Neff Z52JXC1N1 Clean Air Standard Recirculation Kit User Manual

*9001507495*  



× 0RQWHULQJVYHMOHGQLQJ

Ø 0RQWDJHDQOHLWXQJ

Ú ,QVWDOODWLRQLQVWUXFWLRQV

Û ,QVWUXFFLRQHVGHPRQWDMH

Ý $VHQQXVRKMH

Þ 1RWLFHGHPRQWDJH

â ,VWUX]LRQLSHULOPRQWDJJLR

é ,QVWDOODWLHYRRUVFKULIW

ê 0RQWHULQJVYHLOHGQLQJ

ì ,QVWUXo}HVGHPRQWDJHP

ó 0RQWHULQJVDQYLVQLQJ



















PLQPP

PLQPP

PLQPP

PLQPP PLQPP









²































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

.RQWUROOHUDSSDUDWHWQnUGHWHUSDNNHWXG$SSDUDWHWPnLNNH

WLOVOXWWHVKYLVGHWKDUWUDQVSRUWVNDGHU

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NYOQLQJ

(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU

PHGHPEDOODJHPDWHULDOH

)DUHIRUWLOVNDGHNRPVW

.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU

%UXJEHVN\WWHOVHVKDQGVNHU

)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WLOVNDGHNRPVW

$SSDUDWHWHUPHJHWWXQJW$SSDUDWHWPnLNNHPRQWHUHVGLUHNWHL

JLSVNDUWRQSODGHUQHHOOHULOLJQHQGHOHWWHE\JJHPDWHULDOHU)RU

NRUUHNWPRQWDJHDIDSSDUDWHWVNDOGHUDQYHQGHVHWWLOVWUNNHOLJW

VWDELOWPDWHULDOHVRPVYDUHUWLOIRUKROGHQHLE\JQLQJHQRJ

DSSDUDWHWVYJW

)DUHIRUWLOVNDGHNRPVW

%UXJHQVWDQGVLNNHUVWLJHRJV¡UJIRUDWGHQVWnUVLNNHUW

3HUVRQHUPnLNNHOQHVLJLQGRYHUNRJHVHNWLRQHQRJPnVWnSn

ERUGSODGHQHOOHUSnNRJHVHNWLRQHQ

)DUHIRUWLOVNDGHNRPVW

)DUH IRU WLOVNDGHNRPVW SJD IDOG %UXJ HQ VWDELO WUDSSHVWLJH QnU GHU

XGI¡UHVDUEHMGHSnDSSDUDWHW

)DUHIRUWLOVNDGHNRPVW

QGULQJHULGHQHOHNWULVNHHOOHUPHNDQLVNHNRQVWUXNWLRQHUIDUOLJH

RJNDQPHGI¡UHIHMOIXQNWLRQHU)RUHWDJLNNHQGULQJHULGHQ

HOHNWULVNHHOOHUPHNDQLVNHNRQVWUXNWLRQ

,QVWDOODWLRQ

)RUEHUHGHLQVWDOODWLRQ

■ -RVW¡UUHDIVWDQGHQHUWLONRJHVHNWLRQHQGHVWRYDQVNHOLJHUH

EOLYHU GHW DW RSVXJH PDGODYQLQJVOXIWHQ (Q DIVWDQG Sn PLQLPXP

 PPRJPDNVLPDOW PPNDQDQEHIDOHV

■ 'HUVNDOYUHXKLQGUHWDGJDQJWLORSVWQLQJVVWHGHWVnGHUL

WLOIOGHDIUHSDUDWLRQHUIULDGJDQJWLODSSDUDWHW

■ $IKQJLJWDIDSSDUDWHWVW\SHVNDOGHUEUXJHVHWDGDSWHUVW\NNH

IUDIODGWLOUXQGWLODIWUNVNDQDOHQ$GDSWHUVW\NNHWHULNNH

LQGHKROGWLOHYHULQJHQ

$SSDUDWHWVPnORJVLNNHUKHGVDIVWDQGH

■ 9URSPUNVRPSnDSSDUDWHWVPnO ILJ $

(IIHNWYUGLHUQHEOHYPnOWLIUGLJPRQWHUHWWLOVWDQGVRPYHG

OHYHULQJ'HUNDQIRUHNRPPHDIYLJHOVHULHIIHNWYUGLHUQHYHG

QGUHGHLQGE\JQLQJVSRVLWLRQHU

■ 2YHUKROGVLNNHUKHGVDIVWDQGHQH ILJ %

+YLVGHUHUDQJLYHWHQDIYLJHQGHDIVWDQGLJDVNRJHWRSSHQV

LQVWDOODWLRQVDQYLVQLQJHUHUGHWDOWLGGHQVW¡UVWHDIVWDQGGHUVNDO

RYHUKROGHV

.RQWURODIPRQWDJHIODGH

■ 0RQWDJHIODGHQVNDOYUHSODQYDQGUHWRJWLOVWUNNHOLJ

EUHG\JWLJ

■ $SSDUDWHWYHMHUPDNVLPDOW NJ

$QYLVQLQJHU

■ (PKWWHQVRYHUIODGHUHUVDUWH8QGJnEHVNDGLJHOVHXQGHU

LQVWDOODWLRQHQ

■ .RQWUROOHUDWGHULNNHEHILQGHUVLJNDEOHUIUDDQGUHDSSDUDWHUL

XGVNULQJVRPUnGHW

■ %HIVWLJHOVHQNUYHUHQHJQHWXQGHUNRQVWUXNWLRQVRPHUIDVW

ILNVHUHWWLOEHWRQORIWHW

■ $SSDUDWHWPnLNNHPRQWHUHVGLUHNWHLJLSVNDUWRQSODGHUHOOHUL

OLJQHQGHOHWWHE\JJHPDWHULDOHULHWQHGKQJWORIW

■ )RUNRUUHNWPRQWDJHDIDSSDUDWHWVNDOGHUDQYHQGHVHW

WLOVWUNNHOLJWVWDELOWPDWHULDOHVRPVYDUHUWLOIRUKROGHQHL

E\JQLQJHQRJDSSDUDWHWVYJW

.ODUJ¡UHPRQWDJHIODGH

'HW VNDO VLNUHV DW PRQWDJHIODGHQ RJVn HU VWDELO HIWHU XGI¡UHOVHQ DI

XGVNULQJHUQH

 'NNRJHVHNWLRQHQWLOIRUDWXQGJnEHVNDGLJHOVHU

 /DYXGVNULQJHQLORIWHW ILJ 

 )MHUQDOOHVSnQHUQnUXGVNULQJHQHUIUGLJ

)RUEHUHGHDSSDUDW

: )DUHIRUWLOVNDGHNRPVW

.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU

%UXJEHVN\WWHOVHVKDQGVNHU

6WXGVHQNDQIO\WWHVDIKQJLJWDIPRQWDJHVLWXDWLRQHQ

 6NUXRPQ¡GYHQGLJWVWXGVHQRJGHQWLOK¡UHQGHSODGHDIRJE\W

GHUHVSODFHULQJRP ILJ 

 6NUXVWXGVHQRJPHWDOSODGHQIDVWSnGHQ\HSRVLWLRQHU ILJ 

 cEQ ILOWHUDIGNQLQJHQV OnVHDQRUGQLQJ RJ WDJ ILOWHUDIGNQLQJHQ

DI ILJ 

%HPUN 8QGJnDWE¡MHILOWHUDIGNQLQJHQIRUGLGHWWHNDQ

EHVNDGLJHGHQ

 7DJOXJWILOWUHWXG

 6NUXVNUXHUQHLDIGNQLQJHQXGRJWDJDIGNQLQJHQDI ILJ 

0RQWHULQJDIHPKWWH

: )DUHIRUWLOVNDGHNRPVW

.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU

%UXJEHVN\WWHOVHVKDQGVNHU

 6WDSSDUDWHWKHOWLQGLXGVNULQJHQLQGWLORSKQJHQHJnU

K¡UEDUWLLQGJUHE ILJ 

 6SQGIRUVLJWLJWVNUXHUQHWLOHQHIWHUHQWLODSSDUDWHWOLJJHUDQ

RJIOXJWHUPRGPRQWDJHIODGHQ ILJ 

%HPUN 6SQGLNNHVNUXHUQHIRUIDVWWLOIRULNNHDWEHVNDGLJH

DSSDUDWHWRJORIWHW

 6NUX VNUXHUQH WLO EHIVWLJHOVH DI VWXGVHQ Sn DSSDUDWHWV LQGHUVLGH

XG ILJ 

 (WDEOHUU¡UIRUELQGHOVHQ ILJ 

 9HGHQIODGORIWVYHQWLODWRUPHGILUNDQWHWOXIWnEQLQJVNDOGHU

DQYHQGHVHWRYHUJDQJVVW\NNHIUDIODGWORIWVYHQWLODWRUWLOUXQGW

UHFLUNXODWLRQVPRGXO

 0RQWHUVWXGVHQSnDSSDUDWHWVLQGHUVLGH ILJ 

 )DVWJ¡UDIGNQLQJHQLnEQLQJHUQHSnDSSDUDWHWVXQGHUVLGHRJ

VNUXGHPIDVW ILJ 

 3DNOXJWILOWUHWXG ILJ 

 6WOXJWILOWUHWL ILJ 

6WILOWHUDIGNQLQJHQSnSODGVRJOXNGHQ ILJ 

'HPRQWHULQJDIHPKWWH

: )DUHIRUWLOVNDGHNRPVW

.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU

%UXJEHVN\WWHOVHVKDQGVNHU

 cEQ ILOWHUDIGNQLQJHQV OnVHDQRUGQLQJ RJ WDJ ILOWHUDIGNQLQJHQ

DI ILJ 

%HPUN 8QGJnDWE¡MHILOWHUDIGNQLQJHQIRUGLGHWWHNDQ

EHVNDGLJHGHQ

 7DJOXJWILOWUHWXG

 6NUXVNUXHUQHLDIGNQLQJHQXGRJWDJDIGNQLQJHQDI ILJ 

 6NUXLQGVWLOOLQJVVNUXHUQHO¡VHRJVNUXGHUHIWHUIRUVLJWLJW

RSKQJHQHVVNUXHUKHOWXG7DJRSKQJHQHDILQGDG ILJ 

 7DJDSSDUDWHWXG

/XJWILOWHUWLOUHFLUNXODWLRQVGULIW

/XJWILOWUHWELQGHUOXJWVWRIIHUYHGUHFLUNXODWLRQVGULIW9HGQRUPDO

DQYHQGHOVH GDJOLJW FD  WLPH VNDO OXJWILOWUHW XGVNLIWHV  [ RP nUHW

%HPUN /XJWILOWUHLQGHKROGHULQJHQVNDGHOLJHVWRIIHURJNDQ

ERUWVNDIIHVVDPPHQPHGKXVKROGQLQJVDIIDOGHW

8GVNLIWHOXJWILOWHU

 .ODSILOWHUDIGNQLQJHQQHG

 7DJOXJWILOWUHWXG

 6WOXJWILOWUHWL ILJ 

 .ODSILOWHUDIGNQLQJHQRSRJOXNGHQ



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

'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW

VFKDGHQQLFKWDQVFKOLHHQ

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

(UVWLFNXQJVJHIDKU

9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU

SDFNXQJVPDWHULDOVSLHOHQODVVHQ

9HUOHW]XQJVJHIDKU

%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]

KDQGVFKXKHWUDJHQ

9HUOHW]XQJVJHIDKU

,VW GDV *HUlW QLFKW RUGQXQJVJHPl EHIHVWLJW NDQQ HV KHUDEIDOOHQ

$OOH%HIHVWLJXQJVHOHPHQWHPVVHQIHVWXQGVLFKHUPRQWLHUWZHU

GHQ

9HUOHW]XQJVJHIDKU

'DV *HUlW LVW VFKZHU 'DV *HUlW GDUI QLFKW GLUHNW LQ GLH *LSVNDUWRQ

SODWWHQ RGHU lKQOLFKH /HLFKWEDXVWRIIH PRQWLHUW ZHUGHQ )U GLH RUG

QXQJVJHPlH0RQWDJHHLQDXVUHLFKHQGVWDELOHVDQGLH

EDXOLFKHQ*HJHEHQKHLWHQXQGGDV*HUlWHJHZLFKWDQJHSDVVWHV

0DWHULDOYHUZHQGHQ

9HUOHW]XQJVJHIDKU

6WDQGVLFKHUH/HLWHUEHQXW]HQXQGDXIHLQHQVLFKHUHQ6WDQGDFK

WHQ 1LFKW EHU GDV .RFKIHOG OHKQHQ XQG QLFKW DXI GLH $UEHLWVIOlFKH

RGHUGDV.RFKIHOGWUHWHQ

9HUOHW]XQJVJHIDKU

6WXU]JHIDKUEHLP$UEHLWHQDP*HUlW6WDQGVLFKHUH6WHKOHLWHU

EHQXW]HQ

9HUOHW]XQJVJHIDKU

9HUlQGHUXQJHQDPHOHNWULVFKHQRGHUPHFKDQLVFKHQ$XIEDXVLQG

JHIlKUOLFKXQGN|QQHQ]X)HKOIXQNWLRQHQIKUHQ.HLQH9HUlQGH

UXQJHQDPHOHNWULVFKHQRGHUPHFKDQLVFKHQ$XIEDXGXUFKIKUHQ

,QVWDOODWLRQ

,QVWDOODWLRQYRUEHUHLWHQ

■ 'HU.RFKGXQVWZLUGPLW]XQHKPHQGHP$EVWDQG]XU.RFKVWHOOH

VFKZHUHUHUIDVVW'HU$EVWDQGYRQPLQGHVWHQV PPXQG

PD[LPDO PPLVWHPSIHKOHQVZHUW

■ 'HU0RQWDJHRUWPXVVSUREOHPORV]XJlQJOLFKVHLQGDPLWGDV

*HUlWLP6HUYLFHIDOOXQJHKLQGHUWHUUHLFKEDULVW

■ -HQDFK*HUlWLVWHLQ$GDSWHUVWFNYRQIODFKDXIUXQGIUGLH

9HUURKUXQJHUIRUGHUOLFK'DV$GDSWHUVWFNLVWQLFKWLP/LHIHUXP

IDQJHQWKDOWHQ

*HUlWHPDHXQG6LFKHUKHLWVDEVWlQGH

■ *HUlWHPDHEHDFKWHQ %LOG $

'LH/HLVWXQJVZHUWHZXUGHQLP(LQEDXLP$XVOLHIHUXQJV]XVWDQG

JHPHVVHQ%HLJHlQGHUWHQ(LQEDXSRVLWLRQHQN|QQHQGLH/HLV

WXQJVZHUWHDEZHLFKHQ

■ 6LFKHUKHLWVDEVWlQGHEHDFKWHQ %LOG %

)DOOVGLH,QVWDOODWLRQVDQZHLVXQJHQGHV*DVNRFKJHUlWVHLQHQ

DEZHLFKHQGHQ$EVWDQGYRUJHEHQLPPHUGHQJU|HUHQ$EVWDQG

EHUFNVLFKWLJHQ

(LQEDXIOlFKHEHUSUIHQ

■ 'LH (LQEDXIOlFKH PXVV HEHQ ZDDJHUHFKW XQG DXVUHLFKHQG WUDJ

IlKLJVHLQ

■ 'DVPD[*HZLFKWGHV*HUlWVEHWUlJW NJ

+LQZHLVH

■ 'LH2EHUIOlFKHQGHV*HUlWHVVLQGHPSILQGOLFK%HLGHU,QVWDOOD

WLRQ%HVFKlGLJXQJYHUPHLGHQ

■ $XVVFKQLWWEHUHLFK DXI YRUKDQGHQH .DEHOYHUOHJXQJ YRQ ZHLWHUHQ

*HUlWHQEHUSUIHQ

■ )UGLH%HIHVWLJXQJLVWHLQJHHLJQHWHV8QWHUJHUVWHUIRUGHUOLFK

GDVIHVWLQGHU%HWRQGHFNHIL[LHUWLVW

■ 'DV*HUlWQLFKWGLUHNWLQGLH*LSVNDUWRQSODWWHQRGHUlKQOLFKH

/HLFKWEDXVWRIIHGHUDEJHKlQJWHQ'HFNHPRQWLHUHQ

■ )U GLH RUGQXQJVJHPlH 0RQWDJH HLQ DXVUHLFKHQG VWDELOHV DQ

GLH EDXOLFKHQ *HJHEHQKHLWHQ XQG GDV *HUlWHJHZLFKW DQJHSDVV

WHV0DWHULDOYHUZHQGHQ

(LQEDXIOlFKHYRUEHUHLWHQ

'LH6WDELOLWlWGHU(LQEDXIOlFKHPXVVDXFKQDFKGHQ$XVVFKQLWWDU

EHLWHQJHZlKUOHLVWHWVHLQ

 'DV.RFKIHOGDEGHFNHQXP%HVFKlGLJXQJHQ]XYHUPHLGHQ

 'HQ$XVVFKQLWWLQGHU'HFNHKHUVWHOOHQ %LOG 

 1DFKGHQ$XVVFKQLWWDUEHLWHQGLH6SlQHHQWIHUQHQ

*HUlWYRUEHUHLWHQ

: 9HUOHW]XQJVJHIDKU

%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]

KDQGVFKXKHWUDJHQ

'HU6WXW]HQNDQQDEKlQJLJYRQGHU(LQEDXVLWXDWLRQYHUVHW]WZHU

GHQ

 %HL%HGDUIGHQ6WXW]HQXQGGDVEHQ|WLJWH%OHFKDEVFKUDXEHQ

XQGLKUH3RVLWLRQWDXVFKHQ %LOG 

 'HQ 6WXW]HQ XQG GDV %OHFK DQ GHU QHXHQ 3RVLWLRQ IHVWVFKUDXEHQ

%LOG 

 'LH9HUULHJHOXQJGHU)LOWHUDEGHFNXQJ|IIQHQXQGGLHVHHQWQHK

PHQ %LOG 

+LQZHLV 'LH )LOWHUDEGHFNXQJ QLFKW ELHJHQ XP %HVFKlGLJXQJHQ

]XYHUPHLGHQ

 'HQ*HUXFKVILOWHUHQWQHKPHQ

 'LH6FKUDXEHQDQGHU$EGHFNXQJO|VHQXQGGLH$EGHFNXQJDE

QHKPHQ %LOG 

*HUlWPRQWLHUHQ

: 9HUOHW]XQJVJHIDKU

%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]

KDQGVFKXKHWUDJHQ

 'DV*HUlWYROOVWlQGLJLQGHQ$XVVFKQLWWHLQVHW]HQELVGLH$XI

KlQJXQJHQK|UEDUHLQUDVWHQ %LOG 

 'LH6FKUDXEHQQDFKHLQDQGHUYRUVLFKWLJIHVW]LHKHQELVGDV

*HUlWIOlFKHQEQGLJLQGHU(LQEDXIOlFKHDQOLHJW %LOG 

+LQZHLV 'LH6FKUDXEHQQLFKW]XIHVWDQ]LHKHQXPGDV*HUlW

XQGGLH'HFNHQLFKW]XEHVFKlGLJHQ

 'LH6FKUDXEHQ]XU%HIHVWLJXQJGHV6WXW]HQVDQGHU*HUlWHLQ

QHQVHLWHO|VHQ %LOG 

 'LH9HUURKUXQJKHUVWHOOHQ %LOG 

 %HLHLQHUIODFKHQ'HFNHQOIWXQJPLWUHFKWHFNLJHP/XIWDXVODVV

HLQhEHUJDQJVVWFNYRQIODFK'HFNHQOIWXQJDXIUXQG8POXIW

PRGXOYHUZHQGHQ

 'HQ6WXW]HQDQGHU*HUlWHLQQHQVHLWHPRQWLHUHQ %LOG 

 'LH $EGHFNXQJ LQ GLH gIIQXQJHQ DQ GHU *HUlWHXQWHUVHLWH HLQKlQ

JHQXQGIHVWVFKUDXEHQ %LOG 

 'HQ*HUXFKVILOWHUDXVSDFNHQ %LOG 

 'HQ*HUXFKVILOWHUHLQVHW]HQ %LOG 

'LH)LOWHUDEGHFNXQJHLQKlQJHQXQGVFKOLHHQ %LOG 

*HUlWGHPRQWLHUHQ

: 9HUOHW]XQJVJHIDKU

%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]

KDQGVFKXKHWUDJHQ

 'LH9HUULHJHOXQJGHU)LOWHUDEGHFNXQJ|IIQHQXQGGLHVHHQWQHK

PHQ %LOG 

+LQZHLV 'LH )LOWHUDEGHFNXQJ QLFKW ELHJHQ XP %HVFKlGLJXQJHQ

]XYHUPHLGHQ

 'HQ*HUXFKVILOWHUHQWQHKPHQ

 'LH6FKUDXEHQDQGHU$EGHFNXQJO|VHQXQGGLH$EGHFNXQJDE

QHKPHQ %LOG 

 'LH(LQVWHOOVFKUDXEHQO|VHQGDQQGLH6FKUDXEHQGHU(LQKlQ

JXQJHQYRUVLFKWLJO|VHQXQGKHUDXVGUHKHQ'LH(LQKlQJXQJHQ

QDFKLQQHQHQWQHKPHQ %LOG 

 'DV*HUlWHQWQHKPHQ



*HUXFKVILOWHUIU8POXIWEHWULHE

*HUXFKVILOWHUELQGHQGLH*HUXFKVVWRIIHLP8POXIWEHWULHE:HFK

VHOQ6LHGHQ*HUXFKVILOWHUEHLQRUPDOHP%HWULHEWlJOLFKFLUFD

6WXQGH[LP-DKUDXV

+LQZHLV *HUXFKVILOWHUHQWKDOWHQNHLQH6FKDGVWRIIHXQGN|QQHQ

LP+DXVPOOHQWVRUJWZHUGHQ

*HUXFKVILOWHUDXVWDXVFKHQ

 'LH)LOWHUDEGHFNXQJKHUXQWHUNODSSHQ

 'HQ*HUXFKVILOWHUHQWQHKPHQ

 'HQ*HUXFKVILOWHUHLQVHW]HQ %LOG 

 'LH)LOWHUDEGHFNXQJQDFKREHQNODSSHQXQGVFKOLHHQ

,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

&KHFN WKH DSSOLDQFH IRU GDPDJH DIWHU XQSDFNLQJ LW 'R QRW FRQQHFW

WKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVSRUW

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

'DQJHURIVXIIRFDWLRQ

3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ

WRSOD\ZLWKSDFNDJLQJPDWHULDO

5LVNRILQMXU\

&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU

SURWHFWLYHJORYHV

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LQMXU\

7KHDSSOLDQFHLVYHU\KHDY\7KHDSSOLDQFHPXVWQRWEHILWWHG

GLUHFWO\RQWRSODVWHUERDUGRUVLPLODUOLJKWZHLJKWPDWHULDOV7R

HQVXUHFRUUHFWLQVWDOODWLRQ\RXPXVWXVHDPDWHULDOZKLFKLV

VXIILFLHQWO\VWDEOHDQGVXLWDEOHIRUERWKWKHVWUXFWXUDOFRQGLWLRQV

DQGWKHZHLJKWRIWKHDSSOLDQFH

5LVNRILQMXU\

8VH D VWDEOH ODGGHU DQG PDNH VXUH LW LV LQ D VHFXUH SRVLWLRQ 'R QRW

OHDQRYHUWKHKREDQGGRQRWVWHSRQWKHZRUNVXUIDFHRUWKHKRE

5LVNRILQMXU\

5LVNRIIDOOLQJZKHQZRUNLQJRQWKHDSSOLDQFH8VHDVWDEOH

VWHSODGGHU

5LVNRILQMXU\

&KDQJHVWRWKHHOHFWULFDORUPHFKDQLFDODVVHPEO\DUHGDQJHURXV

DQGPD\OHDGWRPDOIXQFWLRQV'RQRWPDNHDQ\FKDQJHVWRWKH

HOHFWULFDORUPHFKDQLFDODVVHPEO\

,QVWDOODWLRQ

3UHSDULQJIRULQVWDOODWLRQ

■ 7KHFRRNLQJYDSRXUVDUHPRUHGLIILFXOWWRGUDZLQWKHIXUWKHU

DZD\WKH\DUHIURPWKHKRE:HUHFRPPHQGDGLVWDQFHRIDW

OHDVWPPDQGDPD[LPXPRIPP

■ 7KHLQVWDOODWLRQVLWHPXVWEHHDVLO\DFFHVVLEOHVRWKDWWKH

DSSOLDQFHFDQEHDFFHVVHGIUHHO\IRUVHUYLFLQJ

■ 'HSHQGLQJ RQ WKH DSSOLDQFH DQ DGDSWHU SLHFH IURP IODW WR URXQG

LVUHTXLUHGIRUWKHSLSHZRUN7KHDGDSWHUSLHFHLVQRWLQFOXGHG

ZLWKWKHDSSOLDQFH

$SSOLDQFHGLPHQVLRQVDQGVDIHW\FOHDUDQFHV

■ 2EVHUYHWKHDSSOLDQFHVGLPHQVLRQV )LJ $

7KH SRZHU OHYHOV ZHUH PHDVXUHG LQ WKH EXLOWLQ DV GHOLYHUHG ,I WKH

LQVWDOODWLRQSRVLWLRQVFKDQJHWKHSRZHUOHYHOVPD\YDU\

■ &RPSO\ZLWKWKHVDIHW\FOHDUDQFHV )LJ %

,I WKH LQVWDOODWLRQ LQVWUXFWLRQV IRU WKH JDV FRRNLQJ DSSOLDQFH VSHFLI\

D GLIIHUHQW GLVWDQFH WKH ODUJHU RI WKH WZR PXVW DOZD\V EH SURYLGHG

IRU

&KHFNLQJWKHLQVWDOODWLRQVXUIDFH

■ 7KHLQVWDOODWLRQVXUIDFHPXVWEHIODWKRUL]RQWDODQGKDYH

VXIILFLHQWORDGEHDULQJFDSDFLW\

■ 7KHPD[ZHLJKWRIWKHDSSOLDQFHLV NJ

1RWHV

■ 7KHVXUIDFHVRIWKHDSSOLDQFHDUHVHQVLWLYH$YRLGGDPDJH

GXULQJWKHLQVWDOODWLRQ

■ &KHFNWKHFXWRXWDUHDIRUH[LVWLQJFDEOHVRIRWKHUDSSOLDQFHV

■ :KHQPRXQWLQJWKHH[WUDFWRUKRRGDVXLWDEOHVXEVWUXFWXUHLV

UHTXLUHGWKDWLVVHFXUHO\IDVWHQHGWRWKHFRQFUHWHFHLOLQJ

■ 'RQRWILWWKHDSSOLDQFHGLUHFWO\RQWRSODVWHUERDUGRUVLPLODU

OLJKWZHLJKWPDWHULDOVLQDVXVSHQGHGFHLOLQJ

■ 7RHQVXUHFRUUHFWLQVWDOODWLRQ\RXPXVWXVHDPDWHULDOZKLFKLV

VXIILFLHQWO\VWDEOHDQGVXLWDEOHIRUERWKWKHVWUXFWXUDOFRQGLWLRQV

DQGWKHZHLJKWRIWKHDSSOLDQFH

3UHSDULQJWKHLQVWDOODWLRQVXUIDFH

7KHFHLOLQJRIWKHLQVWDOODWLRQVXUIDFHPXVWVWLOOEHVWXUG\DIWHUWKH

FXWRXWVKDYHEHHQPDGH

 &RYHUWKHKREWRSURWHFWLWIURPGDPDJH

 0DNHWKHFXWRXWLQWKHFHLOLQJ )LJ 

 $IWHUPDNLQJWKHFXWRXWVUHPRYHDQ\VKDYLQJV

3UHSDULQJWKHDSSOLDQFH

: 5LVNRILQMXU\

&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU

SURWHFWLYHJORYHV

7KH FRQQHFWLQJ SLHFH FDQ EH PRYHG GHSHQGLQJ RQ WKH LQVWDOODWLRQ

VLWXDWLRQ

 ,IQHFHVVDU\WKHXQVFUHZWKHFRQQHFWLQJSLHFHDQGUHTXLUHG

SODWHDQGVZLWFKWKHLUSRVLWLRQV )LJ 

 6FUHZWKHFRQQHFWLQJSLHFHDQGSODWHWLJKWO\LQWRWKHQHZ

SRVLWLRQ )LJ 

 2SHQWKHORFNRQWKHILOWHUFRYHUDQGUHPRYHWKLV )LJ 

1RWH 7RDYRLGFDXVLQJGDPDJHGRQRWEHQGWKHILOWHUFRYHU

 5HPRYHWKHRGRXUILOWHU

 /RRVHQWKHVFUHZVRQWKHFRYHUDQGUHPRYHWKHFRYHU )LJ 

,QVWDOOLQJWKHDSSOLDQFH

: 5LVNRILQMXU\

&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU

SURWHFWLYHJORYHV

 )XOO\LQVHUWWKHDSSOLDQFHLQWRWKHFXWRXWXQWLO\RXKHDUWKH

PRXQWLQJEUDFNHWVHQJDJH )LJ 

 &DUHIXOO\WLJKWHQWKHVFUHZVLQVXFFHVVLRQXQWLOWKHDSSOLDQFHLV

IOXVKPRXQWHGLQWKHLQVWDOODWLRQVXUIDFH )LJ 

1RWH 7RHQVXUHWKDWWKHDSSOLDQFHDQGWKHFHLOLQJDUHQRW

GDPDJHGGRQRWRYHUWLJKWHQWKHVFUHZV

 /RRVHQ WKH VFUHZV IRU IL[LQJ WKH FRQQHFWLQJ SLHFH WR WKH LQVLGH RI

WKHDSSOLDQFH )LJ 

 )LWWKHGXFWLQJ )LJ 

 ,Q WKH FDVH RI D IODW FHLOLQJ YHQWLODWLRQ ZLWK D UHFWDQJXODU DLU RXWOHW

XVHDWUDQVLWLRQSLHFHIURPIODWFHLOLQJYHQWLODWLRQWRURXQGDLU

UHFLUFXODWLRQPRGXOH

 )LWWKHFRQQHFWLQJSLHFHWRWKHLQVLGHRIWKHDSSOLDQFH )LJ 

 +RRNWKHFRYHULQWRWKHKROHVRQWKHXQGHUVLGHRIWKHDSSOLDQFH

DQGVFUHZLWWLJKW )LJ 

 8QSDFNWKHRGRXUILOWHU )LJ 

 ,QVHUWWKHRGRXUILOWHU )LJ 

+RRNLQDQGFORVHWKHILOWHUFRYHU )LJ 

5HPRYLQJWKHDSSOLDQFH

: 5LVNRILQMXU\

&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU

SURWHFWLYHJORYHV

 2SHQWKHORFNRQWKHILOWHUFRYHUDQGUHPRYHWKLV )LJ 

1RWH 7RDYRLGFDXVLQJGDPDJHGRQRWEHQGWKHILOWHUFRYHU

 5HPRYHWKHRGRXUILOWHU

 /RRVHQWKHVFUHZVRQWKHFRYHUDQGUHPRYHWKHFRYHU )LJ 

 /RRVHQ WKH DGMXVWPHQW VFUHZV WKHQ FDUHIXOO\ ORRVHQ WKH VFUHZV

RQ WKH GRRU SDQHOV DQG XQVFUHZ WKHP 5HPRYH WKH GRRU SDQHOV

LQZDUGV )LJ 

 5HPRYHWKHDSSOLDQFH



2GRXUILOWHUIRUUHFLUFXODWLQJDLUPRGH

2GRXUILOWHUVELQGRGRURXVVXEVWDQFHVLQDLUUHFLUFXODWLRQPRGH

:LWKQRUPDOXVHDSSUR[RQHKRXUDGD\WKHRGRXUILOWHUVKRXOG

EHUHSODFHGRQFHD\HDU

1RWH 2GRXU ILOWHUV GR QRW FRQWDLQ DQ\ KDUPIXO VXEVWDQFHV DQG FDQ

EHGLVSRVHGRIZLWK\RXUQRUPDOKRXVHKROGZDVWH

5HSODFLQJRGRXUILOWHUV

 6ZLQJGRZQWKHILOWHUFRYHU

 5HPRYHWKHRGRXUILOWHU

 ,QVHUWWKHRGRXUILOWHU )LJ 

 6ZLQJWKHILOWHUFRYHUXSZDUGVDQGFORVHLW

,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

&RPSUREDUHODSDUDWRDOVDFDUORGHVXHPEDODMH(ODSDUDWRQR

GHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGRGDxRVGXUDQWHHO

WUDQVSRUWH

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DVIL[LD

(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH

ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH

£3HOLJURGHOHVLRQHV

/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV

8VDUJXDQWHVSURWHFWRUHV

£3HOLJURGHOHVLRQHV

6LHODSDUDWRQRHVWiILMDGRFRUUHFWDPHQWHSXHGHFDHUVH7RGRV

ORVHOHPHQWRVGHILMDFLyQGHEHQPRQWDUVHGHELGDPHQWH

£5LHVJRGHOHVLRQHV

(ODSDUDWRHVPX\SHVDGR1RVHSXHGHPRQWDUHODSDUDWR

GLUHFWDPHQWH VREUH SODFDV GH SODGXU X RWUR WLSR GH PDWHULDO OLJHUR

3DUDPRQWDUORFRUUHFWDPHQWHXWLOL]DUXQPDWHULDOOR

VXILFLHQWHPHQWH HVWDEOH \ FRQIRUPH D ODV FDUDFWHUtVWLFDV \ DO SHVR

GHODSDUDWR

£3HOLJURGHOHVLRQHV

$VHJXUDUVHGHXWLOL]DUXQDHVFDOHUDHVWDEOH\GHDSR\DUODHQXQ

OXJDUVHJXUR1RDSR\DUVHVREUHODSODFDGHFRFFLyQQLSLVDUOD

VXSHUILFLHGHWUDEDMRRODSODFDGHFRFFLyQ

£3HOLJURGHOHVLRQHV

3HOLJURGHFDtGDDOUHDOL]DUWUDEDMRVHQHODSDUDWR8WLOL]DUXQD

HVFDOHUDSOHJDEOHTXHVHDVHJXUD

£3HOLJURGHOHVLRQHV

/DUHDOL]DFLyQGHPRGLILFDFLRQHVHQODHVWUXFWXUDHOpFWULFDR

PHFiQLFDUHVXOWDSHOLJURVD\SXHGHSURYRFDUXQIXQFLRQDPLHQWR

HUUyQHR1RUHDOL]DUPRGLILFDFLRQHVHQODHVWUXFWXUDHOpFWULFDQL

PHFiQLFD

,QVWDODFLyQ

3UHSDUDUODLQVWDODFLyQ

■ 6LODGLVWDQFLDDOD]RQDGHFRFFLyQHVPD\RUVHUiPiVGLItFLO

DEVRUEHUHOYDSRUGHFRFFLyQ6HUHFRPLHQGDXQDGLVWDQFLD

PtQLPDGH PP\XQDGLVWDQFLDPi[LPDGH PP

■ 6HGHEHSRGHUDFFHGHUVLQSUREOHPDVDOOXJDUGHPRQWDMHSDUD

TXHHODSDUDWRVHDFRPSOHWDPHQWHDFFHVLEOHHQFDVRGH

QHFHVLWDUDVLVWHQFLDWpFQLFD

■ (QIXQFLyQGHODSDUDWRHOVLVWHPDGHWXEHUtDVSXHGHUHTXHULU

XQDSLH]DSDUDDGDSWDUGHSODQRDUHGRQGR/DSLH]D

DGDSWDGRUDQRHVWiLQFOXLGDGHVHULH

0HGLGDVGHODSDUDWR\GLVWDQFLDVGHVHJXULGDG

■ 5HVSHWDUODVGLPHQVLRQHVGHODSDUDWR )LJ $

/RV QLYHOHV GH SRWHQFLD KDQ SDVDGR XQ FRQWURO HQ HO PRPHQWR GH

ODHQWUHJDXQDYH]PRQWDGRHODSDUDWR6LVHFDPELDQODV

SRVLFLRQHVGHPRQWDMHORVQLYHOHVGHSRWHQFLDSXHGHQYDULDU

■ 5HVSHWDUODVGLVWDQFLDVGHVHJXULGDG )LJ %

6LODVLQVWUXFFLRQHVGHLQVWDODFLyQGHODHVWXIDGHJDVHVWDEOHFHQ

XQDGLVWDQFLDGLVWLQWDGHEHUiWHQHUVHHQFXHQWDODGLVWDQFLD

PD\RU

9HULILFDUODVXSHUILFLHGHPRQWDMH

■ /DVXSHUILFLHGHPRQWDMHGHEHVHUSODQDKRUL]RQWDO\WHQHU

VXILFLHQWHFDSDFLGDGGHFDUJD

■ (OSHVRPi[LPRGHODSDUDWRHVGH NJ

1RWDV

■ /DVVXSHUILFLHVGHODSDUDWRVRQVHQVLEOHV(YLWDUGDxRVGXUDQWH

ODLQVWDODFLyQ

■ &RPSUREDU HO iUHD GH UHFRUWH SDUD YHU VL KD\ WHQGLGRV FDEOHV GH

RWURVDSDUDWRV

■ 3DUD OD VXMHFLyQ VH QHFHVLWD XQD VXEHVWUXFWXUD DGHFXDGD ILMDGD

DOWHFKRGHKRUPLJyQ

■ 1R PRQWDU HO DSDUDWR GLUHFWDPHQWH VREUH ODV SODFDV GH SODGXU X

RWURWLSRGHPDWHULDOOLJHURGHXQIDOVRWHFKR

■ 3DUDHOFRUUHFWRPRQWDMHXWLOL]DUXQPDWHULDOORVXILFLHQWHPHQWH

HVWDEOH\FRQIRUPHDODVFDUDFWHUtVWLFDV\DOSHVRGHODSDUDWR

3UHSDUDUODVXSHUILFLHGHPRQWDMH

/DHVWDELOLGDGGHODVXSHUILFLHGHPRQWDMHGHEHTXHGDU

JDUDQWL]DGDLQFOXVRWUDVHOWUDEDMRGHFRUWH

 7DSDUODSODFDGHFRFFLyQSDUDHYLWDUGHVSHUIHFWRV

 +DFHUHOFRUWHHQHOWHFKR )LJ 

 5HWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH

3UHSDUDUHODSDUDWR

: £3HOLJURGHOHVLRQHV

/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV

8VDUJXDQWHVSURWHFWRUHV

(OVRSRUWHVHSXHGHPRYHUHQIXQFLyQGHODVLWXDFLyQGHPRQWDMH

 (Q FDVR QHFHVDULR GHVHQURVFDU HO VRSRUWH \ OD FKDSD GHVHDGD \

FDPELDUVXSRVLFLyQ )LJ 

 $WRUQLOODUHOVRSRUWH\ODFKDSDHQODQXHYDSRVLFLyQ )LJ 

 $EULUHOEORTXHRGHODWDSDGHOILOWUR\UHWLUDUOR )LJ 

1RWD 1RGREODUODWDSDGHOILOWURSDUDHYLWDUGDxDUOD

 5HWLUDUHOILOWURGHVRGRUL]DQWH

 $IORMDUORVWRUQLOORVGHODWDSDSRVWHULRU\UHWLUDUODWDSD )LJ 

0RQWDMHGHODSDUDWR

: £3HOLJURGHOHVLRQHV

/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV

8VDUJXDQWHVSURWHFWRUHV

 ,QVHUWDUHODSDUDWRFRPSOHWDPHQWHHQHOFRUWHKDVWDTXHVH

HVFXFKHFyPRHQFDMDQODVVXMHFLRQHV )LJ 

 $SUHWDUFRQFXLGDGRORVWRUQLOORVXQRWUDVRWURKDVWDTXHHO

DSDUDWRTXHGHHQFDVWUDGRHQODVXSHUILFLHGHPRQWDMH )LJ 

1RWD 1R DSUHWDU ORV WRUQLOORV HQ H[FHVR SDUD QR GDxDU HO DSDUDWR

\ODWDSD

 $IORMDU ORV WRUQLOORV GH VXMHFLyQ GHO VRSRUWH GH OD SDUWH LQWHULRU GHO

DSDUDWR )LJ 

 5HVWDEOHFHUHOVLVWHPDGHWXEHUtDV )LJ 

 (Q FDVR GH WHQHU XQ H[WUDFWRU GH WHFKR SODQR FRQ VDOLGD GH DLUH

UHFWDQJXODUXWLOL]DUXQDSLH]DGHWUDQVLFLyQGHSODQDH[WUDFWRU

GHWHFKRDUHGRQGDPyGXORGHUHFLUFXODFLyQGHDLUH

 0RQWDUHOVRSRUWHHQODSDUWHLQWHULRUGHODSDUDWR )LJ 

 0RQWDU \ DWRUQLOODU OD FXELHUWD HQ ODV DEHUWXUDV GH OD SDUWH LQIHULRU

GHODSDUDWR )LJ 

 'HVHPEDODUHOILOWURGHVRGRUL]DQWH )LJ 

 ,QVHUWDUHOILOWURGHVRGRUL]DQWH )LJ 

(QJDQFKDUODWDSDGHOILOWUR\FHUUDUOD )LJ 

'HVPRQWDMHGHODSDUDWR

: £3HOLJURGHOHVLRQHV

/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV

8VDUJXDQWHVSURWHFWRUHV

 $EULUHOEORTXHRGHODWDSDGHOILOWUR\UHWLUDUOR )LJ 

1RWD 1RGREODUODWDSDGHOILOWURSDUDHYLWDUGDxDUOD

 5HWLUDUHOILOWURGHVRGRUL]DQWH

 $IORMDUORVWRUQLOORVGHODWDSDSRVWHULRU\UHWLUDUODWDSD )LJ 

 $IORMDUORVWRUQLOORVGHDMXVWHDIORMDUORVWRUQLOORVGHORV

HQJDQFKHVFRQFXLGDGR\GHVHQURVFDU5HWLUDUORVHQJDQFKHV

KDFLDGHQWUR )LJ 

 ([WUDHUHODSDUDWR



)XQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUH

(OILOWURGHVRGRUL]DQWHHOLPLQDORVRORUHVHQHOIXQFLRQDPLHQWRFRQ

UHFLUFXODFLyQGHDLUH&DPELDUHOILOWURGHVRGRUL]DQWH YH]DODxR

HQFDVRGHIXQFLRQDPLHQWRQRUPDODSUR[ KRUDDOGtD

1RWD /RVILOWURVGHVRGRUL]DQWHQRFRQWLHQHQVXVWDQFLDV

FRQWDPLQDQWHVSRUORTXHVHSXHGHQGHVHFKDUHQODEDVXUD

GRPpVWLFD

&DPELDUHOILOWURGHVRGRUL]DQWH

 %DMDUODWDSDGHOILOWUR

 5HWLUDUHOILOWURGHVRGRUL]DQWH

 ,QVHUWDUHOILOWURGHVRGRUL]DQWH )LJ 

 3OHJDUODWDSDGHOILOWURKDFLDDUULED\FHUUDUOD

$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

7DUNDVWD ODLWH NXQ ROHW SXUNDQXW VHQ SDNNDXNVHVWD -RV ODLWWHHVVD

RQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q

7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ

DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD

PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD

7XNHKWXPLVYDDUD

3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ

OHLNNLlSDNNDXVPDWHULDDOLOOD

/RXNNDDQWXPLVYDDUD

/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD

WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl

/RXNNDDQWXPLVYDDUD

-RVODLWHWWDHLROHNLLQQLWHWW\DVLDQPXNDLVHVWLVHYRLSXGRWD.DLNNL

NLLQQLW\VHOHPHQWLWSLWllNLLQQLWWllNXQQROODMDYDUPDVWL

/RXNNDDQWXPLVYDDUD

/DLWHRQHULWWlLQSDLQDYD/DLWHWWDHLVDDDVHQWDDVXRUDDQ

NLSVLOHY\LKLQWDLYDVWDDYLLQNHY\WUDNHQWHLVLLQ-RWWDDVHQQXVRQ

DVLDQPXNDLQHQNl\WlULLWWlYlQYDQNNDDUDNHQWHHOOLVLLQVHLNNRLKLQ

MDODLWWHHQSDLQRRQVRSLYDDPDWHULDDOLD

/RXNNDDQWXPLVYDDUD

.l\WlYDNDLWDWLNNDLWDMDYDUPLVWDQLLGHQS\VW\VVlS\V\PLQHQbOl

WXNHXGXNHLWWRWDVRRQlOlNlDVWXW\|WDVRQWDLNHLWWRWDVRQSllOOH

/RXNNDDQWXPLVYDDUD

9DURSXWRDPDVWDNXQW\|VNHQWHOHWODLWWHHQSDULVVD.l\WlWXNHYLD

$WLNNDLWD

/RXNNDDQWXPLVYDDUD

6lKN|WRLPLVHQWDLPHNDDQLVHQUDNHQWHHQPXXWRNVHWRYDW

YDDUDOOLVLDMDYRLYDWDLKHXWWDDYLUKHWRLPLQWRMDbOlWHHPXXWRNVLD

VlKN|WRLPLVLLQWDLPHNDDQLVLLQUDNHQWHLVLLQ

$VHQQXV

$VHQQXNVHQDONXYDOPLVWHOXW

■ -RVHWlLV\\VNHLWWRWDVRRQRQVXXUHPSLNHLWWlPLVK|\U\MHQ

WDOWHHQRWWRRQYDLNHDPSDD6XRVLWHOWDYDHWlLV\\VRQYlKLQWllQ

 PPMDHQLQWllQ PP

■ $VHQQXVSDLNNDDQSLWllSllVWlRQJHOPLWWDNlVLNVLMRWWDODLWWHHQ

HVWHHW|QKXROWRRQWDUYLWWDHVVDPDKGROOLVWD

■ /DLWWHHVWD ULLSSXHQ WDUYLWDDQ VXRMDSXWNHD YDUWHQ DGDSWHULNDSSDOH

OLWWHlVWlS\|UHllQ$GDSWHULNDSSDOHHLVLVlOO\WRLPLWXNVHHQ

/DLWHPLWDWMDWXUYDOOLVXXVHWlLV\\GHW

■ 2WDKXRPLRRQODLWHPLWDW NXYD $

7HKRDUYRWRQPLWDWWXDVHQQXNVHQ\KWH\GHVVlODLWWHHQ

WRLPLWXVWLODVVD-RVDVHQQXVSDLNDWPXXWWXYDWWHKRDUYRWYRLYDW

ROODQlLVWlSRLNNHDYLD

■ 1RXGDWDWXUYDOOLVXXVHWlLV\\NVLl NXYD %

-RVNDDVXOLHGHQDVHQQXVRKMHLVVDLOPRLWHWDDQSRLNNHDYDHWlLV\\V

QRXGDWDDLQDVXXUHPSDDHWlLV\\WWl

$VHQQXVSLQQDQWDUNDVWDPLQHQ

■ $VHQQXVSLQQDQSLWllROODWDVDLQHQMDYDDNDVXRUDMDVHQSLWll

NHVWllWXXOHWWLPHQSDLQR

■ /DLWWHHQPDNVLPLSDLQRRQ NJ

+XRPDXWXNVLD

■ /LHVLWXXOHWWLPHQSLQQDWYDKLQJRLWWXYDWKHOSRVWL9DUR

YDKLQJRLWWDPDVWDSLQWRMDDVHQQXNVHQ\KWH\GHVVl

■ 7DUNDVWD RQNR DVHQQXVDXNRQ DOXHHOOD PXLGHQ ODLWWHLGHQ MRKWRMD

■ .LLQQLW\VWlYDUWHQWDUYLWDDQVRSLYDWXNLWHOLQHMRNDRQNLLQQLWHWW\

NLLQWHlVWLEHWRQLNDWWRRQ

■ /DLWHWWD HL VDD DVHQWDD VXRUDDQ DODV ODVNHWXQ NDWRQ NLSVLOHY\LKLQ

MDYDVWDDYLLQNHY\WUDNHQWHLVLLQ

■ -RWWDDVHQQXVRQDVLDQPXNDLQHQNl\WlULLWWlYlQYDQNNDD

UDNHQWHHOOLVLLQVHLNNRLKLQMDODLWWHHQSDLQRRQVRSLYDDPDWHULDDOLD

$VHQQXVSLQQDQHVLYDOPLVWHOXW

$VHQQXVSLQQDQYDNDXGHQSLWllROODWDDWWXP\|VDVHQQXVDXNRQ

YDOPLVWDPLVHQMlONHHQ

 3HLWlNHLWWRWDVRMRWWDYlOWlWVHQYDXULRLWXPLVHQ

 7HHDXNNRNDWWRRQ NXYD 

 3RLVWDODVWXWDXNRQWHNHPLVHQMlONHHQ

/DLWWHHQHVLYDOPLVWHOXW

: /RXNNDDQWXPLVYDDUD

/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD

WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl

7XNHDYRLGDDQVLLUWllDVHQQXVWLODQWHHVWDULLSSXHQ

 .LHUUlWXNLMDNl\W|VVlROHYDOHY\WDUYLWWDHVVDLUWLMDYDLKGD

SDLNNDD NXYD 

 .LHUUlWXNLMDOHY\NLLQQLXXWHHQSDLNNDDQ NXYD 

 $YDDVXRGDWLQNDQQHQOXNLWXVMDSRLVWDVXRGDWLQNDQVL NXYD 

+XRPDXWXV bOlWDLYXWDVXRGDWLQNDQWWDMRWWDYlOWlWYDXULRW

 2WDKDMXVXRGDWLQSRLVSDLNDOWDDQ

 ,UURWDVXRMXNVHQUXXYLWMDRWDVXRMXVSRLVSDLNDOWDDQ NXYD 

/DLWWHHQDVHQWDPLQHQ

: /RXNNDDQWXPLVYDDUD

/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD

WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl

 $VHWDODLWHNRNRQDDQDXNNRRQVLWHQHWWlNDQQDWWLPHWOXNLWWXYDW

NXXOXYDVWL NXYD 

 .LHUUlUXXYHMDSHUlMlONHHQYDURYDVWLNLLQQLNXQQHVODLWHRQ

WDVDLVHVWLDVHQQXVSLQQDOOD NXYD 

+XRPDXWXV bOlNLULVWlUXXYHMDOLLDQNLUHlOOHMRWWDHWYDXULRLWD

ODLWHWWDMDNDWWRD

 ,UURWDWXHQNLLQQLW\VWlYDUWHQROHYDWUXXYLWODLWWHHQVLVlSXROHOOD

NXYD 

 $VHQQDSXWNHW NXYD 

 -RV N\VHHVVl RQ PDWDOD NDWWRRQ DVHQQHWWDYD OLHVLWXXOHWLQ MRVVD

RQVXRUDNXOPDLQHQLOPDQSRLVWRDXNNRNl\WlPXXWRNVHHQ

OLLWRVNDSSDOHWWDPDWDODVWDNDWWRRQDVHQQHWWDYDOLHVLWXXOHWLQ

S\|UHllQNLHUWRLOPDPRGXXOL

 $VHQQDWXNLODLWWHHQVLVlSXROHOOH NXYD 

 $VHQQD VXRMXV ODLWWHHQ DODVLYXOOD ROHYLLQ DXNNRLKLQ MD NLHUUl NLLQQL

NXYD 

 3RLVWDKDMXVXRGDWLQSDNNDXNVHVWD NXYD 

 $VHWDKDMXVXRGDWLQSDLNDOOHHQ NXYD 

$VHQQDVXRNDWLQNDQVLSDLNDOOHHQMDVXOMHNDQVL NXYD 

/DLWWHHQLUURWWDPLQHQ

: /RXNNDDQWXPLVYDDUD

/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD

WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl

 $YDDVXRGDWLQNDQQHQOXNLWXVMDSRLVWDVXRGDWLQNDQVL NXYD 

+XRPDXWXV bOlWDLYXWDVXRGDWLQNDQWWDMRWWDYlOWlWYDXULRW

 2WDKDMXVXRGDWLQSRLVSDLNDOWDDQ

 ,UURWDVXRMXNVHQUXXYLWMDRWDVXRMXVSRLVSDLNDOWDDQ NXYD 

 /|\VW\WlVllW|UXXYHMDO|\VW\WlVLWWHQULSXVWLPLHQUXXYHMD

YDURYDVWL MD NLHUUl LUWL 2WD ULSXVWLPHW VLVlNDXWWD SRLV SDLNRLOWDDQ

NXYD 

 2WDODLWHSRLVSDLNDOWDDQ



+DMXVXRGDWLQNLHUWRLOPDNl\WW|lYDUWHQ

+DMXVXRGDWWLPHWVLWRYDWLWVHHQVlKDMXWNLHUWRLOPDNl\W|VVl9DLKGD

KDMXVXRGDWLQ WDYDQRPDLVHVVD Nl\W|VVl SlLYLWWlLQ Q  WXQWL NHUUDQ

YXRGHVVD

+XRPDXWXV +DMXVXRGDWWLPHW HLYlW VLVlOOl KDLWDOOLVLD DLQHLWD MRWHQ

QHYRLGDDQKlYLWWllNRWLWDORXVMlWWHHQPXNDQD

+DMXVXRGDWWLPHQYDLKWDPLQHQ

 .llQQlVXRGDWLQNDQVLDODV

 2WDKDMXVXRGDWLQSRLVSDLNDOWDDQ

 $VHWDKDMXVXRGDWLQSDLNDOOHHQ NXYD 

 .llQQlVXRGDWLQNDQVL\O|VMDVXOMHNDQVL

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

&RQWU{OHUOpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HSDVOH

UDFFRUGHUVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW

/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GDVSK\[LH 

/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H

SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[

G·HPEDOODJH

5LVTXHGHEOHVVXUH 

'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV

YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ

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EOHVVXUH 

/DSSDUHLOHVWWUqVORXUG/DSSDUHLOQHGRLWSDVrWUHGLUHFWHPHQW

PRQWpGDQVOHVSODFRSOkWUHVRXDXWUHVPDWLqUHVOpJqUHVVLPLODLUHV

3RXUJDUDQWLUXQPRQWDJHFRUUHFWXWLOLVHUXQPDWpULDX

VXIILVDPPHQWVWDEOHHWDGDSWpjODVLWXDWLRQGHFRQVWUXFWLRQHWDX

SRLGVGHODSSDUHLO

5LVTXHGHEOHVVXUHV 

8WLOLVH]XQHVFDEHDXVWDEOHHWDVVXUH]YRXVGHVRQ

SRVLWLRQQHPHQWVU1HYRXVDSSX\H]SDVFRQWUHODWDEOHGH

FXLVVRQHWQHPRQWH]SDVVXUODVXUIDFHGHWUDYDLORXODWDEOHGH

FXLVVRQ

5LVTXHGHEOHVVXUH 

5LVTXHGHFKXWHORUVGHVWUDYDX[VXUODSSDUHLO8WLOLVHUXQ

HVFDEHDXVWDEOH

5LVTXHGHEOHVVXUH 

'HVPRGLILFDWLRQVVXUODFRQVWUXFWLRQpOHFWULTXHRXPpFDQLTXH

VRQW GDQJHUHXVHV HW SHXYHQW FRQGXLUH j GHV G\VIRQFWLRQQHPHQWV

1HSDVHIIHFWXHUGHVPRGLILFDWLRQVVXUODFRQVWUXFWLRQpOHFWULTXH

RXPpFDQLTXH

,QVWDOODWLRQ

3UpSDUHUO·LQVWDOODWLRQ

■ ,OHVWSOXVGLIILFLOHGHWUDLWHUODYDSHXUGHFXLVVRQjXQHGLVWDQFH

VXSpULHXUH8QpFDUWGDXPRLQV PPHWGXQPD[LPXPGH

 PPHVWUHFRPPDQGp

■ /HOLHXGHPRQWDJHGRLWrWUHIDFLOHGDFFqVSRXUTXHODSSDUHLO

VRLWLPPpGLDWHPHQWDFFHVVLEOHHQFDVGHEHVRLQGHQWUHWLHQ

■ 6HORQ ODSSDUHLO XQ DGDSWDWHXU GH SODW j URQG HVW QpFHVVDLUH SRXU

ODWX\DXWHULH/DGDSWDWHXUQHVWSDVFRPSULVGDQVODOLYUDLVRQ

'LPHQVLRQVGHODSSDUHLOHWGLVWDQFHVGHVpFXULWp

■ 7HQH]FRPSWHGHVGLPHQVLRQVGHODSSDUHLO ILJ $

/HV QLYHDX[ GH SXLVVDQFH RQW pWp PHVXUpV ORUV GH OLQVWDOODWLRQ j

OpWDWGHOLYUDLVRQ(QFDVGHPRGLILFDWLRQGHVSRVLWLRQVGH

PRQWDJHOHVQLYHDX[GHSXLVVDQFHSHXYHQWGLIIpUHU

■ 5HVSHFWH]OHVGLVWDQFHVGHVpFXULWp ILJ %

6LOHVLQVWUXFWLRQVGLQVWDOODWLRQGHODSSDUHLOGHFXLVVRQDXJD]

VSpFLILHQW XQH GLVWDQFH GLIIpUHQWH WHQLU WRXMRXUV FRPSWH GH OD SOXV

JUDQGHGLVWDQFH

9pULILHUODVXUIDFHGLQVWDOODWLRQ

■ /DVXUIDFHGLQVWDOODWLRQGRLWrWUHSODQHKRUL]RQWDOHHWRIIULUXQH

SRUWDQFHVXIILVDQWH

■ /DSSDUHLOSqVHDXPD[LPXP NJ

5HPDUTXHV

■ /HVVXUIDFHVGHO·DSSDUHLOVRQWIUDJLOHV/RUVGHOLQVWDOODWLRQ

pYLWHUWRXWGRPPDJH

■ 9pULILHU TXH GHV FkEOHV GDXWUHV DSSDUHLOV QH VH WURXYHQW SDV VXU

OD]RQHGHGpFRXSH

■ /DIL[DWLRQGHODKRWWHDVSLUDQWHQpFHVVLWHXQEkWLLQIpULHXU

DSSURSULpVROLGHPHQWIL[pGDQVOHSODIRQGHQEpWRQ

■ 1HSDVPRQWHUODSSDUHLOGLUHFWHPHQWGDQVOHVSODFRSOkWUHVRX

DXWUHVPDWLqUHVOpJqUHVGXSODIRQGVXUEDLVVp

■ 3RXUJDUDQWLUXQPRQWDJHFRUUHFWXWLOLVHUXQPDWpULDX

VXIILVDPPHQWVWDEOHHWDGDSWpjODVLWXDWLRQGHFRQVWUXFWLRQHW

DXSRLGVGHODSSDUHLO

3UpSDUHUODVXUIDFHGHPRQWDJH

/D VWDELOLWp GH OD VXUIDFH GH PRQWDJH GRLW DXVVL rWUH JDUDQWLH DSUqV

OHVWUDYDX[GHGpFRXSH

 &RXYUH]ODWDEOHGHFXLVVRQDILQGpYLWHUWRXWHQGRPPDJHPHQW

 5pDOLVH]ODGpFRXSHGDQVOHSODIRQG ILJ 

 5HWLUH]OHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH

3UpSDUDWLRQGHODSSDUHLO

: 5LVTXHGHEOHVVXUH 

'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV

YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ

/HUDFFRUGSHXWrWUHGpSODFpHQIRQFWLRQGHODVLWXDWLRQGH

PRQWDJH

 6LQpFHVVDLUHGpYLVVH]OHUDFFRUGHWODW{OHUHTXLVHSXLV

FKDQJH]YRWUHSRVLWLRQ ILJ 

 9LVVH]ODW{OHHWOHUDFFRUGGDQVODQRXYHOOHSRVLWLRQ ILJ 

 'pYHUURXLOOH]OHFDSRWGXILOWUHHWUHWLUH]FHOXLFL ILJ 

5HPDUTXH  1HSOLH]SDVOHFDSRWGXILOWUHDILQGpYLWHUGH

OHQGRPPDJHU

 5HWLUH]OHILOWUHjRGHXUV

 5HWLUH]OHVYLVGXFDFKHSXLVUHWLUH]OHFDFKH ILJ 

0RQWHUODSSDUHLO

: 5LVTXHGHEOHVVXUH 

'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV

YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ

 ,QVpUH] HQWLqUHPHQW ODSSDUHLO GDQV OD GpFRXSH MXVTXj FH TXH OHV

VXVSHQVLRQVVHQFOLTXHWWHQWGHPDQLqUHDXGLEOH ILJ 

 6HUUH] DYHF SUpFDXWLRQ OHV YLV OHV XQHV DSUqV OHV DXWUHV MXVTXj

FHTXHODSSDUHLOVHWURXYHjIOHXUGDQVODVXUIDFHGHPRQWDJH

ILJ 

5HPDUTXH  1H VHUUH] SDV OHV YLV WURS IHUPHPHQW DILQ GH QH SDV

HQGRPPDJHUODSSDUHLOQLOHFDSRW

 'HVVHUUH]OHVYLVSRXUIL[HUOHUDFFRUGjOLQWpULHXUGHODSSDUHLO

ILJ 

 &UpH]ODWX\DXWHULH ILJ 

 (QFDVGHKRWWHGHSODIRQGSODWHDYHFXQHVRUWLHGDLU

UHFWDQJXODLUH XWLOLVH] XQH SLqFH GH WUDQVLWLRQ HQWUH OH SODW KRWWH

GHSODIRQGHWOHURQGPRGXOHGHUHF\FODJHGHODLU

 0RQWH]OHUDFFRUGVXUODIDFHLQWpULHXUHGHODSSDUHLO ILJ 

 $FFURFKH] OH FDFKH GDQV OHV RULILFHV VXU OH GHVVRXV GH ODSSDUHLO

HWYLVVH]OH ILJ 

 'pEDOOH]OHILOWUHjRGHXUV ILJ 

 ,QVpUH]OHILOWUHjRGHXUV ILJ 

$FFURFKH]OHFDSRWGXILOWUHHWIHUPH]OH ILJ 

'pPRQWHUODSSDUHLO

: 5LVTXHGHEOHVVXUH 

'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV

YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ

 'pYHUURXLOOH]OHFDSRWGXILOWUHHWUHWLUH]FHOXLFL ILJ 

5HPDUTXH  1HSOLH]SDVOHFDSRWGXILOWUHDILQGpYLWHUGH

OHQGRPPDJHU



 5HWLUH]OHILOWUHjRGHXUV

 5HWLUH]OHVYLVGXFDFKHSXLVUHWLUH]OHFDFKH ILJ 

 'HVVHUUH]OHVYLVGHUpJODJHSXLVGHVVHUUH]HWUHWLUH]

VRLJQHXVHPHQWOHVYLVGHVXVSHQVLRQ5HWLUH]OHVVXVSHQVLRQV

YHUVOLQWpULHXU ILJ 

 5HWLUH]ODSSDUHLO

)LOWUHjRGHXUVSRXUPRGHUHFLUFXODWLRQGHODLU

/HVILOWUHVjRGHXUVOLHQWOHVRGHXUVHQPRGHUHFLUFXODWLRQGHODLU

(Q IRQFWLRQQHPHQW QRUPDO HQY  KHXUH SDU MRXU FKDQJHU OH ILOWUH

jRGHXUVIRLVSDUDQ

5HPDUTXH  /HV ILOWUHV j RGHXUV QH FRQWLHQQHQW DXFXQH VXEVWDQFH

QRFLYHHWSHXYHQWrWUHPLVDXUHEXWDYHFOHVGpFKHWVPpQDJHUV

5HPSODFHUOHILOWUHjRGHXUV

 5DEDWWH]OHFDSRWGXILOWUH

 5HWLUH]OHILOWUHjRGHXUV

 ,QVpUH]OHILOWUHjRGHXUV ILJ 

 6RXOHYH]OHFDSRWGXILOWUHYHUVOHKDXWHWIHUPH]OH

,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

&RQWUROODUHODSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL

IRVVHURYHULILFDWLGDQQLGDWUDVSRUWRQRQFROOHJDUHODSSDUHFFKLR

/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VRIIRFDPHQWR

,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH

PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR

3HULFRORGLOHVLRQL

$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH

DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL

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OHVLRQL

/DSSDUHFFKLRqPROWRSHVDQWH1RQPRQWDUHODSSDUHFFKLR

GLUHWWDPHQWHQHOOHSLDVWUHGLFDUWRQJHVVRRLQXQPDWHULDOHHGLOH

OHJJHURVLPLOH3HULOFRUUHWWRPRQWDJJLRXWLOL]]DUHXQPDWHULDOH

VXIILFLHQWHVWDELOHDGDWWRDOOHFRQGL]LRQLFRVWUXWWLYHHDOSHVR

GHOODSSDUHFFKLR

3HULFRORGLOHVLRQL

8WLOL]]DUHXQDVFDODVLFXUDHDFFHUWDUVLFKHVLSURFHGDLQ

VLFXUH]]D1RQDSSRJJLDUVLDOSLDQRFRWWXUDHQRQVDOLUHVXOOD

VXSHUILFLHGLODYRURHVXOSLDQRFRWWXUDVWHVVR

3HULFRORGLOHVLRQL

3HULFRORGLFDGXWHGXUDQWHLODYRULVXOODSSDUHFFKLR8WLOL]]DUHXQD

VFDODGRSSLDVWDELOH

3HULFRORGLOHVLRQL

0RGLILFKHDOOLPSLDQWRHOHWWULFRRPHFFDQLFRVRQRSHULFRORVHH

SRVVRQRFDXVDUHDQRPDOLHQHOIXQ]LRQDPHQWR1RQDSSRUWDUH

PRGLILFKHDOOLPSLDQWRHOHWWULFRRPHFFDQLFR

,QVWDOOD]LRQH

3UHSDUD]LRQHGHOOLQVWDOOD]LRQH

■ ,OYDSRUHGLFRWWXUDYLHQHULOHYDWRSLGLIILFLOPHQWHFRQXQD

GLVWDQ]DPDJJLRUHULVSHWWRDOOD]RQDFRWWXUD6LFRQVLJOLDXQD

GLVWDQ]DPLQLPDGLPPHPDVVLPDGL

■ ,O OXRJR GL PRQWDJJLR GHYH HVVHUH DFFHVVLELOH VHQ]D SUREOHPL LQ

PRGRWDOHFKHLQFDVRGLQHFHVVLWjSRVVDHVVHUHUDJJLXQWR

VHQ]DLPSHGLPHQWL

■ $VHFRQGDGHOODSSDUHFFKLRSHUODFRQGXWWXUDqQHFHVVDULRXQ

SH]]RGHOODGDWWDWRUHFKHFRQYHUWHGDSLDWWRDWRQGR,OSH]]R

GHOODGDWWDWRUHQRQqIRUQLWRQHOODGRWD]LRQH

'LPHQVLRQLGHOODSSDUHFFKLRHGLVWDQ]HGLVLFXUH]]D

■ 2VVHUYDUHOHGLPHQVLRQLGHOODSSDUHFFKLR ILJ $

, OLYHOOL GL SRWHQ]D VRQR VWDWL PLVXUDWL QHOOLQVWDOOD]LRQH DO PRPHQWR

GHOODFRQVHJQD6HODSRVL]LRQHGHOOLQVWDOOD]LRQHqVWDWD

PRGLILFDWDWDOLOLYHOOLGLSRWHQ]DSRWUHEEHURGLVFRVWDUVL

■ 2VVHUYDUHOHGLVWDQ]HGLVLFXUH]]D ILJ %

4XDORUDQHOOHLVWUX]LRQLGLLQVWDOOD]LRQHGHOODSSDUHFFKLRGLFRWWXUD

DJDVVLDSUHYLVWDXQDGLVWDQ]DGLYHUVDRVVHUYDUHVHPSUHOD

GLVWDQ]DPDJJLRUH

&RQWUROORGHOODVXSHUILFLHGLPRQWDJJLR

■ /DVXSHUILFLHGLPRQWDJJLRGHYHHVVHUHSLDQDRUL]]RQWDOHH

VXIILFLHQWHPHQWHVROLGDHUHVLVWHQWH

■ ,OSHVRPD[GHOODSSDUHFFKLRqSDULD NJ

$YYHUWHQ]H

■ /HVXSHUILFLGHOO·DSSDUHFFKLRVRQRGHOLFDWH(YLWDUHGDQQL

GXUDQWHOLQVWDOOD]LRQH

■ &RQWUROODUH ODSHUWXUD GHVWLQDWD DOOD SRVD GHL FDYL SUHVHQWL GL DOWUL

DSSDUHFFKL

■ 3HULOILVVDJJLRqQHFHVVDULDXQDVWUXWWXUDLQEDVVRDGDWWDEHQ

VDOGDQHOVRIILWWRLQFDOFHVWUX]]R

■ 1RQPRQWDUHODSSDUHFFKLRGLUHWWDPHQWHQHOOHSLDVWUHGL

FDUWRQJHVVRRLQXQPDWHULDOHHGLOHOHJJHURVLPLOHGHO

FRQWURVRIILWWR

■ 3HU LO FRUUHWWR PRQWDJJLR XWLOL]]DUH XQ PDWHULDOH VXIILFLHQWHPHQWH

VWDELOHDGDWWRDOOHFRQGL]LRQLFRVWUXWWLYHHDOSHVR

GHOODSSDUHFFKLR

3UHSDUD]LRQHGHOODVXSHUILFLHGLPRQWDJJLR

/DVWDELOLWjGHOODVXSHUILFLHGLPRQWDJJLRGHYHHVVHUHJDUDQWLWD

DQFKHGRSRLODYRULGLWDJOLR

 &RSULUHLOSLDQRGLFRWWXUDSHUHYLWDUHGLGDQQHJJLDUOR

 5HDOL]]DUHXQDSHUWXUDVXOVRIILWWR ILJ 

 5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR

3UHSDUD]LRQHGHOODSSDUHFFKLR

: 3HULFRORGLOHVLRQL

$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH

DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL

ËSRVVLELOHVSRVWDUHLOVXSSRUWRVXOODEDVHGHOODVLWXD]LRQHGL

PRQWDJJLR

 (YHQWXDOPHQWHVYLWDUHLOVXSSRUWRHODWHJOLDQHFHVVDULDH

FDPELDUHSRVL]LRQH ILJ 

 $YYLWDUHLOVXSSRUWRHODWHJOLDLQXQDQXRYDSRVL]LRQH ILJ 

 $SULUHLOGLVSRVLWLYRGLEORFFDJJLRGHOODFRSHUWXUDILOWURH

ULPXRYHUOR ILJ 

$YYHUWHQ]D 1RQSLHJDUHODFRSHUWXUDILOWURSHUHYLWDUHFKHVL

GDQQHJJL

 5LPXRYHUHLOILOWURDQWLRGRUH

 6YLWDUHOHYLWLGHOODFRSHUWXUDHTXLQGLODFRSHUWXUD ILJ 

0RQWDJJLRGHOO·DSSDUHFFKLR

: 3HULFRORGLOHVLRQL

$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH

DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL

 ,QVHULUHFRPSOHWDPHQWHODSSDUHFFKLRDOOLQWHUQRGHOODSHUWXUD

ILQFKpOHVRVSHQVLRQLQRQVLLQFDVWUDQRFRQXQRVFDWWR ILJ 

 6HUUDUH DWWHQWDPHQWH OH YLWL XQD GRSR ODOWUD ILQFKp ODSSDUHFFKLR

QRQVLWURYDDILORGHOODVXSHUILFLHGLPRQWDJJLR ILJ 

$YYHUWHQ]D 1RQDYYLWDUHWURSSROHYLWLSHUQRQGDQQHJJLDUH

ODSSDUHFFKLRHLOFRSHUFKLR

 $OOHQWDUHOHYLWLSHULOILVVDJJLRGHOVXSSRUWRVXOODWRLQWHUQR

GHOODSSDUHFFKLR ILJ 

 5HDOL]]DUHODFRQGXWWXUD ILJ 

 ,QFDVRGLXQDFDSSDGLDVSLUD]LRQHDVRIILWWRSLDWWDFRQVILDWR

UHWWDQJRODUH XWLOL]]DUH XQ SH]]R GL FRQJLXQ]LRQH FKH FRQYHUWH GD

SLDWWRFDSSDGLDVSLUD]LRQHDVRIILWWRDWRQGRPRGXORD

ULFLUFROR

 0RQWDUHLOVXSSRUWRVXOODWRLQWHUQRGHOODSSDUHFFKLR ILJ 

 $JJDQFLDUHODFRSHUWXUDQHOOHDSHUWXUHVXOODWRLQIHULRUH

GHOODSSDUHFFKLRHDYYLWDUH ILJ 

 'LVLPEDOODUHLOILOWURDQWLRGRUH ILJ 

 ,QVHULUHLOILOWURDQWLRGRUH ILJ 

$JJDQFLDUHODFRSHUWXUDILOWURHFKLXGHUOD ILJ 



6PRQWDJJLRGHOODSSDUHFFKLR

: 3HULFRORGLOHVLRQL

$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH

DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL

 $SULUHLOGLVSRVLWLYRGLEORFFDJJLRGHOODFRSHUWXUDILOWURH

ULPXRYHUOR ILJ 

$YYHUWHQ]D 1RQSLHJDUHODFRSHUWXUDILOWURSHUHYLWDUHFKHVL

GDQQHJJL

 5LPXRYHUHLOILOWURDQWLRGRUH

 6YLWDUHOHYLWLGHOODFRSHUWXUDHTXLQGLODFRSHUWXUD ILJ 

 $OOHQWDUHOHYLWLGLUHJROD]LRQHTXLQGLDOOHQWDUHDWWHQWDPHQWHOH

YLWLGHJOLDJJDQFLHULPXRYHUOH5LPXRYHUHJOLDJJDQFL

GDOOLQWHUQR ILJ 

 5LPXRYHUHODSSDUHFFKLR

)LOWURRGRULSHUIXQ]LRQDPHQWRDULFLUFRORGDULD

,ILOWULRGRULQHOIXQ]LRQDPHQWRDULFLUFRORGDULDWUDWWHQJRQROH

SDUWLFHOOHFKHFDXVDQRLFDWWLYLRGRUL,QFDVRGLHVHUFL]LRQRUPDOH

DOOLQFLUFDRUDDOJLRUQRVRVWLWXLUHLOILOWURRGRULXQDYROWD

DOODQQR

$YYHUWHQ]D , ILOWUL RGRUL QRQ FRQWHQJRQR DOFXQD VRVWDQ]D QRFLYD H

SRVVRQRHVVHUHVPDOWLWLQHLULILXWLGRPHVWLFL

6RVWLWX]LRQHGHOILOWURRGRUL

 5RYHVFLDUHODFRSHUWXUDILOWUR

 5LPXRYHUHLOILOWURDQWLRGRUH

 ,QVHULUHLOILOWURDQWLRGRUH ILJ 

 5LEDOWDUHYHUVRODOWRODFRSHUWXUDILOWURHFKLXGHUOD

,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

&RQWUROHHU KHW DSSDUDDW QD KHW XLWSDNNHQ 1LHW DDQVOXLWHQ LQ JHYDO

YDQWUDQVSRUWVFKDGH

'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

9HUVWLNNLQJVJHYDDU

9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW

PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ

5LVLFRYDQOHWVHO

%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ

KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ

5LVLFRYDQOHWVHO

,VKHWWRHVWHOQLHWQDDUEHKRUHQEHYHVWLJGGDQNDQKHWQDDU

EHQHGHQ YDOOHQ $OOH EHYHVWLJLQJVVFKURHYHQ PRHWHQ YDVW HQ YHLOLJ

ZRUGHQJHPRQWHHUG

5LVLFRYDQOHWVHO

+HWDSSDUDDWLVHUJ]ZDDU+HWDSSDUDDWPDJQLHWGLUHFWLQ

JLSVNDUWRQSODWHQRIJHOLMNVRRUWLJOLFKWERXZPDWHULDDOZRUGHQ

JHPRQWHHUG9RRUHHQMXLVWHPRQWDJHGLHQWXPDWHULDDOWH

JHEUXLNHQGDWYROGRHQGHVWDELHOHQDDQJHSDVWLVDDQGH

ERXZNXQGLJHVLWXDWLHHQKHWJHZLFKWYDQKHWPDWHULDDO

*HYDDUYRRUOHWVHO

6WDELHOHODGGHUJHEUXLNHQHQRSVWDELOLWHLWOHWWHQ1LHWRYHUGH

NRRNSODDWOHXQHQHQQLHWRSKHWZHUNYODNRIGHNRRNSODDWVWDDQ

5LVLFRYDQOHWVHO

5LVLFRYDQYDOOHQWLMGHQVKHWZHUNDDQKHWDSSDUDDW6WDELHOH

ODGGHUVJHEUXLNHQ

5LVLFRYDQOHWVHO

:LM]LJLQJHQDDQGHHOHNWULVFKHRIPHFKDQLVFKHRSERXZ]LMQ

JHYDDUOLMN HQ NXQQHQ OHLGHQ WRW IXQFWLHVWRULQJHQ *HHQ ZLM]LJLQJHQ

DDQGHHOHNWULVFKHRIPHFKDQLVFKHRSERXZDDQEUHQJHQ

,QVWDOODWLH

,QVWDOODWLHYRRUEHUHLGHQ

■ 'H NRRNGDPS ZRUGW PHW WRHQHPHQGH DIVWDQG YDQ GH NRRNSODDW

PRHLOLMNHUDIJH]RJHQ'HDIVWDQGYDQPLQVWHQVPPHQ

PD[LPDDO PPLVDDQWHEHYHOHQ

■ 'H PRQWDJHSODDWV PRHW ]RQGHU SUREOHHP WRHJDQNHOLMN ]LMQ ]RGDW

KHWDSSDUDDWELMVHUYLFHRQJHKLQGHUGEHUHLNEDDULV

■ $IKDQNHOLMNYDQKHWDSSDUDDWLVHHQDGDSWHUVWXNYDQSODWQDDU

URQGYRRUGHEXL]HQYHUHLVW+HWDGDSWHUVWXNLVQLHWELMGH

OHYHULQJLQEHJUHSHQ

$SSDUDDWDIPHWLQJHQHQYHLOLJKHLGVDIVWDQGHQ

■ +RXGUHNHQLQJPHWGHDIPHWLQJHQYDQKHWDSSDUDDW $IE $

'HYHUPRJHQVVWDQGHQZRUGHQELMLQERXZLQGH

XLWOHYHULQJVWRHVWDQGJHPHWHQ%LMJHZLM]LJGHLQERXZSRVLWLHV

NXQQHQGHYHUPRJHQVZDDUGHQDIZLMNHQ

■ +RXGUHNHQLQJPHWGHYHLOLJKHLGVDIVWDQGHQ $IE %

:DQQHHUHULQGHLQVWDOODWLHLQVWUXFWLHVYDQKHWJDVNRRNDSSDUDDW

HHQDIZLMNHQGHDIVWDQGVWDDWDOWLMGGHJURRWVWHDIVWDQGLQDFKW

QHPHQ

,QERXZYODNFRQWUROHUHQ

■ +HWLQERXZYODNPRHWYODNHQKRUL]RQWDDO]LMQHQYROGRHQGH

GUDDJYHUPRJHQKHEEHQ

■ +HWPD[JHZLFKWYDQKHWDSSDUDDWEHGUDDJW NJ

$DQZLM]LQJHQ

■ 'H RSSHUYODNNHQ YDQ KHW DSSDUDDW ]LMQ JHYRHOLJ%LM GH LQVWDOODWLH

EHVFKDGLJLQJYHUPLMGHQ

■ 8LWVQLMJHGHHOWHRSYRRUKDQGHQNDEHOSODDWVLQJYDQDQGHUH

DSSDUDWHQFRQWUROHUHQ

■ 9RRU GH EHYHVWLJLQJ LV HHQ SDVVHQG IUDPH QRGLJ GDW JRHG LQ KHW

EHWRQQHQSODIRQGLVYDVWJHPDDNW

■ +HW DSSDUDDW PDJ QLHW GLUHFW LQ JLSVNDUWRQSODWHQ RI JHOLMNVRRUWLJ

OLFKWERXZPDWHULDDOYDQHHQYULMKDQJHQGSODIRQGZRUGHQ

JHPRQWHHUG

■ 9RRUHHQMXLVWHPRQWDJHGLHQWXPDWHULDDOWHJHEUXLNHQGDW

YROGRHQGH VWDELHO HQ DDQJHSDVW LV DDQ GH ERXZNXQGLJH VLWXDWLH

HQKHWJHZLFKWYDQKHWPDWHULDDO

,QERXZYODNYRRUEHUHLGHQ

'HVWDELOLWHLWYDQKHWLQERXZYODNPRHWRRNQDGH

XLWVQLMZHUN]DDPKHGHQJHZDDUERUJG]LMQ

 'HNRRNSODDWDIGHNNHQRPVFKDGHWHYHUPLMGHQ

 'HXLWVSDULQJLQKHWSODIRQGPDNHQ $IE 

 1DGHXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ

$SSDUDDWYRRUEHUHLGHQ

: 5LVLFRYDQOHWVHO

%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ

KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ

'HVWHXQNDQDIKDQNHOLMNYDQGHLQERXZVLWXDWLHZRUGHQYHUSODDWVW

 ,QGLHQ QRGLJ GH VWHXQ HQ GH EHQRGLJGH SODDW DIVFKURHYHQ HQ KXQ

SRVLWLHZLVVHOHQ $IE 

 'H VWHXQ HQ GH SODDW RS GH QLHXZH SRVLWLH YDVWVFKURHYHQ $IE



 'HYHUJUHQGHOLQJYDQGHILOWHUDIGHNNLQJRSHQHQHQGH]H

YHUZLMGHUHQ $IE 

$DQZLM]LQJ 'H ILOWHUDIGHNNLQJ QLHW EXLJHQ RP EHVFKDGLJLQJHQ WH

YRRUNRPHQ

 'HJHXUILOWHUYHUZLMGHUHQ

 'HVFKURHYHQDDQGHDIGHNNLQJORVGUDDLHQHQGHDIGHNNLQJ

YHUZLMGHUHQ $IE 

$SSDUDDWPRQWHUHQ

: 5LVLFRYDQOHWVHO

%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ

KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ

 +HWDSSDUDDWYROOHGLJLQGHXLWVSDULQJDDQEUHQJHQWRWGH

RSKDQJLQJHQKRRUEDDUYDVWNOLNNHQ $IE 

 'H VFKURHYHQ QD HONDDU YRRU]LFKWLJ DDQWUHNNHQ WRW KHW DSSDUDDW

YODNLQKHWLQERXZYODNDDQOLJW $IE 

$DQZLM]LQJ 'HVFKURHYHQQLHWWHVWHYLJDDQWUHNNHQRPKHW

DSSDUDDWHQKHWSODIRQGQLHWWHEHVFKDGLJHQ

 'HVFKURHYHQYRRUGHEHYHVWLJLQJYDQGHVWHXQDDQGH

ELQQHQNDQWYDQKHWDSSDUDDWORVGUDDLHQ $IE 

 'HEXL]HQSODDWVHQ $IE 

 %LM HHQ YODNNH SODIRQGYHQWLODWLH HQ PHW UHFKWKRHNLJH OXFKWXLWODDW

HHQRYHUJDQJVVWXNYDQYODNSODIRQGYHQWLODWLHQDDUURQG

OXFKWFLUFXODWLHPRGXOHJHEUXLNHQ



 'H VWHXQ DDQ GH ELQQHQNDQW YDQ KHW DSSDUDDW PRQWHUHQ $IE 

 'H DIGHNNLQJ LQ GH RSHQLQJHQ DDQ GH RQGHUNDQW YDQ KHW DSSDUDDW

KDQJHQHQYDVWVFKURHYHQ $IE 

 'HJHXUILOWHUXLWSDNNHQ $IE 

 'HJHXUILOWHUSODDWVHQ $IE 

'HILOWHUDIGHNNLQJLQKDQJHQHQVOXLWHQ $IE 

$SSDUDDWGHPRQWHUHQ

: 5LVLFRYDQOHWVHO

%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ

KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ

 'HYHUJUHQGHOLQJYDQGHILOWHUDIGHNNLQJRSHQHQHQGH]H

YHUZLMGHUHQ $IE 

$DQZLM]LQJ 'H ILOWHUDIGHNNLQJ QLHW EXLJHQ RP EHVFKDGLJLQJHQ WH

YRRUNRPHQ

 'HJHXUILOWHUYHUZLMGHUHQ

 'HVFKURHYHQDDQGHDIGHNNLQJORVGUDDLHQHQGHDIGHNNLQJ

YHUZLMGHUHQ $IE 

 'HLQVWHOVFKURHYHQORVGUDDLHQGDQGHVFKURHYHQYDQGH

LQKDQJLQJHQ YRRU]LFKWLJ ORVPDNHQ HQ XLWGUDDLHQ 'H LQKDQJLQJHQ

QDDUELQQHQWRHYHUZLMGHUHQ $IE 

 +HWDSSDUDDWYHUZLMGHUHQ

*HXUILOWHUYRRUFLUFXODWLHIXQFWLH

*HXUILOWHUVELQGHQGHJHXUVWRIIHQLQGHFLUFXODWLHIXQFWLH9HUYDQJ

GHJHXUILOWHUELMQRUPDDOJHEUXLNGDJHOLMNVFLUFDXXU[SHUMDDU

$DQZLM]LQJ *HXUILOWHUVEHYDWWHQJHHQVFKDGHOLMNHVWRIIHQHQ

NXQQHQPHWKHWKXLVYXLOZRUGHQPHHJHJHYHQ

*HXUILOWHUYHUYDQJHQ

 'HILOWHUDIGHNNLQJQDDUEHQHGHQNODSSHQ

 'HJHXUILOWHUYHUZLMGHUHQ

 'HJHXUILOWHUSODDWVHQ $IE 

 'HILOWHUDIGHNNLQJQDDUERYHQNODSSHQHQVOXLWHQ

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

.RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO

DSSDUDWHWKYLVGHWHUVNDGHWXQGHUWUDQVSRUW

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NYHOQLQJ

(PEDOODVMHPDWHULDOHWHUIDUOLJIRUEDUQ%DUQPnDOGULInOHNHPHG

HPEDOODVMHQ

)DUHIRUSHUVRQVNDGHU

.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN

YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW

)DUHIRUSHUVRQVNDGHU

+YLVDSSDUDWHWLNNHHUIRUVYDUOLJIHVWHWNDQGHWIDOOHQHG$OOH

IHVWHHOHPHQWHUPnYUHIDVWRJVLNNHUWPRQWHUW

)DUHIRUSHUVRQVNDGHU

$SSDUDWHWHUVYUWWXQJW$SSDUDWHWVNDOLNNHPRQWHUHVUHWWSn

JLSVSODWHUHOOHUOLJQHQGHOHWWHE\JQLQJVPDWHULDOHU%UXNHW

PDWHULDOHVRPHUVWDELOWQRNWLOSDVVHWE\JQLQJVNRQVWUXNVMRQHQRJ

DSSDUDWYHNWHQIRUnVLNUHHQIRUVNULIWVPHVVLJPRQWHULQJ

)DUHIRUSHUVRQVNDGHU

%UXNHQVWDELOVWLJHRJSDVVSnDWGHQVWnUVLNNHUW,NNHOHQGHJ

RYHUSODWHWRSSHQRJLNNHWUnSnEHQNHSODWHQHOOHUSODWHWRSSHQ

)DUHIRUVNDGH

)DOOIDUHYHGDUEHLGSnDSSDUDWHW%UXNHQVWDELOJDUGLQWUDSS

)DUHIRUVNDGH

(QGULQJHU Sn HOHNWULVNH HOOHU PHNDQLVNH NRPSRQHQWHU HU IDUOLJH RJ

NDQI¡UHWLOIHLOIXQNVMRQ*MHQQRPI¡ULQJHQHQGULQJHUSnHOHNWULVNH

HOOHUPHNDQLVNHNRPSRQHQWHU

,QVWDOODVMRQ

)RUEHUHGHLQVWDOODVMRQ

■ -RVW¡UUHDYVWDQGHQHUGHVWRYDQVNHOLJHUHEOLUGHWnIDQJHRSS

PDWRVHQ'HWDQEHIDOHVHQDYVWDQGSnPLQ PPRJPDNV

 PP

■ 0RQWHULQJVVWHGHWPnYUHWLOJMHQJHOLJXWHQSUREOHPHUVOLNDW

DSSDUDWHWNDQQnVXKLQGUHWLVHUYLFHWLOIHOOHU

■ $YKHQJLJDYDSSDUDWHWHUGHWQ¡GYHQGLQJPHGHQDGDSWHU

PHOORPIODWNDQDORJUXQGWU¡ULU¡URSSOHJJHW$GDSWHUGHOHQ

I¡OJHULNNHPHG

$SSDUDWGLPHQVMRQHURJVLNNHUKHWVDYVWDQGHU

■ 9UREVSnDSSDUDWHWVGLPHQVMRQHU ELOGH $

(IIHNWQLYnHQHEOHPnOWLIRUELQGHOVHPHGPRQWHULQJHQ+YLV

PRQWHULQJVSRVLVMRQHQHHUHQGUHWNDQHIIHNWQLYnHQHDYYLNH

■ 6¡UJIRUDWVLNNHUKHWVDYVWDQGHQHRYHUKROGHV ELOGH %

'HUVRPLQVWDOODVMRQVYHLOHGQLQJHQIRUJDVVNRNHDSSDUDWHW

IRUHVNULYHUHQDQQHQDYVWDQGYHOJHUGXDOOWLGGHQVW¡UVWH

DYVWDQGHQ

.RQWUROOHUHLQQE\JJLQJVIODWHQ

■ ,QQE\JJLQJVIODWHQPnYUHSODQYDQQUHWWRJKDWLOVWUHNNHOLJ

EUHNUDIW

■ $SSDUDWHWVPDNVYHNWHU NJ

0HUNQDGHU

■ 2YHUIODWHQDYDSSDUDWHWHU¡PILQWOLJ8QQJnVNDGHUXQGHU

LQVWDOODVMRQHQ

■ .RQWUROOHUXWVNMULQJVRPUnGHWRJVHRPGHWHUODJWNDEOHUWLO

DQGUHDSSDUDWHU

■ 7LOIHVWHWWUHQJVGHWHWHJQHWVWDWLYVRPHUWU\JWIHVWHWL

EHWRQJWDNHW

■ ,NNHPRQWHUDSSDUDWHWGLUHNWHSnJLSVSODWHUHOOHUOLJQHQGHOHWWH

E\JQLQJVPDWHULDOHULGHQQHGIHOWHKLPOLQJHQ

■ %UXNHWPDWHULDOHVRPHUVWDELOWQRNRJWLOSDVVHW

E\JQLQJVNRQVWUXNVMRQHQRJDSSDUDWYHNWHQIRUnVLNUH

IRUVNULIWVPHVVLJPRQWHULQJ

.ODUJM¡UHLQQE\JJLQJVIODWHQ

,QQE\JJLQJVIODWHQPnYUHVWDELORJVnHWWHUXWVNMULQJVDUEHLGHW

 )RUnXQQJnVNDGHUPnGXGHNNHWLOSODWHWRSSHQ

 /DJXWVNMULQJHQLWDNHW ELOGH 

 )MHUQVSRQHWWHUXWVNMULQJHQH

)RUEHUHGHOVHDYDSSDUDWHW

: )DUHIRUSHUVRQVNDGHU

.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN

YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW

6WXVVHQNDQIRUVN\YHVDOWHWWHULQQE\JJLQJVVLWXDVMRQHQ

 9HGEHKRYVNUXUGXDYVWXVVHQRJGHQQ¡GYHQGLJHSODWHQRJ

E\WWHUSRVLVMRQSnGHP ELOGH 

 6NUXIDVWVWXVVHQRJSODWHQLGHQQ\HSRVLVMRQHQ ELOGH 

 cSQHOnVHQWLOILOWHUGHNVHOHWRJWDGHWXW ELOGH 

0HUN )RUnXQQJnVNDGHUPnGXLNNHE¡\HILOWHUGHNVHOHW

 7DXWOXNWILOWHUHW

 /¡VQHVNUXHQHLGHNVHOHWRJWDGHWDY ELOGH 

0RQWHULQJDYDSSDUDWHW

: )DUHIRUSHUVRQVNDGHU

.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN

YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW

 6HWW DSSDUDWHW KHOW LQQ L XWVNMULQJHQ WLO RSSKHQJHQH JnU K¡UEDUW

LLQQJUHS ELOGH 

 6WUDPVNUXHQHIRUVLNWLJHWWHUKYHUDQGUHKHOWWLODSSDUDWHWOLJJHUL

IOXNWLLQQE\JJLQJVIODWHQ ELOGH 

0HUN )RUDWDSSDUDWHWRJWDNHWLNNHVNDOEOLVNDGHWPnGXLNNH

VWUDPPHVNUXHQHIRUKDUGW

 /¡VQH IHVWHVNUXHQH IRU VWXVVHQ Sn LQQVLGHQ DY DSSDUDWHW ELOGH



 ,QVWDOOHUU¡UHQH ELOGH 

 +YLV GX KDU IODW WDNYHQWLODVMRQ PHG UHNWDQJXOUW OXIWXWO¡S Pn GX

EUXNHHWRYHUJDQJVVW\NNHIUDIODWWDNYHQWLODVMRQWLOUXQG

VLUNXODVMRQVPRGXO

 0RQWHUVWXVVHQSnLQQVLGHQDYDSSDUDWHW ELOGH 



 +HNWGHNVHOHWLnSQLQJHQHSnXQGHUVLGHQDYDSSDUDWHWRJVNUX

GHWIDVW ELOGH 

 3DNNXWOXNWILOWHUHW ELOGH 

 6HWWLQQOXNWILOWHUHW ELOGH 

+HNWSnILOWHUGHNVHOHWRJOXNNGHW ELOGH 

'HPRQWHULQJDYDSSDUDWHW

: )DUHIRUSHUVRQVNDGHU

.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN

YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW

 cSQHOnVHQWLOILOWHUGHNVHOHWRJWDGHWXW ELOGH 

0HUN )RUnXQQJnVNDGHUPnGXLNNHE¡\HILOWHUGHNVHOHW

 7DXWOXNWILOWHUHW

 /¡VQHVNUXHQHLGHNVHOHWRJWDGHWDY ELOGH 

 /¡VQHMXVWHULQJVVNUXHQHGHUHWWHUO¡VQHUGXVNUXHQHLIHVWHQH

IRUVLNWLJRJVNUXUGHPXW7DXWIHVWHQHYHGnGUDGHPLQQRYHU

ELOGH 

 7DXWDSSDUDWHW

/XNWILOWHUIRUVLUNXODVMRQVPRGXV

/XNWILOWUHELQGHUOXNWVWRIIHQHLVLUNXODVMRQVPRGXV9HGYDQOLJEUXN

FDWLPHGDJOLJVNDOOXNWILOWHUHWVNLIWHVXWJDQJLnUHW

0HUN /XNWILOWUHLQQHKROGHULQJHQVNDGHOLJHVWRIIHURJNDQNDVWHVL

KXVKROGQLQJVDYIDOOHW

6NLIWHXWOXNWILOWHU

 9LSSQHGILOWHUGHNVHOHW

 7DXWOXNWILOWHUHW

 6HWWLQQOXNWILOWHUHW ELOGH 

 9LSSRSSILOWHUGHNVHOHWRJOXNNGHW

ptpt

,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

([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP

GHWHFWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR

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DVIL[LD

2PDWHULDOGHHPEDODJHPpSHULJRVRSDUDDVFULDQoDV1XQFD

GHL[HDVFULDQoDVEULQFDUHPFRPRPDWHULDOGHHPEDODJHP

3HULJRGHIHULPHQWRV

2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV

8VHOXYDVGHSURWHomR

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IHULPHQWRV

2DSDUHOKRpPXLWRSHVDGR2DSDUHOKRQmRSRGHVHULQVWDODGR

GLUHWDPHQWHQDVSODFDVGHJHVVRFDUWRQDGRRXPDWHULDLVGH

FRQVWUXomROHYHVVHPHOKDQWHV3DUDDPRQWDJHPFRUUHWDXWLOL]H

XPPDWHULDOVXILFLHQWHPHQWHHVWiYHOHDMXVWDGRjVSURSULHGDGHV

FRQVWUXWLYDVHDRSHVRGRDSDUHOKR

3HULJRGHIHULPHQWRV

8WLOL]HXPHVFDGRWHIL[RHFHUWLILTXHVHGHTXHWHPXPDEDVH

VHJXUD 1mR VH LQFOLQH VREUH D SODFD GH FR]LQKDU QHP SLVH D iUHD

GHWUDEDOKRRXDSODFDGHFR]LQKDU

3HULJRGHIHULPHQWRV

3HULJRGHTXHGDGXUDQWHDUHDOL]DomRGHWUDEDOKRVQRDSDUHOKR

8WLOL]DUXPDHVFDGDGHPmRHVWiYHO

3HULJRGHIHULPHQWRV

4XDLVTXHUPRGLILFDo}HVQDLQVWDODomRHOpWULFDRXPHFkQLFDVmR

SHULJRVDVHSRGHPSURYRFDUIDOKDVGHIXQFLRQDPHQWR1mR

HIHWXDUPRGLILFDo}HVQDLQVWDODomRHOpWULFDRXPHFkQLFD

,QVWDODomR

3UHSDUDUDLQVWDODomR

■ ePDLVGLItFLOUHFROKHURVYDSRUHVGHFR]HGXUDjPHGLGDTXHD

GLVWkQFLDUHODWLYDPHQWHjSODFDDXPHQWD5HFRPHQGDVHXPD

GLVWkQFLDPtQLPDGH PPHPi[LPDGH PP

■ 'HYHVHUSRVVtYHODFHGHUVHPSUREOHPDVDRORFDOGH

PRQWDJHPSDUDTXHHPFDVRGHPDQXWHQomRRDFHVVRDR

DSDUHOKRHVWHMDGHVLPSHGLGR

■ &RQVRDQWHRDSDUHOKRpQHFHVViULRXPDSHoDDGDSWDGRUDGH

WXEDJHPSODQDSDUDUHGRQGD$SHoDDGDSWDGRUDQmRp

IRUQHFLGDFRPRHTXLSDPHQWR

0HGLGDVGRDSDUHOKRHGLVWkQFLDVGHVHJXUDQoD

■ 5HVSHLWHDVPHGLGDVGRDSDUHOKR )LJ $

2V QtYHLV GH SRWrQFLD IRUDP PHGLGRV QR HVWDGR GH IRUQHFLPHQWR

DTXDQGRGDPRQWDJHP&RPDVSRVLo}HVGHPRQWDJHP

DOWHUDGDVRVQtYHLVGHSRWrQFLDSRGHPGLYHUJLU

■ 5HVSHLWHDVGLVWkQFLDVGHVHJXUDQoD )LJ %

&DVRDVLQVWUXo}HVGHLQVWDODomRGRIRJmRDJiVLQGLTXHPXPD

GLVWkQFLDGLIHUHQWHFRQVLGHUHVHPSUHDGLVWkQFLDPDLRU

9HULILFDUDVXSHUItFLHGHPRQWDJHP

■ $VXSHUItFLHGHPRQWDJHPWHPGHVHUSODQDQLYHODGDH

VXILFLHQWHPHQWHUHVLVWHQWH

■ 2SHVRPi[GRDSDUHOKRpGH NJ

1RWDV

■ $V VXSHUItFLHV GR DSDUHOKR VmR VHQVtYHLV (YLWH GDQRV GXUDQWH D

LQVWDODomR

■ 9HULILTXHVHDiUHDGRQLFKRDSUHVHQWDFDERVGHRXWURV

DSDUHOKRV

■ 3DUDDIL[DomRpQHFHVViULDXPDHVWUXWXUDLQIHULRUDGHTXDGD

IL[DGHPRGRILUPHQRWHWRGHEHWmR

■ 1mRPRQWHRDSDUHOKRGLUHWDPHQWHQRVSDLQpLVGHJHVVR

FDUWRQDGRRXPDWHULDLVOHYHVVHPHOKDQWHVGRWHWRIDOVR

■ 3DUDDPRQWDJHPFRUUHWDXWLOL]HXPPDWHULDOVXILFLHQWHPHQWH

HVWiYHOHDMXVWDGRjVSURSULHGDGHVFRQVWUXWLYDVHDRSHVRGR

DSDUHOKR

3UHSDUDomRGDVXSHUItFLHGHPRQWDJHP

$HVWDELOLGDGHGDVXSHUItFLHGHPRQWDJHPWHPGHHVWDUJDUDQWLGD

PHVPRDSyVRVWUDEDOKRVGHUHFRUWH

 &REULUDSODFDGHFR]LQKDUSDUDHYLWDUGDQRVQDPHVPD

 &ULDURQLFKRQRWHWR )LJ 

 'HSRLV GH SURFHGHU DRV WUDEDOKRV GH UHFRUWH UHPRYHU DV DSDUDV

3UHSDUDURDSDUHOKR

: 3HULJRGHIHULPHQWRV

2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV

8VHOXYDVGHSURWHomR

2VXSRUWHSRGHVHUPXGDGRFRQIRUPHDVLWXDomRGHPRQWDJHP

 6H QHFHVViULR GHVDSDUDIXVDU R VXSRUWH H D FKDSD QHFHVViULD H

WURFDUDVXDSRVLomR )LJ 

 $SDUDIXVDURVXSRUWHHDFKDSDQDQRYDSRVLomR )LJ 

 $EUDRGLVSRVLWLYRGHIHFKRGDWDPSDGRILOWURHUHWLUHR )LJ 

1RWD 1mRGREUHDWDPSDGRILOWURSDUDHYLWDUGDQRV

 5HWLUDURILOWURGHRGRUHV

 6ROWDURVSDUDIXVRVGDWDPSDHUHWLUDUDWDPSD )LJ 

0RQWDURDSDUHOKR

: 3HULJRGHIHULPHQWRV

2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV

8VHOXYDVGHSURWHomR

 &RORFDURDSDUHOKRFRPSOHWDPHQWHGHQWURGRQLFKRDWpDV

VXVSHQV}HVHQJDWDUHPDXGLYHOPHQWH )LJ 

 $SHUWH VHTXHQFLDOPHQWH RV SDUDIXVRV GH IRUPD FXLGDGRVD DWp

RDSDUHOKRILFDUQLYHODGRFRPDVXSHUItFLHGHPRQWDJHP )LJ



1RWD 1mR DSHUWH GHPDVLDGR RV SDUDIXVRV SDUD QmR GDQLILFDU R

DSDUHOKRHRWHWR

 6ROWDURVSDUDIXVRVSDUDIL[DomRGRVXSRUWHQRODGRLQWHULRUGR

DSDUHOKR )LJ 

 ,QVWDODUDWXEDJHP )LJ 



 1RFDVRGHXPH[DXVWRUGHWHWRSODQRFRPGLIXVRUGHDU

UHWDQJXODU SDVVDU GH XPD SHoD GH WUDQVLomR SODQD YHQWLODomR GH

WHWRSDUDUHGRQGDPyGXORGHUHFLUFXODomRGRDU

 0RQWDURVXSRUWHQRODGRLQWHULRUGRDSDUHOKR )LJ 

 (QFDL[DU D FREHUWXUD QDV DEHUWXUDV GD SDUWH LQIHULRU GR DSDUHOKR

)LJ 

 'HVHPEDOHRILOWURGHRGRUHV )LJ 

 &RORTXHRILOWURGHRGRUHV )LJ 

(QJDWHHIHFKHDWDPSDGRILOWUR )LJ 

'HVPRQWDURDSDUHOKR

: 3HULJRGHIHULPHQWRV

2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV

8VHOXYDVGHSURWHomR

 $EUDRGLVSRVLWLYRGHIHFKRGDWDPSDGRILOWURHUHWLUHR )LJ 

1RWD 1mRGREUHDWDPSDGRILOWURSDUDHYLWDUGDQRV

 5HWLUDURILOWURGHRGRUHV

 6ROWDURVSDUDIXVRVGDWDPSDHUHWLUDUDWDPSD )LJ 

 6ROWHRVSDUDIXVRVGHDMXVWHHGHSRLVVROWHHUHWLUH

FXLGDGRVDPHQWH RV SDUDIXVRV GRV GLVSRVLWLYRV GH HQJDWH 5HWLUH

RVGLVSRVLWLYRVGHHQJDWHSHORODGRGHGHQWUR )LJ 

 5HWLUDURDSDUHOKR

)LOWURVGHRGRUHVSDUDIXQFLRQDPHQWRSRU

FLUFXODomRGHDU

2V ILOWURV GH RGRUHV DJOXWLQDP DV VXEVWkQFLDV RGRUtIHUDV QR PRGR

GHIXQFLRQDPHQWRSRUFLUFXODomRGHDU&RPXPDXWLOL]DomR

QRUPDODSUR[KRUDSRUGLDVXEVWLWXDRILOWURGHRGRUHV[SRU

DQR

1RWD 2VILOWURVGHRGRUHVQmRFRQWrPVXEVWkQFLDVQRFLYDVH

SRGHPVHUHOLPLQDGRVMXQWDPHQWHFRPROL[RGRPpVWLFR

6XEVWLWXLUILOWURVGHRGRUHV

 9LUHDWDPSDGRILOWURSDUDEDL[R

 5HWLUDURILOWURGHRGRUHV

 &RORTXHRILOWURGHRGRUHV )LJ 

 9LUHDWDPSDGRILOWURSDUDFLPDHIHFKHD

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

.RQWUROOHUD HQKHWHQ HIWHU XSSDFNQLQJ $QVOXW LQWH HQKHWHQ RP GHQ

KDUWUDQVSRUWVNDGRU

(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

.YlYQLQJVULVN

)|USDFNQLQJVPDWHULDOlUIDUOLJWI|UEDUQ/nWDOGULJEDUQOHNDPHG

I|USDFNQLQJVPDWHULDOHW

6NDGHULVN

(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG

VN\GGVKDQGVNDU

6NDGHULVN

2P HQKHWHQ LQWH lU RUGHQWOLJW IlVW Sn YlJJHQ Vn NDQ GHQ IDOOD QHG

$OODIlVWNRPSRQHQWHUPnVWHPRQWHUDVVWDGLJWRFKVlNHUW

5LVNI|USHUVRQVNDGRU

(QKHWHQlUP\FNHWWXQJ'XInULQWHPRQWHUDHQKHWHQGLUHNWL

JLSVVNLYRUHOOHUOLNQDQGHOlWWDE\JJPDWHULDO$YVHGGPRQWHULQJ

NUlYHUDWWGXDQYlQGHUPDWHULDOVRPlUVWDELOWQRJRFK

NRQVWUXNWLRQVDQSDVVDWI|UDWWNODUDHQKHWHQVYLNW

5LVNI|USHUVRQVNDGRU

$QYlQGVWDELOVWHJHRFKVHWLOOVnDWWGXVWnUVWDGLJW/XWDGLJLQWH

|YHUKlOOHQRFKVWnLQWHSnElQNVNLYDHOOHUKlOO

5LVNI|USHUVRQVNDGRU

)DOOULVNQlUGXDUEHWDUSnHQKHWHQ$QYlQGVWDGLJWUDSSVWHJH

5LVNI|USHUVRQVNDGRU

bQGULQJDUSnGHHOHNWULVNDHOOHUPHNDQLVNDNRQVWUXNWLRQHUQDlU

IDUOLJDRFKNDQOHGDWLOOIHOIXQNWLRQbQGUDDOGULJGHHOHNWULVNDHOOHU

PHNDQLVNDNRQVWUXNWLRQHUQD

,QVWDOODWLRQ

)|UEHUHGDLQVWDOODWLRQHQ

■ -X OlQJUH ERUW IUnQ KlOOHQ GHVWR VYnUDUH DWW In ERUW PDWRVHW +nOO

UHNRPPHQGHUDWDYVWnQGRPPLQ PPRFKPD[ PP

■ 0RQWHULQJVSODWVHQ PnVWH Jn DWW NRPPD nW VPLGLJW I|U VHUYLFH DY

HQKHWHQ

■ 'X NDQ EHK|YD HQ DGDSWHU IUnQ SODQ WLOO UXQGNDQDO EHURHQGH Sn

HQKHWHQVHYDNXHULQJ$GDSWHUQPHGI|OMHULQWH

(QKHWHQVPnWWRFKVlNHUKHWVDYVWnQG

■ +nOOHQKHWHQVPnWW ELOG $

(IIHNWYlUGHQDEOLUXSSPlWWDYLGPRQWHULQJL

XWOHYHUDQVWLOOVWnQG(IIHNWYlUGHQDNDQDYYLNDYLGlQGUDGH

PRQWHULQJVOlJHQ

■ +nOOVlNHUKHWVDYVWnQGHQ ELOG %

$QJHUJDVKlOOHQVPRQWHULQJVDQYLVQLQJDUDYYLNDQGHDYVWnQGWD

DOOWLGGHWVW|UUHDYVWnQGHW

.RQWUROOHUDLQE\JJQDGV\WDQ

■ ,QE\JJQDGV\WDQPnVWHYDUDSODQYnJUlWRFKKDWLOOUlFNOLJ

KnOOIDVWKHW

■ (QKHWHQVPD[YLNWlU NJ

$QYLVQLQJ

■ +|OMHWlUNlQVOLJW8QGYLNDWWVNDGDGHWYLGLQVWDOODWLRQHQ

■ .RQWUROOHUDXUWDJVGHOHQPDSEHILQWOLJOHGQLQJVGUDJQLQJRFK

DQGUDHQKHWHU

■ ,QIlVWQLQJHQNUlYHUHQVlUVNLOGIDVWIlVWDQRUGQLQJLEHWRQJWDNHW

■ 'XInULQWHPRQWHUDHQKHWHQGLUHNWLJLSVVNLYRUHOOHUOLNQDQGH

OlWWDE\JJPDWHULDOLLQQHUWDN

■ $YVHGG PRQWHULQJ NUlYHU DWW GX DQYlQGHU PDWHULDO VRP lU VWDELOW

QRJRFKNRQVWUXNWLRQVDQSDVVDWI|UDWWNODUDHQKHWHQVYLNW

)|UEHUHGDLQE\JJQDGV\WDQ

,QE\JJQDGV\WDQVNDYDUDVWDELOlYHQHIWHUDWWGXJMRUWXUWDJHQ

 7lFNKlOOHQVnXQGYLNHUGXVNDGRU

 *|UWDNXUWDJHW ELOG 

 7DERUWVSnQHQHIWHUXUWDJQLQJHQ

)|UEHUHGHOVHU

: 6NDGHULVN

(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG

VN\GGVKDQGVNDU

$QVOXWQLQJHQNDQYDUDI|UVNMXWHQEHURHQGHSn

PRQWHULQJVVLWXDWLRQHQ

 6NUXYDDYDQVOXWQLQJRFKQ|GYlQGLJSOnWRFKE\WSODWVSnGHP

RPGHWEHK|YV ELOG 

 6NUXYDIDVWDQVOXWQLQJRFKSOnWLQ\DSRVLWLRQHQ ELOG 

 gSSQDILOWHUVN\GGHWVOnVQLQJRFKWDERUWILOWHUVN\GGHW ELOG 

$QYLVQLQJ %|MLQWHILOWHUVN\GGHWGHWNDQEOLVNDGDW

 7DXURVILOWUHW

 /RVVDVNUXYDUQDSnVN\GGHWRFKWDDYVN\GGHW ELOG 

0RQWHUDHQKHWHQ

: 6NDGHULVN

(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG

VN\GGVKDQGVNDU

 6lWWLHQKHWHQKHOWLXUWDJHWWLOOVGXK|UKXUXSSKlQJQLQJDUQD

VQlSSHUIDVW ELOG 

 'UD I|UVLNWLJW nW VNUXYDUQD L I|OMG WLOOV HQKHWHQ OLJJHU DQ SODQW PRW

LQE\JJQDGV\WDQ ELOG 

$QYLVQLQJ 'UD LQWH nW VNUXYDUQD I|U KnUW GHW NDQ VNDGD HQKHWHQ

RFKWDNHW

 /RVVDDQVOXWQLQJHQVIlVWVNUXYDUSnHQKHWHQVLQVLGD ELOG 

 'UDHYDNXHULQJVU|UHQ ELOG 

 3n SODQ WDNIOlNW PHG I\UNDQWLJ HYDNXHULQJ PnVWH GX DQYlQGD HQ

|YHUJnQJ IUnQ SODQNDQDO WDNIOlNW WLOO UXQGU|U FLUNXODWLRQVPRGXO

 0RQWHUDDQVOXWQLQJHQSnHQKHWHQVLQVLGD ELOG 

 +lNWD L VN\GGHW L |SSQLQJDUQD Sn HQKHWHQV XQGHUVLGD RFK VNUXYD

IDVW ELOG 



 3DFNDXSSRVILOWUHW ELOG 

 6lWWLRVILOWUHW ELOG 

6lWWLRFKVWlQJILOWHUVN\GGHW ELOG 

'HPRQWHUDHQKHWHQ

: 6NDGHULVN

(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG

VN\GGVKDQGVNDU

 gSSQDILOWHUVN\GGHWVOnVQLQJRFKWDERUWILOWHUVN\GGHW ELOG 

$QYLVQLQJ %|MLQWHILOWHUVN\GGHWGHWNDQEOLVNDGDW

 7DXURVILOWUHW

 /RVVDVNUXYDUQDSnVN\GGHWRFKWDDYVN\GGHW ELOG 

 /RVVDVWlOOVNUXYDUQDORVVDVHGDQI|UVLNWLJWVNUXYDUQDL

LQKlQJQLQJDUQDRFKVNUXYDXUGHP7DXULQKlQJQLQJDUQDLQnW

ELOG 

 7DXUHQKHWHQ

2VILOWHUI|UFLUNXODWLRQVGULIW

2VILOWUHWELQGHURVHWYLGFLUNXODWLRQVGULIW%\WRVILOWHUJJQRPnUHW

YLGQRUPDODQYlQGQLQJFDKYDUMHGDJ

$QYLVQLQJ 2VILOWHULQQHKnOOHULQJDVNDGOLJDlPQHQRFKJnUDWW

VOlQJDLKXVKnOOVVRSRUQD

%\WDRVILOWHU

 )lOOQHGILOWHUVN\GGHW

 7DXURVILOWUHW

 6lWWLRVILOWUHW ELOG 

 )lOOXSSRFKVWlQJILOWHUVN\GGHW

Neff Z52JXC1N1 Clean Air Standard Recirculation Kit

Product's Documents

User Manual

Specifications

Neff Z52JXC1N1 Questions and Answers

Related Products

Neff Z51CBI1X4 Clean Air Standard recirculation kit

Neff Z51CBI2X4 Clean Air Standard Recirculation Kit

Neff Z51DXI1X4 Clean Air Standard Recirculation Kit

Neff Z51IBI6X4 Clean Air Standard Recirculation Kit

Neff Z51ITI1X4 Clean Air Standard recirculation kit

Neff Z52CBI2X4 Clean Air Standard recirculation kit