Bosch DWZ0AF0S0 Installation guide

  • Hello! I am an AI chatbot trained to assist you with the Bosch DWZ0AF0S0 Installation guide. I’ve already reviewed the document and can help you find the information you need or explain it in simple terms. Just ask your questions, and providing more details will help me assist you more effectively!
*9001210766*  

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
× 0RQWHULQJVYHMOHGQLQJ
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
Þ 1RWLFHGHPRQWDJH
é ,QVWDOODWLHYRRUVFKULIW
â ,VWUX]LRQLSHULOPRQWDJJLR
Ù ̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ
ô 0RQWDMN×ODYX]X
î Ημπροςιυηώξνλνμρίες
Ü 3DLJDOGXVMXKHQG
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
ë ,QVWUXNFMDPRQWDŰX
í ,QVWUXFŘLXQLGHPRQWDM
á 6]HUHOpVL~WPXWDWy
ð 1DYRGLOD]DPRQWDçR
Ö 0RQWiçQtQiYRG
ï 0RQWiçQ\QiYRG
à 8SXWH]DPRQWDçX
Ò Οωινανγπρανζίλνμρίε
ò 8SXWVWYRRSRVWDYOMDQMX
æ ΢ξίρπρανζίλνμρίεί

de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
'LHVH $QOHLWXQJ VRUJIlOWLJ OHVHQ XQG DXIEHZDKUHQ 1XU EHL IDFKJH
UHFKWHP(LQEDXHQWVSUHFKHQGGLHVHU0RQWDJHDQOHLWXQJLVWGLH
6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOODWHXULVWIU
GDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUWYHUDQWZRUWOLFK
1XUHLQHNRQ]HVVLRQLHUWH)DFKNUDIWGDUIGDV*HUlWDQVFKOLHHQ
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
: 9HUOHW]XQJVJHIDKU
GXUFKVFKDUIH.DQWHQZlKUHQGGHU,QVWDOODWLRQ:lKUHQGGHU,QV
WDOODWLRQGHV*HUlWHVLPPHU6FKXW]KDQGVFKXKHWUDJHQ
8POXIWZHLFKHPRQWLHUHQ
.DPLQYHUEOHQGXQJGHPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
8POXIWZHLFKHLQGHQ+DOWHZLQNHOHLQKlQJHQ%LOG
6FKODXFKPLWGHQ]ZHL5RKUVFKHOOHQDQ8POXIWZHLFKHXQG/XIW
VWXW]HQEHIHVWLJHQ%LOG
6FKODXFKPXVVVWUDIIVHLQEHL%HGDUINU]HQ
.DPLQYHUEOHQGXQJPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
6FKOLW]HGHULQQHUHQ.DPLQYHUEOHQGXQJQDFKREHQ
$NWLYNRKOHILOWHUUHJHQHULHUHQ
8PGHQ*HUXFKVDEVFKHLGHJUDG]XJHZlKUOHLVWHQPVVHQGLH)LO
WHUEHLQRUPDOHP%HWULHEWlJOLFKXQJHIlKU 6WXQGHDOOH
0RQDWHUHJHQHULHUWZHUGHQ
'HU$NWLYNRKOHILOWHULVWIUGLH5HJHQHUDWLRQLQHLQHPKDQGHOVEOL
FKHQ%DFNRIHQ]XJHODVVHQ
: 9HUEUHQQXQJVJHIDKU
'HU $NWLYNRKOHILOWHU EOHLEW QDFK GHP 5HJHQHULHUHQ ODQJH =HLW KHL
'HQ $NWLYNRKOHILOWHU GLUHNW QDFK GHP 5HJHQHULHUHQ QLFKW EHUKUHQ
VRQGHUQDENKOHQODVVHQ
'HQKHLHQ$NWLYNRKOHILOWHU]XP$ENKOHQDXIHLQHKLW]HEHVWlQ
GLJH8QWHUODJHOHJHQ
+LQZHLVH
'LH$NWLYNRKOHILOWHUN|QQHQELV]XPDOUHJHQHULHUWZHUGHQ
XQGPVVHQPLQGHVWHQVQDFK-DKUHQDXVJHWDXVFKWZHUGHQ
'LH$NWLYNRKOHILOWHUPVVHQEHLQRUPDOHP%HWULHEWlJOLFKFLUFD
6WXQGHPLQGHVWHQVDOOH -DKUHDXVJHWDXVFKWZHUGHQ
'HU$NWLYNRKOHILOWHUEOHLEWQDFKGHP5HJHQHULHUHQODQJH=HLW
KHL'HQ$NWLYNRKOHILOWHUGLUHNWQDFKGHP5HJHQHULHUHQQLFKW
GLUHNWDXIHPSILQGOLFKH2EHUIOlFKHQOHJHQVRQGHUQ]XHUVWDXV
UHLFKHQGDENKOHQODVVHQ
5HJHQHULHUEDUH8POXIWILOWHUN|QQHQGXUFK+HUXQWHUIDOOHQ
EHVFKlGLJWZHUGHQ'LH%HVFKlGLJXQJHQVLQGYRQDXHQQLFKW
LPPHUVLFKWEDU(QWVRUJHQXQGHUVHW]HQ6LHKHUXQWHUJHIDOOHQH
UHJHQHULHUEDUH8POXIWILOWHU
$NWLYNRKOHILOWHUQLFKWLQGHU3\URO\VHRGHUGHXWOLFKEHU&
UHJHQHULHUHQ
$NWLYNRKOHILOWHUIUGHQ5HJHQHULHUXQJVSUR]HVVDXIHLQHQ5RVW
OHJHQGD%DFNEOHFKH]HUNUDW]HQN|QQHQ
$NWLYNRKOHILOWHUQLHPLW5HLQLJHUQPLW:DVVHULQGHU*HVFKLUU
VSOPDVFKLQHRGHUPLWHLQHPQDVVHQ7XFKUHLQLJHQ
%HLP5HJHQHULHUHQGHV$NWLYNRKOHILOWHUVNDQQHV]X*HUXFK
VHQWZLFNOXQJNRPPHQ6WHOOHQ6LHVLFKHUGDVVGHU5DXPJXW
EHOIWHWLVWXQG|IIQHQ6LHEHL%HGDUIHLQ)HQVWHU
 0HWDOOIHWWILOWHUDXVEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
 $NWLYNRKOHILOWHU DXVEDXHQ 'DEHL PLW GHU DQGHUHQ +DQG XQWHU GHQ
$NWLYNRKOHILOWHUIDVVHQ
 $NWLYNRKOHILOWHU LP YRUJHKHL]WHQ %DFNRIHQ EHL & 8POXIW IU
0LQXWHQUHJHQHULHUHQ
 $NWLYNRKOHILOWHUDENKOHQODVVHQ
 $NWLYNRKOHILOWHU HLQVHW]HQ QDFK REHQ NODSSHQ XQG /DVFKH HLQUDV
WHQ'DEHLPLWGHUDQGHUHQ+DQGXQWHUGHQ$NWLYNRKOHILOWHUIDV
VHQ
 0HWDOOIHWWILOWHUHLQEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\DQGNHHSWKHPLQDVDIHSODFH
6DIHW\GXULQJXVHFDQRQO\EHHQVXUHGLIWKHDSSOLDQFHLVILWWHG
FRUUHFWO\DFFRUGLQJWRWKHVHLQVWDOODWLRQLQVWUXFWLRQV7KHLQVWDOOHU
LV UHVSRQVLEOH IRU HQVXULQJ WKDW WKH DSSOLDQFH RSHUDWHV SHUIHFWO\ DW
WKHSRLQWRILQVWDOODWLRQ
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRWKHPDLQVRQO\E\DOLFHQVHG
DQGWUDLQHGWHFKQLFLDQ
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
: 5LVNRILQMXU\
)URPVKDUSHGJHVGXULQJLQVWDOODWLRQ$OZD\VZHDUSURWHFWLYH
JORYHVZKLOHLQVWDOOLQJWKHDSSOLDQFH
,QVWDOOLQJFLUFXODWLQJDLUSRLQWV
5HPRYHIOXHGXFWVHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
+RRNFLUFXODWLQJDLUSRLQWVLQWRWKH IL[LQJEUDFNHW ² )LJ 
$WWDFK KRVH WR FLUFXODWLQJ DLU VZLWFK DQG DLU SLSH FRQQHFWRU XVLQJ
WZRSLSHFOLSV ² )LJ 
+RVHPXVWEHWLJKWVKRUWHQLIUHTXLUHG
,QVWDOOIOXHGXFW VHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
6ORWVRIWKH LQQHUIOXHGXFWDW WKH WRS
5HJHQHUDWLQJWKHDFWLYDWHGFKDUFRDOILOWHU
:LWKQRUPDOXVHGDLO\IRUDSSUR[ KRXUWKHILOWHUVPXVWEH
UHJHQHUDWHGHYHU\ PRQWKVLQRUGHUWRHQVXUHWKDWRGRXUV
FRQWLQXHWREHHOLPLQDWHGHIIHFWLYHO\
7KHDFWLYDWHGFKDUFRDOILOWHULVDSSURYHGIRUUHJHQHUDWLRQLQD
VWDQGDUGRYHQ
: 5LVNRI EXUQV
7KH DFWLYDWHG FKDUFRDO ILOWHU UHPDLQV KRW IRU TXLWH VRPH WLPH DIWHU LW
KDVEHHQUHJHQHUDWHG'RQRWWRXFKWKHDFWLYDWHGFKDUFRDOILOWHU
VWUDLJKWDIWHULWKDVEHHQUHJHQHUDWHG²DOORZLWWRFRROGRZQ
/HDYHWKHKRWDFWLYDWHGFKDUFRDOILOWHUWRFRROGRZQRQDKHDW
UHVLVWDQWVXUIDFH
1RWHV
7KH DFWLYDWHG FKDUFRDO ILOWHUV FDQ EH UHJHQHUDWHG XS WR  WLPHV
DQGPXVWEHUHSODFHGDWOHDVWRQFHHYHU\\HDUV
:LWKQRUPDOXVHGDLO\IRUDSSUR[ KRXUWKHDFWLYDWHG
FKDUFRDOILOWHUVPXVWEHUHSODFHGDWOHDVWHYHU\ \HDUV
7KHDFWLYDWHGFKDUFRDOILOWHUUHPDLQVKRWIRUTXLWHVRPHWLPH
DIWHULWKDVEHHQUHJHQHUDWHG'RQRWSODFHWKHDFWLYDWHG
FKDUFRDOILOWHUGLUHFWO\RQWRDQHDVLO\GDPDJHGVXUIDFHVWUDLJKW
DIWHULWKDVEHHQUHJHQHUDWHG²DOORZLWWRFRROGRZQVXIILFLHQWO\
ILUVW
5HJHQHUDWHGDLUUHFLUFXODWLRQILOWHUVPD\EHGDPDJHGLIWKH\IDOO
RUDUHGURSSHG7KHGDPDJHLVQRWDOZD\VYLVLEOHIURPWKH
RXWVLGH'LVSRVHRIDQGUHSODFHGRZQDQ\UHJHQHUDWHGDLU
UHFLUFXODWLRQILOWHUVWKDWIDOORUDUHGURSSHG
'RQRWUHJHQHUDWHDFWLYDWHGFKDUFRDOILOWHUVXVLQJWKHS\URO\WLF
VHOIFOHDQLQJIXQFWLRQRUVLJQLILFDQWO\DERYH &
7R UHJHQHUDWH WKH DFWLYDWHG FKDUFRDO ILOWHU SODFH LW RQ D ZLUH UDFN
DVEDNLQJWUD\VPD\EHVFUDWFKHG
1HYHUFOHDQDFWLYDWHGFKDUFRDOILOWHUVZLWKFOHDQLQJSURGXFWV
ZDWHULQWKHGLVKZDVKHURUZLWKDGDPSFORWK
2GRXUVPD\GHYHORSZKHQUHJHQHUDWLQJWKHDFWLYDWHGFKDUFRDO
ILOWHU0DNHVXUHWKDWWKHURRPLVZHOOYHQWLODWHGDQGRSHQD
ZLQGRZLIUHTXLUHG

 5HPRYHWKHPHWDOJUHDVHILOWHUVHH´,QVWUXFWLRQPDQXDOIRUWKH
H[WUDFWRUKRRGµ
 5HPRYH WKH DFWLYDWHG FKDUFRDO ILOWHU :KHQ \RX GR WKLV WDNH KROG
RIWKHDFWLYDWHGFKDUFRDOILOWHUIURPXQGHUQHDWKZLWK\RXURWKHU
KDQG
 +HDW WKH DFWLYDWHG FKDUFRDO ILOWHU IRU  PLQXWHV DW  & LQ WKH
RYHQSUHKHDWHGXVLQJDLUUHFLUFXODWLRQPRGH
 $OORZWKHDFWLYDWHGFKDUFRDOILOWHUWRFRROGRZQ
 ,QVHUW WKH DFWLYDWHG FKDUFRDO ILOWHU VZLQJ LW XS DQG ORFN WKH WDE LQ
SODFH :KHQ \RX GR WKLV WDNH KROG RI WKH DFWLYDWHG FKDUFRDO ILOWHU
IURPXQGHUQHDWKZLWK\RXURWKHUKDQG
 )LWWKHPHWDOJUHDVHILOWHUVHH´,QVWUXFWLRQPDQXDOIRUWKH
H[WUDFWRUKRRGµ
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDU
/lVDQYLVQLQJHQQRJJUDQWRFKVSDUDGHQ6lNHUDQYlQGQLQJ
NUlYHUDWWLQE\JJQDGHQlUXWI|UGIDFNPlVVLJWHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UDWWHQKHWHQ
IXQJHUDUSnXSSVWlOOQLQJVSODWVHQ
'HWlUEDUDEHK|ULJIDFNPDQVRPInUDQVOXWDHQKHWHQ
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UDUEHWHQDYDOODVODJ
: 6NDGHULVN
YLGLQVWDOODWLRQSnJUXQGDYYDVVDNDQWHU$QYlQGDOOWLG
VN\GGVKDQGVNDUYLGLQVWDOODWLRQDYHQKHWHQ
0RQWHUDNROILOWHUPRGXOHQ
'HPRQWHUDEHNOlGQDGHQ VH µ0RQWHULQJVDQYLVQLQJWLOO
VSLVIOlNWHQµ
)lVWNROILOWHUPRGXOHQL IlVWMlUQHW ² %LOG 
)lVWVODQJHQLNROILOWHUPRGXOHQRFKU|UVWRVHQPHGGHWYn
U|UNOlPPRUQD²%LOG
6ODQJHQPnVWHYDUDVSlQGJ|UGHQNRUWDUHRPVnEHK|YV
0RQWHUDEHNOlGQDGHQVHµ0RQWHULQJVDQYLVQLQJWLOOVSLVIOlNWHQµ
6SULQJRUQDL GHQ LQUHEHNOlGQDGVGHOHQVNDVLWWDXSSWLOO
5HJHQHUHUDGHWDNWLYDNROILOWUHW
'XPnVWHUHJHQHUHUDILOWUHQPHGFDPnQDGHUVLQWHUYDOOYLG
QRUPDODQYlQGQLQJFDWLPPHSHUGDJI|UDWWKnOODERUWRVHW
'HWDNWLYDNROILOWUHWlUJRGNlQWI|UUHJHQHUHULQJLYDQOLJXJQ
: 5LVNI|UEUlQQVNDGRU
'HW DNWLYD NROILOWUHW I|UEOLU YDUPW OnQJW HIWHU UHJHQHUHULQJHQ 5|U LQWH
GHWDNWLYDNROILOWUHWGLUHNWHIWHUUHJHQHUHULQJHQXWDQOnWGHWI|UVW
VYDOQDRUGHQWOLJW
/nWGHWKHWDDNWLYDNROILOWUHWVYDOQDSnYlUPHWnOLJWXQGHUODJ
$QYLVQLQJ
'HDNWLYDNROILOWUHQJnUDWWUHJHQHUHUDXSSWLOOJJUPHQNUlYHU
E\WHHIWHUnU
%\W DNWLYD NROILOWHU PLQVW YDUW H nU YLG QRUPDODQYlQGQLQJ FD
WLPPHSHUGDJ
'HW DNWLYD NROILOWUHW I|UEOLU YDUPW OnQJW HIWHU UHJHQHUHULQJHQ /lJJ
LQWHGHWDNWLYDNROILOWUHWGLUHNWSn|PWnOLJD\WRUHIWHU
UHJHQHUHULQJHQXWDQOnWGHWI|UVWVYDOQDRUGHQWOLJW
5HJHQHUHUEDUDFLUNXODWLRQVILOWHUNDQEOLVNDGDGHRPGHIDOOHU
QHG6NDGRUQDJnULQWHDOOWLGDWWVHXWYlQGLJW2PKlQGHUWDRFK
E\WUHJHQHUHUEDUDFLUNXODWLRQVILOWHUVRPIDOOLWQHG
5HJHQHUHUDLQWHGHWDNWLYDNROILOWUHWPHGS\URO\VHOOHU
WHPSHUDWXUHUDYVHYlUW|YHU&
/lJJGHDNWLYDNROILOWUHQSnJDOOHUYLGUHJHQHUHULQJEDNSOnWDU
NDQEOLUHSDGH
5HQJ|UDOGULJDNWLYDNROILOWHUPHGUHQJ|ULQJVPHGHOYDWWHQ
GLVNPDVNLQHOOHUYnWWUDVD
'HWNDQOXNWDHQGHOYLGUHJHQHUHULQJHQDYGHWDNWLYDNROILOWUHW
6HWLOOVnDWWUXPPHWlUYlOYHQWLOHUDWRFK|SSQDI|QVWUHWRPGHW
EHK|YV
 7DXUPHWDOOILOWUHWVHIOlNWHQVEUXNVDQYLVQLQJ
 7D XU GHW DNWLYD NROILOWUHW +nOO VDPWLGLJW PHG DQGUD KDQGHQ XQGHU
GHWDNWLYDNROILOWUHW
 5HJHQHUHUDGHWDNWLYDNROILOWUHWLI|UYlUPGXJQPHGYDUPOXIWSn
&L PLQXWHU
 /nWGHWDNWLYDNROILOWUHWVYDOQD
 6lWWLGHWDNWLYDNROILOWUHWIlOOXSSRFKVQlSSIDVWIOLNHQ+nOO
VDPWLGLJWPHGDQGUDKDQGHQXQGHUGHWDNWLYDNROILOWUHW
 6lWWDLPHWDOOILOWUHWVHIOlNWHQVEUXNVDQYLVQLQJ
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHPHUNQDGHU
/HVGHQQHEUXNVDQYLVQLQJHQQ¡\HRJWDYDUHSnGHQIRUVHQHUH
EUXN6LNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJHQVNMHU
Sn IDJPHVVLJ PnWH L VDPVYDU PHG GHQQH PRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
$SSDUDWHWPnEDUHNREOHVWLODYJRGNMHQWHIDJIRON
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
: )DUHIRUVNDGH
3nJUXQQDYVNDUSHNDQWHUXQGHULQVWDOODVMRQHQ%UXNDOOWLG
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
0RQWHULQJDY VLUNXODVMRQVVSRU
'HPRQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
6LUNXODVMRQVVSRUHWKHQJHVLQQL KROGHYLQNHOHQ ² ELOGH 
)HVWVODQJHQPHGWR U¡UNODPPHUWLOVSRUHWIRURPOXIWRJ WLO
OXIWVWXVVHQ ² ELOGH 
6ODQJHQPn YUHUHWWRPQ¡GYHQGLJNDQGHQ IRUNRUWHV
0RQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
6SUHNNHQHSn GHQLQGUHSLSHEOHQGHQPn YUHRSSH
5HJHQHUHUHDNWLYWNXOOILOWHU
)RUDWJUDGHQDYOXNWIMHUQLQJVNDORSSUHWWKROGHVPnILOWUHQH
UHJHQHUHUHVFDKYHU²PnQHGYHGYDQOLJEUXNFD WLPH
GDJOLJ
.XOOILOWHUHWHUJRGNMHQWIRUUHJHQHUHULQJLYDQOLJVWHNHRYQ
: )DUHIRUIRUEUHQQLQJ
.XOOILOWHUHWHUIRUWVDWWYDUPWOHQJHHWWHUUHJHQHUHULQJHQ,NNHEHU¡U
NXOOILOWHUHWUHWWHWWHUUHJHQHUHULQJHQPHQODGHWNM¡OHVHJQHG
/HJJGHWYDUPHNXOOILOWHUHWSnHWXQGHUODJVRPWnOHUYDUPH
0HUNQDGHU
.XOOILOWHUHW NDQ UHJHQHUHUHV RSSWLO  JDQJHU RJ GHW Pn VNLIWHV XW
HWWHUPDNVnU
$NWLYNXOOILOWUHQHPnVNLIWHVXWPLQVWKYHUW nUYHGYDQOLJEUXN
FD WLPHGDJOLJ
$NWLYNXOOILOWHUHW HU IRUWVDWW YDUPW OHQJH HWWHU UHJHQHUHULQJHQ ,NNH
OHJJDNWLYNXOOILOWHUHWUHWWSn¡PILQWOLJHRYHUIODWHUUHWWHWWHU
UHJHQHUHULQJHQPHQODGHWNM¡OHVHJWLOVWUHNNHOLJQHGI¡UVW
5HJHQHUHUEDUHVLUNXODVMRQVILOWUHNDQVNDGHVKYLVGHIDOOHUQHG
6NDGHQHHULNNHDOOWLGV\QOLJHXWHQSn.DVWRJHUVWDWW
UHJHQHUHUEDUHVLUNXODVMRQVILOWUHVRPKDUIDOWQHG
$NWLYNXOOILOWHUHWPnLNNHUHJHQHUHUHVLS\URO\VHHOOHUEHW\GHOLJ
RYHU&
3ODVVHUDNWLYNXOOILOWHUHWSnHQULVWI¡UUHJHQHUHULQJHWWHUVRPGHW
NDQEOLRSSVNUDSWSnHQEDNHSODWH
%UXNDOGULUHQJM¡ULQJVPLGGHOYDQQRSSYDVNPDVNLQHOOHUHQ
IXNWLJNOXWWLOUHQJM¡ULQJDYDNWLYNXOOILOWHUHW
1nU NXOOILOWHUHW UHJHQHUHUHV NDQ GHW GDQQHV OXNW 3nVH DW URPPHW
HUJRGWYHQWLOHUWRJnSQHHWYLQGXYHGEHKRY
 7DXWPHWDOOIHWWILOWHUHWVH%UXNVDQYLVQLQJIRUDYWUHNNVKHWWHQ
 7D XW DNWLYNXOOILOWHUHW +ROG VDPWLGLJ PHG GHQ DQGUH KnQGHQ XQGHU
DNWLYNXOOILOWHUHW
 5HJHQHUHUNXOOILOWHUHWLGHQIRUYDUPHGHVWHNHRYQHQSn&
VLUNXODVMRQVOXIWLPLQXWWHU
 /DDNWLYNXOOILOWHUHWDYNM¡OHV
 6HWW LQQ DNWLYNXOOILOWHUHW YLSS GHW RSS RJ OD WDSSHQ NOLNNH Sn SODVV
+ROGVDPWLGLJPHGGHQDQGUHKnQGHQXQGHUDNWLYNXOOILOWHUHW
 6HWW LQQ PHWDOOIHWWILOWHUHW VH %UXNVDQYLVQLQJ IRU DYWUHNNVKHWWHQ
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWD
/XHMDVlLO\WlWlPlNl\WW|RKMHKXROHOOLVHVWL9DLQQlLGHQ
DVHQQXVRKMHLGHQPXNDLQHQDPPDWWLWDLWRLQHQDVHQQXVWDNDD
WXUYDOOLVHQNl\W|Q$VHQWDMDYDVWDDPRLWWHHWWRPDVWDWRLPLQQDVWD
DVHQQXVSDLNDVVD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDPPDWWLDVHQWDMD
-RNDLVHQKXROWRWRLPHQSLWHHQ\KWH\GHVVlRQODLWWHHVWDNDWNDLVWDYD
YLUWD
: /RXNNDDQWXPLVYDDUD
-RKWXHQ WHUlYLVWl UHXQRLVWD ODLWHWWD DVHQQHWWDHVVD $VHQQHWWDHVVD
Nl\WHWWlYlVXRMDNlVLQHLWl

,OPDYLUUDQRKMDLPHQDVHQQXV
,UURWDKRUPLVXRMXV NDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
$VHWDLOPDYLUUDQRKMDLQSDLNDOOHHQNXOPDUDXGDQYDUDDQ ²
NXYD 
.LLQQLWlOHWNXNDKGHOODSXWNLNLULVWLPHOOlLOPDQYLUUDQRKMDLPHHQMD
DVHQQXVNDXOXNVHHQ ² NXYD 
/HWNXQWXOHHROODNLUHlOOlO\KHQQlWDUYLWWDHVVD
$VHQQDKRUPLVXRMXVNDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
6LVHPPlQKRUPLVXRMXNVHQLOPDQYDLKWRDXNRW\O|V
$NWLLYLKLLOLVXRGDWWLPHQUHJHQHURLQWL
-RWWDKDMXMHQWHKRNDVSRLVWXPLQHQYRLGDDQWDDWDVXRGDWWLPHWRQ
UHJHQHURLWDYDWDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQ WXQWL
 NXXNDXGHQYlOHLQ
$NWLLYLKLLOLVXRGDWLQYRLGDDQUHJHQHURLGDWDYDQRPDLVHVVDXXQLVVD
: 3DORYDPPRMHQYDDUD
$NWLLYLKLLOLVXRGDWLQS\V\\UHJHQHURLQQLQMlONHHQNDXDQNXXPDQD
bOlNRVNHWDDNWLLYLKLLOLVXRGDWLQWDKHWLUHJHQHURLQQLQMlONHHQYDDQ
DQQDVHQHQVLQMllKW\lULLWWlYlVWL
$VHWDNXXPDDNWLLYLKLLOLVXRGDWLQMllKW\PllQNXXPXXWWDNHVWlYlOOH
DOXVWDOOH
+XRPDXWXNVLD
$NWLLYLKLLOLVXRGDWWLPHW YRLGDDQ UHJHQHURLGD HQLQWllQ  NHUWDD MD
QHRQYDLKGHWWDYDYLLPHLVWllQYXRGHQNXOXWWXD
$NWLLYLKLLOLVXRGDWWLPHWRQYDLKGHWWDYDWDYDQRPDLVHVVDNl\W|VVl
SlLYLWWlLQQ WXQWLYlKLQWllQ YXRGHQYlOHLQ
$NWLLYLKLLOLVXRGDWLQ S\V\\ UHJHQHURLQQLQ MlONHHQ NDXDQ NXXPDQD
bOlODVNHDNWLLYLKLLOLVXRGDWLQWDKHWLUHJHQHURLQQLQMlONHHQ
KHOOlYDUDLVWDNlVLWWHO\lYDDWLYLOOHSLQQRLOOHYDDQDQQDVHQHQVLQ
MllKW\lULLWWlYlVWL
5HJHQHURLWDYDWNLHUWRLOPDVXRGDWWLPHWYRLYDWYDXULRLWXDMRVQH
SllVHYlWSXWRDPDDQ9DXULRWHLYlWROHDLQDKDYDLWWDYLVVD
XONRSXROHOWD+lYLWlMDYDLKGDSXGRQQHHWUHJHQHURLWDYDW
NLHUWRLOPDVXRGDWWLPHW
bOlUHJHQHURLDNWLLYLKLLOLVXRGDWWLPLDS\URO\\VLWRLPLQQROODWDL
VHOYlVWL\OL&OlPS|WLODVVD
$VHWDDNWLLYLKLLOLVXRGDWLQUHJHQHURLQWLSURVHVVLDYDUWHQULWLOlOOH
NRVNDOHLYLQSHOOLWYRLYDWQDDUPXXQWXD
bOlSXKGLVWDDNWLLYLKLOOLVXRGDWLQWDNRVNDDQSXKGLVWXVDLQHLOOD
YHGHOOlDVWLDQSHVXNRQHHVVDWDLPlUlOOlOLLQDOOD
$NWLLYLKLLOLVXRGDWWLPHQUHJHQHURLQQLQ\KWH\GHVVlYRLPXRGRVWXD
KDMXMD9DUPLVWDHWWlKXRQHHVVDRQK\YlWXXOHWXVMDDYDD
WDUYLWWDHVVDLNNXQD
 ,UURWDPHWDOOLQHQUDVYDVXRGDWLQNV/LHVLWXXOHWWLPHQ
Nl\WW|RKMH
 ,UURWDDNWLLYLKLLOLVXRGDWLQ3LGlVDPDOODWRLVHOODNlGHOOlNLLQQL
DNWLLYLKLLOLVXRGDWWLPHQSRKMDVWD
 5HJHQHURLDNWLLYLKLLOLVXRGDWLQWDHVLOlPPLWHW\VVlXXQLVVD
OlPS|WLODVVD&NLHUWRLOPDPLQXXWWLD
 $QQDDNWLLYLKLLOLVXRGDWWLPHQMllKW\l
 $VHWDDNWLLYLKLLOLVXRGDWLQSDLNDOOHHQNllQQl\O|VSlLQMDOXNLWVH
NLHOHNH 3LGl VDPDOOD WRLVHOOD NlGHOOl NLLQQL DNWLLYLKLLOLVXRGDWWLPHQ
SRKMDVWD
 $VHQQDPHWDOOLQHQUDVYDVXRGDWLQNV/LHVLWXXOHWWLPHQ
Nl\WW|RKMH
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJW
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHPRJRSEHYDUGHQ
6LNNHUKHGHQ YHG EUXJHQ DI GHWWH DSSDUDW NDQ NXQ JDUDQWHUHV KYLV
PRQWHULQJHQIRUHWDJHVIDJOLJWNRUUHNWLKHQKROGWLODQYLVQLQJHUQHL
GHQQHPRQWHULQJVYHMOHGQLQJ,QVWDOODW¡UHQKDUDQVYDUHWIRUDW
DSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
$SSDUDWHWPnXGHOXNNHQGHWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
,QGHQGHUJHQQHPI¡UHVQRJHWDUEHMGHVNDOVWU¡PIRUV\QLQJHQ
DIEU\GHV
: )DUHIRUNYVWHOVHU
8QGHULQVWDOODWLRQHQSJDVNDUSHNDQWHU8QGHUDSSDUDWHWV
LQVWDOODWLRQVNDOPDQDOWLGKDYHEHVN\WWHOVHVKDQGVNHUSn
&LUNXODWLRQVI¡ULQJPRQWHUHV
'HPRQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
)DVWJ¡UPLOM¡VSRUHWL KROGHYLQNOHQ ² )LJ 
)DVWJ¡UVODQJHQWLOFLUNXODWLRQVI¡ULQJRJ OXIWVWXGVPHGGH WR
U¡UVSQGHEnQG ² )LJ 
6ODQJHQVNDOYUHVWUDPDINRUWGHQ HIWHUEHKRY
0RQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
6OLGVHUQHSn GHQ LQGYHQGLJHDIWUNVEHNOGQLQJYHQGHURSDG
5HJHQHUHULQJDIDNWLYWNXOILOWHU
)RUDWVLNUHHQWLOVWUNNHOLJOXJWUHGXNWLRQVNDOILOWUHQHYHGQRUPDO
EUXJFDWLPHGDJOLJWUHJHQHUHUHVFDKYHU PnQHG
'HDNWLYHNXOILOWUHHUJRGNHQGWWLOUHJHQHUHULQJLHQDOPLQGHOLJ
EDJHRYQ
: )DUHIRUIRUEUQGLQJ
'HWDNWLYHNXOILOWHUHUPHJHWYDUPWLODQJWLGHIWHUUHJHQHUHULQJHQ
5¡ULNNHYHGGHWDNWLYHNXOILOWHUXPLGGHOEDUWHIWHUUHJHQHUHULQJHQ
PHQODGGHWI¡UVWN¡OHWLOVWUNNHOLJWDI
/JGHWYDUPHDNWLYHNXOILOWHUWLODIN¡OLQJSnHWYDUPHEHVWDQGLJW
XQGHUODJ
$QYLVQLQJHU
'HDNWLYHNXOILOWUHNDQUHJHQHUHUHVRSWLOJDQJHRJVNDO
XGVNLIWHVVHQHVWHIWHUnU
9HGQRUPDOEUXJFDWLPHGDJOLJWVNDOGHDNWLYHNXOILOWUH
XGVNLIWHVPLQGVWKYHUWnU
'HW DNWLYH NXOILOWHU HU PHJHW YDUPW L ODQJ WLG HIWHU UHJHQHUHULQJHQ
/JLNNHGHWDNWLYHNXOILOWHUGLUHNWHSnVDUWHRYHUIODGHU
XPLGGHOEDUWHIWHUUHJHQHUHULQJHQPHQODGGHWI¡UVWN¡OH
WLOVWUNNHOLJWDI
5HJHQHUHUEDUHUHFLUNXODWLRQVILOWUHNDQEOLYHEHVNDGLJHWKYLVGH
IDOGHUQHG6nGDQQHEHVNDGLJHOVHUHULNNHDOWLGV\QOLJHXGHIUD
+YLVHWUHJHQHUHUEDUWUHFLUNXODWLRQVILOWHUHUIDOGHWQHGVNDOGHW
NDVVHUHVRJVNLIWHVXGPHGHWQ\W
'HWDNWLYHNXOILOWHUPnLNNHUHJHQHUHUHVPHGS\URO\VHHOOHU
EHW\GHOLJWRYHU&
/J GHW DNWLYH NXOILOWHU Sn HQ ULVW XQGHU UHJHQHUHULQJVSURFHVVHQ
IRUGLEDJHSODGHUNDQEOLYHULGVHW
'HWDNWLYHNXOILOWHUPnDOGULJUHQJ¡UHVPHGUHQJ¡ULQJVPLGOHU
YDQGYnGHNOXGHHOOHUYDVNHVLRSYDVNHPDVNLQHQ
'HU NDQ IRUHNRPPH OXJW L IRUELQGHOVH PHG UHJHQHUHULQJHQ DI GHU
DNWLYH NXOILOWHU 6¡UJ IRU DW UXPPHW HU JRGW YHQWLOHUHW RJ nEQ RP
Q¡GYHQGLJWYLQGXHW
 $IPRQWHUPHWDOIHGWILOWUHWVH(PKWWHQVEUXJVYHMOHGQLQJ´
 $IPRQWHUGHWDNWLYHNXOILOWHU+ROGVDPWLGLJGHQDQGHQKnQG
XQGHUGHWDNWLYHNXOILOWHU
 2SYDUP GHW DNWLYH NXOILOWHU  PLQXWWHU L GHQ IRUYDUPHGH RYQ YHG
 &FLUNXODWLRQVOXIW
 /DGGHWDNWLYHNXOILOWHUN¡OHDI
 6W GHW DNWLYH NXOILOWHU LQG NODS GHW RS RJ ODG ODVNHQ Jn L LQGJUHE
+ROGVDPWLGLJGHQDQGHQKnQGXQGHUGHWDNWLYHNXOILOWHU
 0RQWHUPHWDOIHGWILOWUHWVH(PKWWHQVEUXJVYHMOHGQLQJ´
es
Û
,QVWUXFFLRQHVGHPRQWDMH
&RQVHMRV\DGYHUWHQFLDV
/HHUFRQDWHQFLyQHVWDVLQVWUXFFLRQHV\FRQVHUYDUODV6RODPHQWH
XQ PRQWDMH SURIHVLRQDO FRQIRUPH D HVWDV LQVWUXFFLRQHV GH PRQWDMH
SXHGHJDUDQWL]DUXQXVRVHJXURGHODSDUDWR(OLQVWDODGRUHV
UHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
(ODSDUDWRVRORKDGHVHUFRQHFWDGRSRUXQWpFQLFRDXWRUL]DGR
$QWHVGHUHDOL]DUFXDOTXLHUWUDEDMRVHKDGHFRUWDUHOVXPLQLVWUR
HOpFWULFR
: £3HOLJURGHOHVLRQHV
SRU ERUGHV DILODGRV GXUDQWH OD LQVWDODFLyQ 8WLOL]DU VLHPSUH JXDQWHV
GHSURWHFFLyQGXUDQWHODLQVWDODFLyQGHODSDUDWR
0RQWDUHO GHVYtRGHFLUFXODFLyQGH DLUH
'HVPRQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHV
GHPRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
(QJDQFKDUHO GHVYtRGH FLUFXODFLyQGH DLUHHQHOiQJXOR
GH VXMHFLyQ ² )LJXUD 
6XMHWDUODPDQJXHUDPHGLDQWHODDEUD]DGHUDFRUUHVSRQGLHQWH
HQHOGHVYtRGHFLUFXODFLyQGHDLUH\HOWXER²)LJ
/D PDQJXHUDGHEHHVWDUWHQVD$FRUWDUODVLKLFLHUDIDOWD
0RQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHVGH
PRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
/DV UDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGH ODFKLPHQHDYDQKDFLD
DUULED

5HJHQHUDUHOILOWURGHFDUEyQDFWLYR
&RQXQXVRQRUPDOGHDSUR[ KDOGtDVHGHEHQUHJHQHUDUORV
ILOWURVFDGDRPHVHVSDUDJDUDQWL]DUODILOWUDFLyQGHRORUHV
6H DXWRUL]D OD UHJHQHUDFLyQ GHO ILOWUR GH FDUEyQ DFWLYR HQ XQ KRUQR
FRQYHQFLRQDO
: £3HOLJURGHTXHPDGXUDV
(OILOWURGHFDUEyQDFWLYRSHUPDQHFHFDOLHQWHGXUDQWHXQWLHPSR
SURORQJDGR WUDV VX UHJHQHUDFLyQ 1R WRFDU GLUHFWDPHQWH HO ILOWUR GH
FDUEyQDFWLYRWUDVVXUHJHQHUDFLyQGHMDUTXHVHHQIUtH
&RORFDUHOILOWURGHFDUEyQDFWLYRFDOLHQWHVREUHXQDVXSHUILFLH
UHVLVWHQWHDOFDORUSDUDTXHVHHQIUtH
1RWDV
/RV ILOWURV GH FDUEyQ DFWLYR SXHGHQ UHJHQHUDUVH KDVWD  YHFHV
\GHEHQVXVWLWXLUVHFRPRPtQLPRGHVSXpVGHDxRVGHXVR
&RQXQXVRQRUPDOGHDSUR[ KDOGtDORVILOWURVGHFDUEyQ
DFWLYRGHEHQVXVWLWXLUVHFRPRPtQLPRGHVSXpVGHDxRVGH
XVR
(OILOWURGHFDUEyQDFWLYRSHUPDQHFHFDOLHQWHGXUDQWHXQWLHPSR
SURORQJDGR WUDV VX UHJHQHUDFLyQ 1R GHSRVLWDU HO ILOWUR GH FDUEyQ
DFWLYRGLUHFWDPHQWHVREUHVXSHUILFLHVGHOLFDGDVWUDVVX
UHJHQHUDFLyQGHMDUTXHVHHQIUtHORVXILFLHQWHDQWHV
/RVILOWURVUHHPSOD]DEOHVGHFLUFXODFLyQGHODLUHSXHGHQVXIULU
GDxRVVLVHFDHQ/RVGDxRVQRVLHPSUHVHUiQYLVLEOHVSRU
IXHUD (OLPLQDU \ VXVWLWXLU ORV ILOWURV UHHPSOD]DEOHV GH FLUFXODFLyQ
GHDLUHTXHVHKD\DQFDtGR
1RUHJHQHUDUHOILOWURGHFDUEyQDFWLYRHQSLUyOLVLVRSRUHQFLPD
GHORV &
3DUDHOSURFHVRGHUHJHQHUDFLyQFRORFDUHOILOWURGHFDUEyQ
DFWLYRVREUHXQDSDUULOOD\DTXHODVEDQGHMDVGHKRUQRSRGUtDQ
VXIULUDUDxD]RV
-DPiVOLPSLDUORVILOWURVGHFDUEyQDFWLYRFRQDJHQWHV
OLPSLDGRUHV FRQ DJXD HQ HO ODYDYDMLOODV R FRQ XQ WUDSR K~PHGR
(V SRVLEOH TXH VH SURGX]FDQ RORUHV GXUDQWH OD UHJHQHUDFLyQ GHO
ILOWURGHFDUEyQDFWLYR$VHJXUDUVHGHTXHODHVWDQFLDHVWp
FRUUHFWDPHQWHYHQWLODGD\DEULUXQDYHQWDQDHQFDVRQHFHVDULR
 'HVPRQWDUHOILOWURGHPHWDODQWLJUDVDYpDVH©,QVWUXFFLRQHVGH
XVRGHODFDPSDQDH[WUDFWRUDª
 'HVPRQWDUHOILOWURGHFDUEyQDFWLYR$JDUUDUSRUGHEDMRHOILOWUR
GHFDUEyQDFWLYRFRQODRWUDPDQR
 (IHFWXDUODUHJHQHUDFLyQGHOILOWURGHFDUEyQDFWLYRHQHOKRUQR
SUHFDOHQWDGR\D&UHFLUFXODFLyQGHDLUHGXUDQWH
PLQXWRV
 'HMDUHQIULDUHOILOWURGHFDUEyQDFWLYR
 &RORFDU HO ILOWUR GH FDUEyQ DFWLYR SOHJDUOR KDFLD DUULED \ HQFDMDU
ODOHQJHWD$OPLVPRWLHPSRDJDUUDUFRQODRWUDPDQRSRU
GHEDMRGHOILOWURGHFDUEyQDFWLYR
 0RQWDU HO ILOWUR GH PHWDO DQWLJUDVD YpDVH ©,QVWUXFFLRQHV GH XVR
GHODFDPSDQDH[WUDFWRUDª
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHV
/HLDDWHQWDPHQWHHJXDUGHHVWDVLQVWUXo}HV$SHQDVVHD
PRQWDJHPIRUUHDOL]DGDGHIRUPDWHFQLFDPHQWHFRUUHFWDHP
FRQIRUPLGDGHFRPHVWDVLQVWUXo}HVGHPRQWDJHPVHSRGH
JDUDQWLUDVHJXUDQoDGXUDQWHDXWLOL]DomR2LQVWDODGRUp
UHVSRQViYHOSHORIXQFLRQDPHQWRFRUUHFWRQRORFDOGHLQVWDODomR
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
'HVOLJDUDDOLPHQWDomRHOpFWULFDDQWHVGHUHDOL]DUTXDLVTXHU
WUDEDOKRV
: 3HULJRGHIHULPHQWRV
GHYLGRDFDQWRVSRQWLDJXGRVGXUDQWHDLQVWDODomR8VDUVHPSUH
OXYDVGHSURWHFomRGXUDQWHDLQVWDODomRGRDSDUHOKR
0RQWDJHPGR VHSDUDGRUGD FLUFXODomRGH DU
'HVPRQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU©,QVWUXo}HVGH
0RQWDJHPGR H[DXVWRUª
6XVSHQGHUR VHSDUDGRUGD FLUFXODomRGH DUQRkQJXOR
GH IL[DomR ² )LJ 
)L[DUR WXERIOH[tYHOFRPDVGXDVEUDoDGHLUDVQRVHSDUDGRU
GH FLUFXODomRGHDUH QRERFDOGHDGPLVVmRGHDU ² )LJ 
2 WXERIOH[tYHOWHPTXHHVWDUHVWLFDGRVHQHFHVViULRHQFXUWDU
0RQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU ©,QVWUXo}HV
GH 0RQWDJHPGRH[DXVWRUª
5DQKXUDVGRSDLQHOGHFRUDWLYRLQWHULRUGD FKDPLQpSDUDFLPD
5HJHQHUDUILOWURGHFDUYmRDWLYR
3DUDJDUDQWLURJUDXGHVHSDUDomRGRRGRUpQHFHVViULR
UHJHQHUDU RV ILOWURV WRGRV RV  PHVHV QR FDVR GH XPD XWLOL]DomR
QRUPDOGLDULDPHQWHFHUFDGHKRUD
2ILOWURGHFDUYmRDWLYRHVWiDSURYDGRSDUDDUHJHQHUDomRQXP
IRUQRGLVSRQtYHOQRPHUFDGR
: 3HULJRGHTXHLPDGXUDV
2ILOWURGHFDUYmRDWLYRSHUPDQHFHTXHQWHGXUDQWHPXLWRWHPSR
DSyV D UHJHQHUDomR 1mR WRTXH QR ILOWUR GH FDUYmR DWLYR ORJR DSyV
DUHJHQHUDomRGHL[HRDUUHIHFHU
&RORTXH R ILOWUR GH FDUYmR DWLYR TXHQWH VREUH XPD EDVH UHVLVWHQWH
DRFDORUSDUDRDUUHIHFHU
1RWDV
2V ILOWURV GH FDUYmR DWLYR SRGHP VHU UHJHQHUDGRV DWp  YH]HV H
GHYHPVHUVXEVWLWXtGRVSHORPHQRVDSyVDQRV
2VILOWURVGHFDUYmRDWLYRGHYHPVHUVXEVWLWXtGRVSHORPHQRV
WRGRV RV  DQRV QR FDVR GH XPD XWLOL]DomR QRUPDO GLDULDPHQWH
FHUFDGHKRUD
2 ILOWUR GH FDUYmR DWLYR SHUPDQHFH TXHQWH GXUDQWH PXLWR WHPSR
DSyVDUHJHQHUDomR1mRWRTXHGLUHWDPHQWHQDVVXSHUItFLHV
VHQVtYHLVGRILOWURGHFDUYmRDWLYRORJRDSyVDUHJHQHUDomR
GHYHGHL[iORDUUHIHFHUGXUDQWHWHPSRVXILFLHQWH
)LOWURVUHJHQHUiYHLVGHUHFLUFXODomRGHDUSRGHPVHU
GDQLILFDGRVGHYLGRDTXHGDV2VGDQRVQHPVHPSUHVmR
YLVtYHLVDSDUWLUGRH[WHULRU(OLPLQHHVXEVWLWXDILOWURV
UHJHQHUiYHLV GH UHFLUFXODomR GH DU TXH WHQKDP VRIULGR TXHGDV
1mRUHJHQHUHILOWURVGHFDUYmRDWLYRHPSLUyOLVHRXFODUDPHQWH
DFLPDGH&
3DUD R SURFHVVR GH UHJHQHUDomR FRORFDU R ILOWUR GH FDUYmR DWLYR
HPFLPDGHXPDJUHOKDSRLVRVWDEXOHLURVGRIRUQRSRGHP
SURYRFDUULVFRV
1XQFDOLPSHRILOWURGHFDUYmRDWLYRFRPSURGXWRVGHOLPSH]D
iJXDQDPiTXLQDGHODYDUQHPFRPXPSDQRPROKDGR
'XUDQWHDUHJHQHUDomRGRILOWURGHFDUYmRDWLYRSRGHRFRUUHUD
IRUPDomR GH RGRUHV &HUWLILTXHVH GH TXH R HVSDoR VH HQFRQWUD
EHPDUHMDGRHVHQHFHVViULRDEUDXPDMDQHOD
 'HVPRQWHRILOWURPHWiOLFRGHJRUGXUDVYHU0DQXDOGH
LQVWUXo}HVGRH[DXVWRU
 'HVPRQWHRILOWURGHFDUYmRDWLYR&RPDRXWUDPmRVHJXUHR
ILOWURGHFDUYmRDWLYRSRUEDL[R
 5HJHQHUH RV ILOWURV GH FDUYmR DWLYR GXUDQWH  PLQXWRV QR IRUQR
SUHDTXHFLGRD&DUFLUFXODQWH
 'HL[HRILOWURGHFDUYmRDWLYRDUUHIHFHU
 &RORTXHRILOWURGHFDUYmRDWLYRYLUHRSDUDFLPDHHQJDWHD
SDWLOKD&RPDRXWUDPmRVHJXUHRILOWURGHFDUYmRDWLYRSRU
EDL[R
 0RQWH R ILOWUR PHWiOLFR GH JRUGXUDV YHU 0DQXDO GH LQVWUXo}HV GR
H[DXVWRU
fr
Þ
1RWLFHGHPRQWDJH
5HFRPPDQGDWLRQVLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHWWHQRWLFHHWODFRQVHUYHUVRLJQHXVHPHQW
6HXOHPHQWHQFDVGHQFDVWUHPHQWFRUUHFWVHORQFHWWHQRWLFHGH
PRQWDJHODVpFXULWpHVWJDUDQWLHORUVGHOXWLOLVDWLRQ/HPRQWHXU
HVW UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO
HVWLQVWDOOp
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
$YDQWWRXWWUDYDLOFRXSHUODOLPHQWDWLRQpOHFWULTXH
: 5LVTXHGHEOHVVXUH
SHQGDQWOLQVWDOODWLRQjFDXVHGHVDUrWHVYLYHV3HQGDQW
OLQVWDOODWLRQGHODSSDUHLOWRXMRXUVSRUWHUGHVJDQWVGHSURWHFWLRQ
0RQWHUOH FODSHWDLJXLOODQWVXUOH PRGH5HF\FODJH
GH O·DLU
'pPRQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH
ODKRWWHDVSLUDQWH ª
$FFURFKH]OH FODSHWDLJXLOOHXUGDQVOD FRUQLqUHGH UHWHQXH ²
)LJXUH 
)L[H]OH IOH[LEOHj O·DLGHGHGHX[FROOLHUVFRQWUHO·DLJXLOODJHG·DLU
HWOH PDQFKRQj DLU ² )LJXUH 
/H IOH[LEOHGRLWrWUHWHQGX UDFFRXUFLVVH]OHVLQpFHVVDLUH
0RQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH OD
KRWWHDVSLUDQWH ª
/HV RXwHV GX FDSRW LQWpULHXU GH FKHPLQpH UHJDUGHQW YHUV OH KDXW

5pJpQpUDWLRQGXILOWUHjFKDUERQDFWLI
$ILQGHJDUDQWLUODFDSDFLWpGHUpWHQWLRQGHVRGHXUVOHVILOWUHV
GRLYHQWrWUHUpJpQpUpVWRXVOHVj PRLVHQIRQFWLRQQHPHQW
QRUPDOHQYLURQ KHXUHSDUMRXU
/HILOWUHjFKDUERQDFWLISHXWrWUHUpJpQpUpGDQVXQIRXUXVXHO
: 5LVTXHGHEUOXUH
/HILOWUHjFKDUERQDFWLIUHVWHFKDXGORQJWHPSVDSUqVVD
UpJpQpUDWLRQ1HOHWRXFKH]SDVGLUHFWHPHQWDSUqVVD
UpJpQpUDWLRQODLVVH]GDERUGOHILOWUHUHIURLGLU
3RXUFHIDLUHSRVH]OHILOWUHjFKDUERQDFWLIFKDXGVXUXQVXSSRUW
UpVLVWDQWjODFKDOHXU
5HPDUTXHV
/HVILOWUHVjFKDUERQDFWLISHXYHQWrWUHUpJpQpUpV IRLVHW
GRLYHQWrWUHUHPSODFpVDXPRLQVWRXVOHV DQV
/HVILOWUHVjFKDUERQDFWLIGRLYHQWrWUHUHPSODFpVDXPRLQVWRXV
OHV DQVHQIRQFWLRQQHPHQWQRUPDOHQY KSDUMRXU
/HILOWUHjFKDUERQDFWLIUHVWHORQJWHPSVFKDXGDSUqVVD
UpJpQpUDWLRQ1HSODFH]SDVGLUHFWHPHQWOHILOWUHjFKDUERQDFWLI
VXUGHVVXUIDFHVVHQVLEOHVDSUqVVDUpJpQpUDWLRQPDLVODLVVH]
OHGDERUGUHIURLGLUVXIILVDPPHQWGHWHPSV
/HV ILOWUHV GH UHF\FODJH UpJpQpUDEOHV SHXYHQW rWUH HQGRPPDJpV
HQFDVGHFKXWH/HVGpJkWVQHVRQWSDVWRXMRXUVYLVLEOHVGH
OH[WpULHXU (Q FDV GH FKXWH GXQ ILOWUH GH UHF\FODJH UpJpQpUDEOH
PHWWH]OHDXUHEXWHWUHPSODFH]OH
1H UpJpQpUH] SDV OHV ILOWUHV j FKDUERQ DFWLI GDQV OD S\URO\VH QL j
XQHWHPSpUDWXUHQHWWHPHQWVXSpULHXUHj &
3RVHU OH ILOWUH j FKDUERQ DFWLI VXU XQH JULOOH SRXU OH SURFHVVXV GH
UpJpQpUDWLRQFDUOHVW{OHVGHFXLVVRQULVTXHQWGHVHUD\HU
1H MDPDLV QHWWR\HU OH ILOWUH j FKDUERQ DFWLI DYHF GX GpWHUJHQW GH
OHDXGDQVOHODYHYDLVVHOOHQLDYHFXQFKLIIRQKXPLGH
/DUpJpQpUDWLRQGXILOWUHjFKDUERQDFWLISHXWHQWUDvQHUXQ
GpJDJHPHQW GRGHXU $VVXUH]YRXV TXH OD SLqFH ELHQ YHQWLOpH HW
RXYUH]XQHIHQrWUHVLQpFHVVDLUH
 'pPRQWHU OH ILOWUH j JUDLVVH PpWDOOLTXH YRLU © 1RWLFH GXWLOLVDWLRQ
GHODKRWWHDVSLUDQWH ª
 'pPRQWH]OHILOWUHjFKDUERQDFWLI3RXUFHIDLUHSODFH]O·DXWUH
PDLQVRXVOHILOWUHjFKDUERQDFWLIHWVDLVLVVH]OH
 5pJpQpUH]OHILOWUHjFKDUERQDFWLIGDQVXQIRXUSUpFKDXIIp
FKDOHXUYHQWLOpHj&SHQGDQWPLQXWHV
 /DLVVHUUHIURLGLUOHILOWUHjFKDUERQDFWLI
 ,QVpUH]OHILOWUHjFKDUERQDFWLIUDEDWWH]OHYHUVOHKDXWHW
HQFOHQFKH]ODSDWWH3RXUFHIDLUHSODFH]O·DXWUHPDLQVRXVOH
ILOWUHjFKDUERQDFWLIHWVDLVLVVH]OH
 0RQWHU OH ILOWUH j JUDLVVH PpWDOOLTXH YRLU © 1RWLFH GXWLOLVDWLRQ GH
ODKRWWHDVSLUDQWH ª
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRUHQEHZDDUKHP
JRHG$OOHHQDOVGHLQERXZRSGHVNXQGLJHZLM]HHQFRQIRUPGLW
LQVWDOODWLHYRRUVFKULIWZRUGWXLWJHYRHUGLVGHYHLOLJKHLGELMKHW
JHEUXLN JHJDUDQGHHUG 'H LQVWDOODWHXU LV YHUDQWZRRUGHOLMN YRRU HHQ
JRHGHZHUNLQJRSGHSODDWVYDQRSVWHOOLQJ
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
: 5LVLFRYDQOHWVHO
WLMGHQVGHLQVWDOODWLHGRRUVFKHUSHUDQGHQ'UDDJWLMGHQVGH
LQVWDOODWLHYDQKHWDSSDUDDWDOWLMGYHLOLJKHLGVKDQGVFKRHQHQ
/XFKWJHOHLGHUPRQWHUHQ
6FKRRUVWHHQDIVFKHUPLQJ GHPRQWHUHQ ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
/XFKWJHOHLGHULQ GH EHYHVWLJLQJVKRHNKDQJHQ ² DIE 
6ODQJPHWGH WZHHEXLVNOHPPHQEHYHVWLJHQDDQGH
OXFKWJHOHLGHUHQKHWOXFKWDIYRHUDDQVOXLWVWXN²DIE 
'H VODQJPRHWVWUDNVWDDQHYHQWXHHOLQNRUWHQ
6FKRRUVWHHQDIVFKHUPLQJPRQWHUHQ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
6OHXYHQYDQKHW ELQQHQVWHVFKRRUVWHHQDIVFKHUPVWXNZLM]HQ
QDDUERYHQ
$FWLHINRROILOWHUUHJHQHUHUHQ
2PKHWQLYHDXYDQJHXUDIVFKHLGLQJWHZDDUERUJHQPRHWHQGH
ILOWHUVELMQRUPDDOJHEUXLNGDJHOLMNVFD XXUHONH PDDQGHQ
ZRUGHQJHUHJHQHUHHUG
+HWDFWLHINRROILOWHULVYRRUUHJHQHUDWLHLQHHQJDQJEDUHRYHQ
WRHJHVWDDQ
: *HYDDUYRRUYHUEUDQGLQJ
+HWDFWLHINRROILOWHUEOLMIWQDKHWUHJHQHUHUHQODQJHWLMGKHHW+HW
DFWLHI NRROILOWHU GLUHFW QD KHW UHJHQHUHUHQ QLHW DDQUDNHQ PDDU HHUVW
YROGRHQGHODWHQDINRHOHQ
+HWKHWHDFWLHINRROILOWHUYRRUKHWDINRHOHQRSHHQKLWWHEHVWHQGLJH
RQGHUJURQGOHJJHQ
$DQZLM]LQJHQ
'HDFWLHINRROILOWHUVNXQQHQPD[LPDDONHHUZRUGHQ
JHUHJHQHUHHUG HQ PRHWHQ XLWHUOLMN QD  MDDU ZRUGHQ YHUYDQJHQ
'HDFWLHYHNRROILOWHUVPRHWHQELMQRUPDDOJHEUXLNGDJHOLMNVFD
XXUWHQPLQVWHRPGH MDDUZRUGHQYHUZLVVHOG
'HDFWLHYHNRROILOWHUEOLMIWQDKHWUHJHQHUHUHQODQJHWLMGKHHW'H
DFWLHYH NRROILOWHU GLUHFW QD KHW UHJHQHUHQ QLHW GLUHFW RS JHYRHOLJH
RSSHUYODNNHQOHJJHQPDDUHHUVWYROGRHQGHODWHQDINRHOHQ
5HJHQHUHHUEDUHFLUFXODWLHOXFKWILOWHUVNXQQHQGRRUWHYDOOHQ
ZRUGHQEHVFKDGLJG'HEHVFKDGLJLQJHQ]LMQYDQEXLWHQQLHW
DOWLMG]LFKWEDDU9RHUJHYDOOHQUHJHQHHUEDUHFLUFXODWLHOXFKWILOWHUV
DIHQYHUYDQJ]H
$FWLHYHNRROILOWHUVQLHWWLMGHQVGH]HOIUHLQLJLQJRIGXLGHOLMNERYHQ
GH&UHJHQHUHUHQ
'HDFWLHYHNRROILOWHUYRRUKHWUHJHQHUDWLHSURFHVRSHHQURRVWHU
OHJJHQ RPGDW HU DQGHUV NUDVVHQ RS GH EDNSODDW NXQQHQ NRPHQ
$NWLHYH NRROILOWHUV QRRLW UHLQLJHQ PHW VFKRRQPDDNPLGGHOHQ PHW
ZDWHULQGHYDDWZDVPDFKLQHRIPHWHHQQDWWHGRHN
%LMKHWUHJHQHUHUHQYDQKHWDFWLHINRROILOWHUNDQHU
JHXURQWZLNNHOLQJRSWUHGHQ=RUJHUYRRUGDWGHUXLPWHJRHGLV
JHYHQWLOHHUGHQRSHQLQGLHQQRGLJHHQUDDP
 0HWDOHQYHWILOWHUGHPRQWHUHQ]LHÅJHEUXLNVDDQZLM]LQJELMGH
DI]XLJNDS´
 $FWLHYH NRROILOWHU GHPRQWHUHQ 'DDUELM GLHQW X KHP PHW GH DQGHUH
KDQGWHRQGHUVWHXQHQ
 $FWLHI NRROILOWHU LQ YRRUYHUZDUPGH RYHQ ELM & FLUFXODWLHOXFKW
JHGXUHQGHPLQXWHQUHJHQHUHUHQ
 $FWLHYHNRROILOWHUODWHQDINRHOHQ
 $FWLHYHNRROILOWHULQEUHQJHQQDDUERYHQNODSSHQHQKHWOLSMHLQ
ODWHQNOLNNHQ'DDUELMGLHQWXKHPPHWGHDQGHUHKDQGWH
RQGHUVWHXQHQ
 0HWDOHQYHWILOWHUPRQWHUHQ]LHGHÅJHEUXLNVDDQZLM]LQJELMGH
DI]XLJNDS´
it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL
/HJJHUHDWWHQWDPHQWHHFRQVHUYDUHTXHVWH,VWUX]LRQLSHUOXVR
6RORXQPRQWDJJLRLQDFFRUGRFRQOHUHODWLYHLVWUX]LRQLSXz
JDUDQWLUHXQXWLOL]]RVLFXURGHOODSSDUHFFKLR/LQVWDOODWRUHq
UHVSRQVDELOHGHOFRUUHWWRIXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRGHYHHVVHUHHIIHWWXDWR
HVFOXVLYDPHQWHGDXQWHFQLFRTXDOLILFDWRHDXWRUL]]DWR
6WDFFDUHODOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
: 3HULFRORGLOHVLRQL
&DXVDWRGXUDQWHOLQVWDOOD]LRQHGDERUGLDIILODWL,QGRVVDUHVHPSUH
JXDQWLGLSURWH]LRQHGXUDQWHOLQVWDOOD]LRQHGHOODSSDUHFFKLR
0RQWDJJLRGHO GHIOHWWRUHDULD
6PRQWDUH LO ULYHVWLPHQWR GHO FDPLQR YHG ©,VWUX]LRQL G·XVR GHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
$JJDQFLDUHLO GHIOHWWRUHDULDDOO·DQJRODUHGL VXSSRUWR ² )LJXUD 
)LVVDUH LO WXER IOHVVLELOH FRQ GXH IDVFHWWH VWULQJLWXER D GHIOHWWRUH
DULDH ERFFKHWWRQHDULD ² )LJXUD 
,OWXERIOHVVLELOHGHYHHVVHUHWHVRHYHQWXDOPHQWHDFFRUFLDUOR
0RQWDUHLO ULYHVWLPHQWRGHOFDPLQRYHG ©,VWUX]LRQLG·XVRGHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
)HVVXUHGHO ULYHVWLPHQWRLQWHUQRGHO FDPLQRYHUVRO·DOWR
5LJHQHUD]LRQHGHOILOWURDFDUERQHDWWLYR
3HUJDUDQWLUHODULGX]LRQHGHLFDWWLYLRGRULLQFDVRGLHVHUFL]LR
QRUPDOHFLUFD RUDDOJLRUQRqQHFHVVDULRULJHQHUDUHLILOWULRJQL
 PHVL
ËFRQVHQWLWRULJHQHUDUHLOILOWURDFDUERQHDWWLYRLQXQQRUPDOH
IRUQR
: 3HULFRORGL XVWLRQL
'RSRODULJHQHUD]LRQHLOILOWURDFDUERQHDWWLYRULPDQHFDOGRD
OXQJR1RQWRFFDUHLOILOWURDFDUERQHDWWLYRVXELWRGRSROD
ULJHQHUD]LRQHPDODVFLDUORUDIIUHGGDUH
5LSRUUHLOILOWURFDOGRDFDUERQHDWWLYRVXXQDVXSHUILFLHUHVLVWHQWH
DOFDORUHDIILQFKpVLUDIIUHGGL

$YYHUWHQ]H
, ILOWUL D FDUERQH DWWLYR SRVVRQR HVVHUH ULJHQHUDWL ILQR D  YROWH H
GHYRQRHVVHUHVRVWLWXLWLDOPHQRGRSRDQQL
,QFDVRGLHVHUFL]LRQRUPDOHFLUFD RUDDOJLRUQRLILOWULD
FDUERQHDWWLYRGHYRQRHVVHUHVRVWLWXLWLDOPHQRRJQL DQQL
'RSRODULJHQHUD]LRQHLOILOWURDFDUERQHDWWLYRULPDQHFDOGRD
OXQJR1RQDSSRJJLDUHLOILOWURDFDUERQHDWWLYRVXELWRGRSROD
ULJHQHUD]LRQHDFRQWDWWRGLUHWWRFRQVXSHUILFLGHOLFDWHODVFLDUOR
SULPDUDIIUHGGDUHDVXIILFLHQ]D
,ILOWULSHUULFLUFRORGDULDULQQRYDELOLSRVVRQRHVVHUHGDQQHJJLDWL
DFDXVDGLFDGXWH,GDQQLQRQVRQRVHPSUHYLVLELOLGDOOHVWHUQR
6PDOWLUHHVRVWLWXLUHLILOWULDULFLUFRORGDULDULQQRYDELOLFKHVRQR
FDGXWL
1RQULJHQHUDUHLOILOWURDFDUERQHDWWLYRFRQODSLUROLVLRPROWR
ROWUH&
3HULOSURFHVVRGLULJHQHUD]LRQHSRVL]LRQDUHLOILOWURDFDUERQH
DWWLYRVXXQDJULJOLDSRLFKpOHWHJOLHGDIRUQRSRWUHEEHUR
JUDIILDUVL
1RQSXOLUHPDLLOILOWURDFDUERQHDWWLYRFRQGHWHUJHQWLFRQ
DFTXDLQODYDVWRYLJOLHRFRQXQSDQQREDJQDWR
/DULJHQHUD]LRQHGHOILOWURDFDUERQHDWWLYRSXzFDXVDUHOD
IRUPD]LRQH GL RGRUL $VVLFXUDUVL FKH OD VWDQ]D VLD EHQ DULHJJLDWD
HVHQHFHVVDULRDSULUHXQDILQHVWUD
 5LPXRYHUHLOILOWURJUDVVLPHWDOOLFRYHGHUH´,VWUX]LRQLSHUOXVR
GHOODFDSSDGLDVSLUD]LRQHµ
 6PRQWDUHLOILOWURDFDUERQHDWWLYR&RQO·DOWUDPDQRDIIHUUDUHLO
ILOWURDFDUERQHDWWLYRGDVRWWR
 5LJHQHUDUH LO ILOWUR D FDUERQH DWWLYR LQ IRUQR SUHULVFDOGDWR D &
FRPELQD]LRQHFRQDULDSHU PLQXWL
 /DVFLDUHUDIIUHGGDUHLOILOWURDFDUERQHDWWLYR
 ,QVHULUHLOILOWURDFDUERQHDWWLYRSLHJDUORYHUVRODOWRHLQQHVWDUH
OD OLQJXHWWD &RQ O·DOWUD PDQR DIIHUUDUH LO ILOWUR D FDUERQH DWWLYR GD
VRWWR
 ,QVWDOODUHLOILOWURJUDVVLPHWDOOLFRYHGHUH´,VWUX]LRQLSHUOXVR
GHOODFDSSDGLDVSLUD]LRQHµ
el
Ù
̯̓͆͂̾̈́͐͉̻̈́͂̀͒͑͒̀͑͆͐
̵͉͎̓͏͕͓͋͌̿͖͇͇͓͑͆́͐͋
῭͈̻́͑͒̈́͓̼̀͒͐͈͒͐͎̓͆͂̾̈́͐͏͎͉͈͉̻͑̈́͒͉͈̀͔͓̻͍͊͒̈́͈͒͐̬͚͎͌͑̈́
̈́͏̾͒͗͑͆͑͗͑͒̽͐͉̻̈́͂̀͒͑͒̀͑͆͐͔͑͛͋͗͌̀͋̈́͓̼̀͒͐͈͒͐͎̓͆͂̾̈́͐
͎͒͎͇̼͒͆͑͆͐͍͔͈̈́̀͑̀͊̾̈́͒̀ͅ͆͔̻͈̀͑͊̈́̀͉̻̀͒͒͆͕͏̽͑͆̯
͉̻̈́͂̀͒̀͑͒͒͆͐͈̈́̾͌̀͓͇͓͎̈́͛͌͐͈͂̀͒͆͌̻͖͎͂͆͈͎͓͊̈́͒͏͂̾̀͑͒͆͇̼͑͆
͎͒͎͇̼͒͆͑͆͐
̬͚͎͌̼͌̀͐͈͎͕͎̀̓̈́͛͐͕͈͉͚͒̈́͌͐̈́͈͒͏̼͈̈́͒̀͌̀͓̼͈͑͌̓͑̈́͒͆͓͉͓͑͑̈́̽
̰͏͈͌͒͆͌͉̼̈́͒͊̈́͑͆͎͎͈̀͑̓̽͎͒̈́̈́͏͂̀͑̾̀͐͉͊̈́̾͌̈́͒̈́͒͆͌̀͏͎͕̽
͏͎̈́͛͋̀͒͐
: ̭́͏͖͆͏͓͑͕͖͎͕͔͎͒̓̓͋͑͞
̢͚͈͒͐͉͎͔͒̈́͏̼͐͉̼̀͋͐͉̻̀͒͒͆͈̻̓͏͉͈̈́̀͒͆͐͉̻̈́͂̀͒͑͒̀͑͆͐̪̻̀͒
͒͆͈̻̓͏͉͈̈́̀͒͆͐͉̻̈́͂̀͒͑͒̀͑͆͐͒͆͐͓͉͓͑͑̈́̽͐͔͎͏̻͒̈́̻͎͌͒͒̈́
͏͎͓͈͉̻͑͒̀͒̈́͒̻͈͂͌͒̀
̵͖͏͎͍͉͔͉̓͒͑͝ͅ͕͉͓ ͇̿͏͖͔͉͓͆͎͌̓͋͏͓̾͆̓
̢͎͓͑͌̀͏͎͎͋͊͂̽͑͒̈́͒͆͌̈́̼͓͌̓͑͆͒͆͐͉͈̻̀͋͌̓̀͐ ́͊ µ̯̓͆͂̾̈́͐
͎͒͎͇̼͒͆͑͆͐͎͓͒̀͎͏͏͎͔͆͒̽͏̀µ
̢͌̀͏͒̽͑͒̈́͒͆͌͉̈́͒͏͎̽͉͓͉͎͎͓̀͌̀͊͛͋̈́͌̼̀͏̀͑͒͆ ͈̻͂͗͌
͓͉͑͂͏̻͒͆͑͆͐ ² ̥͈͉͚͌̀ 
̲͒̈́͏̈́͑͒̈́͜͎͒͌ ͉̈́͛̀͋͎͒͑͗͊̽͌̀͋̈́ ͎͓͒͐͎̓͛͉͎͈̼͊̓̈́͐͑͗͊̽͌͗͌
͑͒͆͌͉̈́͒͏͎̽͉͓͉͎͎͓̀͌̀͊͛͋̈́͌̼̀͏̀͉͈̀͎͒͚͈͎͑͒͋̼̀͏̀ ²
̥͈͉͚͌̀ 
̯͉̈́͛̀͋͎͒͐͑͗͊̽͌̀͐͏̼͈̈́͌̀ ͈̈́̾͌̀̼͎͒̈́͌͒͗͋͌͐̀͌͕͏͈̻͈̈́̈́͒̀ͅ
͉͎̼͌͒͛͌̈́͒͎͒͌
̲͓͌̀͏͎͎͋͊͂̽͑͒̈́͒͆͌ ̈́̼͓͌̓͑͆͒͆͐͉͈̻̀͋͌̓̀͐ ́͊ µ̯̓͆͂̾̈́͐
͎͒͎͇̼͒͆͑͆͐͎͓͒̀͎͏͏͎͔͆͒̽͏̀µ
̲͕͈̼͑͋͐͈͒͐ ̈́͑͗͒̈́͏͈͉̽͐̈́̼͓͌̓͑͆͐͉͈̻̀͋͌̓̀͐͏͎͐͒̀ ̻͌͗
̥͏̓̿ͅ͏͏͉͔͉͕͖͑͍͕͖͗́͒͑͇͏͇͒͑͞ͅ̾͏͊͒̓͌̓
̤͈̀͌̀͍͔͈̈́̀͑̀͊͑͒̈́̾͎͒͔͈͊͒͏̻͏͈͑͋̀͒͗͌͎͑͋͌͜͏̼͈̈́͒̀͔̾͊͒͏̀
͑͒͆͌͉͎͈͉̀͌͌̽͈͎͓͊̈́͒͏͂̾̀͉͇̀͆͋̈́͏͈̻͌̈́͏̾͎͓͜͏̀͌̀
͈͎͈̀͌̀͂̈́͌͌͛͌͒̀̈́͏̾͎͓͉̻͇̈́͋̽͌̈́͐
̳͎͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀̼͕͈̈́͉̈́͂͏͈͇̈́̾͈͂̀͒͆͌̼̀͌̀͂͌͌͆͑͆͑̈́
̼͌̀͌͔͎͛͏͎͌͎͓͒̈́͋͎͏͎͓̾
: ̭́͏͖͆͏͓͑͈͇͎͕͔͎͕͓̓́̓͑
̳͎͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀̻͋̈́͒͒͆͌̼̀͌̀͂͌͌͆͑͆̀͏̼͈̀͋͌̈́͈͂̀
͎͊͛͕͏͚͎͌͉͓͚̀͒̬͆͌͍̀͂͂̾̈́͒̈́͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀
̀͓͇̈́̈́̾̀͐̻͋̈́͒͒͆͌̼̀͌̀͂͌͌͆͑͆̻̀͊͊͔̀̽͑͒̈́͎͒͌̀͉͏͓͈͑̈́͜
̳͎͎͇̈́͒̽͑͒̈́͎͒͉͓͚̀͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͈͂̀͌̀͉͏͓͈͑̈́͜
̻͌͗͑̈́͈͋̀͇͉͈͉̀͌̈́͒̽͑͒͆͇̈́͏͚͋͒͆͒̀̈́͈͔̻͈͌̈́̀̈́͌̀͚͇̈́͑͆͐
̷͇͇͓͑͆́͐͋
̳̀͔̾͊͒͏̀̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͋͎͏͎͛͌͌̀͇͎̀͌̀͂̈́͌͌͆͛͌̼͕͋͏͈͉͈̀
͔͎͏̼͐͉͈̀͏̼͈̈́͌̀͈͉͇͎̀͌͒̀͒̀͑͒̀͛͌͎͒̀͏͚͂͒̈́͏͎̻͋̈́͒̀͚
͕͏͚͈͌̀
̳̀͔̾͊͒͏̀̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͏̼͈̈́͑͒͆͌͉͎͈͉̀͌͌̽͈͎͓͊̈́͒͏͂̾̀
͉͇̀͆͋̈́͏͈̻͌ ͜͏̀͌̀͈͉͇͈̀͌͒̀̾͑͒̀͌͒̀͎͒͈͚͊͂͒̈́͏͎͉̻͇̈́
 ͕͏͚͈͌̀
̳͎͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀̻͋̈́͒͒͆͌̼̀͌̀͂͌͌͆͑͆̀͏̼͈̀͋͌̈́͈͂̀
͎͊͛ ͕͏͚͎͌ ͉͓͚̀͒ ̬͆͌ ͎͒͎͇̈́͒̽͑̈́͒̈́ ͎͒ ͔̾͊͒͏͎ ̈́͌̈́͏͎͂͛ ̻͇͌͏͉̀̀
̀͓͇̈́̈́̾̀͐ ̻͋̈́͒ ͒͆͌ ̼̀͌̀͂͌͌͆͑͆ ̻͌͗ ͑̈́ ͓͇̈́̀̾͑͆͒̈́͐ ̈́͈͔̻͈͌̈́̈́͐
̻̀͊͊͔̀̽͑͒̈́͎͒͏͒̀͜͌̀͉͏͓͈͑̈́͜̀͏͉̻̈́͒
̳̀̀͌̀͂̈́͌͌͋̈́͌̀͜͔̾͊͒͏̀͉͓͉͎͔͎̀͌̀͊͏̾̀͐̼̀͏̀͋͎͏͎͛͌͚͒̀͌
̼͎͓͑͌͉̻͒͗͌̀͓͎͎͑͒͛͌͈̻͆͋ͅ̯͈͈̼͆͋͐ͅ̓̈́͔͎͈̀̾͌͌͒̀̻͎͌͒͒̈́
̀͚̼͍͗̢͎͑͛͏̈́͒̈́͉͈̀͈͉̀͌͒̀͒̀͑͒̽͑͒̈́͒̀̀͌̀͂̈́͌͌͋̈́͌̀͜
͔̾͊͒͏̀͉͓͉͎͔͎̀͌̀͊͏̾̀͐̼̀͏̀͎͓̼͕͎͓͌̼͈͑̈́͉̻͒͗
̬͆͌̀͌̀͂̈́͌͌̽͑̈́͒̈́͒̀͔̾͊͒͏̀̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͑͒͆͌͓͏͚͓͊͑͆̽
̀͏͉̻̈́͒̻͌͗̀͚͎͓͒͐&
̳͎͎͇̈́͒̽͑͒̈́͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͈͂̀͒͆͈͈͉̓̀̓̀͑̾̀͒͆͐
̼̀͌̀͂͌͌͆͑͆͐̻͌͗͑̈́͈͋̀͕̻͑͏̀̈́͈̈́̓̽͒̀͖͈̻͒̀͋͎͏̈́̾͌̀
͂͏͎͓͈͎̀͒͑͌͑͒͛͌
̬͆͌͉͇̀̀͏̾̈́͒̈́ͅ͎̼͒͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͋̈́͌̈́͏͚͎͑͒
͓͊͌͒̽͏͈͎͈̻͒͗͌̽͋̈́̼͌̀͓͂͏͚̀͌̾
̪̻̀͒͒͆͌̼̀͌̀͂͌͌͆͑͆͎͓͒͔̾͊͒͏͎͓̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͋͎͏̈́̾͌̀
͈͎͓̓͆͋͏͇͎͂͆͛͌ ͎̼͑͋͐ ̣͈͇̈́́̀͗̈́̾͒̈́ ͚͈͒ ͎͒ ̻͈͎̓͗͋͒ ̀̈́͏͈̾̈́͒̀ͅ ͉̻̀͊
͉͈̀͎͍̀͌̾͒̈́͑̈́̈́͏̾͒͗͑͆͎͓͕͏͈̻͈̈́̈́͒̀ͅ̼͌̀̀͏̻͇͓͏͎
 ̢͔͈̀͏̼͑͒̈́ ͎͒ ͈͉͚͋̈́͒̀͊͊ ͔̾͊͒͏͎ ͊̾͎͓͐ ̼́͊̈́ ̯̓͆͂̾̈́͐ ͕͏̽͑͆͐ ͎͓͒
̀͎͏͏͎͔͆͒̽͏̀
 ̢͔͈̀͏̼͑͒̈́ ͎͒ ͔̾͊͒͏͎ ̈́͌̈́͏͎͂͛ ̻͇͌͏͉̀̀ ̤͈· ͓͚̀͒ ͈̻͑͒̈́ ͋̈́ ͎͒ ̻͎͊͊
͕̼͏͈͉̻͒͗̀͚͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀
 ̢͌̀͂̈́͌͌̽͑͒̈́͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͎͑͒͌͏͎͇̈́͏̼͎͋̀͑͋͌
͔͎͛͏͎͌͎͓͑͒͐&͉͓͉͎͔͎̀͌̀͊͏̾̀̼̀͏̀͈͂̀͊̈́̻͒
 ̢͔̽͑͒̈́͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͌̀͉͏͓͈͑̈́͜
 ̳͎͎͇̈́͒̽͑͒̈́͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀͉͑͆͑͒̈́͜͎͒͏͎͐͒̀
̻͌͗͉͈̀͔̀͑̀͊̾͑͒̈́͒͆͂͊͑͑̀͜̤͈·͓͚̀͒͈̻͑͒̈́͋̈́͎͒̻͎͊͊͕̼͏͈
͉̻͒͗̀͚͎͒͔̾͊͒͏͎̈́͌̈́͏͎͂͛̻͇͌͏͉̀̀
 ̳͎͎͇̈́͒̽͑͒̈́͎͒͈͉͚͋̈́͒̀͊͊͔̾͊͒͏͎͊̾͎͓͐̼́͊̈́̯̓͆͂̾̈́͐͕͏̽͑͆͐
͎͓͒̀͎͏͏͎͔͆͒̽͏̀
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU
%XN×ODYX]XGLNNDWOLFHRNX\XQX]YHVDNOD\×Q×]$QFDNFLKD]×Q
PRQWDM×EXPRQWDMWDOLPDW×QGDWDULIHGLOHQüHNLOGHXVXOQHX\JXQ
RODUDN\DS×OP×üVDFLKD]×QNXOODQ×P×QGDJYHQOLNJDUDQWLVL
YHULOPLüWLU&LKD]×QNXUXOGXùX\HUGHNXVXUVX]oDO×üPDV×QGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
&LKD]×QEDùODQW×V×Q×VDGHFHHùLWLPOLELUX]PDQ\DSDELOLU
+HUWUOoDO×üPDODUDEDüODPDGDQ|QFHHOHNWULNEDùODQW×V×Q×NHVLQ
: <DUDODQPDWHKOLNHVL
.XUXOXPHVQDV×QGDNHVNLQNHQDUODUQHGHQL\OH\DUDODQPDWHKOLNHVL
YDUG×U&LKD]×QNXUXOXPoDO×üPDODU×ER\XQFDGDLPDNRUX\XFX
HOGLYHQOHUNXOODQ×Q
'RODü×PO×KDYDo×WDV×Q×QPRQWHHGLOPHVL
%DFDNDSODPDV×Q×V|NQ]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
'RODü×PO×KDYDo×WDV×Q×WXWPDN|üHEHQGLQHWDN×Q×] ² 5HVLP 
+RUWXPXLNLERUXELOH]LùLLOH GRODü×PO×KDYDQLWHVLQH
VDELWOH\LQL] ² 5HVLP 
+RUWXPJHUJLQROPDO×G×UJHUHNLUVHN×VDOW×Q×]
%DFDNDSODPDV×Q×PRQWHHGLQL]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
Įo EDFDNDSODPDV×Q×QGHOLNOHUL\XNDU×GRùUXROPDO×G×U
$NWLINDUERQILOWUHVLQLQWD]HOHQPHVL
.RNX WHPL]OHPH G]H\LQL VUHNOL \NVHN WXWPDN LoLQ ILOWUHOHU QRUPDO
NXOODQ×PGDJQGH\DNODü×NVDDW\DNODü×ND\GDELU
WD]HOHQPHOLGLU
$NWLINDUERQILOWUHVLQLQWHNUDU×V×W×OPDV×QDWLFDULI×U×QGDL]LQYHULOLU
: <DQPDWHKOLNHVL
7HNUDU ×V×WPD VRQUDV×QGD DNWLI NDUERQ ILOWUHVL X]XQ VUH V×FDN NDO×U
$NWLINDUERQILOWUHVLQHWHNUDU×V×WPDGDQKHPHQVRQUD
GRNXQPD\×Q×]|QFHVRùXPDV×Q×EHNOH\LQL]
6×FDN DNWLI NDUERQ ILOWUHVLQL VRùXPDV× LoLQ ×V×\D GD\DQ×NO× ELU DOWO×ù×Q
]HULQHNR\XQX]

%LOJLOHU
$NWLINDUERQILOWUHVLHQID]ODGHIDWHNUDU×V×W×ODELOLUYHHQD]
\×OVRQUDGHùLüWLULOPHOLGLU
$NWLI NDUERQ ILOWUHVL QRUPDO NXOODQ×PGD JQGH \DNODü×N VDDW HQ
JHo\×OLoLQGHGHùLüWLULOPHOLGLU
7D]HOHPHVRQUDV×QGDDNWLINDUERQILOWUHVLX]XQVUHV×FDNNDO×U
$NWLINDUERQILOWUHVLQHWD]HOHPHGHQKHPHQVRQUDGRùUXGDQ
KDVVDV\]H\OHU]HULQH\HUOHüWLUPH\LQL]|QFHVRùXPDV×Q×
EHNOH\LQL]
<HQLOHQHELOLU KDYDODQG×UPD ILOWUHVL GüPH VRQXFX KDVDU J|UHELOLU
+DVDUODUKHU]DPDQG×üDU×GDQJ|UQPH\HELOLU'üHQ
\HQLOHQHELOLUKDYDODQG×UPDILOWUHVLQLLPKDHGLQL]YH\HQLVLLOH
GHùLüWLULQL]
$NWLI NDUERQ ILOWUHVL SLUROL]GH YH\D & ]HULQGHNL V×FDNO×NODUGD
WD]HOHQPHPHOLGLU
)×U×QWHSVLVLQLoL]HELOHFHùLLoLQDNWLINDUERQILOWUHVLQLWD]HOHPH
V×UDV×QGDWHO×]JDUD\D\HUOHüWLULQL]
$NWLI NDUERQ ILOWUHVLQL DVOD GHWHUMDQOD VX\OD EXODü×N PDNLQHVLQGH
YH\D×VODNEH]OHWHPL]OHPH\LQL]
$NWLINDUERQILOWUHVLQLQ×V×W×OPDV×VRQXFXQGDNRNXROXüXPX
PH\GDQDJHOHELOLU2GDQ×QL\LKDYDODQG×U×OG×ù×QGDQHPLQROXQX]
YHJHUHNLUVHSHQFHUH\LDo×Q×]
 0HWDO\DùILOWUHVLQLQV|NOPHVLEN]'DYOXPED]NXOODQ×P
N×ODYX]X
 $NWLINDUERQILOWUHVLQLV|NQ]%XHVQDGDGLùHUHOLQL]LOHDOWWDQ
DNWLINDUERQILOWUHVLQLWXWXQX]
 $NWLINDUERQILOWUHVLQL|QFHGHQ×V×W×OP×üI×U×QGDGDNLND
&GHGRODü×PO×KDYDWHNUDU×V×W×Q×]
 $NWLINDUERQILOWUHVLQLQVRùXPDV×Q×EHNOH\LQL]
 $NWLINDUERQILOWUHVLNXOODQ×Q×]\XNDU×NDOG×U×Q×]YHW×UQDù×
NLOLWOH\LQL]%XHVQDGDGLùHUHOLQL]LOHDOWWDQDNWLINDUERQILOWUHVLQL
WXWXQX]
 0HWDO\DùILOWUHVLQLQWDN×OPDV×EN]'DYOXPED]NXOODQ×P
N×ODYX]X
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηνψβηλμκνδπβψβλθοκΪηβμίίϋ
΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγ λΫθκδί λ λθΫεψήίηβίζ ήΪηηθγ βηλμκνδπββ ιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
ΙθήδεψρίηβίικβΫθκΪήθεΰίηικθβαάθήβμφμθεφδθ
νιθεηθζθρίηηυγλιίπβΪεβλμ
ΙίκίήικθάίήίηβίζεψΫυοκΪΫθμυάυδεψρΪμφιθήΪρν
χείδμκβρίλδθέθμθδΪ
: Νξίπμνπρϋροίαλ
λμθκθηυ θλμκυο δκθζθδ ικβ νλμΪηθάδί Ικβ νλμΪηθάδί ικβΫθκΪ
άλίέήΪηΪήίάΪγμίαΪσβμηυίιίκρΪμδβ
Λνμρίεξδοδτνγμηιίγκώ οδεηλίυηοιςκώυηη
ΛηβζβμίθΫςβάδνάυμωΰηθγμκνΫυλζ ©Βηλμκνδπβωιθ
ζθημΪΰνάυμωΰδβª
ΌλμΪάφμίιίκίοθήηβδήεω κίΰβζΪπβκδνεωπββά δκίιίΰηυί
νέθεδβ ² κβλνηθδ 
ΙκβδκίιβμίςεΪηέλ ιθζθσφψήάνομκνΫηυοαΪΰβζθά
δ ιίκίοθήηβδνήεωκίΰβζΪπβκδνεωπβββ άθαήνςηθζν
ιΪμκνΫδν ² κβλνηθδ 
΢εΪηέήθεΰίηΫυμφηΪμωηνμυζνδθκθμβμίίέθ
ικβ ηίθΫοθήβζθλμβ
ΝλμΪηθάβμίηΪ ζίλμθθΫςβάδνάυμωΰηθγ
μκνΫυ λζ ©ΒηλμκνδπβωιθζθημΪΰνάυμωΰδβª
Ικθκίαβάθ άηνμκίηηίγθΫςβάδίάυμωΰηθγμκνΫυηΪικΪάείηυ
άάίκο
Οδβδμδοηοναίμηδσηκϋροίπίιρηαηοναίμμϊλ
ςβκϐλ
ΡμθΫυθΫίλιίρβμφηΪήείΰΪσβγνκθάίηφηίγμκΪεβαΪπββαΪιΪοθά
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρρΪλΪ
ηίθΫοθήβζθικβζδΪΰήυί²ζίλωπΪικθάθήβμφκίέίηίκΪπβψ
ξβεφμκθά
ΎθινλδΪίμλωκίέίηίκΪπβωξβεφμκΪλΪδμβάβκθάΪηηυζνέεϋζά
θΫυρηθζήνοθάθζςδΪξν
: Νξίπμνπρϋνενβί
ΙθλείκίέίηίκΪπββξβεφμκλΪδμβάβκθάΪηηυζνέεϋζθλμΪϋμλω
έθκωρβζ ά μίρίηβί ήθεέθέθ άκίζίηβ Ηί ικβδΪλΪγμίλφ δ ξβεφμκν λ
ΪδμβάβκθάΪηηυζνέεϋζλκΪανιθλείκίέίηίκΪπββήΪγμίίζν
θλμυμφ
ΎεωθλμυάΪηβωιθεθΰβμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζηΪ
ΰΪκθικθρηνψιθήλμΪάδν
΢ιίζίμηώ
ΚίέίηίκΪπβψξβεφμκθάλΪδμβάβκθάΪηηυζνέεϋζζθΰηθ
ικθάθήβμφήθμκβήπΪμβκΪαββοαΪζίηΪήθεΰηΪικθβαάθήβμφλω
ηίκίΰίρίζκΪαάήίλωμφείμ
ΙκβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρρΪλΪ
ξβεφμκυ λ ΪδμβάβκθάΪηηυζ νέεϋζ ήθεΰηυ αΪζίηωμφλω ηί κίΰί
ρίζκΪαάήίλωμφείμ
ΙθλείκίέίηίκΪπββξβεφμκλΪδμβάβκθάΪηηυζνέεϋζθλμΪϋμλω
έθκωρβζάμίρίηβίήθεέθέθάκίζίηβΗίδεΪήβμίξβεφμκλ
ΪδμβάβκθάΪηηυζνέεϋζλκΪανιθλείκίέίηίκΪπββηΪείέδθ
ιθάκίΰήΪίζυίιθάίκοηθλμβήΪγμίίζνληΪρΪεΪήθλμΪμθρηθ
θλμυμφ
ΙΪήίηβίζθΰίμικβάίλμβδιθάκίΰήίηβψκίέίηίκβκνίζυο
ξβεφμκθά πβκδνεωπβθηηθέθ ζθήνεω Χμβ ιθάκίΰήίηβω ηί άλίέήΪ
άβήηυληΪκνΰβΝιΪάςβίκίέίηίκβκνίζυίξβεφμκυ
πβκδνεωπβθηηθέθζθήνεωηίθΫοθήβζθνμβεβαβκθάΪμφΪηΪβο
ζίλμθλμΪάβμφηθάυί
ΗίκίέίηίκβκνγμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζάκίΰβζί
ιβκθεβμβρίλδθγλΪζθθρβλμδββεβικβμίζιίκΪμνκίΫθείί
&
Ύεω ικθπίλλΪ κίέίηίκΪπββ ιθεθΰβμί ξβεφμκ λ ΪδμβάβκθάΪηηυζ
νέεϋζηΪκίςϋμδνμδθηζθΰίμιθπΪκΪιΪμφικθμβάηβ
ΗβδθέήΪηίθρβσΪγμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζλ
ιθζθσφψρβλμωσβολκίήλμάάθήυάιθλνήθζθίρηθγζΪςβηί
βεβάεΪΰηθγμκωιδθγ
ΙκβκίέίηίκΪπββξβεφμκΪλΪδμβάβκθάΪηηυζνέεϋζάθαζθΰηθ
ιθωάείηβίαΪιΪοΪΝΫίήβμίλφρμθιθζίσίηβίοθκθςθ
ικθάίμκίηθβθμδκθγμίικβηίθΫοθήβζθλμβθδηθ
 ΛηβζβμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγξβεφμκλζ
©ΚνδθάθήλμάθιθχδλιενΪμΪπββάυμωΰδβª
 ΛηβζβμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζΙκβήίκΰβάΪγμί
ξβεφμκλΪδμβάβκθάΪηηυζνέεϋζήκνέθγκνδθγ
 ΚίέίηίκβκνγμίξβεφμκυλΪδμβάβκθάΪηηυζνέεϋζά
ικίήάΪκβμίεφηθκΪαθέκίμθζήνοθάθζςδΪξνάκίΰβζί
πβκδνεωπββάθαήνοΪικβμίζιίκΪμνκί&άμίρίηβί
 ζβηνμ
 ΎΪγμίξβεφμκνλΪδμβάβκθάΪηηυζνέεϋζθλμυμφ
 ΌλμΪάφμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζθμδβηφμίάάίκοβ
αΪσϋεδηβμίεΪιδνΙκβήίκΰβάΪγμίξβεφμκλΪδμβάβκθάΪηηυζ
νέεϋζήκνέθγκνδθγ
 ΝλμΪηθάβμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγξβεφμκλζ
©ΚνδθάθήλμάθιθχδλιενΪμΪπββάυμωΰδβª
et
Ü
3DLJDOGXVMXKHQG
2OXOLVHGPlUNXVHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlELMDKRLGNHDOOHV7XUYDOLQH
NDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQHWRLPXE
YDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWXW||HHVW
YDVWXWDESDLJDOGDMD
6HDGHWY}LEJDDVLYDUXVWXVHJDKHQGDGDDLQXOWDVMDRPDVH
NYDOLILNDWVLRRQLJDWHKQLN
(QQHPLVWDKHVW||GHWHRVWDPLVWOOLWDJHYRROYlOMD
: 9LJDVWXVWHRKW
WHUDYDWHVHUYDGHW}WWXSDLJDOGDPLVHDMDO6HDGPHSDLJDOGDPLVHO
NDQGNHDODWLNDLWVHNLQGDLG
¯KXULQJOXVMXKLNXSDLJDOGDPLQH
9}WNHPDKDO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
.LQQLWDJH}KXULQJOXVMXKLNNLQQLWXVQXUJLNXVVHMRRQLV
.LQQLWDJHYRROLNNDKHWRUXNODPEULJD}KXULQJOXVMXKLNXMD
}KXOLLWLPLNXNOJHMRRQLV
9RROLNSHDENLQQLWXPDNLQGODOWYDMDGXVHNRUUDOWHKNHVHH
OKHPDNV
3DLJDOGDJHO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
6HHVPLVHO}}ULNDWWHSLOXGMllYDGOHVSRROH
$NWLLYV|HILOWULXXHQGDPLQH
/}KQDGH W}KXVD HHPDOGDPLVH WDJDPLVHNV WXOHE ILOWUHLG WDYDUHçLLPLO
NDVXWDPLVHNRUUDOLJDSlHYXPEHVWXQGLJDNXXWDJDQW
UHJHQHUHHULGD
$NWLLYV|HILOWULWRQOXEDWXGUHJHQHUHHULGDVWDQGDUGVHVDKMXV
: 3}OHWXVRKW
$NWLLYV|HILOWHURQSlUDVWUHJHQHUHHULPLVWSLNNDDHJDNXXPbUJH
SXXGXWDJHDNWLLYV|HILOWULWYDKHWXOWSlUDVWUHJHQHUHHULPLVWYDLG
ODVNHVHOOHON}LJHSHDOWSLLVDYDOWMDKWXGD
.XXPDNWLLYV|HILOWHUDVHWDJHMDKWXPLVHNVNXXPXVNLQGODOHDOXVHOH

0lUNXVHG
$NWLLYV|HILOWUHLGVDDEUHJHQHUHHULGDNXQLNRUGDMDQHLGWXOHE
YDKHWDGDYlKHPDOWDDVWDWDJDQW
$NWLLYV|HILOWUHLGWXOHEWDYDUHçLLPLONDVXWDPLVHNRUUDOLJDSlHY
XPEHVWXQGYDKHWDGDYlKHPDOWLJDDDVWDMlUHO
$NWLLYV|HILOWHURQSlUDVWUHJHQHUHHULPLVWSLNNDDHJDNXXPbUJH
DVHWDJH DNWLLYV|HILOWULW YDKHWXOW SlUDVW UHJHQHUHHULPLVW WXQGOLNXOH
SLQQDOHYDLGODVNHVHOOHON}LJHSHDOWSLLVDYDOWMDKWXGD
5HJHQHUHHULWDYDGULQJOHYD}KXILOWULGY}LYDGDOODNXNNXPLVH
NRUUDONDKMXVWDGDVDDGD.DKMXVWXVHGHLSUXXJLDODWLROOD
YlOMDVSRROWPlUJDWDYDG$OODNXNNXQXGUHJHQHUHHULWDYDGILOWULG
N}UYDOGDJHMDDVHQGDJHXXWHJD
$NWLLYV|HILOWUHLGHLWRKLUHJHQHUHHULGDSUROVLJDY}LWXQGXYDOW
N}UJHPDOWHPSHUDWXXULONXL&
5HJHQHUHHULPLVHNVDVHWDJHDNWLLYV|HILOWHUUHVWLOHNXQD
NSVHWXVSODDGLGY}LYDGNULLPXVWDGD
$NWLLYV|HILOWULWHSXKDVWDPLVHNVlUJHNDVXWDJH
SXKDVWXVYDKHQGHLGYHWWQ}XGHSHVXPDVLQDWHJDPlUJDODSSL
$NWLLYV|HILOWUL UHJHQHUHHULPLVHO Y}LGDNVH WXQGD O}KQD 9HHQGXJH
HWUXXPRQKHDYHQWLODWVLRRQLJDMDYDMDGXVHNRUUDODYDJHDNHQ
 9}WNH PDKD PHWDOOLVW UDVYDILOWHU YW ůKXSXKDVWL NDVXWXVMXKHQG´
 (HPDOGDJHDNWLLYV|HILOWHU6HDOMXXUHVKRLGNHWHLVHNlHJD
DNWLLYV|HILOWULWDOWNLQQL
 .XXPXWDJHDNWLLYV|HILOWULWHHOVRRMHQGDWXGDKMXV&MXXUHV
ULQJOHYD}KXUHçLLP PLQXWLW
 /DVNHDNWLLYV|HILOWULWHOMDKWXGD
 3DLJDOGDJHDNWLLYV|HILOWHUNHHUDNHVHHOHVMDILNVHHULJHODSDWV
6HDOMXXUHVKRLGNHWHLVHNlHJDDNWLLYV|HILOWULWDOWNLQQL
 3DLJDOGDJHPHWDOOLVWUDVYDILOWHUYWůKXSXKDVWLNDVXWXVMXKHQG´
lt
ä
0RQWDYLPRLQVWUXNFLMD
6YDUELRVQXRURGRV
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉLUMĉLåVDXJRNLWH3ULHWDLVDV
VDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDLVXPRQWXRWDV
ODLNDQWLVåLRVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXVDWOLHNDQWLV
DVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PRYLHWRMH
3ULHWDLVĉ SULMXQJWL JDOL WLN OLFHQFLMĉ WXULQWLV NYDOLILNXRWDV GDUEXRWRMDV
3ULHåDWOLHNDQWEHWNRNLXVGDUEXVUHLNLDDWMXQJWLVURYėVWLHNLPĉ
: 3DYRMXVVXVLçHLVWL
ĭDåWULDVEULDXQDVPRQWXRMDQW0RQWXRGDPLSULHWDLVĉPŠYėNLWH
DSVDXJLQHVSLUåWLQHV
5HFLUNXOLDFLMRVNUHLSWXYRPRQWDYLPDV
,åPRQWXRNLWHNDPLQRJDXEWĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
ĬVWDW\NLWHUHFLUNXOLDFLMRVNUHLSWXYĉĭODLNLNOĭSDYHLNVODV
3ULWYLUWLQNLWHYDP]GĭVXGYLHPYDP]GçLRDSNDERPLVSULH
UHFLUNXOLDFLMRVNUHLSWXYRLURURMXQJWLHVSDYHLNVODV
æDUQDWXULEŠWLĭWHPSWDWRGėOSULUHLNXVMĉVXWUXPSLQNLWH
6XPRQWXRNLWHNDPLQRJDXEWĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
9LGLQLRNDPLQRDSWDLVRSO\åLDLWXULEŠWLYLUåXMH
$NW\YLQWRVLRVDQJOLHVILOWURDWQDXMLQLPDV
1RULQW XçWLNULQWL UHLNLDPĉ NYDSŨ LåVN\ULPR O\Jĭ QRUPDOLDL QDXGRMDQW
NDVGLHQ DSLH YDODQGĉ ILOWUXV EŠWLQD DWQDXMLQWL NDV ² PėQHVLXV
$NW\YLQWRVLRVDQJOLHVILOWUDVWLQNDPDVDWQDXMLQWLĭSUDVWLQėMH
RUNDLWėMH
: 3DYRMXVQXGHJWL
3DVLEDLJXVDWQDXMLQLPRSURFHVXLDNW\YLQWRVLRVDQJOLHVILOWUDVGDU
LOJDLOLHNDNDUåWDV3DVLEDLJXVDWQDXMLQLPRSURFHVXLQHOLHVNLWH
DNW\YLQWRVLRVDQJOLHVILOWURQHVMLVWXULDWYėVWL
.DUåWĉDNW\YLQWRVLRVDQJOLHVILOWUĉSDGėNLWHDWYėVWLDQWNDUåĀLXL
DWVSDUDXVSDJULQGR
3DVWDERV
$NW\YLQWRVLRV DQJOLHV ILOWUXV JDOLPD DWQDXMLQWL LNL  NDUWŨ LU EŠWLQD
SDNHLVWLEHQWSRPHWŨ
1RUPDOLDL QDXGRMDQW NDVGLHQ PDçGDXJ YDODQGĉ DNW\YLQWRVLRV
DQJOLHVILOWUĉUHLNLDSDNHLVWLEHQWNDV PHWŨ
3DVLEDLJXV DWQDXMLQLPR SURFHVXL DNW\YLQWRVLRV DQJOLHV ILOWUDV GDU
LOJDL OLHND NDUåWDV 3DVLEDLJXV DWQDXMLQLPR SURFHVXL DNW\YLQWRVLRV
DQJOLHVILOWURQHGėNLWHDQWMDXWULŨSDYLUåLŨQHVMLVSLUPLDXVLDWXUL
SDNDQNDPDLDWYėVWL
1XNULWXVDWQDXMLQDPLHPVUHFLUNXOLDFLQLRRURILOWUDPVMLHJDOL
VXJHVWL3DçHLGLPDLLåLåRUėV\UDQHYLVDGDPDWRPL1XNULWXVLXV
UHFLUNXOLDFLQLRRURILOWUXVXWLOL]XRNLWHLUSDNHLVNLWHQDXMDLV
$NW\YLQWRVLRVDQJOLHVILOWURQHJDOLPDDWQDXMLQWLĭMXQJXVSLUROL]ėV
IXQNFLMĉDUEDQXVWDĀLXVGDXJDXNåWHVQęQHL&
WHPSHUDWŠUĉ
1RUėGDPLDWQDXMLQWLDNW\YLQWRVLRVDQJOLHVILOWUĉGėNLWHMĭDQW
JURWHOLŨNDGDQJLNHSLPRVNDUGRVJDOLVXVLEUDLç\WL
$NW\YLQWRVLRVDQJOLHVILOWURQLHNDGDQHSODXNLWHVXYDOLNOLDLV
YDQGHQLXLQGDSORYėMHDUQHYDO\NLWHGUėJQXVNXGXUėOLX
$WQDXMLQWDQWDNW\YLQWRVLRVDQJOLHVILOWUĉJDOLSDVNOLVWLNYDSDV
3DWDOSD WXUL EŠWL JHUDL YėGLQDPD SULUHLNXV JDOLPD DWLGDU\WL ODQJĉ
 ,åPRQWXRNLWHPHWDOLQĭULHEDOŨILOWUĉçUÅ*DUWUDXNLRQDXGRMLPR
LQVWUXNFLMD´
 ,åPRQWXRNLWHDNW\YLQWRVLRVDQJOLHVILOWUĉ.LWDUDQNDSULODLN\NLWH
DNW\YXRWRVDQJOLHVLOWUĉ
 $NW\YLQWRVLRVDQJOLHVILOWUĉLåDQNVWRSDNDLWLQWRMHRUNDLWėMH
NDLWLQNLWH &WHPSHUDWŠURMHUHFLUNXOLDFLQLXUHçLPX
PLQXĀLŨ
 3DODXNLWHNRODNW\YLQWRVLRVDQJOLHVILOWUDVDWYėV
 ĬVWDW\NLWHDNW\YLQWRVLRVDQJOLHVILOWUĉXçOHQNLWHĭYLUåŨLU
XçILNVXRNLWHOLHçXYėOĭ.LWDUDQNDSULODLN\NLWHDNW\YXRWRVDQJOLHV
ILOWUĉ
 ĬPRQWXRNLWHPHWDOLQĭULHEDOŨILOWUĉçUÅ*DUWUDXNLRQDXGRMLPR
LQVWUXNFLMD´
lv
å
0RQWąçDVLQVWUXNFLMD
6YDUĩJLQRUąGĩMXPL
8]PDQĩJLL]ODVLHWXQVDJODEąMLHWåROLHWRåDQDVSDPąFĩEX
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
,HUĩFLSLHYLHQRWGUĩNVWWLNDLVHUWLILFēWVVSHFLąOLVWV
3LUPVYHLFDWMHENąGXVGDUEXVYLHQPēUDWYLHQRMLHWHOHNWURSDGHYL
: 6DYDLQRMXPXULVNV
DU DVąP PDOąP LHUĩFHV X]VWąGĩåDQDV ODLNą 8]VWąGRW LHUĩFL YLHQPēU
YDONąMLHWDL]VDUJFLPGXV
*DLVDFLUNXOąFLMDVNDQąODX]VWąGĩåDQD
9HQWLOąFLMDVNDQąODDSGDUHVQRŁHPåDQDVNÅ7YDLNXQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEDµ
,HNDULHWJDLVDFLUNXOąFLMDVNDQąOXOHŁĴDEDOVWHQĩDWWēOV
3LHVWLSULQLHWåĹŠWHQLSLHJDLVDFLUNXOąFLMDVNDQąODXQJDLVD
ĩVFDXUXOHVL]PDQWRMRWGLYDVDSVNDYDV DWWēOV
äĹŠWHQHLMąEŠWQRVWLHSWDLYDMDG]ĩEDVJDGĩMXPąVDĩVLQLHWWR
9HQWLOąFLMDVNDQąODDSGDUHVX]VWąGĩåDQDVNÅ7YDLNXQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEDµ
9HQWLOąFLMDVNDQąODLHNåēMąVDSGDUHVSOąNVQHVVSUDXJDLMąEŠW
YēUVWDLDXJåXS
$NWĩYąVRJOHVILOWUDUHġHQHUąFLMD
/DL QRGURåLQąWX DURPąWX ILOWUąFLMX QRUPąOD GDUED UHçĩPD JDGĩMXPą
DSPēUDP VWXQGDGLHQąILOWULLUMąDWMDXQRDSPēUDPUHL]L
³ PēQHåRV
$NWĩYąVRJOHVILOWUVSDUHG]ēWVUHġHQHUąFLMDLSDUDVWąFHSHåNUąVQĩ
: $SGHJXPXULVNV
$NWĩYąVRJOHVILOWUVSēFDWMDXQRåDQDVLOJXODLNXLUNDUVWV
1HSLHVNDULHWLHVDNWĩYąVRJOHVILOWUDPX]UHL]SēFDWMDXQRåDQDV
YLVSLUPVSDJDLGLHWOĩG]WDVLUSLHWLHNDPLDWG]LVLV
$NWĩYąVRJOHVILOWUXDWG]LåDQDLQRYLHWRMLHWX]NDUVWXPL]WXUĩJDV
SDPDWQHV
1RUąGĩMXPL
$NWĩYąVRJOHVILOWUXVYDUDWMDXQRWQHYDLUąNNą UHL]HVXQWLH
MąQRPDLQDQHYēOąNNąSēFJDGLHP
1RUPąODGDUEDUHçĩPDJDGĩMXPąDSPēUDP VWXQGDGLHQą
DNWĩYąVRJOHVILOWULMąPDLQDYLVPD]UHL]L JDGRV
$NWĩYąVRJOHVILOWUVSēFDWMDXQRåDQDVLOJXODLNXLUNDUVWV
1HQRYLHWRMLHWDNWĩYąVRJOHVILOWUXX]UHL]SēFDWMDXQRåDQDVX]
MXWĩJąPYLUVPąPYLVSLUPVSDJDLGLHWOĩG]WDVLUSLHWLHNDPL
DWG]LVLV
5HġHQHUēMDPDLVFLUNXOąFLMDVJDLVDILOWUVQRNUĩWRWYDUWLNWERMąWV
%RMąMXPLQRąUSXVHVQHYLHQPēULUUHG]DPL-DUHġHQHUēMDPDLV
FLUNXOąFLMDVJDLVDILOWUVLUQRNULWLVQRPDLQLHWXQXWLOL]ēMLHWWR
$NWĩYąVRJOHVILOWUXVQHGUĩNVWDWMDXQRWL]PDQWRMRWSLUROĩ]HV
SURFHVXYDLSDU &DXJVWąNXWHPSHUDWŠUX
/DLYHLNWXDWMDXQRåDQXQRYLHWRMLHWDNWĩYąVRJOHVILOWUXX]UHçġD
MRFHSDPąVSOąWLVYDUWLNWVDVNUąSēWDV
$NWĩYąVRJOHVILOWUDWĩUĩåDQDLQHGUĩNVWL]PDQWRWWĩUĩåDQDVOĩG]HNĹXV
ŠGHQLPLWUDVGUąQDVYDLPD]JąWWRWUDXNXPD]JąåDQDVPDåĩQą
5HġHQHUēMRW DNWĩYąV RJOHV ILOWUX YDU UDVWLHV VPDNDV 1RGURåLQLHW
WHOSąODEXYHQWLOąFLMXXQMDQHSLHFLHåDPVDWYHULHWORJX

 1RŁHPLHW PHWąOD WDXNX ILOWUX VNDWLHW Å7YDLNX QRVŠFēMD OLHWRåDQDV
SDPąFĩEDµ
 ,]ŁHPLHWDNWĩYąVRJOHVILOWUX9LHQODLFĩJLDURWUXURNXSLHWXULHW
DNWĩYąVRJOHVILOWUXQRDSDNåDV
  PLQŠWHVNDUVēMLHWDNWĩYąVRJOHVILOWUXFHSHåNUąVQĩ &
WHPSHUDWŠUąDUJDLVDFLUNXOąFLMX
 ĸDXMLHWDNWĩYąVRJOHVILOWUDPDWG]LVW
 ,HYLHWRMLHW DNWĩYąV RJOHV ILOWUX SDFHOLHW WR X] DXJåX XQ QRVWLSULQLHW
PēOĩWL9LHQODLFĩJLDURWUXURNXSLHWXULHWDNWĩYąVRJOHVILOWUXQR
DSDNåDV
 8]VWąGLHW PHWąOD WDXNX ILOWUX VNDWLHW Å7YDLNX QRVŠFēMD OLHWRåDQDV
SDPąFĩEDµ
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
1DOHŰ\XZDŰQLHSU]HF]\WDþL]DFKRZDþLQVWUXNFMęREVãXJL
:\ãĉF]QLHSUDZLGãRZ\PRQWDŰZ\NRQDQ\]JRGQLH]LQVWUXNFMĉ
PRQWDŰXJZDUDQWXMHEH]SLHF]HĿVWZRXŰ\WNRZDQLD,QVWDODWRU
RGSRZLHG]LDOQ\ MHVW ]D SUDZLGãRZH G]LDãDQLH XU]ĉG]HQLD Z PLHMVFX
PRQWDŰX
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPL
3U]HGSUHSURZDG]HQLHPSUDFZ\ãĉF]\þGRSã\ZSUĉGX
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
SRGF]DVLQVWDODFML]HZ]JOęGXQDRVWUHNUDZęG]LH3RGF]DV
LQVWDODFMLXU]ĉG]HQLD]DZV]HQRVLþUęNDZLFHRFKURQQH
0RQWRZDQLHNLHURZQLF\SRZLHWU]DRELHJRZHJR
=GHPRQWRZDþREXGRZęNRPLQRZĉ SDWU]Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
=DZLHVLþNLHURZQLFęSRZLHWU]DQD NĉWRZQLNXPRFXMĉF\P ²
5\VXQHN 
3U]\PRFRZDþZĉŰGR NLHURZQLF\SRZLHWU]DRUD]GRNUyþFD
SRZLHWU]D]D SRPRFĉGZyFKRSDVHN]DFLVNRZ\FK ² 5\VXQHN 
:ĉŰ QLH PRŰH OXŮQR ]ZLVDþ ² Z UD]LH SRWU]HE\ SURV]ę JR VNUyFLþ
=DPRQWRZDþREXGRZęNRPLQRZĉ SDWU] Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
6]F]HOLQ\ZHZQęWU]QHMREXGRZ\NRPLQRZHMGR JyU\
5HJHQHUDFMDILOWUD]ZęJOHPDNW\ZQ\P
:FHOX]DSHZQLHQLDRGSRZLHGQLHMQHXWUDOL]DFML]DSDFKyZSU]\
VWDQGDUGRZ\PXŰ\WNRZDQLXILOWUyZFRG]LHQQLHSU]H]RN
JRG]LQęQDOHŰ\MHUHJHQHURZDþFR PLHVLĉFH
)LOWU\]ZęJOHPDNW\ZQ\PVĉSU]H]QDF]RQHGRUHJHQHUDFMLZ
SLHNDUQLNDFKNWyUHVĉRJyOQLHGRVWęSQHZKDQGOX
: 1LHEH]SLHF]HĿVWZRRSDU]HQLD
3RUHJHQHUDFMLILOWU]ZęJOHPDNW\ZQ\PSR]RVWDMHGãXJRJRUĉF\
1LHGRW\NDþILOWUD]ZęJOHPDNW\ZQ\PEH]SRŔUHGQLRSR
UHJHQHUDFMLOHF]SR]RVWDZLþGRRVW\JQLęFLD
*RUĉF\ILOWU]ZęJOHPDNW\ZQ\PSRãRŰ\þZFHOXRVWXG]HQLDQD
ŰDURRGSRUQ\PSRGãRŰX
:VND]yZNL
)LOWU\]ZęJOHPDNW\ZQ\PPRJĉE\þUHJHQHURZDQH
PDNV\PDOQLH  UD]\ L PXV]ĉ ]RVWDþ Z\PLHQLRQH FR QDMPQLHM SR
ODWDFK
3U]\VWDQGDUGRZ\PXŰ\WNRZDQLXILOWUyZ]ZęJOHPDNW\ZQ\P
FRG]LHQQLHSU]H]RN JRG]LQęQDOHŰ\MHZ\PLHQLDþFR
QDMPQLHMFR ODW
3R UHJHQHUDFML ILOWU ] ZęJOHP DNW\ZQ\P SR]RVWDMH GãXJR JRUĉF\
%H]SRŔUHGQLRSRUHJHQHUDFMLQLHRGNãDGDþILOWUD]ZęJOHP
DNW\ZQ\PQDGHOLNDWQHSRZLHU]FKQLHOHF]SRF]HNDþDŰ
Z\VWDUF]DMĉFRRVW\JQLH
8SDGHN ILOWUyZ UHF\UNXODF\MQ\FK ] PRŰOLZRŔFLĉ UHJHQHUDFML PRŰH
VSRZRGRZDþLFKXV]NRG]HQLH8V]NRG]HQLDQLH]DZV]HVĉ
ZLGRF]QH]]HZQĉWU]8VXQĉþLZ\PLHQLþ]XŰ\WHILOWU\
UHF\UNXODF\MQH]PRŰOLZRŔFLĉUHJHQHUDFML
1LHUHJHQHURZDþILOWUyZZUDPDFKS\UROL]\DQLZWHPSHUDWXU]H
]QDF]QLHSU]HNUDF]DMĉFHM&
3RãRŰ\þ ILOWU ] ZęJOHP DNW\ZQ\P QD F]DV SURFHVX UHJHQHUDFML QD
UXV]FLHZFHOXXQLNQLęFLD]DGUDSDĿQDEODV]HGRSLHF]HQLD
1LJG\QLHF]\ŔFLþILOWUyZ]ZęJOHPDNW\ZQ\PSRGF]DV
VDPRF]\V]F]HQLDF]\ŔFLþZRGĉZ]P\ZDUFHOXEPRNUĉ
ŔFLHUHF]Nĉ
3RGF]DVUHJHQHUDFMLILOWUD]ZęJOHPDNW\ZQ\PPRJĉZ\G]LHODþ
VLęUyŰQH]DSDFK\8SHZQLþVLęŰHSRPLHV]F]HQLHMHVWGREU]H
ZHQW\ORZDQHLZUD]LHSRWU]HE\RWZRU]\þRNQR
 =GHPRQWRZDþ PHWDORZ\ ILOWU SU]HFLZWãXV]F]RZ\ SDWU] Å,QVWUXNFMD
REVãXJLRNDSX´
 :\Mĉþ ILOWU ] ZęJOHP DNW\ZQ\P 'UXJĉ UęNĉ FKZ\FLþ SU]\ W\P ILOWU
]ZęJOHPDNW\ZQ\PRGVSRGX
 )LOWU\ ] ZęJOHP DNW\ZQ\P UHJHQHURZDþ Z QDJU]DQ\P SLHNDUQLNX
ZWHPS&WHUPRRELHJSU]H]PLQXW
 3R]RVWDZLþILOWU]ZęJOHPDNW\ZQ\PGRZ\VW\JQLęFLD
 :ãRŰ\þILOWU]ZęJOHPDNW\ZQ\PQDVWęSQLHXQLHŔþILOWUL
]DWU]DVQĉþEORNDGę'UXJĉUęNĉFKZ\FLþSU]\W\PILOWU]ZęJOHP
DNW\ZQ\PRGVSRGX
 =DPRQWRZDþPHWDORZ\ILOWUSU]HFLZWãXV]F]RZ\SDWU]Å,QVWUXNFMD
REVãXJLRNDSX´
ro
í
,QVWUXFŘLXQLGHPRQWDM
,QGLFDŘLLLPSRUWDQWH
&LWLŘLFXDWHQŘLHüLUHŘLQHŘLDFHDVWćLQVWUXFŘLXQH1XPDLODPRQWDMXO
UHJXODPHQWDUFRUHVSXQ]ćWRUDFHVWHLLQVWUXFŘLXQLGHPRQWDMHVWH
JDUDQWDWć VLJXUDQŘD OD XWLOL]DUH ,QVWDODWRUXO HVWH UHVSRQVDELO SHQWUX
IXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
5DFRUGXO DSDUDWXOXL VH YD UHDOL]D QXPDL GH FćWUH SHUVRQDO FDOLILFDW
üLDXWRUL]DW
ÍQDLQWHGHDH[HFXWDRULFHOXFUDUHvQWUHUXSHŘLDOLPHQWDUHDFX
FXUHQWHOHFWULF
: 3HULFROGHUćQLUH
GLQFDX]DPXFKLLORUDVFXŘLWHvQWLPSXOLQVWDOćULLÍQWLPSXOLQVWDOćULL
DSDUDWXOXLSXUWDŘLvQWRWGHDXQDPćQXüLGHSURWHFŘLH
0RQWDUHDGHIOHFWRUXOXLSHQWUXDHUXOUHFLUFXODW
'HPRQWDŘL DSćUćWRDUHD FRüXOXL YH]L Å,QVWUXFŘLXQLOH GH PRQWDM DOH
KRWHL´
6XVSHQGDŘLGHIOHFWRUXOSHQWUXDHUXOUHFLUFXODWvQVXSRUWXOGH
VXVŘLQHUHLPDJLQHD
)L[DŘLIXUWXQXOFXFHOHGRXćFROLHUHSHQWUXŘHDYćSHGHIOHFWRUXO
SHQWUXDHUUHFLUFXODWüLSHFRQHFWRUXOGHDHULPDJLQHD
)XUWXQXOWUHEXLHVćILHvQWLQVGDFćHVWHQHFHVDUVFXUWDŘLO
0RQWDŘLDSćUćWRDUHDFRüXOXLYH]LÅ,QVWUXFŘLXQLOHGHPRQWDMDOH
KRWHL´
)DQWHOHPćüWLLLQWHULRDUHDFRüXOXLGHIXPWUHEXLHVćILHvQVXV
5HJHQHUDUHDILOWUXOXLGHFDUERQDFWLY
3HQWUXDDVLJXUDJUDGXOGHVHSDUDUHDPLURVXOXLODRXWLOL]DUH
RELüQXLWćDSUR[ RUćSH]LHVWHQHFHVDUćUHJHQHUDUHDILOWUHORU
DSUR[ODILHFDUH OXQL
)LOWUXOGHFDUERQDFWLYVHSRDWHUHJHQHUDvQWUXQFXSWRUFRPHUFLDO
: 3HULFROGHDUVXUL
)LOWUXO GH FDUERQ DFWLY UćPkQH ILHUELQWH SHQWUX R OXQJć SHULRDGć GH
WLPSGXSćUHJHQHUDUH1XDWLQJHŘLILOWUXOGHFDUERQDFWLYLPHGLDW
GXSćUHJHQHUDUHOćVDŘLOPDLvQWkLVćVHUćFHDVFć
$üH]DŘLILOWUXOGHFDUERQDFWLYILHUELQWHSHXQVXSRUWUH]LVWHQWOD
FćOGXUćSHQWUXDVHUćFL
,QGLFDŘLL
)LOWUHOHGHFDUERQDFWLYSRWILUHJHQHUDWHGHFHOPXOWGHRULüL
YRUILVFKLPEDWHGXSćPLQLPDQLGHIRORVLQŘć
/DRXWLOL]DUHRELüQXLWćDSUR[ RUćSH]LILOWUHOHGHFDUERQ
DFWLYWUHEXLHVFKLPEDWHFHOSXŘLQODILHFDUH DQL
)LOWUXOGHFDUERQDFWLYUćPkQHILHUELQWHSHQWUXROXQJćSHULRDGć
GHWLPSGXSćUHJHQHUDUH,PHGLDWGXSćUHJHQHUDUHQXDüH]DŘL
ILOWUXOGHFDUERQDFWLYSHVXSUDIHŘHVHQVLELOHOćVDŘLOPDLvQWkLVć
VHUćFHDVFć
)LOWUXOUHJHQHUDELOGHDHUUHFLUFXODWSRDWHVXIHULGHWHULRUćULvQ
FD]XOFćGHULL'HWHULRUćULOHQXVXQWvQWRWGHDXQDYL]LELOHOD
H[WHULRU 'DFć ILOWUXO UHJHQHUDELO GH DHU UHFLUFXODW HVWH GHWHULRUDW
DFHVWDWUHEXLHVćILHHOLPLQDWüLvQORFXLW
1XHIHFWXDŘLUHJHQHUDUHDILOWUXOXLGHFDUERQDFWLYvQWLPSXO
SLUROL]HLVDXODRWHPHSHUDWXUćPDLPDUHGH&
3HQWUXUHJHQHUDUHDüH]DŘLILOWUXOGHFDUERQDFWLYSHXQJUćWDU
GHRDUHFHIRLOHGHFRSWSRW]JkULD
1X FXUćŘDŘL QLFLRGDWć ILOWUXO GH FDUERQ DFWLY FX GHWHUJHQW FX DSć
vQPDüLQDGHVSćODWYDVHVDXFXRODYHWćXPHGć
2GDWćFXUHJHQHUDUHDILOWUXOXLDFWLYGHFDUERQVHSRWSURGXFH
PLURVXUL 9HULILFDŘL FD VSDŘLXO ILH ELQH DHULVLW üL GDFć HVWH FD]XO
GHVFKLGHŘLIHUHDVWUD
 'HPRQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLYH]LÅ,QVWUXFŘLXQLOHGH
XWLOL]DUHDOHKRWHL´
 'HPRQWDŘLILOWUXOGHFDUERQDFWLY3HQWUXDFHDVWDLQWURGXFHŘL
FHDODOWćPkQćVXEILOWUXOGHFDUERQDFWLY

 5HJHQHUDŘL ILOWUXO GH FDUERQ DFWLY vQ FXSWRUXO SUHvQFćO]LW OD &
UHFLUFXODUHDHUSHQWUXPLQXWH
 /ćVDŘLILOWUXOGHFDUERQDFWLYVćVHUćFHDVFć
 ,QWURGXFHŘLILOWUXOFXFćUEXQHDFWLYUDEDWDŘLOvQVXVüLvQFOLFKHWDŘL
EULGD3HQWUXDFHDVWDLQWURGXFHŘLFHDODOWćPkQćVXEILOWUXOGH
FDUERQDFWLY
 0RQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLYH]LÅ,QVWUXFŘLXQLOHGH
XWLOL]DUHDOHKRWHL´
hu
á
6]HUHOpVL~WPXWDWy
)RQWRVWXGQLYDOyN
*RQGRVDQROYDVVDHOpVŌUL]]HPHJH]WD]~WPXWDWyW&VDND
V]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpVHVHWpQ
JDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVLKHO\HQ
YDOyNLIRJiVWDODQPŦN|GpVpUW
$NpV]OpNHWFVDNKLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU
FVDWODNR]WDWKDWMD
%iUPLO\HQPXQNDHOYpJ]pVHHOŌWWV]QWHVVHPHJD]iUDPHOOiWiVW
: 6pUOpVYHV]pO\
V]HUHOpVN|]EHQD]pOHVSHUHPHNPLDWW$NpV]OpNV]HUHOpVH
N|]EHQPLQGLJYLVHOMHQYpGŌNHV]W\ŦW
.HULQJHWHWWOHYHJŌWHUHOŌODSEHV]HUHOpVH
6]HUHOMHOHDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYyV]HUHOpVL
~WPXWDWyMiWµ
$NDVV]DEHDNHULQJHWHWWOHYHJŌWHUHOŌODSRWDWDUWyLGRPED
iEUD
$W|POŌWU|J]tWVHNpWFVŌELOLQFFVHODNHULQJHWHWWOHYHJŌ
WHUHOŌODSUDpVDOHYHJŌFVRQNUDiEUD
$W|POŌQHNIHV]HVQHNNHOOOHQQLHV]NVpJHVHWpQU|YLGtWVHOH
6]HUHOMHYLVV]DDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYy
V]HUHOpVL~WPXWDWyMiWµ
%HOVŌNUWŌWDNDUyODSUpVHLIHOIHOp
$NWtYV]pQV]ŦUŌUHJHQHUiOiVD
$V]DJRNPHJIHOHOŌVHPOHJHVtWpVpKH]DV]ŦUŌNHWQRUPiO
]HPHOWHWpVHVHWpQQDSLNEyUDNEKDYRQWDUHJHQHUiOQL
NHOO
$]DNWtYV]pQV]ŦUŌNHUHVNHGHOPLIRUJDORPEDQNDSKDWyVWŌEHQ
YDOyUHJHQHUiOiVUDDONDOPDV
: eJpVLVpUOpVYHV]pO\H
$]DNWtYV]pQV]ŦUŌDUHJHQHUiOiVXWiQVRNiLJIRUUyPDUDG1H
pULQWVHPHJD]DNWtYV]pQV]ŦUŌWN|]YHWOHQODUHJHQHUiOiVXWiQ
KDQHPHOŌV]|UKDJ\MDOHKŦOQL
$IRUUyDNWtYV]pQV]ŦUŌWOHKŦOpVLJKHO\H]]HHJ\KŌiOOyIHOOHWUH
8WDVtWiVRN
$] DNWtYV]pQV]ŦUŌN PD[ KDUPLQFV]RU UHJHQHUiOKDWyN OHJDOiEE
Wt]pYHQWHNLNHOOŌNHWFVHUpOQL
$]DNWtYV]pQV]ŦUŌNHWQRUPiO]HPHOWHWpVHVHWpQQDSLNE
yUDOHJDOiEEWt]pYHQWHNLNHOOFVHUpOQL
$]DNWtYV]pQV]ŦUŌDUHJHQHUiOiVXWiQVRNiLJIRUUyPDUDG1H
KHO\H]]HD]DNWtYV]pQV]ŦUŌWNpQ\HVIHOOHWUHN|]YHWOHQOD
UHJHQHUiOiVXWiQKDQHPHOŌV]|UKDJ\MDPHJIHOHOŌHQOHKŦOQL
+DDUHJHQHUiOKDWyOpJNHULQJHWŌV]ŦUŌOHHVLNPHJVpUOKHW$
VpUOpVHNNtYOUŌOQHPPLQGLJOiWKDWyDNÉUWDOPDWODQtWVDpV
FVHUpOMHNLDOHHVHWWUHJHQHUiOKDWyOpJNHULQJHWŌV]ŦUŌNHW
$]DNWtYV]pQV]ŦUŌWQHUHJHQHUiOMDSLUROt]LVVHOYDJ\&
IHOHWWLKŌPpUVpNOHWHQ
$UHJHQHUiOiVLIRO\DPDWKR]KHO\H]]HD]DNWtYV]pQV]ŦUŌWHJ\
URVWpO\UDPLYHODVWŌWHSVLN|VV]HNDUFROyGKDWQDN
$]DNWtYV]pQV]ŦUŌWVRKDQHWLV]WtWVDWLV]WtWyYDOYt]]HO
PRVRJDWyJpSEHQYDJ\QHGYHVW|UOŌUXKiYDO
$]DNWtYV]pQV]ŦUŌUHJHQHUiOiVDNRUV]DJRNNpS]ŌGKHWQHN
%L]WRVtWVDDKHO\LVpJPHJIHOHOŌV]HOOŌ]pVpWpVV]NVpJHVHWpQ
Q\LVVRQDEODNRW
 6]HUHOMHNLDIpP]VtUV]ŦUŌWOiVGDÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiViWµ
 9HJ\H NL D] DNWtYV]pQV]ŦUŌW .|]EHQ D PiVLN NH]pYHO Q\~OMRQ D]
DNWtYV]pQV]ŦUŌDOi
 5HJHQHUiOMDD]DNWtYV]pQV]ŦUŌWSHUFLJHOŌPHOHJtWHWW
VWŌEHQ&RQOpJNHULQJHWpVPHOOHWW
 +DJ\MDOHKŦOQLD]DNWtYV]pQV]ŦUŌW
 +HO\H]]H EH pV KDMWVD IHO D] DNWtYV]pQV]ŦUŌW PDMG SDWWLQWVD EH
DIOHW.|]EHQDPiVLNNH]pYHOQ\~OMRQD]DNWtYV]pQV]ŦUŌDOi
 6]HUHOMHEHDIpP]VtUV]ŦUŌWOiVGDÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiViWµ
sl
ð
1DYRGLOD]DPRQWDçR
3RPHPEQLQDSRWNL
6NUEQRSUHEHULWHWDQDYRGLOD]DXSRUDERLQMLKVKUDQLWH9DUQRVW
PHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQHPRQWDçHY
VNODGXVWHPLQDYRGLOL]DPRQWDçR=DEUH]KLEQRGHORYDQMHQD
PHVWXSRVWDYLWYHMHRGJRYRUHQLQåWDODWHU
$SDUDWODKNRSULNOMXĀLOHVWURNRYQRRVHEMH]GRYROMHQMHP
3UHGNDNUåQLPLNROLGHOLQDDSDUDWXL]NOMXĀLWHHOHNWULĀQRQDSDMDQMH
: 1HYDUQRVWWHOHVQLKSRåNRGE
]DUDGLRVWULKURERYPHGQDPHVWLWYLMR0HGQDPHVWLWYLMRDSDUDWD
YHGQRQRVLWH]DåĀLWQHURNDYLFH
1DPHVWLWHYGHIOHNWRUMD
2GVWUDQLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
9SQLWHGHIOHNWRUYSULWUGLOQLNRWQLN²VOLND
&HYVFHYQLPDVSRMNDPDSULWUGLWHQDGHIOHNWRULQQDVWDYHN]D
]UDĀQRFHY²VOLND
&HYPRUDELWLQDSHWD]DWRMRSRSRWUHELVNUDMåDMWH
1DPHVWLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
=DUH]HQRWUDQMHJDRNURYDMDåNDREUQLWHQDY]JRU
5HJHQHUDFLMDILOWURY]DNWLYQLPRJOMHP
)LOWUH MH WUHED SUL QRUPDOQL XSRUDEL GQHYQR SULEO XUR UHJHQHULUDWL
QDSULEO² PHVHFHGD]DJRWRYLWHXĀLQNRYLWRILOWULUDQMHYRQMDY
)LOWHU]DNWLYQLPRJOMHPMHSULPHUHQ]DUHJHQHUDFLMRYRELĀDMQL
SHĀLFL
: 1HYDUQRVWRSHNOLQ
)LOWHU]DNWLYQLPRJOMHPSRUHJHQHUDFLMLGROJRRVWDQHYURĀ)LOWUD]
DNWLYQLPRJOMHPVHQHSRVUHGQRSRUHJHQHUDFLMLQHGRWLNDMWH
WHPYHĀSRĀDNDMWHGDVHGRYROMRKODGL
9URĀILOWHU]DNWLYQLPRJOMHPSRORçLWHQDSRGODJRRGSRUQRQD
YURĀLQRGDVHRKODGL
2SRPEH
)LOWUH]DNWLYQLPRJOMHPODKNRGRNUDWUHJHQHULUDWH
QDMSR]QHMHSROHWLKSDMLKMHWUHED]DPHQMDWL
)LOWUH]DNWLYQLPRJOMHPMHWUHEDSULQRUPDOQLXSRUDELGQHYQR
SULEO XUR]DPHQMDWLQDMPDQMQD OHW
)LOWHU]DNWLYQLPRJOMHPSRUHJHQHUDFLMLGOMHĀDVDRVWDQHYURĀ
)LOWUD ] DNWLYQLP RJOMHP QHSRVUHGQR SR UHJHQHUDFLML QH RGODJDMWH
QDREĀXWOMLYHSRYUåLQHWHPYHĀSRĀDNDMWHGDVHGRYROMRKODGL
ÿHREQRYOMLYLILOWUL]DUHFLUNXODFLMR]UDNDSDGHMRVHODKNR
SRåNRGXMHMR3RåNRGEHQD]XQDMQLVRYHGQRYLGQHÿHVR
REQRYOMLYLILOWUL]DUHFLUNXODFLMR]UDNDSDGOLMLK]DYU]LWHLQ
]DPHQMDMWH
)LOWURY]DNWLYQLPRJOMHPQHUHJHQHULMDMWHVSURJUDPRPSLUROL]H
DOLSULWHPSHUDWXUDK]QDWQRQDG&
)LOWHU]DNWLYQLPRJOMHP]DUHJHQHUDFLMRSRORçLWHQDUHåHWNRNHU
ELODKNRSHNDĀRSUDVNDOL
)LOWURY]DNWLYQLPRJOMHPQLNROLQHĀLVWLWHVĀLVWLOL]YRGRY
SRPLYDOQHPVWURMXDOL]YODçQRNUSR
0HGUHJHQHUDFLMRILOWUD]DNWLYQLPRJOMHPVHODKNRUD]YLMHMR
YRQMDYH 3RVNUELWH GD ER SURVWRU GREUR SUH]UDĀHQ LQ SR SRWUHEL
RGSULWHRNQR
 'HPRQWLUDMWHNRYLQVNLPDåĀREQLILOWHUJOHMWHÅ1DYRGLOD]D
XSRUDERQDSH´
 2GVWUDQLWHILOWHU]DNWLYQLPRJOMHP3ULWHP]GUXJRURNRVSRGDM
SULPLWHILOWHU]DNWLYQLPRJOMHP
 )LOWUH]DNWLYQLPRJOMHPPLQXWUHJHQHULUDMWHYSUHGRJUHWL
SHĀLFLSUL &NURçHQMH]UDND
 3RĀDNDMWHGDVHILOWUD]DNWLYQLPRJOMHPRKODGLWD
 9VWDYLWH ILOWHU ] DNWLYQLP RJOMHP JD SRNORSLWH QDY]JRU LQ ]DVNRĀLWH
VSRQNR3ULWHP]GUXJRURNRVSRGDMSULPLWHILOWHU]DNWLYQLP
RJOMHP
 1DPHVWLWHNRYLQVNLPDåĀREQLILOWHUJOHMWHÅ1DYRGLOD]DXSRUDER
QDSH´

cs
Ö
0RQWiçQtQiYRG
'ŤOHçLWiXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRGD XVFKRYHMWHKR%H]SHĀQp
SRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpPRQWiçLSRGOHWRKRWR
QiYRGXN PRQWiçL7HFKQLNSURYiGěMtFtLQVWDODFLRGSRYtGi]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
6SRWŒHELĀVPt]DSRMRYDWSRX]HNRQFHVRYDQìRGERUQtN
3ŒHGSURYiGěQtPMDNìFKNROLSUDFtRGSRMWHSŒtVWURMRGUR]YRGQp
VtWě
: 1HEH]SHĀtSRUDQěQt
RVWUìPLKUDQDPLEěKHPLQVWDODFH%ěKHPLQVWDODFHVSRWŒHELĀH
QRVWHYçG\RFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQtYìK\EN\
'HPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
=DYěVWHFLUNXODĀQtYìK\ENXGR SŒLGUçRYDFtKR~KHOQtNX ²
REUi]HN 
8SHYQěWHKDGLFLGYěPDREMtPNDPDQD FLUNXODĀQtYìK\ENX
D Y]GXFKRYpKUGOR ² REUi]HN 
+DGLFHPXVtEìWQDSQXWiYSŒtSDGěSRWŒHE\]NUDŚWH
1DPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
äWěUELQ\YQLWŒQtKRNRPtQRYpKRNU\WXVPěŒXMtQDKRUX
5HJHQHUDFHDNWLYQtKRXKOtNRYpKRILOWUX
$E\E\O]DEH]SHĀHQìSRWŒHEQìVWXSHŃILOWURYiQtSDFKŤMHWŒHED
ILOWU\SŒLQRUPiOQtPSURYR]XSŒLEOLçQě KRGLQXGHQQě]KUXED
NDçGp PěVtFHUHJHQHURYDW
$NWLYQtXKOtNRYìILOWUMHSRYROHQìSURUHJHQHUDFLYEěçQpSHĀLFt
WURXEě
: 1HEH]SHĀtSRSiOHQt
$NWLYQtXKOtNRYìILOWU]ŤVWiYiSRUHJHQHUDFLGORXKRXGREXKRUNì
1HGRWìNHMWHVHDNWLYQtKRXKOtNRYpKRILOWUXKQHGSRUHJHQHUDFL
QHFKWHKRQHMGŒtYHY\FKODGQRXW
3RORçWHKRUNìDNWLYQtXKOtNRYìILOWUSURY\FKODGQXWtQDSRGORçNX
RGROQRXSURWLKRUNX
8SR]RUQěQt
$NWLYQtXKOtNRYpILOWU\O]HUHJHQHURYDWDçNUiWDMHWŒHEDMHSR
OHWHFKY\PěQLW
$NWLYQtXKOtNRYpILOWU\VHPXVtSŒLQRUPiOQtPSURYR]XFFD
KRGLQXGHQQěY\PěQLWNDçGìFK OHW
$NWLYQtXKOtNRYìILOWU]ŤVWiYiSRUHJHQHUDFLGORXKRXGREXKRUNì
$NWLYQtXKOtNRYìILOWUKQHGSRUHJHQHUDFLQHSRNOiGHMWHQD
FKRXORVWLYpSRYUFK\QìEUçKRQHFKWHGRVWDWHĀQěY\FKODGQRXW
5HJHQHUDĀQtILOWU\SURUHFLUNXODFLY]GXFKXVHPRKRXSŒLSiGX
SRåNRGLW3RåNR]HQtQHMVRX]YQěMåtVWUDQ\YçG\YLGěW
5HJHQHUDĀQtILOWU\SURUHFLUNXODFLY]GXFKXNWHUpYiPVSDGO\
]OLNYLGXMWHDY\PěŃWHMH]DQRYp
$NWLYQtXKOtNRYpILOWU\QHUHJHQHUXMWHSRPRFtS\UROì]\QHERSŒL
WHSORWiFKYìUD]QěY\ååtFKQHç&
3URSURFHVUHJHQHUDFHSRORçWHDNWLYQtXKOtNRYìILOWUQDURåW
SURWRçHSOHFK\QDSHĀHQtE\VHPRKO\SRåNUiEDW
$NWLYQt XKOtNRYp ILOWU\ QLNG\ QHĀLVWěWH ĀLVWLFtPL SURVWŒHGN\ YRGRX
Y P\ĀFHQiGREtQHERPRNUìPKDGUHP
3ŒLUHJHQHUDFLDNWLYQtKRXKOtNRYpKRILOWUXPŤçHGRMtWNHY]QLNX
]iSDFKX=DMLVWěWHDE\E\ODPtVWQRVWGREŒHRGYěWUiQD
D Y SŒtSDGěSRWŒHE\RWHYŒHWHRNQR
 'HPRQWXMWHNRYRYpWXNRYpILOWU\YL]Å1iYRGN SRXçLWtRGVDYDĀH
SDU´
 'HPRQWXMWHDNWLYQtXKOtNRYìILOWU'UXKRXUXNRXSŒLWRP]HVSRGX
GUçWHDNWLYQtXKOtNRYìILOWU
 $NWLYQtXKOtNRYìILOWUUHJHQHUXMWHY SŒHGHKŒiWpWURXEěSŒL &
FLUNXODFHY]GXFKXSRGREXPLQXW
 1HFKWHDNWLYQtXKOtNRYpILOWU\Y\FKODGQRXW
 1DVDďWHDNWLYQtXKOtNRYìILOWUSŒLNORSWHMHM]SěWD X]DPNQěWHKR
]DFYDNQXWtP'UXKRXUXNRXSŒLWRP]HVSRGXGUçWHDNWLYQt
XKOtNRYìILOWU
 1DPRQWXMWHNRYRYpWXNRYpILOWU\YL]Å1iYRGN SRXçLWtRGVDYDĀH
SDU´
sk
ï
0RQWiçQ\QiYRG
'{OHçLWpXSR]RUQHQLD
7HQWRQiYRGVL SURVtPVWDURVWOLYRSUHĀtWDMWHD XVFKRYDMWHKR/HQ
SULRGERUQHMPRQWiçLSRGĻDWRKWRQiYRGXQD PRQWiçMH]DUXĀHQi
EH]SHĀQRVŚSUL SRXçtYDQt,QåWDODWpUMH ]RGSRYHGQì]D EH]FK\EQ~
IXQNĀQRVŚQDPLHVWHLQåWDOiFLH
6SRWUHELĀP{çH]DSRMLŚYìOXĀQHRSUiYQHQìNRQFHVRYDQì
RGERUQtN
3UHGY\NRQiYDQtPDNìFKNRĻYHNSUiFY\SQLWHSUtYRGSU~GX
: 1HEH]SHĀHQVWYRSRUDQHQLD
RVWUìPL KUDQDPL Y SULHEHKX LQåWDOiFLH 3RĀDV LQåWDOiFLH VSRWUHELĀD
YçG\QRVWHRFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQHMYìK\EN\
'HPRQWXMWHNU\WNRPtQD SR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
=DYHVWHFLUNXODĀQ~YìK\ENXGR SULGUçLDYDFLHKRXKROQtND ²
REUi]RN 
8SHYQLWHKDGLFXSRPRFRXGYRFK~FK\WLHNQD FLUNXODĀQ~
YìK\ENXD Y]GXFKRYpKUGOR ² REUi]RN 
+DGLFDPXVtE\ŚQDWLDKQXWiY SUtSDGHSRWUHE\MXVNUiŚWH
1DPRQWXMWHNU\WNRPtQDSR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
=iUH]\YQ~WRUQpKRNU\WXNRPtQDVPHUXM~QDKRU
5HJHQHURYDQLHDNWtYQHKRXKOtNRYpKRILOWUD
$E\VD]DEH]SHĀLOR~ĀLQQpRGVWUDŃRYDQLHSDFKRYPXVLDVDILOWUH
SULQRUPiOQHMSUHYiG]NHSULEOLçQHKRGLQXGHQQHNDçGp²
PHVLDFHUHJHQHURYDŚ
$NWtYQ\XKOtNRYìILOWHUMHPRçQpUHJHQHURYDŚYEHçQHMU~UHQD
SHĀHQLH
: 1HEH]SHĀHQVWYRSRSiOHQLD
$NWtYQ\XKOtNRYìILOWHU]RVWiYDSRUHJHQHUDĀQRPRKUHYHGOKìĀDV
KRU~FL1HGRWìNDMWHVDDNWtYQHKRXKOtNRYpKRILOWUDKQHďSR
UHJHQHUDĀQRPRKUHYHDOHQHFKDMWHKRY\FKODGQ~Ś
+RU~FLDNWtYQ\XKOtNRYìILOWHUSRORçWHQDY\FKODGQXWLHQD
WHSORY]GRUQ~SRGORçNX
8SR]RUQHQLD
$NWtYQH XKOtNRYp ILOWUH PRçQR UHJHQHURYDŚ WULGVDŚNUiW D PXVLD
VDY\PHQLŚPLQLPiOQHSRGHVLDWLFKURNRFK
$NWtYQHXKOtNRYpILOWUHVDPXVLDSULQRUPiOQHMSUHYiG]NHFFD
KRGLQXGHQQHY\PHQLŚNDçGìFKURNRY
$NWtYQ\XKOtNRYìILOWHU]RVWiYDSRUHJHQHUiFLLGOKìĀDVKRU~FL
$NWtYQ\XKOtNRYìILOWHUQHRGNODGDMWHKQHďSRUHJHQHUiFLLQD
FK~ORVWLYpSRYUFK\DOHQHFKDMWHKRGRVWDWRĀQHY\FKODGQ~Ś
5HJHQHUDĀQpILOWUHSUHUHFLUNXOiFLXY]GXFKXVDP{çXSULSiGH
SRåNRGLŚ3RåNRGHQLHQHPXVtE\Ś]YRQNXYçG\YLGLWHĻQp
=OLNYLGXMWHDQDKUDďWHUHJHQHUDĀQpILOWUHSUHUHFLUNXOiFLX
Y]GXFKXNWRUpEROLY\VWDYHQpSiGX
$NWtYQHXKOtNRYpILOWUHQHUHJHQHUXMWHSRPRFtS\UROì]\DOHERSUL
WHSORWiFKYìUD]QHY\ååtFKQHç&
3UHG ]DĀDWtP SURFHVX UHJHQHUiFLH SRORçWH DNWtYQH XKOtNRYp ILOWUH
QDURåWSUHWRçHSOHFK\QDSHĀHQLHVDP{çXSRåNULDEDŚ
$NWtYQHXKOtNRYpILOWUHQLNG\QHĀLVWLWHĀLVWLDFLPLSURVWULHGNDPL
YRGRXY XPìYDĀNHULDGXDOHERPRNURXKDQGURX
3ULUHJHQHURYDQtDNWtYQHKRXKOtNRYpKRILOWUDP{çHG{MVŚN
UR]åtUHQLX]iSDFKX8LVWLWHVDçHSULHVWRUMHGREUHRGYHWUDQìD
YSUtSDGHSRWUHE\RWYRUWHRNQR
 'HPRQWXMWHWXNRYìNRYRYìILOWHUSR]ULÅ1iYRGQDREVOXKX
RGViYDĀDSiU´
 'HPRQWXMWH DNWtYQ\ XKOtNRYì ILOWHU 'UXKRX UXNRX SULWRP XFKRSWH
DNWtYQ\XKOtNRYìILOWHU]RVSRGX
 $NWtYQ\ XKOtNRYì ILOWHU Y SUHGKULDWHM U~UH QD SHĀHQLH UHJHQHUXMH SUL
&FLUNXOiFLDY]GXFKXPLQ~W
 $NWtYQ\XKOtNRYìILOWHUQHFKDMWHY\FKODGQ~Ś
 1DVDďWHDNWtYQ\XKOtNRYìILOWHUY\NORSWHKRVPHURPKRUH
D ]DLVWLWH VSRQX 'UXKRX UXNRX SULWRP GUçWH DNWtYQ\ XKOtNRYì ILOWHU
]RVSRGX
 1DPRQWXMWHWXNRYìNRYRYìILOWHUSR]ULÅ1iYRGQDREVOXKX
RGViYDĀDSiU´

hr
à
8SXWH]DPRQWDçX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHLĀXYDMWHRYHXSXWH]DXSRUDEX6DPRNRG
SUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçXMH
]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ]D
EHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
6DPRRYODåWHQRVWUXĀQRRVREOMHVPLMHSULNOMXĀLWLXUHđDM
3ULMHL]YUåHQMDVYLKUDGRYDLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGR]OMHGH
]ERJRåWULKUXERYDSULOLNRPLQVWDODFLMH7LMHNRPLQVWDODFLMHXUHđDMD
XYLMHNQRVLWH]DåWLWQHUXNDYLFH
0RQWDçDYHQWLODWRUD
'HPRQWLUDMWH REORJX GLPQMDND YLGL Å8SXWH ]D PRQWDçX NXKLQMVNH
QDSH´
9HQWLODWRUREMHVLWHQDSULGUçQLNXWQLQDVWDYDNVOLND
&ULMHYRVGYLMHFLMHYQHREXMPLFHSULĀYUVWLWHQDYHQWLODWRUL
QDVWDYDN]D]UDNVOLND
&ULMHYRPRUDELWL]DWHJQXWRSRSRWUHELJDVNUDWLWH
0RQWLUDMWHREORJXGLPQMDNDYLGLÅ8SXWH]DPRQWDçXNXKLQMVNH
QDSH´
3URUH]HXQXWDUQMHREORJHGLPQMDNDSUHPDJRUH
5HJHQHUDFLMDILOWUDVDNWLYQLPXJOMHQRP
.DNRELVWHRPRJXþLOLILOWULUDQMHQHXJRGQLKPLULVDWUHEDWH
UHJHQHULUDWLILOWUHNRGQRUPDOQRJUDGDGQHYQRRWSULOLNH VDW
VYDND PMHVHFD
)LOWDUVDNWLYQLPXJOMHQRPMHGRSXåWHQ]DUHJHQHUDFLMXX
VWDQGDUGQRMSHþQLFL
: 2SDVQRVWRGRSHNOLQD
)LOWDUVDNWLYQLPXJOMHQRPRVWDMHQDNRQUHJHQHUDFLMHGXJRYUXþ
)LOWDU V DNWLYQLP XJOMHQRP QH GRGLUXMWH RGPDK QDNRQ UHJHQHUDFLMH
YHþJDRVWDYLWHGDVHRKODGL
9UXþLILOWDUVDNWLYQLPXJOMHQRPVWDYLWHQDSRGORJXRWSRUQXQD
WRSOLQXNDNRELVHRKODGLR
1DSRPHQH
)LOWUL V DNWLYQLP XJOMHQRP PRJX VH UHJHQHULUDWL GR  SXWD L YDOMD
LK]DPLMHQLWLQDMPDQMHVYDNLKJRGLQD
)LOWUHVDNWLYQLPXJOMHQRPYDOMD]DPLMHQLWLNRGQRUPDOQRJUDGD
GQHYQRRWSULOLNH VDWQDMPDQMHVYDNLK JRGLQD
)LOWDUVDNWLYQLPXJOMHQRPRVWDMHQDNRQUHJHQHUDFLMHGXJRYUXþ
)LOWDUVDNWLYQLPXJOMHQRPQHVWDYOMDMWHRGPDKQDNRQ
UHJHQHUDFLMH QD RVMHWOMLYH SRYUåLQH YHþ JD QDMSULMH RVWDYLWH GD VH
GRYROMQRRKODGL
5HJHQHULUDMXþL ILOWUL ]D RSWRĀQL ]UDN PRJX VH RåWHWLWL XVOLMHG SDGD
2åWHþHQMDQLVXXYLMHNYLGOMLYDL]YDQD=EULQLWHL]DPLMHQLWH
UHJHQHULUDMXþHILOWUH]DRSWRĀQL]UDNNRMLVXSDOL
)LOWDUVDNWLYQLPXJOMHQRPQHUHJHQHULUDMWHXSLUROL]LLOL]QDWQR
L]QDG&
)LOWDUVDNWLYQLPXJOMHQRPVWDYLWHQDUHåHWNX]DSURFHV
UHJHQHUDFLMHMHUELVHOLPRYL]DSHĀHQMHPRJOLRåWHWLWL
)LOWDUVDNWLYQLPXJOMHQRPQLNDGDQHĀLVWLWHVUHGVWYLPD]D
ĀLåþHQMHYRGRPXSHULOLFLSRVXđDLOLYODçQRPNUSRP
3ULUHJHQHUDFLMLILOWUDVDNWLYQLPXJOMHQRPPRçHGRþLGR
QDVWDMDQMDQHXJRGQLKPLULVD3URYMHULWHMHOLSURVWRULMDGREUR
SUR]UDĀHQDLSRSRWUHELRWYRULWHSUR]RU
 ,]YDGLWHPHWDOQLILOWDU]DPDVQRþXYLGLÅ8SXWH]DXSRUDEX
NXKLQMVNHQDSH´
 ,]YDGLWH ILOWDU V DNWLYQLP XJOMHQRP 3ULWRP GUXJRP UXNRP XKYDWLWH
LVSRGILOWUDVDNWLYQLPXJOMHQRP
 )LOWDUVDNWLYQLPXJOMHQRPUHJHQHULUDMWHX]DJULMDQRMSHþQLFLQD
&YHQWLODWRUXWUDMDQMXRGPLQXWD
 2VWDYLWHILOWDUVDNWLYQLPXJOMHQRPGDVHRKODGL
 6WDYLWH ILOWDU V DNWLYQLP XJOMHQRP SUHNORSLWH SUHPD JRUH L XJODYLWH
VSRMQLFX3ULWRPGUXJRPUXNRPXKYDWLWHLVSRGILOWUDVDNWLYQLP
XJOMHQRP
 8JUDGLWHPHWDOQLILOWDU]DPDVQRþXYLGLÅ8SXWH]DXSRUDEX
NXKLQMVNHQDSH´
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
Αίεμηςιίζίμηώ
ΙκθρίμίμίάηβζΪμίεηθηΪλμθωσθμθκτδθάθήλμάθβέθλτοκΪηίμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθμΪαββηλμκνδπβωαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
ΛΪζθλίκμβξβπβκΪηλιίπβΪεβλμβζΪικΪάθήΪλάτκαάΪνκίήΪ
ΙκίήββαιτεηίηβίμθηΪδΪδάβμθβήΪίκΪΫθμβλικίμί
ίείδμκβρίλδθμθαΪοκΪηάΪηί
: Νξίπμνπρνρμίοίμώαίμδ
ιθκΪήβθλμκβκτΫθάίιθάκίζίηΪβηλμΪεΪπβωμΪΙθάκίζίηΪ
βηλμΪεΪπβωμΪηΪνκίήΪάβηΪέβηθλίμίικίήιΪαηβκτδΪάβπβ
Λνμρηοίμδμίικύφίζίοδυηοιςκηοίψαωζγςτ
ΎίζθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΘδΪρίμί δεψρΪ αΪ κίπβκδνεβκΪσ άταήνο ά αΪήτκΰΪσβω άβηδίε
ξβέ
ΑΪδκίιίμίζΪκδνρΪλήάίλδθΫβαΪμκτΫβάτκονδεψρΪαΪ
κίπβκδνεβκΪσάταήνοβηΪδκΪγηβδΪαΪάταήνοξβέ
ΖΪκδνρτμμκωΫάΪήΪίθΫμίέηΪμικβηνΰήΪλδτλίμί
ΖθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΘμάθκτμηΪάτμκίςηΪμΪθΫςβάδΪηΪήβζθθμάθήΪίηΪέθκί
Οδβδμδοηοίμδμίσηκρωοίπίιρηαδμαωβκδμ
ΑΪήΪλίέΪκΪημβκΪλμίιίημΪηΪθμλμκΪηωάΪηίηΪζβκβαζβ
ξβεμκβμί μκωΫάΪ ήΪ λί κίέίηίκβκΪμ ικβ ηθκζΪεηΪ κΪΫθμΪ θδθεθ
ρΪληΪήίηικβΫεηΪάλίδβζίλίπΪ
Ξβεμτκτμ λ Ϊδμβάίη άτέείη ζθΰί ήΪ λί κίέίηίκβκΪ ά θΫβδηθάίηΪ
ξνκηΪ
: Νξίπμνπρνρηζβίοώμδ
ΞβεμτκτμλΪδμβάίηάτέείηθλμΪάΪήτεέθάκίζίλείή
κίέίηίκβκΪηίέθκίσΗίήθδθλάΪγμίξβεμτκΪλΪδμβάίηάτέείη
ήβκίδμηθλείήκίέίηίκβκΪηίΪιτκάθέθθλμΪάίμίήΪλίθοεΪήβ
ΙθλμΪάίμίέθκίσβωξβεμτκλΪδμβάίηάτέείηάτκοννλμθγρβάΪηΪ
μθιεβηΪιθήεθΰδΪαΪθοεΪΰήΪηί
΢ιίζίμηδ
ΞβεμκβμίλΪδμβάίηάτέείηζθέΪμήΪλίκίέίηίκβκΪμήθιτμβ
βμκωΫάΪηΪγζΪεδθλείήέθήβηβήΪλίλζίηωμ
ΞβεμκβμίλΪδμβάίηάτέείημκωΫάΪήΪλίλζίηωμικβηθκζΪεηΪ
κΪΫθμΪθδθεθρΪληΪήίηηΪγζΪεδθηΪάλίδβέθήβηβ
ΞβεμτκτμλΪδμβάίηάτέείηθλμΪάΪήτεέθάκίζίλείή
κίέίηίκβκΪηίέθκίσΗίιθλμΪάωγμίξβεμτκΪλΪδμβάίηάτέείη
ήβκίδμηθλείήκίέίηίκβκΪηίάτκονρνάλμάβμίεηβιθάτκοηθλμβ
ΪιτκάθέθθλμΪάίμίήΪλίθοεΪήβ
ΚίέίηίκβκΪσβμίλίξβεμκβαΪπβκδνεΪπβθηίηάταήνοζθέΪμήΪ
λί ιθάκίήωμ ικβ ιΪήΪηί Ιθάκίήβμί ηί άβηΪέβ λί άβΰήΪμ θμάτη
Βαοάτκεωγμί β λζίηωγμί ιΪήηΪεβμί κίέίηίκβκΪσβ λί ξβεμκβ αΪ
πβκδνεΪπβθηίηάταήνο
ΗίκίέίηίκβκΪγμίξβεμκβμίλΪδμβάίηάτέείηάιβκθεβαΪβεβ
ικβζηθέθηΪή&
ΙθλμΪάίμίξβεμτκΪλΪδμβάίηάτέείηαΪικθπίλΪηΪ
κίέίηίκβκΪηίάτκονλδΪκΪμτγδΪμθμΪάβμίζθέΪμήΪλί
ηΪήκΪλδΪμ
ΗβδθέΪηίιθρβλμάΪγμίξβεμτκΪλΪδμβάίηάτέείηλιθρβλμάΪσβ
ικίιΪκΪμβλάθήΪάλτήθζβωεηΪζΪςβηΪβεβλάεΪΰηΪδτκιΪ
ΙκβκίέίηίκβκΪηίηΪξβεμτκΪλΪδμβάίηάτέείηζθΰίήΪλί
λμβέηί ήθ θΫκΪανάΪηί ηΪ ζβκβαζβ Νάίκίμί λί ρί ιθζίσίηβίμθ
ίήθΫκίικθάίμκίηθβθμάθκίμίικβηνΰήΪικθαθκίπ
 ΎίζθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ
 ΎίζθημβκΪγμίξβεμτκΪλΪδμβάίηάτέείηΙκβμθάΪλήκνέΪμΪ
κτδΪοάΪηίμίιθήξβεμτκΪλΪδμβάίηάτέείη
 ΚίέίηίκβκΪγμίξβεμτκΪλΪδμβάίηάτέείηάικίήάΪκβμίεηθ
αΪέκωμΪξνκηΪικβ&πβκδνεΪπβωηΪάταήνοΪαΪ
ζβηνμβ
 ΘλμΪάίμίξβεμτκΪλΪδμβάίηάτέείηήΪλίθοεΪήβ
 ΙθλμΪάίμίξβεμτκΪλΪδμβάίηάτέείηηΪδεθηίμίηΪέθκίβ
ξβδλβκΪγμίίαβρίμθΙκβμθάΪλήκνέΪμΪκτδΪοάΪηίμίιθή
ξβεμτκΪλΪδμβάίηάτέείη
 ΖθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ

sr
ò
8SXWVWYRRSRVWDYOMDQMX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHRYRXSXWVWYRLVDĀXYDMWHJD6DPRXVOXĀDMX
VWUXĀQHXJUDGQMHXVNODGXVDRYLPXSXWVWYRP]DPRQWDçX
]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHUMH
RGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
6DPRREXĀHQDNYDOLILNRYDQDRVREDPRçHSRYH]DWLXUHđDM
3UHQHJRåWRELORåWDXUDGLWHLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGSRYUHGH
]ERJ RåWULK LYLFD WRNRP LQVWDODFLMH 7RNRP LQVWDODFLMH XUHđDMD XYHN
QRVLWH]DåWLWQHUXNDYLFH
0RQWDçDGHIOHNWRUDYD]GXKD
'HPRQWLUDMWHREORJXNDPLQDSRJOHGDMWHÅ8SXWVWYR]DPRQWDçX
DVSLUDWRUDµ
=DNDĀLWHGHIOHNWRUYD]GXKDQDXJDRQLQRVDĀ²VOLND
3ULĀYUVWLWHFUHYR]DGHIOHNWRUYD]GXKDLRGYRG]DYD]GXK
SRPRþXGYHåHOQH²VOLND
&UHYRPRUDGDEXGH]DWHJQXWRSRSRWUHELJDVNUDWLWH
0RQWLUDMWHREORJXNDPLQDSRJOHGDMWHÅ8SXWVWYR]DPRQWDçX
DVSLUDWRUDµ
8VHFL XQXWUDåQMH REORJH NDPLQD WUHED GD EXGX RNUHQXWL QD JRUH
5HJHQHUDFLMDILOWHUDVD DNWLYQLPXJOMHP
'DELVHREH]EHGLORHILNDVQRL]YODĀHQMHPLULVDILOWHUPRUDGDVH
UHJHQHULåHSULQRUPDOQRPUDGXRNRVDWYUHPHQDGQHYQRQD
VYDND PHVHFD
)LOWHUVDDNWLYQLPXJOMHPVHVPHUHJHQHULVDWLXUHUQDPDNRMHVX
GRVWXSQHXWUJRYLQDPD
: 2SDVQRVWRGRSHNRWLQD
)LOWHUVDDNWLYQLPXJOMHPQDNRQUHJHQHUDFLMHRVWDMHGXçHYUHPH
YUXþ)LOWHUVDDNWLYQLPXJOMHPQHPRMWHGRGLULYDWLQHSRVUHGQR
QDNRQUHJHQHUDFLMHVDĀHNDMWHSUYRGDVHGRYROMQRRKODGL
9UXþ ILOWHU VD DNWLYQLP XJOMHP RVWDYLWH GD VH RKODGL QD SRGOR]L NRMD
MHRWSRUQDQDYLVRNHWHPSHUDWXUH
1DSRPHQH
)LOWHULVDDNWLYQLPXJOMHPVHPRJXUHJHQHULVDWLGRSXWDL
PRUDMXVH]DPHQLWLQDMPDQMHQDNRQJRGLQD
)LOWHU VD DNWLYQLP XJOMHP PRUD GD VH ]DPHQL SUL QRUPDOQRP UDGX
RNRVDWYUHPHQDGQHYQRQDMPDQMHQDVYDNLKJRGLQD
1DNRQUHJHQHUDFLMHILOWHUVDDNWLYQLPXJOMHPRVWDMHGXçHYUHPH
YUXþ)LOWHUVDDNWLYQLPXJOMHPQHPRMWHVWDYOMDWLQDRVHWOMLYH
SRYUåLQHQHSRVUHGQRQDNRQUHJHQHUDFLMHVDĀHNDMWHSUYRGDVH
GRYROMQRRKODGL
8VOHG SDGD PRçH GRþL GR RåWHþHQMD ILOWHUD ]D FLUNXODFLMX YD]GXKD
]DYLåHNUDWQXXSRWUHEX2åWHþHQMDQLVXXYHNXRĀOMLYDVSROMD
)LOWHUH]DFLUNXODFLMXYD]GXKD]DYLåHNUDWQXXSRWUHEXXYHN
XNORQLWHL]DPHQLWHXNROLNRVXSDOL
)LOWHUVDDNWLYQLPXJOMHPQHPRMWHGDUHJHQHULåLWHSRPRþX
SLUROL]HLOLQDWHPSHUDWXUDPD]QDWQRYLåLPRG&
.RG SRVWXSND UHJHQHUDFLMH SRVWDYLWH ILOWHU VD DNWLYQLP XJOMHP QD
UHåHWNX]DWRåWRSOHKPRçHGDVHL]JUHEH
)LOWHUVDDNWLYQLPXJOMHPQLNDGDQHPRMWHĀLVWLWLGHWHUGçHQWRP
YRGRPYODçQRPNUSRPLOLSUDWLXPDåLQL]DSUDQMHSRVXđD
3ULOLNRPUHJHQHUDFLMHILOWHUDVDDNWLYQLPXJOMHPPRçHGRþLGR
VWYDUDQMDPLULVD8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYDL
RWYRULWHSUR]RUXNROLNRMHSRWUHEQR
 'HPRQWLUDMWHPHWDOQLILOWHUSRJOHGDMWHÅ8SXWVWYR]DXSRWUHEX
DVSLUDWRUD´
 6NLQLWH ILOWHU VD DNWLYQLP XJOMHP 3UL WRPH GUXJRP UXNRP RGR]GR
SULGUçDYDMWHILOWHUVDDNWLYQLPXJOMHP
 )LOWHUVDDNWLYQLPXJOMHPUHJHQHULåLWHXSUHWKRGQR]DJUHMDQRM
UHUQLQD&FLUNXODFLMDYD]GXKDPLQXWD
 6DĀHNDMWHGDVHRKODGLILOWHUVDDNWLYQLPXJOMHP
 3RVWDYLWH ILOWHU VD DNWLYQLP XJOMHP SRNORSLWH JH QDJRUH L ]DEUDYLWH
UH]X3ULWRPHGUXJRPUXNRPRGR]GRSULGUçDYDMWHILOWHUVD
DNWLYQLPXJOMHP
 0RQWLUDMWHPHWDOQLILOWHUSRJOHGDMWHÅ8SXWVWYR]DXSRWUHEX
DVSLUDWRUD´
mk
æ
ΝιΪμλμάθαΪζθημΪΰΪ
Αίεμημίξνλδμη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθβρνάΪϒμίέθΛΪζθλθ
λμκνρηΪζθημΪΰΪλθέεΪληθθάΪνιΪμλμάθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
ΛΪζθεβπίηπβκΪηλιίπβϒΪεβλμλζίίήΪέθικβδενρβνκίήθμ
ΙκίήκΪΫθμίϔίΫβεθδΪδάΪκΪΫθμΪβλδενρίμίέθηΪιθϒνάΪϔίμθ
: Νξίπμνπρνγξναοδγί
θήθλμκβμίκΪΫθάβαΪάκίζίηΪβηλμΪεΪπβϒΪμΪΑΪάκίζίηΪ
βηλμΪεΪπβϒΪμΪηΪνκίήθμλίδθέΪςηθλίμίαΪςμβμηβκΪδΪάβπβ
Λνμρηοίϗρδπδξίοίρνοζίυηοιςκηοίφιηνρανζγςτ
ΎίζθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪ
ζθημΪΰΪηΪΪλιβκΪμθθμ´
ΑΪδΪρίμίέθλίιΪκΪμθκθμαΪπβκδνεβκΪρδβάθαήνοηΪΪέθεηβθμ
ήκΰΪρλεβδΪ
Ικβπάκλμίμί έθ πκίάθμθ β άθαήνςηβμί ζεΪαηβπβ ηΪ λίιΪκΪμθκθμ
αΪπβκδνεβκΪρδβάθαήνολθήάίλμίέβαΪπκίάθλεβδΪ
ΠκίάθμθζθκΪήΪΫβήίαΪμίέηΪμθιθιθμκίΫΪλδκΪμίμίέθ
ΖθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪζθημΪΰΪ
ηΪΪλιβκΪμθθμ´
ΙκθπίιβμίηΪάηΪμκίςηΪμΪζΪλδΪηΪδΪζβηθμμκίΫΪήΪΫβήΪμ
ηΪέθκί
Ηπφηπρδρδβησηκροηρδζίίιρηαδμϗίβκδμ
ΑΪήΪλίθΫίαΫίήβηΪζΪενάΪϔίηΪλμίιίηθμηΪζβκβλζθκΪ
ξβεμκβμί άθ ηθκζΪείη κίΰβζ ήηίάηθ θδθεν ρΪλ κίήθάηθ ήΪ λί
κίέίηίκβκΪΪμθμικβεβδΪηΪλίδθβ ζίλίπβ
ΞβεμίκθμλθΪδμβάίηϒΪέείηίθήθΫκίηαΪκίέίηίκβκΪϔίάθ
δθζίκπβϒΪεηΪκίκηΪ
: Νξίπμνπρνγηζβνοδμηυη
ΞβεμίκθμλθΪδμβάίηϒΪέείηθλμΪηνάΪήθεέθάκίζίΰίΰθδιθ
κίέίηίκβκΪϔίμθΗίέβήθιβκΪϒμίξβεμκβμίλθΪδμβάίηϒΪέείη
άίήηΪςιθκίέίηίκβκΪϔίμθμνδνθλμΪάίμίήΪλίθεΪήΪμ
ΐίςδβμίξβεμκβλθΪδμβάίηϒΪέείηθλμΪάίμίέβήΪλίθεΪήΪμηΪ
ιθήεθέΪθμιθκηΪηΪμθιεβηΪ
Μίξνλδμη
Ξβεμκβμί αΪ Ϊδμβάίη ϒΪέείη ζθΰί ήΪ λί κίέίηίκβκΪΪμ ήθ  ιΪμβ
βζθκΪήΪλίαΪζίηΪμηΪϒζΪεδνιθέθήβηβ
ΞβεμκβμίλθΪδμβάίηϒΪέείηζθκΪήΪλίαΪζίηΪμάθηθκζΪείη
κίΰβζήηίάηθθδθεν ρΪληΪϒζΪεδνηΪλίδθβ έθήβηβ
ΞβεμίκθμλθΪδμβάίηϒΪέείηθλμΪηνάΪήθεέθάκίζίΰίΰθδιθ
κίέίηίκβκΪϔίμθΗίέβήθιβκΪϒμίξβεμκβμίλθΪδμβάίηϒΪέείη
άίήηΪςιθκίέίηίκβκΪϔίμθβηίέβιθλμΪάνάΪϒμίήβκίδμηθηΪ
ρνάλμάβμίεηβιθάκςβηβμνδνικάθθλμΪάίμίήΪλίθεΪήΪμ
ΠβκδνεΪπβθηβμίξβεμκβςμθλίκίέίηίκβκΪΪμζθΰίήΪλί
θςμίμΪμικβιΪύΪϔίΘςμίμνάΪϔΪμΪηίλίλίδθέΪςάβήεβάβ
θήηΪήάθκΒαάΪήίμίέββαΪζίηίμίέβιΪήηΪμβμίπβκδνεΪπβθηβ
ξβεμκβςμθλίκίέίηίκβκΪΪμ
Ηί έβ κίέίηίκβκΪϒμί ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη άθ ιβκθεβαΪ βεβ
ηΪή&
ΙθλμΪάίμίέθξβεμίκθμαΪΪδμβάίηϒΪέείηαΪικθπίλθμηΪ
κίέίηίκβκΪϔίηΪκίςίμδΪΫβήίϒϖβζθΰίήΪέββαέκίΫίμΪάβμί
αΪιίρίϔί
ΗβδθέΪςηίέβρβλμίμίξβεμκβμίαΪΪδμβάίηϒΪέείηλθλκίήλμάΪ
αΪρβλμίϔίλθάθήΪάθζΪςβηΪαΪλΪήθάββεβλθάεΪΰηΪδκιΪ
ΙκβκίέίηίκβκΪϔίηΪξβεμίκθμλθΪδμβάίηϒΪέείηζθΰίήΪλί
λθαήΪήΪμζβκβαΫβΙκθάίκίμίήΪεβικθλμθκβϒΪμΪίήθΫκθ
ικθάίμκίηΪβΪδθίιθμκίΫηθθμάθκίμίηίδθϒικθαθκίπ
 ΎίζθημΪΰΪηΪζίμΪεηβμίξβεμκβαΪζΪληθμββάβήίμίάθ
ÅΝιΪμλμάθαΪνιθμκίΫΪηΪΪλιβκΪμθκθμ´
 ΚΪαζθημβκΪϒμί έθ ξβεμίκθμ λθ Ϊδμβάίη ϒΪέείη ΙκβμθΪ λθ ήκνέΪμΪ
κΪδΪξΪμίμίιθήξβεμκβμίλθΪδμβάίηϒΪέείη
 ΚίέίηίκβκΪϒμίέβξβεμκβμίλθΪδμβάίηϒΪέείηζβηνμβηΪ
&πβκδνεΪπβθηίηάθαήνοάθικίμοθήηθαΪέκίΪηΪκίκηΪ
 ΘλμΪάίμίήΪλίθεΪήΪμξβεμκβμίαΪΪδμβάίηϒΪέείη
 Όζίμηίμί έβ ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη ικίδεθιίμί έβ ηΪέθκί β
ηίδΪλίάδεθιβϒΪαβρίμθΙκβμθΪλθήκνέΪμΪκΪδΪξΪμίμίιθή
ξβεμκβμίλθΪδμβάίηϒΪέείη
 ΖθημΪΰΪ ηΪ ζίμΪεηβμί ξβεμκβ αΪ ζΪληθμββ άβήίμί άθ ÅΝιΪμλμάθ
αΪνιθμκίΫΪηΪΪλιβκΪμθκθμ´
/