGGLH/HLFKWDQ]HLJHGHUHQW
VSUHFKHQGHQ7DVWHHUOLVFKW
1DFKGHPDXWRPDWLVFKHQRGHUJHZQVFKWHQ$XVVFKDOWHQIlQJWGLH+HL]SODWWHVLFK]XHUZlUPHQ
'HQ.DQQHGHFNHODXIGHU.DQQHODVVHQGDPLWGHU.DIIHHZDUPEOHLEWXQGGHQ.DIIHHRKQH
9HUEUKXQJVJHIDKUVHUYLHUWZHUGHQNDQQ
 )DVVHQ6LHGLH.DQQHQXUDQLKUHP*ULII'LH.DQQHOHLFKWQHLJHQXQGGHQ.DIIHHLQGLH7DVVHQ
VFKHQNHQ
 'HQ.DIIHHNQRSI GUFNHQXQGORVODVVHQXPGDV*HUlWDXV]XVFKDOWHQ
'DV*HUlWQLFKWEHZHJHQZHQQGLH.DQQHRGHUGHQ7DQNKHLH)OVVLJNHLWHQHQWKDOWHQ
:DUWHQELVGDV*HUlWNKOLVW
'LHLQGLH.DQQHDEJHJHEHQH:DVVHUPHQJHLVWHWZDVZHQLJHULP9HUJOHLFK]XGHULP7DQN
JHJRVVHQHQ:DVVHUPHQJH(WZDV:DVVHUZLUGYRQ GHU.DIIHHSXOYHUXQG YRP )LOWHUJH
VDXJW

'(
6WXQGHQHLQVWHOOXQJ
 'LH7DVWH+5GUFNHQXPGLH6WXQGHQHLQ]XVWHOOHQ'LH7DVWH+5GUFNHQXQGJHGUFNWKDOWHQ
XPGLHJHZQVFKWHQ8KULQ6WXQGHQVFKQHOOHUHLQ]XVWHOOHQ
 'LH7DVWH 0,1GUFNHQXP GLH0LQXWHQHLQ]XVWHOOHQ 'LH7DVWH 0,1GUFNHQXQG JHGUFNW
KDOWHQXPGLHJHZQVFKWHQ0LQXWHQVFKQHOOHUHLQ]XVWHOOHQ
 :HQQGLHJHZQVFKWHQ8KU]HLWNRUUHNWLVWGLH7DVWH6(/$XVZDKOGUFNHQ'DV*HUlWJLEW
HLQHQ%HHSDXV
 8PGLH8KU]HLWZLHGHUHLQ]XVWHOOHQGLH7DVWH02'(VHFKVPDOGUFNHQELVGDV6\PERO

EOLQNW'LH7DVWH6(/GUFNHQ'LH8KU]HLWIlQJWDQ]XEOLQNHQ-HW]WNDQQPDQGLH8KU]HLWZLH
REHQEHVFKULHEHQHLQVWHOOHQ
(LQVWHOOHQGHVDXWRPDWLVFKHQ9RUJDQJHV
'LH7DVWH$872JHGUFNWKDOWHQELVDXIGHP'LVSOD\GLH$Q]HLJH352*5$00]XVDPPHQPLW
GHP6\PERO EOLQNW1DFKGHP0HWKRGH]XU(LQVWHOOXQJHQGHU6WXQGHQYRUJHKHQXP6WXQGHQ
XQG0LQXWHQHLQ]XVWHOOHQ=XU%HVWlWLJXQJGLH7DVWH$872RGHU6(/GUFNHQ'DV*HUlWJLEWHL
QHQ%HHSDXVXQGDXIGHP'LVSOD\HUVFKHLQWGLHDNWXHOOH8KU]HLWXQGGDV7LPHU6\PERO 'DV
*HUlWVWDUWHWGHQ.DIIHHDEJDEHYRUJDQJ]XUHLQJHVWHOOWHQ=HLW
8PGLH3ODQXQJXQGGLHGH¿QLHUWHQ(LQVWHOOXQJHQ]XUFN]XVHW]HQHLQIDFKGLH7DVWH$872QRFK
PDOVGUFNHQ
(LQVWHOOXQJGHU.DIIHHVWlUNH
'DV*HUlWLVWPLWHLQHU)XQNWLRQYHUVHKHQPLWGHUGLH.DIIHHVWlUNHMHQDFKLQGLYLGXHOOHP*H
VFKPDFNHLQJHVWHOOWZHUGHQNDQQ
1RUPDO
'LH7DVWH02'(HLQPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQNHQ
'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'LHVH%HWULHEVDUWHQWVSULFKWGHU
:HUNHLQVWHOOXQJ
0LWWHO
'LH7DVWH02'(]ZHLPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQ
NHQ'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'DV6\PERO UHJHOWGLH
$EJDEHPLW GHU9RUDXVVHW]XQJGDVV GLH0HQJHHLQHU .DIIHHNDQQH]X
EUKHQVHL'DUDXVHUJLEWVLFKHLQDURPDWLVFKHU.DIIHH
6WDUN
'LH7DVWH02'(GUHLPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQ
NHQ'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'DV6\PERO UHJHOW
GLH$EJDEHXQGGLH,QIXVLRQV]HLWPLWGHU9RUDXVVHW]XQJGDVVGLH0HQJH
HLQHU.DIIHHNDQQH]XEUKHQVHL'DUDXVHUJLEWVLFKHLQVWlUNHUHU.DIIHH
%HWULHEVDUW7DV
VHQ
'LH7DVWH02'(YLHUPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQ
NHQ'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'LH%HWULHEVDUW7DVVHQ
HUP|JOLFKWHVGHQ.DIIHHIUPD[LPDO7DVVHQYRU]XEHUHLWHQ,P:DV
VHUWDQNGDUIQXUHLQH0HQJH:DVVHUDXIJHIOOWZHUGHQGDVELV]XU0DUNH
7DVVHQUHLFKW'DV6\PERO UHJHOWGLH$EJDEHDXWRPDWLVFKXP
GDVPD[LPDOH*HVFKPDFNIUNOHLQH.DIIHHPHQJH]XHUUHLFKHQ,GHDOIU
PD[LPDOH.DIIHHWDVVHQ
:HQQLP7DQNPHKU:DVVHUYRUKDQGHQLVWGDXHUWGLH$EJDEHELV
GDVJDQ]H:DVVHULQGLH.DQQHDEJHJHEHQZLUG
1DFKGHU$XVZDKOGHUJHZQVFKWHQ(LQVWHOOXQJGLH7DVWH.DIIHGUFNHQ 'DV*HUlWJLEWHLQHQ

'(
%HHSDXVXQGGLH.DIIHHDEJDEHVWDUWHW
3DXVH)XQNWLRQ]XP6HUYLHUHQGHV.DIIHHV
8PGHQ.DIIHHYRUGHP(QGHGHV.DIIHHDEJDEH]XPVHUYLHUHQNDQQPDQHLQIDFKGLH.DQQHDXV
GHU+HL]SODWWHQHKPHQ
8PGLH.DQQHKHUDXVQHKPHQZDUWHQ6LHELWWHELVPLQGHVWHQV7DVVHQDEJHJHEHQVLQG
'LH.DIIHHDEJDEHVWRSSWDXWRPDWLVFKIU6HNXQGHQ8PGLH$EJDEHIRUW]XIKUHQGLH.DQQH
DXIGHU+HL]SODWWHVWHOOHQ
$FKWXQJ
9HUEUHQQXQJVJHIDKUEHLP.RQWDNWPLWGHPKHLHQ.DIIHHGHUDXVGHU$EJDEHWOOHDXVÀLHW
'LH.DQQHPXVVLQQHUKDOEYRQ6HNXQGHQQDFKGHPVLHKHUDXVJHQRPPHQZXUGHZLHGHU
DXIGHU+HL]SODWWHJHVWHOOWZHUGHQ
)XQNWLRQIUGDVDXWRPDWLVFKH$XVVFKDOWHQ
,VWGDV*HUlWHLQJHVFKDOWHWZLUGHVDEHUQLFKWJHEUDXFKWVRDNWLYLHUWVLFKQDFKFD0LQXWHQ
GLH)XQNWLRQIUGDVDXWRPDWLVFKH$XVVFKDOWHQ'LH)XQNWLRQVFKDOWHWGDV6WDQGE\0RGXVIUGDV
*HUlWHLQXQGDOOH+HL]IXQNWLRQHQDXV
'LH9RUEHUHLWXQJHLQHU]ZHLWHQ.DIIHHNDQQH
'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV'HQ6WHFNHUDXVGHU6WURPVWHFNGRVH
]LHKHQ
$FKWXQJ
9HUEUHQQXQJVJHIDKUZHJHQ+HLZDVVHURGHU'DPSIVSULW]HQ%HYRU6LHZLHGHU:DVVHULQ
GHQ7DQNIOOHQZDUWHQ6LHELWWHPLQGHVWHQV0LQXWHQ:DUWHQELVDOOHZDUPHQ7HLOHGHV
*HUlWVNKOVLQG
9RUGHP6WDUWGHV.DIIHHDEJDEHVWHOOHQ6LHELWWHVLFKHUGDVVLP7DQNDXVUHLFKHQG:DVVHU
YRUKDQGHQLVW:HQQGDV:DVVHUXQWHUGHPPLQLPDOHQ6WDQGLVWVROOPDQGLH.DIIHHDEJDEH
QLFKWVWDUWHQ
 'HQ*HUlWHGHFNHO|IIQHQ'HU*ULIIGHV.DIIHH¿OWHUKHEHQ'HQ.DIIHH¿OWHUDXVGHP)LOWHUKDOWHU
KHUDXV]LHKHQ'LH.DIIHHUHVWHDXVGHP)LOWHUHQWIHUQHQ
 'HQ)LOWHUKDOWHUDXVGHP*HUlWHQWIHUQHQ'LH.DQQHXQGGHQ)LOWHUKDOWHUPLWIULVFKHP:DVVHU
'HQ7DQNPLWIULVFKHP1DWXUZDVVHUELV]XPJHZQVFKWHQ)OOVWDQGDXIIOOHQ
 'LHOHHUH.DQQHDXIGLHHOHNWULVFKH+HL]SODWWHVWHOOHQ0
 'HQ)LOWHUKDOWHULQVHLQHQ6LW]HLQVWHFNHQ$EE'HQ.DIIHH¿OWHULQGHQ)LOWHUKDOWHUHLQVHW]HQ
$EE'HQ.DIIHHLQGHQ)LOWHUKDOWHUGRVLHUHQ(LQH7DVVH.DIIHHHQWVSULFKWHLQHPJHVWULFKH
QHP(VVO|IIHO3XOYHUNDIIHH
 'HQ'HFNHOVFKOLHHQ'HQ6WHFNHULQGLH6WHFNGRVHVWHFNHQ
 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVWDUWHWGHQ.DIIHHDEJDEHYRUJDQJ
1h7=/,&+(5$76&+/b*(=85925%(5(,781*(,1(6*87(1.$))((
 8PHLQHQJXWHQ.DIIHHYRU]XEHUHLWHQPXVVPDQGDV*HUlWVDXEHUKDOWHQ'LH5HLQLJXQJXQG
GLH(QWNDONXQJVROOHQUHJHOPlLJZLHLP$EVDW]5HLQLJXQJGHV*HUlWVHUIROJHQ
 ,PPHUIULVFKHV:DVVHUYHUZHQGHQ
 0LWIHLQHU JHPDKOHQHQ.DIIHHVRUWHQZLUG HLQHQUHLFKKDOWLJHUHQ .DIIHHYRUEHUHLWHW %HLHLQHU

'(
UHJHOPlLJHUHQ0DKOYRUJDQJ EHQ|WLJWPDQ PHKU.DIIHHXP GDVJHZRKQWH*HVFKPDFN ]X
HUODQJHQGDVPDQQRUPDOHUZHLVHPLWIHLQHUJHPDKOHQHQ.DIIHHVRUWHQYRUEHUHLWHW
 'LH.DIIHHSXOYHUIULVFKXQGWURFNHQ ODJHUQ'LHDQJHEURFKHQHQ 3DFNXQJHQLP .KOVFKUDQN
KHUPHWLVFKJHVFKORVVHQKDOWHQ
 8PHLQHQRSWLPDOHQ*HVFKPDFN]XHUODQJHQLVWHVEHVVHUGHQ.DIIHHLQ%RKQHQ]XNDXIHQXQG
LKQGDQQYRUGHU9RUEHUHLWXQJ]XPDKOHQ
 'HU HUZlUPWH .DIIHHKDW HLQ QLFKW RSWLPDOHV *HVFKPDFN 'HU .DIIHH KDW VHLQ EHVWHV *H
VFKPDFNJOHLFKQDFKGHU9RUEHUHLWXQJ
 'DV9RUKDQGHQVHLQNOHLQHUHUgOWURSIHQDXIGHU.DIIHHÀlFKHLVWGHUYHUOlQJHUWHQ9HUZHQGXQJ
YRQJHEUDWHQHQ/|VXQJHQ]XUFN]XIKUHQ'LH5HLQLJXQJUHJHOPlLJGXUFKIKUHQ
3)/(*('(6*(5b7(6
'LHVHV*HUlWEHQ|WLJHLQHQLHGULJH:DUWXQJ(VHQWKlOWNHLQHYRP%HQXW]HUUHSDULHUEDUHQ7HLOH
-HGHU(LQJULIIGHUGDV$XVEDXHQYRQ*HUlWVWHLOHQEHQ|WLJWPXVVYRQHLQHPDXWRULVLHUWHQ6HUYLFH
&HQWHUGXUFKJHIKUWZHUGHQ
$FKWXQJ
%HLDOOHQQDFKVWHKHQGDXIJHIKUWHQ5HLQLJXQJVXQG3ÀHJHDUEHLWHQPXVVGDV*HUlWDXVJH
VFKDOWHWXQGGHU6WHFNHUDXVGHU6WHFNGRVHJH]RJHQVHLQ
$FKWXQJ
(LQHJXWH3ÀHJHXQGUHJHOPlLJH5HLQLJXQJODVVHQGDV*HUlWEHUHLQHQOlQJHUHQ=HLW
UDXPJXWIXQNWLRQLHUHQ'LH*HUlWHWHLOHQLFKWLQGHU6SOPDVFKLQHVSOHQ.HLQHQGLUHNWHQ
:DVVHUVWUDKOYHUZHQGHQ
$FKWXQJ
-HGHQ(LQJULIIVROODXIGHPNDOWHQ*HUlWDXVJHIKUWZHUGHQ
5HLQLJXQJGHV)LOWHUVXQGGHV)LOWHUKDOWHUV
1DFKMHGHU9HUZHQGXQJGHQ.DIIHH¿OWHUDXVGHP)LOWHUKDOWHUKHUDXV]LHKHQ'LH.DIIHHUHVWHDXV
GHP)LOWHUHQWIHUQHQ'HQ)LOWHUPLWIULVFKHP:DVVHUVSOHQ'HQ)LOWHUKDOWHUKHUDXV]LHKHQXQGLKQ
PLWZDUPHQ:DVVHUXQG6HLIHZDVFKHQ
5HLQLJXQJGHU.DUDIIH
$FKWXQJ
8PGLH.DQQHQLFKW]XEHVFKlGLJHQVLHPLW9RUVLFKWKHEHQ'LH.DQQHGDUIQLFKWJHJHQ
DQGHUH*HJHQVWlQGHVWRHQ(VEHVWHKWGLH*HIDKUGDVVGDV*ODVEULFKW:lKUHQGGDV
$XIIOOHQGHU.DQQHPLW:DVVHUQLFKWJHJHQGHQ:DVVHUKDKQVWRHQ
'LH.DQQHPLWZDUPHQ:DVVHUXQG6HLIHVSOHQ'HQ.DQQHQGHFNHOZDVFKHQ'DEHLGLH.DIIHH
UHVWHPLWHLQHU%UVWHQHQWIHUQHQ'LH.DQQHPLWHLQHUZHLFKHQXQGIHXFKWHQ/DSSHQUHLQLJHQ
XPGLH*ODVÀlFKHQLFKW]XEHVFKlGLJHQ.HLQH0HWDOOVFKZlPPHRGHUDQGHUHVFKHXHUQGHQ0LWWHO
YHUZHQGHQ
5HLQLJXQJGHV:DVVHUEHKlOWHUV
0DQHPS¿HKOWGDV,QQHUHGHV*HUlWHVPLWHLQHP6FKZDPPRGHUHLQHPZHLFKHQ7XFKUHJHOPlLJ
]XUHLQLJHQ

'(
5HLQLJXQJGHV*HUlWVN|USHUV
$FKWXQJ
'LHIHVWHQ7HLOHGHV*HUlWVPLWHLQHPIHXFKWHQQLFKWVFKHXHUQGHQ7XFKUHLQLJHQXPGDV
*HKlXVHQLFKW]XEHVFKlGLJHQ
6(/%675(,1,*81*
'DV*HUlWPLQGHVWHQVHLQPDOLP0RQDWUHLQLJHQ
:HQQ6LHHLQHQ:DVVHU¿OWHUVHSDUDWHUKlOWOLFKJHNDXIWKDEHQ]LHKHQ6LHLKQYRUGHPDXWRPDWL
VFKHQ5HLQLJXQJVYRUJDQJDXVGHP7DQNKHUDXV
 'LH.DQQHPLWHLQHU/|VXQJDXV7DVVHQ:HLHVVLJXQG7DVVHQIULVFKHQ:DVVHUIOOHQ'HQ
7DQNPLWGHU/|VXQJIOOHQ
 'HQ7DVVHQ3DSLHU¿OWHULQGHQ)LOWHUKDOWHUHLQVWHFNHQ'HQ'HFNHOVFKOLHHQ
 'LH7DVWH02'(IQIPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQNHQ'LH7DVWH6(/]XU
%HVWlWLJXQJGUFNHQ
 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWJLEWHLQHQ%HHSDXVXQGGHU6HOEVWUHLQLJXQJVYRUJDQJ
VWDUWHW(LQ7HLOGHU/|VXQJZLUGLQGLH.DQQHDEJHJHEHQZlKUHQGGHU5HVWLQGHQ*HUlWHNUHL
VHQIUFD0LQXWHQEOHLEWEHYRUVLHLQGLH.DQQHNRPSOHWWDXVÀLHW'HUJDQ]H6HOEVWUHLQL
JXQJVYRUJDQJGDXHUW0LQXWHQ6REDOGGHU6HOEVWUHLQLJXQJVYRUJDQJEHHQGHWLVWJLEWGDV
*HUlWHLQHQ%HHSKHUDXVXQGVFKDOWHWVLFKDXWRPDWLVFKDXV
 'LH.DQQHPLWIULVFKHP:DVVHUVSOHQ
9RUGHU.DIIHHYRUEHUHLWXQJ.DQQHQPLWQXUIULVFKHQ1DWXUZDVVHUDEJHEHQ'LHVHQW
IHUQWHYHQWXHOOH:DVVHUXQG(VVLJUHVWHDXVGHP*HUlW
(17.$/.81*
*XWHXQGUHJHOPlLJH:DUWXQJVXQG5HLQLJXQJVHLQJULIIHVFKW]HQXQGHUKDOWHQGDV*HUlWIU
HLQHOlQJHUH=HLWZLUNVDPXQGVFKUlQNHQGDV5LVLNRYRQ.DONDEODJHUXQJHQVWDUNHLQ.RPPWWURW]
GHU:DUWXQJVXQG5HLQLJXQJVHLQJULIIHQDFKHLQHUJHZLVVHU=HLW]X%HWULHEVVW|UXQJHQLP)ROJH
YRQGHPKlX¿JHQ*HEUDXFKYRQKDUWHPXQGNDONKDOWLJHQ:DVVHUVRNDQQPDQGDV*HUlWHQWNDO
NHQXPGLH%HWULHEVVW|UXQJ]XEHVHLWLJHQ'D]XYHUZHQGHQ6LHDXVVFKOLHOLFKGDV=LWUXVVlXUH
(QWNDONXQJVPLWWHO12&$/YRQ$ULHWH'LHVHV3URGXNWLVWEHLGHQ7HFKQLVFKHQ6HUYLFHFHQWHUQYRQ
$ULHWHHUKlOWOLFK$ULHWHEHUQLPPWNHLQH9HUDQWZRUWXQJIU6FKDGHQDQGHQLQQHUHQ%HVWDQGWHLOHQ
GHU.DIIHHPDFKLQHGLHGXUFKGHQ*HEUDXFKYRQQLFKWNRQIRUPHQ3URGXNWHQZHJHQGDV9RUKDQ
GHQVHLQYRQFKHPLVFKHQ=XVDW]PLWWHOQYHUXUVDFKWZHUGHQ
'LH(QWNDONXQJHLQPDOLP0RQDWGXUFKIKUHQ:HQQGDV:DVVHUVHKUKDUWXQGNDONKDOWLJLVW
GLH5HLQLJXQJMHGHU]ZHL:RFKHQDXVIKUHQ
 'LH.DQQHPLWHLQHU/|VXQJDXV7DVVH:HLHVVLJXQG7DVVHQIULVFKHQ:DVVHUIOOHQ
 'HQ7DQNPLWGHU/|VXQJIOOHQ
 'HQ$EJDEHYRUJDQJVWDUWHQXQGZDUWHQELVGLH.DQQHELV]XU+lOIWHJHIOOWLVW
 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV
(VLVWQRUPDOGDVVEHLP:DUWHQDXIGHQ'DPSINOHLQH'DPSIVW|HDXVWUHWHQN|QQHQ
 :HQQGDV:DVVHUQLFKWPHKULQGLH.DQQHDXVÀLHWNDQQPDQGLH.DQQHKHUDXVQHKPHQ'DV
:DVVHU0LQXWHQDENKOHQODVVHQ

'(
 'HQ7DQNPLWGHULQGHU.DQQHYRUKDQGHQHQ/|VXQJIOOHQ'HQ'HFNHOVFKOLHHQ'LH.DQQH
DXIGLH+HL]SODWWHVWHOOHQ
 'HQ$EJDEHYRUJDQJQRFKPDOVVWDUWHQXQGZDUWHQELVGLH.DQQHNRPSOHWWJHIOOWLVW:HQQGDV
:DVVHUQLFKWPHKULQGLH.DQQHDXVÀLHWNDQQPDQGLH.DQQHKHUDXVQHKPHQ
 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV
 0LQXWHQZDUWHQXPGDV*HUlWDENKOHQ]XODVVHQ6WHOOHQ6LHELWWHVLFKHUGDVVGHU)LOWHULP
)LOWHUKDOWHUVWHFNW
'LH.DQQHPLWIULVFKHP1DWXUZDVVHUIOOHQXQGGHQ$EJDEHYRUJDQJZLHGHUKROHQXPGLHLQQH
UHQ*HUlWHNUHLVHQ]XVSOHQ$P(QGHGHV6SOYRUJDQJHVGLH.DIIHHWDVWH
GUFNHQXP
GDV*HUlWDXV]XVFKDOWHQ'LH.DQQHDXVOHHUHQ
'LH.DQQHVSOHQGHQHQWIHUQEDUHQ)LOWHUKDOWHUXQGGHQ.DIIHH¿OWHUPLWZDUPHQ:DVVHUXQG
6HLIHZDVFKHQ$OOH7HLOHDEWURFNQHQ
:HQQGDV*HUlWNKOLVWGLH$XHQVHLWHQPLWHLQHPZHLFKHQ/DSSHQZLVFKHQ
'DV*HUlWDXIEHZDKUHQ
 'HQ6WHFNHUDXVGHU6WHFNGRVH]LHKHQ
 'DV*HUlWLQHLQHUNKOHQXQGWURFNHQHQ6WHOOHDXIEHZDKUHQ
'DV*HUlWQLHLP6WDQGE\0RGXVPLWDQJHVFKORVVHQHQ6WURPVWHFNHUODVVHQ
$866(5%(75,(%6(7=81*
)UGLH$XHUEHWULHEVHW]XQJGDV*HUlWHOHNWULVFKDXVVFKDOWHQGHQ:DVVHUWDQNXQGGLH.DQQH
HQWOHHUHQ'LH5HLQLJXQJGHU7HLOHDXVIKUHQVLHKH$EVFKQLWW5HLQLJXQJGHV*HUlWV,P)DOOH
GHU9HUVFKURWWXQJVLQGGLHXQWHUVFKLHGOLFKHQIUGLH+HUVWHOOXQJGHV*HUlWHVYHUZHQGHWHQ6WRIIHQ
]XWUHQQHQXQGHQWVSUHFKHQGLKUHU=XVDPPHQVWHOOXQJXQGGHULQGHU9HUZHQGXQJVODQGJHOWHQGHQ
1RUPHQ]XHQWVRUJHQ

(6
$3523Ð6,72'((67(0$18$/
$XQTXHORVDSDUDWRVKD\DQVLGRUHDOL]DGRVVHJ~QODV1RUPDWLYDVHXURSHDVHVSHFL¿FDVYLJHQWHV
\HVWpQSRUORWDQWRSURWHJLGRVHQWRGDVODVSDUWHVSRWHQFLDOPHQWHSHOLJURVDVOHDQFRQDWHQFLyQ
HVWDVDGYHUWHQFLDV\XWLOLFHQHODSDUDWRVyORSDUDHOXVRDOTXHKDVLGRGHVWLQDGRSDUDHYLWDUDF
FLGHQWHV\GDxRV7HQHUVLHPSUHDODOFDQFHHVWHPDQXDOSDUDIXWXUDVFRQVXOWDV6LTXLHUHQFHGHU
HVWHDSDUDWRDRWUDVSHUVRQDVUHFXHUGHQLQFOXLUWDPELpQHVWDVLQVWUXFFLRQHV/DVLQIRUPDFLRQHV
FRQWHQLGDVHQHVWHPDQXDOHVWiQPDUFDGDVSRUORVVLJXLHQWHVVtPERORVTXHLQGLFDQ
3HOLJURSDUDORVQLxRV
3HOLJURGHELGRDHOHFWULFLGDG
3HOLJURGHGDxRVGHELGRVDRWUDVFDXVDV
$GYHUWHQFLDUHODWLYDDTXHPDGXUDV
$WHQFLyQ±GDxRVPDWHULDOHV
86235(9,672
6HSXHGHXWLOL]DUHODSDUDWRSDUDSUHSDUDUHOFDIp(VWHDSDUDWRKDVLGRSUR\HFWDGRVROR SDUD
XQXVRSULYDGR\SRUORWDQWRVHGHEHFRQVLGHUDULQDGHFXDGRSDUDXQXVRFRPHUFLDORLQGXVWULDO
&XDOTXLHURWURWLSRGHXWLOL]DFLyQGHODSDUDWRQRHVWiSUHYLVWRSRUHO)DEULFDQWHTXHVHH[LPHGH
FXDOTXLHUUHVSRQVDELOLGDGSRUGDxRVGHWRGRWLSRRULJLQDGRVSRUXQXVRLQDSURSLDGRGHOPLVPR
DSDUDWR(OXVRLQDSURSLDGRDGHPiVDQXODWRGRWLSRGHJDUDQWtD
5,(6*265(67$17(6
/DVFDUDFWHUtVWLFDVGHFRQVWUXFFLyQGHODSDUDWRREMHWRGHHVWDSXEOLFDFLyQQRSHUPLWHQSURWHJHU
HOXVXDULRGHXQSRVLEOHFRQWDFWRFRQVDOSLFDGXUDVGHYDSRURGHDJXDFDOLHQWH
£$WHQFLyQ
3HOLJURGHTXHPDGXUDVSRUURFLDGRVRVDOSLFDGXUDVGHDJXDFDOLHQWHRFDIp1RDEUDODWDSD
GXUDQWHODHURJDFLyQGHOFDIp
$'9(57(1&,$6,03257$17(63$5$
/$6(*85,'$'
/((5$7(17$0(17((67$6,16758&&,21(6
 (VWHDSDUDWRKDVLGRSUR\HFWDGRVRORSDUDXQXVRSULYDGR\SRUORWDQWRVHGHEH
FRQVLGHUDULQDGHFXDGRSDUDXVRFRPHUFLDORLQGXVWULDO
 1RVHDVXPHQUHVSRQVDELOLGDGHVSRUXQXVRLQFRUUHFWRRSRUHPSOHRVGLIHUHQWHV
DORVSUHYLVWRVHQHVWHPDQXDOGHLQVWUXFFLRQHV
 6HUHFRPLHQGDFRQVHUYDUHOHPEDODMHRULJLQDO\DTXHODDVLVWHQFLDJUDWXLWDQR
FRQFLHUQHORVGDxRVFDXVDGRVSRUXQHPEDODMHQRDGHFXDGRGHOSURGXFWRDO
PRPHQWRGHOHQYtRDXQ&HQWURGH$VLVWHQFLD$XWRUL]DGR
 (ODSDUDWRFXPSOHFRQHOUHJODPHQWR(&1GHOUHODWLYR
DORVPDWHULDOHVHQFRQWDFWRFRQDOLPHQWRV

(6
3HOLJURSDUDORVQLxRV

/RVQLxRVPD\RUHVGHDxRVSXHGHQXWLOL]DUHODSDUDWREDMRODVXSHUYLVLyQGH
XQDSHUVRQDUHVSRQVDEOHRVLKDQVLGRLQVWUXLGRVVREUHHOXVRGHODSDUDWRHQ
VHJXULGDG\VLKDQFRPSUHQGLGRORVSHOLJURVSUHVHQWHVGXUDQWHHOXVR
 /DVRSHUDFLRQHVGHOLPSLH]D\PDQWHQLPLHQWRSRUHOXVXDULRQRGHEHQVHUHIHF
WXDGDVSRUORVQLxRVDPHQRVTXHVHDQPD\RUHVGHDxRV\HVWpQYLJLODGRV(V
QHFHVDULRYLJLODUDORVQLxRVSDUDTXHQRMXHJXHQFRQHODSDUDWR
 0DQWHQHUHODSDUDWR\HOFDEOHGHDOLPHQWDFLyQIXHUDGHODOFDQFHGHORVQLxRV
GHHGDGLQIHULRUDDxRV
 1RGHMHQFROJDUHOFDEOHHQOXJDUHVGRQGHSRGUtDVHUDJDUUDGRSRUXQQLxR
 /RVHOHPHQWRVGHOHPEDODMHQRVHGHEHQGHMDUDODOFDQFHGHORVQLxRV\DTXH
SRGUtDQRULJLQDUSHOLJURV
 6LVHGHFLGHGHMDUGHXWLOL]DUHODSDUDWRDQWHVGHWLUDUORDODEDVXUDVHUHFRPLHQ
GDFRUWDUHOFDEOHGHDOLPHQWDFLyQ6HUHFRPLHQGDDGHPiVHOLPLQDUODVSDUWHV
GHODSDUDWRTXHSXHGDQRULJLQDUSHOLJURHVSHFLDOPHQWHSDUDORVQLxRVTXHSR
GUtDQXWLOL]DUORSDUDVXVMXHJRV
3HOLJURGHELGRDHOHFWULFLGDG
 (ODSDUDWRSXHGHVHUXWLOL]DGRSRUSHUVRQDVFRQFDSDFLGDGHVItVLFDVVHQVRULD
OHVRPHQWDOHVUHGXFLGDVRFRQIDOWDGHH[SHULHQFLDRGHFRQRFLPLHQWRVyOR
EDMRODVXSHUYLVLyQGHXQDSHUVRQDUHVSRQVDEOHRVLKDQUHFLELGR\FRPSUHQGLGR
ODVLQVWUXFFLRQHVVREUHHOXVRGHODSDUDWRHQVHJXULGDG\VLKDQFRPSUHQGLGRORV
SHOLJURVSUHVHQWHVGXUDQWHHOXVR
 $QWHVGHFRQHFWDUHODSDUDWRDODUHGGHDOLPHQWDFLyQFRPSUXHEHTXHODWHQVLyQ
LQGLFDGDHQODHWLTXHWDXELFDGDGHEDMRGHODPiTXLQDFRUUHVSRQGDDODGHODUHG
ORFDO
 (OXVRGHFDEOHVDODUJDGRUHVQRDXWRUL]DGRVSRUHOIDEULFDQWHSXHGHSURYRFDU
GDxRV\DFFLGHQWHV
 $QWHVGHHIHFWXDUODRSHUDFLyQGHOOHQDGRGHOGHSyVLWRGHDJXDGHVFRQHFWHHO
DSDUDWRGHODWRPDGHFRUULHQWH
 6LHOFDEOHGHDOLPHQWDFLyQHVWiGDxDGRGHEHUiVHUVXVWLWXLGRSRUHOIDEULFDQWH
RSRUVXVHUYLFLRGH$VLVWHQFLD7pFQLFDRHQFXDOTXLHUFDVRSRUSHUVRQDOFXDOL¿
FDGRFRQHO¿QGHSUHYHQLUFXDOTXLHUULHVJR
 1RFRORTXHQXQFDODVSDUWHVEDMRWHQVLyQHQFRQWDFWRFRQHODJXD£SXHGHSUR
YRFDUXQFRUWRFLUFXLWR
 'HVHQFKXIHODPiTXLQDDQWHVGHHIHFWXDUODVRSHUDFLRQHVGHOLPSLH]DRPDQWH
QLPLHQWR
 1XQFDVXPHUJLUHODSDUDWRHQDJXDQLHQRWURVOtTXLGRV
 1RKD\TXHSRQHUQXQFDHODSDUDWRFHUFDRSRUHQFLPDGHXQIUHJDGHUR
 1RTXLWHODWDSDLQIHULRUGHODSDUDWR1RH[LVWHQSDUWHVLQWHUQDVTXHKD\DTXH
XWLOL]DUROLPSLDU

(6
3HOLJURGHGDxRVGHELGRVDRWUDVFDXVDV
 (OLMDXQDPELHQWHFRQVX¿FLHQWHLOXPLQDFLyQOLPSLR\FRQXQDWRPDGHFRUULHQWH
IiFLOPHQWHDFFHVLEOH
 (YLWHLQWURGXFLUHQHOGHSyVLWRXQDFDQWLGDGH[FHVLYDGHDJXD
 1RGHMDUVLQYLJLODQFLDHODSDUDWRPLHQWUDVHVWpFRQHFWDGRDODUHGHOpFWULFD
 (ODSDUDWRGHEHVHUXWLOL]DGR\JXDUGDGRHQXQDVXSHU¿FLHHVWDEOH
 1RVHGHEHXWLOL]DUHODSDUDWRVLKDFDtGRVLSUHVHQWDGDxRVYLVLEOHVRVLSLHUGH
DJXD1RXWLOL]DUHODSDUDWRVLHOFDEOHGHDOLPHQWDFLyQRHOHQFKXIHHVWiQGDxD
GRVRVLHODSDUDWRSUHVHQWDGHIHFWRV7RGRVORVDUUHJORVLQFOXLGDODVXVWLWXFLyQ
GHOFDEOHGHDOLPHQWDFLyQGHEHQVHUHIHFWXDGRVH[FOXVLYDPHQWHSRUHO&HQWUR
GH6HUYLFLR$ULHWHRSRUWpFQLFRVDXWRUL]DGRV$ULHWHSDUDHYLWDUFXDOTXLHUULHVJR
$GYHUWHQFLDUHODWLYDDTXHPDGXUDV
 1RDEUDODWDSDGXUDQWHODHURJDFLyQGHOFDIp
 (VSHUDUTXHHODSDUDWRVHKD\DHQIULDGRDQWHVGHOOHQDUHOGHSyVLWRFRQDJXD
3HOLJURGHTXHPDGXUDVFDXVDGDVVDOSLFDGXUDVGHDJXDRYDSRU
 1RGHMHODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWRFRQODPiTXLQDHQFHQGLGD
3HOLJURGHUXSWXUDGHODMDUUD3HOLJURSRUTXHPDGXUDVFDXVDGRSRUFRQWDFWRFRQ
ODMDUUD
$WHQFLyQ²GDxRVPDWHULDOHV
 &RORTXHODPiTXLQDVREUHXQDVXSHU¿FLHHVWDEOHGRQGHQRVHSXHGDYROFDU
 1RXVHODPiTXLQDVLQDJXD\DTXHHQWDOFDVRODERPEDVHTXHPDUtD
 1ROOHQHQXQFDHOGHSyVLWRGHODJXDFRQDJXDFDOLHQWHRKLUYLHQGR
 1RFRORTXHODPiTXLQDVREUHVXSHU¿FLHVGHPDVLDGRFDOLHQWHVRFHUFDGHOODPDV
OLEUHVFRQHO¿QGHHYLWDUTXHODFDUURFHUtDVHSXHGDGDxDU
 (OFDEOHQRGHEHWRFDUODVSDUWHVFDOLHQWHVGHODPiTXLQD
 1RXWLOL]DUDJXDFRQJDVDGLFLRQDGDGHDQKtGULGRFDUEyQLFR
 1RLQWURGXFLUQXQFDHQHO¿OWURVXEVWDQFLDVTXHQRVHDQFDIpHQSROYR'HOR
FRQWUDULRSRGUtDQSURYRFDUJUDYHVGDxRVDODSDUDWR
 1RGHMHODPiTXLQDDXQDWHPSHUDWXUDDPELHQWHLQIHULRUD&SXHVWRTXHHO
UHVLGXRGHDJXDHQODFDOGHUDSRGUtDKHODUVH\SURYRFDUGDxRV
 1RXVHHODSDUDWRHQXQHVSDFLRDODLUHOLEUH
 1RGHMDUHODSDUDWRH[SXHVWRDORVDJHQWHVDWPRVIpULFRVOOXYLDVROHWF
 'HVSXpVGHKDEHUGHVFRQHFWDGRHOHQFKXIHGHDOLPHQWDFLyQ\XQDYH]TXHODV
SDUWHVFDOLHQWHVVHKD\DQHQIULDGRHODSDUDWRVHSRGUiOLPSLDU~QLFDPHQWHFRQXQ
SDxRQRDEUDVLYRKXPHGHFLGRHQDJXDDxDGLHQGRSRFDVJRWDVGHGHWHUJHQWHV
QHXWURVQRDJUHVLYRVQRXWLOLFHQXQFDGLVROYHQWHVTXHSXHGDQGDxDUHOSOiVWLFR
3UHFDXFLRQHVDOXWLOL]DUODMDUUD
 8VDUODMDUUDVyORFRQHVWDPiTXLQDGHFDIp1RXWLOLFHODMDUUDSDUDFDOHQWDUFDIp
HQXQTXHPDGRURHQRWUDVIXHQWHVGHFDORU1RSRQJDODMDUUDHQHOPLFURRQGDV

(6
SDUDFDOHQWDUHOFDIp
 /DMDUUDVHGHEHXWLOL]DUH[FOXVLYDPHQWHFRQODSODFDGHFDOHQWDPLHQWRHQGRWD
FLyQFRQHODSDUDWR
 3DUDHYLWDUUXSWXUDVGHODMDUUDOHYDQWDUODFRQFDXWHOD(YLWDUJROSHDUODMDUUD
FRQWUDRWURVREMHWRVSHOLJURGHUXSWXUDGHOFULVWDO'XUDQWHHOOOHQDGRGHODMDUUD
FRQDJXDHYLWDUJROSHDUHOJULIR
 1RDSR\HODMDUUDYDFtDHQVXSHU¿FLHVFDOLHQWHV
 1RDSR\HODMDUUDFDOLHQWHHQVXSHU¿FLHVIUtDVRPRMDGDV(VSHUDUTXHODMDUUD
HVWpIUtDDQWHVGHODYDUODRGHDxDGLUDJXDIUtD
 1ROLPSLHODMDUUDFRQHVSRQMDVPHWiOLFDVGHWHUJHQWHVDEUDVLYRVXRWURVPDWH
ULDOHVTXHSXHGDQDUDxDUHOFULVWDO
 1RXWLOLFHODMDUUDVLKDVLGRFDOHQWDGDYDFtDSRUGHPDVLDGRWLHPSRVXEVWLWXLUOD
FRQRWUDMDUUDRULJLQDO
*8$5'$56,(035((67$6,16758&&,21(6
'(6&5,3&,Ð1'(/$3$5$72
$-DUUD .+XHFRUHFRJHFDEOH
%0DQJRGHODMDUUD / &DEOHGHDOLPHQWDFLyQ&ODYLMD
&7DSDGHODMDUUD 03ODFDGHFDOHQWDPLHQWR
'%RTXLOODGHVXPLQLVWUR 13DQWDOOD
($VLHQWRGHOSRUWD¿OWUR 202'(
)'HSyVLWRDJXD 36(/
*,QGLFDGRUGHOQLYHOGHODJXD 4$872
+)LOWURGHOFDIp 5%RWyQGHSURJUDPDFLyQGHODVKRUDV+5
, 3RUWD¿OWURH[WUDtEOH 6%RWyQGHSURJUDPDFLyQGHORVPLQXWRV
- 7DSDGHOGHSyVLWRGHDJXD
7%RWyQGHHURJDFLyQGHOFDIp
DSDJDGR
'DWRVGHLGHQWLÀFDFLyQ
(QODHWLTXHWDFRORFDGDGHEDMRGHODEDVHGHDSR\RGHODPiTXLQDVHLQGLFDQORVVLJXLHQWHVGDWRV
GHLGHQWL¿FDFLyQGHODPiTXLQD
 FRQVWUXFWRU\PDUFD&(
 PRGHOR0RG
 QGHPDWUtFXOD61
 WHQVLyQHOpFWULFDGHDOLPHQWDFLyQ9\IUHFXHQFLD+]
 SRWHQFLDHOpFWULFDDEVRUELGD:
 QXPHURYHUGHDVLVWHQFLD
(QODVHYHQWXDOHVVROLFLWDFLRQHVDORV&HQWURVGH$VLVWHQFLD$XWRUL]DGRVLQGLTXHHOPRGHOR\HO
Q~PHURGHPDWUtFXOD

(6
,16758&&,21(6'(862
3XHVWDHQIXQFLyQ
 &RQWUROHTXHODWHQVLyQGHODUHGGRPpVWLFDVHDLJXDOTXHODLQGLFDGDHQODWDUMHWDFRQORVGDWRV
WpFQLFRVGHODSDUDWR
 5HWLUDUORVPDWHULDOHVGHHPEDODMHGHOLQWHULRU\GHOH[WHULRUGHODSDUDWR
 &RORFDUHOXHJRHODSDUDWRHQXQDVXSHU¿FLHSODQD&RORFDUHODSDUDWRSRUORPHQRVDXQDGLV
WDQFLDGHFPGHSDUHGHVPXHEOHVXRWURVDSDUDWRV
$WHQFLyQ
3HOLJURGHGDxRVDODVXSHU¿FLHGHDSR\RGHODSDUDWR/DWHPSHUDWXUDHOHYDGDGHODSDUDWR
SXHGHFDXVDUSODVWL¿FDFLRQHVGHODVVXSHU¿FLHVGHDSR\R&RORFDUXQSDxRRXQSHTXHxR
PDQWHOHQWUHHODSDUDWR\ODVXSHU¿FLHGHDSR\R
$WHQFLyQ
3HOLJURGHVREUHFDUJDUODOtQHDHOpFWULFD9DULRVDSDUDWRVFRQHFWDGRVDXQDVRODWRPDGH
FRUULHQWHSXHGHJHQHUDUXQFRUWRFLUFXLWR&RQHFWDUHODSDUDWRDXQDWRPDGHFRUULHQWHOLEUH
GHRWURVHOHFWURGRPpVWLFRV
 /DYDUODMDUUDHOSRUWD¿OWURH[WUDtEOH\HO¿OWURGHOFDIpFRQDJXDFDOLHQWH\GHWHUJHQWH(QMXDJDU
\VHFDUORVFRPSRQHQWHV
 3RQHUHOSRUWD¿OWURH[WUDtEOHHQVXDVLHQWR)LJ
/DYiOYXODGHÁXMRVLWXDGDHQHOIRQGRGHOSRUWDÀOWURH[WUDtEOHGHEHVHULQWURGXFLGDHQHO
RULÀFLRFHQWUDOGHODVLHQWRGHOSRUWDÀOWUR
3ULPHUHQFHQGLGR
(QFDVRGHSULPHUHQFHQGLGRRWUDVXQSHULRGRGHGHVXVRVHUHFRPLHQGDKDFHUVDOLUSRU
ORPHQRVGRVMDUUDVGHDJXDGHOFLUFXLWRKLGUiXOLFRGHODFDOGHUD
 /OHQDUHOGHSyVLWRFRQDJXDIUHVFDGHOJULIR)LJKDVWDHOQLYHOLQGLFDGRFRQ(OQLYHO
UHSUHVHQWDHOQLYHOPi[LPRGHDJXD\HOQ~PHURPi[LPRGHWD]DVGHFDIp&HUUDUODWDSDGHO
GHSyVLWRGHDJXD
1ROOHQH181&$HOGHSyVLWRGHODJXDSRUHQFLPDGHOQLYHOPi[LPR
3DUDHVWHODYDGRQRKD\TXHLQWURGXFLUHOÀOWURGHOFDIpHQHOSRUWDÀOWUR
 (QFKXIHODFODYLMDHQODWRPDGHFRUULHQWHHOpFWULFDTXHGHEHHVWDUHTXLSDGDFRQSXHVWDDWLHUUD
 &RORFDUODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWR0&RQWURODUTXHODYiOYXODGHÀXMRHVWp
FRORFDGDFRUUHFWDPHQWHHQODWDSDGHODMDUUD
 3UHVLRQDUHOERWyQGHHURJDFLyQGHOFDIp (VSHUDUTXHWRGDHODJXDFRQWHQLGDHQGHSyVLWR
KD\DEDMDGRDODMDUUD(VSHUDUPLQXWRVSDUDTXHHODSDUDWRVHHQIUtH
 5HSHWLUODRSHUDFLyQFRQRWUDMDUUDGHDJXD(VSHUDUTXHWRGDHODJXDFRQWHQLGDHQGHSyVLWR
KD\DEDMDGRDODMDUUD
$KRUDHVSRVLEOHSUHSDUDUHODSDUDWR\HURJDUVXSULPHUDMDUUDGHFDIp
3UHSDUDFLyQGHODPiTXLQD
$QWHVGHHQFHQGHUODSODQFKDDVHJXUDUVHGHTXHKD\DVXÀFLHQWHDJXDHQHOGHSyVLWR
/DVRSHUDFLRQHVGHOOHQDGRGHDJXDVHGHEHQHIHFWXDUFRQHOHQFKXIHGHOFDEOHGHDOLPHQ

(6
WDFLyQHOpFWULFRGHVFRQHFWDGRGHODWRPD
 $EULUODWDSDGHO GHSyVLWRGH DJXD- (OLQGLFDGRU GHOQLYHO GHDJXD *WLHQH XQDHVFDOD
JUDGXDGDGHDFDGDQ~PHURFRUUHVSRQGHDOQ~PHURGHWD]DVGHFDIp/OHQDUODMDUUDFRQ
DJXDIUHVFDGHOJULIR9HUWHUHODJXDHQHOGHSyVLWRKDVWDHOQLYHOGHVHDGRSDUDWD]DVGH
FDIp\SDUDWD]DVGHFDIp
 &RORFDUODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWR0
£$WHQFLyQ
1RVHGHEHXWLOL]DUODMDUUDVLODPLVPDSUHVHQWDUXSWXUDVGHOFULVWDORGHODVD3HOLJURGH
TXHPDGXUDVFDXVDGRSRUHOFRQWDFWRFRQFDIpFDOLHQWHGHELGRDODUXSWXUDGHODMDUUD
1RDSR\HQLQJ~QREMHWRHQODWDSDFXDQGRHODSDUDWRHVWiHQIXQFLyQ
£$WHQFLyQ
1RDEUDODWDSDGXUDQWHODHURJDFLyQGHOFDIpSHOLJURGHTXHPDGXUDVFDXVDGRSRUURFLDGRV
RVDOSLFDGXUDVGHDJXDFDOLHQWHRFDIp
 &RORFDUHO¿OWURGHOFDIpHQHOSRUWD¿OWUR'RVL¿FDUHOFDIpHQHO¿OWUR8QDWD]DGHFDIpFRUUHV
SRQGHDXQDFXFKDUDDOUDVGHFDIpHQSROYR
 %DMDUHODVDGHO¿OWURGHOFDIp&HUUDUODWDSDGHOGHSyVLWRGHDJXD
 (QFKXIHODFODYLMDHQODWRPDGHFRUULHQWHHOpFWULFDTXHGHEHHVWDUHTXLSDGDFRQSXHVWDD
WLHUUD/DSDQWDOODVHHQFLHQGH\HOLQGLFDGRUGHWLHPSRHPSLH]DDSDUSDGHDU$0 
8WLOL]DUODVWHFODV+5\0,1SDUDSURJUDPDUODKRUDORFDO3UHVLRQDU6(/SDUDFRQ¿UPDU6LQR
VHSUHVLRQDQLQJ~QERWyQODSDQWDOODVHDSDJDGHVSXpVGHVHJXQGRV
 3UHVLRQDUHOERWyQGHOFDIp SDUDDUUDQFDUHOFLFORGHHURJDFLyQGHOFDIp(VSHUDUODVDOLGD
GHOFDIpHQODMDUUDKDVWDHO¿QDOGHOFLFORVHOHFFLRQDGRQ~PHURGHWD]DV
 (6326,%/(,17(55803,5/$(52*$&,Ï1'(/&$)e$17(6'(7(50,1$5(/&,&/2
'((52*$&,Ï1
 VDFDUODWD]DYHU)XQFLyQGHSDXVDSDUDVHUYLUHOFDIp
 SUHVLRQDUHOERWyQGHOFDIpKDVWDTXHHODSDUDWRHPLWHXQDVHxDODF~VWLFD\VHDSDJDHOWHVWLJR
OXPLQRVRGHOPLVPRERWyQ
8QDYH]HIHFWXDGRHODSDJDGRDXWRPiWLFRRGHVHDGRODSODFDGHFDOHQWDPLHQWRHPSH]DUiD
FDOHQWDUVH
'HMDUODWDSDHQODMDUUDSDUDPDQWHQHUFDOLHQWHHOFDIp\SDUDVHUYLUORVLQSHOLJURGHTXHPD
GXUDV
 &RJHUODMDUUDSRUHODVD,QFOLQDUOLJHUDPHQWHODMDUUD\YHUWHUHOFDIpFDOLHQWHHQXQDWD]D
 3UHVLRQDU\VROWDUHOERWyQGHOFDIp SDUDDSDJDUHODSDUDWR
1RPXHYDHODSDUDWRFXDQGRODMDUUDRHOGHSyVLWRFRQWLHQHQOtTXLGRVFDOLHQWHV(VSHUDUTXH
HODSDUDWRVHHQIUtHFRPSOHWDPHQWH
/DFDQWLGDGGHDJXDHURJDGDHQODMDUUDVHUiXQSRFRLQIHULRUDODTXHVHYHUWLyHQHOGHSy
VLWR8QSRFRGHDJXDVHUiDEVRUELGDSRUHOSROYRGHFDIp\SRUHOÀOWUR
3URJUDPDFLyQGHODKRUD
 3UHVLRQDUHOERWyQ+5SDUDVHOHFFLRQDUODKRUD3UHVLRQDU\PDQWHQHUSUHVLRQDGRHOERWyQ+5
SDUDSURJUDPDUPiVUiSLGDPHQWHODKRUDGHVHDGD
 3UHVLRQDUHOERWyQ0,1SDUDVHOHFFLRQDUODKRUD3UHVLRQDU\PDQWHQHUSUHVLRQDGRHOERWyQ0,1

(6
SDUDSURJUDPDUPiVUiSLGDPHQWHORVPLQXWRVGHVHDGRV
 &XDQGRODKRUDSURJUDPDGDHVFRUUHFWDSUHVLRQDUHOERWyQ6(/(ODSDUDWRHPLWHXQDVHxDO
DF~VWLFD
 3DUDYROYHUDSURJUDPDUODKRUDSXOVDUHOERWyQ02'(VHLVYHFHVKDVWDTXHHOVtPEROR
SDUSDGHD3UHVLRQDUHOERWyQ6(/(OLQGLFDGRUGHWLHPSRHPSLH]DDSDUSDGHDU$KRUDHV
SRVLEOHSURJUDPDUODKRUDFRPRVHH[SOLFDHQORVSXQWRVSUHFHGHQWHV
3URJUDPDFLyQGHOFLFORDXWRPiWLFR
3UHVLRQDU\PDQWHQHUSUHVLRQDGRHOERWyQ$872KDVWDTXHHQODSDQWDOODSDUSDGHDODSDODEUD
352*5$00MXQWRDOVtPEROR 6HJXLUHOPpWRGRGHSURJUDPDFLyQGHODKRUDSDUDSURJUDPDU
KRUDV\PLQXWRV3UHVLRQDUHOERWyQ$872R6(/SDUDFRQ¿UPDU(ODSDUDWRHPLWHXQDVHxDODF~V
WLFD\HQODSDQWDOODDSDUHFHODKRUDDFWXDO\HOVtPERORGHOWHPSRUL]DGRU HODSDUDWRDUUDQFDUi
XQFLFORGHHURJDFLyQGHOFDIpDODKRUDSURJUDPDGD
3DUDDQXODUODSODQL¿FDFLyQ\ODVSURJUDPDFLRQHVSUHFHGHQWHPHQWHGH¿QLGDVHVVX¿FLHQWHSUHVLR
QDUGHQXHYRHOERWyQ$872
3URJUDPDFLyQGHODLQWHQVLGDGGHOFDIp
(ODSDUDWRWLHQHXQDIXQFLyQTXHSHUPLWHDMXVWDUODLQWHQVLGDGGHOFDIpSDUDDGDSWDUORDVXJXVWR
1RUPDO
3UHVLRQDUHOERWyQ02'(XQDYH](OVtPEROR HPSLH]DDSDUSDGHDU
3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(VWDPRGRFRUUHVSRQGHDODSUR
JUDPDFLyQGHIiEULFD
0HGLR
3UHVLRQDUHOERWyQ02'(GRVYHFHV(OVtPEROR HPSLH]DDSDUSD
GHDU3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(OVtPEROR DMXVWDOD
HURJDFLyQFDOFXODQGRXQDMDUUDGHFDIp(VWRVHWUDGXFHHQXQFDIpPiV
DURPiWLFR
)XHUWH
3UHVLRQDUHOERWyQ02'(WUHVYHFHV(OVtPEROR HPSLH]DDSDU
SDGHDU3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(OVtPEROR DMXVWD
ODHURJDFLyQ\HOWLHPSRGHLQIXVLyQFRQVLGHUDQGRXQDMDUUDGHFDIp(VWR
VHWUDGXFHHQXQFDIpPiVIXHUWH
0RGRWD]DV 3UHVLRQDUHOERWyQ02'(FXDWURYHFHV(OVtPEROR HPSLH]DD
SDUSDGHDU3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(OPRGRWD]DVSHU
PLWHSUHSDUDUHOFDIpSDUDXQPi[LPRGHWD]DV(QHOGHSyVLWRGHDJXD
VHGHEHLQWURGXFLUVyORXQDFDQWLGDGGHDJXDFRUUHVSRQGLHQWHDOQLYHO
GHODMDUUD(OVtPEROR DMXVWDDXWRPiWLFDPHQWHODHURJDFLyQSDUD
REWHQHUHOPi[LPRVDERUSDUDSHTXHxDVFDQWLGDGHVGHFDIp,GHDOSDUD
XQPi[LPRGHWD]DVGHFDIp
6LHQHOGHSyVLWRKD\PiVDJXDODHURJDFLyQQRWHUPLQDUiKDVWDTXH
WRGDHODJXDVHUiHURJDGDHQODMDUUD
'HVSXpVGHKDEHUVHOHFFLRQDGRODSURJUDPDFLyQGHVHDGDSUHVLRQDUHOERWyQFDIp (ODSDUDWR
HPLWHXQDVHxDODF~VWLFD\HPSLH]DODHURJDFLyQGHOFDIp
)XQFLyQGHSDXVDSDUDVHUYLUHOFDIp
3DUDVHUYLUHOFDIpDQWHVGHTXHVHKD\DFRPSOHWDGRODHURJDFLyQHQODMDUUDHVVX¿FLHQWHTXLWDU
ODMDUUDGHODSODFDGHFDOHQWDPLHQWR

(6
(VSHUDUSRUORPHQRVODHURJDFLyQGHWD]DVGHFDIpDQWHVGHTXLWDUODMDUUD
/DHURJDFLyQVHLQWHUUXPSHDXWRPiWLFDPHQWHGXUDQWHVHJXQGRV&RORFDUODMDUUDHQODSODFDGH
FDOHQWDPLHQWRSDUDUHDQXGDUHOFLFORGHHURJDFLyQ
$WHQFLyQ
3HOLJURGHTXHPDGXUDVGHELGDVDOFRQWDFWRFRQHOFDIpFDOLHQWHTXHVDOHGHODERTXLOODGH
HURJDFLyQ/DMDUUDGHEHYROYHUDHVWDUFRORFDGDHQODSODFDGHFDOHQWDPLHQWRGHQWURGH
VHJXQGRVGHVXDOHMDPLHQWR
)XQFLyQGHDXWRDSDJDGR
6LODPiTXLQDHVWiHQFHQGLGDSHURQRXWLOL]DGDGHVSXpVGHXQRVPLQXWRVVHDFWLYDODIXQFLyQ
GHDSDJDGRDXWRPiWLFR(VWDIXQFLyQSRQHODPiTXLQDHQPRGRGHHVSHUDVWDQGE\\GHVDFWLYD
WRGDVODVIXQFLRQHVGHFDOHQWDPLHQWR
&yPRSUHSDUDUXQDVHJXQGDMDUUDGHFDIp
3UHVLRQDUHOERWyQGHOFDIp /DPiTXLQDVHDSDJD6DFDUODFODYLMDGHODWRPDGHFRUULHQWH
$WHQFLyQ
3HOLJURGHTXHPDGXUDVFDXVDGDVVDOSLFDGXUDVGHDJXDRYDSRU(VSHUDUSRUORPHQRV
PLQXWRVDQWHVGHYROYHUDOOHQDUHOGHSyVLWRFRQDJXD(VSHUDUTXHODVSDUWHVFDOLHQWHVGHO
DSDUDWRVHHQIUtHQ
$QWHVGHDFWLYDUODHURJDFLyQGHOFDIpFRQWURODUTXHKD\DDJXDVXÀFLHQWHHQHOGHSyVLWR1R
DFWLYHODHURJDFLyQGHOFDIpVLHOQLYHOGHDJXDHVWiSRUGHEDMRGHOQLYHOPtQLPR
 $EULUODWDSDGHODSDUDWR/HYDQWDUHODVDGHO¿OWURGHOFDIp6DFDUHO¿OWURGHFDIpGHOSRUWD¿OWUR
(OLPLQDUORVUHVLGXRVGHFDIpGHO¿OWUR
 6DFDUHOSRUWD¿OWURGHODSDUDWR(QMXDJDUODMDUUD\HOSRUWD¿OWURFRQDJXDIUHVFD\OLPSLD/OHQDU
HOGHSyVLWRFRQDJXDIUHVFDGHOJULIRKDVWDHOQLYHOGHVHDGR
 &RORFDUODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWR0
 &RORFDUHOSRUWD¿OWURHQVXDVLHQWR)LJ&RORFDUHO¿OWURGHOFDIpHQHOSRUWD¿OWUR)LJ'R
VL¿FDUHOFDIpHQHO¿OWUR8QDWD]DGHFDIpFRUUHVSRQGHDXQDFXFKDUDDOUDVGHFDIpHQSROYR
 &LHUUHODWDSD(QFKXIHHODSDUDWRDODFRUULHQWH
 3UHVLRQDUHOERWyQGHOFDIp /DPiTXLQDHPSLH]DHOFLFORGHHURJDFLyQGHOFDIp
&216(-26Ô7,/(63$5$35(3$5$581%8(1&$)e
 3DUDREWHQHUXQFDIpVDEURVRHVQHFHVDULRPDQWHQHUOLPSLRHODSDUDWR(IHFWXDUODOLPSLH]D\OD
GHVFDOFL¿FDFLyQFRQUHJXODULGDGFRPRVHH[SOLFDHQHOSiUUDIR/LPSLH]DGHODSDUDWR
 8WLOL]DUVLHPSUHDJXDIUHVFD\OLPSLD
 &RQPROLHQGDVPiV¿QDVVHREWLHQHQFDIpVPiVULFRV\GHQVRV8QDPROLHQGDUHJXODUQHFHVL
WDUiPiVFDIpSDUDREWHQHUHOPLVPRJXVWRTXHVHH[WUDHGHPH]FODVPROLGDVPiV¿QDV
 *XDUGDUHOSROYRGHFDIpHQXQOXJDUIUHVFR\VHFR&HUUDUKHUPpWLFDPHQWHODVFRQIHFFLRQHV
DELHUWDV\GHMDUODVHQODQHYHUD
 3DUDXQVDERULGHDOFRPSUDUFDIpHQJUDQRV\PROHUORMXVWRDQWHVGHODSUHSDUDFLyQ
 (OFDIpUHFDOHQWDGRQRWLHQHXQVDERULGHDO(OFDIpWLHQHHOPHMRUJXVWRMXVWRGHVSXpVGHOD
SUHSDUDFLyQ
 /DSUHVHQFLDGHSHTXHxDVJRWDVGHDFHLWHHQODVXSHU¿FLHGHOFDIpSXHGHVHUFDXVDGDSRUHO
XVRSURORQJDGRGHPH]FODVWRVWDGDVHIHFWXDUODOLPSLH]DFRQUHJXODULGDG

(6
/,03,(=$'(/$3$5$72
(VWHDSDUDWRUHTXLHUHSRFRPDQWHQLPLHQWR(ODSDUDWRQRFRQWLHQHSLH]DVUHSDUDEOHVSRUHOXVXD
ULR&XDOTXLHURSHUDFLyQTXHUHTXLHUDHOGHVPRQWDMHGHSLH]DVGHEHVHUHIHFWXDGDSRUXQ&HQWUR
GH6HUYLFLR$XWRUL]DGR
£$WHQFLyQ
7RGDVODVRSHUDFLRQHVGHOLPSLH]DLQGLFDGDVDFRQWLQXDFLyQVHGHEHQUHDOL]DUFRQODPiTXL
QDDSDJDGD\GHVHQFKXIDGD
£$WHQFLyQ
8QPDQWHQLPLHQWR\XQDOLPSLH]DFRQVWDQWHSUHVHUYDQ\PDQWLHQHQH¿FLHQWHODPiTXLQD
GXUDQWHXQSHULRGRGHWLHPSRVXSHULRU1RODYHQXQFDORVFRPSRQHQWHVGHODPiTXLQDHQHO
ODYDYDMLOODV1RXWLOLFHFKRUURVGHDJXDGLUHFWD
£$WHQFLyQ
7RGDVODVLQWHUYHQFLRQHVVHGHEHQUHDOL]DUFRQODPiTXLQDIUtD
/LPSLH]DGHOÀOWUR\GHOSRUWDÀOWUR
'HVSXpVGHFDGDXWLOL]DFLyQVDFDUHO¿OWURGHFDIpGHOSRUWD¿OWUR(OLPLQDUORVUHVLGXRVGHFDIpGHO
¿OWUR(QMXDJDUHO¿OWURFRQDJXDIUHVFD\OLPSLD6DFDUHOSRUWD¿OWUR\ODYDUORFRQDJXDFDOLHQWH\
GHWHUJHQWH
/LPSLH]DGHODMDUUD
£$WHQFLyQ
3DUDHYLWDUUXSWXUDVGHODMDUUDOHYDQWDUODFRQFDXWHOD(YLWDUJROSHDUODMDUUDFRQWUDRWURV
REMHWRVSHOLJURGHUXSWXUDGHOFULVWDO'XUDQWHHOOOHQDGRGHODMDUUDFRQDJXDHYLWDUJROSHDU
HOJULIR
/DYDUODMDUUDFRQDJXDFDOLHQWH\GHWHUJHQWH/DYDUODWDSDGHODMDUUDHOLPLQDQGRORVUHVLGXRVGH
FDIpFRQXQFHSLOOR/LPSLDUODMDUUDXWLOL]DQGRXQSDxRK~PHGRVXDYHSDUDQRGDxDUODVXSHU¿FLH
HQFULVWDO1RVHGHEHQXWLOL]DUHVSRQMDVPHWiOLFDVXRWURVPDWHULDOHVDEUDVLYRV
/LPSLH]DGHOGHSyVLWRGHDJXD
6HUHFRPLHQGDOLPSLDUSHULyGLFDPHQWHHOLQWHULRUGHOGHSyVLWRFRQXQDHVSRQMDRFRQXQSDxR
K~PHGR
/LPSLH]DGHOFXHUSRGHODPiTXLQD
£$WHQFLyQ
/LPSLHODVSDUWHV¿MDVGHODPiTXLQDXWLOL]DQGRXQSDxRK~PHGRQRDEUDVLYRSDUDHYLWDU
GDxDUHOHQYROYHQWH
$872/,03,(=$
/LPSLDUHODSDUDWRSRUORPHQRVXQDYH]DOPHV
6LVHKDFRPSUDGRHO¿OWURSDUDHODJXDYHQGLGRSRUVHSDUDGRVDFDUORGHOGHSyVLWRDQWHVGH
HIHFWXDUHOFLFORGHOLPSLH]DDXWRPiWLFD
 /OHQDUODMDUUDFRQXQDPH]FODFRQVWLWXLGDSRUWD]DVGHYLQDJUHEODQFR\WD]DVGHDJXD
IUHVFD\OLPSLD9HUWHUODPH]FODHQHOGHSyVLWRGHODJXD

(6
 &RORFDUXQ¿OWURGHSDSHOGHWD]DVHQHOSRUWD¿OWUR&LHUUHODWDSD
 3UHVLRQDUHOERWyQ02'(FLQFRYHFHV(OVtPEROR HPSLH]DDSDUSDGHDU3UHVLRQDUHOERWyQ
6(/SDUDFRQ¿UPDU
 3UHVLRQDUHOERWyQGHOFDIp (ODSDUDWRHPLWHXQDVHxDODF~VWLFD\DUUDQFDHOFLFORGHDXWR
OLPSLH]D8QDSDUWHGHODPH]FODVHUiHURJDGDHQODMDUUDPLHQWUDVTXHODSDUWHTXHTXHGDVHUi
UHWHQLGDHQORVFLUFXLWRVGHODPiTXLQDGXUDQWHPLQXWRVDQWHVGHVHUHURJDGDFRPSOHWDPHQ
WHHQODMDUUD(OFLFORFRPSOHWRGHOLPSLH]DDXWRPiWLFDGXUDPLQXWRV&XDQGRHOFLFORGH
DXWROLPSLH]DKDWHUPLQDGRHODSDUDWRHPLWHXQDVHxDODF~VWLFD\VHDSDJDDXWRPiWLFDPHQWH
 (QMXDJDUODMDUUDFRQDJXDIUHVFD\OLPSLD
$QWHVGHSUHSDUDUXQFDIpHURJDUMDUUDVGHDJXDIUHVFDVROD(VWROLPSLDUiHODSDUDWRGH
ORVUHVLGXRVGHDJXD\YLQDJUH
'(6&$/&,),&$&,Ð1
8QEXHQPDQWHQLPLHQWR\XQDUHJXODUOLPSLH]DSUHVHUYDQ\PDQWLHQHQH¿FLHQWHODPiTXLQDGX
UDQWHXQSHULRGRPD\RUOLPLWDQGRHQRUPHPHQWHORVULHVJRVGHIRUPDFLyQGHGHSyVLWRVGHFDOHQ
HODSDUDWR6LDSHVDUGHHOORGHVSXpVGHDOJ~QWLHPSRHOIXQFLRQDPLHQWRGHODSDUDWRHVWXYLHVH
FRPSURPHWLGRFRPRFRQVHFXHQFLDGHOHPSOHRIUHFXHQWHGHDJXDGXUD\FRQPXFKDFDOVHSXHGH
SURFHGHUDODGHVFDOFL¿FDFLyQGHODPiTXLQDSDUDHOLPLQDUHOIXQFLRQDPLHQWRGHIHFWXRVR8WLOLFH
H[FOXVLYDPHQWHSDUDHVWH¿QHOSURGXFWRGHVFDOFL¿FDGRU12&$/GH$5,(7(DEDVHGHiFLGRFt
WULFR(VWHSURGXFWRVHHQFXHQWUDFRQIDFLOLGDGHQORVFHQWURVGH$VLVWHQFLD7pFQLFD$ULHWH$ULHWH
QRVHDVXPHQLQJXQDUHVSRQVDELOLGDGSRUGDxRVDORVFRPSRQHQWHVLQWHULRUHVGHODPiTXLQDGH
FDIpFDXVDGRVSRUHOXVRGHSURGXFWRVQRFRQIRUPHVDFDXVDGHODSUHVHQFLDGHDGLWLYRVTXtPLFRV
(IHFWXDUODGHVFDOFLÀFDFLyQXQDYH]DOPHV6LHODJXDTXHVHXWLOL]DHVPX\GXUD\FDOFiUHD
HIHFWXDUODOLPSLH]DFDGDGRVVHPDQDV
 /OHQDUODMDUUDFRQXQDPH]FODFRQVWLWXLGDSRUWD]DGHYLQDJUHEODQFR\WD]DVGHDJXDIUHVFD
\OLPSLD
 9HUWHUODPH]FODHQHOGHSyVLWRGHODJXD
 $FWLYDUHOFLFORGHHURJDFLyQ\HVSHUDUTXHODMDUUDVHOOHQHKDVWDODPLWDG
 3UHVLRQDUHOERWyQGHOFDIp (ODSDUDWRVHDSDJD
6LGXUDQWHODIDVHGHHVSHUDVHYHULÀFDUDQSHTXHxDVERFDQDGDVGHYDSRUKD\TXHFRQVLGH
UDUHVWHIHQyPHQRDEVROXWDPHQWHQRUPDO
 8QDYH]TXHHODJXDKDWHUPLQDGRGHEDMDUDODMDUUDHVSRVLEOHTXLWDUODMDUUD'HMDUHQIULDUHO
DJXDGXUDQWHPLQXWRV
 9HUWHUHQHOGHSyVLWRODPH]FODFRQWHQLGDHQODMDUUD&LHUUHODWDSD&RORFDUODMDUUDHQODSODFD
GHFDOHQWDPLHQWR
 $FWLYDURWUDYH]XQFLFORGHHURJDFLyQ\HVSHUDUTXHODMDUUDVHOOHQHFRPSOHWDPHQWH8QDYH]
TXHHODJXDKDWHUPLQDGRGHEDMDUDODMDUUDHVSRVLEOHTXLWDUODMDUUD
 3UHVLRQDUHOERWyQGHOFDIp (ODSDUDWRVHDSDJD
 (VSHUDUPLQXWRVSDUDTXHHODSDUDWRVHHQIUtH&RQWURODUTXHHO¿OWURHVWpSXHVWRHQHOSRU
WD¿OWUR
/OHQDUODMDUUDFRQDJXDIUHVFD\UHSHWLUHOFLFORGHHURJDFLyQSDUDOLPSLDUORVFLUFXLWRVLQWHUQRV
GHODSDUDWR$O¿QDOGHOFLFORGHDFODUDGRSUHVLRQDUHOERWyQGHOFDIp SDUDDSDJDUHODSDUD
WR9DFLDUODMDUUD

(6
/DYDUODMDUUDHOSRUWD¿OWURH[WUDtEOH\HO¿OWURGHOFDIpFRQDJXDFDOLHQWH\GHWHUJHQWH6HFDU
WRGDVODVSDUWHV
&XDQGRHODSDUDWRHVWiIUtROLPSLDUHOH[WHULRUFRQXQSDxRVXDYH
&yPRJXDUGDUHODSDUDWR
 'HVFRQHFWDUHOHQFKXIHGHODWRPDGHFRUULHQWH
 *XDUGDUHODSDUDWRHQXQOXJDUIUHVFR\VHFR
&XDQGRHODSDUDWRQRHVWiHQIXQFLyQQRVHGHEHGHMDUODFODYLMDFRQHFWDGDDODWRPDGH
FRUULHQWH
38(67$)8(5$'(6(59,&,2
(QFDVRGHSXHVWDIXHUDGHVHUYLFLRGHODSDUDWRKD\TXHGHVHQFKXIDUORGHODWRPDGHFRUULHQWH
YDFLDUHOGHSyVLWRGHDJXD\ODMDUUD(IHFWXDUODOLPSLH]DGHORVFRPSRQHQWHVYHUSiUUDIR/LP
SLH]DGHODSDUDWR(QHOFDVRGHGHVJXDFHKD\TXHVHSDUDUORVGLVWLQWRVPDWHULDOHVXWLOL]DGRV
SDUDODFRQVWUXFFLyQGHODPiTXLQD\SURFHGHUDODHOLPLQDFLyQGHORVPLVPRVVREUHODEDVHGHVX
FRPSRVLFLyQ\VHJ~QODVGLVSRVLFLRQHVYLJHQWHVHQHOSDtVGHXVR

37
$3523Ð6,72'(67(0$18$/
0HVPRVHRVDSDUHOKRVIRUDPUHDOL]DGRVHPFRQIRUPLGDGHFRPDV1RUPDVHVSHFt¿FDVHXURSHLDV
YLJHQWHVHVmRSRUWDQWRSURWHJLGRVHPWRGDVDVVXDVSDUWHVSRWHQFLDOPHQWHSHULJRVDVGHYHVH
OHUDWHQWDPHQWHHVWHVDYLVRVHXVDURDSDUHOKRVRPHQWHSDUDRXVRDRTXDOIRLGHVWLQDGRSDUD
HYLWDUDFLGHQWHVHGDQRV'HL[DUHVWHPDQXDOVHPSUHDFHVVtYHOSDUDIXWXUDVFRQVXOWDV6HPSUH
TXHGHVHMDUFHGHUHVWHDSDUHOKRDRXWUDVSHVVRDVOHPEUHVHGHLQFOXLUWDPEpPHVWDVLQVWUXo}HV
$VLQIRUPDo}HV DSUHVHQWDGDVQHVWHPDQXDO HVWmRPDUFDGDVFRP RVVHJXLQWHVVtPERORV TXH
LQGLFDP
3HULJRSDUDDVFULDQoDV
3HULJRGHYLGRjHOHFWULFLGDGH
3HULJRGHGDQRVGHYLGRVDRXWUDVFDXVDV
$YLVRUHODWLYRDTXHLPDGXUDV
$WHQomRGDQRVPDWHULDLV
86235(9,672
2DSDUHOKRSRGHVHUXVDGRSDUDDSUHSDUDomRGHFDIp(VWHDSDUHOKRIRLFRQFHELGRVRPHQWHSDUD
XPXVRSULYDGRHGHYHVHUFRQVLGHUDGRLQDGHTXDGRRXVRSDUDXWLOL]DomRFRPHUFLDORXLQGXVWULDO
4XDOTXHURXWUDXWLOL]DomRGDPiTXLQDQmRIRLSUHYLVWDSHOR)DEULFDQWHHHVWHQmRVHUHVSRQVDELOL]D
SRUTXDOTXHUGDQRFDXVDGRSRUXVRLPSUySULRGDPiTXLQD2XVRLPSUySULRGHWHUPLQDWDPEpPD
SHUGDGRHIHLWRGHTXDOTXHUIRUPDGHJDUDQWLD
5,6&265(6Ì'826
$VFDUDFWHUtVWLFDVFRQVWUXWLYDVGRDSDUHOKRREMHWRGHVWDSXEOLFDomR QmRSHUPLWHPSURWHJHUR
XWLOL]DGRUFRQWUDRSRVVtYHOFRQWDWRFRPVDOSLFRVGHYDSRURXiJXDTXHQWH
$WHQomR
3HULJRGHTXHLPDGXUDVFDXVDGRSRUVDOSLFRVGHiJXDTXHQWHRXFDIp1mRDEULUDWDPSD
TXDQGRDSURGXomRHVWLYHUHPFXUVR
$'9(57È1&,$6,03257$17(6
/(5&8,'$'26$0(17((67$6,16758d¯(6
 2DSDUHOKRpGHVWLQDGRVRPHQWHSDUDRXVRGRPpVWLFRHQmRGHYHVHUGHVLJQD
GRSDUDXWLOL]DomRFRPHUFLDORXLQGXVWULDO
 1mRVHDVVXPHPTXDLVTXHUWLSRVGHUHVSRQVDELOLGDGHSHORXVRLQFRUUHFWRRX
SRUHPSUHJRVGLIHUHQWHVGDTXHOHVSUHYLVWHVSHORSUHVHQWHIROKHWR
 5HFRPHQGDVHJXDUGDUDHPEDODJHPRULJLQDOYLVWRTXHQmRpHIHFWXDGDDDV
VLVWrQFLDJUDWXLWDSRUGDQRVGHYLGRVjHPEDODJHPQmRDGHTXDGDGRSURGXWRQR
PRPHQWRGRHQYLRGRPHVPRDXP&HQWURGH$VVLVWrQFLDDXWRUL]DGR
 2DSDUHOKRHVWiFRQIRUPHFRPRUHJXODPHQWR(&1RGH
VREUHPDWHULDLVHPFRQWDFWRFRPDOLPHQWRV

37
3HULJRSDUDDVFULDQoDV

2DSDUHOKRSRGHVHUXVDGRSRUFULDQoDVFRPLGDGHVXSHULRUDDQRVVRPHQWHVH
RULHQWDGDVSRUXPDSHVVRDUHVSRQViYHOSHODVPHVPDVRXVHWLYHUHPUHFHELGR
LQVWUXo}HVUHODWLYDVDRXVRGRDSDUHOKRHPWRWDOVHJXUDQoDHWLYHUHPFRPSUHHQ
GLGRRVSHULJRVSUHVHQWHVGXUDQWHRXVR
 $VRSHUDo}HVGHOLPSH]DHGHPDQXWHQomRSRUSDUWHGRXWLOL]DGRUQmRGHYHP
VHUHIHWXDGDVSRUFULDQoDVH[FHWRVHHVWDVIRUHPPDLRUHVGHDQRVHDWXDUHP
VRERULHQWDomRGHXPDGXOWReQHFHVViULRFHUWL¿FDUVHTXHDVFULDQoDVQmR
EULQTXHPFRPRDSDUHOKR
 0DQWHUVHPSUHRDSDUHOKRHRFDERGHDOLPHQWDomRIRUDGRDOFDQFHGHFULDQoDV
GHLGDGHLQIHULRUDDQRV
 1mRGHL[HRFDERGHDOLPHQWDomRSHQGXUDGRRQGHSRGHULDVHUSX[DGRSRUXPD
FULDQoD
 1mRGHL[DURVHOHPHQWRVGDHPEDODJHPDRDOFDQFHGHFULDQoDVSRLVFRQVWLWXHP
SRWHQFLDLVIRQWHVGHSHULJR
 1RPRPHQWRHPTXHGHFLGLUQmRXWLOL]DUPDLVRDSDUHOKRUHFRPHQGDPRVFRUWDU
RFDERGHDOLPHQWDomRSDUDTXHQmRSRVVDPDLVIXQFLRQDU5HFRPHQGDPRV
ID]HUFRPTXHVXDVSDUWHVVXVFHSWtYHLVDFRQVWLWXLUSHULJRSULQFLSDOPHQWHSDUD
FULDQoDVTXHSRGHULDPXWLOL]DURDSDUHOKRSDUDEULQFDUWRUQHPVHLQyFXDV
3HULJRGHYLGRjHOHFWULFLGDGH
 2DSDUHOKRSRGHVHUXVDGRSRUSHVVRDVTXHSRVVXHPFDSDFLGDGHVItVLFDVVHQ
VRULDLVRXPHQWDLVUHGX]LGDVRXVHPH[SHULrQFLDRXFRQKHFLPHQWRVRPHQWHVH
RULHQWDGDVSRUXPDSHVVRDUHVSRQViYHOSHODPHVPDRXVHWLYHUHPUHFHELGRH
FRPSUHHQGLGRDVLQVWUXo}HVUHODWLYDVDRXVRGRDSDUHOKRHPWRWDOVHJXUDQoDH
WLYHUHPFRPSUHHQGLGRRVSHULJRVSUHVHQWHVGXUDQWHRXVR
 $QWHVGHOLJDURDSDUHOKRjUHGHGHDOLPHQWDomRFHUWL¿FDUVHTXHDWHQVmRLQGL
FDGDQDSODFDGHFDUDFWHUtVWLFDVFRORFDGDQDSDUWHLQIHULRUGDPiTXLQDFRUUHV
SRQGDjTXHODGDUHGHORFDO
 8VRGHH[WHQV}HVHOpFWULFDVQmRDXWRUL]DGDVSHORIDEULFDQWHGRDSDUHOKRSRGH
SURYRFDUGDQRVHDFLGHQWHV
 $QWHVGHSURFHGHUDRHQFKLPHQWRGRGHSyVLWRGHiJXDGHVOLJXHRDSDUHOKRGD
WRPDGD
 6HRFDERGHDOLPHQWDomRVHHVWUDJDUGHYHUiVHUVXEVWLWXtGRSHORVHUYLoRGH
$VVLVWrQFLD7pFQLFD$XWRUL]DGRRXSRUSHVVRDFRPTXDOL¿FDomRVLPLODUGHPRGR
DSUHYHQLUTXDOTXHUULVFR
 1XQFDFRORFDUDVSDUWHVVREWHQVmRHPFRQWDFWRFRPDiJXDLVWRSRGHSURYR
FDUXPFXUWRFLUFXLWR
 $QWHVGHHIHFWXDUTXDOTXHULQWHUYHQomRGHOLPSH]DRXPDQXWHQomRGDPiTXLQD
GHVOLJXHVHPSUHD¿FKDGDWRPDGD
 1mRLPHUJLURDSDUHOKRHPiJXDRXRXWURVOtTXLGRV

37
 1XQFDFRORFDURDSDUHOKRSHUWRRXVREUHXPDSLD
 1mRUHPRYHUDWDPSDLQIHULRUGRDSDUHOKR1mRKiSDUWHVLQWHUQDVDVHUHPXWLOL
]DGDVRXOLPSDV
3HULJRGHGDQRVGHYLGRVDRXWUDVFDXVDV
 (VFROKHUXPDPELHQWHEHPLOXPLQDGROLPSRHFRPDWRPDGDGHFRUUHQWHIDFLO
PHQWHDFHVVtYH
 (YLWDUDLQWURGXomRGHXPDTXDQWLGDGHH[FHVVLYDGHiJXDQRGHSyVLWR
 1mRGHL[DURDSDUHOKRVHPYLJLOkQFLDHQTXDQWRHVWHHVWLYHUOLJDGRjUHGHHOpF
WULFD
 2DSDUHOKRGHYHVHUXWLOL]DGRHGHL[DGRHPUHSRXVRVREUHXPDVXSHUItFLHHVWi
YHO
 2DSDUHOKRQmRGHYHVHUXWLOL]DGRVHWLYHUFDtGRVHKRXYHUVLQDLVGHGDQRV
YLVtYHLVRXVHKRXYHUSHUGDVGHiJXD1mRXVDURDSDUHOKRVHRFDERHOpFWULFR
RXDWRPDGDHVWLYHUHPGDQL¿FDGRVRXVHRSUySULRDSDUHOKRUHVXOWDUGHIHLWXRVR
7RGDVDVUHSDUDo}HVLQFOXtGDDVXEVWLWXLomRGRFDERGHDOLPHQWDomRGHYHP
VHUUHDOL]DGDVVRPHQWHSRU&HQWURVGH$VVLVWrQFLD$ULHWHRXSRUWpFQLFRVDXWR
UL]DGRV$ULHWHGHPRGRDSUHYHQLUTXDOTXHUSHULJR
$YLVRUHODWLYRDTXHLPDGXUDV
 1mRDEULUDWDPSDTXDQGRDSURGXomRHVWLYHUHPFXUVR
 $JXDUGDUTXHRDSDUHOKRWHQKDHVIULDGRDQWHVGHHQFKHURGHSyVLWRFRPiJXD
SHULJRGHTXHLPDGXUDVFDXVDGDVSRUVDOSLFRVGHiJXDRXYDSRU
 1mRGHL[DURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWRTXDQGRDPiTXLQDHVWL
YHUIXQFLRQDQGR3HULJRGHUXSWXUDGRMDUUR3HULJRGHTXHLPDGXUDVGHYLGDVDR
FRQWDWRFRPRMDUUR
$WHQomRGDQRVPDWHULDLV
 &RORFDUDPiTXLQDVREUHXPSODQRHVWiYHORQGHQmRSRVVDVHUWRPEDGD
 1mRXWLOL]HDPiTXLQDVHPiJXDSRUTXHDERPEDSRGHTXHLPDU
 1XQFDHQFKHURGHSyVLWRGHiJXDFRPiJXDTXHQWHRXIHUYHQWH
 1mRSRVLFLRQDUDPiTXLQDVREUHVXSHUItFLHVPXLWRTXHQWHVRXQDVSUR[LPLGDGHV
GHFKDPDVOLYUHVSDUDHYLWDUTXHDHVWUXWXUDSRVVDVRIUHUGDQRV
 2FDERGHDOLPHQWDomRQmRGHYHWRFDUDVSDUWHVTXHQWHVGDPiTXLQD
 1mRXWLOL]DUiJXDFRPJiVFRPDGLomRGHGLy[LGRGHFDUERQR
 1XQFDLQWURGX]LUQR¿OWURQHQKXPDVXEVWkQFLDGLIHUHQWHGHSyGHFDIp'RFRQ
WUiULRLVWRSRGHULDFDXVDUJUDYHVGDQRVDRDSDUHOKR
 1mRGHL[HDPiTXLQDHPORFDLVFRPWHPSHUDWXUDDPELHQWHLQIHULRUDSRUTXH
DiJXDGDFDOGHLUDSRGHULDJHODUHSURYRFDUGDQRVQDPiTXLQD
 1mRXWLOL]DURDSDUHOKRDFpXDEHUWR
 1mRH[SRURDSDUHOKRDDJHQWHVDWPRVIpULFRVFKXYDVROHWF
 'HSRLVGHWHUGHVOLJDGRD¿FKDGDWRPDGDGHFRUUHQWHHOpFWULFDHGHSRLVGDV

37
SDUWHVTXHQWHVGDPiTXLQDWHUHPDUUHIHFLGRRDSDUHOKRGHYHUiVHUOLPSR~QLFD
HH[FOXVLYDPHQWHFRPXPSDQRQmRDEUDVLYROLJHLUDPHQWHKXPHGHFLGRFRP
iJXDDGLFLRQDGDFRPDOJXPDVJRWDVGHGHWHUJHQWHQHXWURQmRDJUHVVLYRQXQFD
XWLOL]HVROYHQWHVSRLVHOHVHVWUDJDPRSOiVWLFR
3UHFDXo}HVSDUDRXVRGRMDUUR
 8WLOL]DURMDUURVRPHQWHFRPHVWDPiTXLQDGHFDIp1mRXWLOL]DURMDUURSDUD
DTXHFHURFDIpQRIRJmRRXRXWUDVIRQWHVGHFDORU1mRFRORFDURMDUURQRIRUQR
PLFURRQGDVSDUDDTXHFHURFDIp
 2MDUURGHYHVHUXWLOL]DGRVRPHQWHFRPDFKDSDGHDTXHFLPHQWRGRDSDUHOKR
 3DUDHYLWDUUXSWXUDVGRMDUUROHYDQWiORFRPFXLGDGR(YLWDUFKRTXHVGRMDUUR
FRPRXWURVREMHWRVSHULJRGHUXSWXUDGRYLGUR'XUDQWHRHQFKLPHQWRGRMDUUR
FRPiJXDHYLWDUTXHRPHVPRHQWUHHPFRQWDWRFRPDWRUQHLUD
 1mRDSRLDURMDUURYD]LRVREUHVXSHUItFLHVTXHQWHV
 1mRDSRLDURMDUURTXHQWHVREUHVXSHUItFLHVIULDVRXPROKDGDV$JXDUGDUTXHR
DSDUHOKRWHQKDHVIULDGRDQWHVGHODYiORRXDGLFLRQDUiJXDIUHVFD
 1mROLPSDURMDUURFRPHVSRQMDVPHWiOLFDVGHWHUJHQWHVDEUDVLYRVRXRXWURV
PDWHULDLVTXHSRVVDPDUUDQKDURYLGUR
 1mRXWLOL]DURMDUURVHWLYHUVLGRDTXHFLGRDVHFRSRUPXLWRWHPSR6XEVWLWXLOR
FRPXPRXWURMDUURRULJLQDO
&216(59$5(67$6,16758d¯(6
'(6&5,d®2'2$3$5(/+2
$-DUUR .&RPSDUWLPHQWRSDUDRFDER
%3HJDGDMDUUD / &DERGHDOLPHQWDomR)LFKD
&7DPSDGDMDUUD 0&KDSDGHDTXHFLPHQWR
'%LFRGHSURGXomRGRFDIp 1'LVSOD\
(6HGHGRSRUWD¿OWUR 202'(
)'HSyVLWRGHiJXD 36(/
*,QGLFDGRUGHQtYHOGHiJXD 4$872
+)LOWURGRFDIp 5%RWmRGHSURJUDPDomRGDVKRUDV+5
, 3RUWD¿OWURDPRYtYHO 6%RWmRGHSURJUDPDomRGRVPLQXWRV0,1
- 7DPSDGRGHSyVLWR
7%RWmRGHSURGXomRGRFDIp
GHVOLJDU
'DGRVGHLGHQWLÀFDomR
1DSODFDVLWXDGDDEDL[RGDEDVHGHDSRLRGDPiTXLQDIRUDPFRORFDGRVRVVHJXLQWHVGDGRVGH
LGHQWL¿FDomRGDPiTXLQD
 IDEULFDQWHHPDUFDomR&(
 PRGHOR0RG
 QGHPDWUtFXOD61
 WHQVmRHOpFWULFDGHDOLPHQWDomR9HIUHTXrQFLD+]
 SRWrQFLDHOpFWULFDDEVRUYLGD:

37
 Q~PHURYHUGHGHDVVLVWrQFLD
3DUDVROLFLWDo}HVDRV&HQWURVGH$VVLVWrQFLD$XWRUL]DGRVLQGLFDURPRGHORHRQ~PHURGHPDWUt
FXOD
,16758d¯(6'(862
$FFLRQDPHQWR
 &HUWL¿FDUVHTXHDWHQVmRGDUHGHGRPpVWLFDVHMDLJXDOjLQGLFDGDQDFKDSDGRVGDGRVWpFQLFRV
GRDSDUHOKR
 5HPRYHURVPDWHULDLVGHHPEDODJHPGRLQWHULRUHGRH[WHULRUGRDSDUHOKR
 (PVHJXLGDSRVLFLRQDURDSDUHOKRVREUHXPDVXSHUItFLHSODQD3RVLFLRQDURDSDUHOKRDXPD
GLVWkQFLDGHSHORPHQRVFPORQJHGHSDUHGHVPyYHLVRXRXWURVDSDUHOKRV
$WHQomR
3HULJRGHGDQRVjVXSHUItFLHGHDSRLRGRDSDUHOKR$WHPSHUDWXUDHOHYDGDGRDSDUHOKRSRGH
SURYRFDUSODVWL¿FDo}HVGDVVXSHUItFLHVGHDSRLR,QVHULUXPSDQRRXXPDSHTXHQDWRDOKD
HQWUHRDSDUHOKRHDVXSHUItFLHGHDSRLR
$WHQomR
3HULJRGHVREUHFDUJDGDOLQKDHOpWULFD'RLVRXPDLVDSDUHOKRVOLJDGRVDXPDWRPDGDHOp
WULFDSRGHPJHUDUFXUWRFLUFXLWR&RQHFWDURDSDUHOKRDXPDWRPDGDHOpWULFDVHPRXWURV
HOHWURGRPpVWLFRVFRQHFWDGRV
 /DYDURMDUURRSRUWD¿OWURDPRYtYHOHR¿OWURGHFDIpFRPiJXDTXHQWHHVDEmR(Q[DJXDUH
VHFDURVFRPSRQHQWHV
 3RVLFLRQDURSRUWD¿OWURDPRYtYHOHPVXDVHGH)LJ
$YiOYXODGHÁX[RSRVLFLRQDGDQRIXQGRGRSRUWDÀOWURDPRYtYHOGHYHVHULQVHULGDQRIXUR
FHQWUDOGDVHGHGRSRUWDÀOWUR
/LJDUDPiTXLQDSHODSULPHLUDYH]
$ROLJDUDPiTXLQDSHODSULPHLUDYH]RXDSyVXPORQJRSHUtRGRVHPXWLOL]iODUHFRPHQGD
VHGHL[DUVDLUXPDTXDQWLGDGHFRUUHVSRQGHQWHDGRLVMDUURVGHiJXDGRFLUFXLWRKLGUiXOLFR
GDFDOGHLUD
 (QFKHURGHSyVLWRFRPiJXDQDWXUDOIUHVFD)LJDWpRQtYHOLQGLFDGRFRP2QtYHO
HTXLYDOHDRQtYHOPi[LPRGHiJXDHDRQ~PHURPi[LPRGHFKiYHQDVGHFDIp)HFKDUDWDPSD
GRGHSyVLWR
181&$HQFKHURGHSyVLWRGHiJXDDOpPGRQtYHOPi[LPR
3DUDHVWDODYDJHPQmRLQVHULURÀOWURGHFDIpQRSRUWDÀOWUR
 /LJXHD¿FKDjWRPDGDGDFRUUHQWHHOpFWULFDTXHGHYHVHUSURYLGDGHOLJDomRjWHUUD
 3RVLFLRQDURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWR0&HUWL¿FDUVHTXHDYiOYXODGHÀX[R
HVWHMDSRVLFLRQDGDFRUUHWDPHQWHQDWDPSDGRMDUUR
 3UHVVLRQDURERWmRGHSURGXomRGRFDIp $JXDUGDUTXHWRGDDiJXDFRQWLGDQRGHSyVLWR
DJRUDHVWHMDQRMDUUR$JXDUGDUPLQXWRVSDUDTXHRDSDUHOKRSRVVDHVIULDU
 5HSHWLUDRSHUDomRFRPXPVHJXQGRMDUURGHiJXD$JXDUGDUTXHWRGDDiJXDFRQWLGDQRGH
SyVLWRDJRUDHVWHMDQRMDUUR
$JRUDpSRVVtYHOSUHSDUDURDSDUHOKRHSURGX]LURSULPHLURMDUURGHFDIp

37
3UHSDUDomRGDPiTXLQD
$QWHVGHOLJDURIHUURFHUWLÀFDUVHTXHKDMDXPDTXDQWLGDGHVXÀFLHQWHGHiJXDQRUHVHU
YDWyULR
$VRSHUDo}HVGHHQFKLPHQWRGHiJXDGHYHPVHUHIHWXDGDVFRPDWRPDGDGRFDERGHDOL
PHQWDomRGHVOLJDGDGRSRQWRGHFRUUHQWH
 $EULUDWDPSDGRGHSyVLWR-2LQGLFDGRUGHQtYHO*SRVVXLXPDHVFDODJUDGXDGDGHD
FDGDQ~PHURFRUUHVSRQGHDRQ~PHURGHFKiYHQDVGHFDIp(QFKHURMDUURFRPiJXDQDWXUDO
IUHVFD&RORFDUiJXDQRGHSyVLWRDWpRQtYHOGHVHMDGRSDUDFKiYHQDVGHFDIpHSDUD
FKiYHQDVGHFDIp
 3RVLFLRQDURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWR0
$WHQomR
1mRXWLOL]DURMDUURVHDSUHVHQWDUUXSWXUDVQRYLGURRXQDDOoD3HULJRGHTXHLPDGXUDVFDX
VDGDVSHORFRQWDWRFRPRFDIpTXHQWHGHYLGRjUXSWXUDGRMDUUR
1mRDSRLDUQHQKXPREMHWRVREUHDWDPSDTXDQGRRDSDUHOKRHVWLYHUHPIXQFLRQDPHQWR
$WHQomR
1mRDEULUDWDPSDTXDQGRDSURGXomRHVWLYHUHPFXUVRSHULJRGHTXHLPDGXUDVGHYLGRD
VDOSLFRVGHiJXDTXHQWHRXFDIp
 3RVLFLRQDUR¿OWURGHFDIpQRSRUWD¿OWUR'RVDURFDIpQR¿OWUR8PDFKiYHQDGHFDIpHTXLYDOH
DXPDFROKHUUDVDGHSyGHFDIp
 $EDL[DURPDQtSXORGR¿OWURGHFDIp)HFKDUDWDPSDGRGHSyVLWR
 /LJXHD¿FKDjWRPDGDGDFRUUHQWHHOpFWULFDTXHGHYHVHUSURYLGDGHOLJDomRjWHUUD2GLVSOD\
VHDFHQGHUiHRKRUiULRLQtFLDUDDSLVFDU$0 8WLOL]DUDVWHFODV+5H0,1SDUDSUR
JUDPDUDKRUDORFDO3UHVVLRQDU6(/SDUDFRQ¿UPDU6HQmRIRUSUHVVLRQDGDQHQKXPDWHFODR
GLVSOD\VHDSDJDUiDSyVVHJXQGRV
 3UHVVLRQDUDWHFODFDIp SDUDGDULQtFLRDRFLFORGHSURGXomRGRFDIp$JXDUGDUDVDtGDGR
FDIpSDUDRMDUURDWpRFRPSOHWDPHQWRGRFLFORVHOHFLRQDGRQ~PHURGHFKiYHQDV
 e3266Ë9(/,17(55203(5$352'8d2'2&$)e$17(6'2&203/(7$0(172'2
&,&/2'(35(3$5$d2
 H[WUDLUDFKiYHQDYHU)XQomRSDXVDSDUDVHUYLURFDIp
 SUHVVLRQDUDWHFODFDIpDWpTXDQGRRDSDUHOKRHPLWLUXPEHHSHRVLQDOL]DGRUOXPLQRVRGHVWD
PHVPDWHFODDSDJDUVH
$SyVHIHWXDGRRGHVOLJDPHQWRDXWRPiWLFRRXGHVHMDGRDFKDSDGHDTXHFLPHQWRLQLFLDUiDDTXH
FHUVH
'HL[DUDWDPSDVREUHRMDUURSDUDPDQWHURFDIpTXHQWHHSDUDVHUYLURFDIpVHPSHULJRGH
TXHLPDGXUDV
 3HJDURMDUURSHODDOoD,QFOLQDUOLJHLUDPHQWHRMDUURHGHLWDURFDIpTXHQWHHPXPDFKiYHQD
 3UHVVLRQDUHOLEHUDUDWHFODFDIp SDUDGHVOLJDURDSDUHOKR
1mRPRYHURDSDUHOKRTXDQGRKRXYHUOtTXLGRVTXHQWHVQRMDUURRXQRGHSyVLWR$JXDUGDUR
DUUHIHFLPHQWRWRWDOGRDSDUHOKR
$TXDQWLGDGHGHiJXDTXHYDLSDUDRMDUURVHUiXPSRXFRPHQRUHPUHODomRjTXDQWLGDGH
GHLWDGDQRGHSyVLWR8PSRXFRTXHiJXDVHUiDEVRUYLGDSHORFDIpHPSyHSHORÀOWUR

37
3URJUDPDomRGDKRUD
 3UHVVLRQDUDWHFOD+5SDUDVHOHFLRQDUDKRUD3UHVVLRQDUHPDQWHUSUHVVLRQDGDDWHFOD+5SDUD
SURJUDPDUDKRUDPDLVUDSLGDPHQWH
 3UHVVLRQDUDWHFOD0,1SDUDVHOHFLRQDURVPLQXWRV3UHVVLRQDUHPDQWHUSUHVVLRQDGDDWHFOD
0,1SDUDSURJUDPDURVPLQXWRVPDLVUDSLGDPHQWH
 4XDQGRDKRUDSURJUDPDGDHVWLYHUH[DWDSUHVVLRQDUDWHFOD6(/2DSDUHOKRHPLWLUiXPEHHS
 3DUDUHSURJUDPDUDKRUDSUHVVLRQDUDWHFOD02'(VHLVYH]HVDWpTXDQGRRVtPEROR
LQLFLDU
DSLVFDU3UHVVLRQDUDWHFOD6(/2KRUiULRLQLFLDUiDSLVFDU$JRUDVHUiSRVVtYHOSURJUDPDUD
KRUDFRPRGHVFULWRQRVLWHQVDQWHULRUHV
3URJUDPDomRGRFLFORDXWRPiWLFR
3UHVVLRQDUHPDQWHUSUHVVLRQDGDDWHFOD$872DWpTXDQGRQRGLVSOD\LQLFLDUDSLVFDUDHVFULWD
352*5$00MXQWRDRVtPEROR 6HJXLURPpWRGRGHSURJUDPDomRGDKRUDSDUDSURJUDPDU
KRUDHPLQXWRV3UHVVLRQDUDWHFOD$872RX6(/SDUDFRQ¿UPDU2DSDUHOKRHPLWLUiXPEHHSH
QRGLVSOD\VXUJLUiDKRUDDWXDOHRVtPERORGRWLPHU RDSDUHOKRLQLFLDUiRFLFORGHSUHSDUDomR
GRFDIpQDKRUDSURJUDPDGD
3DUDDQXODUDVSURJUDPDo}HVHRVSDUkPHWURVGH¿QLGRVDQWHULRUPHQWHpVX¿FLHQWHSUHVVLRQDU
QRYDPHQWHDWHFOD$872
3URJUDPDomRGDLQWHQVLGDGHGRFDIp
2DSDUHOKR SRVVXLXPDIXQomR TXHSHUPLWHUHJXODU DLQWHQVLGDGH GRFDIpSDUD DGDSWiODDRV
SUySULRVJRVWRV
1RUPDO
3UHVVLRQDUDWHFOD02'(XPDYH]2VtPEROR LQLFLDUiDSLVFDU3UHV
VLRQDUDWHFOD6(/SDUDFRQ¿UPDU(VWDPRGDOLGDGHFRUUHVSRQGHjFRQ¿
JXUDomRGHIiEULFD
0pGLR
3UHVVLRQDUDWHFOD02'(GXDVYH]HV2VtPEROR LQLFLDUiDSLVFDU
3UHVVLRQDUDWHFOD6(/SDUDFRQ¿UPDU2VtPEROR UHJXODDSURGXomR
FRQVLGHUDQGRXPDMDUUDGHFDIp,VVRID]FRPTXHRFDIpVHWRUQHPDLV
DURPiWLFR
)RUWH
3UHVVLRQDUDWHFOD02'(WUrVYH]HV2VtPEROR LQLFLDUiDSLVFDU
3UHVVLRQDUDWHFOD6(/SDUDFRQ¿UPDU2VtPEROR UHJXODDSURGX
omRHRWHPSRGHLQIXVmRFRQVLGHUDQGRXPMDUURGHFDIp,VVRID]FRP
TXHRFDIpVHWRUQHPDLVIRUWH
0RGDOLGDGH 
FKiYHQDV
3UHVVLRQDUD WHFOD02'( TXDWURYH]HV 2VtPEROR LQLFLDUi D
SLVFDU3UHVVLRQDUDWHFOD6(/SDUDFRQ¿UPDU$PRGDOLGDGHFKiYHQDV
SHUPLWHSUHSDUDURFDIpSDUDXPPi[LPRGHFKiYHQDV1RGHSyVLWRGD
iJXDGHYHVHUFRORFDGDVRPHQWHXPDTXDQWLGDGHGHiJXDFRUUHVSRQ
GHQWHDRQtYHOGRMDUUR2VtPEROR UHJXODDXWRPDWLFDPHQWHD
SURGXomRSDUDREWHURPi[LPRVDERUSDUDSHTXHQDVTXDQWLGDGHVGHFDIp
,GHDOSDUDXPPi[LPRGHFKiYHQDVGHFDIp
6HQRGHSyVLWRKRXYHUPDLViJXDDSURGXomRQmRWHUPLQDUiDWp
TXDQGRWRGDDiJXDGRGHSyVLWRSDVVDUSDUDRMDUUR
$SyVWHUVHOHFLRQDGRDSURJUDPDomRGHVHMDGDSUHVVLRQDUDWHFODFDIp 2DSDUHOKRHPLWHXP
EHHSHLQLFLDUiDSUHSDUDomRGRFDIp

37
)XQomRSDXVDSDUDVHUYLURFDIp
3DUDVHUYLURFDIpDQWHVTXHDSUHSDUDomRGRMDUURGHFDIpWHUPLQHEDVWDUHPRYHURMDUURGDFKDSD
GHDTXHFLPHQWR
$JXDUGDUDSUHSDUDomRGHSHORPHQRVFKiYHQDVGHFDIpDQWHVGHUHPRYHURMDUUR
$SUHSDUDomRVHLQWHUURPSHDXWRPDWLFDPHQWHSRUVHJXQGRV3RVLFLRQDURMDUURQDFKDSDGH
DTXHFLPHQWRSDUDUHWRPDURFLFORGHSUHSDUDomR
$WHQomR
3HULJRGHTXHLPDGXUDVGHYLGDVDRFRQWDWRFRPRFDIpTXHQWHTXHVDLSHORELFRGHSURGX
omR2MDUURGHYHVHUSRVLFLRQDGRQDFKDSDGHDTXHFLPHQWRGHQWURGHVHJXQGRVGHVGH
RPRPHQWRHPTXHIRLUHPRYLGR
)XQomRGHDXWRGHVOLJDPHQWR
6HDPiTXLQDHVWLYHUOLJDGDPDVQmRIRUXWLOL]DGDDSyVFHUFDGHPLQXWRVDWLYDVHDIXQomRGH
DXWRGHVOLJDPHQWR(VWDIXQomRFRORFDDPiTXLQDHPVWDQGE\HGHVDWLYDWRGDVDVIXQo}HVGH
DTXHFLPHQWR
&RPRSUHSDUDUXPVHJXQGRMDUURGHFDIp
3UHVVLRQDUDWHFODFDIp $PiTXLQDGHVOLJDVH5HPRYHUD¿FKDGDWRPDGDGHFRUUHQWH
$WHQomR
3HULJRGHTXHLPDGXUDVFDXVDGDVSRUVDOSLFRVGHiJXDRXYDSRU$JXDUGDUSHORPHQRV
PLQXWRVDQWHVGHHQFKHURGHSyVLWRFRPiJXD$JXDUGDURDUUHIHFLPHQWRGDVSDUWHVTXHQWHV
GRDSDUHOKR
$QWHVGHLQLFLDUDSUHSDUDomRGRFDIpFHUWLÀFDUVHTXHKDMDiJXDVXÀFLHQWHQRGHSyVLWR
1mRLQLFLDUDSUHSDUDomRGRFDIpVHRQLYHOGHiJXDHVWLYHUDEDL[RGRQtYHOPtQLPR
 $EULUDWDPSDGRDSDUHOKR/HYDQWDURPDQtSXORGR¿OWURGHFDIp([WUDLUR¿OWURGHFDIpGRSRUWD
¿OWUR5HPRYHURVUHVtGXRVGHFDIpGR¿OWUR
 5HPRYHURSRUWD¿OWURGRDSDUHOKR(Q[DJXDURMDUURHRSRUWD¿OWURFRPiJXDIUHVFDHOLPSD
(QFKHURGHSyVLWRFRPiJXDQDWXUDOIUHVFDDWpRQtYHOGHVHMDGR
 3RVLFLRQDURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWR0
 3RVLFLRQDURSRUWD¿OWURHPVXDVHGH)LJ3RVLFLRQDUR¿OWURGHFDIpQRSRUWD¿OWUR)LJ
'RVDURFDIpQR¿OWUR8PDFKiYHQDGHFDIpHTXLYDOHDXPDFROKHUUDVDGHSyGHFDIp
 )HFKHDWDPSD,QWURGX]DD¿FKDQDWRPDGDGHDOLPHQWDomR
 3UHVVLRQDUDWHFODFDIp $PiTXLQDLQLFLDUiRFLFORGHSUHSDUDomRGRFDIp
&216(/+263$5$35(3$5$580%20&$)e
 3DUDREWHUXPFDIpVDERURVRpQHFHVViULRPDQWHURDSDUHOKROLPSR(IHWXDUDOLPSH]DHDGHV
FDOFL¿FDomRFRPUHJXODULGDGHFRPRGHVFULWRQRSDUiJUDIR/LPSH]DGRDSDUHOKR
 8WLOL]DUVHPSUHiJXDIUHVFDHOLPSD
 &RPXPDPRDJHPPDLV¿QDpREWLGRXPFDIpPDLVULFRHFRUSRVR8PDPRDJHPUHJXODUH[LJL
UiPDLVFDIpSDUDREWHURVDERUWtSLFRGDVPLVWXUDVPRtGDVGHPRGRPDLV¿QR
 0DQWHURSyGHFDIpHPOXJDUHVIUHVFRVHVHFRV)HFKDUKHUPHWLFDPHQWHDVFRQIHFo}HVDEHU
WDVHGHL[iODVQRIULJRUtIHUR
 3DUDXPVDERULGHDOFRPSUHRFDIpHPJUmRVHHIHWXHVXDPRDJHPDQWHVGDSUHSDUDomR
 2FDIpDTXHFLGRQmRWHPXPVDERUySWLPR2FDIpDWLQJHVHXPHOKRUVDERUORJRDSyVDSUH

37
SDUDomR
 $SUHVHQoDGHSHTXHQDVJRWDVGHyOHRQDVXSHUItFLHGRFDIpSRGHVHUFDXVDGDSHORXVRSUR
ORQJDGRGHPLVWXUDVWRVWDGDVHIHWXDUDOLPSH]DFRPUHJXODULGDGH
/,03(=$'2$3$5(/+2
(VWHDSDUHOKRUHTXHUSRXFDPDQXWHQomR(OHQmRFRQWpPSDUWHVTXHSRGHPVHUUHSDUDGDVSHOR
XWLOL]DGRU4XDOTXHURSHUDomRTXHH[LJLUDGHVPRQWDJHPGHSDUWHVGHYHVHUUHDOL]DGDSRUXP
&HQWURGH$VVLVWrQFLD$XWRUL]DGR
$WHQomR
7RGDVDVRSHUDo}HVGHOLPSH]DLQGLFDGDVDEDL[RGHYHPVHUHIHFWXDGDVFRPPiTXLQDGHV
OLJDGDHFRP¿FKDHOpFWULFDGHVFRQHFWDGDGDWRPDGDGHFRUUHQWH
$WHQomR
8PDPDQXWHQomRHXPDOLPSH]DUHJXODUHVSUHVHUYDPHPDQWpPH¿FLHQWHDPiTXLQDSRU
XPSHUtRGRGHWHPSRPDLRU1XQFDODYDURVFRPSRQHQWHVGDPiTXLQDQDPiTXLQDGHODYDU
ORXoD1mRXWLOL]DUMDFWRVGHiJXDGLUHFWD
$WHQomR
7RGDVDVRSHUDo}HVGHYHPVHUHIHFWXDGDVFRPPiTXLQDIULD
/LPSH]DGRÀOWURHGRSRUWDÀOWUR
$SyVXWLOL]DURDSDUHOKRH[WUDLUL¿OWURGRFDIpGRSRUWD¿OWUR5HPRYHURVUHVtGXRVGHFDIpGR¿OWUR
(Q[DJXDUR¿OWURFRPiJXDIUHVFDHOLPSD([WUDLURSRUWD¿OWURHODYiORFRPiJXDTXHQWHHVDEmR
/LPSH]DGDMDUUD
$WHQomR
3DUDHYLWDUUXSWXUDVGRMDUUROHYDQWiORFRPFXLGDGR(YLWDUFKRTXHVGRMDUURFRPRXWURV
REMHWRVSHULJRGHUXSWXUDGRYLGUR'XUDQWHRHQFKLPHQWRGRMDUURFRPiJXDHYLWDUTXHR
PHVPRHQWUHHPFRQWDWRFRPDWRUQHLUD
(Q[DJXDURMDUURFRPiJXDTXHQWHHVDEmR/DYDUDWDPSDGRMDUURHOLPLQDQGRUHVtGXRVGHFDIp
FRPXPDHVFRYD/LPSDURMDUURXVDQGRXPSDQRK~PLGRHPDFLRSDUDQmRHVWUDJDUDVXSHUItFLH
GHYLGUR1mRXWLOL]DUHVSRQMDVPHWiOLFDVRXRXWURVPDWHULDLVDEUDVLYRV
/LPSH]DGRGHSyVLWR
$FRQVHOKDPRVDOLPSH]DSHULyGLFDGDSDUWHLQWHUQDGRGHSyVLWRFRPXPDHVSRQMDRXXPSDQR
K~PLGR
/LPSH]DGRFRUSRGDPiTXLQD
$WHQomR
/LPSDUDVSDUWHV¿[DVGDPiTXLQDXVDQGRXPSDQRK~PLGRQmRDEUDVLYRSDUDQmRGDQL¿FDU
DHVWUXWXUD
$872/,03(=$
/LPSDURDSDUHOKRSHORPHQRVXPDYH]SRUPrV
6HWLYHUDGTXLULGRR¿OWURSDUDDiJXDYHQGLGRVHSDUDGDPHQWHUHPRYHORGRGHSyVLWRDQWHVGH
HIHWXDURFLFORGHOLPSH]DDXWRPiWLFD

37
 (QFKHURMDUURFRPXPDPLVWXUDFRPSRVWDGHFKiYHQDVGHYLQDJUHEUDQFRHFKiYHQDVGH
iJXDIUHVFDHOLPSD&RORFDUDPLVWXUDQRGHSyVLWR
 3RVLFLRQDUXP¿OWURGHSDSHOGHFKiYHQDVQRSRUWD¿OWUR)HFKHDWDPSD
 3UHVVLRQDUDWHFOD02'(SRUFLQFRYH]HV2VtPEROR LQLFLDUiDSLVFDU3UHVVLRQDUDWHFOD
6(/SDUDFRQ¿UPDU
 3UHVVLRQDUDWHFODFDIp 2DSDUHOKRHPLWLUiXPEHHSHLQLFLDUiRFLFORGHDXWROLPSH]D3DUWH
GDPLVWXUDLUiFDLUQRMDUURVHQGRTXHRUHVWDQWH¿FDUiQRVFLUFXLWRVGDPiTXLQDSRUFHUFDGH
PLQXWRVDQWHVGHVHUHOLPLQDGDWRWDOPHQWHFDLQGRQRMDUUR7RGRRFLFORGHOLPSH]DDXWRPi
WLFDLUiGXUDUPLQXWRV4XDQGRRFLFORGHDXWROLPSH]DWLYHUWHUPLQDGRRDSDUHOKRHPLWLUi
XPEHHSHVHGHVOLJDUiDXWRPDWLFDPHQWH
 (Q[DJXDURMDUURFRPiJXDIUHVFDHOLPSD
$QWHVGHSUHSDUDUXPFDIpIDoDFRPTXHMDUURVGHiJXDQDWXUDOIUHVFDSRVVDPVDLUGR
DSDUHOKR,VWRLUiOLPSDURDSDUHOKRHOLPLQDQGRRVUHVtGXRVGHiJXDHYLQDJUH
'(6&$/&,),&$d®2
8PDERDPDQXWHQomRHXPDOLPSH]DUHJXODUSUHVHUYDHPDQWrPH¿FLHQWHDPiTXLQDSRUXP
SHUtRGRPDLRUOLPLWDQGRQRWDYHOPHQWHRVULVFRVGHIRUPDomRGHGHSyVLWRVGHFDOFiULRQRDSDUHOKR
6HPHVPRDVVLPDSyVDOJXPWHPSRDIXQomRGRDSDUHOKRHVWLYHUFRPSURPHWLGDGHYLGRDRXVR
IUHTXHQWHGHiJXDGXUDHPXLWRFDOFiULDSRGHVHHIHFWXDUDGHVFDOFL¿FDomRGDPiTXLQDSDUD
HOLPLQDURSUREOHPDGHIXQFLRQDPHQWR8WLOL]DUDHVWH¿PH[FOXVLYDPHQWHRSURGXWRSDUDGHVFDO
FL¿FDomR12&$/GD$ULHWHDEDVHGHiFLGRFtWULFR(VWHSURGXWRHQFRQWUDVHIDFLOPHQWHQRVFHQ
WURVGHDVVLVWrQFLDWpFQLFD$ULHWH$ULHWHQmRDVVXPHQHQKXPDUHVSRQVDELOLGDGHSRUGDQRVDRV
FRPSRQHQWHVLQWHUQRVGDPiTXLQDGHFDIpFDXVDGRVSRUXVRGHSURGXWRVQmRFRQIRUPHVGHYLGR
jSUHVHQoDGHDGLWLYRVTXtPLFRV
(IHWXDUDGHVFDOFLÀFDomRXPDYH]SRUPrV6HDiJXDXWLOL]DGDIRUPXLWRGXUDHFDOFiULD
HIHWXDUDOLPSH]DDFDGDGXDVVHPDQDV
 (QFKHURMDUURFRPXPDPLVWXUDFRPSRVWDGHFKiYHQDGHYLQDJUHEUDQFRHFKiYHQDVGH
iJXDIUHVFDHOLPSD
 &RORFDUDPLVWXUDQRGHSyVLWR
 'DULQtFLRDRFLFORGHSURGXomRHDJXDUGDURHQFKLPHQWRGRMDUURDWpDPHWDGH
 3UHVVLRQDUDWHFODFDIp 2DSDUHOKRGHVOLJDVH
6HQDIDVHGHHVSHUDGRYDSRUKRXYHUSHTXHQRVMDWRVGHYDSRUHVWHIHQ{PHQRGHYHVHU
FRQVLGHUDGRDEVROXWDPHQWHQRUPDO
 4XDQGRDiJXDWHUPLQDUGHSDVVDUSDUDRMDUURVHUiSRVVtYHOUHPRYHURMDUUR'HL[DUTXHD
iJXDHVIULHSRUPLQXWRV
 &RORFDUDPLVWXUDFRQWLGDQRMDUURQRGHSyVLWR)HFKHDWDPSD3RVLFLRQDURMDUURQDFKDSDGH
DTXHFLPHQWR
 'DULQtFLRDRXWURFLFORGHSURGXomRHDJXDUGDURHQFKLPHQWRWRWDOGRMDUUR4XDQGRDiJXD
WHUPLQDUGHSDVVDUSDUDRMDUURVHUiSRVVtYHOUHPRYHURMDUUR
 3UHVVLRQDUDWHFODFDIp 2DSDUHOKRGHVOLJDVH
 $JXDUGDUPLQXWRVSDUDTXHRDSDUHOKRSRVVDHVIULDU&HUWL¿TXHVHTXHR¿OWURHVWHMDLQVHULGR
QRSRUWD¿OWUR
(QFKHURMDUURFRPiJXDQDWXUDOIUHVFDHUHSHWLURFLFORGHSURGXomRSDUDOLPSDURVFLUFXLWRV

37
LQWHUQRVGRDSDUHOKR1R¿QDOGRFLFORGHHQ[iJXHSUHVVLRQDUDWHFODFDIp SDUDGHVOLJDUR
DSDUHOKR(VYD]LDURMDUUR
/DYDURMDUURRSRUWD¿OWURDPRYtYHOHR¿OWURGHFDIpFRPiJXDTXHQWHHVDEmR(Q[XJDUWRGDV
DVSHoDV
4XDQGRRDSDUHOKRWLYHUHVIULDGROLPSDUVXDSDUWHH[WHULRUFRPXPSDQRPDFLR
&RPRJXDUGDURDSDUHOKR
 'HVOLJDUD¿FKDGDWRPDGDGHFRUUHQWHHOpFWULFD
 *XDUGDURDSDUHOKRHPOXJDUIUHVFRHVHFR
1mRGHL[DURDSDUHOKRHPUHSRXVRFRPDÀFKDOLJDGDQDWRPDGDGHFRUUHQWHHOpWULFD
3Ñ52$3$5(/+2)25$'(6(59,d2
(PFDVRGHQmRXWLOL]DomRGDPiTXLQDGHYHVHGHVFRQHFWiODHOHWULFDPHQWHHVYD]LDURGHSyVLWR
GHiJXDHRMDUUR(IHWXDUDOLPSH]DGRVFRPSRQHQWHVYHUSDUiJUDIR³/LPSH]DGRDSDUHOKR´(P
FDVRGHHOLPLQDomRGHYHVHUHDOL]DUDVHSDUDomRGRVYiULRVPDWHULDLVXWLOL]DGRVQDFRQVWUXomRGD
PiTXLQDHHIHFWXDUDHOLPLQDomRGRVPHVPRVGHDFRUGRFRPDFRPSRVLomRHGLVSRVLo}HVGHOHL
YLJHQWHVQR3DtVGHXWLOL]DomRGRDSDUHOKR

1/
29(5'(=(+$1'/(,',1*
2RNDO]LMQGHDSSDUDWHQYHUYDDUGLJGLQRYHUHHQVWHPPLQJPHWGHWRHSDVVHOLMNHVSHFL¿HNH(X
URSHVHUHJHOJHYLQJHQ ]LMQDOOHSRWHQWLHHOJHYDDUOLMNH GHOHQEHYHLOLJGPRHWHQ GH]HLQVWUXFWLHV
WRFKDDQGDFKWLJZRUGHQGRRUJHOH]HQHQPDJKHWDSSDUDDWDOOHHQZRUGHQJHEUXLNWYRRUKHWGRHO
ZDDUYRRUKLMLVEHVWHPGRPRQJHOXNNHQHQVFKDGHWHYRRUNRPHQ+RXGGLWERHNMHDOWLMGELQQHQ
KDQGEHUHLNYRRUWRHNRPVWLJHUDDGSOHJLQJ$OVXGLWDSSDUDDWDDQDQGHUHSHUVRQHQZLOWRYHUGRHQ
GHQNHUGDQDDQGDWGH]HLQVWUXFWLHVZRUGHQPHHJHJHYHQ
'HLQIRUPDWLHLQGH]HKDQGOHLGLQJLVJHPDUNHHUGPHWV\PEROHQGLHKHWYROJHQGHEHWHNHQHQ
*HYDDUYRRUNLQGHUHQ
*HYDDUDOVJHYROJYDQHOHNWULFLWHLW
5LVLFRRSVFKDGHGRRUDQGHUHRRU]DNHQ
:DDUVFKXZLQJYRRUYHUEUDQGLQJVJHYDDU
/HWRS±VFKDGHDDQPDWHULDOHQ
%('2(/'*(%58,.
8NXQWKHWDSSDUDDWJHEUXLNHQRPNRI¿HWH]HWWHQ'LWDSSDUDDWLVXLWVOXLWHQGYRRUSULYpJHEUXLN
RQWZRUSHQHQPRHWGXVDOVRQJHVFKLNWZRUGHQJHDFKWYRRUFRPPHUFLsOHRILQGXVWULHHOJHEUXLN
'HIDEULNDQWKHHIWJHHQHQNHODQGHUJHEUXLNYRRU]LHQHQZLMVWGXVLHGHUHDDQVSUDNHOLMNKHLGDI
YRRUVFKDGHGLHZRUGWYHURRU]DDNWGRRURQHLJHQOLMNJHEUXLNYDQKHWDSSDUDDW%RYHQGLHQKHHIW
RQHLJHQOLMNJHEUXLNWRWJHYROJGDWLHGHUHJDUDQWLHNRPWWHYHUYDOOHQ
29(5,*(5,6,&2·6
'RRUGHERXZNHQPHUNHQYDQKHWDSSDUDDWZDDUGH]HKDQGOHLGLQJRYHUJDDWLVKHWQLHWPRJHOLMNGH
JHEUXLNHUWHEHVFKHUPHQWHJHQPRJHOLMNHVWRRPVSHWWHUVRIKHHWZDWHU
/HWRS
*HYDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUVSDWWHQRIVSHWWHUVKHHWZDWHURINRI¿H2SHQ
KHWGHNVHOQLHWDOVGHNRI¿HDDQKHWGRRUORSHQLV
%(/$1*5,-.(:$$56&+8:,1*(1
/((6'(=(,16758&7,(6$$1'$&+7,*'225
 'LWDSSDUDDWLVXLWVOXLWHQGYRRUSULYpJHEUXLNRQWZRUSHQHQPRHWGXVDOVRQJH
VFKLNWZRUGHQJHDFKWYRRUFRPPHUFLsOHRILQGXVWULHHOJHEUXLN
 :LMZLM]HQLHGHUHYHUDQWZRRUGHOLMNKHLGDIYRRU HHQ RQMXLVW JHEUXLN RIJHEUXLN
YRRUDQGHUHGRHOHLQGHQGDQGLH]LMQYRRU]LHQLQGLWERHNMH
 +HWZRUGWDDQJHUDGHQGHRULJLQHOHYHUSDNNLQJWHEHZDUHQDDQJH]LHQJHHQJUD
WLVDVVLVWHQWLHZRUGWYHUOHHQGDOVKHWSURGXFWGHIHFWUDDNWELMKHWYHUVWXUHQQDDU
HHQHUNHQG6HUYLFH&HQWUXPGRRUGDWKHWQLHWJRHGLVYHUSDNW
 +HWDSSDUDDWYROGRHWDDQGH(*YHURUGHQLQJQUYDQ
EHWUHIIHQGHPDWHULDOHQGLHLQDDQUDNLQJNRPHQPHWOHYHQVPLGGHOHQ

1/
*HYDDUYRRUNLQGHUHQ

+HWDSSDUDDWNDQZRUGHQJHEUXLNWGRRUNLQGHUHQGLHRXGHU]LMQGDQMDDUPDDU
XLWVOXLWHQGDOV]HGRRUHHQYHUDQWZRRUGHOLMNHSHUVRRQZRUGHQJHYROJGRIDOV]H
JRHGHLQVWUXFWLHVKHEEHQJHNUHJHQRYHUHHQYHLOLJJHEUXLNYDQKHWDSSDUDDWHQ
]HGHJHYDUHQELMKHWJHEUXLNHUYDQKHEEHQEHJUHSHQ
 5HLQLJLQJVHQRQGHUKRXGVZHUN]DDPKHGHQGRRUGHJHEUXLNHUPRJHQQLHWGRRU
NLQGHUHQZRUGHQYHUULFKWWHQ]LM]HRXGHU]LMQGDQMDDUHQGLWRQGHUWRH]LFKW
JHEHXUW(UPRHWWRH]LFKWZRUGHQJHKRXGHQRSNLQGHUHQRPHUYRRUWH]RUJHQ
GDW]HQLHWPHWKHWDSSDUDDWVSHOHQ
 +RXGKHWDSSDUDDWHQGHVWURRPNDEHODOWLMGEXLWHQEHUHLNYDQNLQGHUHQMRQJHU
GDQMDDU
 /DDWGHVWURRPNDEHOQLHWRSHHQSOHNKDQJHQZDDUKLMGRRUHHQNLQGEHHWJHSDNW
NDQZRUGHQ
 +RXGGHYHUSDNNLQJVPDWHULDOHQEXLWHQKHWEHUHLNYDQNLQGHUHQDDQJH]LHQGH]H
HHQEURQYDQJHYDDUNXQQHQYRUPHQ
 0RFKWXGLWDSSDUDDWZLOOHQZHJJRRLHQGDQEHYHOHQZLMDDQRPKHWRQEUXLNEDDU
WHPDNHQGRRUKHWVWURRPVQRHUGRRUWHVQLMGHQ9HUGHUEHYHOHQZLMDDQRPGH
GHOHQYDQKHWDSSDUDDWGLHJHYDDUNXQQHQRSOHYHUHQRQVFKDGHOLMNWHPDNHQPHW
QDPHYRRUNLQGHUHQGLHKHWDSSDUDDWNXQQHQJHEUXLNHQRPHUPHHWHVSHOHQ
*HYDDUDOVJHYROJYDQHOHNWULFLWHLW
 +HWDSSDUDDWNDQZRUGHQJHEUXLNWGRRUSHUVRQHQPHWEHSHUNWHOLFKDPHOLMNH]LQ
WXLJOLMNHRIJHHVWHOLMNHYHUPRJHQVRISHUVRQHQ]RQGHUHUYDULQJHQNHQQLVPDDU
XLWVOXLWHQGDOV]HGRRUHHQYHUDQWZRRUGHOLMNHSHUVRRQZRUGHQJHYROJGRIDOV]H
JRHGHLQVWUXFWLHVRYHUHHQYHLOLJJHEUXLNYDQKHWDSSDUDDWKHEEHQJHNUHJHQHQ
GH]HHQGHJHYDUHQELMKHWJHEUXLNHUYDQKHEEHQEHJUHSHQ
 9RRUGDWXKHWDSSDUDDWRSKHWHOHNWULFLWHLWVQHWDDQVOXLWFRQWUROHHUWXRIGHVSDQ
QLQJGLHRSKHWSODDWMHRQGHUGHPDFKLQHLVDDQJHJHYHQRYHUHHQNRPWPHWGLH
YDQKHWSODDWVHOLMNHHOHNWULFLWHLWVQHW
 +HWJHEUXLNYDQQLHWGRRUGHIDEULNDQWYDQKHWDSSDUDDWJRHGJHNHXUGHYHUOHQJ
VQRHUHQNDQVFKDGHHQRQJHOXNNHQYHURRU]DNHQ
 9RRUGDWXKHWUHVHUYRLUPHWZDWHUYXOWWUHNWXGHVWHNNHUYDQKHWDSSDUDDWXLWKHW
VWRSFRQWDFW
 $OVGHVWURRPNDEHOEHVFKDGLJGLVPRHWKLMRPLHGHUULVLFRWHYRRUNRPHQZRU
GHQYHUYDQJHQGRRUGHIDEULNDQWRIGRRUGLHQVVHUYLFHFHQWUXPRILQLHGHUJHYDO
GRRUHHQSHUVRRQPHWHHQYHUJHOLMNEDUHNZDOL¿FDWLH
 =RUJGDWGHRQGHUGHOHQGLHRQGHUVSDQQLQJVWDDQQRRLWLQDDQUDNLQJNRPHQPHW
ZDWHUKLHUGRRUNDQNRUWVOXLWLQJRQWVWDDQ
 7UHNGHVWHNNHUXLWKHWVWRSFRQWDFWDOYRUHQVKHWDSSDUDDWWHUHLQLJHQRIHURQGHU
KRXGRSWHSOHJHQ
 'RPSHOKHWDSSDUDDWQLHWLQZDWHURIDQGHUHYORHLVWRIIHQ

1/
 =HWKHWDSSDUDDWQRRLWLQGHEXXUWYDQRIRSHHQZDVEDN
 9HUZLMGHUKHWRQGHUVWHGHNVHOQLHWYDQKHWDSSDUDDW(U]LMQJHHQLQWHUQHGHOHQ
GLHPRHWHQZRUGHQJHEUXLNWRIZRUGHQVFKRRQJHPDDNW
5LVLFRRSVFKDGHGRRUDQGHUHRRU]DNHQ
 .LHVHHQJRHGYHUOLFKWHHQVFKRQHUXLPWHPHWHHQPDNNHOLMNWHEHUHLNHQVWRS
FRQWDFW
 'RHQLHWWHYHHOZDWHULQKHWUHVHUYRLU
 7UHNGHVWHNNHUQLHWXLWKHWVWRSFRQWDFWGRRUDDQGHNDEHOWHWUHNNHQ
 +HWDSSDUDDWPRHWRSHHQVWHYLJHRQGHUJURQGZRUGHQJHEUXLNWHQRRNDOVKHW
QLHWZRUGWJHEUXLNWPRHWKHWRSHHQVWHYLJHRQGHUJURQGVWDDQ
 +HWDSSDUDDWPDJQLHWZRUGHQJHEUXLNWDOVKHWLVJHYDOOHQDOVHU]LFKWEDUHVFKD
GHLVRIDOVKHWOHNW*HEUXLNKHWDSSDUDDWQLHWDOVGHVWURRPNDEHORIGHVWHNNHU
EHVFKDGLJG]LMQRIDOVKHWDSSDUDDW]HOIGHIHFWLV$OOHUHSDUDWLHVZDDURQGHURRN
GHYHUYDQJLQJYDQGHVWURRPNDEHOGLHQHQXLWVOXLWHQGWHZRUGHQYHUULFKWGRRU
HHQ$ULHWH6HUYLFHGLHQVWRIGRRU$ULHWHYDNPHQVHQRPLHGHUHYRUPYDQJHYDDU
WHYRRUNRPHQ
:DDUVFKXZLQJYRRUYHUEUDQGLQJVJHYDDU
 2SHQKHWGHNVHOQLHWDOVGHNRI¿HDDQKHWGRRUORSHQLV
 :DFKWWRWKHWDSSDUDDWLVDIJHNRHOGYRRUGDWXKHWUHVHUYRLUPHWZDWHUYXOWJH
YDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUZDWHUVSHWWHUVRIVWRRP
 /DDWGHOHJHNRI¿HNDQELMZHUNHQGDSSDUDDWQLHWRSGHYHUZDUPLQJVSODDWVWDDQ
+HWJHYDDUEHVWDDWGDWGHNRI¿HNDQGDQNDSRWJDDW*HYDDUYRRUEUDQGZRQGHQ
YHURRU]DDNWGRRUDDQUDNLQJPHWGHNRI¿HNDQ
/HWRS²VFKDGHDDQPDWHULDOHQ
 =HWKHWDSSDUDDWRSHHQVWHYLJHRQGHUJURQGZDDU]LMQLHWNDQRPYDOOHQ
 *HEUXLNKHWDSSDUDDWQLHW]RQGHUZDWHURPGDWGHSRPSGDQNDQGRRUEUDQGHQ
 9XOKHWUHVHUYRLUQRRLWPHWZDUPRINRNHQGZDWHU
 =HWKHWDSSDUDDWQLHWRSKHWHRSSHUYODNNHQRILQGHEXXUWYDQRSHQYODPPHQRP
WHYRRUNRPHQGDWGHEHKXL]LQJEHVFKDGLJGUDDNW
 'HNDEHOPDJQLHWLQDDQUDNLQJNRPHQPHWGHKHWHGHOHQYDQKHWDSSDUDDW
 *HEUXLNJHHQNRRO]XXUKRXGHQGZDWHU
 'RHQRRLWLHWVDQGHUVLQKHW¿OWHUGDQJHPDOHQNRI¿H+HWDSSDUDDW]RXKLHUGRRU
]ZDDUEHVFKDGLJGNXQQHQUDNHQ
 =HWGHPDFKLQHQLHWLQHHQRPJHYLQJPHWHHQRPJHYLQJVWHPSHUDWXXUGLHODJHU
LVGDQ&DDQJH]LHQKHWLQGHNHWHODFKWHUJHEOHYHQZDWHU]RXNXQQHQEHYULH
]HQHQVFKDGH]RXNXQQHQYHURRU]DNHQ
 *HEUXLNKHWDSSDUDDWQLHWLQGHRSHQOXFKW
 6WHOKHWDSSDUDDWQLHWEORRWDDQZHHUVLQYORHGHQUHJHQ]RQHQ]
 1DGHVWHNNHUXLWKHWVWRSFRQWDFWWHKHEEHQJHWURNNHQHQQDGDWGHKHWHRQ

1/
GHUGHOHQ ]LMQ DIJHNRHOG PDJ KHW DSSDUDDW XLWVOXLWHQG ZRUGHQ JHUHLQLJG PHW
HHQQLHWVFKXUHQGLHWVEHYRFKWLJGGRHNMHPHWHHQSDDUGUXSSHOVQHXWUDDOQLHW
DJUHVVLHIUHLQLJLQJVPLGGHOJHEUXLNQRRLWRSORVPLGGHOHQRPGDWGLHGHNXQVWVWRI
NXQQHQEHVFKDGLJHQ
9RRU]RUJVPDDWUHJHOHQELMKHWJHEUXLNYDQGHNRIÀHNDQ
 *HEUXLNGHNRI¿HNDQDOOHHQPHWGLWNRI¿H]HWDSSDUDDW*HEUXLNGHNRI¿HNDQQLHW
RPGHNRI¿HRSHHQIRUQXLVRIDQGHUHZDUPWHEURQQHQWHYHUZDUPHQ=HWGHNRI
¿HNDQQLHWLQGHPDJQHWURQRPGHNRI¿HWHYHUZDUPHQ
 'HNRI¿HNDQPDJDOOHHQZRUGHQJHEUXLNWPHWGHELMKHWDSSDUDDWJHOHYHUGHYHU
ZDUPLQJVSODDW
 2PWHYRRUNRPHQGDWGHNRI¿HNDQNDSRWJDDWWLOWXKHPYRRU]LFKWLJRS=RUJHU
YRRUGDWXGHNRI¿HNDQQLHWWHJHQDQGHUHYRRUZHUSHQVWRRWKHWJHYDDUEHVWDDW
GDQGDWKHWJODVNDSRWJDDW.LMNXLWGDWXGHNRI¿HNDQELMKHWYXOOHQPHWZDWHUQLHW
WHJHQGHNUDDQVWRRW
 =HWGHOHJHNRI¿HNDQQLHWRSZDUPHRSSHUYODNNHQ
 =HWGHZDUPHNRI¿HNDQQLHWRSNRXGHRIQDWWHRSSHUYODNNHQ:DFKWWRWGHNRI
¿HNDQLVDIJHNRHOGYRRUGDWXKHPDIZDVWRIHUYHUVZDWHULQGRHW
 0DDNGHNRI¿HNDQQLHWPHWVWDDOVSRQVMHVVFKXXUPLGGHOHQRIDQGHUHPDWHULDOHQ
VFKRRQGLHKHWJODVNXQQHQNUDVVHQ
 *HEUXLNGHNRI¿HNDQQLHWDOVKLMWHODQJ]RQGHULQKRXGLVYHUZDUPGYHUYDQJKHP
PHWHHQDQGHUHRULJLQHOHNRI¿HNDQ
%(:$$5'(=(,16758&7,(6$/7,-'
%(6&+5,-9,1*9$1+(7$33$5$$7
$.RI¿HNDQ ..DEHORSEHUJUXLPWH
%+DQGJUHHSYDQGHNRI¿HNDQ / 7RHYRHUNDEHO±6WHNNHU
&'HNVHOYDQGHNRI¿HNDQ 09HUZDUPLQJVSODDW
'8LWORRS 1'LVSOD\
(3ODDWVYDQGH¿OWHUKRXGHU 202'(
):DWHUUHVHUYRLU 36(/
*$DQGXLGLQJYDQGHKRHYHHOKHLGZDWHU 4$872
+.RI¿H¿OWHU 5.QRSRPGHXUHQLQGHVWHOOHQ+5
, :HJQHHPEDDU¿OWHUKRXGHU 6.QRSRPGHPLQXWHQLQWHVWHOOHQ0,1
- 'HNVHOUHVHUYRLU
7.QRSYRRUNRI¿H]HWWHQ
XLWVFKDNHOHQ
,GHQWLÀFDWLHJHJHYHQV
2SKHWSODDWMHDDQGHRQGHUNDQWYDQKHWDSSDUDDW]LMQGHLGHQWL¿FDWLHJHJHYHQVYDQKHWDSSDUDDW
ZHHUJHJHYHQ
 IDEULNDQWHQ(*PHUN
 PRGHO0RG
 VHULHQXPPHU61

1/
 YRHGLQJVVSDQQLQJ9HQIUHTXHQWLH+]
 RSJHQRPHQHOHNWULVFKYHUPRJHQ:
 JUDWLVWHOHIRRQQXPPHUDVVLVWHQWLH
9HUPHOGELMHYHQWXHOHYHU]RHNHQDDQ(UNHQGH6HUYLFFHFHQWUDKHWPRGHOHQKHWVHULHQXPPHU
*(%58,.6$$1:,-=,1*
,QEHGULMIVWHOOLQJ
 &RQWUROHHURIGHQHWVSDQQLQJLQKXLVGH]HOIGHLVDOVGLHRSKHWSODDWMHPHWWHFKQLVFKHJHJHYHQV
YDQKHWDSSDUDDW
 9HUZLMGHUGHYHUSDNNLQJVPDWHULDOHQXLWGHELQQHQNDQWHQYDQGHEXLWHQNDQWYDQKHWDSSDUDDW
 =HWKHWDSSDUDDWYHUYROJHQVRSHHQYODNRSSHUYODN=HWKHWDSSDUDDWRSHHQDIVWDQGYDQWHQ
PLQVWHFPYDQPXUHQPHXEHOVRIDQGHUHDSSDUDWHQ
/HWRS
*HYDDUYRRUVFKDGHDDQGHVWHXQYODNNHQYDQKHWDSSDUDDW'RRUGHKRJHWHPSHUDWXXUYDQ
KHWDSSDUDDWNXQQHQGHVWHXQYODNNHQVPHOWHQ/HJHHQGRHNRIHHQVHUYHWWXVVHQKHWDS
SDUDDWHQKHWVWHXQYODN
/HWRS
*HYDDUYRRURYHUEHODVWLQJYDQKHWHOHNWULFLWHLWVQHW0HHUGHUHDSSDUDWHQGLHRSppQHQNHO
VWRSFRQWDFW ]LMQDDQJHVORWHQ NXQQHQNRUWVOXLWLQJ YHURRU]DNHQ6OXLW KHWDSSDUDDW RS HHQ
VWRSFRQWDFWDDQZDDUQRJJHHQDQGHUHKXLVKRXGHOLMNHDSSDUDWHQRS]LMQDDQJHVORWHQ
 :DVGHNRI¿HNDQGHZHJQHHPEDUH¿OWHUKRXGHUHQKHWNRI¿H¿OWHUPHWZDUPZDWHUHQDIZDVPLG
GHODI6SRHOGHRQGHUGHOHQRPHQGURRJ]HDI
 =HWGHZHJQHHPEDUH¿OWHUKRXGHURS]LMQSODDWV)LJ
+HWGRRUVWURRPYHQWLHORSGHERGHPYDQGHZHJQHHPEDUHÀOWHUKRXGHUPRHWLQGHRSHQLQJ
LQKHWPLGGHQYDQGHSODDWVYDQGHÀOWHUKRXGHUZRUGHQJHVWRNHQ
(HUVWHLQVFKDNHOLQJ
%LMGHHHUVWHLQVFKDNHOLQJRIZDQQHHUKHWDSSDUDDWODQJHUHWLMGQLHWLVJHEUXLNWZRUGWDDQJH
UDGHQHHUVWWHQPLQVWHNRIÀHNDQQHQZDWHUXLWKHWZDWHUFLUFXLWYDQGHNHWHOWHODWHQNRPHQ
 9XOKHWUHVHUYRLUPHWYHUVZDWHU)LJWRWKHWPHWDDQJHGXLGHQLYHDX1LYHDXNRPW
RYHUHHQPHWGHPD[LPDOHKRHYHHOKHLGZDWHUHQKHWPD[LPXPDDQWDONRSSHQNRI¿H6OXLWKHW
GHNVHOYDQKHWUHVHUYRLU
9XOKHWUHVHUYRLU122,7YHUGHUGDQKHWPD[LPXP
=HWKHWNRIÀHÀOWHUELMGH]HVFKRRQPDDNEHXUWQLHWLQGHÀOWHUKRXGHU
 6WHHNGHVWHNNHULQHHQJHDDUGVWRSFRQWDFW
 =HWGHOHJHNRI¿HNDQRSGHYHUZDUPLQJVSODDW0&RQWUROHHURIKHWGRRUVWURRPYHQWLHOJRHGRS
KHWGHNVHOYDQGHNRI¿HNDQLVJHSODDWVW
 'UXNRSGHNRI¿H]HWNQRS :DFKWWRWDOOHZDWHULQKHWUHVHUYRLULQGHNRI¿HNDQLVJHORSHQ
:DFKWPLQXWHQRPKHWDSSDUDDWDIWHODWHQNRHOHQ
 +HUKDDOGHKDQGHOLQJELMHHQWZHHGHNRI¿HNDQZDWHU:DFKWWRWDOOHZDWHULQKHWUHVHUYRLULQGH
NRI¿HNDQLVJHORSHQ
1XNDQKHWDSSDUDDWZRUGHQNODDUJHPDDNWHQXZHHUVWHNRI¿HNDQNRI¿HZRUGHQJH]HW

1/
+HWDSSDUDDWNODDUPDNHQ
&RQWUROHHUDOYRUHQVKHWVWULMNLM]HUDDQWH]HWWHQRIHUYROGRHQGHZDWHULQKHWUHVHUYRLU]LW
+HWDSSDUDDWPDJDOOHHQPHWZDWHUZRUGHQJHYXOGPHWGHVWHNNHUXLWKHWVWRSFRQWDFW
 2SHQKHWGHNVHOYDQKHWUHVHUYRLU-'HDDQGXLGLQJYDQGHKRHYHHOKHLG*KHHIWHHQVFKDDO
YHUGHOLQJYDQWRWLHGHUFLMIHUNRPWRYHUHHQPHWKHWDDQWDONRSSHQNRI¿H9XOGHNRI¿HNDQ
PHWYHUVZDWHU6FKHQNKHWZDWHUWRWKHWJHZHQVWHQLYHDXLQKHWUHVHUYRLUYRRUNRSSHQ
NRI¿HHQYRRUNRSSHQNRI¿H
 =HWGHOHJHNRI¿HNDQRSGHYHUZDUPLQJVSODDW0
/HWRS
*HEUXLNGHNDQQLHWDOVKHWJODVJHEDUVWHQRIGHKDQGJUHHSVWXNLV*HYDDUYRRUEUDQGZRQ
GHQGRRUDDQUDNLQJPHWGHKHWHNRI¿HYHURRU]DDNWGRRUGDWGHNDQNDSRWLVJHJDDQ
/HJJHHQHQNHOYRRUZHUSRSKHWGHNVHOZDQQHHUKHWDSSDUDDWZHUNW
/HWRS
2SHQKHWGHNVHOQLHWDOVGHNRI¿HDDQKHWGRRUORSHQLVJHYDDUYRRUEUDQGZRQGHQYHURRU
]DDNWGRRUVSDWWHQRIVSHWWHUVKHHWZDWHURINRI¿H
 'RHKHWNRI¿H¿OWHULQGH¿OWHUKRXGHU'RVHHUGHNRI¿HLQKHW¿OWHU(HQNRSNRI¿HNRPWRYHUHHQ
PHWHHQDIJHVWUHNHQOHSHOJHPDOHQNRI¿H
 'RHGHKDQGJUHHSYDQKHWNRI¿H¿OWHURPODDJ6OXLWKHWGHNVHOYDQKHWUHVHUYRLU
 6WHHNGHVWHNNHULQHHQJHDDUGVWRSFRQWDFW+HWGLVSOD\ZRUGWLQJHVFKDNHOGHQGHWLMGEHJLQWWH
NQLSSHUHQ$0 *HEUXLNGHWRHWVHQ+5HQ0,1RPGHORNDOHWLMGLQWHVWHOOHQ'UXNRS
6(/RPWHEHYHVWLJHQ$OVRSJHHQHQNHOHWRHWVZRUGWJHGUXNWZRUGWKHWGLVSOD\QDVHFRQ
GHQXLWJHVFKDNHOG
 'UXNRSGHNRI¿HWRHWV RPGHNRI¿H]HWF\FOXVWHVWDUWHQ:DFKWWRWGHNRI¿HLQGHNRI¿HNDQ
GUXSSHOWHQGHJHNR]HQF\FOXVYROWRRLGLVDDQWDONRSSHQ
 +(7'225/23(19$1'(.2)),(.$1:25'(1*(672379225'$7'(.2)),(=(7
&<&/8692/722,',6
 QHHPKHWNRSMHZHJ]LH3DX]HIXQFWLHRPGHNRI¿HWHVHUYHUHQ
 GUXNRSGHNRI¿HWRHWVWRWKHWDSSDUDDWHHQSLHSWRRQODDWKRUHQHQKHWFRQWUROHODPSMHYDQGLH
WRHWVXLWJDDW
$OVKHWDSSDUDDWHHQPDDOLVXLWJHVFKDNHOGDXWRPDWLVFKRIJHZHQVWEHJLQWGHYHUZDUPLQJVSODDW
ZDUPWHZRUGHQ
/DDWKHWGHNVHORSGHNRIÀHNDQRPGHNRIÀHZDUPWHKRXGHQHQGHNRIÀHWHVHUYHUHQ]RQGHU
JHYDDUYRRUEUDQGZRQGHQ
 3DNGHNRI¿HNDQDDQGHKDQGJUHHSYDVW+RXGGHNRI¿HNDQHHQEHHWMHVFKXLQHQVFKHQNGH
ZDUPHNRI¿HLQHHQNRSMH
 'UXNRSGHNRI¿HWRHWV HQODDWKHPORVRPKHWDSSDUDDWXLWWHVFKDNHOHQ
%HZHHJKHWDSSDUDDWQLHWZDQQHHUGHNRIÀHNDQRIKHWUHVHUYRLUZDUPHYORHLVWRIIHQEHYDW
WHQ:DFKWWRWKHWDSSDUDDWKHOHPDDOLVDIJHNRHOG
'HKRHYHHOKHLGLQGHNRIÀHNDQGRRUJHORSHQNRIÀHLVHHQEHHWMHPLQGHUGDQGLHLQKHWUH
VHUYRLULVJHVFKRQNHQ(HQEHHWMHZDWHUZRUGWGRRUGHJHPDOHQNRIÀHHQKHWÀOWHUJHDEVRU
EHHUG

1/
'HWLMGLQVWHOOHQ
 'UXNRSWRHWV+5RPGHXXUWLMGWHVHOHFWHUHQ'UXNGHWRHWV+5LQHQKRXGKHPLQJHGUXNWRP
GHJHZHQVWHXXUWLMGVQHOOHULQWHVWHOOHQ
 'UXNRSWRHWV0,1RPGHPLQXWHQWHVHOHFWHUHQ'UXNGHWRHWV0,1LQHQKRXGKHPLQJHGUXNW
RPGHJHZHQVWHPLQXWHQVQHOOHULQWHVWHOOHQ
 :DQQHHUGHWLMGLQJHVWHOGHQMXLVWLVGUXNWXRSGHWRHWV6(/+HWDSSDUDDWODDWHHQSLHSWRRQ
KRUHQ
 2PGHWLMGRSQLHXZLQWHVWHOOHQGUXNWX]HVNHHURSGHWRHWV02'(WRWKHWV\PERRO
NQLS
SHUW'UXNRSGHWRHWV6(/'HWLMGEHJLQWWHNQLSSHUHQ+HWLVQXPRJHOLMNGHWLMGLQWHVWHOOHQ
]RDOVLQGHYRULJHSXQWHQZHUGEHVFKUHYHQ
'HDXWRPDWLVFKHF\FOXVLQVWHOOHQ
'UXNRSGHWRHWV$872HQKRXGKHPLQJHGUXNWWRWKHWRSVFKULIW352*5$00VDPHQPHWKHW
V\PERRO RSKHWGLVSOD\EHJLQWWHNQLSSHUHQ9ROJGHLQVWHOPHWKRGHYDQGHWLMGRPGHXUHQHQ
GHPLQXWHQLQWHVWHOOHQ'UXNRSGHWRHWV$872RI6(/RPWHEHYHVWLJHQ+HWDSSDUDDWODDWHHQ
SLHSWRRQKRUHQHQRSKHWGLVSOD\YHUVFKLMQWGHDFWXHOHWLMGHQKHWV\PERROYDQGHWLPHU KHW
DSSDUDDWEHJLQWGHNRI¿H]HWF\FOXVRSGHLQJHVWHOGHWLMG
2PGHYRULJHSURJUDPPHULQJHQLQVWHOOLQJHQWHDQQXOHUHQGUXNWXQRJPDDOVRSGHWRHWV$872
'HVWHUNWHYDQGHNRIÀHLQVWHOOHQ
+HWDSSDUDDWKHHIWHHQIXQFWLHZDDUPHHGHNRI¿HVWHUNWHNDQZRUGHQJHUHJHOGRPKHPDDQGH
HLJHQVPDDNDDQWHSDVVHQ
1RUPDDO
'UXNppQNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLSSHUHQ
'UXNRS WRHWV 6(/WHUEHYHVWLJLQJ 'H]HPRGXVNRPWRYHUHHQ PHWGH
IDEULHNVLQVWHOOLQJ
0LOG
'UXNWZHHNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLSSHUHQ
'UXNRSWRHWV6(/WHUEHYHVWLJLQJ+HWV\PERRO UHJHOWKHWGRRUORSHQ
XLWJDDQGHYDQHHQNRI¿HNDQ'LWUHVXOWHHUWLQHHQDURPDWLVFKHUHNRI¿H
6WHUN
'UXNGULHNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLS
SHUHQ'UXNRSWRHWV6(/WHUEHYHVWLJLQJ+HWV\PERRO UHJHOWKHW
GRRUORSHQHQGHLQIXVLHWLMGXLWJDDQGHYDQHHQNRI¿HNDQ'LWUHVXOWHHUWLQ
HHQVWHUNHUHNRI¿H
0RGXVNRSSHQ 'UXNYLHUNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLSSH
UHQ'UXNRSWRHWV6(/WHUEHYHVWLJLQJ0HWGHPRGXVNRSSHQNXQQHQ
PD[LPDDONRSSHQNRI¿HZRUGHQJH]HW,QKHWZDWHUUHVHUYRLUPDJDOOHHQ
HHQKRHYHHOKHLGZDWHUZRUGHQJHVFKRQNHQGLHRYHUHHQNRPWPHWQLYHDX
YDQGHNRI¿HNDQ+HWV\PERRO UHJHOWKHWGRRUORSHQDXWRPDWLVFK
YRRUHHQPD[LPDOHVPDDNELMNOHLQHKRHYHHOKHGHQNRI¿H,GHDDOYRRUHHQ
PD[LPXPYDQNRSSHQNRI¿H
$OV]LFKPHHUZDWHULQKHWUHVHUYRLUEHYLQGWVWRSWKHWGRRUORSHQQLHW
WRWDOOHZDWHULQGHNRIÀHNDQ]LW
1DGHJHZHQVWHLQVWHOOLQJWHKHEEHQJHNR]HQGUXNWXRSGHNRI¿HWRHWV +HWDSSDUDDWODDWHHQ
SLHSWRRQKRUHQHQGHNRI¿HEHJLQWGRRUWHORSHQ

1/
3DX]HIXQFWLHRPGHNRIÀHWHVHUYHUHQ
2PGHNRI¿HWHVHUYHUHQYRRUGDWGHNRI¿HKHOHPDDOLQGHNRI¿HNDQLVJHORSHQKDDOWXGHNRI¿HNDQ
YDQGHYHUZDUPLQJVSODDW
:DFKWWRWPLQVWHQVNRSSHQNRIÀH]LMQGRRUJHORSHQYRRUGDWXGHNRIÀHNDQZHJQHHPW
+HWGRRUORSHQVWRSWDXWRPDWLVFKJHGXUHQGHVHFRQGHQ=HWGHNRI¿HNDQRSGHYHUZDUPLQJV
SODDWRPGHGRRUORRSF\FOXVWHKHUYDWWHQ
/HWRS
*HYDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUDDQUDNLQJPHWGHKHWHNRI¿HGLHXLWKHWGRRU
ORRSWXLWMHNRPW'HNRI¿HNDQPRHWELQQHQVHFRQGHQQDGDWKLMLVZHJJHQRPHQZHHURSGH
YHUZDUPLQJVSODDWZRUGHQJH]HW
$XWRPDWLVFKHXLWVFKDNHOIXQFWLH
$OVKHWDSSDUDDWLVLQJHVFKDNHOGPDDUQLHWZRUGWJHEUXLNWJULMSWQDRQJHYHHUPLQXWHQGHDXWR
PDWLVFKHXLWVFKDNHOIXQFWLHLQ'H]HIXQFWLH]HWKHWDSSDUDDWRSVWDQGE\HQVFKDNHOWDOOHYHUZDU
PLQJVIXQFWLHVXLW
(HQWZHHGHNDQNRIÀH]HWWHQ
'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWJDDWXLW+DDOGHVWHNNHUXLWKHWVWRSFRQWDFW
/HWRS
*HYDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUZDWHUVSHWWHUVRIVWRRP:DFKWPLQVWHQV
PLQXWHQYRRUGDWXKHWUHVHUYRLUZHHUPHWZDWHUYXOW:DFKWWRWGHZDUPHGHOHQYDQKHWDS
SDUDDWDIJHNRHOG]LMQ
9RRUGDWXKHWGRRUORSHQYDQGHNRIÀHVWDUWFRQWUROHHUWXRIHUYROGRHQGHZDWHULQKHWUH
VHUYRLU]LW6WDUWKHWGRRUORSHQYDQGHNRIÀHQLHWDOVGHKRHYHHOKHLGZDWHU]LFKRQGHUKHW
PLQLPXPEHYLQGW
 2SHQKHWGHNVHOYDQKHWDSSDUDDW+DDOGHKDQGJUHHSYDQKHWNRI¿H¿OWHURPKRRJ+DDOKHW
NRI¿H¿OWHUXLWGH¿OWHUKRXGHU9HUZLMGHUGHNRI¿HUHVWHQXLWKHW¿OWHU
 9HUZLMGHUGH ¿OWHUKRXGHU XLWKHW DSSDUDDW6SRHO GHNRI¿HNDQ HQGH ¿OWHUKRXGHUPHW YHUV
VFKRRQZDWHURP9XOKHWUHVHUYRLUPHWYHUVZDWHUWRWKHWJHZHQVWHQLYHDX
 =HWGHOHJHNRI¿HNDQRSGHYHUZDUPLQJVSODDW0
 =HWGH¿OWHUKRXGHURS]LMQSODDWV)LJ'RHKHWNRI¿H¿OWHULQGH¿OWHUKRXGHU)LJ'RVHHUGH
NRI¿HLQKHW¿OWHU(HQNRSNRI¿HNRPWRYHUHHQPHWHHQDIJHVWUHNHQOHSHOJHPDOHQNRI¿H
 6OXLWKHWGHNVHO6WHHNGHVWHNNHULQKHWVWRSFRQWDFW
 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWEHJLQWGHNRI¿H]HWF\FOXV
+$1',*(7,3620((1/(..(5(.23.2)),(7(0$.(1
 9RRUOHNNHUHNRI¿HPRHWKHWDSSDUDDWVFKRRQZRUGHQJHKRXGHQ0DDNKHWUHJHOPDWLJVFKRRQ
HQRQWNDONKHW]RDOVEHVFKUHYHQLQGHSDUDJUDDI³5HLQLJLQJYDQKHWDSSDUDDW´
 *HEUXLNDOWLMGYHUVVFKRRQZDWHU
 %LMHHQ¿MQHUHPDOLQJNULMJWXNRI¿HPHWHHQYROOHUHVPDDNHQPHHUERG\%LMHHQUHJHOPDWLJH
PDOLQJLVPHHUNRI¿HQRGLJRPGHJHEUXLNHOLMNHVPDDNWHNULMJHQGLHZRUGHQYHUNUHJHQELM¿MQHU
JHPDDOGHPpODQJHV
 %HZDDUGHJHPDDOGHNRI¿HRSHHQNRHOHGURJHSODDWV6OXLWGHRSHQYHUSDNNLQJHQKHUPHWLVFK
HQEHZDDU]HLQGHNRHONDVW

1/
 9RRUHHQRSWLPDOHVPDDNNRRSWXNRI¿HERQHQGLHXYODNYRRUGDWXGHNRI¿H]HWSDVPDDOW
 2SJHZDUPGHNRI¿HKHHIWJHHQRSWLPDOHVPDDN.RI¿HKHHIWGHEHVWHVPDDNPHWHHQQDGDWKLM
LVJH]HW
 'HDDQZH]LJKHLGYDQGUXSSHOVROLHRSKHWRSSHUYODNYDQGHNRI¿HNDQ]LMQYHURRU]DDNWGRRU
ODQJGXULJJHEUXLNYDQJHEUDQGHPpODQJHVPDDNKHWDSSDUDDWUHJHOPDWLJVFKRRQ
5(,1,*,1*9$1+(7$33$5$$7
'LWDSSDUDDWKHHIWZHLQLJRQGHUKRXGQRGLJ+HWEHYDWJHHQRQGHUGHOHQGLHGRRUGHJHEUXLNHUNXQ
QHQZRUGHQJHUHSDUHHUG9RRUHONHUHSDUDWLHPRHWHQRQGHUGHOHQZRUGHQJHGHPRQWHHUGZDWGRRU
HHQHUNHQGHVHUYLFHGLHQVWGLHQWWHZRUGHQJHGDDQ
/HWRS
$OOHKLHURQGHUEHVFKUHYHQUHLQLJLQJVKDQGHOLQJHQPRHWHQZRUGHQXLWJHYRHUGELMXLWJHVFKD
NHOGHPDFKLQHHQPHWGHVWHNNHUXLWKHWVWRSFRQWDFW
/HWRS
5HJHOPDWLJRQGHUKRXGHQHHQUHJHOPDWLJHUHLQLJLQJKRXGHQKHWDSSDUDDWODQJHUHI¿FLsQW
:DVGHRQGHUGHOHQYDQKHWDSSDUDDWQRRLWLQGHDIZDVPDFKLQH+RXGKHWDSSDUDDWQRRLW
RQGHUVWURPHQGZDWHU
/HWRS
,HGHUHLQJUHHSPRHWELMNRXGHPDFKLQHZRUGHQYHUULFKW
+HWÀOWHUHQGHÀOWHUKRXGHUVFKRRQPDNHQ
+DDOKHWNRI¿H¿OWHUQDHONJHEUXLNXLWGH¿OWHUKRXGHU9HUZLMGHUGHNRI¿HUHVWHQXLWKHW¿OWHU6SRHO
KHW¿OWHUPHWYHUVVFKRRQZDWHURP1HHPGH¿OWHUKRXGHUZHJHQZDVKHPPHWZDUPZDWHUHQ
DIZDVPLGGHODI
'HNRIÀHNDQVFKRRQPDNHQ
/HWRS
2PWHYRRUNRPHQGDWGHNRI¿HNDQNDSRWJDDWWLOWXKHPYRRU]LFKWLJRS=RUJHUYRRUGDWXGH
NRI¿HNDQQLHWWHJHQDQGHUHYRRUZHUSHQVWRRWKHWJHYDDUEHVWDDWGDQGDWKHWJODVNDSRW
JDDW.LMNXLWGDWXGHNRI¿HNDQELMKHWYXOOHQPHWZDWHUQLHWWHJHQGHNUDDQVWRRW
6SRHOGHNRI¿HNDQPHWZDUPZDWHUHQDIZDVPLGGHORP9HUZLMGHUGHNRI¿HUHVWHQPHWHHQDIZDV
ERUVWHOYDQKHWGHNVHOYDQGHNRI¿HNDQ0DDNGHNRI¿HNDQPHWHHQYRFKWLJH]DFKWHGRHNVFKRRQ
RPKHWJOD]HQRSSHUYODNQLHWWHEHVFKDGLJHQ*HEUXLNJHHQVWDDOVSRQVMHVRIDQGHUHVFKXUHQGH
PDWHULDOHQ
+HWUHVHUYRLUUHLQLJHQ
+HWZRUGWDDQEHYROHQGHELQQHQNDQWYDQKHWUHVHUYRLUUHJHOPDWLJPHWHHQVSRQVRIHHQYRFKWLJ
GRHNMHVFKRRQWHPDNHQ
'HEHKXL]LQJYDQKHWDSSDUDDWVFKRRQPDNHQ
/HWRS
0DDNGHYDVWHRQGHUGHOHQYDQKHWDSSDUDDWPHWHHQQLHWVFKXUHQGYRFKWLJGRHNMHVFKRRQ
RPGHEHKXL]LQJQLHWWHEHVFKDGLJHQ

1/
=(/)5(,1,*,1*
0DDNKHWDSSDUDDWPLQVWHQVppQNHHUSHUPDDQGVFKRRQ
,QGLHQXKHWDI]RQGHUOLMNYHUNULMJEDUHZDWHU¿OWHUKHHIWJHNRFKWKDDOWXKHPXLWKHWUHVHUYRLUYRRU
GDWXGH]HOIUHLQLJHQGHF\FOXVYHUULFKW
 9XOGHNRI¿HNDQPHWHHQPHQJVHOEHVWDDQGHXLWNRSSHQZLWWHD]LMQHQNRSSHQYHUVVFKRRQ
ZDWHU6FKHQNKHWPHQJVHOLQKHWUHVHUYRLU
 'RHHHQSDSLHUHQNRI¿H¿OWHUYRRUNRSSHQLQGH¿OWHUKRXGHU6OXLWKHWGHNVHO
 'UXNYLMINHHURSGHWRHWV02'(+HWV\PERRO
EHJLQWWHNQLSSHUHQ'UXNRSWRHWV6(/WHU
EHYHVWLJLQJ
 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWODDWHHQSLHSWRRQKRUHQHQEHJLQWGH]HOIUHLQLJHQGH
F\FOXV'HHOYDQKHWPHQJVHO]DOLQGHNRI¿HNDQORSHQWHUZLMOGHUHVWRQJHYHHUPLQXWHQLQGH
FLUFXLWVYDQKHWDSSDUDDW]DOZRUGHQYDVWJHKRXGHQHHUKHWKHOHPDDOLQGHNRI¿HNDQORRSW'H
KHOHDXWRPDWLVFKHVFKRRQPDDNF\FOXVGXXUWPLQXWHQ:DQQHHUGH]HOIUHLQLJHQGHF\FOXV
LVDIJHORSHQODDWKHWDSSDUDDWHHQSLHSWRRQKRUHQHQJDDWDXWRPDWLVFKXLW
 6SRHOGHNRI¿HNDQPHWYHUVVFKRRQZDWHURP
9RRUGDWXHHQNRSNRIÀH]HWODDWXNRIÀHNDQQHQPHWDOOHHQYHUVZDWHUGRRUORSHQ+LHU
GRRUZRUGWKHWDSSDUDDWYDQGHUHVWHQZDWHUHQD]LMQRQWGDDQ
217.$/.(1
*RHGRQGHUKRXGHQHHQUHJHOPDWLJHVFKRRQPDDNEHXUWEHVFKHUPHQKHWDSSDUDDWHQPDNHQGDW
KHWODQJHUJRHGEOLMIWZHUNHQGRRUGDWHUHHQDDQ]LHQOLMNNOHLQHUULVLFRLVGDWHU]LFKNDONDDQVODJLQ
YRUPW$OVKHWDSSDUDDWHFKWHUQDYHUORRSYDQWLMGPLQGHUJRHGEOLMNWWHZHUNHQGRRUGDWHUYDDNKDUG
HQNDONULMNZDWHUZRUGWJHEUXLNWPRHWKHWZRUGHQRQWNDONWRPGHVWRULQJHQWHYHUKHOSHQ*HEUXLN
KLHUYRRUXLWVOXLWHQGKHWRQWNDONLQJVPLGGHO12&$/YDQ$ULHWHRSEDVLVYDQFLWURHQ]XXU'LWSURGXFW
LVHHQYRXGLJYHUNULMJEDDUELMGHVHUYLFHFHQWUDYDQ$ULHWH$ULHWHZLMVWHONHYRUPYDQYHUDQWZRRUGH
OLMNKHLGDIYRRUVFKDGHDDQGHRQGHUGHOHQLQKHWNRI¿H]HWDSSDUDDWYHURRU]DDNWGRRUKHWJHEUXLN
YDQSURGXFWHQGLHYDQZHJHGHDDQZH]LJKHLGYDQFKHPLVFKHDGGLWLHYHQRQJHVFKLNW]LMQ
2QWNDONppQNHHUSHUPDDQG$OVKHWJHEUXLNWHZDWHUHUJKDUGHQNDONULMNLVRQWNDONWXRP
GHWZHHZHNHQ
 9XOGHNRI¿HNDQPHWHHQPHQJVHOEHVWDDQGHXLWNRSZLWWHD]LMQHQNRSSHQYHUVVFKRRQ
ZDWHU
 6FKHQNKHWPHQJVHOLQKHWUHVHUYRLU
 6WDUWGHNRI¿H]HWF\FOXVHQZDFKWWRWGHNRI¿HNDQYRRUGHKHOIWLVJHYXOG
 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWJDDWXLW
$OV]LFKLQDIZDFKWLQJYDQVWRRPDIJLIWHNOHLQHVWRRPVWRRWMHVYRRUGRHQPRHWGLWDOVYRONR
PHQQRUPDDOZRUGHQEHVFKRXZG
 :DQQHHUHUJHHQZDWHUPHHULQGHNRI¿HNDQGUXSSHOWNDQGHNRI¿HNDQZRUGHQYHUZLMGHUG/DDW
KHWZDWHUPLQXWHQDINRHOHQ
 6FKHQNKHWPHQJVHOLQGHNRI¿HNDQLQKHWUHVHUYRLU6OXLWKHWGHNVHO=HWGHNRI¿HNDQRSGH
YHUZDUPLQJVSODDW
 6WDUWHHQNRI¿H]HWF\FOXVHQZDFKWWRWGHNRI¿HNDQYROOHGLJLVJHYXOG:DQQHHUHUJHHQZDWHU
PHHULQGHNRI¿HNDQGUXSSHOWNDQGHNRI¿HNDQZRUGHQYHUZLMGHUG
 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWJDDWXLW

1/
 :DFKWPLQXWHQRPKHWDSSDUDDWDIWHODWHQNRHOHQ&RQWUROHHURIKHW¿OWHULQGH¿OWHUKRXGHU
]LW
9XOGHNRI¿HNDQPHWYHUVZDWHUHQKHUKDDOGHNRI¿H]HWF\FOXVRPGHFLUFXLWVLQKHWDSSDUDDW
VFKRRQWHPDNHQ1DGHRPVSRHOF\FOXVGUXNWXRSGHNRI¿HWRHWV RPKHWDSSDUDDWXLWWH
VFKDNHOHQ/HHJGHNRI¿HNDQ
:DVGHNRI¿HNDQGHZHJQHHPEDUH¿OWHUKRXGHUHQKHWNRI¿H¿OWHUPHWZDUPZDWHUHQDIZDVPLG
GHODI'URRJDOOHGHOHQDI
:DQQHHUKHWDSSDUDDWLVDIJHNRHOGPDDNWXGHEXLWHQNDQWPHWHHQ]DFKWHGRHNVFKRRQ
+HWDSSDUDDWRSEHUJHQ
 +DDOGHVWHNNHUXLWKHWVWRSFRQWDFW
 %HUJKHWDSSDUDDWRSHHQNRHOHHQGURJHSODDWVRS
/DDWGHVWHNNHUQLHWLQKHWVWRSFRQWDFW]LWWHQDOVKHWDSSDUDDWQLHWZRUGWJHEUXLNW
%8,7(1:(5.,1*67(//,1*
$OVKHWDSSDUDDWEXLWHQZHUNLQJZRUGWJHVWHOGPRHWGHVWHNNHUXLWKHWVWRSFRQWDFWZRUGHQJHWURN
NHQHQPRHWHQKHWZDWHUUHVHUYRLUHQGHNRI¿HNDQZRUGHQJHOHHJG0DDNGHRQGHUGHOHQVFKRRQ
]LHGHSDUDJUDDI³5HLQLJLQJYDQKHWDSSDUDDW´$OVKHWDSSDUDDWZRUGWJHVORRSWPRHWHQGHYHU
VFKLOOHQGHPDWHULDOHQGLHELMGHYHUYDDUGLJLQJYDQKHWDSSDUDDW]LMQJHEUXLNWZRUGHQJHVFKHLGHQ
HQZRUGHQYHUZLMGHUGRSJURQGYDQKXQVDPHQVWHOOLQJHQGHWRHSDVVHOLMNHZHWJHYLQJLQKHWODQG
ZDDU]LMZRUGWJHEUXLNW

(/
ƴƸƧƵƫƬƣƮƧƵƱƲƣƳƱƯƧƥƸƧƫƳƫƦƫƱ
ȂȠȜȠȞȩIJȚȠȚıȣıțİȣȑȢțĮIJĮıțİȣȐıIJȘțĮȞıȪȝijȦȞĮȝİIJȚȢʌȡȠįȚĮȖȡĮijȑȢIJȦȞțİȓȝİȞȦȞİȣȡȦʌĮȧ
țȫȞįȚĮIJȐȟİȦȞțĮȚțĮIJȐıȣȞȑʌİȚĮİȓȞĮȚʌȡȠıIJĮIJİȣȝȑȞİȢıİȩȜĮIJĮįȣȞȘIJȚțȐİʌȚțȓȞįȣȞĮİȟĮȡIJȒȝĮ
IJĮįȚĮȕȐıIJİʌȡȠıİțIJȚțȐIJȚȢʌȡȠİȚįȠʌȠȚȒıİȚȢIJȠȣʌĮȡȩȞIJȠȢțĮȚȤȡȘıȚȝȠʌȠȚȒıIJİIJȘıȣıțİȣȒȝȠ
ȞȐȤĮȖȚĮIJȠıțȠʌȩʌȠȣʌȡȠȠȡȓȗİIJĮȚȫıIJİȞĮĮʌȠijȪȖİIJİĮIJȣȤȒȝĮIJĮțĮȚȗȘȝȚȑȢĭȣȜȐȟIJİʌȡȩȤİȚȡȠ
IJȠİȖȤİȚȡȓįȚȠĮȣIJȩȖȚĮȞĮȝʌȠȡİȓIJİȞĮIJȠıȣȝȕȠȣȜİȪİıIJİıIJȠȝȑȜȜȠȞǹȞʌȡȩțİȚIJĮȚȞĮįȫıİIJİIJȘ
ıȣıțİȣȒıİțȐʌȠȚȠȐȜȜȠȐIJȠȝȠșȣȝȘșİȓIJİȞĮIJȠȣʌĮȡĮįȫıİIJİȝĮȗȓțĮȚIJȠʌĮȡȩȞİȖȤİȚȡȓįȚȠ
ȅȚʌȜȘȡȠijȠȡȓİȢIJȠȣʌĮȡȩȞIJȠȢijȑȡȠȣȞIJĮʌĮȡĮțȐIJȦıȪȝȕȠȜĮʌȠȣıȘȝĮȓȞȠȣȞ
ȀȓȞįȣȞȠȢȖȚĮIJĮȝȚțȡȐʌĮȚįȚȐ
ȀȓȞįȣȞȠȢȘȜİțIJȡȠʌȜȘȟȓĮȢ
ȀȓȞįȣȞȠȢȗȘȝȚȐȢĮʌȩįȚȐijȠȡİȢȐȜȜİȢĮȚIJȓİȢ
ȆȡȠİȚįȠʌȠȓȘıȘȖȚĮİȖțĮȪȝĮIJĮ
ȆȡȠıȠȤȒ±ȣȜȚțȑȢȗȘȝȚȑȢ
ƲƳƱƤƭƧƲƱƮƧƯƩƸƳƩƴƩ
ȂʌȠȡİȓIJİȞĮȤȡȘıȚȝȠʌȠȚȒıİIJİĮȣIJȒIJȘıȣıțİȣȒȖȚĮȞĮijIJȚȐȟİIJİțĮijȑǾıȣıțİȣȒʌȡȠȠȡȓȗİIJĮȚ
ĮʌȠțȜİȚıIJȚțȐȖȚĮȠȚțȚĮțȒȤȡȒıȘțĮȚįİȞʌȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓIJĮȚȖȚĮİȝʌȠȡȚțȠȪȢȒȕȚȠȝȘȤĮ
ȞȚțȠȪȢıțȠʌȠȪȢȅʌȠȚĮįȒʌȠIJİȐȜȜȘȤȡȒıȘįİȞʌȡȠȕȜȑʌİIJĮȚĮʌȩIJȠȞțĮIJĮıțİȣĮıIJȚțȩȠȓțȠʌȠȣ
ıȣȞİʌȫȢĮʌĮȜȜȐııİIJĮȚĮʌȩȠʌȠȚĮįȒʌȠIJİİȣșȪȞȘȖȚĮȗȘȝȚȑȢțȐșİijȪıȘȢʌȠȣȠijİȓȜȠȞIJĮȚıIJȘȞ
ĮțĮIJȐȜȜȘȜȘȤȡȒıȘIJȘȢȝȘȤĮȞȒȢǾĮțĮIJȐȜȜȘȜȘȤȡȒıȘȑȤİȚıĮȞıȣȞȑʌİȚĮIJȘȞĮțȪȡȦıȘȠʌȠȚĮı
įȒʌȠIJİȝȠȡijȒȢİȖȖȪȘıȘȢ
ƶƲƱƭƧƫƮƮƣƵƫƬƱƫƬƫƯƦƶƯƱƫ
ȉĮțĮIJĮıțİȣĮıIJȚțȐȤĮȡĮțIJȘȡȚıIJȚțȐIJȘȢıȣıțİȣȒȢʌȠȣʌİȡȚȖȡȐijİIJĮȚıIJȠʌĮȡȩȞȑȞIJȣʌȠįİȞİʌȚ
IJȡȑʌȠȣȞIJȘȞʌȡȠıIJĮıȓĮIJȠȣȤȡȒıIJȘĮʌȩʌȚșĮȞȒİʌĮijȒȝİʌȚIJıȚȜȚȑȢĮIJȝȠȪȒȗİıIJȠȪȞİȡȠȪ
Ʋǒǐǔǐǘƿ
ȀȓȞįȣȞȠȢİȖțĮȣȝȐIJȦȞĮʌȩİțIJȩȟİȣıȘȒʌȚIJıȚȜȚȑȢȗİıIJȠȪȞİȡȠȪȒțĮijȑȂȘȞĮȞȠȓȖİIJİIJȠ
țĮʌȐțȚȩıȠįȚĮȡțİȓȘʌĮȡȠȤȒțĮijȑ
ƴƩƮƣƯƵƫƬƧƴƲƳƱƧƫƦƱƲƱƫƩƴƧƫƴ
ǼȀǺǻǺȉȊǽȇȈȆȉǽȁȊȀȁǺȊȀȉȇǺȈǺȁǺȊȎȆǼǿĬȀǽȉ
 ǾıȣıțİȣȒʌȡȠȠȡȓȗİIJĮȚĮʌȠțȜİȚıIJȚțȐȖȚĮȠȚțȚĮțȒȤȡȒıȘțĮȚįİȞʌȡȑʌİȚȞĮȤȡȘ
ıȚȝȠʌȠȚİȓIJĮȚȖȚĮİȝʌȠȡȚțȠȪȢȒȕȚȠȝȘȤĮȞȚțȠȪȢıțȠʌȠȪȢ
 ǻİȞĮȞĮȜĮȝȕȐȞȠȣȝİțĮȝȓĮİȣșȪȞȘȖȚĮȜĮȞșĮıȝȑȞȘȤȡȒıȘIJȘȢıȣıțİȣȒȢȒȖȚĮ
țȐʌȠȚĮȐȜȜȘȤȡȒıȘʌȠȣįİȞĮȞĮijȑȡİIJĮȚıIJȠʌĮȡȩȞ
 ȈȣȞȚıIJȠȪȝİȞĮijȣȜȐııİIJİIJĮȣȜȚțȐıȣıțİȣĮıȓĮȢIJȠȣİȡȖȠıIJĮıȓȠȣįİįȠȝȑȞȠȣ
ȩIJȚįİȞʌȡȠȕȜȑʌİIJĮȚįȦȡİȐȞIJİȤȞȚțȒȣʌȠıIJȒȡȚȟȘȖȚĮIJȚȢȗȘȝȚȑȢʌȠȣʌȡȠțȜȒșȘ
țĮȞĮʌȩĮțĮIJȐȜȜȘȜȘıȣıțİȣĮıȓĮIJȠȣʌȡȠȧȩȞIJȠȢțĮIJȐIJȘȞĮʌȠıIJȠȜȒĮʌȩȑȞĮ
İȟȠȣıȚȠįȠIJȘȝȑȞȠȀȑȞIJȡȠȉİȤȞȚțȒȢȊʌȠıIJȒȡȚȟȘȢȈȑȡȕȚȢ
 ǾıȣıțİȣȒıȣȝȝȠȡijȫȞİIJĮȚȝİIJȘȞȠįȘȖȓĮǼȀȊʌĮȡIJȘȢ

(/
ʌİȡȓȣȜȚțȫȞıİİʌĮijȒȝİIJĮIJȡȩijȚȝĮ
ƬǀǎDžǖǎǐǓDŽNJǂǕǂǍNJNjǒƽǑǂNJDžNJƽ

ǾȤȡȒıȘIJȘȢıȣıțİȣȒȢİʌȚIJȡȑʌİIJĮȚıİʌĮȚįȚȐʌȐȞȦĮʌȩİIJȫȞȝȠȞȐȤĮĮȞ
İʌȚIJȘȡȠȪȞIJĮȚĮʌȩȑȞĮȞİȞȒȜȚțĮȒĮȞȑȤȠȣȞİțʌĮȚįİȣIJİȓțĮȚȑȤȠȣȞțĮIJĮȞȠȒıİȚIJȚȢ
ȠįȘȖȓİȢțĮȚIJȠȣȢțȚȞįȪȞȠȣȢʌȠȣʌĮȡȠȣıȚȐȗȠȞIJĮȚțĮIJȐIJȘȞȤȡȒıȘIJȘȢıȣıțİȣȒȢ
 ȅȚİȡȖĮıȓİȢțĮșĮȡȚıȝȠȪțĮȚıȣȞIJȒȡȘıȘȢIJȘȢıȣıțİȣȒȢʌȠȣİȓȞĮȚĮȡȝȠįȚȩIJȘIJĮ
IJȠȣȤȡȒıIJȘįİȞİʌȚIJȡȑʌȠȞIJĮȚıİʌĮȚįȚȐțȐIJȦIJȦȞİIJȫȞȤȦȡȓȢIJȘȞİʌȓȕȜİȥȘ
İȞȩȢİȞȒȜȚțĮȂȘȞİʌȚIJȡȑʌİIJİıIJĮʌĮȚįȚȐȞĮʌĮȓȗȠȣȞȝİIJȘıȣıțİȣȒ
 ȂȘȞİʌȚIJȡȑʌİIJİıİʌĮȚįȚȐȝȚțȡȩIJİȡĮĮʌȩȤȡȠȞȫȞȞĮʌȜȘıȚȐȗȠȣȞIJȘıȣıțİȣȒ
țĮȚIJȠȘȜİțIJȡȚțȩțĮȜȫįȚȠ
 ȂȘȞĮijȒȞİIJİIJȠțĮȜȫįȚȠȞĮțȡȑȝİIJĮȚıİȝȚĮșȑıȘʌȠȣȝʌȠȡİȓȞĮIJȠʌȚȐıİȚȑȞĮ
ȝȚțȡȩʌĮȚįȓ
 ȉĮȣȜȚțȐıȣıțİȣĮıȓĮȢįİȞʌȡȑʌİȚȞĮİȖțĮIJĮȜİȓʌȠȞIJĮȚıIJȘįȚȐșİıȘȝȚțȡȫȞʌĮȚ
įȚȫȞįİįȠȝȑȞȠȣȩIJȚĮʌȠIJİȜȠȪȞʌȘȖȒțȚȞįȪȞȠȣ
 ǹȞĮʌȠijĮıȓıİIJİȞĮʌİIJȐȟİIJİIJȘıȣıțİȣȒʌȡȑʌİȚȞĮIJȘȞĮȤȡȘıIJİȪıİIJİțȩȕȠ
ȞIJĮȢIJȠțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢȈȣȞȚıIJȐIJĮȚİʌȓıȘȢȞĮțĮIJĮıIJȒıİIJİĮțȓȞįȣȞĮIJĮ
ȝȑȡȘIJȘȢıȣıțİȣȒȢʌȠȣȝʌȠȡİȓȞĮĮʌȠIJİȜȑıȠȣȞʌȘȖȒțȚȞįȪȞȠȣȚįȚĮȓIJİȡĮȖȚĮ
ȝȚțȡȐʌĮȚįȚȐʌȠȣȝʌȠȡİȓȞĮʌĮȓȟȠȣȞȝİIJȘıȣıțİȣȒ
ƬǀǎDžǖǎǐǓLjnjdžNjǕǒǐǑnjLjǏǀǂǓ
 ǾȤȡȒıȘIJȘȢıȣıțİȣȒȢİʌȚIJȡȑʌİIJĮȚıİȐIJȠȝĮȝİİȚįȚțȑȢĮȞȐȖțİȢȒȐIJȠȝĮȝİİȜ
ȜȚʌİȓȢȖȞȫıİȚȢțĮȚĮȞİʌĮȡțȒʌİȓȡĮȝȠȞȐȤĮĮȞİʌȚIJȘȡȠȪȞIJĮȚĮʌȩȑȞĮȞȣʌİȪșȣ
ȞȠȒĮȞȑȤȠȣȞİțʌĮȚįİȣIJİȓțĮȚȑȤȠȣȞțĮIJĮȞȠȒıİȚIJȚȢȠįȘȖȓİȢțĮȚIJȠȣȢțȚȞįȪȞȠȣȢ
ʌȠȣʌĮȡȠȣıȚȐȗȠȞIJĮȚțĮIJȐIJȘȞȤȡȒıȘIJȘȢıȣıțİȣȒȢ
 ȆȡȚȞıȣȞįȑıİIJİIJȘıȣıțİȣȒıIJȠȘȜİțIJȡȚțȩįȓțIJȣȠȕİȕĮȚȦșİȓIJİʌȦȢȘIJȐıȘʌȠȣ
ĮȞĮijȑȡİIJĮȚıIJȘȞʌȚȞĮțȓįĮțȐIJȦĮʌȩIJȘıȣıțİȣȒĮȞIJȚıIJȠȚȤİȓȝİIJȘȞIJȐıȘIJȠȣ
įȚțIJȪȠȣIJȘȢʌİȡȚȠȤȒȢıĮȢ
 ǾȤȡȒıȘȘȜİțIJȡȚțȫȞȝʌĮȜĮȞIJȑȗȦȞȝȘİȟȠȣįȚȠIJȘȝȑȞȦȞĮʌȩIJȠİȡȖȠıIJȐıȚȠȝʌȠ
ȡİȓȞĮʌȡȠțĮȜȑıİȚȗȘȝȚȑȢȒĮIJȣȤȒȝĮIJĮ
 ȆȡȚȞȖİȝȓıİIJİIJȠįȠȤİȓȠȝİȞİȡȩȕȖȐȜIJİIJȠijȚȢĮʌȩIJȘȞʌȡȓȗĮ
 ǹȞİȓȞĮȚȤĮȜĮıȝȑȞȠIJȠțĮȜȫįȚȠȘȜİțIJȡȠįȩIJȘıȘȢʌȡȑʌİȚȞĮĮȞIJȚțĮIJĮıIJĮșİȓĮʌȩ
IJȠȞțĮIJĮıțİȣĮıIJȚțȩȠȓțȠȒĮʌȩȑȞĮİȟȠȣıȚȠįȠIJȘȝȑȞȠȀȑȞIJȡȠȉİȤȞȚțȒȢȊʌȠıIJȒ
ȡȚȟȘȢȈȑȡȕȚȢȒĮʌȩțȐʌȠȚȠȐIJȠȝȠʌȠȣȑȤİȚIJȘȞĮʌĮȚIJȠȪȝİȞȘIJİȤȞȚțȒțĮIJȐȡIJȚıȘ
ȫıIJİȞĮĮʌȠijȪȖİIJİțȐșİțȓȞįȣȞȠ
 ȂȘȞȕȡȑȤİIJİʌȠIJȑIJĮȝȑȡȘIJȘȢıȣıțİȣȒȢʌȠȣȑȤȠȣȞȘȜİțIJȡȚțȒIJȐıȘȖȚĮIJȓȝʌȠȡİȓ
ȞĮȖȓȞİȚȕȡĮȤȣțȪțȜȦȝĮ
 ȃĮȕȖȐȗİIJİIJȠijȚȢĮʌȩIJȘȞʌȡȓȗĮʌȡȚȞĮʌȩȠʌȠȚĮįȒʌȠIJİİʌȑȝȕĮıȘțĮșĮȡȚıȝȠȪ
ȒıȣȞIJȒȡȘıȘȢ
 ȂȘȞȕȣșȓȗİIJİIJȘıȣıțİȣȒıİȞİȡȩȒȐȜȜĮȣȖȡȐ
 ǻİȞʌȡȑʌİȚȞĮIJȠʌȠșİIJİȓIJİʌȠIJȑIJȘıȣıțİȣȒțȠȞIJȐȒʌȐȞȦıİȑȞĮȞİȡȠȤȪIJȘ
 ȂȘȞĮijĮȚȡİȓIJİIJȠțȐIJȦțĮʌȐțȚIJȘȢıȣıțİȣȒȢǻİȞȣʌȐȡȤȠȣȞİıȦIJİȡȚțȐİȟĮȡIJȒ

(/
ȝĮIJĮʌȠȣȤȡİȚȐȗȠȞIJĮȚțĮșĮȡȚıȝȩ
ƬǀǎDžǖǎǐǓLJLjǍNJƽǓǂǑǝDžNJƽǗǐǒdžǓƽnjnjdžǓǂNJǕǀdžǓ
 ǼʌȚȜȑȟIJİȑȞĮȤȫȡȠȝİİʌĮȡțȒijȦIJȚıȝȩțĮȚĮİȡȚıȝȩțĮȚȝİȝȚĮʌȡȓȗĮİȪțȠȜĮ
ʌȡȠıʌİȜȐıȚȝȘ
 ǹʌȠijȪȖİIJİȞĮȕȐȜİIJİıIJȠįȠȤİȓȠȣʌİȡȕȠȜȚțȒʌȠıȩIJȘIJĮȞİȡȠȪ
 ȂȘȞĮijȒȞİIJİIJȘıȣıțİȣȒıIJȘȞʌȡȓȗĮȩIJĮȞĮʌȠȝĮțȡȪȞİıIJİĮʌȩIJȠȤȫȡȠʌȠȣ
ȕȡȓıțİIJĮȚ
 ȆȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓIJİțĮȚȞĮĮțȠȣȝʌȐIJİIJȘıȣıțİȣȒıİȝȚĮıIJĮșİȡȒİʌȚijȐȞİȚĮ
 ǻİȞʌȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȘıȣıțİȣȒĮȞȑʌİıİțȐIJȦĮȞȣʌȐȡȤȠȣȞİȝijĮ
ȞİȓȢȗȘȝȚȑȢȒȞĮʌĮȡȠȣıȚȐȗİȚįȚĮȡȡȠȒȞİȡȠȪȂȘȞȤȡȘıȚȝȠʌȠȚİȓIJİIJȘıȣıțİȣȒ
ĮȞʌĮȡȠȣıȚȐȗİȚțȐʌȠȚĮĮȞȦȝĮȜȓĮȒȣʌȐȡȤİȚȗȘȝȚȐȒijșȠȡȐıIJȠȘȜİțIJȡȚțȩțĮ
ȜȫįȚȠȒIJȠijȚȢIJȠȣǵȜİȢȠȚİʌȚıțİȣȑȢțĮȚȘĮȞIJȚțĮIJȐıIJĮıȘIJȠȣȘȜİțIJȡȚțȠȪ
țĮȜȦįȓȠȣʌȡȑʌİȚȞĮİțIJİȜȠȪȞIJĮȚĮʌȠțȜİȚıIJȚțȐĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞĮțȑȞIJȡĮ
IJİȤȞȚțȒȢȣʌȠıIJȒȡȚȟȘȢȈȑȡȕȚȢȒĮʌȩIJİȤȞȚțȠȪȢIJȘȢ$ULHWHȫıIJİȞĮĮʌȠijİȪȖİIJĮȚ
ȠʌȠȚȠıįȒʌȠIJİțȓȞįȣȞȠȢ
ƲǒǐdžNJDžǐǑǐǀLjǔLjDŽNJǂdžDŽNjǂǞǍǂǕǂ
 ȂȘȞĮȞȠȓȖİIJİIJȠțĮʌȐțȚȩıȠįȚĮȡțİȓȘʌĮȡȠȤȒțĮijȑ
 ȆȡȠIJȠȪȟĮȞĮȖİȝȓıİIJİIJȠįȠȤİȓȠȝİȞİȡȩʌİȡȚȝȑȞİIJİȞĮțȡȣȫıİȚȘıȣıțİȣȒțȓȞ
įȣȞȠȢİȖțĮȣȝȐIJȦȞĮʌȩʌȚIJıȚȜȚȑȢȞİȡȠȪȒĮIJȝȠȪ
 ȂȘȞĮijȒȞİIJİIJȘȞțĮȡȐijĮȐįİȚĮʌȐȞȦıIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮİȞȫİȓȞĮȚĮȞĮȝȝȑ
ȞȘȘıȣıțİȣȒȀȓȞįȣȞȠȢȞĮıʌȐıİȚȘțĮȡȐijĮȀȓȞįȣȞȠȢİȖțĮȣȝȐIJȦȞĮʌȩIJȘȞ
İʌĮijȒȝİIJȘȞțĮȡȐijĮ
Ʋǒǐǔǐǘƿ²ǖnjNJNjƾǓLJLjǍNJƾǓ
 ȉȠʌȠșİIJȒıIJİIJȘıȣıțİȣȒıİȑȞĮıIJĮșİȡȩİʌȓʌİįȠȩʌȠȣįİȞȣʌȐȡȤİȚțȓȞįȣȞȠȢ
ȞĮĮȞĮʌȠįȠȖȣȡȓıİȚ
 ȂȘȞȤȡȘıȚȝȠʌȠȚİȓIJİIJȘıȣıțİȣȒȤȦȡȓȢȞİȡȩȖȚĮIJȓșĮțĮİȓȘĮȞIJȜȓĮ
 ȂȘȞȖİȝȓȗİIJİʌȠIJȑIJȠįȠȤİȓȠIJȠȣȞİȡȠȪȝİȗİıIJȩȒțĮȣIJȩȞİȡȩ
 ȂȘȞIJȠʌȠșİIJİȓIJİIJȘıȣıțİȣȒ ʌȐȞȫ ıİ ȗİıIJȑȢ İʌȚijȐȞİȚİȢ Ȓ țȠȞIJȐ ıİ ȖȣȝȞȑȢ
ijȜȩȖİȢȖȚĮȞĮȝȘȞȖȓȞİȚȗȘȝȚȐıIJȠʌİȡȓȕȜȘȝȐIJȘȢ
 ȉȠțĮȜȫįȚȠȘȜİțIJȡȠįȩIJȘıȘȢįİȞʌȡȑʌİȚȞĮĮțȠȣȝʌȐİȚıİȗİıIJȑȢİʌȚijȐȞİȚİȢ
 ȂȘȞȤȡȘıȚȝȠʌȠȚİȓIJİĮİȡȚȠȪȤȠȞİȡȩʌȠȣʌİȡȚȑȤİȚįȚȠȟİȓįȚȠIJȠȣȐȞșȡĮțĮ
 ȂȘȞȕȐȗİIJİıIJȠijȓȜIJȡȠțĮȝȓĮȐȜȜȘȠȣıȓĮİțIJȩȢĮʌȩțĮijȑıİıțȩȞȘȂʌȠȡİȓȞĮ
ȖȓȞİȚıȠȕĮȡȒȗȘȝȚȐıIJȘȞıȣıțİȣȒ
 ȂȘȞĮijȒȞİIJİIJȘıȣıțİȣȒıİșİȡȝȠțȡĮıȓĮʌİȡȚȕȐȜȜȠȞIJȠȢȤĮȝȘȜȩIJİȡȘĮʌȩÛ&
įİįȠȝȑȞȠȣȩIJȚȝʌȠȡİȓȞĮʌĮȖȫıİȚIJȠȞİȡȩıIJȠȜȑȕȘIJĮțĮȚȞĮİʌĮțȠȜȠȣșȒıİȚȗȘȝȚȐ
 ȂȘȞȤȡȘıȚȝȠʌȠȚİȓIJİIJȘıȣıțİȣȒıİȣʌĮȓșȡȚȠȤȫȡȠ
 ȂȘȞĮijȒȞİIJİIJȘıȣıțİȣȒİțIJİșİȚȝȑȞȘıIJȠȣȢĮIJȝȠıijĮȚȡȚțȠȪȢʌĮȡȐȖȠȞIJİȢȕȡȠ
ȤȒȒȜȚȠțȜʌ
 ǹijȠȪȕȖȐȜİIJİIJȠijȚȢĮʌȩIJȘȞʌȡȓȗĮțĮȚĮijȠȪțȡȣȫıȠȣȞIJĮȗİıIJȐİȟĮȡIJȒȝĮIJĮ

(/
ȘıȣıțİȣȒʌȡȑʌİȚȞĮțĮșĮȡȚıIJİȓĮʌȠțȜİȚıIJȚțȐȝİȑȞĮȝĮȜĮțȩʌĮȞȓȝȩȜȚȢȕȠȣ
IJȘȖȝȑȞȠıIJȠȞİȡȩȝİȜȓȖİȢıIJĮȖȩȞİȢȠȣįȑIJİȡȠȣĮʌȠȡȡȣʌĮȞIJȚțȠȪțȠȣȗȓȞĮȢȝȘȞ
ȤȡȘıȚȝȠʌȠȚİȓIJİʌȠIJȑįȚĮȜȪIJİȢʌȠȣȝʌȠȡİȓȞĮțȐȞȠȣȞȗȘȝȚȐıIJĮʌȜĮıIJȚțȐ
ƲǒǐnjLjǑǕNJNjƽǍƾǕǒǂNjǂǕƽǕLjǘǒƿǔLjǕLjǓNjǂǒƽǗǂǓ
 ȋȡȘıȚȝȠʌȠȚȒıIJİIJȘȞțĮȡȐijĮȝȩȞȠȝİĮȣIJȒIJȘȝȘȤĮȞȒțĮijȑȂȘȤȡȘıȚȝȠʌȠȚİȓIJİ
IJȘȞțĮȡȐijĮȖȚĮȞĮȗİıIJȐȞİIJİIJȠȞțĮijȑıİȑȞĮȝȐIJȚțȠȣȗȓȞĮȢȒȐȜȜȘʌȘȖȒșİȡȝȩIJȘ
IJĮȢȂȘȕȐȗİIJİIJȘȞțĮȡȐijĮıIJȠijȠȪȡȞȠȝȚțȡȠțȣȝȐIJȦȞȖȚĮȞĮȗİıIJȐȞİIJİIJȠȞțĮijȑ
 ǾțĮȡȐijĮʌȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓIJĮȚȝȩȞȠȝİIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮʌȠȣșĮ
ȕȡİȓIJİıIJĮİȟĮȡIJȒȝĮIJĮIJȘȢıȣıțİȣȒȢ
 īȚĮȞĮȝȘıʌȐıİȚȘțĮȡȐijĮĮȞĮıȘțȫıIJİIJȘȞʌȡȠıİțIJȚțȐȆȡȠıȑȟIJİȞĮȝȘȤIJȣ
ʌȒıİIJİIJȘȞțĮȡȐijĮıİȐȜȜĮĮȞIJȚțİȓȝİȞĮțȓȞįȣȞȠȢȞĮıʌȐıİȚIJȠȖȣĮȜȓǵIJĮȞ
ȖİȝȓȗİIJİIJȘȞțĮȡȐijĮȝİȞİȡȩĮʌȠijȪȖİIJİIJĮȤIJȣʌȒȝĮIJĮʌȐȞȦıIJȘȕȡȪıȘ
 ȂȘȞĮțȠȣȝʌȐIJİIJȘȞțĮȡȐijĮȐįİȚĮʌȐȞȦıİȗİıIJȑȢİʌȚijȐȞİȚİȢ
 ȂȘȞĮțȠȣȝʌȐIJİIJȘȞțĮȡȐijĮȩIJĮȞİȓȞĮȚȗİıIJȒıİțȡȪİȢȒȕȡİȖȝȑȞİȢİʌȚijȐȞİȚİȢ
ȆİȡȚȝȑȞİIJİȞĮțȡȣȫıİȚȘțĮȡȐijĮʌȡȠIJȠȪIJȘȞʌȜȪȞİIJİȒʌȡȠıșȑıİIJİȞİȡȩĮʌȩ
IJȘȕȡȪıȘ
 ȂȘȞțĮșĮȡȓȗİIJİIJȘȞțĮȡȐijĮȝİıȪȡȝĮțȠȣȗȓȞĮȢĮʌȠȡȡȣʌĮȞIJȚțȐıİıțȩȞȘȒ
ȐȜȜĮȣȜȚțȐʌȠȣȝʌȠȡİȓȞĮțȐȞȠȣȞȖȡĮIJȗȠȣȞȚȑȢıIJȠȖȣĮȜȓ
 ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȞțĮȡȐijĮĮȞȑȤİȚȗİıIJĮșİȓȤȦȡȓȢȣȖȡȩȖȚĮȝİȖȐȜȠȤȡȠȞȚțȩ
įȚȐıIJȘȝĮǹȞIJȚțĮIJĮıIJȒıIJİIJȘȞȝİȝȓĮȐȜȜȘIJȠȣİȡȖȠıIJĮıȓȠȣ
ƷƶƭƣưƵƧƵƫƴƱƦƩƥƫƧƴƣƶƵƧƴ
ƲƧƳƫƥƳƣƷƩƵƩƴƴƶƴƬƧƶƩƴ
$ȀĮȡȐijĮ .ǻȚĮȝȑȡȚıȝĮʌİȡȚIJȪȜȚȟȘȢțĮȜȦįȓȦȞ
%ȋİȚȡȠȜĮȕȒIJȘȢțĮȡȐijĮȢ / ȀĮȜȫįȚȠȘȜİțIJȡȠįȩIJȘıȘȢijȚȢ
&ȀĮʌȐțȚțĮȡȐijĮȢ 0ȆȜȐțĮșȑȡȝĮȞıȘȢ
'ȇȐȝijȠȢʌĮȡȠȤȒȢ 1ȅșȩȞȘ
(DzįȡĮIJȘȢȣʌȠįȠȤȒȢijȓȜIJȡȠȣ 202'(ȜİȚIJȠȣȡȖȓĮ
)ǻȠȤİȓȠȞİȡȠȪ 36(/İʌȚȜȠȖȒ
*ǻİȓțIJȘȢıIJȐșȝȘȢIJȠȣȞİȡȠȪ 4$872ĮȣIJȩȝĮIJȠ
+ĭȓȜIJȡȠțĮijȑ 5ȆȜȒțIJȡȠȡȪșȝȚıȘȢIJȘȢȫȡĮȢ+5
, ǹʌȠıʌȫȝİȞȘȣʌȠįȠȤȒijȓȜIJȡȠȣ 6ȆȜȒțIJȡȠȡȪșȝȚıȘȢȜİʌIJȫȞ0,1
- ȀĮʌȐțȚįȠȤİȓȠȣ
7ȆȜȒțIJȡȠʌĮȡȠȤȒȢțĮijȑ
ıȕȘıȓȝĮIJȠȢ
ƴǕǐNJǘdžǀǂǂǎǂDŽǎǟǒNJǔLjǓ
ȈIJȘȞʌȚȞĮțȓįĮʌȠȣȕȡȓıțİIJĮȚțȐIJȦĮʌȩIJȘȕȐıȘȑįȡĮıȘȢIJȘȢȝȘȤĮȞȒȢĮȞĮȖȡȐijȠȞIJĮȚIJĮʌĮȡĮ
țȐIJȦıIJȠȚȤİȓĮĮȞĮȖȞȫȡȚıȘȢ
 țĮIJĮıțİȣĮıIJȚțȩȢȠȓțȠȢțĮȚıȒȝĮȞıȘ&(ǼȅȀ
 ȝȠȞIJȑȜȠȂȠG
 ĮȡıİȚȡȐȢ61
 ȘȜİțIJȡȚțȒIJȐıȘIJȡȠijȠįȩIJȘıȘȢ9țĮȚıȣȤȞȩIJȘIJĮȢ+]

(/
 țĮIJĮȞĮȜȚıțȩȝİȞȘȘȜİțIJȡȚțȒȚıȤȪȢ:
 ʌȡȐıȚȞȠIJȘȜȑijȦȞȠįȦȡİȐȞțȜȒıȘIJİȤȞȚțȒȢȣʌȠıIJȒȡȚȟȘ
ǵIJĮȞĮʌİȣșȪȞİıIJİıIJĮǼȟȠȣıȚȠįȠIJȘȝȑȞĮȀȑȞIJȡĮȊʌȠıIJȒȡȚȟȘȢȈȑȡȕȚȢȞĮĮȞĮijȑȡİIJİIJȠȝȠȞIJȑȜȠ
țĮȚIJȠȞĮȡȚșȝȩıİȚȡȐȢIJȘȢȝȘȤĮȞȒȢ
ƱƦƩƥƫƧƴƥƫƣƵƩƸƳƩƴƩ
ƪƾǔLjǔdžnjdžNJǕǐǖǒDŽǀǂ
 ǺİȕĮȚȦșİȓIJİʌȦȢȘIJȐıȘIJȠȣȘȜİțIJȡȚțȠȪįȚțIJȪȠȣĮȞIJȚıIJȠȚȤİȓȝİIJȘȞIJȐıȘʌȠȣĮȞĮȖȡȐijİIJĮȚ
ıIJȘȞʌȚȞĮțȓįĮIJȘȢıȣıțİȣȒȢ
 ǹijĮȚȡȑıIJİIJĮȣȜȚțȐıȣıțİȣĮıȓĮȢĮʌȩIJȠİıȦIJİȡȚțȩțĮȚIJȠİȟȦIJİȡȚțȩIJȘȢıȣıțİȣȒȢ
 ȈIJȘıȣȞȑȤİȚĮIJȠʌȠșİIJİȓıIJİIJȘıȣıțİȣȒʌȐȞȦıİȝȚĮİʌȓʌİįȘİʌȚijȐȞİȚĮǾıȣıțİȣȒʌȡȑʌİȚȞĮ
IJȠʌȠșİIJİȓIJĮȚıİĮʌȩıIJĮıȘIJȠȣȜȐȤȚıIJȠȞİțĮIJȠıIJȫȞĮʌȩIJȠȓȤȠȣȢȑʌȚʌȜĮȒȐȜȜİȢıȣıțİȣȑȢ
Ʋǒǐǔǐǘƿ
ȀȓȞįȣȞȠȢȗȘȝȚȐȢıIJȘȞİʌȚijȐȞİȚĮȑįȡĮıȘȢIJȘȢıȣıțİȣȒȢǾȣȥȘȜȒșİȡȝȠțȡĮıȓĮIJȘȢıȣ
ıțİȣȒȢȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚȗȘȝȚȐıIJȚȢİʌȚijȐȞİȚİȢȑįȡĮıȘȢȉȠʌȠșİIJȒıIJİȑȞĮʌĮȞȓȒȝȚĮ
ʌİIJıȑIJĮțȠȣȗȓȞĮȢĮȞȐȝİıĮıIJȘıȣıțİȣȒțĮȚıIJȘȞİʌȚijȐȞİȚĮȑįȡĮıȘȢ
Ʋǒǐǔǐǘƿ
ȀȓȞįȣȞȠȢȣʌİȡijȩȡIJȦıȘȢIJȘȢȘȜİțIJȡȚțȒȢȖȡĮȝȝȒȢȆİȡȚııȩIJİȡİȢıȣıțİȣȑȢıȣȞįİįİȝȑȞİȢıİ
ȝȚĮȘȜİțIJȡȚțȒʌȡȓȗĮȝʌȠȡȠȪȞȞĮʌȡȠțĮȜȑıȠȣȞȑȞĮȕȡĮȤȣțȪțȜȦȝĮȈȣȞįȑıIJİIJȘıȣıțİȣȒıİ
ȝȚĮȘȜİțIJȡȚțȒʌȡȓȗĮıIJȘȞȠʌȠȓĮįİȞİȓȞĮȚıȣȞįİįİȝȑȞİȢȐȜȜİȢȘȜİțIJȡȚțȑȢıȣıțİȣȑȢ
 ȆȜȪȞIJİIJȘȞțĮȡȐijĮIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣțĮȚIJȠijȓȜIJȡȠțĮijȑȝİȗİıIJȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞIJȚțȩ
ʌȚȐIJȦȞȄİʌȜȪȞIJİțĮȚıțȠȣʌȓıIJİIJĮİȟĮȡIJȒȝĮIJĮ
 ȉȠʌȠșİIJȒıIJİıIJȘȞȑįȡĮIJȘȢǼȚțIJȘȞĮʌȠıʌȫȝİȞȘȣʌȠįȠȤȒijȓȜIJȡȠȣ
ǿȖįȝȖȔİįȢȡȓȣʍȡȤȤʍȑȢȥıțIJijȡȟʍȤȚȞȒȟįijșȣȤʍȡİȡȥȓȣĴȔȝijȢȡȤʍȢȒʍıțȟįijȡʍȡȚıijșȚıȔ
IJijșȟȜıȟijȢțȜȓȡʍȓijșȣȒİȢįȣijșȣȤʍȡİȡȥȓȣĴȔȝijȢȡȤ
ƲǒǟǕǐƽǎǂǍǍǂ
ȊșȟʍȢȬijșĴȡȢȑʍȡȤȚįįȟȑȦıijıijșIJȤIJȜıȤȓȓȞıijȑįʍȪȒȟįȥȢȡȟțȜȪİțȑIJijșȞįʍȡȤİıȟ
ijșȟȥȢșIJțȞȡʍȡțıȔijıIJȤȟțIJijȡȫȞıȟįįĴȓIJıijıȟį ijȢȒȠȡȤȟįʍȪijȡ ȤİȢįȤȝțȜȪȜȫȜȝȧȞįijȡȤ
ȝȒȖșijįijȡȤȝȑȥțIJijȡȟȜįȢȑĴıȣȟıȢȡȫ
 īİȝȓıIJİIJȠįȠȤİȓȠȝİȞİȡȩIJȘȢȕȡȪıȘȢǼȚțȝȑȤȡȚIJȘıIJȐșȝȘʌȠȣįİȓȤȞİȚȠĮȡȚșȝȩȢǾ
ıIJȐșȝȘĮȞIJȚıIJȠȚȤİȓıIJȘȝȑȖȚıIJȘıIJȐșȝȘȞİȡȠȪțĮȚıIJȠȝȑȖȚıIJȠĮȡȚșȝȩijȜȚIJȗĮȞȚȫȞțĮijȑ
ȀȜİȓıIJİIJȠțĮʌȐțȚIJȠȣįȠȤİȓȠȣ
ȃșȗıȞȔȘıijıȇȆȊǽijȡİȡȥıȔȡʍȑȟȧįʍȪijșȞȒȗțIJijșIJijȑȚȞș
Ĭț·įȤijȪijȡȟȜȫȜȝȡİıȟʍȢȒʍıțȟįȖȑȝıijıijȡĴȔȝijȢȡȜįĴȒIJijșȟȤʍȡİȡȥȓĴȔȝijȢȡȤ
 ǺȐȜIJİIJȠijȚȢıIJȘȞȘȜİțIJȡȚțȒʌȡȓȗĮʌȠȣʌȡȑʌİȚȞĮİȓȞĮȚȖİȚȦȝȑȞȘ
 ȉȠʌȠșİIJȒıIJİIJȘȞȐįİȚĮțĮȡȐijĮıIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮ0ǺİȕĮȚȦșİȓIJİʌȦȢȘȕĮȜȕȓįĮȡȠȒȢ
İȓȞĮȚıȦıIJȐIJȠʌȠșİIJȘȝȑȞȘıIJȠțĮʌȐțȚIJȘȢțĮȡȐijĮȢ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠʌĮȡȠȤȒȢțĮijȑ ȆİȡȚȝȑȞİIJİȞĮIJȡȑȟİȚıIJȘȞțĮȡȐijĮȩȜȠIJȠȞİȡȩʌȠȣ
ʌİȡȚȑȤİIJĮȚıIJȠįȠȤİȓȠȆİȡȚȝȑȞİIJİȜİʌIJȐȖȚĮȞĮțȡȣȫıİȚȘıȣıțİȣȒ
 ǼʌĮȞĮȜȐȕİIJİIJȘįȚĮįȚțĮıȓĮȝİȝȚĮįİȪIJİȡȘțĮȡȐijĮȞİȡȩȆİȡȚȝȑȞİIJİȞĮIJȡȑȟİȚıIJȘȞțĮȡȐijĮ
ȩȜȠIJȠȞİȡȩʌȠȣʌİȡȚȑȤİIJĮȚıIJȠįȠȤİȓȠ

(/
ȉȫȡĮȝʌȠȡİȓIJİȞĮİIJȠȚȝȐıİIJİIJȘıȣıțİȣȒțĮȚȞĮijIJȚȐȟİIJİIJȘȞʌȡȫIJȘțĮȡȐijĮțĮijȑ
ƲǒǐdžǕǐNJǍǂǔǀǂǕLjǓǔǖǔNjdžǖƿǓ
ȇȢțȟįȟȑȦıijıijȡIJȔİıȢȡȖıȖįțȧȚıȔijıʍȧȣȤʍȑȢȥıțįȢȜıijȪȟıȢȪȞȒIJįIJijȡİȡȥıȔȡ
ȄįȖȗȑȘıijıʍȑȟijįijȡĴțȣijȡȤȜįȝȧİȔȡȤįʍȪijșȟʍȢȔȘįʍȢțȟȗıȞȔIJıijıijșIJȤIJȜıȤȓȞıȟıȢȪ
 ǹȞȠȓȟIJİIJȠțĮʌȐțȚIJȠȣįȠȤİȓȠȣ-ȅįİȓțIJȘȢıIJȐșȝȘȢ*ȑȤİȚȝȚĮȕĮșȝȠȞȠȝȘȝȑȞȘțȜȓȝĮțĮĮʌȩ
ȝȑȤȡȚțȐșİĮȡȚșȝȩȢĮȞIJȚıIJȠȚȤİȓıIJȠȞĮȡȚșȝȩijȜȚIJȗĮȞȚȫȞțĮijȑīİȝȓıIJİIJȘȞțĮȡȐijĮȝİ
ȞİȡȩIJȘȢȕȡȪıȘȢǹįİȚȐıIJİIJȠȞİȡȩıIJȠįȠȤİȓȠȝȑȤȡȚIJȘȞİʌȚșȣȝȘIJȒıIJȐșȝȘȖȚĮijȜȚIJȗȐȞȚĮ
țĮijȑȒȖȚĮijȜȚIJȗȐȞȚĮțĮijȑ
 ȉȠʌȠșİIJȒıIJİIJȘȞȐįİȚĮțĮȡȐijĮıIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮ0
Ʋǒǐǔǐǘƿ
ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȞțĮȡȐijĮĮȞʌĮȡȠȣıȚȐȗİȚȡȦȖȝȑȢıIJȠȖȣĮȜȓȒıIJȘȤİȚȡȠȜĮȕȒIJȘȢ
ȀȓȞįȣȞȠȢİȖțĮȣȝȐIJȦȞĮʌȩIJȘȞİʌĮijȒȝİțĮȣIJȩțĮijȑĮȞıʌȐıİȚȘțĮȡȐijĮ
ȂȘȞĮțȠȣȝʌȐIJİțĮȞȑȞĮĮȞIJȚțİȓȝİȞȠʌȐȞȦıIJȠțĮʌȐțȚȩIJĮȞȜİȚIJȠȣȡȖİȓȘıȣıțİȣȒ
Ʋǒǐǔǐǘƿ
ȂȘȞĮȞȠȓȖİIJİIJȠțĮʌȐțȚȩıȠįȚĮȡțİȓȘʌĮȡȠȤȒțĮijȑțȓȞįȣȞȠȢİȖțĮȣȝȐIJȦȞĮʌȩʌȚIJıȚȜȓıȝĮ
IJĮȗİıIJȠȪȞİȡȠȪȒțĮijȑ
 ȉȠʌȠșİIJİȓıIJİIJȠijȓȜIJȡȠțĮijȑıIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣǻȠıȠȝİIJȡȒıIJİIJȠȞțĮijȑıIJȠijȓȜIJȡȠDzȞĮ
ijȜȚIJȗȐȞȚțĮijȑȚıȠįȣȞĮȝİȓȝİȝȚĮțȠijIJȒțȠȣIJĮȜȚȐțĮijȑıİıțȩȞȘ
 ȀĮIJİȕȐıIJİIJȘȤİȚȡȠȜĮȕȒIJȠȣijȓȜIJȡȠȣțĮijȑȀȜİȓıIJİIJȠțĮʌȐțȚIJȠȣįȠȤİȓȠȣ
 ǺȐȜIJİIJȠijȚȢıIJȘȞȘȜİțIJȡȚțȒʌȡȓȗĮʌȠȣʌȡȑʌİȚȞĮİȓȞĮȚȖİȚȦȝȑȞȘǹȞȐȕİȚȘȠșȩȞȘțĮȚĮȡȤȓȗİȚȞĮ
ĮȞĮȕȠıȕȒȞİȚȘȫȡĮ$0 ȋȡȘıȚȝȠʌȠȚİȓıIJİIJĮʌȜȒțIJȡĮ+5țĮȚ0,1ȖȚĮȞĮȡȣșȝȓıİIJİ
IJȘȞIJȠʌȚțȒȫȡĮȆĮIJȒıIJİIJȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǹȞįİȞʌĮIJȒıİIJİțĮȞȑȞĮʌȜȒțIJȡȠȘȠșȩȞȘ
șĮıȕȒıİȚȝİIJȐĮʌȩįİȣIJİȡȩȜİʌIJĮ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ ȖȚĮȞĮȟİțȚȞȒıİIJİIJȠȞțȪțȜȠʌĮȡȠȤȒȢIJȠȣțĮijȑǹijȒıIJİIJȠȞțĮijȑ
ȞĮIJȡȑȟİȚıIJȘȞțĮȡȐijĮȝȑȤȡȚȞĮȠȜȠțȜȘȡȦșİȓȠİʌȚȜİȖȝȑȞȠȢțȪțȜȠȢĮȡȚșȝȩȢijȜȚIJȗĮȞȚȫȞ
 ǼǿȃǹǿǻȊȃǹȉȅȃȃǹǻǿǹȀȅȌǼȉǼȉǾȃȆǹȇȅȋǾȀǹĭǼȆȇǿȃȅȁȅȀȁǾȇȍĬǼǿȅȀȊȀȁȅȈ
 ȕȖȐȜIJİIJȠijȜȚIJȗȐȞȚįȚĮȕȐıIJİȜİȚIJȠȣȡȖȓĮʌĮȪıȘȢȖȚĮȞĮıİȡȕȓȡİIJİIJȠȞțĮijȑ
 ʌĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑȝȑȤȡȚȢȩIJȠȣȘıȣıțİȣȒȞĮİțʌȑȝȥİȚȑȞĮȤĮȡĮțIJȘȡȚıIJȚțȩȒȤȠȝʌȚʌ
țĮȚȞĮıȕȒıİȚIJȠİȞįİȚțIJȚțȩȜĮȝʌȐțȚIJȠȣʌȜȒțIJȡȠȣ
ȂİIJȐIJȠıȕȒıȚȝȠĮȣIJȩȝĮIJĮȒȤİȚȡȠțȓȞȘIJĮșĮĮȡȤȓıİȚȞĮȗİıIJĮȓȞİIJĮȚȘșİȡȝĮȞIJȚțȒʌȜȐțĮ
ǺĴȓIJijıijȡȜįʍȑȜțIJijșȟȜįȢȑĴįȗțįȟįİțįijșȢȓIJıijıȘıIJijȪijȡȟȜįĴȒȜįțȗțįȟįIJıȢȖȔȢıijıijȡȟ
ȜįĴȒȥȧȢȔȣȜȔȟİȤȟȡıȗȜįȤȞȑijȧȟ
 ȆȚȐıIJİIJȘȞțĮȡȐijĮĮʌȩIJȘȤİȚȡȠȜĮȕȒIJȘȢīİȓȡİIJİİȜĮijȡȐIJȘȞțĮȡȐijĮțĮȚıİȡȕȓȡİIJİIJȠȗİıIJȩ
țĮijȑıİȑȞĮijȜȚIJȗȐȞȚ
 ȆĮIJȒıIJİțĮȚĮijȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ ȖȚĮȞĮıȕȒıİIJİIJȘıȣıțİȣȒ
ȃșȞıijįȜțȟıȔijıijșIJȤIJȜıȤȓȪijįȟșȜįȢȑĴįȓijȡİȡȥıȔȡʍıȢțȒȥȡȤȟȘıIJijȑȤȗȢȑȇıȢțȞȒȟıijı
ȞȒȥȢțȟįȜȢȤȬIJıțijıȝıȔȧȣșIJȤIJȜıȤȓ
ǿʍȡIJȪijșijįȟıȢȡȫʍȡȤȚįijȢȒȠıțIJijșȟȜįȢȑĴįȚįıȔȟįțȝțȗȪijıȢșIJıIJȥȒIJșȞıijșȟʍȡIJȪijșijį
ijȡȤȟıȢȡȫʍȡȤȤʍȓȢȥıIJijȡİȡȥıȔȡȃțįȞțȜȢȓʍȡIJȪijșijįȟıȢȡȫȚįįʍȡȢȢȡĴșȚıȔįʍȪijș
IJȜȪȟșijȡȤȜįĴȒȜįțijȡĴȔȝijȢȡ

(/
ƳǞljǍNJǔLjǕLjǓǟǒǂǓ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ+5ȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȞȫȡĮȆĮIJȒıIJİțĮȚțȡĮIJȒıIJİʌĮIJȘȝȑȞȠIJȠʌȜȒțIJȡȠ
+5ȖȚĮȞĮȡȣșȝȓıİIJİʌȚȠȖȡȒȖȠȡĮIJȘȞİʌȚșȣȝȘIJȒȫȡĮ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ0,1ȖȚĮȞĮİʌȚȜȑȟİIJİIJĮȜİʌIJȐȆĮIJȒıIJİțĮȚțȡĮIJȒıIJİʌĮIJȘȝȑȞȠIJȠʌȜȒ
țIJȡȠȂǿȃȖȚĮȞĮȡȣșȝȓıİIJİʌȚȠȖȡȒȖȠȡĮIJĮİʌȚșȣȝȘIJȐȜİʌIJȐ
 ǵIJĮȞİȓȞĮȚıȦıIJȐȡȣșȝȚıȝȑȞȘȘȫȡĮʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ6(/ǾıȣıțİȣȒșĮİțʌȑȝȥİȚȑȞĮ
ȤĮȡĮțIJȘȡȚıIJȚțȩȒȤȠȝʌȚʌ
 īȚĮȞĮȟĮȞĮȡȣșȝȓıİIJİIJȘȞȫȡĮʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ02'(ȑȟȚijȠȡȑȢȠʌȩIJİșĮĮȡȤȓıİȚȞĮĮȞĮ
ȕȠıȕȒȞİȚIJȠıȪȝȕȠȜȠ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ6(/ǾȫȡĮșĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚȉȫȡĮ
ȝʌȠȡİȓIJİȞĮȡȣșȝȓıİIJİIJȘȞȫȡĮȩʌȦȢʌİȡȚȖȡȐijİIJĮȚʌĮȡĮʌȐȞȦ
ƳǞljǍNJǔLjǕǐǖǂǖǕǝǍǂǕǐǖNjǞNjnjǐǖ
ȆĮIJȒıIJİțĮȚțȡĮIJȒıIJİʌĮIJȘȝȑȞȠIJȠʌȜȒțIJȡȠ$872ȝȑȤȡȚȞĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚıIJȘȞȠșȩȞȘ
ȘİʌȚȖȡĮijȒ352*5$00ȝĮȗȓȝİIJȠıȪȝȕȠȜȠ ǹțȠȜȠȣșȒıIJİIJȘȝȑșȠįȠȡȪșȝȚıȘȢIJȘȢȫȡĮȢ
ȖȚĮȞĮȡȣșȝȓıİIJİȫȡİȢțĮȚȜİʌIJȐȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ$872Ȓ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǾıȣıțİȣȒ
İțʌȑȝʌİȚȑȞĮȤĮȡĮțIJȘȡȚıIJȚțȩȒȤȠȝʌȚʌțĮȚıIJȘȞȠșȩȞȘİȝijĮȞȓȗİIJĮȚȘIJȦȡȚȞȒȫȡĮțĮȚIJȠıȪȝȕȠȜȠ
IJȠȣȤȡȠȞȠįȚĮțȩʌIJȘ ȘıȣıțİȣȒșĮİțIJİȜȑıİȚȑȞĮȞțȪțȜȠʌĮȡȠȤȒȢțĮijȑıIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
īȚĮȞĮĮțȣȡȫıİIJİIJȠȞʌȡȠȖȡĮȝȝĮIJȚıȝȩțĮȚIJȘȡȪșȝȚıȘʌȠȣʌİȡȚȖȡȐijİIJĮȚʌĮȡĮʌȐȞȦĮȡțİȓȞĮ
ȟĮȞĮʌĮIJȒıİIJİIJȠʌȜȒțIJȡȠ$872
ƳǞljǍNJǔLjǕLjǓƾǎǕǂǔLjǓǕǐǖNjǂǗƾ
ǾıȣıțİȣȒȑȤİȚȝȚĮȜİȚIJȠȣȡȖȓĮʌȠȣİʌȚIJȡȑʌİȚIJȘȡȪșȝȚıȘIJȘȢȑȞIJĮıȘȢIJȠȣțĮijȑȖȚĮȞĮIJȠȞʌȡȠ
ıĮȡȝȩıİIJİıIJȚȢʌȡȠIJȚȝȒıİȚȢıĮȢ
ȀĮȞȠȞȚțȩȢ ȆĮIJȒıIJİȝȚĮ ijȠȡȐIJȠ ʌȜȒțIJȡȠ02'(ĬĮ ĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚ IJȠ
ıȪȝȕȠȜȠ ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǹȣIJȒȘİʌȚȜȠȖȒ
ĮȞIJȚıIJȠȚȤİȓıİȡȪșȝȚıȘIJȠȣİȡȖȠıIJĮıȓȠȣ
ȂȑIJȡȚȠȢ ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ02'(įȣȠijȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚIJȠ
ıȪȝȕȠȜȠ ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘȉȠıȪȝȕȠȜȠ
ȡȣșȝȓȗİȚIJȘȞʌĮȡȠȤȒȜĮȝȕȐȞȠȞIJĮȢȣʌȩȥȘȝȚĮțĮȡȐijĮțĮijȑǹȣIJȩ
ĮȞIJȚıIJȠȚȤİȓıİȑȞĮȞʌȚȠĮȡȦȝĮIJȚțȩțĮijȑ
ǻȣȞĮIJȩȢ ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ02'(IJȡİȚȢijȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚIJȠ
ıȪȝȕȠȜȠ ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘȉȠıȪȝȕȠȜȠ
ȡȣșȝȓȗİȚIJȘȞʌĮȡȠȤȒțĮȚIJȠȤȡȩȞȠĮijȑȥȘıȘȢȜĮȝȕȐȞȠȞIJĮȢȣʌȩȥȘ
ȝȚĮțĮȡȐijĮțĮijȑǹȣIJȩĮȞIJȚıIJȠȚȤİȓıİȑȞĮȞʌȚȠįȣȞĮIJȩțĮijȑ
ȁİȚIJȠȣȡȖȓĮ ȖȚĮ 
ijȜȚIJȗȐȞȚĮ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ02'(IJȑııİȡȚȢijȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒ
ȞİȚIJȠıȪȝȕȠȜȠ ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǾ
ȜİȚIJȠȣȡȖȓĮȖȚĮijȜȚIJȗȐȞȚĮİʌȚIJȡȑʌİȚIJȘȞʌȡȠİIJȠȚȝĮıȓĮțĮijȑȖȚĮIJȠ
ʌȠȜȪijȜȚIJȗȐȞȚĮȆȡȑʌİȚȞĮȕȐȜİIJİıIJȠįȠȤİȓȠȝȩȞȠIJȘȞʌȠıȩIJȘIJĮȞİȡȠȪ
ʌȠȣĮȞIJȚıIJȠȚȤİȓıIJȘıIJȐșȝȘIJȘȢțĮȡȐijĮȢȉȠıȪȝȕȠȜȠ ȡȣșȝȓȗİȚ
ĮȣIJȩȝĮIJĮIJȘȞʌĮȡȠȤȒȖȚĮIJȘȞİʌȓIJİȣȟȘIJȘȢțĮȜȪIJİȡȘȢȖİȪıȘȢıİȝȚțȡȑȢ
ʌȠıȩIJȘIJİȢțĮijȑǼȓȞĮȚȚįĮȞȚțȩȖȚĮIJȠʌȠȜȪijȜȚIJȗȐȞȚĮțĮijȑ
ǺȟȤʍȑȢȥıțIJijȡİȡȥıȔȡʍıȢțIJIJȪijıȢȡȟıȢȪșʍįȢȡȥȓİıȚįIJijįȞįijȓ
IJıțȞȒȥȢțȣȪijȡȤʍıȢȑIJıțȪȝȡijȡȟıȢȪIJijșȟȜįȢȑĴį
ǹijȠȪİʌȚȜȑȟİIJİIJȘȞİʌȚșȣȝȘIJȒȡȪșȝȚıȘʌĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ ǾıȣıțİȣȒșĮİțʌȑȝȥİȚ

(/
ȑȞĮȤĮȡĮțIJȘȡȚıIJȚțȩȒȤȠȝʌȚʌțĮȚșĮĮȡȤȓıİȚIJȘȞʌĮȡȠȤȒIJȠȣțĮijȑ
ƭdžNJǕǐǖǒDŽǀǂǑǂǞǔLjǓDŽNJǂǎǂǔdžǒǃǀǒdžǕdžǕǐǎNjǂǗƾ
īȚĮȞĮıİȡȕȓȡİIJİIJȠȞțĮijȑʌȡȚȞȠȜȠțȜȘȡȦșİȓȘİțȡȠȒIJȠȣıIJȘȞțĮȡȐijĮĮijĮȚȡȑıIJİIJȘȞțĮȡȐijĮ
ĮʌȩIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮ
ȇȢȡijȡȫįĴįțȢȒIJıijıijșȟȜįȢȑĴįʍıȢțȞȒȟıijıȟįȗıȞȔIJıțȞıijȡȤȝȑȥțIJijȡȟĴȝțijȘȑȟțįȜįĴȒ
ǾʌĮȡȠȤȒįȚĮțȩʌIJİIJĮȚĮȣIJȩȝĮIJĮȖȚĮįİȣIJİȡȩȜİʌIJĮīȚĮȞĮȟĮȞĮȡȤȓıİȚȠțȪțȜȠȢʌĮȡȠȤȒȢIJȠʌȠ
șİIJİȓıIJİIJȘȞțĮȡȐijĮıIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮ
Ʋǒǐǔǐǘƿ
ȀȓȞįȣȞȠȢİȖțĮȣȝȐIJȦȞĮʌȩIJȘȞİʌĮijȒȝİIJȠȞțĮȣIJȩțĮijȑʌȠȣİțȡȑİȚĮʌȩIJȠȡȐȝijȠȢʌĮȡȠ
ȤȒȢȆȡȑʌİȚȞĮIJȠʌȠșİIJȒıİIJİIJȘȞțĮȡȐijĮıIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮİȞIJȩȢįİȣIJİȡȠȜȑʌIJȦȞ
ĮʌȩIJȘȞĮijĮȓȡİıȒIJȘȢ
ƭdžNJǕǐǖǒDŽǀǂǂǖǕǝǍǂǕǐǖǔǃLjǔǀǍǂǕǐǓ
ǹȞȘȝȘȤĮȞȒİȓȞĮȚĮȞĮȝȝȑȞȘĮȜȜȐįİȤȡȘıȚȝȠʌȠȚİȓIJĮȚȝİIJȐʌİȡȓʌȠȣȜİʌIJȐİʌİȝȕĮȓȞİȚȘȜİȚ
IJȠȣȡȖȓĮĮȣIJȩȝĮIJȠȣıȕȘıȓȝĮIJȠȢǹȣIJȒȘȜİȚIJȠȣȡȖȓĮșȑIJİȚIJȘȝȘȤĮȞȒıİĮȞĮȝȠȞȒțĮȚĮʌİȞİȡȖȠʌȠȚİȓ
ȩȜİȢIJȚȢȜİȚIJȠȣȡȖȓİȢșȑȡȝĮȞıȘȢ
ƲǟǓǎǂǗǕNJƽǏdžǕdžǍNJǂDždžǞǕdžǒLjNjǂǒƽǗǂNjǂǗƾ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ ǾȝȘȤĮȞȒıȕȒȞİȚǺȖȐȜIJİIJȠijȚȢĮʌȩIJȘȞʌȡȓȗĮ
Ʋǒǐǔǐǘƿ
ȀȓȞįȣȞȠȢİȖțĮȣȝȐIJȦȞĮʌȩʌȚIJıȚȜȓıȝĮIJĮȞİȡȠȪȒĮIJȝȠȪȆȡȠIJȠȪȟĮȞĮȖİȝȓıİIJİIJȠįȠȤİȓȠ
ȝİȞİȡȩʌİȡȚȝȑȞİIJİIJȠȣȜȐȤȚıIJȠȞȜİʌIJȐȆİȡȚȝȑȞİIJİȞĮțȡȣȫıȠȣȞȩȜĮIJĮȗİıIJȐȝȑȡȘIJȘȢ
ıȣıțİȣȒȢ
ȇȢȡijȡȫıȟıȢȗȡʍȡțȓIJıijıijșȟʍįȢȡȥȓijȡȤȜįĴȒȖıȖįțȧȚıȔijıʍȧȣȤʍȑȢȥıțįȢȜıijȪȟıȢȪIJijȡ
İȡȥıȔȡȃșȟȠıȜțȟȓIJıijıijșȟʍįȢȡȥȓijȡȤȜįĴȒįȟșIJijȑȚȞșijȡȤȟıȢȡȫıȔȟįțȜȑijȧįʍȪijȡ
ıȝȑȥțIJijȡ
 ǹȞȠȓȟIJİIJȠțĮʌȐțȚIJȘȢıȣıțİȣȒȢǹȞİȕȐıIJİIJȘȤİȚȡȠȜĮȕȒIJȠȣijȓȜIJȡȠȣțĮijȑǹijĮȚȡȑıIJİIJȠijȓȜ
IJȡȠIJȠȣțĮijȑĮʌȩIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣǹijĮȚȡȑıIJİIJĮțĮIJȐȜȠȚʌĮțĮijȑĮʌȩIJȠijȓȜIJȡȠ
 ǹijĮȚȡȑıIJİIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣĮʌȩIJȘıȣıțİȣȒȄİʌȜȪȞIJİIJȘȞțĮȡȐijĮțĮȚIJȘȞȣʌȠįȠȤȒijȓȜ
IJȡȠȣȝİIJȡİȤȠȪȝİȞȠȞİȡȩIJȘȢȕȡȪıȘȢīİȝȓıIJİIJȠįȠȤİȓȠȝİȞİȡȩIJȘȢȕȡȪıȘȢȝȑȤȡȚIJȘȞİʌȚșȣȝȘ
IJȒıIJȐșȝȘ
 ȉȠʌȠșİIJȒıIJİIJȘȞȐįİȚĮțĮȡȐijĮıIJȘșİȡȝĮȞIJȚțȒʌȜȐțĮ0
 ȉȠʌȠșİIJȒıIJİIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣıIJȘȞȑįȡĮIJȘȢǼȚțȉȠʌȠșİIJȒıIJİIJȠijȓȜIJȡȠțĮijȑıIJȘȞ
ȣʌȠįȠȤȒijȓȜIJȡȠȣǼȚțǻȠıȠȝİIJȡȒıIJİIJȠȞțĮijȑıIJȠijȓȜIJȡȠDzȞĮijȜȚIJȗȐȞȚțĮijȑȚıȠįȣȞĮȝİȓ
ȝİȝȚĮțȠijIJȒțȠȣIJĮȜȚȐțĮijȑıİıțȩȞȘ
 ȀȜİȓıIJİIJȠțĮʌȐțȚǺȐȜIJİIJȠijȚȢıIJȘȞʌȡȓȗĮ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ ǾȝȘȤĮȞȒĮȡȤȓȗİȚIJȠȞțȪțȜȠʌĮȡȠȤȒȢIJȠȣțĮijȑ
ƸƳƩƴƫƮƧƴƴƶƮƤƱƶƭƧƴƥƫƣƯƣƷƵƫƣưƧƵƧƬƣƭƱƬƣƷƧ
 īȚĮȞĮijIJȚȐȤȞİIJİȖİȣıIJȚțȠȪȢțĮijȑįİȢʌȡȑʌİȚȞĮįȚĮIJȘȡİȓIJİțĮșĮȡȒIJȘıȣıțİȣȒǼțIJİȜȑıIJİIJȠȞ
țĮșĮȡȚıȝȩțĮȚIJȘȞĮijĮȓȡİıȘĮȜȐIJȦȞıİIJĮțIJȐȤȡȠȞȚțȩįȚĮıIJȒȝĮIJĮȩʌȦȢʌİȡȚȖȡȐijİIJĮȚıIJȘȞ
ʌĮȡȐȖȡĮijȠ©ȀĮșĮȡȚıȝȩȢIJȘȢıȣıțİȣȒȢª
 ȃĮȤȡȘıȚȝȠʌȠȚİȓIJİʌȐȞIJĮțĮșĮȡȩȞİȡȩIJȘȢȕȡȪıȘȢ

(/
 ȂİʌȚȠȜİʌIJȐĮȜİıȝȑȞĮȤĮȡȝȐȞȚĮİʌȚIJȣȖȤȐȞȠȞIJĮȚțĮijȑįİȢʌȚȠʌȜȠȪıȚȠȚțĮȚʌĮȤȪȡȡİȣıIJȠȚǹȞ
IJȠȤĮȡȝȐȞȚİȓȞĮȚțĮȞȠȞȚțȐĮȜİıȝȑȞȠȖȚĮȞĮİʌȚIJȪȤİIJİIJȘıȣȞȘșȚıȝȑȞȘȖİȪıȘșĮȤȡİȚĮıIJİȓIJİ
ʌİȡȚııȩIJİȡȘʌȠıȩIJȘIJĮțĮijȑıİıȤȑıȘȝİIJĮʌȚȠȜİʌIJȐĮȜİıȝȑȞĮȤĮȡȝȐȞȚĮ
 ĭȣȜȐȟIJİIJȘıțȩȞȘțĮijȑıİȑȞĮįȡȠıİȡȩțĮȚıIJİȖȞȩȝȑȡȠȢȃĮțȜİȓȞİIJİİȡȝȘIJȚțȐIJȚȢıȣıțİȣĮ
ıȓİȢțĮijȑʌȠȣȑȤİIJİĮȞȠȓȟİȚțĮȚȞĮIJȚȢȕȐȗİIJİıIJȠȥȣȖİȓȠ
 īȚĮIJȘȕȑȜIJȚıIJȘȖİȪıȘĮȖȠȡȐıIJİțĮijȑıİțȩțțȠȣȢțĮȚĮȜȑıIJİIJȠȞȜȓȖȠʌȡȚȞIJȠȞȤȡȘıȚȝȠʌȠȚȒ
ıİIJİ
 ȅȟĮȞĮȗİıIJĮȝȑȞȠȢțĮijȑȢįİȞȑȤİȚIJȘȕȑȜIJȚıIJȘȖİȪıȘȅțĮijȑȢȑȤİȚIJȘȞțĮȜȪIJİȡȘȖİȪıȘĮȝȑıȦȢ
ȝİIJȐIJȘȞʌĮȡĮıțİȣȒIJȠȣ
 ǾʌĮȡȠȣıȓĮȝȚțȡȫȞıIJĮȖȩȞȦȞȜĮįȚȠȪıIJȘȞİʌȚijȐȞİȚĮIJȠȣțĮijȑȝʌȠȡİȓȞĮȠijİȓȜİIJĮȚıIJȘȞʌĮ
ȡĮIJİIJĮȝȑȞȘȤȡȒıȘȥȘȝȑȞȦȞȤĮȡȝĮȞȚȫȞțĮșĮȡȓıIJİIJȘıȣıțİȣȒıİIJĮțIJȐȤȡȠȞȚțȐįȚĮıIJȒȝĮIJĮ
ƬƣƪƣƳƫƴƮƱƴƵƩƴƴƶƴƬƧƶƩƴ
ǹȣIJȒȘıȣıțİȣȒȤȡİȚȐȗİIJĮȚʌİȡȚȠȡȚıȝȑȞȘıȣȞIJȒȡȘıȘǻİȞʌİȡȚȑȤİȚİȟĮȡIJȒȝĮIJĮʌȠȣȝʌȠȡİȓȞĮ
İʌȚıțİȣȐıİȚȠȤȡȒıIJȘȢȅʌȠȚĮįȒʌȠIJİİȡȖĮıȓĮʌȠȣĮʌĮȚIJİȓIJȘȞĮʌȠıȣȞĮȡȝȠȜȩȖȘıȘİȟĮȡIJȘȝȐIJȦȞ
ʌȡȑʌİȚȞĮİțIJİȜİȓIJĮȚĮʌȩȑȞĮǼȟȠȣıȚȠįȠIJȘȝȑȞȠȀȑȞIJȡȠȉİȤȞȚțȒȢȊʌȠıIJȒȡȚȟȘȢȈȑȡȕȚȢ
Ʋǒǐǔǐǘƿ
ǵȜİȢ ȠȚİȡȖĮıȓİȢ țĮșĮȡȚıȝȠȪ ʌȠȣʌİȡȚȖȡȐijȠȞIJĮȚ ʌĮȡĮțȐIJȦ ʌȡȑʌİȚȞĮ İțIJİȜȠȪȞIJĮȚ ȝİ
ıȕȘıIJȒȝȘȤĮȞȒțĮȚȑȤȠȞIJĮȢȕȐȜİȚIJȠijȚȢĮʌȩIJȘȞʌȡȓȗĮ
Ʋǒǐǔǐǘƿ
ǾIJĮțIJȚțȒțĮșĮȡȚȩIJȘIJĮțĮȚıȣȞIJȒȡȘıȘįȚĮIJȘȡȠȪȞıİțĮȜȒțĮIJȐıIJĮıȘIJȘȝȘȤĮȞȒȖȚĮȝİ
ȖĮȜȪIJİȡȠȤȡȠȞȚțȩįȚȐıIJȘȝĮȂȘȞʌȜȑȞİIJİʌȠIJȑIJĮİȟĮȡIJȒȝĮIJĮIJȘȢȝȘȤĮȞȒȢıIJȠʌȜȣȞIJȒȡȚȠ
ʌȚȐIJȦȞȂȘȤȡȘıȚȝȠʌȠȚİȓIJİĮʌİȣșİȓĮȢİțIJȩȟİȣıȘȞİȡȠȪ
Ʋǒǐǔǐǘƿ
ȅʌȠȚĮįȒʌȠIJİİʌȑȝȕĮıȘʌȡȑʌİȚȞĮİțIJİȜİȓIJĮȚȩIJĮȞȘȝȘȤĮȞȒİȓȞĮȚțȡȪĮ
ƬǂljǂǒNJǔǍǝǓǕǐǖǗǀnjǕǒǐǖNjǂNJǕLjǓǖǑǐDžǐǘƿǓǗǀnjǕǒǐǖ
ȂİIJȐĮʌȩțȐșİȤȡȒıȘĮijĮȚȡȑıIJİIJȠijȓȜIJȡȠIJȠȣțĮijȑĮʌȩIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣǹijĮȚȡȑıIJİIJĮ
țĮIJȐȜȠȚʌĮțĮijȑĮʌȩIJȠijȓȜIJȡȠȄİʌȜȪȞIJİIJȠijȓȜIJȡȠȝİțĮșĮȡȩȞİȡȩIJȘȢȕȡȪıȘȢǹijĮȚȡȑıIJİIJȘȞ
ȣʌȠįȠȤȒijȓȜIJȡȠȣțĮȚʌȜȪȞIJİIJȘȞȝİȗİıIJȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞIJȚțȩʌȚȐIJȦȞ
ƬǂljǂǒNJǔǍǝǓǕLjǓNjǂǒƽǗǂǓ
Ʋǒǐǔǐǘƿ
īȚĮȞĮȝȘıʌȐıİȚȘțĮȡȐijĮĮȞĮıȘțȫıIJİIJȘȞʌȡȠıİțIJȚțȐȆȡȠıȑȟIJİȞĮȝȘȤIJȣʌȒıİIJİIJȘȞ
țĮȡȐijĮıİȐȜȜĮĮȞIJȚțİȓȝİȞĮțȓȞįȣȞȠȢȞĮıʌȐıİȚIJȠȖȣĮȜȓǵIJĮȞȖİȝȓȗİIJİIJȘȞțĮȡȐijĮȝİ
ȞİȡȩĮʌȠijȪȖİIJİIJĮȤIJȣʌȒȝĮIJĮʌȐȞȦıIJȘȕȡȪıȘ
ȆȜȪȞIJİIJȘȞțĮȡȐijĮȝİȗİıIJȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞIJȚțȩʌȚȐIJȦȞȀĮșĮȡȓıIJİIJȠțĮʌȐțȚIJȘȢțĮȡȐijĮȢ
ĮʌȩIJĮțĮIJȐȜȠȚʌĮțĮijȑȤȡȘıȚȝȠʌȠȚȫȞIJĮȢȑȞĮȕȠȣȡIJıȐțȚȀĮșĮȡȓıIJİIJȘȞțĮȡȐijĮȤȡȘıȚȝȠʌȠȚ
ȫȞIJĮȢȑȞĮȣȖȡȩțĮȚȝĮȜĮțȩʌĮȞȓȫıIJİȞĮȝȘȖȓȞİȚȗȘȝȚȐıIJȠȖȣĮȜȓȂȘȤȡȘıȚȝȠʌȠȚİȓIJİıȪȡȝĮ
țȠȣȗȓȞĮȢȒȐȜȜĮȣȜȚțȐȝİIJȡĮȤȚȐİʌȚijȐȞİȚĮ
ƬǂljǂǒNJǔǍǝǓǕǐǖDžǐǘdžǀǐǖ
ȈȣȞȚıIJȐIJĮȚȞĮțĮșĮȡȓȗİIJİʌİȡȚȠįȚțȐIJȠİıȦIJİȡȚțȩIJȠȣįȠȤİȓȠȣȝİȑȞĮıijȠȣȖȖȐȡȚȒȑȞĮȣȖȡȩʌĮȞȓ

(/
ƬǂljǂǒNJǔǍǝǓǔǟǍǂǕǐǓǍLjǘǂǎƿǓ
Ʋǒǐǔǐǘƿ
ȀĮșĮȡȓıIJİIJĮıIJĮșİȡȐȝȑȡȘIJȘȢȝȘȤĮȞȒȢȤȡȘıȚȝȠʌȠȚȫȞIJĮȢȑȞĮĮʌĮȜȩȣȖȡȩʌĮȞȓȖȚĮȞĮ
ȝȘȞțȐȞİIJİȗȘȝȚȐ
ƣƶƵƱƮƣƵƱƴƬƣƪƣƳƫƴƮƱƴ
ȀĮșĮȡȓıIJİIJȘıȣıțİȣȒIJȠȣȜȐȤȚıIJȠȞȝȚĮijȠȡȐIJȠȝȒȞĮ
ǹȞȑȤİIJİĮȖȠȡȐıİȚIJȠijȓȜIJȡȠȞİȡȠȪʌȠȣʌȦȜİȓIJĮȚȟİȤȦȡȚıIJȐĮijĮȚȡȑıIJİIJȠĮʌȩIJȠįȠȤİȓȠʌȡȚȞ
İțIJİȜȑıİIJİIJȠȞĮȣIJȩȝĮIJȠțȪțȜȠțĮșĮȡȚıȝȠȪ
 īİȝȓıIJİIJȘȞțĮȡȐijĮȝİȑȞĮįȚȐȜȣȝĮijȜȚIJȗĮȞȚȫȞȜİȣțȠȪȟȣįȚȠȪțĮȚijȜȚIJȗĮȞȚȫȞțĮșĮȡȠȪ
ȞİȡȠȪIJȘȢȕȡȪıȘȢǹįİȚȐıIJİIJȠįȚȐȜȣȝĮıIJȠįȠȤİȓȠ
 ȉȠʌȠșİIJȒıIJİıIJȘȞȣʌȠįȠȤȒIJȠȣijȓȜIJȡȠȣȑȞĮȤȐȡIJȚȞȠijȓȜIJȡȠijȜȚIJȗĮȞȚȫȞȀȜİȓıIJİIJȠțĮʌȐțȚ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ02'(ʌȑȞIJİijȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚIJȠıȪȝȕȠȜȠ ȆĮIJȒıIJİ
IJȠʌȜȒțIJȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ ǾıȣıțİȣȒİțʌȑȝʌİȚȑȞĮȤĮȡĮțIJȘȡȚıIJȚțȩȒȤȠȝʌȚʌțĮȚĮȡȤȓȗİȚ
IJȠȞțȪțȜȠĮȣIJȩȝĮIJȠȣțĮșĮȡȚıȝȠȪDzȞĮȝȑȡȠȢIJȠȣįȚĮȜȪȝĮIJȠȢșĮİțȡİȪıİȚıIJȘȞțĮȡȐijĮİȞȫIJȠ
ȣʌȩȜȠȚʌȠșĮʌĮȡĮțȡĮIJȘșİȓıIJĮțȣțȜȫȝĮIJĮIJȘȢȝȘȤĮȞȒȢȖȚĮIJȠȣȜȐȤȚıIJȠȞȜİʌIJȐțĮȚȪıIJİȡĮ
șĮĮįİȚȐıİȚIJİȜİȓȦȢıIJȘȞțĮȡȐijĮȅȜȩțȜȘȡȠȢȠțȪțȜȠȢĮȣIJȩȝĮIJȠȣțĮșĮȡȚıȝȠȪșĮįȚĮȡțȑıİȚ
ȜİʌIJȐǵIJĮȞȠȜȠțȜȘȡȦșİȓȠțȪțȜȠȢĮȣIJȩȝĮIJȠȣțĮșĮȡȚıȝȠȪȘıȣıțİȣȒșĮİțʌȑȝȥİȚȑȞĮ
ȤĮȡĮțIJȘȡȚıIJȚțȩȒȤȠȝʌȚʌțĮȚșĮıȕȒıİȚĮȣIJȩȝĮIJĮ
 ȄİʌȜȪȞIJİIJȘȞțĮȡȐijĮȝİțĮșĮȡȩȞİȡȩIJȘȢȕȡȪıȘȢ
ȇȢțȟįȢȥȔIJıijıȟįĴijțȑȥȟıijıȜįĴȒıȜijıȝȒIJijıijȡȟȜȫȜȝȡȗțįȜįȢȑĴıȣȞȪȟȡȞıȟıȢȪȃı
įȤijȪijȡȟijȢȪʍȡȚįȜįȚįȢȔIJıțșIJȤIJȜıȤȓįʍȪijįȜįijȑȝȡțʍįȟıȢȡȫȜįțȠȤİțȡȫ
ƣƷƣƫƳƧƴƩƣƭƣƵƺƯ
ǾIJĮțIJȚțȒıȣȞIJȒȡȘıȘțĮȚțĮșĮȡȚȩIJȘIJĮįȚĮIJȘȡȠȪȞIJȘȝȘȤĮȞȒıİțĮȜȒțĮIJȐıIJĮıȘȖȚĮȝİȖĮȜȪIJİ
ȡȠȤȡȠȞȚțȩįȚȐıIJȘȝĮȝİȚȫȞȠȞIJĮȢıȘȝĮȞIJȚțȐIJȠȞțȓȞįȣȞȠıȤȘȝĮIJȚıȝȠȪĮȜȐIJȦȞıIJȘıȣıțİȣȒǹȞ
ȩȝȦȢȝİIJȘȞʌȐȡȠįȠIJȠȣȤȡȩȞȠȣȘȜİȚIJȠȣȡȖȓĮIJȘȢıȣıțİȣȒȢʌĮȡȠȣıȚȐıİȚțȐʌȠȚİȢĮȞȦȝĮȜȓİȢ
İȟĮȚIJȓĮȢIJȘȢȤȡȒıȘȢȚįȚĮȓIJİȡĮıțȜȘȡȠȪȞİȡȠȪȝİȝİȖȐȜȘʌİȡȚİțIJȚțȩIJȘIJĮĮȜȐIJȦȞȝʌȠȡİȓIJİȞĮ
ʌȡȠȕİȓIJİıIJȘȞĮijĮȓȡİıȒIJȠȣȢȫıIJİȞĮĮʌȠțĮIJĮıIJȒıİIJİIJȘȞțĮȞȠȞȚțȒȜİȚIJȠȣȡȖȓĮȋȡȘıȚȝȠʌȠȚȒ
ıIJİȖȚĮIJȠıțȠʌȩĮȣIJȩĮʌȠțȜİȚıIJȚțȐIJȠʌȡȠȧȩȞĮijĮȓȡİıȘȢĮȜȐIJȦȞ12&$/IJȘȢ$ULHWHʌȠȣʌİȡȚ
ȑȤİȚțȚIJȡȚțȩȠȟȪȉȠʌȡȠȧȩȞĮȣIJȩʌȡȠȝȘșİȪİIJĮȚıIJĮȀȑȞIJȡĮȉİȤȞȚțȒȢǼȟȣʌȘȡȑIJȘıȘȢȈȑȡȕȚȢIJȘȢ
$ULHWHǾ$ULHWHįİȞĮȞĮȜĮȝȕȐȞİȚțĮȝȓĮİȣșȪȞȘȖȚĮȕȜȐȕİȢıIJĮİıȦIJİȡȚțȐİȟĮȡIJȒȝĮIJĮIJȘȢȝȘȤĮȞȒȢ
țĮijȑʌȠȣʌȡȠțȜȒșȘțĮȞĮʌȩIJȘȤȡȒıȘĮıȪȝȕĮIJȦȞʌȡȠȧȩȞIJȦȞʌȠȣʌİȡȚȑȤȠȣȞȤȘȝȚțȐʌȡȩıșİIJĮ
ǽȜijıȝȒIJijıijșȟįĴįȔȢıIJșįȝȑijȧȟȞțįĴȡȢȑijȡȞȓȟįǺȟijȡȟıȢȪʍȡȤȥȢșIJțȞȡʍȡțıȔijıʍıȢțȒȥıț
ʍȡȝȝȑȑȝįijįıȜijıȝȒIJijıijȡȟȜįȚįȢțIJȞȪȜȑȚıİȫȡıȖİȡȞȑİıȣ
 īİȝȓıIJİIJȘȞțĮȡȐijĮȝİȑȞĮįȚȐȜȣȝĮĮʌȠIJİȜȠȪȝİȞȠĮʌȩȑȞĮijȜȚIJȗȐȞȚȜİȣțȩȟȪįȚțĮȚijȜȚIJȗȐȞȚĮ
țĮșĮȡȩȞİȡȩIJȘȢȕȡȪıȘȢ
 ǹįİȚȐıIJİIJȠįȚȐȜȣȝĮıIJȠįȠȤİȓȠ
 ȄİțȚȞȒıIJİIJȠȞțȪțȜȠʌĮȡȠȤȒȢțĮȚʌİȡȚȝȑȞİIJİȞĮȖİȝȓıİȚȘțĮȡȐijĮȝȑȤȡȚIJȘȝȑıȘ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ ĬĮıȕȒıİȚȘıȣıțİȣȒ
ȃțȜȢȒȣİțįĴȤȗȒȣįijȞȡȫȜįijȑijșĴȑIJșįȟįȞȡȟȓȣįijȞȡȫȚıȧȢȡȫȟijįțĴȤIJțȡȝȡȗțȜȒȣ

(/
 ǵIJĮȞIJȠȞİȡȩıIJĮȝĮIJȒıİȚȞĮIJȡȑȤİȚıIJȘȞțĮȡȐijĮȝʌȠȡİȓIJİȞĮIJȘȞĮijĮȚȡȑıİIJİȆİȡȚȝȑȞİIJİ
ȜİʌIJȐȖȚĮȞĮțȡȣȫıİȚIJȠȞİȡȩ
 ǹįİȚȐıIJİIJȠįȚȐȜȣȝĮIJȘȢțĮȡȐijĮȢıIJȠįȠȤİȓȠȀȜİȓıIJİIJȠțĮʌȐțȚȉȠʌȠșİIJȒıIJİIJȘȞțĮȡȐijĮıIJȘ
șİȡȝĮȞIJȚțȒʌȜȐțĮ
 ȄİțȚȞȒıIJİĮțȩȝĮȑȞĮȞțȪțȜȠʌĮȡȠȤȒȢțĮȚʌİȡȚȝȑȞİIJİȞĮȖİȝȓıİȚIJİȜİȓȦȢȘțĮȡȐijĮǵIJĮȞIJȠ
ȞİȡȩıIJĮȝĮIJȒıİȚȞĮIJȡȑȤİȚıIJȘȞțĮȡȐijĮȝʌȠȡİȓIJİȞĮIJȘȞĮijĮȚȡȑıİIJİ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠțĮijȑ
ĬĮıȕȒıİȚȘıȣıțİȣȒ
 ȆİȡȚȝȑȞİIJİȜİʌIJȐȖȚĮȞĮțȡȣȫıİȚȘıȣıțİȣȒǺİȕĮȚȦșİȓIJİʌȦȢIJȠijȓȜIJȡȠİȓȞĮȚIJȠʌȠșİIJȘȝȑȞȠ
ıIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣ
īİȝȓıIJİIJȘȞțĮȡȐijĮȝİȞİȡȩIJȘȢȕȡȪıȘȢțĮȚİʌĮȞĮȜȐȕİIJİIJȠȞțȪțȜȠʌĮȡȠȤȒȢȖȚĮȞĮțĮșĮȡȚ
ıIJȠȪȞIJĮİıȦIJİȡȚțȐțȣțȜȫȝĮIJĮIJȘȢıȣıțİȣȒȢȈIJȠIJȑȜȠȢIJȠȣțȪțȜȠȣȟİȕȖȐȜȝĮIJȠȢʌĮIJȒıIJİIJȠ
ʌȜȒțIJȡȠțĮijȑ ȖȚĮȞĮıȕȒıİIJİIJȘıȣıțİȣȒǹįİȚȐıIJİIJȘȞțĮȡȐijĮ
ȆȜȪȞIJİIJȘȞțĮȡȐijĮIJȘȞȣʌȠįȠȤȒijȓȜIJȡȠȣțĮȚIJȠijȓȜIJȡȠțĮijȑȝİȗİıIJȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞIJȚțȩ
ʌȚȐIJȦȞȈțȠȣʌȓıIJİIJĮțĮȜȐ
ǵIJĮȞțȡȣȫıİȚȘıȣıțİȣȒțĮșĮȡȓıIJİIJȚȢİȟȦIJİȡȚțȑȢIJȘȢİʌȚijȐȞİȚİȢȝİȑȞĮȝĮȜĮțȩʌĮȞȓ
ƲǟǓǎǂǗǖnjƽǏdžǕdžǕLjǔǖǔNjdžǖƿ
 ǺȖȐȜIJİIJȠijȚȢIJȠȣțĮȜȦįȓȠȣĮʌȩIJȘȞʌȡȓȗĮ
 ĭȣȜȐȟIJİIJȘıȣıțİȣȒıİȑȞĮįȡȠıİȡȩțĮȚıIJİȖȞȩȤȫȡȠ
ȃșȟįĴȓȟıijıijșIJȤIJȜıȤȓȞıijȡĴțȣIJȤȟİıİıȞȒȟȡIJijșȟʍȢȔȘįșȝıȜijȢțȜȡȫȢıȫȞįijȡȣ
ƣƸƳƩƴƵƧƶƴƩƴƶƴƬƧƶƩƴ
ȈİʌİȡȓʌIJȦıȘșȑıȘȢİțIJȩȢȜİȚIJȠȣȡȖȓĮȢIJȘȢȝȘȤĮȞȒȢʌȡȑʌİȚȞĮIJȘȞĮʌȠıȣȞįȑıİIJİĮʌȩIJȠȘȜİțIJȡȚ
țȩȡİȪȝĮțĮȚȞĮĮįİȚȐıİIJİIJȠȞİȡȩĮʌȩIJȘȞțĮȡȐijĮțĮȚIJȠįȠȤİȓȠǼțIJİȜȑıIJİIJȠȞțĮșĮȡȚıȝȩIJȦȞ
İȟĮȡIJȘȝȐIJȦȞȩʌȦȢʌİȡȚȖȡȐijİIJĮȚıIJȘȞʌĮȡȐȖȡĮijȠ©ȀĮșĮȡȚıȝȩȢIJȘȢıȣıțİȣȒȢªȈİʌİȡȓʌIJȦıȘ
įȚȐȜȣıȘȢʌȡȑʌİȚȞĮȟİȤȦȡȓıİIJİIJĮįȚȐijȠȡĮȣȜȚțȐIJȘȢȝȘȤĮȞȒȢțĮȚȞĮIJĮįȚĮșȑıİIJİıȪȝijȦȞĮȝİ
IJȚȢțİȓȝİȞİȢįȚĮIJȐȟİȚȢIJȘȢȤȫȡĮȢıĮȢ

58
ǿǼDzdzǾǴǮǻǶdzDzǮǻǻǼǷǶǻǿȀǾȁǸȄǶǶ
ɇɟɫɦɨɬɪɹɧɚɬɨɱɬɨɞɚɧɧɨɟɭɫɬɪɨɣɫɬɜɨɛɵɥɨɢɡɝɨɬɨɜɥɟɧɨɜɩɨɥɧɨɦɫɨɨɬɜɟɬɫɬɜɢɢɫɬɪɟɛɨɜɚ
ɧɢɹɦɢɞɟɣɫɬɜɭɸɳɢɯɟɜɪɨɩɟɣɫɤɢɯɧɨɪɦɢɜɫɟɟɝɨɩɨɬɟɧɰɢɚɥɶɧɨɨɩɚɫɧɵɟɱɚɫɬɢɨɛɟɫɩɟɱɟɧɵ
ɧɟɨɛɯɨɞɢɦɨɣɡɚɳɢɬɨɣɜɧɢɦɚɬɟɥɶɧɨɨɡɧɚɤɨɦɶɬɟɫɶɫɧɚɫɬɨɹɳɢɦɢɦɟɪɚɦɢɛɟɡɨɩɚɫɧɨɫɬɢɢɜɨ
ɢɡɛɟɠɚɧɢɟɬɪɚɜɦɢɩɨɜɪɟɠɞɟɧɢɣɢɫɩɨɥɶɡɭɣɬɟɩɪɢɛɨɪɫɬɪɨɝɨɩɨɧɚɡɧɚɱɟɧɢɸɊɟɤɨɦɟɧɞɭɟɬɫɹ
ɯɪɚɧɢɬɶɞɚɧɧɭɸɢɧɫɬɪɭɤɰɢɸɜɥɟɝɤɨɞɨɫɬɭɩɧɨɦɦɟɫɬɟȿɫɥɢɜɵɪɟɲɢɬɟɩɟɪɟɞɚɬɶɞɚɧɧɨɟɭɫɬ
ɪɨɣɫɬɜɨɜɞɪɭɝɢɟɪɭɤɢɧɟɡɚɛɭɞɶɬɟɩɟɪɟɞɚɬɶɜɦɟɫɬɟɫɧɢɦɢɷɬɭɢɧɫɬɪɭɤɰɢɸ
ɋɨɞɟɪɠɚɳɚɹɫɹɜɞɚɧɧɨɣɢɧɫɬɪɭɤɰɢɢɢɧɮɨɪɦɚɰɢɹɫɨɩɪɨɜɨɠɞɚɟɬɫɹɫɥɟɞɭɸɳɢɦɢɭɫɥɨɜɧɵɦɢ
ɨɛɨɡɧɚɱɟɧɢɹɦɢ
Ɉɩɚɫɧɨɞɥɹɞɟɬɟɣ
Ɉɩɚɫɧɨɫɬɶɩɨɪɚɠɟɧɢɹɷɥɟɤɬɪɢɱɟɫɤɢɦɬɨɤɨɦ
ɍɝɪɨɡɚɜɨɡɧɢɤɧɨɜɟɧɢɹɭɳɟɪɛɚɜɵɡɜɚɧɧɚɹɢɧɵɦɢɩɪɢɱɢɧɚɦɢ
Ɇɟɪɵɛɟɡɨɩɚɫɧɨɫɬɢɩɨɩɪɟɞɨɬɜɪɚɳɟɧɢɸɨɠɨɝɨɜ
ȼɧɢɦɚɧɢɟɜɨɡɦɨɠɧɨɫɬɶɜɨɡɧɢɤɧɨɜɟɧɢɹɦɚɬɟɪɢɚɥɶɧɨɝɨɭɳɟɪɛɚ
ǻǮǵǻǮȅdzǻǶdzȁǿȀǾǼǷǿȀǰǮ
ɉɪɢɛɨɪɩɪɟɞɧɚɡɧɚɱɟɧɞɥɹɩɪɢɝɨɬɨɜɥɟɧɢɹɤɨɮɟɉɪɢɛɨɪɩɪɟɞɧɚɡɧɚɱɟɧɬɨɥɶɤɨɞɥɹɞɨɦɚɲ
ɧɟɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɢɧɟɞɨɥɠɟɧɩɪɢɦɟɧɹɬɶɫɹɜɤɨɦɦɟɪɱɟɫɤɢɯɢɥɢɩɪɨɦɵɲɥɟɧɧɵɯɰɟɥɹɯ
Ʌɸɛɨɟɞɪɭɝɨɟɩɪɢɦɟɧɟɧɢɟɞɚɧɧɨɝɨɭɫɬɪɨɣɫɬɜɚɧɟɩɪɟɞɭɫɦɨɬɪɟɧɧɨɟɢɡɝɨɬɨɜɢɬɟɥɟɦɨɫɜɨ
ɛɨɠɞɚɟɬ ɟɝɨɨɬ ɥɸɛɨɣɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢ ɡɚɩɨɜɪɟɠɞɟɧɢɹ ɢɭɳɟɪɛ ɜɵɡɜɚɧɧɵɟɩɨɞɨɛɧɵɦ
ɩɪɢɦɟɧɟɧɢɟɦɉɪɢɦɟɧɟɧɢɟ ɭɫɬɪɨɣɫɬɜɚɧɟ ɩɨɧɚɡɧɚɱɟɧɢɸ ɜɥɟɱɟɬɡɚ ɫɨɛɨɣɨɬɦɟɧɭ ɥɸɛɨɣ
ɮɨɪɦɵɝɚɪɚɧɬɢɢ
ǼǿȀǮȀǼȅǻȉdzǾǶǿǸǶ
Ʉɨɧɫɬɪɭɤɬɢɜɧɵɟɨɫɨɛɟɧɧɨɫɬɢɞɚɧɧɨɝɨɭɫɬɪɨɣɫɬɜɚɨɤɨɬɨɪɨɦɝɨɜɨɪɢɬɫɹɜɧɚɫɬɨɹɳɟɣɢɧɫɬɪɭɤ
ɰɢɢɧɟɩɪɟɞɭɫɦɚɬɪɢɜɚɸɬɡɚɳɢɬɵɩɨɬɪɟɛɢɬɟɥɹɨɬɜɨɡɦɨɠɧɨɝɨɩɨɩɚɞɚɧɢɹɛɪɵɡɝɩɚɪɚɢɥɢ
ɝɨɪɹɱɟɣɜɨɞɵ
ǰțȖȚȎțȖȓ
Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɨɬɛɪɵɡɝɝɨɪɹɱɟɣɜɨɞɵɢɥɢɤɨɮɟɇɟɨɬɤɪɵɜɚɣɬɟɤɪɵɲɤɭ
ɜɨɜɪɟɦɹɩɨɞɚɱɢɤɨɮɟ
ǽǾǮǰǶǹǮȀdzȃǻǶǸǶǯdzǵǼǽǮǿǻǼǿȀǶ
ɊɀɋɀȿɊɀɋȽɖɇɃɌɊɉɆɗɂɉȽȻɈɃɀɇɊɋɃȼɉɋȻɈɀɉȼɐɉȿɃɇɉȽɈɃɇȻ
ɍɀɆɗɈɉɊɋɉɒɃɍȻɍɗɈȻɌɍɉɚɔɎəɃɈɌɍɋɎɅɑɃə
 ɍɫɬɪɨɣɫɬɜɨ ɩɪɟɞɧɚɡɧɚɱɟɧɨ ɬɨɥɶɤɨ ɞɥɹ ɞɨɦɚɲɧɟɝɨ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɢɧɟ
ɞɨɥɠɧɨɷɤɫɩɥɭɚɬɢɪɨɜɚɬɶɫɹɜɤɨɦɦɟɪɱɟɫɤɢɯɢɥɢɩɪɨɦɵɲɥɟɧɧɵɯɰɟɥɹɯ
 ɂɡɝɨɬɨɜɢɬɟɥɶɧɟɧɟɫɟɬɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢɡɚ ɧɟɩɪɚɜɢɥɶɧɨɟ ɢɫɩɨɥɶɡɨɜɚɧɢɟ
ɩɪɢɛɨɪɚɢɥɢɢɫɩɨɥɶɡɨɜɚɧɢɟɟɝɨɜɰɟɥɹɯɧɟɩɪɟɞɭɫɦɨɬɪɟɧɧɵɯɞɚɧɧɵɦɪɭ
ɤɨɜɨɞɫɬɜɨɦɩɨɷɤɫɩɥɭɚɬɚɰɢɢ
 Ɋɟɤɨɦɟɧɞɭɟɬɫɹɯɪɚɧɢɬɶɨɪɢɝɢɧɚɥɶɧɭɸɭɩɚɤɨɜɤɭɬɤɛɟɫɩɥɚɬɧɨɟɫɟɪɜɢɫɧɨɟ

58
ɨɛɫɥɭɠɢɜɚɧɢɟɧɟɩɪɟɞɭɫɦɨɬɪɟɧɨɜɫɥɭɱɚɟɩɨɜɪɟɠɞɟɧɢɣɜɵɡɜɚɧɧɵɯɧɟɩɪɚ
ɜɢɥɶɧɨɣɭɩɚɤɨɜɤɨɣɢɡɞɟɥɢɹɩɪɢɟɝɨɨɬɫɵɥɤɟɜɚɜɬɨɪɢɡɨɜɚɧɧɵɣɐɟɧɬɪɫɟɪ
ɜɢɫɧɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹ
 ɉɪɢɛɨɪ ɫɨɨɬɜɟɬɫɬɜɭɟɬ ɬɪɟɛɨɜɚɧɢɹɦ ɩɨɥɨɠɟɧɢɹ (& ʋ  ɨɬ
ɨɦɚɬɟɪɢɚɥɚɯɢɦɟɸɳɢɯɤɨɧɬɚɤɬɫɩɢɳɟɜɵɦɢɩɪɨɞɭɤɬɚɦɢ
ǼȝȎȟțȜȒșȭȒȓȠȓȗ

Ⱦɨɩɭɫɤɚɟɬɫɹɢɫɩɨɥɶɡɨɜɚɧɢɟɭɫɬɪɨɣɫɬɜɚɞɟɬɶɦɢɫɬɚɪɲɟɥɟɬɧɨɬɨɥɶɤɨɩɨɞ
ɧɚɛɥɸɞɟɧɢɟɦɜɡɪɨɫɥɵɯɚɬɚɤɠɟɩɨɫɥɟɨɛɴɹɫɧɟɧɢɹɢɦɩɪɚɜɢɥɛɟɡɨɩɚɫɧɨɝɨ
ɩɨɥɶɡɨɜɚɧɢɹɢɜɨɦɨɠɧɵɯɩɨɫɥɟɞɫɬɜɢɣɨɬɧɟɩɪɚɜɢɥɶɧɨɣɷɤɫɩɥɭɚɬɚɰɢɢ
 ɑɢɫɬɤɚ ɢ ɬɟɯɨɛɫɥɭɠɢɜɚɧɢɟ ɭɫɬɪɨɣɫɬɜɚ ɦɨɝɭɬ ɛɵɬɶ ɞɨɜɟɪɟɧɵ ɞɟɬɹɦɧɟ
ɦɥɚɞɲɟɥɟɬɢɬɨɥɶɤɨɩɨɞɧɚɛɥɸɞɟɧɢɟɦɜɡɪɨɫɥɵɯɇɟɞɨɩɭɫɤɚɣɬɟɢɝɪɞɟ
ɬɟɣɫɩɪɢɛɨɪɨɦ
 ɗɥɟɤɬɪɢɱɟɫɤɢɣɲɧɭɪɞɨɥɠɟɧɜɫɟɝɞɚɧɚɯɨɞɢɬɶɫɹɜɧɟɡɨɧɵɞɨɫɬɭɩɧɨɫɬɢɞɥɹ
ɞɟɬɟɣɦɥɚɞɲɟɥɟɬ
 ɇɟɨɫɬɚɜɥɹɬɶɛɟɡɩɪɢɫɦɨɬɪɚɲɧɭɪɷɥɟɤɬɪɨɩɢɬɚɧɢɹɜɞɨɫɬɭɩɧɨɦɞɥɹɞɟɬɟɣ
ɦɟɫɬɟ
 ȼɨɢɡɛɟɠɚɧɢɟɧɟɫɱɚɫɬɧɵɯɫɥɭɱɚɟɜɧɟɨɫɬɚɜɥɹɣɬɟɭɩɚɤɨɜɤɭɨɬɩɪɢɛɨɪɚɜ
ɦɟɫɬɚɯɞɨɫɬɭɩɧɵɯɞɥɹɞɟɬɟɣ
 ɉɨɫɥɟɨɤɨɧɱɚɧɢɹɫɪɨɤɚɷɤɫɩɥɭɚɬɚɰɢɢɭɫɬɪɨɣɫɬɜɚɜɰɟɥɹɯɟɝɨɩɪɚɜɢɥɶɧɨɣ
ɭɬɢɥɢɡɚɰɢɢɪɟɤɨɦɟɧɞɭɟɬɫɹɨɬɪɟɡɚɬɶ ɷɥɟɤɬɪɢɱɟɫɤɢɣ ɩɪɨɜɨɞ ɫɞɟɥɚɜɩɪɢ
ɛɨɪɧɟɩɪɢɝɨɞɧɵɦɞɥɹɢɫɩɨɥɶɡɨɜɚɧɢɹɊɟɤɨɦɟɧɞɭɟɬɫɹɫɥɟɞɢɬɶɡɚɬɟɦɱɬɨ
ɛɵɩɨɬɟɧɰɢɚɥɶɧɨɨɩɚɫɧɵɟɞɟɬɚɥɢɩɪɢɛɨɪɚɧɟɫɬɚɥɢɢɝɪɭɲɤɨɣɞɥɹɞɟɬɟɣ
ǼȝȎȟțȜȟȠȪȝȜȞȎȔȓțȖȭȫșȓȘȠȞȖȥȓȟȘȖȚȠȜȘȜȚ
 ɍɫɬɪɨɣɫɬɜɨɦ ɪɚɡɪɟɲɟɧɨɩɨɥɶɡɨɜɚɬɶɫɹ ɥɢɰɚɦ ɫ ɨɝɪɚɧɢɱɟɧɧɵɦɢ ɮɢɡɢɱɟɫ
ɤɢɦɢɢɭɦɫɬɜɟɧɧɵɦɢɜɨɡɦɨɠɧɨɫɬɹɦɢɚɬɚɤɠɟɧɟɭɦɟɸɳɢɦɢɢɥɢɧɟɩɪɨ
ɛɨɜɚɜɲɢɦɢɨɛɪɚɳɚɬɶɫɹɫɬɚɤɢɦɢɩɪɢɛɨɪɚɦɢɬɨɥɶɤɨɩɨɞɪɭɤɨɜɨɞɫɬɜɨɦɢ
ɩɨɞɧɚɛɥɸɞɟɧɢɟɦɨɬɜɟɱɚɸɳɟɝɨɡɚɧɢɯɥɢɰɚɢɩɨɫɥɟɨɡɧɚɤɨɦɥɟɧɢɹɢɯɫ
ɩɪɚɜɢɥɚɦɢɩɨɥɶɡɨɜɚɧɢɹɢɩɪɟɞɭɩɪɟɠɞɟɧɢɹɢɯɨɜɨɡɦɨɠɧɵɯɩɨɫɥɟɞɫɬɜɢɹɯ
ɨɬɧɟɩɪɚɜɢɥɶɧɨɣɷɤɫɩɥɭɚɬɚɰɢɢ
 ɉɟɪɟɞɩɨɞɤɥɸɱɟɧɢɟɦɩɪɢɛɨɪɚɤɤɫɟɬɢɷɥɟɤɬɪɨɩɢɬɚɧɢɹɩɪɨɜɟɪɶɬɟɱɬɨɛɵ
ɧɚɩɪɹɠɟɧɢɟɭɤɚɡɚɧɧɨɟɧɚɬɚɛɥɢɱɤɟɜɧɢɠɧɟɣɱɚɫɬɢɫɬɪɨɣɫɬɜɚɫɨɨɬɜɟɬɫ
ɬɜɨɜɚɥɨɧɚɩɪɹɠɟɧɢɸɞɨɦɚɲɧɟɣɫɟɬɢ
 ɂɫɩɨɥɶɡɨɜɚɧɢɟɷɥɟɤɬɪɢɱɟɫɤɢɯɭɞɥɢɧɢɬɟɥɟɣɧɟɨɞɨɛɪɟɧɧɵɯɩɪɨɢɡɜɨɞɢɬɟ
ɥɟɦɩɪɢɛɨɪɚɦɨɠɟɬɩɨɜɥɟɱɶɡɚɫɨɛɨɣɜɨɡɧɢɤɧɨɜɟɧɢɹɭɳɟɪɛɚɢɧɟɫɱɚɫɬɧɵɯ
ɫɥɭɱɚɟɜ
 ɉɪɟɠɞɟɱɟɦɩɪɢɫɬɭɩɢɬɶɤɩɪɨɰɟɞɭɪɟɧɚɩɨɥɧɟɧɢɹɛɚɤɚɜɨɞɨɣɨɬɫɨɟɞɢɧɢɬɟ
ɚɩɩɚɪɚɬɨɬɢɫɬɨɱɧɢɤɚɩɢɬɚɧɢɹ
 ȿɫɥɢɷɥɟɤɬɪɢɱɟɫɤɢɣɩɪɨɜɨɞɩɨɜɪɟɠɞɟɧɬɨɜɨɢɡɛɟɠɚɧɢɟɥɸɛɵɯɪɢɫɤɨɜɨɧ
ɞɨɥɠɟɧɛɵɬɶɡɚɦɟɧɟɧɥɢɛɨɫɚɦɢɦɢɡɝɨɬɨɜɢɬɟɥɟɦɥɢɛɨɜɚɜɬɨɪɢɡɨɜɚɧɧɨɦ
ɐɟɧɬɪɟɈɛɫɥɭɠɢɜɚɧɢɹɥɢɛɨɤɜɚɥɢɮɢɰɢɪɨɜɚɧɧɵɦɫɩɟɰɢɚɥɢɫɬɨɦ

58
 ɂɡɛɟɝɚɣɬɟɤɨɧɬɚɤɬɚɫɜɨɞɨɣɞɟɬɚɥɟɣɧɚɯɨɞɹɳɢɯɫɹɩɨɞɧɚɩɪɹɠɟɧɢɟɦɜɨɡ
ɦɨɠɧɨɜɨɡɧɢɤɧɨɜɟɧɢɟɤɨɪɨɬɤɨɝɨɡɚɦɵɤɚɧɢɹ
 ɉɟɪɟɞɤɚɠɞɨɣɱɢɫɬɤɨɣɢɥɢɞɥɹɜɵɩɨɥɧɟɧɢɹɪɚɛɨɬɩɨɬɟɯɨɛɫɥɭɠɢɜɚɧɢɸɭɫɬ
ɪɨɣɫɬɜɚɧɟɨɛɯɨɞɢɦɨɜɵɧɭɬɶɜɢɥɤɭɢɡɪɨɡɟɬɤɢ
 ɇɟɨɩɭɫɤɚɬɶɩɪɢɛɨɪɜɜɨɞɭɢɞɪɭɝɢɟɠɢɞɤɨɫɬɢ
 Ɂɚɩɪɟɳɚɟɬɫɹɩɨɦɟɳɚɬɶɩɪɢɛɨɪɜɛɥɢɡɢɪɚɤɜɢɧɵɢɥɢɫɬɚɜɢɬɶɩɪɹɦɨɧɚɧɟɟ
 ɇɟɥɶɡɹɫɧɢɦɚɬɶɧɢɠɧɸɸɤɪɵɲɤɭɩɪɢɛɨɪɚȼɧɭɬɪɟɧɧɢɟɱɚɫɬɢɩɪɢɛɨɪɚɧɟ
ɦɨɝɭɬɢɫɩɨɥɶɡɨɜɚɬɶɫɹɨɬɞɟɥɶɧɨɨɬɧɟɝɨɢɧɟɬɪɟɛɭɸɬɱɢɫɬɤɢ
ȁȑȞȜȕȎȐȜȕțȖȘțȜȐȓțȖȭȡȧȓȞȏȎȐȩȕȐȎțțȎȭȖțȩȚȖ
ȝȞȖȥȖțȎȚȖ
 Ⱦɥɹɨɛɟɫɩɟɱɟɧɢɹɩɪɚɜɢɥɶɧɨɣɷɤɫɩɥɭɚɬɚɰɢɢɩɪɢɛɨɪɚɜɫɟɝɞɚɜɵɛɢɪɚɣɬɟɯɨ
ɪɨɲɨɨɫɜɟɳɟɧɧɨɟɢɱɢɫɬɨɟɩɨɦɟɳɟɧɢɟɤɨɬɨɪɨɟɨɫɧɚɳɟɧɨɪɨɡɟɬɤɨɣɪɚɫ
ɩɨɥɨɠɟɧɧɨɣɜɥɟɝɤɨɞɨɫɬɭɩɧɨɦɦɟɫɬɟ
 ɇɟɧɚɥɢɜɚɬɶɛɨɥɶɲɨɟɤɨɥɢɱɟɫɬɜɨɜɨɞɵɜɛɚɤ
 ɇɟɨɫɬɚɜɥɹɬɶɛɟɡɩɪɢɫɦɨɬɪɚɩɪɢɛɨɪɩɨɞɤɥɸɱɟɧɧɵɣɤɷɥɟɤɬɪɨɫɟɬɢ
 Ɋɟɤɨɦɟɧɞɭɟɬɫɹɭɫɬɚɧɚɜɥɢɜɚɬɶɩɪɢɛɨɪɢɷɤɫɩɥɭɚɬɢɪɨɜɚɬɶɟɝɨɧɚɭɫɬɨɣɱɢ
ɜɨɣɩɨɜɟɪɯɧɨɫɬɢ
 ȿɫɥɢɩɪɨɢɡɨɲɥɨɩɚɞɟɧɢɟɩɪɢɛɨɪɚɬɨɨɧɧɟɩɨɞɥɟɠɢɬɞɚɥɶɧɟɣɲɟɣɷɤɫɩɥɭ
ɚɬɚɰɢɢɩɪɢɧɚɥɢɱɢɢɩɪɢɡɧɚɤɨɜɩɨɜɪɟɠɞɟɧɢɣɢɥɢɭɬɟɱɤɢɜɨɞɵɁɚɩɪɟɳɚɟɬ
ɫɹɢɫɩɨɥɶɡɨɜɚɬɶɩɪɢɛɨɪɟɫɥɢɲɧɭɪɷɥɟɤɬɪɨɩɢɬɚɧɢɹɜɢɥɤɚɢɥɢɫɚɦɩɪɢɛɨɪ
ɢɦɟɸɬɩɨɜɪɟɠɞɟɧɢɹɅɸɛɵɟɜɢɞɵɪɟɦɨɧɬɚɜɤɥɸɱɚɹɡɚɦɟɧɭɲɧɭɪɚɷɥɟɤɬ
ɪɨɩɢɬɚɧɢɹɞɨɥɠɧɵɩɪɨɢɡɜɨɞɢɬɶɫɹɬɨɥɶɤɨɜɫɟɪɜɢɫɧɵɯɰɟɧɬɪɚɯȺɪɢɷɬɟɢɥɢ
ɫɟɪɬɢɮɢɰɢɪɨɜɚɧɧɵɦɩɟɪɫɨɧɚɥɨɦ$ULHWHɜɨɢɡɛɟɠɚɧɢɟɤɚɤɢɯɥɢɛɨɪɢɫɤɨɜ
ǺȓȞȩȏȓȕȜȝȎȟțȜȟȠȖȝȜȝȞȓȒȜȠȐȞȎȧȓțȖȬȜȔȜȑȜȐ
 ɇɟɨɬɤɪɵɜɚɣɬɟɤɪɵɲɤɭɜɨɜɪɟɦɹɩɨɞɚɱɢɤɨɮɟ
 ɉɨɞɨɠɞɢɬɟɩɨɤɚɩɪɢɛɨɪɨɫɬɵɧɟɬɩɪɟɠɞɟɱɟɦɧɚɥɢɜɚɬɶɜɨɞɭɜɤɨɬɟɥɈɩɚɫ
ɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɨɬɛɪɵɡɝɝɨɪɹɱɟɣɜɨɞɵɢɥɢɩɚɪɚ
 ɇɟɨɫɬɚɜɥɹɣɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɟɣɩɨɜɟɪɯɧɨɫɬɢɩɪɢɜɤɥɸɱɟɧ
ɧɨɦɩɪɢɛɨɪɟɈɩɚɫɧɨɫɬɶɩɨɜɪɟɠɞɟɧɢɹɤɭɜɲɢɧɚɈɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨ
ɝɨɜɨɬɫɨɩɪɢɤɨɫɧɨɜɟɧɢɹɫɤɭɜɲɢɧɨɦ
ǰțȖȚȎțȖȓȐȜȕȚȜȔțȜȟȠȪȐȜȕțȖȘțȜȐȓțȖȭȚȎȠȓȞȖȎșȪ
țȜȑȜȡȧȓȞȏȎ
 ȼɨɢɡɛɟɠɚɧɢɟɨɩɪɨɤɢɞɵɜɚɧɢɹɪɟɤɨɦɟɧɞɭɟɬɫɹɪɚɡɦɟɳɚɬɶɩɪɢɛɨɪɧɚɪɨɜɧɨɣ
ɭɫɬɨɣɱɢɜɨɣɩɨɜɟɪɯɧɨɫɬɢ
 ɉɪɢɛɨɪ ɧɟ ɪɟɤɨɦɟɧɞɭɟɬɫɹ ɜɤɥɸɱɚɬɶ ɛɟɡ ɜɨɞɵ ɜɨ ɢɡɛɟɠɚɧɢɟ ɜɵɯɨɞɚ ɢɡ
ɫɬɪɨɹɧɚɫɨɫɚ
 ɇɟɡɚɩɨɥɧɹɬɶɛɚɤɝɨɪɹɱɟɣɜɨɞɨɣɢɥɢɤɢɩɹɬɤɨɦ
 ȼɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɨɪɩɭɫɚɩɪɢɛɨɪɚɧɟɪɟɤɨɦɟɧɞɭɟɬɫɹɫɬɚɜɢɬɶɟɝɨ
ɧɚɧɚɝɪɟɬɵɟɩɨɜɟɪɯɧɨɫɬɢɚɬɚɤɠɟɪɹɞɨɦɫɢɫɬɨɱɧɢɤɚɦɢɨɝɧɹ

58
 ɋɥɟɞɭɟɬɢɡɛɟɝɚɬɶɤɨɧɬɚɤɬɚ ɷɥɟɤɬɪɢɱɟɫɤɨɝɨɩɪɨɜɨɞɚɫɧɚɝɪɟɬɵɦɢ ɩɨɜɟɪɯ
ɧɨɫɬɹɦɢɭɫɬɪɨɣɫɬɜɚ
 ɇɟɢɫɩɨɥɶɡɨɜɚɬɶɝɚɡɢɪɨɜɚɧɧɭɸɜɨɞɭɫɞɨɛɚɜɥɟɧɢɟɦɭɝɥɟɤɢɫɥɨɝɨɝɚɡɚ
 Ɂɚɩɪɟɳɚɟɬɫɹɡɚɫɵɩɚɬɶɜɮɢɥɶɬɪɥɸɛɵɟɞɪɭɝɢɟɜɟɳɟɫɬɜɚɤɪɨɦɟɦɨɥɨɬɨɝɨ
ɤɨɮɟɗɬɨɦɨɠɟɬɩɪɢɜɟɫɬɢɤɫɟɪɶɟɡɧɵɦɩɨɜɪɟɠɞɟɧɢɹɦɤɨɮɟɜɚɪɤɢ
 Ɍɟɦɩɟɪɚɬɭɪɚ ɨɤɪɭɠɚɸɳɟɣ ɫɪɟɞɵ ɜɛɥɢɡɢ ɦɟɫɬɚ ɪɚɫɩɨɥɨɠɟɧɢɹ ɩɪɢɛɨɪɚ
ɞɨɥɠɧɚɛɵɬɶɧɟɧɢɠɟ&ɩɨɫɤɨɥɶɤɭɨɫɬɚɬɨɤɜɨɞɵɜɧɚɝɪɟɜɚɬɟɥɟɦɨɠɟɬ
ɡɚɦɟɪɡɧɭɬɶɱɬɨɦɨɠɟɬɫɬɚɬɶɩɪɢɱɢɧɨɣɜɨɡɧɢɤɧɨɜɟɧɢɹɩɨɜɪɟɠɞɟɧɢɣ
 ɇɟɪɟɤɨɦɟɧɞɭɟɬɫɹɷɤɫɩɥɭɚɬɚɰɢɹɩɪɢɛɨɪɚɧɚɨɬɤɪɵɬɨɦɜɨɡɞɭɯɟ
 ɇɟɩɨɞɜɟɪɝɚɬɶɩɪɢɛɨɪɜɨɡɞɟɣɫɬɜɢɸɚɬɦɨɫɮɟɪɧɵɯɹɜɥɟɧɢɣɞɨɠɞɶɫɨɥɧɰɟ
ɢɬɞ
 ɉɨɫɥɟɨɬɫɨɟɞɢɧɟɧɢɹɜɢɥɤɢɨɬɪɨɡɟɬɤɢɢɨɯɥɚɠɞɟɧɢɹɧɚɝɪɟɬɵɯɱɚɫɬɟɣɩɪɢ
ɛɨɪɚɧɟɨɛɯɨɞɢɦɨɩɪɨɢɡɜɟɫɬɢɟɝɨɱɢɫɬɤɭɫɩɨɦɨɳɶɸɫɥɟɝɤɚɭɜɥɚɠɧɟɧɧɨɣ
ɦɹɝɤɨɣɬɤɚɧɢɫɞɨɛɚɜɥɟɧɢɟɦɧɟɛɨɥɶɲɨɝɨɤɨɥɢɱɟɫɬɜɚɧɟɣɬɪɚɥɶɧɨɝɨɦɨɸɳɟ
ɝɨɫɪɟɞɫɬɜɚɧɢɤɨɝɞɚɧɟɢɫɩɨɥɶɡɭɣɬɟɪɚɫɬɜɨɪɢɬɟɥɢɤɨɬɨɪɵɟɦɨɝɭɬɩɨɜɪɟ
ɞɢɬɶɩɥɚɫɬɦɚɫɫɨɜɵɟɞɟɬɚɥɢ
ǺȓȞȩȝȞȓȒȜȟȠȜȞȜȔțȜȟȠȖȝȞȖȖȟȝȜșȪȕȜȐȎțȖȖȘȡȐȦȖțȎ
 Ɋɟɤɨɦɟɧɞɭɟɬɫɹɢɫɩɨɥɶɡɨɜɚɶɬɶɤɭɜɲɢɧɬɨɥɶɤɨɫɷɬɨɣɤɨɮɟɜɚɪɤɨɣɇɟɥɶɡɹ
ɢɫɩɨɥɶɡɨɜɚɬɶɤɭɜɲɢɧɞɥɹɪɚɡɨɝɪɟɜɚɧɢɹɤɨɮɟɧɚɩɥɢɬɟɢɥɢɞɪɭɝɢɯɢɫɬɨɱɧɢ
ɤɚɯɬɟɩɥɚɇɟɥɶɡɹɫɬɚɜɢɬɶɤɭɜɲɢɧɜɦɢɤɪɨɜɨɥɧɨɜɭɸɩɟɱɶɞɥɹɪɚɡɨɝɪɟɜɚɧɢɹ
ɤɨɮɟ
 Ʉɭɜɲɢɧɧɚɞɥɟɠɢɬɢɫɩɨɥɶɡɨɜɚɬɶɬɨɥɶɤɨɜɦɟɫɬɟɫɧɚɝɪɟɜɚɸɳɟɣɩɨɜɟɪɯɧɨɫ
ɬɶɸɜɤɨɦɩɥɟɤɬɟɭɫɬɪɨɣɫɬɜɚ
 ȼɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɭɜɲɢɧɚɪɟɤɨɦɟɧɞɭɟɬɫɹɦɚɧɢɩɭɥɢɪɨɜɚɬɶɢɦɫ
ɨɫɨɛɨɣɨɫɬɨɪɨɠɧɨɫɬɶɸɋɬɚɪɚɣɬɟɫɶɧɟɭɞɚɪɹɬɶɤɭɜɲɢɧɞɪɭɝɢɦɢɩɪɟɞɦɟɬɚ
ɦɢɨɩɚɫɧɨɫɬɶɩɨɜɪɟɠɞɟɧɢɹɫɬɟɤɥɚɉɪɢɧɚɩɨɥɧɟɧɢɢɤɭɜɲɢɧɚɜɨɞɨɣɫɬɚ
ɪɚɣɬɟɫɶɧɟɡɚɞɟɜɚɬɶɢɦɤɪɚɧ
 ɇɟɥɶɡɹɫɬɚɜɢɬɶɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɬɵɟɩɨɜɟɪɯɧɨɫɬɢ
 ɇɟɥɶɡɹɫɬɚɜɢɬɶɧɚɝɪɟɬɵɣɤɭɜɲɢɧɧɚɯɨɥɨɞɧɵɟɢɥɢɦɨɤɪɵɟɩɨɜɟɪɯɧɨɫɬɢ
ɉɪɟɠɞɟɱɟɦɦɵɬɶɤɭɜɲɢɧɢɥɢɧɚɥɢɜɚɬɶɜɧɟɝɨɯɨɥɨɞɧɭɸɜɨɞɭɧɟɨɛɯɨɞɢɦɨ
ɞɨɠɞɚɬɶɫɹɩɨɤɚɨɧɨɫɬɵɧɟɬ
 ɇɟɥɶɡɹɱɢɫɬɢɬɶɤɭɜɲɢɧɦɟɬɚɥɥɢɱɟɫɤɢɦɢɝɭɛɤɚɦɢɚɛɪɚɡɢɜɧɵɦɢɱɢɫɬɹɳɢɦɢ
ɫɪɟɞɫɬɜɚɦɢɢɥɢɞɪɭɝɢɦɢɦɚɬɟɪɢɚɥɚɦɢɤɨɬɨɪɵɟɦɨɝɭɬɩɨɰɚɪɚɩɚɬɶɟɝɨɫɬɟɤ
ɥɹɧɧɭɸɩɨɜɟɪɯɧɨɫɬɶ
 ɇɟɥɶɡɹɢɫɩɨɥɶɡɨɜɚɬɶɤɭɜɲɢɧɟɫɥɢɟɝɨɞɨɷɬɨɝɨɞɨɥɝɨɧɚɝɪɟɜɚɥɢɜɩɭɫɬɨɦ
ɫɨɫɬɨɹɧɢɢɡɚɦɟɧɢɬɟɟɝɨɧɚɢɞɟɧɬɢɱɧɵɣɤɭɜɲɢɧɬɨɝɨɠɟɩɪɨɢɡɜɨɞɢɬɟɥɹ
ȃǾǮǻǶȀȊ ǻǮǿȀǼȍȇdzdz ǾȁǸǼǰǼDzǿȀǰǼ ǽǼ ȋǸǿǽǹȁǮȀǮ
ȄǶǶ

58
ǼǽǶǿǮǻǶdzǸǼȂdzǰǮǾǸǶ
$Ɋɟɡɟɪɜɭɚɪ .Ɉɬɫɟɤɫɛɨɪɚɩɪɨɜɨɞɚ
%Ɋɭɱɤɚɤɭɜɲɢɧɚ / ɗɥɟɤɬɪɢɱɟɫɤɢɣɲɧɭɪɜɢɥɤɚ
&Ʉɪɵɲɤɚɪɟɡɟɪɜɭɚɪɚ 0ɇɚɝɪɟɜɚɸɳɚɹɩɨɜɟɪɯɧɨɫɬɶ
'ɇɨɫɢɤɩɨɞɚɱɢ 1Ⱦɢɫɩɥɟɣ
(Ⱦɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚ 202'(
)ȼɨɞɹɧɨɣɛɚɤ 36(/
*ɂɧɞɢɤɚɬɨɪɭɪɨɜɧɹɜɨɞɵ 4$872
+Ɏɢɥɶɬɪɞɥɹɤɨɮɟ 5Ʉɧɨɩɤɚɬɚɣɦɟɪɚɱɚɫɵ+5
, ɋɴɟɦɧɵɣɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚ 6Ʉɧɨɩɤɚɬɚɣɦɟɪɚɦɢɧɭɬɵ0,1
- Ʉɪɵɲɤɚɪɟɡɟɪɜɭɚɪɚ
7Ʉɧɨɩɤɚɜɤɥɸɱɟɧɢɹɩɨɞɚɱɢɤɨɮɟ

ɜɵɤɥɸɱɟɧɢɟ
ǶȒȓțȠȖȢȖȘȎȤȖȜțțȩȓȒȎțțȩȓ
ɇɚɬɚɛɥɢɱɤɟɧɚɯɨɞɹɳɟɣɫɹɩɨɞɩɨɞɫɬɚɜɤɨɣɩɪɢɛɨɪɚɭɤɚɡɚɧɵɫɥɟɞɭɸɳɢɟɢɞɟɧɬɢɮɢɤɚɰɢɨɧ
ɧɵɟɞɚɧɧɵɟ
 ɉɪɨɢɡɜɨɞɢɬɟɥɶɢɦɚɪɤɢɪɨɜɤɚȿɋ
 Ɇɨɞɟɥɶ0RG
 ɪɟɝɢɫɬɪɚɰɢɨɧɧɵɣʋ61
 ɷɥɟɤɬɪɢɱɟɫɤɨɟɧɚɩɪɹɠɟɧɢɟȼɢɱɚɫɬɨɬɚȽɰ
 ɩɨɬɪɟɛɥɹɟɦɨɟɧɚɩɪɹɠɟɧɢɟ:
 ɛɟɫɩɥɚɬɧɚɹɬɟɥɟɮɨɧɧɚɹɫɥɭɠɛɚɬɟɯɩɨɞɞɟɪɠɤɢ
ɉɪɢɨɮɨɪɦɥɟɧɢɢɡɚɹɜɤɢɜȺɜɬɨɪɢɡɨɜɚɧɧɵɣɐɟɧɬɪɫɟɪɜɢɫɧɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹɧɟɨɛɯɨɞɢɦɨ
ɭɤɚɡɵɜɚɬɶɦɨɞɟɥɶɢɪɟɝɢɫɬɪɚɰɢɨɧɧɵɣɧɨɦɟɪ
ǶǻǿȀǾȁǸȄǶȍǽǼȋǸǿǽǹȁǮȀǮȄǶǶ
ǽȜȒȑȜȠȜȐȘȎȘȫȘȟȝșȡȎȠȎȤȖȖ
 ɍɛɟɞɢɬɟɫɶɜɬɨɦɱɬɨɧɚɩɪɹɠɟɧɢɟɜɚɲɟɣɞɨɦɚɲɧɟɣɫɟɬɢɫɨɨɬɜɟɬɫɬɜɭɟɬɧɚɩɪɹɠɟɧɢɸɭɤɚ
ɡɚɧɧɨɦɭɧɚɬɚɛɥɢɱɤɟɫɬɟɯɧɢɱɟɫɤɢɦɢɞɚɧɧɵɦɢɩɪɢɛɨɪɚ
 ɍɞɚɥɢɬɟɭɩɚɤɨɜɤɭɢɡɧɭɬɪɢɢɫɧɚɪɭɠɢɩɪɢɛɨɪɚ
 ɍɫɬɚɧɨɜɢɬɟɩɪɢɛɨɪɧɚɪɨɜɧɨɣɩɨɜɟɪɯɧɨɫɬɢɍɫɬɚɧɨɜɢɬɟɩɪɢɛɨɪɧɚɪɚɫɫɬɨɹɧɢɢɧɟɦɟɧɟɟ
ɫɦɨɬɫɬɟɧɦɟɛɟɥɢɢɞɪɭɝɢɯɞɨɦɚɲɧɢɯɩɪɢɛɨɪɨɜ
ǰțȖȚȎțȖȓ
Ɉɩɚɫɧɨɫɬɶ ɩɨɜɪɟɠɞɟɧɢɹɩɨɜɟɪɯɧɨɫɬɟɣ ɧɚ ɤɨɬɨɪɵɯɫɬɨɢɬ ɩɪɢɛɨɪ ɇɚɝɪɟɬɚɹɩɨɜɟɪɯ
ɧɨɫɬɶɩɪɢɛɨɪɚɦɨɠɟɬɫɬɚɬɶɩɪɢɱɢɧɨɣɨɩɥɚɜɥɟɧɢɹɩɨɜɟɪɯɧɨɫɬɟɣɧɚɤɨɬɨɪɵɟɟɝɨɫɬɚ
ɜɹɬɉɨɞɥɨɠɢɬɟɤɭɫɨɤɬɤɚɧɢɢɥɢɫɚɥɮɟɬɤɭɩɨɞɩɪɢɛɨɪɩɟɪɟɞɬɟɦɤɚɤɩɨɫɬɚɜɢɬɶɟɝɨ
ɤɭɞɚɧɢɛɭɞɶ
ǰțȖȚȎțȖȓ
Ɉɩɚɫɧɨɫɬɶɩɟɪɟɝɪɭɡɤɢɷɥɟɤɬɪɨɫɟɬɢɉɨɞɤɥɸɱɟɧɢɟɫɥɢɲɤɨɦɛɨɥɶɲɨɝɨɤɨɥɢɱɟɫɬɜɚɷɥɟɤ
ɬɪɨɩɪɢɛɨɪɨɜɤɨɞɧɨɣɪɨɡɟɬɤɟɦɨɠɟɬɫɬɚɬɶɩɪɢɱɢɧɨɣɜɨɡɧɢɤɧɨɜɟɧɢɹɤɨɪɨɬɤɨɝɨɡɚɦɵɤɚ
ɧɢɹɉɨɞɤɥɸɱɢɬɟɩɪɢɛɨɪɤɫɜɨɛɨɞɧɨɣɷɥɟɤɬɪɨɪɨɡɟɬɤɟ
 ɉɪɨɦɨɣɬɟɤɭɜɲɢɧɫɴɟɦɧɵɣɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɢɤɨɮɟɣɧɵɣɮɢɥɶɬɪɬɟɩɥɨɣɜɨɞɨɣɫɦɵ

58
ɥɨɦɋɩɨɥɨɫɧɢɬɟɢɜɵɬɪɢɬɟɜɫɟɱɚɫɬɢɩɪɢɛɨɪɚ
 ɍɫɬɚɧɨɜɢɬɟɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɜɫɨɨɬɜɟɬɫɬɜɭɸɳɟɟɝɧɟɡɞɨɊɢɫ
Ʌɦɛɪɛɨ ɫɠɞɮɦɣɫɩɝɛɨɣɺ ɪɩɭɩɥɛ ɫɛɬɪɩɦɩɡɠɨɨɶɤ ɝ ɩɬɨɩɝɛɨɣɣ ɟɠɫɡɛɭɠɦɺ ɬɵɠɧɨɩɞɩ
ɯɣɦɷɭɫɛɟɩɦɡɠɨɜɶɭɷɝɬɭɛɝɦɠɨɝɩɭɝɠɫɬɭɣɠɪɩɱɠɨɭɫɮɟɠɫɡɛɭɠɦɺɯɣɦɷɭɫɛ
ǽȓȞȐȜȓȐȘșȬȥȓțȖȓ
Ɋɫɣɪɠɫɝɩɧɣɬɪɩɦɷɢɩɝɛɨɣɣɥɩɯɠɝɛɫɥɣɣɦɣɪɩɬɦɠɟɩɦɞɩɞɩɪɠɫɣɩɟɛɪɫɩɬɭɩɺɫɠɥɩɧɠɨ
ɟɮɠɭɬɺɪɫɠɟɝɛɫɣɭɠɦɷɨɩɪɫɩɪɮɬɭɣɭɷɲɠɫɠɢɞɣɟɫɛɝɦɣɲɠɬɥɮɹɬɣɬɭɠɧɮɥɩɭɦɛɪɩɥɫɛɤɨɠɤ
ɧɠɫɠɟɝɛɥɮɝɳɣɨɛɝɩɟɶ
 ɇɚɩɨɥɧɢɬɟɛɚɤɯɨɥɨɞɧɨɣɜɨɞɨɣɢɡɩɨɞɤɪɚɧɚɊɢɫɞɨɭɪɨɜɧɹɨɛɨɡɧɚɱɟɧɧɨɝɨɰɢɮɪɨɣ
 ɍɪɨɜɟɧɶɧɚɩɨɥɧɟɧɢɹ ɛɚɤɚ ɫ ɨɬɦɟɬɤɨɣ ɫɨɨɬɜɟɬɫɬɜɭɟɬ ɦɚɤɫɢɦɚɥɶɧɨɦɭ ɭɪɨɜɧɸ
ɠɢɞɤɨɫɬɢɢɦɚɤɫɢɦɚɥɶɧɨɜɨɡɦɨɠɧɨɦɭɤɨɥɢɱɟɫɬɜɭɱɚɲɟɤɤɨɮɟɁɚɤɪɨɣɬɟɤɪɵɲɤɭɛɚɤɚ
ɈɃɅɉȾȿȻɨɠɨɛɪɩɦɨɺɤɭɠɜɛɲɩɥɝɶɳɠɧɛɥɬɣɧɛɦɷɨɩɞɩɮɫɩɝɨɺ
ȿɦɺɝɶɪɩɦɨɠɨɣɺɸɭɩɤɪɫɩɱɠɟɮɫɶɨɠɨɛɟɩɝɬɭɛɝɦɺɭɷɥɩɯɠɤɨɶɤɯɣɦɷɭɫɝɟɠɫɡɛɭɠɦɷ
ɯɣɦɷɭɫɛ
 ȼɫɬɚɜɢɬɶɜɢɥɤɭɜɪɨɡɟɬɤɭɤɨɬɨɪɚɹɞɨɥɠɧɚɛɵɬɶɨɛɨɪɭɞɨɜɚɧɚɡɚɡɟɦɥɟɧɢɟɦ
 ɉɨɦɟɫɬɢɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨɜɟɪɯɧɨɫɬɶ0ɍɛɟɞɢɬɟɫɶɜɬɨɦɱɬɨɤɥɚɩɚɧ
ɪɟɝɭɥɢɪɨɜɤɢɩɨɬɨɤɚɩɪɚɜɢɥɶɧɨɜɫɬɚɜɥɟɧɜɤɪɵɲɤɭɤɭɜɲɢɧɚ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭɪɟɝɭɥɢɪɨɜɤɢɩɨɞɚɱɢɤɨɮɟ ɉɨɞɨɠɞɢɬɟɩɨɤɚɜɫɹɫɨɞɟɪɠɚɳɚɹɫɹɜɛɚɤɟ
ɜɨɞɚɫɬɟɱɟɬɜɤɭɜɲɢɧȾɚɣɬɟɤɨɮɟɜɚɪɤɟɨɫɬɵɧɭɬɶɜɬɟɱɟɧɢɟɦɢɧɭɬ
 ɉɨɜɬɨɪɢɬɟɷɬɢɞɟɣɫɬɜɢɹɫɨɜɬɨɪɵɦɤɭɜɲɢɧɨɦɜɨɞɵɉɨɞɨɠɞɢɬɟɩɨɤɚɜɫɹɫɨɞɟɪɠɚɳɚɹɫɹ
ɜɛɚɤɟɜɨɞɚɫɬɟɱɟɬɜɤɭɜɲɢɧ
Ɍɟɩɟɪɶɦɨɠɧɨɩɪɢɫɬɭɩɢɬɶɤɩɨɞɝɨɬɨɜɤɟɤɨɮɟɜɚɪɤɢɤɩɪɢɝɨɬɨɜɥɟɧɢɸɩɟɪɜɨɝɨɤɭɜɲɢɧɚɤɨɮɟ
ǽȜȒȑȜȠȜȐȘȎȘȜȢȓȐȎȞȘȖ
Ɋɠɫɠɟɝɥɦɹɲɠɨɣɠɧɮɭɹɞɛɮɜɠɟɣɭɷɬɺɝɨɛɦɣɲɣɣɨɠɩɜɰɩɟɣɧɩɞɩɥɩɦɣɲɠɬɭɝɛɝɩɟɶɝɜɛɲ
ɥɠ
ɂɛɪɩɦɨɠɨɣɠɝɩɟɩɤɟɩɦɡɨɩɪɫɩɣɬɰɩɟɣɭɷɪɫɣɝɶɨɮɭɩɤɝɣɦɥɠɪɫɩɝɩɟɛɪɣɭɛɨɣɺɣɢɫɩ
ɢɠɭɥɣɸɦɠɥɭɫɣɲɠɬɥɩɞɩɭɩɥɛ
 Ɉɬɤɪɵɬɶɤɪɵɲɤɭɪɟɡɟɪɜɭɚɪɚ-ɂɧɞɢɤɚɬɨɪɭɪɨɜɧɹɠɢɞɤɨɫɬɢ*ɫɧɚɛɠɟɧɝɪɚɞɭɢɪɨɜɚɧɧɨɣ
ɲɤɚɥɨɣɫɨɬɦɟɬɤɚɦɢɨɬɞɨɤɚɠɞɚɹɰɢɮɪɚɫɨɨɬɜɟɬɫɬɜɭɟɬɤɨɥɢɱɟɫɬɜɭɱɚɲɟɤɤɨɮɟ
ɇɚɩɨɥɧɢɬɟɤɭɜɲɢɧɱɢɫɬɨɣɯɨɥɨɞɧɨɣɜɨɞɨɣɇɚɥɟɣɬɟɜɨɞɭɜɛɚɤɞɨɠɟɥɚɟɦɨɝɨɭɪɨɜɧɹ
ɞɥɹɱɚɲɟɤɤɨɮɟɢɞɥɹɱɚɲɟɤɤɨɮɟ
 ɉɨɦɟɫɬɢɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨɜɟɪɯɧɨɫɬɶ0
ǰțȖȚȎțȖȓ
Ʉɭɜɲɢɧɧɟɥɶɡɹɢɫɩɨɥɶɡɨɜɚɬɶɟɫɥɢɧɚɟɝɨɩɨɜɟɪɯɧɨɫɬɢɢɥɢɪɭɱɤɟɢɦɟɸɬɫɹɬɪɟɳɢɧɵ
Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɩɪɢɩɨɩɚɞɚɧɢɢɝɨɪɹɱɟɝɨɤɨɮɟɢɡɡɚɬɪɟɳɢɧɜɫɬɟɤɥɟɤɭɜ
ɲɢɧɚ
ɇɟɥɶɡɹɧɢɱɟɝɨɫɬɚɜɢɬɶɧɚɤɪɵɲɤɭɜɨɜɪɟɦɹɪɚɛɨɬɵɤɨɮɟɜɚɪɤɢ
ǰțȖȚȎțȖȓ
ɇɟɨɬɤɪɵɜɚɣɬɟɤɪɵɲɤɭɜɨɜɪɟɦɹɩɨɞɚɱɢɤɨɮɟɈɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɩɪɢɩɨɩɚ
ɞɚɧɢɢɛɪɵɡɝɝɨɪɹɱɟɣɜɨɞɵɢɥɢɤɨɮɟ

58
 ȼɫɬɚɜɶɬɟɮɢɥɶɬɪɞɥɹɤɨɮɟɜɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɨɜɈɬɦɟɪɶɬɟɧɟɨɛɯɨɞɢɦɨɟɤɨɥɢɱɟɫɬɜɨ
ɤɨɮɟɜɮɢɥɶɬɪɈɞɧɨɣɱɚɲɤɟɤɨɮɟɫɨɨɬɜɟɬɫɬɜɭɟɬɨɞɧɚɱɚɣɧɚɹɥɨɠɤɚɤɨɮɟɣɧɨɝɨɩɨɪɨɲɤɚ
ɛɟɡɝɨɪɤɢ
 ɈɩɭɫɬɢɬɟɪɭɱɤɭɮɢɥɶɬɪɚɞɥɹɤɨɮɟɁɚɤɪɨɣɬɟɤɪɵɲɤɭɛɚɤɚ
 ȼɫɬɚɜɢɬɶɜɢɥɤɭɜɪɨɡɟɬɤɭɤɨɬɨɪɚɹɞɨɥɠɧɚɛɵɬɶɨɛɨɪɭɞɨɜɚɧɚɡɚɡɟɦɥɟɧɢɟɦȼɤɥɸɱɚɟɬɫɹ
ɞɢɫɩɥɟɣɢɧɚɱɢɧɚɟɬɦɢɝɚɬɶɜɪɟɦɹ$0 ɂɫɩɨɥɶɡɭɣɬɟɤɧɨɩɤɢ+5ɢ0,1ɞɥɹɭɫɬɚ
ɧɨɜɤɢɦɟɫɬɧɨɝɨɜɪɟɦɟɧɢɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚȿɫɥɢɧɟɛɭɞɟɬ
ɧɚɠɚɬɚɧɢɤɚɤɚɹɤɧɨɩɤɚɞɢɫɩɥɟɣɜɵɤɥɸɱɢɬɫɹɫɚɦɱɟɪɟɡɫɟɤɭɧɞ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ
ɞɥɹɧɚɱɚɥɚɰɢɤɥɚɩɨɞɚɱɢɤɨɮɟɉɨɞɨɠɞɢɬɟɩɨɤɚɜɟɫɶ
ɤɨɮɟɜɵɬɟɱɟɬɜɤɭɜɲɢɧɞɨɡɚɜɟɪɲɟɧɢɹɡɚɞɚɧɧɨɝɨɰɢɤɥɚɤɨɥɢɱɟɫɬɜɨɱɚɲɟɤ
 ɆɈɀɇɈɉɊȿɊȼȺɌɖɉɈȾȺɑɍɄɈɎȿȾɈɁȺȼȿɊɒȿɇɂəɁȺȾȺɇɇɈȽɈɐɂɄɅȺ
 ɜɵɧɶɬɟɱɚɲɤɭɫɦɪɚɡɞɟɥɎɭɧɤɰɢɹɩɚɭɡɵɞɥɹɩɨɞɚɱɢɤɨɮɟ
 ɧɚɠɢɦɚɣɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟɞɨɬɟɯɩɨɪɩɨɤɚɧɟɪɚɡɞɚɫɬɫɹɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɟɩɨɝɚɫ
ɧɟɬɫɜɟɬɨɜɨɣɢɧɞɢɤɚɬɨɪɩɨɞɫɚɦɨɣɤɧɨɩɤɨɣ
ɋɪɚɡɭɠɟɩɨɫɥɟɜɵɤɥɸɱɟɧɢɹɚɜɬɨɦɚɬɢɱɟɫɤɨɝɨɢɥɢɧɚɦɟɪɟɧɧɨɝɨɧɚɝɪɟɜɚɸɳɚɹɩɨɜɟɪɯɧɨɫɬɶ
ɧɚɱɧɟɬɧɚɝɪɟɜɚɬɶɫɹ
Ɉɠɫɠɥɩɧɠɨɟɮɠɭɬɺɬɨɣɧɛɭɷɥɫɶɳɥɮɬɥɮɝɳɣɨɛɟɦɺɭɩɞɩɲɭɩɜɶɥɩɯɠɩɬɭɛɝɛɦɬɺɞɩɫɺ
ɲɣɧɣɝɩɣɢɜɠɡɛɨɣɠɪɩɦɮɲɠɨɣɺɩɡɩɞɩɝɪɫɣɠɞɩɠɞɩɫɛɢɦɣɝɛɨɣɣ
 ȼɫɟɝɞɚɞɟɪɠɢɬɟɤɭɜɲɢɧɡɚ ɪɭɱɤɭɋɥɟɝɤɚ ɧɚɤɥɨɧɢɬɟɤɭɜɲɢɧɢɧɚɥɟɣɬɟ ɝɨɪɹɱɢɣɤɨɮɟ ɜ
ɱɚɲɤɭ
 ɇɚɠɦɢɬɟɢɨɬɩɭɫɬɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ ɱɬɨɛɵɜɵɤɥɸɱɢɬɶɤɨɮɟɜɚɪɤɭ
Ɉɠɫɠɥɩɧɠɨɟɮɠɭɬɺɟɝɣɞɛɭɷɥɩɯɠɝɛɫɥɮɥɩɞɟɛɝɥɮɝɳɣɨɠɣɦɣɜɛɥɠɪɫɣɬɮɭɬɭɝɮɹɭɞɩɫɺ
ɲɣɠɡɣɟɥɩɬɭɣȿɩɡɟɣɭɠɬɷɪɩɦɨɩɞɩɩɬɭɶɝɛɨɣɺɥɩɯɠɝɛɫɥɣ
Ʌɩɦɣɲɠɬɭɝɩɝɩɟɶɥɩɭɩɫɛɺɝɶɭɠɲɠɭɣɢɥɮɝɳɣɨɛɜɮɟɠɭɧɠɨɷɳɠɥɩɦɣɲɠɬɭɝɛɝɩɟɶɨɛ
ɦɣɭɩɞɩɝɜɛɥɈɠɥɩɭɩɫɩɠɥɩɦɣɲɠɬɭɝɩɝɩɟɶɝɪɣɭɶɝɛɠɭɬɺɥɩɯɠɤɨɶɧɪɩɫɩɳɥɩɧɣɯɣɦɷ
ɭɫɩɧ
ǽȞȜȑȞȎȚȚȖȞȜȐȎțȖȓȠȎȗȚȓȞȎ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭ+5ɞɥɹɭɫɬɚɧɨɜɤɢɱɚɫɚɇɚɠɦɢɬɟɢɞɟɪɠɢɬɟɤɧɨɩɤɭ+5ɞɥɹɭɫɬɚɧɨɜɤɢ
ɠɟɥɚɟɦɨɝɨɱɚɫɚɜɛɨɥɟɟɛɵɫɬɪɨɦɪɟɠɢɦɟ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭ0,1ɞɥɹɜɵɛɨɪɚɡɧɚɱɟɧɢɹɦɢɧɭɬɇɚɠɦɢɬɟɢɞɟɪɠɢɬɟɤɧɨɩɤɭ0,1ɞɥɹ
ɭɫɬɚɧɨɜɤɢɠɟɥɚɟɦɨɝɨɡɧɚɱɟɧɢɹɦɢɧɭɬɜɛɨɥɟɟɛɵɫɬɪɨɦɪɟɠɢɦɟ
 ɉɨɫɥɟɭɫɬɚɧɨɜɤɢɬɨɱɧɨɝɨɡɧɚɱɟɧɢɹɱɚɫɚɧɚɠɦɢɬɟɤɥɚɜɢɲɭ6(/ɉɪɢɛɨɪɢɡɞɚɫɬɤɨɪɨɬɤɢɣ
ɫɢɝɧɚɥ
 Ⱦɥɹɩɟɪɟɭɫɬɚɧɨɜɤɢɡɧɚɱɟɧɢɹɱɚɫɚɧɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɲɟɫɬɶɪɚɡɩɨɤɚɧɟɫɬɚɧɟɬɦɢ
ɝɚɬɶɡɧɚɱɨɤ ɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɇɚɱɧɟɬɦɢɝɚɬɶɭɫɬɚɧɨɜɥɟɧɧɨɟɜɪɟɦɹɌɟɩɟɪɶɦɨɠɧɨ
ɭɫɬɚɧɨɜɢɬɶɜɪɟɦɹɤɚɤɨɩɢɫɚɧɨɜɩɪɟɞɵɞɭɳɢɯɩɭɧɤɬɚɯ
ǽȞȜȑȞȎȚȚȖȞȜȐȎțȖȓȎȐȠȜȚȎȠȖȥȓȟȘȜȑȜȤȖȘșȎ
ɇɚɠɦɢɬɟɢɞɟɪɠɢɬɟɤɧɨɩɤɭ$872ɞɨɬɟɯɩɨɪɩɨɤɚɧɚɞɢɫɩɥɟɟɧɟɧɚɱɧɟɬɦɢɝɚɬɶɧɚɞɩɢɫɶ
352*5$00ɨɞɧɨɜɪɟɦɟɧɧɨɫɫɢɦɜɨɥɨɦ ɋɥɟɞɭɣɬɟɢɧɫɬɪɭɤɰɢɹɦɩɨɭɫɬɚɧɨɜɤɟɱɚɫɨɜɢ
ɦɢɧɭɬɇɚɠɦɢɬɟɤɧɨɩɤɭ$872ɢɥɢ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɡɚɞɚɧɧɨɝɨɪɟɠɢɦɚɄɨɮɟɜɚɪɤɚ
ɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɚɞɢɫɩɥɟɟɩɨɹɜɢɬɫɹɡɚɞɚɧɧɨɟɡɧɚɱɟɧɢɟɜɪɟɦɟɧɢɢɫɢɦɜɨɥɬɚɣɦɟɪɚ
Ʉɨɮɟɜɚɪɤɚɜɤɥɸɱɢɬɰɢɤɥɩɨɞɚɱɢɤɨɮɟɜɡɚɞɚɧɧɨɟɜɪɟɦɹ

58
Ⱦɥɹɨɬɦɟɧɵɩɪɨɝɪɚɦɦɵɢɪɚɧɟɟɡɚɞɚɧɧɨɝɨɪɟɠɢɦɚɞɨɫɬɚɬɨɱɧɨɟɳɟɪɚɡɧɚɠɚɬɶɤɧɨɩɤɭ$872
ǽȞȜȑȞȎȚȚȖȞȜȐȎțȖȓȘȞȓȝȜȟȠȖȘȜȢȓ
ȼɤɨɮɟɜɚɪɤɟɩɪɟɞɭɫɦɨɬɪɟɧɚɮɭɧɤɰɢɹɩɪɨɝɪɚɦɦɢɪɨɜɚɧɢɹɤɪɟɩɨɫɬɢɤɨɮɟɞɥɹɭɞɨɜɥɟɬɜɨɪɟ
ɧɢɹɢɧɞɢɜɢɞɭɚɥɶɧɵɯɡɚɩɪɨɫɨɜɩɨɬɪɟɛɢɬɟɥɹ
Ʉɨɮɟ ɧɨɪɦɚɥɶɧɨɣ
ɤɪɟɩɨɫɬɢ
ɇɚɠɦɢɬɟɨɞɢɧɪɚɡɤɧɨɩɤɭ02'(ɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ
ɇɚ
ɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚɗɬɨɬɪɟɠɢɦɫɨɨɬɜɟɬɫ
ɬɜɭɟɬɩɪɨɝɪɚɦɦɟɩɪɟɞɭɫɬɚɧɨɜɥɟɧɧɨɣɧɚɮɚɛɪɢɤɟ
Ʉɨɮɟɫɪɟɞɧɟɣɤɪɟ
ɩɨɫɬɢ
ɇɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɞɜɚɪɚɡɚɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ
ɇɚ
ɠɦɢɬɟɤɧɨɩɤɭ 6(/ɞɥɹ ɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚ ɋɢɦɜɨɥ  ɪɟɝɭ
ɥɢɪɭɟɬɪɚɫɯɨɞ ɤɨɮɟɜ ɪɚɫɱɟɬɟɧɚ ɨɞɢɧɤɭɜɲɢɧ ɉɨɥɭɱɚɟɬɫɹɛɨɥɟɟ
ɚɪɨɦɚɬɧɵɣɩɨɜɤɭɫɭɤɨɮɟ
Ʉɪɟɩɤɢɣɤɨɮɟ
ɇɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɬɪɢɪɚɡɚɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ ɇɚ
ɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚɋɢɦɜɨɥ ɪɟɝɭɥɢ
ɪɭɟɬɪɚɫɯɨɞɢɜɪɟɦɹɜɚɪɤɢɧɚɩɢɬɤɚɜɪɚɫɱɟɬɟɧɚɨɞɢɧɤɭɜɲɢɧɉɨɥɭɱɚ
ɟɬɫɹɛɨɥɟɟɤɪɟɩɤɢɣɤɨɮɟ
Ɋɟɠɢɦɱɚɲɤɢ
ɇɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɱɟɬɵɪɟɪɚɡɚɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ 
ɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚɊɟɠɢɦɱɚɲɤɢɩɨɡɜɨ
ɥɹɟɬɩɪɢɝɨɬɨɜɢɬɶɤɨɮɟɦɚɤɫɢɦɭɦɧɚɱɚɲɤɢȼɛɚɤɫɜɨɞɨɣɧɟɨɛɯɨɞɢɦɨ
ɡɚɥɢɬɶɬɨɥɶɤɨɬɨɤɨɥɢɱɟɫɬɜɨɜɨɞɵɭɪɨɜɟɧɶɤɨɬɨɪɨɣɧɟɩɪɟɜɵɲɚɟɬɨɬɦɟɬ
ɤɭɧɚɤɭɜɲɢɧɟɋɢɦɜɨɥ ɚɜɬɨɦɚɬɢɱɟɫɤɢɪɟɝɭɥɢɪɭɟɬɩɨɞɚɱɭɤɨɮɟ
ɧɟɨɛɯɨɞɢɦɨɝɨɞɥɹɩɨɥɭɱɟɧɢɹɦɚɤɫɢɦɚɥɶɧɨɝɨɪɟɡɭɥɶɬɚɬɚɩɪɢɦɢɧɢɦɚɥɶ
ɧɨɦɪɚɫɯɨɞɟɤɨɮɟɂɞɟɚɥɶɧɵɣɪɟɠɢɦɞɥɹɩɪɢɝɨɬɨɜɥɟɧɢɹɱɚɲɟɤɤɨɮɟ
ɀɬɦɣɝɜɛɥɠɠɴɠɩɬɭɛɠɭɬɺɝɩɟɛɭɩɪɩɟɛɲɛɥɩɯɠɨɠɪɫɠɥɫɛɭɣɭɬɺ
ɟɩɭɠɰɪɩɫɪɩɥɛɝɬɺɝɩɟɛɨɠɝɶɭɠɲɠɭɝɥɮɝɳɣɨ
ɉɨɫɥɟɬɨɝɨɤɚɤɛɭɞɟɬɜɵɛɪɚɧɠɟɥɚɟɦɵɣɪɟɠɢɦɧɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚ
ɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɚɱɧɟɬɩɨɞɚɱɭɤɨɮɟ
ȂȡțȘȤȖȭȝȎȡȕȩȒșȭțȎșȖȐȎțȖȭȘȜȢȓ
Ⱦɥɹɬɨɝɨɱɬɨɛɵɧɚɥɢɬɶɤɨɮɟɞɨɡɚɜɟɪɲɟɧɢɹɩɪɨɰɟɫɫɚɜɵɬɟɤɚɧɢɹɤɨɮɟɜɤɭɜɲɢɧɞɨɫɬɚɬɨɱɧɨ
ɫɧɹɬɶɤɭɜɲɢɧɫɧɚɝɪɟɜɚɸɳɟɣɩɨɜɟɪɯɧɨɫɬɢ
ȿɩɡɟɣɭɠɬɷɪɩɟɛɲɣɪɩɥɫɛɤɨɠɤɧɠɫɠɲɛɳɠɥɥɩɯɠɪɫɠɡɟɠɲɠɧɝɶɨɣɧɛɭɷɥɮɝɳɣɨɣɢ
ɥɩɯɠɝɛɫɥɣ
ɉɨɞɚɱɚɤɨɮɟɚɜɬɨɦɚɬɢɱɟɫɤɢɩɪɟɪɜɟɬɫɹɧɚɫɟɤɭɧɞɉɨɦɟɫɬɢɬɟɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸ
ɩɨɜɟɪɯɧɨɫɬɶɞɥɹɜɨɡɨɛɧɨɜɥɟɧɢɹɰɢɤɥɚɩɨɞɚɱɢɤɨɮɟ
ǰțȖȚȎțȖȓ
Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɜɫɥɟɞɫɬɜɢɟɤɨɧɬɚɤɬɚɫɝɨɪɹɱɢɦɧɚɩɢɬɤɨɦɜɵɬɟɤɚɸɳɢɦ
ɢɡɭɫɬɪɨɣɫɬɜɚɩɨɞɚɱɢɤɨɮɟɄɭɜɲɢɧɧɟɨɛɯɨɞɢɦɨɫɧɨɜɚɩɨɫɬɚɜɢɬɶɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨ
ɜɟɪɯɧɨɫɬɶɜɬɟɱɟɧɢɟɫɟɤɭɧɞɩɨɫɥɟɬɨɝɨɤɚɤɟɝɨɨɬɬɭɞɚɫɧɹɥɢ
ȂȡțȘȤȖȭȎȐȠȜȚȎȠȖȥȓȟȘȜȑȜȜȠȘșȬȥȓțȖȭ
ȿɫɥɢɜɤɥɸɱɟɧɧɭɸɤɨɮɟɜɚɪɤɭɧɟɢɫɩɨɥɶɡɨɜɚɬɶɜɬɟɱɟɧɢɟɫɟɤɭɧɞɫɪɚɛɚɬɵɜɚɟɬɮɭɧɤɰɢɹ
ɚɜɬɨɦɚɬɢɱɟɫɤɨɝɨɜɵɤɥɸɱɟɧɢɹɗɬɚɮɭɧɤɰɢɹɩɟɪɟɜɨɞɢɤɨɮɟɜɚɪɤɭɜɪɟɠɢɦɨɠɢɞɚɧɢɹɢɨɬɤɥɸ

58
ɱɚɟɬɮɭɧɤɰɢɸɧɚɝɪɟɜɚɧɢɹ
ǾȓȔȖȚȝȞȖȑȜȠȜȐșȓțȖȭȐȠȜȞȜȑȜȘȡȐȦȖțȎȘȜȢȓ
ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɜɵɤɥɸɱɚɟɬɫɹȼɵɧɶɬɟɜɢɥɤɭɢɡɪɨɡɟɬɤɢ
ǰțȖȚȎțȖȓ
Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɜɵɡɜɚɧɧɵɯɩɨɩɚɞɚɧɢɟɦɛɪɵɡɝɜɨɞɵɢɥɢɩɚɪɚɉɨɞɨɠ
ɞɢɬɟɩɨɤɪɚɣɧɟɣɦɟɪɟɦɢɧɭɬɩɪɟɠɞɟɱɟɦɡɚɥɢɜɚɬɶɨɩɹɬɶɜɨɞɭɜɛɚɤȾɨɠɞɢɬɟɫɶ
ɨɫɬɵɜɚɧɢɹɧɚɝɪɟɬɵɯɱɚɫɬɟɣɤɨɮɟɜɚɪɤɢ
Ɋɫɠɡɟɠɲɠɧɝɥɦɹɲɛɭɷɪɩɟɛɲɮɥɩɯɠɮɜɠɟɣɭɠɬɷɲɭɩɝɜɛɥɠɣɧɠɠɭɬɺɟɩɬɭɛɭɩɲɨɩɠɥɩ
ɦɣɲɠɬɭɝɩɝɩɟɶɈɠɨɛɲɣɨɛɤɭɠɪɩɟɛɲɮɥɩɯɠɠɬɦɣɮɫɩɝɠɨɷɝɩɟɶɨɣɡɠɧɣɨɣɧɛɦɷɨɩɞɩ
ɢɨɛɲɠɨɣɺ
 Ɉɬɤɪɨɣɬɟɤɪɵɲɤɭɤɨɮɟɜɚɪɤɢɉɨɞɧɢɦɢɬɟɪɵɱɚɠɨɤɤɨɮɟɣɧɨɝɨɮɢɥɶɬɪɚȼɵɬɚɳɢɬɟɤɨɮɟɣ
ɧɵɣɮɢɥɶɬɪɢɡɞɟɪɠɚɬɟɥɹɮɢɥɶɬɪɚɍɞɚɥɢɬɟɨɫɬɚɬɤɢɤɨɮɟɢɡɮɢɥɶɬɪɚ
 ɂɡɜɥɟɤɢɬɟɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɈɩɨɥɨɫɧɢɬɟɤɭɜɲɢɧɢɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɩɨɞɫɬɪɭɟɣɯɨ
ɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɵɇɚɩɨɥɧɢɬɟɛɚɤɯɨɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɨɣɞɨɠɟɥɚɟɦɨɝɨɭɪɨɜɧɹ
 ɉɨɦɟɫɬɢɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨɜɟɪɯɧɨɫɬɶ0
 ȼɫɬɚɜɶɬɟ ɞɟɪɠɚɬɟɥɶ ɮɢɥɶɬɪɚ ɜ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɟ ɝɧɟɡɞɨ Ɋɢɫ  ȼɫɬɚɜɶɬɟ ɤɨɮɟɣɧɵɣ
ɮɢɥɶɬɪɜɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɊɢɫɈɬɦɟɪɶɬɟɧɟɨɛɯɨɞɢɦɨɟɤɨɥɢɱɟɫɬɜɨɤɨɮɟɜɮɢɥɶɬɪ
Ɉɞɧɨɣɱɚɲɤɟɤɨɮɟɫɨɨɬɜɟɬɫɬɜɭɟɬɨɞɧɚɱɚɣɧɚɹɥɨɠɤɚɤɨɮɟɣɧɨɝɨɩɨɪɨɲɤɚɛɟɡɝɨɪɤɢ
 Ɂɚɤɪɵɬɶɤɪɵɲɤɭȼɫɬɚɜɢɬɶɲɬɟɩɫɟɥɶɜɷɥɟɤɬɪɢɱɟɫɤɭɸɪɨɡɟɬɤɭ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɧɚɱɢɧɚɟɬɰɢɤɥɩɨɞɚɱɢɤɨɮɟ
ǻdzǿǸǼǹȊǸǼǿǼǰdzȀǼǰǻǮȀdzǺȁǸǮǸǽǾǶDZǼȀǼǰǶȀȊȃǼǾǼȆǶǷ
ǸǼȂdz
 Ⱦɥɹɩɪɢɝɨɬɨɜɥɟɧɢɹɤɨɮɟɫɧɚɫɵɳɟɧɧɵɦɜɤɭɫɨɦɧɟɨɛɯɨɞɢɦɨɜɫɟɝɞɚɞɟɪɠɚɬɶɤɨɮɟɜɚɪɤɭɜ
ɱɢɫɬɨɦɫɨɫɬɨɹɧɢɢɊɟɝɭɥɹɪɧɨɜɵɩɨɥɧɹɣɬɟɱɢɫɬɤɭɢɞɟɤɚɥɶɰɢɮɢɤɚɰɢɸɤɨɮɟɜɚɪɤɢɤɚɤɷɬɨ
ɨɩɢɫɚɧɨɜɜɪɚɡɞɟɥɟɑɢɫɬɤɚɤɨɮɟɜɚɪɤɢ
 ȼɫɟɝɞɚɢɫɩɥɨɶɡɭɣɬɟɱɢɫɬɭɸɯɨɥɨɞɧɭɸɜɨɞɭ
 ɑɟɦɬɨɧɶɲɟɩɨɦɨɥɤɨɮɟɬɟɦɧɚɫɵɳɟɧɧɟɣɢɛɨɝɚɱɟɜɤɭɫɩɨɥɭɱɚɟɦɨɝɨɧɚɩɢɬɤɚȾɥɹɩɨɥɭ
ɱɟɧɢɹɧɚɩɢɬɤɚɨɞɧɨɝɨɢɬɨɝɨɠɟɤɚɱɟɫɬɜɚɬɪɟɛɭɟɬɫɹɝɨɪɚɡɞɨɛɨɥɶɲɟɟɤɨɥɱɢɱɟɫɬɜɨɤɨɮɟ
ɨɛɵɱɧɨɝɨɩɨɦɨɥɚɱɟɦɩɨɪɨɲɤɚɛɨɥɟɟɬɨɧɤɨɝɨɩɨɦɨɥɚ
 ɉɨɪɨɲɨɤɤɨɮɟɧɟɨɛɯɨɞɢɦɨɯɪɚɧɢɬɶɜɫɭɯɨɦɢɩɪɨɯɥɚɞɧɨɦɦɟɫɬɟɉɥɨɬɧɨɡɚɤɪɵɜɚɣɬɟɨɬ
ɤɪɵɬɵɟɭɩɚɤɨɜɤɢɤɨɮɟɢɯɪɚɧɢɬɟɢɯɜɯɨɥɨɞɢɥɶɧɢɤɟ
 Ⱦɥɹɩɨɥɭɱɟɧɢɹɨɩɬɢɦɚɥɶɧɨɝɨɜɤɭɫɚɪɟɤɨɦɟɧɞɭɟɬɫɹɩɪɢɨɛɪɟɬɚɬɶɤɨɮɟɜɡɟɪɧɚɯɢɡɚɬɟɦ
ɦɨɥɨɬɶɟɝɨɧɟɩɨɫɪɟɞɫɬɜɟɧɧɨɩɟɪɟɞɩɪɢɝɨɬɨɜɥɟɧɢɟɦɧɚɩɢɬɤɚ
 Ɋɚɡɨɝɪɟɬɵɣɤɨɮɟɬɟɪɹɟɬɫɜɨɣɩɟɪɜɨɧɚɱɚɥɶɧɵɣɜɤɭɫɋɚɦɵɣɜɤɭɫɧɵɣɤɨɮɟɛɵɜɚɟɬɫɪɚɡɭ
ɩɨɫɥɟɟɝɨɩɪɢɝɨɬɨɜɥɟɧɢɹ
 ɇɚɥɢɱɢɟɦɚɥɟɧɶɤɢɯɤɚɩɟɥɟɤɦɚɫɥɚɧɚɩɨɜɟɪɯɧɨɫɬɢɤɨɮɟɫɜɢɞɟɬɟɥɶɫɬɜɭɟɬɨɞɥɢɬɟɥɶɧɨɦ
ɢɫɩɨɥɶɡɨɜɚɧɢɢɫɦɟɫɢɨɛɠɚɪɟɧɧɵɯɡɟɪɟɧɜɵɩɨɥɧɹɣɬɟɪɟɝɭɥɹɪɧɭɸɱɢɫɬɤɭ
ȅǶǿȀǸǮǸǼȂdzǰǮǾǸǶ
ɗɬɚɤɨɮɟɜɚɪɤɚɧɟɬɪɟɛɭɟɬɨɫɨɛɨɝɨɭɯɨɞɚɉɪɢɛɨɪɧɟɫɨɞɟɪɠɢɬɞɟɬɚɥɟɣɤɨɬɨɪɵɟɬɪɟɛɭɸɬɨɬ
ɩɨɬɪɟɛɢɬɟɥɹɡɚɛɨɬɵɨɛɢɯɪɟɦɨɧɬɟɅɸɛɵɟɞɟɣɫɬɜɢɹɩɨɪɚɡɛɨɪɤɟɤɨɮɟɜɚɪɤɢɞɨɥɠɧɵɩɪɨɢɡ
ɜɨɞɢɬɶɫɹɬɨɥɶɤɨɜɚɜɬɨɪɢɡɨɜɚɧɧɨɣɦɚɫɬɟɪɫɤɨɣɬɟɯɨɛɫɥɭɠɢɜɚɧɢɹ

58
ǰțȖȚȎțȖȓ
ȼɫɟɞɟɣɫɬɜɢɹɩɨɱɢɫɬɤɟɞɨɥɠɧɵɨɫɭɳɟɫɬɜɥɹɬɶɫɹɬɨɥɶɤɨɩɪɢɩɨɥɧɨɫɬɶɸɜɵɤɥɸɱɟɧɧɨɦ
ɩɪɢɛɨɪɟɢɜɵɬɚɳɟɧɧɨɣɢɡɪɨɡɟɬɤɢɜɢɥɤɟ
ǰțȖȚȎțȖȓ
Ɋɟɝɭɥɹɪɧɨɟɬɟɯɨɛɫɥɭɠɢɜɚɧɢɟɢɱɢɫɬɤɚɩɪɢɛɨɪɚɩɨɡɜɨɥɹɬɩɪɟɞɨɯɪɚɧɢɬɶɟɝɨɨɬɩɨɥɨɦɨɤ
ɢɩɨɞɞɟɪɠɚɬɶɜɪɚɛɨɱɟɦɫɨɫɬɨɹɧɢɢɜɬɟɱɟɧɢɟɛɨɥɟɟɞɥɢɬɟɥɶɧɨɝɨɩɟɪɢɨɞɚɜɪɟɦɟɧɢɇɟ
ɪɟɤɨɦɟɧɞɭɟɬɫɹɦɵɬɶɱɚɫɬɢɩɪɢɛɨɪɚɜɩɨɫɭɞɨɦɨɟɱɧɨɣɦɚɲɢɧɟɇɟɥɶɡɹɢɫɩɨɥɶɡɨɜɚɬɶ
ɩɪɹɦɵɟɫɬɪɭɢɜɨɞɵ
ǰțȖȚȎțȖȓ
Ʌɸɛɵɟɞɟɣɫɬɜɢɹɩɨɭɯɨɞɭɡɚɩɪɢɛɨɪɨɦɞɨɥɠɧɵɩɪɨɢɡɜɨɞɢɬɶɫɹɩɪɢɩɨɥɧɨɫɬɶɸɨɯɥɚɠ
ɞɟɧɧɨɦɩɪɢɛɨɪɟ
ȅȖȟȠȘȎȢȖșȪȠȞȎȖȒȓȞȔȎȠȓșȭȢȖșȪȠȞȎ
ɉɨɫɥɟɤɚɠɞɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɤɨɮɟɜɚɪɤɢɧɟɨɛɯɨɞɢɦɨɢɡɜɥɟɤɚɬɶɤɨɮɟɣɧɵɣɮɢɥɶɬɪɢɡɞɟ
ɪɠɚɬɟɥɹɮɢɥɶɬɪɚɍɞɚɥɢɬɟɨɫɬɚɬɤɢɤɨɮɟɢɡɮɢɥɶɬɪɚɈɩɨɥɨɫɧɢɬɟɮɢɥɶɬɪɩɨɞɫɬɪɭɟɣɯɨ
ɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɵɂɡɜɥɟɤɢɬɟɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɢɩɪɨɦɨɣɬɟɟɝɨɬɟɩɥɨɣɜɨɞɨɣɫɦɵɥɨɦ
ȅȖȟȠȘȎȘȡȐȦȖțȎ
ǰțȖȚȎțȖȓ
ȼɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɭɜɲɢɧɚɪɟɤɨɦɟɧɞɭɟɬɫɹɦɚɧɢɩɭɥɢɪɨɜɚɬɶɢɦɫɨɫɨɛɨɣɨɫ
ɬɨɪɨɠɧɨɫɬɶɸɋɬɚɪɚɣɬɟɫɶɧɟɭɞɚɪɹɬɶɤɭɜɲɢɧɞɪɭɝɢɦɢɩɪɟɞɦɟɬɚɦɢɨɩɚɫɧɨɫɬɶɩɨɜɪɟɠ
ɞɟɧɢɹɫɬɟɤɥɚɉɪɢɧɚɩɨɥɧɟɧɢɢɤɭɜɲɢɧɚɜɨɞɨɣɫɬɚɪɚɣɬɟɫɶɧɟɡɚɞɟɜɚɬɶɢɦɤɪɚɧ
ɆɨɣɬɟɤɭɜɲɢɧɬɟɩɥɨɣɜɨɞɨɣɫɦɵɥɨɦȾɥɹɭɞɚɥɟɧɢɹɫɤɪɵɲɤɢɤɭɜɲɢɧɚɨɫɬɚɬɤɨɜɤɨɮɟɪɟ
ɤɨɦɟɧɞɭɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɳɟɬɨɱɤɭȾɥɹɱɢɫɬɤɢɤɭɜɲɢɧɚɢɫɩɨɥɶɡɭɣɬɟɜɥɚɠɧɭɸɬɤɚɧɶɜɨɢɡ
ɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɫɬɟɤɥɹɧɧɨɣɩɨɜɟɪɯɧɨɫɬɢɁɚɩɪɟɳɚɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɦɟɬɚɥɥɢɱɟɫɤɢɟ
ɝɭɛɤɢɢɥɢɞɪɭɝɢɟɚɛɪɚɡɢɜɧɵɟɦɚɬɟɪɢɚɥɵ
ǼȥȖȧȓțȖȓȏȎȘȎ
Ɋɟɤɨɦɟɧɞɭɟɬɫɹɩɟɪɢɨɞɢɱɟɫɤɢɩɪɨɢɡɜɨɞɢɬɶɨɱɢɫɬɤɭɜɧɭɬɪɟɧɧɟɣɱɚɫɬɢɪɟɡɟɪɜɭɚɪɚɩɪɢɩɨɦɨ
ɳɢɝɭɛɤɢɢɥɢɜɥɚɠɧɨɣɦɚɬɟɪɢɢ
ȅȖȟȠȘȎȘȜȞȝȡȟȎȝȞȖȏȜȞȎ
ǰțȖȚȎțȖȓ
ɉɪɨɢɡɜɟɞɢɬɟɱɢɫɬɤɭɧɟɫɴɟɦɧɵɯɱɚɫɬɟɣɭɫɬɪɨɣɫɬɜɚɩɪɢɩɨɦɨɳɢɦɹɝɤɨɣɭɜɥɚɠɟɧɧɧɨɣ
ɬɤɚɧɢɜɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɨɪɩɭɫɚ
ǮǰȀǼǼȅǶǿȀǸǮ
ɉɪɨɢɡɜɨɞɢɬɟɱɢɫɬɤɭɤɨɮɟɜɚɪɤɢɧɟɪɟɠɟɨɞɧɨɝɨɪɚɡɚɜɦɟɫɹɰ
ȿɫɥɢɜɵɩɪɢɨɛɪɟɥɢɮɢɥɶɬɪɞɥɹɜɨɞɵɧɟɜɯɨɞɢɬɜɤɨɦɩɥɟɤɬɩɨɫɬɚɜɤɢɧɟɨɛɯɨɞɢɦɨɫɧɹɬɶɟɝɨ
ɫɛɚɤɚɩɟɪɟɞɬɟɦɤɚɤɜɵɩɨɥɧɢɬɶɰɢɤɥɚɜɬɨɦɚɬɢɱɟɫɤɨɣɨɱɢɫɬɤɢ
 ɇɚɩɨɥɧɢɬɟ ɤɭɜɲɢɧɫɦɟɫɶɸ ɫɨɫɬɨɹɳɟɣ ɢɡ ɱɚɲɟɤ ɭɤɫɭɫɚ ɢ ɱɚɲɟɤɯɨɥɨɞɧɨɣ ɱɢɫɬɨɣ
ɜɨɞɵɇɚɥɟɣɬɟɫɦɟɫɶɜɤɨɬɟɥ
 ɉɨɦɟɫɬɢɬɟɛɭɦɚɠɧɵɣɮɢɥɶɬɪɧɚɱɚɲɟɤɜɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɁɚɤɪɵɬɶɤɪɵɲɤɭ
 ɇɚɠɦɢɬɟɩɹɬɶɪɚɡɤɧɨɩɤɭ02'(ɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ ɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹ

58
ɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɚɱɧɟɬɰɢɤɥɚɜ
ɬɨɨɱɢɫɬɤɢɈɞɧɚɱɚɫɬɶɫɦɟɫɢɜɵɬɟɱɟɬɜɤɭɜɲɢɧɚɜɬɨɪɚɹɱɚɫɬɶɛɭɞɟɬɨɫɬɚɜɚɬɶɫɹɜɧɭɬɪɢ
ɤɨɮɟɜɚɪɤɢɜɬɟɱɟɧɢɢɦɢɧɭɬɩɪɟɠɞɟɱɟɦɩɨɥɧɨɫɬɶɸɩɨɩɚɞɟɬɜɤɭɜɲɢɧɉɨɥɧɵɣɰɢɤɥ
ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ ɱɢɫɬɤɢ ɞɥɢɬɫɹ ɦɢɧɭɬ ɉɨɫɥɟ ɡɚɜɟɪɲɟɧɢɹ ɰɢɤɥɚ ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ
ɱɢɫɬɤɢɤɨɮɟɜɚɪɤɚɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɚɜɬɨɦɚɬɢɱɟɫɤɢɜɵɤɥɸɱɢɬɫɹ
 ɋɩɨɥɨɫɧɢɬɟɤɭɜɲɢɧɯɨɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɨɣ
Ɋɠɫɠɟɪɫɣɞɩɭɩɝɦɠɨɣɠɧɥɩɯɠɪɫɩɪɮɬɭɣɭɠɲɠɫɠɢɥɩɯɠɝɛɫɥɮɥɮɝɳɣɨɛɰɩɦɩɟɨɩɤɲɣɬ
ɭɩɤɝɩɟɶɘɭɩɪɫɩɱɠɟɮɫɛɪɩɢɝɩɦɣɭɩɲɣɬɭɣɭɷɪɫɣɜɩɫɩɭɩɬɭɛɭɥɩɝɝɩɟɶɬɮɥɬɮɬɩɧ
DzdzǸǮǹȊȄǶǻǶǾǼǰǮǻǶdz
ɉɪɚɜɢɥɶɧɨɟɬɟɯɨɛɫɥɭɠɢɜɚɧɢɟɢɪɟɝɭɥɹɪɧɚɹɱɢɫɬɤɚɭɫɬɪɨɣɫɬɜɚɩɨɡɜɨɥɹɬɩɪɟɞɨɯɪɚɧɢɬɶɟɝɨ
ɨɬɜɨɡɧɢɤɧɨɜɟɧɢɹɩɨɜɪɟɠɞɟɧɢɣɢɩɨɞɞɟɪɠɢɜɚɬɶɜɪɚɛɨɱɟɦɫɨɫɬɨɹɧɢɢɜɬɟɱɟɧɢɟɞɥɢɬɟɥɶ
ɧɨɝɨɩɟɪɢɨɞɚɜɪɟɦɟɧɢɫɧɢɠɚɹɞɨɦɢɧɢɦɭɦɚɜɨɡɦɨɠɧɵɣɪɢɫɤɨɛɪɚɡɨɜɚɧɢɹɜɩɪɢɛɨɪɟɢɡ
ɜɟɫɬɤɨɜɨɝɨɧɚɥɟɬɚȿɫɥɢɧɟɫɦɨɬɪɹɧɚɷɬɢɞɟɣɫɬɜɢɹɱɟɪɟɡɧɟɤɨɬɨɪɨɟɜɪɟɦɹɷɤɫɩɥɭɚɬɚɰɢɹ
ɩɪɢɛɨɪɚɡɚɬɪɭɞɧɹɟɬɫɹɜɫɥɟɞɫɬɜɢɢɩɨɫɬɨɹɧɧɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɠɟɫɬɤɨɣɤɚɥɶɰɢɧɢɪɨɜɚɧɧɨɣ
ɜɨɞɵɬɨɪɟɤɨɦɟɧɞɭɟɬɫɹɩɪɨɜɟɫɬɢɞɟɤɚɥɶɰɢɧɢɪɨɜɚɧɢɹɭɫɬɪɨɣɫɬɜɚȾɥɹɷɬɨɣɰɟɥɢɪɟɤɨɦɟɧ
ɞɭɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɫɪɟɞɫɬɜɨɞɥɹɞɟɤɚɥɶɰɢɧɢɪɨɜɚɧɢɹɨɬ$ULHWHɧɚɨɫɧɨɜɟɥɢɦɨɧɧɨɣɤɢɫɥɨ
ɬɵ12&$/ɗɬɨɫɪɟɞɫɬɜɨɦɨɠɧɨɧɚɣɬɢɜɰɟɧɬɪɚɯɫɟɪɜɢɫɧɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹ$ULHWH$ULHWH
ɧɟɛɟɪɟɬɧɚɫɟɛɹɧɢɤɚɤɨɣɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢɡɚɜɨɡɦɨɠɧɵɟɩɨɜɪɟɠɞɟɧɢɹɜɧɭɬɪɟɧɧɢɯɞɟɬɚɥɟɣ
ɩɪɢɛɨɪɚɜɵɡɜɚɧɧɵɟɩɪɢɦɟɧɟɧɢɟɦɜɟɳɟɫɬɜɫɯɢɦɢɱɟɫɤɢɦɢɞɨɛɚɜɤɚɦɢ
ȽɶɪɩɦɨɺɤɭɠɟɠɥɛɦɷɱɣɯɣɥɛɱɣɹɫɛɢɝɧɠɬɺɱȽɬɦɮɲɛɠɣɬɪɩɦɷɢɩɝɛɨɣɺɩɲɠɨɷɡɠɬɭɥɩɤ
ɝɩɟɶɲɣɬɭɥɮɫɠɥɩɧɠɨɟɮɠɭɬɺɪɫɩɝɩɟɣɭɷɫɛɢɝɟɝɠɨɠɟɠɦɣ
 ɇɚɩɨɥɧɢɬɟ ɤɭɜɲɢɧɫɦɟɫɶɸ ɫɨɫɬɨɹɳɟɣ ɢɡ ɱɚɲɤɢ ɭɤɫɭɫɚ ɢ ɱɚɲɟɤɯɨɥɨɞɧɨɣ ɱɢɫɬɨɣ
ɜɨɞɵ
 ɇɚɥɟɣɬɟɫɦɟɫɶɜɤɨɬɟɥ
 Ɂɚɩɭɫɬɢɬɟɰɢɤɥɩɨɞɚɱɢɤɨɮɟɢɩɨɞɨɠɞɢɬɟɩɨɤɚɤɭɜɲɢɧɡɚɩɨɥɧɢɬɫɹɧɚɩɨɥɨɜɢɧɭ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɜɵɤɥɸɱɢɬɫɹ
ɀɬɦɣɨɛɸɭɛɪɠɩɡɣɟɛɨɣɺɪɛɫɛɪɩɺɝɦɺɹɭɬɺɧɛɦɠɨɷɥɣɠɝɶɜɫɩɬɶɪɛɫɛɸɭɩɛɜɬɩɦɹɭɨɩ
ɨɩɫɧɛɦɷɨɩɠɺɝɦɠɨɣɠ
 ɄɨɝɞɚɜɨɞɚɩɟɪɟɫɬɚɧɟɬɫɬɟɤɚɬɶɜɤɭɜɲɢɧɟɝɨɦɨɠɧɨɫɧɹɬɶȾɚɣɬɟɜɨɞɟɨɫɬɵɧɭɬɶɜɬɟɱɟɧɢɟ
ɦɢɧɭɬ
 ȼɵɥɟɣɬɟɫɦɟɫɶɢɡɤɭɜɲɢɧɚɜɛɚɤɁɚɤɪɵɬɶɤɪɵɲɤɭɍɫɬɚɧɨɜɢɬɟɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸ
ɩɨɜɟɪɯɧɨɫɬɶ
 ȿɳɟɪɚɡɡɚɩɭɫɬɢɬɟɰɢɤɥɩɨɞɚɱɢɤɨɮɟɢɩɨɞɨɠɞɢɬɟɩɨɤɚɤɭɜɲɢɧɧɚɩɨɥɧɢɬɫɹɄɨɝɞɚɜɨɞɚ
ɩɟɪɟɫɬɚɧɟɬɫɬɟɤɚɬɶɜɤɭɜɲɢɧɟɝɨɦɨɠɧɨɫɧɹɬɶ
 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɜɵɤɥɸɱɢɬɫɹ
 Ⱦɚɣɬɟɤɨɮɟɜɚɪɤɟɨɫɬɵɧɭɬɶɜɬɟɱɟɧɢɟɦɢɧɭɬɍɛɟɞɢɬɟɫɶɱɬɨɮɢɥɶɬɪɚɜɫɬɚɜɥɟɧɜɞɟ
ɪɠɚɬɟɥɶɮɢɥɶɬɪɚ
ɇɚɩɨɥɧɢɬɟɤɭɜɲɢɧɯɨɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɨɣɢɩɨɜɬɨɪɢɬɟɰɢɤɥɩɨɞɚɱɢɤɨɮɟɞɥɹɱɢɫɬɤɢɜɧɭɬ
ɪɟɧɧɟɣɫɢɫɬɟɦɵɤɨɮɟɜɚɪɤɢȼɤɨɧɰɟɰɢɤɥɚɨɩɨɥɚɫɤɢɜɚɧɢɹɧɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ
ɞɥɹɜɵɤɥɸɱɟɧɢɹɤɨɮɟɜɚɪɤɢɈɫɜɨɛɨɞɢɬɟɩɨɥɧɨɫɬɶɸɤɭɜɲɢɧ
ɉɪɨɦɨɣɬɟɤɭɜɲɢɧɫɴɟɦɧɵɣɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɢɤɨɮɟɣɧɵɣɮɢɥɶɬɪɬɟɩɥɨɣɜɨɞɨɣɫɦɵ

58
ɥɨɦȼɵɬɪɢɬɟɜɫɟɱɚɫɬɢ
Ʉɨɝɞɚɤɨɮɟɜɚɪɤɚ ɩɨɥɧɨɫɬɶɸ ɨɫɬɵɧɟɬɜɵɬɪɢɬɟ ɟɟɧɚɪɭɠɧɭɸɱɚɫɬɶ ɩɪɢɩɨɦɨɳɢɦɹɝɤɨɣ
ɬɤɚɧɢ
ǸȎȘȣȞȎțȖȠȪȘȜȢȓȐȎȞȘȡ
 ȼɵɧɭɬɶɜɢɥɤɭɢɡɷɥɟɤɬɪɨɪɨɡɟɬɤɢ
 Ⱦɟɪɠɢɬɟɤɨɮɟɜɚɪɤɭɜɩɪɨɯɥɚɞɧɨɦɢɫɭɯɨɦɦɟɫɬɟ
Ɉɠɩɬɭɛɝɦɺɤɭɠɨɠɫɛɜɩɭɛɹɴɣɤɪɫɣɜɩɫɬɝɥɦɹɲɠɨɨɩɤɝɸɦɠɥɭɫɩɬɠɭɷɝɣɦɥɩɤ
ǰȉǰǼDzǶǵȋǸǿǽǹȁǮȀǮȄǶǶ
ȿɫɥɢɜɵɧɟɫɨɛɢɪɚɟɬɟɫɶɢɫɩɨɥɶɡɨɜɚɬɶɩɪɢɛɨɪɧɟɨɛɯɨɞɢɦɨɨɬɤɥɸɱɢɬɶɟɝɨɨɬɷɥɟɤɬɪɨɫɟɬɢ
ɨɫɜɨɛɨɞɢɬɶɨɬɜɨɞɵɛɚɤɢɤɭɜɲɢɧɉɪɨɢɡɜɟɞɢɬɟɱɢɫɬɤɭɱɚɫɬɟɣɩɪɢɛɨɪɚɫɦɪɚɡɞɟɥɑɢɫɬɤɚ
ɤɨɮɟɜɚɪɤɢɉɟɪɟɞɭɬɢɥɢɡɚɰɢɟɣɩɪɢɛɨɪɚɧɟɨɛɯɨɞɢɦɨɪɚɫɫɨɪɬɢɪɨɜɚɬɶɟɝɨɱɚɫɬɢɜɫɨɨɬɜɟɬɫ
ɬɜɢɢɫɜɢɞɚɦɢɦɚɬɟɪɢɚɥɨɜɢɫɩɨɥɶɡɨɜɚɧɧɵɯɞɥɹɢɯɢɡɝɨɬɨɜɥɟɧɢɹɚɡɚɬɟɦɩɪɢɫɬɭɩɢɬɶɤɟɝɨ
ɭɬɢɥɢɡɚɰɢɢɪɭɤɨɜɨɞɫɬɜɭɹɫɶɫɨɨɬɜɟɬɫɬɜɭɸɳɢɦɢɩɨɥɨɠɟɧɢɹɦɢɧɨɪɦɚɬɢɜɧɵɯɚɤɬɨɜɩɪɢɧɹɬɵɯ
ɜɫɬɪɚɧɟɷɤɫɩɥɭɚɬɚɰɢɢɭɫɬɪɨɣɫɬɜɚ
Ⱦɚɬɚɢɡɝɨɬɨɜɥɟɧɢɹɭɤɚɡɚɧɚɧɚɤɨɪɩɭɫɟɢɡɞɟɥɢɹɜɡɚɲɢɮɪɨɜɚɧɧɨɦɜɢɞɟ61ZN\UDEFGHIJ
ɝɞɟZN±ɧɟɞɟɥɹɩɪɨɢɡɜɨɞɫɬɜɚ
\U±ɝɨɞɩɪɨɢɡɜɨɞɫɬɜɚ
DEFGHIJ±ɫɟɪɢɣɧɵɣɧɨɦɟɪɢɡɞɟɥɢɹ
ɋɨɨɬɜɟɬɫɬɜɭɟɬɬɪɟɛɨɜɚɧɢɹɦ
ɌɊɌɋ©ɈɛɟɡɨɩɚɫɧɨɫɬɢɧɢɡɤɨɜɨɥɶɬɧɨɝɨɨɛɨɪɭɞɨɜɚɧɢɹɭɬɜɟɪɠɞɟɧɊɟɲɟɧɢɟɦɄɨ
ɦɢɫɫɢɢɌɚɦɨɠɟɧɧɨɝɨɫɨɸɡɚʋɨɬɚɜɝɭɫɬɚɝɨɞɚ
ɌɊɌɋ©ɗɥɟɤɬɪɨɦɚɝɧɢɬɧɚɹɫɨɜɦɟɫɬɢɦɨɫɬɶɬɟɯɧɢɱɟɫɤɢɯɫɪɟɞɫɬɜªɭɬɜɟɪɠɞɟɧɊɟɲɟ
ɧɢɟɦɄɨɦɢɫɫɢɢɌɚɦɨɠɟɧɧɨɝɨɫɨɸɡɚʋɨɬɞɟɤɚɛɪɹɝɨɞɚ
ɂɧɮɨɪɦɚɰɢɹɨɫɟɪɬɢɮɢɤɚɰɢɢɜɩɪɢɥɨɠɟɧɢɢɤɝɚɪɚɧɬɢɣɧɨɦɭɬɚɥɨɧɭɢɢɥɢɧɚɭɩɚɤɨɜɤɟɢɡɞɟ
ɥɢɹ
%aȽɰȼɬɄɥɚɫɫ,±,3;
ɋɞɟɥɚɧɨɜɄɢɬɚɟ
ɂɦɩɨɪɬɟɪɈɈɈ©Ɇɟɞɢɚɬɟɯª
ɘɪɢɞɢɱɟɫɤɢɣɚɞɪɟɫɝɨɪɨɞɆɨɫɤɜɚɭɥɢɰɚɋɚɞɨɜɚɹɌɪɢɭɦɮɚɥɶɧɚɹɞɨɦɫɬɪɨɟ
ɧɢɟɉɈɆ,ɄɈɆ
ɎɚɤɬɢɱɟɫɤɢɣɚɞɪɟɫɝɆɨɫɤɜɚɭɥɍɫɚɱɟɜɚɞɤɨɪɩɭɫɩɨɦ,,ɤɨɦ
ɂɡɝɨɬɨɜɢɬɟɥɶ'H/RQJKL$SSOLDQFHV6UO©ȾɟɥɨɧɝɢȺɩɩɥɚɟɧɫɢɫɋɊɅªȺɞɪɟɫɂɬɚɥɢɹ
ɎɥɨɪɟɧɰɢɹɄɚɦɩɢȻɢɡɟɧɰɢɨȼɢɚɋɄɭɢɪɢɤɨ
ɋɩɢɫɨɤɨɪɝɚɧɢɡɚɰɢɣɭɩɨɥɧɨɦɨɱɟɧɧɵɯɢɡɝɨɬɨɜɢɬɟɥɟɦɧɚɪɚɛɨɬɭɫɩɪɟɬɟɧɡɢɹɦɢɩɨɬɪɟɛɢɬɟ
ɥɟɣɢɫɟɪɜɢɫɧɵɦɨɛɫɥɭɠɢɜɚɧɢɟɦɪɚɡɦɟɳɟɧɧɚɫɚɣɬɟKWWSZZZDULHWHQHWUXDVVLVWDQFH
Ƚɨɪɹɱɚɹɥɢɧɢɹ$ULHWH

58
Ɍɨɜɚɪɩɨɫɬɚɜɥɹɟɬɫɹɜɫɨɛɪɚɧɧɨɦɜɢɞɟɫɩɟɰɢɚɥɶɧɵɯɬɪɟɛɨɜɚɧɢɣɤɩɟɪɟɜɨɡɤɟɢɯɪɚɧɟɧɢɸɧɟ
ɭɫɬɚɧɨɜɥɟɧɨ
ɍɬɢɥɢɡɢɪɨɜɚɬɶɜɫɨɨɬɜɟɬɫɬɜɢɢɫɡɚɤɨɧɨɞɚɬɟɥɶɫɬɜɨɦɦɟɫɬɚɪɟɚɥɢɡɚɰɢɢ
Ƚɚɪɚɧɬɢɣɧɵɣɫɪɨɤɝɨɞɚɋɪɨɤɫɥɭɠɛɵɢɡɞɟɥɢɹɝɨɞɚ
ɂɧɮɨɪɦɚɰɢɹɨɫɟɪɬɢɮɢɤɚɰɢɢɜɩɪɢɥɨɠɟɧɢɢɤɝɚɪɚɧɬɢɣɧɨɦɭɬɚɥɨɧɭɢɢɥɢɧɚɭɩɚɤɨɜɤɟɢɡɞɟ
ɥɢɹ

$5
ّ
ﻴﺘﻜﻟا اﺬﻫ صﻮﺼﺨﺑ
ﻊﻴﻤﺟ ﰲ ﺔ
ّ
ﻴﻤﺤﻣو ،ﺔﻴﺑوروﻷا لوﺪﻟا ﺔﻋﻮﻤﺠﻣ ﻞﺒﻗ ﻦﻣ ةدﺪﺤﳌا ﺲﻴﻳﺎﻘﳌا ﺐﺴﺣ ﺔﻋﻮﻨﺼﻣ ةﺰﻬﺟﻷا نأ ﻦﻣ ﻢﻏﺮﻟا ﲆﻋ
يﺬﻟا ضﺮﻐﻠﻟ ﻂﻘﻓ زﺎﻬﺠﻟا لﻌﺘﺳاو صﺮﺤﺑ تﺎﻬﻴﺒﻨﺘﻟا هﺬﻫ ةءاﺮﻗ ﺐﺠﻳ ،ﺮﻄﺨﻠﻟ رﺪﺼﻣ ﻞﻜﺸﺗ نأ ﻦﻜﻤﻣ ﻲﺘﻟا ءاﺰﺟﻷا
هﺬﻫ ﻖﻓرأ .ﺔﺟﺎﺤﻟا ﺪﻨﻋو ﻞﺒﻘﺘﺴﳌا ﰲ ﻪﻴﻠﻋ عﻼﻃﻼﻟ ﺐ
ّ
ﻴﺘﻜﻟا اﺬﻬﺑ ﻆﻔﺘﺣا .راﻷاو ثداﻮﺤﻟا عﻮﻗو ﻊﻨﳌ ،ﻪﻠﺟأ ﻦﻣ ﻊﻨﺻ
.ﻐﻠﻟ ﻪﺋاﺪﻫإ وأ ﻪﻌﻴﺑ ﺔﻟﺎﺣ ﰲ زﺎﻬﺠﻟا ﻊﻣ تﻴﻠﻌﺘﻟا
:ﺔﻴﻟﺎﺘﻟا زﻮﻣﺮﻟﺎﺑ ةﺰﻴﻤﻣ ،ﺐ
ّ
ﻴﺘﻜﻟا اﺬﻫ ﰲ ةدراﻮﻟا تﺎﻣﻮﻠﻌﳌا
لﺎﻔﻃﻷا ﲆﻋ ﺮﻄﺧ
ءﺎﺑﺮﻬﻜﻟا ﺐﺒﺴﺑ ﺮﻄﺧ
ىﺮﺧأ بﺎﺒﺳﻷ دﻮﻌﺗ رﺎﻄﺧأ
قاﱰﺣﻻﺎﺑ ﻖﻠﻌﺘﺗ تﺎﻬﻴﺒﻨﺗ
ﺔﻳدﺎﻣ راﴐأ – تﺎﻬﻴﺒﻨﺗ
زﺎﻬﺠﻟا ﻦﻣ ضﺮﻐﻟا
ﺐﺳﺎﻨﻣ ﻏ ﻮﻬﻓ ﱄﺎﺘﻟﺎﺑو ،صﺎﺨﻟا لﻌﺘﺳﻼﻟ ﻂﻘﻓ زﺎﻬﺠﻟا اﺬﻫ ﻢﻴﻤﺼﺗ ﻢﺗ .ةﻮﻬﻘﻟا داﺪﻋﻹ زﺎﻬﺠﻟا لﻌﺘﺳا ﻢﻜﻨﻜ
ﻏ ﺔﻘﻳﺮﻄﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻋ ﺔﺠﺗﺎﻨﻟا راﻷا ﻦﻋ ﺔﻴﻟﻮﺌﺴﻣ يأ ﻊﻧﺎﺼﻟا ﻞﻤﺤﺘﻳ ﻻ .ﻲﻋﺎﻨﺼﻟا وأ يرﺎﺠﺘﻟا لﻌﺘﺳﻼﻟ
.ﺎﻬﺘﻐﻴﺻ ﺖﻧﺎﻛ ﻬﻣ ،نﻀﻟا ةدﺎﻬﺷ لﺎﻄﺑإ ﱃإ زﺎﻬﺠﻠﻟ ﻖﺋﻻ ﻐﻟا لﻌﺘﺳﻻا يدﺆﻳ ،ﻚﻟذ ﲆﻋ ةدﺎﻳز .ﺔﻘﺋﻻ
ﺔﺎﻘﻟا رﺎﻄﺧﻷا
ﻖﺷﺮﻟا ﺔﺴﻣﻼﻣ ﺔﻴﻧﺎﻜﻣإ ﻦﻣ مﺪﺨﺘﺴﳌا ﺔﻳﺤﺑ ﺢﻤﺴﺗ ﻻ ،ةﴩﻨﻟا هﺬﻫ عﻮﺿﻮﻣ ﻞﻜﺸﻳ يﺬﻟا زﺎﻬﺠﻠﻟ ﺔﻴﺋﺎﺸﻧﻹا تﺎﻔﺻاﻮﳌا
.
ّ
رﺎﺤﻟا ءﺎﳌا وأ رﺎﺨﺒﻠﻟ ﺊﺟﺎﻔﳌا
!ﻪﻴﺒﻨﺗ
ﻮﻬﻘﻟا جوﺮﺧ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﺢﺘﻔﺗ ﻻ .ةﻮﻬﻘﻟا وأ رﺎﺤﻟا ءﻠﻟ ﺊﺟﺎﻔﳌا ﻖﺷﺮﻟا ﻦﻋ ﺞﺗﺎﻧ قاﱰﺣا ﺮﻄﺧ
نﺎﻣﻷا تﺎﻬﻴﺒﻨﺗ
لﻌﺘﺳﻻا ﻞﺒﻗ تﻴﻠﻌﺘﻟا صﺮﺤﺑ أﺮﻗا.
.ﺔﻴﻋﺎﻨﺻ وأ ﺔﻳرﺎﺠﺗ ضاﺮﻏﻷ ﻪﻟﻌﺘﺳا مﺪﻋ ﺐﺠﻳ ﱄﺎﺘﻟﺎﺑو ،ﱄﺰﻨﳌا لﻌﺘﺳﻼﻟ ﻂﻘﻓ ﻢﻤﺼﻣ زﺎﻬﺠﻟا اﺬﻫ
ﻦﻋ ﺔﻔﻠﺘﺨﻣ ضاﺮﻏﻷ وأ ﺊﻃﺎﺧ ﻞﻜﺸﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻋ ﺔﺠﺗﺎﻨﻟا راﻷا ﻦﻋ ﺔﻴﻟﻮﺌﺴﻣ يأ ﺔﻌﻨﺼﳌا ﺔﻛﴩﻟا ﻞﻤﺤﺘﺗ ﻻ
.ﺐﻴﺘﻜﻟا اﺬﻫ ﰲ ﺔﻨﻴﺒﳌا ضاﺮﻏﻷا
ﻏ داﻮ ﺞﺘﻨﳌا ﻒﻴﻠﻐﺗ ﻦﻋ ﺞﺗﺎﻨﻟا ﺐﻄﻌﻟا ﻦﻤﻀﺘﺗ ﺔﻴﻧﺎﺠﳌا ﺔﻧﺎﻴﺼﻟا نﻷ ،ﺔﻴﻠﺻﻷا ﻒﻴﻠﻐﺘﻟا داﻮ ظﺎﻔﺘﺣﻻا ﺢﺼﻨﻳ
.ﺺ
ّ
ﺮﳌا ﺔﻧﺎﻴﺼﻟا ﺰﻛﺮﻣ ﱃإ ﻪﻠﻘﻧ ءﺎﻨﺛأ ﺔﻘﺋ
داﻮﳌﺎﺑ ﺔﻘﻠﻌﺘﳌاو 2004/10/27 ﺦﻳرﺎﺘﺑ ةردﺎﺼﻟا 2004/1935 ﻢﻗر ﺔﻴﺑوروﻷا لوﺪﻟا ﺔﻋﻮﻤﺠﻣ ﻢﻈﻨﻟ ﻖﺑﺎﻄﻣ زﺎﻬﺠﻟا
.ﺔﻳﺬﻏﻸﻟ ﺔﺴﻣﻼﳌا
لﺎﻔﻃﻷا ﲆﻋ ﺮﻄﺧ
ﺺﺨﺸﻟا ﻞﺒﻗ ﻦﻣ ﻢﻬﺘﺒﻗاﺮﻣ ﻢﺘﻳ نأ ﺔﻄﻳﴍ ،تاﻮﻨﺳ 8 ﻦﻋ ﻢﻫرﻋأ ﺪﻳﺰﺗ ﻦﻳﺬﻟا لﺎﻔﻃﻷا ﻞﺒﻗ ﻦﻣ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻜ
.لﻌﺘﺳﻻا ءﺎﻨﺛأ ﺎﻬﻟ ﺿﺮﻌﳌا رﺎﻄﺧﻷا اﻮﻛردأو ﻦﻣآ ﻞﻜﺸﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﲆﻋ ﻢﻬﻤﻴﻠﻌﺗ ﻢﺗ اذإ وأ ﻢﻬﻨﻋ لوﺆﺴﳌا
،تاﻮﻨﺳ 8 ﻦﻋ ﻢﻫرﻋأ ﻞﻘﺗ دوأ ﺎﻬﺑ مﻮﻘﻳ نأ ﺐﺠﻳ ،مﺪﺨﺘﺴﳌا مﺎﻬﻣ ﻦﻤﺿﺄﺗ ﻲﺘﻟا ﺔﻧﺎﻴﺼﻟاو ﻒﻴﻈﻨﺘﻟا لﻋأ
.زﺎﻬﺠﻟا ﰲ ﺐﻌﻠﻟﺎﺑ لﺎﻔﻃﻸﻟ حﺴﻟا مﺪﻋ ﺐﺠﻳ .ﻢﻬﻨﻋ لوﺆﺴﳌا ﺺﺨﺸﻟا ﻞﺒﻗ ﻦﻣ ﻢﻬﺘﺒﻗاﺮﻣ ﻢﺘﻳ نأ ﺔﻄﻳﴍو
.تاﻮﻨﺳ 8 ﻦﻋ ﻢﻫرﻋأ ﻞﻘﺗ ﻦﻳﺬﻟا لﺎﻔﻃﻷا ﻦﻋ
ً
اﺪﻴﻌﺑ ﺎﺑﺮﻬﻜﻟا ﻞﺒﻜﻟاو زﺎﻬﺠﻟا ﻆﻔﺣ ﺐﺠﻳ

$5
.لﺎﻔﻃﻷا ﻞﺒﻗ ﻦﻣ ﻪﻴﻟإ لﻮﺻﻮﻟا ﻦﻜ نﺎﻜﻣ ﰲ
ّ
ﱄﺪﺘﻣ ﻞﺒﻜﻟا كﱰﺗ ﻻ
.ﻢﻬﻴﻠﻋ ﺮﻄﺧ رﺪﺼﻣ ﻞﻜﺸﺗ ﺎﻬﻧﻷ ،لﺎﻔﻃﻷا لوﺎﻨﺘﻣ ﰲ ﻒﻴﻠﻐﺘﻟا داﻮﻣ كﱰﺗ ﻻ
.ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﻞﺒﻛ ﺺﻗ لﻼﺧ ﻦﻣ ﻪﻟﻌﺘﺳا ﻊﻨﻣ ﲆﻋ ﻞﻤﻌﻟا ﺐﺠﻳ ،ﺎﻬﻧ ﻞﻜﺸﺑ زﺎﻬﺠﻟا اﺬﻫ ﻦﻣ ﺺﻠﺨﺘﻟا ﺪﻨﻋ
ﺐﻌﻠﻟا ﺔﻟﺎﺣ لﺎﻔﻃﻷا ﲆﻋ ﺮﻄﺧ زﺎﻬﺠﻟا ﻦﻣ ءاﺰﺟأ ﺾﻌﺑ ﻞﻜﺸﺗ ﻻ ﺚﻴﺤﺑ ،ﺔﻣزﻼﻟا ﺑاﺪﺘﻟا ذﺎﺨﺗا ﺐﺠﻳ ،ﻚﻟذ ﲆﻋ ةدﺎﻳز
.ﻪﺑ
ءﺎﺑﺮﻬﻜﻟا ﺐﺒﺴﺑ ﺮﻄﺧ
نأ ﺔﻄﻴﻳﴍ ،ﺔﻴﻠﻘﻌﻟا وأ ﺔﻴ
ّ
ﺴﺤﻟا وأ ﺔﻴﺋﺎﻳﺰﻴﻔﻟا ﻢﻫاﻮﻗ ﻞﻣﺎﻛ نﻮﻜﻠ ﻻ ﻦﻳﺬﻟﺎﺗ صﺎﺨﺷﻷا ﻞﺒﻗ ﻦﻣ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻜ
رﺎﻄﺧﻷا اﻮﻛردأو ﻦﻣآ ﻞﻜﺸﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﲆﻋ ﻢﻬﻤﻴﻠﻌﺗ ﻢﺗ اذإ وأ ﻢﻬﻨﻋ لوﺆﺴﳌا ﺺﺨﺸﻟا ﻞﺒﻗ ﻦﻣ ﻢﻬﺘﺒﻗاﺮﻣ ﻢﺘﻳ
.لﻌﺘﺳﻻا ءﺎﻨﺛأ ﺎﻬﻟ ﺿﺮﻌﳌا
ﺔﻨﻴﻛﺎﳌا ﻞﻔﺳأ ﺎﻫﺪﺠﺗ ﻲﺘﻟا تﺎﻣﻮﻠﻌﳌا ﺔﻗﺎﻄﺑ ﲆﻋ ﺔﻨﻴﺒﳌا ﺔ
ّ
ﻴﻄﻠﻔﻟا نأ ﻦﻣ ﻖﻘﺤﺗ ،ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟﺎﺑ زﺎﻬﺠﻟا ﻞﻴﺻﻮﺗ ﻞﺒﻗ
.ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﺔ
ّ
ﻴﻄﻠﻔﻟ ﺔﻘﺑﺎﻄﻣ
.ثداﻮﺣو راﴐأ عﻮﻗو ﱃإ يدﺆﻳ نأ ﻦﻜﻤﻣ ،ﺔﻌﻧﺎﺼﻟا ﺔﻛﴩﻟا ﻞﺒﻗ ﻦﻣ ﺔﺼﺧ
ّ
ﺮﻣ ﻐﻟا ﺔﻴﺋﺎﺑﺮﻬﻜﻟا تﻼﺻﻮﻟا لﻌﺘﺳا
.ءﺎﳌﺎﺑ ناﺰﺨﻟا ﺔﺌﺒﻌﺗ ﻞﺒﻗ ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﻦﻋ زﺎﻬﺠﻟا ﻞﺼﻓأ
و ﺎﻬﻟ ﻊﺑﺎﺘﻟا ﺔﻴﻨﻔﻟا ﺔﻧﺎﻴﺼﻟا ﻢﺴﻗ ﻞﺒﻗ ﻦﻣ وأ ﺔﻌﻧﺎﺼﻟا ﺔﻛﴩﻟا ﻞﺒﻗ ﻦﻣ ﻪﻟاﺪﺒﺘﺳا ﺐﺠﻳ ،ﺎﺑﺮﻬﻜﻟا ﻞﺒﻜﻟا ﻒﻠﺗ ﺔﻟﺎﺣ ﰲ
.رﺎﻄﺧﻷا ﻦﻣ عﻮﻧ يأ عﻮﻗو ﳾﺎﺤﺘﻟ ،لﻋﻷا هﺬﻫ ﻞﺜﳌ ﻞﻫﺆﻣ ﺺﺨﺷ ﻞﺒﻗ ﻦﻣ لاﻮﺣﻷا ﻊﻴﻤﺟ
!سﺎ ﻞﻄﻋ ثوﺪﺣ ﱃإ ﻚﻟذ يدﺆﻳ نأ ﻦﻜ :ءﻠﻟ ءﺎﺑﺮﻬﻜﻟﺎﺑ ﺔﻧﻮﺤﺸﳌا ءاﺰﺟﻷا ﺔﺴﻣﻼﻣ مﺪﻋ ﺐﺠﻳ
.ﺔﻧﺎﻴﺻ وأ ﻒﻴﻈﻨﺗ ﺔﻴﻠﻤﻋ يﺄﺑ مﺎﻴﻘﻟا ﺪﻨﻋ ،ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻣ ﺲﺑﺎﻘﻟا ﺐﺤﺳا
ﺮﺧأ ﻞﺋاﻮﺳ ﰲ وأ ءﺎﳌا ﰲ زﺎﻬﺠﻟا ﺲﻄﻐﺗ ﻻ
.ﺎﻬﻗﻮﻓ وأ ﺔﻠﺴﻐﳌا ﻦﻣ بﺮﻘﻟﺎﺑ
ً
ﺎﻘﻠﻄﻣ زﺎﻬﺠﻟا ﻊﻀﺗ ﻻ
.ﻒﻴﻈﻨﺘﻟا وأ ماﺪﺨﺘﺳﻼﻟ ﺔﻴﻠﺧاد ءاﺰﺟأ ﺪﺟﻮﺗ ﻻ .زﺎﻬﺠﻠﻟ ﲇﻔﺴﻟا ءﺎﻄﻐﻟا ﺪﻌﺒﺗ ﻻ
ىﺮﺧأ بﺎﺒﺳﻷ دﻮﻌﺗ رﺎﻄﺧأ
.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﱃإ لﻮﺻﻮﻟا ﻞﻬﺴﻟا ﻦﻣ نﻮﻜﻳ ﺚﻴﺤﺑو ،ﻒﻴﻈﻧو ﰲﺎﻜﻟا رﺪﻘﻟﺎﺑ ءﺎﻀﻣ نﺎﻜﻣ رﺎﺘﺧا
.ءﺎﳌا ﻦﻣ ةﺪﺋاز ﺔﻴﻤﻛ ناﺰﺨﻟا ﰲ ﻊﻀﺗ ﻻ
.ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟﺎﺑ ﻪﻠﺻو ءﺎﻨﺛأ ﺔﺒﻗاﺮﻣ نوﺪﺑ زﺎﻬﺠﻟا كﱰﺗ ﻻ
.ﺔﺣاﺮﻟاو لﻌﺘﺳﻻا ءﺎﻨﺛأ ﺮﻘﺘﺴﻣ ﺢﻄﺳ ﲆﻋ زﺎﻬﺠﻟا ﻊﺿو ﺐﺠﻳ
ﻞﻤﻌﺘﺴﺗ ﻻ .ﻪﻨﻣ ءﺎﳌا ب
ّ
ﴪﺗ وأ ﻪﻴﻠﻋ ﻒﻠﺗ تﺎﻣﻼﻋ رﻮﻬﻇو ضرﻷا ﲆﻋ ﻪﻃﻮﻘﺳ ﺔﻟﺎﺣ ﰲ زﺎﻬﺠﻟا لﻌﺘﺳا مﺪﻋ ﺐﺠﻳ
ﺎﻬﻴﻓ ﺎ ،حﻼﺻﻹا تﺎﻴﻠﻤﻋ ﻊﻴﻤﺟ .ﻒﻠﺘﻣ ﻪﺴﻔﻧ زﺎﻬﺠﻟا نﺎﻛ اذإ وأ نﺎﻔﻠﺘﻣ ﺎﺑﺮﻬﻜﻟا ﺲﺑﺎﻘﻟا وأ ﻞﺒﻜﻟا نﺎﻛ اذإ زﺎﻬﺠﻟا
ءاﱪﺧ ﻞﺒﻗ ﻦﻣ وأ Ariete ﺔﻛﴩﻟ ﻊﺑﺎﺘﻟا تﺎﻣﺪﺨﻟا ﺰﻛﺮﻣ ﻞﺒﻗ ﻦﻣ ﻂﻘﻓ ﻢﺘﺗ نأ ﺐﺠﻳ ،ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﻞﺒﻛ لاﺪﺒﺘﺳا
.ﺮﻄﺧ يأ عﻮﻗو ﳾﻼﺘﻟ ،Ariete ﺔﻛﴍ ﻞﺒﻗ ﻦﻣ ﻟﻮﺨﻣ
قاﱰﺣﻻﺎﺑ ﻖﻠﻌﺘﺗ تﺎﻬﻴﺒﻨﺗ
ﻮﻬﻘﻟا جوﺮﺧ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﺢﺘﻔﺗ ﻻ
.رﺎﺨﺒﻟا وأ ءﻠﻟ ﺊﺟﺎﻔﳌا ﻖﺷﺮﻟا ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ :ءﺎﳌﺎﺑ ناﺰﺨﻟا ﺪﻳوﺰﺗ ةدﺎﻋإ ﻞﺒﻗ زﺎﻬﺠﻟا دﱪﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا
ﺔﺴﻣﻼﻣ ﺐﺒﺴﺑ قاﱰﺣﻻا ﻂﺧ .ﻖﻳﺮﺑﻹا رﺎﺴﻜﻧا ﺮﻄﺧ .ﺔﻨﻴﻛﺎﳌا ﻞﻤﻋ ءﺎﻨﺛأ ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ قﻮﻓ غرﺎﻓ ﻖﻳﺮﺑﻹا كﱰﺗ ﻻ
.ﻖﻳﺮﺑﻹا
ﺔﻳدﺎﻣ راﴐأ – تﺎﻬﻴﺒﻨﺗ
.ﺎﻬﺑﻼﻘﻧا مﺪﻋ ﻦﻤﻀﻳ ﻞﻜﺸﺑو ،ﺖﺑﺎﺛ ﺢﻄﺳ ﲆﻋ ﺔﻨﻴﻛﺎﳌا ﻊﺿ
.ﺔﻟﺎﺤﻟا هﺬﻫ ﰲ قﱰﺤﺗ ﺔﺨﻀﳌا نﻷ ،ءﺎﻣ نوﺪﺑ ﺔﻨﻴﻛﺎﳌا ﻞﻤﻌﺘﺴﺗ ﻻ
.نﺎﻴﻠﻐﻟا ءﺎ وأ ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ناﺰﺨﻟا ﻸ ﻻ
.ﺔﻨﻴﻛﺎﳌا ﻢﺴﺟ ﻒﻠﺗ ﻦﻣ
ً
ﺎﻓﻮﺧ ﺐﻬﻠﻟا ﻦﻣ بﺮﻘﻟﺎﺑ وأ اﺪﺟ ﻦﺧﺎﺳ ﺢﻄﺳ ﲆﻋ ﺔﻨﻴﻛﺎﳌا ﻊﻀﺗ ﻻ

$5
.ﺔﻨﻴﻛﺎﳌا ﻦﻣ ةرﺎﺤﻟا ءاﺰﺟﻸﻟ ﺎﺑﺮﻬﻜﻟا ﻞﺒﻜﻟا ﺲﻣﻼﻣ مﺪﻋ ﺐﺠﻳ
.(ﻦﻧﻮﺑﺮﻜﻟا ﺪﻴﺴﻛأ ﺎﺛ ﺎﻬﻴﻟإ فﺎﻀﻣ) ﺔﻳزﺎﻏ هﺎﻴﻣ ﻞﻤﻌﺘﺴﺗ ﻻ
.زﺎﻬﺠﻟا ﰲ ةﺒﻛ راﴐأ ﻚﻟذ ﻖﺤﻠﻳ نأ ﻦﻜ .ﺔﻧﻮﺤﻄﳌا ةﻮﻬﻘﻟا ﻦﻋ ﻒﻠﺘﺨﺗ ﴏﺎﻨﻋ ﱰﻠﻔﻟا ﰲ ﻊﻀﺗ ﻻ
ﻖﺤﻠﻳو ﺪﻤﺠﺘﻳ نأ ﻦﻜ ،ﺔﻧﺎ
ّ
ﺨﺴﻟا ﰲ ﻲﻘﺒﺘﳌا ءﺎﳌا نﻷ ،ﺔﻳﻮﺌﻣ ﺔﺟرد 0 ﻦﻋ ﺎﻬﺗراﺮﺣ ﺔﺟرد ﻞﻘﺗ ﺔﺌﻴﺑ ﰲ ﺔﻨﻴﻛﺎﳌا كﱰﺗ ﻻ
.ﺎﻬﺴﻔﻧ ﺔﻨﻴﻛﺎﳌﺎﺑ راﴐأ
.ﻖﻠﻄﻟا ءاﻮﻬﻟا ﰲ ﺔﻨﻴﻛﺎﳌا ﻞﻤﻌﺘﺴﺗ ﻻ
.(…ﺎﻫﻏو ﺲﻤﺸﻟاو ﺮﻄﳌا) ﺔﻳﻮﺠﻟا ﻞﻣاﻮﻌﻠﻟ ضﺮﻌﻣ زﺎﻬﺠﻟا كﱰﺗ ﻻ
ﺔﺤﺴﻤﻣ ﺔﻄﺳاﻮﺑ ﻂﻘﻓ زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ ﺐﺠﻳ ،ﺔﻨﺧﺎﺴﻟا ءاﺰﺟﻷا دﱪﺗ نأ ﺪﻌﺑو ،ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻋ ﺲﺑﺎﻘﻟا ﻞﺼﻓ ﺪﻌﺑ
ﺎﻘﻠﻄﻣ ﻞﻤﻌﺘﺴﺗ ﻻ)
ّ
رﺎﺿ ﻏو ﺪﻳﺎﺤﻣ ﻒ
ّ
ﻈﻨﻣ ﻦﻣ تاﺮﻄﻘﻟا ﺾﻌﺑ ﺔﻓﺎﺿإ ﻊﻣ ،ﻒﻴﻔﺧ ﻞﻜﺸﺑ ءﺎﳌﺎﺑ ﺔﺒﻃﺮﻣو ﺔّﻛﺎﺣ ﻏ
.(ﻚﻴﺘﺳﻼﺒﻟا ﻒﻠﺗ ﱃإ يدﺆﺗ تﺎﺒﻳﺬﻣ
ﻖﻳﺮﺑﻹا لﻌﺘﺳا ﺪﻨﻋ تﺎﻬﻴﺒﻨﺗ
ةراﺮﺣ ردﺎﺼﻣ وأ ﺪﻗﻮﻣ قﻮﻓ ةﻮﻬﻘﻟا ﺨﺴﺘﻟ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺴﺗ ﻻ .هﺬﻫ ةﻮﻬﻘﻟا ﺔﻨﻴﻛﺎﻣ ﻊﻣ ﻂﻘﻓ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺳا
ﻮﻬﻘﻟا ﺨﺴﺘﻟ ﻒﻳوﺮﻜﻴﳌا نﺮﻓ ﻞﺧاد ﻖﻳﺮﺑﻹا ﻊﻀﺗ ﻻ .ىﺮﺧأ
.زﺎﻬﺠﻟا ﻊﻣ ةدرﻮﳌا ﺨﺴﺘﻟا ﺔﺤﻴﻔﺼﻟ ﻂﻘﻓ ﻖﻳﺮﺑﻹا لﻌﺘﺳا ﺐﺠﻳ
ﻖﻳﺮﺑﻹا ﺔﺌﺒﻌﺗ ءﺎﻨﺛأ .جﺎﺟﺰﻟا ﴪﻛ ﺮﻄﺧ :ىﺮﺧأ ءﺎﻴﺷﺄﺑ ﻖﻳﺮﺑﻹا ماﺪﻄﺻا ﳽﺎﺤﺗ .هﴪﻛ ﳾﺎﺤﺘﻟ رﺬﺤﺑ ﻖﻳﺮﺑﻹا ﻊﻓرا
.ﺔﻴﻔﻨﺤﻟﺎﺑ مﺪﻄﺼﻳ نأ ﳽﺎﺤﺗ ،ءﺎﳌﺎﺑ
.ﺔﻨﺧﺎﺳ حﻮﻄﺳ ﲆﻋ غرﺎﻓ ﻮﻫو ﻖﻳﺮﺑﻹا ﺪﻨﺴﺗ ﻻ
ءﺎﻣ ﺐﻜﺳ وأ ﻪﻠﻴﺴﻏ ﻞﺒﻗ ﻖﻳﺮﺑﻹا دﱪﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .ﺔﻟﻮﻠﺒﻣ وأ ةدرﺎﺑ حﻮﻄﺳ ﲆﻋ ﻦﺧﺎﺳ ﻮﻫو ﻖﻳﺮﺑﻹا ﺪﻨﺴﺗ ﻻ
.ﻪﻠﺧاﺪﺑ درﺎﺑ
.جﺎﺟﺰﻟا شﺪﺨﺗ نأ ﻦﻜ ىﺮﺧأ داﻮﻣ وأ ﺔّﻛﺎﺤﻟا تﺎﻔ
ّ
ﻈﻨﳌا وأ ﺔﻴﻧﺪﻌﳌا ﺔﻔﻴﻠﻟا ﺔﻄﺳاﻮﺑ ﻖﻳﺮﺑﻹا ﻒﻈﻨﺗ ﻻ
.ﲇﺻأ ﺮﺧآ ﻖﻳﺮﺑﺈﺑ ﻪﻟﺪﺒﺘﺳا :ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ ةﱰﻔﻟ ﺔ
ّ
ﻓﺎﺠﻟا ﺔﻘﻳﺮﻄﻟﺎﺑ ﻪﻨﻴﺨﺴﺗ ﻢﺗ اذإ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺴﺗ ﻻ
تﻴﻠﻌﺘﻟا هﺬﻬﺑ ﺎاد ﻆﻔﺘﺣا
زﺎﻬﺠﻟا تﺎﻔﺻاﻮﻣ
ﻖﻳﺮﺑإ - Aﻞﺒﻜﻟا ءاﻮﺘﺣا ﺰ
ّ
ﻴﺣ - K
ﻖﻳﺮﺑﻹا ﺾﺒﻘﻣ - Bﺲﺑﺎﻗ + ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﻞﺒﻛ - L
ﻖﻳﺮﺑﻹا ءﺎﻄﻏ - Cﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ - M
ﻊﻳزﻮﺘﻟا ﺔ
ّ
ﻮﻓ - Dةﻐﺻ ضﺮﻋ ﺔﺷﺎﺷ - N
ﱰﻠﻔﻟا ﻞﻣﺎﺣ
ّ
ﺮﻘﻣ - EMODE - O
ءﺎﻣ ناﺰﺧ - FSEL - P
ءﺎﳌا ىﻮﺘﺴﻣ ﴍﺆﻣ - GAUTO - Q
ةﻮﻬﻘﻟا ﱰﻠﻓ - H(HR) ﺔﻋﺎﺴﻟا ﻂﺒﺿ
ّ
رز - R
دﺎﻌﺑﻺﻟ ﻞﺑﺎﻗ ﱰﻠﻓ ﻞﻣﺎﺣ - I(MIN) ﻖﺋﺎﻗﺪﻟا ﻂﺒﺿ
ّ
رز - S
ناﺰﺨﻟا ءﺎﻄﻏ - J
ءﺎﻔﻃﻹا / (
) ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ
ّ
رز - T
ﺔﻴﻨﻓ تﺎﻣﻮﻠﻌﻣ
:ﺔﻴﻟﺎﺘﻟا ﺔﻴﻨﻔﻟا تﺎﻣﻮﻠﻌﳌا ﲆﻋ ﺔﻨﻴﻛﺎﳌا ةﺪﻋﺎﻗ ﻞﻔﺳأ ةﺪﺟاﻮﺘﳌا تﺎﻣﻮﻠﻌﳌا ﺔﺣﻮﻟ يﻮﺘﺤﺗ
CE ﺔﻣﻼﻌﻟاو ﻊﻧﺎﺼﻟا
(.Mod) ﻞﻳدﻮﳌا
(SN) ﺔﻋﻮﻤﺠﳌا ﻢﻗر
(ﺲﺗﻫ) ددﱰﻟاو (ﺖﻟﻮﻓ) ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﺔ
ّ
ﻴﻄﻠﻓ •

$5
(طاو) ﺔﺼﺘﻤﳌا ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ةرﺪﻘﻟا
ﺔﻧﺎﻴﺼﻟاو ﺔﻳﺎﻋﺮﻟا ﻢﺴﻗ ﻒﺗﺎﻫ ﻢﻗر
.ﺔﻨﻴﻛﺎﳌا ﻢﻗرو ﻞﻳدﻮﳌا ﺮﻛذ ﺐﺠﻳ ،ﺔﻧﺎﻴﺼﻟاو ﺔﻳﺎﻋﺮﻟا ﺰﻛﺮ لﺎﺼﺗﻻا ﺪﻨﻋ
لﻌﺘﺳﻻا تﻴﻠﻌﺗ
ﺔﻨﻴﻛﺎﳌا ﻞﻴﻐﺸﺗ
.زﺎﻬﺠﻠﻟ ﺔﻴﻨﻔﻟا تﺎﻣﻮﻠﻌﳌا ﺔﺣﻮﻟ ﲆﻋ ﺔﻨﻴﺒﳌا ﺔ
ّ
ﻴﻄﻠﻔﻠﻟ ﺔﻳوﺎﺴﻣ ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﺔﻴﻄﻠﻓ نأ ﻦﻣ ﻖﻘﺤﺗ 1
.زﺎﻬﺠﻟا جرﺎﺧ ﻦﻣو ﻞﺧاد ﻦﻣ ﻒﻴﻠﻐﺘﻟا داﻮﻣ ﺪﻌﺑأ 2
وأ ﺎﻴﻠﻴﺑﻮﳌا وأ نارﺪﺠﻟا ﻦﻣ دأ ﺪﺤﻛ ﻢﺳ 10 ﺔﻓﺎﺴﻣ ﲆﻋ زﺎﻬﺠﻟا ﻊﺿ .
ٍ
ﻮﺘﺴﻣ ﺢﻄﺳ ﲆﻋ زﺎﻬﺠﻟا ﻊﺿ ،ﻚﻟذ ﺪﻌﺑ 3
ﺮﺧﻷا ةﺰﻬﺟﻷا
ﻪﻴﺒﻨﺗ
حﻮﻄﺳ ﻦﻳﺪﻠﺗ ﱃإ يدﺆﺗ نأ ﻦﻜ زﺎﻬﺠﻠﻟ ﺔﻴﻟﺎﻌﻟا ةراﺮﺤﻟا ﺔﺟرد .رﴬﻟا ﱃإ زﺎﻬﺠﻟا دﺎﻨﺳإ ﺢﻄﺳ ضﺮﻌﺗ ﺮﻄﺧ
.دﺎﻨﺘﺳﻻا ﺢﻄﺳو زﺎﻬﺠﻟا ﺑ ﺎﻣ ةﺪﺋﺎﻣ ﻞﻳﺪﻨﻣ وأ شﻗ ﺔﻌﻄﻗ ﻊﺿ .دﺎﻨﺘﺳﻻا
ﻪﻴﺒﻨﺗ
سﺎ ﺐﻄﻋ ﱃإ ﺪﺣاو ﺎﺑﺮﻬﻛ ﻂﺨﺑ زﺎﻬﺟ ﻦﻣ ﻛأ ﻚﺒﺷ يدﺆﻳ نأ ﻦﻜ .ﺎﺑﺮﻬﻜﻟا ﻂﺨﻟا ﺔﻟﻮﻤﺣ زوﺎﺠﺗ ﺮﻄﺧ
ﺮﺧأ ﺔﻴﻟﺰﻨﻣ ﺔﻴﺋﺎﺑﺮﻬﻛ ةﺰﻬﺟأ ﻦﻣ ﱄﺎﺧ ﺎﺑﺮﻬﻛ ﺬﺧﺄ زﺎﻬﺠﻟا ﻞﺻوأ .ﺎﺑﺮﻬﻛ
.تﺎﺒﻛﺮﳌا ﻒّﻔﺟو ﻒﻄﺷأ .نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ةﻮﻬﻘﻟا ﱰﻠﻓو دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﻖﻳﺮﺑﻹا ﻞﺴﻏا 4
.(5 ﻞﻜﺷ) ه
ّ
ﺮﻘﻣ ﻦﻣ دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺪﻌﺑأ 5
.ﱰﻠﻔﻟا ﻞﻣﺎﺣ
ّ
ﺮﻘﳌ يﺰﻛﺮﳌا ﺐﻘﺜﻟا ﰲ ﻪﻟﺎﺧدإ ﺐﺠﻳ ،دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺮﻌﻗ ﲆﻋ ﺪﺟاﻮﺘﳌا ﻖﻓﺪﺘﻟا مﺻ
ةﺮﻣ لوﻷ ﺔﻨﻴﻛﺎﳌا ﻞﻴﻐﺸﺗ
ﻦﻣ ءﺎﳌا ﻦﻣ ﻘﻳﺮﺑإ ﻞﻗﻷا ﲆﻋ جاﺮﺧإ ﺐﺠﻳ ،لﻌﺘﺳﻻا ﻦﻋ ﻒﻗﻮﺘﻟا ﻦﻣ ةﱰﻓ ﺪﻌﺑ وأ ةﺮﻣ لوﻷ زﺎﻬﺠﻟا ﻞﻴﻐﺸﺗ ﺔﻟﺎﺣ ﰲ
.ﺔﻳ
ّ
ﻼﻐﻠﻟ ﺔﻴﻜﻴﻟورﺪﻴﻬﻟا ةﺮﺋاﺪﻟا
ﺪﺤﻟا "12" ىﻮﺘﺴﳌا لدﺎﻌﻳ ."12" ﰲ دﺪﺤﳌا ىﻮﺘﺴﳌا ﺔﻳﺎﻏ ﱃإ (3 ﻞﻜﺷ) درﺎﺒﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ناﺰﺨﻟا ﻸﻣا 1
.ناﺰﺨﻟا ءﺎﻄﻏ ﻖﻠﻏأ .ةﻮﻬﻘﻟا ﺟﺎﻨﻓ ﻦﻣ دﺪﻋ ﴡﻗأو ءﺎﳌا ﻦﻣ ﴡﻗﻷا
.ﴡﻗﻷا ﺪﺤﻟا ىﻮﺘﺴﻣ ﻦﻋ ﺪﻳﺰﻳ ىﻮﺘﺴﻣ ﱃإ نا
ّ
ﺰﺨﻟا
ً
ﺎﻘﻠﻄﻣ ﻸ ﻻ
.ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ ةﻮﻬﻘﻟا ﱰﻠﻓ ﻞﺧﺪﺗ ﻻ ﻞﻴﺴﻐﻟا ﻦﻣ عﻮﻨﻟا اﺬﻬﺑ مﺎﻴﻘﻟا ﺪﻨﻋ
ّ
رﺆﻣ نﻮﻜﻳ نأ ﺐﺠﻳ يﺬﻟا ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﰲ ﺲﺑﺎﻘﻟا ﻞﺧدأ 2
ءﺎﻄﻏ ﲆﻋ ﺢﻴﺤﺼﻟا ﻞﻜﺸﻟﺎﺑ ﺐّﺮﻣ ﻖﻓﺪﺘﻟا مﺻ نا ﻦﻣ ﻖﻘﺤﺗ .(M) ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ غرﺎﻓ ﻖﻳﺮﺑﻹا ﻊﺿ 3
.ﻖﻳﺮﺑﻹا
ﻟ ﺔﻘﻴﻗد 15 ﺮﻈﺘﻧا .ﻖﻳﺮﺑﻹا ﰲ ناﺰﺨﻟا ءﺎﻣ ﻊﻴﻤﺟ لﺰﻨﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .( ) ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ
ّ
رز ﲆﻋ ﻂﻐﺿا 4
.زﺎﻬﺠﻟا دﱪﻳ
.ﻖﻳﺮﺑﻹا ﰲ ناﺰﺨﻟا ءﺎﻣ ﻊﻴﻤﺟ لﺰﻨﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .ءﺎﳌا ﻦﻣ ﺎﺛ ﻖﻳﺮﺑإ لﻌﺘﺳا لﻼﺧ ﻦﻣ ﺔﻴﻠﻤﻌﻟا ﺪﻋأ 5
ﻮﻬﻘﻟا ﻦﻣ ﻖﻳﺮﺑإ لوأ ﻊﻳزﻮﺗو زﺎﻬﺠﻟا ﻀﺤﺗ نﻵا ﻦﻜ
ﺔﻨﻴﻛﺎﳌا ﻀﺤﺗ
.ناﺰﺨﻟا ﻞﺧاد ﰲﺎﻛ ءﺎﻣ دﻮﺟو ﻦﻣ ﻖﻘﺤﺗ ،زﺎﻬﺠﻟا لﺎﻌﺷإ ﻞﺒﻗ
.ءﺎﳌﺎﺑ ناﺰﺨﻟا ﺔﺌﺒﻌﺗ ﺔﻴﻠﻤﻌﺑ مﺎﻴﻘﻟا ﻞﺒﻗ ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻣ ﺲﺑﺎﻘﻟا ﺐﺤﺳ ﺐﺠﻳ

$5
ﺟﺎﻨﻓ دﺪﻋ ﻖﺑﺎﻄﻳ ﻢﻗر ﻞﻛ :12 ﱃإ 2 ﻦﻣ جرﺪﺘﻣ سﺎﻴﻘﻣ ﻪﻟ (G) ىﻮﺘﺴﳌا ﴍﺆﻣ .(J) ناﺰﺨﻟا ءﺎﻄﻏ ﺢﺘﻓا 1
ﻦﻣ نﺎﺠﻨﻓ 2 ﻞﻜﻟ 2) بﻮﻠﻄﳌا ىﻮﺘﺴﳌا ﺔﻳﺎﻏ ﱃإو ناﺰﺨﻟا ﰲ ءﺎﳌا ﺐﻜﺳأ .درﺎﺒﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻸﻣا .ةﻮﻬﻘﻟا
.(ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ 12 ﻞﻜﻟ 12 و ةﻮﻬﻘﻟا
.
(M) ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ غرﺎﻓ ﻖﻳﺮﺑﻹا ﻊﺿ 2
!ﻪﻴﺒﻨﺗ
ةﻮﻬﻘﻟا ﺔﺴﻣﻼﻣ ﻦﻋ ﺞﺗﺎﻧ قاﱰﺣا ﺮﻄﺧ .ﺾﺒﻘﳌا ﲆﻋ وأ جﺎﺟﺰﻟا ﲆﻋ رﻮﺴﻛ ﺖﻈﺣﻻ اذإ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺴﺗ ﻻ
.ﻖﻳﺮﺑﻹا ﴪﻛ ﺐﺒﺴﺑ ة
ّ
رﺎﺤﻟا
.زﺎﻬﺠﻟا ﻞﻤﻋ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﲆﻋ ءﳾ يأ ﺪﻨﺴﺗ ﻻ
!ﻪﻴﺒﻨﺗ
ﻮﻬﻘﻟا وأ
ّ
رﺎﺤﻟا ءﺎﳌا ﻖﺷر وأ شر ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ ;ةﻮﻬﻘﻟا جوﺮﺧ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﺢﺘﻔﺗ ﻻ
ﻦﻣ ﺔﺣﻮﺴﻤﻣ ﺔﻘﻌﻠﻣ لدﺎﻌﻳ ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ .ﱰﻠﻔﻟا ﰲ ةﻮﻬﻘﻟا ﺔﻴﻤﻛ دﺪﺣ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ ةﻮﻬﻘﻟا ﱰﻠﻓ ﻊﺿ 3
ﻮﻬﻘﻟا قﻮﺤﺴﻣ
.ناﺰﺨﻟا ءﺎﻄﻏ ﻖﻠﻏأ .ةﻮﻬﻘﻟا ﱰﻠﻓ ﺾﺒﻘﻣ ﺾﻔﺧأ 4
ﺾﻴﻣﻮﻟﺎﺑ ﺖﻗﻮﻟا أﺪﺒﻳو ضﺮﻌﻟا ﺔﺣﻮﻟ ﻞﻌﺸﺗ .ض
ّ
رﺆﻣ نﻮﻜﻳ نأ ﺐﺠﻳ يﺬﻟا ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﰲ ﺲﺑﺎﻘﻟا ﻞﺧدأ 5
ﺔﺣﻮﻟ ﺄﻔﻄﺗ .ﺪﻴﻛﺄﺘﻠﻟ SEL ﲆﻋ ﻂﻐﺿا .ﲇﺤﳌا ﺖﻴﻗﻮﺘﻟا ﻂﺒﻀﻟ MIN رﺰﻟاو HR رﺰﻟا ﻞﻤﻌﺘﺳا ."
AM 12:00"
.
ّ
رز يأ ﲆﻋ ﻂﻐﻀﻟا ﻢﺘﻳ  اذإ ﺔﻴﻧﺎﺛ 60 لﻼﺧ ضﺮﻌﻟا
ءﺎﻬﺘﻧا ﺔﻳﺎﻏ ﱃإو ﻖﻳﺮﺑﻹا ﰲ ةﻮﻬﻘﻟا جوﺮﺧ ﺮﻈﺘﻧا .ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ ةرود ﻞﻴﻐﺸﺘﻟ (
) ةﻮﻬﻘﻟا
ّ
رز ﲆﻋ ﻂﻐﺿا 6
.(ﺟﺎﻨﻔﻟا دﺪﻋ) ةرﺎﺘﺨﳌا ةروﺪﻟا
:ةدﺪﺤﳌا ﻊﻳزﻮﺘﻟا ةرود ءﺎﻬﺘﻧا ﻞﺒﻗ ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ فﺎﻘﻳإ ﻦﻜ 7
;("ةﻮﻬﻘﻟا ﻢﻳﺪﻘﺗ ﻞﺟأ ﻦﻣ ﻒﻗﻮﺘﻟا ﺔﻔﻴﻇو" ﻊﺟار) نﺎﺠﻨﻔﻟا ﺐﺤﺳا -
.ﻪﺴﻔﻧ رﺰﻠﻟ ﺔﻴﺋﻮﻀﻟا ةرﺎﺷﻹا ﺄﻔﻄﺗو (ﻔﺻ) زﺎﻬﺠﻟا رﺪﺼﻳ نأ ﺔﻳﺎﻏ ﱃإ ةﻮﻬﻘﻟا
ّ
رز ﲆﻋ ﻂﻐﺿا -
ﺎﻔﺗرﻻﺎﺑ ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ةراﺮﺣ ﺔﺟرد أﺪﺒﺗ ،(دﻮﺼﻘﻣ وأ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ) ءﺎﻔﻃﻹا ﺪﻌﺑ
.قاﱰﺣﻼﻟ ضﺮﻌﺘﻟا ةرﻮﻄﺧ نوﺪﺑ ةﻮﻬﻘﻟا مﺪﻘﺗ ﻟو ﺔﻨﺧﺎﺳ ةﻮﻬﻘﻟا ﻰﻘﺒﺗ ﻟ ﻖﻳﺮﺑﻹا ﲆﻋ ءﺎﻄﻐﻟا كﺮﺗأ
.نﺎﺠﻨﻔﻟا ﰲ ﺔﻨﺧﺎﺴﻟا ةﻮﻬﻘﻟا ﺐﻜﺳاو ﻖﻳﺮﺑﻹا ًﻼﻴﻠﻗ ﻞ
ِ
ﻣأ .ﺾﺒﻘﳌا لﻼﺧ ﻦﻣ ﻖﻳﺮﺑﻹا لوﺎﻨﺗ 7
.زﺎﻬﺠﻟا ءﺎﻔﻃإ ﻞﺟأ ﻦﻣ (
) ةﻮﻬﻘﻟا
ّ
رز ﻲﺧرأو ﻂﻐﺿا 8
.ﻞﻣﺎﻛ ﻞﻜﺸﺑ زﺎﻬﺠﻟا دﱪﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .ناﺰﺨﻟا وأ ﻖﻳﺮﺑﻹا ﰲ ة
ّ
رﺎﺣ ﻞﺋاﻮﺳ دﻮﺟو ﺔﻟﺎﺣ ﰲ زﺎﻬﺠﻟا ك
ّ
ﺮﺤﺗ ﻻ
ةﻮﻬﻘﻟا ﺺﺘ .ناﺰﺨﻟا ﰲ ﺎﻬﺒﻜﺳ ﻢﺗ ﻲﺘﻟا ءﺎﳌا ﺔﻴﻤﻛ ﻦﻣ ﻂﻴﺴﺑ ﻞﻜﺸﺑ ﻞﻗأ نﻮﻜﺗ ﻖﻳﺮﺑﻹا ﻞﺧاد عزﻮﺗ ﻲﺘﻟا ءﺎﳌا ﺔﻴﻤﻛ
.ءﺎﳌا ﻦﻣ ﻞﻴﻠﻗ ﱰﻠﻔﻟاو
ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ
.ﺔﻋﴪﺑ ﺔﺑﻮﻠﻄﳌا ﺔﻋﺎﺴﻟا ﻂﺒﻀﻟ HR
ّ
رز ﲆﻋ راﺮﻤﺘﺳﺎﺑ ﻂﻐﺿا . ﺖﻴﻗﻮﺘﻟا رﺎﻴﺘﺧﻻ HR
ّ
رز ﲆﻋ ﻂﻐﺿا 1
.ﺔﻋﴪﺑ ﺔﺑﻮﻠﻄﳌا ﻖﺋﺎﻗﺪﻟا ﻂﺒﻀﻟ MIN
ّ
رز ﲆﻋ راﺮﻤﺘﺳﺎﺑ ﻂﻐﺿا .ﻖﺋﺎﻗﺪﻟا رﺎﻴﺘﺧﻻ MIN
ّ
رز ﲆﻋ ﻂﻐﺿا 2
.ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .SEL
ّ
رز ﲆﻋ ﻂﻐﺿا ،ﺢﻴﺤﺼﻟا ﻞﻜﺸﻟﺎﺑ ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ ﺪﻨﻋ 3
ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو (
) ﺰﻣﺮﻟا رﺪﺼ
ُ
ﻳ نأ ﺔﻳﺎﻏ ﱃإو تاﺮﻣ ﺔﺘﺳ MODE
ّ
رز ﲆﻋ ﻂﻐﺿا ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ ةدﺎﻋ 4
.ﺔﻘﺑﺎﺴﻟا طﺎﻘﻨﻟا ﰲ ﺒﻣ ﻮﻫ ﻛ ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ نﻵا ﻦﻜ .ﺾﻴﻣو راﺪﺻﺈﺑ ﺖﻴﻗﻮﺘﻟا أﺪﺒﻳ .SEL
ّ
رز
ﺔﻴﻜﻴﺗﺎﻣﻮﺗوﻷا ةروﺪﻟا ﻂﺒﺿ
ﻊﺒﺗا .( ) ﺰﻣﺮﻟا ﻊﻣ PROGRAMM ةرﺎﺒﻋ ﺾﻴﻣو ضﺮﻌﻟا ﺔﺣﻮﻟ ﲆﻋ ﺮﻬﻈﻳ نأ ﺔﻳﺎﻏ ﱃإو AUTO
ّ
رز ﲆﻋ راﺮﻤﺘﺳﺎﺑ ﻂﻐﺿا
ﲆﻋ ﺮﻬﻈﻳو ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .ﺪﻴﻛﺄﺘﻠﻟ SEL وأ AUTO رز ﲆﻋ ﻂﻐﺿا .ﻖﺋﺎﻗﺪﻟاو ﺔﻋﺎﺴﻟا ﻂﺒﻀﻟ ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ ﺔﻘﻳﺮﻃ
.ﺔﻃﻮﺒﻀﳌا ﺔﻋﺎﺴﻟا ﰲ ةﻮﻬﻗ ﻊﻳزﻮﺗ ةروﺪﺑ زﺎﻬﺠﻟا أﺪﺒﻳ :(
) ﺰﻣﺮﻟاو ﱄﺎﺤﻟا ﺖﻗﻮﻟا ضﺮﻌﻟا ﺔﺣﻮﻟ

$5
.ﺪﻳﺪﺟ ﻦﻣ AUTO رﺰﻟا ﻂﻐﺿ ﻲﻔﻜﻳ ﺎﻘﺒﺴﻣ ةدﺪﺤﳌا ﻂﺒﻀﻟا ﺔﻴﻠﻤﻋو ﻂﻴﻄﺨﺘﻟا لﺎﻄﺑﻹ
ةﻮﻬﻘﻟا ةﻮﻗ ﻂﺒﺿ
ﻮﻠﻄﳌا قوﺬﻟا ﺐﺴﺣ ةﻮﻬﻘﻟا ةﻮﻗ ﻞﻳﺪﻌﺗ ﻦﻣ ﺢﻤﺴﺗ ﺔﻔﻴﻇو زﺎﻬﺠﻟا ﻦﻤﻀﺘﻳ
ﺔﻳدﺎﻋ
ّ
رز ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (
) ﺰﻣﺮﻟا أﺪﺒﻳ .ةﺪﺣاو ةﺮﻣ MODE
ّ
رز ﲆﻋ ﻂﻐﺿا
.ﻊﻨﺼﳌا ﻦﻣ ﺔﻃﻮﺒﻀﳌا ﺔﻘﻳﺮﻄﻠﻟ ﺔﻘﺑﺎﻄﻣ ﺔﻘﻳﺮﻄﻟا هﺬﻫ .ﺪﻴﻛﺄﺘﻠﻟ SEL
ﺔﻄﺳﻮﺘﻣ
SEL
ّ
رز ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (
) ﺰﻣﺮﻟا أﺪﺒﻳ .ﺗﺮﻣ MODE
ّ
رز ﲆﻋ ﻂﻐﺿا
ﺔﺠﻴﺘﻨﻟا نﻮﻜﺗ .ةﻮﻬﻘﻟا ﻦﻣ ﻖﻳﺮﺑإ ﱃإ ﺔﺒﺴﻧ ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ (
) ﺰﻣﺮﻟا ﻂﺒﻀﻳ .ﺪﻴﻛﺄﺘﻠﻟ
.ﺔﻳﺮﻄﻋ ﻛأ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻟا
ﺔﻳﻮﻗ
ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (
) ﺰﻣﺮﻟا أﺪﺒﻳ .تاﺮﻣ ﺔﺛﻼﺛ MODE
ّ
رز ﲆﻋ ﻂﻐﺿا
ﱃإ ﺔﺒﺴﻧ ﻊﻘﻨﻟا ﺖﻗوو ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ ﻞﻳﺪﻌﺗ ﲆﻋ (
) رﺰﻟا ﻞﻤﻌﻳ .ﺪﻴﻛﺄﺘﻠﻟ SEL
ّ
رز
.ﱪﻛأ ﻞﻜﺸﺑ ﺔﻳﻮﻗ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻟا ﺔﺠﻴﺘﻨﻟا نﻮﻜﺗ .ةﻮﻬﻘﻟا ﻦﻣ ﻖﻳﺮﺑإ
.ﺟﺎﻨﻓ 1-4 ﺔﻘﻳﺮﻃ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (
1-4) ﺰﻣﺮﻟا أﺪﺒﻳ .تاﺮﻣ ﻊﺑرأ MODE
ّ
رز ﲆﻋ ﻂﻐﺿا
ﺪﺤﻛ ﺟﺎﻨﻓ 4 دﺪﻌﻟ ةﻮﻬﻘﻟا ﻀﺤﺗ ﻦﻣ 1-4 ﺔﻘﻳﺮﻃ ﺢﻤﺴﺗ .ﺪﻴﻛﺄﺘﻠﻟ SEL
ّ
رز ﲆﻋ
ﻂﺒﻀﻳ .ﻖﻳﺮﺑﻹا ﻦﻣ 4 ىﻮﺘﺴﳌ ﺔﻘﺑﺎﻄﻣ ءﺎﳌا ﻦﻣ ﺔﻴﻤﻛ ناﺰﺨﻟا ﰲ ﻊﺿﻮﻳ نأ ﺐﺠﻳ .ﴡﻗأ
ﻞﻀﻓأ ﲆﻋ لﻮﺼﺤﻟا ﻦﻣ ﺢﻤﺴﻳ ﻞﻜﺸﺑ ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ (
1-4) ﺰﻣﺮﻟا
.ﴡﻗأ ﺪﺤﻛ ةﻮﻬﻘﻟا ﻦﻣ ﺟﺎﻨﻓ 4 دﺪﻌﻟ ﺐﺳﺎﻨﻣ .ةﻮﻬﻘﻟا ﻦﻣ ﺔﻠﻴﻠﻗ تﺎﻴﻤﻜﻟ ﻢﻌﻃ
جوﺮﺧ ﺔﻳﺎﻏ ﱃإ ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ﺮﻤﺘﺴﺗ ،ءﺎﳌا ﻦﻣ ﱪﻛأ ﺔﻴﻤﻛ ناﺰﺨﻟا ﰲ ﺪﺟاﻮﺘﻣ نﺎﻛ اذإ
.ﻖﻳﺮﺑﻹا ﱃإ ﻪﻠﻣﺎﻜﺑ ءﺎﳌا
ﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ أﺪﺒﻳو ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .(
) ةﻮﻬﻘﻟا
ّ
رز ﲆﻋ ﻂﻐﺿا ،بﻮﻠﻄﳌا ﻂﺒﻀﻟا رﺎﻴﺘﺧا ﺪﻌﺑ
ةﻮﻬﻘﻟا ﻢﻳﺪﻘﺗ ﻞﺟأ ﻦﻣ ﻒﻗﻮﺘﻟا ﺔﻔﻴﻇو
.ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﻦﻋ ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻲﻔﻜﻳ ،ﻖﻳﺮﺑﻹا ﻞﺧاد ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ءﺎﻬﺘﻧا ﻞﺒﻗ ةﻮﻬﻘﻟا ﻢﻳﺪﻘﺘﻟ
.ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻞﺒﻗ ﻞﻗﻷا ﲆﻋ نﺎﺠﻨﻓ 2 ﻊﻳزﻮﺗ ﺮﻈﺘﻧا
.ﻊﻳزﻮﺘﻟا ةرود ةدﺎﻌﺘﺳﻻ ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ ﻖﻳﺮﺑﻹا ﻊﺿ .ﺔﻴﻧﺎﺛ 30 ةﺪﳌ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ﻒﻗﻮﺘﺗ
ﻪﻴﺒﻨﺗ
ﺔﺤﻴﻔﺻ ﲆﻋ ﻖﻳﺮﺑﻹا ﻊﺿو ﺐﺠﻳ .ﻊﻳزﻮﺘﻟا ﺔﻫﻮﻓ ﻦﻣ جﺮﺨﺗ ﻲﺘﻟا ةرﺎﺤﻟا ةﻮﻬﻘﻟا ﺔﺴﻣﻼﻣ ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ
.ﺎﻫدﺎﻌﺑإ ﻦﻣ ﺔﻴﻧﺎﺛ 30 لﻼﺧ ﺨﺴﺘﻟا
اﺬﻟا ءﺎﻔﻃﻹا ﺔﻔﻴﻇو
ﺔﻨﻴﻛﺎﳌا ﺔﻔﻴﻇﻮﻟا هﺬﻫ ﻊﻀﺗ .ﺔﻘﻴﻗد 40 ﺪﻌﺑ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ ﺄﻔﻄﺗ ،ﺔﻣﺪﺨﺘﺴﻣ ﻏ ﺎﻬﻨﻜﻟو ،ﺔﻠﻌﺸﻣ ﺔﻨﻴﻛﺎﳌا ﺖﻧﺎﻛ اذإ
.ﺨﺴﺘﻟا ﻒﺋﺎﻇو ﻊﻴﻤﺟ ﻞﻄﺒﺗو (stand-by) لﻌﺘﺳﻼﻟ ةﺰﻫﺎﺟ ﺔﻟﺎﺣ ﰲ
ﺎﺛ ةﻮﻬﻗ ﻖﻳﺮﺑإ ﻀﺤﺗ ﺔﻴﻔﻴﻛ
.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻣ ﺲﺑﺎﻘﻟا ﺐﺤﺳا .ﺔﻨﻴﻛﺎﳌا ﺄﻔﻄﺗ .( ) ةﻮﻬﻗ
ّ
رز ﲆﻋ ﻂﻐﺿا
ﻪﻴﺒﻨﺗ
ﺮﻈﺘﻧا .ناﺰﺨﻟا ﰲ ءﺎﳌا ﻊﺿو ﻞﺒﻗ دأ ﺪﺤﻛ ﺔﻘﻴﻗد 15 ﺮﻈﺘﻧا .رﺎﺨﺒﻟا وأ
ّ
رﺎﺤﻟا ءﺎﳌا ﻖﺷر ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ
.زﺎﻬﺠﻟا ﻦﻣ ﺔﻨﺧﺎﺴﻟا ءاﺰﺟﻷا دﱪﺗ نأ ﺣ ﱃإ
ﺖﺤﺗ ءﺎﳌا ىﻮﺘﺴﻣ نﺎﻛ اذإ ةﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ أﺪﺒﺗ ﻻ .ناﺰﺨﻟا ﰲ
ٍ
فﺎﻛ ءﺎﻣ دﻮﺟو ﻦﻣ ﻖﻘﺤﺗ ،ةﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ ءﺪﺒﻟا ﻞﺒﻗ
.دﻷا ﺪﺤﻟا ىﻮﺘﺴﻣ

$5
ﻦﻣ ةﻮﻬﻘﻟا تﺎﻔ
ّ
ﻠﺨﻣ ﺪﻌﺑأ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻦﻣ ةﻮﻬﻘﻟا ﱰﻠﻓ ﺐﺤﺳا .ةﻮﻬﻘﻟا ﱰﻠﻓ ﺾﺒﻘﻣ ﻊﻓرا .زﺎﻬﺠﻟا ءﺎﻄﻏ ﺢﺘﻓا 1
.ﱰﻠﻔﻟا
ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ناﺰﺨﻟا ﻸﻣا .ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌﺎﺑ ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﻖﻳﺮﺑﻹا ﻒﻄﺷأ .زﺎﻬﺠﻟا ﻦﻣ ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺪﻌﺑأ 2
ﻮﻠﻄﳌا ىﻮﺘﺴﳌا ﺔﻳﺎﻏ ﱃإ درﺎﺒﻟا
.(M) ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ غرﺎﻓ ﻖﻳﺮﺑﻹا ﻊﺿ 3
ﰲ ةﻮﻬﻘﻟا ﺔﻴﻤﻛ دﺪﺣ .(6 ﻞﻜﺷ) ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻞﺧاد ةﻮﻬﻘﻟا ﱰﻠﻓ ﻊﺿ .(5 ﻞﻜﺷ) ه
ّ
ﺮﻘﻣ ﰲ ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻊﺿ 4
ﻮﻬﻘﻟا قﻮﺤﺴﻣ ﻦﻣ ﺔﺣﻮﺴﻤﻣ ﺔﻘﻌﻠﻣ لدﺎﻌﻳ ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ .ﱰﻠﻔﻟا
.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﰲ ﺲﺑﺎﻘﻟا ﻞﺧدأ .ءﺎﻄﻐﻟا ﻖﻠﻏأ 5
ﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ ﺔﻨﻴﻛﺎﳌا أﺪﺒﺗ .(
) ةﻮﻬﻗ
ّ
رز ﲆﻋ ﻂﻐﺿا 6
ةﺬﻳﺬﻠﻟا ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ داﺪﻋﻹ ةﺪﻴﻔﻣ ﺢﺋﺎﺼﻧ
ﻞﻜﺸﺑ ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإو ﻒﻴﻈﻨﺘﻟا ﺔﻴﻠﻤﻋ يﺮﺟأ .زﺎﻬﺠﻟا ﺔﻓﺎﻈﻧ ﲆﻋ ظﺎﻔﺤﻟا ﺐﺠﻳ ،ةﺬﻳﺬﻟ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻠﻟ
."زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ" ةﺮﻘﻓ ﰲ ﺒﻣ ﻮﻫ ﺎﻣ ﺐﺴﺣ ﻢﻈﺘﻨﻣ
.ﻒﻴﻈﻧو درﺎﺑ ءﺎﻣ ﺎاد ﻞﻤﻌﺘﺳا
ﱪﻛأ ﺔﻴﻤﻛ لﻌﺘﺳا ﺐﻠﻄﺘﻳ .ﺔﻤﺳدو ﺔﻳﻮﻗ ﺔﻬﻜﻨﺑ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻟا ﻢﺘﻳ ،ﻢﻋﺎﻧ ﻞﻜﺸﺑ ﺔﻧﻮﺤﻄﻣ ةﻮﻬﻗ ماﺪﺨﺘﺳا ﺪﻨﻋ
ﺔﻧﻮﺤﻄﻣ ةﻮﻬﻗ لﻌﺘﺳا ﺪﻨﻋ ﺎﻬﻴﻠﻋ لﻮﺼﺤﻟا ﻢﺘﻳ ﻲﺘﻟا ﺔﻬﻜﻨﻟا ﲆﻋ لﻮﺼﺤﻟا ﻞﺟأ ﻦﻣ يدﺎﻋ ﻞﻜﺸﺑ ﺔﻧﻮﺤﻄﳌا ةﻮﻬﻘﻟا ﻦﻣ
.ﻢﻌﻧأ ﻞﻜﺸﺑ
.ﺔﺟﻼﺜﻟا ﰲ ﺎﻬﻌﺿ ﻢﺛ ،ﻢﻜﺤﻣ ﻞﻜﺸﺑ ﺔﺣﻮﺘﻔﳌا تﺎﻔﻠﻐﳌا ﻖﻠﻏأ .فﺎﺟو درﺎﺑ نﺎﻜﻣ ﰲ ةﻮﻬﻘﻟا قﻮﺤﺴ ﻆﻔﺘﺣا
.ﺎﻫداﺪﻋﺈﺑ مﺎﻴﻘﻟا ﻞﺒﻗ ﺎﻬﻨﺤﻃا ﻢﺛ ،بﻮﺒﺣ ﻞﻜﺷ ﲆﻋ ةﻮﻬﻘﻟا يﱰﺷا ،ةزﺎﺘﻤﻣ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻠﻟ
.ﺎﻫﻀﺤﺗ ﻦﻣ ءﺎﻬﺘﻧﻻا رﻮﻓ ﺎﻬﻟ ﺔﻬﻜﻧ ﻞﻀﻓأ ﱃإ ةﻬﻘﻟا ﻞﺼﺗ .ﺪﻴﺟ ﺎﻬﻤﻌﻃ نﻮﻜﻳ ﻻ ﺪﻳﺪﺟ ﻦﻣ ﺎﻬﻨﻴﺨﺴﺗ ﻢﺘﻳ ﻲﺘﻟا ةﻮﻬﻘﻟا
ةﱰﻔﻟ ﺔﺼﻤﺤﳌا ةﻮﻬﻘﻟا ﻦﻣ ﺞﻳﺰﻣ لﻌﺘﺳا ﻦﻋ ﺞﺗﺎﻧ نﻮﻜﻳ نأ ﻦﻜ ،ةﻮﻬﻘﻟا ﺢﻄﺳ ﲆﻋ ﺖﻳﺰﻟا ﻦﻣ ةﻐﺻ تاﺮﻄﻗ دﻮﺟو
.ﻢﻈﺘﻨﻣ ﻞﻜﺸﺑ ﻒﻴﻈﻨﺘﻟا ﺔﻴﻠﻤﻋ يﺮﺟأ :ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ
زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ
ءاﺰﺟأ ﻚﻓ ﱃإ جﺎﺘﺤﺗ ﺔﻴﻠﻤﻋ يأ .ﺎﻬﺤﻴﻠﺼﺗ مﺪﺨﺘﺴﳌا نﺎﻜﻣﺈﺑ ءاﺰﺟأ ﲆﻋ يﻮﺘﺤﻳ ﻻ .ﺔﻠﻴﻠﻗ ﺔﻧﺎﻴﺻ ﱃإ زﺎﻬﺠﻟا اﺬﻫ جﺎﺘﺤﻳ
ﺮﻐﻟا اﺬﻬﻟ ل
ّ
ﻮﺨﻣ ﺔﻧﺎﻴﺻ ﺰﻛﺮﻣ ﺎﻬﺑ مﻮﻘﻳ نأ ﺐﺠﻳ ،زﺎﻬﺠﻟا ﻦﻣ
!ﻪﻴﺒﻨﺗ
ﺬﺧﺄﳌا ﻦﻋ لﻮﺼﻔﻣ ﺲﺑﺎﻘﻟاو ةﺄﻔﻄﻣ ﺔﻨﻴﻛﺎﳌا نﻮﻜﺗ ﺎﻣﺪﻨﻋ ﺎﻘﺣﻻ ﺔﻨﻴﺒﳌا ﺔﻓﺎﻈﻨﻟا تﺎﻴﻠﻤﻋ ﻊﻴﻤﺟ ﻢﺘﺗ نأ ﺐﺠﻳ
.ﺎﺑﺮﻬﻜﻟا
!ﻪﻴﺒﻨﺗ
ﺔﻧﺎﻴﺻ تﺎﻴﻠﻤﻋ ﺎﻬﻟ تﺮﺟ اذإ ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ ةﺪﳌ ﺪﻴﺟ ﻞﻜﺸﺑ ﺎﻬﻠﻤﻋو ﺔﻨﻴﻛﺎﳌا ﺔﻣﻼﺳ ﲆﻋ ظﺎﻔﺤﻟا ﻢﺘﻳ
.ﴍﺎﺒﻣ ﻞﻜﺸﺑ ﻖﻓﺪﺘﻣ ءﺎﻣ ﻞﻤﻌﺘﺴﺗ ﻻ .نﻮﺤﺼﻟا ﺔﻟﺎﺴﻏ ﻞﺧاد .ﻢﻈﺘﻨﻣ ﻞﻜﺸﺑ ﻒﻴﻈﻨﺗو
!ﻪﻴﺒﻨﺗ
.ةدرﺎﺑ ﻲﻫو ﺔﻨﻴﻛﺎﳌا ﲆﻋ ﺔﻴﻠﻤﻋ يأ ﻢﺘﺗ نأ ﺐﺠﻳ
ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﱰﻠﻔﻟا ﻒﻴﻈﻨﺗ
جزﺎﻄﻟا ءﺎﳌﺎﺑ ﱰﻠﻔﻟا ﻒﻄﺷأ .ﱰﻠﻔﻟا ﻦﻣ ةﻮﻬﻘﻟا تﺎﻔ
ّ
ﻠﺨﻣ ﺪﻌﺑأ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻦﻣ ةﻮﻬﻘﻟا ﱰﻠﻓ ﺐﺤﺳا ،لﻌﺘﺳا ﻞﻛ ﺪﻌﺑ
.نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ﻪﻠﺴﻏاو ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺐﺤﺳا .ﻒﻴﻈﻨﻟاو

$5
ﻖﻳﺮﺑﻹا ﻒﻴﻈﻨﺗ
!ﻪﻴﺒﻨﺗ
ﺔﺌﺒﻌﺗ ءﺎﻨﺛأ .جﺎﺟﺰﻟا ﴪﻛ ﺮﻄﺧ :ىﺮﺧأ ءﺎﻴﺷﺄﺑ ﻖﻳﺮﺑﻹا ماﺪﻄﺻا ﳽﺎﺤﺗ .هﴪﻛ ﳾﺎﺤﺘﻟ رﺬﺤﺑ ﻖﻳﺮﺑﻹا ﻊﻓرا
.ﺔﻴﻔﻨﺤﻟﺎﺑ مﺪﻄﺼﻳ نأ ﳽﺎﺤﺗ ،ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا
ّ
ﻈﻧ .ةﺎﺷﺮﻔﺑ ﺔﻧﺎﻌﺘﺳﻻا لﻼﺧ ﻦﻣ ةﻮﻬﻘﻟا تﺎﻔﻠﺨﻣ ﻦﻣ ﻖﻳﺮﺑﻹا ءﺎﻄﻏ ﻞﺴﻏأ .نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻒﻄﺷأ
ّﻛﺎﺣ داﻮﻣ وأ ﺔﻴﻧﺪﻌﻣ ﺔﻔﻴﻟ ﻞﻤﻌﺘﺴﺗ ﻻ .ﻲﺟﺎﺟﺰﻟا ﺢﻄﺴﻟا ﻒﻠﺗ ﳾﺎﺤﺘﻟ ﺔﻤﻋﺎﻧو ﺔﺒﻃر شﻗ ﺔﻌﻄﻗ ﺔﻄﺳاﻮﺑ ﻖﻳﺮﺑﻹا
ﺮﺧأ
ناﺰﺨﻟا ﻒﻴﻈﻨﺗ
.ﺔﺒﻃر شﻗ ﺔﻌﻄﻗ وأ ﺞﻨﻔﺳإ ﺔﺤﺴﻤﻣ لﻌﺘﺳا لﻼﺧ ﻦﻣو يرود ﻞﻜﺸﺑ ناﺰﺨﻟا ﻞﺧاد ﻒﻴﻈﻨﺗ ﺢﺼﻨﻳ
ﺔﻨﻴﻛﺎﳌا ﻢﺴﺟ ﻒﻴﻈﻨﺗ
!ﻪﻴﺒﻨﺗ
.ﺔﻨﻴﻛﺎﳌا ﻢﺴﺟ ﻒﻠﺗ ﻦﻣ ﺎﻓﻮﺧ ﺔّﻛﺎﺣ ﻏو ﺔﺒﻃر ﺔﺤﺴﻤﻣ لﻌﺘﺳا لﻼﺧ ﻦﻣ ﺔﻨﻴﻛﺎﳌا ﻦﻣ ﺔﺘﺑﺎﺜﻟا ءاﺰﺟﻷا ﻒ
ّ
ﻈﻧ
اﺬﻟا ﻒﻴﻈﻨﺘﻟا
.ﻞﻗﻷا ﲆﻋ ﺮﻬﺸﻟا ﰲ ةﺮﻣ زﺎﻬﺠﻟا ﻒ
ّ
ﻈﻧ
.ﻴﺗﺎﻣﻮﺗوﻷا ﻒﻴﻈﻨﺘﻟا ةرود ﺬﻴﻔﻨﺗ ﻞﺒﻗ ناﺰﺨﻟا ﻦﻣ هﺪﻌﺑأ ،(ﻞﺼﻔﻨﻣ ﻞﻜﺸﺑ عﺎﺒﻳ) ءﺎﳌا ﱰﻠﻓ ﺖﻳﱰﺷا اذإ
ﺞﻳﺰﳌا ﺐﻜﺳأ .ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌا ﻦﻣ ﺟﺎﻨﻓ 4 و ﺾﻴﺑﻷا ﻞﺨﻟا ﻦﻣ ﺟﺎﻨﻓ 6 ﻦﻣ نﻮﻜﻣ ﺞﻳﺰ ﻖﻳﺮﺑﻹا ﻸﻣا 1
.ناﺰﺨﻟا ﰲ
.ءﺎﻄﻐﻟا ﻖﻠﻏأ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ نﺎﺠﻨﻓ 8-12 رﺎﻴﻋ قرﻮﻟا ﻦﻣ ﱰﻠﻓ ﻊﺿ 2
.ﺪﻴﻛﺄﺘﻠﻟ SEL
ّ
رز ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (
) ﺰﻣﺮﻟا أﺪﺒﻳ .تاﺮﻣ ﺔﺴﻤﺧ MODE
ّ
رز ﲆﻋ ﻂﻐﺿا 3
ﺞﻳﺰﳌا ﻦﻣ ءﺰﺟ ﺐﻫﺬﻳ .ﻴﺗﺎﻣﻮﺗوﻷا ﻒﻴﻈﻨﺘﻟا ةروﺪﺑ أﺪﺒﻳو ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .(
) ةﻮﻬﻗ
ّ
رز ﲆﻋ ﻂﻐﺿا 4
ﻞﺧاد ﱃإ
ً
ﺎﻴﻠﻛ ﻞﺼﺗ نأ ﻞﺒﻗ ﺎﺒﻳﺮﻘﺗ ﺔﻘﻴﻗد 30 ةﺪﳌ ﺔﻨﻴﻛﺎﳌا ﺮﺋاود ﰲ ﺎﻫزﺎﺠﺘﺣا ﻢﺘﻳ ﺔﻴﻘﺒﻟا ﻨﻴﺑ ،ﻖﻳﺮﺑﻹا ﻞﺧاد ﱃإ
زﺎﻬﺠﻟا رﺪﺼﻳ ،اﺬﻟا ﻒﻴﻈﻨﺘﻟا ةرود ءﺎﻬﺘﻧا ﺪﻨﻋ .ﺔﻘﻴﻗد 40-60 ةﺪﻣ ﻴﺗﺎﻣﻮﺗوﻷا ﻒﻴﻈﻨﺘﻟا ةرود موﺪﺗ .ﻖﻳﺮﺑﻹا
.ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ ﺄﻔﻄﻳو ﻔﺻ
.ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻒﻄﺷأ 5
ءﺎﳌا ﺎﻳﺎﻘﺑ ﻦﻣ زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ ﲆﻋ ﺔﻴﻠﻤﻌﻟا هﺬﻫ ﺪﻋﺎﺴﺗ .درﺎﺒﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌا ﻦﻣ ﻖﻳﺮﺑإ 2-3 ع
ّ
زو ،ةﻮﻬﻘﻟا داﺪﻋإ ﻞﺒﻗ
.ﻞﺨﻟاو
ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإ
ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﻞﻴﻜﺸﺗ ﻦﻣ ﺪﺤﻟاو ﻢﻈﺘﻨﻣ ﻞﻜﺸﺑ ﺎﻬﻔﻴﻈﻨﺗ لﻼﺧ ﻦﻣ ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ ةﺪﳌ ﺔﻨﻴﻛﺎﳌا ﲆﻋ ظﺎﻔﺤﻟا ﻢﺘﻳ
ﺔﺒﺴﻧ ﲆﻋ يﻮﺘﺤﻳ ﳼﺎﻗ ءﺎﻣ لﻌﺘﺳﻻ ﺔﺠﻴﺘﻧ ﺖﻗﻮﻟا ﻦﻣ ةﱰﻓ ﺪﻌﺑ ةذﺎﺷ ﺔﻘﻳﺮﻄﺑ ﺔﻨﻴﻛﺎﳌا ﻞﻤﻋ ﺔﻟﺎﺣ ﰲ ﻦﻜﻟو .ﺎﻬﻠﺧاﺪﺑ
اﺬﻬﻟو .ﺔﻨﻴﻛﻠﻟ ذﺎﺸﻟا ﻞﻤﻌﻟا ﻦﻣ ﺺﻠﺨﺘﻠﻟ ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإ ﲆﻋ ﻞﻤﻌﻟا ﺔﻟﺎﺤﻟا هﺬﻫ ﰲ ﺐﺠﻳ ،ﺲﻠﻜﻟا ﻦﻣ ﺔﻴﻟﺎﻋ
ﲆﻋ رﻮﺜﻌﻟا ﻦﻜ .Ariete ﺔﻛﴍ ﻪﺠﺘﻨﺗ يﺬﻟاو ﻚﻳﱰﺴﻟا ﺾﻣﺎﺣ ﻦﻣ نﻮﻜﳌا NOCAL ﺞﺘﻨﻣ ﻂﻘﻓ ﻞﻤﻌﺘﺴﻳ ضﺮﻐﻟا
ﻖﺤﻠﺗ ﻲﺘﻟا راﻷا ﻦﻋ ﺔﻴﻟﻮﺌﺴﻣ يأ Ariete ﺔﻛﴍ ﻞﻤﺤﺘﺗ .Ariete ﺔﻛﴩﻟ ﺔﻌﺑﺎﺘﻟا ﺔﻧﺎﻴﺼﻟا ﺰﻛاﺮﻣ ﰲ ﺔﻟﻮﻬﺴﺑ ﺞﺘﻨﳌا اﺬﻫ
.ﺔﻳوﻴﻛ تﺎﻓﺎﻀﻣ ﲆﻋ يﻮﺘﺤﺗ ﺔﻘﺋﻻ ﻏ تﺎﺠﺘﻨﻣ لﻌﺘﺳﻻ ﺔﺠﻴﺘﻧ ،ةﻮﻬﻘﻟا ﺔﻨﻴﻛﺎﳌ ﺔﻴﻠﺧاﺪﻟا تﺎﺒﻛﺮﳌﺎﺑ
ﻦﻣ ﺔﻴﻟﺎﻋ ﺔﺒﺴﻧ ﲆﻋ يﻮﺘﺤﻳو ًاﺪﺟ ﺴﻋ ﻞﻤﻌﺘﺴﳌا ءﺎﳌا نﺎﻛ اذإ .ﺮﻬﺸﻟا ﰲ ةﺮﻣ ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإ ﺔﻴﻠﻤﻋ يﺮﺟأ
.ﻋﻮﺒﺳأ ﻞﻛ ةﺮﻣ ﻒﻴﻈﻨﺘﻟا ﺔﻴﻠﻤﻋ يﺮﺟأ ،ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا
.ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌا ﻦﻣ ﺟﺎﻨﻓ 3 و ﺾﻴﺑﻷا ﻞﺨﻟا ﻦﻣ نﺎﺠﻨﻓ 1 ﻦﻣ نﻮﻜﻣ ﺞﻳﺰ ﻖﻳﺮﺑﻹا ﻸﻣا 1
.ناﺰﺨﻟا ﰲ ﺞﻳﺰﳌا ﺐﻜﺳأ 2

$5
.ﻒﺼﻨﻟا ىﻮﺘﺴﻣ ﱃإ ﻖﻳﺮﺑﻹا ﻸﺘ نأ ﺔﻳﺎﻏ ﱃإ ﺮﻈﺘﻧاو ﻊﻳزﻮﺘﻟا ةرود أﺪﺑا 3
.ﺄﻔﻄﻳ زﺎﻬﺠﻟا .(
) ةﻮﻬﻗ
ّ
رز ﲆﻋ ﻂﻐﺿا 4
ﻼﻃﻹا ﲆﻋ ﺔﻴﻌﻴﺒﻃ ةﺮﻫﺎﻈﻟا هﺬﻫ رﺎﺒﺘﻋا ﺐﺠﻳ ،رﺎﺨﺒﻟا روﺪﺻ رﺎﻈﺘﻧا ةﱰﻓ ءﺎﻨﺛأ رﺎﺨﺑ ﺚﻔﻧ عﺳ ﺔﻟﺎﺣ ﰲ
.ﺔﻘﻴﻗد 15 ةﺪﳌ دﱪﻳ ءﺎﳌا كﺮﺗا .ﻖﻳﺮﺑﻹا ﻞﺧاد ﱃإ لوﺰﻨﻟا ﻦﻋ ءﺎﳌا ﻒﻗﻮﺘﻳ ﺎﻣﺪﻨﻋ ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻦﻜ 5
.ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ ﻖﻳﺮﺑﻹا ﻊﺿ .ءﺎﻄﻐﻟا ﻖﻠﻏأ .ناﺰﺨﻟا ﰲ ﻖﻳﺮﺑﻹا ﻞﺧاد ﺪﺟاﻮﺘﳌا ﺞﻳﺰﳌا ﺐﻜﺳأ 6
لوﺰﻨﻟا ﻦﻋ ءﺎﳌا ﻒﻗﻮﺘﻳ ﺎﻣﺪﻨﻋ ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻦﻜ .ﻖﻳﺮﺑﻹا ﺊﻠﺘ نأ ﺣ ﱃإ ﺮﻈﺘﻧاو ﻊﻳزﻮﺘﻟا ةروﺪﺑ ﺔﻴﻧﺎﺛ أﺪﺑا 7
.ﻖﻳﺮﺑﻹا ﻞﺧاد ﱃإ
.ﺄﻔﻄﻳ زﺎﻬﺠﻟا .(
) ةﻮﻬﻗ
ّ
رز ﲆﻋ ﻂﻐﺿا 8
.ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ ﻞﺧﺪﻣ ﱰﻠﻔﻟا نأ ﻦﻣ ﻖﻘﺤﺗ .زﺎﻬﺠﻟا دﱪﻳ ﻟ ﺔﻘﻴﻗد 15 ﺮﻈﺘﻧا 9
ةرود ءﺎﻬﺘﻧا ﺪﻨﻋ .زﺎﻬﺠﻠﻟ ﺔﻴﻠﺧاﺪﻟا تاروﺪﻟا ﻒﻴﻈﻨﺘﻟ ﻊﻳزﻮﺘﻟا ةرود ﺪﻋأو جزﺎﻄﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻸﻣا 10
.ﻖﻳﺮﺑﻹا غ
ّ
ﺮﻓ .زﺎﻬﺠﻟا ﺄﻔﻃأو (
) ةﻮﻬﻘﻟا رز ﲆﻋ ﻂﻐﺿا ﻒﻄﺸﻟا
.ءاﺰﺟﻷا ﻊﻴﻤﺟ ﻒﻔﺟ .نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ةﻮﻬﻘﻟا ﱰﻠﻓو دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﻖﻳﺮﺑﻹا ﻞﺴﻏا 11
.ﺔﻤﻋﺎﻧ شﻗ ﺔﻌﻄﻗ ﺔﻄﺳاﻮﺑ ﻲﺟرﺎﺨﻟا ءﺰﺠﻟا ﻒ
ّ
ﻈﻧ ،زﺎﻬﺠﻟا دﱪﻳ ﺎﻣﺪﻨﻋ 12
زﺎﻬﺠﻟا ﻆﻔﺣ ﺔﻘﻳﺮﻃ
.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻋ ﺲﺑﺎﻘﻟا ﻞﺼﻓا 1
.
ّ
فﺎﺟو درﺎﺑ نﺎﻜﻣ ﰲ زﺎﻬﺠﻟا ﻊﺿ 2
.ﻪﻟﻌﺘﺳا مﺪﻋ ءﺎﻨﺛأ ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟﺎﺑ لﻮﺻﻮﻣ زﺎﻬﺠﻟا كﱰﺗ ﻻ
ﻞﻤﻌﻟا ﻦﻋ ﺔﻨﻴﻛﺎﳌا فﺎﻘﻳإ
تﺎﺒّﺮﳌا ﻒﻈﻧ .ءﺎﳌا ﻦﻣ ﻖﻳﺮﺑﻹاو ناﺰﺨﻟا ﻎﻳﺮﻔﺗو ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﻦﻋ ﺎﻬﻠﺼﻓ ًوأ ﺐﺠﻳ ،ﺔﻨﻴﻛﺎﳌا ﺐﻄﻋ ﺔﻟﺎﺣ ﰲ
داﻮﳌا زﺮﻓ ﲆﻋ ﺔﻟﺎﺤﻟا هﺬﻫ ﰲ ﻞﻤﻌﻟا ﺐﺠﻳ ،ﺎﻫﺮﻤﻋ ءﺎﻬﺘﻧا ﺪﻌﺑ ﺔﻨﻴﻛﺎﳌا ﻢﻴﻄﺤﺗ ﺔﻟﺎﺣ ﰲ .("زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ" ةﺮﻘﻓ ﻊﺟار)
.ةﺪﺋﺎﺴﻟا ﺔﻴﻠﺤﳌا ﻧاﻮﻘﻟاو ﻢﻈﻨﻟا ﺐﺴﺣو ﺎﻬﺘﺒﻴﻛﺮﺗ ﺐﺴﺣ ﺎﻬﻨﻣ ﺺﻠﺨﺘﻟاو ﺎﻬﻨﻣ ﺔﻋﻮﻨﺼﳌا
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32
  • Page 33 33
  • Page 34 34
  • Page 35 35
  • Page 36 36
  • Page 37 37
  • Page 38 38
  • Page 39 39
  • Page 40 40
  • Page 41 41
  • Page 42 42
  • Page 43 43
  • Page 44 44
  • Page 45 45
  • Page 46 46
  • Page 47 47
  • Page 48 48
  • Page 49 49
  • Page 50 50
  • Page 51 51
  • Page 52 52
  • Page 53 53
  • Page 54 54
  • Page 55 55
  • Page 56 56
  • Page 57 57
  • Page 58 58
  • Page 59 59
  • Page 60 60
  • Page 61 61
  • Page 62 62
  • Page 63 63
  • Page 64 64
  • Page 65 65
  • Page 66 66
  • Page 67 67
  • Page 68 68
  • Page 69 69
  • Page 70 70
  • Page 71 71
  • Page 72 72
  • Page 73 73
  • Page 74 74
  • Page 75 75
  • Page 76 76
  • Page 77 77
  • Page 78 78
  • Page 79 79
  • Page 80 80
  • Page 81 81
  • Page 82 82
  • Page 83 83
  • Page 84 84
  • Page 85 85
  • Page 86 86
  • Page 87 87
  • Page 88 88
  • Page 89 89
  • Page 90 90
  • Page 91 91
  • Page 92 92
  • Page 93 93
  • Page 94 94
  • Page 95 95
  • Page 96 96
  • Page 97 97
  • Page 98 98
  • Page 99 99
  • Page 100 100
  • Page 101 101
  • Page 102 102
  • Page 103 103
  • Page 104 104
  • Page 105 105
  • Page 106 106
  • Page 107 107
  • Page 108 108
  • Page 109 109
  • Page 110 110
  • Page 111 111

ARIETE 1342/05 Vintage Blue Handleiding

Type
Handleiding