Manual de instrucciones BMW 316 BROCHURE 2010

[. . . ] [. . . ] $VFSP%BLPUBFOBTJFOUPT SFQPTBCSB[PTEFDPOTPMBDFOUSBMZQVFSUBT SFQPTBDBCF[BTEFBTJFOUPTEFMBOUFSPTZUSBTFSPTFYUFSJPSFTZGVFMMFEFQBMBODBEFDBNCJP -BUBQJDFSB*NQVMTJODMVZFMBUFSBMFTJOUFSOPTEFMPTBTJFOUPTZSFTQBMEPTFODVFSP DFOUSPEFBTJFOUPTZSFTQBMEPTFOUFMB &TUFDBU¡MPHPSFQSPEVDFNPEFMPT FRVJQBNJFOUPTZQPTJCJMJEBEFTEFDPO HVSBDJ³OFRVJQBNJFOUP EFTFSJFZFRVJQBNJFOUPPQDJPOBM EFMPTWFIDVMPTTVNJOJTUSBEPTQPS#. 8"(BMNFSDBEP BMFN¡O-PTFRVJQBNJFOUPTEFTFSJFZPQDJPOBMFTZMBTQPTJCJMJEBEFTEFDPO HVSBDJ³OEFTDSJUPT FOFTUFDBU¡MPHPQVFEFOWBSJBSFOPUSPT&TUBEPTNJFNCSPTEFMB6OJ³O&VSPQFB*OG³SNFTF EJSFDUBNFOUFFOTV$PODFTJPOBSJP0 DJBM#. 8TPCSFMBTWFSTJPOFTRVFTFPGSFDFOFOTVQBT 4BMWPNPEJ DBDJPOFTEFGBCSJDBDJ³OZFRVJQBNJFOUPT i#. 8"( . VOJDI"MFNBOJB4³MPTFQFSNJUFMBSFQSPEVDDJ³O JODMVTPEFGPSNBSFTVNJEB DPO BVUPSJ[BDJ³OFTDSJUBEF#. 8"( . VOJDI &EJUJPO-JGFTUZMF]&EJUJPO&YDMVTJWF]&EJUJPO4QPSU ] &%*5*0/-*'&45:-& &91&3*. &/5&-"*/%*7*%6"-*%"% :BQVFEFFYQFSJNFOUBSFMQMBDFSEFDPOEVDJSEFGPSNBDPNQMFUBNFOUFJOEJWJEVBM&EJUJPO-JGFTUZMF PGSFDFVOB BNQMJBTFMFDDJ³OEFQJOUVSBTNFUBMJ[BEBT DPNP1MBUJOCSPO[FNFUBMJ[BEBJMVTUSBEBBRV ZFYDMVTJWBTMMBOUBTEF BMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFO7 EFTFSJF&MGSPOUBMDPOWFODFDPOFMQMBUFBEPEFMQBSBHPMQFT ZMBTCBSSBTDSPNBEBT VOPTEFUBMMFTRVFIBTUBBIPSBFSBOFYDMVTJWPTEFMPTNPEFMPTEFTFJTDJMJOESPTFOMOFB -BTNPMEVSBTEFMBTWFOUBOJMMBTDSPNBEBTVPQDJPOBMNFOUFFO4IBEPX-JOFEFCSJMMPJOUFOTPJMVTUSBEPBRV DPNQMFNFOUBOMBJNQFDBCMFJNBHFOEFMB&EJUJPO-JGFTUZMF&OMB[POBEFMBTQVFSUBT MBTFTUSJCFSBTDPOFM BOBHSBNB&EJUJPOMFEBS¡OMBCJFOWFOJEB-FTF±BMBOFMBDDFTPBVOJOUFSJPSRVFMFJOWJUBBUPNBSBTJFOUPTPCSF VOBUBQJDFSBEFUFMB-BZFSSFQSPEVDJEPBRVFMDVFSP%BLPUB0ZTUFSPQDJPOBM FTQFDJBMNFOUFEJTF±BEBQBSB FTUB&EJDJ³O-BTNPMEVSBTJOUFSJPSFT1MBUJOCSPO[F EFCSJMMPJOUFOTP QSPMPOHBOMBEJTDSFDJ³OEFMDPMPSEFMB DBSSPDFSBUBNCJ©OFOFMJOUFSJPSZTFIBOSFTFSWBEPFOFYDMVTJWBQBSBMB&EJUJPO-JGFTUZMF &%*5*0/&9$-64*7& %&4$6#3"&-"53"$5*70%&-0&953"03%*/"3*0 $PNPFMQSPQJPOPNCSFJOEJDB ZBFMFYUFSJPSEFMB&EJUJPO&YDMVTJWF JSSBEJB FTNFSPFOFMEFUBMMF$POFMDPMPSEFMBDBSSPDFSBFO5JFGTFFCMBVNFUBMJ[BEP ZTVTFYDMVTJWBTMMBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFO FTUSFMMB MVDFJNQPOFOUFFOMBDBSSFUFSB%FUBMMFTEFHSBOEJTUJODJ³O NFKPSBOBºON¡TTVQSFTFODJBTUBSFTQMBOEFDFDPOMBTNPMEVSBTEFMBT WFOUBOJMMBTZMBTCBSSBTDSPNBEBTQBSBMPTNPEFMPTEFDVBUSPDJMJOESPT /BUVSBMNFOUFFMJOUFSJPSOPEFTNFSFDFBMFYUFSJPS&O©MQPES¡EJTGSVUBSEF MPTBTJFOUPTDPOGJOPDVFSP%BLPUB JMVTUSBEPTBRVFO#FJHF BTDPNPEFMBT FYDMVTJWBTNPMEVSBTFONBEFSBOPCMFEFCBNCºWFUFBEPBOUISB[JU&MWPMBOUF EFQPSUJWPEFDVFSP UBNCJ©OEJTQPOJCMFFOFTUB&EJUJPO PGSFDFVOBHBSSF FTQFDJBMNFOUFCVFOPZVOBTQFDUPUBOBHSBEBCMFDPNPTVUBDUP ZMBT FTUSJCFSBTDPOFMBOBHSBNB&EJUJPOEFKBODMBSBMBJNQPSUBODJBQSFTUBEBBMP FYUSBPSEJOBSJP &%*5*0/41035 &-%*/". *4. 01630&/46'03. ". 4&-&("/5& 1BSBMPTFOUVTJBTUBTEFMDPNQPSUBNJFOUPEFQPSUJWP MB&EJUJPO4QPSU FT MBFMFDDJ³ODPSSFDUB4VJNBHFOBUM©UJDBTFSFBM[BDPOMBQJOUVSBNFUBMJ[BEB JMVTUSBEBBRV#MVFXBUFSNFUBMJ[BEB -BTFYDMVTJWBTMMBOUBTEFBMFBDJ³O MJHFSB. EF QVMHBEBTDPOSBEJPTFOFTUSFMMB . FO'FSSJDHSFZNFUBMJ[BEP &MUVCPEFFTDBQFFODSPNBEPOFHSPZMBTNPMEVSBTEFMBTWFOUBOJMMBTFO 4IBEPX-JOFEFCSJMMPJOUFOTPDPNQMFNFOUBOFMQBRVFUF-BTVTQFOTJ³O EFQPSUJWB. SFCBKBEBZFMQBRVFUFBFSPEJO¡NJDP. PQUJNJ[BOBºON¡TFM EJOBNJTNP-PTBTJFOUPTEFQPSUJWPTQBSBDPOEVDUPSZBDPNQB±BOUF FOMB DPNCJOBDJ³OEFUFMBZ"MDBOUBSB#MVF4IBEPXDPOQFTQVOUFDPOUSBTUBEP PGSFDFOVOBCVFOBTVKFDJ³O ZFMWPMBOUFEFDVFSP. DPOCPUPOFTNVMUJGVODJ³O QFSNJUF DPOKVOUBNFOUFDPOMBQBMBODBEFDBNCJPDPSUBDPOFMFNCMFNB. RVFUPEPFTU©CBKPDPOUSPM-PTQFEBMFTFOBDFSPJOPYJEBCMFZMBTBMGPNCSJMMBT DPODPTUVSBTFOB[VMSFBMSFNBUBOFMJOUFSJPSEFMB&EJUJPO /PEJTQPOJCMFQBSBFM#. 8 E&GGJDJFOU%ZOBNJDT&EJUJPO 4³MPFODPNCJOBDJ³ODPOFMDBNCJPNBOVBMEF WFMPDJEBEFT &OTV$PODFTJPOBSJP0GJDJBM#. 8MFJOGPSNBS¡OFODBOUBEPTEFMPTEFUBMMFT EFMFRVJQBNJFOUP &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM 'BSPTCJYFO³OQBSBMVDFTEFDSVDFZ DBSSFUFSB DPOMBWBGBSPTFJOUFSNJUFOUFT-&% 3FHVMBDJ³OBVUPN¡UJDBEFMBMDBODFEFMBTMVDFT NFKPSJMVNJOBDJ³OEFOPDIFZFODPOEJDJPOFT EFWJTJCJMJEBEBEWFSTBT -VDFTBVUPBEBQUBCMFTDPOSFHVMBDJ³O WBSJBCMFEFMBMDBODFZMV[EFHJSP*MVNJOBMBT DVSWBTFODVBOUPFMDPOEVDUPSFOUSBFOFMMBT T³MPDPOGBSPTCJYFO³O 3FKJMMBGSPOUBM$POSFCPSEFZCBSSBT WFSUJDBMFTDSPNBEPT&OMPTNPEFMPTDPONPUPS EFDVBUSPDJMJOESPTFOMOFB#. 8 J J E E EZ E&GGJDJFOU%ZOBNJDT &EJUJPO MBTCBSSBTWFSUJDBMFTNBOUJFOFOFMDPMPS OFHSP &TUSJCFSBTDSPNBEBTT³MPQBSBNPEFMPT EFTFJTDJMJOESPT DPOFMBOBHSBNB#. 8 -OFBDSPNBEBFYUFSJPS&OFTUSJCFSBTZ NPMEVSBTEFWFOUBOJMMBTDSPNBEBTQBSBUPEPT MPTNPEFMPTDVBUSPDJMJOESPTZFOFMUVCPEF FTDBQFDSPNBEPQBSBMPTNPEFMPT#. 8 J EZ E 4FOTPSEFMMVWJBDPOMV[EFDSVDF BVUPN¡UJDB6OBWF[BDUJWBEP FMTFOTPSEFMMVWJB QPOFFOGVODJPOBNJFOUPBVUPN¡UJDBNFOUFMPT MJNQJBQBSBCSJTBTFOGVODJ³OEFMBJOUFOTJEBEEF MBMMVWJBZSFHVMBQPSTNJTNPMBGSFDVFODJBEF CBSSJEP&MEJTQPTJUJWPEFBMVNCSBEPBVUPN¡UJDP JOUFHSBEPFODJFOEFMBMV[EFDSVDFDVBOEP PTDVSFDFZBMFOUSBSFOVOUºOFM "TJTUFOUFEFMV[EFDBSSFUFSB"QPZBBM DPOEVDUPSEFOPDIFBDUJWBOEPZEFTBDUJWBOEP MBTMVDFTMBSHBTBVUPN¡UJDBNFOUFDVBOEPIBZ US¡GJDPEFGSFOUFPWFIDVMPTEFMBOUF BTDPNP DVBOEPMBJMVNJOBDJ³OEFMBDBM[BEBFTTVGJDJFOUF 1BRVFUFEFJMVNJOBDJ³O*ODMVZFMV[EF MFDUVSBEFMBOUFZEFUS¡T JMVNJOBDJ³OEFMFTQFKP EFDPSUFTB EFMPTWBOPTEFMPTQJFTEFMBOUFF JMVNJOBDJ³OTVQFSJPSEFUS¡T5BNCJ©OJMVNJOBDJ³O EFMB[POBEFMBTFTUSJCFSBTFJMVNJOBDJ³OEF BDDFTPEFTEFMBTNBOJMMBTFYUFSJPSFTEFMBT QVFSUBT%FFTUFNPEP BMEFTCMPRVFBSMBT QVFSUBTTFJMVNJOBOMBT[POBTEFBDDFTPQBSB RVFFOUSBSZTBMJSEFMDPDIFTFBTFHVSPZD³NPEP 4JTUFNBY%SJWF5SBDDJ³OJOUFHSBMJOUFMJHFOUFDPOSFQBSUPEFMBGVFS[BEFGPSNBDPOUJOVBZ WBSJBCMFFOUSFMPTFKFTEFMBOUFSPZUSBTFSP QBSBEJTQPOFSEFNBZPSNPUSJDJEBE FTUBCJMJEBEEF USBZFDUPSJBZTFHVSJEBETFBODVBMFTTFBOMBTDPOEJDJPOFTEFMBDBSSFUFSBEJTQPOJCMFQBSBMPT NPEFMPT#. 8 J J J EZ E OHBODIFQBSBSFNPMRVF*ODMVZFDPOUSPM & EFFTUBCJMJ[BDJ³ODPOEFTCMPRVFPFM©DUSJDP QPSNFEJPEFVOJOUFSSVQUPSDPMPDBEPFOFM NBMFUFSP1MFHBCMFNFD¡OJDBNFOUFDVBOEP OPTFOFDFTJUB/PEJTQPOJCMFQBSBFM#. 8 E&G DJFOU%ZOBNJDT&EJUJPO &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] -MBOUBTEFBMFBDJ³OMJHFSB EF QVMHBEBT 3BEJPTFO7 +Y OFVN¡UJDPT 3 EFTFSJFFOMPTMPT#. 8 JE JEZ EY%SJWF UBNCJ©OEJTQPOJCMFTDPNPKVFHP DPNQMFUPEFSVFEBTEFJOWJFSOPFO"DDFTPSJPT 0SJHJOBMFT#. 8 , -MBOUBTEFBMFBDJ³OMJHFSB EF QVMHBEBT 3BEJPTEPCMFT +Y OFVN¡UJDPT 3 UBNCJ©OEJTQPOJCMFT DPNPKVFHPDPNQMFUPEFSVFEBTEFJOWJFSOP FO"DDFTPSJPT0SJHJOBMFT#. 8 #8 -MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBT 3BEJPTFOFTUSFMMB +Y OFVN¡UJDPT 3 EFTFSJFQBSBFM#. 8 JZ JY%SJWF 4: -MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBT 3BEJPTFO7 +Y OFVN¡UJDPT 3 EFTFSJFFOMPT#. 8 JY%SJWF JY%SJWF E EY%SJWFZ E , 6 -MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBT 3BEJPTEPCMFT DPO DBSBDUFSTUJDBTEFFNFSHFODJB +Y OFVN¡UJDPT 3 #; -MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBT 3BEJPTFOFTUSFMMB DPO OFVN¡UJDPTEFEJTUJOUBTNFEJEBTZ DBSBDUFSTUJDBTEFFNFSHFODJBEFMBOUF +Y OFVN¡UJDPT 3 EFUS¡T +Y OFVN¡UJDPT 3 4 -MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBT 3BEJPTFOFTUSFMMB DPO OFVN¡UJDPTEFEJTUJOUBTNFEJEBTZ DBSBDUFSTUJDBTEFFNFSHFODJBEFMBOUF +Y OFVN¡UJDPT 3 EFUS¡T +Y OFVN¡UJDPT 3 4 $PO#. 8. PCJMJUZ4ZTUFNVPQDJPOBMNFOUFDPODBSBDUFSTUJDBTEFFNFSHFODJB &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM PMBOUFEFQPSUJWPEFDVFSP%J¡NFUSP 7 EF NN USFTSBEJPT*ODMVZFSFNBUFT DSPNBEPTFOFMQPNPEFMBQBMBODBEF DBNCJPTZFMWPMBOUFZFNQV±BEVSBEFMGSFOP EFNBOPEFDVFSPPQDJPOBMQBSBMPT#. 8 E EZ J #PUPOFTNVMUJGVODJ³OQBSB FMDPOUSPMBEJTUBODJBEFMBSBEJPZFMUFM©GPOP 7PMBOUFEFDVFSP. &YDFMFOUFBHBSSF HSBDJBTBMNBZPSHSPTPSEFMBSP$POMPT CPUPOFTNVMUJGVODJ³OJOUFHSBEPTTFNBOFKBOMB SBEJP FM$%Z TJEFEJTQPOFEF©M FMUFM©GPOPTJO BQBSUBSMBTNBOPTEFMWPMBOUF BMFGBDDJ³OEFMWPMBOUFQBSBFMWPMBOUF $ EFDVFSPZFMWPMBOUFEFQPSUJWPEFDVFSP 1VMTBOEPVOCPU³OTFDBMJFOUBFOVONPNFOUP FMBSPEFMWPMBOUFNVZBHSBEBCMFFOJOWJFSOP PU³OEFBSSBORVF4UBSU4UPQ1BSB # BSSBODBSFMNPUPS6OBWF[JOTFSUBEBMBMMBWF FMNPUPSTFFODJFOEFZTFBQBHBQVMTBOEPVO CPU³O $POUSPMEFDSVDFSP"QBSUJSEFVOPT LNINFNPSJ[BMBWFMPDJEBEEFTFBEBZMB NBOUJFOFDPOTUBOUF-BWFMPDJEBEBQBSFDF JOEJDBEBFOFMDVBESPEFJOTUSVNFOUPT4JTF BDFMFSBQPSFODJNBEFMBWFMPDJEBEQSPHSBNBEB FMTJTUFNBSFDVQFSB©TUBBVUPN¡UJDBNFOUFBM TPMUBSFMBDFMFSBEPS4FEFTDPOFDUBBMQJTBSFM GSFOP-PTNPEFMPTEFTFJTDJMJOESPTUJFOFO BEFN¡TGVODJ³OEFGSFOBEP 4JTUFNBEFDPOUSPMQPSWP[$POUSPMB FONBSDIBFNJTPSBTEFSBEJP EFTUJOPTEF OBWFHBDJ³OPEBUPTUFMFG³OJDPT RVFTF NVFTUSBOTJNVMU¡OFBNFOUFFOFMEJTQMBZEF DPOUSPM $POUSPMEF$SVDFSP"DUJWP"$$ 1BSB DPOEVDJSD³NPEBNFOUFBMBWFMPDJEBE QSPHSBNBEB$JSDVMBOEPFODBSBWBOB FM#. 8 BEBQUBMBWFMPDJEBEBMBEFMPTWFIDVMPT RVFNBSDIBON¡TEFTQBDJPZNBOUJFOF BVUPN¡UJDBNFOUFMBEJTUBODJBQSPHSBNBEB T³MPFOMPTNPEFMPTEFTFJTDJMJOESPT &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] $VBESPEFJOTUSVNFOUPT*OTUSVNFOUPT BOBM³HJDPTJMVNJOBEPT WFMPDNFUSPDPOJOEJDBEPS EFOJWFMEFDPNCVTUJCMF DVFOUBSSFWPMVDJPOFT DPOJOEJDBEPSEFDPOTVNPJOTUBOU¡OFPFOFM #. 8 JDPOJOEJDBDJ³OEFMBUFNQFSBUVSBEFM BDFJUF QBOUBMMB-$%QBSBFMDVFOUBLJM³NFUSPT UPUBMZQBSDJBM UFNQFSBUVSBFYUFSJPSZSFMPK *OEJDBDJ³OEFDBNCJPEFNBSDIB 4F±BMB DV¡OEPTFQVFEFDPOEVDJSDPOTVNJFOEP NFOPTFOPUSBNBSDIB&MTJTUFNBSFDPNJFOEB TVCJSPCBKBSEFNBSDIBZTFBEBQUBBTVFTUJMP EFDPOEVDDJ³O"MBDFMFSBS QPSFKFNQMP JOEJDB BRV©NBSDIBDPOWJFOFDBNCJBSZDV¡MFTFM DBNCJPTJHVJFOUFTJDPOUJOºBBDFMFSBOEPQBSB BIPSSBSDPNCVTUJCMF *OEJDBDJ³OEFBSSBORVFZQBSBEB"VUP 4UBSU4UPQ*OEJDBFOFMEJTQMBZEFJOGPSNBDJ³O TJMBGVODJ³OEFBSSBORVFZQBSBEBIBBQBHBEP FMNPUPSQPSFKFNQMP FOVOTFN¡GPSPPFOVO BUBTDP -BJOEJDBDJ³OEFTBQBSFDFBMWPMWFSB BSSBODBSFMNPUPSBVUPN¡UJDBNFOUFFOUPEPT MPTNPEFMPTDPONPUPSEFDVBUSPDJMJOESPTZ DBNCJPEFNBSDIBTNBOVBM 4JTUFNBEFOBWFHBDJ³O#VTJOFTT$PO SFQSPEVDUPSEF$% DPOUSPMBEPSJ%SJWFDPO CPUPOFTEFBDDFTPEJSFDUP CPUPOFTEF GBWPSJUPT NFNPSJBJOUFHSBEBQBSBEBUPTEF OBWFHBDJ³O JOEJDBDJPOFTFONBQBTDPO WJTUBB©SFBZNBQBTDPOGMFDIBT DPOQBOUBMMB EFBMUBEFGJOJDJ³OEF QVMHBEBT 4JTUFNBEFOBWFHBDJ³O1SPGFTTJPOBM$POUSPMBEPSJ%SJWFDPOCPUPOFTEFBDDFTPEJSFDUP CPUPOFTEFGBWPSJUPT EJTDPEVSPJOUFHSBEPQBSBBSDIJWPTEFBVEJPZEBUPTEFOBWFHBDJ³O JOEJDBDJPOFTDPONBQBTFO %FOQBOUBMMBEFBMUBSFTPMVDJ³OEF QVMHBEBT $POUSPMEF%JTUBODJBEF"QBSDBNJFOUP 1%$ %FMBOUFZEFUS¡TPT³MPEFUS¡TGBDJMJUB FMFTUBDJPOBNJFOUPZMBTNBOJPCSBTFOFTQBDJPT SFEVDJEPTFJOEJDBBDºTUJDBNFOUFFMBDFSDBNJFOUP EFMWFIDVMPBVOPCTU¡DVMP&ODPNCJOBDJ³O DPOFMTJTUFNBEFOBWFHBDJ³O MBTJOEJDBDJPOFT BQBSFDFOUBNCJ©OFOMBQBOUBMMB VODJ³OEF57-BQBOUBMMBEF ' QVMHBEBTQVFEFVUJMJ[BSTFDPNPUFMFWJTPS DVBOEPFMWFIDVMPFTU¡FTUBDJPOBEP 4JOUPOJ[BFNJTPSBTUFSSFTUSFTBOBM³HJDBTZ EJHJUBMFT5%5 T³MPFODPNCJOBDJ³ODPOFM TJTUFNBEFOBWFHBDJ³O1SPGFTTJPOBM BMFGBDDJ³OBVYJMJBSDPONBOEPB $ EJTUBODJB *EFBM QPSFKFNQMP FOJOWJFSOPZFO EBTGSPT$VBOEPFOUSFFOTVWFIDVMP MPT DSJTUBMFTFTUBS¡OMJNQJPTEFIJFMPZFMIBCJU¡DVMP IBCS¡BMDBO[BEPVOBUFNQFSBUVSBBHSBEBCMF 1BSBWFIDVMPTDPODBNCJPNBOVBMEF WFMPDJEBEFT *MVTUSBEBBRVDPOQBOUBMMBEF QVMHBEBTEFMTJTUFNBEFOBWFHBDJ³O1SPGFTTJPOBMPQDJPOBM &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM MJNBUJ[BEPSBVUPN¡UJDP$PO"6$ $ NJDSPGJMUSP TFOTPSTPMBSZEFFNQB±BNJFOUP ZGVODJ³OEFDBMPSSFTJEVBMBMDBO[BS¡QJEBNFOUF MBUFNQFSBUVSBEFTFBEBZMBNBOUJFOFDPOTUBOUF 3FHVMBDJ³OEFMBUFNQFSBUVSBEFMBOUF JOEFQFOEJFOUFJ[RZESDIB UFNQFSBUVSBFOMB DPOTPMBDFOUSBMZWFOUJMBDJ³OZDMJNBUJ[BDJ³OEFUS¡T 0QDJPOBMQBSBMPT#. 8 E JZ E 3BEJP#. 8#VTJOFTT$%"NQMJGJDBEPSEF DBOBMFT BOUFOBT%JWFSTJUZ UPNB"69*/ GVODJ³OEFFYQMPSBDJ³O SFQSPEVDUPSEF$% EFTDPEJGJDBEPS. 1 SFHVMBDJ³OBVUPN¡UJDBEFM WPMVNFO DJODPBMUBWPDFTDVBUSPEFBHVEPTZNFEJPT VOSFQSPEVDUPSEFCBKPTTJUVBEPEFCBKP EFMBTJFOUPEFMDPOEVDUPS BEJP#. 81SPGFTTJPOBM$PNPMB#. 8 3 #VTJOFTT$% QFSPBEFN¡TDPOQBOUBMMBEFEPT MOFBTQBSBNPTUSBSOºNFSPTEFUFM©GPOPDPO MBPQDJ³OEF#MVFUPPUI OPNCSFTPGVODJPOFT EFMPSEFOBEPSEFBCPSEPZDPOFYJ³OQBSB JOUFSDBNCJBEPSEF$% 4JOUPOJ[BEPS%"#%. #1BSBSFDJCJS UBNCJ©OQSPHSBNBTEFSBEJPEJHJUBMFT JTUFNBEFTPOJEPFOWPMWFOUF)BSNBO 4 , BSEPO1SPEVDFVOBFYQFSJFODJBTPOPSBEF HSBOJOUFOTJEBE6OBNQMJ DBEPSEJHJUBM USFDF BMUBWPDFTZMBGVODJ³OTVSSPVOEBKVTUBCMF QSPQPSDJPOBOVOTPOJEPFTQBDJBMNFOUFQFSGFDUP -PTCBKPTDFOUSBMFTSFQSPEVDFO FMNFOUFMPT HSBWFTNFEJBOUFMPTTVCXPPGFST 4JTUFNBEFBMUBWPDFT)J'J0GSFDFVO TPOJEPCSJMMBOUFDPOPDIPBMUBWPDFT 4JTUFNBEFBVEJP#. 8*OEJWJEVBM)JHI &OE$POQPUFOUFTBMUBWPDFTDPOJNBOFTEF OFPEJNJPFYDMVTJWPT QSPEVDFVOTPOJEPDPO DBMJEBEEFTBMBEFDPODJFSUPT&MWPMVNFOZMB FDVBMJ[BDJ³OTFBKVTUBOBVUPN¡UJDBNFOUFFO GVODJ³OEFMBWFMPDJEBEEJTQPOJCMFQBSBMPT NPEFMPTEFTFJTDJMJOESPT $POFYJ³O"69*/1BSBVOSFQSPEVDUPS. 1 VPUSBGVFOUFEFTPOJEPFYUFSOB $POFYJ³O64#BVEJP1BSBNFNPSJBT64# PSFQSPEVDUPSFT. 1 BNQMJBCMFBDPOFYJ³OEF DPOGPSUQBSBSFQSPEVDUPSEFNºTJDBEFN³WJM *OEJDBDJ³OEFMPTUUVMPTFOFMEJTQMBZEFDPOUSPM T³MPDPOTJTUFNBEFOBWFHBDJ³O 4FNBOFKBDPO FMWPMBOUFNVMUJGVODJ³O MBSBEJP1SPGFTTJPOBM PFMTJTUFNBEFOBWFHBDJ³OBNCPTPQDJPOBMFT 1SFQBSBDJ³OQBSBUFM©GPOPN³WJMDPO JOUFSGB[#MVFUPPUI$POTJTUFNBEFNBOPT MJCSFT DPOFYJ³OQBSBDBSHBZBOUFOBFYUFSJPS . FEJBOUFVOBEBQUBEPSBQSFTJ³OPQDJPOBM QVFEFDPOFDUBSTFVOUFM©GPOPN³WJMDPO #MVFUPPUI RVFUBNCJ©OQVFEFNBOFKBSTFDPO FMTJTUFNBJ%SJWFFODPNCJOBDJ³ODPOVOPEFMPT TJTUFNBTEFOBWFHBDJ³O &OTV$PODFTJPOBSJP 0GJDJBM#. 8MFJOGPSNBS¡OFODBOUBEPTEFMPT NPEFMPTEFN³WJMDPNQBUJCMFT $BNCJPNBOVBMEF WFMPDJEBEFT1BSB VOBDPOEVDDJ³ONVZEFQPSUJWB&TTVBWF UJFOF VOFTDBMPOBNJFOUPQFSGFDUPZEFTUBDBQPSTVT SFDPSSJEPTDPSUPTZFYBDUPT-BTSFMBDJPOFT DFSSBEBTQFSNJUFOBQSPWFDIBSEFGPSNBBºO N¡TJOEJWJEVBMMBTDVBMJEBEFTEFQPSUJWBT EFMNPUPS FODPOTPOBODJBDPOTVFTUJMPEF DPOEVDDJ³OOPEJTQPOJCMFQBSBFM#. 8 E &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] BNCJPBVUPN¡UJDP4UFQUSPOJDEF $ WFMPDJEBEFT*ODMVZF"(4"TFHVSBDBNCJPT EFNBSDIBS¡QJEPTZDPOGPSUBCMFTZFMN¡YJNP EJOBNJTNPEFDPOEVDDJ³OEFTFSJFFOFM #. 8 E OPEJTQPOJCMFQBSBMPT#. 8 EZ E&GGJDJFOU%ZOBNJDT&EJUJPO "TJFOUPEFTFSJF$POSFHMBKFNBOVBMEFM BTJFOUP SFHVMBDJ³OFOBMUVSBQBSBMPTBTJFOUPT EFMDPOEVDUPSZFMBDPNQB±BOUFZSFQPTBDBCF[BT BDUJWP "TJFOUPEFQPSUJWP1BSBDPOEVDUPSZ BDPNQB±BOUF DPOSFQPTBDBCF[BTBDUJWPFO MBGPUPFODVFSP%BLPUB#FJHFPQDJPOBM TVKFDJ³OMBUFSBM³QUJNBDPOBKVTUFFM©DUSJDP DPOUJOVPEFMSFTQBMEPBMUVSBFJODMJOBDJ³OEF MBCBORVFUB JODMJOBDJ³OEFMSFTQBMEPZBQPZP QBSBMBTQJFSOBTSFHVMBCMFTNBOVBMNFOUF 7PMBOUFEFQPSUJWPEFDVFSPDPOMFWBTEF DBNCJP*MVTUSBEPBRVDPONVMUJGVODJ³OQBSB DBNCJBSEFQPSUJWBNFOUFQBSBMPTNPEFMPT EFTFJTDJMJOESPTT³MPDPOMBDBKBEFDBNCJPT BVUPN¡UJDBEF WFMPDJEBEFTDPO4UFQUSPOJD 7PMBOUFEFDVFSP. DPOMFWBTEFDBNCJP . VMUJGVODJ³OQBSBMPTNPEFMPTEFTFJTDJMJOESPT T³MPDPOMBDBKBEFDBNCJPTBVUPN¡UJDBEF WFMPDJEBEFTDPO4UFQUSPOJD BMFGBDDJ³OEFMBTJFOUP1BSBDPOEVDUPS $ ZBDPNQB±BOUFUSFTOJWFMFT FMBTJFOUP MPT MBUFSBMFTZFMSFTQBMEPTFDBMJFOUBOZQSPQPSDJPOBO VOBBHSBEBCMFUFNQFSBUVSBQPDPEFTQV©TEF BSSBODBS 3FHMBKFQBSDJBMNFOUFFM©DUSJDPEFMBTJFOUP 1BSBDPOEVDUPSZBDPNQB±BOUFBKVTUFFM©DUSJDP EFMBBMUVSBZFMSFTQBMEPSFHMBKFNBOVBMEFMB QPTJDJ³OMPOHJUVEJOBMZEFMBJODMJOBDJ³O 3FHMBKFFM©DUSJDPEFMBTJFOUP'PUPHSBGB DPOMBTGVODJPOFTBOUFSJPSFTN¡TSFHMBKFFM©DUSJDP MPOHJUVEJOBMZEFJODMJOBDJ³O NFNPSJBQBSBFM BTJFOUPEFMDPOEVDUPSZSFUSPWJTPSFTFYUFSJPSFT 'VODJ³OEFCPSEJMMPFOFMMBEPEFMBDPNQB±BOUF "QPZPMVNCBS BSBMPTBTJFOUPTEFM 1 DPOEVDUPSZFMBDPNQB±BOUF DPOSFHMBKF FM©DUSJDPIPSJ[POUBMZWFSUJDBMQBSBBMDBO[BSVOB QPTJDJ³OFSHPO³NJDBNFOUFQFSGFDUBZTVKFUBS MBNVTDVMBUVSBEFMBFTQBMEB 3FQPTBCSB[PTEFMBOUFSP 3FQPTBCSB[PTEFMBOUFSP%FTMJ[BCMF DPO BKVTUFJOEJWJEVBMJMVTUSBEPBRV 1BRVFUFEFDPNQBSUJNFOUPT$POSFEFDJMMBT FOMPTSFTQBMEPTEFMPTBTJFOUPTEFMBOUFSPT EPT QPSUBCFCJEBTBCBUJCMFTEFMBOUF EPTQPSUBCFCJEBT FOFMSFQPTBCSB[PTDFOUSBMUSBTFSPZCBOEFKBFO FMMBEPEFMDPOEVDUPS &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM 5FDIPEFDSJTUBM&M©DUSJDP DPSSFEJ[PZBCBUJCMF DPOEFGMFDUPSBQFSUVSBEFDPOGPSUDPOFMNBOEPBEJTUBODJB FUSPWJTPSJOUFSJPSDPOBKVTUFBVUPN¡UJDP 3 BOUJEFTMVNCSBNJFOUP*ODMVZFMV[EFMFDUVSB EFMBOUF"QBSUJSEFVOHSBEPEFUFSNJOBEPEF JODJEFODJBEFMBMV[EFMPTWFIDVMPTRVFDJSDVMBO EFUS¡T MPTSFUSPWJTPSFTQBTBOBVUPN¡UJDBNFOUF BMBQPTJDJ³OBOUJEFTMVNCSBNJFOUP "MBSNBBOUJSSPCP&ODBTPEFJOUFOUPEF SPCPZNBOJQVMBDJ³OEFMWFIDVMP MBBMBSNBFNJUF TF±BMFTBDºTUJDBTZFODJFOEFJONFEJBUBNFOUF MPTJOUFSNJUFOUFTEFBEWFSUFODJB DDFTPDPOGPSU$POJMVNJOBDJ³OEFBDDFTP " FOMBTNBOJMMBTFYUFSJPSFTEFMBTQVFSUBT"CSFZ DJFSSBFMWFIDVMPTJOUFOFSFMNBOEPBEJTUBODJB FOMBNBOP#BTUBDPOMMFWBSMBMMBWFFOVOCPMTJMMP FOVOBDBSUFSBPFOVOCPMTPEFNBOP"EFN¡T FMNPUPSTFQVFEFBSSBODBSTJOMBMMBWF DPOFM CPU³OEFBSSBORVF4UBSU4UPQ &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] 4JTUFNBEFDBSHBWBSJBCMF$POSFTQBMEP EFMBTJFOUPUSBTFSPBCBUJCMFBTJN©USJDBNFOUF JODMVZFSFQPTBCSB[PTDFOUSBMUSBTFSP "TJFOUPTUSBTFSPTBCBUJCMFT%JWJEJEPBTJN©USJDBNFOUFFOSFMBDJ³O JOEJWJEVBMNFOUFFODPNCJOBDJ³ODPOFMTJTUFNBEFDBSHBWBSJBCMF ZBCBUJCMF BRVFUFQBSBOPGVNBEPSFT$PO 1 QPSUBPCKFUPTBCJFSUPQBSBQFRVF±BTDPTBT DPNPN³WJMPMMBWFT #PMTBQBSBFTRVTFODPNCJOBDJ³ODPOFM TJTUFNBEFDBSHBWBSJBCMF 1BSBMMFWBSIBTUB DVBUSPQBSFTEFFTRVTEFGPSNBMJNQJBZTFHVSB ZDPODVBUSPQFSTPOBTFOFMWFIDVMPDVBOEP OPTFVUJMJ[BQVFEFPDVMUBSTFZPDVQBNVZ QPDPTJUJP %PTQPSUBCFCJEBTEFMBOUF&ODPNCJOBDJ³O DPOFMQBRVFUFEFDPNQBSUJNFOUPT JOUFHSBEPT FOFMQBOFMEFJOTUSVNFOUPT 1FSTJBOBFOSPMMBCMF1BSBMBMVOFUBUSBTFSB FM©DUSJDBQSPUFHFEFMBMV[TPMBSJOUFOTBTJO EFUFSJPSBSMBWJTJCJMJEBE 1FSTJBOBFOSPMMBCMF. FD¡OJDBQBSBMBT WFOUBOJMMBTMBUFSBMFTUSBTFSBT 3FQPTBDBCF[BTUSBTFSPT"CBUJCMFTMPT EPTSFQPTBDBCF[BTFYUFSJPSFTQVFEFOBCBUJSTF PGSFDJFOEPNFKPSWJTJCJMJEBEIBDJBBUS¡T &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM 1BRVFUFEFQPSUJWP. &MQPEFSPTPEJTF±P EFMGBME³OEFMBOUFSPPGSFDFVOBJNBHFOBºO N¡TEFQPSUJWB-BTVTQFOTJ³OEFQPSUJWB. MPT UVCPTEFFTDBQFDSPNBEPT FMBDBCBEP IBEPX 4 -JOFEFCSJMMPJOUFOTPPMBTMMBOUBTEFBMFBDJ³O MJHFSB. EF QVMHBEBTDPOSBEJPTEPCMFTFTUJMP . DPOOFVN¡UJDPTEFEJGFSFOUFTNFEJEBTZ DBSBDUFSTUJDBTEFFNFSHFODJBJMVTUSBEBTBMB J[RVJFSEB EFTFSJF"EFN¡T EJTQPOFEFMBTMMBOUBT EFBMFBDJ³OMJHFSB. EF QVMHBEBTDPOSBEJPT FOFTUSFMMBFTUJMP . &OFMJOUFSJPSSFNBUBOMB JNBHFOEJO¡NJDBMPTBTJFOUPTEFQPSUJWPTFOVOB DPNCJOBDJ³OFYDMVTJWBEFUFMBZ"MD¡OUBSB FM WPMBOUFEFDVFSP. DPONVMUJGVODJ³O MBTNPMEVSBT JOUFSJPSFTEFBMVNJOJP(MBDJFSTJMCFSZFM SFWFTUJNJFOUPEFMUFDIP"OUISB[JU FTUSJCFSBT. SFQPTBQJ©T. ZMBTMFWBTDPSUBTQBSBFMDBNCJPEF NBSDIBTT³MPFODPNCJOBDJ³ODPOFMDBNCJP BVUPN¡UJDP DPOFMFNCMFNB. 'BME³OUSBTFSP$POEJGVTPSRVFBDFOUºBMB MOFBEJO¡NJDB&MFTQPJMFSUSBTFSPZMPTGBMEPOFT MBUFSBMFTDPNQMFUBOFMBJSFEFQPSUJWP -MBOUBTEFBMFBDJ³OMJHFSB. EF QVMHBEBTDPOEJTF±PEFSBEJPTFO FTUSFMMB . $POOFVN¡UJDPTEFEJTUJOUBT EJNFOTJPOFTZDBSBDUFSTUJDBTEFFNFSHFODJB EFMBOUF +Y DPOOFVN¡UJDPT 3 EFUS¡T +Y DPOOFVN¡UJDPT 3 7PMBOUFEFDVFSP. &YDFMFOUFBHBSSF HSBDJBTBMNBZPSHSPTPSEFMBSP$POMPTCPUPOFT NVMUJGVODJ³OJOUFHSBEPTTFNBOFKBOMBSBEJP FM $%Z TJEFEJTQPOFEF©M FMUFM©GPOPTJOBQBSUBS MBTNBOPTEFMWPMBOUF "TJFOUPTEFQPSUJWPT1BSBVOFYDFMFOUF BQPZPMBUFSBM-BFYDMVTJWBDPNCJOBDJ³OEF UFMBZ"MD¡OUBSBFODPMPS#MVF4IBEPXFTMP N¡TBEFDVBEPQBSBFTUFFRVJQBNJFOUP . PMEVSBTJOUFSJPSFT"MVNJOJP(MBDJFSTJMCFS1SPMPOHBOBMBQFSGFDDJ³OFOFMJOUFSJPSFMFTUJMP EFQPSUJWPEFMFYUFSJPS /PEJTQPOJCMFQBSBFM#. 8 E&GGJDJFOU%ZOBNJDT&EJUJPO &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] -VDFTBVUPBEBQUBCMFT$POSFHVMBDJ³O WBSJBCMFEFMBMDBODFZMV[MBUFSBM EJTQPOFOEF GBSPTN³WJMFTRVFJMVNJOBOBMBQFSGFDDJ³O UPEBTMBTDVSWBTFODVBOUPFMDPOEVDUPS FOUSBFOFMMBTZBVNFOUBOMBTFHVSJEBEQPS MBOPDIFZFODPOEJDJPOFTMVNJOPTBT EFTGBWPSBCMFT-PTTFOTPSFTEFUFDUBOFM ¡OHVMPEFMWPMBOUF MBHVJ±BEBZMBWFMPDJEBE ZBEBQUBOMPTGBSPTBMBUSBZFDUPSJBEFMBDVSWB "JSCBHT&TU¡OQFSGFDUBNFOUFDPPSEJOBEPT DPOMPTEFN¡TDPNQPOFOUFTEFMTJTUFNBEF TFHVSJEBE#. 8&ODBTPEFDPMJTJ³O T³MPTF EJTQBSBFMBJSCBHOFDFTBSJP-PTTFJTBJSCBHT PGSFDFOVOBQSPUFDDJ³OTFMFDUJWBDPOEVDUPSZ BDPNQB±BOUF BJSCBHTEFDBCF[BDPOUJOVPT EFMBOUFZEFUS¡TZBJSCBHTMBUFSBMFTEFMBOUF $POUSPM%JO¡NJDPEF&TUBCJMJEBE%4$ $PO$#$ZBTJTUFOUFEFGSFOBEPDPOGVODJPOFT B±BEJEBTFOMPTNPEFMPTEFTFJTDJMJOESPT -BGVODJ³OTFDVOEBSJB$POUSPM%JO¡NJDPEF 5SBDDJ³O%5$ QFSNJUFVONBZPSEFTMJ[BNJFOUP EFMBTSVFEBTQBSBPQUJNJ[BSMBNPUSJDJEBEFO GVODJ³OEFMBTJUVBDJ³OZGBWPSFDFSVOBDPOEVDDJ³O N¡TEFQPSUJWB 1 2 3 $POUSPMEF'SFOBEPFO$VSWB$#$ "VNFOUBMBFTUBCJMJEBEFODVSWBT"MGSFOBS TFSFEVDFMBDBSHBTPCSFMBTSVFEBTUSBTFSBT ZBVNFOUBFMSJFTHPEFTPCSFWJSBKF "OUFT EFFOUSBSFOMB[POBEFBDUVBDJ³OEFM"#4 FM $#$DPOUSBSSFTUBFTUFGFO³NFOPHFOFSBOEP VOQBSDPOUSBSJPFTUBCJMJ[BEPS NFEJBOUF MBSFHVMBDJ³OBTJN©USJDBEFMBQSFTJ³OEF GFOBEP 4JTUFNBEFSFUFODJ³O#. 8"HSVQB DJOUVSPOFTDPO QVOUPTEFBODMBKFQBSB DPOEVDUPSZBDPNQB±BOUF UFOTPSZMJNJUBEPS EFMBGVFS[B BTDPNPSFQPTBDBCF[BTBDUJWP 0GSFDFMBNFKPSTVKFDJ³OQPTJCMFFODBTPEF DPMJTJ³O /FVN¡UJDPTDPODBSBDUFSTUJDBTEF FNFSHFODJB(SBDJBTBMPTGMBODPTSFGPS[BEPT MPTOFVN¡UJDPTOPTFIVOEFODPNQMFUBNFOUF OJTJRVJFSBTJOQSFTJ³OZOPTFEFTQSFOEFOEFMB MMBOUBEFTFSJFBQBSUJSEFMBTMMBOUBTEFBMFBDJ³O MJHFSBEF QVMHBEBT *OEJDBEPSEFQ©SEJEBEFQSFTJ³OEFMPT OFVN¡UJDPT. JOJNJ[BMPTSJFTHPTEFSJWBEPTEF MPTGBMMPTFOMPTOFVN¡UJDPT 3FGVFS[PTFOMBTQVFSUBT1SPQPSDJPOBO VOBQSPUFDDJ³O³QUJNBBMPTQBTBKFSPTFODBTP EFDPMJTJ³OMBUFSBM-PTUSBWFTB±PTWBONPOUBEPT FOEJBHPOBMFOFMJOUFSJPSEFMBTQVFSUBTQBSB BVNFOUBSTVSJHJEF[ 1BSBHPMQFT*ODMVZFOBNPSUJHVBEPSFTEF JNQBDUPSFWFSTJCMFTEFBMVNJOJPEFMBOUFEF BDFSPEFUS¡T RVFBHVBOUBOJNQBDUPTEFIBTUB LNITJOTVGSJSEB±PTMBT[POBTEFEFGPSNBDJ³O FTQFDJBMFTEFMBOUFSBZUSBTFSBBCTPSCFOGVFS[BT EFIBTUB LNITJORVFTFEB±FMBDBSSPDFSB #BTUJEPSMJHFSP$PNQSFOEFFMFKFEFMBOUFSP DPOTVTQFOTJ³OEFEPCMFUSBQFDJPZFMFKFUSBTFSP EFDJODPCSB[PTQBSBBTFHVSBSFMDPOUBDUP³QUJNP DPOFMTVFMPZMBTFHVSJEBEEFDPOEVDDJ³O NVDIPTDPNQPOFOUFTEFMCBTUJEPSTPOEF BMVNJOJP &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM OPEJTQPOJCMF E &GGJDJFOU%ZOBNJDT &EJUJPO JY%SJWF JY%SJWF EY%SJWF EY%SJWF JY%SJWF E E 4FHVSJEBE "JSCBHT JSCBHEFDPOEVDUPSZBDPNQB±BOUFSFDPOPDJNJFOUPEFMFTUBEPEF " PDVQBDJ³OEFMBTJFOUPQBSBFMBJSCBHEFMBDPNQB±BOUF JSCBHEFDBCF[BEFMBOUFZEFUS¡T DPOUJOVP " JSCBHMBUFSBMQBSBDPOEVDUPSZBDPNQB±BOUFJOUFHSBEPFOFMBTJFOUP " SFQPTBDBCF[BTBDUJWPEFMBOUF "ODMBKFT*40'*9QBSBBTJFOUPTJOGBOUJMFTEFUS¡T DPOQVOUPTEFTVKFDJ³O FYUSBFOMBQBSUFTVQFSJPS #. 84FSWJDF*ODMVTJWFJODMVZFOVNFSPTBTPQFSBDJPOFTEFTFSWJDJPZ NBOUFOJNJFOUP RVFTFQVFEFOSFBMJ[BSFODVBMRVJFS$PODFTJPOBSJP0GJDJBM #. 8EFMNVOEPFMQMB[PZMBTQSFTUBDJPOFTQVFEFOFMFHJSTFPQDJPOBMQBSB UPEPTMPTNPEFMPT $BSSPDFSBEFTFHVSJEBE BSBHPMQFTEFMBOUFSPTZUSBTFSPTDPOFMFNFOUPTEFBCTPSDJ³OEFJNQBDUPTEF 1 IBTUB LNI JTUFNBEFQSPUFDDJ³OGSFOUFBJNQBDUPTMBUFSBMFTJOUFHSBEPFOMBTQVFSUBT 4 $JFSSFDFOUSBMJ[BEPDPO*ONPWJMJ[BEPS&MFDUS³OJDP&84 TFOTPSEF DPMJTJ³OUBQBEFMEFQ³TJUPEFDPNCVTUJCMFJOUFHSBEBFOFMDJFSSFDFOUSBMJ[BEP $JOUVSPOFTEFTFHVSJEBE JOUVSPOFTEFTFHVSJEBEBVUPN¡UJDPTEFMBOUF DPOUFOTPSDJOUVSPOFTFOFM $ DPMPSEFMJOUFSJPS JTUFNBFSHPO³NJDPEFDJOUVSPOFTFOMBTQMB[BTUSBTFSBT DPODJOUVSPOFTEF 4 TFHVSJEBEEF QVOUPTEFBODMBKFFOUPEPTMPTBTJFOUPTZDJFSSFTJOUFSOPT DJOUVSPOFTFOFMDPMPSEFMJOUFSJPS $POUSPM%JO¡NJDPEF&TUBCJMJEBE%4$ DPOGVODJPOFTFYUSBBTJTUFOUF QBSBFMBSSBORVF GSFOBEPTFDBOUFZEJTQPTJDJPOQBSBGSFOBEP $POUSPM%JO¡NJDPEF&TUBCJMJEBE%4$ DPO"#4 $#$Z$POUSPM %JO¡NJDPEF5SBDDJ³O%5$ 'SFOPT SFOPTEFEJTDPBVUPWFOUJMBEPTEFMBOUF ' SFOPTEFEJTDPBVUPWFOUJMBEPTEFUS¡T ' -V[EFGSFOPEJO¡NJDBDPOGVODJ³OEFEFTUFMMPT 3FQPTBDBCF[BTBDUJWPTEFMBOUFSPT 4VKFDJ³OEFBTJFOUPTJOGBOUJMFT*40'*9FOFMBTJFOUPEFMBOUFSP BJSCBHEFMBDPNQB±BOUFEFTDPOFDUBCMF %JTF±PFYUFSJPS #PSEFTEFMBTWFOUBOJMMBTMBUFSBMFTZCBTFTEFWFOUBOJMMBTDSPNBEBT *OUFSNJUFOUFTCMBODPTEFMBOUF -OFBDSPNBEBFYUFSJPS . BOJMMBTEFEJTF±PBSRVFBEP NPMEVSBTEFMUFDIPZQBSBHPMQFTEFMDPMPS EFMBDBSSPDFSB 1BSBHPMQFTEFMDPMPSEFMBDBSSPDFSB 1BSSJMMBEFMBOUFSBDPOCBSSBTWFSUJDBMFTOFHSBTZSFCPSEFTDSPNBEPT 1BSSJMMBEFMBOUFSBDPOCBSSBTWFSUJDBMFTZSFCPSEFTDSPNBEPT 1JOUVSBNFUBMJ[BEB 3FUSPWJTPSFTFYUFSJPSFTFOFMDPMPSEFMBDBSSPDFSB EFSFHMBKFFM©DUSJDP BTG©SJDPT 4IBEPX-JOFEFCSJMMPJOUFOTP#. 8*OEJWJEVBM 5VCPEFFTDBQFNBUFDSPNBEP E J E J E J E J J &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] E &GGJDJFOU%ZOBNJDT &EJUJPO JY%SJWF JY%SJWF EY%SJWF EY%SJWF JY%SJWF E E 1BRVFUFTEFFRVJQBNJFOUP 1BRVFUFEFNBMFUFSPSFEFDJMMBBMBEFSFDIB SFEFOFMTVFMP DPNQBSUJNFOUP CBKPFMTVFMP HBODIPQBSBCPMTBTZDBKBQMFHBCMFJNQFSNFBCMFFOUSFPUSBTDPTBT 1BRVFUFEFQPSUJWP. EJTQPOJCMFFODPNCJOBDJ³ODPOMBTVTQFOTJ³OEFTFSJF ZMBMOFBDSPNBEBFYUFSJPS QBRVFUFBFSPEJO¡NJDPFTQFDJBMDPPSEJOBEP MMBOUBT EFBMFBDJ³OMJHFSB. EFSBEJPTEPCMFT . P FOPQDJ³O EFSBEJPTFOFTUSFMMB . BTJFOUPTEFQPSUJWPT WPMBOUFEFDVFSP. ZGBSPTBOUJOJFCMB 1BRVFUFEFSFUSPWJTPSFTFYUFSJPSFTBCBUJCMFT DPOFTQFKPT NFNPSJBZGVODJ³O EFCPSEJMMPFOFMMBEPEFMDPOEVDUPS 4FMFDDJPOFTEFFRVJQBNJFOUP FMFDDJ³O%SJWF$POUSPMEFDSVDFSP -BWBGBSPT 1%$ 4FOTPSEFMMVWJBZ'BSPT 4 CJYFO³O FMFDDJ³O/BWJHBUJPO#MVFUPPUI 4JTUFNBEFBMUBWPDFT)J'JZ4JTUFNBEF 4 /BWFHBDJ³O1SPGFTTJPOBM 3VFEBT #. 8. PCJMJUZ4ZTUFNQBSBSFQBSBDJ³OEFQJODIB[PT *OEJDBEPSEF1SFTJ³OEFMPT/FVN¡UJDPT31" -MBOUBT MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFO7 OFVN¡UJDPT 3 +Y MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTBFSPEJO¡NJDBT +Y OFVN¡UJDPT 3 T³MPQBSB#. 8&G DJFOU%ZOBNJDT&EJUJPO MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTEPCMFT OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFOFTUSFMMB OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFO7 OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTEPCMFT OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTNºMUJQMFT OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFOFTUSFMMB OFVN¡UJDPTEFEJTUJOUBTNFEJEBT EFMBOUF +Y OFVN¡UJDPT EFUS¡T +Y OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFO7 OFVN¡UJDPT 3 +Y +Y +Y +Y +Y DPO 3 +Y +Y DPO 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFOFTUSFMMB OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSBEF QVMHBEBTDPOSBEJPTFOFTUSFMMB OFVN¡UJDPTEFEJTUJOUBTNFEJEBT EFMBOUF +Y OFVN¡UJDPT EFUS¡T +Y OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSB. EF QVMHBEBTDPOSBEJPTEPCMFT . DPO OFVN¡UJDPTEFEJTUJOUBTNFEJEBT +Y OFVN¡UJDPT 3 MBOUBTEFBMFBDJ³OMJHFSB. EF QVMHBEBTDPOSBEJPTFOFTUSFMMB +Y OFVN¡UJDPT 3 . MBOUBTEFBMFBDJ³OMJHFSB. EF QVMHBEBTDPOSBEJPTFOFTUSFMMB . +Y OFVN¡UJDPT 3 DPOQJOUVSBFYDMVTJWB'FSSJDHSFZNFUBMJ[BEB 4³MPFODPNCJOBDJ³ODPOMOFBDSPNBEBFYUFSJPS /FVN¡UJDPTDPODBSBDUFSTUJDBTEFFNFSHFODJB 4³MPFODPNCJOBDJ³ODPOMB&EJUJPO-JGFTUZMF 4³MPFODPNCJOBDJ³ODPOMB&EJUJPO&YDMVTJWF 4³MPFODPNCJOBDJ³ODPOFMQBRVFUFEFQPSUJWP. E J E J E J E J J &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM OPEJTQPOJCMF E &GGJDJFOU%ZOBNJDT &EJUJPO JY%SJWF JY%SJWF EY%SJWF EY%SJWF JY%SJWF E E %JTF±PJOUFSJPS "MGPNCSJMMBTEFWFMPVST &TUSJCFSBTDPOBOBHSBNB#. 8DSPNBEP . PMEVSBTJOUFSJPSFT "MVNJOJP(MBDJFSTJMCFS MVNJOJPSFDUJ DBEPEFQSFDJTJ³O " FWFTUJNJFOUPEFNBEFSBOPCMFOPHBMDMBSP 3 FWFTUJNJFOUPEFNBEFSBOPCMFSB[EFOPHBM 3 4BUJOTJMCFSNBUF DIXBS[EFCSJMMPJOUFOTP 4 5BCMFSPEFJOTUSVNFOUPTDPOJOTUSVNFOUPTSFEPOEPTQBSBWFMPDJEBEZ DVFOUBSSFWPMVDJPOFT BTDPNPJOEJDBEPSFTEFOJWFMEFDPNCVTUJCMFZDPOTVNP JOEJDBEPSEFUFNQFSBUVSBEFMBDFJUFFOFM#. 8 J 5BQJDFSB VFSP%BLPUB $ BQJDFSB*NQVMTDPOUFMBZDVFSP 5 FMB#MVF4IBEPX"MDBOUBSB 5 FMB7FSUFY 5 5FDIPJOUFSJPS#. 8*OEJWJEVBM"OUISB[JU . PUPS USBOTNJTJ³OZU©DOJDB #SBLF&OFSHZ3FHFOFSBUJPO $BNCJPNBOVBMEF WFMPDJEBEFT $BNCJPBVUPN¡UJDP4UFQUSPOJDEF WFMPDJEBEFT $VMBUBEFBMFBDJ³OMJHFSB %PCMF7"/04 %J©TFM#. 8DPO#MVF1FSGPSNBODFFODPNCJOBDJ³ODPOFMDBNCJPNBOVBM EF WFMPDJEBEFT %JSFDDJ³OBDUJWB &KFEFUJSBOUFTEFEPCMFBSUJDVMBDJ³O &KFUSBTFSPEFDJODPCSB[PT 'VODJ³OEFBSSBORVFZQBSBEBBVUPN¡UJDPTFODPNCJOBDJ³ODPOFM DBNCJPNBOVBMEF WFMPDJEBEFT 'JMUSPEFQBSUDVMBTEJ©TFM )JHI1SFDJTJPO*OKFDUJPOJOZFDDJ³OEJSFDUB *OUFSSVQUPS$FOUFS-PDLQBSBFMDJFSSFDFOUSBMJ[BEP *OEJDBDJ³OEFDBNCJPEFNBSDIBFODPNCJOBDJ³ODPOFMDBNCJPNBOVBMEF WFMPDJEBEFT . PUPSEFHBTPMJOBEF DJMJOESPTDPO W¡MWVMBTQPSDJMJOESP . PUPSEFHBTPMJOBEF DJMJOESPTFOMOFBDPO W¡MWVMBTQPSDJMJOESP . PUPSEJ©TFMEF DJMJOESPTDPO W¡MWVMBTQPSDJMJOESP . PUPSEJ©TFMEF DJMJOESPTFOMOFBDPO W¡MWVMBTQPSDJMJOESP . PUPSEJ©TFMEF DJMJOESPTFOMOFB#. 85XJO1PXFS5VSCPDPO W¡MWVMBT QPSDJMJOESPT . PUPSEFHBTPMJOBEF DJMJOESPTFOMOFB#. 85XJO1PXFS5VSCPDPO W¡MWVMBTQPSDJMJOESP /PSNBEFHBTFTEFFTDBQF6& /PSNBEFHBTFTEFFTDBQF6& 1SPUFDDJ³OGSFOUFBFSSPSFTEFSFQPTUBKFFOWFIDVMPTEJ©TFM $BNCJPNBOVBMFODPNCJOBDJ³ODPO#. 8#MVF1FSGPSNBODF 4³MPFODPNCJOBDJ³ODPOMBMOFBDSPNBEBFYUFSJPS E J E J E J E J J &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] E &GGJDJFOU%ZOBNJDT &EJUJPO JY%SJWF JY%SJWF EY%SJWF EY%SJWF JY%SJWF E E . PUPS USBOTNJTJ³OZU©DOJDB 4FSWPEJSFDDJ³O 4FSWPUSPOJD 4JTUFNBEFUSBDDJ³OJOUFHSBMY%SJWF 4VTQFOTJ³OEFQPSUJWB. 5FDOPMPHB$PNNPO3BJM 5VSCPDPNQSFTPSDPOHFPNFUSBEFUVSCJOBWBSJBCMF 7"-7&530/*$ "TJTUFODJBBMBDPOEVDDJ³O "TJTUFOUFEFMVDFTEFDBSSFUFSB $POUSPMEFDSVDFSP $POUSPMEFDSVDFSPBDUJWP $POUSPMEFDSVDFSPDPOGVODJ³OEFGSFOBEB $POUSPMEF%JTUBODJBEF"QBSDBNJFOUP1%$ EFMBOUFZEFUS¡TPT³MPEFUS¡T "MVNCSBEPZWJTJCJMJEBE "WJTBEPSEFMVDFTFODFOEJEBT 'BSPTBOUJOJFCMB 'BSPTIBM³HFOPTDPODVBUSPBOJMMPTMVNJOPTPT 'BSPTCJYFO³OQBSBMVDFTEFDSVDFZDBSSFUFSBDPOMBWBGBSPT SFHVMBDJ³O BVUPN¡UJDBEFMBMDBODFEFMPTGBSPT DVBUSPBOJMMPTMVNJOPTPTQBSBBMVNCSBEP EJVSOPFJOUFSNJUFOUFT-&% (SVQPT³QUJDPTUSBTFSPTDPOCBSSBTMVNJOPTBTFJOUFSNJUFOUFT-&% -VDFTBVUPBEBQUBCMFTDPOSFHVMBDJ³OWBSJBCMFEFMBMDBODFZMV[MBUFSBM -VDFTEFMFDUVSBEFMBOUFZEFUS¡T JMVNJOBDJ³OEFMB[POBEFMPTQJFTFOMBT QMB[BTEFMBOUFSBT FTQFKPTEFDPSUFTBQBSBDPOEVDUPSZBDPNQB±BOUFZMV[ TVQFSJPSEFUS¡T -V[TVQFSJPSEFMBOUF 1BRVFUFEFJMVNJOBDJ³ODPOJMVNJOBDJ³OEFTEFMBTNBOJMMBTZEFMBQBSUF JOGFSJPSEFMBTQVFSUBT 3FUSPWJTPSJOUFSJPSDPOBOUJEFTMVNCSBNJFOUPBVUPN¡UJDP 3FUSPWJTPSFTJOUFSJPSZFYUFSJPSFTDPOBOUJEFTMVNCSBNJFOUPBVUPN¡UJDP 4FOTPSEFMMVWJBDPOMV[EFDSVDFBVUPN¡UJDB 5PCFSBTEFMBWBQBSBCSJTBTDBMFGBDUBEBT *OUFSJPS "TJFOUPTZDPNPEJEBE TJFOUPEFQPSUJWPQBSBDPOEVDUPSZBDPNQB±BOUFDPOSFHMBKFNBOVBMZBKVTUF " FM©DUSJDPEFMBBODIVSBEFMSFTQBMEP "TJFOUPEFTFSJF SFHMBKFNBOVBM $BMFGBDDJ³OQBSBMPTBTJFOUPTEFDPOEVDUPSZBDPNQB±BOUF 3FHMBKFFM©DUSJDPEFMBTJFOUPDPONFNPSJBQBSBFMBTJFOUPEFMDPOEVDUPS 3FHMBKFQBSDJBMNFOUFFM©DUSJDPEFMBTJFOUP 3FQPTBDBCF[BTUSFT FOMBQBSUFUSBTFSB 3FQPTBDBCF[BTUSFT FOMBQBSUFUSBTFSB UPEPTBCBUJCMFT 4PQPSUFMVNCBSFOMPTBTJFOUPTEFDPOEVDUPSZBDPNQB±BOUF FM©DUSJDP 1BSBMPTNPEFMPTEF DJMJOESPTFODPNCJOBDJ³ODPOFMQBRVFUFEFJMVNJOBDJ³O E J E J E J E J J &RVJQBNJFOUPEFTFSJF &RVJQBNJFOUPPQDJPOBM OPEJTQPOJCMF E &GGJDJFOU%ZOBNJDT &EJUJPO JY%SJWF JY%SJWF EY%SJWF EY%SJWF JY%SJWF E E *OUFSJPS $BMFGBDDJ³OBVYJMJBSDPONBOEPBEJTUBODJB $MJNBUJ[BEPSBVUPN¡UJDPDPOTBMJEBTFOMBQMB[BTUSBTFSBTDPO"6$ TFOTPS EFFNQB±BNJFOUP TFOTPSTPMBSZGVODJ³OEFDBMPSSFTJEVBM $SJTUBMFTEFQSPUFDDJ³OTPMBS $SJTUBMFTBU©SNJDPTWFSEFTFOUPEBTMBTWFOUBOJMMBT -FWBTEFDBNCJPQBSBWPMBOUFEFDVFSPEFQPSUJWPZWPMBOUFEFDVFSP. T³MPDPOMBDBKBEFDBNCJPTBVUPN¡UJDBEF WFMPDJEBEFT 1BSBCSJTBTDPOGSBOKBHSJT 1BSBCSJTBTEFDPOGPSUDMJN¡UJDP 1FSTJBOBFOSPMMBCMFFM©DUSJDBQBSBMBMVOFUBUSBTFSB 1FSTJBOBFOSPMMBCMFNFD¡OJDBQBSBWFOUBOJMMBTMBUFSBMFTUSBTFSBT 7PMBOUFT . VMUJGVODJ³OQBSBFMWPMBOUF PMBOUFEFDVFSPEFUSFTSBEJPT QBMBODBEFDBNCJPDPOSFNBUFTDSPNBEPTZ 7 FNQV±BEVSBEFMGSFOPEFNBOPEFDVFSP PMBOUFEFQPSUJWPEFDVFSPEFUSFTSBEJPT QBMBODBEFDBNCJPZWPMBOUFDPO 7 SFNBUFTDSPNBEPTZFNQV±BEVSBEFMGSFOPEFNBOPEFDVFSP PMBOUFEFDVFSP. QBMBODBEFDBNCJPZFNQV±BEVSBEFMGSFOPEFNBOPFO 7 DVFSP"FSP 7PMBOUFDBMFGBDUBCMFWPMBOUFEFDVFSQPZWPMBOUFEFQPSUJWPEFDVFSP &RVJQBNJFOUPJOUFSJPSZDPOGPSU "DDFTPDPOGPSU DPOJMVNJOBDJ³OEFBDDFTP "MBSNBBOUJSSPCPDPONBOEPBEJTUBODJB #PMTBQBSBFTRVTFODPNCJOBDJ³ODPOFMTJTUFNBEFDBSHBWBSJBCMF #PU³OEFBSSBORVF4UBSU4UPQ $PNQBSUJNFOUPTQPSUBPCKFUPTFOMBTQVFSUBTEFMBOUFSBT &MFWBMVOBTEFMBOUFSPTZUSBTFSPTFM©DUSJDPT DPOGVODJ³OEFBQFSUVSBZDJFSSF DPOVOTPMPUPRVF EJTQPTJUJWPEFQSPUFDDJ³OBOUJBQSJTJPOBNJFOUPZBQFSUVSBDJFSSF EFDPOGPSU &OHBODIFQBSBSFNPMRVFDPODBCF[BMFTG©SJDPHJSBUPSJPZFTUBCJMJ[BEPSEFM SFNPMRVF (VBOUFSB DPOMMBWFFJMVNJOBEB . BMFUFSPSFWFTUJEPWPMVNFO MJUSPT#. 8 JZ E MJUSPT . BOEPBEJTUBODJBQPSSBEJPQBSBDJFSSFDFOUSBMJ[BEPDPOCBUFSB SFDBSHBCMFBVUPN¡UJDBNFOUFFOMBMMBWF 1BRVFUFEFDPNQBSUJNFOUPTEPTQPSUBCFCJEBTEFMBOUFZEFUS¡T IVFDPFO FMMBEPEFMDPOEVDUPS SFEFDJMMBTFOMPTSFTQBMEPTEFMPTBTJFOUPTEFMBOUFSPTZEPT BSHPMMBTEFBNBSSFFOFMNBMFUFSP 1BRVFUFQBSBGVNBEPSFTDPODFOJDFSPTDPOUBQB ZUPNBEF 7EFMBOUF 1BRVFUFQBSBOPGVNBEPSFTTJOTPCSFDBSHP 1FSTPOBM1SP MFQBSBNFNPSJ[BSGVODJPOFTJNQPSUBOUFT 3FQPTBCSB[PTEFMBOUFSPBCBUJCMF DPODPNQBSUJNFOUPQPSUBPCKFUPT 3FTQPTBCSB[PTEFMBOUFSPEFTMJ[BCMF 3FQPTBCSB[PTDFOUSBMUSBTFSP 4JTUFNBEFDBSHBWBSJBCMFDPOSFTQBMEPUSBTFSPBCBUJCMFFOQBSUFT BTJN©USJDBT SFQPTBCSB[PTDFOUSBMDPOEPTQPSUBCFCJEBT 5FDIPEFDSJTUBMFM©DUSJDP DPSSFEJ[PZBCBUJCMF DPOBQFSUVSBEFDPOGPSU DPOMBMMBWFEFMWFIDVMP 5PNBTEFDPSSJFOUFBEJDJPOBMFTEF 7VOBFOFMWBOPEFMPTQJFTEFMBOUF VOBFOFMNBMFUFSP EPTFOMBDPOTPMBDFOUSBMUSBTFSB E J E J E J E J J &RVJQBNJFOUPEFTFSJF]&RVJQBNJFOUPPQDJPOBM ] E &GGJDJFOU%ZOBNJDT &EJUJPO JY%SJWF JY%SJWF EY%SJWF EY%SJWF JY%SJWF E E &OUSFUFOJNJFOUP DPNVOJDBDJ³OFJOGPSNBDJ³O 0SEFOBEPSEFBCPSEPDPO$IFDL$POUSPM 1SFJOTUBMBDJ³OQBSBUFM©GPOPN³WJMDPODPOFYJ³O#MVFUPPUI 3BEJP"VEJP POFYJ³O"69*/ DPOUPNBEFDPSSJFOUFEF 7EFCBKPEFMSFQPTBCSB[PT $ EFMBOUFSP POFYJ³O64#BVEJP BNQMJBCMFDPODPOFYJ³OEFDPOGPSUQBSBSFQSPEVDUPS $ EFNºTJDB *OUFSDBNCJBEPSEF$%QBSB EJTDPTDPO. 1 NPOUBEPFOFMNBMFUFSP 3BEJP#. 8#VTJOFTT$%DPOEFTDPEJGJDBEPS. 1 3BEJP#. 81SPGFTTJPOBM$%DPOEFTDPEJGJDBEPS. 1 ZQBOUBMMBEFEPTMOFBT 4JOUPOJ[BEPS%"#%. #QBSBSFDJCJSUBNCJ©OQSPHSBNBTEFSBEJPEJHJUBMFT 4JTUFNBEFBMUBWPDFT)J'J 4JTUFNBEFTPOJEPFOWPMWFOUF)BSNBO, BSEPO 4JTUFNBEFBVEJP#. 8*OEJWJEVBM)JHI&OE 4JTUFNBTEFOBWFHBDJ³O VTJOFTTDPOSFQSPEVDUPSEF$% DPOUSPMBEPSJ%SJWFDPOCPUPOFTEFBDDFTP # EJSFDUP CPUPOFTEFGBWPSJUPT NFNPSJBJOUFHSBEBQBSBEBUPTEFOBWFHBDJ³O JOEJDBDJPOFTDPONBQBTZWJTUBB©SFBZ FDIBTQBOUBMMBEFBMUBEF OJDJ³OEF QVMHBEBT 'VODJ³OEF57DPOTJOUPOJ[BEPSBOBM³HJDPZEJHJUBM SPGFTTJPOBMDPOQBOUBMMBEFBMUBSFTPMVDJ³OEF QVMHBEBT JOEJDBDJPOFTDPO 1 GMFDIBTZNBQBTFO EJNFOTJPOFT EJTDPEVSPQBSBNBQBTZEBUPTEFBVEJP EFTDPEJGJDBEPS. 1 ZDPOUSPMBEPSJ%SJWFDPOCPUPOFTEFTFMFDDJ³OEJSFDUBZEF GBWPSJUPT TJOUPOJ[BEPSFT JTUFNBEFDPOUSPMQPSWP[ 4 &ODPOUSBS¡N¡TJOGPSNBDJ³OTPCSFMPTEJTQPTJUJWPTSFDPNFOEBEPTFOXXXCNXFT E J E J E J E J J E &GGJDJFOU%ZOBNJDT &EJUJPO J JY%SJWF J JY%SJWF E EY%SJWF E EY%SJWF J JY%SJWF E 1FTPT 1FTPFOWBDP6& 1FTPFOWBDP6& Y%SJWF 1FTPN¡YJNPBENJTJCMF 1FTPN¡YJNPBENJTJCMFY%SJWF $BSHBºUJM 1FTPBENJTJCMFTPCSFFMUFDIP 1FTPBENJTJCMFEFMSFNPMRVFTJOGSFOP 1FTPBENJTJCMFEFMSFNPMRVFDPOGSFOP ZQFOEJFOUFN¡YJNBEFM 1FTPBENJTJCMFEFMSFNPMRVFDPOGSFOP ZQFOEJFOUFN¡YJNBEFM $BSHBEFBQPZPBENJTJCMFTPCSFFM FOHBODIFEFSFNPMRVF LH LH LH LH LH < > < > < > < > < < < < > > > > < < < < > > > > < < < < > > > > < > < > < < < < > > > > < > < > < < < < > > > > $BSHBBENJTJCMFTPCSFFMFKFEFMBOUFSPUSBTFSP LH LH LH LH LH LH < < > > < < > > < < > > < < > > < < > > E J < < > > < < > > . PUPS $JMJOESPTW¡MWVMBT $JMJOESBEB $BSSFSBEJ¡NFUSP DN NN 3 3 3 3 3 3 3 3 3 3 E 3 3 1PUFODJBOPNJOBM3©HJNFOOPNJOBM $7 NJO 1BSN¡YJNPS©HJNFO 3FMBDJ³OEFDPNQSFTJ³O /N NJO 5SBOTNJTJ³O 3FMBDJ³OEFDBNCJPEFTFSJF *** ****7 77*3 3FMBDJ³OEFMEJGFSFODJBMUSBTFSP 1SFTUBDJPOFT 7FMPDJEBEN¡YJNB 7FMPDJEBEN¡YJNBY%SJWF "DFMFSBDJ³O "DFMFSBDJ³O LNI LNIY%SJWF LNI LNI T T T T < > < > < > < > < < < > < > > > < < < > < > > > < < < > < > > > < > < > < < < > < > > > < > < > < < < > < > > > 3FDVQFSBDJ³O LNIFO j j j WFMPDJEBEDBNCJPEFTFSJF 3FDVQFSBDJ³O WFMPDJEBEY%SJWF LNIFO j j j $POTVNP 6SCBOP M M M M M M LN LN LN LN LN LN < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > 6SCBOPY%SJWF &YUSBVSCBOP &YUSBVSCBOPY%SJWF 1SPNFEJP 1SPNFEJPY%SJWF E J %BUPTU©DOJDPT ] E &GGJDJFOU%ZOBNJDT &EJUJPO J JY%SJWF J JY%SJWF E EY%SJWF E EY%SJWF J JY%SJWF E $POTVNP $0 Y%SJWF &NJTJPOFTEF$0 HLN HLN M < > < > < < > > < < > > < < > > E J < > < < > > E < > < < > > $BQBDJEBEBQSPYJNBEBEFMEFQ³TJUP 3VFEBT 5BNB±PEFMOFVN¡UJDP 5BNB±PEFMBMMBOUB . BUFSJBM 3 ) +Y 3 8 +Y 3 8 +Y 3 8 +Y 3 8 +Y 3 ) +Y 3 ) +Y 3 8 +Y 3 8 +Y 3 8 +Y 3 8 +Y 3 8 +Y "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "DFSP "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB "MFBDJ³OMJHFSB 4JTUFNBFM©DUSJDP $BQBDJEBEEFMBCBUFSB 1PUFODJBEFMBMUFSOBEPS "I " 8 < > < > < < > > < < > > < > < > 5PEBTMBTNFEJEBTEFMPTWFIDVMPTFTU¡OFONJMNFUSPT-BDBQBDJEBEEFMNBMFUFSPQBSBFM#. 8 JZ EFTEF M 1FTPDPOFMEFQ³TJUPMMFOPFOVO VODPOEVDUPSEF LHZ LHEFFRVJQBKF&MQFTPFO WBDPDPSSFTQPOEFBWFIDVMPTDPOFRVJQBNJFOUPEFTFSJF&MFRVJQBNJFOUPPQDJPOBMBVNFOUB FTUFWBMPS &MQFTPUPUBMFGFDUJWPEFMSFNPMRVFOPQVFEFTFSNBZPSRVFMBTVNBEFMQFTPN¡YJNP BENJTJCMFSFNPMDBEPN¡TMBDBSHBN¡YJNBBENJTJCMFTPCSFFMFOHBODIFEFMSFNPMRVF #. 8SFDPNJFOEBFMVTPEFHBTPMJOBTºQFSTJOQMPNPEF PDUBOPT4FBENJUFDPNCVTUJCMF TJOQMPNPEF PDUBOPTPN¡TDPOVOBQPSDFOUBKFN¡YJNPEFFUBOPMEFM & FO MPT#. 8 JZ JY%SJWFDPNPNOJNP PDUBOPT -PTEBUPTEFQPUFODJBZDPOTVNP DPSSFTQPOEFOBMDPNCVTUJCMFEF PDUBOPT 5PEPTMPTNPUPSFTDVNQMFOMBOPSNB6& MPT#. 8 EZ E#MVF1FSGPSNBODFDPO DBNCJPNBOVBM MBOPSNB6& &MDPOTVNPTFCBTBFOFMDJDMP&$&VOUFSDJPEFMBEJTUBODJB SFDPSSJEBFO[POBVSCBOBZEPTUFSDJPTFODBSSFUFSB"EFN¡TEFMDPOTVNP TFNJEFOMBT FNJTJPOFTEF$0 -JNJUBEBFMFDUS³OJDBNFOUF %FTFSJFDPODBNCJPBVUPN¡UJDPEF WFMPDJEBEFT4UFQUSPOJD -BBODIVSBEFWBEFMPTNPEFMPT#. 8 J J E EZ EFTEF NN EFMBOUFZEF NNEFUS¡T #. 8 EY%SJWFMMBOUBTEFBMFBDJ³OMJHFSB +Y DPO 3 7 1BSBFM#. 8 E&GGJDJFOU%ZOBNJDT&EJUJPO MBBMUVSBFTEF NN 5PEPTMPTFRVJQPTPQDJPOBMFTEFTDSJUPTFOFTUFDBU¡MPHPTFPGSFDFONPOUBEPTEFG¡CSJDB 4JUJFOFPUSPTEFTFPT TV$PODFTJPOBSJP0GJDJBM#. 8EJTQPOFEFVOBNQMJPDBU¡MPHPEF BDDFTPSJPT E J ] "DDFTPSJPT0SJHJOBMFT#. 8]#. 8*OEJWJEVBM 1BRVFUFBFSPEJO¡NJDP#. 81FSGPSNBODF EJWJTPSEFMBOUFSP#. 81FSGPSNBODFEFDBSCPOPQBSBFMQBRVFUFBFSPEJO¡NJDP UBQBTEF SFUSPWJTPSFTFYUFSJPSFT#. 81FSGPSNBODFEFDBSCPOP MMBOUBTEFBMFBDJ³OMJHFSB#. 81FSGPSNBODFEF QVMHBEBTDPOSBEJPTEPCMFT &-&/564*"4. 0/0$0/0$&$0/$&4*0/&4 #. 81&3'03. "/$& $VBOEPBMHVJFOTFEFDJEFQPSVO#. 8 FMJHFUBNCJ©OMBEFQPSUJWJEBE FMEJOBNJTNPFJOOPWBEPSBTUFDOPMPHBTEFBVUPNPDJ³O&TUPTWBMPSFT OPBENJUFODPODFTJPOFT:QVFEFOFYQSFTBSTFBºODPON¡TGVFS[BDPO MBMOFBEFQSPEVDUPT#. 81FSGPSNBODF/VNFSPTPTDPNQPOFOUFT U©DOJDPTZ³QUJDPTQBSBGBWPSFDFSMBBFSPEJO¡NJDB MBTVTQFOTJ³O FM IBCJU¡DVMPZMBUSBDDJ³OTJSWFOBRVFYDMVTJWBNFOUFBVOºOJDPPCKFUJWP FYQFSJNFOUBSDPON¡TJOUFOTJEBEBºOMBGBTDJOBDJ³OBTPDJBEBBMN¡YJNP EJOBNJTNP1VFTMBMOFBEFQSPEVDUPT#. 81FSGPSNBODFTFIB EFTBSSPMMBEPQBSBQFSTPOBTRVFTFFOUVTJBTNBOQPSFMN¡YJNP SFOEJNJFOUPU©DOJDPZEFTFBONPTUSBSFTUBFNPDJ³O&OTV4FSWJDJP 0GJDJBM#. 8FTUBS¡OFODBOUBEPTEFJOGPSNBSMFTPCSFUPEBMBPGFSUB EFBDDFTPSJPT#. 81FSGPSNBODFZNPTUSBSMFVODBU¡MPHPFTQFDJBM &ODPOUSBS¡N¡TJOGPSNBDJ³OFO XXXCNXFT 4QPJMFSUSBTFSP#. 81FSGPSNBODFEF DBSCPOP 4JTUFNBEFGSFOPT#. 81FSGPSNBODF 4VTQFOTJ³O#. 81FSGPSNBODF 7PMBOUFEFQPSUJWP#. 81FSGPSNBODF /PQFSNJUJEPFMVTPTJTFDPOUSBEJDFMBOPSNBUJWBEFUS¡ DP 1BMBODBEFDBNCJPT#. 81FSGPSNBODF . PMEVSBTJOUFSJPSFT#. 81FSGPSNBODF EFDBSCPOP -"'03. ". 4&9$-64*7"%&$0/%6$*36/#. 8 -BBVU©OUJDBFYDMVTJWJEBETBUJTGBDFMPTEFTFPTN¡TFYJHFOUFTMPTQSPQJPT #. 8*OEJWJEVBMMFQFSNJUFIBDFSMPTSFBMJEBE$POFMOVFWP#. 8 *OEJWJEVBM4FSJF FOFMRVFUPEPTZDBEBVOPEFMPTEFUBMMFTBSNPOJ[BO BMBQFSGFDDJ³O"RVTFJMVTUSBMBQJOUVSB#. 8*OEJWJEVBM. POETUFJO NFUBMJ[BEBRVFFTUBCMFDFVOUFOTPDPOUSBTUFDPOFMDVFSPOBUVSBM TVBWF ZFM¡TUJDP#. 8*OEJWJEVBM. FSJOP4ZSBICMBV&MFRVJQBNJFOUPEF DVFSPJOUFHSBMDVCSFN¡TFMFNFOUPTRVFFOFMBDBCBEPEFTFSJF DPNP FMSFWFTUJNJFOUPZMBTNBOJMMBTEFMBTQVFSUBT$PNQMFUBMBJNQSFTJ³O HFOFSBMEFN¡YJNBDBMJEBEFMSFWFTUJNJFOUPJOUFSJPSEFNBEFSBOPCMF EFBSDF"OUISB[JUDPOVOBTJOHVMBSWFUBEFJOUSJODBEBTDVSWBT$PNQMFUBO MBJNQSFTJ³OHFOFSBMEFN¡YJNBDBMJEBEMBTNPMEVSBTJOUFSJPSFT#. 8 *OEJWJEVBMEFNBEFSBOPCMFEFBSDF"OUISB[JUDPOVOBTJOHVMBSWFUBEF JOUSJODBEBTDVSWBT%©KFTFJOTQJSBSQPSMBPGFSUBEF#. 8*OEJWJEVBMRVF MFQSFTFOUBNPTFOMBTTJHVJFOUFTQ¡HJOBT&ODPOUSBS¡VOBWJTJ³OHFOFSBM EFMPTDPMPSFTZNBUFSJBMFT#. 8*OEJWJEVBMFOMBTQ¡HJOBTB $VFSPBNQMJBEP. FSJOP4ZSBICMBVDPONPMEVSBTJOUFSJPSFT FOBSDF. VTDIFM"OUISB[JU 1JOUVSB#. 8*OEJWJEVBM. POETUFJONFUBMJ[BEB #. 8*/%*7*%6"- 3"3"7&;-"7"3*&%"%&45"//*$" &MFRVJQBNJFOUPFYDMVTJWP#. 8*OEJWJEVBMQFSNJUFEJTGSVUBSEFVOQMBDFSEFDPOEVDJSEFMN¡TBMUPOJWFMDPMPSFTZNBUFSJBMFTºOJDPTRVFTFBEFDºBO QFSGFDUBNFOUFBMPTEFTFPTEFMDPOEVDUPS-BTQJOUVSBTDPOWFODFODPOTVCSJMMBOUFKVFHPEFMVDFT-BFMFWBEBDBMJEBEEFMDVFSPZFMOPCMFWFUFBEPEFMB NBEFSBDPO FSFOBMJOUFSJPSVODBS¡DUFSJODPOGVOEJCMF-BTJOOPWBEPSBTUFDOPMPHBTJODSFNFOUBOFMDPOGPSU-BTVNBEFUPEPTFTUPTEFUBMMFTPGSFDFVO BVUPN³WJMºOJDP 1JOUVSBT#. 8*OEJWJEVBMN¡TSJDBTFONBUJDFT DPOEJGFSFODJB -BTQJOUVSBT#. 8*OEJWJEVBMTPOºOJDBT ZBRVFTVCSJMMBOUFKVFHPEF MVDFTMBTEJTUJOHVFEFMPTEFN¡TDPMPSFTFYUFSJPSFT4VQJHNFOUBDJ³O FTQFDJBMHFOFSB CBKPMBTVQFS DJF VOBGBTDJOBOUFSFMBDJ³ODSPN¡UJDB (SBDJBTBFMMB MBTQJOUVSBTMPHSBOVOBFYUSBPSEJOBSJBJOUFOTJEBE #. 8. PMEVSBTJOUFSJPSFT#. 8*OEJWJEVBMFMJNQFDBCMFBDBCBEPEFM JOUFSJPSFTVOBPCSBNBFTUSBEFBSUFTBOB -BTNBEFSBTOPCMFT#. 8*OEJWJEVBMDPO FSFOBMJOUFSJPSVODBS¡DUFS SFBMNFOUFºOJDP ZBRVFTVWFUFBEPZTVTDPMPSFTFYDMVTJWPTTPOBTJNJTNP ºOJDPT4VFYDFMFOUFDBMJEBETFHBSBOUJ[BNFEJBOUFVOBFTUSJDUBTFMFDDJ³O EFMBTNBEFSBTZVOBDBCBEPJNQFDBCMF&MDPMPS1JBOPMBDL4DIXBS[UBNCJ©O $VFSP#. 8*OEJWJEVBMBVU©OUJDBFYDMVTJWJEBEBMBMDBODFEFMBNBOP FYJHFVOBFYUSBPSEJOBSJBQFSJDJBBSUFTBOBM&MSFTQMBOEPSEFTVTVQFS DJFEF CSJMMPJOUFOTPT³MPMPDPOTJHVFOMPTGBCSJDBOUFTEFQJBOPTEFN¡YJNB &MDVFSP. FSJOP#. 8*OEJWJEVBMTFEVDFOPT³MPQPSTVBTQFDUPTFEPTP TJOP DBUFHPSB BTJNJTNP QPSTVJODPOGVOEJCMFTVBWJEBEBMUBDUPTUBFTQPTJCMFHSBDJBTB VOQSPDFTPEFTFMFDDJ³OEFMBNBUFSJBQSJNBTVNBNFOUFDVJEBEPTPFOFMRVF 4JTUFNBEFBVEJP#. 8*OEJWJEVBM)JHI&OEVOBDBMJEBETPOPSB T³MPTFFNQMFBOTVQFS DJFTQFSGFDUBT%FFTUFNPEP TFQVFEFSFOVODJBSB QFSGFDUBQBSBUPEPTMPTTFOUJEPT TVUSBUBNJFOUPQPTUFSJPS&TUFDBS¡DUFSOBUVSBMDPO FSFQPSPTJEBEBMDVFSP RVFUSBOTQJSBZTFNBOUJFOFTVBWFZ FYJCMF-PTDPMPSFTEFMDVFSPDPNCJOBO &MTJTUFNBEFBVEJP#. 8*OEJWJEVBM)JHI&OEPGSFDFVOBFYQFSJFODJB BMBQFSGFDDJ³ODPOMBQJOUVSB#. 8*OEJWJEVBM QPSMPRVFFMFYUFSJPSFJOUFSJPS TPOPSBQSPQJBEFVOBTBMBEFDPODJFSUPTTUBFTQPTJCMFHSBDJBTBVOPT TFDPNQMFNFOUBO³QUJNBNFOUF BMUBWPDFTEFHSBOQPUFODJBQSPWJTUPTEFVOBTNFNCSBOBT)FYB$POF FYUSFNBEBNFOUFSHJEBT"MBCSJMMBOUFDBMJEBETPOPSBDPOUSJCVZFO BEFN¡T MBEJTQPTJDJ³O³QUJNBEFMPT BMUBWPDFT)JHI&OEFOFMJOUFSJPSEFMWFIDVMP ZFMTJOHVMBSQSPDFTBNJFOUPEFMBTF±BMEFMBNQMJ DBEPSEF DBOBMFTQSPWJTUP EFMBUFDOPMPHB%*3"$-JWF"RV©MFMJNJOBMBTJNQSFDJTJPOFTTPOPSBTZ SFEVDFBMNOJNPMBTSF FYJPOFTBDºTUJDBT+VOUPDPOVOFDVBMJ[BEPS BEBQUBEPFTQFDJBMNFOUFBMJOUFSJPSEFMWFIDVMPZVOBSFHVMBDJ³OEFM WPMVNFORVFTFBEFDºBBMBWFMPDJEBE TFPGSFDFVOBFYQFSJFODJBTPOPSB EFBMUB EFMJEBEZN¡YJNPOJWFM -MBOUBTEFBMFBDJ³OMJHFSB#. 8*OEJWJEVBMEF DPOSBEJPTFO7 M QVMHBEBT 1JOUVSB#. 8*OEJWJEVBM"[VSJUTDIXBS[NFUBMJ[BEB 0GFSUB#. 8*OEJWJEVBM JOE 1JOUVSBT#. 8*OEJWJEVBM 9$ $PNCJOBDJ³O#. 8*OEJWJEVBM 0QDJ³O;"$VFSPBNQMJBEP. FSJOP#. 8*OEJWJEVBM 0QDJ³O9&. PMEVSBTJOUFSJPSFT#. 8*OEJWJEVBM 0QDJ³O 0QDJ³O 5FDIPJOUFSJPS#. 8*OEJWJEVBM"OUISB[JU &TUSJCFSBTDPOBOBHSBNBEF#. 8*OEJWJEVBM 0QDJ³O9-*OTFSDJPOFTEFNBEFSBQBSBFMWPMBOUFEFDVFSP#. 8*OEJWJEVBM 0QDJ³O;"$VFSPBNQMJBEP. FSJOP#. 8*OEJWJEVBM &MFNFOUPTEFDVFSP. FSJOP#. 8*OEJWJEVBMBTJFOUPTEFMBOUFSPTZUSBTFSPT JODM SFQPTBDBCF[BT QBSUFEFBUS¡TEFSFTQBMEPT SFWFTUJNJFOUPEFQVFSUBT UJSBEPSDPNQMFUP EFBQFSUVSBEFMBQVFSUB SFQPTBCSB[PTEFMBQVFSUBZDPOTPMBDFOUSBM'VFMMFEFQBMBODBT EFMGSFOPEFNBOPZEFDBNCJPFODVFSP8BMLOBQQB4DIXBS[ 0QDJ³O; 99&RVJQBNJFOUPDPNQMFUPEFDVFSP. FSJOP#. 8*OEJWJEVBM *ODMVZFDVFSP. FSJOP#. 8*OEJWJEVBMFOMPTBTJFOUPTEFMBOUFSPTZUSBTFSPT JODMVJEP SFQPTBDBCF[BT QBSUFEFBUS¡TEFSFTQBMEPT SFWFTUJNJFOUPEFMBTQVFSUBTDPNQMFUBNFOUF FODVFSP UJSBEPSFTEFQVFSUBTDPNQMFUBNFOUFUBQJ[BEPT CPMTJMMPTQBSBNBQBTFOMBT QVFSUBT SFQPTBCSB[PTEFQVFSUBTZSFQPTBCSB[PTEFDPOTPMBDFOUSBM JOUFSJPSEFMBDPOTPMB DFOUSBM QBSUFJOGFSJPSEFMQBOFMEFJOTUSVNFOUPT GVFMMFTEFQBMBODBTTFMFDUPSBZEFDBNCJP ZQBMBODBEFMGSFOPEFNBOP1BOFMFTEFDPSBUJWPTTPCSFMPTSFQPTBCSB[PTFODVFSP 8BMLOBQQB4DIXBS[4FDDJ³OJOGFSJPSEFMQBOFMEFJOTUSVNFOUPTZQBSUFUSBTFSBEFMB DPOTPMBDFOUSBMDPONPMEVSBTFOBDBCBEPTVBWF#. 8*OEJWJEVBM 0QDJ³O9&. PMEVSBTJOUFSJPSFT#. 8*OEJWJEVBM 0QDJ³O9-*OTFSDJPOFTEFNBEFSBQBSBFMWPMBOUFEFDVFSP#. 8*OEJWJEVBM 0QDJ³O 0QDJ³O 0QDJ³O 0QDJ³O 5FDIPJOUFSJPS#. 8*OEJWJEVBM"OUISB[JU &TUSJCFSBTDPOBOBHSBNBEF#. 8*OEJWJEVBM 4JTUFNBEFBVEJP#. 8*OEJWJEVBM)JHI&OE 4IBEPX-JOFEFCSJMMPJOUFOTP#. 8*OEJWJEVBM QVMHBEBT SBEJPTFO7 * 0QDJ³O . [. . . ] [. . . ]