Neff T40FT40X0/10 N 70 Induction hob 90 cm User Manual

*9001093694*  



Û ,QVWUXFFLRQHVGHPRQWDMH

Ø 0RQWDJHDQOHLWXQJ

Ú ,QVWDOODWLRQLQVWUXFWLRQV

Þ 1RWLFHGHPRQWDJH

â ,VWUX]LRQLSHULOPRQWDJJLR

é ,QVWDOODWLHYRRUVFKULIW

× 0RQWHULQJVYHMOHGQLQJ

ê 0RQWHULQJVYHLOHGQLQJ

ì ,QVWUXo}HVGHPRQWDJHP

ó 0RQWHULQJVDQYLVQLQJ

Ý $VHQQXVRKMH

î Ημπροςιυηώξνλνμρίες

ë ,QVWUXNFMDPRQWDŰX

ô 0RQWDMN×ODYX]X

Ù 

PLQ













PLQ









5









PLQ



[



&

$ PLQ



PLQ

PLQ

PLQ

PLQPLQ%





D E G

PLQ

PLQ

PLQ

PLQ

PLQ

$

PLQ

F

PLQ

























99/1a

91a











*1<(





991a











*1<(

D E







%% %!



99/1a

91a

*1<(

991a

*1<(

PLQ

PLQ

PLQ







,QVWUXFFLRQHVGHPRQWDMH

2EVHUYDFLRQHVLPSRUWDQWHV

6HJXULGDG OD VHJXULGDG GXUDQWH HO XVR VyOR HVWi JDUDQWL]DGD VL OD

LQVWDODFLyQVHKDHIHFWXDGRGHPDQHUDFRUUHFWDHQHODVSHFWR

WpFQLFR \ HQ FRQIRUPLGDG FRQ HVWDV LQVWUXFFLRQHV GH PRQWDMH /RV

GDxRVFDXVDGRVSRUXQPRQWDMHLQDGHFXDGRVHUiQ

UHVSRQVDELOLGDGGHOLQVWDODGRU

'HVSXpV GH UHDOL]DU OD LQVWDODFLyQ VH GHEH DVHJXUDU TXH HO XVXDULR

QRSXHGDDFFHGHUDQLQJ~QFRPSRQHQWHHOpFWULFR

(VWHDSDUDWRHVWiGLVHxDGRSDUDVXXVRHQDOWLWXGHVGHKDVWD

 PHWURV

: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV

(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV

SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV

HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR

GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD

GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV

&RQH[LyQHOpFWULFDVyORDFDUJRGHXQWpFQLFRHVSHFLDOLVWD

DXWRUL]DGR6HWHQGUiTXHUHJLUSRUODVGLVSRVLFLRQHVGHOD

FRPSDxtDDEDVWHFHGRUDGHHOHFWULFLGDGGHOD]RQD

(ODSDUDWRGHEHVHUFRQHFWDGRDXQDLQVWDODFLyQILMD\GHEHQVHU

LQFRUSRUDGRVPHGLRVGHGHVFRQH[LyQDODLQVWDODFLyQILMDGH

DFXHUGRDODVUHJODPHQWDFLRQHVGHODLQVWDODFLyQ

7LSR GH FRQH[LyQ HO DSDUDWR SHUWHQHFH D OD FODVH GH SURWHFFLyQ ,

\VyORSXHGHXWLOL]DUVHHQFRPELQDFLyQFRQXQDFRQH[LyQFRQ

FRQGXFWRUGHWRPDDWLHUUD

(OIDEULFDQWHQRVHKDFHUHVSRQVDEOHGHOIXQFLRQDPLHQWR

LQDGHFXDGR\GHORVSRVLEOHVGDxRVPRWLYDGRVSRULQVWDODFLRQHV

HOpFWULFDVQRDGHFXDGDV

&DEOHGHDOLPHQWDFLyQSXHGHHVWDUFRQHFWDGRHQODFDMDGH

FRQH[LyQGHODSODFDGHFRFFLyQRVXPLQLVWUDGRFRQHO

DSDUDWR \VRORSXHGHVHULQVWDODGRSRUXQWpFQLFRHVSHFLDOLVWD

DXWRUL]DGRRSRUSHUVRQDOWpFQLFRGHO6HUYLFLRGH$VLVWHQFLDFRQ

IRUPDFLyQHVSHFtILFD/RVGDWRVGHFRQH[LyQQHFHVDULRVHVWiQ

LQGLFDGRVHQODSODFDGHFDUDFWHUtVWLFDV\HQORVHVTXHPDVGH

FRQH[LyQ

8WLOL]DU~QLFDPHQWHHOFDEOHVXPLQLVWUDGRFRQHODSDUDWRRSRUHO

6HUYLFLRGH$VLVWHQFLD7pFQLFD

0RQWDMH EDMR HQFLPHUD ODV SODFDV GH LQGXFFLyQ VROR SXHGHQ VHU

LQVWDODGDVVREUHFDMyQXKRUQRVFRQYHQWLODFLyQIRU]DGD'HEDMR

GHODSODFDGHFRFFLyQQRVHSXHGHQLQVWDODUIULJRUtILFRV

ODYDYDMLOODVKRUQRVVLQYHQWLODFLyQRODYDGRUDV

&DPSDQDH[WUDFWRUDODGLVWDQFLDPtQLPDHQWUHODFDPSDQD

H[WUDFWRUD\ODSODFDGHFRFFLyQGHEHVHUDOPHQRVODGLVWDQFLD

LQGLFDGDHQODVLQVWUXFFLRQHVGHPRQWDMHGHODFDPSDQDGH

H[WUDFFLyQ

(QFLPHUDSODQDKRUL]RQWDOHVWDEOH6LJDODVLQVWUXFFLRQHVGHO

IDEULFDQWHGHODHQFLPHUD

■ /DHQFLPHUDGRQGHVHLQVWDOHODSODFDGHEHVHUUHVLVWHQWHD

SHVRV GH  NJ DSUR[LPDGDPHQWH 5HIXHUFH OD HQFLPHUD FRQ XQ

PDWHULDOUHVLVWHQWHDODWHPSHUDWXUD\DODJXDHQFDVR

QHFHVDULR

■ /DSODQLWXGGHODSODFDGHFRFFLyQVyORGHEHFRPSUREDUVHXQD

YH]LQVWDODGDHQHOKXHFRGHHQFDVWUH

*DUDQWtDXQDLQVWDODFLyQFRQH[LyQRPRQWDMHLQDGHFXDGR

VXSRQHODSpUGLGDGHYDOLGH]GHODJDUDQWtDGHOSURGXFWR

1RWD &XDOTXLHUPDQLSXODFLyQHQHOLQWHULRUGHODSDUDWR

LQFOX\HQGRHOFDPELRGHOFDEOHGHDOLPHQWDFLyQGHEHUiUHDOL]DUOR

~QLFDPHQWHSHUVRQDOWpFQLFRGHO6HUYLFLRGH$VLVWHQFLDFRQ

IRUPDFLyQHVSHFtILFD

3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMHILJXUDV 



0XHEOHVHPSRWUDGRVUHVLVWHQWHVDXQDWHPSHUDWXUDGH&

FRPRPtQLPR

+XHFRUHWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH

6XSHUILFLHVGHFRUWHVHOODUFRQPDWHULDOUHVLVWHQWHDOFDORU

0RQWDMHVREUHHOFDMyQILJXUD D

(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP

9HQWLODFLyQ OD GLVWDQFLD HQWUH OD SDUWH VXSHULRU GH OD HQFLPHUD \ OD

SDUWHVXSHULRUGHOFDMyQGHEHVHUGH PP

1RWD 6LORVREMHWRVPHWiOLFRVTXHVHHQFXHQWUDQHQHOFDMyQ

DOFDQ]DQ WHPSHUDWXUDV HOHYDGDV GHELGR D OD UHFLUFXODFLyQ GHO DLUH

SURFHGHQWH GH OD YHQWLODFLyQ GH OD SODFD R VL VH JXDUGDQ SHTXHxRV

REMHWRVPHWiOLFRVSXQ]DQWHVFRPREURFKHWDVXVDUXQVRSRUWH

LQWHUPHGLRGHPDGHUD ILJXUD 

/DSODFDGHFRFFLyQHVWiGRWDGDGHXQYHQWLODGRUVLWXDGRHQOD

SDUWH LQIHULRU 1R GHEHUiQ JXDUGDUVH HQ HO FDMyQ REMHWRV SHTXHxRV

RSXQ]DQWHVSDSHOHVRWUDSRVGHFRFLQDVLQRVHXVDXQVRSRUWH

LQWHUPHGLR3RGUtDQSHUMXGLFDUODUHIULJHUDFLyQRHVWURSHDUHO

YHQWLODGRUDOVHUDEVRUELGRV(QWUHHOFRQWHQLGRGHOFDMyQ\OD

HQWUDGD GHO YHQWLODGRU GHEH GHMDUVH XQD GLVWDQFLD PtQLPD GH  FP











*1<(

991a











*1<(

91a



0RQWDMHVREUHKRUQRILJXUDE

(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP

/DGLVWDQFLDHQWUHODSDUWHVXSHULRUGHODHQFLPHUD\ODSDUWH

VXSHULRUGHOIURQWDOGHOKRUQRGHEHVHUGH PP

1RWD &RQVXOWH ODV LQGLFDFLRQHV GH PRQWDMH GHO KRUQR SRU VL IXHUD

QHFHVDULRDXPHQWDUODGLVWDQFLDHQWUHODSODFDGHFRFFLyQ\HO

KRUQR

9HQWLODFLyQODGLVWDQFLDPtQLPDHQWUHHOKRUQR\ODSODFDGH

FRFFLyQGHEHGHVHUGH PP

1RWD 6RORHQHOFDVRGHLQVWDODUODSODFDGHFRFFLyQVREUHXQ

KRUQRGHGLVWLQWRIDEULFDQWHXWLOL]DUXQVRSRUWHLQWHUPHGLRGH

PDGHUD ILJXUD 

9HQWLODFLyQILJXUD 

3DUDDVHJXUDUXQFRUUHFWRIXQFLRQDPLHQWRGHODSDUDWRVHGHEH

WHQHUHQFXHQWDXQDDGHFXDGDYHQWLODFLyQGHODSODFDGHFRFFLyQ

(OYHQWLODGRUVLWXDGRHQODSDUWHLQIHULRUGHODSDUDWRGHEHDVSLUDU

VXILFLHQWHFDXGDOGHDLUHIUHVFRSRUORTXHORVPXHEOHVGHEHQGH

HVWDUDGDSWDGRVSDUDWDOSURSyVLWR3DUDHOORHVQHFHVDULR

■ XQDVHSDUDFLyQPtQLPDHQWUHODSDUWHWUDVHUDGHOPXHEOH\OD

SDUHGGHODFRFLQD\HQWUHODSDUWHVXSHULRUGHODHQFLPHUD\OD

SDUWHVXSHULRUGHOFDMyQ ILJXUD D

■ XQD DEHUWXUD HQ OD SDUWH VXSHULRU GH OD SDUHG WUDVHUD GHO PXHEOH

ILJXUD E

■ HQHOFDVRGHQRWHQHUXQDVHSDUDFLyQPtQLPDGH PPHQOD

SDUWHWUDVHUDGHOPXHEOHVHGHEHUiUHDOL]DUXQDDEHUWXUDHQOD

SDUWHLQIHULRUGHOPLVPR ILJXUD F

■ VLODDQFKXUDLQWHULRUGHOPXHEOHHVPHQRUGH PPVHGHEH

KDFHUXQFRUWHHQODVSDUHGHVODWHUDOHV ILJXUD G

1RWDV

■ 6LHODSDUDWRVHLQVWDODHQLVODXRWURWLSRGHLQVWDODFLyQQR

GHVFULWD HV LPSUHVFLQGLEOH DVHJXUDU OD FRUUHFWD YHQWLODFLyQ GH OD

SODFDGHFRFFLyQ

■ 1RFHUUDUHO]yFDORLQIHULRUKHUPpWLFDPHQWH

,QVWDODUHODSDUDWRILJXUDV 

1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD/DV

VXSHUILFLHVQRYLVLEOHVSXHGHQWHQHUDULVWDVFRUWDQWHV

(QDSDUDWRVVLQFDEOHSUHPRQWDGRFRORFDUHOFDEOHGH

DOLPHQWDFLyQHQODFDMDGHFRQH[LyQ

 'DUODYXHOWDDODSODFDGHFRFFLyQ\FRORFDUODVREUHODPLVPD

EDVHGHOHPEDODMHVREUHXQSDxRRVXSHUILFLHDSWDSDUDHYLWDU

UD\DGXUDV

 /HYDQWDUODWDSDGHODFDMDGHFRQH[LyQFRQD\XGDGHXQ

GHVWRUQLOODGRU ILJXUD 

 4XLWDU HO WRUQLOOR GH VXMHFLyQ \ OHYDQWDU OD DEUD]DGHUD FRQ D\XGD

GHXQGHVWRUQLOODGRU ILJXUD 

 &RQHFWDU H[FOXVLYDPHQWH VHJ~Q HO HVTXHPD GH FRQH[LRQDGR GH

ODFDMDGHFRQH[LyQ ILJXUD 

%10DUUyQ

%8$]XO

*1<(9HUGH\DPDULOOR

%.1HJUR

*<*ULV

1RWDV

■ 6LVHUHDOL]DODFRQH[LyQGHDFXHUGRDOHVTXHPD/1aVH

GHEHUiPRGLILFDUODGLVSRVLFLyQGHORVSXHQWHVVLJXLHQGRHO

HVTXHPDGHFRQH[LyQ

■ $VHJXUHVH GH TXH ORV WRUQLOORV GH OD FDMD GH FRQH[LyQ TXHGHQ

DSUHWDGRVGHVSXpVGHUHDOL]DUODFRQH[LyQGHORVFDEOHV

 )LMDUHOFDEOHGHDOLPHQWDFLyQFRQODDEUD]DGHUD\FRORFDUHO

WRUQLOORGHVXMHFLyQ ILJXUD D

 &HUUDUODWDSDGHODFDMDGHFRQH[LyQ

1RWD $ORMDU DGHFXDGDPHQWH ORV FDEOHV HQ OD ]RQD FHQWUDO GH OD

FDMDGHFRQH[LyQSDUDIDFLOLWDUHOFLHUUH

 (Q HO FDVR GH TXH HO FDEOH GH DOLPHQWDFLyQ LQWHUILHUD FRQ HO FDMyQ

ILMDU HO FDEOH FRQ OD EULGD DGMXQWD D OD EDVH GH OD SODFD GH FRFFLyQ

ILJXUD E

1RWD (QFDVRGHQHFHVLWDUXQFDEOHGHPD\RUORQJLWXGFRQWDFWH

FRQHO6HUYLFLRGH$VLVWHQFLD7pFQLFD'LVSRQLEOHKDVWD P

&RORFDUODSODFDGHFRFFLyQILJXUDV

 ,QWURGXFLUHODSDUDWRHQHOKXHFRGHHQFDVWUH ILJXUD 

 &RPSUREDUTXHODSODFDGHFRFFLyQTXHGHDQLYHOFRQOD

HQFLPHUD(QHOFDVRGHTXHODSODFDQRTXHGHDQLYHOLQVWDODU

ORV DQFODMHV VXPLQLVWUDGRV TXH VHDQ QHFHVDULRV \ DMXVWDUORV FRQ

FXLGDGR ILJXUD 

1RWD 1RXWLOL]DUGHVWRUQLOODGRUHVHOpFWULFRV

■ 1RDSULVLRQDUHOFDEOHGHDOLPHQWDFLyQQLSDVDUORSRUERUGHV

DILODGRV 6L KD\ XQ KRUQR PRQWDGR GHEDMR SDVDU HO FDEOH SRU ODV

HVTXLQDV WUDVHUDV GHO KRUQR 'HEH FRORFDUVH GH PDQHUD TXH QR

WRTXHSDUWHVFDOLHQWHVGHODSODFDGHFRFFLyQRGHOKRUQR

■ (Q HQFLPHUDV DOLFDWDGDV VHOODU ODV MXQWDV HQWUH ORV D]XOHMRV FRQ

FDXFKRGHVLOLFRQD

&RQHFWDUHODSDUDWRDODUHGHOpFWULFDILJXUD

■ 7HQVLyQYHUSODFDGHFDUDFWHUtVWLFDV

■ &RQHFWDUH[FOXVLYDPHQWHVHJ~QHOHVTXHPDGHFRQH[LyQ

%10DUUyQ

%8$]XO

*1<(9HUGH\DPDULOOR

%.1HJUR

*<*ULV

■ 6HJ~QHOWLSRGHFRQH[LyQSXHGHVHUQHFHVDULRPRGLILFDUOD

GLVSRVLFLyQGHORVWHUPLQDOHVVXPLQLVWUDGRVSRUIiEULFD3DUD

HOORVHUiQHFHVDULRFRUWDUORVWHUPLQDOHV\HOLPLQDUHODLVODQWH

QHFHVDULRSDUDFRORFDUXQWHUPLQDOTXHXQDGRVFDEOHV

1RWD &RPSUREDUHOIXQFLRQDPLHQWRVLHQHOSDQHOLQGLFDGRUGHO

DSDUDWRDSDUHFH

—…‹‹ “‹†‚„ y “VLJQLILFDTXHHVWiPDO

FRQHFWDGR'HVFRQHFWDUHODSDUDWRGHODUHG\FRPSUREDUOD

LQVWDODFLyQGHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQ\HQ

ODUHGHOpFWULFD

'HVPRQWDUHODSDUDWR

'HVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFD

4XLWDUORVDQFODMHVGHVXMHFLyQ

([WUDHUODSODFDGHFRFFLyQHMHUFLHQGRSUHVLyQGHVGHDEDMR

£$WHQFLyQ

£'DxRVHQHODSDUDWR1RLQWHQWHH[WUDHUHODSDUDWRKDFLHQGR

SDODQFDGHVGHDUULED

0RQWDJHDQOHLWXQJ

:LFKWLJH+LQZHLVH

6LFKHUKHLWVKLQZHLV'LH6LFKHUKHLWEHLP*HEUDXFKGHV*HUlWHV

LVWQXUJHZlKUOHLVWHWZHQQGHU(LQEDXWHFKQLVFKNRUUHNWXQG

JHPlGLHVHU0RQWDJHDQOHLWXQJYRUJHQRPPHQZXUGH)U6FKl

GHQGLHGXUFKHLQHQXQVDFKJHPlHQ(LQEDXHQWVWHKHQKDIWHW

GHU0RQWHXU

1DFK GHU ,QVWDOODWLRQ LVW VLFKHU]XVWHOOHQ GDVV GHU %HQXW]HU NHLQHQ

=XJDQJ]XGHQHOHNWULVFKHQ%DXWHLOHQKDW

'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+|KHQYRQELV]X

 0HWHUQ]XJHODVVHQ

: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ

'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH

,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ

IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG

YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ

(OHNWULVFKHU$QVFKOXVV(UPXVVYRQHLQHPNRQ]HVVLRQLHUWHQ

)DFKPDQQYRUJHQRPPHQZHUGHQ'DEHLJHOWHQGLH%HVWLPPXQ

JHQGHU|UWOLFKHQ6WURPYHUVRUJHU

'DV*HUlWPXVVDQHLQHUIHVWHQ,QVWDOODWLRQDQJHVFKORVVHQVHLQ

XQGJHPlGHQ,QVWDOODWLRQVYRUVFKULIWHQPVVHQHQWVSUHFKHQGH

7UHQQVFKDOWHUHLQJHULFKWHWZHUGHQ

$QVFKOXVVW\SHQ'DV*HUlWJHK|UW]XU6FKXW]NODVVH ,XQGGDUI

QXULQ.RPELQDWLRQPLWHLQHPJHHUGHWHQ$QVFKOXVVYHUZHQGHW

ZHUGHQ

'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ

JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH

,QVWDOODWLRQ]XUFN]XIKUHQVLQG

1HW]NDEHO(VLVWP|JOLFKHUZHLVHEHUHLWVDQGHU$QVFKOXVV

ER[GHV.RFKIHOGVDQJHVFKORVVHQRGHUZLUGPLWGHP*HUlW

JHOLHIHUW XQG GDUI QXU YRQ HLQHU ]XJHODVVHQHQ )DFKNUDIW E]Z TXD

OLIL]LHUWHP.XQGHQGLHQVW3HUVRQDOLQVWDOOLHUWZHUGHQ'LHHUIRUGHUOL

FKHQ$QVFKOXVVGDWHQVLQGDXIGHP7\SHQVFKLOGXQGLP

$QVFKOXVVELOGDQJHJHEHQ

1XUGDVPLWGHP*HUlWPLWJHOLHIHUWHRGHUYRPWHFKQLVFKHQ.XQ

GHQGLHQVWJHOLHIHUWH.DEHOYHUZHQGHQ



0RQWDJHXQWHUGHU$UEHLWVSODWWH'DV,QGXNWLRQVNRFKIHOGNDQQ

QXUEHU6FKXEODGHQRGHU%DFN|IHQPLW*HEOlVHOIWXQJLQVWDOOLHUW

ZHUGHQ 8QWHU GHP .RFKIHOG N|QQHQ NHLQH .KOVFKUlQNH 6SOPD

VFKLQHQ %DFN|IHQ RKQH /IWXQJ RGHU :DVFKPDVFKLQHQ HLQJHEDXW

ZHUGHQ

$E]XJVHVVH'HU$EVWDQG]ZLVFKHQGHU$E]XJVHVVHXQGGHP

.RFKIHOGPXVVPLQGHVWHQVGHPLQGHU0RQWDJHDQOHLWXQJIUGLH

$E]XJVHVVHDQJHJHEHQHQ$EVWDQGHQWVSUHFKHQ

$UEHLWVSODWWH6LHPXVVHEHQKRUL]RQWDOXQGVWDELOVHLQ'LH

$QZHLVXQJHQGHV$UEHLWVSODWWHQ+HUVWHOOHUVEHDFKWHQ

■ 'LH $UEHLWVSODWWH LQ GLH 6LH GDV .RFKIHOG HLQEDXHQ PXVV %HODV

WXQJHQYRQFD NJVWDQGKDOWHQ%HL%HGDUIGLH$UEHLWVSODWWH

PLWWHPSHUDWXUXQGZDVVHUEHVWlQGLJHP0DWHULDOYHUVWlUNHQ

■ 'LH (EHQKHLW GHV .RFKIHOGV HUVW EHUSUIHQ ZHQQ HV HLQJHEDXW

LVW

*DUDQWLH(LQXQVDFKJHPlHU(LQEDX$QVFKOXVVRGHUHLQHIHK

OHUKDIWH0RQWDJHIKUHQ]XP9HUOXVWGHU*DUDQWLH

+LQZHLV -HJOLFKH $UEHLWHQ DP *HUlWHLQQHUHQ HLQVFKOLHOLFK GHP

$XVWDXVFKGHV1HW]NDEHOVPVVHQYRPHLJHQVGDIUDXVJHELOGH

WHQ.XQGHQGLHQVWYRUJHQRPPHQZHUGHQ

9RUEHUHLWXQJGHU0|EHO$EELOGXQJ 

(LQEDXP|EHO6LHPVVHQELVPLQGHVWHQV &WHPSHUDWXUEH

VWlQGLJVHLQ

$XVVFKQLWW6SlQHQDFKGHQ$XVVFKQLWWDUEHLWHQHQWIHUQHQ

6FKQLWWIOlFKHQ0LWKLW]HEHVWlQGLJHP0DWHULDOYHUVLHJHOQ

(LQEDXEHUHLQHP6FKXEIDFK$EELOGXQJ D

$UEHLWVSODWWH6LHPXVVPLQGHVWHQV PPGLFNVHLQ

/IWXQJ'HU$EVWDQG]ZLVFKHQGHU2EHUIOlFKHGHU$UEHLWVSODWWH

XQGGHPREHUHQ%HUHLFKGHU6FKXEODGHPXVV PPEHWUDJHQ

+LQZHLV (LQHQ=ZLVFKHQERGHQDXV+RO]YHUZHQGHQZHQQVLFK

PHWDOOLVFKH*HJHQVWlQGHLQGHU6FKXEODGHDXIJUXQGGHU/XIWXP

ZlO]XQJEHLGHU%HOIWXQJGHV.RFKIHOGHVHUZlUPHQRGHUZHQQ

NOHLQH VSLW]H PHWDOOLVFKH *HJHQVWlQGH ZLH EHLVSLHOVZHLVH )OHLVFK

VSLHHLQGLHVHU6FKXEODGHDXIEHZDKUWZHUGHQ $EELOGXQJ 

'DV.RFKIHOGLVWDQGHU8QWHUVHLWHPLWHLQHP9HQWLODWRUDXVJHVWDW

WHW2KQH=ZLVFKHQERGHQGUIHQLQGHU6FKXEODGHNHLQHNOHLQHQ

RGHU VSLW]HQ *HJHQVWlQGH 3DSLHU RGHU .FKHQWFKHU DXIEHZDKUW

ZHUGHQ(VN|QQWHGLH.KOXQJEHHLQWUlFKWLJWRGHUGDV*HEOlVH

GXUFK$QVDXJHQEHVFKlGLJWZHUGHQ=ZLVFKHQGHP,QKDOWGHU

6FKXEODGHXQGGHP*HEOlVH(LQJDQJPXVVHLQ0LQGHVWDEVWDQG

YRQ FPHLQJHKDOWHQZHUGHQ

0RQWDJHEHUHLQHP%DFNRIHQ$EELOGXQJE

$UEHLWVSODWWH6LHPXVVPLQGHVWHQV PPGLFNVHLQ

'HU$EVWDQG]ZLVFKHQGHU2EHUIOlFKHGHU$UEHLWVSODWWHXQGGHP

REHUHQ%HUHLFKGHU%DFNRIHQIURQWPXVVPPEHWUDJHQ

+LQZHLV 6FKODJHQ 6LH LQ GHU 0RQWDJHDQOHLWXQJ IU GHQ %DFNRIHQ

QDFKIDOOVGHU$EVWDQG]ZLVFKHQ.RFKIHOGXQG%DFNRIHQYHUJU|

HUWZHUGHQPXVV

%HOIWXQJ'HU$EVWDQG]ZLVFKHQ%DFNRIHQXQG.RFKIHOGPXVV

PLQGHVWHQVPPEHWUDJHQ

+LQZHLV :LUGGDV.RFKIHOGEHUHLQHP%DFNRIHQHLQHUDQGHUHQ

0DUNHHLQJHEDXWLVWHLQ=ZLVFKHQERGHQDXV+RO]]XYHUZHQGHQ

$EELOGXQJ

*HEOlVH$EELOGXQJ 

8PHLQHNRUUHNWH)XQNWLRQVZHLVHGHV*HUlWV]XJDUDQWLHUHQ

PXVVGDV.RFKIHOGDQJHPHVVHQEHOIWHWZHUGHQ

'DGLH/IWXQJLPXQWHUHQ%HUHLFKGHV*HUlWVHLQHDXVUHLFKHQGH

)ULVFKOXIW]XIXKUEHQ|WLJWPVVHQGLH0|EHOHQWVSUHFKHQGDXVJH

OHJWVHLQ+LHU]XZLUG)ROJHQGHVEHQ|WLJW

■ HLQ 0LQGHVWDEVWDQG ]ZLVFKHQ GHU 5FNVHLWH GHV 0|EHOV XQG GHU

.FKHQZDQG XQG ]ZLVFKHQ GHU 2EHUIOlFKH GHU $UEHLWVSODWWH XQG

GHPREHUHQ%HUHLFKGHU6FKXEODGH $EELOGXQJ D

■ HLQHgIIQXQJREHQDQGHU5FNVHLWHGHV0|EHOV

$EELOGXQJ E

■ IDOOVGHU0LQGHVWDEVWDQGYRQ PPDQGHU5FNVHLWHGHV

0|EHOVQLFKWJHJHEHQLVWPXVVDQGHU8QWHUVHLWHHLQHgIIQXQJ

DQJHOHJWZHUGHQ $EELOGXQJ F

■ IDOOV GDV 0|EHO LQQHQ QLFKW EUHLWHU DOV  PP LVW (LQVFKQLWWH DQ

GHQ6HLWHQZlQGHQYRUQHKPHQ $EELOGXQJ G

+LQZHLVH

■ :HQQGDV*HUlWLQHLQHU.RFKLQVHORGHUDQHLQHPDQGHUHQ

QLFKW EHVFKULHEHQHQ 3ODW] HLQJHEDXW ZLUG LVW HLQH DQJHPHVVHQH

%HOIWXQJGHV.RFKIHOGVVLFKHU]XVWHOOHQ

■ 'HQXQWHUHQ6RFNHOQLFKWKHUPHWLVFKDEVFKOLHHQ

*HUlWHLQEDXHQ$EELOGXQJHQ 

+LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU

ZHQGHQ'LHQLFKWVLFKWEDUHQ)OlFKHQN|QQHQVFKDUIH.DQWHQDXI

ZHLVHQ

%HL*HUlWHQRKQHYRULQVWDOOLHUWHV.DEHOGDV1HW]NDEHOLQGLH

$QVFKOXVVGRVHHLQIKUHQ

 'DV .RFKIHOG XPGUHKHQ XQG DXI GHP %RGHQ GHU 9HUSDFNXQJ HL

QHP 7XFK RGHU HLQHU DQGHUHQ 2EHUIOlFKH DEOHJHQ XP .UDW]HU ]X

YHUPHLGHQ

 'HQ 'HFNHO GHU $QVFKOXVVGRVH PLWKLOIH HLQHV 6FKUDXEHQ]LHKHUV

DQKHEHQ $EELOGXQJ 

 'LH%HIHVWLJXQJVVFKUDXEHO|VHQXQGGLH6FKODXFKVFKHOOHPLWKLO

IHHLQHV6FKUDXEHQ]LHKHUVDQKHEHQ $EELOGXQJ

 1XUJHPl$EELOGXQJDQGHU$QVFKOXVVGRVHDQVFKOLHHQ

$EELOGXQJ 

%1%UDXQ

%8%ODX

*1<(*HOEXQG*UQ

%.6FKZDU]

*<*UDX

+LQZHLVH

■ :HQQ GHU $QVFKOXVV JHPl GHP $QVFKOXVVGLDJUDPP /1a

YRUJHQRPPHQZLUGLVWGLH$QRUGQXQJGHU%UFNHQGHP'LD

JUDPPHQWVSUHFKHQG]XlQGHUQ

■ 'DUDXIDFKWHQGDVVQDFKGHP$QVFKOXVVGHU.DEHOGLH

6FKUDXEHQDQGHU$QVFKOXVVGRVHIHVWJH]RJHQVLQG

 'DV1HW]NDEHOPLWGHU6FKODXFKVFKHOOHEHIHVWLJHQXQGGLH%H

IHVWLJXQJVVFKUDXEHDQ]LHKHQ $EELOGXQJ D

 'HQ'HFNHOGHU$QVFKOXVVGRVHVFKOLHHQ

+LQZHLV 'LH.DEHOLPPLWWOHUHQ%HUHLFKGHU$QVFKOXVVGRVHDQ

RUGQHQXPGHQ9HUVFKOXVV]XHUOHLFKWHUQ

 :HQQ GDV 1HW]NDEHO PLW GHU 6FKXEODGH LQWHUIHULHUW GDV .DEHO PLW

GHP EHLJHIJWHQ .DEHOELQGHU DQ GHU 8QWHUVHLWH GHV .RFKIHOGHV

EHIHVWLJHQ $EELOGXQJ E

+LQZHLV )DOOVHLQHOlQJHUH1HW]DQVFKOXVVOHLWXQJEHQ|WLJWZLUG

ELWWHGHQ.XQGHQGLHQVWNRQWDNWLHUHQ$QVFKOXVVOHLWXQJHQVWHKHQ

ELV]X P]XU9HUIJXQJ

.RFKIHOGDXIVHW]HQ$EELOGXQJ

 'DV*HUlWLQGLH(LQEDXQLVFKHHLQVFKLHEHQ $EELOGXQJ 

 'DUDXIDFKWHQGDVVGDV.RFKIHOGDXIGHUVHOEHQ+|KHZLHGLH

$UEHLWVSODWWH LVW )DOOV GDV .RFKIHOG QLFKW DXI GHUVHOEHQ +|KH LVW

EHL %HGDUI GLH PLWJHOLHIHUWHQ 9HUDQNHUXQJHQ LQVWDOOLHUHQ XQG YRU

VLFKWLJIHVW]LHKHQ $EELOGXQJ 

+LQZHLV .HLQHHOHNWULVFKHQ6FKUDXEHQGUHKHUYHUZHQGHQ

■ 1HW]NDEHOQLFKWHLQNOHPPHQXQGQLFKWEHUVFKDUIH.DQWHQIK

UHQ%HLXQWHUJHEDXWHP%DFNRIHQGLH/HLWXQJDQGHQKLQWHUHQ

(FNHQGHV%DFNRIHQV]XU$QVFKOXVVGRVHIKUHQ'LH/HLWXQJ

PXVVVRLQVWDOOLHUWZHUGHQGDVVVLHNHLQHKHLHQ6WHOOHQGHV

.RFKIHOGVRGHUGHV%DFNRIHQVEHUKUW

■ %HLJHIOLHVWHQ$UEHLWVSODWWHQ)OLHVHQIXJHQPLW6LOLNRQNDXWVFKXN

DEGLFKWHQ

*HUlWDQVFKOLHHQ$EELOGXQJ

■ 6SDQQXQJ6LHKH7\SHQVFKLOG

■ 1XUJHPl$QVFKOXVVGLDJUDPPDQVFKOLHHQ

%1%UDXQ

%8%ODX

*1<(*HOEXQG*UQ

%.6FKZDU]

*<*UDX

■ -HQDFK$QVFKOXVVDUWPXVVHYHQWXHOOGLH$QRUGQXQJGHUYRP

:HUNJHOLHIHUWHQ.OHPPHQYHUlQGHUWZHUGHQ'DIUPVVHQ

HYHQWXHOOGLH.OHPPHQJHNU]WXQGGLH,VROLHUXQJHQWIHUQWZHU

GHQXPHLQH.OHPPHHLQ]XVHW]HQGLH]ZHL.DEHOYHUELQGHW

+LQZHLV hEHUSUIHQGHU%HWULHEVEHUHLWVFKDIW(UVFKHLQWLQGHU

$Q]HLJHGHV*HUlWHV

—…‹‹ “‹†‚„ RGHU “LVWHVQLFKWULFKWLJ

DQJHVFKORVVHQ'DV*HUlWYRQGHU6WURPYHUVRUJXQJWUHQQHQXQG

GHQ$QVFKOXVVGHV6WURPNDEHOVEHUSUIHQ



$XVEDXGHV*HUlWV

'DV*HUlWYRQGHU6WURP]XIXKUWUHQQHQ

'LH+DOWHUXQJHQHQWIHUQHQ

(QWQHKPHQ6LHGDV.RFKIHOGLQGHP6LHYRQXQWHQGDJHJHQGU

FNHQ

$FKWXQJ

6FKlGHQ DP *HUlW 9HUVXFKHQ 6LH QLFKW GDV *HUlW GXUFK +HEHOQ

YRQREHQ]XHQWQHKPHQ

,QVWDOODWLRQLQVWUXFWLRQV

,PSRUWDQWQRWHV

6DIHW\ 6DIHW\ LQ XVH LV RQO\ JXDUDQWHHG LI WKH WHFKQLFDO LQVWDOODWLRQ

RIWKHKREKDVEHHQFDUULHGRXWFRUUHFWO\DQGLQDFFRUGDQFHZLWK

WKHDVVHPEO\LQVWUXFWLRQV7KHLQVWDOODWLRQWHFKQLFLDQVKDOOEH

OLDEOHIRUDQ\GDPDJHFDXVHGDVDUHVXOWRIXQVXLWDEOHLQVWDOODWLRQ

2QFHWKHDSSOLDQFHLVLQVWDOOHGPDNHVXUHWKDWWKHXVHUFDQQRW

DFFHVVWKHHOHFWULFDOFRPSRQHQWV

7KLVDSSOLDQFHLVRQO\SHUPLWWHGIRUXVHDWKHLJKWVXSWR

PHWUHV

: :HDUHUVRIHOHFWURQLFLPSODQWV

7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW

HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV

7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW

PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH

(OHFWULF FRQQHFWLRQ 2QO\ E\ DQ DXWKRULVHG VSHFLDOLVW WHFKQLFLDQ

7KHJXLGHOLQHVVHWRXWE\WKHORFDOHOHFWULFLW\SURYLGHUPXVWEH

REVHUYHG

7KHDSSOLDQFHPXVWEHFRQQHFWHGWRDIL[HGLQVWDOODWLRQDQG

DSSURSULDWHLVRODWLQJVZLWFKHVPXVWEHVHWXSLQDFFRUGDQFHZLWK

WKHLQVWDOODWLRQLQVWUXFWLRQV

7\SHRIFRQQHFWLRQ7KHDSSOLDQFHIDOOVXQGHUSURWHFWLRQFODVV ,

DQGFDQRQO\EHXVHGLQFRPELQDWLRQZLWKDJURXQGLQJFRQGXFWRU

FRQQHFWLRQ

7KHPDQXIDFWXUHUDFFHSWVQRUHVSRQVLELOLW\IRUDQ\PDOIXQFWLRQRU

GDPDJHFDXVHGE\LQFRUUHFWHOHFWULFDOLQVWDOODWLRQV

3RZHUFDEOH7KLVPD\DOUHDG\EHFRQQHFWHGWRWKH

FRQQHFWLRQER[RQWKHKRERULVVXSSOLHGZLWKWKHDSSOLDQFH

,WPXVWRQO\EHLQVWDOOHGE\DQDXWKRULVHGH[SHUWRUE\DTXDOLILHG

PHPEHURIWKHDIWHUVDOHVVHUYLFHWHDP7KHUHTXLUHGFRQQHFWLRQ

GDWD FDQ EH IRXQG RQ WKH W\SH SODWH DQG LQ WKH FRQQHFWLRQ GLDJUDP

8VHRQO\WKHFDEOHWKDWLVVXSSOLHGZLWKWKHDSSOLDQFHRULV

SURYLGHGE\WHFKQLFDODIWHUVDOHVVHUYLFH

,QVWDOODWLRQEHORZWKHZRUNWRS7KHLQGXFWLRQKREFDQRQO\EH

LQVWDOOHGDERYHDVHWRIGUDZHUVRUDIDQYHQWLODWHGRYHQ

5HIULJHUDWRUV GLVKZDVKHUV ZDVKLQJ PDFKLQHV RU RYHQV ZLWKRXW D

YHQWLODWLRQV\VWHPFDQQRWEHLQVWDOOHGEHORZWKHKRE

([WUDFWLRQFKLPQH\7KHFOHDUDQFHEHWZHHQWKHH[WUDFWLRQ

FKLPQH\DQGWKHKREPXVWDWOHDVWPDWFKWKHFOHDUDQFHVSHFLILHG

IRUWKHH[WUDFWLRQFKLPQH\LQWKHLQVWDOODWLRQLQVWUXFWLRQV

+REIODWKRUL]RQWDOVWDEOH)ROORZWKHKREPDQXIDFWXUHUV

LQVWUXFWLRQV

■ 7KHZRUNWRSLQWRZKLFK\RXLQVWDOOWKHKREVKRXOGEHDEOHWR

ZLWKVWDQGORDGVRIDSSUR[ NJ,IQHFHVVDU\VWUHQJWKHQWKH

ZRUNWRSZLWKWHPSHUDWXUHDQGZDWHUUHVLVWDQWPDWHULDO

■ 2QO\FKHFNWKHHYHQQHVVRIWKHKREDIWHULWKDVEHHQLQVWDOOHG

:DUUDQW\DQXQVXLWDEOHLQVWDOODWLRQFRQQHFWLRQRUDVVHPEO\ZLOO

LQYDOLGDWHWKHSURGXFWZDUUDQW\

1RWH $Q\FKDQJHWRWKHDSSOLDQFHVLQWHULRULQFOXGLQJFKDQJLQJ

WKHSRZHUFDEOHPXVWRQO\EHSHUIRUPHGE\VSHFLDOO\WUDLQHG

PHPEHUVRIWKH7HFKQLFDO$VVLVWDQFH6HUYLFH

3UHSDULQJWKHFXSERDUGILJXUH 

%XLOWLQNLWFKHQXQLWV0LQLPXPWHPSHUDWXUHUHVLVWDQFHRI&

*DS5HPRYHDQ\VKDYLQJVDIWHUSHUIRUPLQJFXWWLQJZRUN

&XWVXUIDFHV6HDOZLWKKHDWUHVLVWDQWPDWHULDO

$VVHPEO\RYHUGUDZHUILJXUH D

:RUNWRS0XVWKDYHDPLQLPXPWKLFNQHVVRI PP

9HQWLODWLRQ 7KH FOHDUDQFH EHWZHHQ WKH VXUIDFH RI WKH ZRUNWRS DQG

WKHXSSHUDUHDRIWKHGUDZHUPXVWEH PP

1RWH 8VHDZRRGHQLQWHUPHGLDWHERWWRPLIPHWDOLWHPVLQWKH

GUDZHU UHDFK KLJK WHPSHUDWXUHV GXH WR WKH KRW DLU FLUFXODWHV ZKHQ

WKHKRELVYHQWLODWHGRULQFDVHWKDWVPDOOSRLQWHGPHWDOREMHFWV

VXFKDVVNHZHUVDUHXVHGWREHVWRUHGLQWKDWGUDZHU ILJXUH 

7KHUHLVDIDQRQWKHXQGHUVLGHRIWKHKRE,IQRLQWHUPHGLDWH

ERWWRPLVILWWHGVPDOORUSRLQWHGREMHFWVSDSHUDQGNLWFKHQFORWKV

PXVW QRW EH VWRUHG LQ WKH GUDZHU 6WRULQJ WKHVH LWHPV LQ WKH GUDZHU

PD\KLQGHUFRROLQJRUGDPDJHWKHIDQE\EHLQJVXFNHGXSLQWRLW

7KHUHPXVWEHDFOHDUDQFHRIDWOHDVW FPEHWZHHQWKHFRQWHQWV

RIWKHGUDZHUDQGWKHIDQHQWU\SRLQW

$VVHPEO\RYHURYHQILJXUHE

:RUNWRS0XVWKDYHDPLQLPXPWKLFNQHVVRI PP

7KHFOHDUDQFHEHWZHHQWKHVXUIDFHRIWKHZRUNWRSDQGWKHWRSRI

WKHIURQWRIWKHRYHQPXVWEH PP

1RWH ,IWKHGLVWDQFHEHWZHHQWKHKREDQGRYHQPXVWEH

LQFUHDVHGUHIHUWRWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKHRYHQ

9HQWLODWLRQ 7KH GLVWDQFH EHWZHHQ WKH RYHQ DQG WKH KRE PXVW EH DW

OHDVWPP

1RWH $ZRRGHQVHSDUDWLRQERDUGPXVWEHXVHGLIWKHKRELV

LQVWDOOHGDERYHDQRYHQPDGHE\DGLIIHUHQWPDQXIDFWXUHU ILJ



9HQWLODWLRQILJXUH 

7RJXDUDQWHHWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\WKHKREPXVWEH

VXIILFLHQWO\YHQWLODWHG

6LQFH WKH YHQWLODWLRQ LQ WKH ORZHU VHFWLRQ RI WKH DSSOLDQFH UHTXLUHV

DVXIILFLHQWVXSSO\RIIUHVKDLUWKHFXSERDUGVPXVWEHGHVLJQHG

DFFRUGLQJO\7KHIROORZLQJLVUHTXLUHGIRUWKLV

■ $ PLQLPXP FOHDUDQFH EHWZHHQ WKH UHDU RI WKH FXSERDUG DQG WKH

NLWFKHQZDOODQGEHWZHHQWKHVXUIDFHRIWKHZRUNWRSDQGWKH

XSSHUDUHDRIWKHGUDZHU ILJXUH D

■ $QRSHQLQJDWWKHWRSWRWKHUHDURIWKHFXSERDUG )LJXUH E

■ ,I WKH PLQLPXP FOHDUDQFH RI  PP LV QRW SURYLGHG DW WKH UHDU RI

WKHFXSERDUG\RXPXVWFUHDWHDQRSHQLQJRQWKHXQGHUVLGH

ILJXUH F

■ ,I WKH LQVLGH RI WKH FXSERDUG LV QR ZLGHU WKDQ  PP PDNH FXW

RXWVLQWKHVLGHSDQHOV ILJXUH G

1RWHV

■ ,I WKH DSSOLDQFH LV LQVWDOOHG LQ DQ LVODQG XQLW RU LQ DQRWKHU ORFDWLRQ

WKDWLVQRWGHVFULEHGKHUHDSSURSULDWHYHQWLODWLRQRIWKHKRE

PXVWEHJXDUDQWHHG

■ 'RQRWKHUPHWLFDOO\VHDOWKHORZHUEDVH

,QVWDOOLQJWKHDSSOLDQFHILJXUHV 

1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE7KHQRQYLVLEOH

VXUIDFHVPD\KDYHVKDUSHGJHV

2Q DSSOLDQFHV WKDW GR QRW KDYH D SUHLQVWDOOHG FDEOH LQVHUW WKH

PDLQVFDEOHLQWRWKHVRFNHW

 7XUQ WKH KRE RYHU DQG SXW LW GRZQ RQ WKH EDVH RI WKH SDFNDJLQJ

DFORWKRUDQRWKHUVXUIDFHLQRUGHUWRSUHYHQWVFUDWFKHV

 8VHDVFUHZGULYHUWROLIWXSWKHVRFNHWVFRYHU ILJXUH 

 8QGRWKHPRXQWLQJVFUHZDQGXVHDVFUHZGULYHUWROLIWWKHKRVH

FODPS ILJXUH 

 2QO\FRQQHFWDVVKRZQLQWKHGLDJUDPRQWKHVRFNHW ILJXUH 

%1%URZQ

%8%OXH

*1<(<HOORZDQGJUHHQ

%.%ODFN

*<*UH\

1RWHV

■ ,IWKHFRQQHFWLRQKDVEHHQPDGHLQDFFRUGDQFHZLWK

FRQQHFWLRQGLDJUDP/1a\RXPXVWFKDQJHWKH

FRQILJXUDWLRQRIWKHEULGJHVLQDFFRUGDQFHZLWKWKHGLDJUDP

■ (QVXUHWKDWWKHVFUHZVDUHVFUHZHGLQWLJKWO\RQWKHVRFNHW

DIWHUWKHFDEOHVKDYHEHHQFRQQHFWHG

 8VHWKHKRVHFODPSWRVHFXUHWKHPDLQVFDEOHDQGWLJKWHQWKH

VHFXULQJVFUHZ ILJXUH D

 &ORVHWKHFRYHURQWKHVRFNHW

1RWH $UUDQJH WKH FDEOHV LQ WKH FHQWUDO DUHD RI WKH PDLQV VRFNHW

LQRUGHUWRIDFLOLWDWHWKHIDVWHQLQJ

 ,I WKH PDLQV FDEOH JHWV LQ WKH ZD\ RI WKH GUDZHU XVH WKH HQFORVHG

FDEOHWLHVWRVHFXUHWKHFDEOHWRWKHXQGHUVLGHRIWKHKRE

ILJXUH E

1RWH ,I D ORQJHU SRZHU FRUG LV UHTXLUHG SOHDVH FRQWDFW DIWHUVDOHV

VHUYLFH&RQQHFWLQJFDEOHVXSWR PORQJDUHDYDLODEOH

3XWWLQJWKHKRELQSODFHILJXUH

 6OLGHWKHDSSOLDQFHLQWRWKHLQVWDOODWLRQUHFHVV ILJXUH 

 (QVXUHWKDWWKHKRELVDWWKHVDPHKHLJKWDVWKHZRUNWRS,IWKH

KRELVQRWDWWKHVDPHKHLJKWLIUHTXLUHGLQVWDOODQGFDUHIXOO\

WLJKWHQWKHVXSSOLHGDQFKRUV ILJXUH 

1RWH 'RQRWXVHDQHOHFWULFVFUHZGULYHU



■ 'RQRWWUDSWKHPDLQVFDEOHDQGGRQRWURXWHLWRYHUVKDUS

HGJHV,IWKHRYHQLVDEXLOWXQGHUW\SHURXWHWKHFDEOHRQWKH

UHDU FRUQHUV RI WKH RYHQ WR WKH VRFNHW 7KH OLQH PXVW EH LQVWDOOHG

LQVXFKDZD\WKDWLWGRHVQRWFRPHLQWRFRQWDFWZLWKDQ\KRW

VHFWLRQVRIWKHKRERUWKHRYHQ

■ )RUWLOHGZRUNVXUIDFHV6HDOWKHWLOHMRLQWVZLWKVLOLFRQHUXEEHU

&RQQHFWLQJWKHDSSOLDQFHILJXUH

■ 9ROWDJH6HHWKHUDWLQJSODWH

■ 2QO\FRQQHFWDVVKRZQLQWKHFLUFXLWGLDJUDP

%1%URZQ

%8%OXH

*1<(<HOORZDQGJUHHQ

%.%ODFN

*<*UH\

■ 'HSHQGLQJRQWKHW\SHRIFRQQHFWLRQWKHDUUDQJHPHQWRIWKH

FODPSVVXSSOLHGE\WKHIDFWRU\PD\QHHGWREHFKDQJHG)RU

WKLVWKHFODPSVPD\KDYHWREHVKRUWHQHGDQGWKHLQVXODWLRQ

PD\ KDYH WR EH UHPRYHG LQ RUGHU WR LQVHUW D FODPS WKDW FRQQHFWV

WKHWZRFDEOHV

1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I

—…‹‹

“‹†‚„ RU “ DSSHDUV RQ WKH DSSOLDQFHV GLVSOD\ WKH DSSOLDQFH LV

QRWFRQQHFWHGFRUUHFWO\'LVFRQQHFWLWIURPWKHSRZHUVXSSO\DQG

FKHFNWKHSRZHUFRUGFRQQHFWLRQ

8QLQVWDOOLQJWKHDSSOLDQFH

'LVFRQQHFWWKHDSSOLDQFHIURPWKHPDLQV

5HPRYHWKHDQFKRULQJGHYLFHV

3XVKWKHKREXSZDUGVIURPEHORZWRUHPRYHLW

&DXWLRQ

'DPDJHWRWKHDSSOLDQFH'RQRWWU\WRUHPRYHWKHDSSOLDQFHE\

SU\LQJLWRXWIURPDERYH

1RWLFHGHPRQWDJH

5HPDUTXHVLPSRUWDQWHV

6pFXULWp ODVpFXULWpSHQGDQWOXWLOLVDWLRQQHVWJDUDQWLHTXHVL

OLQVWDOODWLRQDpWpHIIHFWXpHGHPDQLqUHFRUUHFWHGXSRLQWGHYXH

WHFKQLTXHHWFRQIRUPpPHQWjFHVLQVWUXFWLRQVGHPRQWDJH

/LQVWDOODWHXU VHUD UHVSRQVDEOH GH WRXW GRPPDJH SURYRTXp SDU XQ

PRQWDJHLQFRUUHFW

$SUqVOLQVWDOODWLRQDVVXUH]YRXVTXHOXWLOLVDWHXUQDDXFXQDFFqV

DX[SLqFHVpOHFWULTXHV

&HWDSSDUHLOSHXWrWUHXWLOLVpjGHVKDXWHXUVDOODQWMXVTXj

  PqWUHV

: 3RUWHXUVGLPSODQWVpOHFWURQLTXHV 

/DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW

LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV

FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX

PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW

DX[LPSODQWVpOHFWURQLTXHV

&RQQH[LRQpOHFWULTXH QHSHXWrWUHHIIHFWXpHTXHSDUXQ

VSpFLDOLVWHDXWRULVp,OGHYUDVXLYUHOHVGLVSRVLWLRQVGXIRXUQLVVHXU

GpOHFWULFLWpGDQVOD]RQH

/DSSDUHLOGRLWrWUHUDFFRUGpjXQHLQVWDOODWLRQIL[HHWGHV

VHFWLRQQHXUVFRUUHVSRQGDQWVGRLYHQWDYRLUpWpLQVWDOOpV

FRQIRUPpPHQWDX[SUHVFULSWLRQVGLQVWDOODWLRQ

7\SHGHEUDQFKHPHQW ODSSDUHLOIDLWSDUWLHGHODFODVVHGH

SURWHFWLRQ ,HWQHSHXWrWUHXWLOLVpTXDYHFXQHSULVHSRVVpGDQWXQ

FRQGXFWHXUGHSULVHGHWHUUH

/HIDEULFDQWVHGpJDJHGHWRXWHUHVSRQVDELOLWpTXDQWDX

IRQFWLRQQHPHQWLQDSSURSULpHWDX[SRVVLEOHVGRPPDJHV

SURYRTXpVSDUGHVLQVWDOODWLRQVpOHFWULTXHVQRQDSSURSULpHV

&kEOHG·DOLPHQWDWLRQ LOHVWSHXWrWUHGpMjEUDQFKpjODERvWH

GHUDFFRUGHPHQWGHODWDEOHGHFXLVVRQRXIRXUQLDYHF

ODSSDUHLOHWGRLWXQLTXHPHQWrWUHLQVWDOOpSDUXQSHUVRQQHO

VSpFLDOLVpHWDXWRULVpRXXQHSHUVRQQHFRPSpWHQWHGXVHUYLFH

DSUqVYHQWH/HVGRQQpHVGHUDFFRUGHPHQWUHTXLVHVVRQW

LQGLTXpHVVXUODSODTXHVLJQDOpWLTXHHWVXUOHVFKpPDGH

UDFFRUGHPHQW

8WLOLVH]XQLTXHPHQWOHFkEOHG·DOLPHQWDWLRQIRXUQLDYHFODSSDUHLO

RXFHOXLIRXUQLSDUOH6HUYLFHDSUqVYHQWHWHFKQLTXH

,QVWDOODWLRQVRXVXQSODQGHWUDYDLO ODWDEOHGHFXLVVRQj

LQGXFWLRQ SHXW XQLTXHPHQW rWUH LQVWDOOpH DXGHVVXV GH WLURLUV RX GH

IRXUVjYHQWLODWLRQIRUFpH,OQHVWSDVSRVVLEOHGHPRQWHUXQ

UpIULJpUDWHXUXQODYHYDLVVHOOHXQIRXUVDQVYHQWLODWLRQQLXQODYH

OLQJHVRXVODWDEOHGHFXLVVRQ

+RWWH ODGLVWDQFHHQWUHODKRWWHHWODWDEOHGHFXLVVRQGRLWDX

PLQLPXPFRUUHVSRQGUHjODGLVWDQFHLQGLTXpHSRXUODKRWWHGDQV

OHVLQVWUXFWLRQVGHPRQWDJH

3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH5HVSHFWH]OHV

LQVWUXFWLRQVGXIDEULFDQWGXSODQGHWUDYDLO

■ /HSODQGHWUDYDLOVXUOHTXHOYRXVLQVWDOOH]ODWDEOHGHFXLVVRQ

GRLWSRXYRLUVXSSRUWHUGHVFKDUJHVGHQY NJ6LQpFHVVDLUH

UHQIRUFH]OHSODQGHWUDYDLODYHFXQPDWpULDXUpVLVWDQWjOD

WHPSpUDWXUHHWjOHDX

■ 9pULILH]ODSODQpLWpGHODWDEOHGHFXLVVRQXQHIRLVTXHOOHHVW

PRQWpH

*DUDQWLH  XQH PDXYDLVH LQVWDOODWLRQ XQ PDXYDLV EUDQFKHPHQW RX

XQ PRQWDJH LQDGDSWp SHXYHQW FRQGXLUH j OD SHUWH GH YDOLGLWp GH OD

JDUDQWLHGXSURGXLW

5HPDUTXH  7RXWHPDQLSXODWLRQjOLQWpULHXUGHODSSDUHLO\

FRPSULVOHUHPSODFHPHQWGXFkEOHGDOLPHQWDWLRQGHYUDrWUH

HIIHFWXpHSDUGXSHUVRQQHOWHFKQLTXHGXVHUYLFHGDVVLVWDQFH

WHFKQLTXHD\DQWUHoXXQHIRUPDWLRQVSpFLILTXH

3UpSDUDWLRQGHVPHXEOHVILJXUH 

0HXEOHV HQFDVWUpV  FDSDEOHV GH UpVLVWHU j XQH WHPSpUDWXUH GDX

PRLQV &

&UHX[GHQFDVWUHPHQW UHWLUHUOHVFRSHDX[GXVjODGpFRXSH

6XUIDFHV GH GpFRXSH  VFHOOHU j ODLGH GXQ PDWpULDX UpVLVWDQW j OD

FKDOHXU

0RQWDJHVXUWLURLUVFKpPD D

3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP

9HQWLODWLRQ ODGLVWDQFHHQWUHODVXUIDFHGXSODQGHWUDYDLOHWOD

SDUWLHVXSpULHXUHGXWLURLUGRLWrWUHGH PP

5HPDUTXH  8WLOLVH]XQIRQGGHVpSDUDWLRQHQERLVVLOHWLURLU

FRQWLHQWGHVREMHWVPpWDOOLTXHVTXLVpFKDXIIHQWjFDXVHGHOD

FLUFXODWLRQGHODLUORUVGHODYHQWLODWLRQGHODWDEOHGHFXLVVRQRX

VLOFRQWLHQWGHSHWLWVREMHWVPpWDOOLTXHVHWSRLQWXVFRPPHSDU

H[HPSOHGHVEURFKHWWHV ILJXUH 

/DWDEOHGHFXLVVRQHVWGRWpHGXQYHQWLODWHXUVRXVOHGHVVRXV

6DQVSODQFKHULQWHUPpGLDLUHYRXVQHGHYH]VWRFNHUDXFXQSHWLW

REMHW SRLQWX HQ SDSLHU QL DXFXQH VHUYLHWWH HQ SDSLHU &HOD SRXUUDLW

HPSrFKHUOHUHIURLGLVVHPHQWRXHQGRPPDJHUOHYHQWLODWHXUSDU

DVSLUDWLRQ(QWUHOHFRQWHQXGXWLURLUHWOHQWUpHGXYHQWLODWHXUXQH

GLVWDQFHPLQLPDOHGH FPGRLWrWUHUHVSHFWpH

0RQWDJHVXUIRXUVFKpPD E

3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP

/DGLVWDQFHHQWUHODVXUIDFHGXSODQGHWUDYDLOHWODSDUWLH

VXSpULHXUHGHODIDoDGHGXIRXUGRLWrWUHGH PP

5HPDUTXH  9HXLOOH]FRQVXOWHUODQRWLFHGHPRQWDJHGXIRXUVLOD

GLVWDQFHHQWUHODWDEOHGHFXLVVRQHWOHIRXUGRLWrWUHDJUDQGLH

9HQWLODWLRQ/DGLVWDQFHHQWUHOHIRXUHWODWDEOHGHFXLVVRQGRLW

rWUHGDXPRLQVPP

5HPDUTXH  6LODWDEOHGHFXLVVRQHVWLQVWDOOpHDXGHVVXVGXQ

IRXUGXQHDXWUHPDUTXHXQIRQGGHVpSDUDWLRQHQERLVGRLWrWUH

XWLOLVp ILJXUH

9HQWLODWLRQILJXUH 

$ILQ GH JDUDQWLU XQ IRQFWLRQQHPHQW FRUUHFW GH ODSSDUHLO OD WDEOH GH

FXLVVRQGRLWrWUHVXIILVDPPHQWYHQWLOpH

eWDQW GRQQp TXH OD YHQWLODWLRQ GDQV OD SDUWLH LQIpULHXUH GH ODSSDUHLO

UHTXLHUW XQH DPHQpH GDLU IUDLV VXIILVDQWH OHV PHXEOHV GRLYHQW rWUH

DGDSWpVHQFRQVpTXHQFH,OFRQYLHQWSRXUFHIDLUHGHSURFpGHU

FRPPHVXLW 

■ XQHGLVWDQFHPLQLPDOHHQWUHOHGRVGXPHXEOHHWOHPXUGHOD

FXLVLQHHWHQWUHODVXUIDFHGXSODQGHWUDYDLOHWODSDUWLH

VXSpULHXUHGXWLURLU ILJXUH D

■ XQHRXYHUWXUHHQKDXWjODUULqUHGXPHXEOH ILJXUH E

■ VL OD GLVWDQFH PLQLPDOH GH  PP QHVW SDV UHVSHFWpH j ODUULqUH

GXPHXEOHXQHRXYHUWXUHGRLWrWUHFUppHDXIRQG ILJXUH F

■ VLOLQWpULHXUGXPHXEOHQHVWSDVSOXVODUJHTXH PPGHV

HQFRFKHVGRLYHQWrWUHHIIHFWXpHVVXUOHVSDURLVODWpUDOHV

ILJXUH G

5HPDUTXHV

■ 6LODSSDUHLOHVWPRQWpGDQVXQvORWGHFXLVVRQRXjXQDXWUH

HPSODFHPHQW QRQ GpFULW YHLOOHU j XQH YHQWLODWLRQ DGpTXDWH GH OD

WDEOHGHFXLVVRQ

■ 1HSDVIHUPHUOHVRFOHLQIpULHXUGHIDoRQKHUPpWLTXH

0RQWHUODSSDUHLOILJXUHV 

5HPDUTXH  3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV

GHSURWHFWLRQ/HVVXUIDFHVQRQYLVLEOHVSHXYHQWSUpVHQWHUGHV

DUrWHVFRXSDQWHV

(QFDVGDSSDUHLOVDQVFkEOHSUpLQVWDOOpLQWURGXLUHOHFkEOH

VHFWHXUGDQVODSULVHGHUDFFRUGHPHQW

 5HWRXUQHUODWDEOHGHFXLVVRQHWSODFHUXQFKLIIRQRXXQHDXWUH

VXUIDFHVXUOHIRQGGHOHPEDOODJHSRXUpYLWHUWRXWHUD\XUH



 6RXOHYHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQWjODLGHGXQ

WRXUQHYLV ILJXUH 

 'HVVHUUHUODYLVGHIL[DWLRQHWVRXOHYHUOHFROOLHUGHVHUUDJHj

ODLGHGXQWRXUQHYLV ILJXUH

 (IIHFWXHUOHUDFFRUGHPHQWjODSULVHGHUDFFRUGHPHQW

XQLTXHPHQWFRQIRUPpPHQWjODILJXUH ILJXUH 

%1 PDUURQ

%8 EOHX

*1<( MDXQHHWYHUW

%. QRLU

*< JULV

5HPDUTXHV

■ /RUVTXHOHUDFFRUGHPHQWHVWHIIHFWXpVHORQOHVFKpPDGH

UDFFRUGHPHQW/1aLOFRQYLHQWGHPRGLILHUODGLVSRVLWLRQ

GHVSRQWVGHIDoRQFRUUHVSRQGDQWHDXVFKpPDGH

UDFFRUGHPHQW

■ 9HLOOHU j FH TXH OHV YLV VRLHQW VROLGHPHQW IL[pHV VXU OD SULVH GH

UDFFRUGHPHQWDSUqVDYRLUUDFFRUGpOHFkEOH

 )L[HU OH FkEOH VHFWHXU DYHF OH FROOLHU GH VHUUDJH HW VHUUHU OD YLV GH

IL[DWLRQ ILJXUH D

 )HUPHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQW

5HPDUTXH  'LVSRVHUOHVFkEOHVGDQVODSDUWLHFHQWUDOHGHOD

SULVHGHUDFFRUGHPHQWDILQGHIDFLOLWHUODIHUPHWXUH

 6L OH FkEOH VHFWHXU LQWHUIqUH DYHF OH WLURLU IL[HU OH FkEOH j OD SDUWLH

LQIpULHXUHGHODWDEOHGHFXLVVRQjODLGHGXVHUUHFkEOHMRLQW

ILJXUH E

5HPDUTXH  6LYRXVDYH]EHVRLQGXQFRUGRQGDOLPHQWDWLRQ

VHFWHXUSOXVORQJYHXLOOH]FRQWDFWHUOHVHUYLFHDSUqVYHQWH,O

H[LVWHGHVFRUGRQVGDOLPHQWDWLRQVHFWHXUMXVTXj PqWUHVGH

ORQJXHXU

3RVHUODWDEOHGHFXLVVRQILJXUH

 ,QVpUHUODSSDUHLOGDQVODQLFKHGHQFDVWUHPHQW ILJXUH 

 9HLOOHUjFHTXHODWDEOHGHFXLVVRQVRLWjODPrPHKDXWHXUTXH

OHSODQGHWUDYDLO6LODWDEOHGHFXLVVRQQHVWSDVjODPrPH

KDXWHXULQVWDOOHUDXEHVRLQOHVDQFUDJHVIRXUQLVHWOHVVHUUHU

DYHFSUpFDXWLRQ ILJXUH 

5HPDUTXH  1HSDVXWLOLVHUGHWRXUQHYLVpOHFWULTXH

■ 1H SDV FRLQFHU OH FkEOH G·DOLPHQWDWLRQ QH SDV OH WLUHU DXGHVVXV

GDUrWHVFRXSDQWHV(QFDVGHIRXULQVWDOOpHQGHVVRXVIDLUH

SDVVHUOHFkEOHDXQLYHDXGHVFRLQVDUULqUHGXIRXUMXVTXjOD

SULVHGHUDFFRUGHPHQW/HFkEOHGRLWrWUHLQVWDOOpGHPDQLqUHj

QHWRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQRXGX

IRXU

■ (QFDVGHSODQGHWUDYDLOFDUUHOppWDQFKpLILHUOHVMRLQWVGX

FDUUHODJHDYHFXQMRLQWHQVLOLFRQH

5DFFRUGHUODSSDUHLOILJXUH

■ 3RXUODWHQVLRQ YRLUODSODTXHVLJQDOpWLTXH

■ 3URFpGHUDXUDFFRUGHPHQWXQLTXHPHQWVHORQOHVFKpPDGH

UDFFRUGHPHQW 

%1 PDUURQ

%8 EOHX

*1<( MDXQHHWYHUW

%. QRLU

*< JULV

■ 6HORQOHW\SHGHUDFFRUGHPHQWODGLVSRVLWLRQGHVERUQHV

IRXUQLHVSDUOXVLQHGRLWpYHQWXHOOHPHQWrWUHPRGLILpH3RXUFH

IDLUHLOIDXWpYHQWXHOOHPHQWUDFFRXUFLUOHVERUQHVHWHQOHYHU

OLVRODQWSRXUXWLOLVHUXQHERUQHUHOLDQWGHX[FkEOHV

5HPDUTXH  9pULILFDWLRQGHODGLVSRQLELOLWpGHVHUYLFH VL

—…‹‹

“‹†‚„ RX “DSSDUDvWGDQVODIILFKDJHGHODSSDUHLOFHGHUQLHU

QHVWSDVFRUUHFWHPHQWUDFFRUGp'pEUDQFKHUODSSDUHLOGH

ODOLPHQWDWLRQVHFWHXUHWYpULILHUFkEOHGDOLPHQWDWLRQ

'pPRQWHUODSSDUHLO

'pEUDQFKHUODSSDUHLOGXUpVHDXpOHFWULTXH

ÑWHUOHVIL[DWLRQVGHVXSSRUW

([WUDLUHODWDEOHGHFXLVVRQHQH[HUoDQWXQHSUHVVLRQGHSXLVOH

EDV

$WWHQWLRQ

'RPPDJHV FDXVpV j ODSSDUHLO  1H SDV WHQWHU GH[WUDLUH ODSSDUHLO

HQIDLVDQWOHYLHUGHSXLVOHKDXW

,VWUX]LRQLSHULOPRQWDJJLR

,QGLFD]LRQLLPSRUWDQWL

6LFXUH]]DODVLFXUH]]DGXUDQWHOXVRqJDUDQWLWDVRORVH

OLQVWDOOD]LRQHqVWDWDHIIHWWXDWDLQPRGRFRUUHWWRGDOSXQWRGLYLVWD

WHFQLFR H LQ FRQIRUPLWj FRQ OH SUHVHQWL LVWUX]LRQL SHU LO PRQWDJJLR ,

GDQQLFDXVDWLGDXQPRQWDJJLRLQDGHJXDWRVDUDQQRGL

UHVSRQVDELOLWjGHOOLQVWDOODWRUH

$VHJXLWRGHOOLQVWDOOD]LRQHDFFHUWDUVLFKHOXWLOL]]DWRUHQRQDEELD

DFFHVVRDLFRPSRQHQWLHOHWWULFL

ËFRQVHQWLWRXWLOL]]DUHTXHVWRDSSDUHFFKLRILQRDGDOWH]]HGL

 PHWUL

: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL

/DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR

DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL

LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL

HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP

&ROOHJDPHQWR HOHWWULFR SXz HVVHUH HIIHWWXDWR VROR GD XQ WHFQLFR

VSHFLDOL]]DWRDXWRUL]]DWRËRSSRUWXQRULVSHWWDUHOHGLVSRVL]LRQL

GHOODVRFLHWjGLIRUQLWXUDGLHQHUJLDHOHWWULFDORFDOH

/DSSDUHFFKLRGHYHHVVHUHFROOHJDWRDXQLQVWDOOD]LRQHILVVDHLQ

FRQIRUPLWjDOOHQRUPHUHODWLYHDOOLQVWDOOD]LRQHGHYRQRHVVHUH

SUHGLVSRVWLLFRUULVSRQGHQWLVH]LRQDWRUL

7LSRGLFROOHJDPHQWRODSSDUHFFKLRDSSDUWLHQHDOODFODVVHGL

SURWH]LRQH ,HSXzHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHLQ

FRPELQD]LRQH FRQ XQD FRQQHVVLRQH GRWDWD GL FRQGXWWRUH GL PHVVD

DWHUUD

,OIDEEULFDQWHQRQqUHVSRQVDELOHGHOIXQ]LRQDPHQWRLQDGHJXDWRH

GHLSRVVLELOLGDQQLFDXVDWLGDLQVWDOOD]LRQLHOHWWULFKHQRQDGHJXDWH

&DYRGLUHWHqSRVVLELOHFKHVLDJLjFROOHJDWRDOODVFDWRODGL

DOODFFLDPHQWRGHOSLDQRFRWWXUDRSSXUHYLHQHIRUQLWRLQVLHPH

DOODSSDUHFFKLRHGHYHHVVHUHLQVWDOODWRHVFOXVLYDPHQWHGDXQ

HVSHUWRDXWRUL]]DWRRGDOSHUVRQDOHGHELWDPHQWHTXDOLILFDWRGHO

VHUYL]LRGLDVVLVWHQ]DFOLHQWL,GDWLQHFHVVDULSHUODOODFFLDPHQWR

VRQRLQGLFDWLVXOODWDUJKHWWDGLLGHQWLILFD]LRQHHVXOORVFKHPDGL

DOODFFLDPHQWR

8WLOL]]DUHHVFOXVLYDPHQWHLOFDYRIRUQLWRLQGRWD]LRQHLQVLHPH

DOODSSDUHFFKLRRFRQVHJQDWRGDOVHUYL]LRGLDVVLVWHQ]DWHFQLFD

0RQWDJJLR VRWWR LO SLDQR GL ODYRUR ,O SLDQR GL ODYRUR D LQGX]LRQH

SXzHVVHUHLQVWDOODWRVRORVXFDVVHWWLRIRUQLFRQYHQWLOD]LRQH

IRU]DWD $O GL VRWWR GHO SLDQR GL FRWWXUD QRQ SRVVRQR HVVHUH PRQWDWL

IULJRULIHULODYDVWRYLJOLHIRUQLVHQ]DVLVWHPDGLDHUD]LRQHR

ODYDWULFL

&HQWURGLDVSLUD]LRQHODGLVWDQ]DWUDLOFHQWURGLDVSLUD]LRQHHLO

SLDQRGLFRWWXUDGHYHFRUULVSRQGHUHDOPHQRDOODGLVWDQ]DLQGLFDWD

SHULOFHQWURGLDVSLUD]LRQHQHOOHLVWUX]LRQLSHULOPRQWDJJLR

3LDQRGLODYRURSLDWWRRUL]]RQWDOHHVWDELOH$WWHQHUVLDOOH

LVWUX]LRQLGHOIDEEULFDQWHGHOSLDQRGLODYRUR

■ ,OSLDQRGLODYRURDOOLQWHUQRGHOTXDOHGHYHHVVHUHLQFDVVDWRLO

SLDQRFRWWXUDGHYHHVVHUHLQJUDGRGLVRVWHQHUHFDULFKLGLFD

 NJ6HQHFHVVDULRUDIIRU]DUHLOSLDQRGLODYRURFRQGHO

PDWHULDOHUHVLVWHQWHDOFDORUHHDOODFTXD

■ &RQWUROODUH OD SODQDULWj GHO SLDQR GL FRWWXUD VROR GRSR FKH q VWDWR

LQFDVVDWR

*DUDQ]LDODJDUDQ]LDGHOSURGRWWRQRQqYDOLGDVHOLQVWDOOD]LRQH

ODFRQQHVVLRQHRLOPRQWDJJLRYHQJRQRHIIHWWXDWLLQPDQLHUD

LPSURSULD

$YYHUWHQ]D 4XDOVLDVLWLSRGLPDQLSROD]LRQHDOOLQWHUQR

GHOODSSDUHFFKLR LQFOXVD OD VRVWLWX]LRQH GHO FDYR GL DOLPHQWD]LRQH

GHYH HVVHUH HIIHWWXDWD HVFOXVLYDPHQWH GD SHUVRQDOH GHO VHUYL]LR GL

DVVLVWHQ]DWHFQLFDGHELWDPHQWHIRUPDWR

3UHSDUD]LRQHGHLPRELOLILJXUD 

0RELOLDGLQFDVVRUHVLVWHQWLDXQDWHPSHUDWXUDPLQLPDGL&

)RURULPXRYHUHLWUXFLROLGRSROHRSHUD]LRQLGLWDJOLR

6XSHUILFLGLWDJOLRFKLXGHUOHHUPHWLFDPHQWHFRQPDWHULDOH

UHVLVWHQWHDOFDORUH

0RQWDJJLRVRSUDLOFDVVHWWRILJXUD D

,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL PP

6LVWHPDGLDHUD]LRQHODGLVWDQ]DWUDODVXSHUILFLHGHOSLDQRGL

ODYRURHODSDUWHVXSHULRUHGHOFDVVHWWRGHYHHVVHUHGL PP

$YYHUWHQ]D 8WLOL]]DUHXQULSLDQRLQWHUPHGLRLQOHJQRVHQHO

FDVVHWWRVLSRVVRQRVXUULVFDOGDUHRJJHWWLPHWDOOLFLDFDXVDGHO

ULFLUFRORGHOODULDGXUDQWHODHUD]LRQHGHOSLDQRFRWWXUDRVHLQ

TXHVWRFDVVHWWRYHQJRQRFRQVHUYDWLRJJHWWLPHWDOOLFLSLFFROLH

DSSXQWLWLFRPHDGHVHPSLRVWHFFKLQLSHUVSLHGLQL ILJXUD

,OSLDQRGLFRWWXUDGLVSRQHGLXQDYHQWRODSRVWDQHOODSDUWH

LQIHULRUH,QXQFDVVHWWRVHQ]DULSLDQRLQWHUPHGLRQRQGHYRQR

HVVHUHFRQVHUYDWLSLFFROLRJJHWWLDSSXQWLWLFDUWDRFDQRYDFFL



3RWUHEEHHVVHUHFRPSURPHVVRLOSURFHVVRGLUDIIUHGGDPHQWRR

ODVSLUD]LRQHGHOODYHQWROD7UDLOFRQWHQXWRGHOFDVVHWWRH

OLQJUHVVRGHOODYHQWRODGHYHHVVHUHULVSHWWDWDXQDGLVWDQ]D

PLQLPDGLFP

0RQWDJJLRVXIRUQRILJXUDE

,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL PP

/DGLVWDQ]DWUDODVXSHUILFLHGHOSLDQRGLODYRURHLOODWRVXSHULRUH

GHOODSDUWHDQWHULRUHGHOIRUQRGHYHHVVHUHGLPP

$YYHUWHQ]D &RQWUROODUH QHOOH LVWUX]LRQL SHU LO PRQWDJJLR GHO IRUQR

VHODGLVWDQ]DWUDSLDQRFRWWXUDHIRUQRGHYHHVVHUHDXPHQWDWD

9HQWLOD]LRQH OD GLVWDQ]D WUD IRUQR H SLDQR GL FRWWXUD GHYH HVVHUH GL

DOPHQRPP

$YYHUWHQ]D 6HLOSLDQRFRWWXUDYLHQHPRQWDWRVXXQIRUQRGL

XQDOWUDPDUFDqQHFHVVDULRXWLOL]]DUHXQULSLDQRLQWHUPHGLRLQ

OHJQR ILJXUD

9HQWLOD]LRQHILJXUD 

3HU JDUDQWLUH LO FRUUHWWR IXQ]LRQDPHQWR GHOODSSDUHFFKLR LO SLDQR GL

FRWWXUDGHYHHVVHUHDGHJXDWDPHQWHDHUDWR

3RLFKp LO VLVWHPD GL DHUD]LRQH QHOOD SDUWH LQIHULRUH GHOODSSDUHFFKLR

QHFHVVLWDGLXQVXIILFLHQWHDSSRUWRGLDULDSXOLWDLPRELOLGHYRQR

HVVHUHSUHGLVSRVWLLQPRGRDGHJXDWR$WDOHVFRSRqQHFHVVDULR

TXDQWRVHJXH

■ XQDGLVWDQ]DPLQLPDWUDLOUHWURGHOPRELOHHODSDUHWHGHOOD

FXFLQDHWUDODVXSHUILFLHGHOSLDQRGLODYRURHODSDUWHVXSHULRUH

GHOFDVVHWWR ILJXUD D

■ XQDSHUWXUDLQDOWRVXOUHWURGHOPRELOH ILJXUD E

■ VHQRQqSUHVHQWHODGLVWDQ]DPLQLPDGL PPVXOUHWURGHO

PRELOH GHYH HVVHUH SUHGLVSRVWD XQDSHUWXUD QHOOD SDUWH LQIHULRUH

ILJXUD F

■ VH LO PRELOH DO VXR LQWHUQR QRQ q SL ODUJR GL  PP SUHYHGHUH

GHOOHIHVVXUHQHOOHSDUHWLODWHUDOL ILJXUD G

$YYHUWHQ]H

■ 6H ODSSDUHFFKLR YLHQH PRQWDWR LQ XQD FXFLQD D LVROD R LQ XQDOWUD

FROORFD]LRQHQRQGHVFULWWDLQTXHVWRPDQXDOHqQHFHVVDULR

SURYYHGHUHDXQDHUD]LRQHDGHJXDWDGHOSLDQRGLFRWWXUD

■ 1RQFKLXGHUHHUPHWLFDPHQWHOR]RFFRORLQIHULRUH

0RQWDJJLRGHOODSSDUHFFKLRILJXUH 

$YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL

SURWHWWLYL/HVXSHUILFLQRQYLVLELOLSRWUHEEHURSUHVHQWDUHERUGL

WDJOLHQWL

1HJOL DSSDUHFFKL VHQ]D FDYR SUHLQVWDOODWR LQWURGXUUH LO FDYR GL

UHWHQHOODSUHVDGLFROOHJDPHQWR

 &DSRYROJHUHLOSLDQRGLFRWWXUDHGHSRVLWDUORVXOIRQGR

GHOOLPEDOODJJLR VX XQ SDQQR R VX XQDOWUD VXSHUILFLH SHU HYLWDUH

GLJUDIILDUOR

 6ROOHYDUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWRFRQODLXWRGL

XQFDFFLDYLWH ILJXUD 

 $OOHQWDUH OD YLWH GL ILVVDJJLR H VROOHYDUH OD IDVFHWWD VWULQJLWXER FRQ

ODLXWRGLXQFDFFLDYLWH ILJXUD

 (IIHWWXDUHODOODFFLDPHQWRDOODSUHVDGLFROOHJDPHQWR

HVFOXVLYDPHQWHLQFRQIRUPLWjDTXDQWRPRVWUDWRLQILJXUD

ILJXUD 

%1PDUURQH

%8EOX

*1<(JLDOORHYHUGH

%.QHUR

*<JULJLR

$YYHUWHQ]H

■ 6HODOODFFLDPHQWRYLHQHHVHJXLWRVHFRQGRORVFKHPDGL

FROOHJDPHQWR/1aODGLVSRVL]LRQHGHLSRQWLFHOOLGHYH

HVVHUHPRGLILFDWDVHFRQGRORVFKHPD

■ 3UHVWDUHDWWHQ]LRQHDFKHOHYLWLVXOODSUHVDGLFROOHJDPHQWR

YHQJDQRVHUUDWHGRSRLOFROOHJDPHQWRGHLFDYL

 )LVVDUH LO FDYR GL UHWH FRQ OD IDVFHWWD VWULQJLWXER H VHUUDUH OD YLWH

GLILVVDJJLR ILJXUD D

 &KLXGHUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWR

$YYHUWHQ]D 'LVSRUUHLOFDYRQHOODSDUWHLQWHUQDGHOODSUHVDGL

FROOHJDPHQWRSHUIDFLOLWDUQHODFKLXVXUD

 6H LO FDYR GL UHWH LQWHUIHULVFH FRQ LO FDVVHWWR ILVVDUH LO FDYR QHOOD

SDUWHLQIHULRUHGHOSLDQRGLFRWWXUDVHUYHQGRVLGHOODIDVFHWWD

VHUUDFDYLIRUQLWDLQGRWD]LRQH ILJXUDE

$YYHUWHQ]D 6HqQHFHVVDULRXQFDYRGLFROOHJDPHQWRDOODUHWH

HOHWWULFDSLOXQJRVLSUHJDGLFRQWDWWDUHLOVHUYL]LRGLDVVLVWHQ]D

FOLHQWL6RQRDGLVSRVL]LRQHFDYLGLFROOHJDPHQWRILQRDPGL

OXQJKH]]D

3RVL]LRQDPHQWRGHOSLDQRGLFRWWXUDILJXUD

 ,QVHULUHODSSDUHFFKLRQHOODQLFFKLDGLQFDVVR ILJXUD 

 9HULILFDUH FKH LO SLDQR GL FRWWXUD VLD DOOD VWHVVD DOWH]]D GHO SLDQR

GLODYRUR6HLOSLDQRGLFRWWXUDQRQqDOODVWHVVDDOWH]]D

LQVWDOODUHVHQHFHVVDULRJOLDQFRUDJJLIRUQLWLLQGRWD]LRQHH

VHUUDUOLFRQDWWHQ]LRQH ILJXUD 

$YYHUWHQ]D 1RQXWLOL]]DUHDYYLWDWRULHOHWWULFL

■ )DUHLQPRGRFKHLOFDYRGLUHWHQRQULPDQJDLQFDVWUDWRHQRQ

SDVVLVXVSLJROLYLYL,QFDVRGLIRUQLVRWWRVWDQWLSRUWDUHLOFDYR

DOODSUHVDGLFROOHJDPHQWRIDFHQGRORSDVVDUHGDOODQJROR

SRVWHULRUHGHOIRUQR,OFDYRGHYHHVVHUHSRVL]LRQDWRLQPRGR

FKHQRQHQWULLQFRQWDWWRFRQDOFXQD]RQDFDOGDGHOSLDQRGL

FRWWXUDRGHOIRUQR

■ ,QFDVRGLSLDQLGLODYRURSLDVWUHOODWLFKLXGHUHDWHQXWDOHIXJKH

WUDOHSLDVWUHOOHPHGLDQWHJRPPDVLOLFRQLFD

$OODFFLDPHQWRGHOODSSDUHFFKLRILJXUD

■ 7HQVLRQHYHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH

■ (IIHWWXDUHODOODFFLDPHQWRHVFOXVLYDPHQWHLQFRQIRUPLWjDO

UHODWLYRVFKHPD

%1PDUURQH

%8EOX

*1<(JLDOORHYHUGH

%.QHUR

*<JULJLR

■ $ VHFRQGD GHO WLSR GL DOODFFLDPHQWR GHYH HVVHUH HYHQWXDOPHQWH

PRGLILFDWDODGLVSRVL]LRQHGHLPRUVHWWLIRUQLWLGLIDEEULFD$WDOH

VFRSRSRWUHEEHHVVHUHHYHQWXDOPHQWHQHFHVVDULRDFFRUFLDUHL

PRUVHWWL H ULPXRYHUH OLVRODPHQWR SHU LPSLHJDUH XQ PRUVHWWR FKH

XQLVFHGXHFDYL

$YYHUWHQ]D 9HULILFDGHOORVWDWRRSHUDWLYRVHVXOGLVSOD\

GHOODSSDUHFFKLR FRPSDUH

—…‹‹ “‹†‚„ R “ ODSSDUHFFKLR QRQ

qFROOHJDWRFRUUHWWDPHQWH6WDFFDUHODSSDUHFFKLR

GDOODOLPHQWD]LRQHHOHWWULFDHYHULILFDUHODOODFFLDPHQWRGHOFDYR

HOHWWULFR

6PRQWDUHODSSDUHFFKLR

6FROOHJDUHODSSDUHFFKLRGDOODUHWHHOHWWULFD

7RJOLHUHLGLVSRVLWLYLGLILVVDJJLR

(VWUDUUHLOSLDQRGLFRWWXUDSUHPHQGRGDOEDVVR

$WWHQ]LRQH

'DQQLDOODSSDUHFFKLR1RQFHUFDUHGLHVWUDUUHODSSDUHFFKLR

IDFHQGROHYDGDVRSUD

,QVWDOODWLHYRRUVFKULIW

%HODQJULMNHDDQZLM]LQJHQ

9HLOLJKHLGGHYHLOLJKHLGJHGXUHQGHKHWJHEUXLNLVDOOHHQ

JHJDUDQGHHUG LQGLHQ GH PRQWDJH LQ WHFKQLVFK RS]LFKW RS FRUUHFWH

ZLM]HHQLQRYHUHHQVWHPPLQJPHWGLWLQVWDOODWLHYRRUVFKULIW

XLWJHYRHUGLV'HLQVWDOODWHXULVDDQVSUDNHOLMNYRRUVFKDGH

YHURRU]DDNWGRRUHHQRQJHVFKLNWHPRQWDJH

1DGHLQVWDOODWLHGLHQWHUYRRUWHZRUGHQJH]RUJGGDWGHJHEUXLNHU

JHHQWRHJDQJWRWGHHOHNWULVFKHFRPSRQHQWHQKHHIW

'LWDSSDUDDWLVWRHJHODWHQYRRUJHEUXLNWRWHHQKRRJWHWRW

 PHWHU

: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ

+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH

LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ

EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ

PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ

(OHNWULVFKHDDQVOXLWLQJGH]HPDJDOOHHQZRUGHQXLWJHYRHUG

GRRUHHQEHYRHJGYDNPDQ'H]HZRUGWJHUHJHOGGRRUGH

YRRUVFKULIWHQYDQGHHOHNWULFLWHLWVPDDWVFKDSSLMYDQGH]RQH

+HWDSSDUDDWGLHQWRSHHQYDVWHLQVWDOODWLHWH]LMQDDQJHVORWHQHQ

GHEHWUHIIHQGHVFKHLGLQJVVFKDNHODDUVPRHWHQFRQIRUPGH

LQVWDOODWLHYRRUVFKULIWHQZRUGHQJHPRQWHHUG

7\SH DDQVOXLWLQJ KHW DSSDUDDW EHKRRUW WRW EHVFKHUPLQJVNODVVH ,

HQPDJDOOHHQZRUGHQJHEUXLNWLQFRPELQDWLHPHWHHQDDQVOXLWLQJ

PHWDDUGJHOHLGLQJ

'HIDEULNDQWLVQLHWDDQVSUDNHOLMNYRRUGHRQJHVFKLNWHZHUNLQJHQ

GHPRJHOLMNHVFKDGHYHURRU]DDNWGRRURQJHVFKLNWHHOHNWULVFKH

LQVWDOODWLHV

1HWNDEHOGH]HLVPRJHOLMNDORSGHDDQVOXLWER[YDQGH

NRRNSODDWDDQJHVORWHQRILQEHJUHSHQELMGHOHYHULQJYDQKHW

DSSDUDDWHQPDJDOOHHQGRRUJHNZDOLILFHHUGSHUVRQHHORIHHQ

PHGHZHUNHUYDQGHVHUYLFHGLHQVWZRUGHQJHwQVWDOOHHUG'H

YHUHLVWHDDQVOXLWJHJHYHQVVWDDQRSKHWW\SHSODDWMHHQLQKHW

DDQVOXLWVFKHPD



$OOHHQGHELMKHWDSSDUDDWPHHJHOHYHUGHRIGRRUGHWHFKQLVFKH

VHUYLFHGLHQVWJHOHYHUGHNDEHOJHEUXLNHQ

0RQWDJHRQGHUKHWZHUNEODG'HLQGXFWLHNRRNSODDWNDQDOOHHQ

ZRUGHQJHwQVWDOOHHUGERYHQODGHQRIRYHQVPHWOXFKWYHQWLODWLH

2QGHUGHNRRNSODDWNXQQHQJHHQNRHONDVWHQYDDWZDVPDFKLQHV

RYHQV]RQGHUYHQWLODWLHRIZDVPDFKLQHVZRUGHQLQJHERXZG

$I]XLJNDS 'H DIVWDQG WXVVHQ GH DI]XLJNDS HQ GH NRRNSODDW GLHQW

WHQ PLQVWH WH YROGRHQ DDQ GH DIVWDQG GLH ZRUGW ZHHUJHJHYHQ LQ GH

PRQWDJHKDQGOHLGLQJYRRUGHDI]XLJNDS

:HUNEODGYODNKRUL]RQWDDOVWDELHO9ROJGHLQVWUXFWLHVYDQGH

IDEULNDQWYDQKHWZHUNEODGRS

■ +HW ZHUNEODG ZDDULQ X GH NRRNSODDW LQERXZW PRHW EHVWDQG ]LMQ

WHJHQHHQEHODVWLQJYDQFD NJ,QGLHQQRGLJKHWZHUNEODG

PHWWHPSHUDWXXUHQZDWHUEHVWHQGLJPDWHULDDOYHUVWHUNHQ

■ &RQWUROHHUSDVRIGHNRRNSODDWOLJWQDGDWGH]HLVJHPRQWHHUG

*DUDQWLHHHQRQJHVFKLNWHLQVWDOODWLHDDQVOXLWLQJRIPRQWDJH

KRXGWKHWYHUOLHVYDQGHJHOGLJKHLGYDQGHJDUDQWLHYDQKHW

SURGXFWLQ

$DQZLM]LQJ (ONH PDQLSXODWLH LQ KHW DSSDUDDW PHW LQEHJULS YDQ GH

YHUYDQJLQJYDQGHYRHGLQJVNDEHOPRHWZRUGHQXLWJHYRHUGGRRU

SHUVRQHHO YDQ GH 7HFKQLVFKH 'LHQVW PHW HHQ VSHFLILHNH RSOHLGLQJ

9RRUEHUHLGLQJYDQGHPHXEHOVDIEHHOGLQJ 

,QERXZPHXEHOHQWHQPLQVWHEHVWDQGWHJHQHHQWHPSHUDWXXU

YDQ&

9ULMHUXLPWHYHUZLMGHUGHVSDDQGHUVQDGHVQLMZHUN]DDPKHGHQ

6QLMRSSHUYODNNHQDIGLFKWHQPHWKLWWHEHVWHQGLJPDWHULDDO

0RQWDJHRSGHODGHDIEHHOGLQJ D

:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH PP

9HQWLODWLH'HDIVWDQGWXVVHQKHWRSSHUYODNYDQKHWZHUNEODGHQ

GHERYHQNDQWYDQGHODGHPRHW PPEHGUDJHQ

$DQZLM]LQJ :DQQHHUPHWDOHQYRRUZHUSHQLQGHODGHWLMGHQVGH

YHQWLODWLHYDQGHNRRNSODDWZDUPZRUGHQRIDOVHULQGHODGH

NOHLQHSXQWLJHPHWDOHQYRRUZHUSHQZRUGHQEHZDDUG]RDOV

YOHHVVSLH]HQGLHQWHHQWXVVHQVFKRWYDQKRXWWHZRUGHQJHEUXLNW

$IE 

'HNRRNSODDWEHVFKLNWDDQGHRQGHUNDQWRYHUHHQYHQWLODWRU

=RQGHUWXVVHQVFKRWPRJHQHULQGHODGHJHHQNOHLQHRISXQWLJH

YRRUZHUSHQSDSLHURIYDDWGRHNHQZRUGHQEHZDDUG'LWNDQ

LQYORHGKHEEHQRSGHNRHOLQJRIGHYHQWLODWRUNDQGRRUDDQ]XLJHQ

EHVFKDGLJG UDNHQ 7XVVHQ GH LQKRXG YDQ GH ODGH HQ GH YHQWLODWRU

LQJDQJPRHWHHQPLQLPDOHDIVWDQGYDQ FPZRUGHQ

DDQJHKRXGHQ

0RQWDJHRSHHQRYHQDIEHHOGLQJE

:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH PP

'HDIVWDQGWXVVHQKHWRSSHUYODNYDQKHWZHUNEODGHQGH

ERYHQNDQWYDQKHWRYHQIURQWPRHWPPEHGUDJHQ

$DQZLM]LQJ :DQQHHU GH DIVWDQG WXVVHQ NRRNSODDW HQ RYHQ JURWHU

PRHW]LMQUDDGSOHHJGDQKHWLQVWDOODWLHYRRUVFKULIWELMGHRYHQ

9HQWLODWLHGHDIVWDQGWXVVHQGHRYHQHQGHNRRNSODDWGLHQW

PLQVWHQVPPWHEHGUDJHQ

$DQZLM]LQJ :RUGWGHNRRNSODDWLQJHERXZGERYHQHHQRYHQYDQ

HHQDQGHUPHUNGDQGLHQWHHQWXVVHQVFKRWYDQKRXWWHZRUGHQ

JHEUXLNW $IE

9HQWLODWLHDIEHHOGLQJ 

2PHHQMXLVWHZHUNLQJYDQKHWDSSDUDDWWHJDUDQGHUHQPRHWGH

NRRNSODDWQDDUEHKRUHQZRUGHQJHYHQWLOHHUG

2PGDWYRRUGHYHQWLODWLHRQGHULQKHWDSSDUDDWHHQYROGRHQGH

DDQYRHUYDQYHUVHOXFKWYHUHLVWLVPRHWHQGHPHXEHOVKLHURS

EHUHNHQG]LMQ+LHUYRRULVKHWYROJHQGHYHUHLVW

■ HHQPLQLPDOHDIVWDQGWXVVHQGHDFKWHUNDQWYDQKHWPHXEHOHQ

GH NHXNHQZDQG HQ WXVVHQ KHW RSSHUYODN YDQ KHW ZHUNEODG HQ GH

ERYHQNDQWYDQGHODGH $IE D

■ HHQRSHQLQJDDQGHDFKWHUNDQWYDQKHWPHXEHO $IE E

■ LQGLHQ DDQ GH DFKWHUNDQW YDQ KHW PHXEHO JHHQ PLQLPDOH DIVWDQG

YDQPPDDQZH]LJLVPRHWGHRQGHUNDQWYDQHHQRSHQLQJ

ZRUGHQYRRU]LHQ $IE F

■ LQGLHQKHWPHXEHODDQGHELQQHQ]LMGHQLHWEUHGHULVGDQ

 PPPRHWHQGH]LMZDQGHQZRUGHQLQJHNHUIG $IE G

$DQZLM]LQJHQ

■ :DQQHHUKHWDSSDUDDWLQHHQNHXNHQHLODQGRIRSHHQDQGHUH

QLHWEHVFKUHYHQSODDWVZRUGWLQJHERXZGGLHQWGHNRRNSODDW

YRRU]LHQWH]LMQYDQHHQSDVVHQGHYHQWLODWLH

■ 'HRQGHUVWHSOLQWQLHWKHUPHWLVFKDIVOXLWHQ

$SSDUDDWPRQWHUHQDIEHHOGLQJHQ 

$DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX

YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ'HQLHW]LFKWEDUH

RSSHUYODNNHQNXQQHQVFKHUSHNDQWHQKHEEHQ

%LM DSSDUDWHQ ]RQGHU YRRUDI JHwQVWDOOHHUGH NDEHO GH QHWNDEHO

LQGHDDQVOXLWGRRVVWHNHQ

 'HNRRNSODDWRPGUDDLHQHQRSGHYHUSDNNLQJHHQGRHNRIHHQ

DQGHURSSHUYODNOHJJHQRPNUDVVHQWHYRRUNRPHQ

 +HWGHNVHOYDQGHDDQVOXLWGRRVPEYHHQVFKURHYHQGUDDLHU

RSWLOOHQ $IE 

 'HEHYHVWLJLQJVVFKURHIORVGUDDLHQHQGHVODQJNOHPPEYHHQ

VFKURHYHQGUDDLHURSWLOOHQ $IE

 $OOHHQDDQVOXLWHQYROJHQVGHDIEHHOGLQJRSGHFRQWDFWGRRV

$IE 

%1%UXLQ

%8%ODXZ

*1<(*HHOHQJURHQ

%.=ZDUW

*<*ULMV

$DQZLM]LQJHQ

■ :DQQHHUGHDDQVOXLWLQJZRUGWXLWJHYRHUGYROJHQVKHW

DDQVOXLWVFKHPD/1aGLHQWGHSODDWVLQJYDQGHEUXJJHQ

DDQGHKDQGYDQKHWVFKHPDWHZRUGHQYHUDQGHUG

■ /HWHURSGDWGHVFKURHYHQYDQGHFRQWDFWGRRVQDGDWGH

NDEHOV]LMQDDQJHVORWHQZRUGHQYDVWJHGUDDLG

 'HYRHGLQJVNDEHOPHWGHVODQJNOHPEHYHVWLJHQHQGH

EHYHVWLJLQJVVFKURHIDDQWUHNNHQ $IE D

 'HGHNVHOYDQGHFRQWDFWGRRVVOXLWHQ

$DQZLM]LQJ 'H NDEHOV LQ KHW PLGGHOVWH GHHO YDQ GH FRQWDFWGRRV

SODDWVHQRPKHWVOXLWHQWHYHUJHPDNNHOLMNHQ

 :DQQHHUGHQHWNDEHOLQWHUIHUHHUWPHWGHELMJHYRHJGH

NDEHOELQGHUGHNDEHOPHWGHELMJHYRHJGHNDEHOELQGHU

EHYHVWLJHQDDQGHRQGHUNDQWYDQGHNRRNSODDW $IE E

$DQZLM]LQJ ,VHUHHQODQJHUHQHWNDEHOQRGLJQHHPGDQFRQWDFW

RSPHWGHVHUYLFHGLHQVW(U]LMQNDEHOVWRW PEHVFKLNEDDU

.RRNSODDWSODDWVHQDIE

 $SSDUDDWLQGHLQERXZQLVVFKXLYHQ $IE 

 /HWHURSGDWGHNRRNSODDWRSGH]HOIGHKRRJWHVWDDWDOVKHW

ZHUNEODG,QGLHQGHNRRNSODDW]LFKQLHWRSGH]HOIGHKRRJWH

EHYLQGW ]R QRGLJ GH PHHJHOHYHUGH YHUDQNHULQJHQ LQVWDOOHUHQ HQ

YRRU]LFKWLJDDQWUHNNHQ $IE 

$DQZLM]LQJ *HHQHOHNWULVFKHVFKURHYHQGUDDLHUVJHEUXLNHQ

■ =RUJHUYRRUGDWGHYRHGLQJVNDEHOQLHWEHNOHPGUDDNWHQQLHW

RYHUVFKHUSHUDQGHQZRUGWJHOHLG,VHUHHQRYHQRQGHUGH

NRRNSODDWJHSODDWVWGDQGHNDEHOYLDGHDFKWHUVWHKRHNHQYDQ

GH RYHQ QDDU GH DDQVOXLWGRRV OHLGHQ 'H OHLGLQJ PRHW ]R ZRUGHQ

JHwQVWDOOHHUGGDWHUJHHQFRQWDFWZRUGWJHPDDNWPHWKHWH

SODDWVHQYDQGHNRRNSODDWRIGHRYHQ

■ %LMEHWHJHOGHZHUNEODGHQGHYRHJHQYDQGHWHJHOVDIGLFKWHQ

PHWVLOLFRQHQUXEEHU

$SSDUDDWDDQVOXLWHQDIEHHOGLQJ

■ 6SDQQLQJ]LHKHWW\SHSODDWMH

■ 8LWVOXLWHQGDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD

%1%UXLQ

%8%ODXZ

*1<(*HHOHQJURHQ

%.=ZDUW

*<*ULMV

■ $IKDQNHOLMNYDQGHDDQVOXLWZDDUGHPRHWHYHQWXHHOGHSODDWVLQJ

YDQGHGRRUGHIDEULHNJHOHYHUGHNOHPPHQZRUGHQYHUDQGHUG

+LHUYRRULVKHWZHOOLFKWQRGLJGHNOHPPHQLQWHNRUWHQHQGH

LVRODWLH WH YHUZLMGHUHQ ]RGDW HHQ NOHP NDQ ZRUGHQ DDQJHEUDFKW

GLHWZHHNDEHOVYHUELQGW

$DQZLM]LQJ &RQWUROHHURIKHWDSSDUDDWNODDULVYRRUJHEUXLN

YHUVFKLMQW

—…‹‹ “‹†‚„ RI “RSKHWGLVSOD\YDQKHWDSSDUDDW

GDQ LV KHW QLHW JRHG DDQJHVORWHQ+DDO GH VWHNNHU YDQ KHW DSSDUDDW

GDQXLWKHWVWRSFRQWDFWHQFRQWUROHHUGHDDQVOXLWLQJYDQGH

HOHNWULFLWHLWVNDEHO



+HWDSSDUDDWGHPRQWHUHQ

6OXLWKHWDSSDUDDWDIYDQKHWYHUGHHOQHW

9HUZLMGHUGHYHUDQNHULQJHQ

1HHPGHNRRNSODDWXLWGRRUYDQEHQHGHQDIGUXNXLWWHRHIHQHQ

$WWHQWLH

6FKDGHDDQKHWDSSDUDDW3UREHHUKHWDSSDUDDWQLHWXLWWHQHPHQ

GRRUKHPYDQERYHQDIXLWWHZLSSHQ

0RQWHULQJVYHMOHGQLQJ

9LJWLJHKHQYLVQLQJHU

6LNNHUKHGVLNNHUKHGXQGHUEUXJNDQNXQJDUDQWHUHVKYLV

LQVWDOODWLRQHQHUXGI¡UWSnHQNRUUHNWWHNQLVNPnGHRJL

RYHUHQVVWHPPHOVHPHGPRQWHULQJVLQVWUXNWLRQHUQH6NDGHUGHU

RSVWnUSJDIRUNHUWPRQWHULQJHULQVWDOODW¡UHQVDQVYDU

(IWHU LQVWDOODWLRQ VNDO GHW VLNUHV DW EUXJHUHQ LNNH KDU DGJDQJ WLO GH

HOHNWULVNHNRPSRQHQWHU

'HWWHDSSDUDWHUWLOODGWWLOEUXJRSWLOHQK¡MGHSnPHWHURYHU

KDYHW

: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU

$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH

HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU

2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH

LPSODQWDWHUYHGPRQWDJHQ

(OHNWULVN WLOVOXWQLQJ Pn NXQ IRUHWDJHV DI HQ XGGDQQHW HOHNWULNHU

5HJXODWLYHUQHIUDHOIRUV\QLQJVVHOVNDEHWLRPUnGHWVNDOI¡OJHV

$SSDUDWHWVNDOYUHWLOVOXWWHWWLOHQIDVWLQVWDOODWLRQRJLKHQKROGWLO

LQVWDOODWLRQVIRUVNULIWHUQHVNDOGHUYUHLQVWDOOHUHWHQSDVVHQGH

VLNNHUKHGVDIEU\GHU

7LOVOXWQLQJVW\SHDSSDUDWHWWLOK¡UHUEHVN\WWHOVHVNODVVH ,RJPn

XGHOXNNHQGHDQYHQGHVVDPPHQPHGHQWLOVOXWQLQJPHG

MRUGIRUELQGHOVH

)DEULNDQWHQIUDVLJHUVLJHWKYHUWDQVYDUIRUIRUNHUWIXQNWLRQRJ

PXOLJHVNDGHUGHUVN\OGHVIRUNHUWHOHNWULVNLQVWDOODWLRQ

1HWNDEHO 'HW HU HYHQWXHOW DOOHUHGH WLOVOXWWHW L NRJHVHNWLRQHQV

WLOVOXWQLQJVERNVHOOHUHUOHYHUHWVDPPHQPHGDSSDUDWHW

1HWNDEOHW Pn NXQ LQVWDOOHUHV DI HQ DXWRULVHUHW HOHNWULNHU KKY DI HQ

NYDOLILFHUHWNXQGHVHUYLFHPHGDUEHMGHU'HNUYHGH

WLOVOXWQLQJVGDWDHUDQJLYHWSnW\SHVNLOWHW

.XQGHWQHWNDEHOVRPHUOHYHUHWVDPPHQPHGDSSDUDWHWHOOHUHU

OHYHUHWDINXQGHVHUYLFHPnDQYHQGHV

0RQWDJHXQGHUERUGSODGHQ,QGXNWLRQVNRJHVHNWLRQHQNDQNXQ

LQVWDOOHUHVRYHUVNXIIHUHOOHURYQHVRPYHQWLOHUHVPHGYHQWLODWRU

'HUNDQLNNHLQGE\JJHVN¡OHVNDEHRSYDVNHPDVNLQHU

XYHQWLOHUHGHRYQHHOOHUYDVNHPDVNLQHUXQGHUNRJHWRSSHQ

(PKWWH$IVWDQGHQPHOOHPHPKWWHQRJNRJHWRSSHQVNDOVRP

PLQLPXPVYDUHWLOGHQDIVWDQGGHUHUDQI¡UWLHPKWWHQV

PRQWDJHYHMOHGQLQJ

%RUGSODGHSODQYDQGUHWVWDELO)¡OJERUGSODGHIDEULNDQWHQV

DQYLVQLQJHU

■ %RUGSODGHQKYRUNRJHVHNWLRQHQLQGE\JJHVVNDONXQQHWnOH

EHODVWQLQJHU Sn RS WLO FD  NJ 2P Q¡GYHQGLJW VNDO ERUGSODGHQ

IRUVWUNHVPHGWHPSHUDWXURJYDQGEHVWDQGLJWPDWHULDOH

■ .RQWUROOHUI¡UVWDWNRJHVHNWLRQHQHUSODQHIWHULQGE\JQLQJHQ

*DUDQWLHQIRUNHUWLQVWDOODWLRQWLOVOXWQLQJHOOHUPRQWHULQJEHW\GHU

DWSURGXNWJDUDQWLHQERUWIDOGHU

%HPUN (QKYHU QGULQJ L DSSDUDWHWV LQGUH KHUXQGHU XGVNLIWQLQJ

DIIRUV\QLQJVNDEOHWVNDOXGI¡UHVDIVUOLJWXGGDQQHWSHUVRQDOHL

YRUHVWHNQLVNHVHUYLFHDIGHOLQJ

.ODUJ¡ULQJDILQGE\JQLQJVVNDEILJXU

0¡EOHUPHGXGVNULQJHUPRGVWDQGVG\JWLJHRYHUIRU

WHPSHUDWXUHURSWLOPLQ&

8GVNULQJIMHUQVSnQHUQHQnUXGVNULQJVDUEHMGHWHUXGI¡UW

8GVNULQJVNDQWHUIRUHWDJIRUVHJOLQJPHGYDUPHUHVLVWHQW

PDWHULDOH

0RQWHULQJRYHUHQVNXIIHILJXU D

%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP

9HQWLODWLRQ$IVWDQGHQPHOOHPRYHUVLGHQDIERUGSODGHQRJ

VNXIIHQVRYHUVLGHVNDOYUHPP

%HPUN 'HUVNDODQYHQGHVHQPHOOHPEXQGDIWUKYLVVNXIIHQ

LQGHKROGHUPHWDOGHOHVRPNDQEOLYHRSYDUPHWSnJUXQGDI

OXIWFLUNXODWLRQHQLIRUELQGHOVHPHGYHQWLODWLRQHQDINRJHVHNWLRQHQ

HOOHUKYLVGHURSEHYDUHVVPnVSLGVHPHWDOJHQVWDQGHLVNXIIHQ

VRPIHNVVWHJHVSLG ILJXU 

'HUHUSODFHUHWHQYHQWLODWRUSnXQGHUVLGHQDINRJHVHNWLRQHQ

8GHQPHOOHPEXQGPnGHULNNHRSEHYDUHVVPnHOOHUVSLGVH

JHQVWDQGHSDSLUHOOHUYLVNHVW\NNHULVNXIIHQ.¡OLQJHQNDQEOLYH

UHGXFHUHWHOOHUYHQWLODWRUHQNDQEOLYHEHVNDGLJHWKYLVGHUVXJHV

JHQVWDQGHLQGLGHQ'HUVNDOPLQLPXPYUHHQDIVWDQGSn FP

PHOOHPJHQVWDQGHQHLVNXIIHQRJYHQWLODWRUHQVLQGJDQJVnEQLQJ

0RQWHULQJRYHUHQRYQILJXUE

%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP

$IVWDQGHQPHOOHPRYHUVLGHQDIERUGSODGHQRJGHQ¡YHUVWHGHODI

RYQHQVIRUVLGHVNDOYUH PP

%HPUN 6HHIWHULPRQWDJHYHMOHGQLQJHQIRURYQHQKYLV

DIVWDQGHQPHOOHPNRJHWRSRJRYQVNDOIRU¡JHV

9HQWLODWLRQ$IVWDQGHQPHOOHPRYQRJNRJHVHNWLRQVNDOYUH

PLQGVWPP

%HPUN +YLVNRJHVHNWLRQHQEOLYHULQGE\JJHWRYHUHQRYQDIHW

DQGHW PUNH VNDO GHU DQYHQGHV HQ PHOOHPEXQG DI WU ILJXU 

9HQWLODWLRQILJXU 

.RJHWRSSHQVNDOYUHSDVVHQGHYHQWLOHUHWLPRGVDWIDOGNDQGHW

LNNHJDUDQWHUHVDWGHQIXQJHUHUNRUUHNW

(IWHUVRP YHQWLODWLRQHQ DI GHQ XQGHUVWH GHO DI DSSDUDWHW NUYHU HQ

WLOVWUNNHOLJVWRUOXIWWLOI¡UVHOVNDOLQGE\JQLQJVVNDEHWLQGUHWWHV

WLOVYDUHQGH+HUWLOVNDOI¡OJHQGHXGI¡UHV

■ (QPLQLPXPDIVWDQGPHOOHPEDJVLGHQDILQGE\JQLQJVVNDEHWRJ

N¡NNHQYJJHQ RJ PHOOHP RYHUVLGHQ DI ERUGSODGHQ RJ VNXIIHQV

¡YHUVWHGHO ILJXUD

■ (QnEQLQJSnEDJVLGHQDILQGE\JQLQJVVNDEHW ILJXUE

■ +YLV GHU LNNH HU PXOLJKHG IRU DW RYHUKROGH PLQLPXPDIVWDQGHQ Sn

 PP Sn EDJVLGHQ DI LQGE\JQLQJVVNDEHW VNDO GHU HWDEOHUHV HQ

nEQLQJLEXQGHQ ILJXUF

■ +YLV LQGE\JQLQJVVNDEHW LQGYHQGLJ LNNH HU EUHGHUH HQG  PP

VNDOGHUODYHVXGVNULQJHULVLGHYJJHQH ILJXUG

$QYLVQLQJHU

■ 'HWVNDOVLNUHVDWNRJHVHNWLRQHQEOLYHUWLOVWUNNHOLJWYHQWLOHUHW

KYLVDSSDUDWHWVNDOLQGE\JJHVLHQNRJH¡HOOHUSnHWDQGHWVWHG

VRPLNNHHUEHVNUHYHWKHU

■ 'HQXQGHUVWHVRNNHOPnLNNHOXNNHVKHUPHWLVN

,QGE\JQLQJDIDSSDUDWILJXU

%HPUN $QYHQGEHVN\WWHOVHVKDQGVNHUYHGPRQWDJHQDI

NRJHVHNWLRQHQ'HUNDQYUHVNDUSHNDQWHUSnGHLNNHV\QOLJH

IODGHU

9HGDSSDUDWHUXGHQIRULQVWDOOHUHWNDEHOVNDOQHWNDEOHWI¡UHV

LQGLWLOVOXWQLQJVGnVHQ

 9HQG NRJHWRSSHQ RP RJ OJ GHQ Sn EXQGHQ DI HPEDOODJHQ Sn

HW NOGH HOOHU DQGHQ IRUP IRU RYHUIODGH KYRU HQ LNNH EOLYHU ULGVHW

 /¡IWWLOVOXWQLQJVGnVHQVGNVHORSYHGKMOSDIHQVNUXHWUNNHU

ILJXU

 6NUX EHIVWLJHOVHVVNUXHQ XG RJ O¡IW VSQGHEnQGHW YHG KMOS DI

HQVNUXHWUNNHU ILJXU

 0nNXQWLOVOXWWHVWLOWLOVOXWQLQJVGnVHQLKWWHJQLQJHQ ILJXU 

%1EUXQ

%8EOn

*1<(JU¡QRJJXO

%.VRUW

*<JUn

$QYLVQLQJHU

■ +YLVWLOVOXWQLQJHQIRUHWDJHVLKWWLOVOXWQLQJVGLDJUDP/1a

VNDONRUWVOXWQLQJVE¡MOHUQHVSODFHULQJQGUHVVYDUHQGHWLO

GLDJUDPPHW

■ .RQWUROOHUDWVNUXHUQHLWLOVOXWQLQJVGnVHQHUVSQGWIDVWWLO

HIWHUWLOVOXWQLQJHQDINDEOHUQH

 )DVWJ¡UQHWNDEOHWPHGVSQGHEnQGHWRJVSQG

EHIVWLJHOVHVVNUXHQWLO ILJXUD

 /XNWLOVOXWQLQJVGnVHQVGNVHO

%HPUN 3ODFHUNDEOHUQHLPLGWHURPUnGHWDIWLOVOXWQLQJVGnVHQ

IRUDWOHWWHOXNQLQJHQ

 )DVWJ¡UQHWNDEOHWSnXQGHUVLGHQDINRJHVHNWLRQHQPHGGHW

YHGODJWHNDEHOEnQGKYLVQHWNDEOHWIRUKLQGUHUVNXIIHQV

EHYJHOVH ILJXU E

%HPUN .RQWDNWNXQGHVHUYLFHKYLVGHUHUEUXJIRUHQOQJHUH

QHWWLOVOXWQLQJVOHGQLQJ'HUILQGHVWLOVOXWQLQJVOHGQLQJHUPHG

OQJGHURSWLO P



,VWQLQJDINRJHWRSILJXU

 6N\GDSSDUDWHWLQGLLQGE\JQLQJVQLFKHQ ILJXU

 6¡UJ IRU DW NRJHWRSSHQ KDU VDPPH K¡MGH VRP ERUGSODGHQ +YLV

NRJHWRSSHQLNNHKDUVDPPHK¡MGHVNDOGHOHYHUHGH

IRUDQNULQJHURPQ¡GYHQGLJWLQVWDOOHUHVRJIRUVLJWLJWVSQGHVWLO

ILJXU

%HPUN 'HUPnLNNHDQYHQGHVHQHOHNWULVNERUHPDVNLQHWLO

GHWWH

■ 1HWNDEOHW Pn LNNH NRPPH L NOHPPH RJ LNNH OJJHV RYHU VNDUSH

NDQWHU +YLV GHU HU LQGE\JJHW HQ RYQ QHGHQXQGHU VNDO OHGQLQJHQ

I¡UHVRYHURYQHQVEDJHUVWHKM¡UQHUWLOWLOVOXWQLQJVGnVHQ

/HGQLQJHQVNDOLQVWDOOHUHVVnGHQLNNHNRPPHULEHU¡ULQJPHG

YDUPHVWHGHUSnNRJHWRSSHQHOOHUSnRYQHQ

■ %RUGSODGHUPHGIOLVHEHOJQLQJ)OLVHUQHVIXJHUVNDOWWQHV

PHGVLOLNRQHJXPPL

7LOVOXWDSSDUDWHWILJXU

■ 6SQGLQJ6HW\SHVNLOW

■ 0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW

%1EUXQ

%8EOn

*1<(JU¡QRJJXO

%.VRUW

*<JUn

■ $IKQJLJWDIWLOVOXWQLQJVPnGHQVNDOSODFHULQJHQDINOHPPHUQH

VRPHUOHYHUHWIUDIDEULNNHQVVLGHHYWQGUHV+HUWLOVNDO

NOHPPHUQH HYHQWXHOW DINRUWHV RJ LVROHULQJHQ IMHUQHV IRU DW NXQQH

SODFHUHHQNOHPPHGHUIRUELQGHUWRNDEOHU

%HPUN .RQWUROOHURPDSSDUDWHWHUNODUWLOGULIW+YLV

—…‹‹

“‹†‚„ HOOHU “YLVHVLDSSDUDWHWVLQGLNDWRUHUGHWLNNHWLOVOXWWHW

NRUUHNW$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHWRJNRQWUROOHU

VWU¡PNDEOHWVWLOVOXWQLQJ

$IPRQWHULQJDIDSSDUDWHW

$IEU\GDSSDUDWHWVVWU¡PWLOVOXWQLQJ

)MHUQIRUDQNULQJHUQHWLOIDVWJ¡UHOVH

/¡IWNRJHVHNWLRQHQRSYHGDWSUHVVHQHGHIUD

3DVSn

6NDGHUSnDSSDUDWHW)RUV¡JLNNHDWDIPRQWHUHDSSDUDWHWYHGDW

O¡IWHGHWDIIUDRYHQ

0RQWHULQJVYHLOHGQLQJ

9LNWLJHKHQYLVQLQJHU

6LNNHUKHWVLNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJDY

DSSDUDWHWHUWHNQLVNNRUUHNWXWI¡UWRJLKHQKROGWLO

PRQWHULQJVYHLOHGQLQJHQ,QVWDOODW¡UHQHUDQVYDUOLJIRUVNDGHUVRP

VN\OGHVIHLODNWLJPRQWHULQJ

(WWHU LQVWDOODVMRQHQ Pn GHW VLNUHV DW EUXNHUHQ LNNH KDU WLOJDQJ WLO GH

HOHNWULVNHNRPSRQHQWHQH

'HWWHDSSDUDWHWHUJRGNMHQWIRUEUXNLK¡\GHUSnLQQWLO PHWHU

: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU

$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH

HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU

LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO

HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ

(OHNWULVN WLONREOLQJ Pn NXQ XWI¡UHV DY HQ NYDOLILVHUW WHNQLNHU 'HQ

ORNDOHVWU¡POHYHUDQG¡UVUHWQLQJVOLQMHUVNDOI¡OJHV

$SSDUDWHWPnNREOHVWLOHQIDVWLQVWDOODVMRQGHWPnLQVWDOOHUHV

VNLOOHEU\WHUHLVDPVYDUPHGLQVWDOODVMRQVIRUVNULIWHQH

7\SH WLONREOLQJ DSSDUDWHW WLOK¡UHU EHVN\WWHOVHVNODVVH , RJ Pn NXQ

EUXNHVVDPPHQPHGHQMRUGHWVWLNNRQWDNW

3URGXVHQWHQVWnULNNHDQVYDUOLJIRUIHLOEUXNRJHYHQWXHOOHVNDGHU

JUXQQHWXHJQHGHHOHNWULVNHLQVWDOODVMRQHU

6WU¡POHGQLQJ'HQQHHUPXOLJHQVDOOHUHGHNREOHWWLO

WLONREOLQJVERNVHQIRUSODWHWRSSHQHOOHUGHQI¡OJHUPHG

DSSDUDWHW RJ Pn GD NXQ LQVWDOOHUHV DY HQ HOHNWULNHU HOOHU NYDOLILVHUW

SHUVRQHOO IUD NXQGHVHUYLFH 'H Q¡GYHQGLJH WLONREOLQJVGDWDHQH VWnU

RSSJLWWSnW\SHVNLOWHWRJLNREOLQJVVNMHPDHW

%UXN NXQ GHQ OHGQLQJHQ VRP I¡OJHU PHG DSSDUDWHW HOOHU HQ OHGQLQJ

OHYHUWDYWHNQLVNNXQGHVHUYLFH

0RQWHULQJXQGHUEHQNHSODWHQ,QGXNVMRQVWRSSHQNDQNXQ

PRQWHUHVRYHUVNXIIHUHOOHUVWHNHRYQHUPHGYHQWLODVMRQVYLIWH

9HUNHQNM¡OHVNDSRSSYDVNPDVNLQHOOHUVWHNHRYQXWHQYHQWLODVMRQ

HOOHUYDVNHPDVNLQNDQPRQWHUHVXQGHUNRNHWRSSHQ

9HQWLODWRU$YVWDQGHQPHOORPYHQWLODWRUHQRJNRNHWRSSHQPn

YUHPLQVWOLNHVWRUVRPGHQDYVWDQGHQVRPHUDQJLWWL

PRQWHULQJVDQYLVQLQJHQIRUYHQWLODWRUHQ

%HQNHSODWHIODWYDQQUHWWRJVWDELO)¡OJLQVWUXNVMRQHQHIUD

SURGXVHQWHQDYNRNHWRSSHQ

■ %HQNHSODWHQVRPSODWHWRSSHQVNDOLQVWDOOHUHVLVNDOWnOHHQ

EHODVWQLQJSnFD NJ9HGEHKRYPnEHQNHSODWHQIRUVWHUNHV

PHGWHPSHUDWXURJYDQQEHVWDQGLJPDWHULDOH

■ )¡UVWQnUSODWHWRSSHQHULQVWDOOHUWVNDOGXVMHNNHDWGHQOLJJHU

MHYQW

*DUDQWLHQIHLODNWLJLQVWDOODVMRQWLONREOLQJHOOHUPRQWDVMHYLO

DQQXOOHUHJDUDQWLHQ

0HUN (QKYHUPRGLILNDVMRQDYDSSDUDWHWVLQGUHLQNOXGHUWE\WWHDY

VWU¡POHGQLQJHQPnNXQXWI¡UHVDYRSSOUWWHNQLVNSHUVRQHOOIUD

YnUVHUYLFHDYGHOLQJ

.ODUJM¡UHP¡EHOHWILJXU 

,QQHE\JGHP¡EOHUPnWnOHHQWHPSHUDWXUSnPLQVW&

+XOURPPHWIMHUQDOOHVSRQHWWHUXWVNMULQJHQ

.XWWHIODWHQHIRUVHJOHPHGHWYDUPHEHVWDQGLJVWRII

0RQWDVMHRYHUVNXIIHQILJXU D

%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn PP

9HQWLODVMRQ'HWPnYUH PPDYVWDQGPHOORPEHQNHSODWHQV

RYHUIODWHRJGHQ¡YUHGHOHQDYVNXIIHQ

0HUN %UXNHQPHOORPSODWHDYWUHGHUVRPPHWDOOJMHQVWDQGHUL

VNXIIHQYDUPHVRSSSnJUXQQDYOXIWVLUNXODVMRQHQQnUNRNHWRSSHQ

OXIWHV HOOHU GHUVRP GHW RSSEHYDUHV VPn VSLVVH PHWDOOJMHQVWDQGHU

LGHQQHVNXIIHQVRPIRUHNVHPSHONM¡WWVS\G ELOGH 

.RNHWRSSHQHUXWVW\UWPHGHQYHQWLODWRUSnXQGHUVLGHQ8WHQ

PHOORPSODWHPnGHWLNNHRSSEHYDUHVVPnHOOHUVNDUSH

JMHQVWDQGHUSDSLUHOOHUNM¡NNHQKnQGNOULVNXIIHQ'HWNDQKDHQ

QHJDWLYLQQYLUNQLQJSnNM¡OLQJHQHOOHUVNDGHYLIWHQGHUVRPGH

VXJHVLQQ0HOORPLQQKROGHWLVNXIIHQRJLQQO¡SHWWLOYLIWHQPnGHW

YUHHQPLQLPXPVDYVWDQGSn FP

0RQWDVMHRYHURYQILJXUE

%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn PP

'HWPnYUHPPDYVWDQGPHOORPEHQNHSODWHQVRYHUIODWHRJ

GHQ¡YUHGHOHQDYIUHPVLGHQSnVWHNHRYQHQ

0HUN 6OnRSSLPRQWHULQJVDQYLVQLQJHQWLOVWHNHRYQHQGHUVRP

DYVWDQGHQPHOORPSODWHWRSSHQRJVWHNHRYQHQPn¡NHV

9HQWLODVMRQ'HWPnYUHHQDYVWDQGSnPLQVWPPPHOORP

VWHNHRYQHQRJSODWHWRSSHQ

0HUN +YLVNRNHWRSSHQHUPRQWHUWRYHUHQVWHNHRYQIUDHQDQQHQ

SURGXVHQWPnGHWEUXNHVHQPHOORPSODWHDYWUH ILJXU

9HQWLODVMRQILJXU 

)RUnVLNUHDWDSSDUDWHWIXQJHUHUNRUUHNWPnNRNHWRSSHQYUH

WLOVWUHNNHOLJYHQWLOHUW

)RUGLYHQWLODVMRQHQLGHQQHGUHGHOHQDYDSSDUDWHWWUHQJHU

WLOVWUHNNHOLJWLOI¡UVHODYIULVNOXIWPnP¡EHOHWYUHSODVVHUWVOLNDW

GHWODUVHJJM¡UH)¡OJHQGHIRUXWVHWWHV

■ HQPLQLPXPVDYVWDQGPHOORPP¡EHOHWVEDNVLGHRJ

NM¡NNHQYHJJHQRJPHOORPEHQNHSODWHQVRYHUIODWHRJGHQ¡YUH

GHOHQDYVNXIIHQ ILJXU D

■ HQnSQLQJLGHQ¡YUHGHOHQDYP¡EHOHWVEDNVLGH ILJXU E

■ +YLVPLQVWHDYVWDQGHQSn PPSnEDNVLGHQDYP¡EHOHWLNNH

RYHUKROGHVPnGHWODJHVHQnSQLQJSnXQGHUVLGHQ ILJXU F

■ +YLVP¡EHOHWVLQQYHQGLJHEUHGGHHUPLQGUHHQQ PPPn

GHWODJHVVQLWWLVLGHYHJJHQH ILJXU G

0HUNQDGHU

■ 'HUVRP DSSDUDWHW VNDO LQVWDOOHUHV Sn HQ NM¡NNHQ¡\ HOOHU HW DQQHW

VWHGHQQGHWVRPHUEHVNUHYHWKHUPnGXV¡UJHIRUWLOVWUHNNHOLJ

YHQWLODVMRQIRUNRNHWRSSHQ

■ 1HGUHVRNNHOPnLNNHOXNNHVKHUPHWLVN

0RQWHUHDSSDUDWHWILJXU 

0HUN %UXNKDQVNHUYHGLQQE\JJLQJDYSODWHWRSSHQ)ODWHQHVRP

LNNHHUV\QOLJHNDQKDVNDUSHNDQWHU

3n DSSDUDWHU XWHQ IRUKnQGVLQVWDOOHUW NDEHO VNDO VWU¡PNDEHOHQ

I¡UHVLQQLVWLNNRQWDNWHQ

 6QXNRNHWRSSHQRJSODVVHUGHQLHVNHQSnHWNOHGHHOOHUHQ

DQQHQRYHUIODWHIRUnXQQJnULSHU

 /¡IWRSSGHNVHOHWWLOVWLNNRQWDNWHQYHGKMHOSDYHQVNUXWUHNNHU

ILJXU 

 /¡VQHIHVWHVNUXHQRJO¡IWRSSVODQJHNOHPPHQPHGHQ

VNUXWUHNNHU ILJXU 



 7LONREOLQJWLOVWLNNRQWDNWHQPnVNMHLKHQKROGWLOILJXUHQ ILJXU 

%1EUXQ

%8EOn

*1<(JXORJJU¡QQ

%.VYDUW

*<JUn

0HUNQDGHU

■ 'HUVRPWLONREOLQJHQJM¡UHVLKHQKROGWLONREOLQJVVNMHPD/

1aPnEURHQHRUGQHVLVDPVYDUPHGNREOLQJVVNMHPDHW

■ 6¡UJIRUDWVNUXHQHSnVWLNNRQWDNWHQHUVWUDPPHWHWWHUDW

NDEOHQHHUNREOHWWLO

 )HVW VWU¡PNDEHOHQ PHG HQ VODQJHNOHPPH RJ WUHNN WLO IHVWHVNUXHQ

ILJXU D

 /XNNGHNVHOHWWLOVWLNNRQWDNWHQ

0HUN 3ODVVHUNDEOHQHLPLGWUHGHODYVWLNNRQWDNWHQVOLNDWGHQ

EOLUOHWWHUHnOXNNH

 'HUVRPVWU¡POHGQLQJHQNRPPHULYHLHQIRUVNXIIHQIHVWHUGX

OHGQLQJHQSnXQGHUVLGHQDYNRNHWRSSHQPHGGHQYHGODJWH

NDEHOVWULSVHQ ILJXU E

0HUN +YLVGXWUHQJHUHQOHQJUHVWU¡POHGQLQJNRQWDNW

NXQGHVHUYLFH 'HW ILQQHV VWU¡POHGQLQJHU PHG LQQWLO  P OHQJGH

6HWWHSnNRNHWRSSHQILJXU

 6N\YDSSDUDWHWLQQLQLVMHQ ILJXU 

 3DVVSnDWNRNHWRSSHQHULVDPPHK¡\GHVRPEHQNHSODWHQ

+YLV NRNHWRSSHQ LNNH HU Sn VDPPH K¡\GH VNDO GH PHGI¡OJHQGH

IRUDQNULQJHQHLQVWDOOHUHVRJWUHNNHVIRUVLNWLJWLOHWWHUEHKRY

ILJXU 

0HUN ,NNHEUXNHOHNWULVNVNUXWUHNNHU

■ 6WU¡PNDEHOHQPnLNNHNRPPHLNOHPHOOHUWUHNNHVRYHUVNDUSH

NDQWHU+YLVGHWHUPRQWHUWVWHNHRYQXQGHUNRNHVRQHQPn

OHGQLQJHQ OHJJHV UXQGW KM¡UQHQH Sn EDNVLGHQ DY VWHNHRYQHQ RJ

WLOVWLNNRQWDNWHQ/HGQLQJHQPnSODVVHUHVVOLNDWGHQLNNH

NRPPHULNRQWDNWPHGYDUPHGHOHUDYNRNHWRSSHQHOOHU

VWHNHRYQHQ

■ 3nIOLVODJWHEHQNHSODWHU)OLVHIXJHQHPnWHWWHVPHG

VLOLNRQPDVVH

.REOHWLODSSDUDWHWILJXU

■ 6SHQQLQJVHW\SHVNLOW

■ 7LONREOLQJPnXWI¡UHVLVDPVYDUPHGNREOLQJVVNMHPDHW

%1EUXQ

%8EOn

*1<(JXORJJU¡QQ

%.VYDUW

*<JUn

■ $YKHQJLJDYWLONREOLQJVW\SHPnHYHQWXHOWSODVVHULQJHQDY

NOHPPHQH VRP I¡OJHU PHG IUD IDEULNNHQ HQGUHV )RU n VHWWH LQQ

HQNOHPPHVRPIRUELQGHUWRNDEOHUPnNOHPPHQHRP

Q¡GYHQGLJIRUNRUWHVRJLVRODVMRQHQIMHUQHV

0HUN .RQWUROOHURPDSSDUDWHWHUNODUWWLOEUXN9LVHV

—…‹‹

“‹†‚„ HOOHU “LDSSDUDWHWVGLVSOD\HUGHWLNNHULNWLJWLONREOHW

.REOHDSSDUDWHWIUDVWU¡PPHQRJNRQWUROOHUDWVWU¡POHGQLQJHQHU

ULNWLJNREOHWWLO

'HPRQWHUHDSSDUDWHW

.REOHDSSDUDWHWIUDVWU¡PQHWWHW

)MHUQNOHPIHVWHQH

7U\NNNRNHWRSSHQQHGRYHUQnUGXVNDOO¡IWHGHQDY

2EV

)DUH IRU VNDGH Sn DSSDUDWHW ,NNH SU¡Y n WUHNNH XW DSSDUDWHW YHG n

O¡VQHGHWRYHQIUD

ptpt

,QVWUXo}HVGHPRQWDJHP

,QVWUXo}HVLPSRUWDQWHV

6HJXUDQoD D VHJXUDQoD GXUDQWH D XWLOL]DomR Vy HVWi JDUDQWLGD VH

DLQVWDODomRWLYHUVLGRHIHFWXDGDGHIRUPDFRUUHFWDDQtYHO

WpFQLFRHGHDFRUGRFRPHVWDVLQVWUXo}HVGHPRQWDJHP2V

GDQRVFDXVDGRVSRUXPDPRQWDJHPLQDGHTXDGDVHUmRGD

UHVSRQVDELOLGDGHGRLQVWDODGRU

$SyVDLQVWDODomRpQHFHVViULRDVVHJXUDUTXHRXWLOL]DGRUQmR

WHPDFHVVRDRVFRPSRQHQWHVHOpWULFRV

(VWHDSDUHOKRpSHUPLWLGRSDUDVHUXVDGRDWp PHWURVGH

DOWXUD

: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV

2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU

LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH

LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD

GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV

/LJDomRHOpFWULFDGHYHVHUHIHFWXDGDDSHQDVSRUXPWpFQLFR

HVSHFLDOLVWDDXWRUL]DGRHGHDFRUGRFRPDVGLVSRVLo}HVGD

FRPSDQKLDGHIRUQHFLPHQWRHOpFWULFRGD]RQD

2 DSDUHOKR WHP GH HVWDU OLJDGR D XPD LQVWDODomR IL[D H GH DFRUGR

FRPRVUHJXODPHQWRVGHLQVWDODomRGHYHPVHULQVWDODGRV

LQWHUUXSWRUHVVHFFLRQDGRUHV

7LSRGHOLJDomRRDSDUHOKRSHUWHQFHjFODVVHGHSURWHFomR ,H

DSHQDVSRGHVHUXWLOL]DGRHPFRPELQDomRFRPXPDOLJDomRFRP

FRQGXWRUGHWRPDGDGHWHUUD

2 IDEULFDQWH QmR VH UHVSRQVDELOL]D SHOR IXQFLRQDPHQWR LQFRUUHFWR

HSRUSRVVtYHLVGDQRVSURYRFDGRVSRULQVWDODo}HVHOpFWULFDV

LQDGHTXDGDV

&DERGHUHGHSRGHUiMiHVWDUFRQHFWDGRjFDL[DGHOLJDomR

GDSODFDGHFR]LQKDURXVHUIRUQHFLGRFRPRDSDUHOKR

SRGHQGRDSHQDVVHULQVWDODGRSRUXPWpFQLFRDXWRUL]DGRRXSRU

SHVVRDOTXDOLILFDGRGD$VVLVWrQFLDWpFQLFD2VGDGRVGHOLJDomR

QHFHVViULRV HQFRQWUDPVH LQGLFDGRV QD SODFD GH FDUDFWHUtVWLFDV H

QRHVTXHPDGHOLJDo}HV

8WLOL]HDSHQDVRFDERIRUQHFLGRMXQWDPHQWHFRPRDSDUHOKRRX

SHOD$VVLVWrQFLDWpFQLFD

0RQWDJHPSRUEDL[RGDEDQFDGDGHWUDEDOKR$SODFDGH

LQGXomR DSHQDV SRGH VHU LQVWDODGD SRU FLPD GH JDYHWDV RX IRUQRV

FRPYHQWLODGRU3RUEDL[RGDSODFDGHFR]LQKDUQmRSRGHPVHU

LQFRUSRUDGRVIULJRUtILFRVPiTXLQDVGHODYDUORXoDIRUQRVVHP

YHQWLODomRQHPPiTXLQDVGHODYDUURXSD

([DXVWRUDGLVWkQFLDHQWUHRH[DXVWRUHDSODFDGHFR]LQKDUWHP

GH FRUUHVSRQGHU SHOR PHQRV j GLVWkQFLD LQGLFDGD QDV LQVWUXo}HV

GHPRQWDJHPGRH[DXVWRU

%DQFDGDSODQDKRUL]RQWDOHVWiYHO6LJDDVLQVWUXo}HVGR

IDEULFDQWHGDEDQFDGD

■ $EDQFDGDQDTXDOPRQWDDSODFDGHFR]LQKDUGHYHUHVLVWLUD

FDUJDVGHDSUR[NJ6HQHFHVViULRUHIRUFHDEDQFDGDFRP

XPPDWHULDOLPSHUPHiYHOHUHVLVWHQWHjWHPSHUDWXUD

■ 9HULILTXHRQLYHODPHQWRGDSODFDGHFR]LQKDUDSHQDVTXDQGR

HVWDHVWLYHUPRQWDGD

*DUDQWLDXPDLQVWDODomROLJDomRRXPRQWDJHPLQDGHTXDGD

LPSOLFDDDQXODomRGDJDUDQWLDGRSURGXWR

1RWD 4XDOTXHUPDQLSXODomRQRLQWHULRUGRDSDUHOKRLQFOXLQGRD

PXGDQoDGRFDERGHDOLPHQWDomRGHYHVHUUHDOL]DGD

H[FOXVLYDPHQWHSRUSHVVRDOWpFQLFRGR6HUYLoRGH$VVLVWrQFLD

FRPIRUPDomRHVSHFtILFD

3UHSDUDomRGRPyYHOILJXUD 

0yYHLVHQFDVWUDGRVUHVLVWHQWHVDXPDWHPSHUDWXUDPtQLPDGH

&

&DYLGDGHUHPRYHUDVDSDUDVGHPDGHLUDDSyVRVWUDEDOKRVGH

FRUWH

6XSHUItFLHVGHFRUWHYHGDUFRPPDWHULDOUHVLVWHQWHDRFDORU

0RQWDJHPVREUHDJDYHWDILJXUD D

%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP

9HQWLODomRDGLVWkQFLDHQWUHDVXSHUItFLHGDEDQFDGDGHWUDEDOKR

HDSDUWHVXSHULRUGDJDYHWDWHPGHVHUGH PP

1RWD &DVRVHMDPJXDUGDGRVQHVWDJDYHWDSHTXHQRVREMHWRV

PHWiOLFRVFRPRSH[HVSHWRVRXFDVRRVREMHWRVPHWiOLFRV

JXDUGDGRVQDJDYHWDDTXHoDPGHYLGRjFLUFXODomRGRDUGXUDQWH

DYHQWLODomRGDSODFDGHFR]LQKDUXWLOL]HXPIXQGRLQWHUPpGLRGH

PDGHLUD ILJXUD 

$SODFDGHFR]LQKDUSRVVXLXPYHQWLODGRUQRODGRLQIHULRU6HP

IXQGRLQWHUPpGLRQmRVHSRGHJXDUGDUREMHWRVSHTXHQRVRX

SRQWLDJXGRV SDSHO RX SDQRV GH FR]LQKD QD JDYHWD $ UHIULJHUDomR

SRGH ILFDU DIHWDGD RX R YHQWLODGRU GDQLILFDGR DWUDYpV GD DVSLUDomR

(QWUH R FRQWH~GR GD JDYHWD H D HQWUDGD GR YHQWLODGRU p QHFHVViULR

UHVSHLWDUXPDGLVWkQFLDPtQLPDGHFP

0RQWDJHPVREUHRIRUQRILJXUDE

%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP

$GLVWkQFLDHQWUHDVXSHUItFLHGDEDQFDGDHD]RQDVXSHULRUGD

SDUWHIURQWDOGRIRUQRWHPGHVHUGHPP

1RWD &RQVXOWHDVLQVWUXo}HVGHPRQWDJHPGRIRUQRFDVRVHMD

QHFHVViULRDXPHQWDUDGLVWkQFLDHQWUHDSODFDGHFR]LQKDUHR

IRUQR

9HQWLODomRDGLVWkQFLDHQWUHRIRUQRHDSODFDGHFR]LQKDUGHYH

VHUQRPtQLPRGHPP



1RWD 6HDSODFDGHFR]LQKDUHVWLYHUPRQWDGDSRUFLPDGHXP

IRUQRGHXPDRXWUDPDUFDGHYHVHUXVDGRXPIXQGRLQWHUPpGLR

HPPDGHLUD ILJXUD

9HQWLODomRILJXUD 

3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR p QHFHVViULR

YHQWLODUDSODFDGHFR]LQKDUDGHTXDGDPHQWH

&RPR D YHQWLODomR QD SDUWH LQIHULRU GR DSDUHOKR QHFHVVLWD GH XPD

DOLPHQWDomRVXILFLHQWHGHDUIUHVFRRVPyYHLVWrPGHVHU

GLPHQVLRQDGRVHPFRQIRUPLGDGH3DUDLVVRpQHFHVViULRR

VHJXLQWH

■ XPD GLVWkQFLD PtQLPD HQWUH D SDUWH GH WUiV GR PyYHO H D SDUHGH

GD FR]LQKD H HQWUH D VXSHUItFLH GD EDQFDGD GH WUDEDOKR H D SDUWH

VXSHULRUGDJDYHWD ILJXUD D

■ XPDDEHUWXUDHPFLPDQDSDUWHGHWUiVGRPyYHO ILJXUD E

■ FDVRDGLVWkQFLDPtQLPDGH PPQDSDUWHGHWUiVGRPyYHO

QmRHVWHMDDVVHJXUDGDpQHFHVViULRFULDUXPDDEHUWXUDQD

SDUWHLQIHULRU ILJXUD F

■ FDVRDODUJXUDLQWHULRUGRPyYHOQmRVHMDVXSHULRUD PP

HIHWXDULQFLV}HVQDVSDUHGHVODWHUDLV ILJXUD G

1RWDV

■ 6HRDSDUHOKRIRULQFRUSRUDGRQXPDLOKDRXQXPRXWURORFDO

GLIHUHQWHQmRGHVFULWRGHYHSURYLGHQFLDUVHXPDYHQWLODomR

DGHTXDGDGDSODFDGHFR]LQKDU

■ 1mRILQDOL]HRFDVTXLOKRLQIHULRUGHIRUPDKHUPpWLFD

0RQWDURDSDUHOKRILJXUDV 

1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU

$VVXSHUItFLHVTXHQmRVmRYLVtYHLVSRGHPDSUHVHQWDUDUHVWDV

YLYDV

1RFDVRGHDSDUHOKRVVHPFDERSUpLQVWDODGRLQWURGX]DR

FDERGHUHGHQDWRPDGDGHOLJDomR

 9LUH D SODFD GH FR]LQKDU H SRXVHD VREUH R IXQGR GD HPEDODJHP

XPSDQRRXXPDRXWUDVXSHUItFLHGHIRUPDDHYLWDUULVFRV

 /HYDQWHDWDPSDGDWRPDGDGHOLJDomRFRPDDMXGDGHXPD

FKDYHGHIHQGDV ILJXUD 

 6ROWH R SDUDIXVR GH IL[DomR H OHYDQWH D EUDoDGHLUD GD PDQJXHLUD

FRPDDMXGDGHXPDFKDYHGHIHQGDV ILJXUD

 /LJXHDWRPDGDGHOLJDomRDSHQDVGHDFRUGRFRPDILJXUD

ILJXUD 

%1FDVWDQKR

%8D]XO

*1<(DPDUHORHYHUGH

%.SUHWR

*<FLQ]HQWR

1RWDV

■ 6HDOLJDomRIRUUHDOL]DGDGHDFRUGRFRPRHVTXHPDGH

OLJDo}HV/1aDGLVSRVLomRGDVSRQWHVGHYHVHUDOWHUDGD

GHDFRUGRFRPRHVTXHPD

■ 3UHVWHDWHQomRSDUDTXHRVSDUDIXVRVHVWHMDPEHP

DSHUWDGRVQDWRPDGDGHOLJDomRGHSRLVGDOLJDomRGRV

FDERV

 )L[HRFDERGHUHGHFRPDEUDoDGHLUDGDPDQJXHLUDHDSHUWHR

SDUDIXVRGHIL[DomR ILJXUD D

 )HFKHDWDPSDGDWRPDGDGHOLJDomR

1RWD $UUXPHRVFDERVQRFHQWURGDWRPDGDGHOLJDomRSDUD

IDFLOLWDURIHFKR

 6H R FDER GH UHGH LQIHULU FRP D JDYHWD HVWH GHYH VH IL[DGR FRP

RDJUXSDGRUGHFDERVIRUQHFLGRQDSDUWHLQIHULRUGDSODFDGH

FR]LQKDU ILJXUD E

1RWD 6HIRUQHFHVViULRXPFDERGHOLJDomRjUHGHPDLV

FRPSULGR FRQWDFWH D $VVLVWrQFLD WpFQLFD (VWmR GLVSRQtYHLV FDERV

GHOLJDomRDWp P

&RORFDUDSODFDGHFR]LQKDUILJXUDV

 ,QWURGX]D R DSDUHOKR QR QLFKR SDUD PRQWDJHP HPEXWLGD ILJXUD



 3UHVWHDWHQomRSDUDTXHDSODFDGHFR]LQKDUVHMDGDPHVPD

DOWXUDGDEDQFDGDGHWUDEDOKR&DVRDSODFDGHFR]LQKDUQmR

VHMDGDPHVPDDOWXUDLQVWDOHDVIL[Do}HVIRUQHFLGDVHDSHUWH

FRPFXLGDGR ILJXUD 

1RWD 1mRXWLOL]HDSDUDIXVDGRUDVHOpWULFDV

■ 1mRHQWDOHRFDERGHUHGHQHPRSDVVHSRUDUHVWDVYLYDV6H

H[LVWLUXPIRUQRLQVWDODGRSRUEDL[RSDVVHRFDERSHORVFDQWRV

SRVWHULRUHV GR IRUQR DWp j WRPDGD GH OLJDomR 2 FDER WHP GH VHU

LQVWDODGRGHIRUPDDQmRWRFDUHPQHQKXPORFDOTXHQWHGD

SODFDGHFR]LQKDURXGRIRUQR

■ 1RFDVRGHEDQFDGDVGHWUDEDOKRODGULOKDGDVYHGHDVMXQWDV

GRVODGULOKRVFRPERUUDFKDGHVLOLFRQH

/LJDURDSDUHOKRILJXUD

■ 7HQVmRYHUSODFDGHFDUDFWHUtVWLFDV

■ /LJXHDSHQDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV

%1FDVWDQKR

%8D]XO

*1<(DPDUHORHYHUGH

%.SUHWR

*<FLQ]HQWR

■ 'HSHQGHQGRGRWLSRGHOLJDomRpSRVVtYHOTXHVHWHQKDGH

DOWHUDUDGLVSRVLomRGRVWHUPLQDLVIRUQHFLGRVSHODIiEULFD3DUD

LVVRSRGHUiVHUQHFHVViULRHQFXUWDURVWHUPLQDLVHUHPRYHUR

LVRODPHQWRSDUDFRORFDUXPWHUPLQDOTXHXQDGRLVFDERV

1RWD 9HULILFDomR GD RSHUDFLRQDOLGDGH VH VXUJLU

—…‹‹ “‹†‚„

RX “QRYLVRUGRDSDUHOKRLVVRVLJQLILFDTXHRDSDUHOKRQmRHVWi

OLJDGRFRUUHWDPHQWH'HVOLJXHRDSDUHOKRGDDOLPHQWDomRHOpWULFD

HYHULILTXHDOLJDomRGRFDERHOpWULFR

'HVPRQWDURDSDUHOKR

'HVOLJDURDSDUHOKRGDUHGHHOpFWULFD

5HWLUDUDVIL[Do}HV

5HWLUDUDSODFDGHFR]HGXUDH[HUFHQGRSUHVVmRDSDUWLUGHEDL[R

$WHQomR

'DQRVQRDSDUHOKR1mRWHQWHUHWLUDURDSDUHOKRXWLOL]DQGRXPD

IHUUDPHQWDTXHIDoDGHDODYDQFDDSDUWLUGHFLPD

0RQWHULQJVDQYLVQLQJ

9LNWLJWDWWREVHUYHUD

6lNHUKHWVlNHUKHWHQYLGDQYlQGQLQJJDUDQWHUDVXQGHU

I|UXWVlWWQLQJ DWW LQVWDOODWLRQHQ KDU XWI|UWV NRUUHNW RFK L HQOLJKHW PHG

GHQQDPRQWHULQJVDQYLVQLQJ6NDGRURUVDNDGHDYIHODNWLJ

PRQWHULQJlUPRQW|UHQVDQVYDU

6HWLOOVnDQYlQGDUHQLQWHNRPPHUnWHONRPSRQHQWHUQDHIWHU

LQVWDOODWLRQ

(QKHWHQlUEDUDDYVHGGI|UDQYlQGQLQJXSSWLOO P|K

: 2PGXKDUHOHNWURQLVNDLPSODQWDW

(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND

HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU

+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND

LPSODQWDW

(ODQVOXWQLQJInUHQGDVWXWI|UDVDYHQEHK|ULJIDFNPDQ

)|UHVNULIWHUQDIUnQGHQORNDODHOOHYHUDQW|UHQVNDOOI|OMDV

(QKHWHQ NUlYHU IDVW LQVWDOODWLRQ RFK PRQWHULQJ PHG OlPSOLJ EU\WDUH

HQOLJWLQVWDOODWLRQVDQYLVQLQJDUQD

$QVOXWQLQJVW\SDSSDUDWHQWLOOK|UVN\GGVNODVV ,RFKInUHQGDVW

DQYlQGDVPHGHQMRUGDGDQVOXWQLQJ

7LOOYHUNDUHQWDULQJHWDQVYDUI|UIHODNWLJIXQNWLRQHOOHUVNDGRU

RUVDNDGHDYIHODNWLJHOLQVWDOODWLRQ

6ODGGHQGHQNDQDQWLQJHQUHGDQYDUDDQVOXWHQWLOOKlOOHQV

NRSSOLQJVGRVDHOOHUVnPHGI|OMHUGHQHQKHWHQRFKGnInUEDUD

EHK|ULJ HOHNWULNHU UHVS VHUYLFHWHNQLNHU LQVWDOOHUD GHQ 'X KLWWDU GH

DQVOXWQLQJVXSSJLIWHUGXEHK|YHUSnW\SVN\OWHQRFK

NRSSOLQJVVFKHPDW

$QYlQGEDUDGHQVODGGVRPPHGI|OMHUHQKHWHQHOOHUVRPVHUYLFH

OHYHUHUDW

0RQWHULQJ XQGHU ElQNVNLYD LQGXNWLRQVKlOO JnU EDUD DWW LQVWDOOHUD

|YHUOnGDHOOHUXJQPHGYHQWLODWLRQVIOlNW'HWInULQWHILQQDV

N\OVNnSGLVNPDVNLQXJQXWDQYHQWLODWLRQVIOlNWHOOHUWYlWWPDVNLQ

XQGHUKlOOHQ

8WVXJDYVWnQGHWPHOODQXWVXJRFKKlOOVNDPLQVWYDUDDQJLYHW

DYVWnQGLPRQWHULQJVDQYLVQLQJHQ

%lQNVNLYDSODQYnJUlWVWDELO)|OMLQVWUXNWLRQHUQDIUnQ

ElQNVNLYDQVWLOOYHUNDUH

■ %lQNVNLYDQ GX VND PRQWHUD KlOOHQ L VND NODUD EHODVWQLQJDU Sn FD

 NJ)|UVWlUNElQNVNLYDQPHGWHPSHUDWXURFKYDWWHQWnOLJW

PDWHULDORPGHWEHK|YV

■ .RQWUROOHUDLQWHDWWKlOOHQlUSODQI|UUlQGHQVLWWHUL

*DUDQWLYLGIHODNWLJPRQWHULQJHOOHUDQVOXWQLQJJlOOHULQWH

SURGXNWJDUDQWLQ

$QYLVQLQJ cWJlUGHUSnDSSDUDWHQVLQVLGDLQNOXVLYHE\WHDY

VWU|PNDEHOInUHQGDVWXWI|UDVDYVlUVNLOWXWELOGDGSHUVRQDOIUnQ

.XQGWMlQVW



)|UEHUHGDVWRPPDUQDELOG 

,QE\JJGDVNnSWnOWHPSHUDWXUHUSnXSSWLOO&

8WU\PPHDYOlJVQDVnJVSnQHQHIWHUXUVNlUQLQJVDUEHWHW

6NlU\WRUI|UVHJODPHGYlUPHEHVWlQGLJWPDWHULDO

0RQWHULQJSnOnGDELOG D

%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP

9HQWLODWLRQDYVWnQGHWPHOODQElQNVNLYDRFKOnG|YHUGHOVNDYDUD

 PP

$QYLVQLQJ $QYlQG HWW WUlK\OOSODQ RP OnGDQ LQQHKnOOHU PHWDOOGHODU

HOOHUVPnVSHWVLJDPHWDOOI|UHPnOVRPWH[JULOOVSHWWVRPEOLU

XSSYlUPGDDYOXIWFLUNXODWLRQHQIUnQKlOOYHQWLODWLRQHQ ILJ 

+lOOHQKDUHQIOlNWSnXQGHUVLGDQ)|UYDUDLQWHVPnHOOHUVSHWVLJD

I|UHPnOSDSSHUHOOHUN|NVKDQGGXNDULOnGDQRPK\OOSODQVDNQDV

'HWNDQSnYHUNDN\OQLQJHQHOOHUVNDGDIOlNWHQRPQnJRWVXJVLQ

'HWVNDYDUDHWWPLQLPLDYVWnQGSnFPPHOODQOnGLQQHKnOOHWRFK

IOlNWLQVXJHW

0RQWHULQJ|YHUXJQELOGE

%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP

$YVWnQGHWPHOODQElQNVNLYDRFKXJQVIURQWHQV|YHUGHOVNDYDUD

 PP

$QYLVQLQJ 7LWWDLXJQHQVPRQWHULQJVDQYLVQLQJRPDYVWnQGHW

PHOODQKlOORFKXJQPnVWHYDUDVW|UUH

9HQWLODWLRQDYVWnQGHWPHOODQXJQRFKKlOOVNDYDUDPLQPP

$QYLVQLQJ ,QVWDOOHUDU GX KlOOHQ |YHU XJQ DY DQQDW PlUNH DQYlQG

WUlK\OOSODQ ELOG

9HQWLODWLRQELOG 

+lOOHQNUlYHUDQJLYHQYHQWLODWLRQI|UDWWHQKHWHQVNDIXQJHUD

RUGHQWOLJW

9HQWLODWLRQHQ XQGHU HQKHWHQ NUlYHU EUD IULVNOXIWVLQWDJ Vn VWRPPHQ

PnVWHKDPDWFKDQGHXWIRUPQLQJ)|OMDQGHNUlYV

■ KnOOPLQLPLDYVWnQGHWPHOODQVWRPU\JJRFKYlJJRFKPHOODQ

ElQNVNLYDRFKOnG|YHUGHO ELOG D

■ GHWVNDILQQDVHQ|SSQLQJXSSWLOOSnVWRPU\JJHQ ELOG E

■ JnUGHWLQWHInWLOOPLQLPLDYVWnQGRP PPSnVWRPU\JJHQVn

PnVWHGXJ|UDHQ|SSQLQJSnXQGHUVLGDQ ELOG F

■ lUVWRPPHQVPDODUHlQ PPLQYlQGLJWJ|UXUWDJL

VLGRYlJJDUQD ELOG G

$QYLVQLQJ

■ 0RQWHUDU GX HQKHWHQ L HQ N|NV| HOOHU Sn DQQDQ SODWV VRP VDNQDU

EHVNULYQLQJVHWLOOVnDWWKlOOHQInUUlWWYHQWLODWLRQ

■ 'HQXQGUHVRFNHOQInULQWHYDUDKHUPHWLVNWWLOOVOXWHQ

0RQWHUDHQKHWHQELOG 

$QYLVQLQJ $QYlQGVN\GGVKDQGVNDUYLGPRQWHULQJDYKlOOHQ'H

GROGD\WRUQDNDQKDYDVVDNDQWHU

(QKHWHUXWDQI|UPRQWHUDGVODGGI|ULQVODGGHQL

NRSSOLQJVGRVDQ

 9lQGKlOOHQRFKOlJJGHQSnERWWHQDYI|USDFNQLQJHQHQ

KDQGGXNHOOHUDQQDQ\WDVnDWWGHQLQWHEOLUUHSDG

 /\IWORFNHWWLOONRSSOLQJVGRVDQPHGPHMVHO ELOG 

 /RVVDIlVWVNUXYHQRFKO\IWVODQJNOlPPDQPHGPHMVHO ELOG 

 $QVOXWDOOWLGVRPELOGHQSnNRSSOLQJVGRVDQDQJHU ELOG 

%1EUXQ

%8EOn

*1<(JXOJU|Q

%.VYDUW

*<JUn

$QYLVQLQJ

■ $QVOXWHUGXHQOLJWNRSSOLQJVVFKHPD/1aVnPnVWHGX

lQGUDE\JOLQJDUQDVRPVFKHPDWDQJHU

■ 6H WLOO Vn DWW VNUXYDUQD L NRSSOLQJVGRVDQ lU RUGHQWOLJW nWGUDJQD

HIWHUVODGGDQVOXWQLQJHQ

 )lVWVODGGHQPHGVODQJNOlPPDQRFKGUDnWIlVWVNUXYHQ

ELOG D

 6lWWSnORFNHWWLOONRSSOLQJVGRVDQ

$QYLVQLQJ 3ODFHUDVODGGHQPLWWLNRSSOLQJVGRVDQVnJnUGHW

OlWWDUHDWWVWlQJD

 *nUVODGGHQHPRWOnGDQIlVWXSSVODGGHQPHGGHPHGI|OMDQGH

EXQWEDQGHQSnXQGHUVLGDQDYKlOOHQ ELOG E

$QYLVQLQJ %HK|YHUGXOlQJUHVODGGNRQWDNWDVHUYLFH'HWILQQV

XSSWLOOPOnQJDVODGGDU

6lWWDLKlOOHQELOG

 6NMXWLQHQKHWHQLLQE\JJQDGVQLVFKHQ ELOG

 6HWLOOVnDWWKlOOHQlULK|MGPHGElQNVNLYDQbUKlOOHQLQWHL

K|MGPRQWHUDGHPHGI|OMDQGHIlVWHQDRFKGUDnWI|UVLNWLJW

ELOG 

$QYLVQLQJ $QYlQGLQWHVNUXYGUDJDUH

■ 6HWLOOVnDWWVODGGHQLQWHEOLUNOlPGHOOHUGUDJHQ|YHUYDVVD

NDQWHU9LGXQGHUE\JJGXJQGUDVODGGHQWLOOYlJJXWWDJHWYLD

XJQHQVEDNUHK|UQ'UDOHGQLQJHQVnDWWGHQLQWHNRPPHUL

NRQWDNWPHGKHWDVWlOOHQSnKlOOHOOHUXJQ

■ .DNODGHElQNVNLYRUPMXNIRJDNDNOHWPHGVLOLNRQ

$QVOXWDHQKHWHQELOG

■ 6SlQQLQJVHPlUNVN\OWHQ

■ $QVOXWDOOWLGVRPNRSSOLQJVVFKHPDWDQJHU

%1EUXQ

%8EOn

*1<(JXOJU|Q

%.VYDUW

*<JUn

■ bQGUD IDEULNVE\JOLQJHQ Vn DWW GHQ PDWFKDU DQVOXWQLQJVW\SHQ RP

GHWEHK|YV'XPnVWHHYHQWXHOOWNRUWDE\JOLQJDUQDRFKWDERUW

LVROHULQJHQI|UDWWVlWWDLE\JOLQJHQVRPNRSSODULKRSOHGDUQD

$QYLVQLQJ .RQWUROOHUD DWW HQKHWHQ lU UHGR DWW DQYlQGD InU GX XSS

—…‹‹ “‹†‚„ HOOHU “SnHQKHWHQVGLVSOD\VnlUGHQLQWHUlWW

DQVOXWHQ *|U HQKHWHQ VWU|PO|V RFK NRQWUROOHUD VODGGDQVOXWQLQJHQ

'HPRQWHUDDSSDUDWHQ

.RSSODERUWDSSDUDWHQIUnQHOQlWHW

7DERUWVW|GHQ

/\IWXWKlOOHQJHQRPDWWWU\FNDXQGHULIUnQ

2EV

5LVN I|U VNDGRU Sn DSSDUDWHQ )|UV|N LQWH DWW O\IWD XW KlOOHQ JHQRP

DWWDQYlQGDKlYVWnQJXSSLIUnQ

$VHQQXVRKMH

7lUNHLWlYLKMHLWl

7XUYDOOLVXXVNl\WW|WXUYDOOLVXXVRQWDDWWXDLQRDVWDDQVLOORLQNXQ

DVHQQXV RQ VXRULWHWWX WHNQLVHVWL RLNHLQ MD QlLGHQ DVHQQXVRKMHLGHQ

PXNDDQ9LUKHHOOLVHVWlDVHQQXNVHVWDDLKHXWXYDWYDKLQJRWRYDW

DVHQWDMDQYDVWXXOOD

$VHQQXNVHQMlONHHQRQYDUPLVWHWWDYDHWWlNl\WWlMlHLSllVH

NlVLNVLVlKN|lMRKWDYLLQUDNHQQHRVLLQ

7lPlQODLWWHHQNl\WW|RQVDOOLWWXHQLQWllQ PHWULQ

NRUNHXGHVVD

: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW

/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD

HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL

LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl

YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ

6lKN|OLLWlQWlOLLWlQQlQVDDVXRULWWDDYDLQYDOWXXWHWWXDODQ

DVLDQWXQWLMD.\WNHQQlVVlRQQRXGDWHWWDYDSDLNDOOLVHQ

VlKN|QWRLPLWWDMDQVllQW|Ml

/DLWHSLWllOLLWWllNLLQWHllQOLLWlQWllQMDODLWWHHVVDRQROWDYD

DVHQQXVPllUl\VWHQPXNDLVHWHURWXVNDWNDLVLPHW

/LLWlQWlW\\SSL ODLWWHHQ VXRMDXVOXRNND RQ , MD VLWl YRLGDDQ Nl\WWll

YDLQPDDGRLWHWXOODVlKN|OLLWlQQlOOl

9DOPLVWDMDHLRWDYDVWXXWDYLUKHHOOLVHVWlWRLPLQQDVWDMD

PDKGROOLVLVWDYDKLQJRLVWDMRWNDDLKHXWXYDWYLUKHHOOLVLVWl

VlKN|DVHQQXNVLVWD

9HUNNRMRKWRYHUNNRMRKWRRQPDKGROOLVHVWLOLLWHWW\MR

NHLWWRWDVRQ OLLWlQWlNRWHORRQ WDL VH WRLPLWHWDDQ ODLWWHHQ PXNDQD

MDVHQVDDDVHQWDDYDLQDVLDQPXNDLVHQNRXOXWXNVHQVDDQXW

DVHQWDMDWDLKXROWROLLNNHHQHGXVWDMD7DUYLWWDYDWOLLWlQWlWLHGRW

O|\W\YlWW\\SSLNLOYHVWlMDOLLWlQWlNXYDVWD

.l\WlYDLQODLWWHHQPXNDQDWRLPLWHWWXDWDLWHNQLVHQKXROWRSDOYHOXQ

WRLPLWWDPDDMRKWRD

$VHQQXVW\|WDVRQDODSXROHOOH,QGXNWLRNHLWWRWDVRYRLGDDQ

DVHQWDDYDLQYHWRODDWLNRQWDLSXKDOOLQWXXOHWXNVHOODYDUXVWHWXQ

XXQLQ\OlSXROHOOH.HLWWRWDVRQDODSXROHOOHHLVDDDVHQWDD

MllNDDSSLDDVWLDQSHVXNRQHWWDLOPDQWXXOHWXVWDROHYDDXXQLDWDL

S\\NLQSHVXNRQHWWD

/LHVLWXXOHWLQ/LHVLWXXOHWWLPHQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQ

SLWllROODYlKLQWllQOLHVLWXXOHWWLPHQDVHQQXVRKMHHVVDDQQHWXQ

HWlLV\\GHQPXNDLQHQ

.HLWWRWDVRWDVDLQHQYDDNDVXRUDYDNDD1RXGDWDNHLWWRWDVRQ

YDOPLVWDMDQRKMHLWD



■ 7\|WDVRQMRKRQNHLWWRWDVRDVHQQHWDDQSLWllNHVWllQ NJQ

NXRUPLWXV9DKYLVWDW\|WDVRWDUYLWWDHVVDOlPP|QMD

YHGHQNHVWlYlOOlPDWHULDDOLOOD

■ 7DUNDVWDNHLWWRWDVRQSLQQDQWDVDLVXXVYDVWDNXQVHRQ

DVHQQHWWXSDLNDOOHHQ

7DNXXYLUKHHOOLQHQDVHQQXVWDLOLLWlQWlPLWlW|LWXRWWHHQWDNXXQ

+XRPDXWXV /DLWWHHQVLVlRVLHQNlVLWWHO\PXNDDQOXNLHQ

YLUWDMRKGRQYDLKWRWXOHHMlWWllYDVWDDYDQNRXOXWXNVHQVDDQHHQ

KXROWRSDOYHOXQVXRULWHWWDYDNVL

.DOXVWHLGHQYDOPLVWHOXNXYDW 

6LVllQUDNHQQHWXWNDOXVWHHWNHVWlYlWYlKLQWllQ&

OlPS|WLODQ

$VHQQXVDXNNRSRLVWDODVWXWOHLNNDXVWRLPHQSLWHLGHQMlONHHQ

/HLNNDXVSLQQDWWLLYLVWlOlPP|QNHVWlYlOOlPDWHULDDOLOOD

/DDWLNRQSllOOHDVHQWDPLQHQNXYD D

7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ PP

7XXOHWXV7\|WDVRQ\OlSLQQDQMDODDWLNRQ\OlRVDQYlOLVHQ

HWlLV\\GHQSLWllROOD PP

+XRPDXWXV .l\WlSXLVWDYlOLSRKMDDMRVODDWLNRVVDRQ

PHWDOOLHVLQHLWlMRWNDOlPSHQHYlWLOPDQNLHUURQYDLNXWXNVHVWD

NHLWWRWDVRQWXXOHWXNVHQ\KWH\GHVVlWDLMRVODDWLNRVVDVlLO\WHWllQ

SLHQLlWHUlYLlPHWDOOLHVLQHLWlNXWHQHVLPHUNLNVLSDLVWLQYDUWDLWD

NXYD 

.HLWWRWDVRQ DODRVDVVD RQ WXXOHWLQ -RV YlOLSRKMDD HL ROH DVHQQHWWX

ODDWLNRVVDHLVDDVlLO\WWllSLHQLlWDLWHUlYLlHVLQHLWlSDSHULDWDL

NHLWWL|OLLQRMD(VLQHHWYRLYDWKHLNHQWllWXXOHWXVWDWDLYDXULRLWWDD

SXKDOOLQWDMRVQHWXOHYDWLPHW\LNVLSXKDOWLPHQVLVllQ/DDWLNRQ

VLVlOO|QMDSXKDOWLPHQWXOROLLWlQQlQYlOLVHQHWlLV\\GHQSLWllROOD

YlKLQWllQ FP

$VHQWDPLQHQXXQLQ\OlSXROHOOHNXYDE

7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ PP

7\|WDVRQ \OlSLQQDQ MD XXQLQ HWXRVDQ \OlDOXHHQ YlOLVHQ HWlLV\\GHQ

SLWllROODPP

+XRPDXWXV .DWVR RKMHHW XXQLQ DVHQQXVRKMHHVWD MRV NHLWWRWDVRQ

MDXXQLQYlOLVWlHWlLV\\WWlRQVXXUHQQHWWDYD

,OPDQYDLKWR8XQLQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQSLWllROOD

YlKLQWllQPP

+XRPDXWXV -RVNHLWWRWDVRDVHQQHWDDQWRLVWDPHUNNLlROHYDQ

XXQLQ\OlSXROHOOHRQNl\WHWWlYlSXLVWDYlOLSRKMDD NXYD

7XXOHWXVNXYD 

-RWWDODLWWHHQRLNHDWRLPLQWDYRLGDDQWDDWDNHLWWRWDVRDRQ

WXXOHWHWWDYDDVLDQPXNDLVHVWL

.RVNDWXXOHWXVWDYDUWHQWDUYLWDDQODLWWHHQDODRVDVVDULLWWlYlUDLWWLLQ

LOPDQ WXOR WlPl RQ RWHWWDYD KXRPLRRQ NDOXVWHLGHQ DVHQQXNVHVVD

7lWlYDUWHQWDUYLWDDQVHXUDDYLD

■ YlKLPPlLVHWlLV\\VNDOXVWHHQWDNDVHLQlQMDNHLWWL|QVHLQlQMD

W\|WDVRQ\OlSLQQDQMDODDWLNRQ\OlRVDQYlOLOOl NXYD D

■ DXNNR\OKllOOlNDOXVWHHQWDNDVLYXOOD NXYD E

■ MRVNDOXVWHHQWDNDVLYXQPLQLPLHWlLV\\V PPHLWRWHXGX

DODSXROHOOHRQWHKWlYlDXNNR NXYD F

■ MRVNDOXVWHHLROHVLVlSXROHOWDOHYHlPSLNXLQ PPWHH

VLYXVHLQLLQDXNRW NXYD G

+XRPDXWXNVLD

■ -RVODLWHDVHQQHWDDQNHLWWL|VDDUHNNHHVHHQWDLPXXKXQ

SDLNNDDQMRWDWlVVlHLROHNXYDWWXRQYDUPLVWHWWDYDNHLWWRWDVRQ

DVLDQPXNDLQHQWXXOHWXV

■ bOlVXOMHDODVRNNHOLDLOPDWLLYLLNVL

/DLWWHHQDVHQWDPLQHQNXYDW 

+XRPDXWXV .l\WlNHLWWRWDVRDDVHQWDHVVDVLVXRMDNlVLQHLWl

1lN\PlWW|PLVVlROHYLVVDSLQQRLVVDYRLROODWHUlYLlUHXQRMD

-RVODLWWHHVVDHLROHYDOPLLNVLDVHQQHWWXDMRKWRDYLH

YHUNNRMRKWROLLWlQWlUDVLDDQ

 .llQQlNHLWWRWDVR\O|VDODLVLQMDDVHWDVHSDNNDXNVHQSRKMDQ

SllOOHOLLQDOOHWDLPXXOOHSLQQDOOHMRWWDYlOWlWQDDUPXXQWXPLVHQ

 1RVWDOLLWlQWlUDVLDQNDQWWDUXXYLPHLVVHOLQDYXOOD NXYD 

 ,UURWD NLLQQLW\VUXXYL MD QRVWD NLULVWLQWl UXXYLPHLVVHOLQ DYXOOD NXYD



 /LLWlOLLWlQWlUDVLDDQYDLQNXYDQRVRLWWDPDOODWDYDOOD NXYD 

%1UXVNHD

%8VLQLQHQ

*1<(NHOWDLQHQMDYLKUHl

%.PXVWD

*<KDUPDD

+XRPDXWXNVLD

■ .XQOLLWlQWlWHKGllQOLLWlQWlNDDYLRQ/1aPXNDDQRQ

VLOORLWXVWHQMlUMHVW\VWlPXXWHWWDYDNDDYLRWDYDVWDDYDVWL

■ 9DUPLVWDHWWlOLLWlQWlUDVLDVVDROHYDWUXXYLWRQMRKWRMHQ

OLLWWlPLVHQMlONHHQNLULVWHWW\

 .LLQQLWl YHUNNRMRKWR NLULVWLPHOOl MD NLULVWl NLLQQLW\VUXXYL NXYD D

 6XOMHOLLWlQWlUDVLDQNDQVL

+XRPDXWXV 6LMRLWDMRKGRWOLLWlQWlUDVLDQNHVNHOOHMRWWD

VXONHPLQHQRQKHOSRPSDD

 -RVYHUNNRMRKWRMDODDWLNNRRYDWSllOOHNNlLQNLLQQLWlMRKWR

PXNDQDWRLPLWHWXOODMRKWRVLWHHOOlNHLWWRWDVRQDODSXROHOOH

NXYD E

+XRPDXWXV -RVWDUYLWVHWSLGHPPlQYHUNNROLLWlQWlMRKGRQRWD

\KWH\VKXROWRSDOYHOXXQ.l\WHWWlYLVVlRQOLLWlQWlMRKWRMDDLQD

 PVDDNND

.HLWWRWDVRQDVHWWDPLQHQSDLNDOOHHQNXYDW

 7\|QQlODLWHDVHQQXVWLODDQ NXYD 

 9DUPLVWDHWWlNHLWWRWDVRQRQW\|WDVRQNDQVVDVDPDOOD

NRUNHXGHOOD-RVNHLWWRWDVRHLROHVDPDOODNRUNHXGHOODDVHQQD

WDUYLWWDHVVDPXNDQDWRLPLWHWXWNDQQDWWLPHWMDNLULVWlQH

YDURYDVWL NXYD 

+XRPDXWXV bOlNl\WlVlKN|WRLPLVWDUXXYLQYllQQLQWl

■ bOl MlWl YHUNNRMRKWRD SXULVWXNVLLQ WDL YLH VLWl WHUlYLHQ NXOPLHQ \OL

-RVNHLWWRWDVRQDOODRQXXQLYLHMRKWRXXQLQWDNDNXOPLVWD

OLLWlQWlUDVLDDQ-RKWRRQDVHQQHWWDYDVLWHQHWWlVHHLNRVNHWD

NHLWWRWDVRQWDLXXQLQNXXPLDRVLD

■ -RVW\|WDVRRQNDDNHORLWXWLLYLVWlNDDNHOLVDXPDWVLOLNRQLOOD

/DLWWHHQOLLWWlPLQHQNXYD

■ -lQQLWHNVW\\SSLNLOSL

■ /LLWlYDLQOLLWlQWlNDDYLRQPXNDDQ

%1UXVNHD

%8VLQLQHQ

*1<(NHOWDLQHQMDYLKUHl

%.PXVWD

*<KDUPDD

■ /LLWlQWlW\\SLVWlULLSSXHQVDDWHWDDQWHKWDDOWDWRLPLWHWWXMHQ

NLLQQLNNHLGHQVLMDLQWLDMRXWXDPXXWWDPDDQ.LLQQLNNHLWlRQWlWl

YDUWHQPDKGROOLVHVWLO\KHQQHWWlYlMDHULVWHSRLVWHWWDYDMRWWD

YRLGDDQDVHQWDDNDNVLMRKWRD\KGLVWlYlNLLQQLNH

+XRPDXWXV 7DUNDVWD ODLWWHHQ Nl\WW|YDOPLXV MRV ODLWWHHQ Ql\WW||Q

LOPHVW\\

—…‹‹ “‹†‚„ WDL “ ODLWH HL ROH RLNHLQ OLLWHWW\ ,UURWD ODLWH

VlKN|YHUNRVWDMDWDUNDVWDYLUWDMRKGRQOLLWlQWl

/DLWWHHQSXUNDPLQHQ

,UURWDODLWHVlKN|YHUNRVWD

3RLVWDNLLQQLW\VRVDW

3RLVWDNHLWWRWDVRSDLQDPDOODVLWlDOKDDOWDSlLQ

+XRPLR

/DLWWHHQYDXULRLWXPLVYDDUDbOl\ULWlSRLVWDDODLWHWWD\OKllOWlSlLQ

WDQNRDDSXQDNl\WWlHQ

Ημπροςιυηώξνλνμρίες

Αίεμϊδςιίζίμηώ

Ρδτμηιίΰδζνξίπμνπρη΋ίαθιΪληΪωχδλιενΪμΪπβωικβΫθκΪ

έΪκΪημβκνίμλωμθεφδθάμθζλενρΪίίλεβίέθνλμΪηθάδΪβ

ιθήδεψρίηβίδχείδμκθλίμβάυιθεηίηυικΪάβεφηθλμίοηβρίλδθγ

μθρδβακίηβωβάλθθμάίμλμάββλήΪηηυζκνδθάθήλμάθζιθ

ζθημΪΰνΘμάίμλμάίηηθλμφαΪιθάκίΰήίηβωικβρβηθγδθμθκυο

ιθλενΰβεηίικΪάβεφηυγζθημΪΰικβΫθκΪηίλίμικθβαάθήβμίεφ

ζθημΪΰηυοκΪΫθμ

ΙθθδθηρΪηββζθημΪΰΪικθδθημκθεβκνγμίρμθΫυνιθεφαθάΪμίεω

θμλνμλμάθάΪεήθλμνιδχείδμκβρίλδβζδθζιθηίημΪζ

ΧδλιενΪμΪπβωήΪηηθέθικβΫθκΪήθινλδΪίμλωηΪάυλθμίήθ

 ζίμκθά

: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ

ΌικβΫθκζθένμΫυμφάλμκθίηυιθλμθωηηυίζΪέηβμυ

άθαήίγλμάνψσβίηΪχείδμκθηηυίβζιεΪημΪμυηΪικβζίκηΪ

δΪκήβθλμβζνεωμθκ βεβ βηΰίδμθκ βηλνεβηΪ Ιθχμθζν ικβ ζθημΪΰί

λείήνίμλθΫεψήΪμφζβηβζΪεφηθίκΪλλμθωηβίήθχείδμκθηηυο

βζιεΪημΪμθάλζ

Ξνγικύφδμηδιόκδιρονπδρηήθεΰηθικθβαάθήβμφλωμθεφδθ

ΪμμίλμθάΪηηυζλιίπβΪεβλμθζΙκβχμθζηίθΫοθήβζθ

ικβήίκΰβάΪμφλωβηλμκνδπβγζίλμηθγχείδμκθληΪΫΰΪψσίγ

δθζιΪηββ



ΝλμΪηθάδΪικβΫθκΪήθεΰηΪΫυμφλμΪπβθηΪκηθγΛθέεΪληθ

ικίήιβλΪηβωζιθνλμΪηθάδίλείήνίμικίήνλζθμκίμφ

λθθμάίμλμάνψσβίκΪαζυδΪψσβίνλμκθγλμάΪ

ΑηγξνγικύφδμηώήΪηηυγικβΫθκλθθμάίμλμάνίμδεΪλλν

αΪσβμυ ,βζθΰίμβλιθεφαθάΪμφλωμθεφδθικβνλεθάββηΪεβρβω

αΪαίζείηβω

Ικθβαάθήβμίεφ ηί ηίλίμ θμάίμλμάίηηθλμβ αΪ ηίδθκκίδμηνψ κΪΫθμν

ικβΫθκΪβάθαζθΰηυίιθάκίΰήίηβωάυαάΪηηυίηίικΪάβεφηθ

ικθάίήίηηυζιθήδεψρίηβίζδχείδμκθλίμβ

Πδρδανθξονανγανζλνεμννμςεδξνγικύφδμι

οίπξοδγδκηρδκϋμνθινονΰιδαίονφμνθξίμδκηηκη

ξνπρίακώδρπώπξοηΰνονλβήθεΰίηΫυμφνλμΪηθάείη

νιθεηθζθρίηηυζλιίπβΪεβλμθζβεβδάΪεβξβπβκθάΪηηυζ

ιίκλθηΪεθζλίκάβληθγλενΰΫυΜκίΫνίζυίήεωιθήδεψρίηβω

ήΪηηυίικβάίήίηυηΪμβιθάθγμΪΫεβρδίβηΪλοίζίιθήδεψρίηβω

ΒλιθεφανγμίμθεφδθδΪΫίεφάοθήωσβγάδθζιείδμιθλμΪάδβ

ικβΫθκΪβεβιθλμΪάεωίζυγλίκάβληθγλενΰΫθγ

΢πρίμναιίξνγπρνκδχμηυδθβηήνδπβθηηΪωάΪκθρηΪωιΪηίεφ

ζθΰίμΫυμφνλμΪηθάείηΪμθεφδθηΪήςδΪξΪζβήεωιθήθέκίάΪ

ιθλνήυβεβήνοθάυζβςδΪξΪζβλλβλμίζθγάίημβεωπββ

ΝλμΪηθάδΪοθεθήβεφηβδθάιθλνήθζθίρηυοζΪςβηήνοθάυο

ςδΪξθάΫίαλβλμίζυάίημβεωπβββεβλμβκΪεφηυοζΪςβηιθή

άΪκθρηθγιΪηίεφψηίάθαζθΰηΪ

ΑϊρώειίκΪλλμθωηβίζίΰήνάυμωΰδθγβάΪκθρηθγιΪηίεφψ

ήθεΰηθλθθμάίμλμάθάΪμφζβηβζΪεφηθζνκΪλλμθωηβψνδΪαΪηηθζν

ήεωάυμωΰδβάκνδθάθήλμάίιθχδλιενΪμΪπββ

ΠρνκδχμηυίιεθλδΪωέθκβαθημΪεφηΪωνλμθγρβάΪωΛείήνγμί

βηλμκνδπβωζικθβαάθήβμίεωλμθείςηβπυ

■ ΛμθείςηβπΪάδθμθκνψνλμΪηΪάεβάΪίμλωάΪκθρηΪωιΪηίεφ

ήθεΰηΪ άυήίκΰβάΪμφ ηΪέκναδν ικβζ  δέ Ικβ ηίθΫοθήβζθλμβ

θΫκΪΫθμΪγμίλμθείςηβπνμίκζθλμθγδβζββάθήθλμθγδβζβ

ζΪμίκβΪεΪζβ

■ Κθάηθλμφ νλμΪηθάδβ άΪκθρηθγ ιΪηίεβ λείήνίμ ικθάίκωμφ μθεφδθ

ιθλείάυιθεηίηβωνλμΪηθάδβ

ΒίοίμρηώηίικΪάβεφηΪωνλμΪηθάδΪιθήδεψρίηβίβεβζθημΪΰ

άείδνμαΪλθΫθγθμζίηνέΪκΪημββικθβαάθήβμίεω

΢ιίζίμηδ ΕψΫυίήίγλμάβωλάηνμκίηηβζβδθζιθηίημΪζβ

ικβΫθκΪ άδεψρΪω αΪζίην δΪΫίεω ιβμΪηβω ήθεΰηυ ικθβαάθήβμφλω

λιίπβΪεβλμΪζβλίκάβληθέθπίημκΪ

Ξνγβνρναιίλδΰδκηοηπ 

ΛδΰδκϋγκώαπροίηαίδλνθΰϊρνανθρδτμηιηήθεΰηΪ

άυήίκΰβάΪμφμίζιίκΪμνκνηίζίηίί &

ΝραδοπρηδιθλείάυκίαΪηβωθμάίκλμβωνΫίκβμίθιβεδβ

ΞναδοτμνπρϋποδζίθΫκΪΫθμΪγμίέίκζίμβδθζρμθΫυθΫίλιίρβμφ

ίέθμίκζθλμθγδθλμφ

Λνμρίεμίγαϊγαηεμϊλώψηινλοηπςμνι D

ΛμθείςηβπΪήθεΰηΪβζίμφμθεσβηνηίζίηίί ζζ

ΛβλμίζΪάίημβεωπββκΪλλμθωηβίζίΰήνιθάίκοηθλμφψ

λμθείςηβπυβάίκοηίγρΪλμφψςδΪξΪήεωιθήθέκίάΪήθεΰηθ

λθλμΪάεωμφ ζζ

΢ιίζίμηδ ΒλιθεφανγμίικθζίΰνμθρηνψιθεδνβαήίκίάΪίλεβά

άυήάβΰηθζωσβδίάλάωαβλπβκδνεωπβίγάθαήνοΪικβ

άίημβεβκθάΪηββάΪκθρηθγιΪηίεβηΪέκίάΪψμλωζίμΪεεβρίλδβί

ικίήζίμυβεβάχμθζωσβδίοκΪηωμλωηίΫθεφςβίθλμκυί

ζίμΪεεβρίλδβίικίήζίμυμΪδβίδΪδςΪζινκυ οηπ

ΛηβΰηίγλμθκθηυάΪκθρηθγιΪηίεβνλμΪηθάείηάίημβεωμθκΙκβ

θμλνμλμάββικθζίΰνμθρηθγιθεδβάάυήάβΰηθζωσβδίηίεφαω

οκΪηβμφηίΫθεφςβίβεβθλμκυίικίήζίμυΫνζΪένβεβδνοθηηυί

ιθεθμίηπΪΧμθζθΰίμλμΪμφικβρβηθγληβΰίηβωχξξίδμβάηθλμβ

θοεΪΰήίηβωβεβιθάκίΰήίηβωάίημβεωμθκΪάλείήλμάβίβο

άλΪλυάΪηβω ΚΪλλμθωηβί ζίΰήν λθήίκΰβζυζ άυήάβΰηθέθ ωσβδΪ

βάοθήηυζθμάίκλμβίζάίημβεωμθκΪήθεΰηθλθλμΪάεωμφηίζίηίί

λζ

΢πρίμναιίμίγγςτναϊλχιίσνλοηπςμνιE

ΛμθείςηβπΪήθεΰηΪβζίμφμθεσβηνηίζίηίί ζζ

ΚΪλλμθωηβίζίΰήνιθάίκοηθλμφψλμθείςηβπυβιίκίήηίγ

ιΪηίεφψήνοθάθέθςδΪξΪήθεΰηθλθλμΪάεωμφζζ

΢ιίζίμηδ ΘΫκΪμβμίλφδκνδθάθήλμάνιθζθημΪΰνήνοθάθέθ

ςδΪξΪίλεβμκίΫνίμλωνάίεβρβμφκΪλλμθωηβίζίΰήνήνοθάυζ

ςδΪξθζβάΪκθρηθγιΪηίεφψ

ΌίημβεωπβωκΪλλμθωηβίζίΰήνήνοθάυζςδΪξθζβάΪκθρηθγ

ιΪηίεφψήθεΰηθλθλμΪάεωμφηίζίηίίζζ

΢ιίζίμηδ ΏλεβάΪκθρηΪωιΪηίεφνλμΪηΪάεβάΪίμλωηΪήήνοθάυζ

ςδΪξθζήκνέθγζΪκδβλείήνίμβλιθεφαθάΪμφικθζίΰνμθρηνψ

ιθεδνβαήίκίάΪ οηπ

Αδμρηκώυηώοηπ 

ΎεωικΪάβεφηθέθξνηδπβθηβκθάΪηβωικβΫθκΪλείήνίμθΫίλιίρβμφ

ίέθηΪήείΰΪσνψάίημβεωπβψ

ΙθλδθεφδνήεωλβλμίζυάίημβεωπββάηβΰηίγρΪλμβικβΫθκΪ

ηίθΫοθήβζΪιθήΪρΪήθλμΪμθρηθέθδθεβρίλμάΪηΪκνΰηθέθάθαήνοΪ

ζίΫίεφήθεΰηΪΫυμφβλιθεηίηΪλθθμάίμλμάνψσβζθΫκΪαθζΎεω

χμθέθιθμκίΫνίμλωάυιθεηβμφλείήνψσίί

■ ΖβηβζΪεφηθίκΪλλμθωηβίζίΰήναΪήηίγλμίηδθγζίΫίεββ

λμίηθγδνοηβζίΰήνιθάίκοηθλμφψλμθείςηβπυβάίκοηίγ

ρΪλμφψςδΪξΪήεωιθήθέκίάΪ οηπ D

■ ΘμάίκλμβίηΪαΪήηίγλμίηδίζίΫίεβλάίκον οηπ E

■ ΏλεβθμλνμλμάνίμζβηβζΪεφηθίκΪλλμθωηβί ζζζίΰήν

αΪήηίγλμίηδθγζίΫίεββλμίηθγμθηΪηβΰηίγλμθκθηίλείήνίμ

άυιθεηβμφθμάίκλμβί οηπ F

■ Ώλεβ ςβκβηΪ ζίΫίεβ άηνμκβ ηί ικίάυςΪίμ  ζζ ηίθΫοθήβζθ

λήίεΪμφιΪαυηΪΫθδθάυολμίηδΪο οηπ G

΢ιίζίμηώ

■ ΏλεβικβΫθκνλμΪηθάείηάθλμκθάηθγδνοθηηθγμνζΫίβεβά

ήκνέθζηίθιβλΪηηθζαήίλφζίλμίλείήνίμθΫίλιίρβμφ

λθθμάίμλμάνψσνψάίημβεωπβψάΪκθρηθγιΪηίεβ

■ ΗίαΪδκυάΪγμίηβΰηβγπθδθεφέίκζίμβρηθ

΢πρίμναηρδξοηΰνοοηπ 

΢ιίζίμηδ Ικβ νλμΪηθάδί άΪκθρηθγ ιΪηίεβ βλιθεφανγμί αΪσβμηυί

ιίκρΪμδβΗίδθμθκυίηίικθλζΪμκβάΪίζυίιθάίκοηθλμβζθένμ

βζίμφθλμκυίδκΪω

Ξοηςπρίμναιδξοηΰνοναΰδζξοδγαίοηρδκϋμν

πλνμρηοναίμμνβνιίΰδκώμδνΰτνγηλνξοναδπρηπδρδανθ

ιίΰδκϋιονζδριδ

 ΙίκίάίκηβμίάΪκθρηνψιΪηίεφβιθεθΰβμίηΪήηθνιΪδθάδβ

ιθεθμίηπί βεβ ήκνένψ ιθάίκοηθλμφ μΪδ ρμθΫυ βαΫίΰΪμφ πΪκΪιβη

 Ιθήηβζβμίδκυςδνκθαίμδβλιθζθσφψθμάϋκμδβ οηπ 

 ΌυάίκηβμίδκίιϋΰηυγΫθεμβιθήηβζβμίςεΪηέθάυγοθζνμλ

ιθζθσφψθμάϋκμδβ οηπ

 Όυιθεηωγμί ιθήδεψρίηβί ά λθθμάίμλμάββ λ κβλνηδθζ ηΪ κθαίμδί

οηπ

%1δθκβρηίάυγ

%8λβηβγ

*1<(ΰϋεμυγβαίεϋηυγ

%.ρϋκηυγ

*<λίκυγ

΢ιίζίμηώ

■ Ώλεβ ιθήδεψρίηβί άυιθεηωίμλω ά λθθμάίμλμάββ λ ήβΪέκΪζζθγ

ιθήδεψρίηβω/1aλείήνίμβαζίηβμφκΪλιθεθΰίηβί

ιίκίζυρίδάλθθμάίμλμάββλήβΪέκΪζζθγ

■ ΛείήβμίαΪμίζρμθΫυιθλείιθήδεψρίηβωδΪΫίείγάβημυηΪ

κθαίμδίΫυεβδκίιδθαΪμωηνμυ

 ΑΪξβδλβκνγμίλίμίάθγδΪΫίεφςεΪηέθάυζοθζνμθζβαΪμωηβμί

δκίιϋΰηυγάβημοηπD

 ΑΪδκθγμίδκυςδνκθαίμδβ

΢ιίζίμηδ ΔΪΫίεβάπίημκΪεφηθγρΪλμβκθαίμδβκΪλιθεθΰβμί

μΪδβζθΫκΪαθζρμθΫυδκυςδΪείέδθαΪδκυάΪεΪλφ

 ΏλεβλίμίάθγδΪΫίεφΫνήίμαΪήίάΪμφαΪάυήάβΰηθγωσβδ

αΪξβδλβκνγμί ίέθ λ ιθζθσφψ ικβεΪέΪίζθγ δΪΫίεφηθγ λμωΰδβ ηΪ

ηβΰηίγλμθκθηίάΪκθρηθγιΪηίεβ οηπE

΢ιίζίμηδ ΏλεβάΪζήεωιθήδεψρίηβωδλίμβηίθΫοθήβζΫθείί

ήεβηηυγδΪΫίεφθΫκΪμβμίλφάλίκάβληνψλενΰΫνΌηΪεβρββ

δΪΫίεβήεβηθγήθζ

΢πρίμναηρδαίονφμςύξίμδκϋοηπ

 ΌλμΪάφμίικβΫθκάηβςνήεωάλμκΪβάΪηβω οηπ 

 ΛείήβμίαΪμίζρμθΫυάΪκθρηΪωιΪηίεφηΪοθήβεΪλφηΪμθγΰί

άυλθμίρμθβλμθείςηβπΪΏλεβάΪκθρηΪωιΪηίεφηίηΪοθήβμλω

ηΪ μΪδθγ ΰί άυλθμί ικβ ηίθΫοθήβζθλμβ νλμΪηθάβμί άοθήωσβί ά

δθζιείδμιθλμΪάδβΪηδίκηυίΫθεμυβθλμθκθΰηθβοαΪμωηβμί

οηπ 

΢ιίζίμηδ Ηίβλιθεφανγμίχείδμκθθμάϋκμδν

■ ΗίήθινλδΪγμίαΪσίζείηβωλίμίάθέθδΪΫίεωηίμωηβμίίέθ

ρίκίαθλμκυίδκθζδβΙκβηβΰηίζκΪλιθεθΰίηββήνοθάθέθ

ςδΪξΪικθάίήβμίικθάθήρίκίααΪήηβίνέευήνοθάθέθςδΪξΪδ

κθαίμδίΙκθάθήήθεΰίηΫυμφλζθημβκθάΪημΪδβζθΫκΪαθζ

ρμθΫυθηηίικβδΪλΪελωδέθκωρβζνρΪλμδΪζάΪκθρηθγιΪηίεβ

βεβήνοθάθέθςδΪξΪ

■ ΝκΪΫθρίγιθάίκοηθλμβθΫεβπθάΪηηθγδΪξίεφηθγιεβμδθγ

αΪέίκζίμβαβκνγμίςάυιεβμθδλβεβδθηθάυζέίκζίμβδθζ

Ξνγικύφηρδξοηΰνοοηπ

■ ΗΪικωΰίηβίλζηΪμβιθάθγμΪΫεβρδί

■ ΙθήδεψρίηβίθΫωαΪμίεφηθάυιθεηωγμίάλθθμάίμλμάββλ

ήβΪέκΪζζθγιθήδεψρίηβω

%1δθκβρηίάυγ

%8λβηβγ

*1<(ΰϋεμυγβαίεϋηυγ

%.ρϋκηυγ

*<λίκυγ

■ ΌαΪάβλβζθλμβθμνλεθάβγιθήδεψρίηβωηίθΫοθήβζθβαζίηβμφ

κΪλικίήίείηβίδείζζιθλμΪάεωίζυοάδθζιείδμίΎεωχμθέθ

ικβηίθΫοθήβζθλμβλείήνίμαΪδθκθμβμφδείζζυβνήΪεβμφ

βαθεωπβψ ρμθΫυ νλμΪηθάβμφ δείζζν λθίήβηωψσνψ ήάΪ δΪΫίεω



΢ιίζίμηδ ΙκθάίκδΪέθμθάηθλμβδκΪΫθμίίλεβηΪήβλιείί

ικβΫθκΪιθωάεωίμλω —…‹‹ “‹†‚„ βεβ “ικβΫθκιθήδεψρϋη

ηίικΪάβεφηθΘμδεψρβμίικβΫθκθμβλμθρηβδΪιβμΪηβωβ

ικθάίκφμίιθήδεψρίηβίδΪΫίεω

Γδλνμρίεαίονφμνθξίμδκη

ΘμδεψρβμίικβΫθκθμχείδμκθλίμβ

ΝήΪεβμίάλιθζθέΪμίεφηυίδκίιείηβω

ΒαάείδβμίάΪκθρηνψιΪηίεφβαλμθείςηβπυηΪΰΪάηΪηίίληβαν

Αμηλίμηδ

ΛνσίλμάνίμθιΪληθλμφιθάκίΰήίηβωχείδμκθικβΫθκΪΗί

ιυμΪγμίλφβαάείρφάΪκθρηνψιΪηίεφβαθμάίκλμβωικβζίηωω

κυρΪέλάίκον

,QVWUXNFMDPRQWDŰX

:DŰQHZVND]yZNL

%H]SLHF]HĿVWZREH]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD

]DSHZQLRQHMHVWZ\ãĉF]QLHZSU]\SDGNXJG\XU]ĉG]HQLH]RVWDãR

]DLQVWDORZDQHSRSUDZQLHSRGZ]JOęGHPWHFKQLF]Q\PL]JRGQLH]

QLQLHMV]ĉLQVWUXNFMĉPRQWDŰX=DV]NRG\SRZVWDãHZZ\QLNX

QLHRGSRZLHGQLHJRPRQWDŰXRGSRZLHG]LDOQDEęG]LHRVRED

LQVWDOXMĉFD

3R XNRĿF]HQLX LQVWDODFML QDOHŰ\ XSHZQLþ VLę ŰH XŰ\WNRZQLN QLH PD

GRVWęSXGRHOHNWU\F]Q\FKHOHPHQWyZNRQVWUXNF\MQ\FK

8U]ĉG]HQLHPRŰHE\þXŰ\WNRZDQHQDZ\VRNRŔFLDFKGR

 PHWUyZ

: 8Ű\WNRZQLF\LPSODQWyZHOHNWURQLF]Q\FK

8U]ĉG]HQLHPRŰH]DZLHUDþPDJQHV\WUZDãHNWyUHPRJĉPLHþ

ZSã\ZQDG]LDãDQLHLPSODQWyZHOHNWURQLF]Q\FKQSUR]UXV]QLNyZ

VHUFDOXESRPSLQVXOLQRZ\FK'ODWHJRSRGF]DVPRQWDŰXQDOHŰ\

]DFKRZDþRGOHJãRŔþFRQDMPQLHM FPRGLPSODQWyZ

HOHNWURQLF]Q\FK

3RGãĉF]HQLHHOHNWU\F]QHSRZLHU]DþZ\ãĉF]QLHXSRZDŰQLRQHPX

WHFKQLNRZLVSHFMDOLŔFLH1DOHŰ\SU]HVWU]HJDþUR]SRU]ĉG]HĿ

PLHMVFRZHMILUP\GRVWDUF]DMĉFHMHQHUJLęHOHNWU\F]Qĉ

8U]ĉG]HQLHQDOHŰ\SRGãĉF]\þGRVWDãHMLQVWDODFMLD]JRGQLH]

SU]HSLVDPLGRW\F]ĉF\PLLQVWDODFML]DPRQWRZDþRGSRZLHGQLH

UR]ãĉF]QLNLRGVLHFLHOHNWU\F]QHM

5RG]DMSRGãĉF]HQLDXU]ĉG]HQLHSRVLDGDVWRSLHĿRFKURQ\ ,L

PRŰQDJRXŰ\ZDþZ\ãĉF]QLH]X]LHPLRQ\PSU]\ãĉF]HP

3URGXFHQWQLHSRQRVLRGSRZLHG]LDOQRŔFL]DQLHZãDŔFLZH

IXQNFMRQRZDQLHXU]ĉG]HQLDLHZHQWXDOQHV]NRG\VSRZRGRZDQH

SU]H]QLHZãDŔFLZĉLQVWDODFMęHOHNWU\F]Qĉ

3U]HZyG]DVLODMĉF\0RŰOLZHŰHMHVWRQMXŰSRGãĉF]RQ\GR

VNU]\QNLSU]\ãĉF]HQLRZHMSã\W\JU]HZF]HMOXE]DZDUW\MHVWZ

GRVWDZLHZUD]]XU]ĉG]HQLHP0RŰHJR]DLQVWDORZDþZ\ãĉF]QLH

XSUDZQLRQ\GRWHJRIDFKRZLHFOXEZ\NZDOLILNRZDQ\SUDFRZQLN

VHUZLVX :\PDJDQH GDQH SU]\ãĉF]HQLRZH Vĉ SRGDQH QD WDEOLF]FH

]QDPLRQRZHMLVFKHPDFLHSRãĉF]HĿ

8Ű\ZDþZ\ãĉF]QLHSU]HZRGXGRVWDUF]RQHJRZUD]]XU]ĉG]HQLHP

OXESU]HZRGXGRVWDUF]RQHJRSU]H]VHUZLVDQWD

0RQWDŰSRGEODWHPURERF]\P.XFKHQNęLQGXNF\MQĉPRŰQD

]DLQVWDORZDþW\ONRQDGV]XIODGDPLOXESLHNDUQLNDPL]

ZHQW\ODWRUHP3RGSã\WĉJU]HZF]ĉQLHPRJĉE\þLQVWDORZDQH

ORGyZNL]P\ZDUNLGRQDF]\ĿSLHNDUQLNLEH]V\VWHPXZHQW\ODFML

DQLSUDONL

2NDSNXFKHQQ\2GVWęSPLęG]\RNDSHPNXFKHQQ\PDSã\Wĉ

JU]HZF]ĉPXVLE\þUyZQ\FRQDMPQLHMRGVWęSRZLSRGDQHPXZ

LQVWUXNFMLPRQWDŰXRNDSX

%ODWSãDVNLSR]LRP\VWDELOQ\3RVWęSRZDþ]JRGQLH]H

ZVND]yZNDPLSURGXFHQWDEODWX

■ %ODWURERF]\SU]H]QDF]RQ\GR]DEXGRZ\Sã\W\JU]HZF]HMPXVL

Z\WU]\PDþREFLĉŰHQLHRN NJ-HŔOLMHVWWRNRQLHF]QHQDOHŰ\

Z]PRFQLþEODWURERF]\PDWHULDãHPRGSRUQ\PQDG]LDãDQLH

WHPSHUDWXU\LZRG\

■ :\SR]LRPRZDQLHSã\W\JU]HZF]HMVSUDZG]LþGRSLHURSR

]DNRĿF]HQLXPRQWDŰX

*ZDUDQFMDQLHSUDZLGãRZRZ\NRQDQDLQVWDODFMDSRGãĉF]HQLHOXE

PRQWDŰSRZRGXMHXWUDWęZDŰQRŔFLJZDUDQFMLSURGXNWX

:VND]yZND :V]HONLHF]\QQRŔFLZHZQĉWU]XU]ĉG]HQLDZãĉF]QLH

]Z\PLDQĉNDEOD]DVLODQLDSRZLQQ\]RVWDþZ\NRQDQHSU]H]

RGSRZLHGQLRSU]HV]NRORQ\FKSUDFRZQLNyZWHFKQLF]Q\FK6HUZLVX

7HFKQLF]QHJR

3U]\JRWRZDQLHPHEOLU\V 

0HEOHZ]DEXGRZLHRGSRUQHQDWHPSHUDWXUęPLQLPXP&

2WZyUXVXQĉþZLyU\SRZ\NRQDQLXZ\FLęFLD

3RZLHU]FKQLHZ\FLęFLDXV]F]HOQLþPDWHULDãHPRGSRUQ\PQD

Z\VRNĉWHPSHUDWXUę

0RQWDŰQDV]DIFHU\VXQHN D

%ODWSRZLQLHQPLHþJUXERŔþPLQLPXP PP

:HQW\ODFMD2GVWęSPLęG]\SRZLHU]FKQLĉEODWXURERF]HJRLJyUQĉ

F]ęŔFLĉV]XIODG\PXVLZ\QRVLþ PP

:VND]yZND -HŰHOL Z V]XIODG]LH ]QDMGXMĉ VLę SU]HGPLRW\ NWyUH QD

VNXWHNF\UNXODFMLSRZLHWU]DSRGF]DVZHQW\ODFMLSã\W\JU]HZF]HM

PRJĉXOHFSRGJU]DQLXOXEMHŔOLZV]XIODG]LHSU]HFKRZ\ZDQHVĉ

QLHZLHONLH RVWUH PHWDORZH SU]HGPLRW\ MDN QS URŰHQ QDOHŰ\ XŰ\þ

Sã\W\SU]HJUDG]DMĉFHM] GUHZQD U\V

3ã\WD JU]HZF]D Z\SRVDŰRQD MHVW RG VSRGX Z ZHQW\ODWRU %H] Sã\W\

SU]HJUDG]DMĉFHM QLH ZROQR Z V]XIODG]LH SU]HFKRZ\ZDþ QLHZLHONLFK

F]\RVWU\FKSU]HGPLRWyZSDSLHUXOXEUęF]QLNyZNXFKHQQ\FK

0RJãRE\WRPLHþQHJDW\ZQHRGG]LDã\ZDQLHQDZHQW\ODWRU

SU]HGPLRW\PRJã\E\]RVWDþZHVVDQH3RPLęG]\]DZDUWRŔFLĉ

V]XIODG\ D ZHQW\ODWRUHP QDOHŰ\ ]DFKRZDþ PLQLPDOQ\ RGVWęS  FP

0RQWDŰQDSLHNDUQLNXU\VXQHNE

%ODWSRZLQLHQPLHþJUXERŔþPLQLPXP PP

2GVWęSPLęG]\SRZLHU]FKQLĉEODWXURERF]HJRLJyUQĉF]ęŔFLĉ

IURQWXSLHNDUQLNDPXVLZ\QRVLþPP

:VND]yZND 6SUDZG]Lþ PRŰOLZRŔFL PRQWDŰX Z LQVWUXNFML PRQWDŰX

SLHNDUQLND MHŔOL WU]HED ]ZLęNV]\þ RGVWęS PLęG]\ Sã\Wĉ JU]HZF]ĉ D

SLHNDUQLNLHP

:HQW\ODFMD2GVWęSPLęG]\SLHNDUQLNLHPDSã\WĉJU]HZF]ĉ

SRZLQLHQZ\QRVLþFRQDMPQLHMPP

:VND]yZND -HŔOLSã\WDJU]HZF]D]RVWDQLHZEXGRZDQDQDG

SLHNDUQLNLHP LQQHM PDUNL QDOHŰ\ ]DVWRVRZDþ Sã\Wę SU]HJUDG]DMĉFĉ

]GUHZQD U\V

:HQW\ODFMDU\VXQHN 

:FHOX]DSHZQLHQLDSUDZLGãRZHJRG]LDãDQLDXU]ĉG]HQLDQDOHŰ\

]DGEDþRSUDZLGãRZĉZHQW\ODFMęSã\W\JU]HZF]HM

3RQLHZDŰZHQW\ODFMDZGROQHMF]ęŔFLXU]ĉG]HQLDZ\PDJD

]DSHZQLHQLDZ\VWDUF]DMĉFHJRGRSã\ZXŔZLHŰHJRSRZLHWU]D

QDOHŰ\]DGEDþRRGSRZLHGQLHSU]\JRWRZDQLHPHEOL1DOHŰ\SU]\

W\PXZ]JOęGQLþ

■ PLQLPDOQ\RGVWęSPLęG]\W\OQĉŔFLDQNĉPHEODDŔFLDQĉNXFKQL

RUD]PLęG]\SRZLHU]FKQLĉEODWXURERF]HJRDJyUQĉF]ęŔFLĉ

V]XIODG\ U\V D

■ RWZyUQDJyU]HW\OQHMŔFLDQNLPHEOD U\V E

■ MHŰHOLPLQLPDOQ\RGVWęS PP]W\ãXPHEODQLH]RVWDã

XZ]JOęGQLRQ\QDOHŰ\Z\NRQDþRWZyUQDVSRG]LH U\V F

■ MHŰHOLV]HURNRŔþZHZQĉWU]PHEODQLHSU]HNUDF]D PP

Z\NRQDþQDFLęFLDQDŔFLDQNDFKERF]Q\FK U\V G

:VND]yZNL

■ :SU]\SDGNXPRQWDŰXXU]ĉG]HQLDZUDPDFKZ\VS\NXFKHQQHM

OXEZLQQ\PQLHZ\PLHQLRQ\PPLHMVFXQDOHŰ\]DSHZQLþ

RGSRZLHGQLĉZHQW\ODFMęSã\W\JU]HZF]HM

■ 'ROQ\FRNyãQDOHŰ\KHUPHW\F]QLHXV]F]HOQLþ

0RQWDŰXU]ĉG]HQLDU\VXQNL 

:VND]yZND 3RGF]DVPRQWDŰXSã\W\JU]HZF]HMXŰ\ZDþUęNDZLF

RFKURQQ\FK3RZLHU]FKQLHNWyUHQLHVĉZLGRF]QHPRJĉPLHþ

RVWUHNUDZęG]LH

:SU]\SDGNXXU]ĉG]HĿEH]ZVWęSQLH]DLQVWDORZDQHJR

SU]HZRGXXPLHŔFLþSU]HZyG]DVLODMĉF\ZJQLHŮG]LH

SU]\ãĉF]HQLRZ\P

 3ã\WęJU]HZF]ĉREUyFLþLSRãRŰ\þQDGQLHRSDNRZDQLDQD

ŔFLHUHF]FHOXEQDLQQHMSRZLHU]FKQLDE\XQLNQĉþ]DU\VRZDĿ

 =DSRPRFĉZNUęWDNDSRGQLHŔþSRNU\ZęJQLD]GD

SU]\ãĉF]HQLRZHJR U\V 

 2GNUęFLþŔUXEęPRFXMĉFĉL]DSRPRFĉZNUęWDNDXQLHŔþRSDVNę

]DFLVNRZĉ U\V

 3RGãĉF]DþGRJQLD]GDSU]\ãĉF]HQLRZHJRZ\ãĉF]QLH]JRGQLH]

U\VXQNLHP U\V 

%1EUĉ]RZ\

%8QLHELHVNL

*1<(ŰyãW\L]LHORQ\

%.F]DUQ\

*<V]DU\

:VND]yZNL

■ : SU]\SDGNX SRGãĉF]HQLD ZHGãXJ VFKHPDWX SRãĉF]HĿ /1a

QDOHŰ\]PLHQLþXNãDGPRVWNyZ]JRGQLH]HVFKHPDWHP

■ =ZUyFLþXZDJęDE\ŔUXE\ZJQLHŮG]LHSU]\ãĉF]HQLRZ\P

]RVWDã\GRNUęFRQHSRSRGãĉF]HQLXSU]HZRGyZ

 3U]HZyG ]DVLODMĉF\ SU]\PRFRZDþ ]D SRPRFĉ RSDVNL ]DFLVNRZHM

LGRNUęFLþŔUXEęPRFXMĉFĉ U\V D



 =DPNQĉþSRNU\ZęJQLD]GDSU]\ãĉF]HQLRZHJR

:VND]yZND 8PLHŔFLþSU]HZyGZŔURGNRZHMF]ęŔFLJQLD]GD

SU]\ãĉF]HQLRZHJRDE\XãDWZLþ]DPNQLęFLH

 -HŰHOLSU]HZyG]DVLODMĉF\QDFKRG]LQDV]XIODGęSU]\PRFRZDþ

SU]HZyG]DSRPRFĉGRãĉF]RQHJRãĉF]QLNDNDEOLGRVSRGXSã\W\

JU]HZF]HM U\V E

:VND]yZND -HŔOLZ\PDJDQ\MHVWGãXŰV]\SU]HZyG]DVLODMĉF\

QDOHŰ\VNRQWDNWRZDþVLę]VHUZLVHP'RVWęSQHVĉSU]HZRG\

SU]\ãĉF]HQLRZHRGãXJRŔFLGR P

2VDG]HQLHSã\W\JU]HZF]HMU\V

 :VXQĉþXU]ĉG]HQLHZHZQęNęGR]DEXGRZ\ U\V 

 'RSLOQRZDþDE\Sã\WDJU]HZF]D]QDMGRZDãDVLęQDZ\VRNRŔFL

EODWXURERF]HJR-HŰHOLSã\WDJU]HZF]DQLH]QDMGXMHVLHQDWHM

VDPHMZ\VRNRŔFL]DLQVWDORZDþZUD]LHSRWU]HE\GRãĉF]RQH

PRFRZDQLDLRVWURŰQLHGRNUęFLþ U\V 

:VND]yZND 1LHXŰ\ZDþZNUęWDNyZHOHNWU\F]Q\FK

■ 3U]HZRGX]DVLODMĉFHJRQLHSU]\FLQDþDQLQLHSURZDG]LþSR

RVWU\FKNUDZęG]LDFK-HŔOLSRGSã\WĉJU]HZF]ĉZEXGRZDQ\MHVW

SLHNDUQLNZyZF]DVSU]HZyG]QDMGXMĉF\VLę]W\ãXSLHNDUQLND

QDOHŰ\SRSURZDG]LþGRJQLD]GDSU]\ãĉF]HQLRZHJR3U]HZyG

QDOHŰ\]DLQVWDORZDþZWDNLVSRVyEDE\QLHGRW\NDãJRUĉF\FK

HOHPHQWyZSã\W\JU]HZF]HMDQLSLHNDUQLND

■ : SU]\SDGNX EODWyZ URERF]\FK Z\ãRŰRQ\FK Sã\WNDPL XV]F]HOQLþ

IXJLNDXF]XNLHPVLOLNRQRZ\P

3RGãĉF]DQLHXU]ĉG]HQLDU\V

■ 1DSLęFLHSDWU]WDEOLF]ND]QDPLRQRZD

■ 3RGãĉF]DþZ\ãĉF]QLH]JRGQLH]HVFKHPDWHPSRãĉF]HĿ

%1EUĉ]RZ\

%8QLHELHVNL

*1<(ŰyãW\L]LHORQ\

%.F]DUQ\

*<V]DU\

■ : ]DOHŰQRŔFL RG URG]DMX SU]\ãĉF]D NRQLHF]QD PRŰH E\þ ]PLDQD

XNãDGX]DFLVNyZGRVWDUF]RQ\FKSU]H]SURGXFHQWD:W\PFHOX

QDOHŰ\ZUD]LHSRWU]HE\VNUyFLþ]DFLVNLLXVXQĉþL]RODFMęDE\

]DPRQWRZDþ]DFLVNãĉF]ĉF\GZDSU]HZRG\

:VND]yZND 6SUDZG]DQLH JRWRZRŔFL GR SUDF\ MHŔOL QD ZVNDŮQLNX

XU]ĉG]HQLDSRMDZLVLę

—…‹‹ “‹†‚„ OXE “XU]ĉG]HQLHQLHMHVW

SUDZLGãRZR SRGãĉF]RQH 2GãĉF]\þ XU]ĉG]HQLH RG VLHFL L VSUDZG]Lþ

SRGãĉF]HQLHSU]HZRGXHOHNWU\F]QHJR

'HPRQWDŰXU]ĉG]HQLD

2GãĉF]\þXU]ĉG]HQLHRGVLHFLHOHNWU\F]QHM

8VXQĉþ]DF]HS\PRFXMĉFH

:\MĉþSã\WęNXFKHQNLZ\S\FKDMĉFMĉRGGRãX

8ZDJD

0RŰOLZRŔþXV]NRG]HQLDXU]ĉG]HQLD1LHSUyERZDþZ\MPRZDþ

XU]ĉG]HQLDVWRVXMĉFGŮZLJQLęRGJyU\

0RQWDMN×ODYX]X

gQHPOLDo×NODPDODU

*YHQOLNNXOODQ×PHVQDV×QGDJYHQOLNVDGHFHWHVLVLüOHPLQLQ

WHNQLNDo×GDQGRùUXYHPRQWDMWDOLPDWODU×QDX\JXQELUüHNLOGH

\DS×OP×üROPDV×GXUXPXQGDJDUDQWLHGLOPHNWHGLU8\JXQüHNLOGH

\DS×OPD\DQPRQWDMGDQND\QDNODQDQKDVDUODUPRQWDM×\DSDQ×Q

VRUXPOXOXùXQGDG×U

0RQWDMVRQUDV×QGDNXOODQ×F×Q×QHOHNWULNSDUoDODU×QDHULüLP

VDùOD\DPD\DFDù×QGDQHPLQROXQX]

%XFLKD]×QD]DPLUDN×PO×\HUOHUGHNXOODQ×OPDV×QDL]LQYHULOLU

: (OHNWURQLNLPSODQWWDü×\DQODU

&LKD]GDNDO×F×P×NQDW×VODUPHYFXWRODELOLU%XP×NQDW×VODU

HOHNWURQLNLPSODQWDV\RQODU×|UQHùLQNDOSSLOLQLYH\DLQVOLQ

SRPSDODU×Q×HWNLOH\HELOLU%XQHGHQOHPRQWDMV×UDV×QGDHOHNWURQLN

LPSODQWWDü×\DQODUHQD]FPX]DNGXUPDO×G×U

(OHNWULNEDùODQW×V×VDGHFH\HWNLOLELUX]PDQWHNQLV\HQLQ

VRUXPOXOXùXQGD'DKDVRQUDE|OJHQL]GHNLHOHNWULNWHGDULN

üLUNHWLQLQL]QLLOH\|QHWLOLU

&LKD]VDELWELUNXUXOXPDEDùO×ROPDO×YHüHEHNHG]HQOHPHOHUL

X\DU×QFDELUNHVPHüDOWHUL\OHGRQDW×OP×üROPDO×G×U

%DùODQW×WLSLD\J×WNRUXPDV×Q×I× ,\DDLWWLUYHVDGHFHWRSUDNODPD

EDùODQW×V×LOHNRPELQDV\RQKDOLQGHNXOODQ×ODELOLU

hUHWLFL\DQO×üNXOODQ×PGDQYHX\JXQROPD\DQHOHNWULN

NXUXOXPODU×QGDQND\QDNODQDQKDVDUODUGDQVRUXPOXROPD\DFDNW×U

ûHEHNH NDEORVX 2FDù×Q EDùODQW× NXWXVXQGD EDùO× KDOGH YH\D

FLKD]OD WHVOLP HGLOPLü RODELOLUYH VDGHFH HùLWLPOL X]PDQ WHUFLKHQ

PüWHULKL]PHWOHULSHUVRQHOLWDUDI×QGDQNXUXOPDO×G×U*HUHNOL

EDùODQW×YHULOHULWLSSODNDV×QGDYHEDùODQW×UHVPLQGHEHOLUWLOPLüWLU

6DGHFHFLKD]ODWHVOLPHGLOHQYH\DWHNQLNPüWHULKL]PHWOHULQGHQ

WHGDULNHGLOHQNDEORNXOODQ×OPDO×G×U

dDO×üPDWH]JDK×DOW×QDPRQWDMĮQGNVL\RQOXRFDNVDGHFH

oHNPHFHOHULQ]HULQHYH\DIDQKDYDODQG×UPDO×I×U×QODUDPRQWH

HGLOHELOLU2FDNDOW×QDEX]GRODE×EXODü×NPDNLQHVL

KDYDODQG×UPDV×]I×U×QODUYH\DoDPDü×UPDNLQHOHULPRQWHHGLOHPH]

'DYOXPED]EDFDV×'DYOXPED]EDFDV×LOHRFDNDUDV×QGDNL

PHVDIHHQD]PRQWDMN×ODYX]XQGDGDYOXPED]EDFDV×LoLQ

EHOLUOHQHQPHVDIHNDGDUROPDO×G×U

7H]JDKG]\DWD\VWDELO7H]JDK×QUHWLFLWDOLPDWODU×Q×L]OH\LQL]

■ 2FDù×PRQWHHGHFHùLQL]oDO×üPDWH]JDK×\DNODü×N NJ\NH

GD\DQDELOPHOLGLU*HUHNLUVHoDO×üPDWH]JDK××V×\DYHVX\D

GD\DQ×NO×PDO]HPHLOHJoOHQGLULOPHOLGLU

■ 2FDù×QG]ROXSROPDG×ù×Q×PRQWHHGLOGLNWHQVRQUDNRQWURO

HGLQL]

*DUDQWL\DQO×üNXUXOXPEDùODQW×\DGDPRQWDMUQQ

JDUDQWLVLQLQJHoHUOLOLùLQL\LWLUPHVLQH\RODoDFDNW×U

%LOJL %HVOHPHNDEORVXQXQGHùLüLPLGHGDKLOROPDN]HUHFLKD]×Q

LoHULVLQGH\DS×ODFDNKHUWUOLüOHP|]HOHùLWLPOL'HVWHN6HUYLV

WHNQLNSHUVRQHOLWDUDI×QGDQ\DS×OPDO×G×U

0RELO\DQ×QKD]×UODQPDV×ûHNLO

*|PPHPRELO\DODUHQD]&×V×\DGD\DQ×NO×G×UODU

*LULQWLNHVPHLüOHULQGHQVRQUDWDODüODU×WHPL]OH\LQL]

.HVPH\]H\OHUL×V×\DGD\DQ×NO×ELUPDO]HPHLOHPKUOH\LQL]

dHNPHFHQLQ]HULQGHPRQWDMüHNLO D

7H]JDKHQD] PPNDO×QO×ùDVDKLSROPDO×G×U

+DYDODQG×UPDdDO×üPDWH]JDK×\]H\LLOHoHNPHFHVWDODQ×

DUDV×QGDNLPHVDIHPPROPDO×G×U

%LOJL 2FDù×QKDYDODQG×U×OPDV×V×UDV×QGDKDYDGHYULGDLPL

QHGHQL\OHoHNPHFHGHNLPHWDOLNQHVQHOHU×V×Q×\RUVDYH\D

oHNPHFHGHHWüLüLJLELNoNVLYULPHWDOLNFLVLPOHUVDNODPDN

LVWL\RUVDQ×] ûHNLO DKüDSWDQLPDOHGLOHQELUDUD]HPLQ

NXOODQ×Q×]

2FDù×QDOWN×VP×QGDELUIDQPHYFXWWXU$UD]HPLQROPDGDQ

oHNPHFHGHNoNYH\DVLYULFLVLPOHUNDù×WYH\DNDù×WKDYOXODU

PXKDID]DHGLOPHPHOLGLU6RùXWPDVLVWHPLHWNLOHQHELOLUYH\DIDQ

HPPHV×UDV×QGDKDVDUJ|UHELOLUdHNPHFHQLQLoN×VP×LOHIDQJLULüL

DUDV×QGDHQD] FPPHVDIHROPDO×G×U

)×U×Q]HULQHPRQWDMüHNLOE

7H]JDKHQD] PPNDO×QO×ùDVDKLSROPDO×G×U

dDO×üPDWH]JDK×\]H\LLOHI×U×Q|Q\]VWDODQ×DUDV×QGDNL

PHVDIH PPROPDO×G×U

%LOJL (ùHURFDNYHI×U×QDUDV×QGDNLPHVDIHQLQDUW×U×OPDV×

JHUHNLUVHI×U×Q×QPRQWDMN×ODYX]XQDEDN×Q×]

+DYDODQG×UPD)×U×QLOHRFDNDUDV×QGDNLPHVDIHHQD]PP

ROPDO×G×U

%LOJL 2FDNEDüNDPDUNDELUI×U×Q]HULQHPRQWHHGLOPLüVH

DKüDSWDQELUDUD]HPLQNXOODQ×Q×] ûHNLO

+DYDODQG×UPDüHNLO 

&LKD]×QGRùUXELoLPGHoDO×üPDV×Q×JDUDQWLOHPHNLoLQRFDN

\HWHULQFHKDYDODQG×U×OPDO×G×U

+DYDODQG×UPDLoLQFLKD]×QDOW×QGDNLDODQGD\HWHULQFHWHPL]KDYD

JLULüLQHLKWL\DoGX\XOGXùXQGDQPRELO\DODUEXQDX\JXQRODUDN

\HUOHüWLULOPHOLGLU%XQXQLoLQDüDù×GDNLOHUJHUHNOLGLU

■ 0RELO\DQ×QDUNDWDUDI×YHPXWIDNGXYDU×DUDV×QGDNLDVJDUL

PHVDIHYHoDO×üPDWH]JDK×\]H\LLOHoHNPHFHQLQVWWDUDI×

DUDV×QGDNLDVJDULPHVDIH ûHNLOD

■ 0RELO\DQ×QDUNDWDUDI×QGDNLDo×NO×N ûHNLOE

■ 0RELO\DQ×Q DUND WDUDI×QGD  PP DVJDUL PHVDIH \RNVD DOW WDUDID

ELUGHOLNDo×OPDO×G×U ûHNLOF

■ PRELO\DQ×QLoWDUDI×PPGHQGDKDJHQLüGHùLOVH\DQ

GXYDUODUDNHVLNOHUDo×OPDO×G×U ûHNLOG

%LOJLOHU

■ (ùHUFLKD]ELUSLüLUPHDGDV×QDYH\DEDüNDWDQ×PODQPDP×üELU

\HUHPRQWHHGLOPLüVHRFDNLoLQX\JXQELUKDYDODQG×UPD

VDùODQPDO×G×U

■ $OWNDLGHKHUPHWLNRODUDNNDSDW×OPDPDO×G×U



&LKD]×QPRQWDM×ûHNLOOHU 

%LOJL 2FDù×QPRQWDM×LoLQNRUX\XFXHOGLYHQNXOODQ×Q×]

*|UQPH\HQ\]H\OHUGHNHVNLQNHQDUODURODELOLU

gQPRQWDMO×NDEORVXROPD\DQFLKD]ODUGDHOHNWULNNDEORVXQX

SUL]HWDN×Q×]

 2FDù×WHUVoHYLULQL]YHoL]LOPHVLQLHQJHOOHPHNLoLQDPEDODM×Q

DOW×QDELUEH]YH\DEDüNDELU\]H\\HUOHüWLULQL]

 3UL]NDSDù×Q×ELUWRUQDYLGD\DUG×P×\ODNDOG×U×Q×] ûHNLO

 6DELWOHPHYLGDV×Q×V|NQ]YHKRUWXPNHOHSoHVLQLELUWRUQDYLGD

\DUG×P×\ODNDOG×U×Q×] üHNLO

 6DGHFHüHNOHX\JXQELoLPGHSUL]HWDN×Q×] ûHNLO 

%1.DKYHUHQJL

%80DYL

*1<(6DU×YH\HüLO

%.6L\DK

*<*UL

%LOJLOHU

■ (ùHUEDùODQW×/1EDùODQW×GL\DJUDP×QDJ|UH\DS×OP×üVD

N|SUOHULQG]HQLGL\DJUDPDJ|UHGHùLüWLULOPHOLGLU

■ 3UL]YLGDODU×Q×QDQFDNNDEOREDùODQG×NWDQVRQUDV×N×OPDV×

JHUHNWLùLQHGLNNDWHGLQL]

 (OHNWULNNDEORVXQXKRUWXPNHOHSoHVLLOHVDELWOH\LQL]VDELWOHPH

YLGDV×Q×V×N×Q×] ûHNLO D

 3UL]LQNDSDù×Q×NDSDW×Q×]

%LOJL 3UL]LQRUWDV×QGDNLDODQGDEXOXQDQNDEOR\XNDSDWPD\×

NROD\ODüW×UDFDNELoLPGH\HUOHüWLULQL]

 (ùHUHOHNWULNNDEORVXoHNPHFHLOHoDN×ü×\RUVDNDEOR\XNDEOR\OD

ELUOLNWHYHULOHQNDEOREDùOD\×F×V×LOHRFDù×QDOW×QDVDELWOH\LQL]

ûHNLO E

%LOJL 'DKDX]XQELUüHEHNHEDùODQW×KDWW×QDLKWL\DoGX\XOPDV×

KDOLQGH OWIHQ PüWHUL KL]PHWOHUL LOH LUWLEDW NXUXQX] %DùODQW× KDWODU×

 PX]XQOXùDNDGDUPHYFXWWXU

2FDù×Q\HUOHüWLULOPHVLûHNLO

 &LKD]×PRQWDMQLüLLoLQH\HUOHüWLULQL] ûHNLO

 2FDù×QoDO×üPDWH]JDK×LOHD\Q×\NVHNOLNWHROPDV×QDGLNNDW

HGLQL](ùHURFDND\Q×\NVHNOLNWHGHùLOVHJHUHNLUVHUQOH

ELUOLNWHWHVOLPHGLOHQDQNUDMODUODPRQWHHGLQL]YHGLNNDWOLFH

V×N×Q×] ûHNLO

%LOJL (OHNWULNOLYLGDODPDPDNLQHVLNXOODQPD\×Q×]

■ (OHNWULNNDEORVXQXV×N×üW×UPD\×Q×]YHNHVNLQNHQDUODU]HULQGHQ

JHoLUPH\LQL]$QNDVWUHI×U×QODUGDKDWNDEORI×U×Q×QDUND

N|üHVLQGHQSUL]HoHNLOPHOLGLU+DWRFDù×QYH\DI×U×Q×QV×FDN

\HUOHULQHWHPDVHWPH\HFHNELoLPGHG|üHQPHOLGLU

■ )D\DQVNDSO×WH]JDKODUGD)D\DQVDUDO×NODU×Q×VLOLNRQNDXoXNLOH

GROGXUXQX]

&LKD]×QEDùODQPDV×ûHNLO

■ *HULOLP%N]7LSSODNDV×

■ 6DGHFHEDùODQW×GL\DJUDP×QDX\JXQRODUDNEDùOD\×Q×]

%1.DKYHUHQJL

%80DYL

*1<(6DU×YH\HüLO

%.6L\DK

*<*UL

■ %DùODQW×WUQHEDùO×RODUDNIDEULNDWDUDI×QGDQWHVOLPHGLOHQ

EDùODQW×XoODU×Q×QG]HQLQLGHùLüWLUPHNJHUHNHELOLU%XQXQLoLQ

NOHPHQVOHULQN×VDOW×OPDV×YHLNLNDEOR\XELUOHüWLUHQNOHPHQVLQ

\HUOHüWLULOHELOPHVLLoLQL]RODV\RQXQo×NDUW×OPDV×JHUHNOLRODELOLU

%LOJL dDO×üPD\DKD]×UROPDGXUXPXQXQNRQWURO&LKD]×Q

J|VWHUJHVLQGH

—…‹‹ “‹†‚„ YH\D “J|UQ\RUVDFLKD]

EDùODQW×ODU×GRùUX\DS×OPDP×üW×U&LKD]×QHOHNWULNEDùODQW×V×Q×

NHVLQL]YHDN×PNDEORVXEDùODQW×ODU×Q×NRQWUROHGLQL]

&LKD]×V|NQ]

&LKD]×QHOHNWULNEDùODQW×V×Q×NHVLQL]

7HVSLWEDùODQW×ODU×Q×o×NDU×Q×]

3LüLUPHWH]JDK×Q×o×NDUPDNLoLQDüDù×GDQEDVN×X\JXOD\×Q×]

'LNNDW

&LKD]KDVDUJ|UHELOLU&LKD]×\XNDU×GDQEDVW×UDUDNo×NDUPD\D

oDO×üPD\×Q×]







         













: 

         



·

FP

















 ,













        



















       















■ 



        



■ 









 

       







&









 D

         

        



PP

 







· 















 FP

E

         





PP

 







PP

 



 

 

        







·



■         

          

 D

■  E

■ PP



 F

■           

PP G



■ 





■ 



 









          · 



 

 

 

 

 



%1

%8

*1<(

%.

*<*UDX



■ 

/1a



■ 



         

 D

 

 ¨



 



  E

 





 P



  

 





      



 

■           











■ 







■ 

■ 

%1

%8

*1<(

%.

*<*UDX

■ 





          



       

  

—…‹‹ “‹†‚„  “    

       

















Neff T40FT40X0/10 N 70 Induction hob 90 cm

Product's Documents

User Manual

Specifications

Neff T40FT40X0/10 Questions and Answers

Related Products

Neff T40FT40X0 N 70 Induction hob 90 cm

Neff T59FT50X0/01 N 70 Induction hob 90 cm Black

Neff T40FT40X0/01 N 70 Induction hob 90 cm Black

Neff T59FT50X0/06 N 70 Induction hob 90 cm Black

Neff T40FT40X0/02 N 70 Induction hob 90 cm Black