Siemens LD97AA670/07 User manual

Type
User manual
*9000844135*  

/'$$''$*''$*
''$*%
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
é ,QVWDOODWLHYRRUVFKULIW
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
â ,VWUX]LRQLSHULOPRQWDJJLR
× 0RQWHULQJVYHMOHGQLQJ
Ý $VHQQXVRKMH
ê 0RQWHULQJVYHLOHGQLQJ
ó 0RQWHULQJVDQYLVQLQJ
î Ημπροςιυηώξνλνμρίες
[
[
[
[
[
[
[
[









PLQ
PD[






PLQ






PLQ

PLQ

PLQ

PD[

PLQ

PD[



[
[
[
[
[
[
[
[
[
[

D
[[
[[
E

F
[
[
[
[
E
D


[
[
[
[
F

de
Ø
0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
'LH %UHLWH GHU 'XQVWDE]XJVKDXEH PXVV PLQGHVWHQV GHU %UHLWH GHU
.RFKVWHOOHHQWVSUHFKHQ
)UGLH,QVWDOODWLRQPVVHQGLHDNWXHOOJOWLJHQ%DXYRUVFKULIWHQ
XQGGLH9RUVFKULIWHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHU
EHDFKWHWZHUGHQ
/HEHQVJHIDKU
=XUFNJHVDXJWH9HUEUHQQXQJVJDVHN|QQHQ]X9HUJLIWXQJHQIK
UHQ
,PPHU IU DXVUHLFKHQG =XOXIW VRUJHQ ZHQQ GDV *HUlW LP $EOXIWEH
WULHEJOHLFK]HLWLJPLWHLQHUUDXPOXIWDEKlQJLJHQ)HXHUVWlWWHYHU
ZHQGHWZLUG
5DXPOXIWDEKlQJLJH)HXHUVWlWWHQ]%JDV|OKRO]RGHUNRKOH
EHWULHEHQH+HL]JHUlWH'XUFKODXIHUKLW]HU:DUPZDVVHUEHUHLWHU
EH]LHKHQ9HUEUHQQXQJVOXIWDXVGHP$XIVWHOOUDXPXQGIKUHQGLH
$EJDVHGXUFKHLQH$EJDVDQODJH]%.DPLQLQV)UHLH
,Q9HUELQGXQJPLWHLQHUHLQJHVFKDOWHWHQ'XQVWDE]XJVKDXEHZLUG
GHU.FKHXQGGHQEHQDFKEDUWHQ5lXPHQ5DXPOXIWHQW]RJHQ
RKQHDXVUHLFKHQGH=XOXIWHQWVWHKWHLQ8QWHUGUXFN*LIWLJH*DVH
DXVGHP.DPLQRGHU$E]XJVVFKDFKWZHUGHQLQGLH:RKQUlXPH
]XUFNJHVDXJW
(VPXVVGDKHULPPHUIUDXVUHLFKHQGH=XOXIWJHVRUJWZHUGHQ
(LQ=XOXIW$EOXIWPDXHUNDVWHQDOOHLQVWHOOWGLH(LQKDOWXQJGHV
*UHQ]ZHUWHVQLFKWVLFKHU
(LQ JHIDKUORVHU %HWULHE LVW QXU GDQQ P|JOLFK ZHQQ GHU 8QWHUGUXFN
LP $XIVWHOOUDXP GHU )HXHUVWlWWH 3D  PEDU QLFKW EHUVFKUHL
WHW'LHVNDQQHUUHLFKWZHUGHQZHQQGXUFKQLFKWYHUVFKOLHEDUH
gIIQXQJHQ]%LQ7UHQ)HQVWHUQLQ9HUELQGXQJPLWHLQHP
=XOXIW$EOXIWPDXHUNDVWHQRGHUGXUFKDQGHUHWHFKQLVFKH0D
QDKPHQGLH]XU9HUEUHQQXQJEHQ|WLJWH/XIWQDFKVWU|PHQNDQQ
=LHKHQ6LHLQMHGHP)DOOGHQ5DWGHV]XVWlQGLJHQ6FKRUQVWHLQIH
JHUPHLVWHUVKLQ]XGHUGHQJHVDPWHQ/IWXQJVYHUEXQGGHV+DX
VHVEHXUWHLOHQNDQQXQG,KQHQGLHSDVVHQGH0DQDKPH]XU
%HOIWXQJYRUVFKOlJW
:LUGGLH'XQVWDE]XJVKDXEHDXVVFKOLHOLFKLP8POXIWEHWULHEHLQ
JHVHW]WLVWGHU%HWULHERKQH(LQVFKUlQNXQJP|JOLFK
/HEHQVJHIDKU
=XUFNJHVDXJWH9HUEUHQQXQJVJDVHN|QQHQ]X9HUJLIWXQJHQIK
UHQ%HL,QVWDOODWLRQHLQHU/IWXQJPLWHLQHUNDPLQJHEXQGHQHQ
)HXHUVWHOOHPXVVGLH6WURP]XIKUXQJGHU+DXEHPLWHLQHUJHHLJ
QHWHQ6LFKHUKHLWVVFKDOWXQJYHUVHKHQZHUGHQ
%UDQGJHIDKU
%HL JOHLFK]HLWLJHP %HWULHE PHKUHUHU *DV.RFKVWHOOHQ HQWZLFNHOW
VLFKJURH+LW]H'DV/IWXQJVJHUlWNDQQEHVFKlGLJWRGHULQ
%UDQGJHVHW]WZHUGHQ'DV/IWXQJVJHUlWGDUIQXUPLW*DV
.RFKVWHOOHQNRPELQLHUWZHUGHQGLHHLQHPD[LPDOH*HVDPWOHLV
WXQJ YRQ  N: XQG HLQH PD[LPDOH (LQ]HOEUHQQHUOHLVWXQJ YRQ
N:QLFKWEHUVFKUHLWHQ
%UDQGJHIDKU
'LH)HWWDEODJHUXQJHQLP)HWWILOWHUN|QQHQVLFKHQW]QGHQ'LH
YRUJHJHEHQHQ6LFKHUKHLWVDEVWlQGHPVVHQHLQJHKDOWHQZHU
GHQXPHLQHQ+LW]HVWDX]XYHUPHLGHQ%HDFKWHQ6LHGLH$QJD
EHQ]X,KUHP.RFKJHUlW:HUGHQ*DVXQG(OHNWUR.RFKVWHOOHQ
]XVDPPHQEHWULHEHQJLOWGHUJU|WHDQJHJHEHQH$EVWDQG
'DV*HUlWGDUIQXUDQHLQHU6HLWHGLUHNWQHEHQHLQHP+RFK
VFKUDQNRGHUHLQHU:DQGLQVWDOOLHUWZHUGHQ'HU$EVWDQG]XU
:DQGRGHU]XP+RFKVFKUDQNPXVVPLQGPPEHWUDJHQ
9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ
6FKXW]KDQGVFKXKHWUDJHQ
9HUOHW]XQJVJHIDKU
'DV*HUlWLVWVFKZHU=XP%HZHJHQGHV*HUlWHVVLQG
3HUVRQHQHUIRUGHUOLFK1XUJHHLJQHWH+LOIVPLWWHOYHUZHQGHQ
6WURPVFKODJJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ'DV
$QVFKOXVVNDEHONDQQEHVFKlGLJWZHUGHQ$QVFKOXVVNDEHOZlK
UHQGGHU,QVWDOODWLRQQLFKWNQLFNHQRGHUHLQNOHPPHQ
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
.LSSJHIDKU
'DV*HUlWLVWVHKUVFKPDOXQGNDQQOHLFKWXPNLSSHQ*HUlWQLFKW
DXIUHFKWDXIGHQ%RGHQVWHOOHQ*HUlWIODFKDXIGHQ%RGHQOHJHQ
D
E
[
[

$OOJHPHLQH+LQZHLVH
$EOXIWEHWULHE
+LQZHLV 'LH$EOXIWGDUIZHGHULQHLQHQLQ%HWULHEEHILQGOLFKHQ
5DXFK RGHU $EJDVNDPLQ QRFK LQ HLQHQ 6FKDFKW ZHOFKHU GHU (QW
OIWXQJYRQ$XIVWHOOXQJVUlXPHQYRQ)HXHUVWlWWHQGLHQWDEJHJH
EHQZHUGHQ
6ROOGLH$EOXIWLQHLQHQ5DXFKRGHU$EJDVNDPLQJHIKUWZHU
GHQ GHU QLFKW LQ %HWULHE LVW PXVV GLH =XVWLPPXQJ GHV ]XVWlQGL
JHQ6FKRUQVWHLQIHJHUPHLVWHUVHLQJHKROWZHUGHQ
:LUGGLH$EOXIWGXUFKGLH$XHQZDQGJHOHLWHWVROOWHHLQ7HOHV
NRS0DXHUNDVWHQYHUZHQGHWZHUGHQ
8POXIWEHWULHE
+LQZHLV 'DV*HUlWGDUIQXULPIHVWLQVWDOOLHUWHQ=XVWDQGXQGPLW
DQJHVFKORVVHQHU9HUURKUXQJEHWULHEHQZHUGHQ
$EOXIWOHLWXQJ
+LQZHLV )U%HDQVWDQGXQJHQGLHDXIGLH5RKUVWUHFNH]XUFN]X
IKUHQVLQGEHUQLPPWGHU+HUVWHOOHUGHV*HUlWHVNHLQH*HZlKU
OHLVWXQJ
'DV*HUlWHUUHLFKWVHLQHRSWLPDOH/HLVWXQJGXUFKHLQNXU]HV
JHUDGOLQLJHV$EOXIWURKUXQGHLQHQP|JOLFKVWJURHQ5RKUGXUFK
PHVVHU
'XUFKODQJHUDXH$EOXIWURKUHYLHOH5RKUE|JHQRGHU5RKUGXUFK
PHVVHUGLHNOHLQHUDOVPPVLQGZLUGGLHRSWLPDOH
$EVDXJOHLVWXQJQLFKWHUUHLFKWXQGGDV/IWHUJHUlXVFKZLUGODX
WHU
'LH5RKUHRGHU6FKOlXFKH]XP9HUOHJHQGHU$EOXIWOHLWXQJPV
VHQDXVQLFKWEUHQQEDUHP0DWHULDOVHLQ
5XQGURKUH
(VZLUGHLQ,QQHQGXUFKPHVVHUYRQPPHPSIRKOHQMHGRFK
PLQGHVWHQVPP
)ODFKNDQlOH
'HU,QQHQTXHUVFKQLWWPXVVGHP'XUFKPHVVHUGHU5XQGURKUHHQW
VSUHFKHQ
 PPFD  FP
 PPFD  FP
)ODFKNDQlOHVROOWHQNHLQHVFKDUIHQ8POHQNXQJHQKDEHQ
%HLDEZHLFKHQGHQ5RKUGXUFKPHVVHUQ'LFKWVWUHLIHQHLQVHW]HQ
8POXIWEHWULHE
+LQZHLV 'DV*HUlWGDUIQXULPIHVWLQVWDOOLHUWHQ=XVWDQGXQGPLW
DQJHVFKORVVHQHU9HUURKUXQJEHWULHEHQZHUGHQ
*DV.RFKIHOG
'DV *HUlW NDQQ LQ 9HUELQGXQJ PLW HLQHP *DV.RFKIHOG YHUZHQGHW
ZHUGHQ
$FKWXQJ
'DV*DV.RFKIHOGGDUIIROJHQGH:HUWHQLFKWEHUVFKUHLWHQ
0D[LPDOOHLVWXQJJHVDPWN:
0D[LPDOOHLVWXQJ(LQ]HOEUHQQHUN:
PD[LPDO(LQ]HOEUHQQHU
(OHNWULVFKHU$QVFKOXVV
: 6WURPVFKODJJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ'DV
$QVFKOXVVNDEHONDQQEHVFKlGLJWZHUGHQ$QVFKOXVVNDEHOZlK
UHQGGHU,QVWDOODWLRQQLFKWNQLFNHQRGHUHLQNOHPPHQ
9RU*HUlWHDQVFKOXVV+DXVLQVWDOODWLRQEHUSUIHQ$XIJHHLJQHWH
$EVLFKHUXQJ GHU +DXVLQVWDOODWLRQ DFKWHQ 6SDQQXQJ XQG )UHTXHQ]
GHV*HUlWHVPVVHQPLWGHUHOHNWULVFKHQ,QVWDOODWLRQEHUHLQVWLP
PHQVLHKH7\SHQVFKLOG
'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL
WHU$QVFKOXVVEHWULHEHQZHUGHQ
,QGHU,QVWDOODWLRQPXVVHLQDOOSROLJHU7UHQQVFKDOWHUPLWPLQGHV
WHQVPP.RQWDNW|IIQXQJYRUKDQGHQVHLQ'LHVHUPXVVQDFK
GHP(LQEDXQRFK]XJlQJOLFKVHLQ
'DV9HUOHJHQRGHUGHU$XVWDXVFKGHU$QVFKOXVVOHLWXQJGDUIQXU
YRP(OHNWURIDFKPDQQXQWHU%HUFNVLFKWLJXQJGHUHLQVFKOlJLJHQ
9RUVFKULIWHQDXVJHIKUWZHUGHQ
:HQQGLH1HW]DQVFKOXVVOHLWXQJGLHVHV*HUlWHVEHVFKlGLJWZLUG
PXVVVLHGXUFKHLQHVSH]LHOOH$QVFKOXVVOHLWXQJHUVHW]WZHUGHQ
GLHEHLP+HUVWHOOHURGHUVHLQHP.XQGHQGLHQVWHUKlOWOLFKLVW
*HUlWHPDH%LOG 
0|EHOYRUEHUHLWHQ%LOG 
+LQZHLV 6LFKHUVWHOOHQGDVVGLH*HUlWHYRUGHUVHLWHEHUGLH
JHVDPWH *HUlWHIOlFKH ]XJlQJOLFK LVW $QGHUQIDOOV NDQQ GHU :LQNHO
]XU%HIHVWLJXQJDP0|EHOERGHQQLFKWPRQWLHUWZHUGHQ)DOOV
HUIRUGHUOLFK0|EHOUFNZDQGHQWIHUQHQ
'DV(LQEDXP|EHOPXVVELV&WHPSHUDWXUEHVWlQGLJVHLQ'LH
6WDELOLWlWGHV(LQEDXP|EHOVPXVVDXFKQDFKGHQ$XVVFKQLWWDUEHL
WHQJHZlKUOHLVWHWVHLQ
'HQ$XVVFKQLWWJHPlGHU(LQEDXVNL]]HKHUVWHOOHQ'HU:LQNHO
GHU6FKQLWWIOlFKH]XU$UEHLWVSODWWHPXVVEHWUDJHQ
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ6FKQLWWIOlFKHQKLW]HEH
VWlQGLJYHUVLHJHOQ
0LQGHVWDEVWDQGGHU*HUlWHXQWHUVHLWH]X0|EHOWHLOHQYRQ PP
EHDFKWHQ
'LH $UEHLWVSODWWH PXVV YHUVWlUNW ZHUGHQ ZHQQ GHU 6WHJ ]ZLVFKHQ
GHP*HUlWXQGGHU:DQGZHQLJHUDOV PPRGHUGHU6WHJ]ZL
VFKHQGHP*HUlWXQGGHV.RFKIHOGVZHQLJHUDOV PPEHWUlJW
$QVRQVWHQ LVW NHLQH DXVUHLFKHQGH 6WDELOLWlW JHJHEHQ 'DV YHUZHQ
GHWH 9HUVWlUNXQJVPDWHULDO PXVV KLW]H XQG IHXFKWLJNHLWVEHVWlQGLJ
VHLQ
+LQZHLVH
'LH$UEHLWVSODWWHLQGLHGDV*HUlWHLQJHEDXWZLUGPXVVEHU
HLQH7UDJIlKLJNHLWYRQHWZD NJYHUIJHQ
'LH (EHQKHLW GHV *HUlWHV HUVW QDFK ,QVWDOODWLRQ LQ GHU (LQEDX|II
QXQJEHUSUIHQ
*HUlWYRUEHUHLWHQ
+LQZHLV $EKlQJLJYRP(LQEDXP|EHOGDV/IWHUJHKlXVHDXIGHU
*HUlWHYRUGHUVHLWHRGHUGHU*HUlWHUFNVHLWHPRQWLHUHQ'DV/I
WHUJHKlXVHNDQQEHOLHELJXPJHGUHKWPRQWLHUWZHUGHQ
'LH/XIWHLQWULWWV|IIQXQJXQGGLH%HOHXFKWXQJEHILQGHQVLFKDXIGHU
*HUlWHYRUGHUVHLWH %HL $XVOLHIHUXQJ EHILQGHW VLFK HLQH $EGHFNXQJ
DXIGHU*HUlWHUFNVHLWH
%HLGHU0RQWDJHGHV/IWHUJHKlXVHVDXIGHU*HUlWHUFNVHLWH
 'LH$EGHFNXQJYRQGHU*HUlWHUFNVHLWHDEVFKUDXEHQXQGDXI
GHU*HUlWHYRUGHUVHLWHDQVFKUDXEHQ %LOG 
 'DV.DEHOGHV/IWHUPRWRUVYRUQHDXVGHU/DVFKHKHUDXVQHK
PHQXQGDXIGLH*HUlWHUFNVHLWHIKUHQ
*HUlWHLQEDXHQ
 *HUlWPLWGHU*HUlWHYRUGHUVHLWH]XP.RFKIHOGDXVULFKWHQXQG
YRQREHQLQGHQ$XVVFKQLWWGHU$UEHLWVSODWWHVFKLHEHQ %LOG D
 *HUlW JOHLFKPlLJ LQ GHQ $XVVFKQLWW HLQVHW]HQ 9RQ REHQ IHVW LQ
GHQ$XVVFKQLWWGUFNHQ
+LQZHLVH
'DV*HUlWPXVVIHVWLP$XVVFKQLWWVLW]HQXQGGDUIVLFKQLFKW
YHUVFKLHEHQ] %EHLGHU5HLQLJXQJ%HL$XVVFKQLWWVEUHLWH
DQGHUREHUHQ7ROHUDQ]JUHQ]HZHQQQ|WLJ/HLVWHQVHLWOLFKLP
$XVVFKQLWWEHIHVWLJHQ
'LHEHLGHQ.XQVWVWRIIWHLOHOLQNVXQGUHFKWVDQGHU$EGHFNXQJ
HQWIHUQHQ %LOG D
 *HUlWLP6FKUDQNDXVULFKWHQ'DUDXIDFKWHQGDVVGHU5DKPHQ
GHV*HUlWHVSODQDXIGHU$UEHLWVSODWWHDXIOLHJW'LH%HIHVWL
JXQJVZLQNHODP*HUlWXQGDP0|EHOERGHQEHIHVWLJHQ %LOG
E
+LQZHLV %HIHVWLJXQJVZLQNHO QXU DQ GHU *HUlWHYRUGHUVHLWH PRQ
WLHUHQDQGHUQIDOOVLVWGLH)XQNWLRQGHV*HUlWVQLFKWJHZlKUOHLV
WHW
 2EHUH %HIHVWLJXQJVZLQNHO EHIHVWLJHQ $P *HUlW VLQG %RKUXQJHQ
]XU %HIHVWLJXQJ GHU :LQNHO YRUJHVHKHQ 'LH %HIHVWLJXQJVZLQNHO
REHQDP*HUlWXQGDQGHU8QWHUVHLWHGHU$UEHLWVSODWWHEHIHVWL
JHQ %LOG F
 .DEHO IU GHQ /IWHUPRWRU PLW GHP /IWHU YHUELQGHQ 'LH %XFKVH
EHILQGHWVLFKDQGHU6WLUQVHLWHGHV/IWHUVQDKHGHP
*HKlXVHERGHQ %LOG D
 /IWHUJHKlXVHEHUGHU$XVVSDUXQJDXIGHU*HUlWHYRUGHUVHLWH
RGHUGHU*HUlWHUFNVHLWHEHOLHELJXPJHGUHKWPRQWLHUHQ
%LOG E
 %HL 8POXIWEHWULHE PXVV GLH $EOXIW PLW HLQHP 5RKU RGHU 6FKODXFK
GXUFKHLQHQ$XVVFKQLWWLP8QWHUVFKUDQNERGHQJHIKUWZHUGHQ
%LOG F
 %HL8POXIWEHWULHEHLQHQ/XIWDXVWULWWLQGHU6RFNHOEOHQGHYRUVH
KHQ 0LQGHVWTXHUVFKQLWW FD  FPò 'LH $XVODVV|IIQXQJ LQ GHU
6RFNHOEOHQGHVRJURZLHP|JOLFKDXVIKUHQXPGHQ/XIW]XJ
XQGGDV*HUlXVFKQLHGULJ]XKDOWHQ
 6WHXHUHLQKHLWQHEHQGHP/IWHUJHKlXVHDP*HUlWEHIHVWLJHQ
%LOG D
'LH6WHXHUHLQKHLWNDQQDOWHUQDWLYDQGHUDQGHUHQ6HLWHGHV/I
WHUPRWRUVXQGDQGHU0|EHOZDQGEHIHVWLJWZHUGHQ
$FKWXQJ
(LQGULQJHQGH )HXFKWLJNHLW NDQQ HLQHQ 6WURPVFKODJ YHUXUVDFKHQ
6WHXHUHLQKHLWQLFKWDP%RGHQGHV(LQEDXP|EHOVEHIHVWLJHQ
9HUELQGXQJVNDEHODQVFKOLHHQ %LOG E'LH6WHXHUNDEHOYRQ
GHU6WHXHUHLQKHLW]XP*HUlWIHVWHLQVWHFNHQ'LH6WHFNHUPV

VHQ HLQUDVWHQ 6WHXHUHLQKHLW DQ GDV 1HW] DQVFKOLHHQ XQG )XQN
WLRQSUIHQ
+LQZHLV )DOOVGDV*HUlWQLFKWIXQNWLRQLHUW'HQNRUUHNWHQ6LW]
GHU9HUELQGXQJVNDEHOSUIHQ
*HUlWDXVEDXHQ
 *HUlWVWURPORVPDFKHQ
 9HUVFKUDXEXQJHQPLWGHP0|EHOO|VHQ
 $QEDXWHLOHGHV*HUlWHVDEVFKUDXEHQ
 *HUlWYRQXQWHQKHUDXVGUFNHQ
$FKWXQJ
*HUlWHVFKDGHQ*HUlWQLFKWYRQREHQKHUDXVKHEHOQ
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
7KHZLGWKRIWKHH[WUDFWRUKRRGPXVWFRUUHVSRQGDWOHDVWZLWKWKH
ZLGWKRIWKHKRE
)RU WKH LQVWDOODWLRQ REVHUYH WKH FXUUHQWO\ YDOLG EXLOGLQJ UHJXODWLRQV
DQGWKHUHJXODWLRQVRIWKHORFDOHOHFWULFLW\DQGJDVVXSSOLHUV
'DQJHURIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVWKDWDUHGUDZQEDFNLQ
$OZD\VHQVXUHDGHTXDWHIUHVKDLULQWKHURRPLIWKHDSSOLDQFHLV
EHLQJRSHUDWHGLQH[KDXVWDLUPRGHDWWKHVDPHWLPHDVURRPDLU
GHSHQGHQWKHDWSURGXFLQJDSSOLDQFHLVEHLQJRSHUDWHG
5RRPDLUGHSHQGHQWKHDWSURGXFLQJDSSOLDQFHVHJJDVRLO
ZRRGRUFRDORSHUDWHGKHDWHUVFRQWLQXRXVIORZKHDWHUVRUZDWHU
KHDWHUVREWDLQFRPEXVWLRQDLUIURPWKHURRPLQZKLFKWKH\DUH
LQVWDOOHGDQGGLVFKDUJHWKHH[KDXVWJDVHVLQWRWKHRSHQDLU
WKURXJKDQH[KDXVWJDVV\VWHPHJDFKLPQH\
,Q FRPELQDWLRQ ZLWK DQ DFWLYDWHG YDSRXU H[WUDFWRU KRRG URRP DLU LV
H[WUDFWHGIURPWKHNLWFKHQDQGQHLJKERXULQJURRPVDSDUWLDO
YDFXXPLVSURGXFHGLIQRWHQRXJKIUHVKDLULVVXSSOLHG7R[LF
JDVHVIURPWKHFKLPQH\RUWKHH[WUDFWLRQVKDIWDUHVXFNHGEDFN
LQWRWKHOLYLQJVSDFH
$GHTXDWHLQFRPLQJDLUPXVWWKHUHIRUHDOZD\VEHHQVXUHG
$QLQFRPLQJH[KDXVWDLUZDOOER[DORQHZLOOQRWHQVXUH
FRPSOLDQFHZLWKWKHOLPLW
6DIHRSHUDWLRQLVSRVVLEOHRQO\ZKHQWKHSDUWLDOYDFXXPLQWKH
SODFHZKHUHWKHKHDWSURGXFLQJDSSOLDQFHLVLQVWDOOHGGRHVQRW
H[FHHG3DPEDU7KLVFDQEHDFKLHYHGZKHQWKHDLU
QHHGHGIRUFRPEXVWLRQLVDEOHWRHQWHUWKURXJKRSHQLQJVWKDW
FDQQRWEHVHDOHGIRUH[DPSOHLQGRRUVZLQGRZVLQFRPLQJ
H[KDXVWDLUZDOOER[HVRUE\RWKHUWHFKQLFDOPHDQV
,Q DQ\ FDVH FRQVXOW \RXU UHVSRQVLEOH 0DVWHU &KLPQH\ 6ZHHS +H
LVDEOHWRDVVHVVWKHKRXVHVHQWLUHYHQWLODWLRQVHWXSDQGZLOO
VXJJHVWWKHVXLWDEOHYHQWLODWLRQPHDVXUHVWR\RX
8QUHVWULFWHGRSHUDWLRQLVSRVVLEOHLIWKHYDSRXUH[WUDFWRUKRRGLV
RSHUDWHGH[FOXVLYHO\LQWKHFLUFXODWLQJDLUPRGH
'DQJHURIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVWKDWDUHGUDZQEDFNLQ,I
LQVWDOOLQJDYHQWLODWLRQV\VWHPLQDURRPZLWKDKHDWSURGXFLQJ
DSSOLDQFH FRQQHFWHG WR D FKLPQH\IOXH WKH HOHFWULFLW\ VXSSO\ WR WKH
KRRGPXVWEHHTXLSSHGZLWKDVXLWDEOHVDIHW\VZLWFK
5LVNRIILUH
2SHUDWLQJPXOWLSOHJDVKRWSODWHVDWWKHVDPHWLPHJHQHUDWHVD
JUHDWGHDORIKHDW7KHYHQWLODWLRQDSSOLDQFHPD\EHFRPH
GDPDJHGRUFDWFKILUH7KHYHQWLODWLRQDSSOLDQFHPD\EH
FRPELQHGZLWKJDVKRWSODWHVZLWKDWRWDORXWSXWRIQRPRUHWKDQ
 N:DQGDQLQGLYLGXDOEXUQHURXWSXWRIQRPRUHWKDQ N:
5LVNRIILUH
*UHDVH GHSRVLWV LQ WKH JUHDVH ILOWHU PD\ FDWFK ILUH 7KH VSHFLILHG
VDIHW\GLVWDQFHVPXVWEHREVHUYHGLQRUGHUWRSUHYHQWDQ
DFFXPXODWLRQRIKHDW2EVHUYHWKHVSHFLILFDWLRQVIRU\RXU
FRRNLQJDSSOLDQFH,IJDVDQGHOHFWULFKREVDUHRSHUDWHG
WRJHWKHUWKHODUJHVWVSHFLILHGGLVWDQFHDSSOLHV
2QO\ RQH VLGH RI WKH DSSOLDQFH PD\ EH LQVWDOOHG GLUHFWO\ QH[W WR D
KLJKVLGHGXQLWRUDZDOO7KHGLVWDQFHEHWZHHQWKHDSSOLDQFH
DQGZDOORUKLJKVLGHGXQLWPXVWEHDWOHDVWPP
5LVNRILQMXU\
&RPSRQHQWV LQVLGH WKH DSSOLDQFH PD\ KDYH VKDUS HGJHV :HDU
SURWHFWLYHJORYHV
5LVNRILQMXU\
7KHDSSOLDQFHLVKHDY\7RPRYHWKHDSSOLDQFH SHRSOHDUH
UHTXLUHG8VHRQO\VXLWDEOHWRROVDQGHTXLSPHQW
5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
5LVNRIWLSSLQJ
7KHDSSOLDQFHLVYHU\QDUURZDQGFDQWLSRYHUHDVLO\'RQRWVHW
WKHDSSOLDQFHRQDQXQHYHQVXUIDFH6HWWKHDSSOLDQFHIODWRQWKH
VXUIDFH
*HQHUDOLQIRUPDWLRQ
([KDXVWDLUPRGH
1RWH 7KHH[KDXVWDLUPXVWQRWEHFRQYH\HGLQWRDIXQFWLRQLQJ
VPRNH RU H[KDXVW JDV IOXH RU LQWR D VKDIW ZKLFK LV XVHG WR YHQWLODWH
LQVWDOODWLRQURRPVZKLFKFRQWDLQKHDWSURGXFLQJDSSOLDQFHV
%HIRUHFRQYH\LQJWKHH[KDXVWDLULQWRDQRQIXQFWLRQLQJVPRNH
RUH[KDXVWJDVIOXHREWDLQWKHFRQVHQWRIWKHKHDWLQJHQJLQHHU
UHVSRQVLEOH
,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF
ZDOOER[VKRXOGEHXVHG
&LUFXODWLQJDLUPRGH
1RWH 7KHDSSOLDQFHPXVWRQO\EHRSHUDWHGZKHQLWLVVHFXUHO\
LQVWDOOHGDQGWKHSLSHZRUNLVFRQQHFWHG
([KDXVWGXFW
1RWH 7KH GHYLFH PDQXIDFWXUHU GRHV QRW DVVXPH DQ\ ZDUUDQW\ IRU
FRPSODLQWVDWWULEXWDEOHWRWKHSLSHVHFWLRQ
7KHGHYLFHDFKLHYHVLWVRSWLPXPSHUIRUPDQFHE\PHDQVRID
VKRUWVWUDLJKWH[KDXVWDLUSLSHDQGDVODUJHDSLSHGLDPHWHUDV
SRVVLEOH
$VDUHVXOWRIORQJURXJKH[KDXVWDLUSLSHVPDQ\SLSHEHQGVRU
SLSHGLDPHWHUVWKDWDUHVPDOOHUWKDQPPWKHRSWLPXP
H[WUDFWLRQSHUIRUPDQFHLVQRWDFKLHYHGDQGIDQQRLVHLV
LQFUHDVHG
7KH SLSHV RU KRVHV IRU OD\LQJ WKH H[KDXVW DLU OLQH PXVW FRQVLVW RI
QRQFRPEXVWLEOHPDWHULDO
5RXQGSLSHV
$QLQQHUGLDPHWHURIPPEXWDWOHDVWPPLV
UHFRPPHQGHG
)ODWGXFWV
7KHLQQHUFURVVVHFWLRQPXVWFRUUHVSRQGWRWKHGLDPHWHURIWKH
URXQGSLSHV
GLDPPFDFP
GLDPPFDFP
)ODWGXFWVVKRXOGQRWKDYHDQ\VKDUSGHIOHFWLRQV
8VHVHDOLQJVWULSVIRUGHYLDWLQJSLSHGLDPHWHUV
&LUFXODWLQJDLUPRGH
1RWH 7KHDSSOLDQFHPXVWRQO\EHRSHUDWHGZKHQLWLVVHFXUHO\
LQVWDOOHGDQGWKHSLSHZRUNLVFRQQHFWHG

*DVKRE
7KHDSSOLDQFHFDQEHXVHGLQFRQMXQFWLRQZLWKDJDVKRE
&DXWLRQ
7KHJDVKREPXVWQRWH[FHHGWKHIROORZLQJYDOXHV
7RWDOPD[LPXPRXWSXWN:
0D[LPXPRXWSXWIRUDVLQJOHEXUQHUN:
0D[LPXPRIVLQJOHEXUQHUV
(OHFWULFDOFRQQHFWLRQ
: 5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
&KHFNWKHLQGRRULQVWDOODWLRQEHIRUHFRQQHFWLQJWKHDSSOLDQFH
(QVXUH WKDW WKH LQGRRU LQVWDOODWLRQ LV VXIILFLHQWO\ IXVHG 7KH YROWDJH
DQGIUHTXHQF\RIWKHDSSOLDQFHPXVWFRUUHVSRQGWRWKDWRIWKH
HOHFWULFDOLQVWDOODWLRQVHHUDWLQJSODWH
7KHDSSOLDQFHFRUUHVSRQGVWRSURWHFWLRQFODVV,DQGPXVWRQO\EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
$QDOOSROHLVRODWLQJVZLWFKZLWKDWOHDVWDPPFRQWDFWJDSPXVW
EHILWWHGLQWKHLQVWDOODWLRQ7KHSOXJPXVWVWLOOEHDFFHVVLEOHDIWHU
LQVWDOODWLRQ
2QO\DTXDOLILHGHOHFWULFLDQZKRWDNHVWKHDSSURSULDWHUHJXODWLRQV
LQWRDFFRXQWPD\LQVWDOORUUHSODFHWKHFRQQHFWLQJFDEOH
,IWKHSRZHUFRUGIRUWKHDSSOLDQFHEHFRPHVGDPDJHGWKLVPXVW
EHUHSODFHGZLWKDVSHFLDOFRQQHFWLQJFDEOHWKDWFDQEHREWDLQHG
IURPWKHPDQXIDFWXUHURUWKHPDQXIDFWXUHUVFXVWRPHUVHUYLFH
GHSDUWPHQW
$SSOLDQFHPHDVXUHPHQWVILJ 
3UHSDULQJWKHNLWFKHQXQLWVILJ 
1RWH 0DNHVXUHWKDWWKHHQWLUHIURQWVXUIDFHRIWKHDSSOLDQFHLV
DFFHVVLEOH2WKHUZLVHLWPD\QRWEHSRVVLEOHWRILWWKHEUDFNHWIRU
VHFXULQJWKHDSSOLDQFHWRWKHERWWRPRIWKHXQLW,IQHFHVVDU\
UHPRYHWKHEDFNSDQHOIURPWKHXQLW
7KHILWWHGXQLWPXVWEHKHDWUHVLVWDQWXSWR&7KHVWDELOLW\RI
WKHILWWHGXQLWPXVWDOVREHJXDUDQWHHGDIWHUWKHFXWRXWZRUN
0DNHWKHFXWRXWLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQGUDZLQJ7KH
FXWVXUIDFHPXVWEHDWDDQJOHWRWKHZRUNVXUIDFH
$IWHUPDNLQJWKHFXWRXWVUHPRYHDQ\VKDYLQJV6HDODQ\FXW
VXUIDFHVWRPDNHWKHPKHDWUHVLVWDQW
(QVXUHWKDWWKHUHLVDPLQLPXPFOHDUDQFHRIDWOHDVW PPIURP
WKHXQGHUVLGHRIWKHDSSOLDQFHWRWKHXQLWSDUWV
7KHZRUNVXUIDFHPXVWEHUHLQIRUFHGLIWKHJDSEHWZHHQWKH
DSSOLDQFH DQG WKH ZDOO LV OHVV WKDQ  PP RU WKH JDS EHWZHHQ WKH
DSSOLDQFHDQGWKHKRELVOHVVWKDQPP2WKHUZLVHWKHUHLVQRW
HQRXJKVWDELOLW\7KHUHLQIRUFLQJPDWHULDOXVHGPXVWEHKHDWDQG
PRLVWXUHUHVLVWDQW
1RWHV
7KH ZRUN VXUIDFH LQ ZKLFK WKH DSSOLDQFH LV LQVWDOOHG PXVW KDYH D
ORDGEHDULQJFDSDFLW\RIDSSUR[LPDWHO\ NJ
2QO\FKHFNWKHHYHQQHVVRIWKHDSSOLDQFHDIWHUILWWLQJLWLQWKH
LQVWDOODWLRQRSHQLQJ
3UHSDULQJWKHDSSOLDQFH
1RWH 'HSHQGLQJ RQ WKH ILWWHG XQLW ILW WKH IDQ KRXVLQJ HLWKHU RQ WKH
IURQW RU WKH EDFN RI WKH DSSOLDQFH :KHQ LW LV ILWWHG WKH IDQ KRXVLQJ
FDQ EH URWDWHG E\  DW D WLPH DQG WKH RXWOHW SRVLWLRQHG ZKHUHYHU
LVPRVWVXLWDEOH
7KH DLU LQOHW DQG OLJKWLQJ FDQ EH IRXQG RQ WKH IURQW RI WKH DSSOLDQFH
:KHQWKHDSSOLDQFHLVGHOLYHUHGLWFRPHVZLWKDFRYHURQWKH
EDFN
,I\RXZLVKWRILWWKHIDQKRXVLQJWRWKHEDFNRIWKHDSSOLDQFH
 XQVFUHZWKHFRYHUIURPWKHEDFNDQGVFUHZLWWRWKHIURQWRIWKH
DSSOLDQFH )LJ 
 5RXWH WKH IDQ PRWRU FDEOH RXW RI WKH FRYHU SODWH DW WKH IURQW DQG
RYHUWRWKHUHDURIWKHDSSOLDQFH
)LWWLQJWKHDSSOLDQFH
 3RVLWLRQWKHDSSOLDQFHVXFKWKDWWKHIURQWLVIDFLQJWKHKREDQG
VOLGHLWGRZQLQWRWKHFXWRXWLQWKHZRUNVXUIDFH )LJ D
 ,QVHUWWKHDSSOLDQFHHYHQO\LQWRWKHFXWRXW3XVKLWGRZQILUPO\
LQWRWKHFXWRXW
1RWHV
7KH DSSOLDQFH PXVW VLW IDVW LQ WKH FXWRXW DQG PXVW QRW EH DEOH
WRPRYHDURXQGHJGXULQJFOHDQLQJ,IWKHZLGWKRIWKHFXW
RXWLVDWWKHXSSHUWROHUDQFHOLPLWVHFXUHWKHOHGJHVDWWKH
VLGHVLQWKHFXWRXWLIQHFHVVDU\
5HPRYH WKH WZR SODVWLF SDUWV RQ WKH OHIW DQG ULJKW RI WKH FRYHU
)LJ D
 /LQHXSWKHDSSOLDQFHLQWKHFDELQHW(QVXUHWKDWWKHDSSOLDQFH
IUDPH LV O\LQJ IODW DJDLQVW WKH ZRUN VXUIDFH 6HFXUH WKH PRXQWLQJ
EUDFNHWWRWKHDSSOLDQFHDQGWRWKHERWWRPRIWKHXQLW )LJ E
1RWH )LW WKH PRXQWLQJ EUDFNHW WR WKH IURQW RI WKH DSSOLDQFH RQO\
2WKHUZLVHWKHDSSOLDQFHPD\QRWIXQFWLRQFRUUHFWO\
 6HFXUHWKHXSSHUPRXQWLQJEUDFNHW+ROHVDUHSURYLGHGRQWKH
DSSOLDQFH IRU VHFXULQJ WKH EUDFNHW LQ SODFH 6HFXUH WKH PRXQWLQJ
EUDFNHWWRWKHWRSRIWKHDSSOLDQFHDQGWRWKHXQGHUVLGHRIWKH
ZRUNVXUIDFH )LJ F
 &RQQHFW WKH IDQ PRWRU FDEOH WR WKH IDQ 7KH VRFNHW FDQ EH IRXQG
RQ WKH IURQW VLGH RI WKH IDQ QHDU WKH EDVH RI WKH KRXVLQJ )LJ D
 )LWWKHIDQKRXVLQJLQWKHUHFHVVRQWKHIURQWRUUHDURIWKH
DSSOLDQFHWKHKRXVLQJFDQEHURWDWHGE\DWDWLPHDQGWKH
RXWOHWSRVLWLRQHGZKHUHYHULVPRVWVXLWDEOH )LJ E
 )RU DLU UHFLUFXODWLRQ WKH H[KDXVW DLU PXVW EH URXWHG WKURXJK D FXW
RXWLQWKHEDVHRIWKHIORRUXQLWXVLQJDSLSHRUKRVH )LJ F
 )RU DLU UHFLUFXODWLRQ SURYLGH DQ DLU RXWOHW LQ WKH EDVH SDQHO ZLWK D
PLQLPXPFURVVVHFWLRQRIDSSUR[ FPò0DNHWKHRXWOHW
RSHQLQJLQWKHEDVHSDQHODVODUJHDVSRVVLEOHLQRUGHUWRNHHS
GUDXJKWVDQGQRLVHWRDPLQLPXP
 6HFXUHWKHFRQWUROXQLWWRWKHDSSOLDQFHQH[WWRWKHIDQKRXVLQJ
)LJ D
$OWHUQDWLYHO\ WKH FRQWURO XQLW FDQ EH VHFXUHG RQ WKH RWKHU VLGH RI
WKHIDQPRWRURQWKHXQLWZDOO
&DXWLRQ
3HQHWUDWLQJPRLVWXUHPD\FDXVHHOHFWULFVKRFN'RQRWVHFXUH
WKHFRQWUROXQLWWRWKHERWWRPRIWKHILWWHGXQLW
&RQQHFWWKHFRQQHFWLRQFDEOHV )LJ E)LUPO\FRQQHFWWKH
FRQWUROFDEOHVIURPWKHFRQWUROXQLWWRWKHDSSOLDQFH7KH
FRQQHFWRUV PXVW VQDS LQWR SODFH &RQQHFW WKH FRQWURO XQLW WR WKH
PDLQVDQGFKHFNWKDWLWLVZRUNLQJFRUUHFWO\
1RWH ,IWKHDSSOLDQFHGRHVQRWZRUNFKHFNWKDWWKHFRQQHFWLRQ
FDEOHVDUHILWWHGLQSODFHFRUUHFWO\
5HPRYLQJWKHDSSOLDQFH
 'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
 /RRVHQWKHVFUHZFRQQHFWLRQVZLWKWKHXQLW
 8QVFUHZWKHDWWDFKPHQWSDUWVRIWKHDSSOLDQFH
 3XVKRXWWKHDSSOLDQFHIURPEHORZ
&DXWLRQ
'DQJHUWRWKHDSSOLDQFH'RQRWOLIWXSWKHDSSOLDQFHIURPDERYH
fr
Þ
1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQHVWTXDORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHGXWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO HVW
LQVWDOOp
/DODUJHXUGHODKRWWHDVSLUDQWHGRLWpTXLYDORLUjFHOOHGHODWDEOH
GHFXLVVRQ
/·LQVWDOODWLRQGRLWDYRLUOLHXHQUHVSHFWDQWOHVSUHVFULSWLRQV
DFWXHOOHPHQWHQYLJXHXUGDQVOHEkWLPHQWDLQVLTXHOHV
SUHVFULSWLRQVSXEOLpHVSDUOHVFRPSDJQLHVGLVWULEXWULFHV
G·pOHFWULFLWpHWGHJD]
'DQJHUGHPRUW
,O\DULVTXHGLQWR[LFDWLRQSDUUpDVSLUDWLRQGHVJD]GHFRPEXVWLRQ
(QFDVGXWLOLVDWLRQVLPXOWDQpHGHODSSDUHLOHQPRGHpYDFXDWLRQ
GHODLUHWGXQIR\HUjFRPEXVWLRQDOLPHQWpHQDLUDPELDQWYHLOOH]
LPSpUDWLYHPHQWjFHTXHODSSRUWGDLUVRLWVXIILVDQW
/HVIR\HUVjFRPEXVWLRQDOLPHQWpVHQDLUDPELDQWSDUH[HPSOH
DSSDUHLOVGHFKDXIIDJHDXJD]DXERLVDXILRXORXDXFKDUERQ
OHVFKDXIIHHDXFKDXIIHHDXDFFXPXODWHXUVSUpOqYHQWODLUGH
FRPEXVWLRQGDQVODSLqFHRLOVVRQWLQVWDOOpVHWUHMHWWHQWOHVJD]

GHIXPpHjOH[WpULHXUSDUOHELDLVGXQV\VWqPHVSpFLILTXH
FKHPLQpHSDUH[HPSOH
/RUVTXH OD KRWWH DVSLUDQWH HVW HQ PDUFKH HOOH SUpOqYH GH ODLU GDQV
OD FXLVLQH HW GDQV OHV SLqFHV YRLVLQHV VL ODSSRUW GDLU IUDLV HVW WURS
IDLEOH XQH GpSUHVVLRQ VH IRUPH 'HV JD] WR[LTXHV SURYHQDQW GH OD
FKHPLQpHRXGXFRQGXLWGpYDFXDWLRQVRQWUpDVSLUpVGDQVOHV
SLqFHVGKDELWDWLRQ
,O IDXW GRQF WRXMRXUV VDVVXUHU TXH ODSSRUW GDLU IUDLV HVW VXIILVDQW
/DSUpVHQFHGXQHYHQWRXVHWpOHVFRSLTXHGDSSRUWHW
GpYDFXDWLRQGDLUQHVXIILWSDVjDVVXUHUOHUHVSHFWGHODYDOHXU
OLPLWH
/HIRQFWLRQQHPHQWVUGHODSSDUHLOQHVWSRVVLEOHTXHVLOD
GpSUHVVLRQ GDQV OD SLqFH R HVW LQVWDOOp OH IR\HU QH GpSDVVH SDV
3DPEDU2Q\SDUYLHQWHQSUpVHQFHGRXYHUWXUHVQRQ
REWXUDEOHVDPpQDJpHVSDUH[GDQVOHVSRUWHVIHQrWUHVHWHQ
DVVRFLDWLRQDYHFGHVYHQWRXVHVWpOHVFRSLTXHVGDGPLVVLRQ
pYDFXDWLRQGHODLUjWUDYHUVODPDoRQQHULHRXSDUGDXWUHV
PHVXUHVWHFKQLTXHVSHUPHWWDQWjODLUGDIIOXHUSRXUDVVXUHUOD
FRPEXVWLRQ
'HPDQGH]WRXMRXUVFRQVHLODXPDvWUHUDPRQHXUFRPSpWHQWTXL
SRXUUD pYDOXHU OHQVHPEOH GX UpVHDX GH YHQWLODWLRQ GH OD PDLVRQ HW
YRXVSURSRVHUOHPR\HQOHPLHX[DGDSWpSRXUODpUDWLRQ
6L OD KRWWH DVSLUDQWH HVW XWLOLVpH H[FOXVLYHPHQW HQ PRGH UHF\FODJH
OHIRQFWLRQQHPHQWHVWSRVVLEOHVDQVUHVWULFWLRQV
'DQJHUGHPRUW
,O \ D ULVTXH GLQWR[LFDWLRQ SDU UpDVSLUDWLRQ GHV JD] GH FRPEXVWLRQ
/RUVGHOLQVWDOODWLRQGXQHYHQWLODWLRQDYHFXQIR\HUUHOLpjXQH
FKHPLQpH ODOLPHQWDWLRQ pOHFWULTXH GH OD KRWWH GRLW rWUH PXQLH GXQ
FLUFXLWGHVpFXULWpDSSURSULp
5LVTXHG·LQFHQGLH
/HIRQFWLRQQHPHQWVLPXOWDQpGHSOXVLHXUVIR\HUVJD]HQJHQGUH
XQH IRUWH SURGXFWLRQ GH FKDOHXU /D KRWWH SHXW rWUH HQGRPPDJpH
RXSUHQGUHIHX/DKRWWHGRLWXQLTXHPHQWrWUHFRPELQpHDYHF
GHVIR\HUVDXJD]TXLQHGpSDVVHQWSDVXQHSXLVVDQFHWRWDOH
PD[LPDOHGH N:HWXQHSXLVVDQFHGHEUOHXULQGLYLGXHOGH
N:
5LVTXHGLQFHQGLH
/HVGpS{WVGHJUDLVVHGDQVOHILOWUHjJUDLVVHSHXYHQW
VHQIODPPHU/HVGLVWDQFHVGHVpFXULWpLQGLTXpHVGRLYHQWrWUH
UHVSHFWpHVDILQGpYLWHUXQHDFFXPXODWLRQGHFKDOHXU9HXLOOH]
UHVSHFWHU OHV LQGLFDWLRQV UHODWLYHV j YRWUH DSSDUHLO GH FXLVVRQ 6L
YRWUHWDEOHGHFXLVVRQFRPELQHGHVIR\HUVJD]HWpOHFWULTXH
OpFDUWPD[LPDOV·DSSOLTXH
,OHVWSHUPLVGHPRQWHUODSSDUHLODYHFXQVHXOFRWpGLUHFWHPHQW
j F{Wp GXQ PHXEOH KDXW RX SUqV GXQ PXU KDXW /D GLVWDQFH YHUV
ODSDURLRXOHPHXEOHKDXWGRLWrWUHGDXPRLQVPP
5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHV
DUrWHVYLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5LVTXHGHEOHVVXUH
/DSSDUHLOHVWORXUG SHUVRQQHVVRQWQpFHVVDLUHVSRXU
GpSODFHUODSSDUHLO8WLOLVHUH[FOXVLYHPHQWGHVPR\HQV
DSSURSULpV
5LVTXHGHFKRFpOHFWULTXH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV,O\DULVTXHGHQGRPPDJHPHQWGXFkEOHGDOLPHQWDWLRQ
3HQGDQWO·LQVWDOODWLRQYHLOOHUjQHSDVSOLHUQLFRLQFHUOHFkEOH
G·DOLPHQWDWLRQ
5LVTXHGDVSK\[LH
/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
5LVTXHGHEDVFXOHPHQW
&HWDSSDUHLOHVWWUqVpWURLWHWSHXWIDFLOHPHQWEDVFXOHU1HSDV
GpSRVHUODSSDUHLOGHERXWVXUOHVRO3RVHUODSSDUHLOjSODWVXUOH
VRO
&RQVLJQHVJpQpUDOHV
0RGHeYDFXDWLRQGHO·DLU
5HPDUTXH /·DLUVRUWDQWQHGRLWSpQpWUHUQLGDQVXQHFKHPLQpH
HQ VHUYLFH GHVWLQpH j pYDFXHU OD IXPpH RX GHV JD] EUOpV QL GDQV
XQH JDLQH VHUYDQW j DpUHU OHV ORFDX[ R VRQW LQVWDOOpV GHV IR\HUV j
FRPEXVWLRQ
6L O·DLU VRUWDQW FLUFXOH SDU XQH FKHPLQpH QRQ HQ VHUYLFH GHVWLQpH
jpYDFXHUODIXPpHRXGHVJD]EUOpVLOIDXGUDYRXVSURFXUHU
O·DFFRUGGXUDPRQHXUFRPSpWHQWGDQVYRWUHTXDUWLHU
6LO·DLUVRUWDQWWUDYHUVHODSDURLH[WpULHXUHLOIDXGUDLWXWLOLVHUXQH
YHQWRXVHWpOHVFRSLTXH
)RQFWLRQQHPHQWHQPRGHUHF\FODJH
5HPDUTXH /DSSDUHLOGRLWXQLTXHPHQWrWUHH[SORLWpjOpWDW
IHUPHPHQWIL[pHWDYHFODWX\DXWHULHUDFFRUGpH
&RQGXLWGpYDFXDWLRQ
5HPDUTXH /HIDEULFDQWGHODSSDUHLOQDVVXPHDXFXQHJDUDQWLH
SRXUOHVSUREOqPHVGHIRQFWLRQQHPHQWOLpVjODWX\DXWHULH
/DSSDUHLODWWHLQWXQUHQGHPHQWGDXWDQWPHLOOHXUTXHOHWX\DX
GpYDFXDWLRQHVWFRXUWHWGURLWHWTXHVRQGLDPqWUHHVWJUDQG
6LOHVWX\DX[GpYDFXDWLRQVRQWORQJVSUpVHQWHQWGHQRPEUHX[
FRXGHVRXRQWXQGLDPqWUHLQIpULHXUjPPODSXLVVDQFH
PD[LPDOH GDVSLUDWLRQ QH VHUD SDV DWWHLQWH HW ODpUDWHXU IHUD SOXV
GHEUXLW
/HVWX\DX[ULJLGHVRXVRXSOHVFRQVWLWXDQWOHFRQGXLW
GpYDFXDWLRQGRLYHQWrWUHIDEULTXpVGDQVXQPDWpULDXQRQ
LQIODPPDEOH
7X\DX[URQGV
1RXV UHFRPPDQGRQV XQ GLDPqWUH LQWpULHXU GH  PP PDLV GDX
PRLQVPP
*DLQHVSODWHV
/DVHFWLRQLQWpULHXUHGRLWFRUUHVSRQGUHDXGLDPqWUHGHVWX\DX[
URQGV
PPHQYFP
PPHQYFP
/HV JDLQHV SODWHV QH GRLYHQW SDV SUpVHQWHU GH GpYRLHPHQWV WURS
LPSRUWDQWV
6L GHV WX\DX[ GH SOXVLHXUV GLDPqWUHV VRQW XWLOLVpV LO IDXW SUpYRLU
GHVEDQGHVGpWDQFKpLWp
)RQFWLRQQHPHQWHQPRGHUHF\FODJH
5HPDUTXH /DSSDUHLOGRLWXQLTXHPHQWrWUHH[SORLWpjOpWDW
IHUPHPHQWIL[pHWDYHFODWX\DXWHULHUDFFRUGpH
7DEOHGHFXLVVRQJD]
/DSSDUHLOSHXWrWUHXWLOLVpDVVRFLpjXQHWDEOHGHFXLVVRQJD]
$WWHQWLRQ
/D WDEOH GH FXLVVRQ JD] QH GRLW SDV GpSDVVHU OHV YDOHXUV VXLYDQWHV
3XLVVDQFHWRWDOHPD[LPDOHN:
3XLVVDQFHPD[LPDOHEUOHXULQGLYLGXHON:
$XPD[LPXPEUOHXUVLQGLYLGXHOV
%UDQFKHPHQWpOHFWULTXH
: 5LVTXHGHFKRFpOHFWULTXH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV,O\DULVTXHGHQGRPPDJHPHQWGXFkEOHGDOLPHQWDWLRQ
3HQGDQWO·LQVWDOODWLRQYHLOOHUjQHSDVSOLHUQLFRLQFHUOHFkEOH
G·DOLPHQWDWLRQ
$YDQWGHUDFFRUGHUODSSDUHLOYpULILHUOLQVWDOODWLRQGRPHVWLTXH
9HLOOHUjFHTXHODSURWHFWLRQGHOLQVWDOODWLRQGRPHVWLTXHVRLW
DSSURSULpH/DWHQVLRQHWODIUpTXHQFHGHODSSDUHLOGRLYHQW
FRUUHVSRQGUHjOLQVWDOODWLRQpOHFWULTXHYRLUODSODTXH
VLJQDOpWLTXH
/DSSDUHLOUpSRQGjODFODVVHGHSURWHFWLRQ,HWGRLWXQLTXHPHQW
rWUHXWLOLVpDYHFXQHSULVHGHWHUUH
8QVHFWLRQQHXURPQLSRODLUHDYHFXQLQWHUVWLFHGRXYHUWXUHGH
FRQWDFWGDXPRLQVPPGRLWrWUHSUpVHQWGDQVOLQVWDOODWLRQ
&HOXLFLGRLWHQFRUHrWUHDFFHVVLEOHDSUqVOHQFDVWUHPHQW
6HXOXQpOHFWULFLHQDJUppHVWKDELOLWpjLQVWDOOHURXjUHPSODFHUOH
FRUGRQGHUDFFRUGHPHQWHQUHVSHFWDQWOHVSUHVFULSWLRQVHQ
YLJXHXU
6LOHFkEOHGHUDFFRUGHPHQWVHFWHXUGHFHWDSSDUHLOHVW
HQGRPPDJpLOGRLWrWUHUHPSODFpSDUXQFkEOHGHUDFFRUGHPHQW
VSpFLDOTXLHVWHQYHQWHDXSUqVGXIDEULFDQWRXGHVRQVHUYLFH
DSUqVYHQWH

&RWHVGHODSSDUHLOILJ 
3UpSDUDWLRQGXPHXEOHILJ 
5HPDUTXH $VVXUH]YRXV TXH OD IDFH DYDQW GH ODSSDUHLO HVW ELHQ
DFFHVVLEOHVXUWRXWHODVXUIDFHGHODSSDUHLO6LQRQOpTXHUUHGH
IL[DWLRQ DX IRQG GX PHXEOH QH SRXUUD SDV rWUH IL[pH 6L QpFHVVDLUH
UHWLUH]ODSDURLDUULqUHGXPHXEOH
/H PHXEOH GHQFDVWUHPHQW GRLW UpVLVWHU j GHV WHPSpUDWXUHV MXVTXj
&/DVWDELOLWpGXPHXEOHGHQFDVWUHPHQWGRLWDXVVLrWUH
JDUDQWLHDSUqVOHVWUDYDX[GHGpFRXSH
&RQIHFWLRQQHU OD GpFRXSOH FRQIRUPpPHQW DX FURTXLV GLQVWDOODWLRQ
/DQJOHGXFKDQWGHODGpFRXSHSDUUDSSRUWDXSODQGHWUDYDLOGRLW
rWUHGH
(QOHYHUOHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH6FHOOHUOHV
FKDQWVGHODGpFRXSHGHIDoRQWKHUPRVWDEOH
5HVSHFWHUXQHGLVWDQFHPLQLPDOHGH PPHQWUHOHGHVVRXVGH
ODSSDUHLOHWOHVpOpPHQWVGXPHXEOH
/HSODQGHWUDYDLOGRLWrWUHUHQIRUFpVLOkPHHQWUHODSSDUHLOHWOH
PXUHVWLQIpULHXUHjPPRXVLOkPHHQWUHODSSDUHLOHWODWDEOH
GHFXLVVRQHVWLQIpULHXUHjPP6LQRQXQHVWDELOLWpVXIILVDQWH
QHVWSDVJDUDQWLH/HPDWpULDXGHUHQIRUFHPHQWXWLOLVpGRLWrWUH
UpVLVWDQWjODFKDOHXUHWjOKXPLGLWp
5HPDUTXHV
/HSODQGHWUDYDLOGDQVOHTXHOODSSDUHLOHVWHQFDVWUpGRLWDYRLU
XQHFDSDFLWpGHFKDUJHGHQY NJ
9pULILHUODSODQpLWpGHODSSDUHLOVHXOHPHQWDSUqVOLQVWDOODWLRQ
GDQVORXYHUWXUHGHQFDVWUHPHQW
3UpSDUDWLRQGHODSSDUHLO
5HPDUTXH (QIRQFWLRQGXPHXEOHGHQFDVWUHPHQWPRQWH]OH
FRUSV GX YHQWLODWHXU HQ IDFH DYDQW GH ODSSDUHLO RX j ODUULqUH GH FH
GHUQLHU/HFRUSVGXYHQWLODWHXUSHXWrWUHWRXUQpjORLVLUGH
/HQWUpHGDLUHWOpFODLUDJHVHWURXYHQWHQIDFHDYDQWGHODSSDUHLO
OD OLYUDLVRQ ODUULqUH GH ODSSDUHLO HVW SURWpJp SDU XQ SDQQHDX GH
UHFRXYUHPHQW
(Q FDV GH PRQWDJH GX FRUSV GX YHQWLODWHXU j ODUULqUH GH ODSSDUHLO
 GpYLVVH] OH SDQQHDX GH UHFRXYUHPHQW j ODUULqUH GH ODSSDUHLO HW
OHYLVVHUHQIDFHDYDQWGHODSSDUHLO ILJ 
 6RUWH] OH FkEOH GX PRWHXU GX YHQWLODWHXU j ODYDQW GH OD ODQJXHWWH
HWIDLWHVOHSDVVHUjODUULqUHGHODSSDUHLO
3RVHGHODSSDUHLO
 $OLJQH]ODSDUWLHDYDQWGHODSSDUHLOSDUUDSSRUWjODWDEOHGH
FXLVVRQHWSRXVVH]OHSDUHQKDXWGDQVODGpFRXSHGXSODQGH
WUDYDLO ILJ D
 ,QWURGXLVH]ODSSDUHLOGHPDQLqUHXQLIRUPHGDQVODGpFRXSH
(QIRQFH]OHIHUPHPHQWSDUHQKDXWGDQVODGpFRXSH
5HPDUTXHV
/DSSDUHLOGRLWrWUHVROLGHPHQWEORTXpGDQVODGpFRXSHHWQH
GRLW SDV ERXJHU SDU H[ ORUV GX QHWWR\DJH 6L OD ODUJHXU GH OD
GpFRXSHDYRLVLQHODOLPLWHGHWROpUDQFHVXSpULHXUHVL
QpFHVVDLUHIL[H]GHVEDJXHWWHVODWpUDOHVVXUOHVF{WpVGHOD
GpFRXSH
5HWLUH] OHV GHX[ pOpPHQWV HQ SODVWLTXH j JDXFKH HW j GURLWH GX
SDQQHDXGHUHFRXYUHPHQW ILJ D
 $OLJQH]ODSSDUHLOGDQVODUPRLUH9HLOOH]jFHTXHOHFDGUHGH
ODSSDUHLOUHSRVHjSODWVXUOHSODQGHWUDYDLO)L[H]OHVpTXHUUHV
GHIL[DWLRQVXUODSSDUHLOHWVXUOHIRQGGXPHXEOH ILJ E
5HPDUTXH 1H PRQWH] OHV pTXHUUHV GH IL[DWLRQ TXH VXU OD IDFH
DYDQW GH ODSSDUHLO VLQRQ OH IRQFWLRQQHPHQW GH ODSSDUHLO QH VHUD
SDVJDUDQWL
 )L[H]OHVpTXHUUHVGHIL[DWLRQVXSpULHXUHV/DSSDUHLOHVWGRWp
GRULILFHV SUpYXV SRXU OD IL[DWLRQ GHV pTXHUUHV )L[H] OHV pTXHUUHV
GHIL[DWLRQHQKDXWGHODSSDUHLOHWVXUODIDFHLQIpULHXUHGXSODQ
GHWUDYDLO ILJ F
 5HOLH]OHFkEOHGXPRWHXUGHYHQWLODWHXUDXYHQWLODWHXU/DSULVH
VH WURXYH HQ IDFH DYDQW GX YHQWLODWHXU SUqV GX IRQG GX FRUSV ILJ
D
 0RQWH] OH FRUSV GX YHQWLODWHXU DXGHVVXV GH OpYLGHPHQW HQ IDFH
DYDQW GH ODSSDUHLO RX j ODUULqUH GH ODSSDUHLO HQ OH WRXUQDQW j ORLVLU
j ILJ E
 (QPRGHUHF\FODJHODLUYLFLpGRLWrWUHGLULJpYHUVOH[WpULHXUDX
PR\HQ GXQ WX\DX RX GXQ IOH[LEOH LQVpUp GDQV XQH GpFRXSH GDQV
OHIRQGGXPHXEOHEDV ILJ F
 (Q PRGH UHF\FODJH SUpYR\H] XQH VRUWLH GDLU GDQV OH EDQGHDX GX
VRFOHVHFWLRQPLQLPDOHGHQYFPò&RQIHFWLRQQH]XQH
RXYHUWXUHGHVRUWLHDXVVLJUDQGHTXHSRVVLEOHGDQVOHEDQGHDX
GXVRFOHDILQGHPLQLPLVHUOHFRXUDQWGDLUHWOHEUXLW
 )L[H]OXQLWpGHFRPPDQGHVXUODSSDUHLOjF{WpGXFRUSVGX
YHQWLODWHXU ILJ D
'HPDQLqUHDOWHUQDWLYHOXQLWpGHFRPPDQGHSHXWrWUHIL[pHGH
ODXWUHF{WpGXPRWHXUGXYHQWLODWHXUHWVXUODSDURLGXPHXEOH
$WWHQWLRQ
'HOKXPLGLWpTXLSpQqWUHSHXWRFFDVLRQQHUXQFKRFpOHFWULTXH
1HIL[H]SDVOXQLWpGHFRPPDQGHDXIRQGGXPHXEOH
GHQFDVWUHPHQW
%UDQFKH]OHVFkEOHVGHUDFFRUGHPHQW ILJ E(QILFKH]
IHUPHPHQW OHV FkEOHV GH FRPPDQGH HQWUH OXQLWp GH FRPPDQGH
HW ODSSDUHLO /HV ILFKHV GRLYHQW VHQFOHQFKHU GH PDQLqUH DXGLEOH
&RQQHFWH]OXQLWpGHFRPPDQGHDXVHFWHXUHWFRQWU{OH]OH
IRQFWLRQQHPHQW
5HPDUTXH 6LODSSDUHLOQHIRQFWLRQQHSDV YHLOOH]jODIL[DWLRQ
FRUUHFWHGHVFkEOHVGHUDFFRUGHPHQW
'pSRVHGHODSSDUHLO
 0HWWUHODSSDUHLOKRUVWHQVLRQ
 'HVVHUUHUOHVYLVVDJHVDXPHXEOH
 'pYLVVHUOHVSLqFHVGHPRQWDJHGHODSSDUHLO
 )DLUHVRUWLUODSSDUHLOHQOHSRXVVDQWSDUOHEDV
$WWHQWLRQ
5LVTXH GH GpWpULRUDWLRQ GH ODSSDUHLO 1H SDV H[WUDLUH ODSSDUHLO SDU
OHKDXWHQIDLVDQWOHYLHU
nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
'HEUHHGWHYDQGHDI]XLJNDSPRHWPLQVWHQVRYHUHHQNRPHQPHW
GHEUHHGWHYDQKHWNRRNWRHVWHO
%LMGHLQVWDOODWLHPRHWHQGHDFWXHOHJHOGLJHERXZYRRUVFKULIWHQHQ
GHYRRUVFKULIWHQYDQGHSODDWVHOLMNHVWURRPHQJDVOHYHUDQFLHULQ
DFKWZRUGHQJHQRPHQ
/HYHQVJHYDDU
7HUXJJH]RJHQYHUEUDQGLQJVJDVVHQNXQQHQOHLGHQWRWYHUJLIWLJLQJ
$OWLMG YRRU YROGRHQGH OXFKWWRHYRHU ]RUJHQ ZDQQHHU GH OXFKWDIYRHU
SODDWVYLQGWLQHHQUXLPWHPHWHHQYXXUEURQGLHJHEUXLNPDDNWYDQ
GHDDQZH]LJHOXFKW
9XXUEURQQHQGLHGHOXFKWLQGHUXLPWHYHUEUXLNHQELMYDSSDUDWHQ
GLHRSJDVROLHKRXWRINROHQZRUGHQJHVWRRNWJHLVHUV
ZDUPZDWHUWRHVWHOOHQWUHNNHQGHYHUEUDQGLQJVOXFKWXLWGH
RSVWHOOLQJVUXLPWHHQYRHUHQGHJDVVHQYLDHHQDIYRHUELMY
VFKRRUVWHHQDIQDDUEXLWHQ
,QFRPELQDWLHPHWHHQLQJHVFKDNHOGHDI]XLJNDSZRUGWDDQGH
NHXNHQHQDDQGHUXLPWHVHUQDDVWOXFKWRQWWURNNHQ]RQGHU
YROGRHQGH OXFKWWRHYRHU RQWVWDDW HU HHQ RQGHUGUXN *LIWLJH JDVVHQ
XLW GH VFKRRUVWHHQ RI KHW DIYRHUNDQDDO ZRUGHQ WHUXJJH]RJHQ LQ GH
ZRRQUXLPWH
=RUJGDDURPDOWLMGYRRUYROGRHQGHYHQWLODWLH
(HQ YHQWLODWLHNDVW LQ GH PXXU DOOHHQ LV QLHW YROGRHQGH RP DDQ GH
PLQLPDOHHLVHQWHYROGRHQ
8NXQWKHWDSSDUDDWDOOHHQGDQ]RQGHUULVLFRJHEUXLNHQZDQQHHU
GHRQGHUGUXNLQGHUXLPWHZDDULQGHYXXUEURQ]LFKEHYLQGWQLHW
JURWHU LV GDQ 3D  PEDU 'LW NDQ ZRUGHQ EHUHLNW ZDQQHHU GH
YRRUGHYHUEUDQGLQJEHQRGLJGHOXFKWGRRUQLHWDIVOXLWEDUH
RSHQLQJHQELMYLQGHXUHQUDPHQLQFRPELQDWLHPHWHHQ
YHQWLODWLHNDVW LQ GH PXXU RI DQGHUH WHFKQLVFKH YRRU]LHQLQJHQ NDQ
ZRUGHQWRHJHYRHUG

5DDGSOHHJLQLHGHUJHYDOKHWEHGULMIGDWLQXZKXLV]RUJWYRRUGH
VFKRRUVWHHQUHLQLJLQJ'LWEHGULMILVLQVWDDWKHWWRWDOH
YHQWLODWLHV\VWHHPYDQXZKXLVWHEHRRUGHOHQHQNDQHHQYRRUVWHO
GRHQYRRUSDVVHQGHPDDWUHJHOHQRSKHWJHELHGYDQGH
OXFKWWRHYRHU
,QGLHQGHDI]XLJLQJDOOHHQPHWUHFLUFXODWLHZRUGWJHEUXLNWLVHHQ
RQEHSHUNWJHEUXLNPRJHOLMN
/HYHQVJHYDDU
7HUXJJH]RJHQ YHUEUDQGLQJVJDVVHQ NXQQHQ OHLGHQ WRW YHUJLIWLJLQJ
%LMGHLQVWDOODWLHYDQHHQYHQWLODWLHPHWHHQDIYRHUJHERQGHQ
YXXUEURQ PRHW GH VWURRPWRHYRHU YDQ GH NDS YRRU]LHQ ZRUGHQ YDQ
HHQJHVFKLNWHYHLOLJKHLGVVFKDNHOLQJ
5LVLFRYDQEUDQG
%LMJHOLMNWLMGLJJHEUXLNYDQPHHUGHUHJDVNRRN]RQHVRQWVWDDW
YHHOZDUPWH+HWYHQWLODWLHDSSDUDDWNDQEHVFKDGLJGRILQEUDQG
UDNHQ+HWYHQWLODWLHDSSDUDDWPDJDOOHHQPHWJDVNRRN]RQHV
ZRUGHQJHFRPELQHHUGGLHKHWWRWDOHYHUPRJHQYDQ N:HQ
HHQPD[LPDDOYHUPRJHQYDQDI]RQGHUOLMNHEUDQGHUVYDQ N:
QLHWRYHUVFKULMGHQ
%UDQGJHYDDU
'HYHWDI]HWWLQJHQLQKHWYHWILOWHUNXQQHQRQWEUDQGHQ'H
YRRUJHVFKUHYHQYHLOLJKHLGVDIVWDQGHQGLHQHQWHZRUGHQ
DDQJHKRXGHQRPZDUPWHRSKRSLQJWHYRRUNRPHQ1HHPGH
LQVWUXFWLHVYDQXZNRRNWRHVWHOLQDFKW:DQQHHUJDVHQ
HOHNWULVFKHNRRNWRHVWHOOHQVDPHQZRUGHQJHEUXLNWJHOGWGH
JURRWVWDDQJHJHYHQDIVWDQG
+HW DSSDUDDW PDJ VOHFKWV PHW ppQ ]LMGH GLUHFW QDDVW HHQ NDVW RI
WHJHQ HHQ ZDQG ZRUGHQ JHwQVWDOOHHUG 'H DIVWDQG WRW GH PXXU RI
GHNDVWPRHWPLQVWHQVPPEHGUDJHQ
5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
5LVLFRYDQOHWVHO
+HWWRHVWHOLV]ZDDU(U]LMQWZHH SHUVRQHQQRGLJRPKHW
DSSDUDDW WH EHZHJHQ $OOHHQ JHVFKLNWH KXOSPLGGHOHQ JHEUXLNHQ
*HYDDUYDQHHQHOHNWULVFKHVFKRN
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ+LHUGRRUNDQGHDDQVOXLWNDEHOEHVFKDGLJGUDNHQ
$DQVOXLWNDEHOQLHWNQLNNHQRIDINOHPPHQELMGHLQVWDOODWLH
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
.DQWHOJHYDDU
+HWDSSDUDDWLV]HHUVPDOHQNDQJHPDNNHOLMNRPNDQWHOHQ
$SSDUDDW QLHW UHFKWRS RS GH ERGHP SODDWVHQ $SSDUDDW YODN RS GH
ERGHPOHJJHQ
$OJHPHQHDDQZLM]LQJHQ
*HEUXLNPHWDIYRHUOXFKW
$DQZLM]LQJ 'H DIYRHUOXFKW PDJ QLHW ZRUGHQ DIJHYRHUG YLD HHQ LQ
JHEUXLN]LMQGHURRNRIJDVDIYRHUQRFKYLDHHQVFKDFKWGLHGLHQW
YRRUGHRQWOXFKWLQJYDQUXLPWHVPHWYXXUEURQQHQ
.RPW GH DIYRHUOXFKW WHUHFKW LQ HHQ URRN RI JDVDIYRHU GLH QLHW LQ
JHEUXLNLVGDQGLHQWXHHQYDNEHNZDPHVFKRRUVWHHQYHJHUWH
UDDGSOHJHQ
:RUGW GH DIYRHUOXFKW GRRU GH EXLWHQPXXU JHOHLG GDQ UDGHQ ZLM X
DDQHHQWHOHVFRRSPXXUNDVWWHJHEUXLNHQ
*HEUXLNPHWFLUFXODWLHOXFKW
$DQZLM]LQJ +HWDSSDUDDWPDJDOOHHQZRUGHQJHEUXLNWZDQQHHU
KHWJRHGLVJHwQVWDOOHHUGHQGHOHLGLQJHQ]LMQDDQJHVORWHQ
/XFKWDIYRHU
$DQZLM]LQJ 9RRUNODFKWHQGLHWHZLMWHQ]LMQDDQGHEHEXL]LQJ
VWDDWGHIDEULNDQWYDQKHWDSSDUDDWQLHWJDUDQW
8YHUNULMJWGHEHVWHZHUNLQJYDQKHWDSSDUDDWGRRUKHWRSHHQ
NRUWHUHFKWOLMQLJHDIYRHUEXLVPHWHHQ]RJURRWPRJHOLMNH
GLDPHWHUDDQWHVOXLWHQ
%LMJHEUXLNYDQODQJHUXZHDIYRHUEXL]HQYHHOERFKWHQRI
EXLVGLDPHWHUVNOHLQHUGDQPPZRUGWKHWRSWLPDOH
OXFKWDIYRHUYHUPRJHQQLHWEHUHLNWHQLVKHWYHQWLODWLHJHOXLG
KDUGHU
'HEXL]HQRIGHVODQJHQGLHYRRUGHOXFKWDIYRHUZRUGHQ
JHEUXLNWGLHQHQYDQHHQQLHWEUDQGEDDUPDWHULDDOWH]LMQ
5RQGHEXL]HQ
:LMDGYLVHUHQHHQELQQHQGLDPHWHUYDQPPLQHONJHYDOYDQ
PLQVWHQVPP
9ODNNHEXL]HQ
'HELQQHQGLDPHWHUPRHWRYHUHHQNRPHQPHWGHGLDPHWHUYDQGH
URQGHEXL]HQ
PPFDFP
PPFDFP
9ODNNHEXL]HQPRJHQJHHQVFKHUSHRPEXLJLQJHQKHEEHQ
*HEUXLNELMHHQDIZLMNHQGHEXLVGLDPHWHUHHQDIGLFKWVWULS
*HEUXLNPHWFLUFXODWLHOXFKW
$DQZLM]LQJ +HWDSSDUDDWPDJDOOHHQZRUGHQJHEUXLNWZDQQHHU
KHWJRHGLVJHwQVWDOOHHUGHQGHOHLGLQJHQ]LMQDDQJHVORWHQ
*DVNRRNSODDW
+HWWRHVWHONDQLQFRPELQDWLHPHWHHQJDVNRRNSODDWZRUGHQ
JHEUXLNW
$WWHQWLH
'HJDVNRRNSODDWPDJGHYROJHQGHZDDUGHQQLHWRYHUVFKULMGHQ
WRWDDOYHUPRJHQN:
PD[LPDDOYHUPRJHQYDQGHDI]RQGHUOLMNHEUDQGHUVN:
PD[LPDDODI]RQGHUOLMNHEUDQGHUV
(OHNWULVFKHDDQVOXLWLQJ
: *HYDDUYDQHHQHOHNWULVFKHVFKRN
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ+LHUGRRUNDQGHDDQVOXLWNDEHOEHVFKDGLJGUDNHQ
$DQVOXLWNDEHOQLHWNQLNNHQRIDINOHPPHQELMGHLQVWDOODWLH
9RRUGHDDQVOXLWLQJYDQKHWDSSDUDDWGHKXLVLQVWDOODWLH
FRQWUROHUHQ=RUJHUYRRUGDWKXLVLQVWDOODWLHJRHGEHYHLOLJGLV
6SDQQLQJHQIUHTXHQWLHYDQKHWDSSDUDDWGLHQHQPHWGH
HOHNWULVFKHLQVWDOODWLHRYHUHHQWHVWHPPHQ]LHKHWW\SHSODDWMH
+HW DSSDUDDW YROGRHW DDQ EHVFKHUPLQJVNODVVH , HQ PDJ XLWVOXLWHQG
PHWUDQGDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
'HLQVWDOODWLHGLHQWWHEHVFKLNNHQRYHUHHQVFKDNHODDUPHWHHQ
FRQWDFWRSHQLQJ YDQ PLQVWHQV PP 'H]H GLHQW QD GH LQERXZ QRJ
WRHJDQNHOLMNWH]LMQ
+HWYHUOHJJHQRIYHUYDQJHQYDQGHDDQVOXLWOHLGLQJPDJDOOHHQ
GRRUHHQHOHNWURWHFKQLFXVPHWLQDFKWQHPLQJYDQGHJHOGHQGH
YRRUVFKULIWHQZRUGHQXLWJHYRHUG
:DQQHHU GH KRRIGOHLGLQJ YDQ GLW DSSDUDDW EHVFKDGLJG ZRUGW GLHQW
GH]HGRRUHHQVSHFLDOHDDQVOXLWOHLGLQJYHUYDQJHQWHZRUGHQGLH
YHUNULMJEDDULVELMGHSURGXFHQWRIGLHQVNODQWHQVHUYLFH
$IPHWLQJHQYDQKHWDSSDUDDW$IEHHOGLQJ 
0HXEHOYRRUEHUHLGHQ$IEHHOGLQJ 
$DQZLM]LQJ =RUJ HUYRRU GDW GH YRRUNDQW YDQ KHW DSSDUDDW YLD KHW
JHKHOH DSSDUDDWRSSHUYODN WRHJDQNHOLMN LV $QGHUV NDQ GH KRHN WHU
EHYHVWLJLQJDDQGHERGHPYDQKHWPHXEHOQLHWZRUGHQ
JHPRQWHHUG,QGLHQQRGLJGHDFKWHUNDQWYDQKHWPHXEHO
YHUZLMGHUHQ
KHWLQERXZPHXEHOPRHWWRW&WHPSHUDWXXUEHVWHQGLJ]LMQ'H
VWDELOLWHLWYDQKHWLQERXZPHXEHOPRHWRRNQDGH
XLWVQLMGLQJVZHUN]DDPKHGHQJHZDDUERUJG]LMQ
'HXLWVQLMGLQJPDNHQYROJHQVKHWLQERXZVFKHPD7HQRS]LFKWH
YDQKHWZHUNEODGGLHQWGHKRHNYDQKHWVQLMYODNWH]LMQ
1DXLWVQLMGLQJVZHUN]DDPKHGHQGHVSDQHQYHUZLMGHUHQ
6QLMYODNNHQYRRU]LHQYDQHHQKLWWHEHVWHQGLJHEHVFKHUPODDJ
9DQDIGHRQGHUNDQWYDQKHWDSSDUDDWWRWGHPHXEHOGHOHQHHQ
PLQLPDOHDIVWDQGYDQ PPDDQKRXGHQ
+HWZHUNEODGPRHWYHUVWHUNWZRUGHQZDQQHHUKHWYHUELQGLQJVVWXN
WXVVHQKHWWRHVWHOHQGHZDQGPLQGHUGDQPPRIKHW
YHUELQGLQJVVWXN WXVVHQ KHW WRHVWHO HQ GH NRRNSODDW PLQGHU GDQ 
PPEHGUDDJW$QGHUVNDQGHVWDELOLWHLWRQYROGRHQGH]LMQ+HW
JHEUXLNWH YHUVWHUNLQJVPDWHULDDO PRHW KLWWH HQ YRFKWEHVWHQGLJ ]LMQ
$DQZLM]LQJHQ
+HWGUDDJYHUPRJHQYDQKHWZHUNEODGZDDULQKHWWRHVWHOZRUGW
LQJHERXZGGLHQWRQJHYHHU NJWH]LMQ
'HYODNKHLGYDQKHWWRHVWHOSDVFRQWUROHUHQQDLQVWDOODWLHLQGH
LQERXZRSHQLQJ

$SSDUDDWYRRUEHUHLGHQ
$DQZLM]LQJ $IKDQNHOLMNYDQKHWLQERXZPHXEHOGH
YHQWLODWRUEHKXL]LQJDDQGHYRRURIDFKWHUNDQWYDQKHWDSSDUDDW
PRQWHUHQ'HYHQWLODWRUEHKXL]LQJNDQQDDUZHQVZRUGHQ
JHGUDDLG
'HOXFKWLQYRHURSHQLQJHQGHYHUOLFKWLQJEHYLQGHQ]LFKDDQGH
YRRUNDQWYDQKHWDSSDUDDW%LMGHOHYHULQJ]LWHUHHQDIGHNNLQJRS
GHDFKWHUNDQWYDQKHWDSSDUDDW
%LMGHPRQWDJHYDQGHYHQWLODWRUEHKXL]LQJDDQGHDFKWHUNDQWYDQ
KHWDSSDUDDW
 'HDIGHNNLQJORVVFKURHYHQYDQGHDFKWHUNDQWYDQKHWDSSDUDDW
HQYDVWPDNHQDDQGHYRRUNDQW $IE 
 'H NDEHO YDQ GH YHQWLODWLHPRWRU YDQ YRUHQ ORVPDNHQ HQ QDDU GH
DFKWHUNDQWYDQKHWDSSDUDDWOHLGHQ
+HWDSSDUDDWLQERXZHQ
 %UHQJKHWDSSDUDDWPHWGHYRRUNDQWLQOLMQPHWGHNRRNSODDWHQ
VFKXLIKHWYDQERYHQDILQGHXLWVQLMGLQJYDQKHWZHUNEODG $IE
D
 +HWDSSDUDDWJHOLMNPDWLJLQEUHQJHQLQGHXLWVQLMGLQJ9DQERYHQ
VWHYLJLQGHXLWVQLMGLQJGUXNNHQ
$DQZLM]LQJHQ
+HWDSSDUDDWPRHWVWHYLJLQGHXLWVQLMGLQJ]LWWHQHQPDJQLHW
YHUVFKXLYHQELMYWLMGHQVKHWUHLQLJHQ:DQQHHUGHEUHHGWH
YDQ GH XLWVSDULQJ WHJHQ GH ERYHQVWH WROHUDQWLHJUHQV DDQ]LW ]R
QRGLJDDQGH]LMNDQWYDQGHXLWVSDULQJULFKHOVEHYHVWLJHQ
'HEHLGHNXQVWVWRIGHOHQOLQNVHQUHFKWVYDQGHDIGHNNLQJ
YHUZLMGHUHQ $IE D
 $SSDUDDWLQGHNDVWLQOLMQEUHQJHQ/HWHURSGDWGHRPOLMVWLQJ
HUYDQYODNRSKHWZHUNEODGOLJW'HEHYHVWLJLQJVKRHNHQDDQKHW
DSSDUDDWHQGHERGHPYDQKHWPHXEHOEHYHVWLJHQ $IE E
$DQZLM]LQJ %HYHVWLJLQJVKRHNHQDOOHHQPRQWHUHQDDQGH
YRRUNDQWYDQKHWDSSDUDDWDQGHUVLVGHZHUNLQJHUYDQQLHW
JHJDUDQGHHUG
 %RYHQVWHEHYHVWLJLQJVKRHNHQEHYHVWLJHQ9RRUGHEHYHVWLJLQJ
YDQGHKRHNHQLVKHWDSSDUDDWYRRU]LHQYDQJDWHQ'H
EHYHVWLJLQJVKRHNHQERYHQDDQKHWDSSDUDDWHQDDQGH
RQGHUNDQWYDQKHWZHUNEODGEHYHVWLJHQ $IE F
 'H NDEHO YRRU GH YHQWLODWRUPRWRU YHUELQGHQ PHW GH YHQWLODWRU 'H
EXV EHYLQGW ]LFK DDQ GH YRRUNDQW YDQ GH YHQWLODWRU ELM GH ERGHP
YDQGHEHKXL]LQJ $IE D
 9HQWLODWRUEHKXL]LQJYLDGHXLWVSDULQJDDQGHYRRURIDFKWHUNDQW
YDQKHWDSSDUDDWQDDUZHQVJHGUDDLGPRQWHUHQ $IE E
 %LM OXFKWFLUFXODWLH GLHQW GH DIYRHUOXFKW YLD HHQ EXLV RI VODQJ GRRU
HHQXLWVQLMGLQJQDDUGHERGHPYDQGHRQGHUNDVWWHZRUGHQ
JHOHLG $IE F
 %LM OXFKWFLUFXODWLH HHQ OXFKWXLWODDW LQ GH VRNNHOSODDW DDQEUHQJHQ
PLQLPDOHGLDPHWHUFD  FPò0DDNGHXLWODDWRSHQLQJLQGH
VRNNHOSODDW]RJURRWPRJHOLMN]RGDWHUZHLQLJWUHNHQ]RPLQ
PRJHOLMNJHOXLGRQWVWDDW
 5HJHOHHQKHLGQDDVWGHYHQWLODWRUEHKXL]LQJDDQKHWDSSDUDDW
EHYHVWLJHQ $IE D
'HUHJHOHHQKHLGNDQRRNDDQGHDQGHUHNDQWYDQGH
YHQWLODWRUPRWRUHQDDQGHPHXEHOZDQGZRUGHQEHYHVWLJG
$WWHQWLH
%LQQHQGULQJHQGYRFKWNDQHHQVFKRNYHURRU]DNHQ
5HJHOHHQKHLGQLHWEHYHVWLJHQRSGHERGHPYDQKHW
LQERXZPHXEHO
9HUELQGLQJVNDEHOV DDQVOXLWHQ $IE E 'H KRRIGNDEHOV YDQ GH
UHJHOHHQKHLGQDDUKHWDSSDUDDWJRHGYDVW]HWWHQ'HVWHNNHUV
GLHQHQWHYHUJUHQGHOHQ'HUHJHOHHQKHLGRSKHWQHWDDQVOXLWHQ
HQGHZHUNLQJFRQWUROHUHQ
$DQZLM]LQJ :HUNWKHWDSSDUDDWQLHWFRQWUROHHUGDQRIGH
YHUELQGLQJVNDEHOVJRHGEHYHVWLJG]LMQ
7RHVWHOGHPRQWHUHQ
 7RHVWHOVWURRPORRV
 6FKURHYHQYDQKHWPHXEHOORVGUDDLHQ
 $DQERXZGHOHQYDQKHWWRHVWHODIVFKURHYHQ
 7RHVWHOYDQRQGHUXLWQDDUEXLWHQGUXNNHQ
$WWHQWLH
6FKDGHDDQKHWWRHVWHO7RHVWHOHUQLHWYDQERYHQDIXLWWLOOHQ
es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
/DDQFKXUDGHODFDPSDQDH[WUDFWRUDGHEHFRUUHVSRQGHUSRUOR
PHQRVDODDQFKXUDGHOD]RQDGHFRFFLyQ
3DUDODLQVWDODFLyQGHEHQREVHUYDUVHODVSUHVFULSFLRQHVWpFQLFDV
YiOLGDVHQFDGDPRPHQWR\ORVUHJODPHQWRVGHODVFRPSDxtDV
ORFDOHVVXPLQLVWUDGRUDVGHHOHFWULFLGDG\JDV
£3HOLJURPRUWDO
/RVJDVHVGHFRPEXVWLyQTXHVHYXHOYHQDDVSLUDUSXHGHQ
RFDVLRQDULQWR[LFDFLRQHV
*DUDQWLFHXQDHQWUDGDGHDLUHVXILFLHQWHVLHODSDUDWRVHHPSOHD
HQPRGRGHIXQFLRQDPLHQWRHQVDOLGDGHDLUHDOH[WHULRUMXQWRFRQ
XQHTXLSRFDOHIDFWRUGHSHQGLHQWHGHODLUHGHOUHFLQWRGH
LQVWDODFLyQ
/RVHTXLSRVFDOHIDFWRUHVTXHGHSHQGHQGHODLUHGHOUHFLQWRGH
LQVWDODFLyQSHMFDOHIDFWRUHVGHJDVDFHLWHPDGHUDRFDUEyQ
FDOHQWDGRUHV GH VDOLGD OLEUH FDOHQWDGRUHV GH DJXD DGTXLHUHQ DLUH
GHFRPEXVWLyQGHOUHFLQWRGHLQVWDODFLyQ\HYDFXDQORVJDVHVGH
HVFDSHDOH[WHULRUDWUDYpVGHXQVLVWHPDH[WUDFWRUSHMXQD
FKLPHQHD
(Q FRPELQDFLyQ FRQ XQD FDPSDQD H[WUDFWRUD FRQHFWDGD VH H[WUDH
DLUHGHODFRFLQD\GHODVKDELWDFLRQHVSUy[LPDVVLQXQDHQWUDGD
GH DLUH VXILFLHQWH VH JHQHUD XQD GHSUHVLyQ /RV JDVHV YHQHQRVRV
SURFHGHQWHV GH OD FKLPHQHD R GHO KXHFR GH YHQWLODFLyQ VH YXHOYHQ
DDVSLUDUHQODVKDELWDFLRQHV
3RU WDQWR DVHJXUDUVH GH TXH VLHPSUH KD\D XQD HQWUDGD GH DLUH
VXILFLHQWH
8QSDVDPXURVGHHQWUDGDVDOLGDGHDLUHQRHVJDUDQWtDSRUVt
VRORGHOFXPSOLPLHQWRGHOYDORUOtPLWH
$ILQGHJDUDQWL]DUXQIXQFLRQDPLHQWRVHJXURODGHSUHVLyQHQHO
UHFLQWR GH LQVWDODFLyQ GH ORV HTXLSRV FDOHIDFWRUHV QR GHEH VXSHUDU
3D  PEDU (VWR VH FRQVLJXH VL PHGLDQWH DEHUWXUDV TXH QR
VHSXHGHQFHUUDUSHMHQSXHUWDVYHQWDQDVHQFRPELQDFLyQ
FRQXQSDVDPXURVGHHQWUDGDVDOLGDGHDLUHRPHGLDQWHRWUDV
PHGLGDV WpFQLFDV VH SXHGH KDFHU UHFLUFXODU HO DLUH QHFHVDULR SDUD
ODFRPEXVWLyQ
3HGLU VLHPSUH DVHVRUDPLHQWR DO WpFQLFR FRPSHWHQWH GH VX UHJLyQ
TXHHVWDUiHQFRQGLFLRQHVGHHYDOXDUWRGRHOVLVWHPDGH
YHQWLODFLyQGHVXKRJDU\UHFRPHQGDUOHODVPHGLGDVDGHFXDGDV
HQPDWHULDGHYHQWLODFLyQ
6LODFDPSDQDH[WUDFWRUDVHXWLOL]DH[FOXVLYDPHQWHHQ
IXQFLRQDPLHQWRHQUHFLUFXODFLyQQRKD\OLPLWDFLRQHVSDUDHO
IXQFLRQDPLHQWR
£3HOLJURPRUWDO
/RVJDVHVGHFRPEXVWLyQTXHVHYXHOYHQDDVSLUDUSXHGHQ
RFDVLRQDU LQWR[LFDFLRQHV $O LQVWDODU XQD YHQWLODFLyQ FRQ XQD SODFD
GHFRFFLyQFRQFDPSDQDH[WUDFWRUDODFRQGXFFLyQHOpFWULFDGHOD
FDPSDQDGHEHHVWDUSURYLVWDGHORVIXVLEOHVDSURSLDGRV

£3HOLJURGHLQFHQGLR
&XDQGRVHXVDQVLPXOWiQHDPHQWHYDULRVIRJRQHVGHJDVVH
JHQHUD PXFKR FDORU (O DSDUDWR GH YHQWLODFLyQ SXHGH GDxDUVH R
LQFHQGLDUVH(ODSDUDWRGHYHQWLODFLyQVRORSXHGHFRPELQDUVH
FRQ SODFDV GH JDV TXH QR VXSHUHQ XQD SRWHQFLD WRWDO Pi[LPD GH
 N:\FX\RVTXHPDGRUHVQRVXSHUHQ N:GHSRWHQFLD
Pi[LPDFDGDXQR
£3HOLJURGHLQFHQGLR
/RVGHSyVLWRVGHJUDVDGHOILOWURGHJUDVDVSXHGHQSUHQGHUVH
+D\TXHUHVSHWDUODVGLVWDQFLDVGHVHJXULGDGSUHVFULWDVSDUD
HYLWDU XQD FRQGHQVDFLyQ GHO FDORU 6H GHEHQ WHQHU HQ FXHQWD ODV
LQGLFDFLRQHVGHOUHFLSLHQWHGHFRFFLyQ6LVHXWLOL]DQ
FRQMXQWDPHQWH]RQDVGHFRFFLyQGHJDV\HOpFWULFDVULJHOD
GLVWDQFLDLQGLFDGDPiVJUDQGH
6RORXQODGRGHODSDUDWRGHEHLQVWDODUVHGLUHFWDPHQWHMXQWRDO
DUPDULRRSDUHG/DGLVWDQFLDUHVSHFWRDODSDUHGRDODUPDULR
HQDOWRGHEHVHUSRUORPHQRVGHPP
£3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHOHVLRQHV
(ODSDUDWRHVSHVDGR3DUDPRYHUHODSDUDWRVHQHFHVLWDQ
SHUVRQDV8WLOL]DU~QLFDPHQWHORVPHGLRVDX[LOLDUHV
DSURSLDGRV
£3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
£5LHVJRGHYXHOFR
(ODSDUDWRHVPX\HVWUHFKR\SXHGHYROFDUIiFLOPHQWH1R
GHSRVLWDUHODSDUDWRGHSLHVLQRSODQRHQHOVXHOR
&RQVHMRV\DGYHUWHQFLDVJHQHUDOHV
)XQFLRQDPLHQWRHQVDOLGDGHDLUHDOH[WHULRU
1RWD /D VDOLGD GH DLUH QR GHEH WUDQVPLWLUVH QL D XQD FKLPHQHD GH
KXPRVRJDVHVGHHVFDSHHQVHUYLFLRQLDXQKXHFRTXHVLUYD
FRPRYHQWLODFLyQGHORVUHFLQWRVGHLQVWDODFLyQGHHTXLSRV
FDOHIDFWRUHV
6L OD VDOLGD GH DLUH VH YD D HYDFXDU HQ XQD FKLPHQHD GH KXPRV
RJDVHVGHHVFDSHTXHQRHVWiHQVHUYLFLRVHUiQHFHVDULR
FRQWDUSUHYLDPHQWHFRQODDSUREDFLyQFRUUHVSRQGLHQWHGHO
WpFQLFRFRPSHWHQWHGHOD]RQD
6LODVDOLGDGHDLUHVHHYDFXDPHGLDQWHODSDUHGH[WHULRUVH
GHEHUiXWLOL]DUXQSDVDPXURVWHOHVFySLFR
)XQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUH
1RWD (OHOHFWURGRPpVWLFRVRORGHEHSRQHUVHHQPDUFKDFXDQGR
HVWpPRQWDGRILMR\FRQORVWXERVFRQHFWDGRV
&RQGXFWRGHHYDFXDFLyQGHODLUH
1RWD /DJDUDQWtDGHOIDEULFDQWHGHODSDUDWRQRFXEUHODV
UHFODPDFLRQHVTXHVHDWULEX\DQDOWUDPRGHFRQGXFWRV
(ODSDUDWRDOFDQ]DVXSRWHQFLDySWLPDFRQXQFRQGXFWRGH
VDOLGDGHDLUHUHFWLOtQHR\FRUWR\FRQXQGLiPHWURJUDQGHGH
FRQGXFWRHQODPHGLGDGHORSRVLEOH
&RQFRQGXFWRVGHVDOLGDGHDLUHODUJRV\UXJRVRVPXFKRV
FRGRVGHWXERRGLiPHWURVGHWXERGHXQWDPDxRLQIHULRUD
PPQRVHFRQVLJXHODFDSDFLGDGGHDVSLUDFLyQySWLPD\ORV
UXLGRVGHOYHQWLODGRUVHUiQPD\RUHV
/RVWXERVRPDQJXHUDVSDUDHOWHQGLGRGHOFRQGXFWRGHVDOLGD
GHODLUHGHEHQHVWDUIDEULFDGRVFRQPDWHULDOLJQtIXJR
&RQGXFWRVFLOtQGULFRV
6HUHFRPLHQGDXQGLiPHWURLQWHULRUGHPPHOGLiPHWUR
PtQLPRHVGHPPHQWRGRFDVR
&RQGXFWRVSODQRV
/DVHFFLyQLQWHULRUGHEHFRUUHVSRQGHUDOGLiPHWURGHORV
FRQGXFWRVFLOtQGULFRV
PPDSUR[FP
PPDSUR[FP
/RVFRQGXFWRVSODQRVQRGHEHQSUHVHQWDUGHVYtRV
SURQXQFLDGRV
6LORVGLiPHWURVGHFRQGXFWRGLILHUHQGHORDQWHULRUPHQWH
PHQFLRQDGRXWLOL]DUWLUDVREWXUDGRUDV
)XQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUH
1RWD (OHOHFWURGRPpVWLFRVRORGHEHSRQHUVHHQPDUFKDFXDQGR
HVWpPRQWDGRILMR\FRQORVWXERVFRQHFWDGRV
3ODFDGHFRFFLyQGHJDV
(ODSDUDWRSXHGHXWLOL]DUVHHQFRPELQDFLyQFRQXQDSODFDGH
FRFFLyQGHJDV
£$WHQFLyQ
/DSODFDGHFRFFLyQGHJDVQRSXHGHVXSHUDUORVVLJXLHQWHV
YDORUHV
3RWHQFLDPi[LPDWRWDON:
3RWHQFLDPi[LPDGHFDGDTXHPDGRULQGLYLGXDON:
0i[LPRTXHPDGRUHVLQGLYLGXDOHV
&RQH[LyQHOpFWULFD
: £3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
&RPSUREDU OD LQVWDODFLyQ GRPpVWLFD DQWHV GH FRQHFWDU HO DSDUDWR
9HULILFDUTXHODLQVWDODFLyQGRPpVWLFDGLVSRQHGHORVIXVLEOHV
DSURSLDGRV /D WHQVLyQ \ OD IUHFXHQFLD GHO DSDUDWR GHEHQ FRLQFLGLU
FRQODLQVWDODFLyQHOpFWULFDGHODSDUDWRYHUSODFDGH
FDUDFWHUtVWLFDV
(ODSDUDWRSHUWHQHFHDODFODVHGHSURWHFFLyQ,\VRORSXHGH
XWLOL]DUVHFRQHFWDGRDXQDFRQH[LyQFRQFRQGXFWRUGHWRPDD
WLHUUD
3DUDODLQVWDODFLyQVHQHFHVLWDXQGLVSRVLWLYRGHVHSDUDFLyQ
RPQLSRODUFRQXQDDEHUWXUDGHFRQWDFWRGHFRPRPtQLPRPP
(VWHFRQHFWRUGHEHTXHGDUDFFHVLEOHXQDYH]ILQDOL]DGRHO
PRQWDMH
/DFRORFDFLyQRODVXVWLWXFLyQGHOFDEOHGHFRQH[LyQVRORSXHGH
OOHYDUODDFDERXQWpFQLFRHOHFWULFLVWDREVHUYDQGRODVQRUPDV
SHUWLQHQWHV
6LHOFDEOHGHFRQH[LyQDODUHGGHHVWHDSDUDWRUHVXOWDGDxDGR
GHEHVXVWLWXLUVHSRUXQFDEOHGHFRQH[LyQHVSHFLDOTXHSXHGH
DGTXLULUVHHQHOIDEULFDQWHRVXVHUYLFLRGHDVLVWHQFLDWpFQLFD
'LPHQVLRQHVGHODSDUDWRILJXUD 
3UHSDUDUORVPXHEOHVILJXUD 
1RWD $VHJXUDUVHGHTXHODSDUWHGHODQWHUDGHODSDUDWRVHD
DFFHVLEOHHQWRGDODVXSHUILFLHGHODSDUDWR'HORFRQWUDULRQR
SRGUi PRQWDUVH OD HVFXDGUD SDUD OD ILMDFLyQ DO VXHOR GHO PXHEOH 6L
IXHUDQHFHVDULRVHSXHGHUHWLUDUODSDUHGWUDVHUDGHOPXHEOH
(OPXHEOHHPSRWUDGRGHEHUHVLVWLUXQDWHPSHUDWXUDGHKDVWD
 &/DHVWDELOLGDGGHOPXHEOHHPSRWUDGRGHEHTXHGDU
JDUDQWL]DGDWUDVHOWUDEDMRGHFRUWH
5HDOL]DUHOFRUWHVHJ~QHOHVTXHPDGHPRQWDMH(OiQJXORGHOD
VXSHUILFLHGHFRUWHKDVWDODHQFLPHUDGHEHVHUGH
5HWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH6HOODUODV
VXSHUILFLHVGHFRUWHFRQPDWHULDOUHVLVWHQWHDOFDORU
7HQHUHQFXHQWDODGLVWDQFLDPtQLPDGH PPHQWUHODSDUWH
LQIHULRUGHODSDUDWR\HOPXHEOH
/D HQFLPHUD GHEH UHIRU]DUVH FXDQGR HO WUDYHVDxR HQWUH HO DSDUDWR
\ODSDUHGVHDPHQRUGHPPRHOWUDYHVDxRHQWUHHODSDUDWR\
ODSODFDGHFRFFLyQVHDPHQRUGHPP'HORFRQWUDULRQR
WHQGUi VXILFLHQWH HVWDELOLGDG (O PDWHULDO GH UHIXHU]R XWLOL]DGR GHEH
VHUUHVLVWHQWHDOFDORU\DODKXPHGDG
1RWDV
/DHQFLPHUDHQODTXHVHYD\DDPRQWDUHODSDUDWRGHEHWHQHU
XQDFDSDFLGDGGHFDUJDGH NJDSUR[LPDGDPHQWH
&RPSUREDUODSODQLWXGGHODSDUDWRXQDYH]LQVWDODGRHQOD
DEHUWXUDGHPRQWDMH
3UHSDUDUHODSDUDWR
1RWD (Q IXQFLyQ GHO PXHEOH TXH YD\D D DORMDU HO DSDUDWR PRQWDU
ODFDUFDVDGHYHQWLODFLyQHQODSDUWHGHODQWHUDRWUDVHUDGHO
DSDUDWR/DFDUFDVDGHYHQWLODFLyQSXHGHPRQWDUVHJLUDGD
VHJ~QVHGHVHH
/DDEHUWXUDGHHQWUDGDGHDLUH\ODLOXPLQDFLyQVHHQFXHQWUDQHQ
ODSDUWHGHODQWHUDGHODSDUDWR(ODSDUDWRVHVXPLQLVWUDFRQXQD
FXELHUWDHQODSDUWHWUDVHUD
3DUD HO PRQWDMH GH OD FDUFDVD GH YHQWLODFLyQ HQ OD SDUWH WUDVHUD GHO
DSDUDWRVHGHEHSURFHGHUGHODVLJXLHQWHIRUPD
 'HVDWRUQLOODUODFXELHUWDGHODSDUWHWUDVHUDGHODSDUDWR\
DWRUQLOODUODHQODSDUWHGHODQWHUD )LJ 
 ([WUDHU HO FDEOH GHO PRWRU GHO YHQWLODGRU GH OD OHQJHWD HQ OD SDUWH
GHODQWHUD\OOHYDUORKDVWDODSDUWHWUDVHUDGHODSDUDWR

,QVWDODUHODSDUDWR
 1LYHODU HO DSDUDWR RULHQWDQGR OD SDUWH GHODQWHUD GHO PLVPR KDFLD
OD SODFD GH FRFFLyQ \ GHVGH DUULED LQWURGXFLUOR HQ HO KXHFR SDUD
ODHQFLPHUD )LJ D
 ,QWURGXFLU HO DSDUDWR DOLQHDGR HQ HO KXHFR 3UHVLRQDU ILUPHPHQWH
HQHOKXHFRGHVGHDUULED
1RWDV
(O DSDUDWR GHEH TXHGDU ELHQ DVHQWDGR HQ HO KXHFR \ QR GHEH
GHVSOD]DUVH S HM SDUD OLPSLDUOR 3DUD DQFKXUDV SRU HQFLPD
GHOOtPLWHVXSHULRUGHWROHUDQFLDILMDUHQFDVRQHFHVDULR
OLVWRQHVHQORVODWHUDOHVGHOKXHFR
5HWLUDU ODV SLH]DV GH SOiVWLFR GH OD FXELHUWD HQ HO ODGR GHUHFKR
HL]TXLHUGR )LJ D
 2ULHQWDUHODSDUDWRHQHOPXHEOH3URFXUDUTXHHOPDUFRGHO
DSDUDWRTXHGHSODQRFRQUHVSHFWRDODHQFLPHUD)LMDUODV
HVFXDGUDV GH ILMDFLyQ DO DSDUDWR \ DO IRQGR GHO PXHEOH )LJ E
1RWD &RORFDUODVHVFXDGUDVGHILMDFLyQ~QLFDPHQWHHQODSDUWH
GHODQWHUDGHODSDUDWR\DTXHGHORFRQWUDULRQRVHSXHGH
JDUDQWL]DUHOFRUUHFWRIXQFLRQDPLHQWRGHOPLVPR
 )LMDU ODV HVFXDGUDV GH ILMDFLyQ VXSHULRUHV (O DSDUDWR FXHQWD FRQ
RULILFLRV SDUD ILMDU ODV HVFXDGUDV )LMDU ODV HVFXDGUDV GH ILMDFLyQ D
OD SDUWH VXSHULRU GHO DSDUDWR \ D OD SDUWH LQIHULRU GH OD HQFLPHUD
)LJ F
 &RQHFWDUDOYHQWLODGRUHOFDEOHGHOPRWRUGHOYHQWLODGRU/D
KHPEULOOD VH HQFXHQWUD HQ OD SDUWH GHODQWHUD GHO YHQWLODGRU FHUFD
GHODEDVHGHODFDUFDVD )LJ D
 0RQWDU OD FDUFDVD GH YHQWLODFLyQ D WUDYpV GH OD HVFRWDGXUD HQ OD
SDUWHGHODQWHUDRWUDVHUDGHODSDUDWRFRQXQJLURGHVHJ~Q
VHGHVHH )LJ E
 6L VH XWLOL]D HO IXQFLRQDPLHQWR FRQ UHFLUFXODFLyQ GH DLUH HO DLUH GH
HVFDSH GHEH JXLDUVH D WUDYpV GH XQ WXER R PDQJXHUD PHGLDQWH
XQDVHFFLyQHQHOVXHORGHODUPDULRLQIHULRU )LJ F
 6LVHXWLOL]DHOIXQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUHSUHYHU
XQD VDOLGD GH DLUH HQ OD SODFD SURWHFWRUD GHO ]yFDOR FRQ XQ FRUWH
WUDQVYHUVDO PtQLPR GH DSUR[  FPò5HDOL]DU XQD DEHUWXUD GH
VDOLGDHQODSODFDSURWHFWRUDGHO]yFDORORPiVJUDQGHSRVLEOH
SDUDPDQWHQHUXQDFRUULHQWHGHDLUH\XQQLYHOGHUXLGREDMRV
 )LMDUODXQLGDGGHPDQGRDODSDUDWRMXQWRDODFDUFDVDGH
YHQWLODFLyQ )LJ D
2WUD RSFLyQ HV ILMDU OD XQLGDG GH PDQGR DO RWUR ODGR GHO PRWRU GHO
YHQWLODGRU\DODSDUHGGHOPXHEOH
£$WHQFLyQ
6LSHQHWUDKXPHGDGSXHGHFDXVDUXQDGHVFDUJDHOpFWULFD1R
ILMDUODXQLGDGGHPDQGRHQHOVXHORGHOPXHEOHHPSRWUDGR
&RQHFWDU HO FDEOH GH FRQH[LyQ )LJ E ,QVHUWDU ILUPHPHQWH HO
FDEOHGHPDQGRGHVGHODXQLGDGGHPDQGRKDVWDHODSDUDWR
/RV HQFKXIHV GHEHQ HQFDMDU &RQHFWDU OD XQLGDG GH PDQGR D OD
UHG\FRPSUREDUVLIXQFLRQD
1RWD 6LHODSDUDWRQRIXQFLRQDFRPSUREDUTXHHOFDEOHGH
FRQH[LyQHVWpELHQFRORFDGR
'HVPRQWDUHODSDUDWR
 'HVFRQHFWDUHODSDUDWRGHODFRUULHQWH
 6ROWDUODVDWRUQLOODGXUDVMXQWRFRQHOPXHEOH
 'HVDWRUQLOODUODVSLH]DVPRQWDGDVGHODSDUDWR
 ([WUDHUHODSDUDWRHPSXMDQGRGHVGHDEDMR
£$WHQFLyQ
'DxRV HQ HO DSDUDWR1R KDFHU SDODQFD FRQ HO DSDUDWR GHVGH DUULED
KDFLDIXHUD
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
: ,QVWUXo}HVGHVHJXUDQoDLPSRUWDQWHV
/HLDDWHQWDPHQWHRSUHVHQWHPDQXDO6yDVVLPSRGHUiXWLOL]DUR
VHX DSDUHOKR GH IRUPD VHJXUD H FRUUHFWD *XDUGH DV LQVWUXo}HV GH
XWLOL]DomRHPRQWDJHPSDUDFRQVXOWDVIXWXUDVRXSDUDIXWXURV
XWLOL]DGRUHV
6y FRP XPD PRQWDJHP HVSHFLDOL]DGD H HP FRQIRUPLGDGH FRP DV
LQVWUXo}HV GH PRQWDJHP SRGH VHU JDUDQWLGD D VHJXUDQoD GXUDQWH
DXWLOL]DomR2LQVWDODGRUpUHVSRQViYHOSHORIXQFLRQDPHQWR
FRUUHWRQRORFDOGHPRQWDJHP
$ODUJXUDGRH[DXVWRUWHPGHQRPtQLPRFRUUHVSRQGHUjODUJXUD
GDSODFDGHFR]LQKDU
1DVXDLQVWDODomRWrPGHVHUUHVSHLWDGDVDVQRUPDVGH
FRQVWUXomRHPYLJRUEHPFRPRDVQRUPDVGDVHQWLGDGHVORFDLV
GLVWULEXLGRUDVGHHOHFWULFLGDGHHGHJiV
3HULJRGHYLGD
2VJDVHVGHFRPEXVWmRDVSLUDGRVSRGHPOHYDUDLQWR[LFDomR
&HUWLILTXHVHGHTXHKiVHPSUHUHSRVLomRGHDUIUHVFRVXILFLHQWH
TXDQGRRDSDUHOKRpXWLOL]DGRQRPRGRGHH[DXVWmRHPFRQMXQWR
FRPHTXLSDPHQWRVGHDTXHFLPHQWRTXHFRQVRPHPRDU
DPELHQWH
2VHTXLSDPHQWRVGHDTXHFLPHQWRTXHFRQVRPHPRDUDPELHQWH
SH[VLVWHPDVGHDTXHFLPHQWRDJiVyOHROHQKDRXFDUYmR
HVTXHQWDGRUHVFLOLQGURVXWLOL]DPSDUDDFRPEXVWmRRDUGRORFDO
GHPRQWDJHPHWUDQVSRUWDPRVJDVHVGHFRPEXVWmRSDUDR
H[WHULRUDWUDYpVGHXPVLVWHPDGHH[DXVWmRSH[XPDFKDPLQp
4XDQGRRH[DXVWRUHVWiOLJDGRUHWLUDRDUDPELHQWHjFR]LQKDH
DRV HVSDoRV DGMDFHQWHV VHP DU VXILFLHQWH p FULDGD XPD SUHVVmR
QHJDWLYD 2V JDVHV Wy[LFRV GD FKDPLQp RX GD FRQGXWD GH H[WUDomR
YROWDPDVHUDVSLUDGRVSDUDRVHVSDoRVGHKDELWDomR
3RULVVRWHPTXHH[LVWLUVHPSUHDUHSRVLomRGHDUIUHVFR
VXILFLHQWHQRORFDOGDLQVWDODomR
8PDFDL[DGHHQWUDGDH[DXVWmRGHDUVySRUVLQmRJDUDQWHD
PDQXWHQomRGRYDORUOLPLWH
2 IXQFLRQDPHQWR VHP SHULJRV Vy p SRVVtYHO VH D SUHVVmR QHJDWLYD
QRORFDOGDLQVWDODomRGRIRJmRQmRXOWUDSDVVDURV3D
PEDU,VWRSRGHVHUFRQVHJXLGRVHRDUQHFHVViULRSDUDD
FRPEXVWmRSXGHUVHUUHSRVWRDWUDYpVGHDEHUWXUDVTXHQmR
IHFKHPSH[SRUWDVMDQHODVHPOLJDomRFRPXPDFDL[DGH
HQWUDGDH[DXVWmRGHDUTXHSHUPLWDPXPDFLUFXODomRGHDU
VXILFLHQWHSDUDDFRPEXVWmR
&RQVXOWHVHPSUHDHQWLGDGHUHVSRQViYHOSDUDDYDOLDUD
LQWHUOLJDomRGDYHQWLODomRGHWRGDDFDVDHVXJHULUDVPHGLGDV
DGHTXDGDVGHYHQWLODomR
6HRH[DXVWRUIXQFLRQDUH[FOXVLYDPHQWHHPFLUFXODomRGHDUQmR
H[LVWHTXDOTXHUOLPLWDomRQDVXDXWLOL]DomR
3HULJRGHYLGD
2V JDVHV GH FRPEXVWmR DVSLUDGRV SRGHP OHYDU D LQWR[LFDomR 1R
FDVRGHLQVWDODomRGHXPYHQWLODGRUFRPVDtGDSDUDFKDPLQpp
QHFHVViULRSUHYHUXPFLUFXLWRGHVHJXUDQoDQDDOLPHQWDomRGH
FRUUHQWHGDFREHUWXUDGHH[DXVWmR
3HULJRGHLQFrQGLR
4XDQGRVmRXWLOL]DGRVYiULRVELFRVDJiVHPVLPXOWkQHRp
SURGX]LGR JUDQGH FDORU 2 HTXLSDPHQWR GH YHQWLODomR SRGH VHU
GDQLILFDGRRXLQFHQGLDUVH2HTXLSDPHQWRGHYHQWLODomRVy
SRGHVHUFRPELQDGRFRP]RQDVGHFR]LQKDUDJiVTXHQmR
H[FHGDPXPDSRWrQFLDWRWDOPi[LPDGHN:HXPD
SRWrQFLDLQGLYLGXDOSRUTXHLPDGRUGHN:
3HULJRGHLQFrQGLR
$JRUGXUDDFXPXODGDQRILOWURSRGHLQFHQGLDUVHeQHFHVViULR
PDQWHUDVGLVWkQFLDVGHVHJXUDQoDLQGLFDGDVSDUDHYLWDUXPD
DFXPXODomRGHFDORU2EVHUYHDVHVSHFLILFDo}HVVREUHDVXD
SODFDGHFR]LQKDU1RFDVRGHXWLOL]DomRVLPXOWkQHDGHELFRV
HOpWULFRVHDJiVDSOLFDVHDPDLRUGLVWkQFLDLQGLFDGD
2DSDUHOKRSRGHVHULQVWDODGRDSHQDVFRPXPDGDVIDFHV
GLUHWDPHQWHMXQWRDXPDUPiULRVXSHULRURXDXPDSDUHGH$
GLVWkQFLD PtQLPD HP UHODomR j SDUHGH RX D XP DUPiULR VXSHULRU
GHYHVHUQRPtQLPRGHPP
3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDV
YLYDV8VHOXYDVGHSURWHomR
3HULJRGHIHULPHQWRV
2DSDUHOKRpSHVDGR6mRQHFHVViULDV SHVVRDVSDUD
WUDQVSRUWDURDSDUHOKR8WLOL]DUDSHQDVPHLRVDX[LOLDUHV
DSURSULDGRV
3HULJRGHFKRTXHHOpWULFR
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
2 FDER GH OLJDomR SRGH ILFDU GDQLILFDGR 1mR GREUDU QHP HQWDODU R
FDERHOpWULFRGXUDQWHDLQVWDODomR
3HULJRGHDVIL[LD
2PDWHULDOGHHPEDODJHPpSHULJRVRSDUDDVFULDQoDV1XQFD
GHL[HDVFULDQoDVEULQFDUHPFRPRPDWHULDOGHHPEDODJHP

3HULJRGHWRPEDU
2DSDUHOKRpPXLWRHVWUHLWRHSRGHWRPEDUIDFLOPHQWH1mR
FRORTXH R DSDUHOKR QD YHUWLFDO QR FKmR 'HLWH R DSDUHOKR GH IRUPD
SODQDQRFKmR
,QGLFDo}HVJHUDLV
)XQomRFRPH[DXVWmRGHDU
1RWD 2DUHYDFXDGRQmRSRGHVHUHQFDPLQKDGRSRUXPD
FKDPLQpGHH[DXVWmRGHIXPRVRXGHJDVHVTXHLPDGRVHP
IXQFLRQDPHQWRQHPSRUXPDFDL[DGHDUTXHVLUYDGHYHQWLODomR
GHORFDLVFRPODUHLUDVLQVWDODGDV
&DVRRDUHYDFXDGRWHQKDGHVHUHQFDPLQKDGRSRUXPD
FKDPLQpGHH[DXVWmRGHIXPRVRXGHJDVHVTXHLPDGRVTXH
QmR HVWHMD HP IXQFLRQDPHQWR p QHFHVViULD XPD DXWRUL]DomR GD
HQWLGDGHVXSHUYLVRUDGDLQVWDODomRGRVDSDUHOKRVGHTXHLPD
6HRDUHYDFXDGRIRUHQFDPLQKDGRDWUDYpVGDSDUHGHH[WHULRU
GHYHVHUXWLOL]DGDXPDFDL[DPXUDOWHOHVFySLFD
)XQFLRQDPHQWRSRUFLUFXODomRGHDU
1RWD 2DSDUHOKRVySRGHVHUXWLOL]DGRVHHVWLYHULQVWDODGRGH
IRUPDIL[DHFRPDWXEDJHPOLJDGD
7XEDJHPGHH[WUDomR
1RWD 2IDEULFDQWHGRDSDUHOKRQmRVHUHVSRQVDELOL]DSRU
UHFODPDo}HVTXHUHVXOWHPGRSHUFXUVRGRWXER
2DSDUHOKRRIHUHFHXPGHVHPSHQKRLGHDOTXDQGRRWXERGH
H[WUDomRpFXUWRHUHWLOtQHRFRPXPGLkPHWURGHJUDQGH
GLPHQVmR
$XWLOL]DomRGHWXERVGHH[DXVWmRORQJRVHUXJRVRVPXLWDV
FXUYDVHGLkPHWURLQIHULRUDPPLPSHGHXPIXQFLRQDPHQWR
LGHDOHDXPHQWDRVUXtGRV
2VWXERVRXDVPDQJXHLUDVSDUDFRORFDomRGDWXEDJHPGH
H[WUDomRWrPGHVHUIDEULFDGRVGHPDWHULDOLQFRPEXVWtYHO
7XERVFLUFXODUHV
5HFRPHQGDPRVXPGLkPHWURLQWHULRUGHPPQRHQWDQWR
QXQFDLQIHULRUDPP
&DQDLVSODQRV
2GLkPHWURLQWHUQRWHPGHFRUUHVSRQGHUDRGLkPHWURGRVWXERV
FLUFXODUHV
PPDSUR[FP
PPDSUR[FP
2VFDQDLVSODQRVQmRGHYHPDSUHVHQWDUGHVYLRVDFHQWXDGRV
(P FDVR GH GLIHUHQWHV GLkPHWURV GH WXERV GHYHP VHU DSOLFDGDV
WLUDVGHYHGDomR
)XQFLRQDPHQWRSRUFLUFXODomRGHDU
1RWD 2DSDUHOKRVySRGHVHUXWLOL]DGRVHHVWLYHULQVWDODGRGH
IRUPDIL[DHFRPDWXEDJHPOLJDGD
3ODFDGHFR]LQKDUDJiV
2DSDUHOKRSRGHVHUXWLOL]DGRHPFRQMXJDomRFRPXPDSODFDGH
FR]LQKDUDJiV
$WHQomR
$ SODFD GH FR]LQKDU D JiV QmR SRGH H[FHGHU RV VHJXLQWHV YDORUHV
3RWrQFLDPi[LPDWRWDON:
3RWrQFLDPi[LPDWRWDOSRUTXHLPDGRUN:
Pi[LPRTXHLPDGRUHV
/LJDomRHOpFWULFD
: 3HULJRGHFKRTXHHOpWULFR
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
2 FDER GH OLJDomR SRGH ILFDU GDQLILFDGR 1mR GREUDU QHP HQWDODU R
FDERHOpWULFRGXUDQWHDLQVWDODomR
$QWHV GH OLJDU R DSDUHOKR YHULILTXH D LQVWDODomR GRPpVWLFD 7HQKD
HPDWHQomRDVHJXUDQoDDGHTXDGDGDLQVWDODomRGDFDVD$
WHQVmRHDIUHTXrQFLDGRDSDUHOKRWrPGHFRUUHVSRQGHUj
LQVWDODomRHOpWULFDYHUSODFDGHFDUDWHUtVWLFDV
2DSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomR,HVySRGHVHU
RSHUDGRVHHVWLYHUOLJDGRDXPFRQGXWRUGHSURWHomR
1DLQVWDODomRGHYHUiH[LVWLUXPGLVSRVLWLYRGHFRUWHRPQLSRODU
FRP XPD DEHUWXUD GH FRQWDFWR GH SHOR PHQRV PP (VWH WHP GH
VHPDQWHUDFHVVtYHODSyVDPRQWDJHP
$LQVWDODomRRXVXEVWLWXLomRGRFDERGHOLJDomRVySRGHVHU
UHDOL]DGDSRUXPHOHWULFLVWDUHVSHLWDQGRDVQRUPDVDSOLFiYHLV
6H R FDER GH OLJDomR j UHGH IRU GDQLILFDGR WHUi GH VHU VXEVWLWXtGR
SRUXPFDERGHOLJDomRHVSHFLDOTXHSRGHDGTXLULUMXQWRGR
IDEULFDQWHRXGRUHVSHWLYRVHUYLoRGHDVVLVWrQFLD
'LPHQV}HVGRDSDUHOKR)LJ 
3UHSDUDURPyYHO)LJXUD 
1RWD &HUWLILTXHVHGHTXHDSDUWHGLDQWHLUDGRDSDUHOKRHVWi
DFHVVtYHOSRUWRGDDVXSHUItFLHGRDSDUHOKR&DVRFRQWUiULRD
FDQWRQHLUDQmRSRGHVHUPRQWDGDSDUDDIL[DomRQDEDVHGR
PyYHO6HQHFHVViULRUHPRYDRSDLQHOWUDVHLURGRPyYHO
2PyYHOSDUDHQFDVWUDUWHPGHUHVLVWLUDWHPSHUDWXUDVDWp&
$HVWDELOLGDGHGRPyYHOSDUDHQFDVWUDUWHPGHHVWDULJXDOPHQWH
JDUDQWLGDDSyVRVWUDEDOKRVGHUHFRUWH
(IHWXHRUHFRUWHGHDFRUGRFRPRHVTXHPDGHPRQWDJHP2
kQJXORGDVXSHUItFLHGHFRUWHWHPGHVHUGHHPUHODomRj
EDQFDGHWUDEDOKR
5HPRYDDVDSDUDVGHSRLVGRVWUDEDOKRVGHUHFRUWH9HGHDV
VXSHUItFLHVGHFRUWHGHIRUPDDTXHUHVLVWDPDRFDORU
5HVSHLWHDGLVWkQFLDPtQLPDGH PPHQWUHDSDUWHLQIHULRUGR
DSDUHOKRHRVFRPSRQHQWHVGRPyYHO
e QHFHVViULR UHIRUoDU D EDQFDGD VH D GLVWkQFLD HQWUH R DSDUHOKR H
D SDUHGH IRU LQIHULRU D  PP RX VH D GLVWkQFLD HQWUH R DSDUHOKR H
DSODFDGHFR]LQKDUIRULQIHULRUDPP&DVRFRQWUiULRQmRWHUi
HVWDELOLGDGHVXILFLHQWH2PDWHULDOGHUHIRUoRXWLOL]DGRGHYHVHU
UHVLVWHQWHDRFDORUHjKXPLGDGH
1RWDV
$ EDQFDGD HP TXH R DSDUHOKR p HQFDVWUDGR GHYH GLVSRU GH XPD
FDSDFLGDGHGHVXSRUWHGHFDUJDGHDSUR[ NJ
9HULILTXHRQLYHODPHQWRGRDSDUHOKRQDDEHUWXUDGHHQFDVWUH
DSHQDVDSyVDLQVWDODomR
3UHSDUDURDSDUHOKR
1RWD (PIXQomRGRPyYHOSDUDHQFDVWUDUPRQWHDFDL[DGR
YHQWLODGRUQDSDUWHGLDQWHLUDRXWUDVHLUDGRDSDUHOKR$FDL[DGR
YHQWLODGRUSRGHVHUPRQWDGDFRQIRUPHGHVHMDUFRPXPDURWDomR
GH
$DEHUWXUDSDUDDGPLVVmRGHDUHDLOXPLQDomRHQFRQWUDPVHQD
SDUWHGLDQWHLUDGRDSDUHOKR2PDWHULDOIRUQHFLGRLQFOXLXPD
FREHUWXUDQDSDUWHWUDVHLUDGRDSDUHOKR
1R FDVR GH PRQWDJHP GD FDL[D GR YHQWLODGRU QD SDUWH WUDVHLUD GR
DSDUHOKR
 'HVDSDUDIXVHDFREHUWXUDGDSDUWHWUDVHLUDGRDSDUHOKRH
DSDUDIXVHDQDSDUWHGLDQWHLUDGRPHVPR )LJ 
 5HPRYDRFDERGRPRWRUGHYHQWLODGRUGLDQWHLURGDOLQJXHWDH
FRQGX]DRSDUDDSDUWHWUDVHLUDGRDSDUHOKR
0RQWDURDSDUHOKR
 $OLQKH R DSDUHOKR FRP D SDUWH GLDQWHLUD GR PHVPR YLUDGD SDUD D
SODFDGHFR]LQKDUHLQVLUDRSHORODGRGHFLPDQRQLFKRGD
EDQFDGDGHWUDEDOKR )LJ D
 &RORTXHRDSDUHOKRQRQLFKRGHPRGRXQLIRUPH3UHVVLRQH
ILUPHPHQWHQRVHQWLGRGRQLFKRDSDUWLUGHFLPD
1RWDV
2DSDUHOKRWHPGHDVVHQWDUEHPQRQLFKRHQmRSRGH
GHVORFDUVHSH[SDUDHIHLWRVGHOLPSH]D6HDODUJXUDGR
QLFKRHVWLYHUQROLPLWHVXSHULRUGDWROHUkQFLDIL[HVH
QHFHVViULRUpJXDVQDSDUWHODWHUDOGRQLFKR
5HPRYDDVGXDVSHoDVHPSOiVWLFRGRVODGRVHVTXHUGRH
GLUHLWRGDFREHUWXUD )LJ D
 $OLQKH R DSDUHOKR QR DUPiULR &HUWLILTXHVH GH TXH R FDL[LOKR GR
DSDUHOKRHVWiGHYLGDPHQWHSRXVDGRVREUHDEDQFDGD)L[HD
FDQWRQHLUDGHIL[DomRDRDSDUHOKRHjEDVHGRPyYHO )LJ E
1RWD 0RQWHDFDQWRQHLUDGHIL[DomRDSHQDVQDSDUWHGLDQWHLUD
GRDSDUHOKRFDVRFRQWUiULRRIXQFLRQDPHQWRGRDSDUHOKRQmR
HVWDUiJDUDQWLGR
 )L[HDVFDQWRQHLUDVGHIL[DomRVXSHULRUHV2DSDUHOKRSRVVXL
IXURV SDUD IL[DU DV FDQWRQHLUDV )L[H DV FDQWRQHLUDV GH IL[DomR QD
SDUWHGHFLPDGRDSDUHOKRHQRODGRLQIHULRUGDEDQFDGD )LJ
F
 /LJXHRFDERGRPRWRUGRYHQWLODGRUDRYHQWLODGRU$WRPDGD
HQFRQWUDVHQDIDFHIURQWDOGRYHQWLODGRUSHUWRGDEDVHGD
FDL[D )LJ D
 0RQWHDFDL[DGRYHQWLODGRUSRUFLPDGRUHEDL[RQDSDUWH
GLDQWHLUD RX WUDVHLUD GR DSDUHOKR FRP XPD URWDomR GH  )LJ
E
 1RPRGRGHIXQFLRQDPHQWRSRUFLUFXODomRGHDUDH[WUDomRGH
DU GHYH VHU FRQGX]LGD FRP XP WXER RX XPD PDQJXHLUD DWUDYpV
GHXPUHFRUWHQRIXQGRGRDUPiULRGHFKmR )LJ F

 1RPRGRGHIXQFLRQDPHQWRSRUFLUFXODomRGHDUSURYLGHQFLH
XPD VDtGD GH DU QR URGDSp VHFomR WUDQVYHUVDO PtQLPD GH DSUR[
FPò)DoDXPDDEHUWXUDGHVDtGDQRURGDSpWmRJUDQGH
TXDQWR SRVVtYHO SDUD PDQWHU XP QtYHO EDL[R GH FRUUHQWH GH DU H
GHUXtGR
 )L[HDXQLGDGHGHFRPDQGRDRDSDUHOKRMXQWRGDFDL[DGR
YHQWLODGRU )LJ D
(P DOWHUQDWLYD D XQLGDGH GH FRPDQGR SRGH VHU IL[DGD QR RXWUR
ODGRGRPRWRUGRYHQWLODGRUHQDSDUHGHGRPyYHO
$WHQomR
$SHQHWUDomRGHKXPLGDGHSRGHSURYRFDUFKRTXHVHOpWULFRV
1mRIL[HDXQLGDGHGHFRPDQGRQDEDVHGRPyYHOSDUD
HQFDVWUDU
&RQHFWH RV FDERV GH OLJDomR )LJ E (QFDL[H ILUPHPHQWH RV
FDERVGHFRPDQGRTXHOLJDPDXQLGDGHGHFRPDQGRDR
DSDUHOKR$VILFKDVWrPGHHQFDL[DUILUPHPHQWH/LJXHD
XQLGDGHGHFRPDQGRjUHGHHYHULILTXHRIXQFLRQDPHQWR
1RWD 6HRDSDUHOKRQmRIXQFLRQDUYHULILTXHVHRFDERGH
OLJDomRHVWiFRUUHWDPHQWHOLJDGR
'HVPRQWDURDSDUHOKR
 'HVOLJXHRDSDUHOKRGDFRUUHQWH
 'HVDSHUWHRVSDUDIXVRVGHXQLmRDRPyYHO
 'HVDSDUDIXVHRVFRPSRQHQWHVPRQWDGRVGRDSDUHOKR
 3UHVVLRQHSRUEDL[RSDUDUHWLUDURDSDUHOKR
$WHQomR
'DQRGRDSDUHOKR1mRUHWLUHRDSDUHOKRSRUFLPD
it
â
,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUOXVR6RORFRVuq
SRVVLELOHXWLOL]]DUHODSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUOXVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
/DODUJKH]]DGHOODFDSSDGLDVSLUD]LRQHGHYHFRUULVSRQGHUH
DOPHQRDOODODUJKH]]DGHLSXQWLGLFRWWXUD
3HU O·LQVWDOOD]LRQH q QHFHVVDULR ULVSHWWDUH OH GLVSRVL]LRQL LQ PDWHULD
GLHGLOL]LDDWWXDOPHQWHLQYLJRUHHOHQRUPHGHOIRUQLWRUHORFDOHGL
HOHWWULFLWjHJDV
3HULFRORGLPRUWH
,JDVGLFRPEXVWLRQHULDVSLUDWLSRVVRQRFDXVDUHDYYHOHQDPHQWR
ËQHFHVVDULRDVVLFXUDUHVHPSUHXQDOLPHQWD]LRQHGLDULD
VXIILFLHQWHTXDQGRODSSDUHFFKLRLQPRGDOLWjDVSLUD]LRQHYLHQH
XWLOL]]DWRFRQWHPSRUDQHDPHQWHDXQIRFRODUHGLSHQGHQWHGDOODULD
DPELHQWH
,IRFRODULFKHGLSHQGRQRGDOODULDDPELHQWHSHUHVDJDVROLR
OHJQDRFDUERQHVFDOGDEDJQRFDOGDLHHOHWWULFKHULFDYDQRODULD
SHUODFRPEXVWLRQHGDOODVWDQ]DHGHOLPLQDQRLJDVGLVFDULFR
DOOHVWHUQRDWWUDYHUVRXQLPSLDQWRSHUHVFDPLQR
,QFRQFRPLWDQ]DGHOODFDSSDDFFHVDGDOODFXFLQDHGDOOHVWDQ]H
DGLDFHQWLYLHQHVRWWUDWWDGHOODULDVHQ]DXQDOLPHQWD]LRQH
VXIILFLHQWH GL DULD VL FUHD GHSUHVVLRQH , JDV YHOHQRVL GDO FDPLQR R
GDOODFDSSDGLDVSLUD]LRQHYHQJRQRULDVSLUDWLQHOOHVWDQ]H
$VVLFXUDUHVHPSUHXQDOLPHQWD]LRQHGLDULDVXIILFLHQWH
8QDSHUWXUDQHOPXURSHUDOLPHQWD]LRQHVFDULFRDULDQRQ
JDUDQWLVFHLOULVSHWWRGHOYDORUHOLPLWH
8Q HVHUFL]LR VLFXUR q SRVVLELOH VROR VH OD GHSUHVVLRQH QHOOD VWDQ]D
LQ FXL q LQVWDOODWR LO IRFRODUH QRQ VXSHUD L 3D  PEDU 4XHVWR
qJDUDQWLWRVHODULDQHFHVVDULDDOODFRPEXVWLRQHSXzDIIOXLUHQHOOD
VWDQ]DDWWUDYHUVRDSHUWXUHQRQILVVHSHUHVSRUWHILQHVWUHLQ
FRPELQD]LRQHFRQXQFDQDOHGLDGGX]LRQHVFDULFRDULDRDOWUH
PLVXUHWHFQLFKH
&RQVXOWDWHLQRJQLFDVRORVSD]]DFDPLQRUHVSRQVDELOHFKHqLQ
JUDGRGLJLXGLFDUHODYHQWLOD]LRQHFRPSOHVVLYDLQFDVDHSURSRUUH
PLVXUHDGHJXDWH
6HODFDSSDqXVDWDVRORQHOODPRGDOLWjDULFLUFRORGDULDLOVXR
HVHUFL]LRqSRVVLELOHVHQ]DOLPLWD]LRQL
3HULFRORGLPRUWH
,JDVGLFRPEXVWLRQHULDVSLUDWLSRVVRQRFDXVDUHDYYHOHQDPHQWR
,QFDVRGLLQVWDOOD]LRQHGLXQVLVWHPDGLDVSLUD]LRQH
FRQWHPSRUDQHDPHQWHDXQIRFRODUHFROOHJDWRDOFDPLQR
ODOLPHQWD]LRQHGHOODFDSSDGHYHHVVHUHSURYYLVWDGLXQDGHJXDWR
FRPDQGRGLVLFXUH]]D
3HULFRORGLLQFHQGLR
4XDQGRVRQRLQIXQ]LRQHFRQWHPSRUDQHDPHQWHSL]RQHGL
FRWWXUDDJDVVLVYLOXSSDPROWRFDORUH,OGLVSRVLWLYRGL
DVSLUD]LRQHSXzGDQQHJJLDUVLRLQFHQGLDUVL8WLOL]]DUHLO
GLVSRVLWLYRGLDVSLUD]LRQHVRORLQFRPELQD]LRQHFRQ]RQHGL
FRWWXUDDJDVFKHQRQVXSHUDQRXQDSRWHQ]DFRPSOHVVLYD
PDVVLPDGL N:HXQDSRWHQ]DGHOVLQJROREUXFLDWRUH
PDVVLPDGL N:
3HULFRORGLLQFHQGLR
,GHSRVLWLGLJUDVVRSUHVHQWLQHOILOWURSHUJUDVVLSRVVRQR
LQFHQGLDUVL/HGLVWDQ]HGLVLFXUH]]DSUHVFULWWHGHYRQRHVVHUH
PDQWHQXWHSHUHYLWDUHXQDFFXPXORGLFDORUH$WWHQHUVLDOOH
LQGLFD]LRQLUHODWLYHDOSURSULRSLDQRGLFRWWXUD6HYHQJRQR
LQVWDOODWLSXQWLGLFRWWXUDDJDVHGHOHWWULFLLQVLHPHqQHFHVVDULR
ULVSHWWDUHODGLVWDQ]DPDVVLPDLQGLFDWD
/·DSSDUHFFKLRGHYHHVVHUHLQVWDOODWRVRORVXXQODWR
GLUHWWDPHQWHDILDQFRGLXQDUPDGLRDOWRRXQDSDUHWH/D
GLVWDQ]DGDOODSDUHWHRGDXQDUPDGLRDOWRGHYHHVVHUHGL
DOPHQRPP
3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3HULFRORGLOHVLRQL
/DSSDUHFFKLRqSHVDQWH3HUVSRVWDUORRFFRUURQR SHUVRQH
8WLOL]]DUHHVFOXVLYDPHQWHDXVLOLDGHJXDWL
3HULFRORGLVFRVVDHOHWWULFD
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL3RWUHEEHYHQLUHGDQQHJJLDWRLOFDYRGLFROOHJDPHQWR
'XUDQWHO·LQVWDOOD]LRQHIDUHDWWHQ]LRQHDQRQSLHJDUHRVHUUDUHLO
FDYRGLFROOHJDPHQWR
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
3HULFRORGLULEDOWDPHQWR
/DSSDUHFFKLRqPROWRVRWWLOHHSXzULEDOWDUVLIDFLOPHQWH1RQ
SRVL]LRQDUHODSSDUHFFKLRYHUWLFDOPHQWHVXOSDYLPHQWR$GDJLDUH
ODSSDUHFFKLRVXOSDYLPHQWRLQSRVL]LRQHRUL]]RQWDOH
,QGLFD]LRQLJHQHUDOL
0RGDOLWjDVSLUD]LRQH
$YYHUWHQ]D /·DULDHVDXVWDQRQGHYHHVVHUHLPPHVVDQpLQXQ
FDPLQRSHULOIXPRRSHULJDVGLVFDULFRIXQ]LRQDQWHQpLQXQ
SR]]RGLDHUD]LRQHGHLORFDOLGLLQVWDOOD]LRQHGLIRFRODUL
6H O·DULD HVDXVWD YLHQH LPPHVVD LQ XQ FDPLQR SHU IXPR R JDV GL
VFDULFRQRQLQIXQ]LRQHqQHFHVVDULRRWWHQHUHO·DXWRUL]]D]LRQH
GLXQWHFQLFRVSHFLDOL]]DWR
6HO·DULDHVDXVWDYLHQHFRQGRWWDDWWUDYHUVRODSDUHWHHVWHUQDq
QHFHVVDULRXWLOL]]DUHXQDFDVVHWWDDPXURWHOHVFRSLFD
)XQ]LRQDPHQWRDULFLUFRORGDULD
$YYHUWHQ]D /DSSDUHFFKLRGHYHHVVHUHPHVVRLQIXQ]LRQHVROR
VHOLQVWDOOD]LRQHqDYYHQXWDLQPDQLHUDILVVDHLOFRQGRWWRq
FROOHJDWR
6FDULFRGHOODULD
$YYHUWHQ]D ,OSURGXWWRUHGHOODSSDUHFFKLRQRQVLDVVXPHDOFXQD
UHVSRQVDELOLWjSHUOHFRQWHVWD]LRQLUHODWLYHDOFRQGRWWR
/DSSDUHFFKLR UDJJLXQJH OD PDVVLPD SUHVWD]LRQH FRQ XQ WXER GL
VFDULFRFRUWRHGULWWRFKHKDXQGLDPHWURSRVVLELOPHQWHJUDQGH
,QSUHVHQ]DGLWXELGHVSXOVLRQHDULDOXQJKLPROWHFXUYHRFRQ
XQGLDPHWURLQIHULRUHDPPQRQVLUDJJLXQJHODSUHVWD]LRQH
RWWLPDOHGLDVSLUD]LRQHHLOUXPRUHGHOODYHQWRODDXPHQWD

,WXELRLWXELIOHVVLELOLSHULOFRQGRWWRGLVFDULFRGHOODULDGHYRQR
HVVHUHLQPDWHULDOHLJQLIXJR
7XELURWRQGL
6L FRQVLJOLD XQ GLDPHWUR LQWHUQR GL  PP WXWWDYLD GL DOPHQR 
PP
&DQDOLSLDWWL
/D VH]LRQH LQWHUQD GHYH FRUULVSRQGHUH DO GLDPHWUR GHL WXEL URWRQGL
PPFDFP
PPFDFP
,FDQDOLSLDWWLQRQGHYRQRSUHVHQWDUHULQYLLWDJOLHQWL
1HOFDVRGLGLDPHWULGLYHUVLGHOFRQGRWWRXWLOL]]DUHVWULVFHGL
WHQXWD
)XQ]LRQDPHQWRDULFLUFRORGDULD
$YYHUWHQ]D /DSSDUHFFKLRGHYHHVVHUHPHVVRLQIXQ]LRQHVROR
VHOLQVWDOOD]LRQHqDYYHQXWDLQPDQLHUDILVVDHLOFRQGRWWRq
FROOHJDWR
3LDQRGLFRWWXUDJDV
/DSSDUHFFKLRSXzHVVHUHXWLOL]]DWRLQDEELQDPHQWRDXQSLDQR
FRWWXUDDJDV
$WWHQ]LRQH
,OSLDQRFRWWXUDDJDVQRQGHYHVXSHUDUHLVHJXHQWLYDORUL
3RWHQ]DPDVVLPDFRPSOHVVLYDN:
3RWHQ]DPDVVLPDEUXFLDWRUHVLQJRORN:
0DVVLPREUXFLDWRULVLQJROL
&ROOHJDPHQWRHOHWWULFR
: 3HULFRORGLVFRVVDHOHWWULFD
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL3RWUHEEHYHQLUHGDQQHJJLDWRLOFDYRGLFROOHJDPHQWR
'XUDQWHO·LQVWDOOD]LRQHIDUHDWWHQ]LRQHDQRQSLHJDUHRVHUUDUHLO
FDYRGLFROOHJDPHQWR
3ULPDGHOODOODFFLDPHQWRGHOODSSDUHFFKLRFRQWUROODUHOLPSLDQWR
GRPHVWLFR9HULILFDUHODFRUUHWWDSURWH]LRQHGHOOLPSLDQWR
GRPHVWLFR 7HQVLRQH H IUHTXHQ]D GHOODSSDUHFFKLR GHYRQR HVVHUH
FRPSDWLELOLFRQOLPSLDQWRHOHWWULFRYHGHUHODWDUJKHWWD
LGHQWLILFDWLYD
/DSSDUHFFKLRDSSDUWLHQHDOODFODVVHGLSURWH]LRQH,HGqLQJUDGR
GLIXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
/LPSLDQWRGHYHSRVVHGHUHXQVH]LRQDWRUHXQLYHUVDOHFRQ
XQDSHUWXUDGLFRQWDWWRGLDOPHQRPP)DUHLQPRGRFKHXQD
YROWDWHUPLQDWRLOPRQWDJJLRTXHVWRVLDDFFHVVLELOH
/RVSRVWDPHQWRRODVRVWLWX]LRQHGHOFDYRGLFROOHJDPHQWR
SRVVRQRHVVHUHHIIHWWXDWLXQLFDPHQWHGDXQHOHWWULFLVWDTXDOLILFDWR
WHQHQGRFRQWRGHOOHUHODWLYHLVWUX]LRQL
6HLOFDYRGLFROOHJDPHQWRDOODUHWHGHOODSSDUHFFKLRYLHQH
GDQQHJJLDWRGHYHHVVHUHVRVWLWXLWRGDXQFDYRGLFROOHJDPHQWR
VSHFLDOHUHSHULELOHSUHVVRLOSURGXWWRUHRLOVHUYL]LRFOLHQWL
'LPHQVLRQLGHOODSSDUHFFKLRILJXUD 
3UHSDUD]LRQHGHOPRELOHILJXUD 
$YYHUWHQ]D $VVLFXUDUVLFKHLOODWRDQWHULRUHGHOODSSDUHFFKLRVLD
DFFHVVLELOHOXQJROLQWHUDVXSHUILFLHGHOODSSDUHFFKLR$OWULPHQWL
QRQ q SRVVLELOH PRQWDUH OH VTXDGUHWWH SHU LO ILVVDJJLR DOOD EDVH GHO
PRELOH6HQHFHVVDULRULPXRYHUHODSDUHWHSRVWHULRUHGHOPRELOH
,O PRELOH GD LQFDVVR GHYH HVVHUH WHUPRUHVLVWHQWH ILQR D  & /D
VWDELOLWj GHO PRELOH GD LQFDVVR GHYH HVVHUH JDUDQWLWD DQFKH GRSR L
ODYRULGLLQWDJOLRGHOODVXSHUILFLH
&UHDUHLOIRURGLLQFDVVRVHJXHQGRORVFKHPDGLPRQWDJJLR
/DQJROR GHOOD VXSHUILFLH GL WDJOLR SHU LO SLDQR GL ODYRUR GHYH HVVHUH
GL
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR6LJLOODUHOHVXSHUILFLGL
WDJOLRLQPRGRUHIUDWWDULR
&RQVLGHUDUHXQDGLVWDQ]DPLQLPDGHOODSDUWHLQIHULRUH
GHOODSSDUHFFKLRGDLFRPSRQHQWLGHOPRELOHGLDOPHQR PP
,OSLDQRGLODYRURGHYHHVVHUHULQIRU]DWRVHODWUDYHUVDWUD
ODSSDUHFFKLRHODSDUHWHqLQIHULRUHDPPRODWUDYHUVDWUD
ODSSDUHFFKLR H LO SLDQR FRWWXUD q LQIHULRUH D  PP $OWULPHQWL QRQ
YLHQHJDUDQWLWDXQDVXIILFLHQWHVWDELOLWj,OPDWHULDOHXVDWRSHULO
ULQIRU]RGHYHHVVHUHUHVLVWHQWHDOFDORUHHDOOXPLGLWj
$YYHUWHQ]H
,OSLDQRGLODYRURQHOTXDOHYLHQHPRQWDWRODSSDUHFFKLRGHYH
GLVSRUUHGLXQDSRUWDWDGLFLUFD NJ
9HULILFDUHODSODQDULWjGHOODSSDUHFFKLRVRORGRSROLQVWDOOD]LRQH
QHOODSHUWXUDGLPRQWDJJLR
3UHSDUD]LRQHGHOODSSDUHFFKLR
$YYHUWHQ]D $VHFRQGDGHOPRELOHGDLQFDVVRPRQWDUH
ODOORJJLDPHQWRGHOODYHQWRODVXOODWRDQWHULRUHGHOODSSDUHFFKLRR
VXOUHWURGHOODSSDUHFFKLR$VFHOWDODOORJJLDPHQWRGHOODYHQWROD
SXzHVVHUHPRQWDWRUXRWDWRGL
/LQJUHVVRGHOODULDHOLOOXPLQD]LRQHVLWURYDQRVXOODWRDQWHULRUH
GHOODSSDUHFFKLR$OPRPHQWRGHOODFRQVHJQDVLWURYDXQD
FRSHUWXUDVXOUHWURGHOODSSDUHFFKLR
,QIDVHGLPRQWDJJLRGHOODOORJJLDPHQWRGHOODYHQWRODVXOUHWUR
GHOODSSDUHFFKLR
 6YLWDUH OD FRSHUWXUD GDO UHWUR GHOODSSDUHFFKLR H DYYLWDUOD VXO ODWR
DQWHULRUHGHOODSSDUHFFKLR ILJ 
 (VWUDUUH LQ DYDQWL LO FDYR GHO PRWRUH GHOOD YHQWROD GDO SDVVDQWH H
SRUWDUORVXOUHWURGHOODSSDUHFFKLR
,QVWDOODUHODSSDUHFFKLR
 $OOLQHDUHODSSDUHFFKLRGDOODWRDQWHULRUHGHOODSSDUHFFKLR
VWHVVR ULVSHWWR DO SLDQR GL FRWWXUD H LQVHULUOR GDOODOWR QHOODSHUWXUD
GHOSLDQRGLODYRUR ILJ D
 ,QVHULUH ODSSDUHFFKLR LQ PRGR ELODQFLDWR QHOODSHUWXUD 3UHPHUOR
GDOODOWRDIILQFKpVLLQVHULVFDVDOGDPHQWHQHOODSHUWXUD
$YYHUWHQ]H
/DSSDUHFFKLR GHYH HVVHUH FROORFDWR VDOGDPHQWH QHOODSHUWXUD
HQRQGHYHVSRVWDUVLDG HVGXUDQWHODSXOL]LD,QFDVRGL
ODUJKH]]DGHOODSHUWXUDDOOLPLWHGLWROOHUDQ]DVXSHULRUH
ILVVDUHVHQHFHVVDULRGHLOLVWHOOLODWHUDOPHQWHQHOODSHUWXUD
5LPXRYHUHHQWUDPELLFRPSRQHQWLLQSODVWLFDDVLQLVWUDHD
GHVWUDVXOODFRSHUWXUD ILJ D
 /LYHOODUHODSSDUHFFKLRQHOPRELOH3UHVWDUHDWWHQ]LRQHDFKH
OLQWHODLDWXUDGHOODSSDUHFFKLRFRPEDFLFRQLOSLDQRGLODYRUR
)LVVDUH OH VTXDGUHWWH GL ILVVDJJLR DOODSSDUHFFKLR H DOOD EDVH GHO
PRELOH ILJ E
$YYHUWHQ]D 0RQWDUHOHVTXDGUHWWHGLILVVDJJLRVRORVXOODWR
DQWHULRUHGHOODSSDUHFFKLRDOWULPHQWLQRQqJDUDQWLWRLO
IXQ]LRQDPHQWRGHOODSSDUHFFKLR
 )LVVDUHOHVTXDGUHWWHGLILVVDJJLRVXSHULRUL6XOODSSDUHFFKLR
VRQRSUHYLVWLIRULSHULOILVVDJJLRGHOOHVTXDGUHWWH)LVVDUHOH
VTXDGUHWWHGLILVVDJJLRLQDOWRVXOODSSDUHFFKLRHQHOODSDUWH
LQIHULRUHGHOSLDQRGLODYRUR ILJ F
 &ROOHJDUHLOFDYRSHULOPRWRUHGHOODYHQWRODFRQODYHQWROD/D
SUHVDVLWURYDVXOODWRDQWHULRUHGHOODYHQWRODDFFDQWRDOODEDVH
GHOODOORJJLDPHQWR ILJ D
 0RQWDUH ODOORJJLDPHQWR GHOOD YHQWROD DO GL VRSUD GHOOD FDYLWj VXO
ODWRDQWHULRUHGHOODSSDUHFFKLRRVXOUHWURGHOODSSDUHFFKLRD
VFHOWDUXRWDWRGL ILJ E
 1HO IXQ]LRQDPHQWR D ULFLUFROR GDULD ODULD GL VFDULFR GHYH HVVHUH
FRQGRWWDFRQXQWXERULJLGRRIOHVVLELOHDWWUDYHUVRXQWDJOLRGHO
IRQGRGHOPRELOHLQIHULRUH ILJ F
 1HOIXQ]LRQDPHQWRDULFLUFRORGDULDSUHYHGHUHOXVFLWDGHOODULD
QHOSDQQHOORGHOOR]RFFRORVH]LRQHPLQLPDFD  FPò
(VHJXLUHODSHUWXUDGLVFDULFRQHOSDQQHOORGHOOR]RFFRORGHOOD
PDJJLRUGLPHQVLRQHSRVVLELOHSHUOLPLWDUHLOIOXVVRGDULDHLO
UXPRUH
 )LVVDUHOXQLWjGLFRPDQGRDFFDQWRDOODOORJJLDPHQWRGHOOD
YHQWRODVXOODSSDUHFFKLR ILJ D
,Q DOWHUQDWLYD OXQLWj GL FRPDQGR SXz HVVHUH ILVVDWD VXOODOWUR ODWR
GHOPRWRUHGHOODYHQWRODRVXOODSDUHWHGHOPRELOH
$WWHQ]LRQH
/LQILOWUD]LRQH GL XPLGLWj SXz SURYRFDUH XQD VFDULFD HOHWWULFD 1RQ
ILVVDUHOXQLWjGLFRPDQGRDOODEDVHGHOPRELOHGDLQFDVVR
$OODFFLDUHXQFDYRGLFROOHJDPHQWR ILJ E,QVHULUH
VDOGDPHQWHLOFDYRGLFRQWUROORGHOOXQLWjGLFRPDQGR
QHOODSSDUHFFKLR/HVSLQHGHYRQRVFDWWDUHLQSRVL]LRQH
$OODFFLDUHOXQLWjGLFRPDQGRDOODUHWHHYHULILFDUQHLO
IXQ]LRQDPHQWR
$YYHUWHQ]D 1HO FDVR ODSSDUHFFKLR QRQ IXQ]LRQL FRQWUROODUH OD
SRVL]LRQHFRUUHWWDGHLFDYLGLFROOHJDPHQWR
6PRQWDJJLRGHOODSSDUHFFKLR
 6FROOHJDUHODSSDUHFFKLRGDOODOLPHQWD]LRQHHOHWWULFD
 $OOHQWDUHLUDFFRUGLDYLWHFRQLOPRELOH
 6YLWDUHLFRPSRQHQWLGHOODSSDUHFFKLR
 (VWUDUUHODSSDUHFFKLRVSLQJHQGRORGDOEDVVR
$WWHQ]LRQH
'DQQLDOODSSDUHFFKLR1RQVROOHYDUHODSSDUHFFKLRWLUDQGROR
GDOODOWR

da
×
0RQWHULQJVYHMOHGQLQJ
: 9LJWLJHVLNNHUKHGVDQYLVQLQJHU
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHP'HWHUHQ
IRUXGVWQLQJIRUDWDSSDUDWHWNDQEHWMHQHVVLNNHUWRJNRUUHNW
2SEHYDUEUXJVRJPRQWDJHYHMOHGQLQJHQWLOVHQHUHEUXJHOOHUWLO
NRPPHQGHHMHUHDIDSSDUDWHW
6LNNHUKHGHQXQGHUEUXJHUNXQVLNUHWKYLVHPKWWHQHUEOHYHW
PRQWHUHWNRUUHNWLKWPRQWHULQJVYHMOHGQLQJHQ,QVWDOODW¡UHQKDU
DQVYDUHWIRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
%UHGGHQSnHPKWWHQVNDOPLQGVWVYDUHWLOEUHGGHQSn
NRJHSODGHQ
7LOLQVWDOODWLRQHQVNDOGHDNWXHOWJ\OGLJHE\JJHIRUVNULIWHURJ
IRUVNULIWHUQHIUDGHORNDOHVWU¡PRJJDVIRUV\QLQJVVHOVNDEHU
I¡OJHV
/LYVIDUH
5HWXUVXJQLQJDIIRUEUQGLQJVJDVVHUNDQPHGI¡UHIRUJLIWQLQJ
6¡UJDOWLGIRUWLOVWUNNHOLJOXIWWLOI¡UVHOQnUHPKWWHQDQYHQGHV
PHGDIWUNVIXQNWLRQHQLVDPPHUXPVRPHWLOGVWHGKYLV
OXIWWLOI¡UVHOVNHUIUDLQGHOXIWHQ
,OGVWHGHU KYLV OXIWWLOI¡UVHO VNHU IUD LQGHOXIWHQ IHNV JDV ROLH WU
HOOHUNXOI\UHGHYDUPHDSSDUDWHUJHQQHPVWU¡PQLQJVYDQGYDUPHUH
YDQGYDUPHUH KHQWHU GHUHV IRUEUQGLQJVOXIW IUD RSVWLOOLQJVUXPPHW
RJ I¡UHU U¡JJDVVHQ XG JHQQHP HQ U¡JJDVNDQDOIHNV VNRUVWHQ WLO
GHWIUL
(QWQGWHPKWWHWUNNHULQGHOXIWXGDIN¡NNHQHWRJWLOVW¡GHQGH
UXP+YLVOXIWWLOI¡UVOHQHUXWLOVWUNNHOLJRSVWnUGHUHWXQGHUWU\N
'HUYHGNDQJLIWLJHJDVVHUIUDVNRUVWHQHQHOOHUDIWUNVNDQDOHQ
EOLYHVXJHWWLOEDJHRJLQGLEHERHOVHVUXPPHQH
'HUIRUVNDOGHUDOWLGYUHHQWLOVWUNNHOLJVWRUOXIWWLOI¡UVHO
(QPXUNDVVHWLOOXIWWLOI¡UVHODIWUNVOXIWDOHQHVLNUHULNNHDW
JUQVHYUGLHQRYHUKROGHV
5LVLNRIULGULIWHUNXQPXOLJQnUXQGHUWU\NNHWLUXPPHWKYRU
LOGVWHGHWHURSVWLOOHWLNNHRYHUVNULGHU3DPEDU'HWWHNDQ
VLNUHV YHG DW GHQ OXIW GHU NUYHV WLO IRUEUQGLQJHQ NDQ VWU¡PPH
LQGJHQQHPnEQLQJHUVRPLNNHNDQOXNNHVIHNVLG¡UHYLQGXHU
LJHQQHPHQPXUNDVVHWLOOXIWWLOI¡UVHODIWUNVOXIWHOOHUYHGDQGUH
WHNQLVNHIRUDQVWDOWQLQJHU
6S¡UJXQGHUDOOHRPVWQGLJKHGHUGHQDIVYDUVKDYHQGH
VNRUVWHQVIHMHUPHVWHUWLOUnGV9HGNRPPHQGHNDQEHG¡PPH
KXVHWVVDPOHGHYHQWLODWLRQVVLWXDWLRQRJIRUVOnHQSDVVHQGH
YHQWLODWLRQVIRUDQVWDOWQLQJ
%HQ\WWHVHPKWWHQXGHOXNNHQGHLFLUNXODWLRQVGULIWNDQGHQ
EHQ\WWHVXGHQLQGVNUQNQLQJHU
/LYVIDUH
5HWXUVXJQLQJ DI IRUEUQGLQJVJDVVHU NDQ PHGI¡UH IRUJLIWQLQJ 9HG
LQVWDOODWLRQDIXGVXJQLQJYHGHWLOGVWHGVRPHUIRUEXQGHWPHGHQ
VNRUVWHQVNDOHPKWWHQVVWU¡PWLOI¡UVHOIRUV\QHVPHGHQHJQHW
VLNNHUKHGVDIEU\GHU
%UDQGIDUH
'HUXGYLNOHVPHJHWNUDIWLJYDUPHQnUIOHUHJDVNRJH]RQHUHUL
EUXJVDPWLGLJ9HQWLODWLRQVHQKHGHQNDQEOLYHEHVNDGLJHWHOOHU
EU\GHLEUDQG9HQWLODWLRQVHQKHGHQPnNXQNRPELQHUHVPHG
JDVNRJH]RQHUVRPLNNHRYHUVNULGHUHQPDNVLPDOVDPOHWHIIHNW
Sn N:RJHQPDNVLPDOHIIHNWIRUGHHQNHOWHEOXVSn N:
%UDQGIDUH
)HGWDIOHMULQJHULIHGWILOWUHWNDQEOLYHDQWQGW2YHUKROGGH
IRUHVNUHYQHVLNNHUKHGVDIVWDQGHIRUDWXQGJnDWGHUVNHUHQ
YDUPHRSKREQLQJ2YHUKROGRJVnDQYLVQLQJHUQHIRUNRPIXUHW
+YLVGHUEnGHDQYHQGHVJDVRJHONRJH]RQHUJOGHUGHQ
VW¡UVWHDIVWDQGGHUHUDQJLYHW
(PKWWHQPnNXQPRQWHUHVGLUHNWHRSDGHWK¡MVNDEHOOHUHQ
YJLGHQHQHVLGH$IVWDQGHQWLOYJJHQHOOHUK¡MVNDEHWVNDO
YUHPLQGVWPP
)DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
)DUHIRUWLOVNDGHNRPVW
(PKWWHQHUWXQJ'HUNUYHV SHUVRQHUIRUDWIO\WWH
HPKWWHQ$QYHQGNXQHJQHGHKMOSHPLGOHU
)DUHIRUHOHNWULVNVW¡G
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
7LOVOXWQLQJVNDEOHWNDQEOLYHEHVNDGLJHW6¡UJIRUDW
WLOVOXWQLQJVNDEOHWLNNHInUNQNHOOHUNRPPHULNOHPPHXQGHU
LQVWDOODWLRQHQ
)DUHIRUHOHNWULVNVW¡G
.XQIRU'DQPDUN
$SSDUDWHURSWLOPDNV N: $VHW\SHVNLOW
, 'DQPDUN HU DSSDUDWHW NXQ JRGNHQGW WLO EUXJ L IRUELQGHOVH PHG HQ
VWLNNRQWDNWW\SH(+YLVGHUNXQILQGHVHQVWLNNRQWDNWW\SH.Sn
WLOVOXWQLQJVVWHGHWVNDODSSDUDWHWWLOVOXWWHVPHGHQHJQHWDGDSWHU
.XQSnGHQQHPnGHNDQGHWVLNUHVDWDSSDUDWHWEOLYHUNRUUHNW
MRUGIRUEXQGHW'HQQHDGDSWHUNDQInVYLDNXQGHVHUYLFH
UHVHUYHGHOVQUHOOHUVRPHNVWUDWLOEHK¡U
+YLVVWLNNHWLNNHHUWLOJQJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQYUHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
$SSDUDWHURYHU N: $VHW\SHVNLOW
$SSDUDWHWPnLNNHWLOVOXWWHVPHGVWLNNHWWLO
VLNNHUKHGVVWLNNRQWDNWHQ'HUHUIDUHIRUHOHNWULVNVW¡G$SSDUDWHW
Pn NXQ WLOVOXWWHV PHG HQ IDVW WLOVOXWQLQJ VRP NXQ Pn XGI¡UHV DI HQ
DXWRULVHUHWIDJPDQG
)DUHIRUNYOQLQJ
(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU
PHGHPEDOODJHPDWHULDOH
)DUHIRUDWDSSDUDWHWYOWHU
$SSDUDWHWHUPHJHWVPDOWRJNDQOHWYOWH6WLOLNNHDSSDUDWHW
RSUHWVWnHQGHSnJXOYHW/JDSSDUDWHWIODGWQHGSnJXOYHW
*HQHUHOOHDQYLVQLQJHU
'ULIWPHGDIWUNVIXQNWLRQ
%HPUN $IWUNVOXIWHQPnLNNHOHGHVXGLHQU¡JHOOHU
U¡JJDVVNRUVWHQGHUHULEUXJHOOHULHQVNDNWGHUEHQ\WWHVWLO
XGOXIWQLQJDIUXPKYRUGHUILQGHVLOGVWHGHU
+YLVDIWUNVOXIWHQVNDOOHGHVERUWJHQQHPHQU¡JHOOHU
U¡JJDVVNRUVWHQVRPLNNHPHUHHULEUXJVNDOGHWWHJRGNHQGHV
DIGHQDQVYDUVKDYHQGHVNRUVWHQVIHMHU
+YLVDIWUNVOXIWHQOHGHVXGJHQQHPHQ\GHUYJVNDOGHU
DQYHQGHVHQWHOHVNRSPXUNDVVH
5HFLUNXODWLRQVGULIW
%HPUN $SSDUDWHWPnNXQDQYHQGHVQnUGHWHUIDVWLQVWDOOHUHW
RJPHGWLOVOXWWHWU¡UV\VWHP
$IWUNVOHGQLQJ
%HPUN $SSDUDWHWVSURGXFHQWSnWDJHUVLJLNNHDQVYDUIRU
UHNODPDWLRQHUKYLVnUVDJOLJJHULDIWUNVOHGQLQJHQ
$SSDUDWHW RSQnU VLQ RSWLPDOH \GHOVH PHG HW NRUW OLJH DIWUNVU¡U
PHGHQVnVWRUU¡UGLDPHWHUVRPPXOLJW
9HGODQJHUXDIWUNVU¡UPHGPDQJHU¡UE¡MQLQJHUHOOHUYHGHQ
U¡UGLDPHWHUXQGHUPPRSQnVGHQRSWLPDOH
XGVXJQLQJVHIIHNWLNNHRJYHQWLODWRUHQVW¡MHUPHUHXQGHU
XGVXJQLQJHQ
5¡U HOOHU VODQJHU GHU DQYHQGHV L DIWUNVOHGQLQJHQ VNDO YUH DI
LNNHEUQGEDUWPDWHULDOH
7\SH(
7\SH.

5XQGU¡U
'HW DQEHIDOHV DW DQYHQGH HQ LQGYHQGLJ GLDPHWHU Sn  PP GRJ
PLQGVWPP
)ODGNDQDOHU
'HWLQGYHQGLJHWYUVQLWVNDOVYDUHWLOUXQGU¡UHQHVGLDPHWHU
PPVYDUHUWLOFDFP
PPVYDUHUWLOFDFP
9HGIODGNDQDOHUE¡UVNDUSHNQNXQGJnV
9HGU¡UPHGIRUVNHOOLJGLDPHWHUVNDOGHUDQYHQGHV
WWQLQJVVWULPOHU
5HFLUNXODWLRQVGULIW
%HPUN $SSDUDWHWPnNXQDQYHQGHVQnUGHWHUIDVWLQVWDOOHUHW
RJPHGWLOVOXWWHWU¡UV\VWHP
*DVNRJHVHNWLRQ
$SSDUDWHWNDQDQYHQGHVVDPPHQPHGHQJDVNRJHVHNWLRQ
3DVSn
*DVNRJHVHNWLRQHQPnLNNHRYHUVNULGHI¡OJHQGHYUGLHU
0DNVHIIHNWLDOWN:
0DNVHIIHNWIRUHQNHOWEUQGHUN:
0DNVHQNHOWEUQGHUH
(OHNWULVNWLOVOXWQLQJ
: )DUHIRUHOHNWULVNVW¡G
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
7LOVOXWQLQJVNDEOHWNDQEOLYHEHVNDGLJHW6¡UJIRUDW
WLOVOXWQLQJVNDEOHWLNNHInUNQNHOOHUNRPPHULNOHPPHXQGHU
LQVWDOODWLRQHQ
.RQWUROOHUGHQHOHNWULVNHLQVWDOODWLRQLKXVHWLQGHQDSSDUDWHW
WLOVOXWWHV'HUVNDODQYHQGHVHQHJQHWDIVLNULQJLKXVHWV
LQVWDOODWLRQ$SSDUDWHWVVSQGLQJRJIUHNYHQVVNDOVWHPPH
RYHUHQVPHGGHQHOHNWULVNHLQVWDOODWLRQVHW\SHVNLOW
$SSDUDWHWHUNODVVLILFHUHWLKWEHVN\WWHOVHVNODVVH,RJPnNXQ
DQYHQGHVPHGHQVLNNHUKHGVMRUGIRUELQGHOVH
'HUVNDOLQGJnHQDOSROHWDIEU\GHUPHGPLQGVWPP
NRQWDNWDIVWDQGLLQVWDOODWLRQHQ'HWWHVWLNVNDORJVnYUH
WLOJQJHOLJWHIWHULQGE\JQLQJHQ
)O\WQLQJ HOOHU XGVNLIWQLQJ DI WLOVOXWQLQJVOHGQLQJHQ Pn NXQ XGI¡UHV DI
HQ IDJOUW HOHNWULNHU XQGHU KHQV\QWDJHQ WLO GH JOGHQGH IRUVNULIWHU
+YLVDSSDUDWHWVQHWWLOVOXWQLQJVOHGQLQJEOLYHUEHVNDGLJHWVNDOGHQ
XGVNLIWHVPHGHQVSHFLHOWLOVOXWQLQJVOHGQLQJVRPInVKRV
SURGXFHQWHQHOOHUGHQQHVNXQGHVHUYLFH
$SSDUDWHWVPnOILJXU 
)RUEHUHGHVNDEVHOHPHQWHUILJXU 
%HPUN 6¡UJIRUDWGHUHUIULWLOJDQJWLODSSDUDWHWVIRUVLGHRYHU
KHOHDSSDUDWHWVIODGH,PRGVDWIDOGNDQYLQNHOEHVODJHWWLO
IDVWJ¡UHOVHSnVNDEHWVEXQGLNNHPRQWHUHV)MHUQRPQ¡GYHQGLJW
VNDEHWVEDJYJ
,QGE\JQLQJVVNDEHQH VNDO YUH WHPSHUDWXUEHVWDQGLJH RS WLO  &
'HWVNDOVLNUHVDWLQGE\JQLQJVVNDEHQHVWDGLJHUVWDELOHHIWHU
XGVNULQJ
8GI¡UXGVNULQJHQLKWPRQWDJHWHJQLQJHQ6QLWIODGHQVNDOKDYH
HQYLQNHOSnWLOERUGSODGHQ
)MHUQDOOHVSnQHUQnUXGVNULQJHQHUIUGLJ6QLWIODGHUQHVNDO
IRUVHJOHVYDUPHEHVWDQGLJW
2YHUKROGHQPLQLPXPDIVWDQGSn PPIUDDSSDUDWHWVXQGHUVLGH
WLOVNDEGHOHQH
%RUGSODGHQ VNDO IRUVWUNHV KYLV PHOOHPVW\NNHW PHOOHP DSSDUDWHW
RJ YJJHQ HU PLQGUH HQG  PP HOOHU KYLV PHOOHPVW\NNHW PHOOHP
DSSDUDWHW RJ NRJHVHNWLRQHQ HU PLQGUH HQG  PP , PRGVDW IDOG HU
VWDELOLWHWHQ LNNH WLOVWUNNHOLJ 'HW DQYHQGWH IRUVWUNQLQJVPDWHULDOH
VNDOYUHYDUPHRJIXJWEHVWDQGLJW
$QYLVQLQJHU
%RUGSODGHQVRPDSSDUDWHWVNDOLQWHJUHUHVLVNDOKDYHHQ
EUHHYQHSnFD NJ
$SSDUDWHWVSODQKHGVNDOI¡UVWNRQWUROOHUHVHIWHULQVWDOODWLRQL
PRQWHULQJVnEQLQJHQ
)RUEHUHGHDSSDUDW
%HPUN 0RQWHUDIKQJLJWDILQGE\JQLQJVVNDEHW
YHQWLODWRUNDELQHWWHWSnIRUVLGHQHOOHUSnEDJVLGHQDIDSSDUDWHW
9HQWLODWRUNDELQHWWHWNDQRP¡QVNHWGUHMHV
/XIWLQGWDJHW RJ EHO\VQLQJHQ HU SODFHUHW Sn DSSDUDWHWV IRUVLGH 9HG
OHYHULQJHQHUDIGNQLQJHQSODFHUHWSnDSSDUDWHWVEDJVLGH
9HGPRQWDJHDIYHQWLODWRUNDELQHWWHWSnDSSDUDWHWVEDJVLGH
 6NUXDIGNQLQJHQDIDSSDUDWHWVEDJVLGHRJVNUXGHWSn
DSSDUDWHWVIRUVLGH ILJ 
 7DJ NDEOHW WLO YHQWLODWRUPRWRUHQ XG DI ODVNHQ IRUDQ RJ I¡U GHW RP
SnDSSDUDWHWVEDJVLGH
,QGE\JJHDSSDUDWHW
 3ODFHUDSSDUDWHWPHGIRUVLGHQYHQGHQGHPRGNRJHWRSSHQRJ
VN\GGHWQHGLXGVNULQJHQLERUGSODGHQRSSHIUD ILJ D
 3ODFHUDSSDUDWHWFHQWUDOWLXGVNULQJHQ7U\NGHWIDVWQHGSn
SODGVLXGVNULQJHQRSSHIUD
$QYLVQLQJHU
$SSDUDWHWVNDOVLGGHIDVWLXGVNULQJHQRJPnLNNHNXQQH
IRUVN\GHVIHNVLIRUELQGHOVHPHGUHQJ¡ULQJ)DVWJ¡URP
Q¡GYHQGLJW OLVWHU L VLGHQ DI XGVNULQJHQ KYLV GHQV EUHGGH HU L
GHQ¡YUHHQGHDIWROHUDQFHJUQVHQ
)MHUQGHWRNXQVWVWRIGHOHLK¡MUHRJYHQVWUHVLGHDI
DIGNQLQJHQ ILJ D
 ,QGMXVWHUDSSDUDWHWLVNDEHW6¡UJIRUDWDSSDUDWHWVUDPPH
OLJJHUSODQWPRGERUGSODGHQ)DVWJ¡UPRQWHULQJVYLQNOHUQHSn
DSSDUDWHWRJSnVNDEVHOHPHQWHWVEXQG ILJ E
%HPUN 0RQWHULQJVYLQNOHUQHPnNXQIDVWJ¡UHVSnDSSDUDWHWV
IRUVLGHLPRGVDWIDOGNDQDSSDUDWHWVIXQNWLRQLNNHJDUDQWHUHV
 )DVWJ¡U GH ¡YHUVWH PRQWHULQJVYLQNOHU $SSDUDWHW HU IRUV\QHW PHG
KXOOHUWLOIDVWJ¡UHOVHDIYLQNOHUQH)DVWJ¡UPRQWHULQJVYLQNOHUQH
¡YHUVWSnDSSDUDWHWRJSnXQGHUVLGHQDIERUGSODGHQ ILJ F
 )RUELQGNDEOHWWLOYHQWLODWRUPRWRUHQPHGYHQWLODWRUHQ6WLNGnVHQ
HU SODFHUHW Sn IRUVLGHQ DI YHQWLODWRUHQ L QUKHGHQ DI NDELQHWWHWV
EXQG ILJ D
 0RQWHUYHQWLODWRUNDELQHWWHWRYHUXGVSDULQJHQSnDSSDUDWHWV
IRUVLGHHOOHURP¡QVNHWSnDSSDUDWHWVEDJVLGHGUHMHW ILJ
E
 9HG UHFLUNXODWLRQVGULIW VNDO DIWUNVOXIWHQ YHG KMOS DI HW U¡U HOOHU
HQ VODQJH OHGHV JHQQHP HQ XGVNULQJ L EXQGHQ DI XQGHUVNDEHW
ILJ F
 9HGUHFLUNXODWLRQVGULIWVNDOGHUHWDEOHUHVHQOXIWnEQLQJL
VRNNHOSDQHOHWPHGHQPLQLPXPVW¡UUHOVHSnFD 
FPò/XIWnEQLQJHQLVRNNHOSDQHOHWVNDOYUHVnVWRUVRPPXOLJW
IRUDWUHGXFHUHWUNRJVW¡MPHVWPXOLJW
 )DVWJ¡UVW\UHHQKHGHQYHGVLGHQDIYHQWLODWRUHQKHGHQSn
DSSDUDWHW ILJ D
$OWHUQDWLYWNDQVW\UHHQKHGHQIDVWJ¡UHVSnGHQDQGHQVLGHDI
YHQWLODWRUPRWRUHQRJSnVLGHQDIVNDEVHOHPHQWHW
3DVSn
,QGWUQJHQGH IXJWLJKHG NDQ IRUnUVDJH HW HOHNWULVN VW¡G )DVWJ¡U
LNNHVW\UHHQKHGHQSnEXQGHQDIVNDEVHOHPHQWHW
7LOVOXWIRUELQGHOVHVNDEOHW ILJ E6WLNVW\UHNDEOHWPHOOHP
VW\UHHQKHGHQRJDSSDUDWHWIDVWLQG6WLNNHQHVNDOJnLLQGJUHE
6OXW VW\UHHQKHGHQ WLO VWU¡PIRUV\QLQJVQHWWHW RJ NRQWUROOHU DW GHQ
IXQJHUHU
%HPUN +YLVDSSDUDWHWLNNHIXQJHUHU.RQWUROOHUDW
IRUELQGHOVHVNDEOHUQHHUSODFHUHWNRUUHNW
$IPRQWHUHDSSDUDW
 *¡UDSSDUDWHWVWU¡PO¡VW
 /¡VQVNUXHVDPOLQJHULVNDEVHOHPHQWHW
 6NUXPRQWHULQJVGHOHSnDSSDUDWHWDI
 3UHVDSSDUDWHWXGQHGHIUD
3DVSn
6NDGHUSnDSSDUDWHW/LUNLNNHDSSDUDWHWXGRSSHIUD

fi
Ý
$VHQQXVRKMH
: 7lUNHLWlWXUYDRKMHLWD
/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
/LHVLWXXOHWWLPHQWXOHHROODYlKLQWllQOLHGHQOHY\LQHQ
$VHQQHWWDHVVDWXOHHQRXGDWWDDYRLPDVVDROHYLD
UDNHQQXVPllUl\NVLlMDSDLNDOOLVHQVlKN|MDNDDVXODLWRNVHQ
PllUl\NVLl
+HQJHQYDDUD
7DNDLVLQYLUWDDYDWSRLVWRLOPDNDDVXWYRLYDWDLKHXWWDDP\UN\W\NVHQ
+XROHKGLDLQDULLWWlYlVWlWXORLOPDVWDMRVODLWHWWDNl\WHWllQ
SRLVWRLOPDNl\W|VVl\KGHVVlKXRQHLOPDDWDUYLWVHYDQWXOLVLMDQ
NDQVVD
+XRQHLOPDDWDUYLWVHYDWWXOLVLMDWHVLPNDDVX|OM\SXXWDL
KLLOLNl\WW|LVHWOlPPLW\VODLWWHHWOlSLYLUWDXVNXXPHQQLQ
YHGHQNXXPHQQLQRWWDYDWSROWWRLOPDQKXRQHWLODVWDMDMRKWDYDW
SRLVWRLOPDQSRLVWRLOPDODLWWHHQHVLPVDYXWRUYHQNDXWWDXORV
7XXOHWLQLPHHNHLWWL|VWlMDVHQYLHUHLVLVWlKXRQHLVWDLOPDDWlPl
RQNRUYDWWDYDULLWWlYlOOlWXORLOPDOODPXXWRLQV\QW\\DOLSDLQH
0\UN\OOLVHW NDDVXW LPH\W\LVLYlW WDNDLVLQ KXRQHLVLLQ VDYXWRUYHVWD WDL
SRLVWRLOPDNDQDYDVWD
6LNVLRQKXROHKGLWWDYDDLQDULLWWlYlVWlWXORLOPDVWD
6HLQllQDVHQQHWWXWXORLOPDSRLVWRLOPDODDWLNNRHL\NVLQWDNDD
UDMDDUYRLVVDS\V\PLVWl
7XUYDOOLVXXVV\LVWlHLKXRQHHVVDMRKRQWXXOHWLQRQDVHQQHWWX
YDOOLWVHYD DOLSDLQH VDD ROOD NRUNHDPSL NXLQ 3D  PEDU 7lPl
VDDYXWHWDDQMRVDYDWWDYLVWDMDVXOMHWWDYLVWDDXNRLVWDNXWHQRYLVWD
LNNXQRLVWDWXORLOPDSRLVWRLOPDVHLQlDXNRLVWDWDLPXLVWDWHNQLVLVWl
WRLPHQSLWHLVWlMRKWXHQSDODPLVLOPDQWLODOOHSllVHHYLUWDDPDDQ
NRUYDXVLOPDD
7XXOHWWLPHQDVHQWDPLVWDVXXQQLWHOWDHVVDRQN\V\WWlYlQHXYRD
SDLNDOOLVHOWDQXRKRRMDOWDKlQS\VW\\DUYLRLPDDQWDORQWXXOHWXVWD
NRVNHYDQNRNRQDLVUDWNDLVXQMDVXRVLWWHOHPDDQVRSLYDWWXXOHWXVWD
NRVNHYDWWRLPHQSLWHHW
0LNlOLWXXOHWLQWDNl\WHWllQYDLQNLHUWRLOPDNl\W|VVlNl\WW|RQ
PDKGROOLVWDLOPDQUDMRLWXNVLD
+HQJHQYDDUD
7DNDLVLQYLUWDDYDWSRLVWRLOPDNDDVXWYRLYDWDLKHXWWDDP\UN\W\NVHQ
.XQWXXOHWLQDVHQQHWDDQWLODDQMRVVDRQKRUPLLQOLLWHWW\WXOLVLMD
OLHVLWXXOHWLPHQYLUUDQV\|WW||QRQDVHQQHWWDYDDVLDQPXNDLQHQ
WXUYDN\WNLQ
3DORYDDUD
8VHDPPDQNDDVXNHLWWRDOXHHQVDPDQDLNDLVHVWDNl\W|VWl
NHKLWW\\NRUNHDNXXPXXV/LHVLWXXOHWLQYRLYDXULRLWXDWDLV\WW\l
SDODPDDQ/LHVLWXXOHWWLPHQVDD\KGLVWllYDLQ
NDDVXNHLWWRDOXHLVLLQMRWNDHLYlW\OLWlPDNVLPLNRNRQDLVWHKRD
 N:MD\NVLWWlLVHQSROWWLPHQPDNVLPLWHKRD N:
3DORYDDUD
5DVYDVXRGDWWLPHHQNHUllQW\Q\WUDVYDYRLV\WW\lWXOHHQ
,OPRLWHWWXMDWXUYDHWlLV\\NVLlWXOHHQRXGDWWDDMRWWDYlOWHWllQ
\OLNXXPHQHPLQHQ 1RXGDWD NHLWWRWDVRQ WDL OLHGHQ PXNDQD WXOHYLD
RKMHLWD .XQ OLHVLWXXOHWLQ DVHQQHWDDQ NDDVX MD VlKN|NHLWWRWDVRQ
\OlSXROHOOHQRXGDWDVXXULQWDLOPRLWHWWXDHWlLV\\WWl
$VHQQDWXXOHWLQQLLQHWWlYDLQVHQWRLVHOODSXROHOODRQNRUNHD
NDDSSL WDL VHLQl 7XXOHWWLPHQ MD VHLQlQ WDL NRUNHDQ NDDSLQ YlOLOOl
WXOHHROODWLODDYlKLQWllQPP
/RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
/RXNNDDQWXPLVYDDUD
/DLWHRQSDLQDYD/DLWWHHQVLLUWlPLVHHQWDUYLWDDQ KHQNLO|l
.l\WlYDLQWDUNRLWXNVHHQVRSLYLDDSXYlOLQHLWl
6lKN|LVNXQYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW/LLWlQWlMRKWRYRLYDXULRLWXD9DUPLVWDHWWl
OLLWlQWlMRKWRHLWDLYXM\UNlOOHPXWNDOOHWDLMllSXULVWXNVLLQ
DVHQQXNVHQDLNDQD
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
.DOOLVWXPLVYDDUD
/DLWHRQK\YLQNDSHDMDVHYRLNDDWXDKHOSRVWLbOlDVHWDODLWHWWD
S\VW\DVHQWRRQODWWLDOOH$VHWDODLWHODWWLDOOHYDDNDDVHQWRRQ
<OHLVHWRKMHHW
7RLPLQWDKRUPLLQOLLWHWW\Ql
+XRPDXWXV 3RLVWRLOPDDHLVDDMRKWDDWRLPLQQDVVDROHYDDQ
VDYXNDQDYDDQWDLLOPDQYDLKWRKRUPLLQHLNlKRUPLLQMRNDRQ
WDUNRLWHWWXWXOLVLMRMHQVLMRLWXVKXRQHLGHQLOPDQYDLKWRRQ
0LNlOLSRLVWRLOPDMRKGHWDDQVDYXNDQDYDDQWDL
LOPDQYDLKWRKRUPLLQ MRND HL ROH Nl\W|VVl RQ VLLKHQ VDDWDYD OXSD
SDLNDOOLVHOWDQXRKRRMDOWD
-RVSRLVWRLOPDMRKGHWDDQXORVXONRVHLQlQOlSLWXOHHNl\WWll
WHOHVNRRSSLOLLWRVWD
.LHUWRLOPDNl\WW|
+XRPDXWXV /DLWHWWDVDDNl\WWllYDLQNLLQWHlVWLDVHQQHWWXQDMD
SXWNLOLLWHWW\Ql
3RLVWRLOPDSXWNL
+XRPDXWXV /DLWWHHQYDOPLVWDMDHLYDVWDDSXWNLVWDMRKWXYLVWD
UHNODPDDWLRLVWD
/DLWWHHQWHKRRQSDUKDLPPLOODDQNXQDVHQQHWDDQO\K\WVXRUD
KDONDLVLMDOWDDQPDKGROOLVLPPDQVXXULSRLVWRLOPDSXWNL
3RLVWRLOPDQYLUWDXVRQSDUKDLPPLOODDQMDllQLWDVR
DOKDLVLPPLOODDQMRVYlOWHWllQNl\WWlPlVWlSLWNLlURVRLVLD
SRLVWRLOPDSXWNLDNDDULSXWNLDWDLKDONDLVLMDOWDDQSLHQHPSLlNXLQ
PPSXWNLD
3RLVWRLOPDQ MRKWDPLVHHQ Nl\WHWW\MHQ SXWNLHQ MD OHWNXMHQ RQ ROWDYD
SDODPDWWRPDVWDPDWHULDDOLVWD
3\|U|SXWNHW
6XRVLWXV SXWNLHQ VLVlKDONDLVLMDNVL RQ  PP YlKLQWllQ NXLWHQNLQ
PP
/DDNHDWNDQDYDW
6LVlSRLNNLOHLNNDXNVHQRQYDVWDWWDYDS\|U|SXWNLHQKDONDLVLMDD
PPQFP
PPQFP
/DDNHLVVDNDQDYLVVDHLVDLVLROODM\UNNLlNllQW|Ml
.l\WlWLLYLVW\VQDXKDDMRVSXWNLHQKDONDLVLMDWRYDWNRROWDDQ
SRLNNHDYDW
.LHUWRLOPDNl\WW|
+XRPDXWXV /DLWHWWDVDDNl\WWllYDLQNLLQWHlVWLDVHQQHWWXQDMD
SXWNLOLLWHWW\Ql
.DDVXNHLWWRWDVR
/DLWHWWDYRLGDDQNl\WWllNDDVXNHLWWRWDVRQ\KWH\GHVVl
+XRPLR
.DDVXNHLWWRWDVRHLVDD\OLWWllVHXUDDYLDDUYRMD
0DNVLPLWHKR\KWHHQVlN:
<NVLWWlLVWHQSROWWLPLHQPDNVLPLWHKRN:
(QLQWllQ\NVLWWlLVWlSROWLQWD
6lKN|OLLWlQWl
: 6lKN|LVNXQYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW/LLWlQWlMRKWRYRLYDXULRLWXD9DUPLVWDHWWl
OLLWlQWlMRKWRHLWDLYXM\UNlOOHPXWNDOOHWDLMllSXULVWXNVLLQ
DVHQQXNVHQDLNDQD
9DUPLVWDHQQHQODLWWHHQDVHQWDPLVWDWDORYHUNRVVDROHYD
VXODNHNRNR9DUPLVWDHWWlWDORYHUNRVVDROHYDVXODNHNRNRRQ
ULLWWlYl/DLWWHHQMlQQLWWHHQMDWDDMXXGHQSLWllROOD\KWHQHYlLQHQ
VlKN|DVHQQXNVHQNDQVVDNVW\\SSLNLOSL
/DLWWHHQVXRMDOXRNNDRQ,MDVHQNl\WW|RQVDOOLWWXYDLQ
PDDGRLWXVOLLWlQQlQNDQVVD
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28

Siemens LD97AA670/07 User manual

Type
User manual

Ask a question and I''ll find the answer in the document

Finding information in a document is now easier with AI