Bosch PHS2102/01 Straigthener User Manual

de Gebrauchsanleitung

en Instruction manual

fr Mode d’emploi

it Istruzioni per l’uso

nl Gebruiksaanwijzing

da Brugsanvisning

no Brugsanvisning

sv Brugsanvisning

ﬁ Käyttöohje

es Instrucciones de uso

pt Instruções de serviço

el Οδηγίες χρήσης

tr Kullanım kılavuzu

pl Instrukcja obsługi

hu Használati utasítás

uk Інструкція з експлуатації

ru Инструкция по эксплуатации

ϡ΍ΩΧΗγϻ΍Ε΍ΩΎηέ·

ZZZERVFKKRPHFRPZHOFRPH

PHS 21..

GH 'HXWVFK 

HQ (QJOLVK 

IU )UDQoDLV 

LW,WDOLDQR 

QO 1HGHUODQGV 

GD 'DQVN 

QR1RUVN 

VY 6YHQVND 

¿6XRPL 

HV (VSDxRO 

SW 3RUWXJXrV 

HOǼȜȜȘȞȚțȐ 

WU7UNoH 

SO3ROVNL 

KX 0DJ\DU 

XN ɍɤɪɚʀɧɫɶɤɢɣ 

UXɊɭɫɫɤɢɣ 

DU

 





3+6







5REHUW%RVFK+DXVJHUlWH*PE+

 GH

6LFKHUKHLWVKLQZHLVH

'LH*HEUDXFKVDQOHLWXQJELWWHVRUJIlOWLJGXUFKOHVHQGDQDFKKDQGHOQ

XQGDXIEHZDKUHQ%HL:HLWHUJDEHGHV*HUlWVGLHVH$QOHLWXQJ

EHLOHJHQ

'LHVHV*HUlWLVWIUGHQ+DXVKDOWRGHULQKDXVKDOWVlKQOLFKHQ

QLFKWJHZHUEOLFKHQ$QZHQGXQJHQEHVWLPPW+DXVKDOWVlKQOLFKH

$QZHQGXQJHQXPIDVVHQ]%GLH9HUZHQGXQJLQ0LWDUEHLWHUUlXPHQ

YRQ/lGHQ%URVODQGZLUWVFKDIWOLFKHQXQGDQGHUHQJHZHUEOLFKHQ

%HWULHEHQVRZLHGLH1XW]XQJGXUFK*lVWHYRQ3HQVLRQHQNOHLQHQ

+RWHOVXQGlKQOLFKHQ:RKQHLQULFKWXQJHQ

6WURPVFKODJJHIDKUXQG%UDQGJHIDKU

*HUlWQXUQDFK$QJDEHQDXIGHP7\SHQVFKLOGDQVFKOLHHQXQG

EHWUHLEHQ

.LQGHUXQWHU-DKUHQGUIHQGDV*HUlWQLFKWEHGLHQHQ

'LHVH*HUlWHN|QQHQYRQ.LQGHUQDE-DKUHQXQGGDUEHUXQG

YRQ3HUVRQHQPLWUHGX]LHUWHQSK\VLVFKHQVHQVRULVFKHQRGHU

PHQWDOHQ)lKLJNHLWHQRGHU0DQJHODQ(UIDKUXQJXQGRGHU:LVVHQ

EHQXW]WZHUGHQZHQQVLHEHDXIVLFKWLJWRGHUEH]JOLFKGHVVLFKHUHQ

*HEUDXFKVGHV*HUlWHVXQWHUZLHVHQZXUGHQXQGGLHGDUDXV

UHVXOWLHUHQGHQ*HIDKUHQYHUVWDQGHQKDEHQ.LQGHUGUIHQQLFKWPLW

GHP*HUlWVSLHOHQ

5HLQLJXQJXQG%HQXW]HU:DUWXQJGUIHQQLFKWGXUFK.LQGHURKQH

%HDXIVLFKWLJXQJGXUFKJHIKUWZHUGHQ

1XUEHQXW]HQZHQQ=XOHLWXQJXQG*HUlWNHLQH%HVFKlGLJXQJHQ

DXIZHLVHQ

6WHFNHUQDFKMHGHP*HEUDXFKRGHULP)HKOHUIDOO]LHKHQ

5HSDUDWXUHQDP*HUlWZLH]%HLQHEHVFKlGLJWH=XOHLWXQJ

DXVWDXVFKHQGUIHQQXUGXUFKXQVHUHQ.XQGHQGLHQVWDXVJHIKUW

ZHUGHQXP*HIlKUGXQJHQ]XYHUPHLGHQ



3+6

GH

=XOHLWXQJQLFKW

Ɣ PLWKHLHQ7HLOHQLQ%HUKUXQJEULQJHQ

Ɣ EHUVFKDUIH.DQWHQ]LHKHQ

Ɣ DOV7UDJHJULIIEHQXW]HQ

9RUGHP5HLQLJHQGHQ1HW]VWHFNHU]LHKHQ

'DV*HUlWQLHPDOVLQ:DVVHUWDXFKHQ

.HLQHQ'DPSIUHLQLJHUEHQXW]HQ

'LH+HL]SODWWHQZHUGHQKHL'DV*HUlWQXUDP*ULIIDQIDVVHQ1XU

DQWURFNHQHQ+DDUHQNHLQHVIDOOVDQ.XQVWVWRIIKDDUHQDQZHQGHQ

'DV*HUlWQXUDXI+LW]HXQHPS¿QGOLFKH)OlFKHQDEOHJHQ

1LFKWLQGHU1lKHYRQ:DVVHUEHQXW]HQGDVLQ

%DGHZDQQHQ:DVFKEHFNHQRGHUDQGHUHQ*HIlHQ

HQWKDOWHQLVW

/HEHQVJHIDKU

*HUlWQLHPLW:DVVHULQ%HUKUXQJEULQJHQ

*HIDKUEHVWHKWDXFKEHLDXVJHVFKDOWHWHP*HUlWGHVKDOEQDFK

*HEUDXFKXQGEHL8QWHUEUHFKXQJZlKUHQGGHU%HQXW]XQJGHQ

6WHFNHU]LHKHQ

=XVlW]OLFKHQ6FKXW]ELHWHWGHU(LQEDXHLQHV)HKOHUVWURP

6FKXW]VFKDOWHUVELVP$LQGLH+DXVLQVWDOODWLRQ%LWWHYRQHLQHP

(OHNWURLQVWDOODWHXUEHUDWHQODVVHQ

(UVWLFNXQJVJHIDKU

.LQGHUQLFKWPLW9HUSDFNXQJVPDWHULDOVSLHOHQODVVHQ

 9HUEUHQQXQJVJHIDKU

-HGHQ.RQWDNWPLWGHU+DXWYHUPHLGHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 GH

+HU]OLFKHQ*OFNZXQVFK]XP.DXI

GLHVHV*HUlWHVDXVXQVHUHP+DXVH

%RVFK6LHKDEHQHLQKRFKZHUWLJHV

3URGXNWHUZRUEHQGDV,KQHQYLHO

)UHXGHEHUHLWHQZLUG

'LHVH*HEUDXFKVDQOHLWXQJEHVFKUHLEW

]ZHLYHUVFKLHGHQH0RGHOOH+DDUJOlWWHUPLW

=XEHK|U

7HLOHXQG%HGLHQHOHPHQWH

6FKLHEHUIU9HUULHJHOXQJ

(,1$866FKDOWHUPLW.RQWUROOODPSHURW

7HPSHUDWXUZlKOHUPLQ±±&

$Q]HLJHODPSHJUQIUEHWULHEVEHUHLW

.HUDPLNEHVFKLFKWHWH+HL]SODWWHQ

1XU3+6

%HXWHO

.DEHOFOLS

,QEHWULHEQDKPH

Ɣ'DV*HUlWHLQVWHFNHQXQGDXIHLQH

JHUDGH+LW]HXQHPS¿QGOLFKH)OlFKH

OHJHQ

'HU6FKLHEHUPXVVDXI

LVWHKHQ

Ɣ0LWGHP6FKDOWHUHLQVFKDOWHQGLHURWH

/DPSHOHXFKWHW

Ɣ'LHJHZQVFKWH6WXIHDP7HPSHUDWXU

ZlKOHUHLQVWHOOHQ

Ɣ6REDOGDXFKGLHJUQH/DPSHDXI

OHXFKWHWLVWGDV*HUlWEHWULHEVEHUHLW

,QIR%HL6WXIHFD&ÄFDUH³UDVWHW

GHU7HPSHUDWXUZlKOHUOHLFKWHLQ$EGLHVHU

6WXIHELV6WXIHLVWGHU+DDUJOlWWHU

VHKUKHLGHVKDOEYRUVLFKWLJDQZHQGHQ

1LFKWOlQJHUDOV0LQXWHQEHWUHLEHQ

$QZHQGXQJ

'HU+DDUJOlWWHULVWIU/DQJXQG.XU]KDDU

JHHLJQHW

Ɣ'DV*HUlWLPKDQGWXFKWURFNHQHQRGHU

WURFNHQHQ+DDUYHUZHQGHQ

Ɣ1XULPXQEHKDQGHOWHQJHVXQGHQ+DDU

DQZHQGHQ

Ɣ%HLGDXHUJHZHOOWHPRGHUJHW|QWHP+DDU

QXUVHOWHQHLQVHW]HQ

,QIR)HLQHV+DDUUHDJLHUWEHVRQGHUV

VFKQHOODXIGLH%HKDQGOXQJ

'LHJOHLFKPlLJH:lUPHDEJDEHLVW

EHVRQGHUVVFKRQHQGIUGDV+DDU

'DV(UJHEQLVLVWJODWWHV+DDUPLW

LQWHQVLYHPVHLGLJHP*ODQ]

Ɣ'LHEHLGHQ+HL]SODWWHQHQWULHJHOQGD]X

6FKLHEHUDXI

UVWHOOHQ

Ɣ'DVJODWWJHNlPPWH+DDULQJOHLFKPlLJ

EUHLWH6WUlKQHQHLQWHLOHQFDFPEUHLW

Ɣ(LQHYRUEHUHLWHWH6WUlKQHDP+DDUDQVDW]

]ZLVFKHQGLH3ODWWHQOHJHQ%LOG$

Ɣ'LH3ODWWHQ]XVDPPHQGUFNHQXQGVDQIW

XQGJOHLFKPlLJELV]XGHQ+DDUVSLW]HQ

]LHKHQ%LOG%



3+6

GH

Ɣ$OOH6WUlKQHQVREHKDQGHOQ9RUGHP

IHUWLJ)ULVLHUHQGDV+DDUJXWDXVNKOHQ

ODVVHQ

:LFKWLJ1LHOlQJHUDOV6HNXQGHQDQ

HLQHU6WHOOHYHUZHLOHQ

0HKU,QIRUPDWLRQHQ]XP7KHPD

%RVFK6W\OLQJXQWHU

ZZZERVFKSHUVRQDOVW\OHFRP

5HLQLJXQJXQG3ÀHJH

9RU$XIEHZDKUXQJRGHU5HLQLJXQJGDV

*HUlWLPPHUYROOVWlQGLJDENKOHQODVVHQ

6WURPVFKODJJHIDKU

9RUGHP5HLQLJHQXQG$XIEHZDKUHQGHQ

1HW]VWHFNHU]LHKHQ

'DV*HUlWQLHPDOVLQ:DVVHUWDXFKHQ

.HLQHQ'DPSIUHLQLJHUEHQXW]HQ

'DV*HUlWDXHQQXUPLWHLQHPIHXFKWHQ

7XFKDEZLVFKHQXQGDQVFKOLHHQG

QDFKWURFNQHQ.HLQHVFKDUIHQRGHU

VFKHXHUQGHQ5HLQLJXQJVPLWWHOYHUZHQGHQ

7HFKQLVFKH'DWHQ

(OHNWULVFKHU$QVFKOXVV

6SDQQXQJ)UHTXHQ]

9

+]

/HLVWXQJ :

(QWVRUJXQJ

(QWVRUJHQ6LHGLH9HUSDFNXQJXPZHOW

JHUHFKW'LHVHV*HUlWLVWHQWVSUHFKHQGGHU

HXURSlLVFKHQ5LFKWOLQLH(*EHU

(OHNWURXQG(OHNWURQLNDOWJHUlWHZDVWH

HOHFWULFDODQGHOHFWURQLFHTXLSPHQW±

:(((JHNHQQ]HLFKQHW'LH5LFKWOLQLHJLEW

GHQ5DKPHQIUHLQH(8ZHLWJOWLJH5FN

QDKPHXQG9HUZHUWXQJGHU$OWJHUlWHYRU

hEHUDNWXHOOH(QWVRUJXQJVZHJHELWWHEHLP

)DFKKlQGOHULQIRUPLHUHQ

*DUDQWLHEHGLQJXQJHQ

)UGLHVHV*HUlWJHOWHQGLHYRQXQVHUHU

MHZHLOV]XVWlQGLJHQ/DQGHVYHUWUHWXQJ

KHUDXVJHJHEHQHQ*DUDQWLHEHGLQJXQJHQ

LQGHPGDV*HUlWJHNDXIWZXUGH6LH

N|QQHQGLH*DUDQWLHEHGLQJXQJHQMHGHU]HLW

EHU,KUHQ)DFKKlQGOHUEHLGHP6LH

GDV*HUlWJHNDXIWKDEHQRGHUGLUHNWEHL

XQVHUHU/DQGHVYHUWUHWXQJDQIRUGHUQ'LH

*DUDQWLHEHGLQJXQJHQIU'HXWVFKODQGXQG

GLH$GUHVVHQ¿QGHQ6LHDXIGHQOHW]WHQ

YLHU6HLWHQGLHVHV+HIWHV'DUEHUKLQDXV

VLQGGLH*DUDQWLHEHGLQJXQJHQDXFKLP

,QWHUQHWXQWHUGHUEHQDQQWHQ:HEDGUHVVH

KLQWHUOHJW)UGLH,QDQVSUXFKQDKPHYRQ

*DUDQWLHOHLVWXQJHQLVWLQMHGHP)DOOGLH

9RUODJHGHV.DXIEHOHJHVHUIRUGHUOLFK

bQGHUXQJHQYRUEHKDOWHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 HQ

6DIHW\LQIRUPDWLRQ

3OHDVHUHDGDQGIROORZWKHRSHUDWLQJLQVWUXFWLRQVFDUHIXOO\DQGNHHS

WKHPIRUODWHUUHIHUHQFH(QFORVHWKHVHLQVWUXFWLRQVZKHQ\RXJLYH

WKLVDSSOLDQFHWRVRPHRQHHOVH

7KLVDSSOLDQFHLVGHVLJQHGIRUGRPHVWLFXVHRUIRUXVHLQ

QRQFRPPHUFLDOKRXVHKROGOLNHHQYLURQPHQWV+RXVHKROGOLNH

HQYLURQPHQWVLQFOXGHIRUH[DPSOHXVHLQVWDIINLWFKHQVLQVKRSV

RI¿FHVDJULFXOWXUDODQGRWKHUVPDOOEXVLQHVVHVDVZHOODVXVHE\

JXHVWVDWEHGDQGEUHDNIDVWHVWDEOLVKPHQWVVPDOOKRWHOVDQGVLPLODU

UHVLGHQWLDOIDFLOLWLHV

'DQJHURIHOHFWULFVKRFNDQG¿UH

&RQQHFWDQGRSHUDWHWKHDSSOLDQFHRQO\DFFRUGLQJWRWKHW\SHSODWH

VSHFL¿FDWLRQV

&KLOGUHQ\RXQJHUWKDQ\HDUVPD\QRWRSHUDWHWKHDSSOLDQFH

7KHVHDSSOLDQFHVPD\EHXVHGE\FKLOGUHQDJHG\HDUVDQGROGHU

DQGE\SHUVRQVZLWKUHGXFHGSK\VLFDOVHQVRU\RUPHQWDOFDSDELOLWLHV



RUZKRODFNH[SHULHQFHDQGRUNQRZOHGJHLIWKH\DUHVXSHUYLVHG

RUKDYHEHHQJLYHQLQVWUXFWLRQLQWKHVDIHXVHRIWKHDSSOLDQFHDQG

KDYHXQGHUVWRRGWKHGDQJHUVLQYROYHG&KLOGUHQPD\QRWSOD\ZLWK

WKHDSSOLDQFH

&OHDQLQJDQGXVHUPDLQWHQDQFHPD\QRWEHFDUULHGRXWE\FKLOGUHQ

ZLWKRXWVXSHUYLVLRQ

8VHRQO\LISRZHUFRUGDQGDSSOLDQFHVKRZQRVLJQVRIGDPDJH

8QSOXJDIWHUHYHU\XVHRULIGHIHFWLYH

7RDYRLGSRWHQWLDOKD]DUGVUHSDLUVVXFKDVUHSODFLQJDGDPDJHG

FDEOHPXVWRQO\EHFDUULHGRXWE\RXUFXVWRPHUVHUYLFHSHUVRQQHO



3+6

HQ

7KHSRZHUFRUGPXVWQRW

Ɣ WRXFKKRWSDUWV

Ɣ EHSXOOHGRYHUVKDUSHGJHV

Ɣ EHXVHGDVDFDUU\LQJKDQGOH

8QSO

XJWKHDSSOLDQFHEHIRUHFOHDQLQJLW

1HYHULPPHUVHWKHDSSOLDQFHLQZDWHU

'RQRWXVHDVWHDPFOHDQHU

7KHKHDWLQJSODWHVZLOOEHFRPHKRW+ROGWKHDSSOLDQFHRQO\E\

LWVKDQGOH2QO\XVHRQGU\KDLUXQGHUQRFLUFXPVWDQFHVXVHWKH

DSSOLDQFHRQDUWL¿FLDOKDLU3ODFHWKHDSSOLDQFHRQKHDWUHVLVWDQW

VXUIDFHVRQO\

'RQRWXVHQHDUZDWHUFRQWDLQHGLQEDWKWXEV

VLQNVRURWKHUFRQWDLQHUV

5LVNRIIDWDOLQMXU\

1HYHUDOORZWKHDSSOLDQFHWRFRPHLQWRFRQWDFWZLWKZDWHU

(YHQDQDSSOLDQFHWKDWKDVEHHQVZLWFKHGRIISRVHVDGDQJHU

WKHUHIRUHXQSOXJWKHDSSOLDQFHDIWHUHYHU\XVHRUZKHQLQWHUUXSWHGLQ

LWVXVH,QVWDOOLQJDJURXQGIDXOWFLUFXLWLQWHUUXSWHUXSWRP$LQWKH

KRXVHRIIHUVDGGLWLRQDOSURWHFWLRQ3OHDVHFRQVXOWDQHOHFWULFLDQ

5LVNRIVXIIRFDWLRQ

'RQRWDOORZFKLOGUHQWRSOD\ZLWKSDFNDJLQJPDWHULDO

 5LVNRIEXUQV

$YRLGDQ\VNLQFRQWDFW



5REHUW%RVFK+DXVJHUlWH*PE+

 HQ

8VH

7KHKDLUVWUDLJKWHQHULVVXLWDEOHIRUORQJ

DQGVKRUWKDLU

Ɣ8VHWKHDSSOLDQFHRQWRZHOGU\RU

GU\KDLU

Ɣ8VHRQO\RQXQWUHDWHGKHDOWK\KDLU

Ɣ8VHOHVVIUHTXHQWO\RQFKHPLFDOO\WUHDWHG

KDLUSHUPFRORXUULQVH

,QIRUPDWLRQ)LQHKDLUUHVSRQGVHVSHFLDOO\

TXLFNO\WRWKHWUHDWPHQW

7KHHYHQKHDWHPLVVLRQLVHVSHFLDOO\JHQWOH

RQWKHKDLU

7KHUHVXOWLVVPRRWKKDLUZLWKDQLQWHQVLYH

VLON\VKLQH

Ɣ8QORFNERWKKHDWLQJSODWHVVHWVOLGH

EXWWRQWR

U

Ɣ&RPEKDLUDQGVHFWLRQLQWRHYHQVWUDQGV

DERXWFPZLGH

Ɣ6WDUWLQJIURPWKHURRWVSODFHDVWUDQGRI

KDLUEHWZHHQWKHSODWHV)LJXUH$

Ɣ3UHVVWKHSODWHVWRJHWKHUDQGSXOOGRZQ

JHQWO\DQGHYHQO\WRZDUGVWKHHQGV

)LJXUH%

Ɣ7UHDWDOOVWUDQGVLQWKHVDPHPDQQHU

$OORZKDLUWRFRROFRPSOHWHO\EHIRUH

¿QLVKLQJ\RXUKDLUVW\OH

,PSRUWDQW1HYHUOHDYHLQRQHSODFHORQJHU

WKDQVHFRQGV

)RUPRUHLQIRUPDWLRQDERXWVW\OLQJZLWK

%RVFKDSSOLDQFHVYLVLW

ZZZERVFKSHUVRQDOVW\OHFRP

&RQJUDWXODWLRQVRQSXUFKDVLQJWKLV

%RVFKDSSOLDQFH

<RXKDYHDFTXLUHGDKLJKTXDOLW\

SURGXFWWKDW\RXZLOOQRGRXEWHQMR\

XVLQJ

7KHVHRSHUDWLQJLQVWUXFWLRQVGHVFULEHWZR

GLIIHUHQWPRGHOVRIKDLUVWUDLJKWHQHUZLWK

DFFHVVRULHV

3DUWVDQG

RSHUDWLQJFRQWUROV

6OLGHEXWWRQIRUORFNLQJ

212))VZLWFKZLWKUHGLQGLFDWRUOLJKW

7HPSHUDWXUHGLDOPLQ±±&

*UHHQUHDG\IRUXVHLQGLFDWRUOLJKW

&HUDPLFFRDWHGKHDWLQJSODWHV

3+6RQO\

%DJ

&RUGFOLS

2SHUDWLRQ

Ɣ3OXJLQWKHDSSOLDQFHDQGSODFHRQDOHYHO

VXUIDFHWKDWLVLQVHQVLWLYHWRKHDW6OLGH

EXWWRQPXVWEHDW

LFORVHGSRVLWLRQ

Ɣ7XUQRQZLWKVZLWFKWKHUHGLQGLFDWRU

ODPSZLOOOLJKWXS

Ɣ6HWWRWKHGHVLUHGVHWWLQJZLWKWHPSHUD

WXUHGLDO

Ɣ$VVRRQDVWKHJUHHQLQGLFDWRUODPS

OLJKWVXSWKHDSSOLDQFHLVUHDG\IRUXVH

,QIRUPDWLRQ7KHWHPSHUDWXUHGLDO

HQJDJHVVOLJKWO\DWVHWWLQJDSSUR[

&³FDUH´7KHKDLUVWUDLJKWQHULVYHU\

KRWEHWZHHQVHWWLQJVDQGVRKDQGOH

YHU\FDUHIXOO\

'RQRWRSHUDWHIRUPRUHWKDQPLQXWHV



3+6

HQ

&OHDQLQJDQG

PDLQWHQDQFH

$OZD\VOHWWKHDSSOLDQFHFRROFRPSOHWHO\

EHIRUHVWRULQJLWDZD\RUFOHDQLQJLW

'DQJHURIHOHFWULFVKRFN

'LVFRQQHFWWKHPDLQVSOXJEHIRUHFOHDQLQJ

DQGVWRULQJ

1HYHUVXEPHUVHWKHDSSOLDQFHLQZDWHU

'RQRWXVHDVWHDPFOHDQHU

:LSHRIIWKHDSSOLDQFHZLWKDGDPSFORWK

DQGGU\RIIZLWKDFOHDQGU\FORWK'RQRW

XVHVWURQJRUDEUDVLYHFOHDQVHUV

7HFKQLFDOVSHFL¿FDWLRQV

(OHFWULFDOFRQQHFWLRQ

YROWDJHIUHTXHQF\

9

+]

2XWSXW :

'LVSRVDO

'LVSRVHRISDFNDJLQJLQDQHQYLURQPHQWDOO\

IULHQGO\PDQQHU

7KLVDSSOLDQFHLVODEHOOHGLQDFFRUGDQFH

ZLWK(XURSHDQ'LUHFWLYH(*

FRQFHUQLQJXVHGHOHFWULFDODQGHOHFWURQLF

DSSOLDQFHVZDVWHHOHFWULFDODQGHOHFWURQLF

HTXLSPHQW±:(((7KHJXLGHOLQH

GHWHUPLQHVWKHIUDPHZRUNIRUWKHUHWXUQDQG

UHF\FOLQJRIXVHGDSSOLDQFHVDVDSSOLFDEOH

WKURXJKRXWWKH(83OHDVHDVN\RXU

VSHFLDOLVWUHWDLOHUDERXWFXUUHQWGLVSRVDO

IDFLOLWLHV

*XDUDQWHH

7KHJXDUDQWHHFRQGLWLRQVIRUWKLVDSSOLDQFH

DUHDVGH¿QHGE\RXUUHSUHVHQWDWLYHLQWKH

FRXQWU\LQZKLFKLWLVVROG'HWDLOVUHJDUG

LQJWKHVHFRQGLWLRQVFDQEHREWDLQHGIURP

WKHGHDOHUIURPZKRPWKHDSSOLDQFHZDV

SXUFKDVHG7KHELOORIVDOHRUUHFHLSWPXVW

EHSURGXFHGZKHQPDNLQJDQ\FODLPXQGHU

WKHWHUPVRIWKLVJXDUDQWHH

&KDQJHVUHVHUYHG



5REHUW%RVFK+DXVJHUlWH*PE+

 IU

&RQVLJQHVGHVpFXULWp

/LUHDWWHQWLYHPHQWFHPRGHG¶HPSORLV¶\FRQIRUPHUORUVGH

O¶XWLOLVDWLRQHWOHFRQVHUYHU9HXLOOH]MRLQGUHFHPRGHG¶HPSORLVLYRXV

SDVVH]O¶DSSDUHLOjTXHOTX¶XQG¶DXWUH

&HWpTXLSHPHQWHVWGHVWLQpjXQXVDJHGRPHVWLTXHRXGHW\SH

GRPHVWLTXHHWQRQSDVjXQHXWLOLVDWLRQSURIHVVLRQQHOOH

/HVXWLOLVDWLRQVGHW\SHGRPHVWLTXHHQJOREHQWSDUH[HPSOHOH

IRQFWLRQQHPHQWGHODPDFKLQHGDQVODVDOOHGHUHSRVGpGLpH

DXSHUVRQQHOGHVERXWLTXHVEXUHDX[HQWUHSULVHVDJULFROHVRX

DUWLVDQDOHVDLQVLTXHO¶XWLOLVDWLRQSDUOHVFOLHQWVGHVSHQVLRQVSHWLWV

K{WHOVHWXQLWpVG¶KDELWDWLRQVLPLODLUHV

5LVTXHGHFKRFVpOHFWULTXHVHWG¶LQFHQGLH

1HEUDQFKHUHWQ¶XWLOLVHUO¶DSSDUHLOTXHFRQIRUPpPHQWDX[GRQQpHV

LQGLTXpHVVXUODSODTXHVLJQDOpWLTXH

/¶XWLOLVDWLRQGHO¶DSSDUHLOHVWLQWHUGLWHDX[HQIDQWVGHPRLQVGHDQV

&HVDSSDUHLOVSHXYHQWrWUHXWLOLVpVSDUGHVHQIDQWVjSDUWLUGHDQV

HWSDUGHVSHUVRQQHVD\DQWGHVIDFXOWpVSK\VLTXHVVHQVRULHOOHV

RXPHQWDOHVUpGXLWHVRXPDQTXDQWG¶H[SpULHQFHHWRXGH

FRQQDLVVDQFHVjFRQGLWLRQG¶rWUHVXUYHLOOpVRXG¶DYRLUpWpLQIRUPpV

TXDQWjODERQQHXWLOLVDWLRQGHO¶DSSDUHLOHWG¶DYRLUFRPSULVOHV

GDQJHUVTXLHQGpFRXOHQW1HSDVODLVVHUOHVHQIDQWVMRXHUDYHF

O¶DSSDUHLO

/HQHWWR\DJHHWO¶HQWUHWLHQLQFRPEDQWjO¶XWLOLVDWHXUQHGRLYHQWSDV

rWUHHIIHFWXpVSDUGHVHQIDQWVVDQVVXUYHLOODQFH

1HO¶XWLOLVHUTXHORUVTXHOHFRUGRQHWO¶DSSDUHLOQHSUpVHQWHQWDXFXQ

GRPPDJH

5HWLUHUOD¿FKHDSUqVFKDTXHXWLOLVDWLRQRXHQFDVGH

G\VIRQFWLRQQHPHQW

/HVUpSDUDWLRQVVXUO¶DSSDUHLOWHOOHVTXHOHUHPSODFHPHQWG¶XQFRUGRQ

HQGRPPDJpQHGRLYHQWrWUHHIIHFWXpHVTXHSDUQRWUH6$9D¿Q

G¶pOLPLQHUWRXWGDQJHU



3+6

IU

1HSDVPHWWUHOHFRUGRQ

Ɣ HQFRQWDFWDYHFGHVSLqFHVEUODQWHV

Ɣ OHIDLUHJOLVVHUVXUXQHDUrWHYLYH

Ɣ O¶XWLOLVHUFRPPHSRLJQpH

DQWOHQHWWR\DJHUHWLUHUOD¿FKHGHUpVHDX

1HMDPDLVSORQJHUO¶DSSDUHLOGDQVO¶HDX

1HSDVXWLOLVHUG¶DSSDUHLOGHQHWWR\DJHjYDSHXU

/HVSODTXHVFKDXIIDQWHVGHYLHQQHQWEUODQWHV1HSUHQGUHO¶DSSDUHLO

TXHSDUODSRLJQpH1¶XWLOLVHUTXHVXUFKHYHX[VHFVQHSDVXWLOLVHU

VXUGHVFKHYHX[V\QWKpWLTXHV

1HSRVHUO¶DSSDUHLOTXHVXUXQHVXUIDFHLQVHQVLEOHjODFKDOHXU

1HSDVXWLOLVHUjSUR[LPLWpGHVEDLJQRLUHVGHVODYDERV

RXDXWUHVUpFLSLHQWVFRQWHQDQWGHO¶HDX

'DQJHUGHPRUW

1HMDPDLVPHWWUHO¶DSSDUHLODXFRQWDFWGHO¶HDX,O\DpJDOHPHQW

ULVTXHORUVTXHO¶DSSDUHLOHVWpWHLQW&¶HVWODUDLVRQSRXUODTXHOOH

DSUqVXWLOLVDWLRQRXORUVG¶XQHLQWHUUXSWLRQG¶XWLOLVDWLRQLOIDXWUHWLUHUOD

¿FKH

/¶LQVWDOODWLRQG¶XQLQWHUUXSWHXUGHSURWHFWLRQFRQWUHOHVFRXUDQWVGH

FRXUWFLUFXLWMXVTX¶jP$GDQVODPDLVRQRIIUHXQHSURWHFWLRQ

VXSSOpPHQWDLUH6HIDLUHFRQVHLOOHUSDUXQPRQWHXUHQGLVSRVLWLIV

pOHFWULTXHV

5LVTXHG¶pWRXIIHPHQW

1HSDVODLVVHUOHVHQIDQWVMRXHUDYHFOHVHPEDOODJHV

 5LVTXHGHEUOXUH

(YLWHUWRXWFRQWDFWDYHFODSHDX



5REHUW%RVFK+DXVJHUlWH*PE+

 IU

)pOLFLWDWLRQSRXUDYRLUFKRLVLFHW

DSSDUHLO%RVFK

9RXVDYH]IDLWO¶DFTXLVLWLRQG¶XQSURGXLW

GHKDXWHTXDOLWpTXLYRXVDSSRUWHUD

VDWLVIDFWLRQ

/HSUpVHQWPRGHG¶HPSORLGpFULWGHX[

PRGqOHVGLIIpUHQWVGHOLVVHXUVDYHFOHXUV

DFFHVVRLUHV

3LqFHVHWpOpPHQWV

G¶XWLOLVDWLRQ

%RXWRQGHGpYHUURXLOODJH

,QWHUUXSWHXUPDUFKHDUUrWDYHFWpPRLQ

OXPLQHX[URXJH

6pOHFWHXUGHWHPSpUDWXUHPLQ±

±&

7pPRLQOXPLQHX[YHUWSRXULQGLFDWLRQ

GHYHLOOH

3ODTXHVFKDXIIDQWHVjUHFRXYUHPHQW

FpUDPLTXH

8QLTXHPHQW3+6

6DFKHWGHUDQJHPHQW

&OLSSRXUFkEOH

0LVHHQVHUYLFH

Ɣ%UDQFKHUO¶DSSDUHLOHWSRVHUVXUXQH

VXUIDFHGURLWHLQVHQVLEOHjODFKDOHXU

/HERXWRQGRLWVHWURXYHUVXULIHUPp

Ɣ0HWWUHHQPDUFKHDYHFO¶LQWHUUXSWHXUOH

WpPRLQURXJHV¶DOOXPH

Ɣ5pJOHUOHQLYHDXVRXKDLWpSDUO¶LQWHUPp

GLDLUHGXVpOHFWHXUGHWHPSpUDWXUH

Ɣ'qVTXHOHWpPRLQYHUWHVWDOOXPp

O¶DSSDUHLOHVWSUrWjIRQFWLRQQHU

,QIRDXQLYHDXHQY&©FDUHªOH

VpOHFWHXUGHWHPSpUDWXUHV¶HQFOHQFKHOpJq

UHPHQW$SDUWLUGHFHQLYHDXMXVTX¶DX

QLYHDXOHGLVSRVLWLIGHOLVVDJHGHFKH

YHX[HVWWUqVEUODQWO¶XWLOLVHUDYHFSUpFDX

WLRQ1HSDVO¶XWLOLVHUSOXVGHPLQXWHV

$SSOLFDWLRQ

/¶DSSDUHLOHVWSUpYXSRXUOHVFKHYHX[

FRXUWVHWOHVFKHYHX[ORQJV

Ɣ8WLOLVHUO¶DSSDUHLODYHFGHVFKHYHX[

VpFKpVDYHFXQHVHUYLHWWHpSRQJHRX

FRPSOqWHPHQWVHFV

Ɣ1¶XWLOLVHUTX¶DYHFGHVFKHYHX[QRQWUDLWpV

HWVDLQV

Ɣ1HSDVXWLOLVHUVRXYHQWDYHFGHV

SHUPDQHQWHVRXGHVFKHYHX[WHLQWpV

,QIROHVFKHYHX[¿QVUpDJLVVHQWSDUWL

FXOLqUHPHQWUDSLGHPHQWjFHWUDLWHPHQW

/¶pPLVVLRQGHFKDOHXUUpJXOLqUHPpQDJH

WRXWSDUWLFXOLqUHPHQWOHVFKHYHX[

/HUpVXOWDWHQHVWGHVFKHYHX[OLVVHVj

EULOODQFHLQWHQVHHWVR\HXVH

Ɣ'pYHUURXLOOHUOHVGHX[SODTXHV

FKDXIIDQWHVjFHWHIIHWSODFHUOH

ERXWRQVXU

URXYHUW

Ɣ)RUPHUGHVPqFKHVUpJXOLqUHVDYHFOHV

FKHYHX[SHLJQpVHWOLVVpVHQYFPGH

ODUJH

Ɣ3ODFHUXQHPqFKHSUpSDUpHjOD

QDLVVDQFHGHVFKHYHX[HQWUHOHV

SODTXHV,OOXVWUDWLRQ$

Ɣ3UHVVHUOHVGHX[SODTXHVHWWLUHUHQ

GRXFHXUHWUpJXOLqUHPHQWMXVTX¶jOD

SRLQWHGHVFKHYHX[,OOXVWUDWLRQ%

Ɣ)DLUHGHPrPHDYHFWRXWHVOHVPqFKHV

$YDQWGHWHUPLQHUODFRLIIXUHODLVVHUELHQ

UHIURLGLUOHVFKHYHX[

,PSRUWDQW1HSDVUHVWHUSOXVGH

VHFRQGHVDXPrPHHQGURLW

3RXUSOXVG¶LQIRUPDWLRQVVXUOH

VW\

OLQJ%RVFKYRLU

ZZZERVFKSHUVRQDOVW\OHFRP



3+6

IU

1HWWR\DJHHWHQWUHWLHQ

$YDQWGHUDQJHURXGHQHWWR\HUO¶DSSDUHLO

WRXMRXUVOHODLVVHUUHIURLGLUFRPSOqWHPHQW

'DQJHUGHFKRFVpOHFWULTXHV

'pEUDQFKHUOD¿FKHVHFWHXUDYDQWOH

QH

WWR\DJHHWOHUDQJHPHQW

1HMDPDLVSORQJHUO¶DSSDUHLOGDQVO¶HDX

1HSDVXWLOLVHUG¶DSSDUHLOGHQHWWR\DJH

jYDSHXU

1HQHWWR\HUO¶H[WpULHXUGHO¶DSSDUHLOTX¶DYHF

XQFKLIIRQKXPLGH1HSDVXWLOLVHUGH

QHWWR\DQWDJUHVVLIRXUpFXUDQW

&DUDFWpULVWLTXHV

WHFKQLTXHV

5DFFRUGHPHQWpOHFWULTXH

WHQVLRQIUpTXHQFH

9

+]

3XLVVDQFH :

0LVHDXUHEXW

(OLPLQH]O¶HPEDOODJHHQUHVSHFWDQWO¶HQYL

URQQHPHQW&HWDSSDUHLOHVWPDUTXpVHORQ

ODGLUHFWLYHHXURSpHQQH&(UHODWLYH

DX[DSSDUHLOVpOHFWULTXHVHWpOHFWURQLTXHV

XVDJpVZDVWHHOHFWULFDODQGHOHFWURQLF

HTXLSPHQW±:(((/DGLUHFWLYHGp¿QLWOH

FDGUHSRXUXQHUHSULVHHWXQHUpFXSpUDWLRQ

GHVDSSDUHLOVXVDJpVDSSOLFDEOHVGDQV

OHVSD\VGHOD&(6¶LQIRUPHUDXSUqVGX

UHYHQGHXUVXUODSURFpGXUHDFWXHOOHGH

UHF\FODJH

*DUDQWLH

/HVFRQGLWLRQVGHJDUDQWLHDSSOLFDEOHV

VRQWFHOOHVSXEOLpHVSDUQRWUHGLVWULEXWHXU

GDQVOHSD\VRDpWpHIIHFWXpO¶DFKDW/H

UHYHQGHXUFKH]TXLYRXVYRXVrWHVSURFXUp

O¶DSSDUHLOIRXUQLUDOHVPRGDOLWpVGHJDUDQWLH

VXUVLPSOHGHPDQGHGHYRWUHSDUW(QFDV

GHUHFRXUVHQJDUDQWLHYHXLOOH]WRXMRXUV

YRXVPXQLUGHODSUHXYHG¶DFKDW

6RXVUpVHUYHGHPRGL¿FDWLRQV



5REHUW%RVFK+DXVJHUlWH*PE+

 LW

$YYHUWHQ]HGLVLFXUH]]D

/HJJHUHRVVHUYDUHHFRQVHUYDUHOHLVWUX]LRQLFRQFXUD6H

O¶DSSDUHFFKLRYLHQHFHGXWRDOOHJDUHDQFKHOHSUHVHQWLLVWUX]LRQL

4XHVWRDSSDUHFFKLRqGHVWLQDWRDOO¶XWLOL]]RGRPHVWLFRRVLPLOHH

FRPXQTXHQRQqSUHYLVWRSHUO¶XVRSURIHVVLRQDOH*OLXWLOL]]LVLPLOL

DTXHOOLGRPHVWLFLFRPSUHQGRQRO¶XVRLQDPELHQWLGLODYRURTXDOL

QHJR]LXI¿FLD]LHQGHDJULFROHRDUWLJLDQDOLQRQFKpO¶XWLOL]]RGDSDUWH

GLRVSLWLLQSHQVLRQLSLFFROLDOEHUJKLHVLPLOLUHDOWjUHVLGHQ]LDOL

5LVFKLRGLVFRVVDHOHWWULFDHGLLQFHQGLR

&ROOHJDUHHIDUIXQ]LRQDUHO¶DSSDUHFFKLRVRORFRQIRUPHPHQWHDOOH

LQGLFD]LRQLIRUQLWHVXOODWDUJKHWWD

/¶DSSDUHFFKLRQRQqDGDWWRDEDPELQLGLHWjLQIHULRUHDDQQL

4XHVWLDSSDUHFFKLSRVVRQRHVVHUHXVDWLGDEDPELQLGLDOPHQR

DQQLGLHWjHGDSHUVRQHFRQULGRWWHIDFROWjSVLFKLFKHVHQVRULDOL

RPHQWDOLRFRQFRQRVFHQ]HHRHVSHULHQ]DLQVXI¿FLHQWLSXUFKp

VLDQRVRWWRLOFRQWUROORGLSHUVRQHDGXOWHRVLDQRVWDWLLVWUXLWLVXOO¶XVR

VLFXURGHOO¶DSSDUHFFKLRHDEELDQRFRPSUHVRLSHULFROLFRQQHVVL

DOO¶XVRGHOORVWHVVR7HQHUHO¶DSSDUHFFKLRORQWDQRGDOODSRUWDWDGHL

EDPELQL/DSXOL]LDHODPDQXWHQ]LRQHDFXUDGHOO¶XWHQWHQRQGHYRQR

HVVHUHHVHJXLWHGDEDPELQLVHQRQVRWWRLOFRQWUROORGLSHUVRQH

DGXOWH

8WLOL]]DUHVRORVHLOFDYRHO¶DSSDUHFFKLRQRQSUHVHQWDQRGLIHWWL

(VWUDUUHODVSLQDGRSRRJQLXWLOL]]RRLQFDVRGLJXDVWR

$O¿QHGLHYLWDUHULVFKLOHULSDUD]LRQLVXOO¶DSSDUHFFKLRFRPHDGHVOD

VRVWLWX]LRQHGLXQFDYRGDQQHJJLDWRVRQRFRQVHQWLWHVRORDOQRVWUR

VHUYL]LRFOLHQWL



3+6

LW

,OFDYRQRQGHYHHVVHUH

Ɣ PHVVRDFRQWDWWRFRQSDUWLFDOGH

Ɣ SRVWRVXSDUWLDI¿ODWH

Ɣ XWLOL]]DWRFRPHPDQLJOLD

3ULPD

GLHIIHWWXDUHODSXOL]LDHVWUDUUHODVSLQDHOHWWULFD

1RQLPPHUJHUHPDLO¶DSSDUHFFKLRQHOO¶DFTXD

1RQXWLOL]]DUHXQSXOLWRUHDYDSRUH

/HSLDVWUHULVFDOGDQWLGLYHQWDQRFDOGH$IIHUUDUHO¶DSSDUHFFKLR

VROWDQWRGDOOHDSSRVLWHLPSXJQDWXUH8WLOL]]DUHVROWDQWRVXFDSHOOL

DVFLXWWLPDLVXFDSHOOLDUWL¿FLDOL

5LSRUUHO¶DSSDUHFFKLRVROWDQWRVXVXSHU¿FLLQVHQVLELOLDOFDORUH

1RQXWLOL]]DUHYLFLQRDOO¶DFTXDFRQWHQXWDQHOODYDVFD

GDEDJQRQHOODYDQGLQRRLQDOWULFRQWHQLWRUL

3HULFRORGLPRUWH

1RQPHWWHUHO¶DSSDUHFFKLRDFRQWDWWRFRQO¶DFTXD,OULVFKLRVXVVLVWH

DQFKHTXDQGRO¶DSSDUHFFKLRqVSHQWRSHUWDQWRHVWUDUUHODVSLQD

GRSRO¶XWLOL]]RRLQFDVRGLSDXVDGXUDQWHO¶XVR

/¶LQVWDOOD]LRQHQHOO¶LPSLDQWRHOHWWULFRGLXQLQWHUUXWWRUHDXWRPDWLFR

SHUFRUUHQWHGLJXDVWR¿QRDP$JDUDQWLVFHXQDSURWH]LRQH

DJJLXQWLYD6LSUHJDGLFRQVXOWDUHXQHOHWWULFLVWD

3HULFRORGLVRIIRFDPHQWR

1RQODVFLDUHFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR

 3HULFRORGLXVWLRQH

(YLWDUHTXDOXQTXHFRQWDWWRFRQODSHOOH



5REHUW%RVFK+DXVJHUlWH*PE+

 LW

&RQJUDWXOD]LRQLSHUO¶DFTXLVWRGLTXHVWR

DSSDUHFFKLRGHOQRVWURPDUFKLR%RVFK

$YHWHDFTXLVWDWRXQSURGRWWRHVWUH

PDPHQWHYDOLGRHQHVDUHWHPROWR

VRGGLVIDWWL

/HSUHVHQWLLVWUX]LRQLSHUO¶XVRGHVFULYRQR

GXHGLYHUVLPRGHOOLGLSLDVWUDSHUFDSHOOL

FRQDFFHVVRUL

&RPSRQHQWLHG

HOHPHQWLGLFRQWUROOR

&XUVRUHGLEORFFR

,QWHUUXWWRUH212))FRQVSLDURVVD

6HOHWWRUHWHPSHUDWXUDPLQ±

±&

,QGLFDWRUHYHUGHGLIXQ]LRQDPHQWR

3LDVWUHULVFDOGDQWLULYHVWLWHLQFHUDPLFD

6RORSHU3+6

6DFFKHWWR

)HUPDFDYR

0HVVDLQIXQ]LRQH

Ɣ&ROOHJDUHO¶DSSDUHFFKLRDOODSUHVDH

DSSRJJLDUORVXXQDVXSHU¿FLHQRQVHQVL

ELOHDOFDORUH3RUWDUHLOFXUVRUHVX

L

Ɣ$FFHQGHUHO¶DSSDUHFFKLRFRQ

O¶LQWHUUXWWRUHODVSLDURVVDVLLOOXPLQD

Ɣ,PSRVWDUHLOOLYHOORGHVLGHUDWRFRQLO

VHOHWWRUHGHOODWHPSHUDWXUD

Ɣ4XDQGRODVSLDYHUGHVLVSHJQH

O¶DSSDUHFFKLRqSURQWR

,QIR$OOLYHOORFLUFD&³FDUH´VL

DYYHUWLUjXQRVFDWWRGHOVHOHWWRUHGHOOD

WHPSHUDWXUD$SDUWLUHGDTXHVWROLYHOOR

¿QRDOOLYHOORODSLDVWUDqPROWRFDOGD

TXLQGLXWLOL]]DUODFRQFDXWHOD

8WLOL]]DUHSHUQRQROWUHPLQXWL

8WLOL]]R

/¶DSSDUHFFKLRqVWDWRFRQFHSLWRSHU

O¶LPSLHJRVXFDSHOOLFRUWLHOXQJKL

Ɣ8WLOL]]DUHO¶DSSDUHFFKLRHVFOXVLYDPHQWH

VXFDSHOOLDVFLXWWLREHQWDPSRQDWLFRQXQ

DVFLXJDPDQR

Ɣ8WLOL]]DUHHVFOXVLYDPHQWHVXFDSHOOLVDQL

QRQWUDWWDWL

Ɣ8WLOL]]DUHVRORRFFDVLRQDOPHQWHVX

FDSHOOLPRVVLRULFFL

,QIR,FDSHOOLVRWWLOLUHDJLVFRQRUDSLGDPHQWH

DOWUDWWDPHQWR/¶HPLVVLRQHRPRJHQHDGL

FDORUHKDXQHFFH]LRQDOHHIIHWWRHVWHWLFR

VXLFDSHOOLUHQGHQGROLOLVFLFRQXQDOXFHQ

WH]]DLQWHQVDVLPLOHDVHWD

Ɣ6EORFFDUHHQWUDPEHOHSLDVWUHULVFDOGDQWL

SRUWDQGRLOFXUVRUHVX

U

Ɣ'LYLGHUHLFDSHOOLLQFLRFFKHSHWWLQDWH

GHOODVWHVVHGLPHQVLRQLFLUFDFP

Ɣ,QVHULUHXQDFLRFFDWUDOHSLDVWUH)LJ$

Ɣ3UHPHUHOHSLDVWUHHWLUDUHLQPDQLHUD

RPRJHQHDHGHOLFDWD¿QRDOOHSXQWH

)LJ%

Ɣ7UDWWDUHDOORVWHVVRPRGRWXWWHOH

FLRFFKH3ULPDGHOODPHVVDLQSLHJD

GH¿QLWLYDIDUUDIIUHGGDUHEHQHLFDSHOOL

,PSRUWDQWH1RQLQGXJLDUHSHUROWUH

VHFRQGLLQXQXQLFRSXQWR

3HUPDJJLRULLQIRUPD]LRQLVXOWHPD6W\OLQJ

QJOLHOHWWURGRPHVWLFL%RVFKFRQVXOWDWHOD

SDJLQD

ZZZERVFKSHUVRQDOVW\OHFRP



3+6

LW

3XOL]LDHFXUD

3ULPDGLULSRUUHRGLSXOLUHO¶DSSDUHFFKLR

ODVFLDUHFKHVLUDIIUHGGLFRPSOHWDPHQWH

5LVFKLRGLVFRVVDHOHWWULFD

3ULPDGLSXOLUORHULSRUORHVWUDUUHODVSLQD

GDOODS

UHVDGLFRUUHQWH1RQLPPHUJHUHPDL

O¶DSSDUHFFKLRQHOO¶DFTXD1RQXWLOL]]DUHXQ

SXOLWRUHDYDSRUH

3XOLUHO¶DSSDUHFFKLRVRORFRQO¶DXVLOLRGLXQ

SDQQRXPLGRHDVFLXJDUH1RQXWLOL]]DUH

GHWHUVLYLFRUURVLYLRDEUDVLYL

'DWLWHFQLFL

&ROOHJDPHQWRHOHWWULFR

WHQVLRQHIUHTXHQ]D

9

+]

$VVRUELPHQWR :

6PDOWLPHQWR

6LSUHJDGLVPDOWLUHOHFRQIH]LRQLQHO

ULVSHWWRGHOO¶DPELHQWH4XHVWRDSSDUHFFKLR

GLVSRQHGLFRQWUDVVHJQRDLVHQVLGHOOD

GLUHWWLYDHXURSHD&(LQPDWHULDGL

DSSDUHFFKLHOHWWULFLHGHOHWWURQLFLZDVWH

HOHFWULFDODQGHOHFWURQLFHTXLSPHQW±

:(((4XHVWDGLUHWWLYDGH¿QLVFHOHQRUPH

SHUODUDFFROWDHLOULFLFODJJLRGHJOLDSSD

UHFFKLGLVPHVVLYDOLGHVXWXWWRLOWHUULWRULR

GHOO¶8QLRQH(XURSHD,QIRUPDUVLSUHVVR

LOULYHQGLWRUHVSHFLDOL]]DWRVXOOHDWWXDOL

GLVSRVL]LRQLSHUODURWWDPD]LRQH

*DUDQ]LD

3HUTXHVWRDSSDUHFFKLRVRQRYDOLGHOH

FRQGL]LRQLGLJDUDQ]LDSXEEOLFDWHGDOQRVWUR

UDSSUHVHQWDQWHQHOSDHVHGLYHQGLWD

,OULYHQGLWRUHSUHVVRLOTXDOHqVWDWRDFTXL

VWDWRO¶DSSDUHFFKLRqVHPSUHEHQGLVSRVWR

DIRUQLUHDULFKLHVWDLQIRUPD]LRQLDSURSR

VLWR3HUO¶HVHUFL]LRGHOGLULWWRGLJDUDQ]LDq

FRPXQTXHQHFHVVDULRSUHVHQWDUHLOGRFX

PHQWRGLDFTXLVWR

&RQULVHUYDGLPRGL¿FD



5REHUW%RVFK+DXVJHUlWH*PE+

 QO

9HLOLJKHLGVDDQZLM]LQJHQ

/HHVGHJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRUQHHPGH]HDOWLMGLQDFKW

HQEHZDDUGH]HJRHG$OVXGLWDSSDUDDWDDQLHPDQGDQGHUVJHHIW

OHYHUGDQRRNGH]HJHEUXLNVDDQZLM]LQJPHH

'LWDSSDUDDWLVEHGRHOGYRRUKXLVKRXGHOLMNJHEUXLNRIYRRU

YHUJHOLMNEDUHQLHWFRPPHUFLsOHWRHSDVVLQJHQ+LHUWRHEHKRUHQ

ELMYRRUEHHOGRRNKHWJHEUXLNLQSHUVRQHHOVUXLPWHQYDQZLQNHOV

NDQWRUHQODQGERXZHQDQGHUHLQGXVWULsOHEHGULMYHQHYHQDOVKHW

JHEUXLNGRRUJDVWHQYDQSHQVLRQVNOHLQHKRWHOVHQVRRUWJHOLMNH

DFFRPPRGDWLHV

*HYDDUYRRUHOHNWULVFKHVFKRNNHQHQEUDQG

6OXLWKHWDSSDUDDWDDQHQJHEUXLNKHWXLWVOXLWHQGFRQIRUPGH

LQIRUPDWLHRSKHWW\SHSODDWMH

'LWDSSDUDDWPDJQLHWGRRUNLQGHUHQRQGHUGHZRUGHQEHGLHQG

+HWDSSDUDDWPDJGRRUNLQGHUHQYDQMDDUHQRXGHUHQGRRU

SHUVRQHQPHWYHUPLQGHUGHOLFKDPHOLMNH]LQWXLJOLMNHRIJHHVWHOLMNH

YHUPRJHQVRIJHEUHNDDQHUYDULQJHQRINHQQLVZRUGHQJHEUXLNW

LQGLHQGLWRQGHUWRH]LFKWJHEHXUWRILQGLHQ]LMRYHUKHWYHLOLJHJHEUXLN

YDQKHWDSSDUDDW]LMQJHwQVWUXHHUGHQGHKLHUXLWYRRUWYORHLHQGH

JHYDUHQKHEEHQEHJUHSHQ.LQGHUHQPRJHQQLHWPHWKHWDSSDUDDW

VSHOHQ

5HLQLJLQJVHQRQGHUKRXGVZHUN]DDPKHGHQPRJHQXLWVOXLWHQGGRRU

RIRQGHUWRH]LFKWYDQYROZDVVHQHQZRUGHQXLWJHYRHUG

*HEUXLNKHWDSSDUDDWXLWVOXLWHQGLQGLHQKHWDDQVOXLWVQRHUHQKHW

DSSDUDDWJHHQEHVFKDGLJLQJHQYHUWRQHQ

7UHNQDHONJHEUXLNRILQJHYDOYDQVWRULQJHQGHVWHNNHUXLWKHW

VWRSFRQWDFW

2PJHYDDUOLMNHVLWXDWLHVWHYHUPLMGHQPRJHQUHSDUDWLHVDDQKHW

DSSDUDDW]RDOVYHUYDQJLQJYDQHHQEHVFKDGLJGDDQVOXLWVQRHU

DOOHHQGRRURQ]HVHUYLFHGLHQVWZRUGHQXLWJHYRHUG



3+6

QO

$DQVOXLWVQRHUQLHW

Ɣ PHWKHWHRQGHUGHOHQLQDDQUDNLQJODWHQNRPHQ

Ɣ RYHUVFKHUSHUDQGHQWUHNNHQ

Ɣ DOVGUDDJJUHHSJHEUXLNHQ

9yyUK

HWVFKRRQPDNHQGHVWHNNHUXLWKHWVWRSFRQWDFWWUHNNHQ

+HWDSSDUDDWQRRLWLQZDWHURQGHUGRPSHOHQ

*HHQVWRRPUHLQLJHUJHEUXLNHQ

'HYHUZDUPLQJVSODWHQZRUGHQKHHW+HWDSSDUDDWXLWVOXLWHQG

YDVWKRXGHQDDQGHKDQGJUHHS$OOHHQRSGURRJKDDUJHEUXLNHQ

QRRLWRSNXQVWVWRIKDDU

+HWDSSDUDDWDOOHHQRSKLWWHEHVWHQGLJHRSSHUYODNNHQQHHUOHJJHQ

1LHWJHEUXLNHQLQGHEXXUWYDQZDWHUGDW]LFKLQ

EDGNXLSHQZDVWDIHOVRIDQGHUHUHVHUYRLUVEHYLQGW

/HYHQVJHYDDU

+HWDSSDUDDWQRRLWPHWZDWHULQDDQUDNLQJODWHQNRPHQ(UEHVWDDW

RRNJHYDDUELMHHQXLWJHVFKDNHOGDSSDUDDWGDDURPQDJHEUXLN

RIWLMGHQVHHQRQGHUEUHNLQJYDQKHWJHEUXLNGHVWHNNHUXLWKHW

VWRSFRQWDFWWUHNNHQ

'HLQERXZYDQHHQDDUGOHNVFKDNHODDUWRWP$LQGHKXLVLQVWDOODWLH

ELHGWH[WUDEHVFKHUPLQJ/DDWXKLHUYRRUDGYLVHUHQGRRUHHQHUNHQG

HOHNWURQLQVWDOODWHXU

9HUVWLNNLQJVJHYDDU

/DDWNLQGHUHQQLHWPHWYHUSDNNLQJVPDWHULDDOVSHOHQ

 9HUEUDQGLQJVJHYDDU

(ONFRQWDFWPHWGHKXLGYHUPLMGHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 QO

*HIHOLFLWHHUGPHWXZQLHXZHSURGXFWYDQ

%RVFK

$DQGLWNZDOLWDWLHIKRRJZDDUGLJHSURGXFW

]XOWXYHHOSOH]LHUEHOHYHQ

,QGH]HJHEUXLNVDDQZLM]LQJZRUGHQWZHH

YHUVFKLOOHQGHPRGHOOHQRQWNUXOOHUVHQGH

ELMEHKRUHQGHDFFHVVRLUHVEHVFKUHYHQ

2QGHUGHOHQHQ

EHGLHQLQJVHOHPHQWHQ

6FKXLIYRRUYHUJUHQGHOLQJ

$$18,7VFKDNHODDUPHW

URRGFRQWUROHODPSMH

7HPSHUDWXXUNLH]HUPLQ±±&

*URHQODPSMHEHGULMIVNODDU

:DUPWHSODWHQPHWNHUDPLVFKHODDJ

$OOHHQ3+6

(WXL

.DEHOFOLS

,QJHEUXLNQHPHQ

Ɣ'HVWHNHUYDQKHWDSSDUDDWLQKHW

VWRSFRQWDFWVWHNHQHQKHWRSHHQUHFKW

KLWWHEHVWHQGLJRSSHUYODNOHJJHQ

6FKXLIPRHWRS

LGLFKWVWDDQ

Ɣ0HWVFKDNHODDULQVFKDNHOHQKHWURGH

ODPSMHEUDQGW

Ɣ+HWJHZHQVWHQLYHDXRS

WHPSHUDWXXUNLH]HULQVWHOOHQ

Ɣ=RGUDRRNKHWJURHQHODPSMHEUDQGWLV

KHWDSSDUDDWNODDUYRRUJHEUXLN

,QIR%LMQLYHDXFD&³FDUH´NOLNWGH

WHPSHUDWXXUNLH]HUHQLJV]LQVLQ9DQQLYHDX

WP]LMQGHNHUDPLVFKHSODWHQHUJ

KHHWGDDURPYRRU]LFKWLJJHEUXLNHQ

1LHWODQJHUGDQPLQXWHQJHEUXLNHQ

*HEUXLN

+HWDSSDUDDWLVJHVFKLNWYRRUODQJHQNRUW

KDDU

Ɣ+HWDSSDUDDWJHEUXLNHQYRRUKDQGGRHN

GURRJRIGURRJKDDU

Ɣ8LWVOXLWHQGJHEUXLNHQRSRQEHKDQGHOG

JH]RQGKDDU

Ɣ%LMJHSHUPDQHQWRIJHYHUIGKDDUVOHFKWV

DIHQWRHJHEUXLNHQ

,QIR'XQKDDUUHDJHHUWHUJVQHORSGH

EHKDQGHOLQJ'HJHOLMNPDWLJHDIJLIWHYDQ

GHZDUPWHRQW]LHWKHWKDDU+HWUHVXOWDDWLV

VWHLOKDDUPHWHHQLQWHQVLHYH]LMGHDFKWLJH

JODQV

Ɣ'HWZHHZDUPWHSODWHQRQWJUHQGHOHQ]HW

KLHUYRRUVFKXLIRS

URSHQ

Ɣ+HWJODGJHNDPGHKDDUYHUGHOHQLQHYHQ

EUHGHSOXNNHQFDFPEUHHG

Ɣ(HQYRRUEHUHLGHSOXNELMGHLQSODQW

WXVVHQGHSODWHQOHJJHQ$IEHHOGLQJ$

Ɣ'HSODWHQVDPHQGUXNNHQHQ]DFKWHQ

JHOLMNPDWLJQDDUGHKDDUSXQWHQWUHNNHQ

$IEHHOGLQJ%

Ɣ$OOHSOXNNHQRSGH]HPDQLHUEHKDQGHOHQ

9RRUGDWXKHWNDSVHOYROWRRLWKHWKDDU

JRHGODWHQDINRHOHQ

%HODQJULMN1LHWODQJHUGDQVHFRQGHQRS

GH]HOIGHSODDWVJHEUXLNHQ

*DYRRUPHHULQIRUPDWLHRYHUVW\OHQPHW

DSSDU

DWHQYDQ%RVFKQDDU

ZZZERVFKSHUVRQDOVW\OHFRP



3+6

QO

5HLQLJLQJHQYHU]RUJLQJ

/DDWKHWDSSDUDDWDOWLMGYROOHGLJDINRHOHQ

YRRUXKHWRSEHUJWRIUHLQLJW

*HYDDUYRRUHOHNWULVFKHVFKRNNHQ

9RRUKHWUHLQLJHQHQRSEHUJHQGHVWHNNHU

XLWKHWVWR

SFRQWDFWWUHNNHQ

+HWDSSDUDDWQRRLWLQZDWHURQGHUGRPSHOHQ

*HHQVWRRPUHLQLJHUJHEUXLNHQ



+HWDSSDUDDWDDQGHEXLWHQNDQWDOOHHQPHW

HHQYRFKWLJHGRHNVFKRRQPDNHQ

*HHQVFKHUSHRIVFKXUHQGHVFKRRQPDDN

PLGGHOHQJHEUXLNHQ

7HFKQLVFKHVSHFL¿FDWLHV

(OHNWULVFKHDDQVOXLWLQJ

VSDQQLQJIUHTXHQWLH

9

+]

9HUPRJHQ :

$IYDO

*RRLYHUSDNNLQJVPDWHULDDORSHHQPLOLHX

YULHQGHOLMNHPDQLHUZHJ'LWDSSDUDDWLV

JHNHQPHUNWLQRYHUHHQVWHPPLQJPHWGH

(XURSHVHULFKWOLMQ(*EHWUHIIHQGH

DIJHGDQNWHHOHNWULVFKHHQHOHNWURQLVFKH

DSSDUDWXXUZDVWHHOHFWULFDODQGHOHFWURQLF

HTXLSPHQW:((('HULFKWOLMQJHHIWKHW

NDGHUDDQYRRUGHLQGH(8JHOGLJHWHUXJ

QHPLQJHQYHUZHUNLQJYDQRXGHDSSDUDWHQ

5DDGSOHHJXZJHVSHFLDOLVHHUGHKDQGHODDU

YRRUGHJHOGHQGHYRRUVFKULIWHQLQ]DNH

DIYDOYHUZLMGHULQJ

*DUDQWLH

9RRUGLWDSSDUDDWJHOGHQGHJDUDQWLHYRRU

ZDDUGHQGLHZRUGHQXLWJHJHYHQGRRUGH

YHUWHJHQZRRUGLJLQJYDQRQVEHGULMILQKHW

ODQGYDQDDQNRRS'HOHYHUDQFLHUELMZLHX

KHWDSSDUDDWKHHIWJHNRFKWJHHIWXKLHURYHU

JUDDJPHHULQIRUPDWLH2PDDQVSUDDN

WHPDNHQRSGHJDUDQWLHKHHIWXDOWLMGXZ

DDQNRRSEHZLMVQRGLJ

:LM]LJLQJHQYRRUEHKRXGHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 GD

6LNNHUKHGVKHQYLVQLQJHU

'XEHGHVOVHEUXJVYHMOHGQLQJHQJUXQGLJWRYHUKROGHRJRSEHYDUH

GHQ9HGRYHUGUDJHOVHDIDSSDUDWHWVNDOGHQQHYHMOHGQLQJYHGOJJHV

'HWWHDSSDUDWHUXGIRUPHWWLOEUXJLKXVKROGQLQJHQRJWLOKXVKROGQLQJV

OLJQHQGHXNRPPHUFLHOOHIRUPnO+XVKROGQLQJVOLJQHQGHDQYHQGHOVHU

RPIDWWHUIHNVEUXJLRSKROGVUXPWLOPHGDUEHMGHUHLEXWLNNHUNRQWRUHU



ODQGEUXJHOOHUDQGUHVPnYLUNVRPKHGHUHOOHUJVWHUVEUXJLSHQVLRQHU



PLQGUHKRWHOOHUHOOHUOLJQHQGH

)DUHIRUHOHNWULVNHVW¡GRJEUDQGIDUH

$SSDUDWHWPnNXQWLOVOXWWHVRJEUXJHVLRYHUHQVVWHPPHOVHPHG

RSO\VQLQJHUQHSnW\SHVNLOWHW

%¡UQXQGHUnUPnLNNHEHWMHQHDSSDUDWHW

'LVVHDSSDUDWHUNDQEUXJHVDIE¡UQIUDRJPHGnURJDISHUVRQHU

PHGUHGXFHUHGHI\VLVNHVHQVRULVNHHOOHUPHQWDOHHYQHUHOOHUPDQJHO

SnHUIDULQJRJHOOHUYLGHQKYLVGHHUXQGHURSV\QRJHUEOHYHW

LQVWUXHUHWLHQVLNNHUEUXJDIDSSDUDWHWRJKDUIRUVWnHWGHGHUDI

UHVXOWHUHQGHIDUHU%¡UQPnLNNHOHJHPHGDSSDUDWHW5HQJ¡ULQJRJ

EUXJHUYHGOLJHKROGHOVHPnLNNHJHQQHPI¡UHVDIE¡UQXGHQRSV\Q

$SSDUDWHWPnNXQEUXJHVKYLVHOOHGQLQJHQRJVHOYHDSSDUDWHWLNNH

YLVHUWHJQSnEHVNDGLJHOVH

6WLNNHWVNDOWUNNHVXGHIWHUKYHUDQYHQGHOVHHOOHULWLOIOGHDIIHMO

)RUDWXQGJnIDUHUPnUHSDUDWLRQHUSnDSSDUDWHWIHNVXGVNLIWQLQJDI

HQEHVNDGLJHWHOOHGQLQJNXQXGI¡UHVDIYRUHVNXQGHVHUYLFH



3+6

GD

(OOHGQLQJHQPnLNNH

Ɣ NRPPHLNRQWDNWPHGYDUPHGHOH

Ɣ WUNNHVRYHUVNDUSHNDQWHU

Ɣ EHQ\WWHVVRPEUHJUHE

7UNQ

HWVWLNNHWXGI¡UUHQJ¡ULQJHQ

6QNDOGULJDSSDUDWHWQHGLYDQG

%UXJLNNHGDPSUHQVHUH

9DUPHSODGHUQHEOLYHUPHJHWYDUPH+ROGNXQDSSDUDWHWLJUHEHW

0nNXQDQYHQGHVLW¡UWKnURJLNNHLV\QWHWLVNKnU

$SSDUDWHWPnNXQOJJHVSnYDUPHXI¡OVRPPHRYHUÀDGHU

0nLNNHEHQ\WWHVLQUKHGHQDIULQGHQGHYDQGHOOHU

YDQGGHUHUKOGWRSLHQWHQKnQGYDVNEDGHNDUHOOHU

DQGUHEHKROGHUH

/LYVIDUH

$SSDUDWHWPnDOGULJNRPPHLNRQWDNWPHGYDQG'HUHURJVnIDUH

QnUDSSDUDWHWHUVOXNNHWGHUIRUVNDOVWLNNHWWUNNHVXGHIWHUEUXJRJ

KYLVDQYHQGHOVHQDIEU\GHV

)RU\GHUOLJHUHEHVN\WWHOVHV¡UJHULQVWDOODWLRQHQDIHWIHMOVWU¡PVUHO

RSWLOP$LKMHPPHWVHOLQVWDOODWLRQ(OLQVWDOODW¡UHQNDQJLYHUnGRJ

YHMOHGQLQJ

.YOQLQJVIDUH

/DGLNNHE¡UQOHJHPHGHPEDOODJHQ

 )DUHIRUIRUEUQGLQJ

8QGJnHQKYHUNRQWDNWPHGKXGHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 GD

7LOO\NNHPHGGLWQ\HSURGXNWIUD%RVFK

'XKDUN¡EWHWNYDOLWHWVSURGXNWVRPGX

YLOInVWRUJOGHDI

'HQQHEUXJVDQYLVQLQJEHVNULYHUWRIRUVNHO

OLJHPRGHOOHUDIJODWWHMHUQPHGWLOEHK¡U

'HOHRJ

EHWMHQLQJVHOHPHQWHU

6N\GHUWLOOnVQLQJ

7,/)5$DIEU\GHUPHGU¡GNRQWUROODPSH

7HPSHUDWXUYOJHUPLQ±±&

6LJQDOODPSHJU¡QÃ¶NODUWLOEUXJ¶

.HUDPLNEHODJWHYDUPHSODGHU

.XQ3+6

3RVH

.DEHOFOLSV

,EUXJWDJQLQJ

Ɣ6WVWLNNHWLHQVWLNGnVHRJSODFpU

DSSDUDWHWSnHQOLJHYDUPHEHVWDQGLJ

RYHUÀDGH6N\GHUHQVNDOYUHVDWWLOL

OnVW

Ɣ7QGPHGDIEU\GHUHQGHQU¡GHODPSH

O\VHU

Ɣ,QGVWLOGHW¡QVNHGHWULQPHGWHPSHUDWXU

YOJHUHQ

Ɣ6nVQDUWGHQJU¡QQHODPSHRJVnO\VHU

HUDSSDUDWHWNODUWLOEUXJ

,QIR3nWULQFD&´FDUH´JnU

WHPSHUDWXUYOJHUHQOLGWLKDN)UDGHWWHWULQ

RSWLOWULQHUJODWWHMHUQHWPHJHWYDUPWRJ

VNDOGHUIRUDQYHQGHVIRUVLJWLJW

0nLNNHEUXJHVLPHUHHQGPLQXWWHU

$QYHQGHOVH

$SSDUDWHWHUHJQHWWLONRUWRJODQJWKnU

Ɣ$SSDUDWHWVNDOEUXJHVSnKnQGNOGHW¡UW

HOOHUW¡UWKnU

Ɣ0nNXQEUXJHVSnXEHKDQGOHWVXQGWKnU

Ɣ0nNXQEUXJHVVMOGHQWSnSHUPDQHQWHW

HOOHUWRQHWKnU

,QIR)LQWKnUUHDJHUHUVUOLJKXUWLJWSn

EHKDQGOLQJHQ'HQHQVDUWHGHYDUPHIRUGH

OLQJHUVUOLJVNnQHQGHIRUKnUHW5HVXOWDWHW

HUJODWKnUPHGLQWHQVLYVLONHDJWLJJODQV

Ɣ/nVGHWRYDUPHSODGHURS

VWVN\GHUHQWLO

U

Ɣ'HOGHWUHGWHKnURSLOLJHEUHGHKnUWRWWHU

EUHGGHFDFP

Ɣ/JHQIRUEHUHGWKnUWRWPHOOHPSODGHUQH

YHGKRYHGEXQGHQ%LOOHGH$

Ɣ7U\NSODGHUQHVDPPHQRJWUN

GHPEO¡GWRJMYQWWLOKnUVSLGVHUQH

%LOOHGH%

Ɣ$OOHKnUWRWWHUEHKDQGOHVSnVDPPH

PnGH/DGKnUHWN¡OHKHOWDILQGHQGHW

UHGHV

9LJWLJ/DGDOGULJDSSDUDWHWEOLYHSn

VDPPHVWHGLPHUHHQGVHNXQGHU



3+6

GD

<GHUOLJHUHRSO\VQLQJHURP%RVFK6W\OLQJ

¿QGHUGXSn

ZZZERVFKSHUVRQDOVW\OHFRP

5HQJ¡ULQJRJSOHMH

*ODWWHMHUQHWVNDOYUHN¡OHWKHOWDILQGHQ

GHWUHQVHVHOOHUOJJHVWLORSEHYDULQJ

)DUHIRUHOHNWULVNHVW¡G

,QGHQUHQJ¡ULQJRJRSEHYDULQJVNDOVWLNNHW

WUNNHVXGDIVWLNNRQWDNWHQ

6QNDOGULJDSSDUDWHWQHGLYDQG

%UXJLNNHGDPSUHQVHUH

$SSDUDWHWV\GUHPnNXQW¡UUHVDIPHGHQ

IXJWLJNOXG%UXJLNNHVNDUSHHOOHUVNXUHQGH

UHQJ¡ULQJVPLGOHU

7HNQLVNHGDWD

(OHNWULVNWLOVOXWQLQJ

VSQGLQJIUHNYHQV

9

+]

(IIHNW :

%RUWVNDIIHOVH

(PEDOODJHQVNDOERUWVNDIIHVSnPLOM¡YHQOLJ

YLV'HWWHDSSDUDWHUNODVVL¿FHUHWLKWGHW

HXURSLVNHGLUHNWLY()RPDIIDOG

DIHOHNWULVNRJHOHNWURQLVNXGVW\UZDVWH

HOHFWULFDODQGHOHFWURQLFHTXLSPHQW±

:((('HWWHGLUHNWLYDQJLYHUUDPPHUQH

IRULQGOHYHULQJRJUHF\FOLQJDINDVVHUHGH

DSSDUDWHUJOGHQGHIRUKHOH(8'XNDQIn

QUPHUHLQIRUPDWLRQHURPDNWXHOOHPXOLJ

KHGHUIRUERUWVNDIIHOVHLIDJKDQGOHQ

5HNODPDWLRQVUHW

3nGHWWHDSSDUDW\GHU%26&+nUVUHNOD

PDWLRQVUHW.¡EVQRWDVNDODOWLGYHGOJJHV

YHGLQGVHQGHOVHWLOUHSDUDWLRQKYLVGHQQH

¡QVNHVXGI¡UWLQGHQIRUUHWWHQWLOUHNODPD

WLRQ0HGI¡OJHUN¡EVQRWDLNNHYLOUHSDUDWLR

QHQDOWLGEOLYHXGI¡UWPRGEHUHJQLQJ

,QGVHQGHOVHWLOUHSDUDWLRQ

6NXOOH'HUHV%26&+DSSDUDWJnLVW\NNHU

NDQGHWLQGVHQGHVWLOYRUWVHUYLFHYUNVWHG

%6++YLGHYDUHU$67HOHJUDIYHM

%DOOHUXSWOI

5HWWLOQGULQJHUIRUEHKROGHV



5REHUW%RVFK+DXVJHUlWH*PE+

 QR

6LNNHUKHWVLQIRUPDVMRQ

9HQQOLJVWOHVGHQQHEUXNVDQYLVQLQJHQQ¡\HRJI¡OJGHQ2SSEHYDU

EUXNVDQYLVQLQJHQWLOVHQHUHEUXN

/HJJYHGGLVVHDQYLVQLQJHQHQnUGXJLUGHWWHDSSDUDWHWWLODQGUH

'HWWHDSSDUDWHWHUEHUHJQHWIRUEUXNLKMHPPHWHOOHUDQGUHLNNH

NRPPHUVLHOOHKXVKROGQLQJVOLNQHQGHPLOM¡HU+XVKROGQLQJVOLNQHQGH

PLOM¡HUVRPSDXVHURPLEXWLNNHUNRQWRUHUODQGEUXNVRJDQGUH

VPnEHGULIWHUHOOHUIRUJMHVWHQHVEUXNLYDQGUHUKMHPVPnKRWHOOHURJ

OLNQHGHERIDVLOLWHWHU

)DUHIRUHOHNWULVNVW¡WRJEUDQQ

$SSDUDWHWVNDOEDUHWLONREOHVVWU¡PQHWWHWRJEUXNHVLVDPVYDUPHG

RSSO\VQLQJHQHSnW\SHVNLOWHW

%DUQXQGHUnUPnLNNHEHWMHQHDSSDUDWHW'LVVHDSSDUDWHQHNDQ

EUXNHVDYEDUQVRPHUnUHOOHUHOGUHRJDYSHUVRQHUPHGUHGXVHUWH



I\VLVNHVHQVRULVNHHOOHUPHQWDOHIHUGLJKHWHUHOOHUPDQJOHQGHHUIDULJ

RJHOOHUNXQQVNDSHUGHUVRPGHWWHVNMHUXQGHUWLOV\QHOOHUGHHUEOLWW

LQVWUXHUWLVLNNHUEUXNDYDSSDUDWHWRJKDUIRUVWnWWGHIDUHUVRPXWJnU

IUDGHW%DUQPnLNNHOHNHPHGDSSDUDWHW5HQJM¡ULQJRJEUXNHUYHGOL

NHKROGVNDOLNNHXWI¡UHVDYEDUQPHGPLQGUHGHHUXQGHUWLOV\Q

3URGXNWHWPnEDUHEUXNHVQnUVWU¡PNDEHOHQRJVHOYHDSSDUDWHWHU

XWHQVNDGH

(WWHUEUXNRJYHGHYHQWXHOOHIHLOVNDOVW¡SVHOHWWDVXWDYVWLNNRQWDNWHQ

)RUnXQQJnIDUOLJHVLWXDVMRQHUPnDSSDUDWHWLNNHUHSDUHUHVDYDQGUH



HQQSURGXVHQWHQVNXQGHVHUYLFH'HWWHJMHOGHUIHNVYHGXWVNLIWLQJDY

HQVNDGHWVWU¡PNDEHO



3+6

QR

/HGQLQJHQPnDOGUL

Ɣ NRPPHLNRQWDNWPHGYDUPHGHOHU

Ɣ WUHNNHVRYHUVNDUSHNDQWHU

Ɣ EHQ\WWHVVRPEUHKnQGWDN

7DD

OOWLGXWVW¡SVHOHWI¡UGXUHQJM¡UDSSDUDWHW

$SSDUDWHWVNDODOGULG\SSHVLYDQQ

,NNHEUXNGDPSUHQVHU

9DUPHSODWHQHEOLUYDUPH7DEDUHWDNLKnQGWDNHWSnDSSDUDWHW

0nNXQEUXNHVSnW¡UWKnULNNHXQGHUQRHQRPVWHQGLJKHWSnSODVWKnU

$SSDUDWHWVNDOEDUHSODVVHUHVSnRYHUÀDWHUVRPHUYDUPHX¡P¿QWOLJH

0nLNNHEUXNHVLQUKHWHQDYEDGHNDUYDVNHVHUYDQW

HOOHUOLJQHQGHEHKROGHUHVRPLQQHKROGHUYDQQ

/LYVIDUH

$SSDUDWHWPnDOGULNRPPHLEHU¡ULQJPHGYDQQ)DUHNDQRJVn

RSSVWnQnUDSSDUDWHWHUVOnWWDYWDGHUIRUDOOWLGXWVW¡SVHOHWHWWHUEUXN

HOOHUQnUGXOHJJHUDSSDUDWHWIUDGHJPLGOHUWLGLJ

<WWHUOLJHUHYHUQJLUHQMRUGIHLOEU\WHURSSWLOP$VRPPRQWHUHV

LVLNULQJVVNDSHW1UPHUHRSSO\VQLQJHUJLVDYQUPHVWH

HOHNWURHQWUHSUHQ¡U

.YHOQLQJVIDUH

/DDOGULVPnEDUQOHNHPHGLQQSDNQLQJVPDWHULDOHW

 )DUHIRUIRUEUHQQLQJHU

8QQJnHQKYHUNRQWDNWPHOORPDSSDUDWHWRJKXGHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 QR

*UDWXOHUHUPHGGLWWQ\H%RVFKSURGXNW

'XKDUInWWHWNYDOLWHWVSURGXNWVRPGX

YLOInP\HJOHGHDY

'HQQHEUXNVDQYLVQLQJHQEHVNULYHUWRXOLNH

KnUJODWWHUPRGHOOHUPHGWLOEHK¡U

'HOHURJ

EHWMHQLQJVHOHPHQWHU

6N\YHNQDSSIRUOnVLQJ

3c$9EU\WHUPHGU¡GNRQWUROODPSH

7HPSHUDWXUYHOJHUIUD´PLQ´WLOWULQQ

±&

*U¡QQNRQWUROODPSH

DSSDUDWHWHUNODUWWLOEUXN

.HUDPLNNEHODJWHYDUPHSODWHU

.XQ3+6

9HVNH

/HGQLQJVNOLSV

)¡UEUXN

Ɣ6HWWVW¡SVHOHWLYHJJNRQWDNWHQRJOHJJ

DSSDUDWHWSnHQSODQYDUPHEHVWDQGLJ

RYHUÀDWH

6N\YHNQDSSHQPnVWnSn

L

Ɣ6OnDSSDUDWHWSnPHGEU\WHUHQGHQ

U¡GHODPSHQO\VHU

Ɣ6WLOOLQQ¡QVNHWYDUPHWULQQPHG

WHPSHUDWXUYHOJHUHQ

Ɣ6nVQDUWGHQJU¡QQHODPSHQO\VHUHU

DSSDUDWHWNODUWWLOEUXN

0HUN3nWULQQFD&´FDUH´

´VWRSSHU´WHPSHUDWXUYHOJHUHQPRWVWDQGV

SXQNW3nWULQQRJHUDSSDUDWHW

PHJHWYDUPWEUXNGHWGHUIRUPHGVWRU

IRUVLNWLJKHW

,NNHEUXNDSSDUDWHWLPHUHQQPLQXWWHU

%UXN

$SSDUDWHWHJQHUVHJIRUODQJWRJNRUWKnU

Ɣ%UXNDSSDUDWHWQnUKnUHWHUKnQGNOHW¡UW

HOOHUKHOWW¡UW

Ɣ%UXNDSSDUDWHWEDUHSnXEHKDQGOHW

XVNDGHWKnU

Ɣ,KnUPHGSHUPDQHQWHOOHULIDUJHWKnU

VNDODSSDUDWHWEUXNHVEDUHHQVMHOGHQ

JDQJ

0HUN)LQWKnUUHDJHUHUVSHVLHOWUDVNWSn

EHKDQGOLQJHQ$SSDUDWHWDYJLUYDUPHQ

MHYQWQRHVRPHUVSHVLHOWVNnQVRPWIRU

KnUHW5HVXOWDWHWHUJODWWKnUPHGHQ

LQWHQVLYVLONHDNWLJJODQV

Ɣ/nVRSSYDUPHSODWHQHYHGnVN\YH

NQDSSHQWLO

U

Ɣ'HOKnUHWVRPGXKDUJODWWHWPHGHQNDP

LOLNHEUHGHSDUWLHUFDFPEUHGH

Ɣ7DHWDYKnUSDUWLHQHRJOHJJGHWYHG

KnUEXQQHQPHOORPSODWHQH%LOGH$

Ɣ3UHVVSODWHQHVDPPHQRJGUDGHPVDNWH

RJMHYQWIUHPPRWKnUWXSSHQH%LOGH%

Ɣ*M¡UGHWVDPPHPHGDOOHKnUSDUWLHQH/D

KnUHWEOLNDOGWI¡UGXJUHUJMHQQRPGHW

9LNWLJ+ROGDSSDUDWHWDOGULLPHUHQQ

VHNXQGHUSnVDPPHVWHG

'X¿QQHUPHULQIRUPDVMRQRP%RVFKVW\OLQJ



SnZZZERVFKSHUVRQDOVW\OHFRP



3+6

QR

5HQJM¡ULQJRJ

VWHOODYDSSDUDWHW

/DDOOWLGDSSDUDWHWEOLKHOWNDOGWI¡UGHW

OHJJHVWLOVLGHIRURSSEHYDULQJHOOHU

UHQJM¡UHV

)DUHIRUVWU¡PVW¡W

7DDOOWLGXWVW¡SVHOHWI¡UUHQJM¡ULQJRJ

RSSEHYDULQJ

$SSDUDWHWVNDODOGULG\SSHVLYDQQ

,NNHEUXNGDPSUHQVHU

%UXNHQIXNWLJNOXWWLOnJM¡UHDSSDUDWHW

UHQWXWYHQGLJRJW¡UNGHWPHGHQW¡UU

NOXW,NNHEUXNVWHUNHUHQJM¡ULQJVPLGOHU

VNXUHSXOYHURO

7HNQLVNHGDWD

6WU¡PNLOGH

V S H Q QL Q J  I U HN Y HQ V

9

+]

(IIHNW :

$YIDOOVKnQGWHULQJ

9HQQOLJVWNDVWLQQSDNQLQJVPDWHULDOHWSn

HQPLOM¡RJIRUVNULIWVPHVVLJPnWH'HWWH

DSSDUDWHWHUNODVVL¿VHUWLKHQKROGWLOGHW

HXURSHLVNHGLUHNWLYHW()RP

DYKHQGLQJDYHOHNWULVNRJHOHNWURQLVN

XWVW\UZDVWHHOHFWULFDODQGHOHFWURQLF

HTXLSPHQW±:((('LUHNWLYHWDQJLU

UDPPHQHIRULQQOHYHULQJRJJMHQYLQQLQJ

DYLQQE\WWHSURGXNWHU)DJKDQGHOHQNDQJL

RSSO\VQLQJHURPDNWXHOOHDYIDOOVPRWWDN

*DUDQWL

)RUGHWWHDSSDUDWHWJMHOGHUGHJDUDQWLEH

WLQJHOVHUVRPHURSSJLWWDYYnUUHSUHVHQWDQW

LGHUHVSHNWLYHODQG'HWDOMHURPGLVVH

JDUDQWLEHWLQJHOVHQHInUGXYHGnKHQYHQGH

GHJWLOHOHNWURKDQGHOHQGHUGXKDUNM¡SW

DSSDUDWHW9HGNUDYLIRUELQGHOVHPHG

JDUDQWL\WHOVHUHUGHWLDOOHIDOOQ¡GYHQGLJ

nOHJJHIUDPNYLWWHULQJIRUNM¡SHWDY

DSSDUDWHW

'HWWDVIRUEHKROGRPHQGULQJHU



5REHUW%RVFK+DXVJHUlWH*PE+

 VY

6lNHUKHWVDQYLVQLQJDU

/lVEUXNVDQYLVQLQJHQQRJDLQQDQGXE|UMDUDQYlQGDDSSDUDWHQ

6SDUDEUXNVDQYLVQLQJHQ

%LIRJDGHKlULQVWUXNWLRQHUQDRPGXJHUDSSDUDWHQWLOOQnJRQDQQDQ

'HQKlUPDVNLQHQlUDYVHGGDWWDQYlQGDVLKXVKnOOHWLQWHI|U

NRPPHUVLHOODQYlQGQLQJ+XVKnOOVOLNQDQGHDQYlQGQLQJRPIDWWDUWH[

DQYlQGQLQJLSHUVRQDOXWU\PPHQLDIIlUHUSnNRQWRUMRUGEUXNVU|UHOVHU

HOOHUDQGUDNRPPHUVLHOODYHUNVDPKHWHUVDPWDWWQ\WWMDVDYJlVWHUSn

SHQVLRQDWVPnKRWHOORFKOLNQDQGHERHQGHLQUlWWQLQJDU

5LVNI|UVWU|PVW|WRFKEUDQG

$QVOXWRFKDQYlQGDSSDUDWHQHQGDVWHQOLJWXSSJLIWHUQDSnW\SVN\OWHQ

%DUQXQGHUnUInULQWHPDQ|YUHUDDSSDUDWHQ

'HVVDDSSDUDWHUNDQDQYlQGDVDYEDUQIUnQnURFKXSSnWRFK

DYSHUVRQHUPHGUHGXFHUDGHI\VLVNDVHQVRULVNDHOOHUPHQWDOD

I|UPnJRURFKEULVWSnHUIDUHQKHWRFKHOOHUNXQVNDSRPGHVWnU

XQGHU|YHULQVHHQGHHOOHURPGHLQVWUXHUDWVLHQVlNHUDQYlQGQLQJ

DYDSSDUDWHQRFKLQIRUPHUDWVRPULVNHUQD%DUQInULQWHOHNDPHG

DSSDUDWHQ

5HQJ|ULQJRFKDQYlQGDUXQGHUKnOOInULQWHJ|UDVDYEDUQXWDQ

|YHULQVHHQGH

$QYlQGHQGDVWRPQlWNDEHORFKPDVNLQlUKHOWIHOIUL

'UDXWNRQWDNWHQXUYlJJXWWDJHWHIWHUYDUMHDQYlQGQLQJHOOHURPGHW

LQWUlIIDUQnJRWIHOPHGDSSDUDWHQ

5HSDUDWLRQHUSnDSSDUDWHQVRPWH[DWWE\WDXWHQVNDGDGNDEHOInU

HQGDVWXWI|UDVDYYnUNXQGVHUYLFHI|UDWWXQGYLNDIDURU



3+6

VY

.DEHOQInULQWH

Ɣ EHU|UDVDYKHWDGHODU

Ɣ GUDV|YHUYDVVDNDQWHU

Ɣ DQYlQGDVVRPKDQGWDJ

'UDXWN

RQWDNWHQXUYlJJXWWDJHWI|UHUHQJ|ULQJ

'RSSDDOGULJQHGDSSDUDWHQLYDWWHQ

$QYlQGLQWHnQJUHQJ|ULQJ

9lUPHSODWWRUQDEOLUKHWD)DWWDHQGDVWWDJLDSSDUDWHQLKDQGWDJHW

)nUHQGDVWDQYlQGDVSnWRUUWKnURFKXQGHULQJDRPVWlQGLJKHWHUSn

SODVWKnU/lJJHQGDVWQHGDSSDUDWHQSnYlUPHRNlQVOLJD\WRU

)nULQWHDQYlQGDVLQlUKHWHQDYYDWWHQVRP¿QQV

LEDGNDUWYlWWIDWHOOHUDQGUDNlUO

/LYVIDUD

/nWLQWHDSSDUDWHQNRPPDLNRQWDNWPHGYDWWHQ'HWWDlUIDUOLJW

lYHQQlUDSSDUDWHQlUIUnQVODJHQ'UDGlUI|UDOOWLGXWNRQWDNWHQXU

YlJJXWWDJHWHIWHUDQYlQGQLQJ

<WWHUOLJDUHVN\GGJHULQE\JJQDGDYHQIHOVWU|PVEU\WDUHSnXSSWLOO

P$LE\JJQDGHQVLQVWDOODWLRQ5nGJ|UPHGHQHOLQVWDOODW|U

.YlYQLQJVULVN

%DUQInULQWHOHNDPHGI|USDFNQLQJVPDWHULDO

 %UlQQVNDGHULVN

8QGYLNDOOWLGDWWNRPPDLNRQWDNWPHGKXGHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 VY

*UDWWLVWLOODWWKDN|SWGHQKlU

%RVFKSURGXNWHQ

'XKDUN|SWHQSURGXNWDYK|JNYDOLWHW

VRPGXNRPPHUKDP\FNHWJOlGMHDY

'HQQDEUXNVDQYLVQLQJEHVNULYHUWYnROLND

PRGHOOHUDYSODWWlQJHU

'HODURFKUHJODJH

6NMXWNQDSSI|UOnVQLQJ

3c$9VWU|PEU\WDUHPHGU|G

NRQWUROODPSD

7HPSHUDWXUYlOMDUHPLQ±±&

*U|QODPSDI|UNODUDWWDQYlQGD

.HUDPLNEHODJGDYlUPHSODWWRU

(QGDVW3+6

3nVH

.DEHOFOLSV

,JnQJVlWWQLQJ

Ɣ$QVOXWDSSDUDWHQWLOOHWWYlJJXWWDJ

RFKOlJJGHQSnHWWMlPQWYlUPHWnOLJW

XQGHUODJ6NMXWNQDSSHQVNDVWnSnL

VWlQJG

Ɣ.RSSODSnDSSDUDWHQPHGNQDSSHQVn

WlQGVGHQU|GDODPSDQ

Ɣ6WlOOLQ|QVNDWOlJHPHG

WHPSHUDWXUYlOMDUHQ

Ɣ1lUGHQJU|QDODPSDQWlQGVlU

DSSDUDWHQNODUDWWDQYlQGD

,QIR,OlJHFD&´FDUH´JnUWHPSH

UDWXUYlOMDUHQOlWW)UnQOlJHWLOOOlJHlU

SODWWnQJHQP\FNHWYDUPYDUGlUI|UI|UVLNWLJ

QlUGXDQYlQGHUGHVVDOlJHQ

$QYlQGDSSDUDWHQK|JVWPLQXWHUnW

JnQJHQ

$QYlQGQLQJ

$SSDUDWHQlUOlPSOLJI|UOnQJWRFKNRUWKnU

Ɣ$QYlQGDSSDUDWHQLKDQGGXNVWRUUWHOOHU

WRUUWKnU

Ɣ$QYlQGDSSDUDWHQHQGDVWLREHKDQGODW

IULVNWKnU

Ɣ$QYlQGGHQHQGDVWVlOODQWLOOSHUPDQHQ

WDWHOOHUWRQDWKnU

,QIR)LQWKnUUHDJHUDUVSHFLHOOWVQDEEWSn

EHKDQGOLQJHQ'HQMlPQDYlUPHQlUVlU

VNLOWVNRQVDPI|UKnUHW'XInUHWWVOlWWKnU

PHGLQWHQVLYVLGHQPDWWJODQV

Ɣ/RVVDGHEnGDYlUPHSODWWRUQDJHQRPDWW

VWlOODVNMXWNQDSSHQSn

U|SSHQ

Ɣ.DPPDKnUHWVOlWWRFKGHODXSSGHWL

MlPQWEUHGDVOLQJRUFDFPEUHGD

Ɣ/lJJVOLQJRUQDHQRFKHQIUnQKnUERWWHQ

PHOODQSODWWRUQD%LOG$

Ɣ7U\FNVDPPDQSODWWRUQDRFKGUDPMXNW

RFKMlPQWXWWLOOKnUWRSSDUQD%LOG%

Ɣ%HKDQGODKHODKnUHW/nWKnUHWVYDOQD

RUGHQWOLJWLQQDQGXJ|UNODUIULV\UHQ

9LNWLJW+nOOLQWHNYDUSODWWRUQDSnVDPPD

VWlOOHLPHUlQVHNXQGHU

%HV|N

ZZZERVFKSHUVRQDOVW\OHFRP

I|UDWWInPHULQIRUPDWLRQRP%RVFKVW\OLQJ



3+6

VY

5HQJ|ULQJRFKVN|WVHO

/nWDOOWLGDSSDUDWHQVYDOQDKHOWLQQDQGHQ

OlJJVXQGDQI|UI|UYDULQJHOOHULQQDQGHQ

J|UVUHQW

5LVNI|UVWU|PVW|W

'UDXWQlWVWLFNNRQWDNWHQLQQDQUHQJ|ULQJ

RFKI|UYDULQJ

'RSSDDOGULJQHGDSSDUDWHQLYDWWHQ

$QYlQGLQWHnQJUHQJ|ULQJ

7RUNDEDUDDYDSSDUDWHQPHGHQIXNWLJGXN

RFKHIWHUWRUNDGHQVHGDQ6NDUSDHOOHUVOL

SDQGHUHQJ|ULQJVPHGHOInULQWHDQYlQGDV

7HNQLVNDGDWD

(OHNWULVNDQVOXWQLQJ

VSlQQLQJIUHNYHQV

9

+]

(IIHNW :

$YIDOOVKDQWHULQJ

.DVVHUDI|USDFNQLQJHQSnHWWPLOM|YlQOLJW

VlWW'HQQDHQKHWlUPlUNWLHQOLJKHWPHG

GHUHXURSHLVNDGLUHNWLYHW(*

RPDYIDOOVRPXWJ|UVDYHOOHULQQHKnOOHU

HOHNWURQLVNDSURGXNWHUZDVWHHOHFWULFDO

DQGHOHFWURQLFHTXLSPHQW±:(((

'LUHNWLYHWDQJHUUDPDUQDI|ULQRP(8JLOWLJW

nWHUWDJDQGHRFKNRUUHNWnWHUYLQQLQJDY

XWWMlQWDHQKHWHU.RQWDNWDGLQIDFNKDQGHO

RPGXYLOOKD\WWHUOLJDUHLQIRUPDWLRQ

.RQVXPHQWEHVWlPPHOVHU

,6YHULJHJlOOHUDY(+/DQWDJQD

NRQVXPHQWEHVWlPPHOVHU'HQIXOOVWlQGLJD

WH[WHQ¿QQVKRVGLQKDQGODUH6SDUNYLWWRW

5lWWWLOOlQGULQJDUI|UEHKnOOV



5REHUW%RVFK+DXVJHUlWH*PE+

 ¿

7XUYDOOLVXXVRKMHHW

/XHWlPlNl\WW|RKMHKXROHOOLVHVWLOlSLVHNlQRXGDWDRKMHLWD

6lLO\WlRKMHHW

.XQDQQDWODLWWHHQWRLVHOOHKHQNLO|OOHDQQDP\|VWlPlNl\WW|RKMH

/DLWHRQWDUNRLWHWWXNl\WHWWlYlNVLNRWLWDORXNVLVVDWDLYDVWDDYLVVD

RORVXKWHLVVD.RWLWDORXVNl\W|OOlWDUNRLWHWDDQHVLPNl\WW|l

W\|QWHNLM|LGHQWDXNRWLORLVVDNDXSRLVVDWRLPLVWRLVVDPDDWLORLOOD

MDPXLOODHOLQNHLQRHOlPlQDOXHLOODVHNlDVLDNDVNl\WW|lSLHQLVVl

KRWHOOHLVVDPRWHOOHLVVDMDPXLVVDPDMRLWXVWLORLVVD

6lKN|LVNXMDSDORYDDUD

6lKN|YHUNNRRQOLLWWlPLQHQMDNl\WW|YDLQQLPLNLOYHVVlROHYLHQ

RKMHLGHQPXNDLVHVWL

$OOHYXRWLDDWODSVHWHLYlWVDDNl\WWllODLWHWWD

<OLYXRWLDDWODSVHWMDI\\VLVLOWlVHQVRULVLOWDWDLKHQNLVLOWlYDOPLXN

VLOWDDQUDMRLWWHLVHWWDLNNDNRNHPDWWRPDWMDWDLWDLWDPDWWRPDWKHQNLO|W

YRLYDWNl\WWllODLWHWWDMRVKHLGlQWXUYDOOLVXXGHVWDDQYDVWDDYDKHQNLO|

YDOYRRKHLWlWDLRQSHUHKG\WWlQ\WKHLGlWODLWWHHQWXUYDOOLVHHQNl\WW||Q

MDNl\W|VWlDLKHXWXYLLQYDDURLKLQ/DSVHWHLYlWVDDOHLNNLlODLWWHHOOD

/DSVHWHLYlWVDDLOPDQYDOYRQWDDSXKGLVWDDWDLKXROWDDODLWHWWD

/DLWHWWDVDDNl\WWllDLQRDVWDDQVLOORLQNXQODLWHMDVHQMRKWRHLYlWROH

YDXULRLWXQHLWD

$LQDNl\W|QMlONHHQWDLYLDQLOPHVW\HVVlRQSLVWRNHYHGHWWlYlLUWL

VHLQlVWl

9DDUDQYlOWWlPLVHNVLODLWWHHQNRUMDXNVHWNXWHQHVLPYLRLWWXQHHQ

MRKGRQYDLKWRRQDLQDVXRULWHWWDYDDVLDNDVSDOYHOXVVDPPH



3+6

¿

+XRPDDHWWl

Ɣ YLUWDMRKWRHLVDDNRVNHDNXXPLLQHVLQHLVLLQ

Ɣ YLUWDMRKWRDHLVDDYHWllWHUlYLHQUHXQRMHQ\OL

Ɣ YLUWDMRKWRDHLVDDNl\WWllNDQWRNDKYDQD

QHQSXKGLVWXVWDYHGlSLVWRNHSRLVVHLQlVWl

bOlNRVNDDQXSRWDODLWHWWDYHWHHQ

bOlNl\WlK|\U\SHVXULD

/HY\WNXXPHQHYDW7DUWXNLLQQLYDLQODLWWHHQNDKYDVWD

.l\WlYDLQNXLYLLQKLXNVLLQlOlNRVNDDQNl\WlWHNRKLXNVLLQ

$VHWDODLWHYDLQOlPS|lNHVWlYLOOHSLQQRLOOH



bOlNl\WlN\OS\DPPHHVVDWDLSHVXDOWDDVVDROHYDQ

YHGHQOlKHLV\\GHVVl

+HQJHQYDDUD

/DLWHHLVDDNRVNDDQROODNRVNHWXNVHVVDYHGHQNDQVVD9DDUDRQ

ROHPDVVDYDLNNDYLUWDROLVLSRLVSllOWl3LVWRNHRQRWHWWDYDLUWL

VHLQlVWlNXQODLWHWWDHLNl\WHWl

/LVlVXRMDVDDGDDQVXRMDDPDOODDVXQQRQWDLWDORQVlKN|YHUNNR

P$QYLNDYLUWDVXRMDN\WNLPHOOl/LVlWLHWRMDMDQHXYRMDVDD

YDOWXXWHWXLOWDVlKN|DVHQWDMLOWD

7XNHKWXPLVYDDUD

bOlDQQDODVWHQOHLNNLlSDNNDXVPDWHULDDOLOOD

 3DORYDPPDQYDDUD

.DLNNLLKRNRQWDNWLRQYlOWHWWlYl



5REHUW%RVFK+DXVJHUlWH*PE+

 ¿

2QQLWWHOXW2OHWRVWDQXW%RVFKODLWWHHQ

2OHWKDQNNLQXWODDGXNNDDQWXRWWHHQ

MRVWDRQVLQXOOHSDOMRQLORD

7lVVlNl\WW|RKMHHVVDNXYDWDDQ

NDKWDHULODLVWDKLXVWHQVXRULVWLQPDOOLD

OLVlYDUXVWHLQHHQ

/DLWWHHQRVDWMDN\WNLPHW

/XNLWXVN\WNLQ

3bb//(32,6N\WNLQMDSXQDLQHQ

PHUNNLYDOR

/lPS|WLODQYDOLWVLQPLQ±±&

.l\WW|YDOPLXWWDRVRLWWDYD

YLKUHlPHUNNLYDOR

.HUDPLLNNDSLQQRLWHWXWOlPPLW\VHOHPHQWLW

9DLQ3+6

3XVVL

-RKGRQSLGLNH

.l\WW||QRWWR

Ɣ/DLWDSLVWRNHVHLQllQMDDVHWDODLWHWDVDL

VHOOHNXXPXXWWDNHVWlYlOOHDOXVWDOOH

/XNLWXVN\WNLPHQRQROWDYDDVHQQRVVD

NLLQQL

L

Ɣ.\WNHODLWHSllOOHN\WNLPHOOlSXQDLQHQ

PHUNNLYDORV\WW\\

Ɣ9DOLWVHKDOXWWXOlPS|WLODDVHQWR

YDOLWVLPHOOD

Ɣ/DLWHRQNl\WW|YDOPLLQDNXQPHUNNLYDOR

V\WW\\

+XRP/lPS|WLODDVHQQRVVDQRLQ&

ÄFDUH³YDOLWVLQORNVDKWDDNHY\HVWLSDLNRLO

OHHQ/lPS|WLODDVHQQRLVVDMD

ODLWHRQK\YLQNXXPD2OHYDURYDLQHQ

bOlNl\WlODLWHWWDPLQXXWWLDSLGHPSll

.l\WW|

+LXVWHQVXRULVWDMDVRYHOWXXQLLQSLWNLLQNXLQ

O\K\LVLLQKLXNVLLQ

Ɣ+LXVWHQRQROWDYDS\\KHNXLYDWWDLNXLYDW

Ɣ.l\WlODLWHWWDYDLQWHUYHLGHQNlVLWWHOH

PlWW|PLHQKLXVWHQKRLWDPLVHHQ

Ɣ.l\WlODLWHWWDYDLQKDUYRLQMRVKLXNVHWRQ

NlVLWHOO\WHVLPSHUPDQHQWWLWDLYlUMl\V

+XRP+LHQRWXNNDUHDJRLHULW\LVHQQRSH

DVWLNlVLWWHO\\Q7DVDLVHQOlPP|QOXRYXWXN

VHQDYXOODKLXNVHWNlVLWHOOllQK\YLQKLHQR

YDUDLVHVWL7XORNVHQDRQVLOHlWXNNDMRVVD

RQLQWHQVLLYLQHQVLONLQRPDLQHQKRKGH

Ɣ$YDDPROHPPDWNHUDDPLVHWOHY\WVLLUWl

PlOOlN\WNLQDXNLDVHQWRRQ

U

Ɣ-DDVXRULNVLNDPPDWXWKLXNVHWWDVDOHY\L

VLLQVXRUWXYLLQQRLQFPOHYHl

Ɣ$VHWDODLWWHHQOHY\WKLXVUDMDQWXQWXPDVVD

KRLGHWWDYDQVXRUWXYDQPROHPSLLQSXROLLQ

.XYD$

Ɣ3XULVWDOHY\W\KWHHQMDYHGlNRNRODLWH

KHOOlVWLMDWDVDLVHVWLKLXVWHQNlUNLLQDVWL

.XYD%

Ɣ.lVLWWHOHNDLNNLVXRUWXYDWVDPDOODWDYDOOD

$QQDKLXVWHQMllKW\lHQQHQNXLQMDWNDW

KLXVWHQODLWWDPLVWD

7lUNHlbOlNRVNDDQS\V\VDPDVVD

NRKGDVVDVHNXQWLDSLGHPSll

/LVlWLHWRMD%RVFK6W\OLQJLVWDRQRVRLWWHHVVD

ZZZERVFKSHUVRQDOVW\OHFRP



3+6

¿

3XKGLVWXVMDKRLWR

$QQDODLWWHHQMllKW\lWl\GHOOLVHVWLHQQHQ

VHQDVHWWDPLVWDVlLO\W\VSDLNNDDQWDLHQQHQ

VHQSXKGLVWDPLVWD

6lKN|LVNXQYDDUD

,UURWDSLVWRNHSLVWRUDVLDVWDHQQHQ

SXKGLVWXVWDMDVlLO\W\VWl

bOlNRVNDDQXSRWDODLWHWWDYHWHHQ

bOlNl\WlK|\U\SHVXULD

3XKGLVWDODLW

HXONRSXROHOWDYDLQS\\KNLPlOOl

VLWlNRVWHDOODULHYXOODMDNXLYDDPDOOD

VLWlVHQMlONHHQbOlNl\WlYDKYRMDWDL

KDQNDDYLDSXKGLVWXVDLQHLWD

7HNQLVHWWLHGRW

9HUNNROLLWlQWl

MlQQLWHWDDMXXV

9

+]

7HKR :

-lWHKXROWR

+lYLWlSDNNDXV\PSlULVW|\VWlYlOOLVHVWL

7lPlQODLWWHHQPHUNLQWlSHUXVWXXNl\WHWW\Ml

VlKN|MDHOHNWURQLLNNDODLWWHLWDZDVWHHOHFWUL

FDODQGHOHFWURQLFHTXLSPHQW±:(((

NRVNHYDDQGLUHNWLLYLLQ(*7lPl

GLUHNWLLYLPllULWWllNl\WHWW\MHQODLWWHLGHQ

SDODXWXVMDNLHUUlW\VVllQQ|NVHWNRNR(8Q

DOXHHOOD7LHWRMDRLNHDVWDMlWHKXROORVWDVDD

P\\MlOWlWDLNXQQDOOLVHOWDMlWHQHXYRMDOWD

7DNXX

7lOOHODLWWHHOOHRYDWYRLPDVVDPDDKDQ

WXRMDQP\|QWlPlWWDNXXHKGRW7l\GHOOLVHW

WDNXXHKGRWVDDWP\\QWLOLLNNHHOWlMRVWDROHW

RVWDQXWODLWWHHQ7DNXXWDSDXNVHVVDRQ

Ql\WHWWlYlRVWRNXLWWL

2LNHXVPXXWRNVLLQSLGlWHWllQ



5REHUW%RVFK+DXVJHUlWH*PE+

 HV

,QGLFDFLRQHVGHVHJXULGDG

/HDFRQDWHQFLyQODVLQVWUXFFLRQHVGHXVRDFW~HHQFRQVHFXHQFLD

\

JXiUGHODV(QFDVRGHHQWUHJDUHVWHDSDUDWRDRWUDSHUVRQDDGMXQWH



HVWDVLQVWUXFFLRQHVGHXVR

(VWHDSDUDWRKDVLGRGLVHxDGRSDUDXVRGRPpVWLFRRSDUDVXXVRHQ

HQWRUQRVQRLQGXVWULDOHVHTXLSDUDEOHVDORVGRPpVWLFRV/RVXVRV

VLPLODUHVDORVGRPpVWLFRVFRPSUHQGHQSRUHMHPSORODDSOLFDFLyQHQ

HVWDQFLDVSDUDHOSHUVRQDOGHWLHQGDVR¿FLQDVDVtFRPRGHHPSUHVDV

DJUtFRODV\RWUDVFRPSDxtDVFRPHUFLDOHVRLQGXVWULDOHVDVtFRPRHO

XVRSRUKXpVSHGHVGHSHQVLRQHVKRWHOHVSHTXHxRV\OXJDUHVGH

UHVLGHQFLDVLPLODUHV

£3HOLJURGHHOHFWURFXFLyQ\GHLQFHQGLR

&RQHFWDU\XWLOL]DUHODSDUDWRVyORVHJ~QORVGDWRVGHODSODFDGH

FDUDFWHUtVWLFDV

(ODSDUDWRQRGHEHVHUPDQHMDGRSRUQLxRVPHQRUHVGHRFKRDxRV

(VWRVDSDUDWRVSXHGHQVHUPDQHMDGRVSRUQLxRVGHRFKRRPiV

DxRV\SRUSHUVRQDVFRQIDFXOWDGHVItVLFDVVHQVRULDOHVRPHQWDOHV

GLVPLQXLGDVRELHQFRQIDOWDGHH[SHULHQFLD\RGHFRQRFLPLHQWRVVLOR

KDFHQEDMRVXSHUYLVLyQRVLKDQVLGRLQVWUXLGDVDFHUFDGHOXVR

VHJXUR

GHODSDUDWR\VLKDQFRPSUHQGLGRORVSHOLJURVTXHVHSXHGHQ

GHULYDU

GHVXPDQHMR/RVQLxRVQRGHEHQMXJDUFRQHODSDUDWR

/DVRSHUDFLRQHVGHOLPSLH]D\PDQWHQLPLHQWRDFDUJRGHOXVXDULRQR

GHEHQVHUUHDOL]DGDVSRUQLxRVVLQODGHELGDYLJLODQFLD

8WLOL]DUH[FOXVLYDPHQWHFXDQGRHOFDEOHGHDOLPHQWDFLyQ\HODSDUDWR



QRSUHVHQWHQGDxRV

'HVHQFKXIDUODFODYLMDGHVSXpVGHFDGDXVRRHQFDVRGHIDOOR

/DVUHSDUDFLRQHVHQHODSDUDWRFRPRSRUHMHPSORHOFDPELRGHXQ

FDEOHGDxDGRGHEHQVHUUHDOL]DGDVVyORSRUQXHVWURVHUYLFLRDOFOLHQWH

SDUDHYLWDUSHOLJURV



3+6

HV

(OFDEOHGHDOLPHQWDFLyQQRGHEH

Ɣ SRQHUVHHQFRQWDFWRFRQSLH]DVFDOLHQWHV

Ɣ SDVDUVHVREUHERUGHVD¿ODGRV

Ɣ XVDUVHSDUDHOWUDQVSRUWH

WHVGHOLPSLDUGHVHQFKXIDUODFODYLMD

1RVXPHUJLUQXQFDHODSDUDWRHQDJXD

1RXWLOL]DUQLQJ~QOLPSLDGRUGHYDSRU

/DVSODFDVFHUiPLFDVVHFDOLHQWDQ6RVWHQHUHODSDUDWRVRORSRUHO

DVD$SOLFDUVRORHQFDEHOORVVHFRVQRXWLOL]DUORQXQFDHQFDEHOORDUWL

¿FLDO'HSRVLWDUHODSDUDWRVLHPSUHHQVXSHU¿FLHVUHVLVWHQWHVDOFDORU

1RXVDUFHUFDGHEDxHUDVODYDERVXRWURVUHFLSLHQWHV

OOHQRVGHDJXD

£3HOLJURGHPXHUWH

(ODSDUDWRQRGHEHHQWUDUQXQFDHQFRQWDFWRFRQDJXD([LVWHSHOLJUR

LQFOXVRFRQHODSDUDWRGHVFRQHFWDGRSRUORWDQWRGHVSXpVGHVX

XVR\FXDQGRVHUHDOLFHXQDSDXVDPLHQWUDVVHXVHGHVHQFKXIDUOD

FODYLMD

(OPRQWDMHGHXQLQWHUUXSWRUGHFRUULHQWHGHGHIHFWRKDVWDP$

RIUHFHSURWHFFLyQDGLFLRQDOHQODLQVWDODFLyQGRPpVWLFD&RQVXOWHFRQ

XQHOHFWULFLVWD

£3HOLJURGHDV¿[LD

1RGHMHTXHORVQLxRVMXHJXHQFRQHOHPEDODMH

 £3HOLJURGHTXHPDGXUDV

(YLWDUHOFRQWDFWRFRQODSLHO



5REHUW%RVFK+DXVJHUlWH*PE+

 HV

(QKRUDEXHQDSRUKDEHUFRPSUDGRHVWH

DSDUDWRGHODFDVD%RVFK

+DDGTXLULGRXQSURGXFWRGHJUDQFDOLGDG

TXHOHVDWLVIDUiHQRUPHPHQWH

(VWDVLQVWUXFFLRQHVSDUDHOXVRGHVFULEHQ

GRVPRGHORVGLIHUHQWHVGHSODQFKDVSDUDHO

FDEHOORFRQDFFHVRULRV

3LH]DV\

HOHPHQWRVGHPDQHMR

%RWyQGHEORTXHR

,QWHUUXSWRUGHDOLPHQWDFLyQFRQ

SLORWRGHFRQWUROURMR

6HOHFWRUGHWHPSHUDWXUDPLQ±

±&

3LORWRYHUGHLQGLFDGRUGHOLVWRSDUD

IXQFLRQDU

3ODFDVGHFDOHQWDPLHQWRFRQ

UHYHVWLPLHQWRFHUiPLFR

6yOR3+6

%ROVD

&OLSSDUDHOFDEOH

3XHVWDHQVHUYLFLR

Ɣ(QFKXIDUHODSDUDWR\FRORFDUVREUHXQD

VXSHU¿FLHUHFWDUHVLVWHQWHDOFDORU(O

ERWyQGHEHHVWDUHQLFHUUDGR

Ɣ(QFHQGHUFRQHOLQWHUUXSWRUVHLOXPLQD

HOSLORWRURMR

Ɣ$MXVWDUODSRWHQFLDGHVHDGDHQHOVHOHFWRU

GHWHPSHUDWXUD

Ɣ(QFXDQWRVHHQFLHQGDHOSLORWRYHUGHHO

DSDUDWRHVWiOLVWRSDUDIXQFLRQDU

,QIRUPDFLyQ&RQODSRWHQFLDDSUR[

&³FDUH´HOVHOHFWRUGHWHPSHUDWXUD

HQFODYDIiFLOPHQWH'HVGHHVWDSRWHQFLD

KDVWDODSRWHQFLDHODOLVDGRUGHFDEHOOR

HVWiPX\FDOLHQWHSRUORTXHGHEHXVDUVH

FRQFXLGDGR

1RXWLOL]DUGXUDQWHPiVGHPLQXWRV

$SOLFDFLyQ

(ODSDUDWRHVLQGLFDGRSDUDFDEHOORODUJR\

FRUWR

Ɣ8WLOL]DUHODSDUDWRHQHOFDEHOORGHVSXpV

GHVHFDUORFRQODWRDOODRWRWDOPHQWHVHFR

Ɣ$SOLFDUVyORHQHOFDEHOORVDQR\VLQWUDWDU

Ɣ8WLOL]DUSRFRIUHFXHQWHPHQWHHQ

SHUPDQHQWHVRFDEHOORWHxLGR

,QIRUPDFLyQ(OFDEHOOR¿QRUHDFFLRQDFRQ

HVSHFLDOUDSLGH]DOWUDWDPLHQWR

/DHPLVLyQGHFDORUPRGHUDGDHV

HVSHFLDOPHQWHFXLGDGRVDFRQHOFDEHOOR

(OUHVXOWDGRHVXQFDEHOOROLVRFRQXQEULOOR

LQWHQVR\VHGRVR

Ɣ'HVEORTXHDUODVGRVSODFDVGH

FDOHQWDPLHQWRSDUDHOORSRQHUHOERWyQ

HQ

UDELHUWR

Ɣ'LYLGLUHOFDEHOORSHLQDGROLVRHQPHFKR

QHVGHLJXDODQFKXUDDSUR[FPDQFKR

Ɣ&RORFDUXQPHFKyQSUHSDUDGRHQHO

VXSOHPHQWRSDUDHOFDEHOORHQWUHODV

SODFDV)LJXUD$

Ɣ&RPSULPLUODVSODFDV\GHVOL]DUVXDYH

\XQLIRUPHPHQWHKDVWDODVSXQWDVGHO

FDEHOOR)LJXUD%

Ɣ+DFHUORPLVPRFRQWRGRVORVPHFKRQHV

$QWHVGHOSHLQDGR¿QDOGHMDUHQIULDUELHQ

HOFDEHOOR

,PSRUWDQWH1RGHWHQHUVHQXQFDPiVGH

VHJXQGRVHQXQSXQWR

(QFRQWUDUiPiVLQIRUPDFLyQVREUHHOVW\OLQJ

GH%

RVFKHQODSiJLQDZHE

ZZZERVFKSHUVRQDOVW\OHFRP



3+6

HV

/LPSLH]D\PDQWHQLPLHQWR

$QWHVGHSURFHGHUDJXDUGDUROLPSLDUHO

DSDUDWRGHMDUVLHPSUHTXHVHHQIUtHGHO

WRGR

£3HOLJURGHHOHFWURFXFLyQ

'HVFRQHFWDUGHODUHGDQWHVGHODOLPSLH]D\

GHODOPDFHQDPLHQWR

1RVXPHUJLUQXQFDHODSDUDWRHQDJXD

1RXWLOL]DUQLQJ~QOLPSLDGRUGHYDSRU

/LPSLDUHODSDUDWRH[WHUQDPHQWHVyORFRQ

XQSDxRK~PHGR\VHFDUDFRQWLQXDFLyQ

1RXWLOL]DUOLPSLDGRUHVIXHUWHVRDEUDVLYRV

'DWRVWpFQLFRV

&RQH[LyQHOpFWULFD

WHQVLyQIUHFXHQFLD

9

+]

3RWHQFLD :

(OLPLQDFLyQ

(OLPLQHHOHPEDODMHUHVSHWDQGRHOPHGLR

DPELHQWH(VWHDSDUDWRHVWiPDUFDGRFRQ

OD'LUHFWLYDHXURSHD&(UHODWLYDDO

XVRGHDSDUDWRVHOpFWULFRV\HOHFWUyQLFRV

5HVLGXRVGHDSDUDWRVHOpFWULFRV\HOHFWUy

QLFRV/DGLUHFWLYDSURSRUFLRQDHOPDUFR

JHQHUDOYiOLGRHQWRGRHOiPELWRGHOD8QLyQ

(XURSHDSDUDODUHWLUDGD\ODUHXWLOL]DFLyQ

GHORVUHVLGXRVGHORVDSDUDWRVHOpFWULFRV

\HOHFWUyQLFRV,QIyUPHVHVREUHODVYtDVGH

HOLPLQDFLyQDFWXDOHVHQVXGLVWULEXLGRU

*DUDQWtD

&21',&,21(6'(*$5$17,$3$(

%26&+VHFRPSURPHWHDUHSDUDURUHSRQHU

GHIRUPDJUDWXLWDGXUDQWHXQSHUtRGRGH

PHVHVDSDUWLUGHODIHFKDGHFRPSUDSRU

HOXVXDULR¿QDOODVSLH]DVFX\RGHIHFWRR

IDOWDGHIXQFLRQDPLHQWRREHGH]FDDFDXVDV

GHIDEULFDFLyQDVtFRPRODPDQRGHREUD

QHFHVDULDSDUDVXUHSDUDFLyQVLHPSUH\

FXDQGRHODSDUDWRVHDOOHYDGRSRUHOXVXDULR

DOWDOOHUGHO6HUYLFLR7pFQLFR$XWRUL]DGRSRU

%26&+

(QHOFDVRGHTXHHOXVXDULRVROLFLWDUDOD

YLVLWDGHO7pFQLFR$XWRUL]DGRDVXGRPLFLOLR

SDUDODUHSDUDFLyQGHODSDUDWRHVWDUi

REOLJDGRHOXVXDULRDSDJDUORVJDVWRVGHO

GHVSOD]DPLHQWR

(VWDJDUDQWtDQRLQFOX\HOiPSDUDVFULVWDOHV

SOiVWLFRVQLSLH]DVHVWpWLFDVUHFODPDGDV

GHVSXpVGHOSULPHUXVRQLDYHUtDVSURGX

FLGDVSRUFDXVDVDMHQDVDODIDEULFDFLyQR

SRUXVRQRGRPpVWLFR,JXDOPHQWHQRHVWiQ

DPSDUDGDVSRUHVWDJDUDQWtDODVDYHUtDV

RIDOWDGHIXQFLRQDPLHQWRSURGXFLGDVSRU

FDXVDVQRLPSXWDEOHVDODSDUDWRPDQHMR

LQDGHFXDGRGHOPLVPROLPSLH]DVYROWDMHVH

LQVWDODFLyQLQFRUUHFWDRIDOWDGHVHJXLPLHQWR

GHODVLQVWUXFFLRQHVGHIXQFLRQDPLHQWR\

PDQWHQLPLHQWRTXHSDUDFDGDDSDUDWRVH

LQFOX\HQHQHOIROOHWRGHLQVWUXFFLRQHV

3DUDODHIHFWLYLGDGGHHVWDJDUDQWtDHV

LPSUHVFLQGLEOHDFUHGLWDUSRUSDUWHGHO

XVXDULR\DQWHHO6HUYLFLR$XWRUL]DGRGH

%26&+ODIHFKDGHDGTXLVLFLyQPHGLDQWH

ODFRUUHVSRQGLHQWH)$&785$'(&2035$

TXHHOXVXDULRDFRPSDxDUiFRQHODSDUDWR

FXDQGRDQWHODHYHQWXDOLGDGGHXQDDYHUtD

ORWHQJDTXHOOHYDUDO7DOOHU$XWRUL]DGR

/DLQWHUYHQFLyQHQHODSDUDWRSRUSHUVRQDO

DMHQRDO6HUYLFLR7pFQLFR$XWRUL]DGRSRU

%26&+VLJQL¿FDODSpUGLGDGHJDUDQWtD

*8$5'(3257$172/$)$&785$

'(&2035$7RGRVQXHVWURVWpFQLFRV

YDQSURYLVWRVGHOFRUUHVSRQGLHQWHFDUQHW

DYDODGRSRU$1)(/$VRFLDFLyQ1DFLRQDO

GH)DEULFDQWHVGH(OHFWURGRPpVWLFRVTXH

OHDFUHGLWDFRPR6HUYLFLR$XWRUL]DGRGH

%26&+

5HVHUYDGRHOGHUHFKRDFDPELRV\

PRGL¿FDFLRQHVVLQSUHYLRDYLVR



5REHUW%RVFK+DXVJHUlWH*PE+

 SW

,QVWUXo}HVGHVHJXUDQoD

/HUDWHQWDPHQWHDVLQVWUXo}HVGHXWLOL]DomRDJLUHPFRQIRUPLGDGH

FRPDVLQVWUXo}HVHJXDUGiODV

(QWUHJXHHVWDVLQVWUXo}HVGHVHUYLoRVHPSUHTXHHPSUHVWDUR

DSDUHOKR

(VWHDSDUHOKRGHVWLQDVHDRXVRGRPpVWLFRRXVLPLODUQmRFRPHUFLDO



$SOLFDo}HVVLPLODUHVLQFOXHPSRUH[HPSOR8WLOL]DomRHPLQVWDOD

o}HVSDUDFRODERUDGRUHVHPORMDVHVFULWyULRVH[SORUDo}HVDJUtFRODV

HRXWURVHVWDEHOHFLPHQWRVFRPHUFLDLVDVVLPFRPRDXWLOL]DomRSRU

KyVSHGHVHPSHQV}HVSHTXHQRVKRWpLVHPRGDOLGDGHVUHVLGHQFLDLV



VHPHOKDQWHV

3HULJRGHFKRTXHHOpFWULFRHGHLQFrQGLR

/LJDUHXWLOL]DURDSDUHOKRDSHQDVHPFRQIRUPLGDGHFRPDV

LQGLFDo}HVGDFKDSDGHFDUDFWHUtVWLFDV

2DSDUHOKRQmRGHYHVHUXWLOL]DGRSRUFULDQoDVFRPLGDGHLQIHULRU

DDQRV

(VWHDSDUHOKRSRGHVHUXWLOL]DGRSRUFULDQoDVDSDUWLUGRVDQRVGH

LGDGHHSRUSHVVRDVFRPFDSDFLGDGHVItVLFDVVHQVRULDLVRXPHQWDLV

OLPLWDGDVRXFRPIDOWDGHH[SHULrQFLDHRXFRQKHFLPHQWRVGHVGHTXH

VXSHUYLVLRQDGDVRXLQIRUPDGDVVREUHFRPRWUDEDOKDUFRPRDSDUHOKR

GHIRUPDVHJXUDHLQVWUXtGDVVREUHRVSHULJRVLQHUHQWHV$VFULDQoDV

QmRSRGHPEULQFDUFRPRDSDUHOKR$VFULDQoDVQmRSRGHPSURFHGHU

jOLPSH]DHPDQXWHQomRGRDSDUHOKRVHPDVXSHUYLVmRGHXPDGXOWR

8WLOL]DURDSDUHOKRDSHQDVVHRFDERHOpFWULFRHRDSDUHOKRQmR

DSUHVHQWDUHPGDQRV

'HVOLJDUD¿FKDDSyVXWLOL]DomRRXHPFDVRGHDYDULD

3DUDHYLWDUVLWXDo}HVGHSHULJRDVUHSDUDo}HVQRDSDUHOKRSRUH[

VXEVWLWXLomRGHXPFDERHOpFWULFRDSHQDVSRGHPVHUUHDOL]DGDVSHORV

QRVVRVVHUYLoRVGHDVVLVWrQFLDWpFQLFD



3+6

SW

1XQFD

Ɣ GHL[DURFDERSHUWRGHSHoDVTXHQWHV

Ɣ SX[DURFDERVREUHDUHVWDVYLYDV

Ɣ XWLOL]DURFDERFRPRSHJD

WHVGHOLPSDURDSDUHOKRGHVOLJDUD¿FKDGDWRPDGD

1mRFRORFDURDSDUHOKRHPFRQWDFWRFRPiJXD

1mRXWLOL]DUDSDUHOKRGHOLPSH]DDYDSRU

$VSODFDVDTXHFHP3HJDUQRDSDUHOKRDSHQDVSHODSHJD

8WLOL]DUDSHQDVHPFDEHORVVHFRVQXQFDHPFDEHORVSRVWLoRV

&RORFDURDSDUHOKRDSHQDVVREUHVXSHUItFLHVUHVLVWHQWHVDRFDORU

1mRXWLOL]DUQDSUR[LPLGDGHGHEDQKHLUDVODYDWyULRV

RXRXWURVUHFLSLHQWHVFRPiJXD

3HULJRGHPRUWH

1XQFDFRORFDURDSDUHOKRHPFRQWDFWRFRPDiJXDeSHULJRVR

PHVPRFRPRDSDUHOKRGHVOLJDGRSRULVVRGHSRLVGHXVDUGHVOLJDUD

¿FKD$LQVWDODomRGHXPDSURWHFomRWpUPLFDDWpP$RIHUHFHPDLV

VHJXUDQoDjLQVWDODomR3DUDPDLVLQIRUPDo}HVFRQVXOWHXPWpFQLFR

HOHFWULFLVWD

5LVFRGHVXIRFR

1mRSHUPLWLUDFULDQoDVEULQFDUFRPRPDWHULDOGHHPEDODJHP

 3HULJRGHTXHLPDGXUD

(YLWDURFRQWDFWRFRPDSHOH



5REHUW%RVFK+DXVJHUlWH*PE+

 SW

3DUDEpQVSHODFRPSUDGHVWH

DSDUHOKR%RVFK

$FDERXGHDGTXLULUXPSURGXWRGH

HOHYDGDTXDOLGDGHHOKHYDLGDUPXLWR

SUD]HU

(VWHPDQXDOGHLQVWUXo}HVGHVFUHYHGRLV

PRGHORVGLIHUHQWHVGHDOLVDGRUHVFRP

DFHVVyULRV

&RPDQGRVHDFHVVyULRV

%RWmRGHGHVEORTXHLR

%RWmRGH/LJDU'HVOLJDUFRPOX]SLORWR

6HOHFWRUGHWHPSHUDWXUDPtQ±

±&

4XDQGRDOX]YHUGHHVWiDFHVD

RDSDUHOKRHQFRQWUDVHDIXQFLRQDU

3ODFDVGHDTXHFLPHQWRFRPUHYHVWLPHQWR

GHFHUkPLFD

$SHQDV3+6

%ROVD

%UDoDGHLUDGHFDER

&RORFDomRHP

IXQFLRQDPHQWR

Ɣ(QFDL[DURDSDUHOKRHFRORFiORVREUH

XPDVXSHUItFLHSODQDHLQVHQVtYHODR

FDORU2ERWmRGHGHVEORTXHLRGHYH

HVWDUQDSRVLomRLEORTXHDGR

Ɣ/LJDURDSDUHOKRFRPRLQWHUUXSWRUDOX]

SLORWRDFHQGH

Ɣ6HOHFFLRQDURQtYHOSUHWHQGLGRDWUDYpVGR

VHOHFWRUGHWHPSHUDWXUD

Ɣ6HDOX]YHUGHDFHQGHUVLJQL¿FDTXHR

DSDUHOKRVHHQFRQWUDRSHUDFLRQDO

,QIRUPDomR1DSRVLomRDSUR[&

³FDUH´RVHOHFWRUGDWHPSHUDWXUD¿FDOHYH

PHQWHHQJDWDGR$SDUWLUGDSRVLomRDWp

jRDSDUHOKRDWLQJHXPDWHPSHUDWXUD

EDVWDQWHHOHYDGD3RULVVRGHYHUiWHUFXL

GDGRDRXWLOL]DURDSDUHOKRQHVWDVSRVLo}HV

1mRXWLOL]DUGXUDQWHXPSHUtRGRVXSHULRUD

PLQXWRV

8WLOL]DomR

2DSDUHOKRpLQGLFDGRSDUDFDEHOR

FRPSULGRVHFXUWRV

Ɣ8WLOL]DURDSDUHOKRDSyVVHFDURVFDEHORV

FRPXPDWRDOKDRXHPFDEHORVVHFRV

Ɣ8WLOL]DUDSHQDVHPFDEHORVVDXGiYHLV

TXHQmRWHQKDPVLGRVXEPHWLGRVDXP

WUDWDPHQWR

Ɣ1mRXVDUFRPIUHTXrQFLDHPFDEHORVFRP

SHUPDQHQWHRXSLQWDGRV

,QIRUPDomR2VFDEHORV¿QRVUHDJHP

HVSHFLDOPHQWHGHSUHVVDDRWUDWDPHQWR

$SURSDJDomRKRPRJpQHDGRFDORUpHVSH

FLDOPHQWHVXDYHSDUDRFDEHOR2UHVXOWDGR

pXPFDEHOROLVRFRPXPEULOKRLQWHQVRH

VHGRVR

Ɣ'HVEORTXHDUDPEDVDVSODFDVGH

DTXHFLPHQWRFRORFDQGRRERWmRGHGHV

EORTXHLRQDSRVLomR

UGHVEORTXHDGR

Ɣ6HSDUDURFDEHORHPSDUWHVLJXDLVDSUR[

FPHEHPSHQWHDGDV

Ɣ&RORFDUXPDGHVWDVSDUWHVGRFDEHOR

MXQWRjUDt]HQWUHDVSODFDVGHDTXH

FLPHQWR)LJXUD$

Ɣ3UHVVLRQDUDVSODFDVHGHVORFiODVVXDYH

HXQLIRUPHPHQWHDWpjVSRQWDVGRFDEHOR

)LJXUD%

Ɣ3URFHGHUGDPHVPDIRUPDQDVUHVWDQWHV

SDUWHVGRFDEHOR'HL[DUDUUHIHFHUEHPR

FDEHORDQWHVGHWHUPLQDURSHQWHDGR



3+6

SW

,PSRUWDQWH1mRG

HL[DUDVSODFDVDFWXDU

PDLVGHVHJXQGRVQDPHVPD]RQD

3DUDPDLVLQIRUPDo}HVVREUH%RVFKVW\OLQJ

YLVLWH



ZZZERVFKSHUVRQDOVW\OHFRP

/LPSH]DHFRQVHUYDomR

$QWHVGHJXDUGDURXOLPSDURDSDUHOKR

GHL[DUDUUHIHFrORSRUFRPSOHWR

3HULJRGHFKRTXHHOpFWULFR

$QWHVGHOLPSDUHDFRQGLFLRQDUGHVOLJDUD

¿FKDGDWRPDGD1mRFRORFDURDSDUHOKRHP

FRQWDFWRFRPiJXD1mRXWLOL]DUDSDUHOKRGH

OLPSH]DDYDSRU

/LPSDURDSDUHOKRDSHQDVSRUIRUDFRP

XPSDQRK~PLGRHHPVHJXLGDVHFiOR

FRPXPSDQR1mRXWLOL]DUGHWHUJHQWHV

DJUHVVLYRVRXDEUDVLYRV

'DGRVWpFQLFRV

/LJDomRHOpFWULFD

WHQVmRIUHTXrQFLD

9

+]

3RWrQFLD :

(OLPLQDomRGRDSDUHOKR

(OLPLQDUDHPEDODJHPGHIRUPDHFROyJLFD

(VWHDSDUHOKRHVWiPDUFDGRHPFRQIRUPL

GDGHFRPD'LUHFWLYD&(UHODWLYD

DRVUHVtGXRVGHHTXLSDPHQWRVHOpFWULFRVH

HOHFWUyQLFRVZDVWHHOHFWULFDODQGHOHFWURQLF

HTXLSPHQW±:((($GLUHFWLYDHVWDEHOHFH

RTXDGURSDUDDFULDomRGHXPVLVWHPD

GHUHFROKDHYDORUL]DomRGRVHTXLSDPHQ

WRVXVDGRVYiOLGRHPWRGRVRV(VWDGRV

0HPEURVGD8QLmR(XURSHLD&RQWDFWDU

RUHYHQGHGRUHVSHFLDOL]DGRSDUDPDLV

LQIRUPDo}HV

*DUDQWLD

3DUDHVWHDSDUHOKRYLJRUDPDVFRQGLo}HV

GHJDUDQWLDSXEOLFDGDVSHORQRVVRUHSUH

VHQWDQWHQRSDtVHPTXHRPHVPRIRU

DGTXLULGR2UHSUHVHQWDQWHRQGHFRPSURXR

DSDUHOKRSRGHUiGDUOKHPDLVSRUPHQRUHV

VREUHHVWHDVVXQWR3DUDDSUHVWDomRGH

TXDOTXHUVHUYLoRGHQWURGDJDUDQWLDpQR

HQWDQWRQHFHVViULDDDSUHVHQWDomRGR

GRFXPHQWRGHFRPSUDGRDSDUHOKR

6DOYRDOWHUDo}HVWpFQLFDV



5REHUW%RVFK+DXVJHUlWH*PE+

 HO

ȊʌȠįİȓȟİȚȢĮıĳĮȜİȓĮȢ

ȆĮȡĮțĮȜȠȪȝİįȚĮȕȐıĲİʌȡȠıİȤĲȚțȐĲȚȢȠįȘȖȓİȢȤȡȒıȘȢ

ıȣȝȝȠȡĳȦșİȓĲİȝ¶ĮȣĲȑȢțĮȚĳȣȜȐȟĲİĲȚȢ

ǾıȣıțİȣȒșĮʌȡȑʌİȚȞĮıȣȞȠįİȪİĲĮȚĮʌȩĲȚȢʌĮȡȠȪıİȢȠįȘȖȓİȢȩĲĮȞ

ʌĮȡĮįȓįİĲĮȚıİȑȞĮȞȐȜȜȠȤȡȒıĲȘ

ǹȣĲȒȘıȣıțİȣȒİȓȞĮȚıȤİįȚĮıȝȑȞȘȖȚĮȠȚțȚĮțȒȤȡȒıȘȒȖȚĮȤȡȒıȘ

ıİȝȘİȝʌȠȡȚțȐȠȚțȚĮțȠȪĲȪʌȠȣʌİȡȚȕȐȜȜȠȞĲĮȈĲȚȢȠȚțȚĮțȑȢȤȡȒıİȚȢ

ʌİȡȚȜĮȝȕȐȞȠȞĲĮȚȝİĲĮȟȪȐȜȜȦȞȘȤȡȒıȘıİȤȫȡȠȣȢİıĲȓĮıȘȢ

ıȣȞİȡȖĮĲȫȞıİțĮĲĮıĲȒȝĮĲĮȖȡĮĳİȓĮȖİȦȡȖȚțȑȢțĮȚȐȜȜİȢȝȚțȡȑȢ

İʌȚȤİȚȡȒıİȚȢțĮșȫȢțĮȚȘȤȡȒıȘĮʌȩʌİȜȐĲİȢʌĮȞįȠȤİȓȦȞȝȚțȡȫȞ

ȟİȞȠįȠȤİȓȦȞțĮȚȐȜȜȦȞʌĮȡȩȝȠȚȦȞțĮĲĮȜȣȝȐĲȦȞ

ȀȓȞįȣȞȠȢȘȜİțĲȡȠʌȜȘȟȓĮȢțĮȚʌȣȡțĮȖȚȐȢ

ȈȣȞįȑıĲİțĮȚȜİȚĲȠȣȡȖİȓıĲİĲȘȞıȣıțİȣȒıȪȝĳȦȞĮȝİĲĮ

ĮȞĮȖȡĮĳȩȝİȞĮıĲȘȞʌȚȞĮțȓįĮĲȪʌȠȣ

ȆĮȚįȚȐțȐĲȦĲȦȞİĲȫȞįİȞİʌȚĲȡȑʌİĲĮȚȞĮȤȡȘıȚȝȠʌȠȚȠȪȞĲȘ

ıȣıțİȣȒ

ǹȣĲȑȢȠȚıȣıțİȣȑȢȝʌȠȡȠȪȞȞĮȤȡȘıȚȝȠʌȠȚȘșȠȪȞĮʌȩʌĮȚįȚȐĮʌȩ

İĲȫȞțĮȚʌȐȞȦțĮȚĮʌȩȐĲȠȝĮȝİʌİȡȚȠȡȚıȝȑȞİȢĳȣıȚțȑȢĮȚıșȘĲȒȡȚİȢ

ȒʌȞİȣȝĮĲȚțȑȢȚțĮȞȩĲȘĲİȢȒȝİĮȞİʌĮȡțȒİȝʌİȚȡȓĮțĮȚȒĮȞİʌĮȡțİȓȢ

ȖȞȫıİȚȢȩĲĮȞİʌȚĲȘȡȠȪȞĲĮȚȒȑȤȠȣȞİȞȘȝİȡȦșİȓıȤİĲȚțȐȝİĲȘȞ

ĮıĳĮȜȒȤȡȒıȘĲȘȢıȣıțİȣȒȢțĮȚȑȤȠȣȞțĮĲĮȞȠȒıİȚĲȠȣȢʌȚșĮȞȠȪȢ

ĮʌȩĲȘȤȡȒıȘĲȘȢıȣıțİȣȒȢțȚȞįȪȞȠȣȢȉĮʌĮȚįȚȐįİȞİʌȚĲȡȑʌİĲĮȚ

ȞĮʌĮȓȗȠȣȞȝİĲȘıȣıțİȣȒȅțĮșĮȡȚıȝȩȢțĮȚȘıȣȞĲȒȡȘıȘĮʌȩĲȠ

ȤȡȒıĲȘįİȞİʌȚĲȡȑʌİĲĮȚȞĮİțĲİȜİȓĲĮȚĮʌȩʌĮȚįȚȐȤȦȡȓȢİʌȚĲȒȡȘıȘ

ȋȡȘıȚȝȠʌȠȚȒıĲİĲȘȞȝȩȞȠİĳȩıȠȞĲȠțĮȜȫįȚȠĲȡȠĳȠįȠıȓĮȢĲȘȢ

ıȣıțİȣȒȢįİȞʌĮȡȠȣıȚȐȗİȚȕȜȐȕİȢȉȡĮȕȒȟĲİĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮ

ȝİĲȐĮʌȩțȐșİȤȡȒıȘȒȩĲĮȞȣʌȐȡȤİȚıĳȐȜȝĮ

ȅȚİʌȚıțİȣȑȢıĲȘȞıȣıțİȣȒȩʌȦȢʌȤȘĮȞĲȚțĮĲȐıĲĮıȘĲȠȣ

țĮȜȦįȓȠȣĲȡȠĳȠįȠıȓĮȢıİʌİȡȓʌĲȦıȘȕȜȐȕȘȢİʌȚĲȡȑʌİĲĮȚȞĮ

ȖȓȞİȚȝȩȞȠĮʌȩĲĮįȚțȐȝĮȢțȑȞĲȡĮİȟȣʌȘȡȑĲȘıȘȢʌİȜĮĲȫȞȖȚĮȞĮ

ĮʌȠĳİȣȤșȠȪȞȑĲıȚİʌȚțȓȞįȣȞİȢțĮĲĮıĲȐıİȚȢ



3+6

HO

ȉȠțĮȜȫįȚȠĲȡȠĳȠįȠıȓĮȢįİȞİʌȚĲȡȑʌİĲĮȚ

Ɣ ȞĮȑȡșİȚıİİʌĮĳȒȝİțĮȣĲȐĮȞĲȚțİȓȝİȞĮ

Ɣ ȞĮıȣȡșİȓʌȐȞȦıİțȠĳĲİȡȑȢĮțȝȑȢ

Ɣ ȞĮȤȡȘıȚȝȠʌȠȚȘșİȓȦȢȤİȚȡȠȜĮȕȒ

ȆȡȚ

ȞĮʌȩĲȠȞțĮșĮȡȚıȝȩĲȡĮȕȒȟĲİĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮ

ȆȠĲȑȝȘȕȠȣĲȒȟĲİĲȘȞıȣıțİȣȒıĲȠȞİȡȩ

ȂȘȞȤȡȘıȚȝȠʌȠȚİȓĲİʌȠĲȑĮĲȝȠțĮșĮȡȚıĲȒȡĮ

ȅȚșİȡȝĮȞĲȚțȑȢʌȜȐțİȢșİȡȝĮȓȞȠȞĲĮȚȆȚȐȞİĲİĲȘıȣıțİȣȒȝȩȞȠĮʌȩ

ĲȘȜĮȕȒȋȡȘıȚȝȠʌȠȚİȓĲİĲȘıȣıțİȣȒȝȩȞȠıİıĲİȖȞȐȝĮȜȜȚȐıİțĮȝȓĮ

ʌİȡȓʌĲȦıȘıİıȣȞșİĲȚțȐȝĮȜȜȚȐǹțȠȣȝʌȐĲİĲȘıȣıțİȣȒȝȩȞȠʌȐȞȦ

ıİȝȘİȣĮȓıșȘĲİȢıĲȘșİȡȝȩĲȘĲĮİʌȚĳȐȞİȚİȢ

ȂȘȞĲȘȞȤȡȘıȚȝȠʌȠȚİȓĲİțȠȞĲȐıİȞİȡȩʌȠȣȕȡȓıțİĲĮȚ

ȝȑıĮıİȝʌĮȞȚȑȡİȢȞȚʌĲȒȡİȢȒıİȐȜȜĮįȠȤİȓĮ

ĬĮȞȐıȚȝȠȢțȓȞįȣȞȠȢ

ȂȘĳȑȡȞİĲİʌȠĲȑĲȘȞıȣıțİȣȒıİİʌĮĳȒȝİĲȠȞİȡȩȀȓȞįȣȞȠȢ

ȣʌȐȡȤİȚĮțȩȝĮțĮȚȩĲĮȞȘıȣıțİȣȒİȓȞĮȚĮʌİȞİȡȖȠʌȠȚȘȝȑȞȘțĮȚȖȚĮĲȠ

ȜȩȖȠĮȣĲȩȝİĲȐĮʌȩțȐșİȤȡȒıȘȒįȚĮțȠʌȒıĲȘįȚȐȡțİȚĮĲȘȢȤȡȒıȘȢ

ĲȡĮȕȒȟĲİĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮ

ǼʌȚʌȡȩıșİĲȘĮıĳȐȜİȚĮʌȡȠıĳȑȡİȚȘʌȡȠıșȒțȘʌȡȠıĲĮĲİȣĲȚțȠȪ

ȝİȡİȜĮȓįȚĮĳȣȖȒȢȝȑȤȡȚP$ıĲȘȞȘȜİțĲȡȚțȒİȖțĮĲȐıĲĮıȘĲȠȣ

ıʌȚĲȚȠȪǽȘĲȒıĲİıȣȝȕȠȣȜȒĮʌȩİȖțĮĲĮıĲȐĲȘȘȜİțĲȡȠȜȩȖȠ

ȀȓȞįȣȞȠȢĮıĳȣȟȓĮȢ

ȂȘȞĮĳȒȞİĲİĲĮʌĮȚįȚȐȞĮʌĮȓȗȠȣȞȝİĲĮȣȜȚțȐıȣıțİȣĮıȓĮȢ

 ȀȓȞįȣȞȠȢİȖțĮȣȝȐĲȦȞ

ǹʌȠĳİȪȖİĲİțȐșİİʌĮĳȒȝİĲȠįȑȡȝĮ



5REHUW%RVFK+DXVJHUlWH*PE+

 HO

ȈȣȖȤĮȡȘĲȒȡȚĮʌȠȣĮȖȠȡȐıĮĲİĮȣĲȒȞĲȘ

ıȣıțİȣȒ%RVFKǹʌȠțĲȒıĮĲİȑȞĮʌȡȠȧȩȞ

ȣȥȘȜȒȢʌȠȚȩĲȘĲĮȢʌȠȣșĮıȐȢĮĳȒıİȚ

ĮʌȩȜȣĲĮȚțĮȞȠʌȠȚȘȝȑȞȠȣȢ

ǹȣĲȑȢȠȚȠįȘȖȓİȢȤȡȒıȘȢʌİȡȚȖȡȐĳȠȣȞįȪȠ

įȚĮĳȠȡİĲȚțȐȝȠȞĲȑȜĮȚıȚȦĲȒȝĮȜȜȚȫȞȝİ

İȟĮȡĲȒȝĮĲĮ

ȉȝȒȝĮĲĮțĮȚȤİȚȡȚıĲȒȡȚĮ

ȈȣȡȩȝİȞȠȢįȚĮțȩʌĲȘȢȖȚĮțȜİȓįȦȝĮ

ǻȚĮțȩʌĲȘȢ212))ȝİțȩțțȚȞȠȜĮȝʌȐțȚ

İȜȑȖȤȠȣ

ǼʌȚȜȠȖȑĮȢșİȡȝȠțȡĮıȓĮȢPLQ±

±&

ȆȡȐıȚȞȠȜĮȝʌȐțȚȑȞįİȚȟȘȢȖȚĮĲȘȞ

İĲȠȚȝȩĲȘĲĮȜİȚĲȠȣȡȖȓĮȢ

ĬİȡȝĮȞĲȚțȑȢʌȜȐțİȢȝİțİȡĮȝȚțȒ

İʌȓıĲȡȦıȘ

ȂȩȞȠ3+6

ĬȒțȘ

ȀȜȚʌțĮȜȦįȓȠȣ

ĬȑıȘıİȜİȚĲȠȣȡȖȓĮ

ƔǺȐȜĲİĲȘıȣıțİȣȒıĲȘȞʌȡȓȗĮțĮȚ

ĮʌȠșȑıİĲȑĲȘȞʌȐȞȦıİȝȚĮȠȡȚȗȩȞĲȚĮ

șİȡȝȠĮȞșİțĲȚțȒİʌȚĳȐȞİȚĮȅıȣȡȩȝİȞȠȢ

įȚĮțȩʌĲȘȢʌȡȑʌİȚȞĮİȓȞĮȚʌȐȞȦıĲȠL

țȜİȚıĲȩ

ƔǼȞİȡȖȠʌȠȚȒıĲİĲȘıȣıțİȣȒȝİĲȠ

įȚĮțȩʌĲȘĮȞȐȕİȚĲȠțȩțțȚȞȠȜĮȝʌȐțȚ

ƔȇȣșȝȓıĲİȝİĲȠȞİʌȚȜȠȖȑĮșİȡȝȠțȡĮıȓĮȢ

ıĲȘȞİʌȚșȣȝȘĲȒȡȪșȝȚıȘ

ƔȂȩȜȚȢĮȞȐȥİȚțĮȚĲȠʌȡȐıȚȞȠȜĮȝʌȐțȚȘ

ıȣıțİȣȒİȓȞĮȚıİİĲȠȚȝȩĲȘĲĮȜİȚĲȠȣȡȖȓĮȢ

ȆȜȘȡȠĳȠȡȓĮȈĲȘȡȪșȝȚıȘʌİȡȓʌȠȣ

&³FDUH´ȅİʌȚȜȠȖȑĮȢșİȡȝȠțȡĮıȓĮȢ

țȠȣȝʌȫȞİȚİȜĮĳȡȐȈĲȘȡȪșȝȚıȘȑȦȢ

ȠȚıȚȦĲȒȢȝĮȜȜȚȫȞİȓȞĮȚʌȠȜȪțĮȣĲȩȢțĮȚȖȚ¶

ĮȣĲȩȤȡİȚȐȗİĲĮȚȝİȖȐȜȘʌȡȠıȠȤȒ

ȂȘȞĲȠȞȤȡȘıȚȝȠʌȠȚİȓĲİʌȐȞȦĮʌȩ

ȜİʌĲȐ

ȋȡȒıȘ

ǾıȣıțİȣȒİȓȞĮȚțĮĲȐȜȜȘȜȘȖȚĮȝĮțȡȚȐțĮȚ

ȖȚĮțȠȞĲȐȝĮȜȜȚȐ

ƔȋȡȘıȚȝȠʌȠȚİȓĲİĲȘıȣıțİȣȒıİ

ıĲİȖȞȦȝȑȞĮȝİʌİĲıȑĲĮȒİȞĲİȜȫȢ

ıĲİȖȞȐȝĮȜȜȚȐ

ƔȋȡȘıȚȝȠʌȠȚȒıĲİĲȘȝȩȞȠıİȝȘȕĮȝȝȑȞĮ

ȣȖȚȒȝĮȜȜȚȐ

ƔȂȘȞĲȘȤȡȘıȚȝȠʌȠȚİȓĲİıȣȤȞȐıİȝĮȜȜȚȐ

ȝİʌİȡȝĮȞȐȞĲȒȖȚĮȝĮȜȜȚȐȝİĮȞĲĮȪȖİȚİȢ

ȆȜȘȡȠĳȠȡȓĮȉĮȜİʌĲȐȝĮȜȜȚȐĮȞĲȚįȡȠȪȞ

ȚįȚĮȓĲİȡĮȖȡȒȖȠȡĮıĲȘȝİĲĮȤİȓȡȚıȘʌȠȣ

ĲȠȣȢȖȓȞİĲĮȚǾȠȝȠȚȩȝȠȡĳȘțĮĲĮȞȠȝȒĲȘȢ

șİȡȝȠțȡĮıȓĮȢʌȡȠıĲĮĲİȪİȚȚįȚĮȓĲİȡĮĲĮ

ȝĮȜȜȚȐȉȠĮʌȠĲȑȜİıȝĮİȓȞĮȚȓıȚĮȜĮȝʌİȡȐ

ȝĮȜȜȚȐıĮȞȝİĲȐȟȚ

ƔȄİțȜİȚįȫıĲİĲȚȢįȪȠșİȡȝĮȞĲȚțȑȢʌȜȐțİȢ

ǺȐȜĲİĲȠıȣȡȩȝİȞȠįȚĮțȩʌĲȘʌȐȞȦıĲȠ

UĮȞȠȚȤĲȩ

ƔȋȦȡȓıĲİĲĮȝĮȜȜȚȐıİȠȝȠȚȩȝȠȡĳİȢ

ĳĮȡįȚȑȢĲȠȪĳİȢʌİȡȓʌȠȣFPĳȐȡįȠȢ

ƔǺȐȜĲİȝȚĮĲȠȪĳĮȝĮȜȜȚȫȞĮȞȐȝİıĮ

ıĲȚȢʌȜȐțİȢȟİțȚȞȫȞĲĮȢĮʌȩĲȚȢȡȓȗİȢ

ǼȚțȩȞĮ$

ƔȆȚȑıĲİĲȚȢʌȜȐțİȢțĮȚĲȡĮȕȒȟĲİĲȚȢĮʌĮȜȐ

țĮȚȠȝȠȚȩȝȠȡĳĮȝȑȤȡȚĲȚȢȐțȡİȢĲȦȞ

ȝĮȜȜȚȫȞǼȚțȩȞĮ%

ƔȂİĲĮȤİȚȡȚıĲİȓĲİȩȜİȢĲȚȢĲȠȪĳİȢȝİĲȠȞ

ȓįȚȠĲȡȩʌȠȆȡȚȞĲȠĲİȜȚțȩĳȠȡȝȐȡȚıȝĮ

ĲĮȝĮȜȜȚȐʌȡȑʌİȚȞĮȑȤȠȣȞİȞĲİȜȫȢ

țȡȣȫıİȚ

ȈȘȝĮȞĲȚțȩȂȘȞĮĳȒȞİĲİĲȘıȣıțİȣȒİȞȫ

ĲȘȤȡȘıȚȝȠʌȠȚİȓĲİıİȑȞĮıȘȝİȓȠʌȐȞȦĮʌȩ

įİȣĲİȡȩȜİʌĲĮ

īȚĮʌİȡȚııȩĲİȡİȢʌȜȘȡȠĳȠȡȓİȢıȤİĲȚțȐ

ȝİĲȠVW\OLQJĲȘȢ%RVFKİʌȚıțİĳșİȓĲİĲȘȞ

ȚıĲȠıİȜȓįĮ

ZZZERVFKSHUVRQDOVW\OHFRP



3+6

HO

ȀĮșĮȡȚıȝȩȢțĮȚ

ıȣȞĲȒȡȘıȘ

ȆȡȠĲȠȪĮʌȠșȘțİȪıİĲİĲȘıȣıțİȣȒȒĲȘȞ

țĮșĮȡȓıİĲİʌȡȑʌİȚȞĮĲȘȞĮĳȒȞİĲİʌȐȞĲȠĲİ

ȞĮțȡȣȫıİȚİȞĲİȜȫȢ

ȀȓȞįȣȞȠȢȘȜİțĲȡȠʌȜȘȟȓĮȢ

ȆȡȚȞĲȠȞțĮșĮȡȚıȝȩțĮȚĲȘĳȪȜĮȟȘĲȡĮȕȒȟĲİ

ĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮ

ȆȠĲȑȝȘȕȣșȓȗİĲİĲȘȞıȣıțİȣȒıĲȠȞİȡȩ

ȂȘȤ

ȡȘıȚȝȠʌȠȚİȓĲİʌȠĲȑĮĲȝȠțĮșĮȡȚıĲȒ

ȈțȠȣʌȓıĲİĮʌ¶ȑȟȦĲȘıȣıțİȣȒȝİȑȞĮ

ȣȖȡȩʌĮȞȓțĮȚıĲȘıȣȞȑȤİȚĮıĲİȖȞȫıĲİĲȘȞ

ȂȘȤȡȘıȚȝȠʌȠȚİȓĲİȚıȤȣȡȐȒįȚĮȕȡȦĲȚțȐ

ĮʌȠȡȡȣʌĮȞĲȚțȐ

ȉİȤȞȚțȐȤĮȡĮțĲȘȡȚıĲȚțȐ

ǾȜİțĲȡȚțȒıȪȞįİıȘ

ĲȐıȘıȣȤȞȩĲȘĲĮ

9

+]

ǹʌȠȡȡȠĳȠȪȝİȞȘȚıȤȪȢ :

ǹʌȩȡȡȚȥȘ

ǹʌȠȡȡȓȥĲİĲȘıȣıțİȣĮıȓĮȝİĲȡȩʌȠĳȚȜȚțȩ

ʌȡȠȢĲȠʌİȡȚȕȐȜȜȠȞǹȣĲȒȘıȣıțİȣȒ

ȤĮȡĮțĲȘȡȓȗİĲĮȚıȪȝĳȦȞĮȝİĲȘȞİȣȡȦʌĮȧțȒ

ȠįȘȖȓĮǼȀʌİȡȓȘȜİțĲȡȚțȫȞțĮȚ

ȘȜİțĲȡȠȞȚțȫȞıȣıțİȣȫȞZDVWHHOHFWULFDO

DQGHOHFWURQLFHTXLSPHQW±:(((

ǾȠįȘȖȓĮʌȡȠțĮșȠȡȓȗİȚĲĮʌȜĮȓıȚĮȖȚĮȝȚĮ

ĮʌȩıȣȡıȘțĮȚĮȟȚȠʌȠȓȘıȘĲȦȞʌĮȜȚȫȞ

ıȣıțİȣȫȞȝİȚıȤȪı¶ȩȜȘĲȘȞǼǼīȚĮĲȠȣȢ

ĲȡȩʌȠȣȢĮʌȠțȠȝȚįȒȢʌȠȣȚıȤȪȠȣȞİʌȓĲȠȣ

ʌĮȡȩȞĲȠȢșĮıĮȢİȞȘȝİȡȫıİȚȠİȚįȚțȩȢ

ȑȝʌȠȡȠȢ

ǵȡȠȚİȖȖȪȘıȘȢ

 ǾǼȖȖȪȘıȘțĮȜȒȢȜİȚĲȠȣȡȖȓĮȢĲȦȞ

ʌȡȠȧȩȞĲȦȞȝĮȢʌĮȡȑȤİĲĮȚȖȚĮȤȡȠȞȚțȩ

įȚȐıĲȘȝĮİȓțȠıȚĲİııȐȡȦȞȝȘȞȫȞ

ĮʌȩĲȘȞȘȝİȡȠȝȘȞȓĮĲȘȢʌȡȫĲȘȢĮȖȠ

ȡȐȢʌȠȣĮȞĮȖȡȐĳİĲĮȚıĲȘșİȦȡȘȝȑȞȘ

ĮʌȩįİȚȟȘĮȖȠȡȐȢīȚĮĲȘȞʌĮȡȠȤȒĲȘȢ

İȖȖȪȘıȘȢĮʌĮȚĲİȓĲĮȚȘİʌȓįİȚȟȘĲȘȢșİȦ

ȡȘȝȑȞȘȢĮʌȩįİȚȟȘȢĮȖȠȡȐȢıĲȘȞȠʌȠȓĮ

ĮȞĮȖȡȐĳİĲĮȚȠĲȪʌȠȢțĮȚĲȠȝȠȞĲȑȜȠĲȠȣ

ʌȡȠȧȩȞĲȠȢ

 ǾİĲĮȚȡİȓĮȝȑıĮıĲĮĮȞȦĲȑȡȦȤȡȠȞȚțȐ

ȩȡȚĮıİʌİȡȓʌĲȦıȘʌȜȘȝȝİȜȠȪȢȜİȚ

ĲȠȣȡȖȓĮȢĲȘȢıȣıțİȣȒȢĮȞĮȜĮȝȕȐȞİȚ

ĲȘȞȣʌȠȤȡȑȦıȘĲȘȢİʌĮȞĮĳȠȡȐȢĲȘȢ

ıİȠȝĮȜȒȜİȚĲȠȣȡȖȓĮțĮȚĲȘȢĮȞĲȚțĮ

ĲȐıĲĮıȘȢțȐșİĲȣȤȩȞİȜĮĲĲȦȝĮĲȚțȠȪ

ȝȑȡȠȣȢʌȜȘȞĲȦȞĮȞĮȜȫıȚȝȦȞțĮȚĲȦȞ

İȣʌĮșȫȞȩʌȦȢĲĮȖȣȐȜȚȞĮȜĮȝʌĲȒȡİȢ

țȜʌǹʌĮȡĮȓĲȘĲȘʌȡȠȨʌȩșİıȘȖȚĮȞĮ

ȚıȤȪİȚȘİȖȖȪȘıȘİȓȞĮȚȘȝȘȜİȚĲȠȣȡȖȓĮ

ĲȘȢıȣıțİȣȒȢȞĮʌȡȠȑȡȤİĲĮȚĮʌȩ

ĲȘȞʌȠȜȣȝİȜȒțĮĲĮıțİȣȒĲȘȢțĮȚȩȤȚ

İʌȓʌĮȡĮįİȓȖȝĮĲȚĮʌȩțĮțȒȤȡȒıȘ

ȜĮȞșĮıȝȑȞȘİȖțĮĲȐıĲĮıȘȝȘĲȒȡȘıȘ

ĲȦȞȠįȘȖȚȫȞȤȡȒıȘȢĲȘȢıȣıțİȣȒȢ

ĮțĮĲȐȜȜȘȜȘıȣȞĲȒȡȘıȘĮʌȩʌȡȩıȦʌĮ

ȝȘİȟȠȣıȚȠįȠĲȘȝȑȞĮĮʌȩĲȘȞ%6+ȅȚțȚ

ĮțȑȢȈȣıțİȣȑȢǹǺǼȒĮʌȩİȟȦȖİȞİȓȢ

ʌĮȡȐȖȠȞĲİȢȩʌȦȢįȚĮțȠʌȑȢȘȜİțĲȡȚțȠȪ

ȡİȪȝĮĲȠȢȒįȚĮĳȠȡȠʌȠȓȘıȘȢĲȘȢĲȐıȘȢ

țȜʌ

 ȈĲȘȞʌİȡȓʌĲȦıȘʌȠȣĲȠʌȡȠȧȩȞįİȞ

ȜİȚĲȠȣȡȖİȓıȦıĲȐȜȩȖȦĲȘȢțĮĲĮıțİȣȒȢ

ĲȠȣțĮȚİĳȩıȠȞȘʌȜȘȝȝİȜȒȢȜİȚĲȠȣȡȖȓĮ

İțįȘȜȫșȘțİțĮĲȐĲȘȞʌİȡȓȠįȠİȖȖȪȘ

ıȘȢĲȠǼȟȠȣıȚȠįȠĲȘȝȑȞȠȈȑȡȕȚȢȘĲȠ

İȟȠȣıȚȠįȠĲȘȝȑȞȠıȣȞİȡȖİȓȠĲȘȢ%6+

ȅȚțȚĮțȑȢȈȣıțİȣȑȢǹǺǼșĮĲȠİʌȚıțİȣ

ȐıİȚȝİıțȠʌȩĲȘȤȡȒıȘȖȚĮĲȘȞȠʌȠȓĮ

țĮĲĮıțİȣȐıĲȘțİȤȦȡȓȢȞĮȣʌȐȡȟİȚ

ȤȡȑȦıȘȖȚĮĮȞĲĮȜȜĮțĲȚțȐȒĲȘȞİȡȖĮıȓĮ



5REHUW%RVFK+DXVJHUlWH*PE+

 HO

 ǻİȞțĮȜȪʌĲȠȞĲĮȚĮʌȩĲȘȞİȖȖȪȘıȘȠȚ

ȤȡİȫıİȚȢțĮȚȠȚțȓȞįȣȞȠȚʌȠȣıȤİĲȓȗȠȞĲĮȚ

ȝİĲȘȝİĲĮĳȠȡȐĲȠȣʌȡȠȧȩȞĲȠȢʌȡȠȢ

İʌȚıțİȣȒıĲȠȞȝİĲĮʌȦȜȘĲȒȒʌȡȠȢĲȠ

ǼȟȠȣıȚȠįȠĲȘȝȑȞȠȈȑȡȕȚȢĲȘȢ%6+ȅȚțȚĮ

țȑȢȈȣıțİȣȑȢǹǺǼ

 ǵȜİȢȠȚİʌȚıțİȣȑȢĲȘȢİȖȖȪȘıȘȢʌȡȑʌİȚ

ȞĮȖȓȞȠȞĲĮȚĮʌȩĲȠǼȟȠȣıȚȠįȠĲȘȝȑȞȠ

ȈȑȡȕȚȢȘĲȠİȟȠȣıȚȠįȠĲȘȝȑȞȠıȣȞİȡ

ȖİȓȠĲȘȢ%6+ȅȚțȚĮțȑȢȈȣıțİȣȑȢǹǺǼ

 ǾİȖȖȪȘıȘįİȞțĮȜȪʌĲİȚțĮȞȑȞĮʌȡȠȧȩȞ

ʌȠȣȤȡȘıȚȝȠʌȠȚİȓĲĮȚʌȑȡĮȞĲȦȞʌȡȠįȚ

ĮȖȡĮĳȫȞȖȚĮĲȚȢȠʌȠȓİȢțĮĲĮıțİȣȐıĲȘțİ

ʌȤȠȚțȚĮțȒȤȡȒıȘ

 ǾİȖȖȪȘıȘțĮȜȒȢȜİȚĲȠȣȡȖȓĮȢʌȠȣ

ʌĮȡȑȤİĲĮȚĮʌȩĲȠȞțĮĲĮıțİȣĮıĲȒʌĮȪİȚ

ĮȞĮʌȠțȠȜȜȘșȠȪȞĮȜȜȠȚȦșȠȪȞȒĲȡȠ

ʌȠʌȠȚȘșȠȪȞȝİȠʌȠȚȠįȒʌȠĲİĲȡȩʌȠȠȚ

ĲĮȚȞȓİȢĮıĳĮȜİȓĮȢȒȠȚİȚįȚțȑȢįȚĮțȡȚĲȚțȑȢ

ĮȣĲȠțȩȜȜȘĲİȢİĲȚțȑĲİȢİʌȓĲȦȞȠʌȠȓȦȞ

ĮȞĮȖȡȐĳİĲĮȚȠĮȡȚșȝȩȢıİȚȡȐȢȒȘȘȝİ

ȡȠȝȘȞȓĮĮȖȠȡȐȢ

 ǾİȖȖȪȘıȘįİȞțĮȜȪʌĲİȚ

 ±ǼʌȚıțİȣȑȢȝİĲĮĲȡȠʌȑȢȒțĮșĮȡȚ

ıȝȠȪȢʌȠȣȑȜĮȕĮȞȤȫȡĮıİțȑȞĲȡȠ

VHUYLFHȝȘİȟȠȣıȚȠįȠĲȘȝȑȞȠĮʌȩĲȘȞ

%6+ȅȚțȚĮțȑȢȈȣıțİȣȑȢǹǺǼ

 ±ȁȐșȠȢȤȡȒıȘȣʌİȡȕȠȜȚțȒȤȡȒıȘ

ȤİȚȡȚıȝȩȒȜİȚĲȠȣȡȖȓĮĲȠȣʌȡȠȧȩȞĲȠȢ

țĮĲȐĲȡȩʌȠȝȘıȪȝĳȦȞȠȝİĲȚȢȠįȘ

ȖȓİȢʌȠȣʌİȡȚȑȤȠȞĲĮȚıĲĮİȖȤİȚȡȓįȚĮ

ȤȡȒıȘȢțĮȚȒıĲĮıȤİĲȚțȐȑȖȖȡĮĳĮ

ȤȡȒıȘȢıȣȝʌİȡȚȜĮȝȕĮȞȠȝȑȞȦȞĲȘȢ

ʌȜȘȝȝİȜȠȪȢĳȪȜĮȟȘȢĲȘȢıȣıțİȣȒȢ

ĲȘȢʌĲȫıȘȢĲȘȢıȣıțİȣȒȢțȜʌ

 ±ȆȡȠȧȩȞĲĮȝİįȣıĮȞȐȖȞȦıĲȠĮȡȚșȝȩ

ıİȚȡȐȢ

 ±ǽȘȝȚȑȢʌȠȣʌȡȠțĮȜȠȪȞĲĮȚİȞįİȚțĲȚțȐ

ĮʌȩĮıĲȡĮʌȑȢȞİȡȩȒȣȖȡĮıȓĮ

ĳȦĲȚȐʌȩȜİȝȠįȘȝȩıȚİȢĮȞĮĲĮȡĮȤȑȢ

ȜȐșȠȢĲȐıİȚȢĲȠȣįȚțĲȪȠȣʌĮȡȠȤȒȢ

ȡİȪȝĮĲȠȢȒȠʌȠȚȠįȒʌȠĲİȜȩȖȠʌȠȣ

İȓȞĮȚʌȑȡĮȞĮʌȩĲȠȞȑȜİȖȤȠĲȠȣțĮĲĮ

ıțİȣĮıĲȒȒĲȠȣİȟȠȣıȚȠįȠĲȘȝȑȞȠȣ

ıȣȞİȡȖİȓȠȣ

 ǾİȖȖȪȘıȘʌȠȣʌȡȠıĳȑȡİĲĮȚʌĮȪİȚȞĮ

ȚıȤȪİȚİĳȩıȠȞȘțȣȡȚȩĲȘĲĮĲȘȢıȣıțİȣȒȢ

ȝİĲĮȕȚȕĮıĲİȓıİĲȡȓĲȠʌȡȩıȦʌȠĮʌȩĲȠȞ

ĮȡȤȚțȩĮȖȠȡĮıĲȒĲȠȩȞȠȝĮĲȠȣȠʌȠȓȠȣ

ĮȞĮȖȡȐĳİĲĮȚıĲȠʌĮȡĮıĲĮĲȚțȩĮȖȠȡȐȢ

ĲȘȢıȣıțİȣȒȢ

ǹȞĲȚțĮĲȐıĲĮıȘĲȘȢıȣıțİȣȒȢȖȓȞİĲĮȚ

ȝȩȞȠİĳȩıȠȞįİȞİȓȞĮȚįȣȞĮĲȒȘİʌȚįȚ

ȩȡșȦıȘĲȘȢțĮĲȩʌȚȞʌȚıĲȠʌȠȓȘıȘȢĲȘȢ

ĮįȣȞĮȝȓĮȢİʌȚıțİȣȒȢĮʌȩĲȠǼȟȠȣıȚȠ

įȠĲȘȝȑȞȠȈȑȡȕȚȢȘĲȠİȟȠȣıȚȠįȠĲȘȝȑȞȠ

ıȣȞİȡȖİȓȠĲȘȢ%6+ȅȚțȚĮțȑȢȈȣıțİȣȑȢ

ǹǺǼ

ǾțȐșİİʌȚıțİȣȒȒȘĮȞĲȚțĮĲȐıĲĮıȘ

İȜĮĲĲȦȝĮĲȚțȠȪȝȑȡȠȣȢįİȞʌĮȡĮĲİȓȞİȚ

ĲȠȞȤȡȩȞȠİȖȖȪȘıȘȢĲȠȣʌȡȠȧȩȞĲȠȢ

ǼȟĮȡĲȒȝĮĲĮțĮȚȣȜȚțȐʌȠȣĮȞĲȚțĮșȚ

ıĲȫȞĲĮȚțĮĲȐĲȘįȚȐȡțİȚĮĲȘȢİȖȖȪȘıȘȢ

İʌȚıĲȡȑĳȠȞĲĮȚıĲȠıȣȞİȡȖİȓȠ

ȂİİʌȚĳȪȜĮȟȘȖȚĮĲȚȢȩʌȠȚİȢĮȜȜĮȖȑȢ



3+6

WU (((\|QHWPHOL÷LQHX\JXQGXU

*YHQOLNX\DUÕODUÕ

.XOODQÕPNÕODYX]XQXOWIHQLWLQDOÕRODUDNRNX\XQNÕODYX]GDNLELOJLOHUH

J|UHKDUHNHWHGLQYHNÕODYX]XVDNOD\ÕQ&LKD]ÕEDúNDVÕQDYHUHFHN

ROXUVDQÕ]LúEXNÕODYX]XGDHNOH\LQ

%XFLKD]HYGHNXOODQÕP\DGDHYRUWDPÕQDEHQ]HUWLFDULROPD\DQ

X\JXODPDODULoLQ|QJ|UOPúWU(YRUWDPÕQDEHQ]HUX\JXODPDODU

GH\LPL\OH|UQH÷LQGNNDQEURWDUÕPVDOYHEDúNDLúOHWPHOHULQ

SHUVRQHOE|OPOHULQGHD\UÕFDSDQVL\RQNoNRWHOYHEHQ]HU

NRQDNODPDRODQDNODUÕQÕQPLVD¿UOHULWDUDIÕQGDQNXOODQÕOPDVÕ

NDVWHGLOPHNWHGLU

(OHNWULNoDUSPDYH\DQJÕQWHKOLNHVL

&LKD]Õ\DOQÕ]FDWLSOHYKDVÕ]HULQGHNLELOJLOHUHJ|UHED÷OD\ÕQÕ]YH

LúOHWLQL]

\DúÕQDOWÕQGDNLoRFXNODUÕQFLKD]ÕNXOODQPDVÕ\DVDNWÕU%XFLKD]ODU

\DúYHVWoRFXNODUYH¿]LNVHOGX\XVDO\DGD]LKLQVHOHQJHOLRODQ

\DGDGHQH\LPLYHELOJLVL\HWHUVL]RODQNLúLOHUWDUDIÕQGDQVDGHFH

VRUXPOXELUNLúLQLQQH]DUHWLDOWÕQGDYH\DFLKD]ÕQJYHQOLNXOODQÕPÕ

NRQXVXQGDELOJLOHQGLULOPLúROPDODUÕYHNXOODQÕPGDQND\QDNODQDQ

WHKOLNHOHULDQODPÕúROPDODUÕKDOLQGHNXOODQÕODELOLUdRFXNODUÕQFLKD]OD

R\QDPDVÕ\DVDNWÕU5HIHNDWoLVLROPD\DQoRFXNODUÕQFLKD]GDWHPL]OLN

YHNXOODQÕFÕEDNÕPÕ\DSPDVÕ\DVDNWÕU

&LKD]\DOQÕ]FDHOHNWULNNDEORVXQGDYHFLKD]ÕQJ|YGHVLQGHKLoELU

KDVDUJ|UQPHGL÷LWDNGLUGHNXOODQÕOPDOÕGÕU

)LúLKHUNXOODQÕPGDQVRQUDYH\DKDWDOÕoDOÕúPDGXUXPXQGDSUL]GHQ

oHNLQL]

7HKOLNHOHULQ|QOHQPHVLLoLQ|UQH÷LQKDVDUOÕELUHOHNWULNNDEORVXQXQ

GH÷LúWLULOPHVLJLELFLKD]]HULQGHNLRQDUÕPLúOHUL\DOQÕ]FDPúWHUL

VHUYLVLPL]WDUDIÕQGDQ\DSÕODELOLU



5REHUW%RVFK+DXVJHUlWH*PE+

 WU

(OHNWULNNDEORVX

Ɣ VÕFDNSDUoDODUDWHPDVHWWLULOPHPHOLGLU

Ɣ NHVNLQNHQDUODUÕQ]HULQGHQoHNLOPHPHOLGLU

Ɣ FLKD]ÕWDúÕPDNLoLQNXOODQÕOPDPDOÕGÕU

KD]WHPL]OHQPHGHQ|QFHHOHNWULN¿úLoHNLOPHOLGLU

&LKD]DVODVX\XQLoLQHGDOGÕUÕOPDPDOÕGÕU

%XKDUOÕWHPL]OH\LFLNXOODQÕOPDPDOÕGÕU

,VÕWÕFÕSODNDODUoRNÕVÕQÕU&LKD]ÕVDGHFHVDSÕQGDQNDYUD\ÕQ

6DGHFHNXUXVDoODUGDNXOODQÕQVXQLVDoODUGDNHVLQOLNOHNXOODQPD\ÕQ

&LKD]ÕVDGHFHÕVÕ\DNDUúÕGX\DUOÕROPD\DQ\]H\OHUHEÕUDNÕQ

%DQ\RNYHWOHULQLQODYDERODUÕQYH\DLoLQGHVXEXOXQDQ

YH\DLoLQHVXG|NOHQEDúNDKD]QHOHULQ\DNÕQÕQGD

NXOODQPD\ÕQÕ]

gOPWHKOLNHVL

&LKD]DVODVX\DWHPDVHWWLULOPHPHOLGLU&LKD]NDSDOÕ\NHQGHWHKOLNH

YDUGÕU%XQHGHQOHNXOODQÕPGDQVRQUDYHNXOODQÕPHVQDVÕQGDVDoD

X\JXODPD\DDUDYHULOGL÷LQGHPXWODND¿úLoHNLOPHOLGLU(YLQL]GHNL

HOHNWULNWHVLVDWÕQDP$¶HNDGDURODQELUKDWDDNÕPÕNRUXPD

úDOWHULQLQPRQWDMÕHNELUNRUXPDVD÷ODU

/WIHQELUHOHNWULNWHVLVDWoÕVÕQDEDúYXUDUDNELOJLDOÕQÕ]

%R÷XOPDULVNL

dRFXNODUÕQDPEDODMPDO]HPHVL\OHR\QDPDVÕQDL]LQYHUPH\LQ

 <DQPDWHKOLNHVL

&LOGHWHPDVHWPHVLQGHQNDoÕQÕOPDOÕGÕU



3+6

WU

%X%RVFKFLKD]ÕQÕVDWÕQDOGÕ÷ÕQÕ]LoLQ

WHEULNOHU

6L]HE\NNH\LIYHUHFHN\NVHNNDOLWHOL

ELUUQVDWÕQDOGÕQÕ]

%XNXOODQÕPNÕODYX]XLNLIDUNOÕVDoG]OHPH

FLKD]ÕPRGHOLQLYHDNVHVXDUODUÕQÕWDULI

HWPHNWHGLU

3DUoDODUÕYH

NXPDQGDHOHPDQODUÕ

.LOLWOHPHG÷PHVL

.ÕUPÕ]ÕNRQWUROODPEDOÕ$d0$

.$3$70$úDOWHUL

6ÕFDNOÕND\DUG÷PHVLPLQ±

±&

.XOODQÕPDKD]ÕUGXUXPXQXJ|VWHUHQ\HúLO

J|VWHUJH

6HUDPLNNDSODPDOÕÕVÕWPDSODNDODUÕ

6DGHFH3+6

dDQWD

.DEORNOLSVL

dDOÕúWÕUÕOPDVÕ

Ɣ&LKD]ÕQ¿úLQLWDNÕQÕ]YHVÕFDNOÕ÷D

GD\DQÕNOÕRODQG]ELU\]H\LQ]HULQH

\DWÕUÕQÕ]

'÷PH¶LQLSR]LV\RQXQGDGXUPDVÕ

úDUWWÕU

ƔùDOWHULOHFLKD]ÕDoÕQÕ].ÕUPÕ]ÕODPED

\DQDU

Ɣ6ÕFDNOÕND\DUG÷PHVLQGHDU]XHGLOHQ

VÕFDNOÕ÷ÕD\DUOD\ÕQÕ]

Ɣ<HúLOODPEDQÕQGD\DQPDVÕLOHELUOLNWH

FLKD]NXOODQÕPDKD]ÕUGÕU

%LOJL6ÕFDNOÕND\DUG÷PHVLNDGHPH

¶GD\DNO&³FDUH´NROD\ELUúHNLOGH

\HULQHRWXUXU6DoG]OHúWLULFLEX¶XQFX

NDGHPHGHQLWLEDUHQ¶QFLNDGHPH\HNDGDU

oRNVÕFDNRODFD÷ÕQGDQGLNNDWOLNXOODQÕO

PDOÕGÕUGDNLNDGDQGDKDX]XQELUVUH

oDOÕúWÕUÕOPDPDOÕGÕU

.XOODQÕPÕ

&LKD]X]XQYHNÕVDVDoODULoLQX\JXQGXU

Ɣ&LKD]Õ\DOQÕ]FDKDYOXLOHNXUXWXOPXúYH\D

NXUXVDoODUGDNXOODQÕQÕ]

Ɣ<DOQÕ]FDGR÷DOVD÷OÕNOÕVDoODUGD

NXOODQÕQÕ]

Ɣ3HUPDOÕYH\DER\DOÕVDoODUGD\DOQÕ]FD

QDGLUHQNXOODQÕOPDOÕGÕU

%LOJLg]HOOLNOHLQFHVDoODUX\JXODPD\DNÕVD

]DPDQGDFHYDSYHULU,VÕQÕQHúLWELUúHNLOGH

DNWDUÕOPDVÕVD\HVLQGHVDoODUÕQ]DUDUD

X÷UDPDPDVÕVD÷ODQPDNWDGÕU$OÕQDQVRQXo

LSHNVLYH\R÷XQELUSDUODNOÕ÷DVDKLSG]ELU

VDoWÕU

Ɣ+HULNLÕVÕWPDSODNDVÕQÕQNLOLGLQLDoÕQÕ]

%XQXQLoLQG÷PH¶L

USR]LV\RQXQD

JHWLULQL]

Ɣ7DUDQDUDNG]OHúWLULOPLúVDoÕHúLW

JHQLúOLNWHRODQVDoOOHOHULQHE|OQ]

\DNOFPJHQLúOLNWH

Ɣ+D]ÕUODQPÕúELUVDoOOHVLQLGLSNÕVPÕQGDQ

SODNDODUÕQDUDVÕQD\DWÕUÕQÕ]ùHNLO$

Ɣ3ODNDODUÕEDVWÕUÕQÕ]YHKD¿IoHYHG]HQOL

NXYYHWX\JXOD\DUDNVDoXoODUÕQDNDGDU

oHNLQL]ùHNLO%

Ɣ%XQXWPVDoOOHOHULQHX\JXOD\ÕQÕ]6Do

PRGHOLQLúHNLOOHQGLUPHGHQ|QFHVDoODUÕQ

L\LFHVR÷XPDVÕQÕEHNOH\LQL]

gQHPOL+LoELU]DPDQD\QÕ\HUHVDQL\H

GHQGDKDX]XQELUVUHX\JXODPD\ÕQÕ]

%RVFKFLKD]ODUÕ\ODúHNLOOHQGLUPHKDNNÕQGD

GDKDID

]ODELOJLLoLQ

ZZZERVFKSHUVRQDOVW\OHFRP



5REHUW%RVFK+DXVJHUlWH*PE+

 WU

7HPL]OLNYHEDNÕP

$OHWLVDNODPDN]HUHNDOGÕUPDGDQ|QFH

YH\DWHPL]OHPHGHQ|QFHDOHWLQWDPRODUDN

VR÷XPDVÕQÕEHNOH\LQL]

(OHNWULNoDUSPDWHKOLNHVLYDUGÕU

7HPL]OH\LSNDOGÕUPDGDQ|QFHHOHNWULN¿úLQL

oHNLQ

&LKD]DVODVX\XQLoLQHGDOGÕUÕOPDPDOÕGÕU

%XKDUOÕWHPL]OH\LFLNXOODQÕOPDPDOÕGÕU

&LKD]ÕQJ|YGHVL\DOQÕ]FDQHPOLELUEH]OH

VLOLQHUHNNXUXWXOPDOÕGÕU$VLWOLYH\DDúÕQGÕUÕFÕ

WHPL]OHPHPDGGHOHULNXOODQÕOPDPDOÕGÕU

7HNQLN9HULOHU

(OHNWULN%D÷ODQWÕVÕ

*HULOLP)UHNDQV

9

+]

dHNWL÷LJo :

øPKDHGLOPHVL

$PEDODMÕoHYUHGRVWXELUúHNLOGHHOGHQ

oÕNDUÕQ%XFLKD]|PUQGROGXUPXú

HOHNWULNOLYHHOHNWURQLNFLKD]ODULOHLOJLOL

$YUXSD\|QHWPHOL÷L(*¶\HZDVWH

HOHFWULFDODQGHOHFWURQLFHTXLSPHQW±

:(((X\JXQúHNLOGHLúDUHWOHQPLúWLU%X

\|QHWPHOLNHVNLFLKD]ODUÕQJHULDOÕPÕYH

GH÷HUOHQGLULOPHVLLOHLOJLOL$%oDSÕQGDNL

X\JXODPDODUÕQoHUoHYHVLQLEHOLUWPHNWHGLU

+HUONHQLQLPKDHWPH\|QWHPLIDUNOÕGÕU

/WIHQFLKD]ÕDOGÕ÷ÕQÕ]PD÷D]DGDQJQFHO

LPKDHWPH\ROODUÕKDNNÕQGDELOJLDOÕQÕ]

*DUDQWL

%XFLKD]LoLQ\XUWGÕúÕQGDNL

WHPVLOFLOLNOHULPL]LQYHUPLúROGX÷XJDUDQWL

úDUWODUÕJHoHUOLGLU%XKXVXVWDGDKDGHWD\OÕ

ELOJLDOPDNLoLQFLKD]ÕVDWÕQDOGÕ÷ÕQÕ]VDWÕ

FÕ\DEDúYXUXQX]*DUDQWLVUHVLLoHULVLQGH

EXJDUDQWLGHQ\DUDUODQDELOPHNLoLQFLKD]Õ

VDWÕQDOGÕ÷ÕQÕ]ÕJ|VWHUHQ¿úLYH\DIDWXUD\Õ

J|VWHUPHQL]úDUWWÕU

'H÷LúLNOLNKDNODUÕPDKIX]GXU

0DNLQHQL]LGDKDYHULPOLNXOODQDELOPHQL]

LoLQ

±%XFLKD]ODUHYWLSLNXOODQÕPDX\JXQGXU

HQGVWUL\HOVDQD\LWLSLNXOODQÕPDX\JXQ

GH÷LOGLU

±&LKD]ÕVDGHFHWLSOHYKDVÕQGDNLELOJLOHUH

X\JXQELUúHNLOGHHOHNWULNSUL]LQHED÷OD\ÕS

oDOÕúWÕUÕQÕ]

±&LKD]ÕQÕ]ÕNXOODQPD\DFDNVDQÕ]VWDQGE\

G÷PHVLQGHEÕUDNPD\ÕQÕ]



3+6

SO

:VND]yZNLGRW\F]ąFHEH]SLHF]HĔVWZD

1DOHĪ\GRNáDGQLHSU]HF]\WDüLQVWUXNFMĊREVáXJLSU]HVWU]HJDüMHML

]DFKRZDüMą3U]HND]XMąFXU]ąG]HQLHLQQHMRVRELHQDOHĪ\]DáąF]\ü

QLQLHMV]ąLQVWUXNFMĊ

7RXU]ąG]HQLHMHVWSU]H]QDF]RQHGRXĪ\WNXGRPRZHJROXEZ

SRPLHV]F]HQLDFKVRFMDOQ\FKZFHODFKQLHNRPHUF\MQ\FKĝURGRZLVND

GRPRZHZW\PSRPLHV]F]HQLDGODSUDFRZQLNyZZVNOHSDFK

ELXUDFKJRVSRGDUVWZDFKUROQ\FKLPDá\FK¿UPDFK8U]ąG]HQLHPRĪH

E\üWDNĪHXĪ\ZDQHSU]H]JRĞFLZSHQVMRQDWDFKPDá\FKKRWHODFKL

SRGREQ\FKEXG\QNDFKPLHV]NDOQ\FK

1LHEH]SLHF]HĔVWZRSRUDĪHQLDSUąGHPLSRĪDUX

8U]ąG]HQLHQDOHĪ\]DZV]HSRGáąF]DüLVWRVRZDü]JRGQLH]GDQ\PL

QDWDEOLF]FH]QDPLRQRZHM

']LHFLSRQLĪHMODWQLHPRJąREVáXJLZDüXU]ąG]HQLD

8U]ąG]HQLDWHZROQRXĪ\WNRZDüG]LHFLRPSRZ\ĪHMODWRUD]

RVRERPRREQLĪRQ\FK¿]\F]Q\FKVHQVRU\F]Q\FKLPHQWDOQ\FK

]GROQRĞFLDFKOXEEUDNXGRĞZLDGF]HQLDLOXEZLHG]\MHĪHOL]QDMGXMą

VLĊSRGQDG]RUHPLQQ\FKRVyEOXE]RVWDá\SRLQVWUXRZDQHZ]DNUHVLH

EH]SLHF]QHMREVáXJLXU]ąG]HQLDLUR]XPLHMą]DJURĪHQLD]QLHM

Z\QLNDMąFH']LHFLRPQLHZROQREDZLüVLĊXU]ąG]HQLHP']LHFLRP

EH]QDG]RUXQLHZROQRSU]HSURZDG]DüF]\V]F]HQLDDQLNRQVHUZDFML

8Ī\ZDüW\ONRZWHG\JG\SU]HZyGVLHFLRZ\LXU]ąG]HQLHVąVSUDZQH

3RNDĪG\PXĪ\FLXOXEZSU]\SDGNXXVWHUNLQDOHĪ\RGáąF]\ü

XU]ąG]HQLHRGVLHFL=HZ]JOĊGXQDEH]SLHF]HĔVWZRGRZV]HONLFK

QDSUDZXU]ąG]HQLDWDNLFKMDNZ\PLDQDXV]NRG]RQHJRNDEOD

VLHFLRZHJRXSUDZQLRQ\MHVWMHG\QLHSHUVRQHOVHUZLVRZ\SURGXFHQWD



5REHUW%RVFK+DXVJHUlWH*PE+

 SO

.DEODVLHFLRZHJRQLHZROQR

Ɣ GRW\NDüJRUąF\PLHOHPHQWDPL

Ɣ SURZDG]LüSRRVWU\FKNUDZĊG]LDFK

Ɣ VWRVRZDüMDNRXFKZ\WXGRSU]HQRV]HQLDXU]ąG]HQLD

3U]HGUR]SRF]ĊFLHPF]\V]F]HQLDQDOHĪ\RGáąF]\üXU]ąG]HQLHRGVLHFL

1LJG\QLH]DQXU]DüXU]ąG]HQLDZZRG]LH

1LHVWRVRZDüXU]ąG]HĔGRF]\V]F]HQLDSDUą

3á\WNLFHUDPLF]QHQDJU]HZDMąVLĊ8U]ąG]HQLHQDOHĪ\FKZ\WDüW\ONR

]DXFKZ\W1LHVWRVRZDüQDPRNU\FKDQLZĪDGQ\PZ\SDGNXQD

V]WXF]Q\FKZáRVDFK8U]ąG]HQLHRGNáDGDüW\ONRQDSRZLHU]FKQLH

RGSRUQHQDZ\VRNLHWHPSHUDWXU\

1LHVWRVRZDüZSREOLĪXZDQLHQXP\ZDOHNOXELQQ\FK

]ELRUQLNyZQDSHáQLRQ\FKZRGą

=DJURĪHQLHĪ\FLD

7U]\PDüXU]ąG]HQLH]GDODRGZRG\1LHEH]SLHF]HĔVWZRLVWQLHMH

UyZQLHĪSU]\Z\áąF]RQ\PXU]ąG]HQLXGODWHJRSRNDĪG\PXĪ\FLX

RUD]SRGF]DVNDĪGHMSU]HUZ\ZXĪ\FLXQDOHĪ\RGáąF]\üXU]ąG]HQLH

RGVLHFL'RGDWNRZąRFKURQĊVWDQRZLPRQWDĪRFKURQQHJR

Z\áąF]QLNDSUąGRZHJRGRP$ZGRPRZHMLQVWDODFMLHOHNWU\F]QHM

:W\PFHOXQDOHĪ\]DVLĊJQąüSRUDG\HOHNWU\ND

5\]\NRXGXV]HQLD

1LHZROQRSR]ZDODüG]LHFLRPEDZLüVLĊRSDNRZDQLHP

 1LHEH]SLHF]HĔVWZRSRSDU]HQLD

8QLNDüZV]HONLHJRNRQWDNWX]HVNyUą



3+6

SO

*UDWXOXMHP\]DNXSXXU]ąG]HQLD

¿UP\%RVFK

7RZ\VRNLHMMDNRĞFLXU]ąG]HQLH]DSHZQL

3DĔVWZX]DGRZROHQLH]MHJRXĪ\WNRZDQLD

7DLQVWUXNFMDXĪ\WNRZDQLDRSLVXMHGZD

UyĪQHPRGHOHSURVWRZQLFGRZáRVyZ]

QDVDGNDPL

&]ĊĞFLLHOHPHQW\REVáXJL

6XZDNEORNDG\

:áąF]QLNZ\áąF]QLN]F]HUZRQąODPSNą

NRQWUROQą

5HJXODWRUWHPSHUDWXU\PLQ±

±&

=LHORQ\ZVNDĨQLNJRWRZRĞFL

3á\WNLJU]HZF]H]SRZáRNąFHUDPLF]Qą

7\ONR3+6

:RUHN

=DFLVNNDEOD

:áąF]DQLH

Ɣ3RGáąF]\üXU]ąG]HQLHGRVLHFLLSRáRĪ\ü

MHQDSáDVNLHMRGSRUQHMQDZ\VRNą

WHPSHUDWXUĊSRZLHU]FKQL6XZDNPXVL

]QDMGRZDüVLĊZSR]\FML

L

Ɣ:áąF]\üZáąF]QLNĞZLHFLF]HUZRQD

ODPSND

Ɣ5HJXODWRUHPWHPSHUDWXU\Z\EUDü

ĪąGDQ\SR]LRP

Ɣ8U]ąG]HQLHJRWRZHMHVWGRXĪ\FLDSR

]DĞZLHFHQLX]LHORQHMODPSNLNRQWUROQHM

,QIRUPDFMD1DVWRSQLXRN&

ÄFDUH´UHJXODWRUWHPSHUDWXU\OHNNR

]DVNDNXMH3U]\XVWDZLHQLDFKRGGR

SURVWRZQLFDGRZáRVyZMHVWEDUG]RJRUąFD

GODWHJRQDOHĪ\XĪ\ZDüMHMRVWURĪQLH

1LHZáąF]DüXU]ąG]HQLDQDGáXĪHMQLĪ

PLQ

=DVWRVRZDQLH

8U]ąG]HQLHSU]H]QDF]RQHMHVWGRZáRVyZ

GáXJLFKLNUyWNLFK

Ɣ8U]ąG]HQLHVWRVRZDüQDZáRVDFK

Z\VXV]RQ\FKUĊF]QLNLHPOXEVXFK\FK

Ɣ6WRVRZDüW\ONRQD]GURZ\FKZáRVDFKEH]

QDáRĪRQ\FKSURGXNWyZSLHOĊJQDF\MQ\FK

Ɣ6WRVRZDüU]DGNRQDZáRVDFK

IDUERZDQ\FKOXESRWUZDáHMRQGXODFML

,QIRUPDFMD'HOLNDWQHZáRV\UHDJXMą

V]F]HJyOQLHV]\ENRQDSURVWRZDQLH5yZ

QRPLHUQHRGGDZDQLHFLHSáDFKURQLZáRV\

SU]HG]QLV]F]HQLHP(IHNWHPVąSURVWH

ZáRV\RLQWHQV\ZQ\PDNVDPLWQ\PSRá\VNX

Ɣ2GEORNRZDüSá\WNLJU]HZF]HXVWDZLDMąF

VXZDNZSR]\FML

U

Ɣ8F]HVDQHQDJáDGNRZáRV\G]LHOLü

QDUyZQRPLHUQHV]HURNLHSDVPD

V]HURNRĞüRNFP

Ɣ3U]\JRWRZDQHSDVPRZáRVyZZáRĪ\üX

QDVDG\PLĊG]\Sá\WNL5\VXQHN$

ƔĝFLVQąüSá\WNLDQDVWĊSQLHáDJRGQLH

LUyZQRPLHUQLHSU]HVXZDüMHDĪSR

NRĔFyZNLZáRVyZ5\VXQHN%

Ɣ&]\QQRĞüZ\NRQDüQDZV]\VWNLFK

SDVPDFKZáRVyZ3U]HGNRĔFRZ\P

F]HVDQLHPZáRV\SRZLQQ\GREU]H

Z\VW\JQąü

:DĪQH1LH]DWU]\P\ZDüVLĊZMHGQ\P

PLHMVFXGáXĪHMQLĪVHNXQG\

:LĊFHMLQIRUPDFMLQDWHPDWVW\OL]DFML

Zá

RVyZSU]\XĪ\FLXXU]ąG]HQLD¿UP\%RVFK

PRĪQD]QDOHĨüZZLWU\QLH

ZZZERVFKSHUVRQDOVW\OHFRP



5REHUW%RVFK+DXVJHUlWH*PE+

 SO

&]\V]F]HQLHL

NRQVHUZDFMD

3U]HGSU]HFKRZ\ZDQLHPOXEF]\V]F]HQLHP

XU]ąG]HQLDQDOHĪ\]DZV]HRGF]HNDüDĪ

VLĊRQR]XSHáQLHRFKáRG]L

1LHEH]SLHF]HĔVWZR

SRUDĪHQLDSUąGHP

3U]HGF]\V]F]HQLHPLSU]HFKRZ\ZDQLHP

Z\MąüZW\F]NĊ]JQLD]GDVLHFLRZHJR

1LJG\QLH]DQXU

]DüXU]ąG]HQLDZZRG]LH

1LHVWRVRZDüXU]ąG]HĔGRF]\V]F]HQLD

SDUą

8U]ąG]HQLHSU]HFLHUDüW\ONR]]HZQąWU]

ZLOJRWQąV]PDWNąDQDVWĊSQLHRVXV]Dü

1LHVWRVRZDüRVWU\FKQDU]ĊG]LDQLPOHF]ND

GRV]RURZDQLD

'DQHWHFKQLF]QH

=áąF]HHOHNWU\F]QH

QDSLĊFLHF]ĊVWRWOLZRĞü

9

+]

0RF :

*ZDUDQFMD

'ODXU]ąG]HQLDRERZLą]XMąZDUXQNL

JZDUDQFMLZ\GDQHMSU]H]QDV]HSU]HG

VWDZLFLHOVWZRKDQGORZHZNUDMX]DNXSX

'RNáDGQHLQIRUPDFMHRWU]\PDFLH3DĔVWZR

ZNDĪGHMFKZLOLZSXQNFLHKDQGORZ\PZ

NWyU\PGRNRQDQR]DNXSXXU]ąG]HQLD:

FHOXVNRU]\VWDQLD]XVáXJJZDUDQF\LQ\FK

NRQLHF]QHMHVWSU]HGáRĪHQLHGRZRGXNXSQD

XU]ąG]HQLD:DUXQNLJZDUDQFMLUHJXORZDQH

VąRGSRZLHGQLPLSU]HSLVDPL.RGHNVX

F\ZLOQHJRRUD]5R]SRU]ąG]HQLHP5DG\

0LQLVWUyZ]GQLDURNXÄ:VSUD

ZLHV]F]HJyOQ\FKZDUXQNyZ]DZLHUDQLDL

Z\NRQ\ZDQLDXPyZU]HF]\UXFKRP\FK]

XG]LDáHPNRQVXPHQWyZ´

=PLDQ\]DVWU]HĪRQH

(NRORJLF]QDXW\OL]DFMD

2SDNRZDQLHQDOHĪ\]XW\OL]RZDüZVSRVyE

SU]\MD]Q\GODĞURGRZLVND8U]ąG]HQLHWR

R]QDF]RQR]JRGQLH]HXURSHMVNąZ\W\F]Qą

(*R]XĪ\W\FKXU]ąG]HQLDFKHOHN

WU\F]Q\FKLHOHNWURQLF]Q\FKZDVWHHOHFWUL

FDODQGHOHFWURQLFHTXLSPHQW±:(((

:\W\F]QDWDRNUHĞODUDP\RERZLą]XMąFHJR

ZFDáHM8QLL(XURSHMVNLHMRGELRUXLZWyU

QHJRZ\NRU]\VWDQLDVWDU\FKXU]ąG]HĔ

7DNLHR]QDNRZDQLHLQIRUPXMHĪHVSU]ĊW

WHQSRRNUHVLHMHJRXĪ\WNRZDQLDQLH

PRĪHE\üXPLHV]F]DQ\áąF]QLH]LQQ\PL

RGSDGDPLSRFKRG]ąF\PL]JRVSRGDUVWZD

GRPRZHJR

8Ī\WNRZQLNMHVW]RERZLą]DQ\GRRGGDQLD

JRSURZDG]ąF\P]ELHUDQLH]XĪ\WHJR

VSU]ĊWXHOHNWU\F]QHJRLHOHNWURQLF]QHJR

3URZDG]ąF\]ELHUDQLHZW\PORNDOQH

SXQNW\]ELyUNLVNOHS\RUD]JPLQQHMHG

QRVWNLWZRU]ąRGSRZLHGQLV\VWHPXPRĪOL

ZLDMąF\RGGDQLHWHJRVSU]ĊWX

:áDĞFLZHSRVWĊSRZDQLH]H]XĪ\W\P

VSU]ĊWHPHOHNWU\F]Q\PLHOHNWURQLF]Q\P

SU]\F]\QLDVLĊGRXQLNQLĊFLDV]NRGOLZ\FK

GOD]GURZLDOXG]LLĞURGRZLVNDQDWXUDOQHJR

NRQVHNZHQFMLZ\QLNDMąF\FK]REHFQRĞFL

VNáDGQLNyZQLHEH]SLHF]Q\FKRUD]QLH

ZáDĞFLZHJRVNáDGRZDQLDLSU]HWZDU]DQLD

WDNLHJRVSU]ĊWX



3+6

KX

%L]WRQViJLHOĘtUiVRN

2OYDVVDHO¿J\HOPHVHQDKDV]QiODWL~WPXWDWyWpVHV]HULQWFVHOHNHGMHQ

$]

~WPXWDWyWĘUL]]HPHJ+DDNpV]OpNHWWRYiEEDGMDPHOOpNHOMHKR]]i

H]WD]~WPXWDWyW

(]DNpV]OpNKi]WDUWiVLLOOHWYHKi]WDUWiVLMHOOHJĦQHPLSDULMHOOHJĦ

KDV]QiODWUDV]ROJiO+i]WDUWiVLMHOOHJĦKDV]QiODWDODWWSpOGiXODEROWRN

LURGiNPH]ĘJD]GDViJLpVPiVNLVLSDUL]HPHNV]HPpO\]HWLKHO\LVp

JHLEHQYDOyKDV]QiODWRWYDJ\SDQ]LyNEDQNLVHEEV]iOORGiNEDQpV

KDVRQOyODNyN|UQ\H]HWHNEHQDYHQGpJHNiOWDOLKDV]QiODWRWpUWMN

ÈUDPWpVYHV]pO\pVWĦ]YHV]pO\

$NpV]OpNHWFVDNDWtSXVWiEOiQPHJDGRWWDNV]HULQWFVDWODNR]WDVVD

pV]HPHOWHVVH

pYDODWWLJ\HUPHNHNQHPKDV]QiOKDWMiNDNpV]OpNHW

(]HNHWDNpV]OpNHNHWpYHVQpOLGĘVHEEJ\HUPHNHNpVFV|NNHQW

¿]LNDLpU]pNHOĘYDJ\V]HOOHPLNpSHVVpJJHOLOOHWYHKLiQ\RV

WDSDV]WDODWWDOpVYDJ\WXGiVVDOUHQGHONH]ĘV]HPpO\HNDNNRU

KDV]QiOKDWMiNKDYDODNLIHOJ\HOLĘNHWYDJ\KDYDODNLPHJWDQtWRWWD

ĘNHWDNpV]OpNKHO\HVKDV]QiODWiUDpVPHJpUWHWWpND]DEEyOHUHGĘ

YHV]pO\HNHW*\HUPHNHNQHPMiWV]KDWQDNDNpV]OpNNHO$WLV]WtWiVW

pVDKDV]QiOyiOWDOLNDUEDQWDUWiVWJ\HUPHNHNIHOJ\HOHWQpONOQHP

YpJH]KHWLNHO

$NpV]OpNHWFVDNDNNRUKDV]QiOMDKDDYLOODPRVFVDWODNR]yYH]HWpN

pVDNpV]OpNQHPPXWDWURQJiOyGiVRNUDXWDOyMHOHNHW

$FVDWODNR]yGXJyWPLQGHQKDV]QiODWXWiQYDJ\KLEDMHOHQWNH]pVHNRU

LVK~]]DNLDFVDWODNR]yDOM]DWEyO

$NpV]OpNHQMDYtWiVRNDWSODPHJURQJiOyGRWWYLOODPRVFVDWODNR]y

YH]HWpNFVHUpMpWFVDND9HYĘV]ROJiODWXQNYpJH]KHWD]gQ

EL]WRQViJDpUGHNpEHQ



5REHUW%RVFK+DXVJHUlWH*PE+

 KX

$YH]HWpNHW

Ɣ QHpULQWVHKR]]iIRUUyWiUJ\DNKR]

Ɣ QHK~]]DYpJLJpOHVV]pOHNHQ

Ɣ QHKDV]QiOMDKRUGR]yIRJDQW\~NpQW

$WLV]W

tWiVHOĘWWDKiOy]DWLFVDWODNR]yGXJyWK~]]DNL

$NpV]OpNHWVRKDQHPHUtWVHYt]EH

*Ę]|OĘWLV]WtWyNpV]OpNHWQHKDV]QiOMRQ

$IĦWĘODSRNiWIRUUyVRGQDN$NpV]OpNHWFVDNDIRJDQW\~MiQiOIRJYD

WDUWVD&VDNV]iUD]KDMRQKDV]QiOMDPĦKDMRQVHPPLNpSSHQVH

KDV]QiOMD$NpV]OpNHWFVDNKĘUHQHPpU]pNHQ\IHOOHWUHUDNMDOH

9t]]HOWHOLNiGPRVyWHNQĘYDJ\HJ\pEHGpQ\HN

N|]HOpEHQQHKDV]QiOMDDNpV]OpNHW

eOHWYHV]pO\

1HKDJ\MDKRJ\DNpV]OpNYt]]HOpULQWNH]]HQ0pJDNNRU

LVpOHWYHV]pO\iOOIHQQKDNLNDSFVROWDDNpV]OpNHWH]pUW

KDV]QiODWXWiQYDJ\KDPHJV]DNtWMDDKDV]QiODWiWK~]]DNLD

FVDWODNR]yGXJyMiW

1DJ\REEYpGHOPHWMHOHQWKDDODNiVHOHNWURPRVUHQGV]HUpEH

P$LJYpGĘKLEDiUDPYpGĘNDSFVROyWV]HUHOWHWEH

.pUMHQWDQiFVRWYLOODQ\V]HUHOĘWĘO

)XOODGiVYHV]pO\

1HHQJHGMHDJ\HUPHNHNQHNKRJ\DFVRPDJROyDQ\DJRNNDO

MiWV]DQDN

 0HJpJHWpVYHV]pO\H

.HUOMHHOKRJ\DNpV]OpNpULQWNH]pVEHNHUOM|QDEĘUpYHO



3+6

KX

.|V]|QMNKRJ\PHJYiViUROWDH]WD

%RVFKNpV]OpNHW

(]DPLQĘVpJLWHUPpNVRN|U|PHW

V]HUH]PDMGgQQHN

(]DKDV]QiODWL~WPXWDWyNpWNO|QE|]Ę

KDMNLVLPtWyPRGHOOWpVD]RNWDUWR]pNDLW

LVPHUWHWL

$ONDWUpV]HNpV

NH]HOĘHOHPHN

UHWHV]HOĘWROyND

%(.,NDSFVROySLURVHOOHQĘU]Ę

OiPSiYDO

+ĘPpUVpNOHWYiODV]WyPLQLPXPWyO±LJ

±&

h]HPNpV]iOODSRW]|OGMHO]ĘOiPSiMD

.HUiPLDEHYRQDW~IĦWĘODSRN

&VDN3+6

=DFVNy

.iEHOFVLSHV]

+DV]QiODWEDYpWHO

Ɣ$NpV]OpNHWGXJMDEHpVVLPDKĘUH

pU]pNHWOHQIHOOHWUHKHO\H]]HUi$]

WROyNiQDND

LiOOiVEDQNHOOiOOQLD

Ɣ$NDSFVROyYDONDSFVROMDEH

EHNDSFVROiVXWiQpJDSLURVOiPSD

Ɣ$NtYiQWIRNR]DWRWiOOtWVDEHD

KĘPpUVpNOHWYiODV]WyQ

Ɣ$PLQWD]|OGOiPSDLVIHOJ\XOODGWD

NpV]OpN]HPNpV]

7iMpNR]WDWiV$HVIRNR]DWQiONE

&ÄFDUH´DKĘPpUVpNOHWYiODV]WyNLVVp

PHJDNDG$±IRNR]DWEDQDKDMVLPtWy

QDJ\RQIRUUyH]pUWyYDWRVDQKDV]QiOMD

SHUFQpOKRVV]DEELGHLJQH]HPHOWHVVH

$ONDOPD]iV

$NpV]OpNKRVV]~pVU|YLGKDMUDHJ\DUiQW

DONDOPDV

Ɣ$NpV]OpNHWV]iUD]UDW|U|OWYDJ\V]iUD]

KDMRQKDV]QiOMD

Ɣ&VDNNH]HOHWOHQHJpV]VpJHVKDMRQ

DONDOPD]]D

Ɣ'DXHUROWYDJ\V]tQH]HWWKDMRQFVDNULWNiQ

DONDOPD]]D

7iMpNR]WDWiV$YpNRQ\KDMNO|Q|VHQ

J\RUVDQUHDJiODNH]HOpVUH$]HJ\HQOHWHV

KĘOHDGiVNO|Q|VHQNtPpOLDKDMDW

$NpV]OpNKDV]QiODWiYDODKDMVLPDOHV]

pVHUĘVVHO\PHVIpQ\WNDS

Ɣ$NpWIĦWĘODSUHWHV]HOpVpWROGMDNLHKKH]

D]WROyNiWD

UiOOiVEDiOOtWVD

Ɣ$NLIpVOWKDMDWRVV]DIHOHJ\HQOHWHV

NEFPV]pOHVVpJĦIUW|NUH

Ɣ$]HOĘNpV]tWHWWIUW|WDW|YpQpOKHO\H]]H

EHDODSRNN|]p$iEUD

Ɣ$ODSRNDWQ\RPMD|VV]HpVDNpV]OpNHW

SXKiQpVHJ\HQOHWHVHQK~]]DYpJLJD

IUWYpJpLJ%iEUD

Ɣ0LQGHQIUW|WNH]HOMHQOHKDVRQOyPyGRQ

$IUL]XUDHONpV]tWpVHHOĘWWKDJ\MDMyO

NLKĦOQLDKDMDW

)RQWRV6RKDQHLGĘ]]|QDNpV]OpNNHO

PiVRGSHUFQpOKRVV]DEELGHLJHJ\HJ\

KHO\HQ

7RYiEELLQIRUPiFLyD%RVFKKDMIRUPi]iV

UyO

ZZZERVFKSHUVRQDOVW\OHFRP



5REHUW%RVFK+DXVJHUlWH*PE+

 KX

7LV]WtWiVpViSROiV

7iUROiVYDJ\WLV]WtWiVHOĘWWKDJ\MDDNpV]

OpNHWWHOMHVHQNLKĦOQL

ÈUDPWpVYHV]pO\

7LV]WtWiVpVWiUROiVHOĘWWK~]]DNLDKiOy]DWL

FVDWODNR]yGXJyW

$NpV]OpNHWVRKDQHPHUtWVHYt]EH

*Ę]|OĘWLV]WtWyNpV]OpNHWQHKDV]QiOMRQ

$NpV]OpNNOVHMpWFVDNQHGYHV

UXKiYDOW|U|OMHOHpVXWiQDV]iUtWVD

PHJ1HKDV]QiOMRQpOHVYDJ\V~UROy

WLV]WtWyV]HUW

0ĦV]DNLDGDWRN

(OHNWURPRVFVDWODNR]iV

IHV]OWVpJIUHNYHQFLD

9

+]

7HOMHVtWPpQ\ :

ÈUWDOPDWODQtWiV

$FVRPDJROiVWN|UQ\H]HWEDUiWPyGRQiUWDO

PDWODQtWVD(]DNpV]OpND]HOKDV]QiOW

YLOODPRVViJLpVHOHNWURQLNDLNpV]OpNHNUĘO

V]yOy(.LUiQ\HOYQHNPHJIHOHOĘ

MHO|OpVWNDSRWW(]D]LUiQ\HOYDPiUQHP

KDV]QiOWNpV]OpNHNYLVV]DYpWHOpQHNpV

KDV]QRVtWiViQDN(8V]HUWHpUYpQ\HVNHUH

WHLWKDWiUR]]DPHJ$MHOHQOHJKDV]QiODWRV

iUWDOPDWODQtWiVLPyGRNUyOpUGHNOĘGM|QD

V]DNNHUHVNHGpVEHQ

*DUDQFLiOLVIHOWpWHOHN

$JDUDQFLiOLVIHOWpWHOHNHWD

,;V]iP~NRUPiQ\UHQGHOHWV]DEiO\

R]]DyUiQEHOOLPHJKLEiVRGiVHVHWpQ

DNpV]OpNHWDNHUHVNHGĘNLFVHUpOL(]XWiQ

YHYĘV]ROJiODWXQNJRQGRVNRGLND]HOĘLUW

QDSRQEHOOLN|OFV|QNpV]OpNEL]WRVtWiVD

HVHWpQQDSRQEHOOLMDYtWiVUyO$JDUDQ

FLiOLVV]ROJiOWDWiVRNDWDYiViUOiVQiONDSRWW

V]DEiO\RVDQNLW|OW|WWJDUDQFLDMHJJ\HOOHKHW

LJpQ\EHYHQQLDPHO\PLQGHQHJ\pEJDUDQ

FLiOLVIHOWpWHOWLVUpV]OHWHVHQLVPHUWHW

0LQĘVpJWDQ~VtWiV$

%N0,S0V]iP~UHQGHOHWHDODSMiQPLQW

IRUJDOPD]yWDQ~VtWMXNKRJ\DNpV]OpND

YiViUOiVLWiMpNR]WDWyEDQN|]|OWDGDWRNQDN

PHJIHOHO

$YiOWR]WDWiVRNMRJiWIHQQWDUWMXN



3+6

XN

ȼɤɚɡɿɜɤɢɡɬɟɯɧɿɤɢɛɟɡɩɟɤɢ

ȱɧɫɬɪɭɤɰɿɸɡɟɤɫɩɥɭɚɬɚɰɿʀɬɪɟɛɚɭɜɚɠɧɨɩɪɨɱɢɬɚɬɢɞɿɹɬɢɜɿɞɧɨɫɧɨ

ɞɨɜɤɚɡɿɜɨɤɳɨɦɿɫɬɹɬɶɫɹɜɧɿɣɿɞɨɛɪɟɡɛɟɪɿɝɚɬɢ

ɉɟɪɟɞɚɸɱɢɰɟɣɩɪɢɥɚɞɿɧɲɿɣɥɸɞɢɧɿɞɚɣɬɟʀɣɰɸɿɧɫɬɪɭɤɰɿɸ

Ⱦɚɧɢɣɩɪɢɥɚɞɩɪɢɡɧɚɱɟɧɢɣɞɥɹɞɨɦɚɲɧɶɨɝɨɜɢɤɨɪɢɫɬɚɧɧɹ

ɚɛɨɞɥɹɜɢɤɨɪɢɫɬɚɧɧɹɜɧɟɤɨɦɟɪɰɿɣɧɿɣɩɨɛɭɬɨɜɿɣɫɟɪɟɞɿ

ɉɨɛɭɬɨɜɚɫɟɪɟɞɚɜɤɥɸɱɚɽɫɥɭɠɛɨɜɿɡɨɧɢɜɦɚɝɚɡɢɧɚɯɨɮɿɫɚɯ

ɫɿɥɶɫɶɤɨɝɨɫɩɨɞɚɪɫɶɤɢɯɬɚɿɧɲɢɯɦɚɥɢɯɩɿɞɩɪɢɽɦɫɬɜɚɯɚɬɚɤɨɠ

ɡɨɧɢɞɥɹɝɨɫɬɟɣɜɝɨɬɟɥɹɯɬɢɩɭÄɧɨɱɿɜɥɹɬɚɫɧɿɞɚɧɨɤ³ɦɚɥɢɯ

ɝɨɬɟɥɹɯɬɚɠɢɬɥɨɜɢɯɛɭɞɿɜɥɹɯɚɧɚɥɨɝɿɱɧɨɝɨɬɢɩɭ

ɇɟɛɟɡɩɟɤɚɜɪɚɠɟɧɧɹɟɥɟɤɬɪɢɱɧɢɦɫɬɪɭɦɨɦɿɩɨɠɟɠɿ

ɉɪɢɥɚɞɞɨɡɜɨɥɹɽɬɶɫɹɩɿɞ¶ɽɞɧɭɜɚɬɢɿɟɤɫɩɥɭɚɬɭɜɚɬɢɥɢɲɟ

ɜɿɞɩɨɜɿɞɧɨɞɨɞɚɧɢɯɧɚɡɚɜɨɞɫɶɤɿɣɬɚɛɥɢɱɰɿ

Ⱦɿɬɹɦɜɿɤɨɦɞɨɪɨɤɿɜɡɚɛɨɪɨɧɹɽɬɶɫɹɤɨɪɢɫɬɭɜɚɬɢɫɹɩɪɢɥɚɞɨɦ

ɐɢɦɢɩɪɢɥɚɞɚɦɢɞɨɡɜɨɥɹɽɬɶɫɹɤɨɪɢɫɬɭɜɚɬɢɫɹɞɿɬɹɦɜɿɤɨɦ

ɩɨɧɚɞɪɨɤɿɜɿɨɫɨɛɚɦɡɨɛɦɟɠɟɧɢɦɢɩɫɢɯɿɱɧɢɦɢɱɭɬɬɽɜɢɦɢ

ɚɛɨɪɨɡɭɦɨɜɢɦɢɡɞɚɬɧɨɫɬɹɦɢɚɛɨɧɟɞɨɫɬɚɬɧɿɦɞɨɫɜɿɞɨɦɬɚɚɛɨ

ɧɟɞɨɫɬɚɬɧɿɦɢɡɧɚɧɧɹɦɢɹɤɳɨɜɨɧɢɡɧɚɯɨɞɹɬɶɫɹɩɿɞɧɚɝɥɹɞɨɦ

ɚɛɨɩɪɨɣɲɥɢɜɿɞɩɨɜɿɞɧɢɣɿɧɫɬɪɭɤɬɚɠɫɬɨɫɨɜɧɨɛɟɡɩɟɱɧɨɝɨ

ɜɢɤɨɪɢɫɬɚɧɧɹɩɪɢɥɚɞɭɬɚɡɪɨɡɭɦɿɥɢɧɟɛɟɡɩɟɤɭɳɨɧɟɫɟɜɫɨɛɿ

ɩɪɢɥɚɞȾɿɬɹɦɡɚɛɨɪɨɧɹɽɬɶɫɹɝɪɚɬɢɫɹɡɩɪɢɥɚɞɨɦȾɿɬɹɦɹɤɿ

ɧɟɩɟɪɟɛɭɜɚɸɬɶɩɿɞɧɚɝɥɹɞɨɦɧɟɞɨɡɜɨɥɹɽɬɶɫɹɡɞɿɣɫɧɸɜɚɬɢ

ɨɱɢɳɟɧɧɹɬɚɪɨɛɨɬɢɡɬɟɯɧɿɱɧɨɝɨɨɛɫɥɭɝɨɜɭɜɚɧɧɹɩɪɢɥɚɞɭ

Ⱦɨɡɜɨɥɹɽɬɶɫɹɤɨɪɢɫɬɭɜɚɬɢɫɹɩɪɢɥɚɞɨɦɥɢɲɟɹɤɳɨɲɧɭɪɿɫɚɦ

ɩɪɢɥɚɞɧɟɩɨɲɤɨɞɠɟɧɿ

ɉɿɫɥɹɤɨɪɢɫɬɭɜɚɧɧɹɚɛɨɩɪɢɧɟɫɩɪɚɜɧɨɫɬɹɯɜɢɬɹɝɭɣɬɟɲɬɟɩɫɟɥɶ

ɡɪɨɡɟɬɤɢ

ɓɨɛɭɧɢɤɧɭɬɢɧɟɛɟɡɩɟɤɪɟɦɨɧɬɭɜɚɬɢɩɪɢɥɚɞɧɚɩɪɦɿɧɹɬɢ

ɩɨɲɤɨɞɠɟɧɢɣɲɧɭɪɞɨɡɜɨɥɹɽɬɶɫɹɥɢɲɟɜɧɚɲɿɣɫɟɪɜɿɫɧɿɣ

ɦɚɣɫɬɟɪɧɿ



5REHUW%RVFK+DXVJHUlWH*PE+

 XN

ɒɧɭɪ

Ɣ ɧɟɩɨɜɢɧɟɧɬɨɪɤɚɬɢɫɹɝɚɪɹɱɢɯɩɪɟɞɦɟɬɿɜ

Ɣ ɧɟɦɨɠɧɚɬɹɝɧɭɬɢɱɟɪɟɡɝɨɫɬɪɿɤɪɚʀ

Ɣ ɧɟɦɨɠɧɚɜɢɤɨɪɢɫɬɨɜɭɜɚɬɢɞɥɹɩɟɪɟɧɟɫɟɧɧɹɩɪɢɥɚɞɭ

ɉɟɪɟ

ɞɨɱɢɳɟɧɧɹɦɩɪɢɥɚɞɭɫɥɿɞɲɬɟɩɫɟɥɶɡɪɨɡɟɬɤɢ

ɇɿɤɨɥɢɧɟɡɚɧɭɪɸɣɬɟɩɪɢɫɬɪɿɣɭɜɨɞɭ

ɇɟɜɢɤɨɪɢɫɬɨɜɭɣɬɟɩɚɪɨɫɟɩɚɪɚɬɨɪ

ɇɚɝɪɿɜɚɥɶɧɿɩɥɢɬɢɞɭɠɟɧɚɝɪɿɜɚɸɬɶɫɹȻɟɪɿɬɶɫɹɡɚɩɪɢɥɚɞɥɢɲɟ

ɡɚɪɭɤɨɹɬɤɭȼɢɤɨɪɢɫɬɨɜɭɣɬɟɩɪɢɥɚɞɥɢɲɟɧɚɫɭɯɨɦɭɜɨɥɨɫɫɿɧɿɜ

ɹɤɨɦɭɪɚɡɿɧɟɜɢɤɨɪɢɫɬɨɜɭɣɬɟɣɨɝɨɧɚɲɬɭɱɧɨɦɭɜɨɥɨɫɫɿɄɥɚɞɿɬɶ

ɩɪɢɥɚɞɥɢɲɟɧɚɩɨɜɟɪɯɧɿɳɨɧɟɱɭɬɥɢɜɿɞɨɜɢɫɨɤɢɯɬɟɦɩɟɪɚɬɭɪ

ɇɟɤɨɪɢɫɬɭɣɬɟɫɶɩɪɢɥɚɞɨɦɩɨɛɥɢɡɭɜɚɧɧɢ

ɪɚɤɨɜɢɧɢɱɢɿɧɲɢɯɽɦɧɨɫɬɟɣɜɹɤɢɯɦɿɫɬɢɬɶɫɹɜɨɞɚ

ɇɟɛɟɡɩɟɤɚɞɥɹɠɢɬɬɹ

ɇɟɞɨɩɭɫɤɚɣɬɟɤɨɧɬɚɤɬɭɩɪɢɥɚɞɭɡɜɨɞɨɸɉɪɢɥɚɞɫɬɚɧɨɜɢɬɶ

ɡɚɝɪɨɡɭɧɚɜɿɬɶɡɜɢɦɤɧɟɧɢɦɠɢɜɥɟɧɧɹɦɜɢɦɢɤɚɣɬɟɩɪɢɥɚɞɡ

ɪɨɡɟɬɤɢɩɿɫɥɹɤɨɠɧɨɝɨɜɢɤɨɪɢɫɬɚɧɧɹɬɚɜɪɚɡɿɩɟɪɟɪɜɢɜɪɨɛɨɬɿ

Ⱦɥɹɞɨɞɚɬɤɨɜɨʀɛɟɡɩɟɤɢɪɟɤɨɦɟɧɞɭɽɬɶɫɹɜɫɬɚɧɨɜɢɬɢ

ɜɟɥɟɤɬɪɨɦɟɪɟɠɿɩɪɢɫɬɪɿɣɡɚɯɢɫɧɨɝɨɜɢɦɢɤɚɧɧɹ

ɧɨɦɿɧɚɥɶɧɢɣɡɚɥɢɲɤɨɜɢɣɫɬɪɭɦɹɤɨɝɨɧɟɩɟɪɟɜɢɳɭɽɦȺ

ɉɪɨɤɨɧɫɭɥɶɬɭɣɬɟɫɶɡɟɥɟɤɬɪɢɤɨɦ

ɇɟɛɟɡɩɟɤɚɹɞɭɯɢ

ɇɟɞɨɡɜɨɥɹɣɬɟɞɿɬɹɦɝɪɚɬɢɫɹɡɩɚɤɭɜɚɥɶɧɢɦɢɦɚɬɟɪɿɚɥɚɦɢ

 ɍɜɚɝɚɇɟɛɟɡɩɟɤɚɨɩɿɤɿɜ

ɍɧɢɤɚɣɬɟɤɨɧɬɚɤɬɿɜɩɪɢɥɚɞɭɡɿɲɤɿɪɨɸ



3+6

XN

ɓɢɪɨɞɹɤɭɽɦɨȼɚɦɡɚɬɟɳɨȼɢ

ɨɛɪɚɥɢɩɪɢɥɚɞɤɨɦɩɚɧɿʀ%RVFK

ȼɢɩɪɢɞɛɚɥɢɜɢɫɨɤɨɹɤɿɫɧɢɣɬɨɜɚɪ

ɹɤɢɦȼɢɡɚɜɠɞɢɛɭɞɟɬɟɡɚɞɨɜɨɥɟɧɿ

ɐɹɿɧɫɬɪɭɤɰɿɹɡɟɤɫɩɥɭɚɬɚɰɿʀɨɩɢɫɭɽɞɜɿ

ɪɿɡɧɿɦɨɞɟɥɿɜɢɪɿɜɧɸɜɚɱɚɞɥɹɜɨɥɨɫɫɹɡ

ɤɨɦɩɥɟɤɬɭɸɱɢɦɢɞɟɬɚɥɹɦɢ

Ʉɨɦɩɥɟɤɬɭɸɱɿɞɟɬɚɥɿɬɚ

ɟɥɟɦɟɧɬɢɭɩɪɚɜɥɿɧɧɹ

Ɏɿɤɫɚɬɨɪ

ȼɢɦɢɤɚɱɡɤɨɧɬɪɨɥɶɧɨɸɥɚɦɩɨɱɤɨɸ

ɱɟɪɜɨɧɨɝɨɤɨɥɶɨɪɭ

ɉɟɪɟɦɢɤɚɱɬɟɦɩɟɪɚɬɭɪɢɦɿɧ±

±&

ȱɧɞɢɤɚɬɨɪɝɨɬɨɜɧɨɫɬɿɞɨ

ɪɨɛɨɬɢɡɟɥɟɧɨɝɨɤɨɥɶɨɪɭ

ɉɨɥɨɜɢɧɤɢɳɢɩɰɿɜɡɤɟɪɚɦɿɱɧɢɦ

ɩɨɤɪɢɬɬɹɦ

Ɍɿɥɶɤɢ3+6

ɋɭɦɤɚ

Ʉɚɛɟɥɶɧɚɤɥɿɩɫɚ

ȼɢɤɨɪɢɫɬɚɧɧɹ

Ɣɉɿɞ¶ɽɞɧɚɣɬɟɩɪɢɥɚɞɩɨɫɬɚɜɬɟɣɨɝɨ

ɧɚɪɿɜɧɭɧɟɱɭɬɥɢɜɭɞɨɜɢɫɨɤɨʀ

ɬɟɦɩɟɪɚɬɭɪɢɩɨɜɟɪɯɧɸɎɿɤɫɚɬɨɪ

ɩɨɜɢɧɟɧɛɭɬɢɧɚɩɨɡɧɚɱɰɿL

Ɣȼɤɥɸɱɿɬɶɜɢɦɢɤɚɱɡɚɝɨɪɢɬɶɫɹ

ɱɟɪɜɨɧɚɥɚɦɩɨɱɤɚ

Ɣȼɫɬɚɧɨɜɿɬɶɩɟɪɟɦɢɤɚɱɬɟɦɩɟɪɚɬɭɪɢ

ɧɚɧɟɨɛɯɿɞɧɢɣɫɬɭɩɿɧɶ

Ɣəɤɬɿɥɶɤɢɡɚɝɨɪɢɬɶɫɹɡɟɥɟɧɚɥɚɦɩɨɱɤɚ

ɩɪɢɥɚɞɝɨɬɨɜɢɣɞɨɟɤɫɩɥɭɚɬɚɰɿʀ

ȱɧɮɨɪɦɚɰɿɹɇɚɫɬɭɩɟɧɿɩɪɢɛɥɢɡɧɨ

&³FDUH´ɩɟɪɟɦɢɤɚɱɬɟɦɩɟɪɚɬɭɪɢ

ɬɪɨɯɢɡɚɫɤɚɤɭɽɉɨɱɢɧɚɸɱɢɿɡɫɬɭɩɟɧɸ

ɿɞɨɫɬɭɩɟɧɸɩɪɚɫɤɚɞɥɹɪɨɡɪɿɜ

ɧɸɜɚɧɧɹɜɨɥɨɫɫɹɞɭɠɟɧɚɝɪɿɜɚɽɬɶɫɹ

ɬɨɦɭɤɨɪɢɫɬɭɜɚɬɢɫɹɧɟɸɬɪɟɛɚɞɭɠɟ

ɨɛɟɪɟɠɧɨ

ȼɢɤɨɪɢɫɬɨɜɭɣɬɟʀʀɧɟɞɨɜɲɟɯɜɢɥɢɧ

ȼɢɤɨɪɢɫɬɚɧɧɹ

ɓɢɩɰɿɡɩɪɚɫɤɨɸɞɥɹɪɨɡɪɿɜɧɸɜɚɧɧɹ

ɜɨɥɨɫɫɹɩɪɢɞɚɬɧɿɹɤɞɥɹɞɨɜɝɨɝɨɬɚɤɿ

ɞɥɹɤɨɪɨɬɤɨɝɨɜɨɥɨɫɫɹ

Ɣȼɢɤɨɪɢɫɬɨɜɭɣɬɟɩɪɢɥɚɞɥɢɲɟɧɚ

ɜɨɥɨɝɨɦɭɚɛɨɫɭɯɨɦɭɜɨɥɨɫɫɿ

Ɣȼɢɤɨɪɢɫɬɨɜɭɣɬɟɩɪɢɥɚɞɥɢɲɟɧɚ

ɡɞɨɪɨɜɨɦɭɧɟɨɛɪɨɛɥɟɧɨɦɭɜɨɥɨɫɫɿ

Ɣɉɪɢɡɚɜɢɜɰɿɚɛɨɮɚɪɛɨɜɚɧɨɦɭɜɨɥɨɫɫɿ

ɥɢɲɟɡɪɿɞɤɚɤɨɪɢɫɬɭɣɬɟɫɹɩɪɢɥɚɞɨɦ

ȱɧɮɨɪɦɚɰɿɹɌɨɧɤɟɜɨɥɨɫɫɹɩɿɞɞɚɽɬɶɫɹ

ɜɢɪɿɜɧɸɜɚɧɧɸɞɭɠɟɲɜɢɞɤɨɊɿɜɧɨɦɿɪɧɢɣ

ɪɨɡɩɨɞɿɥɬɟɦɩɟɪɚɬɭɪɢɳɚɞɢɬɶɜɨɥɨɫɫɹ

ȼɪɟɡɭɥɶɬɚɬɿȼɢɨɬɪɢɦɚɽɬɟɪɿɜɧɟ

ɲɨɜɤɨɜɢɫɬɨɛɥɢɫɤɭɱɟɜɨɥɨɫɫɹ

ƔɁɧɿɦɿɬɶɮɿɤɫɚɰɿɸɡɩɨɥɨɜɢɧɨɤɳɢɩɰɿɜ

ɞɥɹɱɨɝɨɮɿɤɫɚɬɨɪɬɪɟɛɚɩɨɫɬɚɜɢɬɢ

ɧɚɩɨɡɧɚɱɤɭ

U

Ɣɉɨɞɿɥɿɬɶɪɿɜɧɨɪɨɡɱɟɫɚɧɟɜɨɥɨɫɫɹ

ɪɿɜɧɨɦɿɪɧɨɧɚɲɢɪɨɤɿɩɚɫɦɚɩɪɢɛɥɢɡɧɨ

ɲɢɪɢɧɨɸɫɦ

Ɣȼɫɬɚɜɬɟɩɿɞɝɨɬɨɜɥɟɧɟɩɚɫɦɨɩɪɢ

ɤɨɪɿɧɧɿɜɨɥɨɫɫɹɦɿɠɩɨɥɨɜɢɧɤɢɳɢɩɰɿɜ

Ɣɋɬɢɫɧɿɬɶɩɨɥɨɜɢɧɤɢɳɢɩɰɿɜɬɚɦ¶ɹɤɨ

ɿɪɿɜɧɨɦɿɪɧɨɩɨɬɹɝɧɿɬɶɞɨɤɿɧɱɢɤɿɜ

ɜɨɥɨɫɫɹɆɚɥ%

ƔɌɚɤɫɚɦɨɪɨɡɪɿɜɧɹɣɬɟɜɫɿɿɧɲɿɩɚɫɦɚ

ɉɟɪɟɞɬɢɦɹɤɜɥɚɫɧɟɪɨɛɢɬɢɡɚɱɿɫɤɭ

ɜɨɥɨɫɫɹɩɨɜɢɧɧɨɞɨɛɪɟɨɯɨɥɨɧɭɬɢ

ȼɚɠɥɢɜɨɇɟɡɚɬɪɢɦɭɣɬɟɫɹɧɟɞɨɜɲɟ

ɫɟɤɭɧɞɜɨɞɧɨɦɭɦɿɫɰɿ

Ⱦɥɹɨɬɪɢɦɚɧɧɹɞɨɞɚɬɤɨɜɨʀɿɧɮɨɪɦɚɰɿʀ

ɡ

ɭɤɥɚɞɚɧɧɹɜɨɥɨɫɫɹɡɚɞɨɩɨɦɨɝɨɸ

ɩɪɢɥɚɞɿɜ%RVFKɜɿɞɜɿɞɚɣɬɟɜɟɛɫɚɣɬ

ZZZERVFKSHUVRQDOVW\OHFRP



5REHUW%RVFK+DXVJHUlWH*PE+

 XN

Ɉɱɢɳɟɧɧɹ

ɉɟɪɟɞɩɪɢɛɢɪɚɧɧɹɦɚɛɨɨɱɢɳɟɧɧɹɦ

ɩɪɢɥɚɞɭɞɚɣɬɟɣɨɦɭɩɨɜɧɿɫɬɸɨɯɨɥɨɧɭɬɢ

ɇɟɛɟɡɩɟɤɚɭɪɚɠɟɧɧɹ

ɟɥɟɤɬɪɢɱɧɢɦɫɬɪɭɦɨɦ

ɉɟɪɟɞɨɱɢɳɟɧɧɹɦɿɡɛɟɪɿɝɚɧɧɹɦ

ɜɢɬɹɝɧɿɬɶɲɬɟɩɫɟɥɶ

ɇɿɤɨɥɢɧɟɡɚɧɭɪɸɜɚɬɢɩɪɢɫɬɪɿɣɭɜɨɞɭ

ɇɟɜɢɤɨɪɢɫɬɨɜɭɜɚɬɢɩɚɪɨɫɟɩɚɪɚɬɨɪ

ɉɪɨɬɢɪɚɬɢɩɪɢɫɬɪɿɣɥɢɲɟɡɡɨɜɧɿɜɨɥɨɝɨɸ

ɝɚɧɱɿɪɤɨɸɇɟɜɢɤɨɪɢɫɬɨɜɭɜɚɬɢʀɞɤɿɦɢɸɱɿ

ɡɚɫɨɛɢɚɛɨɬɚɤɿɳɨɞɪɹɩɚɸɬɶɩɨɜɟɪɯɧɸ

Ɍɟɯɧɿɱɧɿɞɚɧɿ

ɉɿɞɤɥɸɱɟɧɧɹ

ɞɨɠɢɜɥɟɧɧɹ

ɧɚɩɪɭɝɚɱɚɫɬɨɬɚ

ȼ

Ƚɰ

ɉɨɬɭɠɧɿɫɬɶ ȼɬ

ȼɢɞɚɥɟɧɧɹ

ɐɟɣɩɪɢɥɚɞɦɚɪɤɿɪɨɜɚɧɨɡɝɿɞɧɨ

ɩɨɥɨɠɟɧɶɽɜɪɨɩɟɣɫɶɤɨʀȾɢɪɟɤɬɢɜɢ

(*ɫɬɨɫɨɜɧɨɟɥɟɤɬɪɨɧɧɢɯ

ɬɚɟɥɟɤɬɪɨɩɪɢɥɚɞɿɜɳɨɛɭɥɢɭ

ɜɢɤɨɪɢɫɬɚɧɧɿZDVWHHOHFWULFDODQG

HOHFWURQLFHTXLSPHQW:(((Ⱦɢɪɟɤɬɢɜɨɸ

ɜɢɡɧɚɱɚɸɬɶɫɹɦɨɠɥɢɜɨɫɬɿɹɤɿɽɞɿɣɫɧɢɦɢ

ɭɦɟɠɚɯȯɜɪɨɩɟɣɫɶɤɨɝɨɫɨɸɡɭɳɨɞɨ

ɩɪɢɣɧɹɬɬɹɧɚɡɚɞɬɚɭɬɢɥɿɡɚɰɿʀɛɭɜɲɢɯɭ

ɜɢɤɨɪɢɫɬɚɧɧɿɩɪɢɥɚɞɿɜɉɪɨɚɤɬɭɚɥɶɧɿ

ɦɨɠɥɢɜɨɫɬɿɞɥɹɜɢɞɚɥɟɧɧɹɦɨɠɧɚ

ɞɿɡɧɚɬɢɫɹɜɫɩɟɰɿɚɥɿɡɨɜɚɧɨɦɭɦɚɝɚɡɢɧɿ

Ƚɚɪɚɧɬɿɹ

Ƚɚɪɚɧɬɿɣɧɿɭɦɨɜɢɞɥɹɰɶɨɝɨɩɪɢɥɚɞɭ

ɜɢɡɧɚɱɚɸɬɶɫɹɧɚɲɢɦɩɪɟɞɫɬɚɜɧɢɰɬɜɨɦ

ɭɬɿɣɤɪɚʀɧɿɞɟɜɿɧɩɪɨɞɚɽɬɶɫɹȾɨɤɥɚɞɧɿ

ɭɦɨɜɢɦɨɠɧɚɨɬɪɢɦɚɬɢɭɧɚɲɨɝɨɞɢɥɟɪɚ

ɭɹɤɨɝɨɛɭɥɨɩɪɢɞɛɚɧɨɰɟɣɩɪɢɥɚɞɉɪɢ

ɩɪɟɞ¶ɹɜɥɟɧɧɿɝɚɪɚɧɬɿɣɧɢɯɩɪɟɬɟɧɡɿɣ

ɧɟɨɛɯɿɞɧɨɞɨɞɚɬɢɤɭɩɱɭɚɛɨɤɜɢɬɚɧɰɿɸ

ɩɪɨɫɩɥɚɬɭ

Ɇɨɠɥɢɜɿɡɦɿɧɢ



3+6

UX

ɍɤɚɡɚɧɢɹɩɨɛɟɡɨɩɚɫɧɨɫɬɢ

ȼɧɢɦɚɬɟɥɶɧɨɩɪɨɱɬɢɬɟɢɧɫɬɪɭɤɰɢɸɩɨɷɤɫɩɥɭɚɬɚɰɢɢ

ɫɨɛɥɸɞɚɣɬɟ

ɟɟɭɤɚɡɚɧɢɹɢɬɳɚɬɟɥɶɧɨɯɪɚɧɢɬɟɟɟ

ɉɟɪɟɞɚɜɚɹɩɪɢɛɨɪɞɪɭɝɨɦɭɱɟɥɨɜɟɤɭɞɚɣɬɟɟɦɭɷɬɭɢɧɫɬɪɭɤɰɢɸ

Ⱦɚɧɧɵɣɩɪɢɛɨɪɩɪɟɞɧɚɡɧɚɱɟɧɞɥɹɞɨɦɚɲɧɟɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹ

ɢɥɢɞɥɹɢɫɩɨɥɶɡɨɜɚɧɢɹɜɧɟɤɨɦɦɟɪɱɟɫɤɨɣɛɵɬɨɜɨɣɫɪɟɞɟ

Ɉɩɚɫɧɨɫɬɶɩɨɪɚɠɟɧɢɹɬɨɤɨɦɢɜɨɡɝɨɪɚɧɢɹ

ɉɪɢɩɨɞɤɥɸɱɟɧɢɢɩɪɢɛɨɪɚɢɜɩɪɨɰɟɫɫɟɟɝɨɷɤɫɩɥɭɚɬɚɰɢɢ

ɨɛɹɡɚɬɟɥɶɧɨɫɨɛɥɸɞɚɣɬɟɞɚɧɧɵɟɩɪɢɜɟɞɟɧɧɵɟɧɚɬɢɩɨɜɨɣ

ɬɚɛɥɢɱɤɟ

Ⱦɟɬɹɦɜɜɨɡɪɚɫɬɟɞɨɥɟɬɧɟɥɶɡɹɩɨɥɶɡɨɜɚɬɶɫɹɩɪɢɛɨɪɨɦ

Ⱦɟɬɹɦɜɜɨɡɪɚɫɬɟɥɟɬɢɫɬɚɪɲɟɚɬɚɤɠɟɥɢɰɚɦɫ

ɨɝɪɚɧɢɱɟɧɧɵɦɢɮɢɡɢɱɟɫɤɢɦɢɫɟɧɫɨɪɧɵɦɢɢɥɢɭɦɫɬɜɟɧɧɵɦɢ

ɫɩɨɫɨɛɧɨɫɬɹɦɢɢɥɢɫɧɟɞɨɫɬɚɬɤɨɦɨɩɵɬɚɢɥɢɡɧɚɧɢɣɦɨɠɧɨ

ɩɨɥɶɡɨɜɚɬɶɫɹɩɪɢɛɨɪɨɦɬɨɥɶɤɨɩɨɞɩɪɢɫɦɨɬɪɨɦɢɢɥɢɜɬɨɦ

ɫɥɭɱɚɟɟɫɥɢɨɧɢɛɵɥɢɩɪɨɢɧɫɬɪɭɤɬɢɪɨɜɚɧɵɨɬɧɨɫɢɬɟɥɶɧɨ

ɛɟɡɨɩɚɫɧɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɩɪɢɛɨɪɚɢɨɫɨɡɧɚɸɬɨɩɚɫɧɨɫɬɢ

ɫɜɹɡɚɧɧɵɟɫɟɝɨɢɫɩɨɥɶɡɨɜɚɧɢɟɦȾɟɬɹɦɧɟɥɶɡɹɢɝɪɚɬɶɫ

ɩɪɢɛɨɪɨɦɌɟɯɧɢɱɟɫɤɨɟɨɛɫɥɭɠɢɜɚɧɢɟɢɥɢɱɢɫɬɤɭɩɪɢɛɨɪɚɧɟ

ɪɚɡɪɟɲɚɟɬɫɹɩɪɨɜɨɞɢɬɶɞɟɬɹɦɛɟɡɩɪɢɫɦɨɬɪɚɜɡɪɨɫɥɵɯ

ɉɨɥɶɡɨɜɚɬɶɫɹɩɪɢɛɨɪɨɦɪɚɡɪɟɲɟɧɨɬɨɥɶɤɨɩɪɢɨɬɫɭɬɫɬɜɢɢ

ɩɨɜɪɟɠɞɟɧɢɣɩɪɢɛɨɪɚɢɷɥɟɤɬɪɢɱɟɫɤɨɝɨɤɚɛɟɥɹ

ɉɨɫɥɟɤɚɠɞɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɩɪɢɛɨɪɚɢɥɢɜɫɥɭɱɚɟɟɝɨ

ɧɟɢɫɩɪɚɜɧɨɫɬɢɜɵɧɢɦɚɣɬɟɜɢɥɤɭɢɡɪɨɡɟɬɤɢ

ȼɨɢɡɛɟɠɚɧɢɟɨɩɚɫɧɵɯɫɢɬɭɚɰɢɣɪɟɦɨɧɬɩɪɢɛɨɪɚɧɚɩɪɢɦɟɪ

ɡɚɦɟɧɚɩɨɜɪɟɠɞɟɧɧɨɝɨɷɥɟɤɬɪɢɱɟɫɤɨɝɨɤɚɛɟɥɹɞɨɥɠɟɧ

ɩɪɨɢɡɜɨɞɢɬɶɫɹɬɨɥɶɤɨɧɚɲɟɣɫɟɪɜɢɫɧɨɣɫɥɭɠɛɨɣ



5REHUW%RVFK+DXVJHUlWH*PE+

 UX

ɗɥɟɤɬɪɢɱɟɫɤɢɣɤɚɛɟɥɶɧɟɞɨɥɠɟɧ

Ɣ ɫɨɩɪɢɤɚɫɚɬɶɫɹɫɝɨɪɹɱɢɦɢɩɪɟɞɦɟɬɚɦɢ

Ɣ ɩɪɨɬɹɝɢɜɚɬɶɫɹɱɟɪɟɡɨɫ

ɬɪɵɟɤɪɨɦɤɢ

Ɣ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹɜɤɚɱɟɫɬɜɟɪɭɱɤɢɞɥɹɧɨɲɟɧɢɹɩɪɢɛɨɪɚ

ɉɟɪɟɞɱɢɫɬɤɨɣɜɵɧɶɬɟɜɢɥɤɭɫɟɬɟɜɨɝɨɩɪɨɜɨɞɚɢɡɪɨɡɟɬɤɢ

ɇɢɜɤɨɟɦɫɥɭɱɚɟɧɟɩɨɝɪɭɠɚɣɬɟɩɪɢɛɨɪɜɜɨɞɭ

ɇɟɩɨɥɶɡɭɣɬɟɫɶɭɫɬɪɨɣɫɬɜɚɦɢɩɚɪɨɜɨɣɱɢɫɬɤɢ

ɇɚɝɪɟɜɚɬɟɥɶɧɵɟɩɥɚɫɬɢɧɵɫɢɥɶɧɨɧɚɝɪɟɜɚɸɬɫɹȾɟɪɠɚɬɶ

ɩɪɢɛɨɪɦɨɠɧɨɬɨɥɶɤɨɡɚɪɭɤɨɹɬɤɭɉɪɢɛɨɪɩɪɟɞɧɚɡɧɚɱɟɧ

ɬɨɥɶɤɨɞɥɹɢɫɩɨɥɶɡɨɜɚɧɢɹɧɚɫɭɯɢɯɜɨɥɨɫɚɯɇɢɜɤɨɟɦɫɥɭɱɚɟ

ɧɟɢɫɩɨɥɶɡɭɣɬɟɩɪɢɛɨɪɧɚɢɫɤɭɫɫɬɜɟɧɧɵɯɜɨɥɨɫɚɯɄɥɚɫɬɶ

ɩɪɢɛɨɪɦɨɠɧɨɬɨɥɶɤɨɧɚɩɨɜɟɪɯɧɨɫɬɢɭɫɬɨɣɱɢɜɵɟɤɜɵɫɨɤɢɦ

ɬɟɦɩɟɪɚɬɭɪɚɦ

ɇɟɩɨɥɶɡɭɣɬɟɫɶɩɪɢɛɨɪɨɦɪɹɞɨɦɫɜɨɞɨɣɧɚɥɢɬɨɣ

ɜɜɚɧɧɭɪɚɤɨɜɢɧɭɢɥɢɢɧɵɟɟɦɤɨɫɬɢ

Ɉɩɚɫɧɨɫɬɶɞɥɹɠɢɡɧɢ

ɇɢɜɤɨɟɦɫɥɭɱɚɟɧɟɞɨɩɭɫɤɚɣɬɟɤɨɧɬɚɤɬɚɩɪɢɛɨɪɚɫɜɨɞɨɣ

Ɉɩɚɫɧɨɫɬɶɫɨɯɪɚɧɹɟɬɫɹɞɚɠɟɟɫɥɢɩɪɢɛɨɪɜɵɤɥɸɱɟɧɩɨɷɬɨɦɭ

ɩɨɫɥɟɩɨɥɶɡɨɜɚɧɢɹɩɪɢɛɨɪɨɦɢɜɫɥɭɱɚɟɩɟɪɟɪɵɜɨɜɩɪɢ

ɩɨɥɶɡɨɜɚɧɢɢɢɦɧɟɨɛɯɨɞɢɦɨɜɵɧɢɦɚɬɶɜɢɥɤɭɢɡɪɨɡɟɬɤɢ

Ⱦɨɩɨɥɧɢɬɟɥɶɧɭɸɡɚɳɢɬɭɨɛɟɫɩɟɱɢɜɚɟɬɜɫɬɪɚɢɜɚɧɢɟɚɜɬɨɦɚɬɚ

ɡɚɳɢɬɧɨɝɨɨɬɤɥɸɱɟɧɢɹɞɨɦ$ɜɷɥɟɤɬɪɨɩɪɨɜɨɞɤɭɡɞɚɧɢɹ

ɉɨɫɨɜɟɬɭɣɬɟɫɶɫɨɫɩɟɰɢɚɥɢɫɬɨɦɷɥɟɤɬɪɨɦɨɧɬɚɠɧɢɤɨɦ

Ɉɩɚɫɧɨɫɬɶɭɞɭɲɟɧɢɹ

ɇɟɪɚɡɪɟɲɚɣɬɟɞɟɬɹɦɢɝɪɚɬɶɫɭɩɚɤɨɜɨɱɧɵɦɦɚɬɟɪɢɚɥɨɦ

 Ɉɩɚɫɧɨɫɬɶɨɠɨɝɨɜ

ɂɡɛɟɝɚɣɬɟɥɸɛɵɯɤɨɧɬɚɤɬɨɜɫɤɨɠɟɣ



3+6

UX

ɉɨɡɞɪɚɜɥɹɟɦɫɩɪɢɨɛɪɟɬɟɧɢɟɦɞɚɧ

ɧɨɝɨɩɪɢɛɨɪɚɤɨɦɩɚɧɢɢ%RVFK

ȼɵɩɪɢɨɛɪɟɥɢɜɵɫɨɤɨɤɚɱɟɫɬɜɟɧɧɨɟ

ɢɡɞɟɥɢɟɤɨɬɨɪɨɟɞɨɫɬɚɜɢɬȼɚɦɦɚɫɫɭ

ɭɞɨɜɨɥɶɫɬɜɢɹ

ɗɬɚɢɧɫɬɪɭɤɰɢɹɩɨɷɤɫɩɥɭɚɬɚɰɢɢɨɩɢɫɵ

ɜɚɟɬɞɜɟɪɚɡɥɢɱɧɵɟɦɨɞɟɥɢɜɵɩɪɹɦɢ

ɬɟɥɹɞɥɹɜɨɥɨɫɫɩɪɢɧɚɞɥɟɠɧɨɫɬɹɦɢ

Ⱦɟɬɚɥɢɢ

ɷɥɟɦɟɧɬɵɭɩɪɚɜɥɟɧɢɹ

Ȼɥɨɤɢɪɚɬɨɪ

ȼɵɤɥɸɱɚɬɟɥɶȼɄɅȼɕɄɅɫɤɪɚɫɧɨɣ

ɤɨɧɬɪɨɥɶɧɨɣɥɚɦɩɨɣ

Ɋɟɝɭɥɹɬɨɪɬɟɦɩɟɪɚɬɭɪɵɩɨɡɢɰɢɢɨɬ

ɂɧɞɢɤɚɬɨɪɝɨɬɨɜɧɨɫɬɢɤɪɚɛɨɬɟ

ɡɟɥɟɧɵɣ

ɇɚɝɪɟɜɚɬɟɥɶɧɵɟɩɥɚɫɬɢɧɵɫ

ɤɟɪɚɦɢɱɟɫɤɢɦɩɨɤɪɵɬɢɟɦ

Ɍɨɥɶɤɨ3+6

ɉɚɤɟɬ

Ʉɚɛɟɥɶɧɵɣɡɚɠɢɦ

ȼɤɥɸɱɟɧɢɟɩɪɢɛɨɪɚ

Ɣɉɨɞɫɨɟɞɢɧɢɬɟɩɪɢɛɨɪɤɪɨɡɟɬɤɟ

ɢɩɨɥɨɠɢɬɟɟɝɨɧɚɪɨɜɧɭɸɧɟ

ɱɭɜɫɬɜɢɬɟɥɶɧɭɸɤɬɟɦɩɟɪɚɬɭɪɧɨɦɭ

ɜɨɡɞɟɣɫɬɜɢɸɩɨɜɟɪɯɧɨɫɬɶ

Ȼɥɨɤɢɪɚɬɨɪɞɨɥɠɟɧɛɵɬɶɭɫɬɚɧɨɜɥɟɧ

ɜɩɨɥɨɠɟɧɢɟ

L©ɡɚɤɪɵɬɨª

Ɣȼɤɥɸɱɢɬɟɩɪɢɛɨɪɜɵɤɥɸɱɚɬɟɥɟɦ

ɤɪɚɫɧɚɹɥɚɦɩɚɫɜɟɬɢɬɫɹ

Ɣɋɩɨɦɨɳɶɸɪɟɝɭɥɹɬɨɪɚɬɟɦɩɟɪɚɬɭɪɵ

ɭɫɬɚɧɨɜɢɬɟɬɪɟɛɭɟɦɵɣɬɟɦɩɟɪɚɬɭɪɧɵɣ

ɪɟɠɢɦ

Ɣɉɪɢɛɨɪɝɨɬɨɜɤɪɚɛɨɬɟɫɪɚɡɭɠɟɩɨɫɥɟ

ɡɚɝɨɪɚɧɢɹɡɟɥɟɧɨɣɥɚɦɩɵ

ɂɧɮɨɪɦɚɰɢɹȼɫɥɭɱɚɟɜɵɛɨɪɚɬɟɦɩɟ

ɪɚɬɭɪɧɨɝɨɪɟɠɢɦɚɨɤ&

ɮɢɤɫɢɪɭɟɬɫɹȼɞɢɚɩɚɡɨɧɟɨɬɞɚɧɧɨɝɨ

ɪɟɠɢɦɚɢɜɩɥɨɬɶɞɨɪɟɠɢɦɚ

ɪɚɫɩɪɹɦɢɬɟɥɶɜɨɥɨɫɫɢɥɶɧɨɧɚɝɪɟɜɚ

ɟɬɫɹɩɨɷɬɨɦɭɩɨɥɶɡɨɜɚɬɶɫɹɢɦɫɥɟɞɭɟɬ

ɫɨɫɬɨɪɨɠɧɨɫɬɶɸɇɟɩɨɥɶɡɭɣɬɟɫɶɩɪɢ

ɛɨɪɨɦɞɨɥɶɲɟɦɢɧɭɬ

ɉɪɢɦɟɧɟɧɢɟ

ɉɪɢɛɨɪɦɨɠɟɬɩɪɢɦɟɧɹɬɶɫɹɤɚɤɞɥɹ

ɞɥɢɧɧɵɯɬɚɤɢɞɥɹɤɨɪɨɬɤɢɯɜɨɥɨɫ

Ɣɉɪɢɛɨɪɫɥɟɞɭɟɬɢɫɩɨɥɶɡɨɜɚɬɶɞɥɹ

ɪɚɫɩɪɹɦɥɟɧɢɹɫɭɯɢɯɢɥɢɩɪɨɫɭɲɟɧɧɵɯ

ɩɨɥɨɬɟɧɰɟɦɜɨɥɨɫ

Ɣɉɪɢɛɨɪɦɨɠɟɬɩɪɢɦɟɧɹɬɶɫɹɬɨɥɶɤɨɞɥɹ

ɡɞɨɪɨɜɵɯ

Ɣȼɫɥɭɱɚɟɯɢɦɢɱɟɫɤɨɣɡɚɜɢɜɤɢɢɥɢ

ɤɪɚɲɟɧɵɯɜɨɥɨɫɫɥɟɞɭɟɬɩɨɥɶɡɨɜɚɬɶɫɹ

ɩɪɢɛɨɪɨɦɬɨɥɶɤɨɢɡɪɟɞɤɚ

ɂɧɮɨɪɦɚɰɢɹɌɨɧɤɢɟɜɨɥɨɫɵɨɫɨɛɟɧɧɨ

ɛɵɫɬɪɨɪɟɚɝɢɪɭɸɬɧɚɞɟɣɫɬɜɢɟɩɪɢɛɨɪɚ

Ɋɚɜɧɨɦɟɪɧɚɹɬɟɩɥɨɨɬɞɚɱɚɨɤɚɡɵɜɚɟɬ

ɳɚɞɹɳɟɟɜɨɡɞɟɣɫɬɜɢɟɧɚɜɨɥɨɫɵ

Ɋɟɡɭɥɶɬɚɬɝɥɚɞɤɢɟɜɨɥɨɫɵɨɛɥɚɞɚɸɳɢɟ

ɫɢɥɶɧɵɦɲɟɥɤɨɜɢɫɬɵɦɛɥɟɫɤɨɦ

ƔɊɚɡɛɥɨɤɢɪɭɣɬɟɨɛɟɧɚɝɪɟɜɚɬɟɥɶɧɵɟ

ɩɥɚɫɬɢɧɵɭɫɬɚɧɨɜɢɜɛɥɨɤɢɪɚɬɨɪɜ

ɩɨɥɨɠɟɧɢɟ

U©ɨɬɤɪɵɬɨª

ƔɊɚɡɞɟɥɢɬɟɝɥɚɞɤɨɪɚɫɱɟɫɚɧɧɵɟ

ɜɨɥɨɫɵɧɚɩɪɹɞɢɪɚɜɧɨɦɟɪɧɨɣɲɢɪɢɧɵ

ɨɤɫɦ

Ɣɍɥɨɠɢɬɟɩɨɞɝɨɬɨɜɥɟɧɧɭɸɩɪɹɞɶɜɨɥɨɫ

ɧɚɩɪɟɞɧɚɡɧɚɱɟɧɧɨɟɞɥɹɷɬɨɣɰɟɥɢ

ɦɟɫɬɨɦɟɠɞɭɩɥɚɫɬɢɧɚɦɢɊɢɫ$

Ɣɋɨɠɦɢɬɟɩɥɚɫɬɢɧɵɞɪɭɝɫɞɪɭɝɨɦɢ

ɪɚɜɧɨɦɟɪɧɨɛɟɡɭɫɢɥɢɹɩɪɨɜɟɞɢɬɟ

ɢɦɢɞɨɤɨɧɱɢɤɨɜɜɨɥɨɫɊɢɫ%

ƔɈɛɪɚɛɨɬɚɣɬɟɜɫɟɩɪɹɞɢɚɧɚɥɨɝɢɱɧɵɦ

ɨɛɪɚɡɨɦɌɳɚɬɟɥɶɧɨɨɯɥɚɞɢɬɟɜɨɥɨɫɵ

ɩɟɪɟɞɨɤɨɧɱɚɬɟɥɶɧɨɣɭɤɥɚɞɤɨɣ

ɩɪɢɱɟɫɤɢ



5REHUW%RVFK+DXVJHUlWH*PE+

 UX

ȼɚɠɧɨɟɭɤɚɡɚɧɢɟɇɢɜɤ

ɨɟɦɫɥɭɱɚɟɧɟ

ɞɟɪɠɢɬɟɩɥɚɫɬɢɧɵɞɨɥɶɲɟɫɟɤɭɧɞɧɚ

ɨɞɧɨɦɢɬɨɦɠɟɭɱɚɫɬɤɟɜɨɥɨɫ

Ⱦɨɩɨɥɧɢɬɟɥɶɧɭɸɢɧɮɨɪɦɚɰɢɸɨɛ

ɭɤ

ɥɚɞɤɟɜɨɥɨɫɫɩɨɦɨɳɶɸɩɪɢɛɨɪɨɜ

%RVFKɦɨɠɧɨɧɚɣɬɢɧɚɜɟɛɫɚɣɬɟ

ZZZERVFKSHUVRQDOVW\OHFRP

ɑɢɫɬɤɚɢɭɯɨɞ

ɉɟɪɟɞɯɪɚɧɟɧɢɟɦɢɥɢɱɢɫɬɤɨɣɩɪɢɛɨɪɚ

ɧɟɨɛɯɨɞɢɦɨɞɨɠɞɚɬɶɫɹɟɝɨɩɨɥɧɨɝɨ

ɨɯɥɚɠɞɟɧɢɹ

Ɉɩɚɫɧɨɫɬɶɩɨɪɚɠɟɧɢɹɬɨɤɨɦ

ɉɟɪɟɞɨɱɢɫɬɤɨɣɢɪɚɡɦɟɳɟɧɢɟɦɧɚ

ɯɪɚɧɟɧɢɟɜɵɧɭɬɶɫɟɬɟɜɨɣɲɬɟɤɟɪ

ɇɢɜɤɨɟɦɫɥɭɱɚɟɧɟɩɨɝɪɭɠɚɣɬɟɩɪɢɛɨɪ

ɜɜɨ

ɞɭɇɟɩɨɥɶɡɭɣɬɟɫɶɭɫɬɪɨɣɫɬɜɚɦɢ

ɩɚɪɨɜɨɣɱɢɫɬɤɢ

ɉɪɨɬɪɢɬɟɩɪɢɛɨɪɫɧɚɪɭɠɢɜɥɚɠɧɨɣ

ɬɪɹɩɤɨɣɢɡɚɬɟɦɩɪɨɫɭɲɢɬɟɟɝɨ

ɇɟɩɪɢɦɟɧɹɣɬɟɧɢɤɚɤɢɯɨɫɬɪɵɯɢɥɢ

ɚɛɪɚɡɢɜɧɵɯɱɢɫɬɹɳɢɯɫɪɟɞɫɬɜ

Ɍɟɯɧɢɱɟɫɤɢɟ

ɯɚɪɚɤɬɟɪɢɫɬɢɤɢ

ɉɚɪɚɦɟɬɪɵ

ɷɥɟɤɬɪɨɩɢɬɚɧɢɹ

ɧɚɩɪɹɠɟɧɢɟɱɚɫɬɨɬɚ

ȼ

Ƚɰ

Ɇɨɳɧɨɫɬɶ ȼɬ

ɍɬɢɥɢɡɚɰɢɹ

ɍɬɢɥɢɡɢɪɭɣɬɟɭɩɚɤɨɜɤɭɫɢɫɩɨɥɶɡɨ

ɜɚɧɢɟɦɷɤɨɥɨɝɢɱɟɫɤɢɛɟɡɨɩɚɫɧɵɯ

ɦɟɬɨɞɨɜȾɚɧɧɵɣɩɪɢɛɨɪɢɦɟɟɬɨɬɦɟɬɤɭ

ɨɫɨɨɬɜɟɬɫɬɜɢɢɟɜɪɨɩɟɣɫɤɢɦɧɨɪɦɚɦ

(*ɭɬɢɥɢɡɚɰɢɢɷɥɟɤɬɪɢɱɟɫɤɢɯɢ

ɷɥɟɤɬɪɨɧɧɵɯɩɪɢɛɨɪɨɜZDVWHHOHFWULFDO

DQGHOHFWURQLFHTXLSPHQW±:(((Ⱦɚɧɧɵɟ

ɧɨɪɦɵɨɩɪɟɞɟɥɹɸɬɞɟɣɫɬɜɭɸɳɢɟɧɚɬɟɪ

ɪɢɬɨɪɢɢȿɜɪɨɫɨɸɡɚɩɪɚɜɢɥɚɜɨɡɜɪɚɬɚɢ

ɭɬɢɥɢɡɚɰɢɢɫɬɚɪɵɯɩɪɢɛɨɪɨɜɂɧɮɨɪɦɚ

ɰɢɸɨɛɚɤɬɭɚɥɶɧɵɯɜɨɡɦɨɠɧɨɫɬɹɯɭɬɢɥɢ

ɡɚɰɢɢȼɵɦɨɠɟɬɟɩɨɥɭɱɢɬɶɜɦɚɝɚɡɢɧɟɜ

ɤɨɬɨɪɨɦȼɵɩɪɢɨɛɪɟɥɢɩɪɢɛɨɪ

ɍɫɥɨɜɢɹɝɚɪɚɧɬɢɣɧɨɝɨ

ɨɛɫɥɭɠɢɜɚɧɢɹ

ɉɨɥɭɱɢɬɶɢɫɱɟɪɩɵɜɚɸɳɭɸɢɧɮɨɪɦɚɰɢɸ

ɨɛɭɫɥɨɜɢɹɯɝɚɪɚɧɬɢɣɧɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹ

ȼɵɦɨɠɟɬɟɜȼɚɲɟɦɛɥɢɠɚɣɲɟɦɚɜɬɨɪɢ

ɡɨɜɚɧɧɨɦɫɟɪɜɢɫɧɨɦɰɟɧɬɪɟɢɥɢɜ

ɫɟɪɜɢɫɧɨɦɰɟɧɬɪɟɨɬɩɪɨɢɡɜɨɞɢɬɟɥɹ

ɧɚɣɬɢɜɮɢɪɦɟɧɧɨɦɝɚɪɚɧɬɢɣɧɨɦɬɚɥɨɧɟ

ɜɵɞɚɜɚɟɦɨɦɩɪɢɩɪɨɞɚɠɟ

Ɇɵɨɫɬɚɜɥɹɟɦɡɚɫɨɛɨɣɩɪɚɜɨɧɚ

ɜɧɟɫɟɧɢɟɢɡɦɟɧɟɧɢɣ



3+6



DU

ΕϼλΧϰϟ΍Ϫϳϋίϭϭϙέόηϲρηϣ

ΎΑϳέϘΗϡγ

νέόΑΔϳϭΎγΗϣ

ϥϳΑΓΩΣ΍ϭΔϠλΧϲόοˬέΫΟϟ΍ϥϣ

΍˯ΩΑ



$ϝϛηϟ΍ϲϓΎϣϛϥϳΧγΗϟ΍ϲΗΣϳϔλ

ϝϛηΑΎϣϬϳΑΣγ΍ϭϥϳΗΣϳϔλϟ΍ϲρϐο΍

ΔϠλΧϟ΍ΔϳΎϬϧϩΎΟΗΎΑϑϳρϟϭϭΎγΗϣ



%ϝϛηϟ΍

έόηϟ΍ΕϼλΧϝϛϟΓϭρΧϟ΍ϩΫϫϱέέϛ

ϲ΋ΎϬϧϝϛηΑϪϔϳϔλΗϝΑϗΩέΑϳέόηϟ΍ϲϛέΗ΍

ϊοϭϣϟ΍αϔϧϰϠϋίΎϬΟϟ΍ϲόοΗϻϡϬϣ

ϥϳΗϳϧΎΛϥϣέΛϛϻ

ϡ΍ΩΧΗγΎΑϑϳϔλΗϟ΍ϝϭΣΕΎϣϭϠόϣϟ΍ϥϣΩϳίϣϟ

ϊϗϭϣϟ΍ΓέΎϳίΑ΍ϭϠοϔΗˬ

%RVFKΓίϬΟ΃

ZZZERVFKSHUVRQDOVW\OHFRP

ΔϧΎϳλϟ΍ϭϑϳυϧΗϟ΍

ϪϛέΗ΃ˬίΎϬΟϟ΍υϔΣϭ΃ϑϳυϧΗϲϓωϭέηϟ΍ϝΑϗ

ΎϣΎϣΗΩέΑϳϟ

Δϳ΋ΎΑέϬϛϟ΍ΔϣΩλϟ΍έρΧ

ίΎϬΟϟ΍αΑΎϗΝ΍έΧ·ΏΟϳυϔΣϟ΍ϭϑϳυϧΗϟ΍ϝΑϗ

ϲ΋ΎΑέϬϛϟ΍έΎϳΗϟΎΑΔϳΫϐΗϟ΍αΑϘϣϥϣ

˯Ύϣϟ΍ϲϓ΍ΩΑ΃ίΎϬΟϟ΍ϲγρϐΗϻ

ΔϳέΎΧΑϑϳυϧΗΓίϬΟ΃ϲϣΩΧΗγΗϻ

ΔΑρέεΎϣϗΔόρϗϡ΍ΩΧΗγΎΑίΎϬΟϟ΍ϲΣγϣ΍

ΔϓΎΟϭΔϔϳυϧεΎϣϗΔόρϘΑϪϳϔϔΟϭ

ΔρηΎϛϭ΍ΔϳϭϗϑϳυϧΗΩ΍ϭϣϲϣΩΧΗγΗϻ

Δϳϧϔϟ΍ΕΎϔλ΍ϭϣϟ΍

Εϟϭϓ

ίΗέϫ

˯ΎΑέϬϛϟΎΑϝϳλϭΗϟ΍

ΩΩέΗϟ΍ௗௗΩϬΟϟ΍

Ε΍ϭ

 ΓέΩϘϟ΍

ίΎϬΟϟ΍ϥϣιϠΧΗϟ΍

υΎϔΣϟ΍ϡϋΩϳΏϭϠγ΄ΑίΎϬΟϟ΍ΓϭΑϋϥϣιϠΧΗ

Δ΋ϳΑϟ΍ϰϠϋ

ΔϳΑέϭϷ΍Δϔλ΍ϭϣϠϟϕΑΎρϣίΎϬΟϟ΍΍Ϋϫ

ΔϳΑέϭϷ΍ΔϳΩΎλΗϗϻ΍ΔϋϭϣΟϣϟ΍



ΔϳϧϭέΗϛϟϹ΍ϭΔϳ΋ΎΑέϬϛϟ΍ΓίϬΟϷΎΑΔλΎΧϟ΍

ΔϣϳΩϘϟ΍

ZDVWHHOHFWULFDODQG

HOHFWURQLFHTXLSPHQW±:(((

Ωϋ΍ϭϘϟϡΎόϟ΍έΎρϹ΍ΩΩΣΗΔϔλ΍ϭϣϟ΍ϩΫϫϭ

ϲΑέϭϷ΍ΩΎΣΗϻ΍ϝϭΩϊϳϣΟϲϓϱέγΗ

ΓΩΎϋ·ϭΔϣϳΩϘϟ΍ΓίϬΟϷ΍ΓΩΎόΗγ΍ιϭλΧΑ

ΎϬϟϼϐΗγ΍

ΙΩΣ΍ΔϓέόϣϟϲϠΣϣϟ΍ϡϛϋίϭϣΓέΎηΗγΎΑϲϣϭϗ

ΓίϬΟϻ΍ϥϣιϠΧΗϠϟΎϳϟΎΣΔόΑΗϣϟ΍Δϣυϧϻ΍

ΔϣϳΩϘϟ΍

ϥΎϣοϟ΍

ϝΑϗϥϣίΎϬΟϟ΍΍ΫϬϟϥΎϣοϟ΍ρϭέηΩϳΩΣΗϡΗϳ

ίΎϬΟϟ΍ϊϳΑΎϬϳϓϡΗϳϲΗϟ΍ΔϟϭΩϟ΍ϲϓΎϧϠΛϣϣ

ϥϣρϭέηϟ΍ϩΫϫϝϳλΎϔΗϰϠϋϝϭλΣϟ΍ϙϧϛϣϳ

ϰΟέϳίΎϬΟϟ΍ϪϧϣΕϳέΗη΍ϱΫϟ΍ωίϭϣϟ΍ϝΑϗ

ϝΎΣϲϓ˯΍έηϟ΍ϝΎλϳ·ϭ΃ΓέϭΗΎϓέΎοΣ·

ϥΎϣοϟ΍ϪϳρϐϳΉέΎρϱ΃ϙίΎϬΟΏΎλ΃

ΕϼϳΩόΗΔϳ΃˯΍έΟ·ϲϓΎϧϘΣΑυϔΗΣϧ



5REHUW%RVFK+DXVJHUlWH*PE+



DU

%RVFKϥϣίΎϬΟϟ΍΍Ϋϫϙ΋΍έηϟΎϧϳϧΎϬΗ

ϑϭγΓΩϭΟϟ΍ϕ΋ΎϓΞΗϧϣϰϠϋΕϠλΣΩϘϟ

ΔόΗϣϟ΍ϥϣέϳΛϛϟ΍ϙΣϧϣϳ

ϡ΍ΩΧΗγ΍ΔϘϳέρΡέηΗϩΫϫϝΎϣόΗγϻ΍ΕΎϣϳϠόΗ

ΎϣϬΗΎϘΣϠϣϊϣέόηϟ΍αϳϠϣΗϟϥϳϔϠΗΧϣϥϳίΎϬΟ

ϝϳϐηΗϟ΍έ΍έί΃ϭίΎϬΟϟ΍˯΍ίΟ΃

ϕϠϐϟ΍ϭ΢Ηϔϟ΍αΎΑέΗ 

ϲ΋ϭοέη΅ϣΑϕϼϏϻ΍ϝϳϐηΗϟ΍έί 

έϣΣ΍

±PLQΓέ΍έΣϟΎΑϡϛΣΗϟ΍ιέϗ 

±ௗ&

ΎϳϧΩϟ΍ΔΟέΩϟ΍ PLQ 

ΔϳίϫΎΟϰϠϋΔϟϻΩϠϟέοΧ΍ϲ΋ϭοέη΅ϣ 



ϡ΍ΩΧΗγϼϟίΎϬΟϟ΍

ϙϳϣ΍έϳγϟΎΑΔϔϠϐϣϥϳΧγΗ΢΋Ύϔλ



ρϘϓ3+6

ΔΑϳϘΣϟ΍

ϝΑΎϛϟ΍ϙΑηϣ

ϝϳϐηΗϟ΍

΢ργϰϠϋϪϳόοϭ˯ΎΑέϬϛϟΎΑίΎϬΟϟ΍ϲϠλ

Γέ΍έΣϠϟαΎγΣέϳϏ



LϰϠϋΎΑϭλϧϣαΎΑέΗϟ΍ϥϭϛϳϥ΃ΏΟ

ϕϠϐϣίϣέ

ΡΎΑλϣϟ΍ˬ

έίϟ΍Δργ΍ϭΑίΎϬΟϟ΍ϲϠϐη

ϝόΗηϳγέϣΣϷ΍

Δργ΍ϭΑΔΑγΎϧϣϟ΍Γέ΍έΣϟ΍ΔΟέΩϱέΎΗΧ΍



έίϟ΍

ϝΎόΗη΍ϝΎΣϝΎϣόΗγϼϟ΍ίϫΎΟίΎϬΟϟ΍ϥϭϛϳ

έοΧϷ΍˯ϭοϟ΍

ΩϧϋϼϳϠϗϡϛΣΗϟ΍έίϑϗϭΗϳγΕΎϣϭϠόϣϠϟ



ϥϳΗΟέΩϟ΍ϥϳΑ΍ΩΟΎϧΧΎγέόηϟ΍Ρέ

γϣϥϭϛϳ

έΫΣΑϪϣ΍ΩΧΗγ΍ϰΟέϳ΍Ϋϟˬ



ΔϘϳϗΩϥϋΩϳίΗΓέΗϔϟϪϳϣΩΧΗγΗϻ

ϡ΍ΩΧΗγϻ΍

ϝϳϭρϟ΍ϭέϳλϘϟ΍έόηϠϟΏγΎϧϣίΎϬΟϟ΍

α΄ΑϻϭϑΎΟϟ΍έόηϠϟίΎϬΟϟ΍ϲϣΩΧΗγ΍

ΔϔηϧϣϟΎΑΎϔϔΟϣϥΎϛϥ΍

Ω΍ϭϣΑΞϟΎόϣϟ΍έϳϏϭϡϳϠγϟ΍έόηϠϟϪϳϣΩΧΗγ΍

ϯέΧ΃

ΞϟΎόϣϟ΍έόηϠϟϪϣ΍ΩΧΗγ΍ϥϣϱέΛϛΗϻ

ΔϐΑλˬΩϳόΟΗΔϳ΋Ύϳϣϳϛϟ΍Ε΍έοΣΗγϣϟΎΑ

ΔϋέγΑΏϳΟΗγϳϡϋΎϧϟ΍έόηϟ΍ϙΗΎϣϭϠόϣϟ

ϱϭΎγΗϣϟ΍ϱέ΍έΣϟ΍ϊϳίϭΗϟ΍ίΎϬΟϠϟΓέϳΑϛ

ΔΟϳΗϧϟ΍ϭέόηϟ΍ΔϳΎϋέϲϓΔλΎΧΔϳϣϫ΃Ϫϟ

έϫΎυϱέϳέΣϥΎόϣϠΑΡ

έγϣέόηϥϭϛΗγ

ϕϳέρϥϋϥϳΧγΗϟ΍ϲΗΣϳϔλαΎΑέΗϲΣΗϓ΍

Uϰϟ·αΎΑέΗϟ΍ϙϳέΣΗ



3+6



DU

ϑϳυϧΗϟ΍ϝΑϗϲ΋ΎΑέϬϛϟ΍έΎϳΗϟΎΑΔϳΫϐΗϟ΍αΑϘϣϥϣίΎϬΟϟ΍αΑΎϗΝ΍έΧ·ΏΟϳ

˯Ύϣϟ΍ϲϓέϣϏΔϘϠρϣΓέϭλΑϭέυΣϳ

ΔϳέΎΧΑϑϳυϧΗΓίϬΟ΃ϡ΍ΩΧΗγ΍ϡΩϋΏΟϳ

ΏΟϳρϘϓνΑϘϣϟ΍ϥϣϻ·ίΎϬΟϟΎΑϙΎγϣϹ΍ϡΩϋΏΟϳΔϧΧΎγ΢ΑλΗγϥϳΧγΗϟ΍΢΋Ύϔλ

ωϭϧλϣέόηϊϣίΎϬΟϟ΍ϡ΍ΩΧΗγ΍ϡΩϋΏΟϳΎϣϛˬϑΎΟέόηϊϣϻ·ίΎϬΟϟ΍ϡ΍ΩΧΗγ΍ϡΩϋ

ΔϳϋΎϧρλ΍ϥ΋΍Ωϟϥϣ

Γέ΍έΣϠϟΔγΎγΣέϳϏ΢ργ΃ϰϠϋϻ·ίΎϬΟϟ΍ϊοϭϡΩϋΏΟϳ

ϡΎϣΣΗγ΍ν΍ϭΣ΃ϲϓΩϭΟϭϣ˯ΎϣϥϣΏέϘϟΎΑίΎϬΟϟ΍ϡ΍ΩΧΗγ΍ϡΩϋΏΟϳ

ϯέΧ΃ΕΎϳϭΎΣϭ΃Δϳϋϭ΃ϭ΃ϝγϏν΍ϭΣ΃ϭ΃ϭϳϧΎΑ

ΓΎϳΣϟ΍ϰϠϋέρΧ

ϥΎϛϭϟϭϰΗΣΎοϳ΃Ύϣ΋ΎϗϥϭϛϳέρΧϟ΍˯ΎϣϊϣίΎϬΟϠϟαϣϼΗϱ΃ΙϭΩΣΏϧΟΗΏΟϳ

ΔϳΫϐΗϟ΍αΑϘϣϥϣίΎϬΟϟ΍αΑΎϗΝ΍έΧ·ΏΟϳΏΑγϟ΍΍ΫϬϟˬϝϳϐηΗϟ΍ϑΎϘϳ·ϊοϭϲϓίΎϬΟϟ΍

˯ΎϧΛ΃ΔΗϗ΅ϣΓέϭλΑϝϳϐηΗϟ΍ϥϋϑϗϭΗϟ΍Ωϧϋϭϡ΍ΩΧΗγϻ΍ϥϣ˯ΎϬΗϧϻ΍ΩόΑϲ΋ΎΑέϬϛϟ΍έΎϳΗϟΎΑ

ϡ΍ΩΧΗγϻ΍

ΓέΩϘΑϝρόϟ΍έΎϳΗϥϣϲϗ΍ϭΓέ΋΍ΩϊρΎϗΏϳϛέΗϝϼΧϥϣΔϳϓΎο·ΔϳΎϣΣϕϳϘΣΗϥϛϣϳϭ

ϰΟέϳϙϟΫΑϕϠόΗϳΎϣϳϓΔϳϟίϧϣϟ΍Δϳ΋ΎΑέϬϛϟ΍ΕΎΑϳϛέΗϟ΍ϕΎρϧϲϓέϳΑϣ΃ϲϠϣ



ϰΗΣϝλΗ

Δϳ΋ΎΑέϬϛΕΎΑϳϛέΗϲϧϘΗΓέΎηΗγ΍ϡϛϧϣ

ϕΎϧΗΧ΍ΙϭΩΣέρΧ

ϑϳϠϐΗϟ΍Ω΍ϭϣΑΏόϠϟΎΑϝΎϔρϷΡΎϣγϟ΍ϡΩϋΏΟϳ

ϕϭέΣΙϭΩΣέρΧ

ΩϠΟϟ΍ϭίΎϬΟϟ΍ϥϳΑαϣϼΗϱ΃ΙϭΩΣΏϧΟΗΏΟϳ



5REHUW%RVFK+DXVJHUlWH*PE+



DU

Δϣϼγϟ΍Ε΍ΩΎηέ·

ϥΎϛϣϲϓΎϬΑϲυϔΗΣ΍ϭΎϬϳϠϋϲλέΣ΍ϡΛˬΔϳΎϧόΑϡ΍ΩΧΗγϻ΍ΕΎϣϳϠόΗωΎΑΗ΍ϭΓ˯΍έϗ˯ΎΟέϟ΍

ϥϣ΁

έΧ΁ιΧηϟϪΗϳρϋ΃Ύϣ΍Ϋ·ίΎϬΟϟ΍ϊϣΕ΍ΩΎηέϹ΍ϩΫϫϕΎϓέ·ΏΟϳ

ϭ΃ΔϳέΎΟΗέϳϐϟ΍ΕΎ΋ϳΑϟ΍ϲϓϡ΍ΩΧΗγϺϟϭ΃ϲϟίϧϣϟ΍ϡ΍ΩΧΗγϺϟΎ

λϳλΧΩόϣίΎϬΟϟ΍΍Ϋϫ

ΔλλΧϣϕρΎϧϣϰϠϋϝίϧϣϟ΍Δ΋ϳΑΑΔϬϳΑηϟ΍ΕΎ΋ϳΑϟ΍ϝϣΗηΗϝίϧϣϟΎΑΔϬϳΑηϟ΍ΕΎ΋ϳΑϟ΍

ϕρΎϧϣϭ΃Γέϳϐλϟ΍ΕΎϛέηϟ΍ϭΔϳϋ΍έίϟ΍ϕρΎϧϣϟ΍ϭΏΗΎϛϣϟ΍ϭΕϼΣϣϟ΍ϲϓϝϣόϟ΍ϡϘρϷ

Δϳϧϛγϟ΍Ε΂ηϧϣϟ΍ϭΓέϳϐλϟ΍ϕΩΎϧϔϟ΍ϭϝί

ϧϟ΍ϝΛϣϑϭϳοϟ΍ϝΑϗϥϣϡ΍ΩΧΗγϼϟΔλλΧϣ

ΔϬΑΎηϣϟ΍

ϕϳέΣΙϭΩΣέρΧϭΔϳ΋ΎΑέϬϛΔϣΩλΙϭΩΣέρΧ

ΕΎϧΎϳΑΔΣϭϟϲϓΎϬϳϠϋιϭλϧϣϟ΍ΕΎϧΎϳΑϠϟΎϘϓϭϻ·ίΎϬΟϟ΍ϝϳϐηΗϭϝϳλϭΗϡΩϋΏΟϳ

ί΍έρϟ΍

Ε΍ϭϧγ



ϥϋϡϫέϣϋϝϘϳϝΎϔρ΃ϝΑϗϥϣίΎϬΟϟ΍ϝϳϐηΗέυΣϳ

ϥϋΩϳίϳΎϣϭ΃Ε΍ϭϧγ



ϡϫέϣϋώϠΑϳϝΎϔρ΃ϝΑϗϥϣΎϬϣ΍ΩΧΗγ΍ϡΗϳϥ΃ϥϛϣϳΓίϬΟϷ΍ϩΫϫ

ΓέΑΧϟ΍ϲϓιϘϧϭ΃ΓΩϭΩΣϣΔϳϧϫΫϭ΃ΔϳγΣϭ΃ΔϳϧΩΑΕ΍έΩϗϱϭΫιΎΧη΃ϝΑϗϥϣϭϙϟΫ

ϥ΃ΩόΑϭ΃ϡϬϳϠϋϑ΍έηϹ΍ϱέΎΟϥϭϛϳΎϣΩϧϋϙϟΫϭˬΕΎϣϭϠόϣϟ΍ϭϑέΎόϣϟ΍ϲϓιϘϧϭ΃ϭ

΍ϭϧϭϛϳϥ΃ΩόΑϭίΎϬΟϠϟϥϣϵ΍ϡ΍ΩΧΗγϻ΍Δϳϔϳϛϥ΄ηΑΔϳϠϳλϔΗΕ΍ΩΎηέ·ϡϬ΋Ύρϋ·ϡΗΩϗϥϭϛϳ

ϥ΄ΑϝΎϔρϸϟΡΎϣγϟ΍ϡΩϋΏΟϳίΎϬΟϟ΍ϡ΍ΩΧΗγ΍ϰϠϋΔΑΗέΗϣϟ΍έΎρΧϷ΍΍ΩϳΟ΍ϭϣϬϓΩϗ

ίΎϬΟϟΎΑΏόϠϟΎΑ΍ϭϣϭϘϳ

ϥ΃ϥϭΩΑϝΎϔρ΃ϝΑϗϥϣϡΩΧΗγϣϟ΍ϝΑϗϥϣίΎϬΟϟ΍ΔϧΎϳλϭϑϳυϧΗϝΎϣϋ΃˯΍έΟΈΑ΢ϣγϳϻ

ϙϟΫΑϡϬϣΎϳϗΩϧϋϡϬϳϠϋϑ΍έηϹ΍ϱέΎΟϥϭϛϳ

ΔϣϳϠγΔϟΎΣϲϓίΎϬΟϟ΍ϭ˯ΎΑέϬϛϟΎΑΩ΍ΩϣϹ΍ϝΑϛϥϭϛϳΎϣΩϧϋϻ·ίΎϬΟϟ΍ϡ΍ΩΧΗγ΍ϡΩϋΏΟϳ

ϑϠΗϱ΃ΎϣϬΑαϳϟϭ

ϡ΍ΩΧΗγϻ΍ϥϣ˯ΎϬΗϧϻ΍ΩόΑϲ΋ΎΑέϬϛϟ΍έΎϳΗϟΎΑΔϳΫϐΗϟ΍αΑϘϣϥϣίΎϬΟϟ΍αΑΎϗΝ΍έΧ·ΏΟϳ

ϝϠΧΙϭΩΣΔϟΎΣϲϓϭ΃Γέϣϝϛϲϓ

ϝΑϗϥϣϻ·ˬϑϟΎΗ˯ΎΑέϬϛϟΎΑΩ΍Ωϣ·ϝΑϛϝ΍ΩΑΗγ΍ϝΛϣˬΡϼλ·ϝΎϣϋ΃Δϳ΃˯΍έΟΈΑ΢ϣγϳϻ

έρΧϠϟ˯Ύϳη΃ϭ΃ιΎΧη΃νϳέόΗΏϧΟΗϟϙϟΫϭˬΎϧΗϛέηϟΔόΑΎΗϟ΍˯ϼϣόϟ΍ΔϣΩΧ

ϪοϳέόΗϡΩϋΏΟϳ˯ΎΑέϬϛϟΎΑΩ΍ΩϣϹ΍ϝΑϛ

•˭ΔϧΧΎγ˯΍ίΟ΃ϊϣαϣϼΗϠϟ

•˭ΓΩΎΣϑ΍ϭΣϕϭϓΏΣγϠϟ

•ίΎϬΟϟ΍ϝϣΣϟνΑϘϣϛϡ΍ΩΧΗγϼϟ



), 6XRPL)LQODQG

%6+.RGLQNRQHHW2\

,WlODKGHQNDWX$3/

+HOVLQNL

7HO

)D[

PDLOWR%RVFK6HUYLFH),#EVKJFRP

ZZZERVFKKRPHIL

/DQNDSXKHOLPHVWDVQWSXKHOX

VQWPLQDOY

0DWNDSXKHOLPHVWDVQWSXKHOX

VQWPLQDOY

)5 )UDQFH

%6+(OHFWURPpQDJHU6$6

UXH$UGRLQ±%3

6$,1728(1FHGH[

6HUYLFHLQWHUYHQWLRQVjGRPLFLOH



6HUYLFH&RQVRPPDWHXUV



¼77&PQ

PDLOWRVRDERVFKFRQVR#EVKJFRP

6HUYLFH3LqFHV'pWDFKpHVHW

FFHVVRLUHV



¼77&PQ

ZZZERVFKKRPHIU

*% *UHDW%ULWDLQ

%6++RPH$SSOLDQFHV/WG

*UDQG8QLRQ+RXVH

2OG:ROYHUWRQ5RDG

:ROYHUWRQ

0LOWRQ.H\QHV0.37

7RDUUDQJHDQHQJLQHHUYLVLWWR

RUGHUVSDUHSDUWVDQGDFFHVVRULHV

RUIRUSURGXFWDGYLFHSOHDVHYLVLW

ZZZERVFKKRPHFRXN

RUFDOO

7HO

&DOOVIURPD%7ODQGOLQHZLOOEHFKDUJHGDW

XSWRSHQFHSHUPLQXWH$FDOOVHWXSIHH

RIXSWRSHQFHPD\DSSO\



*5 *UHHFHǼȜȜȐȢ

%6+,NLDNHV6LVNHYHV$%(

&HQWUDO%UDQFK6HUYLFH

NP(2$WKLQRQ/DPLDV

3RWDPRX

.LILVLD

ȆĮȞİȜȜȒȞȚȠĲȘȜȑĳȦȞȠ

ĮıĲȚțȒȤȡȑȦıȘ

ZZZERVFKKRPHJU

+. +RQJ.RQJ㚅

󰶝

%6++RPH$SSOLDQFHV/LPLWHG

8QLWUG)ORRU

1RUWK%ORFN6N\ZD\+RXVH

6KDP0RQJ5RDG

7DL.RN7VXL.RZORRQ

+RQJ.RQJ

7HO

)D[

PDLOWREVKKNJVHUYLFH#EVKJFRP

ZZZERVFKKRPHFQ

+5 +UYDWVND&URDWLD

%6+NXüQLXUHÿDMLGRR

.QH]D%UDQLPLUD

=DJUHE

7HO

)D[

PDLOWRLQIRUPDFLMHVHUYLVKU#

EVKJFRP

ZZZERVFKKRPHFRPKU

+8 0DJ\DURUV]iJ+XQJDU\

%6++i]WDUWiVL.pV]OpN

.HUHVNHGHOPL.IW

+i]WDUWiVLJpSHNPiUNDV]HUYL]H

.LUiO\KiJyWpU

%XGDSHVW

+LEDEHMHOHQWpV

7HO

)D[

PDLOWRKLEDEHMHOHQWHV#EVKKX

ONDWUpV]UHQGHOpV

7HO

)D[

PDLOWRDONDWUHV]UHQGHOHV#EVKKX

ZZZERVFKKRPHFRPKX

,( 5HSXEOLFRI,UHODQG

%6++RPH$SSOLDQFHV/WG

8QLW)%DOO\PRXQW'ULYH

%DOO\PRXQW,QGXVWULDO(VWDWH

:DONLQVWRZQ

'XEOLQ

6HUYLFH5HTXHVWV

6SDUHVDQG$FFHVVRULHV

7HO

)D[

ZZZERVFKKRPHFRXN

,/ ,VUDHO

ʬʠʸʹʩ

&6%+RPH$SSOLDQFH/WG

8OLHO%XLOGLQJ

+DPHODFKD6W

,QGXVWULDO3DUN1RUWK

/RG

7HO

)D[

PDLOWRFVEVHUY#]DKDYQHWLO

ZZZERVFKKRPHFRLO

,1 ,QGLD%KƗUDW

ȡ

%6+&XVWRPHU6HUYLFH)URQW2IILFH

6KRS1R(YHUHVW*UDQGH

2SS6KDQWL1DJDU%XV6WRS

0DKDNDOL&DYHV5RDG$QGKHUL(DVW

0XPEDL

,6 ,FHODQG

6PLWK1RUODQGKI

1RDWXQL

5H\NMDYLN

7HO

)D[

ZZZVPLQRULV

,7 ,WDOLD,WDO\

%6+(OHWWURGRPHVWLFL6S$

9LD01L]]ROL

0LODQR0,

1XPHURYHUGH

PDLOWRPLODVVLVWHQ]D#EVKJFRP

ZZZERVFKKRPHFRPLW

.= .D]DNKVWDQԔɚɡɚԕɫɬɚɧ

,3%DWND\HY,OGXV$

%0RP\VKXO\6WU

&K\PNHQW

7HO)D[

PDLOWRHYULNDBN]#PDLOUX

/% /HEDQRQ

ϝΏϥ΍ϥ

7HKHQL+DQD&R

%RXOHYDUG'RUD%H\URXWK

32%R[

-GHLGHK

7HO

PDLOWR,QIR#7HKHQL+DQDFRP

/7 /LHWXYD/LWKXDQLD

6HQXNXSUHN\ERVFHQWUDV8$%

-RQDYRVJ

.DXQDV

7HO

)D[

ZZZVHQXNDLOW

/8 /X[HPERXUJ

%6+pOHFWURPpQDJHUV6$

=O%UHHGHZHXHV

6HQQLQJHUEHUJ

7HO

)D[

PDLOWROX[VHUYLFHHOHFWURPHQDJHU#



EVKJFRP

ZZZERVFKKRPHOX

/9 /DWYLMD/DWYLD

*HQHUDO6HUYLVV/LPLWHG

%XOOXVWUHHWF

5LJD

7HO

PDLOWREW#ROLPSHNVOY

(ONRU6HUYLVV

%ULYLEDVJDWYH

5LJD

7HO

)D[

PDLOWRGRPRVHUYLFH#HONRUOY

ZZZVHUYLVDFHQWUVO



0' 0ROGRYD

65/5LDOWR6WXGLR

ɭɥɓɭɫɟɜɚ

Ʉɢɲɢɧɟɜ

ɬɟɥɮɚɤɫ

PDLOWRERVFKPG#PDLOUX

0( &UQD*RUD0RQWHQHJUR

(OHNWURQLNDNRPHUF

8O6ORERGH

%LMHOR3ROMH

7HO)D[

0RELO

PDLOWRHNRERVFKVHUYLV#

WFRPPH



0. 0DFHGRQLDɆɚɤɟɞɨɧɢʁɚ

*25(1(&

-DQH6DQGDQVNLORN

6NRSMH

7HO

0RELO

PDLOWRJRUHQHF#\DKRRFRP





07 0DOWD

2[IRUG+RXVH/WG

1RWDELOH5RDG

0ULHKHO%.5

7HO

)D[

ZZZR[IRUGKRXVHFRPPW

09 5DDMMH\JH-XPKRRUL\\DD

0DOHGLYHV

/LQWHO,QYHVWPHQWV

0D0DDGKHOL0DMHHGKHH0DJX

0DOp

7HO

PDLOWRPRKDPHG]XKXUHH#

OLQWHOFRPPY

1/ 1HGHUODQG1HWKHUODQGV

%6++XLVKRXGDSSDUDWHQ%9

7DXUXVDYHQXH

/6+RRIGGRUS

6WRULQJVPHOGLQJ

7HO

)D[

PDLOWRERVFKFRQWDFWFHQWHU#

EVKJFRP

2QGHUGHOHQYHUNRRS

7HO

)D[

PDLOWRERVFKRQGHUGHOHQ#EVKJFRP

ZZZERVFKKRPHQO

12 1RUJH1RUZD\

%6++XVKROGQLQJVDSSDUDWHU$6

*UHQVHVYLQJHQ

2VOR

7HO

)D[

PDLOWR%RVFK6HUYLFH12#

EVKJFRP

ZZZERVFKKRPHQR

1= 1HZ=HDODQG

%6++RPH$SSOLDQFHV/WG

8QLW)2UELW'ULYH

0DLUDQJL%D\

XFNODQG

7HO

)D[

PDLOWREVKQ]FV#EVKJFRP

ZZZERVFKKRPHFRQ]

3/ 3ROVND3RODQG

%6+6SU]ĊW*RVSRGDUVWZD

'RPRZHJRVS]RR

O-HUR]ROLPVNLH

:DUV]DZD

&HQWUDOD6HUZLVX

7HO

)D[

PDLOWR6HUZLV)DEU\F]Q\#EVKJFRP

ZZZERVFKKRPHSO



37 3RUWXJDO

%6+3(OHFWURGRPpVWLFRV/GD

5XD$OWRGR0RQWLMRQ

&DUQD[LGH

7HO

)D[

PDLOWRERVFKHOHFWURGRPHVWLFRVSW#

EVKJFRP



ZZZERVFKKRPHSW

52 5RPk QLD5RPDQLD

%6+(OHFWURFDVQLFHVUO

6RV%XFXUHVWL3ORLHVWL

QUVHFW

%XFXUHVWL

7HO

)D[

PDLOWRVHUYLFHURPDQLD#EVKJFRP

ZZZERVFKKRPHUR

58 5XVVLDɊɨɫɫɢɹ

222ȻɋɏȻɵɬɨɜɚɹɬɟɯɧɢɤɚ

ɋɟɪɜɢɫɨɬɩɪɨɢɡɜɨɞɢɬɟɥɹ

ɆɚɥɚɹɄɚɥɭɠɫɤɚɹ

Ɇɨɫɤɜɚ

ɬɟɥ

PDLOWRPRNNGKO#EVKJFRP

ZZZERVFKKRPHFRP

6$6DXGL$UDELD

ΔϳΩϮόδϟ΍ΔϴΑήόϟ΍ΔϜϠϤϤϟ΍

%6++RPH$SSOLDQFHV

6DXGL$UDELD//&

%LQ+DPUDQ&RPPHUFLDO&HQWU

WK)ORRU%

-HGGDK

7HO

PDLOWRVHUYLFHNVD#EVKJFRP

ZZZERVFKKRPHFRPVD

6( 6YHULJH6ZHGHQ

%6++XVKnOOVDSSDUDWHU$%

/DQGVYlJHQ

6ROQD

7HO

PDLOWR%RVFK6HUYLFH6(#

EVKJFRP

ZZZERVFKKRPHVH

6* 6LQJDSRUHᣂ

ടပ

%6++RPH$SSOLDQFHV3WH/WG

-DODQ3HPLPSLQ

8QLRQ,QGXVWULDO%XLOGLQJ

%ORFN$

6LQJDSRUH

7HO

)D[

PDLOWREVKVJSVHUYLFH#EVKJFRP

ZZZERVFKKRPHFRPVJ

6, 6ORYHQLMD6ORYHQLD

%6++LãQLDSDUDWLGRR

/LWRVWURMVND

/MXEOMDQD

7HO

)D[

PDLOWRLQIRUPDFLMHVHUYLV#

EVKJFRP

ZZZERVFKKRPHFRPVL

6. 6ORYHQVNR6ORYDNLD

%6+GRPiFLVSRWĜHELþHVUR

2UJDQL]DþQi]ORåND%UDWLVODYD

*DOYDQLKR&

%UDWLVODYD

7HO

PDLOWRRSUDY\#EVKJFRP

ZZZERVFKKRPHFRPVN

75 7UNL\H7XUNH\

%6+(Y$OHWOHUL6DQD\L

YH7LFDUHW$6

)DWLK6XOWDQ0HKPHW0DKDOOHVL

%DONDQ&DGGHVL1R

hPUDQL\H,VWDQEXO

7HO

)D[

PDLOWRFDUHOLQHWXUNH\#EVKJFRP

ZZZERVFKKRPHFRPWU

7: 7DLZDQ

บḧ

FKHOLV7DLZDQ&R/WG

WKIORRU1R6HF

&KXQJ+VLDR(5RDG

7DLSHL52&

7HO

PDLOWR%RVFK#DFKHOLVFRPWZ

8$ 8NUDLQHɍɤɪɚʀɧɚ

ɌɈȼȻɋɏɉɨɛɭɬɨɜɚɌɟɯɧɿɤɚ

ɬɟɥ

ZZZERVFKKRPHFRPXD

;. .RVRYR

173*$0$

5UXJD0DJ3ULVKWLQH)HUL]DM

)HUL]DM

7HO

7HO

PDLOWRDBVHUYLFH#

JDPDHOHFWURQLFVFRP

;6 6UELMD6HUELD

%6+.XüQLDSDUDWLGRR

0LOXWLQD0LODQNRYLüD

1RYL%HRJUDG

7HO

)D[

PDLOWRLQIRUPDFLMHVHUYLVVU#

EVKJFRP

ZZZERVFKKRPHUV

=$ 6RXWK$IULFD

%6++RPH$SSOLDQFHV3W\/WG

WK5RDG5DQGMHVSDUN

3ULYDWH%DJ;5DQGMHVSDUN

0LGUDQG±-RKDQQHVEXUJ

7HO

)D[

PDLOWRDSSOLDQFHVHUYLFH]D#

EVKJFRP

ZZZERVFKKRPHFRP]D



'( 'HXWVFKODQG*HUPDQ

%6++DXVJHUlWH6HUYLFH*PE+

=HQWUDOZHUNVWDWW

IUNOHLQH+DXVJHUlWH

7UDXWVNLUFKHQHU6WUDVVH±

1UQEHUJ

2QOLQH$XIWUDJVVWDWXV)LOWHUEHXWHO

.RQILJXUDWRUXQGYLHOHZHLWHUH

,QIRVXQWHUZZZERVFKKRPHGH

5HSDUDWXUVHUYLFH

0R)UHUUHLFKEDU



7HO

PDLOWRFSVHUYLFHFHQWHU#

EVKJFRP

(UVDW]WHLOEHVWHOOXQJ

7DJHUXQGXPGLH8KUHUUHLFKEDU



7HO

)D[

PDLOWRVSDUHSDUWV#EVKJFRP

&W0LQDXVGHP)HVWQHW]

0RELOIXQNPD[¼0LQ

$( 8QLWHG$UDE(PLUDWHV

ΓΪΤ˷ΘϤϟ΍Δ˷ϴΑήόϟ΍Ε΍έΎϣϹ΍

%6++RPH$SSOLDQFHV)=(

5RXQG$ERXW

3ORW1U02$

-HEHO$OL)UHH=RQH±'XEDL

7HO

PDLOWRVHUYLFHXDH#EVKJFRP

ZZZERVFKKRPHFRPDH

$/ 5HSXEOLNDH6KTLSHULVH

$OEDQLD

(57(&+6+3.

5U6DPL)UDVKHUL

3DOODWLL$YLDFLRQLWWHYMHWDU

6KNDOOD+\UMD

7LUDQD

7HO

)D[

PDLOWRYROLQD#RYLFRP

$7 gVWHUUHLFK$XVWULD

%6++DXVJHUlWH

*HVHOOVFKDIWPE+

:HUNVNXQGHQGLHQVW

IU+DXVJHUlWH

4XHOOHQVWUDVVH

:LHQ

7HO

)D[

PDLOWRYLHVWRHUXQJVDQQDKPH#

EVKJFRP

+RWOLQHIU(VSUHVVR*HUlWH

7HO

ZZZERVFKKRPHDW

LQQHUKDOEgVWHUUHLFKV]XP5HJLRQDOWDULI

$8 $XVWUDOLD

%6++RPH$SSOLDQFHV3W\/WG

$UFR/DQH

+($7+(57219LFWRULD

7HO

PDLOWREVKDXDV#EVKJFRP

ZZZERVFKKRPHFRPDX

%RVQDL+HUFHJRYLQD

%RVQLD+HU]HJRYLQD

+,*+GRR

*UDGDþDþNDE

6DUDMHZR

,QIR/LQH

)D[

PDLOWRGHOLFQDQGD#KRWPDLOFRP

%( %HOJLTXH%HOJLs%HOJLXP

%6++RPH$SSOLDQFHV6$

YHQXHGX/DHUEHHN

/DDUEHHNODDQ

%UX[HOOHV±%UXVVHO

7HO

)D[

PDLOWREUXUHSDLUV#EVKJFRP

ZZZERVFKKRPHEH

%* %XOJDULD

%6+'RPDNLQVNL8UHGL

%XOJDULD(22'

Ʉ7VDULJUDGVNR&KDXVVH%OYG

(XURSHDQ7UDGH&HQWHU%XLOGLQJ

WKIORRU

6RILD

7ɟO

)D[

PDLOWRLQIRUPDFLDVHUYLVEJ#

EVKJFRP

ZZZERVFKKRPHEJ

%+ %DKUDLQ

ΏΡέϱϥ

.KDODLIDW(VW

32%2;

0DQDPD

7HO

PDLOWRVHUYLFH#NKDODLIDWFRP

%5 %UDVLO%UD]LO

0DEH+RUWROkQGLD

(OHWURGRPpVWLFRV/WGD

5XD%DUmR*HUDOGR5H]HQGH

&DPSLQDV63

7HO

)D[

PDLOWREVKFRQVXPLGRU#

7(172FRPE



ZZZERVFKKRPHFRP

%< %HODUXVȻɟɥɚɪɭɫɶ

222ȻɋɏȻɵɬɨɜɚɹɬɟɯɧɢɤɚ

ɬɟɥ

PDLOWRPRNNGKO#EVKJFRP

&+ 6FKZHL]6XLVVH

6YL]]HUD6ZLW]HUODQG

%6++DXVJHUlWH$*

:HUNVNXQGHQGLHQVWIU

+DXVJHUlWH

)DKUZHLGVWUDVVH

*HUROGVZLO

PDLOWRFKLQIRKDXVJHUDHWH#

EVKJFRP

6HUYLFH7HO

6HUYLFH)D[

PDLOWRFKUHSDUDWXU#EVKJFRP

(UVDW]WHLOH7HO

(UVDW]WHLOH)D[

PDLOWRFKHUVDW]WHLO#EVKJFRP

ZZZERVFKKRPHFRP

&< &\SUXVȀȪʌȡȠȢ

%6+,NLDNHV6\VNHYHV6HUYLFH

$UK0DNDDULRX,,,6WU

(JRPL1LNRVLD/HINRVLD

7HO

)D[

PDLOWREVKVHUYLFHF\SUXV#

F\WDQHWFRPF\

&= ýHVNi5HSXEOLND

&]HFK5HSXEOLF

%6+GRPiFtVSRWĜHELþHVUR

)LUHPQtVHUYLVGRPiFtFK

VSRWĜHELþĤ

3HNDĜVNiE

3UDKD

7HO

)D[

ZZZERVFKKRPHFRPF]

'. 'DQPDUN'HQPDUN

%6++YLGHYDUHU$6

7HOHJUDIYHM

%DOOHUXS

7HO

)D[

PDLOWR%6+6HUYLFHGN#

%6+*FRP

ZZZERVFKKRPHGN

(( (HVWL(VWRQLD

6,06212h

5DXD

7DOOLQQ

7HO

)D[

PDLOWRWHHQLQGXV#VLPVRQHH

(6 (VSDxD6SDLQ

%6+(OHFWURGRPpVWLFRV

(VSDxD6$

3ROtJRQR0DOSLFD&DOOH'

3DUFHOD$

=DUDJR]D

7HO

)D[

PDLOWR&$8%RVFK#EVKJFRP

ZZZERVFKKRPHHV

HQVW



XVWRPHU

HUY

 0DWHULDO1U





*DUDQWLHEHGLQJXQJHQ

'(876&+/$1''(

'LHQDFKVWHKHQGHQ%HGLQJXQJHQGLH9RUDXVVHW]XQJHQ

XQG8PIDQJXQVHUHU*DUDQWLHOHLVWXQJEHVFKUHLEHQODVVHQ

GLH*HZlKUOHLVWXQJVYHUSIOLFKWXQJHQGHV9HUNlXIHUVDXV

GHP.DXIYHUWUDJPLWGHP(QGDEQHKPHUXQEHUKUW

)UGLHVHV*HUlWOHLVWHQZLU*DUDQWLHJHPlQDFKVWHKHQGHQ

%HGLQJXQJHQ

:LUEHKHEHQXQHQWJHOWOLFKQDFK0DJDEHGHUIROJHQGHQ%HGLQJXQJHQ1U0lQJHODP*HUlW

GLHQDFKZHLVOLFKDXIHLQHP0DWHULDOXQGRGHU+HUVWHOOXQJVIHKOHUEHUXKHQZHQQVLHXQVXQYHU]JOLFK

QDFK)HVWVWHOOXQJXQGLQQHUKDOEYRQ0RQDWHQQDFK/LHIHUXQJDQGHQ(UVWHQGDEQHKPHUJHPHOGHW

ZHUGHQ=HLJWVLFKGHU0DQJHOLQQHUKDOEYRQ0RQDWHQDE/LHIHUXQJZLUGYHUPXWHWGDVVHVVLFKXP

HLQHQ0DWHULDORGHU+HUVWHOOXQJVIHKOHUKDQGHOW

'LH*DUDQWLHHUVWUHFNWVLFKQLFKWDXIOHLFKW]HUEUHFKOLFKH7HLOHZLH]%*ODVRGHU.XQVWVWRIIE]Z

*OKODPSHQ

(LQH*DUDQWLHSIOLFKWZLUGQLFKWDXVJHO|VWGXUFKJHULQJIJLJH$EZHLFKXQJHQYRQGHU6ROO%HVFKDIIHQKHLW

GLHIU:HUWXQG*HEUDXFKVWDXJOLFKNHLWGHV*HUlWHVXQHUKHEOLFKVLQGRGHUGXUFK6FKlGHQDXVFKHPLVFKHQ

XQGHOHNWURFKHPLVFKHQ(LQZLUNXQJHQYRQ:DVVHUVRZLHDOOJHPHLQDXVDQRPDOHQ8PZHOWEHGLQJXQJHQ

RGHUVDFKIUHPGHQ%HWULHEVEHGLQJXQJHQRGHUZHQQGDV*HUlWVRQVWPLWXQJHHLJQHWHQ6WRIIHQLQ%HUKUXQJ

JHNRPPHQLVW(EHQVRNDQQNHLQH*DUDQWLHEHUQRPPHQZHUGHQZHQQGLH0lQJHODP*HUlWDXI

7UDQVSRUWVFKlGHQGLHQLFKWYRQXQV]XYHUWUHWHQVLQGQLFKWIDFKJHUHFKWH,QVWDOODWLRQXQG0RQWDJH

)HKOJHEUDXFKHLQHQLFKWKDXVKDOWVEOLFKH1XW]XQJPDQJHOQGH3IOHJHRGHU1LFKWEHDFKWXQJYRQ

%HGLHQXQJVRGHU0RQWDJHKLQZHLVHQ]XUFN]XIKUHQVLQG

'HU*DUDQWLHDQVSUXFKHUOLVFKWZHQQ5HSDUDWXUHQRGHU(LQJULIIHYRQ3HUVRQHQYRUJHQRPPHQZHUGHQ

GLHKLHU]XYRQXQVQLFKWHUPlFKWLJWVLQGRGHUZHQQXQVHUH*HUlWHPLW(UVDW]WHLOHQ(UJlQ]XQJVRGHU

=XEHK|UWHLOHQYHUVHKHQZHUGHQGLHNHLQH2ULJLQDOWHLOHVLQGXQGGDGXUFKHLQ'HIHNWYHUXUVDFKWZLUG

'LH*DUDQWLHOHLVWXQJHUIROJWLQGHU:HLVHGDVVPDQJHOKDIWH7HLOHQDFKXQVHUHU:DKOXQHQWJHOWOLFK

LQVWDQGJHVHW]WRGHUGXUFKHLQZDQGIUHLH7HLOHHUVHW]WZHUGHQ

*HUlWHGLH]XPXWEDU]%LP3.:WUDQVSRUWLHUWZHUGHQN|QQHQXQGIUGLHXQWHU%H]XJQDKPHDXI

GLHVH*DUDQWLHHLQH*DUDQWLHOHLVWXQJEHDQVSUXFKWZLUGVLQGXQVHUHUQlFKVWJHOHJHQHQ.XQGHQGLHQVWVWHOOH

RGHUXQVHUHP9HUWUDJVNXQGHQGLHQVW]XEHUJHEHQRGHU]X]XVHQGHQ,QVWDQGVHW]XQJHQDP$XIVWHOOXQJVRUW

N|QQHQQXUIUVWDWLRQlUEHWULHEHQHIHVWVWHKHQGH*HUlWHYHUODQJWZHUGHQ

(VLVWMHZHLOVGHU.DXIEHOHJPLW.DXIXQGRGHU/LHIHUGDWXPYRU]XOHJHQ(UVHW]WH7HLOHJHKHQLQXQVHU

(LJHQWXPEHU

6RIHUQGLH1DFKEHVVHUXQJYRQXQVDEJHOHKQWZLUGRGHUIHKOVFKOlJWZLUGLQQHUKDOEGHUREHQJHQDQQWHQ

*DUDQWLH]HLWDXI:XQVFKGHV(QGDEQHKPHUVNRVWHQIUHLJOHLFKZHUWLJHU(UVDW]JHOLHIHUW

*DUDQWLHOHLVWXQJHQEHZLUNHQZHGHUHLQH9HUOlQJHUXQJGHU*DUDQWLHIULVWQRFKVHW]HQVLHHLQHQHXH

*DUDQWLHIULVWLQ/DXI'LH*DUDQWLHIULVWIUHLQJHEDXWH(UVDW]WHLOHHQGHWPLWGHU*DUDQWLHIULVWIUGDVJDQ]H

*HUlW

:HLWHUJHKHQGHRGHUDQGHUH$QVSUFKHLQVEHVRQGHUHVROFKHDXI(UVDW]DXHUKDOEGHV*HUlWHVHQWVWDQ

GHQHU6FKlGHQVLQGVRZHLWHLQH+DIWXQJQLFKW]ZLQJHQGJHVHW]OLFKDQJHRUGQHWLVWDXVJHVFKORVVHQ

'LHVH*DUDQWLHEHGLQJXQJHQJHOWHQIULQ'HXWVFKODQGJHNDXIWH*HUlWH:HUGHQ*HUlWHLQV$XVODQGYHUEUDFKW

GLHGLHWHFKQLVFKHQ9RUDXVVHW]XQJHQ]%6SDQQXQJ)UHTXHQ]*DVDUWHQHWFIUGDVHQWVSUHFKHQGH/DQG

DXIZHLVHQXQGGLHIUGLHMHZHLOLJHQ.OLPDXQG8PZHOWEHGLQJXQJHQJHHLJQHWVLQGJHOWHQGLHVH*DUDQWLHEHGLQ

JXQJHQDXFKVRZHLWZLULQGHPHQWVSUHFKHQGHQ/DQGHLQ.XQGHQGLHQVWQHW]KDEHQ)ULP$XVODQGJHNDXIWH

*HUlWHJHOWHQGLHYRQXQVHUHUMHZHLOV]XVWlQGLJHQ/DQGHVYHUWUHWXQJKHUDXVJHJHEHQHQ*DUDQWLHEHGLQJXQJHQ

'LHVHN|QQHQ6LHEHU,KUHQ)DFKKlQGOHUEHLGHP6LHGDV*HUlWJHNDXIWKDEHQRGHUGLUHNWEHLXQVHUHU

/DQGHVYHUWUHWXQJDQIRUGHUQ

%HDFKWHQ6LHXQVHUZHLWHUHV.XQGHQGLHQVW$QJHERW

$XFKQDFK$EODXIGHU*DUDQWLHVWHKHQ,KQHQXQVHU:HUNVNXQGHQGLHQVWXQGXQVHUH6HUYLFHSDUWQHU

]XU9HUIJXQJ



5REHUW%RVFK+DXVJHUlWH*PE+

&DUO:HU\6WU0QFKHQ*HUPDQ\



Für Produktinformationen sowie Anwendungs-

und Bedienungsfragen aus Deutschland:

Bosch-Infoteam

(Mo-Fr: 8.00-18.00 Uhr erreichbar)

Tel.: 01805 267242* oder unter

[email protected]

*) 0,14 ¼/Min. aus dem Festnetz,

Mobilfunk max. 0,42 ¼/Min.

Nur für Deutschland gültig!

+LHU1UHLQWUDJHQ

Robert Bosch Hausgeräte GmbH

Carl-Wery-Str. 34

81739 München

Germany

www.bosch-home.com

9000 824 418 – 10/12

Bosch PHS2102/01 Straigthener

Product's Documents

Instruction manual

Specifications

Bosch PHS2102/01 Questions and Answers