Bosch Serie | 6 CMA585MB0 Руководство пользователя

  • Привет! Я — чат-бот, ознакомленный с руководством пользователя по микроволновым печам Bosch CMA585MS0, CMA583MS0, CMA585MB0. Я могу ответить на ваши вопросы о функциях, настройках и использовании данной техники. В руководстве подробно описаны режимы работы, включая микроволновый нагрев, гриль и комбинированные варианты, а также советы по приготовлению пищи и уходу за прибором. Задавайте свои вопросы!
  • Как установить точное время на микроволновой печи?
    Какие виды посуды можно использовать в микроволновой печи?
    Как использовать функцию гриля?
    Что делать, если микроволновая печь перестала работать?
>KX@ +DV]QiODWLXWDVtWiV
>SO@ ,QVWUXNFMDREVãXJL
>UR@ ,QVWUXFŘLXQLGHXWLOL]DUH
>UX@ ΙκΪάβεΪιθεφαθάΪηβω
0LNURKXOOiP
.XFKHQNDPLNURIDORZD
&XSWRUFXPLFURXQGH
Ληιονανκμναίώξδφϋ
&0$06&0$06&0$0%
hu
7DUWDORPMHJ\]pN
>KX@+DV]QiODWLXWDVtWiV
8 5HQGHOWHWpVV]HUŦKDV]QiODW
( )RQWRVEL]WRQViJLHOŌtUiVRN
ÉOWDOiQRV
0LNURKXOOiP~VWŌ 
] $VpUOpVHNRNDL
ÉOWDOiQRV
0LNURKXOOiP~VWŌ 
7 .|UQ\H]HWYpGHOHP 
(QHUJLDWDNDUpNRVViJ
.|UQ\H]HWEDUiWiUWDOPDWODQtWiV 
* $NpV]OpNPHJLVPHUpVH 
.H]HOŌIHOOHW
)XQNFLyYiODV]Wy
eULQWŌPH]ŌNpVNLMHO]Ō
)RUJDWyYiODV]Wy
h]HPPyGRN  
)ŦWpVLPyGRN 
0LNURKXOOiP 
6WŌWpU 
_ 7DUWR]pNRN  
0HOOpNHOWWDUWR]pNRN 
.LHJpV]tWŌWDUWR]pNRN 
K $]HOVŌKDV]QiODWHOŌWWHOYpJ]HQGŌWHQQLYDOyN
)RUJyWiQ\pUEHKHO\H]pVH 
$]HOVŌ]HPEHKHO\H]pV 
6WŌWpUpVWDUWR]pNRNWLV]WtWiVD  
1 $NpV]OpNNH]HOpVH  
$NpV]OpNEHpVNLNDSFVROiVD  
h]HPPyGEHiOOtWiVD 
)ŦWpVLPyGpVKŌPpUVpNOHWEHiOOtWiVD 
*\RUVIHOIŦWpV  
$XWRPDWLNXVEL]WRQViJLNLNDSFVROiV
^ $PLNURKXOOiP~VWŌ  
(GpQ\  
0LNURKXOOiPIRNR]DWRN  
0LNURKXOOiP]HPPyGEHiOOtWiVD
0LNURKXOOiPPDONRPELQiOW]HPPyGEHiOOtWiVD 
P $XWRPDWDSURJUDPRN 
3URJUDPEHiOOtWiVD  
3URJUDPWiEOi]DW 
O ,GŌIXQNFLyNEHiOOtWiVD  
.pUGH]]HOHD]LGŌEHiOOtWiVRNDW 
$MHO]ŌyUDEHiOOtWiVD 
,GŌWDUWDPEHiOOtWiVD 
$]HOVŌ]HPEHKHO\H]pV 
A *\HUHN]iU 
%HNDSFVROiVpVNLNDSFVROiV 
Q $ODSEHiOOtWiVRN 
$ODSEHiOOtWiVRNPHJYiOWR]WDWiVD 
$]DODSEHiOOtWiVRNOLVWiMD 
D 7LV]WtWiV 
0HJIHOHOŌWLV]WtWyV]HUHN 
3 h]HP]DYDU²PLDWHHQGŌ" 
4 9HYŌV]ROJiODW  
7HUPpNV]iPpVJ\iUWiVLV]iP 
$NULODPLGD]pOHOPLV]HUHNEHQ 
J .tVpUOHWLNRQ\KiQNEDQWHV]WHOWNgQQHN 
)HOROYDV]WiVIHOPHOHJtWpVpVIŌ]pVPLNURKXOOiPPDO  
7LSSHNPLNURKXOOiPKR]  
7RUWiNpVVWHPpQ\HN 
6WpVL|WOHWHN 
6WpVpVJULOOH]pV  
7LSSHNVWpVKH]pVJULOOH]pVKH]  
)HOI~MWDNJUDWLQtUR]RWWpWHOHNSLUtWyV  
.pV]WHUPpNHNPpO\KŦWŌWW 
3UyEDpWHOHN 
7HUPpNLQIy
7RYiEELLQIRUPiFLyNDWDWHUPpNHNUŌODWDUWR]pNRNUyOD]
DONDWUpV]HNUŌOpVDV]HUYL]]HONDSFVRODWEDQLQWHUQHWHV
ROGDOXQNRQ ZZZERVFKKRPHFRPpVD]2QOLQH6KRS
EDQ ZZZERVFKHVKRSFRPWDOiO
7HUPpNHLQNNHONDSFVRODWEDQLOOHWYHDKDV]QiODWUDpV
NH]HOpVUHYRQDWNR]yNpUGpVHNNHOIRUGXOMRQD %RVFK
,QIRWHDPKH]D]DOiEELWHOHIRQV]iPRQ 
KpWIŌ²SpQWHN²&VDN1pPHWRUV]iJUD
pUYpQ\HV
hu 5HQGHOWHWpVV]HUŦKDV]QiODW
85HQGHOWHWpVV]HUŦ
KDV]QiODW
5HQGHOWHWpVV]HUŦ KDV]QiODW
*RQGRVDQ ROYDVVD HO H]W D] ~WPXWDWyW &VDN tJ\
WXGMDNpV]OpNpWKHO\HVHQpVEL]WRQViJRVDQ
NH]HOQL$KDV]QiODWLpVV]HUHOpVLXWDVtWiVW
ŌUL]]HPHJDNpVŌEELKDV]QiODWKR]YDJ\D
NpVŌEELWXODMGRQRVV]iPiUD
(]HQNpV]OpNFVDNEHpStWpVUHNpV]OW9HJ\H
ILJ\HOHPEHDVSHFLiOLVV]HUHOpVL~WPXWDWyW
.LFVRPDJROiVXWiQHOOHQŌUL]]HDNpV]OpNHW
6]iOOtWiVLVpUOpVHVHWpQQHFVDWODNR]WDVVD
$FVDWODNR]yGXJyQpONOLNpV]OpNHWFVDN
KLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU
FVDWODNR]WDWKDWMD+LEiVFVDWODNR]WDWiVPLDWW
NHOHWNH]HWWNiURNUDQHPYRQDWNR]LNDJDUDQFLD
(] D NpV]OpN FVDN Ki]WDUWiVEDQ YDJ\ Ki] N|UO
YDOyDONDOPD]iVUDNpV]OW$NpV]OpNHW
NL]iUyODJ pWHOHN pV LWDORN NpV]tWpVpUH KDV]QiOMD
$NpV]OpNHW]HPHOpVN|]EHQVRKDQHKDJ\MD
IHOJ\HOHWQpONO$NpV]OpNHWFVDN]iUW
KHO\LVpJEHQKDV]QiOMD
(]WDNpV]OpNHWOHJIHOMHEE PpWHU
WHQJHUV]LQWIHOHWWLPDJDVViJLJYDOyKDV]QiODWUD
WHUYH]WpN
(]WDNpV]OpNHWpYIHOHWWLJ\HUPHNHNpV
FV|NNHQWIL]LNDLpU]pNV]HUYLYDJ\V]HOOHPL
NpSHVVpJŦLOOWDSDV]WDODWODQV]HPpO\HNFVDND
EL]WRQViJXNpUWIHOHOŌVV]HPpO\IHOJ\HOHWH
PHOOHWWKDV]QiOKDWMiNLOOHWYHDNNRUKD
PHJWDQXOWiNDNpV]OpNEL]WRQViJRV
KDV]QiODWiWpVPHJpUWHWWpND]HEEŌOHUHGŌ
YHV]pO\HNHW
$J\HUPHNHNQHPMiWV]KDWQDNDNpV]OpNNHO
7LV]WtWiVWpVIHOKDV]QiOyLNDUEDQWDUWiVWFVDN
pYHQIHOOLJ\HUPHNHNYpJH]KHWQHNNL]iUyODJ
IHOJ\HOHWPHOOHWW
pYQpOILDWDODEEJ\HUPHNHNHWQHHQJHGMHQD
NpV]OpNpVDFVDWODNR]yYH]HWpNN|]HOpEH
$WDUWR]pNRNDWPLQGLJPHJIHOHOŌKHO\]HWEHQ
WHJ\HEHDVWŌWpUEH ~ $]HOVŌKDV]QiODW
HOŌWWHOYpJ]HQGŌWHQQLYDOyND]  2OGDORQ
()RQWRVEL]WRQViJL
HOŌtUiVRN
)RQWRV EL]WRQViJL HOŌtUiVRN
ÉOWDOiQRV
:)LJ\HOPH]WHWpV² eJpVYHV]pO\
$VWŌWpUEHQWiUROWJ\~OpNRQ\WiUJ\DNOiQJUD
OREEDQKDWQDN6RKDQHWDUWVRQJ\~OpNRQ\
WiUJ\DNDWDVWŌWpUEHQ6RKDQHQ\LVVDNLD
NpV]OpNDMWDMiWKDDNpV]OpNIVW|O
.DSFVROMDNLDNpV]OpNHWpVK~]]DNLD
KiOy]DWLFVDWODNR]yGXJyWYDJ\NDSFVROMDNLD
EL]WRVtWpNRWDEL]WRVtWpNV]HNUpQ\EHQ
eJpVYHV]pO\
$NpV]OpNDMWyQ\LWiVDNRUOpJiUDPODW
NHOHWNH]LN$VWŌSDStUKR]]ipUKHWD
IŦWŌHOHPHNKH]pVPHJJ\XOODGKDW$]
HOŌPHOHJtWpVLGHMHDODWWVRKDQHKHO\H]]HQ
U|J]tWpVQpONOVWŌSDStUWDWDUWR]pNUD
1HKH]pNNpQWKHO\H]]HQDVWŌSDStUUDHJ\
HGpQ\WYDJ\HJ\VWŌIRUPiW&VDND
V]NVpJHVIHOOHWHWEpOHOMHNLVWŌSDStUUDO$
VWŌSDStUQHPOyJKDWW~ODWDUWR]pNRQ
eJpVYHV]pO\
$NpV]OpNIRUUy+DDNpV]OpNHWDMWyYDO
UHQGHONH]Ō EHpStWHWW E~WRUEDQ KHO\H]L HO ]iUW
E~WRUDMWyQiOKŌWRUODV]NHOHWNH]LN$
NpV]OpNHWFVDNQ\LWRWWE~WRUDMWyYDO
]HPHOWHVVH
:)LJ\HOPH]WHWpV² ÉUDPWpVYHV]pO\
$V]DNV]HUŦWOHQMDYtWiVRNYHV]pO\HVHN
-DYtWiVRNDW FVDN V]DNNpS]HWW J\IpOV]ROJiODWL
WHFKQLNXVYpJH]KHWpVFVDNŌFVHUpOKHWLNLD
VpUOWFVDWODNR]yYH]HWpNHNHW+DDNpV]OpN
PHJKLEiVRGRWWK~]]DNLDKiOy]DWL
FVDWODNR]yWYDJ\FVHUpOMHNLDEL]WRVtWpNRWD
EL]WRVtWpNV]HNUpQ\EHQ+tYMDD
YHYŌV]ROJiODWRW
ÉUDPWpVYHV]pO\
$IRUUyNpV]OpNUpV]HNQpOD]HOHNWURPRV
NpV]OpNHNNiEHOV]LJHWHOpVHPHJROYDGKDW
6RKDQHpULQWNH]]HQD]HOHNWURPRV
NpV]OpNHNFVDWODNR]yNiEHOHIRUUy
NpV]OpNUpV]HNNHO
ÉUDPWpVYHV]pO\
$EHiUDPOyQHGYHVVpJiUDPWpVWRNR]KDW
1HKDV]QiOMRQPDJDVQ\RPiV~YDJ\
JŌ]VXJDUDVWLV]WtWyJpSHW
ÉUDPWpVYHV]pO\
$ EHiUDPOy QHGYHVVpJ iUDPWpVW RNR]KDW $
NpV]OpNHWQHWHJ\HNLQDJ\KŌQHNpV
QHGYHVVpJQHN$NpV]OpNHWFVDN]iUW
KHO\LVpJEHQKDV]QiOMD
ÉUDPWpVYHV]pO\
$KLEiVNpV]OpNiUDPWpVWRNR]KDW6RKD
QH NDSFVROMD EH D KLEiV NpV]OpNHW +~]]D NL
DFVDWODNR]yGXJyWpVNDSFVROMDNLD
EL]WRVtWpNRWDEL]WRVtWpNV]HNUpQ\EHQ+tYMDD
YHYŌV]ROJiODWRW
ÉUDPWpVYHV]pO\
$NpV]OpNPDJDVIHV]OWVpJJHOPŦN|GLN
6RKDQHWiYROtWVDHODNpV]OpNEXUNRODWiW
)RQWRVEL]WRQViJLHOŌtUiVRN KX
:)LJ\HOPH]WHWpV² eJpVYHV]pO\
$NpV]OpNQDJ\RQIRUUy6RKDQHpULQWVH
PHJDVWŌWpUIRUUyEHOVŌIHOOHWHLWYDJ\D
IŦWŌHOHPHNHW0LQGLJKDJ\MDOHKŦOQLD
NpV]OpNHW1HHQJHGMHQJ\HUHNHNHWD
NpV]OpNN|]HOpEH
eJpVYHV]pO\
$WDUWR]pNYDJ\D]HGpQ\QDJ\RQIRUUy$
IRUUyHGpQ\WYDJ\WDUWR]pNRWPLQGLJ
IRJyNHV]W\ŦYHOYHJ\HNLDVWŌWpUEŌO
eJpVYHV]pO\
$]DONRKROJŌ]|NPHJJ\XOODGKDWQDNDIRUUy
VWŌWpUEHQ6RKDQHNpV]tWVHQRO\DQ
pWHOHNHWDPHO\HNPDJDVV]i]DOpNDUiQ\~
DONRKROWDUWDOP~LWDOWWDUWDOPD]QDN&VDNNLV
PHQQ\LVpJŦPDJDVV]i]DOpNDUiQ\~
DONRKRORV LWDOW KDV]QiOMRQ ÐYDWRVDQ Q\LVVD NL
DNpV]OpNDMWDMiW
:)LJ\HOPH]WHWpV² )RUUi]iVYHV]pO\
$NpV]OpNDMWDMiQDNNLQ\LWiVDNRUIRUUyJŌ]
WiYR]KDW D NpV]OpNEŌO ÐYDWRVDQ Q\LVVD NL D
NpV]OpNDMWDMiW1HHQJHGMHQJ\HUHNHNHWD
NpV]OpNN|]HOpEH
)RUUi]iVYHV]pO\
$IRUUyVWŌWpUEHQOpYŌYt]EŌOIRUUyYt]JŌ]
NpS]ŌGKHW6RKDQH|QWV|QYL]HWN|]YHWOHQO
DIRUUyVWŌWpUEH
:)LJ\HOPH]WHWpV² 6pUOpVYHV]pO\
$NpV]OpNDMWDMiQDN|VV]HNDUFROWYHJH
PHJUHSHGKHW1HKDV]QiOMRQYHJNDSDUyWpOHV
YDJ\V~UROyKDWiV~WLV]WtWyHV]N|]|NHW
0LNURKXOOiP~VWŌ
:)LJ\HOPH]WHWpV² eJpVL VpUOpV YHV]pO\H
$ NpV]OpN QHP UHQGHOWHWpVV]HUŦ KDV]QiODWD
YHV]pO\HV
1HPPHJHQJHGHWWpWHOHNYDJ\UXKDQHPŦN
V]iUtWiVDSDSXFVPDJJDOYDJ\JDERQiYDO
W|OW|WWSiUQDV]LYDFVQHGYHVW|UOŌUXKDVWE
PHOHJtWpVH
3pOGiXO D W~OPHOHJHGHWW SDSXFV PDJJDO YDJ\
JDERQiYDOW|OW|WWSiUQDV]LYDFVQHGYHV
W|UOŌUXKDVWEpJpVLVpUOpVHNKH]YH]HWKHW
eJpVYHV]pO\
$]pOHOPLV]HUHNOiQJUDOREEDQKDWQDN6RKD
QHPHOHJtWVHD]pWHOWKŌV]LJHWHOŌ
FVRPDJROiVEDQ
6RKDQHPHOHJtWVHILJ\HOPHWOHQOD
PŦDQ\DJSDStUYDJ\PiVJ\~OpNRQ\
FVRPDJROiVEDQOHYŌpOHOPLV]HUW
6RKDQHiOOtWVRQEHW~OQDJ\PLNURKXOOiP
WHOMHVtWPpQ\WYDJ\W~OKRVV]~LGŌWDUWDPRW
7DUWVD EH D] HEEHQ D KDV]QiODWL ~WPXWDWyEDQ
IHOWQWHWHWWXWDVtWiVRNDW
6RKD QH V]iUtWVRQ pOHOPLV]HUW D PLNURKXOOiP~
VWŌEHQ
$ODFVRQ\Yt]WDUWDOP~pWHOHNHWSONHQ\HUHW
VRKDQHROYDVV]RQNLYDJ\PHOHJtWVHQW~O
QDJ\PLNURKXOOiPWHOMHVtWPpQ\HQLOOHWYHW~O
KRVV]~LGHLJ
eJpVYHV]pO\
$] pWRODM PHJJ\XOODGKDW 6RKD QH PHOHJtWVHQ
WLV]WDpWRODMDWDPLNURKXOOiP~VWŌEHQ
:)LJ\HOPH]WHWpV² 5REEDQiVYHV]pO\
)RO\DGpNRNYDJ\PiVpOHOPLV]HUHNDV]RURVDQ
OH]iUWHGpQ\HNEHQIHOUREEDQKDWQDN6RKDQH
PHOHJtWVHQIRO\DGpNRWYDJ\PiVpOHOPLV]HUW
V]RURVDQOH]iUWHGpQ\EHQ
:)LJ\HOPH]WHWpV² eJpVYHV]pO\
$NHPpQ\KpM~YDJ\EŌU|VpOHOPLV]HUHND
IHOPHOHJtWpVDODWWGHPpJXWiQDLV
UREEDQiVV]HUŦHQV]pWSXNNDGKDWQDN6RKD
QHIŌ]]|QWRMiVWKpMDVWyOYDJ\QHPHOHJtWVHQ
NHPpQ\WRMiVW1HIŌ]]|QKpMDViOODWRNDWpV
UiNRW7N|UWRMiVYDJ\EXJJ\DQWRWWWRMiV
NpV]tWpVHNRUHOŌEEV]~UMDNLDWRMiVViUJiMiW
$NHPpQ\KpM~YDJ\EŌU|VpOHOPLV]HUHN
HVHWpEHQPLQWSODOPDSDUDGLFVRP
EXUJRQ\DYDJ\YLUVOLDKpMPHJUHSHGKHW
(]pUWPHOHJtWpVHOŌWWV]~UMDNLDKpMDWYDJ\D
EŌUW
eJpVYHV]pO\
$KŌQHPRV]OLNHOHJ\HQOHWHVHQD
EpELpWHOEHQ6RKDQHPHOHJtWVHD
EpELpWHOHNHW]iUWHGpQ\EHQ0LQGLJYHJ\HOH
DIHGHOHWYDJ\DFXPLW0HOHJtWpVXWiQ
DODSRVDQUi]]DIHOYDJ\NDYDUMDPHJ
(OOHQŌUL]]HDKŌPpUVpNOHWHWPLHOŌWWD
J\HUPHNQHNDGQiD]pWHOW
eJpVYHV]pO\
$IRUUypWHOHNKŌWDGQDNOH$]HGpQ\IRUUy
OHKHW$]HGpQ\WYDJ\DWDUWR]pNRNDWPLQGLJ
IRJyNHV]W\ŦYHOYHJ\HNLDVWŌWpUEŌO
eJpVYHV]pO\
/pJPHQWHVHQOH]iUWpOHOPLV]HUHNHVHWpQD
FVRPDJROiV V]pWGXUUDQKDW 0LQGLJ J\HOMHQ D
FVRPDJROiVRQWDOiOKDWyJ\iUWyLXWDVtWiVRNUD
$]pWHOWPLQGLJHGpQ\IRJyYDOYHJ\HNLD
VWŌWpUEŌO
eJpVLVpUOpVYHV]pO\H
$KR]]iIpUKHWŌUpV]HNPŦN|GpVN|]EHQ
IHOIRUUyVRGQDN6RKDQHpULQWVHPHJDIRUUy
UpV]HNHW7DUWVDWiYRODJ\HUHNHNHW
eJpVLVpUOpVYHV]pO\H
$ NpV]OpN QHP UHQGHOWHWpVV]HUŦ KDV]QiODWD
YHV]pO\HV
1HPPHJHQJHGHWWpWHOHNYDJ\UXKDQHPŦN
V]iUtWiVDSDSXFVPDJJDOYDJ\JDERQiYDO
W|OW|WWSiUQDV]LYDFVQHGYHVW|UOŌUXKDVWE
PHOHJtWpVH
3pOGiXO D W~OPHOHJHGHWW SDSXFV PDJJDO YDJ\
JDERQiYDOW|OW|WWSiUQDV]LYDFVQHGYHV
W|UOŌUXKDVWEpJpVLVpUOpVHNKH]YH]HWKHW
:)LJ\HOPH]WHWpV² )RUUi]iVYHV]pO\
)RO\DGpNRNIHOIRUUDOiVDNRUHOŌIRUGXOKDWD
NpVOHOWHWHWWIRUUiV(]D]WMHOHQWLKRJ\D
IRO\DGpNDMHOOHJ]HWHVJŌ]EXERUpNRN
PHJMHOHQpVHQpONOpULHODIRUUiVL
KŌPpUVpNOHWHW0iUD]HGpQ\NLVPpUWpNŦ
Ui]NyGiVDHVHWpQLVKLUWHOHQNLIXWKDWpV
NLIU|FVN|OKHWDIRUUyIRO\DGpN0HOHJtWpVNRU
PLQGLJWHJ\HQHJ\NDQDODWD]HGpQ\EHÌJ\
HONHUOKHWŌDNpVHGHOPHVIRUUiV
hu $VpUOpVHNRNDL
:)LJ\HOPH]WHWpV² 6pUOpVYHV]pO\
$QHPDONDOPDVHGpQ\V]pWUHSHGKHW
3RUFHOiQpVNHUiPLDHGpQ\HNHVHWpEHQ
HOŌIRUGXOKDWKRJ\DIRJDQW\~NRQpVD
IHGHOHNHQDSUyO\XNDNWDOiOKDWyN$O\XNDN
P|J|WWUHJYDQ$]UHJEHEHMXWRWW
QHGYHVVpJV]pWIHV]tWKHWLD]HGpQ\W&VDN
PLNURKXOOiP~VWŌK|]PHJIHOHOŌHGpQ\W
KDV]QiOMRQ
6pUOpVYHV]pO\
)pPEŌONpV]OWHGpQ\HNpVWDUWiO\RNLOOHWYH
IpPEHYRQDWWDOUHQGHONH]ŌHGpQ\HN
KDV]QiODWDNRUDFVDNPLNURKXOOiP~
]HPPyGHVHWpQV]LNUDNpS]ŌGKHW$
NpV]OpNPHJVpUO$FVDNPLNURKXOOiP~
]HPPyGHVHWpQVRKDQHKDV]QiOMRQ
IpPWDUWiO\RNDW
:)LJ\HOPH]WHWpV² ÉUDPWpVYHV]pO\
$NpV]OpNPDJDVIHV]OWVpJJHOPŦN|GLN6RKD
QHWiYROtWVDHODNpV]OpNEXUNRODWiW
:)LJ\HOPH]WHWpV² 6~O\RV
HJpV]VpJNiURVRGiVYHV]pO\H
1HPPHJIHOHOŌWLV]WtWiVHVHWpQDNpV]OpN
IHOOHWHNiURVRGKDW$VWŌEŌOPLNURKXOOiP~
HQHUJLDOpSKHWNL5HQGV]HUHVHQWLV]WtWVD
PHJDNpV]OpNHWpVD]pOHOPLV]HU
PDUDGYiQ\RNDWD]RQQDOWiYROtWVDHO$
VWŌWHUHWD]DMWyW|PtWpVWD]DMWyWpVD]
DMWyWN|]ŌWPLQGLJWDUWVDWLV]WiQ
~ 7LV]WtWiVD]  2OGDORQ
6~O\RVHJpV]VpJNiURVRGiVYHV]pO\H
$VpUOWVWŌWpUDMWyYDJ\DMWyW|PtWpVPLDWW
PLNURKXOOiP~HQHUJLDWiYR]KDW6RKDQH
KDV]QiOMD D NpV]OpNHW KD D VWŌWpU DMWDMiQDN
W|PtWpVH YDJ\ PŦDQ\DJ NHUHWH VpUOW +tYMD D
YHYŌV]ROJiODWRW
6~O\RVHJpV]VpJNiURVRGiVYHV]pO\H
%RUtWiVQpONOLNpV]OpNHNQpOPLNURKXOOiP~
HQHUJLD WiYR]LN 6RKD QH YHJ\H OH D NpV]OpN
ERUtWiViW.DUEDQWDUWiVLYDJ\MDYtWiVL
PXQNiNKR]KtYMDD]J\IpOV]ROJiODWRW
]$VpUOpVHNRNDL
$ VpUOpVHN RNDL
ÉOWDOiQRV
)LJ\HOHP
9t]DIRUUyVWŌWpUEHQ 6RKDQH|QWV|QYL]HW
N|]YHWOHQODIRUUyVWŌWpUEH9t]JŌ]NHOHWNH]LN
+ŌPpUVpNOHWYiOWR]iVNiUWRNR]KDW
1HGYHVpOHOPLV]HUHN 1HWiUROMRQKRVV]DEELGHLJ
QHGYHVpOHOPLV]HUHNHWD]iUWVWŌWpUEHQ
1HWiUROMRQpWHOWDNpV]OpNEHQ(]NRUUy]LyWRNR]KDW
.RQGHQ]Yt]DVWŌWpUEHQ $]DMWyYHJHQDEHOVŌ
IDODNRQpVDVWŌDOMiQNRQGHQ]Yt]J\ŦOKHW|VV]H(]
QRUPiOLVDPLNURKXOOiPPŦN|GpVpWQHPEHIRO\iVROMD
$NRUUy]LyHONHUOpVHpUGHNpEHQW|U|OMHOHD
NRQGHQ]YL]HWPLQGHQKDV]QiODWXWiQ
/HKŦOpVQ\LWRWWNpV]OpNDMWyYDO $ VWŌWHUHW FVDN ]iUW
DMWyQiOKDJ\MDOHKŦOQL9LJ\i]]RQKRJ\VHPPLQH
UDJDGMRQEHDVWŌWpUDMWDMiKR]0pJKDFVDNUpVQ\LUH
LVPDUDGQ\LWYDD]DMWyDV]RPV]pGRVE~WRUODSRN
LGŌYHOVpUOKHWQHN
(UŌVHQV]HQQ\H]HWWW|PtWpV +DDW|PtWpVHUŌVHQ
V]HQQ\H]HWWDNpV]OpNDMWDMD]HPHOpVN|]EHQQHP
]iUPHJIHOHOŌHQ$V]RPV]pGRVE~WRUODSRN
PHJVpUOKHWQHN0LQGLJWDUWVDWLV]WiQDW|PtWpVW
$NpV]OpNDMWDMDPLQWOŌăYDJ\UDNRGyIHOOHW 6RKD
QHiOOMRQYDJ\OM|QDNpV]OpNDMWDMiUD1HWDUWVRQ
HGpQ\WYDJ\WDUWR]pNRWDNpV]OpNDMWDMiQ
$EHUHQGH]pVV]iOOtWiVD $NpV]OpNHWQHKRUGR]]D
YDJ\WDUWVDD]DMWyIRJDQW\~QiOIRJYD$]DMWyIRJDQW\~
QHPWDUWMDPHJDNpV]OpNV~O\iWpVOHW|UKHW
.|UQ\H]HWYpGHOHP KX
0LNURKXOOiP~VWŌ
)LJ\HOHP
6]LNUDNpS]ŌGpV $IpPHNQHNSO DNDQiOQDND]
YHJHGpQ\EHQOHJDOiEE FPWiYROViJUDNHOOOHQQLHD
VWŌIDOiWyOpVD]DMWDMiQDNDEHOVŌIHOOHWpWŌO$
V]LNUiNW|QNUHWHKHWLND]DMWyEHOVŌYHJODSMiW
eWHOQpONOLPLNURKXOOiP~]HPPyG $ NpV]OpN pWHO
QpONOL]HPHOpVHW~OWHUKHOpVKH]YH]HWKHW6RKDQH
NDSFVROMDEHDNpV]OpNHWKDDVWŌWpUEHQQLQFVpWHO
.LYpWHODU|YLGHGpQ\WHV]WOiVGD0LNURKXOOiPHGpQ\
IHMH]HWHW
0LNURKXOOiPPDONpV]tWKHWŌSRSFRUQ 6RKDQH
iOOtWVRQEHW~OQDJ\PLNURKXOOiPWHOMHVtWPpQ\W$]
DMWyYHJ W~OWHUKHOpV KDWiViUD PHJUHSHGKHW 0D[LPXP
 ZDWWRWKDV]QiOMRQ$SRSFRUQRV]DFVNyWKHO\H]]H
PLQGLJHJ\YHJWiQ\pUUD
$OXPtQLXPWiO 1HKDV]QiOMRQDOXPtQLXPWiODWD
VWŌEHQ$NpV]OpNNiURVRGKDWDOpWUHM|YŌ
V]LNUDNpS]ŌGpVPLDWW
)RUJyWiQ\pUPHJKDMWiV $ W~OPHOHJtWHWW IRO\DGpN QHP
MXWKDW D IRUJyWiQ\pU PHJKDMWiViQ NHUHV]WO D NpV]OpN
EHOVHMpEH0LQGLJILJ\HOMHDIŌ]pVLIRO\DPDWRW(OŌV]|U
U|YLGHEEIŌ]pVLLGŌWiOOtWVRQEHpVFVDNDNNRU
KRVV]DEEtWVDPHJKDV]NVpJHV
)RUJyWiQ\pU 6RKDQHKDV]QiOMDDPLNURKXOOiP~
NpV]OpNHWIRUJyWiQ\pUQpONO
7.|UQ\H]HWYpGHOHP
.|UQ\H]HWYpGHOHP
ÔM NpV]OpNH NO|Q|VHQ KDWpNRQ\ HQHUJLDIRJ\DV]WiV~ ,WW
|WOHWHNHWDGXQNgQQHNDKKR]KRJ\DQWDNDUtWKDWPHJ
VWpVN|]EHQHQHUJLiWpVKRJ\DQiUWDOPDWODQtWKDWMD
NpV]OpNpWPHJIHOHOŌHQ
(QHUJLDWDNDUpNRVViJ
&VDN DNNRU PHOHJtWVH HOŌ D NpV]OpNHW KD D]W D UHFHSW
YDJ\DKDV]QiODWLXWDVtWiVWiEOi]DWDHOŌtUMD
6WpVNRUKDV]QiOMRQV|WpWIHNHWpUHODNNR]RWWYDJ\
]RPiQFR]RWWVWŌIRUPiNDW(]HNNO|Q|VHQMyOYHV]LN
IHODKŌW
0ŦN|GpVN|]EHQDOHKHWŌOHJULWNiEEDQQ\LVVDNLD
NpV]OpNDMWDMiW
+DW|EEIpOHVWHPpQ\WNpV]tWD]RNDWOHJMREEHJ\PiV
XWiQVWQL$VWŌWpUPpJPHOHJÌJ\DPiVRGLN
VWHPpQ\VWpVLLGHMHU|YLGHEEOHV]$VWŌWpUEH
V]|JOHWHVVWŌIRUPiWLVEHKHO\H]KHWHJ\PiVPHOOp
+RVV]DEESiUROiVLLGŌNHVHWpQDNpV]OpNPLQWHJ\
SHUFFHODSiUROiVLLGŌOHMiUWDHOŌWWNLNDSFVROKDWyD
PDUDGpNKŌWKDV]QiOYDDNpV]UHSiUROiVKR]
.|UQ\H]HWEDUiWiUWDOPDWODQtWiV
$FVRPDJROiVWN|UQ\H]HWEDUiWPyGRQiUWDOPDWODQtWVD
(]DNpV]OpND]HOHNWURPRVpVHOHNWURQLNXV
NpV]OpNHNKXOODGpNDLUDYRQDWNR]y(8
V]HXUySDLLUiQ\HOYQHNZDVWHHOHFWULFDODQG
HOHFWURQLFHTXLSPHQW²:(((PHJIHOHOŌ
MHO|OpVVHOUHQGHONH]LN
(]D]LUiQ\HOYPHJV]DEMDDKDV]QiOWNpV]OpNHN
YLVV]DYpWHOpQHNpVpUWpNHVtWpVpQHNNHUHWHLWD]
HJpV](8EDQpUYpQ\HVPyGRQ
hu $NpV]OpNPHJLVPHUpVH
*$NpV]OpNPHJLVPHUpVH
$ NpV]OpN PHJLVPHUpVH
(] D IHMH]HW LVPHUWHWL D NLMHO]pVHNHW pV D NH]HOŌHOHPHNHW
(]HQIHOOEHPXWDWMDDNpV]OpNNO|QE|]ŌIXQNFLyLWLV
8WDVtWiV $NpV]OpNWtSXViWyOIJJŌHQHOWpUpVHN
OHKHWQHNDV]tQHNEHQpVDUpV]OHWHNEHQ
.H]HOŌIHOOHW
$NH]HOŌIHOOHWHQWDOiOKDWyIXQNFLypVIRUJDWyYiODV]WyN
LOOHWYHpULQWŌPH]ŌNVHJtWVpJpYHOiOOtWKDWMDEHDNpV]OpN
NO|QIpOHIXQNFLyLW$NLMHO]ŌPHJPXWDWMDD]DNWXiOLV
EHiOOtWiVRNDW
$]iWWHNLQWŌiEUDDEHNDSFVROWNpV]OpNNH]HOŌIHOOHWpW
PXWDWMDHJ\NLYiODV]WRWW]HPPyGEDQ
8WDVtWiVRN
(J\HVNpV]OpNHNQpODIXQNFLypVIRUJDWyYiODV]WyN
VOO\HV]WKHWŌN$EHpVNLNDWWLQWiVKR]Q\RPMDPHJD
IXQNFLyYDJ\IRUJDWyYiODV]WyWQXOODiOOiVEDQ
+D D IXQNFLyYiODV]Wy QXOOD iOOiVEDQ HQHUJLDWDNDUpNRV
]HPPyGYDQpVNLYiODV]WHJ\IXQNFLyWDNNRUHOWDUW
QpKiQ\PiVRGSHUFLJDPtJD]DGRWWIXQNFLy
PHJMHOHQLNSOPLNURKXOOiP~VWŌ
)XQNFLyYiODV]Wy
$IXQNFLyYiODV]WyYDOiOOtWKDWMDEHDIŦWpVLPyGRNDWLOOHWYH
DWRYiEELIXQNFLyNDW
$QQDNpUGHNpEHQKRJ\PLQGLJPHJWDOiOMDD]pWHOQHN
PHJIHOHOŌIŦWpVLPyGRWD]DOiEELDNEDQEHPXWDWMXND
NO|QEVpJHNHWpVDIHOKDV]QiOiVLWHUOHWHNHW
#
( )XQNFLyYiODV]Wy
$IXQNFLyYiODV]WyYDOiOOtWKDWyEHD]]HPPyG
LOOHWYHDWRYiEELIXQNFLyN
$IXQNFLyYiODV]WyDQXOODiOOiVEyOMREEUDYDJ\EDOUD
IRUJDWKDWy
0 eULQWŌSDQHOHN
$]pULQWŌSDQHOHNP|J|WWpU]pNHOŌNYDQQDN$
IXQNFLyNLYiODV]WiViKR]NRSSLQWVRQDV]LPEyOXPUD
8 .LMHO]Ō
$ NLMHO]Ō PHJMHOHQtWL D] DNWtY IXQNFLyN V]LPEyOXPDLW
YDODPLQWD]LGŌIXQNFLyNDW
@ )RUJDWyYiODV]Wy
$IRUJDWyYiODV]WyYDOiOOtWVDEHDIŦWpVLPyG
KŌPpUVpNOHWpWYDJ\YiODVV]DDWRYiEELIXQNFLyN
EHiOOtWiViW
$IRUJDWyYiODV]WyMREEUDYDJ\EDOUDIRUJDWKDWy
.DSFVROyiOOiV +DV]QiODW
Û 1XOODiOOiV $NpV]OpNNLYDQNDSFVROYD
!
0LNURKXOOiP 0LNURKXOOiP~]HPPyGNLYiODV]
WiVD
<
)RUUyOHYHJŌ $ YHQWLOiWRU HJ\HQOHWHVHQ HORV]WMD D
KiWIDOEDQOpYŌN|UIŦWŌWHVWKŌMpWD
VWŌWpUEHQ
7
/pJNHYHUŌVJULOOH]pV $YHQWLOiWRUDJULOOIŦWŌWHVWEŌOV]iU
PD]y IRUUy OHYHJŌW NHYHUJHWL D] pWHO
N|UO
2
3L]]DIRNR]DW $]DOVyIŦWŌWHVWpVDKiWIDOEDQOpYŌ
N|UIŦWŌWHVWIŦW
(
*ULOO $ JULOOIŦWŌWHVW DODWW OpYŌ WHOMHV IHOOHW
IHOIRUUyVRGLN
%
3URJUDPRN ,WWV]iPRVpWHOKH]WDOiOKDWHOŌUH
SURJUDPR]RWWEHiOOtWiVRNDW
$NpV]OpNPHJLVPHUpVH KX
eULQWŌPH]ŌNpVNLMHO]Ō
$]pULQWŌPH]ŌNNHOEHiOOtWKDWMDNpV]OpNHNO|QIpOH
NLHJpV]tWŌIXQNFLyLW$NLMHO]ŌQOiWMDDKR]]iWDUWR]y
pUWpNHNHW
eULQWŌSDQHOHN
$]DOiEELDNEDQDNO|QIpOHpULQWŌPH]ŌNMHOHQWpVpQHN
U|YLGOHtUiVDROYDVKDWy

.LMHO]Ō
$NLMHO]ŌNLDODNtWiViQDNN|V]|QKHWŌHQD]|VV]HVDGDWRW
HJ\V]HUUHOHROYDVKDWMDUyODPLQGHQKHO\]HWEHQ
$]pSSHQEHiOOtWKDWypUWpNNHUODN|]pSSRQWED$
NLHPHOpVWDEHiOOtWiVLpUWpNDODWWLSLURVViYPXWDWMD
$NLHPHOWpUWpNN|]YHWOHQODIRUJDWyYiODV]WyYDO
PyGRVtWKDWy
.LMHO]ŌHOHPHN
$]DOiEELDNEDQDNO|QIpOHNLMHO]ŌHOHPHNMHOHQWpVpQHN
U|YLGOHtUiVDROYDVKDWy

+ŌPpUVpNOHWNLMHO]Ō
$NLMHO]ŌDOVyUpV]pQPHJMHOHQŌSLURVViYMHO]LKRJ\D
NpV]OpNIHOIŦW
+DEHYDQiOOtWYDIŦWpVLPyGDNNRUDViYEDOUyOMREEUD
NLSLURVRGLNPLQpOHUŌVHEEHQIHOIŦWDVWŌWpU
*ULOOH]pVQpODViYD]RQQDOWHOMHVHQSLURVDQYLOiJtW
0LNURKXOOiPIXQNFLyQiODViYQHPYLOiJtW
$PLNRUDYRQDOPLQGD]|WPH]ŌMHSLURVOHV]D]
HOŌPHOHJtWpVVRUiQDNpV]OpNHOpUWHD]pWHOEHWROiViKR]
V]NVpJHVRSWLPiOLVLGŌW
8WDVtWiV $ KŌWHKHWHWOHQVpJ PLDWW D EHiOOtWRWW KŌPpUVpNOHW
DVWŌWpUEHQOpYŌWpQ\OHJHVKŌPpUVpNOHWWŌONLFVLWHOWpUKHW
eMV]DNDL]HPPyG
(QHUJLDWDNDUpNRVViJFpOMiEyODNLMHO]ŌIpQ\HUHMH yUD
pV N|]|WWDXWRPDWLNXVDQDODFVRQ\DEEpUWpNUH
FV|NNHQ
)RUJDWyYiODV]Wy
$IRUJDWyYiODV]WyYDOPyGRVtWKDWMDDNLMHO]ŌQNLHPHOYH
PHJMHOHQŌEHiOOtWRWWpUWpNHNHW
$OLVWiNSODSURJUDPRNOLVWiMDD]XWROVySRQWHOpUpVH
XWiQLVPpWD]HOVŌUHXJULN
(J\HVpUWpNHNQpOSODV~O\HVHWpEHQDIRUJDWyYiODV]WyW
~MUDYLVV]DNHOOIRUJDWQLDPLQLPiOLVYDJ\DPD[LPiOLV
pUWpNHOpUpVHXWiQ
6]LPEyOXP -HOHQWpV
!
0LNURKXOOiP 9iODVV]DNLDPLNURKXOOiP~VWŌ
WHOMHVtWPpQ\IRNR]DWDLWLOONDS
FVROMDEHNLHJpV]tWpVNpSSHQDPLN
URKXOOiPIXQNFLyW
%
3URJUDPRN -HOHQtWVHPHJDSURJUDPRNYiODV]
WpNiWDIRUJDWyYiODV]WyYDOiOOtWVD
EHDSURJUDPV]iPiW
]
*\RUVHOŌPH
OHJtWpVJ\HUHN
]iU
5|YLGQ\RPiVJ\RUVHOŌPHOHJtWpV
EHNDSFVROiVDNLNDSFVROiVD
+RVV]~Q\RPiVJ\HUHN]iUEHNDS
FVROiVDNLNDSFVROiVD
0 ,GŌIXQNFLyN 9iODVV]DNLD]LGŌIXQNFLyNDWpV
iOOtWVDEHDIRUJDWyYiODV]WyYDO
~
+ŌPpUVpNOHW 9iODVV]DNLDKŌPpUVpNOHWHWpV
iOOtWVDEHDIRUJDWyYiODV]WyYDO
h
6~O\ 9iODVV]DNLDV~O\WpViOOtWVDEHD
IRUJDWyYiODV]WyYDO
VWDUW
l
VWRS
6WDUWVWRS h]HPPyG HOLQGtWiVD YDJ\ OHiOOtWiVD
8WDVtWiV $ KRVV]~ Q\RPiV OHiOOtWMD
D IRO\DPDWEDQ OpYŌ ]HPPyGRW D
NLYiODV]WRWW ]HPPyG EHiOOtWiVDL
YLVV]DiOOQDND]DODSpUWpNHNUH
6]LPEyOXP -HOHQWpV
t
-HO]ŌyUD +D D V]LPEyOXP PHJ YDQ MHO|OYH D
NLMHO]ŌQPHJMHOHQLNDMHO]ŌyUiQ
EHiOOtWRWWLGŌ
y
,GŌWDUWDP +D D V]LPEyOXP PHJ YDQ MHO|OYH D
NLMHO]ŌQPHJMHOHQLND]LGŌWDUWDP
0 ,GŌ +D D V]LPEyOXP PHJ YDQ MHO|OYH D
NLMHO]ŌQPHJMHOHQLNDSRQWRVLGŌ
KPLQ ÐUDSHUF ,GŌWDUWDPyUiEDQpVSHUFEHQ
PLQVHF 3HUFyUD ,GŌWDUWDPSHUFEHQpVyUiEDQ
D *\HUHN]iU +DDV]LPEyOXPYLOiJtWDJ\HUHN
]iUEHYDQNDSFVROYD
G
*\RUVIHOIŦWpV +D D V]LPEyOXP YLOiJtW D J\RUV IHO
IŦWpVEHYDQNDSFVROYD
hu $NpV]OpNPHJLVPHUpVH

h]HPPyGRN
.pV]OpNH NO|QIpOH ]HPPyGRNNDO UHQGHONH]LN DPHO\HN
PHJN|QQ\tWLNDNpV]OpNKDV]QiODWiW
(QQHNSRQWRVOHtUiViWDPHJIHOHOŌIHMH]HWHNEHQWDOiOMD

)ŦWpVLPyGRN
$QQDNpUGHNpEHQKRJ\PLQGLJPHJWDOiOMDD]pWHOQHN
PHJIHOHOŌIŦWpVLPyGRWD]DOiEELDNEDQEHPXWDWMXND
NO|QEVpJHNHWpVDIHOKDV]QiOiVLWHUOHWHNHW
$]HJ\HVIŦWpVLPyGRNV]LPEyOXPDLVHJtWLND]RN
IHOLVPHUpVpW

$MiQORWWpUWpNHN
$NpV]OpNPLQGHQIŦWpVLPyGKR]PHJDGHJ\MDYDVROW
KŌPpUVpNOHWHWYDJ\IRNR]DWRW(]HNHWiWYHKHWLYDJ\D
PLQGHQNRULWDUWRPiQ\EDQPyGRVtWKDWMD
0LNURKXOOiP
.O|QIpOHPLNURKXOOiPWHOMHVtWPpQ\HNIRNR]DWRNEDQ
iOOQDN UHQGHONH]pVpUH D NO|QIpOH pWHOHNQHN pV HONpV]tWpVL
PyGRNQDNPHJIHOHOŌHQ$PLNURKXOOiPIRNR]DWRNQHP
PLQGLJIHOHOQHNPHJDSRQWRVZDWWEDQNLIHMH]HWW
V]iPQDNDPHO\HWDNpV]OpNKDV]QiO
$N|YHWNH]ŌPLNURKXOOiPIRNR]DWRNiOOQDNUHQGHONH]pVUH

$PLNURKXOOiPIXQNFLy|QiOOyDQYDJ\EiUPHO\PiVIŦWpVL
PyGGDONRPELQiOYDLVKDV]QiOKDWy
.LYpWHO
!:PLNURKXOOiPIRNR]DW
< )RUUyOHYHJŌ&
$PLNURKXOOiPpVDIŦWpVLPyGRNNRPELQiFLyMiUyOW|EEHW
WXGKDWPHJLWW
6WŌWpU
$VWŌWpUNO|QIpOHIXQNFLyLOHHJ\V]HUŦVtWLNNpV]OpNH
NH]HOpVpWÌJ\SODVWŌWpUQDJ\IHOOHWŦNLYLOiJtWiVWNDS
pVDNpV]OpNHWKŦWŌYHQWLOiWRUYpGLDW~OPHOHJHGpVWŌO
.pV]OpNDMWDMiQDNQ\LWiVD
+DIRO\DPDWEDQOpYŌ]HPN|]EHQNLQ\LWMDDNpV]OpN
DMWDMiWD]]HPPyGV]QHWHO&VXNMDEHD]DMWyNDWpV
NRSSLQWVRQDVWDUW l VWRSPH]ŌUHD]]HPIRO\WDWiViKR]
6WŌWpUYLOiJtWiV
$VWŌWpUYLOiJtWiVPLQGLJEHNDSFVRO]HPN|]EHQ
$PLNRUD]]HPYpJHWpUDYLOiJtWiVNLNDSFVRO
$PLNRUNLQ\LWMDDNpV]OpNDMWDMiWDVWŌWpUYLOiJtWiVD
DXWRPDWLNXVDQEHNDSFVRO(]VHJtWVpJpUHOHKHWSOD
NpV]OpNWLV]WtWiViQiO.ESHUFHOWHOWpYHODVWŌWpU
YLOiJtWiVDXWRPDWLNXVDQNLNDSFVRO
+ŦWŌYHQWLOiWRU
$NpV]OpNHUHQGHONH]LNHJ\KŦWŌYHQWLOiWRUUDOLV$
KŦWŌYHQWLOiWRU V]NVpJ HVHWpQ ]HP N|]EHQ EHNDSFVRO $
PHOHJOHYHJŌD]DMWyIHOHWWWiYR]LN
h]HPHOpVXWiQDKŦWŌYHQWLOiWRUPpJHJ\LGHLJWRYiEE
PŦN|GLN
)LJ\HOHP
1HIHGMHOHDV]HOOŌ]WHWŌQ\tOiVW.O|QEHQDNpV]OpN
W~OPHOHJV]LN
8WDVtWiVRN
0LNURKXOOiP]HPPyGEDQDNpV]OpNKLGHJPDUDG
(QQHNHOOHQpUHDKŦWŌYHQWLOiWRUEHNDSFVRO$
KŦWŌYHQWLOiWRUDPLNURKXOOiP]HPPyGEHIHMH]pVH
XWiQLVWRYiEEPŦN|GKHW
$]DMWyYHJHQDEHOVŌIDODNRQpVDVWŌDOMiQ
NRQGHQ]Yt]J\ŦOKHW|VV]H(]QRUPiOLVMHOHQVpJD
NpV]OpNPŦN|GpVpWQHPEHIRO\iVROMD)Ō]pVXWiQ
W|U|OMHOHDNRQGHQ]YL]HW
h]HPPyG +DV]QiODW
)ŦWpVLPyGRN
~ $NpV]OpNNH]HOpVH
D]  2OGDORQ
eWHOHLQHNRSWLPiOLVHONpV]tWpVpKH]
NO|QIpOHILQRPKDQJROWIŦWpVL
PyGRNiOOQDNUHQGHONH]pVUH
0LNURKXOOiP
~ $PLNURKXOOiP~VWŌ
D]  2OGDORQ
0LNURKXOOiPPDO D] pWHOHNHW NO|Q|
VHQJ\RUVDQOHKHWIŌ]QLIHOPHOHJt
WHQLpVIHOROYDV]WDQL
0LNURKXOOiPPDONRPELQiOW
]HPPyG
(NNRUHJ\IŦWpVLPyGPHOOpNLHJp
V]tWpVNpSSHQEHNDSFVROKDWMDD
PLNURKXOOiPRW
$ODSEHiOOtWiVRN
~ $ODSEHiOOtWiVRN
D]  2OGDORQ
.pV]OpNpQHN DODSEHiOOtWiVDLW VDMiW
HONpS]HOpVHLKH]LJD]tWKDWMD
)ŦWpVLPyG +ŌPpUVpN
OHW
+DV]QiODW
<
)RUUy
OHYHJŌ
 & .HOWWpV]WDNHOHV]WpVHWHMV]t
QHVWRUWiNIHOROYDV]WiVD
& (J\V]LQWHQYDOyVWpVKH]
(
*ULOO *ULOOIRNR]D
WRN
 J\HQJH
 N|]HSHV
 HUŌV
/DSRVJULOOH]QLYDOyNSpOGiXO
VWHDN YLUVOL YDJ\ SLUtWyV JULOOH]p
VpKH]pVFVŌEHQVWpVKH]
7
/pJNHYHUp
VHV JULOOH]pV
& 6]iUQ\DV HJpV] KDO pV QDJ\REE
K~VGDUDERNVWpVpKH]
2
3L]]DIRNR
]DW
& 3L]]DpVHJ\pEpWHOHNHONpV]tWp
VpKH]DPHO\HNVRNKŌWLJpQ\HO
QHNDOXOUyO
0LNURKXOOiPIRNR]DW 0D[LPiOLVLGŌWDUWDP
 yUDSHUF
 yUDSHUF
 yUDSHUF
 yUDSHUF
ZDWW  SHUF
7DUWR]pNRN KX

_7DUWR]pNRN
7DUWR]pNRN
,WWiWWHNLQWKHWLDFVRPDJEDQV]HUHSOŌWDUWR]pNRNDWLOOHWYH
D]RNPHJIHOHOŌKDV]QiODWiW
)LJ\HOHP
$] HGpQ\ NLYpWHOHNRU J\HOMHQ DUUD KRJ\ D IRUJyWiQ\pU QH
FV~VV]RQHOhJ\HOMHQDUUDKRJ\DIRUJyWiQ\pUDKHO\pUH
SDWWDQMRQ$IRUJyWiQ\pUEDOUDpVMREEUDIRUJDWKDWy
0HOOpNHOWWDUWR]pNRN
.LHJpV]tWŌWDUWR]pNRN
7RYiEELWDUWR]pNRNDYHYŌV]ROJiODWQiOYDJ\
V]DNNHUHVNHGpVHNEHQNDSKDWyN

K$]HOVŌKDV]QiODWHOŌWW
HOYpJ]HQGŌWHQQLYDOyN
$] HOVŌ KDV]QiODW HOŌWW HOYpJ]HQGŌ WHQQLYDOyN
0LHOŌWWKDV]QiODWEDYHKHWQp~MNpV]OpNpWPHJNHOO
DGQLDQpKiQ\EHiOOtWiVW(]HQNtYOWLV]WtWVDPHJD
VWŌWHUHWpVDWDUWR]pNRNDW
$NpV]OpNHWWHOMHVHQ|VV]HNHOOV]HUHOQLpV
FVDWODNR]WDWQLNHOOD]HOHNWURPRVKiOy]DWKR]
)RUJyWiQ\pUEHKHO\H]pVH
+HO\H]]HDIRUJyWiQ\pUWD]Å$µJ|UJŌNNHOD]iEUiQDN
PHJIHOHOŌHQDVWŌWpUDOMiQDNN|]HSpQOpYŌÅ%µ
WiQ\pUIRUJDWyFVLOODJUD
8WDVtWiVRN
6RKDQHKDV]QiOMDDNpV]OpNHWIRUJyWiQ\pUQpONO
$IRUJyWiQ\pUSRQWRVDQLOOHV]NHGMHQDWiQ\pUIRUJDWy
FVLOODJUD
$ IRUJyWiQ\pUQDN PLQGHQ IŦWpVL ]HPPyGEDQ IRURJQLD
NHOO
$IRUJyWiQ\pUWOHJIHOMHEENJV~OO\DOWHUKHOMHPHJ
$]HOVŌ]HPEHKHO\H]pV
$]HOHNWURPRVKiOy]DWKR]YDOyFVDWODNR]WDWiVYDJ\HJ\
iUDPV]QHWXWiQDDNLMHO]ŌQPHJMHOHQLNHJ\IHOV]yOtWiVD
SRQWRVLGŌEHiOOtWiViUD1pKiQ\PiVRGSHUFEHWHOKHW
DPtJPHJMHOHQLNDIHOV]yOtWiV
3RQWRVLGŌEHiOOtWiVD
h]HPEH KHO\H]pVNRU D] LGŌNLMHO]pV MHOHQLN PHJ NLHPHOYH
$ ‚ƒ‹‹ pUWpNYLOORJDNLMHO]ŌQpVD 0V]LPEyOXP
YLOiJtWÉOOtWVDEHDSRQWRVLGŌW
 $IRUJDWyYiODV]WyYDOiOOtWVDEHDSRQWRVLGŌW
 .RSSLQWVRQD 0PH]ŌUH
$]LGŌWDNpV]OpNEHiOOtWRWWD
)RUJyWiQ\pU
$]RQpWHOHNHWDPHO\HNMHOHQWŌV
PHQQ\LVpJŦKŌWLJpQ\HOQHN
N|]YHWOHQODIRUJyWiQ\pURQ
NpV]tWKHWLHO
8WDVtWiV $IRUJyWiQ\pUMREEUD
pVEDOUDIRURJ9iJiViOOy$
SL]]iWN|]YHWOHQOIHOV]HOHWHOKHWL
DIRUJyWiQ\pURQ
$OVyURVWpO\
$PLNURKXOOiPKDV]QiODWiKR]pV
DK~VRNVWŌ]HPPyGEDQYDOy
NpV]tWpVpKH]
8WDVtWiV 7HJ\HDURVWpO\WD
IRUJyWiQ\pUUD
)HOVŌURVWpO\
5RVWpO\JULOOH]pVKH]SOVWHDN
YLUVOLYDJ\SLUtWyVJULOOH]pVpKH]
YDJ\DOiWpWNpQWSOODSRV
IHOI~MWIRUPiNKR]
8WDVtWiV 7HJ\HDURVWpO\WD
IRUJyWiQ\pUUD
.LHJpV]tWŌWDUWR]pNRN
hYHJVWŌWiO
3iUROWpWHOHNKH]pVIHOI~MWDNKR]PHO\HNVWŌEHQNpV]OQHN
3L]]DWHSVL
3L]]iKR]pVQDJ\NHUHNVWHPpQ\HNKH]
7DUWR]pNJŌ]EHQSiUROiVKR]PLNURKXOOiP~NpV]OpNHNEHQ
$]pWHOHNNtPpOHWHVHEEpVJ\RUVDEESiUROiViKR]
$
$
$
%
%%
hu $NpV]OpNNH]HOpVH

$]LGŌPyGRVtWiVD
8WDVtWiV $ NpV]OpNQHN NLNDSFVROW iOODSRWEDQ NHOO OHQQLH
DKKR]KRJ\DSRQWRVLGŌEHiOOtWKDWyOHJ\HQ
 .RSSLQWVRQNpWV]HUD 0PH]ŌUH
$NLMHO]ŌQPHJMHOHQLND 0V]LPEyOXPpVDSRQWRVLGŌ
 $IRUJDWyYiODV]WyYDOiOOtWVDEHD]LGŌW
 .RSSLQWVRQD 0PH]ŌUH
$]LGŌWDNpV]OpNEHiOOtWRWWD
8WDVtWiVRN
+DDSRQWRVLGŌEHiOOtWiVDXWiQQHPNRSSLQWD 0
PH]ŌUHDNNRUDNpV]OpNQpKiQ\PiVRGSHUF
HOWHOWpYHODXWRPDWLNXVDQiWYHV]LDEHiOOtWRWWpUWpNHW
+DDEHiOOtWiVLGŌWDUWDPDDODWWPR]JDWWDD
IXQNFLyYiODV]WyWDNNRUYLVV]DNHOOiOOtWDQLDQXOOD
iOOiVED&VDNH]XWiQKDV]QiOKDWMDDNpV]OpNHW
$NpV]OpN6WDQGE\iOODSRWEDQW|UWpQŌ
IRJ\DV]WiViQDNFV|NNHQWpVpKH]HOWQWHWKHWLD]LGŌW
6WŌWpUpVWDUWR]pNRNWLV]WtWiVD
0LHOŌWW HOŌV]|U NpV]tWHQH pWHOW D NpV]OpNNHO WLV]WtWVD PHJ
DVWŌWHUHWpVDWDUWR]pNRNDW
$VWŌWpUWLV]WtWiVD
$]~MV]DJPHJV]QWHWpVpKH]PHOHJtWVHIHOD]UHV]iUW
VWŌWHUHW(KKH]OHJMREEHJ\yUDIHOIŦWpVIRUUyOHYHJŌYHO
<&RQhJ\HOMHQUiKRJ\QHPDUDGMDQDND
VWŌWpUEHQFVRPDJROyDQ\DJGDUDERN
 $IXQNFLyYiODV]WyYDOiOOtWVDEHDIRUUyOHYHJŌW <
 $IRUJDWyYiODV]WyYDOiOOtWVDEHD&pUWpNHW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$NpV]OpNHONH]GIŦWHQL
(J\yUDHOWHOWpYHONDSFVROMDNLDNpV]OpNHW(KKH]
NRSSLQWVRQDVWDUW l VWRSPH]ŌUHPDMGIRUJDVVDD
IXQNFLyYiODV]WyWDQXOODiOOiVED
$WDUWR]pNRNWLV]WtWiVD
0LHOŌWWHOŌV]|UKDV]QiOQiDWDUWR]pNRNDWDODSRVDQ
WLV]WtWVDPHJD]RNDWIRUUyPRVRJDWyV]HUHVYt]]HOpVHJ\
SXKDW|UOŌUXKiYDO
1$NpV]OpNNH]HOpVH
$ NpV]OpN NH]HOpVH
$NH]HOŌHOHPHNHWpVD]RNPŦN|GpVpWNRUiEEDQPiU
PHJLVPHUKHWWH$]DOiEELDNEDQHOPDJ\DUi]]XNKRJ\DQ
iOOtWKDWMDEHDNpV]OpNHW(OROYDVKDWMDPLW|UWpQLNDEH
pVNLNDSFVROiVQiOLOOHWYHKRJ\DQiOOtWKDWMDEHD]HJ\HV
]HPPyGRNDW
$NpV]OpNEHpVNLNDSFVROiVD
0LHOŌWWEHiOOtWKDWQDYDODPLWDNpV]OpNpQEHNHOO
NDSFVROQLDD]W
8WDVtWiV $J\HUHN]iUFVDNNLNDSFVROWNpV]OpNHQ
iOOtWKDWy EH 1pKiQ\ NLMHO]pV NLNDSFVROW NpV]OpN HVHWpQ LV
OiWKDWyDNLMHO]ŌQ
+DQHPKDV]QiOMDDNpV]OpNHWDNNRUNDSFVROMDNL+D
KRVV]DEELGHLJQHPiOOtWEHVHPPLWDNpV]OpN
DXWRPDWLNXVDQNLNDSFVRO
.pV]OpNEHNDSFVROiVD
)RUJDVVDHODIXQNFLyYiODV]WyWDNpV]OpN
EHNDSFVROiViKR]
$NLMHO]ŌQPHJMHOHQLNHJ\NLHPHOWVWDQGDUGpUWpN$
NpV]OpN]HPNpV]
$]]HPPyGRNEHiOOtWiViQDNPyGMiWD]HJ\HV
IHMH]HWHNEHQLVPHUWHWMN
$NpV]OpNNLNDSFVROiVD
)RUJDVVDDIXQNFLyYiODV]WyWQXOOiUD
$]HVHWOHJHVHQIRO\DPDWEDQOHYŌIXQNFLyWDNpV]OpN
PHJV]DNtWMD
$]LGŌPHJMHOHQLNDNLMHO]ŌQ
8WDVtWiV $]DODSEHiOOtWiVRNQiOPHJDGKDWMDKRJ\D
NLNDSFVROWNpV]OpNHQPHJMHOHQMHQHDSRQWRVLGŌ
h]HPPyGEHiOOtWiVD
(J\ ]HPPyG NLYiODV]WiVD XWiQ MDYDVROW pUWpNHN MHOHQQHN
PHJDNLMHO]ŌQ(]WDEHiOOtWiVWD]RQQDOHOLQGtWKDWMD
ÉOWDOiQRVDQpUYpQ\HVHND]DOiEELDN
 $IXQNFLyYiODV]WyYDOYiODVV]DNLD]]HPPyGRW
 6]NVpJHVHWpQYpJH]]HHODWRYiEELEHiOOtWiVRNDW
(KKH]NRSSLQWVRQDPHJIHOHOŌPH]ŌUHPDMGD
IRUJDWyYiODV]WyYDOPyGRVtWVDD]pUWpNHW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$ NpV]OpN HOLQGtWMD D] ]HPPyGRW $ VWDUW l VWRS /('
YLOiJtW
$NpV]OpNNH]HOpVH KX

)ŦWpVLPyGpVKŌPpUVpNOHWEHiOOtWiVD
3pOGDIRUUyOHYHJŌ <&
 $IXQNFLyYiODV]WyYDOiOOtWVDEHDIRUUyOHYHJŌ <IŦWpVL
PyGRW
$NLMHO]ŌQPHJMHOHQLNDN|YHWNH]ŌDMiQORWW
KŌPpUVpNOHW&
 $IRUJDWyYiODV]WyYDOiOOtWVDEHDN|YHWNH]Ō
KŌPpUVpNOHWHW&
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$NpV]OpNHONH]GIŦWHQL$VWDUW l VWRS/('YLOiJtW$
KŌPpUVpNOHWNLMHO]ŌViYMDYpJLJpU
$IRUJDWyYiODV]WyVHJtWVpJpYHO]HPN|]EHQEiUPLNRU
PyGRVtWKDWMDDKŌPpUVpNOHWHW
8WDVtWiVRN
$IHOIŦWpVXWiQDIŦWpVLPyGWyOIJJŌHQHOŌIRUGXOy
FVHNpO\KŌPpUVpNOHWLQJDGR]iVRNQRUPiOLVDN
h]HPN|]EHQDKŌPpUVpNOHWQHPiOOtWKDWy&UD
,GŌWDUWDPEHiOOtWiVD
 )ŦWpVLPyGpVKŌPpUVpNOHWEHiOOtWiVD
 .RSSLQWVRQD 0PH]ŌUHDPtJD yV]LPEyOXPQHP
MHOHQLNPHJNLMHO|OYH
 $IRUJDWyYiODV]WyYDOiOOtWVDEHDNtYiQWLGŌWDUWDPRW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$ NpV]OpN HONH]G IŦWHQL $ VWDUW l VWRS /(' YLOiJtW $]
LGŌWDUWDPOHWHOWpWPXWDWMDDNLMHO]Ō
h]HPPyGOHiOOtWiVD
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUHYDJ\Q\LVVDNLD
NpV]OpNDMWDMiW
$NpV]OpNPŦN|GpVHPHJiOODVWDUW l VWRS/('
YLOORJ
 &VXNMDEHDNpV]OpNDMWDMiW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$NpV]OpNPŦN|GpVHIRO\WDWyGLNDVWDUW l VWRS/('
YLOiJtW
h]HPPyGPHJV]DNtWiVD
)RUJDVVDDIXQNFLyYiODV]WyWDQXOODiOOiVED
$]]HPPyGPHJV]DNDGpVD]|VV]HVEHiOOtWiVW|UOŌGLN
8WDVtWiV $]]HPPyGPHJiOOtWiVDYDJ\PHJV]DNtWiVD
XWiQWRYiEEPŦN|GKHWDKŦWŌYHQWLOiWRU
*\RUVIHOIŦWpV
$J\RUVIHOIŦWpVVHODNpV]OpNUHQGNtYOJ\RUVDQHOpULD
EHiOOtWRWWKŌPpUVpNOHWHW
$J\RUVIHOIŦWpVW &EHiOOtWRWWKŌPpUVpNOHWIHOHWW
KDV]QiOMD$J\RUVIHOIŦWpVDN|YHWNH]ŌIŦWpVLPyGRNQiO
iOOUHQGHONH]pVUH
< )RUUyOHYHJŌ.LYpYH )RUUyOHYHJŌ&
7/pJNHYHUŌVJULOOH]pV
23L]]DIRNR]DW
$KKR]KRJ\D]pWHOHJ\HQOHWHVHQSXKXOMRQFVDNDNNRU
WHJ\HEHDVWŌWpUEHDPLNRUDJ\RUVIHOIŦWpVEHIHMH]ŌG|WW
 )ŦWpVLPyGpVKŌPpUVpNOHWEHiOOtWiVD
 .RSSLQWVRQD ]PH]ŌUH
$NLMHO]ŌQD GV]LPEyOXPYLOiJtW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$NpV]OpNHONH]GIŦWHQL$VWDUW l VWRS/('YLOiJtW
$J\RUVIHOIŦWpVEHIHMH]ŌG|WW
(J\KDQJMHO]pVKDOOKDWy$NLMHO]ŌQNLDOV]LND G
V]LPEyOXP$NpV]OpNDEHiOOtWRWWIŦWpVLPyGGDOpV
KŌPpUVpNOHWWHO PŦN|GLN WRYiEE (NNRU WHJ\H EH D] pWHOW D
VWŌWpUEH
$J\RUVIHOIŦWpVPHJV]DNtWiVD
.RSSLQWVRQD ]PH]ŌUH$NLMHO]ŌQNLDOV]LND G
V]LPEyOXP$NpV]OpNDEHiOOtWRWWIŦWpVLPyGGDOpV
KŌPpUVpNOHWWHOPŦN|GLNWRYiEE
8WDVtWiV $J\RUVIHOIŦWpVOHJNpVŌEESHUFHOWHOWpYHO
DXWRPDWLNXVDQNLNDSFVRO
$XWRPDWLNXVEL]WRQViJLNLNDSFVROiV
$]DXWRPDWLNXVEL]WRQViJLOHNDSFVROiVDNNRUDNWLYiOyGLN
KD D NpV]OpNHW EHiOOtWRWW LGŌWDUWDP QpONO KRVV]DEE LGHLJ
]HPHOWHWL$NpV]OpNOHNDSFVROiViQDNLGHMHIJJD
EHiOOtWRWW]HPPyGWyOpVKŌPpUVpNOHWWŌO
)RUUyOHYHJŌ&yUD
)RUUyOHYHJŌ&yUD
/pJNHYHUŌVJULOOpVSL]]DIRNR]DWyUD
*ULOOSHUF
3pOGDKDDNpV]OpNHW&RQIRUUyOHYHJŌYHO
]HPHOWHWLDNNRUDNpV]OpNNESHUFDODWWNDSFVROOH
DXWRPDWLNXVDQ
$NLMHO]ŌQPHJMHOHQLND] “ƒ$NpV]OpNNLNDSFVRO
.LOpSpVKH]Q\RPMDPHJDVWDUW l VWRSPH]ŌW
hu $PLNURKXOOiP~VWŌ

^$PLNURKXOOiP~VWŌ
$ PLNURKXOOiP~ VWŌ
$PLNURKXOOiP~VWŌYHOD]pWHOHNHWNO|Q|VHQJ\RUVDQ
OHKHWIŌ]QLIHOPHOHJtWHQLpVIHOROYDV]WDQL$PLNURKXOOiP
]HPPyG|QiOOyDQYDJ\SHGLJJULOOHONRPELQiOYDLV
KDV]QiOKDWy
$PLNURKXOOiP~VWŌRSWLPiOLVKDV]QiODWiKR]YHJ\H
ILJ\HOHPEHD]HGpQ\HNUHYRQDWNR]yXWDVtWiVRNDWpV
WDUWVDEHDKDV]QiODWL~WPXWDWyYpJpQWDOiOKDWy
DONDOPD]iVLWiEOi]DWRNEDQV]HUHSOŌDGDWRNDW
(GpQ\
1HPPLQGHQHGpQ\DONDOPDVDPLNURKXOOiP~VWŌEHQ
YDOyKDV]QiODWUD$QQDNpUGHNpEHQKRJ\D]pWHOHN
IHOPHOHJHGMHQHNpVDNpV]OpNQHVpUOM|QPHJ
NL]iUyODJRO\DQHGpQ\HNHWKDV]QiOMRQDPHO\HN
DONDOPDVDNDPLNURKXOOiP~VWŌEHQYDOyKDV]QiODWUD
$ONDOPDVHGpQ\HN
$ONDOPDVDND]YHJEŌOYHJNHUiPLiEyOSRUFHOiQEyO
NHUiPLiEyOYDJ\KŌiOOyPŦDQ\DJEyONpV]OWKŌiOOy
HGpQ\HN(]HND]DQ\DJRNiWHQJHGLNDPLNURKXOOiPRNDW
7iODOyHGpQ\HNHWLVKDV]QiOKDWÌJ\QHPNHOOiWUDNQLDD]
pWHOW$UDQ\YDJ\H]VWGtV]tWpVŦHGpQ\HNHWFVDNDNNRU
KDV]QiOMRQ D PLNURKXOOiP~ VWŌEHQ KD D] HGpQ\ J\iUWyMD
JDUDQWiOMDD]DONDOPDVViJRW
1HPDONDOPDVHGpQ\HN
1HPDONDOPDVDNDIpPHGpQ\HN$IpPQHPHQJHGLiWD
PLNURKXOOiPRNDW$]iUWIpPHGpQ\EHQD]pWHOKLGHJ
PDUDG
)LJ\HOHP
6]LNUDNpS]ŌGpV hJ\HOMHQ DUUD KRJ\ D IpPWiUJ\DN ² SO D
SRKiUEDQOHYŌNDQiO²OHJDOiEEFPUHOHJ\HQHND
VWŌWpUIDOiWyOpVD]DMWyEHOVŌROGDOiWyO$V]LNUiN
W|QNUHWHKHWLND]DMWyEHOVŌYHJODSMiW
(GpQ\HOOHQŌU]pV
6RKDQHNDSFVROMDEHDPLNURKXOOiP~VWŌW~J\KRJ\
QLQFVEHQQHpWHO(]DOyOD]HJ\HWOHQNLYpWHODU|YLGLGHLJ
WDUWyHGpQ\HOOHQŌU]pV
+DgQEL]RQ\WDODQKRJ\HJ\HGpQ\DONDOPDVHD
PLNURKXOOiP~ VWŌEHQ YDOy KDV]QiODWUD DNNRU YpJH]]H HO
D]DOiEELWHV]WHW
 7HJ\HD]UHVHGpQ\WôSHUFUHPD[LPiOLV
WHOMHVtWPpQ\PHOOHWWDVWŌWpUEH
 (OOHQŌUL]]HN|]EHQD]HGpQ\KŌPpUVpNOHWpW
$]HGpQ\KLGHJYDJ\OHJIHOMHEENp]PHOHJOHKHW
+DD]HGpQ\IHOIRUUyVRGLNYDJ\V]LNUDNpS]ŌGLNDNNRU
QHPDONDOPDVDPLNURKXOOiP~VWŌEHQYDOyKDV]QiODWUD
6]DNtWVDPHJDWHV]WHW
:)LJ\HOPH]WHWpV² eJpVLVpUOpVYHV]pO\H
$KR]]iIpUKHWŌUpV]HNPŦN|GpVN|]EHQIHOIRUUyVRGQDN
6RKDQHpULQWVHPHJDIRUUyUpV]HNHW7DUWVDWiYROD
J\HUHNHNHW
0LNURKXOOiPIRNR]DWRN
$PLNURKXOOiPWHOMHVtWPpQ\HNIRNR]DWRNpVQHPPLQGLJ
IHOHOQHNPHJDSRQWRVZDWWEDQNLIHMH]HWWV]iPQDN
DPHO\HWDNpV]OpNKDV]QiO
$N|YHWNH]ŌPLNURKXOOiPIRNR]DWRNiOOQDNUHQGHONH]pVUH

$MiQORWWpUWpNHN
$ NpV]OpN PLQGHQ PLNURKXOOiPWHOMHVtWPpQ\KH] DMiQO HJ\
LGŌWDUWDPRW(]HNHWiWYHKHWLYDJ\DPLQGHQNRUL
WDUWRPiQ\EDQPyGRVtWKDWMD
$PD[LPXPEHiOOtWiVIRO\DGpNRNIHOPHOHJtWpVpUHV]ROJiO
$NpV]OpNYpGHOPHpUGHNpEHQHJ\LGŌXWiQD
PLNURKXOOiPPD[LPiOLVWHOMHVtWPpQ\HOHFV|NNHQ$
OHKŦOpVLLGŌWN|YHWŌHQDWHOMHVWHOMHVtWPpQ\UHQGHONH]pVUH
iOO
$]LGŌEHiOOtWiVLQWHUYDOOXPDL
$]LGŌWDUWDPEHiOOtWiViQiOKDV]QiOWLQWHUYDOOXPD]
LGŌWDUWDPIJJYpQ\pEHQYiOWR]LN
0LNURKXO
OiPIRNR
]DW
0D[LPiOLVLGŌWDU
WDP
+DV]QiODW
 yUDSHUF .pQ\HVpWHOHNIHOROYDV]WiVi
KR]
 yUDSHUF )HOROYDV]WiVKR]pVWRYiEESi
UROiVKR]
 yUDSHUF +~VSiUROiViKR]pVNpQ\HV
pWHOHNPHOHJtWpVpKH]
 yUDSHUF eWHOHNIHOPHOHJtWpVpKH]pV
IŌ]pVpKH]
ZDWW  SHUF )RO\DGpNRNIHOIRUUDOiViKR]
h]HPHOpVLLGŌ ,QWHUYDOOXP
²SHUF PiVRGSHUF
²SHUF PiVRGSHUF
²SHUF PiVRGSHUF
SHUF²yUD SHUF
yUD²yUDSHUF SHUF
$PLNURKXOOiP~VWŌ KX

0LNURKXOOiP]HPPyGEHiOOtWiVD
3pOGD ZDWWRVPLNURKXOOiPIRNR]DWSHUFHV
LGŌWDUWDP
 $IXQNFLyYiODV]WyYDOYiODVV]DNLD0LNURKXOOiP !
IŦWpVLPyGRW
$NpV]OpN]HPNpV]$NLMHO]ŌQPHJMHOHQLN
MDYDVODWNpQWDPD[LPiOLVPLNURKXOOiPWHOMHVtWPpQ\ !
H]D]pUWpNEiUPLNRUPyGRVtWKDWy
 $PLNURKXOOiPIRNR]DWpULQWŌPH]ŌYHOYiODVV]DD
NtYiQWWHOMHVtWPpQ\IRNR]DWRW
$NLMHO]ŌQPHJMHOHQLNDPLNURKXOOiPIRNR]DWpVHJ\
MDYDVROWLGŌWDUWDP
 $IRUJDWyYiODV]WyYDOiOOtWVDEHDNtYiQWLGŌWDUWDPRW
8WDVtWiV (OŌV]|U EHiOOtWKDWMD D] LGŌWDUWDPRW D]XWiQ D
PLNURKXOOiPIRNR]DWRW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$] LGŌWDUWDP OHWHOWH D NLMHO]ŌQ N|YHWKHWŌ $ VWDUW l VWRS
/('YLOiJtW
$EHiOOtWRWWLGŌWDUWDPOHWHOW
(J\KDQJMHO]pVKDOOKDWy.RSSLQWVRQHJ\WHWV]ŌOHJHV
PH]ŌUHYDJ\Q\LVVDNLDNpV]OpNDMWDMiW
,GŌWDUWDPPyGRVtWiVD
$IRUJDWyYiODV]WyYDOPyGRVtWVDD]LGŌWDUWDPRW1pKiQ\
PiVRGSHUFP~OYDDNpV]OpNiWYHV]LDPyGRVtWiVW
0LNURKXOOiPWHOMHVtWPpQ\PyGRVtWiVD
.RSSLQWVRQ D ! PH]ŌUH DPtJ D NLMHO]ŌQ NL QHP YiODV]WMD
DNtYiQWIRNR]DWRW
8WDVtWiVRN
7|EEV]|ULNRSSLQWiVVDODWHOMHVtWPpQ\IRNR]DWRND
OHJQDJ\REEWHOMHVtWPpQ\UŌODOHJNLVHEEUHXJULN
+DDPLNURKXOOiPIXQNFLyWFVDND]LQGtWiVXWiQDGMD
KR]]iDNpV]OpNV]QHWHOWHWLDPŦN|GpVW,QGtWVDHO
D]]HPHWD VWDUW l VWRSPH]ŌYHO
h]HPPyGOHiOOtWiVD
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUHYDJ\Q\LVVDNLD
NpV]OpNDMWDMiW
$NpV]OpNPŦN|GpVHPHJiOODVWDUW l VWRS/('
YLOORJ
 &VXNMDEHDNpV]OpNDMWDMiW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$NpV]OpNPŦN|GpVHIRO\WDWyGLNDVWDUW l VWRS/('
YLOiJtW
h]HPPyGPHJV]DNtWiVD
)RUJDVVDDIXQNFLyYiODV]WyWDQXOODiOOiVED
$]]HPPyGPHJV]DNDGpVD]|VV]HVEHiOOtWiVW|UOŌGLN
8WDVtWiV $]]HPPyGPHJiOOtWiVDYDJ\PHJV]DNtWiVD
XWiQWRYiEEPŦN|GKHWDKŦWŌYHQWLOiWRU
0LNURKXOOiPPDONRPELQiOW]HPPyG
EHiOOtWiVD
0LNURKXOOiPPDO NRPELQiOW ]HPPyG EHiOOtWiVD
$PLNURKXOOiPIXQNFLyEiUPHO\PiVIŦWpVLPyGGDO
NRPELQiOYDLVKDV]QiOKDWy$NpV]OpNIŦWpVH]]HOHJ\
LGŌEHQEHNDSFVROMDDPLNURKXOOiPRW$]pWHOtJ\
J\RUVDEEDQHONpV]O
.RPELQiFLyVOHKHWŌVpJHN
<)RUUyOHYHJŌ
7/pJNHYHUŌVJULOOH]pV
23L]]DIRNR]DW
(*ULOO
.LYpWHO
!:PLNURKXOOiPIRNR]DW
< )RUUyOHYHJŌ&
hu $PLNURKXOOiP~VWŌ

.RPELQiOW]HPPyGEHiOOtWiVD
3pOGDIRUUyOHYHJŌ <&pVPLNURKXOOiP:
SHUF
 $IXQNFLyYiODV]WyYDOiOOtWVDEHDIRUUyOHYHJŌ <
IXQNFLyW
0HJMHOHQLNHJ\MDYDVROWKŌPpUVpNOHWLpUWpN
 $IRUJDWyYiODV]WyYDOiOOtWVDEHDNtYiQWKŌPpUVpNOHWHW
 .RSSLQWVRQDPLNURKXOOiPWHOMHVtWPpQ\ !PH]ŌUH
DPtJDNLMHO]ŌQNLQHPYiODV]WMDDNtYiQWIRNR]DWRW
0HJMHOHQLNHJ\MDYDVROWLGŌWDUWDP
 $IRUJDWyYiODV]WyYDOiOOtWVDEHD]LGŌWDUWDPRW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$]]HPPyGHOLQGXODVWDUW l VWRS/('YLOiJtW$]
LGŌWDUWDPOHWHOWpWPXWDWMDDNLMHO]Ō
$EHiOOtWRWWLGŌWDUWDPOHWHOW
+DQJMHO]pVKDOODWV]LNpVDVWDUW l VWRSV]LPEyOXPQHP
YLOiJtWWRYiEE$NRPELQiOW]HPPyGEHIHMH]ŌG|WW$
KDQJMHO]pVOHiOOtWiViKR]NRSSLQWVRQHJ\WHWV]ŌOHJHV
PH]ŌUH
0LNURKXOOiPWHOMHVtWPpQ\PyGRVtWiVD
.RSSLQWVRQ D ! PH]ŌUH DPtJ D NLMHO]ŌQ NL QHP YiODV]WMD
DNtYiQWIRNR]DWRW
8WDVtWiVRN
7|EEV]|ULNRSSLQWiVVDODWHOMHVtWPpQ\IRNR]DWRND
OHJQDJ\REEWHOMHVtWPpQ\UŌODOHJNLVHEEUHXJULN
+DDPLNURKXOOiPIXQNFLyWFVDND]LQGtWiVXWiQDGMD
KR]]iDNpV]OpNV]QHWHOWHWLDPŦN|GpVW,QGtWVDHO
D]]HPHWD VWDUW l VWRSPH]ŌYHO
h]HPPyGOHiOOtWiVD
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUHYDJ\Q\LVVDNLD
NpV]OpNDMWDMiW
$NpV]OpNPŦN|GpVHPHJiOODVWDUW l VWRS/('
YLOORJ
 &VXNMDEHDNpV]OpNDMWDMiW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$NpV]OpNPŦN|GpVHIRO\WDWyGLNDVWDUW l VWRS/('
YLOiJtW
h]HPPyGPHJV]DNtWiVD
)RUJDVVDDIXQNFLyYiODV]WyWDQXOODiOOiVED
$]]HPPyGPHJV]DNDGpVD]|VV]HVEHiOOtWiVW|UOŌGLN
8WDVtWiV $]]HPPyGPHJiOOtWiVDYDJ\PHJV]DNtWiVD
XWiQWRYiEEPŦN|GKHWDKŦWŌYHQWLOiWRU
$XWRPDWDSURJUDPRN KX

P$XWRPDWDSURJUDPRN
$XWRPDWD SURJUDPRN
$]DXWRPDWDSURJUDPRNNDOHJpV]HQHJ\V]HUŦHQ
NpV]tWKHWHOpWHOHNHW9iODVV]DNLDSURJUDPRWpVDGMD
PHJD]pWHOV~O\iW$]DXWRPDWDSURJUDPiWYHV]LD]
RSWLPiOLVEHiOOtWiVWSURJUDPN|]OYiODV]WKDW
8WDVtWiVRN
9HJ\HNLD]pOHOPLV]HUWDFVRPDJROiVEyOpVPpUMH
PHJ+DDSRQWRVV~O\WQHPWXGMDPHJDGQLNHUHNtWVH
DV~O\WOHIHOpYDJ\IHOIHOp
$]pOHOPLV]HUWDKLGHJVWŌWpUEHWHJ\H
$SURJUDPRNKR]PLQGLJRO\DQKŌiOOyHGpQ\W
KDV]QiOMRQDPHO\DONDOPDVDPLNURKXOOiP~VWŌEHQ
YDOyKDV]QiODWUDSOYHJYDJ\NHUiPLDHGpQ\W
9HJ\HILJ\HOHPEHDSURJUDPWiEOi]DWEDQV]HUHSOŌ
WDUWR]pNRNUDYRQDWNR]yWXGQLYDOyNDW
$]RSWLPiOLVIŌ]pVLHUHGPpQ\pUGHNpEHQFVDN
NLIRJiVWDODQpWHOHNHWpVDKŦWŌEŌONLYHWWK~VW
KDV]QiOMRQ0pO\KŦW|WWWHUPpNHNHVHWpQFVDN
N|]YHWOHQODPpO\KŦWŌEŌONLYHWWpWHOHNHWKDV]QiOMRQ
3URJUDPEHiOOtWiVD
3pOGDD]iEUiQDVSURJUDPNLORJUDPPV~OO\DO
 ÉOOtWVDDIXQNFLyYiODV]WyWD %DXWRPDWDSURJUDPUD
$NLMHO]ŌQPHJMHOHQLND]HOVŌSURJUDPV]iPpVHJ\
MDYDVROWV~O\
 $IRUJDWyYiODV]WyYDOYiODVV]DNLDDV
SURJUDPV]iPRW
 .RSSLQWVRQD hPH]ŌUH
$NLMHO]ŌQDV~O\EHiOOtWiVYDQNLHPHOYH
 ÉOOtWVDEHD]NJV~O\WDIRUJDWyYiODV]WyYDO
$NpV]OpNDXWRPDWLNXVDQEHiOOtWMDDV~O\KR]
PHJIHOHOŌLGŌWDUWDPRW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$ SURJUDP HOLQGXO $ NLMHO]ŌQ OiWKDWyDQ OHIXW D] LGŌWDUWDP
DKŌPpUVpNOHWMHO]ŌViYpVD/(' VWDUW l VWRSYLOiJtW
8WDVtWiVRN
,QGtWiVHOŌWWD %pVD hPH]ŌVHJtWVpJpYHOYiOWKDWD
SURJUDPRNpVDV~O\N|]|WW
,QGtWiVXWiQDSURJUDPV]iPpVDV~O\PiUQHP
PyGRVtWKDWy$EHiOOtWRWWV~O\WD hPH]ŌVHJtWVpJpYHO
MHOHQtWKHWLPHJ
$SURJUDPEHIHMH]ŌG|WW
(J\KDQJMHO]pVKDOOKDWy$SURJUDPEHIHMH]ŌG|WWD
NpV]OpNPiUQHPIŦW
)RUJDVVDDIXQNFLyYiODV]WyWDQXOODiOOiVED
3URJUDPPyGRVtWiVD
 .E PiVRGSHUFLJWDUWVDQ\RPYDD VWDUW l VWRS
PH]ŌW
$UHQGV]HUYLVV]DiOOtWMDDSURJUDPRW
 9iODVV]DNLD]~MSURJUDPRW
h]HPPyGOHiOOtWiVD
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUHYDJ\Q\LVVDNLD
NpV]OpNDMWDMiW
$NpV]OpNPŦN|GpVHPHJiOODVWDUW l VWRS/('
YLOORJ
 &VXNMDEHDNpV]OpNDMWDMiW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$NpV]OpNPŦN|GpVHIRO\WDWyGLNDVWDUW l VWRS/('
YLOiJtW
h]HPPyGPHJV]DNtWiVD
)RUJDVVDDIXQNFLyYiODV]WyWDQXOODiOOiVED
$]]HPPyGPHJV]DNDGpVD]|VV]HVEHiOOtWiVW|UOŌGLN
8WDVtWiV $]]HPPyGPHJiOOtWiVDYDJ\PHJV]DNtWiVD
XWiQWRYiEEPŦN|GKHWDKŦWŌYHQWLOiWRU
hu $XWRPDWDSURJUDPRN

3URJUDPWiEOi]DW
3URJUDPV]iP eOHOPLV]HU 6~O\WDUWRPiQ\
NJEDQ
(GpQ\WDUWR]pNEHWROiVL
PDJDVViJ
0HJMHJ\]pVHN
)HOROYDV]WiV
3
'DUiOWK~V  ODSRVQ\LWRWWHGpQ\
D]DOVyURVWpO\RQ
$PiUIHOROYDGWGDUiOWK~VWPHJIRUGtWiV
XWiQWHJ\HNO|Q
3
+~VV]HOHWHN  ODSRVQ\LWRWWHGpQ\
D]DOVyURVWpO\RQ
$ IRO\DGpNRW PHJIRUGtWiVNRU WiYROtWVD HO
VHPPLNpSSHQ VHP V]DEDG IHOKDV]QiOQL
pVJ\HOMHQDUUDKRJ\QHpULQWNH]]HQ
PiVpOHOPLV]HUHNNHO
3
&VLUNHGDUDEROWFVLUNH  ODSRVQ\LWRWWHGpQ\
D]DOVyURVWpO\RQ
$ IRO\DGpNRW PHJIRUGtWiVNRU WiYROtWVD HO
VHPPLNpSSHQ VHP V]DEDG IHOKDV]QiOQL
pVJ\HOMHQDUUDKRJ\QHpULQWNH]]HQ
PiVpOHOPLV]HUHNNHO
3
.HQ\pU  ODSRVQ\LWRWWHGpQ\
D]DOVyURVWpO\RQ
&VDNV]NVpJHVPHQQ\LVpJŦNHQ\HUHW
ROYDVV]RQIHO*\RUVDQPiVQDSRVVi
YiOLN6]NVpJHVHWpQYiODVV]DV]pWD
V]HOHWHNHW
)Ō]ŌSURJUDPRN
3
5L]V  HGpQ\IHGŌYHO
D]DOVyURVWpO\RQ
1HKDV]QiOMRQIŌ]ŌWDVDNRVUL]VW$UL]V
IŌ]pVNRUHUŌVHQKDERVRGLN$V~O\WD
UL]V Yt] QpONOL V~O\D DODSMiQ iOOtWVD EH
$GMRQ D UL]VKH] NpWV]HUHV NpW pV IpOV]H
UHVPHQQ\LVpJŦIRO\DGpNRW
3
%XUJRQ\D  HGpQ\IHGŌYHO
D]DOVyURVWpO\RQ
9iJMD|VV]HHJ\IRUPDGDUDERNUD
$GMRQKR]]iJRQNpQWHNYL]HW
3
=|OGVpJHN  HGpQ\IHGŌYHO
D]DOVyURVWpO\RQ
9iJMD|VV]HHJ\IRUPDGDUDERNUD
$GMRQKR]]iJRQNpQWHNYL]HW
.RPELQiOWIŌ]pVLSURJUDPRN
3
)HOI~MWIDJ\DV]WRWW  Q\LWRWWHGpQ\
D]DOVyURVWpO\RQ
$IHOI~MWQHOHJ\HQFPQpOPDJDVDEE
3
&VLUNHHJpV]  Q\LWRWWHGpQ\
D]DOVyURVWpO\RQ
$PHOOUpV]Qp]]HQOHIHOp
3
6OWKiWV]tQN|]HSHV  Q\LWRWWHGpQ\
D]DOVyURVWpO\RQ
3
6OWVHUWpVWDUMD  HGpQ\IHGŌYHO
D]DOVyURVWpO\RQ
3
%iUiQ\N|]HSHVHQiWV
WYH
 HGpQ\IHGŌYHO
D]DOVyURVWpO\RQ
&VRQWQpONOLODSRFNDYDJ\FRPE
EiUiQ\K~VEyO
3
9DJGDOWK~V  Q\LWRWWHGpQ\
D]DOVyURVWpO\RQ
$YDJGDOWQHOHJ\HQFPQpOPDJD
VDEE
3
+DOHJpV]  Q\LWRWWHGpQ\
D]DOVyURVWpO\RQ
9DJGRVVDEHHOŌUHDKDOEŌUpW7HJ\HD
KDODWÅ~V]yµSR]tFLyEDQD]HGpQ\EH
3
5L]VHVHJ\WiOpWHOIULVV
KR]]iYDOyNEyO
 PDJDVHGpQ\IHGŌYHO
D]DOVyURVWpO\RQ
&VDNDUL]VV~O\iWDGMDPHJ$]|OGVp
JHV KDODV YDJ\ V]iUQ\DV UL]VHV HJ\WiOp
WHOHNKH]KDV]QiOKDWy&VDNIULVV
|VV]HWHYŌNHWKDV]QiOMRQ
,GŌIXQNFLyNEHiOOtWiVD KX

O,GŌIXQNFLyNEHiOOtWiVD
,GŌIXQNFLyN EHiOOtWiVD
$NpV]OpNNO|QE|]ŌLGŌIXQNFLyNNDOUHQGHONH]LN$] 0
pULQWŌPH]ŌVHJtWVpJpYHOHOŌKtYKDWMDDPHQWpV
YiOWRJDWKDWD]HJ\HVIXQNFLyNN|]|WW$NLMHO]ŌQ
YLOiJtWDQDN D UHQGHONH]pVUH iOOy IXQNFLyN V]LPEyOXPDL D]
pSSHQNLYiODV]WRWWIXQNFLyNLHPHOYHMHOHQLNPHJ
&VDNDIŦWpVLPyGEHiOOtWiVDXWiQMHOHQtWKHWLPHJD]
LGŌWDUWDPRWD 0PH]ŌYHO$MHO]ŌyUDEiUPLNRUEHiOOtWKDWy
(J\LGŌWDUWDPYDJ\MHO]pVLLGŌOHWHOWHXWiQKDQJMHO]pV
KDOODWV]LN$KDQJMHO]pVWHOŌ]HWHVHQOHiOOtWKDWMDD 0
PH]ŌUHNRSSLQWYD
8WDVtWiV $]DODSEHiOOtWiVRNQiOPyGRVtWKDWMDKRJ\HJ\
KDQJMHO]pVPLO\HQKRVV]DQKDOODWVV]RQ
~ $ODSEHiOOtWiVRND]  2OGDORQ
.pUGH]]HOHD]LGŌEHiOOtWiVRNDW
+DW|EELGŌIXQNFLyWiOOtWEHDNLMHO]ŌQDPHJIHOHOŌ
V]LPEyOXPRNYLOiJtWDQDN$]LGŌWDUWDPOHWHOWpWPXWDWMDD
NLMHO]Ō
$MHO]ŌyUD tD]LGŌWDUWDP yYDJ\DSRQWRVLGŌ 0
OHNpUGH]pVpKH]NRSSLQWVRQDGGLJD 0PH]ŌUHDPtJD
PLQGHQNRULV]LPEyOXPNLHPHOYHQHPMHOHQLNPHJh]HP
N|]EHQ FVDN D MHO]ŌyUD pV D] LGŌWDUWDP iOO UHQGHONH]pVUH
NpV]HQOpWLPyGEDQFVDNDMHO]ŌyUDpVDSRQWRVLGŌ
HOpUKHWŌ$]HKKH]WDUWR]ypUWpNQpKiQ\PiVRGSHUFUH
PHJMHOHQLNDNLMHO]ŌQ
$MHO]ŌyUDEHiOOtWiVD
$ MHO]ŌyUD NRQ\KDL yUDNpQW KDV]QiOKDWy (] D NpV]OpNWŌO
IJJHWOHQOPŦN|GLN$MHO]ŌyUDVDMiWKDQJMHO]pVVHO
UHQGHONH]LN ÌJ\ KDOOMD KRJ\ D MHO]ŌyUD YDJ\ HJ\ LGŌWDUWDP
MiUWHOH
 .RSSLQWVRQD 0PH]ŌUH
$NLMHO]ŌQYLOiJtWD tV]LPEyOXPpVD]
LGŌV]LPEyOXPRN
 $IRUJDWyYiODV]WyYDOiOOtWVDEHDMHO]pVLLGŌW
1pKiQ\PiVRGSHUFP~OYDDNpV]OpNiWYHV]LDEHiOOtWRWW
LGŌW $ MHO]ŌyUD HOLQGXO $ NLMHO]ŌQ YLOiJtW D t V]LPEyOXP pV
OHIXWDMHO]pVLLGŌ$W|EELLGŌV]LPEyOXPNLDOV]LN
$MHO]ŌyUiQEHiOOtWRWWLGŌOHWHOW
(J\ KDQJMHO]pV KDOOKDWy $ NLMHO]ŌQ D ‹‹‹‹ IHOLUDW OiWV]LN
$MHO]ŌyUDNLNDSFVROiViKR]NRSSLQWVRQHJ\WHWV]ŌOHJHV
PH]ŌUH
$MHO]ŌyUiQEHiOOtWRWWLGŌPyGRVtWiVD
$IRUJDWyYiODV]WyYDOPyGRVtWVDDMHO]pVLLGŌW1pKiQ\
PiVRGSHUFP~OYDDNpV]OpNiWYHV]LDPyGRVtWiVW
$MHO]ŌyUiQEHiOOtWRWWLGŌW|UOpVH
$IRUJDWyYiODV]WyYDOiOOtWVDYLVV]DDMHO]ŌyUiQEHiOOtWRWW
LGŌWDN|YHWNH]ŌUH ‹‹‹‹1pKiQ\PiVRGSHUFP~OYDD
NpV]OpNiWYHV]LDPyGRVtWiVW$MHO]ŌyUDH]]HONLYDQ
NDSFVROYD
,GŌWDUWDPEHiOOtWiVD
%HiOOtWKDWMDDNpV]OpNHQD]pWHOVWpVLLGŌWDUWDPiW
$PLNRUD]LGŌWDUWDPOHMiUWDNpV]OpNDXWRPDWLNXVDQ
NLNDSFVRO$VWpVLLGŌYpOHWOHQW~OOpSpVHVHPIRUGXOKDW
HOŌ
3pOGDD]iEUiQ)RUUyOHYHJŌIŦWpVLPyGSHUFHV
LGŌWDUWDP
 $IXQNFLyYiODV]WyYDOiOOtWVDEHDIŦWpVLPyGRW
$NLMHO]ŌQPHJMHOHQLNMDYDVODWNpQWHJ\
KŌPpUVpNOHWpUWpN
 6]NVpJHVHWpQDIRUJDWyYiODV]WyYDOPyGRVtWVDD
KŌPpUVpNOHWHW
 .RSSLQWVRQNpWV]HUD 0PH]ŌUH
$NLMHO]ŌQPHJMHOHQLNDN|YHWNH]ŌpVD]
LGŌV]LPEyOXPRNYLOiJtWDQDN
 $IRUJDWyYiODV]WyYDOiOOtWVRQEHSHUFHVLGŌWDUWDPRW
 .RSSLQWVRQDVWDUW l VWRSPH]ŌUH
$VWŌPŦN|GQLNH]G$NLMHO]ŌQOiWKDWyDQOHIXWD]
LGŌWDUWDPpVD/(' VWDUW l VWRSYLOiJtW$W|EEL
LGŌV]LPEyOXPNLDOV]LN
$]LGŌWDUWDPOHWHOW
(J\KDQJMHO]pVKDOOKDWy$NpV]OpNQHPIŦWWRYiEE$
NLMHO]ŌQD ‹‹‹‹IHOLUDWOiWV]LN
 .RSSLQWVRQD 0PH]ŌUH
$MHONLDOV]LN
 )RUJDVVDDIXQNFLyYiODV]WyWQXOOiUD
$NpV]OpNNLYDQNDSFVROYD
,GŌWDUWDPPyGRVtWiVD
$IRUJDWyYiODV]WyYDOPyGRVtWVDD]LGŌWDUWDPRW1pKiQ\
PiVRGSHUFP~OYDDNpV]OpNiWYHV]LDPyGRVtWiVW
,GŌIXQNFLy +DV]QiODW
t
-HO]ŌyUD $ MHO]ŌyUD ~J\ PŦN|GLN PLQW HJ\ WRMiVIŌ]Ō
yUD$]]HPPyGWyOpVDW|EELLGŌIXQNFLy
WyOIJJHWOHQOPŦN|GLNpVQLQFVKDWiVVDO
DNpV]OpNUH
y
,GŌWDUWDP $ EHiOOtWRWW LGŌWDUWDP OHMiUWiYDO D NpV]OpN
DXWRPDWLNXVDQEHIHMH]LDPŦN|GpVW
0 ,GŌ $PtJQHPIXWPiVIXQNFLyD]HOŌWpUEHQ
DGGLJDNLMHO]ŌDSRQWRVLGŌWPXWDWMD
hu *\HUHN]iU

$]LGŌWDUWDPW|UOpVH
+DEHiOOtWRWWDDMHO]ŌyUDIXQNFLyWXWiQDNRSSLQWVRQD 0
PH]ŌUH&VDNH]XWiQWXGMDD]LGŌWDUWDPRWPyGRVtWDQL
$IRUJDWyYiODV]WyYDOiOOtWVDYLVV]DD]LGŌWDUWDPRWD
N|YHWNH]ŌpUWpNUH ‹‹‹‹1pKiQ\PiVRGSHUFP~OYDD
NpV]OpNiWYHV]LDPyGRVtWiVW
$]HOVŌ]HPEHKHO\H]pV
$]HOHNWURPRVKiOy]DWKR]YDOyFVDWODNR]WDWiVYDJ\HJ\
iUDPV]QHWXWiQDDNLMHO]ŌQPHJMHOHQLNHJ\IHOV]yOtWiVD
SRQWRVLGŌEHiOOtWiViUD1pKiQ\PiVRGSHUFEHWHOKHW
DPtJPHJMHOHQLNDIHOV]yOtWiV
3RQWRVLGŌEHiOOtWiVD
h]HPEH KHO\H]pVNRU D] LGŌNLMHO]pV MHOHQLN PHJ NLHPHOYH
$ ‚ƒ‹‹ pUWpNYLOORJDNLMHO]ŌQpVD 0V]LPEyOXP
YLOiJtWÉOOtWVDEHDSRQWRVLGŌW
 $IRUJDWyYiODV]WyYDOiOOtWVDEHDSRQWRVLGŌW
 .RSSLQWVRQD 0PH]ŌUH
$]LGŌWDNpV]OpNEHiOOtWRWWD
$]LGŌPyGRVtWiVD
8WDVtWiV $ NpV]OpNQHN NLNDSFVROW iOODSRWEDQ NHOO OHQQLH
DKKR]KRJ\DSRQWRVLGŌEHiOOtWKDWyOHJ\HQ
 .RSSLQWVRQNpWV]HUD 0PH]ŌUH
$NLMHO]ŌQPHJMHOHQLND 0V]LPEyOXPpVDSRQWRVLGŌ
 $IRUJDWyYiODV]WyYDOiOOtWVDEHD]LGŌW
 .RSSLQWVRQD 0PH]ŌUH
$]LGŌWDNpV]OpNEHiOOtWRWWD
8WDVtWiVRN
+DDSRQWRVLGŌEHiOOtWiVDXWiQQHPNRSSLQWD 0
PH]ŌUHDNNRUDNpV]OpNQpKiQ\PiVRGSHUF
HOWHOWpYHODXWRPDWLNXVDQiWYHV]LDEHiOOtWRWWpUWpNHW
+DDEHiOOtWiVLGŌWDUWDPDDODWWPR]JDWWDD
IXQNFLyYiODV]WyWDNNRUYLVV]DNHOOiOOtWDQLDQXOOD
iOOiVED&VDNH]XWiQKDV]QiOKDWMDDNpV]OpNHW
$NpV]OpN6WDQGE\iOODSRWEDQW|UWpQŌ
IRJ\DV]WiViQDNFV|NNHQWpVpKH]HOWQWHWKHWLD]LGŌW
A*\HUHN]iU
*\HUHN]iU
$NpV]OpNJ\HUHN]iUUDOYDQHOOiWYDDQQDNpUGHNpEHQ
KRJ\J\HUPHNHNQHNDSFVROKDVViNEHYpOHWOHQO
%HNDSFVROiVpVNLNDSFVROiV
 )RUJDVVDDIXQNFLyYiODV]WyWQXOOiUD
 .E PiVRGSHUFLJWDUWVDQ\RPYDD ]PH]ŌW
$NLMHO]ŌQPHJMHOHQLND DV]LPEyOXP$J\HUHN]iUEHLOO
NLYDQNDSFVROYD
8WDVtWiVRN
+D EHiOOtWRWW MHO]pVL LGŌW t DNNRU D] WRYiEE IXW $PtJ D
J\HUHN]iUDNWtYDMHO]pVLLGŌQHPPyGRVtWKDWy
$KDQJMHO]pVHNHWDPLO\HQSODMHO]pVLLGŌOHWHOWHXWiQ
KDOODWV]LNHJ\WHWV]ŌOHJHVPH]ŌUHNRSSLQWYDiOOtWKDWMD
OH
/