advertisement
▼
Scroll to page 2
of
52
![Electrolux EIS7548 Instrukcja obsługi | Manualzz Electrolux EIS7548 Instrukcja obsługi | Manualzz](http://s1.manualzz.com/store/data/050579879_1-f29279ae44c93b98500b835cbe7097cb-360x466.png)
(,6 3/ 52 3Ą\WDJU]HMQD 3OLWÅ ,QVWUXNFMDREVĄXJL 0DQXDOGHXWLOL]DUH Get the most out of your appliance For quick access to manuals, how-to guides, support and more through our photo registration visit electrolux.com/register ZZZHOHFWUROX[FRP 63,675(Ĝ&, ,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$ :6.$=:.,'27<&=Æ&(%(=3,(&=(ą67:$ 23,685=Æ'=(1,$ .57.,35=(:2'1,. 35=('3,(5:6=<08Ľ<&,(0 &2'=,(11$(.63/2$7$&-$ 81,:(56$/1(,1'8.&<-1(32/(*5=(-1( :6.$=:.,,325$'< .216(5:$&-$,&=<6=&=(1,( 52=:,Æ=<:$1,(352%/(0: ,167$/$&-$ '$1(7(&+1,&=1( ()(.7<:12ĜÈ(1(5*(7<&=1$ =0<Ĝ/Æ272%,( ']LÛNXMHP\]D]DNXSXU]ÇG]HQLD(OHFWUROX[-HVWRQRRZRFHPG]LHVLÛFLROHFL GRĝZLDGF]HĆLLQQRZDFML7RSRP\VĄRZHLVW\ORZHXU]ÇG]HQLH]RVWDĄR ]DSURMHNWRZDQH]P\ĝOÇR7RELH8ľ\WNXMÇFMHPRľHV]PLHÉ]DZV]HSHZQRĝÉ X]\VNDQLDZVSDQLDĄ\FKHIHNWµZ :LWDP\ZĝZLHFLHPDUNL(OHFWUROX[ =DSUDV]DP\QDQDV]ÇZLWU\QÛLQWHUQHWRZÇDE\ 2WU]\PDÉZVND]µZNLGRW\F]ÇFHXľ\WNRZDQLDEURV]XU\SRPRFZ UR]ZLÇ]\ZDQLXSUREOHPµZRUD]LQIRUPDFMHGRW\F]ÇFHVHUZLVX ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH =DUHMHVWURZDÉVZµMSURGXNWLXSURĝFLÉMHJRREVĄXJÛVHUZLVRZÇ ZZZUHJLVWHUHOHFWUROX[FRP 1DE\ÉDNFHVRULDPDWHULDĄ\HNVSORDWDF\MQHLRU\JLQDOQHF]ÛĝFL]DPLHQQHGR VZRMHJRXU]ÇG]HQLD ZZZHOHFWUROX[FRPVKRS 2%6ă8*$./,(17$ =DOHFDP\VWRVRZDQLHRU\JLQDOQ\FKF]ÛĝFL]DPLHQQ\FK .RQWDNWXMÇFVLÛ]DXWRU\]RZDQ\PFHQWUXPVHUZLVRZ\PQDOHľ\SU]\JRWRZDÉ SRQLľV]HGDQHLQIRUPDFMHRPRGHOXQXPHUSURGXNWXQXPHUVHU\MQ\ 6WRVRZQHLQIRUPDFMHPRľQD]QDOHļÉQDWDEOLF]FH]QDPLRQRZHM 2VWU]HľHQLHSU]HVWURJDಧLQIRUPDFMHGRW\F]ÇFHEH]SLHF]HĆVWZD 2JµOQHLQIRUPDFMHLZVND]µZNL ,QIRUPDFMHGRW\F]ÇFHĝURGRZLVNDQDWXUDOQHJR 3URGXFHQW]DVWU]HJDVRELHPRľOLZRĝÉZSURZDG]HQLD]PLDQEH]ZF]HĝQLHMV]HJR SRZLDGRPLHQLD 32/6., ,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$ 3U]HGSU]\VWÇSLHQLHPGRLQVWDODFMLLUR]SRF]ÛFLHP HNVSORDWDFMLXU]ÇG]HQLDQDOHľ\XZDľQLH]DSR]QDÉVLÛ] ]DĄÇF]RQÇLQVWUXNFMÇREVĄXJL3URGXFHQWQLHRGSRZLDGD ]DREUDľHQLDFLDĄDDQLV]NRG\VSRZRGRZDQH QLHSUDZLGĄRZÇLQVWDODFMÇOXEHNVSORDWDFMÇXU]ÇG]HQLD 1DOHľ\]DFKRZDÉLQVWUXNFMÛREVĄXJLZEH]SLHF]Q\PL ĄDWZRGRVWÛSQ\PPLHMVFXGRZ\NRU]\VWDQLDZ SU]\V]ĄRĝFL %H]SLHF]HĆVWZRG]LHFLLRVµERRJUDQLF]RQ\FK ]GROQRĝFLDFKUXFKRZ\FKVHQVRU\F]Q\FKOXE XP\VĄRZ\FK ವ ವ ವ ವ ವ ವ ವ 8U]ÇG]HQLHPRJÇREVĄXJLZDÉG]LHFLSRXNRĆF]HQLX µVPHJRURNXľ\FLDRUD]RVRE\RRJUDQLF]RQ\FK ]GROQRĝFLDFKIL]\F]Q\FKVHQVRU\F]Q\FKOXE XP\VĄRZ\FKDWDNľHQLHSRVLDGDMÇFHRGSRZLHGQLHM ZLHG]\OXEGRĝZLDGF]HQLDMHĝOLEÛGÇRQH QDG]RURZDQHOXE]RVWDQÇSRLQVWUXRZDQHZ]DNUHVLH EH]SLHF]QHJRNRU]\VWDQLD]XU]ÇG]HQLDLEÛGÇ ĝZLDGRPH]ZLÇ]DQ\FK]W\P]DJURľHĆ ']LHFLZZLHNXRGGRODWLRVRE\R]QDF]Q\P VWRSQLXQLHSHĄQRVSUDZQRĝFLQLHSRZLQQ\]EOLľDÉVLÛ XU]ÇG]HQLDMHĝOLQLH]QDMGXMÇVLÛSRGVWDĄ\P QDG]RUHP ']LHFLSRQLľHMURNXľ\FLDQLHSRZLQQ\]EOLľDÉVLÛGR XU]ÇG]HQLDMHĝOLQLH]QDMGXMÇVLÛSRGVWDĄ\P QDG]RUHP 1LHSR]ZDODÉG]LHFLRPEDZLÉVLÛXU]ÇG]HQLHP 3U]HFKRZ\ZDÉRSDNRZDQLHZPLHMVFXQLHGRVWÛSQ\P GODG]LHFLOXESR]E\ÉVLÛJRZRGSRZLHGQLVSRVµE ']LHFLRPL]ZLHU]ÛWRPQLHZROQR]EOLľDÉVLÛGR SUDFXMÇFHJROXEVW\JQÇFHJRXU]ÇG]HQLDăDWZR GRVWÛSQHHOHPHQW\XU]ÇG]HQLDPRFQRVLÛQDJU]HZDMÇ -HĝOLXU]ÇG]HQLHZ\SRVDľRQRZEORNDGÛ XUXFKRPLHQLD]DOHFDVLÛMHMZĄÇF]HQLH ZZZHOHFWUROX[FRP ವ ']LHFLRPQLHZROQR]DMPRZDÉVLÛF]\V]F]HQLHPDQL NRQVHUZDFMÇXU]ÇG]HQLDEH]RGSRZLHGQLHJRQDG]RUX 2JµOQH]DVDG\EH]SLHF]HĆVWZD ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ 2675=(Ľ(1,(3RGF]DVSUDF\XU]ÇG]HQLHLMHJR QLHRVĄRQLÛWHHOHPHQW\QDJU]HZDMÇVLÛGRZ\VRNLHM WHPSHUDWXU\1DOHľ\]DFKRZDÉRVWURľQRĝÉDE\ XQLNQÇÉNRQWDNWX]HOHPHQWDPLJU]HMQ\PL 1LHVWHURZDÉXU]ÇG]HQLHP]DSRPRFÇ]HZQÛWU]QHJR SURJUDPDWRUDF]DVRZHJRDQLQLH]DOHľQHJRXNĄDGX ]GDOQHJRVWHURZDQLD 2675=(Ľ(1,(3R]RVWDZLHQLHEH]QDG]RUXSRWUDZ ]DZLHUDMÇF\FKWĄXV]F]OXEROHMQDZĄÇF]RQHMSĄ\FLH JU]HMQHMPRľHE\ÉSU]\F]\QÇSRľDUX 1,(JDVLÉSRľDUXZRGÇದQDOHľ\Z\ĄÇF]\ÉXU]ÇG]HQLH DQDVWÛSQLHSU]\NU\ÉSĄRPLHĆSRNU\ZÇOXENRFHP JDĝQLF]\P 8:$*$*RWRZDQLHSRZLQQRRGE\ZDÉVLÛSRG QDG]RUHP1DOHľ\]DSHZQLÉVWDĄ\QDG]µUQDGNUµWNLP JRWRZDQLHP 2675=(Ľ(1,(1LHEH]SLHF]HĆVWZRSRľDUX1LH SU]HFKRZ\ZDÉľDGQ\FKSU]HGPLRWµZQDSRZLHU]FKQL JRWRZDQLD 1DSRZLHU]FKQLSĄ\W\JU]HMQHMQLHZROQRNĄDĝÉ SU]HGPLRWµZPHWDORZ\FKMDNV]WXÉFHOXESRNU\ZNLGR JDUQNµZSRQLHZDľPRJÇRQHEDUG]RVLÛUR]JU]DÉ 1LHF]\ĝFLÉXU]ÇG]HQLD]DSRPRFÇP\MHNSDURZ\FK 3R]DNRĆF]HQLXJRWRZDQLDQDOHľ\Z\ĄÇF]\ÉSROH JU]HMQH]DSRPRFÇHOHPHQWXVWHUXMÇFHJR1LHSROHJDÉ QDG]LDĄDQLXXNĄDGXZ\NU\ZDQLDREHFQRĝFLQDF]\Ć -HĝOLQDSRZLHU]FKQLV]NĄDFHUDPLF]QHJRSRZLHU]FKQL V]NODQHMSRMDZLÇVLÛSÛNQLÛFLDQDOHľ\Z\ĄÇF]\É XU]ÇG]HQLHLZ\MÇÉZW\F]NÛ]DVLODMÇFÇ]JQLD]GD-HĝOL XU]ÇG]HQLHSRGĄÇF]RQREH]SRĝUHGQLRGRVNU]\QNL SU]\ĄÇF]RZHMQDOHľ\Z\ĄÇF]\ÉEH]SLHF]QLNDE\ RGĄÇF]\É]DVLODQLHXU]ÇG]HQLD:REXSU]\SDGNDFK 32/6., ವ ವ QDOHľ\VNRQWDNWRZDÉVLÛ]DXWRU\]RZDQ\PFHQWUXP VHUZLVRZ\P -HĝOLSU]HZµG]DVLODMÇF\MHVWXV]NRG]RQ\]H Z]JOÛGµZEH]SLHF]HĆVWZDPXVLJRZ\PLHQLÉ SURGXFHQWDXWRU\]RZDQ\VHUZLVOXELQQD Z\NZDOLILNRZDQDRVRED 2675=(Ľ(1,(8ľ\ZDÉZ\ĄÇF]QLHRVĄRQGRSĄ\W\ JU]HMQHMZ\SURGXNRZDQ\FKSU]H]SURGXFHQWD XU]ÇG]HQLDOXERNUHĝORQ\FKZLQVWUXNFMLSU]H] SURGXFHQWDXU]ÇG]HQLDMDNRRGSRZLHGQLFKOXE GRVWDUF]RQ\FK]XU]ÇG]HQLHP8ľ\FLH QLHRGSRZLHGQLFKRVĄRQPRľHVNXWNRZDÉZ\SDGNLHP :6.$=:.,'27<&=Æ&(%(=3,(&=(ą67:$ ,QVWDODFMD 2675=(Ƽ(1,( 8U]ÇG]HQLHPRľH ]DLQVWDORZDÉZ\ĄÇF]QLH Z\NZDOLILNRZDQDRVRED ವ ವ 2675=(Ƽ(1,( =DJURľHQLHRGQLHVLHQLHP REUDľHĆOXEXV]NRG]HQLHP XU]ÇG]HQLD ವ ವ ವ ವ ವ ವ ವ ವ 8VXQÇÉZV]\VWNLHHOHPHQW\ RSDNRZDQLD 1LHLQVWDORZDÉDQLQLHXľ\ZDÉ XV]NRG]RQHJRXU]ÇG]HQLD 1DOHľ\SRVWÛSRZDÉ]JRGQLH] LQVWUXNFMÇLQVWDODFMLGRĄÇF]RQÇGR XU]ÇG]HQLD =DFKRZDÉPLQLPDOQHRGVWÛS\RG LQQ\FKXU]ÇG]HĆLPHEOL =DFKRZDÉRVWURľQRĝÉSRGF]DV SU]HQRV]HQLDXU]ÇG]HQLDSRQLHZDľ MHVWRQRFLÛľNLH1DOHľ\]DZV]H VWRVRZDÉUÛNDZLFHRFKURQQHLPLHÉ QDVWRSDFKSHĄQHREXZLH 3RSU]\FLÛFLX]DEH]SLHF]\É NUDZÛG]LHEODWXSU]HGZLOJRFLÇ]D SRPRFÇRGSRZLHGQLHJR XV]F]HOQLDF]D =DEH]SLHF]\ÉVSµGXU]ÇG]HQLDSU]HG GRVWÛSHPSDU\LZLOJRFL 1LHLQVWDORZDÉXU]ÇG]HQLDSU]\ GU]ZLDFKDQLSRGRNQHP=DSRELHJQLH WRPRľOLZRĝFLVWUÇFHQLDJRUÇFHJR QDF]\QLD]XU]ÇG]HQLDSU]\RWZLHUDQLX RNQDOXEGU]ZL :GROQHMF]ÛĝFLNDľGHJRXU]ÇG]HQLD ]QDMGXMÇVLÛZHQW\ODWRU\FKĄRG]ÇFH -HĝOLXU]ÇG]HQLH]DLQVWDORZDQRQDG V]XIODGÇ ದ 1LHSU]HFKRZ\ZDÉGUREQ\FK HOHPHQWµZDQLDUNXV]\SDSLHUX NWµUHPRJĄ\E\]RVWDÉZFLÇJQLÛWH XV]NDG]DMÇFZHQW\ODWRU\ FKĄRG]ÇFHOXEREQLľDMÇF Z\GDMQRĝÉXNĄDGXFKĄRG]HQLD ದ =DFKRZDÉRGVWÛSFRQDMPQLHM FPPLÛG]\GROQÇF]ÛĝFLÇ XU]ÇG]HQLDDHOHPHQWDPL SU]HFKRZ\ZDQ\PLZV]XIODG]LH 3RGĄÇF]HQLHGRVLHFL HOHNWU\F]QHM 2675=(Ƽ(1,( =DJURľHQLHSRľDUHPL SRUDľHQLHPSUÇGHP HOHNWU\F]Q\P ವ ವ ವ ವ :V]\VWNLHSRĄÇF]HQLDHOHNWU\F]QH SRZLQLHQZ\NRQDÉZ\NZDOLILNRZDQ\ HOHNWU\N 8U]ÇG]HQLHPXVLE\ÉX]LHPLRQH 3U]HGZ\NRQDQLHPMDNLHMNROZLHN F]\QQRĝFLXSHZQLÉVLÛľHXU]ÇG]HQLH MHVWRGĄÇF]RQHRG]DVLODQLD 8SHZQLÉVLÛľHSDUDPHWU\QD WDEOLF]FH]QDPLRQRZHMRGSRZLDGDMÇ ZZZHOHFWUROX[FRP ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ SDUDPHWURP]QDPLRQRZ\PļUµGĄD ]DVLODQLD 8SHZQLÉVLÛľHXU]ÇG]HQLHMHVW SUDZLGĄRZR]DLQVWDORZDQH/XļQ\OXE QLHZĄDĝFLZ\SU]HZµG]DVLODMÇF\EÇGļ ZW\F]NDMHĝOLGRW\F]\PRľHE\É SU]\F]\QÇSU]HJU]DQLDVW\NµZ 8ľ\ÉRGSRZLHGQLHJRSU]HZRGX ]DVLODMÇFHJR 1LHGRSXV]F]DÉGRVSOÇWDQLD SU]HZRGµZHOHNWU\F]Q\FK 8SHZQLÉVLÛľH]DLQVWDORZDQR ]DEH]SLHF]HQLHSU]HGSRUDľHQLHP SUÇGHP 3U]HZµG]DVLODMÇF\QDOHľ\ SU]\PRFRZDÉREHMPÇE\JR PHFKDQLF]QLHRGFLÇľ\É 3RGF]DVSRGĄÇF]DQLDXU]ÇG]HQLDGR JQLD]GDVLHFLRZHJRXSHZQLÉVLÛľH SU]HZµG]DVLODMÇF\OXEMHJRZW\F]ND MHĝOLGRW\F]\QLHEÛG]LHGRW\NDÉ UR]JU]DQ\FKHOHPHQWµZXU]ÇG]HQLD OXEQDF]\Ć 1LHVWRVRZDÉUR]JDĄÛļQLNµZDQL SU]HGĄXľDF]\ 1DOHľ\XZDľDÉDE\QLHXV]NRG]LÉ ZW\F]NLMHĝOLGRW\F]\DQLSU]HZRGX ]DVLODMÇFHJR:\PLDQÛXV]NRG]RQHJR SU]HZRGX]DVLODMÇFHJRQDOHľ\]OHFLÉ DXWRU\]RZDQHPXFHQWUXP VHUZLVRZHPXOXEZ\NZDOLILNRZDQHPX HOHNWU\NRZL =DUµZQRGODHOHPHQWµZ]QDMGXMÇF\FK VLÛSRGQDSLÛFLHPMDNL ]DL]RORZDQ\FKF]ÛĝFL ]DEH]SLHF]HQLHSU]HGSRUDľHQLHP SUÇGHPQDOHľ\]DPRFRZDÉZWDNL VSRVµEDE\QLHPRľQDJRE\ĄR RGĄÇF]\ÉEH]Xľ\FLDQDU]ÛG]L 3RGĄÇF]\ÉZW\F]NÛGRJQLD]GD HOHNWU\F]QHJRGRSLHURSR ]DNRĆF]HQLXLQVWDODFML1DOHľ\]DGEDÉ RWRDE\SR]DNRĆF]HQLXLQVWDODFML XU]ÇG]HQLDZW\F]NDSU]HZRGX ]DVLODMÇFHJRE\ĄDĄDWZRGRVWÛSQD -HĝOLJQLD]GRHOHNWU\F]QHMHVW REOX]RZDQHQLHZROQRSRGĄÇF]DÉGR QLHJRZW\F]NL 2GĄÇF]DMÇFXU]ÇG]HQLHQLHQDOHľ\ FLÇJQÇÉ]DSU]HZµG]DVLODMÇF\ 1DOHľ\]DZV]HFLÇJQÇÉ]DZW\F]NÛ VLHFLRZÇ .RQLHF]QHMHVW]DVWRVRZDQLH RGSRZLHGQLFKZ\ĄÇF]QLNµZREZRGX ]DVLODQLDZ\ĄÇF]QLNLDXWRPDW\F]QH ವ EH]SLHF]QLNLWRSLNRZHW\SX Z\NUÛFDQHJRದZ\MPRZDQH] RSUDZNLZ\ĄÇF]QLNLUµľQLFRZR SUÇGRZH5&'RUD]VW\F]QLNL :LQVWDODFMLHOHNWU\F]QHMQDOHľ\ ]DVWRVRZDÉZ\ĄÇF]QLNREZRGX XPRľOLZLDMÇF\RGĄÇF]HQLHXU]ÇG]HQLD RG]DVLODQLDQDZV]\VWNLFKELHJXQDFK :\ĄÇF]QLNREZRGXPXVLPLHÉ UR]ZDUFLHVW\NµZZ\QRV]ÇFH PLQLPXPPP (NVSORDWDFMD 2675=(Ƽ(1,( =DJURľHQLHRGQLHVLHQLHP REUDľHĆRSDU]HQLHPL SRUDľHQLHPSUÇGHP ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ 3U]HGSLHUZV]\PXľ\FLHPXU]ÇG]HQLD QDOHľ\XVXQÇÉ]QLHJRZV]\VWNLH HOHPHQW\RSDNRZDQLDHW\NLHW\LIROLÛ RFKURQQÇMHĝOLGRW\F]\ 8U]ÇG]HQLHMHVWSU]H]QDF]RQH Z\ĄÇF]QLHGRXľ\WNXGRPRZHJR 1LH]PLHQLDÉSDUDPHWUµZ WHFKQLF]Q\FKXU]ÇG]HQLD 1DOHľ\XSHZQLÉVLÛľHRWZRU\ ZHQW\ODF\MQHVÇGURľQH 1LHSR]RVWDZLDÉZĄÇF]RQHJR XU]ÇG]HQLDEH]QDG]RUX 3RNDľG\PXľ\FLXZ\ĄÇF]\ÉSROH JU]HMQH 1LHSROHJDÉQDG]LDĄDQLXXNĄDGX Z\NU\ZDQLDREHFQRĝFLQDF]\Ć 1LHNĄDĝÉV]WXÉFµZDQLSRNU\ZHN QDF]\ĆQDSRODFKJU]HMQ\FK0RJÇ RQHVLÛPRFQRUR]JU]DÉ 1LHREVĄXJLZDÉXU]ÇG]HQLDPRNU\PL UÛNDPLOXEMHĝOLPDRQRNRQWDNW] ZRGÇ 1LHXľ\ZDÉXU]ÇG]HQLDMDNR SRZLHU]FKQLURERF]HMDQLPLHMVFDGR SU]HFKRZ\ZDQLDSU]HGPLRWµZ -HĝOLQDSRZLHU]FKQLXU]ÇG]HQLD SRMDZLÇVLÛSÛNQLÛFLDQDOHľ\ QDW\FKPLDVWRGĄÇF]\ÉMHRG]DVLODQLD 3R]ZROLWRXQLNQÇÉ]DJURľHQLD SRUDľHQLHPSUÇGHPHOHNWU\F]Q\P *G\XU]ÇG]HQLHMHVWZĄÇF]RQH Xľ\WNRZQLF\]ZV]F]HSLRQ\P UR]UXV]QLNLHPVHUFDQLHSRZLQQL ]EOLľDÉVLÛGRLQGXNF\MQ\FKSµO JU]HMQ\FKQDRGOHJĄRĝÉPQLHMV]ÇQLľ FP 32/6., ವ 2675=(Ƽ(1,( =DJURľHQLHSRľDUHP LZ\EXFKHP ವ ವ ವ ವ 3RGZSĄ\ZHPZ\VRNLHMWHPSHUDWXU\ WĄXV]F]HLROHMPRJÇXZDOQLDÉ ĄDWZRSDOQHRSDU\3RGF]DV SRGJU]HZDQLDWĄXV]F]µZLROHMXQLH ZROQR]EOLľDÉGRQLFKļUµGHĄRJQLDDQL UR]JU]DQ\FKSU]HGPLRWµZ 2SDU\XZDOQLDQHSU]H]JRUÇF\ROHM PRJÇXOHFVDPRF]\QQHPX]DSĄRQRZL =Xľ\W\ROHM]DZLHUDMÇF\SR]RVWDĄRĝFL SURGXNWµZVSRľ\ZF]\FKPDQLľV]Ç WHPSHUDWXUÛ]DSĄRQXQLľĝZLHľ\ROHM 1LHXPLHV]F]DÉZXU]ÇG]HQLXQDQLP DQLZMHJRSREOLľXĄDWZRSDOQ\FK VXEVWDQFMLDQLSU]HGPLRWµZ QDVÇF]RQ\FKĄDWZRSDOQ\PL VXEVWDQFMDPL 2675=(Ƽ(1,( =DJURľHQLHXV]NRG]HQLHP XU]ÇG]HQLD ವ ವ ವ ವ ವ ವ ವ ವ 1LHZROQRJRXľ\ZDÉGRLQQ\FK FHOµZWDNLFKMDNQSRJU]HZDQLH SRPLHV]F]HĆ *RUÇF\ROHMPRľHSU\VNDÉSRGF]DV ZNĄDGDQLDGRQLHJRľ\ZQRĝFL 1LHVWDZLDÉJRUÇF\FKQDF]\ĆQD SDQHOXVWHURZDQLD 1LHVWDZLDÉJRUÇF\FKQDF]\ĆQD V]NODQHMSRZLHU]FKQLSĄ\W\JU]HMQHM 1LHGRSXV]F]DÉGRZ\JRWRZDQLDVLÛ SRWUDZ 1LHGRSXV]F]DÉGRXSDGNXQDF]\Ć OXELQQ\FKSU]HGPLRWµZQD SRZLHU]FKQLÛXU]ÇG]HQLD0RľHWR VSRZRGRZDÉMHJRXV]NRG]HQLH 1LHZĄÇF]DÉSµOJU]HMQ\FKEH]QDF]\Ć DQL]SXVW\PLQDF]\QLDPL 1LHNĄDĝÉQDXU]ÇG]HQLXIROLL DOXPLQLRZHM 1DF]\QLDľHOLZQHDOXPLQLRZHOXE]H ]QLV]F]RQ\PVSRGHPPRJÇ VSRZRGRZDÉ]DU\VRZDQLHV]NĄDOXE V]NĄDFHUDPLF]QHJR'ODWHJRQLH QDOHľ\SU]HVXZDÉLFKSRSRZLHU]FKQL JRWRZDQLD 8U]ÇG]HQLHMHVWSU]H]QDF]RQH Z\ĄÇF]QLHGRSU]\U]ÇG]DQLDSRWUDZ .RQVHUZDFMDLF]\V]F]HQLH ವ ವ ವ ವ ವ $E\]DSRELHFXV]NRG]HQLX SRZLHU]FKQLXU]ÇG]HQLDQDOHľ\ UHJXODUQLHMÇF]\ĝFLÉ 3U]HGUR]SRF]ÛFLHPF]\V]F]HQLD XU]ÇG]HQLDQDOHľ\MHZ\ĄÇF]\ÉL ]DF]HNDÉDľRVW\JQLH 3U]HGSU]\VWÇSLHQLHPGRNRQVHUZDFML XU]ÇG]HQLDQDOHľ\RGĄÇF]\ÉMHRG ]DVLODQLD 8U]ÇG]HQLDQLHZROQRF]\ĝFLÉZRGÇ SRGFLĝQLHQLHPDQLSDUÇZRGQÇ &]\ĝFLÉXU]ÇG]HQLH]DSRPRFÇ ZLOJRWQHMV]PDWNL6WRVRZDÉ Z\ĄÇF]QLHRERMÛWQHĝURGNL F]\V]F]ÇFH1LHXľ\ZDÉľDGQ\FK SURGXNWµZĝFLHUQ\FKP\MHNGR V]RURZDQLDUR]SXV]F]DOQLNµZDQL PHWDORZ\FKSU]HGPLRWµZ 6HUZLV ವ ವ 1DOHľ\VNRQWDNWRZDÉVLÛ] DXWRU\]RZDQ\PSXQNWHP VHUZLVRZ\PNWµU\QDSUDZL XU]ÇG]HQLH 1DOHľ\VWRVRZDÉZ\ĄÇF]QLH RU\JLQDOQHF]ÛĝFL]DPLHQQH 8W\OL]DFMD 2675=(Ƽ(1,( =DJURľHQLHRGQLHVLHQLHP REUDľHĆOXEXGXV]HQLHP ವ ವ ವ $E\GRZLHG]LHÉVLÛMDNSUDZLGĄRZR XW\OL]RZDÉXU]ÇG]HQLHQDOHľ\ VNRQWDNWRZDÉVLÛ]ORNDOQ\PL ZĄDG]DPL 2GĄÇF]\ÉXU]ÇG]HQLHRGļUµGĄD ]DVLODQLD 2GFLÇÉSU]HZµG]DVLODMÇF\EOLVNR XU]ÇG]HQLDLRGGDÉGRXW\OL]DFML ZZZHOHFWUROX[FRP 23,685=Æ'=(1,$ 8NĄDGSRZLHU]FKQLJRWRZDQLD 3 ,QGXNF\MQHSROHJU]HMQH 3DQHOVWHURZDQLD 8QLZHUVDOQHLQGXNF\MQHSROHJU]HMQH VNĄDGDVLÛ]F]WHUHFKF]ÛĝFL 1 1 2 3DQHOSRODJU]HMQHJR 1 2 3 4 5 11 6 7 10 8 9 $E\Z\ĝZLHWOLÉGRVWÛSQHXVWDZLHQLDQDOHľ\GRWNQÇÉRGSRZLHGQLHJRV\PEROX 6\P഻ ERO 8ZDJL :ă:<ă :ĄÇF]DQLHLZ\ĄÇF]DQLHSĄ\W\JU]HMQHM 0HQX 2WZLHUDQLHL]DP\NDQLHPHQX :\EµUSRODJU]HMಣ QHJR :\ĝZLHWODQLHVXZDNDGODZ\EUDQHJRSRODJU]HMಣ QHJR :VNDļQLNSROD JU]HMQHJR :VND]DQLHSRODJU]HMQHJRGODNWµUHJRZĄÇF]Rಣ Q\MHVWVXZDN 8VWDZLDQLHIXQNFML]HJDUD 6XZDN 5HJXODFMDPRF\JU]DQLD 3RZHU%RRVW :ĄÇF]DQLHIXQNFML %ORNDGD :ĄÇF]DQLHLZ\ĄÇF]DQLHIXQNFML 32/6., 6\P഻ ERO 8ZDJL 3U]HUZD :ĄÇF]DQLHLZ\ĄÇF]DQLHIXQNFML :\ĝZLHWODQLHDNWXDOQHJRXVWDZLHQLDPRF\JU]Dಣ QLD )OH[L%ULGJH 3U]HĄÇF]DQLHPLÛG]\WU]HPDWU\EDPLIXQNFML 2SWL+HDW&RQWURO VWRSQLRZ\ZVNDļQLNFLHSĄD UHV]WNRZHJR 2675=(Ƽ(1,( ,,,,,,:\VWÛSXMH ]DJURľHQLHSRSDU]HQLHP SU]H]FLHSĄRUHV]WNRZH :VNDļQLNSRND]XMHSR]LRP FLHSĄDUHV]WNRZHJR ,QGXNF\MQHSRODJU]HMQHZ\WZDU]DMÇ FLHSĄRSRWU]HEQHGRJRWRZDQLDSRWUDZ EH]SRĝUHGQLRZGQLHQDF]\Ć 3RZLHU]FKQLDFHUDPLF]QDQDJU]HZDVLÛ RGFLHSĄDSRFKRG]ÇFHJR]QDF]\Ć .57.,35=(:2'1,. .RU]\VWDQLH]HNUDQX GRW\NRZHJR ವ ವ ವ ವ ವ ವ ವ $E\ZĄÇF]\ÉGDQÇRSFMÛQDOHľ\ GRWNQÇÉRGSRZLHGQLHJRV\PEROXQD Z\ĝZLHWODF]X :\EUDQDIXQNFMDZĄÇF]\VLÛSR ]GMÛFLXSDOFD]Z\ĝZLHWODF]D $E\SU]HZLQÇÉGRVWÛSQHRSFMH QDOHľ\Xľ\ÉV]\ENLHJRJHVWXOXE SU]HVXQÇÉSDOFHPSRZ\ĝZLHWODF]X 6]\ENRĝÉJHVWXZSĄ\ZDQDV]\ENRĝÉ SU]HZLMDQLDHNUDQX 3U]HZLMDQLHPRľH]DWU]\PDÉVLÛ VDPRLVWQLHOXEPRľQDMHSU]HUZDÉ GRW\NDMÇFZ\ĝZLHWODF]D 'RW\NDMÇFRGSRZLHGQLFKV\PEROL PRľQD]PLHQLÉZLÛNV]RĝÉ SDUDPHWUµZZLGRF]Q\FKQD Z\ĝZLHWODF]X $E\Z\EUDÉľÇGDQÇIXQNFMÛOXEF]DV PRľQDSU]HZLQÇÉOLVWÛLOXEGRWNQÇÉ Z\EUDQHMRSFML ವ ವ ವ ವ *G\SĄ\WDJU]HMQDMHVWZĄÇF]RQDD QLHNWµUHV\PEROH]QLNQÇ] Z\ĝZLHWODF]DQDOHľ\GRWNQÇÉ Z\ĝZLHWODF]DZGRZROQ\PPLHMVFX :V]\VWNLHV\PEROH]RVWDQÇSRQRZQLH Z\ĝZLHWORQH 3RXUXFKRPLHQLXQLHNWµU\FKIXQNFMLQD Z\ĝZLHWODF]XSRMDZLDVLÛ Z\VNDNXMÇFHRNLHQNR]GRGDWNRZ\PL LQIRUPDFMDPL $NW\ZQHVÇW\ONRSRGĝZLHWORQH V\PEROH $E\ZĄÇF]\ÉIXQNFMÛ]HJDUDQDOHľ\ QDMSLHUZZ\EUDÉSROHJU]HMQH 6WUXNWXUD0HQX 'RWNQÇÉ DE\X]\VNDÉGRVWÛSL ]PLHQLÉXVWDZLHQLDSĄ\W\JU]HMQHMOXE ZĄÇF]\ÉQLHNWµUHIXQNFMH:WDEHOL SU]HGVWDZLRQRSRGVWDZRZÇVWUXNWXUÛ 0HQX 0HQX *RWRZDQLHZVSRPDJDಣ QH ZZZHOHFWUROX[FRP )XQNFMHSĄ\W\JU]HMQHM 8VWDZLHQLD 3RZHU6OLGH 5R]WDSLDQLH %ORNDGDXUXFKRPLHQLD 6WRSHU .RQILJXUDFMD *RWRZDQLHZVSRPDJDQH -Û]\N 'ļZLÛNLSU]\FLVNµZ *ĄRĝQRĝÉV\JQDĄX -DVQRĝÉZ\ĝZLHWODF]D 6HUZLV 7U\EGHPR /LFHQFMD :\ĝZLHWOZHURSURJU +LVWRULDDODUPµZ 5HVHWXMZV]\VWXVW $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R ZVND]µZNDPLDE\SRUXV]DÉVLÛSR 0HQX 3RGRWDUFLXQDGµĄ0HQXQDOHľ\ SRUXV]DQLDVLÛSR0HQXXľ\É OXE SU]HZLQÇÉOLVWÛZJµUÛLXľ\É OXE 3RGRWNQLÛFLXLSU]\WU]\PDQLXQLHNWµU\FK RSFMLGRVWÛSQ\FKZ0HQXSRMDZLDVLÛLFK NUµWNLRSLV3RVWÛSRZDÉ]JRGQLH]H GRWNQÇÉ DE\]DPNQÇÉ0HQX 35=('3,(5:6=<08Ľ<&,(0 2675=(Ƽ(1,( 3DWU]UR]G]LDĄGRW\F]ÇF\ EH]SLHF]HĆVWZD 3LHUZV]HSRGĄÇF]HQLHGR VLHFLHOHNWU\F]QHM -Û]\N-DVQRĝÉZ\ĝZLHWODF]DL*ĄRĝQRĝÉ V\JQDĄX 8VWDZLHQLDPRľQD]PLHQLÉZ0HQX! 8VWDZLHQLD!.RQILJXUDFMD3DWU] ಱ&RG]LHQQDHNVSORDWDFMDರ 3RSRGĄÇF]HQLXXU]ÇG]HQLDGR]DVLODQLD QDOHľ\XVWDZLÉQDVWÛSXMÇFHSDUDPHWU\ &2'=,(11$(.63/2$7$&-$ 2675=(Ƽ(1,( 3DWU]UR]G]LDĄGRW\F]ÇF\ EH]SLHF]HĆVWZD :ĄÇF]DQLHLZ\ĄÇF]DQLH 'RWNQÇÉ SU]H]VHNXQGÛDE\ ZĄÇF]\ÉOXEZ\ĄÇF]\ÉSĄ\WÛJU]HMQÇ 32/6., 6DPRF]\QQHZ\ĄÇF]HQLH )XQNFMDWDSRZRGXMHVDPRF]\QQH Z\ĄÇF]HQLHSĄ\W\JU]HMQHMJG\ ZV]\VWNLHSRODJU]HMQHVÇZ\ĄÇF]RQH SRZĄÇF]HQLXSĄ\W\JU]HMQHMQLH ]RVWDQLHXVWDZLRQDPRFJU]DQLD ವ SDQHOVWHURZDQLD]RVWDĄ]DODQ\OXERG SRQDGVHNXQG]QDMGXMHVLÛQDQLP SU]HGPLRWJDUQHNĝFLHUHF]NDLWS 5R]OHJQLHVLÛV\JQDĄGļZLÛNRZ\L XU]ÇG]HQLHZ\ĄÇF]\VLÛ1DOHľ\ XVXQÇÉSU]HGPLRWOXEZ\F]\ĝFLÉSDQHO VWHURZDQLD ವ SĄ\WDXOHJDQDGPLHUQHPXUR]JU]DQLX QSJG\Z\JRWRZDĄDVLÛ]DZDUWRĝÉ QDF]\QLD3U]HGSRQRZQ\PXľ\FLHP SĄ\W\JU]HMQHMRGF]HNDÉDľSROH JU]HMQHRVW\JQLH ವ Xľ\WRQLHRGSRZLHGQLHJRQDF]\QLDOXE QLHPDQDF]\QLDQDGDQ\PSROX JU]HMQ\P=DF]\QDPLJDÉELDĄ\ V\PEROSRODJU]HMQHJRLSRXSĄ\ZLH PLQXW\LQGXNF\MQHSROHJU]HMQH Z\ĄÇF]DVLÛVDPRF]\QQLH ವ QLHZ\ĄÇF]RQRSRODJU]HMQHJROXEQLH ]PLHQLRQRPRF\JU]DQLD3RSHZQ\P F]DVLHZ\ĝZLHWODVLÛNRPXQLNDWL XU]ÇG]HQLHZ\ĄÇF]DVLÛ =DOHƽQRĝÉPLÛG]\XVWDZLHQLHPPRF\ JU]DQLDDF]DVHPSRMDNLPZ\ĄÇF]D VLÛSĄ\WDJU]HMQD 6\PERO]PLHQLNRORUQDF]HUZRQ\L SRZLÛNV]\VLÛ ವ ವ 8ľ\ZDQLHSµOJU]HMQ\FK 1DF]\QLDQDOHľ\VWDZLDÉQDĝURGNXSROD JU]HMQHJR,QGXNF\MQHSRODJU]HMQH GRVWRVRZXMÇVLÛDXWRPDW\F]QLHGR ZLHONRĝFLGQDQDF]\Ć 3RXVWDZLHQLXQDF]\QLDQDSROX JU]HMQ\PSĄ\WDJU]HMQDDXWRPDW\F]QLH Z\NU\ZDMHJRREHFQRĝÉLQD Z\ĝZLHWODF]XSRMDZLDVLÛRGSRZLHGQL VXZDN-HVWRQZLGRF]Q\SU]H] VHNXQGSRF]\PZ\ĝZLHWODF]SRZUDFD GRZLGRNXJĄµZQHJR$E\V]\EFLHMXNU\É VXZDNQDOHľ\GRWNQÇÉHNUDQXSR]D REV]DUHPVXZDND -HĝOLZĄÇF]RQHVÇLQQHSRODJU]HMQH ]DNUHVXVWDZLHĆPRF\NROHMQHJRSROD PRľHE\ÉRJUDQLF]RQ\3DWU]SXQNW ಱ=DU]ÇG]DQLHHQHUJLÇರ 8SHZQLÉVLÛľHQDF]\QLH MHVWRGSRZLHGQLHGRSĄ\W LQGXNF\MQ\FK:LÛFHM LQIRUPDFMLQDWHPDWURG]DMµZ QDF]\ĆದSDWU]ಱ:VND]µZNLL SRUDG\ರ6SUDZG]LÉZLHONRĝÉ QDF]\QLDZUR]G]LDOHಱ'DQH WHFKQLF]QHರ 8VWDZLHQLHPRF\ JU]DQLD 3Ą\WDJU]HMQDZ\഻ ĄÇF]DVLÛSR JRG] JRG] 3RZHU%RRVW JRG] JRG] )XQNFMDWDXPRľOLZLD]ZLÛNV]HQLHPRF\ RNUHĝORQHJRSRODJU]HMQHJRZ]DOHľQRĝFL RGZLHONRĝFLQDF]\QLD)XQNFMÛPRľQD ZĄÇF]\ÉW\ONRQDRJUDQLF]RQ\F]DV 8VWDZLHQLHPRF\JU]DQLD :ĄÇF]\ÉSĄ\WÛJU]HMQÇ 8VWDZLÉQDF]\QLHQDZ\EUDQ\PSROX JU]HMQ\P 1DZ\ĝZLHWODF]XSRMDZLVLÛVXZDNGOD DNW\ZQHJRSRODJU]HMQHJRLSR]RVWDQLH ZLGRF]Q\SU]H]VHNXQG 'RWNQÇÉSU]HVXQÇÉSDOFHPSR VXZDNXDE\XVWDZLÉľÇGDQÇPRF JU]DQLD 1DMSLHUZGRWNQÇÉV\PEROX Z\EUDQHJRSRODJU]HMQHJR 'RWNQÇÉ OXESU]HVXQÇÉSDOFHPZ SUDZRDE\ZĄÇF]\ÉIXQNFMÛGOD Z\EUDQHJRSRODJU]HMQHJR 6\PERO]PLHQLNRORUQDF]HUZRQ\L SRZLÛNV]\VLÛ )XQNFMDZ\ĄÇF]\VLÛDXWRPDW\F]QLH$E\ Z\ĄÇF]\ÉIXQNFMÛUÛF]QLHQDOHľ\Z\EUDÉ ZZZHOHFWUROX[FRP SROHJU]HMQHL]PLHQLÉXVWDZLHQLHPRF\ JU]DQLD ,QIRUPDFMHRPDNV\PDOQ\P F]DVLHG]LDĄDQLDIXQNFML ]QDMGXMÇVLÛZF]ÛĝFLಱ'DQH WHFKQLF]QHರ 1DMSLHUZZ\EUDÉPRFJU]DQLDGOD RGSRZLHGQLHJRSRODJU]HMQHJRD QDVWÛSQLHXVWDZLÉIXQNFMÛ 'RWNQÇÉ 1DZ\ĝZLHWODF]XSRMDZLVLÛRNLHQNR PHQX]HJDUD =D]QDF]\É =DU]ÇG]DQLHHQHUJLÇ ವ ವ ವ ವ ವ ವ ವ 3RODJU]HMQHVÇSRJUXSRZDQH ]JRGQLH]XPLHMVFRZLHQLHPLOLF]EÇ ID]SRGĄÇF]RQ\FKGRSĄ\W\JU]HMQHM 3DWU]U\VXQHN 0DNV\PDOQHREFLÇľHQLHNDľGHMID]\ Z\QRVL: )XQNFMDUR]G]LHODPRFPLÛG]\SROD JU]HMQHSRGĄÇF]RQHGRWHMVDPHMID]\ )XQNFMDZĄÇF]DVLÛJG\ĄÇF]QDPRF SµOJU]HMQ\FKSRGĄÇF]RQ\FKGRMHGQHM ID]\SU]HNUDF]D: )XQNFMDSRZRGXMH]PQLHMV]HQLHPRF\ LQQ\FKSµOJU]HMQ\FKSRGĄÇF]RQ\FKGR WHMVDPHMID]\FRPDZSĄ\ZQD GRVWÛSQHXVWDZLHQLHPRF\JU]DQLD 0DNV\PDOQDZDUWRĝÉPRF\JU]DQLD MHVWZLGRF]QDQDVXZDNX$NW\ZQHVÇ W\ONRZDUWRĝFLZ\ĝZLHWODQHQDELDĄR -HĝOLQLHGRVWÛSQDMHVWZ\ľV]DPRF JU]DQLDQDOHľ\QDMSLHUZ]PQLHMV]\ÉMÇ GODLQQ\FKSµOJU]HMQ\FK DE\ZĄÇF]\ÉIXQNFMÛ 6\PEROH]PLHQLÇVLÛQD 3U]HVXQÇÉSDOFHPZOHZROXEZ SUDZRDE\Z\EUDÉľÇGDQ\F]DVQS JRG]LQ\LOXEPLQXW\ 'RWNQÇÉ2.DE\SRWZLHUG]LÉ Z\EUDQHXVWDZLHQLH +STOP 0RľQDWDNľHZ\EUDÉ DE\DQXORZDÉ Z\EµU *G\RGOLF]DQLHF]DVXGRELHJQLHNRĆFD UR]OHJQLHVLÛV\JQDĄGļZLÛNRZ\L]DF]QLH PLJDÉZVND]DQLH 'RWNQÇÉ ZĄÇF]\ÉV\JQDĄGļZLÛNRZ\ DE\ $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\]PLHQLÉ XVWDZLHQLHPRF\JU]DQLDQD (ZHQWXDOQLHGRWNQÇÉ +STOP SROHZHMVWURQLH ZVND]DQLD]HJDUDGRWNQÇÉ RERNL SRWZLHUG]LÉZ\EµUJG\SRMDZLVLÛ Z\VNDNXMÇFHRNLHQNR 0LQXWQLN )XQNFMLWHMPRľQDXľ\ZDÉJG\SĄ\WD JU]HMQDMHVWZĄÇF]RQDDOHQLHSUDFXMÇ SRODJU]HMQH )XQNFMDQLHPDZSĄ\ZXQDG]LDĄDQLHSµO JU]HMQ\FK :\EUDÉGRZROQHSROHJU]HMQH 1DZ\ĝZLHWODF]XSRMDZLVLÛRGSRZLHGQL VXZDN =HJDU +STOP :\ĄÇF]QLNF]DVRZ\ )XQNFMDWDVĄXľ\GRRNUHĝOHQLDF]DVX SUDF\SRODJU]HMQHJRSRGF]DVGDQHJR F\NOXJRWRZDQLD )XQNFMÛPRľQDXVWDZLÉRGG]LHOQLHGOD NDľGHJRSRODJU]HMQHJR 'RWNQÇÉ 1DZ\ĝZLHWODF]XSRMDZLVLÛRNLHQNR PHQX]HJDUD 3U]HVXQÇÉSDOFHPZOHZROXEZ SUDZRDE\Z\EUDÉľÇGDQ\F]DVQS JRG]LQ\LPLQXW\ 'RWNQÇÉ2.DE\SRWZLHUG]LÉ Z\EUDQHXVWDZLHQLH 0RľQDWDNľHZ\EUDÉ DE\DQXORZDÉ Z\EµU *G\RGOLF]DQLHF]DVXGRELHJQLHNRĆFD UR]OHJQLHVLÛV\JQDĄGļZLÛNRZ\L]DF]QLH 32/6., PLJDÉZVND]DQLH 'RWNQÇÉ ZĄÇF]\ÉV\JQDĄGļZLÛNRZ\ DE\ $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ SROHZHMVWURQLHZVND]DQLD]HJDUD GRWNQÇÉ RERNLSRWZLHUG]LÉZ\EµUJG\ SRMDZLVLÛZ\VNDNXMÇFHRNLHQNR 6WRSHU )XQNFMDDXWRPDW\F]QLHUR]SRF]\QD RGOLF]DQLHF]DVXSRZĄÇF]HQLXSROD JU]HMQHJR8PRľOLZLDRQDNRQWURORZDQLH F]DVXMHJRSUDF\ 'RWNQÇÉ DE\SU]HMĝÉGR0HQX 3U]HZLQÇÉ0HQXDE\Z\EUDÉ 8VWDZLHQLD!6WRSHU 'RWNQÇÉSU]HĄÇF]QLNDDE\ZĄÇF]\É OXEZ\ĄÇF]\ÉIXQNFMÛ $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ )XQNFMDSRZRGXMHZ\ĄÇF]HQLHIXQNFML 3RZHU%RRVW3U]\ZUµFHQLHQDMZ\ľV]HM PRF\JU]DQLDQDVWÛSXMHSRSRQRZQ\P GRWNQLÛFLX %ORNDGD 3RGF]DVSUDF\SĄ\W\JU]HMQHMPRľQD ]DEORNRZDÉSDQHOVWHURZDQLD =DSRELHJDWRSU]\SDGNRZHM]PLDQLH XVWDZLHQLDPRF\JU]DQLD 1DMSLHUZQDOHľ\XVWDZLÉPRFJU]DQLD 'RWNQÇÉ DE\ZĄÇF]\ÉIXQNFMÛ $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ LSU]\WU]\PDÉSU]H]VHNXQG\ :\ĄÇF]HQLHSĄ\W\JU]HMQHM SRZRGXMHUµZQLHľ Z\ĄÇF]HQLHWHMIXQNFML SRUXV]DQLDVLÛSR0HQXXľ\É OXE %ORNDGDXUXFKRPLHQLD )XQNFMDQLHZ\ĄÇF]DVLÛSR]GMÛFLX QDF]\QLD]SRODJU]HMQHJR$E\UÛF]QLH ]UHVHWRZDÉLSRQRZQLHXUXFKRPLÉ )XQNFMDWD]DSRELHJDSU]\SDGNRZHPX XUXFKRPLHQLXSĄ\W\JU]HMQHM IXQNFMÛQDOHľ\GRWNQÇÉ LZ\EUDÉ 5HVHWXMZZ\VNDNXMÇF\PRNLHQNX )XQNFMDUR]SRF]QLHRGOLF]DQLHRG$E\ Z\EUDÉRSFMÛ3U]HUZDGODIXQNFMLZFLÇJX MHGQHJRF\NOXJRWRZDQLDQDOHľ\GRWNQÇÉ 'RWNQÇÉ QDZ\ĝZLHWODF]XDE\ RWZRU]\É0HQX :\EUDÉ8VWDZLHQLD!%ORNDGD XUXFKRPLHQLD]OLVW\ 8VWDZLÉSU]HĄÇF]QLNZSRĄRľHQLX ZĄÇF]HQLDLGRWNQÇÉOLWHU$2;Z NROHMQRĝFLDOIDEHW\F]QHMDE\ZĄÇF]\É OXEIXQNFMÛ$E\Z\ĄÇF]\ÉIXQNFMÛ QDOHľ\XVWDZLÉSU]HĄÇF]QLNZ SRĄRľHQLXZ\ĄÇF]HQLD LZ\EUDÉ3U]HUZDZZ\VNDNXMÇF\P RNLHQNX:\EUDÉ6WDUWDE\NRQW\QXRZDÉ RGOLF]DQLH 3U]HUZD )XQNFMDWDVĄXľ\GRSU]HVWDZLDQLD ZV]\VWNLFKZĄÇF]RQ\FKSµOJU]HMQ\FKQD QDMQLľV]ÇPRFJU]DQLD *G\IXQNFMDMHVWZĄÇF]RQDPRľQD Xľ\ZDÉW\ONRV\PEROL L :V]\VWNLH SR]RVWDĄHV\PEROHQDSDQHOXVWHURZDQLD VÇ]DEORNRZDQH )XQNFMDQLHEORNXMHIXQNFML]HJDUD 'RWNQÇÉ DE\ZĄÇF]\ÉIXQNFMÛ :\ĝZLHWOLVLÛ 0RFJU]DQLD]RVWDQLH ]PQLHMV]RQDGRZDUWRĝFL $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R SRUXV]DQLDVLÛSR0HQXXľ\É OXE -Û]\N 'RWNQÇÉ QDZ\ĝZLHWODF]XDE\ RWZRU]\É0HQX :\EUDÉ8VWDZLHQLD!.RQILJXUDFMD! -Û]\N]OLVW\ :\EUDÉRGSRZLHGQLMÛ]\N]OLVW\ -HĝOLZ\EUDQRQLHZĄDĝFLZ\MÛ]\NQDOHľ\ GRWNQÇÉ =Z\ĝZLHWORQHMOLVW\Z\EUDÉ ZZZHOHFWUROX[FRP WU]HFLÇRSFMÛDQDVWÛSQHGZXNURWQLH RVWDWQLÇRSFMÛ1DNRQLHFZ\EUDÉRSFMÛ SRSUDZHMVWURQLH $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R SRUXV]DQLDVLÛSR0HQXXľ\É OXE 'ļZLÛNLSU]\FLVNµZ *ĄRĝQRĝÉV\JQDĄX 0RľOLZ\MHVWZ\EµUGļZLÛNµZ HPLWRZDQ\FKSU]H]SĄ\WÛJU]HMQÇOXELFK Z\ĄÇF]HQLH'RVWÛSQHXVWDZLHQLDWR NOLNDQLHGRP\ĝOQHOXEV\JQDĄ\ GļZLÛNRZH 'RWNQÇÉ QDZ\ĝZLHWODF]XDE\ RWZRU]\É0HQX :\EUDÉ8VWDZLHQLD!.RQILJXUDFMD! 'ļZLÛNLSU]\FLVNµZ*ĄRĝQRĝÉ V\JQDĄX]OLVW\ :\EUDÉRGSRZLHGQLÇRSFMÛ $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R SRUXV]DQLDVLÛSR0HQXXľ\É OXE -DVQRĝÉZ\ĝZLHWODF]D 0RľQD]PLHQLÉXVWDZLHQLHMDVQRĝFL Z\ĝZLHWODF]D 'RZ\ERUXVÇF]WHU\MDVQRĝFL Z\ĝZLHWODF]DದRGQDMQLľV]HMGR QDMZ\ľV]HM 'RWNQÇÉ QDZ\ĝZLHWODF]XDE\ RWZRU]\É0HQX :\EUDÉ8VWDZLHQLD!.RQILJXUDFMD! -DVQRĝÉZ\ĝZLHWODF]D]OLVW\ :\EUDÉRGSRZLHGQLHXVWDZLHQLH $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R SRUXV]DQLDVLÛSR0HQXXľ\É OXE *RWRZDQLH ZVSRPDJDQH )XQNFMDWDGRVWRVRZXMHWHPSHUDWXUÛGR UµľQ\FKURG]DMµZSRWUDZLXWU]\PXMHMÇ SRGF]DVJRWRZDQLD0RľQDMÇZĄÇF]\É W\ONRGODOHZHJRSU]HGQLHJRSROD JU]HMQHJR 'RWNQÇÉ QDZ\ĝZLHWODF]XDE\ RWZRU]\É0HQX :\EUDÉ*RWRZDQLHZVSRPDJDQHD QDVWÛSQLHZ\EUDÉ]OLVW\URG]DM SRWUDZ\NWµUDEÛG]LHSU]\U]ÇG]DQD 'ODNDľGHJRURG]DMXSRWUDZ\ GRVWÛSQ\FKMHVWNLONDRSFML 3RVWÛSRZDÉ]JRGQLH]H ZVND]µZNDPLQDZ\ĝZLHWODF]X ವ $E\Xľ\ÉXVWDZLHĆGRP\ĝOQ\FK QDOHľ\GRWNQÇÉ2.ZJµUQHM F]ÛĝFLZ\VNDNXMÇFHJRRNLHQND ವ 0RľQDXVWDZLÉIXQNFMÛ]HJDUD *G\QDF]\QLHRVLÇJQLH RGSRZLHGQLÇWHPSHUDWXUÛPRľQD ZĄÇF]\É]HJDU ವ 0RľQD]PLHQLÉGRP\ĝOQH XVWDZLHQLHPRF\JU]DQLD *G\QDF]\QLHRVLÇJQLHRGSRZLHGQLÇ WHPSHUDWXUÛUR]OHJQLHVLÛV\JQDĄ GļZLÛNRZ\LSRMDZLVLÛZ\VNDNXMÇFH RNLHQNR$E\]DPNQÇÉRNLHQNRL XUXFKRPLÉIXQNFMÛQDOHľ\GRWNQÇÉ 2.$E\QDVWDĄHZ\ĄÇF]\É Z\VNDNXMÇFHRNLHQNRQDOHľ\ ]D]QDF]\É IXQNFML SU]HGZĄÇF]HQLHP $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ L6WRSOXEGRWNQÇÉ LZ\EUDÉ *RWRZDQLHZVSRPDJDQHZ\EUDÉ GRZROQ\URG]DMSRWUDZ\LGRWNQÇÉ6WRS $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R SRUXV]DQLDVLÛSR0HQXXľ\É OXE 5R]WDSLDQLH )XQNFMLWHMPRľQDXľ\ZDÉGRUR]WDSLDQLD UµľQ\FKSURGXNWµZQSF]HNRODG\OXE PDVĄD)XQNFMLWHMPRľQDXľ\ÉW\ONRGOD MHGQHJRSRODJU]HMQHJRZGDQ\PF\NOX JRWRZDQLD 'RWNQÇÉ QDZ\ĝZLHWODF]XDE\ RWZRU]\É0HQX :\EUDÉ)XQNFMHSĄ\W\JU]HMQHM! 5R]WDSLDQLH]OLVW\ 'RWNQÇÉ6WDUW :\EUDÉľÇGDQHSROHJU]HMQH 32/6., 3RMDZLVLÛZ\VNDNXMÇFHRNLHQNR] S\WDQLHPF]\DQXORZDÉSRSU]HGQLH XVWDZLHQLDPRF\JU]DQLDMHĝOL ]RVWDĄRZ\EUDQH $E\]DPNQÇÉ0HQXQDOHľ\GRWNQÇÉ OXESUDZHMVWURQ\Z\ĝZLHWODF]DSR]D REV]DUHPZ\VNDNXMÇFHJRRNLHQND'R SRUXV]DQLDVLÛSR0HQXXľ\É OXE $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ V\PEROXZ\ERUXSRODJU]HMQHJRD QDVWÛSQLHGRWNQÇÉ6WRS 81,:(56$/1(,1'8.&<-1(32/(*5=(-1( 2675=(Ƽ(1,( 3DWU]UR]G]LDĄGRW\F]ÇF\ EH]SLHF]HĆVWZD )OH[L%ULGJH 2EV]DUSROHZHMVWURQLHPRľQDSRĄÇF]\É ZGZDSRODJU]HMQHRUµľQHMZLHONRĝFLOXE ZMHGQRGXľHSROHJU]HMQH0RľOLZ\MHVW Z\EµUUµľQ\FKXNĄDGµZVHNFML]DOHľQLH RGUR]PLDUXXľ\ZDQ\FKQDF]\Ć :VNDļQLNLSµOJU]HMQ\FK]PLHQLDMÇVLÛ DXWRPDW\F]QLHZVND]XMÇFPRľOLZÇ NRPELQDFMÛ 1LHSUDZLGĄRZHXVWDZLHQLHQDF]\QLD )OH[L%ULGJH6WDQGDUGWRWU\EGRP\ĝOQ\ NWµU\ZĄÇF]DVLÛDXWRPDW\F]QLHSR ZĄÇF]HQLXSĄ\W\JU]HMQHM'ZDSROD JU]HMQHG]LDĄDMÇQLH]DOHľQLHRGVLHELH 'RW\NDMÇF PRľQDSU]HĄÇF]DÉWU\E\ )OH[L%ULGJH )OH[L%ULGJH7U\E VWDQGDUGRZ\ 7U\EWHQXUXFKDPLDVLÛSRZĄÇF]HQLX SĄ\W\JU]HMQHM:W\PWU\ELHVHNFMHVÇ SRĄÇF]RQHZGZDRVREQHSRODJU]HMQH 'ODNDľGHJRSRODJU]HMQHJRPRľQD RGG]LHOQLHXVWDZLÉPRFJU]DQLD )OH[L%ULGJH7U\E%LJ%ULGJH $E\ZĄÇF]\ÉWU\EQDOHľ\GRW\NDÉ Dľ ]DĝZLHFLVLÛRGSRZLHGQLZVNDļQLNWU\EX :W\PWU\ELHWU]\W\OQHVHNFMHVÇ SRĄÇF]RQHZMHGQRSROHJU]HMQH 3U]HGQLDVHNFMDQLHMHVWSRĄÇF]RQDL G]LDĄDMDNRRVREQHSROHJU]HMQH0RF JU]DQLDPRľQDXVWDZLÉRVREQRGOD NDľGHJRSROD 3UDZLGĄRZHXVWDZLHQLHQDF]\QLD 3UDZLGĄRZHXVWDZLHQLHQDF]\QLD ZZZHOHFWUROX[FRP :W\PWU\ELHQDOHľ\XVWDZLÉQDF]\QLHQD WU]HFKSRĄÇF]RQ\FKVHNFMDFK-HĝOL QDF]\QLHMHVWPQLHMV]HQLľGZLHVHNFMH QDZ\ĝZLHWODF]X]DF]QLHPLJDÉ LSR PLQXFLHSROHJU]HMQHZ\ĄÇF]\VLÛ 1LHSUDZLGĄRZHXVWDZLHQLHQDF]\QLD 1LHSUDZLGĄRZHXVWDZLHQLHQDF]\QLD 3RZHU6OLGH )OH[L%ULGJH7U\E0D[ %ULGJH $E\ZĄÇF]\ÉWU\EQDOHľ\GRW\NDÉ Dľ ]DĝZLHFLVLÛRGSRZLHGQLZVNDļQLNWU\EX :W\PWU\ELHZV]\VWNLHVHNFMHVÇ SRĄÇF]RQHZMHGQRSROHJU]HMQH 3UDZLGĄRZHXVWDZLHQLHQDF]\QLD :W\PWU\ELHQDF]\QLHQDOHľ\XVWDZLÉQD F]WHUHFKSRĄÇF]RQ\FKVHNFMDFK-HĝOL QDF]\QLHMHVWPQLHMV]HQLľWU]\VHNFMHQD Z\ĝZLHWODF]XSRMDZLVLÛ LSR PLQXFLHSROHZ\ĄÇF]\VLÛ )XQNFMDXPRľOLZLDUHJXODFMÛWHPSHUDWXU\ SRSU]H]SU]HVWDZLHQLHQDF]\QLDZLQQH PLHMVFHLQGXNF\MQHMSRZLHU]FKQL JRWRZDQLD)XQNFMDDXWRPDW\F]QLHG]LHOL SRODJU]HMQH]QDMGXMÇFHVLÛSROHZHM VWURQLHQDWU]\REV]DU\RUµľQ\FK XVWDZLHQLDFKPRF\JU]DQLD3Ą\WD JU]HMQDZ\NU\ZDSRĄRľHQLHQDF]\QLDL RGSRZLHGQLRGRVWRVRZXMH ]DSURJUDPRZDQÇPRFJU]DQLD1DF]\QLH PRľQDXVWDZLÉZSRĄRľHQLXSU]HGQLP ĝURGNRZ\POXEW\OQ\P*G\QDF]\QLHMHVW XVWDZLRQH]SU]RGXPRFJU]DQLDMHVW QDMZLÛNV]DZDUWRĝÉ$E\MÇ ]PQLHMV]\ÉQDOHľ\SU]HVXQÇÉQDF]\QLH ZĝURGNRZHZDUWRĝÉOXEW\OQH SRĄRľHQLHZDUWRĝÉ 3RGF]DVNRU]\VWDQLD] IXQNFMLQDOHľ\Xľ\ZDÉW\ONR MHGQHJRQDF]\QLDNWµUHJR GQRPDĝUHGQLFÛFRQDMPQLHM PP 'RWNQÇÉMHGQRNURWQLH 32/6., V\PERO RUD]V\PEROHWU]HFK SµO]GRP\ĝOQ\PLXVWDZLHQLDPL PRF\JU]DQLD =DOHľQLHRGSRWU]HEPRľOLZDMHVW ]PLDQDL]DSLVDQLHZSDPLÛFL XU]ÇG]HQLDGRP\ĝOQHJRXVWDZLHQLD PRF\JU]DQLDZFHOXSµļQLHMV]HJR Xľ\FLD 8PLHĝFLÉQDF]\QLHQDSROXJU]HMQ\P ]ľÇGDQ\PXVWDZLHQLHPPRF\ JU]DQLD 8PLHĝFLÉQDF]\QLHSRĝURGNX Z\EUDQHJRSRODJU]HMQHJRLXSHZQLÉ VLÛľHQLH]DNU\ZDVÇVLDGXMÇF\FK SµO=DĝZLHFÇVLÛF]HUZRQH ZVNDļQLNL'RSµNLĝZLHFÇVLÛ F]HUZRQHZVNDļQLNLQLHPRľQD ZĄÇF]\ÉIXQNFML $E\]PLHQLÉSRĄRľHQLHQDF]\QLD QDOHľ\XQLHĝÉMHLSRVWDZLÉQDLQQ\P SROXJU]HMQ\P3U]HVXZDQLHQDF]\Ć PRľHVSRZRGRZDÉ]DU\VRZDQLHL RGEDUZLHQLHSRZLHU]FKQL 3U]HZLQÇÉ0HQX!)XQNFMHSĄ\W\ JU]HMQHMDE\Z\EUDÉIXQNFMÛ]OLVW\ ವ -HĝOLG]LDĄDMHGQR]SµO ]QDMGXMÇF\FKVLÛSROHZHMVWURQLH SRMDZLVLÛZ\VNDNXMÇFHRNLHQNR] S\WDQLHPF]\DQXORZDÉ SRSU]HGQLHXVWDZLHQLDPRF\ JU]DQLD ವ 1DZ\ĝZLHWODF]XSRMDZLVLÛ $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ ದSRMDZLVLÛZ\VNDNXMÇFHRNLHQNR 'RWNQÇÉ6WRSDE\Z\ĄÇF]\ÉIXQNFMÛ )XQNFMÛPRľQDUµZQLHľZ\ĄÇF]\ÉZ 0HQX 2GF]DVXGRF]DVXQDOHľ\ SU]HVXZDÉQDF]\QLH )XQNFMDZ\ĄÇF]DVLÛ VDPRF]\QQLHSR PLQXWDFKEH]F]\QQRĝFL :6.$=:.,,325$'< 2675=(Ƽ(1,( 3DWU]UR]G]LDĄGRW\F]ÇF\ EH]SLHF]HĆVWZD 1DF]\QLD 6LOQHSROH HOHNWURPDJQHW\F]QH JHQHURZDQHSU]H] LQGXNF\MQHSROHJU]HMQH QDJU]HZDQDF]\QLHZ EDUG]RNUµWNLPF]DVLH 'RJRWRZDQLDQD LQGXNF\MQ\FKSRODFK JU]HMQ\FKQDOHľ\Xľ\ZDÉ Z\ĄÇF]QLHRGSRZLHGQLFK QDF]\ĆNXFKHQQ\FK 0DWHULDĄ]NWµUHJRZ\NRQDQHVÇ QDF]\QLD ವ RGSRZLHGQLľHOLZRVWDOVWDO HPDOLRZDQDVWDOQLHUG]HZQDGQR ZLHORZDUVWZRZH]RGSRZLHGQLP R]QDF]HQLHPSURGXFHQWD ವ QLHRGSRZLHGQLDOXPLQLXPPLHGļ PRVLÇG]V]NĄRFHUDPLNDSRUFHODQD 1DF]\QLHQDGDMHVLÛGRJRWRZDQLDQD SĄ\FLHLQGXNF\MQHMMHĝOL ವ ವ PRľOLZHMHVWV]\ENLH]DJRWRZDQLH ZRG\ZQDF]\QLXSRVWDZLRQ\PQD SROXJU]HMQ\PXVWDZLRQ\PQD PDNV\PDOQÇPRF PDJQHVSU]\ZLHUDGRGQDQDF]\QLD 'QRQDF]\QLDSRZLQQRE\É PRľOLZLHMDNQDMJUXEV]HL SĄDVNLH 3U]HGXVWDZLHQLHPQDF]\QLD QDSRZLHU]FKQLS\W\JU]HMQHM QDOHľ\XSHZQLÉVLÛľHMHJR VSµGMHVWF]\VW\LVXFK\ :\PLDU\QDF]\Ć ,QGXNF\MQHSRODJU]HMQHGRVWRVRZXMÇVLÛ DXWRPDW\F]QLHGRZLHONRĝFLGQDQDF]\Ć 6SUDZQRĝÉSRODJU]HMQHJR]DOHľ\RG ĝUHGQLF\GQDQDF]\QLD1DF]\QLHR ĝUHGQLF\GQDPQLHMV]HMQLľPLQLPDOQD SRFKĄDQLDW\ONRF]ÛĝÉHQHUJLL JHQHURZDQHMSU]H]SROHJU]HMQH 3DWU]ಱ'DQHWHFKQLF]QHರ 2GJĄRV\SRGF]DVSUDF\ -HƽHOLVĄ\FKDÉ ZZZHOHFWUROX[FRP ವ RGJĄRVWU]DVNDQLDQDF]\QLHMHVW Z\NRQDQH]UµľQ\FKPDWHULDĄµZ NRQVWUXNFMDZLHORZDUVWZRZD ವ JZL]GSROHJU]HMQHMHVWXVWDZLRQHQD Z\VRNÇPRFJU]DQLDDQDF]\QLHMHVW Z\NRQDQH]UµľQ\FKPDWHULDĄµZ NRQVWUXNFMDZLHORZDUVWZRZD ವ RGJĄRVEU]ÛF]HQLDXVWDZLRQRZ\VRNÇ PRFJU]DQLD ವ RGJĄRVNOLNDQLDRGE\ZDVLÛ SU]HĄÇF]DQLHREZRGµZHOHNWU\F]Q\FK SĄ\WDJU]HMQDZ\NU\ZDXVWDZLRQHQD QLHMQDF]\QLH ವ RGJĄRVV\F]HQLDEU]ÛF]HQLD XUXFKRPLRQ\MHVWZHQW\ODWRU 2SLVDQHRGJĄRV\VÇQRUPDOQ\P ]MDZLVNLHPLQLHĝZLDGF]ÇRXVWHUFH XU]ÇG]HQLD V\JQDĄZ\ĄÇF]QLNDF]DVRZHJR5µľQLFD ZF]DVLHSUDF\XU]ÇG]HQLD]DOHľ\RG XVWDZLRQHJRSR]LRPXPRF\JU]DQLDRUD] F]DVXJRWRZDQLD 3U]\NĄDG\]DVWRVRZDQLDZ JRWRZDQLX =DOHľQRĝÉPLÛG]\XVWDZLHQLHPPRF\ JU]DQLDDSRERUHPPRF\SU]H]SROH JU]HMQHQLHMHVWOLQLRZD=ZLÛNV]HQLH PRF\JU]DQLDQLHSRZRGXMH SURSRUFMRQDOQHJR]ZLÛNV]HQLDSRERUX PRF\3U]\XVWDZLHQLXĝUHGQLHMPRF\ JU]DQLDSROHJU]HMQHZ\NRU]\VWXMHPQLHM QLľSRĄRZÛVZRMHMPRF\ 'DQHSU]HGVWDZLRQHZWDEHOL PDMÇZ\ĄÇF]QLHFKDUDNWHU RULHQWDF\MQ\ NR7LPHU=HJDUHNR $E\RV]F]ÛG]DÉHQHUJLÛJU]DĄNDSROD JU]HMQHJRZ\ĄÇF]DVLÛ]DQLP]DEU]PL 8VWDZLHQLH PRF\JU]D഻ QLD =DVWRVRZDQLH &]DV PLQ :VND]µZNL 3U]\NU\ÉQDF]\QLH 3RGWU]\P\ZDQLHWHPSHUDWXU\ ]DOHľಣ XJRWRZDQ\FKSRWUDZ QLHRG SRWU]HE 6RVKROHQGHUVNLUR]WDSLDQLH PDVĄDF]HNRODG\ľHODW\Q\ 0LHV]DÉRGF]DVXGRF]DVX ĜFLQDQLHSXV]\VW\FKRPOHಣ WµZVPDľRQ\FKMDMHN *RWRZDÉSRGSU]\NU\FLHP *RWRZDQLHU\ľXOXESRWUDZ POHF]Q\FKSRGJU]HZDQLH JRWRZ\FKSRWUDZ 'RGDÉFRQDMPQLHMGZXNURWಣ QLHZLÛFHMSĄ\QXQLľU\ľX 3RWUDZ\POHF]QHPLHV]DÉ RGF]DVXGRF]DVX *RWRZDQLHQDSDU]HZDU]\Z U\EPLÛVD 'RGDÉNLONDĄ\ľHNZRG\ *RWRZDQLH]LHPQLDNµZQD SDU]H 8ľ\ÉPDNV\PDOQLH~OZRG\ QDJ]LHPQLDNµZ *RWRZDQLHZLÛNV]HMLORĝFL VNĄDGQLNµZSRWUDZGXV]Rಣ Q\FKL]XS 'ROLWUµZZRG\VNĄDGQLNL 32/6., 8VWDZLHQLH PRF\JU]D഻ QLD =DVWRVRZDQLH &]DV PLQ 2EUµFLÉSRXSĄ\ZLHSRĄRZ\ ]DOHľಣ 'HOLNDWQHVPDľHQLHHVNDಣ F]DVX ORSNµZFRUGRQEOHX]FLHOÛಣ QLHRG FLQ\NRWOHWµZEU\]ROLNLHĄEDಣ SRWU]HE VHNZÇWUµENL]DVPDľHNMDಣ MHNQDOHĝQLNµZSÇF]NµZ ,QWHQV\ZQHVPDľHQLHQS SODFNµZ]LHPQLDF]DQ\FKSRಣ OÛGZLF\VWHNµZ *RWRZDQLHZRG\JRWRZDQLHPDNDURQXREVPDľDQLHPLÛVDJXODV] PLÛVRGXV]RQHZVRVLHZĄDVQ\PVPDľHQLHIU\WHN *RWRZDQLHGXľHMLORĝFLZRG\)XQNFMD3RZHU%RRVWMHVWZĄÇF]RQD :VND]µZNL 2EUµFLÉSRXSĄ\ZLHSRĄRZ\ F]DVX .216(5:$&-$,&=<6=&=(1,( 2675=(Ƽ(1,( 3DWU]UR]G]LDĄGRW\F]ÇF\ EH]SLHF]HĆVWZD ,QIRUPDFMHRJµOQH ವ ವ ವ ವ ವ &]\ĝFLÉSĄ\WÛJU]HMQÇSRNDľG\P Xľ\FLX =DZV]HXľ\ZDÉQDF]\Ć]F]\VW\P GQHP =DU\VRZDQLDOXEFLHPQHSODP\QD SRZLHU]FKQLQLHPDMÇZSĄ\ZXQD G]LDĄDQLHSĄ\W\JU]HMQHM 6WRVRZDÉRGSRZLHGQLHĝURGNL SU]H]QDF]RQHGRF]\V]F]HQLD SRZLHU]FKQLSĄ\W\JU]HMQHM 8ľ\ZDÉVSHFMDOQHJRVNUREDNDGR V]NĄD 1DGUXNQDXQLZHUVDOQ\P LQGXNF\MQ\PSROXJU]HMQ\P PRľHXOHF]DEUXG]HQLXOXE SU]HEDUZLHQLXQDVNXWHN SU]HVXZDQLDQDF]\Ć2EV]DU WHQPRľQDF]\ĝFLÉZ VWDQGDUGRZ\VSRVµE &]\V]F]HQLHSĄ\W\JU]HMQHM ವ 8VXZDÉQDW\FKPLDVWVWRSLRQ\ SODVWLNIROLÛFXNLHURUD]]DEUXG]HQLD ವ ವ ವ ]SRWUDZ]DZLHUDMÇF\FKFXNLHU: SU]HFLZQ\PUD]LH]DEUXG]HQLDPRJÇ VSRZRGRZDÉXV]NRG]HQLHSĄ\W\ JU]HMQHM8ZDľDÉDE\VLÛQLH RSDU]\É8ľ\ÉVSHFMDOQHJRVNUREDND SU]\NĄDGDMÇFJRSRGRVWU\PNÇWHPGR V]NODQHMSRZLHU]FKQLLSU]HVXZDMÇFSR QLHMRVWU]HP 8VXQÇÉJG\SĄ\WDJU]HMQD Z\VWDUF]DMÇFRRVW\JQLHĝODG\ RVDGXNDPLHQLDLZRG\SODP\ WĄXV]F]XPHWDOLF]QHRGEDUZLHQLD 3U]HWU]HÉSĄ\WÛJU]HMQÇZLOJRWQÇ V]PDWNÇ]GRGDWNLHPGHOLNDWQHJR GHWHUJHQWX3RZ\F]\V]F]HQLX Z\WU]HÉSĄ\WÛJU]HMQÇGRVXFKD PLÛNNÇV]PDWNÇ 8VXZDQLHPHWDOLF]Q\FK SRĄ\VNOLZ\FKSU]HEDUZLHĆXľ\É ZRGQHJRUR]WZRUXRFWXLZ\F]\ĝFLÉ V]NODQÇSRZLHU]FKQLÛZLOJRWQÇ V]PDWNÇ 1DSRZLHU]FKQLSĄ\W\JU]HMQHM]QDMGXMÇ VLÛELHJQÇFHSR]LRPRURZNL&]\ĝFLÉ SĄ\WÛJU]HMQÇZLOJRWQÇĝFLHUHF]NÇ] GRGDWNLHPGHWHUJHQWXZ\NRQXMÇF SĄ\QQHUXFK\RGOHZHMGRSUDZHM VWURQ\3RZ\F]\V]F]HQLXZ\WU]HÉ SĄ\WÛJU]HMQÇGRVXFKDPLÛNNÇ ĝFLHUHF]NÇZ\NRQXMÇFSĄ\QQHUXFK\ RGOHZHMGRSUDZHMVWURQ\ ZZZHOHFWUROX[FRP 52=:,Æ=<:$1,(352%/(0: 2675=(Ƽ(1,( 3DWU]UR]G]LDĄGRW\F]ÇF\ EH]SLHF]HĆVWZD &R]URELÉJG\ಹ 3UREOHP 3UDZGRSRGREQDSU]\഻ F]\QD ĜURGHN]DUDGF]\ 1LHPRľQDXUXFKRPLÉSĄ\W\ 3Ą\WDJU]HMQDQLHMHVWSRGಣ JU]HMQHMOXEVWHURZDÉQLÇ ĄÇF]RQDGR]DVLODQLDOXE MHVWSRGĄÇF]RQDQLHSUDZLGಣ ĄRZR 6SUDZG]LÉF]\SĄ\WÛJU]HMಣ QÇSRGĄÇF]RQRSUDZLGĄRZR GR]DVLODQLD3DWU]VFKHಣ PDWSRĄÇF]HĆ =DG]LDĄDĄEH]SLHF]QLN 6SUDZG]LÉF]\SU]\F]\QÇ QLHSUDZLGĄRZHJRG]LDĄDQLD MHVWEH]SLHF]QLN-HľHOL QDGDOEÛG]LHGRFKRG]LÉGR Z\]ZDODQLDEH]SLHF]QLND QDOHľ\VNRQWDNWRZDÉVLÛ] Z\NZDOLILNRZDQ\PHOHNWU\ಣ NLHP :FLÇJXVHNXQGQLHXVಣ WDZLRQRPRF\JU]DQLD 3RQRZQLHXUXFKRPLÉSĄ\WÛ JU]HMQÇLZFLÇJXPDNV\ಣ PDOQLHVHNXQGXVWDZLÉ PRFJU]DQLD 'RWNQLÛWRUµZQRF]HĝQLH GZµFKOXEZLÛFHMSµOF]XMಣ QLNµZ 'RWNQÇÉW\ONRMHGQHJRSROD F]XMQLND ']LDĄDIXQNFMD3U]HUZD 3DWU]ಱ&RG]LHQQDHNVSORDಣ WDFMDರ :\F]\ĝFLÉSDQHOVWHURZDಣ 1DSDQHOXVWHURZDQLD ]QDMGXMÇVLÛSODP\WĄXV]F]X QLD OXEZRGD 5R]OHJDVLÛV\JQDĄGļZLÛಣ =DNU\WRMHGQROXEZLÛFHM NRZ\LXU]ÇG]HQLHZ\ĄÇF]D SµOF]XMQLNµZ VLÛ *G\SĄ\WDJU]HMQDMHVWZ\ಣ ĄÇF]RQDUR]OHJDVLÛV\JQDĄ GļZLÛNRZ\ 3Ą\WDJU]HMQDZ\ĄÇF]DVLÛ 8VXQÇÉSU]HGPLRW]SµO F]XMQLNµZ 3RĄRľRQRSU]HGPLRWQDSRಣ =GMÇÉSU]HGPLRW]SROD F]XMQLND OXF]XMQLND 32/6., 3UREOHP 3UDZGRSRGREQDSU]\഻ F]\QD ĜURGHN]DUDGF]\ :VNDļQLNFLHSĄDUHV]WNRಣ ZHJRQLHZĄÇF]DVLÛ 3ROHJU]HMQHQLHMHVWJRUÇಣ FHSRQLHZDľG]LDĄDĄR]D NUµWNROXEQDVWÇSLĄRXV]NRಣ G]HQLHF]XMQLND -HĝOLSROHG]LDĄDĄRZ\VWDUಣ F]DMÇFRGĄXJRDE\E\ĄR JRUÇFHQDOHľ\VNRQWDNWRಣ ZDÉVLÛ]DXWRU\]RZDQ\P SXQNWHPVHUZLVRZ\P 1LHPRľQDZĄÇF]\ÉQDMಣ ZLÛNV]HMPRF\JU]DQLD ,QQHSROHJU]HMQHMHVWXVWDಣ 1DMSLHUZQDOHľ\]PQLHMಣ ZLRQHQDQDMZLÛNV]ÇPRF V]\ÉPRFGUXJLHJRSROD JU]HMQHJR JU]DQLD 3RODF]XMQLNµZQDJU]HZDMÇ 1DF]\QLHMHVW]DGXľHOXE VLÛ XVWDZLRQH]DEOLVNRHOHಣ PHQWµZVWHURZDQLD %UDNV\JQDĄµZGļZLÛNRಣ Z\FKSRGF]DVGRW\NDQLD SµOF]XMQLNµZQDSDQHOX -HĝOLWRPRľOLZHGXľHQDಣ F]\QLDQDOHľ\XVWDZLDÉQD W\OQ\FKSRODFK 6\JQDĄ\GļZLÛNRZHVÇZ\ಣ :ĄÇF]\ÉV\JQDĄ\GļZLÛNRಣ ĄÇF]RQH ZH3DWU]ಱ&RG]LHQQDHNVಣ SORDWDFMDರ 8VXQÇÉEORNXMÇFHSU]HGಣ :\ĝZLHWODF]QLHUHDJXMHQD &]ÛĝÉZ\ĝZLHWODF]DMHVW GRW\N ]DNU\WDOXEQDF]\QLDVÇXVಣ PLRW\2GVXQÇÉQDF]\QLD RGZ\ĝZLHWODF]D WDZLRQH]E\WEOLVNRZ\ಣ ĝZLHWODF]D 8VWDZLRQRQLHZĄDĝFLZ\MÛಣ ]\N 3U]\SDGNRZR]PLHQLRQR MÛ]\N 3U]\ZUµFLÉXVWDZLHQLDIDಣ EU\F]QHZV]\VWNLFKIXQNFML :\EUDÉRSFMÛ5HVHWXM ZV]\VWXVWZ0HQX 8QLZHUVDOQHLQGXNF\MQH SROHJU]HMQHQLHQDJU]HZD QDF]\QLD 1DF]\QLH]QDMGXMHVLÛZ QLHRGSRZLHGQLPPLHMVFX QDXQLZHUVDOQ\PLQGXNF\Mಣ Q\PSROXJU]HMQ\P 8VWDZLÉQDF]\QLHZRGSRಣ ZLHGQLPPLHMVFXQDXQLಣ ZHUVDOQ\PLQGXNF\MQ\P SROXJU]HMQ\P0LHMVFHXVಣ WDZLHQLDQDF]\QLD]DOHľ\ RGZĄÇF]RQHMIXQNFMLOXERG WU\EXIXQNFML3DWU]ಱ8QLಣ ZHUVDOQHLQGXNF\MQHSROH JU]HMQHರ ĜUHGQLFDGQDQDF]\QLDMHVW 1DOHľ\Xľ\ÉQDF]\QLDR QLHRGSRZLHGQLDGRZĄÇF]Rಣ ĝUHGQLF\RGSRZLHGQLHMGR QHMIXQNFMLOXEWU\EXIXQNFML ZĄÇF]RQHMIXQNFMLOXEWU\EX IXQNFML1DSRMHG\QF]HM VHNFMLXQLZHUVDOQHJRLQಣ GXNF\MQHJRSRODJU]HMQHJR QDOHľ\Xľ\ZDÉQDF]\QLDR ĝUHGQLF\PQLHMV]HMQLľ PP3DWU]ಱ8QLZHUVDOQHLQಣ GXNF\MQHSROHJU]HMQHರ ZZZHOHFWUROX[FRP 3UREOHP 3UDZGRSRGREQDSU]\഻ F]\QD 3ROHJU]HMQHZ\ĄÇF]DVLÛ 3RMDZLDVLÛNRPXQLNDWRVಣ WU]HJDZF]\LQIRUPXMÇF\R W\PľHSROHJU]HMQHVLÛ Z\ĄÇF]\ :\ĄÇF]HQLHSRODJU]HMQHJR 3DWU]ಱ&RG]LHQQDHNVSORDಣ SU]H]IXQNFMÛ6DPRF]\QQH WDFMDರ :\ĄÇF]\ÉSĄ\WÛJU]HMQÇL Z\ĄÇF]HQLH ZĄÇF]\ÉMÇSRQRZQLH :\ĝZLHWODVLÛ PXQLNDW ']LDĄDIXQNFMD%ORNDGD 3DWU]ಱ&RG]LHQQDHNVSORDಣ WDFMDರ :\ĝZLHWODVLÛ2;$ ']LDĄDIXQNFMD%ORNDGD XUXFKRPLHQLD 3DWU]ಱ&RG]LHQQDHNVSORDಣ WDFMDರ 0LJD %UDNQDF]\QLDQDSROX JU]HMQ\P 3RVWDZLÉQDF]\QLHQDSROX JU]HMQ\P 8ľ\WRQLHRGSRZLHGQLHJR QDF]\QLD 8ľ\ÉRGSRZLHGQLHJRQDಣ F]\QLD3DWU]ಱ:VND]µZNLL SRUDG\ರ ĜUHGQLFDGQDQDF]\QLDMHVW 6WRVRZDÉQDF]\QLDRRGಣ ]DPDĄDZVWRVXQNXGRSRಣ SRZLHGQLFKZ\PLDUDFK 3DWU]ಱ'DQHWHFKQLF]QHರ ODJU]HMQHJR ']LDĄDIXQNFMD)OH[L%ULGJH 1DF]\QLHQLH]DNU\ZDFR QDMPQLHMMHGQHMVHNFMLRGಣ SRZLDGDMÇFHMZĄÇF]RQHPX WU\ERZLIXQNFML ']LDĄDIXQNFMD3RZHU6OLGH 8ľ\ÉW\ONRMHGQHJRQDF]\ಣ 1DXQLZHUVDOQ\PLQGXNF\Mಣ QLD3DWU]ಱ8QLZHUVDOQHLQಣ GXNF\MQHSROHJU]HMQHರ Q\PSROXJU]HMQ\PXPLHಣ V]F]RQRGZDQDF]\QLD :\ĝZLHWODVLÛ ED RUD]NRಣ ĜURGHN]DUDGF]\ 8VWDZLÉQDF]\QLHQDRGSRಣ ZLHGQLHMOLF]ELHVHNFMLRGಣ SRZLDGDMÇF\FKZĄÇF]RQHಣ PXWU\ERZLIXQNFMLOXE ]PLHQLÉWU\EIXQNFML3DWU] ಱ8QLZHUVDOQHLQGXNF\MQH SROHJU]HMQHರ RUD]OLF]ಣ :SĄ\FLHJU]HMQHMZ\VWÇSLĄD :\ĄÇF]\ÉSĄ\WÛJU]HMQÇL XVWHUND ZĄÇF]\ÉSRQRZQLHSR VHNXQGDFK-HĝOLSRQRZQLH Z\ĝZLHWOLVLÛ QDOHľ\ RGĄÇF]\ÉSĄ\WÛJU]HMQÇRG ]DVLODQLD3RXSĄ\ZLH VHNXQGSRQRZQLHSRGĄÇಣ F]\ÉSĄ\WÛ-HĝOLSUREOHP EÛG]LHZ\VWÛSRZDĄQDGDO QDOHľ\VNRQWDNWRZDÉVLÛ] DXWRU\]RZDQ\PFHQWUXP VHUZLVRZ\P 6Ą\V]DOQ\MHVWFLÇJĄ\V\JQDĄ 3RGĄÇF]HQLHGRVLHFLHOHNಣ GļZLÛNRZ\ WU\F]QHMMHVWQLHSUDZLGĄRಣ ZH 2GĄÇF]\ÉSĄ\WÛJU]HMQÇRG ]DVLODQLD=ZUµFLÉVLÛZ\ಣ NZDOLILNRZDQHJRHOHNWU\ND DE\VSUDZG]LĄLQVWDODFMÛ 32/6., -HĝOLQLHPRľQD]QDOHļÉ UR]ZLÇ]DQLD -HľHOLUR]ZLÇ]DQLHSUREOHPXZHZĄDVQ\P ]DNUHVLHQLHMHVWPRľOLZHQDOHľ\ VNRQWDNWRZDÉVLÛ]HVSU]HGDZFÇOXE DXWRU\]RZDQ\PSXQNWHPVHUZLVRZ\P 1DOHľ\SRGDÉGDQH]WDEOLF]NL ]QDPLRQRZHM1DOHľ\XSHZQLÉVLÛľH ,167$/$&-$ 2675=(Ƽ(1,( 3DWU]UR]G]LDĄGRW\F]ÇF\ EH]SLHF]HĆVWZD 0RQWDľ 3U]HGLQVWDODFMÇ 3U]HGSU]\VWÇSLHQLHPGRLQVWDODFMLSĄ\W\ JU]HMQHMQDOHľ\]DSLVDÉSRQLľV]H LQIRUPDFMHXPLHV]F]RQHQDWDEOLF]FH ]QDPLRQRZHM7DEOLF]ND]QDPLRQRZD ]QDMGXMHVLÛZGROQHMF]ÛĝFLSĄ\W\ JU]HMQHM min. 500mm min. 50mm 1XPHUVHU\MQ\ 3Ą\W\JU]HMQHGR]DEXGRZ\ 3Ą\WJU]HMQ\FKGR]DEXGRZ\ZROQR Xľ\ZDÉGRSLHURSRLFK]DPRQWRZDQLXZ RGSRZLHGQLFKV]DINDFKOXEEODWDFK URERF]\FKVSHĄQLDMÇF\FKZ\PRJL VWRVRZQ\FKQRUP 3U]HZµG]DVLODMÇF\ ವ ವ :]HVWDZLH]SĄ\WÇJU]HMQÇ]QDMGXMH VLÛSU]HZµG]DVLODMÇF\ :FHOXZ\PLDQ\XV]NRG]RQHJR SU]HZRGXQDOHľ\Xľ\ÉSU]HZRGX ]DVLODMÇFHJRQDVWÛSXMÇFHJRW\SX +99)NWµU\MHVWRGSRUQ\QD WHPSHUDWXUÛFRQDMPQLHMr&:W\P FHOXQDOHľ\VNRQWDNWRZDÉVLÛ] PLHMVFRZ\PSXQNWHPVHUZLVRZ\P SĄ\WDJU]HMQDE\ĄDXľ\WNRZDQD SUDZLGĄRZR:SU]HFLZQ\PUD]LH LQWHUZHQFMDSUDFRZQLNDVHUZLVXOXE VSU]HGDZF\PRľHE\ÉSĄDWQDQDZHWZ RNUHVLHJZDUDQF\MQ\P,QIRUPDFMH GRW\F]ÇFHREVĄXJLNOLHQWDRUD]ZDUXQNµZ JZDUDQFML]QDMGXMÇVLÛZEURV]XU]H JZDUDQF\MQHM R 5mm min. 55mm +1 490+1mm 680 mm ZZZHOHFWUROX[FRP min. 28 mm min. 60mm -HĝOLXU]ÇG]HQLHMHVW ]DLQVWDORZDQHQDGV]XIODGÇ ZHQW\ODWRUSĄ\W\JU]HMQHM PRľHVSRZRGRZDÉ QDJU]HZDQLHSU]HGPLRWµZZ V]XIODG]LHSRGF]DVSURFHVX JRWRZDQLD min. 12 mm '$1(7(&+1,&=1( 7DEOLF]ND]QDPLRQRZD 0RGHO(,6 7\S&$&$ 0RFLQGXNF\MQDN: 1UVHU\MQ\ (/(&752/8; /LFHQFMDQD RSURJUDPRZDQLH 2SURJUDPRZDQLHSLHNDUQLND Z\NRU]\VWXMHFKURQLRQHSUDZHP DXWRUVNLPRSURJUDPRZDQLH OLFHQFMRQRZDQHPLQSRGQD]ZDPL %6'IRQWFRQILJ)7/*3/ /*3//*3/OLE-SHJ]/LE 1XPHUSURGXNWX 991+] :\SURGXNRZDQRZ1LHPF]HFK N: OLESQJ0,72SHQ66/66/($<,6& $SDFKH 3HĄQDWUHĝÉOLFHQFML]QDMGXMHVLÛZ0HQX !8VWDZLHQLD!6HUZLV!/LFHQFMD .RGļUµGĄRZ\RSURJUDPRZDQLDRSHQ VRXUFHPRľQDSREUDÉXľ\ZDMÇF KLSHUĄÇF]DQDVWURQLHLQWHUQHWRZHM SURGXNWX 32/6., 3DUDPHWU\SµOJU]HMQ\FK 3ROHJU]HMQH 0RF]QDPLR഻ 3RZHU%RRVW QRZDPDNV\഻ >:@ PDOQDPRF JU]DQLD>:@ 0DNV\PDOQ\ F]DVIXQNFML 3RZHU഻ %RRVW>PLQ@ ĜUHGQLFDQD഻ F]\QLD>PP@ ĜURGNRZH SU]HGQLH 3UDZHW\OQH 8QLZHUVDOQHLQಣ GXNF\MQHSROH JU]HMQH PLQLPXP 0RFSµOJU]HMQ\FKPRľHZQLHZLHONLP ]DNUHVLHRGELHJDÉRGZDUWRĝFLSRGDQ\FK ZWDEHOL=PLDQ\WH]DOHľÇRGZ\PLDUµZ QDF]\QLDRUD]PDWHULDĄX]NWµUHJR ]RVWDĄRZ\NRQDQH :FHOXX]\VNDQLDRSW\PDOQ\FKHIHNWµZ JRWRZDQLDQDOHľ\VWRVRZDÉQDF]\QLDR ĝUHGQLF\QLHZLÛNV]HMQLľSRGDQRZ WDEHOL ()(.7<:12ĜÈ(1(5*(7<&=1$ ,QIRUPDFMHRSURGXNFLH]JRGQLH]QRUPÇ(8 2]QDF]HQLHPRGHOX (,6 7\SSĄ\W\JU]HMQHM 3Ą\WDJU]HMQD GR]DEXGRZ\ /LF]EDSµOJU]HMQ\FK /LF]EDSµOJU]HMQ\FK 7HFKQLNDJU]DQLD 3Ą\WDLQGXNF\Mಣ QD ĜUHGQLFDRNUÇJĄ\FKSµO JU]HMQ\FK ĜURGNRZHSU]HGQLH 3UDZHW\OQH FP FP 'ĄXJRĝÉ/LV]HURNRĝÉ :SRODJU]HMQHJR /HZH /FP :FP =Xľ\FLHHQHUJLLQDSROH JU]HMQH(&HOHFWULFFRRಣ NLQJ ĜURGNRZHSU]HGQLH 3UDZHW\OQH :KNJ :KNJ =Xľ\FLHHQHUJLLSU]H]SRಣ OHJU]HMQH(&HOHFWULF FRRNLQJ /HZH :KNJ =Xľ\FLHHQHUJLLSU]H]SĄ\ಣ WÛJU]HMQÇ(&HOHFWULF KRE :KNJ ZZZHOHFWUROX[FRP (1(OHNWU\F]Q\VSU]ÛWGR JRWRZDQLDGRXľ\WNXGRPRZHJRದ&]ÛĝÉ 3Ą\W\JU]HMQHದ0HWRG\SRPLDUXFHFK IXQNFMRQDOQ\FK 2V]F]ÛG]DQLHHQHUJLL 6WRVRZDQLHVLÛGRSRQLľV]\FK ZVND]µZHNSR]ZROLRV]F]ÛG]DÉHQHUJLÛ SRGF]DVFRG]LHQQHMHNVSORDWDFML ವ 1DOHľ\SRGJU]HZDÉW\ONRW\OHZRG\ LOHMHVWSRWU]HEQH ವ ವ ವ ವ ವ :PLDUÛPRľOLZRĝFLQDOHľ\]DZV]H SU]\NU\ZDÉQDF]\QLDSRNU\ZNÇ 3U]HGZĄÇF]HQLHPSRODJU]HMQHJR QDOHľ\SRVWDZLÉQDQLPQDF]\QLH 0QLHMV]HQDF]\QLDQDOHľ\VWDZLDÉQD PQLHMV]\FKSRODFKJU]HMQ\FK 1DF]\QLDQDOHľ\VWDZLDÉ EH]SRĝUHGQLRQDĝURGNXSROD JU]HMQHJR &LHSĄRUHV]WNRZHPRľQDZ\NRU]\VWDÉ GRSRGWU]\P\ZDQLDFLHSĄDSRWUDZOXE UR]WDSLDQLDVNĄDGQLNµZ 2&+521$Ĝ52'2:,6.$ 0DWHULDĄ\R]QDF]RQHV\PEROHP QDOHľ\SRGGDÉXW\OL]DFML2SDNRZDQLH XU]ÇG]HQLDZĄRľ\ÉGRRGSRZLHGQLHJR SRMHPQLNDZFHOXSU]HSURZDG]HQLD UHF\NOLQJX1DOHľ\]DGEDÉRSRQRZQH SU]HWZDU]DQLHRGSDGµZXU]ÇG]HĆ HOHNWU\F]Q\FKLHOHNWURQLF]Q\FKDE\ FKURQLÉĝURGRZLVNRQDWXUDOQHRUD] OXG]NLH]GURZLH1LHZROQRZ\U]XFDÉ XU]ÇG]HĆR]QDF]RQ\FKV\PEROHP UD]HP]RGSDGDPLGRPRZ\PL1DOHľ\ ]ZUµFLÉSURGXNWGRPLHMVFRZHJRSXQNWX SRQRZQHJRSU]HWZDU]DQLDOXE VNRQWDNWRZDÉVLÛ]RGSRZLHGQLPL ZĄDG]DPLPLHMVNLPL 5201$ &835,16 ,1)250$Ĥ,,35,9,1'6,*85$1Ĥ$ ,16758&Ĥ,81,'(6,*85$1ĤÄ '(6&5,(5($352'868/8, *+,'5$3,' 1$,17('(35,0$87,/,=$5( 87,/,=$5($=,/1,&Ä 6835$)$ĤÄ)/(;,%,/Ä'(*Ä7,735,1,1'8&Ĥ,( ,1)250$Ĥ,,Ġ,6)$785, 1*5,-,5($Ġ,&85ÄĤ$5($ '(3$1$5( ,167$/$5($ '$7(7(+1,&( (),&,(1ĤÄ(1(5*(7,&Ä 1(*1',0/$'801($92$675Ä 9ÅPXOĥXPLPSHQWUXFÅDĥLDFKL]LĥLRQDWXQDSDUDW(OHFWUROX[$ĥLDOHVXQSURGXV FDUHLQFOXGHGHFHQLLGHH[SHULHQĥÅSURIHVLRQDOÅġLGHLQRYDĥLH,QJHQLRVġLVWLODWD IRVWFRQFHSXWVSHFLDOSHQWUXGXPQHDYRDVWUÅ3HQWUXFDDWXQFLF¤QG°OXWLOL]DĥLVÅ DYHĥL°QWRWGHDXQDDFHOHDġLUH]XOWDWHH[WUDRUGLQDUH %LQHDĥLYHQLWOD(OHFWUROX[ 9L]LWDƤLZHEVLWHXOOD $LFLJÅVLĥLVIDWXULSULYLQGXWLOL]DUHDEURġXULLQIRUPDĥLLFDUHYÅDMXWÅOD UH]ROYDUHDXQRUSUREOHPHDSÅUXWHġLLQIRUPDĥLLGHVSUHVHUYLFH ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH QUHJLVWUDĥLYÅSURGXVXOSHQWUXDEHQHILFLDGHVHUYLFLLPDLEXQH ZZZUHJLVWHUHOHFWUROX[FRP &XPSÅUDĥLDFFHVRULLFRQVXPDELOHġLSLHVHGHVFKLPERULJLQDOHSHQWUXDSDUDWXO GYV ZZZHOHFWUROX[FRPVKRS 6(59,&,8/'(5(/$Ĥ,,&8&/,(1Ĥ,,Ġ,6(59,&( 8WLOL]DĥLGRDUSLHVHGHVFKLPERULJLQDOH $WXQFLF¤QGFRQWDFWDĥLFHQWUXODXWRUL]DWGHVHUYLFHDVLJXUDĥLYÅFÅDYHĥL GLVSRQLELOHXUPÅWRDUHOHLQIRUPDĥLL0RGHO31&1XPÅUGHVHULH ,QIRUPDĥLLOHSRWILJÅVLWHSHSOÅFXĥDFXGDWHOHWHKQLFH $YHUWLVPHQW$WHQĥLH,QIRUPDĥLLSULYLQGVLJXUDQĥD ,QIRUPDĥLLJHQHUDOHġLUHFRPDQGÅUL ,QIRUPDĥLLSULYLQGPHGLXO°QFRQMXUÅWRU 1HUH]HUY¥PGUHSWXODVXSUDHIHFWX¥ULLGHPRGLILF¥UL ZZZHOHFWUROX[FRP ,1)250$Ĥ,,35,9,1'6,*85$1Ĥ$ QDLQWHGHLQVWDODUHDġLGHXWLOL]DUHDDSDUDWXOXLFLWLĥLFX DWHQĥLHLQVWUXFĥLXQLOHIXUQL]DWH3URGXFÅWRUXOQXHVWH UHVSRQVDELOSHQWUXQLFLRYÅWÅPDUHVDXGDXQÅUH]XOWDWÅ GLQLQVWDODUHDVDXXWLOL]DUHDLQFRUHFWÅ3ÅVWUDĥL SHUPDQHQWLQVWUXFĥLXQLOH°QWUXQORFVLJXUġLDFFHVLELO SHQWUXRFRQVXOWDUHXOWHULRDUÅ 6LJXUDQĥDFRSLLORUġLDSHUVRDQHORUYXOQHUDELOH ವ ವ ವ ವ ವ ವ ವ ವ $FHVWDSDUDWSRDWHILXWLOL]DWGHFRSLLLFXY¤UVWDPDL PDUHGHDQLGHSHUVRDQHOHFXFDSDFLWÅĥLIL]LFH VHQ]RULDOHVDXPHQWDOHUHGXVHVDXGHSHUVRDQHOHIÅUÅ FXQRġWLQĥHVDXH[SHULHQĥÅGRDUVXEVXSUDYHJKHUHVDX GXSÅRVFXUWÅLQVWUXLUHFDUHVÅOHRIHUHLQIRUPDĥLLOH QHFHVDUHGHVSUHXWLOL]DUHDVLJXUÅDDSDUDWXOXLġLVÅOH SHUPLWÅVÅ°QĥHOHDJÅSHULFROHOHODFDUHVHH[SXQ &RSLLLFXY¤UVWD°QWUHġLDQLġLSHUVRDQHOHFX GL]DELOLWÅĥLSURIXQGHġLFRPSOH[HQXWUHEXLHOÅVDWHVÅ VHDSURSLHGHDSDUDWGDFÅQXVXQWVXSUDYHJKHDWH SHUPDQHQW &RSLLLFXY¤UVWDPDLPLFÅGHDQLQXWUHEXLHOÅVDĥLVÅ VHDSURSLHGHDSDUDWGDFÅQXVXQWVXSUDYHJKHDĥL SHUPDQHQW 1XOÅVDĥLFRSLLLVÅVHMRDFHFXDSDUDWXO 1XOÅVDĥLDPEDODMHOHOD°QGHP¤QDFRSLLORUġLDUXQFDĥLOH FRQIRUPUHJOHPHQWÅULORU 1XOÅVDĥLFRSLLLġLDQLPDOHOHVÅVHDSURSLHGHDSDUDW DWXQFLF¤QGDFHVWDHVWH°QIXQFĥLXQHVDXF¤QGVH UÅFHġWH&RPSRQHQWHOHDFFHVLELOHVXQWILHUELQĥL 'DFÅDSDUDWXODUHXQGLVSR]LWLYGHVLJXUDQĥÅSHQWUX FRSLLDFHVWDWUHEXLHDFWLYDW &RSLLLQXYRUUHDOL]DFXUÅĥDUHDVDX°QWUHĥLQHUHD UHDOL]DWÅGHXWLOL]DWRUDVXSUDDSDUDWXOXLIÅUÅDIL VXSUDYHJKHDĥL 5201$ $VSHFWHJHQHUDOHSULYLQGVLJXUDQĥD ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ $9(57,60(17$SDUDWXOġLSÅUĥLOHDFFHVLELOHDOH DFHVWXLDGHYLQILHUELQĥLSHGXUDWDXWLOL]ÅULL$YHĥLJULMÅ VÅQXDWLQJHĥLHOHPHQWHOHGH°QFÅO]LUH $QXVHIRORVLDSDUDWXOSULQLQWHUPHGLXOXQXL FURQRPHWUXH[WHUQVDXFXXQVLVWHPWHOHFRPDQGDW VHSDUDW $9(57,60(17*ÅWLUHDQHDVLVWDWÅODSOLWÅIRORVLQG JUÅVLPLVDXXOHLSRDWHILSHULFXORDVÅġLSRDWHSURYRFD XQLQFHQGLX 1X°QFHUFDĥL1,&,2'$7ÄVÅVWLQJHĥLIRFXOFXDSÅ 2SULĥLDSDUDWXOġLDFRSHULĥLIODFÅUDFXXQFDSDFVDXFX RSÅWXUÅDQWLLQFHQGLX $7(1Ĥ,(3URFHVXOGHJÅWLUHWUHEXLHVXSUDYHJKHDW 8QSURFHVGHJÅWLUHSHWHUPHQVFXUWWUHEXLH VXSUDYHJKHDWSHUPDQHQW $9(57,60(173HULFROGHLQFHQGLX1XGHSR]LWDĥL QLPLFSHVXSUDIHĥHOHGHJÅWLW 2ELHFWHOHGHPHWDOGHH[FXĥLWHOHIXUFXOLĥHOHOLQJXULOH ġLFDSDFHOHQXWUHEXLHSXVHSHVXSUDIDĥDSOLWHL GHRDUHFHVHSRW°QILHUE¤QWD 1XIRORVLĥLXQDSDUDWGHFXUÅĥDWFXDEXUSHQWUXD FXUÅĥDDSDUDWXO 'XSÅXWLOL]DUHVWLQJHĥLHOHPHQWXOSOLWHLFXDMXWRUXO EXWRQXOXLġLQXOÅVDĥLDFHDVWÅRSHUDĥLXQH°QVDUFLQD GHWHFWRUXOXLGHYDVH 'DFÅVXSUDIDĥDFHUDPLFÅGHVWLFOÅHVWHFUÅSDWÅRSULĥL DSDUDWXOġLGHFRQHFWDĥLOGHODVXUVDGHDOLPHQWDUHQ FD]XO°QFDUHDSDUDWXOHVWHFRQHFWDWGLUHFWODVXUVDGH DOLPHQWDUHIRORVLQGFXWLDGHFRQH[LXQLVFRDWHĥL VLJXUDQĥDSHQWUXDGHFRQHFWDDSDUDWXOGHODVXUVDGH FXUHQWQDPEHOHFD]XULFRQWDFWDĥL&HQWUXOGHVHUYLFH DXWRUL]DW QFD]XO°QFDUHFDEOXOGHDOLPHQWDUHHVWHGHWHULRUDW DFHVWDWUHEXLH°QORFXLWGHSURGXFÅWRUGHXQVHUYLFH DXWRUL]DWVDXGHSHUVRDQHFXRFDOLILFDUHFDOLILFDUH VLPLODUÅSHQWUXDVHHYLWDSHULFROXO ZZZHOHFWUROX[FRP ವ $9(57,60(17)RORVLĥLGRDURSULWRDUHUHDOL]DWHGH SURGXFÅWRUXODSDUDWXOXLGHJÅWLWVDXLQGLFDWHGH SURGXFÅWRUXODSDUDWXOXL°QLQVWUXFĥLXQLOHGHXWLOL]DUHFD ILLQGDGHFYDWHVDXRSULWRDUHOHLQFOXVH°QDSDUDW 8WLOL]DUHDXQRURSULWRDUHQHDGHFYDWHSRDWHSURGXFH DFFLGHQWH ,16758&Ĥ,81,'(6,*85$1ĤÄ ದ 3ÅVWUDĥLRGLVWDQĥÅGHPLQLPFP °QWUHED]DDSDUDWXOXLġLRELHFWHOH GHSR]LWDWH°QVHUWDU ,QVWDODUHD $9(57,60(17 'RDURSHUVRDQÅFDOLILFDWÅ WUHEXLHVÅLQVWDOH]HDFHVW DSDUDW $9(57,60(17 3HULFROGHYÅWÅPDUH SHUVRQDOÅVDXGHWHULRUDUHD DSDUDWXOXL ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ QGHSÅUWDĥLWRDWHDPEDODMHOH 'DFÅDSDUDWXOHVWHGHWHULRUDWQX°O LQVWDODĥLVDXXWLOL]DĥL 8UPDĥLLQVWUXFĥLXQLOHGHLQVWDODUH IXUQL]DWH°PSUHXQÅFXDSDUDWXO 5HVSHFWDĥLGLVWDQĥHOHPLQLPHIDĥÅGH DOWHDSDUDWHġLFRUSXULGHPRELOLHU $YHĥL°QWRWGHDXQDJULMÅF¤QGPXWDĥL DSDUDWXOGHRDUHFHDFHVWDHVWHJUHX )RORVLĥL°QWRWGHDXQDPÅQXġLGH SURWHFĥLHġL°QFÅOĥÅPLQWH°QFKLVÅ QFKLGHĥLHWDQġVXSUDIHĥHOHWÅLDWHFX XQDJHQWGHHWDQġDUHSHQWUXFD XPH]HDODVÅQXXPIOHPDWHULDOXO 3URWHMDĥLSDUWHDGHMRVDDSDUDWXOXLGH DEXUġLXPH]HDOÅ 1XDġH]DĥLDSDUDWXOO¤QJÅRXġÅVDX VXERIHUHDVWUÅ$VWIHOYDVHOHILHUELQĥL GHSHDSDUDWQXYRUFÅGHDDWXQFL F¤QGXġDVDXIHUHDVWUDYDILGHVFKLVÅ )LHFDUHDSDUDWDUHYHQWLODWRDUHGH UÅFLUH°QSDUWHDGHMRV 'DFÅDSDUDWXOHVWHLQVWDODWGHDVXSUD XQXLVHUWDU ದ 1XGHSR]LWDĥLQLFLXQRELHFWPLF VDXIRLGHK¤UWLHFDUHDUSXWHDIL DVSLUDWHGHRDUHFHDFHVWHDSRW GHWHULRUDYHQWLODWRDUHOHGHUÅFLUH VDXSRWDIHFWDVLVWHPXOGHUÅFLUH &RQH[LXQHDHOHFWULFÅ $9(57,60(17 3HULFROGHLQFHQGLXġL HOHFWURFXWDUH ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ 7RDWHFRQH[LXQLOHHOHFWULFHWUHEXLH UHDOL]DWHGHFÅWUHXQHOHFWULFLDQ FDOLILFDW $SDUDWXOWUHEXLHOHJDWODRSUL]ÅFX °PSÅP¤QWDUH QDLQWHGHDHIHFWXDRULFHWLSGH RSHUDĥLHDVLJXUDĥLYÅFÅDĥL GHFRQHFWDWDSDUDWXOGHODVXUVDGH FXUHQW $VLJXUDĥLYÅFÅSDUDPHWULLGHSH SOÅFXĥDFXGDWHWHKQLFHVXQW FRPSDWLELOLFXYDORULOHQRPLQDOHDOH VXUVHLGHDOLPHQWDUH 9HULILFDĥLGDFÅDSDUDWXODIRVWLQVWDODW FRUHFW&DEOXULOHGHDOLPHQWDUH HOHFWULFÅġLġWHFKHUHOHGDFÅH[LVWÅ VOÅELWHVDXLQFRUHFWHSRWVÅSURYRDFH °QFÅO]LUHDH[FHVLYÅDWHUPLQDOXOXL )RORVLĥLXQFDEOXDGHFYDWSHQWUX DOLPHQWDUHDHOHFWULFÅ 1XSHUPLWHĥL°QF¤OFLUHDFDEOXULORU HOHFWULFH 9HULILFDĥLGDFÅHVWHLQVWDODWÅSURWHFĥLD ODHOHFWURFXWDUH )RORVLĥLRFOHPÅSHQWUXUHGXFHUHD WHQVLRQÅULLFDEOXOXL 1XOÅVDĥLFDEOXOGHDOLPHQWDUHVDX ġWHFKHUXOGDFÅH[LVWÅVÅDWLQJÅ DSDUDWXOILHUELQWHVDXYDVHILHUELQĥL DWXQFLF¤QGFRQHFWDĥLDSDUDWXOOD SUL]HOHGLQYHFLQÅWDWH 1XIRORVLĥLSUL]HPXOWLSOHġLFDEOXUL SUHOXQJLWRDUH 5201$ ವ ವ ವ ವ ವ ವ ವ 3URFHGDĥLFXDWHQĥLHSHQWUXDQX GHWHULRUDġWHFKHUXOGDFÅH[LVWÅVDX FDEOXOGHDOLPHQWDUHHOHFWULFÅ &RQWDFWDĥL&HQWUXOQRVWUXGHVHUYLFH DXWRUL]DWVDXXQHOHFWULFLDQSHQWUXD VFKLPEDXQFDEOXGHDOLPHQWDUH GHWHULRUDW 3URWHFĥLDODHOHFWURFXWDUHDSLHVHORU DIODWHVXEWHQVLXQHġLL]RODWHWUHEXLH IL[DWÅDVWIHO°QF¤WVÅQXSHUPLWÅ VFRDWHUHDHLIÅUÅIRORVLUHDXQRU XQHOWH ,QWURGXFHĥLġWHFKHUXO°QSUL]ÅQXPDL GXSÅ°QFKHLHUHDSURFHGXULLGH LQVWDODUH$VLJXUDĥLDFFHVXOODSUL]Å GXSÅLQVWDODUH 'DFÅSUL]DGHFXUHQWSUH]LQWÅMRFXUL QXFRQHFWDĥLġWHFKHUXO 1XWUDJHĥLGHFDEOXOGHDOLPHQWDUH SHQWUXDVFRDWHGLQSUL]ÅDSDUDWXO 7UDJHĥL°QWRWGHDXQDGHġWHFKHU )RORVLĥLGRDUGLVSR]LWLYHGHL]RODUH DGHFYDWH°QWUHUXSÅWRDUHSHQWUX SURWHFĥLDOLQLHLVLJXUDQĥHVLJXUDQĥH °QILOHWDELOHVFRDVHGLQVXSRUW FRQWDFWRULġLGHFODQġDWRULODSURWHFĥLD GH°PSÅP¤QWDUH ,QVWDODĥLDHOHFWULFÅWUHEXLHVÅILH SUHYÅ]XWÅFXXQGLVSR]LWLYGHL]RODUH FDUHVÅYÅSHUPLWÅVÅGHFRQHFWDĥL DSDUDWXOGHODUHĥHDODWRĥLSROLL 'LVSR]LWLYXOL]RODWRUWUHEXLHVÅDLEÅR GHVFKLGHUH°QWUHFRQWDFWHGHFHOSXĥLQ PP 8WLOL]DUH ವ ವ ವ ವ ವ ವ $9(57,60(17 3HULFROGHLQFHQGLXġL H[SOR]LH ವ ವ ವ ವ $9(57,60(17 3HULFROGHYÅWÅPDUHDUVXUL ġLHOHFWURFXWDUH ವ ವ ವ ವ ವ ವ ವ 6FRDWHĥLWRDWHDPEDODMHOHHWLFKHWHOH ġLIROLLOHGHSURWHFĥLHGDFÅH[LVWÅ °QDLQWHGHSULPDXWLOL]DUH $FHVWDSDUDWHVWHGHVWLQDWH[FOXVLY SHQWUXX]FDVQLF 1XPRGLILFDĥLVSHFLILFDĥLLOHDFHVWXL DSDUDW 1XEORFDĥLIDQWHOHGHYHQWLODĥLH 1XOÅVDĥLDSDUDWXOQHVXSUDYHJKHDW°Q WLPSXOIXQFĥLRQÅULL 'XSÅILHFDUHXWLOL]DUHRSULĥL]RQDGH JÅWLW 1XYÅED]DĥLSHGHWHFWRUXOGHYDV 1XSXQHĥLWDF¤PXULVDXFDSDFHGH RDOHSH]RQHOHGHJÅWLW$FHVWHDSRW GHYHQLILHUELQĥL 1XDFĥLRQDĥLDSDUDWXODY¤QGP¤LQLOH XPHGHVDXF¤QGDFHVWDHVWH°Q FRQWDFWFXDSD 1XXWLOL]DĥLDSDUDWXOFDVXSUDIDĥÅGH OXFUXVDXFDORFGHGHSR]LWDUH 'DFÅVXSUDIDĥDDSDUDWXOXLHVWH FUÅSDWÅGHFRQHFWDĥLLPHGLDWDSDUDWXO GHODUHĥHDXDHOHFWULFÅ3URFHGDĥL DVWIHOSHQWUXDSUHYHQLHOHFWURFXWDUHD 8WLOL]DWRULLFXVWLPXODWRUFDUGLDFWUHEXL VÅSÅVWUH]HRGLVWDQWDGHPLQLPGH FPIDĥÅGH]RQHOHGHJÅWLWSULQ LQGXFĥLHDWXQFLF¤QGDSDUDWXOHVWH°Q IXQFĥLXQH &¤QGSXQHĥLDOLPHQWH°QXOHLILHUELQWH SRWVÅVDUÅVWURSL *UÅVLPLOHġLXOHLXODWXQFLF¤QGVXQW °QFÅO]LWHSRWHOLEHUDYDSRULLQIODPDELOL ĤLQHĥLIOÅFÅULOHVDXRELHFWHOH°QFÅO]LWH GHSDUWHGHJUÅVLPLġLXOHLXULDWXQFL F¤QGJÅWLĥL 9DSRULLSHFDUH°LHOLEHUHD]ÅXOHLXO IRDUWHILHUELQWHSRWVÅVHDSULQGÅ VSRQWDQ 8OHLXOIRORVLWFDUHFRQĥLQHUHVWXULGH P¤QFDUHSRDWHOXDIRFODWHPSHUDWXUL PDLPLFLGHF¤WXOHLXOFDUHHVWHXWLOL]DW SHQWUXSULPDGDWÅ 3URGXVHOHLQIODPDELOHVDXRELHFWHOH XPH]LWHFXSURGXVHLQIODPDELOHQX WUHEXLHLQWURGXVH°QDSDUDWQLFLSXVH DGLDFHQWVDXGHDVXSUDDFHVWXLD $9(57,60(17 3HULFROGHGHWHULRUDUHD DSDUDWXOXL ವ ವ ವ ವ ವ ವ 1XĥLQHĥLYDVHSHSDQRXOGHFRPDQGÅ 1XSXQHĥLXQFDSDFILHUELQWHSH VXSUDIDĥDGHVWLFOÅDSOLWHL 1XSHUPLWHĥLHYDSRUDUHDFRPSOHWÅD OLFKLGXOXLGLQYDVH 3URFHGDĥLFXDWHQĥLHSHQWUXDQXOÅVD RELHFWHVDXYDVHVÅFDGÅSHDSDUDW 6XSUDIDĥDSRDWHILGHWHULRUDWÅ 1XDFWLYDĥL]RQHOHGHJÅWLWGDFÅSH DFHVWHDQXVHDIOÅYDVHVDXYDVHOH VXQWJRDOH 1XSXQHĥLIROLHGLQDOXPLQLXSHDSDUDW ZZZHOHFWUROX[FRP ವ ವ 9DVHOHUHDOL]DWHGLQIRQWÅDOXPLQLX VDXFXED]HOHGHWHULRUDWHSRW]J¤ULD VXSUDIDĥDGLQVWLFOÅYLWURFHUDPLFÅ 5LGLFDĥL°QWRWGHDXQDDFHVWHRELHFWH DWXQFLF¤QGWUHEXLHVÅOHPXWDĥLSH SOLWDGHJÅWLW $FHVWDSDUDWSRDWHILXWLOL]DWQXPDL SHQWUXJÅWLW1XWUHEXLHXWLOL]DW°QDOWH VFRSXULGHH[HPSOXSHQWUX°QFÅO]LUHD FDPHUHL QJULMLUHDġLFXUÅĥDUHD ವ ವ ವ ವ ವ &XUÅĥDĥLUHJXODWDSDUDWXOSHQWUXD SUHYHQLGHWHULRUDUHDPDWHULDOXOXLGHOD VXSUDIDĥÅ QDLQWHGHFXUÅĥDUHRSULĥLFXSWRUXOġL OÅVDĥLOVÅVHUÅFHDVFÅ 6FRDWHĥLDSDUDWXOGLQSUL]Å°QDLQWHGH DHIHFWXDRSHUDĥLLOHGH°QWUHĥLQHUH 1XIRORVLĥLDSÅSXOYHUL]DWÅġLDEXU SHQWUXFXUÅĥDUHDDSDUDWXOXL &XUÅĥDĥLDSDUDWXOFXRODYHWÅPRDOH XPHGÅ8WLOL]DĥLQXPDLGHWHUJHQĥL QHXWUL1XIRORVLĥLQLFLXQSURGXV DEUD]LYEXUHWHDEUD]LYVROYHQWVDX RELHFWPHWDOLF 6HUYLFH ವ ವ 3HQWUXDUHSDUDDSDUDWXOFRQWDFWDĥLXQ &HQWUXGHVHUYLFHDXWRUL]DW 8WLOL]DĥLQXPDLSLHVHGHVFKLPE RULJLQDOH *HVWLRQDUHDGHġHXULORU GXSÅ°QFKHLHUHDFLFOXOXLGH YLDĥÅDODSDUDWXOXL $9(57,60(17 3HULFROGHYÅWÅPDUHVDX VXIRFDUH ವ ವ ವ &RQWDFWDĥLDXWRULWDWHDORFDOÅSHQWUX LQIRUPDĥLLSULYLQGDUXQFDUHDDGHFYDWÅ DDFHVWXLDSDUDW 'HFRQHFWDĥLDSDUDWXOGHODVXUVDGH DOLPHQWDUHHOHFWULFÅ 7ÅLDĥLFDEOXOGHDOLPHQWDUHHOHFWULFÅ FKLDUGHO¤QJÅDSDUDWġLDUXQFDĥLO '(6&5,(5($352'868/8, &RQILJXUDĥLDSOLWHLGHJÅWLW 3 =RQÅGHJÅWLWFXLQGXFĥLH 3DQRXGHFRPDQGÅ =RQÅIOH[LELOÅGHJÅWLWFXLQGXFĥLH DOFÅWXLWÅGLQSDWUXVHFĥLXQL 1 1 2 5201$ 3DQRXO]RQHLGHJÅWLW 1 2 3 4 5 6 11 7 10 8 9 3HQWUXDYHGHDVHWÅULOHGLVSRQLELOHDWLQJHĥLVLPEROXOFRUHVSXQ]ÅWRU 6LP഻ ERO &RPHQWDULX 3251,7235,7 3HQWUXDFWLYDUHDġLGH]DFWLYDUHDSOLWHL 0HQLX 3HQWUXDGHVFKLGHġL°QFKLGHPHQLXO 6HOHFWDUHD]RQHL 3HQWUXDGHVFKLGHJOLVRUXOSHQWUX]RQDVHOHFಣ WDWÅ ,QGLFDWRUXO]RQHL 3HQWUXDDUÅWDSHQWUXFH]RQÅHVWHJOLVRUXODFWLY 3HQWUXDVHWDIXQFĥLLOHFURQRPHWUXOXL *OLVRUXO 3HQWUXDUHJODQLYHOXOGHFÅOGXUÅ 3RZHU%RRVW 3HQWUXDDFWLYDIXQFĥLD %ORFDUHD 3HQWUXDDFWLYDġLDGH]DFWLYDIXQFĥLD 3DX]Å 3HQWUXDDFWLYDġLDGH]DFWLYDIXQFĥLD 3HQWUXDDILġDQLYHOXOFXUHQWGHFÅOGXUÅ )OH[L%ULGJH 3HQWUXDFRPXWD°QWUHFHOHWUHLPRGXULDOHIXQFಣ ĥLHL 2SWL+HDW&RQWURO,QGLFDWRU GHFÅOGXUÅUH]LGXDOÅFX WUHSWH $9(57,60(17 ,,,,,,3HULFROGHDUVXULGLQ FDX]DFÅOGXULLUH]LGXDOH ,QGLFDWRUXOSUH]LQWÅQLYHOXO FÅOGXULLUH]LGXDOH =RQHOHGHJÅWLWSULQLQGXFĥLHSURGXF FÅOGXUDQHFHVDUÅSHQWUXJÅWLUHGLUHFW°Q ED]DYDVXOXL6XSUDIDĥDYLWURFHUDPLFÅVH °QFÅO]HġWHGHODFÅOGXUDDYDVHORU ZZZHOHFWUROX[FRP *+,'5$3,' 8WLOL]DUHDHFUDQXOXLWDFWLO ವ ವ ವ ವ ವ ವ ವ 3HQWUXDDFWLYDRDQXPLWÅRSĥLXQH DWLQJHĥLVLPEROXOFRUHVSXQ]ÅWRUGHSH DILġDM )XQFĥLDVHOHFWDWÅHVWHDFWLYDWÅDWXQFL F¤QGOXDĥLGHJHWXOGHSHDILġDM 3HQWUXDGHUXODSULQRSĥLXQLOH GLVSRQLELOHXWLOL]DĥLXQJHVWUDSLGVDX WUDJHĥLFXGHJHWHOHSHVXSUDIDĥD DILġDMXOXL 9LWH]DJHVWXOXLVWDELOHġWHYLWH]DGH PLġFDUHDHFUDQXOXL 'HUXODUHDVHSRDWHRSULVLQJXUÅVDXR SXWHĥLRSULLPHGLDWGDFÅDWLQJHĥL DILġDMXO 3XWHĥLPRGLILFDPDMRULWDWHD SDUDPHWULORUFDUHDSDUSHDILġDMDWXQFL F¤QGDWLQJHĥLVLPEROXULOH FRUHVSXQ]ÅWRDUH 3HQWUXDVHOHFWDIXQFĥLDVDXRUD QHFHVDUÅSXWHĥLGHUXODSULQOLVWÅġLVDX SXWHĥLDWLQJHRSĥLXQHDGRULWÅ ವ ವ ವ ವ $WXQFLF¤QGSOLWDHVWHDFWLYDWÅġLXQHOH VLPEROXULGLVSDUGHSHDILġDMDWLQJHĥL DILġDMXO°QRULFHORF7RDWHVLPEROXULOH VXQWDILġDWHGLQQRX 3HQWUXDQXPLWHIXQFĥLLDSDUHR IHUHDVWUÅSRSXSFXLQIRUPDĥLL VXSOLPHQWDUHDWXQFLF¤QGOHSRUQLĥL 3RWILIRORVLWHGRDUVLPEROXULOHFX OXPLQÅGHIXQGDO 6HOHFWDĥLPDL°QW¤LR]RQÅSHQWUXD DFWLYDIXQFĥLLOHFURQRPHWUX 0HQLXVWUXFWXUD $WLQJHĥL SHQWUXDDFFHVDġLPRGLILFD VHWÅULOHSOLWHLVDXSHQWUXDFWLYDUHDXQRU IXQFĥLL7DEHOXOSUH]LQWÅVWUXFWXUDGHED]Å D0HQLX 0HQLX *DWLUHDVLVWDWD )XQFĥLLSOLWÅ 3RZHU6OLGH 7RSLUH %ORFDUHDFFHVFRSLL &URQRPHWUX &RQILJXUDUH *DWLUHDVLVWDWD 6HWÅUL /LPED 7RQXOGHODWDVWH 9ROXPODDSDVDUHWDVWH /XPLQR]LWDWHDILġDM 6HUYLFH 0RGXO'HPR /LFHQĥÅ $ILġDUHYHUVLXQHVRIWZDUH ,VWRULFDODUPH 5HVHWHD]DVHWDULOH 5201$ 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ VFXUWÅGHVFULHUH8UPDĥLVIDWXULOHSHQWUXD QDYLJDXġRUSULQ0HQLX 0HQLXIRORVLĥL VDX OLVWD°QVXVġLIRORVLĥL VDXDWLQJHĥL SHQWUXDLHġLGLQ0HQLX $WXQFLF¤QGDWLQJHĥLOXQJXQHOHGLQWUH RSĥLXQLOHGLVSRQLELOH°Q0HQLXDSDUHR 'DFÅYÅDIODĥLODFDSÅWXO0HQLXGHUXODĥL 1$,17('(35,0$87,/,=$5( $9(57,60(17 &RQVXOWDĥLFDSLWROHOHSULYLQG VLJXUDQĥD 3XWHĥLPRGLILFDVHWDUHD°Q0HQLX!6HWÅUL !&RQILJXUDUH&RQVXOWDĥLಱ8WLOL]DUHD ]LOQLFÅರ 3ULPDFRQHFWDUHODVXUVDGH HQHUJLHHOHFWULFÅ $WXQFLF¤QGFRQHFWDĥLSOLWDODVXUVDGH FXUHQWDYHĥLGHVHWDW/LPED/XPLQR]LWDWH DILġDMġL9ROXPODDSDVDUHWDVWH 87,/,=$5($=,/1,&Ä $9(57,60(17 &RQVXOWDĥLFDSLWROHOHSULYLQG VLJXUDQĥD $FWLYDUHDġLGH]DFWLYDUHD $WLQJHĥL WLPSGHVHFXQGÅSHQWUXD DFWLYDVDXGH]DFWLYDSOLWD 2SULUHDDXWRPDWÅ )XQFƤLDGH]DFWLYHD]ÅDXWRPDWSOLWD GDFÅ ವ ವ ವ ವ ವ WRDWH]RQHOHGHJÅWLWVXQWGH]DFWLYDWH QXVHWDĥLQLYHOXOGHFÅOGXUÅGXSÅ DFWLYDUHDSOLWHL DĥLYÅUVDWVDXDĥLSXVFHYDSHSDQRXO GHFRPDQGÅSHQWUXPDLPXOWGH VHFXQGHRWLJDLHRODYHWÅHWF(VWH HPLVXQVHPQDODFXVWLFġLSOLWDVH GH]DFWLYHD]ÅQGHSÅUWDĥLRELHFWXOVDX FXUÅĥDĥLSDQRXOGHFRPDQGÅ SOLWDVH°QILHUE¤QWÅSUHDWDUHGHH[ F¤QGVDHYDSRUDWWRWOLFKLGXOGLQWUR WLJDLH/ÅVDĥL]RQDGHJÅWLWVÅVH UÅFHDVFÅ°QDLQWHGHDXWLOL]DSOLWDGLQ QRX IRORVLĥLYDVHQHDGHFYDWHVDXQXH[LVWÅ QLFLXQYDVSHRDQXPLWÅ]RQÅ 6LPEROXO]RQHLGHJÅWLWDOEHFOLSHġWHġL ]RQDGHJÅWLWFXLQGXFĥLHVH GH]DFWLYHD]ÅDXWRPDWGXSÅPLQXW ವ QXGH]DFWLYDĥLR]RQÅGHJÅWLWVDXQX PRGLILFDĥLQLYHOXOGHFÅOGXUÅ'XSÅXQ WLPSDSDUHXQPHVDMLDUSOLWDVH GH]DFWLYHD]Å 5HODƤLD°QWUHQLYHOXOGHFÅOGXUÅƠL GXUDWDGXSÅFDUHSOLWDVH GH]DFWLYHD]Å 1LYHOXOGH FÅOGXUÅ 3OLWDVHGH]DFWL഻ YHD]ÅGXSÅ RUH RUH RUH RUH 1LYHOXOGHFÅOGXUÅ $FWLYDĥLSOLWD 3XQHĥLYDVXOSH]RQDGHJÅWLW VHOHFWDWÅ *OLVRUXOSHQWUX]RQDGHJÅWLWDFWLYÅDSDUH SHDILġDMġLHVWHDFWLYWLPSGHVHFXQGH $WLQJHĥLVDXJOLVDĥLFXGHJHWXOSHQWUX DVHWDQLYHOXOGHFÅOGXUÅGRULW 6LPEROXOVHIDFHURġXġLGHYLQHPDL PDUH ZZZHOHFWUROX[FRP 3HQWUXYDORULOHPD[LPHDOH GXUDWHLFRQVXOWDĥLಱ'DWH WHKQLFHರ 0DQDJHPHQWSXWHUH 8WLOL]DUHD]RQHORUGHJÅWLW ವ 3XQHĥLYDVXO°QFHQWUXO]RQHLGHJÅWLW VHOHFWDWH=RQHOHGHJÅWLWSULQLQGXFĥLHVH DGDSWHD]ÅDXWRPDWODGLPHQVLXQHDED]HL YDVXOXL ವ 'XSÅFHDĥLSXVXQYDVSH]RQDGHJÅWLW VHOHFWDWÅSOLWD°OGHWHFWHD]ÅDXWRPDWġL JOLVRUXOFRUHVSXQ]ÅWRUDSDUHSHDILġDM *OLVRUXOHVWHYL]LELOWLPSGHVHFXQGH GXSÅFDUHDILġDMXOUHYLQHODYL]XDOL]DUHD SULQFLSDOÅ3HQWUXD°QFKLGHPDLUDSLG JOLVRUXODWLQJHĥLHFUDQXO°QDIDUD]RQHLGH JOLVDUH &¤QGDOWH]RQHVXQWDFWLYHQLYHOXOGH FÅOGXUÅSHQWUX]RQDSHFDUHGRULĥLVÅR IRORVLĥLSRDWHILOLPLWDW&RQVXOWDĥL ಱ0DQDJHPHQWSXWHUHರ ವ ವ ವ ವ ವ $VLJXUDĥLYÅFÅYDVXOHVWH DGHFYDWSHQWUXSOLWHOHFX LQGXFĥLH3HQWUXPDLPXOWH LQIRUPDĥLLSULYLQGWLSXULOHGH YDVHFRQVXOWDĥLಱ,QIRUPDĥLLġL VIDWXULರ9HULILFDĥL GLPHQVLXQHDYDVXOXL°Q ಱ'DWHWHKQLFHರ =RQHOHGHJÅWLWVXQWJUXSDWH°QIXQFĥLH GHDPSODVDUHġLQXPÅUXOGHID]HGHOD SOLWÅ&RQVXOWDĥLLPDJLQHD )LHFDUHID]ÅDUHRFDSDFLWDWHHOHFWULFÅ PD[LPÅGH: )XQFĥLD°PSDUWHSXWHUHD°QWUH]RQHOH GHJÅWLWFRQHFWDWHODDFHHDġLID]Å )XQFĥLDVHDFWLYHD]ÅF¤QGFDSDFLWDWHD HOHFWULFÅWRWDOÅD]RQHORUGHJÅWLW FRQHFWDWHODRVLQJXUÅID]ÅGHSÅġHġWH : )XQFĥLDVFDGHSXWHUHDFHORUODOWH]RQH GHJÅWLWFRQHFWDWHODDFHHDġLID]Å FDUHLQIOXHQĥHD]ÅQLYHOXOGHFÅOGXUÅ GLVSRQLELO 1LYHOXOPD[LPGHFÅOGXUÅHVWHYL]LELO SHJOLVRU6XQWDFWLYHGRDUFLIUHOHDOEH 'DFÅQXHVWHGLVSRQLELOXQQLYHOGH FÅOGXUÅPDLULGLFDWUHGXFHĥLPDL°QW¤L QLYHOXOGHFÅOGXUÅGHODFHOHODOWH]RQH GHJÅWLW 3RZHU%RRVW $FHDVWÅIXQFĥLHDFWLYHD]ÅPDLPXOWÅ SXWHUHSHQWUX]RQDUHVSHFWLYÅGHJÅWLWFX LQGXFĥLHDFHDVWDGHSLQGHGH GLPHQVLXQHDYDVXOXL)XQFĥLDSRDWHIL DFWLYDWÅGRDUSHQWUXRSHULRDGÅOLPLWDWÅ GHWLPS $WLQJHĥLPDL°QW¤LVLPEROXO]RQHL GRULWH $WLQJHĥL VDXJOLVDĥLFXGHJHWXOVSUH GUHDSWDSHQWUXDDFWLYDIXQFĥLDSHQWUX ]RQDGHJÅWLWDOHDVÅ 6LPEROXOVHIDFHURġXġLGHYLQHPDL PDUH )XQFĥLDVHGH]DFWLYHD]ÅDXWRPDW3HQWUX DGH]DFWLYDIXQFĥLDPDQXDOVHOHFWDĥL ]RQDġLVFKLPEDĥLQLYHOXOGHFÅOGXUÅDO DFHVWHLD 7HPSRUL]DWRU &URQRPHWUXFX QXPÅUÅWRDUHLQYHUVÅ +STOP )RORVLĥLDFHDVWÅIXQFĥLHSHQWUXDVSHFLILFD GXUDWDGHIXQFĥLRQDUHDXQHL]RQHGH JÅWLW°QWLPSXOXQHLVLQJXUHVHVLXQLGH JÅWLW 3XWHĥLVHWDIXQFĥLDVHSDUDWSHQWUXILHFDUH ]RQÅGHJÅWLW 5201$ 6HWDĥLPDL°QW¤LQLYHOXOGHFÅOGXUÅ SHQWUX]RQDGHJÅWLWUHVSHFWLYÅġL GXSÅDFHHDVHWDĥLIXQFĥLD $WLQJHĥL )HUHDVWUDFXPHQLXOFURQRPHWUXOXLDSDUH SHDILġDM 3HQWUXDFWLYDUHDIXQFĥLHLELIDĥL 6LPEROXULOHVHVFKLPEÅ°Q *OLVDĥLFXGHJHWXOVSUHVW¤QJDVDX GUHDSWDSHQWUXDVHOHFWDGXUDWD GRULWÅGHH[RUHġLVDXPLQXWH $WLQJHĥL2.SHQWUXDFRQILUPD VHOHFĥLDGYV +STOP 'HDVHPHQHDSXWHĥLDOHJH SHQWUXD YÅUHYRFDVHOHFĥLD $WXQFLF¤QGWLPSXODMXQJHODILQDOHVWH HPLVXQVHPQDOVRQRUġLFOLSHġWH $WLQJHĥL SHQWUXDRSULVHPQDOXO 3HQWUXDRSULIXQFĥLDVHWDĥLQLYHOXOGH FÅOGXUÅOD$OWHUQDWLYDWLQJHĥL +STOP GLQ VW¤QJDYDORULLFURQRPHWUXOXLDWLQJHĥL GHO¤QJÅDFHVWDSHQWUXDYÅFRQILUPD DOHJHUHDDWXQFLF¤QGDSDUHRIHUHDVWUÅ SRSXS &URQRPHWUX GLQ 3HQWUXDGH]DFWLYDIXQFĥLDDWLQJHĥL VW¤QJDYDORULLFURQRPHWUXOXLDWLQJHĥL GHO¤QJÅDFHVWDSHQWUXDYÅFRQILUPD DOHJHUHDDWXQFLF¤QGDSDUHRIHUHDVWUÅ SRSXS &URQRPHWUX )XQFĥLDSRUQHġWHDXWRPDWQXPÅUÅWRDUHD LPHGLDWGXSÅFHDFWLYDĥLR]RQÅGHJÅWLW 3XWHĥLXWLOL]DDFHDVWÅIXQFĥLHSHQWUXD PRQLWRUL]DGXUDWDIXQFĥLRQÅULL $WLQJHĥL SHQWUXDDFFHVD0HQLX 'HUXODĥL0HQLXSHQWUXDVHOHFWD 6HWÅUL!&URQRPHWUX $WLQJHĥLFRPXWDWRUXOSHQWUXDSRUQL RSULIXQFĥLD 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ 0HQLXIRORVLĥL VDX )XQFĥLDQXVHRSUHġWHDWXQFLF¤QGULGLFDĥL YDVXO3HQWUXDUHVHWDIXQFĥLDġLDRSRUQL GLQQRXPDQXDODWLQJHĥL VHOHFWDĥL 5HVHWDUHGLQIHUHDVWUDSRSXS)XQFĥLD °QFHSHQXPÅUÅWRDUHDGHOD3HQWUXD 3DX]ÅIXQFĥLDSHQWUXRVLQJXUÅVHVLXQH 3XWHĥLXWLOL]DDFHDVWÅIXQFĥLHDWXQFLF¤QG SOLWDHVWHDFWLYDWÅ°QVÅ]RQHOHGHJÅWLW QXIXQFĥLRQHD]Å GHJÅWLWDWLQJHĥL ġLVHOHFWDĥL3DX]ÅGLQ IHUHDVWUDSRSXS6HOHFWDĥL6WDUWSHQWUXD FRQWLQXDQXPÅUÅWRDUHD )XQFĥLDQXDUHQLFLRLQIOXHQĥÅDVXSUD IXQFĥLRQÅULL]RQHORUGHJÅWLW 3DX]Å 6HOHFWDĥLRULFH]RQÅGHJÅWLW *OLVRUXOUHOHYDQWDSDUHSHDILġDM $FHDVWÅIXQFĥLHVHWHD]ÅWRDWH]RQHOHGH JÅWLWFDUHIXQFĥLRQHD]ÅODVHWDUHD PLQLPÅ $WLQJHĥL )HUHDVWUDFXPHQLXOFURQRPHWUXOXLDSDUH SHDILġDM *OLVDĥLFXGHJHWXOVSUHVW¤QJDVDX GUHDSWDSHQWUXDVHOHFWDGXUDWD GRULWÅGHH[RUHġLPLQXWH $WLQJHĥL2.SHQWUXDFRQILUPD VHOHFĥLDGYV 'HDVHPHQHDSXWHĥLDOHJH SHQWUXD YÅUHYRFDVHOHFĥLD $WXQFLF¤QGWLPSXODMXQJHODILQDOHVWH HPLVXQVHPQDOVRQRUġLFOLSHġWH $WLQJHĥL SHQWUXDRSULVHPQDOXO $WXQFLF¤QGIXQFĥLDHVWHDFWLYÅGRDU VLPEROXULOH ġL SRWILIRORVLWH7RDWH FHOHODOWHVLPEROXULGHSHSDQRXOGH FRPDQGÅVXQWEORFDWH )XQFĥLDQXRSUHġWHIXQFĥLLOHFX FURQRPHWUX 3HQWUXDFWLYDUHDIXQFĥLHLDWLQJHĥL VHDSULQGH1LYHOXOGHFÅOGXUÅHVWH FRERU¤WOD 3HQWUXDGH]DFWLYDIXQFĥLDDWLQJHĥL ZZZHOHFWUROX[FRP )XQFĥLDRSUHġWH3RZHU%RRVW&HOPDL ULGLFDWQLYHOGHFÅOGXUÅVHUHDFWLYHD]Å DWXQFLF¤QGDWLQJHĥL 7RQXOGHODWDVWH9ROXP ODDSDVDUHWDVWH GLQQRX 3XWHĥLDOHJHWLSXOGHVXQHWHPLVGHSOLWÅ VDXVÅRSULĥLVXQHWHOH3XWHĥLDOHJH°QWUH FOLFLPSOLFLWVDXELS %ORFDUHD 3XWHĥLEORFDSDQRXOGHFRPDQGÅ°Q WLPSXOXWLOL]ÅULLSOLWHL3UHYLQHPRGLILFDUHD DFFLGHQWDOÅDQLYHOXOXLGHFÅOGXUÅ 5HJODĥLPDL°QW¤LQLYHOXOGHFÅOGXUÅ 3HQWUXDFWLYDUHDIXQFĥLHLDWLQJHĥL 3HQWUXGH]DFWLYDUHDIXQFĥLHLDWLQJHĥL WLPSGHVHFXQGH 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ &¤QGGH]DFWLYDĥLSOLWDVH GH]DFWLYHD]ÅġLDFHDVWÅ IXQFĥLH 0HQLXIRORVLĥL VDX /XPLQR]LWDWHDILġDM %ORFDUHDFFHVFRSLL 3XWHĥLPRGLILFDOXPLQR]LWDWHDDILġDMXOXL $FHDVWÅIXQFĥLH°PSLHGLFÅXWLOL]DUHD DFFLGHQWDOÅDSOLWHL ([LVWÅQLYHOXULGHOXPLQR]LWDWHHVWH FHOPDLVFÅ]XWġLFHOPDLULGLFDW $WLQJHĥL SHDILġDMSHQWUXD GHVFKLGH0HQLX 6HOHFWDĥL6HWÅUL!%ORFDUHDFFHVFRSLL GLQOLVWÅ 3RUQLĥLFRPXWDWRUXOġLDWLQJHĥLOLWHUHOH $2;°QRUGLQHDOIDEHWLFÅSHQWUXD DFWLYDIXQFĥLD3HQWUXDGH]DFWLYD IXQFĥLDRSULĥLFRPXWDWRUXO 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ $FHDVWÅIXQFĥLHUHJOHD]ÅWHPSHUDWXUDOD GLIHULWHWLSXULGHDOLPHQWHġLRSÅVWUHD]Å SHGXUDWDJÅWLULL$FHDVWDSRDWHIL DFWLYDWÅGRDUSHQWUX]RQDGHJÅWLWVW¤QJD IDĥÅ $WLQJHĥL SHDILġDMSHQWUXD GHVFKLGH0HQLX 6HOHFWDĥL6HWÅUL!&RQILJXUDUH! /LPEDGLQOLVWÅ $OHJHĥLOLPEDDGHFYDWÅGLQOLVWÅ 0HQLXIRORVLĥL VDX 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ *DWLUHDVLVWDWD /LPED 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ $WLQJHĥL SHDILġDMSHQWUXD GHVFKLGH0HQLX 6HOHFWDĥL6HWÅUL!&RQILJXUDUH! /XPLQR]LWDWHDILġDMGLQOLVWÅ $OHJHĥLQLYHOXODGHFYDW 0HQLXIRORVLĥL VDX 0HQLXIRORVLĥL VDX 'DFÅDOHJHĥLROLPEÅJUHġLWÅDWLQJHĥL 'LQOLVWDFDUHDSDUHVHOHFWDĥLDWUHLD RSĥLXQHGXSÅFDUHGHGRXÅRULXOWLPD RSĥLXQHQFHOHGLQXUPÅDOHJHĥL RSĥLXQHDGLQGUHDSWD $WLQJHĥL SHDILġDMSHQWUXD GHVFKLGH0HQLX 6HOHFWDĥL6HWÅUL!&RQILJXUDUH!7RQXO GHODWDVWH9ROXPODDSDVDUHWDVWH GLQOLVWÅ $OHJHĥLRSĥLXQHDDGHFYDWÅ $WLQJHĥL SHDILġDMSHQWUXD GHVFKLGH0HQLX 6HOHFWDĥL*DWLUHDVLVWDWDġLDOHJHĥL WLSXOGHDOLPHQWSHFDUHGRULĥLVÅO SUHSDUDĥLGLQOLVWÅ 3HQWUXILHFDUHWLSGHDOLPHQWH[LVWÅ F¤WHYDRSĥLXQLGLVSRQLELOH8UPDĥL LQVWUXFĥLXQLOHFDUHDSDUSHDILġDM ವ 3XWHĥLDWLQJH2.GHDVXSUD IHUHVWUHLSRSXSSHQWUXDIRORVL VHWÅULOHLPSOLFLWH 5201$ ವ 3XWHĥLVHWDIXQFĥLDFURQRPHWUX $WXQFLF¤QGYDVXODWLQJH WHPSHUDWXUDGRULWÅSXWHĥLDFWLYD FURQRPHWUXO ವ 3XWHĥLPRGLILFDQLYHOXOLPSOLFLWGH FÅOGXUÅ 'XSÅFHYDVXODMXQJHODWHPSHUDWXUD GRULWÅHVWHHPLVXQVHPQDODFXVWLFġL DSDUHRIHUHDVWUÅSRSXS3HQWUXD °QFKLGHIHUHDVWUDġLD°QFHSHIXQFĥLD DWLQJHĥL2.3HQWUXDGH]DFWLYD IHUHDVWUDSHUPDQHQWELIDĥL GHDDFWLYDIXQFĥLD 3HQWUXDRSULIXQFĥLDDWLQJHĥL °QDLQWH ġL6WRS VDXDWLQJHĥL ġLVHOHFWDĥL*DWLUH DVLVWDWDDOHJHĥLRULFHWLSGHDOLPHQWġL DWLQJHĥL6WRS 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ XQWXO3XWHĥLIRORVLIXQFĥLDGRDUSHQWUXR VLQJXUÅ]RQÅGHJÅWLW°QWLPSXOXQHL VLQJXUHVHVLXQLGHJÅWLW $WLQJHĥL SHDILġDMSHQWUXD GHVFKLGH0HQLX 6HOHFWDĥL)XQFĥLLSOLWÅ!7RSLUHGLQ OLVWÅ $WLQJHĥL6WDUW 7UHEXLHVÅVHOHFWDĥL]RQDGRULWÅ $SDUHRIHUHDVWUÅSRSXSFDUHYÅ °QWUHDEÅGDFÅGRULĥLVÅUHYRFDĥL QLYHOXOGHFÅOGXUÅDQWHULRUGDFÅ DFHVWDDH[LVWDW 3HQWUXDSÅUÅVL0HQLXDWLQJHĥL VDX SDUWHDGUHDSWÅDDILġDMXOXL°QDIDUD IHUHVWUHLSRSXS3HQWUXDQDYLJDSULQ 0HQLXIRORVLĥL VDX 3HQWUXDRSULIXQFĥLDDWLQJHĥLVLPEROXOGH VHOHFWDUHD]RQHLGXSÅFDUHDWLQJHĥL 6WRS 0HQLXIRORVLĥL VDX 7RSLUH 3XWHĥLIRORVLDFHDVWÅIXQFĥLHSHQWUXDWRSL GLIHULWHSURGXVHGHH[FLRFRODWDVDX 6835$)$ĤÄ)/(;,%,/Ä'(*Ä7,735,1,1'8&Ĥ,( $9(57,60(17 &RQVXOWDĥLFDSLWROHOHSULYLQG VLJXUDQĥD )OH[L%ULGJH =RQDGLQSDUWHDVW¤QJÅSRDWHIL FRPELQDWÅ°QGRXÅ]RQHGHJÅWLWFX GLPHQVLXQLGLIHULWHVDX°QWURVLQJXUÅ VXSUDIDĥÅGHJÅWLWPDUH3XWHĥLDOHJHR FRPELQDĥLHGHVHFĥLXQLFDUHGHSLQGHGH GLPHQVLXQHDYDVXOXLSHFDUHGRULĥLVÅO IRORVLĥL,QGLFDWRULL]RQHLGHJÅWLWVH PRGLILFÅDXWRPDWġLSUH]LQWÅFRPELQDĥLD SRVLELOÅ )OH[L%ULGJH6WDQGDUGHVWHPRGXOLPSOLFLW FDUHVHDFWLYHD]ÅDXWRPDWÅDWXQFLF¤QG DFWLYDĥLSOLWD'RXÅ]RQHGHJÅWLW IXQFĥLRQHD]ÅLQGHSHQGHQW $WLQJHĥL SHQWUXDFRPXWD°QWUH PRGXULOH)OH[L%ULGJH )OH[L%ULGJH0RGXO6WDQGDUG $FHVWPRGHVWHDFWLYDWXQFLF¤QGDFWLYDĥL SOLWD$FHVWDFRQHFWHD]ÅVHFĥLXQLOH°Q GRXÅ]RQHGHJÅWLWVHSDUDWH3XWHĥLVHWD QLYHOXOGHFÅOGXUÅVHSDUDWSHQWUXILHFDUH ]RQÅ 3R]LƤLDFRUHFWÅDYDVXOXL ZZZHOHFWUROX[FRP 3R]LƤLDLQFRUHFWÅDYDVXOXL 3R]LƤLDLQFRUHFWÅDYDVXOXL )OH[L%ULGJH0RGXO3XQWH PDUH 3HQWUXDDFWLYDPRGXODWLQJHĥL S¤QÅ F¤QGYHGHĥLLQGLFDWRUXOGHPRGFRUHFW $FHVWPRGFRQHFWHD]ÅWUHLVHFĥLXQLVSDWH °QWURVLQJXUÅ]RQÅGHJÅWLW6HFĥLXQHD IURQWDOÅQXHVWHFRQHFWDWÅġL IXQFĥLRQHD]ÅFDR]RQÅGHJÅWLWVHSDUDWÅ 3XWHĥLVHWDQLYHOXOGHFÅOGXUÅSHQWUX ILHFDUH]RQÅVHSDUDW )OH[L%ULGJH0RGXO3XQWH PD[ 3HQWUXDDFWLYDPRGXODWLQJHĥL S¤QÅ F¤QGYHGHĥLLQGLFDWRUXOGHPRGFRUHFW $FHVWPRGFRQHFWHD]ÅWRDWHVHFĥLXQLOH °QWURVLQJXUÅ]RQÅGHJÅWLW 3R]LƤLDFRUHFWÅDYDVXOXL 3HQWUXDIRORVLDFHVWPRGWUHEXLHVÅ SXQHĥLYDVXOSHFHOHSDWUXVHFĥLXQL FRQHFWDWH'DFÅIRORVLĥLXQYDVPDLPLF 3R]LƤLDFRUHFWÅDYDVXOXL 3HQWUXDIRORVLDFHVWPRGWUHEXLHVÅ SXQHĥLYDVXOSHFHOHWUHLVHFĥLXQL FRQHFWDWH'DFÅIRORVLĥLXQYDVPDLPLF GHF¤WGRXÅVHFĥLXQL FOLSHġWHSHDILġDM ġLGXSÅPLQXW]RQDVHRSUHġWH GHF¤WWUHLVHFĥLXQLDILġDMXOLQGLFÅ GXSÅPLQXW]RQDVHRSUHġWH ġL 5201$ )RORVLĥLGRDUXQVLQJXUYDV FXGLDPHWUXOPLQLPDOED]HL GHPPDWXQFLF¤QG RSHUDĥLIXQFĥLD 3R]LƤLDLQFRUHFWÅDYDVXOXL $WLQJHĥL RGDWÅ 'HUXODĥL0HQLX!)XQFĥLLSOLWÅSHQWUXD VHOHFWDIXQFĥLDGLQOLVWÅ ವ 'DFÅRULFDUHGLQWUH]RQHOHGLQ VW¤QJDIXQFĥLRQHD]ÅDSDUHR IHUHDVWUÅSRSXSFDUHYÅFHUHVÅ FRQILUPDĥLGDFÅGRULĥLVÅDQXODĥL QLYHOXOGHFÅOGXUÅDQWHULRU ವ 3RZHU6OLGH $FHDVWÅIXQFĥLHYÅSHUPLWHVÅUHJODĥL WHPSHUDWXUDSULQPXWDUHDYDVXOXLSHR SR]LĥLHGLIHULWÅGHSHVXSUDIDĥDGHJÅWLW SULQLQGXFĥLH$FHDVWÅIXQFĥLH°PSDUWH DXWRPDW]RQHOHGHJÅWLWGLQVW¤QJD°QWUHL VXSUDIHĥHFXGLIHULWHQLYHOXULGHFÅOGXUÅ 3OLWDGHWHFWHD]ÅSR]LĥLDYDVXOXLġL UHJOHD]ÅQLYHOXOGHSXWHUHSUHVHWDW°Q FRQIRUPLWDWH3XWHĥLSXQHYDVXO°QIDĥÅOD PLMORFVDX°QVSDWH'DFÅSXQHĥLYDVXO°Q IDĥÅDYHĥLODGLVSR]LĥLHQLYHOXOPD[LPGH FÅOGXUÅDGLFÅ3HQWUXDOUHGXFH PXWDĥLYDVXO°QPLMORFQLYHOGHFÅOGXUÅ VDX°QVSDWHQLYHOGHFÅOGXUÅ $SDUHSHDILġDMVLPEROXO ġL VLPEROXULOHFHORUWUHL]RQHFX QLYHOXOGHFÅOGXUÅLPSOLFLW 3XWHĥLPRGLILFDQLYHOXOGHFÅOGXUÅ LPSOLFLW°QIXQFĥLHGHQHYRLOHGYVLDU QLYHOXOGHFÅOGXUÅYDILVDOYDWSHQWUX XWLOL]DUHDXOWHULRDUÅ 3XQHĥLYDVXOSH]RQDGHJÅWLWFX QLYHOXOGHFÅOGXUÅGRULW 3XQHĥLYDVXO°QFHQWUXO]RQHLGRULWHġL DVLJXUDĥLYÅFÅQXDFRSHULĥL]RQHOH °QYHFLQDWH,QGLFDWRULLURġLLVHDSULQG 'DFÅQXYHGHĥLLQGLFDWRULLURġLL IXQFĥLDQXSRDWHILDFWLYDWÅ 'DFÅGRULĥLVÅPRGLILFDĥLSR]LĥLD YDVXOXLULGLFDĥLYDVXOġLSXQHĥLOSHR DOWÅ]RQÅ*OLVDUHDYDVXOXLSRDWH SURGXFH]J¤ULHWXULġLGHFRORUDUHD VXSUDIHĥHL 3HQWUXDGH]DFWLYDIXQFĥLDDWLQJHĥL DSDUHRIHUHDVWUÅSRSXS3HQWUX GH]DFWLYDUHDIXQFĥLHLDWLQJHĥL6WRS'H DVHPHQHDSXWHĥLGH]DFWLYDIXQFĥLDGHOD 0HQLX 0XWDĥLYDVXOGLQF¤QG°Q F¤QG)XQFĥLDVH GH]DFWLYHD]ÅGXSÅ PLQXWHGHLQDFWLYLWDWH ,1)250$Ĥ,,Ġ,6)$785, $9(57,60(17 &RQVXOWDĥLFDSLWROHOHSULYLQG VLJXUDQĥD 9DVXOGHJÅWLW 3HQWUX]RQHOHGHJÅWLWSULQ LQGXFĥLHXQF¤PS HOHFWURPDJQHWLFSXWHUQLF FUHHD]ÅIRDUWHUDSLGFÅOGXUÅ °QYDVXOSHQWUXJÅWLW ZZZHOHFWUROX[FRP )RORVLĥL]RQHOHGHJÅWLWSULQ LQGXFĥLHFXYDVHDGHFYDWH 0DWHULDOXOYDVHORUGHJÅWLW ವ DGHFYDWIRQWÅRĥHORĥHOHPDLODWRĥHO LQR[LGDELOED]ÅFXPDLPXOWHVWUDWXUL FXXQPDUFDMFRUHFWGHOD SURGXFÅWRU ವ QHDGHFYDWDOXPLQLXDUDPÅDODPÅ VWLFOÅFHUDPLFÅSRUĥHODQ 9DVHVXQWDGHFYDWHSHQWUXRSOLWÅFX LQGXFƤLHGDFÅ ವ ವ DSDILHUEHIRDUWHUHSHGHSHR]RQÅ VHWDWÅODQLYHOXOGHFÅOGXUÅPD[LP XQPDJQHWHVWHDWUDVGHED]DYDVXOXL %D]DYDVXOXLWUHEXLHVÅILH F¤WPDLJURDVÅġLF¤WPDL SODWÅ $VLJXUDĥLYÅFÅED]HOH YDVHORUVXQWFXUDWHġLXVFDWH °QDLQWHGHDOHSXQHSH VXSUDIDĥDSOLWHL 'LPHQVLXQLOHYDVHORU =RQHOHGHJÅWLWSULQLQGXFĥLHVH DGDSWHD]ÅDXWRPDWODGLPHQVLXQHDED]HL YDVXOXL (ILFLHQĥD]RQHLGHJÅWLWHVWHFRUHODWÅFX GLDPHWUXOYDVXOXLGHJÅWLW9DVHOHFX GLDPHWUHPDLPLFLGHF¤WFHDPLQLPÅ SULPHVFQXPDLSDUĥLDOSXWHUHDJHQHUDWÅ GH]RQDGHJÅWLW &RQVXOWDĥLಱ'DWHWHKQLFHರ ವ ]JRPRWGHFUÅSÅWXULYDVXOHVWHIÅFXW GLQPDWHULDOHGLIHULWHRFRQVWUXFĥLH ಱVDQGYLġರ ವ VXQHWFDXQIOXLHUDWIRORVLĥLR]RQÅGH JÅWLWFXQLYHOULGLFDWGHSXWHUHLDU YDVXOHVWHIÅFXWGLQPDWHULDOHGLIHULWH RFRQVWUXFĥLHಱVDQGYLġರ ವ ]XP]HWIRORVLĥLXQQLYHOULGLFDWGH SXWHUH ವ SRFQLWXULDSDUHSURFHVHGHFRPXWDUH HOHFWULFÅYDVXOHVWHGHWHFWDWGXSÅFH °OSXQHĥLSHSOLWÅ ವ ġXLHUDWE¤]¤LWIXQFĥLRQHD]Å YHQWLODWRUXO =JRPRWHOHVXQWQRUPDOHƠLQXLQGLFÅ QLFLRGHIHFƤLXQHDSOLWHL NR7LPHU&URQRPHWUX (&2 3HQWUXDHFRQRPLVLHQHUJLD°QFÅO]LUHD ]RQHLGHJÅWLWVHGH]DFWLYHD]Å°QDLQWHGH DYHUWL]DUHDVRQRUÅDFURQRPHWUXOXL 'LIHUHQĥD°QWLPSXOGHIXQFĥLRQDUH GHSLQGHGHQLYHOXOGHFÅOGXUÅġLGH GXUDWDJÅWLWXOXL ([HPSOHGHJÅWLW &RUHODĥLDGLQWUHQLYHOXOGHFÅOGXUÅDOXQHL ]RQHġLFRQVXPXOVÅXGHFXUHQWQXHVWH OLQLDUÅ&UHġWHUHDQLYHOXOXLGHFÅOGXUÅQX HVWHGLUHFWSURSRUĥLRQDOÅFXFUHġWHUHD FRQVXPXOXLGHFXUHQW$FHDVWD °QVHDPQÅFÅR]RQÅGHJÅWLWFXQLYHOXO PHGLXGHFÅOGXUÅFRQVXPÅVXEMXPÅWDWH GLQSXWHUHDVDPD[LPÅ 'DWHOHGLQWDEHOVXQWGRDU RULHQWDWLYH =JRPRWXOSHGXUDWD IXQFĥLRQÅULL 'DFÅDX]LƤL 1LYHOGH FÅOGXUÅ 8WLOL]DUHSHQWUX 'XUDWÅ PLQ 5HFRPDQGÅUL 0HQĥLQHUHDODFDOGDDOLPHQಣ WHORUJÅWLWH FRQಣ IRUP QHFHಣ VLWÅĥLORU 3XQHĥLXQFDSDFSHYDV 6RVRODQGH]WRSLWXQWFLRಣ FRODWÅJHODWLQÅ $PHVWHFDĥLGLQF¤QG°Q F¤QG 5201$ 1LYHOGH FÅOGXUÅ 8WLOL]DUHSHQWUX 'XUDWÅ PLQ 5HFRPDQGÅUL 6ROLGLILFDUHRPOHWHSXIRDVH RXÅRFKLXUL *ÅWLĥLFXFDSDFXOSXV )LHUEHUHD°QÅEXġLWÅDRUH]Xಣ OXLġLDP¤QFÅUXULORUFDUH FRQĥLQODSWH°QFÅO]LUHDDOLಣ PHQWHORUSUHSDUDWH $GÅXJDĥLPLQLPGHGRXÅRUL PDLPXOWOLFKLGGHF¤WRUH] DPHVWHFDĥLODMXPÅWDWHDSURಣ FHGXULLP¤QFÅUXULOHFDUH FRQĥLQODSWH 3HQWUXDJÅWLODDEXULOHJXಣ PHSHġWHFDUQH $GÅXJDĥLF¤WHYDOLQJXULGHOLಣ FKLG &DUWRILJÅWLĥLODDEXU 8WLOL]DĥLPD[LP~OGHDSÅ SHQWUXJGHFDUWRIL *ÅWLUHDXQRUFDQWLWÅĥLPDL PDULGHDOLPHQWHWRFDQHġL VXSH 3¤QÅODOOLFKLGSOXVLQJUHಣ GLHQWH 3UÅMLUHXġRDUÅHVFDORSFRUಣ GRQEOHXGHYLĥHOġQLĥHOH FKLIWHOHF¤UQDĥLILFDWURX[ RXÅFOÅWLWHJRJRġL FRQಣ IRUP QHFHಣ VLWÅĥLORU QWRDUFHĥLODMXPÅWDWHDGXUDಣ WHLGHJÅWLW &URFKHWHGHFDUWRILPXġಣ FKLXOHĥFRWOHWHELQHIÅFXWH QWRDUFHĥLODMXPÅWDWHDGXUDಣ WHLGHJÅWLW 3HQWUXDILHUEHDSÅSDVWHSHQWUXDSUÅMLFDUQHDODVXSUDIDĥÅJXODġ IULSWXUÅ°QÅEXġLWÅSHQWUXDSUÅMLLQWHQVFDUWRILSDL 3HQWUXDILHUEHFDQWLWÅĥLPDULGHDSÅ3RZHU%RRVWHVWHDFWLYDWÅ 1*5,-,5($Ġ,&85ÄĤ$5($ $9(57,60(17 &RQVXOWDĥLFDSLWROHOHSULYLQG VLJXUDQĥD ,PSULPHXOGHSH]RQD IOH[LELOÅGHJÅWLWFXLQGXFĥLH VHSRDWHPXUGÅULVDXSRDWH VÅġLPRGLILFHFXORDUHD GDWRULWÅIUHFÅULLGHYDVH 3XWHĥLFXUÅĥD]RQD°QWUXQ PRGVWDQGDUG ,QIRUPDĥLLFXFDUDFWHU JHQHUDO ವ ವ ವ ವ ವ &XUÅĥDĥLSOLWDGXSÅILHFDUH °QWUHEXLQĥDUH 8WLOL]DĥL°QWRWGHDXQDYDVHFXED]D FXUDWÅ =J¤ULHWXULOHVDXSHWHOH°QFKLVHOD FXORDUHGHSHVXSUDIDĥDSOLWHLQXDX QLFLXQHIHFWDVXSUDPRGXOXLGH IXQFĥLRQDUHDOSOLWHL )RORVLĥLXQDJHQWGHFXUÅĥDUHVSHFLDO DGHFYDWSHQWUXVXSUDIDĥDSOLWHL )RORVLĥLRUDFOHWÅVSHFLDOÅSHQWUX VWLFOÅ &XUÅĥDUHDSOLWHL ವ QOÅWXUDƤLLPHGLDWSODVWLFWRSLFIROLH GHSODVWLF]DKÅUVDXDOLPHQWHFDUH FRQĥLQ]DKÅU°QFD]FRQWUDUPL]HULD SRDWHGHWHULRUDSOLWD$YHĥLJULMÅVÅQX YÅDUGHĥL)RORVLĥLRUDFOHWDVSHFLDOÅ SHVXSUDIDĥDYLWUDWÅODXQXQJKLPDUH ġL°QGHSÅUWDĥLUHVWXULOHGHSH VXSUDIDĥÅ ZZZHOHFWUROX[FRP ವ ವ (OLPLQDƤLGXSÅFHSOLWDVDUÅFLW VXILFLHQWGHSXQHULGHFDOFDUSHWHGH DSÅġLGHJUÅVLPHGHFRORUÅULPHWDOLFH VWUÅOXFLWRDUH&XUÅĥDĥLSOLWDFXRODYHWÅ XPHGÅġLXQGHWHUJHQWQHDEUD]LY 'XSÅFXUÅĥDUHġWHUJHĥLSOLWDFXR ODYHWÅPRDOH QGHSÅUWDƤLGHFRORUDUHDPHWDOLFÅ OXFLRDVÅIRORVLĥLRVROXĥLHFXDSÅġL RĥHWġLFXUÅĥDĥLVXSUDIDĥDGHVWLFOÅFXR ODYHWÅ 6XSUDIDĥDSOLWHLSUH]LQWÅFDQDOH RUL]RQWDOH&XUÅĥDĥLSOLWDFXRODYHWÅ PRDOHġLSXĥLQGHWHUJHQWFXRPLġFDUH XġRDUÅGHODVW¤QJDODGUHDSWD'XSÅ FXUÅĥDUHġWHUJHĥLSOLWDFXRODYHWÅ PRDOHGHODVW¤QJDVSUHGUHDSWD ವ '(3$1$5( $9(57,60(17 &RQVXOWDĥLFDSLWROHOHSULYLQG VLJXUDQĥD &HWUHEXLHIÅFXWGDFÅ 3UREOHPÅ &DX]ÅSRVLELOÅ 6ROXƤLH 3OLWDQXSRDWHILSRUQLWÅ VDXXWLOL]DWÅ 3OLWDQXHVWHFRQHFWDWÅODR 9HULILFDĥLGDFÅSOLWDHVWH FRQHFWDWÅFRUHFWODVXUVD VXUVÅHOHFWULFÅVDXHVWH GHFXUHQW&RQVXOWDĥLGLDಣ FRQHFWDWÅLQFRUHFW JUDPDGHFRQHFWDUH 6LJXUDQĥDHVWHDUVÅ 9HULILFDĥLGDFÅVLJXUDQĥD HVWHFDX]DGHIHFĥLXQLL 'DFÅVLJXUDQĥHOHVHDUG°Q PRGUHSHWDWDGUHVDĥLYÅ XQXLHOHFWULFLDQFDOLILFDW 1XDĥLVHWDWQLYHOXOGH FÅOGXUÅWLPSGHVHFXQಣ GH $FWLYDĥLSOLWDGLQQRXġLVHಣ WDĥLQLYHOXOGHFÅOGXUÅ°Q PDLSXĥLQGHVHFXQGH $ĥLDWLQVVLPXOWDQVDX PDLPXOWHF¤PSXULFXVHQಣ ]RU $WLQJHĥLGRDUXQF¤PSFX VHQ]RU 3DX]ÅIXQFĥLRQHD]Å &RQVXOWDĥLಱ8WLOL]DUHD]LOಣ QLFÅರ 3HSDQRXOGHFRPDQGÅHVಣ ĠWHUJHĥLSDQRXOGHFRಣ PDQGÅ WHDSÅVDXDFHVWDHVWH DFRSHULWFXVWURSLGHJUÅVLಣ PH (VWHHPLVXQVHPQDODFXVಣ $ĥLSXVXQRELHFWSHXQXO WLFġLSOLWDVHGH]DFWLYHD]Å VDXPDLPXOWHF¤PSXULFX $WXQFLF¤QGSOLWDVHGH]DFಣ VHQ]RU WLYHD]ÅHVWHHPLVXQVHPಣ QDODFXVWLF QGHSÅUWDĥLRELHFWXOGHSH F¤PSXULOHFXVHQ]RU 3OLWDVHGH]DFWLYHD]Å QGHSÅUWDĥLRELHFWXOGHSH F¤PSXOFXVHQ]RU $ĥLSXVXQRELHFWSHF¤Pಣ SXOFXVHQ]RU 5201$ 3UREOHPÅ &DX]ÅSRVLELOÅ 6ROXƤLH ,QGLFDWRUXOFÅOGXULLUH]LGXDಣ =RQDQXHVWHILHUELQWHSHQಣ 'DFÅ]RQDDIXQFĥLRQDWVXಣ OHQXVHDSULQGH WUXFÅDIRVWXWLOL]DWÅQXPDL ILFLHQWGHPXOWSHQWUXDIL RVFXUWÅSHULRDGÅGHWLPS ILHUELQWHFRQWDFWDĥLXQ &HQWUXGHVHUYLFHDXWRULಣ ]DW 1XSXWHĥLDFWLYDFHOPDLULಣ GLFDWQLYHOGHFÅOGXUÅ 2DOWÅ]RQÅHVWHGHMDVHಣ WDWÅODFHOPDLULGLFDWQLYHO GHFÅOGXUÅ 5HGXFHĥLPDL°QW¤LSXWHUHD FHOHLODOWH]RQH &¤PSXULOHFXVHQ]RUVH°Qಣ 9DVXOHVWHSUHDPDUHVDX ILHUE¤QWÅ ODĥLSXVSUHDDSURDSHGH EXWRDQH 3XQHĥLYDVHOHPDULSH]Rಣ QHOHGLQVSDWHGDFÅHVWH SRVLELO 1XHVWHHPLVQLFLXQVXQHW 6XQHWHOHVXQWGH]DFWLYDWH DWXQFLF¤QGDWLQJHĥLF¤Pಣ SXULOHFXVHQ]RUDOHSDQRXಣ OXL $FWLYDĥLVXQHWHOH&RQVXOಣ WDĥLಱ8WLOL]DUHD]LOQLFÅರ $ILġDMXOQXUHDFĥLRQHD]ÅOD DWLQJHUH QGHSÅUWDĥLRELHFWHOH0Xಣ WDĥLYDVHOHGHSDUWHGHDILಣ ġDM $ILġDMXOHVWHDFRSHULWSDUಣ ĥLDOVDXYDVHVXQWSXVH SUHDDSURDSHGHDILġDM (VWHVHWDWÅROLPEÅJUHġLWÅ $ĥLVFKLPEDWOLPEDGLQJUHಣ ġHDOÅ 5HVHWDĥLWRDWHIXQFĥLLOHOD VHWÅULOHGLQIDEULFÅ6HOHFಣ WDĥL5HVHWHD]DVHWDULOHGLQ 0HQLX =RQDIOH[LELOÅGHJÅWLWFX LQGXFĥLHQX°QFÅO]HġWHYDಣ VXO 9DVXOHVWH°QWURSR]LĥLHLQಣ 3XQHĥLYDVXO°QWURSR]LĥLH FRUHFWÅSH]RQDIOH[LELOÅ FRUHFWÅSH]RQDIOH[LELOÅ GHJÅWLWFXLQGXFĥLH3R]LĥLD GHJÅWLWFXLQGXFĥLH YDVXOXLGHSLQGHGHIXQFĥLD DFWLYDWÅVDXGHPRGXO IXQFĥLHL&RQVXOWDĥLಱ6XSUDಣ IDĥDIOH[LELOÅGHJÅWLWFXLQಣ GXFĥLHರ 'LDPHWUXOED]HLYDVXOXLHVಣ WHLQFRUHFWSHQWUXIXQFĥLD DFWLYDWÅVDXSHQWUXPRGXO IXQFĥLHL )RORVLĥLYDVHFXXQGLDPHಣ WUXDGHFYDWSHQWUXIXQFĥLD DFWLYDWÅVDXSHQWUXPRGXO IXQFĥLHL)RORVLĥLYDVHFXXQ GLDPHWUXOPDLPLFGH PPSHRVLQJXUÅVHFĥLXQH D]RQHLIOH[LELOHGHJÅWLWFX LQGXFĥLH&RQVXOWDĥLಱ6XSUDಣ IDĥDIOH[LELOÅGHJÅWLWFXLQಣ GXFĥLHರ 2]RQÅGHJÅWLWHVWHGHಣ ]DFWLYDWÅ $SDUHXQPHVDMGHDYHUWLಣ ]DUHFDUHVSXQHFÅ]RQD GHJÅWLWVHYDRSUL 2SULUHDXWRPDWÅGH]DFWLಣ YHD]Å]RQDGHJÅWLW &RQVXOWDĥLಱ8WLOL]DUHD]LOಣ QLFÅರ 'H]DFWLYDĥLSOLWDġLDFWLYDĥL RGLQQRX ZZZHOHFWUROX[FRP 3UREOHPÅ &DX]ÅSRVLELOÅ 6ROXƤLH %ORFDUHDIXQFĥLRQHD]Å &RQVXOWDĥLಱ8WLOL]DUHD]LOಣ QLFÅರ %ORFDUHDFFHVFRSLLIXQFಣ ĥLRQHD]Å &RQVXOWDĥLಱ8WLOL]DUHD]LOಣ QLFÅರ 3H]RQÅQXHVWHQLFLXQ YDV 3XQHĥLXQYDVSH]RQÅ 9DVXOHVWHLQDGHFYDW 8WLOL]DĥLYDVHDGHFYDWH &RQVXOWDĥLಱ,QIRUPDĥLLġLVIDಣ WXULರ 'LDPHWUXOED]HLYDVXOXLHVಣ 8WLOL]DĥLYDVHGHJÅWLWFXGLಣ WHSUHDPLFSHQWUX]RQÅ PHQVLXQLFRUHFWH&RQVXOಣ WDĥLಱ'DWHWHKQLFHರ )OH[L%ULGJHIXQFĥLRQHD]Å 8QDVDXPDLPXOWHVHFĥLXQL DOHPRGXOXLIXQFĥLHLDFWLYH QXVXQWDFRSHULWHGHYDV )RORVLĥLGRDUXQVLQJXUYDV 3RZHU6OLGHIXQFĥLRQHD]Å 'RXÅYDVHVXQWDPSODVDWH &RQVXOWDĥLಱ6XSUDIDĥDIOH[Lಣ ELOÅGHJÅWLWFXLQGXFĥLHರ SHVXSUDIDĥDIOH[LELOÅGH JÅWLWSULQLQGXFĥLH (VWHDILġDW ġLXQPHVDM 2;$DSDUH FOLSHġWH (VWHDILġDW ġLXQQXPÅU 3OLWDSUH]LQWÅRHURDUH 3XQHĥLYDVXOSHQXPÅUXO FRUHFWGHVHFĥLXQLDOHPRಣ GXOXLIXQFĥLHLDFWLYHVDX PRGLILFDĥLPRGXOIXQFĥLHL &RQVXOWDĥLಱ6XSUDIDĥDIOH[Lಣ ELOÅGHJÅWLWFXLQGXFĥLHರ 'H]DFWLYDĥLSOLWDġLDFWLYDĥL RGLQQRXGXSÅGHVHಣ FXQGH'DFÅ VHDSULQGH GLQQRXGHFRQHFWDĥLSOLWD GHODVXUVDGHDOLPHQWDUH HOHFWULFÅ'XSÅGHVHಣ FXQGHFRQHFWDĥLGLQQRX SOLWD'DFÅSUREOHPDFRQWLಣ QXÅVÅDSDUÅDSHODĥLOD &HQWUXOGHVHUYLFHDXWRULಣ ]DW $X]LĥLXQELSFRQVWDQW &RQH[LXQHDHOHFWULFÅHVWH QHFRUHVSXQ]ÅWRDUH 'DFÅQXJÅVLĥLRVROXĥLH 'DFÅQXSXWHĥLJÅVLVLQJXURVROXĥLHOD SUREOHPÅDGUHVDĥLYÅFRPHUFLDQWXOXLVDX XQXL&HQWUXGHVHUYLFHDXWRUL]DW )XUQL]DĥLLQIRUPDĥLLOHGHSHSOÅFXĥDFX GDWHWHKQLFH9HULILFDĥLGDFÅDĥLXWLOL]DW SOLWDFRUHFWQFD]FRQWUDUWUHEXLHVÅ 'HFRQHFWDĥLSOLWDGHODUHಣ ĥHDXDHOHFWULFÅ&HUHĥLXQXL HOHFWULFLDQFDOLILFDWVÅYHULಣ ILFHLQVWDODĥLD SOÅWLĥLLQWHUYHQĥLDWHKQLFLDQXOXLGHOD FHQWUXOGHVHUYLFHVDXDFRPHUFLDQWXOXL FKLDUġL°QSHULRDGDGHJDUDQĥLH ,QVWUXFĥLXQLOHFXSULYLUHODFHQWUHOHGH VHUYLFHġLFRQGLĥLLOHGHJDUDQĥLHVH JÅVHVF°QEURġXUDGHJDUDQĥLH 5201$ ,167$/$5($ $9(57,60(17 &RQVXOWDĥLFDSLWROHOHSULYLQG VLJXUDQĥD QDLQWHDLQVWDOÅULL QDLQWHDLQVWDOÅULLSOLWHLQRWDĥLLQIRUPDĥLLOH GHPDLMRVDIODWHSHSOÅFXĥDFXGDWH WHKQLFH3OÅFXĥDFXGDWHOHWHKQLFHVHDIOÅ SHSDUWHDLQIHULRDUÅDSOLWHL 1XPÅUXOGH VHULH R 5mm min. 55mm +1 490+1mm 680 mm 3OLWHOH°QFRUSRUDWH 8WLOL]DĥLSOLWH°QFRUSRUDWHQXPDLGXSÅFH DVDPEODĥLSOLWD°QXQLWÅĥLGHPRELOLHUġL VXSUDIHĥHGHOXFUXFHFRUHVSXQG VWDQGDUGHORU &DEOXOGHFRQHFWDUH ವ ವ min. 28 mm 3OLWDHVWHIXUQL]DWÅFXXQFDEOXGH FRQHFWDUH 3HQWUXD°QORFXLFDEOXOGHDOLPHQWDUH GHWHULRUDWIRORVLĥLXUPÅWRUXOWLSGH FDEOX+99)FDUHUH]LVWÅODR WHPSHUDWXUÅGHr&VDXPDLULGLFDWÅ $GUHVDĥLYÅ&HQWUXOXLGHVHUYLFHORFDO $VDPEODUHD min. 12 mm min. 500mm min. 50mm ZZZHOHFWUROX[FRP 'DFÅDSDUDWXOHVWHLQVWDODW GHDVXSUDXQXLVHUWDU YHQWLODĥLDSOLWHLSRDWH°QFÅO]L DUWLFROHOHGHSR]LWDWH°QVHUWDU SHGXUDWDSURFHVXOXLGH JÅWLUH min. 60mm '$7(7(+1,&( 3OÅFXĥÅFXGDWHWHKQLFH 0RGHO(,6 7LS&$&$ ,QGXFĥLHN: 1UVHU (/(&752/8; 31& 991+] )DEULFDW°Q*HUPDQLD N: /LFHQĥHOHVRIWZDUH 6RIWZDUHXOLQFOXV°QSOLWÅFRQĥLQH VRIWZDUHVXSXVOHJLLGUHSWXULORUGHDXWRU FDUHHVWHOLFHQĥLDW°QFRQIRUPLWDWHFX WHUPHQLL%6'IRQWFRQILJ)7/*3/ /*3//*3/OLE-SHJ]/LE OLESQJ0,72SHQ66/66/($<,6& $SDFKHġLDOĥLL &RQVXOWDĥLWH[WXOFRPSOHWDOOLFHQĥHL°Q 0HQLX!6HWÅUL!6HUYLFH!/LFHQĥÅ 3XWHĥLGHVFÅUFDFRGXOVXUVÅDOVRIWZDUH XOXLRSHQVRXUFHSULQDFFHVDUHD XUPÅWRUXOXLOLQNGLQSDJLQDSURGXVXOXL ZHE 6SHFLILFDĥLLOH]RQHORUGHJÅWLW =RQÅGHJÅWLW 3XWHUHQRPL഻ QDOÅQLYHO PD[LPGH FÅOGXUÅ>:@ 3RZHU%RRVW >:@ 3RZHU%RRVW GXUDWÅPD഻ [LPÅ>PLQ@ 'LDPHWUXYDV >PP@ 0LMORFIDĥÅ 'UHDSWDVSDWH 6XSUDIDĥÅIOH[Lಣ ELOÅGHJÅWLW SULQLQGXFĥLH PLQLP 5201$ 3XWHUHD]RQHORUGHJÅWLWSRDWHGLIHULFX YDORULIRDUWHPLFLIDĥÅGHGDWHOHGLQWDEHO $FHDVWDVHPRGLILFÅ°QIXQFĥLHGH PDWHULDOXOġLGLPHQVLXQLOHYDVXOXL 3HQWUXUH]XOWDWHRSWLPHODJÅWLUHIRORVLĥL YDVHFDUHQXVXQWPDLPDULGHF¤W GLDPHWUXOVSHFLILFDW°QWDEHO (),&,(1ĤÄ(1(5*(7,&Ä ,QIRUPDĥLLGHVSUHSURGXV°QFRQIRUPLWDWHFX(8 ,GHQWLILFDUHDPRGHOXOXL (,6 7LSXOSOLWHL 3OLWÅ°QFRUSRಣ UDWÅ 1XPÅUXOGH]RQHGHJÅWLW 1XPÅUXOGHVXSUDIHĥHGH JÅWLW 7HKQRORJLDGH°QFÅO]LUH ,QGXFĥLH 'LDPHWUXO]RQHORUGHJÅWLW 0LMORFIDĥÅ FLUFXODUH 'UHDSWDVSDWH FP FP /XQJLPHD/ġLOÅĥLPHD OVXSUDIHĥHLGHJÅWLW /FP OFP 6W¤QJD &RQVXPXOGHHQHUJLHSHU 0LMORFIDĥÅ ]RQÅGHJÅWLW(&HOHFWULF 'UHDSWDVSDWH FRRNLQJ :KNJ :KNJ 6W¤QJD &RQVXPXOGHHQHUJLHDO ]RQHLGHJÅWLW(&HOHFWULF FRRNLQJ :KNJ &RQVXPXOGHHQHUJLHDO SOLWHL(&HOHFWULFKRE :KNJ (1$SDUDWHGHJÅWLW HOHFWURFDVQLFH3DUWHD3OLWH0HWRGH SHQWUXPÅVXUDUHDSHUIRUPDQĥHL ವ (FRQRPLVLUHDHQHUJLHL ವ 3XWHĥLHFRQRPLVLHQHUJLD°QWLPSXO JÅWLWXOXL]LOQLFGDFÅUHVSHFWDĥL UHFRPDQGÅULOHGHPDLMRV ವ ವ $WXQFLF¤QG°QFÅO]LĥLDSÅIRORVLĥLGRDU FDQWLWDWHDQHFHVDUÅ ವ ವ 'DFÅHVWHSRVLELOSXQHĥL°QWRWGHDXQD FDSDFHSHYDVH QDLQWHGHDDFWLYD]RQDGHJÅWLW SXQHĥLXQYDVSHDFHDVWD 3XQHĥLYDVHPLFLSH]RQHGHJÅWLW PLFL 3XQHĥLYDVXOGLUHFWSHFHQWUXO]RQHLGH JÅWLW 3HQWUXDSÅVWUDDOLPHQWHOHFDOGHVDX DOHWRSLIRORVLĥLFÅOGXUDUH]LGXDOÅ ,1)250$Ĥ,,35,9,1'0(',8/ 5HFLFODĥLPDWHULDOHOHPDUFDWHFXVLPEROXO 3HQWUXDUHFLFODDPEDODMHOHDFHVWHD WUHEXLHSXVH°QFRQWDLQHUHOH FRUHVSXQ]ÅWRDUH$MXWDĥLODSURWHMDUHD PHGLXOXLġLDVÅQÅWÅĥLLXPDQHġLOD UHFLFODUHDGHġHXULORUGLQDSDUDWHOH HOHFWULFHġLHOHFWURFDVQLFH1XDUXQFDĥL DSDUDWHOHPDUFDWHFXDFHVWVLPERO ZZZHOHFWUROX[FRP °PSUHXQÅFXGHġHXULOHPHQDMHUH 5HWXUQDĥLSURGXVXOODFHQWUXOORFDOGH UHFLFODUHVDXFRQWDFWDĥLDGPLQLVWUDĥLD RUDġXOXLGYV 5201$ % electrolux.com/shop
advertisement
Related manuals
advertisement