Neff Z52CBD2X1 Long Life recirculation kit

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Other Documents

User Manual

This is the main product document for model Z52CBD2X1.

The file format is pdf, 20 pages, you can download this manual here .

background
*9001544589* 

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
ü 0RQWDMWɊOLPDW×
Ò Οωινανγπρανζίλνμρίε
Ö 0RQWiçQtQiYRG
× 0RQWHULQJVYHMOHGQLQJ
Ù 
Û ,QVWUXFFLRQHVGHPRQWDMH
Ü 3DLJDOGXVMXKHQG
Ý $VHQQXVRKMH
Þ 1RWLFHGHPRQWDJH
à 8SXWH]DPRQWDçX
â ,VWUX]LRQLSHULOPRQWDJJLR
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
ñ 8GKs]LPSsUPRQWLP
ó 0RQWHULQJVDQYLVQLQJ
ô 0RQWDMN×ODYX]X
[
[ [


$ %
background

de
Ø
0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
9HUOHW]XQJVJHIDKU
,VW GDV *HUlW QLFKW RUGQXQJVJHPl EHIHVWLJW NDQQ HV KHUDEIDOOHQ
$OOH%HIHVWLJXQJVHOHPHQWHPVVHQIHVWXQGVLFKHUPRQWLHUWZHU
GHQ
6WURPVFKODJJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ'DV
$QVFKOXVVNDEHONDQQEHVFKlGLJWZHUGHQ$QVFKOXVVNDEHOZlK
UHQGGHU,QVWDOODWLRQQLFKWNQLFNHQRGHUHLQNOHPPHQ
9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]
KDQGVFKXKHWUDJHQ
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
,QVWDOODWLRQ
+LQZHLV )U GLH 0RQWDJH GHV 8POXIWPRGXOV PXVV GDV REHUH 7UD
JHJHVWHOOGHU'XQVWDE]XJVKDXEHDQGHU'HFNHPRQWLHUWVHLQ
VLHKH´0RQWDJHDQOHLWXQJGHU'XQVWDE]XJVKDXEHµ
$NWLYNRKOHILOWHUKHUDXVQHKPHQXQGGLH)ROLHHQWIHUQHQ%LOG
'DV8POXIWPRGXODQGDVREHUH7UDJHJHVWHOOVFKUDXEHQ%LOG
'LH]ZHL+DOWHZLQNHODQGDVREHUH7UDJHJHVWHOOVFKUDXEHQ
%LOG
6FKODXFKPLWGHQ]ZHL5RKUVFKHOOHQDP8POXIWPRGXOXQGDP
/XIWVWXW]HQGHU'XQVWDE]XJVKDXEHEHIHVWLJHQ
6FKODXFKPXVVVWUDIIVHLQEHL%HGDUINU]HQ%LOG
+LQZHLV )U GLH 5RKUYHUELQGXQJ PVVHQ GDV XQWHUH 7UDJHJHVWHOO
XQGGLH'XQVWDE]XJVKDXEHPRQWLHUWVHLQVLHKH´0RQWDJHDQOHL
WXQJGHU'XQVWDE]XJVKDXEHµ
$NWLYNRKOHILOWHUHLQVHW]HQ%LOG
6LFKHUXQJVEJHOXPNODSSHQ%LOG
.DPLQYHUEOHQGXQJPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
6FKOLW]HGHULQQHUHQ.DPLQYHUEOHQGXQJQDFKXQWHQ
'LH %OHQGHQ VFKUlJ DQVHW]HQ XQG OHLFKW QDFK REHQ GUFNHQ 'LH
$XVVSDUXQJHQ DQ GHQ %OHQGHQ PVVHQ EHU GLH 6LFKHUXQJVERO
]HQJHIKUWZHUGHQ%LOG
%OHQGHQ]XVDPPHQVFKLHEHQELVVLHVSUEDULQHLQDQGHUHLQUDV
WHQ%LOG
*HUXFKVILOWHUUHJHQHULHUHQ
8PGLH*HUXFKVILOWHUOHLVWXQJ]XJHZlKUOHLVWHQUHJHQHULHUHQ6LH
GHQ*HUXFKVILOWHUEHLQRUPDOHP%HWULHEWlJOLFKFLUFD 6WXQGH
DOOH 0RQDWH
6LHN|QQHQGHQ*HUXFKVILOWHULQHLQHPKDQGHOVEOLFKHQ%DFNRIHQ
UHJHQHULHUHQ
: 9HUEUHQQXQJVJHIDKU
'HU*HUXFKVILOWHUEOHLEWQDFKGHP5HJHQHULHUHQODQJH=HLWKHL
'HQ*HUXFKVILOWHUGLUHNWQDFKGHP5HJHQHULHUHQQLFKWEHUKUHQ
VRQGHUQDENKOHQODVVHQ
'HQKHLHQ*HUXFKVILOWHU]XP$ENKOHQDXIHLQHKLW]HEHVWlQGLJH
8QWHUODJHOHJHQ
$
%


background

+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%OHQGHQOHLFKWQDFKXQWHQGUFNHQ'LH$XVVSDUXQJHQDQ
GHQ %OHQGHQ PVVHQ EHU GLH 6LFKHUXQJVERO]HQ JHIKUW ZHUGHQ
%LOG
 .DPLQYHUEOHQGXQJGHPRQWLHUHQVLHKH´0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEHµ
 6LFKHUXQJVEJHOXPNODSSHQ %LOG 
 'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGLHVHQDXVEDXHQ %LOG 
 'HQ%DFNRIHQDXIPD[LPDO&8POXIW :YRUKHL]HQ
 'HQ*HUXFKVILOWHUIU 0LQXWHQLP%DFNRIHQEHLPD[LPDO
 &8POXIW :UHJHQHULHUHQ
 6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW (LQ )HQVWHU |IIQHQ
 'HQ*HUXFKVILOWHUDENKOHQODVVHQ
 'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGHQUHJHQHULHUWHQ*HUXFKVILOWHUHLQVHW
]HQ
6LFKHUXQJVEJHOXPNODSSHQ %LOG 
.DPLQYHUEOHQGXQJPRQWLHUHQVLHKH´0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEHµ
'LH%OHQGHQOHLFKWQDFKREHQGUFNHQ'LH$XVVSDUXQJHQDQ
GHQ %OHQGHQ PVVHQ EHU GLH 6LFKHUXQJVERO]HQ JHIKUW ZHUGHQ
%LOG
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
5LVNRILQMXU\
7KH DSSOLDQFH PD\ IDOO GRZQ LI LW KDV QRW EHHQ SURSHUO\ IDVWHQHG LQ
SODFH$OOIDVWHQLQJFRPSRQHQWVPXVWEHIL[HGILUPO\DQGVHFXUHO\
5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
5LVNRILQMXU\
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU
SURWHFWLYHJORYHV
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
,QVWDOODWLRQ
1RWH :KHQLQVWDOOLQJWKHUHFLUFXODWLRQPRGXOHWKHXSSHUVXSSRUW
IUDPHIRUWKHH[WUDFWRUKRRGPXVWEHILWWHGWRWKHFHLOLQJVHH
,QVWDOODWLRQLQVWUXFWLRQVIRUWKHH[WUDFWRUKRRG
5HPRYHWKHDFWLYDWHGFDUERQILOWHUDQGWKHIRLO²)LJ
6FUHZWKHUHFLUFXODWLRQPRGXOHWRWKHXSSHUVXSSRUWIUDPH²
)LJ
6FUHZWKHWZRIL[LQJEUDFNHWVWRWKHXSSHUVXSSRUWIUDPH²
)LJ
)L[WKHKRVHZLWKWKHWZRSLSHEUDFNHWVWRWKHUHFLUFXODWLRQ
PRGXOHDQGWKHDLUSLSHFRQQHFWRUIRUWKHH[WUDFWRUKRRG
7KHKRVHPXVWEHWDXWVKRUWHQLWLIQHFHVVDU\²)LJ
1RWH :KHQ FRQQHFWLQJ WKH SLSH WKH ORZHU VXSSRUW IUDPH DQG WKH
H[WUDFWRUKRRGPXVWEHLQVWDOOHGVHH,QVWDOODWLRQLQVWUXFWLRQVIRU
WKHH[WUDFWRUKRRG
,QVHUWWKHDFWLYDWHGFDUERQILOWHU²)LJ
)ROGWKHUHWDLQLQJFOLSGRZQ²)LJ
)LWWKHIOXHGXFWVHH,QVWDOODWLRQLQVWUXFWLRQVIRUWKHH[WUDFWRU
KRRG
7KHVORWVRIWKHLQQHUIOXHGXFWSRLQWGRZQZDUGV
3RVLWLRQWKHSDQHOVGLDJRQDOO\DQGJHQWO\SXVKWKHPXSZDUGV
7KH SDQHOV PXVW EH UHFHVVHG XVLQJ WKH VDIHW\ EROWV  ² )LJ 
3XVK WKH SDQHOV WRJHWKHU XQWLO \RX IHHO WKHP HQJDJH  ² )LJ 
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
 3UHVVWKHSDQHOVGRZQVOLJKWO\7KHSDQHOVPXVWEHUHFHVVHG
XVLQJWKHVDIHW\EROWV²)LJ
 5HPRYHWKHIOXHGXFWVHH´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH
H[WUDFWRUKRRGµ
 )ROGWKHUHWDLQLQJFOLSGRZQ )LJ 
 7KHRGRXUILOWHULVKHDY\WKHUHIRUH\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
)ROGWKHUHWDLQLQJFOLSGRZQ )LJ 
)LWWKHIOXHGXFWVHH,QVWDOODWLRQLQVWUXFWLRQVIRUWKHH[WUDFWRU
KRRG
3UHVV WKH SDQHOV VOLJKWO\ XSZDUGV 7KH SDQHOV PXVW EH UHFHVVHG
XVLQJWKHVDIHW\EROWV²)LJ
background

az
ü 0RQWDMWɊOLPDW×
: 9DFLEWɊKONɊVL]OLNTD\GDODU×
%X TD\GDODU× GLTTɊWOɊ R[X\XQ <DOQ×] R ]DPDQ FLKD]× WɊKONɊVL]
GFLKD]×WɊKONɊVL]YɊG]JQLGDUɊHGɊELOɊUVLQL]ĮVWLIDGɊYɊ
PRQWDMNLWDEoDV×Q×VRQUDN×LVWLIDGɊYɊ\DVRQUDGDQLVWLIDGɊHGɊQ
oQVD[OD\×Q
<DOQ×]SHüɊNDUPWɊ[ɊVLVJ|VWɊULüLQɊX\ùXQRODUDTPYDILT
TXUDüG×U×OPDLVWLIDGɊ]DPDQ×WɊKONɊVL]OL\LWɊPLQHWPLüROXU
4XUDüG×UDQXVWDTRüXODQ\HUGɊG]JQLüOɊPɊVLoQPɊVXOL\\ɊW
GDü×\×U
<DUDODQPDWɊKONɊVL
&LKD] TD\GD\D X\ùXQ EɊUNLGLOPɊ]VɊ R GüɊ ELOɊU %WQ EɊUNLWPɊ
HOHPHQWOɊULEɊUNYɊWɊKONɊVL]PRQWDMHGLOPɊOLGLUOɊU
&ɊUɊ\DQYXUPDWɊKONɊVL
&LKD]×Q LoLQGɊNL TXUXOPD KLVVɊOɊUL PDLOL ROD ELOɊU %LUOɊüGLUPɊ NDEHOL
]ɊGɊOɊQPLüRODELOɊU4XUDüG×UPD]DPDQ×ELUOɊüGLUPɊNDEHOLQL
Ɋ\PɊ\LQYɊ\DLOLüGLUPɊ\LQ
<DUDODQPDWɊKONɊVL
&LKD]×QLoLQGɊNLTXUXOPDKLVVɊOɊUL4RUX\XFXɊOFɊNJH\LQLQ
%RùXOPDWɊKONɊVL
4DEODüG×UPDPDWHULDOODU×XüDTODUoQWɊKONɊOLGLU4R\PD\×Q
XüDT×DUTDEODüG×UPDPDWHULDO×QQDQR\QDV×Q
4XUDüG×UPD
4H\G 5HVLUNXO\DVL\DPRGXOXQXQPRQWDMHGLOPɊVLoQ
DVSLUDWRUXQVWNURQüWH\QLWDYDQDPRQWDMHGLOPɊOLGLUED[
DVSLUDWRUXQPRQWDMWɊOLPDW×
$NWLYN|PUILOWULQLo×[DUGDUDTTDEODüG×UPDVHOORIDQ×Q×
NɊQDUODüG×UPDTûɊNLO
5HVLUNXO\DVL\DPRGXOXQXVWNURQüWH\QɊYLQWOɊPɊNûɊNLO
ĮNLɊGɊGGD\DTEXFDù×Q×VWNURQüWH\QɊYLQWOɊPɊNûɊNLO
ĮNLɊGɊGERUX[DPXWXYDVLWɊVLOɊüODQT×UHVLUNXO\DVL\DPRGXOXYɊ
DVSLUDWRUXQKDYDTROERUXVXQDEɊUNLWPɊN
ûODQTWDU×PROPDO×G×UHKWL\DFRODUVDT×VDOG×OPDO×G×UûɊNLO
4H\G %RUXELUOɊüPɊVLoQDOWNURQüWH\QYɊDVSLUDWRUPRQWDM
HGLOPɊOLGLUED[´DVSLUDWRUXQPRQWDMWɊOLPDW×µ
$NWLYN|PUILOWULQL\HULQɊNHoLUPɊNûɊNLO
7ɊKONɊVL]OLNT|YVQTDWODPDTûɊNLO
%DFD ]O\Q PRQWDM HWPɊN ED[ ´DVSLUDWRUXQ PRQWDM WɊOLPDW×µ
'D[LOLEDFD]O\QDüDù×\DGRùUXNɊV
'HNRUDWLYSODQNDODU×oɊSLQɊRWXUGDUDT\QJOFɊ\X[DU×\DGRùUX
V×[PDT'HNRUDWLYSODQNDODUGDN×QRYoDODUWɊKONɊVL]OLNEROWODU×
]ɊULQGɊQDSDU×OPDO×G×UûɊNLO
'HNRUDWLY SODQNDODU× ELUELULQɊ GRùUX R TɊGɊU LWɊOɊ\LQ NL ELUELULQLQ
LoLQɊKLVVROXQDFDTTɊGɊUNHoVLQOɊUûɊNLO
4R[XILOWULQLEɊUSDHWPɊN
4R[XILOWULQLQPɊKVXOGDUO×ù×Q×WɊPLQHWPɊNoQTR[XILOWULQLKɊU
ĂD\GDQELUQRUPDOoDO×üPD]DPDQ×JQGɊOLNWɊTUĂVDDWEɊUSD
HGLQ
4R[XILOWULQLVDW×üGDRODQELüLUPɊVREDV×QGDEɊUSDHGɊELOɊUVLQL]
: <DQPDWɊKONɊVL
4R[XILOWULEɊUSDHGLOGLNGɊQVRQUDX]XQPGGɊWoR[TD\QDUROXU
%ɊUSDGDQ GɊUKDO VRQUD TR[X ILOWULQɊ WR[XQPD\×Q ɊNVLQɊ VR\XPDùD
EXUD[×Q
4D\QDUTR[XILOWULQLVR\XPDV×oQLVWL\ɊGDYDPO×DOWO×ù×QVWQɊ
TR\XQ
4H\GOɊU
4R[XILOWULĂGɊIɊ\ɊTɊGɊUEɊUSDHGLOɊELOɊUYɊQRUPDOoDO×üPD
]DPDQ×JQGɊĂVDDWɊQJHFLĂLOGɊQVRQUDGɊ\LüGLULOPɊOLGLU
ƁJɊUEɊUSDHGLOɊELOɊQTR[XILOWUL\HUɊGüɊUVɊ]ɊGɊOɊQɊELOɊU
=ɊGɊOɊQPɊOɊU[DULFGɊQKHoGɊKɊPLüɊJ|UQPU<HUɊGüPü
HGLOɊELOɊQTR[XILOWULQLXWLOL]DVL\DHGɊUɊNGɊ\LüGLULQ
4R[X ILOWULQL WɊPL]OɊ\LFLOɊUOɊ VX LOɊ TDE\X\DQ PDü×QGD \D \Dü
GɊVPDOODWɊPL]OɊPɊ\LQ
%LüLUPɊVLQLVLQLF×]PDPDToQTR[XILOWULQLELUWRUXQVWQɊ
TR\XQ
4R[XILOWULQLPDNVLPXP &VLUNXO\DVL\D :EɊUSDHWPɊN
4R[XILOWULQLVREDWɊPL]OɊPɊIXQNVL\DV×LOɊSLUROL]EɊUSD
HWPɊ\LQ
4R[XILOWULQLQEɊUSDHGɊUNɊQTR[XODU\DUDQDELOɊU2WDù×Q\D[ü×
KDYDODQG×U×OG×ù×QGDQɊPLQROXQ%LUSɊQFɊUɊQLDo×Q
 'HNRUDWLYSODQNDODU×\QJOFɊDüDù×\DGRùUXV×[PDT'HNRUDWLY
SODQNDODUGDN×QRYoDODUWɊKONɊVL]OLNEROWODU×]ɊULQGɊQ
DSDU×OPDO×G×UûɊNLO
 %DFD]O\QGHPRQWDMHWPɊNED[´DVSLUDWRUXQPRQWDM
WɊOLPDW×µ
 7ɊKONɊVL]OLNT|YVQTDWODPDT üɊN 
 4R[XILOWULDù×UG×URQDJ|UɊGɊELUɊOOɊDüDù×GDQTR[XILOWULQL
WXWDUDTRQXV|NQ üɊN 
 %LüLUPɊVREDV×Q×PDNVLPXP&VLUNXO\DVL\D :|Q
T×]G×UPDT
 4R[X ILOWULQL ELüLUPɊ VREDV×QGD ĂGɊTLTɊOLN PDNVLPXP  &
VLUNXO\DVL\D :EɊUSDHWPɊN
 2WDù×Q\D[ü×KDYDODQG×U×OG×ù×QGDQɊPLQROPDT%LUSɊQFɊUɊQL
Do×Q
 4R[XILOWULQLVR\XPDùDEXUD[×Q
 4R[XILOWULDù×UG×URQDJ|UɊGɊELUɊOOɊDüDù×GDQTR[XILOWULQL
WXWDUDTEɊUSDROXQPXüTR[XILOWULQLNHoLUWPɊN
7ɊKONɊVL]OLNT|YVQTDWODPDT üɊN 
%DFD ]O\Q PRQWDM HWPɊN ED[ ´DVSLUDWRUXQ PRQWDM WɊOLPDW×µ
'HNRUDWLY SODQNDODU× \QJOFɊ \X[DU×\D GRùUX V×[PDT 'HNRUDWLY
SODQNDODUGDN×QRYoDODUWɊKONɊVL]OLNEROWODU×]ɊULQGɊQ
DSDU×OPDO×G×UûɊNLO
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
: Αίεμηςιίζίμηώζίΰδζνξίπμνπρ
ΌηβζΪμίεηθ ικθρίμίμί μθάΪ κτδθάθήλμάθ ΛΪζθ μθέΪάΪ ζθΰίμί ήΪ
βαιθεαάΪμίνκίήΪλβΫίαθιΪληθβικΪάβεηθΚτδθάθήλμάθμθαΪ
νιθμκίΫΪβζθημΪΰήΪλίλτοκΪηωάΪαΪιθδτληΪνιθμκίΫΪβεβαΪ
λείήάΪσβωλθΫλμάίηβδ
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθβηλμκνδπβωμΪαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
Νξίπμνπρνρμίοίμώαίμδ
ΊδθνκίήτμηίίικΪάβεηθαΪδκίιίημθγζθΰίήΪιΪήηίΌλβρδβ
ίείζίημβαΪαΪδκίιάΪηίμκωΫάΪήΪλΪαήκΪάθβΫίαθιΪληθ
ζθημβκΪηβ
Νξίπμνπρνρρνιναςγίο
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΔΪΫίετμαΪ
λάτκαάΪηίζθΰίήΪλίιθάκίήβΔΪΫίετμαΪλάτκαάΪηίιθάκίζί
ηΪβηλμΪεΪπβωμΪηίΫβάΪήΪλίθέτάΪβεβαΪσβιάΪ
Νξίπμνπρνρμίοίμώαίμδ
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
Νξίπμνπρνρζίγςχίαίμδ
ΘιΪδθάτρηβωμζΪμίκβΪείθιΪλίηαΪήίπΪΗβδθέΪηί
ιθαάθεωάΪγμίηΪήίπΪήΪβέκΪωμλθιΪδθάτρηβωζΪμίκβΪε
0νμρίε
΢ιίζίμηδ ΑΪζθημΪΰΪηΪζθήνεΪαΪκίπβκδνεΪπβωμκωΫάΪ
έθκηΪμΪλμθγδΪηΪΪΫλθκΫΪμθκΪήΪλίζθημβκΪηΪμΪάΪηΪάΰ
ΚτδθάθήλμάθαΪζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΒαάΪήίμίξβεμτκΪλΪδμβάίηάτέείηβλάΪείμίξθεβθμθξβέ
ΖθήνεαΪκίπβκδνεΪπβωαΪάβημίηάτκονέθκηΪμΪλμθγδΪξβέ
ΎάΪμΪαΪήτκΰΪσβάβηδίεΪλίαΪάβημάΪμδτζέθκηΪμΪλμθγδΪ
ξβέ
ΑΪδκίιίμίζΪκδνρΪλήάίλδθΫβαΪμκτΫβάτκονζθήνεΪαΪ
κίπβκδνεβκΪσάταήνοβηΪδκΪγηβδΪαΪάταήνοηΪΪΫλθκΫΪμθκΪ
ΖΪκδνρτμμκωΫάΪήΪίθΫμίέηΪμικβηνΰήΪλδτλίμίξβέ
΢ιίζίμηδ ΑΪμκτΫηθμθλάτκαάΪηίμκωΫάΪήθεηΪμΪλμθγδΪβ
ΪΫλθκΫΪμθκτμήΪλΪζθημβκΪηβάΰΚτδθάθήλμάθαΪζθημΪΰηΪ
ΪΫλθκΫΪμθκΪ
ΙθλμΪάίμίξβεμτκλΪδμβάίηάτέείηξβέ
ΙκίζίλμίμίθΫίαθιΪλβμίεηΪμΪλδθΫΪξβέ
ΖθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΘμάθκτμηΪάτμκίςηΪμΪθΫςβάδΪηΪήβζθθμάθήΪίηΪήθεν
ΙθλμΪάίμίλδθλίηθΫείηήβμίβηΪμβληίμίείδθηΪέθκί
ΘμάίκλμβωμΪιθΫείηήβμίμκωΫάΪήΪικίζβηΪμάτκον
θΫίαθιΪλβμίεηβμίΫθεμθάίξβέ
ΛτΫίκίμίΫείηήβμίήθδΪμθάβήβζθλίξβδλβκΪμξβέ
background

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
 ΗΪμβληίμίείδθηΪήθενΫείηήβμίΘμάίκλμβωμΪιθΫείηήβμί
μκωΫάΪ ήΪ ικίζβηΪμ άτκον θΫίαθιΪλβμίεηβμί Ϋθεμθάί  ξβέ 
 ΎίζθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
 ΙκίζίλμίμίθΫίαθιΪλβμίεηΪμΪλδθΫΪ 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
ΙκίζίλμίμίθΫίαθιΪλβμίεηΪμΪλδθΫΪ σηβ 
ΖθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΗΪμβληίμίείδθηΪέθκίΫείηήβμίΘμάίκλμβωμΪιθΫείηήβμί
μκωΫάΪ ήΪ ικίζβηΪμ άτκον θΫίαθιΪλβμίεηβμί Ϋθεμθάί  ξβέ 
cs
Ö
0RQWiçQtQiYRG
: 'ŤOHçLWiEH]SHĀQRVWQtXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRG-HGLQěWDNPŤçHWHVYŤMVSRWŒHE
VSUiYQěD EH]SHĀQěSRXçtYDW1iYRGN SRXçLWtD QiYRGN PRQWiçL
XVFKRYHMWHSURSR]GěMåtSRXçLWtQHERSURGDOåtKRPDMLWHOH
%H]SHĀQpSRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpYHVWDYEě
SRGOH QiYRGX N PRQWiçL 7HFKQLN SURYiGěMtFt LQVWDODFL RGSRYtGi ]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
1HEH]SHĀtSRUDQěQt
3RNXGQHQtVSRWŒHELĀŒiGQěXSHYQěQìPŤçHVSDGQRXW9åHFKQ\
XSHYŃRYDFtSUYN\PXVtEìWSHYQěD EH]SHĀQěQDPRQWRYDQp
1HEH]SHĀt~UD]XHOHNWULFNìPSURXGHP
6RXĀiVWLXYQLWŒVSRWŒHELĀHPRKRXPtWRVWUpKUDQ\0ŤçHGRMtW
N SRåNR]HQtSŒLSRMRYDFtKRNDEHOX3ŒLSRMRYDFtNDEHOSŒLLQVWDODFL
QH]DODPXMWHDQLQHXVNŒtSQěWH
1HEH]SHĀt~UD]X
6RXĀiVWL XYQLWŒ VSRWŒHELĀH PRKRX PtW RVWUp KUDQ\ 1RVWH RFKUDQQp
UXNDYLFH
1HEH]SHĀtXGXåHQt
2EDORYìPDWHULiOMHQHEH]SHĀQìSURGěWL1LNG\QHGRYROWHGěWHP
DE\VLKUiO\V REDORYìPPDWHULiOHP
,QVWDODFH
8SR]RUQěQt 3UR PRQWiç PRGXOX QD FLUNXODFL Y]GXFKX PXVt EìW QD
VWURSě QDPRQWRYDQi KRUQt QRVQi NRQVWUXNFH GLJHVWRŒH YL] Å1iYRG
N PRQWiçLGLJHVWRŒHµ
9\MPěWHDNWLYQtXKOtNRYìILOWUD RGVWUDŃWHIyOLL²REUi]HN 
0RGXOQDFLUNXODFLY]GXFKXSŒLåURXEXMWHN KRUQtQRVQp
NRQVWUXNFL²REUi]HN 
'YDSŒtGUçQp~KHOQtN\SŒLåURXEXMWHN KRUQtQRVQpNRQVWUXNFL²
REUi]HN 
+DGLFLSŒLSHYQěWHGYěPDVSRQDPLN PRGXOXQDFLUNXODFL
D N KUGOXSURRGYRGY]GXFKXGLJHVWRŒH
+DGLFHPXVtEìWQDSQXWiY SŒtSDGěSRWŒHE\ML]NUDŚWH²
REUi]HN 
8SR]RUQěQt 3URSŒLSRMHQtWUXEN\PXVtEìWQDPRQWRYDQiGROQt
QRVQiNRQVWUXNFHD GLJHVWRŒYL]Å1iYRGN PRQWiçLGLJHVWRŒHµ
1DVDďWHDNWLYQtXKOtNRYìILOWU²REUi]HN 
3ŒHNORSWH]DMLåŚRYDFtREORXN²REUi]HN 
1DPRQWXMWHNU\WNRPtQXYL]Å1iYRGNPRQWiçLGLJHVWRŒH´
'UiçN\YQLWŒQtKRNU\WXNRPtQXPXVtVPěŒRYDWGROŤ
1DVDďWHåLNPRSDQHOD ]DWODĀWHMHPtUQěQDKRUX9\EUiQt
Y SDQHOHFKVHSŒLWRPPXVtYpVWQDG]DMLåŚRYDFtPLĀHS\ ²
REUi]HN 
3DQHO\ ]DVXŃWH GR VHEH WDN DE\ GR VHEH FLWHOQě ]DVNRĀLO\  ²
REUi]HN 
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
$E\VHQHSRåNUiEDOSOHFKQDSHĀHQtSRORçWHSDFKRYìILOWUQD
URåW
3DFKRYìILOWUUHJHQHUXMWHSŒLPD[LPiOQě &FLUNXODFH
Y]GXFKX
:3DFKRYìILOWUQHUHJHQHUXMWHSRPRFtIXQNFHĀLåWěQt
SHĀLFtWURXE\S\UROì]\
3ŒLUHJHQHUDFLSDFKRYpKRILOWUXVHPŤçHåtŒLW]iSDFK=DMLVWěWH
DE\E\ODPtVWQRVWGREŒHYěWUDQi2WHYŒHWHRNQR
 .U\W\ ]DWODĀWH PtUQě GROŤ 9\EUiQt Y NU\WHFK VH SŒLWRP PXVt YpVW
QDG]DMLåŚRYDFtPLĀHS\ ²REUi]HN 
 'HPRQWXMWHNU\WNRPtQXYL]Å1iYRGN PRQWiçLGLJHVWRŒH´
 3ŒHNORSWH]DMLåŚRYDFtREORXN REUi]HN 
 3DFKRYìILOWUMHWěçNìSURWRKR]HVSRGXXFKRSWHUXNRX
D GHPRQWXMWHKR REUi]HN 
 3HĀLFt WURXEX SŒHGHKŒHMWH QD PD[LPiOQě  & :GUXK RKŒHYX
KRUNìY]GXFK
 3DFKRYì ILOWU UHJHQHUXMWH  PLQXW Y SHĀLFt WURXEě SŒL PD[LPiOQě
 &:GUXKRKŒHYXKRUNìY]GXFK
 =DMLVWěWHDE\E\ODPtVWQRVWGREŒHYěWUDQi2WHYŒHWHRNQR
 3DFKRYìILOWUQHFKWHY\FKODGQRXW
 3DFKRYì ILOWU MH WěçNì SURWR KR ]HVSRGX XFKRSWH UXNRX D QDVDďWH
]UHJHQHURYDQìSDFKRYìILOWU
3ŒHNORSWH]DMLåŚRYDFtREORXN REUi]HN 
1DPRQWXMWHNU\WNRPtQXYL]Å1iYRGN PRQWiçLGLJHVWRŒH´
.U\W\]DWODĀWHPtUQěQDKRUX9\EUiQtY NU\WHFKVHSŒLWRPPXVt
YpVWQDG]DMLåŚRYDFtPLĀHS\ ²REUi]HN 
background

da
×
0RQWHULQJVYHMOHGQLQJ
: 9LJWLJHVLNNHUKHGVDQYLVQLQJHU
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHP'HWHUHQ
IRUXGVWQLQJIRUDWDSSDUDWHWNDQEHWMHQHVVLNNHUWRJNRUUHNW
2SEHYDUEUXJVRJPRQWDJHYHMOHGQLQJHQWLOVHQHUHEUXJHOOHUWLO
NRPPHQGHHMHUHDIDSSDUDWHW
6LNNHUKHGHQXQGHUEUXJHUNXQVLNUHWKYLVHPKWWHQHUEOHYHW
PRQWHUHWNRUUHNWLKWPRQWHULQJVYHMOHGQLQJHQ,QVWDOODW¡UHQKDU
DQVYDUHWIRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
)DUHIRUWLOVNDGHNRPVW
+YLVDSSDUDWHWLNNHHUNRUUHNWIDVWJMRUWWLOYJJHQNDQGHQIDOGH
QHG$OOHEHIVWLJHOVHVHOHPHQWHUVNDOYUHPRQWHUHWIDVWRJ
VLNNHUW
)DUHIRUHOHNWULVNVW¡G
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
7LOVOXWQLQJVNDEOHWNDQEOLYHEHVNDGLJHW6¡UJIRUDW
WLOVOXWQLQJVNDEOHWLNNHInUNQNHOOHUNRPPHULNOHPPHXQGHU
LQVWDOODWLRQHQ
)DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
)DUHIRUNYOQLQJ
(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU
PHGHPEDOODJHPDWHULDOH
,QVWDOOHULQJ
%HPUN ,QGHQPRQWHULQJHQDIUHFLUNXODWLRQVPRGXOHWVNDOGHQ
¡YHUVWHGHODIHPKWWHQVEUHQGHVWHOYUHPRQWHUHWSnORIWHW
VH´0RQWHULQJVYHMOHGQLQJIRUHPKWWHµ
7DJGHWDNWLYHNXOILOWHUXGRJIMHUQIROLHQILJXU
6NUX UHFLUNXODWLRQVPRGXOHW Sn GHW ¡YHUVWH EUHQGH VWHO ILJXU 
6NUXGHWRYLQNHOEHVODJSnGHW¡YHUVWHEUHQGHVWHOILJXU
)DVWJ¡UVODQJHQSnUHFLUNXODWLRQVPRGXOHWRJSnHPKWWHQV
OXIWVWXGVPHGGHWRVSQGHEnQG
6ODQJHQ VNDO YUH VWUDNW XG 2P Q¡GYHQGLJW VNDO GHQ DINRUWHV
ILJXU
%HPUN ,QGHQ PRQWHULQJHQ DI U¡UIRUELQGHOVHQ VNDO GHQ QHGHUVWH
GHODIHPKWWHQVEUHQGHVWHORJHPKWWHQYUHPRQWHUHWVH
´0RQWHULQJVYHMOHGQLQJIRUHPKWWHµ
6WGHWDNWLYHNXOILOWHUSnSODGVILJXU
.ODSVLNULQJVE¡MOHQWLOILJXU
0RQWHUDIWUNVLQGNOGQLQJHQVH0RQWHULQJVYHMOHGQLQJWLO
HPKWWH´
6OLGVHUQHSnGHQLQGYHQGLJHDIWUNVEHNOGQLQJVNDOYHQGH
QHGDG
6W SDQHOHUQH LQG Sn VNUn RJ WU\N GHP OHW RSDG 8GVSDULQJHUQH
LSDQHOHUQHVNDOI¡UHVLQGRYHUOnVHEROWHQHILJXU
6N\GSDQHOHUQHVDPPHQLQGWLOGHWNDQPUNHVDWGHJnUL
LQGJUHELKLQDQGHQ%LOG
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
 7U\NSDQHOHUQHOHWQHGDG8GVSDULQJHUQHLSDQHOHUQHVNDOI¡UHV
LQGRYHUOnVHEROWHQHILJ
 $IPRQWHUEHNOGQLQJWLODIWUNVU¡UVH´0RQWDJHYHMOHGQLQJIRU
HPKWWHQ´
 .ODSVLNULQJVE¡MOHQWLO 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
.ODSVLNULQJVE¡MOHQWLO ILJ 
0RQWHUDIWUNVLQGNOGQLQJHQVH´0RQWDJHYHMOHGQLQJIRU
HPKWWH´
7U\NSDQHOHUQHOHWRSDG8GVSDULQJHUQHLSDQHOHUQHVNDOI¡UHV
LQGRYHUOnVHEROWHQHILJ
el
Ù

: 
¨














        







       














 
     





         

background




        


        
       Ă
Ă
·

: 






Ă

ĂĂ








Ă&
 
:      




 


       

   
 ·
  
 Ă&

:
      Ă    
Ă&
:
 

 
 ·


  





es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
£3HOLJURGHOHVLRQHV
6LHODSDUDWRQRHVWiILMDGRFRUUHFWDPHQWHSXHGHFDHUVH7RGRV
ORVHOHPHQWRVGHILMDFLyQGHEHQPRQWDUVHGHELGDPHQWH
£3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
£3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
,QVWDODFLyQ
1RWD 3DUDHOPRQWDMHGHOPyGXORGHFLUFXODFLyQGHDLUHHV
QHFHVDULRTXHHVWpPRQWDGRHOEDVWLGRUGHVRSRUWHVXSHULRUHQOD
FXELHUWDGHODFDPSDQDH[WUDFWRUDYpDVH´,QVWUXFFLRQHVGH
PRQWDMHGHODFDPSDQDH[WUDFWRUDµ
([WUDHUHOILOWURGHFDUEyQDFWLYR\UHWLUDUHOSOiVWLFR)LJXUD
$WRUQLOODUHOPyGXORGHFLUFXODFLyQGHDLUHHQHOEDVWLGRUGH
VRSRUWHVXSHULRU)LJXUD
$WRUQLOODUODVGRVHVFXDGUDVGHVXMHFLyQHQHOEDVWLGRUGH
VRSRUWHVXSHULRU)LJXUD
)LMDUHOWXERFRQODVGRVDEUD]DGHUDVGHWXERDOPyGXORGH
FLUFXODFLyQGHDLUH\DODVDOLGDGHDLUHGHODFDPSDQD
H[WUDFWRUD
(OWXERGHEHTXHGDUHVWLUDGRDFRUWDUORHQFDVRQHFHVDULR
)LJXUD
1RWD 3DUD OD XQLyQ GH WXERV HV QHFHVDULR TXH HVWpQ PRQWDGRV HO
EDVWLGRUGHVRSRUWHLQIHULRU\ODFDPSDQDH[WUDFWRUDYpDVH
´,QVWUXFFLRQHVGHPRQWDMHGHODFDPSDQDH[WUDFWRUDµ
&RORFDUHOILOWURGHFDUERQRDFWLYR)LJXUD
3OHJDUHOHVWULERGHVHJXULGDG)LJXUD
0RQWDU HO UHYHVWLPLHQWR GH OD FDPSDQD YpDVH ,QVWUXFFLRQHV GH
PRQWDMHGHODFDPSDQDH[WUDFWRUD´
5DQXUDVGHOUHYHVWLPLHQWRLQWHULRUGHODFKLPHQHDKDFLDDEDMR
&RORFDUODVPROGXUDVHQSRVLFLyQLQFOLQDGD\SUHVLRQDU
OLJHUDPHQWHKDFLDDUULED/DVUDQXUDVGHODVPROGXUDVGHEHQ
SDVDUVHVREUHORVSHUQRVGHVHJXULGDG)LJXUD
-XQWDUODVPROGXUDVKDVWDTXHVHSHUFLEDTXHHQFDMDQ
)LJXUD
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
 3UHVLRQDU OLJHUDPHQWH ODV PROGXUDV KDFLD DEDMR /DV UDQXUDV GH
ODV PROGXUDV GHEHQ SDVDUVH VREUH ORV SHUQRV GH VHJXULGDG 
)LJXUD
 'HVPRQWDUHOUHYHVWLPLHQWRGHODFDPSDQDYpDVH
©,QVWUXFFLRQHVGHPRQWDMHGHODFDPSDQDH[WUDFWRUDª
 3OHJDUHOHVWULERGHVHJXULGDG )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
background

 $VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQYHQWLODGD$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
3OHJDUHOHVWULERGHVHJXULGDG )LJ 
0RQWDUHOUHYHVWLPLHQWRGHODFDPSDQDYpDVH©,QVWUXFFLRQHV
GHPRQWDMHGHODFDPSDQDH[WUDFWRUDª
3UHVLRQDU OLJHUDPHQWH ODV PROGXUDV KDFLD DUULED /DV UDQXUDV GH
ODV PROGXUDV GHEHQ SDVDUVH VREUH ORV SHUQRV GH VHJXULGDG 
)LJXUD
et
Ü
3DLJDOGXVMXKHQG
: 2OXOLVHGRKXWXVQ}XGHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlEL6HOOHVWOHLDWHYDMDOLNXWHDEH
VHDGPHRKXWXNVMD}LJHNVNlVLWVHPLVHNV+RLGNHNDVXWXVMD
SDLJDOGXVMXKHQGDOOHVKLOLVHPDNVNDVXWDPLVHNVY}LVHDGPH
MlUJPLVWHRPDQLNHWDUYLV
7XUYDOLQHNDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQH
WRLPXEYDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWX
W||HHVWYDVWXWDESDLJDOGDMD
9LJDVWXVWHRKW
6HDGHPLVHLROHQ}XHWHNRKDVHOWNLQQLWDWXGY}LEDOODNXNNXGD
.}LNNLQQLWXVGHWDLOLGSHDYDGROHPDNLQGODOWMDRKXWXOWSDLJDOGDWXG
(OHNWULO||JLRKW
6HDGPH VLVHGHWDLOLG Y}LYDG ROOD WHUDYDWH VHUYDGHJD hKHQGXVMXKH
Y}LENDKMXVWDGDVDDGDhKHQGXVNDDEOLWHLWRKLSDLJDOGDPLVHDMDO
PXUGDHJDNLQQLNLLOXGD
9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
/lPEXPLVRKW
3DNNHPDWHUMDORQODVWHOHRKWOLN/DVWHOHLWRKLNXQDJLOXEDGD
SDNNHPDWHUMDOLJDPlQJLGD
3DLJDOGDPLQH
0lUNXV ¯KXULQJOXVPRRGXOLSDLJDOGDPLVHNVSHDE}KXSXKDVWL
OHPLQH NDQGHUDDPLVWLN ROHPD NLQQLWDWXG ODH NOJH YW ¯KXSXKDVWL
SDLJDOGXVMXKHQG
9}WNHDNWLLYV|HILOWULGYlOMDMDHHPDOGDJHNLOHMRRQLV
.UXYLJH}KXULQJOXVPRRGXOOHPLVHNDQGHUDDPLVWLNXNOJH
MRRQLV
.UXYLJHNDNVKRLGHQXUJLNXWOHPLVHNDQGHUDDPLVWLNXNOJH
MRRQLV
.LQQLWDJHYRROLNNDKHWRUXNODPEULJD}KXULQJOXVPRRGXOLMD
}KXSXKDVWL}KXOLLWPLNXNOJH
9RROLNSHDEROHPDSLQJXOYDMDGXVHNRUUDOOKHQGDJHVHGD
MRRQLV
0lUNXV 7RUXKHQGXVHWHJHPLVHNVSHDYDGDOXPLQH
NDQGHUDDPLVWLNMD}KXSXKDVWLROHPDSDLJDOGDWXGYW¯KXSXKDVWL
SDLJDOGXVMXKHQG
3DLJDOGDJHDNWLLYV|HILOWULGMRRQLV
.HHUDNHPEHUWXJLNDDUHGMRRQLV
3DLJDOGDJHO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
6HHVPLVHO}}ULNDWWHSLOXGMllYDGDOODSRROH
3DLJDOGDJHNDWWHSDQHHOLGGNDOGHDOOMDVXUXJHQHLGNHUJHOWOHV
.DWHSDQHHOLGHYlOMDO}LNHGWXOHEYLLDOHNLQQLWXVSROWLGH
MRRQLV
6XUXJHNDWWHSDQHHOHNRNNXNXQLQHHGILNVHHUXYDGWXQWDYDOW
NVWHLVHVLVVHMRRQLV
/}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
 6XUXJHSDQHHOHNHUJHOWDOOD3DQHHOLGHYlOMDO}LNHGWXOHEYLLDOH
NLQQLWXVSROWLGHMRRQLV
 9}WNHPDKDO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
 .HHUDNHPEHUWXJLNDDUHG 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
.HHUDNHPEHUWXJLNDDUHG MRRQLV 
3DLJDOGDJHO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
6XUXJH SDQHHOH NHUJHOW OHV 3DQHHOLGH YlOMDO}LNHG WXOHE YLLD OH
NLQQLWXVSROWLGHMRRQLV
fi
Ý
$VHQQXVRKMH
: 7lUNHLWlWXUYDRKMHLWD
/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
/RXNNDDQWXPLVYDDUD
-RVODLWHWWDHLROHNLLQQLWHWW\DVLDQPXNDLVHVWLVHYRLSXGRWD.DLNNL
NLLQQLW\VHOHPHQWLWSLWllNLLQQLWWllNXQQROODMDYDUPDVWL
6lKN|LVNXQYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW/LLWlQWlMRKWRYRLYDXULRLWXD9DUPLVWDHWWl
OLLWlQWlMRKWRHLWDLYXM\UNlOOHPXWNDOOHWDLMllSXULVWXNVLLQ
DVHQQXNVHQDLNDQD
/RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
$VHQQXV
+XRPDXWXV .LHUWRLOPDPRGXXOLD YDUWHQ RQ OLHVLWXXOHWWLPHQ \OHPSL
NDQQDWLQUXQNRDVHQQHWWDYDNDWWRRQNV/LHVLWXXOHWWLPHQ
DVHQQXVRKMH
2WDDNWLLYLKLLOLVXRGDWLQSRLVSDLNDOWDDQMDSRLVWDIROLRNXYD
.LLQQLWl NLHUWRLOPDPRGXXOL \OHPSllQ NDQQDWLQUXQNRRQ UXXYHLOOD
NXYD
.LLQQLWl NDNVL NDQQDWLQNXOPDD \OHPSllQ NDQQDWLQUXQNRRQ NXYD

.LLQQLWl SXWNL NDKGHOOD SXWNHQNLLQQLWWLPHOOl NLHUWRLOPDPRGXXOLLQ MD
OLHVLWXXOHWWLPHQDVHQQXVNDXOXNVHHQ
3XWNHQSLWllROODNLUHlO\KHQQlWDUYLWWDHVVDNXYD
background

+XRPDXWXV 3XWNLOLLWlQWllYDUWHQSLWllDOHPPDQNDQQDWLQUXQJRQ
MDOLHVXWXXOHWWLPHQROODDVHQQHWWXLQDNV/LHVLWXXOHWWLPHQ
DVHQQXVRKMH
$VHQQDDNWLLYLKLLOLVXRGDWLQNXYD
.llQQlOXNLWVLQNDDULNXYD
$VHQQDKRUPLVXRMXVNV/LHVLWXXOHWWLPHQDVHQQXVRKMH
6LVHPPlQKRUPLVXRMXNVHQLOPDQYDLKWRDXNRWDODV
$VHWDVXRMXNVHWYLLVWRRQDVHQWRRQSDLQDNHY\HVWL\O|VSlLQMD
W\|QQlWDDNVHSlLQ2KMDDVXRMXNVLVVDROHYDWDXNRW
NLLQQLW\VSXOWWLHQSllOOHNXYD
7\|QQlVXRMXNVHW\KWHHQVLWHQHWWlQHOXNLWWXYDWWXQWXYDVWL
VLVlNNlLQNXYD
+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 $YDD LNNXQD
 3DLQDVXRMXNVLDNHY\HVWLDODVSlLQ2KMDDVXRMXNVLVVDROHYDW
DXNRWNLLQQLW\VSXOWWLHQSllOOHNXYD
 ,UURWDKRUPLVXRMXVNV/LHVLWXXOHWWLPHQDVHQQXVRKMH
 .llQQlOXNLWVLQNDDUL NXYD 
 +DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDRWDVHSRLVSDLNDOWDDQ NXYD 
 (VLOlPPLWlXXQLHQLQWllQOlPS|WLODDQĂ&NLHUWRLOPD :
 5HJHQHURLKDMXVXRGDWLQWDĂPLQXXWWLDXXQLVVDHQLQWllQ
OlPS|WLODVVD &NLHUWRLOPD :
 9DUPLVWDHWWlKXRQHHVVDRQK\YlWXXOHWXV$YDDLNNXQD
 $QQDKDMXVXRGDWWLPHQMllKW\l
 +DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDDVHWDUHJHQHURLWXKDMXVXRGDWLQ
SDLNDOOHHQ
.llQQlOXNLWVLQNDDUL NXYD 
$VHQQDKRUPLVXRMXVNV/LHVLWXXOHWWLPHQDVHQQXVRKMH
3DLQDVXRMXNVLDNHY\HVWL\O|VSlLQ2KMDDVXRMXNVLVVDROHYDW
DXNRWNLLQQLW\VSXOWWLHQSllOOHNXYD
fr
Þ
1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQHVWTXDORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHGXWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO HVW
LQVWDOOp
5LVTXHGHEOHVVXUH
6LODSSDUHLOQHVWSDVFRUUHFWHPHQWIL[pLOSHXWWRPEHU7RXVOHV
pOpPHQWVGHIL[DWLRQGRLYHQWrWUHPRQWpVVROLGHPHQWHWGHIDoRQ
VUH
5LVTXHGHFKRFpOHFWULTXH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV,O\DULVTXHGHQGRPPDJHPHQWGXFkEOHGDOLPHQWDWLRQ
3HQGDQWO·LQVWDOODWLRQYHLOOHUjQHSDVSOLHUQLFRLQFHUOHFkEOH
G·DOLPHQWDWLRQ
5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5LVTXHGDVSK\[LH
/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
,QVWDOODWLRQ
5HPDUTXH 3RXUOHPRQWDJHGXPRGXOHGHUHF\FODJHOHFKkVVLV
VXSSRUWVXSpULHXUGHODKRWWHGRLWrWUHPRQWpDXSODIRQGYRLU
1RWLFHGHPRQWDJHGHODKRWWH
5HWLUHUOHILOWUHjFKDUERQDFWLIHWHQOHYHUOHILOPILJ
9LVVHUOHPRGXOHGHUHF\FODJHDXFKkVVLVVXSSRUWVXSpULHXU
ILJ
9LVVHUOHVGHX[FRUQLqUHVGHUHWHQXHDXFKkVVLVVXSSRUW
VXSpULHXUILJ
)L[HU OH IOH[LEOH DYHF OHV GHX[ FROOLHUV DX PRGXOH GH UHF\FODJH HW
DXPDQFKRQGDLUGHODKRWWH
/HIOH[LEOHGRLWrWUHWHQGXOHUDFFRXUFLUVLQpFHVVDLUHILJ
5HPDUTXH 3RXUODMRQFWLRQGHVWX\DX[OHFKkVVLVVXSSRUW
LQIpULHXUHWODKRWWHGRLYHQWrWUHPRQWpVYRLU1RWLFHGHPRQWDJH
GHODKRWWH
0HWWUHHQSODFHOHILOWUHjFKDUERQDFWLIILJ
5DEDWWUHOpWULHUILJ
0RQWHUOHVFDSRWVGHFKHPLQpHYRLU1RWLFHGHPRQWDJHGHOD
KRWWHDVSLUDQWH
/HVRXwHVGXFDSRWLQWpULHXUGHFKHPLQpHUHJDUGHQWYHUVOHEDV
3RVLWLRQQHU OHV FDSRWV HQ OHV LQFOLQDQW HW OHV SRXVVHU OpJqUHPHQW
YHUVOHKDXW/HVpYLGHPHQWVGHVFDSRWVGRLYHQWrWUHSDVVpV
SDUGHVVXVOHVD[HVGHVVpFXULWpILJ
5pXQLUOHVFDSRWVMXVTXjFHTXLOVVHQFOLTXHWWHQW
SHUFHSWLEOHPHQWILJ
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
 $SSX\H] OpJqUHPHQW VXU OHV FDSRWV /HV pYLGHPHQWV GHV FDSRWV
GRLYHQW rWUH SDVVpV SDUGHVVXV OHV D[HV GHV VpFXULWp  ILJ 
 'pPRQWH]OHVFDSRWVGHFKHPLQpHYRLUOHV© ,QVWUXFWLRQVGH
PRQWDJHGHODKRWWHDVSLUDQWH ª
 5DEDWWH]OpWULHU 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 :
background

 5pJpQpUH]OHILOWUHjRGHXUVSHQGDQW PLQXWHVDXIRXUj
 &PD[LPXPFKDOHXUYHQWLOpH :
 $VVXUH]YRXV TXH OD SLqFH HVW ELHQ YHQWLOpH 2XYUH] XQH IHQrWUH
 /DLVVH]UHIURLGLUOHILOWUHjRGHXUV
 /HILOWUHjRGHXUVHVWORXUG SODFH]SDUFRQVpTXHQWXQHPDLQ
VRXVOHILOWUHjRGHXUVHWLQVpUH]OHILOWUHjRGHXUVUpJpQpUp
5DEDWWH]OpWULHU ILJ 
0RQWH]OHVFDSRWVGHFKHPLQpHYRLUOHV© ,QVWUXFWLRQVGH
PRQWDJHGHODKRWWHDVSLUDQWH ª
$SSX\H] OpJqUHPHQW YHUV OH KDXW VXU OHV FDSRWV /HV pYLGHPHQWV
GHV FDSRWV GRLYHQW rWUH SDVVpV SDUGHVVXV OHV D[HV GHV VpFXULWp
ILJ
hr
à
8SXWH]DPRQWDçX
: 9DçQHVLJXUQRVQHQDSRPHQH
3URĀLWDMWHSDçOMLYRRYXXSXWX6DPRWDGDþHWHPRþLVLJXUQRL
SUDYLOQRUXNRYDWL9DåLPXUHđDMHPÿXYDMWHXSXWH]DXSRWUHEXL
XJUDGQMX]DNDVQLMXXSRUDEXLOL]DVOMHGHþHJYODVQLNDXUHđDMD
6DPRNRGSUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçX
MH]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ
]DEHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
2SDVQRVWRGR]OMHGH
$NRXUHđDMQLMHSURSLVQRSULĀYUåþHQPRçHSDVWL6YLSULĀYUVQL
HOHPHQWLPRUDMXELWLĀYUVWRLVLJXUQRPRQWLUDQL
2SDVQRVWRGVWUXMQRJXGDUD
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD3ULNOMXĀQL
NDEHOVHPRçHRåWHWLWL7LMHNRPLQVWDODFLMHQHVDYLMDMWHLQHVWLåþLWH
SULNOMXĀQLNDEHO
2SDVQRVWRGR]OMHGH
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO RSDVDQ MH ]D GMHFX 'MHFL QLNDGD QH GRSXVWLWH
LJUDQMHVDPEDODçQLPPDWHULMDORP
3RVWDYOMDQMH
1DSRPHQD =DPRQWDçXPRGXOD]DRSWRĀQL]UDNPRUDELWL
PRQWLUDQRJRUQMHQRVLYRSRVWROMHQDSHQDVWURSXYLGL´8SXWH]D
PRQWDçXNXKLQMVNHQDSHµ
,]YDGLWHILOWDUVDNWLYQLPXJOMHQRPLVNLQLWHIROLMXVOLND
3ULYLMHWHPRGXO]DRSWRĀQL]UDNQDJRUQMHQRVLYRSRVWROMHVOLND

3ULYLMHWHGYDNXWQDGUçDĀDQDJRUQMHQRVLYRSRVWROMHVOLND
3ULĀYUVWLWHFULMHYRVGYLMHFLMHYQHREXMPLFHQDPRGXO]DRSWRĀQL
]UDNLQDVWDYDN]D]UDNQDQDSL
&ULMHYRPRUDELWL]DWHJQXWRSRSRWUHELJDVNUDWLWHVOLND
1DSRPHQD =DFLMHYQLVSRMPRUDMXELWLPRQWLUDQLGRQMHQRVLYR
SRVWROMHLQDSDYLGL´8SXWH]DPRQWDçXNXKLQMVNHQDSHµ
8PHWQLWHILOWDUVDNWLYQLPXJOMHQRPVOLND
3UHNORSLWHVLJXUQRVQLGUçDĀVOLND
0RQWLUDMWHREORJXGLPQMDNDYLGLÅ8SXWH]DPRQWDçXNXKLQMVNH
QDSH´
3URUH]HXQXWDUQMHREORJHGLPQMDNDSUHPDGROMH
3ORĀHSRVWDYLWHXNRVRLODJDQRSULWLVQLWHSUHPDJRUH3ULWRP
RWYRUHQDSORĀDPDYDOMDL]YHVWLSRPRþXVLJXUQRVQRJVYRUQMDND
VOLND
=DMHGQRJXUQLWHSORĀHWDNRGDVHRVMHWQRXJODYHMHGQDXGUXJX
VOLND
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
)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
 3ORĀHODJDQRSULWLVQLWHSUHPDGROMH3ULWRPRWYRUHQDSORĀDPD
YDOMDL]YHVWLSRPRþXVLJXUQRVQRJVYRUQMDNDVOLND
 'HPRQWLUDMWH REORJX GLPQMDND YLGL Å8SXWH ]D PRQWDçX NXKLQMVNH
QDSH´
 3UHNORSLWHVLJXUQRVQLGUçDĀ 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
3UHNORSLWHVLJXUQRVQLGUçDĀ VOLND 
0RQWLUDMWHREORJXGLPQMDNDYLGLÅ8SXWH]DPRQWDçXNXKLQMVNH
QDSH´
3ORĀHODJDQRSULWLVQLWHSUHPDJRUH3ULWRPRWYRUHQDSORĀDPD
YDOMDL]YHVWLSRPRþXVLJXUQRVQRJVYRUQMDNDVOLND
it
â
,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUOXVR6RORFRVuq
SRVVLELOHXWLOL]]DUHODSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUOXVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
3HULFRORGLOHVLRQL
6H ODSSDUHFFKLR QRQ YLHQH ILVVDWR FRUUHWWDPHQWH SXz FDGHUH 7XWWL
JOLHOHPHQWLGLILVVDJJLRGHYRQRHVVHUHPRQWDWLLQPRGRVDOGRH
VLFXUR
3HULFRORGLVFRVVDHOHWWULFD
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL3RWUHEEHYHQLUHGDQQHJJLDWRLOFDYRGLFROOHJDPHQWR
'XUDQWHO·LQVWDOOD]LRQHIDUHDWWHQ]LRQHDQRQSLHJDUHRVHUUDUHLO
FDYRGLFROOHJDPHQWR
3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
,QVWDOOD]LRQH
$YYHUWHQ]D 3HULOPRQWDJJLRGHOPRGXORGLYHQWLOD]LRQHGHYH
HVVHUHPRQWDWRDOVRIILWWRLOVXSSRUWRVXSHULRUHGHOODFDSSDGL
DVSLUD]LRQHYHGHUH´,VWUX]LRQLGLPRQWDJJLRGHOODFDSSDGL
DVSLUD]LRQHµ
(VWUDUUHLOILOWURDFDUERQLDWWLYLHGHOLPLQDUHODSHOOLFRODILJXUD
$YYLWDUHLOPRGXORGLYHQWLOD]LRQHDOVXSSRUWRVXSHULRUHILJXUD

$YYLWDUHOHGXHVWDIIHGLVXSSRUWRDOVXSSRUWRVXSHULRUHILJXUD

)LVVDUHLOWXERIOHVVLELOHFRQLGXHFROODULVHUUDWXERDOPRGXORGL
YHQWLOD]LRQHHDOPDQLFRWWRGHOO·DULDGHOODFDSSDGLDVSLUD]LRQH
,OWXERIOHVVLELOHGHYHHVVHUHWHVRDFFRUFLDUORVHQHFHVVDULR
ILJXUD
$YYHUWHQ]D 3HU FROOHJDUH L WXEL GHYRQR HVVHUH PRQWDWL LO VXSSRUWR
LQIHULRUH H OD FDSSD GL DVSLUD]LRQH YHGHUH ´,VWUX]LRQL GL PRQWDJJLR
GHOODFDSSDGLDVSLUD]LRQHµ
background

,QVHULUHXQILOWURDFDUERQLDWWLYLILJXUD
5LEDOWDUHODVWDIIDGLVLFXUH]]DILJXUD
0RQWDJJLRGHOULYHVWLPHQWRLQWHUQRYHGHUH´,VWUX]LRQLGL
PRQWDJJLRGHOODFDSSDGLDVSLUD]LRQHµ
/HIHVVXUHGHOULYHVWLPHQWRLQWHUQRGHOFDPLQRGHYRQRHVVHUH
ULYROWHYHUVRLOEDVVR
,QVHULUHREOLTXDPHQWHLSDQQHOOLHSUHPHUHOHJJHUPHQWHYHUVR
ODOWR/HIHVVXUHVXLSDQQHOOLGHYRQRLQVHULUVLVXLSHUQLGL
VLFXUH]]DILJXUD
8QLUH L SDQQHOOL ILQR D TXDQGR QRQ YDQQR LQ SRVL]LRQH XQR GHQWUR
ODOWURFRQXQRVFDWWRXGLELOHILJXUD
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
: 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
 3UHPHUHLSDQQHOOLOHJJHUPHQWHYHUVRLOEDVVR/HIHVVXUHVXL
SDQQHOOLGHYRQRLQVHULUVLVXLSHUQLGLVLFXUH]]DILJXUD
 6PRQWDJJLRGHOULYHVWLPHQWRLQWHUQRYHGHUH,VWUX]LRQLGL
PRQWDJJLRGHOODFDSSDGLDVSLUD]LRQH
 5LEDOWDUHODVWDIIDGLVLFXUH]]D 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
5LEDOWDUHODVWDIIDGLVLFXUH]]D ILJ 
0RQWDJJLRGHOULYHVWLPHQWRLQWHUQRYHGHUH´,VWUX]LRQLGL
PRQWDJJLRGHOODFDSSDGLDVSLUD]LRQHµ
3UHPHUHLSDQQHOOLOHJJHUPHQWHYHUVRODOWR/HIHVVXUHVXL
SDQQHOOLGHYRQRLQVHULUVLVXLSHUQLGLVLFXUH]]DILJXUD
lt
ä
0RQWDYLPRLQVWUXNFLMD
: 6YDUEŠVVDXJRVQXURG\PDL
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉ7LNWDGDJDOėVLWHVDXJLDLLU
WLQNDPDLQDXGRWLVSULHWDLVX,åVDXJRNLWHQDXGRMLPRLUPRQWDYLPR
LQVWUXNFLMĉNDGJDOėWXPėWHYėOLDXSDVLQDXGRWLDUEDSHUGXRWL
QDXMDPVDYLQLQNXL
3ULHWDLVDVVDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDL
VXPRQWXRWDVODLNDQWLVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXV
DWOLHNDQWLVDVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PR
YLHWRMH
3DYRMXVVXVLçHLVWL
-HL SULHWDLVDV SULWYLUWLQWDV QHWLQNDPDL MLV JDOL QXNULVWL 9LVL WYLUWLQLPR
HOHPHQWDLWXULEŠWLWYLUWDLLUVDXJLDLSULYHUçWL
(OHNWURVVPŠJLRSDYRMXV
3ULHWDLVR YLGXMH HVDQĀLRV NRQVWUXNFLQėV GDO\V JDOL EŠWL DåWULRV -RV
JDOLSDçHLVWLHOHNWURVODLGĉ0RQWXRGDPLQHSHUOHQNLWHLU
QHSULVSDXVNLWHSULMXQJLPRNDEHOLR
3DYRMXVVXVLçHLVWL
3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
.\ODSDYRMXVXçGXVWL
3DNXRWėSDYRMLQJDYDLNDPV1LHNXRPHWQHOHLVNLWHçDLVWLYDLNDPV
VXSDNXRWėVPHGçLDJRPLV
0RQWDYLPDV
3DVWDED 0RQWXRMDQWUHFLUNXOLDFLMRVPRGXOĭYLUåXWLQLVJDUWUDXNLR
WYLUWLQLPRUėPDVWXULEŠWLSULPRQWXRWDVSULHOXEŨçUÅ*DUWUDXNLR
PRQWDYLPRLQVWUXNFLMD´
,åLPNLWHDNW\YLQWRVLRVDQJOLHVILOWUĉLUQXSOėåNLWHSOėYHOę² SDY
3ULVXNLWHUHFLUNXOLDFLMRVPRGXOĭSULHYLUåXWLQLRWYLUWLQLPRUėPR²
SDY
3ULVXNLWHGXNDPSLQLXVODLNLNOLXVSULHYLUåXWLQLRWYLUWLQLPRUėPR²
SDY
3ULWYLUWLQNLWHçDUQĉVXGYLHPYDP]GçLRDSNDERPLVSULH
UHFLUNXOLDFLMRVPRGXOLRLUSULHJDUWUDXNLRRURMXQJWLHV
æDUQDWXULEŠWLĭWHPSWDWRGėOMHLUHLNLDMĉVXWUXPSLQNLWH² SDY
3DVWDED 1RULQWSULMXQJWLYDP]GçLXVWXULEŠWLĭPRQWXRWDVDSDWLQLV
WYLUWLQLPRUėPDVLUJDUWUDXNLVçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD
ĬGėNLWHDNW\YLQWRVLRVDQJOLHVILOWUĉ²ĂSDY
8çOHQNLWHXçILNVDYLPRODQNĉ² SDY
6XPRQWXRNLWHNDPLQRJDXEWĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
9LGLQLRNDPLQRDSWDLVRSO\åLDLWXULEŠWLDSDĀLRMH
6N\GHOLXVSDGėNLWHĭVWULçDLåLHNWLHNSDVSDXVNLWHDXNåW\QLU
VWXPNLWHDXNåW\Q6N\GHOLŨLåėPRVWXULĭOĭVWLYLUåDSVDXJLQLŨ
YDUçWŨ² SDY
6WXPNLWHVN\GHOLXVNROLåJLUVLWHNDGMLHWDUSXVDY\MHXçVLILNVDYR
² SDY
.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
.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
 6N\GHOLXV åLHN WLHN SDVSDXVNLWH çHP\Q 6N\GHOLŨ LåėPRV WXUL ĭOĭVWL
YLUåDSVDXJLQLŨYDUçWŨNDLSSDURG\WD SDY
 ,åPRQWXRNLWHNDPLQRDSWDLVĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
 8çOHQNLWHXçILNVDYLPRODQNĉ  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
background

 .YDSŨILOWUDV\UDVXQNXVWRGėOĭGėGDPLDWQDXMLQWĉNYDSŨILOWUĉ
YLHQDUDQNDSULODLN\NLWHLåDSDĀLRV
8çOHQNLWHXçILNVDYLPRODQNĉ  SDY
6XPRQWXRNLWHNDPLQRDSWDLVĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
6N\GHOLXVåLHNWLHNSDVSDXVNLWHDXNåW\Q6N\GHOLŨLåėPRVWXUL
ĭOĭVWLYLUåDSVDXJLQLŨYDUçWŨNDLSSDURG\WD SDY
lv
å
0RQWąçDVLQVWUXNFLMD
: 6YDUĩJDVGURåĩEDVQRUąGHV
8]PDQĩJLL]ODVLHWåRSDPąFĩEX7LNDLWDG-ŠVYDUēVLHWGURåLXQ
SDUHL]LOLHWRWVDYXLHUĩFL/LHWRåDQDVLQVWUXNFLMXVDJODEąMLHWODL
YDUēWXWRL]PDQWRWYēOąNYDLDUĩYDMDG]ĩEDVJDGĩMXPąQRGRW
QąNDPDMDPĩSDåQLHNDP
/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
6DYDLQRMXPXULVNV
-DLHUĩFHQDYSDUHL]LSLHVWLSULQąWDWąYDUQRNULVW9LVLVWLSULQąMXPL
MąX]VWąGDVWLQJULXQGURåL
6WUąYDVWULHFLHQDULVNV
,HUĩFHV LHNåēMąP GHWDĹąP YDU EŠW DVDV PDODV XQ VWŠUL 7LH YDU ERMąW
SLHVOēJXPDNDEHOL8]VWąGĩåDQDVODLNąQHORNLHWXQQHLHVSĩOēMLHW
SLHVOēJXPDNDEHOL
6DYDLQRMXPXULVNV
,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
1RVPDNåDQDVULVNV
,HSDNRMXPDPDWHULąOLLUEĩVWDPLEēUQLHP1HNDGQHĹDXMLHWEēUQLHP
URWDĹąWLHVDULHSDNRMXPDPDWHULąOX
8]VWąGĩåDQD
1RUąGĩMXPV 3LUPVJDLVDFLUNXOąFLMDVPRGXĹDX]VWąGĩåDQDVSLH
JULHVWLHPMąEŠWX]VWąGĩWDPWYDLNDQRVŠFēMDDXJåēMDPQHVRåDMDP
UąPLPVNÅ7YDLNXQRVŠFēMDX]VWąGĩåDQDVSDPąFĩEXµ
,]ŁHPLHWDNWĩYąVRJOHVILOWUXXQQRŁHPLHWSOēYL ³VN DWW
3LHVNUŠYēMLHWJDLVDFLUNXOąFLMDVPRGXOLSLHDXJåēMąQHVRåą
UąPMD ³VN DWW
3LHVNUŠYēMLHWDEXVVWLSULQąMXPDVWŠUDNURQåWHLQXVSLHDXJåēMą
QHVRåąUąPMD ³VN DWW
,]PDQWRMRWGLYDVDSVNDYDVSLHVWLSULQLHWåĹŠWHQLSLHJDLVD
FLUNXOąFLMDVPRGXĹDXQWYDLNDQRVŠFēMDJDLVDĩVFDXUXOHV
äĹŠWHQHLMąEŠWQRVWLHSWDLYDMDG]ĩEDVJDGĩMXPąVDĩVLQLHWWR ³
VN DWW
1RUąGĩMXPV 3LUPVFDXUXĹVDYLHQRMXPDL]YHLGHVMąEŠWX]VWąGĩWDP
DSDNåēMDPQHVRåDMDPUąPLPXQWYDLNDQRVŠFēMDPVNÅ7YDLND
QRVŠFēMDX]VWąGĩåDQDVSDPąFĩEXµ
,HYLHWRMLHWDNWĩYąVRJOHVILOWUX ³VN DWW
$WYHULHWVWLSULQąåDQDVVNDYX ³VN DWW
8]VWąGLHWYHQWLOąFLMDVNDQąODDSGDULVNÅ7YDLNDQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEXµ
5LHYąPYHQWLOąFLMDVNDQąODDSGDUHVLHNåSXVēMąEŠWYēUVWąPX]
OHMX
3DQHĹXVQRYLHWRMLHWVOĩSLXQYLHJOLSDVSLHGLHWX]DXJåX
,]JULH]XPLSDQHĹRVMąYLU]DSąULVWLSULQąMXPDWDSąP ³
VN DWW
%ĩGRWVDYLU]LHWSDQHĹXVNRSąOĩG]WLHMŠWDPLILNVēMDVYLHQVRWUą
 ³VN DWW
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
 3DQHĹXVYLHJOLSDVSLHGLHWX]OHMX3DQHĹDL]JULH]XPLMąYLU]DSąUL
VWLSULQąMXPDWDSąP  ³VN DWWēOX
 1RŁHPLHWJDLVDL]YDGDDSGDULVN´7YDLNDQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEXµ
 $WYHULHWVWLSULQąåDQDVVNDYX  DWWēOV
 6PDNX ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQGHPRQWēMLHW  DWWēOV
 8]NDUVēMLHWFHSHåNUąVQLOĩG]PDNV &JDLVD
UHFLUNXOąFLMD
:
 ,]SLOGLHWVPDNDVILOWUDDWMDXQRåDQXFHSHåNUąVQĩ PLQŠWHV
PDNV &WHPSHUDWŠUąJDLVDUHFLUNXOąFLMD
:
 1RGURåLQLHWWHOSąODEXYHQWLOąFLMX$WYHULHWORJX
 ĸDXMLHWVPDNDVILOWUDPDWG]LVW
 6PDNDV ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQLHYLHWRMLHWDWMDXQRWRVPDNDVILOWUX
$WYHULHWVWLSULQąåDQDVVNDYX  DWWēOV
8]VWąGLHWJDLVDL]YDGDDSGDULVN´7YDLNDQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEXµ
3DQHĹXVYLHJOLSDVSLHGLHWX]DXJåX3DQHĹDL]JULH]XPLMąYLU]D
SąULVWLSULQąMXPDWDSąP  ³VN DWWēOX
mk
æ
ΝιΪμλμάθαΪζθημΪΰΪ
: Αίεμηπηβςομνπμημίξνλδμη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθΛΪζθμθέΪςϖίζθΰί
ΫίαΫίήηθβικΪάβεηθήΪέθνιθμκίΫνάΪμίΌΪςβθμνκίήΑΪρνάΪϒμί
έθ νιΪμλμάθμθ αΪ νιθμκίΫΪ β ζθημΪΰΪ αΪ ιθήθπηίΰηΪ νιθμκίΫΪ βεβ
αΪλείήηβθμδθκβληβδ
ΛΪζθλθλμκνρηΪζθημΪΰΪλθέεΪληθνιΪμλμάθμθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
Νξίπμνπρνγξναοδγί
ΎθδθεδννκίήθμηίίικθιβληθικβπάκλμίηζθΰίήΪιΪήηίΛβμί
ίείζίημβηΪικβπάκλμνάΪϔίζθκΪήΪΫβήΪμπάκλμθβλβένκηθ
ζθημβκΪηβ
Νξίπμνπρνγπροςδμςγίο
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΙκβδενρηβθμδΪΫίεζθΰίήΪλίθςμίμβΗίέθάβμδΪϒμίβεβ
αΪέεΪάνάΪϒμίικβδενρηβθμδΪΫίεαΪάκίζίηΪβηλμΪεΪπβϒΪμΪ
Νξίπμνπρνγξναοδγί
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
Νξίπμνπρνγζίγςχςαίϙδ
ΖΪμίκβϒΪεθμαΪιΪδνάΪϔίίθιΪλίηαΪήίπΪμΪΗίέβθλμΪάΪϒμί
ήίπΪμΪήΪλββέκΪΪμλθζΪμίκβϒΪεθμαΪιΪδνάΪϔί
Ημπρίκίυηϗί
Μίξνλδμί ΑΪζθημΪΰΪηΪζθήνεθμαΪπβκδνεΪπβϒΪέθκηΪμΪ
ηθλίρδΪκΪζδΪηΪΪλιβκΪμθκθμζθκΪήΪΫβήίζθημβκΪηΪηΪ
ιεΪξθηθμάβήβÅΝιΪμλμάθαΪζθημΪΰΪηΪΪλιβκΪμθκθμµ
ΒαάΪήίμί έβ ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη β θμλμκΪηίμί ϒΪ ξθεβϒΪμΪ
λεβδΪ
ΑΪάκμίμί έθ ζθήνεθμ ηΪ πβκδνεΪπβϒΪ ηΪ έθκηΪμΪ ηθλίρδΪ κΪζδΪ
λεβδΪ
ΑΪάκμίμίέβήάΪμΪΪέθεηβήκΰΪρβηΪέθκηΪμΪηθλίρδΪκΪζδΪ
λεβδΪ
ΙκβπάκλμίμίέθπκίάθμθλθήάίμίλμίέβαΪπίάδβηΪζθήνεθμηΪ
πβκδνεΪπβϒΪβηΪάθαήνςηβμίζεΪαηβπβηΪΪλιβκΪμθκθμ
ΠκίάθμθζθκΪήΪΫβήίαΪμίέηΪμθιθιθμκίΫΪλδκΪμίμίέθ
λεβδΪ
Μίξνλδμί ΎθεηΪμΪηθλίρδΪκΪζδΪβΪλιβκΪμθκθμζθκΪήΪΫβήΪμ
ζθημβκΪηβαΪπίάδθάθήθμάβήβÅΝιΪμλμάθαΪζθημΪΰΪηΪ
ΪλιβκΪμθκθμµ
ΛμΪάίμίέθξβεμίκθμλθΪδμβάίηϒΪέείηλεβδΪ
ΙκίδεθιίμίέθλβένκηθληβθμήκΰΪρλεβδΪ
background

ΖθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪζθημΪΰΪ
ηΪΪλιβκΪμθκθμ´
ΙκθπίιβμίηΪάηΪμκίςηΪμΪζΪλδΪηΪδΪζβηθμμκίΫΪήΪΫβήΪμ
ηΪήθεν
ΙθλμΪάίμίϒΪζΪλδΪμΪδθλθβικβμβληίμίϒΪζΪεδνηΪέθκί
ΌήεΪΫηΪμβηβμίηΪζΪλδΪμΪζθκΪήΪλίλικθάίήΪμηΪή
λβένκηθληβμίΫθεπηβλεβδΪ
Μνκηίμί έβ αΪίήηθ ζΪλδβμί ήθήίδΪ ηί λί άδεθιΪμ αΪΫίείΰβμίεηθ
λεβδΪ
Οδβδμδοηοίϙδμίσηκροηρδζίληοηζΰη
ΑΪήΪαΪέΪκΪημβκΪμίήθΫκθκΪΫθμίϔίηΪξβεμκβμίαΪζβκβαΫβ
κίέίηίκβκΪϒμίέβικβηθκζΪείηκίΰβζήηίάηθθδθεν ρΪληΪ
λίδθβ ζίλίπβ
ΖθΰίμίήΪέθκίέίηίκβκΪμίξβεμίκθμαΪζβκβαΫβάθθΫβρηΪ
κίκηΪ
: Νξίπμνπρνγηζβνοδμηυη
ΞβεμίκθμαΪζβκβαΫβθλμΪηνάΪήθεέθάκίζίΰίΰθδιθ
κίέίηίκβκΪϔίμθ Ηί έβ ήθιβκΪϒμί ξβεμκβμί αΪ ζβκβαΫβ άίήηΪς ιθ
κίέίηίκβκΪϔίμθμνδνθλμΪάίμίήΪλίθεΪήΪμ
ΐίςδβμίξβεμκβαΪζβκβαΫβθλμΪάίμίέβήΪλίθεΪήΪμηΪιθήεθέΪ
θμιθκηΪηΪμθιεβηΪ
Μίξνλδμη
Ξβεμίκθμ αΪ ζβκβαΫβ ζθΰί ήΪ λί κίέίηίκβκΪ ήθ ĂιΪμβ β ζθκΪ
ήΪλίαΪζίηβικβηθκζΪείηκίΰβζήηίάηθθδθεν ρΪλ
ηΪϒήθπηΪιθ έθήβηβ
Ίδθ βλιΪήηί ξβεμίκ αΪ ζβκβαΫβ ςμθ λί κίέίηίκβκΪ μθϒ ζθΰί ήΪ
λίθςμίμβ
ΘςμίμνάΪϔΪμΪ ηί λί λίδθέΪς άβήεβάβ θήηΪήάθκ ΘμλμκΪηίμί έθ
β αΪζίηίμί έθ ιΪήηΪμβθμ ξβεμίκ αΪ ζβκβαΫβ ςμθ λί κίέίηίκβκΪ
ΗβδθέΪςηίέβρβλμίμίξβεμκβμίαΪζβκβαΫβλθλκίήλμάΪαΪ
ρβλμίϔίάθήΪάθζΪςβηΪαΪλΪήθάββεβλθάεΪΰηΪδκιΪ
ΑΪήΪηίέθβαέκίΫίμίιείοθμαΪιίρίϔίιθλμΪάίμίέθξβεμίκθμ
αΪζβκβαΫβηΪκίςίμδΪ
ΚίέίηίκβκΪϒμίέβξβεμκβμίαΪζβκβαΫβικβζΪδλβζΪεηβ &
πβκδνεΪπβθηίηάθαήνο
:ΞβεμκβμίαΪζβκβαΫβήΪηίλί
κίέίηίκβκΪΪμλθξνηδπβϒΪαΪρβλμίϔίηΪκίκηΪιβκθεβαΪ
ΙκβκίέίηίκβκΪϔίηΪξβεμίκθμαΪζβκβαΫβζθΰίήΪλί
λθαήΪήΪμζβκβαΫβΙκθάίκίμίήΪεβικθλμθκβϒΪμΪίήθΫκθ
ικθάίμκίηΪΘμάθκίμίικθαθκίπ
 ΙθλμΪάίμίέβζΪλδβμίβικβμβληίμίέβζΪεδνηΪέθκί
ΌήεΪΫηΪμβηβμίηΪζΪλδΪμΪζθκΪήΪλίλικθάίήΪμηΪή
λβένκηθληβμίΫθεπηβλεβδΪ
 ΎίζθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪ
ζθημΪΰΪηΪΪλιβκΪμθκθμ´
 ΙκίδεθιίμίέθλβένκηθληβθμήκΰΪρ Πκηιί 
 ΞβεμίκθμαΪζβκβαΫβίμίΰθδαΪμθΪξΪμίμίλθίήηΪκΪδΪιθή
ηίέθβήίζθημβκΪϒμίέθ Πκηιί 
 ΙκίμοθήηθαΪέκίϒμίϒΪκίκηΪμΪηΪζΪδλβζΪεηβ&
πβκδνεΪπβθηίηάθαήνο
:
 ΚίέίηίκβκΪϒμίέβξβεμκβμίαΪζβκβαΫβ ζβηνμβάθκίκηΪηΪ
ζΪδλβζΪεηβ &πβκδνεΪπβθηίηάθαήνο
:
 ΙκθάίκίμίήΪεβικθλμθκβϒΪμΪίήθΫκθικθάίμκίηΪΘμάθκίμί
ικθαθκίπ
 ΘλμΪάίμίέθξβεμίκθμαΪζβκβαΫβήΪλίθεΪήβ
 ΞβεμίκθμαΪζβκβαΫβίμίΰθδαΪμθΪξΪμίμίλθίήηΪκΪδΪιθή
ηίέθβάζίμηίμίέθκίέίηίκβκΪηβθμξβεμίκαΪζβκβαΫβ
ΙκίδεθιίμίέθλβένκηθληβθμήκΰΪρ Πκηιί 
ΖθημβκΪϔί ηΪ ζΪλδΪμΪ ηΪ δΪζβηθμ άβήβ ÅΝιΪμλμάθ αΪ ζθημΪΰΪ
ηΪΪλιβκΪμθκθμ´
ΙθλμΪάίμίέβζΪλδβμίβικβμβληίμίϒΪζΪεδνηΪήθεν
ΌήεΪΫηΪμβηβμίηΪζΪλδΪμΪζθκΪήΪλίλικθάίήΪμηΪή
λβένκηθληβμίΫθεπηβλεβδΪ
nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
5LVLFRYDQOHWVHO
,VKHWWRHVWHOQLHWQDDUEHKRUHQEHYHVWLJGGDQNDQKHWQDDU
EHQHGHQ YDOOHQ $OOH EHYHVWLJLQJVVFKURHYHQ PRHWHQ YDVW HQ YHLOLJ
ZRUGHQJHPRQWHHUG
*HYDDUYDQHHQHOHNWULVFKHVFKRN
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ+LHUGRRUNDQGHDDQVOXLWNDEHOEHVFKDGLJGUDNHQ
$DQVOXLWNDEHOQLHWNQLNNHQRIDINOHPPHQELMGHLQVWDOODWLH
5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
,QVWDOODWLH
$DQZLM]LQJ 9RRUGHPRQWDJHYDQGHFLUFXODWLHOXFKWPRGXOHPRHW
KHWERYHQVWXNYDQGHDI]XLJNDSDDQKHWSODIRQGJHPRQWHHUG]LMQ
]LH´,QVWDOODWLHYRRUVFKULIWELMGHDI]XLJNDSµ
$FWLHINRROILOWHUXLWQHPHQHQGHIROLHYHUZLMGHUHQ$IE
'HFLUFXODWLHOXFKWPRGXOHRSKHWERYHQVWXNVFKURHYHQ$IE
'HWZHHEHYHVWLJLQJVKRHNHQDDQKHWERYHQVWXNVFKURHYHQ
$IE
6ODQJPHWGHWZHHEHYHVWLJLQJVULQJHQDDQKHW
FLUFXODWLHOXFKWPRGHOHQKHWOXFKWDDQVOXLWVWXNYDQGHDI]XLJNDS
YDVWPDNHQ
6ODQJPRHWVWUDNJHVSDQQHQ]LMQ]RQRGLJLQNRUWHQ$IE
$DQZLM]LQJ 9RRUGHEXLVYHUELQGLQJPRHWHQKHWRQGHUVWXNHQGH
DI]XLJNDSJHPRQWHHUG]LMQ]LH´,QVWDOODWLHYRRUVFKULIWELMGH
DI]XLJNDSµ
$FWLHINRROILOWHULQEUHQJHQ$IE
%RUJEHXJHORPNODSSHQ$IE
6FKRRUVWHHQDIVFKHUPVWXNPRQWHUHQ]LHÅ,QVWDOODWLHYRRUVFKULIW
ELMGHDI]XLJNDS´
6OHXYHQ YDQ KHW ELQQHQVWH VFKRRUVWHHQDIVFKHUPVWXN ZLM]HQ QDDU
RQGHUHQ
'HDIVFKHUPVWXNNHQHUVFKXLQWHJHQDDQ]HWWHQHQOLFKWQDDU
ERYHQGUXNNHQ'HXLWVSDULQJHQYDQKHWDIVFKHUPVWXNPRHWHQ
KLHUELMRYHUGHERUJERXWHQZRUGHQJHOHLG$IE
$IVFKHUPVWXNNHQLQHONDDUVFKXLYHQWRW]HGXLGHOLMNKRRUEDDU
LQNOLNNHQ$IE
*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
$DQZLM]LQJHQ
+HWJHXUILOWHUNDQWRWPD[LPDDOĂPDDOZRUGHQJHUHJHQHUHHUG
HQPRHWELMQRUPDDOJHEUXLNGDJHOLMNVFDĂXXUXLWHUOLMNQD
 MDDUZRUGHQYHUYDQJHQ
:DQQHHUHHQUHJHQHUHHUEDDUJHXUILOWHUQDDUEHQHGHQYDOWNDQ
GH]HEHVFKDGLJGUDNHQ
'H EHVFKDGLJLQJHQ ]LMQ YDQ EXLWHQ QLHW DOWLMG ]LFKWEDDU 9RHU KHW
JHYDOOHQJHXUILOWHUDIHQYHUYDQJKHW
+HWJHXUILOWHUQRRLWUHLQLJHQPHWVFKRRQPDDNPLGGHOHQPHW
ZDWHULQGHYDDWZDVPDFKLQHRIPHWHHQQDWWHGRHN
2PNUDVVHQRSGHEDNSODDWWHYRRUNRPHQOHJWXKHWJHXUILOWHU
RSHHQURRVWHU
+HWJHXUILOWHUELMPD[LPDDO &FLUFXODWLHOXFKW :
UHJHQHUHUHQ+HWJHXUILOWHUQLHWPHWGHRYHQUHLQLJLQJVIXQFWLH
S\URO\VHUHJHQHUHUHQ
%LM KHW UHJHQHUHUHQ YDQ GH JHXUILOWHU NDQ KHW WRW JHXURQWZLNNHOLQJ
NRPHQ=RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQ
HHQUDDP
 'H DIVFKHUPVWXNNHQ LHWV QDDU RQGHUHQ GUXNNHQ 'H XLWVSDULQJHQ
DDQGHDIVFKHUPVWXNNHQPRHWHQKLHUELMRYHUGHERUJERXWHQ
ZRUGHQJHOHLG$IE
 6FKRRUVWHHQNDSGHPRQWHUHQ]LHÅ,QVWDOODWLHYRRUVFKULIWELMGH
DI]XLJNDS´
 %RUJEHXJHORPNODSSHQ $IE 
 +HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQKHWILOWHUXLWERXZHQ $IE 
 'H RYHQ RS PD[LPDDO & FLUFXODWLHOXFKW : YRRUYHUZDUPHQ
 *HXUILOWHULQGHYRRUYHUZDUPGHRYHQELMPD[LPDDOĂ&
FLUFXODWLHOXFKW
:JHGXUHQGHĂPLQXWHQUHJHQHUHUHQ
background

 =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
%RUJEHXJHORPNODSSHQ $IE 
6FKRRUVWHHQDIVFKHUPVWXNPRQWHUHQ]LHÅ,QVWDOODWLHYRRUVFKULIW
ELMGHDI]XLJNDS´
'HDIVFKHUPVWXNNHQLHWVQDDUERYHQGUXNNHQ'HXLWVSDULQJHQ
DDQGHDIVFKHUPVWXNNHQPRHWHQKLHUELMRYHUGHERUJERXWHQ
ZRUGHQJHOHLG$IE
no
ê
0RQWHULQJVYHLOHGQLQJ
: 9LNWLJHVLNNHUKHWVDQYLVQLQJHU
/HV GHQQH EUXNVDQYLVQLQJHQ Q¡\H 'HW HU HQ IRUXWVHWQLQJ IRU DW GX
VNDO NXQQH EUXNH DSSDUDWHW Sn HQ VLNNHU RJ ULNWLJ PnWH 7D YDUH Sn
EUXNVRJPRQWHULQJVDQYLVQLQJHQVOLNDWGXNDQEUXNHGHQLJMHQ
VHQHUHHOOHUJLGHQYLGHUHWLOHYHQWXHOOHNRPPHQGHHLHUHDY
DSSDUDWHW
6LNNHUKHWHQXQGHUEUXNHQHUNXQJDUDQWHUWGHUVRPPRQWHULQJHQ
IRUHWDVIRUVNULIWVPHVVLJLKHQKROGWLOPRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
)DUHIRUSHUVRQVNDGHU
+YLVDSSDUDWHWLNNHHUIRUVYDUOLJIHVWHWNDQGHWIDOOHQHG$OOH
IHVWHHOHPHQWHUPnYUHIDVWRJVLNNHUWPRQWHUW
)DUHIRUHOHNWULVNVW¡W
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU6WU¡PNDEHOHQ
NDQEOLVNDGHW6WU¡PNDEHOHQPnLNNHNQHNNHVHOOHUNOHPPHVLQQ
XQGHULQVWDOODVMRQHQ
)DUHIRUSHUVRQVNDGHU
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
)DUHIRUNYHOQLQJ
(PEDOODVMHPDWHULDOHWHUIDUOLJIRUEDUQ%DUQPnDOGULInOHNHPHG
HPEDOODVMHQ
,QVWDOOHULQJ
0HUN 1nUVLUNXODVMRQVPRGXOHQVNDOPRQWHUHVPnGHQ¡YUH
EUHUDPPHQWLODYWUHNNVKHWWHQYUHPRQWHUWLWDNHWVH
0RQWHULQJVDQYLVQLQJIRUDYWUHNNVKHWWH
7DXWDNWLYNXOOILOWHUHWRJIMHUQIROLHQ²ILJ
6NUX IDVW VLUNXODVMRQVPRGXOHQ WLO GHQ ¡YUH EUHUDPPHQ ² ILJ 
6NUXIDVWGHWRKROGHYLQNOHQHWLOGHQ¡YUHEUHUDPPHQ²ILJ
)HVWVODQJHQPHGGHWRNOHPPHQHWLOVLUNXODVMRQVPRGXOHQRJWLO
OXIWHVWXVVHQSnDYWUHNNVKHWWHQ
6ODQJHQPnYUHVWUDP)RUNRUWGHQRPQ¡GYHQGLJ²ILJ
0HUN )¡UU¡UIRUELQGHOVHQPnGHQQHGUHEUHUDPPHQRJ
DYWUHNNVKHWWHQYUHPRQWHUWVH0RQWHULQJVDQYLVQLQJIRU
DYWUHNNVKHWWH
6HWWLQQDNWLYNXOOILOWHUHW²ILJ
.ODSSQHGVLNULQJVE¡\OHQ²ILJ
0RQWHUDYWUHNNVNMHUPHQVH0RQWHULQJVDQYLVQLQJIRU
DYWUHNNVKHWWH´
6SRUHQHLGHQLQGUHDYWUHNNVNMHUPHQPnSHNHQHGRYHU
6HWWVNMHUPHQHSnVNUnRJWU\NNGHPOLWWRSS8WVSDULQJHQHL
VNMHUPHQHPnI¡UHVRYHUVLNULQJVEROWHQH²ILJ
6N\YVDPPHQVNMHUPHQHWLOGXPHUNHUDWGHJnULOnVPHG
KYHUDQGUH²ILJ
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
 7U\NNGHNVOHQHIRUVLNWLJQHGRYHU8WVSDULQJHQHLGHNVOHQHPn
I¡UHVRYHUVLNULQJVEROWHQH²ILJ
 'HPRQWHU OXIWHNDQDOHQ VH 0RQWHULQJVDQYLVQLQJ IRU YHQWLODWRU´
 .ODSSQHGVLNULQJVE¡\OHQ 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
.ODSSQHGVLNULQJVE¡\OHQ ELOGH 
0RQWHUOXIWHNDQDOHQVH0RQWHULQJVDQYLVQLQJIRUYHQWLODWRU´
7U\NN GHNVOHQH IRUVLNWLJ RSS 8WVSDULQJHQH L GHNVOHQH Pn I¡UHV
RYHUVLNULQJVEROWHQH²ILJ
pl
ë
,QVWUXNFMDPRQWDŰX
: :DŰQHZVND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD
1DOHŰ\ GRNãDGQLH SU]HF]\WDþ QLQLHMV]ĉ LQVWUXNFMę =DSR]QDQLH VLę ]
QLĉSR]ZROLQDEH]SLHF]QHLZãDŔFLZHXŰ\WNRZDQLHXU]ĉG]HQLD
,QVWUXNFMęREVãXJLLPRQWDŰXQDOHŰ\]DFKRZDþGRSyŮQLHMV]HJR
ZJOĉGXOXEGODNROHMQHJRXŰ\WNRZQLND
%H]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD]DSHZQLRQHMHVWW\ONRSR
SUDZLGãRZ\P ]DPRQWRZDQLX ]JRGQLH ] LQVWUXNFMĉ PRQWDŰX 0RQWHU
MHVWRGSRZLHG]LDOQ\]DSUDZLGãRZHG]LDãDQLHZPLHMVFXLQVWDODFML
XU]ĉG]HQLD
1LHEH]SLHF]HĿVWZRREUDŰHĿ
-HŔOL XU]ĉG]HQLH QLH MHVW SUDZLGãRZR SU]\PRFRZDQH PRŰH VSDŔþ
:V]\VWNLH HOHPHQW\ PRFXMĉFH PXV]ĉ E\þ ]DPRQWRZDQH VWDUDQQLH
LGRNãDGQLH
1LHEH]SLHF]HĿVWZRSRUDŰHQLDSUĉGHPHOHNWU\F]Q\P
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH0RŰHWR
GRSURZDG]LþGRXV]NRG]HQLDSU]HZRGXSU]\ãĉF]HQLRZHJR1LH
]DJLQDþDQLQLH]DFLVNDþNDEODSU]\ãĉF]HQLRZHJRSRGF]DV
LQVWDORZDQLD
1LHEH]SLHF]HĿVWZRREUDŰHĿ
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
1LHEH]SLHF]HĿVWZRXGXV]HQLD
2SDNRZDQLH MHVW QLHEH]SLHF]QH GOD G]LHFL 1LH SR]ZDODþ G]LHFLRP
QD]DEDZęRSDNRZDQLHP
,QVWDODFMD
:VND]yZND 'RPRQWDŰXPRGXãXRELHJX]DPNQLęWHJRJyUQD
F]ęŔþ UDP\ QRŔQHM RNDSX PXVL E\þ SU]\PRFRZDQD GR VXILWX SDWU]
´,QVWUXNFMDPRQWDŰXRNDSXµ
:\MĉþILOWU]ZęJOHPDNW\ZQ\PLXVXQĉþIROLęU\V
3U]\NUęFLþPRGXãRELHJX]DPNQLęWHJRGRJyUQHMF]ęŔFLUDP\
QRŔQHMU\V
3U]\NUęFLþGUXJLNĉWRZQLNPRFXMĉF\GRJyUQHMF]ęŔFLUDP\
QRŔQHMU\V
=DSRPRFĉGZyFKREHMPSU]\PRFRZDþUXUęGRPRGXãXRELHJX
]DPNQLęWHJRLGRNUyþFDSRZLHWU]DQDRNDSLH
5XUDPXVLE\þQDSUęŰRQDZUD]LHSRWU]HE\VNUyFLþU\V
:VND]yZND :\NRQDQLHSRãĉF]HĿUXURZ\FKZ\PDJD
ZF]HŔQLHMV]HJR]DPRQWRZDQLDGROQHMF]ęŔFLUDP\QRŔQHMLRNDSX
SDWU]´,QVWUXNFMDPRQWDŰXRNDSXµ
:ãRŰ\þILOWU]ZęJOHPDNW\ZQ\PU\V
2EUyFLþSDãĉN]DEH]SLHF]DMĉF\U\V
=DPRQWRZDþREXGRZęNRPLQRZĉSDWU]Å,QVWUXNFMDPRQWDŰX
RNDSX´
6]F]HOLQ\ZHZQęWU]QHMREXGRZ\NRPLQRZHMVNLHURZDþGRGRãX
background

1DVDG]LþXNRŔQLHSU]HVãRQ\LOHNNRQDFLVQĉþGRJyU\
:JãęELHQLDQDSU]HVãRQDFKPXV]ĉQDFKRG]LþQDEROFH
]DEH]SLHF]DMĉFHU\V
=VXQĉþ SU]HVãRQ\ WDN DE\ Vã\FKDþ E\ãR RGJãRV ]DWU]DŔQLęFLD 
U\V
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
 3U]HVãRQ\QDFLVQĉþOHNNRZGyã:JãęELHQLDQDSU]HVãRQDFK
PXV]ĉQDFKRG]LþQDVZRU]QLH]DEH]SLHF]DMĉFHU\V
 =GHPRQWRZDþREXGRZęNRPLQRZĉSDWU]Å,QVWUXNFMDPRQWDŰX
RNDSX´
 2EUyFLþSDãĉN]DEH]SLHF]DMĉF\ 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
2EUyFLþSDãĉN]DEH]SLHF]DMĉF\ U\V 
=DPRQWRZDþREXGRZęNRPLQRZĉSDWU]Å,QVWUXNFMDPRQWDŰX
RNDSX´
3U]HVãRQ\QDFLVQĉþOHNNRGRJyU\:JãęELHQLDQDSU]HVãRQDFK
PXV]ĉQDFKRG]LþQDVZRU]QLH]DEH]SLHF]DMĉFHU\V
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
: ,QVWUXo}HVGHVHJXUDQoDLPSRUWDQWHV
/HLDDWHQWDPHQWHRSUHVHQWHPDQXDO6yDVVLPSRGHUiXWLOL]DUR
VHX DSDUHOKR GH IRUPD VHJXUD H FRUUHFWD *XDUGH DV LQVWUXo}HV GH
XWLOL]DomRHPRQWDJHPSDUDFRQVXOWDVIXWXUDVRXSDUDIXWXURV
XWLOL]DGRUHV
6y FRP XPD PRQWDJHP HVSHFLDOL]DGD H HP FRQIRUPLGDGH FRP DV
LQVWUXo}HV GH PRQWDJHP SRGH VHU JDUDQWLGD D VHJXUDQoD GXUDQWH
DXWLOL]DomR2LQVWDODGRUpUHVSRQViYHOSHORIXQFLRQDPHQWR
FRUUHWRQRORFDOGHPRQWDJHP
3HULJRGHIHULPHQWRV
2DSDUHOKRSRGHFDLUVHQmRHVWLYHUFRUUHWDPHQWHIL[DGR7RGRV
RVHOHPHQWRVGHIL[DomRWrPGHVHUPRQWDGRVGHIRUPDIL[DH
VHJXUD
3HULJRGHFKRTXHHOpWULFR
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
2 FDER GH OLJDomR SRGH ILFDU GDQLILFDGR 1mR GREUDU QHP HQWDODU R
FDERHOpWULFRGXUDQWHDLQVWDODomR
3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
8VHOXYDVGHSURWHomR
3HULJRGHDVIL[LD
2PDWHULDOGHHPEDODJHPpSHULJRVRSDUDDVFULDQoDV1XQFD
GHL[HDVFULDQoDVEULQFDUHPFRPRPDWHULDOGHHPEDODJHP
,QVWDODomR
1RWD 3DUDDPRQWDJHPGRPyGXORGHFLUFXODomRGHDUD
DUPDomRGHVXSRUWHVXSHULRUGRH[DXVWRUGHYHHVWDUPRQWDGDQR
WHWRYHU,QVWUXo}HVGHPRQWDJHPGRH[DXVWRU
5HWLUDURILOWURGHFDUYmRDWLYRHUHPRYHUDSHOtFXOD)LJXUD
$SDUDIXVDURPyGXORGHFLUFXODomRGHDUjDUPDomRGHVXSRUWH
VXSHULRU)LJXUD
$SDUDIXVDU RV GRLV HVTXDGURV GH IL[DomR j DUPDomR GH VXSRUWH
VXSHULRU)LJXUD
)L[DUDPDQJXHLUDFRPDVGXDVEUDoDGHLUDVQRPyGXORGH
FLUFXODomRGHDUHQDPDQJDGHDUGRH[DXVWRU
$ PDQJXHLUD GHYH HVWDU HVWLFDGD FRUWDU VH QHFHVViULR )LJXUD 
1RWD 3DUDDXQLmRGRWXERDDUPDomRGHVXSRUWHLQIHULRUHR
H[DXVWRU GHYHP HVWDU PRQWDGRV YHU ,QVWUXo}HV GH PRQWDJHP GR
H[DXVWRU
0RQWDURILOWURGHFDUYmRDWLYR)LJXUD
'REUDURVHVWULERVGHVHJXUDQoD)LJXUD
0RQWDURSDLQHOGHFRUDWLYRGDFKDPLQpYHUÅ,QVWUXo}HVGH
PRQWDJHPGRH[DXVWRU´
$SRQWDURVHQWDOKHVGRSDLQHOGHFRUDWLYRLQWHULRUSDUDEDL[R
0RQWDU RV IULVRV GHFRUDWLYRV LQFOLQDGRV H SUHPLU OHYHPHQWH SDUD
FLPD2VUHEDL[RVGRVIULVRVGHFRUDWLYRVGHYHPVHUDOLQKDGRV
SRUFLPDGRVSLQRVGHVHJXUDQoD)LJXUD
(PSXUUH RV IULVRV GHFRUDWLYRV DWp HQFDL[DUHP DXGLYHOPHQWH XP
QRRXWUR)LJXUD
5HJHQHUDURILOWURGHRGRUHV
3DUDJDUDQWLURGHVHPSHQKRGRILOWURGHRGRUHVFRPXPD
XWLOL]DomR QRUPDO DSUR[ ĂKRUD SRU GLD UHJHQHUH R ILOWUR WRGRV RV
ĂPHVHV
3RGHUHJHQHUDURILOWURGHRGRUHVQXPIRUQRGLVSRQtYHOQR
PHUFDGR
: 3HULJRGHTXHLPDGXUDV
2 ILOWUR GH RGRUHV SHUPDQHFH TXHQWH GXUDQWH PXLWR WHPSR DSyV D
UHJHQHUDomR1mRWRTXHQRILOWURGHRGRUHVORJRDSyVD
UHJHQHUDomRGHL[HRDUUHIHFHU
&RORTXHRILOWURGHRGRUHVTXHQWHVREUHXPDEDVHUHVLVWHQWHDR
FDORUSDUDRDUUHIHFHU
1RWDV
2ILOWURGHRGRUHVSRGHVHUUHJHQHUDGRDWpĂYH]HVHWHPGH
VHUVXEVWLWXtGRRPDLVWDUGDUDSyVĂDQRVQRFDVRGHXPD
XWLOL]DomRQRUPDOGLDULDPHQWHFHUFDGHĂKRUD
1RFDVRGHTXHGDRVILOWURVGHRGRUHVUHJHQHUiYHLVSRGHP
ILFDUGDQLILFDGRV
2V GDQRV QHP VHPSUH VmR YLVtYHLV D SDUWLU GR H[WHULRU (OLPLQH H
VXEVWLWXDRILOWURUHJHQHUiYHOTXHVRIUHXDTXHGD
1XQFDOLPSHRILOWURGHRGRUHVFRPSURGXWRVGHOLPSH]DiJXD
QDPiTXLQDGHODYDUQHPFRPXPSDQRPROKDGR
3DUDQmRULVFDURWDEXOHLURFRORTXHRILOWURGHRGRUHVQXPD
JUHOKD
5HJHQHUHRILOWURGHRGRUHVD &QRPi[LPRDUFLUFXODQWH
:1mRUHJHQHUHRILOWURGHRGRUHVQDIXQomRGHOLPSH]DGR
IRUQROLPSH]DSLUROtWLFD
'XUDQWHDUHJHQHUDomRGRILOWURGHRGRUHVSRGHRFRUUHUD
IRUPDomR GH RGRUHV &HUWLILTXHVH GH TXH R HVSDoR VH HQFRQWUD
EHPDUHMDGR$EUDXPDMDQHOD
 (PSXUUH DV DEDV OLJHLUDPHQWH SDUD EDL[R 2V UHEDL[RV GDV DEDV
GHYHPVHUDOLQKDGRVSRUFLPDGRVSLQRVGHVHJXUDQoD
)LJXUD
 'HVPRQWHRUHYHVWLPHQWRGDFKDPLQpYHU,QVWUXo}HVGH
PRQWDJHPGDH[DXVWmRGHYDSRUHV
 'REUHRVHVWULERVGHVHJXUDQoD )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
background

 2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHLQVLUDRILOWURGHRGRUHVUHJHQHUDGR
'REUHRVHVWULERVGHVHJXUDQoD )LJ 
0RQWHRUHYHVWLPHQWRGDFKDPLQpYHU,QVWUXo}HVGH
PRQWDJHPGDH[DXVWmRGHYDSRUHV
(PSXUUH DV DEDV OLJHLUDPHQWH SDUD FLPD 2V UHEDL[RV GDV DEDV
GHYHPVHUDOLQKDGRVSRUFLPDGRVSLQRVGHVHJXUDQoD
)LJXUD
ro
í
,QVWUXFŘLXQLGHPRQWDM
: ,QVWUXFŘLXQLGHVLJXUDQŘćLPSRUWDQWH
&LWLŘLFXDWHQŘLHDFHVWHLQVWUXFŘLXQL1XPDLDVWIHOSXWHŘLXWLOL]D
DSDUDWXOFRUHFWüLvQVLJXUDQŘć3ćVWUDŘLLQVWUXFŘLXQLOHGHXWLOL]DUHüL
GH PRQWDM SHQWUX R FRQVXOWDUH XOWHULRDUć VDX SHQWUX HYHQWXDOL YLLWRUL
SURSULHWDUL
1XPDLODPRQWDMXOUHJXODPHQWDUFRUHVSXQ]ćWRULQVWUXFŘLXQLLGH
PRQWDMHVWHJDUDQWDWćVLJXUDQŘDODXWLOL]DUH,QVWDODWRUXOHVWH
UHVSRQVDELOSHQWUXIXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
3HULFROGHUćQLUH
'DFćDSDUDWXOQXHVWHIL[DWFRUHVSXQ]ćWRUDFHVWDSRDWHFćGHD
7RDWHHOHPHQWHOHGHIL[DUHWUHEXLHPRQWDWHELQHüLVLJXU
3HULFROGHHOHFWURFXWDUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
&DEOXOGHUDFRUGDUHVHSRDWHGHWHULRUD1XvQGRLŘLüLQXSULQGHŘL
FDEOXOGHUDFRUGDUHvQWLPSXOLQVWDOćULL
3HULFROGHUćQLUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
3HULFROGHVXIRFDUH
0DWHULDOXOGHDPEDODMHVWHSHULFXORVSHQWUXFRSLL1XOćVDŘL
QLFLRGDWćFRSLLLVćVHMRDFHFXPDWHULDOGHDPEDODM
,QVWDODUHD
,QGLFDŘLH 3HQWUX PRQWDUHD PRGXOXOXL GH UHFLUFXODUH D DHUXOXL HVWH
QHFHVDU FD VFKHOHWXO SRUWDQW LQIHULRU DO KRWHL ILH PRQWDW SH WDYDQ
FRQVXOWDŘL´,QVWUXFŘLXQLOHGHPRQWDUHDKRWHLµ
6FRDWHŘLILOWUXOGHFDUERQDFWLYüLvQOćWXUDŘLIROLDLPDJLQHD
)L[DŘLFXüXUXEXULPRGXOXOGHUHFLUFXODUHDDHUXOXLSHVFKHOHWXO
SRUWDQWVXSHULRULPDJLQHD
)L[DŘLFXüXUXEXULFHOHGRXćFRUQLHUHSHVFKHOHWXOSRUWDQW
VXSHULRULPDJLQHD
)L[DŘLIXUWXQXOFXFHOHGRXćFROLHUHSHQWUXŘHDYćSHPRGXOXOGH
UHFLUFXODUHDDHUXOXLüLSHüWXŘXOGHDHUDOKRWHL
)XUWXQXOWUHEXLHVćILHvQWLQVGDFćHVWHQHFHVDUVFXUWDŘLO
LPDJLQHD
,QGLFDŘLH 3HQWUXUDFRUGXOSHQWUXŘHDYćHVWHQHFHVDWFDVFKHOHWXO
SRUWDQW LQIHULRU üL KRWD ILH PRQWDWH6XVSHQGDŘL GH MRV DSDUDWXO vQ
VFKHOHWXOSRUWDQWFRQVXOWDŘL´,QVWUXFŘLXQLOHGHPRQWDUHDKRWHLµ
,QWURGXFHŘLILOWUXOGHFćUEXQHDFWLYLPDJLQHD
5DEDWDŘLvQMRVFOHPDGHIL[DUHLPDJLQHD
0RQWDŘLDSćUćWRDUHDFRüXOXLFRQVXOWDŘLÅ,QVWUXFŘLXQLOHGH
PRQWDUHDKRWHL´
)DQWHOH PćüWLL LQWHULRDUH D FRüXOXL GH IXP WUHEXLH ILH RULHQWDWH
vQMRV
$üH]DŘL SDQRXULOH vQ SR]LŘLH XüRU vQFOLQDWć üL DSćVDŘL XüRU vQ VXV
2ULILFLLOH GH SH SDQRXUL WUHEXLH VH DIOH vQ GUHSWXO üXUXEXULORU GH
IL[DUHLPDJLQHD
&RPSULPDŘL SDQRUXLOH SkQć FkQG VHIL[HD]ć VRQRU XQXO vQ FHOćODOW
LPDJLQHD
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
 $SćVDŘLXüRUvQMRVSDQRXULOH2ULILFLLOHGLQSDQRXULWUHEXLHVćVH
DIOHvQGUHSWXOüXUXEXULORUGHIL[DUHILJXUD
 'HPRQWDŘLQDVFDFRüXOXLGHIXPFRQVXOWDŘLÅ,QVWUXFŘLXQLOHGH
PRQWDUHDKRWHL´
 5DEDWDŘLvQMRVFOHPDGHIL[DUH 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
:
 $VLJXUDŘLYćFćvQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘL
IHUHDVWUD
 /ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UćFHDVFć
 )LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDSHQWUXDOGHPRQWDDPSODVDŘLRPkQćVXEDFHVWDüL
HIHFWXDŘLUHJHQHUDUHDDFHVWXLD
5DEDWDŘLvQMRVFOHPDGHIL[DUH ILJXUD 
0RQWDŘLPDVFDFRüXOXLGHIXPFRQVXOWDŘLÅ,QVWUXFŘLXQLOHGH
PRQWDUHDKRWHL´
$SćVDŘL XüRU vQ VXV SDQRXULOH 2ULILFLLOH GLQ SDQRXUL WUHEXLH VH
DIOHvQGUHSWXOüXUXEXULORUGHIL[DUHILJXUD
ru
î
Ημπροςιυηώξνλνμρίες
: Αίεμϊδξοίαηκίρδτμηιηΰδζνξίπμνπρη
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηθίκνδθάθήλμάθΘηθιθζθΰίμάΪζ
ηΪνρβμφλωικΪάβεφηθβΫίαθιΪληθιθεφαθάΪμφλωικβΫθκθζ
ΛθοκΪηωγμίκνδθάθήλμάθιθχδλιενΪμΪπββββηλμκνδπβψιθ
ζθημΪΰνήεωήΪεφηίγςίέθβλιθεφαθάΪηβωβεβήεωιίκίήΪρβ
ηθάθζνάεΪήίεφπν
΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζβηλμκνδπββιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
Νξίπμνπρϋροίαληοναίμηώ
ΏλεβικβΫθκηίαΪξβδλβκθάΪηηΪήείΰΪσβζθΫκΪαθζθηζθΰίμ
νιΪλμφΌλίχείζίημυδκίιείηβωήθεΰηυΫυμφηΪήϋΰηθ
νλμΪηθάείηυ
Νξίπμνπρϋςγίοίρνινλ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβρμθ
ζθΰίμιθάκίήβμφλθίήβηβμίεφηυγικθάθήΙκθλείήβμίρμθΫυ
λθίήβηβμίεφηυγικθάθήηίαΪΰβζΪελωβηίιίκίέβΫΪελω
Νξίπμνπρϋροίαληοναίμηώ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
Νξίπμνπρϋςγςχϋώ
ΝιΪδθάθρηυγζΪμίκβΪεικίήλμΪάεωίμθιΪληθλμφήεωήίμίγ
ΗβδθέήΪηίιθαάθεωγμίήίμωζβέκΪμφλνιΪδθάθρηυζζΪμίκβΪεθζ
background

΢πρίμναιί
΢ιίζίμηδ ΎεωζθημΪΰΪάυμωΰηθέθζθήνεωλείήνίμαΪδκίιβμφ
άίκοηβγδΪκδΪλάυμωΰδβηΪιθμθεδίλζ©Κνδθάθήλμάθιθ
χδλιενΪμΪπββάυμωΰδβª
ΌυηφμίνέθεφηυγξβεφμκβνήΪεβμίιείηδνκβλ
ΑΪξβδλβκνγμίάυμωΰηθγζθήνεφηΪάίκοηίζδΪκδΪλίλ
ιθζθσφψάβημθάκβλ
ΑΪξβδλβκνγμίήάΪνέθεδΪδκίιείηβωηΪάίκοηίζδΪκδΪλίλ
ιθζθσφψάβημθάκβλ
ΑΪδκίιβμίςεΪηέήάνζωοθζνμΪζβηΪάυμωΰηθζζθήνείβ
άθαήνοθάθήί
΢εΪηέ ήθεΰίη Ϋυμφ ηΪμωηνμ ικβ ηίθΫοθήβζθλμβ νδθκθμβμί ίέθ
κβλ
΢ιίζίμηδ ΎεωζθημΪΰΪλθίήβηβμίεφηθγμκνΫυλείήνίμ
νλμΪηθάβμφηβΰηβγδΪκδΪλβάυμωΰδνλζ©Κνδθάθήλμάθιθ
χδλιενΪμΪπββάυμωΰδβª
ΝλμΪηθάβμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζκβλ
ΘινλμβμίξβδλβκνψσνψλδθΫνκβλ
ΝλμΪηθάβμί άυμωΰηνψ μκνΫν λζ ©Κνδθάθήλμάθ ιθ χδλιενΪμΪπββ
άυμωΰδβª
Ικθκίαβ ηΪ άηνμκίηηίγ ρΪλμβ άυμωΰηθγ μκνΫυ ήθεΰηυ λζθμκίμφ
άηβα
ΌλμΪάφμίεβπίάυίιΪηίεβιθήνέεθζβλείέδΪικβιθήηβζβμί
ΙΪαυηΪεβπίάυοιΪηίεωοήθεΰηυαΪσίεδηνμφλωηΪλμθιθκΪο
κβλ
Λθίήβηβμφ ιΪηίεβ ρμθΫυ θηβ αΪξβδλβκθάΪεβλφ λθ σίερδθζ 
κβλ
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
 ΛείέδΪ ιθμωηβμί ιΪηίεβ άηβα ΙΪαυ ηΪ εβπίάυο ιΪηίεωο ήθεΰηυ
αΪσίεδηνμφλωηΪλμθιθκΪο³κβλ
 Ληβζβμί θΫςβάδν άυμωΰηθγ μκνΫυ λζ ©Βηλμκνδπβω ιθ ζθημΪΰν
άυμωΰδβª
 ΘινλμβμίξβδλβκνψσνψλδθΫν οηπ 
 ΞβεφμκήεωνήΪείηβωαΪιΪοΪ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
ΘινλμβμίξβδλβκνψσνψλδθΫν οηπ 
ΝλμΪηθάβμίθΫςβάδνάυμωΰηθγμκνΫυλζ©Βηλμκνδπβωιθ
ζθημΪΰνάυμωΰδβª
ΛείέδΪιθμωηβμίιΪηίεβάάίκοΙΪαυηΪεβπίάυοιΪηίεωο
ήθεΰηυαΪσίεδηνμφλωηΪλμθιθκΪο³κβλ
sk
ï
0RQWiçQ\QiYRG
: '{OHçLWpEH]SHĀQRVWQpSRN\Q\
7HQWRQiYRGVLVWDURVWOLYRSUHĀtWDMWH/HQSRWRPP{çHWHVSRWUHE
REVOXKRYDŚEH]SHĀQHD VSUiYQH1iYRGQDSRXçtYDQLH
D PRQWiçQ\QiYRGVLRGORçWHQDQHVNRUåLHSRXçLWLHDOHERSUH
QDVOHGXM~FHKRYODVWQtNDVSRWUHELĀD
/HQSULRGERUQHMPRQWiçL]RGSRYHGDM~FHMWRPXWRPRQWiçQHPX
QiYRGXMH]DUXĀHQiEH]SHĀQRVŚSULSRXçtYDQt,QåWDODWpUMH
]RGSRYHGQì]DEH]FK\EQpIXQJRYDQLHQDPLHVWHLQåWDOiFLH
1HEH]SHĀHQVWYRSRUDQHQLD
.HďVSRWUHELĀQLHMHULDGQHXSHYQHQìP{çHVSDGQ~Ś9åHWN\
XSHYŃRYDFLHSUYN\PXVLDE\ŚSHYQHD EH]SHĀQHQDPRQWRYDQp
1HEH]SHĀHQVWYR~UD]XHOHNWULFNìPSU~GRP
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3ULSiMDFt
NiEHO VD P{çH SRåNRGLŚ 3ULSiMDFt NiEHO SRĀDV LQåWDOiFLH QH]ORPWH
DOHERQH]DFYLNQLWH
1HEH]SHĀHQVWYRSRUDQHQLD
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3RXçtYDMWH
RFKUDQQpUXNDYLFH
1HEH]SHĀHQVWYRXGXVHQLD
2EDORYìPDWHULiOSUHGVWDYXMHQHEH]SHĀHQVWYRSUHGHWL1LNG\
QHQHFKDMWHGHWLKUDŚVDV REDORYìPPDWHULiORP
,QåWDOiFLD
8SR]RUQHQLH 3UL PRQWiçL PRGXOX QD FLUNXOiFLX Y]GXFKX PXVt E\Ś
KRUQìQRVQìUiPRGViYDĀDSiUQDPRQWRYDQìQDVWURSHSR]UL
Å1iYRGQDPRQWiçRGViYDĀDSiU´
9\EHUWHDNWtYQ\XKOtNRYìILOWHUD RGVWUiŃWHIyOLX²REUi]RN 
0RGXO QD FLUNXOiFLX Y]GXFKX SULVNUXWNXMWH QD KRUQì QRVQì UiP ²
REUi]RN 
'YDSULGUçLDYDFLHXKROQtN\SULVNUXWNXMWHQDKRUQìQRVQìUiP²
REUi]RN 
+DGLFXSULSHYQLWHGYRPLVSRQDPLQDPRGXOHQDFLUNXOiFLX
Y]GXFKXD N KUGOXQDRGYRGY]GXFKXRGViYDĀDSiU
+DGLFDPXVtE\ŚQDSQXWiY SUtSDGHSRWUHE\MXVNUiŚWH²
REUi]RN 
8SR]RUQHQLH 3UHVSRMHQLHSRWUXELDPXVtE\ŚGROQìQRVQìUiP
D RGViYDĀSiUQDPRQWRYDQìSR]ULÅ1iYRGQDPRQWiçRGViYDĀD
SiU´
9ORçWHDNWtYQ\XKOtNRYìILOWHU²REUi]RN 
3UHNORSWHSRLVWQìREO~N²REUi]RN 
1DPRQWXMWHNRPtQRYpREORçHQLHSR]ULÅ1iYRGQDPRQWiç
RGViYDĀDSiU´
=iUH]\YQ~WRUQpKRNRPtQRYpKRREORçHQLDQDGRO
1DVDďWHåLNPRSDQHOD ]DWODĀWHKRPLHUQHQDKRU9ìUH]\
Y SDQHORFKSULWRPPXVLDYLHVŚQDG]DLVŚRYDFtPLĀDSPL²
REUi]RN 
3DQHO\SULVXŃWHN VHEHWDNDE\FLWHĻQH]DSDGOL²REUi]RN 
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
background

$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
 3DQHO\ ]DWODĀWHPLHUQHQDGRO9ìUH]\Y SDQHORFKSULWRPPXVLD
YLHVŚQDG]DLVŚRYDFtPLĀDSPL²REUi]RN 
 'HPRQWXMWHNRPtQRYpREORçHQLHSR]ULÅ1iYRGQDPRQWiç
RGViYDĀDSiU´
 3UHNORSWHSRLVWQìREO~N 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
3UHNORSWHSRLVWQìREO~N REUi]RN 
1DPRQWXMWHNRPtQRYpREORçHQLHSR]ULÅ1iYRGQDPRQWiç
RGViYDĀDSiU´
3DQHO\ ]DWODĀWHPLHUQHQDKRU9ìUH]\Y SDQHORFKSULWRPPXVLD
YLHVŚQDG]DLVŚRYDFtPLĀDSPL²REUi]RN 
sl
ð
1DYRGLOD]DPRQWDçR
: 3RPHPEQDYDUQRVWQDQDYRGLOD
3D]OMLYRSUHEHULWHWDXYRGäHOHSRWHPODKNRDSDUDWXSRUDEOMDWH
YDUQRLQSUDYLOQR1DYRGLOD]DXSRUDERLQYJUDGQMRVKUDQLWH]D
NDVQHMåRXSRUDERDOL]DQDVOHGQMHJDODVWQLND
9DUQRVWPHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQH
PRQWDçHYVNODGX]QDYRGLOL]DPRQWDçR0RQWHUMHRGJRYRUHQ]D
EUH]KLEQRGHORYDQMHQDPHVWXSRVWDYLWYH
1HYDUQRVWWHOHVQLKSRåNRGE
ÿHDSDUDWQLSUDYLOQRSULWUMHQODKNRSDGH9VLSULWUGLOQLHOHPHQWL
PRUDMRELWLWUGQRLQYDUQRPRQWLUDQL
1HYDUQRVWXGDUDHOHNWULĀQHJDWRND
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH3ULNOMXĀQLNDEHO
VHODKNRSRåNRGXMH0HGQDPHVWLWYLMRQHSUHSRJQLWHDOLXNOHåĀLWH
SULNOMXĀQHJDNDEOD
1HYDUQRVWWHOHVQLKSRåNRGE
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH1RVLWH]DåĀLWQH
URNDYLFH
1HYDUQRVW]DGXåLWYH
(PEDODçQLPDWHULDOMHQHYDUHQ]DRWURNH1LNROLQHGRYROLWH
RWURNRPGDVHLJUDMR]HPEDODçQLPPDWHULDORP
1DPHVWLWHY
2SRPED =DPRQWDçRPRGXOD]DUHFLUNXODFLMR]UDNDPRUDELWL
]JRUQMHRJURGMHQDSHQDPHåĀHQRQDVWURSJOHMWHÅ1DYRGLOD]D
PRQWDçRQDSH´
2GVWUDQLWHILOWHU]DNWLYQLPRJOMHPLQRGVWUDQLWHIROLMR²VOLND
0RGXO]DUHFLUNXODFLMR]UDNDSULYLMWHQD]JRUQMHRJURGMH²VOLND
.RWQLNDSULYLMWHQD]JRUQMHRJURGMH²VOLND
&HYVFHYQLPDVSRMNDPDSULWUGLWHQDPRGXO]DUHFLUNXODFLMR
]UDNDLQQDVWDYHN]D]UDĀQRFHYQDQDSL
&HYPRUDELWLQDSHWD]DWRMRSRSRWUHELVNUDMåDMWH²VOLND
2SRPED =DSRYH]DYRFHYLPRUDWDELWLVSRGQMHRJURGMHLQQDSD
QDPHåĀHQDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
1DPHVWLWHILOWHU]DNWLYQLPRJOMHP²VOLND
3UHNORSLWHYDURYDOQLORN²VOLND
1DPHVWLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
=DUH]HQRWUDQMHJDRNURYDMDåNDREUQLWHQDY]GRO
ÿHOQLSORåĀLQDPHVWLWHSRåHYQRLQMXUDKORSRWLVQLWHQDY]JRU
8WRUDQDĀHOQLKSORåĀDKMHWUHEDYRGLWLSUHNYDURYDOQLK]DWLĀHY
²VOLND
ÿHOQL SORåĀL SRWLVQLWH VNXSDM GD VH VOLåQR ]DVNRĀLWD  ² VOLND 
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
 ÿHOQLSORåĀLUDKORSRWLVQLWHQDY]GRO8WRUDQDĀHOQLKSORåĀDKMH
WUHEDYRGLWLSUHNYDURYDOQLK]DWLĀHY²VOLND
 2GVWUDQLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
 3UHNORSLWHYDURYDOQLORN 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
 )LOWHU ]D YRQMDYH MH WHçDN ]DWR ] HQR URNR SULPLWH ILOWHU ]D YRQMDYH
QDVSRGQMLVWUDQLLQYVWDYLWHUHJHQHULUDQLILOWHU]DYRQMDYH
3UHNORSLWHYDURYDOQLORN VOLND 
1DPHVWLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
ÿHOQLSORåĀLUDKORSRWLVQLWHQDY]JRU8WRUDQDĀHOQLKSORåĀDKMH
WUHEDYRGLWLSUHNYDURYDOQLK]DWLĀHY²VOLND
sq
ñ
8GKs]LPSsUPRQWLP
: 8GKs]LPHWsUsQGsVLVKPHVLJXULH
/H[RMHQLPHNXMGHVNsWsXGKs]LP9HWsPNsVKWXPXQGTsPH
DSDUDWLQWXDMWsVKsUEHKHQLQsPsQ\UsWsVLJXUWGKHWsGUHMW
8GKs]LPLQSsUSsUGRULPGKHPRQWLPHUXDQLSsUSsUGRULPWs
PsYRQVKsPRVHSsUSURQDULQHDUGKVKsP
9HWsPSsUPHVQMsPRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPH
XGKs]XHVLQHPRQWLPLWPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW
,QVWDOXHVLPEDQSsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWs
SDMLVMHVQsYHQGLQHLQVWDOLPLW
5UH]LNSODJRVMHMH
1sVH SDMLVMD QXN sVKWs VKWUsQJXDU VLo GXKHW PXQG Ws EMHUs *MLWKs
HOHPHQWHWHVKWUsQJLPLWGXKHWWsPRQWRKHQIRUWGKHQsPsQ\UsWs
VLJXUW
5UH]LNQJDJRGLWMDHUU\PsV
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD.DEOOL
OLGKsVPXQGWsGsPWRKHW0RVHSsUNXOQLGKHPRVVKNHOQLNDEOOLQ
OLGKsVJMDWsLQVWDOLPLW
5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
5UH]LNDVILNVLPL
0DWHULDOLDPEDOD]KXHVsVKWsLUUH]LNVKsPSsUIsPLMsW0RVLOLQL
DVQMsKHUsIsPLMsWWsOXDMQsPHPDWHULDOHWDPEDOD]KXHV
background

,QVWDOLPL
8GKs]LP 3sUWsPRQWXDUPRGXOLQHTDUNXOOLPLWWsDMULWGXKHWTs
VNHOHWLLVLSsUPPEDMWsVLDVSLUDWRULWWsPRQWRKHWQsWDYDQVKLKQL
0DQXDOLLPRQWLPLWLDVSLUDWRULW
1[LUUQLILOWULQPHNDUERQDNWLYGKHKLTQLTHVHQILJXUD
0EsUWKHQLPHYLGDPRGXOLQHTDUNXOOLPLWWsDMULWQsVNHOHWLQH
VLSsUPPEDMWsVILJXUD
0EsUWKHQLPHYLGDWsG\SURILOHWPEDMWsVHQsVNHOHWLQHVLSsUP
PEDMWsVILJXUD
0EsUWKHQL WXELQ PH G\ IDVKHWD SsU WXED Qs PRGXOLQ PH TDUNXOOLP
DMULGKHQsYULPsQHDMULWWsDVSLUDWRULW
7XEL GXKHW Ws MHWs KHUPHWLN VKNXUWRMHQL DWs QsVH QHYRMLWHW ILJXUD

8GKs]LP 3sUWsUHDOL]XDUOLGKMHQHWXELWGXKHWTsVNHOHWLL
SRVKWsPPEDMWsVGKHDVSLUDWRULWsMHQsWsPRQWXDUVKLKQL
0DQXDOLLPRQWLPLWLDVSLUDWRULW
9HQGRVQLILOWULQPHNDUERQDNWLYILJXUD
3DORVQLSRVKWsNDSsVHQHVLJXULVsILJXUD
0RQWLPLLPEXOHVsVVsR[KDNXWVKLKQL0DQXDOLLPRQWLPLWL
DVSLUDWRULW
.DQDOHWHYHVKMHVVsEUHQGVKPHWsR[KDNXWGXKHWWsGUHMWRKHQ
SsUSRVKWs
9HQGRVQL SMHUUsW PEXOHVDW GKH QJMLVKLQL OHKWs SsU QJD ODUW 3MHVsW
HSUHUDQsPEXOHVDGXKHWWsGUHMWRKHQQsSsUPMHWEXORQDYHWs
VLJXULVsILJXUD
%DVKNRQL PEXOHVDW EDVKNs PH UUsVKTLWMH GHULVD Ws GsJMRQL Ts DWR
NDSHQQsYHQGPHQMsUDWMHWUsQILJXUD
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
 6KW\MLQL OHKWs PEXOHVDW Qs GUHMWLPLQ SsU SRVKWs 3MHVsW H SUHUD Qs
PEXOHVD GXKHW Ws GUHMWRKHQ QsSsUPMHW EXORQDYH Ws VLJXULVs 
ILJXUD
 dPRQWLPLLPEXOHVsVVsR[KDNXWVKLKQL0DQXDOLLPRQWLPLWL
DVSLUDWRULW
 3DORVQLSRVKWsNDSsVHQHVLJXULVs )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
3DORVQLSRVKWsNDSsVHQHVLJXULVs )LJXUD 
0RQWLPLLPEXOHVsVVsR[KDNXWVKLKQL0DQXDOLLPRQWLPLWL
DVSLUDWRULW
6KW\MLQLOHKWsPEXOHVDWQsGUHMWLPLQSsUODUW3MHVsWHSUHUDQs
PEXOHVD GXKHW Ws GUHMWRKHQ QsSsUPMHW EXORQDYH Ws VLJXULVs 
ILJXUD
sv
ó
0RQWHULQJVDQYLVQLQJ
: 9LNWLJDVlNHUKHWVDQYLVQLQJDU
/lV EUXNVDQYLVQLQJHQ QRJJUDQW 'HW lU YLNWLJW I|U DWW GX VND NXQQD
DQYlQGDHQKHWHQVlNHUWRFKSnUlWWVlWW6SDUDEUXNVRFK
PRQWHULQJVDQYLVQLQJHQI|UIUDPWLGDEUXNRFKHYHQWXHOOD
NRPPDQGHlJDUH
(QVlNHUDQYlQGQLQJNDQEDUDJDUDQWHUDVRPVSLVIOlNWHQ
PRQWHUDVSnIDFNPlVVLJWVlWWRFKLHQOLJKHWPHG
PRQWHULQJVDQYLVQLQJHQ ,QVWDOODW|UHQ DQVYDUDU I|U HQ IHOIUL IXQNWLRQ
SnSODWVHQ
6NDGHULVN
2P HQKHWHQ LQWH lU RUGHQWOLJW IlVW Sn YlJJHQ Vn NDQ GHQ IDOOD QHG
$OODIlVWNRPSRQHQWHUPnVWHPRQWHUDVVWDGLJWRFKVlNHUW
5LVNI|UHOVW|WDU
'HWILQQVNRPSRQHQWHULQXWLHQKHWHQVRPKDUYDVVDNDQWHU
$QVOXWQLQJVNDEHOQNDQVNDGDV$QVOXWQLQJVNDEHOQInULQWHYLNDV
HOOHUNOlPPDVYLGLQVWDOODWLRQHQ
6NDGHULVN
(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
.YlYQLQJVULVN
)|USDFNQLQJVPDWHULDOlUIDUOLJWI|UEDUQ/nWDOGULJEDUQOHNDPHG
I|USDFNQLQJVPDWHULDOHW
,QVWDOODWLRQ
$QYLVQLQJ 0RQWHULQJDYFLUNXODWLRQVOXIWPRGXOHQNUlYHUDWW
IOlNWNnSDQV|YUHElUUDPlUWDNPRQWHUDGVHµ)OlNWHQV
PRQWHULQJVDQYLVQLQJµ
7DXUGHWDNWLYDNROILOWUHWRFKWDERUWIROLHQELOG
6NUXYDIDVWFLUNXODWLRQVOXIWPRGXOHQSn|YUHElUUDPHQELOG
6NUXYDIDVWGHĂIlVWYLQNODUQDSn|YUHElUUDPHQELOG
)lVWVODQJHQPHGĂVODQJNOlPPRULFLUNXODWLRQVOXIWPRGXORFK
IOlNWNnSDQVOXIWDQVOXWQLQJ
6ODQJHQVNDYDUDVWUlFNWNRUWDRPGHWEHK|YVELOG
$QYLVQLQJ 5|UDQVOXWQLQJHQNUlYHUDWWXQGUHElUUDPHQRFK
IOlNWNnSDQlUPRQWHUDGHVHµ)OlNWHQVPRQWHULQJVDQYLVQLQJµ
6lWWDLDNWLYWNROILOWHUELOG
)lOODXSSVN\GGVE\JHOQELOG
6lWWDSnIOlNWNnSDQVHµ)OlNWHQVPRQWHULQJVDQYLVQLQJµ
6NMXWGHQLQUHGHOHQQHGnW
6lWWLGHODUQDVQHWWRFKWU\FNXSSQnJRW8UWDJHQLGHODUQDVND
Jn|YHUOnVVNUXYDUQDELOG
6NMXWLKRSGHODUQDVnDWWGHVQlSSHUIDVWELOG
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
$QYLVQLQJ
'HWJnUDWWUHJHQHUHUDRVILOWUHWXSSWLOOĂJnQJHURFKYLG
QRUPDODQYlQGQLQJ FD ĂWLPPH YDUMH GDJ PnVWH GHW E\WDV LQRP
 nU
'HWUHJHQHUHUDGHRVILOWUHWNDQEOLVNDGDWRPGHWIDOOHUQHG
6NDGRUQDJnULQWHDOOWLGDWWVHXWYlQGLJW2PKlQGHUWDRFKE\W
UHJHQHUHUEDUDRVILOWHUVRPIDOOLWQHG
5HQJ|UDOGULJRVILOWHUPHGUHQJ|ULQJVPHGHOYDWWHQGLVNPDVNLQ
HOOHUYnWWUDVD
/lJJRVILOWUHWSnJDOOHUDQQDUVNDQGXUHSDEDNSOnWHQ
5HJHQHUHUDRVILOWUHWSnPD[&YDUPOXIW :5HJHQHUHUD
LQWHRVILOWUHWPHGXJQVUHQJ|ULQJVIXQNWLRQHQS\URO\V
'HWNDQOXNWDHQGHOYLGUHJHQHUHULQJHQDYRVILOWUHW6HWLOOVnDWW
UXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
background

 7U\FNQHGSDQHOHUQDQnJRW8UWDJHQLSDQHOHUQDVNDJn|YHU
OnVVNUXYDUQDELOG
 7DDYIOlNWNnSDQVHµ)OlNWHQVPRQWHULQJVDQYLVQLQJµ
 )lOOXSSVN\GGVE\JHOQ ELOG 
 2VILOWUHW lU WXQJW Vn KnOO HQ KDQG XQGHU QlU GX WDU XU GHW ELOG 
 )|UYlUPXJQHQWLOOPD[&YDUPOXIW :
 5HJHQHUHUDRVILOWUHWLXJQSnPD[&YDUPOXIW :L
 PLQXWHU
 6HWLOOVnDWWUXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
 /nWRVILOWUHWVYDOQD
 2VILOWUHWlUWXQJWVnKnOOHQKDQGXQGHUQlUGXVlWWHULGHW
UHJHQHUHUDGHRVILOWUHW
)lOOXSSVN\GGVE\JHOQ ELOG 
6lWWSnIOlNWNnSDQVHµ)OlNWHQVPRQWHULQJVDQYLVQLQJµ
7U\FNXSSSDQHOHUQDQnJRW8UWDJHQLSDQHOHUQDVNDJn|YHU
OnVVNUXYDUQDELOG
tr
ô
0RQWDMN×ODYX]X
: gQHPOLJYHQOLNX\DU×ODU×
%XN×ODYX]XGLNNDWOLFHRNX\XQX]$QFDNEXüHNLOGHFLKD]×JYHQOL
YHGRùUXELUELoLPGHNXOODQPDQ×]PPNQRODFDNW×U'DKDVRQUD
NXOODQ×OPDN]HUHYH\DEDüNDELULVLQLQNXOODQ×P×LoLQNXOODQ×PYH
PRQWDMN×ODYX]XQXPXKDID]DHGLQL]
6DGHFHPRQWDMN×ODYX]XQDJ|UH\DS×OP×üX]PDQFDELUNXUPD
VD\HVLQGHNXOODQ×PJYHQOLùLJDUDQWLHGLOPLüROXU<HUOHüLP
\HULQGHVRUXQVX]oDO×üPDGDQWHVLVDWo×VRUXPOXGXU
<DUDODQPDWHKOLNHVL
&LKD]JHUHNWLùLJLELVDELWOHQPHPLüVHGüHELOLU7PVDELWOHPH
HOHPDQODU×V×N×OP×üYHJYHQOLELUüHNLOGHPRQWHHGLOPLüROPDO×G×U
(OHNWULNoDUSPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU%DùODQW×NDEORVX
KDVDUJ|UHELOLU%DùODQW×NDEORVXQXNXUPDLüOHPLHVQDV×QGD
NDWODPD\×Q×]YH\DV×N×üW×UPD\×Q×]
<DUDODQPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFXHOGLYHQOHU
NXOODQ×Q×]
%RùXOPDWHKOLNHVL
$PEDODMPDO]HPHOHULoRFXNODULoLQWHKOLNHOLGLUdRFXNODU×QDPEDODM
PDO]HPHOHULLOHR\QDPDODU×QDNHVLQOLNOHL]LQYHUPH\LQL]
.XUXOXP
%LOJL +DYDODQG×UPDPRGOPRQWDM×LoLQGDYOXPED]VW
WXWXFXODU×QGDQELULWDYDQDPRQWHHGLOPLüROPDO×G×UEN]
´'DYOXPED]PRQWDMN×ODYX]Xµ
$NWLIN|PUILOWUHVLo×NDU×OPDO×YHIRO\RNDOG×U×OPDO×G×U5HVLP
hVWWXWXFX]HULQGHNLKDYDODQG×UPDPRGOYLGDODQPDO×G×U
5HVLP
ĮNLN|üHEHQWVWWXWXFX\DYLGDODQPDO×G×U5HVLP
+RUWXPLNLERUXEUDNHWLLOHKDYDODQG×UPDPRGO]HULQGHYH
GDYOXPED]IDQNDGHPHOHUL]HULQHVDELWOHQPHOLGLU
+RUWXPJHUJLQROPDO×G×UJHUHNLUVHN×VDOW×OPDO×G×U5HVLP
%LOJL %RUXEDùODQW×V×LoLQDOWWXWXFXYHGDYOXPED]PRQWHHGLOPLü
ROPDO×G×UEN]´'DYOXPED]PRQWDMN×ODYX]Xµ
$NWLIN|PUILOWUHVLWDN×OPDO×G×U5HVLP
*YHQOLNPDQGDO×NDSDW×OPDO×G×U5HVLP
%DFDNDSODPDV×Q×QPRQWHHGLOPHVLEN]'DYOXPED]PRQWDM
N×ODYX]X
ĮoEDFDNDSODPDV×Q×QGHOLNOHULDüDù×GRùUXROPDO×G×U
.DSODPDODUHQLQHRWXUWXOPDO×YHKDILIoH\XNDU×GRùUX
EDVW×U×OPDO×G×U.DSODPDODU]HULQGHNLERüOXNODU×Q]HULQGHQ
HPQL\HWSLPLLOHJHoLOPHOLGLU5HVLP
.DSODPDODULoLoHJHoWLNOHULKLVVHGLOHQHNDGDUELUELUOHULQH
LWLOPHOLGLU5HVLP
.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×]
 .DSODPDODUKDILIoHDüDù×GRùUXEDVW×U×OPDO×G×U.DSODPDODU
]HULQGHNL ERüOXNODU×Q ]HULQGHQ HPQL\HW SLPL LOH JHoLOPHOLGLU 
5HVLP
 %DFDNDSODPDV×Q×QGHPRQWHHGLOPHVLEN]'DYOXPED]PRQWDM
N×ODYX]X
 *YHQOLNPDQGDO×NDSDW×OPDO×G×U 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]
*YHQOLNPDQGDO×NDSDW×OPDO×G×U 5HVLP 
%DFDNDSODPDV×Q×QPRQWHHGLOPHVLEN]'DYOXPED]PRQWDM
N×ODYX]X
.DSODPDODUKDILIoH\XNDU×GRùUXEDVW×U×OPDO×G×U.DSODPDODU
]HULQGHNL ERüOXNODU×Q ]HULQGHQ HPQL\HW SLPL LOH JHoLOPHOLGLU 
5HVLP

Specifications

Indexed Terms: Recirculation Kit

Neff Z52CBD2X1 Questions and Answers

Questions and Answers

Related Products