Siemens | ET475FUB1E | Installation instructions | Siemens iQ500 Barbecue Grill Installation instructions

Siemens iQ500 Barbecue Grill Installation instructions
*9001044865*
Ø
Ú
Ò
Ù
Û
Þ
à
â
ù
æ
é
í
î
ð
ñ
ò
õ
0RQWDJHDQOHLWXQJ
,QVWDOODWLRQLQVWUXFWLRQV
Οωινανγπρανζίλνμρίε
̲͉͇͓͇͕͔͕͔͉͓͆́͌̓̾̓ͅͅ
,QVWUXFFLRQHVGHPRQWDMH
1RWLFHGHPRQWDJH
8SXWH]DPRQWDçX
,VWUX]LRQLSHULOPRQWDJJLR
ΝομίρςρςοίκϊμЧπБίςκίο
΢ξίρπρανζίλνμρίεί
,QVWDOODWLHYRRUVFKULIW
,QVWUXFŘLXQLGHPRQWDM
Ημπροςιυηώξνλνμρίες
1DYRGLOD]DPRQWDçR
8GKs]LPSsUPRQWLP
8SXWVWYRRSRVWDYOMDQMX
΅μπροςιυϕώζλνμρίες
Ø6
x4
90°
U
PLQ
PLQ
de
$FKWXQJ
*HUlWHVFKDGHQ*HUlWQLFKWYRQREHQKHUDXVKHEHOQ
Ø 0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
en
Ú ,QVWDOODWLRQLQVWUXFWLRQV
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW
VFKDGHQQLFKWDQVFKOLH‰HQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
1XUHLQHNRQ]HVVLRQLHUWH)DFKNUDIWGDUIGDV*HUlWDQVFKOLH‰HQ
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
=XU9HUPHLGXQJYRQ6FKQLWWYHUOHW]XQJHQ6FKXW]KDQGVFKXKHWUD
JHQ7HLOHGLHZlKUHQGGHU0RQWDJH]XJlQJOLFKVLQGN|QQHQ
VFKDUINDQWLJVHLQ
)UGLH,QVWDOODWLRQPVVHQGLHDNWXHOOJOWLJHQ%DXYRUVFKULIWHQ
XQGGLH9RUVFKULIWHQGHVUHJLRQDOHQ(OHNWUL]LWlWVYHUVRUJHUVEHDFK
WHWZHUGHQ
'LHVHV*HUlWHQWVSULFKWGHU*HUlWHNODVVH ]XP(LQEDXLQHLQ
.FKHQP|EHO (VPXVVJHPl‰GHU(LQEDXVNL]]HHLQJHEDXWZHU
GHQ0LQGHVWDEVWDQG]XVHLWOLFKHQ:lQGHQRGHU0|EHOWHLOHQXQG
QDFKKLQWHQEHDFKWHQ
'LHVHV*HUlWLVWQLFKWYRUJHVHKHQIUGHQ%HWULHEPLWHLQHUH[WHU
QHQ=HLWVFKDOWXKURGHUHLQHUH[WHUQHQ)HUQVWHXHUXQJ
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
&KHFN WKH DSSOLDQFH IRU GDPDJH DIWHU XQSDFNLQJ LW 'R QRW FRQQHFW
WKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVSRUW
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRWKHPDLQVRQO\E\DOLFHQVHG
DQGWUDLQHGWHFKQLFLDQ
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
:HDUSURWHFWLYHJORYHVWRSUHYHQWLQMXU\IURPFXWV3DUWVWKDWDUH
DFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUSHGJHV
)RULQVWDOODWLRQFXUUHQWO\DSSOLFDEOHEXLOGLQJUHJXODWLRQVDQGWKH
UHJXODWLRQVRIWKHORFDOHOHFWULFLW\VXSSOLHUPXVWEHREVHUYHG
7KLV DSSOLDQFH FRUUHVSRQGV WR DSSOLDQFH FODVV IRU LQVWDOODWLRQ LQ
DNLWFKHQXQLW ,WPXVWEHILWWHGDFFRUGLQJWRWKHLQVWDOODWLRQ
GUDZLQJ2EVHUYHWKHPLQLPXPGLVWDQFHWRVLGHZDOOVRUIXUQLWXUH
SDUWVDQGWRWKHUHDUZDOO
7KLVDSSOLDQFHLVQRWLQWHQGHGIRURSHUDWLRQZLWKDQH[WHUQDOWLPHU
RUDQH[WHUQDOUHPRWHFRQWURO
0|EHOYRUEHUHLWHQ %LOG
'DV(LQEDXP|EHOPXVVELVƒ&WHPSHUDWXUEHVWlQGLJVHLQ'LH
6WDELOLWlWGHV(LQEDXP|EHOVPXVVDXFKQDFKGHQ$XVVFKQLWWDUEHL
WHQJHZlKUOHLVWHWVHLQ
'LH 9HUZHQGXQJ YRQ .XQVWVWRII:DQGDEVFKOXVVOHLVWHQ DXI$UEHLWV
SODWWHQKLQWHUGHP(LQEDXJHUlWLVWQLFKW]XOlVVLJ
'HQ$XVVFKQLWWLQGHU$UEHLWVSODWWHJHPl‰GHU(LQEDXVNL]]HKHU
VWHOOHQ'HU:LQNHOGHU6FKQLWWIOlFKH]XU$UEHLWVSODWWHPXVVƒ
EHWUDJHQ
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ6FKQLWWIOlFKHQKLW]HEH
VWlQGLJXQGZDVVHUGLFKWYHUVLHJHOQ
0LQGHVWDEVWDQGGHU*HUlWHXQWHUVHLWH]X0|EHOWHLOHQYRQ PP
EHDFKWHQ
+LQZHLV )UHLUDXPLP8QWHUVFKUDQNIUHLQ*HIl‰YRUVHKHQXP
:DVVHUDXVGHP*ULOODE]XODVVHQ
3UHSDULQJWKHXQLWV )LJ
7KHILWWHGXQLWPXVWEHKHDWUHVLVWDQWXSWRƒ&7KHILWWHGXQLW
PXVWVWLOOEHVWXUG\DIWHUWKHFXWRXWVKDYHEHHQPDGH
7KHXVHRISODVWLFEDFNVSODVKVWULSVRQZRUNVXUIDFHVEHKLQGWKH
EXLOWLQDSSOLDQFHLVQRWSHUPLWWHG
0DNHWKHFXWRXWLQWKHZRUNVXUIDFHLQDFFRUGDQFHZLWKWKH
LQVWDOODWLRQGUDZLQJ7KHDQJOHRIWKHLQWHUVHFWLRQWRWKHZRUN
VXUIDFHPXVWEHƒ
$IWHUPDNLQJWKHFXWRXWVUHPRYHDQ\VKDYLQJV&XWVXUIDFHV
6HDOZLWKKHDWUHVLVWDQWDQGZDWHUSURRIPDWHULDO
2EVHUYHWKHPLQLPXPFOHDUDQFHRI PPEHWZHHQWKHERWWRPRI
WKHDSSOLDQFHDQGXQLWSDUWV
1RWH (QVXUHWKDWWKHUHLVIUHHVSDFHIRUDFRQWDLQHULQWKHEDVH
XQLWVRWKDWZDWHUFDQEHGUDLQHGIURPWKHJULOO
(OHNWULVFKHU$QVFKOXVV
(OHFWULFDOFRQQHFWLRQ
*HUlWPLW1HW]DQVFKOXVVOHLWXQJRKQH6WHFNHU%HLP1HW]DQ
VFKOXVVGLHJOWLJHQQDWLRQDOHQ$QVFKOXVVEHGLQJXQJHQEHDFKWHQ
$XIJHHLJQHWH$EVLFKHUXQJGHU+DXVLQVWDOODWLRQDFKWHQ$QJDEHQ
DXIGHP7\SHQVFKLOGEHDFKWHQ
'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL
WHU$QVFKOXVVEHWULHEHQZHUGHQ
:HQQGHU6WHFNHUQDFKGHP(LQEDXQLFKWPHKUHUUHLFKEDULVW
PXVVLQVWDOODWLRQVVHLWLJHLQHDOOSROLJH7UHQQYRUULFKWXQJPLWPLQ
GHVWHQV PP.RQWDNWDEVWDQGYRUKDQGHQVHLQ
:HQQGLH1HW]DQVFKOXVVOHLWXQJEHVFKlGLJWZXUGHPXVVGLHVH
GXUFK HLQH EHVRQGHUH HUVHW]W ZHUGHQ 'LHV GDUI QXU GXUFK XQVHUHQ
.XQGHQGLHQVWHUIROJHQ
1HW]DQVFKOXVVOHLWXQJ7\S + 99)E]Z+ 99+)
* PPò $QVFKOXVVNDEHOQLFKWNQLFNHQRGHUHLQNOHPPHQ
+LQZHLVIU*HUlWHPLW'LVSOD\(UVFKHLQWLP'LVSOD\GHV*HUl
WHV —…‹‹LVWHVIDOVFKDQJHVFKORVVHQ*HUlWYRP1HW]WUHQQHQ
$QVFKOXVVEHUSUIHQ
%HL5HSDUDWXUHQLQMHGHP)DOOGDV*HUlWVWURPORVPDFKHQ1LH
GDV*HUlW|IIQHQLP%HGDUIVIDOO.XQGHQGLHQVWEHQDFKULFKWLJHQ
$SSOLDQFHZLWKSRZHUFDEOHEXWQRSOXJ:KHQFRQQHFWLQJWR
WKHPDLQVFRPSO\ZLWKWKHDSSOLFDEOHQDWLRQDOFRQQHFWLRQ
UHJXODWLRQV
(QVXUHWKDWWKHUHLVVXIILFLHQWIXVHSURWHFWLRQIRUWKHKRXVHKROG
ZLULQJ&RPSO\ZLWKWKHVSHFLILFDWLRQVRQWKHUDWLQJSODWH
7KHDSSOLDQFHFRUUHVSRQGVWRSURWHFWLRQFODVV,DQGPXVWRQO\EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
,I WKH SOXJ LV QR ORQJHU DFFHVVLEOH IROORZLQJ LQVWDOODWLRQ DQ DOOSROH
LVRODWLQJVZLWFKZLWKDFRQWDFWJDSRIDWOHDVWPPPXVWEH
SUHVHQWRQWKHZLULQJVLGH
,IWKHSRZHUFDEOHKDVEHHQGDPDJHGLWPXVWEHUHSODFHGZLWKD
VSHFLDOFDEOH7KLVPXVWQRWEHFDUULHGRXWE\SHUVRQVRWKHUWKDQ
RXUDIWHUVDOHVVHUYLFH
3RZHUFDEOH7\SH + 99)RU+ 99+) * PPò 'RQRWNLQNRUWUDSWKHFRQQHFWLQJFDEOH
3OHDVH QRWH IRU DSSOLDQFHV ZLWK D GLVSOD\ ,I —…‹‹ DSSHDUV RQ
WKHGLVSOD\WKHDSSOLDQFHKDVQRWEHHQFRQQHFWHGFRUUHFWO\
'LVFRQQHFWWKHDSSOLDQFHIURPWKHPDLQVDQGFKHFNWKH
FRQQHFWLRQ
$OZD\VGLVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\ZKHQ
FDUU\LQJRXWUHSDLUZRUN1HYHURSHQWKHDSSOLDQFHLI\RXQHHGLW
WREHRSHQHGLQIRUPWKHDIWHUVDOHVVHUYLFH
*HUlWHLQEDXHQ
'DV*HUlWVRLQGHQ$XVVFKQLWWHLQVHW]HQGDVVGLH%HGLHQHOH
PHQWHYRUQHOLHJHQXQGPLWGHQ6SDQQHOHPHQWHQEHIHVWLJHQ
+LQZHLV .HLQHHOHNWULVFKHQ6FKUDXEHQGUHKHUYHUZHQGHQ
0RQWDJHVDW]
%HL(LQEDX]ZHLHURGHUPHKUHUHU*HUlWHGLUHNWQHEHQHLQDQGHU
VLQGHLQRGHUPHKUHUH0RQWDJHVlW]HHUIRUGHUOLFK
)LWWLQJWKHDSSOLDQFH
,QVHUWWKHDSSOLDQFHLQWRWKHFXWRXWLQVXFKDZD\WKDWWKH
RSHUDWLQJ FRQWUROV DUH DW WKH IURQW DQG VHFXUH LW LQ SODFH XVLQJ WKH
FODPSLQJHOHPHQWV
1RWH 'RQRWXVHDQHOHFWULFVFUHZGULYHU
$VVHPEO\NLW
:KHQ LQVWDOOLQJ WZR RU PRUH DSSOLDQFHV GLUHFWO\ EHVLGH HDFK RWKHU
RQHRUPRUHDVVHPEO\NLWVDUHUHTXLUHG
*HUlWDXVEDXHQ
*HUlWVWURPORVPDFKHQ*HUlWYRQXQWHQKHUDXVGUFNHQ
Λνμρίεδμινλξκδιρ
ΙκβζθημΪΰΪηΪήάΪβεβιθάίρίνκίήΪήβκίδμηθίήβηήθήκνέλΪ
ηίθΫοθήβζβίήβηβεβιθάίρίζθημΪΰηβδθζιείδμβ
5HPRYLQJWKHDSSOLDQFH
'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\3XVKRXWWKH
DSSOLDQFHIURPEHORZ
&DXWLRQ
'DPDJHWRWKHDSSOLDQFH'RQRWOLIWXSWKHDSSOLDQFHIURPDERYH
Γδλνμρίεμίςοδγί
ΒαδεψρίμίνκίήΪθμίείδμκθαΪοκΪηάΪηίμθΒαΫνμΪγμίνκίήΪ
θμήθεν
Αμηλίμηδ
ΣίμβιθνκίήΪΗίιθάήβέΪγμίνκίήΪθμθμέθκί
bg
ÒΚτδθάθήλμάθαΪζθημΪΰ
: Αίεμηςιίζίμηώζίΰδζνξίπμνπρ
el
ΌηβζΪμίεηθ ικθρίμίμί μθάΪ κτδθάθήλμάθ ΛΪζθ μθέΪάΪ ζθΰίμί ήΪ
βαιθεαάΪμίνκίήΪλβΫίαθιΪληθβικΪάβεηθΚτδθάθήλμάθμθαΪ
νιθμκίΫΪβζθημΪΰήΪλίλτοκΪηωάΪαΪιθδτληΪνιθμκίΫΪβεβαΪ
λείήάΪσβωλθΫλμάίηβδ
Ικθάίκίμί νκίήΪ λείή κΪαθιΪδθάΪηίμθ Ικβ μκΪηλιθκμηβ ιθάκίήβ
ηίάδεψράΪγμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθβηλμκνδπβωμΪαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
ΛΪζθλίκμβξβπβκΪηλιίπβΪεβλμβζΪικΪάθήΪλάτκαάΪνκίήΪ
ΙκίήββαιτεηίηβίμθηΪδΪδάβμθβήΪίκΪΫθμβλικίμί
ίείδμκβρίλδθμθαΪοκΪηάΪηί
ΑΪβαΫωέάΪηίηΪιθκωαάΪηβωηθλίμίαΪσβμηβκτδΪάβπβΡΪλμβμί
δθβμθιθάκίζίηΪζθημΪΰΪλΪήθλμτιηβζθέΪμήΪλΪλθλμκβ
κτΫθάί
ΑΪβηλμΪεΪπβωμΪμκωΫάΪήΪλίβαιθεαάΪμΪδμνΪεηβμίάΪεβήηβ
λμκθβμίεηβικίήιβλΪηβωβικίήιβλΪηβωμΪηΪκίέβθηΪεηθμθ
ίείδμκβρίλδθήκνΰίλμάθ
Μθαβ νκίή θμέθάΪκω ηΪ δεΪλ ηΪ νκίήΪ αΪ άέκΪΰήΪηί ά δνοηίηλδΪ
ζίΫίε ΜθγμκωΫάΪήΪλίζθημβκΪλτέεΪληθλδβπΪμΪαΪζθημΪΰ
ΛιΪαάΪγμίζβηβζΪεηθμθκΪαλμθωηβίήθλμκΪηβρηβμίλμίηββεβ
ρΪλμβμίηΪζίΫίεβμίλτσθβηΪαΪή
ΜθαβνκίήηίίιθήοθήωσαΪκΪΫθμΪλάτηςίημΪγζίκβεβλ
άτηςηθήβλμΪηπβθηηθνικΪάείηβί
Ù ̯͉̻̓͆͂̾̈́͐̈́͂̀͒͑͒̀͑͆͐
: ̵͉͎̓͏͕͓͖͋͌̿›͇͇͓͔͍͇͓͑͆́͐͋̓͗̓́̓
῭͈̻́͑͒̈́›͏͎͉͈͉̻͓̼͈͎̬͚͎͚͑̈́͒̀͒͐͒͐̓͆͂̾̈́͐͌͒͒̈́͋›͎͏̈́̾͒̈́͌̀
͕͈̈́͏͈͓͉͓͎͓͑͒̈́̾͒̈́͒͆͑͑̈́̽͑̾͂͏̵͉͈̻͓̻͍͈͎̀̀͑͗͑͒͊͒̈́͒͐̓͆͂̾̈́͐
͕͏͉͈͓̽͑͆͐̀͑͌̀͏͎͚͈͈͋͊͂͆͑͆͐͂̀͋̀̀͏͚͂͒̈́͏͕͆͏͈͎̽͑͆̽͂̀͒͌
̈́›͚͎͈͈͎͉͋̈́͌̓͒̽͒͆
̬̻͔̈́͒͒͆͌̀̀̾͏̈́͑͆̀›͚͓͉͓̼͍͓͉͓̲͒͆͑͑̈́̀͑̾̀̈́͊͂͒̈́͒͆͑͑̈́̽̈́
›̈́͏̾›͈̻͉̻͔͎͒͗͑͆͆͋͐̀͒͒͆͋̈́͒̀ͅ͏̻͓̼͋͆͌͒͆͌͑͌̓͑̈́͒̈́
̬͚͎͉̻͔͈͎͌͋̈́͒͆͑͗͑͒̽̈́͂̀͒͑͒̀͑͆͑͛͋͗͌̀͋̈́͒͐̓͆͂̾̈́͐
͎͒›͎͇̼͍͔͈͔̻͈͉̻͕͒͆͑͆͐̈́̀͑̀͊̾̈́͒̀͆̀͑͊̈́̀̀͒͒͆ͅ͏̯̽͑͆
͉̻͈͓̈́͂̀͒̀͑͒͒͆͐̈́̾͌̀›͇͓͎͈̻͖͎͈͎͓̈́͛͌͐͂̀͒͆͌͂͆͊̈́͒͏͇̼͂̾̀͑͒͆͑͆
͎͒›͎͇̼͒͆͑͆͐
̬͚͎̼͈͎͕͎͕͈͉͚͌͌̀͐̀̓̈́͛͐͒̈́͌͐̈́›͈͒͏̼›͈͓̼͈͓͉͓̈́͒̀͌̀͑͌̓͑̈́͒͆͑͑̈́̽
̰͏͈͉̼͎͌͒͆͌̈́͒͊̈́͑͆›͎͈̀͑̓̽›͎͒̈́̈́͏͉͂̀͑̾̀͐͊̈́̾͌̈́͒̈́͒͆͌›̀͏͎͕̽
͏͎̈́͛͋̀͒͐
̤͈̀͒͆͌̀›͎͔͓͂̽͒͏͓͈͎̀͋̀͒͑͋͛ ͉͚͖͈͎͇͈͖͋͑͛͌͊͆ ͔͎͏̻͒̈́
›͏͎͓͈͉̻̻͈̳͑͒̀͒̈́͒͂͌͒̀̀›͏͎͈̻͉̻͓͑͒̀͒͒͆͑͌̀͏͎͚͋͊͂͆͑͆
͍̈́̀͏͒̽͋̀͒̀͋›͎͏͈͉͎͔̈́̾͌̀̈́̾͌̀͒̈́͏̻
̤͈͉̻̀͒͆͌̈́͂̀͒͑͒̀͑͆›͏̼›͈̈́͌̀›͏͎̼͍͎͓͑̈́͒̈́͒͐͒͏̼͕͎͌͒̈́͐
͎͈͉͎͎͈͉͎͉͎͈͎͉͈͈͈͕͎͓̓͋͛͐̀͌͌͑͋͛͐̀͒͐͑͛͑̈́͐›͏͎͈̓̀͂͏͔̼̀͐͒͆͐
͎͒›͈͉̽͐̈́›͈͕̈́̾͏͈͎͆͑͆͐̓̀͌͋̽͐͏͎̈́͛͋̀͒͐
̢͓͓͉͓͒̽͆͑͑̈́̽̀͌͒̀›͎͉͏͈͉͎̾͌̈́͒̀͑͒͆͌̀͒͆͂͏͓͉͓̾̀͑͑̈́͌͜ ͈͂̀
͎͒›͎͇̼̼͎͓̻͒͆͑͆͑̈́͌̀͌͒͊›͈͉͎͓̾͌̀͐ͅ ̧͓͉͓͑͑̈́̽›͏̼›͈̈́͌̀
͎͒›͎͇͇͔͎͕̼͈͎͎̈́͒͆̈́̾͑͛͋͗͌̀͋̈́͒͑̓͒›͎͇̼̰͒͆͑͆͐͏͎̼͍͑͒̈́͒͆͌
̻͕͈̈́͊͑͒͆̀›͚͑͒̀͑͆̀›͚͒̀›̻͎͈͕̼͊̀͌͒͋̀͒̀̽͒̀͋͘͜͏͎͓͆͒
͎͓͌͒͊̀›͈͎͉͈͛̀›͏͎͐͒̀›̾͑͗
̢͓͓͉͓͒̽͆͑͑̈́̽̓̈́͌›͏͎̼́͊›͈͈͈͎͓̈́͒̀͂̀͒͆͊̈́͒͏̼͂̾̀͋̈́͌̀͌
͍̈́͗͒̈́͏͈͉͚͕͏͎͎͈͉͚͌̓̀›̼͍͒͆̽͌̀̈́͗͒̈́͏͈͉͚͕͈͒͆͊̈́̈́͏͈͑͒̽͏͈͎
Ξνγβνρναιίμίιςτμδμπιίρίλδΰδκ σηβ ΌέκΪήίηΪμΪζίΫίεμκωΫάΪήΪίμθιεθνλμθγρβάΪήθƒ&
ΛμΪΫβεηθλμμΪηΪάέκΪήίηΪμΪζίΫίεμκωΫάΪήΪίθλβένκίηΪβλείή
ήίγηθλμβμίιθβακωαάΪηίμθ
ΒαιθεαάΪηίμθηΪιεΪλμζΪλθάβεΪγλμηβαΪλμίηΪάτκονκΪΫθμηβ
ιεθμθάίαΪήνκίήΪαΪάέκΪΰήΪηίηίίήθινλμβζθ
ΗΪικΪάίμίβακίαΪάκΪΫθμηβωιεθμλτέεΪληθλδβπΪμΪαΪζθημΪΰ
ΤέτετμηΪβακωαΪηΪμΪιθάτκοηθλμλικωζθκΪΫθμηβωιεθμμκωΫάΪ
ήΪίƒ
ΛείήήίγηθλμβμίιθβακωαάΪηίθμλμκΪηίμίλμκνΰδβμίΑΪείιίμί
θμκωαΪηβμίιεθλδθλμβλνλμθγρβάθηΪμθιεβηΪβάθήΪείιβεθ
ΛιΪαάΪγμίζβηβζΪεηθμθκΪαλμθωηβίθμήθεηΪμΪλμκΪηΪηΪνκίήΪ
ήθρΪλμβμίηΪζίΫίεβμίθμζζ
΢ιίζίμηδ ΙκίήάβήίμίλάθΫθήηθζωλμθάήθεηβωςδΪξαΪλτήαΪ
ήΪβαδΪκάΪμίάθήΪμΪθμέκβεΪ
̳͇͕͎͔͕͖͒͑͑͋̓́̓͑͏͕͖͍͑̓›͋͑͞ ̨͋͌
̳͎͎͈͕͈͚͎͎͓̻̈́͌͒͋̈́͌͌͒͊ͅ›͈›͏̼›͈͈͇͉͈͉͚̈́͌̀̈́̾͌̀̀͌̈́͒͑͒͆
͇̈́͏͎͉͋͏̼͕̀͑̾̀͋͏͈͎͓͒͐ž&̧͇͑͒̀̈́͏͚͎͓͎͈͕͈͚͎͓͒͆͒̀͒̈́͌͒͋̈́͌ͅ
͎͓͌͒͊̀›͈͎͛›͏̼›͈͍͔͈̈́͌̀̈́̀͑̀͊̾̈́͒̀̈́ͅ›͉͈̻̾͑͆͐̀͋̈́͒̀›͚͈͒͐
̈́͏͉͎͂̀͑̾̈́͐›͎͈̻̽͐͒͗͌̀͌͂͋͒͗͌
̧͕͏̽͑͆̀͏͎͉̻͓͋͊›͒͏͗͌̀›͚͓͇͈͉͚͓͈͉͚͑͌̈́͒͊›̻͎͓͌͗͑͒͐›̻͉͎͓͂͐
̈́͏͂̀͑̾̀͐›̾͑͗̀›͚͎͈͕͈͚͓͉͓͒͆͌̈́͌͒͋̈́͌͆͑͑̈́̽̓̈́͌̈́ͅ›͈͒͏̼›͈̈́͒̀
̪͉͓̻͎̻͎͈͎̀͒̀͑̈́͑͒̈́͒͌͂͋̀͑͒͌›̻͉͎͂̈́͏͔͎͂̀͑̾̀͐͑͛͋͗͌̀͋̈́͒
̧͕̼͈͎͉̻͑̓̈́͂̀͒͑͒̀͑͆͐͂͗͌̾̀͒͆͐̈́›͈͔̻͈͎͎͌̈́̀͐͒͋̽͐͑͒͌›̻͉͎͂
̈́͏͂̀͑̾̀͐›͏̼›͈̼̈́͌̀̀͌͏͕͈͈̈́͒̀͑͒͐ƒ
̬̻͈̈́͒͒͐̈́͏͉͎͂̀͑̾̈́͐›͎͈̻̽͐͒͗͌̀͌͂͋͒͗͌̀›͎͉͋̀͏͛͌̈́͒̈́͒̀
̀›͚́͊͆͒̀ ›͏͈͎͈͌̾̓̀͂͏̼͈̀ͅ ̲͔͏͈̀͂̾͑͒̈́͒͐̈́›͈͔̻͈͎͌̈́̈́͐͒͋̽͐͋·̼͌̀
͎͑͒̈́͂̀͌›͎͈͈͉͚͓͈͉͚͇͉͈͉͚͇͆͒͊̀͌̈́͒͑͒͆̈́͏͚͋͒͆͒̀
̰͏͎̼͍̻͕͈͑͒̈́͒͆͌̈́͊͑͒͆̀›͚͑͒̀͑͆͒͗͌PP͉̻͒͆͐͒͗›͓͊̈́͏̻͒͆͐
͓͉͓͑͑̈́̽͐̀›͚̼͒̀͋͏͎͓͎͓͆͒͌͒͊̀›͈͎͛
̷›͇͉͆͋͐͝ ̰͏͎̼͖͇́͊͒̈́̈́͊̈́͛̈́͏͎͕͜͏͎͎͉̻͎͓̻͑͒͒͗͌͒͊›͈͈̼͂̀͌̀
͎͕͎͈͈̻͎̓̈́̾͂̀͌̀̀̓̈́̈́͒̈́͒͌̈́ͅ͏͚̀›͚͎͉͒͂͏͈͊
(κHιρSηφHFιηηζαRγη
΢οδγπιίΰδκζίπαωοζαίμδιωλλοδείρίΰδζψδξπδκΙκβ
λάτκαάΪηίμθδτζζκίΰΪμΪλιΪαάΪγμίάΪεβήηβμίηΪπβθηΪεηβ
νλεθάβωαΪλάτκαάΪηί
ΌηβζΪάΪγμίαΪιθήοθήωσθιθήλβένκωάΪηίηΪήθζΪςηΪμΪ
βηλμΪεΪπβωΛιΪαάΪγμίήΪηηβμίάτκονμβιθάΪμΪμΪΫίεδΪ
ΝκίήτμθμέθάΪκωηΪδεΪληΪαΪσβμΪ,βζθΰίήΪλίβαιθεαάΪλΪζθ
λτλλάτκαάΪηίλικίήιΪαίηικθάθήηβδ
ΌλενρΪγρίλείήζθημΪΰΪηωζΪήθλμτιήθσίιλίεΪθμλμκΪηΪμΪ
ηΪζθημΪΰΪμκωΫάΪήΪίηΪεβρίηλίιΪκΪμθκαΪάλβρδβιθεψλβλ
δθημΪδμίηθμάθκθμζβηβζνζζζ
Ίδθ δΪΫίετμ αΪ λάτκαάΪηί δτζ ζκίΰΪμΪ ί ιθάκίήίη μθ μθγ μκωΫάΪ
ήΪλίλζίηβλτλλιίπβΪείημΪδτάΜθάΪμκωΫάΪήΪλίβαάτκςβθμ
ηΪςΪμΪλενΰΫΪθΫλενΰάΪηίηΪδεβίημβ
ΔΪΫίεαΪλάτκαάΪηίδτζζκίΰΪμΪμβι + 99)βεβ+ 99+)
* PPò ΗίικίέτάΪγμίβηίαΪσβιάΪγμίαΪοκΪηάΪσβωδΪΫίε
΢ιίζίμηδ ζί ςοδγη π γηπξκδθ Ίδθ ηΪ ήβλιείω ηΪ νκίήΪ λί ιθωάβ
—…‹‹μθμθγίλάτκαάΪηιθέκίςηθΚΪαδΪρίμίνκίήΪθμζκίΰΪμΪ
ικθάίκίμίλάτκαάΪηίμθ
ΙκβκίζθημβάτάάλίδβλενρΪγβαδεψρίμίνκίήΪθμ
ίείδμκθαΪοκΪηάΪηίμθΗβδθέΪηίθμάΪκωγμίνκίήΪάλενρΪγηΪ
ηνΰήΪνάίήθζίμίλενΰΫΪμΪθΫλενΰάΪηίηΪδεβίημβ
̪͍͇͕͔͌͒͋͌̀͞͏͇͔͉͆
̵͖͔͇͖͎͇͍͔͌̀͌̓͆͋͑͟͞͏͇͔͉͓͔͕͕͖͕͖͇͎͕͓͚͓͆͑͆́͌͑͑͒̓͑͒́͘͞
͓̲͗͋̈́›̈́͏̾›͎͉͓͎͒͗͑͆͑͛͌̓̈́͑͆͐͑͒̓̾͒›͏͎̼͍͈͈͕͎͓͑͒̈́͒͐͑͛͑̈́͐
͇͈͉̼̈́͌͐›͏͎͙›͎͇̼͈͑̈́͐͑͛͌̓̈́͑͆͐
̰͏͎̼͍͈͉̻͔̻͈͎͈͉͈͉͉̻͑͒̈́͂̀̀͒͊͊͆͊͆̀͑͊̈́̀͑͒͆͌̀̽̈́͂̀͒͑͒̀͑͆
̰͏͎̼͍͎͈͕͑͒̈́͒̀͑͒̈́̾̀›̻͌͗͑͒͆͌›͈͉͌̀̾̓̀͒͛›͎͓
̧͓͉͓͑͑̈́̽̀͌͒̀›͎͉͏͈͉͎̾͌̈́͒̀͑͒͆͌̀͒͆͂͏̾̀›͏͎͑͒̀͑̾̀͐,͉͈̀
̈́›͈͒͏̼›͈͈͎͓̈́͒̀͌̀͊̈́͒͏͚͎͎͂̈́̾͋͌͋̈́͑͛͌̓̈́͑͆̀͂͗͂͛›͏͎͑͒̀͑̾̀͐
͂̈́̾͗͑͆ ̲̈́›̈́͏̾›͒͗͑͆›͎͓̻͎͋̈́͒͒͆͌͒›͎͇̼͓͉͓͒͆͑͆͒͆͐͑͑̈́̽͐͆›͏̾̀̓̈́͌ͅ
͈̈́̾͌̀›̼͎͊͌›͏͎͈͑͒̽›͏̼›͈͓̈́͌̀›̻͏͕͈̈́̀›͚͒͆͌›͓͊̈́͏̻͒͆͐
͉̻̈́͂̀͒͑͒̀͑͆͐ ͈͋̀ ͈̻͍̓͒̀͆ ͈͉͎̓̀›̽͐ ͚͊͗͌ ͒͗͌ ›͚͊͗͌ ͋· ̼͌̀ ͈̻͉͎̓̈́͌
̈́›͔͎͈͚̀̽͐͒͊͂͒̈́͏͎PP
̞͕̻͈͎͉͈͎͎͉͓͎͎͓͒̀͌̀͊͑̈́͒̀͊̓͑͛͌̓̈́͑͆͐͑͒̓̾͒͒͜͏͎̈́͛͋̀͒͐
›͏̼›͈͈͉͇̼͈͈̈́͌̀̀͌͒̀͒̀͑͒̀̈́̾͋̈́͌̀̓̀̾͒̈́͏̢͎͉͈͎͓͚̀͊̓͑͛͌̓̈́͑͆͐͒͜
̈́›͈͒͏̼›͈̻͈͕̈́͒̀͌̀͊́̈́͜͏͚͎̀͋͌̀›͚͓͒͆͌›͆͏͕͈͉̈́͑̾̀͒̈́͌̽͐
͍͓̈́›͆͏̼͒͆͑͆͐›͈̈́͊̀͒͌͒͆͐̈́͒̀͜͏̈́̾̀͐͋̀͐
̪͈͎̀͊̓͜ ͑͛͌̓̈́͑͆͐ ͎͑͒ ͉͓͎̓̾͒ ͎͓͒ ͏͎̈́͛͋̀͒͐ ̳͛›͎͐ + 99) ̽ +
99+) *PPò ̬͉͉͎͉͈͎͆͌͒͑̀̾̈́͒̈́̽͋͆͋̀͂͌̈́͒̈́͒̀͊̓͑͛͌̓̈́͑͆͐͜͜ͅ
̷›͇͉͔͖͔͇͖͓͎͇͆͋͐͋̓͌̿͑͊͝͝ͅ͏͉͇͏͇͇͚͆́͐͏̥̻͎͇͚͌͑͒͆͌͌͆
͍͓͉͓͔͈̈́͌̓̈́̾̈́͗͌͒͆͐͑͑̈́̽͐̈́͋̀͌̾̈́͒̀ͅ —…‹‹͚͈͒͒̈́͆͑͛͌̓̈́͑͆̈́̾͌̀
̢̻͇͎͊͐›͎͓̼͓͉͓͑͌̓͑͒̈́͒͆͑͑̈́̽̀›͚͎͉͒͆͊̈́͒͏͈͉͚͉͓͎̼͍̓̾͒̈́͊͂͒̈́
͒͆͑͛͌̓̈́͑͆
Αβοίεγίμδμίςοδγί
ΝκίήτμμκωΫάΪήΪλίιθλμΪάβάβακίαΪμΪδΪρίθΫλενΰάΪσβμί
ίείζίημβήΪλίηΪζβκΪμθμικίήβήΪλίξβδλβκΪμλξβδλβκΪσβμί
ίείζίημβ
΢ιίζίμηδ ΗίβαιθεαάΪγμίίείδμκβρίλδβθμάίκμδβ
̲͈͒͐̈́›͈͉͓̼͉̻͇͑̈́͐͑̈́̈́›̈́͏̾›͇̼͓͉͓͉͚͒͗͑͆͒̈́͒̈́͒͆͑͑̈́̽̈́͒͐
͏͎̬͎̈́͛͋̀͒͐͆͌̀͌̾͂̈́͒̈́›͎̼͓͉͓͒͒͆͑͑̈́̽͑̈́›̈́͏̾›͒͗͑͆›͎͓
͕͏͈̻͈͈͎̈́̈́͒̀̈́̓ͅ›͎͈͓̽͑͒̈́͒͆͌›͆͏͕͈͉͍͓̈́͑̾̀͒̈́͌̽͐̈́›͆͏̼͒͆͑͆͐
›̈́͊̀͒͌͜
XQ GLVSRVLWLYR GH VHSDUDFLyQ GH WRGDV ODV IDVHV FRQ XQD DSHUWXUD
GHFRQWDFWRPtQLPDGHPP
6LVHKDGDxDGRHOFDEOHGHFRQH[LyQDODUHGHOpFWULFDKD\TXH
VXVWLWXLUORSRUXQRHVSHFLDO(VWRVRORGHEHKDFHUORQXHVWUR
6HUYLFLRGH$WHQFLyQDO&OLHQWH
&DEOHGHFRQH[LyQHOpFWULFDWLSR + 99)R+ 99+)
* PPò 1RGREODUQLDSULVLRQDUHOFDEOHGHFRQH[LyQ
$YLVR SDUD HOHFWURGRPpVWLFRV FRQ SDQWDOOD GLVSOD\ VL DSDUHFH
HOGLVSOD\ —…‹‹HODSDUDWRHVWiPDOFRQHFWDGR'HVFRQHFWDUHO
DSDUDWRGHODUHG\FRPSUREDUODFRQH[LyQ
3DUD HIHFWXDU UHSDUDFLRQHV VLHPSUH GHVFRQHFWDU HO DSDUDWR GH OD
FRUULHQWH1RDEULUQXQFDHODSDUDWR(QFDVRQHFHVDULRLQIRUPDU
DO6HUYLFLRGH$WHQFLyQDO&OLHQWH
̶͑›͕͉͔͉͕͉͓͔͖͔͇͖͓͑͊̿͌̀
̳͎›͎͇͓͉͓͎̻͎͈̼͈͎͈͕̈́͒̽͑͒̈́͒͆͑͑̈́̽͑͒͌͂͋̀͒͑͑͒̈́͒̀͑͒̈́̾̀͜
͕͈̈́͏͈͎͑͋͛͌̀́͏͉͎͈̾͑͌͒̀͋›͏͎̻͉͈͑͒̀͑͒̈́͏͎̈́͑͒̈́͒̀͋̈́͒̀͜›͎̾̀͒̀
͎͈͕͔͈͍͑͒̈́̾̀͑͛͑͂͆͐
̷›͇͉͆͋͐͝ ̬͕͆͏͈͎͆͑͋›͎͈͉̼͉̽͑̈́͒̈́̀͌͌̀͆͊̈́͒͏͈͉͚͉͈̀͒͑̀́̾̓
̵͇͕͔͖͏͎͍͉͔͉͓̓͒͑͝ͅ
̲̈́›̈́͏̾›͎͒͗͑͆͒›͎͇̼͎͒͆͑͆͐̓͛̽›̈́͏͈͎̼͑͑͒͏͓͉͓͗͌͑͑̈́͌͜
̀›͓͇͈̈́̈́̾̀͐͆͋̀›͎̻͈͊͆͑̾͌͒͆͐͊͊͆͐̈́̾͌̀̀›̀͏̼̀̾͒͆͒̀͌̀̽
›̈́͏͈͚͑͑͒̈́͏͓̀͑̈́͒͑͌̀͏͎͚͋͊͂͆͑͆͐
̥͇͔͉͕͉͓͔͖͔͇͖͓͗̓́͒͌̀
,QVWDODUHODSDUDWR
̨̼͓͉͓͉͚͑͒̈́͒͆͑͑̈́̽̈́͒͐͏͎̲̈́͛͋̀͒͐›͏͍͒̈́̀͜›͚͉̻͓͉͓͒͗͒͆͑͑̈́̽
›͏͎̼͍͐͒̀͗
̳͔͒͑͑̀͘
̦͈̼͓͉͓̬͉͓͉͓͆͋͐͑͒͆͑͑̈́̽͆͑͆͑̈́͒̈́͒͆͑͑̈́̽̀͜›͚̈́›̻͌͗
&RORFDUHODSDUDWRHQHOKXHFRGHIRUPDTXHORVPDQGRVTXHGHQ
HQ OD SDUWH GHODQWHUD \ D FRQWLQXDFLyQ ILMDUOR FRQ ORV HOHPHQWR GH
VXMHFLyQ
1RWD 1RXWLOL]DUGHVWRUQLOODGRUHVHOpFWULFRV
-XHJRGHPRQWDMH
3DUDHOPRQWDMHGHGRVRPiVDSDUDWRVDG\DFHQWHVVHUHTXLHUHQ
XQRRPiVMXHJRVGHPRQWDMH
es
Û ,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
'HVPRQWDMHGHODSDUDWR
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
&RPSUREDUHODSDUDWRDOVDFDUORGHVXHPEDODMH(ODSDUDWRQR
GHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGRGDxRVGXUDQWHHO
WUDQVSRUWH
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
(ODSDUDWRVRORKDGHVHUFRQHFWDGRSRUXQWpFQLFRDXWRUL]DGR
$QWHVGHUHDOL]DUFXDOTXLHUWUDEDMRVHKDGHFRUWDUHOVXPLQLVWUR
HOpFWULFR
8WLOLFHJXDQWHVGHSURWHFFLyQSDUDHYLWDUFRUWDUVH/DVSLH]DVTXH
TXHGDQGHVFXELHUWDVGXUDQWHHOPRQWDMHSRGUtDQWHQHUERUGHV
DILODGRV
3DUDODLQVWDODFLyQVHKDQGHWHQHUHQFXHQWDODVQRUPDWLYDVGH
FRQVWUXFFLyQHQYLJRUDVtFRPRODVQRUPDWLYDVGHODFRPSDxtD
HOpFWULFDGHVXPLQLVWURUHJLRQDO
(VWHDSDUDWRFRUUHVSRQGHDODFODVHGHDSDUDWR SDUDHOPRQWDMH
HQPXHEOHVGHFRFLQD 6HKDGHLQVWDODUFRQIRUPHDOFURTXLVGH
PRQWDMH7HQHUHQFXHQWDODGLVWDQFLDPtQLPDUHVSHFWRDODV
SDUHGHVODWHUDOHVRELHQUHVSHFWRDSDUWHVGHORVPXHEOHV\
UHVSHFWRODGRSRVWHULRU
(VWHDSDUDWRQRHVWiSUHYLVWRSDUDHOIXQFLRQDPLHQWRFRQXQUHORM
WHPSRUL]DGRUH[WHUQRRXQPDQGRDGLVWDQFLDH[WHUQR
'HVFRQHFWDUHODSDUDWRGHODFRUULHQWH([WUDHUHODSDUDWRGHVGH
DEDMR
£$WHQFLyQ
£'DxRVHQHODSDUDWR1RKDFHUSDODQFDFRQHODSDUDWRGHVGH
DUULEDKDFLDIXHUD
fr
Þ 1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQ HVWTX DORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHG XWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
&RQWU{OHUO pWDWGHO DSSDUHLODSUqVO DYRLUGpEDOOp1HSDVOH
UDFFRUGHUV LOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R O DSSDUHLO HVW
LQVWDOOp
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUO DSSDUHLO
$YDQWWRXWWUDYDLOFRXSHUO DOLPHQWDWLRQpOHFWULTXH
3RXUpYLWHUOHVEOHVVXUHVSDUFRXSXUHSRUWHUGHVJDQWVGH
SURWHFWLRQ/HVSLqFHVDFFHVVLEOHVSHQGDQWOHPRQWDJHSHXYHQW
DYRLUGHVDUrWHVYLYHV
3RXUO LQVWDOODWLRQUHVSHFWHUOHVUqJOHVHWQRUPHVHQYLJXHXUGDQV
OHGRPDLQHGHODFRQVWUXFWLRQDLQVLTXHOHVLQVWUXFWLRQVGX
IRXUQLVVHXUORFDOG pOHFWULFLWp
&HWDSSDUHLOIDLWSDUWLHGHODFODVVH jLQVWDOOHUGDQVXQPHXEOH
GHFXLVLQH ,OIDXWOHSRVHUFRQIRUPpPHQWDXVFKpPD5HVSHFWHU
ODGLVWDQFHPLQLPDOHHQWUHO DSSDUHLOHWOHVPXUVRXOHVpOpPHQWV
GHPHXEOHVXUOHVF{WpVDLQVLTXHYHUVO DUULqUH
&HWDSSDUHLOQ HVWSDVSUpYXSRXUOHIRQFWLRQQHPHQWDYHFXQH
PLQXWHULHH[WHUQHRXXQHFRPPDQGHjGLVWDQFHH[WHUQH
3UHSDUDFLyQGHORVPXHEOHV )LJ
(O PXHEOH HPSRWUDGR GHEH VHU UHVLVWHQWH D WHPSHUDWXUDV GH KDVWD
ƒ&/DHVWDELOLGDGGHOPXHEOHGHPRQWDMHGHEHTXHGDU
JDUDQWL]DGDLQFOXVRWUDVHOWUDEDMRGHFRUWH
1R HVWi SHUPLWLGR XWLOL]DU FRSHWHV GH SOiVWLFR VREUH ODV HQFLPHUDV
GHWUiVGHODSDUDWRTXHVHYDDLQWHJUDU
5HDOL]DU HO FRUWH HQ OD HQFLPHUD VHJ~Q HO HVTXHPD GH PRQWDMH (O
iQJXORGHODVXSHUILFLHGHFRUWHUHVSHFWRDODHQFLPHUDGHEHVHU
GHƒ
5HWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH6HOODUODV
VXSHUILFLHVGHFRUWHFRQPDWHULDOUHVLVWHQWHDOFDORU\DODJXD
7HQHUHQFXHQWDODGLVWDQFLDPtQLPDGH PPHQWUHODSDUWH
LQIHULRUGHODSDUDWR\ODVSDUWHVGHOPXHEOH
1RWD (OHVSDFLROLEUHGHODUPDULRLQIHULRUHVWiGHVWLQDGRDXQ
UHFLSLHQWHSDUDYDFLDUHODJXDGHOJULOO
3UpSDUDWLRQGXPHXEOH ILJ
/H PHXEOH G HQFDVWUHPHQW GRLW UpVLVWHU j GHV WHPSpUDWXUHV MXVTX j
ƒ&/DVWDELOLWpGXPHXEOHG HQFDVWUHPHQWGRLWDXVVLrWUH
JDUDQWLHDSUqVOHVWUDYDX[GHGpFRXSH
/ XWLOLVDWLRQGHEDJXHWWHVGHWHUPLQDLVRQPXUDOHVHQSODVWLTXHVXU
OHV SODQV GH WUDYDLO GHUULqUH O DSSDUHLO HQFDVWUp Q HVW SDV DXWRULVpH
5pDOLVHUODGpFRXSHGDQVOHSODQGHWUDYDLOFRQIRUPpPHQWDX
FURTXLVG LQVWDOODWLRQ/ DQJOHGXFKDQWGHODGpFRXSHSDUUDSSRUW
DXSODQGHWUDYDLOGRLWrWUHGHƒ
(QOHYHUOHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH6FHOOHUOHV
FKDQWVGHGpFRXSHGHIDoRQWKHUPRVWDEOHHWpWDQFKH
2EVHUYHU XQH GLVWDQFH PLQLPDOH GH PP HQWUH OD IDFH LQIpULHXUH
GHO DSSDUHLOHWOHVPRGXOHVGHPHXEOH
5HPDUTXH 3UpYRLUXQHVSDFHOLEUHSRXUXQHFDVVHUROHGDQV
O pOpPHQWEDVSRXUpYDFXHUO HDXKRUVGXJULO
&RQH[LyQHOpFWULFD
$SDUDWRFRQFDEOHGHFRQH[LyQHOpFWULFDVLQHQFKXIHSDUDOD
FRQH[LyQDODUHGHOpFWULFDREVHUYDUODQRUPDWLYDQDFLRQDODO
UHVSHFWR
&RPSUREDUTXHODLQVWDODFLyQGRPpVWLFDWHQJDODSURWHFFLyQSRU
IXVLEOHDGHFXDGD2EVHUYDUODVLQGLFDFLRQHVHQODHWLTXHWDGH
FDUDFWHUtVWLFDV
(ODSDUDWRSHUWHQHFHDODFODVHGHSURWHFFLyQ,\VRORSXHGH
XWLOL]DUVHFRQHFWDGRDXQDFRQH[LyQFRQFRQGXFWRUGHWRPDD
WLHUUD
(QFDVRGHQRSRGHUDOFDQ]DUVHHOHQFKXIHWUDVHOPRQWDMHGHO
DSDUDWRODLQVWDODFLyQ UHG HOpFWULFDGHEHUiHVWDUHTXLSDGDFRQ
5DFFRUGHPHQWpOHFWULTXH
$SSDUHLODYHFFRUGRQG DOLPHQWDWLRQVHFWHXUVDQVILFKH REVHUYHUOHVFRQGLWLRQVGHUDFFRUGHPHQWQDWLRQDOHVHQYLJXHXU
ORUVGXUDFFRUGHPHQWDXVHFWHXU
9HLOOHUjXQHSURWHFWLRQSDUIXVLEOHVXIILVDQWHGHO LQVWDOODWLRQ
GRPHVWLTXH5HVSHFWHUOHVLQGLFDWLRQVVXUODSODTXHVLJQDOpWLTXH
/ DSSDUHLOHVWFRQIRUPHjODFODVVHGHSURWHFWLRQ,HWGRLW
XQLTXHPHQWrWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
6L OD SULVH Q HVW SOXV DFFHVVLEOH DSUqV O HQFDVWUHPHQW GH O DSSDUHLO
F{Wp VHFWHXU LO IDXGUD LQVWDOOHU XQ GLVSRVLWLI GH FRXSXUH RPQLSRODLUH
DYHFXQpFDUWHPHQWGHVFRQWDFWVG DXPRLQV PP
6LOHFRUGRQG DOLPHQWDWLRQVHFWHXUDpWpHQGRPPDJpLOIDXWOH
UHPSODFHUSDUXQFRUGRQVSpFLDO6HXOQRWUHVHUYLFHDSUqVYHQWH
HVWKDELOLWpjOHIDLUH
&RUGRQG DOLPHQWDWLRQVHFWHXU W\SH + 99)RX+ 99+)
* PPò 1HSDVSLQFHUQLFRLQFHUOHFkEOHGHUDFFRUGHPHQW
5HPDUTXHFRQFHUQDQWOHVDSSDUHLOVDYHFGLVSOD\ VL —…‹‹
DSSDUDvWVXUOHGLVSOD\GHO DSSDUHLOF HVWTX LOHVWPDOUDFFRUGp
'pEUDQFKHUO DSSDUHLOGXVHFWHXUYpULILHUOHEUDQFKHPHQW
3RXUOHVUpSDUDWLRQVPHWWUHGDQVWRXVOHVFDVO DSSDUHLOKRUV
WHQVLRQ1HMDPDLVRXYULUO DSSDUHLOHQFDVGHEHVRLQLQIRUPHUOH
VHUYLFHDSUqVYHQWH
(OHNWULĀQLSULNOMXĀDN
8UHđDMVPUHçQLPSULNOMXĀQLPYRGRPEH]XWLNDĀD.RG
PUHçQRJSULNOMXĀNDSULGUçDYDMWHVHYDçHþLKORNDOQLKXYMHWD
SULNOMXĀHQMD
3D]LWHQDSULPMHUHQX]DåWLWXNXþQHLQVWDODFLMH3ULGUçDYDMWHVH
SRGDWDNDQDR]QDĀQRMSORĀLFL
8UHđDMRGJRYDUDNODVL]DåWLWH,LVPLMHVHNRULVWLWLVDPRXNROLNRMH
SULNOMXĀHQQDSULNOMXĀDNVD]DåWLWQLPYRGLĀHP
$NR XWLNDĀ QDNRQ XJUDGQMH YLåH QLMH GRVWXSDQ QD VWUDQL LQVWDODFLMH
PRUDSRVWRMDWLVYHSROQLRGYDMDĀVUD]PDNRPPHđXNRQWDNWLPDRG
QDMPDQMH PP
$NRMHRåWHþHQPUHçQLSULNOMXĀQLYRG]DPLMHQLWHJDGUXJLP
=DPMHQXVPLMHL]YUåLWLVDPRQDåDVHUYLVQDVOXçED
0UHçQLSULNOMXĀQLYRGWLS + 99)RGQ+ 99+)
* PPò 1HVDYLMDMWHLQHVWLåþLWHSULNOMXĀQLNDEHO
1DSRPHQD]DXUHđDMHVD]DVORQRPDNRVHQD]DVORQXXUHđDMD
SRMDYL —…‹‹ ]QDĀL GD MH QHLVSUDYQR SULNOMXĀHQ 8UHđDM RGVSRMLWH V
PUHçHSURYMHULWHSULNOMXĀDN
3ULOLNRPSRSUDYNDXYLMHNLVNOMXĀLWHXUHđDML]VWUXMH1LNDGDQH
RWYDUDMWHXUHđDMXVOXĀDMXSRWUHEHREDYLMHVWLWHVHUYLVQXVOXçEX
3RVHGHO DSSDUHLO
,QVpUHUO DSSDUHLOGDQVODGpFRXSHGHVRUWHTXHOHVpOpPHQWVGH
FRPPDQGHVHWURXYHQWGHYDQWHWOHVIL[HUDYHFOHVpOpPHQWVGH
VHUUDJH
5HPDUTXH 1HSDVXWLOLVHUGHWRXUQHYLVpOHFWULTXH
-HXGHSLqFHVGHPRQWDJH
(Q FDV GH PRQWDJH GH GHX[ RX GH SOXVLHXUV DSSDUHLOV GLUHFWHPHQW
F{WHjF{WHXQRXSOXVLHXUVMHX[GHSLqFHVGHPRQWDJHVHUD
VHURQWUHTXLV
8JUDGQMDXUHđDMD
8UHđDMXPHWQLWHXL]UH]QDQDĀLQGDVXXSUDYOMDĀNLHOHPHQWL
RNUHQXWLSUHPDJRUHWHSULĀYUVLWHVWH]QLPHOHPHQWLPD
1DSRPHQD 1HPRMWHNRULVWLWLHOHNWULĀQLRGYLMDĀ
.RPSOHW]DPRQWDçX
.RGXJUDGQMHGYDLOLYLåHXUHđDMDMHGDQSRUHGGUXJRJSRWUHEDQMH
MHGDQLOLYLåHNRPSOHWD]DPRQWDçX
'pPRQWDJHGHO DSSDUHLO
9DđHQMHXUHđDMD
0HWWUH O DSSDUHLO KRUV WHQVLRQ )DLUH VRUWLU O DSSDUHLO HQ OH SRXVVDQW
SDUOHEDV
$WWHQWLRQ
5LVTXH GH GpWpULRUDWLRQ GH O DSSDUHLO 1H SDV H[WUDLUH O DSSDUHLO SDU
OHKDXWHQIDLVDQWOHYLHU
,VNOMXĀLWHXUHđDML]VWUXMH8UHđDMLVWLVQLWHRGR]GR
2SUH]
.YDUXUHđDMD8UHđDMQHYDGLWHVJRUQMHVWUDQH
it
hr
â ,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
à 8SXWH]DPRQWDçX
: 9DçQHVLJXUQRVQHQDSRPHQH
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUO XVR6RORFRVuq
SRVVLELOHXWLOL]]DUHO DSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUO XVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
&RQWUROODUHO DSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL
IRVVHURYHULILFDWLGDQQLGDWUDVSRUWRQRQFROOHJDUHO DSSDUHFFKLR
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/ LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
/ DOODFFLDPHQWRGHOO DSSDUHFFKLRGHYHHVVHUHHIIHWWXDWR
HVFOXVLYDPHQWHGDXQWHFQLFRTXDOLILFDWRHDXWRUL]]DWR
6WDFFDUHO DOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
3HU HYLWDUH OHVLRQL GD WDJOLR LQGRVVDUH JXDQWL GL SURWH]LRQH , SH]]L
DFFHVVLELOLGXUDQWHLOPRQWDJJLRSRVVRQRHVVHUHWDJOLHQWL
3HUO LQVWDOOD]LRQHRVVHUYDUHOHQRUPHHGLOLDWWXDOPHQWHLQYLJRUH
QRQFKpOHGLVSRVL]LRQLGHOO D]LHQGDUHJLRQDOHHURJDWULFHGL
HOHWWULFLWj
4XHVWRDSSDUHFFKLRFRUULVSRQGHDOOD&ODVVH SHUO LQVWDOOD]LRQH
LQPRELOLGDFXFLQD (VVRGHYHHVVHUHLQVWDOODWRVHFRQGR
O DSSRVLWRVFKL]]R5LVSHWWDUHODGLVWDQ]DPLQLPDGDOOHSDUHWLR
PRELOLODWHUDOLHGDOUHWUR
/ XWLOL]]RGLTXHVWRDSSDUHFFKLRQRQqSUHYLVWRFRQXQRURORJLR
SURJUDPPDELOHRXQWHOHFRPDQGRHVWHUQR
3URĀLWDMWHSDçOMLYRRYXXSXWX6DPRWDGDþHWHPRþLVLJXUQRL
SUDYLOQRUXNRYDWL9DåLPXUHđDMHPÿXYDMWHXSXWH]DXSRWUHEXL
XJUDGQMX]DNDVQLMXXSRUDEXLOL]DVOMHGHþHJYODVQLNDXUHđDMD
3URYMHULWHXUHđDMQDNRQåWRJDUDVSDNLUDWH1HSULNOMXĀXMWHJDDNR
MHGRåORGRRåWHþHQMDSULOLNRPWUDQVSRUWD
6DPRNRGSUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçX
MH]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ
]DEHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
6DPRRYODåWHQRVWUXĀQRRVREOMHVPLMHSULNOMXĀLWLXUHđDM
3ULMHL]YUåHQMDVYLKUDGRYDLVNOMXĀLWHGRYRGVWUXMH
.DNRELVWHVSULMHĀLOLSRVMHNRWLQHQRVLWH]DåWLWQHUXNDYLFH'LMHORYL
NRMLVXGRVWXSQLNRGXJUDGQMHPRJXLPDWLRåWUHUXERYH
3ULOLNRPSRVWDYOMDQMDYDOMDVHSULGUçDYDWLDNWXDOQRYDçHþLK
JUDđHYLQVNLKSURSLVDLSURSLVDUHJLRQDOQRJGLVWULEXWHUDHOHNWULĀQH
HQHUJLMH
2YDMXUHđDMRGJRYDUDUD]UHGXXUHđDMD ]DXJUDGQMXXNXKLQMVNL
HOHPHQW 0RUDVHXJUDGLWLSUHPDVNLFL]DXJUDGQMX3ULGUçDYDMWH
VHQDMPDQMHJUD]PDNDRGERĀQLKVWLMHQNLLOLGLMHORYDHOHPHQDWDL
SUHPDVWUDçQMRMVWUDQL
2YDMXUHđDMQLMHQDPLMHQMHQ]DNRULåWHQMHVDVDWRP]DYUHPHQVNR
XNOMXĀLYDQMHLOLGDOMLQVNLPXSUDYOMDĀHP
3ULSUHPDHOHPHQWD VOLND
8JUDGEHQLHOHPHQWPRUDELWLRWSRUDQQDWHPSHUDWXUXGRƒ&
6WDELOQRVWXJUDGEHQRJHOHPHQWDPRUDELWLRVLJXUDQDLQDNRQ
L]UH]LYDQMD
1LMHGRSXåWHQRNRULåWHQMHSODVWLĀQLK]LGQLKOHWYLFDQDUDGQLP
SORĀDPDL]DXJUDGEHQRJXUHđDMD
8 UDGQRM SORĀL QDSUDYLWH L]UH] SUHPD VNLFL ]D XJUDGQMX .XW UH]DQH
SORKHGRUDGQHSORĀHPRUDL]QRVLWLƒ
1DNRQL]UH]LYDQMDXNORQLWHVWUXJRWLQH5H]DQHSORKH]DEUWYLWHQD
QDĀLQGDVXSRVWRMDQHQDWRSOLQXLGDVXYRGRRWSRUQH
3ULGUçDYDMWHVHQDMPDQMHJUD]PDNDGRQMHVWUDQHXUHđDMDRG
GLMHORYDHOHPHQDWDRG PP
1DSRPHQD 3UHGYLGLWHVORGRGDQSURVWRUXGRQMHPHOHPHQWX]D
SRVXGXXNRMXþHVHLVSXåWDWLYRGDL]URåWLOMD
3UHSDUD]LRQHGHOPRELOH ILJ
,OPRELOHGDLQFDVVRGHYHHVVHUHWHUPRVWDELOHILQRDXQD
WHPSHUDWXUDGLƒ&/DVWDELOLWjGHOPRELOHGDLQFDVVRGHYH
HVVHUHJDUDQWLWDDQFKHGRSRLODYRULGLWDJOLR
6XLSLDQLGLODYRURGLHWURDOO DSSDUHFFKLRGDLQFDVVRQRQq
FRQVHQWLWRXWLOL]]DUHOLVWHOOLGLFKLXVXUDGHOODSDUHWHLQPDWHULDOH
SODVWLFR
5HDOL]]DUHO DSHUWXUDQHOSLDQRGLODYRURVHFRQGRORVFKHPDGL
PRQWDJJLR/ DQJRORGHOODVXSHUILFLHGLWDJOLRULVSHWWRDOSLDQRGL
ODYRURGHYHHVVHUHGLƒ
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR6LJLOODUHOHVXSHUILFLGL
WDJOLRLQPRGRUHIUDWWDULRHDWHQXWDVWDJQD
5LVSHWWDUHODGLVWDQ]DPLQLPDGL PPGHOODWRLQIHULRUH
GHOO DSSDUHFFKLRULVSHWWRDOOHFRPSRQHQWLGHOPRELOH
ЋТκυεЄυΪλμυДЄυΰΪЄυηΪηΰβЬΪαήΪκЄΪήίγϐηЌΪςυЌμυЌζζ
ΫθενυηίλδίκϐДϐα
ΜЧπБίς ΍κβεφήίηλνήυςυЄΪκνμєένРςϐημєζίηέϐςδΪξμΪυήυλ
РςϐηΫθλΰΪγЌΪεήυκυДυα
$YYHUWHQ]D 3UHYHGHUHXQRVSD]LROLEHURQHOPRELOHVRWWRVWDQWH
SHUXQUHFLSLHQWHGHVWLQDWRDOORVFDULFRGHOO DFTXDGDOJULOO
$OODFFLDPHQWRHOHWWULFR
$SSDUHFFKLR FRQ FDYR GL DOODFFLDPHQWR DOOD UHWH VHQ]D VSLQD
QHOO DOODFFLDPHQWR DOOD UHWH ULVSHWWDUH OH FRQGL]LRQL GL DOODFFLDPHQWR
YDOLGHDOLYHOORQD]LRQDOH
9HULILFDUHODFRUUHWWDSURWH]LRQHGHOO LPSLDQWRGRPHVWLFR
5LVSHWWDUHLGDWLVXOODWDUJKHWWD
/ DSSDUHFFKLRDSSDUWLHQHDOODFODVVHGLSURWH]LRQH,HGqLQJUDGR
GLIXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
6HLQVHJXLWRDOPRQWDJJLRODVSLQDQRQULVXOWDSLDFFHVVLELOH
RFFRUUHSUHGLVSRUUHDOPRPHQWRGHOO LQVWDOOD]LRQHXQGLVJLXQWRUH
VXWXWWLLSROLFRQXQDGLVWDQ]DGLFRQWDWWRGLDOPHQR PP
6HLOFDYRGLDOODFFLDPHQWRDOODUHWHqVWDWRGDQQHJJLDWRGHYH
HVVHUHVRVWLWXLWRFRQXQRDSSURSULDWR7DOHVRVWLWX]LRQHSXz
HVVHUHHVHJXLWDVRORGDOQRVWURVHUYL]LRGLDVVLVWHQ]DFOLHQWL
&DYRGLDOODFFLDPHQWRDOODUHWHWLSR + 99)R+ 99+)
* PPò 1RQSLHJDUHRVFKLDFFLDUHLOFDYRGLDOODFFLDPHQWR
$YYHUWHQ]D SHU DSSDUHFFKL FRQ GLVSOD\ VH VXO GLVSOD\ FRPSDUH
—…‹‹O DSSDUHFFKLRQRQqFRUUHWWDPHQWHFROOHJDWR6WDFFDUH
O DSSDUHFFKLRGDOODUHWHGLDOLPHQWD]LRQHHFRQWUROODUH
O DOODFFLDPHQWR
'XUDQWHOHULSDUD]LRQLVFROOHJDUHLQRJQLFDVRO DSSDUHFFKLRGDOOD
UHWHHOHWWULFD1RQDSULUHPDLO DSSDUHFFKLRLQFDVRGLQHFHVVLWj
FRQWDWWDUHLOVHUYL]LRGLDVVLVWHQ]DFOLHQWL
άκδιροεδκϕπϕμδБνπς
АЧοϊκЉϊεδκϕβδБνπςιίΰδκϕλδμίχίπϊζΰίεϐέίЌθλνήΪ
ΰΪκΪζήυТεμμυЌЌθλνςΪκμμΪκυηίλδίκϐДϐα
ПγχείδμκλυζήΪκυηυДλфγδίλЌθκЄΪενυηΪδєαΰίμδϐαϐДϐα
ΖфεϐζίμμίκμίοηβδΪευЌΪЌιΪκΪμμΪЌμΪςΪλυηήΪδєκλίμϐεέίη
ЋТκυεЄυ,ЌθκЄΪνλυηυιυηΪλфγδίλΫθευιΫϐκЄΪηΪΰίκέί
ЌθλυεЄΪηЌθκίδιίηЌθεήΪηνυζРζδϐη
Ώέίκ Ϊγυκ λΪευηЄΪηηΪη λθД Ќθε ΰίμϐζήϐ ΫθεζΪλΪ θκηΪνμ ΰΪγυηήΪ
δθημΪδμϐείκϐΪκΪευЄυδίζϐηήίζζΫθεΪμυηΫΪκευЌιθεψλμϐδ
ΪΰυκΪμνЌТκΪευΫθενυδίκίδ
Ώέίκ ΰίεϐέί Ќθλν δΪΫίεϐ αΪЌυζήΪεЄΪη ΫθελΪ θηυ ΪκηΪγυ δΪΫίεφέί
ΪεζΪλμυκνδίκίδΘηυμίδΫϐαήϐДδεβίημμίκЌυαζίμϐζϐαθκυηήΪνυ
μβϐλ
ΐίεϐέίЌθλνδΪΫίεϐμРκϐ + 99)ηίζίλί+ 99+)
* ζζò ЋθλνδΪΫίεϐηΫРδιίДϐαηίζίλίЌυλιΪДυα
ΓηπξκδθγδβϕБЧοϊκЉϊκίοХχϕμμЧπБίςΏέίκЌТκυεЄυηυД
ήβλιείγϐηήί —…‹‹ ιΪγήΪ ΫθελΪ θε ήТκυλ ίζίλ ЌθλυεЄΪη ΫθεΪήυ
ΊλιΪιμυΰίεϐήίηΪΰυκΪμυДυαЌθλιΪηυμίδλίκϐДϐα
΋ТεΰΪЄήΪγήΪΰєηήίνδίαϐηήίЌТκυεЄυηυμθЌμΪηΪΰυκΪμυДυα
ЋТκυεЄυηυ ίςЌΪςΪη ΪςιΪДυα δίκίδ ΫθελΪ δεβίημμίκ Ќυαζίμϐηί
οΪΫΪκεΪλυДυα
АЧοϊκЉϊμϊνομίρς
,QVWDOODUHO DSSDUHFFKLR
ЋТκυεЄυηυθγυЌЌΪΫΪλЌΪκνχείζίημμίκϐΪεήυηήΪΰΪμΪμυηίμϐι
θκηΪμυДυαήΪδίκηίνεϐЌυλЌυςχείζίημμίκήϐΫίδϐμϐДϐα
ΜЧπБίς ΧείδμκΫТκΪνυςμυιΪγήΪεΪηΫΪДυα
ΛνμρίεγίςεημίЉϊ
ΏδϐηίζίλίΫϐκηίςίЌТκυεЄυηυΫϐκΫϐκϐηϐДЌΪλυηήΪθκηΪμνήΪΫϐκ
ηίζίλίΫϐκηίςίζθημΪΰήΪνΰβηΪЌμΪκυδίκίδΫθεΪήυ
,QVHULUHO DSSDUHFFKLRQHOO DSHUWXUDLQPRGRFKHJOLHOHPHQWLGL
FRPDQGRVLWURYLQRVXOGDYDQWLHILVVDUORFRQJOLHOHPHQWLGL
VHUUDJJLR
$YYHUWHQ]D 1RQXWLOL]]DUHDYYLWDWRULHOHWWULFL
.LWGLPRQWDJJLR
3HULOPRQWDJJLRGLGXHRSLDSSDUHFFKLGLUHWWDPHQWHXQRYLFLQR
DOO DOWURVRQRQHFHVVDULXQRRSLNLWGLPRQWDJJLR
АЧοϊκЉϊμϊχδχϕЙϕζ
ЋТκυεЄυηυμθЌμΪηΫθλΪμυДυαЋТκυεЄυηυΪλμυηΪηΫΪλυι
ςυЄΪκυДυα
ΜίζίοίςγίοϊЙϊζ
ΊλιΪιЌΪαβωηήΪκЋТκυεЄυηυΰθЄΪκυλυηΪηςυЄΪκζΪДυα
6PRQWDJJLRGHOO DSSDUHFFKLR
6FROOHJDUH O DSSDUHFFKLR GDOOD UHWH HOHWWULFD (VWUDUUH O DSSDUHFFKLR
VSLQJHQGRORGDOEDVVR
$WWHQ]LRQH
'DQQLDOO DSSDUHFFKLR1RQVROOHYDUHO DSSDUHFFKLRWLUDQGROR
GDOO DOWR
mk
æ ΝιΪμλμάθαΪζθημΪΰΪ
: Αίεμηπηβςομνπμημίξνλδμη
kk
uk
ΘλυηТλЌΪνευЌμυζТЌβωμθЌυιςυЄυДυαΜίδλθήΪηδίγϐη
ЌТκυεЄυηυЌΪνϐιλϐαΰфηίήТκυλιΪγήΪεΪηΪΪεΪλυαΙΪγήΪεΪην
ΰфηίζθημΪΰήΪνηТλЌΪνευЌμΪκυηδίείλϐβίλϐРςϐηλΪЌμΪДυα
ΊλιΪιμυθκΪζΪήΪηΪςνήΪηλθДμίδλίκϐДϐαΜΪλυζΪεήΪνήΪЄυ
αΪЌυζΰΪЄήΪγυηήΪЌθλιΪДυα
ΜίδθκηΪμνηТλЌΪνευЄυΫθγυηςΪζΪζΪηήυЌθκηΪμνιΪγήΪεΪην
ЌΪνιϐλϐαήϐέϐηЌΪζμΪζΪλυαίμίήϐΘκηΪμνςυθκηΪμυεЄΪηΰίκήί
δίήίκέϐλϐαΰТζυλϐλμίνϐРςϐηΰΪνΪιδίκ
ΜίδδθηπίλλβωεΪηЄΪηζΪζΪηЄΪηΪЌТκυεЄυηυЌθλνδίκίδ
΋ΪκευЌΰТζυλμΪκήυθκυηήΪνήΪηΪεήυημθЌμυєςϐκϐДϐα
ΔίλϐενЌΪνϐιϐηϐДΪεήυηΪενРςϐηЌθκЄΪνЌθεЄΪΫυηδβγϐДϐαΘκηΪμν
δίαϐηήίέϐЌθεΰίμϐζήϐΫєεϐδμίκєμδϐκΫθενυζРζδϐη
ΘκηΪμνРςϐηΪЄυζήυЌΰРκίμϐηЌТκυευλίκίΰίείκϐζίηΪγζΪЌμυЌ
χείδμκΰΪΫήυЌμΪνςυλυηυДЌΪЄβήΪεΪκυηίλδίκνδίκίδ
΋ТεЌТκυεЄυЌТκυεЄυεΪκλυηυΫυηΪλΪγ ΪλРγΰβЬΪαήΪκυη
δϐκϐλμϐκνРςϐη ΘηυθκηΪμνλοίζΪλυΫθγυηςΪθκηΪμνμβϐλΐΪη
ЌΪΫυκЄΪεΪκηίζίλίΰβЬΪαΫєεςίδμίκϐηίΰфηίΪκЌΪЄΪ
ζβηβζΪεήυЌΪκΪευЌμυίλδίκϐДϐα
΋ТεΪλιΪιλυκμЌυμΪγζίκηίζίλίλυκμЌυινεφμιίηιΪγήΪεΪηνЄΪ
ΪκηΪεζΪЄΪη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθΛΪζθμθέΪςϖίζθΰί
ΫίαΫίήηθβικΪάβεηθήΪέθνιθμκίΫνάΪμίΌΪςβθμνκίήΑΪρνάΪϒμί
έθ νιΪμλμάθμθ αΪ νιθμκίΫΪ β ζθημΪΰΪ αΪ ιθήθπηίΰηΪ νιθμκίΫΪ βεβ
αΪλείήηβθμδθκβληβδ
ΘμδΪδθϖίέθθμιΪδνάΪμίνκίήθμικθάίκίμίϒΪηίέθάΪμΪλθλμθϒΫΪ
ΎθδθεδνβζΪςμίμβηΪλμΪηΪμβικβμκΪηλιθκμθμηίέθ
ικβδενρνάΪϒμί
ΛΪζθλθλμκνρηΪζθημΪΰΪλθέεΪληθνιΪμλμάθμθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
ΛΪζθεβπίηπβκΪηλιίπβϒΪεβλμλζίίήΪέθικβδενρβνκίήθμ
ΙκίήκΪΫθμίϔίΫβεθδΪδάΪκΪΫθμΪβλδενρίμίέθηΪιθϒνάΪϔίμθ
ΑΪήΪβαΫίέηίμίιθάκίήβββλίρίηβπβηθλίμίαΪςμβμηβκΪδΪάβπβ
ΎίεθάβμίήθδθββζΪμίικβλμΪιαΪάκίζίηΪζθημΪΰΪμΪζθΰίήΪ
βζΪΪμθλμκβκΪΫθάβ
ΑΪβηλμΪεΪπβϒΪζθκΪήΪλίλείήΪμηΪΪδμνίεηβμίέκΪήίΰηβ
ικθιβλβ β ηΪ ικθιβλβμί ηΪ κίέβθηΪεηβθμ ληΪΫήνάΪρ αΪ ίείδμκβρηΪ
ίηίκέβϒΪ
ΘάθϒνκίήθήέθάΪκΪηΪδεΪλΪμΪηΪνκίήβ αΪάέκΪήνάΪϔίάθ
δνϒηλδβζίΫίε ΖθκΪήΪλίάέκΪήβλιθκίήζθημΪΰηΪμΪλδβπΪ
ΌηβζΪάΪϒμίηΪζβηβζΪεηθμθκΪλμθϒΪηβίηΪλμκΪηβρηβμίϏβήθάβ
βεβήίεθάβμίηΪζίΫίεθμβιθαΪήβηΪμΪ
Θάθϒ νκίή ηί ί δθηλμκνβκΪη αΪ κΪΫθμΪ λθ ηΪήάθκίςίη ΪάμθζΪμλδβ
μΪϒζίκβεβλθηΪήάθκίςηθήΪείρβηλδθνικΪάνάΪϔί
Εηбίζγίθϊμγίς πςοδρ
Ξνγβνρναιίμίλδΰδκνρ Πκηιί
ù ΝομίρςρςοίκϊμЧπБίςκίο
: АίςϕξπϕζγϕιρδτμηιίπϊρςοίκϊλίЙϊζγϊ
μЧπБίςκίο
ΌέκΪήίηβθμζίΫίεζθκΪήΪΫβήίθμιθκίηηΪμίζιίκΪμνκΪήθ
ƒ&ΖθκΪήΪλίθΫίαΫίήβλμΪΫβεηθλμηΪάέκΪήίηβθμζίΫίειθ
λίρίϔίμθ
ΗίίήθαάθείηθδθκβλμίϔίηΪιεΪλμβρηβϏβήηβεΪϒληβηΪ
κΪΫθμηΪμΪιεθρΪαΪήνκίήθμαΪάέκΪήνάΪϔί
ΎΪλίηΪικΪάβαΪλίδάθκΪΫθμηΪμΪιεθρΪλιθκίήζθημΪΰηΪμΪ
λδβπΪΊέθεθμηΪιθάκςβηΪμΪαΪλίρίϔίάθθήηθληΪκΪΫθμηΪμΪ
ιεθρΪζθκΪήΪΫβήίƒ
ΙθλίρίϔίμθθμλμκΪηίμίέβλμκνέθμβηβμίΑΪιίρΪμίμίέβ
ιθάκςβηβμίαΪλίρίϔίαΪήΪλίθμιθκηβηΪμθιεβηΪβηΪάθήΪ
ΔϐκϐλμϐκϐείμϐηΰβЬΪαƒ&ήίγϐημίζιίκΪμνκΪЄΪςυήΪζήυΫθενυ
δίκίδ Δϐκϐδμϐκζί ΰβЬΪα μТκΪЌμυευЄυη Δίλν ΰТζυλμΪκυηΪη λθД ήΪ
ЌΪζμΪζΪλυαίμνδίκίδ
ΔϐκϐλμϐκϐείμϐηЌТκυεЄυΪκЌΪλυηήΪΰТζυλμΪЌμΪγεΪκυηήΪЌΪΫυκЄΪ
ΫРγϐκϐηήίέϐιεΪλμζΪλλΪιεΪηδΪεΪκυηιΪγήΪεΪην
ΐТζυλμΪЌμΪλυηήΪδίλϐδμϐδϐκϐλμϐκνλοίζΪλυΫθγυηςΪΪκΪεΪДυα
ΔίλϐδΪγζΪЄυηυДΰТζυλμΪЌμΪλυηΪΫТκυςυƒΫθενυδίκίδ
ΔίλνΰТζυλμΪκυηΪηλθДΰθДЌΪεΪκήυΰθγυДυαΔίλϐδ
ΪγζΪЌμΪκυη υλμυЌЌΪ ςυήΪγμυη ΰфηί λν єμιίγμϐη ίμϐι μυЄυαήΪДυα
ΌηβζΪάΪϒμί ηΪ ζβηβζΪεηθμθ κΪλμθϒΪηβί ηΪ ήθεηβθμ ήίε ηΪ νκίήθμ
λθήίεθάβμίηΪζίΫίεθμθή PP
Μίξνλδμί ΙκίήάβήίμίλεθΫθήίηικθλμθκαΪλΪήάθήθεηβθμ
ςδΪξαΪήΪλίβλινςμΪάθήΪθήλδΪκΪμΪ
1DXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ6QLMYODNNHQ
KLWWHEHVWHQGLJHQZDWHUGLFKWDIGLFKWHQ
9DQDIGHRQGHUNDQWYDQKHWDSSDUDDWWRWGHPHXEHOGHOHQHHQ
PLQLPDOHDIVWDQGYDQ PPLQDFKWQHPHQ
$DQZLM]LQJ 5HVHUYHHU LQ GH RQGHUNDVW YULMH UXLPWH YRRU HHQ EDN
RPZDWHUXLWGHJULOOWHODWHQORSHQ
Δκδιροηφδμξοηικςφνι
΢οδγπνιίΰδκζίμίξνϗςαίϙδΰδζξοηικςφνιΙκβ
ικβδενρνάΪϔίηΪζκίΰΪλείήίμίέβάΪΰίρδβμίηΪπβθηΪεηβ
νλεθάβαΪικβδενρνάΪϔί
ΌηβζΪάΪϒμίηΪλθθήάίμηθθλβένκνάΪϔίηΪδνϖηΪμΪβηλμΪεΪπβϒΪ
ΛείήίμίέβιθήΪμθπβμίηΪλιίπβξβδΪπβθηΪμΪιεθρδΪ
ΝκίήθμθήέθάΪκΪηΪδεΪλΪμΪηΪαΪςμβμΪ,βλζίίήΪλίδθκβλμβ
λΪζθλθικβδενρθδλθαΪςμβμίηλικθάθήηβδ
Ίδθ ικβδενρθδθμ ηί ζθΰί ήΪ λί ήθλμβέηί ιθ ζθημΪΰΪμΪ ζθκΪ ήΪ ί
λθήκΰΪηλίιθείηκΪαήίεηβδλθηΪϒζΪεδν PPδθημΪδμηθ
κΪλμθϒΪηβί
ΊδθδΪΫίεθμαΪηΪιθϒνάΪϔίίθςμίμίημθϒζθκΪήΪλίαΪζίηβλθ
ήκνέΘάΪλζίίήΪλίηΪικΪάβλΪζθθήλμκΪηΪηΪηΪςΪμΪ
λίκάβληΪλενΰΫΪ
ΔΪΫίε αΪ ηΪιθϒνάΪϔί μβι + 99) θήη + 99+) * PPò ΗίέθικίάβμδνάΪϒμίβεβικβδείςμνάΪϒμίικβδενρηβθμδΪΫίε
ΜίξνλδμίζίςοδγηπνδιοίμΊδθηΪίδκΪηθμηΪνκίήθμλί
ιθϒΪάνάΪ —…‹‹μθέΪςίιθέκίςηθικβδενρίηΘήάθϒμίέθνκίήθμ
θήλμκνϒΪικθάίκίμίέθικβδενρθδθμ
ΙκβιθικΪάδβλίδθέΪςβλδενρνάΪϒμίέθνκίήθμθήλμκνϒΪΗβδθέΪς
ηίέθθμάθκΪϒμίνκίήθμήθδθεδνίιθμκίΫηθβαάίλμίμίϒΪ
λίκάβληΪμΪλενΰΫΪ
(OHNWULVFKHDDQVOXLWLQJ
$SSDUDDWPHWQHWDDQVOXLWLQJ]RQGHUVWHNNHU%LMGH
QHWDDQVOXLWLQJ GH JHOGHQGH QDWLRQDOH DDQVOXLWYRRUZDDUGHQ LQ DFKW
QHPHQ
/HWHURSGDWGHKXLVLQVWDOODWLHJRHGEHYHLOLJGLV,QIRUPDWLHRSKHW
W\SHSODDWMHLQDFKWQHPHQ
+HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH,HQPDJDOOHHQPHW
HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
:DQQHHUGHVWHNNHUQDKHWLQERXZHQQLHWPHHUWRHJDQNHOLMNLV
PRHWHHQVFKDNHODDUPHWHHQFRQWDFWDIVWDQGYDQPLQVWHQV PP
ZRUGHQJHwQVWDOOHHUG
:DQQHHU GH QHWDDQVOXLWOHLGLQJ EHVFKDGLJG LV PRHW GH]H GRRU HHQ
ELM]RQGHUHZRUGHQYHUYDQJHQ'LWPDJDOOHHQGRRURQ]H
VHUYLFHGLHQVWZRUGHQJHGDDQ
1HWDDQVOXLWOHLGLQJW\SH + 99)RI+ 99+) * PPò $DQVOXLWNDEHOQLHWNQLNNHQRILQNOHPPHQ
$DQZLM]LQJYRRUDSSDUDWHQPHWGLVSOD\YHUVFKLMQW —…‹‹RS
KHW GLVSOD\ YDQ KHW DSSDUDDW GDQ LV KHW YHUNHHUG DDQJHVORWHQ 'H
VWHNNHUXLWKHWVWRSFRQWDFWKDOHQDDQVOXLWLQJFRQWUROHUHQ
%LMUHSDUDWLHVKHWDSSDUDDWLQHONJHYDOVWURRPORRVPDNHQ+HW
DSSDUDDWQRRLWRSHQHQ]RQRGLJFRQWDFWRSQHPHQPHWGH
VHUYLFHGLHQVW
Λνμρίείμίςοδγνρ
ΙθλμΪάίμίέθνκίήθμάθαΪλίδθμηΪμθϒηΪρβηςμθδθημκθεηβμί
ίείζίημβϖίΫβήΪμηΪικίήβικβπάκλμίμίέθλθαΪμίέηνάΪρδβμί
ίείζίημβ
Μίξνλδμί ΗίδθκβλμίμίίείδμκβρηβθήάκμνάΪρβ
Πδρζίλνμρηοίϙδ
ΙκβάέκΪήνάΪϔίηΪήάΪβεβιθάίϖίνκίήβίήίηήθήκνέιθμκίΫηβ
λίίήίηβεβιθάίϖίλίμθάβαΪζθημβκΪϔί
+HWDSSDUDDWLQERXZHQ
+HWDSSDUDDW]RLQGHXLWVQLMGLQJSODDWVHQGDWGH
EHGLHQLQJVHOHPHQWHQDDQGHYRRUNDQWOLJJHQHQPHWGH
VSDQHOHPHQWHQEHYHVWLJHQ
$DQZLM]LQJ *HHQHOHNWULVFKHVFKURHYHQGUDDLHUVJHEUXLNHQ
0RQWDJHVHW
%LMLQERXZYDQWZHHRIPHHUDSSDUDWHQYODNQDDVWHONDDU]LMQHHQ
RIPHHUGHUHPRQWDJHVHWVYHUHLVW
Γδλνμρίείμίςοδγνρ
ΒλδενρνάΪϔίηΪνκίήθμθήηΪιθϒνάΪϔίμθλθλμκνϒΪΒαάείρίμίέθ
νκίήθμθήήθεν
ΑμηλDμηH
ΘςμίμνάΪϔΪηΪνκίήθμΝκίήθμήΪηίλίιθάείρίθήέθκί
$SSDUDDWGHPRQWHUHQ
$SSDUDDWVWURRPORRVPDNHQ$SSDUDDWYDQRQGHUXLWQDDUEXLWHQ
GUXNNHQ
$WWHQWLH
6FKDGHDDQKHWDSSDUDDW$SSDUDDWHUQLHWYDQERYHQDIXLWWLOOHQ
nl
é ,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
ro
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
&RQWUROHHU KHW DSSDUDDW QD KHW XLWSDNNHQ 1LHW DDQVOXLWHQ LQ JHYDO
YDQWUDQVSRUWVFKDGH
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
'UDDJEHVFKHUPKDQGVFKRHQHQRPWHYRRUNRPHQGDWX
VQLMZRQGHQRSORRSW2QGHUGHOHQGLHWLMGHQVGHPRQWDJH
WRHJDQNHOLMN]LMQNXQQHQVFKHUSHUDQGHQKHEEHQ
9RRUGHLQVWDOODWLHGLHQWDDQGHJHOGHQGHERXZYHURUGHQLQJHQHQ
DDQGHYRRUVFKULIWHQYDQKHWHQHUJLHEHGULMIWHZRUGHQYROGDDQ
'LWDSSDUDDWYDOWRQGHUGHDSSDUDWHQNODVVH EHVWHPGYRRUKHW
LQERXZHQLQHHQNHXNHQPHXEHO +HWDSSDUDDWGLHQWYROJHQVGH
DDQZLM]LQJHQ RS GH LQERXZVFKHWV WH ZRUGHQ LQJHERXZG /HW RS GH
PLQLPDOHDIVWDQGWXVVHQKHWDSSDUDDWHQGHNHXNHQPXUHQRI
PHXEHOHQDDQGH]LMHQDFKWHUNDQW
'LWDSSDUDDWLVQLHWEHVWHPGYRRUJHEUXLNPHWHHQH[WHUQH
WLMGVFKDNHONORNRIHHQH[WHUQHDIVWDQGEHGLHQLQJ
í ,QVWUXFŘLXQLGHPRQWDM
: ,QVWUXFŘLXQLGHVLJXUDQŘćLPSRUWDQWH
&LWLŘLFXDWHQŘLHDFHVWHLQVWUXFŘLXQL1XPDLDVWIHOSXWHŘLXWLOL]D
DSDUDWXOFRUHFWüLvQVLJXUDQŘć3ćVWUDŘLLQVWUXFŘLXQLOHGHXWLOL]DUHüL
GH PRQWDM SHQWUX R FRQVXOWDUH XOWHULRDUć VDX SHQWUX HYHQWXDOL YLLWRUL
SURSULHWDUL
9HULILFDŘLDSDUDWXOGXSćGHVSDFKHWDUHÍQFD]XOvQFDUHDSDUDWXOD
IRVWDYDULDWvQWLPSXOWUDQVSRUWXOXLQXHVWHSHUPLVćSXQHUHDvQ
IXQFŘLXQHDDFHVWXLD
1XPDLODPRQWDMXOUHJXODPHQWDUFRUHVSXQ]ćWRULQVWUXFŘLXQLLGH
PRQWDMHVWHJDUDQWDWćVLJXUDQŘDODXWLOL]DUH,QVWDODWRUXOHVWH
UHVSRQVDELOSHQWUXIXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
5DFRUGXO DSDUDWXOXL VH YD UHDOL]D QXPDL GH FćWUH SHUVRQDO FDOLILFDW
üLDXWRUL]DW
ÍQDLQWHGHDH[HFXWDRULFHOXFUDUHvQWUHUXSHŘLDOLPHQWDUHDFX
FXUHQWHOHFWULF
3HQWUXDHYLWDUćQLUHDSULQWćLHUHSXUWDŘLPćQXüLGHSURWHFŘLH
3LHVHOHFDUHVXQWDFFHVLELOHvQWLPSXOPRQWDMXOXLSRWDYHDPXFKLL
DVFXŘLWH
3HQWUXLQVWDODUHWUHEXLHUHVSHFWDWHQRUPHOHGHFRQVWUXFŘLHvQ
YLJRDUH üL SUHVFULSŘLLOH FRPSDQLHL UHJLRQDOH GH IXUQL]DUH D HQHUJLHL
HOHFWULFH
$FHVW DSDUDW FRUHVSXQGH FODVHL GH DSDUDWH GHVWLQDW vQFRUSRUćULL
vQWUR PRELOć GH EXFćWćULH ÍQFRUSRUDUHD VH YD IDFH FRQIRUP VFKLŘHL
GHPRQWDM5HVSHFWDŘLGLVWDQŘDPLQLPćSkQćODSHUHŘLLODWHUDOLVDX
SLHVHOHGHPRELOLHUüLVSUHSDUWHDGLQVSDWH
$FHVWDSDUDWQXHVWHGHVWLQDWH[SORDWćULLFXXQFRPXWDWRU
WHPSRUL]DWH[WHUQVDXFXRWHOHFRPDQGćH[WHUQć
0HXEHOYRRUEHUHLGHQ $IE
+HW LQERXZPHXEHO PRHW EHVWHQGLJ ]LMQ WHJHQ HHQ WHPSHUDWXXU YDQ
PD[LPDDO ƒ& 'H VWDELOLWHLW YDQ KHW LQERXZPHXEHO PRHW RRN QD
GHXLWVQLMZHUN]DDPKHGHQJHZDDUERUJG]LMQ
+HWJHEUXLNYDQNXQVWVWRIZDQGDIVOXLWOLMVWHQRSZHUNEODGHQDFKWHU
KHWLQERXZDSSDUDDWLVQLHWWRHJHVWDDQ
0DDNGHXLWVQLMGLQJLQKHWZHUNEODGDDQGHKDQGYDQGH
LQERXZWHNHQLQJ'HKRHNYDQKHWVQLMYODNWRWKHWZHUNEODGPRHW
ƒEHGUDJHQ
3UHJćWLUHDPRELOLHUXOXL ILJXUD
0RELOLHUXO GH vQFRUSRUDUH WUHEXLH Vć UH]LVWH OD WHPSHUDWXUL GH SkQć
ODƒ&6WDELOLWDWHDPRELOLHUXOXLGHvQFRUSRUDUHWUHEXLHVćILH
DVLJXUDWćüLGXSćOXFUćULOHGHGHFXSDUH
ΎΪηηυγικβΫθκηίικίήηΪαηΪρίηήεωκΪΫθμυλάηίςηβζ
άυδεψρΪμίείζλρΪλθάυζζίοΪηβαζθζβεβλάηίςηίγλβλμίζθγ
ήβλμΪηπβθηηθέθνικΪάείηβω
)RORVLUHD SOLQWHORU GLQ PDWHULDO SODVWLF SH EODWXO GH OXFUX vQ VSDWHOH
DSDUDWXOXLvQFRUSRUDWQXHVWHSHUPLVć
([HFXWDŘLGHFXSDMXOvQEODWXOGHOXFUXFRQIRUPVFKLŘHLGHPRQWDM
8QJKLXOGLQWUHVXSUDIDŘDGHWćLHUHüLEODWXOGHOXFUXWUHEXLHVćILH
GHƒ
ÍQGHSćUWDŘLüSDQXOGXSćOXFUćULOHGHGHFXSDUH6LJLODŘLVXSUDIHŘHOH
GHWćLHUHDVWIHOvQFkWVćILHWHUPRUH]LVWHQWHüLHWDQüHODDSć
5HVSHFWDŘLGLVWDQŘDPLQLPćGH PPvQWUHSDUWHDLQIHULRDUćD
DSDUDWXOXLüLSLHVHOHGHPRELOLHU
,QGLFDŘLH 3UHYHGHŘLXQVSDŘLXOLEHUvQGXODSXOLQIHULRUSHQWUXXQ
YDVDVWIHOvQFkWVćVHSHUPLWćVFXUJHUHDDSHLGHSHJULOO
Ξνγβνρναιίλδΰδκη οηπ
ΖίΫίεφ ήεω άλμκΪβάΪηβω ήθεΰηΪ άυήίκΰβάΪμφ μίζιίκΪμνκν ήθ ƒΛΙθλείάυιθεηίηβωάυκίαΪλείήνίμικθάίκβμφνλμθγρβάθλμφ
άλμκθίηηθγζίΫίεβ
ΒλιθεφαθάΪηβίιεΪλμβδθάυοικβλμίηηυοιεΪηθδηΪλμθείςηβπΪο
αΪάλμκΪβάΪίζυζικβΫθκθζαΪικίσίηθ
ΛήίεΪγμίάλμθείςηβπίάυκίαάλθθμάίμλμάββλνλμΪηθάθρηυζ
ρίκμίΰθζΝέθεζίΰήνιθάίκοηθλμφψλκίαΪβλμθείςηβπίγ
ήθεΰίηλθλμΪάεωμφƒ
ΙθλείάυιθεηίηβωάυκίαΪνήΪεβμίθιβεδβΑΪέίκζίμβαβκνγμί
λμυδβμίκζθλμθγδβζβάθήθηίικθηβπΪίζυζέίκζίμβδθζ
ΖβηβζΪεφηθί κΪλλμθωηβί θμ ηβΰηίγ ρΪλμβ ικβΫθκΪ ήθ χείζίημθά
ζίΫίεβήθεΰηθλθλμΪάεωμφ ζζ
΢ιίζίμηδ ΌηβΰηίζςδΪξνηίθΫοθήβζθικίήνλζθμκίμφ
λάθΫθήηθίικθλμκΪηλμάθήεωϋζδθλμβάδθμθκνψζθΰηθλεβμφ
άθήνβαέκβεω
5DFRUGXOHOHFWULF
$SDUDWFXFDEOXGHFRQHFWDUHODUHŘHDIćUćüWHFKHUOD
FRQHFWDUHD OD UHŘHD UHVSHFWDŘL FRQGLŘLLOH GH FRQHFWDUH QDŘLRQDOH vQ
YLJRDUH
$YHŘLJULMćVćH[LVWHRVLJXUDQŘćDGHFYDWćSHQWUXLQVWDODŘLDFDVHL
5HVSHFWDŘLVSHFLILFDŘLLOHGHSHSOćFXŘDGHWLS
$SDUDWXO FRUHVSXQGH FODVHL GH SURWHFŘLH , üL SRDWH IL H[SORDWDW GRDU
FXXQUDFRUGHOHFWULFFXFRQGXFWRUGHSURWHFŘLH
ÍQFD]XOvQFDUHüWHFKHUXOQXPDLHVWHDFFHVLELOGXSćPRQWDUH
WUHEXLHLQVWDODWXQGLVSR]LWLYGHGHFRQHFWDUHSHWRŘLSROLLFXR
GLVWDQŘćvQWUHFRQWDFWHGHFHOSXŘLQ PP
ÍQFD]XOvQFDUHFDEOXOGHDOLPHQWDUHDIRVWGHWHULRUDWDFHVWD
WUHEXLHvQORFXLWSULQWUXQFDEOXGHDOLPHQWDUHVSHFLDO$FHVWD
WUHEXLHDFKL]LŘLRQDWQXPDLGHODXQLWćŘLOHQRDVWUHVHUYLFH
&DEOXGHFRQHFWDUHODUHŘHD7LS + 99)UHVS+ 99+)
* PPò 1XvQGRLŘLVDXEORFDŘLFDEOXOGHFRQHFWDUH
,QGLFDŘLHSHQWUXDSDUDWHOHFXGLVSOD\GDFćSHGLVSOD\XO
DSDUDWXOXLDSDUH —…‹‹DFHVWDHVWHFRQHFWDWLQFRUHFW'HWDüDŘL
DSDUDWXOGHODUHŘHDYHULILFDŘLUDFRUGXO
3HQWUXUHSDUDŘLLGHFRQHFWDŘLvQWRWGHDXQDDSDUDWXOGHODUHŘHDXD
HOHFWULFć1XGHVFKLGHŘLQLFLRGDWćDSDUDWXOODQHYRLHLQIRUPDŘL
VHUYLFLXOSHQWUXFOLHQŘL
άκδιρονξνγικύφδμηδ
Ξοηΰνοππδρδαϊλξονανγνλΰδζχρδξπδκϋμνθαηκιηικβ
ιθήδεψρίηββικβΫθκΪδχείδμκθλίμβλθΫεψήΪγμίήίγλμάνψσβί
μκίΫθάΪηβω
ΝΫίήβμίλφρμθλβλμίζΪαΪσβμυάάΪςίζήθζίκΪλλρβμΪηΪηΪ
λθθμάίμλμάνψσβί μθδβ ΘΫκΪμβμί άηβζΪηβί ηΪ ήΪηηυί ηΪ μβιθάθγ
μΪΫεβρδί
ΙκβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυ,ιθχμθζνθηήθεΰίη
χδλιενΪμβκθάΪμφλωμθεφδθλιθήδεψρϋηηυζαΪαίζεωψσβζ
ικθάθήθζ
ΏλεβιθλείνλμΪηθάδβικβΫθκΪήθςμίιλίεφηθγάβεδβ
ηίάθαζθΰηθΫνήίμήθΫκΪμφλωμθικβνλμΪηθάδίλείήνίμ
ικίήνλζθμκίμφλιίπβΪεφηυγάυδεψρΪμίεφήεωκΪαζυδΪηβωάλίο
ιθεψλθάλκΪλλμθωηβίζζίΰήνκΪαθζδηνμυζβδθημΪδμΪζβηί
ζίηίί ζζ
ΙκβιθάκίΰήίηββλίμίάθέθικθάθήΪίέθλείήνίμαΪζίηβμφηΪ
λιίπβΪεφηυγλθίήβηβμίεφηυγικθάθήΎΪηηυγικθάθήλείήνίμ
ικβθΫκίμΪμφμθεφδθάηΪςίγλίκάβληθγλενΰΫί
Λίμίάθγικθάθήμβι+ 99)βεβ+ 99+) * ζζò ΙκθλείήβμίρμθΫυλθίήβηβμίεφηυγικθάθήηίαΪΰβζΪελωβηί
ιίκίέβΫΪελω
΢ιίζίμηδγκώξοηΰνοναπγηπξκδδλίλεβηΪήβλιείίικβΫθκΪ
θμθΫκΪΰΪίμλω —…‹‹χμθθαηΪρΪίμρμθικβΫθκιθήδεψρίη
ηίικΪάβεφηθΘμλθίήβηβμίικβΫθκθμλίμββικθάίκφμί
ιθήδεψρίηβί
ΙκβικθάίήίηββκίζθημΪάλίέήΪθμδεψρΪγμίικβΫθκθμ
χείδμκθλίμβΗβδθέήΪηίάλδκυάΪγμίικβΫθκικβηίθΫοθήβζθλμβ
θΫκΪμβμίλφάλίκάβληνψλενΰΫν
0RQWDUHDDSDUDWXOXL
,QWURGXFHŘL DSDUDWXO DVWIHO vQ GHFXSDM vQFkW HOHPHQWHOH GH RSHUDUH
VćILHvQSDUWHDGLQIDŘćüLIL[DŘLFXHOHPHQWHOHGHSULQGHUH
,QGLFDŘLH 1XIRORVLŘLüXUXEHOQLŘHHOHFWULFH
6HWGHPRQWDM
/DPRQWDMXODGRXćVDXPDLPXOWHDSDUDWHGLUHFWXQXOOkQJć
FHOćODOWVXQWQHFHVDUHXQXOVDXPDLPXOWHVHWXULGHPRQWDM
'HPRQWDUHDDSDUDWXOXL
'HFRQHFWDŘLDSDUDWXOGHODUHŘHDXDHOHFWULFć6FRDWHŘLDSDUDWXO
vPSLQJkQGXOGHMRV
$WHQŘLH
'HWHULRUćULDOHDSDUDWXOXL1XVFRDWHŘLDSDUDWXOIćFkQGSkUJKLHvQ
SDUWHDGHVXVDDFHVWXLD
Απροίηαίμηδξοηΰνοί
ΌλμΪάφμίικβΫθκάάυκίαμΪδβζθΫκΪαθζρμθΫυχείζίημυ
νικΪάείηβωκΪλιθεΪέΪεβλφλιίκίήβΑΪξβδλβκνγμίικβΫθκλ
ιθζθσφψαΪΰβζηυοχείζίημθά
΢ιίζίμηδ Ηίβλιθεφανγμίχείδμκθθμάϋκμδν
Λνμρίεμϊθινλξκδιρ
ΙκβνλμΪηθάδίήάνοβεβΫθείίικβΫθκθάκωήθζήκνέλήκνέθζ
μκίΫνίμλωβλιθεφαθάΪηβίθήηθέθβεβηίλδθεφδβοζθημΪΰηυο
δθζιείδμθά
ru
î Ημπροςιυηώξνλνμρίες
: Αίεμϊδξοίαηκίρδτμηιηΰδζνξίπμνπρη
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηθίκνδθάθήλμάθΘηθιθζθΰίμάΪζ
ηΪνρβμφλωικΪάβεφηθβΫίαθιΪληθιθεφαθάΪμφλωικβΫθκθζ
ΛθοκΪηωγμίκνδθάθήλμάθιθχδλιενΪμΪπββββηλμκνδπβψιθ
ζθημΪΰνήεωήΪεφηίγςίέθβλιθεφαθάΪηβωβεβήεωιίκίήΪρβ
ηθάθζνάεΪήίεφπν
ΚΪλιΪδνγμί β θλζθμκβμί ικβΫθκ Ηί ιθήδεψρΪγμί ικβΫθκ ίλεβ θη
ΫυειθάκίΰήίηάθάκίζωμκΪηλιθκμβκθάδβ
΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζβηλμκνδπββιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
ΙθήδεψρίηβίικβΫθκΪήθεΰίηικθβαάθήβμφμθεφδθ
νιθεηθζθρίηηυγλιίπβΪεβλμ
ΙίκίήικθάίήίηβίζεψΫυοκΪΫθμυάυδεψρΪμφιθήΪρν
χείδμκβρίλδθέθμθδΪ
Όθ βαΫίΰΪηβί κίαΪηυο κΪη λείήνίμ ηΪήίάΪμφ αΪσβμηυί ιίκρΪμδβ
ΘμήίεφηυίρΪλμβλδθμθκυζβικβοθήβμλωβζίμφήίεθάθάκίζω
ζθημΪΰΪζθένμβζίμφθλμκυίδκΪω
Ικβ βηλμΪεεωπββ ήθεΰηυ λθΫεψήΪμφλω ήίγλμάνψσβί ά ηΪλμθωσίί
άκίζωλμκθβμίεφηυίικΪάβεΪβικίήιβλΪηβωκίέβθηΪεφηθέθ
ιθλμΪάσβδΪχείδμκθχηίκέββ
ΧμθμικβΫθκλθθμάίμλμάνίμδεΪλλν δεΪλλικβΫθκθάήεω
άλμκΪβάΪηβωάδνοθηηνψζίΫίεφ ΘηήθεΰίηάλμκΪάβάΪμφλωά
λθθμάίμλμάββλρίκμίΰθζνλμΪηθάδβΗίθΫοθήβζθλθΫεψήΪμφ
ζβηβζΪεφηυίκΪλλμθωηβωήθΫθδθάυολμίηβεβήθρΪλμίγζίΫίεβ
ΪμΪδΰίάηβΰηίζηΪικΪάείηββ
Γδλνμρίεξοηΰνοί
ΘΫίλμθρφμίικβΫθκΒαάείδβμίικβΫθκάυμθεδηνάίέθληβαν
Αμηλίμηδ
ΘιΪληθλμφιθάκίΰήίηβωικβΫθκΪΗίάυηβζΪγμίικβΫθκαΪ
άίκοηψψρΪλμφ
sl
ð 1DYRGLOD]DPRQWDçR
: 3RPHPEQDYDUQRVWQDQDYRGLOD
3D]OMLYRSUHEHULWHWDXYRGäHOHSRWHPODKNRDSDUDWXSRUDEOMDWH
YDUQRLQSUDYLOQR1DYRGLOD]DXSRUDERLQYJUDGQMRVKUDQLWH]D
NDVQHMåRXSRUDERDOL]DQDVOHGQMHJDODVWQLND
3R RGVWUDQLWYL HPEDODçH SUHJOHMWH DSDUDW 9 SULPHUX SRåNRGE PHG
WUDQVSRUWRPJDQHSULNOMXĀLWH
9DUQRVWPHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQH
PRQWDçHYVNODGX]QDYRGLOL]DPRQWDçR0RQWHUMHRGJRYRUHQ]D
EUH]KLEQRGHORYDQMHQDPHVWXSRVWDYLWYH
$SDUDWODKNRSULNOMXĀLOHVWURNRYQRRVHEMH]GRYROMHQMHP
3UHGNDNUåQLPLNROLGHOLQDDSDUDWXL]NOMXĀLWHHOHNWULĀQRQDSDMDQMH
1RVLWH]DåĀLWQHURNDYLFHGDSUHSUHĀLWHXUH]QLQH'HOLNLVRPHG
PRQWDçRGRVWRSQLLPDMRODKNRRVWUHURERYH
3ULQDPHVWLWYLMHWUHEDXSRåWHYDWLWUHQXWQRYHOMDYQHJUDGEHQH
SUHGSLVHLQSUHGSLVHUHJLRQDOQHJDRVNUERYDOFD]HOHNWULĀQR
HQHUJLMR
$SDUDWXVWUH]DUD]UHGXDSDUDWRY ]DYJUDGQMRYNXKLQMVNR
SRKLåWYR 9JUDGLWHJDNDNRUMHSULND]DQRQDVOLNL]DYJUDGQMR
8SRåWHYDMWHQDMPDQMåRUD]GDOMR]DDSDUDWRPWHUPHGDSDUDWRPLQ
VWUDQVNLPLVWHQDPLWHUGHOLSRKLåWYD
$SDUDWQLSUHGYLGHQ]DGHORYDQMH]]XQDQMRSURJUDPVNRXURDOL]
]XQDQMLPGDOMLQVNLPXSUDYOMDQMHP
3ULSUDYDSRKLåWYD VOLND
9JUDGQLSRKLåWYHQLHOHPHQWPRUDELWLRGSRUHQQDWHPSHUDWXURGR
ƒ&7XGLSRL]UH]RYDQMXPRUDELWL]DJRWRYOMHQDVWDELOQRVW
YJUDGQHJDHOHPHQWD
8SRUDED]DNOMXĀQLKVWHQVNLKOHWHYL]XPHWQHJDPDWHULDODQL
GRYROMHQDQDGHORYQLKSORåĀDKYNDWHULKMHYJUDMHQDSDUDW
,]UH]YGHORYQLSRYUåLQLQDMXVWUH]DVOLNL]DYJUDGQMR.RWPHG
SORVNYLMRL]UH]DLQGHORYQRSRYUåLQRPRUD]QDåDWLƒ
3RL]UH]RYDQMXRGVWUDQLWHRGUH]NH3ORVNYHL]UH]RY]DåĀLWLWHSURWL
YURĀLQLLQYRGL
8SRåWHYDMWHQDMPDQMåRUD]GDOMRVSRGQMHJDGHODDSDUDWDGRGHORY
SRKLåWYDNLQDM]QDåD PP
2SRPED 3URVWRUYVSRGQMHPSRKLåWYHQHPHOHPHQWXSUHGYLGLWH
]DSRVRGRGDERVWHODKNRL]çDUDL]SXVWLOLYRGR
(OHNWULĀQLSULNOMXĀHN
$SDUDWVSULNOMXĀQLPNDEORPEUH]YWLĀDSULSULNOMXĀLWYLQD
HOHNWULĀQRRPUHçMHXSRåWHYDMWHYHOMDYQHQDFLRQDOQHSRJRMH
SULNOMXĀLWYH
3UHSULĀDMWHVHGDMHKLåQDQDSHOMDYDXVWUH]QR]DYDURYDQD
8SRåWHYDMWHQDYHGNHQDWLSVNLSORåĀLFL
$SDUDWVRGLY]DåĀLWQLUD]UHG,LQJDODKNRXSRUDEOMDWHOH]
R]HPOMLWYHQLPSULNOMXĀNRP
ÿHYWLĀDSRYJUDGQMLQLYHĀPRJRĀHGRVHĀLPRUDELWLQDVWUDQL
QDSHOMDYHQDPHåĀHQYVHSROQLORĀLOQLN]UD]PLNRPNRQWDNWRYYVDM
PP
ÿHVHSULNOMXĀQLNDEHOSRåNRGXMHJDMHWUHEDQDGRPHVWLWLV
SRVHEQLPNDEORP7RODKNRVWRULOHQDåDVHUYLVQDVOXçED
3ULNOMXĀQLNDEHOWLS + 99)R]+ 99+) * PPò 3ULNOMXĀQHJDNDEODQHSUHSRJQLWHDOLXNOHåĀLWH
2SRPED ]D DSDUDWH V SULND]RYDOQLNRP ĀH VH QD SULND]RYDOQLNX
DSDUDWDSULNDçH —…‹‹MHDSDUDWQDSDĀQRSULNOMXĀHQ$SDUDW
RGNORSLWH]HOHNWULĀQHJDRPUHçMDLQSUHYHULWHSULNOMXĀLWHY
3ULSRSUDYLOLKYHGQRL]NOMXĀLWHDSDUDWL]HOHNWULĀQHJDRPUHçMD
1LNGDUQHRGSLUDMWHVWURMDSRSRWUHELSRNOLĀLWHVHUYLVQRVOXçER
1DPHVWLWHYDSDUDWD
$SDUDWYL]UH]YVWDYLWHWDNRGDVRXSUDYOMDOQLHOHPHQWLVSUHGDMWHU
DSDUDWSULWUGLWH]YSHQMDOQLPLHOHPHQWL
2SRPED 1HXSRUDEOMDMWHHOHNWULĀQHJDYLMDĀQLND
.RPSOHW]DPRQWDçR
3ULYJUDGQMLGYHKDOLYHĀDSDUDWRYQHSRVUHGQRHGHQ]UDYHQ
GUXJHJDSRWUHEXMHWHHQDOLYHĀNRPSOHWRY]DPRQWDçR
'HPRQWDçDDSDUDWD
,]NOMXĀLWHHOHNWULĀQRQDSHOMDYR3RWLVQLWHDSDUDWVVSRGQMHVWUDQL
QDY]JRU
3R]RU
2NYDUHQDVWURMX$SDUDWDQHGYLJXMWHRG]JRUDM
sq
ñ 8GKs]LPSsUPRQWLP
: 8GKs]LPHWsUsQGsVLVKPHVLJXULH
/H[RMHQLPHNXMGHVNsWsXGKs]LP9HWsPNsVKWXPXQGTsPH
DSDUDWLQWXDMWsVKsUEHKHQLQsPsQ\UsWsVLJXUWGKHWsGUHMW
8GKs]LPLQSsUSsUGRULPGKHPRQWLPHUXDQLSsUSsUGRULPWs
PsYRQVKsPRVHSsUSURQDULQHDUGKVKsP
3DVVKSDNHWLPLWDSDUDWLQHNRQWUROORQL1sUDVWVHNDQGRQMs
GsPWLPQJDWUDQVSRUWLPRVHOLGKQL
9HWsPSsUPHVQMsPRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPH
XGKs]XHVLQHPRQWLPLWPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW
,QVWDOXHVLPEDQSsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWs
SDMLVMHVQsYHQGLQHLQVWDOLPLW
9HWsPQMsWHNQLNLOLFHQVXDUGXKHWWsEsMsOLGKMHQHSDMLVMHV
3DUDVHWsILOORQLSXQsQVKNsSXVQLHQHUJMLQs
3sUWsVKPDQJXUQGRQMsOsQGLPWsPXQGVKsPSsUGRUQLGRUH]D
PEURMWsVH$WRSMHVsTsMXSUHNQLJMDWsPRQWLPLWPXQGWsMHQsWs
PSUHKWD
3sULQVWDOLPGXKHWWsNHQLSDUDV\VKGLUHNWLYDWHYOHIVKPHWs
PRQWLPLWVLGKHXGKs]LPHWHIXUQLWRULWUDMRQDOWsHQHUJMLVs
.MRSDMLVMHLSsUNHWNODVsV SsUPRQWLPLQNDVR $MRGXKHWWs
PRQWRKHWVLSDVVNLFsVVsPRQWLPLW5HVSHNWRQLGLVWDQFsQ
PLQLPDOHPHPXUHWDQsVRUHDSRPHSMHVsQHPRELOHVHGKHSsU
SMHVsQHSDVPH
.MRSDMLVMHQXNsVKWsSDUDVKLNXDUSsUWXSsUGRUXUPHQMs
NRKsPDWsVWsMDVKWsPDSRPHQMsSXOWWsMDVKWsP
3sUJDWLVQLPRELOLHQ )LJXUD
0RELOMDNXGRWsPRQWRKHWSDMLVMDGXKHWWsMHWsUH]LVWHQWHQGDM
WHPSHUDWXUsVGHULƒ&6WDELOLWHWLLPRELOLHVGXKHWWsMHWsL
JDUDQWXDUHGKHSDVSXQLPHYHPHNDUDNWHUSUHUsV
3sUGRULPLLVKLULWDYHSODVWLNsSsUYHVKMHQHPXULWPELSOODNsQH
SXQsVSDVSDMLVMHVQXNOHMRKHW
3UHUMHW WHN SOODND H SXQsV Ws EsKHQ VLSDV VNLFsV Vs PRQWLPLW .sQGL
LVLSsUIDTHVVsSUHUsSsUSOODNsQHSXQsVGXKHWWsMHWsƒ
3DVSUHUMHYHODUJRQLDVKNODW,]RORQLVLSsUIDTHQHSUHUsTsWsMHWs
UH]LVWHQWHQGDMQ[HKWsVLVsGKHXMLW
'LVWDQFDPLQLPDOHHSMHVsVVsSRVKWPHWsSDMLVMHVQJDPRELOLHW
GXKHWWsMHWsPP
8GKs]LP 3DUDVKLNRQL QMs KDSsVLUs Qs GROODSLQ H SRVKWsP SsU QMs
HQsQsPsQ\UsTsWsUUMHGKsXMLQJDVNDUD
/LGKMDHOHNWULNH
3DMLVMDPHOLGKMHQsUUMHWSDVSLQs.XUWsEsQLOLGKMHQQsUUMHW
UHVSHNWRQLNXVKWHWNRPEsWDUHWsYOHIVKPHWsOLGKMHV
9LQLUHVLJXUHVsQHGXKXUWsLQVWDOLPLQQsVKWsSL9LQLUHWsGKsQDW
WHNWDEHODHWLSLW
3DMLVMDLSsUNHWNDWHJRULVsVsPEURMWMHV,GKHGXKHWWsSXQRMs
YHWsPPHQMsSUL]sWsWRNs]XDU
1sVH VSLQD SDV LQVWDOLPLW QXN sVKWs Ps H DUULWVKPH DWsKHUs GXKHW
WsLQVWDORKHWQMsoHOsVVKXPsSRODUPHWsSDNWsQPPGLVWDQFs
1sVH NDEXOOL OLGKsV GsPWRKHW DL GXKHW Ws YHQGRVHW PH QMs NDEXOO Ws
YHoDQWs.MRGXKHWWsNU\KHWQJDVKsUELPL\QsLNOLHQWLW
.DEXOOLOLGKsV7LSL + 99)RVH+ 99+) * PPò 0RVHSsUGULGKQLDSRQJHFQLNDEXOOLQOLGKsV
8GKs]LPHWSsUSDMLVMHQPH'LVSOD\7HNGLVSOD\LSDMLVMHV
VKIDTHW —…‹‹sVKWsOLGKXUJDELP6KNsSXVQLSDMLVMHQQJDUUMHWL
NRQWUROORQLOLGKMHW
6KNsSXVQL HQHUJMLQs QJD SDMLVMD JMLWKPRQs NXU EsQL ULSDULPH .XUUs
PRVKDSQLSDMLVMHQQsUDVWQHYRMHQMRIWRQLVKsUELPLQHNOLHQWLW
0RQWLPLLSDMLVMHV
9HQGRVHQLSDMLVMHQQsDWsPsQ\UsTsHOHPHQWsWHNRPDQGLPLWWs
MHQsSDUDGKHILNVRMHQLDWsPHHOHPHQWsWILNVXHV
8GKs]LP 0RVSsUGRUQLNDoDYLGDHOHNWULNH
6HWLLPRQWLPLW
3sU PRQWLPLQ H G\ RVH Ps VKXPs SDMLVMHYH GLUHNW QMsUD SDV WMHWUsV
MXQHYRMLWHQQMsRVHPsVKXPsVHWHPRQWLPL
dPRQWLPLLSDMLVMHV
6KNsSXVQLHQHUJMLQsQJDSDMLVMD6KW\MHQLSDMLVMHQQJDSRVKWs
.XMGHV
'sPWLPHQsSDMLVMH0RVHQ[LUUQLSDMLVMHQQJDVLSsU
sr
ò 8SXWVWYRRSRVWDYOMDQMX
: 9DçQHQDSRPHQH]DVLJXUQRVW
3DçOMLYRSURĀLWDMWHRYRXSXWVWYR-HGLQRWDNRPRçHWHVLJXUQRL
SUDYLOQRGDUXNXMHWH9DåLPXUHđDMHP6DĀXYDMWHXSXWVWYR]D
XSRWUHEXLPRQWDçX]DQHNXNDVQLMXXSRWUHEXLOL]DVOHGHþHJ
YODVQLND
3RåWR VWH JD UDVSDNRYDOL SURYHULWH XUHđDM 8NROLNR RåWHWLR SULOLNRP
WUDQVSRUWDQHPRMWHJDSULNOMXĀLYDWL
6DPRXVOXĀDMXVWUXĀQHXJUDGQMHXVNODGXVDXSXWVWYRP]D
PRQWDçX]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHU
MHRGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
6DPRREXĀHQDNYDOLILNRYDQDRVREDPRçHSRYH]DWLXUHđDM
3UHQHJRåWRELORåWDXUDGLWHLVNOMXĀLWHGRYRGVWUXMH
'DELVWHL]EHJOLSRYUHGHVHĀHQMHPQRVLWH]DåWLWQHUXNDYLFH
'HORYLNRMLVXWRNRPPRQWDçHSULVWXSDĀQLPRJXGDLPDMXRåWUH
LYLFH
=DLQVWDODFLMXPRUDWHSRåWRYDWLYDçHþDSUDYLODXJUDGQMHNDRL
SURSLVLUHJLRQDOQRJVQDEGHYDĀDHOHNWULĀQRPHQHUJLMRP
2YDMXUHđDMRGJRYDUDNODVLXUHđDMD ]DXJUDGQMXXNXKLQMVNH
HOHPHQWH 8JUDGQMDPRUDGDVHL]YUåLSUHPDVNLFLXJUDGQMH
0RUDWH X]HWL X RE]LU QDMPDQML UD]PDN SUHPD VWUDQLĀQLP ]LGRYLPD LOL
QDPHåWDMXNDRLSUHPDSROHđLQL
2YDMXUHđDMQLMHQDPHQMHQ]DXSRWUHEXVDHNVWHUQLPWDMPHURPLOL
HNVWHUQLPGDOMLQVNLPXSUDYOMDĀHP
3ULSUHPDQMHQDPHåWDMD VOLND
8JUDGQL QDPHåWDM PRUD GD EXGH RWSRUDQ QD WHPSHUDWXUH GR ƒ&
6WDELOQRVW XJUDGQRJ QDPHåWDMD PRUD GD EXGH REH]EHđHQD L SRVOH
LVHFDQMD
8SRWUHED]LGQLKVWUDQLFDRGVLQWHWLĀNRJPDWHULMDODQDUDGQRM
SRYUåLQLL]DXJUDGQLKXUHđDMDQLMHGR]YROMHQD
,VHĀDNQDUDGQRMSRYUåLQLL]UDGLWLSUHPDVNLFLXJUDGQMH8JDR
VHĀHQHSRYUåLQHSUHPDUDGQRMSRYUåLQLPRUDGDL]QRVLƒ
3RVOHLVHFDQMDXNORQLWHRSLOMNH6HĀHQHSRYUåLQH]DSHĀDWLWH
PDWHULMDORPNRMLMHRWSRUDQQDWRSORWXLYRGX
1DMPDQMLUD]PDNGRQMHSRYUåLQHXUHđDMDXRGQRVXQDQDPHåWDM
PRUDGDEXGHPP
1DSRPHQD 8GRQMHPHOHPHQWXMHSUHGYLđHQSURVWRU]DSRVXGX
]DLVSXåWDQMHWHĀQRVWLL]JULOD
(OHNWULĀQRSULNOMXĀLYDQMH
8UHđDM VD SULNOMXĀNRP QD PUHçX EH] XWLĀQLFH SUL SULNOMXĀHQMX QD
PUHçXSRåWRYDWLYDçHþDQDFLRQDOQHSURSLVH]DSULNOMXĀDN
2EUDWLWHSDçQMXQDSULNODGQX]DåWLWXNXþQHLQVWDODFLMH2EUDWLWH
SDçQMXQDSRGDWNHGDWHQDWLSVNRMSORĀLFL
8UHđDMRGJRYDUDNODVL]DåWLWH,LVPHGDVHSXVWLXUDGVDPRVD
]DåWLWQLPSULNOMXĀNRP]DX]HPOMHQMH
$NRXWLĀQLFDQDNRQXJUDGQMHQLMHGRVWXSQDSUHPDSUDYLOLPD
LQVWDODFLMHPRUDGDSRVWRMLYLåHSROQLXUHđDM]DUD]GYDMDQMHVD
NRQWDNWRPRGQDMPDQMH PP
$NR MH LQVWDODFLMD ]D SULNOMXĀDN QD PUHçX RåWHþHQD LVWD PRUD GD VH
]DPHQLGUXJRP7RVDPRVPHGDXUDGLQDåVHUYLV]DNXSFH
,QVWDODFLMD ]D SULNOMXĀDN QD PUHçX WLS + 99) RGQ + 99+)
* PPò 3ULNOMXĀQLNDEOQHVPHVHVDYLMDWLLOLSULNOMHåWLWL
1DSRPHQD]DXUHđDMVDGLVSOHMRP$NRVHQDGLVSOHMXXUHđDMD
SRMDYL —…‹‹SRJUHåQRMHSULNOMXĀHQ8UHđDMLVNOMXĀLWHL]PUHçH
SURYHULWHSULNOMXĀDN
3ULOLNRP SRSUDYNL X VYDNRP VOXĀDMX XUHđDM LVNOMXĀLWL L] VWUXMH 8UHđDM
QLNDGDQHUDVNODSDWLSRSRWUHELREDYHVWLWLVHUYLV]DNXSFH
8JUDGQMDXUHđDMD
8UHđDMWDNRSRVWDYLWHXL]UH]GDHOHPHQWL]DNRULåþHQMHEXGX
QDSUHGLXĀYUVWLWLLKVDHOHPHQWLPD]D]DWH]DQMH
1DSRPHQD 1HPRMWHGDXSRWUHEOMDYDWHHOHNWULĀQHRGYLMDĀH]D
]DYUWQMH
*DUQLWXUD]DPRQWDçX
3ULOLNRP XJUDGQMH MHGQRJ LOL GYD XUHđDMD NRML VX MHGDQ SRUHG GUXJRJ
SRWUHEQDMHMHGQDLOLYLåHJDUQLWXUD]DPRQWDçX
'HPRQWDçDXUHđDMD
ΠίγικβεΪήηίικβαηΪρίηβγήεωιϐήδεψρίηηωήθηφθέθ
αθάηϐςηφθέθέθήβηηβδΪΪΫθινεφμνήβλμΪηπϐγηθέθδίκνάΪηηω
Ξϕγβνρναιίλδΰκϕα λίκ
ΖίΫεϐήεωάΫνήθάνάΪηηωιθάβηηϐάβμκβζνάΪμβμίζιίκΪμνκνήθ
ƒ&ΛμΪΫϐεφηϐλμφζίΫεϐάήεωάΫνήθάνάΪηηωιθάβηηΪ
αΪΫίαιίρνάΪμβλφμΪδθΰιϐλεωάβδθηΪηηωικβκϐαηβοκθΫϐμ
ΌβδθκβλμΪηηωιεΪλμβδθάβοικβλμϐηηβοιεΪηθδηΪκθΫθρβο
ιθάίκοηωοαΪάΫνήθάΪηθψμίοηϐδθψαΪΫθκθηίηί
ΑκθΫϐμφάβκϐανκθΫθρϐγιθάίκοηϐαέϐήηθαδκίλείηηωζήεω
άΫνήθάνάΪηηω Ιθάίκοηω ακϐαν ιθάβηηΪ αηΪοθήβμβλω ιϐή δνμθζ ƒ
άϐήηθληθλμϐεφηβπϐ
ΙκβΫίκϐμφμβκλνιϐλεωάβδθηΪηηωικβκϐαηβοκθΫϐμΑΪϐαθεψγμί
ιθάίκοηϐκϐανμίκζθϐάθήθλμϐγδθ
ΎθμκβζνγμίλωζϐηϐζΪεφηθϑάϐήλμΪηϐικβΫεζζάϐήηβΰηφθέθ
δκΪψικβεΪήνήθζίΫεϐά
Αιίζϕαιί ΝηβΰηϐγςΪξϐηίθΫοϐήηθιίκίήΫΪρβμβάϐεφηβγικθλμϐκ
ήεωώζηθλμϐνωδνζθΰηΪΫνήίαεβάΪμβάθήναέκβεω
Ξϕγ ϓγμίμμώγνδκδιρονλδοδεϕ
ΞοηπροϕθζλδοδεδαηλιίΰδκδλΰδζχρδιδοίΙκβιϐήδεψρίηηϐ
ήθζίκίΰϐήθμκβζνγμίλωζϐλπίάβονζθάσθήθιϐήδεψρίηηω
ΑάίκηϐμφνάΪένηΪάϐήιθάϐήηϐαΪοθήβΫίαιίδβικβιθΫνμθάϐγ
νλμΪηθάπϐΎθμκβζνγμίλωήΪηβοααΪάθήλφδθϑμΪΫεβρδβ
ΙκβεΪήάϐήιθάϐήΪώδεΪλναΪοβλμν,μΪζθΰίιϐήδεψρΪμβλφεβςί
ρίκίααΪιθΫϐΰηβδ
ΩδσθιϐλεωζθημΪΰνηίαΪΫίαιίρίηθήθλμνιήθςμίδίκΪ
ηίθΫοϐήηθάλμΪηθάβμβΫΪέΪμθιθεψληβγκθαιθήϐεφηβδαάϐήλμΪηηψ
ζϐΰδθημΪδμΪζβηίζίηςί ζζ
Ωδσθ ζίκίΰίάβγ δΪΫίεφ ιθςδθήΰίηθ αΪζϐηϐμφ γθέθ λιίπϐΪεφηβζ
ΠίάιθάηθάΪΰίηΪκθΫβμβεβςίηΪςΪλίκάϐληΪλενΰΫΪ
ΖίκίΰίάβγδΪΫίεφμβι + 99)ΪΫθ+ 99+) * ζζò ΑΪΫθκθηωώμφλωαΪμβλδΪμβΪΫθιίκίέβηΪμβδΪΫίεφ
ΑιίζϕαιηγνξοηκίγϕαζγηπξκδϓλΩδσθηΪήβλιείϑικβεΪήν
άϐήθΫκΪΰΪώμφλω —…‹‹ άϐη ηίικΪάβεφηθ ιϐήδεψρίηβγ Όϐή ώήηΪγμί
ικβεΪήάϐήίείδμκθζίκίΰϐιίκίάϐκμίμθρδβικβώήηΪηηω
ΝάβιΪήδνκίζθημναΪάΰήβαηίλμκνζεψγμίικβεΪήΗϐδθεβηί
άϐήδκβάΪγμί ικβεΪή ιθάϐήθζεωγμί ν κΪαϐ ιθμκίΫβ λίκάϐλην λενΰΫν
Αΰςγναςαίμμώξοηκίγς
ΙκβεΪήάλμΪηθάεψγμίνάβκϐαμΪδσθΫίείζίημβδίκνάΪηηωΫνεβ
κθαμΪςθάΪηϐλιίκίήνϐαΪδκϐιϐμφαΪμωΰηβζβίείζίημΪζβ
Αιίζϕαιί Ηίάβδθκβλμθάνγμίίείδμκβρηϐάβδκνμδβ
Λνμρίεμηθινλξκδιρ
ΙκβάΫνήθάνάΪηηϐήάθοΪΫθδϐεφδθοικβεΪήϐάιθμκϐΫίηθήβηΪΫθ
δϐεφδΪζθημΪΰηβοδθζιείδμϐά
Γδλνμρίεξοηκίγς
ΑηίλμκνζϐμφικβεΪήΌβμωέηϐμφικβεΪήάβςμθάοηνάςβγθέθαηβαν
΢αίβί
ΚβαβδιθςδθήΰίηηωικβεΪήνΑΪΫθκθηωώμφλωμωέμβικβεΪήαΪ
άίκο
8UHđDMLVNOMXĀLWHL]VWUXMH8UHđDMSULWLVQLWHNUR]MHGLQLFXRGR]GR
2SUH]
2åWHþHQMHXUHđDMD8UHđDMQHSRGL]DWLRGR]JRSROXJRP
uk
õ
΅μπροςιυϕώζλνμρίες
: Αίεκηαϕμίπρίμναηζΰδζξδιη
ΚίμίεφηθικθρβμΪγμίπψϐηλμκνδπϐψΜϐεφδβμθήϐΌβαζθΰίμί
ίδλιενΪμνάΪμβ ικβεΪή Ϋίαιίρηθ μΪ ικΪάβεφηθ ΑΫίκίΰϐμφ ϐηλμκνδπϐϑ
αζθημΪΰνμΪίδλιενΪμΪπϐϑήεωιθήΪεφςθέθδθκβλμνάΪηηωΪΫθ
ιίκίήΪρϐϑοϐηςθζνδθκβλμνάΪρίάϐ
ΙίκίάϐκμίικβεΪήιϐλεωκθαιΪδνάΪηηωΙκβάβωάείηηϐ
ιθςδθήΰίηηωωδίάβηβδεθιϐήρΪλμκΪηλιθκμνάΪηηωηί
άλμΪηθάεψγμίικβεΪή
ΕβςίδάΪεϐξϐδθάΪηΪνλμΪηθάδΪνάϐήιθάϐήηθλμϐαϐηλμκνδπϐώψα
ζθημΪΰνέΪκΪημνώΫίαιίδνίδλιενΪμΪπϐϑΖθημΪΰηβδηίλί
άϐήιθάϐήΪεφηϐλμφαΪΫίαήθέΪηηνκθΫθμνικβεΪήνηΪζϐλπϐ
άλμΪηθάείηηω
ΕβςίδάΪεϐξϐδθάΪηϐλιίπϐΪεϐλμβζθΰνμφικβώήηνάΪμβικβεΪή
ΙίκίήάβδθηΪηηωζΫνήφωδβοκθΫϐμάϐήδεψρϐμφιθήΪρνλμκνζν
ΎεωνηβδηίηηωιθκϐαϐάάβδθκβλμθάνγμίαΪοβληϐκνδΪάβπϐΎίμΪεϐ
σθάβδθκβλμθάνψμφλωιϐήρΪλζθημΪΰνζθΰνμφζΪμβέθλμκϐδκΪϑ
ΙκβάλμΪηθάείηηϐήθμκβζνγμίλφρβηηβοΫνήϐάίεφηβοηθκζμΪ
ικβιβλϐάκίέϐθηΪεφηθέθιθλμΪρΪεφηβδΪίείδμκθίηίκέϐϑ
ΠίγικβεΪήάϐήιθάϐήΪώδεΪλν ήεωάΫνήθάνάΪηηωνδνοθηηϐ
ζίΫεϐ ΓθέθλεϐήάΫνήθάνάΪμβάϐήιθάϐήηθήθδκίλείηφ
άΫνήθάνάΪηηωΎθμκβζνγμίλωζϐηϐζΪεφηθϑάϐήλμΪηϐήθΫθδθάβο
λμϐηθδΪΫθίείζίημϐάζίΫεϐάΪμΪδθΰάϐήλμΪηϐήθλμϐηβ
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