Bosch HBT578FS2A Installation guide

Brand: Bosch

Model: HBT578FS2A

Type: Installation guide

*9001346145*  



Ø 0RQWDJHDQOHLWXQJ

Ú ,QVWDOODWLRQLQVWUXFWLRQV

Ö 0RQWiçQtQiYRG

× 0RQWHULQJVYHMOHGQLQJ

Ù ̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ

Û ,QVWUXFFLRQHVGHPRQWDMH

Ý $VHQQXVRKMH

Þ 1RWLFHGHPRQWDJH

â ,VWUX]LRQLSHULOPRQWDJJLR

é ,QVWDOODWLHYRRUVFKULIW

ê 0RQWHULQJVYHLOHGQLQJ

ë ,QVWUXNFMDPRQWDŰX

ì ,QVWUXo}HVGHPRQWDJHP

î Ημπροςιυηώξνλνμρίες

ó 0RQWHULQJVDQYLVQLQJ

ô 0RQWDMN×ODYX]X



























PLQâ



PLQ

PD[

PLQ









PLQ



PLQ





PLQâ





PLQ

PLQ



PLQ 



0RQWDJHDQOHLWXQJ

:LFKWLJH+LQZHLVH%LOG

■ 1XUHLQIDFKJHUHFKWHU(LQEDXQDFKGLHVHU0RQWDJHDQOHLWXQJ

JDUDQWLHUWHLQHQVLFKHUHQ*HEUDXFK%HL6FKlGHQGXUFKIDO

VFKHQ(LQEDXKDIWHWGHU0RQWHXU

■ 'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW

VFKDGHQQLFKWDQVFKOLHHQ

■ 0RQWDJHEOlWWHUIUGHQ(LQEDXYRQ=XEHK|UWHLOHQEHDFKWHQ

■ 9HUSDFNXQJVPDWHULDOXQG.OHEHIROLHQYRU,QEHWULHEQDKPHDXV

GHP*DUUDXPXQGYRQGHU7UHQWIHUQHQ

■ (LQEDXP|EHOPVVHQELV &WHPSHUDWXUEHVWlQGLJVHLQ

DQJUHQ]HQGH0|EHOIURQWHQELV &

■ 'DV*HUlWQLFKWKLQWHUHLQHU'HNRURGHU0|EHOWUHLQEDXHQ(V

EHVWHKW*HIDKUGXUFKhEHUKLW]XQJ

■ $XVVFKQLWWDUEHLWHQDP0|EHOYRUGHP(LQVHW]HQGHV*HUlWHV

GXUFKIKUHQ6SlQHHQWIHUQHQ'LH)XQNWLRQYRQHOHNWULVFKHQ

%DXWHLOHQNDQQEHHLQWUlFKWLJWZHUGHQ

■ =XU9HUPHLGXQJYRQ6FKQLWWYHUOHW]XQJHQ6FKXW]KDQGVFKXKH

WUDJHQ 7HLOH GLH ZlKUHQG GHU 0RQWDJH ]XJlQJOLFK VLQG N|QQHQ

VFKDUINDQWLJVHLQ

■ 'LH*HUlWH$QVFKOXVVGRVHPXVVLP%HUHLFKGHUVFKUDIILHUWHQ

)OlFKH $RGHUDXHUKDOEGHV(LQEDXUDXPHVOLHJHQ

■ 1LFKWEHIHVWLJWH0|EHOPLWHLQHPKDQGHOVEOLFKHQ:LQNHO %DQ

GHU:DQGEHIHVWLJHQ

■ 0DJDEHQGHU%LOGHULQPP

*HUlWXQWHU$UEHLWVSODWWH%LOG

=XU%HOIWXQJGHV*HUlWHVPXVVGHU=ZLVFKHQERGHQHLQHQ/I

WXQJVDXVVFKQLWWDXIZHLVHQ

$UEHLWVSODWWHDXI(LQEDXP|EHOEHIHVWLJHQ

'LH0RQWDJHDQOHLWXQJGHV.RFKIHOGHVEHDFKWHQ

*HUlWLP+RFKVFKUDQN%LOG

=XU%HOIWXQJGHV*HUlWHVPVVHQGLH=ZLVFKHQE|GHQHLQHQ/I

WXQJVDXVVFKQLWWDXIZHLVHQ

:HQQGHU+RFKVFKUDQN]XVlW]OLFK]XGHQ(OHPHQW5FNZlQGHQ

HLQHZHLWHUH5FNZDQGKDWPXVVGLHVHHQWIHUQWZHUGHQ

*HUlWQXUVRKRFKHLQEDXHQGDVV=XEHK|USUREOHPORVHQWQRP

PHQZHUGHQNDQQ

(FNHLQEDX%LOG

'DPLW GLH *HUlWHWU JH|IIQHW ZHUGHQ NDQQ EHLP (FNHLQEDX 0DH

&EHUFNVLFKWLJHQ'DV0D 'LVWDEKlQJLJYRQGHU'LFNHGHU

0|EHOIURQWXQWHUGHP*ULII

*HUlWHOHNWULVFKDQVFKOLHHQ

'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL

WHU$QVFKOXVVEHWULHEHQZHUGHQ

'LH$EVLFKHUXQJPXVVJHPlGHU/HLVWXQJVDQJDEHDXIGHP

7\SHQVFKLOGXQGGHQORNDOHQ9RUVFKULIWHQHUIROJHQ

%HLDOOHQ0RQWDJHDUEHLWHQPXVVGDV*HUlWVSDQQXQJVORVVHLQ

'DV*HUlWGDUIQXUPLWGHUPLWJHOLHIHUWHQ$QVFKOXVVOHLWXQJDQJH

VFKORVVHQZHUGHQ6WHFNHQ6LHGLH$QVFKOXVVOHLWXQJDQGHU*HUl

WHUFNVHLWHDQ&OLFN

(LQHP$QVFKOXVVOHLWXQJLVWEHLP.XQGHQGLHQVWHUKlOWOLFK

'LH$QVFKOXVVOHLWXQJGDUIQXUGXUFKHLQH2ULJLQDOOHLWXQJEH]LHK

EDUEHUGHQ.XQGHQGLHQVWHUVHW]WZHUGHQ

'HU%HUKUXQJVVFKXW]PXVVGXUFKGHQ(LQEDXJHZlKUOHLVWHWVHLQ

$QVFKOXVVOHLWXQJPLW6FKXW]NRQWDNW6WHFNHU

'DV *HUlW GDUI QXU DQ HLQH YRUVFKULIWVPlLJ LQVWDOOLHUWH 6FKXW]NRQ

WDNW6WHFNGRVHDQJHVFKORVVHQZHUGHQ

:HQQGHU6WHFNHUQDFKGHP(LQEDXQLFKWPHKUHUUHLFKEDULVW

PXVVLQGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQHLQH7UHQQYRU

ULFKWXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU

JHVHKHQZHUGHQ

$QVFKOXVVOHLWXQJRKQH6FKXW]NRQWDNW6WHFNHU

1XUHLQNRQ]HVVLRQLHUWHU)DFKPDQQGDUIGDV*HUlWDQVFKOLHHQ

,QGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQLVWHLQH7UHQQYRUULFK

WXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU]XVH

KHQ3KDVHXQG1HXWUDO´1XOO´/HLWHULQGHU$QVFKOXVVGRVH

LGHQWLIL]LHUHQ%HL)DOVFKDQVFKOXVVNDQQGDV*HUlWEHVFKlGLJW

ZHUGHQ

1XUQDFK$QVFKOXVVELOGDQVFKOLHHQ6SDQQXQJVLHKH7\SHQ

VFKLOG'LH$GHUQGHU1HW]DQVFKOXVVOHLWXQJHQWVSUHFKHQGGHU

)DUEFRGLHUXQJDQVFKOLHHQJUQJHOE 6FKXW]OHLWHU

<EODX

1XOO1HXWUDO/HLWHUEUDXQ 3KDVH$XHQOHLWHU

*HUlWEHIHVWLJHQ%LOG

%HL *HUlWHQ PLW DXV]LHKEDUHU %DFNZDJHQ7U PXVV GLH 7U YRUKHU

HQWIHUQWZHUGHQ

 *HUlWJDQ]HLQVFKLHEHQXQGPLWWLJDXVULFKWHQ

 *HUlWIHVWVFKUDXEHQ

'HU6SDOW]ZLVFKHQ$UEHLWVSODWWHXQG*HUlWGDUIQLFKWGXUFK

]XVlW]OLFKH/HLVWHQYHUVFKORVVHQZHUGHQ

$Q GHQ 6HLWHQZlQGHQ GHV 8PEDXVFKUDQNHV GUIHQ NHLQH :lUPH

VFKXW]OHLVWHQDQJHEUDFKWZHUGHQ

$XVEDX

 *HUlWVSDQQXQJVORVPDFKHQ

 %HIHVWLJXQJVVFKUDXEHQO|VHQ

 *HUlWOHLFKWDQKHEHQXQGJDQ]KHUDXV]LHKHQ

,QVWDOODWLRQLQVWUXFWLRQV

,PSRUWDQWLQIRUPDWLRQ²)LJ

■ 7KH VDIH RSHUDWLRQ RI WKLV DSSOLDQFH FDQ RQO\ EH JXDUDQWHHG LI LW

KDV EHHQ LQVWDOOHG WR D SURIHVVLRQDO VWDQGDUG LQ DFFRUGDQFH ZLWK

WKHVH LQVWDOODWLRQ LQVWUXFWLRQV 7KH LQVWDOOHU VKDOO EH OLDEOH IRU DQ\

GDPDJHUHVXOWLQJIURPLQFRUUHFWLQVWDOODWLRQ

■ &KHFNWKHDSSOLDQFHIRUGDPDJHDIWHUXQSDFNLQJLW'RQRW

FRQQHFWWKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVLW

■ 3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQVKHHWVIRULQVWDOOLQJ

DFFHVVRULHV

■ %HIRUH VWDUWLQJ XS WKH DSSOLDQFH UHPRYH DQ\ SDFNDJLQJ PDWHULDO

DQGDGKHVLYHILOPIURPWKHFRRNLQJFRPSDUWPHQWDQGWKHGRRU

■ )LWWHGXQLWVPXVWEHKHDWUHVLVWDQWXSWR &DQGDGMDFHQW

XQLWIURQWVXSWR &

■ 'R QRW LQVWDOO WKH DSSOLDQFH EHKLQG D GHFRUDWLYH GRRU RU WKH GRRU

RIDNLWFKHQXQLWDVWKLVPD\FDXVHWKHDSSOLDQFHWRRYHUKHDW

■ $Q\FXWRXWVWKDWQHHGWREHPDGHLQWKHXQLWVVKRXOGEHPDGH

EHIRUH WKH DSSOLDQFH LV LQVWDOOHG 5HPRYH DQ\ VKDYLQJV DV WKH\

PD\SUHYHQWWKHHOHFWULFDOFRPSRQHQWVIURPZRUNLQJSURSHUO\

■ :HDU SURWHFWLYH JORYHV VR WKDW \RX GR QRW FXW \RXUVHOI3DUWV WKDW

DUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUSHGJHV

■ 7KH PDLQV VRFNHW IRU WKH DSSOLDQFH PXVW HLWKHU EH ORFDWHG LQ WKH

KDWFKHGDUHD $RURXWVLGHRIWKHDUHDZKHUHWKHDSSOLDQFHLV

LQVWDOOHG

■ 6HFXUH DQ\ XQVHFXUHG XQLWV WR WKH ZDOO XVLQJ D VWDQGDUG EUDFNHW

%

■ 7KHGLPHQVLRQVLQWKHILJXUHVDUHLQPP

$SSOLDQFHXQGHUWKHZRUNWRS²)LJ

7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUPXVWKDYHD

YHQWLODWLRQFXWRXW

6HFXUHWKHZRUNWRSWRWKHILWWHGXQLWV

3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKH

KRE

$SSOLDQFHLQDWDOOXQLW)LJ

7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUVPXVWKDYHD

YHQWLODWLRQFXWRXW

,IWKHWDOOXQLWKDVDQRWKHUEDFNSDQHOLQDGGLWLRQWRWKHHOHPHQW

EDFNSDQHOVWKLVPXVWEHUHPRYHG

2QO\ ILW WKH DSSOLDQFH XS WR D KHLJKW ZKLFK DOORZV DFFHVVRULHV WR EH

HDVLO\UHPRYHG

&RUQHULQVWDOODWLRQ²)LJ

7RHQVXUHWKDWWKHDSSOLDQFHGRRUFDQEHRSHQHGLQDFRUQHU

LQVWDOODWLRQWDNHDFFRXQWRIGLPHQVLRQ &'LPHQVLRQ 'LV

GHSHQGHQWRQWKHWKLFNQHVVRIWKHXQLWIURQWXQGHUWKHKDQGOH

&RQQHFWLQJWKHDSSOLDQFHWRWKHHOHFWULFLW\VXSSO\

7KH DSSOLDQFH FRUUHVSRQGV WR SURWHFWLRQ FODVV  DQG PXVW RQO\ EH

RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ

7KH IXVH SURWHFWLRQ PXVW FRUUHVSRQG WR WKH SRZHU UDWLQJ VSHFLILHG

RQWKHDSSOLDQFHVUDWLQJSODWHDQGWRORFDOUHJXODWLRQV

7KHDSSOLDQFHPXVWEHGLVFRQQHFWHGIURPWKHSRZHUVXSSO\

ZKHQHYHULQVWDOODWLRQZRUNLVEHLQJFDUULHGRXW

7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGZLWKWKHSRZHUFDEOH

SURYLGHG&RQQHFWWKHSRZHUFDEOHWRWKHEDFNRIWKHDSSOLDQFH

OLVWHQIRUWKHFOLFN

$PSRZHUFDEOHFDQEHREWDLQHGIURPWKHDIWHUVDOHVVHUYLFH

7KHSRZHUFDEOHPXVWRQO\EHUHSODFHGZLWKDFDEOHIURPWKH

RULJLQDOPDQXIDFWXUHUZKLFKFDQEHREWDLQHGIURPWKHDIWHUVDOHV

VHUYLFH

:KHQWKHDSSOLDQFHLVLQVWDOOHGSURWHFWLRQPXVWEHSURYLGHG

DJDLQVWDFFLGHQWDOFRQWDFWLQWKHIXWXUH



3RZHUFDEOHZLWKDSOXJZLWKHDUWKLQJFRQWDFW

7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGWRDQHDUWKLQJFRQWDFW

VRFNHWZKLFKKDVEHHQFRUUHFWO\LQVWDOOHG

,IWKHSOXJFDQQRORQJHUEHUHDFKHGDIWHUWKHLQVWDOODWLRQD

SDUWLWLRQPXVWEHSURYLGHGLQWKHSKDVHVLQWKHSHUPDQHQW

HOHFWULFDOLQVWDOODWLRQLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ

UHJXODWLRQV

3RZHUFDEOHZLWKRXWDSOXJZLWKHDUWKLQJFRQWDFW

2QO\DOORZDOLFHQVHGSURIHVVLRQDOWRFRQQHFWWKHDSSOLDQFH

,QWKHSHUPDQHQWHOHFWULFDOLQVWDOODWLRQDSDUWLWLRQPXVWEH

SURYLGHGLQWKHSKDVHVLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ

UHJXODWLRQV,GHQWLI\WKHSKDVHDQGQHXWUDOFRQGXFWRUVLQWKH

VRFNHW7KHDSSOLDQFHPD\EHGDPDJHGLILWLVQRWFRQQHFWHG

FRUUHFWO\

2QO\FRQQHFWWKHKREDFFRUGLQJWRWKHFRQQHFWLRQGLDJUDP6HH

WKHUDWLQJSODWHIRUWKHYROWDJH&RQQHFWWKHZLUHVRIWKHPDLQV

SRZHUFDEOHDFFRUGLQJWRWKHFRORXUFRGLQJ*UHHQ\HOORZ 3(

FRQGXFWRU

<EOXH QHXWUDOFRQGXFWRUEURZQ OLYHH[WHUQDO

FRQGXFWRU

,QGLDRQO\

3OHDVH QRWH WKH GLIIHUHQW FRORXU FRGH IRU WKH ZLULQJ *UHHQ\HOORZ

3(FRQGXFWRU

<EODFN QHXWUDOFRQGXFWRUUHG OLYHFRQGXFWRU

SKDVHFRQGXFWRU

6HFXULQJWKHDSSOLDQFH²)LJ

,I\RXUDSSOLDQFHKDVDSXOORXWFDUULDJHGRRUWKLVPXVWEH

UHPRYHGEHIRUHKDQG

 6OLGHWKHDSSOLDQFHDOOWKHZD\LQDQGFHQWUHLW

 6FUHZWKHDSSOLDQFHLQWRSODFH

7KHJDSEHWZHHQWKHZRUNWRSDQGDSSOLDQFHPXVWQRWEHVHDOHG

E\DGGLWLRQDOVWULSV

7KHUPDOLQVXODWLRQVWULSVPXVWQRWEHILWWHGWRWKHVLGHSDQHOVRI

WKHVXUURXQGXQLW

5HPRYDO

 'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\

 8QGRWKHVHFXULQJVFUHZV

 /LIWWKHDSSOLDQFHVOLJKWO\DQGWKHQSXOOLWRXWFRPSOHWHO\

0RQWiçQtQiYRG

'ŤOHçLWpSRN\Q\²REUi]HN

■ -HQRGERUQiYHVWDYEDSRGOHWRKRWRPRQWiçQtKRQiYRGX]DUXĀt

EH]SHĀQpSRXçtYiQt=DåNRG\]SŤVREHQpFK\EQRXYHVWDYERX

RGSRYtGiPRQWiçQtILUPD

■ 3RY\EDOHQtVSRWŒHELĀ]NRQWUROXMWH9 SŒtSDGěSRåNR]HQtEěKHP

SŒHSUDY\VSRWŒHELĀQH]DSRMXMWH

■ őLďWHVHPRQWiçQtPLSRN\Q\SUR]DEXGRYiQtSŒtVOXåHQVWYt

■ 3ŒHGXYHGHQtPGRSURYR]XRGVWUDŃWH] SHĀLFtKRSURVWRUX

D GYtŒHNREDORYìPDWHULiOD OHSLFtIyOLH

■ 9HVWDYQìQiE\WHNPXVtEìWRGROQìYŤĀLWHSORWěDçGR &

SŒLOHKOpSŒHGQtKUDQ\QiE\WNXDçGR &

■ 1H]DEXGRYiYHMWHVSRWŒHELĀ]DGHNRUDĀQtGYtŒNDQHERGYtŒND

VNŒtŃN\+UR]tQHEH]SHĀtSŒHKŒiWt

■ 9ìŒH]\Y QiE\WNXSURYHďWHSŒHG]DVD]HQtPVSRWŒHELĀH

2GVWUDŃWHSLOLQ\)XQNFHHOHNWULFNìFKVRXĀiVWHNE\PRKODEìW

QHJDWLYQěRYOLYQěQD

■ $E\VWH]DEUiQLOLSRŒH]iQtSRXçtYHMWHRFKUDQQpUXNDYLFHÿiVWL

NWHUpMVRXSŒtVWXSQpSŒLPRQWiçLPRKRXPtWRVWUpKUDQ\

■ =iVXYNDSURSŒLSRMHQtVSRWŒHELĀHPXVtEìWXPtVWěQDY REODVWL

Y\åUDIRYDQpSORFK\ $QHERPLPRSURVWRU]DEXGRYiQt

VSRWŒHELĀH

■ 1HXSHYQěQRX VNŒtŃNX SŒLSHYQěWH EěçQě SURGiYDQìP ~KHOQtNHP

%NHVWěQě

■ 5R]PěU\QDREUi]FtFKMVRXY PP

6SRWŒHELĀSRGSUDFRYQtGHVNRX²REUi]HN 

3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQXRGYěWUiYDFtYìŒH]

3UDFRYQtGHVNXSŒLSHYQěWHN YHVWDYQpPXQiE\WNX

'RGUçXMWHPRQWiçQtQiYRGSURYDUQRXGHVNX

6SRWŒHELĀYHY\VRNpVNŒtŃFH²REUi]HN 

3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQHFKYěWUDFtYìŒH]

3RNXGPiY\VRNiVNŒtŃNDNURPě]DGQtFKVWěQSŒtVOXåQìFKSUYNŤ

GDOåt]DGQtVWěQXPXVtVHWDWR]DGQtVWěQDRGVWUDQLW

6SRWŒHELĀXPtVWěWHPD[LPiOQěGRWDNRYpYìåN\DE\VWHPRKOLEH]

SUREOpPŤY\MtPDWSŒtVOXåHQVWYt

9HVWDYEDGRURKX²REUi]HN

$E\E\ORPRçQRRWHYtUDWGYtŒNDVSRWŒHELĀHMHQXWQpSŒLYHVWDYEě

GRURKXGRGUçHWUR]PěU\ &5R]PěU ']iYLVtQDWORXåŚFHSŒHGQt

KUDQ\QiE\WNXSRGPDGOHP

3ŒLSRMHQtVSRWŒHELĀHN HOHNWULFNpPXSURXGX

6SRWŒHELĀRGSRYtGiVWXSQLRFKUDQ\ ,D VPtEìWSŒLSRMHQMHQ

NDEHOHPV RFKUDQQìPYRGLĀHP

-LåWěQtPXVtEìWSURYHGHQpSRGOHYìNRQXXYHGHQpKRQDW\SRYpP

åWtWNXD PtVWQtFKSŒHGSLVŤ

3ŒL YHåNHUìFK PRQWiçQtFK SUDFtFK PXVt EìW VSRWŒHELĀ RGSRMHQì RG

VtWě

6SRWŒHELĀ VPt EìW SŒLSRMHQ SRX]H SRPRFt SŒtYRGQtKR NDEHOX NWHUì

MHVRXĀiVWtGRGiYN\=DSRMWHSŒtYRGQtNDEHOQD]DGQtVWUDQě

VSRWŒHELĀH]DFYDNQRXW

3ŒtYRGQtNDEHOGORXKì PO]HREGUçHWX ]iND]QLFNpKRVHUYLVX

9 SŒtSDGěYìPěQ\VPtEìWSRXçLWSRX]HRULJLQiOQtNDEHONWHUìO]H

REGUçHWX ]iND]QLFNpKRVHUYLVX

2FKUDQDSURWLGRW\NXPXVtEìW]DMLåWěQDYHVWDYERX

3ŒtYRGQtNDEHOVH]iVWUĀNRXV RFKUDQQìPNROtNHP

6SRWŒHELĀVHVPt]DSRMRYDWSRX]HGRSŒHGSLVRYěQDLQVWDORYDQp

HOHNWULFNp]iVXYN\V RFKUDQQìPNROtNHP

3RNXGQHQt]iVWUĀNDSRSURYHGHQtYHVWDYE\SŒtVWXSQiPXVtVH

X SHYQpHOHNWULFNpLQVWDODFHSRXçtWRGSRMRYDĀIi]tSRGOHSŒHGSLVŤ

SURLQVWDODFL

3ŒtYRGQtNDEHOEH]]iVWUĀN\V RFKUDQQìPNROtNHP

(OHNWULFNpSŒLSRMHQtVPtSURYiGěWSRX]HNRQFHVRYDQìRGERUQtN

8 SHYQpHOHNWULFNpLQVWDODFHMHWŒHEDSRXçtWRGSRMRYDĀIi]tSRGOH

SŒHGSLVŤSURLQVWDODFL,GHQWLILNXMWHIi]RYpYRGLĀHD QXORYìYRGLĀ

Y SŒLSRMRYDFt]iVXYFH9 SŒtSDGěQHVSUiYQpKRSŒLSRMHQtPŤçH

GRMtWN SRåNR]HQtVSRWŒHELĀH

3ŒLSRMHQtSURYiGěMWHSRX]HSRGOHVFKpPDWXSŒLSRMHQt1DSěWtYL]

W\SRYìåWtWHN3ŒL]DSRMRYiQtYRGLĀŤVtŚRYpSŒtSRMN\GRGUçXMWH

EDUHYQpUR]OLåHQt]HOHQRçOXWì RFKUDQQìYRGLĀ

<PRGUì

QXORYìYRGLĀKQěGì Ii]HNUDMQtYRGLĀ

8SHYQěQtVSRWŒHELĀH²REUi]HN 

8 VSRWŒHELĀŤV YìVXYQìPLGYtŒN\SHĀLFtKRYR]tNXVHPXVtQDSŒHG

GHPRQWRYDWGYtŒND

 6SRWŒHELĀ]FHOD]DVXŃWHD VWŒHGRYěY\URYQHMWH

 6SRWŒHELĀSŒLåURXEXMWH

0H]HUDPH]LSUDFRYQtGHVNRXD VSRWŒHELĀHPVHQHVPt]DNUìYDW

çiGQìPLSŒtGDYQìPLOLåWDPL

1DSRVWUDQQtFKVWěQiFKYHVWDYQpVNŒtŃN\QHVPtEìWSŒLSHYQěQp

WHSHOQěL]RODĀQtOLåW\

'HPRQWiç

 6SRWŒHELĀRGSRMWHRGVtWě

 3RYROWHXSHYŃRYDFtåURXE\

 6SRWŒHELĀPtUQěQD]GYLKQěWHD ]FHODY\WiKQěWH

0RQWHULQJVYHMOHGQLQJ

9LJWLJHDQYLVQLQJHUILJXU

■ .XQ NRUUHNW LQGE\JQLQJ L KHQKROG WLO GHQQH PRQWHULQJVYHMOHGQLQJ

VLNUHUVLNNHUEUXJ0RQW¡UHQKIWHUIRUVNDGHUVRPVN\OGHV

IRUNHUWLQGE\JQLQJ

■ .RQWUROOHUDSSDUDWHWQnUGHWHUSDNNHWXG$SSDUDWHWPnLNNH

WLOVOXWWHVKYLVGHWKDUWUDQVSRUWVNDGHU

■ )¡OJDQYLVQLQJHUQHLPRQWDJHEODGHQHYHGULQGE\JQLQJDI

WLOEHK¡UVGHOH

■ )MHUQHPEDOODJHPDWHULDOHRJNOEHIROLHIUDRYQUXPPHWRJ

RYQG¡UHQLQGHQLEUXJWDJQLQJHQ

■ ,QGE\JQLQJVVNDEHVNDOYUHWHPSHUDWXUEHVWDQGLJHRSWLO&

RJIURQWHUSnWLOJUQVHQGHVNDEHRSWLO&

■ $SSDUDWHWPnLNNHLQGE\JJHVEDJHWGHNRUDWLRQVSDQHO)DUH

VRPI¡OJHDIRYHURSKHGQLQJ

■ 8GVNULQJHUQHLLQGE\JQLQJVVNDEHWVNDOXGI¡UHVLQGHQ

DSSDUDWHWVWWHVSnSODGV)MHUQVSnQHUQH'HNDQIRUULQJH

HOHNWULVNHNRPSRQHQWHUVIXQNWLRQ

■ %UXJEHVN\WWHOVHVKDQGVNHUIRUDWXQGJnVQLWVnU'HUNDQYUH

GHOHPHGVNDUSHNDQWHUVRPHUWLOJQJHOLJHXQGHUPRQWDJHQ

■ 7LOVOXWQLQJVGnVHQKYRUDSSDUDWHWWLOVOXWWHVVNDOYUHSODFHUHW

LQGHQIRUGHWVNUDYHUHGHRPUnGH $HOOHUXGHQIRU

LQGE\JQLQJVUXPPHW

■ ,NNHIDVWJMRUWHN¡NNHQVNDEHVNDOIDVWJ¡UHVWLOYJJHQPHGHW

DOPLQGHOLJWYLQNHOEHVODJ %

■ 0nOLLOOXVWUDWLRQHUHUDQJLYHWLPP



$SSDUDWXQGHUERUGSODGHILJXU

'HUVNDOYUHHQXGVNULQJWLOYHQWLODWLRQLLQGE\JQLQJVVNDEHWV

PHOOHPEXQG

)DVWJ¡UERUGSODGHQWLOLQGE\JQLQJVVNDEHQH

2YHUKROGPRQWDJHYHMOHGQLQJHQIRUNRJHVHNWLRQHQ

$SSDUDWLK¡MVNDEILJXU

,QGE\JQLQJVVNDEHWVPHOOHPEXQGHVNDOKDYHXGVNULQJHUWLO

YHQWLODWLRQ

+YLVK¡MVNDEHWXGRYHUHOHPHQWEDJYJJHQKDUHQGQXHQ

EDJYJVNDOGHQIMHUQHV

$SSDUDWHWPnLNNHLQGE\JJHVK¡MHUHRSSHHQGDWWLOEHK¡UHWNDQ

WDJHVXGXGHQSUREOHPHU

+M¡UQHLQGE\JQLQJILJXU

9HGKM¡UQHLQGE\JQLQJVNDOPnOHQH 'RYHUKROGHVIRUDWDSSDUDWHW

G¡UVNDONXQQHnEQHV0nOHW 'DIKQJHUDIP¡EHOIURQWHQV

W\NNHOVHXQGHUKnQGWDJHW

(OHNWULVNWLOVOXWQLQJ

$SSDUDWHWHUNODVVLILFHUHWLEHVN\WWHOVHVNODVVH ,RJPnNXQ

DQYHQGHVPHGVLNNHUKHGVMRUGIRUELQGHOVH

$IVLNULQJHQVNDOXGI¡UHVLKHQKROGWLOGHWDQJLYQHHIIHNWIRUEUXJSn

W\SHVNLOWHWRJGHORNDOHIRUVNULIWHU

$SSDUDWHWVNDOYUHXGHQHOHNWULVNVSQGLQJYHGDOOHIRUPHUIRU

PRQWDJHDUEHMGH

$SSDUDWHWPnNXQWLOVOXWWHVPHGGHQOHYHUHGHWLOVOXWQLQJVOHGQLQJ

6WLNWLOVOXWQLQJVOHGQLQJHQLQGSnEDJVLGHQDIDSSDUDWHWNOLN

'HUNDQInVHQWLOVOXWQLQJVOHGQLQJSnPKRVNXQGHVHUYLFH

7LOVOXWQLQJVOHGQLQJHQPnNXQXGVNLIWHVPHGHQRULJLQDO

WLOVOXWQLQJVOHGQLQJVRPNDQEHVWLOOHVYLDNXQGHVHUYLFH

,QGE\JQLQJHQVNDO\GHEHU¡ULQJVEHVN\WWHOVH

7LOVOXWQLQJVOHGQLQJPHGVWLNWLOVLNNHUKHGVNRQWDNW

$SSDUDWHWPnNXQWLOVOXWWHVWLOHQNRUUHNWLQVWDOOHUHW

VLNNHUKHGVVWLNNRQWDNW

+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

7LOVOXWQLQJVOHGQLQJXGHQVWLNWLOVLNNHUKHGVNRQWDNW

$SSDUDWHWPnNXQWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG

9HGHQIDVWHOHNWULVNLQVWDOODWLRQVNDOGHUYUHPRQWHUHWHQ

DIEU\GHUDQRUGQLQJSnIDVHUQHLKHQKROGWLO

LQVWDOODWLRQVEHVWHPPHOVHUQH,GHQWLILFHUIDVHRJQXOOHGHUL

WLOVOXWQLQJVGnVHQ+YLVDSSDUDWHWWLOVOXWWHVIRUNHUWNDQGHWEOLYH

EHVNDGLJHW

0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW9HGUVSQGLQJVH

W\SHVNLOW7LOVOXWQHWWLOVOXWQLQJVOHGQLQJHQVOHGHUHLKW

IDUYHPDUNHULQJHQ JU¡QJXO EHVN\WWHOVHVOHGHU

< EOn QXOOHGHU

EUXQ IDVH\GHUOHGHU

.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

)DVWJ¡UHDSSDUDWILJXU

9HG DSSDUDWHU PHG XGWUNNHOLJ EDJHYRJQVG¡U VNDO G¡UHQ IMHUQHV

IRULQGHQ

 6N\GDSSDUDWHWKHOWLQGRJFHQWUHUGHW

 6NUXDSSDUDWHWIDVW

6SDOWHQPHOOHPERUGSODGHRJDSSDUDWPnLNNHOXNNHVPHGHNVWUD

OLVWHU

'HUPnLNNHSODFHUHVOLVWHUWLOYDUPHEHVN\WWHOVHSn

LQGE\JQLQJVVNDEHWVVLGHYJJH

$IPRQWHULQJ

 6¡UJIRUDWDSSDUDWHWHUXGHQVSQGLQJ

 6NUXPRQWHULQJVVNUXHUQHXG

 /¡IWDSSDUDWHWOLGWRJWUNGHWKHOWXG

̯̓͆͂̾̈́͐͉̻̈́͂̀͒͑͒̀͑͆͐

̵͉͎̓͏͕͓͋͌̿͖͇͇͓͑͆́͐͋̨͋͌͝͏̓

■ ̬͚͎͌͆͑͗͑͒̽͉̻̈́͂̀͒͑͒̀͑͆͔͑͛͋͗͌̀͋·͓̼̀͒͐͈͒͐͎̓͆͂̾̈́͐

͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͓̻͈̈́͂͂͒̀ ͒͆͌ ͔̀͑̀͊̽ ͈͎͓͊̈́͒͏͂̾̀ ̲̈́ ̈́͏̾͒͗͑͆

͎͓͈͎͓̓͆͋͏͇͎͂͆͛͌͈̼͆͋͐ͅ̀͚̻͇͎͊͐͉̻̈́͂̀͒͑͒̀͑͆͒͆͌͓͇̈́͛͌͆

͔̼͏͈̈́͎͉̻̈́͂̀͒̀͑͒͒͆͐

■ ̬̻̈́͒͒͆͌͔̀̀̾͏̈́͑͆̀͚͒͆͓͉͓͑͑̈́̀͑̾̀̼͍̈́͊͂͒̈́͒͆͓͉͓͑͑̈́̽̲̈́

̈́͏̾͒͗͑͆͈̻͆͋͐ͅ͉̻̀͒͒͆͔͎͋̈́͒̀͏̻͋͆͌͒͆͌͓̼͑͌̓͑̈́͒̈́

■ ̰͏͎̼͍͑͒̈́͒̀͔͛͊͊̀͓͑͌̀͏͎͚͋͊͂͆͑͆͐͈͂̀͒͆͌͉̻̈́͂̀͒͑͒̀͑͆͒͗͌

͍̈́̀͏̻͒͆͋͒͗͌

■ ̢͎͉͋̀͏͛͌̈́͒̈́͒̀͓͈͉̻͊͓͉͓͑͑̈́̀͑̾̀͐͉͈̀͈͒͐͉͎͈͉̼͊͊͆͒͐

͋̈́͋́͏̻͌̈́͐ ͏͈͌ ͒͆ ͇̼͑͆ ͑̈́ ͈͎͓͊̈́͒͏͂̾̀ ̀͚ ͎͒ ͕͜͏͎ ͈͋̀͂̈́͏̼͎͋̀͒͐

͉͈̀͒͆͌͚͏͒̀

■ ̳̀͎͈͕͈͚̈́͌͒͋̈́͌̀ͅ͎͓̻͌͒͊͈̀͏̼͈̈́͌̀͈̈́̾͌̀͇͉͈͉̻̀͌̈́͒͑͒͆

͇̈́͏͎͉͋͏̀͑̾̀̼͕͋͏͈͎͓͒͐&͎͈̓̈́͈͎͈͉̼͂̈́͒͌͐͏͎͚͖͈͑̈́͐͒͗͌

͎͓͌͒͊̀͈͌͜̼͕͋͏͈&

■ ̬͆͌͎͒͎͇̈́͒̽͑̈́͒̈́͒͆͓͉͓͑͑̈́̽̾͑͗̀͚͈͋̀͈͉͎͈͉̓̀͑͋͆͒̽͚͏͒̀

̽͚͏͒̀͎͓͌͒͊̀͈͎͛̴̻͏͕͈̈́͉͓͎̾͌̓͌͐͓̈́͏͇̼͏͋̀͌͑͆͐

■ ̰͏͎̀͂͋̀͒͎͈̽͑͒̈́͈͒͐̈́͏͂̀͑̾̈́͐͉͎̽͐͒͗͌͎͈̻̀͌͂͋͒͗͌͎͑͒

͎͓̻͌͒͊͈͏͈͌͒͆͌͎͒͎͇̼͒͆͑͆͒͆͐͓͉͓͑͑̈́̽͐̢͔͈̀͏̼͑͒̈́͒̀

̀͚́͊͆͒̀͏͈͎͈͌̾̓̀͂͏̼͈̀ͅ̧͈͎͓͊̈́͒͏͂̾̀͒͗͌͉͆͊̈́͒͏͈͉͌͜

͍̈́̀͏̻͒͆͋͒͗͌͋͎͏̈́̾͌̀̈́͆͏̈́̀͑͒̈́̾̀͏͈͉̻͌͆͒

■ ̤͈̀͒͆͌̀͎͔͓͂̽͒͏͓͈̀͋̀͒͑͋͌͜͔͎͏̻͒̈́̻͈͂͌͒̀

͏͎͑͒̀͑̾̀͐̥͍̀͏͒̽͋̀͒̀͒̀͎͎̾̀͉̻̀͒͒͆͈̻̓͏͉͈̈́̀͒͆͐

͓͑͌̀͏͎͚͋͊͂͆͑͆͐͈̈́̾͌̀͏͎͈̻͑͒͋͎͏̈́̾͌̀͈̈́̾͌̀͉͎͔͒̈́͏̻

■ ̳͎͉͎͓͒̾͑͛͌̓̈́͑͆͐͒͗͌͓͉͓͑͑̈́͌͜͏̼͈̈́͌̀́͏͉͈̾͑̈́͒̀͑͒͆͌

̈́͏͈͎͕̽͒͆͐͂͏͎͉͈̼̀͋͋͑̀͑͋͌͆͐̈́͈͔̻͈͌̈́̀͐ $̽̼͍͗̀͚͎͒͕͜͏͎

͎͒͎͇̼͒͆͑͆͐

■ ̲͒̈́͏̈́͑͒̈́͜͒̀͋͆͑͒̈́͏̼̈́͗͋͌̀͎͓̻͌͒͊͈̀͋̈́͈͋̀͓͇͈̼͑͌͆͑͋͌͆

͂͗͌̾̀͎͓͒̈́͋͎͏͎͓̾ %͎͑͒͌͎͕͎͒̾

■ ῭͈̻͈͑͒͑̈́͐͒͗͌͈͉͚̈́͌͗͌͑̈́PP

̵͖͔͇͖͌̀͕͚͌̾̓͝͕͑͏̾͌͑ͅ͇͔͓͒̓́̓ͅ̨͋͌

̤͈̀͎͒͌̀̈́͏͈͚͑͋͒͆͐͓͉͓͑͑̈́̽͐͏̼͈̈́͎͈̻͎̈́͌̓͋̈́͑͐̻͎͒͐͌̀̼͕͈̈́

̼͌̀̻͎͈͌͂͋̀͍̈́̀̈́͏͈͎͑͋͛

̲͒̈́͏̈́͑͒̈́͜͎͒͌̻͉͎͂̈́͏͂̀͑̾̀͐̻͌͗͑͒̀͎͈͕͈͚̈́͌͒͋̈́͌̀ͅ͎͓̻͌͒͊͈̀

̰͏͎̼͍͑͒̈́͈͒͐͎̓͆͂̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐͒͆͐̻́͑͆͐͈̈́͑͒͌͜

̵͖͔͇͖͌̀͔͇͙͉͍͝͏͕͖͍͑̾͋̨͋͌

̤͈̀͎͒͌̀̈́͏͈͚͑͋͒͆͐͓͉͓͑͑̈́̽͐͏̼͈̈́͎͈͈̻͎͈̈́͌̓͋̈́͑̻͎͈͒͌̀̼͕͎͓͌

̼͌̀̻͎͈͌͂͋̀͍̈́̀̈́͏͈͎͑͋͛

̞͒̀͌͎͒͖͚͆͊͎͓̻͌͒͊͈̼͕͈̈́͏͚͇͑̈́͒̀͑͒̀̾͑͗͎͈͕͒͋̀͒̀͜͒͗͌

͍͕̈́͗͏͈͑͒͌͜͎͈͕͑͒̈́̾͗͌̼͌̀̈́͈̼͎͊͌̾͑͗͎͕͒̾͗͋̀͏̼͈̈́͓͚̀͒͌̀

͔͈̀̀͏͇̈́̈́̾

̳͎͎͇̈́͒̽͑͒̈́͒͆͓͉͓͑͑̈́̽͚͎͋͌͚͎͒͑͖̻͆͊͑͒̈́͜͌̀͋͎͏͎͛͌͌̀

̀͎͉͋̀͏͎͈͛͌͌͒̀͒̀͍̈́̀͏͒̽͋̀͒̀͕͗͏̾͐͏͚́͊͆͋̀

̶͑͕͉͔͉͑͊̿͔͇͚ͅ͏́̓̨͋͌

̤͈̀͌̀͋͎͏̈́̾͌̀͎͍͈̀͌̾̈́͆͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐͉̻̀͒͒͆͌

͎͒͎͇̼͒͆͑͆ ͑̈́ ͂͗͌̾̀ ̻͊́̈́͒̈́ ͓͚͖͆ ͈͒͐ ͈̻͈̓̀͑͒͑̈́͐ & ̧ ͈̻̓͑͒̀͑͆ '

͍̈́̀͏̻͈͒͒̀ ̀͚ ͎͒ ̻͕͎͐ ͒͆͐ ͏͚͎͖͑͆͐ ͎͓͒ ͎͓͌͒͊̀͈͎͛ ͉̻͒͗ ̀͚ ͒͆

͊̀́̽

̪͍͇͕͌͒͋͌̀͔͞͏͇͔͉͆͕͉͓͔͖͔͇͖͓͌̀

̧͓͉͓͑͑̈́̽̀͌͒̀͎͉͏͈̾͌̈́͒̀͑͒͆͌͉͎̀͒͆͂͏̾̀͏͎͑͒̀͑̾̀͐ ,͉͈̀

̈́͈͒͏̼͈̈́͒̀͌̀͈͎͓͊̈́͒͏͂̈́̾͚͎͋͌͋̈́͑͛͌̓̈́͑͆͎̀͂͗͂͛͏͎͑͒̀͑̾̀͐

͂̈́̾͗͑͆

̧͔̻͈̀͑͊̈́̀͏̼͈̈́͌̀̀͌͒̀͎͉͏͈̾͌̈́͒̀͑͒̀͎͈͕͑͒̈́̾̀͈͕͎͑͛͐͑͒͆͌

͈͉͌̀̾̓̀͒͛͎͓͉͈̀͈͑͒͐͎͒͈͉̼͐͏͎͈̓̀͂͏͔̼̀͐

̲̈́͚͊̈́͐͈͒͐̈́͏͂̀͑̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐͏̼͈̈́͆͓͉͓͑͑̈́̽͌̀

́͏͉͈̾͑̈́͒̀͉͚̈́͒͐̻͒͑͆͐

̧͓͉͓͑͑̈́̽̈́͈͒͏̼͈̈́͒̀͌̀͓͇͑͌̓̈́̈́̾͚͎͋͌͋̈́͎͒͓̼͎͑͌͆͋͋͌͉͈͎̀͊̓͜

͑͛͌̓̈́͑͆͐̲͓̼͌̓͑͒̈́͎͒͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐͑͒͆͌̾͑͗͓͊̈́͏̻͒͆͐

͓͉͓͑͑̈́̽͐͉͈͉͊

7\SH(

7\SH.



̛͌̀͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐P͈̈́̾͌̀͈͇̼͈͎̓̀͑͋͑͒͆͌͓͆͏̈́͑̾̀

͍͓̈́͆͏̼͒͆͑͆͐̈́͊̀͒͌͜

̳͎͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐̈́͈͒͏̼͈̈́͒̀͌̀͈͉͇̀͌͒̀͒̀͑͒̀̈́̾͚͎͋͌͋̈́̼͌̀

͈͎͂͌̽͑͉͈͎̀͊̓͜͈͇̼͈͎̓̀͑͋̼͋͑͗͒͆͐͓͆͏̈́͑̾̀͐͍͓̈́͆͏̼͒͆͑͆͐

̈́͊̀͒͌͜

̧͏͎͑͒̀͑̾̀̈́͔̀̽͐͏̼͈̈́͌̀͍͔͈̈́̀͑̀͊̾̈́͒̀ͅ͋̈́͒͆͌͎͒͎͇̼͒͆͑͆

̭͍̓͆͋͑͟͔͞͏͇͔͉͓͆͎͇͓͗͋͔͑͌͑͞

̧͓͉͓͑͑̈́̽̈́͈͒͏̼͈̈́͒̀͌̀͓͇͑͌̓̈́̈́̾͚͎͋͌͑̈́͈͋̀͏̾̀ͅ͎͉͎͑͛͎͓

͈̈́̾͌̀͉̼̈́͂̀͒̈́͑͒͆͋͌͆͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐

̥̻͌ ͎͒ ͔͈͐ ̻͋̈́͒ ͒͆͌ ͎͒͎͇̼͒͆͑͆ ̓̈́͌ ͈̈́̾͌̀ ̼͎͊͌ ͏͎͈͚͑͒ ͏̼͈̈́ ͑͒͆

͚͈͋͌͋͆͉͆͊̈́͒͏͈͉̽͉̻̈́͂̀͒͑͒̀͑͆͌̀͏͎̼́͊͈̈́͒̀͈͋̀͈̻͍̓͒̀͆

͈͉͎̓̀̽͐͈͑͒͐͔̻͈͑̈́͐͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐͉̻̈́͂̀͒͑͒̀͑͆͐

̭͍̓͆͋͑͟͔͞͏͇͔͉͓͆͚͓͒́͘͓͗͋͔͑͌͑͞

̬͚͎͌̼͌̀͐͈͎͕͎̀̓̈́͛͐͉̻̈́͂̀͒̀͑͒͒͆͐̈́͈͒͏̼͈̈́͒̀͌̀͓̼͈͑͌̓͑̈́͒͆

͓͉͓͑͑̈́̽

̲͒͆͚͈͋͌͋͆͉͆͊̈́͒͏͈͉̽͉̻̈́͂̀͒͑͒̀͑͆͏̼͈̈́͌̀͏͎̼́͊͈̈́͒̀͈͋̀

͈̻͍̓͒̀͆͈͉͎̓̀̽͐͈͑͒͐͔̻͈͑̈́͐͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐

͉̻̈́͂̀͒͑͒̀͑͆͐̥͍͉̀͏͈́͑͒̈́͜͎͓͒͐͎̀͂͗͂͛͐͒͗͌͔̻͑̈́͗͌͉͈̀͎͒͌

͎͓̼̓͒̈́͏͎͚̀͂͗͂̼͋͆̓͌͎͑͒͉͎͓͒̾͑͛͌̓̈́͑͆͐̲̈́̈́͏̾͒͗͑͆

͔̼̈́͑̀͊͋͌͆͐͑͛͌̓̈́͑͆͐͋͎͏̈́̾͆͓͉͓͑͑̈́̽͌̀͓͎͑͒̈́̾͈̻͆͋ͅ

̲͓̼͌̓͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͚͎͋͌ ͔͑͛͋͗͌̀ ͋̈́ ͎͒ ͕̼͈͎͑̓ ͑͛͌̓̈́͑͆͐ ̤͈̀ ͒͆͌

̻͒͑͆̼́͊̈́͑͒͆͌͈͉͌̀̾̓̀͒͛͎͓̲͓̼͌̓͑͒̈́͎͓͒͐͉͎͓͊͌͐͜͎͓͒

͉͎͓̀͊͗̓̾͑͛͌̓̈́͑͆͐͔͑͛͋͗͌̀͋̈́͒̀͎͈͕̀͌͒̾͑͒̀͕͏͋̀͒̀͜

̰͏̻͈͎͉͑͌̾͒͏͈͎͌ ̢͚͂͗͂͐ ͏͎͑͒̀͑̾̀͐

< ͋͊̈́ ̯͓̼̓͒̈́͏͎͐ ͚̀͂͗͂͐

̼͋͆̓͌͉͔̼̀ ̵̻͑͆͍̈́͗͒̈́͏͈͉͚͐͚̀͂͗͂͐

̵͕͇͚͔͉͒̿͕͉͓͔͖͔͇͖͓͌̀̨͋͌

̲͈͒͐͓͉͓̼͑͑̈́͐͋̈́͚͏͒̀͎̼͎͓́̀͂͌͒͔͎͛͏͎͓͌͏̼͈̈́͏͎͎͓̼͆͂͋͌͗͐

͌̀͔͈̀̀͏͇̈́̈́̾͆͚͏͒̀

 ̲͏͍͒̈́͜͒͆͓͉͓͑͑̈́̽̈́͌͒̈́͊͐͜̼͋͑̀͉͈̀͉̈́͌͒͏̻͏̼̈́͒͒͆͌

 ̣͈̓͑͒̈́͜͉̻̀͊͒͆͓͉͓͑͑̈́̽

̧͕͈͑͑͋̽͍͋̈́͒̀͛͎͓͒̻͉͎͓͂̈́͏͂̀͑̾̀͐͉͈̀͒͆͐͓͉͓͑͑̈́̽͐̓̈́͌

̈́͈͒͏̼͈̈́͒̀͌̀͉͓͔͇̀͊̈́̾̀͚͏͚͇͑̈́͒̀͕̻͉͈͆̀

̲͒̀͓͊̈́͏͈͉̻͎͈͕͒͋̀͒̀͜͎͓͒͎͓͌͒͊̀͈͎͛͎͈͕͈͎̈́͌͒͑͋͛̓̈́͌

̈́͈͒͏̼͈̈́͒̀͌̀͎͒͎͇͇͎̈́͒͆͛͌͕̻͉͈͆̀͇̈́͏͎͋͏͎͑͒̀͑̾̀͐

̥͇͔͉͗̓́͒

 ̨̼͑͒̈́͒͆͓͉͓͑͑̈́̽͉͚̈́͒͐̻͒͑͆͐

 ̫͛͑͒̈́͈͒͐́̾̓̈́͐͑͒̈́͏̼͗͑͆͐

 ̢͉͌̀͑͆͑͒̈́͜͔̈́͊̀͏̻͒͆͓͉͓͑͑̈́̽͉͈̀͒͏͍̀́̽͒̈́͒͆͌̈́͌͒̈́͊͐͜̼͍͗

,QVWUXFFLRQHVGHPRQWDMH

$GYHUWHQFLDVLPSRUWDQWHVILJXUD

■ 6RORXQPRQWDMHSURIHVLRQDOVHJ~QHVWDVLQVWUXFFLRQHVGH

PRQWDMH JDUDQWL]D XQ XVR VHJXUR (Q FDVR GH GDxRV GHELGR D XQ

PRQWDMHHUUyQHRODUHVSRQVDELOLGDGVHUiGHOLQVWDODGRU

■ &RPSUREDUHODSDUDWRWUDVVDFDUORGHOHPEDODMH(O

HOHFWURGRPpVWLFRQRGHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGR

GDxRVGXUDQWHHOWUDQVSRUWH

■ 7HQHUHQFXHQWDODVKRMDVGHLQVWUXFFLRQHVSDUDODLQVWDODFLyQ

GHORVDFFHVRULRV

■ $QWHVGHSRQHUHQPDUFKDHOHOHFWURGRPpVWLFRUHWLUDUHO

PDWHULDO GH HPEDODMH \ ODV OiPLQDV DGKHUHQWHV GH OD SXHUWD \ GHO

LQWHULRUGHOHOHFWURGRPpVWLFR

■ /RVPXHEOHVGRQGHVHDORMDHOHOHFWURGRPpVWLFRGHEHQSRGHU

UHVLVWLUXQDWHPSHUDWXUDGHKDVWD &\ORVIURQWDOHVGHORV

PXHEOHVDG\DFHQWHVKDVWD &

■ 1RLQVWDODUHODSDUDWRGHWUiVGHXQDSXHUWDGHFRUDWLYDRGH

PXHEOH([LVWHULHVJRGHVREUHFDOHQWDPLHQWR

■ /OHYDUDFDERORVWUDEDMRVGHUHFRUWHHQHOPXHEOHDQWHVGH

FRORFDUHOHOHFWURGRPpVWLFR5HWLUDUODVYLUXWDV3RGUtDQDIHFWDU

DOIXQFLRQDPLHQWRGHORVFRPSRQHQWHVHOpFWULFRV

■ /OHYDUJXDQWHVSURWHFWRUHVSDUDHYLWDUFRUWHV/DVSLH]DVTXH

HVWpQDFFHVLEOHVGXUDQWHHOPRQWDMHSXHGHQWHQHUORVERUGHV

DILODGRV

■ /DWRPDGHFRUULHQWHGHOHOHFWURGRPpVWLFRGHEHTXHGDUGHQWUR

GHOD]RQDGHODVXSHUILFLHVRPEUHDGD $RIXHUDGHOHVSDFLRGH

PRQWDMH

■ )LMDUDODSDUHGORVPXHEOHVTXHQRHVWpQILMDGRVFRQXQD

HVFXDGUDHVWiQGDU %

■ /DVPHGLGDVGHODVLPiJHQHVHVWiQHQPP

$SDUDWRGHEDMRGHXQDHQFLPHUDILJXUD

3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ

XQDUDQXUDGHYHQWLODFLyQ

)LMDUODHQFLPHUDVREUHHOPXHEOHHPSRWUDGR

7HQHUHQFXHQWDODVLQVWUXFFLRQHVGHPRQWDMHGHODSODFDGH

FRFFLyQ

$SDUDWRHQXQDUPDULRHQDOWRILJXUD

3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ

XQDUDQXUDGHYHQWLODFLyQ

&XDQGRHODUPDULRHQDOWRFXHQWDFRQRWUDSODFDSRVWHULRU

DGLFLRQDO DO PDUJHQ GH ODV SODFDV SRVWHULRUHV HVWD GHEH UHWLUDUVH

1RPRQWDUHODSDUDWRGHPDVLDGRDOWRDILQGHSRGHUUHWLUDUORV

DFFHVRULRVVLQSUREOHPDV

0RQWDMHHQHVTXLQDILJXUD

3DUDTXHVHDSRVLEOHDEULUODSXHUWDGHODSDUDWRREVHUYDUXQD

GLVWDQFLD &HQHOPRQWDMHHQHVTXLQD/DPHGLGD 'GHSHQGHGHO

JURVRUGHOIURQWDOGHOPXHEOHEDMRHOWLUDGRU

&RQH[LyQGHODSDUDWRDODUHGHOpFWULFD

(OHOHFWURGRPpVWLFRSHUWHQHFHDODFODVHGHSURWHFFLyQ ,\VROR

SXHGH XWLOL]DUVH FRQHFWDGR D XQD FRQH[LyQ FRQ FRQGXFWRU GH WRPD

DWLHUUD

/DSURWHFFLyQSRUIXVLEOHGHEHFRQILJXUDUVHGHDFXHUGRFRQORV

GDWRV GH SRWHQFLD LQGLFDGRV HQ OD SODFD GH FDUDFWHUtVWLFDV \ FRQ OD

QRUPDWLYDORFDO

(OHOHFWURGRPpVWLFRGHEHHVWDUVLQWHQVLyQSDUDSRGHUUHDOL]DUORV

WUDEDMRVGHPRQWDMH

(ODSDUDWRVRORSXHGHFRQHFWDUVHFRQHOFDEOHGHFRQH[LyQ

VXPLQLVWUDGR&RQHFWDUHOFDEOHGHFRQH[LyQHQODSDUWHSRVWHULRU

GHODSDUDWRGHEHRtUVHXQFOLF

3XHGHDGTXLULUVHXQFDEOHGHFRQH[LyQGH PDWUDYpVGHO

6HUYLFLRGH$WHQFLyQDO&OLHQWH

(OFDEOHGHFRQH[LyQVRORSXHGHVHUVXVWLWXLGRSRUXQFDEOH

RULJLQDO TXH SXHGH VROLFLWDUVH D WUDYpV GHO 6HUYLFLR GH $WHQFLyQ DO

&OLHQWH

0HGLDQWHHOPRQWDMHGHEHJDUDQWL]DUVHODSURWHFFLyQFRQWUD

FRQWDFWRDFFLGHQWDO

&DEOHGHFRQH[LyQFRQFRQHFWRUFRQFRQWDFWRGHSXHVWDD

WLHUUD

(OHOHFWURGRPpVWLFRVRORSRGUiFRQHFWDUVHDXQDWRPDGH

FRUULHQWHGHLQVWDODFLyQUHJODPHQWDULD\SURYLVWDGHWRPDDWLHUUD

6HJ~QODVQRUPDVVLHOFRQHFWRU\DQRHVDFFHVLEOHWUDVHO

PRQWDMH OD LQVWDODFLyQ HOpFWULFD FRQ WRPD GH WLHUUD GHEHUi FRQVWDU

GHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV

&DEOHGHFRQH[LyQVLQFRQHFWRUFRQFRQWDFWRGHSXHVWDD

WLHUUD

/DFRQH[LyQGHODSDUDWRGHEHUHDOL]DUVHH[FOXVLYDPHQWHSRUXQ

WpFQLFRHVSHFLDOLVWDDXWRUL]DGR

6HJ~QODVQRUPDVODLQVWDODFLyQHOpFWULFDFRQWRPDGHWLHUUD

GHEHUiGLVSRQHUGHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV

,GHQWLILFDUHOFRQGXFWRUGHIDVH\HOFRQGXFWRUQHXWUR©FHURªGH

ODWRPDGHFRUULHQWH(ODSDUDWRSXHGHUHVXOWDUGDxDGRVLQRVH

FRQHFWDGHODIRUPDDGHFXDGD

&RQHFWDUHODSDUDWRVHJ~QHOHVTXHPDGHFRQH[LyQ&RQVXOWDUOD

WHQVLyQHQODSODFDGHFDUDFWHUtVWLFDV&RQHFWDUORVFRQGXFWRUHV

GHOFDEOHGHFRQH[LyQDODUHGGHDFXHUGRFRQODFRGLILFDFLyQSRU

FRORUHV YHUGHDPDULOOR WRPD D WLHUUD

< D]XO FHUR FRQGXFWRU

QHXWURPDUUyQ IDVHFRQGXFWRUH[WHULRU

)LMDUHOHOHFWURGRPpVWLFRILJXUD

(QDSDUDWRVFRQSXHUWDGHVOL]DEOHH[WUDtEOHHVWDVHGHEHTXLWDU

DQWHV

 ,QWURGXFLUHOHOHFWURGRPpVWLFRSRUFRPSOHWR\FHQWUDUOR

 $WRUQLOODUHOHOHFWURGRPpVWLFR

(OHVSDFLRHQWUHODHQFLPHUD\HOHOHFWURGRPpVWLFRQRGHEH

REVWUXLUVHFRQOLVWRQHVVXSOHPHQWDULRV

(QODVSDUHGHVODWHUDOHVGHODUPDULRGHVPRQWDEOHQRVHSXHGHQ

PRQWDUOLVWRQHVWpUPLFRV

'HVPRQWDMH

 'HVFRQHFWDUHODSDUDWRGHODFRUULHQWH

 $IORMDUORVWRUQLOORVGHDMXVWH

 /HYDQWDUOLJHUDPHQWHHODSDUDWR\H[WUDHUORSRUFRPSOHWR

$VHQQXVRKMH

7lUNHLWlRKMHLWDNXYD

■ /DLWWHHQWXUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQVHDVHQQHWDDQ

DVLDQPXNDLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ9llUlVWl

DVHQQXNVHVWDMRKWXYLVWDYDKLQJRLVWDYDVWDDDVHQWDMD

■ 7DUNDVWDODLWHNXQROHWSXUNDQXWVHQSDNNDXNVHVWD-RV

ODLWWHHVVDRQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q

■ 1RXGDWDOLVlRVLHQDVHQQXVWDNRVNHYLDDVHQQXVRKMHLWD

■ 3RLVWDSDLNNDXVPDWHULDDOLMDOLLPDNDOYRWXXQLWLODVWDMDOXXNXVWD

HQQHQODLWWHHQNl\WW||QRWWRD



■ .DOXVWHLGHQMRLKLQODLWHDVHQQHWDDQSLWllNHVWllOlPS|WLODD

 &YLHUHVVlROHYLHQNDOXVWHLGHQHWXRVLHQYlKLQWllQ

OlPS|WLODD &

■ bOl DVHQQD ODLWHWWD VRPLVWH WDL NDOXVWHRYHQ WDDNVH 9DDUDQD RQ

\OLNXXPHQHPLQHQ

■ 7HHNDOXVWHHQOHLNNDXVW\|WHQQHQODLWWHHQDVHQWDPLVWD3RLVWD

ODVWXW6lKN|LVWHQUDNHQQHRVLHQWRLPLQWDYRLKlLULLQW\l

■ .l\Wl VXRMDNlVLQHLWl MRWWD YlOWlW YLLOWRKDDYDW 2VDW MRLKLQ SllVHW

DVHQQXNVHQDLNDQDNlVLNVLYRLYDWROODWHUlYlUHXQDLVLD

■ /DLWWHHQOLLWlQWlUDVLDQWXOHHROODYLLYRLWHWXQSLQQDQDOXHHOOD $WDL

DVHQQXVDOXHHQXONRSXROHOOD

■ .LLQQLWlLUUDOOLVHWNDOXVWHHW\OHLVHVWLVDDWDYDQDROHYDOOD

NXOPDOHY\OOl %VHLQllQ

■ .XYLHQPLWDWPP

/DLWHW\|WDVRQDOODNXYD

9lOLSRKMDVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ

.LLQQLWlW\|WDVRNDOXVWHHVHHQ

1RXGDWDNHLWWRWDVRQDVHQQXVRKMHWWD

/DLWHNRUNHDVVDNDDSLVVDNXYD

9lOLSRKMLVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ

-RVNRUNHDVVDNDDSLVVDRQHOHPHQWWLWDNDVHLQLHQOLVlNVLWRLQHQ

WDNDVHLQlVHRQSRLVWHWWDYD

$VHQQD ODLWH YDLQ QLLQ NRUNHDOOH HWWl YDUXVWHHW VDD RWHWWXD KHOSRVWL

XORV

$VHQQXVNXOPDDQNXYD

-RWWDODLWWHHQOXXNNXVDDGDDQDYDWWXDRWDNXOPDDQDVHQWDHVVDVL

KXRPLRRQ PLWDW & 0LWWD ' ULLSSXX NDOXVWHHQ HWXRVDQ SDNVXXGHVWD

NDKYDQDODSXROHOOD

/DLWWHHQOLLWWlPLQHQVlKN|YHUNNRRQ

/DLWWHHQVXRMDOXRNNDRQ ,MDVHQNl\WW|RQVDOOLWWXYDLQ

PDDGRLWXVOLLWlQQlQNDQVVD

6XRMDXVRQWHKWlYlW\\SSLNLOYHVVlPDLQLWXQWHKRWLHGRQMD

SDLNDOOLVWHQPllUl\VWHQPXNDDQ

/DLWWHHVVDHLVDDROODMlQQLWHWWlDVHQQXVW|LWlWHKWlHVVl

/DLWWHHQVDDOLLWWllYDLQPXNDQDWRLPLWHWXQOLLWlQWlMRKGRQNDQVVD

.\WNHOLLWlQWlMRKWRODLWWHHQWDNDVLYXOOHNOLN

+XROWRSDOYHOXVWDRQVDDWDYDQDPHWULQOLLWlQWlMRKWR

/LLWlQWlMRKGRQ VDD YDLKWDD YDLQ DONXSHUlLVHHQ OLLWlQWlMRKWRRQ MRND

RQVDDWDYDQDKXROWRSDOYHOXVWD

$VHQQXNVHQSLWllWDDWDNRVNHWXVVXRMD

/LLWlQWlMRKWRMRVVDPDDGRLWHWWXSLVWRNH

/DLWWHHQ VDD OLLWWll DLQRDVWDDQ PllUl\VWHQPXNDLVHVWL DVHQQHWWXXQ

PDDGRLWHWWXXQSLVWRUDVLDDQ

-RVSLVWRNNHHVHHQHLSllVHDVHQQXNVHQMlONHHQHQllNlVLNVL

NLLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ

PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD

/LLWlQWlMRKWRMRVVDHLPDDGRLWHWWXDSLVWRNHWWD

/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDVHQWDMD

.LLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ

PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD<NVLO|LYDLKHMDQROODMRKWR

OLLWlQWlUDVLDVVD-RVOLLWlQWlWHKGllQYllULQODLWHYRLYDXULRLWXD

/LLWlODLWHYDLQOLLWlQWlNXYDQPXNDDQ-lQQLWHNVW\\SSLNLOSL/LLWl

YHUNNROLLWlQWlMRKGRQMRKWLPHWYlULNRRGLHQPXNDDQYLKUHl

NHOWDLQHQ VXRMDMRKGLQ

<VLQLQHQ QROODQROODMRKGLQUXVNHD

YDLKHYDLKHMRKGLQ

/DLWWHHQNLLQQLWWlPLQHQNXYD

/DLWWHLVVDMRLVVDRQXORVYHGHWWlYlXXQLYDXQXRYLRYLRQHQVLQ

SRLVWHWWDYD

 7\|QQlODLWHNXQQROODSDLNDOOHHQMDNRKGLVWDNHVNHOOH

 5XXYDDODLWHNLLQQL

7\|WDVRQMDODLWWHHQYlOLVWlUDNRDHLVDDVXONHDOLVlOLVWRLOOD

.DDSLQVLYXVHLQLLQHLVDDDVHQWDDOlPS|VXRMDOLVWRMD

,UURWXV

 3RLVWDODLWWHHVWDMlQQLWH

 ,UURWDNLLQQLW\VUXXYLW

 1RVWDODLWHWWDNHY\HVWLMDYHGlVHNRNRQDDQXORV

1RWLFHGHPRQWDJH

&RQVLJQHVLPSRUWDQWHVILJ

■ 6HXOHXQHLQVWDOODWLRQHIIHFWXpHVHORQFHWWHQRWLFHGHPRQWDJH

JDUDQWLWXQHXWLOLVDWLRQHQWRXWHVpFXULWp(QFDVGHGRPPDJHV

UpVXOWDQWGXQHLQVWDOODWLRQLQFRUUHFWHOLQVWDOODWHXUHVW

UHVSRQVDEOH

■ &RQWU{OH]OpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HOH

UDFFRUGH]SDVVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW

■ 5HVSHFWH]OHQRWLFHGHPRQWDJHSRXUOLQVWDOODWLRQGHV

DFFHVVRLUHV

■ $YDQWODPLVHHQVHUYLFHUHWLUH]OHPDWpULDXGHPEDOODJHHWOHV

ILOPVDGKpVLIVGXFRPSDUWLPHQWGHFXLVVRQHWVXUODSRUWH

■ /HV PHXEOHV GHQFDVWUHPHQW GRLYHQW UpVLVWHU j XQH WHPSpUDWXUH

MXVTXj&HWODIDoDGHGHVPHXEOHVYRLVLQVMXVTXj&

■ 1LQVWDOOH] SDV ODSSDUHLO GHUULqUH XQH SRUWH GH PHXEOH QL GHUULqUH

XQHSRUWHGpFRUDWLYH,OH[LVWHXQULVTXHGHVXUFKDXIIH

■ 5pDOLVH] OHV WUDYDX[ GH GpFRXSH VXU OH PHXEOH DYDQW OD PLVH HQ

SODFH GH ODSSDUHLO (QOHYH] OHV FRSHDX[ /H IRQFWLRQQHPHQW GHV

FRPSRVDQWVpOHFWULTXHVSHXWrWUHFRPSURPLV

■ 3RUWH]GHVJDQWVGHSURWHFWLRQSRXUpYLWHUGHVFRXSXUHV

&HUWDLQHV SLqFHV DFFHVVLEOHV ORUV GX PRQWDJH SHXYHQW SRVVpGHU

GHVDUrWHVFRXSDQWHV

■ /DSULVHGHUDFFRUGHPHQWGHODSSDUHLOGRLWVHVLWXHUGDQVOD

]RQHGHODVXUIDFHKDFKXUpH $RXjOH[WpULHXUGHOHVSDFH

GHQFDVWUHPHQW

■ /HV PHXEOHV QRQ IL[pV GRLYHQW rWUH IL[pV DX PXU DX PR\HQ GXQH

pTXHUUH %XVXHOOHGXFRPPHUFH

■ 0HVXUHVGHVILJXUHVHQPP

/DSSDUHLOVRXVOHSODQGHWUDYDLOILJ

3RXUODYHQWLODWLRQGHODSSDUHLOOHSODQFKHULQWHUPpGLDLUHGRLW

SUpVHQWHUXQHGpFRXSHGHYHQWLODWLRQ

)L[H]OHSODQGHWUDYDLOVXUOHPHXEOHGHQFDVWUHPHQW

5HVSHFWH]ODQRWLFHGHPRQWDJHGHODWDEOHGHFXLVVRQ

$SSDUHLOGDQVXQHDUPRLUHILJ

3RXUODpUDWLRQGHODSSDUHLOOHVIDX[SODQFKHUVGRLYHQWSUpVHQWHU

XQHGpFRXSHGHYHQWLODWLRQ

6LODUPRLUHSRVVqGHXQSDQQHDXDUULqUHHQSOXVGHVSDQQHDX[

DUULqUHGHVpOpPHQWVFHOXLFLGRLWrWUHHQOHYp

1LQVWDOOHUODSSDUHLOTXjXQHWHOOHKDXWHXUTXHOHVDFFHVVRLUHV

SXLVVHQWrWUHUHWLUpVVDQVSUREOqPH

(QFDVWUHPHQWDQJXODLUHILJ

$ILQGHSRXYRLURXYULUODSRUWHGHODSSDUHLOUHVSHFWHUOHVFRWHV &

HQFDVGHQFDVWUHPHQWDQJXODLUH/DFRWH 'HVWIRQFWLRQGH

OpSDLVVHXUGHODIDoDGHGXPHXEOHVRXVODSRLJQpH

5DFFRUGHPHQWpOHFWULTXHGHODSSDUHLO

/DSSDUHLOUpSRQGjODFODVVHGHSURWHFWLRQ,HWGRLWXQLTXHPHQW

rWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ

/DSURWHFWLRQSDUIXVLEOHGRLWVHIIHFWXHUFRQIRUPpPHQWj

OLQGLFDWLRQGHSXLVVDQFHVXUODSODTXHVLJQDOpWLTXHHWDX[

SUHVFULSWLRQVORFDOHV

3RXU WRXV OHV WUDYDX[ GH PRQWDJH ODSSDUHLO GRLW rWUH KRUV WHQVLRQ

/DSSDUHLOGRLWXQLTXHPHQWrWUHUDFFRUGpDXPR\HQGXFRUGRQ

GDOLPHQWDWLRQVHFWHXUIRXUQL&RQQHFWH]OHFRUGRQGDOLPHQWDWLRQ

VHFWHXUDXGRVGHODSSDUHLOFOLFVRQRUH 

8Q FRUGRQ GDOLPHQWDWLRQ VHFWHXU GH  P HVW HQ YHQWH DXSUqV GX

VHUYLFHDSUqVYHQWH

/HFRUGRQGDOLPHQWDWLRQVHFWHXUGRLWXQLTXHPHQWrWUHUHPSODFp

SDUXQFRUGRQGRULJLQHTXLSHXWrWUHFRPPDQGpDXSUqVGX

VHUYLFHDSUqVYHQWH

/D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV GRLW rWUH JDUDQWLH SDU

OHPRQWDJH

&kEOHGHUDFFRUGHPHQWDYHFILFKHDYHFWHUUH

/DSSDUHLOGRLWLPSpUDWLYHPHQWrWUHUDFFRUGpjXQHSULVHGH

FRXUDQWGHVpFXULWpLQVWDOOpHGHPDQLqUHUpJOHPHQWDLUH

6LODSULVHQHVWSOXVDFFHVVLEOHDSUqVOLQVWDOODWLRQGDQV

OLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQVOHV

SKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV

GLQVWDOODWLRQ

&kEOHGHUDFFRUGHPHQWVDQVILFKHDYHFWHUUH

6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO

'DQVOLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQV

OHVSKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV

GLQVWDOODWLRQ,GHQWLILH]OHFRQGXFWHXUGHSKDVHHWOHFRQGXFWHXU

QHXWUHGDQVODSULVHGHUDFFRUGHPHQW/DSSDUHLOULVTXHGrWUH

HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW

,OGRLWrWUHUDFFRUGpXQLTXHPHQWFRQIRUPpPHQWDXVFKpPDGH

UDFFRUGHPHQW3RXUODWHQVLRQUHSRUWH]YRXVjODSODTXH

VLJQDOpWLTXH 5DFFRUGH] OHV ILOV GX FkEOH GH UDFFRUGHPHQW VHFWHXU

FRQIRUPpPHQWDXFRGHGHFRXOHXUV YHUWMDXQH FRQGXFWHXUGH

SURWHFWLRQ

<EOHX QHXWUHPDUURQ SKDVHFRQGXFWHXU

H[WpULHXU



)L[HUODSSDUHLOILJ

6XUOHVDSSDUHLOVDYHFSRUWHGHFKDULRWGHFXLVVRQWpOHVFRSLTXHLO

FRQYLHQWWRXWGDERUGGHQOHYHUODSRUWH

 3RXVVHUODSSDUHLOMXVTXDXIRQGHWOHFHQWUHU

 9LVVHUODSSDUHLO

/pFDUW HQWUH OH SODQ GH WUDYDLO HW ODSSDUHLO QH SHXW SDV rWUH REWXUp

SDUGHVEDJXHWWHVVXSSOpPHQWDLUHV

'HVEDJXHWWHVGHSURWHFWLRQWKHUPLTXHQHSHXYHQWSDVrWUH

PRQWpHVVXUOHVSDURLVODWpUDOHVGXPHXEOHGHQFDVWUHPHQW

'pSRVH

 0HWWUHODSSDUHLOKRUVWHQVLRQ

 'HVVHUUHUOHVYLVGHIL[DWLRQ

 6RXOHYHUOpJqUHPHQWODSSDUHLOHWOHUHWLUHUFRPSOqWHPHQW

,VWUX]LRQLSHULOPRQWDJJLR

$YYHUWHQ]HLPSRUWDQWL)LJXUD

■ 6RORXQPRQWDJJLRDUHJRODG·DUWHVHFRQGRTXHVWHLVWUX]LRQL

JDUDQWLVFH XQ XVR VLFXUR ,Q FDVR GL GDQQL GRYXWL D XQ PRQWDJJLR

VFRUUHWWRODUHVSRQVDELOLWjULFDGHVXFKLKDPRQWDWR

ODSSDUHFFKLR

■ &RQWUROODUHODSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL

IRVVHUR YHULILFDWL GDQQL GD WUDVSRUWR QRQ FROOHJDUH ODSSDUHFFKLR

■ 2VVHUYDUHODJXLGDGLPRQWDJJLRSHULFRPSRQHQWLGHJOL

DFFHVVRUL

■ 5LPXRYHUHLOPDWHULDOHGLLPEDOODJJLRHODSHOOLFRODDGHVLYDGDO

YDQRFRWWXUDHGDOORVSRUWHOORSULPDGHOODPHVVDLQIXQ]LRQH

■ ,PRELOLGDLQFDVVRGHYRQRHVVHUHWHUPRVWDELOLILQRDXQD

WHPSHUDWXUDSDULD&HLPRELOLDGLDFHQWLILQRD&

■ 1RQ PRQWDUH ODSSDUHFFKLR GLHWUR D XQR VSRUWHOOR GHFRUDWLYR R D

XQRVSRUWHOORGHOPRELOH6XVVLVWHLOSHULFRORGL

VXUULVFDOGDPHQWR

■ &RPSOHWDUHLODYRULGLWDJOLRVXOPRELOHSULPDGHOOLQVHULPHQWR

GHOODSSDUHFFKLR5LPXRYHUHLWUXFLROLLQTXDQWRSRVVRQR

SUHJLXGLFDUHLOIXQ]LRQDPHQWRGHLFRPSRQHQWLHOHWWULFL

■ ,QGRVVDUHJXDQWLSURWHWWLYLSHUHYLWDUHGLSURFXUDUVLIHULWHGD

WDJOLR/HSDUWLFKHUHVWDQRVFRSHUWHGXUDQWHLOPRQWDJJLR

SRVVRQRHVVHUHDSSXQWLWH

■ /DSUHVDGLFROOHJDPHQWRGHOODSSDUHFFKLRGHYHWURYDUVL

DOOLQWHUQRGHOODUHDWUDWWHJJLDWD $RDOOHVWHUQRGHOODUHDGL

LQFDVVR

■ )LVVDUHLOPRELOHDOODSDUHWHFRQXQDQJRODUH %GLVSRQLELOHLQ

FRPPHUFLR

■ 1HOOHILJXUHOHPLVXUHVRQRHVSUHVVHLQPP

$SSDUHFFKLRVRWWRLOSLDQRGLODYRUR)LJXUD

3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL

YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR

)LVVDUHLOSLDQRGLODYRURDOPRELOHGDLQFDVVR

5LVSHWWDUHOHLVWUX]LRQLSHULOPRQWDJJLRGHOSLDQRGLFRWWXUD

$SSDUHFFKLRLQXQPRELOHDOWR)LJXUD

3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL

YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR

6HROWUHDLSDQQHOOLSRVWHULRULGHOOHOHPHQWRXQPRELOHDOWRKDXQ

XOWHULRUHSDQQHOORSRVWHULRUHTXHVWXOWLPRGHYHHVVHUHULPRVVR

0RQWDUHODSSDUHFFKLRDXQDOWH]]DWDOHGDSRWHUSUHOHYDUHJOL

DFFHVVRULVHQ]DSUREOHPL

0RQWDJJLRDQJRODUH)LJXUD

3HU SHUPHWWHUH ODSHUWXUD GHOOD SRUWD WHQHUH FRQWR GHOOD PLVXUD GHO

PRQWDJJLRDQJRODUH &/DPLVXUD 'GLSHQGHGDOORVSHVVRUHGHO

IURQWDOHGHOPRELOHVRWWRODPDQLJOLD

&ROOHJDPHQWRHOHWWULFRGHOODSSDUHFFKLR

/DSSDUHFFKLR DSSDUWLHQH DOOD FODVVH GL SURWH]LRQH , HG q LQ JUDGR

GLIXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD

/DSURWH]LRQHDYYLHQHVHFRQGROLQGLFD]LRQHGLSRWHQ]DVXOOD

WDUJKHWWDGLLGHQWLILFD]LRQHHQHOULVSHWWRGHOOHGLVSRVL]LRQLORFDOL

'XUDQWHWXWWHOHRSHUD]LRQLGLPRQWDJJLRODSSDUHFFKLRGHYH

HVVHUHVHQ]DWHQVLRQH

$OODFFLDUH ODSSDUHFFKLR HVFOXVLYDPHQWH PHGLDQWH LO FDYR IRUQLWR LQ

GRWD]LRQH&ROOHJDUHLOFDYRGLDOLPHQWD]LRQHDOODSDUWHSRVWHULRUH

GHOODSSDUHFFKLRFOLF

ËSRVVLELOHULFKLHGHUHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFDXQ

FDYRGLDOLPHQWD]LRQHGLP

6RVWLWXLUHLOFDYRGLDOLPHQWD]LRQHXQLFDPHQWHFRQXQFDYR

RULJLQDOHGLVSRQLELOHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFD

/DSURWH]LRQHGDFRQWDWWRGHYHHVVHUHJDUDQWLWDWUDPLWHLO

PRQWDJJLR

&DYRGLFROOHJDPHQWRFRQVSLQDFRQVLVWHPDGLFRQWDWWRGL

SURWH]LRQH

/DSSDUHFFKLRSXzHVVHUHFROOHJDWRVRODPHQWHDXQDSUHVDFRQ

PHVVDDWHUUDLQVWDOODWDVHFRQGROHLVWUX]LRQL

6HGRSRLOPRQWDJJLRODVSLQDQRQqSLUDJJLXQJLELOHGXUDQWHOD

SRVDILVVDGHOOLQVWDOOD]LRQHHOHWWULFDSUHYHGHUHXQGLVSRVLWLYRGL

VHSDUD]LRQHQHOOHIDVLVHJXHQWLDOODGHWHUPLQD]LRQH

GHOODOOHVWLPHQWR

&DYRGLFROOHJDPHQWRVHQ]DVSLQDFRQVLVWHPDGLFRQWDWWRGL

SURWH]LRQH

/DOODFFLDPHQWRGHOODSSDUHFFKLRSXzHVVHUHHIIHWWXDWRVRORGDXQ

WHFQLFRDXWRUL]]DWR

'XUDQWH OD SRVD ILVVD GHOOLQVWDOOD]LRQH HOHWWULFD q GD SUHYHGHUH XQ

GLVSRVLWLYRGLVHSDUD]LRQHQHOOHIDVLFRQIRUPHPHQWHDOOH

GLVSRVL]LRQLGHOODOOHVWLPHQWR1HOODSUHVDGLFROOHJDPHQWR

LQGLYLGXDUHXQFRQGXWWRUHGLIDVHHXQRQHXWUR´]HURµ8Q

DOODFFLDPHQWRVFRUUHWWRGHOODSSDUHFFKLRSXzFRPSRUWDUQHLO

GDQQHJJLDPHQWR

$WWHQHUVLVHPSUHDOORVFKHPDGLDOODFFLDPHQWR3HUODWHQVLRQH

YHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH&ROOHJDUHLILOLGHOFDYRGL

FROOHJDPHQWRDOODUHWHHOHWWULFDULVSHWWDQGRLFRORULYHUGHJLDOOR

FRQGXWWRUHGLWHUUD

<EOX ]HURFRQGXWWRUHQHXWURPDUURQH

IDVHFRQGXWWRUHHVWHUQR

)LVVDJJLRGHOODSSDUHFFKLR)LJXUD

3HUJOLDSSDUHFFKLFKHGLVSRQJRQRGLXQRVSRUWHOORHVWUDLELOHGHO

FDUUHOORqQHFHVVDULRULPXRYHUHSULPDORVSRUWHOOR

 ,QVHULUHODSSDUHFFKLRILQRLQIRQGRHFHQWUDUOR

 )LVVDUHODSSDUHFFKLRFRQOHYLWL

1RQFKLXGHUHORVSD]LRWUDLOSLDQRGLODYRURHODSSDUHFFKLRFRQ

XOWHULRULOLVWHOOL

6XOOHSDUHWLODWHUDOLGHOPRELOHQRQGHYHHVVHUHFROORFDWRDOFXQ

OLVWHOORGLLVRODPHQWRWHUPLFR

6PRQWDJJLR

 6FROOHJDUHODSSDUHFFKLR

 6YLWDUHOHYLWLGLILVVDJJLR

 6ROOHYDUHOHJJHUPHQWHODSSDUHFFKLRHGHVWUDUORFRPSOHWDPHQWH

,QVWDOODWLHYRRUVFKULIW

%HODQJULMNHDDQZLM]LQJHQ$IE

■ 9HLOLJ JHEUXLN LV DOOHHQ JHJDUDQGHHUG ELM HHQ GHVNXQGLJH LQERXZ

YROJHQVGH]HPRQWDJHKDQGOHLGLQJ'HPRQWHXULVDDQVSUDNHOLMN

YRRUVFKDGHDOVJHYROJYDQHHQYHUNHHUGHLQERXZ

■ &RQWUROHHUKHWDSSDUDDWQDKHWXLWSDNNHQ1LHWDDQVOXLWHQLQ

JHYDOYDQWUDQVSRUWVFKDGH

■ %LMGHLQERXZYDQDFFHVVRLUHVGLHQWX]LFKWHKRXGHQDDQGH

EHVFKULMYLQJLQGHPRQWDJHEODGHQ

■ 9RRUKHWHHUVWHJHEUXLNYHUSDNNLQJVPDWHULDDOHQSODNIROLH

YHUZLMGHUHQXLWGHELQQHQUXLPWHHQYDQGHGHXU

■ ,QERXZPHXEHOVGLHQHQEHVWDQGWH]LMQWHJHQHHQWHPSHUDWXXU

YDQPD[LPDDO &DDQJUHQ]HQGHYRRU]LMGHQYDQPHXEHOV

WHJHQHHQWHPSHUDWXXUYDQPD[LPDDO &

■ +HWDSSDUDDWQLHWLQERXZHQDFKWHUHHQGHFRURIPHXEHOGHXU

'DQEHVWDDWKHWULVLFRYDQRYHUYHUKLWWLQJ

■ 9RHU XLWVQLMGLQJVZHUN]DDPKHGHQ DDQ KHW PHXEHO XLW YRRUGDW KHW

DSSDUDDWZRUGWJHSODDWVW6SDQHQYHUZLMGHUHQ'H]HNXQQHQ

LQYORHGKHEEHQRSGHZHUNLQJYDQHOHNWULVFKHFRPSRQHQWHQ

■ 'UDDJZHUNKDQGVFKRHQHQWHUYRRUNRPLQJYDQ

VQLMZRQGHQ2QGHUGHOHQ GLH WLMGHQV GH PRQWDJH WRHJDQNHOLMN ]LMQ

NXQQHQVFKHUSHUDQGHQKHEEHQ

■ 'HFRQWDFWGRRVYDQKHWDSSDUDDWGLHQW]LFKLQKHWJHELHGYDQ

KHWJHDUFHHUGHYODN $RIEXLWHQGHLQERXZUXLPWHWHEHYLQGHQ

■ 1LHWEHYHVWLJGHPHXEHOVPHWHHQJHEUXLNHOLMNHLQGHKDQGHO

YHUNULMJEDUHKDDN %DDQGHZDQGEHYHVWLJHQ

■ 0DDWDDQGXLGLQJHQYDQGHDIEHHOGLQJHQLQPP

$SSDUDDWRQGHUZHUNEODG$IE

0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQWKHW

WXVVHQVFKRWWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ

:HUNEODGEHYHVWLJHQRSKHWLQERXZPHXEHO

+RXGXDDQKHWLQVWDOODWLHYRRUVFKULIWYRRUGHNRRNSODDW

$SSDUDDWLQERYHQNDVW$IEHHOGLQJ

0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQHQGH

WXVVHQVFKRWWHQWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ

:DQQHHUGHERYHQNDVWQDDVWGHHOHPHQWDFKWHUZDQGHQQRJHHQ

DFKWHUZDQGKHHIWGLHQWGH]HYHUZLMGHUGWHZRUGHQ



+HWDSSDUDDWQLHWWHKRRJLQERXZHQ]RGDWGHWRHEHKRUHQHU

]RQGHUSUREOHHPXLWJHQRPHQNXQQHQZRUGHQ

+RHNLQERXZ$IE

2PHUYRRUWH]RUJHQGDWGHGHXUYDQKHWDSSDUDDWNDQZRUGHQ

JHRSHQGGLHQWX]LFKELMGHKRHNLQERXZWHKRXGHQDDQGH

DIPHWLQJHQ &$IPHWLQJ 'LVDIKDQNHOLMNYDQGHGLNWHYDQKHW

PHXEHOIURQWRQGHUGHJUHHS

$SSDUDDWHOHNWULVFKDDQVOXLWHQ

+HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH ,HQPDJDOOHHQPHW

HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW

'H]HNHULQJGLHQWLQRYHUHHQVWHPPLQJWH]LMQPHWGH

YHUPRJHQVRSJDYHRSKHWW\SHSODDWMHHQGHORNDOHYRRUVFKULIWHQ

%LM DOOH PRQWDJHZHUN]DDPKHGHQ GLHQW KHW DSSDUDDW VSDQQLQJVORRV

WH]LMQ

+HWDSSDUDDWPDJDOOHHQPHWGHPHHJHOHYHUGHDDQVOXLWNDEHO

ZRUGHQDDQJHVORWHQ6WHHNGHVWHNNHUYDQGHDDQVOXLWNDEHOLQGH

DFKWHUNDQWYDQKHWDSSDUDDWNOLN

%LMGHVHUYLFHGLHQVWLVHHQPDDQVOXLWNDEHOYHUNULMJEDDU

'H DDQVOXLWNDEHO PDJ DOOHHQ ZRUGHQ YHUYDQJHQ GRRU HHQ RULJLQHOH

NDEHOGLHYHUNULMJEDDULVELMGHVHUYLFHGLHQVW

'HEHVFKHUPLQJWHJHQDDQUDNLQJGLHQWGRRUGHLQERXZWH]LMQ

JHZDDUERUJG

$DQVOXLWNDEHOPHWJHDDUGHVWHNNHU

+HWDSSDUDDWPDJDOOHHQRSHHQJHDDUGHFRQWDFWGRRVZRUGHQ

DDQJHVORWHQGLHYROJHQVGHYRRUVFKULIWHQLVJHwQVWDOOHHUG

:DQQHHUGHVWHNNHUQDGHLQERXZQLHWPHHUWRHJDQNHOLMNLVPRHW

GHJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHYROJHQVGH

RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ

VHSDUDWRU

$DQVOXLWNDEHO]RQGHUJHDDUGHVWHNNHU

$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ

'HJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHGLHQWYROJHQVGH

RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ

VHSDUDWRU)DVHHQQHXWUDDOQXOOHLGHULQKHWVWRSFRQWDFW

LGHQWLILFHUHQ%LMHHQYHUNHHUGHDDQVOXLWLQJNDQKHWDSSDUDDW

ZRUGHQEHVFKDGLJG

$OOHHQDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD'HVSDQQLQJVWDDW

YHUPHOGRSKHWW\SHSODDWMH'HDGHUVYDQGHKRRIGOHLGLQJ

QHWDDQVOXLWLQJ DDQVOXLWHQ YROJHQV GH NOHXUFRGHULQJ JURHQJHHO

DDUGOHLGLQJ

<EODXZ QXOQHXWUDDOOHLGLQJEUXLQ IDVH

EXLWHQOHLGLQJ

$SSDUDDWEHYHVWLJHQ$IE

%LMDSSDUDWHQPHWHHQXLWWUHNEDUHEDNZDJHQGHXUPRHWGHGHXU

YDQWHYRUHQZRUGHQYHUZLMGHUG

 +HWDSSDUDDWYROOHGLJLQVFKXLYHQHQFHQWULVFKXLWULFKWHQ

 $SSDUDDWYDVWVFKURHYHQ

'H VSOHHW WXVVHQ ZHUNEODG HQ DSSDUDDW PDJ QLHW GRRU H[WUD OLMVWHQ

ZRUGHQDIJHVORWHQ

$DQGH]LMZDQGHQYDQGHRPERXZNDVWPRJHQJHHQ

LVRODWLHSURILHOHQZRUGHQDDQJHEUDFKW

'HPRQWDJH

 0DDNKHWDSSDUDDWVSDQQLQJVORRV

 %HYHVWLJLQJVVFKURHYHQORVGUDDLHQ

 +HWWRHVWHOOLFKWRSWLOOHQHQKHOHPDDOQDDUEXLWHQWUHNNHQ

0RQWHULQJVYHLOHGQLQJ

9LNWLJHKHQYLVQLQJHU²ELOGH

■ .XQHQIRUVNULIWVPHVVLJPRQWHULQJLKHQKROGWLOGHQQH

PRQWHULQJVYHLOHGQLQJHQJDUDQWHUHUHQVLNNHUEUXN0RQW¡UHQ

VWnUDQVYDUOLJIRUVNDGHUVRPRSSVWnUSJDIHLOPRQWHULQJ

■ .RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO

DSSDUDWHWKYLVGHWHUEOLWWVNDGHWXQGHUWUDQVSRUW

■ )¡OJYHLOHGQLQJHQYHGPRQWHULQJDYWLOEHK¡U

■ )MHUQDOOHPEDOODVMHLQNOIROLHIUDRYQVURPPHWRJDSSDUDWG¡UHQ

I¡UDSSDUDWHWWDVLEUXN

■ ,QQE\JJLQJVPRGXOHUPnWnOHWHPSHUDWXUHUSnLQQWLO &RJ

HOHPHQWIURQWHULRPUnGHWPnWnOHLQQWLO &

■ $SSDUDWHW Pn LNNH PRQWHUHV EDN HQ S\QWH HOOHU VNDSG¡U 'HW HU

IDUHIRURYHURSSKHWLQJ

■ 8WVNMULQJHU L NM¡NNHQHOHPHQWHU Pn IRUHWDV I¡U DSSDUDWHW VHWWHV

Sn SODVV )MHUQ VSRQ 9LUNHPnWHQ WLO GH HOHNWULVNH NRPSRQHQWHQH

NDQSnYLUNHV

■ %UXNYHUQHKDQVNHUIRUnXQQJnNXWWVNDGHU'HOHUVRPHU

WLOJMHQJHOLJHXQGHUPRQWHULQJNDQKDVNDUSHNDQWHU

■ 9HJJXWWDNIRUDSSDUDWHWPnOLJJHLRPUnGHWYHGGHQVNUDYHUWH

IODWHQ $HOOHUXWHQIRULQQE\JJLQJVRPUnGHW

■ .M¡NNHQHOHPHQWHUVRPLNNHHUIHVWHWVNUXVIDVWWLOYHJJHQPHG

HWYDQOLJYLQNHOMHUQ %

■ 0nOLILJXUHQHLPP

$SSDUDWXQGHUEHQNHSODWHQ²ILJXU

)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQKDHQ

XWVNnUHWOXIWHnSQLQJ

)HVWEHQNHSODWHQSnNM¡NNHQHOHPHQWHW

)¡OJPRQWHULQJVDQYLVQLQJHQIRUSODWHWRSSHQ

$SSDUDWLK¡\VNDSILJXU

)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQHKD

XWVNnUHGHOXIWHnSQLQJHU

1nUK¡\VNDSHWLWLOOHJJWLOHOHPHQWEDNYHJJHQHKDUHQGDHQ

EDNYHJJPnGHQQHIMHUQHV

$SSDUDWHWPnE\JJHVLQQVOLNDWWLOEHK¡UHWNDQWDVXWXWHQ

SUREOHPHU

,QQE\JJLQJLKM¡UQHU²ILJXU

)RUDWDSSDUDWG¡UHQVNDONXQQHnSQHVPnGHWWDVKHQV\QWLO

PnOHQH &YHGLQQE\JJLQJLKM¡UQHU0nOHW 'HUDYKHQJLJDY

W\NNHOVHQSnHOHPHQWIURQWHQXQGHUKnQGWDNHW

.REOHDSSDUDWHWWLOVWU¡P

$SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVH ,RJPnEDUH

NREOHVWLOHQMRUGHWVWLNNRQWDNW

$SSDUDWHWPnVLNUHVLKHQKROGWLORSSO\VQLQJHQHSnW\SHVNLOWHWRJ

ORNDOHIRUVNULIWHU

9HGDOWPRQWHULQJVDUEHLGPnDSSDUDWHWYUHVSHQQLQJVO¡VW

$SSDUDWHWVNDOEDUHNREOHVWLOPHGGHQPHGI¡OJHQGH

WLONREOLQJVOHGQLQJHQ6HWWLWLONREOLQJVOHGQLQJHQSnEDNVLGHQDY

DSSDUDWHWNOLNN

7LONREOLQJVOHGQLQJSnPNDQInVKRVNXQGHVHUYLFH

7LONREOLQJVOHGQLQJHQPnEDUHHUVWDWWHVDYHQRULJLQDOOHGQLQJVRP

InVKRVNXQGHVHUYLFH

0RQWHULQJHQPnLNNHLQQVNUHQNHEHU¡ULQJVEHVN\WWHOVHQ

7LONREOLQJVOHGQLQJPHGMRUGHWVW¡SVHO

$SSDUDWHWPnEDUHNREOHVWLOHQIRUVNULIWVPHVVLJPRQWHUWMRUGHW

VWLNNRQWDNW

'HUVRPVW¡SVHOHWLNNHHUWLOJMHQJHOLJHWWHUPRQWHULQJPnGHWL

KHQKROGWLOUHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQHLGHQIDVWH

HOHNWULVNHLQVWDOODVMRQHQ

7LONREOLQJVOHGQLQJXWHQMRUGHWVW¡SVHO

$SSDUDWHWPnEDUHWLONREOHVDYHQJRGNMHQWIDJSHUVRQ

,GHQIDVWHHOHNWULVNHLQVWDOODVMRQHQVNDOGHWLKHQKROGWLO

UHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQH,GHQWLILVHUIDVHRJ

Q¡\WUDOOHGHUQXOOHGHULVWLNNRQWDNWHQ$SSDUDWHWNDQEOL¡GHODJW

YHGIHLOWLONREOLQJ

7LONREOLQJHQ Pn VNMH LKW WLONREOLQJVVNLVVHQ 6SHQQLQJ VH W\SHVNLOW

/HGHUQHLWLONREOLQJVOHGQLQJHQPnNREOHVWLOLVDPVYDUPHG

IDUJHNRGLQJHQJU¡QQJXO MRUGOHGQLQJ

<EOn QXOO

Q¡\WUDOOHGHUEUXQ IDVH\WWHUOHGHU

)HVWLQJDYDSSDUDWHW²ILJXU

3nDSSDUDWHUPHGXWWUHNNEDUVWHNHYRJQPnG¡UHQWDVDYSn

IRUKnQG

 6N\YDSSDUDWHWKHOWLQQRJPLGWVWLOOGHW

 6NUXIDVWDSSDUDWHW

6SDOWHQPHOORPEHQNHSODWHQRJDSSDUDWHWPnLNNHOXNNHVPHG

HNVWUDOLVWHU

3nVLGHYHJJHQHWLORPE\JJLQJVVNDSHWVNDOGHWLNNHIHVWHVQRHQ

YDUPHEHVN\WWHOVHVOLVWHU

8WPRQWHULQJ

 .REOHDSSDUDWHWVSHQQLQJVO¡VW

 /¡VQHIHVWHVNUXHQH

 /¡IWDSSDUDWHWOLWWRSSRJWUHNNGHWKHOWXW

,QVWUXNFMDPRQWDŰX

:DŰQHZVND]yZNLU\V

■ 7\ONRPRQWDŰZ\NRQDQ\]JRGQLH] QLQLHMV]ĉLQVWUXNFMĉPRQWDŰX

JZDUDQWXMHEH]SLHF]QĉHNVSORDWDFMęXU]ĉG]HQLD=DV]NRG\

SRZVWDãHZZ\QLNXQLHZãDŔFLZHJRPRQWDŰXRGSRZLDGDPRQWHU

■ 3RUR]SDNRZDQLXQDOHŰ\VSUDZG]LþVWDQXU]ĉG]HQLD1LH

SRGãĉF]DþMHŔOLXU]ĉG]HQLH]RVWDãRXV]NRG]RQHSRGF]DV

WUDQVSRUWX



■ 3U]HVWU]HJDþZVND]yZHNSRGDQ\FKQDNDUWDFKGRW\F]ĉF\FK

PRQWDŰXHOHPHQWyZZ\SRVDŰHQLD

■ 3U]HGXUXFKRPLHQLHPXVXQĉþ]NRPRU\SLHNDUQLNDRUD]]GU]ZL

PDWHULDã\RSDNRZDQLRZHLIROLHNOHMĉFH

■ 0HEOHGR]DEXGRZ\PXV]ĉE\þRGSRUQHQDWHPSHUDWXUęGR

&DSU]\OHJDMĉFHGRXU]ĉG]HQLDIURQW\PHEOLGR&

■ 1LHPRQWRZDþXU]ĉG]HQLD]DGU]ZLDPLGHNRUDF\MQ\PLDQL]D

GU]ZLDPLPHEOD,VWQLHMHU\]\NRSU]HJU]DQLD

■ 0HEOHQDOHŰ\GRFLQDþSU]HGZVWDZLHQLHPXU]ĉG]HQLD8VXQĉþ

ZLyU\0RJĉRQH]DNãyFDþIXQNFMRQRZDQLHHOHPHQWyZ

HOHNWU\F]Q\FK

■ 1DOHŰ\QRVLþUęNDZLFHRFKURQQHFKURQLĉFHSU]HG

VNDOHF]HQLHP(OHPHQW\NWyUHVĉGRVWęSQHSRGF]DVPRQWDŰX

PRJĉPLHþRVWUHNUDZęG]LH

■ *QLD]GRSU]\ãĉF]HQLRZHXU]ĉG]HQLDPXVL]QDMGRZDþVLęZ

]DNUHVNRZDQ\PREV]DU]H $OXESR]DREV]DUHP]DEXGRZ\

■ 0HEOHNWyUHQLHVĉSU]\PRFRZDQHQDOHŰ\SU]\WZLHUG]LþGR

ŔFLDQ\SU]\SRPRF\NĉWRZQLND %

■ :\PLDU\QDU\VXQNDFKSRGDQHVĉZPP

8U]ĉG]HQLHSRGEODWHPURERF]\PU\V

:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\WDFK

SU]HJUDG]DMĉF\FKPXV]ĉE\þRWZRU\ZHQW\ODF\MQH

3U]\PRFRZDþEODWURERF]\GRPHEOL

3U]HVWU]HJDþLQVWUXNFMLPRQWDŰXSã\W\JU]HZF]HM

8U]ĉG]HQLHZV]DIFHZ\VRNLHMU\V

:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\WDFK

SU]HJUDG]DMĉF\FKPXVLE\þRWZyUZHQW\ODF\MQ\

-HŰHOL V]DIND Z\VRND SRVLDGD RSUyF] W\OQ\FK ŔFLDQHN PRGXãRZ\FK

GRGDWNRZĉ ŔFLDQNę W\OQĉ PXVL RQD ]QDMGRZDþ VLę Z RGSRZLHGQLHM

RGOHJãRŔFL

8U]ĉG]HQLHQDOHŰ\]DPRQWRZDþQDWDNLHMZ\VRNRŔFLDE\PRŰOLZH

E\ãRVZRERGQHZ\MPRZDQLHZ\SRVDŰHQLD

0RQWDŰQDURŰQ\U\V

$E\ZSU]\SDGNXPRQWDŰXQDURŰQHJRPRŰOLZHE\ãRRWZRU]HQLH

GU]ZLF]HNXU]ĉG]HQLDQDOHŰ\XZ]JOęGQLþZ\PLDU &:\PLDU '

]DOHŰ\RGJUXERŔFLIURQWXPHEOLSRGXFKZ\WHP

3RGãĉF]DQLHXU]ĉG]HQLDGRVLHFLHOHNWU\F]QHM

8U]ĉG]HQLHRGSRZLDGDNODVLHRFKURQ\ ,LPRŰHE\þXŰ\WNRZDQH

Z\ãĉF]QLHMHŔOLMHVWSRGãĉF]RQHGRSU]HZRGXX]LHPLDMĉFHJR

%H]SLHF]QLNGRSDVRZDþ]JRGQLH]SDUDPHWUDPLPRF\SRGDQ\PL

QDWDEOLF]FH]QDPLRQRZHMLRERZLĉ]XMĉF\PLSU]HSLVDPLORNDOQ\PL

3RGF]DV ZV]\VWNLFK SUDF PRQWDŰRZ\FK QDOHŰ\ Z\ãĉF]\þ ]DVLODQLH

XU]ĉG]HQLD

8U]ĉG]HQLHPRŰQDSRGãĉF]\þGRVLHFLZ\ãĉF]QLH]DSRPRFĉ

GRVWDUF]RQHJRSU]HZRGXSU]\ãĉF]HQLRZHJR3RGãĉF]\þSU]HZyG

SU]\ãĉF]HQLRZ\]W\ãXXU]ĉG]HQLDNOLN

3U]HZyGSU]\ãĉF]HQLRZ\RGãXJRŔFLPPRŰQDQDE\þZ

VHUZLVLH

3U]HZyGSU]\ãĉF]HQLRZ\PRŰQDZ\PLHQLþZ\ãĉF]QLHQDSU]HZyG

RU\JLQDOQ\NWyU\PRŰQDQDE\þZVHUZLVLH

0RQWDŰPXVL]DSHZQLþRFKURQęSU]HGQLH]DPLHU]RQ\P

GRWNQLęFLHP

3U]HZyGSU]\ãĉF]HQLRZ\]ZW\F]Nĉ]X]LHPLHQLHP

8U]ĉG]HQLHPRŰQDSRGãĉF]\þZ\ãĉF]QLHGRJQLD]GD]

X]LHPLHQLHP]DLQVWDORZDQHJR]JRGQLH]SU]HSLVDPL

-HŰHOL SR ]DEXGRZDQLX XU]ĉG]HQLD QLH EęG]LH GRVWęSX GR ZW\F]NL

ZyZF]DVZVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ

UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL

GRW\F]ĉF\PLLQVWDODFML

3U]HZyGSU]\ãĉF]HQLRZ\EH]ZW\F]NL]X]LHPLHQLHP

8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL

XSUDZQLHQLDPLHOHNWU\F]Q\PL

:SU]\SDGNXVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ

UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL

GRW\F]ĉF\PLLQVWDODFML1DOHŰ\]LGHQW\ILNRZDþSU]HZyGID]RZ\L

]HURZ\ZJQLHŮG]LHSU]\ãĉF]HQLRZ\P1LHZãDŔFLZHSRGãĉF]HQLH

PRŰHGRSURZDG]LþGRXV]NRG]HQLDXU]ĉG]HQLD

3RGãĉF]DþZ\ãĉF]QLHZHGãXJVFKHPDWXSRGãĉF]HQLD1DSLęFLH

SDWU]WDEOLF]ND]QDPLRQRZDů\ã\SU]HZRGXSU]\ãĉF]HQLRZHJR

SRGãĉF]Dþ]JRGQLH]R]QDF]HQLHPNRORUyZ]LHORQRŰyãW\

SU]HZyGX]LHPLDMĉF\

<QLHELHVNL SU]HZyG]HURZ\EUĉ]RZ\

SU]HZyGID]RZ\SU]HZyG]HZQęWU]Q\

0RFRZDQLHXU]ĉG]HQLDU\V

: XU]ĉG]HQLDFK ] Z\VXZDQ\PL GU]ZLDPL Zy]ND SLHNDUQLND QDOHŰ\

XSU]HGQLR]GMĉþGU]ZL

 8U]ĉG]HQLHFDãNRZLFLHZVXQĉþXVWDZLDMĉFSRŔURGNX

 3U]\PRFRZDþXU]ĉG]HQLHŔUXEDPL

1LHZROQRSU]\VãDQLDþGRGDWNRZĉOLVWZĉV]F]HOLQ\SRPLęG]\

EODWHPURERF]\PDXU]ĉG]HQLHP

1DERF]Q\FKŔFLDQNDFKV]DINLGRREXGRZ\QLHZROQRXPLHV]F]Dþ

RVãRQWHUPLF]Q\FK

'HPRQWDŰ

 :\ãĉF]\þ]DVLODQLHXU]ĉG]HQLD

 2GNUęFLþŔUXE\PRFXMĉFH

 8U]ĉG]HQLHOHNNRXQLHŔþLFDãNRZLFLHZ\FLĉJQĉþ

ptpt

,QVWUXo}HVGHPRQWDJHP

,QGLFDo}HVLPSRUWDQWHVILJXUD

■ 6yXPDPRQWDJHPFRUUHWDUHVSHLWDQGRHVWDVLQVWUXo}HVGH

PRQWDJHP JDUDQWH XPD XWLOL]DomR VHJXUD 2V GDQRV FDXVDGRV

SRUXPDPRQWDJHPLQDGHTXDGDVmRGDUHVSRQVDELOLGDGHGR

LQVWDODGRU

■ ([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP

GHWHWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR

■ 2EVHUYHDVILFKDVGHPRQWDJHPSDUDDLQVWDODomRGH

DFHVVyULRV

■ 5HPRYD D HPEDODJHP H DV SHOtFXODV DXWRFRODQWHV GR LQWHULRU GR

DSDUHOKRHGDSRUWDDQWHVGDFRORFDomRHPIXQFLRQDPHQWR

■ 2VPyYHLVGHHQFDVWUDUWrPGHVHUUHVLVWHQWHVDWHPSHUDWXUDV

DWp&HDVIUHQWHVGRVPyYHLVDGMDFHQWHVDWp&

■ 1mRPRQWHRDSDUHOKRDWUiVGHXPDSRUWDGHFRUDWLYDRXGHXP

PyYHO+iULVFRGHDTXHFLPHQWRH[FHVVLYR

■ 5HDOL]HRVWUDEDOKRVGHDEHUWXUDQRPyYHODQWHVGDFRORFDomR

GRDSDUHOKR5HPRYDDVDSDUDV2IXQFLRQDPHQWRGRV

FRPSRQHQWHVHOpWULFRVSRGHVHUDIHWDGR

■ 3DUDHYLWDUIHULPHQWRVSRUFRUWHGHYHPVHUXWLOL]DGDVOXYDVGH

SURWHomR$VSHoDVTXHILFDPDFHVVtYHLVGXUDQWHDPRQWDJHP

SRGHPWHUDUHVWDVDILDGDV

■ $WRPDGDGHOLJDomRGRDSDUHOKRGHYHUiVLWXDUVHQD]RQD

VRPEUHDGD $RXIRUDGRHVSDoRGHLQVWDODomR

■ )L[H RV PyYHLV VROWRV j SDUHGH FRP XP HVTXDGUR GLVSRQtYHO QR

FRPpUFLR %

■ 0HGLGDVLQGLFDGDVQDVLPDJHQVHPPP

$SDUHOKRVREDEDQFDGDILJXUD

3DUDDYHQWLODomRGRDSDUHOKRRIXQGRLQWHUPpGLRGHYH

DSUHVHQWDUXPDDEHUWXUDGHYHQWLODomR

)L[HDEDQFDGDQRPyYHOSDUDHQFDVWUDU

5HVSHLWHDVLQVWUXo}HVGHPRQWDJHPGDSODFDGHFR]LQKDU

$SDUHOKRQRDUPiULRYHUWLFDOILJXUD

3DUDDYHQWLODomRGRDSDUHOKRRVIXQGRVLQWHUPpGLRVGHYHP

DSUHVHQWDUXPDDEHUWXUDGHYHQWLODomR

6HRDUPiULRYHUWLFDOWLYHUXPDSDUHGHWUDVHLUDSDUDDOpPGDV

SDUHGHVWUDVHLUDVGRHOHPHQWRHODGHYHVHUUHPRYLGD

0RQWDURDSDUHOKRDXPDDOWXUDPi[LPDTXHSHUPLWDUHWLUDURV

DFHVVyULRVVHPSUREOHPDV

,QVWDODomRGHFDQWRILJXUD

'H PRGR D FRQVHJXLU DEULU D SRUWD GR DSDUHOKR UHVSHLWH D PHGLGD

&DTXDQGRGDLQVWDODomRGHFDQWR$PHGLGD 'GHSHQGHGD

HVSHVVXUDGDIUHQWHGRPyYHOSRUEDL[RGRSX[DGRU

/LJDomRHOpWULFDGRDSDUHOKR

2DSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomR,HVySRGHVHU

FRORFDGR HP IXQFLRQDPHQWR DWUDYpV GH XPD OLJDomR FRP FRQGXWRU

GHSURWHomR

$VHJXUDQoDWHPGHVHUJDUDQWLGDGHDFRUGRFRPDLQGLFDomRGH

SRWrQFLDSUHVHQWHQDSODFDGHFDUDFWHUtVWLFDVHFRPDVQRUPDLV

ORFDLV

2DSDUHOKRWHPGHHVWDUGHVOLJDGRGDFRUUHQWHGXUDQWHD

UHDOL]DomRGHTXDOTXHUWUDEDOKRGHPRQWDJHP

2DSDUHOKRVySRGHVHUOLJDGRFRPRFDERGHOLJDomRIRUQHFLGR

,QWURGX]DRFDERGHOLJDomRQDSDUWHGHWUiVGRDSDUHOKRFOLF

1R6HUYLoRGH$VVLVWrQFLD7pFQLFDSRGHUiDGTXLULUXPFDERGH

OLJDomRGHP

2FDERGHOLJDomRDSHQDVSRGHVHUVXEVWLWXtGRSRUXPFDER

RULJLQDOGLVSRQtYHOQR6HUYLoRGH$VVLVWrQFLD7pFQLFD

$SURWHomRFRQWUDFRQWDFWRDFLGHQWDOGHYHILFDUDVVHJXUDGDQD

PRQWDJHP

&DERGHOLJDomRFRPILFKDGHOLJDomRjWHUUD

2 DSDUHOKR GHYH VHU OLJDGR DSHQDV D XPD WRPDGD GH FRQWDFWR GH

VHJXUDQoDLQVWDODGDHPFRQIRUPLGDGHFRPDVQRUPDV

6HDILFKDGHL[DUGHHVWDUGLVSRQtYHODSyVDPRQWDJHPQD

LQVWDODomRHOpWULFDIL[DpQHFHVViULRTXHHVWHMDSUHYLVWRXP



GLVSRVLWLYRGHFRUWHQDVIDVHVGHDFRUGRFRPDVUHJUDVGH

LQVWDODomR

&DERGHOLJDomRVHPILFKDGHOLJDomRjWHUUD

2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR

1DLQVWDODomRHOpWULFDIL[DGHYHHVWDUSUHYLVWRXPGLVSRVLWLYRGH

FRUWH QDV IDVHV GH DFRUGR FRP DV UHJUDV GH LQVWDODomR ,GHQWLILTXH

RVFRQGXWRUHVGHIDVHHQHXWUR]HURGDWRPDGDGHOLJDomR

8PDOLJDomRHUUDGDSRGHGDQLILFDURDSDUHOKR

/LJXH DSHQDV GH DFRUGR FRP R HVTXHPD GH OLJDo}HV 7HQVmR YHU

SODFDGHFDUDFWHUtVWLFDV/LJXHRVFRQGXWRUHVGRFDERGH

DOLPHQWDomRGHDFRUGRFRPDFRGLILFDomRGHFRUHVYHUGHDPDUHOR

FRQGXWRUGHSURWHomR

<D]XO ]HURFRQGXWRUQHXWUR

FDVWDQKR IDVHFRQGXWRUH[WHUQR

)L[DURDSDUHOKRILJXUD

(PDSDUHOKRVFRPSRUWDGHJDYHWmRGRIRUQRH[WUDtYHODSRUWD

WHPGHVHUUHWLUDGDSUHYLDPHQWH

 ,QVLUDWRWDOPHQWHRDSDUHOKRHFHQWUHR

 $SDUDIXVHRDSDUHOKR

2 HVSDoR HQWUH D EDQFDGD H R DSDUHOKR QmR SRGH VHU YHGDGR FRP

IULVRVDGLFLRQDLV

1DVSDUHGHVODWHUDLVGRDUPiULRHPEXWLGRQmRSRGHPVHU

FRORFDGRVIULVRVGHSURWHomRWpUPLFD

'HVPRQWDJHP

 'HVOLJXHRDSDUHOKRGDFRUUHQWH

 'HVDSHUWHRVSDUDIXVRVGHIL[DomR

 /HYDQWHOLJHLUDPHQWHRDSDUHOKRHUHWLUHRFRPSOHWDPHQWHSDUD

IRUD

Ημπροςιυηώξνλνμρίες

Αίεμϊδςιίζίμηώ৯οηπ

■ ΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ

δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζήΪηηθγβηλμκνδπββ

ιθζθημΪΰνΑΪιθάκίΰήίηβωβααΪηίικΪάβεφηθγνλμΪηθάδβ

θμάίμλμάίηηθλμφηίλϋμλΫθκσβδ

■ ΚΪλιΪδνγμίβθλζθμκβμίικβΫθκΗίιθήδεψρΪγμίικβΫθκίλεβ

θηΫυειθάκίΰήϋηάθάκίζωμκΪηλιθκμβκθάδβ

■ ΘΫκΪμβμίάηβζΪηβίηΪζθημΪΰηυίιεΪλμβηυήεωνλμΪηθάδβ

ικβηΪήείΰηθλμίγ

■ ΙίκίήηΪρΪεθζχδλιενΪμΪπββνήΪεβμίνιΪδθάθρηυγζΪμίκβΪεβ

δείγδνψιεϋηδνβακΪΫθρίγδΪζίκυβλήάίκπυικβΫθκΪ

■ ΖίΫίεφήεωάλμκΪβάΪηβωήθεΰηΪάυήίκΰβάΪμφμίζιίκΪμνκνήθ

 &ΪλθλίήηβίξΪλΪήυ ²ήθ Λ

■ ΗίνλμΪηΪάεβάΪγμίικβΫθκαΪήίδθκΪμβάηθγηΪδεΪήδθγβεβ

ζίΫίεφηθγήάίκπίγΌικθμβάηθζλενρΪίάθαηβδηίμθιΪληθλμφ

ιίκίέκίάΪ

■ ΚΪΫθμυιθάυιθεηίηβψάυκίαθάηΪζίΫίεβάυιθεηωγμίιίκίή

νλμΪηθάδθγικβΫθκΪΝήΪεβμίθιβεδβΘηβζθένμηΪκνςβμφ

κΪΫθμνχείδμκβρίλδβοδθζιθηίημθά

■ ΡμθΫυ ηί ιθκίαΪμφλω άθ άκίζω ζθημΪΰΪ βλιθεφανγμί αΪσβμηυί

ιίκρΪμδβΎίμΪεβθμδκυμυίικβζθημΪΰίζθένμΫυμφθλμκυζβ

■ ΚθαίμδΪήεωιθήδεψρίηβωικβΫθκΪήθεΰηΪηΪοθήβμφλωά

αΪςμκβοθάΪηηθγθΫεΪλμβ $βεβαΪικίήίεΪζβάλμκΪβάΪίζθέθ

ζθήνεω

■ ΗίαΪδκίιεϋηηυίζθήνεβικβδκίιβμίδλμίηίλιθζθσφψ

θΫυρηθέθνέθεδΪ %

■ ΚΪαζίκυηΪκβλνηδΪονδΪαΪηυάζζ

Ξοηΰνοξνγπρνκδχμηυδθ৯οηπ

ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηθγ

ιίκίέθκθήδίήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ

ΑΪδκίιβμίλμθείςηβπνηΪζθήνεωο

ΛθΫεψήΪγμίβηλμκνδπβψιθζθημΪΰνάΪκθρηθγιΪηίεβ

΢πρίμναιίξοηΰνοίαχιίσινκνμμς²οηπ

ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηυο

ιίκίέθκθήδΪοήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ

ΌλενρΪίίλεβςδΪξδθεθηηΪβζίίμιθζβζθαΪήηβολμίηθδ

θμήίεφηυο λίδπβγ ήθιθεηβμίεφηθ αΪήηψψ λιεθςηνψ λμίηδν μθ ίϋ

λείήνίμληωμφ

ΝλμΪηΪάεβάΪγμίικβΫθκυηΪμΪδθγάυλθμίηΪδθμθκθγΫνήίμ

νήθΫηθάυηβζΪμφικβηΪήείΰηθλμβ

Λνμρίεαςβκς৯οηπ

ΡμθΫυήάίκφζθέεΪλάθΫθήηθθμδκυάΪμφλωικβζθημΪΰίάνέεΪο

νρβμυάΪγμίκΪλλμθωηβί &νδΪαΪηηθίηΪκβλνηδίΚΪαζίκ '

λδεΪήυάΪίμλω βα μθεσβηυ ξκθημΪεφηυο ιΪηίείγ ζίΫίεβ β άυλθμυ

κνρίδ

Ξνγικύφδμηδξοηΰνοίιόκδιρονπδρη

ΙκβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυιθχμθζνθηήθεΰίη

χδλιενΪμβκθάΪμφλωμθεφδθλιθήδεψρϋηηυζαΪαίζεωψσβζ

ικθάθήθζ

ΛβλμίζΪαΪσβμυικίήθοκΪηβμίεωζβηΪλμκΪβάΪίμλωά

λθθμάίμλμάββλιθδΪαΪμίεωζβζθσηθλμβνδΪαΪηηυζβηΪμβιθάθγ

μΪΫεβρδίβλνσίλμάνψσβζβζίλμηυζβμκίΫθάΪηβωζβ

ΙκβάυιθεηίηββεψΫυοζθημΪΰηυοκΪΫθμικβΫθκήθεΰίηΫυμφ

θΫίλμθρίη

ΙκβΫθκ ζθΰηθ ιθήδεψρΪμφ μθεφδθ ικβ ιθζθσβ λίμίάθέθ ικθάθήΪ

άοθήωσίέθάδθζιείδμιθλμΪάδβΙθήλθίήβηβμίλίμίάθγικθάθήδ

αΪήηίγλμίηδίικβΫθκΪήθσίερδΪ

ΛίμίάθγικθάθήήεβηθγζζθΰηθαΪδΪαΪμφάλίκάβληθγ

λενΰΫί

ΛίμίάθγικθάθήζθΰηθαΪζίηβμφμθεφδθμΪδβζΰίαΪδΪαΪηηυζά

λίκάβληθγλενΰΫί

ΙκβνλμΪηθάδίθΫίλιίρφμίαΪσβμνθμικβδθληθάίηβω

Πδρδανθξονανγπαηκινθπζίζδλκώύψηλινμρίιρνλ

ΙκβΫθκζθΰηθιθήδεψρΪμφδλίμβμθεφδθρίκίαικΪάβεφηθ

νλμΪηθάείηηνψκθαίμδνλαΪαίζεωψσβζδθημΪδμθζ

ΏλεβιθλείνλμΪηθάδβικβΫθκΪήθςμίιλίεφηθγάβεδβ

ηίάθαζθΰηθΫνήίμήθΫκΪμφλωμθάνλμΪηθάείηηθζηίιθήάβΰηθ

χείδμκθθΫθκνήθάΪηββήθεΰίηΫυμφικίήνλζθμκίηλιίπβΪεφηυγ

άυδεψρΪμίεφήεωκΪαζυδΪηβωάξΪαΪολθέεΪληθνλεθάβωζ

ζθημΪΰΪ

Πδρδανθξονανγπαηκινθΰδζζίζδλκώύψδβνινμρίιρί

ΙθήδεψρίηβίικβΫθκΪήθεΰηθάυιθεηωμφλωμθεφδθ

δάΪεβξβπβκθάΪηηυζλιίπβΪεβλμθζ

Ό νλμΪηθάείηηθζ ηίιθήάβΰηθ χείδμκθθΫθκνήθάΪηββ ήθεΰίη Ϋυμφ

ικίήνλζθμκίηλιίπβΪεφηυγάυδεψρΪμίεφήεωκΪαζυδΪηβωά

ξΪαΪολθέεΪληθνλεθάβωζζθημΪΰΪΘικίήίεβμίξΪαθάυγβ

ηίγμκΪεφηυγηνείάθγδθημΪδμυάκθαίμδίΗίικΪάβεφηθί

ιθήδεψρίηβίζθΰίμλμΪμφικβρβηθγιθάκίΰήίηβωικβΫθκΪ

ΙθήδεψρΪγμίμθεφδθάλθθμάίμλμάββλθλοίζθγιθήδεψρίηβω

ΗΪικωΰίηβίνδΪαΪηθηΪμβιθάθγμΪΫεβρδίΙκθάθήΪλίμίάθέθ

δΪΫίεωήθεΰηυιθήλθίήβηωμφλωάλθθμάίμλμάββλπάίμθάθγ

ζΪκδβκθάδθγΰϋεμθαίεϋηυγ αΪαίζεωψσβγικθάθή

<λβηβγ

ηθεφηίγμκΪεφηυγικθάθήδθκβρηίάυγ ξΪαΪξΪαθάυγ

ικθάθή

Ζίιοδξκδμηδξοηΰνοί³οηπ

Ν ικβΫθκθά λθ λτίζηθγ ήάίκπίγ άυήάβΰηθγ μίείΰδβ ηίθΫοθήβζθ

ληΪρΪεΪληωμφήάίκπν

 ΑΪήάβηφμίικβΫθκήθνιθκΪβάυκθάηωγμίίέθ

 ΑΪδκίιβμίικβΫθκλιθζθσφψάβημθά

ΑΪαθκζίΰήνλμθείςηβπίγβικβΫθκθζηίήθεΰίηΫυμφαΪδκυμ

ήθιθεηβμίεφηθγιεΪηδθγ

ΑΪικίσΪίμλωνλμΪηΪάεβάΪμφηΪΫθδθάυολμίηδΪοςδΪξΪήεω

άλμκΪβάΪηβωμίιεθβαθεωπβθηηυίιεΪηδβ

Γδλνμρίε

 ΘΫίλμθρφμίικβΫθκ

 ΘλεΪΫφμίάβημυδκίιείηβω

 ΙκβιθήηβζβμίβάυηφμίικβΫθκ

0RQWHULQJVDQYLVQLQJ

9LNWLJDDQYLVQLQJDUELOG

■ 6lNHUDQYlQGQLQJI|UXWVlWWHUSURIIVLJPRQWHULQJHQOLJW

PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UVNDGRUVRP

XSSVWnUSnJUXQGDYIHODNWLJLQE\JJQDG

■ .RQWUROOHUDHQKHWHQHIWHUXSSDFNQLQJ$QVOXWLQWHHQKHWHQRP

GHQKDUWUDQVSRUWVNDGRU

■ )|OMPRQWHULQJVEODGHQI|UWLOOEHK|UVPRQWHULQJ

■ 7D ERUW I|USDFNQLQJVPDWHULDO RFK VN\GGVIROLHU IUnQ XJQVXWU\PPH

RFKOXFNDI|UHDQYlQGQLQJ

■ 6WRPPDUQDVNDWnODWHPSHUDWXUHUXSSWLOO&OXFNRURFK

OnGIURQWHULQWLOOXSSWLOO&

■ 0RQWHUDLQWHHQKHWHQEDNRPGHNRUHOOHUVWRPOXFND5LVNI|U

|YHUKHWWQLQJ

■ *|UXUWDJHQLVWRPPDUQDLQQDQGXVlWWHULHQKHWHQ7DERUW

VSnQHQ'HNDQSnYHUNDHONRPSRQHQWHUQDVIXQNWLRQ

■ $QYlQGVN\GGVKDQGVNDUVnXQGYLNHUGXVNlUVNDGRU'X

NRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU

■ 9lJJXWWDJHWI|UDQVOXWQLQJHQPnVWHVLWWDLQRPRPUnGHW $HOOHU

XWDQI|ULQE\JJQDGVXWU\PPHW

■ )lVWO|VDVWRPPDUPHGYDQOLJDP|EHOYLQNODU %PRWYlJJHQ

■ 0nWWXSSJLIWHUQDLELOGHUQDlULPP

(QKHWXQGHUElQNVNLYDELOG

+\OOSODQHWVNDKDHWWYHQWLODWLRQVXUWDJI|UHQKHWHQ



)lVWElQNVNLYDQLVWRPPHQ

)|OMKlOOHQVPRQWHULQJVDQYLVQLQJ

(QKHWLK|JVNnSELOG

+\OOSODQHQVNDKDYHQWLODWLRQVXUWDJI|UHQKHWHQ

)LQQV GHW I|UXWRP HOHPHQWEDNVLGRUQD lYHQ U\JJ Sn K|JVNnSHW Vn

PnVWHGXWDERUWGHQ

0RQWHUDLQWHHQKHWHQK|JUHlQDWWGXVPLGLJWNDQWDXUWLOOEHK|U

+|UQPRQWHULQJELOG

7DKlQV\QWLOOPnWW &VnDWWOXFNDQWLOOHQKHWHQJnUDWW|SSQDYLG

K|UQPRQWHULQJ0nWW 'lUREHURHQGHDYIURQWWMRFNOHNHQXQGHU

EHVODJHW

(ODQVOXWDHQKHWHQ

(QKHWHQKDUVN\GGVNODVV,RFKVNDKDMRUGDGHODQVOXWQLQJ

$YVlNUDHQOLJWDQJLYHQHIIHNWSnW\SVN\OWHQRFKORNDODI|UHVNULIWHU

(QKHWHQVNDYDUDVSlQQLQJVO|VYLGDOOVODJVPRQWHULQJ

$QVOXWEDUDHQKHWHQPHGGHQPHGI|OMDQGHVODGGHQ6lWWL

NRQWDNWHQVQlSSHUIDVWSnHQKHWHQVEDNVLGD

'HWJnUDWWEHVWlOODPVODGGKRVVHUYLFH

'XInUEDUDE\WDXWVODGGHQPRWRULJLQDOVODGGVRPGXEHVWlOOHUDY

VHUYLFH

,QVWDOODWLRQHQPnVWHJHHWWIXOOJRWWSHWVN\GG

6ODGGPHGMRUGDGNRQWDNW

'XInUEDUDDQVOXWDHQKHWHQWLOOUlWWLQVWDOOHUDGHMRUGDGHHOXWWDJ

2PGHWLQWHJnUDWWQnNRQWDNWHQHIWHULQE\JJQDGVnPnVWHGHQ

IDVWDLQVWDOODWLRQHQKDHQIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD

$QVOXWQLQJVNDEHOXWDQMRUGDGNRQWDNW

'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUHODQVOXWDHQKHWHQ

)DVWLQVWDOODWLRQNUlYHUIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD

,GHQWLILHUDIDVRFKQHXWUDOOHGDUHQROODLNRSSOLQJVGRVDQ

)HODQVOXWQLQJNDQVNDGDHQKHWHQ

'XInUEDUDDQVOXWDHQOLJWHOVFKHPDW6SlQQLQJVHW\SVN\OWHQ

$QVOXWOHGDUQDLHODQVOXWQLQJHQHQOLJWIlUJPlUNQLQJHQJU|QJXO

MRUGOHGDUH

<EOn QROODQHXWUDOOHGDUHEUXQ IDVIDVOHGDUH

)lVWDHQKHWHQELOG

'XPnVWHWDERUWOXFNDQI|UVWSnHQKHWHUPHGXWGUDJEDU

EDNYDJQVOXFND

 6NMXWLQHQKHWHQKHOWRFKFHQWUHUDGHQ

 6NUXYDIDVWHQKHWHQ

6HWLOOVnDWWLQWHDQGUDOLVWHUWlFNHUVSDOWHQPHOODQElQNVNLYDRFK

HQKHW

'HWInULQWHVLWWDQnJUDWHUPRVN\GGVOLVWHUSnVLGRYlJJDUQDL

RPE\JJQDGVVWRPPHQ

'HPRQWHULQJ

 *|UHQKHWHQVSlQQLQJVO|V

 /RVVDIlVWVNUXYDUQD

 /\IWHQKHWHQQnJRWRFKGUDVHGDQXWGHQKHOWRFKKnOOHW

0RQWDMN×ODYX]X

gQHPOLX\DU×ODU5HVLP

■ &LKD]×Q PRQWDM× DQFDN EX PRQWDM WDOLPDW×QGD WDULI HGLOHQ üHNLOGH

XVXOQHX\JXQRODUDN\DS×OP×üVDFLKD]×QJYHQOLNXOODQ×P×V|]

NRQXVXRODELOLU<DQO×üPRQWDMGDQND\QDNODQDQDU×]DODUGDQ

PRQWDM×\DSDQNLüLVRUXPOXGXU

■ $PEDODM×Do×OG×NWDQVRQUDFLKD]NRQWUROHGLOPHOLGLU%LUQDNOL\H

KDVDU×ROPDV×GXUXPXQGDFLKD]EDùODQW×V×\DS×OPDPDO×G×U

■ $NVHVXDUODU×QPRQWDM×LoLQPRQWDMVD\IDODU×QDGLNNDWHGLQL]

■ &LKD]×oDO×üW×UPDGDQ|QFHDPEDODMPDO]HPHOHULQLYH\DS×üNDQO×

EDQWODU×SLüLUPHE|OPQGHQYHNDSDNWDQo×NDU×Q×]

■ *|PPHPRELO\DODU &OLNV×FDNO×ùDNDGDU\DQPRELO\D

\]H\OHULLVH &OLNV×FDNO×ùDNDGDUGD\DQ×NO×ROPDO×G×U

■ &LKD]×ELUGHNRUYH\DPRELO\DNDSDù×Q×QDUNDV×QDPRQWH

HWPH\LQL]$ü×U××V×QPDQHGHQL\OHWHKOLNHROXüWXUXU

■ 0RELO\DGD\DS×ODFDNNHVLPLüOHULFLKD]WDN×OPDGDQ|QFH

\DS×OPDO×G×U7DODüODU×WHPL]OH\LQL](OHNWULNOLQLWHOHULQLüOHYL

ROXPVX]HWNLOHQHELOLU

■ <DUDODQPDODU×|QOHPHNLoLQNRUX\XFXHOGLYHQWDN×OPDO×G×U

0RQWDMHVQDV×QGDHULüLOHELOHQSDUoDODU×QNHQDUODU×NHVNLQRODELOLU

■ &LKD]EDùODQW×SUL]LWDUDO×\]H\DODQ× $GDYH\DPRQWDME|OJHVL

G×ü×QGDROPDO×G×U

■ 6DELWOHQPH\HQPRELO\DODUX\JXQELUDo×\OD %GXYDUD

VDELWOHQPHOLGLU

■ 5HVLPOHULQ|OoPELOJLOHULPPFLQVLQGHQGLU

&LKD]oDO×üPDWH]JDK×Q×QDOW×QD\HUOHüWLULOHFHNVH5HVLP

&LKD]×QKDYDODQG×U×OPDV×LoLQDUDUDIWDKDYDODQG×UPDE|OP

EXOXQPDO×G×U

dDO×üPDWH]JDK×PRQWDMPRELO\DV×QDVDELWOHQPHOLGLU

2FDNPRQWDMN×ODYX]XQDGLNNDWHGLQL]

%R\GRODE×QGDNLFLKD]5HVLP

&LKD]×Q KDYDODQG×U×OPDV× LoLQ DUD UDIODUGD ELU KDYDODQG×UPD E|OP

EXOXQPDO×G×U

(ùHUHOHPDQDUNDGXYDU×QDHNRODUDNER\GRODE×Q×QGDELUDUND

GXYDU×YDUVDEXQXQo×NDUW×OPDV×JHUHNOLGLU

&LKD]VDGHFHDNVHVXDUODU×QNROD\O×NODo×NDUW×ODELOHFHùLELU

\NVHNOLùHPRQWHHGLOPHOLGLU

.|üHPRQWDM×5HVLP

&LKD]NDSDù×Q×QDo×ODELOPHVLLoLQN|üHPRQWDM×V×UDV×QGD &

|OoVQH GLNNDW HGLOPHOLGLU ' |OoV WXWDPDù×Q DOW N×VP×QGD NDODQ

PRELO\DQ×Q|QFHSKHVLQLQNDO×QO×ù×QDEDùO×G×U

&LKD]×QHOHNWULNEDùODQW×V×Q×Q\DS×OPDV×

&LKD]NRUXPDV×Q×I×, HDLWWLUYHVDGHFHWRSUDNODPDNDEORVX

EDùODQW×V×LOHoDO×üW×U×ODELOLU

6LJRUWDWDQ×W×PSODNDV×]HULQGHNLJoGHùHULQHJ|UHYH\HUHO

\|QHWPHOLNOHUHX\JXQRODUDNVHoLOPHOLGLU

%WQPRQWDMLüOHPOHULV×UDV×QGDFLKD]×QüHEHNHEDùODQW×V×NHVLN

ROPDO×G×U

&LKD]\DOQ×]ELUOLNWHWHVOLPHGLOHQEDùODQW×NDEORVXLOH

EDùODQPDO×G×U%DùODQW×NDEORVXQXFLKD]×QDUNDWDUDI×QDWDN×Q×]

.OLN

PX]DWPDNDEORVXPüWHULKL]PHWOHULQGHQWHPLQHGLOHELOLU

%DùODQW×NDEORVXVDGHFHPüWHULKL]PHWOHULQGHQWHPLQHGLOHQ

RULMLQDOELUNDEORLOHGHùLüWLULOPHOLGLU

0RQWDMV×UDV×QGDELUHOHNWULNWHPDVNRUX\XFXVXPHYFXWROPDO×G×U

.RUXPDNRQWDNO×ILüEDùODQW×KDWW×

&LKD]VDGHFHNXUDOODUDX\JXQRODUDNNXUXOPXüNRUXPDO×NRQWDN

SUL]HWDN×OPDO×G×U

0RQWDMVRQUDV×QGDILüHDUW×NHULüLOHPH\HFHNVHVDELWG|üHQHQ

HOHNWULNWHVLVDW×QGDNXUXOXPüDUWODU×QDX\JXQRODUDNID]ODELU

NHVPHWHUWLEDW×WDN×OPDO×G×U

.RUXPDNRQWDNO×ILüROPDGDQEDùODQW×KDWW×

&LKD]×QHOHNWULNEDùODQW×V×VDGHFHHùLWLPOLELUX]PDQWDUDI×QGDQ

\DS×OPDO×G×U

6DELW G|üHQHQ HOHNWULN WHVLVDW×QGD NXUXOXP üDUWODU×QD X\JXQ RODUDN

ID]ODELUNHVPHWHUWLEDW×WDN×OPDO×G×U)D]YHQ|WUV×I×UNDEOR

EDùODQW× SUL]LQGH WDQ×PODQPDO×G×U +DWDO× ELU EDùODQW× FLKD]×Q ]DUDU

J|UPHVLQHVHEHSRODELOLU

6DGHFHEDùODQW×üHPDV×QDJ|UHEDùOD\×Q×]*HULOLPLoLQWLS

SODNDV×QDEDN×Q×]ûHEHNHEDùODQW×KDWW×NDEORODU×UHQN

NRGODPDV×QDX\JXQüHNLOGHEDùODQPDO×G×U<HüLOVDU×

7RSUDNODPD NDEORVX

< PDYL V×I×U Q|WU NDEOR NDKYHUHQJL )D]

G×üLOHWNHQ

&LKD]×QVDELWOHQPHVLUHVLP

d×NDU×ODELOLUVUJONDSDù×RODQFLKD]ODUGDNDSDN|QFHGHQ

o×NDU×OPDO×G×U

 &LKD]×WDPDPHQLoHULLWLQL]YHRUWDOD\×Q×]

 &LKD]×V×N×FDYLGDOD\×Q×]

7H]JDKYHFLKD]DUDV×QGDNLDUDO×NHNSHUYD]ODUOD

NDSDW×OPDPDO×G×U

7DGLOHGLOHQGRODE×Q\DQGXYDUODU×QD×V×NRUXPDoXEXNODU×Q×Q

WDN×OPDV×JHUHNOLGLU

6|NPH

 &LKD]×QHOHNWULNJLULüLQLNHVLQL]

 6DELWOHPHYLGDODU×Q×V|NQ]

 &LKD]×KDILIoHNDOG×U×Q×]YHWDPDPHQG×üDU×oHNLQL]

Bosch HBT578FS2A Installation guide

Bosch HBT578FS2A Installation guide

Bosch HBT578FS2A Installation guide

Related papers

Other documents