Siemens CS858GRB7B 45cm Compact Combi-Steam Built-In Oven

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Other Documents
  • CS858GRB7B - Siemens - Product Catalogue - (English) Download
  • CS858GRB7B - Siemens - Specifications Sheet - (English) Download
  • CS858GRB7B - Siemens - User Manual - (English) Download

User Manual

This is the main product document for model CS858GRB7B.

The file format is pdf, 16 pages, you can download this manual here .

background
*9001355190*  

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
× 0RQWHULQJVYHMOHGQLQJ
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
Ù 
Ö 0RQWiçQtQiYRG
ë ,QVWUXNFMDPRQWDŰX
î Ημπροςιυηώξνλνμρίες
ô 0RQWDMN×ODYX]X







$
%



PLQ
PLQ
PLQ





PLQ


PLQ
PLQ
background

de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH%LOG
1XUHLQIDFKJHUHFKWHU(LQEDXQDFKGLHVHU0RQWDJHDQZHLVXQJ
JDUDQWLHUWHLQHQVLFKHUHQ*HEUDXFK%HL6FKlGHQGXUFKIDO
VFKHQ(LQEDXKDIWHWGHU0RQWHXU
'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW
VFKDGHQQLFKWDQVFKOLHHQ
0RQWDJHEOlWWHUIUGHQ(LQEDXYRQ=XEHK|UWHLOHQEHDFKWHQ
9HUSDFNXQJVPDWHULDOXQG.OHEHIROLHQYRU,QEHWULHEQDKPHDXV
GHP*DUUDXPXQGYRQGHU7UHQWIHUQHQ
(LQEDXP|EHOPVVHQELV&WHPSHUDWXUEHVWlQGLJVHLQ
DQJUHQ]HQGH0|EHOIURQWHQELV&
'DV*HUlWQLFKWKLQWHUHLQHU'HNRUEOHQGHHLQEDXHQ(VEHVWHKW
*HIDKUGXUFKhEHUKLW]XQJ
$XVVFKQLWWDUEHLWHQDP0|EHOYRUGHP(LQVHW]HQGHV*HUlWHV
GXUFKIKUHQ6SlQHHQWIHUQHQGLH)XQNWLRQYRQHOHNWULVFKHQ
%DXWHLOHQNDQQEHHLQWUlFKWLJWZHUGHQ
=XU9HUPHLGXQJYRQ6FKQLWWYHUOHW]XQJHQ6FKXW]KDQGVFKXKH
WUDJHQ 7HLOH GLH ZlKUHQG GHU 0RQWDJH ]XJlQJOLFK VLQG N|QQHQ
VFKDUINDQWLJVHLQ
%HL*HUlWHQPLW6FKZHQN6FKDOWHUIURQWGDUDXIDFKWHQGDVVGLH
6FKDOWHUIURQWEHLP$XVIDKUHQQLFKWPLWDQJUHQ]HQGHQ0|EHOQ
NROOLGLHUW
'LH*HUlWH$QVFKOXVVGRVHPXVVLP%HUHLFKGHUVFKUDIILHUWHQ
)OlFKH $RGHUDXHUKDOEGHV(LQEDXUDXPHVOLHJHQ
1LFKWEHIHVWLJWH0|EHOPLWHLQHPKDQGHOVEOLFKHQ:LQNHO %DQ
GHU:DQGEHIHVWLJHQ
0DDQJDEHQGHU%LOGHULQPP
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
*HUlWXQWHU$UEHLWVSODWWH%LOG
=XU%HOIWXQJGHV*HUlWHVPXVVGHU=ZLVFKHQERGHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
$UEHLWVSODWWHDXI(LQEDXP|EHOEHIHVWLJHQ
:LUGGDV*HUlWXQWHUHLQHP.RFKIHOGHLQJHEDXWPVVHQGLHIRO
JHQGHQ0LQGHVWPDHHLQJHKDOWHQZHUGHQJHJHEHQHQIDOOVLQNOX
VLYH8QWHUNRQVWUXNWLRQ
PLQ
'
&
PLQ
PLQ
D
E
background

$XIJUXQGGHVQRWZHQGLJHQ0LQGHVWDEVWDQGHV EHUJLEWVLFKGLH
PLQGHVWH$UEHLWVSODWWHQVWlUNH D
'LH0RQWDJHDQOHLWXQJGHV.RFKIHOGHVEHDFKWHQ
*HUlWLP+RFKVFKUDQN%LOG
=XU%HOIWXQJGHV*HUlWHVPVVHQGLH=ZLVFKHQE|GHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
:HQQGHU+RFKVFKUDQN]XVlW]OLFK]XGHQ(OHPHQW5FNZlQGHQ
HLQHZHLWHUH5FNZDQGKDWPXVVGLHVHHQWIHUQWZHUGHQ
*HUlWQXUVRKRFKHLQEDXHQGDVV=XEHK|USUREOHPORVHQWQRP
PHQZHUGHQNDQQ
(FNHLQEDX%LOG
'DPLW GLH *HUlWHWU JH|IIQHW ZHUGHQ NDQQ EHLP (FNHLQEDX 0DH
&EHUFNVLFKWLJHQ'DV0D 'LVWDEKlQJLJYRQGHU'LFNHGHU
0|EHOIURQWXQWHUGHP*ULII
*HUlWHOHNWULVFKDQVFKOLHHQ
'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL
WHU$QVFKOXVVEHWULHEHQZHUGHQ
'LH$EVLFKHUXQJPXVVJHPlGHU/HLVWXQJVDQJDEHDXIGHP
7\SHQVFKLOGXQGGHQORNDOHQ9RUVFKULIWHQHUIROJHQ
%HLDOOHQ0RQWDJHDUEHLWHQPXVVGDV*HUlWVSDQQXQJVORVVHLQ
'DV*HUlWGDUIQXUPLWGHUPLWJHOLHIHUWHQ$QVFKOXVVOHLWXQJDQJH
VFKORVVHQZHUGHQ6WHFNHQ6LHGLH$QVFKOXVVOHLWXQJDQGHU*HUl
WHUFNVHLWHDQ&OLFN
(LQHP$QVFKOXVVOHLWXQJLVWEHLP.XQGHQGLHQVWHUKlOWOLFK
'LH$QVFKOXVVOHLWXQJGDUIQXUGXUFKHLQH2ULJLQDOOHLWXQJEH]LHK
EDUEHUGHQ.XQGHQGLHQVWHUVHW]WZHUGHQ
'HU%HUKUXQJVVFKXW]PXVVGXUFKGHQ(LQEDXJHZlKUOHLVWHWVHLQ
$QVFKOXVVOHLWXQJPLW6FKXW]NRQWDNW6WHFNHU
'DV *HUlW GDUI QXU DQ HLQH YRUVFKULIWVPlLJ LQVWDOOLHUWH 6FKXW]NRQ
WDNW6WHFNGRVHDQJHVFKORVVHQZHUGHQ
:HQQGHU6WHFNHUQDFKGHP(LQEDXQLFKWPHKUHUUHLFKEDULVW
PXVVLQGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQHLQH7UHQQYRU
ULFKWXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU
JHVHKHQZHUGHQ
$QVFKOXVVOHLWXQJRKQH6FKXW]NRQWDNW6WHFNHU
1XUHLQNRQ]HVVLRQLHUWHU)DFKPDQQGDUIGDV*HUlWDQVFKOLHHQ
,QGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQLVWHLQH7UHQQYRUULFK
WXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU]XVH
KHQ3KDVHXQG1HXWUDO´1XOO´/HLWHULQGHU$QVFKOXVVGRVH
LGHQWLIL]LHUHQ%HL)DOVFKDQVFKOXVVNDQQGDV*HUlWEHVFKlGLJW
ZHUGHQ
1XUQDFK$QVFKOXVVELOGDQVFKOLHHQ6SDQQXQJVLHKH7\SHQ
VFKLOG'LH$GHUQGHU1HW]DQVFKOXVVOHLWXQJHQWVSUHFKHQGGHU
)DUEFRGLHUXQJDQVFKOLHHQJUQJHOE 6FKXW]OHLWHU
<EODX
1XOO1HXWUDO/HLWHUEUDXQ 3KDVH$XHQOHLWHU
*HUlWEHIHVWLJHQ%LOG
 *HUlWJDQ]HLQVFKLHEHQXQGPLWWLJDXVULFKWHQ
 *HUlWIHVWVFKUDXEHQ
'HU6SDOW]ZLVFKHQ$UEHLWVSODWWHXQG*HUlWGDUIQLFKWGXUFK
]XVlW]OLFKH/HLVWHQYHUVFKORVVHQZHUGHQ
$Q GHQ 6HLWHQZlQGHQ GHV 8PEDXVFKUDQNHV GUIHQ NHLQH :lUPH
VFKXW]OHLVWHQDQJHEUDFKWZHUGHQ
$XVEDX
 *HUlWVSDQQXQJVORVPDFKHQ
 %HIHVWLJXQJVVFKUDXEHQO|VHQ
 *HUlWOHLFKWDQKHEHQXQGJDQ]KHUDXV]LHKHQ
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWLQIRUPDWLRQ²ILJ
7KH VDIH RSHUDWLRQ RI WKLV DSSOLDQFH FDQ RQO\ EH JXDUDQWHHG LI LW
KDV EHHQ LQVWDOOHG WR D SURIHVVLRQDO VWDQGDUG LQ DFFRUGDQFH ZLWK
WKHVH LQVWDOODWLRQ LQVWUXFWLRQV 7KH LQVWDOOHU VKDOO EH OLDEOH IRU DQ\
GDPDJHUHVXOWLQJIURPLQFRUUHFWLQVWDOODWLRQ
&KHFNWKHDSSOLDQFHIRUGDPDJHDIWHUXQSDFNLQJLW'RQRW
FRQQHFWWKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVLW
3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQVKHHWVIRULQVWDOOLQJ
DFFHVVRULHV
%HIRUH VWDUWLQJ XS WKH DSSOLDQFH UHPRYH DQ\ SDFNDJLQJ PDWHULDO
DQGDGKHVLYHILOPIURPWKHFRRNLQJFRPSDUWPHQWDQGWKHGRRU
)LWWHGXQLWVPXVWEHKHDWUHVLVWDQWXSWR&DQGDGMDFHQW
XQLWIURQWVXSWR&
'RQRWLQVWDOOWKHDSSOLDQFHEHKLQGDGHFRUDWLYHSDQHODVWKLV
SXWVWKHDSSOLDQFHDWULVNRIRYHUKHDWLQJ
$Q\FXWRXWVWKDWQHHGWREHPDGHLQWKHXQLWVVKRXOGEHPDGH
EHIRUH WKH DSSOLDQFH LV LQVWDOOHG 5HPRYH DQ\ VKDYLQJV DV WKH\
PD\SUHYHQWWKHHOHFWULFDOFRPSRQHQWVIURPZRUNLQJSURSHUO\
:HDU SURWHFWLYH JORYHV VR WKDW \RX GR QRW FXW \RXUVHOI 3DUWV WKDW
DUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUSHGJHV
)RUDSSOLDQFHVWKDWKDYHDKLQJHGVZLWFKSDQHOPDNHVXUHWKDW
WKHVZLWFKSDQHOGRHVQRWKLWDGMDFHQWNLWFKHQXQLWVZKHQ\RX
RSHQLW
7KH PDLQV VRFNHW IRU WKH DSSOLDQFH PXVW HLWKHU EH ORFDWHG LQ WKH
KDWFKHGDUHD $RURXWVLGHRIWKHDUHDZKHUHWKHDSSOLDQFHLV
LQVWDOOHG
6HFXUH DQ\ XQVHFXUHG XQLWV WR WKH ZDOO XVLQJ D VWDQGDUG EUDFNHW
%
7KHGLPHQVLRQVLQWKHILJXUHVDUHLQPP
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
$SSOLDQFHXQGHUZRUNWRS²ILJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUPXVWKDYHD
YHQWLODWLRQFXWRXW
6HFXUHWKHZRUNWRSWRWKHILWWHGXQLWV
,IWKHDSSOLDQFHLVLQVWDOOHGXQGHUDKREWKHIROORZLQJPLQLPXP
GLPHQVLRQVPXVWEHDGKHUHGWRLQFOXGLQJVXEVWUXFWXUHLI
DSSOLFDEOH
7KHPLQLPXPZRUNWRSWKLFNQHVV DLVEDVHGRQWKHUHTXLUHG
PLQLPXPFOHDUDQFH E
3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKH
KRE
.RFKIHOGDUW D
DXIJHVHW]W
D
IOlFKHQEQGLJ
E
,QGXNWLRQVNRFKIHOG PP PP PP
9ROOIOlFKHQ
,QGXNWLRQVNRFKIHOG
PP PP PP
*DVNRFKIHOG PP PP PP
(OHNWURNRFKIHOG PP PP PP
+REW\SH D
6XUIDFH
PRXQWHG
D
)OXVKPRXQWHG
E
,QGXFWLRQKRE PP PP PP
)XOOVXUIDFH
LQGXFWLRQKRE
PP PP PP
*DVKRE PP PP PP
(OHFWULFKRE PP PP PP
D
E
background

$SSOLDQFHLQDWDOOXQLW)LJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUVPXVWKDYHD
YHQWLODWLRQFXWRXW
,IWKHWDOOXQLWKDVDQRWKHUEDFNSDQHOLQDGGLWLRQWRWKHHOHPHQW
EDFNSDQHOVWKLVPXVWEHUHPRYHG
2QO\ ILW WKH DSSOLDQFH XS WR D KHLJKW ZKLFK DOORZV DFFHVVRULHV WR EH
HDVLO\UHPRYHG
&RUQHULQVWDOODWLRQ²)LJ
7RHQVXUHWKDWWKHDSSOLDQFHGRRUFDQEHRSHQHGLQDFRUQHU
LQVWDOODWLRQWDNHDFFRXQWRIGLPHQVLRQ &'LPHQVLRQ 'LV
GHSHQGHQWRQWKHWKLFNQHVVRIWKHXQLWIURQWXQGHUWKHKDQGOH
&RQQHFWLQJWKHDSSOLDQFHWRWKHHOHFWULFLW\VXSSO\
7KH DSSOLDQFH FRUUHVSRQGV WR SURWHFWLRQ FODVV DQG PXVW RQO\ EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
7KH IXVH SURWHFWLRQ PXVW FRUUHVSRQG WR WKH SRZHU UDWLQJ VSHFLILHG
RQWKHDSSOLDQFHVUDWLQJSODWHDQGWRORFDOUHJXODWLRQV
7KHDSSOLDQFHPXVWEHGLVFRQQHFWHGIURPWKHSRZHUVXSSO\
ZKHQHYHULQVWDOODWLRQZRUNLVEHLQJFDUULHGRXW
7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGZLWKWKHSRZHUFDEOH
SURYLGHG&RQQHFWWKHSRZHUFDEOHWRWKHEDFNRIWKHDSSOLDQFH
OLVWHQIRUWKHFOLFN
$PSRZHUFDEOHFDQEHREWDLQHGIURPWKHDIWHUVDOHVVHUYLFH
7KHSRZHUFDEOHPXVWRQO\EHUHSODFHGZLWKDFDEOHIURPWKH
RULJLQDOPDQXIDFWXUHUZKLFKFDQEHREWDLQHGIURPWKHDIWHUVDOHV
VHUYLFH
:KHQWKHDSSOLDQFHLVLQVWDOOHGSURWHFWLRQPXVWEHSURYLGHG
DJDLQVWDFFLGHQWDOFRQWDFWLQWKHIXWXUH
3RZHUFDEOHZLWKDSOXJZLWKHDUWKLQJFRQWDFW
7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGWRDQHDUWKLQJFRQWDFW
VRFNHWZKLFKKDVEHHQFRUUHFWO\LQVWDOOHG
,IWKHSOXJFDQQRORQJHUEHUHDFKHGDIWHUWKHLQVWDOODWLRQD
SDUWLWLRQPXVWEHSURYLGHGLQWKHSKDVHVLQWKHSHUPDQHQW
HOHFWULFDOLQVWDOODWLRQLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV
3RZHUFDEOHZLWKRXWDSOXJZLWKHDUWKLQJFRQWDFW
2QO\DOORZDOLFHQVHGSURIHVVLRQDOWRFRQQHFWWKHDSSOLDQFH
,QWKHSHUPDQHQWHOHFWULFDOLQVWDOODWLRQDSDUWLWLRQPXVWEH
SURYLGHGLQWKHSKDVHVLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV,GHQWLI\WKHSKDVHDQGQHXWUDOFRQGXFWRUVLQWKH
VRFNHW7KHDSSOLDQFHPD\EHGDPDJHGLILWLVQRWFRQQHFWHG
FRUUHFWO\
2QO\FRQQHFWWKHKREDFFRUGLQJWRWKHFRQQHFWLRQGLDJUDP6HH
WKHUDWLQJSODWHIRUWKHYROWDJH&RQQHFWWKHZLUHVRIWKHPDLQV
SRZHUFDEOHDFFRUGLQJWRWKHFRORXUFRGLQJ*UHHQ\HOORZ 3(
FRQGXFWRU
<EOXH QHXWUDOFRQGXFWRUEURZQ OLYHH[WHUQDO
FRQGXFWRU
,QGLDRQO\
3OHDVH QRWH WKH GLIIHUHQW FRORXU FRGH IRU WKH ZLULQJ *UHHQ\HOORZ
3(FRQGXFWRU
<EODFN QHXWUDOFRQGXFWRUUHG OLYHFRQGXFWRU
SKDVHFRQGXFWRU
6HFXULQJWKHDSSOLDQFH²)LJ
 )XOO\LQVHUWWKHDSSOLDQFHDQGFHQWUHLW
 6FUHZWKHDSSOLDQFHLQWRSODFH
7KHJDSEHWZHHQWKHZRUNWRSDQGDSSOLDQFHPXVWQRWEHVHDOHG
E\DGGLWLRQDOVWULSV
7KHUPDOLQVXODWLRQVWULSVPXVWQRWEHILWWHGWRWKHVLGHSDQHOVRI
WKHVXUURXQGXQLW
5HPRYDO
 'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
 8QGRWKHVHFXULQJVFUHZV
 /LIWWKHDSSOLDQFHVOLJKWO\DQGWKHQSXOOLWRXWFRPSOHWHO\
fr
Þ
1RWLFHGHPRQWDJH
&RQVLJQHVLPSRUWDQWHVILJ
6HXOHXQHLQVWDOODWLRQHIIHFWXpHVHORQFHWWHQRWLFHGHPRQWDJH
JDUDQWLWXQHXWLOLVDWLRQHQWRXWHVpFXULWp(QFDVGHGRPPDJHV
UpVXOWDQWGXQHLQVWDOODWLRQLQFRUUHFWHOLQVWDOODWHXUHVW
UHVSRQVDEOH
&RQWU{OH]OpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HOH
UDFFRUGH]SDVVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
5HVSHFWH]ODQRWLFHGHPRQWDJHSRXUOLQVWDOODWLRQGHV
DFFHVVRLUHV
$YDQWODPLVHHQVHUYLFHUHWLUH]OHPDWpULDXGHPEDOODJHHWOHV
ILOPVDGKpVLIVGXFRPSDUWLPHQWGHFXLVVRQHWVXUODSRUWH
/HV PHXEOHV GHQFDVWUHPHQW GRLYHQW UpVLVWHU j XQH WHPSpUDWXUH
MXVTXj&ODIDoDGHGHVPHXEOHVYRLVLQVMXVTXj&
1LQVWDOOH] SDV ODSSDUHLO GHUULqUH XQH SODTXH GpFRUDWLYH ,O H[LVWH
XQULVTXHGHVXUFKDXIIH
5pDOLVH] OHV WUDYDX[ GH GpFRXSH VXU OH PHXEOH DYDQW OD PLVH HQ
SODFH GH ODSSDUHLO 5HWLUH] OHV FRSHDX[ VXVFHSWLEOHV GH JrQHU OH
IRQFWLRQQHPHQWGHVFRPSRVDQWVpOHFWULTXHV
3RUWH]GHVJDQWVGHSURWHFWLRQSRXUpYLWHUGHVFRXSXUHV
&HUWDLQHV SLqFHV DFFHVVLEOHV ORUV GX PRQWDJH SHXYHQW SRVVpGHU
GHVDUrWHVFRXSDQWHV
(QFDVGDSSDUHLOVGRWpVGXQEDQGHDXGLQWHUUXSWHXUV
RULHQWDEOHDVVXUH]YRXVTXHOHEDQGHDXGLQWHUUXSWHXUVQHQWUH
SDVHQFROOLVLRQDYHFOHVPHXEOHVYRLVLQV
/DSULVHGHUDFFRUGHPHQWGHODSSDUHLOGRLWVHVLWXHUGDQVOD
]RQHGHODVXUIDFHKDFKXUpH $RXjOH[WpULHXUGHOHVSDFH
GHQFDVWUHPHQW
/HV PHXEOHV QRQ IL[pV GRLYHQW rWUH IL[pV DX PXU DX PR\HQ GXQH
pTXHUUH %XVXHOOHGXFRPPHUFH
'LPHQVLRQVLQGLTXpHVGDQVOHVLOOXVWUDWLRQVHQPP
: 3RUWHXUVGLPSODQWVpOHFWURQLTXHV
/DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
$SSDUHLOVRXVOHSODQGHWUDYDLOILJ
3RXUODYHQWLODWLRQGHODSSDUHLOOHSODQFKHULQWHUPpGLDLUHGRLW
SUpVHQWHUXQHGpFRXSHGHYHQWLODWLRQ
)L[H]OHSODQGHWUDYDLOVXUOHPHXEOHGHQFDVWUHPHQW
6LODSSDUHLOHVWHQFDVWUpVRXVXQHWDEOHGHFXLVVRQOHV
GLPHQVLRQVPLQLPDOHVVXLYDQWHVGRLYHQWrWUHUHVSHFWpHVOHFDV
pFKpDQWFRQVWUXFWLRQVXSSRUWLQFOXVH
(QUDLVRQGHODGLVWDQFHPLQLPDOHQpFHVVDLUH EOpSDLVVHXU
PLQLPDOHGXSODQGHWUDYDLOTXLHQGpFRXOHHVW D
5HVSHFWH]ODQRWLFHGHPRQWDJHGHODWDEOHGHFXLVVRQ
$SSDUHLOGDQVXQHDUPRLUHILJ
3RXUODpUDWLRQGHODSSDUHLOOHVIDX[SODQFKHUVGRLYHQWSUpVHQWHU
XQHGpFRXSHGHYHQWLODWLRQ
6LODUPRLUHSRVVqGHXQSDQQHDXDUULqUHHQSOXVGHVSDQQHDX[
DUULqUHGHVpOpPHQWVFHOXLFLGRLWrWUHHQOHYp
1LQVWDOOHUODSSDUHLOTXjXQHWHOOHKDXWHXUTXHOHVDFFHVVRLUHV
SXLVVHQWrWUHUHWLUpVVDQVSUREOqPH
(QFDVWUHPHQWDQJXODLUHILJ
$ILQGHSRXYRLURXYULUODSRUWHGHODSSDUHLOUHVSHFWHUOHVFRWHV &
HQFDVGHQFDVWUHPHQWDQJXODLUH/DFRWH 'HVWIRQFWLRQGH
OpSDLVVHXUGHODIDoDGHGXPHXEOHVRXVODSRLJQpH
7\SHGHWDEOHGH
FXLVVRQ
D
SRVp
D
DIIOHXUDQW
E
7DEOHjLQGXFWLRQ  PP  PP PP
7DEOH GH FXLVVRQ j LQ
GXFWLRQ
SOHLQHVXUIDFH
 PP  PP PP
7DEOHGHFXLVVRQDX
JD]
 PP  PP PP
7DEOHGHFXLVVRQ
pOHFWULTXH
 PP  PP PP
D
E
background

5DFFRUGHPHQWpOHFWULTXHGHODSSDUHLO
/DSSDUHLOUpSRQGjODFODVVHGHSURWHFWLRQ,HWGRLWXQLTXHPHQW
rWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
/DSURWHFWLRQSDUIXVLEOHGRLWVHIIHFWXHUFRQIRUPpPHQWj
OLQGLFDWLRQGHSXLVVDQFHVXUODSODTXHVLJQDOpWLTXHHWDX[
SUHVFULSWLRQVORFDOHV
3RXU WRXV OHV WUDYDX[ GH PRQWDJH ODSSDUHLO GRLW rWUH KRUV WHQVLRQ
/DSSDUHLOGRLWXQLTXHPHQWrWUHUDFFRUGpDXPR\HQGXFRUGRQ
GDOLPHQWDWLRQVHFWHXUIRXUQL&RQQHFWH]OHFRUGRQGDOLPHQWDWLRQ
VHFWHXUDXGRVGHODSSDUHLOFOLFVRQRUH 
8Q FRUGRQ GDOLPHQWDWLRQ VHFWHXU GH  P HVW HQ YHQWH DXSUqV GX
VHUYLFHDSUqVYHQWH
/HFRUGRQGDOLPHQWDWLRQVHFWHXUGRLWXQLTXHPHQWrWUHUHPSODFp
SDUXQFRUGRQGRULJLQHTXLSHXWrWUHFRPPDQGpDXSUqVGX
VHUYLFHDSUqVYHQWH
/D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV GRLW rWUH JDUDQWLH SDU
OHPRQWDJH
&kEOHGHUDFFRUGHPHQWDYHFILFKHDYHFWHUUH
/DSSDUHLOGRLWLPSpUDWLYHPHQWrWUHUDFFRUGpjXQHSULVHGH
FRXUDQWGHVpFXULWpLQVWDOOpHGHPDQLqUHUpJOHPHQWDLUH
6LODSULVHQHVWSOXVDFFHVVLEOHDSUqVOLQVWDOODWLRQGDQV
OLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQVOHV
SKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ
&kEOHGHUDFFRUGHPHQWVDQVILFKHDYHFWHUUH
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
'DQVOLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQV
OHVSKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ,GHQWLILH]OHFRQGXFWHXUGHSKDVHHWOHFRQGXFWHXU
QHXWUHGDQVODSULVHGHUDFFRUGHPHQW/DSSDUHLOULVTXHGrWUH
HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW
,OGRLWrWUHUDFFRUGpXQLTXHPHQWFRQIRUPpPHQWDXVFKpPDGH
UDFFRUGHPHQW3RXUODWHQVLRQUHSRUWH]YRXVjODSODTXH
VLJQDOpWLTXH 5DFFRUGH] OHV ILOV GX FkEOH GH UDFFRUGHPHQW VHFWHXU
FRQIRUPpPHQWDXFRGHGHFRXOHXUV YHUWMDXQH FRQGXFWHXUGH
SURWHFWLRQ
<EOHX QHXWUHPDUURQ SKDVHFRQGXFWHXU
H[WpULHXU
)L[HUODSSDUHLOILJ
 3RXVVHUODSSDUHLOMXVTXDXIRQGHWOHFHQWUHU
 9LVVHUODSSDUHLO
/pFDUWHQWUHOHSODQGHWUDYDLOHWODSSDUHLOQHGRLWSDVrWUHREWXUp
SDUGHVEDJXHWWHVVXSSOpPHQWDLUHV
'HVEDJXHWWHVGHSURWHFWLRQWKHUPLTXHQHGRLYHQWSDVrWUH
PRQWpHVVXUOHVSDURLVODWpUDOHVGXPHXEOHGHQFDVWUHPHQW
'pSRVH
 0HWWUHODSSDUHLOKRUVWHQVLRQ
 'HVVHUUHUOHVYLVGHIL[DWLRQ
 6RXOHYHUOpJqUHPHQWODSSDUHLOHWOHUHWLUHUFRPSOqWHPHQW
it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL)LJXUD
/XWLOL]]RVLFXURYLHQHJDUDQWLWRVRORVHLOPRQWDJJLRqVWDWR
HIIHWWXDWR LQ PRGR FRUUHWWR VHFRQGR OH SUHVHQWL LVWUX]LRQL ,Q FDVR
GL GDQQL GRYXWL D XQ PRQWDJJLR VFRUUHWWR OD UHVSRQVDELOLWj ULFDGH
VXFKLKDPRQWDWRODSSDUHFFKLR
&RQWUROODUHODSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL
IRVVHUR YHULILFDWL GDQQL GD WUDVSRUWR QRQ FROOHJDUH ODSSDUHFFKLR
2VVHUYDUHODJXLGDGLPRQWDJJLRSHULFRPSRQHQWLGHJOL
DFFHVVRUL
5LPXRYHUHLOPDWHULDOHGLLPEDOODJJLRHODSHOOLFRODDGHVLYDGDO
YDQRFRWWXUDHGDOORVSRUWHOORSULPDGHOODPHVVDLQIXQ]LRQH
,PRELOLGDLQFDVVRGHYRQRHVVHUHWHUPRVWDELOLILQRDXQD
WHPSHUDWXUDSDULD&HLPRELOLDGLDFHQWLILQRD&
1RQPRQWDUHODSSDUHFFKLRGLHWURDXQSDQQHOORGHFRUDWLYR
6XVVLVWHLOSHULFRORGLVXUULVFDOGDPHQWR
&RPSOHWDUHLODYRULGLWDJOLRVXOPRELOHSULPDGHOOLQVHULPHQWR
GHOODSSDUHFFKLR5LPXRYHUHLWUXFLROLLQTXDQWRSRVVRQR
SUHJLXGLFDUHLOIXQ]LRQDPHQWRGHLFRPSRQHQWLHOHWWULFL
,QGRVVDUHJXDQWLSURWHWWLYLSHUHYLWDUHGLSURFXUDUVLIHULWHGD
WDJOLR3DUWLFKHUHVWDQRVFRSHUWHGXUDQWHLOPRQWDJJLRSRVVRQR
HVVHUHDSSXQWLWH
,QFDVRGLDSSDUHFFKLFRQSDQQHOORGHLFRPDQGLRULHQWDELOH
SUHVWDUHDWWHQ]LRQHDIILQFKpTXHVWXOWLPRQRQXUWLLPRELOL
FRQWLJXLGXUDQWHODIDVHGLHVWUD]LRQH
/DSUHVDGLFROOHJDPHQWRGHOODSSDUHFFKLRGHYHWURYDUVL
DOOLQWHUQRGHOODUHDWUDWWHJJLDWD $RDOOHVWHUQRGHOODUHDGL
LQFDVVR
)LVVDUHLOPRELOHDOODSDUHWHFRQXQDQJRODUH %GLVSRQLELOHLQ
FRPPHUFLR
1HOOHILJXUHOHPLVXUHVRQRHVSUHVVHLQPP
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
$SSDUHFFKLRVRWWRLOSLDQRGLODYRURILJXUD
3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
)LVVDUHLOSLDQRGLODYRURDOPRELOHGDLQFDVVR
6HODSSDUHFFKLRYLHQHLQFDVVDWRVRWWRXQSLDQRFRWWXUDYDQQR
ULVSHWWDWHOHVHJXHQWLPLVXUHPLQLPHHYHQWXDOPHQWHLQFOXVD
VRWWRVWUXWWXUD
6XOODEDVHGHOODGLVWDQ]DPLQLPDQHFHVVDULD EULVXOWDORVSHVVRUH
PLQLPRGHOSLDQRGLODYRUR D
5LVSHWWDUHOHLVWUX]LRQLSHULOPRQWDJJLRGHOSLDQRFRWWXUD
$SSDUHFFKLRLQXQPRELOHDOWR)LJXUD
3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
6HROWUHDLSDQQHOOLSRVWHULRULGHOOHOHPHQWRXQPRELOHDOWRKDXQ
XOWHULRUHSDQQHOORSRVWHULRUHTXHVWXOWLPRGHYHHVVHUHULPRVVR
0RQWDUHODSSDUHFFKLRDXQDOWH]]DWDOHGDSRWHUSUHOHYDUHJOL
DFFHVVRULVHQ]DSUREOHPL
0RQWDJJLRDQJRODUH)LJXUD
3HU SHUPHWWHUH ODSHUWXUD GHOOD SRUWD WHQHUH FRQWR GHOOD PLVXUD GHO
PRQWDJJLRDQJRODUH &/DPLVXUD 'GLSHQGHGDOORVSHVVRUHGHO
IURQWDOHGHOPRELOHVRWWRODPDQLJOLD
&ROOHJDPHQWRHOHWWULFRGHOODSSDUHFFKLR
/DSSDUHFFKLR DSSDUWLHQH DOOD FODVVH GL SURWH]LRQH , HG q LQ JUDGR
GLIXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
/DSURWH]LRQHDYYLHQHVHFRQGROLQGLFD]LRQHGLSRWHQ]DVXOOD
WDUJKHWWDGLLGHQWLILFD]LRQHHQHOULVSHWWRGHOOHGLVSRVL]LRQLORFDOL
'XUDQWHWXWWHOHRSHUD]LRQLGLPRQWDJJLRODSSDUHFFKLRGHYH
HVVHUHVHQ]DWHQVLRQH
$OODFFLDUH ODSSDUHFFKLR HVFOXVLYDPHQWH PHGLDQWH LO FDYR IRUQLWR LQ
GRWD]LRQH&ROOHJDUHLOFDYRGLDOLPHQWD]LRQHDOODSDUWHSRVWHULRUH
GHOODSSDUHFFKLRFOLF
ËSRVVLELOHULFKLHGHUHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFDXQ
FDYRGLDOLPHQWD]LRQHGLP
6RVWLWXLUHLOFDYRGLDOLPHQWD]LRQHXQLFDPHQWHFRQXQFDYR
RULJLQDOHGLVSRQLELOHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFD
/DSURWH]LRQHGDFRQWDWWRGHYHHVVHUHJDUDQWLWDWUDPLWHLO
PRQWDJJLR
7LSRGLSLDQRFRWWX
UD
D
ULDO]DWR
D
DILOR
E
3LDQRFRWWXUDDLQGX
]LRQH
PP PP PP
3LDQRFRWWXUDFRQ
VLVWHPDDLQGX]LRQH
VXOOLQWHUDVXSHUILFLH
PP PP PP
3LDQRFRWWXUDDJDV PP PP PP
3LDQR FRWWXUD HOHWWULFR PP PP PP
D
E
background

&DYRGLFROOHJDPHQWRFRQVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/DSSDUHFFKLRSXzHVVHUHFROOHJDWRVRODPHQWHDXQDSUHVDFRQ
PHVVDDWHUUDLQVWDOODWDVHFRQGROHLVWUX]LRQL
6HGRSRLOPRQWDJJLRODVSLQDQRQqSLUDJJLXQJLELOHGXUDQWHOD
SRVDILVVDGHOOLQVWDOOD]LRQHHOHWWULFDSUHYHGHUHXQGLVSRVLWLYRGL
VHSDUD]LRQHQHOOHIDVLVHJXHQWLDOODGHWHUPLQD]LRQH
GHOODOOHVWLPHQWR
&DYRGLFROOHJDPHQWRVHQ]DVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRSXzHVVHUHHIIHWWXDWRVRORGDXQ
WHFQLFRDXWRUL]]DWR
'XUDQWH OD SRVD ILVVD GHOOLQVWDOOD]LRQH HOHWWULFD q GD SUHYHGHUH XQ
GLVSRVLWLYRGLVHSDUD]LRQHQHOOHIDVLFRQIRUPHPHQWHDOOH
GLVSRVL]LRQLGHOODOOHVWLPHQWR1HOODSUHVDGLFROOHJDPHQWR
LQGLYLGXDUHXQFRQGXWWRUHGLIDVHHXQRQHXWUR´]HURµ8Q
DOODFFLDPHQWRVFRUUHWWRGHOODSSDUHFFKLRSXzFRPSRUWDUQHLO
GDQQHJJLDPHQWR
$WWHQHUVLVHPSUHDOORVFKHPDGLDOODFFLDPHQWR3HUODWHQVLRQH
YHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH&ROOHJDUHLILOLGHOFDYRGL
FROOHJDPHQWRDOODUHWHHOHWWULFDULVSHWWDQGRLFRORULYHUGHJLDOOR
FRQGXWWRUHGLWHUUD
<EOX ]HURFRQGXWWRUHQHXWURPDUURQH
IDVHFRQGXWWRUHHVWHUQR
)LVVDJJLRGHOODSSDUHFFKLR)LJXUD
 ,QVHULUHODSSDUHFFKLRILQRLQIRQGRHFHQWUDUOR
 )LVVDUHODSSDUHFFKLRFRQOHYLWL
1RQFKLXGHUHORVSD]LRWUDLOSLDQRGLODYRURHODSSDUHFFKLRFRQ
XOWHULRULOLVWHOOL
6XOOHSDUHWLODWHUDOLGHOPRELOHQRQGHYHHVVHUHFROORFDWRDOFXQ
OLVWHOORGLLVRODPHQWRWHUPLFR
6PRQWDJJLR
 6FROOHJDUHODSSDUHFFKLR
 6YLWDUHOHYLWLGLILVVDJJLR
 6ROOHYDUHOHJJHUPHQWHODSSDUHFFKLRHGHVWUDUORFRPSOHWDPHQWH
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ$IE
$OOHHQDOVGHLQERXZRSGHVNXQGLJHZLM]HHQFRQIRUPGLW
LQVWDOODWLHYRRUVFKULIWZRUGWXLWJHYRHUGLVGHYHLOLJKHLGELMKHW
JHEUXLN JHJDUDQGHHUG 'H PRQWHXU LV DDQVSUDNHOLMN YRRU VFKDGH
DOVJHYROJYDQHHQYHUNHHUGHLQERXZ
&RQWUROHHUKHWDSSDUDDWQDKHWXLWSDNNHQ1LHWDDQVOXLWHQLQ
JHYDOYDQWUDQVSRUWVFKDGH
%LMGHLQERXZYDQDFFHVVRLUHVGLHQWX]LFKWHKRXGHQDDQGH
EHVFKULMYLQJLQGHPRQWDJHEODGHQ
9RRUKHWHHUVWHJHEUXLNYHUSDNNLQJVPDWHULDDOHQSODNIROLH
YHUZLMGHUHQXLWGHELQQHQUXLPWHHQYDQGHGHXU
,QERXZPHXEHOVGLHQHQEHVWDQGWH]LMQWHJHQHHQWHPSHUDWXXU
YDQPD[LPDDO&DDQJUHQ]HQGHYRRU]LMGHQYDQPHXEHOV
WHJHQHHQWHPSHUDWXXUYDQPD[LPDDO&
+HW DSSDUDDW QLHW LQERXZHQ DFKWHU HHQ GHFRUSODDW 'DQ EHVWDDW
HUJHYDDUYDQRYHUYHUKLWWLQJ
8LWVQLMGLQJVZHUN]DDPKHGHQDDQKHWPHXEHOXLWYRHUHQYRRUGDW
KHW DSSDUDDW ZRUGW JHSODDWVW 6SDQHQ YHUZLMGHUHQ GH]H NXQQHQ
LQYORHGKHEEHQRSGHZHUNLQJYDQHOHNWULVFKHFRPSRQHQWHQ
'UDDJZHUNKDQGVFKRHQHQWHUYRRUNRPLQJYDQVQLMZRQGHQ
2QGHUGHOHQGLHWLMGHQVGHPRQWDJHWRHJDQNHOLMN]LMQNXQQHQ
VFKHUSHUDQGHQKHEEHQ
/HW HU ELM DSSDUDWHQ PHW HHQ GUDDLEDDU VFKDNHOIURQW RS GDW GLW ELM
KHWQDDUEXLWHQNRPHQJHHQDDQJUHQ]HQGHPHXEHOVUDDNW
'HFRQWDFWGRRVYDQKHWDSSDUDDWGLHQW]LFKLQKHWJHELHGYDQ
KHWJHDUFHHUGHYODN $RIEXLWHQGHLQERXZUXLPWHWHEHYLQGHQ
1LHWEHYHVWLJGHPHXEHOVPHWHHQJHEUXLNHOLMNHLQGHKDQGHO
YHUNULMJEDUHKDDN %DDQGHZDQGEHYHVWLJHQ
0DDWDDQGXLGLQJHQYDQGHDIEHHOGLQJHQLQPP
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
$SSDUDDWRQGHUZHUNEODG$IE
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQWKHW
WXVVHQVFKRWWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:HUNEODGEHYHVWLJHQRSKHWLQERXZPHXEHO
:RUGWKHWDSSDUDDWRQGHUHHQNRRNSODDWLQJHERXZGGDQPRHWHQ
GHYROJHQGHPLQLPDOHDIPHWLQJHQLQDFKWZRUGHQJHQRPHQ
HYHQWXHHOLQFOXVLHIRQGHUERXZ
2SEDVLVYDQGHYHUHLVWHPLQLPDOHDIVWDQG ELVGHPLQLPDOHGLNWH
YDQKHWZHUNEODG D
+RXGXDDQKHWLQVWDOODWLHYRRUVFKULIWYRRUGHNRRNSODDW
$SSDUDDWLQERYHQNDVW$IEHHOGLQJ
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQHQGH
WXVVHQVFKRWWHQWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:DQQHHUGHERYHQNDVWQDDVWGHHOHPHQWDFKWHUZDQGHQQRJHHQ
DFKWHUZDQGKHHIWGLHQWGH]HYHUZLMGHUGWHZRUGHQ
+HWDSSDUDDWQLHWWHKRRJLQERXZHQ]RGDWGHWRHEHKRUHQHU
]RQGHUSUREOHHPXLWJHQRPHQNXQQHQZRUGHQ
+RHNLQERXZ$IE
2PHUYRRUWH]RUJHQGDWGHGHXUYDQKHWDSSDUDDWNDQZRUGHQ
JHRSHQGGLHQWX]LFKELMGHKRHNLQERXZWHKRXGHQDDQGH
DIPHWLQJHQ &$IPHWLQJ 'LVDIKDQNHOLMNYDQGHGLNWHYDQKHW
PHXEHOIURQWRQGHUGHJUHHS
$SSDUDDWHOHNWULVFKDDQVOXLWHQ
+HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH ,HQPDJDOOHHQPHW
HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
'H]HNHULQJGLHQWLQRYHUHHQVWHPPLQJWH]LMQPHWGH
YHUPRJHQVRSJDYHRSKHWW\SHSODDWMHHQGHORNDOHYRRUVFKULIWHQ
%LM DOOH PRQWDJHZHUN]DDPKHGHQ GLHQW KHW DSSDUDDW VSDQQLQJVORRV
WH]LMQ
+HWDSSDUDDWPDJDOOHHQPHWGHPHHJHOHYHUGHDDQVOXLWNDEHO
ZRUGHQDDQJHVORWHQ6WHHNGHVWHNNHUYDQGHDDQVOXLWNDEHOLQGH
DFKWHUNDQWYDQKHWDSSDUDDWNOLN
%LMGHVHUYLFHGLHQVWLVHHQPDDQVOXLWNDEHOYHUNULMJEDDU
'H DDQVOXLWNDEHO PDJ DOOHHQ ZRUGHQ YHUYDQJHQ GRRU HHQ RULJLQHOH
NDEHOGLHYHUNULMJEDDULVELMGHVHUYLFHGLHQVW
'HEHVFKHUPLQJWHJHQDDQUDNLQJGLHQWGRRUGHLQERXZWH]LMQ
JHZDDUERUJG
$DQVOXLWNDEHOPHWJHDDUGHVWHNNHU
+HWDSSDUDDWPDJDOOHHQRSHHQJHDDUGHFRQWDFWGRRVZRUGHQ
DDQJHVORWHQGLHYROJHQVGHYRRUVFKULIWHQLVJHwQVWDOOHHUG
:DQQHHUGHVWHNNHUQDGHLQERXZQLHWPHHUWRHJDQNHOLMNLVPRHW
GHJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU
$DQVOXLWNDEHO]RQGHUJHDDUGHVWHNNHU
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
'HJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHGLHQWYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU)DVHHQQHXWUDDOQXOOHLGHULQKHWVWRSFRQWDFW
LGHQWLILFHUHQ%LMHHQYHUNHHUGHDDQVOXLWLQJNDQKHWDSSDUDDW
ZRUGHQEHVFKDGLJG
7\SHNRRNSODDW D
RSERXZ
D
YODNJHPRQWHHU
GH
E
PHWGRRUORSHQG
NRRNRSSHUYODN
PP PP PP
LQGXFWLHNRRNSODDW
PHWGRRUORSHQG
NRRNRSSHUYODN
PP PP PP
*DVNRRNSODDW PP PP PP
(OHNWULVFKHNRRNSODDW PP PP PP
D
E
background

$OOHHQDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD'HVSDQQLQJVWDDW
YHUPHOGRSKHWW\SHSODDWMH'HDGHUVYDQGHKRRIGOHLGLQJ
QHWDDQVOXLWLQJ DDQVOXLWHQ YROJHQV GH NOHXUFRGHULQJ JURHQJHHO
DDUGOHLGLQJ
<EODXZ QXOQHXWUDDOOHLGLQJEUXLQ IDVH
EXLWHQOHLGLQJ
$SSDUDDWEHYHVWLJHQ$IE
 $SSDUDDWYROOHGLJLQVFKXLYHQHQFHQWULVFKXLWULFKWHQ
 $SSDUDDWYDVWVFKURHYHQ
'H VSOHHW WXVVHQ ZHUNEODG HQ DSSDUDDW PDJ QLHW GRRU H[WUD OLMVWHQ
ZRUGHQDIJHVORWHQ
$DQGH]LMZDQGHQYDQGHRPERXZNDVWPRJHQJHHQ
LVRODWLHSURILHOHQZRUGHQDDQJHEUDFKW
'HPRQWDJH
 0DDNKHWDSSDUDDWVSDQQLQJVORRV
 %HYHVWLJLQJVVFKURHYHQORVGUDDLHQ
 +HWWRHVWHOOLFKWRSWLOOHQHQKHOHPDDOQDDUEXLWHQWUHNNHQ
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJHRSO\VQLQJHUILJXU
.XQ YHG NRUUHNW LQGE\JQLQJ LKW GHQQH PRQWHULQJVDQYLVQLQJ NDQ
GHUJDUDQWHUHVIRUVLNNHUDQYHQGHOVHDIDSSDUDWHW0RQW¡UHQ
KIWHUIRUVNDGHUVRPVN\OGHVXNRUUHNWLQGE\JQLQJ
.RQWUROOHUDSSDUDWHWQnUGHWHUSDNNHWXG$SSDUDWHWPnLNNH
WLOVOXWWHVKYLVGHWKDUWUDQVSRUWVNDGHU
)¡OJDQYLVQLQJHUQHLPRQWDJHEODGHQHYHGULQGE\JQLQJDI
WLOEHK¡UVGHOH
)MHUQ HPEDOODJHPDWHULDOH RJ NOEHIROLH IUD RYQUXPPHW RJ G¡UHQ
LQGHQLEUXJWDJQLQJHQ
,QGE\JQLQJVVNDEHVNDOYUHWHPSHUDWXUEHVWDQGLJHRSWLO&
RJIURQWHUSnWLOVW¡GHQGHVNDEHRSWLO&
$SSDUDWHWPnLNNHLQGE\JJHVEDJHWGHNRUDWLRQVSDQHO)DUH
VRPI¡OJHDIRYHURSKHGQLQJ
8GVNULQJHUQHLLQGE\JQLQJVVNDEHQHVNDOXGI¡UHVLQGHQ
DSSDUDWHW VWWHV Sn SODGV )MHUQ VSnQHU IRUGL GH NDQ IRUULQJH GH
HOHNWULVNHNRPSRQHQWHUVIXQNWLRQ
%UXJEHVN\WWHOVHVKDQGVNHUIRUDWXQGJnVQLWVnU'HUNDQYUH
GHOHPHGVNDUSHNDQWHUVRPHUWLOJQJHOLJHXQGHUPRQWDJHQ
9HGDSSDUDWHUPHGGUHMHOLJWIURQWSDQHOPnIURQWSDQHOHWLNNH
NXQQHNROOLGHUHPHGGHWLOVW¡GHQGHN¡NNHQHOHPHQWHUQnUGHW
GUHMHVXG
.RQWDNWHQKYRUDSSDUDWHWWLOVOXWWHVVNDOYUHSODFHUHWLQGHQIRU
GHWVNUDYHUHGHRPUnGH $HOOHUXGHQIRULQGE\JQLQJVUXPPHW
,NNHIDVWJMRUWHN¡NNHQVNDEHVNDOIDVWJ¡UHVWLOYJJHQPHGHW
DOPLQGHOLJWYLQNHOEHVODJ %
0nOHQHSnWHJQLQJHUQHHUDQJLYHWLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
$SSDUDWXQGHUERUGSODGHILJXU
'HUVNDOYUHHQXGVNULQJLPHOOHPEXQGHQWLOYHQWLODWLRQDI
DSSDUDWHW
)DVWJ¡UERUGSODGHQWLON¡NNHQHOHPHQWHUQH
+YLVDSSDUDWHWEOLYHULQGE\JJHWXQGHUHQNRJHVHNWLRQVNDO
I¡OJHQGHPLQLPXPDIVWDQGHRYHUKROGHVHYHQWXHOWLQNOXVLYHHQ
XQGHUNRQVWUXNWLRQ
'HQQ¡GYHQGLJHPLQLPXPDIVWDQG EEHVWHPPHUGHQPLQGVWH
ERUGSODGHW\NNHOVH D
)¡OJDQYLVQLQJHUQHLPRQWHULQJVYHMOHGQLQJHQIRUNRJHVHNWLRQHQ
$SSDUDWLK¡MVNDEILJXU
,QGE\JQLQJVVNDEHWVPHOOHPEXQGHVNDOKDYHXGVNULQJHUWLO
YHQWLODWLRQ
+YLVK¡MVNDEHWXGRYHUHOHPHQWEDJYJJHQKDUHQGQXHQ
EDJYJVNDOGHQIMHUQHV
$SSDUDWHWPnLNNHLQGE\JJHVK¡MHUHRSSHHQGDWWLOEHK¡UHWNDQ
WDJHVXGXGHQSUREOHPHU
+M¡UQHLQGE\JQLQJILJXU
9HGKM¡UQHLQGE\JQLQJVNDOPnOHQH 'RYHUKROGHVIRUDWDSSDUDWHW
G¡UVNDONXQQHnEQHV0nOHW 'DIKQJHUDIP¡EHOIURQWHQV
W\NNHOVHXQGHUKnQGWDJHW
(OHNWULVNWLOVOXWQLQJ
$SSDUDWHWHUNODVVLILFHUHWLEHVN\WWHOVHVNODVVH ,RJPnNXQ
DQYHQGHVPHGVLNNHUKHGVMRUGIRUELQGHOVH
$IVLNULQJHQVNDOXGI¡UHVLKHQKROGWLOGHWDQJLYQHHIIHNWIRUEUXJSn
W\SHVNLOWHWRJGHORNDOHIRUVNULIWHU
$SSDUDWHWVNDOYUHXGHQHOHNWULVNVSQGLQJYHGDOOHIRUPHUIRU
PRQWDJHDUEHMGH
$SSDUDWHWPnNXQWLOVOXWWHVPHGGHQOHYHUHGHWLOVOXWQLQJVOHGQLQJ
6WLNWLOVOXWQLQJVOHGQLQJHQLQGSnEDJVLGHQDIDSSDUDWHWNOLN
'HUNDQInVHQWLOVOXWQLQJVOHGQLQJSnPKRVNXQGHVHUYLFH
7LOVOXWQLQJVOHGQLQJHQPnNXQXGVNLIWHVPHGHQRULJLQDO
WLOVOXWQLQJVOHGQLQJVRPNDQEHVWLOOHVYLDNXQGHVHUYLFH
,QGE\JQLQJHQVNDO\GHEHU¡ULQJVEHVN\WWHOVH
7LOVOXWQLQJVOHGQLQJPHGVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVWLOHQNRUUHNWLQVWDOOHUHW
VLNNHUKHGVVWLNNRQWDNW
+YLVVWLNNHWLNNHHUWLOJQJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQYUHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
7LOVOXWQLQJVOHGQLQJXGHQVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
9HGHQIDVWHOHNWULVNLQVWDOODWLRQVNDOGHUYUHPRQWHUHWHQ
DIEU\GHUDQRUGQLQJSnIDVHUQHLKHQKROGWLO
LQVWDOODWLRQVEHVWHPPHOVHUQH,GHQWLILFHUIDVHRJQXOOHGHUL
WLOVOXWQLQJVGnVHQ+YLVDSSDUDWHWWLOVOXWWHVIRUNHUWNDQGHWEOLYH
EHVNDGLJHW
0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW9HGUVSQGLQJVH
W\SHVNLOW7LOVOXWQHWWLOVOXWQLQJVOHGQLQJHQVOHGHUHLKW
IDUYHPDUNHULQJHQ JU¡QJXO EHVN\WWHOVHVOHGHU
< EOn QXOOHGHU
EUXQ IDVH\GHUOHGHU
.XQIRU'DQPDUN
$SSDUDWHURSWLOPDNV N: $VHW\SHVNLOW
, 'DQPDUN HU DSSDUDWHW NXQ JRGNHQGW WLO EUXJ L IRUELQGHOVH PHG HQ
VWLNNRQWDNWW\SH(+YLVGHUNXQILQGHVHQVWLNNRQWDNWW\SH.Sn
WLOVOXWQLQJVVWHGHWVNDODSSDUDWHWWLOVOXWWHVPHGHQHJQHWDGDSWHU
.XQSnGHQQHPnGHNDQGHWVLNUHVDWDSSDUDWHWEOLYHUNRUUHNW
MRUGIRUEXQGHW'HQQHDGDSWHUNDQInVYLDNXQGHVHUYLFH
UHVHUYHGHOVQUHOOHUVRPHNVWUDWLOEHK¡U
D
E
7\SHNRJHVHNWLRQ D
3nVDW
D
3ODQPRQWHUHW
E
,QGXNWLRQVNRJHVHNWL
RQ
PP PP PP
)XOGIODGH
LQGXNWLRQVNRJHVHNWL
RQ
PP PP PP
*DVNRJHVHNWLRQ PP PP PP
(ONRJHVHNWLRQ PP PP PP
background

+YLVVWLNNHWLNNHHUWLOJQJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQYUHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
$SSDUDWHURYHU N: $VHW\SHVNLOW
$SSDUDWHWPnLNNHWLOVOXWWHVPHGVWLNNHWWLO
VLNNHUKHGVVWLNNRQWDNWHQ'HUHUIDUHIRUHOHNWULVNVW¡G$SSDUDWHW
Pn NXQ WLOVOXWWHV PHG HQ IDVW WLOVOXWQLQJ VRP NXQ Pn XGI¡UHV DI HQ
DXWRULVHUHWIDJPDQG
)DVWJ¡UHDSSDUDWILJXU
 6N\GDSSDUDWHWKHOWLQGRJFHQWUHUGHW
 6NUXDSSDUDWHWIDVW
6SDOWHQPHOOHPERUGSODGHRJDSSDUDWPnLNNHOXNNHVPHGHNVWUD
OLVWHU
'HUPnLNNHSODFHUHVOLVWHUWLOYDUPHEHVN\WWHOVHSn
LQGE\JQLQJVVNDEHWVVLGHYJJH
$IPRQWHULQJ
 6¡UJIRUDWDSSDUDWHWHUXGHQVSQGLQJ
 6NUXPRQWHULQJVVNUXHUQHXG
 /¡IWDSSDUDWHWOLGWRJWUNGHWKHOWXG
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDUELOG
6lNHUDQYlQGQLQJI|UXWVlWWHUSURIIVLJPRQWHULQJHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UVNDGRUVRP
XSSVWnUSnJUXQGDYIHODNWLJLQE\JJQDG
.RQWUROOHUDHQKHWHQHIWHUXSSDFNQLQJ$QVOXWLQWHHQKHWHQRP
GHQKDUWUDQVSRUWVNDGRU
)|OMPRQWHULQJVEODGHQI|UWLOOEHK|UVPRQWHULQJ
7D ERUW I|USDFNQLQJVPDWHULDO RFK VN\GGVIROLHU IUnQ XJQVXWU\PPH
RFKOXFNDI|UHDQYlQGQLQJ
6WRPPDUQDVNDWnODWHPSHUDWXUHUXSSWLOO&OXFNRURFK
OnGIURQWHULQWLOOXSSWLOO&
0RQWHUDLQWHHQKHWHQEDNRPGHNRUSDQHO5LVNI|U|YHUKHWWQLQJ
*|UXUWDJHQLVWRPPDUQDLQQDQGXVlWWHULHQKHWHQ7DERUW
VSnQHQGHNDQSnYHUNDHONRPSRQHQWHUQDVIXQNWLRQ
$QYlQGVN\GGVKDQGVNDUVnXQGYLNHUGXVNlUVNDGRU'X
NRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU
6H WLOO Vn DWW IURQWHQ LQWH JnU HPRW DQJUlQVDQGH VWRPPDU QlU GHQ
nNHUXWSnHQKHWHUPHGIlOOEDUIURQW
9lJJXWWDJHWI|UDQVOXWQLQJHQPnVWHVLWWDLQRPRPUnGHW $HOOHU
XWDQI|ULQE\JJQDGVXWU\PPHW
)lVWO|VDVWRPPDUPHGYDQOLJDP|EHOYLQNODU %PRWYlJJHQ
$OODELOGPnWWlULPP
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(QKHWXQGHUElQNVNLYDELOG
+\OOSODQHWVNDKDHWWYHQWLODWLRQVXUWDJVnDWWHQKHWHQEOLU
YHQWLOHUDG
)lVWElQNVNLYDQLVWRPPHQ
,QE\JJQDGXQGHUKlOONUlYHUDWWGXKnOOHUI|OMDQGHPLQLPLPnWWHY
LQNOXVLYHVWRPPH
1|GYlQGLJWPLQLPLDYVWnQG EJHUPLQElQNVNLYWMRFNOHN D
)|OMKlOOHQVPRQWHULQJVDQYLVQLQJ
(QKHWLK|JVNnSELOG
+\OOSODQHQVNDKDYHQWLODWLRQVXUWDJI|UHQKHWHQ
)LQQV GHW I|UXWRP HOHPHQWEDNVLGRUQD lYHQ U\JJ Sn K|JVNnSHW Vn
PnVWHGXWDERUWGHQ
0RQWHUDLQWHHQKHWHQK|JUHlQDWWGXVPLGLJWNDQWDXUWLOOEHK|U
+|UQPRQWHULQJELOG
7DKlQV\QWLOOPnWW &VnDWWOXFNDQWLOOHQKHWHQJnUDWW|SSQDYLG
K|UQPRQWHULQJ0nWW 'lUREHURHQGHDYIURQWWMRFNOHNHQXQGHU
EHVODJHW
(ODQVOXWDHQKHWHQ
(QKHWHQKDUVN\GGVNODVV,RFKVNDKDMRUGDGHODQVOXWQLQJ
$YVlNUDHQOLJWDQJLYHQHIIHNWSnW\SVN\OWHQRFKORNDODI|UHVNULIWHU
(QKHWHQVNDYDUDVSlQQLQJVO|VYLGDOOVODJVPRQWHULQJ
$QVOXWEDUDHQKHWHQPHGGHQPHGI|OMDQGHVODGGHQ6lWWL
NRQWDNWHQVQlSSHUIDVWSnHQKHWHQVEDNVLGD
'HWJnUDWWEHVWlOODPVODGGKRVVHUYLFH
'XInUEDUDE\WDXWVODGGHQPRWRULJLQDOVODGGVRPGXEHVWlOOHUDY
VHUYLFH
,QVWDOODWLRQHQPnVWHJHHWWIXOOJRWWSHWVN\GG
6ODGGPHGMRUGDGNRQWDNW
'XInUEDUDDQVOXWDHQKHWHQWLOOUlWWLQVWDOOHUDGHMRUGDGHHOXWWDJ
2PGHWLQWHJnUDWWQnNRQWDNWHQHIWHULQE\JJQDGVnPnVWHGHQ
IDVWDLQVWDOODWLRQHQKDHQIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
$QVOXWQLQJVNDEHOXWDQMRUGDGNRQWDNW
'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUHODQVOXWDHQKHWHQ
)DVWLQVWDOODWLRQNUlYHUIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
,GHQWLILHUDIDVRFKQHXWUDOOHGDUHQROODLNRSSOLQJVGRVDQ
)HODQVOXWQLQJNDQVNDGDHQKHWHQ
'XInUEDUDDQVOXWDHQOLJWHOVFKHPDW6SlQQLQJVHW\SVN\OWHQ
$QVOXWOHGDUQDLHODQVOXWQLQJHQHQOLJWIlUJPlUNQLQJHQJU|QJXO
MRUGOHGDUH
<EOn QROODQHXWUDOOHGDUHEUXQ IDVIDVOHGDUH
)lVWDHQKHWHQELOG
 6NMXWLQHQKHWHQKHOWRFKFHQWUHUDGHQ
 6NUXYDIDVWHQKHWHQ
6HWLOOVnDWWLQWHDQGUDOLVWHUWlFNHUVSDOWHQPHOODQElQNVNLYDRFK
HQKHW
'HWInULQWHVLWWDQnJUDWHUPRVN\GGVOLVWHUSnVLGRYlJJDUQDL
RPE\JJQDGVVWRPPHQ
'HPRQWHULQJ
 *|UHQKHWHQVSlQQLQJVO|V
 /RVVDIlVWVNUXYDUQD
 /\IWHQKHWHQQnJRWRFKGUDVHGDQXWGHQKHOWRFKKnOOHW
7\SH(
7\SH.
+lOOW\S D
RYDQSnOLJ
JDQGH
D
LQIlOOGPRQWH
ULQJ
E
LQGXNWLRQVKlOO PP PP PP
+HOWlFNDQGH
LQGXNWLRQVKlOO
PP PP PP
*DVKlOO PP PP PP
(OKlOO PP PP PP
D
E
background

no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU²ELOGH
6LNNHUEUXNJDUDQWHUHVEDUHYHGNRUUHNWPRQWHULQJLKHQKROGWLO
GHQQHPRQWHULQJVDQYLVQLQJHQ0RQW¡UHQVWnUDQVYDUOLJIRU
VNDGHUVRPRSSVWnUSJDIHLOPRQWHULQJ
.RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO
DSSDUDWHWKYLVGHWHUEOLWWVNDGHWXQGHUWUDQVSRUW
)¡OJYHLOHGQLQJHQYHGPRQWHULQJDYWLOEHK¡U
)MHUQDOOHPEDOODVMHIUDRYQVURPPHWRJDSSDUDWG¡UHQI¡U
DSSDUDWHWWDVLEUXN
,QQE\JJLQJVPRGXOHUPnWnOHWHPSHUDWXUHUSnLQQWLO&RJ
HOHPHQWIURQWHULRPUnGHWPnWnOHLQQWLO&
$SSDUDWHWPnLNNHPRQWHUHVEDNS\QWHGHNVHO'HWHUIDUHIRU
RYHURSSKHWLQJ
8WVNMULQJHU L NM¡NNHQHOHPHQWHU Pn XWI¡UHV I¡U DSSDUDWHW VHWWHV
Sn SODVV )MHUQ VSRQ 9LUNHPnWHQ WLO GH HOHNWULVNH NRPSRQHQWHQH
NDQSnYLUNHV
%UXNYHUQHKDQVNHUIRUnXQQJnNXWWVNDGHU'HOHUVRPHU
WLOJMHQJHOLJHXQGHUPRQWHULQJNDQKDVNDUSHNDQWHU
3nDSSDUDWHUPHGXWVYLQJEDUWEU\WHUSDQHOPnGXSDVVHSnDW
EU\WHUSDQHOHWLNNHNROOLGHUHUPHGWLOJUHQVHQGHP¡EOHUQnUGHW
VYLQJHVXW
9HJJXWWDNIRUDSSDUDWHWPnOLJJHLRPUnGHWYHGGHQVNUDYHUWH
IODWHQ $HOOHUXWHQIRULQQE\JJLQJVRPUnGHW
.M¡NNHQHOHPHQWHUVRPLNNHHUIHVWHWVNUXVIDVWWLOYHJJHQPHG
HWYDQOLJYLQNHOMHUQ %
0nOLILJXUHQHLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
$SSDUDWXQGHUEHQNHSODWHQ²ILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQKDHQ
XWVNnUHWOXIWHnSQLQJ
)HVWEHQNHSODWHQSnNM¡NNHQHOHPHQWHW
+YLVDSSDUDWHWEOLUE\JJHWLQQXQGHUHQSODWHWRSSPnI¡OJHQGH
PLQVWHPnORYHUKROGHVHYHQWXHOWLQNOXVLYHXQGHUVWHOO
3JDGHQQ¡GYHQGLJHPLQVWHDYVWDQGHQ EEOLUPLQVWHVW\UNHQSn
EHQNHSODWHQ D
)¡OJPRQWHULQJVDQYLVQLQJHQIRUSODWHWRSSHQ
$SSDUDWLK¡\VNDSILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQHKD
XWVNnUHGHOXIWHnSQLQJHU
1nUK¡\VNDSHWLWLOOHJJWLOHOHPHQWEDNYHJJHQHKDUHQGDHQ
EDNYHJJPnGHQQHIMHUQHV
$SSDUDWHWPnE\JJHVLQQVOLNDWWLOEHK¡UHWNDQWDVXWXWHQ
SUREOHPHU
,QQE\JJLQJLKM¡UQHU²ILJXU
)RUDWDSSDUDWG¡UHQVNDONXQQHnSQHVPnGHWWDVKHQV\QWLO
PnOHQH &YHGLQQE\JJLQJLKM¡UQHU0nOHW 'HUDYKHQJLJDY
W\NNHOVHQSnHOHPHQWIURQWHQXQGHUKnQGWDNHW
.REOHDSSDUDWHWWLOVWU¡P
$SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVH ,RJPnEDUH
NREOHVWLOHQMRUGHWVWLNNRQWDNW
$SSDUDWHWPnVLNUHVLKHQKROGWLORSSO\VQLQJHQHSnW\SHVNLOWHWRJ
ORNDOHIRUVNULIWHU
9HGDOWPRQWHULQJVDUEHLGPnDSSDUDWHWYUHVSHQQLQJVO¡VW
$SSDUDWHWVNDOEDUHNREOHVWLOPHGGHQPHGI¡OJHQGH
WLONREOLQJVOHGQLQJHQ6HWWLWLONREOLQJVOHGQLQJHQSnEDNVLGHQDY
DSSDUDWHWNOLNN
7LONREOLQJVOHGQLQJSnPNDQInVKRVNXQGHVHUYLFH
7LONREOLQJVOHGQLQJHQPnEDUHHUVWDWWHVDYHQRULJLQDOOHGQLQJVRP
InVKRVNXQGHVHUYLFH
0RQWHULQJHQPnLNNHLQQVNUHQNHEHU¡ULQJVEHVN\WWHOVHQ
7LONREOLQJVOHGQLQJPHGMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHNREOHVWLOHQIRUVNULIWVPHVVLJPRQWHUWMRUGHW
VWLNNRQWDNW
'HUVRPVW¡SVHOHWLNNHHUWLOJMHQJHOLJHWWHUPRQWHULQJPnGHWL
KHQKROGWLOUHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQHLGHQIDVWH
HOHNWULVNHLQVWDOODVMRQHQ
7LONREOLQJVOHGQLQJXWHQMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHWLONREOHVDYHQJRGNMHQWIDJSHUVRQ
,GHQIDVWHHOHNWULVNHLQVWDOODVMRQHQVNDOGHWLKHQKROGWLO
UHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQH,GHQWLILVHUIDVHRJ
Q¡\WUDOOHGHUQXOOHGHULVWLNNRQWDNWHQ$SSDUDWHWNDQEOL¡GHODJW
YHGIHLOWLONREOLQJ
7LONREOLQJHQ Pn VNMH LKW WLONREOLQJVVNLVVHQ 6SHQQLQJ VH W\SHVNLOW
/HGHUQHLWLONREOLQJVOHGQLQJHQPnNREOHVWLOLVDPVYDUPHG
IDUJHNRGLQJHQJU¡QQJXO MRUGOHGQLQJ
<EOn QXOO
Q¡\WUDOOHGHUEUXQ IDVH\WWHUOHGHU
)HVWLQJDYDSSDUDWHW²ILJXU
 6N\YDSSDUDWHWKHOWLQQRJPLGWVWLOOGHW
 6NUXIDVWDSSDUDWHW
*OLSHQPHOORPDUEHLGVSODWHQRJDSSDUDWHWPnLNNHOXNNHVDY
HNVWUDOLVWHU
3nVLGHYHJJHQHWLORPE\JJLQJVVNDSHWVNDOGHWLNNHIHVWHVQRHQ
YDUPHEHVN\WWHOVHVOLVWHU
8WPRQWHULQJ
 .REOHDSSDUDWHWVSHQQLQJVO¡VW
 /¡VQHIHVWHVNUXHQH
 /¡IWDSSDUDWHWOLWWRSSRJWUHNNGHWKHOWXW
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWDNXYD
$LQRDVWDDQQlLGHQDVHQQXVRKMHLGHQPXNDLQHQDVHQQXVWDNDD
WXUYDOOLVHQNl\W|Q9llUlVWlDVHQQXNVHVWDMRKWXYLVWD
YDKLQJRLVWDYDVWDDDVHQWDMD
7DUNDVWDODLWHNXQROHWSXUNDQXWVHQSDNNDXNVHVWD-RV
ODLWWHHVVDRQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q
1RXGDWDOLVlRVLHQDVHQQXVWDNRVNHYLDDVHQQXVRKMHLWD
3RLVWDSDLNNDXVPDWHULDDOLMDOLLPDNDOYRWXXQLWLODVWDMDOXXNXVWD
HQQHQODLWWHHQNl\WW||QRWWRD
.DOXVWHLGHQMRLKLQODLWHDVHQQHWDDQSLWllNHVWllOlPS|WLODD
&YLHUHVVlROHYLHQNDOXVWHLGHQHWXRVLHQYlKLQWllQOlPS|WLODD
&
bOlDVHQQDODLWHWWDVRPLVWHOHY\QWDDNVH9DDUDQDRQ
\OLNXXPHQHPLQHQ
7HHNDOXVWHHQOHLNNDXVW\|WHQQHQODLWWHHQDVHQWDPLVWD3RLVWD
ODVWXWVlKN|LVWHQUDNHQQHRVLHQWRLPLQWDDQYRLWXOODKlLUL|LWl
.l\Wl VXRMDNlVLQHLWl MRWWD YlOWlW YLLOWRKDDYDW 2VDW MRLKLQ SllVHW
DVHQQXNVHQDLNDQDNlVLNVLYRLYDWROODWHUlYlUHXQDLVLD
-RVODLWWHHVVDRQNllQQHWWlYlRKMDXVSDQHHOLYDUPLVWDHWWl
RKMDXVSDQHHOLHLXORVNllQQHWWlHVVlRVXYLHUHLVLLQNDOXVWHLVLLQ
/DLWWHHQOLLWlQWlUDVLDQWXOHHROODYLLYRLWHWXQSLQQDQDOXHHOOD $WDL
DVHQQXVDOXHHQXONRSXROHOOD
.LLQQLWlLUUDOOLVHWNDOXVWHHW\OHLVHVWLVDDWDYDQDROHYDOOD
NXOPDOHY\OOl %VHLQllQ
.XYLHQPLWDWPP
7\SHSODWHWRSS D
WUDGLVMRQHOO
D
SODQR
E
,QGXNVMRQVWRSS PP PP PP
6RQHIUL
LQGXNVMRQVWRSS
PP PP PP
*DVVWRSS PP PP PP
*ODVVNHUDPLVNSODWH
WRSS
PP PP PP
D
E
background

: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
/DLWHW\|WDVRQDOODNXYD
9lOLSRKMDVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
.LLQQLWlW\|WDVRNDOXVWHHVHHQ
-RVODLWHDVHQQHWDDQNHLWWRWDVRQDOOHRQQRXGDWHWWDYDVHXUDDYLD
PLQLPLPLWWRMDWDUYLWWDHVVDDOODROHYDUDNHQQHPXNDDQOXNLHQ
7DUYLWWDYDQPLQLPLHWlLV\\GHQ EWDNLDW\|WDVRQYlKLPPlLVYDKYXXV
RQ D
1RXGDWDNHLWWRWDVRQDVHQQXVRKMHWWD
/DLWHNRUNHDVVDNDDSLVVDNXYD
9lOLSRKMLVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
-RVNRUNHDVVDNDDSLVVDRQHOHPHQWWLWDNDVHLQLHQOLVlNVLWRLQHQ
WDNDVHLQlVHRQSRLVWHWWDYD
$VHQQD ODLWH YDLQ QLLQ NRUNHDOOH HWWl YDUXVWHHW VDD RWHWWXD KHOSRVWL
XORV
$VHQQXVNXOPDDQNXYD
-RWWDODLWWHHQOXXNNXVDDGDDQDYDWWXDRWDNXOPDDQDVHQWDHVVDVL
KXRPLRRQ PLWDW & 0LWWD ' ULLSSXX NDOXVWHHQ HWXRVDQ SDNVXXGHVWD
NDKYDQDODSXROHOOD
/DLWWHHQOLLWWlPLQHQVlKN|YHUNNRRQ
/DLWWHHQVXRMDOXRNNDRQ ,MDVHQNl\WW|RQVDOOLWWXYDLQ
PDDGRLWXVOLLWlQQlQNDQVVD
6XRMDXVRQWHKWlYlW\\SSLNLOYHVVlPDLQLWXQWHKRWLHGRQMD
SDLNDOOLVWHQPllUl\VWHQPXNDDQ
/DLWWHHVVDHLVDDROODMlQQLWHWWlDVHQQXVW|LWlWHKWlHVVl
/DLWWHHQVDDOLLWWllYDLQPXNDQDWRLPLWHWXQOLLWlQWlMRKGRQNDQVVD
.\WNHOLLWlQWlMRKWRODLWWHHQWDNDVLYXOOHNOLN
+XROWRSDOYHOXVWDRQVDDWDYDQDPHWULQOLLWlQWlMRKWR
/LLWlQWlMRKGRQ VDD YDLKWDD YDLQ DONXSHUlLVHHQ OLLWlQWlMRKWRRQ MRND
RQVDDWDYDQDKXROWRSDOYHOXVWD
$VHQQXNVHQSLWllWDDWDNRVNHWXVVXRMD
/LLWlQWlMRKWRMRVVDPDDGRLWHWWXSLVWRNH
/DLWWHHQ VDD OLLWWll DLQRDVWDDQ PllUl\VWHQPXNDLVHVWL DVHQQHWWXXQ
PDDGRLWHWWXXQSLVWRUDVLDDQ
-RVSLVWRNNHHVHHQHLSllVHDVHQQXNVHQMlONHHQHQllNlVLNVL
NLLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD
/LLWlQWlMRKWRMRVVDHLPDDGRLWHWWXDSLVWRNHWWD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDVHQWDMD
.LLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD<NVLO|LYDLKHMDQROODMRKWR
OLLWlQWlUDVLDVVD-RVOLLWlQWlWHKGllQYllULQODLWHYRLYDXULRLWXD
/LLWlODLWHYDLQOLLWlQWlNXYDQPXNDDQ-lQQLWHNVW\\SSLNLOSL/LLWl
YHUNNROLLWlQWlMRKGRQMRKWLPHWYlULNRRGLHQPXNDDQYLKUHl
NHOWDLQHQ VXRMDMRKGLQ
<VLQLQHQ QROODQROODMRKGLQUXVNHD
YDLKHYDLKHMRKGLQ
/DLWWHHQNLLQQLWWlPLQHQNXYD
 7\|QQlODLWHNXQQROODSDLNDOOHHQMDNRKGLVWDNHVNHOOH
 .LLQQLWlODLWHUXXYHLOOD
7\|WDVRQMDODLWWHHQYlOLVWlUDNRDHLVDDVXONHDOLVlOLVWRLOOD
.DDSLQVLYXVHLQLLQHLVDDDVHQWDDOlPS|VXRMDOLVWRMD
,UURWXV
 3RLVWDODLWWHHVWDMlQQLWH
 ,UURWDNLLQQLW\VUXXYLW
 1RVWDODLWHWWDNHY\HVWLMDYHGlVHNRNRQDDQXORV
es
Û
,QVWUXFFLRQHVGHPRQWDMH
$GYHUWHQFLDVLPSRUWDQWHVILJXUD
6RORXQPRQWDMHSURIHVLRQDOVLJXLHQGRHVWDVLQVWUXFFLRQHVGH
PRQWDMH JDUDQWL]D XQ XVR VHJXUR (Q FDVR GH GDxRV GHELGR D XQ
PRQWDMHHUUyQHRODUHVSRQVDELOLGDGVHUiGHOLQVWDODGRU
&RPSUREDUHOHOHFWURGRPpVWLFRDOVDFDUORGHVXHPEDODMH(O
HOHFWURGRPpVWLFRQRGHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGR
GDxRVGXUDQWHHOWUDQVSRUWH
7HQHUHQFXHQWDODVKRMDVGHLQVWUXFFLRQHVSDUDODLQVWDODFLyQ
GHORVDFFHVRULRV
$QWHVGHSRQHUHQPDUFKDHOHOHFWURGRPpVWLFRUHWLUDUHO
PDWHULDO GH HPEDODMH \ ODV OiPLQDV DGKHUHQWHV GH OD SXHUWD \ GHO
LQWHULRUGHOHOHFWURGRPpVWLFR
/RVPXHEOHVGRQGHVHDORMDHOHOHFWURGRPpVWLFRGHEHQSRGHU
UHVLVWLU XQD WHPSHUDWXUD GH KDVWD  & \ OD SDUWH IURQWDO GH ORV
PXHEOHVDG\DFHQWHVKDVWD &
1RLQVWDODUHODSDUDWRGHWUiVGHXQSDQHOGHFRUDWLYR([LVWH
ULHVJRGHVREUHFDOHQWDPLHQWR
/OHYDUDFDERORVWUDEDMRVGHUHFRUWHHQHOPXHEOHDQWHVGH
FRORFDUHOHOHFWURGRPpVWLFR5HWLUDUODVYLUXWDVGHORFRQWUDULR
SRGUtDQDIHFWDUDOIXQFLRQDPLHQWRGHORVFRPSRQHQWHV
HOpFWULFRV
/OHYDUJXDQWHVSURWHFWRUHVSDUDHYLWDUFRUWHV/DVSLH]DVTXH
HVWpQDFFHVLEOHVGXUDQWHHOPRQWDMHSXHGHQWHQHUORVERUGHV
DILODGRV
(QORVDSDUDWRVHQORVTXHODSDUWHIURQWDOGHOLQWHUUXSWRUVHD
RVFLODQWHHYLWDUTXHGLFKDSDUWHFROLVLRQHFRQORVPXHEOHV
FRQWLJXRVDOH[WUDHUOR
/DWRPDGHFRUULHQWHGHOHOHFWURGRPpVWLFRGHEHTXHGDUGHQWUR
GHOD]RQDGHODVXSHUILFLHVRPEUHDGD $RIXHUDGHOHVSDFLRGH
PRQWDMH
)LMDUDODSDUHGORVPXHEOHVTXHQRHVWpQILMDGRVFRQXQD
HVFXDGUDHVWiQGDU %
/DVPHGLGDVGHODVILJXUDVVHLQGLFDQHQPP
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
$SDUDWRGHEDMRGHODHQFLPHUDILJXUD
3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ
XQDUDQXUDGHYHQWLODFLyQ
)LMDUODHQFLPHUDVREUHHOPXHEOHHPSRWUDGR
6LHODSDUDWRVHPRQWDGHEDMRGHXQDSODFDGHFRFFLyQGHEHQ
UHVSHWDUVHODVVLJXLHQWHVPHGLGDVPtQLPDVHQFDVRQHFHVDULR
LQFOXLGDODHVWUXFWXUDLQIHULRU
.HLWWRWDVRQW\\SSL D
SllOOHDVHQ
QHWWX
D
VDPDQWDVRLQHQ
DVHQQXV
E
,QGXNWLRNHLWWRWDVR PP PP PP
7l\VLSLQWDLQHQ
LQGXNWLRNHLWWRWDVR
PP PP PP
.DDVXNHLWWRWDVR PP PP PP
6lKN|NHLWWRWDVR PP PP PP
D
E
D
E
background

(QIXQFLyQGHODVPHGLGDVPtQLPDVUHTXHULGDV EVHGHWHUPLQDOD
FDSDFLGDGPtQLPDGHODHQFLPHUD D
7HQHUHQFXHQWDODVLQVWUXFFLRQHVGHPRQWDMHGHODSODFDGH
FRFFLyQ
$SDUDWRHQXQDUPDULRHQDOWRILJXUD
3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ
XQDUDQXUDGHYHQWLODFLyQ
&XDQGRHODUPDULRHQDOWRFXHQWDFRQRWUDSODFDSRVWHULRU
DGLFLRQDO DO PDUJHQ GH ODV SODFDV SRVWHULRUHV HVWD GHEH UHWLUDUVH
1RPRQWDUHODSDUDWRGHPDVLDGRDOWRDILQGHSRGHUUHWLUDUORV
DFFHVRULRVVLQSUREOHPDV
0RQWDMHHQHVTXLQDILJXUD
3DUDTXHVHDSRVLEOHDEULUODSXHUWDGHODSDUDWRREVHUYDUXQD
GLVWDQFLD &HQHOPRQWDMHHQHVTXLQD/DPHGLGD 'GHSHQGHGHO
JURVRUGHOIURQWDOGHOPXHEOHEDMRHOWLUDGRU
&RQH[LyQGHODSDUDWRDODUHGHOpFWULFD
(OHOHFWURGRPpVWLFRSHUWHQHFHDODFODVHGHSURWHFFLyQ ,\VROR
SXHGH XWLOL]DUVH FRQHFWDGR D XQD FRQH[LyQ FRQ FRQGXFWRU GH WRPD
DWLHUUD
/DSURWHFFLyQSRUIXVLEOHGHEHFRQILJXUDUVHGHDFXHUGRFRQORV
GDWRV GH SRWHQFLD LQGLFDGRV HQ OD SODFD GH FDUDFWHUtVWLFDV \ FRQ OD
QRUPDWLYDORFDO
(OHOHFWURGRPpVWLFRGHEHHVWDUVLQWHQVLyQSDUDSRGHUUHDOL]DUORV
WUDEDMRVGHPRQWDMH
(ODSDUDWRVRORSXHGHFRQHFWDUVHFRQHOFDEOHGHFRQH[LyQ
VXPLQLVWUDGR&RQHFWDUHOFDEOHGHFRQH[LyQHQODSDUWHSRVWHULRU
GHODSDUDWRGHEHRtUVHXQFOLF
3XHGHDGTXLULUVHXQFDEOHGHFRQH[LyQGH PDWUDYpVGHO
6HUYLFLRGH$WHQFLyQDO&OLHQWH
(OFDEOHGHFRQH[LyQVRORSXHGHVHUVXVWLWXLGRSRUXQFDEOH
RULJLQDO TXH SXHGH VROLFLWDUVH D WUDYpV GHO 6HUYLFLR GH $WHQFLyQ DO
&OLHQWH
0HGLDQWHHOPRQWDMHGHEHJDUDQWL]DUVHODSURWHFFLyQFRQWUD
FRQWDFWRDFFLGHQWDO
&DEOHGHFRQH[LyQFRQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
(OHOHFWURGRPpVWLFRVRORSRGUiFRQHFWDUVHDXQDWRPDGH
FRUULHQWHGHLQVWDODFLyQUHJODPHQWDULD\SURYLVWDGHWRPDDWLHUUD
6HJ~QODVQRUPDVVLHOFRQHFWRU\DQRHVDFFHVLEOHWUDVHO
PRQWDMH OD LQVWDODFLyQ HOpFWULFD FRQ WRPD GH WLHUUD GHEHUi FRQVWDU
GHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
&DEOHGHFRQH[LyQVLQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
/DFRQH[LyQGHODSDUDWRGHEHUHDOL]DUVHH[FOXVLYDPHQWHSRUXQ
WpFQLFRHVSHFLDOLVWDDXWRUL]DGR
6HJ~QODVQRUPDVODLQVWDODFLyQHOpFWULFDFRQWRPDGHWLHUUD
GHEHUiGLVSRQHUGHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
,GHQWLILFDUHOFRQGXFWRUGHIDVH\HOFRQGXFWRUQHXWUR©FHURªGH
ODWRPDGHFRUULHQWH(ODSDUDWRSXHGHUHVXOWDUGDxDGRVLQRVH
FRQHFWDGHODIRUPDDGHFXDGD
&RQHFWDUHODSDUDWRVHJ~QHOHVTXHPDGHFRQH[LyQ&RQVXOWDUOD
WHQVLyQHQODSODFDGHFDUDFWHUtVWLFDV&RQHFWDUORVFRQGXFWRUHV
GHOFDEOHGHFRQH[LyQDODUHGGHDFXHUGRFRQODFRGLILFDFLyQSRU
FRORUHV YHUGHDPDULOOR WRPD D WLHUUD
< D]XO FHUR FRQGXFWRU
QHXWURPDUUyQ IDVHFRQGXFWRUH[WHULRU
)LMDUHODSDUDWRILJXUD
 ,QWURGXFLUHODSDUDWRSRUFRPSOHWR\FHQWUDUOR
 $WRUQLOODUHODSDUDWR
(OHVSDFLRHQWUHODHQFLPHUD\HODSDUDWRQRGHEHREVWUXLUVHFRQ
OLVWRQHVVXSOHPHQWDULRV
(QODVSDUHGHVODWHUDOHVGHODUPDULRGHVPRQWDEOHQRVHSXHGHQ
PRQWDUOLVWRQHVWpUPLFRV
'HVPRQWDMH
 'HVFRQHFWDUHODSDUDWRGHODFRUULHQWH
 $IORMDUORVWRUQLOORVGHDMXVWH
 /HYDQWDUOLJHUDPHQWHHODSDUDWR\H[WUDHUORSRUFRPSOHWR
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHVILJXUD
$SHQDVXPDPRQWDJHPSURILVVLRQDOGHDFRUGRFRPHVWDV
LQVWUXo}HVGHPRQWDJHPJDUDQWHXPDXWLOL]DomRVHJXUD2V
GDQRVFDXVDGRVSRUXPDPRQWDJHPLQDGHTXDGDVmRGD
UHVSRQVDELOLGDGHGRLQVWDODGRU
([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP
GHWHWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR
2EVHUYHDVILFKDVGHPRQWDJHPSDUDDLQVWDODomRGH
DFHVVyULRV
5HPRYD D HPEDODJHP H DV SHOtFXODV DXWRFRODQWHV GR LQWHULRU GR
DSDUHOKRHGDSRUWDDQWHVGDFRORFDomRHPIXQFLRQDPHQWR
2VPyYHLVGHHQFDVWUDUWrPGHVHUUHVLVWHQWHVDWHPSHUDWXUDV
DWp&HDVIUHQWHVGRVPyYHLVDGMDFHQWHVDWp&
1mRPRQWHRDSDUHOKRDWUiVGHXPSDLQHOGHFRUDWLYR+iULVFR
GHDTXHFLPHQWRH[FHVVLYR
5HDOL]HRVWUDEDOKRVGHDEHUWXUDQRPyYHODQWHVGDFRORFDomR
GRDSDUHOKR5HPRYDDVDSDUDVSRLVSRGHPSUHMXGLFDUR
IXQFLRQDPHQWRGRVFRPSRQHQWHVHOpWULFRV
3DUDHYLWDUIHULPHQWRVSRUFRUWHGHYHPVHUXWLOL]DGDVOXYDVGH
SURWHomR$VSHoDVTXHILFDPDFHVVtYHLVGXUDQWHDPRQWDJHP
SRGHPWHUDUHVWDVDILDGDV
1RVDSDUHOKRVFRPSDLQHOGHFRPDQGRIURQWDOGHDEULU
FHUWLILTXHVHGHTXHRSDLQHOGHFRPDQGRQmRFROLGHFRPRV
PyYHLVDGMDFHQWHVDRDEULU
$WRPDGDGHOLJDomRGRDSDUHOKRGHYHUiVLWXDUVHQD]RQD
VRPEUHDGD $RXIRUDGRHVSDoRGHLQVWDODomR
)L[H RV PyYHLV VROWRV j SDUHGH FRP XP HVTXDGUR GLVSRQtYHO QR
FRPpUFLR %
0HGLGDVLQGLFDGDVQDVILJXUDVHPPP
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU
LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH
LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD
GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV
$SDUHOKRVREDEDQFDGDILJXUD
3DUD D YHQWLODomR GR DSDUHOKR R IXQGR IDOVR GHYH DSUHVHQWDU XPD
DEHUWXUDGHYHQWLODomR
)L[DUDEDQFDGDQRPyYHOSDUDHQFDVWUDU
6H R DSDUHOKR IRU HQFDVWUDGR SRU EDL[R GH XPD SODFD GH FR]LQKDU
DVVHJXLQWHVPHGLGDVPtQLPDVWrPGHVHUUHVSHLWDGDVVHIRUR
FDVRLQFOXVLYDPHQWHDHVWUXWXUDLQIHULRU
&RPEDVHQDGLVWkQFLDPtQLPDQHFHVViULD EUHVXOWDDHVSHVVXUD
PtQLPDGDEDQFDGD D
7LSRGHSODFD D
HQFDVWUDGD
D
DUDVGHODVX
SHUILFLH
E
3ODFDGHLQGXFFLyQ PP PP PP
6XSHUILFLHGH
3ODFDGHLQGXFFLyQ
PP PP PP
3ODFDGHFRFFLyQGH
JDV
PP PP PP
3ODFDGHFRFFLyQ
HOpFWULFD
PP PP PP
7LSRGHSODFDGHFR
]LQKDU
D
VDOLHQWH
D
SODQDjVXSHUIt
FLH
E
3ODFDGHLQGXomR PP PP PP
3ODFD GH FR]LQKDU SRU
LQGXomR
GHVXSHUItFLHLQWHJUDO
PP PP PP
3ODFDDJiV PP PP PP
3ODFDHOpWULFD PP PP PP
D
E
background

5HVSHLWHDVLQVWUXo}HVGHPRQWDJHPGDSODFDGHFR]LQKDU
$SDUHOKRQRDUPiULRYHUWLFDOILJXUD
3DUDDYHQWLODomRGRDSDUHOKRRVIXQGRVLQWHUPpGLRVGHYHP
DSUHVHQWDUXPDDEHUWXUDGHYHQWLODomR
6HRDUPiULRYHUWLFDOWLYHUXPDSDUHGHWUDVHLUDSDUDDOpPGDV
SDUHGHVWUDVHLUDVGRHOHPHQWRHODGHYHVHUUHPRYLGD
0RQWDURDSDUHOKRDXPDDOWXUDPi[LPDTXHSHUPLWDUHWLUDURV
DFHVVyULRVVHPSUREOHPDV
,QVWDODomRGHFDQWRILJXUD
'H PRGR D FRQVHJXLU DEULU D SRUWD GR DSDUHOKR UHVSHLWH D PHGLGD
&DTXDQGRGDLQVWDODomRGHFDQWR$PHGLGD 'GHSHQGHGD
HVSHVVXUDGDIUHQWHGRPyYHOSRUEDL[RGRSX[DGRU
/LJDomRHOpWULFDGRDSDUHOKR
2DSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomR,HVySRGHVHU
FRORFDGR HP IXQFLRQDPHQWR DWUDYpV GH XPD OLJDomR FRP FRQGXWRU
GHSURWHomR
$VHJXUDQoDWHPGHVHUJDUDQWLGDGHDFRUGRFRPDLQGLFDomRGH
SRWrQFLDSUHVHQWHQDSODFDGHFDUDFWHUtVWLFDVHFRPDVQRUPDLV
ORFDLV
2DSDUHOKRWHPGHHVWDUGHVOLJDGRGDFRUUHQWHGXUDQWHD
UHDOL]DomRGHTXDOTXHUWUDEDOKRGHPRQWDJHP
2DSDUHOKRVySRGHVHUOLJDGRFRPRFDERGHOLJDomRIRUQHFLGR
,QWURGX]DRFDERGHOLJDomRQDSDUWHGHWUiVGRDSDUHOKRFOLF
1R6HUYLoRGH$VVLVWrQFLD7pFQLFDSRGHUiDGTXLULUXPFDERGH
OLJDomRGHP
2FDERGHOLJDomRDSHQDVSRGHVHUVXEVWLWXtGRSRUXPFDER
RULJLQDOGLVSRQtYHOQR6HUYLoRGH$VVLVWrQFLD7pFQLFD
$SURWHomRFRQWUDFRQWDFWRDFLGHQWDOGHYHILFDUDVVHJXUDGDQD
PRQWDJHP
&DERGHOLJDomRFRPILFKDGHOLJDomRjWHUUD
2 DSDUHOKR GHYH VHU OLJDGR DSHQDV D XPD WRPDGD GH FRQWDFWR GH
VHJXUDQoDLQVWDODGDHPFRQIRUPLGDGHFRPDVQRUPDV
6HDILFKDGHL[DUGHHVWDUGLVSRQtYHODSyVDPRQWDJHPQD
LQVWDODomRHOpWULFDIL[DpQHFHVViULRTXHHVWHMDSUHYLVWRXP
GLVSRVLWLYRGHFRUWHQDVIDVHVGHDFRUGRFRPDVUHJUDVGH
LQVWDODomR
&DERGHOLJDomRVHPILFKDGHOLJDomRjWHUUD
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
1DLQVWDODomRHOpWULFDIL[DGHYHHVWDUSUHYLVWRXPGLVSRVLWLYRGH
FRUWH QDV IDVHV GH DFRUGR FRP DV UHJUDV GH LQVWDODomR ,GHQWLILTXH
RVFRQGXWRUHVGHIDVHHQHXWUR]HURGDWRPDGDGHOLJDomR
8PDOLJDomRHUUDGDSRGHGDQLILFDURDSDUHOKR
/LJXH DSHQDV GH DFRUGR FRP R HVTXHPD GH OLJDo}HV 7HQVmR YHU
SODFDGHFDUDFWHUtVWLFDV/LJXHRVFRQGXWRUHVGRFDERGH
DOLPHQWDomRGHDFRUGRFRPDFRGLILFDomRGHFRUHVYHUGHDPDUHOR
FRQGXWRUGHSURWHomR
<D]XO ]HURFRQGXWRUQHXWUR
FDVWDQKR IDVHFRQGXWRUH[WHUQR
)L[DURDSDUHOKRILJXUD
 ,QVLUDWRWDOPHQWHRDSDUHOKRHFHQWUHR
 $SDUDIXVDURDSDUHOKR
2 HVSDoR HQWUH D EDQFDGD H R DSDUHOKR QmR SRGH VHU YHGDGR FRP
UpJXDVDGLFLRQDLV
1DVSDUHGHVODWHUDLVGRDUPiULRGHVPRQWiYHOQmRSRGHPVHU
FRORFDGDVUpJXDVGHSURWHomRWpUPLFD
'HVPRQWDJHP
 'HVOLJXHRDSDUHOKRGDFRUUHQWH
 'HVDSHUWHRVSDUDIXVRVGHIL[DomR
 /HYDQWHOLJHLUDPHQWHRDSDUHOKRHUHWLUHRFRPSOHWDPHQWHSDUD
IRUD
el
Ù


·
      







         


&
&










        


 $


 %
¨PP
: 
        

·
FP








 E
 D











       &  '
          

 D

D


E


PP PP PP



PP PP PP
 PP PP PP


PP PP PP
D
E
background


 ,









P








           










          


  
<   
 

 
 





 
 
 
cs
Ö
0RQWiçQtQiYRG
'ŤOHçLWpSRN\Q\²REUi]HN
-HQRGERUQiYHVWDYEDSRGOHWRKRWRPRQWiçQtKRQiYRGX
]DUXĀXMHEH]SHĀQpSRXçtYiQt=DåNRG\]SŤVREHQpFK\EQRX
YHVWDYERXRGSRYtGiPRQWiçQtILUPD
3RY\EDOHQtVSRWŒHELĀ]NRQWUROXMWH9 SŒtSDGěSRåNR]HQtEěKHP
SŒHSUDY\VSRWŒHELĀQH]DSRMXMWH
őLďWHVHPRQWiçQtPLSRN\Q\SUR]DEXGRYiQtSŒtVOXåHQVWYt
3ŒHGXYHGHQtPGRSURYR]XRGVWUDŃWH] YDUQpKRSURVWRUX
D GYtŒHNREDORYìPDWHULiOD OHSLFtIyOLH
9HVWDYQìQiE\WHNPXVtEìWRGROQìYŤĀLWHSORWěDçGR &
SŒLOHKOpSŒHGQtKUDQ\QiE\WNXDçGR &
1H]DEXGRYiYHMWHVSRWŒHELĀ]DGHNRUDĀQtNU\W+UR]tQHEH]SHĀt
SŒHKŒiWt
9ìŒH]\Y QiE\WNXSURYHďWHSŒHG]DVD]HQtPVSRWŒHELĀH
2GVWUDŃWHSLOLQ\IXQNFHHOHNWULFNìFKVRXĀiVWHNE\PRKODEìW
QHJDWLYQěRYOLYQěQD
$E\VWH]DEUiQLOLSRŒH]iQtSRXçtYHMWHRFKUDQQpUXNDYLFHÿiVWL
NWHUpMVRXSŒtVWXSQpSŒLPRQWiçLPRKRXPtWRVWUpKUDQ\
8 VSRWŒHELĀŤV YìNORSQìPĀHOQtPSDQHOHPVHVStQDĀLGEHMWHQD
WRDE\ĀHOQtSDQHOVHVStQDĀLSŒLY\VXQXWtQHQDUiçHOGR
VRXVHGQtKRQiE\WNX
=iVXYNDSURSŒLSRMHQtVSRWŒHELĀHPXVtEìWXPtVWěQDY REODVWL
Y\åUDIRYDQpSORFK\ $QHERPLPRSURVWRU]DEXGRYiQt
VSRWŒHELĀH
1HXSHYQěQìQiE\WHNSŒLSHYQěWHEěçQěSURGiYDQìP~KHOQtNHP
%NHVWěQě
5R]PěU\QDREUi]FtFKMVRXY PP
: 1RVLWHOpHOHNWURQLFNìFKLPSODQWiWŤ
6SRWŒHELĀPŤçHREVDKRYDWSHUPDQHQWQtPDJQHW\NWHUpPRKRX
RYOLYŃRYDWHOHNWURQLFNpLPSODQWiW\QDSŒNDUGLRVWLPXOiWRU\QHER
LQ]XOLQRYpGiYNRYDĀH3URWRSŒLPRQWiçLGRGUçXMWHPLQLPiOQt
Y]GiOHQRVW FPRGHOHNWURQLFNìFKLPSODQWiWŤ
6SRWŒHELĀSRGSUDFRYQtGHVNRX²REUi]HN
3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQXRGYěWUiYDFtYìŒH]
3UDFRYQtGHVNXSŒLSHYQěWHN YHVWDYQpPXQiE\WNX
-HOLVSRWŒHELĀYHVWDYěQSRGYDUQRXGHVNRXPXVtEìWGRGUçHQ\
QiVOHGXMtFtPLQLPiOQtUR]PěU\SŒtSDGQěYĀHWQěQRVQp
NRQVWUXNFH
1D]iNODGěSRWŒHEQpPLQLPiOQtY]GiOHQRVWL EY\SOìYiPLQLPiOQt
WORXåŚNDSUDFRYQtGHVN\ D
'RGUçXMWHPRQWiçQtQiYRGSURYDUQRXGHVNX
6SRWŒHELĀYHY\VRNpVNŒtŃFH²REUi]HN
3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQHFKYěWUDFtYìŒH]
3RNXGPiY\VRNiVNŒtŃNDNURPě]DGQtFKVWěQSŒtVOXåQìFKSUYNŤ
GDOåt]DGQtVWěQXPXVtVHWDWR]DGQtVWěQDRGVWUDQLW
6SRWŒHELĀXPtVWěWHPD[LPiOQěGRWDNRYpYìåN\DE\VWHPRKOLEH]
SUREOpPŤY\MtPDWSŒtVOXåHQVWYt
9HVWDYEDGRURKX²REUi]HN
$E\E\ORPRçQRRWHYtUDWGYtŒNDVSRWŒHELĀHMHQXWQpSŒLYHVWDYEě
GRURKXGRGUçHWUR]PěU\ &5R]PěU ']iYLVtQDWORXåŚFHSŒHGQt
KUDQ\QiE\WNXSRGPDGOHP
3ŒLSRMHQtVSRWŒHELĀHN HOHNWULFNpPXSURXGX
6SRWŒHELĀRGSRYtGiVWXSQLRFKUDQ\ ,D VPtEìWSŒLSRMHQMHQ
NDEHOHPV RFKUDQQìPYRGLĀHP
-LåWěQtPXVtEìWSURYHGHQpSRGOHYìNRQXXYHGHQpKRQDW\SRYpP
åWtWNXD PtVWQtFKSŒHGSLVŤ
3ŒL YHåNHUìFK PRQWiçQtFK SUDFtFK PXVt EìW VSRWŒHELĀ RGSRMHQì RG
VtWě
6SRWŒHELĀ VPt EìW SŒLSRMHQ SRX]H SRPRFt SŒtYRGQtKR NDEHOX NWHUì
MHVRXĀiVWtGRGiYN\=DSRMWHSŒtYRGQtNDEHOQD]DGQtVWUDQě
VSRWŒHELĀH]DFYDNQRXW
3ŒtYRGQtNDEHOGORXKì PO]HREGUçHWX ]iND]QLFNpKRVHUYLVX
9 SŒtSDGěYìPěQ\VPtEìWSRXçLWSRX]HRULJLQiOQtNDEHONWHUìO]H
REGUçHWX ]iND]QLFNpKRVHUYLVX
2FKUDQDSURWLGRW\NXPXVtEìW]DMLåWěQDYHVWDYERX
3ŒtYRGQtNDEHOVH]iVWUĀNRXV RFKUDQQìPNROtNHP
6SRWŒHELĀVHVPt]DSRMRYDWSRX]HGRSŒHGSLVRYěQDLQVWDORYDQp
HOHNWULFNp]iVXYN\V RFKUDQQìPNROtNHP
3RNXGQHQt]iVWUĀNDSRSURYHGHQtYHVWDYE\SŒtVWXSQiPXVtVH
X SHYQpHOHNWULFNpLQVWDODFHSRXçtWRGSRMRYDĀIi]tSRGOHSŒHGSLVŤ
SURLQVWDODFL
3ŒtYRGQtNDEHOEH]]iVWUĀN\V RFKUDQQìPNROtNHP
(OHNWULFNpSŒLSRMHQtVPtSURYiGěWSRX]HNRQFHVRYDQìRGERUQtN
8 SHYQpHOHNWULFNpLQVWDODFHMHWŒHEDSRXçtWRGSRMRYDĀIi]tSRGOH
SŒHGSLVŤSURLQVWDODFL,GHQWLILNXMWHIi]RYpYRGLĀHD QXORYìYRG
7\SYDUQpGHVN\ D
QDVD]HQi
D
Y URYLQě
E
LQGXNĀQtYDUQiGHVND  PP  PP PP
FHORSORåQi
LQGXNĀQtYDUQiGHVND
 PP  PP PP
SO\QRYiYDUQiGHVND  PP  PP PP
HOHNWULFNiYDUQiGHV
ND
 PP  PP PP
D
E
background

Y SŒLSRMRYDFt]iVXYFH9 SŒtSDGěQHVSUiYQpKRSŒLSRMHQtPŤçH
GRMtWN SRåNR]HQtVSRWŒHELĀH
3ŒLSRMHQtSURYiGěMWHSRX]HSRGOHVFKpPDWXSŒLSRMHQt1DSěWtYL]
W\SRYìåWtWHN3ŒL]DSRMRYiQtYRGLĀŤVtŚRYpSŒtSRMN\GRGUçXMWH
EDUHYQpUR]OLåHQt]HOHQRçOXWì RFKUDQQìYRGLĀ
<PRGUì
QXORYìYRGLĀKQěGì Ii]HNUDMQtYRGLĀ
8SHYQěQtVSRWŒHELĀH²REUi]HN
 6SRWŒHELĀ]FHOD]DVXŃWHD VWŒHGRYěY\URYQHMWH
 6SRWŒHELĀSŒLåURXEXMWH
0H]HUDPH]LSUDFRYQtGHVNRXD VSRWŒHELĀHPVHQHVPt]DNUìYDW
çiGQìPLSŒtGDYQìPLOLåWDPL
1DSRVWUDQQtFKVWěQiFKYHVWDYQpVNŒtŃN\QHVPtEìWSŒLSHYQěQp
WHSHOQěL]RODĀQtOLåW\
'HPRQWiç
 6SRWŒHELĀRGSRMWHRGVtWě
 3RYROWHXSHYŃRYDFtåURXE\
 6SRWŒHELĀPtUQěQD]GYLKQěWHD ]FHODY\WiKQěWH
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNLU\V
:\ãĉF]QLHSUDZLGãRZ\PRQWDŰZ\NRQDQ\]JRGQLH]LQVWUXNFMĉ
PRQWDŰXJZDUDQWXMHEH]SLHF]QHXŰ\WNRZDQLHXU]ĉG]HQLD=D
V]NRG\SRZVWDãHZZ\QLNXQLHZãDŔFLZHJRPRQWDŰXRGSRZLDGD
PRQWHU
3RUR]SDNRZDQLXQDOHŰ\VSUDZG]LþVWDQXU]ĉG]HQLD1LH
SRGãĉF]DþMHŔOLXU]ĉG]HQLH]RVWDãRXV]NRG]RQHSRGF]DV
WUDQVSRUWX
3U]HVWU]HJDþZVND]yZHNSRGDQ\FKQDNDUWDFKGRW\F]ĉF\FK
PRQWDŰXHOHPHQWyZZ\SRVDŰHQLD
3U]HGXUXFKRPLHQLHPXVXQĉþ]NRPRU\SLHNDUQLNDRUD]]GU]ZL
PDWHULDã\RSDNRZDQLRZHLIROLHNOHMĉFH
0HEOHGR]DEXGRZ\PXV]ĉE\þRGSRUQHQDWHPSHUDWXUęGR
&DSU]\OHJDMĉFHGRXU]ĉG]HQLDIURQW\PHEOLGR&
8U]ĉG]HQLD QLH PRQWRZDþ ]D OLVWZĉ GHNRUDF\MQĉ ,VWQLHMH U\]\NR
SU]HJU]DQLD
0HEOHQDOHŰ\GRFLQDþSU]HGZVWDZLHQLHPXU]ĉG]HQLD8VXQĉþ
ZLyU\ SRQLHZDŰ PRJĉ RQH ]DNãyFDþ IXQNFMRQRZDQLH HOHPHQWyZ
HOHNWU\F]Q\FK
1DOHŰ\QRVLþUęNDZLFHRFKURQQHFKURQLĉFHSU]HG
VNDOHF]HQLHP(OHPHQW\NWyUHVĉGRVWęSQHSRGF]DVPRQWDŰX
PRJĉPLHþRVWUHNUDZęG]LH
:SU]\SDGNXXU]ĉG]HĿ]UXFKRP\PSDQHOHPREVãXJL]ZUyFLþ
XZDJęQDWRDE\SDQHOREVãXJLSRGF]DVZ\VXZDQLDQLH
NROLGRZDã]SU]\OHJDMĉF\PLGRXU]ĉG]HQLDPHEODPL
*QLD]GRSU]\ãĉF]HQLRZHXU]ĉG]HQLDPXVL]QDMGRZDþVLęZ
]DNUHVNRZDQ\PREV]DU]H $OXESR]DREV]DUHP]DEXGRZ\
0HEOHNWyUHQLHVĉSU]\PRFRZDQHQDOHŰ\SU]\WZLHUG]LþGR
ŔFLDQ\SU]\SRPRF\NĉWRZQLND %
:\PLDU\QDU\VXQNDFKSRGDQHVĉZPP
: 8Ű\WNRZQLF\LPSODQWyZHOHNWURQLF]Q\FK
8U]ĉG]HQLHPRŰH]DZLHUDþPDJQHV\WUZDãHNWyUHPRJĉPLHþ
ZSã\ZQDG]LDãDQLHLPSODQWyZHOHNWURQLF]Q\FKQSUR]UXV]QLNyZ
VHUFDOXESRPSLQVXOLQRZ\FK'ODWHJRSRGF]DVPRQWDŰXQDOHŰ\
]DFKRZDþRGOHJãRŔþFRQDMPQLHM FPRGLPSODQWyZ
HOHNWURQLF]Q\FK
8U]ĉG]HQLHSRGEODWHPURERF]\PU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\FLH
SU]HJUDG]DMĉFHMPXVLE\þRWZyUZHQW\ODF\MQ\
3U]\PRFRZDþEODWURERF]\GRPHEOL
:SU]\SDGNXPRQWDŰXXU]ĉG]HQLDSRGSã\WĉJU]HZF]ĉQDOHŰ\
XZ]JOęGQLþSRQLŰV]HZ\PLDU\PLQLPDOQHZW\PHZHQWXDOQĉ
NRQVWUXNFMęQRŔQĉ
1DSRGVWDZLHZ\PDJDQHMZDUWRŔFLPLQLPDOQHJRRGVWęSX E
RNUHŔODQDMHVWPLQLPDOQDJUXERŔþEODWXURERF]HJR D
3U]HVWU]HJDþLQVWUXNFMLPRQWDŰXSã\W\JU]HZF]HM
8U]ĉG]HQLHZV]DIFHZ\VRNLHMU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\WDFK
SU]HJUDG]DMĉF\FKPXVLE\þRWZyUZHQW\ODF\MQ\
-HŰHOL V]DIND Z\VRND SRVLDGD RSUyF] W\OQ\FK ŔFLDQHN PRGXãRZ\FK
GRGDWNRZĉ ŔFLDQNę W\OQĉ PXVL RQD ]QDMGRZDþ VLę Z RGSRZLHGQLHM
RGOHJãRŔFL
8U]ĉG]HQLHQDOHŰ\]DPRQWRZDþQDWDNLHMZ\VRNRŔFLDE\PRŰOLZH
E\ãRVZRERGQHZ\MPRZDQLHZ\SRVDŰHQLD
0RQWDŰQDURŰQ\U\V
$E\ZSU]\SDGNXPRQWDŰXQDURŰQHJRPRŰOLZHE\ãRRWZRU]HQLH
GU]ZLF]HNXU]ĉG]HQLDQDOHŰ\XZ]JOęGQLþZ\PLDU &:\PLDU '
]DOHŰ\RGJUXERŔFLIURQWXPHEOLSRGXFKZ\WHP
3RGãĉF]DQLHXU]ĉG]HQLDGRVLHFLHOHNWU\F]QHM
8U]ĉG]HQLHRGSRZLDGDNODVLHRFKURQ\ ,LPRŰHE\þXŰ\WNRZDQH
Z\ãĉF]QLHMHŔOLMHVWSRGãĉF]RQHGRSU]HZRGXX]LHPLDMĉFHJR
%H]SLHF]QLNGRSDVRZDþ]JRGQLH]SDUDPHWUDPLPRF\SRGDQ\PL
QDWDEOLF]FH]QDPLRQRZHMLRERZLĉ]XMĉF\PLSU]HSLVDPLORNDOQ\PL
3RGF]DV ZV]\VWNLFK SUDF PRQWDŰRZ\FK QDOHŰ\ Z\ãĉF]\þ ]DVLODQLH
XU]ĉG]HQLD
8U]ĉG]HQLHPRŰQDSRGãĉF]\þGRVLHFLZ\ãĉF]QLH]DSRPRFĉ
GRVWDUF]RQHJRSU]HZRGXSU]\ãĉF]HQLRZHJR3RGãĉF]\þSU]HZyG
SU]\ãĉF]HQLRZ\]W\ãXXU]ĉG]HQLDNOLN
3U]HZyGSU]\ãĉF]HQLRZ\RGãXJRŔFLPPRŰQDQDE\þZ
VHUZLVLH
3U]HZyGSU]\ãĉF]HQLRZ\PRŰQDZ\PLHQLþZ\ãĉF]QLHQDSU]HZyG
RU\JLQDOQ\NWyU\PRŰQDQDE\þZVHUZLVLH
0RQWDŰPXVL]DSHZQLþRFKURQęSU]HGQLH]DPLHU]RQ\P
GRWNQLęFLHP
3U]HZyGSU]\ãĉF]HQLRZ\]ZW\F]Nĉ]X]LHPLHQLHP
8U]ĉG]HQLHPRŰQDSRGãĉF]\þZ\ãĉF]QLHGRJQLD]GD]
X]LHPLHQLHP]DLQVWDORZDQHJR]JRGQLH]SU]HSLVDPL
-HŰHOL SR ]DEXGRZDQLX XU]ĉG]HQLD QLH EęG]LH GRVWęSX GR ZW\F]NL
ZyZF]DVZVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML
3U]HZyGSU]\ãĉF]HQLRZ\EH]ZW\F]NL]X]LHPLHQLHP
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPLHOHNWU\F]Q\PL
:SU]\SDGNXVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML1DOHŰ\]LGHQW\ILNRZDþSU]HZyGID]RZ\L
]HURZ\ZJQLHŮG]LHSU]\ãĉF]HQLRZ\P1LHZãDŔFLZHSRGãĉF]HQLH
PRŰHGRSURZDG]LþGRXV]NRG]HQLDXU]ĉG]HQLD
5RG]DMSã\W\JU]HZ
F]HM
D
QDNãDGDQD
QDEODW
D
PRQWRZDQDQD
UyZQL]SR
ZLHU]FKQLĉEODWX
E
LQGXNF\MQDSã\WD
JU]HZF]D
PP PP PP
SHãQRSRZLHU]FKQLRZD
LQGXNF\MQDSã\WD
JU]HZF]D
PP PP PP
JD]RZDSã\WD
JU]HZF]D
PP PP PP
HOHNWU\F]QDSã\WD
JU]HZF]D
PP PP PP
D
E
background

3RGãĉF]DþZ\ãĉF]QLHZHGãXJVFKHPDWXSRGãĉF]HQLD1DSLęFLH
SDWU]WDEOLF]ND]QDPLRQRZDů\ã\SU]HZRGXSU]\ãĉF]HQLRZHJR
SRGãĉF]Dþ]JRGQLH]R]QDF]HQLHPNRORUyZ]LHORQRŰyãW\
SU]HZyGX]LHPLDMĉF\
<QLHELHVNL SU]HZyG]HURZ\EUĉ]RZ\
SU]HZyGID]RZ\SU]HZyG]HZQęWU]Q\
0RFRZDQLHXU]ĉG]HQLDU\V
 8U]ĉG]HQLHFDãNRZLFLHZVXQĉþXVWDZLDMĉFSRŔURGNX
 3U]\PRFRZDþXU]ĉG]HQLHŔUXEDPL
1LHZROQRSU]\VãDQLDþGRGDWNRZĉOLVWZĉV]F]HOLQ\SRPLęG]\
EODWHPURERF]\PDXU]ĉG]HQLHP
1DERF]Q\FKŔFLDQNDFKV]DINLGRREXGRZ\QLHZROQRXPLHV]F]Dþ
RVãRQWHUPLF]Q\FK
'HPRQWDŰ
 :\ãĉF]\þ]DVLODQLHXU]ĉG]HQLD
 2GNUęFLþŔUXE\PRFXMĉFH
 8U]ĉG]HQLHOHNNRXQLHŔþLFDãNRZLFLHZ\FLĉJQĉþ
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ²οηπ
΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζήΪηηθγβηλμκνδπββ
ιθζθημΪΰνΑΪιθάκίΰήίηβωβααΪηίικΪάβεφηθγνλμΪηθάδβ
θμάίμλμάίηηθλμφηίλϋμλΫθκσβδ
ΚΪλιΪδνγμίβθλζθμκβμίικβΫθκΗίιθήδεψρΪγμίικβΫθκίλεβ
θηΫυειθάκίΰήϋηάθάκίζωμκΪηλιθκμβκθάδβ
ΘΫκΪμβμίάηβζΪηβίηΪζθημΪΰηυίιεΪλμβηυήεωνλμΪηθάδβ
ικβηΪήείΰηθλμίγ
ΙίκίήηΪρΪεθζχδλιενΪμΪπββνήΪεβμίνιΪδθάθρηυγζΪμίκβΪεβ
δείγδνψιεϋηδνβακΪΫθρίγδΪζίκυβλήάίκπυικβΫθκΪ
ΖίΫίεφήεωάλμκΪβάΪηβωήθεΰηΪάυήίκΰβάΪμφμίζιίκΪμνκνήθ
 &ΪλθλίήηβίξΪλΪήυ ²ήθ Λ
ΗίνλμΪηΪάεβάΪγμίικβΫθκαΪήίδθκΪμβάηθγηΪδεΪήδθγΌ
ικθμβάηθζλενρΪίάθαηβδηίμθιΪληθλμφιίκίέκίάΪ
ΚΪΫθμυιθάυιθεηίηβψάυκίαθάηΪζίΫίεβάυιθεηωγμίιίκίή
νλμΪηθάδθγικβΫθκΪΝήΪεβμίθιβεδβμΪδδΪδθηβζθένμ
ηΪκνςβμφκΪΫθμνχείδμκβρίλδβοδθζιθηίημθά
ΡμθΫυ ηί ιθκίαΪμφλω άθ άκίζω ζθημΪΰΪ βλιθεφανγμί αΪσβμηυί
ιίκρΪμδβΎίμΪεβθμδκυμυίικβζθημΪΰίζθένμΫυμφθλμκυζβ
ΏλεβικβΫθκθληΪσϋηιΪηίεφψάυδεψρΪμίείγλθμδβήηθγ
δκυςδθγμθλείήβμίαΪμίζρμθΫυδκυςδΪικβθμδκυάΪηββηί
αΪήίάΪεΪκωήθζλμθωσνψζίΫίεφ
ΚθαίμδΪήεωιθήδεψρίηβωικβΫθκΪήθεΰηΪηΪοθήβμφλωά
αΪςμκβοθάΪηηθγθΫεΪλμβ $βεβαΪικίήίεΪζβάλμκΪβάΪίζθέθ
ζθήνεω
ΗίαΪδκίιεϋηηυίζθήνεβικβδκίιβμίδλμίηίλιθζθσφψ
θΫυρηθέθνέθεδΪ %
ΚΪαζίκυηΪκβλνηδΪονδΪαΪηυάζζ
: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ
ΌικβΫθκζθένμΫυμφάλμκθίηυιθλμθωηηυίζΪέηβμυ
άθαήίγλμάνψσβίηΪχείδμκθηηυίβζιεΪημΪμυηΪικβζίκηΪ
δΪκήβθλμβζνεωμθκ βεβ βηΰίδμθκ βηλνεβηΪ Ιθχμθζν ικβ ζθημΪΰί
λείήνίμλθΫεψήΪμφζβηβζΪεφηθίκΪλλμθωηβίήθχείδμκθηηυο
βζιεΪημΪμθάλζ
Ξοηΰνοξνγπρνκδχμηυδθ৯οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηθγ
ιίκίέθκθήδίήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΑΪδκίιβμίλμθείςηβπνηΪζθήνεωο
ΙκβνλμΪηθάδίικβΫθκΪιθήάΪκθρηθγιΪηίεφψηίθΫοθήβζθ
νρίλμφλείήνψσβίζβηβζΪεφηθήθινλμβζυίκΪαζίκυικβ
ηίθΫοθήβζθλμβάδεψρΪωκΪαζίκυθληθάΪηβω
ΌπίεωολθΫεψήίηβωηίθΫοθήβζθέθζβηβζΪεφηθέθκΪλλμθωηβω E
θικίήίεωίμλωλείήνψσΪωζβηβζΪεφηΪωμθεσβηΪλμθείςηβπυ D
ΛθΫεψήΪγμίβηλμκνδπβψιθζθημΪΰνάΪκθρηθγιΪηίεβ
΢πρίμναιίξοηΰνοίαχιίσινκνμμς²οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηυο
ιίκίέθκθήδΪοήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΌλενρΪίίλεβςδΪξδθεθηηΪβζίίμιθζβζθαΪήηβολμίηθδ
θμήίεφηυο λίδπβγ ήθιθεηβμίεφηθ αΪήηψψ λιεθςηνψ λμίηδν μθ ίϋ
λείήνίμληωμφ
ΝλμΪηΪάεβάΪγμίικβΫθκυηΪμΪδθγάυλθμίηΪδθμθκθγΫνήίμ
νήθΫηθάυηβζΪμφικβηΪήείΰηθλμβ
Λνμρίεαςβκς৯οηπ
ΡμθΫυήάίκφζθέεΪλάθΫθήηθθμδκυάΪμφλωικβζθημΪΰίάνέεΪο
νρβμυάΪγμίκΪλλμθωηβί &νδΪαΪηηθίηΪκβλνηδίΚΪαζίκ '
λδεΪήυάΪίμλω βα μθεσβηυ ξκθημΪεφηυο ιΪηίείγ ζίΫίεβ β άυλθμυ
κνρίδ
Ξνγικύφδμηδξοηΰνοίιόκδιρονπδρη
ΙκβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυιθχμθζνθηήθεΰίη
χδλιενΪμβκθάΪμφλωμθεφδθλιθήδεψρϋηηυζαΪαίζεωψσβζ
ικθάθήθζ
ΛβλμίζΪαΪσβμυικίήθοκΪηβμίεωζβηΪλμκΪβάΪίμλωά
λθθμάίμλμάββλιθδΪαΪμίεωζβζθσηθλμβνδΪαΪηηυζβηΪμβιθάθγ
μΪΫεβρδίβλνσίλμάνψσβζβζίλμηυζβμκίΫθάΪηβωζβ
ΙκβάυιθεηίηββεψΫυοζθημΪΰηυοκΪΫθμικβΫθκήθεΰίηΫυμφ
θΫίλμθρίη
ΙκβΫθκ ζθΰηθ ιθήδεψρΪμφ μθεφδθ ικβ ιθζθσβ λίμίάθέθ ικθάθήΪ
άοθήωσίέθάδθζιείδμιθλμΪάδβΙθήλθίήβηβμίλίμίάθγικθάθήδ
αΪήηίγλμίηδίικβΫθκΪήθσίερδΪ
ΛίμίάθγικθάθήήεβηθγζζθΰηθαΪδΪαΪμφάλίκάβληθγ
λενΰΫί
ΛίμίάθγικθάθήζθΰηθαΪζίηβμφμθεφδθμΪδβζΰίαΪδΪαΪηηυζά
λίκάβληθγλενΰΫί
ΙκβνλμΪηθάδίθΫίλιίρφμίαΪσβμνθμικβδθληθάίηβω
Πδρδανθξονανγπαηκινθπζίζδλκώύψηλινμρίιρνλ
ΙκβΫθκζθΰηθιθήδεψρΪμφδλίμβμθεφδθρίκίαικΪάβεφηθ
νλμΪηθάείηηνψκθαίμδνλαΪαίζεωψσβζδθημΪδμθζ
ΏλεβιθλείνλμΪηθάδβικβΫθκΪήθςμίιλίεφηθγάβεδβ
ηίάθαζθΰηθΫνήίμήθΫκΪμφλωμθάνλμΪηθάείηηθζηίιθήάβΰηθ
χείδμκθθΫθκνήθάΪηββήθεΰίηΫυμφικίήνλζθμκίηλιίπβΪεφηυγ
άυδεψρΪμίεφήεωκΪαζυδΪηβωάξΪαΪολθέεΪληθνλεθάβωζ
ζθημΪΰΪ
Πδρδανθξονανγπαηκινθΰδζζίζδλκώύψδβνινμρίιρί
ΙθήδεψρίηβίικβΫθκΪήθεΰηθάυιθεηωμφλωμθεφδθ
δάΪεβξβπβκθάΪηηυζλιίπβΪεβλμθζ
Ό νλμΪηθάείηηθζ ηίιθήάβΰηθ χείδμκθθΫθκνήθάΪηββ ήθεΰίη Ϋυμφ
ικίήνλζθμκίηλιίπβΪεφηυγάυδεψρΪμίεφήεωκΪαζυδΪηβωά
ξΪαΪολθέεΪληθνλεθάβωζζθημΪΰΪΘικίήίεβμίξΪαθάυγβ
ηίγμκΪεφηυγηνείάθγδθημΪδμυάκθαίμδίΗίικΪάβεφηθί
ιθήδεψρίηβίζθΰίμλμΪμφικβρβηθγιθάκίΰήίηβωικβΫθκΪ
ΙθήδεψρΪγμίμθεφδθάλθθμάίμλμάββλθλοίζθγιθήδεψρίηβω
ΗΪικωΰίηβίνδΪαΪηθηΪμβιθάθγμΪΫεβρδίΙκθάθήΪλίμίάθέθ
δΪΫίεωήθεΰηυιθήλθίήβηωμφλωάλθθμάίμλμάββλπάίμθάθγ
ζΪκδβκθάδθγΰϋεμθαίεϋηυγ αΪαίζεωψσβγικθάθή
<λβηβγ
ηθεφηίγμκΪεφηυγικθάθήδθκβρηίάυγ ξΪαΪξΪαθάυγ
ικθάθή
Ζίιοδξκδμηδξοηΰνοί³οηπ
 ΑΪήάβηφμίικβΫθκήθνιθκΪβάυκθάηωγμίιθπίημκν
 ΑΪδκίιβμίικβΫθκλιθζθσφψάβημθά
ΑΪαθκζίΰήνλμθείςηβπίγβικβΫθκθζηίεφαωαΪδκυάΪμφ
ήθιθεηβμίεφηθγιεΪηδθγ
ΑΪικίσΪίμλωνλμΪηΪάεβάΪμφηΪΫθδθάυολμίηδΪοςδΪξΪήεω
άλμκΪβάΪηβωμίιεθβαθεωπβθηηυίιεΪηδβ
D
E
Ρηξαίονφμνθξίμδ
κη
D
ςπρίμνακδμ
μίώ
D
αοναδμϋπξν
αδοτμνπρϋύ
E
ΒηήνδπβθηηΪωάΪκθρ
ηΪωιΪηίεφ
ζζ ζζ ζζ
ΒηήνδπβθηηΪωάΪκθρ
ηΪωιΪηίεφ
λθλιεθςηθγαθηθγ
ηΪέκίάΪ
ζζ ζζ ζζ
΍ΪαθάΪωάΪκθρηΪωιΪ
ηίεφ
ζζ ζζ ζζ
ΧείδμκβρίλδΪωάΪ
κθρηΪωιΪηίεφ
ζζ ζζ ζζ
background

Γδλνμρίε
 ΘΫίλμθρφμίικβΫθκ
 ΘλεΪΫφμίάβημυδκίιείηβω
 ΙκβιθήηβζβμίβάυηφμίικβΫθκ
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU5HVLP
&LKD]×Q PRQWDM× DQFDN EX PRQWDM WDOLPDW×QGD WDULI HGLOHQ üHNLOGH
XVXOQHX\JXQRODUDN\DS×OP×üVDFLKD]×QJYHQOLNXOODQ×P×V|]
NRQXVXRODELOLU<DQO×üPRQWDMGDQND\QDNODQDQDU×]DODUGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
$PEDODM× Do×OG×NWDQ VRQUD FLKD]× NRQWURO HGLQL] %LU QDNOL\H KDVDU×
ROPDV×GXUXPXQGDFLKD]EDùODQW×V×\DS×OPDPDO×G×U
$NVHVXDUODU×QPRQWDM×LoLQPRQWDMVD\IDODU×QDGLNNDWHGLQL]
&LKD]×oDO×üW×UPDGDQ|QFHDPEDODMPDO]HPHOHULQLYH\DS×üNDQO×
EDQWODU×SLüLUPHDODQ×QGDQYHNDSDNWDQo×NDU×Q×]
*|PPHPRELO\DODU&OLNV×FDNO×ùDNDGDU\DQPRELO\D
\]H\OHULLVH&OLNV×FDNO×ùDNDGDUGD\DQ×NO×ROPDO×G×U
&LKD]×ELUGHNRUNDSDù×Q×QDUNDV×QDPRQWHHWPH\LQL]$ü×U×
×V×QPDQHGHQL\OHWHKOLNHROXüWXUXU
0RELO\DGD\DS×ODFDNNHVLPLüOHULFLKD]WDN×OPDGDQ|QFH
\DS×OPDO×G×U(OHNWULNOLSDUoDODU×QoDO×üPDV×Q×HWNLOH\HELOHFHN
WDODüODU×WHPL]OH\LQL]
<DUDODQPDODU×|QOHPHNLoLQNRUX\XFXHOGLYHQWDN×OPDO×G×U
0RQWDM HVQDV×QGD HULüLOHELOHQ SDUoDODU×Q NHQDUODU× NHVNLQ RODELOLU
'|QHUüDOWHU|QN×VP×QDVDKLSRODQFLKD]ODUGDüDOWHU|Q
N×VP×Q×QG×üDU×VUOUNHQ\DQ×QGDNLPRELO\DODUOD
oDUS×üPDPDV×QDGLNNDWHGLQL]
&LKD]EDùODQW×SUL]LWDUDO×\]H\DODQ× $GDYH\DPRQWDME|OJHVL
G×ü×QGDROPDO×G×U
6DELWOHQPH\HQPRELO\DODUX\JXQELUDo×\OD %GXYDUD
VDELWOHQPHOLGLU
5HVLPOHULQ|OoPELOJLOHULPPFLQVLQGHQGLU
: (OHNWURQLNLPSODQWWDü×\DQODU
&LKD]GDNDO×F×P×NQDW×VODUPHYFXWRODELOLU%XP×NQDW×VODU
HOHNWURQLNLPSODQWDV\RQODU×|UQHùLQNDOSSLOLQLYH\DLQVOLQ
SRPSDODU×Q×HWNLOH\HELOLU%XQHGHQOHPRQWDMV×UDV×QGDHOHNWURQLN
LPSODQWWDü×\DQODUHQD]FPX]DNGXUPDO×G×U
&LKD]oDO×üPDWH]JDK×Q×QDOW×QD\HUOHüWLULOHFHNVH5HVLP
&LKD]×QKDYDODQG×U×OPDV×LoLQDUDUDIWDKDYDODQG×UPDE|OP
EXOXQPDO×G×U
dDO×üPDWH]JDK×PRQWDMPRELO\DV×QDVDELWOHQPHOLGLU
&LKD]ELURFDù×QDOW×QDPRQWHHGLOLUVHDüDù×GDNLDVJDUL|OoOHUH
X\XOPDV×JHUHNOLGLUJHUHNLUVHDOWNRQVWUNVL\RQGDKLO
*HUHNOLPLQLPXPPHVDIH EQHGHQL\OHDVJDULoDO×üPDWH]JDK×
NDO×QO×ù× DRUWD\Do×NDU
2FDNPRQWDMN×ODYX]XQDGLNNDWHGLQL]
%R\GRODE×QGDNLFLKD]5HVLP
&LKD]×Q KDYDODQG×U×OPDV× LoLQ DUD UDIODUGD ELU KDYDODQG×UPD E|OP
EXOXQPDO×G×U
(ùHUHOHPDQDUNDGXYDU×QDHNRODUDNER\GRODE×Q×QGDELUDUND
GXYDU×YDUVDEXQXQo×NDUW×OPDV×JHUHNOLGLU
&LKD]VDGHFHDNVHVXDUODU×QNROD\O×NODo×NDUW×ODELOHFHùLELU
\NVHNOLùHPRQWHHGLOPHOLGLU
.|üHPRQWDM×5HVLP
&LKD]NDSDù×Q×QDo×ODELOPHVLLoLQN|üHPRQWDM×V×UDV×QGD &
|OoVQH GLNNDW HGLOPHOLGLU ' |OoV WXWDPDù×Q DOW N×VP×QGD NDODQ
PRELO\DQ×Q|QFHSKHVLQLQNDO×QO×ù×QDEDùO×G×U
&LKD]×QHOHNWULNEDùODQW×V×Q×Q\DS×OPDV×
&LKD]NRUXPDV×Q×I×, HDLWWLUYHVDGHFHWRSUDNODPDNDEORVX
EDùODQW×V×LOHoDO×üW×U×ODELOLU
6LJRUWDWDQ×W×PSODNDV×]HULQGHNLJoGHùHULQHJ|UHYH\HUHO
\|QHWPHOLNOHUHX\JXQRODUDNVHoLOPHOLGLU
%WQPRQWDMLüOHPOHULV×UDV×QGDFLKD]×QüHEHNHEDùODQW×V×NHVLN
ROPDO×G×U
&LKD]\DOQ×]ELUOLNWHWHVOLPHGLOHQEDùODQW×NDEORVXLOH
EDùODQPDO×G×U%DùODQW×NDEORVXQXFLKD]×QDUNDWDUDI×QDWDN×Q×]
.OLN
PX]DWPDNDEORVXPüWHULKL]PHWOHULQGHQWHPLQHGLOHELOLU
%DùODQW×NDEORVXVDGHFHPüWHULKL]PHWOHULQGHQWHPLQHGLOHQ
RULMLQDOELUNDEORLOHGHùLüWLULOPHOLGLU
0RQWDMV×UDV×QGDELUHOHNWULNWHPDVNRUX\XFXVXPHYFXWROPDO×G×U
.RUXPDNRQWDNO×ILüEDùODQW×KDWW×
&LKD]VDGHFHNXUDOODUDX\JXQRODUDNNXUXOPXüNRUXPDO×NRQWDN
SUL]HWDN×OPDO×G×U
0RQWDMVRQUDV×QGDILüHDUW×NHULüLOHPH\HFHNVHVDELWG|üHQHQ
HOHNWULNWHVLVDW×QGDNXUXOXPüDUWODU×QDX\JXQRODUDNID]ODELU
NHVPHWHUWLEDW×WDN×OPDO×G×U
.RUXPDNRQWDNO×ILüROPDGDQEDùODQW×KDWW×
&LKD]×QHOHNWULNEDùODQW×V×VDGHFHHùLWLPOLELUX]PDQWDUDI×QGDQ
\DS×OPDO×G×U
6DELW G|üHQHQ HOHNWULN WHVLVDW×QGD NXUXOXP üDUWODU×QD X\JXQ RODUDN
ID]ODELUNHVPHWHUWLEDW×WDN×OPDO×G×U)D]YHQ|WUV×I×UNDEOR
EDùODQW× SUL]LQGH WDQ×PODQPDO×G×U +DWDO× ELU EDùODQW× FLKD]×Q ]DUDU
J|UPHVLQHVHEHSRODELOLU
6DGHFHEDùODQW×üHPDV×QDJ|UHEDùOD\×Q×]*HULOLPLoLQWLS
SODNDV×QDEDN×Q×]ûHEHNHEDùODQW×KDWW×NDEORODU×UHQN
NRGODPDV×QDX\JXQüHNLOGHEDùODQPDO×G×U<HüLOVDU×
7RSUDNODPD NDEORVX
< PDYL V×I×U Q|WU NDEOR NDKYHUHQJL )D]
G×üLOHWNHQ
&LKD]×QVDELWOHQPHVLUHVLP
 &LKD]×WDPDPHQLoHULLWLQL]YHRUWDOD\×Q×]
 &LKD]×V×N×FDYLGDOD\×Q×]
dDO×üPDWH]JDK×YHFLKD]DUDV×QGDNLDUDO×NHNSHUYD]ODUOD
NDSDW×OPDPDO×G×U
7DGLOHGLOHQGRODE×Q\DQGXYDUODU×QD×V×NRUXPDoXEXNODU×Q×Q
WDN×OPDV×JHUHNOLGLU
6|NPH
 &LKD]×QHOHNWULNJLULüLQLNHVLQL]
 6DELWOHPHYLGDODU×Q×V|NQ]
 &LKD]×KDILIoHNDOG×U×Q×]YHWDPDPHQG×üDU×oHNLQL]
2FDNWU D
\HUOHüWLULOGL
D
\]H\HV×I×U
E
ĮQGNVL\RQOXRFDN PP PP PP
7DP\]H\
ĮQGNVL\RQOXRFDN
PP PP PP
*D]O×RFDN PP PP PP
(OHNWULNOLRFDN PP PP PP
D
E

Specifications

Indexed Terms: Built-In Oven

Siemens CS858GRB7B Questions and Answers

Questions and Answers

Related Products