Neff Z51DXU0X0 Standard Recirculation Kit

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual
  • User Manual - (English, Portuguese, Spanish, German, Czech, Danish, Dutch - Holland, Greek, Hungarian, Italian, Polish, Romanian, Russian, Swedish, Turkish) Read Online | Download pdf
Other Documents
Z51DXU0X0 photo

User Manual

This is the main product document for model Z51DXU0X0.

The file format is pdf, 12 pages, you can download this manual here .

background
*9001297244*  

Ø 0RQWDJHDQOHLWXQJ
Ò Οωινανγπρανζίλνμρίε
Ö 0RQWiçQtQiYRG
× 0RQWHULQJVYHMOHGQLQJ
Ù 
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Û ,QVWUXFFLRQHVGHPRQWDMH
Ü 3DLJDOGXVMXKHQG
Ý $VHQQXVRKMH
Þ 1RWLFHGHPRQWDJH
à 8SXWH]DPRQWDçX
á 6]HUHOpVL~WPXWDWy
â ,VWUX]LRQLSHULOPRQWDJJLR
Ï ۡۥ۪ۣ۫ۙۙ۳۪ۡۡۡۥ۪۫۩۬ۮ۳ۡ۝ۚۡ
ù ΝομίρςρςοίκϊμЧπБίςκίο
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
æ ΢ξίρπρανζίλνμρίεί
é ,QVWDOODWLHYRRUVFKULIW
ê 0RQWHULQJVYHLOHGQLQJ
ë ,QVWUXNFMDPRQWDŰX
ì ,QVWUXo}HVGHPRQWDJHP
í ,QVWUXFŘLXQLGHPRQWDM
î Ημπροςιυηώξνλνμρίες
ï 0RQWiçQ\QiYRG
ð 1DYRGLOD]DPRQWDçR
ò 8SXWVWYRRSRVWDYOMDQMX
ó 0RQWHULQJVDQYLVQLQJ
ñ 8GKs]LPSsUPRQWLP
ô 0RQWDMN×ODYX]X
õ ΅μπροςιυϕώζλνμρίες
Î 2UQDWLVKER\LFKD\RULTQRPDODU
background

de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
'LHVH $QOHLWXQJ VRUJIlOWLJ OHVHQ XQG DXIEHZDKUHQ 1XU EHL IDFKJH
UHFKWHP(LQEDXHQWVSUHFKHQGGLHVHU0RQWDJHDQOHLWXQJLVWGLH
6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOODWHXULVWIU
GDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUWYHUDQWZRUWOLFK
1XUHLQHNRQ]HVVLRQLHUWH)DFKNUDIWGDUIGDV*HUlWDQVFKOLHHQ
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
: 9HUOHW]XQJVJHIDKU
GXUFKVFKDUIH.DQWHQZlKUHQGGHU,QVWDOODWLRQ:lKUHQGGHU,QV
WDOODWLRQGHV*HUlWHVLPPHU6FKXW]KDQGVFKXKHWUDJHQ
8POXIWZHLFKHPRQWLHUHQ
.DPLQYHUEOHQGXQJGHPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
8POXIWZHLFKHLQGHQ+DOWHZLQNHOHLQKlQJHQ%LOG
6FKODXFKPLWGHQ]ZHL5RKUVFKHOOHQDQ8POXIWZHLFKHXQG/XIW
VWXW]HQEHIHVWLJHQ%LOG
6FKODXFKPXVVVWUDIIVHLQEHL%HGDUINU]HQ
.DPLQYHUEOHQGXQJPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
6FKOLW]HGHULQQHUHQ.DPLQYHUEOHQGXQJQDFKREHQ
$NWLYNRKOHILOWHUIU8POXIWEHWULHE
$NWLYNRKOHILOWHUELQGHQGLH*HUXFKVVWRIIHLP8POXIWEHWULHE:HFK
VHOQ6LHGHQ$NWLYNRKOHILOWHUEHLQRUPDOHP%HWULHEWlJOLFKELV
6WXQGHQ]ZHLPDOLP-DKUDXV
+LQZHLV $NWLYNRKOHILOWHUHQWKDOWHQNHLQH6FKDGVWRIIHXQGN|QQHQ
LP+DXVPOOHQWVRUJWZHUGHQ
$NWLYNRKOHILOWHUHLQEDXHQ
 0HWDOOIHWWILOWHUDXVEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
 $NWLYNRKOHILOWHU HLQVHW]HQ QDFK REHQ NODSSHQ XQG /DVFKH HLQUDV
WHQ%LOG
 0HWDOOIHWWILOWHUHLQEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
Αίεμηςιίζίμηώ
ΙκθρίμίμίάηβζΪμίεηθηΪλμθωσθμθκτδθάθήλμάθβέθλτοκΪηίμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθμΪαββηλμκνδπβωαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίη αΪ Ϋίανικίρηθμθ ξνηδπβθηβκΪηί ηΪ ζωλμθμθ ηΪ ιθλμΪάωηί
ΛΪζθλίκμβξβπβκΪηλιίπβΪεβλμβζΪικΪάθήΪλάτκαάΪνκίήΪ
ΙκίήββαιτεηίηβίμθηΪδΪδάβμθβήΪίκΪΫθμβλικίμί
ίείδμκβρίλδθμθαΪοκΪηάΪηί
: Νξίπμνπρνρμίοίμώαίμδ
ιθκΪήβθλμκβκτΫθάίιθάκίζίηΪβηλμΪεΪπβωμΪΙθάκίζίηΪ
βηλμΪεΪπβωμΪηΪνκίήΪάβηΪέβηθλίμίικίήιΪαηβκτδΪάβπβ
Λνμρηοίμδμίικύφίζίοδυηοιςκηοίψαωζγςτ
ΎίζθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΘδΪρίμί δεψρΪ αΪ κίπβκδνεβκΪσ άταήνο ά αΪήτκΰΪσβω άβηδίε
ξβέ
ΑΪδκίιίμίζΪκδνρΪλήάίλδθΫβαΪμκτΫβάτκονδεψρΪαΪ
κίπβκδνεβκΪσάταήνοβηΪδκΪγηβδΪαΪάταήνοξβέ
ΖΪκδνρτμμκωΫάΪήΪίθΫμίέηΪμικβηνΰήΪλδτλίμί
ΖθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΘμάθκτμηΪάτμκίςηΪμΪθΫςβάδΪηΪήβζθθμάθήΪίηΪέθκί
Σηκρωο π ίιρηαδμ αωβκδμ ζί οίΰνρί π υηοιςκηοίψ
αωζγςτ
ΞβεμκβμίλΪδμβάίηάτέείηλάτκαάΪμάίσίλμάΪμΪθμήίεωσβ
ζβκβαζΪικβκΪΫθμΪλπβκδνεβκΪσάταήνοΛζίηωγμίξβεμτκΪλ
Ϊδμβάίη άτέείη ικβ ηθκζΪεηΪ κΪΫθμΪ ίΰίήηίάηθ ήθ ρΪλΪ ήάΪ
ιτμβάέθήβηΪμΪ
΢ιίζίμηδ ΞβεμκβμίλΪδμβάίηάτέείηηίλτήτκΰΪμάκίήηβ
άίσίλμάΪβζθέΪμήΪλίβαοάτκεωμικβΫβμθάβμίθμιΪήτπβ
Λνμρηοίμδμίσηκρωοίπίιρηαδμαωβκδμ
 ΎίζθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ
 ΙθλμΪάίμίξβεμτκΪλΪδμβάίηάτέείηηΪδεθηίμίηΪέθκίβ
ξβδλβκΪγμίίαβρίμθξβέ
 ΖθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ
cs
Ö
0RQWiçQtQiYRG
'ŤOHçLWiXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRGD XVFKRYHMWHKR%H]SHĀQp
SRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpPRQWiçLSRGOHWRKRWR
QiYRGXN PRQWiçL7HFKQLNSURYiGěMtFtLQVWDODFLRGSRYtGi]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
6SRWŒHELĀVPt]DSRMRYDWSRX]HNRQFHVRYDQìRGERUQtN
3ŒHGSURYiGěQtPMDNìFKNROLSUDFtRGSRMWHSŒtVWURMRGUR]YRGQp
VtWě
: 1HEH]SHĀtSRUDQěQt
RVWUìPLKUDQDPLEěKHPLQVWDODFH%ěKHPLQVWDODFHVSRWŒHELĀH
QRVWHYçG\RFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQtYìK\EN\
'HPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
=DYěVWHFLUNXODĀQtYìK\ENXGR SŒLGUçRYDFtKR~KHOQtNX ²
REUi]HN 
8SHYQěWHKDGLFLGYěPDREMtPNDPDQD FLUNXODĀQtYìK\ENX
D Y]GXFKRYpKUGOR ² REUi]HN 
+DGLFHPXVtEìWQDSQXWiYSŒtSDGěSRWŒHE\]NUDŚWH
1DPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
äWěUELQ\YQLWŒQtKRNRPtQRYpKRNU\WXVPěŒXMtQDKRUX
)LOWU\V DNWLYQtPXKOtPSURSURYR]V FLUNXODFt
Y]GXFKX
)LOWU\V DNWLYQtPXKOtPSRKOFXMtY SURYR]XV FLUNXODFtY]GXFKX
SDFKRYpOiWN\3ŒLQRUPiOQtPSURYR]XGHQQě Dç KRGLQ\
Y\PěŃWHILOWUV DNWLYQtPXKOtPGYDNUiW]D URN
8SR]RUQěQt )LOWU\V DNWLYQtPXKOtPQHREVDKXMtçiGQpåNRGOLYp
OiWN\D PRKRXVH ]OLNYLGRYDWY GRPRYQtPRGSDGX
0RQWiçDNWLYQtKRXKOtNRYpKRILOWUX
 'HPRQWXMWHNRYRYpWXNRYpILOWU\YL]Å1iYRGN SRXçLWtRGVDYDĀH
SDU´
 1DVDďWHDNWLYQtXKOtNRYìILOWU]DNORSWHKRQDKRUXD QHFKWH
]DVNRĀLWVSRQX²REUi]HN
 1DPRQWXMWHNRYRYpWXNRYpILOWU\YL]Å1iYRGN SRXçLWtRGVDYDĀH
SDU´
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJW
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHPRJRSEHYDUGHQ
6LNNHUKHGHQ YHG EUXJHQ DI GHWWH DSSDUDW NDQ NXQ JDUDQWHUHV KYLV
PRQWHULQJHQIRUHWDJHVIDJOLJWNRUUHNWLKHQKROGWLODQYLVQLQJHUQHL
GHQQHPRQWHULQJVYHMOHGQLQJ,QVWDOODW¡UHQKDUDQVYDUHWIRUDW
DSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
$SSDUDWHWPnXGHOXNNHQGHWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
,QGHQGHUJHQQHPI¡UHVQRJHWDUEHMGHVNDOVWU¡PIRUV\QLQJHQ
DIEU\GHV
: )DUHIRUNYVWHOVHU
8QGHULQVWDOODWLRQHQSJDVNDUSHNDQWHU8QGHUDSSDUDWHWV
LQVWDOODWLRQVNDOPDQDOWLGKDYHEHVN\WWHOVHVKDQGVNHUSn
&LUNXODWLRQVI¡ULQJPRQWHUHV
'HPRQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
)DVWJ¡UPLOM¡VSRUHWL KROGHYLQNOHQ ² )LJ 
)DVWJ¡UVODQJHQWLOFLUNXODWLRQVI¡ULQJRJ OXIWVWXGVPHGGH WR
U¡UVSQGHEnQG ² )LJ 
6ODQJHQVNDOYUHVWUDPDINRUWGHQ HIWHUEHKRY
0RQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
6OLGVHUQHSn GHQ LQGYHQGLJHDIWUNVEHNOGQLQJYHQGHURSDG
background

$NWLYWNXOILOWHUWLO PLOM¡IXQNWLRQ
$NWLYH NXOILWUH ELQGHU N¡NNHQGXQVWHQ L UHFLUNXODWLRQ 6NLIW GHW DNWLYH
NXOILOWHUYHG QRUPDOEUXJGDJOLJW WLO WLPHUWRJDQJHRPnUHW
%HPUN $NWLYH NXOILOWUH LQGHKROGHU LQJHQ VNDGHOLJH VWRIIHU RJ NDQ
VPLGHVXG VDPPHQPHG GHWDOPLQGHOLJHKXVKROGQLQJVDIIDOG
0RQWHULQJDIDNWLYWNXOILOWHU
 $IPRQWHUPHWDOIHGWILOWUHWVH(PKWWHQVEUXJVYHMOHGQLQJ´
 6W GHW DNWLYH NXOILOWHU LQG NODS GHW RS RJ ODG ODVNHQ Jn L LQGJUHE
ILJXU
 0RQWHUPHWDOIHGWILOWUHWVH(PKWWHQVEUXJVYHMOHGQLQJ´
el
Ù


¨







: 



 
  µ
µ
 
 ²  
  
 ²
 
 

   µ
µ
  
  

 
 
  
  
  
 

         

 

 

en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\DQGNHHSWKHPLQDVDIHSODFH
6DIHW\GXULQJXVHFDQRQO\EHHQVXUHGLIWKHDSSOLDQFHLVILWWHG
FRUUHFWO\DFFRUGLQJWRWKHVHLQVWDOODWLRQLQVWUXFWLRQV7KHLQVWDOOHU
LV UHVSRQVLEOH IRU HQVXULQJ WKDW WKH DSSOLDQFH RSHUDWHV SHUIHFWO\ DW
WKHSRLQWRILQVWDOODWLRQ
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRWKHPDLQVRQO\E\DOLFHQVHG
DQGWUDLQHGWHFKQLFLDQ
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
: 5LVNRILQMXU\
)URPVKDUSHGJHVGXULQJLQVWDOODWLRQ$OZD\VZHDUSURWHFWLYH
JORYHVZKLOHLQVWDOOLQJWKHDSSOLDQFH
,QVWDOOLQJFLUFXODWLQJDLUSRLQWV
5HPRYHIOXHGXFWVHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
+RRNFLUFXODWLQJDLUSRLQWVLQWRWKH IL[LQJEUDFNHW ² )LJ 
$WWDFK KRVH WR FLUFXODWLQJ DLU VZLWFK DQG DLU SLSH FRQQHFWRU XVLQJ
WZRSLSHFOLSV ² )LJ 
+RVHPXVWEHWLJKWVKRUWHQLIUHTXLUHG
,QVWDOOIOXHGXFW VHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
6ORWVRIWKH LQQHUIOXHGXFWDW WKH WRS
$FWLYDWHGFDUERQILOWHUVIRU FLUFXODWLQJDLUPRGH
$FWLYDWHGFDUERQILOWHUVELQGWKH RGRXUVLQ FLUFXODWLQJDLUPRGH
5HSODFHWKH DFWLYDWHGFDUERQILOWHUWZLFHD \HDUGXULQJQRUPDO
RSHUDWLRQGDLO\ WR KRXUV
1RWH $FWLYDWHGFDUERQILOWHUVGR QRWFRQWDLQDQ\SROOXWDQWV
DQG FDQEHGLVSRVHGRI LQWKH KRXVHKROGUHIXVH
)LWWLQJWKHDFWLYDWHGFKDUFRDOILOWHU
 5HPRYHWKHPHWDOJUHDVHILOWHUVHH´,QVWUXFWLRQPDQXDOIRUWKH
H[WUDFWRUKRRGµ
 ,QVHUW WKH DFWLYDWHG FKDUFRDO ILOWHU VZLQJ LW XS DQG ORFN WKH WDE LQ
SODFH²ILJXUH
 )LWWKHPHWDOJUHDVHILOWHUVHH´,QVWUXFWLRQPDQXDOIRUWKH
H[WUDFWRUKRRGµ
es
Û
,QVWUXFFLRQHVGHPRQWDMH
&RQVHMRV\DGYHUWHQFLDV
/HHUFRQDWHQFLyQHVWDVLQVWUXFFLRQHV\FRQVHUYDUODV6RODPHQWH
XQ PRQWDMH SURIHVLRQDO FRQIRUPH D HVWDV LQVWUXFFLRQHV GH PRQWDMH
SXHGHJDUDQWL]DUXQXVRVHJXURGHODSDUDWR(OLQVWDODGRUHV
UHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
(ODSDUDWRVRORKDGHVHUFRQHFWDGRSRUXQWpFQLFRDXWRUL]DGR
$QWHVGHUHDOL]DUFXDOTXLHUWUDEDMRVHKDGHFRUWDUHOVXPLQLVWUR
HOpFWULFR
: £3HOLJURGHOHVLRQHV
SRU ERUGHV DILODGRV GXUDQWH OD LQVWDODFLyQ 8WLOL]DU VLHPSUH JXDQWHV
GHSURWHFFLyQGXUDQWHODLQVWDODFLyQGHODSDUDWR
0RQWDUHO GHVYtRGHFLUFXODFLyQGH DLUH
'HVPRQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHV
GHPRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
(QJDQFKDUHO GHVYtRGH FLUFXODFLyQGH DLUHHQHOiQJXOR
GH VXMHFLyQ ² )LJXUD 
6XMHWDUODPDQJXHUDPHGLDQWHODDEUD]DGHUDFRUUHVSRQGLHQWH
HQHOGHVYtRGHFLUFXODFLyQGHDLUH\HOWXER²)LJ
/D PDQJXHUDGHEHHVWDUWHQVD$FRUWDUODVLKLFLHUDIDOWD
0RQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHVGH
PRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
/DV UDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGH ODFKLPHQHDYDQKDFLD
DUULED
)LOWURGH FDUEyQDFWLYDGRHQ IXQFLRQDPLHQWR
GH FLUFXODFLyQ
/RVILOWURVGH FDUEyQDFWLYDGRUHDFFLRQDQFRQODVVXVWDQFLDV
DURPiWLFDVGXUDQWHHO IXQFLRQDPLHQWRGH FLUFXODFLyQ&DPELDUHO
ILOWURGH FDUEyQDFWLYDGRGRVYHFHVSRUDxRHQFDVR
GH IXQFLRQDPLHQWRQRUPDO  D KRUDVGLDULDV
1RWD /RVILOWURVGH FDUEyQDFWLYDGRQRFRQWLHQHQVXVWDQFLDV
QRFLYDV\ SXHGHQVHUHOLPLQDGRVD WUDYpVGH ORVUHVLGXRV
GRPLFLOLDULRV
0RQWDUHOILOWURGHFDUEyQDFWLYR
 'HVPRQWDUHOILOWURGHPHWDODQWLJUDVDYpDVH©,QVWUXFFLRQHVGH
XVRGHODFDPSDQDH[WUDFWRUDª
 &RORFDU HO ILOWUR GH FDUEyQ DFWLYR SOHJDUOR KDFLD DUULED \ HQFDMDU
ODOHQJHWDILJXUD
 0RQWDU HO ILOWUR GH PHWDO DQWLJUDVD YpDVH ©,QVWUXFFLRQHV GH XVR
GHODFDPSDQDH[WUDFWRUDª
background

et
Ü
3DLJDOGXVMXKHQG
2OXOLVHGPlUNXVHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlELMDKRLGNHDOOHV7XUYDOLQH
NDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQHWRLPXE
YDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWXW||HHVW
YDVWXWDESDLJDOGDMD
6HDGHWY}LEJDDVLYDUXVWXVHJDKHQGDGDDLQXOWDVMDRPDVH
NYDOLILNDWVLRRQLJDWHKQLN
(QQHPLVWDKHVW||GHWHRVWDPLVWOOLWDJHYRROYlOMD
: 9LJDVWXVRKW
WHUDYDWHVHUYDGHW}WWXSDLJDOGDPLVHDMDO6HDGPHSDLJDOGDPLVHO
NDQGDDODWLNDLWVHNLQGDLG
¯KXULQJOXVMXKLNXSDLJDOGDPLQH
9}WNHPDKDO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
.LQQLWDJH}KXULQJOXVMXKLNNLQQLWXVQXUJLNXVVHMRRQLV
.LQQLWDJHYRROLNNDKHWRUXNODPEULJD}KXULQJOXVMXKLNXMD
}KXOLLWLPLNXNOJHMRRQLV
9RROLNSHDENLQQLWXPDNLQGODOWYDMDGXVHNRUUDOWHKNHVHH
OKHPDNV
3DLJDOGDJHO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
6HHVPLVHO}}ULNDWWHSLOXGMllYDGOHVSRROH
$NWLLYV|HILOWHUNDVXWDPLVHNV}KXULQJOXVUHçLLPLO
$NWLLYV|HILOWHUVHREWHNNLYDGO}KQDG}KXULQJOXVUHçLLPLV
7DYDNDVXWXVHNRUUDOLJDSlHYNXQLWXQGLYDKHWDJH
DNWLLYV|HILOWULWNDNVNRUGDDDVWDV
0lUNXV $NWLLYV|HILOWHUHLVLVDOGDNDKMXOLNNHDLQHLGMDVHGDY}LE
NlLGHOGDNRRVROPHMllWPHWHJD
$NWLLYV|HILOWULSDLJDOGDPLQH
 9}WNH PDKD PHWDOOLVW UDVYDILOWHU YW ůKXSXKDVWL NDVXWXVMXKHQG´
 $VHWDJHNRKDOHDNWLLYV|HILOWHUNHHUDNHOHVMDODVNHNHHOHO
NRKDOHILNVHHUXGDMRRQLV
 3DLJDOGDJHPHWDOOLVWUDVYDILOWHUYWůKXSXKDVWLNDVXWXVMXKHQG´
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWD
/XHMDVlLO\WlWlPlNl\WW|RKMHKXROHOOLVHVWL9DLQQlLGHQ
DVHQQXVRKMHLGHQPXNDLQHQDPPDWWLWDLWRLQHQDVHQQXVWDNDD
WXUYDOOLVHQNl\W|Q$VHQWDMDYDVWDDPRLWWHHWWRPDVWDWRLPLQQDVWD
DVHQQXVSDLNDVVD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDPPDWWLDVHQWDMD
-RNDLVHQKXROWRWRLPHQSLWHHQ\KWH\GHVVlRQODLWWHHVWDNDWNDLVWDYD
YLUWD
: /RXNNDDQWXPLVYDDUD
-RKWXHQ WHUlYLVWl UHXQRLVWD ODLWHWWD DVHQQHWWDHVVD $VHQQHWWDHVVD
Nl\WHWWlYlVXRMDNlVLQHLWl
,OPDYLUUDQRKMDLPHQDVHQQXV
,UURWDKRUPLVXRMXV NDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
$VHWDLOPDYLUUDQRKMDLQSDLNDOOHHQNXOPDUDXGDQYDUDDQ ²
NXYD 
.LLQQLWlOHWNXNDKGHOODSXWNLNLULVWLPHOOlLOPDQYLUUDQRKMDLPHHQMD
DVHQQXVNDXOXNVHHQ ² NXYD 
/HWNXQWXOHHROODNLUHlOOlO\KHQQlWDUYLWWDHVVD
$VHQQDKRUPLVXRMXVNDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
6LVHPPlQKRUPLVXRMXNVHQLOPDQYDLKWRDXNRW\O|V
$NWLLYLKLLOLVXRGDWLQKXRQHLOPDDQSDODXWWDYDD
WRLPLQWDDYDUWHQ
$NWLLYLKLLOLVXRGDWLQVLWRRKDMXDLQHHWMD NRVWHXGHQNXQWRLPLQWD
RQ KXRQHLOPDDQSDODXWWDYD9DLKGDQRUPDDOLNl\W|VVlSlLYLWWlLQ
ï WXQWLDDNWLLYLKLLOLVXRGDWLQNDNVLNHUWDDYXRGHVVD
+XRPDXWXV $NWLLYLKLLOLVXRGDWWLPLVVD HL ROH \PSlULVW|OOH YDDUDOOLVLD
DLQHLWD9RLWKlYLWWllQH PXLGHQWDORXVMlWWHLGHQPXNDQD
$NWLLYLKLLOLVXRGDWWLPHQDVHQQXV
 ,UURWDPHWDOOLQHQUDVYDVXRGDWLQNV/LHVLWXXOHWWLPHQ
Nl\WW|RKMH
 $VHWDDNWLLYLKLLOLVXRGDWLQSDLNDOOHHQNllQQl\O|VSlLQMDOXNLWVH
NLHOHNHNXYD
 $VHQQDPHWDOOLQHQUDVYDVXRGDWLQNV/LHVLWXXOHWWLPHQ
Nl\WW|RKMH
fr
Þ
1RWLFHGHPRQWDJH
5HFRPPDQGDWLRQVLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHWWHQRWLFHHWODFRQVHUYHUVRLJQHXVHPHQW
6HXOHPHQWHQFDVGHQFDVWUHPHQWFRUUHFWVHORQFHWWHQRWLFHGH
PRQWDJHODVpFXULWpHVWJDUDQWLHORUVGHOXWLOLVDWLRQ/HPRQWHXU
HVW UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO
HVWLQVWDOOp
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
$YDQWWRXWWUDYDLOFRXSHUODOLPHQWDWLRQpOHFWULTXH
: 5LVTXHGHEOHVVXUH
SHQGDQWOLQVWDOODWLRQjFDXVHGHVDUrWHVYLYHV3HQGDQW
OLQVWDOODWLRQGHODSSDUHLOWRXMRXUVSRUWHUGHVJDQWVGHSURWHFWLRQ
0RQWHUOH FODSHWDLJXLOODQWVXUOH PRGH5HF\FODJH
GH O·DLU
'pPRQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH
ODKRWWHDVSLUDQWH ª
$FFURFKH]OH FODSHWDLJXLOOHXUGDQVOD FRUQLqUHGH UHWHQXH ²
)LJXUH 
)L[H]OH IOH[LEOHj O·DLGHGHGHX[FROOLHUVFRQWUHO·DLJXLOODJHG·DLU
HWOH PDQFKRQj DLU ² )LJXUH 
/H IOH[LEOHGRLWrWUHWHQGX UDFFRXUFLVVH]OHVLQpFHVVDLUH
0RQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH OD
KRWWHDVSLUDQWH ª
/HV RXwHV GX FDSRW LQWpULHXU GH FKHPLQpH UHJDUGHQW YHUV OH KDXW
)LOWUHj FKDUERQDFWLISRXUOH PRGH5HF\FODJH
GH O·DLU
(QPRGH5HF\FODJHGH O·DLUOHVILOWUHVDXFKDUERQDFWLIOLHQW
OHV VXEVWDQFHVRGRULIpUDQWHV6L OD KRWWHVHUWQRUPDOHPHQW j
KHXUHVSDUMRXUFKDQJH]OH ILOWUHj FKDUERQDFWLIGHX[IRLVSDU
DQ
5HPDUTXH /HVILOWUHVj FKDUERQDFWLIQHFRQWLHQQHQWSDV
GH VXEVWDQFHVQRFLYHVHWYRQWj ODSRXEHOOHGHVGpFKHWV
GRPHVWLTXHV
0RQWDJHGXILOWUHjFKDUERQDFWLI
 'pPRQWH] OH ILOWUH j JUDLVVH PpWDOOLTXH YRLU © 1RWLFH GXWLOLVDWLRQ
GHODKRWWHDVSLUDQWH ª
 0HWWH]HQSODFHOHILOWUHjFKDUERQDFWLIUDEDWWH]OHYHUVOHKDXW
HWHQFOHQFKH]ODSDWWHILJ
 0RQWH] OH ILOWUH j JUDLVVH PpWDOOLTXH YRLU © 1RWLFH GXWLOLVDWLRQ GH
ODKRWWHDVSLUDQWH ª
hr
à
8SXWH]DPRQWDçX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHLĀXYDMWHRYHXSXWH]DXSRUDEX6DPRNRG
SUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçXMH
]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ]D
EHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
6DPRRYODåWHQRVWUXĀQRRVREOMHVPLMHSULNOMXĀLWLXUHđDM
3ULMHL]YUåHQMDVYLKUDGRYDLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGR]OMHGH
]ERJRåWULKUXERYDSULOLNRPLQVWDODFLMH7LMHNRPLQVWDODFLMHXUHđDMD
XYLMHNQRVLWH]DåWLWQHUXNDYLFH
0RQWDçDYHQWLODWRUD
'HPRQWLUDMWH REORJX GLPQMDND YLGL Å8SXWH ]D PRQWDçX NXKLQMVNH
QDSH´
9HQWLODWRUREMHVLWHQDSULGUçQLNXWQLQDVWDYDNVOLND
&ULMHYRVGYLMHFLMHYQHREXMPLFHSULĀYUVWLWHQDYHQWLODWRUL
QDVWDYDN]D]UDNVOLND
&ULMHYRPRUDELWL]DWHJQXWRSRSRWUHELJDVNUDWLWH
0RQWLUDMWHREORJXGLPQMDNDYLGLÅ8SXWH]DPRQWDçXNXKLQMVNH
QDSH´
3URUH]HXQXWDUQMHREORJHGLPQMDNDSUHPDJRUH
)LOWDUVDNWLYQLPXJOMHQRP]DSRJRQQDRSWRĀQL
]UDN
)LOWULVDNWLYQLPXJOMHQRPVNXSOMDMXQHXJRGQHPLULVHXSRJRQXQD
RSWRĀQL]UDN=DPLMHQLWHILOWDUVDNWYLPXJOMHQRPNRGQRUPDOQRJ
UDGDGQHYQRGRVDWDGYDSXWDJRGLåQMH
1DSRPHQD )LOWULVDNWLYQLPXJOMHQRPQHVDGUçHåWHWQHWYDULL
PRçHWHLKEDFLWLXNXþQLRWSDG
background

8JUDGQMDILOWUDVDNWLYQLPXJOMHQRP
 ,]YDGLWHPHWDOQLILOWDU]DPDVQRþXYLGLÅ8SXWH]DXSRUDEX
NXKLQMVNHQDSH´
 6WDYLWH ILOWDU V DNWLYQLP XJOMHQRP SUHNORSLWH SUHPD JRUH L XJODYLWH
VSRMQLFXVOLND
 8JUDGLWHPHWDOQLILOWDU]DPDVQRþXYLGLÅ8SXWH]DXSRUDEX
NXKLQMVNHQDSH´
hu
á
6]HUHOpVL~WPXWDWy
)RQWRVWXGQLYDOyN
*RQGRVDQROYDVVDHOpVŌUL]]HPHJH]WD]~WPXWDWyW&VDND
V]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpVHVHWpQ
JDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVLKHO\HQ
YDOyNLIRJiVWDODQPŦN|GpVpUW
$NpV]OpNHWFVDNKLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU
FVDWODNR]WDWKDWMD
%iUPLO\HQPXQNDHOYpJ]pVHHOŌWWV]QWHVVHPHJD]iUDPHOOiWiVW
: 6pUOpVYHV]pO\
V]HUHOpVN|]EHQD] pOHVSHUHPHNPLDWW$NpV]OpNV]HUHOpVH
N|]EHQPLQGLJYLVHOMHQYpGŌNHV]W\ŦW
.HULQJHWHWWOHYHJŌWHUHOŌODSEHV]HUHOpVH
6]HUHOMHOHDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYyV]HUHOpVL
~WPXWDWyMiWµ
$NDVV]DEHDNHULQJHWHWWOHYHJŌWHUHOŌODSRWDWDUWyLGRPED
iEUD
$W|POŌWU|J]tWVHNpWFVŌELOLQFFVHODNHULQJHWHWWOHYHJŌ
WHUHOŌODSUDpVDOHYHJŌFVRQNUDiEUD
$W|POŌQHNIHV]HVQHNNHOOOHQQLHV]NVpJHVHWpQU|YLGtWVHOH
6]HUHOMHYLVV]DDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYy
V]HUHOpVL~WPXWDWyMiWµ
%HOVŌNUWŌWDNDUyODSUpVHLIHOIHOp
$NWtYV]pQV]ŦUŌOpJNHULQJHWpVHV]HPPyGKR]
$]DNWtYV]pQV]ŦUŌNPHJN|WLNDV]DJRNDWOpJNHULQJHWpVHV
]HPPyGEDQ$]DNWtYV]pQV]ŦUŌWQRUPiO]HPHOpVHVHWpQQDSL
²yUDpYHQWHNpWV]HUFVHUpOMHNL
8WDVtWiV $] DNWtYV]pQV]ŦUŌN QHP WDUWDOPD]QDN NiURV DQ\DJRNDW
pVDKi]WDUWiVLKXOODGpNNDOHJ\WWiUWDOPDWODQtWKDWyN
$NWtYV]pQV]ŦUŌEHV]HUHOpVH
 6]HUHOMHNLDIpP]VtUV]ŦUŌWOiVGDÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiViW´
 +HO\H]]H EH pV KDMWVD IHO D] DNWtYV]pQV]ŦUŌW PDMG SDWWLQWVD EH
DIOHWiEUD
 6]HUHOMHEHDIpP]VtUV]ŦUŌWOiVGDÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiViW´
it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL
/HJJHUHDWWHQWDPHQWHHFRQVHUYDUHTXHVWH,VWUX]LRQLSHUOXVR
6RORXQPRQWDJJLRLQDFFRUGRFRQOHUHODWLYHLVWUX]LRQLSXz
JDUDQWLUHXQXWLOL]]RVLFXURGHOODSSDUHFFKLR/LQVWDOODWRUHq
UHVSRQVDELOHGHOFRUUHWWRIXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRGHYHHVVHUHHIIHWWXDWR
HVFOXVLYDPHQWHGDXQWHFQLFRTXDOLILFDWRHDXWRUL]]DWR
6WDFFDUHODOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
: 3HULFRORGLOHVLRQL
&DXVDWRGXUDQWHOLQVWDOOD]LRQHGDERUGLDIILODWL,QGRVVDUHVHPSUH
JXDQWLGLSURWH]LRQHGXUDQWHOLQVWDOOD]LRQHGHOODSSDUHFFKLR
0RQWDJJLRGHO GHIOHWWRUHDULD
6PRQWDUH LO ULYHVWLPHQWR GHO FDPLQR YHG ©,VWUX]LRQL G·XVR GHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
$JJDQFLDUHLO GHIOHWWRUHDULDDOO·DQJRODUHGL VXSSRUWR ² )LJXUD 
)LVVDUH LO WXER IOHVVLELOH FRQ GXH IDVFHWWH VWULQJLWXER D GHIOHWWRUH
DULDH ERFFKHWWRQHDULD ² )LJXUD 
,OWXERIOHVVLELOHGHYHHVVHUHWHVRHYHQWXDOPHQWHDFFRUFLDUOR
0RQWDUHLO ULYHVWLPHQWRGHOFDPLQRYHG ©,VWUX]LRQLG·XVRGHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
)HVVXUHGHO ULYHVWLPHQWRLQWHUQRGHO FDPLQRYHUVRO·DOWR
)LOWURDLFDUERQLDWWLYLSHULO IXQ]LRQDPHQWR
D ULFLUFRORG·DULD
1HOIXQ]LRQDPHQWRD ULFLUFRORG·DULDLOILOWURDLFDUERQLDWWLYLILVVD
JOL RGRUL,QFDVRGL XWLOL]]RQRUPDOHGD D RUHDOJLRUQR
VRVWLWXLUHLO ILOWURDLFDUERQLDWWLYLGXHYROWHDOO·DQQR
$YYHUWHQ]D , ILOWULDL FDUERQLDWWLYLQRQFRQWHQJRQRVRVWDQ]H
WRVVLFKHH SRVVRQRHVVHUHVPDOWLWLFRQL ULILXWLGRPHVWLFL
,QVWDOOD]LRQHGHOILOWURDFDUERQHDWWLYR
 5LPXRYHUHLOILOWURJUDVVLPHWDOOLFRYHGHUH´,VWUX]LRQLSHUOXVR
GHOODFDSSDGLDVSLUD]LRQHµ
 ,QVHULUHLOILOWURDFDUERQHDWWLYRSLHJDUORYHUVRODOWRHLQQHVWDUH
ODOLQJXHWWDILJXUD
 ,QVWDOODUH LO ILOWUR JUDVVL PHWDOOLFR YHGHUH ´,VWUX]LRQL SHU OXVR GHOOD
FDSSDGLDVSLUD]LRQHµ
kaka
Ï
ۜ۠ۥۦ۔۞۔ۮۜۜۥۜ۠ۥۦۤۧ۩ۮۜۘەۜ
ۤۥۡ۱۞ۥ۝ۣۦ۞ۙۥۡۤۡ۠ۡ۠۝ۚۙ
۰۔ۜ۝ۜۛ۲ۘۛۘۥۜ۠ۥۦۤۧ۩ۮۜ۔ۥ۔ۨۧۯۙ۞ۜ۔۠۔ۗۗ۔۬ۘۜ۠۔۲ۘۛ
۟۲ۡ۞ۡۗۢۤۡۨۘۥۜۡ۠۔۞ۧۤ۔ۗ۟ۡ۠ۦۜۤۘەۜۥ۰ۘۥۘەۜۥ۟ۜ۲ۘۗۙۜۛ
۔۰۫ۡەۜ۞ۜۘ۞ۘ۩ۦۤۡ۟ۡ۰۫ۡەۜ۞ۡەۜۥ۟ۡ۲۟۔ۤۘە۔۔ۤۜۥ
ۖ۔ۤ۔۠ۦۜۤۘەۧ۞۔ۗۧۥ۔ۨۤۛ۲ۡ ۟ۘ۟ۡ۠ۦ۔ۣۘۧۚۤۧ۠ۙۘ۞۴۫ۡۨۥ
ۥ۔۟ۡ۠ۦ۔ۣۡ ۔ۗۖۜ۞ۚۘ ۗ۔۠۔ۗۖ۔ۤۜۥ ۛ۔ۙۜۥۧۨ۔۞ ۨۧ۠۩ۮۜۡ۠ۜۤۘە۔ۥ
ۗ۔۠۔ۗۖ۔ۤۜۥ۬ۘۘۤۛە۔۠ۘە۔ۗ۔ۤۛۧ۞ۜ۔۟۲ۡ۞ۡۗ
۝ۙ۔۞ۜۨۜۗۜۤۘەۧ۞ۜ۲ۘ۞ۡۥ۠ۜۥ۟ۜۘۤ
۬ۘۥ۔ە۔۟ۜۥۜۥ۔۟ۧ۬۔ۡۘەۜۥۖ۔۠۲ۡۤۮۜۘ۞ۘە۔۟ۗۘ ۖ۔ۛۜ۬ۘۛۗۘ۠ۜۥ
۟ۡ۟۔ۤ۔ۖۘە۔
: ۜۙ۟ۡۙۥ۝۪ۚۡ۪ۭۙ۩۠۷۝
۟ۡ۠ۦ۔ۣۜۥ۔ۥ ە۔ۥۤۜ۝۔۠ۦۘەۜۥۖ۔۟ۡ ۗ۔۠۔ۗۖ۔ۤۜۥ۟ۡ۠ۦ۔ۣۜۥ۔ۥ
۫ۡۙۘ۞ۛۙۜۥۖ۔۟ۡۜ۫ۘ۠ۘۛۗ۔۟ۮ۔ۙۜ۲ۘ۞ۛ۔ۛ۟۔۠ۘەۜ
ۜ۝ۭۣ۝ۮ۫ۦ۩۪ۡۤۦۥ۫ۙۨۡ
۟ۡ۲ۥۘ۠ۜۛ ۥ۔۝ۙ۔۟ۧۤۜۥ ۢ۔۠ۘ۞ۜ ۜ۲ۜ۞ۘۛ ۖ۔۟۰ۡۙۜۥ Å ۥ۔۟ۡ۠ۦ۔ۣۡ
ۜ۠ۥۦۤۧ۩ۮۜ۔ 
ۗۘۨ۞ۘ۩ۦۡۤۜۥ۔۟۔ۖۤ۝۔ۙۚۘۗ۔۝ۜۗۘۛۥۧۤ۔ۛۜ
۬۞۔۠۠ۖۜ ۟ۜ۞ۜۥۡۤۜۖ۔ۤۥۜۛۗ۔۔۟۔ۖۤۘۛۗۘۨ۞ۘ۩ۦۡۤۥ۔ۗ۔
۴۔ۘۤۜۥ۝ۡ۞ۘ۩ۦۡۤۚۘۥۧۤ۔ۛۜ
۬۞۔۠ۖۜۖ۔۱ۜ۟ۧ۞ۜۧ۠ۗ۔ۜ۫ۡۥ ۥ۔۱ۜۤۡۘەۜۥ۬ۘ۟ۛ۲ۙۘۙ۔۬ۜ
ۗ۔۔۟ۡ۝۞ۘۛۜۥ
ۗ۔۔۟۔ۖۤۘۛ ۥ۔۝ۙ۔۟ۧۤۜۥ ۢ۔۠ۘ۞ۜ ۜ۲ۜ۞ۘۛ ۖ۔۟۰ۡۙۜۥ Åۥ۔۟ۡ۠ۦ۔ۣۡ
ۜ۠ۥۦۤۧ۩ۮۜ۔ 
۬ۜۗ۔ۥ۔۝ۙ۔۟ۧۤۜۥ۔ۤ۲ۜۥ۬۞ۜۮۜۚۘۙۜۛ۔۟ۜ۟۔ۤۛۧ۞ۘەۜۛ
ۙۮ۫ۡ۬۩ۡۥۙ۷۱ۡ۩۪ۡۭۣۡ۫۩ۡ ۩۝۳ۡ۩ۣۢ۬ۙ۳۪ۡۡ
۩۝۪۪ۨۡۤۡۙ
۔۩ۦۜۧۤۜ۠۔۲۬ۜۤۜۥۨۜ۞ۦۤۜ ۤۘۮۜۤ۝ۧ۞۔ۮۜۜۥۣۤۘۜ۟ۜۥۗۤۡۥ
ۥۧ۠ۜۥ۠۔۰ۜ۞۔۝ۘەۥ۔۝۔ۙ۬ۜۤۘەۥ ۖ۔۟ۡۮۙ۔۞ۘۛ۔۩ۦۜۧۤۜ۠۔۲۬ۜۤۜۥ
ۨۜ۞ۦۤۜ ۠ۡۤ۟۔۞ۧۤۜ ۘ۩ۥۢ۞ۧ۔ۦ۔ۮۜۜۥ۔ۥ ۫ۡۙۘ۞۪ۗۜۧۤ۔ۗ ۗ۔۠
ۥ۔۔ۛ۔۟ۗۘ ۰ۘ۞ۜ۰۔ۗ۬ۜۡۤ۳ۘۤ
ۤۡ۠ۡ۠۝ۚۙ ۔۩ۦۜۧۤۜ۠۔۲۬ۜۤۜۥۨۜ۞ۦۤۜ۔ۤ۬ۘۜۮ۔ۙۥ۟۔ۙ۠ۘ
۠ۜۙۛۜۘۤۘەۘەۥۗ۔۟۔ۛۜۖ۔۠۝۔ۤۖۙ۔ۥ۔۫ۡۨ۔ۮ۲ۡۙۤۘەۡ۠۔ۖ۔ۙۛ۔۠
ۘۤۛ۔ۗ۔ۤۜۥ۬ۘۥ۔ۯ۞ۘەۘ۞ۜ
ۙۮ۫ۡ۬۩ۡۥۙ۷۱ۡ۩۪ۡۭۣۡ۫۩۪ۡ۲ۙ۱۝ۥ۝ۚۙ
 ۟ۘۦ۔۞ۜۥۮ۲ۜ۟ۜۥۨۜ۞ۦۤۜۥ۟ۡ۲ۥ۠۔ ۜ۲ۜ۞ۘۛ ۖ۔۟۰ۡۙۜۥ
۟ۡ۲۟۔ۤۘەۜۥۜ۠ۥۦۤۧ۩ۮۜ۔ 
 ۔۩ۦۜۧۤۜ۠۔۲۬ۜۤۜۥۨۜ۞ۦۤۜۗ۔۔۟۔ۖۤۘۛ ۚۘ۟ۡۛ۔۝ۘۮۘۛۗ۔
ۥ۔۟۔ۖۤۜۭ۔ۥۙۜۛۥۧۤ۔ۛۜ
 ۟ۘۦ۔۞ۜۥۮ۲ۜ۟ۜۥۨۜ۞ۦۤۜۥۗ۔۟۔ۖۤۘە۔ ۜ۲ۜ۞ۘۛ ۖ۔۟۰ۡۙۜۥ
۟ۡ۲۟۔ۤۘەۜۥۜ۠ۥۦۤۧ۩ۮۜ۔ 
ukkkukkk
ù
ΝομίρςρςοίκϊμЧπБίςκίο
Μδβϕζβϕδπιδορςκδο
ΘλυηТλЌΪνευЌμυζТЌβωμθЌυιλΪЌμΪДυαΜίδθλυθκηΪμν
ηТλЌΪνευЄυΫθγυηςΪζΪζΪηήυЌθκηΪμνιΪγήΪεΪηνЌΪνϐιλϐαήϐέϐη
ЌΪζμΪζΪλυα ίμίήϐ ΘκηΪμνςυ θκηΪμυεЄΪη ΰίκήί δίήίκέϐλϐα ΰТζυλ
ϐλμίνϐРςϐηΰΪνΪιδίκ
ΜίδδθηπίλλβωεΪηЄΪηζΪζΪηЄΪηΪЌТκυεЄυηυЌθλνδίκίδ
΋ΪκευЌΰТζυλμΪκήυθκυηήΪνήΪηΪεήυημθЌμυєςϐκϐДϐα
: ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
θκηΪμνδίαϐηήίєμδϐκЌυκεΪκΪκЌυευΫΪκΘκηΪμνδίαϐηήί
λΪЌμΪЄυςЌθεЄΪιμΪκήυδβϐДϐα
ΏςίίθμίκγϊοςρЧρБϊχϊμνομίρς
ΔΪζβηЌΪιμΪζΪλυηςίςνΒϐλμΪκμνЌТΫυκυηυДθκηΪμν
ηТλЌΪνευЄυ
background

ΊνΪΪγηΪεήυκνμТμЌυςυηТλμΪνΫТκυςυηΪΪλυιЌθγυДυα
λνκίμ
΢εΪηέμυίδϐЌТΫυκЌΪζυμμΪκυζίηΪνΪΪγηΪεήυκνμТμЌυςυηήΪ
ΰфηίΪνΪςμνπίκείκϐηήίΫίδϐμϐДϐαλνκίμ
΢εΪηέЌΪμμυΫθενυμβϐλδίκίδΫθελΪθηυЌυλЌΪκμυДυα
ΔΪζβηЌΪιμΪζΪλυηθκηΪμνΒϐλμΪκμνЌТΫυκυηυДθκηΪμν
ηТλЌΪνευЄυ
΀ςδϐδΪζβηЌΪιμΪζΪλυηυДθγυЌμΪκυΰθЄΪκυЄΪ
ΐδκπδμγϕιњλϕοπХζβϕπϕρδιίςίίκλίπςϊХχϕμ
΋ίελίηήϐδєζϐκλРαέϐείκϐΪνΪΪγηΪευλΰТζυλυηήΪβϐλμϐδ
αΪμμίδμίκήϐТλμΪγήυ΋ίελίηήϐδєζϐκλРαέϐλϐηήίЌΪευιμυΰТζυλμΪ
δРηΪκΪλΪЄΪμΰυευηΪίδϐκίμΪεζΪλμυκυДυα
ΜЧπБίς ΋ίελίηήϐδєζϐκλРαέϐείκϐηήίαβωηήυαΪμμίδμίκΰθЌΰфηί
θεΪκήυТγЌθЌυλυηΪμΪλμΪνζРζδϐη
ΐδκπδμγϕιњλϕοπХζβϕπϕμνομίρς
 ΖίμΪελРαέϐλϐηςίςϐДϐαΊνΪλθκνЌТΫυκυηυДιΪγήΪεΪην
ηТλЌΪνευЄυηЌΪκΪДυα
 ΋ίελίηήϐκέίη δєζϐκ λРαέϐλϐη θκηΪμυДυα ΰθЄΪκυЄΪ ЌΪγυκυι μϐεϐη
ΫίδϐμϐДϐαλνκίμ
 ΖίμΪελРαέϐλϐηθκηΪμυДυαΊνΪλθκνЌТΫυκυηυДιΪγήΪεΪην
ηТλЌΪνευЄυηЌΪκΪДυα
lt
ä
0RQWDYLPRLQVWUXNFLMD
6YDUELRVQXRURGRV
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉLUMĉLåVDXJRNLWH3ULHWDLVDV
VDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDLVXPRQWXRWDV
ODLNDQWLVåLRVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXVDWOLHNDQWLV
DVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PRYLHWRMH
3ULHWDLVĉ SULMXQJWL JDOL WLN OLFHQFLMĉ WXULQWLV NYDOLILNXRWDV GDUEXRWRMDV
3ULHåDWOLHNDQWEHWNRNLXVGDUEXVUHLNLDDWMXQJWLVURYėVWLHNLPĉ
: .\ODSDYRMXVVXVLçHLVWL
ĭ DåWULDVEULDXQDVPRQWXRMDQW0RQWXRGDPLSULHWDLVĉPŠYėNLWH
DSVDXJLQHVSLUåWLQHV
5HFLUNXOLDFLMRVNUHLSWXYRPRQWDYLPDV
,åPRQWXRNLWHNDPLQRJDXEWĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
ĬVWDW\NLWHUHFLUNXOLDFLMRVNUHLSWXYĉĭODLNLNOĭSDYHLNVODV
3ULWYLUWLQNLWHYDP]GĭVXGYLHPYDP]GçLRDSNDERPLVSULH
UHFLUNXOLDFLMRVNUHLSWXYRLURURMXQJWLHVSDYHLNVODV
æDUQDWXULEŠWLĭWHPSWDWRGėOSULUHLNXVMĉVXWUXPSLQNLWH
6XPRQWXRNLWHNDPLQRJDXEWĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
9LGLQLRNDPLQRDSWDLVRSO\åLDLWXULEŠWLYLUåXMH
$NW\YLQWRVLRV DQJOLHV ILOWUDV UHFLUNXOLDFLMRV UHçLPXL
ĬMXQJXVUHFLUNXOLDFLMRVUHçLPĉDNW\YLQWRVLRVDQJOLHVILOWUDVVXJHULD
NYDSXVĬSUDVWDLHNVSORDWXRMDQWNDVGLHQ²YDODQGDV
DNW\YLQWRVLRVDQJOLHVILOWUĉUHLNLDNHLVWLGXNDUWXVSHUPHWXV
3DVWDED $NW\YLQWRVLRVDQJOLHVILOWUXRVHQėUDNHQNVPLQJŨMŨ
PHGçLDJŨLUMXRVJDOLPDLåPHVWLNDUWXVXEXLWLQėPLVDWOLHNRPLV
$NW\YLQWRVLRVDQJOLHVILOWURĭPRQWDYLPDV
 ,åPRQWXRNLWHPHWDOLQĭULHEDOŨILOWUĉçUÅ*DUWUDXNLRQDXGRMLPR
LQVWUXNFLMD´
 ĬVWDW\NLWHDNW\YLQWRVLRVDQJOLHVILOWUĉXçOHQNLWHĭYLUåŨLU
XçILNVXRNLWHOLHçXYėOĭSDYHLNVODV
 ĬPRQWXRNLWHPHWDOLQĭULHEDOŨILOWUĉçUÅ*DUWUDXNLRQDXGRMLPR
LQVWUXNFLMD´
lv
å
0RQWąçDVLQVWUXNFLMD
6YDUĩJLQRUąGĩMXPL
8]PDQĩJLL]ODVLHWXQVDJODEąMLHWåROLHWRåDQDVSDPąFĩEX
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
,HUĩFLSLHYLHQRWGUĩNVWWLNDLVHUWLILFēWVVSHFLąOLVWV
3LUPVYHLFDWMHENąGXVGDUEXVYLHQPēUDWYLHQRMLHWHOHNWURSDGHYL
: 7UDXPXEĩVWDPĩED
DU DVąP PDOąP LQVWDOąFLMDV ODLNą ,HUĩFHV LQVWDOąFLMDV ODLNą YLHQPēU
QēVąMLHWDL]VDUJFLPGXV
*DLVDFLUNXOąFLMDVNDQąODX]VWąGĩåDQD
9HQWLOąFLMDVNDQąODDSGDUHVQRŁHPåDQDVNÅ7YDLNXQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEDµ
,HNDULHWJDLVDFLUNXOąFLMDVNDQąOXOHŁĴDEDOVWHQĩDWWēOV
3LHVWLSULQLHWåĹŠWHQLSLHJDLVDFLUNXOąFLMDVNDQąODXQJDLVD
ĩVFDXUXOHVL]PDQWRMRWGLYDVDSVNDYDV DWWēOV
äĹŠWHQHLMąEŠWQRVWLHSWDLYDMDG]ĩEDVJDGĩMXPąVDĩVLQLHWWR
9HQWLOąFLMDVNDQąODDSGDUHVX]VWąGĩåDQDVNÅ7YDLNXQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEDµ
9HQWLOąFLMDVNDQąODLHNåēMąVDSGDUHVSOąNVQHVVSUDXJDLMąEŠW
YēUVWDLDXJåXS
$NWĩYąV RJOHV ILOWUV L]PDQWRåDQDL JDLVD FLUNXOąFLMDV
UHçĩPą
*DLVDFLUNXOąFLMDVUHçĩPąDNWĩYąVRJOHVILOWUVDL]WXUDURPąWYLHODV
,]PDQWRMRW DNWĩYąV RJOHV ILOWUX SDUDVWą GDUED UHçĩPą NDWUX GLHQX ²
VWXQGDVWDVMąPDLQDGLYUHL]JDGą
1RUąGĩMXPV $NWĩYąVRJOHVILOWUąQDYNDLWĩJXYLHOXWąSēFWRYDU
L]PHVWVDG]ĩYHVDWNULWXPRV
$NWĩYąVRJOHVILOWUDX]VWąGĩåDQD
 1RŁHPLHW PHWąOD WDXNX ILOWUX VNDWLHW Å7YDLNX QRVŠFēMD OLHWRåDQDV
SDPąFĩEDµ
 ,HYLHWRMLHW DNWĩYąV RJOHV ILOWUX SDFHOLHW WR X] DXJåX XQ QRVWLSULQLHW
PēOĩWL² DWWēOV
 8]VWąGLHW PHWąOD WDXNX ILOWUX VNDWLHW Å7YDLNX QRVŠFēMD OLHWRåDQDV
SDPąFĩEDµ
mk
æ
ΝιΪμλμάθαΪζθημΪΰΪ
Αίεμημίξνλδμη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθβρνάΪϒμίέθΛΪζθλθ
λμκνρηΪζθημΪΰΪλθέεΪληθθάΪνιΪμλμάθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
ΛΪζθεβπίηπβκΪηλιίπβϒΪεβλμλζίίήΪέθικβδενρβνκίήθμ
ΙκίήκΪΫθμίϔίΫβεθδΪδάΪκΪΫθμΪβλδενρίμίέθηΪιθϒνάΪϔίμθ
: Νξίπμνπρνγξναοδγί
θήθλμκβμίκΪΫθάβαΪάκίζίηΪβηλμΪεΪπβϒΪμΪΑΪάκίζίηΪ
βηλμΪεΪπβϒΪμΪηΪνκίήθμλίδθέΪςηθλίμίαΪςμβμηβκΪδΪάβπβ
Λνμρηοίϗρδπδξίοίρνοζίυηοιςκηοίφιηνρανζγςτ
ΎίζθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪ
ζθημΪΰΪηΪΪλιβκΪμθθμ´
ΑΪδΪρίμίέθλίιΪκΪμθκθμαΪπβκδνεβκΪρδβάθαήνοηΪΪέθεηβθμ
ήκΰΪρλεβδΪ
Ικβπάκλμίμί έθ πκίάθμθ β άθαήνςηβμί ζεΪαηβπβ ηΪ λίιΪκΪμθκθμ
αΪπβκδνεβκΪρδβάθαήνολθήάίλμίέβαΪπκίάθλεβδΪ
ΠκίάθμθζθκΪήΪΫβήίαΪμίέηΪμθιθιθμκίΫΪλδκΪμίμίέθ
ΖθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪζθημΪΰΪ
ηΪΪλιβκΪμθθμ´
ΙκθπίιβμίηΪάηΪμκίςηΪμΪζΪλδΪηΪδΪζβηθμμκίΫΪήΪΫβήΪμ
ηΪέθκί
Σηκροηπνίιρηαδμϗίβκδμζίοδεηλμί
υηοιςκίυηϗί
Ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη έβ θμλμκΪηνάΪΪμ ζβκβλβμί άθ κίΰβζ ηΪ
πβκδνεΪπβϒΪ ΑΪζίηίμί έβ ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη άθ ηθκζΪείη
κίΰβζήηίάηθήθρΪλΪήάΪιΪμβάθέθήβηΪμΪ
Μίξνλδμί ΞβεμκβμίλθΪδμβάίηϒΪέείηηίλθήκΰΪμςμίμηβ
ζΪμίκβββζθΰίήΪλίθμλμκΪηΪμάθήθζΪςηβθμθμιΪή
Αβοίγςαίϙδμίσηκρδοπνίιρηαδμϗίβκδμ
 ΎίζθημΪΰΪηΪζίμΪεηβμίξβεμκβαΪζΪληθμββάβήίμίάθ
ÅΝιΪμλμάθαΪνιθμκίΫΪηΪΪλιβκΪμθκθμ´
 Όζίμηίμί έβ ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη ικίδεθιίμί έβ ηΪέθκί β
ηίδΪλίάδεθιβϒΪαβρίμθλεβδΪ
 ΖθημΪΰΪ ηΪ ζίμΪεηβμί ξβεμκβ αΪ ζΪληθμββ άβήίμί άθ ÅΝιΪμλμάθ
αΪνιθμκίΫΪηΪΪλιβκΪμθκθμ´
background

nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRUHQEHZDDUKHP
JRHG$OOHHQDOVGHLQERXZRSGHVNXQGLJHZLM]HHQFRQIRUPGLW
LQVWDOODWLHYRRUVFKULIWZRUGWXLWJHYRHUGLVGHYHLOLJKHLGELMKHW
JHEUXLN JHJDUDQGHHUG 'H LQVWDOODWHXU LV YHUDQWZRRUGHOLMN YRRU HHQ
JRHGHZHUNLQJRSGHSODDWVYDQRSVWHOOLQJ
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
: 5LVLFRYDQOHWVHO
WLMGHQVGHLQVWDOODWLHGRRUVFKHUSHUDQGHQ'UDDJWLMGHQVGH
LQVWDOODWLHYDQKHWDSSDUDDWDOWLMGYHLOLJKHLGVKDQGVFKRHQHQ
/XFKWJHOHLGHUPRQWHUHQ
6FKRRUVWHHQDIVFKHUPLQJ GHPRQWHUHQ ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
/XFKWJHOHLGHULQ GH EHYHVWLJLQJVKRHNKDQJHQ ² DIE 
6ODQJPHWGH WZHHEXLVNOHPPHQEHYHVWLJHQDDQGH
OXFKWJHOHLGHUHQKHWOXFKWDIYRHUDDQVOXLWVWXN²DIE 
'H VODQJPRHWVWUDNVWDDQHYHQWXHHOLQNRUWHQ
6FKRRUVWHHQDIVFKHUPLQJPRQWHUHQ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
6OHXYHQYDQKHW ELQQHQVWHVFKRRUVWHHQDIVFKHUPVWXNZLM]HQ
QDDUERYHQ
$FWLHYHNRROILOWHUYRRUJHEUXLNPHW FLUFXODWLHOXFKW
$FWLHYHNRROILOWHUVELQGHQGH UHXNVWRIIHQELMJHEUXLNPHW
FLUFXODWLHOXFKW9HUYDQJELMQRUPDDOJHEUXLNGDJHOLMNV j XXU
KHWDFWLHYHNRROILOWHUWZHHPDDOSHU MDDU
$DQZLM]LQJ $FWLHYHNRROILOWHUVEHYDWWHQJHHQVFKDGHOLMNHVWRIIHQ
HQ NXQQHQPHWKHW KXLVYXLOZRUGHQPHHJHJHYHQ
$FWLHYHNRROILOWHUPRQWHUHQ
 0HWDOHQYHWILOWHUGHPRQWHUHQ]LHÅ*HEUXLNVDDQZLM]LQJELMGH
DI]XLJNDS´
 $FWLHYHNRROILOWHULQEUHQJHQQDDUERYHQNODSSHQHQKHWOLSMHLQ
ODWHQNOLNNHQ$IE
 0HWDOHQYHWILOWHUPRQWHUHQ]LHÅ*HEUXLNVDDQZLM]LQJELMGH
DI]XLJNDS´
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHPHUNQDGHU
/HVGHQQHEUXNVDQYLVQLQJHQQ¡\HRJWDYDUHSnGHQIRUVHQHUH
EUXN6LNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJHQVNMHU
Sn IDJPHVVLJ PnWH L VDPVYDU PHG GHQQH PRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
$SSDUDWHWPnEDUHNREOHVWLODYJRGNMHQWHIDJIRON
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
: )DUHIRUVNDGH
3nJUXQQDYVNDUSHNDQWHUXQGHULQVWDOODVMRQHQ%UXNDOOWLG
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
0RQWHULQJDY VLUNXODVMRQVVSRU
'HPRQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
6LUNXODVMRQVVSRUHWKHQJHVLQQL KROGHYLQNHOHQ ² ELOGH 
)HVWVODQJHQPHGWR U¡UNODPPHUWLOVSRUHWIRURPOXIWRJ WLO
OXIWVWXVVHQ ² ELOGH 
6ODQJHQPn YUHUHWWRPQ¡GYHQGLJNDQGHQ IRUNRUWHV
0RQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
6SUHNNHQHSn GHQLQGUHSLSHEOHQGHQPn YUHRSSH
$NWLYNXOOILOWHUIRU VLUNXODVMRQVGULIW
$NWLYNXOOILOWHUELQGHUOXNWVWRIIHQHXQGHUVLUNXODVMRQVGULIWHQ
9HG QRUPDO GULIW GDJOLJ WLO WLPHU E¡U GX VNLIWH XW DNWLY NXOOILOWHUHW
WR JDQJHUL nUHW
0HUN $NWLYNXOOILOWHUHWLQQHKROGHULQJHQVNDGHOLJHVWRIIHURJ NDQ
NDVWHVL GHWYDQOLJHKXVERVVHW
6HWWHLQQDNWLYNXOOILOWHU
 7DXWPHWDOOIHWWILOWHUHWVH%UXNVDQYLVQLQJIRUDYWUHNNVKHWWHQ
 6HWW LQQ DNWLYNXOOILOWHUHW YLSS GHW RSS RJ OD WDSSHQ NOLNNH Sn SODVV
²ILJXU 
 6HWWLQQPHWDOOIHWWILOWHUHWVH%UXNVDQYLVQLQJIRUYHQWLODWRUHQ
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
1DOHŰ\ XZDŰQLH SU]HF]\WDþ L ]DFKRZDþ LQVWUXNFMę REVãXJL :\ãĉF]QLH
SUDZLGãRZ\PRQWDŰZ\NRQDQ\]JRGQLH]LQVWUXNFMĉPRQWDŰX
JZDUDQWXMHEH]SLHF]HĿVWZRXŰ\WNRZDQLD,QVWDODWRURGSRZLHG]LDOQ\
MHVW]DSUDZLGãRZHG]LDãDQLHXU]ĉG]HQLDZPLHMVFXPRQWDŰX
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPL
3U]HGSUHSURZDG]HQLHPSUDFZ\ãĉF]\þGRSã\ZSUĉGX
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
SRGF]DVLQVWDODFML]HZ]JOęGXQDRVWUHNUDZęG]LH3RGF]DV
LQVWDODFMLXU]ĉG]HQLD]DZV]HQRVLþUęNDZLFHRFKURQQH
0RQWRZDQLHNLHURZQLF\SRZLHWU]DRELHJRZHJR
=GHPRQWRZDþREXGRZęNRPLQRZĉ SDWU]Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
=DZLHVLþNLHURZQLFęSRZLHWU]DQD NĉWRZQLNXPRFXMĉF\P ²
5\VXQHN 
3U]\PRFRZDþZĉŰGR NLHURZQLF\SRZLHWU]DRUD]GRNUyþFD
SRZLHWU]D]D SRPRFĉGZyFKRSDVHN]DFLVNRZ\FK ² 5\VXQHN 
:ĉŰ QLH PRŰH OXŮQR ]ZLVDþ ² Z UD]LH SRWU]HE\ SURV]ę JR VNUyFLþ
=DPRQWRZDþREXGRZęNRPLQRZĉ SDWU] Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
6]F]HOLQ\ZHZQęWU]QHMREXGRZ\NRPLQRZHMGR JyU\
)LOWU] ZęJOHPDNW\ZQ\PGODWU\EXRELHJX
SRZLHWU]D
)LOWU]ZęJOHPDNW\ZQ\PSRFKãDQLD]DSDFK\Z WU\ELHRELHJX
SRZLHWU]D3U]\QRUPDOQ\PVWRSQLXHNVSORDWDFMLG]LHQQLHGR
JRG]LQSURV]ęZ\PLHQLþILOWUGZDUD]\GRURNX
:VND]yZND )LOWU\ ] ZęJOHP DNW\ZQ\P QLH ]DZLHUDMĉ V]NRGOLZ\FK
VXEVWDQFMLL PRJĉE\þZ\U]XFDQHGR ŔPLHFLGRPRZ\FK
0RQWDŰILOWUD]ZęJOHPDNW\ZQ\P
 =GHPRQWRZDþ PHWDORZ\ ILOWU SU]HFLZWãXV]F]RZ\ SDWU] Å,QVWUXNFMD
REVãXJLRNDSX´
 :ãRŰ\þILOWU]ZęJOHPDNW\ZQ\PQDVWęSQLHXQLHŔþILOWUL
]DWU]DVQĉþEORNDGęU\V
 =DPRQWRZDþPHWDORZ\ILOWUSU]HFLZWãXV]F]RZ\SDWU]Å,QVWUXNFMD
REVãXJLRNDSX´
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHV
/HLDDWHQWDPHQWHHJXDUGHHVWDVLQVWUXo}HV$SHQDVVHD
PRQWDJHPIRUUHDOL]DGDGHIRUPDWHFQLFDPHQWHFRUUHFWDHP
FRQIRUPLGDGHFRPHVWDVLQVWUXo}HVGHPRQWDJHPVHSRGH
JDUDQWLUDVHJXUDQoDGXUDQWHDXWLOL]DomR2LQVWDODGRUp
UHVSRQViYHOSHORIXQFLRQDPHQWRFRUUHFWRQRORFDOGHLQVWDODomR
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
'HVOLJDUDDOLPHQWDomRHOpFWULFDDQWHVGHUHDOL]DUTXDLVTXHU
WUDEDOKRV
: 3HULJRGHIHULPHQWRV
GHYLGRDFDQWRVSRQWLDJXGRVGXUDQWHDLQVWDODomR8VDUVHPSUH
OXYDVGHSURWHFomRGXUDQWHDLQVWDODomRGRDSDUHOKR
0RQWDJHPGR VHSDUDGRUGD FLUFXODomRGH DU
'HVPRQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU©,QVWUXo}HVGH
0RQWDJHPGR H[DXVWRUª
6XVSHQGHUR VHSDUDGRUGD FLUFXODomRGH DUQRkQJXOR
GH IL[DomR ² )LJ 
)L[DUR WXERIOH[tYHOFRPDVGXDVEUDoDGHLUDVQRVHSDUDGRU
GH FLUFXODomRGHDUH QRERFDOGHDGPLVVmRGHDU ² )LJ 
2 WXERIOH[tYHOWHPTXHHVWDUHVWLFDGRVHQHFHVViULRHQFXUWDU
0RQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU ©,QVWUXo}HV
GH 0RQWDJHPGRH[DXVWRUª
5DQKXUDVGRSDLQHOGHFRUDWLYRLQWHULRUGD FKDPLQpSDUDFLPD
)LOWURVGH FDUYmRDFWLYRSDUDIXQFLRQDPHQWRFRP
FLUFXODomRGH DU
2VILOWURVGH FDUYmRDFWLYRUHWrPDV SDUWtFXODVGH RGRUQR
IXQFLRQDPHQWRFRPFLUFXODomRGH DU(PFDVRGH IXQFLRQDPHQWR
QRUPDO D KRUDVGLiULDVVXEVWLWXLUR ILOWURGH FDUYmRDFWLYR
GXDVYH]HVQRDQR
1RWD 2V ILOWURV GH FDUYmR DFWLYR QmR FRQWrP VXEVWkQFLDV QRFLYDV
H SRGHPVHUUHFLFODGRVFRPR OL[RGRPpVWLFR
background

0RQWDURILOWURGHFDUYmRDWLYR
 'HVPRQWHRILOWURPHWiOLFRGHJRUGXUDVYHU0DQXDOGH
LQVWUXo}HVGRH[DXVWRU
 &RORTXHRILOWURGHFDUYmRDWLYRYLUHRSDUDFLPDHHQJDWHD
SDWLOKDILJXUD
 0RQWH R ILOWUR PHWiOLFR GH JRUGXUDV YHU 0DQXDO GH LQVWUXo}HV GR
H[DXVWRU
ro
í
,QVWUXFŘLXQLGHPRQWDM
,QGLFDŘLLLPSRUWDQWH
&LWLŘLFXDWHQŘLHüLUHŘLQHŘLDFHDVWćLQVWUXFŘLXQH1XPDLODPRQWDMXO
UHJXODPHQWDUFRUHVSXQ]ćWRUDFHVWHLLQVWUXFŘLXQLGHPRQWDMHVWH
JDUDQWDWć VLJXUDQŘD OD XWLOL]DUH ,QVWDODWRUXO HVWH UHVSRQVDELO SHQWUX
IXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
5DFRUGXO DSDUDWXOXL VH YD UHDOL]D QXPDL GH FćWUH SHUVRQDO FDOLILFDW
üLDXWRUL]DW
ÍQDLQWHGHDH[HFXWDRULFHOXFUDUHvQWUHUXSHŘLDOLPHQWDUHDFX
FXUHQWHOHFWULF
: 3HULFROGH UćQLUH
GLQFDX]DPXFKLLORUDVFXŘLWHLQ WLPSXOLQVWDOćULLÍQWLPSXOLQVWDOćULL
DSDUDWXOXLSXUWDŘLvQWRWGHDXQDPćQXüLGH SURWHFŘLH
0RQWDUHDGHIOHFWRUXOXLSHQWUXDHUXOUHFLUFXODW
'HPRQWDŘL DSćUćWRDUHD FRüXOXL YH]L Å,QVWUXFŘLXQLOH GH PRQWDM DOH
KRWHL´
6XVSHQGDŘLGHIOHFWRUXOSHQWUXDHUXOUHFLUFXODWvQVXSRUWXOGH
VXVŘLQHUHLPDJLQHD
)L[DŘLIXUWXQXOFXFHOHGRXćFROLHUHSHQWUXŘHDYćSHGHIOHFWRUXO
SHQWUXDHUUHFLUFXODWüLSHFRQHFWRUXOGHDHULPDJLQHD
)XUWXQXOWUHEXLHVćILHvQWLQVGDFćHVWHQHFHVDUVFXUWDŘLO
0RQWDŘLDSćUćWRDUHDFRüXOXLYH]LÅ,QVWUXFŘLXQLOHGHPRQWDMDOH
KRWHL´
)DQWHOHPćüWLLLQWHULRDUHDFRüXOXLGHIXPWUHEXLHVćILHvQVXV
)LOWUXFXFćUEXQHDFWLYSHQWUXUHJLPXOFXDHU
UHFLUFXODW
)LOWUHOHFXFćUEXQHDFWLYFDSWHD]ćVXEVWDQŘHOHFXPLURVXULvQ
UHJLPXOFXDHUUHFLUFXODWÍQFD]XOXQHLXWLOL]ćULQRUPDOHSkQćOD
RUHSH]LvQORFXLŘLILOWUXOFXFćUEXQHDFWLYGHGRXćRULSHDQ
,QGLFDŘLH )LOWUHOHFXFćUEXQHDFWLYQXFRQŘLQVXEVWDQŘH
GćXQćWRDUHüLSRWILHYDFXDUHvQJXQRLXOPHQDMHU
0RQWDUHDILOWUXOXLFXFćUEXQHDFWLY
 'HPRQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLYH]LÅ,QVWUXFŘLXQLOHGH
XWLOL]DUHDOHKRWHL´
 ,QWURGXFHŘLILOWUXOGHFDUERQDFWLYUDEDWDŘLOvQVXVüLvQFOLFKHWDŘL
EULGDLPDJLQHD
 0RQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLYH]LÅ,QVWUXFŘLXQLOHGH
XWLOL]DUHDOHKRWHL´
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηνψβηλμκνδπβψβλθοκΪηβμίίϋ
΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγ λΫθκδί λ λθΫεψήίηβίζ ήΪηηθγ βηλμκνδπββ ιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
ΙθήδεψρίηβίικβΫθκΪήθεΰίηικθβαάθήβμφμθεφδθ
νιθεηθζθρίηηυγλιίπβΪεβλμ
ΙίκίήικθάίήίηβίζεψΫυοκΪΫθμυάυδεψρΪμφιθήΪρν
χείδμκβρίλδθέθμθδΪ
: Νξίπμνπρϋροίαλ
λμθκθηυ θλμκυο δκθζθδ ικβ νλμΪηθάδί Ικβ νλμΪηθάδί ικβΫθκΪ
άλίέήΪηΪήίάΪγμίαΪσβμηυίιίκρΪμδβ
Λνμρίεξδοδτνγμηιίγκώ οδεηλίυηοιςκώυηη
ΛηβζβμίθΫςβάδνάυμωΰηθγμκνΫυλζ ©Βηλμκνδπβωιθ
ζθημΪΰνάυμωΰδβª
ΌλμΪάφμίιίκίοθήηβδήεω κίΰβζΪπβκδνεωπββά δκίιίΰηυί
νέθεδβ ² κβλνηθδ 
ΙκβδκίιβμίςεΪηέλ ιθζθσφψήάνομκνΫηυοαΪΰβζθά
δ ιίκίοθήηβδνήεωκίΰβζΪπβκδνεωπβββ άθαήνςηθζν
ιΪμκνΫδν ² κβλνηθδ 
΢εΪηέήθεΰίηΫυμφηΪμωηνμυζνδθκθμβμίίέθ
ικβ ηίθΫοθήβζθλμβ
ΝλμΪηθάβμίηΪ ζίλμθθΫςβάδνάυμωΰηθγ
μκνΫυ λζ ©ΒηλμκνδπβωιθζθημΪΰνάυμωΰδβª
Ικθκίαβάθ άηνμκίηηίγθΫςβάδίάυμωΰηθγμκνΫυηΪικΪάείηυ
άάίκο
΢βνκϋμϊθσηκϋρογκώ οδεηλίυηοιςκώυηη
ανζγςτί
ΝέθεφηυίξβεφμκυιθέεθσΪψμαΪιΪοβά κίΰβζίπβκδνεωπββ
άθαήνοΪΙκβηθκζΪεφηθζκίΰβζίχδλιενΪμΪπββάυμωΰδβ ²
ρΪλΪάήίηφνέθεφηυγξβεφμκλείήνίμζίηωμφήάΪκΪαΪά έθή
΢ιίζίμηδ Ό νέθεφηυο ξβεφμκΪο ηί λθήίκΰβμλω άκίήηυο άίσίλμά
ιθχμθζνβοζθΰηθάυΫκΪλυάΪμφά ήθζΪςηβγζνλθκ
΢πρίμναιίσηκϋροίπίιρηαηοναίμμϊλςβκϐλ
 ΛηβζβμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγξβεφμκλζ
©ΚνδθάθήλμάθιθχδλιενΪμΪπββάυμωΰδβª
 ΌλμΪάφμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζθμδβηφμίάάίκοβ
αΪσϋεδηβμίεΪιδν²κβλ
 ΝλμΪηθάβμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγξβεφμκλζ
©ΚνδθάθήλμάθιθχδλιενΪμΪπββάυμωΰδβª
sk
ï
0RQWiçQ\QiYRG
'{OHçLWpXSR]RUQHQLD
7HQWRQiYRGVL SURVtPVWDURVWOLYRSUHĀtWDMWHD XVFKRYDMWHKR/HQ
SULRGERUQHMPRQWiçLSRGĻDWRKWRQiYRGXQD PRQWiçMH]DUXĀHQi
EH]SHĀQRVŚSUL SRXçtYDQt,QåWDODWpUMH ]RGSRYHGQì]D EH]FK\EQ~
IXQNĀQRVŚQDPLHVWHLQåWDOiFLH
6SRWUHELĀP{çH]DSRMLŚYìOXĀQHRSUiYQHQìNRQFHVRYDQì
RGERUQtN
3UHGY\NRQiYDQtPDNìFKNRĻYHNSUiFY\SQLWHSUtYRGSU~GX
: 1HEH]SHĀHQVWYRSRUDQHQLD
RVWUìPL KUDQDPL Y SULHEHKX LQåWDOiFLH 3RĀDV LQåWDOiFLH VSRWUHELĀD
YçG\QRVWHRFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQHMYìK\EN\
'HPRQWXMWHNU\WNRPtQD SR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
=DYHVWHFLUNXODĀQ~YìK\ENXGR SULGUçLDYDFLHKRXKROQtND ²
REUi]RN 
8SHYQLWHKDGLFXSRPRFRXGYRFK~FK\WLHNQD FLUNXODĀQ~
YìK\ENXD Y]GXFKRYpKUGOR ² REUi]RN 
+DGLFDPXVtE\ŚQDWLDKQXWiY SUtSDGHSRWUHE\MXVNUiŚWH
1DPRQWXMWHNU\WNRPtQDSR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
=iUH]\YQ~WRUQpKRNU\WXNRPtQDVPHUXM~QDKRU
)LOWUHV DNWtYQ\PXKOtPSUHSUHYiG]NX
V FLUNXOiFLRXY]GXFKX
)LOWUH V DNWtYQ\P XKOtP VO~çLD QD YLD]DQLH SDFKRYìFK ĀLDVWRĀLHN SUL
SUHYiG]NH V FLUNXOiFLRX Y]GXFKX 3UL QRUPiOQHM SUHYiG]NH GHQQH
Dç KRGLQ\Y\PHŃWHILOWHUV DNWtYQ\PXKOtPGYDNUiWURĀQH
8SR]RUQHQLH )LOWUH V DNWtYQ\P XKOtP QHREVDKXM~ çLDGQH åNRGOLYp
OiWN\D P{çHWHLFKOLNYLGRYDŚDNRGRPRYìRGSDG
1DLQåWDOXMWHDNWtYQ\XKOtNRYìILOWHU
 2GLQåWDOXMWHNRYRYìWXNRYìILOWHUYLďÅ1iYRGQDREVOXKX
RGViYDĀDSiU´
 9ORçWHDNWtYQ\XKOtNRYìILOWHU]DNODSQLWHKRVPHURPKRUH
D ]DVXŃWHVSRQX²REUi]RN
 1DLQåWDOXMWHNRYRYìWXNRYìILOWHUYLďÅ1iYRGQDREVOXKX
RGViYDĀDSiU´
sl
ð
1DYRGLOD]DPRQWDçR
3RPHPEQLQDSRWNL
6NUEQRSUHEHULWHWDQDYRGLOD]DXSRUDERLQMLKVKUDQLWH9DUQRVW
PHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQHPRQWDçHY
VNODGXVWHPLQDYRGLOL]DPRQWDçR=DEUH]KLEQRGHORYDQMHQD
PHVWXSRVWDYLWYHMHRGJRYRUHQLQåWDODWHU
$SDUDWODKNRSULNOMXĀLOHVWURNRYQRRVHEMH]GRYROMHQMHP
3UHGNDNUåQLPLNROLGHOLQDDSDUDWXL]NOMXĀLWHHOHNWULĀQRQDSDMDQMH
: 1HYDUQRVWSRåNRGE
]DUDGLRVWULKURERYPHGQDPHVWLWYLMR0HGQDPHVWLWYLMRQDSUDYH
YHGQRQRVLWH]DåĀLWQHURNDYLFH
1DPHVWLWHYGHIOHNWRUMD
2GVWUDQLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
9SQLWHGHIOHNWRUYSULWUGLOQLNRWQLN²VOLND
&HYVFHYQLPDVSRMNDPDSULWUGLWHQDGHIOHNWRULQQDVWDYHN]D
]UDĀQRFHY²VOLND
&HYPRUDELWLQDSHWD]DWRMRSRSRWUHELVNUDMåDMWH
1DPHVWLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
=DUH]HQRWUDQMHJDRNURYDMDåNDREUQLWHQDY]JRU
background

)LOWHU]DNWLYQLPRJOMHP]DREWRĀQRGHORYDQMH
)LOWUL]DNWLYQLPRJOMHPPHGREWRĀQLPGHORYDQMHPQDVHYHçHMR
YRQM3ULQRUPDOQLXSRUDELGRXULGQHYQRILOWHU]DNWLYQLP
RJOMHP]DPHQMDMWHHQNUDWOHWQR
2SRPED )LOWUL]DNWLYQLPRJOMHPQHYVHEXMHMRåNRGOMLYLKVQRYL
]DWRMLKODKNRRGYUçHWHPHGQDYDGQHRGSDGNH
9JUDGQMDILOWUD]DNWLYQLPRJOMHP
 'HPRQWLUDMWHNRYLQVNLPDåĀREQLILOWHUJOHMWHÅ1DYRGLOD]D
XSRUDERQDSH´
 9VWDYLWH ILOWHU ] DNWLYQLP RJOMHP JD SRNORSLWH QDY]JRU LQ ]DVNRĀLWH
VSRQNR²VOLND
 1DPHVWLWHNRYLQVNLPDåĀREQLILOWHUJOHMWHÅ1DYRGLOD]DXSRUDER
QDSH´
sr
ò
8SXWVWYRRSRVWDYOMDQMX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHRYRXSXWVWYRLVDĀXYDMWHJD6DPRXVOXĀDMX
VWUXĀQHXJUDGQMHXVNODGXVDRYLPXSXWVWYRP]DPRQWDçX
]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHUMH
RGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
6DPRREXĀHQDNYDOLILNRYDQDRVREDPRçHSRYH]DWLXUHđDM
3UHQHJRåWRELORåWDXUDGLWHLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGSRYUHGH
]ERJ RåWULK LYLFD WRNRP LQVWDODFLMH 7RNRP LQVWDODFLMH XUHđDMD XYHN
QRVLWH]DåWLWQHUXNDYLFH
0RQWDçDGHIOHNWRUDYD]GXKD
'HPRQWLUDMWHREORJXNDPLQDSRJOHGDMWHÅ8SXWVWYR]DPRQWDçX
DVSLUDWRUDµ
=DNDĀLWHGHIOHNWRUYD]GXKDQDXJDRQLQRVDĀ²VOLND
3ULĀYUVWLWHFUHYR]DGHIOHNWRUYD]GXKDLRGYRG]DYD]GXK
SRPRþXGYHåHOQH²VOLND
&UHYRPRUDGDEXGH]DWHJQXWRSRSRWUHELJDVNUDWLWH
0RQWLUDMWHREORJXNDPLQDSRJOHGDMWHÅ8SXWVWYR]DPRQWDçX
DVSLUDWRUDµ
8VHFL XQXWUDåQMH REORJH NDPLQD WUHED GD EXGX RNUHQXWL QD JRUH
)LOWHU RG DNWLYQRJ XOMD ]D UHçLP UDGD FLUNXODFLRQRJ
YD]GXKD
)LOWHURGDNWLYQRJXJOMDVSUHĀDYDQHSULMDWQHPLULVHXUHçLPXUDGD
FLUNXODFLRQRJ YD]GXKD )LOWHU RG DNWLYQRJ XJOMD WUHED SURPHQLWL GYD
SXWDJRGLåQMHSULQRUPDOQRMXSRWUHELGRVDWDGQHYQR
1DSRPHQD )LOGHURGDNWLYQRJXJOMDQHVDGUçLQLNDNYHåWHWQH
PDWHULMHLPRçHGDVHRGODçH]DMHGQRVDNXþQLPRWSDGRP
3RVWDYLWHILOWHUVDDNWLYQLPXJOMHP
 'HPRQWDçDPHWDOQRJILOWHUD]DPDVQRþXSRJOHGDMWHÅ8SXWVWYR
]DXSRWUHEXDVSLUDWRUD´
 3RVWDYLWHILOWHUVDDNWLYQLPXJOMHPRWYRULWHQDJRUHL]DEUDYLWH
UH]X²VOLND
 0RQWDçDPHWDOQRJILOWHUD]DPDVQRþXSRJOHGDMWHÅ8SXWVWYR]D
XSRWUHEXDVSLUDWRUD´
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDU
/lVDQYLVQLQJHQQRJJUDQWRFKVSDUDGHQ6lNHUDQYlQGQLQJ
NUlYHUDWWLQE\JJQDGHQlUXWI|UGIDFNPlVVLJWHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UDWWHQKHWHQ
IXQJHUDUSnXSSVWlOOQLQJVSODWVHQ
'HWlUEDUDEHK|ULJIDFNPDQVRPInUDQVOXWDHQKHWHQ
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UDUEHWHQDYDOODVODJ
: 6NDGHULVN
YLGLQVWDOODWLRQSnJUXQGDYYDVVDNDQWHU$QYlQGDOOWLG
VN\GGVKDQGVNDUYLGLQVWDOODWLRQDYHQKHWHQ
0RQWHUDNROILOWHUPRGXOHQ
'HPRQWHUDEHNOlGQDGHQ VH µ0RQWHULQJVDQYLVQLQJWLOO
VSLVIOlNWHQµ
)lVWNROILOWHUPRGXOHQL IlVWMlUQHW ² %LOG 
)lVWVODQJHQLNROILOWHUPRGXOHQRFKU|UVWRVHQPHGGHWYn
U|UNOlPPRUQD²%LOG
6ODQJHQPnVWHYDUDVSlQGJ|UGHQNRUWDUHRPVnEHK|YV
0RQWHUDEHNOlGQDGHQVHµ0RQWHULQJVDQYLVQLQJWLOOVSLVIOlNWHQµ
6SULQJRUQDL GHQ LQUHEHNOlGQDGVGHOHQVNDVLWWDXSSWLOO
.ROILOWHUQlUIOlNWHQVND DQYlQGDVWLOOVDPPDQV
PHG NROILOWHU
(WW NROILOWHU ELQGHU OXNWlPQHQD 9LG QRUPDO DQYlQGQLQJ VSLVIOlNWHQ
DQYlQGV WLPPDUYDUMHGDJPnVWHNROILOWUHQE\WDVWLOO
Q\D JnQJHUSHU nU
$QYLVQLQJ .ROILOWHULQQHKnOOHULQJDVNDGOLJDlPQHQRFK NDQ
GlUI|UVOlQJDVPHG |YULJDN|NVVRSRU
6lWWDLGHWDNWLYDNROILOWUHW
 7DXUPHWDOOILOWUHWVHIOlNWHQVEUXNVDQYLVQLQJ
 6lWWLGHWDNWLYDNROILOWUHWIlOOXSSRFKVQlSSIDVWIOLNHQELOG
 6lWWDLPHWDOOILOWUHWVHIOlNWHQVEUXNVDQYLVQLQJ
sq
ñ
8GKs]LPSsUPRQWLP
8GKs]LPHWsUsQGsVLVKPH
/H[RMHQLPHNXMGHVGKHUXDMHQLNsWsPDQXDO9HWsPSsUPHVQMs
PRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPHNsWsXGKs]XHV
PRQWLPLPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW,QVWDOXHVLPEDQ
SsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWsSDMLVMHVQsYHQGLQH
LQVWDOLPLW
9HWsPQMsWHNQLNLOLFHQVXDUGXKHWWsEsMsOLGKMHQHSDMLVMHV
3DUDVHWsILOORQLSXQsQVKNsSXVQLHQHUJMLQs
: 5UH]LNSODJRVMHMH
QJDTRVKHWHPSUHKWDJMDWsLQVWDOLPLW*MDWsLQVWDOLPLWWsSDMLVMHV
PEDQLJMLWKPRQsGRUDVKNDPEURMWsVH
0RQWRQLGHIOHNWRULQ
dPRQWLPL L NDSDNXW Ws R[KDNXW VKLKQL Å8GKs]XHVL L SsUGRULPLW Ws
NDSXoLWWsW\PUDYH´
0RQWRMHQLGHIOHNWRULQQsNOODSs)LJXUD
6KWUsQJRMHQL]RUUsQPHG\NDSsVHWXEDVKQsGHIOHNWRU)LJXUD

=RUUDGXKHWWsMHWsHQJMHVKXUVKNXUWRMHQLVLSDVQHYRMsV
0RQWLPLLNDSDNXWWsR[KDNXWVKLKQLÅ8GKs]XHVLLSsUGRULPLWWs
NDSXoLWWsW\PUDYH´
5UsVKTLVQLYHVKMHQHEUHQGVKPHWsR[KDNXWSsUODUW
)LOWUL PH NDUERQ DNWLY SsU SURFHVLQ H TDUNXOOLPLW Ws
DMULW
)LOWULPHNDUERQDNWLYWKLWKVXEVWDQFDWDURPDWLNHQsSURFHVLQH
TDUNXOOLPLWWsDMULW1GsUURMHQLILOWULQPHNDUERQDNWLYG\KHUsQsYLW
QsUDVWHWHSsUGRULPLWQRUPDOGHULQsRUsQsGLWs
8GKs]LP )LOWUDWPHNDUERQDNWLYQXNSsUPEDMQsVXEVWDQFDWs
GsPVKPHGKHPXQGWsKLGKHQQsSOHKUDWHVKWsSLVs
9HQGRVMDHILOWULWPHNDUERQDNWLY
 dPRQWLPLLILOWULWSUHMPHWDOLWs\QG\UsVVKLKQL0DQXDOLL
SsUGRULPLWLDVSLUDWRULW
 9HQGRVQL ILOWULQ PH NDUERQ DNWLY SDORVHQL QJD ODUW GKH PEsUWKHQL
YHVKLQ)LJXUD
 0RQWLPL L ILOWULW SUHM PHWDOL Ws \QG\UsV VKLKQL 0DQXDOL L SsUGRULPLW
LDVSLUDWRULW
background

tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU
%XN×ODYX]XGLNNDWOLFHRNX\XQX]YHVDNOD\×Q×]$QFDNFLKD]×Q
PRQWDM×EXPRQWDMWDOLPDW×QGDWDULIHGLOHQüHNLOGHXVXOQHX\JXQ
RODUDN\DS×OP×üVDFLKD]×QNXOODQ×P×QGDJYHQOLNJDUDQWLVL
YHULOPLüWLU&LKD]×QNXUXOGXùX\HUGHNXVXUVX]oDO×üPDV×QGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
&LKD]×QEDùODQW×V×Q×VDGHFHHùLWLPOLELUX]PDQ\DSDELOLU
+HUWUOoDO×üPDODUDEDüODPDGDQ|QFHHOHNWULNEDùODQW×V×Q×NHVLQ
: <DUDODQPDWHKOLNHVL
.XUXOXPHVQDV×QGDNHVNLQNHQDUODUQHGHQL\OH\DUDODQPDWHKOLNHVL
YDUG×U&LKD]×QNXUXOXPoDO×üPDODU×ER\XQFDGDLPDNRUX\XFX
HOGLYHQOHUNXOODQ×Q
'RODü×PO×KDYDo×WDV×Q×QPRQWHHGLOPHVL
%DFDNDSODPDV×Q×V|NQ]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
'RODü×PO×KDYDo×WDV×Q×WXWPDN|üHEHQGLQHWDN×Q×] ² 5HVLP 
+RUWXPXLNLERUXELOH]LùLLOH GRODü×PO×KDYDQLWHVLQH
VDELWOH\LQL] ² 5HVLP 
+RUWXPJHUJLQROPDO×G×UJHUHNLUVHN×VDOW×Q×]
%DFDNDSODPDV×Q×PRQWHHGLQL]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
Įo EDFDNDSODPDV×Q×QGHOLNOHUL\XNDU×GRùUXROPDO×G×U
'RODü×PO×KDYDPRGXLoLQDNWLINDUERQILOWUHVL
$NWLINDUERQILOWUHOHULGRODü×PO×KDYDPRGXQGDNRNXPDGGHOHULQL
EDùODU1RUPDONXOODQ×PKDOLQGHJQGH ² VDDWDNWLINDUERQ
ILOWUHVLQL\×OGDLNL NH]GHùLüWLULQL]
%LOJL $NWLINDUERQILOWUHOHUL]DUDUO×PDGGHLoHUPH]YH QRUPDO
HY o|SNXWXVXQDDWDUDNJLGHUHELOLUVLQL]
$NWLINDUERQILOWUHVLQLQWDN×OPDV×
 0HWDO\DùILOWUHVLQLQV|NOPHVLEN]'DYOXPED]NXOODQ×P
N×ODYX]X
 $NWLINDUERQILOWUHVLNXOODQ×Q×]\XNDU×NDOG×U×Q×]YHW×UQDù×
NLOLWOH\LQL]5HVLP
 0HWDO\DùILOWUHVLQLQWDN×OPDV×EN]'DYOXPED]NXOODQ×P
N×ODYX]X
ukuk
õ
΅μπροςιυϕώζλνμρίες
Αίεκηαϕζίςαίεδμμώ
ΝάΪΰηθικθρβμΪγμίϐηλμκνδπϐψϐαΫίκίΰϐμφϑϑΕβςίδάΪεϐξϐδθάΪηΪ
νλμΪηθάδΪ ν άϐήιθάϐήηθλμϐ ήθ ϐηλμκνδπϐϑ α ζθημΪΰν έΪκΪημνώ Ϋίαιίδν
ίδλιενΪμΪπϐϑΖθημΪΰηβδηίλίάϐήιθάϐήΪεφηϐλμφαΪΫίαήθέΪηην
κθΫθμνικβεΪήνηΪζϐλπϐάλμΪηθάείηηω
ΕβςίδάΪεϐξϐδθάΪηϐλιίπϐΪεϐλμβζθΰνμφικβώήηνάΪμβικβεΪή
ΙίκίήάβδθηΪηηωζΫνήφωδβοκθΫϐμάϐήδεψρϐμφιθήΪρνλμκνζν
: Μδΰδζξδιίροίαλςαίμϋ
άϐήέθλμκβοδκΪϑάιϐήρΪλνλμΪηθάδβΙϐήρΪλνλμΪηθάδβικβεΪήν
λεϐήαΪάΰήβηΪήϐάΪμβαΪοβληϐκνδΪάβπϐ
Απρίμναϕρϋγδσκδιρνο
ΑηϐζϐμφθΫςβάδνάβμωΰηθϑμκνΫβήβά©΀ηλμκνδπϐωαζθημΪΰν
άβμωΰδβª
ΗΪάϐλφμίήίξείδμθκνδκϐιβεφηβγδνμηβδζΪε
ΑΪδκϐιϐμφςεΪηέήάθζΪμκνΫηβζβοθζνμΪζβηΪήίξείδμθκϐμΪ
ιθάϐμκωηθζνιΪμκνΫδνζΪε
΢εΪηέιθάβηίηΫνμβηΪμωέηνμβζάδθκθμLμφωδσθιθμκϐΫηθ
ΌλμΪηθάϐμφθΫςβάδνάβμωΰηθϑμκνΫβήβά©΀ηλμκνδπϐωαζθημΪΰν
άβμωΰδβª
ΙΪαβνάηνμκϐςηϐγθΫςβάπϐιθάβηηϐΫνμβλικωζθάΪηϐάέθκν
Αςβϕκϋμηθσϕκϋρογκώοδεηλςοδυηοιςκώυϕϖ
ξναϕροώ
ΝκίΰβζϐκίπβκδνεωπϐϑιθάϐμκωάνέϐεφηβγξϐεφμκιθέεβηΪώαΪιΪοβ
ΙκβηθκζΪεφηϐγίδλιενΪμΪπϐϑάϐήήθέθήβηηΪήίηφάνέϐεφηβγ
ξϐεφμκλεϐήαΪζϐηψάΪμβήάϐρϐηΪκϐδ
Αιίζϕαιί Όνέϐεφηβγξϐεφμκηίζϐλμβμφηϐωδβοςδϐήεβάβοκίρθάβηϐ
ζθΰίνμβεϐαθάνάΪμβλφκΪαθζιθΫνμθάβζβάϐήοθήΪζβ
΢πρίμναιίαςβϕκϋμνβνσϕκϋρος
 ΑηϐζϐμφζίμΪείάβγΰβκθιθέεβηΪψρβγξϐεφμκήβά©΀ηλμκνδπϐωα
ίδλιενΪμΪπϐϑάβμωΰδβª
 ΌλμΪηθάϐμφΪδμβάηβγάνέϐεφηβγξϐεφμκιϐήηϐζϐμφάέθκνμΪ
αΪξϐδλνγμίωαβρδβζΪε
 ΌλμΪηθάϐμφ ζίμΪείάβγ ΰβκθιθέεβηΪψρβγ ξϐεφμκ ήβά ©΀ηλμκνδπϐω
αίδλιενΪμΪπϐϑάβμωΰδβª
uz
Î
2UQDWLVKER\LFKD\RULTQRPDODU
0XKLPNRUVDWPDODU
8VKEX\RULTQRPDQL\D[VKLODERTLEVDTODETR\LQJ)DTDWXVKEX
RUQDWLVKER\LFKD\RULTQRPDJDPXYRILTWHJLVKOLUDYLVKGD
RUQDWJDQLQJL]GDIR\GDODQLVKGDJL[DYIVL]OLNWDPLQODQDGL
2UQDWXYFKLRUQDWLVKMR\LGDWRVLTVL]LVKODVKLXFKXQMDYREJDU
)DTDWNRQVHVVL\DOLNPXWD[DVVLVTXULOPDQLXODVKLPXPNLQ
+DULVKODUQLDPDOJDRVKLULVKGDQROGLQWRNWDPLQRWLQLWR[WDWLQJ
: -DURKDWROLVK[DYIL
R¶UQDWLVKYDTWLGDR¶WNLUTLUUDODULRUTDOL4XULOPDQLR¶UQDWLVK
MDUD\RQLGDKDPLVKDKLPR\DTR¶OTRSODULQLNL\LEROLQJ
+DYRD\ODQWLULVKSLVKDQJLQLRUQDWLVK
.DPLQTRSODPDVLQL\HFKLVK+DYRWRUWLVKTXYXULQLRUQDWLVK
NRUVDWPDODUL
+DYRD\ODQWLULVKSLVKDQJLQLXVKODVKEXUFKDJLJDRVLETR\LQJ
UDVP
6KODQJQL LNNLWD TXYXU [RPXWODUL ELODQ KDYR D\ODQWLULVK SLVKDQJL YD
KDYRVKWXWVHUODULELODQPDKNDPODQJUDVP
6KODQJTDWWLTEROLVKLNHUDN
.DPLQTRSODPDVLQLRUQDWLVK+DYRWRUWLVKTXYXULQLRUQDWLVK
NRUVDWPDODUL
,FKNLPR¶ULTRSODPDVLQLQJWHVKLNODUL\XTRULJDTDUDEWXULVKLNHUDN
)DROODVKWLULOJDQ NR¶PLUOL ILOWU KDYR D\ODQWLULVK UHMLPL
XFKXQ
)DROODVKWLULOJDQNR¶PLUOLILOWUKDYRD\ODQWLULVKUHMLPLGDKLG
PRGGDODULQL ERJOD\GL )DROODVKWLULOJDQ NRPLU ILOWULQL QRUPDO UHMLPGD
KDUNXQLVRDWELU\LOGDLNNLPDUWDDOPDVKWLULQJ
(VODWPD )DROODVKWLULOJDQNRPLUILOWULGD]L\RQNHOWLUDGLJDQ
PRGGDODU\RTYDXODUQLX\D[ODWLJDWDVKODVKPXPNLQ
)DROODVKWLULOJDQNR¶PLUOLILOWUQLRUQDWLVK
 0HWDOOPR\ILOWULQL\HFKLVK+DYRWRUWLVKTXYXULGDQIR\GDODQLVK
ER\LFKD\RULTQRPDVLQLTDUDQJ
 )DRO NRPLU ILOWULQL VROLQJ \XTRULJD TD\LULQJ YD WLOLQL WLUDWLQJ UDVP

 0HWDOOPR\ILOWULQLRUQDWLVK+DYRWRUWLVKTXYXULGDQIR\GDODQLVK
ER\LFKD\RULTQRPDVLQLTDUDQJ
background

background
*9001297244*  


Specifications

Indexed Terms: Recirculation Kit

Neff Z51DXU0X0 Questions and Answers

Questions and Answers

Related Products