Siemens EC9A5RC90N/01 User manual

Brand: Siemens

Model: EC9A5RC90N/01

Type: User manual

*9001145412*  



Ø 0RQWDJHDQOHLWXQJ

Ù ̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ

Ú ,QVWDOODWLRQLQVWUXFWLRQV

Û ,QVWUXFFLRQHVGHPRQWDMH

Þ 1RWLFHGHPRQWDJH

á 6]HUHOpVL~WPXWDWy

â ,VWUX]LRQLSHULOPRQWDJJLR

é ,QVWDOODWLHYRRUVFKULIW

ë ,QVWUXNFMDPRQWDŰX

ì ,QVWUXo}HVGHPRQWDJHP

í ,QVWUXFŘLXQLGHPRQWDM

î Ημπροςιυηώξνλνμρίες

ô 0RQWDMN×ODYX]X



a¸

a

a

PLQ





PLQ

PLQ

PLQ



¸











PLQ

PLQ

PLQ









PLQPD[

PLQ

PLQ



PLQ





PLQ



[



D





9

9

99















JDV PEDU 4QN: P



K JK 0

*      %

*      %

*      %

*      %

*      %

*      %

*      $

*      $

*      $

*      $

*      %

*      %

*      %

*      %

*      %

*      %

*      $

*      $

*      $

*      $

*      %

*      %

*      %

*      %

*      %

*      %

*      $

*      $

*      $

*      $



* 



   %



* 



   %



* 



   %



* 



   %



* 



   %



* 



   %



* 



   $



* 



   $



* 



   $



* 



   $



*** (UGJDV $DUGJDV *D] QDWXUHO (UGJDV + (UJDV ( 1DWXUJDV *DV QDWXUDO 0DDNDDVX *D] QDWXUHO /DFT 1DWXUDO

JDV̵͓͈͉͚͑̼̀͏͈͎*DVQDWXUDOH*DVPHWDQR*iV1DWXUDO=HPQìSO\Q=HPHOMVNLSOLQ

* $DUGJDV*D]QDWXUHO(UGJDV//*D]QDWXUHO*URQLQJXH

**** )OVVLJJDV%XWDDQ3URSDDQ%XWDQR3URSDQR%XWDQ3URSDQ)OVVLJJDV%3)*DV%XWDDQL3URSDDQL

%XWDQH3URSDQH̴͂͏̼̀͏͈͎͋̈́̾͂͋̀̰͏͎̻͈͎͌*3/%XWiQ3URSiQ

* %\JDV*DVPDQXIDFWXUDGR

JDV PEDU 4QN: P



K JK 0







0RQWDJHDQOHLWXQJ

6LFKHUKHLWVKLQZHLVH

/HVHQ6LHGLH*HEUDXFKVDQZHLVXQJIUGDV*HUlWEHYRU6LHHV

LQVWDOOLHUHQXQGEHQXW]HQ

'LHLQGLHVHU$QOHLWXQJHQWKDOWHQHQ$EELOGXQJHQVLQGRULHQWDWLY

'HU +HUVWHOOHU LVW MHJOLFKHU 9HUDQWZRUWXQJ HQWKREHQ ZHQQ GLH

%HVWLPPXQJHQGLHVHV+DQGEXFKVQLFKWHLQJHKDOWHQZHUGHQ

'LHVHV *HUlW GDUI QXU DQ HLQHP DXVUHLFKHQG EHOIWHWHQ 2UW JHQXW]W

ZHUGHQ'DV*HUlWGDUIQLFKWDQHLQHQ6FKRUQVWHLQRGHUHLQH

$EJDVDQODJHDQJHVFKORVVHQZHUGHQ

$OOH,QVWDOODWLRQV$QVFKOXVV5HJHOXQJVXQG8PVWHOOXQJV

DUEHLWHQ DXI HLQH DQGHUH *DVDUW PVVHQ YRQ HLQHP DXWRULVLHU

WHQ )DFKPDQQ XQG XQWHU %HDFKWXQJ GHU MHZHLOV DQZHQGEDUHQ

5HJHOXQJHQXQGJHVHW]OLFKHQ9RUJDEHQVRZLHGHU9RUVFKULI

WHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHUYRUJHQRPPHQ

ZHUGHQ %HVRQGHUH $XIPHUNVDPNHLW LVW GHQ IU GLH %HOIWXQJ

JHOWHQGHQ%HVWLPPXQJHQXQG5LFKWOLQLHQ]X]XZHQGHQ

)U8PVWHOOXQJVDUEHLWHQDXIHLQHDQGHUH*DVDUWHPSIHKOHQ

ZLUGHQ.XQGHQGLHQVW]XUXIHQ

'LHVHV*HUlWZXUGHDXVVFKOLHOLFKIUGLH9HUZHQGXQJLQ3ULYDW

KDXVKDOWHQHQWZRUIHQHLQHNRPPHU]LHOOHRGHUJHZHUEOLFKH1XW

]XQJ LVW QLFKW JHVWDWWHW 'LHVHV *HUlW GDUI QLFKW DXI -DFKWHQ RGHU LQ

:RKQZDJHQHLQJHEDXWZHUGHQ'LH*DUDQWLHJLOWQXUGDQQZHQQ

GDV*HUlWDXVVFKOLHOLFKIUVHLQHQYRUJHVHKHQHQ=ZHFNJHQXW]W

ZLUG

hEHUSUIHQ6LHYRUGHU,QVWDOODWLRQGHV*HUlWVGDVVGLH|UWOLFKHQ

9RUDXVVHW]XQJHQXQGGLHDXIGHP7\SHQVFKLOGDQJHJHEHQHQ

*HUlWHHLQVWHOOXQJHQ *DVDUW XQG GUXFN 1HQQOHLVWXQJ 6SDQQXQJ

PLWHLQDQGHUNRPSDWLEHOVLQG

6WHOOHQ6LHYRUGHU'XUFKIKUXQJMHJOLFKHU$UEHLWHQGLH

6WURPXQG*DV]XIXKUDE

'DV 1HW]NDEHO PXVV DP (LQEDXP|EHO JXW EHIHVWLJW ZHUGHQ GDPLW

HVQLFKWPLWKHLHQ7HLOHQGHV%DFNRIHQVRGHUGHV.RFKIHOGHVLQ

%HUKUXQJNRPPHQNDQQ

(OHNWULVFKH*HUlWHPVVHQLPPHUJHHUGHWZHUGHQ

1HKPHQ6LHNHLQH$UEHLWHQLP*HUlWHLQQHUHQYRU5XIHQ6LH

JHJHEHQHQIDOOVXQVHUHQ.XQGHQGLHQVWDQ

9RUGHP(LQEDX

'LHVHV*HUlWHQWVSULFKW.ODVVHJHPl',1(1IU*DV

JHUlWH(LQEDXJHUlWH

'DV0|EHOLQZHOFKHVGDV*HUlWHLQJHEDXWZLUGPXVVDXVUHL

FKHQGIL[LHUWXQGVWDELOVHLQ

'LH QHEHQ GHP *HUlW EHILQGOLFKHQ 0|EHO GHUHQ 6FKLFKWZHUNVWRIIH

VRZLHGHUVLH]XVDPPHQKDOWHQGH/HLPGUIHQQLFKWDXVEUHQQED

UHQ0DWHULDOLHQEHVWHKHQXQGPVVHQKLW]HEHVWlQGLJVHLQ

'LHVHV*HUlWGDUIQLFKWEHU.KOVFKUlQNHQ:DVFKPDVFKLQHQ

6SOPDVFKLQHQRGHUlKQOLFKHQ*HUlWHQHLQJHEDXWZHUGHQ

'DV.RFKIHOGGDUIQXUEHUHLQHPEHOIWHWHQ%DFNRIHQHLQJHEDXW

ZHUGHQ

:LUGXQWHUGHP.RFKIHOGHLQ%DFNRIHQHLQJHEDXWNDQQGLH'LFNH

GHU$UEHLWVSODWWHGLHPLQLPDOJHIRUGHUWH'LFNHLQGLHVHU$QOHLWXQJ

EHUVFKUHLWHQ %HDFKWHQ 6LH GLH +LQZHLVH LQ GHU 0RQWDJHDQOHLWXQJ

GHV%DFNRIHQV

:HQQ HLQH 'XQVWDE]XJVKDXEH DQJHEUDFKW ZLUG PXVV GLHV JHPl

GHU 0RQWDJHDQOHLWXQJ XQG LPPHU XQWHU %HUFNVLFKWLJXQJ GHV YHUWL

NDOHQ0LQGHVWDEVWDQGV]XP.RFKIHOG$EE JHVFKHKHQ

9RUEHUHLWXQJGHV.FKHQP|EHOV$EE 

1HKPHQ 6LH LQ GHU $UEHLWVIOlFKH HLQHQ $XVVFKQLWW PLW GHQ EHQ|WLJ

WHQ$EPHVVXQJHQYRU

%HL$UEHLWVIOlFKHQDXV+RO]ILUQLVVHQ6LHGLH6FKQLWWIOlFKHQPLW

6SH]LDOOHLPXPVLHYRU)HXFKWLJNHLW]XVFKW]HQ

%HILQGHW VLFK NHLQ %DFNRIHQ XQWHU GHP .RFKIHOG EULQJHQ 6LH HLQHQ

=ZLVFKHQERGHQDXVQLFKWEUHQQEDUHP0DWHULDO]%0HWDOORGHU

6SHUUKRO] PPXQWHUGHP%RGHQGHV.RFKIHOGHVDQ6RZLUG

HLQ=XJDQJ]XPXQWHUHQ7HLOGHV.RFKIHOGHVYHUKLQGHUW

'HU$EVWDQGGHV=ZLVFKHQERGHQV]XP1HW]DQVFKOXVVGHV*HUl

WHVPXVVPLQGHVWHQVPPEHWUDJHQ

(LQEDXGHV*HUlWV$EE 

+LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU

ZHQGHQ

-HQDFK0RGHOONDQQGLH.OHEHGLFKWXQJEHUHLWVLP:HUNDQJH

EUDFKW ZRUGHQ VHLQ 'LH .OHEHGLFKWXQJ GDQQ NHLQHVIDOOV HQWIHUQHQ

VLHYHUKLQGHUW'XUFKVLFNHUQ:HQQGLH'LFKWXQJQLFKWZHUNVHLWLJ

DQJHEUDFKWZXUGHNOHEHQ6LHVLHDQGHQXQWHUHQ5DQGGHV.RFK

IHOGV

=XU%HIHVWLJXQJGHV*HUlWVDP(LQEDXP|EHO

 6FKUDXEHQ6LHGLH.ODPPHUQLQGHUDQJHJHEHQHQ3RVLWLRQDQ

VRGDVVVLHVLFKIUHLGUHKHQ

 )JHQ6LHGDV.RFKIHOGPLWWLJHLQ

'UFNHQ6LHGLH5lQGHUVRODQJHQDFKXQWHQELVGHUJHVDPWH

5DQGDXIOLHJW

 'UHKHQ6LHGLH.ODPPHUQXQG]LHKHQ6LHGLHVHIHVWDQ

'LH 3RVLWLRQ GHU .ODPPHUQ KlQJW YRQ GHU 'LFNH GHU $UEHLWVREHU

IOlFKHDE

'DV*HUlWGDUIQLFKWPLW6LOLNRQDXIGLH$UEHLWVSODWWHJHNOHEWZHU

GHQ

$XVEDXGHV.RFKIHOGHV

7UHQQHQ6LHGDV*HUlWYRQGHU6WURPXQG*DVYHUVRUJXQJ

6FKUDXEHQ 6LH GLH .ODPPHUQ DXI XQG IROJHQ 6LH GHQ (LQEDXVFKULW

WHQLQXPJHNHKUWHU5HLKHQIROJH

*DVDQVFKOXVV$EE 

'HU*DVDQVFKOXVVPXVVVRDQJHRUGQHWVHLQGDVVGHU$EVSHUU

KDKQ]XJlQJOLFKLVW

$P(QGHGHV(LQJDQJVURKUV]XP*DVNRFKIHOGEHILQGHWVLFKHLQ

µ*HZLQGH PP'LHVHV*HZLQGHHUP|JOLFKW

■ (LQHQ)HVWDQVFKOXVV

■ (LQHQ$QVFKOXVVPLWHLQHP0HWDOOVFKODXFK/ PLQ  P

PD[  P

%ULQJHQ6LHGLHPLWJHOLHIHUWH'LFKWXQJ]ZLVFKHQGHP

$XVODVVGHU6DPPHOOHLWXQJXQGGHP*DVDQVFKOXVVDQ

'HU 6FKODXFK VROOWH QLFKW LQ .RQWDNW ]X GHQ EHZHJOLFKHQ 7HLOHQ GHU

(LQEDXHLQKHLWJHODQJHQ]%HLQHU6FKXEODGHRGHUGXUFKgII

QXQJHQYHUOHJWZHUGHQGLHYHUVFKORVVHQZHUGHQN|QQWHQ

:HQQ6LHHLQHNRQLVFKH9HUELQGXQJKHUVWHOOHQP|FKWHQVHW]HQ

6LH GDV =XEHK|UWHLO PLW GHU 1XPPHU  XQG GLH 'LFKWXQJ PLW

GHU1XPPHUJJILP/LHIHUXPIDQJHQWKDOWHQRGHUEHLP

.XQGHQGLHQVWHUKlOWOLFK]ZLVFKHQGHP(LQJDQJVURKUGHV*DV

NRFKIHOGHVXQGGHU*DV]XOHLWXQJHLQ%LOG

:HQQ HLQ KRUL]RQWDOHU *DVDQVFKOXVV KHUJHVWHOOW ZHUGHQ VROO OLHIHUW

,KQHQXQVHUWHFKQLVFKHU.XQGHQGLHQVWHLQHQ.UPPHUPLWGHU

$UWLNHOQXPPHUVRZLHHLQH'LFKWXQJPLWGHU$UWLNHOQXP

PHU$EE D

: *DVDXVWULWWVJHIDKU

1DFK$UEHLWHQDQHLQHU$QVFKOXVVVWHOOHGLHVHLPPHUDXI'LFKWKHLW

SUIHQ

'HU+HUVWHOOHUEHUQLPPWIUGHQ*DVDXVWULWWDQHLQHU$QVFKOXVV

VWHOOHDQGHU]XYRUKDQWLHUWZXUGHNHLQH9HUDQWZRUWXQJ

(OHNWULVFKHU$QVFKOXVV$EE 

'DV *HUlW JHK|UW ]XP 7\S < 'DV =XOHLWXQJVNDEHO GDUI QLFKW YRP

%HQXW]HUVRQGHUQQXUYRP.XQGHQGLHQVWDXVJHWDXVFKWZHUGHQ

6RZRKO.DEHOW\SDOVDXFKPLQLPDOHU4XHUVFKQLWWPVVHQEHUFN

VLFKWLJWZHUGHQ

'LH.RFKIHOGHUZHUGHQPLW1HW]NDEHOPLWRGHURKQH6WHFNHUJHOLH

IHUW

0LW6WHFNHUDXVJHVWDWWHWH*HUlWHGUIHQQXULQYRUVFKULIWVPlLJ

DQJHEUDFKWHJHHUGHWH6WHFNGRVHQJHVWHFNWZHUGHQ

(VPXVVHLQDOOSROLJHU7UHQQVFKDOWHUPLWPLQGHVWHQV PP.RQ

WDNWDEVWDQGDQJHEUDFKWZHUGHQDXHUEHL$QVFKOXVVDQHLQHIUHL

]XJlQJOLFKH6WHFNGRVH

8PVWHOOXQJDXIHLQHDQGHUH*DVDUW

:HQQGLHHLQVFKOlJLJHQ%HVWLPPXQJHQGHVMHZHLOLJHQ/DQGHV

GLHVHUODXEHQNDQQGLHVHV*HUlWDXIDQGHUH*DVDUWHQXPJHVWHOOW

ZHUGHQVLHKH7\SHQVFKLOG'LHKLHUIUQRWZHQGLJHQ7HLOHEHILQ

GHQ VLFK LP PLWJHOLHIHUWHQ 8PEDXNLW MH QDFK 0RGHOO RGHU N|QQHQ

EHUGHQ.XQGHQGLHQVWEH]RJHQZHUGHQ

:,&+7,*%ULQJHQ6LHGHQ$XINOHEHUPLWGHUXPJHVWHOOWHQ*DVDUW

LQGHU1lKHGHV7\SHQVFKLOGHVDQ

(VPVVHQIROJHQGH6FKULWWHEHIROJWZHUGHQ

$$XVWDXVFKGHU'VHQ$EE 

 $OOH5RVWH%UHQQHUGHFNHOXQG9HUWHLOHUDEQHKPHQ

 'LH'VHQPLWGHP6FKOVVHODXVWDXVFKHQGHUEHUXQVHUHQ

WHFKQLVFKHQ 6HUYLFH PLW GHP &RGH  IU GRSSHOIODPPLJH

%UHQQHUYHUIJEDULVW6LHKH7DEHOOH$EE (VLVW

EHVRQGHUVGDUDXI]XDFKWHQGDVVVLFKGLH'VHEHLGHU

$EQDKPHRGHU%HIHVWLJXQJQLFKWDEO|VW8PGLH'LFKWLJNHLW]X

JHZlKUOHLVWHQPVVHQVLHIHVWDQJH]RJHQVHLQ

%HLGLHVHQ%UHQQHUQLVWNHLQH5HJXOLHUXQJGHU3ULPlUOXIWHUIRU

GHUOLFK



 'LH 'VHQ XQG %UHQQHUGHFNHO DQ GHQ HQWVSUHFKHQGHQ %UHQQHUQ

EHIHVWLJHQ$XHUGHPVLQGGLH5RVWHHQWVSUHFKHQGDQ]XEULQ

JHQ

%(LQVWHOOXQJGHU*DVKlKQH$EE 

 %HGLHQNQHEHODXINOHLQVWH6WXIHVWHOOHQ

 %HGLHQNQHEHOYRQGHQ*DVKlKQHQDEQHKPHQ(VHUVFKHLQWHLQ

IOH[LEOHU*XPPLGLFKWULQJ0LWGHU6SLW]HGHV6FKUDXEHQGUHKHUV

DXIGLH(LQVWHOOVFKUDXEHGHV*DVKDKQVGUFNHQ

1LHPDOVGHQ'LFKWULQJDEQHKPHQ'LH'LFKWULQJHYHUKLQGHUQ

GHQ(LQWULWWYRQ)OVVLJNHLWHQXQG6FKPXW]LQV,QQHUHGHV*H

UlWVZDVGHVVHQ)XQNWLRQVWFKWLJNHLWEHHLQWUlFKWLJHQN|QQWH

 6LHKH 7DEHOOH $EE  %\SDVVVFKUDXEHQ 0 EHL %HGDUI PLWKLOIH

HLQHV7RU[6FKUDXEHQGUHKHUVDQSDVVHQ$EE 

$'LH%\SDVVVFKUDXEHQPVVHQIHVWDQJH]RJHQZHUGHQ

%'LH%\SDVVVFKUDXEHQPVVHQEQGLJPLWGHU)DVVXQJDE

VFKOLHHQ

6WHOOHQ6LHVLFKHUGDVVEHLP'UHKHQGHV%HGLHQNQHEHOV]ZL

VFKHQ GHU K|FKVWHQ XQG GHU QLHGULJVWHQ 6WXIH GHU %UHQQHU QLFKW

DXVJHKWXQGHVQLFKW]XHLQHP)ODPPHQUFNVFKODJNRPPW

'HPRQWLHUHQ6LHQLHPDOVGLH*DVKDKQDFKVH,P)DOOHHLQHU

%HVFKlGLJXQJPXVVGHU*DVKDKQNRPSOHWWDXVJHWDXVFKWZHUGHQ

̯̓͆͂̾̈́͐͉̻̈́͂̀͒͑͒̀͑͆͐

̨͏͇͇͓͆́͐͋͔͍͇͓̓͗̾͋̓

῭͈̻́͑͒̈́͈͒͐͎̓͆͂̾̈́͐͕͏̽͑͆͐͏͈͌͏͎͕͗͏̽͑̈́͒̈́͑͒͆͌͉̻̈́͂̀͒͑͒̀͑͆

͉͈̀͕͏̽͑͆͒͆͐͓͉͓͑͑̈́̽͐

̯͈͈͉͚̈́͌̈́͐͎͓͓̻͏͕͎͓͌͑͓̼̀͒͐͈͒͐͎̓͆͂̾̈́͐͈̈́̾͌̀͚͎͋͌͈͉͈͉̼̈́͌̓̈́͒͐

̲͕͔͇͖͔͕͓͌̓̓͌̓̀͇͆͏͇͗̿͒͋͎͌̓́̓͇͖͊͞͏͉̓͏͇͆͏

͍͖͉̓͌͑͑͊͊͑͞͏͑͋͉͇͓͑͆́ͅ͕͖͑̓͒͝͏͕͓͑͇͇͖͋͒͋͆́͑͘ͅ

̧͓͉͓͑͑̈́̽͓̀͒̽͏̼͈̈́͌̀͕͏͈͎͆͑͋͎͈͈̈́̾͒̀͚͎͋͌͑̈́̀̈́͏͈͚͎͓͋̈́͌͐ͅ

͕͜͏͎͓͐¨̈́͌͏̼͈̈́͌̀͓͇͑͌̓̈́̈́̾͑̈́̼͌̀͑͛͑͒͆͋̀̀͎͕̼͓͒̈́͑͆͐

͉͓̀͑̾͋͗͌

̡͍͇͓͑͋͇͔͇͓͒̓́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ͔͞͏͇͔͉͓͆͎͔͉͓͒͊͋͞͌̓͋

͔͎͓͒͑̓͒͑̀ͅ ͔͇ ͍͍͖̾͑ ͕͞͖͑ ͇͖̓͒́͑ ͊̓ ͒̿͇͋ ͏̓ ́ͅ͏͖͑͏ ̓͝

͇͖͔͕͉͎͐͑͋͑͆͑̿͏͑͕͇͘͏͋͌͝͔͎͚͗͞͏̓͎͇͕͉͏͔͖͔͋͑̓͘͞͎͔͉͒͊͋͞

͌̓͋͏͎͇͔͑͑͊́̓͌̓͋͕͖͓͑͌̓͏͑͏͔͎͓͋͑͞͕͚͏͕͑͋͌͟͏͇͕̓͋͒͋͟͏

͆͋̓͏͎͓͑̀͉͍͇͕͌͒͋͌͑͞͌̓͋͇͖̓͒́͑̬͕͇͉͆͋̓́͒͎͔͉̿͗̓͒̿͇͋͏̓

͇͆͑͊́ ͔͕͓͋ ͕͇͓͆͋̓̾͐͋ ͖͑ ͇͎͈͗̓͒͑͝͏͕̓͋ ͔͇͕͋͌̾͘ ͎͇ ͕͑͏ ͇͔͎̓͒͋͝

̵͖͏͔͕͕́̓̓͋͏̓͇͋͌͑͋͏͚͏͔͇͕͇̀͎͇͕͑̶͇͘͏͋͌͝̵͓̿͒̈́͋͋̓ͅ͕͉͏

͔͎͒͑̓͒͑̀ͅ͔͇͍͍͖̾͑͕͞͖͑͇͖̓͒́͑

̢͓͒̽͆͓͉͓͑͑̈́̽̼͕͈̈́͕͈͑̈́̓̀͑͒̈́̾͚͎͋͌͈͂̀͎͈͉͈͉̀̽͕͏̽͑͆

̀͎̀͂͏͈̈́͛̈́͒̀͆̈́͋͎͏͈͉̽̽̈́͈͉̀͂͂̈́͊͋̀͒̽͕͏̽͑͆͒͆͐¨̈́͌͋͎͏̈́̾

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

̈́͂͂͛͆͑͆ ͈͕͈͑͛̈́ ͚͎͋͌ ͔͚͎̈́͑͌ ͆ ͓͉͓͑͑̈́̽ ͕͏͈͎͆͑͋͎͈͈̈́̾͒̀ ͈͂̀ ͎͒͌ ͚͎͊͂

͎͓̼͕͈̈́͕͈͑̈́̓̀͑͒̈́̾

̰͏͈͌͒͆͌͉̻̈́͂̀͒͑͒̀͑͆̼͍̈́͊͂͒̈́̀͌͈̈́̾͌̀͓̼͑͋́̀͒͐͎͈͏͓͇͈͋̾͑̈́͐

͎͒͈͉̽͐͈͎̓̀͌͋̽͐͋̈́͒͆͏͇͈͛͋͑͆͒͆͐͓͉͓͑͑̈́̽͐͎͓̀͌̀͂͏̻͔͈̈́͒̀

͑͒͆͌͈͉̼̈́͒͒̀͕̀͏͉̀͒͆͏͈͈͉͑͒͌͜͎͈͉͎̼͈͂͌̈́̀̀̈́͏͎͓̾͉͈̀̾̈́͑͆͐͈͕͑͛͐

̻͒͑͆

̳͒͋͏̓͝͑͑͋̓͆̀͕͇͑͇͏͇̿͒͋̓ͅ͙͕͇͆͋̓͌͝͕͉͏͉͍͇͕͌͒͋͌̀

͕͔͒͑͗͑͆͑́̓͌̓͋͕͑̓̿͒͋͑͕͉͓͔͖͔͇͖͓͌̀

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

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

͒͆͐̻́͑͆͐͈̈́͑͒͌͜

̯͈͓͉͓̼͑͑̈́͐͋̈́͉͆͊̈́͒͏͈͉̽͒͏͎͔͎͎̓͑̾̀͏̼͈̈́͌̀͈͎͈͂̈́͌͌͒̀͜

͓͎͕͏͈͉̻̈́͗͒

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

̻͉̀͌͂͆͐͉̼̀͊͑͒̈́͎͒͕͈͉͚͒̈́͌͋̀͐̼͑͏͈́͐

̳͒͋͏̓͝͕͉͏͇͕͔͕͔͉͌̓̾̓ͅ

̢͓͒̽͆͓͉͓͑͑̈́̽͈͎͈͕̀͌͒͑͒̈́̾͑͒͆͌͉͎̀͒͆͂͏̾̀͔͑͛͋͗͌̀͋̈́͎͒͌

͉͎͈͚̀͌͌͑͋ (1  ͈͂̀ ͓͉͓̼͑͑̈́͐ ̀̈́͏͎͓̾ ͓͉͓͑͑̈́̽ ͎͈͕͈̼̈́͌͒͑͋͌͆ ͑̈́

̼͈͎͊

̳͎ ̼͈͎͊ ͎͑͒ ͎͎͎̾ ͈͂̾͌̈́͒̀ ͆ ͉̻̈́͂̀͒͑͒̀͑͆ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͏̼͈̈́ ͌̀

͈̈́̾͌̀͉̻̀͒͊͊͆͊̀͑͒̈́͏̼͎̈́͗͋͌͉͈̀͇͑͒̀̈́͏͚

̳̀ ̼͈͊̀ ͉͎̻͌͒ ͑͒͆ ͓͉͓͑͑̈́̽ ͒̀ ͎͓͊͑͒͏͈͉̻͗͋̀͒ ͓͈͉̻͊ ̈́̼͓͌̓͑͆͐

͉͈̀ ͆ ͉͚͊͊̀ ͎͓ ͒̀ ͓͉͑͂͏̀͒̈́̾ ͏̼͈̈́ ͌̀ ͈̈́̾͌̀ ̀͚ ͋͆ ͔͉̈́͛͊̈́͒̀ ͓͈͉̻͊

͉͈̀͓͏͇͉͈͉̻̀͌̈́͒

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

͓͊͌͒̽͏͈̀͓͊͌͒̽͏͈̀͈̻͒͗͌̽̀͏͚͎͈͋̈́͐͓͉͓̼͑͑̈́͐

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

̀̈́͏͈͚͎͋̈́͌ͅ͔͎͛͏͎͌͎͓͒͈͎͓̾̓͉͉͓̀͒̀͑̈́̀͑͒̽

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

͎͒̻͕͎͐͎͓͒̻͉͎͓͂̈́͏͂̀͑̾̀͐͌̀͓̈́͏͈́̀̾͌̈́͎͒̻͕͈͎̈́͊͑͒

̀͈͎͎̀͒͛͋̈́͌̻͕͎͐͑̈́͓̼̀͒͐͈͒͐͎̓͆͂̾̈́͐̰͏͎̼͍͑͒̈́͈͓͒͐͎͍͈̓̈́̾̈́͐

͈͑͒͐͎̓͆͂̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐͎͓͒͔͎͛͏͎͓͌

̤͈̀͒͆͌͉̻̈́͂̀͒͑͒̀͑͆͚̈́͌͐͍̼̈́̀͂͗͂̀̻͊́̈́͒̈́͓͚͖͆͎͒͕͈̈́͂̈́͏͈͎̾̓

͉̻̈́͂̀͒͑͒̀͑͆͐͈̓̀͒͆͏͌͒̀͐͜̻͌͒̀͒͆͌̻͕͈̈́͊͑͒͆͉̻͇̈́͒͆̀͚͑͒̀͑͆

̀͚͒͆̻́͑͆͈̈́͑͒͌͜̥͈͉ 

̳͇͕͎͔͒͑͑͋̓́̓͕͖͑͇́͍͖͑̨͋͌ 

̪̻͌̈́͒̈́͈͋̀͉͎̽͑͒͆͌̈́͈͔̻͈͌̈́̀̈́͏͂̀͑̾̀͐͔͑͛͋͗͌̀͋̈́͈͒͐

͈͉͓͚̈́͌̓̈́͌͋̈́͌̈́͐͈̻͈̓̀͑͒͑̈́͐

̲̈́ ͍͈͛͊͌̈́͐ ̈́͈͔̻͈͌̈́̈́͐ ̈́͏͂̀͑̾̀͐ ́̈́͏͈͉͌͑͒̈́͜ ͈͒͐ ̈́͈͔̻͈͌̈́̈́͐ ͉͎̽͐ ͋̈́

͈͋̀͈͈͉̈́̓̽͉͚͊͊̀͈͂̀͌̀͈͔̓̀͑̀͊̾͑̈́͒̈́͒͆͚͑͒̈́͂̀͌͒͆͒̀͎͓͒͐

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

̼͌̀ ͈͕̓̀͗͏͈͑͒̽ ̀͚ ͋͆ ͔͉͎̈́͛͊̈́͒ ͓͈͉͚͊ ͕͉̻͎͈͎ ̼͎͋͒̀͊͊ ̽ ͉͚͌͒͏̀

͉̼͊̀͑͒̀ ͕͈͊̀͚͒͆̻́͑͆͈̈́͑͒͌͜̬̈́͓͚̀͒͎͒͒͏͚͎

̈́͋͎͈̓̾̈́͒̀ͅ͆͏͚͑́̀͑͆͎͑͒͉̻͒͗͒͋̽͋̀͒͆͐

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

͓͉͓͑͑̈́̽͐͏̼͈̈́͌̀͈̈́̾͌̀͎͒͈͚͊͂͒̈́͏͎PP

̨͕͔͕͔͉͌̓̾̓ͅ͕͉͓͔͖͔͇͖͓͌̀̨͋͌ 

̷͇͉͆͋͐͝ ̤͈̀͒͆͌͎͒͎͇̼͒͆͑͆͒͆͐̻́͑͆͐͈̈́͑͒͌͜͕͏͈͎͆͑͋͎͈̽͑͒̈́

͏͎͓͈͉̻͑͒̀͒̈́͒̻͈͂͌͒̀

̢̻͎͌͊͂̀͋̈́͎͒͎̼͎͋͌͒͊͎͒͈͉͚͑͒̈́͂̀͌͗͒̀͏̼͓͋́͑͋̀͌̀͈̈́̾͌̀

͎͒͎͇̼͎̈́͒͆͋͌ ̽̓͆ ͉̻̀͒ ͒͆͌ ̼͍͎͎̓ ̀͚ ͎͒ ̈́͏͎̻͈͎͂͑͒͑ ̲̈́ ͓̀͒̽͌ ͒͆͌

̈́͏̾͒͗͑͆͋͆͌͎͒͔͈̀̀͏̈́̾͒̈́͓͚͎͎͈̀̓̽͎͒̈́͓͇͉͑͌̽͆͎͒

͈͉͚͑͒̈́͂̀͌͗͒̀͏̼͓͋́͑͋̀̈́͋͎͈̓̾̈́ͅ͈͒͐͈̓̀͏͏͎̼͐̥̻͌͎͒

̀͏̼͓͋́͑͋̀̓̈́͌̼͕͈̈́͏͎͑̀͏͎͋͑͒̈́̾͎͑͒̈́͏͎̻͈͎͂͑͒͑͉͎͊͊̽͑͒̈́͎͒

͎͑͒͉̻͒͗͕͎̈́̾͊͐͒͆͐̻́͑͆͐͈̈́͑͒͌͜

̤͈̀͒͆͑͒̈́͏̼͗͑͆͒͆͐͓͉͓͑͑̈́̽͐͎͑͒̼͈͎͊͎͕͈̈́͌͒̾͑͆͐

 ̣͈̓͑͒̈́͜ ͎͒͌ ͉̻͇̈́ ́͏͕͎̀̾͌̀ ͑͒͆ ͇̼͑͆ ͎͓ ͓͎͈͉͈̓̈́͌͛̈́͒̀ ̼͈͒͑ ͑͒̈́͜

͌̀͓͂͏̻͌͌̈́͕͗͏̾͐͏͚́͊͆͋̀

 ̥͎͈͕͌͒̾͑͒̈́͉͈̀͉̈́͌͒͏̀͏̾͑͒̈́͒͆̻́͑͆͈̈́͑͒͌͜

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

 ̤͓͏̾͑͒̈́͎͓͒͐́͏͕͎̀̾͌̈́͐͉͈̀͔͍͑̾͒̈́̼͕͋͏͈͎͒̼͒͏͋̀

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

̈́͏͂̀͑̾̀͐

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

̻͉͎͂̈́͏͂̀͑̾̀͐

̱͇͎͑͏͕͔͎̾͒͋̓͕͉͓͔͉͓̈́̾͇͔͕͋͟͏

̢͎͓̼͑͌̓͑͒̈́͒͆͓͉͓͑͑̈́̽̀͚͒͆̀͏͎͕̽͉͆͊̈́͒͏͈͉͎͛͏͎̈́͛͋̀͒͐͉͈̀

̀̈́͏͎͓̾

̮͈̈́́̓͑͒̈́͜͎͓͒͐́͏͕͎̀̾͌̈́͐͉͈̀͓͕͑͌̈́̾͑͒̈́̀͌͒̾͑͒͏͎͔̀͈͒͐͎̓͆͂̾̈́͐

͓͑͌̀͏͎͚͋͊͂͆͑͆͐

̵͞͏͇͔͉͆͎͇̓̿͒͋͑̨͋͌ 

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

͔͏̀͂̽͐͌̀͈̈́̾͌̀͏͎͈͑͒̽

̳͎ ̻͉͏͎ ͎͓͒ ͓̼͉͑͊͊͒͆ ͈͚͎͓̈́͑̓ ͒͆͐ ̻́͑͆͐ ͈̈́͑͒͌͜ ̀̈́͏͎͓̾ ͈͇̼͈̓̀͒̈́ ̼͌̀

͑̈́̾͏͗͋̀·· ͕͈͊͎͓̈́͈͒͏̼͈̈́

■ ̳͆͌̻͉̀͋͒͆͑͛͌̓̈́͑͆

■ ̳͆͑͛͌̓̈́͑͆͋̈́̼͌̀͌͉̈́͛̀͋͎͒͈͉͚͋̈́͒̀͊͊͑͗͊̽͌̀/ ͕̈́͊̀  P

͋̈́͂  P

̥͈̻͑͂̈́͒̈́͎͒͈͉͎͑͒̈́͂̀͌͒͜̀͏̼͓͋́͑͋̀͎͓͑̀͐̀͏̼͕͈̈́͒̀

͍͋̈́͒̀͛͒͆͐͍͚͎͓̈́̓͎͓͒͎̀͂͗͂͛͉͈̀͒͆͐͑͛͌̓̈́͑͆͐̀̈́͏͎͓̾

̢͎͔͛͂̈́͒̈́͒͆͌̈́͔̀̽͎͓͒͑͗͊̽͌̀͋̈́͒̀͉͈̻͌͆͒͒͋̽͋̀͒̀͒͆͐

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

͕͜͏͎͓͐͎͓͋͎͏̈́̾͌̀̀͏̈́͋͎͈̓̾̈́ͅ

̥̻͌ ͇̼͊̈́͒̈́ ͌̀ ͉͉͓̻̀͒̀͑̈́͑̈́͒̈́ ͈͋̀ ͉͈͉͗͌̽ ͑͛͌̓̈́͑͆ ͎͒͎͇̈́͒̽͑͒̈́ ͎͒

͍̻̈́͏͒͆͋̀ ͋̈́ ͎͒͌ ̀͏͈͇͚͋  ͉͈̀ ͒͆ ͎͑͒̈́͂̀͌͎̾͆͑͆ ͋̈́ ͎͒͌ ̀͏͈͇͚͋

͕͎̼̈́͌̓̈́͋͌͗͐͓͑͋̈́͏͈̻͎͈͊̀͋́͌͌͒̀͑͒̀͓͈͉̻͊̀͏̻͎̓͑͆͐̽

͈̈́̾͌̀͈͇̼͈̓̀͑͋̀͎͑͒͒͋̽͋̀͍͓̈́͆͏̼͒͆͑͆͐̈́͊̀͒͌͜̻̀͌͋̈́͑̀͎͑͒

͑͗͊̽͌̀͈͚͎͓̈́͑̓͒͆͐̻́͑͆͐͈̈́͑͒͌͜̀̈́͏͎͓̾͉͈̀͎͓͒͑͗͊̽͌̀̀͏͎͕̽͐

̀̈́͏͎͓̾̥͈͉͚͌̀

̢͌͕͏͈̈́̀͑͒̈́̾͌̀͉̻͌̈́͒̈́͒͆͑͛͌̓̈́͑͆̀̈́͏͎͓̾͎͏͈͚͈͌͒̀ͅ͎͑͒͕͈͉͚͒̈́͌

͋̀͐̼͑͏͈́͐͈͇͈̓̀͒̾̈́͒̀̼͌̀͑̈́̾͏͗͋̀͋̈́͎͒͌͉͈͉͚͗̓͉͈̀͋̾̀

̼͌͗͑͆͋̈́͎͒͌͉͈͉͚͗̓̲͕ D

: ̭́͏͖͆͏͓͑͓͆͋̓͒͒͑̀

̪̻̀͒͎͒͕͈̈́͏͈͚͑͋͎͎͈̀͑̓̽͎͒̈́͑͛͌̓̈́͑͆͐̼͍̈́͊͂͒̈́͒͆͚͑͒̈́͂̀͌͒͆͒̀

̯ ͉͉͓̀͒̀͑̈́̀͑͒̽͐ ̓̈́͌ ͔̼͏͈̈́ ͓͇̈́͛͌͆ ̻̈́͌ ͓̻͏͕͈̈́ ͈̓̀͏͏͎̽ ͑̈́ ͉̻͎͈̀

͑͛͌̓̈́͑͆͔͎̀͛͒͆͌̼͕̈́͒̈́͕͈̈́͏͈͑͒̈́̾

̪͍͇͕͌͒͋͌̀͔͞͏͇͔͉͆̨͋͌ 

̢͓͒̽ ͆ ͓͉͓͑͑̈́̽ ͈̈́̾͌̀ ͒͛͎͓ ´<µ ͎ ͕͏̽͑͒͆͐ ̓̈́͌ ͋͎͏̈́̾ ͌̀ ̻͍͈̀͊͊̈́ ͎͒

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

͒͆͏͈̈́̾͒̀͎͒͛͎͐͉͎͓̀͊͗̓̾͉͈̀͆̻͕͈̈́͊͑͒͆͈͎̓̀͒͋̽

̬̀̾ͅ͋̈́͈͒͐̻͈́͑̈́͐͈̈́͑͒͌͜͑̀͐̀͏̼͕͈̈́͒̀̼͌̀͉͈͎̀͊̓͜͒͏͎͔͎͎̓͑̾̀͐

͋̈́̽͕͗͏̾͐́͛͑͋̀͏̾̀͐ͅ

̯͈͓͉͓̼͑͑̈́͐͎͓͈͇̼͎͓̓̀͒͌͉̀͏͎̼͉̓͒͆͏̼͈̈́͌̀͓̼͎͈͑͌̓͌͒̀

̀͎͉͈͈͉̻͊̈́͑͒͋̈́͏̾̈́͐ͅ͋̈́͂̈́̾͗͑͆͉̻̀͒͊͊͆͊̀͉̼̈́͂̀͒̈́͑͒͆͋͌̈́͐

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

̈́͔̀̽͐͎͓̻͕͈͎͒͊͑͒͌ ͕͈͊͉͚̈́͒͐̀͚͓̼͈͑͌̓͑̈́͐͋̈́͔͈͐̻̈́͌͓͚̀͒

͈̈́̾͌̀͏͎̻͈͎͑́͑͋͎͑͒͕͏̽͑͒͆

̥͍͍̓̀ͅ͕͞͖͑͇͖̓͒́͑

̥̻͌ ͎͒ ̈́͈͒͏̼͈̈́ ͆ ͎͎͇͌͋̈́͑̾̀ ͒͆͐ ͕͜͏̀͐ ͓̀͒̽ ͆ ͓͉͓͑͑̈́̽ ͋͎͏̈́̾ ͌̀

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

̀̀͏̀̾͒͆͒̀͉͎̻͈͋͋͒̀͈͂̀͓͚̀͒͎͒͉͎͑͚͈̈́̾͌̀͑͒͆͉͎͑̀͛͊̀

͍̈́̀͏̻͒͆͋͒͗͌ ͈͂̀ ̀͊͊̀͂̽ ͒͛͎͓ ̀̈́͏͎͓̾ ͎͓ ͑̀͐ ̀͏̼͕͈̈́͒̀ ̻͎̀͌͊͂̀

͋̈́͎͒͎̼͎͋͌͒͊̽͈̈́̾͌̀͈͇̼͈̓̀͑͋͆̀͚͎͒̳͕͈͉͚̈́͌͋̀͐̲̼͏͈́͐



̳͔͒͑͑̀͘ ̲͎͒̼͎͒͊͐͎͒͎͇̈́͒̽͑͒̈́͒͆͌͓͎͉͚̀͒͊͊͆͒͆͈͉̼̈́͒͒̀͎͓

͓͎͈͉͈̓̈́͌͛̈́͎͒̼͎͌͒͛͎̀̈́͏͎͓̾͉͎̻͌͒͑͒͆͌͈͉̼̈́͒͒̀

͕̀͏͉̀͒͆͏͈͈͉͑͒͌͜

̰͏̼͈̈́͌̀͉͎͎͓͇̀͊̽͑̈́͒̈́͒̀̀͏͉̻̀͒͗́̽͋̀͒̀

$̥͏͕͕͔͕͔͉͋͌̓̾̓͕͚͏͎͇͌̨͋͌

 ̢͔͈̀͏̼͑͒̈́͚͊̈́͐͈͒͐͕̻͑͏̈́͐͒̀͉̀̻͉͈̀͒͗͌͉͓̀͑͒̽͏͗͌͉͈̀͎͓͒͐

͈͎̓̀͌͋̈́̾͐

 ̢͈͉͌͒̀͒̀͑͒̽͑͒̈́͒̀͋͉̈́͋̈́͎͒͉͈͊̈́̓̾͎͓͈̈́̾͌̀͈͇̼͈͎̓̀͑͋̼͋͑͗

͎͓͒͕͈͉͎͒̈́͌͛̼͑͏͈́͐͋̈́͎͒͌͉͈͉͚͗̓͈͂̀͉͓̀͑͒̽͏̈́͐͈̓͊̽͐

͔͚͊͂̀͐̣̼͊̈́͉̾͌̀̀̥͈͉̰͏̼͈̈́͌̀͏͎̼͍͑̈́͒̈́

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

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

͉̻̀͊͔͈̼͑͂͋͌̀

̲̈́͓͎̀͒͛͐͎͓͒͐͉͓̀͑͒̽͏̈́͐̓̈́͌͈̈́̾͌̀̀̀͏̀̾͒͆͒͆͆͏͇͈͛͋͑͆͎͓͒

͏͎͎͗͒̈́͛͌͒͐̼̀͏̀

 ̲͒̈́͏̈́͑͒̈́͜͒̀͋͉̈́͉͈̀͒̀͉̀̻͉͈̀͒͗͌͉͓̀͑͒̽͏͗͌͎͓͑͒͐

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

͎͈͕̀͌͒̾͑͒̈́͐͕̻͑͏̈́͐

%̴͎͔͉͊͋͞͕͚͏̈́̓͏͟͏͇͖̓͒́͑̨͋͌

 ̨̼͑͒̈́͎͓͒͐͈͉͚̓̀͒̈́͐͕͈̈́͏͈͎͑͋͛͑͒͆͈͉͋͏͚͒̈́͏͆͇́̀͋̾̓̀

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

̥͔͈͋̀͌̾̈́͒̀ͅ̼͌̀͐͉̈́͛̀͋͎͒͐͈͕̼͈͎͊̀͑͒͌͐͉͈͎̓̀͒͛͊͐

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

͏͚͑́̀͑͆͑͒͆́̾̓̀͏͇͈͛͋͑͆͐͒͆͐̻́͌̀͐̀̈́͏͎͓̾

̯͉͏͔͇͕͇̓͗̓͋͒̿͕͑̿͕͑͕͍͆̓͌͋͑͞͔͕͇̓ͅ͏͑͉͔͉͓͑́̯͈

͉͈͎͈̓̀͒͛͊͎͑͒̈́͂̀͌͎̾͆͑͆͐̈́͋͎͎͓̓̾͌ͅ͒͆͌͈̈́͑͏͎̽͓͂͏͌͜͉͈̀

͏͛̀͌͑͆͐ ͎͑͒ ̈́͑͗͒̈́͏͈͉͚ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͉̻͈͒ ͎͓ ͇̀ ͋͎͏͎͛͑̈́ ͌̀

̈́͆͏̻͈̈́͑̈́̀͏͈͉̻͌͆͒͒͆͌͈͉͚̀͌͒͆͒̀͈͎͓͊̈́͒͏͂̾̀͐͒͆͐

 ̣̼͊̈́͎͑͒͌͉̾͌̀̀̥͈͉̰͏͎͑̀͏͚͋͑͒̈́͈͒͐́̾̓̈́͐̀͏̻͉͖̀͋͆͐

%\SDVV0͑̈́̈́͏̾͒͗͑͆͎͓͕͏͈̻͈̈́̈́͒̀ͅ͋̈́͒͆͎͇͈́̽̈́̀͚̈́͌͐

͉͈͈͎̀͒͑̀́̓͛7RU[̥͈͉

$̯͈́̾̓̈́͐̀͏̻͉͖̀͋͆͐%\SDVV͏̼͈̈́͌̀͔͍͎͓͑̾͌͉̻̀͊

%̯͈́̾̓̈́͐̀͏̻͉͖̀͋͆͐͏̼͈̈́͌̀͈̈́̾͌̀͈͚͑̈́̓̈́͐͋̈́͎͒͈͎͊̀̾͑

̣͈͇̈́́̀͗̈́̾͒̈́͚͈͒͉̻̀͒͎͒͂͛͏͈͑͋̀͎͓͒͈͉͚̓̀͒͆͕͈̈́͏͈͎͑͋͛͍͋̈́͒̀͛

͒͆͐͋̈́͂̀͊͛͒̈́͏͆͐͉͈̀͒͆͐͈͉͋͏͚͒̈́͏͆͐͇́̀͋̾̓̀͐͎͉͓̀͑͒̽͏̀͐̓̈́

͈͑́̽͑̈́͉͈̀̓̈́͌͔͈̈́͋̀͌̾̈́͒̀ͅ͈͋̀̀͌͒̈́͈͑͒͏͎͔̽͔͚͊͂̀͐

̬͆͌̀͎͓͑͌̀͏͎͎͋͊͂̽͑̈́͒̈́͎̼͒͎͒͌̻͍͎͌̀͒͆͐̻́͌̀͐̀̈́͏͎͓̾̲̈́

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

̀̈́͏͎͓̾

,QVWDOODWLRQLQVWUXFWLRQV

6DIHW\SUHFDXWLRQV

5HDGWKHDSSOLDQFHVLQVWUXFWLRQVEHIRUHLQVWDOOLQJDQGXVLQJ

7KHLPDJHVVKRZQLQWKHVHLQVWUXFWLRQVDUHIRUJXLGDQFHRQO\

7KHPDQXIDFWXUHULVH[HPSWIURPDOOUHVSRQVLELOLW\LIWKH

UHTXLUHPHQWVRIWKLVPDQXDODUHQRWFRPSOLHGZLWK

7KLV DSSOLDQFH PXVW RQO\ EH XVHG LQ ZHOO YHQWLODWHG SODFHV ,W PXVW

QRWEHFRQQHFWHGWRDFRPEXVWLRQSURGXFWUHPRYDOGHYLFH

$OORSHUDWLRQVUHODWLQJWRLQVWDOODWLRQFRQQHFWLRQUHJXODWLRQ

DQGFRQYHUVLRQWRRWKHUJDVW\SHVPXVWEHFDUULHGRXWE\DQ

DXWKRULVHGLQVWDOODWLRQHQJLQHHUUHVSHFWLQJDOODSSOLFDEOH

UHJXODWLRQV VWDQGDUGV DQG WKH VSHFLILFDWLRQV RI WKH ORFDO JDV

DQGHOHFWULFLW\VXSSOLHUV6SHFLDODWWHQWLRQVKDOOEHSDLGWR

YHQWLODWLRQUHJXODWLRQV

,WLVUHFRPPHQGHG\RXFRQWDFWWKH7HFKQLFDO$VVLVWDQFH

6HUYLFHWRFKDQJHWRDQRWKHUJDVW\SH

7KLVDSSOLDQFHKDVEHHQGHVLJQHGIRUKRPHXVHRQO\QRWIRU

FRPPHUFLDO RU SURIHVVLRQDO XVH 7KLV DSSOLDQFH FDQQRW EH LQVWDOOHG

RQ\DFKWVRULQFDUDYDQV7KHZDUUDQW\ZLOORQO\EHYDOLGLIWKH

DSSOLDQFHLVXVHGIRUWKHSXUSRVHIRUZKLFKLWZDVGHVLJQHG

%HIRUHLQVWDOOLQJ\RXQHHGWRFKHFNWKDWORFDOGLVWULEXWLRQ

FRQGLWLRQVDUHFRPSDWLEOHZLWKWKHDSSOLDQFHVDGMXVWPHQW

LQGLFDWHGRQWKHVSHFLILFDWLRQVSODWHJDVW\SHDQGSUHVVXUH

SRZHUYROWDJH

%HIRUH\RXEHJLQWXUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDV

VXSSO\

7KHVXSSO\FDEOHPXVWEHDWWDFKHGWRWKHXQLWWRSUHYHQWLWIURP

WRXFKLQJKRWSDUWVRIWKHRYHQRUKRE

$SSOLDQFHVZLWKHOHFWULFDOVXSSO\PXVWEHHDUWKHG

'RQRWWDPSHUZLWKWKHDSSOLDQFHVLQWHULRU,IQHFHVVDU\FDOORXU

7HFKQLFDO$VVLVWDQFH6HUYLFH

%HIRUHLQVWDOOLQJ

7KLVDSSOLDQFHLVFODVVW\SHDFFRUGLQJWRWKH(1

UHJXODWLRQIRUJDVDSSOLDQFHVEXLOWLQDSSOLDQFH

7KHNLWFKHQXQLWLQZKLFKWKHDSSOLDQFHLVLQVWDOOHGPXVWEH

SURSHUO\VHFXUHGDQGVWDEOH

7KHNLWFKHQXQLWVQH[WWRWKHDSSOLDQFHWKHODPLQDWHGFRYHULQJ

DQGJOXHIRUDGKHULQJLWPXVWEHPDGHRIQRQIODPPDEOHDQG

KHDWUHVLVWDQWPDWHULDOV

7KLVDSSOLDQFHFDQQRWEHLQVWDOOHGDERYHIULGJHVZDVKLQJ

PDFKLQHVGLVKZDVKHUVRUVLPLODU

7KHKREPD\RQO\EHILWWHGDERYHDYHQWLODWHGRYHQ

,IDQRYHQLVLQVWDOOHGXQGHUQHDWKWKHKREWKHWKLFNQHVVVSHFLILHG

IRUWKHZRUNVXUIDFHPD\H[FHHGWKHPLQLPXPWKLFNQHVVVWDWHGLQ

WKHVH LQVWUXFWLRQV 2EVHUYH WKH LQIRUPDWLRQ LQ WKH RYHQ LQVWDOODWLRQ

LQVWUXFWLRQV

,IDQH[WUDFWRUIDQLVLQVWDOOHG\RXPXVWIROORZWKHLQVWUXFWLRQVLQ

WKHLQVWDOODWLRQPDQXDODOZD\VUHVSHFWLQJWKHPLQLPXPYHUWLFDO

GLVWDQFHIURPWKHKREILJ 

3UHSDUDWLRQRIWKHNLWFKHQXQLWILJ 

0DNHDQDSSURSULDWHVL]HFXWLQWKHZRUNVXUIDFH

6HDODOOZRUNVXUIDFHVPDGHRIZRRGZLWKVSHFLDOVHDOHUJOXHWR

SURWHFWLWDJDLQVWPRLVWXUHGDPDJH

,I WKHUH LV QR RYHQ EHQHDWK WKH KRE SXW D QRQIODPPDEOH VHSDUDWRU

HJPHWDORUSO\ZRRG PPIURPWKHEDVHRIWKHKRE7KLVZLOO

SUHYHQWDFFHVVWRWKHEDVHRIWKHKRE

7KHGLVWDQFHIURPWKHLQWHUPHGLDWHIORRUWRWKHPDLQVFRQQHFWLRQ

IRUWKHDSSOLDQFHPXVWEHDWOHDVWPP

,QVWDOODWLRQRIDSSOLDQFHILJ 

1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE

'HSHQGLQJRQWKHPRGHOWKHDGKHVLYHVHDOPD\EHIDFWRU\ILWWHG

,IWKLVLVWKHFDVHLWVKRXOGQRWEHUHPRYHGXQGHUDQ\

FLUFXPVWDQFHVVLQFHWKHDGKHVLYHVHDOSUHYHQWVOHDNV,IWKHVHDO

KDVQRWEHHQIDFWRU\ILWWHGDSSO\LWWRWKHXQGHUVLGHRIWKHKRE

)LWWLQJWKHDSSOLDQFHRQWRWKHNLWFKHQXQLW

 6FUHZHDFKRQHRIWKHFOLSVLQWRWKHSRVLWLRQLQGLFDWHGVRWKDW

WKH\DUHIUHHWRURWDWH

 ,QVHUWDQGFHQWUHWKHKRE

3UHVVWKHVLGHVRIWKHKREXQWLOLWLVVXSSRUWHGDURXQGLWVHQWLUH

SHULPHWHU

 7XUQWKHFOLSVDQGWLJKWHQWKHPIXOO\

7KH SRVLWLRQ RI WKH FOLSV GHSHQGV RQ KRZ WKLFN WKH ZRUN VXUIDFH

LV

'RQRWVWLFNWKHKRERQWRWKHZRUNWRSZLWKVLOLFRQH

5HPRYDORIKRE

7XUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDVVXSSO\

8QVFUHZWKHFOLSVDQGSURFHHGLQWKHUHYHUVHRUGHUWRLQVWDOODWLRQ

*DVFRQQHFWLRQILJ 

7KHJDVFRQQHFWLRQPXVWEHORFDWHGLQDSRVLWLRQZKHUHWKHVWRS

WDSLVDFFHVVLEOH

7KHHQGRIWKHLQOHWFRQQHFWLRQSRLQWRIWKHJDVKREKDVDµ

WKUHDG PPWKDWDOORZVIRU

■ $IL[HGFRQQHFWLRQ

■ &RQQHFWLRQXVLQJDIOH[LEOHSLSH/ PLQ  PPD[  P

7KHZDWHUWLJKWVHDOVXSSOLHGPXVWEHLQVHUWHGEHWZHHQ

WKHPDQLIROGRXWOHWDQGWKHJDVVXSSO\

<RXPXVWSUHYHQWWKHSLSHIURPFRPLQJLQWRFRQWDFWZLWKPRYLQJ

SDUWVRIWKHNLWFKHQXQLWIRUH[DPSOHDGUDZHUDQGSUHYHQW

DFFHVVWRDQ\VSDFHVZKLFKPLJKWEHFRPHREVWUXFWHG

,I\RXZDQWWRFUHDWHDFRQLFDOFRQQHFWLRQLQVHUWWKHDFFHVVRU\

ZLWK QXPEHU  DQG WKH VHDO ZLWK QXPEHU  LQFOXGHG LQ

WKHVFRSHRIGHOLYHU\RUDYDLODEOHIURPWKHDIWHUVDOHVVHUYLFH

EHWZHHQWKHJDVKRELQOHWSLSHDQGWKHJDVVXSSO\)LJ 

,I\RXQHHGWRFRQQHFWWKHJDVVXSSO\KRUL]RQWDOO\RXU7HFKQLFDO

$VVLVWDQFH6HUYLFHFDQVXSSO\\RXZLWKDQ/WXEHFRGH

DQGDVHDOFRGH)LJ D

: 'DQJHURIOHDNV

,IDQ\FRQQHFWLRQLVKDQGOHGFKHFNWKHVHDO

7KHPDQXIDFWXUHULVQRWOLDEOHIRUDQ\FRQQHFWLRQOHDNLQJDIWHU

EHLQJKDQGOHG

(OHFWULFFRQQHFWLRQILJ 

7KLVDSSOLDQFHLVW\SH´<µWKHVXSSO\FDEOHFDQRQO\EHFKDQJHG

E\WKH7HFKQLFDO$VVLVWDQFH6HUYLFHDQGQRWWKHXVHU7KHFDEOH

W\SHDQGPLQLPXPFURVVVHFWLRQPXVWEHUHVSHFWHG

7KHKREVDUHVXSSOLHGZLWKDSRZHUFDEOHZLWKRUZLWKRXWDZDOO

VRFNHWSOXJ

$SSOLDQFHVZLWKSOXJVPXVWRQO\EHFRQQHFWHGWRVRFNHWVWKDW

KDYHHDUWKZLUHVFRUUHFWO\LQVWDOOHG

3URYLGHDQRPQLSRODUFXWRIIVZLWFKZLWKDPLQLPXPFRQWDFW

RSHQLQJRI PPH[FHSWIRUSOXJFRQQHFWLRQVLIWKHXVHUKDV

DFFHVVWRLW



&KDQJLQJWKHJDVW\SH

,I WKH FRXQWU\V UHJXODWLRQV DOORZ WKLV DSSOLDQFH FDQ EH DGDSWHG WR

RWKHUW\SHVRIJDVVHHVSHFLILFDWLRQVSODWH7KHFRPSRQHQWV

UHTXLUHGIRUWKLVDUHLQWKHWUDQVIRUPDWLRQNLWVXSSOLHGGHSHQGLQJ

RQWKHPRGHORUDUHDYDLODEOHIURPRXU7HFKQLFDO$VVLVWDQFH

6HUYLFH

,PSRUWDQW $IWHU ILQLVKLQJ VWLFN WKH VWLFNHU LQGLFDWLQJ WKH QHZ JDV

W\SHFORVHWRWKHVSHFLILFDWLRQVSODWH

7KHIROORZLQJVWHSVVKRXOGEHWDNHQ

$5HSODFLQJWKHQR]]OHVILJ 

 5HPRYHDOOSDQVXSSRUWVEXUQHUFDSVDQGGLVWULEXWRUV

 7RUHSODFHWKHQR]]OHVXVHWKHNH\WKDWLVDYDLODEOHIURPRXU

WHFKQLFDOVHUYLFHZLWKFRGHIRUGXDOIODPHEXUQHUV

6HHWDEOHILJ ,WLVLPSRUWDQWWRPDNHVXUHWKDWWKH

QR]]OHGRHVQRWEHFRPHGHWDFKHGGXULQJUHPRYDORUIDVWHQLQJ

7KH\PXVWEHSURSHUO\WLJKWHQHGWRHQVXUHWKDWWKHUHDUHQR

OHDNV

:LWKWKHVHEXUQHUVWKHUHLVQRQHHGWRDGMXVWWKHSULPDU\DLU

 )DVWHQWKHQR]]OHVDQGEXUQHUFDSVWRWKHFRUUHVSRQGLQJ

EXUQHUV,QDGGLWLRQWRWKLVSXWWKHSDQVXSSRUWVLQSODFHRQWKH

FRUUHVSRQGLQJEXUQHUV

%$GMXVWLQJWKHJDVYDOYHVILJ 

 7XUQWKHFRQWURONQREVWRWKHORZHVWVHWWLQJ

 5HPRYH WKH FRQWURO NQREV IURP WKH JDV YDOYHV $ IOH[LEOH UXEEHU

VHDOLQJULQJZLOOEHYLVLEOH3XVKGRZQZLWKWKHWLSRID

VFUHZGULYHURQWKHJDVYDOYHVVHWWLQJVFUHZ

1HYHUUHPRYHWKHVHDOLQJULQJ6HDOLQJULQJVSUHYHQWOLTXLGV

DQG GLUW IURP ILQGLQJ WKHLU ZD\ LQWR WKH DSSOLDQFH DQG LPSDLULQJ LWV

DELOLW\WRIXQFWLRQSURSHUO\

 6HHWDEOHLQILJ IRUWKHVHWWLQJRIWKHE\SDVVVFUHZV 0LQ

ILJ 

$7KHE\SDVVVFUHZVPXVWEHWLJKWHQHGSURSHUO\

%7KHE\SDVVVFUHZVPXVWILQLVKIOXVKZLWKWKHILWWLQJ

0DNHVXUHWKDWWKHIODPHGRHVQRWJRRXWDQGWKDWWKHUHDUHQR

IODVKEDFNVZKHQ\RXWXUQWKHFRQWURONQREEHWZHHQWKHKLJKHVW

DQGORZHVWVHWWLQJ

1HYHUUHPRYHWKHJDVWDSD[OH,QWKHHYHQWRIGDPDJHWKHJDV

YDOYHPXVWEHFRPSOHWHO\UHSODFHG

,QVWUXFFLRQHVGHPRQWDMH

,QGLFDFLRQHVGHVHJXULGDG

/HDODVLQVWUXFFLRQHVGHODSDUDWRDQWHVGHSURFHGHUDVX

LQVWDODFLyQ\XVR

/DVLPiJHQHVUHSUHVHQWDGDVHQHVWDVLQVWUXFFLRQHVWLHQHQ

FDUiFWHURULHQWDWLYR

(OIDEULFDQWHTXHGDH[HQWRGHWRGDUHVSRQVDELOLGDGVLQRVH

FXPSOHQODVGLVSRVLFLRQHVGHHVWHPDQXDO

(VWHDSDUDWRVHGHEHXWLOL]DU~QLFDPHQWHHQOXJDUHV

VXILFLHQWHPHQWHYHQWLODGRV1RVHGHEHFRQHFWDUDXQGLVSRVLWLYR

GHHYDFXDFLyQGHORVSURGXFWRVGHFRPEXVWLyQ

7RGRVORVWUDEDMRVGHLQVWDODFLyQFRQH[LyQUHJXODFLyQ\

DGDSWDFLyQ D RWURV WLSRV GH JDV GHEHQ VHU HIHFWXDGRV SRU XQ

WpFQLFRGHLQVWDODFLyQDXWRUL]DGRUHVSHWDQGRWRGDOD

QRUPDWLYD \ OHJLVODFLyQ DSOLFDEOHV \ ODV SUHVFULSFLRQHV GH ODV

FRPSDxtDVORFDOHVSURYHHGRUDVGHJDV\HOHFWULFLGDG6H

SRQGUiHVSHFLDODWHQFLyQDODVGLVSRVLFLRQHVDSOLFDEOHVHQ

FXDQWRDODYHQWLODFLyQ

6HUHFRPLHQGDOODPDUDQXHVWUR6HUYLFLR7pFQLFRSDUDOD

DGDSWDFLyQDRWURVWLSRVGHJDV

(VWHDSDUDWRKDVLGRGLVHxDGRVRORSDUDXVRGRPpVWLFRQR

HVWDQGR SHUPLWLGR VX XVR FRPHUFLDO R SURIHVLRQDO (VWH DSDUDWR QR

SXHGH VHU LQVWDODGR HQ \DWHV R FDUDYDQDV /D JDUDQWtD ~QLFDPHQWH

WHQGUiYDOLGH]HQFDVRGHTXHVHUHVSHWHHOXVRSDUDHOTXHIXH

GLVHxDGR

$QWHVGHODLQVWDODFLyQFRPSUXHEHTXHODVFRQGLFLRQHVGH

GLVWULEXFLyQORFDOVRQFRPSDWLEOHVFRQHOUHJODMHGHODSDUDWRTXH

ILJXUD HQ OD SODFD GH FDUDFWHUtVWLFDV QDWXUDOH]D \ SUHVLyQ GHO JDV

SRWHQFLDYROWDMH

$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \

GHJDVGHODSDUDWR

(OFDEOHGHDOLPHQWDFLyQGHEHILMDUVHDOPXHEOHSDUDHYLWDUTXH

WRTXHSDUWHVFDOLHQWHVGHOKRUQRRSODFDGHFRFFLyQ

/RV DSDUDWRV FRQ DOLPHQWDFLyQ HOpFWULFD GHEHQ FRQHFWDUVH D WLHUUD

REOLJDWRULDPHQWH

1RPDQLSXOHHOLQWHULRUGHODSDUDWR6LHVSUHFLVROODPHDQXHVWUR

6HUYLFLR7pFQLFR

$QWHVGHODLQVWDODFLyQ

(VWH DSDUDWR FRUUHVSRQGH D OD FODVH  VHJ~Q OD QRUPD (1 

SDUDDSDUDWRVDJDVDSDUDWRHQFDVWUDGRHQXQPXHEOH

(OPXHEOHHQHOTXHVHLQVWDOHHODSDUDWRGHEHHVWDU

FRQYHQLHQWHPHQWHILMDGR\VHUHVWDEOH

/RV PXHEOHV SUy[LPRV DO DSDUDWR ORV UHYHVWLPLHQWRV HVWUDWLILFDGRV

\ODFRODTXHORVILMDGHEHQVHUGHPDWHULDOHVQRLQIODPDEOHV\

UHVLVWHQWHVDOFDORU

(VWHDSDUDWRQRVHSXHGHLQVWDODUVREUHQHYHUDVODYDGRUDV

ODYDYDMLOODVRVLPLODUHV

3DUDLQVWDODUODSODFDGHFRFFLyQVREUHXQKRUQRHVWHGHEHWHQHU

YHQWLODFLyQIRU]DGD

6LVHLQVWDODXQKRUQRGHEDMRGHODSODFDGHFRFFLyQHOJURVRU

PtQLPRLQGLFDGRSDUDODVXSHUILFLHGHWUDEDMRSXHGHVHUPD\RU

TXHHOLQGLFDGRHQHVWDVLQVWUXFFLRQHV2EVHUYHODVLQGLFDFLRQHV

GHODVLQVWUXFFLRQHVGHPRQWDMHGHOKRUQR

6LLQVWDODXQH[WUDFWRUWHQJDHQFXHQWDVXPDQXDOGHLQVWDODFLyQ

UHVSHWDQGRVLHPSUHODGLVWDQFLDYHUWLFDOPtQLPDDODSODFDGH

FRFFLyQILJ 

3UHSDUDFLyQGHOPXHEOHILJ

+DJDXQFRUWHGHODVGLPHQVLRQHVQHFHVDULDVHQODVXSHUILFLHGH

WUDEDMR

(QVXSHUILFLHVGHWUDEDMRGHPDGHUDEDUQLFHODVVXSHUILFLHVGH

FRUWHFRQXQDFRODHVSHFLDOSDUDSURWHJHUODVGHODKXPHGDG

6LQRKD\XQKRUQRGHEDMRGHODSODFDGHFRFFLyQFRORTXHXQ

VHSDUDGRUGHPDWHULDOQRLQIODPDEOHSHMPHWDORPDGHUD

FRQWUDFKDSDGDD PPGHODEDVHGHODSODFDGHFRFFLyQ$Vt

LPSLGHHODFFHVRDODSDUWHLQIHULRUGHHVWD

/D GLVWDQFLD PtQLPD HQWUH HO VHSDUDGRU \ HO FDEOH GH DOLPHQWDFLyQ

GHEHVHUGH PP

,QVWDODFLyQGHODSDUDWRILJ 

1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD

6HJ~Q PRGHOR OD MXQWD DGKHVLYD SXHGH VDOLU SXHVWD GH IiEULFD 6L

HVDVtQRODTXLWHEDMRQLQJ~QFRQFHSWRODMXQWDDGKHVLYDHYLWD

ILOWUDFLRQHV6LODMXQWDQRHVWiSXHVWDGHIiEULFDSpJXHODHQHO

ERUGHLQIHULRUGHODSODFDGHFRFFLyQ

3DUDODILMDFLyQGHODSDUDWRDOPXHEOHGHHQFDVWUDPLHQWR

 $WRUQLOOH FDGD XQD GH ODV JUDSDV HQ OD SRVLFLyQ LQGLFDGD GHMDQGR

TXHJLUHQOLEUHPHQWH

 (QFDVWUH\FHQWUHODSODFDGHFRFFLyQ

3UHVLRQHVREUHVXVH[WUHPRVKDVWDTXHVHDSR\HHQWRGRVX

SHUtPHWUR

 *LUHODVJUDSDV\DSULpWHODVDIRQGR

/DSRVLFLyQGHODVJUDSDVGHSHQGHGHOHVSHVRUGHODVXSHUILFLH

GHWUDEDMR

(ODSDUDWRQRGHEHSHJDUVHFRQVLOLFRQDVREUHODVXSHUILFLHGH

WUDEDMR

'HVPRQWDMHGHODSODFDGHFRFFLyQ

'HVFRQHFWHHODSDUDWRGHODVWRPDVHOpFWULFD\GHJDV

'HVDWRUQLOOHODVJUDSDV\SURFHGDGHPRGRLQYHUVRDOPRQWDMH

&RQH[LyQGHJDVILJ 

/DWRPDGHJDVGHEHHVWDUFRORFDGDGHPRGRTXHHOJULIRGH

FLHUUHTXHGHDFFHVLEOH

(OH[WUHPRGHODFRQH[LyQGHHQWUDGDGHODSODFDGHFRFFLyQGH

JDVHVWiSURYLVWRGHXQDURVFDGH·· PPTXHSHUPLWH

■ /DFRQH[LyQUtJLGD

■ /DFRQH[LyQFRQXQWXERIOH[LEOHPHWiOLFR/ PtQ  P

Pi[  P

,QWHUFDOHODMXQWDGHHVWDQTXLGDGVXPLQLVWUDGDHQWUHOD

VDOLGDGHOFROHFWRU\ODDFRPHWLGDGHJDV

(YLWHHOFRQWDFWRGHOWXERFRQSDUWHVPyYLOHVGHODXQLGDGGH

HQFDVWUDPLHQWRSRUHMHPSORXQFDMyQ\HOSDVRDWUDYpVGH

HVSDFLRVTXHVHDQVXVFHSWLEOHVGHREVWUXLUVH

6LQHFHVLWDUHDOL]DUXQDFRQH[LyQFyQLFDLQVHUWHHQWUHODHQWUDGD

GH JDV GHO DSDUDWR \ OD DFRPHWLGD GH JDV HO DFFHVRULR FRQ FyGLJR

\ODMXQWDGHHVWDQTXLGDGFRQFyGLJR

VXPLQLVWUDGRV R GLVSRQLEOHV D WUDYpV GHO 6HUYLFLR 7pFQLFR )LJ 

6LQHFHVLWDUHDOL]DUODFRQH[LyQGHJDVHQKRUL]RQWDOHQQXHVWUR

6HUYLFLR7pFQLFRGLVSRQHGHXQFRGRFRQHOFyGLJRPiV

XQDMXQWDFRQHOFyGLJR)LJ D

: £3HOLJURGHIXJD

6LPDQLSXODFXDOTXLHUFRQH[LyQFRPSUXHEHODHVWDQTXLGDG

(OIDEULFDQWHQRVHUHVSRQVDELOL]DVLDOJXQDFRQH[LyQSUHVHQWD

IXJDVWUDVKDEHUVLGRPDQLSXODGD



&RQH[LyQHOpFWULFDILJ 

(VWHDSDUDWRHVGHOWLSR´<৽HOFDEOHGHHQWUDGDQRSXHGHVHU

FDPELDGRSRUHOXVXDULRVLQRSRUHO6HUYLFLR7pFQLFR6HGHEHQ

UHVSHWDUHOWLSRGHFDEOH\ODVHFFLyQPtQLPD

/DVSODFDVGHFRFFLyQVHVXPLQLVWUDQFRQXQFDEOHGH

DOLPHQWDFLyQFRQRVLQFODYLMD

/RVDSDUDWRVSURYLVWRVGHFODYLMDVRORVHGHEHQFRQHFWDUDFDMDV

GHHQFKXIHFRQWRPDGHWLHUUDGHELGDPHQWHLQVWDODGD

'HEHSUHYHUVHXQLQWHUUXSWRUGHFRUWHRPQLSRODUFRQDEHUWXUDGH

FRQWDFWR PtQ GH  PP H[FHSWR HQ FRQH[LRQHV FRQ FODYLMD VL HVWD

HVDFFHVLEOHSDUDHOXVXDULR

&DPELRGHOWLSRGHJDV

6L OD QRUPDWLYD GHO SDtV OR SHUPLWH HVWH DSDUDWR VH SXHGH DGDSWDU

D RWURV JDVHV YHU SODFD GH FDUDFWHUtVWLFDV /DV SLH]DV QHFHVDULDV

SDUD HOOR HVWiQ HQ OD EROVD GH WUDQVIRUPDFLyQ VXPLQLVWUDGD VHJ~Q

PRGHORRGLVSRQLEOHHQQXHVWUR6HUYLFLR7pFQLFR

,PSRUWDQWH $O ILQDOL]DU FRORTXH OD HWLTXHWD DGKHVLYD LQGLFDQGR HO

QXHYRWLSRGHJDVFHUFDGHODSODFDGHFDUDFWHUtVWLFDV

/RVSDVRVDVHJXLUVRQORVVLJXLHQWHV

$&DPELRGHLQ\HFWRUHVILJ 

 5HWLUHODVSDUULOODVWDSDVGHTXHPDGRU\GLIXVRUHV

 &DPELHORVLQ\HFWRUHVXVDQGRODOODYHGLVSRQLEOHDWUDYpVGH

QXHVWURVHUYLFLRWpFQLFRFRQFyGLJRSDUDTXHPDGRUHV

GHGREOHOODPDFyGLJR9HUWDEODILJ 7HQJD

HVSHFLDO FXLGDGR HQ TXH QR VH GHVSUHQGD HO LQ\HFWRU DO UHWLUDUOR

RILMDUORHQHOTXHPDGRU$VHJ~UHVHGHDSUHWDUORVDIRQGRSDUD

JDUDQWL]DUODHVWDQTXLGDG

(QHVWRVTXHPDGRUHVQRKD\TXHUHDOL]DUUHJODMHGHODLUH

SULPDULR

 &RORTXHORVGLIXVRUHV\ODVWDSDVGHORVTXHPDGRUHVHQVXV

FRUUHVSRQGLHQWHVIXHJRV$GHPiVGHEHUiFRORFDU

DGHFXDGDPHQWHODVSDUULOODV

%5HJODMHGHORVJULIRVILJ 

 &RORTXHORVPDQGRVHQODSRVLFLyQGHPtQLPR

 5HWLUHORVPDQGRVGHORVJULIRV6HHQFRQWUDUiFRQXQUHWpQGH

JRPDIOH[LEOH3UHVLRQHFRQODSXQWDGHOGHVWRUQLOODGRUSDUD

DFFHGHUDOWRUQLOORGHUHJXODFLyQGHOJULIR

-DPiVGHVPRQWHHOUHWpQ/RVUHWHQHVJDUDQWL]DQOD

HVWDQTXLGDG GHO LQWHULRU GHO DSDUDWR IUHQWH D OtTXLGRV \ VXFLHGDG

TXHSXHGHQLPSHGLUVXFRUUHFWRIXQFLRQDPLHQWR

 &RQVXOWHODWDEODILJ SDUDDMXVWDUORVWRUQLOORVE\SDVV0GH

ODILJ 

$/RVWRUQLOORVE\SDVVGHEHQHVWDUDSUHWDGRVDIRQGR

%/RVWRUQLOORVE\SDVVGHEHQTXHGDUDOUDVGHVXDORMDPLHQWR

&RPSUXHEHTXHDOJLUDUHOPDQGRHQWUHHOPi[LPR\HOPtQLPR

HOTXHPDGRUQRVHDSDJDQLVHFUHDUHWURFHVRGHOODPD

1XQFD GHVPRQWH HO HMH GHO JULIR (Q FDVR GH DYHUtD FDPELH HO JULIR

FRPSOHWR

1RWLFHGHPRQWDJH

,QGLFDWLRQVGHVpFXULWp

/LVH]OHVLQVWUXFWLRQVGHODSSDUHLODYDQWGHSURFpGHUjVRQ

LQVWDOODWLRQHWjVRQXWLOLVDWLRQ

/HVLPDJHVGHFHWWHQRWLFHVRQWSURSRVpHVjWLWUHLQGLFDWLI

/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV

LQVWUXFWLRQVGHFHWWHQRWLFHQHVRQWSDVUHVSHFWpHV

&HWDSSDUHLOGRLWrWUHXWLOLVpXQLTXHPHQWGDQVGHVHQGURLWV

VXIILVDPPHQWYHQWLOpV/DSSDUHLOQHGRLWSDVrWUHFRQQHFWpjXQ

GLVSRVLWLIGpYDFXDWLRQGHVSURGXLWVGHFRPEXVWLRQ

7RXVOHVWUDYDX[GLQVWDOODWLRQGHFRQQH[LRQGHUpJODJHHW

GDGDSWDWLRQjXQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDU

XQWHFKQLFLHQDJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWOD

OpJLVODWLRQDSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHV

VRFLpWpVORFDOHVIRXUQLVVHXVHVGpOHFWULFLWpHWGHJD]/HV

GLVSRVLWLRQVDSSOLFDEOHVTXDQWjODYHQWLODWLRQVHURQW

DWWHQWLYHPHQWUHVSHFWpHV

,OHVWUHFRPPDQGpGHIDLUHDSSHODX6HUYLFH7HFKQLTXHSRXU

ODGDSWDWLRQjXQDXWUHW\SHGHJD]

&HWDSSDUHLOQDpWpFRQoXTXHSRXUXQXVDJHGRPHVWLTXHVRQ

XVDJHFRPPHUFLDORXSURIHVVLRQQHOQHVWHQDXFXQFDVSHUPLV

&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpGDQVGHV\DFKWVRXGHV

FDUDYDQHV /D JDUDQWLH QH VHUD YDODEOH TXH VL OXVDJH SRXU OHTXHO LO

DpWpFRQoXDpWpUHVSHFWp

$YDQW OLQVWDOODWLRQ YpULILH] TXH OHV FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH

VRQWFRPSDWLEOHVDYHFOHUpJODJHGHODSSDUHLOTXLILJXUHVXUOD

SODTXHVLJQDOpWLTXHQDWXUHHWSUHVVLRQGXJD]SXLVVDQFH

WHQVLRQ

$YDQWWRXWHLQWHUYHQWLRQFRXSH]ODOLPHQWDWLRQpOHFWULTXHHW

GHJD]GHODSSDUHLO

/HFkEOHGDOLPHQWDWLRQGRLWrWUHIL[pDXPHXEOHSRXUTXLOQH

WRXFKHSDVGHVSDUWLHVFKDXGHVGXIRXURXGHODSODTXHGH

FXLVVRQ

/HVDSSDUHLOVDOLPHQWpVpOHFWULTXHPHQWGRLYHQWrWUH

REOLJDWRLUHPHQWFRQQHFWpVjODWHUUH

1H PDQLSXOH] SDV OLQWpULHXU GH ODSSDUHLO /H FDV pFKpDQW DSSHOH]

QRWUH6HUYLFH7HFKQLTXH

$YDQWOLQVWDOODWLRQ

&HWDSSDUHLOFRUUHVSRQGjODFODVVHVHORQODQRUPH(1

SRXUOHVDSSDUHLOVjJD]DSSDUHLOHQFDVWUpGDQVXQPHXEOH

/HPHXEOHRODSSDUHLOVHUDLQVWDOOpGRLWrWUHIL[pFRUUHFWHPHQWHW

rWUHVWDEOH

/HVPHXEOHVSURFKHVGHODSSDUHLOOHVUHYrWHPHQWVVWUDWLILpVHWOD

FROOHTXLOHVIL[HGRLYHQWrWUHQRQLQIODPPDEOHVHWUpVLVWDQWVjOD

FKDOHXU

&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpVXUGHVUpIULJpUDWHXUVGHV

PDFKLQHVjODYHUOHOLQJHGHVODYHYDLVVHOOHRXGDXWUHVDSSDUHLOV

VHPEODEOHV

/DWDEOHGHFXLVVRQGRLWrWUHHQFDVWUpHXQLTXHPHQWDXGHVVXV

GXQIRXUYHQWLOp

6LXQIRXUHVWHQFDVWUpVRXVODWDEOHGHFXLVVRQOpSDLVVHXUGX

SODQGHWUDYDLOSHXWrWUHVXSpULHXUHjOpSDLVVHXUPLQLPDOH

VSpFLILpHGDQVFHWWHQRWLFH5HVSHFWH]OHVFRQVLJQHVGHODQRWLFH

GHPRQWDJHGXIRXU

6LXQHKRWWHDVSLUDQWHHVWLQVWDOOpHLOIDXWSUHQGUHHQFRPSWHOHV

REVHUYDWLRQVGHVRQPDQXHOGLQVWDOODWLRQHWUHVSHFWHUWRXMRXUV

XQH GLVWDQFH YHUWLFDOH PLQLPXP SDU UDSSRUW j OD SODTXH GH FXLVVRQ

ILJ 

3UpSDUDWLRQGXPHXEOHILJ

(IIHFWXH]XQHGpFRXSHVXUODVXUIDFHGHWUDYDLOVHORQOHV

GLPHQVLRQVQpFHVVDLUHV

3RXUGHVVXUIDFHVGHWUDYDLOHQERLVYHUQLVVH]OHVVXUIDFHVGH

GpFRXSHDYHFXQHFROOHVSpFLDOHSRXUOHVSURWpJHUGHOKXPLGLWp

6LOQ\DSDVGHIRXUVRXVODSODTXHGHFXLVVRQLQVWDOOH]XQ

VpSDUDWHXU GH PDWpULDX QRQ LQIODPPDEOH PpWDO RX FRQWUHSODTXp

j PPGHODEDVHGHODSODTXHGHFXLVVRQ&HODpYLWHDLQVLTXH

ODFKDOHXUQHVHUpSDQGHYHUVODSDUWLHLQIpULHXUH

/D GLVWDQFH HQWUH OH IDX[SODQFKHU HW OH UDFFRUGHPHQW GH ODSSDUHLO

DXVHFWHXUGRLWrWUHGDXPRLQVPP

,QVWDOODWLRQGHODSSDUHLOILJ 

5HPDUTXH  3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV

GHSURWHFWLRQ

6HORQ OH PRGqOH OH MRLQW DGKpVLI SHXW rWUH SODFp GXVLQH 6L FHVW OH

FDVQHOHUHWLUH]VRXVDXFXQSUpWH[WHOHMRLQWDGKpVLIpYLWHOHV

ILOWUDWLRQV6LOHMRLQWQHVWSDVSODFpGXVLQHFROOH]OHVXUOHERUG

LQIpULHXUGHODSODTXHGHFXLVVRQ

3RXUODIL[DWLRQGHODSSDUHLODXPHXEOHGHQFDVWUHPHQW

 9LVVH]FKDFXQHGHVDJUDIHVGDQVODSRVLWLRQLQGLTXpHHQOHV

ODLVVDQWWRXUQHUOLEUHPHQW

 (QFDVWUH]HWFHQWUH]ODSODTXHGHFXLVVRQ

$SSX\H]VXUVHVH[WUpPLWpVMXVTXjFHTXHOOHVDSSXLHVXUWRXW

VRQSpULPqWUH

 7RXUQH]OHVDJUDIHVHWVHUUH]OHVjIRQG

/DSRVLWLRQGHVDJUDIHVGpSHQGGHOpSDLVVHXUGHODVXUIDFHGH

WUDYDLO

,O QH IDXW SDV FROOHU ODSSDUHLO VXU OH SODQ GH WUDYDLO DYHF GX VLOLFRQH

'pPRQWDJHGHODSODTXHGHFXLVVRQ

'pEUDQFKH]ODSSDUHLOGHVSULVHVGHFRXUDQWpOHFWULTXHHWGXJD]

'pYLVVH]OHVDJUDIHVHWVXLYH]ODSURFpGXUHLQYHUVHDXPRQWDJH

%UDQFKHPHQWGHJD]ILJ 

/HUDFFRUGGHJD]GRLWrWUHGLVSRVpGHWHOOHVRUWHTXHOHURELQHW

GDUUrWVRLWDFFHVVLEOH

/H[WUpPLWpGXEUDQFKHPHQWGHQWUpHGHODSODTXHGHFXLVVRQj

JD] HVW PXQLH GXQ ILOHW GXQ GHPLSRXFH  PP TXL SHUPHW 

■ 8QHFRQQH[LRQULJLGH

■ 8QH FRQQH[LRQ j ODLGH GXQ WX\DX IOH[LEOH PpWDOOLTXH / PLQ  P

PD[  P

,O IDXW LQWHUFDOHU OH MRLQW GpWDQFKpLWp  IRXUQL HQWUH OD VRUWLH

GXFROOHFWHXUHWOHUDFFRUGHPHQWGHJD]

,OIDXWpYLWHUTXHFHWX\DXWRXFKHGHVSDUWLHVPRELOHVGHOXQLWp

GHQFDVWUHPHQWSDUH[HPSOHXQWLURLUHWTXLOSDVVHjWUDYHUVGHV

HVSDFHVSRXYDQWrWUHREVWUXpV



3RXUFUpHUXQHOLDLVRQFRQLTXHLQVWDOOH]ODFFHVVRLUHUpIpUHQFH

HWOHMRLQWUpIpUHQFHFRQWHQXVGDQVODOLYUDLVRQ

RXGLVSRQLEOHVDXSUqVGXVHUYLFHDSUqVYHQWHHQWUHOHWX\DX

GHQWUpHGHODSODTXHGHFXLVVRQjJD]HWODFRQGXLWHGDUULYpHGH

JD])LJXUH 

6L YRXV DYH] EHVRLQ G·HIIHFWXHU XQ EUDQFKHPHQW GH JD] KRUL]RQWDO

QRWUH6HUYLFH7HFKQLTXHGLVSRVHG·XQFRXGHUpIpUHQFH

SOXVXQMRLQWUpIpUHQFH)LJ D

: 5LVTXHGHIXLWHV 

6LYRXVPDQLSXOH]XQEUDQFKHPHQWYpULILH]VRQpWDQFKpLWp

/HIDEULFDQWQHSRXUUDrWUHWHQXUHVSRQVDEOHVLXQEUDQFKHPHQW

TXHOFRQTXHSUpVHQWHGHVIXLWHVDSUqVDYRLUpWpPDQLSXOp

%UDQFKHPHQWpOHFWULTXHILJ 

&HWDSSDUHLOHVWGXW\SH´<µOHFkEOHGHQWUpHQHSHXWSDVrWUH

UHPSODFpSDUOXWLOLVDWHXUPDLVSDUOH6HUYLFH7HFKQLTXH/HW\SH

GHFkEOHHWODVHFWLRQPLQLPXPGRLYHQWrWUHUHVSHFWpV

/HV SODTXHV GH FXLVVRQ VRQW IRXUQLHV DYHF XQ FkEOH GDOLPHQWDWLRQ

DYHFRXVDQVEURFKHGHILFKHPkOH

/HVDSSDUHLOVPXQLVGXQHEURFKHQHSHXYHQWrWUHUDFFRUGpVTXj

GHVERvWLHUVGHILFKHPkOHDYHFXQHSULVHGHWHUUHGPHQW

LQVWDOOpH

,OIDXWLQVWDOOHUXQLQWHUUXSWHXUGHFRXSXUHRPQLSRODLUHDYHF

RXYHUWXUHGHFRQWDFWGDXPRLQV PPVDXISRXUGHV

EUDQFKHPHQWVjILFKHPkOHVLFHWWHGHUQLqUHHVWDFFHVVLEOHSDU

OXWLOLVDWHXU

&KDQJHPHQWGXW\SHGHJD]

6LODUpJOHPHQWDWLRQGXSD\VOHSHUPHWFHWDSSDUHLOSHXWrWUH

DGDSWpjGDXWUHVJD]YRLUSODTXHVLJQDOpWLTXH/HVSLqFHV

QpFHVVDLUHVSRXUFHODVHWURXYHQWGDQVODSRFKHWWHGH

WUDQVIRUPDWLRQIRXUQLHVHORQOHPRGqOHRXGLVSRQLEOHDXSUqVGH

QRWUH6HUYLFH7HFKQLTXH

,PSRUWDQW ODILQSODFH]OpWLTXHWWHDXWRFROODQWHHQLQGLTXDQWOH

QRXYHDXW\SHGHJD]SUqVGHODSODTXHVLJQDOpWLTXH

/HVSDVjVXLYUHVRQWOHVVXLYDQWV

$eFKDQJHGHVLQMHFWHXUVILJ  

 5HWLUH] WRXWHV OHV JULOOHV DLQVL TXH WRXV OHV FKDSHDX[ GH EUOHXU

HWOHVUpSDUWLWHXUV

 eFKDQJH]OHVLQMHFWHXUVDYHFODFOpGLVSRQLEOHDXSUqVGHQRWUH

VHUYLFHWHFKQLTXHDYHFOHFRGHSRXUEUOHXUjGRXEOH

IODPPH5HSRUWH]YRXVDXWDEOHDXILJ 9HLOOH]WRXW

SDUWLFXOLqUHPHQWjFHTXHOLQMHFWHXUQHVHQOqYHSDVORUVGH

OHQOqYHPHQWRXGHODIL[DWLRQ3RXUJDUDQWLUOpWDQFKpLWpLOGRLW

rWUHIHUPHPHQWVHUUp

$XFXQHUpJXODWLRQGHODLUSULPDLUHQHVWUHTXLVHSRXUFHV

EUOHXUV

 )L[H] OHV LQMHFWHXUV HW OHV FKDSHDX[ GHV EUOHXUV VXU OHV EUOHXUV

FRUUHVSRQGDQWV)L[H]SDUDLOOHXUVOHVJULOOHV

%5pJODJHGXURELQHWGHJD]ILJ  

 5pJOH]ODPDQHWWHGHFRPPDQGHVXUODSRVLWLRQODSOXVSHWLWH

 5HWLUH]ODPDQHWWHGHFRPPDQGHGHVURELQHWVGHJD]8QH

EDJXHGpWDQFKpLWpHQFDRXWFKRXFDSSDUDvW$SSX\H]DYHFOD

SRLQWHGXWRXUQHYLVSRXUDFFpGHUjODYLVGHUpJODJHGXURELQHW

GHJD]

1H UHWLUH] MDPDLV ODQQHDX GpWDQFKpLWp /DQQHDX GpWDQFKpLWp

HPSrFKH OHV OLTXLGHV HW OHV SRXVVLqUHV GH SpQpWUHU j OLQWpULHXU GH

ODSSDUHLOFHTXLHQWUDYHUDLWVRQERQIRQFWLRQQHPHQW

 9RLUOHWDEOHDXILJ  DGDSWH]DXEHVRLQOHVYLVE\SDVV 0j

ODLGHGXQWRXUQHYLV7RU[ILJ  

$ OHVYLVE\SDVVGRLYHQWrWUHVHUUpHVIHUPHPHQW

% OHVYLVE\SDVVGRLYHQWDUULYHUDXUDVGHODGRXLOOH

$VVXUH]YRXV TXH OH EUOHXU QH VpWHLQW SDV ORUVTXH YRXV WRXUQH]

ODPDQHWWHGHFRPPDQGHHQWUHODSRVLWLRQODSOXVpOHYpHHWOD

SOXVEDVVHHWTXDXFXQUHWRXUGHIODPPHQHVHSURGXLW

1HGpPRQWH]MDPDLVOD[HGXURELQHWGHJD](QFDV

GHQGRPPDJHPHQWLOIDXWUHPSODFHUOHURELQHWGHJD]FRPSOHW

6]HUHOpVL~WPXWDWy

%L]WRQViJLHOŌtUiVRN

%HV]HUHOpVpVKDV]QiODWHOŌWWROYDVVDHOD]XWDVtWiVRNDW

$KDV]QiODWLXWDVtWiVEDQV]HUHSOŌNpSHNWiMpNR]WDWyMHOOHJŦHN

$Np]LN|Q\YXWDVtWiVDLQDNILJ\HOPHQNtYOKDJ\iVDHVHWpQD

J\iUWyWVHPPLO\HQIHOHOŌVVpJQHPWHUKHOL

(]DNpV]OpNNL]iUyODJPHJIHOHOŌHQV]HOOŌ]ŌKHO\LVpJHNEHQ

KDV]QiOKDWy1HNDSFVROMDDNpV]OpNHWpJpVWHUPpNHN

HOWiYROtWiViUDV]ROJiOyEHUHQGH]pVKH]

$ EHV]HUHOpVVHO EHN|WpVVHO EHiOOtWiVVDO pV PiV WtSXV~ Ji]UD

YDOy iWiOOtWiVVDO NDSFVRODWRV V]HUHOpVW PHJIHOHOŌHQ NpS]HWW pV

DV]HUHOpVEHQMiUWDVV]DNHPEHUQHNNHOOYpJH]QLHD]

pUYpQ\EHQ OpYŌ V]DEiO\RN pV D KHO\L Ji] pV iUDPV]ROJiOWDWyN

HOŌtUiVDLQDNEHWDUWiViYDO$V]HOOŌ]pVUHYRQDWNR]y

HOŌtUiVRNUDNLHPHOWILJ\HOPHWNHOOIRUGtWDQL

0iVWtSXV~Ji]UDYDOyiWiOOtWiVHVHWpQNpUMNKRJ\IRUGXOMRQ

YHYŌV]ROJiODWXQNKR]

(]WDNpV]OpNHWNL]iUyODJKi]WDUWiVEDQW|UWpQŌKDV]QiODWUD

WHUYH]WpN.HUHVNHGHOPLpVQDJ\]HPLKDV]QiODWDQHP

PHJHQJHGHWW$NpV]OpNHWWLORVMDFKWRQYDJ\ODNyNRFVLEDQ

]HPEHKHO\H]QL$MyWiOOiVNL]iUyODJUHQGHOWHWpVV]HUŦKDV]QiODW

HVHWpQpUYpQ\HV

h]HPEHKHO\H]pVHOŌWWHOOHQŌUL]QLNHOOKRJ\DKHO\L

Ji]V]ROJiOWDWiVPHJIHOHOHDNpV]OpNPŦV]DNLDGDWODSRQ

IHOWQWHWHWWEHiOOtWiVDLQDNJi]IDMWiMDpVQ\RPiVDWHOMHVtWPpQ\

IHV]OWVpJ

0LHOŌWWEiUPLO\HQV]HUHOpVLPXQNiEDNH]GHQHYiODVV]DOHD

NpV]OpNHWDJi]pVHOHNWURPRVKiOy]DWUyO

$] iUDPHOOiWiVW EL]WRVtWy NiEHOW D E~WRUUD NHOO HUŌVtWHQL KRJ\ D] QH

pUKHVVHQDVWŌYDJ\DIŌ]ŌODSIRUUyUpV]HLKH]

$]HOHNWURPRVKiOy]DWKR]FVDWODNR]WDWRWWNpV]OpNHNI|OGHOpVpW

N|WHOH]ŌHQHONHOOYpJH]QL

1HQ\~OMRQDNpV]OpNEHOVHMpEH+DV]NVpJHVKtYMD

YHYŌV]ROJiODWXQNDW

h]HPEHKHO\H]pVHOŌWW

(]DNpV]OpNDJi]NpV]OpNHNUHYRQDWNR]y(1HV

V]DEYiQ\V]HULQWLRV]WiO\EDVRURODQGyE~WRUEDEHpStWHWW

NpV]OpN

$E~WRUDPHO\EHDNpV]OpNHWV]HUHOLOHJ\HQVWDELOpV

UHQGHONH]]HQDPHJIHOHOŌU|J]tWpVHNNHO

$NpV]OpNN|UQ\H]HWpEHQOpYŌE~WRURNDUpWHJHOWPXQNDODSpVD

UpWHJHNHWU|J]tWŌUDJDV]WyOHJ\HQKŌiOOypVQHPJ\~OpNRQ\

DQ\DJEyO

$NpV]OpNQHPV]HUHOKHWŌKŦWŌUHPRVyJpSUHPRVRJDWyJpSUH

YDJ\KDVRQOyEHUHQGH]pVUH

$IŌ]ŌODSRWFVDNV]HOOŌ]ŌYHOUHQGHONH]ŌVWŌI|OpV]DEDG

EHpStWHQL

+D D IŌ]ŌIHOOHW DOi VWŌ NHUO EHpStWpVUH D PXQNDODS YDVWDJViJD

W~OOpSKHWL D] ~WPXWDWyEDQ PHJDGRWW PLQLPiOLV YDVWDJViJRW 9HJ\H

ILJ\HOHPEHDVWŌV]HUHOpVL~WPXWDWyMiQDNXWDVtWiVDLW

3iUDHOV]tYyIHOV]HUHOpVHNRUN|YHVVHDQQDNV]HUHOpVL~WPXWDWyMiW

pVWDUWVDEHDPLQLPiOLVWiYROViJRWDEHUHQGH]pVpVDIŌ]ŌODS

N|]|WW iEUD

$E~WRUHOŌNpV]tWpVHiEUD

9iJMRQHJ\PHJIHOHOŌPpUHWŦQ\tOiVWDPXQNDDV]WDOIHOOHWpEH

)iEyONpV]OWPXQNDIHOOHWHVHWpQNHQMHEHDYiJiVLIHOOHWHW

VSHFLiOLVODNNDODPHO\YpGDQHGYHVVpJWŌO

+DDIŌ]ŌODSDODWWQHPWDOiOKDWyVWŌKHO\H]]HQHOHJ\QHP

J\~OpNRQ\HOYiODV]WyHOHPHWSOIpPYDJ\IXUQpUOHPH]W

 PPUH D IŌ]ŌODS DODSMiWyO ÌJ\ PHJDNDGiO\R]]D D KR]]iIpUpVW D

IŌ]ŌODSDOVyUpV]pKH]

$]HOYiODV]WyODSpVDNpV]OpNKiOy]DWLFVDWODNR]yMDN|]|WWL

WiYROViJOHJDOiEEPPOHJ\HQ

$NpV]OpN]HPEHKHO\H]pViEUD

8WDVtWiV $IŌ]ŌIHOOHWEHpStWpVHNRUYLVHOMHQYpGŌNHV]W\ŦW

$NpV]OpNWtSXViWyOIJJŌHQD]|QWDSDGyW|PtWpVOHKHWJ\iULODJ

IHOV]HUHOW(]HVHWEHQVHPPLNpSSHQQHWiYROtWVDHOPLYHOD]

|QWDSDGyW|PtWpVPHJDNDGiO\R]]DDEHV]LYiUJiVW+DDW|PtWpV

QHPJ\iULODJIHOV]HUHOWHUŌVtWVHIHODIŌ]ŌODSDOVySHUHPpUH

$NpV]OpNE~WRUEDW|UWpQŌU|J]tWpVpKH]

 &VDYDUR]]DDSiQWRNDWDMHO|OWKHO\]HWEH~J\KRJ\OD]iQ

IRURJMDQDN

 +HO\H]]HHOpVLJD]tWVDEHDIŌ]ŌODSRW

1\RPMDOHIHOpDIŌ]ŌODSV]pOHLW~J\KRJ\D]DWHOMHVIHOOHWpUH

WiPDV]NRGMRQ

 +~]]DPHJDSiQWRNDWpVMyOV]RUtWVDEHŌNHW

$SiQWRNKHO\]HWHIJJDPXQNDDV]WDOYDVWDJViJiWyO

$NpV]OpNHWQHUDJDVV]DV]LOLNRQQDODPXQNDODSUD

$IŌ]ŌODSNLV]HUHOpVH

9iODVV]DOHDNpV]OpNHWDJi]pVHOHNWURPRVKiOy]DWUyO

2OGMDPHJDSiQWRNFVDYDUMDLWPDMGYpJH]]HHODEHV]HUHOpV

PŦYHOHWHLWIRUGtWRWWVRUUHQGEHQ



*i]FVDWODNR]WDWiV iEUD

$Ji]FVDWODNR]iVW~J\NHOOHOKHO\H]QLKRJ\D]iUyFVDS

KR]]iIpUKHWŌOHJ\HQ

$Ji]FVŌDJi]IŌ]ŌODSKR]HJ\µ PPPHQHWHOW

N|Q\|NNHOFVDWODNR]LN$N|Q\|NOHKHWŌYpWHV]L

■ $PHUHYFVDWODNR]WDWiVW

■ $KDMOpNRQ\IpPFVŌYHOW|UWpQŌFVDWODNR]WDWiVWKRVV] PLQ  P

PD[  P

6]HUHOMHDPHOOpNHOWYt]iOOyW|PtWpVWDJi]FVŌNLPHQHWH

pVDJi]FVDWODNR]iVN|]p

hJ\HOMHQ KRJ\ D FVŌ pV D NRQ\KDE~WRU PR]Jy UpV]HL SpOGiXO ILyN

QHpULQWNH]KHVVHQHNHJ\PiVVDOpVDFVŌQHKDODGMRQNHUHV]WO

RO\DQUpV]HNHQDPHO\HNPR]JiViWDNDGiO\R]KDWMD

+DN~SRVFVDWODNR]iVWV]HUHWQHOpWUHKR]QLKHO\H]]HD

V]iP~WDUWR]pNRWpVDV]iP~W|PtWpVWDGRWWHVHWEHQD]

DODSNpV]OHWUpV]HYDJ\DYHYŌV]ROJiODWQiONDSKDWyDJi]

IŌ]ŌIHOOHWEHPHQHWLFV|YHpVDJi]EHYH]HWpVN|]piEUD

+DYt]V]LQWHVJi]FVDWODNR]WDWiVHOYpJ]pVHV]NVpJHV

YHYŌV]ROJiODWXQNQiOEHV]HUH]KHWŌDDVNyGV]iP~

N|Q\|NYDODPLQWDDVNyGV]iP~W|PtWpVD iEUD

: ÉUDPWpVYHV]pO\H

0LXWiQPyGRVtWRWWDYDODPHO\LNFVDWODNR]iVWHOOHQŌUL]]HD

V]LJHWHOpVW

$J\iUWyQHPYiOODOIHOHOŌVVpJHWKDYDODPHO\LNFVDWODNR]iVQiO

V]LYiUJiVOpSIHOPLXWiQPyGRVtWRWWiNDFVDWODNR]iVW

(OHNWURPRVFVDWODNR]WDWiV iEUD

$NpV]OpN<WtSXV~DKiOy]DWLNiEHOWWLORVDIHOKDV]QiOyQDN

NLFVHUpOQLH]WFVDNDYHYŌV]ROJiODWYpJH]KHWLHO9HJ\H

ILJ\HOHPEHDNiEHOWtSXViWpVDV]NVpJHVPLQLPiOLV

NHUHV]WPHWV]HWHW

$IŌ]ŌODSRNKR]MiUyiUDPHOOiWiVWEL]WRVtWyNiEHONpWIpOHOHKHW

RO\DQDPHO\UHQGHONH]LNFVDWODNR]yGXJyYDOLOORO\DQDPHO\QHP

$FVDWODNR]yGXJyYDOHOOiWRWWNpV]OpNHNHWNL]iUyODJPHJIHOHOŌ

I|OGHOpVVHOUHQGHONH]ŌFVDWODNR]yDOM]DWKR]V]DEDGFVDWODNR]WDWQL

*RQGRVNRGQLNHOOHJ\PLQGHQIi]LVWPHJV]DNtWyIŌNDSFVROy

IHOV]HUHOpVpUŌO DPHO\ PLQ  PPHV UpVW KDJ\ D] pULQWNH]ŌN N|]|WW

NLYpYHKDDIHOKDV]QiOyUHQGHONH]pVpUHiOOHJ\NRQQHNWRUpVD

FVDWODNR]iVH]HQNHUHV]WOW|UWpQLN

$Ji]WtSXViQDNPHJYiOWR]WDWiVD

+DD]DGRWWRUV]iJEDQpUYpQ\EHQOpYŌV]DEiO\RNHQJHGLND

NpV]OpNPiVWtSXV~Ji]RNNDOLV]HPHOWHWKHWŌOiVGDPŦV]DNL

DGDWODSRW$]iWDODNtWiVKR]V]NVpJHVHOHPHNDPHOOpNHOW

FVRPDJEDQ WDOiOKDWyN D NpV]OpN WtSXViWyO IJJŌHQ $ FVRPDJ D

YHYŌV]ROJiODWQiOLVEHV]HUH]KHWŌ

)RQWRV 9pJO KHO\H]]H HO D] ~M Ji]WtSXVW MHO|OŌ |QWDSDGyV FtPNpW

DPŦV]DNLDGDWODSN|]HOpEHQ

$N|YHWNH]ŌOpSpVHNHWNHOOYpJUHKDMWDQL

$$I~YyNiNFVHUpMHiEUD

 7iYROtWVRQHOPLQGHQUiFVRWpJŌIHMIHGHOHWpVHORV]WyW

 $ I~YyNiNDW D]]DO D NXOFFVDO FVHUpOMH NL DPHO\ D  NHWWŌV

OiQJ~pJŌNK|]DNyGV]iPRQNDSKDWy

YHYŌV]ROJiODWXQNQiO/iVGDWiEOi]DWRWiEUD.LIHMH]HWWHQ

J\HOMHQDUUDKRJ\DI~YyNDQHYiOMRQOHDOHYpWHOYDJ\D

U|J]tWpVVRUiQ$W|PtWHWWVpJEL]WRVtWiVDpUGHNpEHQHUŌVHQ

U|J]tWHQLNHOOD]RNDW

(]HNQpOD]pJŌNQpOQLQFVV]NVpJD]HOVŌGOHJHVOHYHJŌ

V]DEiO\R]iViUD

 5|J]tWVH D I~YyNiNDW pV D] pJŌIHMIHGHOHNHW D PHJIHOHOŌ pJŌNUH

(]HQNtYODUiFVRNDWLVPHJIHOHOŌHQNHOOIHOKHO\H]QL

%$Ji]FVDSRNEHiOOtWiVDiEUD

 $NH]HOŌJRPERNDWiOOtWVDDOHJDODFVRQ\DEEIRNR]DWUD

 9HJ\HOHDNH]HOŌJRPERNDWDJi]FVDSRNUyO0HJMHOHQLNHJ\

UXJDOPDV JXPLW|PtWpV (J\ FVDYDUK~]y KHJ\pYHO Q\RPMD PHJ D

Ji]FVDSEHiOOtWyFVDYDUMiW

6RKDQHYHJ\HNLDW|PtWŌJ\ŦUŦW$W|PtWŌJ\ŦUŦN

PHJDNDGiO\R]]iN KRJ\ IRO\DGpN YDJ\ V]HQQ\H]ŌGpV NHUOM|Q D

NpV]OpNEHOVHMpEHDPLEHIRO\iVROKDWQiDQQDN

PŦN|GŌNpSHVVpJpW

 /iVG D WiEOi]DWRW  iEUD D] iWHUHV]WŌ FVDYDURNDW 0 V]NVpJ

HVHWpQHJ\WRU[FVDYDUK~]yYDOLJD]tWVDEHiEUD

$$]iWHUHV]WŌFVDYDURNDWHUŌVHQPHJNHOOK~]QL

% $] iWHUHV]WŌ FVDYDURNQDN PLQGLJ D IRJODODWWDO HJ\ V]LQWEHQ NHOO

OHQQLN

(OOHQŌUL]]HKRJ\D]pJŌQHPDOV]LNHNLLOOHWYHDOiQJQHP

FVDSHYLVV]DPLN|]EHQDNH]HOŌJRPERWDOHJDODFVRQ\DEEpV

OHJPDJDVDEEIRNR]DWN|]|WWHOIRUJDWMD

6RKDQHV]HUHOMHOHDJi]FVDSWHQJHO\pW6pUOpVHVHWpQDWHOMHV

Ji]FVDSRWNLNHOOFVHUpOQL

,VWUX]LRQLSHULOPRQWDJJLR

,QGLFD]LRQLGLVLFXUH]]D

/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLGHOODSSDUHFFKLRSULPDGL

SURFHGHUHDOOLQVWDOOD]LRQHHDOOXVR

/HLPPDJLQLUDSSUHVHQWDWHLQTXHVWHLVWUX]LRQLKDQQRFDUDWWHUH

RULHQWDWLYR

,OFRVWUXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLPDQFDWD

RVVHUYDQ]DGHOOHGLVSRVL]LRQLGHOSUHVHQWHPDQXDOH

/DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRVRORLQOXRJKL

VXIILFLHQWHPHQWHYHQWLODWL1RQGHYHHVVHUHFROOHJDWRDXQ

GLVSRVLWLYRGLHVSXOVLRQHGHLSURGRWWLGLFRPEXVWLRQH

7XWWH OH RSHUD]LRQL GL LQVWDOOD]LRQH FRQQHVVLRQH UHJROD]LRQH

HDGDWWDPHQWRDGDOWULWLSLGLJDVGHYRQRHVVHUHHIIHWWXDWHGD

XQWHFQLFRGLLQVWDOOD]LRQHDXWRUL]]DWRQHOULVSHWWRGHOOD

QRUPDWLYDHGHOODOHJLVOD]LRQHDSSOLFDELOLQRQFKpGHOOH

SUHVFUL]LRQLGHOOHVRFLHWjORFDOLGLIRUQLWXUDGLJDVHG

HOHWWULFLWj)DUHSDUWLFRODUHDWWHQ]LRQHDOOHGLVSRVL]LRQL

DSSOLFDELOLLQPDWHULDGLYHQWLOD]LRQH

3HUODGDWWDPHQWRDGDOWULWLSLGLJDVVLFRQVLJOLDGLULYROJHUVL

DOQRVWURVHUYL]LRWHFQLFR

4XHVWRDSSDUHFFKLRqVWDWRFRQFHSLWRHVFOXVLYDPHQWHSHUXVR

GRPHVWLFRQRQqFRQVHQWLWROXVRDVFRSLFRPPHUFLDOLR

SURIHVVLRQDOL4XHVWRDSSDUHFFKLRQRQSXzHVVHUHLQVWDOODWRLQ

\DFKWRFDPSHU/DJDUDQ]LDKDYDOLGLWjVRORLQFDVRYHQJD

ULVSHWWDWROXWLOL]]RSHUFXLqVWDWRFRQFHSLWR

3ULPD GHOOLQVWDOOD]LRQH YHULILFDUH FKH OH FRQGL]LRQL GL GLVWULEX]LRQH

ORFDOHVLDQRFRPSDWLELOLFRQODUHJROD]LRQHGHOODSSDUHFFKLR

LQGLFDWDWDUJDLGHQWLILFDWLYDWLSRHSUHVVLRQHGHOJDVSRWHQ]D

WHQVLRQH

3ULPDGLHIIHWWXDUHTXDOVLDVLRSHUD]LRQHVFROOHJDUH

ODOLPHQWD]LRQHHOHWWULFDHODOLPHQWD]LRQHGHOJDV

GHOODSSDUHFFKLR

,OFDYRGLDOLPHQWD]LRQHGHYHHVVHUHILVVDWRDOPRELOHSHUHYLWDUH

FKHWRFFKLSDUWLFDOGHGHOIRUQRRGHOSLDQRGLFRWWXUD

*OL DSSDUHFFKL FRQ DOLPHQWD]LRQH HOHWWULFD GHYRQR HVVHUH FROOHJDWL

REEOLJDWRULDPHQWHDWHUUD

1RQPDQLSRODUHOLQWHUQRGHOODSSDUHFFKLR2YHQHFHVVDULR

FRQWDWWDUHLOQRVWUR6HUYL]LR7HFQLFR

3ULPDGHOOLQVWDOOD]LRQH

4XHVWRDSSDUHFFKLRULHQWUDQHOODFODVVHGHOODQRUPD(1

SHUJOLDSSDUHFFKLDJDVDSSDUHFFKLRLQFDVVDWRLQXQPRELOH

,OPRELOHLQFXLVLLQVWDOODODSSDUHFFKLRGHYHHVVHUH

RSSRUWXQDPHQWHILVVDWRHGHYHHVVHUHVWDELOH

, PRELOL YLFLQL DOODSSDUHFFKLR L ULYHVWLPHQWL VWUDWLILFDWL H OD FROOD FRQ

FXLVRQRILVVDWLGHYRQRHVVHUHFRVWLWXLWLGDPDWHULDOHQRQ

LQILDPPDELOHHUHVLVWHQWHDOFDORUH

4XHVWRDSSDUHFFKLRQRQSXzHVVHUHLQVWDOODWRVXIULJRULIHUL

ODYDWULFLODYDVWRYLJOLHRHOHWWURGRPHVWLFLVLPLOL

,OSLDQRGLFRWWXUDSXzHVVHUHLQVWDOODWRHVFOXVLYDPHQWHVRSUDXQ

IRUQRYHQWLODWR

6HVLLQVWDOODXQIRUQRVRWWRLOSLDQRGLFRWWXUDORVSHVVRUHGHO

SLDQR GL ODYRUR SXz VXSHUDUH OR VSHVVRUH PLQLPR ULFKLHVWR LQGLFDWR

LQTXHVWRPDQXDOH3UHVWDUHDWWHQ]LRQHDOOHDYYHUWHQ]HSUHVHQWL

QHOOHLVWUX]LRQLSHULOPRQWDJJLRGHOIRUQR

6HVLLQVWDOODXQHVWUDWWRUHIDUHULIHULPHQWRDOUHODWLYRPDQXDOHGL

LQVWDOOD]LRQHPDQWHQHQGRVHPSUHXQDGLVWDQ]DYHUWLFDOHPLQLPD

GDOSLDQRGLFRWWXUDILJ 

3UHSDUD]LRQHGHOPRELOHILJ 

(IIHWWXDUHXQWDJOLRGHOOHGLPHQVLRQLQHFHVVDULHVXOSLDQRGL

ODYRUR

6XLSLDQLGLODYRURLQOHJQRULILQLUHOHVXSHUILFLGLWDJOLRFRQXQD

FROODVSHFLDOHSHUSURWHJJHUOHGDOOXPLGLWj

6H VRWWR LO SLDQR GL FRWWXUD QRQ Fq IRUQR FROORFDUH XQ VHSDUDWRUH GL

PDWHULDOHQRQLQILDPPDELOHDGHVPHWDOORRFRPSHQVDWRD

 PPGDOODEDVHGHOSLDQRGLFRWWXUD,QWDOPRGRVHQH

LPSHGLVFHODFFHVVRDOODSDUWHLQIHULRUH

/DGLVWDQ]DGHOGRSSLRIRQGRGDOFROOHJDPHQWRHOHWWULFR

GHOODSSDUHFFKLRGHYHHVVHUHGLDOPHQRPP

,QVWDOOD]LRQHGHOODSSDUHFFKLRILJ 

$YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL

SURWHWWLYL

$VHFRQGDGHOPRGHOORODJXDUQL]LRQHDGHVLYDSXzHVVHUH

DSSOLFDWDLQIDEEULFD,QWDOFDVRQRQULPXRYHUODSHUQHVVXQ

PRWLYRODJXDUQL]LRQHDGHVLYDHYLWDOHLQILOWUD]LRQL6HOD



JXDUQL]LRQHQRQqDSSOLFDWDLQIDEEULFDLQFROODUODVXOERUGR

LQIHULRUHGHOSLDQRGLFRWWXUD

3HULOILVVDJJLRGHOODSSDUHFFKLRDOPRELOHGLLQFDVVR

 $YYLWDUH RJQXQD GHOOH JUDIIH QHOOD SRVL]LRQH LQGLFDWD ODVFLDQGROH

JLUDUHOLEHUDPHQWH

 ,QFDVVDUHHFHQWUDUHLOSLDQRGLFRWWXUD

3UHPHUHVXLERUGLILQRDGDSSRJJLDUHSHUIHWWDPHQWHWXWWRLO

SHULPHWUR

 *LUDUHOHJUDIIHHVWULQJHUOHDIRQGR

/DSRVL]LRQHGHOOHJUDIIHGLSHQGHGDOORVSHVVRUHGHOSLDQRGL

ODYRUR

/DSSDUHFFKLRQRQGHYHHVVHUHLQFROODWRFRQLOVLOLFRQHDOSLDQRGL

ODYRUR

6PRQWDJJLRGHOSLDQRGLFRWWXUD

6FROOHJDUHODSSDUHFFKLRGDOOHSUHVHHOHWWULFKHHGDOODWWDFFRGHO

JDV

6YLWDUHOHJUDIIHHVHJXLUHLQPRGRLQYHUVRODSURFHGXUDGL

PRQWDJJLR

$WWDFFRGHOJDVILJ 

,OUDFFRUGRGHOJDVGHYHHVVHUHGLVSRVWRLQPRGRFKHLOUXELQHWWR

VLDDFFHVVLELOH

/HVWUHPLWjGHOODFRQQHVVLRQHGLLQJUHVVRGHOSLDQRGLFRWWXUDD

JDVqGRWDWDGLILOHWWDWXUDGD·· PPFKHFRQVHQWH

■ ,OFROOHJDPHQWRULJLGR

■ ,OFROOHJDPHQWRFRQWXERIOHVVLELOHPHWDOOLFR/ PLQ  P

PD[  P

,QVHULUHODJXDUQL]LRQHGLWHQXWDLQGRWD]LRQHIUDOXVFLWD

GHOFROOHWWRUHHLOUDFFRUGRGHOJDV

(YLWDUHLOFRQWDWWRGHOWXERFRQSDUWLPRELOLGHOOXQLWjGLQFDVVRDG

HVHPSLR XQ FDVVHWWR H QRQ HIIHWWXDUH LO SDVVDJJLR GHOOR VWHVVR LQ

VSD]LVRJJHWWLDSRVVLELOLRVWUX]LRQL

6HVLGHVLGHUDUHDOL]]DUHXQFROOHJDPHQWRFRQLFRLQVHULUH

ODFFHVVRULRFRQLOQXPHURHODJXDUQL]LRQHFRQLOQXPHUR

 HYHQW LQFOXVL QHO YROXPH GL IRUQLWXUD R GLVSRQLELOL SUHVVR LO

VHUYL]LRGLDVVLVWHQ]DFOLHQWLWUDLOWXERGHQWUDWDGHOSLDQRGL

FRWWXUDDJDVHLOFRQGRWWRGHOJDV)LJXUD 

1HOFDVRLQFXLRFFRUUDUHDOL]]DUHODWWDFFRGHOJDVLQRUL]]RQWDOH

SUHVVR LO QRVWUR VHUYL]LR WHFQLFR VL SRVVRQR WURYDUH XQ JRPLWR FRQ

LOFRGLFHHXQJLXQWRFRQLOFRGLFH)LJ D

: 3HULFRORGLIXJKH

6HVLPDQLSRODTXDOXQTXHWLSRGLUDFFRUGRYHULILFDUQHODWHQXWD

,OIDEEULFDQWHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLFRQQHVVLRQL

FKHSUHVHQWLQRIXJKHGRSRODPDQLSROD]LRQHGHOOHVWHVVH

&RQQHVVLRQHHOHWWULFDILJ 

4XHVWRDSSDUHFFKLRqGHOWLSR´<µ,OFDYRGLLQJUHVVRQRQSXz

HVVHUH FDPELDWR GDOOXWHQWH PD VROR GDO 6HUYL]LR 7HFQLFR 2FFRUUH

LQIDWWLULVSHWWDUHLOWLSRGLFDYRHODVH]LRQHPLQLPD

, SLDQL GL FRWWXUD YHQJRQR IRUQLWL GRWDWL GL FDYR GL DOLPHQWD]LRQH FRQ

RVHQ]DVSLQDHOHWWULFD

*OLDSSDUHFFKLPXQLWLGLVSLQDGHYRQRHVVHUHFROOHJDWLVROWDQWRD

SUHVHHOHWWULFKHFRQSUHVDGLWHUUDGHELWDPHQWHLQVWDOODWH

3UHYHGHUHXQVH]LRQDWRUHRQQLSRODUHFRQDSHUWXUDGLFRQWDWWRGL

DOPHQR PPWUDQQHFKHSHULFROOHJDPHQWLDVSLQDVHOXWHQWH

SXzDFFHGHUYL

&DPELRGHOWLSRGLJDV

6HODQRUPDWLYDGHOSDHVHORFRQVHQWHTXHVWRDSSDUHFFKLRSXz

HVVHUHDGDWWDWRDGDOWULWLSLGLJDVYWDUJDLGHQWLILFDWLYD,

FRPSRQHQWLQHFHVVDULDTXHVWDRSHUD]LRQHVLWURYDQRQHOODERUVD

NLWGLFRQYHUVLRQHLQGRWD]LRQHDVHFRQGDGHOPRGHOORR

GLVSRQLELOHSUHVVRLOQRVWUR6HUYL]LR7HFQLFR

,PSRUWDQWH$OWHUPLQHDSSOLFDUHOHWLFKHWWDDGHVLYDLQGLFDQGRLO

QXRYRWLSRGLJDVDFFDQWRDOODWDUJDLGHQWLILFDWLYD

3URFHGHUHFRPHLQGLFDWRGLVHJXLWR

$6RVWLWX]LRQHGHJOLXJHOOLILJ 

 5LPXRYHUHWXWWHOHJULJOLHLFRSHUFKLEUXFLDWRUHHLGLIIXVRUL

 6RVWLWXLUHJOLXJHOOLFRQODFKLDYHGLVSRQLELOHSUHVVRLOQRVWUR

VHUYL]LR WHFQLFR FRQ LO FRGLFH  SHU LO EUXFLDWRUH D ILDPPD

GRSSLD9HGHUHODWDEHOODILJ 3UHVWDUHSDUWLFRODUH

DWWHQ]LRQHDFKHJOLXJHOOLQRQVLVWDFFKLQRGXUDQWHODULPR]LRQH

R LO ILVVDJJLR 3HU JDUDQWLUH OD WHQXWD GHYRQR HVVHUH EHQ VDOGL LQ

SRVL]LRQH

3HUTXHVWLEUXFLDWRULQRQqQHFHVVDULDDOFXQDUHJROD]LRQH

GHOODULDSULPDULD

 )LVVDUHJOLXJHOOLHLFRSHUFKLEUXFLDWRUHDLULVSHWWLYLEUXFLDWRUL

,QROWUHqQHFHVVDULRDSSOLFDUHOHFRUULVSRQGHQWLJULJOLH

%,PSRVWD]LRQHGHOOHYDOYROHGHOJDVILJ 

 3RUWDUHODPDQRSRODGLFRPDQGRVXOOLYHOORSLEDVVR

 5LPXRYHUHOHPDQRSROHGLFRPDQGRGDOOHYDOYROHGHOJDV

&RPSDUHXQDWHQXWDGLJRPPDIOHVVLELOH3UHPHUHFRQODSXQWD

GHOFDFFLDYLWHSHUDFFHGHUHDOODYLWHGLUHJROD]LRQHGHOODYDOYROD

GHOJDV

1RQULPXRYHUHPDLODQHOORGLWHQXWD*OLDQHOOLGLWHQXWD

HYLWDQRFKHSHQHWULQRLOLTXLGLHORVSRUFRDOOLQWHUQR

GHOODSSDUHFFKLRHYHQWXDOLWjFKHSRWUHEEHFRPSURPHWWHUQHLO

IXQ]LRQDPHQWR

 9HGHUHODWDEHOODILJ VHQHFHVVDULRDGDWWDUHOHYLWLGL

E\SDVV 0FRQODLXWRGLXQFDFFLDYLWH7RU[ILJ 

$OHYLWLGLE\SDVVGHYRQRHVVHUHILVVDWHVDOGDPHQWH

%/HYLWLGLE\SDVVGHYRQRFKLXGHUVLDOLYHOORFROVXSSRUWR

$FFHUWDUVLFKHUXRWDQGRODPDQRSRODGLFRPDQGRWUDLOOLYHOOR

PDVVLPR H TXHOOR PLQLPR LO EUXFLDWRUH QRQ VL VSHQJD H QRQ YL VLD

ULWRUQRGLILDPPD

1RQVPRQWDUHPDLODVVHGHOOHYDOYROHGHOJDV,QFDVRGL

GDQQHJJLDPHQWR q QHFHVVDULR VRVWLWXLUH FRPSOHWDPHQWH OD YDOYROD

GHOJDV

,QVWDOODWLHYRRUVFKULIW

9HLOLJKHLGVDDQZLM]LQJHQ

/HHVGHLQVWUXFWLHVYDQKHWDSSDUDDWDOYRUHQVRYHUWHJDDQWRWGH

LQVWDOODWLHHQKHWJHEUXLNHUYDQ

'HDIEHHOGLQJHQGLHELMGH]HDDQZLM]LQJHQVWDDQDIJHGUXNW]LMQ

VOHFKWVWHURULsQWDWLH

'HIDEULNDQWLVYULMYDQHONHYHUDQWZRRUGHOLMNKHLGLQGLHQGH

EHVFKLNNLQJHQYDQGH]HKDQGOHLGLQJQLHWQDJHOHHIGZRUGHQ

'LWDSSDUDDWPDJDOOHHQJHEUXLNWZRUGHQLQYROGRHQGH

JHYHQWLOHHUGHUXLPWHV+HWPDJQLHWZRUGHQDDQJHVORWHQRSHHQ

LQULFKWLQJYRRUGHDIYRHUYDQYHUEUDQGLQJVSURGXFWHQ

$OOHZHUN]DDPKHGHQEHWUHIIHQGHLQVWDOODWLHDIVWHOOLQJHQ

DDQSDVVLQJDDQHHQDQGHUJDVW\SHPRHWHQZRUGHQ

XLWJHYRHUGGRRUHHQEHNZDDPLQVWDOODWHXUZDDUELMDOOH

WRHSDVEDUH QRUPHQ HQ ZHWJHYLQJ HQ GH YRRUVFKULIWHQ YDQ GH

ORNDOHJDVHQHOHNWULFLWHLWVPDDWVFKDSSLMHQPRHWHQZRUGHQ

QDJHOHHIG(UZRUGWPHWQDPHJHOHWRSGHYRRUVFKULIWHQPHW

EHWUHNNLQJWRWYHQWLODWLH

9RRU GH DDQSDVVLQJ DDQ HHQ DQGHU JDVW\SH UDGHQ ZLM DDQ RP

RQ]H7HFKQLVFKH'LHQVWWHEHOOHQ

'LW DSSDUDDW LV XLWVOXLWHQG EHVWHPG YRRU KXLVKRXGHOLMN JHEUXLN +HW

LVQLHWWRHJHVWDDQKHWWHJHEUXLNHQYRRUSURIHVVLRQHOHRI

FRPPHUFwHOHGRHOHLQGHQ+HWDSSDUDDWPDJQLHWLQMDFKWHQRI

FDUDYDQVZRUGHQJHwQVWDOOHHUG'HJDUDQWLHJHOGWDOOHHQZDQQHHU

KHWDSSDUDDWRSGHMXLVWHZLM]HZRUGWJHEUXLNW

&RQWUROHHUYyyUGHLQVWDOODWLHRIGHYRRUZDDUGHQYDQORNDOH

GLVWULEXWLH FRPSDWLEHO ]LMQ PHW GH DIVWHOOLQJ YDQ KHW DSSDUDDW GLH LV

DDQJHJHYHQRSKHWJHJHYHQVSODDWMHDDUGHQGUXNYDQKHWJDV

YHUPRJHQYROWDJH

6OXLWYyyUHONHKDQGHOLQJGHVWURRPHQJDVWRHYRHUYDQKHW

DSSDUDDWDI

'HYRHGLQJVNDEHOPRHWZRUGHQYDVWJHPDDNWLQKHWPHXEHOVWXN

RP WH YRRUNRPHQ GDW GH]H FRQWDFW PDDNW PHW GH JHGHHOWHV YDQ GH

RYHQRIYDQGHNRRNSODDWGLHZDUPZRUGHQ

$SSDUDWHQPHWVWURRPWRHYRHUPRHWHQYHUSOLFKWJHDDUGZRUGHQ

0DQLSXOHHUGHELQQHQ]LMGHYDQKHWDSSDUDDWQLHW7HOHIRQHHU

LQGLHQQRGLJRQ]H7HFKQLVFKH'LHQVW

9yyUGHLQVWDOODWLH

'LW DSSDUDDW EHKRRUW WRW NODVVH  YROJHQV GH QRUP (1  YRRU

JDVDSSDUDWHQDSSDUDDWLQJHERXZGLQHHQPHXEHO

+HWPHXEHOVWXNZDDULQKHWDSSDUDDWJHwQVWDOOHHUGZRUGWPRHWRS

GHMXLVWHZLM]HEHYHVWLJG]LMQHQVWDELHOVWDDQ

0HXEHOVGLHLQGHEXXUWYDQKHWDSSDUDDWVWDDQGHJHODDJGH

EHNOHGLQJHQHQGHOLMPZDDUPHHGH]HJHSODNW]LMQPRHWHQ

QLHWRQWYODPEDDUHQKLWWHEHVWHQGLJ]LMQ

'LWDSSDUDDWNDQQLHWJHwQVWDOOHHUGZRUGHQRSNRHONDVWHQ

ZDVPDFKLQHVYDDWZDVVHUVRIGHUJHOLMNH

'HNRRNSODDWPDJDOOHHQERYHQHHQJHYHQWLOHHUGHRYHQZRUGHQ

LQJHERXZG

:RUGWRQGHUGHNRRNSODDWHHQRYHQLQJHERXZGGDQNDQGHGLNWH

YDQKHWZHUNEODGGHPLQLPDDOYHUHLVWHGLNWHLQGH]H

JHEUXLNVDDQZLM]LQJRYHUVFKULMGHQ1HHPGHDDQZLM]LQJHQLQGH

LQVWDOODWLHKDQGOHLGLQJELMGHRYHQLQDFKW

$OVXHHQDI]XLJNDSLQVWDOOHHUWGRHGDWGDQYROJHQVGH

LQVWDOODWLHKDQGOHLGLQJHQKRXGDOWLMGGHPLQLPDOHYHUWLFDOHDIVWDQG

WRWGHNRRNSODDWDDQILJ 



9RRUEHUHLGLQJYDQKHWPHXEHODIE 

%UHQJHHQLQVQLMGLQJDDQYDQGHQRGLJHDIPHWLQJHQRSKHW

ZHUNYODN

9HUQLVYRRUKRXWHQZHUNYODNNHQGHVQLMYODNNHQPHWHHQVSHFLDOH

OLMPRPGH]HWHEHVFKHUPHQWHJHQYRFKW

3ODDWVLQGLHQHU]LFKJHHQRYHQEHYLQGWRQGHUGHNRRNSODDWHHQ

VFKHLGLQJVVWXNYDQQLHWRQWYODPEDDUPDWHULDDOEYPHWDDORI

JHODDJG KRXW RS  PP YDQ GH EDVLV YDQ GH NRRNSODDW =R ZRUGW

WRHJDQJYHUPHGHQWRWGHRQGHU]LMGHKLHUYDQ

'HDIVWDQGYDQKHWWXVVHQVFKRWWRWGHHOHNWULVFKHDDQVOXLWLQJYDQ

KHWDSSDUDDWGLHQWPLQVWHQVPPWHEHGUDJHQ

,QVWDOODWLHYDQKHWDSSDUDDWDIE 

$DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX

YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ

$IKDQNHOLMNYDQKHWPRGHONDQGH]HOINOHYHQGHSDNNLQJDOLQGH

IDEULHN]LMQJHSODDWVW$OVGDW]RLVYHUZLMGHUGH]HGDQLQJHHQ

JHYDOGH]HOINOHYHQGHSDNNLQJYRRUNRPWILOWUDWLHV$OVGHSDNNLQJ

QLHW LQ IDEULHN LV JHSODDWVW SODN GH]H GDQ DDQ GH RQGHUUDQG YDQ GH

NRRNSODDW

9RRUGHEHYHVWLJLQJYDQKHWDSSDUDDWDDQKHWLQERXZPHXEHO

 'UDDLHONYDQGHNOHPPHQLQGHDDQJHGXLGHVWDQGHQ]RUJGDW

GH]HYULMGUDDLHQ

 %RXZGHNRRNSODDWLQHQFHQWUHHUGH]H

'UXNRSGHXLWHLQGHQWRWGDWGHSODDWRSGHKHOHRPWUHNVWHXQW

 'UDDLGHNOHPPHQKHOHPDDODDQ

'HVWDQGYDQGHNOHPPHQLVDIKDQNHOLMNYDQGHGLNWHYDQKHW

ZHUNYODN

+HWDSSDUDDWPDJQLHWPHWVLOLFRQHQNLWRSKHWZHUNEODGZRUGHQ

YDVWJHOLMPG

8LWERXZYDQGHNRRNSODDW

6OXLWKHWDSSDUDDWDIYDQGHHOHNWULFLWHLWVHQJDVDDQVOXLWLQJ

'UDDL GH NOHPPHQ ORV HQ JD RS RPJHNHHUGH ZHUNZLM]H WH ZHUN DOV

ELMGHPRQWDJH

*DVDDQVOXLWLQJILJ 

'HJDVDDQVOXLWLQJPRHW]RDDQJHOHJG]LMQGDWGHDIVOXLWNUDDQ

WRHJDQNHOLMNLV

+HW XLWHLQGH YDQ GH LQODDWFROOHFWRU YDQ GH JDVNRRNSODDW LV YRRU]LHQ

YDQHHQVFKURHIGUDDGYDQ·· PP0HWGH]H

VFKURHIGUDDGLVPRJHOLMN

■ (HQVWDUUHYHUELQGLQJ

■ $DQVOXLWLQJPHWHHQPHWDOHQIOH[LEHOHVODQJ/ PLQ  P

PD[  P

9RHJGHELMJHOHYHUGHDIGLFKWSDNNLQJLQWXVVHQGHXLWODDW

YDQKHWVSUXLWVWXNHQGHJDVDDQVOXLWLQJ

9HUPLMGGDWGH]HVODQJFRQWDFWPDDNWPHWGHEHZHHJEDUH

RQGHUGHOHQYDQGHHHQKHLGZDDULQGHNRRNSODDWLVLQJHERXZG

HHQODGHELMYRRUEHHOGRIGDWKLMGRRUUXLPWHVORRSWGLHYHUVWRSW

NXQQHQUDNHQ

:LOWXHHQFRQLVFKHYHUELQGLQJPDNHQSODDWVGDQKHWDFFHVVRLUH

PHWQXPPHUHQGHGLFKWLQJPHWQXPPHUHYWELM

GH OHYHULQJ LQEHJUHSHQ RI WH YHUNULMJHQ ELM GH VHUYLFHGLHQVW WXVVHQ

GHLQYRHUSLMSYDQGHJDVNRRNSODDWHQGHJDVWRHYRHU$IE

,QGLHQGHJDVDDQVOXLWLQJKRUL]RQWDDOGLHQWXLWJHYRHUGWHZRUGHQ

]LMQ ELM RQ]H WHFKQLVFKH GLHQVW HHQ NQLHVWXN PHW FRGH  HQ

HHQDIGLFKWLQJPHWFRGHYHUNULMJEDDU$IE D

: /HNJHYDDU

,QGLHQHHQDDQVOXLWLQJJHPDQLSXOHHUGZRUGWFRQWUROHHUGH

OHNGLFKWKHLG

'HIDEULNDQWLVQLHWDDQVSUDNHOLMNDOVHHQDDQVOXLWLQJOHNNHQ

YHUWRRQWQDGDWGH]HJHPDQLSXOHHUGLV

(OHNWULVFKHDDQVOXLWLQJILJ 

'LWDSSDUDDWLVYDQKHWW\SH´<µGHLQYRHUNDEHOPDJQLHW

YHUYDQJHQZRUGHQGRRUGHJHEUXLNHUPDDUGRRUGH7HFKQLVFKH

'LHQVW +HW W\SH NDEHO HQ GH PLQLPXPGRRUVQHGH GLHQHQ WH ZRUGHQ

JHUHVSHFWHHUG

'HNRRNSODWHQZRUGHQJHOHYHUGPHWHHQYRHGLQJVNDEHOPHWRI

]RQGHUVWHNNHU

$SSDUDWHQ GLH YRRU]LHQ ]LMQ YDQ HHQ VWHNNHU PRJHQ DOOHHQ RS HHQ

JRHGJHDDUGVWRSFRQWDFWZRUGHQDDQJHVORWHQ

(UPRHWHHQRPQLSRODLUHRQGHUEUHNLQJVVFKDNHODDUYRRU]LHQ

ZRUGHQPHWHHQPLQLPDOHFRQWDFWRSHQLQJYDQ PPEHKDOYHELM

HHQ VWHNNHUDDQVOXLWLQJ LQGLHQ GH]H JHPDNNHOLMN EHUHLNEDDU LV YRRU

GHJHEUXLNHU

9HUDQGHULQJYDQJDVW\SH

,QGLHQGHQRUPYDQKHWODQGKHWWRHODDWPDJGLWDSSDUDDW

DDQJHSDVWZRUGHQDDQDQGHUHJDVVHQ]LHJHJHYHQVSODDWMH'H

KLHUYRRUEHQRGLJGHRQGHUGHOHQEHYLQGHQ]LFKLQKHWJHOHYHUGH

RPYRUPLQJVSDNNHWDIKDQNHOLMNYDQKHWPRGHO+HWSDNNHWLV

EHVFKLNEDDUELMRQ]HWHFKQLVFKHGLHQVW

%HODQJULMN3ODDWVWHQVORWWHGHVWLFNHUGLHKHWQLHXZHJDVW\SH

DDQGXLGWGLFKWELMKHWJHJHYHQVSODDWMH

9ROJRQGHUVWDDQGHVWDSSHQRS

$9HUYDQJLQJYDQGHNRSSHQ$IE 

 $OOHURRVWHUVEUDQGHUGHNVHOVHQYHUGHOHUVDIQHPHQ

 'H NRSSHQ YHUYDQJHQ PHW GH VOHXWHO GLH YHUNUHJHQ NDQ ZRUGHQ

YLDRQ]HWHFKQLVFKHGLHQVWPHWGHFRGHYRRUEUDQGHUV

PHWGXEEHOHYODP=LHGHWDEHO$IE (UGLHQWPHW

QDPHRSWHZRUGHQJHOHWGDWGHNRSWLMGHQVKHWDIQHPHQRI

EHYHVWLJHQQLHWORVUDDNW2PGHGLFKWKHLGWHZDDUERUJHQ

PRHWHQ]HYDVWDDQJHGUDDLG]LMQ

%LM GH]H EUDQGHUV KRHIW GH SULPDLUH OXFKW QLHW WH ZRUGHQ JHUHJHOG

 'HNRSSHQHQEUDQGHUGHNVHOVYDVWPDNHQDDQGHEHWUHIIHQGH

EUDQGHUV'HURRVWHUVGLHQHQRSGH]HOIGHPDQLHUWHZRUGHQ

DDQJHEUDFKW

%,QVWHOOLQJYDQGHJDVNUDQHQ$IE 

 %HGLHQLQJVNQRSLQGHNOHLQVWHVWDQG]HWWHQ

 %HGLHQLQJVNQRSYDQGHJDVNUDQHQDIQHPHQ(UYHUVFKLMQWHHQ

IOH[LEHOHUXEEHUHQDIGLFKWLQJVULQJ0HWGHSXQWYDQGH

VFKURHYHQGUDDLHURSGHLQVWHOVFKURHIYDQGHJDVNUDDQGUXNNHQ

'HDIGLFKWLQJVULQJQRRLWDIQHPHQ'HDIGLFKWLQJVULQJHQ

YRRUNRPHQGDWHUYORHLVWRIRIYXLOLQKHWELQQHQVWHYDQKHW

DSSDUDDWNRPWZDWHHQQDGHOLJHLQYORHGRSGHZHUNLQJNDQ

KHEEHQ

 =LH GH WDEHO $IE  %\SDVVVFKURHYHQ 0 ]R QRGLJ PHW EHKXOS

YDQHHQWRU[VFKURHYHQGUDDLHUDDQSDVVHQ$IE 

$'HE\SDVVVFKURHYHQGLHQHQYDVWWHZRUGHQDDQJHGUDDLG

%'HE\SDVVVFKURHYHQPRHWHQJRHGDDQVOXLWHQRSGH

RPOLMVWLQJ

'UDDLW X DDQ GH EHGLHQLQJVNQRS WXVVHQ GH KRRJVWH HQ GH ODDJVWH

VWDQG]RUJHUGDQYRRUGDWGHEUDQGHUQLHWXLWJDDWHQHUJHHQ

WHUXJVODJYDQYODPPHQSODDWVYLQGW

'HDVYDQGHJDVNUDDQQRRLWGHPRQWHUHQ,VGHJDVNUDDQ

EHVFKDGLJGGDQPRHWKLMYROOHGLJZRUGHQYHUYDQJHQ

,QVWUXNFMDPRQWDŰX

:VND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD

3U]HGSU]\VWĉSLHQLHPGRLQVWDODFMLLXŰ\WNRZDQLDXU]ĉG]HQLD

QDOHŰ\]DSR]QDþVLę]LQVWUXNFMĉ

,OXVWUDFMHSU]HGVWDZLRQHZQLQLHMV]HMLQVWUXNFMLPDMĉFKDUDNWHU

RULHQWDF\MQ\

3URGXFHQWQLHSRQRVLMDNLHMNROZLHNRGSRZLHG]LDOQRŔFLZ

SU]\SDGNXJG\]DOHFHQLD]DZDUWHZQLQLHMV]HMLQVWUXNFMLQLH

EęGĉSU]HVWU]HJDQH

7RXU]ĉG]HQLHSRZLQQRE\þXŰ\WNRZDQHZ\ãĉF]QLHZPLHMVFDFK

SRVLDGDMĉF\FKRGSRZLHGQLĉZHQW\ODFMę1LHQDOHŰ\SRGãĉF]Dþ

XU]ĉG]HQLDGRVSU]ęWXVãXŰĉFHJRGRXVXZDQLDSURGXNWyZ

VSDODQLD

:V]\VWNLHF]\QQRŔFL]ZLĉ]DQH]LQVWDODFMĉSRGãĉF]HQLHP

UHJXODFMĉLGRVWRVRZDQLHPXU]ĉG]HQLDGRLQQ\FKURG]DMyZ

JD]XSRZLQQ\E\þZ\NRQ\ZDQHSU]H]XSUDZQLRQHJR

LQVWDODWRUDVHUZLVXWHFKQLF]QHJR]JRGQLH]RERZLĉ]XMĉF\PL

QRUPDPLLSU]HSLVDPLRUD]]DU]ĉG]HQLDPLORNDOQ\FK

GRVWDZFyZHQHUJLLHOHNWU\F]QHMLJD]X1DOHŰ\]ZUyFLþ

V]F]HJyOQĉXZDJęQDRERZLĉ]XMĉFHSU]HSLV\Z]DNUHVLH

ZHQW\ODFML

:FHOXGRVWRVRZDQLDXU]ĉG]HQLDGR]DVLODQLDLQQ\PL

URG]DMDPLJD]X]DOHFDVLęNRQWDNW]QDV]\P6HUZLVHP

7HFKQLF]Q\P

8U]ĉG]HQLH]RVWDãR]DSURMHNWRZDQHZ\ãĉF]QLHGRXŰ\WNX

GRPRZHJRQLHGR]ZRORQHMHVWMHJRXŰ\WNRZDQLHZ

]DVWRVRZDQLDFKKDQGORZ\FKOXESURIHVMRQDOQ\FK1LHQDOHŰ\

LQVWDORZDþXU]ĉG]HQLDQDMDFKWDFKDQLZSU]\F]HSDFK

NHPSLQJRZ\FK*ZDUDQFMDEęG]LHZDŰQDZ\ãĉF]QLHZSU]\SDGNX

SU]HVWU]HJDQLDSU]HZLG]LDQHJRVSRVREXXŰ\WNRZDQLDXU]ĉG]HQLD

3U]HGLQVWDODFMĉXU]ĉG]HQLDQDOHŰ\XSHZQLþVLęŰHSDUDPHWU\

JD]X L SUĉGX NWyUH Vĉ GRVWDUF]DQH SU]H] ORNDOQ\FK GRVWDZFyZ Vĉ

]JRGQH]SDUDPHWUDPLUHJXODFMLXU]ĉG]HQLD]QDMGXMĉF\PLVLęQD

WDEOLF]FH]QDPLRQRZHMURG]DMLFLŔQLHQLHJD]XPRFQDSLęFLH

3U]HGZ\NRQDQLHPMDNLHMNROZLHNF]\QQRŔFLQDOHŰ\RGFLĉþ

]DVLODQLHHOHNWU\F]QHLGRSã\ZJD]XGRXU]ĉG]HQLD



3U]HZyG ]DVLODMĉF\ SRZLQLHQ ]RVWDþ SU]\PRFRZDQ\ GR XU]ĉG]HQLD

ZWHQVSRVyEDE\]DSRELHFMHJR]HWNQLęFLX]JRUĉF\PLF]ęŔFLDPL

SLHNDUQLNDOXESã\W\NXFKHQNL

8U]ĉG]HQLDNRU]\VWDMĉFH]]DVLODQLDHOHNWU\F]QHJRSRZLQQ\

RERZLĉ]NRZRSRVLDGDþX]LHPLHQLH

1LH QDOHŰ\ Z\NRQ\ZDþ ŰDGQ\FK F]\QQRŔFL ZH ZQęWU]X XU]ĉG]HQLD

:UD]LHSRWU]HE\QDOHŰ\VNRQWDNWRZDþVLę]QDV]\P6HUZLVHP

7HFKQLF]Q\P

3U]HG]DLQVWDORZDQLHP

8U]ĉG]HQLHVSHãQLDZ\PRJLNODV\]JRGQLH]QRUPĉ(1

GRW\F]ĉFĉXU]ĉG]HĿJD]RZ\FKXU]ĉG]HQLHGR]DEXGRZ\

0HEHO Z NWyU\P ]RVWDQLH ]DLQVWDORZDQH XU]ĉG]HQLH SRZLQLHQ E\þ

RGSRZLHGQLR]DPRFRZDQ\LVWDELOQ\

0HEOH]QDMGXMĉFHVLęZSREOLŰXXU]ĉG]HQLDSRNU\FLD]ODPLQDWX

RUD]NOHMXŰ\ZDQ\GRLFK]DPRFRZDQLDSRZLQQ\E\þZ\NRQDQH]

PDWHULDãyZQLHSDOQ\FKLRGSRUQ\FKQDZ\VRNĉWHPSHUDWXUę

8U]ĉG]HQLHQLHPRŰHE\þLQVWDORZDQHQDORGyZNDFKSUDONDFK

]P\ZDUNDFKOXESRGREQ\PVSU]ęFLH

3ã\Wę JU]HZF]ĉ PRŰQD ]DPRQWRZDþ Z\ãĉF]QLH QDG SLHNDUQLNLHP ]

ZHQW\ODFMĉ

-HŰHOL SRG Sã\Wĉ JU]HZF]ĉ ]DPRQWRZDQ\ EęG]LH SLHNDUQLN JUXERŔþ

EODWXURERF]HJRPRŰHE\þZLęNV]DQLŰZ\PDJDQDJUXERŔþ

PLQLPDOQDZQLQLHMV]HMLQVWUXNFML3U]HVWU]HJDþZVND]yZHN

]DZDUW\FKZLQVWUXNFMLPRQWDŰXSLHNDUQLND

:SU]\SDGNXLQVWDODFMLZ\FLĉJXNXFKHQQHJRQDOHŰ\SU]HVWU]HJDþ

]DOHFHĿ]DZDUW\FKZMHJRLQVWUXNFMLPRQWDŰXL]DFKRZDþ]DZV]H

PLQLPDOQĉRGOHJãRŔþZSLRQLHRGSã\W\NXFKHQNLU\V 

3U]\JRWRZDQLHPHEODU\V 

:\NRQDþZEODFLHZ\FLęFLHRSRGDQ\FKZ\PLDUDFK

:EODWDFKZ\NRQDQ\FK]GUHZQDQDOHŰ\SRZOHFSRZLHU]FKQLH

FLęFLDVSHFMDOQ\PNOHMHPZFHOXRFKURQ\SU]HGZLOJRFLĉ

-HŔOLSRGSã\WĉNXFKHQNLQLH]QDMGXMHVLęSLHNDUQLNQDOHŰ\

XPLHŔFLþHOHPHQWRGG]LHODMĉF\]QLHSDOQHJRPDWHULDãXQS]

PHWDOXOXE]HVNOHMNLZRGOHJãRŔFL PPRGSRGVWDZ\Sã\W\

NXFKHQNL:WHQVSRVyEXQLHPRŰOLZLDVLęGRVWęSGRGROQHMF]ęŔFL

Sã\W\

2GVWęSSã\W\SU]HJUDG]DMĉFHMGRSU]\ãĉF]DHOHNWU\F]QHJR

XU]ĉG]HQLDPXVLZ\QRVLþPLQLPXPPP

,QVWDODFMDXU]ĉG]HQLDU\V 

:VND]yZND 3RGF]DVPRQWDŰXSã\W\JU]HZF]HMXŰ\ZDþUęNDZLF

RFKURQQ\FK

:]DOHŰQRŔFLRGPRGHOXXU]ĉG]HQLDXV]F]HONDVDPRSU]\OHSQD

PRŰH ]RVWDþ SU]\PRFRZDQD IDEU\F]QLH 1LH QDOHŰ\ MHM ZyZF]DV Z

ŰDGQ\PZ\SDGNX]GHMPRZDþSRQLHZDŰXV]F]HOND

VDPRSU]\OHSQD]DSRELHJDVĉF]HQLX-HŰHOLXV]F]HONDQLH]RVWDãD

]DãRŰRQDIDEU\F]QLHQDOHŰ\MĉQDNOHLþQDGROQ\PEU]HJXSã\W\

NXFKHQNL

:FHOX]DPRFRZDQLDXU]ĉG]HQLDZPHEOX

 3U]\NUęFLþNDŰG\]XFKZ\WyZZHZVND]DQHMSR]\FMLWDNE\

REUDFDã\VLęVZRERGQLH

 :VXQĉþSã\WęNXFKHQNLLXVWDZLþFHQWUDOQLHZZ\FLęFLXPHEOD

3U]\FLVQĉþ EU]HJL Sã\W\ NXFKHQNL Z WHQ VSRVyE DE\ FDã\P VZRLP

REZRGHPVSRF]\ZDãDQDSRGVWDZLH

 2EUyFLþXFKZ\W\LGRFLVQĉþMHGRNRĿFD

3RãRŰHQLHXFKZ\WyZ]DOHŰ\RGJUXERŔFLEODWX

8U]ĉG]HQLDQLHZROQRPRFRZDþQDEODFLHURERF]\P]DSRPRFĉ

VLOLNRQX

'HPRQWDŰSã\W\NXFKHQNL

2GãĉF]\þXU]ĉG]HQLHRGSUĉGXLRGFLĉþGRSã\ZJD]X

2GNUęFLþXFKZ\W\LZ\NRQDþF]\QQRŔFLPRQWDŰXZRGZURWQHM

NROHMQRŔFL

3RGãĉF]DQLHJD]XU\V 

8U]ĉG]HQLHQDOHŰ\ZWDNLVSRVyESRGãĉF]\þGRJD]XDE\

]DSHZQLRQ\E\ãGRVWęSGRNXUNDRGFLQDMĉFHJRGRSã\ZJD]X

=DNRĿF]HQLHNROHNWRUDZHMŔFLRZHJRSã\W\NXFKHQNLJD]RZHMMHVW

Z\SRVDŰRQHZ]ãĉF]HNRODQNRZH]JZLQWHPRZ\PLDU]H··

 PPNWyUHXPRŰOLZLD

■ 6]W\ZQHSRãĉF]HQLH

■ 3RãĉF]HQLH]DSRPRFĉHODVW\F]QHJRSU]HZRGX]PHWDOX

/ PLQ  PPDNV  P

=DãRŰ\þ GRVWDUF]RQĉ XV]F]HONę  PLęG]\ Z\MŔFLH NROHNWRUD

DSU]HZyGGRSURZDG]DMĉF\JD]

1DOHŰ\]DSRELHFVW\NDQLXVLęSU]HZRGX]UXFKRP\PLF]ęŔFLDPL

]DEXGRZ\QDSU]\NãDGV]XIODGĉLSU]HFKRG]HQLXSU]H]PLHMVFD

NWyUHPRJĉ]RVWDþ]DMęWHSU]H]EORNXMĉFHSU]HVWU]HĿSU]HGPLRW\

:FHOXZ\NRQDQLDSRãĉF]HQLDVWRŰNRZHJRXPLHŔFLþHOHPHQW

Z\SRVDŰHQLDRQXPHU]HRUD]XV]F]HONęRQXPHU]H

HZHQW]DZDUWHZGRVWDZLHOXEGRVWęSQHZVHUZLVLH

PLęG]\NROHNWRUHPZHMŔFLRZ\PJD]RZHMSã\W\JU]HZF]HMD

SU]HZRGHPGRSURZDG]DMĉF\PJD]5\V 

-HŔOLZ\PDJDQHMHVWZ\NRQDQLHSR]LRPHJRSRGãĉF]HQLDJD]X

QDV]6HUZLV7HFKQLF]Q\RIHUXMHRGSRZLHGQLH]ãĉF]HNRODQNRZH

NRGSURGXNWXLXV]F]HONęNRGSURGXNWX

5\V D

: 1LHEH]SLHF]HĿVWZRXODWQLDQLDVLęJD]X

3RSU]HSURZDG]HQLXMDNLFKNROZLHNF]\QQRŔFLSU]\HOHPHQWDFK

SRGãĉF]HQLDJD]XQDOHŰ\VSUDZG]LþV]F]HOQRŔþSRãĉF]HĿ

3URGXFHQWQLHSRQRVLRGSRZLHG]LDOQRŔFLZSU]\SDGNXJG\

SRãĉF]HQLHXWUDFLV]F]HOQRŔþQDVNXWHNZ\NRQDQ\FKRSHUDFML

3RGãĉF]DQLHSUĉGXU\V 

-HVWWRXU]ĉG]HQLHW\SX´<µSU]HZyGZHMŔFLRZ\QLHPRŰHE\þ

Z\PLHQLDQ\SU]H]XŰ\WNRZQLNDOHF]Z\ãĉF]QLHSU]H]6HUZLV

7HFKQLF]Q\1DOHŰ\]DFKRZDþRGSRZLHGQLURG]DMSU]HZRGXRUD]

PLQLPDOQ\SU]HNUyM

3ã\W\NXFKHQNLVĉGRVWDUF]DQHZUD]]SU]HZRGHP]DVLODQLD

]DRSDWU]RQ\PZHZW\F]NęOXEEH]QLHM

8U]ĉG]HQLDZ\SRVDŰRQHZHZW\F]NęPRŰQDSRGãĉF]DþZ\ãĉF]QLH

GR SXV]HN ] JQLD]GNLHP SRVLDGDMĉF\FK SUDZLGãRZR ]DLQVWDORZDQH

X]LHPLHQLH

1DOHŰ\SDPLęWDþRZLHORELHJXQRZ\PZ\ãĉF]QLNXRGFLQDMĉF\P

]DVLODQLH ] SU]\QDMPQLHM PLOLPHWURZ\P RGVWęSHP VW\NRZ\P QLH

GRW\F]\SRGãĉF]HQLD]DSRPRFĉZW\F]NLJG\MHVWRQDGRVWęSQD

GODXŰ\WNRZQLND

=PLDQDURG]DMXJD]X

-HŔOL]H]ZDODMĉQDWRSU]HSLV\RERZLĉ]XMĉFHZGDQ\PNUDMX

XU]ĉG]HQLH PRŰQD GRVWRVRZDþ GR ]DVLODQLD LQQ\PL URG]DMDPL JD]X

SDWU]WDEOLF]ND]QDPLRQRZDXU]ĉG]HQLD1LH]EęGQHF]ęŔFL

]QDMGXMĉVLęZWRUHEFH]]HVWDZHPXPRŰOLZLDMĉF\P]PLDQę

]DVLODQLDJD]RZHJRNWyUD]RVWDãD]DãĉF]RQDZ]DOHŰQRŔFLRG

PRGHOXOXENWyUĉPRŰQDQDE\þZQDV]\P6HUZLVLH7HFKQLF]Q\P

:DŰQH 3R]DNRĿF]HQLXSUDF\ZSREOLŰXWDEOLF]NL]QDPLRQRZHM

QDOHŰ\SU]\NOHLþQDNOHMNęLQIRUPXMĉFĉMDNLPURG]DMHPJD]X

XU]ĉG]HQLHMHVW]DVLODQH

1DOHŰ\Z\NRQDþQDVWęSXMĉFHF]\QQRŔFL

$:\PLDQDG\V]U\V 

 =GMĉþZV]\VWNLHUXV]W\QDNU\ZNLSDOQLNyZLG\IX]RU\

 :\PLHQLþG\V]H]DSRPRFĉGRVWęSQHJRZQDV]\PVHUZLVLH

WHFKQLF]Q\P NOXF]D R]QDF]RQHJR NRGHP  GR SDOQLNyZ R

SRGZyMQ\PZLHĿFXSãRPLHQL3DWU]WDEHODU\V 

1DOHŰ\ ]ZUyFLþ V]F]HJyOQĉ XZDJę QD WR DE\ QLH RGHUZDþ G\V]\

SU]\MHMZ\FLĉJDQLXOXEPRFRZDQLXZSDOQLNX:FHOX

]DSHZQLHQLDV]F]HOQRŔFLXNãDGXQDOHŰ\PRFQRGRNUęFLþG\V]H

:W\FKSDOQLNDFKQLHMHVWZ\PDJDQHZ\UHJXORZDQLHGRSã\ZX

SRZLHWU]DSRGVWDZRZHJR

 '\V]HLQDNU\ZNL]DPRFRZDþQDRGSRZLHGQLFKSDOQLNDFK

2SUyF]WHJRQDãRŰ\þUXV]W\

%8VWDZLDQLHNXUNyZJD]RZ\FKU\V 

 8VWDZLþSRNUęWãDREVãXJLQDQDMPQLHMV]\VWRSLHĿ

 =GMĉþSRNUęWãDREVãXJL]NXUNyZJD]RZ\FK3RMDZLVLę

HODVW\F]Q\JXPRZ\SLHUŔFLHĿXV]F]HOQLDMĉF\&]XENLHP

ŔUXERNUęWDQDFLVQĉþŔUXEęUHJXODF\MQĉNXUNDJD]RZHJR

:ŰDGQ\PZ\SDGNXQLH]GHMPRZDþSLHUŔFLHQLD

XV]F]HOQLDMĉFHJR3LHUŔFLHQLHXV]F]HOQLDMĉFH]DSRELHJDMĉ

SU]HGRVWDZDQLXVLęSã\QyZL]DQLHF]\V]F]HĿGRZQęWU]D

XU]ĉG]HQLDFRPRJãRE\PLHþQHJDW\ZQ\ZSã\ZQDMHJR

G]LDãDQLH

 3DWU]WDEHODU\V ŔUXE\REHMŔFLRZH 0GRSDVRZDþZUD]LH

SRWU]HE\]DSRPRFĉŔUXERNUęWDWRU[U\V 

$œUXE\REHMŔFLRZHPXV]ĉE\þGRNUęFRQHGRRSRUX

%œUXE\REHMŔFLRZHLRSUDZDPXV]ĉ]QDMGRZDþVLęZMHGQHM

SãDV]F]\ŮQLH

8SHZQLþ VLę ŰH SDOQLN QLH JDŔQLH SU]\ REUDFDQLX SRNUęWãD REVãXJL

PLęG]\ QDMZ\ŰV]\P D QDMQLŰV]\P VWRSQLHP PRF\ L QLH GRFKRG]L

GRFRIDQLDVLęSãRPLHQLD

1LJG\QLHGHPRQWRZDþRVLNXUNDJD]RZHJR:SU]\SDGNX

XV]NRG]HQLDQDOHŰ\Z\PLHQLþFDã\NXUHNJD]RZ\



ptpt

,QVWUXo}HVGHPRQWDJHP

,QGLFDo}HVGHVHJXUDQoD

/HLDDVLQVWUXo}HVGRDSDUHOKRDQWHVGHSURFHGHUjLQVWDODomRH

XWLOL]DomR

$V LPDJHQV DSUHVHQWDGDV DR ORQJR GDV LQVWUXo}HV VHUYHP DSHQDV

SDUDRULHQWDomR

2 IDEULFDQWH ILFD LVHQWR GH TXDOTXHU WLSR GH UHVSRQVDELOLGDGH

FDVRQmRVHFXPSUDPDVGLVSRVLo}HVGHVWHPDQXDO

(VWHDSDUHOKRGHYHVHUDSHQDVXWLOL]DGRHPORFDLVFRPXPD

YHQWLODomRDGHTXDGD1mRGHYHVHUOLJDGRDXPGLVSRVLWLYRGH

HYDFXDomRGRVSURGXWRVGHFRPEXVWmR

7RGRVRVWUDEDOKRVGHLQVWDODomROLJDomRUHJXODomRH

DGDSWDomRDRXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRU

XPWpFQLFRGHLQVWDODomRDXWRUL]DGRUHVSHLWDQGRWRGDVDV

UHJXODPHQWDo}HVHOHJLVODomRDSOLFiYHLVEHPFRPRR

HVWLSXODGRSHODVHPSUHVDVORFDLVIRUQHFHGRUDVGHJiVH

HOHFWULFLGDGH 'HYH SUHVWDU SDUWLFXODU DWHQomR jV GLVSRVLo}HV

DSOLFiYHLVUHODWLYDPHQWHjYHQWLODomR

5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$VVLVWrQFLD

7pFQLFDSDUDDDGDSWDomRDRXWURVWLSRVGHJiV

(VWHDSDUHOKRIRLXQLFDPHQWHFRQFHELGRSDUDXWLOL]DomR

GRPpVWLFDQmRSRGHQGRSRULVVRVHUXWLOL]DGRSDUDILQV

FRPHUFLDLV RX SURILVVLRQDLV (VWH DSDUHOKR QmR SRGH VHU LQVWDODGR

HPLDWHVRXFDUDYDQDV$JDUDQWLDDSHQDVVHUiYiOLGDFDVRR

DSDUHOKRVHMDXWLOL]DGRFRUUHFWDPHQWHHSDUDRVILQVDTXHVH

GHVWLQD

$QWHV GD LQVWDODomR YHULILTXH VH DV FRQGLo}HV GH GLVWULEXLomR ORFDO

VmR FRPSDWtYHLV FRP D UHJXODomR GR DSDUHOKR TXH p DSUHVHQWDGD

QDSODFDGHFDUDFWHUtVWLFDVQDWXUH]DHSUHVVmRGRJiVSRWrQFLD

YROWDJHP

$QWHVGHTXDOTXHUSURFHGLPHQWRFRUWHDDOLPHQWDomR

HOpFWULFDHGHJiVGRDSDUHOKR

2FDERGHDOLPHQWDomRGHYHVHUIL[RDRPyYHOSDUDHYLWDUTXH

HQWUH HP FRQWDFWR FRP DV SDUWHV TXHQWHV GR IRUQR RX GD SODFD GH

FR]HGXUD

2VDSDUHOKRVFRPDOLPHQWDomRHOpFWULFDGHYHPVHU

REULJDWRULDPHQWHOLJDGRVjWHUUD

1mRPDQLSXOHRLQWHULRUGRDSDUHOKR6HQHFHVViULRFRQWDFWHR

QRVVR6HUYLoRGH$VVLVWrQFLD7pFQLFD

$QWHVGDLQVWDODomR

(VWHDSDUHOKRFRUUHVSRQGHjFODVVHVHJXQGRDQRUPD(1

SDUDDSDUHOKRVDJiVDSDUHOKRHQFDVWUDGRQXPPyYHO

2 PyYHO RQGH VH LQVWDOD R DSDUHOKR GHYH HVWDU FRQYHQLHQWHPHQWH

IL[DGRHGHYHVHUHVWiYHO

2VPyYHLVSUy[LPRVGRDSDUHOKRRVUHYHVWLPHQWRVHVWUDWLILFDGRV

H D FROD TXH RV IL[D GHYHP WUDWDUVH GH PDWHULDLV QmR LQIODPiYHLV

HUHVLVWHQWHVDRFDORU

(VWH DSDUHOKR QmR SRGH VHU LQVWDODGR VREUH IULJRUtILFRV PiTXLQDV

GHODYDUURXSDPiTXLQDVGHODYDUORLoDRXDSDUHOKRVVLPLODUHV

$SODFDGHFR]LQKDUVySRGHVHUPRQWDGDVREUHXPIRUQR

YHQWLODGR

6HIRUPRQWDGRXPIRUQRSRUEDL[RGDSODFDGHFR]LQKDUD

HVSHVVXUDGDEDQFDGDSRGHXOWUDSDVVDUDHVSHVVXUDPtQLPD

H[LJLGDSRUHVWHPDQXDO5HVSHLWHDVLQGLFDo}HVFRQVWDQWHVGDV

LQVWUXo}HVGHPRQWDJHPGRIRUQR

6HLQVWDODUXPH[WUDFWRUGHYHWHUHPFRQWDRUHVSHFWLYRPDQXDO

GHLQVWDODomRUHVSHLWDQGRVHPSUHDGLVWkQFLDYHUWLFDOPtQLPDHP

UHODomRjSODFDGHFR]HGXUDILJ 

3UHSDUDomRGRPyYHOILJ 

5HDOL]HXPFRUWHGDVGLPHQV}HVQHFHVViULDVQDVXSHUItFLHGH

WUDEDOKR

(PVXSHUItFLHVGHWUDEDOKRGHPDGHLUDHQYHUQL]HDVVXSHUItFLHV

GHFRUWHFRPXPDFRODHVSHFLDOSDUDDVSURWHJHUGDKXPLGDGH

6H QmR KRXYHU XP IRUQR SRU EDL[R GD SODFD GH FR]HGXUD FRORTXH

XPVHSDUDGRUGHPDWHULDOQmRLQIODPiYHOSRUH[GHPHWDORX

PDGHLUDFRQWUDSODFDGDD PPGDEDVHGDSODFDGHFR]HGXUD

$VVLPLPSHGHRDFHVVRjSDUWHLQIHULRUGHVWD

$GLVWkQFLDGRIXQGRIDOVRjOLJDomRHOpWULFDGRDSDUHOKRWHPGH

VHUGHSHORPHQRVPP

,QVWDODomRGRDSDUHOKRILJ

1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU

6HJXQGRRPRGHORDMXQWDDGHVLYDSRGHYLUFRORFDGDGHIiEULFD

6HIRUHVVHRFDVRQmRDUHPRYDGHIRUPDDOJXPDDMXQWD

DGHVLYDLPSHGHDVLQILOWUDo}HV6HDMXQWDQmRYLHUFRORFDGDGH

IiEULFDFROHDQDPDUJHPLQIHULRUGDSODFDGHFR]HGXUD

3DUDDIL[DomRGRDSDUHOKRQRPyYHOGHHQFDVWUDPHQWR

 $SDUDIXVH FDGD XP GRV JUDPSRV QD SRVLomR LQGLFDGD GHL[DQGR

TXHHVWHVURGHPOLYUHPHQWH

 (QFDVWUHHFHQWUHDSODFDGHFR]HGXUD

)DoD SUHVVmR VREUH RV H[WUHPRV DWp TXH VH DSRLH HP WRGR R VHX

SHUtPHWUR

 *LUHRVJUDPSRVHDSHUWHRVEHP

$ SRVLomR GRV JUDPSRV GHSHQGH GD HVSHVVXUD GD VXSHUItFLH GH

WUDEDOKR

2DSDUHOKRQmRGHYHVHUIL[DGRFRPVLOLFRQHjEDQFDGDGH

WUDEDOKR

'HVPRQWDJHPGDSODFDGHFR]HGXUD

'HVOLJXHRDSDUHOKRGDVWRPDGDVHOpFWULFDHGHJiV

'HVDSDUDIXVHRVJUDPSRVHSURFHGDGHPRGRLQYHUVRDRGD

PRQWDJHP

/LJDomRDJiVILJ 

$ OLJDomR GR DSDUHOKR j UHGH GH JiV WHP GH VHU UHDOL]DGD GH IRUPD

DTXHDWRUQHLUDGHIHFKRILTXHDFHVVtYHO

$ H[WUHPLGDGH GR FRQHFWRU GH HQWUDGD GD SODFD GH FR]HGXUD D JiV

HVWiHTXLSDGDFRPXPDURVFDGH·· PPTXHSHUPLWH

■ 5HDOL]DUXPDOLJDomRUtJLGD

■ (IHFWXDUDOLJDomRFRPXPWXERIOH[tYHOPHWiOLFR/ PtQ  P

Pi[  P

,QWHUFDOHDMXQWDGHHVWDQTXHLGDGHIRUQHFLGDHQWUHD

VDtGDGRFROHFWRUHDHQWUDGDGHJiV

(YLWH R FRQWDFWR GR WXER FRP TXDOTXHU SDUWH PyYHO GD XQLGDGH GH

HQFDVWUDPHQWRSRUH[HPSORXPDJDYHWDEHPFRPRDVXD

SDVVDJHPSRUHVSDoRVTXHSRVVDPILFDUREVWUXtGRV

6HGHVHMDUHVWDEHOHFHUXPDOLJDomRFyQLFDFRORTXHRDFHVVyULR

FRPRQ~PHURHRYHGDQWHFRPRQ~PHUR

LQFOXtGRQRYROXPHGHIRUQHFLPHQWRRXGLVSRQtYHOQDDVVLVWrQFLD

WpFQLFDHQWUHRWXERGHHQWUDGDGDSODFDGHFR]LQKDUDJiVHR

WXERGHDOLPHQWDomRGHJiV)LJ 

3DUDUHDOL]DUDOLJDomRDJiVQDKRUL]RQWDORQRVVR6HUYLoRGH

$VVLVWrQFLD7pFQLFDGLVSRQLELOL]DXPFRWRYHORFyGLJRH

XPDMXQWDFyGLJR)LJ D

: 3HULJRGHIXJD

6HPDQLSXODUTXDOTXHUOLJDomRYHULILTXHDHVWDQTXHLGDGH

2IDEULFDQWHQmRVHUHVSRQVDELOL]DVHDOJXPDOLJDomRDSUHVHQWDU

IXJDVGHSRLVGHWHUVLGRPDQLSXODGD

/LJDomRHOpFWULFDILJ 

(VWHDSDUHOKRpGRWLSR´<µRFDERGHHQWUDGDQmRSRGHVHU

PXGDGR SHOR XWLOL]DGRU Vy R 6HUYLoR GH $VVLVWrQFLD 7pFQLFD GHYH

ID]rOR'HYHVHPSUHUHVSHLWDUVHDVHFomRPtQLPDHRWLSRGH

FDER

$VSODFDVGHFR]HGXUDVmRIRUQHFLGDVFRPXPFDERGH

DOLPHQWDomRFRPRXVHPILFKD

2VDSDUHOKRVIRUQHFLGRVFRPILFKDVyGHYHPVHUOLJDGRVD

WRPDGDVGHWHUUDGHYLGDPHQWHLQVWDODGDV

'HYHSUHYHUVHXPLQWHUUXSWRURPQLSRODUFRPXPDDEHUWXUDGH

FRQWDFWR PtQLPD GH  PP H[FHSWR HP OLJDo}HV FRP ILFKD VH HVWD

HVWLYHUDFHVVtYHODRXWLOL]DGRU

0XGDQoDGRWLSRGHJiV

6H DV UHJXODPHQWDo}HV GR SDtV R SHUPLWLUHP HVWH DSDUHOKR SRGH

VHUDGDSWDGRDRXWURVWLSRVGHJiVYHUSODFDGHFDUDFWHUtVWLFDV

$VSHoDVQHFHVViULDVSDUDWDOHVWmRLQFOXtGDVQRVDFRGH

WUDQVIRUPDomRIRUQHFLGRFRQVRDQWHRPRGHORRXGLVSRQtYHLVQR

QRVVR6HUYLoRGH$VVLVWrQFLD7pFQLFD

,PSRUWDQWH$RWHUPLQDUFRORTXHDHWLTXHWDDGHVLYDLQGLFDQGRR

QRYRWLSRGHJiVSUy[LPRGDSODFDGHFDUDFWHUtVWLFDV

2VSDVVRVDVHJXLUVmRRVVHJXLQWHV

$6XEVWLWXLomRGRVELFRVILJ 

 5HWLUHWRGDVDVJUHOKDVWDPSDVGRVTXHLPDGRUHVH

GLVWULEXLGRUHV

 6XEVWLWXDRVELFRVFRPDFKDYHTXHHVWiGLVSRQtYHOQRQRVVR

VHUYLoRWpFQLFRFRPRFyGLJRSDUDTXHLPDGRUHVGH

FKDPDGXSOD&RQVXOWHDWDEHODILJ 'HYH

SUHVWDUVHHVSHFLDODWHQomRSDUDTXHRELFRQmRVHVROWH

DTXDQGRGDUHPRomRRXGDIL[DomR3DUDJDUDQWLUD

HVWDQTXHLGDGHHOHWHPGHHVWDUEHPSUHVR

1RFDVRGHVWHVTXHLPDGRUHVQmRpQHFHVViULRUHJXODURDU

SULPiULR

 )L[HRVELFRVHDVWDPSDVGRVTXHLPDGRUHVQRVUHVSHWLYRV

TXHLPDGRUHV$OpPGLVVRDVJUHOKDVGHYHPVHUFRORFDGDVHP

FRQIRUPLGDGH



%5HJXODomRGDVWRUQHLUDVGHJiVILJ 

 &RORTXHRVFRPDQGRVQRQtYHOPDLVEDL[R

 5HWLUHRVFRPDQGRVGDVWRUQHLUDVGHJiV6XUJHXPDQHOGH

YHGDomRHPERUUDFKDIOH[tYHO&RPDSRQWDGDFKDYHGH

SDUDIXVRVSUHVVLRQHRSDUDIXVRGHDMXVWHGDWRUQHLUDGHJiV

1XQFDUHWLUHRDQHOGHYHGDomR2VDQpLVGHYHGDomR

LPSHGHPDHQWUDGDGHOtTXLGRVHGHVXMLGDGHQRLQWHULRUGR

DSDUHOKRRTXHSUHMXGLFDDVXDIXQFLRQDOLGDGH

 &RQVXOWHDWDEHODILJ VHQHFHVViULRDGDSWHSDUDIXVRVGH

E\SDVV0FRPDDMXGDGHXPDFKDYHGHSDUDIXVRV7RU[

ILJ 

$2VSDUDIXVRVGHE\SDVVWrPGHHVWDUEHPDSHUWDGRV

%2VSDUDIXVRVGHE\SDVVWrPGHIHFKDUMXQWDPHQWHFRPD

IL[DomR

&HUWLILTXHVH GH TXH DR URGDU RV FRPDQGRV R TXHLPDGRU QmR VH

GHVOLJDHQWUHRQtYHOPDLVDOWRHRPDLVEDL[RHQmRKiXP

UHWRUQRGDFKDPD

1XQFDGHVPRQWHDWRUQHLUDGHJiV(PFDVRGHGDQRVDWRUQHLUD

GHJiVWHPGHVHUWURFDGDSRUFRPSOHWR

,QVWUXFŘLXQLGHPRQWDM

,QGLFDŘLLUHIHULWRDUHODVLJXUDQŘć

&LWLŘLLQVWUXFŘLXQLOHDSDUDWXOXLvQDLQWHVćWUHFHŘLODLQVWDODUHDüL

XWLOL]DUHDDFHVWXLD

,PDJLQLOHSUH]HQWDWHvQDFHVWHLQVWUXFŘLXQLVXQWFXVFRSRULHQWDWLY

3URGXFćWRUXO HVWH H[RQHUDW GH RULFH UćVSXQGHUH GDFć QX VXQW

vQGHSOLQLWHGLVSR]LŘLLOHGLQDFHVWPDQXDO

$FHVWDSDUDWWUHEXLHVćILHXWLOL]DWH[FOXVLYvQORFXULFXYHQWLODŘLH

VXILFLHQWć (VWH LQWHU]LVć FRQHFWDUHD OD XQ GLVSR]LWLY GH HYDFXDUH D

SURGXüLORUGHDUGHUH

7RDWHOXFUćULOHGHLQVWDODUHFRQHFWDUHUHJODUHüLDGDSWDUHOD

DOWH WLSXUL GH JD] WUHEXLH Vć ILH UHDOL]DWH GH FćWUH XQ WHKQLFLDQ

DXWRUL]DWUHVSHFWkQGWRDWHQRUPHOHüLOHJLVODŘLDDSOLFDELOHüL

GLVSR]LŘLLOHFRPSDQLLORUORFDOHIXUQL]RDUHGHJD]üLHQHUJLH

HOHFWULFć6HYDDFRUGDRDWHQŘLHGHRVHELWćGLVSR]LŘLLORU

DSOLFDELOHvQFHHDFHSULYHüWHYHQWLODŘLD

(VWHUHFRPDQGDWVćDSHODŘLOD6HUYLFLXOQRVWUXWHKQLFSHQWUX

DGDSWDUHDODDOWHWLSXULGHJD]

$FHVWDSDUDWDIRVWFRQFHSXWGRDUSHQWUXX]FDVQLFQHILLQG

SHUPLVćXWLOL]DUHDVDvQVFRSXULFRPHUFLDOHVDXSURIHVLRQDOH

$FHVW DSDUDW QX SRDWH IL LQVWDODW SH LDKWXUL VDX UXORWH *DUDQŘLD YD IL

YDODELOćQXPDLGDFćVHUHVSHFWćXWLOL]DUHDSHQWUXFDUHDIRVW

GHVWLQDW

ÍQDLQWHGHLQVWDODUHYHULILFDŘLFRPSDWLELOLWDWHDGLQWUHFRQGLŘLLOHGH

GLVWULEXLUH ORFDOć FX UHJODMXO DSDUDWXOXL FDUH ILJXUHD]ć SH SOćFXŘD FX

FDUDFWHULVWLFLWLSXOüLSUHVLXQHDJD]XOXLSXWHUHDWHQVLXQHD

ÍQDLQWHGHRULFHDFŘLXQHvQWUHUXSHŘLDOLPHQWDUHDHOHFWULFćüL

FHDFXJD]DDSDUDWXOXL

&DEOXOGHDOLPHQWDUHWUHEXLHIL[DWGHPRELOćSHQWUXDQXDWLQJH

SćUŘLILHUELQŘLDOHFXSWRUXOXLVDXDOHSOLWHLGHJćWLW

$SDUDWHOHFXDOLPHQWDUHHOHFWULFćWUHEXLHFRQHFWDWHREOLJDWRULXOD

vPSćPkQWDUH

1X LQWHUYHQLŘL vQ LQWHULRUXO DSDUDWXOXL 'DFć HVWH QHFHVDU DSHODŘL OD

6HUYLFLXOQRVWUXWHKQLF

ÍQDLQWHGHLQVWDODUH

$FHVWDSDUDWFRUHVSXQGHFXFODVDFRQIRUPQRUPHL(1

SHQWUXDSDUDWHSHED]ćGHJD]DSDUDWvQFDVWUDWvQWURPRELOć

0RELODvQFDUHVHLQVWDOHD]ćDSDUDWXOWUHEXLHVćILHIL[DWćvQWUXQ

PRGFRQYHQDELOüLVćILHVWDELOć

0RELOHOHDSURSLDWHGHDSDUDWvQYHOLüXULOHVWUDWLILFDWHüLDGH]LYXO

FDUHOHIL[HD]ćWUHEXLHVćILHGLQPDWHULDOHQHLQIODPDELOHüL

UH]LVWHQWHODFćOGXUć

$FHVWDSDUDWQXVHSRDWHLQVWDODGHDVXSUDIULJLGHUHORUPDüLQLORU

GHVSćODWUXIHPDüLQLORUGHVSćODWYDVHVDXVLPLODUH

3OLWDWUHEXLHVćILHvQFRUSRUDWćQXPDLGHDVXSUDXQXLFXSWRUFX

YHQWLODUH

'DFćHVWHvQFRUSRUDWXQFXSWRUVXESOLWćJURVLPHDSOćFLLGHOXFUX

SRDWHILGLIHULWćGHPćVXUćWRULOHGLQDFHVWPDQXDO5HVSHFWDŘL

LQGLFDŘLLOHGLQPDQXDOXOGHPRQWDMDOFXSWRUXOXL

'DFćLQVWDODŘLRKRWćDYHŘLvQYHGHUHPDQXDOXOVćXGHLQVWDODUH

UHVSHFWkQGvQWRWGHDXQDGLVWDQŘDYHUWLFDOćPLQLPćIDŘćGHSOLWDGH

JćWLWILJ 

3UHJćWLUHDPRELOHLILJ

5HDOL]DŘL R WćLHWXUć vQ VXSUDIDŘD GH OXFUX GH GLPHQVLXQLOH QHFHVDUH

3HVXSUDIHŘHGHOXFUXGLQOHPQDSOLFDŘLXQDGH]LYVSHFLDOSH

VXSUDIHŘHOHGHWćLHUHSHQWUXDOHSURWHMDGHXPLGLWDWH

'DFć QX H[LVWć XQ FXSWRU VXE SOLWD GH JćWLW DPSODVDŘL XQ VHSDUDWRU

GLQPDWHULDOQHLQIODPDELOGHH[PHWDOVDXSODFDMOD PPGH

ED]D SOLWHL GH JćWLW $VWIHO VH vPSLHGLFć DFFHVXO OD SDUWHD LQIHULRDUć

DDFHVWHLD

'LVWDQŘD GH OD SDOLHUXO LQWHUPHGLDU OD UDFRUGXO OD UHŘHD DO DSDUDWXOXL

WUHEXLHVćILHGHFHOSXŘLQPP

,QVWDODUHDDSDUDWXOXLILJ

,QGLFDŘLH /DPRQWDUHDSOLWHLIRORVLŘLPćQXüLGHSURWHFŘLH

ÍQ IXQFŘLH GH PRGHO JDUQLWXUD DGH]LYć SRDWH IL PRQWDWć GLQ IDEULFć

ÍQDFHVWFD]QXRGHPRQWDŘLVXEQLFLRIRUPćJDUQLWXUDDGH]LYć

HYLWćVFXUJHULOH'DFćJDUQLWXUDQXHVWHPRQWDWćGLQIDEULFć

PRQWDŘLRODPDUJLQHDLQIHULRDUćDSOLWHLGHJćWLW

3HQWUXIL[DUHDDSDUDWXOXLvQPRELODGHvQFDVWUDUH

 ÍQüXUXEDŘL ILHFDUH FOHPć vQ SR]LŘLD LQGLFDWć OćVkQG Vć VH URWHDVFć

OLEHU

 ÍQFDVWUDŘLüLFHQWUDŘLSOLWDGHJćWLW

$SćVDŘLSHH[WUHPLWćŘLOHDFHVWHLDSkQćFkQGVHVSULMLQćSHWRW

SHULPHWUXOVćX

 5RWLŘLFOHPHOHüLVWUkQJHŘLOHSkQćODFDSćW

3R]LŘLDFOHPHORUGHSLQGHGHJURVLPHDVXSUDIHŘHLGHOXFUX

$SDUDWXOQXWUHEXLHOLSLWFXVLOLFRQSHSODFDGHOXFUX

'HPRQWDUHDSOLWHLGHJćWLW

'HFRQHFWDŘLDSDUDWXOGHODDOLPHQWDUHDHOHFWULFćüLFHDGHJD]

'HüXUXEDŘLFOHPHOHüLSURFHGDŘLvQPRGLQYHUVPRQWćULL

&RQHFWDUHODJD]ILJ 

5DFRUGXO OD JD] WUHEXLH UHDOL]DW DVWIHO vQFkW URELQHWXO GH vQWUHUXSHUH

VćILHDFFHVLELO

&DSćWXOUDFRUGXOXLGHLQWUDUHDSOLWHLGHJćWLWSHJD]HVWHSUHYć]XW

FXXQILOHWGH·· PPFDUHSHUPLWH

■ &RQHFWDUHDULJLGć

■ &RQHFWDUHDFXXQWXEIOH[LELOPHWDOLF/ PLQ  PPD[  P

,QWHUFDODŘL JDUQLWXUD GH HWDQüHLWDWH IXUQL]DWć  vQWUH LHüLUHD

GLQFROHFWRUüLUDFRUGXOGHJD]

(YLWDŘLFRQWDFWXOWXEXOXLFXSćUŘLOHPRELOHDOHXQLWćŘLLGHvQFDVWUDUH

GHH[HPSOXXQVHUWDUüLWUHFHUHDSULQVSDŘLLOHFDUHVXQW

VXVFHSWLELOHGHEORFDUH

'DFćGRULŘLVćUHDOL]DŘLROHJćWXUćFRQLFćIRORVLŘLDFFHVRULXOFX

QXPćUXO  üL JDUQLWXUD FX QXPćUXO  GDFć HVWH FD]XO

FRQŘLQXWć vQ SDFKHWXO GH OLYUDUH VDX GLVSRQLELOć vQ XQLWDWHD VHUYLFH

vQWUHWXEXOGHLQWUDUHDOSOLWHLSHJD]üLDOLPHQWDUHDFXJD])LJ

'DFć WUHEXLH Vć UHDOL]DŘL FRQHFWDUHD OD JD] SH RUL]RQWDOć VHUYLFLXO

QRVWUXWHKQLFGLVSXQHGHXQFRWFXFRGXO SOXVRJDUQLWXUć

FXFRGXO )LJ D

: 3HULFROGHVFXUJHUH

'DFćPDQHYUDŘLYUHXQUDFRUGYHULILFDŘLHWDQüHLWDWHD

3URGXFćWRUXOQXSRDWHILWUDVODUćVSXQGHUHGDFćYUHXQUDFRUG

SUH]LQWćVFXUJHULGXSćFHDIRVWPDQHYUDW

&RQH[LXQHHOHFWULFćILJ 

$FHVW DSDUDW HVWH GH WLSXO ´<µ FDEOXO GH DOLPHQWDUH QX SRDWH Vć ILH

VFKLPEDWGHFćWUHXWLOL]DWRUFLGHFćWUH6HUYLFLXOWHKQLF7UHEXLH

UHVSHFWDWWLSXOGHFDEOXüLVHFŘLXQHDPLQLPć

3OLWHOH GH JćWLW VXQW IXUQL]DWH FX XQ FDEOX GH DOLPHQWDUH FX VDX IćUć

üWHFKHU

$SDUDWHOHSUHYć]XWHFXüWHFKHUWUHEXLHGRDUVćILHFRQHFWDWHOD

SUL]ćFDUHVćGLVSXQćGHvPSćPkQWDUHLQVWDODWćFRUHFW

7UHEXLHSUHYć]XWXQvQWUHUXSćWRUGHFLUFXLWRPQLSRODUFX

GHVFKLGHUHDFRQWDFWXOXLGHPLQLP PPFXH[FHSŘLDFRQH[LXQLORU

ODSUL]ćGDFćDFHDVWDHVWHDFFHVLELOćSHQWUXXWLOL]DWRU

6FKLPEDUHDWLSXOXLGHJD]

'DFćOHJLVODŘLDŘćULLSHUPLWHDFHVWDSDUDWSRDWHILDGDSWDWODDOWH

WLSXUL GH JD] FRQVXOWDŘL SOćFXŘD FX FDUDFWHULVWLFL 3LHVHOH QHFHVDUH

SHQWUX DFHDVWD VXQW vQ JHDQWD GH WUDQVIRUPDUH IXUQL]DWć vQ IXQFŘLH

GHPRGHOGLVSRQLELOćOD6HUYLFLXOQRVWUXWHKQLF

,PSRUWDQW /DILQDOSR]LŘLRQDŘLHWLFKHWDDGH]LYćFDUHLQGLFćQRXO

WLSGHJD]vQDSURSLHUHDSOćFXŘHLFXFDUDFWHULVWLFL

3DüLLFDUHWUHEXLHXUPDŘLVXQWXUPćWRULL

$ÍQORFXLUHDGX]HORUILJ 

 ÍQGHSćUWDŘLWRDWHJUćWDUHOHFDSDFHOHDU]ćWRDUHORUüL

UHSDUWLWRDUHOH

 ÍQORFXLŘLGX]HOHFXFKHLDFDUHHVWHGLVSRQLELOćSULQXQLWDWHD

QRDVWUćGHVHUYLFHWHKQLFFXFRGXOSHQWUXDU]ćWRDUHFX

IODFćUć GXEOć  $ VH YHGHD WDEHOXO ILJ  7UHEXLH Vć VH

ŘLQćVHDPDvQGHRVHELFDGX]DVćQXVHGHVSULQGćODVFRDWHUHD



HOHPHQWXOXLGHIL[DUH3HQWUXDVHDVLJXUDHWDQüHLWDWHDHOH

WUHEXLHVWUkQVHIHUP

/D DFHVWH DU]ćWRDUH QX HVWH QHFHVDUć R UHJODUH D DHUXOXL SULPDU

 )L[DŘLGX]HOHüLFDSDFHOHDU]ćWRDUHORUSHDU]ćWRDUHOH

FRUHVSXQ]ćWRDUHÍQDIDUćGHDFHVWHDWUHEXLHDWDüDWHJUćWDUHOH

vQPRGFRUHVSXQ]ćWRU

%5HJODUHDURELQHWHORUGHJD]ILJ 

 3R]LŘLRQDŘLEXWRQXOGHFRQWUROSHWUHDSWDFHDPDLUHGXVć

 6FRDWHŘL EXWRDQHOH GH FRQWURO GH SH URELQHWHOH GH JD] $SDUH XQ

LQHOGHHWDQüDUHIOH[LELOGLQFDXFLXF$SćVDŘLFXYkUIXO

üXUXEHOQLŘHLSHüXUXEXOGHUHJODUHDURELQHWXOXLGHJD]

1XVFRDWHŘLQLFLRGDWćLQHOXOGHHWDQüDUH,QHOHOHGHHWDQüDUH

vPSLHGLFćSćWUXQGHUHDOLFKLGHORUüLDPXUGćULHLvQLQWHULRUXO

DSDUDWXOXL OXFUX FDUH DU SXWHD DIHFWD FDSDFLWDWHD GH IXQFŘLRQDUH

 $ VH YHGHD WDEHOXO ILJ  GDFć HVWH QHFHVDU DMXVWDŘL üXUXEXULOH

GHE\SDVV 0FXDMXWRUXOXQHLüXUXEHOQLŘH7RU[ILJ 

$üXUXEXULOHGHE\SDVVWUHEXLHVWUkQVHELQH

%üXUXEXULOHGHE\SDVVWUHEXLHDüH]DWHFRSODQDUFXGXOLD

$VLJXUDŘLYćFćODURWLUHDEXWRQXOXLGHFRQWUROvQWUHWUHDSWDFHD

PDLPDUHüLFHDPDLPLFćDU]ćWRUXOQXVHVWLQJHüLFćQXVH

SURGXFHRvQWRDUFHUHDIOćFćULL

1XGHPRQWDŘLQLFLRGDWćD[XOURELQHWXOXLGHJD]ÍQFD]XOXQHL

GHWHULRUćULURELQHWXOGHJD]WUHEXLHVFKLPEDWFRPSOHW

Ημπροςιυηώξνλνμρίες

Ξοίαηκίρδτμηιηΰδζνξίπμνπρη

ΙίκίήηΪρΪεθζζθημΪΰΪβχδλιενΪμΪπββάηβζΪμίεφηθβανρβμί

κνδθάθήλμάθδχείδμκθικβΫθκν

ΙκβάίήίηηυίάήΪηηθζκνδθάθήλμάίκβλνηδβωάεωψμλω

θκβίημβκθάθρηυζβ

Ξοημδαϊξνκμδμηηημπροςιυηθπνγδοείψητπώαγίμμνλ

οςινανγπραδξονηζανγηρδκϋνπανΰνεγίδρπώνραπώινθ

νραδρπραδμμνπρη

ΎΪηηυγικβΫθκζθΰηθνλμΪηΪάεβάΪμφμθεφδθάοθκθςθ

ικθάίμκβάΪίζυοιθζίσίηβωοΌΪκθρηνψιΪηίεφηίεφαω

ιθήλθίήβηωμφδήυζθοθήνήεωθμάθήΪήυζθάυοέΪαθά

Απδνξδοίυηηξνςπρίμναιδξνγικύφδμηύιόκδιρονπδρη

μίκίγιδηίγίξρίυηηιγοςβνλςαηγςβίζίγνκεμϊ

ξονανγηρϋπώπδορησηυηοναίμμϊλπξδυηίκηπρνλα

πννραδρπραηηπναπδληγδθπραςύψηλημνολίληη

ζίινμνγίρδκϋπρανλίρίιεδπξοδγξηπίμηώληλδπρμϊτβίζν

ηόκδιρονπμίΰείύψητινλξίμηθΝπνΰνδαμηλίμηδπκδγςδρ

ςγδκηρϋροδΰναίμηώλιαδμρηκώυηη

Γκώίγίξρίυηηξοηΰνοίιγοςβνλςαηγςβίζίοδινλδμγςδλ

παώζίρϋπώπμίχηλπδοαηπμϊλυδμρονλ

ΎΪηηυγικβΫθκικίήηΪαηΪρίηβλδεψρβμίεφηθήεωΫυμθάθέθ

βλιθεφαθάΪηβωβηίζθΰίμικβζίηωμφλωάικθζυςείηηυοβεβ

δθζζίκρίλδβοπίεωοΎΪηηυγικβΫθκηίεφαωνλμΪηΪάεβάΪμφηΪ

ωομΪο βεβ ά ΪάμθδίζιίκΪο ΍ΪκΪημβω ικθβαάθήβμίεω ήίγλμάβμίεφηΪ

μθεφδθάλενρΪίβλιθεφαθάΪηβωικβΫθκΪιθηΪαηΪρίηβψ

ΙίκίήνλμΪηθάδθγηίθΫοθήβζθικθάίκβμφλθθμάίμλμάνψμεβ

οΪκΪδμίκβλμβδβζίλμηυοκΪλικίήίεβμίεφηυολίμίγάβήβ

ήΪάείηβί έΪαΪ ζθσηθλμφ β ηΪικωΰίηβί χείδμκθλίμβ ηΪλμκθγδΪζ

ικβΫθκΪ

Ξδοδγ ξοναδγδμηδλ κύΰϊτ γδθπραηθ μδνΰτνγηλν ξδοδιοϊρϋ

ξνγίφςβίζίηόκδιρονόμδοβηηιγίμμνλςόκδιρονξοηΰνος

ΔΪΫίεφιβμΪηβωηίθΫοθήβζθαΪδκίιβμφηΪμνζΫίρμθΫυηί

ήθινλδΪμφίέθλθικβδθληθάίηβωληΪέκίάΪψσβζβλωήίμΪεωζβ

ήνοθάθέθςδΪξΪβεβάΪκθρηθγιΪηίεβ

ΙκβΫθκυκΪΫθμΪψσβίθμχείδμκθλίμβθΫωαΪμίεφηθήθεΰηυΫυμφ

αΪαίζείηυ

ΗίεφαωάηθλβμφβαζίηίηβωάθάηνμκίηηβίχείζίημυικβΫθκΪ

ΏλεβηίθΫοθήβζθικθβαάίλμβκίζθημθΫκΪμβμίλφάηΪς

λίκάβληυγπίημκ

Ξδοδγμίφίκνλςπρίμναιη

ΎΪηηυγ ικβΫθκ θμηθλβμλω δ μκίμφίζν δεΪλλν αΪσβμυ ιθ λμΪηήΪκμν

(1ήεωέΪαθάυοικβΫθκθάάλμκθίηηθίθΫθκνήθάΪηβί

ΔνοθηηΪωμνζΫΪάδθμθκνψάλμκΪβάΪίμλωάΪκθρηΪωιΪηίεφ

ήθεΰηΪΫυμφαΪδκίιείηΪβνλμθγρβάΪ

ΛθικβδΪλΪψσΪωλωλάΪκθρηθγιΪηίεφψζίΫίεφλεθβλμυί

θΫεβπθάθρηυίιθδκυμβωβαΪδκίιεωψσβγβοδείγήθεΰηυΫυμφ

ηίάθλιεΪζίηωψσβζβλωβμίκζθλμθγδβζβ

ΎΪηηυγικβΫθκηίεφαωνλμΪηΪάεβάΪμφηΪήοθεθήβεφηβδΪζβ

λμβκΪεφηυζβζΪςβηΪζβιθλνήθζθίρηυζβζΪςβηΪζββήκνέθγ

ιθήθΫηθγμίοηβδθγ

ΌΪκθρηνψ ιΪηίεφ ζθΰηθ άλμκΪβάΪμφ μΪδΰί ηΪή ήνοθάυζ ςδΪξθζ

ηθμθεφδθίλεβθηωάεωίμλωάίημβεβκνίζυζ

ΙκβνλμΪηθάδίιθήάΪκθρηθγιΪηίεφψήνοθάθέθςδΪξΪμθεσβηΪ

λμθείςηβπυζθΰίμικίάυςΪμφηίθΫοθήβζυγζβηβζνζ

νδΪαΪηηυγάχμθζκνδθάθήλμάίΌχμθζλενρΪίλείήνγμί

νδΪαΪηβωζκνδθάθήλμάΪιθζθημΪΰνήνοθάθέθςδΪξΪ

ΙκβνλμΪηθάδίάυμωΰηθέθνλμκθγλμάΪηίθΫοθήβζθλείήθάΪμφ

βηλμκνδπβωζλθθμάίμλμάνψσίέθκνδθάθήλμάΪιθζθημΪΰν

λθΫεψήΪωζβηβζΪεφηθίκΪλλμθωηβίιθάίκμβδΪεβζίΰήν

άΪκθρηθγιΪηίεφψβάυμωΰδθγκβλ 

Ξνγβνρναιίρςλΰϊοηπ 

ΙκθήίεΪγμίάλμθείςηβπίθμάίκλμβίηνΰηυοκΪαζίκθά

ΏλεβλμθείςηβπΪάυιθεηίηΪβαήίκίάΪιθδκθγμίιθάίκοηθλμφ

λκίαΪλιίπβΪεφηυζέίκζίμβδθζρμθΫυαΪσβμβμφίίθμήίγλμάβω

άεΪέβ

ΏλεβιθήάΪκθρηθγιΪηίεφψηίζθημβκνίμλωήνοθάθγςδΪξ

λείήνίμνλμΪηθάβμφιίκίέθκθήδνβαηίάθλιεΪζίηωψσίέθλω

ζΪμίκβΪεΪηΪικβζίκβαζίμΪεεΪβεβξΪηίκυηΪκΪλλμθωηββ

 ζζθμηβΰηίγιθάίκοηθλμβάΪκθρηθγιΪηίεβΜΪδβζθΫκΪαθζ

ήθλμνιδηβΰηίγρΪλμβάΪκθρηθγιΪηίεβΫνήίμιίκίδκυμ

ΚΪλλμθωηβί ζίΰήν ικθζίΰνμθρηθγ ιθεδθγ β ζίλμθζ ιθήδεψρίηβω

ικβΫθκΪδχείδμκθλίμβήθεΰηθΫυμφηίζίηίίζζ

Λνμρίεξοηΰνοίοηπ

΢ιίζίμηδ Ικβ νλμΪηθάδί άΪκθρηθγ ιΪηίεβ βλιθεφανγμί αΪσβμηυί

ιίκρΪμδβ

ΗίδθμθκυίζθήίεβιθλμΪάεωψμλωλνλμΪηθάείηηθγηΪξΪΫκβδί

δείωσίγλωικθδεΪήδθγΏλεβικθδεΪήδΪνλμΪηθάείηΪηβάδθίζ

λενρΪίηίληβζΪγμίίίδείωσΪωλωικθδεΪήδΪικίήθμάκΪσΪίμ

ιθήμίδΪηβίΏλεβικθδεΪήδΪηίνλμΪηθάείηΪηΪξΪΫκβδί

ικβδείγμίίίδηβΰηίζνδκΪψάΪκθρηθγιΪηίεβ

ΑΪδκίιείηβίάΪκθρηθγιΪηίεβάμνζΫί

 ΙκβάβημβμίάλίαΪΰβζυάηνΰηθζιθεθΰίηββμΪδρμθΫυθηβ

ζθέεβλάθΫθήηθάκΪσΪμφλω

 ΌλμΪάφμίάΪκθρηνψιΪηίεφάιθήέθμθάείηηθίθμάίκλμβίβ

άυκθάηωγμίίί

ΗΪΰζβμίηΪδκΪωιΪηίεβμΪδρμθΫυάΪκθρηΪωιΪηίεφθιίκεΪλφ

ηΪδκΪγλμθείςηβπυιθάλίζνιίκβζίμκν

 ΚΪαάίκηβμίαΪΰβζυβμνέθαΪμωηβμίβο

ΙθεθΰίηβίαΪΰβζθάαΪάβλβμθμμθεσβηυλμθείςηβπυ

ΑΪικίσΪίμλωικβδείβάΪμφικβΫθκδλμθείςηβπίλιθζθσφψ

λβεβδθηΪ

Γδλνμρίεαίονφμνθξίμδκη

ΘμλθίήβηβμίικβΫθκθμχείδμκθλίμββθμέΪαθικθάθήΪ

ΘμδκνμβμίάβημυαΪΰβζθάβιθάμθκβμίήίγλμάβωάυιθεηίηηυίάθ

άκίζωζθημΪΰΪάθΫκΪμηθζιθκωήδί

Ξνγικύφδμηδβίζίοηπ 

ΙθήδεψρίηβίδέΪανήθεΰηθΫυμφθλνσίλμάείηθμΪδβζθΫκΪαθζ

ρμθΫυΫυελάθΫθήηυγήθλμνιδαΪιθκηθζνδκΪην

ΗΪδθηπίάινλδηθέθιΪμκνΫδΪάΪκθρηθγιΪηίεββζίίμλωκίαφΫΪ

ήβΪζίμκθζµ ζζιθαάθεωψσΪωθΫίλιίρβμφ

■ ΰίλμδθίλθίήβηίηβί

■ λθίήβηίηβίλέβΫδβζζίμΪεεβρίλδβζςεΪηέθζ

ζβη ήεβηΪ  ζζΪδλ ήεβηΪ ζ

ΖίΰήνθμάίκλμβίζάοθήηθέθιΪμκνΫδΪβέΪαθάθγμκνΫθγ

ηίθΫοθήβζθνλμΪηθάβμφνιεθμηβμίεφηνψικθδεΪήδν

ιθλμΪάεωίζνψάζίλμίλάΪκθρηθγιΪηίεφψ

ΗίθΫοθήβζθβλδεψρβμφλθικβδθληθάίηβίςεΪηέΪλιθήάβΰηυζβ

ρΪλμωζβζίΫίεβάδθμθκνψάλμκΪβάΪίμλωάΪκθρηΪωιΪηίεφ

ηΪικβζίκλάυήάβΰηυζβωσβδΪζβΪμΪδΰίικθοθΰήίηβί

ςεΪηέΪάζίλμΪοδθμθκυίζθένμθδΪαΪμφλωαΪέκθζθΰήίηηυζβ

ΙκβδθηβρίλδθζλθίήβηίηββάλμΪάφμίικβηΪήείΰηθλμφιθή

ηθζίκθζβνιεθμηβμίεφιθήηθζίκθζ

ιθλμΪάεωψμλωάδθζιείδμίβεβζθένμΫυμφικβθΫκίμίηυά

λίκάβληθγλενΰΫίζίΰήνάινλδηθγμκνΫθγέΪαθάθγάΪκθρηθγ

ιΪηίεββμκνΫθγιθήάθήΪέΪαΪΚβλ

ΏλεβηίθΫοθήβζθλήίεΪμφιθήάθήδνέΪαΪέθκβαθημΪεφηθάηΪςίζ

λίκάβληθζπίημκίζθΰηθικβθΫκίλμβδθείηθμκνΫυΪκμβδνε

ΪμΪδΰίικθδεΪήδνΪκμβδνε3βλ D

: Πςψδπραςδρνξίπμνπρϋςρδφιηβίζί

Ιθλείάηίλίηβωβαζίηίηβγάλθίήβηβμίεφηνψδθηλμκνδπβψ

ικθάίκφμίίίέίκζίμβρηθλμφ

ΙκθβαάθήβμίεφηίηίλίμθμάίμλμάίηηθλμβαΪνμίρδνέΪαΪά

λθίήβηίηβωοάυιθεηίηηυοιθεφαθάΪμίείζβεββλιθεηβμίείζ

ζθημΪΰηυοκΪΫθμ

Ξνγικύφδμηδιόκδιρονπδρηοηπ 

ΎΪηηυγικβΫθκθμηθλβμλωδδεΪλλν´<µηίήθινλδΪίμλωαΪζίηΪ

δΪΫίεωιβμΪηβωιθεφαθάΪμίείζχμθζθΰίμήίεΪμφμθεφδθ

λίκάβληυγπίημκΗίθΫοθήβζθνρβμυάΪμφμβιδΪΫίεωβίέθ

ζβηβζΪεφηθίλίρίηβί

ΌΪκθρηυίιΪηίεβιθλμΪάεωψμλωλδΪΫίείζιβμΪηβωδθμθκυγ

ζθΰίμηίβζίμφςμίιλίεφηθγάβεδβ

ΙκβΫθκυληΪΫΰίηηυίςμίιλίεφηθγάβεδθγζθΰηθιθήδεψρΪμφ

μθεφδθδκθαίμδΪζλικΪάβεφηθνλμΪηθάείηηυζαΪαίζείηβίζ

ΗίθΫοθήβζθικίήνλζθμκίμφκΪαζυδΪψσίίνλμκθγλμάθήεωάλίο

ιθεψλθάικβΫθκΪλάθαήνςηυζαΪαθκθζζίΰήνδθημΪδμΪζβηί



ζίηίί ζζαΪβλδεψρίηβίζλενρΪίάιθήλθίήβηίηβωλ

βλιθεφαθάΪηβίζκθαίμδβίλεβιθεφαθάΪμίεφβζίίμδηίγήθλμνι

Ώγίξρίυηώιγοςβνλςαηγςβίζί

ΏλεβχμθκΪακίςίηθηθκζΪζβλμκΪηυήΪηηυγικβΫθκζθΰηθ

ηΪλμκθβμφήεωβλιθεφαθάΪηβωλήκνέβζβάβήΪζβέΪαΪλζ

μΪΫεβρδνλοΪκΪδμίκβλμβδΪζβΗίθΫοθήβζυίήεωχμθέθήίμΪεβ

ηΪοθήωμλωάιθλμΪάεωίζθζληίδθμθκυζβζθήίεωζβηΪΫθκίήεω

ΪήΪιμΪπββ δθμθκυγ μΪδΰί ζθΰηθ ικβθΫκίλμβ ά ηΪςίζ λίκάβληθζ

πίημκί

Αμηλίμηδ ΙθλείθδθηρΪηβωκΪΫθμυηΪδείγμίκωήθζλμΪΫεβρδθγ

λοΪκΪδμίκβλμβδΪζβάΪκθρηθγιΪηίεβχμβδίμδνλνδΪαΪηβίζ

ηθάθέθάβήΪέΪαΪ

ΗίθΫοθήβζθάυιθεηβμφλείήνψσβίήίγλμάβω

$Ζίλδμίσνοπςμνιοηπ 

 ΛηβζβμίάλίκίςϋμδβδκυςδβέθκίεθδβκΪλικίήίεβμίεβ

 ΑΪζίηβμίξθκλνηδβλιθζθσφψδεψρΪδθμθκυγζθΰηθ

ικβθΫκίλμβρίκίαηΪςνλίκάβληνψλενΰΫνδθήήεω

έθκίεθδλήάθγηυζιεΪζίηίζΛζμΪΫεβπνκβλ 

ΛείήνίμθΫκΪμβμφθλθΫθίάηβζΪηβίηΪμθρμθΫυξθκλνηδΪικβ

ληωμβββεβαΪδκίιείηββηίθμλθίήβηωεΪλφΎεωθΫίλιίρίηβω

έίκζίμβρηθλμβηίθΫοθήβζθαΪμωηνμφξθκλνηδβ

ΎεωήΪηηυοέθκίεθδηίμκίΫνίμλωικθάίήίηβίκίένεβκθάδβ

ικβμθρηθέθάθαήνοΪ

 ΑΪδκίιβμίξθκλνηδββδκυςδβέθκίεθδηΪλθθμάίμλμάνψσβο

έθκίεδΪοΜΪδΰίνλμΪηθάβμίκίςϋμδβλθθμάίμλμάνψσβζ

θΫκΪαθζ

%Μίπρονθιίβίζναϊτιοίμναοηπ 

 ΝλμΪηθάβμίκίένεωμθκυηΪλΪζνψηβαδνψλμνιίηφ

 ΛηβζβμίκίένεωμθκυλέΪαθάυοδκΪηθάΜίιίκφζθΰηθνάβήίμφ

έβΫδθίκίαβηθάθίνιεθμηβμίεφηθίδθεφπθΗΪΰζβμίδθηπθζ

θμάϋκμδβηΪκίένεβκθάθρηυγάβημέΪαθάθέθδκΪηΪ

Μηινβγίμδπμηλίθρδςξκνρμηρδκϋμνδινκϋυν

ΝιεθμηβμίεφηυίδθεφπΪικίήθμάκΪσΪψμικθηβδηθάίηβί

ΰβήδθλμίγβαΪέκωαηίηβγάηνμκφικβΫθκΪδθμθκυίζθένμ

ιθάεβωμφηΪίέθξνηδπβθηβκθάΪηβί

 ΛζμΪΫεβπνκβλ ικβηίθΫοθήβζθλμβκίένεβκθάθρηυί

άβημυ 0ζθΰηθθμκίένεβκθάΪμφλιθζθσφψθμάϋκμδβ725;

κβλ 

$κίένεβκθάθρηυίάβημυ ήθεΰηυΫυμφαΪμωηνμυ

%κίένεβκθάθρηυίάβημυ ήθεΰηυιεθμηθικβείέΪμφδ

νέενΫείηβψ

ΝΫίήβμίλφρμθικβιθάθκθμίκίένεωμθκΪθμλΪζθγάυλθδθγήθ

λΪζθγ ηβαδθγ λμνιίηβ έθκίεδΪ ηί άυδεψρΪίμλω β ηί ικθβλοθήβμ

θμήΪρβιεΪζίηβ

ΗβδθέήΪηίληβζΪγμίθλφέΪαθάθέθδκΪηΪΌλενρΪίιθάκίΰήίηβω

λείήνίμιθεηθλμφψαΪζίηβμφέΪαθάυγδκΪη

0RQWDMN×ODYX]X

*YHQOLN|QHULOHUL

&LKD]×NXUPDGDQYH\DNXOODQPDGDQ|QFHWDOLPDWODU×RNX\XQX]

%XWDOLPDWODUGD\HUDODQUHVLPOHUELOJLOHQGLUPHDPDoO×G×U

%X N×ODYX]GDNL NXUDOODUD X\XOPDG×ù× WDNGLUGH UHWLFL KHUKDQJL

ELUVRUXPOXOXNWDQPXDIRODFDNW×U

%X FLKD] \DOQ×]FD \HWHULQFH KDYDODQG×U×ODQ \HUOHUGH NXOODQ×OPDO×G×U

+HUKDQJLELU\DQPDUQOHULWDKOL\HFLKD]×QDEDùODQPDPDO×G×U

%WQNXUXOXPEDùODQW×D\DUODPDYHJD]WLSLQHJ|UH

X\DUODPDLüOHPOHUL\HWNLOLELUWHNQLV\HQWDUDI×QGDQONHGHNL

VWDQGDUWODUD YH \UUONWHNL NDQXQL \|QHUJHOHU LOH \HUHO JD] YH

HOHNWULNWHGDULNoLVLüLUNHWLQWDOLPDWODU×QDX\JXQRODUDN

JHUoHNOHüWLULOPHOLGLU+DYDODQG×UPDLOHLOJLOLJHoHUOL

G]HQOHPHOHUH|]HOELUGLNNDWJ|VWHULOHFHNWLU

'LùHUJD]WLSOHULQHX\DUODPDJHUHNWLùLQGH7HNQLN6HUYLVLPL]L

oDù×UPDQ×]|QHULOLU

%XFLKD]HYGHNXOODQ×PLoLQWDVDUODQP×üW×UWLFDULYH\DSURIHV\RQHO

DPDoODUOD NXOODQ×ODPD] %X FLKD] \DW YH\D NDUDYDQODUD NXUXODPD]

*DUDQWLVDGHFHWDVDU×PDPDF×QDX\JXQNXOODQ×OPDV×GXUXPXQGD

JHoHUOLGLU

.XUXOXPGDQ|QFH\HUHOJD]WHGDULNüDUWODU×Q×Q|]HOOLNSODNDV×QGD

\HUDODQFLKD]G]HQOHPHVL\OHJD]×Q|]HOOLùLYHEDV×QF×Jo

YROWDMX\XPOXROXSROPDG×ù×Q×NRQWUROHGLQL]

+HUKDQJLELULüOHPGHQ|QFHFLKD]×QJD]YHHOHNWULN

EHVOHPHVLQLNHVLQL]

(OHNWULNNDEORVXI×U×QYH\DSLüLUPHWH]JDK×Q×QV×FDNN×V×PODU×QD

WHPDVHWPHPHVLLoLQPXWIDNPRELO\DV×QDVDELWOHQPHOLGLU

(OHNWULNEHVOHPHVLLOHoDO×üDQFLKD]ODU×QWPEDùODQW×ODU×PXWODND

WRSUDNODQPDO×G×U

&LKD]×QLoN×VP×Q×NXUFDODPD\×Q×]*HUHNLUVH7HNQLN6HUYLVLPL]L

oDù×U×Q×]

.XUXOXPGDQ|QFH

%X(1JD]O×FLKD]ODUQRUPXQDJ|UHV×Q×IELUFLKD]G×U

PRELO\D\DJ|PPHFLKD]

&LKD]×QPRQWHHGLOGLùLPRELO\DG]JQüHNLOGHVDELWOHQPLüYH

KDUHNHWVL]ROPDO×G×U

&LKD]\DN×Q×QGDNLPRELO\DODU\]H\NDSODPDODU×YHEXQODU×

ELUELULQH\DS×üW×UDQWXWNDO\DQ×F×ROPDPDO×YH×V×\DGD\DQ×NO×

ROPDO×G×U

%XFLKD]EX]GRODE×oDPDü×UPDNLQHVLEXODü×NPDNLQHVLYH

EHQ]HULHü\DODU×Q]HULQHNXUXODPD]

2FDNVDGHFHKDYDODQG×UPDO×ELUI×U×Q×Q]HULQHPRQWHHGLOHELOLU

2FDù×QDOW×QDELUI×U×QPRQWHHGLOLUVHoDO×üPDWH]JDK×NDO×QO×ù×EX

N×ODYX]GDWDOHSHGLOHQPLQLPXPNDO×QO×ù×DüDELOLU)×U×Q×QPRQWDM

N×ODYX]XQGDNLX\DU×ODUDGLNNDWHGLQL]

+DYDODQG×UPD NXUDUNHQ NXUXOXP N×ODYX]XQX GLNNDWH DO×Q×] SLüLUPH

WH]JDK×QDPLQLPXPGLNH\X]DNO×ùDX\XQX]ûHNLO 

0RELO\DQ×QKD]×UODQPDV×ûHNLO 

dDO×üPD\]H\LQLQ]HULQHEHOLUWLOHQ|OoOHUGHELUNHVLNDo×Q×]

$KüDSoDO×üPDWH]JkKODU×QGDNHVLP\]H\LQLQHPGHQNRUXPDN

DPDF×\OD|]HOELUFLODLOHYHUQLNOH\LQL]

(ùHUDOWWDELUI×U×Q\RNVDSLüLUPHWH]JDK×Q×QDOWN×VP×Q×Q PP

DOW×QD\DQPD]PDO]HPHGHQ|UQHùLQPHWDOYH\DDWHüHGD\DQ×NO×

NRQWUSODN\DS×OP×üD\UDF×\HUOHüWLULQL]%|\OHFHDOWN×VPDJLULü

HQJHOOHQPLüROXU

$UDUDI×QFLKD]×QüHEHNHEDùODQW×V×QDPHVDIHVLHQD]PP

ROPDO×G×U

&LKD]×QNXUXOXPXûHNLO 

%LOJL 2FDù×QPRQWDM×LoLQNRUX\XFXHOGLYHQNXOODQ×Q×]

0RGHOHEDùO×RODUDN\DS×üNDQFRQWDIDEULNDGDQPRQWHHGLOPLü

RODUDNJHOHELOLU(ùHUEXüHNLOGHJHOLUVHKLoELUVXUHWOH

o×NDUWPD\×Q×]\DS×üNDQFRQWDV×]×QW×ODUDHQJHOROXU(ùHUFRQWD

IDEULNDGDQPRQWHHGLOPLüRODUDNJHOPH]VHSLüLUPHWH]JDK×Q×QDOW

N×VP×QD\DS×üW×U×Q×]

&LKD]×DQNDVWUHPRELO\D\DEDùODPDNLoLQ

 .×VNDoODU×UDKDWoDG|QHELOPHOHULQLVDùOD\DUDNEHOLUWLOHQ

SR]LV\RQGDYLGDOD\×Q×]

 <HUOHüWLULQL]YHSLüLUPHWH]JDK×Q×RUWDOD\×Q×]

<]H\LQWPoHYUHVLQLGHVWHNOH\HQHNDGDUNHQDUODU×QGDQ

EDVW×U×Q×]

 .×VNDoODU×G|QGUQ]YHV×N×FDYLGDOD\×Q×]

.×VNDoODU×QSR]LV\RQXoDO×üPD\]H\LQLQNDO×QO×ù×QDEDùO×G×U

&LKD]VLOLNRQODoDO×üPDWH]JDK×QD\DS×üW×U×ODPD]

&LKD]×QV|NOPHVL

&LKD]×QHOHNWULNYHJD]EDùODQW×V×Q×NDSDW×Q×]

.OLSVOHULo×NDU×Q×]YHPRQWDM×QWHUVLELUV×UD\ODGHYDPHGLQL]

*D]O×EDùODQW×ûHNLO 

*D]EDùODQW×V×NDSDWPDPXVOXùXQDHULüLOHELOLQHFHNüHNLOGH

\DS×OP×üROPDO×G×U

*D]O×SLüLUPHWH]JDK×JLULüEDùODQW×V×Q×QXFX··OLN PP

ELU\LYLOHGRQDW×OP×üW×UEXDüDù×GDNLOHULVDùODU

■ 'D\DQ×NO×ELUEDùODQW×

■ (VQHNPHWDOERUXOXEDùODQW×/ PLQ  PPDNV  P

.ROHNW|Uo×N×ü×LOHJD]JLULüLDUDV×QDYHULOHQV×]G×UPD]O×NFRQWDV×Q×

WDN×Q×]

%RUXQXQDQNDVWUHQLWHVLQLQKDUHNHWOLN×V×PODU×LOH|UQHùLQELU

oHNPHFHWHPDVHWPHVLQLYHHQJHOOHQHELOHFHN\HUOHUGHQJHoLüLQL

|QOH\LQL]

.RQLNELUEDùODQW×HOGHHWPHNLVWL\RUVDQ×]QXPDUDO×

DNVHVXDUSDUoDV×Q×YHQXPDUDO×FRQWD\×WHVOLPDW

NDSVDP×QDGDKLOGLUYH\DPüWHULKL]PHWOHULQGHQWHPLQHGLOHELOLU

JD] RFDù×Q×Q JLULü ERUXVX LOH JD] KDWW× DUDV×QD PRQWH HGLQL] 5HVLP



*D]O×EDùODQW×Q×]×\DWD\RODUDNEDùODPDQ×]JHUHNLUVH7HNQLN

6HUYLVLPL]VL]HNRGQXPDUDV×RODQELUGLUVHNYHNRG

QXPDUDV×RODQELUFRQWDVDùOD\DELOLUûHNLO D

: 6×]×QW×WHKOLNHVL

+HUKDQJLELUEDùODQW×GHùLüLNOLùLJHUHNOLROGXùXQGDV×]G×UPD\DS×S

\DSPDG×ù×Q×NRQWUROHGLQL]

+HUKDQJLELUJD]EDùODQW×V×NXUFDODQPDVRQXFXV×]×QW×\DSW×ù×

WDNGLUGHUHWLFLILUPDVRUXPOXOXNNDEXOHWPH]



(OHNWULNOLEDùODQW×ûHNLO 

%X FLKD] ´<µ WLSLQGHQGLU *LULü NDEORVX NXOODQ×F× WDUDI×QGDQ 7HNQLN

6HUYLVROPDGDQGHùLüWLULOHPH].DEORWLSLQHYHPLQLPXPNDO×QO×ùD

GLNNDWHWPHNJHUHNPHNWHGLU

3LüLUPHWH]JDKODU×ILüOLYH\DILüVL]ELUEHVOHPHNDEORVXLOHELUOLNWH

WHGDULNHGLOLU

)LüOHULRODQFLKD]ODUVDGHFHX\JXQüHNLOGH\HUOHüWLULOPLü

WRSUDNODPDJLULüOLSUL]NXWXODU×QDEDùODQPDO×G×U

0LQLPXPNRQWDNDo×NO×ù× PPRODQELURPQLSRODUDN×PNHVLFL

WHPLQHGLOPHOLGLUSUL]OLEDùODQW×ODUKDULoHùHUNXOODQ×F×WDUDI×QGDQ

HULüLOHELOL\RUVD

*D]WLSLQLQGHùLüWLULOPHVL

hONHVWDQGDUWODU×L]LQYHUGLùLWDNGLUGHFLKD]IDUNO×JD]WLSOHULQH

X\DUODQDELOLU|]HOOLNOHUWDEORVXQDEDN×Q×]%XQXQLoLQJHUHNOLRODQ

SDUoDODUPRGHOHJ|UHWHPLQHGLOHQYH\D7HNQLN6HUYLVLPL]GH

PHYFXWEXOXQDQWUDQVIRUPDV\RQGRQDQ×PoDQWDV×QGD

EXOXQPDNWDG×U

gQHPOL6RQRODUDN\HQLJD]WLSLQLJ|VWHUHQHWLNHWL|]HOOLNOHU

WDEORVXQXQ\DQ×QD\DS×üW×U×Q×]

Į]OHQHFHNDG×PODUüXüHNLOGHGLU

$0HPHOHULQGHùLüWLULOPHVLûHNLO 

 7P×]JDUDODU×EUO|UNDSDNODU×Q×YHGDù×W×F×ODU×o×NDU×Q×]

 7HNQLNVHUYLVLPL]GHQNRGX\ODoLIWDOHYOLEUO|UOHULoLQ

WHPLQHGHELOHFHùLQL]DQDKWDULOHPHPHOHULGHùLüWLULQL]

%N]7DEORûHNLO 6|NPHYH\DV×NPDV×UDV×QGDPHPHQLQ

D\U×OPDPDV×QD oRN GLNNDW HGLQL] 6×]G×UPD]O×ù×Q VDùODQPDV× LoLQ

L\LFHV×N×OP×üROPDV×JHUHNOLGLU

%XEUO|UOHUGHELULQFLOKDYDNRQWUROJHUHNOLGHùLOGLU

 0HPHOHUL YH EUO|U NDSDNODU×Q× LOJLOL EUO|UOHUH VDELWOH\LQL] $\U×FD

×]JDUDODU×GD\HUOHüWLULQL]

%*D]YDQDODU×Q×QD\DU×ûHNLO 

 .XPDQGDGùPHVLQLHQGüNNDGHPH\HD\DUOD\×Q×]

 .XPDQGDGùPHVLQLJD]YDQDV×QGDQV|NQ](VQHNELUODVWLN

KDONDFRQWDJ|UQU7RUQDYLGDQ×QVLYULXFXQXJD]YDQDV×Q×Q

D\DUYLGDV×QDEDVW×U×Q×]

+DONDFRQWD\×DVODo×NDUPD\×Q×]+DONDFRQWDODUV×Y×ODU×QYH

SLVOLNOHULQFLKD]LoLQHJLUPHVLQLYHFLKD]×QIRQNVL\RQODU×Q×N|W

HWNLOHPHVLQLHQJHOOHU

 %N]7DEORûHNLO ED\SDVYLGDODU×Q× 0JHUHNLUVHELU7RU[

WRUQDYLGDLOHD\DUOD\×Q×]ûHNLO 

$%D\SDVYLGDODU×V×N×OPDO×G×U

%%D\SDVYLGDODU×VRNHWHWHPDVHGHFHNELoLPGHNDSDW×OPDO×G×U

.XPDQGDGùPHVLQLoHYLUHUHNEUO|UQHQ\NVHN

NDGHPHVLQGHQHQGüNNDGHPHVLQHJHoHUNHQDOHYLQ

V|QPHGLùLQGHQYHELUDOHYWHSPHVLROPDG×ù×QGDQHPLQROXQX]

$VODJD]YDQDV×DNV×Q×V|NPH\LQL]%LUKDVDUGXUXPXQGDJD]

YDQDV×Q×QNRPSOHGHùLüWLULOPHVLJHUHNLU

Siemens EC9A5RC90N/01 User manual

Siemens EC9A5RC90N/01 User manual

Siemens EC9A5RC90N/01 User manual

Related papers

Other documents