Siemens | ET801FCP1D | Installation Instruction | Siemens iQ300 Electric cooktop Installation Instruction

Siemens iQ300 Electric cooktop Installation Instruction
*9001367089*
Ø
Ú
Þ
â
é
×
ì
Û
Ù
ê
ó
Ý
î
Ö
ë
ô
0RQWDJHDQOHLWXQJ
,QVWDOODWLRQLQVWUXFWLRQV
1RWLFHGHPRQWDJH
,VWUX]LRQLSHULOPRQWDJJLR
,QVWDOODWLHYRRUVFKULIW
0RQWHULQJVYHMOHGQLQJ
,QVWUXo}HVGHPRQWDJHP
,QVWUXFFLRQHVGHPRQWDMH
̲͉͇͓͇͕͔͕͔͉͓͆́͌̓̾̓ͅͅ
0RQWHULQJVYHLOHGQLQJ
0RQWHULQJVDQYLVQLQJ
$VHQQXVRKMH
Ημπροςιυηώξνλνμρίες
0RQWiçQtQiYRG
,QVWUXNFMDPRQWDŰX
0RQWDMN×ODYX]X
5 PD[
5
“
PLQ
PLQ
“
PLQ
PLQ
PLQ
6,/,&
21(
de
en
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
'DVPVVHQ6LHEHDFKWHQ
<RXPXVWWDNHQRWHRIWKHIROORZLQJ
(OHNWULVFKHU$QVFKOXVVQXUGXUFKNRQ]HVVLRQLHUWHQ)DFKPDQQ
%HL)DOVFKDQVFKOXVVHUOLVFKWGLH*DUDQWLH
(LQEDXQXUIDFKJHUHFKWEHL6FKlGHQKDIWHWGHU0RQWHXU
$QVFKOXVVGDV*HUlWHQWVSULFKWGHU6FKXW]NODVVH,XQGGDUIQXU
LQ9HUELQGXQJPLW6FKXW]OHLWHUDQVFKOXVVEHWULHEHQZHUGHQ
,QVWDOODWLRQLQGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQLVWHLQH
7UHQQYRUULFKWXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQ
JHQYRU]XVHKHQ
8QWHUEDXNHLQH.KOJHUlWH*HVFKLUUVSOHUXQEHOIWHWH%DFN|
IHQ:DVFKPDVFKLQHQXQWHUEDXHQ
:LUGXQWHUGHP.RFKIHOGHLQ%DFNRIHQHLQJHEDXWPXVVGLH
$UEHLWVSODWWHQGLFNHPLQGHVWHQVPPEHWUDJHQLQPDQFKHQ)lO
OHQDXFKPHKU%HDFKWHQ6LHGLH+LQZHLVHLQGHU0RQWDJHDQOHL
WXQJGHV%DFNRIHQV
$FKWHQ6LHGDUDXIGDVVYRUVWHKHQGH7HLOHZLH]%GDV1HW]DQ
VFKOXVVJHKlXVHRGHUGDV1HW]DQVFKOXVVNDEHOQLFKWPLW]%HLQHU
6FKXEODGHNROOLGLHUHQ
=ZLVFKHQERGHQZHQQGLH.RFKIHOGXQWHUVHLWHEHUKUEDULVW
PXVVHLQ=ZLVFKHQERGHQPRQWLHUWZHUGHQ
)UDJHQ6LHLP)DFKKDQGHOQDFKHLQHP=ZLVFKHQERGHQDOV=XEH
K|U
:HQQ6LHHLQHQHLJHQHQ=ZLVFKHQERGHQYHUZHQGHQPXVVGHU
0LQGHVWDEVWDQG]XP1HW]DQVFKOXVVGHV*HUlWHV PPEHWUD
JHQ
$UEHLWVSODWWHHEHQZDDJUHFKWVWDELO
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
(OHFWULFDOFRQQHFWLRQ7REHFDUULHGRXWRQO\E\DOLFHQVHG
HOHFWULFLDQ,QFRUUHFWFRQQHFWLRQZLOOLQYDOLGDWHWKHZDUUDQW\
,QVWDOODWLRQ7REHFDUULHGRXWRQO\E\DSURIHVVLRQDO7KHILWWHULV
OLDEOHIRUDQ\GDPDJH
&RQQHFWLRQ7KHDSSOLDQFHIXOILOVWKHUHTXLUHPHQWVRISURWHFWLRQ
FODVV , DQG PD\ RQO\ EH RSHUDWHG LQ FRQMXQFWLRQ ZLWK D VDIHW\ HDUWK
WHUPLQDO
,QVWDOODWLRQ,QWKHSHUPDQHQWHOHFWULFDOLQVWDOODWLRQDQDOOSROH
LVRODWLQJVZLWFKPXVWEHSURYLGHGLQDFFRUGDQFHZLWKWKH
LQVWDOODWLRQUHJXODWLRQV,GHQWLI\WKHSKDVHDQGQHXWUDOFRQGXFWRUV
LQ WKH VRFNHW 7KH DSSOLDQFH PD\ EH GDPDJHG LI LW LV QRW FRQQHFWHG
FRUUHFWO\
,QVWDOODWLRQ XQGHUQHDWK 'R QRW LQVWDOO UHIULJHUDWRUV GLVKZDVKHUV
XQYHQWLODWHGRYHQVRUZDVKLQJPDFKLQHVXQGHUQHDWK
,IDQRYHQLVLQVWDOOHGXQGHUQHDWKWKHFRRNWRSWKHZRUNWRSPXVW
EHDWOHDVWPPWKLFNLQFHUWDLQFDVHVHYHQWKLFNHU1RWHWKH
LQIRUPDWLRQLQWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKHRYHQ
0DNHVXUHWKDWSURMHFWLQJSDUWVVXFKDVWKHPDLQVKRXVLQJRUWKH
PDLQVFDEOHGRQRWFROOLGHHJZLWKDGUDZHU
,QWHUPHGLDWH IORRU ,I WKH XQGHUVLGH RI WKH KRE FDQ EH WRXFKHG DQ
LQWHUPHGLDWHIORRUPXVWEHILWWHG
$VN\RXUVSHFLDOLVWUHWDLOHUIRUDQLQWHUPHGLDWHIORRUDVDQ
DFFHVVRU\
,I\RXXVH\RXURZQLQWHUPHGLDWHIORRUWKHPLQLPXPGLVWDQFHWR
WKHPDLQVFRQQHFWLRQRIWKHDSSOLDQFHPXVWEH PP
:RUNVXUIDFH/HYHOKRUL]RQWDOVWDEOH
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
'LH$UEHLWVSODWWH%LOG 7KHZRUNVXUIDFH)LJ (LQEDXP|EHOPLQGHVWHQVƒ&WHPSHUDWXUEHVWlQGLJ
1XUZDVVHUIHVWH$UEHLWVSODWWHQYHUZHQGHQ ]%1DWXUVWHLQ +RO]DUEHLWVSODWWHQGUIHQQXUPLWHLQHPLP)DFKKDQGHOHUKlOWOL
FKHQ6RQGHU]XEHK|UYHUZHQGHWZHUGHQ
$XVVFKQLWWQXULQ)DFKZHUNVWDWWDQIHUWLJHQ'LH6WDELOLWlWGHU
$UEHLWVSODWWHPXVVHUKDOWHQEOHLEHQ
)LWWLQJXQLW+HDWUHVLVWDQWWRDWOHDVWƒ&
8VHRQO\ZDWHUUHVLVWDQWZRUNVXUIDFHV HJQDWXUDOVWRQH :RRGHQ ZRUN VXUIDFHV PXVW RQO\ EH XVHG ZLWK VSHFLDO DFFHVVRULHV
DYDLODEOHIURPVSHFLDOLVWUHWDLOHUV
&XWRXW7REHSUHSDUHGRQO\LQDVSHFLDOLVWZRUNVKRS7KH
VWDELOLW\RIWKHZRUNVXUIDFHPXVWEHPDLQWDLQHG
0|EHOYRUEHUHLWHQ%LOG 3UHSDULQJWKHXQLWV)LJXUH *HIOLHVWH$UEHLWVSODWWHQ$XIODJHIOlFKHQEHL%HGDUIPLWZDVVHU
IHVWHQ/HLVWHQXPODXIHQGHUK|KHQ
7LOHG ZRUN VXUIDFHV ,I QHFHVVDU\ UDLVH WKH VXSSRUW VXUIDFHV ZLWK
ZDWHUUHVLVWDQWEDWWHQV
.RFKIHOGDQVFKOLH‰HQXQGHLQVHW]HQ%LOG &RQQHFWLQJDQGILWWLQJWKHKRE)LJ %HLOLHJHQGH'LFKWXQJDXINOHEHQ
9RU*HUlWHDQVFKOXVV+DXVLQVWDOODWLRQEHUSUIHQ
1XUQDFK$QVFKOXVVELOGDQVFKOLH‰HQ%HL%HGDUIEHLOLHJHQGH.XS
IHUEUFNHQPRQWLHUHQ1HW]DQVFKOXVVOHLWXQJEHLSKDVLJHP
$QVFKOXVV 1a1a 7\S+99)RGHUK|KHUZHUWLJHUIRUGHUOL
FKHQ$GHUQTXHUVFKQLWWHQWVSHFKHQGGHU6WURPEHODVWXQJEHVWLP
PHQ (LQ 4XHUVFKQLWW PP LVW QLFKW ]XOlVVLJ %HL HLQSKDVLJHQ
$QVFKOXVV 1a LVWGLH1HW]DQVFKOXVVOHLWXQJ+55)* /lQ
JHP EHLP.XQGHQGLHQVWHUKlOWOLFK
(LQVHW]HQ.RFKIHOGZDDJHUHFKWHLQVHW]HQXQGDXVULFKWHQ'LH
.HUDPLNSODWWHVROOOHLFKWXQWHUGHU$UEHLWVIOlFKHOLHJHQ
*HUlWDXI)XQNWLRQXQG/DJHEHUSUIHQ6SDOW]ZLVFKHQ$UEHLWV
SODWWHXQG.HUDPLNSODWWHPLWJHHLJQHWHP6LOLNRQNOHEHUYHUIXJHQ
9RUGHU+DXWELOGXQJ6LOLNRQNOHEHUPLWHLQHPPLW6HLIHQO|VXQJ
DQJHIHXFKWHWHP5DNHORGHU)LQJHUJOlWWHQ
%HL 1DWXUVWHLQ$UEHLWVSODWWHQ NDQQ HV EHL 9HUZHQGXQJ XQJHHLJQH
WHU 6LOLNRQNOHEHU ]X 9HUIlUEXQJHQ NRPPHQ (LQ JHHLJQHWHU .OHEHU
LVWEHUXQVHUHQ.XQGHQGLHQVW]XEH]LHKHQ
+LQZHLV(UVFKHLQWLP'LVSOD\GHV*HUlWHV —…‹‹LVWHVIDOVFK
DQJHVFKORVVHQ*HUlWYRP1HW]WUHQQHQ$QVFKOXVVEHUSUIHQ
*HUlWHUVWQDFK$XVKlUWHQGHV6LOLNRQNOHEHUVLQ%HWULHEQHK
PHQ
.RFKIHOG DXVEDXHQ 'DV *HUlW VSDQQXQJVORV PDFKHQ 'LFKWXQJ
HQWODQJ GHU .HUDPLNSODWWH XPODXIHQG DXVVFKQHLGHQ .RFKIHOG YRQ
XQWHQKHUDXVGUFNHQ
%RQGWKHVXSSOLHGVHDOLQSODFH
%HIRUH FRQQHFWLQJ WKH DSSOLDQFH FKHFN WKH KRXVHKROG LQVWDOODWLRQ
2QO\ FRQQHFW DFFRUGLQJ WR WKH FRQQHFWLRQ GLDJUDP ,I QHFHVVDU\ ILW
WKHFRSSHUEULGJHVVXSSOLHG3RZHUFRUGZLWKSKDVH
FRQQHFWLRQ 1a1a 7\SH+99)RUKLJKHUGLPHQVLRQWKH
UHTXLUHGFURVVVHFWLRQRIWKHZLUHDFFRUGLQJWRWKHSRZHUORDG$
FURVVVHFWLRQRIPPLVQRWSHUPLVVLEOH:LWKVLQJOHSKDVH
FRQQHFWLRQ 1a WKHSRZHUFRUG+55)* OHQJWKP LV
DYDLODEOHIURPFXVWRPHUVHUYLFH
,QVWDOOLQJ 6HW WKH KRE GRZQ KRUL]RQWDOO\ DQG DOLJQ LW 7KH FHUDPLF
SODWHVKRXOGEHSRVLWLRQHGVOLJKWO\EHORZWKHZRUNVXUIDFH
&KHFNWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\DQGLVLQWKHFRUUHFW
SRVLWLRQ 8VH D VXLWDEOH VLOLFRQ DGKHVLYH WR ILOO WKH JDS EHWZHHQ WKH
ZRUNVXUIDFHDQGWKHFHUDPLFSODWH%HIRUHDVNLQIRUPVRQWKH
VLOLFRQDGKHVLYHVPRRWKLWZLWKDVFUDSHURU\RXUILQJHUZHWWHG
ZLWKVRDS\ZDWHU
8VLQJ XQVXLWDEOH VLOLFRQH DGKHVLYH RQ QDWXUDO VWRQH ZRUN VXUIDFHV
PD\ FDXVH GLVFRORXUDWLRQ 6XLWDEOH DGKHVLYH FDQ EH REWDLQHG IURP
RXUDIWHUVDOHVVHUYLFH
1RWH ,I —…‹‹ DSSHDUV LQ WKH GLVSOD\ WKH DSSOLDQFH KDV QRW EHHQ
FRQQHFWHG FRUUHFWO\ 'LVFRQQHFW WKH DSSOLDQFH IURP WKH PDLQV DQG
FKHFNWKHFRQQHFWLRQ
'RQRWXVHWKHDSSOLDQFHXQWLOWKHVLOLFRQHDGKHVLYHKDVVHW
5HPRYLQJWKHKRE'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHU
VXSSO\&XWRXWWKHVHDODURXQGWKHFHUDPLFSODWH3XVKRXWWKH
KREIURPEHORZ
fr
1HPHWWUHO DSSDUHLOHQVHUYLFHTX DSUqVGXUFLVVHPHQWGHOD
FROOHVLOLFRQH
'pSRVHGHODWDEOHGHFXLVVRQPHWWUHO DSSDUHLOKRUVWHQVLRQ
'pFRXSHUOHMRLQWOHORQJGHODSODTXHFpUDPLTXH6RUWLUODWDEOHGH
FXLVVRQHQODSRXVVDQWSDUOHEDV
Þ 1RWLFHGHPRQWDJH
&RQVLJQHVjUHVSHFWHU
%UDQFKHPHQWpOHFWULTXH XQLTXHPHQWSDUXQVSpFLDOLVWHDJUpp
7RXWHHUUHXUGHEUDQFKHPHQWDQQXOHODJDUDQWLH
(QFDVWUHPHQW XQLTXHPHQW VHORQ OHV UqJOHV GH O·DUW O·LQVWDOODWHXU
HVWUHVSRQVDEOHHQFDVGHGRPPDJHV
5DFFRUGHPHQW O·DSSDUHLOFRUUHVSRQGjODFODVVHGHSURWHFWLRQ ,
HWQHGRLWrWUHXWLOLVpTX·DYHFXQUDFFRUGHPHQWjODWHUUH
,QVWDOODWLRQ GDQVO·LQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSH
FLUFXLWGDQVOHVSKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[
UpJOHPHQWDWLRQVG·LQVWDOODWLRQ
6RXVOHSODQGHWUDYDLO QHSDVLQVWDOOHUG·DSSDUHLOUpIULJpUDQWQL
GHODYHYDLVVHOOHGHIRXUQRQYHQWLOpQLGHODYHOLQJH
6LXQIRXUHVWLQVWDOOpVRXVODWDEOHGHFXLVVRQO·pSDLVVHXU
PLQLPDOHGXSODQGHWUDYDLOGRLWrWUHGH PPYRLUHSOXVGDQV
FHUWDLQV FDV 5HVSHFWH] OHV FRQVLJQHV GH OD QRWLFH GH PRQWDJH GX
IRXU
9HLOOH]jFHTXHOHVSDUWLHVVDLOODQWHVWHOOHVTXHOHERvWLHU
G·DOLPHQWDWLRQRXOHFkEOHG·DOLPHQWDWLRQQ·HQWUHQWSDVHQFROOLVLRQ
DYHFXQWLURLUSDUH[HPSOH
3ODQFKHULQWHUPpGLDLUH V·LOHVWSRVVLEOHGHWRXFKHUOHGHVVRXV
GHODWDEOHGHFXLVVRQLOIDXWPRQWHUXQIRQGLQWHUPpGLDLUH
'HVSODQFKHUVLQWHUPpGLDLUHVVRQWGLVSRQLEOHVHQWDQW
TX·DFFHVVRLUHVGDQVOHFRPPHUFHVSpFLDOLVp
6LYRXVXWLOLVH]YRWUHSURSUHSODQFKHULQWHUPpGLDLUHODGLVWDQFH
PLQLPDOHSDUUDSSRUWjODSULVHVHFWHXUGHO·DSSDUHLOGRLWrWUHGH
PP
3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH
: 3RUWHXUVG LPSODQWVpOHFWURQLTXHV / DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
it
â ,VWUX]LRQLSHULOPRQWDJJLR
2VVHUYDUHTXDQWRVHJXH
$OODFFLDPHQWRHOHWWULFRVRORGDSDUWHGLXQWHFQLFRDXWRUL]]DWR
,QFDVRGLDOODFFLDPHQWRVFRUUHWWRGHFDGHODJDUDQ]LD
0RQWDJJLR GD HVHJXLUVL HVFOXVLYDPHQWH LQ PRGR FRUUHWWR LQ FDVR
GLGDQQLODUHVSRQVDELOLWjYHUUjLPSXWDWDDFKLKDHVHJXLWRLO
PRQWDJJLR
&ROOHJDPHQWR O DSSDUHFFKLR ULHQWUD QHOOD FODVVH GL SURWH]LRQH , H
SXz HVVHUH PHVVR LQ IXQ]LRQH VROR VH FROOHJDWR D XQ FRQGXWWRUH GL
WHUUD
,QVWDOOD]LRQHGXUDQWHODSRVDILVVDGHOO LQVWDOOD]LRQHHOHWWULFDq
GDSUHYHGHUHXQGLVSRVLWLYRGLVHSDUD]LRQHQHOOHIDVL
FRQIRUPHPHQWHDOOHGLVSRVL]LRQLGHOO DOOHVWLPHQWR
6RWWRO DSSDUHFFKLRQRQqFRQVHQWLWRLQFDVVDUHDOGLVRWWR
GHOO DSSDUHFFKLRIULJRULIHULODYDVWRYLJOLHIRUQLQRQYHQWLODWLR
ODYDWULFL
6HVRWWRLOSLDQRFRWWXUDYLHQHLQVWDOODWRXQIRUQRORVSHVVRUHGHO
SLDQR GL ODYRUR GHYH HVVHUH GL DOPHQR PP LQ DOFXQL FDVL DQFKH
GL SL 3UHVWDUH DWWHQ]LRQH DOOH DYYHUWHQ]H SUHVHQWL QHOOH LVWUX]LRQL
SHULOPRQWDJJLRGHOIRUQR
3UHVWDUHDWWHQ]LRQHFKHOHSDUWLVSRUJHQWLDGHVODVFDWRODGL
FROOHJDPHQWRDOODUHWHRLOFDYRSHULOFROOHJDPHQWRHOHWWULFRQRQ
WRFFKLQRDGHVXQFDVVHWWR
5LSLDQRLQWHUPHGLRVHqSRVVLELOHWRFFDUHLOODWRLQIHULRUHGHO
SLDQRGLFRWWXUDqQHFHVVDULRPRQWDUHXQULSLDQRLQWHUPHGLR
5LFKLHGHUHSUHVVRXQULYHQGLWRUHVSHFLDOL]]DWRXQULSLDQR
LQWHUPHGLRFRPHDFFHVVRULR
6HVLXWLOL]]DXQSURSULRULSLDQRLQWHUPHGLRODGLVWDQ]DPLQLPDGDO
FROOHJDPHQWRHOHWWULFRGHOO DSSDUHFFKLRGHYHHVVHUHGL PP
3LDQRGLODYRURVWDELOHLQSLDQRHRUL]]RQWDOH
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/ DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
/HSODQGHWUDYDLOILJ 0HXEOH G HQFDVWUHPHQW UpVLVWDQW j XQH WHPSpUDWXUH G DX PRLQV
ƒ&
8WLOLVHUXQLTXHPHQWGHVSODQVGHWUDYDLOLPSHUPpDEOHV SH[
SLHUUHQDWXUHOOH /HVSODQVGHWUDYDLOHQERLVGRLYHQWXQLTXHPHQWrWUHXWLOLVpVDYHF
XQDFFHVVRLUHVSpFLDOHQYHQWHGDQVOHFRPPHUFHVSpFLDOLVp
'pFRXSHIDLUHFRQIHFWLRQQHUH[FOXVLYHPHQWGDQVXQDWHOLHU
VSpFLDOLVWH/DVROLGLWpGXSODQGHWUDYDLOGRLWrWUHFRQVHUYpH
3LDQLGLODYRURILJXUD ,PRELOLGDLQFDVVRWHUPRVWDELOLDOPHQRILQRDƒ&
8WLOL]]DUH HVFOXVLYDPHQWH SLDQL GL ODYRUR UHVLVWHQWL DOO DFTXD DG HV
LQSLHWUD ËFRQVHQWLWRXWLOL]]DUHSLDQLGLODYRURLQOHJQRHVFOXVLYDPHQWHFRQ
XQ DFFHVVRULR VSHFLDOH GLVSRQLELOH SUHVVR L ULYHQGLWRUL VSHFLDOL]]DWL
)RURGLLQFDVVRSURGRWWRVRODPHQWHLQXQ RIILFLQDVSHFLDOL]]DWD
ËQHFHVVDULRPDQWHQHUHODVWDELOLWjGHOSLDQRGLODYRUR
3UpSDUDWLRQGXPHXEOHILJ 3ODQVGHWUDYDLOFDUUHOpVUHKDXVVHUOHVVXUIDFHVG DSSXLWRXW
DXWRXUSDUGHVEDJXHWWHVLPSHUPpDEOHV
0LVHHQSODFHHWUDFFRUGHPHQWGHODWDEOHGH
FXLVVRQILJ
3UHSDUD]LRQHGHOPRELOHILJXUD &ROOHUOHMRLQWIRXUQL
$YDQWGHUDFFRUGHUO·DSSDUHLOYpULILHUO·LQVWDOODWLRQGRPHVWLTXH
1H OH UDFFRUGHU TXH VHORQ OH VFKpPD GH UDFFRUGHPHQW (Q FDV GH
EHVRLQPRQWHUOHVSRQWVHQFXLYUHMRLQWV&RUGRQG·DOLPHQWDWLRQ
VHFWHXU SRXU UDFFRUGHPHQW ELSKDVpWULSKDVp 1a1a W\SH +
99)RXVXSpULHXU GpWHUPLQHUODVHFWLRQGHVILOVUHTXLVHHQ
IRQFWLRQGHODFKDUJHpOHFWULTXH8QHVHFWLRQ PPQ·HVWSDV
DXWRULVpH /HFRUGRQG·DOLPHQWDWLRQVHFWHXU+55)*
ORQJXHXU P SRXUXQUDFFRUGHPHQWPRQRSKDVp 1a HVW
GLVSRQLEOHDXSUqVGXVHUYLFHDSUqVYHQWH
0LVHHQSODFH LQVpUHUODWDEOHGHFXLVVRQKRUL]RQWDOHPHQWHW
O DOLJQHU/DSODTXHHQFpUDPLTXHGRLWrWUHOpJqUHPHQWSOXVEDVVH
TXHOHSODQGHWUDYDLO
&RQWU{OHUOHIRQFWLRQQHPHQWHWODSRVLWLRQGHO DSSDUHLO-RLQWR\HU
O HVSDFHHQWUHOHSODQGHWUDYDLOHWODSODTXHHQFpUDPLTXHDYHF
XQHFROOHVLOLFRQHDSSURSULpH$YDQWODIRUPDWLRQG XQHSHOOLFXOH
OLVVHUODFROOHVLOLFRQHDYHFXQUDFORLUPRXLOOpDYHFGHO HDX
VDYRQQHXVHRXODOLVVHUDYHFOHGRLJW
(QFDVGHSODQVGHWUDYDLOHQSLHUUHQDWXUHOOHO XWLOLVDWLRQG XQH
FROOHVLOLFRQHLQDSSURSULpHSHXWRFFDVLRQQHUGHVGpFRORUDWLRQV
8QH FROOH DSSURSULpH HVW GLVSRQLEOH DXSUqV GH QRWUH VHUYLFH DSUqV
YHQWH
5HPDUTXH VL —…‹‹DSSDUDvWVXUOHGLVSOD\GHO DSSDUHLOF HVW
TX LOHVWPDOUDFFRUGp'pEUDQFKHUO DSSDUHLOGXVHFWHXUYpULILHUOH
EUDQFKHPHQW
3LDQLGLODYRURSLDVWUHOODWLDXPHQWDUHOHVXSHUILFLGLDSSRJJLR
ERUGDQGROHFRQOLVWHOOLUHVLVWHQWLDOO DFTXD
$OODFFLDPHQWRHPRQWDJJLRGHOSLDQRFRWWXUD
ILJXUD $SSOLFDUHODJXDUQL]LRQHIRUQLWD
3ULPDGHOO DOODFFLDPHQWRGHOO DSSDUHFFKLRFRQWUROODUHO LPSLDQWR
GRPHVWLFR
$WWHQHUVLVROWDQWRDOORVFKHPDGLFROOHJDPHQWR6HRFFRUUH
PRQWDUHLSRQWLFHOOLLQUDPHIRUQLWLLQGRWD]LRQH&DYRGL
FROOHJDPHQWRDOODUHWHHOHWWULFDFRQFROOHJDPHQWRDIDVL 1a
1a PRGHOOR+99)RVXSHULRUHGHWHUPLQDUHODVH]LRQHGHL
FDYLQHFHVVDULDFRUULVSRQGHQWHDOFDULFRGLFRUUHQWH8QDVH]LRQH
PPQRQqFRQVHQWLWD&RQLOFROOHJDPHQWRPRQRIDVH 1a
qSRVVLELOHULFKLHGHUHLOFDYRGLDOODFFLDPHQWRDOODUHWH+55
)* OXQJKH]]DP DOVHUYL]LRDVVLVWHQ]DWHFQLFD
,QVHULPHQWRGLVSRUUHHDOOLQHDUHLOSLDQRGLFRWWXUD
RUL]]RQWDOPHQWH'LVSRUUHLOSLDQRLQFHUDPLFDOHJJHUPHQWHSLLQ
EDVVRULVSHWWRDOODVXSHUILFLHGLODYRUR
&RQWUROODUHLOIXQ]LRQDPHQWRHODSRVL]LRQHGHOO DSSDUHFFKLR
6LJLOODUHODIHVVXUDWUDLOSLDQRGLODYRURHLOSLDQRLQFHUDPLFDFRQ
XQ DGHVLYR D EDVH GL VLOLFRQH DGDWWR 3ULPD FKH VL IRUPL OD SHOOLFROD
OLVFLDUH O DGHVLYR D EDVH GL VLOLFRQH FRQ XQD UDFOD R XQ GLWR LQXPLGLWL
FRQDFTXDHVDSRQH
%LMZHUNEODGHQYDQQDWXXUVWHHQNDQKHWJHEUXLNYDQRQJHVFKLNWH
VLOLFRQHQOLMPOHLGHQWRWYHUNOHXULQJHQ(HQJHVFKLNWHOLMPNDQYLD
RQ]HVHUYLFHGLHQVWZRUGHQEHWURNNHQ
$DQZLM]LQJ YHUVFKLMQW HU RS KHW GLVSOD\ YDQ KHW DSSDUDDW —…‹‹
GDQLVKHWYHUNHHUGDDQJHVORWHQ'HVWHNNHUXLWKHWVWRSFRQWDFW
KDOHQDDQVOXLWLQJFRQWUROHUHQ
$SSDUDDW SDV QD KHW XLWKDUGHQ YDQ GH VLOLFRQHQOLMP LQ JHEUXLN
QHPHQ
.RRNSODDWGHPRQWHUHQ+HWDSSDUDDWVSDQQLQJVORRVPDNHQ
$IGLFKWLQJ ODQJV GH NHUDPLHNSODDW RPORSHQG XLWVQLMGHQ .RRNSODDW
YDQRQGHUXLWQDDUEXLWHQGUXNNHQ
,Q FDVR GL SLDQL GL ODYRUR LQ SLHWUD O XWLOL]]R GL XQ DGHVLYR D EDVH GL
VLOLFRQH QRQ DGDWWR SXz PRGLILFDUH LO FRORUH GHOOD VXSHUILFLH 3UHVVR
LOQRVWURFHQWURGLDVVLVWHQ]DFOLHQWLqGLVSRQLELOHXQDGHVLYR
DGDWWR
$YYHUWHQ]HVHVXOGLVSOD\GHOO DSSDUHFFKLRFRPSDUH —…‹‹
VLJQLILFDFKHO DOODFFLDPHQWRQRQqVWDWRHIIHWWXDWRLQPRGR
FRUUHWWR6WDFFDUHO DSSDUHFFKLRGDOODUHWHGLDOLPHQWD]LRQHH
FRQWUROODUHO DOODFFLDPHQWR
0HWWHUHLQIXQ]LRQHO DSSDUHFFKLRVRORXQDYROWDFKHLO
VLOLFRQHVLqDVFLXJDWRFRPSOHWDPHQWH
6PRQWDJJLRGHOSLDQRGLFRWWXUDVFROOHJDUHO DSSDUHFFKLRGDOOD
UHWHHOHWWULFD7DJOLDUHODJXDUQL]LRQHOXQJRLOSLDQRLQFHUDPLFD
(VWUDUUHLOSLDQRGLFRWWXUDVSLQJHQGRORGDOEDVVR
da
× 0RQWHULQJVYHMOHGQLQJ
nl
2YHUKROGI¡OJHQGHDQYLVQLQJHU
é ,QVWDOODWLHYRRUVFKULIW
(OHNWULVNWLOVOXWQLQJ0nNXQIRUHWDJHVDIHQDXWRULVHUHW
HOHNWULNHU9HGIRUNHUWWLOVOXWQLQJERUWIDOGHUJDUDQWLHQVJ\OGLJKHG
0RQWHULQJ6NDOXGI¡UHVIDJOLJWNRUUHNWYHGHYWVNDGHUK IWHU
PRQW¡UHQ
7LOVOXWQLQJ$SSDUDWHWRSI\OGHUEHVN\WWHOVHVNODVVH,RJPn
XGHOXNNHQGHDQYHQGHVPHGWLOVOXWWHWMRUGIRUELQGHOVH
,QVWDOODWLRQ9HGHQIDVWHOHNWULVNLQVWDOODWLRQVNDOGHUY UH
PRQWHUHWHQDIEU\GHUDQRUGQLQJSnIDVHUQHLKHQKROGWLO
LQVWDOODWLRQVEHVWHPPHOVHUQH
,QGE\JQLQJ'HUPnLNNHLQGE\JJHVN¡OHIU\VHVNDEH
RSYDVNHPDVNLQHUXYHQWLOHUHGHRYQHHOOHUYDVNHPDVNLQHUXQGHU
DSSDUDWHW
+YLVGHULQGE\JJHVHQRYQXQGHUNRJHWRSSHQVNDO
DUEHMGVSODGHW\NNHOVHQY UHPLQGVWPPRJLQRJOHWLOI OGH
RJVnPHUH)¡OJDQYLVQLQJHUQHLRYQHQVPRQWHULQJVYHMOHGQLQJ
6¡UJ IRU DW IUHPVSULQJHQGH GHOH VRP IHNV QHWWLOVOXWQLQJVERNVHQ
HOOHUQHWOHGQLQJHQLNNHNROOLGHUHUPHGIHNVHQVNXIIH
0HOOHPEXQGH +YLV NRJHWRSSHQV XQGHUVLGH NDQ EHU¡UHV VNDO GHU
PRQWHUHVHQPHOOHPEXQG
'HUNDQInVPHOOHPEXQGHVRPWLOEHK¡UKRVIRUKDQGOHUHQ
+YLVGHUDQYHQGHVHQDQGHQPHOOHPEXQGVNDODIVWDQGHQWLO
DSSDUDWHWVQHWWLOVOXWQLQJY UHPLQGVW PP
%RUGSODGH3ODQYDQGUHWVWDELO
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
+LHURSGLHQWXWHOHWWHQ
(OHNWULVFKH DDQVOXLWLQJ DOOHHQ GRRU HHQ HUNHQG YDNPDQ %LM HHQ
YHUNHHUGHDDQVOXLWLQJNRPWGHJDUDQWLHWHYHUYDOOHQ
,QERXZDOOHHQRSGHVNXQGLJHZLM]HELMVFKDGHLVGHPRQWHXU
DDQVSUDNHOLMN
$DQVOXLWLQJKHWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH,HQ
PDJDOOHHQPHWHHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
,QVWDOODWLHGHYDVWDDQJHOHJGHHOHNWULVFKHLQVWDOODWLHPRHW
YROJHQVGHLQVWDOODWLHYRRUVFKULIWHQLQGHIDVHQZRUGHQYRRU]LHQ
YDQHHQVFKHLGLQJVLQULFKWLQJ
2QGHUERXZJHHQNRHONDVWHQYDDWZDVVHUVEDNRYHQV]RQGHU
YHQWLODWLHRIZDVPDFKLQHVHURQGHULQERXZHQ
$OVRQGHUGHNRRNSODDWHHQEDNRYHQZRUGWLQJHERXZGPRHWGH
GLNWHYDQKHWZHUNEODGPLQVWHQV PP]LMQLQVRPPLJHJHYDOOHQ
RRNPHHU1HHPGHDDQZLM]LQJHQLQGHPRQWDJHKDQGOHLGLQJYDQ
GHEDNRYHQLQDFKW
/HWHURSGDWXLWVWHNHQGHGHOHQ]RDOVGHEHKXL]LQJRIKHWVQRHU
YDQ GH QHWDDQVOXLWLQJ QLHW LQ ERWVLQJ NRPHQ PHW ELMYRRUEHHOG HHQ
ODGH
7XVVHQVFKRWZDQQHHUGHRQGHUNDQWYDQGHNRRNSODDWNDQ
ZRUGHQ DDQJHUDDNW PRHW HU HHQ WXVVHQVFKRW ZRUGHQ JHPRQWHHUG
,QIRUPHHULQGHYDNKDQGHORIHUHHQWXVVHQVFKRWDOVDFFHVVRLUH
YHUNULMJEDDULV
:DQQHHUXHHQHLJHQWXVVHQVFKRWJHEUXLNWPRHWGHPLQLPDOH
DIVWDQGWRWGHQHWDDQVOXLWLQJYDQKHWDSSDUDDW PP]LMQ
:HUNEODGYODNZDWHUSDVHQVWDELHO
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
%RUGSODGHQILJXU .¡NNHQHOHPHQWHUWLOLQGE\JQLQJ6RPPLQLPXP
WHPSHUDWXUEHVWDQGLJHWLOž&
$QYHQGNXQYDQGIDVWHERUGSODGHU IHNVDIQDWXUVWHQ %RUGSODGHUDIWU PnNXQDQYHQGHVLIRUELQGHOVHPHGHNVWUD
WLOEHK¡UVRPNDQInVKRVIRUKDQGOHUHQ
8GVN ULQJ0nNXQXGI¡UHVSnHWSURIHVVLRQHOWY UNVWHG
%RUGSODGHQVNDOEHYDUHVLQVWDELOLWHW
+HWZHUNEODG$IEHHOGLQJ ,QERXZPHXEHOWHQPLQVWHEHVWDQGWHJHQHHQWHPSHUDWXXUYDQ
ƒ&
$OOHHQZDWHUEHVWHQGLJHZHUNEODGHQ ELMYQDWXXUVWHHQ JHEUXLNHQ
+RXWHQZHUNEODGHQPRJHQDOOHHQPHWHHQLQGHYDNKDQGHO
YHUNULMJEDDUVSHFLDDODFFHVVRLUHZRUGHQJHEUXLNW
8LWVQLMGLQJ DOOHHQ LQ HHQ HUNHQGH ZHUNSODDWV ODWHQ YHUYDDUGLJHQ
'HVWDELOLWHLWYDQKHWZHUNEODGPRHWEHKRXGHQEOLMYHQ
)RUEHUHGHOVHDIN¡NNHQHOHPHQWILJXU %RUGSODGHUPHGIOLVHU6NDORPQ¡GYHQGLJWIRUK¡MHVPHG
YDQGIDVWHOLVWHUKHOHYHMHQUXQGW
0HXEHOYRRUEHUHLGHQ$IEHHOGLQJ 7LOVOXWQLQJRJLV WQLQJDINRJHVHNWLRQILJXU %HWHJHOGHZHUNEODGHQGHGUDDJYODNNHQ]RQRGLJPHW
ZDWHUEHVWHQGLJHGHNODWWHQRPORSHQGYHUKRJHQ
9HGODJWHW WQLQJSnNO EHV
.RQWUROOHUGHQHOHNWULVNHLQVWDOODWLRQLKXVHWLQGHQDSSDUDWHW
WLOVOXWWHV
0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW0RQWHURP
Q¡GYHQGLJW GH OHYHUHGH NREEHUSROEURHU1HWWLOVOXWQLQJVOHGQLQJ YHG
IDVHWWLOVOXWQLQJ 1a1a 7\SH+99)HOOHUK¡MHUH
)DVWO JGHWQ¡GYHQGLJHOHGQLQJVNYDGUDWVYDUHQGHWLO
VWU¡PEHODVWQLQJHQ (W OHGQLQJVNYDGUDW Sn PP HU LNNH WLOODGW
9HGHQIDVHWWLOVOXWQLQJ 1a InVQHWWLOVOXWQLQJVOHGQLQJHQ+55
)* O QJGHP KRVNXQGHVHUYLFH
,V WQLQJ3ODFHUNRJHWRSSHQYDQGUHWRJLQGMXVWHUGHQ
.HUDPLNSODGHQVNDOOLJJHHQVPXOHXQGHUERUGSODGHQVRYHUIODGH
.RQWUROOHUDSSDUDWHWVIXQNWLRQRJSODFHULQJ6SDOWHQPHOOHP
ERUGSODGHQRJNHUDPLNSODGHQVNDOIXJHVPHGHQHJQHW
VLOLNRQHPDVVH*ODWVLOLNRQHPDVVHQPHGHQUDNHOHOOHUPHGHQ
ILQJHUVRPHUIXJWHWPHGV EHYDQGLQGHQRYHUIODGHQVW¡UNQHU
9HGERUGSODGHUDIQDWXUVWHQNDQHQXHJQHWVLOLNRQHPDVVH
IRUnUVDJH PLVIDUYQLQJHU 'HU NDQ EHVWLOOHV HJQHW VLOLNRQHPDVVH YLD
YRUHVNXQGHVHUYLFH
.RRNYHOGDDQVOXLWHQHQDDQEUHQJHQDIEHHOGLQJ 0HHJHOHYHUGHDIGLFKWLQJYDVWSODNNHQ
9RRUDDQVOXLWLQJYDQKHWDSSDUDDWGHKXLVLQVWDOODWLHFRQWUROHUHQ
$OOHHQDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD=RQRGLJGH
ELMEHKRUHQGHNRSHUEUXJPRQWHUHQ1HWDDQVOXLWOHLGLQJELM
IDVLJHDDQVOXLWLQJ 1a1a W\SH+99)RIKRRJZDDUGLJHU
YHUHLVWHDGHUGLDPHWHUYDVWVWHOOHQDDQGHKDQGYDQGH
VWURRPEHODVWLQJ (HQ GLDPHWHU PP LV QLHW WRHJHVWDDQ 9RRU
HQNHOIDVLJHDDQVOXLWLQJ 1a LVELMGHVHUYLFHGLHQVWGH
QHWDDQVOXLWOHLGLQJ+55)* OHQJWH P YHUNULMJEDDU
,QEUHQJHQNRRNSODDWKRUL]RQWDDOLQEUHQJHQHQXLWULFKWHQ'H
NHUDPLHNSODDWPRHWJHPDNNHOLMNRQGHUKHWZHUNEODGOLJJHQ
'HZHUNLQJHQWRHVWDQGYDQKHWWRHVWHOFRQWUROHUHQ'HVSOHHW
WXVVHQZHUNEODGHQNHUDPLHNSODDWYRHJHQPHWHHQJHVFKLNWH
VLOLFRQHQOLMP9RRUGDW]LFKHHQYHOYRUPWGHVLOLFRQHQOLMPPHWHHQ
UDNHOGLHPEYHHQ]HHSRSORVVLQJLVEHYRFKWLJGRIPHWHHQ
YLQJHUJODGVWULMNHQ
%HP UN+YLV —…‹‹YLVHVLDSSDUDWHWVGLVSOD\HUGHWWLOVOXWWHW
IRUNHUW$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHWRJNRQWUROOHU
WLOVOXWQLQJHQ
$SSDUDWHWPnI¡UVWWDJHVLEUXJQnUVLOLNRQHPDVVHQHU
JHQQHPK UGHW
'HPRQWHUHNRJHVHNWLRQ$SSDUDWHWVNDOJ¡UHVVS QGLQJVO¡VW
6N UW WQLQJHQRSKHOHYHMHQUXQGWRPNHUDPLNSODGHQ7U\N
NRJHVHNWLRQHQRSQHGHIUD
1DVEDQFDGDGHSHGUDQDWXUDOXPDFRODGHVLOLFRQHLQDSURSULDGD
SRGHUiSURYRFDUGHVFRORUDo}HV3RGHUiDGTXLULUXPDFROD
DSURSULDGDMXQWRGDQRVVD$VVLVWrQFLD7pFQLFD
1RWDVHDSDUHFHU —…‹‹QRYLVRUGRDSDUHOKRDOLJDomRIRL
HIHWXDGDLQFRUUHWDPHQWH'HVOLJXHRDSDUHOKRGDFRUUHQWHH
YHULILTXHDOLJDomR
&RORTXHRDSDUHOKRHPIXQFLRQDPHQWRVyDSyVR
HQGXUHFLPHQWRGDFRODGHVLOLFRQH
'HVPRQWDUDSODFDGHFR]LQKDUGHVOLJXHRDSDUHOKRGD
FRUUHQWH &RUWH R YHGDQWH DR ORQJR GD SODFD GH FHUkPLFD 5HWLUH D
SODFDGHFR]LQKDUSUHVVLRQDQGRSRUEDL[R
pt
ì ,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVDUHVSHLWDU
es
/LJDomRHOpWULFDGHYHVHUHIHWXDGDDSHQDVSRUXPHVSHFLDOLVWD
8PDOLJDomRHUUDGDDQXODDJDUDQWLD
0RQWDJHP DSHQDV FRQIRUPH HVSHFLILFDGR HP FDVR GH GDQRV D
UHVSRQVDELOLGDGHVHUiGRLQVWDODGRU
/LJDomRRDSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomR,HVy
SRGHVHUXWLOL]DGRHPFRQMXQWRFRPXPFRQGXWRUGHSURWHomR
,QVWDODomRQDLQVWDODomRHOpWULFDIL[DGHYHHVWDUSUHYLVWRXP
GLVSRVLWLYRGHFRUWHQDVIDVHVGHDFRUGRFRPDVUHJUDVGH
LQVWDODomR
,QVWDODomR SRU EDL[R GR HTXLSDPHQWR SRU EDL[R QmR GHYHP VHU
LQVWDODGRVHTXLSDPHQWRVGHIULRPiTXLQDVGHODYDUORLoDIRUQRV
VHPYHQWLODomRPiTXLQDVGHODYDUURXSD
(PFDVRGHPRQWDJHPGHXPIRUQRSRUEDL[RGDSODFDGH
FR]LQKDUDHVSHVVXUDGDEDQFDGDGHWUDEDOKRWHPGHVHUGHQR
PtQLPR PP H HP DOJXQV FDVRV DWp PDLV GR TXH LVVR 5HVSHLWH
DVLQGLFDo}HVFRQVWDQWHVGDVLQVWUXo}HVGHPRQWDJHPGRIRUQR
&HUWLILTXHVHGHTXHDVSHoDVVDOLHQWHVFRPRSH[DFDL[DGD
IRQWHGHDOLPHQWDomRRXRFDERGHOLJDomRjUHGHHOpWULFDQmR
FROLGHPFRPSH[XPDJDYHWD
)XQGR LQWHUPpGLR VH IRU SRVVtYHO WRFDU QD SDUWH LQIHULRU GD SODFD
GHFR]LQKDUpQHFHVViULRPRQWDUXPIXQGRLQWHUPpGLR
3URFXUHQRFRPpUFLRHVSHFLDOL]DGRXPIXQGRLQWHUPpGLRFRPR
DFHVVyULR
6HXWLOL]DUXPIXQGRLQWHUPpGLRSUySULRDGLVWkQFLDPtQLPDHP
UHODomRjOLJDomRHOpWULFDGRDSDUHOKRGHYHUiVHUGH PP
%DQFDGDGHWUDEDOKRSODQDKRUL]RQWDOUREXVWD
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU
LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH
LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD
GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV
Û ,QVWUXFFLRQHVGHPRQWDMH
6HGHEHWHQHUHQFXHQWD
&RQH[LyQHOpFWULFDVRORDFDUJRGHXQWpFQLFRHVSHFLDOLVWD
DXWRUL]DGR6LVHKDFHXQDFRQH[LyQLQFRUUHFWDODJDUDQWtDQR
WHQGUiYDOLGH]
0RQWDMHFRQIRUPHDODVUHJODVSURIHVLRQDOHVHQFDVRGHGDxRV
HOUHVSRQVDEOHVHUiHOPRQWDGRU
&RQH[LyQHODSDUDWRSHUWHQHFHDODFODVHGHSURWHFFLyQ ,\VROR
SXHGHXWLOL]DUVHHQFRPELQDFLyQFRQXQDFRQH[LyQFRQFRQGXFWRU
GHWRPDDWLHUUD
,QVWDODFLyQVHJ~QODVQRUPDVODLQVWDODFLyQHOpFWULFDFRQWRPD
GHWLHUUDGHEHUiFRQVWDUGHXQGLVSRVLWLYRGHVHSDUDFLyQHQODV
IDVHV
0RQWDMHEDMRHQFLPHUDQRPRQWDUEDMRHQFLPHUDVQHYHUDV
ODYDYDMLOODVKRUQRVVLQYHQWLODFLyQQLODYDGRUDV
6LVHLQVWDODXQKRUQRGHEDMRGHODSODFDGHFRFFLyQHOJURVRUGH
ODHQFLPHUDGHEHVHUDOPHQRVGH PPHQDOJXQRVFDVRV
LQFOXVRPiV2EVHUYHODVLQGLFDFLRQHVGHODVLQVWUXFFLRQHVGH
PRQWDMHGHOKRUQR
3UHVWDUDWHQFLyQDTXHQLQJXQDSDUWHTXHVREUHVDOJDFRPROD
FDMDGHODFRQH[LyQDUHGRHOFDEOHGHFRQH[LyQDUHGFKRTXH
S HMFRQXQFDMyQ
)RQGRLQWHUPHGLRVLODSDUWHLQIHULRUGHODSODFDGHFRFFLyQ
TXHGDDFFHVLEOHGHEHPRQWDUVHXQIRQGRLQWHUPHGLR
3HGLUHQXQHVWDEOHFLPLHQWRHVSHFLDOL]DGRXQIRQGRLQWHUPHGLR
FRPRDFFHVRULR
6LVHXWLOL]DXQIRQGRLQWHUPHGLRSURSLRODGLVWDQFLDPtQLPDGHOD
FRQH[LyQDUHGGHODSDUDWRGHEHVHUGH PP
(QFLPHUDSODQDKRUL]RQWDOHVWDEOH
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
$EDQFDGDILJXUD 0yYHOGHPRQWDJHPUHVLVWrQFLDPtQLPDDWHPSHUDWXUDVDWp
ƒ&
8VHDSHQDVEDQFDGDVHVWDQTXHVjiJXD SRUH[SHGUDQDWXUDO %DQFDGDVGHPDGHLUDVySRGHPVHUXVDGDVFRPDFHVVyULRV
HVSHFLDLVDDGTXLULUQRFRPpUFLRHVSHFLDOL]DGR
$EHUWXUDUHFRUWDGDPDQGHHIHFWXDUDSHQDVQXPDFDUSLQWDULD
HVSHFLDOL]DGD$HVWDELOLGDGHGDEDQFDGDGHYHVHUPDQWLGD
/DVXSHUILFLHGHWUDEDMR)LJXUD 0XHEOHVHPSRWUDGRVUHVLVWHQWHVDXQDWHPSHUDWXUDGHƒ&
FRPRPtQLPR
(PSOHDUVRODPHQWHHQFLPHUDVUHVLVWHQWHVDODJXD SHMSLHGUD
QDWXUDO /DVHQFLPHUDVGHPDGHUDVRORSXHGHQXWLOL]DUVHFRQDFFHVRULRV
HVSHFLDOHVGHXQFRPHUFLRHVSHFLDOL]DGR
+XHFRGHEHUiHQFDUJDUVHDXQWDOOHUHVSHFLDOL]DGR'HEH
PDQWHQHUVHODHVWDELOLGDGGHODHQFLPHUD
3UHSDUDURPyYHOILJXUD %DQFDGDFRPD]XOHMRVHQHFHVViULRDXPHQWHDDOWXUDGDV
iUHDVGHDSRLRHPWRGDDYROWDFRPULSDVHVWDQTXHVjiJXD
/LJDUHFRORFDUDSODFDGHFR]LQKDUILJXUD &RODURYHGDQWHIRUQHFLGR
$QWHVGHOLJDURDSDUHOKRYHULILTXHDLQVWDODomRGDFDVD
/LJDUDSHQDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV6H
QHFHVViULRPRQWHDVSRQWHVGHFREUHMXQWDPHQWH
IRUQHFLGDV&DERGHOLJDomRjUHGHQRFDVRGHXPDOLJDomR
WULIiVLFDELIiVLFD 1a1a WLSR + 99) RX VXSHULRU GHWHUPLQDU
D VHFomR WUDQVYHUVDO GR FDER GH DFRUGR FRP D FDUJD HOpWULFD 1mR
pSHUPLWLGDXPDVHFomRWUDQVYHUVDOPP1RFDVRGHXPD
OLJDomR PRQRIiVLFD 1a R FDER GH OLJDomR j UHGH +55)*
FRPSULPHQWRP HVWiGLVSRQtYHOQRVHUYLoRGHDVVLVWrQFLD
WpFQLFD
,QVHULU LQVLUD D SODFD GH FR]LQKDU QD KRUL]RQWDO H DOLQKHD $ SODFD
GHFHUkPLFDGHYHVLWXDUVHOLJHLUDPHQWHDEDL[RGDiUHDGH
WUDEDOKR
9HULILTXHDIXQomRHDSRVLomRGRDSDUHOKR6HOHDIHQGDHQWUHD
EDQFDGD H D SODFD FHUkPLFD FRP XPD FROD GH VLOLFRQH DSURSULDGD
$QWHV TXH D FROD IRUPH SHOH DOLVHD FRP XPD HVSiWXOD RX R GHGR
PROKDGRVQXPDVROXomRGHVDEmR
3UHSDUDUORVPXHEOHV)LJXUD (QFLPHUDVDOLFDWDGDVDXPHQWDUHQFDVRQHFHVDULRODV
VXSHUILFLHVGHDSR\RFRQOLVWRQHVUHVLVWHQWHVDODJXD
&RQHFWDU\FRORFDUODSODFDGHFRFFLyQILJXUD 3HJDUODMXQWDTXHVHVXPLQLVWUD
&RPSUREDUODLQVWDODFLyQGRPpVWLFDDQWHVGHFRQHFWDUHODSDUDWR
&RQHFWDU ~QLFDPHQWH FRQIRUPH DO HVTXHPD GH FRQH[LyQ (Q FDVR
QHFHVDULRPRQWDUORVSXHQWHVGHFREUHVXPLQLVWUDGRV&DEOHGH
FRQH[LyQDODUHGGHFRQFRQH[LyQWULIiVLFDRGHGRVIDVHV 1a
1a WLSR+99)RVXSHULRU'HWHUPLQDUODVHFFLyQGHORVKLORV
QHFHVDULD HQ IXQFLyQ GH OD FDUJD HOpFWULFD £1R XWLOL]DU XQD VHFFLyQ
WUDQVYHUVDO PP(QFDVRGHXQDFRQH[LyQPRQRIiVLFD
1a HOFDEOHGHFRQH[LyQDODUHG+55)* PGHODUJR
VHHQFXHQWUDGLVSRQLEOHHQQXHVWURVHUYLFLRGHDVLVWHQFLDWpFQLFD
&RORFDFLyQFRORFDUODSODFDGHFRFFLyQHQSRVLFLyQKRUL]RQWDO\
DOLQHDUOD /D SODFD FHUiPLFD GHEH TXHGDU XQ SRFR SRU GHEDMR GH OD
HQFLPHUD
̶͑›͕͉͔͉̳͎͑͊̿›͎͇̻͈͎̈́͒̽͑͒̈́͒͆́͑͆̈́͑͒͌͜͏͈͚͈͉͈͌͒̀̀ͅ
͓͇͓̈́͂͏̧͉̀͋͋̾͑͒̈́͒͆͌̈́͏͈͉̀͋̽›̻͉͊̀›͏̼›͈̈́͌̀́͏͉͈͎̾͑̈́͒̀͊̾͂
͕͚̀͋͆͊͒̈́͏̀̀›͚͒͆͌̈́›͈͔̻͈͌̈́̀̈́͏͂̀͑̾̀͐
̥̼͍͈͎͓͊͂͒̈́͒͆͊̈́͒͏͉͈͇̼͓͉͓̤͎͂̾̀̀͒͆͑͆͒͆͐͑͑̈́̽͐̈́͋̾͑͒̈́͒͌̀͏͚͋
͍͎͓͋̈́͒̀͛͒›̻͉͎͓͂̈́͏͉͈͉͂̀͑̾̀͐̀͒͆͐̈́͏͈͉̀͋̽͐›̻͉͊̀͐͋̈́
͉̻̀͒͊͊͆͊͆ ͉͚͊͊̀ ͈͈͉͚̰͑͊͌͆͐͏͎͎͒͛ ͕͈͑͆͋̀͒͑͒̈́̾ ͆ ͉͏͎͛͑͒̀ ͈̻͊̈́͌̈́͒̈́
͉͚͈͈͉͚͈͒͆͌͊͊̀͑͊͌͆͐͋̈́͋̀͑›̻͎͓͒͊̀́͏̼̈́͂͋͌͆͋̈́͑̀›͎͓̻͌̓̀̽͋̈́
͎̻͉͓͎͒̓͒͊
̲͎͓͒͐›̻͉͎͓͂͐̈́͏͂̀͑̾̀͐̀›͚͔͓͈͉͑̽›̼͒͏̀͑̈́›̈́͏̾›͕͒͗͑͆͏̽͑͆͐
͉̻͉͚͈͈͉͚̀̀͒͊͊͆͊͆͐͊͊̀͐͑͊͌͆͐͋›͎͏͈͎͓̈́̾͌̀̓͆͋͏͇͎͂͆͛͌
̀›͎͕͏͈̬͈͉̻͉͚͈͇͈̼͈͉͑̈́͐̀̀͒͊͊͆͊͆͊͊̀̓̀͒̾̈́͒̀͋͑͗͒͆͐̓̽͋̀͐͜
͓›͆͏͕͈͉͍͓̈́͑̾̀͐͒̈́͌̽͐̈́›͆͏̼͒͆͑͆͐›̈́͊̀͒͌͜
̷›͇͉̥̻͎͇͚͍͓͉͓͔͈͎͆͋͐͌͑͒͆͌͌͆̈́͌̓̈́̾̈́͗͌͒͆͐͑͑̈́̽͐̈́͋̀͌̾̈́͒̀͒͝ͅ
͎͎͑͛͋́͊ —…‹‹̢͚͈̻͇͎͒͒̈́͆͑͛͌̓̈́͑͆̈́̾͌̀͊͐›͎͓̼͑͌̓͑͒̈́͒͆
͓͉͓͑͑̈́̽̀›͚͎͉͒͆͊̈́͒͏͈͉͚͉͓͎̼͍̓̾͒̈́͊͂͒̈́͒͆͑͛͌̓̈́͑͆
̫͔͕͇͕͉͔͖͔͇͖͔͇͍͇͕͖̿͌̀͋͑͒́̓̓͗͑͞ͅ›͕͔͍͉͒̓͌͒͟͞͏͇͉͋
͍͍͔͍͌̓͋͋͌͝͝͏͉͓
̥͇͔͉͕͉͓͔͉͓͇͔͕͗̓́͒̈́̾͋͟͏̨̼͓͉͓͉͚̻͑͒̈́͒͆͑͑̈́̽̈́͒͐͒͑͆͐
̪͚͖͎͒̈́͒͆͑͒̈́͂̀͌›͎͎͚͓̾͆͑͆͊͂͏͉̀͑͒͆͌̈́͏͈͉̀͋̽›̻͉̲͊̀›͏͍͒̈́͜
̀›͚͉̻̻͈͒͗͒͆́͑͆̈́͑͒͌͜›͏͎̼͍͐͒̀͗
&RPSUREDU HO IXQFLRQDPLHQWR \ OD SRVLFLyQ GHO DSDUDWR 5HMXQWDU HO
KXHFRHQWUHODHQFLPHUD\ODSODFDFHUiPLFDFRQXQDFRODGH
VLOLFRQDDGHFXDGD$OLVDUODFRODGHVLOLFRQDFRQXQDUDVTXHWD
KXPHGHFLGDFRQXQDVROXFLyQMDERQRVDRFRQHOGHGRDQWHVGH
TXHVHIRUPHXQDSHOtFXOD
6L QR VH HPSOHD XQD FROD GH VLOLFRQD DGHFXDGD SDUD HQFLPHUDV GH
SLHGUDQDWXUDOSXHGHQSURGXFLUVHDOWHUDFLRQHVFURPiWLFDV(Q
QXHVWUR6HUYLFLRGH$VLVWHQFLD7pFQLFDVHSXHGHQDGTXLULUFRODV
DGHFXDGDV
$YLVR 6L HQ OD SDQWDOOD GHO DSDUDWR DSDUHFH —…‹‹ VLJQLILFD TXH
HVWi PDO FRQHFWDGR'HVFRQHFWDU HO DSDUDWR GH OD UHG \ FRPSUREDU
ODFRQH[LyQ
1RSRQHUHQIXQFLRQDPLHQWRHODSDUDWRKDVWDTXHODFRODGH
VLOLFRQDVHKD\DHQGXUHFLGR
'HVPRQWDUODSODFDGHFRFFLyQGHVFRQHFWDUHODSDUDWRGHOD
FRUULHQWH &RUWDU OD MXQWD SRU WRGR HO FRQWRUQR D OR ODUJR GH OD SODFD
FHUiPLFD([WUDHUODSODFDGHFRFFLyQHPSXMDQGRGHVGHDEDMR
el
Ù ̯͉̻̓͆͂̾̈́͐̈́͂̀͒͑͒̀͑͆͐
no
̥͖͕͝›͒̿›͇͋͏̓›͔͇͕͇͒͑̿͐
ê 0RQWHULQJVYHLOHGQLQJ
̪͍͇͕͔͌͒͋͌̀͞͏͇͔͉̬͚͎͆͌̀›͚̼͈͎͕͎͉͌̀͌̀̓̈́͛͆͊̈́͒͏͎͚͎̲͊͂̈́
›̈́͏̾›͔̼͒͗͑͆̈́͑̀͊͋͌͆͐͑͛͌̓̈́͑͆͐›͈͈͕͈̀͛̈́͌̀͑͛̈́͆̈́͂͂͛͆͑͆
̶͑›͕͉͔͉̬͚͎͍͈͈͉͓̼͉̻͑͊̿͌̈́̈́̓̈́͋͌͆̈́͂̀͒͑͒̀͑͆͑̈́›̈́͏̾›͒͗͑͆
͈͓͇͔̼͆͋͌͒͆͌̈́͛͌͆͜ͅ͏͈͎͉̻̈́̈́͂̀͒̀͑͒͒͆͐
̵͞͏̧͇͔͉͓͉͓͈͎͈͕͉͎͆͑͑̈́̽̀͌͒͑͒̈́̾͑͒͆͌̀͒͆͂͏̾̀›͏͎͑͒̀͑̾̀͐,͉͈̀
̈́›͈͒͏̼›͈͈͎͓̈́͒̀͌̀͊̈́͒͏͚͎͓͓͚͎͂̈́̾͋͌͑̈́͑͌̓̀͑͋͋̈́͑͛͌̓̈́͑͆̀͂͗͂͛
›͏͎͑͒̀͑̾̀͐ ͂̈́̾͗͑͆ ̨͕͔͕͔͉̲͚͈͉͌̓̾̓͒͆͋͌͋͆͆͊̈́͒ͅ͏͈͉͉̻̽̈́͂̀͒͑͒̀͑͆›͏̼›͈̈́͌̀
›͏͎̼́͊›͈͈͈̻͍͈͉͎̈́͒̀͋̀̓͒̀͆̓̀›͈͔̻͈͔͎͓̽͐͑͒͐͑̈́͐͑͛͋͗͌̀͋̈́͒͐
͉͎͈͎͉̻̀͌͌͑͋͛͐̈́͂̀͒͑͒̀͑͆͐
̶͑›͕͉͔͉͕͚͑͊̿͌̾̓›͕͑͝͏›͇͔͓̪͎̾͌͑͒̓́̓̀͋̾̀͒ͅͅ›͎͇̼͒͆͑͆
͉̻͒͗̀›͚͎͒͌›̻͉͎͂̈́͏͖͓͂̀͑̾̀͐͂̈́̾͗͌›͓͊͌͒͆͏̾͗͌›͈̻͒͗͌
͔͎͛͏͕͌͗͌͗͏̾͐̀̈́͏͈͚͑͋›͓͊͌͒͆͏̾͗͌͏͎͕͛͗͌
̥̻͌ ͉̻͒͗ ̀›͚ ͒͆ ̻́͑͆͐ ͈̈́͑͒͌͜ ͎͒›͎͇͇̈́͒͆̈́̾ ̼͌̀͐ ͔͎͛͏͎͌͐ ͎͒ ›̻͕͎͐
͎͓͒›̻͉͎͓͂̈́͏͂̀͑̾̀͐›͏̼›͈̼̈́͌̀̀͌͏͕͈͎͈͚̈́͒̀͒͊͂͒̈́͏͎͑͒̀PP
͎͑̈́͏͈̼͑͋͌̈́͐›̈́͏͈›͈͒͑̈́͐̈́͜›̾͑͆͐›̈́͏͈͚͑͑͒̈́͏͎̰͏͎̼͍͈͑͒̈́͒͐
͓›͎͍͈͈͎͓̓̈́̾̈́͐͑͒͐̓͆͂̾̈́͐͑͌̀͏͎͚͎͓͔͎͋͊͂͆͑͆͐͒͛͏͎͓͌
̰͏͎̼͍͑͒̈́͑͒̈́͒̀͜›͏͎͍̼͕͎͈̼̈́͌͒̀͋͏͚͆›͗͐›͕͎͒›̈́͏̾́͊͆͋̀
͎͉͓͎͎͉͈͎͓͉͑͛͌̓̈́͑͆͐͑͒̓̾͒̽͒̀͊̓͑͛͌̓̈́͑͆͐͌̀͋͆͑͂͜͏͎͎͈͛͌͒̀
›͕̼͓͋̈́͌̀͑͏̻͒͏͈
̨͏͎͇͔͓͆͋̾͑›͕͓̥̻͉̻̾͑͌͆͒͗͋̈́͏͈̻̻͈͈͒͆͐́͑͆͐̈́͑͒͌̈́̾͌̀͜
›͏͎͈͑͒̽›͏̼›͈͎̈́͌̀͒›͎͇͇̼͈̻͎̈́͒͆̈́̾͌̀͐̈́͌̓͋̈́͑͐›̻͎͒͐
̱͈͈͉̻͉͈̼͈̻͎͗͒̽͑͒̈́͑͒̀̈́̓̀͒̀͑͒̽͋̀͒̀͂̀͌̀͌̈́͌̓͋̈́͑›̻͎͒͗͐
͍̻̈́͏͒͆͋̀
̥̻͕͌͏͈͎͆͑͋›͎͈̼͈͉͚͈̻͎̽͑̈́͒̈́͌̀̓͑̀͐̈́͌̓͋̈́͑›̻͎͒›͏̼›͈̈́͆
̻͕͈̈́͊͑͒͆̀›͚͑͒̀͑͆̀›͚͎͉͓͎͓͉͓͒͆͑͛͌̓̈́͑͆͑͒̓̾͒͒͆͐͑͑̈́̽͐͌̀
͈̈́̾͌̀PP
̳͓͇͔͓̥̾͌͑͒̓́̓ͅͅ›̾›͎͎̈́̓͐͏͈͚͈͎͇͌͒͐͑͒̀̈́ͅ͏͚͐
: ̸͇͓͉͍͇͕͑͒́͌͒͑͏͋͌͟͏͔͕͇͚͑͋́͘͏͇͎͕͇͖͔͉͓͗͞
̧ ͓͉͓͑͑̈́̽ ͋›͎͏̈́̾ ͌̀ ›̈́͏͈̼͕͈̈́ ͚͈͎͓͋͌͋͐ ͋̀͂͌̽͒̈́͐ ͎͈ ͎›͎͎͈̾ ͋›͎͏͎͛͌
͌̀̈́›͆͏̻͎͓̈́͑͌̀͏͈͉̻͉͌͆͒͒̀͆͊̈́͒͏͎͈͉̻͎͈͕͔͓͌͑͒̈́̾̀̈́͋͛͒̈́͑͆͐›͕
͎͚͉́͆͋̀͒̓͒̈́͐̀͏͈̻͈͎͓̤͈̓͐̽̀͌͒͊̾̈́͐͌͑͊̾͌͆͐·͓͚͉̻̀͒̀͒͒͆
͓͑͌̀͏͎͚͋͊͂͆͑͆͒͆͏͈̻͕͈̽͑͒̈́͋̀̈́͊͑͒͆̀›͚͑͒̀͑͆FP̀›͚͒̀
͉͆͊̈́͒͏͎͈͉̻͎͈͕͔͓͌͑͒̈́̾̀̈́͋͛͒̈́͑͆͐
'HWWHPnGXY UHRSSPHUNVRPSn
(OHNWULVNWLONREOLQJ VNDOEDUHXWI¡UHVDYHQDXWRULVHUWIDJSHUVRQ
*DUDQWLHQWDSHVYHGIHLOWLONREOLQJ
0RQWHULQJ VNDO XWI¡UHV IDJPHVVLJ 0RQW¡UHQ KROGHV DQVYDUOLJ IRU
HYHQWXHOOHVNDGHU
7LONREOLQJ $SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVH,RJ
PnEDUHNREOHVWLOMRUGHWVWLNNRQWDNW
,QVWDOODVMRQ ,GHQIDVWHHOHNWULVNHLQVWDOODVMRQHQVNDOGHWL
KHQKROGWLOUHJHOYHUNHWY UHHQVNLOOHEU\WHULIDVHQH
8QGHUE\JJLQJ (QKHWHQVNDOLNNHPRQWHUHVRYHUNM¡OHDSSDUDWHU
RSSYDVNPDVNLQHUVWHNHRYQHUXWHQOXIWLQJHOOHUYDVNHPDVNLQHU
+YLVGHWPRQWHUHVHQVWHNHRYQXQGHUSODWHWRSSHQPn
DUEHLGVSODWHQVW\NNHOVHY UHPLQVW PPLPDQJHWLOIHOOHUHQGD
PHU)¡OJYHLOHGQLQJHQLPRQWHULQJVDQYLVQLQJHQIRUVWHNHRYQHQ
3nVH DW GHOHU VRP VWLNNHU IUDP IHNV NDSVOLQJHQ UXQGW WLONREOLQJHQ
HOOHUVWU¡PNDEHOHQLNNHNROOLGHUHUPHGIHNVHQVNXII
0HOORPEXQQ 'HUVRPXQGHUVLGHQDYSODWHWRSSHQNDQEHU¡UHV
PnGHWPRQWHUHVHQPHOORPEXQQ
6S¡ULIDJKDQGHOHQHWWHUPHOORPEXQQVRPWLOEHK¡U
9HGPRQWHULQJDYHJHQPHOORPEXQQVNDOPLQVWHDYVWDQGHQWLO
DSSDUDWHWVVWU¡PWLONREOLQJY UH PP
$UEHLGVSODWH -HYQYDQQUHWWVWDELO
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
$UEHLGVSODWHQ²ILJXU ,QQE\JJLQJVHOHPHQWHUPnWnOHWHPSHUDWXUHUSnPLQVWƒ&
%UXNEDUHYDQQEHVWDQGLJHDUEHLGVSODWHU IHNVQDWXUVWHLQ $UEHLGVSODWHULWUHNDQEDUHEUXNHVVDPPHQPHGVSHVLDOWLOEHK¡U
IUDIDJKDQGHOHQ
8WVNM ULQJPnXWI¡UHVLIDJYHUNVWHG$UEHLGVSODWHQPnIRUWVDWW
Y UHVWDELO
̲›̨͓͇͔͓̾͌͑͒̓́̓͋͌ͅͅ ̨͏͕͈͎͇͑͋͋͘͝͏̓ ͏͕͖͍͑̾›͋̓ ̢͇͉͈͉̻͌̈́͒ ͑͒͆ ͇̈́͏͎͉͋͏̀͑̾̀ ͎͒ ͈͚͊͂͒̈́͏͎
̼͕͋͏͈ƒ&
̶͏͈͎͆͑͋›͎͈͚͎̈́̾͒̈́͋͌›̻͉͎͓͂͐̈́͏͇͉͈͉͎͎͂̀͑̾̀͐̀͌̈́͒͛͐͑͒͌̈́͏͚ ›͕
͔͓͈͉͑̽›̼͒͏̀ ̯͈ ͍͈͎͈͛͊͌ ›̻͉͎͈͂ ̈́͏͂̀͑̾̀͐ ̈́›͈͒͏̼›͈̈́͒̀ ͌̀ ͕͏͈͎͆͑͋›͎͈͇͎͆͛͌ ͚͎͋͌ ͋̈́
̼͈͈͉͚͍̻͌̀̈́̓̈́͏͈͇̼͈͎͈͈͉̻͉͒͆͋̀̓̀͑͋͑͒̀̈́̓̀͒̀͑͒̽͋̀͒̀
̜͏͎͑͋̓ͅ ̪͉͓̀͒̀͑̈́̽ ͚͎͋͌ ͑̈́ ͈͈͉͚̈́̓ ͓͑͌̈́͏͎͂̈́̾ ̧ ͇͑͒̀̈́͏͚͒͆͒̀ ͎͓͒
›̻͉͎͓͂̈́͏͂̀͑̾̀͐›͏̼›͈͈̈́͌̀̓̀͒͆͏͇͆̈́̾
.ODUJM¡ULQJDYNM¡NNHQHOHPHQWHU²ILJXU )OLVODJWH DUEHLGVSODWHU %\JJ YHG EHKRY RSS PHG WHPSHUDWXU RJ
YDQQEHVWDQGLJHOLVWHUUXQGWIODWHQH
,QQVHWWLQJRJWLONREOLQJDYNRNHVRQHQ²ILJXU ̳͇͕͎͔͕͖͒͑͑͋̓́̓͑͏͕͖͍͑̓›̨͋͑͋͌͞ /LPSnGHQYHGODJWHWHWQLQJHQ
)¡UDSSDUDWHWNREOHVWLOPnGHQHOHNWULVNHLQVWDOODVMRQHQLKXVHW
NRQWUROOHUHV
7LONREOLQJHQPnNXQVNMHLKWNREOLQJVVNMHPD0RQWHUYHGODJWH
NREEHUVWUDSSHUYHGEHKRY6WU¡PNDEHOYHGIDVHWNREOLQJ
1a1a 7\SH+99)HOOHUK¡\HUHIDVWVOnQ¡GYHQGLJ
OHGHUWYHUUVQLWWLKHQKROGWLOVWU¡PEHODVWQLQJHQ(WWYHUUVQLWWSn
PP HULNNHWLOODWW9HGHQIDVHWNREOLQJ 1a NDQVWU¡PNDEHO
+55)* POHQJGH NM¡SHVKRVNXQGHVHUYLFH
,QQVHWWLQJ.RNHWRSSHQPnVHWWHVLQQYDQQUHWWRJYDWUHVRSS
'HQNHUDPLVNHSODWHQVNDOOLJJHVnYLGWXQGHUDUEHLGVIODWHQ
.RQWUROOHUDWDSSDUDWHWYLUNHUVRPGHWVNDORJDWSODVVHULQJHQHU
ULNWLJ6SDOWHQPHOORPDUEHLGVSODWHQRJNHUDPLNNSODWHQPnIXJHV
PHGHJQHWVLOLNRQPDVVH*ODWWWLOPDVVHQPHGHQVNUDSHHOOHUHQ
ILQJHUG\SSHWLVnSHYDQQI¡URYHUIODWHQVW¡UNQHU
̳͇͔͓͇̾͌͑͋͒̓́̓ͅͅ›͇͏͖͎͆̿͏͎͇͑͋›̴͍̓͌́͆͋̓›̈́͏͓͖͑͒̈́͜
͎͚͓͊͂͏͈̀͒͐̈́›͈͔̻͈͌̈́̈́͐̈́͌̀›͚͇̈́͑͆͐͑̈́›̈́͏̾›͒͗͑͆›͎͓͕͏͈̻͈̈́̈́͒̀ͅ
͋̈́›͕̻͉͈͇͉͈͉̻͎͆̀̀͌̈́͒͑͒͌̈́͏͚
̵͞͏͇͔͉͕͆͌̓͋͑›͕͉͔͉͕͉͓͔͉͓͇͔͕͑͊̿̈́̾͋͟͏̨͋͌
̪͎͓̼͎͊͊̽͑͒̈́͒͆͑͌͆͋͋͌͆͑͒̈́͂̀͌›͎̾͆͑͆
̰͏͈͓͉͓̼͍͎͈͉͈͉͉͌͒͆͑͛͌̓̈́͑͆͒͆͐͑͑̈́̽͐̈́͊͂͒̈́͒͆͌̀̽͆͊̈́͒͏͈͉̽
͉̻̈́͂̀͒͑͒̀͑͆
̲͓̼͓͉͓͚͎͔͎͕̼͈͎̲͌̓͑͒̈́͒͆͑͑̈́̽͋͌͑͛͋͗͌̀͋̈́͒͑̓͑͛͌̓̈́͑͆͐̈́
›̈́͏̾›͒͗͑͆›͎͓͕͏͈̻͈͎̈́̈́͒̀͒ͅ›͎͇͓̼͕̻͉͈̈́͒̽͑͒̈́͒̀͑͌͆͋͋͌̀͊͌̀
͍̈́̀͏͔͒̽͋̀͒̀͂̈́͛͏̪͈͎͎͉͓͎͎͓͗͑͆͐̀͊̓͑͛͌̓̈́͑͆͐͑͒̓̾͒͒͜
͏͎̈́͛͋̀͒͐͑̈́›̈́͏̾›͔͈͉͒͗͑͆̀͑̽͐͑͛͌̓̈́͑͆͐ 1a1a ̳͛›͎͐
+99)̽̀͌͒̈́͜͏͎͉͇͎̀͏̾͑͒̈́͒͆͌̀›̀͏͈͎̀̾͒͆͒͆̓̀͒͋̽͒͗͌
͉͊͌͗͌͜ ͔͑͛͋͗͌̀ ͋̈́ ͎͒ ͔͎͏͎͒̾ ͎͓͒ ͏͎̈́͛͋̀͒͐ ̬͈̀ ͈͎̓̀͒͋̽ PP
̓̈́͌̈́›͈͒͏̼›͈̲̈́͒̀̈́›̈́͏̾›͎͎͔͈͉͒͗͑͆͋͌̀͑̽͐͑͛͌̓̈́͑͆͐ 1a ͎͒
͉͈͎͎͉͓͎͎͓̀͊̓͑͛͌̓̈́͑͆͐͑͒̓̾͒͒͜͏͎̈́͛͋̀͒͐+55)* ͉͎͋̽͐
P ͈͈͇̼͈͎͓̈́̾͌̀̓̀͑͋͑͒͆͌›͆͏͍͓̈́͑̾̀̈́›͆͏̼͒͆͑͆͐›̈́͊̀͒͌͜
fi
9HGEUXNDYDUEHLGVSODWHUDYQDWXUVWHLQNDQXHJQHWVLOLNRQPDVVH
I¡UHWLOPLVIDUJLQJ(QHJQHWVLOLNRQPDVVHNDQEHVWLOOHVKRVYnU
NXQGHVHUYLFH
0HUNQDG+YLV —…‹‹YLVHVLDSSDUDWHWVGLVSOD\HUGHW
IHLOWLONREOHW.REOHDSSDUDWHWIUDVWU¡PQHWWHWRJNRQWUROOHU
WLONREOLQJHQ
)¡UVWQnUVLOLNRQHWHUKHUGHWNDQDSSDUDWHWWDVLEUXN
'HPRQWHULQJDYNRNHVRQHQ$SSDUDWHWPnJM¡UHV
VSHQQLQJVO¡VW6NM UXWWHWQLQJHQUXQGWKHOHGHQNHUDPLVNH
SODWHQ7U\NNXWNRNHVRQHQIUDXQGHUVLGHQ
Ý $VHQQXVRKMH
2WDVHXUDDYDWVHLNDWKXRPLRRQ
6lKN|OLLWlQWlWHHWlYDLQYDOWXXWHWXOODDVHQWDMDOOD-RVOLLWlQWlRQ
YLUKHHOOLQHQWDNXXUDXNHDD
$VHQQXVYDLQDPPDWWLPDLQHQYDXULRLVWDYDVWDDDVHQWDMD
/LLWlQWl ODLWWHHQ VXRMDOXRNND RQ , MD ODLWWHHQ Nl\WW| RQ VDOOLWWX YDLQ
PDDGRLWXVOLLWlQQlQNDQVVD
$VHQQXVNLLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYD
DVHQQXVPllUl\VWHQPXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD
$VHQQXVDODSXROHOOHlOlDVHQQDDODSXROHOOHN\OPlODLWHWWD
DVWLDQSHVXNRQHWWDLOPDQRPDDLOPDQYDLKWRDROHYDDXXQLD
S\\NLQSHVXNRQHWWD
-RVNHLWWRWDVRQDOOHDVHQQHWDDQXXQLW\|WDVRQYDKYXXGHQRQ
ROWDYD YlKLQWllQ PP MD MRLVVDNLQ WDSDXNVHVVD P\|V HQHPPlQ
1RXGDWDXXQLQDVHQQXVRKMHHVVDROHYLDRKMHLWD
+XROHKWLVLLWlHWWlXONRQHYDWRVDW NXWHQHVLPHUNLNVL
YHUNNROLLWlQWlNRWHORWDLYHUNNRNDDSHOL HLYlWW|UPllHVLP
YHWRODDWLNNRRQ
9lOLSRKMDMRVNHLWWRWDVRQDODSXROHHQSllVHHNlVLNVLRQ
DVHQQHWWDYDYlOLSRKMD
.\V\DODQOLLNNHHVWlYDUXVWHHQDVDDWDYDDYlOLSRKMDD
-RVNl\WlWRPDDYlOLSRKMDDHWlLV\\GHQODLWWHHQYHUNNROLLWlQWllQ
SLWllROODYlKLQWllQ PP
7\|WDVRWDVDLQHQYDDNDWDVRVVDROHYDYDNDD
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
sv
ó 0RQWHULQJVDQYLVQLQJ
'HWKlUlUYLNWLJW
(ODQVOXWQLQJInUEDUDXWI|UDVDYEHK|ULJHOHNWULNHU9LGIHODNWLJ
DQVOXWQLQJJlOOHULQWHJDUDQWLQ
0RQWHULQJPnVWHXWI|UDVIDFNPlVVLJWNRUUHNWLQVWDOODW|UHQlU
DQVYDULJI|UVNDGRU
$QVOXWQLQJ VSLVHQ XSSI\OOHU NUDYHQ I|U VN\GGVNODVV , RFK InU EDUD
DQYlQGDVPHGDQVOXWHQVN\GGVMRUG
,QVWDOODWLRQLGHQIDVWDHOLQVWDOODWLRQHQPnVWHHQIDVDYVNLOMDUH
HQOLJWDQOlJJQLQJVI|UHVNULIWHUQDDQRUGQDV
8QGHUE\JJQDGLQJHQXQGHUE\JJQDGLIRUPDYN\OVNnS
GLVNPDVNLQRYHQWLOHUDGXJQHOOHUWYlWWPDVNLQ
2PHQXJQVNDPRQWHUDVXQGHUVSLVKlOOHQPnVWHDUEHWVElQNHQV
WMRFNOHNYDUDPLQVWPPLPnQJDIDOOPHU)|OMDQYLVQLQJDUQDL
XJQHQVPRQWHULQJVLQVWUXNWLRQ
6HQRJDWLOODWWXWVNMXWDQGHGHODUWH[QlWDQVOXWQLQJVGRVDQHOOHU
QlWDQVOXWQLQJVNDEHOQLQWHNROOLGHUDUPHGWH[HQXWGUDJVOnGD
0HOODQERWWHQRPGHWJnUDWWYLGU|UDKlOOHQVXQGHUVLGDPnVWHHQ
PHOODQERWWHQPRQWHUDV
)UnJDnWHUI|UVlOMDUHQRPHQPHOODQERWWHQVRPWLOOEHK|U
2PGXDQYlQGHUHQHJHQPHOODQERWWHQPnVWHDYVWnQGHWWLOO
VSLVKlOOHQVQlWDQVOXWQLQJYDUDPLQVWPP
$UEHWVElQNSODQYnJUlWVWDELO
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
7\|WDVRNXYD .DOXVWHNHVWHWWlYlYlKLQWllQƒ&OlPS|WLODD
.l\WlYDLQYHGHQNHVWlYLlW\|WDVRMD HVLPHUNLNVLOXRQQRQNLYL 3XLVLDW\|WDVRMDVDDNl\WWllYDLQDODQOLLNNHLVWlVDDWDYLHQ
OLVlYDUXVWHLGHQNDQVVD
$XNNRWHHWlYDLQDPPDWWLOLLNNHHVVl7\|WDVRQSLWllVlLO\l
YDNDDQD
.DOXVWHHQYDOPLVWHOXNXYD $UEHWV\WDQELOG /DDWWDSLQWDLVHWW\|WDVRWNRURWDNDLNNLWXNLSLQQDWWDUYLWWDHVVD
YHGHQNHVWlYlOOlOLVWDOOD
,QE\JJQDGVP|EHOVNDWnODPLQVWƒ&
$QYlQGEDUDYDWWHQWnOLJDElQNVNLYRU WH[QDWXUVWHQ 7UlElQNVNLYRUNUlYHUVSHFLDOWLOOEHK|UVRPGXKLWWDUKRV
nWHUI|UVlOMDUQD
8UWDJOnWDOOWLGIDFNYHUNVWDGWDKDQGRPGHW%lQNVNLYDQPnVWH
YDUDVWDELO
.HLWWRWDVRQOLLWWlPLQHQMDDVHQWDPLQHQNXYD /LLPDDRKHLQHQWLLYLVWHNLLQQL
9DUPLVWDHQQHQODLWWHHQDVHQWDPLVWDWDORYHUNRVVDROHYD
VXODNHNRNR
/LLWlODLWHYDLQOLLWlQWlNXYDQPXNDDQ.l\WlWDUYLWWDHVVDPXNDQD
WRLPLWHWWXMDNXSDULOLLWWLPLl9HUNNROLLWlQWlMRKWRYDLKHLVHVVD
OLLWlQQlVVl 1a1a W\\SSL+99)WDLNRUNHDPSLDUYRLQHQ
PllULWl WDUYLWWDYD MRKWLPHQ KDONDLVLMD YLUUDQ NXRUPLWXNVHQ PXNDDQ
+DONDLVLMD HL VDD ROOD PP <NVLYDLKHLVHVVD OLLWlQQlVVl 1a
WDUYLWWDYDYHUNNROLLWlQWlMRKWR+55)* SLWXXVP RQ
VDDWDYDQDKXROWRSDOYHOXVWD
$VHQWDPLQHQDVHWDNHLWWRWDVRSDLNDOOHHQYDDNDWDVRRQMD
VXRULVWD.HUDDPLVHQWDVRQSLWllROODKLXNDQW\|WDVRQDODSXROHOOD
7DUNDVWDODLWWHLGHQWRLPLQWDMDDVHQWR6DXPDDW\|WDVRQMD
NHUDPLLNNDOHY\QYlOLQHQUDNRWDUNRLWXNVHHQVRSLYDOOD
VLOLNRQLOLLPDOOD7DVRLWDHQQHQVLOLNRQLOLLPDQQDKRLWWXPLVWD
VDLSSXDOLXRNVHHQNRVWXWHWXOODNDDSLPHOODWDLVRUPHOOD
6RSLPDWWRPDQVLOLNRQLOLLPDQNl\WW|YRLDLKHXWWDDOXRQQRQNLYLVLLQ
W\|WDVRLKLQYlUMl\W\PLl6RSLYDDOLLPDDRQVDDWDYDQD
KXROWRSDOYHOXVWDPPH
+XRPDXWXV -RV ODLWWHHQ Ql\WW||Q LOPHVW\\ —…‹‹ ODLWH RQ OLLWHWW\
YllULQ,UURWDODLWHVlKN|YHUNRVWDWDUNDVWDOLLWlQWl
2WDODLWHNl\WW||QYDVWDNXQVLOLNRQLOLLPDRQNRYHWWXQXW
.HLWWRWDVRQLUURWXV.\WNHODLWWHHVWDYLUWDSRLV/HLNNDDWLLYLVWH
MRNDSXROHOWDLUWLNHUDPLLNNDOHY\lSLWNLQ3DLQDNHLWWRWDVRDOKDDOWD
SlLQSRLVSDLNDOWDDQ
)|UEHUHGHOVHDYP|EHOELOG .DNODGHDUEHWVElQNDU+|MYLGEHKRYVW|G\WRUQDUXQWRPPHG
YDWWHQIDVWDOLVWHU
$QVOXWQLQJRFKPRQWHULQJDYKlOOHQILJXU
.OLVWUDIDVWGHQPHGI|OMDQGHSDFNQLQJHQ
.RQWUROOHUDVlNULQJDUQDLQQDQGXDQVOXWHUVSLVHQ
$QVOXWEDUDHQOLJWNRSSOLQJVVFKHPDW0RQWHUDYLGEHKRYGH
PHGI|OMDQGHNRSSDUE\JODUQD1lWDQVOXWQQJVOHGQLQJYLG
IDVDQVOXWQLQJ 1a1a W\S+99)HOOHUElWWUHEHVWlP
HUIRUGHUOLJOHGDUWYlUVQLWWVDUHDPHGKlQV\QWLOOVWU|PEHODVWQLQJHQ
(QWYlUVQLWWVDUHDPPlULQWHWLOOnWHQ9LGHQIDVDQVOXWQLQJ
1a NDQQlWDQVOXWQLQJVOHGQLQJHQ+55)* OlQJGP
EHVWlOODVIUnQNXQGWMlQVWHQ
0RQWHULQJ VlWW LQ KlOOHQ YnJUlWW RFK SDVVD LQ GHQ .HUDPLNVNLYDQ
VNDOLJJDHQDQLQJXQGHUDUEHWV\WDQ
.RQWUROOHUD KlOOHQV IXQNWLRQ RFK OlJH 0MXNIRJD PHOODQ ElQNVNLYDQ
RFKNHUDPLNHQPHGSDVVDQGHVLOLNRQ$QYlQGHQUDNHOHOOHUIXNWD
ILQJUHWPHGWYnOO|VQLQJRFKVOlWDWLOOVLOLNRQHWLQQDQGHWInUVNLQQ
$QYlQGHUGXIHOVLOLNRQPDVVDNDQElQNVNLYRULQDWXUVWHQEOL
PLVVIlUJDGH'XKLWWDUUlWWIRJPDVVDKRVVHUYLFH
7LSVInUGXXSS —…‹‹SnHQKHWHQVGLVSOD\VnlUGHQ
IHODQVOXWHQ'UDXUNRQWDNWHQRFKNRQWUROOHUDDQVOXWQLQJHQ
$QYlQGLQWHKlOOHQI|UUlQVLOLNRQHWKDUWRUNDWRUGHQWOLJW
'HPRQWHULQJDYKlOO.RSSODERUWHQKHWHQIUnQHOQlWHW7DERUW
PMXNIRJHQUXQWNHUDPLNVNLYDQ7U\FNXWKlOOHQXQGHULIUnQ
΢ιίζίμηδηΪήβλιείίικβΫθκΪιθωάεωίμλω —…‹‹χμθθαηΪρΪίμ
ρμθικβΫθκιθήδεψρίηηίικΪάβεφηθΘμλθίήβηβμίικβΫθκθμλίμβ
βικθάίκφμίιθήδεψρίηβί
Ξοηΰνονλλνεμνξνκϋζναίρϋπώρνκϋινξνπκδρνβνιίι
πηκηινμναϊθικδθζίραδογδδρ
ΓδλνμρίεαίονφμνθξίμδκηάυδεψρβμίικβΫθκΚΪακίΰφμί
νιεθμηβμίεφ ιθ άλίζν ιίκβζίμκν δίκΪζβρίλδθγ ιΪηίεβ ΌυήΪάβμί
ληβανάΪκθρηνψιΪηίεφ
ru
î Ημπροςιυηώξνλνμρίες
Μίφρνπκδγςδρνΰοίρηρϋαμηλίμηδ
Ξνγικύφδμηδιόκδιρονπδρηήθεΰηθθλνσίλμάεωμφλωμθεφδθ
νιθεηθζθρίηηυζλιίπβΪεβλμθζΌλενρΪίηίικΪάβεφηθέθ
ιθήδεψρίηβωέΪκΪημβωμίκωίμλάθψλβεν
ΛνμρίεμθεφδθδάΪεβξβπβκθάΪηηυγθμάίμλμάίηηθλμφαΪ
ιθάκίΰήίηβωηίλϋμλΫθκσβδ
ΞνγικύφδμηδικβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυ,βζθΰίμ
βλιθεφαθάΪμφλωμθεφδθάλθρίμΪηββλκθαίμδθγλαΪαίζείηβίζ
ΛνμρίεάλμΪπβθηΪκηθγχείδμκθικθάθήδίήθεΰίηΫυμφ
ικίήνλζθμκίηλιίπβΪεφηυγάυδεψρΪμίεφήεωκΪαζυδΪηβωά
ξΪαΪολθέεΪληθνλεθάβωζζθημΪΰΪ
ΑπροίηαίμηδρδτμηιηξνγξοηΰνονληίεφαωάλμκΪβάΪμφ
οθεθήβεφηβδβιθλνήθζθίρηυίζΪςβηυηίάίημβεβκνίζυί
ήνοθάυίςδΪξυλμβκΪεφηυίζΪςβηυ
Ώλεβ ιθή άΪκθρηθγ ιΪηίεφψ άλμκΪβάΪίμλω ήνοθάθγ ςδΪξ μθεσβηΪ
λμθείςηβπυήθεΰηΪλθλμΪάεωμφηίζίηίί ζζΪάηίδθμθκυο
λενρΪωοβΫθείίΜθέήΪηίθΫοθήβζθλθΫεψήΪμφνδΪαΪηβω
κνδθάθήλμάΪιθζθημΪΰνήνοθάθέθςδΪξΪ
ΗνΰηθλείήβμφαΪμίζρμθΫυάυλμνιΪψσβίρΪλμβμΪδβίδΪδ
δθκινλΪζίλμιθήδεψρίηβωδλίμββεβλθίήβηβμίεφηυίδΪΫίεβηί
λμΪεδβάΪεβλφηΪικβζίκλάυήάβΰηυζωσβδθζ
ΞονλδεςρνφμίώξνκιίίλεβηβΰηωωλμθκθηΪάΪκθρηθγιΪηίεβ
θμδκυμΪηίθΫοθήβζθνλμΪηθάβμφικθζίΰνμθρηνψιθεδν
ΝαηΪγμίθάθαζθΰηθλμβικβθΫκίμίηβωικθζίΰνμθρηθγιθεδβά
λιίπβΪεβαβκθάΪηηυοζΪέΪαβηΪο
ΏλεβάυβλιθεφανίμίλθΫλμάίηηνψικθζίΰνμθρηνψιθεδνμθ
κΪλλμθωηβίθμιθεδβήθζίλμΪιθήδεψρίηβωικβΫθκΪδ
χείδμκθλίμβήθεΰηθλθλμΪάεωμφηίζίηίί ζζ
ΠρνκδχμηυίήθεΰηΪΫυμφκθάηθγβνλμΪηΪάεβάΪμφλω
έθκβαθημΪεφηθβνλμθγρβάθ
: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ
ΌικβΫθκζθένμΫυμφάλμκθίηυιθλμθωηηυίζΪέηβμυ
άθαήίγλμάνψσβίηΪχείδμκθηηυίβζιεΪημΪμυηΪικβζίκηΪ
δΪκήβθλμβζνεωμθκ βεβ βηΰίδμθκ βηλνεβηΪ Ιθχμθζν ικβ ζθημΪΰί
λείήνίμλθΫεψήΪμφζβηβζΪεφηθίκΪλλμθωηβίήθχείδμκθηηυο
βζιεΪημΪμθάλζ
cs
Ö 0RQWiçQtQiYRG
-HQXWQpGRGUçHWW\WRSRN\Q\
(OHNWULFNp SŒLSRMHQt 6Pt SURYiGěW SRX]H NRQFHVRYDQì RGERUQtN
9 SŒtSDGěQHVSUiYQpKRSŒLSRMHQt]DQLNiQiURNQD]iUXNX
9HVWDYED3RX]HRGERUQìP]SŤVREHP]DSŒtSDGQiSRåNR]HQt
RGSRYtGiPRQWiçQtILUPD
3ŒLSRMHQt6SRWŒHELĀRGSRYtGiVWXSQLRFKUDQ\ ,D VPtVHSRXçtYDW
MHQV RFKUDQQìPYRGLĀHP
,QVWDODFH8SHYQpHOHNWULFNpLQVWDODFHMHWŒHEDSRXçtWRGSRMRYDĀ
Ii]tSRGOHSŒHGSLVŤSURLQVWDODFL
9HVWDYEDSRGVSRWŒHELĀHP3RGVSRWŒHELĀQHVPtEìW
]DEXGRYiQ\FKODGQLĀN\P\ĀN\QHRGYěWUiYDQpSHĀLFtWURXE\
D SUDĀN\
3RNXGVHSRGYDUQRXGHVNXYHVWDYtSHĀLFtWURXEDPXVtEìW
WORXåŚND SUDFRYQt GHVN\ PLQ PP Y QěNWHUìFK SŒtSDGHFK L YtFH
'RGUçXMWHSRN\Q\Y QiYRGXN PRQWiçLSHĀLFtWURXE\
'EHMWHQDWRDE\SŒHVDKXMtFtĀiVWLMDNRQDSŒSRX]GURQHERNDEHO
VtŚRYpSŒtSRMN\QHNROLGRYDO\QDSŒVH]iVXYNRX
0H]LGQR3RNXGMHVSRGQtVWUDQDYDUQpGHVN\YROQěSŒtVWXSQiMH
WŒHED]DEXGRYDWPH]LGQR
2KOHGQěPRçQRVWL]DNRXSHQtPH]LGQDMDNRSŒtVOXåHQVWYtVH
LQIRUPXMWHYHVSHFLDOL]RYDQpSURGHMQě
3RNXGSRXçLMHWHYODVWQtPH]LGQRPXVtPLQLPiOQtY]GiOHQRVWRG
VtŚRYpSŒtSRMN\VSRWŒHELĀHĀLQLW PP
3UDFRYQtGHVNDURYQiYRGRURYQiVWDELOQt
: 1RVLWHOpHOHNWURQLFNìFKLPSODQWiWŤ
6SRWŒHELĀPŤçHREVDKRYDWSHUPDQHQWQtPDJQHW\NWHUpPRKRX
RYOLYŃRYDWHOHNWURQLFNpLPSODQWiW\QDSŒNDUGLRVWLPXOiWRU\QHER
LQ]XOLQRYpGiYNRYDĀH3URWRSŒLPRQWiçLGRGUçXMWHPLQLPiOQt
Y]GiOHQRVW FPRGHOHNWURQLFNìFKLPSODQWiWŤ
Πρνκδχμηυί²οηπ ΛδΰδκϋγκώαπροίηαίμηώμίκζθνλμθγρβάθλμφήθεΰηΪΫυμφ
ζβηβζνζ ƒ&
ΒλιθεφανγμίλμθείςηβπυμθεφδθβαάεΪέθλμθγδβοζΪμίκβΪεθά
ηΪικβζίκηΪμνκΪεφηυγδΪζίηφ ΎίκίάωηηυίλμθείςηβπυζθΰηθβλιθεφαθάΪμφμθεφδθάζίλμίλ
βζίψσβζβλωάλιίπβΪεβαβκθάΪηηυοζΪέΪαβηΪο
λιίπικβηΪήείΰηθλμωζβ
ΑϊοδζήθεΰίηάυιθεηωμφλωμθεφδθάλιίπβΪεβαβκθάΪηηθγ
ζΪλμίκλδθγΗίθΫοθήβζθλθοκΪηβμφνλμθγρβάθλμφλμθείςηβπυ
3UDFRYQtGHVNDREUi]HN 9HVWDYQìQiE\WHNRGROQìPLQLPiOQěYŤĀLWHSORWě&
3RXçtYHMWH SRX]H SUDFRYQt GHVN\ RGROQp SURWL YRGě QDSŒ SŒtURGQt
NiPHQ 'ŒHYěQpSUDFRYQtGHVN\VHVPtSRXçtYDWSRX]HVH]YOiåWQtP
SŒtVOXåHQVWYtPNWHUpO]HREGUçHWYHVSHFLDOL]RYDQpSURGHMQě
9ìŒH]6PtEìW]KRWRYHQSRX]HYHVSHFLDOL]RYDQpGtOQě0XVt
]ŤVWDW]DFKRYDQiVWDELOLWDSUDFRYQtGHVN\
Ξνγβνρναιίλδΰδκη³οηπ ΠρνκδχμηυϊνΰκηυναίμμϊδιίσδκδλικβείέΪψσβί
ιθάίκοηθλμβικβηίθΫοθήβζθλμβαΪσβμβμίάεΪέθλμθγδβζβ
ιεΪηδΪζβ
3ŒtSUDYDQiE\WNXREUi]HN 3UDFRYQtGHVN\REORçHQpGODçGLFHPL'RVHGDFtSORFK\]Y\åWH
Y SŒtSDGěSRWŒHE\SRFHOpPREYRGXOLåWDPLRGROQìPLSURWLYRGě
Ξνγικύφδμηδηςπρίμναιίαίονφμνθξίμδκη
οηπ 3ŒLSRMHQtDYORçHQtYDUQpGHVN\REU ΗΪδείγμίικβεΪέΪψσνψλωικθδεΪήδν
ΙίκίήιθήδεψρίηβίζικβΫθκΪικθάίκφμίήθζΪςηψψ
χείδμκθικθάθήδν
Ιθήδεψρβμί ά λμκθέθζ λθθμάίμλμάββ λθ λοίζθγ ιθήδεψρίηβω Ικβ
ηίθΫοθήβζθλμβνλμΪηθάβμίικβεΪέΪψσβίλωζίήηυί
ιίκίζυρδβΛίμίάθγικθάθήικβξΪαηθζιθήδεψρίηββ 1a
1a μβι+99)βεβάυςίθικίήίεβμίμκίΫνίζθίιθιίκίρηθί
λίρίηβίάλθθμάίμλμάββλμθδθζηΪέκναδβΛίρίηβί ζζηί
ήθινλμβζθΙκβθήηθξΪαηθζιθήδεψρίηββ 1a λίμίάθγικθάθή
+55)* ήεβηΪ ζ ζθΰηθικβθΫκίλμβρίκίαλίκάβληνψ
λενΰΫν
΢πρίμναιίνλμΪηθάβμίάΪκθρηνψιΪηίεφέθκβαθημΪεφηθβ
άυκθάηωγμίίϋιθεθΰίηβίΔίκΪζβρίλδΪωιΪηίεφήθεΰηΪείΰΪμφ
ηίλδθεφδθηβΰίλμθείςηβπυ
ΙκθάίκφμίικβΫθκηΪικΪάβεφηθλμφξνηδπβθηβκθάΪηβωβ
κΪλιθεθΰίηβωΑΪαθκζίΰήνλμθείςηβπίγβδίκΪζβρίλδθγ
ιΪηίεφψαΪιθεηβμίιθήοθήωσβζλβεβδθηθάυζδείίζΎθ
θΫκΪαθάΪηβωιεϋηδβκΪακθάηωγμίλβεβδθηθάυγδείγιΪεφπίζβεβ
λδκίΫδθζλζθρίηηυζζυεφηυζκΪλμάθκθζ
ΏλεβλμθείςηβπΪάυιθεηίηΪβαηΪμνκΪεφηθέθδΪζηωικβ
βλιθεφαθάΪηββηίιθήοθήωσίέθλβεβδθηθάθέθδείωδΪζίηφά
ηίδθμθκυο ζίλμΪο ζθΰίμ βαζίηβμφ πάίμ Ιθήοθήωσβγ δείγ ζθΰηθ
αΪδΪαΪμφρίκίαηΪςνλίκάβληνψλενΰΫν
1DOHSWHSŒLORçHQpWěVQěQt
3ŒHGSŒLSRMHQtPVSRWŒHELĀH]NRQWUROXMWHGRPRYQtLQVWDODFL
3ŒLSRMHQtSURYiGěMWHSRX]HSRGOHVFKpPDWXSŒLSRMHQt9 SŒtSDGě
SRWŒHE\QDPRQWXMWHSŒLORçHQpPěGěQpPŤVWN\3ŒtYRGQtNDEHOX
Ii]RYpPSŒLSRMHQt 1a1a 7\S+99)QHERY\ååt
SRWŒHEQìSUŤŒH]YRGLĀŤXUĀHWHSRGOHSURXGRYpKR]DWtçHQt3UŤŒH]
PPQHQtSŒtSXVWQì8MHGQRIi]RYpKRSŒLSRMHQt 1a MH
VtŚRYi SŒtSRMND +55)* GpOND P N GRVWiQt X ]iND]QLFNpKR
VHUYLVX
1DVD]HQt9DUQRXGHVNXQDVDďWHD Y\URYQHMWHGRYRGRURYQp
SRORK\6NORNHUDPLFNiGHVNDE\PěODEìWPtUQěSRG~URYQt
SUDFRYQtGHVN\
=NRQWUROXMWHIXQNFLD SRORKXVSRWŒHELĀH0H]HUXPH]LSUDFRYQt
GHVNRXD VNORNHUDPLFNRXGHVNRXY\SOŃWHYKRGQìPVLOLNRQRYìP
WPHOHP6LOLNRQRYìWPHOXKODďWHSŒHG]DVFKQXWtPåSDFKWOtQHER
SUVWHPQDPRĀHQìPLY PìGORYpPUR]WRNX
8 SUDFRYQtFKGHVHN] SŒtURGQtKRNDPHQHPŤçHSŒLSRXçLWt
QHYKRGQìFK VLOLNRQRYìFK WPHOŤ GRMtW NH ]PěQě EDUY\ 9KRGQì WPHO
O]HREGUçHWSURVWŒHGQLFWYtPQDåHKR]iND]QLFNpKRVHUYLVX
8SR]RUQěQt3RNXGVHQDGLVSOHMLVSRWŒHELĀH]REUD]t —…‹‹MH
VSRWŒHELĀSŒLSRMHQìQHVSUiYQě2GSRMWHVSRWŒHELĀ]HVtWě
]NRQWUROXMWHSŒtSRMNX
:SU]\SDGNXEODWyZURERF]\FKZ\NRQDQ\FK]NDPLHQLD
QDWXUDOQHJRXŰ\FLHQLHRGSRZLHGQLHJRNOHMXVLOLNRQRZHJRPRŰH
VSRZRGRZDþSU]HEDUZLHQLD2GSRZLHGQLNOHMPRŰQD]DPyZLþZ
QDV]\PVHUZLVLH
:VND]yZND-HŰHOLQDZ\ŔZLHWODF]XXU]ĉG]HQLDSRMDZLVLę —
…‹‹XU]ĉG]HQLH]RVWDãRQLHSUDZLGãRZRSRGãĉF]RQH2GãĉF]\þ
XU]ĉG]HQLHRGVLHFLVSUDZG]LþSRGãĉF]HQLH
8U]ĉG]HQLHPRŰQDZãĉF]\þGRSLHURSRXWZDUG]HQLXVLęNOHMX
VLOLNRQRZHJR
'HPRQWDŰ Sã\W\ JU]HMQHM Z\ãĉF]\þ ]DVLODQLH XU]ĉG]HQLD :\FLĉþ
XV]F]HONęZ]GãXŰSã\W\FHUDPLF]QHM:\SFKQĉþSã\WęJU]HMQĉRG
GRãX
6SRWŒHELĀXYHďWHGRSURYR]XDçSRY\WYUGQXWtVLOLNRQRYpKR
WPHOX
'HPRQWiçYDUQpGHVN\6SRWŒHELĀRGSRMWHRGVtWě9\Œt]QěWH
WěVQěQtSRREYRGXVNORNHUDPLFNpGHVN\9DUQRXGHVNX]HVSRGX
Y\WODĀWH
pl
ë ,QVWUXNFMDPRQWDŰX
&RQDOHŰ\XZ]JOęGQLþ
3RGãĉF]HQLH GR VLHFL HOHNWU\F]QHM Z\ãĉF]QLH SU]H] VSHFMDOLVWę ]
RGSRZLHGQLPLXSUDZQLHQLDPL1LHSUDZLGãRZHSRGãĉF]HQLH
SRZRGXMHXWUDWęJZDUDQFML
0RQWDŰPXVLE\þSUDZLGãRZ\L]JRGQ\]UHJXãDPLIDFKX]D
SRZVWDãHV]NRG\RGSRZLDGDPRQWHU
3RGãĉF]HQLHXU]ĉG]HQLHVSHãQLDZ\PRJLNODVLHRFKURQ\,LPRŰH
E\þXŰ\WNRZDQHW\ONRSRGZDUXQNLHPŰHMHVWSRGãĉF]RQHGR
SU]HZRGXX]LHPLDMĉFHJR
,QVWDODFMDZSU]\SDGNXVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\
XZ]JOęGQLþUR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PL
SU]HSLVDPLLQVWDODF\MQ\PL
=DEXGRZDLQQ\FKXU]ĉG]HĿSRGXU]ĉG]HQLHPQLHPRQWRZDþ
QDGFKãRG]LDUNDPL]P\ZDUNDPLQLHZHQW\ORZDQ\PLSLHNDUQLNDPL
SUDONDPL
-HŰHOLSRGSã\WĉJU]HZF]ĉPD]RVWDþ]DEXGRZDQ\SLHNDUQLN
JUXERŔþEODWXURERF]HJRPXVLZ\QRVLþFRQDMPQLHM PPDZ
QLHNWyU\FKV\WXDFMDFKQDZHWZLęFHM3U]HVWU]HJDþZVND]yZHN
SRGDQ\FKZLQVWUXNFMLPRQWDŰXSLHNDUQLND
1DOHŰ\XZDŰDþE\Z\VWDMĉFHF]ęŔFLWDNLHMDNQSREXGRZD
SU]\ãĉF]DVLHFLRZHJROXENDEHOVLHFLRZ\QLHNROLGRZDã\QS]
V]XIODGĉ
3ã\WDSU]HJURGRZDMHŰHOLPRŰOLZHMHVWGRWNQLęFLHHOHPHQWyZ
GROQHMF]ęŔFLSã\W\JU]HZF]HMQDOHŰ\]DPRQWRZDþSã\Wę
SU]HJURGRZĉ
3ã\WęSU]HJURGRZĉPRŰQDQDE\þZVNOHSDFKVSHFMDOLVW\F]Q\FK
MDNRZ\SRVDŰHQLHGRGDWNRZH
-HŰHOLXŰ\ZDQDMHVWZãDVQDSã\WDSU]HJURGRZDPLQLPDOQD
RGOHJãRŔþ RG PLHMVFD SRGãĉF]HQLD XU]ĉG]HQLD GR VLHFL HOHNWU\F]QHM
SRZLQQDZ\QRVLþ PP
%ODWURERF]\UyZQ\SR]LRP\VWDELOQ\
: 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
tr
ô
0RQWDMN×ODYX]X
'LNNDWHGLOHFHNKXVXVODU
(OHNWULNEDùODQW×V×6DGHFHHùLWLPOLX]PDQSHUVRQHOWDUDI×QGDQ
\DS×OPDO×G×U<DQO×üEDùODQW×GXUXPXQGDJDUDQWLNDSVDP×G×ü×QGD
NDO×U
0RQWDM6DGHFHXVXOQHX\JXQüHNLOGH\DS×OPDO×G×UKDVDU
GXUXPXQGDPRQWDM×\DSDQNLüLVRUXPOXGXU
%DùODQW×&LKD]NRUXPDV×Q×I×, HX\JXQGXUYHVDGHFHWRSUDNODPD
NDEORVXEDùODQDUDNoDO×üW×U×OPDV×QDL]LQYHULOLU
.XUXOXP6DELWG|üHQHQHOHNWULNWHVLVDW×QGDNXUXOXPüDUWODU×QD
X\JXQRODUDNID]ODUDELUNHVPHWHUWLEDW×WDN×OPDO×G×U
$OW\DS×$OW×QDVRùXWXFXFLKD]EXODü×NPDNLQHVL
KDYDODQG×UPDV×]I×U×QoDPDü×UPDNLQHVLPRQWHHGLOPHPHOLGLU
2FDN DOW×QD ELU I×U×Q PRQWH HGLOHFHNVH WH]JDK NDO×QO×ù× HQ D] PP
ROPDO×G×U%D]×GXUXPODUGDGDKDGDID]ODRODELOLU)×U×QPRQWDM
N×ODYX]XQGDNLX\DU×ODU×GLNNDWHDO×Q×]
(OHNWULNEDùODQW×V×J|YGHVLYH\DHOHNWULNEDùODQW×V×NDEORVXJLEL
o×N×QW×O×SDUoDODU×Q|UQHùLQELUoHNPHFH\HoDUSPDPDV×QDGLNNDW
HGLQL]
$UD]HPLQ2FDù×QDOWWDUDI×QDGRNXQXODELOL\RUVDELUDUD]HPLQ
PRQWHHGLOPHOLGLU
<HWNLOLVDW×F×GDQDNVHVXDURODUDNELUDUD]HPLQWDOHSHGLQL]
.HQGL DUD ]HPLQLQL]L NXOODQDFDNVDQ×] FLKD]×Q HOHNWULN EDùODQW×V×QD
RODQDVJDULPHVDIHPPROPDO×G×U
dDO×üPDWH]JDK×']\DWD\VDELW
: (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
%ODWURERF]\U\V dDO×üPDWH]JDK×üHNLO 0HEOHGR]DEXGRZ\RGSRUQHQDG]LDãDQLHWHPSHUDWXU\FR
QDMPQLHMƒ&
6WRVRZDþ Z\ãĉF]QLH EODW\ URERF]H RGSRUQH QD G]LDãDQLH ZRG\ QS
]NDPLHQLDQDWXUDOQHJR 'UHZQLDQHEODW\URERF]HQDOHŰ\VWRVRZDþZ\ãĉF]QLH]
Z\SRVDŰHQLHPGRGDWNRZ\PGRVWęSQ\PZVNOHSDFK
VSHFMDOLVW\F]Q\FK
:\FLęFLHZ\NRQ\ZDþZ\ãĉF]QLHZVSHFMDOLVW\F]Q\PZDUV]WDFLH
1DOHŰ\]DGEDþRVWDELOQRŔþEODWXURERF]HJR
0RQWDMPRELO\DV×(QD]ƒ&×V×\DGD\DQ×NO×
6DGHFHVX\DGD\DQ×NO×WH]JDKODUNXOODQ×OPDO×G×U |UQGRùDOWDü $KüDS WH]JDKODU VDGHFH \HWNLOL VHUYLVOHUGHQ WHGDULN HGHELOHFHùLQL]
|]HODNVHVXDUODUODELUOLNWHNXOODQ×ODELOLU
.HVLW6DGHFH\HWNLOLDW|O\HOHUGHKD]×UODQPDO×G×U7H]JDK×Q
VWDELOLWHVLVDùODQPDO×G×U
0RELO\DODU×QKD]×UODQPDV×üHNLO )D\DQV NDSO× oDO×üPD WH]JDKODU× *HUHNLUVH EDùODQW× \]H\OHULQLQ
HWUDI×VX\DGD\DQ×NO×SHUYD]ODUOD\NVHOWLOPHOLGLU
3U]\JRWRZDQLHPHEOLU\V 2FDù×QEDùODQPDV×YH\HUOHüWLULOPHVL5HVLP %ODW\ URERF]H Z\ãRŰRQH Sã\WNDPL Z UD]LH SRWU]HE\ SRGZ\ŰV]\þ
SRZLHU]FKQLH QD NWyU\FK ]RVWDQLH SRãRŰRQ\ EODW ]D SRPRFĉ OLVWHZ
RGSRUQ\FKQDG]LDãDQLHZRG\
7HVOLPDWNDSVDP×QGDNLFRQWD\×\DS×üW×U×Q×]
&LKD]EDùODQW×V×QGDQHYWHVLVDW×NRQWUROHGLOPHOLGLU
6DGHFHEDùODQW×üHPDV×QDJ|UHEDùOD\×Q×]ĮKWL\DoKDOLQGHHNWHNL
EDN×UN|SU\PRQWHHGLQL]ID]O×EDùODQW× 1a1a LoLQ
üHEHNHEDùODQW×V×KDWW×+99)YH\DGDKD\NVHNNDOLWHOLWLS
JHUHNOLNDEORNHVLWLQLDN×P\NQHJ|UHEHOLUOH\LQL]PP
DOW×QGDNLNHVLWOHUHL]LQYHULOPH]7HNID]O×EDùODQW× 1a LoLQ
+55)*üHEHNHEDùODQW×V×KDWW×Q× X]XQOXNP PüWHUL
KL]PHWOHULQGHQWHPLQHGHELOLUVLQL]
<HUOHüWLUPH2FDù×\DWD\RODUDN\HUOHüWLULQL]YHKL]DOD\×Q×]
6HUDPLNSODNDoDO×üPDWH]JDK×Q×QKDILIDOW×QGDROPDO×G×U
&LKD]×Q oDO×ü×S oDO×üPDG×ù× YH NRQXPX NRQWURO HGLOPHOLGLU dDO×üPD
WH]JDK×LOHVHUDPLNSODNDDUDV×QGDNLDUDO×NX\JXQELUVLOLNRQ
\DS×üW×U×F×LOHGROGXUXOPDO×G×U'×üoHSHULNXUXPDGDQVLOLNRQ
\DS×üW×U×F×VDEXQOXo|]HOWLLOH×VODW×OP×üELUUDVSD\ODYH\DSDUPDNOD
G]OHüWLULOPHOLGLU
'RùDOWDüWDQUHWLOHQoDO×üPDWH]JDKODU×QGDX\JXQROPD\DQ
VLOLNRQ\DS×üW×U×F×NXOODQ×OG×ù×WDNGLUGHUHQNGHùLüLPOHULV|]NRQXVX
RODELOLU0üWHULKL]PHWOHULPL]GHQX\JXQELU\DS×üW×U×F×WHPLQ
HGHELOLUVLQL]
3RGãĉF]DQLHL QDVDG]DQLHSã\W\JU]HMQHMU\V 1DNOHLþGRVWDUF]RQĉXV]F]HONę
3U]HGSRGãĉF]HQLHPXU]ĉG]HQLDVSUDZG]LþGRPRZĉLQVWDODFMę
HOHNWU\F]Qĉ
3RGãĉF]DþW\ONR]JRGQLH]HVFKHPDWHPSRãĉF]HĿ:UD]LH
SRWU]HE\]DPRQWRZDþGRãĉF]RQHGR]HVWDZXPRVWNL
PLHG]LDQH3U]HZyGSU]\ãĉF]HQLRZ\GODVLHFLHOHNWU\F]QHMOXE
ID]RZHM 1a1a W\S+99)OXEZ\ŰV]HMMDNRŔFLZ\PDJDQ\
SU]HNUyMŰ\ãQDOHŰ\XVWDOLþZRSDUFLXRZDUWRŔþREFLĉŰHQLD
SUĉGRZHJR3U]HNUyMPPMHVWQLHGR]ZRORQ\:SU]\SDGNX
VLHFLMHGQRID]RZ\FK 1a QDOHŰ\]DVWRVRZDþSU]HZyG
SU]\ãĉF]HQLRZ\+55)* GãXJRŔþP GRVWęSQ\ZVHUZLVLH
0RQWDŰ=DPRQWRZDþLZ\SR]LRPRZDþSã\WęJU]HZF]ĉ3ã\WD
FHUDPLF]QDSRZLQQD]QDMGRZDþVLęQLHFRSRGEODWHPURERF]\P
6NRQWURORZDþG]LDãDQLHLSRãRŰHQLHXU]ĉG]HQLD6]F]HOLQęPLęG]\
EODWHPURERF]\PDSã\WĉFHUDPLF]QĉXV]F]HOQLþRGSRZLHGQLP
NOHMHPVLOLNRQRZ\P.OHMVLOLNRQRZ\Z\JãDG]LþSU]HGSRZVWDQLHP
SRZãRNLSDW\F]NLHPGRIXJOXESDOFHP]ZLOŰRQ\PZRGĉ]P\GãHP
8\DU×&LKD]HNUDQ×QGD —…‹‹\DQ×\RUVD\DQO×üEDùODQP×üW×U
&LKD]×üHEHNHGHQD\×U×Q×]EDùODQW×\×NRQWUROHGLQL]
&LKD]×DQFDNVLOLNRQ\DS×üW×U×F×VHUWOHüWLNWHQVRQUDoDO×üW×U×Q×]
2FDù×QV|NOPHVL&LKD]JHULOLPVL]GXUXPDJHWLULOPHOLGLU
&RQWDQ×Q HWUDI× VHUDPLN SODND ER\XQFD NHVLOPHOLGLU 2FDN DOW×QGDQ
EDVW×UDUDNG×üDU×oHNLOPHOLGLU
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