Siemens | CP565AGS0 | Installation Instruction | Siemens iQ500 Built-in microwave oven Installation Instruction

Siemens iQ500 Built-in microwave oven Installation Instruction
*9001279299*
Ø
Ú
Ö
×
Ù
Û
Ý
Þ
â
é
ê
ë
ì
î
ó
ô
0RQWDJHDQOHLWXQJ
,QVWDOODWLRQLQVWUXFWLRQV
0RQWiçQtQiYRG
0RQWHULQJVYHMOHGQLQJ
̲͉͇͓͇͕͔͕͔͉͓͆́͌̓̾̓ͅͅ
,QVWUXFFLRQHVGHPRQWDMH
$VHQQXVRKMH
1RWLFHGHPRQWDJH
,VWUX]LRQLSHULOPRQWDJJLR
,QVWDOODWLHYRRUVFKULIW
0RQWHULQJVYHLOHGQLQJ
,QVWUXNFMDPRQWDŰX
,QVWUXo}HVGHPRQWDJHP
Ημπροςιυηώξνλνμρίες
0RQWHULQJVDQYLVQLQJ
0RQWDMN×ODYX]X
%
$
PLQ
PLQ
PLQ
PLQ
PLQ
PLQ
&
'
PLQ
PLQ
de
*HUlWLP+RFKVFKUDQN%LOG
=XU%HOIWXQJGHV*HUlWHVPVVHQGLH=ZLVFKHQE|GHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
:HQQGHU+RFKVFKUDQN]XVlW]OLFK]XGHQ(OHPHQW5FNZlQGHQ
HLQHZHLWHUH5FNZDQGKDWPXVVGLHVHHQWIHUQWZHUGHQ
*HUlWQXUVRKRFKHLQEDXHQGDVV=XEHK|USUREOHPORVHQWQRP
PHQZHUGHQNDQQ
.RPELQDWLRQPLW:lUPHVFKXEODGH
=XHUVWGLH:lUPHVFKXEODGHPRQWLHUHQ0RQWDJHDQOHLWXQJGHU
:lUPHVFKXEODGHEHDFKWHQ'DV*HUlWDXIGHU:lUPHVFKXEODGH
LQGHQ(LQEDXVFKUDQNHLQVFKLHEHQ
:LFKWLJ %HLP (LQVFKLHEHQ GLH %OHQGH GHU :lUPHVFKXEODGH QLFKW
EHVFKlGLJHQ
(FNHLQEDX%LOG
'DPLW GLH *HUlWHWU JH|IIQHW ZHUGHQ NDQQ EHLP (FNHLQEDX 0D‰H
&EHUFNVLFKWLJHQ'DV0D‰ 'LVWDEKlQJLJYRQGHU'LFNHGHU
0|EHOIURQWXQWHUGHP*ULII
Ø 0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH%LOG
'LHVHV*HUlWLVWQXUIUGHQ(LQEDXEHVWLPPW'LHVHV*HUlWLVW
QLFKWDOV7LVFKJHUlWRGHUIUGHQ*HEUDXFKLQQHUKDOEHLQHV
6FKUDQNHVJHGDFKW
■ 'HU(LQEDXVFKUDQNGDUIKLQWHUGHP*HUlWNHLQH5FNZDQG
KDEHQ =ZLVFKHQ :DQG XQG 6FKUDQNERGHQ E]Z 5FNZDQG GHV
GDUEHUOLHJHQGHQ 6FKUDQNHV PXVV HLQ $EVWDQG YRQ PLQGHVWHQV
PPHLQJHKDOWHQZHUGHQ
■ 'HU(LQEDXVFKUDQNPXVVDQGHU9RUGHUVHLWHHLQH/IWXQJV|II
QXQJYRQFPòKDEHQ%HL8PEDXP|EHORKQH/IWXQJVDXV
VFKQLWWLPKLQWHUHQ%HUHLFKGHU6HLWHQZlQGH FPò'D]XGLH
6RFNHOEOHQGH]XUFNVFKQHLGHQRGHUHLQ/IWXQJVJLWWHUDQEULQ
JHQ
■ /IWXQJVVFKOLW]HXQG$QVDXJ|IIQXQJHQGUIHQQLFKWYHUGHFNW
ZHUGHQ
■ 'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW
VFKDGHQQLFKWDQVFKOLH‰HQ
■ 9HUSDFNXQJVPDWHULDOXQG.OHEHIROLHQYRU,QEHWULHEQDKPHDXV
GHP*DUUDXPXQGYRQGHU7UHQWIHUQHQ
■ (LQEDXP|EHOPVVHQELVƒ&WHPSHUDWXUEHVWlQGLJVHLQ
DQJUHQ]HQGH0|EHOIURQWHQELVƒ&
■ 'DV*HUlWQLFKWKLQWHUHLQHU'HNRUEOHQGHHLQEDXHQ(VEHVWHKW
*HIDKUGXUFKhEHUKLW]XQJ
■ $XVVFKQLWWDUEHLWHQDP0|EHOYRUGHP(LQVHW]HQGHV*HUlWHV
GXUFKIKUHQ6SlQHHQWIHUQHQGLH)XQNWLRQYRQHOHNWULVFKHQ
%DXWHLOHQNDQQEHHLQWUlFKWLJWZHUGHQ
■ =XU9HUPHLGXQJYRQ6FKQLWWYHUOHW]XQJHQ6FKXW]KDQGVFKXKH
WUDJHQ 7HLOH GLH ZlKUHQG GHU 0RQWDJH ]XJlQJOLFK VLQG N|QQHQ
VFKDUINDQWLJVHLQ
■ 'LH*HUlWH$QVFKOXVVGRVHPXVVLP%HUHLFKGHUVFKUDIILHUWHQ
)OlFKH $RGHUDX‰HUKDOEGHV(LQEDXUDXPHVOLHJHQ
■ 1LFKWEHIHVWLJWH0|EHOPLWHLQHPKDQGHOVEOLFKHQ:LQNHO %DQ
GHU:DQGEHIHVWLJHQ
■ 0D‰DQJDEHQGHU%LOGHULQPP
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
*HUlWXQWHU$UEHLWVSODWWH%LOG
=XU%HOIWXQJGHV*HUlWHVPXVVGHU=ZLVFKHQERGHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
$UEHLWVSODWWHDXI(LQEDXP|EHOEHIHVWLJHQ
:LUGGDV*HUlWXQWHUHLQHP.RFKIHOGHLQJHEDXWPVVHQGLHIRO
JHQGHQ0LQGHVWPD‰HHLQJHKDOWHQZHUGHQ JHJHEHQHQIDOOVLQNOX
VLYH8QWHUNRQVWUXNWLRQ ■
*HUlWDQVFKOLH‰HQ
'DV*HUlWHQWVSULFKWGHU6FKXW]NODVVHXQGGDUIQXUPLW6FKXW]
OHLWHU$QVFKOXVVEHWULHEHQZHUGHQ
'LH$EVLFKHUXQJPXVVJHPl‰GHU/HLVWXQJVDQJDEHDXIGHP
7\SHQVFKLOGXQGGHQORNDOHQ9RUVFKULIWHQHUIROJHQ
%HLDOOHQ0RQWDJHDUEHLWHQPXVVGDV*HUlWVSDQQXQJVORVVHLQ
'LH$QVFKOXVVOHLWXQJGDUIQXUGXUFKHLQH2ULJLQDOOHLWXQJEH]LHK
EDUEHUGHQ.XQGHQGLHQVWHUVHW]WZHUGHQ
(LQHEHVFKlGLJWH$QVFKOXVVOHLWXQJPXVVGXUFKGHQ+HUUVWHOOHU
GHQ.XQGHQGLHQVWRGHUHLQHUYHUJOHLFKEDUTXDOLIL]LHUWHQ3HUVRQ
DXVJHWDXVFKWZHUGHQXP*HIDKU]XYHUPHLGHQ
'HU%HUKUXQJVVFKXW]PXVVGXUFKGHQ(LQEDXJHZlKUOHLVWHWVHLQ
$QVFKOXVVOHLWXQJPLW6FKXW]NRQWDNW6WHFNHU
'DV *HUlW GDUI QXU DQ HLQH YRUVFKULIWVPl‰LJ LQVWDOOLHUWH 6FKXW]NRQ
WDNW6WHFNGRVHDQJHVFKORVVHQZHUGHQ
:HQQGHU6WHFNHUQDFKGHP(LQEDXQLFKWPHKUHUUHLFKEDULVW
PXVVLQGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQHLQH7UHQQYRU
ULFKWXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU
JHVHKHQZHUGHQ
$QVFKOXVVOHLWXQJRKQH6FKXW]NRQWDNW6WHFNHU
1XUHLQNRQ]HVVLRQLHUWHU)DFKPDQQGDUIGDV*HUlWDQVFKOLH‰HQ
,QGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQLVWHLQH7UHQQYRUULFK
WXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU]XVH
KHQ3KDVHXQG1HXWUDO ´1XOO´ /HLWHULQGHU$QVFKOXVVGRVH
LGHQWLIL]LHUHQ%HL)DOVFKDQVFKOXVVNDQQGDV*HUlWEHVFKlGLJW
ZHUGHQ
1XUQDFK$QVFKOXVVELOGDQVFKOLH‰HQ6SDQQXQJVLHKH7\SHQ
VFKLOG'LH$GHUQGHU1HW]DQVFKOXVVOHLWXQJHQWVSUHFKHQGGHU
)DUEFRGLHUXQJDQVFKOLH‰HQJUQJHOE 6FKXW]OHLWHU <EODX
1XOO 1HXWUDO/HLWHUEUDXQ 3KDVH $X‰HQOHLWHU *HUlWEHIHVWLJHQ%LOG
*HUlWPLWGHU:DVVHUZDDJHH[DNWZDDJUHFKWDXVULFKWHQ
*HUlWJDQ]HLQVFKLHEHQ
*HUlWZDDJUHFKWXQGPLWWLJDXVULFKWHQ
*HUlWIHVWVFKUDXEHQ
D
E
'HU6SDOW]ZLVFKHQ$UEHLWVSODWWHXQG*HUlWGDUIQLFKWGXUFK
]XVlW]OLFKH/HLVWHQYHUVFKORVVHQZHUGHQ
$Q GHQ 6HLWHQZlQGHQ GHV 8PEDXVFKUDQNHV GUIHQ NHLQH :lUPH
VFKXW]OHLVWHQDQJHEUDFKWZHUGHQ
$XVEDX
*HUlWVSDQQXQJVORVPDFKHQ
%HIHVWLJXQJVVFKUDXEHQO|VHQ
*HUlWOHLFKWDQKHEHQXQGJDQ]KHUDXV]LHKHQ
.RFKIHOGDUW
D
DXIJHVHW]W
D
IOlFKHQEQGLJ
E
,QGXNWLRQVNRFKIHOG
PP
PP
PP
9ROOIOlFKHQ
,QGXNWLRQVNRFKIHOG
PP
PP
PP
en
Ú ,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWLQIRUPDWLRQ²ILJ
■
■
+LQZHLV 1LFKWJHHLJQHWIUGHQ(LQEDXXQWHUHLQ*DVNRFKIHOG
RGHUHLQ(OHNWURNRFKIHOG
$XIJUXQGGHVQRWZHQGLJHQ0LQGHVWDEVWDQGHV EHUJLEWVLFKGLH
PLQGHVWH$UEHLWVSODWWHQVWlUNH D
'LH0RQWDJHDQOHLWXQJGHV.RFKIHOGHVEHDFKWHQ
■
7KLVDSSOLDQFHLVGHVLJQHGWREHIXOO\LQWHJUDWHGLQWRNLWFKHQ
XQLWV,WLVQRWLQWHQGHGWREHXVHGDVDWDEOHWRSDSSOLDQFHRU
ZLWKLQDFXSERDUG
7KHILWWHGFDELQHWPXVWQRWKDYHDEDFNSDQHOEHKLQGWKH
DSSOLDQFH 7KHUH VKRXOG EH D JDS RI DW OHDVW PP EHWZHHQ WKH
ZDOO DQG WKH FDELQHW EDVH DV ZHOO DV WKH UHDU SDQHO RI WKH FDELQHW
VLWXDWHGDERYH
7KH ILWWHG FDELQHW PXVW KDYH D YHQWLODWLRQ RSHQLQJ PHDVXULQJ FPò RQ WKH IURQW 2Q VXUURXQG XQLWV ZLWKRXW D YHQWLODWLRQ FXWRXW
WKHUH PXVW EH D YHQWLODWLRQ RSHQLQJ PHDVXULQJ FPò WRZDUGV
WKH UHDU RI WKH VLGH SDQHOV7R GR WKLV WULP WKH EDVH SDQHO RU ILW D
YHQWLODWLRQJULOOH
&RUQHULQVWDOODWLRQ²)LJ
7RHQVXUHWKDWWKHDSSOLDQFHGRRUFDQEHRSHQHGLQDFRUQHU
LQVWDOODWLRQWDNHDFFRXQWRIGLPHQVLRQ &'LPHQVLRQ 'LV
GHSHQGHQWRQWKHWKLFNQHVVRIWKHXQLWIURQWXQGHUWKHKDQGOH
9HQWLODWLRQVORWVDQGLQWDNHRSHQLQJVPXVWQRWEHFRYHUHG
&KHFNWKHDSSOLDQFHIRUGDPDJHDIWHUXQSDFNLQJLW'RQRW
FRQQHFWWKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVLW
■ %HIRUH VWDUWLQJ XS WKH DSSOLDQFH UHPRYH DQ\ SDFNDJLQJ PDWHULDO
DQGDGKHVLYHILOPIURPWKHFRRNLQJFRPSDUWPHQWDQGWKHGRRU
■ )LWWHGXQLWVPXVWEHKHDWUHVLVWDQWXSWRƒ&DQGDGMDFHQW
XQLWIURQWVXSWRƒ&
■ 'RQRWLQVWDOOWKHDSSOLDQFHEHKLQGDGHFRUDWLYHSDQHODVWKLV
SXWVWKHDSSOLDQFHDWULVNRIRYHUKHDWLQJ
■ $Q\FXWRXWVWKDWQHHGWREHPDGHLQWKHXQLWVVKRXOGEHPDGH
EHIRUH WKH DSSOLDQFH LV LQVWDOOHG 5HPRYH DQ\ VKDYLQJV DV WKH\
PD\SUHYHQWWKHHOHFWULFDOFRPSRQHQWVIURPZRUNLQJSURSHUO\
■ :HDU SURWHFWLYH JORYHV VR WKDW \RX GR QRW FXW \RXUVHOI 3DUWV WKDW
DUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUSHGJHV
■ 7KH PDLQV VRFNHW IRU WKH DSSOLDQFH PXVW HLWKHU EH ORFDWHG LQ WKH
KDWFKHGDUHD $RURXWVLGHRIWKHDUHDZKHUHWKHDSSOLDQFHLV
LQVWDOOHG
■ 6HFXUH DQ\ XQVHFXUHG XQLWV WR WKH ZDOO XVLQJ D VWDQGDUG EUDFNHW
%
■ 7KHGLPHQVLRQVLQWKHILJXUHVDUHLQPP
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
$SSOLDQFHXQGHUZRUNWRS²ILJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUPXVWKDYHD
YHQWLODWLRQFXWRXW
6HFXUHWKHZRUNWRSWRWKHILWWHGXQLWV
,IWKHDSSOLDQFHLVLQVWDOOHGXQGHUDKREWKHIROORZLQJPLQLPXP
GLPHQVLRQVPXVWEHDGKHUHGWR LQFOXGLQJVXEVWUXFWXUHLI
DSSOLFDEOH ■
■
&RQQHFWLQJWKHDSSOLDQFH
7KH DSSOLDQFH FRUUHVSRQGV WR SURWHFWLRQ FODVV DQG PXVW RQO\ EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
7KH IXVH SURWHFWLRQ PXVW FRUUHVSRQG WR WKH SRZHU UDWLQJ VSHFLILHG
RQWKHDSSOLDQFH VUDWLQJSODWHDQGWRORFDOUHJXODWLRQV
7KHDSSOLDQFHPXVWEHGLVFRQQHFWHGIURPWKHSRZHUVXSSO\
ZKHQHYHULQVWDOODWLRQZRUNLVEHLQJFDUULHGRXW
7KHSRZHUFDEOHPXVWRQO\EHUHSODFHGZLWKDFDEOHIURPWKH
RULJLQDOPDQXIDFWXUHUZKLFKFDQEHREWDLQHGIURPWKHDIWHUVDOHV
VHUYLFH
,IWKHSRZHUFDEOHLVGDPDJHGLWPXVWEHUHSODFHGE\WKH
PDQXIDFWXUHUWKHDIWHUVDOHVVHUYLFHRUDSHUVRQZLWKHTXLYDOHQW
TXDOLILFDWLRQVLQRUGHUWRHOLPLQDWHDQ\ULVNV
:KHQWKHDSSOLDQFHLVLQVWDOOHGSURWHFWLRQPXVWEHSURYLGHG
DJDLQVWDFFLGHQWDOFRQWDFWLQWKHIXWXUH
3RZHUFDEOHZLWKDSOXJZLWKHDUWKLQJFRQWDFW
7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGWRDQHDUWKLQJFRQWDFW
VRFNHWZKLFKKDVEHHQFRUUHFWO\LQVWDOOHG
,IWKHSOXJFDQQRORQJHUEHUHDFKHGDIWHUWKHLQVWDOODWLRQD
SDUWLWLRQPXVWEHSURYLGHGLQWKHSKDVHVLQWKHSHUPDQHQW
HOHFWULFDOLQVWDOODWLRQLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV
3RZHUFDEOHZLWKRXWDSOXJZLWKHDUWKLQJFRQWDFW
2QO\DOORZDOLFHQVHGSURIHVVLRQDOWRFRQQHFWWKHDSSOLDQFH
,QWKHSHUPDQHQWHOHFWULFDOLQVWDOODWLRQDSDUWLWLRQPXVWEH
SURYLGHGLQWKHSKDVHVLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV,GHQWLI\WKHSKDVHDQGQHXWUDOFRQGXFWRUVLQWKH
VRFNHW7KHDSSOLDQFHPD\EHGDPDJHGLILWLVQRWFRQQHFWHG
FRUUHFWO\
2QO\FRQQHFWWKHKREDFFRUGLQJWRWKHFRQQHFWLRQGLDJUDP6HH
WKHUDWLQJSODWHIRUWKHYROWDJH&RQQHFWWKHZLUHVRIWKHPDLQV
SRZHUFDEOHDFFRUGLQJWRWKHFRORXUFRGLQJ*UHHQ\HOORZ 3(
FRQGXFWRU <EOXH QHXWUDOFRQGXFWRUEURZQ OLYH H[WHUQDO
FRQGXFWRU ,QGLDRQO\
3OHDVH QRWH WKH GLIIHUHQW FRORXU FRGH IRU WKH ZLULQJ *UHHQ\HOORZ
3(FRQGXFWRU <EODFN QHXWUDOFRQGXFWRUUHG OLYHFRQGXFWRU
SKDVHFRQGXFWRU D
E
6HFXULQJWKHDSSOLDQFH²ILJ
8VLQJDVSLULWOHYHODGMXVWWKHDSSOLDQFHVRWKDWLWLVSHUIHFWO\
OHYHO
+REW\SH
D
6XUIDFH
PRXQWHG
D
)OXVKPRXQWHG
6OLGHWKHDSSOLDQFHDOOWKHZD\LQ
0DNHVXUHWKDWWKHDSSOLDQFHLVOHYHODQGFHQWUHLW
6FUHZWKHDSSOLDQFHLQWRSODFH
E
,QGXFWLRQKRE
PP
PP
PP
)XOOVXUIDFH
LQGXFWLRQKRE
PP
PP
PP
7KHJDSEHWZHHQWKHZRUNWRSDQGDSSOLDQFHPXVWQRWEHVHDOHG
E\DGGLWLRQDOVWULSV
7KHUPDOLQVXODWLRQVWULSVPXVWQRWEHILWWHGWRWKHVLGHSDQHOVRI
WKHVXUURXQGXQLW
5HPRYDO
'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
8QGRWKHVHFXULQJVFUHZV
/LIWWKHDSSOLDQFHVOLJKWO\DQGWKHQSXOOLWRXWFRPSOHWHO\
1RWH 1RWVXLWDEOHIRULQVWDOOLQJXQGHUDJDVKRERUHOHFWULFKRE
7KHPLQLPXPZRUNWRSWKLFNQHVV DLVEDVHGRQWKHUHTXLUHG
PLQLPXPFOHDUDQFH E
3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKH
KRE
$SSOLDQFHLQDWDOOXQLW²ILJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUVPXVWKDYHD
YHQWLODWLRQFXWRXW
,IWKHWDOOXQLWKDVDQRWKHUEDFNSDQHOLQDGGLWLRQWRWKHHOHPHQW
EDFNSDQHOVWKLVPXVWEHUHPRYHG
'RQRWILWWKHDSSOLDQFHWRRKLJKXSLWPXVWEHSRVVLEOHIRU
DFFHVVRULHVWREHUHPRYHGHDVLO\
&RPELQDWLRQZLWKZDUPLQJGUDZHU
)LUVWILWWKHZDUPLQJGUDZHU)ROORZWKHLQVWDOODWLRQLQVWUXFWLRQVIRU
WKHZDUPLQJGUDZHU6OLGHWKHDSSOLDQFHRQWKHZDUPLQJGUDZHU
LQWRWKHEXLOWLQFDELQHW
,PSRUWDQW :KHQ VOLGLQJ LQ WKH DSSOLDQFH WDNH FDUH QRW WR GDPDJH
WKHZDUPLQJGUDZHU VSDQHO
cs
Ö 0RQWiçQtQiYRG
'ŤOHçLWpSRN\Q\²REUi]HN
■
■
■
■
■
■
7HQWRVSRWŒHELĀMHXUĀHQìSRX]HSURYHVWDYEX7HQWRVSRWŒHELĀ
QHQtNRQFLSRYDQìMDNRVWROQtVSRWŒHELĀQHERSURSRXçLWtYH
VNŒtŃFH
9HVWDYQiVNŒtŃNDQHVPtPtW]DVSRWŒHELĀHP]DGQtVWěQX0H]L
VWěQRXD GQHPVNŒtŃN\UHVS]DGQtVWěQRXVNŒtŃN\XPtVWěQp
YìåHPXVtEìW]DFKRYDQiY]GiOHQRVWPLQLPiOQě PP
9HVWDYQiVNŒtŃNDPXVtPtWQDSŒHGQtVWUDQěYěWUDFtRWYRU
FPò8 QiE\WNRYìFKNRUSXVŤEH]YěWUDFtKRYìŒH]XY ]DGQt
ĀiVWLSRVWUDQQtFKVWěQ FPò=DWtPWR~ĀHOHPVHŒt]QěWHNU\W
VRNOXQHERQDPRQWXMWHYěWUDFtPŒtçNX
9ěWUDFtGUiçN\D VDFtRWYRU\QHVPtEìW]DNU\Wp
3RY\EDOHQtVSRWŒHELĀ]NRQWUROXMWH9 SŒtSDGěSRåNR]HQtEěKHP
SŒHSUDY\VSRWŒHELĀQH]DSRMXMWH
3ŒHGXYHGHQtPGRSURYR]XRGVWUDŃWH] SHĀLFtKRSURVWRUX
D GYtŒHNREDORYìPDWHULiOD OHSLFtIyOLH
9HVWDYQìQiE\WHNPXVtEìWRGROQìYŤĀLWHSORWěDçGR ƒ&
SŒLOHKOpSŒHGQtKUDQ\QiE\WNXDçGR ƒ&
■ 1H]DEXGRYiYHMWHVSRWŒHELĀ]DGHNRUDĀQtNU\W+UR]tQHEH]SHĀt
SŒHKŒiWt
■ 9ìŒH]\Y QiE\WNXSURYHďWHSŒHG]DVD]HQtPVSRWŒHELĀH
2GVWUDŃWHSLOLQ\IXQNFHHOHNWULFNìFKVRXĀiVWHNE\PRKODEìW
QHJDWLYQěRYOLYQěQD
■ $E\VWH]DEUiQLOLSRŒH]iQtSRXçtYHMWHRFKUDQQpUXNDYLFHÿiVWL
NWHUpMVRXSŒtVWXSQpSŒLPRQWiçLPRKRXPtWRVWUpKUDQ\
■ =iVXYNDSURSŒLSRMHQtVSRWŒHELĀHPXVtEìWXPtVWěQDY REODVWL
Y\åUDIRYDQpSORFK\ $QHERPLPRSURVWRU]DEXGRYiQt
VSRWŒHELĀH
■ 1HXSHYQěQìQiE\WHNSŒLSHYQěWHEěçQěSURGiYDQìP~KHOQtNHP
%NHVWěQě
■ 5R]PěU\QDREUi]FtFKMVRXY PP
: 1RVLWHOpHOHNWURQLFNìFKLPSODQWiWŤ
6SRWŒHELĀPŤçHREVDKRYDWSHUPDQHQWQtPDJQHW\NWHUpPRKRX
RYOLYŃRYDWHOHNWURQLFNpLPSODQWiW\QDSŒNDUGLRVWLPXOiWRU\QHER
LQ]XOLQRYpGiYNRYDĀH3URWRSŒLPRQWiçLGRGUçXMWHPLQLPiOQt
Y]GiOHQRVW FPRGHOHNWURQLFNìFKLPSODQWiWŤ
6SRWŒHELĀSRGSUDFRYQtGHVNRX²REUi]HN 3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQXRGYěWUiYDFtYìŒH]
3UDFRYQtGHVNXSŒLSHYQěWHN YHVWDYQpPXQiE\WNX
-HOLVSRWŒHELĀYHVWDYěQSRGYDUQRXGHVNRXPXVtEìWGRGUçHQ\
QiVOHGXMtFtPLQLPiOQtUR]PěU\ SŒtSDGQěYĀHWQěQRVQp
NRQVWUXNFH 3ŒL YHåNHUìFK PRQWiçQtFK SUDFtFK PXVt EìW VSRWŒHELĀ RGSRMHQì RG
VtWě
9 SŒtSDGěYìPěQ\VPtEìWSRXçLWSRX]HRULJLQiOQtNDEHONWHUìO]H
REGUçHWX ]iND]QLFNpKRVHUYLVX
3RåNR]HQìSŒtYRGQtNDEHOPXVtY\PěQLWYìUREFH]iND]QLFNì
VHUYLVQHERRVREDV RGSRYtGDMtFtNYDOLILNDFtDE\VH]DEUiQLOR
UL]LNŤP
2FKUDQDSURWLGRW\NXPXVtEìW]DMLåWěQDYHVWDYERX
3ŒtYRGQtNDEHOVH]iVWUĀNRXV RFKUDQQìPNROtNHP
6SRWŒHELĀVHVPt]DSRMRYDWSRX]HGRSŒHGSLVRYěQDLQVWDORYDQp
HOHNWULFNp]iVXYN\V RFKUDQQìPNROtNHP
3RNXGQHQt]iVWUĀNDSRSURYHGHQtYHVWDYE\SŒtVWXSQiPXVtVH
X SHYQpHOHNWULFNpLQVWDODFHSRXçtWRGSRMRYDĀIi]tSRGOHSŒHGSLVŤ
SURLQVWDODFL
3ŒtYRGQtNDEHOEH]]iVWUĀN\V RFKUDQQìPNROtNHP
(OHNWULFNpSŒLSRMHQtVPtSURYiGěWSRX]HNRQFHVRYDQìRGERUQtN
8 SHYQpHOHNWULFNpLQVWDODFHMHWŒHEDSRXçtWRGSRMRYDĀIi]tSRGOH
SŒHGSLVŤSURLQVWDODFL,GHQWLILNXMWHIi]RYpYRGLĀHD QXORYìYRGLĀ
Y SŒLSRMRYDFt]iVXYFH9 SŒtSDGěQHVSUiYQpKRSŒLSRMHQtPŤçH
GRMtWN SRåNR]HQtVSRWŒHELĀH
3ŒLSRMHQtSURYiGěMWHSRX]HSRGOHVFKpPDWXSŒLSRMHQt1DSěWtYL]
W\SRYìåWtWHN3ŒL]DSRMRYiQtYRGLĀŤVtŚRYpSŒtSRMN\GRGUçXMWH
EDUHYQpUR]OLåHQt]HOHQRçOXWì RFKUDQQìYRGLĀ <PRGUì
QXORYìYRGLĀKQěGì Ii]H NUDMQtYRGLĀ ■
8SHYQěQtVSRWŒHELĀH²REUi]HN 6SRWŒHELĀY\URYQHMWHSŒHVQěSRPRFtYRGRYiK\GRYRGRURYQp
SRORK\
6SRWŒHELĀ]FHOD]DVXŃWH
6SRWŒHELĀY\URYQHMWHWDNDE\E\OYRGRURYQěD XSURVWŒHG
6SRWŒHELĀSŒLåURXEXMWH
D
E
0H]HUDPH]LSUDFRYQtGHVNRXD VSRWŒHELĀHPVHQHVPt]DNUìYDW
çiGQìPLSŒtGDYQìPLOLåWDPL
1DSRVWUDQQtFKVWěQiFKYHVWDYQpVNŒtŃN\QHVPtEìWSŒLSHYQěQp
WHSHOQěL]RODĀQtOLåW\
'HPRQWiç
6SRWŒHELĀRGSRMWHRGVtWě
3RYROWHXSHYŃRYDFtåURXE\
6SRWŒHELĀPtUQěQD]GYLKQěWHD ]FHODY\WiKQěWH
da
× 0RQWHULQJVYHMOHGQLQJ
7\SYDUQpGHVN\
D
QDVD]HQi
D
Y URYLQě
E
LQGXNĀQtYDUQiGHVND PP
PP
PP
FHORSORåQi
PP
LQGXNĀQtYDUQiGHVND
PP
PP
9LJWLJHRSO\VQLQJHUILJXU
'HWWHDSSDUDWHUNXQEHUHJQHWWLOLQGE\JQLQJ$SSDUDWHWHULNNH
EHUHJQHWWLORSVWLOOLQJSnHWERUGHOOHUEUXJLQGHLHWVNDE
■ ,QGE\JQLQJVVNDEHW Pn LNNH KDYH QRJHQ EDJY J EDJ DSSDUDWHW
'HUVNDOY UHHQDIVWDQGSnPLQGVWPPPHOOHPY JJHQRJ
VNDEHWVEXQGKKYEDJY JJHQLVNDEHWRYHQRYHU
■ 3nLQGE\JQLQJVVNDEHWVIRUVLGHVNDOGHUY UHHQ
YHQWLODWLRQVnEQLQJSnFPò9HGLQGE\JQLQJVVNDEHXGHQ
YHQWLODWLRQVnEQLQJVNDOGHUY UHHQnEQLQJLGHWEDJHVWH
RPUnGH L VLGHY JJHQH Sn FPò +HUWLO VNDO GHU VN UHV QRJHW
DIVRNNHOSDQHOHWHOOHUGHUVNDOSODFHUHVHWYHQWLODWLRQVJLWWHU
■ 9HQWLODWLRQVnEQLQJHURJOXIWLQGWDJPnLNNHWLOG NNHV
■ .RQWUROOHUDSSDUDWHWQnUGHWHUSDNNHWXG$SSDUDWHWPnLNNH
WLOVOXWWHVKYLVGHWKDUWUDQVSRUWVNDGHU
■ )MHUQHPEDOODJHPDWHULDOHRJNO EHIROLHIUDRYQUXPPHWRJ
RYQG¡UHQLQGHQLEUXJWDJQLQJHQ
■ ,QGE\JQLQJVVNDEHVNDOY UHWHPSHUDWXUEHVWDQGLJHRSWLOƒ&
RJIURQWHUSnWLOJU QVHQGHVNDEHRSWLOƒ&
■ $SSDUDWHWPnLNNHLQGE\JJHVEDJHWGHNRUDWLRQVSDQHO)DUH
VRPI¡OJHDIRYHURSKHGQLQJ
■ 8GVN ULQJHUQHLLQGE\JQLQJVVNDEHWVNDOXGI¡UHVLQGHQ
DSSDUDWHW V WWHV Sn SODGV )MHUQ VSnQHU IRUGL GH NDQ IRUULQJH GH
HOHNWULVNHNRPSRQHQWHUVIXQNWLRQ
■ %UXJEHVN\WWHOVHVKDQGVNHUIRUDWXQGJnVQLWVnU'HUNDQY UH
GHOHPHGVNDUSHNDQWHUVRPHUWLOJ QJHOLJHXQGHUPRQWDJHQ
■ .RQWDNWHQKYRUDSSDUDWHWWLOVOXWWHVVNDOY UHSODFHUHWLQGHQIRU
GHWVNUDYHUHGHRPUnGH $HOOHUXGHQIRULQGE\JQLQJVUXPPHW
■ ,NNHIDVWJMRUWH LQGE\JQLQJVVNDEH VNDO IDVWJ¡UHV WLO Y JJHQ PHG
HWDOPLQGHOLJWYLQNHOEHVODJ %
■ 0nOHQHSnWHJQLQJHUQHHUDQJLYHWLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
■
8SR]RUQěQt 1HKRGtVHSURYHVWDYEXSRGSO\QRYRXYDUQRX
GHVNRXQHERHOHNWULFNRXYDUQRXGHVNRX
1D]iNODGěSRWŒHEQpPLQLPiOQtY]GiOHQRVWL EY\SOìYiPLQLPiOQt
WORXåŚNDSUDFRYQtGHVN\ D
'RGUçXMWHPRQWiçQtQiYRGSURYDUQRXGHVNX
6SRWŒHELĀYHY\VRNpVNŒtŃFH²REUi]HN 3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQHFKYěWUDFtYìŒH]
3RNXGPiY\VRNiVNŒtŃNDNURPě]DGQtFKVWěQSŒtVOXåQìFKSUYNŤ
GDOåt]DGQtVWěQXPXVtVHWDWR]DGQtVWěQDRGVWUDQLW
6SRWŒHELĀXPtVWěWHPD[LPiOQěGRWDNRYpYìåN\DE\VWHPRKOLEH]
SUREOpPŤY\MtPDWSŒtVOXåHQVWYt
.RPELQDFHV RKŒHYQRX]iVXYNRX
1HMSUYHQDPRQWXMWHRKŒHYQRX]iVXYNXőLďWHVHQiYRGHP
N PRQWiçLRKŒHYQp]iVXYN\6SRWŒHELĀ]DVXŃWHGRYHVWDYQp
VNŒtŃN\QDRKŒHYQRX]iVXYNX
'ŤOHçLWp3ŒL]DVRXYiQtQHSRåNRďWHRYOiGDFtSDQHORKŒHYQp
]iVXYN\
9HVWDYEDGRURKX²REUi]HN
$E\E\ORPRçQRRWHYtUDWGYtŒNDVSRWŒHELĀHMHQXWQpSŒLYHVWDYEě
GRURKXGRGUçHWUR]PěU\ &5R]PěU ']iYLVtQDWORXåŚFHSŒHGQt
KUDQ\QiE\WNXSRGPDGOHP
3ŒLSRMHQtVSRWŒHELĀH
6SRWŒHELĀRGSRYtGiVWXSQLRFKUDQ\ D VPtEìWSŒLSRMHQMHQ
NDEHOHPV RFKUDQQìPYRGLĀHP
-LåWěQtPXVtEìWSURYHGHQpSRGOHYìNRQXXYHGHQpKRQDW\SRYpP
åWtWNXD PtVWQtFKSŒHGSLVŤ
$SSDUDWXQGHUERUGSODGHILJXU
'HUVNDOY UHHQXGVN ULQJLPHOOHPEXQGHQWLOYHQWLODWLRQDI
DSSDUDWHW
)DVWJ¡UERUGSODGHQWLON¡NNHQHOHPHQWHUQH
+YLVDSSDUDWHWEOLYHULQGE\JJHWXQGHUHQNRJHVHNWLRQVNDO
I¡OJHQGHPLQLPXPDIVWDQGHRYHUKROGHV HYHQWXHOWLQNOXVLYHHQ
XQGHUNRQVWUXNWLRQ 7\SH(
D
E
7\SHNRJHVHNWLRQ
D
3nVDW
D
3ODQPRQWHUHW
E
,QGXNWLRQVNRJHVHNWL PP
RQ
PP
PP
)XOGIODGH
LQGXNWLRQVNRJHVHNWL
RQ
PP
PP
PP
7\SH.
+YLVVWLNNHWLNNHHUWLOJ QJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQY UHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
$SSDUDWHURYHU N: $ VHW\SHVNLOW
$SSDUDWHWPnLNNHWLOVOXWWHVPHGVWLNNHWWLO
VLNNHUKHGVVWLNNRQWDNWHQ'HUHUIDUHIRUHOHNWULVNVW¡G$SSDUDWHW
Pn NXQ WLOVOXWWHV PHG HQ IDVW WLOVOXWQLQJ VRP NXQ Pn XGI¡UHV DI HQ
DXWRULVHUHWIDJPDQG
7LOVOXWQLQJVOHGQLQJPHGVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVWLOHQNRUUHNWLQVWDOOHUHW
VLNNHUKHGVVWLNNRQWDNW
+YLVVWLNNHWLNNHHUWLOJ QJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQY UHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
7LOVOXWQLQJVOHGQLQJXGHQVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
9HGHQIDVWHOHNWULVNLQVWDOODWLRQVNDOGHUY UHPRQWHUHWHQ
DIEU\GHUDQRUGQLQJSnIDVHUQHLKHQKROGWLO
LQVWDOODWLRQVEHVWHPPHOVHUQH,GHQWLILFHUIDVHRJQXOOHGHUL
WLOVOXWQLQJVGnVHQ+YLVDSSDUDWHWWLOVOXWWHVIRUNHUWNDQGHWEOLYH
EHVNDGLJHW
0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW9HGUVS QGLQJVH
W\SHVNLOW7LOVOXWQHWWLOVOXWQLQJVOHGQLQJHQVOHGHUHLKW
IDUYHPDUNHULQJHQ JU¡QJXO EHVN\WWHOVHVOHGHU < EOn QXOOHGHU
EUXQ IDVH \GHUOHGHU %HP UN ,NNHHJQHWWLOLQGE\JQLQJXQGHUHQJDVNRJHVHNWLRQHOOHU
HQHONRJHVHNWLRQ
'HQQ¡GYHQGLJHPLQLPXPDIVWDQG EEHVWHPPHUGHQPLQGVWH
ERUGSODGHW\NNHOVH D
)¡OJDQYLVQLQJHUQHLPRQWHULQJVYHMOHGQLQJHQIRUNRJHVHNWLRQHQ
$SSDUDWLK¡MVNDEILJXU
,QGE\JQLQJVVNDEHWVPHOOHPEXQGHVNDOKDYHXGVN ULQJHUWLO
YHQWLODWLRQ
+YLVK¡MVNDEHWXGRYHUHOHPHQWEDJY JJHQKDUHQGQXHQ
EDJY JVNDOGHQIMHUQHV
$SSDUDWHWPnLNNHLQGE\JJHVK¡MHUHHQGDWWLOEHK¡UHWXGHQ
EHVY UNDQWDJHVXG
.RPELQDWLRQPHGYDUPHVNXIIH
0RQWHUI¡UVWYDUPHVNXIIHQ)¡OJPRQWHULQJVYHMOHGQLQJHQIRU
YDUPHVNXIIHQ6 WDSSDUDWHWSnYDUPHVNXIIHQRJVN\GGHPLQGL
LQGE\JQLQJVVNDEHW
9LJWLJW3DVSnDWYDUPHVNXIIHQVSDQHOLNNHEOLYHUEHVNDGLJHW
+M¡UQHLQGE\JQLQJILJXU
9HGKM¡UQHLQGE\JQLQJVNDOPnOHQH 'RYHUKROGHVIRUDWDSSDUDWHW
G¡UVNDONXQQHnEQHV0nOHW 'DIK QJHUDIP¡EHOIURQWHQV
W\NNHOVHXQGHUKnQGWDJHW
)DVWJ¡UHDSSDUDWILJXU
,QGMXVWHUDSSDUDWHWYHGKM OSDIHWYDWHUSDVVnGHWVWnU
IXOGVW QGLJYDQGUHW
6N\GDSSDUDWHWKHOWLQG
,QGMXVWHUDSSDUDWHWWLOYDQGUHWRJFHQWUHUGHW
6NUXDSSDUDWHWIDVW
6SDOWHQPHOOHPERUGSODGHRJDSSDUDWPnLNNHOXNNHVPHGHNVWUD
OLVWHU
'HUPnLNNHSODFHUHVOLVWHUWLOYDUPHEHVN\WWHOVHSn
LQGE\JQLQJVVNDEHWVVLGHY JJH
$IPRQWHULQJ
6¡UJIRUDWDSSDUDWHWHUXGHQVS QGLQJ
6NUXPRQWHULQJVVNUXHUQHXG
/¡IWDSSDUDWHWOLGWRJWU NGHWKHOWXG
7LOVOXWQLQJDIDSSDUDW
$SSDUDWHWHUNODVVLILFHUHWLEHVN\WWHOVHVNODVVHRJPnNXQ
DQYHQGHVPHGHQVLNNHUKHGVMRUGIRUELQGHOVH
$IVLNULQJHQVNDOXGI¡UHVLKHQKROGWLOGHWDQJLYQHHIIHNWIRUEUXJSn
W\SHVNLOWHWRJGHORNDOHIRUVNULIWHU
$SSDUDWHWVNDOY UHXGHQHOHNWULVNVS QGLQJYHGDOOHIRUPHUIRU
PRQWDJHDUEHMGH
7LOVOXWQLQJVOHGQLQJHQPnNXQXGVNLIWHVPHGHQRULJLQDO
WLOVOXWQLQJVOHGQLQJVRPNDQEHVWLOOHVYLDNXQGHVHUYLFH
)RUDWXQGJnIDUHPnHQEHVNDGLJHWWLOVOXWQLQJVOHGQLQJNXQ
XGVNLIWHVDISURGXFHQWHQDINXQGHVHUYLFHHOOHUDIHQSHUVRQPHG
VDPPHQOLJQHOLJHNYDOLILNDWLRQHU
,QGE\JQLQJHQVNDO\GHEHU¡ULQJVEHVN\WWHOVH
: )DUHIRUHOHNWULVNVW¡G
.XQIRU'DQPDUN
$SSDUDWHURSWLOPDNV N: $ VHW\SHVNLOW
, 'DQPDUN HU DSSDUDWHW NXQ JRGNHQGW WLO EUXJ L IRUELQGHOVH PHG HQ
VWLNNRQWDNWW\SH(+YLVGHUNXQILQGHVHQVWLNNRQWDNWW\SH.Sn
WLOVOXWQLQJVVWHGHWVNDODSSDUDWHWWLOVOXWWHVPHGHQHJQHWDGDSWHU
.XQSnGHQQHPnGHNDQGHWVLNUHVDWDSSDUDWHWEOLYHUNRUUHNW
MRUGIRUEXQGHW'HQQHDGDSWHUNDQInVYLDNXQGHVHUYLFH
UHVHUYHGHOVQU HOOHUVRPHNVWUDWLOEHK¡U
el
Ù ̯͉̻̓͆͂̾̈́͐̈́͂̀͒͑͒̀͑͆͐
̵͉͎̓͏͕͓͖͋͌̿›̨͇͇͓͑͆́͐͋͋͌
■
■
■
■
■
̢͓͓͉͓͒̽͆͑͑̈́̽›͏͎͎͏͈͚͎͈͎̾̈́͒̀͋͌͂̀͒͆͌͒ͅ›̢͎͇̼͓͒͆͑͆͒̽͆
͓͉͓͑͑̈́̽̓̈́͌›͏͎͎͏͈̾̈́͒̀͗͐̈́ͅ›͈͒͏̀›̼͈͓͉͓͈͕̀͑͑̈́̽̽͂̀͒͆ͅ͏̽͑͆
͚͚͎͓̈́͌͒͐̈́͌͐͌͒͊̀›͈͎͛
̳͎͎͈͕͈͚͎͎͓̻̈́͌͒͋̈́͌͌͒͊ͅ›͈̓̈́͌̈́›͈͒͏̼›͈̼͕͈̈́͒̀͌̀̈́›̾͑͗̀›͚͒͆
͓͉͓͉̼͑͑̈́̽̀͌͌̀›͎͕̬͍͎͓͎͕͎͓͉͈͎͓̾͑͗͒̾͗͋̀̈́͒̀͛͒͒̾̀͒›̻͎͓͒
͎͓͎͓͒͌͒͊̀›͈͎͎͓͛̽͒›͎͈͕͎͎͓͎͓̾͑͗͒͋̀͒͐͒͌͒͊̀͜›͈͎͛›͎͓
́͏͉͈̾͑̈́͒̀ ̀›͚ ›̻͌͗ ›͏̼›͈̈́ ͌̀ ͒͆͏͇͆̈́̾ ͋̾̀ ̀›͚͑͒̀͑͆ ͎͓̻͕͈͎͒͊͑͒͌
PP
̳͎͎͈͕͈͚͎͎͓̻̈́͌͒͋̈́͌͌͒͊ͅ›͈›͏̼›͈̼͕͈̈́͌̀̈́͑͒͆͌͋›͏͎͈͑͒͌̽›͓͊̈́͏̻
̼͌̀ ̻͎͈͌͂͋̀ ̀̈́͏͈͎͑͋͛ FPò ̲͒̀ ͎͈͕͈͚̈́͌͒͋̈́͌̀ͅ ͎͓̻͌͒͊›͈̀ ͕͗͏̾͐
̻͎͈͌͂͋̀̀̈́͏͈͎͑͋͛›͏̼›͈͓̈́͌̀›̻͏͕͎͓͌͑͒͆͌›̾͑͗›̈́͏͈͎͕̽͒͗͌
›͓͊̈́͏͈͉͎͈͕̻͌͒͗͋͒͗͌͜FPò̤͈͓͚͉͚͖̀̀͒͒̈́͒͆͊͗͏̾̓̀
͉̻͓͖̻͎͊͆͐͒͆͐́͑͆͐̽͒›͎͇̼̈́͒̽͑͒̈́͌̀›̼͊͂͋̀̀̈́͏͈͎͑͋͛
¨̈́͌̈́›͈͒͏̼›͈͉͓͔͇͎͎͈͕͈̼̈́͒̀͌̀̀͊͛͌͑͑͋͐̀̈́͏͈͎͉͈͑͋͛̀͒̀
͎̀͌̾͂͋̀͒̀̀͌̀͏͏͚͔͆͑͆͐
̬̻͔̈́͒͒͆͌̀̀̾͏̈́͑͆̀›͚͓͉͓̼͍͓͉͓̲͒͆͑͑̈́̀͑̾̀̈́͊͂͒̈́͒͆͑͑̈́̽̈́
›̈́͏̾›͈̻͉̻͔͎͒͗͑͆͆͋͐̀͒͒͆͋̈́͒̀ͅ͏̻͓̼͋͆͌͒͆͌͑͌̓͑̈́͒̈́
■
■
■
■
■
■
■
■
̶͑›͕͉͔͉͔͇͚͑͊̿ͅ͏̨́̓͋͌
̤͈̀͌̀͋›͎͏͎͍͈̈́̾͌̀̀͌̾̈́͆›͚͏͓͉͓͉̻͒̀͒͆͐͑͑̈́̽͐̀͒͒͆͌
͎͒›͎͇̼͒͆͑͆ ͑̈́ ͂͗͌̾̀ ̻͊́̈́͒̈́ ͓›͚͖͆ ͈͒͐ ͈̻͈̓̀͑͒͑̈́͐ & ̧ ͈̻̓͑͒̀͑͆ '
͍̈́̀͏̻͈͒͒̀ ̀›͚ ͎͒ ›̻͕͎͐ ͒͆͐ ›͏͚͎͖͑͆͐ ͎͓͒ ͎͓͌͒͊̀›͈͎͛ ͉̻͒͗ ̀›͚ ͒͆
͊̀́̽
̢›͎͉͋̀͏͓͈͉̻͓͉͓͉͈͈͉͎͈͉̼͛͌̈́͒̈́͒̀͊͑͑̈́̀͑̾̀͐̀͒͐͊͊͆͒͐
͋̈́͋́͏̻͌̈́͐ ›͏͈͌ ͒͆ ͇̼͑͆ ͑̈́ ͈͎͓͊̈́͒͏͂̾̀ ̀›͚ ͎͒ ͕͜͏͎ ͈͋̀͂̈́͏̼͎͋̀͒͐
͉͈̀͒͆͌›͚͏͒̀
̳͎͈͕͈͚͎͓̻̀̈́͌͒͋̈́͌̀͌͒͊ͅ›͈̀›͏̼›͈͈͇͉͈͉̻̈́͌̀̈́̾͌̀̀͌̈́͒͑͒͆
͇̈́͏͎͉͋͏̼͕̀͑̾̀͋͏͈͎͓͒͐ƒ&͎͈͈͎͈͉̼̓̈́͂̈́͒͌͐›͏͎͚͖͈͑̈́͐͒͗͌
͎͓͌͒͊̀›͈̼͕͌͋͜͏͈ƒ&
̬͎͆͌͒›͎͇͓͉͓̈́͒̽͑̈́͒̈́͒͆͑͑̈́̽›̾͑͗̀›͚͈͈͉͎͈͉͋̀̓̀͑͋͆͒̽
̈́›̴̼͓͌̓͑͆›̻͏͕͈͉͓͎͓̈́̾͌̓͌͐›̈́͏͇̼͏͋̀͌͑͆͐
̰͏͎̀͂͋̀͒›͎͈͈̽͑͒̈́͒͐̈́͏͉͎͂̀͑̾̈́͐›͎͈̻͎̽͐͒͗͌̀͌͂͋͒͗͌͑͒
͎͓̻͌͒͊›͈›͏͈͎͌͒͆͌͒›̢͎͇̼͓͉͓͒͆͑͆͒͆͐͑͑̈́̽͐›͎͉͋̀͏͛͌̈́͒̈́͒̀
̀›͚́͊͆͒̀ ›͏͈͎͈͌̾̓̀͂͏̼͈̀ͅ ͈͎͓͆͊̈́͒͏͉͂̾̀͒͗͌͆͊̈́͒͏͈͉͌͜
͍̈́̀͏̻͒͆͋͒͗͌͋›͎͏̈́̾͌̀̈́›͆͏̈́̀͑͒̈́̾̀͏͈͉̻͌͆͒
̤͈̀͒͆͌̀›͎͔͓͂̽͒͏͓͈͔͎̀͋̀͒͑͋͌͜͏̻̻͈͒̈́͂͌͒̀›͏͎͑͒̀͑̾̀͐
̥͍̀͏͎͒̽͋̀͒̀͒̀›͎͉̻͈̻̾̀̀͒͒͆̓͏͉͈͓̈́̀͒͆͐͑͌̀͏͎͚͋͊͂͆͑͆͐
͈̈́̾͌̀›͏͎͈̻͑͒͋›͎͏͈͉͎͔̈́̾͌̀̈́̾͌̀͒̈́͏̻
̳͎͉͎͓͓͉͓͒̾͑͛͌̓̈́͑͆͐͒͗͌͑͑̈́͌͜›͏̼›͈̈́͌̀́͏͉͈̾͑̈́͒̀͑͒͆͌
›̈́͏͈͎͕̽͒͆͐͂͏͎͉͈̼̀͋͋͑̀͑͋͌͆͐̈́›͈͔̻͈͌̈́̀͐ $̼͍̽͗̀›͚͎͕͒͜͏͎
͎͒›͎͇̼͒͆͑͆͐
̲͒̈́͏̈́͑͒̈́͒̀͋͆͑͒̈́͜͏̼͎͓̻̈́͗͋͌̀͌͒͊›͈͈͎͓̀͋̈́͋̀͂͗͌̾̀͒
̈́͋›͎͏͎͓̾ %͎͎͕͎͑͒͌͒̾
῭͈̻͈͈͉͚͑͒͑̈́͐͒͗͌̈́͌͗͌͑̈́PP
̵͞͏͇͔͉͕͉͓͔͖͔͇͖͓͆͌̀
̧͓͉͓͑͑̈́̽̀͌͒̀›͎͉͏͈͉͎̾͌̈́͒̀͑͒͆͌̀͒͆͂͏̾̀›͏͎͉͈͑͒̀͑̾̀͐̀
̈́›͈͒͏̼›͈͈͎͓̈́͒̀͌̀͊̈́͒͏͚͎͎͂̈́̾͋͌͋̈́͑͛͌̓̈́͑͆̀͂͗͂͛›͏͎͑͒̀͑̾̀͐
͂̈́̾͗͑͆ ̧͔̻͈̀͑͊̈́̀›͏̼›͈̈́͌̀̀͌͒̀›͎͉͏͈͎͈͕͈͕͎̾͌̈́͒̀͑͒̀͑͒̈́̾̀͑͛͐͑͒͆͌
›͈͉͌̀̾̓̀͒͛›͎͓͉͈͈͎̀͑͒͐͒›͈͉̼͐›͏͎͈̓̀͂͏͔̼̀͐
̲͚͈̈́͊̈́͐͒͐̈́͏͓͂̀͑̾̈́͐͑͌̀͏͎͚͓͉͓͋͊͂͆͑͆͐͆͑͑̈́̽›͏̼›͈̈́͌̀
́͏͉͈͉͚̻̾͑̈́͒̀̈́͒͐͒͑͆͐
̳͎͉͈͎̀͊̓͑͛͌̓̈́͑͆͐̈́͜›͈͒͏̼›͈͈͉͇͚͎̼̈́͒̀͌̀̀͌͒̀͒̀͑͒̀̈́̾͋͌͋̈́͌̀
͈͎͉͈͎͈͇̼͈͎̼͓͂͌̽͑̀͊̓̓̀͑͋͋͑͗͒͆͐͜›͆͏͍͓̈́͑̾̀͐̈́›͆͏̼͒͆͑͆͐
›̈́͊̀͒͌͜
̛͕̼͎͉͈͎͌̀̀͊̀͑͋͌̀͊̓͑͛͌̓̈́͑͆͐͜›͏̼›͈͈͉͓͇̈́͌̀̀͌͒̀͒̀͑̀̈́̾̀›͚
͎͒͌ ͉͉͓̀͒̀͑̈́̀͑͒̽ ͒͆͌ ͓›͆͏̈́͑̾̀ ͍͓̈́›͆͏̼͒͆͑͆͐ ›̈́͊̀͒͌͜ ̽ ̀›͚ ̼͌̀
͎͈͕͍͈͈͉͓̼͎̻͎͎͈̀͌͒̾͑͒̀̈́̈́̓̈́͋͌͒͋͂̀͒͆͌̀›͎͔͓͓͕͚͉͈͎͓͂̽͒͌͌̓͛͌
̧›͏͎͑͒̀͑̾̀̈́›͔̀̽͐›͏̼›͈͍͔͈͎̈́͌̀̈́̀͑̀͊̾̈́͒̀͋̈́͒͆͌͒ͅ›͎͇̼͒͆͑͆
̭͍͔̓͆͋͑͟͞͏͇͔͉͓͎͇͓͔͆͗͋͑͌͑͞
̧͓͉͓͑͑̈́̽̈́›͈͒͏̼›͈͓͇͚͎͈̈́͒̀͌̀͑͌̓̈́̈́̾͋͌͑̈́͋̀›͏͎͉͎̾̀͑͛ͅ›͎͓
͈͉̼͔͎͓͉͎͈͎̈́̾͌̀̈́͂̀͒̈́͑͒͆͋͌͆͑͛͋͗͌̀͋̈́͒͐̀͌͌͑͋͛͐
̥̻͌ ͎͒ ͔͈͐ ̻͋̈́͒ ͒͆͌ ͎͒›͎͇̼͒͆͑͆ ̓̈́͌ ͈̈́̾͌̀ ›̼͎͊͌ ›͏͎͈͚͑͒ ›͏̼›͈̈́ ͑͒͆
͚͈͉͋͌͋͆͆͊̈́͒͏͈͉͉̻̽̈́͂̀͒͑͒̀͑͆͌̀›͏͎̼́͊›͈͈͈̻͍̈́͒̀͋̀̓͒̀͆
͈͉͎̓̀›͈͔̻͈͔͎͓͉͎͈͎͉̻̽͐͑͒͐͑̈́͐͑͛͋͗͌̀͋̈́͒͐̀͌͌͑͋͛͐̈́͂̀͒͑͒̀͑͆͐
̭͍͔̓͆͋͑͟͞͏͇͔͉͓͚͓͓͔͆͒́͗͋͑͌͑͘͞
̬͚͎̼͈͎͕͎͉̻͌͌̀͐̀̓̈́͛͐̈́͂̀͒̀͑͒͒͆͐̈́›͈͒͏̼›͈͓̼͈̈́͒̀͌̀͑͌̓͑̈́͒͆
͓͉͓͑͑̈́̽
̲͚͈͉͒͆͋͌͋͆͆͊̈́͒͏͈͉͉̻̽̈́͂̀͒͑͒̀͑͆›͏̼›͈̈́͌̀›͏͎̼́͊›͈͈̈́͒̀͋̀
͈̻͍͈͉͎̓͒̀͆̓̀›͈͔̻͈͔͎͓͉͎͈͎̽͐͑͒͐͑̈́͐͑͛͋͗͌̀͋̈́͒͐̀͌͌͑͋͛͐
͉̻̥͍͉̈́͂̀͒͑͒̀͑͆͐̀͏͈͎͓͎͔̻͉͈͎́͑͒̈́͒͐̀͂͗͂͛͐͒͗͌͑̈́͗͌̀͒͌͜
͎͓̼̓͒̈́͏͎͚̀͂͗͂ ̼͋͆̓͌ ͎͉͎͓̲͑͒͒̾͑͛͌̓̈́͑͆͐̈́›̈́͏̾›͒͗͑͆
͔̼̈́͑̀͊͋͌͆͐͑͛͌̓̈́͑͆͐͋›͎͏͓͉͓͓̈́̾͆͑͑̈́̽͌̀›͎͈̻͑͒̈́̾͆͋ͅ
̲͓̼͌̓͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͚͎͋͌ ͔͑͛͋͗͌̀ ͋̈́ ͎͒ ͕̼͈͎͑̓ ͑͛͌̓̈́͑͆͐ ̤͈̀ ͒͆͌
̻̼͒͑͆́͊›̈́͑͒͆͌›͈͉͌̀̾̓̀͒͛›͎͓̲͓̼͎͓͉͎͓͎͓͌̓͑͒̈́͒͐͊͌͐͒͜
͉͎͓͔͎͈͕͕̀͊͗̓̾͑͛͌̓̈́͑͆͐͑͛͋͗͌̀͋̈́͒̀̀͌͒̾͑͒̀͏͋̀͒̀͜
̰͏̻͈͎͉͑͌̾͒͏͈͎͌ ̢͚͂͗͂͐ ›͏͎͑͒̀͑̾̀͐ < ͋›͊̈́ ̯͓̼̓͒̈́͏͎͐ ͚̀͂͗͂͐
̼͋͆̓͌ ͉͔̼̀ ̵̻͑͆ ͍̈́͗͒̈́͏͈͉͚͚͐̀͂͗͂͐ : ̸͇͓͉͍͇͕͑͒́͌͒͑͏͋͌͟͏͔͕͇͚͑͋́͘͏͇͎͕͇͖͔͉͓͗͞
̧ ͓͉͓͑͑̈́̽ ͋›͎͏̈́̾ ͌̀ ›̈́͏͈̼͕͈̈́ ͚͈͎͓͋͌͋͐ ͋̀͂͌̽͒̈́͐ ͎͈ ͎›͎͎͈̾ ͋›͎͏͎͛͌
͌̀̈́›͆͏̻͎͓̈́͑͌̀͏͈͉̻͉͌͆͒͒̀͆͊̈́͒͏͎͈͉̻͎͈͕͔͓͌͑͒̈́̾̀̈́͋͛͒̈́͑͆͐›͕
͎͚͉́͆͋̀͒̓͒̈́͐̀͏͈̻͈͎͓̤͈̓͐̽̀͌͒͊̾̈́͐͌͑͊̾͌͆͐·͓͚͉̻̀͒̀͒͒͆
͓͑͌̀͏͎͚͋͊͂͆͑͆͒͆͏͈̻͕͈̽͑͒̈́͋̀̈́͊͑͒͆̀›͚͑͒̀͑͆FP̀›͚͒̀
͉͆͊̈́͒͏͎͈͉̻͎͈͕͔͓͌͑͒̈́̾̀̈́͋͛͒̈́͑͆͐
̵͖͔͇͖͕͚͌̀͌̾̓›͕͑͝͏›̨͇͔͓̾͌͑͒̓́̓͋͌ͅͅ
̤͈͎̀͒͌̀̈́͏͈͚͓͉͓͑͋͒͆͐͑͑̈́̽͐›͏̼›͈͎͈̻͎̈́̈́͌̓͋̈́͑͐›̻͎̼͕͈͒͐͌̀̈́
̼̻͎͈͍͌̀͌͂͋̀̈́̀̈́͏͈͎͑͋͛
̲͒̈́͏͎̈́͑͒̈́͒͌͜›̻͉͎͂̈́͏͂̀͑̾̀͐›̻͎͈͕͈͚͎͓̻͌͗͑͒̀̈́͌͒͋̈́͌̀͌͒͊ͅ›͈̀
̥̻͓͉͓͎͌͆͑͑̈́̽͒›͎͇͇͉̻̈́͒͆̈́̾͒͗̀›͚͈̻͈͋̀́͑͆̈́͑͒͌͜›͏̼›͈̈́͌̀
͒͆͏͇͎͎͈͉͚͎͓͇̻͕͈͈̻͈͆͛͌̀͊̈́͐̈́͊͑͒̈́͐̓̀͑͒͑̈́͐ ͕͎̼̈́͌̓̈́͋͌͗͐
͓͑͋›̈́͏͈͎̼͓͊̀͋́̀͌͋͌͆͐͒͆͐›͎͉͉͓̀͒̀͑̈́̽͐ D
E
̵̨͕͇͚͔͉͕͉͓͔͖͔͇͖͓͒̿͌̀͋͌
̨͓͔͉͓͇͔͕́͆͑̈́̾͋͟͏
D
̓›͝›̾͏͚
D
͔͋͝›͇͎͇͕͉͆̓͏
͇›͋͗̾͏͇͋̓
E
̥›͈͉̻͈̀͂͗͂̽́͑͆̈́͑͒ PP
͌͜
PP
PP
̥›͈͉̻͈̀͂͗͂̽́͑͆̈́͑͒ PP
͓͎͈͉͌͑͌͊̽͐̈́͜›͈͔̻
͈͌̈́̀͐
PP
PP
̥͓͇͓͂͏͓͉͓͎͔̻͈͉̀͋͋̾͑͒̈́͒͆͑͑̈́̽͋̈́͒̀͊̓̀͏͈͎́͐͜͏͈͚͈͌͒̀ͅ
̲›͏͍͓͉͓̼͒̈́͒͆͑͑̈́̽̈́͌͒̈́͊͐͋͑̀͜͜
̥͓͇͓͂͏͓͉͓͎̀͋͋̾͑͒̈́͒͆͑͑̈́̽͏͈͚͈͉͈͉͌͒̀̀̈́͌͒ͅ͏̀͏͈̼͑͋͌̀
̣͈͉̻͓͉͓̓͑͒̈́̀͊͒͆͑͑̈́̽͜
̧͕͈͍͎͓͑͑͋̽͋̈́͒̀͛͒›̻͉͎͓͂̈́͏͉͈͓͉͓͂̀͑̾̀͐̀͒͆͐͑͑̈́̽͐̓̈́͌
̈́›͈͒͏̼›͈͉͓͔͇̈́͒̀͌̀̀͊̈́̾̀›͚›͏͚͇͑̈́͒̀›͕̻͉͈͆̀
̲͒̀›͓͊̈́͏͈͉̻͎͈͕͎͓͎͓͒͋̀͒̀͒͌͒͊̀͜›͈͎͎͈͕͈͎͛̈́͌͒͑͋͛̓̈́͌
̈́›͈͒͏̼›͈͎̈́͒̀͌̀͒›͎͇͇͎̈́͒͆͛͌›͕̻͉͈͇͆̀̈́͏͎͋›͏͎͑͒̀͑̾̀͐
̥͇͔͉͗̓́͒
̨̼͓͉͓͉͚̻͑͒̈́͒͆͑͑̈́̽̈́͒͐͒͑͆͐
̫͈͛͑͒̈́͒͐́̾̓̈́͐͑͒̈́͏̼͗͑͆͐
̢͉͔͌̀͑͆͑͒̈́̈́͊̀͜͏̻͓͉͓͉͈͒͆͑͑̈́̽̀͒͏͍̼͍̀́̽͒̈́͒͆͌̈́͌͒̈́͊͐͗͜
es
Û ,QVWUXFFLRQHVGHPRQWDMH
$GYHUWHQFLDVLPSRUWDQWHVILJXUD
■
̷›͇͉͆͋͐͝ ¨͈͉̻͈͎̈́͌̈́̾͌̀̀͒͊͊͆͊͆͂̀͒›͎͇̼͉̻͒͆͑͆͒͗̀›͚͈̻͋̀́͑͆
͈̈́͑͒͌̀̈́͜͏͎͓͉̻̾̽͒͗̀›͚͈͉͋̀͆͊̈́͒͏͈͉̻͈̽́͑͆̈́͑͒͌͜
̫͚͂͗͒͆͐̀›̀͏̻͕͈̀̾͒͆͒͆͐̈́͊͑͒͆͐̀›͚͑͒̀͑͆͐ E›͏͎͉͛›͈͎͒̈́͒
̻͕͈͎̈́͊͑͒›̻͕͎͎͓͐͒›̻͉͎͓͂̈́͏͂̀͑̾̀͐ D
̰͏͎̼͍͈͎͓͑͒̈́͒͐̓͆͂̾̈́͐͑͌̀͏͎͚̻͈͋͊͂͆͑͆͐͒͆͐́͑͆͐̈́͑͒͌͜
̵͖͔͇͖͔͇͙͉͍͌̀͝͏͕͖͍͑̾›̨͋͋͌
̤͈͎̀͒͌̀̈́͏͈͚͓͉͓͑͋͒͆͐͑͑̈́̽͐›͏̼›͈͎͈͈̻͎͈̈́̈́͌̓͋̈́͑›̻͎͈̼͕͎͓͒͌̀͌
̼̻͎͈͍͌̀͌͂͋̀̈́̀̈́͏͈͎͑͋͛
̞͎͖͚͎͓̻͒̀͌͒͆͊͌͒͊›͈̼͕͈̈́›͏͚͇͑̈́͒̀͑͒̀›͎͈͕̾͑͗͒͋̀͒̀͒͗͌͜
͍͕̈́͗͏͈͎͈͕̼͑͒͌͑͒̈́̾͗͌͌̀̈́͜›͈›̼͎͊͌›͎͕̾͑͗͒̾͗͋̀›͏̼›͈͓͚̈́̀͒͌̀
͔͈̀̀͏͇̈́̈́̾
̳͎›͎͇͓͉͓͚͎͚͎͖̻̈́͒̽͑͒̈́͒͆͑͑̈́̽͋͌͒͑͆͊͑͒̈́͌̀͋͜›͎͏͎͛͌͌̀
̀›͎͉͋̀͏͎͈͍͛͌͌͒̀͒̀̈́̀͏͕͒̽͋̀͒̀͗͏̾͐›͏͚́͊͆͋̀
̵͖͏͖͔͎͓͎͇͇͎͆̓͊͒̓͋͝͏͎͇͝͏͔͖͕͑͒̾͒͋
̰͏͓͒̀͑͌̀͜͏͎͎͎͇͋͊͂̽͑͒̈́͒̈́͏͈͚͎͓͋̀͌͋̈́͌͑͏̻͒͏͈̰͏͎̼͍͈͑͒̈́͒͐
͎͎̓͆͂̾̈́͐͒›͎͇̼͎͓͇͒͆͑͆͐͒̈́͏͈͚͎͓͓͋̀͌͋̈́͌͑͏͒̀͏͈͎̲͛›͏͍͒̈́͒͆͜
͓͉͓͑͑̈́̽›̻͎͇͌͗͑͒̈́͏͈͚͎͓͋̀͌͋̈́͌͑͏̻͒͏͈̼͎͎͈͕͈͚͎͋͑̀͑͒̈́͌͒͋̈́͌ͅ
͎͓̻͌͒͊›͈
̵͉͎̓͏͕̪̻͎͋͌̀͒͒͆͌͒͝›͎͇̼͒͆͑͆͋͆͌›͏͎͍͈̻̈́͌̽͑̈́͒̈́͆͋͑͒͆͌ͅ
͉͎͚͎͓͇͌͑͊̀͒̈́͏͈͚͎͓͓͋̀͌͋̈́͌͑͏͒̀͏͈͎͛
■
■
■
■
■
(VWH HOHFWURGRPpVWLFR KD VLGR GLVHxDGR H[FOXVLYDPHQWH SDUD VX
PRQWDMHHPSRWUDGR(VWHHOHFWURGRPpVWLFRQRHVWiGLVHxDGR
SDUDXQPRQWDMHGHVREUHPHVDRSDUDVXXVRGHQWURGHXQ
DUPDULR
1RGHEHKDEHUQLQJXQDSODFDSRVWHULRUHQHODUPDULRGRQGHVH
DORMHHOHOHFWURGRPpVWLFR(QWUHODSDUHG\ODEDVHRODSODFD
SRVWHULRUGHODUPDULRVLWXDGRHQFLPDGHEHPDQWHQHUVHXQD
GLVWDQFLDPtQLPDGH PP
(ODUPDULRGRQGHVHDORMHHOHOHFWURGRPpVWLFRGHEHWHQHUXQ
RULILFLRGHYHQWLODFLyQGH FPòHQODSDUWHGHODQWHUD(QHO
FDVR GH ORV PXHEOHV PRGXODUHV VLQ DEHUWXUD GH YHQWLODFLyQ HQ OD
]RQDWUDVHUDGHODVSDUHGHVODWHUDOHVHORULILFLRGHEHVHUGH
FPò3DUDHOORUHFRUWDUODSODFDSURWHFWRUDGHO]yFDORR
FRORFDUXQDUHMLOODGHYHQWLODFLyQ
1R FXEULU ODV UDQXUDV GH YHQWLODFLyQ QL ORV RULILFLRV GH DVSLUDFLyQ
&RPSUREDUHODSDUDWRWUDVVDFDUORGHOHPEDODMH(O
HOHFWURGRPpVWLFRQRGHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGR
GDxRVGXUDQWHHOWUDQVSRUWH
$QWHVGHSRQHUHQPDUFKDHOHOHFWURGRPpVWLFRUHWLUDUHO
PDWHULDO GH HPEDODMH \ ODV OiPLQDV DGKHUHQWHV GH OD SXHUWD \ GHO
LQWHULRUGHOHOHFWURGRPpVWLFR
/RVPXHEOHVGRQGHVHDORMHHOHOHFWURGRPpVWLFRGHEHQSRGHU
UHVLVWLUXQDWHPSHUDWXUDGHKDVWD ƒ&\ORVIURQWDOHVGHORV
PXHEOHVDG\DFHQWHVKDVWD ƒ&
■ 1RLQVWDODUHODSDUDWRGHWUiVGHXQSDQHOGHFRUDWLYR([LVWH
ULHVJRGHVREUHFDOHQWDPLHQWR
■ /OHYDUDFDERORVWUDEDMRVGHUHFRUWHHQHOPXHEOHDQWHVGH
FRORFDUHOHOHFWURGRPpVWLFR5HWLUDUODVYLUXWDV\DTXHSRGUtDQ
DIHFWDUDOIXQFLRQDPLHQWRGHORVFRPSRQHQWHVHOpFWULFRV
■ /OHYDUJXDQWHVSURWHFWRUHVSDUDHYLWDUFRUWHV/DVSLH]DV
DFFHVLEOHV GXUDQWH HO PRQWDMH SXHGHQ WHQHU ORV ERUGHV DILODGRV
■ /DWRPDGHFRUULHQWHGHOHOHFWURGRPpVWLFRGHEHTXHGDUGHQWUR
GHOD]RQDGHODVXSHUILFLHVRPEUHDGD $RIXHUDGHOHVSDFLRGH
PRQWDMH
■ )LMDUDODSDUHGORVPXHEOHVTXHQRHVWpQILMDGRVFRQXQD
HVFXDGUDHVWiQGDU %
■ /DVPHGLGDVGHODVILJXUDVVHLQGLFDQHQPP
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
$SDUDWRGHEDMRGHODHQFLPHUDILJXUD
3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ
XQDUDQXUDGHYHQWLODFLyQ
)LMDUODHQFLPHUDVREUHHOPXHEOHHPSRWUDGR
6LHODSDUDWRVHPRQWDGHEDMRGHXQDSODFDGHFRFFLyQGHEHQ
UHVSHWDUVHODVVLJXLHQWHVPHGLGDVPtQLPDV HQFDVRQHFHVDULR
LQFOXLGDODHVWUXFWXUDLQIHULRU &RQHFWDUHOHOHFWURGRPpVWLFRDODUHGHOpFWULFD
■
(OHOHFWURGRPpVWLFRSHUWHQHFHDODFODVHGHSURWHFFLyQ\VROR
SXHGH XWLOL]DUVH FRQHFWDGR D XQD FRQH[LyQ FRQ FRQGXFWRU GH WRPD
DWLHUUD
/DSURWHFFLyQSRUIXVLEOHGHEHFRQILJXUDUVHGHDFXHUGRFRQORV
GDWRV GH SRWHQFLD LQGLFDGRV HQ OD SODFD GH FDUDFWHUtVWLFDV \ FRQ OD
QRUPDWLYDORFDO
(ODSDUDWRGHEHHVWDUVLQWHQVLyQSDUDSRGHUUHDOL]DUORVWUDEDMRV
GHPRQWDMH
(OFDEOHGHFRQH[LyQVRORSXHGHVHUVXVWLWXLGRSRUXQFDEOH
RULJLQDO TXH SXHGH VROLFLWDUVH D WUDYpV GHO 6HUYLFLR GH $WHQFLyQ DO
&OLHQWH
3DUDHYLWDUULHVJRVORVFDEOHVGHFRQH[LyQGDxDGRVGHEHQVHU
VXVWLWXLGRVSRUHOIDEULFDQWHHO6HUYLFLRGH$WHQFLyQDO&OLHQWHX
RWURSURIHVLRQDOFXDOLILFDGR
'XUDQWHHOPRQWDMHGHEHJDUDQWL]DUVHODSURWHFFLyQFRQWUD
FRQWDFWRDFFLGHQWDO
&DEOHGHFRQH[LyQFRQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
(OHOHFWURGRPpVWLFRVRORSRGUiFRQHFWDUVHDXQDWRPDGH
FRUULHQWHGHLQVWDODFLyQUHJODPHQWDULD\SURYLVWDGHWRPDDWLHUUD
6HJ~QODVQRUPDVVLHOFRQHFWRU\DQRHVDFFHVLEOHWUDVHO
PRQWDMH OD LQVWDODFLyQ HOpFWULFD FRQ WRPD GH WLHUUD GHEHUi FRQVWDU
GHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
&DEOHGHFRQH[LyQVLQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
/DFRQH[LyQGHODSDUDWRGHEHUHDOL]DUVHH[FOXVLYDPHQWHSRUXQ
WpFQLFRHVSHFLDOLVWDDXWRUL]DGR
6HJ~QODVQRUPDVODLQVWDODFLyQHOpFWULFDFRQWRPDGHWLHUUD
GHEHUiGLVSRQHUGHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
,GHQWLILFDUHOFRQGXFWRUGHIDVH\HOFRQGXFWRUQHXWUR ©FHURª GH
ODWRPDGHFRUULHQWH(ODSDUDWRSXHGHUHVXOWDUGDxDGRVLQRVH
FRQHFWDGHODIRUPDDGHFXDGD
&RQHFWDUHODSDUDWRVHJ~QHOHVTXHPDGHFRQH[LyQ&RQVXOWDUOD
WHQVLyQHQODSODFDGHFDUDFWHUtVWLFDV&RQHFWDUORVFRQGXFWRUHV
GHOFDEOHGHFRQH[LyQDODUHGGHDFXHUGRFRQODFRGLILFDFLyQSRU
FRORUHV YHUGHDPDULOOR WRPD D WLHUUD < D]XO FHUR FRQGXFWRU
QHXWURPDUUyQ IDVH FRQGXFWRUH[WHULRU D
E
)LMDUHOHOHFWURGRPpVWLFRILJXUD
1LYHODUHODSDUDWRHQSRVLFLyQH[DFWDPHQWHKRUL]RQWDOFRQXQ
QLYHODGRUGHDJXD
,QWURGXFLUFRPSOHWDPHQWHHOHOHFWURGRPpVWLFR
&RORFDUHOHOHFWURGRPpVWLFRGHIRUPDTXHTXHGHHQSRVLFLyQ
KRUL]RQWDO\FHQWUDGR
7LSRGHSODFD
D
HQFDVWUDGD
D
DUDVGHODVX
SHUILFLH
E
3ODFDGHLQGXFFLyQ
PP
PP
PP
6XSHUILFLHGH
3ODFDGHLQGXFFLyQ
PP
PP
PP
$WRUQLOODUHOHOHFWURGRPpVWLFR
(OHVSDFLRHQWUHODHQFLPHUD\HOHOHFWURGRPpVWLFRQRGHEH
REVWUXLUVHFRQOLVWRQHVVXSOHPHQWDULRV
(QODVSDUHGHVODWHUDOHVGHODUPDULRGHVPRQWDEOHQRVHSXHGHQ
PRQWDUOLVWRQHVWpUPLFRV
'HVPRQWDMH
'HVFRQHFWDUHODSDUDWRGHODFRUULHQWH
$IORMDUORVWRUQLOORVGHDMXVWH
/HYDQWDUOLJHUDPHQWHHODSDUDWR\H[WUDHUORSRUFRPSOHWR
1RWD 1RDSWRSDUDPRQWDMHEDMRSODFDGHJDVRSODFDHOpFWULFD
(QIXQFLyQGHODVPHGLGDVPtQLPDVUHTXHULGDV EVHGHWHUPLQDOD
FDSDFLGDGPtQLPDGHODHQFLPHUD D
7HQHUHQFXHQWDODVLQVWUXFFLRQHVGHPRQWDMHGHODSODFDGH
FRFFLyQ
$SDUDWRHQXQDUPDULRHQDOWRILJXUD
3DUDSRGHUYHQWLODUHOHOHFWURGRPpVWLFRHOSLVRVHSDUDGRUGHEH
FRQWDUFRQXQDUDQXUDGHYHQWLODFLyQ
6LHODUPDULRHQDOWRFXHQWDFRQXQDSODFDSRVWHULRUDGLFLRQDO
DGHPiVGHODVSODFDVSRVWHULRUHVGHEHUHWLUDUVHODSULPHUD
1RPRQWDUHOHOHFWURGRPpVWLFRGHPDVLDGRDOWRDILQGHSRGHU
UHWLUDUORVDFFHVRULRVVLQSUREOHPDV
&RPELQDFLyQFRQXQFDMyQFDOLHQWDSODWRV
0RQWDUSULPHURHOFDMyQFDOLHQWDSODWRV7HQHUHQFXHQWDODV
LQVWUXFFLRQHVGHPRQWDMHGHOFDMyQFDOLHQWDSODWRV,QWURGXFLUHO
HOHFWURGRPpVWLFRHQHOFDMyQFDOLHQWDSODWRVGHODUPDULRGH
PRQWDMH
,PSRUWDQWH7HQHUFXLGDGRGHQRGDxDUODPROGXUDGHOFDMyQ
FDOLHQWDSODWRVDOLQWURGXFLUOR
0RQWDMHHQHVTXLQDILJXUD
3DUDTXHVHDSRVLEOHDEULUODSXHUWDGHODSDUDWRREVHUYDUXQD
GLVWDQFLD &HQHOPRQWDMHHQHVTXLQD/DPHGLGD 'GHSHQGHGHO
JURVRUGHOIURQWDOGHOPXHEOHEDMRHOWLUDGRU
fi
Ý $VHQQXVRKMH
7lUNHLWlRKMHLWDNXYD
■
■
■
■
■
■
■
7lPlODLWHRQWDUNRLWHWWXDLQRDVWDDQNDOXVWHHVHHQ
DVHQQHWWDYDNVL7lWlODLWHWWDHLROHWDUNRLWHWWXS|\WlODLWWHHNVLWDL
Nl\WHWWlYlNVLNDDSLQVLVlOOl
.DDSLVVD MRKRQ ODLWH DVHQQHWDDQ HL VDD ROOD WDNDVHLQll ODLWWHHQ
WDNDQD6HLQlQMD\OlSXROHOODROHYDQNDDSLQSRKMDQMD
WDNDVHLQlQYlOLVHQHWlLV\\GHQODLWWHHVHHQSLWllROODYlKLQWllQ
PP
.DOXVWHHQHWXVLYXOODSLWllROODFPòQWXXOHWXVDXNNR
.DOXVWHLVVD MRLVVD HL ROH WXXOHWXVDXNNRD VLYXVHLQLHQ WDNDRVDVVD
FPò7HHVLWlYDUWHQDXNNRVRNNHOLLQWDLDVHQQD
WXXOHWXVULWLOl
7XXOHWXVDXNNRMDWDLWXORLOPDDXNNRMDHLVDDSHLWWll
7DUNDVWDODLWHNXQROHWSXUNDQXWVHQSDNNDXNVHVWD-RV
ODLWWHHVVDRQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q
3RLVWDSDLNNDXVPDWHULDDOLMDOLLPDNDOYRWXXQLWLODVWDMDOXXNXVWD
HQQHQODLWWHHQNl\WW||QRWWRD
.DOXVWHLGHQMRLKLQODLWHDVHQQHWDDQSLWllNHVWllOlPS|WLODD
ƒ&YLHUHVVlROHYLHQNDOXVWHLGHQHWXRVLHQYlKLQWllQ
OlPS|WLODD ƒ&
$VHQQXNVHQSLWllWDDWDNRVNHWXVVXRMD
/LLWlQWlMRKWRMRVVDPDDGRLWHWWXSLVWRNH
/DLWWHHQ VDD OLLWWll DLQRDVWDDQ PllUl\VWHQPXNDLVHVWL DVHQQHWWXXQ
PDDGRLWHWWXXQSLVWRUDVLDDQ
-RVSLVWRNNHHVHHQHLSllVHDVHQQXNVHQMlONHHQHQllNlVLNVL
NLLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD
/LLWlQWlMRKWRMRVVDHLPDDGRLWHWWXDSLVWRNHWWD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDVHQWDMD
.LLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD<NVLO|LYDLKHMDQROODMRKWR
OLLWlQWlUDVLDVVD-RVOLLWlQWlWHKGllQYllULQODLWHYRLYDXULRLWXD
/LLWlODLWHYDLQOLLWlQWlNXYDQPXNDDQ-lQQLWHNVW\\SSLNLOSL/LLWl
YHUNNROLLWlQWlMRKGRQMRKWLPHWYlULNRRGLHQPXNDDQYLKUHl
NHOWDLQHQ VXRMDMRKGLQ <VLQLQHQ QROOD QROODMRKGLQUXVNHD
YDLKH YDLKHMRKGLQ bOlDVHQQDODLWHWWDVRPLVWHOHY\QWDDNVH9DDUDQDRQ
\OLNXXPHQHPLQHQ
■ 7HHNDOXVWHHQOHLNNDXVW\|WHQQHQODLWWHHQDVHQWDPLVWD3RLVWD
ODVWXWVlKN|LVWHQUDNHQQHRVLHQWRLPLQWDDQYRLWXOODKlLUL|LWl
■ .l\Wl VXRMDNlVLQHLWl MRWWD YlOWlW YLLOWRKDDYDW 2VDW MRLKLQ SllVHW
DVHQQXNVHQDLNDQDNlVLNVLYRLYDWROODWHUlYlUHXQDLVLD
■ /DLWWHHQOLLWlQWlUDVLDQWXOHHROODYLLYRLWHWXQSLQQDQDOXHHOOD $WDL
DVHQQXVDOXHHQXONRSXROHOOD
■ .LLQQLWlLUUDOOLVHWNDOXVWHHW\OHLVHVWLVDDWDYDQDROHYDOOD
NXOPDOHY\OOl %VHLQllQ
■ .XYLHQPLWDWPP
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
/DLWHW\|WDVRQDOODNXYD
9lOLSRKMDVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
.LLQQLWlW\|WDVRNDOXVWHHVHHQ
-RVODLWHDVHQQHWDDQNHLWWRWDVRQDOOHRQQRXGDWHWWDYDVHXUDDYLD
PLQLPLPLWWRMD WDUYLWWDHVVDDOODROHYDUDNHQQHPXNDDQOXNLHQ ■
/DLWWHHQNLLQQLWWlPLQHQNXYD
6XRULVWDODLWHYHVLYDD DQDYXOODWlVPlOOLVHVWLYDDNDWDVRRQ
7\|QQlODLWHNRNRQDDQSDLNDOOHHQ
.RKGLVWDODLWHYDDNDVXRUDDQMDNHVNHOOH
5XXYDDODLWHNLLQQL
7\|WDVRQMDODLWWHHQYlOLVWlUDNRDHLVDDVXONHDOLVlOLVWRLOOD
.DDSLQVLYXVHLQLLQHLVDDDVHQWDDOlPS|VXRMDOLVWRMD
,UURWXV
3RLVWDODLWWHHVWDMlQQLWH
,UURWDNLLQQLW\VUXXYLW
1RVWDODLWHWWDNHY\HVWLMDYHGlVHNRNRQDDQXORV
D
E
fr
Þ 1RWLFHGHPRQWDJH
&RQVLJQHVLPSRUWDQWHVILJ
&HWDSSDUHLOHVWFRQoXSRXUrWUHHQFDVWUpXQLTXHPHQW&HW
DSSDUHLOQ HVWSDVFRQoXFRPPHDSSDUHLOGHWDEOHRXSRXUXQH
XWLOLVDWLRQjO LQWpULHXUG XQPHXEOH
■ /HPHXEOHG HQFDVWUHPHQWGRLWrWUHVDQVSDURLGHUULqUH
O DSSDUHLO (QWUH OH PXU HW OH SODQFKHU GX PHXEOH RX ELHQ OD SDURL
DUULqUHGXPHXEOHVLWXpDXGHVVXVUHVSHFWHUXQHGLVWDQFHG DX
PRLQVPP
■ /HPHXEOHG HQFDVWUHPHQWGRLWGLVSRVHUVXUOHGHYDQWG XQ
RULILFH G DpUDWLRQ GH FPò (Q FDV GH QLFKH VDQV GpFRXSH SRXU
O DpUDWLRQDXQLYHDXDUULqUHGHVSDURLVODWpUDOHV FPò­FHW
HIIHWGpFRXSHUOHFDFKHGXVRFOHRXIL[HUXQHJULOOHGH
YHQWLODWLRQ
■ /HVIHQWHVG DpUDWLRQHWOHVRULILFHVG DVSLUDWLRQQHGRLYHQWSDV
rWUHUHFRXYHUWV
■ &RQWU{OHUO pWDWGHO DSSDUHLODSUqVO DYRLUGpEDOOp1HSDVOH
UDFFRUGHUV LOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
■ $YDQWODPLVHHQVHUYLFHUHWLUHUOHPDWpULDXG HPEDOODJHHWOHV
ILOPVDGKpVLIVGXFRPSDUWLPHQWGHFXLVVRQHWVXUODSRUWH
■ /HV PHXEOHV G HQFDVWUHPHQW GRLYHQW UpVLVWHU j XQH WHPSpUDWXUH
MXVTX jƒ&ODIDoDGHGHVPHXEOHVYRLVLQVMXVTX jƒ&
■ 1HSDVLQVWDOOHUO DSSDUHLOGHUULqUHXQHSODTXHGpFRUDWLYH,O
H[LVWHXQULVTXHGHVXUFKDXIIH
■ 5pDOLVHU OHV WUDYDX[ GH GpFRXSH VXU OH PHXEOH DYDQW OD PLVH HQ
SODFHGHO DSSDUHLO5HWLUHUOHVFRSDX[VXVFHSWLEOHVGHJrQHUOH
IRQFWLRQQHPHQWGHVFRPSRVDQWVpOHFWULTXHV
■ 3RUWHUGHVJDQWVGHSURWHFWLRQSRXUpYLWHUGHVFRXSXUHV
&HUWDLQHV SLqFHV DFFHVVLEOHV ORUV GX PRQWDJH SHXYHQW SRVVpGHU
GHVDUrWHVFRXSDQWHV
■ /DSULVHGHUDFFRUGHPHQWGHO DSSDUHLOGRLWVHVLWXHUGDQVOD
]RQHGHODVXUIDFHKDFKXUpH $RXjO H[WpULHXUGHO HVSDFH
G HQFDVWUHPHQW
■ /HV PHXEOHV QRQ IL[pV GRLYHQW rWUH IL[pV DX PXU DX PR\HQ G XQH
pTXHUUH %XVXHOOHGXFRPPHUFH
■ 'LPHQVLRQVLQGLTXpHVGDQVOHVLOOXVWUDWLRQVHQPP
: 3RUWHXUVG LPSODQWVpOHFWURQLTXHV / DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
$SSDUHLOVRXVOHSODQGHWUDYDLOILJ
3RXUODYHQWLODWLRQGHO DSSDUHLOOHSODQFKHULQWHUPpGLDLUHGRLW
SUpVHQWHUXQHGpFRXSHGHYHQWLODWLRQ
)L[H]OHSODQGHWUDYDLOVXUOHPHXEOHG HQFDVWUHPHQW
■
.HLWWRWDVRQW\\SSL
D
D
E
SllOOHDVHQ VDPDQWDVRLQHQ
QHWWX
DVHQQXV
,QGXNWLRNHLWWRWDVR
PP
PP
PP
7l\VLSLQWDLQHQ
LQGXNWLRNHLWWRWDVR
PP
PP
PP
+XRPDXWXV (LVRYHOOXDVHQQHWWDYDNVLNDDVXNHLWWRWDVRQWDL
VlKN|NHLWWRWDVRQDOOH
7DUYLWWDYDQPLQLPLHWlLV\\GHQ EWDNLDW\|WDVRQYlKLPPlLVYDKYXXV
RQ D
1RXGDWDNHLWWRWDVRQDVHQQXVRKMHWWD
/DLWHNRUNHDVVDNDDSLVVDNXYD
9lOLSRKMLVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
-RVNRUNHDVVDNDDSLVVDRQHOHPHQWWLWDNDVHLQLHQOLVlNVLWRLQHQ
WDNDVHLQlVHRQSRLVWHWWDYD
$VHQQD ODLWH YDLQ QLLQ NRUNHDOOH HWWl YDUXVWHHW VDD RWHWWXD KHOSRVWL
XORV
<KWHHQVRYLWXVOlPS|ODDWLNRQNDQVVD
$VHQQDHQVLQOlPS|ODDWLNNR1RXGDWDOlPS|ODDWLNRQ
DVHQQXVRKMHWWD7\|QQlODLWHOlPS|ODDWLNRQ\OlSXROHOOHNDDSSLLQ
7lUNHll9DURYDXULRLWWDPDVWDOlPS|ODDWLNRQHWXSDQHHOLDNXQ
W\|QQlWODLWWHHQSDLNDOOHHQ
$VHQQXVNXOPDDQNXYD
-RWWDODLWWHHQOXXNNXVDDGDDQDYDWWXDRWDNXOPDDQDVHQWDHVVDVL
KXRPLRRQ PLWDW & 0LWWD ' ULLSSXX NDOXVWHHQ HWXRVDQ SDNVXXGHVWD
NDKYDQDODSXROHOOD
/LLWlODLWH
/DLWWHHQVXRMDOXRNNDRQMDVHQNl\WW|RQVDOOLWWXYDLQ
PDDGRLWXVOLLWlQQlQNDQVVD
6XRMDXVRQWHKWlYlW\\SSLNLOYHVVlPDLQLWXQWHKRWLHGRQMD
SDLNDOOLVWHQPllUl\VWHQPXNDDQ
/DLWWHHVVDHLVDDROODMlQQLWHWWlDVHQQXVW|LWlWHKWlHVVl
/LLWlQWlMRKGRQ VDD YDLKWDD YDLQ DONXSHUlLVHHQ OLLWlQWlMRKWRRQ MRND
RQVDDWDYDQDKXROWRSDOYHOXVWD
9DDURMHQYlOWWlPLVHNVLRQYDXULRLWXQHHQOLLWlQWlMRKGRQ
YDLKWDPLQHQWHHWHWWlYlYDOPLVWDMDOODKXROWRSDOYHOXVVDWDL
YDVWDDYDQNRXOXWXNVHQVDDQHHOODDPPDWWLDVHQWDMDOOD
6LO DSSDUHLOHVWHQFDVWUpVRXVXQHWDEOHGHFXLVVRQOHV
GLPHQVLRQVPLQLPDOHVVXLYDQWHVGRLYHQWrWUHUHVSHFWpHV OHFDV
pFKpDQWFRQVWUXFWLRQVXSSRUWLQFOXVH D
E
QHXWUHGDQVODSULVHGHUDFFRUGHPHQW/ DSSDUHLOULVTXHG rWUH
HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW
,OGRLWrWUHUDFFRUGpXQLTXHPHQWFRQIRUPpPHQWDXVFKpPDGH
UDFFRUGHPHQW3RXUODWHQVLRQUHSRUWH]YRXVjODSODTXH
VLJQDOpWLTXH 5DFFRUGH] OHV ILOV GX FkEOH GH UDFFRUGHPHQW VHFWHXU
FRQIRUPpPHQWDXFRGHGHFRXOHXUV YHUWMDXQH FRQGXFWHXUGH
SURWHFWLRQ <EOHX QHXWUHPDUURQ SKDVH FRQGXFWHXU
H[WpULHXU )L[HUO DSSDUHLOILJ
$OLJQH]O DSSDUHLOH[DFWHPHQWjO KRUL]RQWDOHjO DLGHGXQLYHDXj
EXOOH
3RXVVH]O DSSDUHLOjIRQGGDQVOHPHXEOH
1LYHOH]HWFHQWUH]O DSSDUHLO
9LVVH]O DSSDUHLO
7\SHGHWDEOHGH
FXLVVRQ
D
SRVp
D
DIIOHXUDQW
E
7DEOHjLQGXFWLRQ
PP
PP
PP
7DEOH GH FXLVVRQ j LQ PP
GXFWLRQ
SOHLQHVXUIDFH
PP
PP
5HPDUTXH 1RQDGDSWpSRXUXQHLQVWDOODWLRQVRXVXQHWDEOHj
JD]RXXQHWDEOHpOHFWULTXH
(QUDLVRQGHODGLVWDQFHPLQLPDOHQpFHVVDLUH EO pSDLVVHXU
PLQLPDOHGXSODQGHWUDYDLOTXLHQGpFRXOHHVW D
5HVSHFWH]ODQRWLFHGHPRQWDJHGHODWDEOHGHFXLVVRQ
$SSDUHLOGDQVXQHDUPRLUHILJ
3RXUO DpUDWLRQGHO DSSDUHLOOHVSODQFKHUVLQWHUPpGLDLUHVGRLYHQW
SUpVHQWHUXQHGpFRXSHGHYHQWLODWLRQ
6LOHPHXEOHKDXWSRVVqGHXQSDQQHDXDUULqUHHQSOXVGHV
SDQQHDX[DUULqUHSUpIDEULTXpVFHOXLFLGRLWrWUHHQOHYp
(QFDVWUHUO DSSDUHLOjXQHKDXWHXUTXLSHUPHWWHGHUHWLUHUVDQV
SUREOqPHOHVDFFHVVRLUHV
&RPELQDLVRQDYHFWLURLUFKDXIIDQW
0RQWHUG DERUGOHWLURLUFKDXIIDQW5HVSHFWHUOHVLQVWUXFWLRQVGH
PRQWDJHGXWLURLUFKDXIIDQW,QWURGXLUHO DSSDUHLOGDQVOHPHXEOH
G HQFDVWUHPHQWVXUOHWLURLUFKDXIIDQW
,PSRUWDQW QHSDVHQGRPPDJHUOHEDQGHDXGHFRPPDQGHGX
WLURLUFKDXIIDQWORUVGHO LQVHUWLRQ
(QFDVWUHPHQWDQJXODLUHILJ
$ILQGHSRXYRLURXYULUODSRUWHGHO DSSDUHLOUHVSHFWHUOHVFRWHV &
HQFDVG HQFDVWUHPHQWDQJXODLUH/DFRWH 'HVWIRQFWLRQGH
O pSDLVVHXUGHODIDoDGHGXPHXEOHVRXVODSRLJQpH
5DFFRUGHPHQWGHO DSSDUHLO
/ DSSDUHLOUpSRQGjODFODVVHGHSURWHFWLRQHWSHXWXQLTXHPHQW
rWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
/DSURWHFWLRQSDUIXVLEOHGRLWV HIIHFWXHUFRQIRUPpPHQWj
O LQGLFDWLRQGHSXLVVDQFHVXUODSODTXHVLJQDOpWLTXHHWOHV
SUHVFULSWLRQVORFDOHV
3RXUWRXVOHVWUDYDX[GHPRQWDJHO DSSDUHLOGRLWrWUHPLVKRUV
WHQVLRQ
/HFkEOHGHUDFFRUGHPHQWSHXWXQLTXHPHQWrWUHUHPSODFpSDUXQ
FkEOHG RULJLQHTXLSHXWrWUHFRPPDQGpDXSUqVGXVHUYLFHDSUqV
YHQWH
$ILQG pYLWHUOHVULVTXHVXQFkEOHGHUDFFRUGHPHQWHQGRPPDJp
GRLWrWUHUHPSODFpSDUOHIDEULFDQWOHVHUYLFHDSUqVYHQWHRXXQH
SHUVRQQHTXDOLILpHFRPSDUDEOH
/ HQFDVWUHPHQWGRLWJDUDQWLUODSURWHFWLRQFRQWUHOHVFRQWDFWV
DFFLGHQWHOV
&kEOHGHUDFFRUGHPHQWDYHFILFKHDYHFWHUUH
/ DSSDUHLOGRLWLPSpUDWLYHPHQWrWUHUDFFRUGpjXQHSULVHGH
FRXUDQWGHVpFXULWpLQVWDOOpHGHPDQLqUHUpJOHPHQWDLUH
6LODSULVHQ HVWSOXVDFFHVVLEOHDSUqVO LQVWDOODWLRQGDQV
O LQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQVOHV
SKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
G LQVWDOODWLRQ
&kEOHGHUDFFRUGHPHQWVDQVILFKHDYHFWHUUH
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUO DSSDUHLO
'DQVO LQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQV
OHVSKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
G LQVWDOODWLRQ,GHQWLILH]OHFRQGXFWHXUGHSKDVHHWOHFRQGXFWHXU
/ pFDUW HQWUH OH SODQ GH WUDYDLO HW O DSSDUHLO QH SHXW SDV rWUH REWXUp
SDUGHVEDQGHVVXSSOpPHQWDLUHV
$XFXQH EDQGH GH SURWHFWLRQ WKHUPLTXH QH SHXW rWUH DSSOLTXpH VXU
OHVSDURLVODWpUDOHVGXPHXEOHG HQFDVWUHPHQW
'pSRVH
0HWWUHO DSSDUHLOKRUVWHQVLRQ
'HVVHUUHUOHVYLVGHIL[DWLRQ
6RXOHYHUOpJqUHPHQWO DSSDUHLOHWOHUHWLUHUFRPSOqWHPHQW
it
â ,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL)LJXUD
4XHVWRDSSDUHFFKLRqFRQFHSLWRHVFOXVLYDPHQWHSHUO LQFDVVR
4XHVWRDSSDUHFFKLRQRQqSHQVDWRFRPHVLVWHPDGDWDYRORR
SHUO XWLOL]]RDOO LQWHUQRGHOPRELOH
■ ,QVHULUHO DSSDUHFFKLRLQXQPRELOHGDLQFDVVRVHQ]DSDUHWH
SRVWHULRUH5LVSHWWDUHXQDGLVWDQ]DSDULDGDOPHQRPPWUDLO
PXURHLOIRQGRRODSDUHWHSRVWHULRUHGHOSHQVLOHVRWWRVWDQWH
■ ,OODWRDQWHULRUHGHOPRELOHGDLQFDVVRGHYHHVVHUHSURYYLVWRGL
XQIRURGLYHQWLOD]LRQHGLFPò,QFDVRGLPRELOLGDLQFDVVR
SULYLGLIHVVXUDGLYHQWLOD]LRQHQHOODSDUWHSRVWHULRUHGHOOHSDUHWL
ODWHUDOLLOIRURGLYHQWLOD]LRQHGHYHHVVHUHGLFPò$WDOILQH
DFFRUFLDUHOR]RFFRORRPRQWDUHXQDJULJOLDGLYHQWLOD]LRQH
■ /HIHVVXUHGLYHQWLOD]LRQHHOHSUHVHG DULDQRQGHYRQRHVVHUH
FRSHUWH
■ &RQWUROODUHO DSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL
IRVVHUR YHULILFDWL GDQQL GD WUDVSRUWR QRQ FROOHJDUH O DSSDUHFFKLR
■ 5LPXRYHUHLOPDWHULDOHGLLPEDOODJJLRHODSHOOLFRODDGHVLYDGDO
YDQRFRWWXUDHGDOORVSRUWHOORSULPDGHOODPHVVDLQIXQ]LRQH
■ ,PRELOLGDLQFDVVRGHYRQRHVVHUHWHUPRVWDELOLILQRDXQD
WHPSHUDWXUDSDULDƒ&HLPRELOLFRQWLJXLILQRDƒ&
■ 1RQPRQWDUHO DSSDUHFFKLRGLHWURDXQSDQQHOORGHFRUDWLYR
6XVVLVWHLOSHULFRORGLVXUULVFDOGDPHQWR
■ &RPSOHWDUHLODYRULGLWDJOLRVXOPRELOHSULPDGHOO LQVHULPHQWR
GHOO DSSDUHFFKLR5LPXRYHUHLWUXFLROLLQTXDQWRSRVVRQR
SUHJLXGLFDUHLOIXQ]LRQDPHQWRGHLFRPSRQHQWLHOHWWULFL
■ ,QGRVVDUHJXDQWLSURWHWWLYLSHUHYLWDUHGLSURFXUDUVLIHULWHGD
WDJOLR/HSDUWLFKHUHVWDQRVFRSHUWHGXUDQWHLOPRQWDJJLR
SRVVRQRHVVHUHDSSXQWLWH
■ /DSUHVDGLFROOHJDPHQWRGHOO DSSDUHFFKLRGHYHWURYDUVL
DOO LQWHUQRGHOO DUHDWUDWWHJJLDWD $RDOO HVWHUQRGHOO DUHDGL
LQFDVVR
■ )LVVDUHLOPRELOHDOODSDUHWHFRQXQDQJRODUH %GLVSRQLELOHLQ
FRPPHUFLR
■ 1HOOHILJXUHOHPLVXUHVRQRHVSUHVVHLQPP
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/ DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
$SSDUHFFKLRVRWWRLOSLDQRGLODYRURILJXUD
3HUODYHQWLOD]LRQHGHOO DSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
)LVVDUHLOSLDQRGLODYRURDOPRELOHGDLQFDVVR
6HO DSSDUHFFKLRYLHQHLQFDVVDWRVRWWRXQSLDQRFRWWXUDYDQQR
ULVSHWWDWHOHVHJXHQWLPLVXUHPLQLPH HYHQWXDOPHQWHLQFOXVD
VRWWRVWUXWWXUD ■
D
E
DOODFFLDPHQWRVFRUUHWWRGHOO DSSDUHFFKLRSXzFRPSRUWDUQHLO
GDQQHJJLDPHQWR
$WWHQHUVLVHPSUHDOORVFKHPDGLDOODFFLDPHQWR3HUODWHQVLRQH
YHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH&ROOHJDUHLILOLGHOFDYRGL
FROOHJDPHQWRDOODUHWHHOHWWULFDULVSHWWDQGRLFRORULYHUGHJLDOOR
FRQGXWWRUHGLWHUUD <EOX ]HUR FRQGXWWRUHQHXWURPDUURQH
IDVH FRQGXWWRUHHVWHUQR )LVVDJJLRGHOO DSSDUHFFKLR)LJXUD
0HWWHUHO DSSDUHFFKLRSHUIHWWDPHQWHLQSLDQRVHUYHQGRVLGLXQD
OLYHOODDEROODG DULD
,QVHULUHO DSSDUHFFKLRILQRLQIRQGR
3RVL]LRQDUHO DSSDUHFFKLRLQRUL]]RQWDOHHFHQWUDUOR
)LVVDUHO DSSDUHFFKLRFRQOHYLWL
7LSRGLSLDQRFRWWX D
UD
ULDO]DWR
D
DILOR
E
3LDQRFRWWXUDDLQGX PP
]LRQH
PP
PP
3LDQRFRWWXUDFRQ
VLVWHPDDLQGX]LRQH
VXOO LQWHUDVXSHUILFLH
PP
PP
PP
$YYHUWHQ]D 1RQ DGDWWR SHU O LQVHULPHQWR VRWWR D XQ SLDQR FRWWXUD
DJDVRDXQSLDQRFRWWXUDHOHWWULFR
6XOODEDVHGHOODGLVWDQ]DPLQLPDQHFHVVDULD EULVXOWDORVSHVVRUH
PLQLPRGHOSLDQRGLODYRUR D
5LVSHWWDUHOHLVWUX]LRQLSHULOPRQWDJJLRGHOSLDQRFRWWXUD
$SSDUHFFKLRLQXQPRELOHDOWR)LJXUD
3HUODYHQWLOD]LRQHGHOO DSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
6HROWUHDLSDQQHOOLSRVWHULRULGHOO HOHPHQWRXQPRELOHDOWRKDXQ
XOWHULRUHSDQQHOORSRVWHULRUHTXHVW XOWLPRGHYHHVVHUHULPRVVR
0RQWDUHO DSSDUHFFKLRDXQ DOWH]]DWDOHGDSRWHUSUHOHYDUHJOL
DFFHVVRULVHQ]DSUREOHPL
&RPELQD]LRQHFRQVFDOGDYLYDQGH
3ULPD PRQWDUH OR VFDOGDYLYDQGH 3UHVWDUH DWWHQ]LRQH DOOH LVWUX]LRQL
SHULOPRQWDJJLRGHOORVFDOGDYLYDQGH,QVHULUHO DSSDUHFFKLRQHO
PRELOHDGLQFDVVRVRSUDORVFDOGDYLYDQGH
,PSRUWDQWHLQIDVHGLLQVHULPHQWRSUHVWDUHDWWHQ]LRQHDQRQ
GDQQHJJLDUHLOSDQQHOORGHOORVFDOGDYLYDQGH
0RQWDJJLRDQJRODUH)LJXUD
3HU SHUPHWWHUH O DSHUWXUD GHOOD SRUWD WHQHUH FRQWR GHOOD PLVXUD GHO
PRQWDJJLRDQJRODUH &/DPLVXUD 'GLSHQGHGDOORVSHVVRUHGHO
IURQWDOHGHOPRELOHVRWWRODPDQLJOLD
&ROOHJDPHQWRGHOO DSSDUHFFKLR
/ DSSDUHFFKLR DSSDUWLHQH DOOD FODVVH GL SURWH]LRQH HG q LQ JUDGR
GLIXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
/DSURWH]LRQHDYYLHQHVHFRQGRO LQGLFD]LRQHGLSRWHQ]DVXOOD
WDUJKHWWDGLLGHQWLILFD]LRQHHQHOULVSHWWRGHOOHGLVSRVL]LRQLORFDOL
'XUDQWHWXWWHOHRSHUD]LRQLGLPRQWDJJLRO DSSDUHFFKLRGHYH
HVVHUHVHQ]DWHQVLRQH
6RVWLWXLUHLOFDYRGLDOLPHQWD]LRQHXQLFDPHQWHFRQXQFDYR
RULJLQDOHGLVSRQLELOHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DFOLHQWL
3HUHYLWDUHSHULFROLLOFDYRGLDOODFFLDPHQWRGDQQHJJLDWRGHYH
HVVHUHVRVWLWXLWRGDOSURGXWWRUHGDOVHUYL]LRGLDVVLVWHQ]DFOLHQWLR
GDSHUVRQDOHSURYYLVWRGLDQDORJDTXDOLILFD
/DSURWH]LRQHGDFRQWDWWRGHYHHVVHUHJDUDQWLWDWUDPLWHLO
PRQWDJJLR
&DYRGLFROOHJDPHQWRFRQVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/ DSSDUHFFKLRSXzHVVHUHFROOHJDWRVRODPHQWHDXQDSUHVDFRQ
PHVVDDWHUUDLQVWDOODWDVHFRQGROHLVWUX]LRQL
6HGRSRLOPRQWDJJLRODVSLQDQRQqSLUDJJLXQJLELOHGXUDQWHOD
SRVDILVVDGHOO LQVWDOOD]LRQHHOHWWULFDSUHYHGHUHXQGLVSRVLWLYRGL
VHSDUD]LRQHQHOOHIDVLVHJXHQWLDOODGHWHUPLQD]LRQH
GHOO DOOHVWLPHQWR
&DYRGLFROOHJDPHQWRVHQ]DVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/ DOODFFLDPHQWRGHOO DSSDUHFFKLRSXzHVVHUHHIIHWWXDWRVRORGDXQ
WHFQLFRDXWRUL]]DWR
'XUDQWH OD SRVD ILVVD GHOO LQVWDOOD]LRQH HOHWWULFD q GD SUHYHGHUH XQ
GLVSRVLWLYRGLVHSDUD]LRQHQHOOHIDVLFRQIRUPHPHQWHDOOH
GLVSRVL]LRQLGHOO DOOHVWLPHQWR1HOODSUHVDGLFROOHJDPHQWR
LQGLYLGXDUHXQFRQGXWWRUHGLIDVHHXQRQHXWUR ´]HURµ 8Q
1RQFKLXGHUHORVSD]LRWUDLOSLDQRGLODYRURHO DSSDUHFFKLRFRQ
XOWHULRULOLVWHOOL
6XOOHSDUHWLODWHUDOLGHOPRELOHQRQGHYHHVVHUHFROORFDWRDOFXQ
OLVWHOORGLLVRODPHQWRWHUPLFR
6PRQWDJJLR
6FROOHJDUHO DSSDUHFFKLR
6YLWDUHOHYLWLGLILVVDJJLR
6ROOHYDUHOHJJHUPHQWHO DSSDUHFFKLRHGHVWUDUORFRPSOHWDPHQWH
nl
é ,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ$IE
'LWDSSDUDDWLVDOOHHQEHVWHPGYRRULQERXZ'LWDSSDUDDWLVQLHW
EHGRHOGYRRUJHEUXLNRSWDIHORILQHHQNDVW
■ 'HLQERXZNDVWPDJDFKWHUKHWDSSDUDDWJHHQDFKWHUZDQG
KHEEHQ7XVVHQGHZDQGHQGHERGHPYDQGHNDVWRIGH
DFKWHUZDQG YDQ GH NDVW HUERYHQ GLHQW HHQ DIVWDQG YDQ PLQVWHQV
PPWHZRUGHQDDQJHKRXGHQ
■ 'H LQERXZNDVW PRHW DDQ GH YRRUNDQW HHQ YHQWLODWLHRSHQLQJ YDQ
FPò KHEEHQ %LM RPERXZPHXEHOV ]RQGHU YHQWLODWLHXLWVSDULQJ
DFKWHUDDQGH]LMZDQGHQ FPò+LHUYRRUGHVRNNHOSODDW
ELMVQLMGHQRIHHQYHQWLODWLHURRVWHUDDQEUHQJHQ
■ 9HQWLODWLHVOHXYHQHQDDQ]XLJRSHQLQJHQPRJHQQLHWZRUGHQ
DIJHGHNW
■ &RQWUROHHUKHWDSSDUDDWQDKHWXLWSDNNHQ1LHWDDQVOXLWHQLQ
JHYDOYDQWUDQVSRUWVFKDGH
■ 9RRUKHWHHUVWHJHEUXLNYHUSDNNLQJVPDWHULDDOHQSODNIROLH
YHUZLMGHUHQXLWGHELQQHQUXLPWHHQYDQGHGHXU
■ ,QERXZPHXEHOVGLHQHQEHVWDQGWH]LMQWHJHQHHQWHPSHUDWXXU
YDQPD[LPDDOƒ&DDQJUHQ]HQGHYRRU]LMGHQYDQPHXEHOV
WHJHQHHQWHPSHUDWXXUYDQPD[LPDDOƒ&
■ +HWDSSDUDDWQLHWDFKWHUHHQGHFRUSODDWLQERXZHQ(UEHVWDDW
JHYDDUYDQRYHUYHUKLWWLQJ
■ 9RHU XLWVQLMGLQJVZHUN]DDPKHGHQ DDQ KHW PHXEHO XLW YRRUGDW KHW
DSSDUDDWZRUGWJHSODDWVW6SDQHQYHUZLMGHUHQGH]HNXQQHQ
LQYORHGKHEEHQRSGHZHUNLQJYDQHOHNWULVFKHFRPSRQHQWHQ
■ 'UDDJZHUNKDQGVFKRHQHQWHUYRRUNRPLQJYDQVQLMZRQGHQ
2QGHUGHOHQGLHWLMGHQVKHWLQERXZHQWRHJDQNHOLMN]LMQNXQQHQ
VFKHUSHUDQGHQKHEEHQ
■ 'HFRQWDFWGRRVYDQKHWDSSDUDDWGLHQW]LFKLQKHWJHELHGYDQ
KHWJHDUFHHUGHYODN $RIEXLWHQGHLQERXZUXLPWHWHEHYLQGHQ
■ 1LHWEHYHVWLJGHPHXEHOVPHWHHQJHEUXLNHOLMNHLQGHKDQGHO
YHUNULMJEDUHKDDN %DDQGHZDQGEHYHVWLJHQ
■ 0DDWDDQGXLGLQJHQYDQGHDIEHHOGLQJHQLQPP
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
$SSDUDDWRQGHUZHUNEODG$IE
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQWKHW
WXVVHQVFKRWWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:HUNEODGEHYHVWLJHQRSKHWLQERXZPHXEHO
:RUGWKHWDSSDUDDWRQGHUHHQNRRNSODDWLQJHERXZGGDQPRHWHQ
GHYROJHQGHPLQLPDOHDIPHWLQJHQLQDFKWZRUGHQJHQRPHQ
HYHQWXHHOLQFOXVLHIRQGHUERXZ ■
$OOHHQDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD'HVSDQQLQJVWDDW
YHUPHOGRSKHWW\SHSODDWMH'HDGHUVYDQGHKRRIGOHLGLQJ
QHWDDQVOXLWLQJ DDQVOXLWHQ YROJHQV GH NOHXUFRGHULQJ JURHQJHHO
DDUGOHLGLQJ <EODXZ QXO QHXWUDDOOHLGLQJEUXLQ IDVH
EXLWHQOHLGLQJ D
E
$SSDUDDWEHYHVWLJHQ$IEHHOGLQJ
+HWDSSDUDDWPHWHHQZDWHUSDVH[DFWKRUL]RQWDDOXLWULFKWHQ
$SSDUDDWKHOHPDDOLQVFKXLYHQ
+HWDSSDUDDWKRUL]RQWDDOHQFHQWULVFKXLWULFKWHQ
$SSDUDDWYDVWVFKURHYHQ
7\SHNRRNSODDW
D
RSERXZ
D
E
YODNJHPRQWHHU
GH
PHWGRRUORSHQG
NRRNRSSHUYODN
PP
PP
'H VSOHHW WXVVHQ ZHUNEODG HQ DSSDUDDW PDJ QLHW GRRU H[WUD OLMVWHQ
ZRUGHQDIJHVORWHQ
$DQGH]LMZDQGHQYDQGHRPERXZNDVWPRJHQJHHQ
LVRODWLHSURILHOHQZRUGHQDDQJHEUDFKW
'HPRQWDJH
0DDNKHWDSSDUDDWVSDQQLQJVORRV
%HYHVWLJLQJVVFKURHYHQORVGUDDLHQ
+HWWRHVWHOOLFKWRSWLOOHQHQKHOHPDDOQDDUEXLWHQWUHNNHQ
PP
no
ê 0RQWHULQJVYHLOHGQLQJ
LQGXFWLHNRRNSODDW
PHWGRRUORSHQG
NRRNRSSHUYODN
PP
PP
PP
9LNWLJHKHQYLVQLQJHU²ELOGH
'HWWH DSSDUDWHW HU NXQ EHUHJQHW IRU LQQE\JJLQJ 'HWWH DSSDUDWHW
HULNNHHJQHWIRUEUXNSnERUGHWHOOHULHWVNDS
■ ,QQE\JJLQJVVNDSHWVNDOLNNHKDQRHQEDNYHJJEDNDSSDUDWHW
0HOORPYHJJHQRJVNDSEXQQHQHOOHUEDNYHJJHQWLOVNDSHW
RYHQIRUPnGHWY UHHQDYVWDQGSnPLQVWPP
■ ,QQE\JJLQJVVNDSHWPnKDHQYHQWLODVMRQVnSQLQJSnIUHPVLGHQ
SnFPò9HGRPE\JJLQJVHOHPHQWXWHQYHQWLODVMRQVnSQLQJL
EDNUHRPUnGHIRUVLGHYHJJHUVNDOGHWY UH FPò%HVNM U
VRNNHOGHNVHOHWHOOHUPRQWHUHWYHQWLODVMRQVJLWWHU
■ 9HQWLODVMRQVnSQLQJHURJLQQVXJLQJVnSQLQJHUPnLNNHWLOGHNNHV
■ .RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO
DSSDUDWHWKYLVGHWHUEOLWWVNDGHWXQGHUWUDQVSRUW
■ )MHUQDOOHPEDOODVMHLQNOIROLHIUDRYQVURPPHWRJDSSDUDWG¡UHQ
I¡UDSSDUDWHWWDVLEUXN
■ ,QQE\JJLQJVPRGXOHUPnWnOHWHPSHUDWXUHUSnLQQWLOƒ&RJ
HOHPHQWIURQWHULRPUnGHWPnWnOHLQQWLOƒ&
■ $SSDUDWHWPnLNNHPRQWHUHVEDNS\QWHGHNVHO'HWHUIDUHIRU
RYHURSSKHWLQJ
■ 8WVNM ULQJHU L NM¡NNHQHOHPHQWHU Pn IRUHWDV I¡U DSSDUDWHW VHWWHV
Sn SODVV )MHUQ VSRQ )XQNVMRQHQ WLO GH HOHNWULVNH NRPSRQHQWHQH
NDQSnYLUNHV
■ %UXNYHUQHKDQVNHUIRUnXQQJnNXWWVNDGHU'HOHUVRPHU
WLOJMHQJHOLJHXQGHUPRQWHULQJNDQKDVNDUSHNDQWHU
■ 9HJJXWWDNIRUDSSDUDWHWPnOLJJHLRPUnGHWYHGGHQVNUDYHUWH
IODWHQ $HOOHUXWHQIRULQQE\JJLQJVRPUnGHW
■ .M¡NNHQHOHPHQWHUVRPLNNHHUIHVWHWVNUXVIDVWWLOYHJJHQPHG
HWYDQOLJYLQNHOMHUQ %
■ 0nOLILJXUHQHLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
$SSDUDWXQGHUEHQNHSODWHQ²ILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQKDHQ
XWVNnUHWOXIWHnSQLQJ
)HVWEHQNHSODWHQSnNM¡NNHQHOHPHQWHW
+YLVDSSDUDWHWEOLUE\JJHWLQQXQGHUHQSODWHWRSSPnI¡OJHQGH
PLQVWHPnORYHUKROGHV HYHQWXHOWLQNOXVLYHXQGHUVWHOO ■
$DQZLM]LQJ 1LHW JHVFKLNW YRRU LQERXZ RQGHU HHQ JDVNRRNSODDW RI
HHQHOHNWULVFKHNRRNSODDW
2SEDVLVYDQGHYHUHLVWHPLQLPDOHDIVWDQG ELVGHPLQLPDOHGLNWH
YDQKHWZHUNEODG D
+RXGXDDQKHWLQVWDOODWLHYRRUVFKULIWYRRUGHNRRNSODDW
$SSDUDDWLQERYHQNDVW$IE
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQHQGH
WXVVHQVFKRWWHQWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:DQQHHUGHERYHQNDVWQDDVWGHHOHPHQWDFKWHUZDQGHQQRJHHQ
DFKWHUZDQGKHHIWGLHQWGH]HYHUZLMGHUGWHZRUGHQ
+HWDSSDUDDWQLHWWHKRRJLQERXZHQ]RGDWGHWRHEHKRUHQHU
]RQGHUSUREOHHPXLWJHQRPHQNXQQHQZRUGHQ
&RPELQDWLHPHWZDUPKRXGODGH
(HUVWGHZDUPKRXGODGHDDQEUHQJHQ+RXGXDDQKHW
LQVWDOODWLHYRRUVFKULIWELMGHZDUPKRXGODGH+HWDSSDUDDWRSGH
ZDUPKRXGODGHLQGHLQERXZNDVWVFKXLYHQ
%HODQJULMN+LHUELMGHDIVFKHUPLQJYDQGHZDUPKRXGODGHQLHW
EHVFKDGLJHQ
+RHNLQERXZ$IE
2PHUYRRUWH]RUJHQGDWGHGHXUYDQKHWDSSDUDDWNDQZRUGHQ
JHRSHQGGLHQWX]LFKELMGHKRHNLQERXZWHKRXGHQDDQGH
DIPHWLQJHQ &$IPHWLQJ 'LVDIKDQNHOLMNYDQGHGLNWHYDQKHW
PHXEHOIURQWRQGHUGHJUHHS
$SSDUDDWDDQVOXLWHQ
+HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVHHQPDJDOOHHQPHW
HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
'H]HNHULQJGLHQWLQRYHUHHQVWHPPLQJWH]LMQPHWGH
YHUPRJHQVRSJDYHRSKHWW\SHSODDWMHHQGHORNDOHYRRUVFKULIWHQ
+HWDSSDUDDWGLHQWELMDOOHPRQWDJHZHUN]DDPKHGHQ
VSDQQLQJVORRVWH]LMQ
'H DDQVOXLWNDEHO PDJ DOOHHQ ZRUGHQ YHUYDQJHQ GRRU HHQ RULJLQHOH
NDEHOGLHYHUNULMJEDDULVELMGHVHUYLFHGLHQVW
7HUYRRUNRPLQJYDQJHYDDUOLMNHVLWXDWLHVGLHQWHHQEHVFKDGLJGH
DDQVOXLWOHLGLQJGRRUGHIDEULNDQWGHVHUYLFHGLHQVWRIHHQ
YHUJHOLMNEDDUJHNZDOLILFHHUGHSHUVRRQWHZRUGHQYHUYDQJHQ
'HEHVFKHUPLQJWHJHQDDQUDNLQJGLHQWGRRUGHLQERXZWH]LMQ
JHZDDUERUJG
$DQVOXLWNDEHOPHWJHDDUGHVWHNNHU
+HWDSSDUDDWPDJDOOHHQRSHHQJHDDUGHFRQWDFWGRRVZRUGHQ
DDQJHVORWHQGLHYROJHQVGHYRRUVFKULIWHQLVJHwQVWDOOHHUG
:DQQHHUGHVWHNNHUQDGHLQERXZQLHWPHHUWRHJDQNHOLMNLVPRHW
GHJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU
$DQVOXLWNDEHO]RQGHUJHDDUGHVWHNNHU
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
'HJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHGLHQWYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU)DVHHQQHXWUDDO QXO OHLGHULQKHWVWRSFRQWDFW
LGHQWLILFHUHQ%LMHHQYHUNHHUGHDDQVOXLWLQJNDQKHWDSSDUDDW
ZRUGHQEHVFKDGLJG
E
D
7\SHSODWHWRSS
D
WUDGLVMRQHOO
D
SODQR
E
,QGXNVMRQVWRSS
PP
PP
PP
6RQHIUL
LQGXNVMRQVWRSS
PP
PP
PP
0HUN ,NNHHJQHWIRULQQE\JJLQJXQGHUJDVVWRSSHOOHU
JODVVNHUDPLVNSODWHWRSS
3JDGHQQ¡GYHQGLJHPLQVWHDYVWDQGHQ EEOLUPLQVWHVW\UNHQSn
EHQNHSODWHQ D
)¡OJPRQWHULQJVDQYLVQLQJHQIRUSODWHWRSSHQ
$SSDUDWLK¡\VNDS²ILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQHKD
XWVNnUHGHYHQWLODVMRQVnSQLQJHU
1nU K¡\VNDSHW KDU HQ EDNYHJJ L WLOOHJJ WLO HOHPHQWEDNYHJJHQH Pn
GHQQHIMHUQHV
$SSDUDWHUPnE\JJHVLQQVOLNDWWLOEHK¡UHWNDQWDVXWXWHQ
SUREOHPHU
.RPELQDVMRQPHGYDUPHVNXII
0RQWHUI¡UVWYDUPHVNXIIHQ)¡OJPRQWHULQJVDQYLVQLQJHQWLO
YDUPHVNXIIHQ6N\YDSSDUDWHWLQQLLQQE\JJLQJVVNDSHWRSSn
YDUPHVNXIIHQ
9LNWLJ 3DVV Sn DW SDQHOHW Sn YDUPHVNXIIHQ LNNH EOLU VNDGHW QnU GX
VN\YHUPLNURE¡OJHRYQHQLQQ
,QQE\JJLQJLKM¡UQHU²ILJXU
)RUDWDSSDUDWG¡UHQVNDONXQQHnSQHVPnGHWWDVKHQV\QWLO
PnOHQH &YHGLQQE\JJLQJLKM¡UQHU0nOHW 'HUDYKHQJLJDY
W\NNHOVHQSnHOHPHQWIURQWHQXQGHUKnQGWDNHW
.REOHWLODSSDUDWHW
$SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVHRJPnEDUH
NREOHVWLOHQMRUGHWVWLNNRQWDNW
$SSDUDWHWPnVLNUHVLKHQKROGWLORSSO\VQLQJHQHSnW\SHVNLOWHWRJ
ORNDOHIRUVNULIWHU
9HGDOWPRQWHULQJVDUEHLGPnDSSDUDWHWY UHVSHQQLQJVO¡VW
7LONREOLQJVOHGQLQJHQPnEDUHHUVWDWWHVDYHQRULJLQDOOHGQLQJVRP
InVKRVNXQGHVHUYLFH
'HUVRP GHW HU VNDGHU Sn WLONREOLQJVOHGQLQJHQ Pn GHQ VNLIWHV XW DY
SURGXVHQWHQNXQGHVHUYLFHQHOOHUHQWLOVYDUHQGHNYDOLILVHUWSHUVRQ
IRUnXQQJnIDUH
0RQWHULQJHQPnLNNHLQQVNUHQNHEHU¡ULQJVEHVN\WWHOVHQ
7LONREOLQJVOHGQLQJPHGMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHNREOHVWLOHQIRUVNULIWVPHVVLJPRQWHUWMRUGHW
VWLNNRQWDNW
'HUVRPVW¡SVHOHWLNNHHUWLOJMHQJHOLJHWWHUPRQWHULQJPnGHWL
KHQKROGWLOUHJHOYHUNHWY UHHQVNLOOHEU\WHULIDVHQHLGHQIDVWH
HOHNWULVNHLQVWDOODVMRQHQ
7LONREOLQJVOHGQLQJXWHQMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHWLONREOHVDYHQJRGNMHQWIDJSHUVRQ
,GHQIDVWHHOHNWULVNHLQVWDOODVMRQHQVNDOGHWLKHQKROGWLO
UHJHOYHUNHWY UHHQVNLOOHEU\WHULIDVHQH,GHQWLILVHUIDVHRJ
Q¡\WUDOOHGHU QXOOHGHU LVWLNNRQWDNWHQ$SSDUDWHWNDQEOL¡GHODJW
YHGIHLOWLONREOLQJ
7LONREOLQJHQ Pn VNMH LKW WLONREOLQJVVNLVVHQ 6SHQQLQJ VH W\SHVNLOW
/HGHUQHLWLONREOLQJVOHGQLQJHQPnNREOHVWLOLVDPVYDUPHG
IDUJHNRGLQJHQJU¡QQJXO MRUGOHGQLQJ <EOn QXOO
Q¡\WUDOOHGHUEUXQ IDVH \WWHUOHGHU :DŰQHZVND]yZNLU\V
1LQLHMV]HXU]ĉG]HQLHSU]H]QDF]RQHMHVWZ\ãĉF]QLHGR
]DEXGRZ\1LQLHMV]HXU]ĉG]HQLHQLHMHVWXU]ĉG]HQLHP
ZROQRVWRMĉF\PW\ONRSU]H]QDF]RQHMHVWGRXŰ\WNXZHZQĉWU]
V]DINL
■ 6]DINDGR]DEXGRZ\QLHPRŰHPLHþW\OQHMŔFLDQNL2GOHJãRŔþ
PLęG]\ŔFLDQĉDVSRGHPV]DINLOXEW\OQĉŔFLDQNĉV]DINL
]QDMGXMĉFHMVLęQDGXU]ĉG]HQLHPPXVLZ\QRVLþPLQLPXP
PP
■ =SU]RGXV]DINLGR]DEXGRZ\PXVL]QDMGRZDþVLęRWZyU
ZHQW\ODF\MQ\Z\QRV]ĉF\FPò:SU]\SDGNXPHEOLGR
]DEXGRZ\EH]V]F]HOLQ\ZHQW\ODF\MQHMQDOHŰ\]DSHZQLþRWZyU
ZHQW\ODF\MQ\RSRZLHU]FKQL FPòZW\OQHMF]ęŔFLŔFLDQHN
ERF]Q\FK:W\PFHOXSU]\FLĉþRVãRQęFRNRãXOXE]DPRQWRZDþ
NUDWNęZHQW\ODF\MQĉ
■ 1LHZROQR]DNU\ZDþV]F]HOLQZHQW\ODF\MQ\FKLRWZRUyZVVĉF\FK
■ 3RUR]SDNRZDQLXQDOHŰ\VSUDZG]LþVWDQXU]ĉG]HQLD1LH
SRGãĉF]DþMHŔOLXU]ĉG]HQLH]RVWDãRXV]NRG]RQHSRGF]DV
WUDQVSRUWX
■ 3U]HGXUXFKRPLHQLHPXVXQĉþ]NRPRU\SLHNDUQLNDRUD]]GU]ZL
PDWHULDã\RSDNRZDQLRZHLIROLHNOHMĉFH
■ 0HEOHGR]DEXGRZ\PXV]ĉE\þRGSRUQHQDWHPSHUDWXUęGR
ƒ&DSU]\OHJDMĉFHGRXU]ĉG]HQLDIURQW\PHEOLGRƒ&
■ 8U]ĉG]HQLD QLH PRQWRZDþ ]D OLVWZĉ GHNRUDF\MQĉ ,VWQLHMH U\]\NR
SU]HJU]DQLD
■ 0HEOHQDOHŰ\GRFLQDþSU]HGZVWDZLHQLHPXU]ĉG]HQLD8VXQĉþ
ZLyU\ SRQLHZDŰ PRJĉ RQH ]DNãyFDþ IXQNFMRQRZDQLH HOHPHQWyZ
HOHNWU\F]Q\FK
■ 1DOHŰ\QRVLþUęNDZLFHRFKURQQHFKURQLĉFHSU]HG
VNDOHF]HQLHP(OHPHQW\NWyUHVĉGRVWęSQHSRGF]DVPRQWDŰX
PRJĉPLHþRVWUHNUDZęG]LH
■ *QLD]GRSU]\ãĉF]HQLRZHXU]ĉG]HQLDPXVL]QDMGRZDþVLęZ
]DNUHVNRZDQ\PREV]DU]H $OXESR]DREV]DUHP]DEXGRZ\
■ 0HEOHNWyUHQLHVĉSU]\PRFRZDQHQDOHŰ\SU]\WZLHUG]LþGR
ŔFLDQ\SU]\SRPRF\NĉWRZQLND %
■ :\PLDU\QDU\VXQNDFKSRGDQHVĉZPP
: 8Ű\WNRZQLF\LPSODQWyZHOHNWURQLF]Q\FK
8U]ĉG]HQLHPRŰH]DZLHUDþPDJQHV\WUZDãHNWyUHPRJĉPLHþ
ZSã\ZQDG]LDãDQLHLPSODQWyZHOHNWURQLF]Q\FKQSUR]UXV]QLNyZ
VHUFDOXESRPSLQVXOLQRZ\FK'ODWHJRSRGF]DVPRQWDŰXQDOHŰ\
]DFKRZDþRGOHJãRŔþFRQDMPQLHM FPRGLPSODQWyZ
HOHNWURQLF]Q\FK
8U]ĉG]HQLHSRGEODWHPURERF]\PU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\FLH
SU]HJUDG]DMĉFHMPXVLE\þRWZyUZHQW\ODF\MQ\
3U]\PRFRZDþEODWURERF]\GRPHEOL
:SU]\SDGNXPRQWDŰXXU]ĉG]HQLDSRGSã\WĉJU]HZF]ĉQDOHŰ\
XZ]JOęGQLþSRQLŰV]HZ\PLDU\PLQLPDOQH ZW\PHZHQWXDOQĉ
NRQVWUXNFMęQRŔQĉ ■
D
E
)HVWLQJDYDSSDUDWHW²ILJXU
6HWWDSSDUDWHWKHOWLYDWHUPHGHWYDWHUSDVV
6N\YDSSDUDWHWKHOWLQQ
-XVWHUDSSDUDWHWVOLNDWGHWVWnUYDQQUHWWRJLPLGWHQ
6NUXIDVWDSSDUDWHW
*OLSHQPHOORPDUEHLGVSODWHQRJDSSDUDWHWPnLNNHOXNNHVDY
HNVWUDOLVWHU
3nVLGHYHJJHQHWLORPE\JJLQJVVNDSHWVNDOGHWLNNHIHVWHVQRHQ
YDUPHEHVN\WWHOVHVOLVWHU
8WPRQWHULQJ
.REOHDSSDUDWHWVSHQQLQJVO¡VW
/¡VQHIHVWHVNUXHQH
/¡IWDSSDUDWHWOLWWRSSRJWUHNNGHWKHOWXW
pl
ë ,QVWUXNFMDPRQWDŰX
5RG]DMSã\W\JU]HZ D
F]HM
QDNãDGDQD
QDEODW
D
E
PRQWRZDQDQD
UyZQL]SR
ZLHU]FKQLĉEODWX
LQGXNF\MQDSã\WD
JU]HZF]D
PP
PP
PP
SHãQRSRZLHU]FKQLRZD PP
LQGXNF\MQDSã\WD
JU]HZF]D
PP
PP
:VND]yZND 1LHQDGDMHVLęGR]DEXGRZ\SRGSã\WĉJD]RZĉOXE
SRGHOHNWU\F]QĉSã\WĉJU]HZF]ĉ
1DSRGVWDZLHZ\PDJDQHMZDUWRŔFLPLQLPDOQHJRRGVWęSX E
RNUHŔODQDMHVWPLQLPDOQDJUXERŔþEODWXURERF]HJR D
3U]HVWU]HJDþLQVWUXNFMLPRQWDŰXSã\W\JU]HZF]HM
8U]ĉG]HQLHZV]DIFHZ\VRNLHMU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\WDFK
SU]HJUDG]DMĉF\FKPXVLE\þRWZyUZHQW\ODF\MQ\
-HŰHOL V]DIND Z\VRND SRVLDGD RSUyF] W\OQ\FK ŔFLDQHN PRGXãRZ\FK
GRGDWNRZĉ ŔFLDQNę W\OQĉ PXVL RQD ]QDMGRZDþ VLę Z RGSRZLHGQLHM
RGOHJãRŔFL
8U]ĉG]HQLHQDOHŰ\]DPRQWRZDþQDWDNLHMZ\VRNRŔFLDE\PRŰOLZH
E\ãRVZRERGQHZ\MPRZDQLHZ\SRVDŰHQLD
.RPELQDFMD]V]XIODGĉJU]HZF]ĉ
1DMSLHUZ]DPRQWRZDþV]XIODGęJU]HZF]ĉ3U]HVWU]HJDþLQVWUXNFML
PRQWDŰXV]XIODG\JU]HZF]HM8U]ĉG]HQLHZVXQĉþQDGV]XIODGĉ
JU]HZF]ĉZV]DINęGR]DEXGRZ\
:DŰQH3RGF]DVZVXZDQLDQLHXV]NRG]LþSU]HVãRQ\V]XIODG\
JU]HZF]HM
0RQWDŰQDURŰQ\U\V
$E\ZSU]\SDGNXPRQWDŰXQDURŰQHJRPRŰOLZHE\ãRRWZRU]HQLH
GU]ZLF]HNXU]ĉG]HQLDQDOHŰ\XZ]JOęGQLþZ\PLDU &:\PLDU '
]DOHŰ\RGJUXERŔFLIURQWXPHEOLSRGXFKZ\WHP
3RGãĉF]DQLHXU]ĉG]HQLD
8U]ĉG]HQLHRGSRZLDGDNODVLHRFKURQ\LPRŰHE\þXŰ\WNRZDQH
Z\ãĉF]QLHMHŔOLMHVWSRGãĉF]RQHGRSU]HZRGXX]LHPLDMĉFHJR
%H]SLHF]QLNGRSDVRZDþ]JRGQLH]SDUDPHWUDPLPRF\SRGDQ\PL
QDWDEOLF]FH]QDPLRQRZHMLRERZLĉ]XMĉF\PLSU]HSLVDPLORNDOQ\PL
3RGF]DV ZV]\VWNLFK SUDF PRQWDŰRZ\FK QDOHŰ\ Z\ãĉF]\þ ]DVLODQLH
XU]ĉG]HQLD
3U]HZyGSU]\ãĉF]HQLRZ\PRŰQDZ\PLHQLþZ\ãĉF]QLHQDSU]HZyG
RU\JLQDOQ\NWyU\PRŰQDQDE\þZVHUZLVLH
$E\XQLNQĉþ]DJURŰHQLDZ\PLDQ\XV]NRG]RQHJRSU]HZRGX
SU]\ãĉF]HQLRZHJR PRŰH GRNRQDþ Z\ãĉF]QLH SURGXFHQW SUDFRZQLN
VHUZLVXOXERVREDRSRUyZQ\ZDOQ\FKNZDOLILNDFMDFK
0RQWDŰPXVL]DSHZQLþRFKURQęSU]HGQLH]DPLHU]RQ\P
GRWNQLęFLHP
3U]HZyGSU]\ãĉF]HQLRZ\]ZW\F]Nĉ]X]LHPLHQLHP
8U]ĉG]HQLHPRŰQDSRGãĉF]\þZ\ãĉF]QLHGRJQLD]GD]
X]LHPLHQLHP]DLQVWDORZDQHJR]JRGQLH]SU]HSLVDPL
-HŰHOL SR ]DEXGRZDQLX XU]ĉG]HQLD QLH EęG]LH GRVWęSX GR ZW\F]NL
ZyZF]DVZVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML
3U]HZyGSU]\ãĉF]HQLRZ\EH]ZW\F]NL]X]LHPLHQLHP
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPLHOHNWU\F]Q\PL
:SU]\SDGNXVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML1DOHŰ\]LGHQW\ILNRZDþSU]HZyGID]RZ\L
]HURZ\ZJQLHŮG]LHSU]\ãĉF]HQLRZ\P1LHZãDŔFLZHSRGãĉF]HQLH
PRŰHGRSURZDG]LþGRXV]NRG]HQLDXU]ĉG]HQLD
3RGãĉF]DþZ\ãĉF]QLHZHGãXJVFKHPDWXSRGãĉF]HQLD1DSLęFLH
SDWU]WDEOLF]ND]QDPLRQRZDů\ã\SU]HZRGXSU]\ãĉF]HQLRZHJR
SRGãĉF]Dþ]JRGQLH]R]QDF]HQLHPNRORUyZ]LHORQRŰyãW\
SU]HZyGX]LHPLDMĉF\ <QLHELHVNL SU]HZyG]HURZ\EUĉ]RZ\
SU]HZyGID]RZ\ SU]HZyG]HZQęWU]Q\ 2DUPiULRHPEXWLGRQmRGHYHSRVVXLUXPDSDUHGHWUDVHLUDSRU
WUiV GR DSDUHOKR e QHFHVViULR PDQWHU XPD GLVWkQFLD PtQLPD GH
PP HQWUH D SDUHGH H D EDVH GR DUPiULR RX D SDUHGH WUDVHLUD
GRDUPiULR
■ 2DUPiULRHPEXWLGRWHPGHWHUXPDDEHUWXUDGHYHQWLODomRGH
FPò QD SDUWH IURQWDO 1R FDVR GH PyYHLV WUDQVIRUPiYHLV VHP
DEHUWXUDGHYHQWLODomRQD]RQDWUDVHLUDGDVSDUHGHVODWHUDLV
XPDDEHUWXUDGH FPò3DUDRHIHLWRFRUWHRURGDSpRX
DSOLTXHXPDJUHOKDGHYHQWLODomR
■ $VUDQKXUDVGHYHQWLODomRHDEHUWXUDVGHHQWUDGDGHDUQmR
SRGHPVHUWDSDGDV
■ ([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP
GHWHWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR
■ 5HPRYD D HPEDODJHP H DV SHOtFXODV DXWRFRODQWHV GR LQWHULRU GR
DSDUHOKRHGDSRUWDDQWHVGDFRORFDomRHPIXQFLRQDPHQWR
■ 2VPyYHLVGHHQFDVWUDUWrPGHVHUUHVLVWHQWHVDWHPSHUDWXUDV
DWpƒ&HDVIUHQWHVGRVPyYHLVDGMDFHQWHVDWpƒ&
■ 1mRPRQWHRDSDUHOKRDWUiVGHXPSDLQHOGHFRUDWLYR+iULVFR
GHDTXHFLPHQWRH[FHVVLYR
■ 5HDOL]HRVWUDEDOKRVGHDEHUWXUDQRPyYHODQWHVGDFRORFDomR
GRDSDUHOKR5HPRYDDVDSDUDVSRLVSRGHPSUHMXGLFDUR
IXQFLRQDPHQWRGRVFRPSRQHQWHVHOpWULFRV
■ 3DUDHYLWDUIHULPHQWRVSRUFRUWHGHYHPVHUXWLOL]DGDVOXYDVGH
SURWHomR$VSHoDVTXHILFDPDFHVVtYHLVGXUDQWHDPRQWDJHP
SRGHPWHUDUHVWDVDILDGDV
■ $WRPDGDGHOLJDomRGRDSDUHOKRGHYHUiVLWXDUVHQD]RQD
VRPEUHDGD $RXIRUDGRHVSDoRGHLQVWDODomR
■ )L[H RV PyYHLV VROWRV j SDUHGH FRP XP HVTXDGUR GLVSRQtYHO QR
FRPpUFLR %
■ 0HGLGDVLQGLFDGDVQDVILJXUDVHPPP
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU
LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH
LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD
GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV
$SDUHOKRVREDEDQFDGDILJXUD
3DUD D YHQWLODomR GR DSDUHOKR R IXQGR IDOVR GHYH DSUHVHQWDU XPD
DEHUWXUDGHYHQWLODomR
)L[DUDEDQFDGDQRPyYHOSDUDHQFDVWUDU
6H R DSDUHOKR IRU HQFDVWUDGR SRU EDL[R GH XPD SODFD GH FR]LQKDU
DVVHJXLQWHVPHGLGDVPtQLPDVWrPGHVHUUHVSHLWDGDV VHIRUR
FDVRLQFOXVLYDPHQWHDHVWUXWXUDLQIHULRU ■
D
E
0RFRZDQLHXU]ĉG]HQLDU\V
3U]\SRPRF\SR]LRPLF\GRNãDGQLHZ\SR]LRPRZDþXU]ĉG]HQLH
&DãNRZLFLHZVXQĉþXU]ĉG]HQLH
8VWDZLþXU]ĉG]HQLHZSR]LRPLHLSRŔURGNX
3U]\PRFRZDþXU]ĉG]HQLHŔUXEDPL
1LHZROQRSU]\VãDQLDþGRGDWNRZĉOLVWZĉV]F]HOLQ\SRPLęG]\
EODWHPURERF]\PDXU]ĉG]HQLHP
1DERF]Q\FKŔFLDQNDFKV]DINLGRREXGRZ\QLHZROQRXPLHV]F]Dþ
RVãRQWHUPLF]Q\FK
'HPRQWDŰ
:\ãĉF]\þ]DVLODQLHXU]ĉG]HQLD
2GNUęFLþŔUXE\PRFXMĉFH
8U]ĉG]HQLHOHNNRXQLHŔþLFDãNRZLFLHZ\FLĉJQĉþ
pt
ì ,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHVILJXUD
■
(VWHDSDUHOKRGHVWLQDVHDSHQDVjPRQWDJHPHPEXWLGD(VWH
DSDUHOKRQmRIRLFRQFHELGRFRPRDSDUHOKRGHPHVDRXSDUD
XWLOL]DomRQRLQWHULRUGHXPDUPiULR
7LSRGHSODFDGHFR D
]LQKDU
VDOLHQWH
D
E
SODQDjVXSHUIt
FLH
3ODFDGHLQGXomR
PP
PP
PP
3ODFD GH FR]LQKDU SRU PP
LQGXomR
GHVXSHUItFLHLQWHJUDO
PP
PP
1RWD 1mRDGHTXDGRSDUDDLQVWDODomRSRUEDL[RGHXPDSODFDD
JiVRXHOpWULFD
&RPEDVHQDGLVWkQFLDPtQLPDQHFHVViULD EUHVXOWDDHVSHVVXUD
PtQLPDGDEDQFDGD D
5HVSHLWHDVLQVWUXo}HVGHPRQWDJHPGDSODFDGHFR]LQKDU
$SDUHOKRQRDUPiULRYHUWLFDOILJXUD
3DUDDYHQWLODomRGRDSDUHOKRRVIXQGRVLQWHUPpGLRVGHYHP
DSUHVHQWDUXPDDEHUWXUDGHYHQWLODomR
6HRDUPiULRYHUWLFDOWLYHUXPDSDUHGHWUDVHLUDSDUDDOpPGDV
SDUHGHVWUDVHLUDVGRHOHPHQWRHODGHYHVHUUHPRYLGD
0RQWDURDSDUHOKRDXPDDOWXUDPi[LPDTXHSHUPLWDUHWLUDURV
DFHVVyULRVVHPSUREOHPDV
&RPELQDomRFRPJDYHWDGHDTXHFLPHQWR
0RQWHSULPHLURDJDYHWDGHDTXHFLPHQWR5HVSHLWHDVLQVWUXo}HV
GHPRQWDJHPGDJDYHWDGHDTXHFLPHQWR,QVHULURDSDUHOKRQD
JDYHWDGHDTXHFLPHQWRQRDUPiULRHPEXWLGR
,PSRUWDQWH DR LQVHULU SURFHGD FRP FXLGDGR SDUD QmR GDQLILFDU D
DEDGDJDYHWDGHDTXHFLPHQWR
,QVWDODomRGHFDQWRILJXUD
'H PRGR D FRQVHJXLU DEULU D SRUWD GR DSDUHOKR UHVSHLWH D PHGLGD
&DTXDQGRGDLQVWDODomRGHFDQWR$PHGLGD 'GHSHQGHGD
HVSHVVXUDGDIUHQWHGRPyYHOSRUEDL[RGRSX[DGRU
■
/LJDURDSDUHOKR
■
2DSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomRHVySRGHVHU
FRORFDGR HP IXQFLRQDPHQWR DWUDYpV GH XPD OLJDomR FRP FRQGXWRU
GHSURWHomR
$VHJXUDQoDWHPGHVHUJDUDQWLGDGHDFRUGRFRPDLQGLFDomRGH
SRWrQFLDSUHVHQWHQDSODFDGHFDUDFWHUtVWLFDVHFRPDVQRUPDLV
ORFDLV
2DSDUHOKRWHPGHHVWDUGHVOLJDGRGDFRUUHQWHGXUDQWHD
UHDOL]DomRGHTXDOTXHUWUDEDOKRGHPRQWDJHP
2FDERGHOLJDomRDSHQDVSRGHVHUVXEVWLWXtGRSRUXPFDER
RULJLQDOGLVSRQtYHOQR6HUYLoRGH$VVLVWrQFLD7pFQLFD
8P FDER GH OLJDomR GDQLILFDGR WHP GH VHU WURFDGR SHOR IDEULFDQWH
SHOR6HUYLoRGH$VVLVWrQFLD7pFQLFDRXSRUXPDSHVVRDFRP
TXDOLILFDo}HVHTXLYDOHQWHVSRUIRUPDDSUHYHQLUHYHQWXDLVULVFRV
$SURWHomRFRQWUDFRQWDFWRDFLGHQWDOGHYHILFDUDVVHJXUDGDQD
LQVWDODomR
&DERGHOLJDomRFRPILFKDGHOLJDomRjWHUUD
2 DSDUHOKR GHYH VHU OLJDGR DSHQDV D XPD WRPDGD GH FRQWDFWR GH
VHJXUDQoDLQVWDODGDHPFRQIRUPLGDGHFRPDVQRUPDV
6HDILFKDGHL[DUGHHVWDUGLVSRQtYHODSyVDPRQWDJHPQD
LQVWDODomRHOpWULFDIL[DpQHFHVViULRTXHHVWHMDSUHYLVWRXP
GLVSRVLWLYRGHFRUWHQDVIDVHVGHDFRUGRFRPDVUHJUDVGH
LQVWDODomR
&DERGHOLJDomRVHPILFKDGHOLJDomRjWHUUD
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
1DLQVWDODomRHOpWULFDIL[DGHYHHVWDUSUHYLVWRXPGLVSRVLWLYRGH
FRUWH QDV IDVHV GH DFRUGR FRP DV UHJUDV GH LQVWDODomR ,GHQWLILTXH
RVFRQGXWRUHVGHIDVHHQHXWUR ]HUR GDWRPDGDGHOLJDomR
8PDOLJDomRHUUDGDSRGHGDQLILFDURDSDUHOKR
/LJXH DSHQDV GH DFRUGR FRP R HVTXHPD GH OLJDo}HV 7HQVmR YHU
SODFDGHFDUDFWHUtVWLFDV/LJXHRVFRQGXWRUHVGRFDERGH
DOLPHQWDomR GH DFRUGR FRP D FRGLILFDomR GH FRUHV YHUGHDPDUHOR
FRQGXWRUGHSURWHomR <D]XO ]HUR FRQGXWRUQHXWUR
FDVWDQKR IDVH FRQGXWRUH[WHUQR ■
■
■
■
■
■
■
■
ΌίημβεωπβθηηυίικθκίαββθμάίκλμβωήεωαΪΫθκΪάθαήνοΪ
αΪδκυάΪμφαΪικίσΪίμλω
ΚΪλιΪδνγμίβθλζθμκβμίικβΫθκΗίιθήδεψρΪγμίικβΫθκίλεβ
θηΫυειθάκίΰήϋηάθάκίζωμκΪηλιθκμβκθάδβ
ΙίκίήηΪρΪεθζχδλιενΪμΪπββνήΪεβμίνιΪδθάθρηυγζΪμίκβΪεβ
δείγδνψιεϋηδνβακΪΫθρίγδΪζίκυβλήάίκπυικβΫθκΪ
ΖίΫίεφήεωάλμκΪβάΪηβωήθεΰηΪάυήίκΰβάΪμφμίζιίκΪμνκνήθ
ƒ&ΪλθλίήηβίξΪλΪήυ ²ήθ ƒΛ
ΗίνλμΪηΪάεβάΪγμίικβΫθκαΪήίδθκΪμβάηθγηΪδεΪήδθγΌ
ικθμβάηθζλενρΪίάθαηβδηίμθιΪληθλμφιίκίέκίάΪ
ΚΪΫθμυιθάυιθεηίηβψάυκίαθάηΪζίΫίεβάυιθεηωγμίιίκίή
νλμΪηθάδθγικβΫθκΪΝήΪεβμίθιβεδβμΪδδΪδθηβζθένμ
ηΪκνςβμφκΪΫθμνχείδμκβρίλδβοδθζιθηίημθά
ΡμθΫυ ηί ιθκίαΪμφλω άθ άκίζω ζθημΪΰΪ βλιθεφανγμί αΪσβμηυί
ιίκρΪμδβΎίμΪεβθμδκυμυίικβζθημΪΰίζθένμΫυμφθλμκυζβ
ΚθαίμδΪήεωιθήδεψρίηβωικβΫθκΪήθεΰηΪηΪοθήβμφλωά
αΪςμκβοθάΪηηθγθΫεΪλμβ $βεβαΪικίήίεΪζβάλμκΪβάΪίζθέθ
ζθήνεω
ΗίαΪδκίιεϋηηυίζθήνεβικβδκίιβμίδλμίηίλιθζθσφψ
θΫυρηθέθνέθεδΪ %
ΚΪαζίκυηΪκβλνηδΪονδΪαΪηυάζζ
: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ
ΌικβΫθκζθένμΫυμφάλμκθίηυιθλμθωηηυίζΪέηβμυ
άθαήίγλμάνψσβίηΪχείδμκθηηυίβζιεΪημΪμυηΪικβζίκηΪ
δΪκήβθλμβζνεωμθκ βεβ βηΰίδμθκ βηλνεβηΪ Ιθχμθζν ικβ ζθημΪΰί
λείήνίμλθΫεψήΪμφζβηβζΪεφηθίκΪλλμθωηβίήθχείδμκθηηυο
βζιεΪημΪμθάλζ
Ξοηΰνοξνγπρνκδχμηυδθ৯οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηθγ
ιίκίέθκθήδίήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΑΪδκίιβμίλμθείςηβπνηΪζθήνεωο
ΙκβνλμΪηθάδίικβΫθκΪιθήάΪκθρηθγιΪηίεφψηίθΫοθήβζθ
νρίλμφλείήνψσβίζβηβζΪεφηθήθινλμβζυίκΪαζίκυ ικβ
ηίθΫοθήβζθλμβάδεψρΪωκΪαζίκυθληθάΪηβω D
E
)L[DURDSDUHOKRILJXUD
$OLQKH R DSDUHOKR QD KRUL]RQWDO FRP H[DWLGmR XWLOL]DQGR XP QtYHO
GHEROKDGHDU
,QVLUDRDSDUHOKRSRUFRPSOHWR
$OLQKHRDSDUHOKRQDKRUL]RQWDOHDRFHQWUR
$SDUDIXVHRDSDUHOKR
2 HVSDoR HQWUH D EDQFDGD H R DSDUHOKR QmR SRGH VHU YHGDGR FRP
IULVRVDGLFLRQDLV
1DVSDUHGHVODWHUDLVGRDUPiULRHPEXWLGRQmRSRGHPVHU
FRORFDGRVIULVRVGHSURWHomRWpUPLFD
'HVPRQWDJHP
'HVOLJXHRDSDUHOKRGDFRUUHQWH
'HVDSHUWHRVSDUDIXVRVGHIL[DomR
/HYDQWHOLJHLUDPHQWHRDSDUHOKRHUHWLUHRFRPSOHWDPHQWHSDUD
IRUD
ru
î Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ²οηπ
■
■
■
ΎΪηηυγ ικβΫθκ ικίήηΪαηΪρίη βλδεψρβμίεφηθ ήεω άλμκΪβάΪηβω
ΙκβΫθκ ηίεφαω βλιθεφαθάΪμφ νλμΪηθάβά ίέθ ηΪ λμθε βεβ ά ςδΪξ
ΝςδΪξΪήεωάλμκΪβάΪηβωηίήθεΰηθΫυμφαΪήηίγλμίηδβ
ΖίΰήνλμίηθγβηβΰηίγιθεδθγβεβαΪήηίγλμίηδθγςδΪξΪ
νλμΪηθάείηηθέθηΪήικβΫθκθζηίθΫοθήβζθθλμΪάβμφαΪαθκ
ζβηβζνζ ζζ
ΗΪξκθημΪεφηθγιθάίκοηθλμβςδΪξΪήεωάλμκΪβάΪηβωήθεΰηθ
κΪλιθεΪέΪμφλωάίημβεωπβθηηθίθμάίκλμβίιεθσΪήφψλζò
ΙκβθμλνμλμάββθμάίκλμβωήεωάίημβεωπββάαΪήηίγρΪλμβ
ΫθδθάθγλμίηδβιεθσΪήφάίημβεωπβθηηθέθθμάίκλμβωήθεΰηΪ
λθλμΪάεωμφ λζòΎεωχμθέθλήίεΪγμίάυκίαάπθδθεφηθγ
ιΪηίεββεβάλμΪάφμίάίημβεωπβθηηνψκίςϋμδν
Ρηξαίονφμνθξίμδ D
D
κη
ςπρίμνακδμ αοναδμϋπξν
μίώ
αδοτμνπρϋύ
E
ΒηήνδπβθηηΪωάΪκθρ ζζ
ηΪωιΪηίεφ
ζζ
ζζ
ΒηήνδπβθηηΪωάΪκθρ ζζ
ηΪωιΪηίεφ
λθλιεθςηθγαθηθγ
ηΪέκίάΪ
ζζ
ζζ
΢ιίζίμηδ ΑΪικίσίηΪνλμΪηθάδΪιθήέΪαθάθγβεβχείδμκβρίλδθγ
άΪκθρηθγιΪηίεφψ
ΌπίεωολθΫεψήίηβωηίθΫοθήβζθέθζβηβζΪεφηθέθκΪλλμθωηβω E
θικίήίεωίμλωλείήνψσΪωζβηβζΪεφηΪωμθεσβηΪλμθείςηβπυ D
ΛθΫεψήΪγμίβηλμκνδπβψιθζθημΪΰνάΪκθρηθγιΪηίεβ
΢πρίμναιίξοηΰνοίαχιίσινκνμμς²οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηυο
ιίκίέθκθήδΪοήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΌλενρΪίίλεβιθζβζθαΪήηβολμίηθδθμήίεφηυολίδπβγςδΪξ
δθεθηηΪβζίίμήθιθεηβμίεφηθαΪήηψψλιεθςηνψλμίηδνμθίϋ
λείήνίμληωμφ
ΝλμΪηΪάεβάΪγμίικβΫθκυηΪμΪδθγάυλθμίηΪδθμθκθγΫνήίμ
νήθΫηθάυηβζΪμφικβηΪήείΰηθλμβ
Ινλΰημηοναίμηδπνχιίσνλγκώξνγνβοδαίξνπςγϊ
ΛηΪρΪεΪνλμΪηθάβμίςδΪξήεωιθήθέκίάΪιθλνήυΛθΫεψήΪγμί
βηλμκνδπβψιθίέθζθημΪΰνΑΪήάβηφμίικβΫθκάθάλμκθίηηυγ
ςδΪξμΪδρμθΫυθηλμθωεηΪςδΪξνήεωιθήθέκίάΪιθλνήυ
Αίεμν ικβ νλμΪηθάδί ηί ήθινλδΪγμί ιθάκίΰήίηβω ιΪηίεβ ςδΪξΪ
ήεωιθήθέκίάΪιθλνήυ
Λνμρίεαςβκς৯οηπ
ΡμθΫυήάίκφζθέεΪλάθΫθήηθθμδκυάΪμφλωικβζθημΪΰίάνέεΪο
νρβμυάΪγμίκΪλλμθωηβί &νδΪαΪηηθίηΪκβλνηδίΚΪαζίκ '
λδεΪήυάΪίμλω βα μθεσβηυ ξκθημΪεφηυο ιΪηίείγ ζίΫίεβ β άυλθμυ
κνρίδ
Ξνγικύφδμηδξοηΰνοί
ΙκβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυιθχμθζνθηήθεΰίη
χδλιενΪμβκθάΪμφλωμθεφδθλιθήδεψρϋηηυζαΪαίζεωψσβζ
ικθάθήθζ
ΛβλμίζΪαΪσβμυικίήθοκΪηβμίεωζβηΪλμκΪβάΪίμλωά
λθθμάίμλμάββλιθδΪαΪμίεωζβζθσηθλμβνδΪαΪηηυζβηΪμβιθάθγ
μΪΫεβρδίβλνσίλμάνψσβζβζίλμηυζβμκίΫθάΪηβωζβ
ΙκβάυιθεηίηββεψΫυοζθημΪΰηυοκΪΫθμικβΫθκήθεΰίηΫυμφ
θΫίλμθρίη
ΛίμίάθγικθάθήζθΰηθαΪζίηβμφμθεφδθμΪδβζΰίαΪδΪαΪηηυζά
λίκάβληθγλενΰΫί
ΌθβαΫίΰΪηβίθιΪληθλμβιθάκίΰήϋηηυγλίμίάθγικθάθήήθεΰίη
ΫυμφαΪζίηϋηικθβαάθήβμίείζλίκάβληθγλενΰΫθγεβΫθεβπθζ
βζίψσβζΪηΪεθέβρηνψδάΪεβξβδΪπβψ
ΙκβνλμΪηθάδίθΫίλιίρφμίαΪσβμνθμικβδθληθάίηβω
Πδρδανθξονανγπαηκινθπζίζδλκώύψηλινμρίιρνλ
ΙκβΫθκζθΰηθιθήδεψρΪμφδλίμβμθεφδθρίκίαικΪάβεφηθ
νλμΪηθάείηηνψκθαίμδνλαΪαίζεωψσβζδθημΪδμθζ
ΏλεβιθλείνλμΪηθάδβικβΫθκΪήθςμίιλίεφηθγάβεδβ
ηίάθαζθΰηθΫνήίμήθΫκΪμφλωμθάνλμΪηθάείηηθζηίιθήάβΰηθ
χείδμκθθΫθκνήθάΪηββήθεΰίηΫυμφικίήνλζθμκίηλιίπβΪεφηυγ
άυδεψρΪμίεφήεωκΪαζυδΪηβωάξΪαΪολθέεΪληθνλεθάβωζ
ζθημΪΰΪ
Πδρδανθξονανγπαηκινθΰδζζίζδλκώύψδβνινμρίιρί
ΙθήδεψρίηβίικβΫθκΪήθεΰηθάυιθεηωμφλωμθεφδθ
δάΪεβξβπβκθάΪηηυζλιίπβΪεβλμθζ
Ό νλμΪηθάείηηθζ ηίιθήάβΰηθ χείδμκθθΫθκνήθάΪηββ ήθεΰίη Ϋυμφ
ικίήνλζθμκίηλιίπβΪεφηυγάυδεψρΪμίεφήεωκΪαζυδΪηβωά
ξΪαΪολθέεΪληθνλεθάβωζζθημΪΰΪΘικίήίεβμίξΪαθάυγβ
ηίγμκΪεφηυγ ηνείάθγ δθημΪδμυάκθαίμδίΗίικΪάβεφηθί
ιθήδεψρίηβίζθΰίμλμΪμφικβρβηθγιθάκίΰήίηβωικβΫθκΪ
ΙθήδεψρΪγμίμθεφδθάλθθμάίμλμάββλθλοίζθγιθήδεψρίηβω
ΗΪικωΰίηβίνδΪαΪηθηΪμβιθάθγμΪΫεβρδίΙκθάθήΪλίμίάθέθ
δΪΫίεωήθεΰηυιθήλθίήβηωμφλωάλθθμάίμλμάββλπάίμθάθγ
ζΪκδβκθάδθγΰϋεμθαίεϋηυγ αΪαίζεωψσβγικθάθή <λβηβγ
ηθεφ ηίγμκΪεφηυγικθάθήδθκβρηίάυγ ξΪαΪ ξΪαθάυγ
ικθάθή Ζίιοδξκδμηδξοηΰνοί³οηπ
ΌυκθάηωγμίικβΫθκιθέθκβαθημΪεβλιθζθσφψνκθάηω
ΌλμΪάφμίικβΫθκήθνιθκΪ
ΌυκθάηωγμίικβΫθκέθκβαθημΪεφηθιθπίημκν
ΑΪδκίιβμίικβΫθκλιθζθσφψάβημθά
ΑΪαθκζίΰήνλμθείςηβπίγβικβΫθκθζηίήθεΰίηΫυμφαΪδκυμ
ήθιθεηβμίεφηθγιεΪηδθγ
ΑΪικίσΪίμλωνλμΪηΪάεβάΪμφηΪΫθδθάυολμίηδΪοςδΪξΪήεω
άλμκΪβάΪηβωμίιεθβαθεωπβθηηυίιεΪηδβ
Γδλνμρίε
ΘΫίλμθρφμίικβΫθκ
ΘλεΪΫφμίάβημυδκίιείηβω
ΙκβιθήηβζβμίβάυηφμίικβΫθκ
sv
ó 0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDUELOG
■
■
■
■
■
■
■
■
■
'HQKlUHQKHWHQlUDYVHGGI|ULQE\JJQDG(QKHWHQlUYDUNHQ
DYVHGGDWWYDUDElQNHQKHWHOOHUEOLDQYlQGLQXWLVNnS
6WRPPHQInULQWHKDQnJRQU\JJEDNRPHQKHWHQ'HWVNDYDUD
PLQVWPPVSDOWPHOODQYlJJHQRFK|YHUVNnSHWVVNnSERWWHQ
UHVSU\JJ
6NnSVWRPPHQ VND KD HQ YHQWLODWLRQV|SSQLQJ Sn FPò IUDPWLOO
2PE\JJQDGVVWRPPHXWDQYHQWLODWLRQVXUWDJEDNWLOOSn
VLGRYlJJDUQD FPò6nJDXUVRFNHOSDQHOHQHOOHUVlWWL
YHQWLODWLRQVJDOOHU
6HWLOOVnDWWYHQWLODWLRQVRFKLQVXJV|SSQLQJDULQWHEOLU
|YHUWlFNWD
.RQWUROOHUDHQKHWHQHIWHUXSSDFNQLQJ$QVOXWLQWHHQKHWHQRP
GHQKDUWUDQVSRUWVNDGRU
7D ERUW I|USDFNQLQJVPDWHULDO RFK VN\GGVIROLHU IUnQ XJQVXWU\PPH
RFKOXFNDI|UHDQYlQGQLQJ
6WRPPDUQDVNDWnODWHPSHUDWXUHUXSSWLOOƒ&OXFNRURFK
OnGIURQWHULQWLOOXSSWLOOƒ&
0RQWHUDLQWHHQKHWHQEDNRPGHNRUSDQHO5LVNI|U|YHUKHWWQLQJ
*|UXUWDJHQLVWRPPDUQDLQQDQGXVlWWHULHQKHWHQ7DERUW
VSnQHQGHNDQSnYHUNDHONRPSRQHQWHUQDVIXQNWLRQ
$QYlQGVN\GGVKDQGVNDUVnXQGYLNHUGXVNlUVNDGRU'X
NRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU
■ 9lJJXWWDJHWI|UDQVOXWQLQJHQPnVWHVLWWDLQRPRPUnGHW $HOOHU
XWDQI|ULQE\JJQDGVXWU\PPHW
■ )lVWO|VDVWRPPDUPHGYDQOLJDP|EHOYLQNODU %PRWYlJJHQ
■ $OODELOGPnWWlULPP
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(QKHWXQGHUElQNVNLYDELOG
+\OOSODQHWVNDKDHWWYHQWLODWLRQVXUWDJVnDWWHQKHWHQEOLU
YHQWLOHUDG
)lVWElQNVNLYDQLVWRPPHQ
,QE\JJQDGXQGHUKlOONUlYHUDWWGXKnOOHUI|OMDQGHPLQLPLPnWW HY
LQNOXVLYHVWRPPH ■
D
E
+lOOW\S
D
RYDQSnOLJ
JDQGH
D
LQIlOOGPRQWH
ULQJ
E
LQGXNWLRQVKlOO
PP
PP
PP
+HOWlFNDQGH
LQGXNWLRQVKlOO
PP
PP
PP
$QYLVQLQJ ,QWHDYVHGGI|ULQE\JJQDGXQGHUJDVHOOHUHOKlOO
1|GYlQGLJWPLQLPLDYVWnQG EJHUPLQElQNVNLYWMRFNOHN D
)|OMKlOOHQVPRQWHULQJVDQYLVQLQJ
(QKHWLK|JVNnSELOG
+\OOSODQHQVNDKDYHQWLODWLRQVXUWDJI|UHQKHWHQ
)LQQV GHW I|UXWRP HOHPHQWEDNVLGRUQD lYHQ U\JJ Sn K|JVNnSHW Vn
PnVWHGXWDERUWGHQ
0RQWHUDLQWHHQKHWHQK|JUHlQDWWGXVPLGLJWNDQWDXUWLOOEHK|U
.RPELQDWLRQPHGYlUPHOnGD
0RQWHUD I|UVW YlUPHOnGDQ )|OM YlUPHOnGDQV PRQWHULQJVDQYLVQLQJ
6NMXWLQHQKHWHQRYDQSnYlUPHOnGDQLVNnSVWRPPHQ
9LNWLJW 6H WLOO Vn DWW GX LQWH VNDGDU SDQHOHQ Sn YlUPHOnGDQ QlU GX
VNMXWHULQ
+|UQPRQWHULQJELOG
7DKlQV\QWLOOPnWW &VnDWWOXFNDQWLOOHQKHWHQJnUDWW|SSQDYLG
K|UQPRQWHULQJ0nWW 'lUREHURHQGHDYIURQWWMRFNOHNHQXQGHU
EHVODJHW
$QVOXWHQKHWHQ
(QKHWHQKDUVN\GGVNODVVRFKVNDKDMRUGDGHODQVOXWQLQJ
$YVlNUDHQOLJWDQJLYHQHIIHNWSnW\SVN\OWHQRFKORNDODI|UHVNULIWHU
(QKHWHQVNDYDUDVSlQQLQJVO|VYLGDOOVODJVPRQWHULQJ
'XInUEDUDE\WDXWVODGGHQPRWRULJLQDOVODGGVRPGXEHVWlOOHUDY
VHUYLFH
'HWlUEDUDWLOOYHUNDUHQVHUYLFHHOOHUEHK|ULJHOHNWULNHUVRPInU
E\WDVODGGI|UDWWXQGYLNDULVN
,QVWDOODWLRQHQPnVWHJHHWWIXOOJRWWSHWVN\GG
6ODGGPHGMRUGDGNRQWDNW
'XInUEDUDDQVOXWDHQKHWHQWLOOUlWWLQVWDOOHUDGHMRUGDGHHOXWWDJ
2PGHWLQWHJnUDWWQnNRQWDNWHQHIWHULQE\JJQDGVnPnVWHGHQ
IDVWDLQVWDOODWLRQHQKDHQIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
$QVOXWQLQJVNDEHOXWDQMRUGDGNRQWDNW
'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUHODQVOXWDHQKHWHQ
)DVWLQVWDOODWLRQNUlYHUIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
,GHQWLILHUDIDVRFKQHXWUDOOHGDUH QROOD LNRSSOLQJVGRVDQ
)HODQVOXWQLQJNDQVNDGDHQKHWHQ
'XInUEDUDDQVOXWDHQOLJWHOVFKHPDW6SlQQLQJVHW\SVN\OWHQ
$QVOXWOHGDUQDLHODQVOXWQLQJHQHQOLJWIlUJPlUNQLQJHQJU|QJXO
MRUGOHGDUH <EOn QROOD QHXWUDOOHGDUHEUXQ IDV IDVOHGDUH D
E
)lVWDHQKHWHQELOG
1LYHOOHUDHQKHWHQPHGYDWWHQSDVV
6NMXWLQHQKHWHQKHOW
6WlOOHQKHWHQLYnJRFKFHQWUHUD
6NUXYDIDVWHQKHWHQ
6HWLOOVnDWWLQWHDQGUDOLVWHUWlFNHUVSDOWHQPHOODQElQNVNLYDRFK
HQKHW
'HWInULQWHVLWWDQnJUDWHUPRVN\GGVOLVWHUSnVLGRYlJJDUQDL
RPE\JJQDGVVWRPPHQ
'HPRQWHULQJ
*|UHQKHWHQVSlQQLQJVO|V
/RVVDIlVWVNUXYDUQD
/\IWHQKHWHQQnJRWRFKGUDVHGDQXWGHQKHOWRFKKnOOHW
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU5HVLP
%XFLKD]\DOQ×]FDPRQWDMLoLQWDVDUODQP×üW×U%XFLKD]ELUPDVD
FLKD]×RODUDNYH\DELUGRODSLoLQGHNXOODQ×OPDN]HUH
WDVDUODQPDP×üW×U
■ *|PPHGRODSWDFLKD]×QDUNDWDUDI×QGDDUNDGXYDUROPDPDO×G×U
'XYDUODGRODS]HPLQLYH\DGRODE×QDUNDOHYKDV×DUDV×QGDHQD]
PP OLNELUPHVDIHE×UDN×OPDO×G×U
■ *|PPHGRODSODU×Q|Q\]H\OHULQGHFPò OLNELUKDYDODQG×UPD
ERüOXùXROPDO×G×U+DYDODQG×UPDE|OPROPD\DQWDGLODW
PRELO\DODU×QGD\DQGXYDUODU×QDUNDE|OPQGH FPò%XQXQ
LoLQDOWSDQHOLNHVLQL]YH\DELUKDYDODQG×UPD×]JDUDV×WDN×Q×]
■ +DYDODQG×UPDDo×NO×NODU×YHHPPHDù×]ODU×NDSDW×OPDPDO×G×U
■ $PEDODM× Do×OG×NWDQ VRQUD FLKD]× NRQWURO HGLQL] %LU QDNOL\H KDVDU×
ROPDV×GXUXPXQGDFLKD]EDùODQW×V×\DS×OPDPDO×G×U
■ )×U×Q×YHNDSDù×Q×FLKD]×oDO×üW×UPDGDQ|QFHDPEDODM
PDO]HPHOHULQLYH\DS×üNDQO×EDQWODU×SLüLUPHDODQ×QGDQYH
NDSDù×QGDQo×NDU×Q×]
■ *|PPHPRELO\DODUƒ& OLNV×FDNO×ùDNDGDU\DQPRELO\D
\]H\OHULLVHƒ& OLNV×FDNO×ùDNDGDUGD\DQ×NO×ROPDO×G×U
■ &LKD]×ELUGHNRUNDSDù×Q×QDUNDV×QDPRQWHHWPH\LQL]$ü×U×
×V×QPDQHGHQL\OHWHKOLNHROXüWXUXU
■ 0RELO\DGD\DS×ODFDNNHVLPLüOHULFLKD]WDN×OPDGDQ|QFH
\DS×OPDO×G×U(OHNWULNOLSDUoDODU×QoDO×üPDV×Q×HWNLOH\HELOHFHN
WDODüODU×WHPL]OH\LQL]
■ <DUDODQPDODU×|QOHPHNLoLQNRUX\XFXHOGLYHQWDN×OPDO×G×U
0RQWDM HVQDV×QGD HULüLOHELOHQ SDUoDODU×Q NHQDUODU× NHVNLQ RODELOLU
■ &LKD]EDùODQW×SUL]LWDUDO×\]H\DODQ× $ GDYH\DPRQWDME|OJHVL
G×ü×QGDROPDO×G×U
■ 6DELWOHQPH\HQPRELO\DODUX\JXQELUDo×\OD %GXYDUD
VDELWOHQPHOLGLU
■ 5HVLPOHULQ|OoPELOJLOHULPPFLQVLQGHQGLU
: (OHNWURQLNLPSODQWWDü×\DQODU
&LKD]GDNDO×F×P×NQDW×VODUPHYFXWRODELOLU%XP×NQDW×VODU
HOHNWURQLNLPSODQWDV\RQODU×|UQHùLQNDOSSLOLQLYH\DLQVOLQ
SRPSDODU×Q×HWNLOH\HELOLU%XQHGHQOHPRQWDMV×UDV×QGDHOHNWURQLN
LPSODQWWDü×\DQODUHQD]FPX]DNGXUPDO×G×U
&LKD]oDO×üPDWH]JDK×Q×QDOW×QD\HUOHüWLULOHFHNVH5HVLP
&LKD]×QKDYDODQG×U×OPDV×LoLQDUDUDIWDKDYDODQG×UPDE|OP
EXOXQPDO×G×U
dDO×üPDWH]JDK×PRQWDMPRELO\DV×QDVDELWOHQPHOLGLU
&LKD]ELURFDù×QDOW×QDPRQWHHGLOLUVHDüDù×GDNLDVJDUL|OoOHUH
X\XOPDV×JHUHNOLGLU JHUHNLUVHDOWNRQVWUNVL\RQGDKLO ■
2FDNWU
D
\HUOHüWLULOGL
D
\]H\HV×I×U
E
ĮQGNVL\RQOXRFDN
PP
PP
PP
7DP\]H\
ĮQGNVL\RQOXRFDN
PP
PP
PP
%LOJL *D]O×YH\DHOHNWULNOLELURFDù×QDOW×QDPRQWHHWPHNLoLQ
X\JXQGHùLOGLU
*HUHNOLPLQLPXPPHVDIH EQHGHQL\OHDVJDULoDO×üPDWH]JDK×
NDO×QO×ù× DRUWD\Do×NDU
2FDNPRQWDMN×ODYX]XQDGLNNDWHGLQL]
%R\GRODE×QGDNLFLKD]5HVLP
&LKD]×QKDYDODQG×U×OPDV×LoLQDUD]HPLQGHELUKDYDODQG×UPD
E|OPEXOXQPDO×G×U
(ùHUHOHPDQ×QDUNDGXYDU×QDHNRODUDNER\GRODE×Q×QGDELUDUND
GXYDU×YDUVDEXQXQo×NDUW×OPDV×JHUHNOLGLU
&LKD]VDGHFHDNVHVXDUODU×QNROD\O×NODo×NDUW×ODELOHFHùLELU
\NVHNOLùHPRQWHHGLOPHOLGLU
,V×WPDoHNPHFHVLQHVDKLSNRPELQDV\RQ
gQFH×V×WPDoHNPHFHVLQLPRQWHHGLQL],V×WPDoHNPHFHVLQLQ
PRQWDMN×ODYX]XQDGLNNDWHGLQL],V×WPDoHNPHFHVLQLQ]HULQGHNL
FLKD]×J|PPHGRODE×QLoLQHLWLQL]
gQHPOLĮoHULLWPHV×UDV×QGD×V×WPDoHNPHFHVLQLQNDSDù×QD]DUDU
YHUPH\LQL]
.|üHPRQWDM×5HVLP
&LKD]NDSDù×Q×QDo×ODELOPHVLLoLQN|üHPRQWDM×V×UDV×QGD &
|OoVQH GLNNDW HGLOPHOLGLU ' |OoV WXWDPDù×Q DOW N×VP×QGD NDODQ
PRELO\DQ×Q|QFHSKHVLQLQNDO×QO×ù×QDEDùO×G×U
&LKD]×QEDùODQPDV×
&LKD]NRUXPDV×Q×I× HDLWWLUYHVDGHFHWRSUDNODPDNDEORVX
EDùODQW×V×LOHoDO×üW×U×ODELOLU
6LJRUWDWDQ×W×PSODNDVׁ]HULQGHNLJoGHùHULQHJ|UHYH\HUHO
\|QHWPHOLNOHUHX\JXQRODUDNVHoLOPHOLGLU
%WQPRQWDMLüOHPOHULV×UDV×QGDFLKD]×QüHEHNHEDùODQW×V×NHVLN
ROPDO×G×U
%DùODQW×NDEORVXVDGHFHPüWHULKL]PHWOHULQGHQWHPLQHGLOHQ
RULMLQDOELUNDEORLOHGHùLüWLULOPHOLGLU
7HKOLNHOHULQRUWDGDQNDOG×U×OPDV×LoLQKDVDUO×ELUEDùODQW×KDWW×Q×Q
UHWLFLPüWHULKL]PHWOHULYH\DHüGHùHUQLWHOLNWHELUNLüLWDUDI×QGDQ
GHùLüWLULOPHVLJHUHNOLGLU
0RQWDMV×UDV×QGDELUHOHNWULNWHPDVNRUX\XFXVXPHYFXWROPDO×G×U
.RUXPDNRQWDNO×ILüEDùODQW×KDWW×
&LKD]VDGHFHNXUDOODUDX\JXQRODUDNNXUXOPXüNRUXPDO×NRQWDN
SUL]HWDN×OPDO×G×U
0RQWDMVRQUDV×QGDILüHDUW×NHULüLOHPH\HFHNVHVDELWG|üHQHQ
HOHNWULNWHVLVDW×QGDNXUXOXPüDUWODU×QDX\JXQRODUDNID]ODELU
NHVPHWHUWLEDW×WDN×OPDO×G×U
.RUXPDNRQWDNO×ILüROPDGDQEDùODQW×KDWW×
&LKD]×QHOHNWULNEDùODQW×V×VDGHFHHùLWLPOLELUX]PDQWDUDI×QGDQ
\DS×OPDO×G×U
6DELW G|üHQHQ HOHNWULN WHVLVDW×QGD NXUXOXP üDUWODU×QD X\JXQ RODUDN
ID]ODELUNHVPHWHUWLEDW×WDN×OPDO×G×U)D]YHQ|WU V×I×U NDEOR
EDùODQW× SUL]LQGH WDQ×PODQPDO×G×U +DWDO× ELU EDùODQW× FLKD]×Q ]DUDU
J|UPHVLQHVHEHSRODELOLU
6DGHFHEDùODQW×üHPDV×QDJ|UHEDùOD\×Q×]*HULOLPLoLQWLS
SODNDV×QDEDN×Q×]ûHEHNHEDùODQW×KDWW×NDEORODU×UHQN
NRGODPDV×QDX\JXQüHNLOGHEDùODQPDO×G×U<HüLOVDU×
7RSUDNODPD NDEORVX < PDYL V×I×U Q|WU NDEOR NDKYHUHQJL )D]
G×üLOHWNHQ &LKD]×QVDELWOHQPHVLUHVLP
&LKD]×VXWHUD]LVLNXOODQDUDN\DWD\RODUDNKL]DOD\×Q×]
&LKD]WDPDPHQLoHULLWLOPHOLGLU
&LKD]×\DWD\RODUDNYHRUWDQRNWD\DNRQXPODQG×U×Q×]
&LKD]×V×N×FDYLGDOD\×Q×]
dDO×üPDWH]JDK×YHFLKD]DUDV×QGDNLDUDO×NHNSHUYD]ODUOD
NDSDW×OPDPDO×G×U
7DGLOHGLOHQGRODE×Q\DQGXYDUODU×QD×V×NRUXPDoXEXNODU×Q×Q
WDN×OPDV×JHUHNOLGLU
6|NPH
&LKD]×QHOHNWULNJLULüLQLNHVLQL]
6DELWOHPHYLGDODU×Q×V|NQ]
&LKD]×KDILIoHNDOG×U×Q×]YHWDPDPHQG×üDU×oHNLQL]
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertising