Neff Z50XXP0X0 Long Life odor filter

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual
  • User Manual - (English, French, Portuguese, Spanish, German, Bulgarian, Croatian, Czech, Danish, Dutch - Holland, Estonian, Finland, Greek, Hungarian, Italian, Latvian, Lithuanian, Norway, Polish, Romanian, Russian, Slovak, Slovenian, Swedish, Turkish) Read Online | Download pdf
Specification
Z50XXP0X0 photo

User Manual

This is the main product document for model Z50XXP0X0.

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

background
*9001207137*  

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
× 0RQWHULQJVYHMOHGQLQJ
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
Þ 1RWLFHGHPRQWDJH
é ,QVWDOODWLHYRRUVFKULIW
â ,VWUX]LRQLSHULOPRQWDJJLR
Ù 
ô 0RQWDMN×ODYX]X
î Ημπροςιυηώξνλνμρίες
Ü 3DLJDOGXVMXKHQG
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
ë ,QVWUXNFMDPRQWDŰX
í ,QVWUXFŘLXQLGHPRQWDM
á 6]HUHOpVL~WPXWDWy
ð 1DYRGLOD]DPRQWDçR
Ö 0RQWiçQtQiYRG
ï 0RQWiçQ\QiYRG
à 8SXWH]DPRQWDçX
Ò Οωινανγπρανζίλνμρίε
ò 8SXWVWYRRSRVWDYOMDQMX
ñ 8GKs]LPSsUPRQWLP
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 $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
: 9HUOHW]XQJVJHIDKU
GXUFKVFKDUIH.DQWHQZlKUHQGGHU,QVWDOODWLRQ:lKUHQGGHU,QV
WDOODWLRQGHV*HUlWHVLPPHU6FKXW]KDQGVFKXKHWUDJHQ
*HUXFKVILOWHUUHJHQHULHUHQ
8PGLH*HUXFKVILOWHUOHLVWXQJ]XJHZlKUOHLVWHQUHJHQHULHUHQ6LH
GHQ*HUXFKVILOWHUEHLQRUPDOHP%HWULHEWlJOLFKFLUFD 6WXQGH
DOOH 0RQDWH
6LHN|QQHQGHQ*HUXFKVILOWHULQHLQHPKDQGHOVEOLFKHQ%DFNRIHQ
UHJHQHULHUHQ
: 9HUEUHQQXQJVJHIDKU
'HU*HUXFKVILOWHUEOHLEWQDFKGHP5HJHQHULHUHQODQJH=HLWKHL
'HQ*HUXFKVILOWHUGLUHNWQDFKGHP5HJHQHULHUHQQLFKWEHUKUHQ
VRQGHUQDENKOHQODVVHQ
'HQKHLHQ*HUXFKVILOWHU]XP$ENKOHQDXIHLQHKLW]HEHVWlQGLJH
8QWHUODJHOHJHQ
+LQZHLVH
'HU*HUXFKVILOWHUNDQQELV]XPDOUHJHQHULHUWZHUGHQXQG
PXVVEHLQRUPDOHP%HWULHEWlJOLFKFLUFD 6WXQGHVSlWHVWHQV
QDFK -DKUHQDXVJHWDXVFKWZHUGHQ
:HQQHLQUHJHQHULHUEDUHU*HUXFKVILOWHUKHUXQWHUIlOOWNDQQGLH
VHUEHVFKlGLJWZHUGHQ
'LH%HVFKlGLJXQJHQVLQGYRQDXHQQLFKWLPPHUVLFKWEDU(QW
VRUJHQ XQG HUVHW]HQ 6LH GHQ KHUXQWHUJHIDOOHQHQ UHJHQHULHUEDUHQ
*HUXFKVILOWHU
'HQ *HUXFKVILOWHU QLH PLW 5HLQLJHUQ PLW :DVVHU LQ GHU *HVFKLUU
VSOPDVFKLQHRGHUPLWHLQHPQDVVHQ7XFKUHLQLJHQ
8PGDV%DFNEOHFKQLFKW]X]HUNUDW]HQOHJHQ6LHGHQ*HUXFKV
ILOWHUDXIHLQHQ5RVW
'HQ *HUXFKVILOWHU EHL PD[LPDO  & 8POXIW : UHJHQHULHUHQ
'HQ*HUXFKVILOWHUQLFKWPLWGHU2IHQUHLQLJXQJVIXQNWLRQ
3\URO\VHUHJHQHULHUHQ
%HLP5HJHQHULHUHQGHV*HUXFKVILOWHUVNDQQHV]X*HUXFKVHQW
ZLFNOXQJ NRPPHQ 6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW
(LQ)HQVWHU|IIQHQ
 'LH%OHQGHRGHUGLH$EGHFNXQJHQWIHUQHQ %LOG 
 'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGLHVHQDXVEDXHQ %LOG 
 'HQ%DFNRIHQDXIPD[LPDO&8POXIW :YRUKHL]HQ
 'HQ*HUXFKVILOWHUIU 0LQXWHQLP%DFNRIHQEHLPD[LPDO
 &8POXIW :UHJHQHULHUHQ
 6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW (LQ )HQVWHU |IIQHQ
 'HQ*HUXFKVILOWHUDENKOHQODVVHQ
 'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGHQUHJHQHULHUWHQ*HUXFKVILOWHUHLQVHW
]HQ
 'LH%OHQGHRGHUGLH$EGHFNXQJHLQVHW]HQ
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$OZD\VZHDUSURWHFWLYH
JORYHVZKLOHLQVWDOOLQJWKHDSSOLDQFH
5HJHQHUDWLQJWKHRGRXUILOWHU
7RJXDUDQWHHWKHRGRXUILOWHUSRZHUUHJHQHUDWHWKHRGRXUILOWHU
ZLWKQRUPDOXVHGDLO\IRUDSSUR[RQHKRXUHYHU\²ĂPRQWKV
<RXFDQUHJHQHUDWHWKHRGRXUILOWHULQDVWDQGDUGRYHQ
: 5LVNRIVFDOGLQJ
7KHRGRXUILOWHUUHPDLQVKRWIRUTXLWHVRPHWLPHDIWHULWKDVEHHQ
UHJHQHUDWHG 'R QRW WRXFK WKH RGRXU ILOWHU VWUDLJKW DIWHU LW KDV EHHQ
UHJHQHUDWHG²DOORZLWWRFRROGRZQ
/HDYH WKH KRW RGRXU ILOWHU WR FRRO GRZQ RQ D KHDWUHVLVWDQW VXUIDFH
1RWHV
7KHRGRXUILOWHUFDQEHUHJHQHUDWHGXSWRĂWLPHVDQGPXVWEH
UHSODFHGDWOHDVWHYHU\ \HDUVZLWKQRUPDOXVHGDLO\IRU
DSSUR[RQHKRXU
,IDUHJHQHUDEOHRGRXUILOWHUIDOOVLWPD\EHFRPHGDPDJHG
7KHGDPDJHLVQRWDOZD\VYLVLEOHIURPWKHRXWVLGH'LVSRVHRI
DQG UHSODFH GRZQ DQ\ UHJHQHUDEOH RGRXU ILOWHUV WKDW KDYH IDOOHQ
1HYHUFOHDQRGRXUILOWHUVZLWKFOHDQLQJSURGXFWVZDWHULQWKH
GLVKZDVKHURUZLWKDGDPSFORWK
7RHQVXUHWKDW\RXGRQRWVFUDWFKWKHEDNLQJWUD\SODFHWKH
RGRXUILOWHURQDZLUHUDFN
5HJHQHUDWHWKHRGRXUILOWHUDWDPD[LPXPRI &
+RW$LU
:'RQRWUHJHQHUDWHWKHRGRXUILOWHUZLWKWKHRYHQ
FOHDQLQJIXQFWLRQS\URO\WLFVHOIFOHDQ
2GRXUV PD\ GHYHORS ZKHQ UHJHQHUDWLQJ WKH RGRXU ILOWHU (QVXUH
WKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
 5HPRYHWKHSDQHORUFRYHU )LJ 
 7KH RGRXU ILOWHU LV KHDY\ VR \RX VKRXOG WDNH KROG RI WKH RGRXU ILOWHU
ZLWKRQHKDQGIURPEHORZDQGUHPRYHLW )LJ 
 3UHKHDWWKHRYHQWRDPD[LPXPRI &+RW$LU :
 5HJHQHUDWHWKHRGRXUILOWHULQWKHRYHQIRU PLQXWHVDWD
PD[LPXPRI &+RW$LU
:
 (QVXUHWKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
 $OORZWKHRGRXUILOWHUWRFRROGRZQ
 7KH RGRXU ILOWHU LV KHDY\ VR \RX VKRXOG WDNH KROG RI WKH RGRXU ILOWHU
ZLWK RQH KDQG IURP EHORZ DQG LQVHUW WKH UHJHQHUDWHG RGRXU ILOWHU
 ,QVHUWWKHSDQHORUFRYHU
background

sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDU
/lVDQYLVQLQJHQQRJJUDQWRFKVSDUDGHQ6lNHUDQYlQGQLQJ
NUlYHUDWWLQE\JJQDGHQlUXWI|UGIDFNPlVVLJWHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UDWWHQKHWHQ
IXQJHUDUSnXSSVWlOOQLQJVSODWVHQ
'HWlUEDUDEHK|ULJIDFNPDQVRPInUDQVOXWDHQKHWHQ
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UDUEHWHQDYDOODVODJ
: 6NDGHULVN
YLGLQVWDOODWLRQSnJUXQGDYYDVVDNDQWHU$QYlQGDOOWLG
VN\GGVKDQGVNDUYLGLQVWDOODWLRQDYHQKHWHQ
5HJHQHUHUDRVILOWUHW
5HJHQHUHUDRVILOWUHWYDU PnQDGYLGQRUPDODQYlQGQLQJFD
WLPPHYDUMHGDJI|UELEHKnOOHQRVILOWHUNDSDFLWHW
'XNDQUHJHQHUHUDRVILOWUHWLYDQOLJXJQ
: 5LVNI|UEUlQQVNDGRU
2VILOWUHWI|UEOLUYDUPWOnQJWHIWHUUHJHQHUHULQJHQ5|ULQWHRVILOWUHW
GLUHNWHIWHUUHJHQHUHULQJHQXWDQOnWGHWI|UVWVYDOQDRUGHQWOLJW
/nWGHWKHWDRVILOWUHWVYDOQDSnYlUPHWnOLJWXQGHUODJ
$QYLVQLQJ
'HWJnUDWWUHJHQHUHUDRVILOWUHWXSSWLOOĂJnQJHURFKYLG
QRUPDODQYlQGQLQJ FD ĂWLPPH YDUMH GDJ PnVWH GHW E\WDV LQRP
 nU
'HWUHJHQHUHUDGHRVILOWUHWNDQEOLVNDGDWRPGHWIDOOHUQHG
6NDGRUQDJnULQWHDOOWLGDWWVHXWYlQGLJW2PKlQGHUWDRFKE\W
UHJHQHUHUEDUDRVILOWHUVRPIDOOLWQHG
5HQJ|UDOGULJRVILOWHUPHGUHQJ|ULQJVPHGHOYDWWHQGLVNPDVNLQ
HOOHUYnWWUDVD
/lJJRVILOWUHWSnJDOOHUDQQDUVNDQGXUHSDEDNSOnWHQ
5HJHQHUHUDRVILOWUHWSnPD[&YDUPOXIW :5HJHQHUHUD
LQWHRVILOWUHWPHGXJQVUHQJ|ULQJVIXQNWLRQHQS\URO\V
'HWNDQOXNWDHQGHOYLGUHJHQHUHULQJHQDYRVILOWUHW6HWLOOVnDWW
UXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
 7DERUWSDQHOHQHOOHUVN\GGHW ELOG 
 2VILOWUHW lU WXQJW Vn KnOO HQ KDQG XQGHU QlU GX WDU XU GHW ELOG 
 )|UYlUPXJQHQWLOOPD[&YDUPOXIW :
 5HJHQHUHUDRVILOWUHWLXJQSnPD[&YDUPOXIW :L
 PLQXWHU
 6HWLOOVnDWWUXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
 /nWRVILOWUHWVYDOQD
 2VILOWUHWlUWXQJWVnKnOOHQKDQGXQGHUQlUGXVlWWHULGHW
UHJHQHUHUDGHRVILOWUHW
 6lWWSnSDQHOHQHOOHUVN\GGHW
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
5HJHQHUHUHOXNWILOWHU
)RU n VLNUH DW OXNWILOWHUHW IXQJHUHU JRGW E¡U GX UHJHQHUHUH GHW KYHU
² PnQHGYHGYDQOLJEUXNFD WLPHGDJOLJ
'XNDQUHJHQHUHUHOXNWILOWHUHWLHQYDQOLJVWHNHRYQ
: )DUHIRUIRUEUHQQLQJ
/XNWILOWHUHWHUIRUWVDWWYDUPWOHQJHHWWHUUHJHQHUHULQJHQ,NNHEHU¡U
OXNWILOWHUHWUHWWHWWHUUHJHQHUHULQJHQPHQODGHWNM¡OHVHJQHG
/HJJGHWYDUPHOXNWILOWHUHWSnHWXQGHUODJVRPWnOHUYDUPH
0HUNQDGHU
/XNWILOWHUHWNDQUHJHQHUHUHVRSSWLOĂJDQJHURJPnE\WWHVXW
HWWHUVHQHVW nUYHGQRUPDOEUXNFD WLPHGDJOLJ
+YLVHWUHJHQHUHUEDUWOXNWILOWHUIDOOHUQHGNDQGHWEOLVNDGHW
6NDGHQHHULNNHDOOWLGV\QOLJHXWHQSn.DVVHURJE\WWXWGHW
OXNWILOWHUHWVRPKDUIDOWQHG
%UXNDOGULUHQJM¡ULQJVPLGGHOYDQQRSSYDVNPDVNLQHOOHUHQ
IXNWLJNOXWWLOnUHQJM¡UHOXNWILOWHUHW
/HJJOXNWILOWHUHWSnHQULVWVOLNDWGXLNNHVNUDSHURSS
VWHNHEUHWWHW
5HJHQHUHUOXNWILOWHUHWSnPDNV &VLUNXODVMRQVOXIW :
/XNWILOWHUHWPnLNNHUHJHQHUHUHVPHGRYQUHQJM¡ULQJVIXQNVMRQHQ
S\URO\VH
1nU OXNWILOWHUHW UHJHQHUHUHV NDQ GHW RSSVWn OXNW 3nVH DW URPPHW
HUJRGWYHQWLOHUWcSQHHWYLQGX
 )MHUQSDQHOHWHOOHUGHNVHOHW ELOGH 
 /XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJWDGHWXW ELOGH 
 )RUYDUPVWHNHRYQHQWLOPDNV &VLUNXODVMRQVOXIW :
 5HJHQHUHUOXNWILOWHUHWL PLQXWWHULVWHNHRYQHQSnPDNV
 &VLUNXODVMRQVOXIW :
 3nVHDWURPPHWHUJRGWYHQWLOHUWcSQHHWYLQGX
 /DOXNWILOWHUHWDYNM¡OHV
 /XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJVHWWHLQQGHWUHJHQHUHUWHOXNWILOWHUHW
 6HWWSnSDQHOHWHOOHUGHNVHOHW
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
+DMXVXRGDWWLPHQUHJHQHURLQWL
-RWWD KDMXVXRGDWWLPHQ WHKR VlLO\\ K\YlQl UHJHQHURL KDMXVXRGDWLQ
WDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQĂWXQWLĂĂNXXNDXGHQ
YlOHLQ
9RLWUHJHQHURLGDKDMXVXRGDWWLPHQWDYDQRPDLVHVVDXXQLVVD
: 3DORYDPPRMHQYDDUD
+DMXVXRGDWLQS\V\\UHJHQHURLQQLQMlONHHQNDXDQNXXPDQDbOl
NRVNHWD KDMXVXRGDWLQWD KHWL UHJHQHURLQQLQ MlONHHQ YDDQ DQQD VHQ
HQVLQMllKW\lULLWWlYlVWL
$VHWDNXXPDKDMXVXRGDWLQMllKW\PllQNXXPXXWWDNHVWlYlOOH
DOXVWDOOH
+XRPDXWXNVLD
+DMXVXRGDWLQYRLGDDQUHJHQHURLGDHQLQWllQĂNHUWDDMDVHRQ
YDLKGHWWDYDWDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQĂWXQWL
YLLPHLVWllQĂYXRGHQNXOXWWXD
+DMXVXRGDWLQYRLYDXULRLWXDMRVVHSllVHHSXWRDPDDQ
9DXULRW HLYlW ROH DLQD KDYDLWWDYLVVD XONRSXROHOWD 9DLKGD MD KlYLWl
SXGRQQXWUHJHQHURLWDYLVVDROHYDKDMXVXRGDWLQ
bOlSXKGLVWDKDMXVXRGDWLQWDSXKGLVWXVDLQHLOODYHGHOOl
DVWLDQSHVXNRQHHVVDWDLPlUlOOlOLLQDOOD
$VHWDKDMXVXRGDWLQULWLOlOOHMRWWDOHLYLQSHOWLHLQDDUPXXQQX
5HJHQHURLKDMXVXRGDWLQHQLQWllQOlPS|WLODVVD &
NLHUWRLOPD
:bOlUHJHQHURLKDMXVXRGDWLQWD
XXQLQSXKGLVWXVWRLPLQQROODS\URO\\VL
+DMXVXRGDWWLPHQUHJHQHURLQQLQ\KWH\GHVVlYRLPXRGRVWXD
KDMXMD 9DUPLVWD HWWl KXRQHHVVD RQ K\Yl WXXOHWXV $YDD LNNXQD
 3RLVWDVXRMXVWDLSHLWHOHY\ NXYD 
 +DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDRWDVHSRLVSDLNDOWDDQ NXYD 
 (VLOlPPLWlXXQLHQLQWllQOlPS|WLODDQĂ&NLHUWRLOPD :
 5HJHQHURLKDMXVXRGDWLQWDĂPLQXXWWLDXXQLVVDHQLQWllQ
OlPS|WLODVVD &NLHUWRLOPD :
 9DUPLVWDHWWlKXRQHHVVDRQK\YlWXXOHWXV$YDDLNNXQD
 $QQDKDMXVXRGDWWLPHQMllKW\l
 +DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDDVHWDUHJHQHURLWXKDMXVXRGDWLQ
SDLNDOOHHQ
 $VHWDVXRMXVWDLSHLWHOHY\SDLNDOOHHQ
background

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
5HJHQHUHUHOXJWILOWHU
)RUDWVLNUHRSWLPDOOXJWDEVRUSWLRQVNDOOXJWILOWUHWYHGQRUPDOGULIW
FD WLPHGDJOLJWUHJHQHUHUHVIRUKYHU PnQHGHU
/XJWILOWUHWNDQUHJHQHUHUHVLHQDOPLQGHOLJEDJHRYQ
: )DUHIRUIRUEUQGLQJ
/XJWILOWUHWHUPHJHWYDUPWLODQJWLGHIWHUUHJHQHUHULQJHQ5¡ULNNH
YHGOXJWILOWUHWXPLGGHOEDUWHIWHUUHJHQHUHULQJHQPHQODGGHWI¡UVW
N¡OHWLOVWUNNHOLJWDI
/JGHWYDUPHOXJWILOWHUWLODIN¡OLQJSnHWYDUPHEHVWDQGLJW
XQGHUODJ
$QYLVQLQJHU
/XJWILOWUHWNDQUHJHQHUHUHVRSWLOĂJDQJH9HGQRUPDO
DQYHQGHOVHFD WLPHGDJOLJWVNDOGHWXGVNLIWHVHIWHUPDNV
 nU
+YLVGHWUHJHQHUHUEDUHOXJWILOWHUIDOGHUSnJXOYHWNDQGHWEOLYH
EHVNDGLJHW
6nGDQQHEHVNDGLJHOVHUHULNNHDOWLGV\QOLJHXGHIUD,JLYHWIDOG
VNDOGHWEHVNDGLJHGHUHJHQHUHUEDUHOXJWILOWHUNDVVHUHVRJ
HUVWDWWHVPHGHWQ\W
/XJWILOWUHW Pn DOGULJ UHQJ¡UHV PHG UHQJ¡ULQJVPLGOHU YDQG YnGH
NOXGHHOOHULRSYDVNHPDVNLQHQ
/J OXJWILOWUHW Sn HQ ULVW IRU DW XQGJn DW EDJHSODGHQ EOLYHU ULGVHW
/XJWILOWUHWPnPDNVLPDOWUHJHQHUHUHVYHG &
FLUNXODWLRQVOXIW
:/XJWILOWUHWPnLNNHUHJHQHUHUHVPHG
RYQUHQVHIXQNWLRQHQS\URO\VH
'HU NDQ RSVWn OXJW L IRUELQGHOVH PHG UHJHQHUHULQJHQ DI OXJWILOWUHW
6¡UJIRUDWUXPPHWHUJRGWYHQWLOHUHW/XNHWYLQGXHRS
 )MHUQSDQHOHWHOOHUDIGNQLQJHQ ILJ 
 /XJWILOWUHW HU WXQJW KROG GHUIRU PHG GHQ HQH KnQG XQGHU OXJWILOWUHW
XQGHUDIPRQWDJHQ ILJ 
 2SYDUPRYQHQWLOPDNV&FLUNXODWLRQVOXIW :
 5HJHQHUHU OXJWILOWUHW L  PLQXWWHU L RYQHQ YHG PDNLPDOW  &
FLUNXODWLRQVOXIW
:
 6¡UJIRUDWUXPPHWHUJRGWYHQWLOHUHW/XNHWYLQGXHRS
 /DGOXJWILOWUHWN¡OHDI
 /XJWILOWUHW HU WXQJW KROG GHUIRU PHG GHQ HQH KnQG XQGHU OXJWILOWUHW
PHQVGHWUHJHQHUHUHGHOXJWILOWHUVWWHVSnSODGV
 6WSDQHOHWHOOHUDIGNQLQJHQLQG
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
$QWHVGHUHDOL]DUFXDOTXLHUWUDEDMRVHKDGHFRUWDUHOVXPLQLVWUR
HOpFWULFR
: £3HOLJURGHOHVLRQHV
SRU ERUGHV DILODGRV GXUDQWH OD LQVWDODFLyQ 8WLOL]DU VLHPSUH JXDQWHV
GHSURWHFFLyQGXUDQWHODLQVWDODFLyQGHODSDUDWR
5HJHQHUDUHOILOWURGHVRGRUL]DQWH
3DUDDVHJXUDUODSRWHQFLDGHOILOWURGHVRGRUL]DQWHFRQXQ
IXQFLRQDPLHQWRQRUPDODSUR[ KRUDGLDULDUHJHQHUDUHOILOWUR
FDGD PHVHV
(OILOWURGHVRGRUL]DQWHSXHGHUHJHQHUDUVHHQXQKRUQR
FRQYHQFLRQDO
: £3HOLJURGHTXHPDGXUDV
(OILOWURGHVRGRUL]DQWHSHUPDQHFHFDOLHQWHGXUDQWHXQWLHPSR
SURORQJDGRWUDVVXUHJHQHUDFLyQ1RWRFDUGLUHFWDPHQWHHOILOWUR
GHVRGRUL]DQWHWUDVVXUHJHQHUDFLyQGHMDUTXHVHHQIUtH
&RORFDUHOILOWURGHVRGRUL]DQWHFDOLHQWHVREUHXQDVXSHUILFLH
UHVLVWHQWHDOFDORUSDUDTXHVHHQIUtH
1RWDV
(O ILOWUR GHVRGRUL]DQWH SXHGH UHJHQHUDUVH KDVWD  YHFHV \ FRQ
XQXVRQRUPDOGHDSUR[ KRUDDOGtDGHEHVXVWLWXLUVHDPiV
WDUGDUDOFDERGH DxRV
6LXQILOWURGHVRGRUL]DQWHUHJHQHUDEOHVHFDHSXHGHGDxDUVH
/RVGDxRVQRVLHPSUHVHUiQYLVLEOHVSRUIXHUD'HVHFKDU\
UHHPSOD]DU HO ILOWUR GHVRGRUL]DQWH UHJHQHUDEOH TXH VH KD FDtGR
1ROLPSLDUQXQFDORVILOWURVGHVRGRUL]DQWHVFRQDJXDHQHO
ODYDYDMLOODVRFRQXQWUDSRK~PHGR
3DUDQRUD\DUODEDQGHMDGHKRUQRFRORFDUHOILOWUR
GHVRGRUL]DQWHVREUHXQDSDUULOOD
5HJHQHUDUHOILOWURGHVRGRUL]DQWHD &FRPRPi[LPR
UHFLUFXODFLyQGHDLUH
:1RUHJHQHUDUHOILOWURGHVRGRUL]DQWH
FRQODIXQFLyQGHOLPSLH]DGHOKRUQROLPSLH]DSLUROtWLFD
(V SRVLEOH TXH VH SURGX]FDQ RORUHV GXUDQWH OD UHJHQHUDFLyQ GHO
ILOWURGHVRGRUL]DQWH$VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQ
YHQWLODGD$EULUXQDYHQWDQD
 5HWLUDUODPROGXUDRODWDSD )LJ 
 (OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMR\UHWLUDUOR )LJ 
 3UHFDOHQWDUHOKRUQRDXQDWHPSHUDWXUDPi[LPDGH &
FLUFXODFLyQGHDLUH :
 5HJHQHUDUHOILOWURGHVRGRUL]DQWHHQHOKRUQRD &FRPR
Pi[LPRFLUFXODFLyQGHDLUH :GXUDQWH PLQXWRV
 $VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQYHQWLODGD$EULUXQD
YHQWDQD
 'HMDUHQIULDUHOILOWURGHVRGRUL]DQWH
 (OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMRHLQVHUWDUXQILOWURUHJHQHUDGR
 9ROYHUDLQVHUWDUODWDSDRODPROGXUD
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHV
/HLDDWHQWDPHQWHHJXDUGHHVWDVLQVWUXo}HV$SHQDVVHD
PRQWDJHPIRUUHDOL]DGDGHIRUPDWHFQLFDPHQWHFRUUHFWDHP
FRQIRUPLGDGHFRPHVWDVLQVWUXo}HVGHPRQWDJHPVHSRGH
JDUDQWLUDVHJXUDQoDGXUDQWHDXWLOL]DomR2LQVWDODGRUp
UHVSRQViYHOSHORIXQFLRQDPHQWRFRUUHFWRQRORFDOGHLQVWDODomR
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
'HVOLJDUDDOLPHQWDomRHOpFWULFDDQWHVGHUHDOL]DUTXDLVTXHU
WUDEDOKRV
: 3HULJRGHIHULPHQWRV
GHYLGRDFDQWRVSRQWLDJXGRVGXUDQWHDLQVWDODomR8VDUVHPSUH
OXYDVGHSURWHFomRGXUDQWHDLQVWDODomRGRDSDUHOKR
5HJHQHUDURILOWURGHRGRUHV
3DUDJDUDQWLURGHVHPSHQKRGRILOWURGHRGRUHVFRPXPD
XWLOL]DomR QRUPDO DSUR[ ĂKRUD SRU GLD UHJHQHUH R ILOWUR WRGRV RV
ĂPHVHV
3RGHUHJHQHUDURILOWURGHRGRUHVQXPIRUQRGLVSRQtYHOQR
PHUFDGR
: 3HULJRGHTXHLPDGXUDV
2 ILOWUR GH RGRUHV SHUPDQHFH TXHQWH GXUDQWH PXLWR WHPSR DSyV D
UHJHQHUDomR1mRWRTXHQRILOWURGHRGRUHVORJRDSyVD
UHJHQHUDomRGHL[HRDUUHIHFHU
&RORTXHRILOWURGHRGRUHVTXHQWHVREUHXPDEDVHUHVLVWHQWHDR
FDORUSDUDRDUUHIHFHU
1RWDV
2ILOWURGHRGRUHVSRGHVHUUHJHQHUDGRDWpĂYH]HVHWHPGH
VHUVXEVWLWXtGRRPDLVWDUGDUDSyVĂDQRVQRFDVRGHXPD
XWLOL]DomRQRUPDOGLDULDPHQWHFHUFDGHĂKRUD
1RFDVRGHTXHGDRVILOWURVGHRGRUHVUHJHQHUiYHLVSRGHP
ILFDUGDQLILFDGRV
2V GDQRV QHP VHPSUH VmR YLVtYHLV D SDUWLU GR H[WHULRU (OLPLQH H
VXEVWLWXDRILOWURUHJHQHUiYHOTXHVRIUHXDTXHGD
1XQFDOLPSHRILOWURGHRGRUHVFRPSURGXWRVGHOLPSH]DiJXD
QDPiTXLQDGHODYDUQHPFRPXPSDQRPROKDGR
3DUDQmRULVFDURWDEXOHLURFRORTXHRILOWURGHRGRUHVQXPD
JUHOKD
background

5HJHQHUHRILOWURGHRGRUHVD &QRPi[LPRDU
FLUFXODQWH
:1mRUHJHQHUHRILOWURGHRGRUHVQDIXQomRGH
OLPSH]DGRIRUQROLPSH]DSLUROtWLFD
'XUDQWHDUHJHQHUDomRGRILOWURGHRGRUHVSRGHRFRUUHUD
IRUPDomR GH RGRUHV &HUWLILTXHVH GH TXH R HVSDoR VH HQFRQWUD
EHPDUHMDGR$EUDXPDMDQHOD
 5HPRYDDDEDRXDFREHUWXUD )LJ 
 2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHGHVPRQWHR )LJ 
 3UpDTXHoDRIRUQRQRPi[LPRDĂ&DUFLUFXODQWH:
 5HJHQHUHRILOWURGHRGRUHVGXUDQWHĂPLQXWRVQRIRUQRQR
Pi[LPRDĂ&DUFLUFXODQWH
:
 &HUWLILTXHVHGHTXHRHVSDoRVHHQFRQWUDEHPDUHMDGR$EUD
XPDMDQHOD
 'HL[HDUUHIHFHURILOWURGHRGRUHV
 2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHLQVLUDRILOWURGHRGRUHVUHJHQHUDGR
 &RORTXHDDEDRXDFREHUWXUD
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
5pJpQpUHUOHILOWUHjRGHXUV
$ILQGHJDUDQWLUOHVSHUIRUPDQFHVGXILOWUHjRGHXUVUpJpQpUH]OH
ILOWUHjRGHXUVWRXVOHVĂPRLVHQIRQFWLRQQHPHQWQRUPDO
HQYLURQĂKHXUHSDUMRXU
9RXVSRXYH]UpJpQpUHUOHILOWUHjRGHXUVGDQVXQIRXUXVXHOGX
FRPPHUFH
: 5LVTXHGHEUOXUH
/HILOWUHjRGHXUVUHVWHORQJWHPSVFKDXGDSUqVVDUpJpQpUDWLRQ
1HSDVOHWRXFKHUGLUHFWHPHQWDSUqVVDUpJpQpUDWLRQODLVVHU
GDERUGOHILOWUHUHIURLGLU
3RXUOHODLVVHUUHIURLGLUGpSRVHUOHILOWUHjRGHXUVFKDXGVXUXQ
VXSSRUWUpVLVWDQWjODFKDOHXU
5HPDUTXHV
/HILOWUHjRGHXUVSHXWrWUHUpJpQpUpMXVTXj IRLVHWGRLWrWUH
UHPSODFpDXSOXVWDUGDSUqV DQQpHVGXWLOLVDWLRQHQ
IRQFWLRQQHPHQWQRUPDOHQYLURQĂKHXUHSDUMRXU
6L XQ ILOWUH j RGHXUV UpJpQpUDEOH WRPEH LO SHXW rWUH HQGRPPDJp
/HV GpJkWV QH VRQW SDV WRXMRXUV YLVLEOHV GH OH[WpULHXU 0HWWH] OH
ILOWUHjRGHXUVWRPEpDXUHEXWHWUHPSODFH]OH
1HQHWWR\H]MDPDLVOHILOWUHjRGHXUVDYHFGHVGpWHUJHQWVGH
OHDXGDQVOHODYHYDLVVHOOHQLDYHFXQFKLIIRQKXPLGH
3RXUpYLWHUGHUD\HUODSODTXHjSkWLVVHULHSODFH]OHILOWUHj
RGHXUVVXUXQHJULOOH
5pJpQpUH]OHILOWUHjRGHXUVjXQHWHPSpUDWXUHPD[LPDOH
 & FKDOHXU YHQWLOpH
: 1H UpJpQpUH] SDV OH ILOWUH j RGHXUV
DYHFODIRQFWLRQGHQHWWR\DJHGXIRXUS\URO\VH
/D UpJpQpUDWLRQ GX ILOWUH j RGHXUV SHXW HQWUDvQHU XQ GpJDJHPHQW
GRGHXU$VVXUH]YRXVTXHODSLqFHHVWELHQYHQWLOpH2XYUH]
XQHIHQrWUH
 5HWLUH]OHEDQGHDXGHFRPPDQGHRXOHFDFKH ILJ 
 /HILOWUHjRGHXUVHVWORXUG SODFH]SDUFRQVpTXHQWXQHPDLQ
VRXVOHILOWUHjRGHXUVHWGpPRQWH]OH ILJ 
 3UpFKDXIIH]OHIRXUj&PD[LPXPFKDOHXUYHQWLOpH :
 5pJpQpUH]OHILOWUHjRGHXUVSHQGDQW PLQXWHVDXIRXUj
 &PD[LPXPFKDOHXUYHQWLOpH
:
 $VVXUH]YRXV TXH OD SLqFH HVW ELHQ YHQWLOpH 2XYUH] XQH IHQrWUH
 /DLVVH]UHIURLGLUOHILOWUHjRGHXUV
 /HILOWUHjRGHXUVHVWORXUG SODFH]SDUFRQVpTXHQWXQHPDLQ
VRXVOHILOWUHjRGHXUVHWLQVpUH]OHILOWUHjRGHXUVUpJpQpUp
 0HWWH]HQSODFHOHEDQGHDXGHFRPPDQGHRXOHFDFKH
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRUHQEHZDDUKHP
JRHG$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
*HXUILOWHUUHJHQHUHUHQ
5HJHQHUHHU RP GH SUHVWDWLHV YDQ KHW JHXUILOWHU WH ZDDUERUJHQ KHW
JHXUILOWHUELMQRUPDDOJHEUXLNFD XXUSHUGDJHONH
PDDQGHQ
8NXQWKHWJHXUILOWHULQHHQJHZRQHRYHQUHJHQHUHUHQ
: *HYDDUYRRUYHUEUDQGLQJ
'H JHXUILOWHU EOLMIW QD KHW UHJHQHUHUHQ ODQJ KHHW 'H JHXUILOWHU GLUHFW
QDKHWUHJHQHUHUHQQLHWDDQUDNHQPDDUODWHQDINRHOHQ
'HKHWHJHXUILOWHURPDIWHNRHOHQRSHHQKLWWHEHVWHQGLJH
RQGHUODDJOHJJHQ
$DQZLM]LQJHQ
+HWJHXUILOWHUNDQWRWPD[LPDDOĂPDDOZRUGHQJHUHJHQHUHHUG
HQPRHWELMQRUPDDOJHEUXLNGDJHOLMNVFDĂXXUXLWHUOLMNQD
 MDDUZRUGHQYHUYDQJHQ
:DQQHHUHHQUHJHQHUHHUEDDUJHXUILOWHUQDDUEHQHGHQYDOWNDQ
GH]HEHVFKDGLJGUDNHQ
'H EHVFKDGLJLQJHQ ]LMQ YDQ EXLWHQ QLHW DOWLMG ]LFKWEDDU 9RHU KHW
JHYDOOHQJHXUILOWHUDIHQYHUYDQJKHW
+HWJHXUILOWHUQRRLWUHLQLJHQPHWVFKRRQPDDNPLGGHOHQPHW
ZDWHULQGHYDDWZDVPDFKLQHRIPHWHHQQDWWHGRHN
2PNUDVVHQRSGHEDNSODDWWHYRRUNRPHQOHJWXKHWJHXUILOWHU
RSHHQURRVWHU
+HWJHXUILOWHUELMPD[LPDDO &FLUFXODWLHOXFKW :
UHJHQHUHUHQ+HWJHXUILOWHUQLHWPHWGHRYHQUHLQLJLQJVIXQFWLH
S\URO\VHUHJHQHUHUHQ
%LM KHW UHJHQHUHUHQ YDQ GH JHXUILOWHU NDQ KHW WRW JHXURQWZLNNHOLQJ
NRPHQ=RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQ
HHQUDDP
 +HWSDQHHORIGHDIGHNNLQJXLWQHPHQ $IE 
 +HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQKHWILOWHUXLWERXZHQ $IE 
 'H RYHQ RS PD[LPDDO & FLUFXODWLHOXFKW : YRRUYHUZDUPHQ
 *HXUILOWHULQGHYRRUYHUZDUPGHRYHQELMPD[LPDDOĂ&
FLUFXODWLHOXFKW :JHGXUHQGHĂPLQXWHQUHJHQHUHUHQ
 =RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQHHQUDDP
 /DDWKHWJHXUILOWHUDINRHOHQ
 +HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQKHWJHUHJHQHUHHUGHILOWHUSODDWVHQ
 3DQHHORIDIGHNNLQJZHHUDDQEUHQJHQ
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
5LJHQHUD]LRQHGHOILOWURRGRUL
3HU JDUDQWLUH OD SUHVWD]LRQH GHO ILOWUR DQWLRGRUH LQ FDVR GL HVHUFL]LR
QRUPDOHĂRUDDOJLRUQRULJHQHUDUORRJQLĂPHVL
ËSRVVLELOHULJHQHUDUHLOILOWURDQWLRGRUHLQXQIRUQRWUDGL]LRQDOH
background

: 3HULFRORGL XVWLRQL
'RSRODULJHQHUD]LRQHLOILOWURRGRULULPDQHFDOGRDOXQJR1RQ
WRFFDUHLOILOWURRGRULVXELWRGRSRODULJHQHUD]LRQHPDODVFLDUOR
UDIIUHGGDUH
5LSRUUHLOILOWURRGRULFDOGRVXXQDVXSHUILFLHUHVLVWHQWHDOFDORUH
DIILQFKpVLUDIIUHGGL
$YYHUWHQ]H
,QFDVRGLHVHUFL]LRQRUPDOHFLUFDĂRUDDOJLRUQRLILOWUL
DQWLRGRUH SRVVRQR HVVHUH ULJHQHUDWL ILQR D ĂYROWH H VRVWLWXLWL DO
PDVVLPRGRSRĂDQQL
6HXQILOWURDQWLRGRUHULJHQHUDELOHFDGHSXzGDQQHJJLDUVL
, GDQQL QRQ VRQR VHPSUH YLVLELOL GDOOHVWHUQR 6PDOWLUH H VRVWLWXLUH
LOILOWURDQWLRGRUHULJHQHUDELOHFDGXWR
1RQSXOLUHPDLLOILOWURDQWLRGRUHFRQGHWHUJHQWLFRQDFTXDLQ
ODYDVWRYLJOLHRFRQXQSDQQREDJQDWR
3HU QRQ JUDIILDUH OD WHJOLD FROORFDUH LO ILOWUR DQWLRGRUH VXOOD JULJOLD
5LJHQHUDUH LO ILOWUR DQWLRGRUH D XQD WHPSHUDWXUD PDVVLPD GL 
ULFLUFRORGDULD
:1RQULJHQHUDUHLOILOWURDQWLRGRUHFRQOD
IXQ]LRQHGLSXOL]LDIRUQRSLUROLVL
/DULJHQHUD]LRQHGHOILOWURDQWLRGRUHSXzFDXVDUHODIRUPD]LRQH
GL RGRUL $VVLFXUDUVL FKH OD VWDQ]D VLD EHQ DULHJJLDWD $SULUH XQD
ILQHVWUD
 5LPXRYHUHLOSDQQHOORRODFRSHUWXUD ILJ 
 ,OILOWURDQWLRGRUHqSHVDQWHSHUWDQWRDIIHUUDUHFRQXQDPDQRLO
ILOWURRGRULGDVRWWRHVPRQWDUOR ILJ 
 3UHULVFDOGDUHLOIRUQRSRUWDQGRORDXQDWHPSHUDWXUDPDVVLPDGL
Ă&ULFLUFRORGDULD
:
 5LJHQHUDUHLOILOWURDQWLRGRUHLQIRUQRSHUĂPLQXWLDXQD
WHPSHUDWXUDPDVVLPDGLĂ&ULFLUFRORGDULD
:
 $VVLFXUDUVLFKHODVWDQ]DVLDEHQDULHJJLDWD$SULUHXQDILQHVWUD
 /DVFLDUUDIIUHGGDUHLOILOWURDQWLRGRUH
 ,O ILOWUR DQWLRGRUH q SHVDQWH SHUWDQWR DIIHUUDUOR FRQ XQD PDQR GD
VRWWRHLQVHULUHLOILOWURDQWLRGRUHULJHQHUDWR
 ,QVHULUHLOSDQQHOORRODFRSHUWXUD
el
Ù


¨







: 




        
       Ă
Ă
·

: 






Ă

ĂĂ








Ă&
 
:      




   
 ·
  
 Ă&

:
      Ă    
Ă&
:
 

 
 ·


 
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
.RNXILOWUHVLUHMHQHUDV\RQX
.RNXILOWUHVLSHUIRUPDQV×Q×JDUDQWLDOW×QDDOPDNLoLQNRNXILOWUHVLQL
QRUPDOLüOHWLPGHJQGH\DNODü×N VDDWKHU D\GDELU
WD]HOH\LQL]
.RNXILOWUHVLQLSL\DVDGDVDW×ODQKHUKDQJLELUI×U×QGD
WD]HOH\HELOLUVLQL]
: <DQPDWHKOLNHVL
.RNXILOWUHVLUHMHQHUDV\RQVRQUDV×QGDX]XQFDELUVUHV×FDNNDO×U
.RNX ILOWUHVLQH UHMHQHUDV\RQGDQ KHPHQ VRQUD GRNXQPD\×Q×] |QFH
VRùXPDV×Q×EHNOH\LQL]
6×FDNNRNXILOWUHVLQLVRùXPDV×LoLQ×V×\DGD\DQ×NO×ELUDOWO×ù×Q
]HULQHNR\XQX]
%LOJLOHU
.RNXILOWUHVLĂGHID\DNDGDUWD]HOHQHELOLUYHQRUPDOLüOHWLPGH
JQGH\DNODü×N VDDWHQJHo \×OVRQUDGHùLüWLULOPHVL
JHUHNOLGLU
7D]HOHQHELOLUELUNRNXILOWUHVL\HUHGüHUVHILOWUHKDVDUJ|UHELOLU
+DVDUODUKHU]DPDQG×üDU×GDQJ|UQPH\HELOLU<HUHGüHQ
WD]HOHQHELOLUNRNXILOWUHVLQLLPKDHGLQL]YHGHùLüWLULQL]
.RNXILOWUHVLQLDVODGHWHUMDQODUODVX\ODEXODü×NPDNLQHVLQGH
YH\D×VODNEH]OHWHPL]OHPH\LQL]
)×U×QWHSVLVLQLoL]PHPHNLoLQNRNXILOWUHVLQLELU×]JDUD]HULQH
\HUOHüWLULQL]
.RNXILOWUHVLPDNVLPXP &GRODü×PO×KDYD :
WD]HOHQPHOLGLU .RNX ILOWUHVLQL I×U×Q WHPL]OHPH IRQNVL\RQX SLUROL]
LOHWD]HOHPH\LQL]
.RNXILOWUHVLQLQWD]HOHQPHVLV×UDV×QGDNRNXROXüXPXJ|UOHELOLU
2GDQ×Q L\L KDYDODQG×U×OG×ù×QGDQ HPLQ ROXQX] %LU SHQFHUH Do×Q×]
 .XPDQGDSDQHOLQLYH\DNDSDù×o×NDUW×Q×] 5HVLP 
 .RNXILOWUHVLDù×UG×UEXQHGHQOHELUHOLQL]OHNRNXILOWUHVLQLDOWWDQ
WXWXQX]YHILOWUH\LV|NQ] 5HVLP 
 )×U×Q×PDNVLPXP&KDYDGRODü×P× :V×FDNO×NWD|Q
×V×WPD\DWDELWXWXQX]
 .RNXILOWUHVLQLI×U×QGD GDNLNDVUH\OHPDNVLPXP &GH
GRODü×PO×KDYD
:WD]HOH\LQL]
 2GDQ×Q L\L KDYDODQG×U×OG×ù×QGDQ HPLQ ROXQX] %LU SHQFHUH Do×Q×]
 .RNXILOWUHVLQLVRùXPD\DE×UDN×Q×]
 .RNXILOWUHVLDù×UG×UEXQHGHQOHELUHOLQL]OHNRNXILOWUHVLQLDOWWDQ
WXWXQX]YH\HQLOHQPLüNRNXILOWUHVLQL\HUOHüWLULQL]
 .XPDQGDSDQHOLQLYH\DNDSDù×\HUOHüWLULQL]
background

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
Οδβδμδοίυηώξνβκνρηρδκώζίξίτνα
ΡμθΫυθΫίλιίρβμφηΪήείΰΪσβγνκθάίηφηίγμκΪεβαΪπββαΪιΪοθά
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρĂρΪλΪ
ηίθΫοθήβζθικβζδΪΰήυί²ĂζίλωπΪικθάθήβμφκίέίηίκΪπβψ
ιθέεθμβμίείγαΪιΪοθά
ΎθινλδΪίμλωκίέίηίκΪπβωιθέεθμβμίεωαΪιΪοθάάθΫυρηθζ
ήνοθάθζςδΪξν
: Νξίπμνπρϋνενβί
ΙθλείκίέίηίκΪπββιθέεθμβμίεφαΪιΪοθάθλμΪϋμλωέθκωρβζά
μίρίηβί ήθεέθέθ άκίζίηβ Ηί ικβδΪλΪγμίλφ δ ιθέεθμβμίεψ αΪιΪοθά
λκΪανιθλείκίέίηίκΪπββήΪγμίίζνθλμυμφ
ΎεωθλμυάΪηβωιθεθΰβμίιθέεθμβμίεφαΪιΪοθάηΪΰΪκθικθρηνψ
ιθήλμΪάδν
΢ιίζίμηώ
ΚίέίηίκΪπβψιθέεθμβμίεωαΪιΪοθάζθΰηθικθάθήβμφήθĂκΪα
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρίηβί
ρΪλΪΙθέεθμβμίεβαΪιΪοθάιθήείΰΪμαΪζίηίηίκίΰίρίζ
κΪαάĂείμ
ΙΪήίηβίζθΰίμικβάίλμβδιθάκίΰήίηβψκίέίηίκβκνίζθέθ
ιθέεθμβμίεωαΪιΪοθά
ΧμβιθάκίΰήίηβωηίάλίέήΪάβήηυληΪκνΰβΝιΪάςβί
κίέίηίκβκνίζυίιθέεθμβμίεβαΪιΪοθάηίθΫοθήβζθ
νμβεβαβκθάΪμφΪηΪβοζίλμθλμΪάβμφηθάυί
ΗβδθέήΪ ηί θρβσΪγμί ιθέεθμβμίεφ αΪιΪοθά λ ιθζθσφψ ρβλμωσβο
λκίήλμάάθήυάιθλνήθζθίρηθγζΪςβηίβεβάεΪΰηθγμκωιδθγ
ΡμθΫυικθμβάίηφηίιθπΪκΪιΪελωιθεθΰβμίιθέεθμβμίεφ
αΪιΪοθάηΪκίςίμδν
ΚίέίηίκΪπβωιθέεθμβμίεωαΪιΪοθάικθβαάθήβμλωικβζΪδλ
μίζιίκΪμνκί &άκίΰβζίδθηάίδπββ
:Ικθβαάθήβμφ
κίέίηίκΪπβψιθέεθμβμίεωαΪιΪοθάικβάδεψρίηηθγξνηδπββ
ιβκθεβμβρίλδθγθρβλμδβαΪικίσίηθ
ΙκβκίέίηίκΪπββιθέεθμβμίεωαΪιΪοθάάθαζθΰηθιθωάείηβί
αΪιΪοΪΝΫίήβμίλφρμθιθζίσίηβίοθκθςθικθάίμκίηθ
Θμδκθγμίθδηθ
 ΛηβζβμίαΪσβμηνψβεβεβπίάνψιΪηίεφ οηπ 
 ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΛηβζΪγμίίέθικβήίκΰβάΪωαΪ
ηβΰηψψρΪλμφκνδθγ οηπ 
 ΚΪαθέκίγμίήνοθάθγςδΪξήθζΪδλμίζιίκΪμνκυ&ά
κίΰβζίδθηάίδπββ
:
 ΙθέεθμβμίεφαΪιΪοθάκίέίηίκβκνίμλωάήνοθάθζςδΪξνά
μίρίηβί ζβηνμικβζΪδλμίζιίκΪμνκί &άκίΰβζί
δθηάίδπββ
:
 ΝΫίήβμίλφρμθιθζίσίηβίοθκθςθικθάίμκίηθΘμδκθγμίθδηθ
 ΎΪγμίιθέεθμβμίεψαΪιΪοθάθλμυμφ
 ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΝλμΪηθάβμίκίέίηίκβκνίζυγ
ιθέεθμβμίεφαΪιΪοθάικβήίκΰβάΪωαΪηβΰηψψρΪλμφκνδθγ
 ΝλμΪηθάβμίηΪζίλμθαΪσβμηνψβεβεβπίάνψιΪηίεφ
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
: 9LJDVWXVWHRKW
WHUDYDWHVHUYDGHW}WWXSDLJDOGDPLVHDMDO6HDGPHSDLJDOGDPLVHO
NDQGNHDODWLNDLWVHNLQGDLG
/}KQDILOWULUHJHQHUHHULPLQH
/}KQDILOWULW||NLQGOXVHWDJDPLVHNVUHJHQHHULJHO}KQDILOWULW
WDYDNDVXWXVHNRUUDOLJDSlHYXPEHVĂWXQGLJDĂNXXWDJDQW
/}KQDILOWULWVDDWHUHJHQHUHHULGDWDYDOLVHVNSVHWXVDKMXV
: 3}OHWXVRKW
/}KQDILOWHURQSlUDVWUHJHQHUHHULPLVWSLNNDDHJDNXXPbUJH
SXXGXWDJHO}KQDILOWULWYDKHWXOWSlUDVWUHJHQHUHHULPLVWYDLGODVNH
VHOOHON}LJHSHDOWSLLVDYDOWMDKWXGD
.XXPO}KQDILOWHUDVHWDJHMDKWXPLVHNVNXXPXVNLQGODOHDOXVHOH
0lUNXVHG
/}KQDILOWULWVDDEUHJHQHUHHULGDNXQLĂNRUGDMDWDYDNDVXWXVH
NRUUDOLJDSlHYDXPEHVĂWXQGWXOHEVHHKLOMHPDOWĂDDVWD
SlUDVWYlOMDYDKHWDGD
0DKDNXNNXPLVHNRUUDOY}LEUHJHQHUHHULWDYO}KQDILOWHU
NDKMXVWDGDVDDGD
.DKMXVWXVHGHLSUXXJLDODWLROODYlOMDVWSRROWPlUJDWDYDG
0DKDNXNNXQXGUHJHQHUHHULWDYO}KQDILOWHUXWLOLVHHULJHMD
DVHQGDJHXXHJD
/}KQDILOWULSXKDVWDPLVHNVlUJHNDVXWDJHSXKDVWXVYDKHQGHLG
YHWWQ}XGHSHVXPDVLQDWHJDPlUJDODSSL
$VHWDJHO}KQDILOWHUUHVWLOHHWNSVHWXVSODDWLPLWWHNULLPXVWDGD
5HJHQHUHHULJHO}KQDILOWULWPDNVLPDDOWHPSHUDWXXULO &
ULQJOHY}KN
:bUJHUHJHQHUHHULJHO}KQDILOWULW
DKMXSXKDVWXVUHçLLPLOSUROV
/}KQDILOWUL UHJHQHUHHULPLVHO Y}LE WHNNLGD WHDWDY O}KQ 9HHQGXJH
HWUXXPRQKHDYHQWLODWVLRRQLJD$YDJHDNHQ
 (HPDOGDJHSDQHHOY}LNDWH MRRQLV 
 /}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDHHPDOGDJHVHHVLLV MRRQLV 
 /DVNHDKMXONXXPHQHGDPDNVLPDDOWHPSHUDWXXULOH&
ULQJOHY}KN
:
 5HJHQHUHHULJHO}KQDILOWULW PLQXWLYlOWHODKMXV
PDNVLPDDOWHPSHUDWXXULO &ULQJOHY}KN
:
 9HHQGXJHHWUXXPRQKHDYHQWLODWVLRRQLJD$YDJHDNHQ
 /DVNHO}KQDILOWULOMDKWXGD
 /}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDDVHWDJHUHJHQHUHHULWXGO}KQDILOWHUNRKDOH
 $VHWDJHSDQHHOY}LNDWHWDJDVLNRKDOH
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
: 3DYRMXVVXVLçHLVWL
ĭDåWULDVEULDXQDVPRQWXRMDQW0RQWXRGDPLSULHWDLVĉPŠYėNLWH
DSVDXJLQHVSLUåWLQHV
.YDSŨILOWURDWQDXMLQLPDV
.DG NYDSŨ ILOWUDV EŠWŨ NLHN ĭPDQRPD HIHNW\YHVQLV HNVSORDWXRGDPL
ĭSUDVWDLDSLHĂYDODQGĉSHUGLHQĉNYDSŨILOWUĉDWQDXMLQNLWHNDV
²ĂPėQHVLXV
.YDSŨILOWUĉJDOLWHDWQDXMLQWLĭSUDVWLQėMHRUNDLWėMH
: 3DYRMXVQXGHJWL
3DVLEDLJXVDWQDXMLQLPRSURFHVXLNYDSŨILOWUDVGDULOJDLOLHND
NDUåWDV3DVLEDLJXVDWQDXMLQLPRSURFHVXLQHOLHVNLWHNYDSŨILOWUR
QHVMLVWXULDWYėVWL
.DUåWĉNYDSŨILOWUĉSDGėNLWHDWYėVWLDQWNDUåĀLXLDWVSDUDXV
SDJULQGR
3DVWDERV
.YDSŨ ILOWUĉ JDOLPD DWQDXMLQWL LNL ĂNDUWŨ (NVSORDWXRMDQW ĭSUDVWDL
DSLHĂYDODQGĉSHUGLHQĉMĭUHLNLDNHLVWLQHYėOLDXQHLSR
ĂPHWŨ
-HLDWQDXMLQDPDVNYDSŨILOWUDVQXNULVMLVJDOLEŠWLSDçHLVWDV
3DçHLGLPDLLåLåRUėVPDWRPLQHYLVDGD1XNULWXVĭNYDSŨILOWUĉ
XWLOL]XRNLWHLUSDNHLVNLWHNLWXDWQDXMLQDPXNYDSŨILOWUX
.YDSŨILOWURQLHNDGDQHSODXNLWHVXYDOLNOLDLVYDQGHQLX
LQGDSORYėMHLUQHYDO\NLWHGUėJQDåOXRVWH
.DG QHVXEUDLç\WXPėWH NHSLPR SDGėNOR SDGėNLWH NYDSŨ ILOWUĉ DQW
LQGŨJURWHOLŨ
background

.YDSŨILOWUĉDWQDXMLQNLWHQHDXNåWHVQėMHNDLS &
WHPSHUDWŠURMHUHFLUNXOLDFLMD
:1HEDQG\NLWHDWQDXMLQWLNYDSŨ
ILOWURQDXGRGDPLRUNDLWėVYDO\PRSLUROL]ėVIXQNFLMĉ
$WQDXMLQDQWNYDSŨILOWUĉJDOLSDVNOLVWLNYDSDVĬVLWLNLQNLWHNDG
SDWDOSDJHUDLYėGLQDPD$WLGDU\NLWHODQJĉ
 1XLPNLWHVN\GHOĭDUEDGDQJWHOĭ  SDY
 .YDSŨILOWUDV\UDVXQNXVWRGėOLåPRQWXRGDPLYLHQDUDQND
SULODLN\NLWHMĭLåDSDĀLRV  SDY
 ĬNDLWLQNLWHRUNDLWęPDNVLNLĂ&UHFLUNXOLDFLMD :
 ĂPLQXĀLŨDWQDXMLQNLWHNYDSŨILOWUĉRUNDLWėMHQHDXNåWHVQėMH
NDLS &WHPSHUDWŠURMHUHFLUNXOLDFLMD :
 ĬVLWLNLQNLWHNDGSDWDOSDJHUDLYėGLQDPD$WLGDU\NLWHODQJĉ
 /HLVNLWHNYDSŨILOWUXLDWYėVWL
 .YDSŨILOWUDV\UDVXQNXVWRGėOĭGėGDPLDWQDXMLQWĉNYDSŨILOWUĉ
YLHQDUDQNDSULODLN\NLWHLåDSDĀLRV
 8çGėNLWHVN\GHOĭDUEDGDQJWHOĭ
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
: 6DYDLQRMXPXULVNV
DU DVąP PDOąP LHUĩFHV X]VWąGĩåDQDV ODLNą 8]VWąGRW LHUĩFL YLHQPēU
YDONąMLHWDL]VDUJFLPGXV
6PDNDVILOWUDDWMDXQRåDQD
/DLQRGURåLQąWXVPDNDVILOWUDGDUEĩEXQRUPąOąGDUEDUHçĩPą
DSWXYHQLSD VWXQGDLGLHQąDWMDXQRMLHWWRLNSēF PēQHåLHP
6PDNDVILOWUXYDUDWMDXQRWVWDQGDUWDFHSHåNUąVQĩ
: $SGHJXPXULVNV
6PDNDVILOWUVSēFDWMDXQRåDQDVLOJXODLNXLUVDNDUVLV
1HSLHVNDULHWLHVSLHVPDNDVILOWUDX]UHL]SēFDWMDXQRåDQDVĹDXMLHW
WDPDWG]LVW
']HVēMLHWVPDNDVILOWUXX]NDUVWXPL]WXUĩJDVSDPDWQHV
1RUąGĩMXPL
6PDNDVILOWUXYDUDWMDXQRWOĩG] UHL]ēPXQQRUPąOąGDUED
UHçĩPąDSWXYHQLSD VWXQGDLGLHQąWDVMąPDLQDQHUHWąNNą
UHL]L JDGRV
$WMDXQRMDPDPVPDNDVILOWUDPQRNUĩWRWYDUUDVWLHVWąERMąMXPL
äLHERMąMXPLQHYLHQPēULUSDPDQąPLQRąUSXVHV8]WLOL]ēMLHW
QRNULWXåRDWMDXQRMDPRVPDNXILOWUXXQQRPDLQLHWWRSUHWMDXQX
6PDNDVILOWUDWĩUĩåDQDLQHNDGQHL]PDQWRMLHWWĩUĩåDQDVOĩG]HNĹXV
ŠGHQLPLWUXGUąQXNąDUĩQHPD]JąMLHWWRWUDXNXPD]JąMDPDMą
PDåĩQą
/DLQHVDVNUąSēWXFHSHåSDQQXVPDNDVILOWUXQRYLHWRMLHWX]
UHVWēP
6PDNDVILOWUXDWMDXQRMLHWPDNV &WHPSHUDWŠUąJDLVD
UHFLUNXOąFLMD
:1HYHLFLHWVPDNDVILOWUDDWMDXQRåDQX
FHSHåNUąVQVWĩUĩåDQDVSLUROĩ]HVUHçĩPą
6PDNDVILOWUDDWMDXQRåDQDVODLNąYDUL]GDOĩWLHVVPDND
1RGURåLQLHWWHOSąODEXYHQWLOąFLMX$WYHULHWORJX
 1RŁHPLHWDL]VDUJXYDLSąUVHJX  DWWēOV
 6PDNDV ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQGHPRQWēMLHW  DWWēOV
 8]NDUVēMLHWFHSHåNUąVQLOĩG]PDNV &JDLVD
UHFLUNXOąFLMD :
 ,]SLOGLHWVPDNDVILOWUDDWMDXQRåDQXFHSHåNUąVQĩ PLQŠWHV
PDNV &WHPSHUDWŠUąJDLVDUHFLUNXOąFLMD :
 1RGURåLQLHWWHOSąODEXYHQWLOąFLMX$WYHULHWORJX
 ĸDXMLHWVPDNDVILOWUDPDWG]LVW
 6PDNDV ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQLHYLHWRMLHWDWMDXQRWRVPDNDVILOWUX
 8]OLHFLHWDWSDNDĹDL]VDUJXYDLSąUVHJX
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
5HJHQHUDFMDILOWUD]DSDFKyZ
:FHOX]DSHZQLHQLDVNXWHF]QRŔFLILOWUD]DSDFKyZQDOHŰ\
UHJHQHURZDþILOWUZSU]\SDGNXQRUPDOQHMHNVSORDWDFMLRN JRG]
G]LHQQLHFR PLHVLĉFH
)LOWU]DSDFKyZPRŰQD]UHJHQHURZDþZ]Z\Nã\PSLHNDUQLNX
: 1LHEH]SLHF]HĿVWZRRSDU]HQLD
3R UHJHQHUDFML ILOWU ]DSDFKyZ SR]RVWDMH GãXJR JRUĉF\ 1LH GRW\NDþ
ILOWUD]DSDFKyZEH]SRŔUHGQLRSRUHJHQHUDFMLOHF]SR]RVWDZLþGR
RVW\JQLęFLD
*RUĉF\ILOWU]DSDFKyZSRãRŰ\þZFHOXRVWXG]HQLDQD
ŰDURRGSRUQ\PSRGãRŰX
:VND]yZNL
)LOWU]DSDFKyZPRŰHE\þUHJHQHURZDQ\PDNV\PDOQLHĂUD]\L
QDOHŰ\JRZ\PLHQLþZSU]\SDGNXQRUPDOQHMHNVSORDWDFMLSU]H]
RN JRG]G]LHQQLHQDMSyŮQLHMSRXSã\ZLH ODW
-HŰHOLILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFMLVSDGQLHPRŰH
XOHFXV]NRG]HQLX
8V]NRG]HQLDQLH]DZV]HVĉZLGRF]QH]]HZQĉWU]:UD]LH
XSDGNXILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFMLQDOHŰ\
]XW\OL]RZDþLZ\PLHQLþQDQRZ\
1LJG\ QLH F]\ŔFLþ ILOWUD ]DSDFKyZ ŔURGNDPL F]\V]F]ĉF\PL ZRGĉ
Z]P\ZDUFHOXEZLOJRWQĉŔFLHUHF]Nĉ
$E\XQLNQĉþ]DU\VRZDQLDEODFK\GRSLHF]HQLDXPLHŔFLþILOWU
]DSDFKyZQDUXV]FLH
)LOWU]DSDFKyZUHJHQHURZDþZWHPSHUDWXU]HPDNV&
WHUPRRELHJ
:1LHUHJHQHURZDþILOWUD]DSDFKyZSU]\XŰ\FLX
IXQNFMLF]\V]F]HQLDSLHNDUQLNDS\UROL]\
3RGF]DVUHJHQHUDFMLILOWUD]DSDFKyZPRJĉZ\G]LHODþVLęUyŰQH
]DSDFK\8SHZQLþVLęŰHSRPLHV]F]HQLHMHVWGREU]H
ZHQW\ORZDQH2WZRU]\þRNQR
 =GMĉþSU]HVãRQęOXESRNU\Zę U\V 
 )LOWU ]DSDFKyZ MHVW FLęŰNL GODWHJR MHGQĉ UęNĉ QDOHŰ\ SRGWU]\PDþ
JRRGVSRGXL]GHPRQWRZDþILOWU]DSDFKyZ U\V 
 1DJU]DþSLHNDUQLNGRPDNV\PDOQLH&WHUPRRELHJ :
 )LOWU]DSDFKyZUHJHQHURZDþSU]H] PLQXWZSLHNDUQLNX
QDJU]DQ\PGRPDNV\PDOQLH&WHUPRRELHJ :
 8SHZQLþVLęŰHSRPLHV]F]HQLHMHVWGREU]HZHQW\ORZDQH
2WZRU]\þRNQR
 3R]RVWDZLþILOWU]DSDFKyZGRRVW\JQLęFLD
 )LOWU ]DSDFKyZ MHVW FLęŰNL GODWHJR MHGQĉ UęNĉ QDOHŰ\ SRGWU]\PDþ
JRRGVSRGXL]DPRQWRZDþ]UHJHQHURZDQ\ILOWU]DSDFKyZ
 =DãRŰ\þSU]HVãRQęOXESRNU\Zę
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vQWLPSXOLQVWDOćULLÍQWLPSXOLQVWDOćULL
DSDUDWXOXLSXUWDŘLvQWRWGHDXQDPćQXüLGHSURWHFŘLH
background

5HJHQHUDUHDILOWUXOXLGHPLURV
3HQWUXDDVLJXUDIXQFŘLRQDUHDRSWLPćDILOWUXOXLGHQHXWUDOL]DUHD
PLURVXULORUQHSOćFXWHHIHFWXDŘLUHJHQHUDUHDDFHVWXLDODILHFDUH
ĂOXQL vQ FD]XO XWLOL]ćULL QRUPDOH DGLFć vQ FD]XO XWLOL]ćULL ]LOQLFH WLPS
GHDSUR[LPDWLY RUć
5HJHQHUDUHD ILOWUXOXL GH QHXWUDOL]DUH D PLURVXULORU QHSOćFXWH SRDWH
ILHIHFWXDWćvQWUXQFXSWRURELüQXLW
: 3HULFROGHDUVXUL
)LOWUXOGHPLURVUćPkQHILHUELQWHSHQWUXROXQJćSHULRDGćGHWLPS
GXSćUHJHQHUDUH1XDWLQJHŘLILOWUXOGHPLURVLPHGLDWGXSć
UHJHQHUDUHOćVDŘLOPDLvQWkLVćVHUćFHDVFć
$üH]DŘLILOWUXOGHPLURVILHUELQWHSHXQVXSRUWUH]LVWHQWODFćOGXUć
SHQWUXDVHUćFL
,QGLFDŘLL
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHSRDWHILUHJHQHUDW
GHSkQćODĂGHRULüLvQFD]XOXWLOL]ćULLQRUPDOHDGLFćvQFD]XO
XWLOL]ćULL]LOQLFHWLPSGHDSUR[LPDWLY RUćWUHEXLHvQORFXLWGXSć
PD[LPXP DQL
ÍQFD]XOFćGHULLILOWUXOUHJHQHUDELOGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWHDUSRDWHVXIHULGHWHULRUćUL
'HWHULRUćULOHQXVXQWvQWRWGHDXQDYL]LELOHODH[WHULRU(OLPLQDŘL
ILOWUXOUHJHQHUDELOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHFDUHD
Fć]XWSHMRVüLvQORFXLŘLOFXXQXOQRX
1XFXUćŘDŘLQLFLRGDWćILOWUXOGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWH XWLOL]kQG GHWHUJHQW VDX DSć vQ PDüLQD GH VSćODW YDVH
VDXFXRODYHWćXPHGć
$üH]DŘL ILOWUXO GH QHXWUDOL]DUH D PLURVXULORU QHSOćFXWH SH XQ JUćWDU
üLQXSHRWDYćGHFRSWvQFD]FRQWUDUDFHDVWDDUSXWHDIL
]JkULDWć
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHWUHEXLHUHJHQHUDW
ODRWHPSHUDWXUćGHPD[LPXP &DDHUXOXLUHFLUFXODW
:
/DUHJHQHUDUHDILOWUXOXLGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWH
QXWUHEXLHDFWLYDWćIXQFŘLDGHFXUćŘDUHDFXSWRUXOXLIXQFŘLDGH
SLUROL]ć
ÍQWLPSXOUHJHQHUćULLILOWUXOXLGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWHSRWILHPDQDWHDQXPLWHPLURVXUL$VLJXUDŘLYćFć
vQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘLIHUHDVWUD
 ÍQGHSćUWDŘLPDVFDVDXFDSDFXO ILJXUD 
 )LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDDPSODVDŘLRPkQćVXEDFHVWDüLGHPRQWDŘLO ILJXUD 
 3UHvQFćO]LŘLFXSWRUXOODRWHPSHUDWXUćGHPD[LPXPĂ&D
DHUXOXLUHFLUFXODW :
 /ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UHJHQHUH]HWLPSGH GHPLQXWHvQLQWHULRUXOFXSWRUXOXLODR
WHPSHUDWXUćGHPD[LPXP &DDHUXOXLUHFLUFXODW
:
 $VLJXUDŘLYćFćvQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘL
IHUHDVWUD
 /ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UćFHDVFć
 )LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDSHQWUXDOGHPRQWDDPSODVDŘLRPkQćVXEDFHVWDüL
HIHFWXDŘLUHJHQHUDUHDDFHVWXLD
 0RQWDŘLODORFPDVFDVDXFDSDFXO
hu
á
6]HUHOpVL~WPXWDWy
)RQWRVWXGQLYDOyN
*RQGRVDQROYDVVDHOpVŌUL]]HPHJH]WD]~WPXWDWyW&VDND
V]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpVHVHWpQ
JDUDQWiOWD]]HPEL]WRQViJ$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
6]DJV]ŦUŌUHJHQHUiOiVD
$V]DJRNPHJIHOHOŌVHPOHJHVtWpVpKH]DV]DJV]ŦUŌWQRUPiO
]HPHOWHWpVHVHWpQQDSLNEĂyUDĂKDYRQWDUHJHQHUiOQLNHOO
$V]DJV]ŦUŌWNHUHVNHGHOPLIRUJDORPEDQNDSKDWyVWŌEHQ
UHJHQHUiOKDWMD
: eJpVLVpUOpVYHV]pO\H
$V]DJV]ŦUŌDUHJHQHUiOiVXWiQVRNiLJIRUUyPDUDG1HpULQWVH
PHJDV]DJV]ŦUŌWN|]YHWOHQODUHJHQHUiOiVXWiQKDQHPHOŌV]|U
KDJ\MDOHKŦOQL
$IRUUyV]DJV]ŦUŌWOHKŦOpVLJKHO\H]]HHJ\KŌiOOyIHOOHWUH
8WDVtWiVRN
$V]DJV]ŦUŌNPD[KDUPLQFV]RUUHJHQHUiOKDWyNpVQRUPiO
]HPHOWHWpVHVHWpQQDSLNEĂyUDOHJDOiEEWt]pYHQWHNLNHOO
ŌNHWFVHUpOQL
+DDUHJHQHUiOKDWyV]DJV]ŦUŌOHHVLNNiURVRGKDW
$VpUOpVHNNtYOUŌOQHPPLQGLJOiWKDWyDN7iYROtWVDHOpV
FVHUpOMHNLDOHHVHWWUHJHQHUiOKDWyV]DJV]ŦUŌW
$V]DJV]ŦUŌWVRKDQHWLV]WtWVDWLV]WtWyYDOYt]]HO
PRVRJDWyJpSEHQYDJ\QHGYHVW|UOŌUXKiYDO
$V]DJV]ŦUŌWKHO\H]]HHJ\URVWpO\UDKRJ\DVWŌWHSVLQH
NDUFROyGMRQ|VV]H
$V]DJV]ŦUŌWPD[LPXPĂ&RQOpJNHULQJHWpV :PHOOHWW
UHJHQHUiOMD$V]DJV]ŦUŌWQHUHJHQHUiOMDDVWŌWLV]WtWiVL
IXQNFLyMiYDOSLUROt]LV
$V]DJV]ŦUŌUHJHQHUiOiVDVRUiQV]DJNpS]ŌGpVOHKHWVpJHV
%L]WRVtWMDDKHO\LVpJPHJIHOHOŌV]HOOŌ]pVpW1\LVVRQDEODNRW
 7iYROtWVDHODNH]HOŌIHOOHWHWYDJ\DEXUNRODWRW  iEUD
 $V]DJV]ŦUŌQHKp]H]pUWHJ\Np]]HOQ\~OMRQDV]DJV]ŦUŌDOi
DPLNRUNLV]HUHOLD]W  iEUD
 0HOHJtWVHHOŌDVWŌWPD[LPXPĂ&UDOpJNHULQJHWpV :
PHOOHWW
 5HJHQHUiOMDDV]DJV]ŦUŌWĂSHUFLJDVWŌEHQPD[LPXP
Ă&RQOpJNHULQJHWpV
:PHOOHWW
 %L]WRVtWMDDKHO\LVpJPHJIHOHOŌV]HOOŌ]pVpW1\LVVRQDEODNRW
 +DJ\MDOHKŦOQLDV]DJV]ŦUŌW
 $V]DJV]ŦUŌQHKp]H]pUWHJ\Np]]HOQ\~OMRQDV]DJV]ŦUŌDOi
DPLNRUEHKHO\H]LDUHJHQHUiOWV]DJV]ŦUŌW
 +HO\H]]HEHDNH]HOŌIHOOHWHWYDJ\DEXUNRODWRW
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WHOHVQLKSRåNRGE
]DUDGLRVWULKURERYPHGQDPHVWLWYLMR0HGQDPHVWLWYLMRDSDUDWD
YHGQRQRVLWH]DåĀLWQHURNDYLFH
5HJHQHUDFLMDILOWUD]DYRQMDYH
'D]DJRWRYLWHXĀLQNRYLWRVWILOWUD]DYRQMDYHJDSULQRUPDOQL
XSRUDELSULEO XUDGQHYQRUHJHQHULUDMWHQDYVDNH² PHVHFH
)LOWHU]DYRQMDYHODKNRUHJHQHULUDWHYRELĀDMQLSHĀLFL
: 1HYDUQRVWRSHNOLQ
)LOWHU]DYRQMDYHSRUHJHQHUDFLMLGROJRRVWDQHYURĀ)LOWUD]D
YRQMDYHVHQHSRVUHGQRSRUHJHQHUDFLMLQHGRWLNDMWHWHPYHĀ
SRĀDNDMWHGDVHRKODGL
9URĀ ILOWHU ]D YRQMDYH SRORçLWH QD SRGODJR RGSRUQR QD YURĀLQR GD
VHRKODGL
2SRPEH
)LOWHU]DYRQMDYHODKNRGRNUDWUHJHQHULUDWHSULQRUPDOQL
XSRUDEL SULEO XUR QD GDQ SD JD PRUDWH ]DPHQMDWL QDMSR]QHMH
SR OHWLK
ÿHILOWHU]DYRQMDYHSDGHVHODKNRSRåNRGXMH
3RåNRGEHQD]XQDMQLVRYHGQRYLGQHÿHILOWHU]DYRQMDYHNLJD
MHPRJRĀHUHJHQHULUDWLSDGHJD]DYU]LWHLQ]DPHQMDMWH
)LOWUD]DYRQMDYHQLNROLQHĀLVWLWHVĀLVWLOL]YRGRYSRPLYDOQHP
VWURMXDOL]PRNURNUSR
'DQHRSUDVNDWHSHNDĀDSRORçLWHILOWHU]DYRQMDYHQDUHåHWNR
)LOWHU ]D YRQMDYH UHJHQHULUDMWH SUL QDMYHĀ  & NURçHQMH ]UDND
:)LOWUD]DYRQMDYHQHUHJHQHULUDMWHVIXQNFLMR]DĀLåĀHQMH
SHĀLFHSLUROL]D
0HGUHJHQHUDFLMRILOWUD]DYRQMDYHVHODKNRUD]YLMHMRYRQMDYH
3RVNUELWHGDERSURVWRUGREURSUH]UDĀHQ2GSULWHRNQR
 2GVWUDQLWHRNUDVQROHWHYDOLSRNURY VOLND 
 )LOWHU ]D YRQMDYH MH WHçDN ]DWR ] HQR URNR SULPLWH ILOWHU ]D YRQMDYH
QDVSRGQMLVWUDQLLQJDRGVWUDQLWH VOLND 
 3HĀLFRRJUHMWHQDQDMYHĀ &NURçHQMH]UDND :
 )LOWHU]DYRQMDYH PLQXWUHJHQHULUDMWHYSHĀLFLSUL &
NURçHQMH]UDND
:
 3RVNUELWHGDERSURVWRUGREURSUH]UDĀHQ2GSULWHRNQR
 3XVWLWHGDVHILOWHU]DYRQMDYHRKODGL
background

 )LOWHU ]D YRQMDYH MH WHçDN ]DWR ] HQR URNR SULPLWH ILOWHU ]D YRQMDYH
QDVSRGQMLVWUDQLLQYVWDYLWHUHJHQHULUDQLILOWHU]DYRQMDYH
 1DPHVWLWHRNUDVQROHWHYDOLSRNURY
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
5HJHQHUDFHSDFKRYpKRILOWUX
$E\E\O]DEH]SHĀHQìYìNRQSDFKRYpKRILOWUXQHFKWHKRSŒL
QRUPiOQtPSURYR]XFFD KRGLQDGHQQěNDçGp² PěVtFH
]UHJHQHURYDW
3DFKRYìILOWUPŤçHWHQHFKDW]UHJHQHURYDWY EěçQpSHĀLFtWURXEě
: 1HEH]SHĀQtSRSiOHQt
3DFKRYìILOWU]ŤVWiYiSRUHJHQHUDFLGORXKRXGREXKRUNì
1HGRWìNHMWHVHSDFKRYpKRILOWUXKQHGSRUHJHQHUDFLQHFKWHKR
Y\FKODGQRXW
+RUNìSDFKRYìILOWUSRORçWHKRUNìSDFKRYìILOWUSURY\FKODGQXWtQD
WHSOXY]GRUQRXSRGORçNX
8SR]RUQěQt
3DFKRYìILOWUO]HUHJHQHURYDWDçNUiWD SŒLQRUPiOQtPSURYR]X
FFD KRGLQXGHQQěVHPXVtQHMSR]GěMLSR OHWHFKY\PěQLW
3RNXGE\UHJHQHURYDWHOQìSDFKRYìILOWUVSDGOPRKOE\VH
SRåNRGLW
3RåNR]HQtQHPXVtEìW] YQěMåtVWUDQ\YçG\YLGLWHOQp
5HJHQHURYDWHOQìSDFKRYìILOWUNWHUìYiPVSDGOY\PěŃWH
D ]OLNYLGXMWH
3DFKRYìILOWUQLNG\QHĀLVWěWHĀLVWLFtPLSURVWŒHGN\YRGRX
Y P\ĀFHQiGREtDQLPRNUìPKDGUHP
$E\VHQHSRåNUiEDOSOHFKQDSHĀHQtSRORçWHSDFKRYìILOWUQD
URåW
3DFKRYìILOWUUHJHQHUXMWHSŒLPD[LPiOQě &FLUNXODFH
Y]GXFKX
:3DFKRYìILOWUQHUHJHQHUXMWHSRPRFtIXQNFHĀLåWěQt
SHĀLFtWURXE\S\UROì]\
3ŒLUHJHQHUDFLSDFKRYpKRILOWUXVHPŤçHåtŒLW]iSDFK=DMLVWěWH
DE\E\ODPtVWQRVWGREŒHYěWUDQi2WHYŒHWHRNQR
 2GVWUDŃWHSRNORSQHERNU\W REUi]HN 
 3DFKRYìILOWUMHWěçNìSURWRKR]HVSRGXXFKRSWHUXNRX
D GHPRQWXMWHKR REUi]HN 
 3HĀLFt WURXEX SŒHGHKŒHMWH QD PD[LPiOQě  & :GUXK RKŒHYX
KRUNìY]GXFK
 3DFKRYì ILOWU UHJHQHUXMWH  PLQXW Y SHĀLFt WURXEě SŒL PD[LPiOQě
 &
:GUXKRKŒHYXKRUNìY]GXFK
 =DMLVWěWHDE\E\ODPtVWQRVWGREŒHYěWUDQi2WHYŒHWHRNQR
 3DFKRYìILOWUQHFKWHY\FKODGQRXW
 3DFKRYì ILOWU MH WěçNì SURWR KR ]HVSRGX XFKRSWH UXNRX D QDVDďWH
]UHJHQHURYDQìSDFKRYìILOWU
 =QRYXQDVDďWHSRNORSQHERNU\W
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
5HJHQHUiFLDSDFKRYpKRILOWUD
$E\ERO]DEH]SHĀHQìSDFKRYìILOWUDĀQìYìNRQSDFKRYìILOWHU
UHJHQHUXMWHSULQRUPiOQHMSUHYiG]NHGHQQHFFD KRGLQXNDçGp
Ă²ĂPHVLDFH
3DFKRYìILOWHUP{çHWH]UHJHQHURYDŚY EHçQHMU~UHQDSHĀHQLH
: 1HEH]SHĀHQVWYRSRSiOHQLD
3DFKRYì ILOWHU ]RVWiYD SR UHJHQHUiFLL GOKì ĀDV KRU~FL 1HGRWìNDMWH
VDSDFKRYpKRILOWUDKQHďSRUHJHQHUiFLLDOHQHFKDMWHKR
Y\FKODGQ~Ś
+RU~FLSDFKRYìILOWHUSRORçWHSUHY\FKODGQXWLHQDWHSORY]GRUQ~
SRGORçNX
8SR]RUQHQLD
3DFKRYìILOWHUVDP{çHUHJHQHURYDŚPD[LPiOQHNUiWDSUL
QRUPiOQHMSUHYiG]NHFFD KRGLQDGHQQHVDPXVtQDMQHVN{U
SR URNRFKY\PHQLŚ
5HJHQHURYDWHĻQìSDFKRYìILOWHUVDSiGRPP{çHSRåNRGLŚ
3RåNRGHQLDQLHV~]YRQNXYçG\YLGLWHĻQp5HJHQHURYDWHĻQì
SDFKRYìILOWHUSRSiGH]OLNYLGXMWHD Y\PHŃWH]DQRYì
3DFKRYìILOWHUQLNG\QHĀLVWLWHĀLVWLDFLPLSURVWULHGNDPLYRGRX
Y XPìYDĀNHULDGXDOHERPRNURXKDQGURX
$E\ VD SOHFK QD SHĀHQLH QHSRåNULDEDO SDFKRYì ILOWHU SRORçWH QD
URåW
3DFKRYì ILOWHU UHJHQHUXMWH SUL WHSORWH PD[  & V FLUNXOiFLRX
Y]GXFKX
:3DFKRYìILOWHUQHUHJHQHUXMWHSRPRFRXIXQNFLH
ĀLVWHQLDU~U\S\UROì]D
3ULUHJHQHUiFLLSDFKRYpKRILOWUDP{çHY]QLNQ~Ś]iSDFK
=DEH]SHĀWHDE\ERODPLHVWQRVŚGREUHYHWUDQi2WYRUWHRNQR
 .U\WDOHERSRNORSRGVWUiŃWH REUi]RN 
 3DFKRYìILOWHUMHŚDçNìSUHWRKRMHGQRXUXNRXFK\ŚWH]RVSRGX
D Y\EHUWHKR REUi]RN 
 5~UX QD SHĀHQLH SUHGKUHMWH PD[ QD  & FLUNXOiFLD Y]GXFKX
:
 3DFKRYìILOWHUUHJHQHUXMWHY U~UHSULPD[WHSORWH &
FLUNXOiFLDY]GXFKX : PLQ~W
 =DEH]SHĀWHDE\ERODPLHVWQRVŚGREUHYHWUDQi2WYRUWHRNQR
 3DFKRYìILOWHUQHFKDMWHY\FKODGQ~Ś
 3DFKRYìILOWHUMHŚDçNìSUHWRKRMHGQRXUXNRXFK\ŚWH]RVSRGX
D YORçWH]UHJHQHURYDQìSDFKRYìILOWHU
 .U\WDOHERSRNORS]QRYX]DORçWH
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
5HJHQHUDFLMDILOWUD]DPLULVH
.DNRELVHRVLJXUDRXĀLQDNILOWUD]DPLULVHUHJHQHULUDMWHILOWDU]D
PLULVHXVOXĀDMXQRUPDOQRJUDGDGQHYQRRNR VDWVYDND
PMHVHFD
)LOWDU]DPLULVHPRçHWHUHJHQHULUDWLXVWDQGDUGQRMSHþQLFL
: 2SDVQRVWRGRSHNOLQD
)LOWDU]DPLULVHRVWDMHQDNRQUHJHQHUDFLMHGXJRYUXþ)LOWDU]D
PLULVHQHGRGLUXMWHRGPDKQDNRQUHJHQHUDFLMHYHþJDRVWDYLWHGD
VHRKODGL
9UXþLILOWDU]DPLULVHVWDYLWHQDSRGORJXRWSRUQXQDWRSOLQXNDNREL
VHRKODGLR
1DSRPHQH
)LOWDU]DPLULVHPRçHVHUHJHQHULUDWLGRĂSXWDLXVOXĀDMX
QRUPDOQRJUDGDGQHYQRRNR VDWWUHEDJD]DPLMHQLWL
QDMNDVQLMHQDNRQ JRGLQD
$NRSDGQHUHJHQHULUDMXþLILOWDU]DPLULVHPRçHVHRåWHWLWL
2åWHþHQMDQLVXXYLMHNYLGOMLYDL]YDQD=EULQLWHL]DPLMHQLWH
UHJHQHULUDMXþLILOWDU]DPLULVHNRMLMHSDR
)LOWDU ]D PLULVH QLNDGD QH ĀLVWLWH VUHGVWYLPD ]D ĀLåþHQMH YRGRP
XSHULOLFLSRVXđDLOLYODçQRPNUSRP
.DNR VH OLP ]D SHĀHQMH QH EL L]JUHEDR ILOWDU ]D PLULVH VWDYLWH QD
UHåHWNX
background

)LOWDU]DPLULVHUHJHQHULUDMWHQDPDNVLPDOQR &
YHQWLODWRU
:)LOWDU]DPLULVHQHPRMWHUHJHQHULUDWLVIXQNFLMRP
ĀLåþHQMDSHþQLFHSLUROL]RP
3ULUHJHQHUDFLMLILOWUD]DPLULVHPRçHGRþLGRQDVWDMDQMD
QHXJRGQLKPLULVD3URYMHULWHMHOLSURVWRULMDGREURSUR]UDĀHQD
2WYRULWHSUR]RU
 6NLQLWHSORĀXLOLSRNORSDF VOLND 
 )LOWDU ]D PLULVH MH WHçDN VWRJD XKYDWLWH MHGQRP UXNRP LVSRG ILOWUD
]DPLULVHLL]YDGLWHJD VOLND 
 =DJULMWHSHþQLFXQDPDNVLPDOQR&YHQWLODWRU :
 )LOWDU]DPLULVHUHJHQHULUDMWHXSHþQLFLQDPDNVLPDOQR &
YHQWLODWRU
:XWUDMDQMXRG PLQXWD
 3URYMHULWHMHOLSURVWRULMDGREURSUR]UDĀHQD2WYRULWHSUR]RU
 2VWDYLWHILOWDU]DPLULVHGDVHRKODGL
 )LOWDU ]D PLULVH MH WHçDN VWRJD XKYDWLWH MHGQRP UXNRP LVSRG ILOWUD
]DPLULVHLXPHWQLWHUHJHQHULUDQLILOWDU]DPLULVH
 8PHWQLWHSORĀXLOLSRNORSDF
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
Οδβδμδοηοίμδμίσηκρωοίζίληοηζλί
ΑΪήΪλίέΪκΪημβκΪζθσηθλμμΪηΪξβεμτκΪαΪζβκβαζβ
κίέίηίκβκΪγμίξβεμτκΪαΪζβκβαζβικβηθκζΪεηΪκΪΫθμΪ
ίΰίήηίάηθθδ ρΪληΪάλίδβ ζίλίπΪ
ΖθΰίμίήΪκίέίηίκβκΪμίξβεμτκΪαΪζβκβαζβάθΫβρΪγηΪξνκηΪ
: Νξίπμνπρνρηζβίοώμδ
ΞβεμτκτμαΪζΪαηβηΪθλμΪάΪήτεέθάκίζίλείήκίέίηίκβκΪηί
έθκίσΗίήθδθλάΪγμίξβεμτκΪαΪζβκβαζΪήβκίδμηθλείή
κίέίηίκβκΪηίΪιτκάθέθθλμΪάίμίήΪλίθοεΪήβ
ΙθλμΪάίμίέθκίσβωξβεμτκαΪζΪαηβηΪάτκοννλμθγρβάΪηΪ
μθιεβηΪιθήεθΰδΪαΪθοεΪΰήΪηί
΢ιίζίμηδ
ΞβεμτκτμαΪζβκβαζβζθΰίήΪλίκίέίηίκβκΪήθĂιτμββικβ
ηθκζΪεηΪίδλιεθΪμΪπβωίΰίήηίάηθιθθδ ρΪλμκωΫάΪήΪλί
λζίηωηΪγδτληθλείή έθήβηβ
Ίδθ κίέίηίκβκΪσ λί ξβεμτκ αΪ ζβκβαζβ ιΪήηί μθγ ζθΰί ήΪ λί
ιθάκίήβ
ΙθάκίήβμίηίάβηΪέβλίάβΰήΪμθμάτηΒαοάτκείμίβαΪζίηίμί
ιΪήηΪεβωκίέίηίκβκΪσλίξβεμτκαΪζβκβαζβ
ΗβδθέΪηίιθρβλμάΪγμίξβεμτκΪαΪζβκβαζΪλιθρβλμάΪσβ
ικίιΪκΪμβλάθήΪάλτήθζβωεηΪζΪςβηΪβεβλάεΪΰηΪδτκιΪ
ΑΪήΪηίβαήκΪλδΪμίμΪάΪμΪαΪιίρίηίιθλμΪάίμίξβεμτκΪαΪ
ζβκβαζβάτκονλδΪκΪ
ΚίέίηίκβκΪγμίξβεμτκΪαΪζβκβαζβικβζΪδλβζνζ &
πθκδνεΪπβωηΪάταήνοΪ
:ΗίκίέίηίκβκΪγμίξβεμτκΪαΪ
ζβκβαζβλξνηδπβωμΪαΪιθρβλμάΪηίηΪιίσιβκθεβαΪ
ΙκβκίέίηίκβκΪηίηΪξβεμτκΪαΪζβκβαζΪζθΰίήΪλίλμβέηί
ήθθΫκΪανάΪηίηΪζβκβαζβΝάίκίμίλίρίιθζίσίηβίμθί
ήθΫκίικθάίμκίηθΘμάθκίμίικθαθκίπ
 ΘμλμκΪηίμίΫείηήΪμΪβεβδΪιΪδΪ σηβ 
 ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββέθήίζθημβκΪγμί σηβ 
 ΙκίήάΪκβμίεηθαΪέκίγμίξνκηΪμΪήθζΪδλβζνζ&
πβκδνεΪπβωηΪάταήνοΪ
:
 ΚίέίηίκβκΪγμί ξβεμτκΪ αΪ ζβκβαζβ αΪ  ζβηνμβ άτά ξνκηΪμΪ
ικβζΪδλβζνζ &πβκδνεΪπβωηΪάταήνοΪ
:
 ΝάίκίμίλίρίιθζίσίηβίμθίήθΫκίικθάίμκίηθΘμάθκίμί
ικθαθκίπ
 ΘλμΪάίμίξβεμτκΪαΪζβκβαζΪήΪλίθοεΪήβ
 ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββιθλμΪάίμίκίέίηίκβκΪηβωξβεμτκαΪ
ζβκβαζβ
 ΙθλμΪάίμίΫείηήΪμΪβεβδΪιΪδΪ
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
5HJHQHUDFLMDILOWHUD]DPLULVH
'DELVWHRVLJXUDOLVQDJXILOWULUDQMDPLULVDSULXRELĀDMHQRPUHçLPX
UDGDGQHYQRRWSU VDWUHJHQHULåLWHILOWHU]DPLULVHQDVYDND²
PHVHFD
)LOWHU]DPLULVHPRçHWHGDUHJHQHULåHWHXXRELĀDMHQRMUHUQL
: 2SDVQRVWRGRSHNRWLQD
)LOWHU]DPLULVHQDNRQUHJHQHUDFLMHRVWDMHGXçHYUHPHYUXþ)LOWHU
]DPLULVHQHPRMWHGRGLULYDWLQHSRVUHGQRQDNRQUHJHQHUDFLMH
VDĀHNDMWHSUYRGDVHGRYROMQRRKODGL
9UXþ ILOWHU ]D PLULVH RVWDYLWH GD VH RKODGL QD SRGOR]L NRMD MH RWSRUQD
QDYLVRNHWHPSHUDWXUH
1DSRPHQH
)LOWHU]DPLULVHVHPRçHUHJHQHULVDWLLGRĂSXWDLSUL
XRELĀDMHQRMXSRWUHELGQHYQRRWSU VDWVHPRUD]DPHQLWL
QDMNDVQLMHQDNRQ JRGLQD
8NROLNRILOWHU]DPLULVHSDGQHPRçHGDVHRåWHWL
2åWHþHQMDQLVXXYHNXRĀOMLYDVSROMD8NROLNRMHSDRXNORQLWHL
]DPHQLWHILOWHU]DPLULVHNRMLVHPRçHUHJHQHULVDWL
)LOWHU]DPLULVHQLNDGDQHPRMWHĀLVWLWLGHWHUGçHQWRPYRGRP
YODçQRPNUSRPLOLSUDWLXPDåLQL]DSUDQMHSRVXđD
.DNR QH ELVWH RJUHEDOL SOHK ]D SHĀHQMH ILOWHU ]D PLULVH SRVWDYLWH
QDUHåHWNX
)LOWHU]DPLULVHUHJHQHULåLWHQDPDNVLPDOQR &
YHQWLODWRU
:)LOWHU]DPLULVHQHUHJHQHULåLWHSRPRþXIXQNFLMH
ĀLåþHQMDSHþQLFHSLUROL]H
3ULOLNRPUHJHQHUDFLMHILOWHUD]DPLULVHPRçHGRþLGRVWYDUDQMD
PLULVD8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWH
SUR]RU
 8NORQLWHSUHJUDGXLOLSRNORSDF VOLND 
 )LOWHU]DPLULVHMHWHçDN]ERJWRJDJDMHGQRPUXNRPRGR]GR
REXKYDWLWHLL]YDGLWHJD VOLND 
 5HUQXXQDSUHG]DJUHMWHQDPDNV &YHQWLODWRU :
 )LOWHU]DPLULVHUHJHQHULåLWH PLQXWDXUHUQLQDPDNV&
YHQWLODWRU :
 8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWHSUR]RU
 6DĀHNDMWHGDVHILOWHU]DPLULVHRKODGL
 )LOWHU]DPLULVHMHWHçDN]ERJWRJDJDMHGQRPUXNRPRGR]GR
REXKYDWLWHLXPHWQLWHUHJHQHULVDQLILOWHU]DPLULVH
 3RVWDYLWHSUHJUDGXLOLSRNORSDF
background

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
5LJMHQHURQLILOWULQHHUsUDYH
3sU Ws JDUDQWXDU SHUIRUPDQFsQ H ILOWULW Ws DURPDYH ULJMHQHURMHQL DWs
oGRĂPXDMNXUSDMLVMDSsUGRUHWQRUPDOLVKWUUHWKĂRUsoGRGLWs
-X PXQG WD ULJMHQHURQL ILOWULQ H DURPDYH Qs QMs IXUUs Ws ]DNRQVKPH
: 5UH]LNGMHJLHMH
)LOWULLHUsUDYHPEHWHWLQ[HKWsSsUQMsNRKsWsJMDWs0RVHSUHNQL
ILOWULQHHUsUDYHGLUHNWSDVULJMHQHULPLWSRUOsUHQLTsWsIWRKHW
9HQGRVHQL ILOWULQ H Q[HKWs Ws HUsUDYH Ts Ws IWRKHW PEL QMs VLSsUIDTH
UH]LVWXHVHQGDMQ[HKWsVLVs
8GKs]LPH
)LOWULLDURPDYHPXQGWsULJMHQHURKHWGHULQsĂKHUsGKHGXKHW
QGsUUXDUPDNVLPXPLSDVĂYMHWsVKNXUSDMLVMDSsUGRUHW
QRUPDOLVKWUUHWKĂRUsoGRGLWs
.XUQMsILOWsULULJMHQHUXHVKsPLDURPDYHSsUSODVHWQsWRNsDL
PXQGWsGsPWRKHW
'sPWLPHW QXN MDQs JMLWKPRQs Ws GXNVKPH QJD MDVKWs +LGKQL GKH
]sYHQGsVRQLILOWULQHULJMHQHUXHVKsPWsDURPDYHTssVKWs
SsUSODVXUQsWRNs
0RV H SDVWURQL ILOWULQ H DURPDYH DVQMsKHUs PH SDVWUXHV PH XMs
QsHQsODUsVHRVHPHQMsOHFNsWsQMRPs
4sWDYDHSMHNMHVWsPRVNULVHWYHQGRVHQLILOWULQHDURPDYHPEL
QMsVNDUs
5LJMHQHURQL ILOWULQ H DURPDYH Qs WHPSHUDWXUs PDNVLPXPL &
4DUNXOOLPDMUL
:0RVHULJMHQHURQLILOWULQHDURPDYHPH
IXQNVLRQLQHSDVWULPLWWsIXUUsV3LUROL]D
*MDWsULJMHQHULPLWWsILOWULWWsDURPDYHPXQGWsQGRGKsNULMLPL
DURPDYH6LJXURKXQLTsGKRPDNDDMURVMHWsPLUs+DSQLQMs
GULWDUH
 +LTQLPEXOHVsQRVHNDSDNXQ )LJXUD 
 )LOWUL L DURPDYH sVKWs L UsQGs SUDQGDM NDSHQL ILOWULQ H DURPDYH QJD
SRVKWsPHQMsUsQGRUsGKHoPRQWRMHQLDWs )LJXUD 
 1JURKQL SDUDSUDNLVKW IXUUsQ PDNVLPXPL Qs & 4DUNXOOLP DMUL
:
 5LJMHQHURQLILOWULQHDURPDYHQsIXUUsQPHWHPSHUDWXUs
PDNVLPDOH&4DUNXOOLPDMUL
:SsUĂPLQXWD
 6LJXURKXQLTsGKRPDNDDMURVMHWsPLUs+DSQLQMsGULWDUH
 /sUHQLILOWULQHDURPDYHWsIWRKHW
 )LOWUL L DURPDYH sVKWs L UsQGs SUDQGDM NDSHQL ILOWULQ H DURPDYH QJD
SRVKWsPHQMsUsQGRUsGKHYHQGRVQLILOWULQHULJMHQHUXDUWs
DURPDYH
 9HQGRVQLPEXOHVsQRVHNDSDNXQ

Specifications

Indexed Terms: Odor Filter

Neff Z50XXP0X0 Questions and Answers

Questions and Answers

Related Products