Neff B27CR22N1/60 N 70 Oven User Manual

*9001045099*  



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 

ë ,QVWUXNFMDPRQWDŰX

î Ημπροςιυηώξνλνμρίες

ô 0RQWDMN×ODYX]X

á 6]HUHOpVL~WPXWDWy

í ,QVWUXFŘLXQLGHPRQWDM



























PLQ



PLQ

PD[

PLQ









PLQ



PLQ





PLQ



0RQWDJHDQOHLWXQJ

:LFKWLJH+LQZHLVH%LOG

■ 1XUHLQIDFKJHUHFKWHU(LQEDXQDFKGLHVHU0RQWDJHDQOHLWXQJ

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'HNRURGHU0|EHOWUHLQEDXHQ(V

EHVWHKW*HIDKUGXUFKhEHUKLW]XQJ

■ $XVVFKQLWWDUEHLWHQDP0|EHOYRUGHP(LQVHW]HQGHV*HUlWHV

GXUFKIKUHQ6SlQHHQWIHUQHQ'LH)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

■ '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JDEHQGHU%LOGHULQPP

PLQ

PLQ





PLQ 



: 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

$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

1XU6FKZHGHQ)LQQODQGXQG1RUZHJHQ

'DV*HUlWNDQQDXFKPLWGHPEHLJHOHJWHQ6WHFNHUPLWGHP

6FKXW]NRQWDNW6\VWHPDQJHVFKORVVHQZHUGHQ'LHVHUPXVVQDFK

GHP (LQEDX ]XJlQJOLFK VHLQ :HQQ GHU 6WHFNHU QDFK GHP (LQEDX

QLFKWPHKUHUUHLFKEDULVWPXVVLQGHUIHVWYHUOHJWHQHOHNWULVFKHQ

,QVWDOODWLRQHLQH7UHQQYRUULFKWXQJLQGHQ3KDVHQQDFKGHQ(UULFK

WXQJVEHVWLPPXQJHQYRUJHVHKHQZHUGHQ

*HUlWEHIHVWLJHQ%LOG

$FKWXQJ

=XU%HIHVWLJXQJGHU%OHQGHQNHLQHQ$NNXVFKUDXEHUYHUZHQGHQ

%OHQGHQN|QQHQEHVFKlGLJWZHUGHQ

 *HUlWJDQ]HLQVFKLHEHQ'DEHL$QVFKOXVVNDEHOQLFKWNQLFNHQ

HLQNOHPPHQRGHUEHUVFKDUIH.DQWHQIKUHQ

 *HUlWPLWWLJDXVULFKWHQ

=ZLVFKHQ *HUlW XQG DQJUHQ]HQGHQ 0|EHOIURQWHQ LVW HLQ /XIWVSDOW

YRQPLQ PPHUIRUGHUOLFK

 *HUlWHWU |IIQHQ XQG GLH %OHQGHQ OLQNV XQG UHFKWV DEVFKUDXEHQ

 *HUlWDP0|EHOIHVWVFKUDXEHQ

 %OHQGHQDQOHJHQXQG]XHUVWREHQGDQQXQWHQZLHGHUIHVW

VFKUDXEHQ

 'HU6SDOW]ZLVFKHQ*HUlWHWUXQGGHQVHLWOLFKHQ%OHQGHQNDQQ

EHUGLHREHUH6FKUDXEHOLQNVXQGUHFKWVDQJHSDVVWZHUGHQ

'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

 *HUlWHWU |IIQHQ XQG GLH %OHQGHQ OLQNV XQG UHFKWV DEVFKUDXEHQ

 %HIHVWLJXQJVVFKUDXEHQO|VHQ

 *HUlWOHLFKWDQKHEHQXQGJDQ]KHUDXV]LHKHQ

,QVWDOODWLRQLQVWUXFWLRQV

,PSRUWDQWLQIRUPDWLRQ²)LJ

■ 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 GRRU RU WKH GRRU

RIDNLWFKHQXQLWDVWKLVPD\FDXVHWKHDSSOLDQFHWRRYHUKHDW

■ $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

■ 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

.RFKIHOGDUW D

DXIJHVHW]W

IOlFKHQEQGLJ

,QGXNWLRQVNRFKIHOG PP PP PP

9ROOIOlFKHQ

,QGXNWLRQVNRFKIHOG

PP PP PP

*DVNRFKIHOG PP PP PP

(OHNWURNRFKIHOG PP PP PP



$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

$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

2QO\LQ6ZHGHQ)LQODQGDQG1RUZD\

7KHDSSOLDQFHFDQDOVREHFRQQHFWHGWRWKHHDUWKLQJFRQWDFW

V\VWHPXVLQJWKHHQFORVHGSOXJ7KLVPXVWEHDFFHVVLEOHDIWHU

LQVWDOODWLRQ,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

6HFXULQJWKHDSSOLDQFH²)LJ

&DXWLRQ

'RQRWXVHDFRUGOHVVVFUHZGULYHUWRVHFXUHWKHSDQHOV7KLVPD\

GDPDJHWKHSDQHOV

 3XVKWKHDSSOLDQFHLQIXOO\'RQRWNLQNRUWUDSWKHSRZHUFDEOH

RUURXWHLWRYHUVKDUSHGJHV

 &HQWUHWKHDSSOLDQFH

$ JDS RI DW OHDVW  PP LV UHTXLUHG EHWZHHQ WKH DSSOLDQFH DQG WKH

IURQWRIDGMDFHQWXQLWV

 2SHQWKHDSSOLDQFHGRRUDQGXQVFUHZWKHOHIWDQGULJKWKDQG

SDQHOV

 6FUHZWKHDSSOLDQFHWRWKHXQLW

 5HILW WKH SDQHOV DQG VFUHZ WKHP LQ SODFH ILUVW DW WKH WRS DQG WKHQ

DWWKHERWWRP

 7KH JDS EHWZHHQ WKH DSSOLDQFH GRRU DQG WKH VLGH SDQHOV FDQ EH

DGMXVWHGXVLQJWKHVFUHZVDWWKHWRSOHIWDQGULJKW

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\

 2SHQWKHDSSOLDQFHGRRUDQGXQVFUHZWKHOHIWDQGULJKWKDQG

SDQHOV

 8QGRWKHPRXQWLQJVFUHZV

 /LIWWKHDSSOLDQFHVOLJKWO\DQGSXOOLWRXWFRPSOHWHO\

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]OH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&HWODIDoDGHGHVPHXEOHVYRLVLQVMXVTXj&

■ 1LQVWDOOH] SDV ODSSDUHLO GHUULqUH XQH SRUWH GH PHXEOH QL GHUULqUH

XQHSRUWHGpFRUDWLYH,OH[LVWHXQULVTXHGHVXUFKDXIIH

■ 5pDOLVH] OHV WUDYDX[ GH GpFRXSH VXU OH PHXEOH DYDQW OD PLVH HQ

SODFH GH ODSSDUHLO (QOHYH] OHV FRSHDX[ /H IRQFWLRQQHPHQW GHV

FRPSRVDQWVpOHFWULTXHVSHXWrWUHFRPSURPLV

■ 3RUWH]GHVJDQWVGHSURWHFWLRQSRXUpYLWHUGHVFRXSXUHV

&HUWDLQHV SLqFHV DFFHVVLEOHV ORUV GX PRQWDJH SHXYHQW SRVVpGHU

GHVDUrWHVFRXSDQWHV

■ /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

+REW\SH D

6XUIDFH

PRXQWHG

)OXVK ZLWK ZRUN

WRS

,QGXFWLRQKRE PP PP PP

)XOOVXUIDFH

LQGXFWLRQKRE

PP PP PP

*DVKRE PP PP PP

(OHFWULFKRE PP PP PP



■ /HV PHXEOHV QRQ IL[pV GRLYHQW rWUH IL[pV DX PXU DX PR\HQ GXQH

pTXHUUH %XVXHOOHGXFRPPHUFH

■ 0HVXUHVGHVILJXUHV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FRWHV

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

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

6XqGH)LQODQGHHW1RUYqJHXQLTXHPHQW

/DSSDUHLO SHXW pJDOHPHQW rWUH UDFFRUGp j OD ILFKH FLMRLQWH DYHF OH

V\VWqPH GH FRQWDFW GH VpFXULWp &HOXLFL GRLW rWUH DFFHVVLEOH DSUqV

OHPRQWDJH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

)L[HUODSSDUHLOILJ

$WWHQWLRQ

1XWLOLVH]DXFXQHYLVVHXVHVDQVILOSRXUIL[HUOHVEDQGHDX[9RXV

ULVTXHULH]G·HQGRPPDJHUOHVEDQGHDX[

 3RXVVHU ODSSDUHLO j IRQG GDQV OH PHXEOH WRXW HQ YHLOODQW j QH SDV

SOLHU QL FRLQFHU OH FkEOH GDOLPHQWDWLRQ HW j QH SDV OH IDLUH SDVVHU

DXGHVVXVGDUrWHVFRXSDQWHV

 &HQWUHUODSSDUHLO

8QH IHQWH GDpUDWLRQ GH  PP PLQ HVW QpFHVVDLUH HQWUH ODSSDUHLO

HWODIDoDGHGHVPHXEOHVYRLVLQV

 (QWUHEkLOOH]ODSRUWHGHODSSDUHLOHWGpYLVVH]OHVEDQGHDX[j

JDXFKHHWjGURLWH

 9LVVH]ODSSDUHLODXPHXEOH

 $SSOLTXH] OHV EDQGHDX[ HW YLVVH]OHV GDERUG HQ KDXW HW HQVXLWH

HQEDV

 /pFDUW HQWUH OD SRUWH GH ODSSDUHLO HW OHV EDQGHDX[ ODWpUDX[ SHXW

rWUH DMXVWp HQ DJLVVDQW VXU OD YLV VXSpULHXUH j JDXFKH HW j GURLWH

/pFDUW HQWUH OH SODQ GH WUDYDLO HW ODSSDUHLO QH SHXW SDV rWUH REWXUp

SDUGHVEDJXHWWHVVXSSOpPHQWDLUHV

$XFXQHEDJXHWWHGHSURWHFWLRQWKHUPLTXHQHGRLWrWUHPRQWpHVXU

OHVSDURLVODWpUDOHVGXPHXEOHGHQFDVWUHPHQW

'pPRQWDJH

 0HWWH]ODSSDUHLOKRUVWHQVLRQ

 (QWUHEkLOOH]ODSRUWHGHODSSDUHLOHWGpYLVVH]OHVEDQGHDX[j

JDXFKHHWjGURLWH

 'HVVHUUH]OHVYLVGHIL[DWLRQ

 6RXOHYH]OpJqUHPHQWODSSDUHLOHWUHWLUH]OHFRPSOqWHPHQW

,VWUX]LRQLSHULOPRQWDJJLR

$YYHUWHQ]HLPSRUWDQWL)LJXUD

■ 6RORXQPRQWDJJLRDUHJRODG·DUWHVHFRQGRTXHVWHLVWUX]LRQL

JDUDQWLVFH XQ XVR VLFXUR ,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&

7\SHGHWDEOHGH

FXLVVRQ

SRVp

DIIOHXUDQW

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



■ 1RQ PRQWDUH ODSSDUHFFKLR GLHWUR D XQR VSRUWHOOR GHFRUDWLYR R D

XQRVSRUWHOORGHOPRELOH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/HSDUWLFKHUHVWDQRVFRSHUWHGXUDQWHLOPRQWDJJLR

SRVVRQRHVVHUHDSSXQWLWH

■ /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

&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

6RORSHU6YH]LD)LQODQGLDH1RUYHJLD

/DSSDUHFFKLRSXzHVVHUHDOODFFLDWRDQFKHFRQODVSLQDIRUQLWDLQ

GRWD]LRQH HTXLSDJJLDWD FRQ VLVWHPD GL FRQWDWWR GL SURWH]LRQH )DUH

LQPRGRFKHXQDYROWDWHUPLQDWRLOPRQWDJJLRTXHVWDVLD

DFFHVVLELOH 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

)LVVDJJLRGHOODSSDUHFFKLR)LJXUD

$WWHQ]LRQH

3HULOILVVDJJLRGHLSDQQHOOLQRQXWLOL]]DUHDOFXQDYYLWDWRUHD

EDWWHULD,SDQQHOORSRVVRQRHVVHUHGDQQHJJLDWL

 ,QVHULUHODSSDUHFFKLRILQRLQIRQGR)DUHLQPRGRFKHLOFDYRGL

DOODFFLDPHQWR QRQ VL SLHJKL QRQ ULPDQJD LQFDVWUDWR H QRQ SDVVL

VXVSLJROLYLYL

 &HQWUDUHODSSDUHFFKLR

7UD ODSSDUHFFKLR H L IURQWDOL GHL PRELOL FRQWLJXL GHYH HVVHUFL XQD

IHVVXUDGDULDGLPLQPP

 $SULUHODSRUWDGHOODSSDUHFFKLRHVYLWDUHLSDQQHOOLDGHVWUDHD

VLQLVWUD

 )LVVDUHODSSDUHFFKLRDOPRELOH

 $SSOLFDUHLSDQQHOOLHDYYLWDUHSULPDLQDOWRHSRLGLQXRYRLQ

EDVVR

 /RVSD]LRWUDODSRUWDGHOODSSDUHFFKLRHLSDQQHOOLODWHUDOLSXz

HVVHUHDGDWWDWRDVLQLVWUDHDGHVWUDWUDPLWHODYLWHVXSHULRUH

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GDOODUHWHHOHWWULFD

 $SULUHODSRUWDGHOODSSDUHFFKLRHVYLWDUHLSDQQHOOLDGHVWUDHD

VLQLVWUD

 6YLWDUHOHYLWLGLILVVDJJLR

 6ROOHYDUH OHJJHUPHQWH ODSSDUHFFKLR HG HVWUDUOR FRPSOHWDPHQWH

7LSRGLSLDQRFRWWX

ULDO]DWR

DILOR

3LDQRFRWWXUDDLQGX

]LRQH

PP PP PP

3LDQRFRWWXUDFRQVL

VWHPDDLQGX]LRQH

VXOOLQWHUDVXSHUILFLH

3LDQRFRWWXUDDLQGX

]LRQH

PP PP PP

3LDQRFRWWXUDDJDV PP PP PP

3LDQR FRWWXUD HOHWWULFR PP PP PP



,QVWDOODWLHYRRUVFKULIW

%HODQJULMNHDDQZLM]LQJHQ$IE

■ 9HLOLJ JHEUXLN LV DOOHHQ JHJDUDQGHHUG ELM HHQ GHVNXQGLJH LQERXZ

YROJHQVGH]HPRQWDJHKDQGOHLGLQJ'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GHFRURIPHXEHOGHXU

'DQEHVWDDWKHWULVLFRYDQRYHUYHUKLWWLQJ

■ 9RHU XLWVQLMGLQJVZHUN]DDPKHGHQ DDQ KHW PHXEHO XLW YRRUGDW KHW

DSSDUDDWZRUGWJHSODDWVW6SDQHQYHUZLMGHUHQ'H]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

■ '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

$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

$OOHHQ=ZHGHQ)LQODQGHQ1RRUZHJHQ

+HWDSSDUDDWNDQRRNPHWGHPHHJHOHYHUGHVWHNNHURSKHW

DDUGLQJVFRQWDFWV\VWHHPZRUGHQDDQJHVORWHQ'H]HGLHQWQDGH

LQERXZ WRHJDQNHOLMN WH ]LMQ :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

$SSDUDDWEHYHVWLJHQ$IEHHOGLQJ

$WWHQWLH

*HHQ DFFXVFKURHYHQGUDDLHU JHEUXLNHQ YRRU KHW EHYHVWLJHQ YDQ GH

SDQHOHQ3DQHOHQNXQQHQEHVFKDGLJGUDNHQ

 $SSDUDDW KHOHPDDO LQVFKXLYHQ =RUJ HUYRRU GDW KHW DDQVOXLWVQRHU

KLHUELM QLHW NQLNW ZRUGW LQJHNOHPG RI RYHU VFKHUSH UDQGHQ JHOHLG

 $SSDUDDWFHQWULVFKXLWULFKWHQ

7XVVHQKHWDSSDUDDWHQGHDDQJUHQ]HQGHYRRU]LMGHQYDQ

PHXEHOVGLHQWHHQOXFKWVSOHHWYDQPLQVWHQV PPDDQZH]LJWH

]LMQ

 $SSDUDDWGHXURSHQHQHQGHSDQHOHQOLQNVHQUHFKWV

ORVVFKURHYHQ

 $SSDUDDWDDQKHWPHXEHOYDVWVFKURHYHQ

 3DQHOHQHUWHJHQDDQ]HWWHQHQHHUVWERYHQHQYHUYROJHQV

EHQHGHQZHHUYDVWVFKURHYHQ

 'HVSOHHWWXVVHQGHDSSDUDDWGHXUHQGH]LMSDQHOHQNDQPHWGH

ERYHQVWHVFKURHIOLQNVHQUHFKWVZRUGHQDDQJHSDVW

'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

7\SHNRRNSODDW D

RSERXZ

YODNJHPRQ

WHHUG

,QGXFWLHNRRNSODDW PP PP PP

,QGXFWLHNRRNSODDW

PHWGRRUORSHQG

NRRNRSSHUYODN

PP PP PP

*DVNRRNSODDW PP PP PP

(OHNWULVFKHNRRNSODDW PP PP PP



'HPRQWDJH

 0DDNKHWDSSDUDDWVSDQQLQJVORRV

 $SSDUDDWGHXUHHQEHHWMHRSHQ]HWWHQHQGHSDQHOHQOLQNVHQ

UHFKWVORVVFKURHYHQ

 %HYHVWLJLQJVVFKURHYHQORVGUDDLHQ

 $SSDUDDWOLFKWRSWLOOHQHQKHOHPDDOQDDUEXLWHQWUHNNHQ

0RQWHULQJVYHMOHGQLQJ

9LJWLJHDQYLVQLQJHUILJXU

■ .XQ NRUUHNW LQGE\JQLQJ L KHQKROG WLO GHQQH PRQWHULQJVYHMOHGQLQJ

VLNUHUVLNNHUEUXJ0RQW¡UHQKIWHUIRUVNDGHUVRPVN\OGHV

IRUNHUW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

RYQG¡UHQLQGHQLEUXJWDJQLQJHQ

■ ,QGE\JQLQJVVNDEHVNDOYUHWHPSHUDWXUEHVWDQGLJHRSWLO&

RJIURQWHUSnWLOJUQVHQGHVNDEHRSWLO&

■ $SSDUDWHWPnLNNHLQGE\JJHVEDJHWGHNRUDWLRQVSDQHO)DUH

VRPI¡OJHDIRYHURSKHGQLQJ

■ 8GVNULQJHUQHLLQGE\JQLQJVVNDEHWVNDOXGI¡UHVLQGHQ

DSSDUDWHWVWWHVSnSODGV)MHUQVSnQHUQH'HNDQIRUULQJH

HOHNWULVNHNRPSRQHQWHUVIXQNWLRQ

■ %UXJEHVN\WWHOVHVKDQGVNHUIRUDWXQGJnVQLWVnU'HUNDQYUH

GHOHPHGVNDUSHNDQWHUVRPHUWLOJQJHOLJHXQGHUPRQWDJHQ

■ 7LOVOXWQLQJVGnVHQ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 %

■ 0nOLLOOXVWUDWLRQHU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N¡NNHQHOHPHQWHWVPHOOHPEXQGWLO

YHQWLODWLRQ

)DVWJ¡UERUGSODGHQWLOLQGE\JQLQJVVNDEHQH

+YLVDSSDUDWHWLQGE\JJHVXQGHUHQNRJHVHNWLRQVNDOI¡OJHQGH

PLQLPXPDIVWDQGHRYHUKROGHVHYHQWXHOWLQNOXVLYHHQ

XQGHUNRQVWUXNWLRQ

'HQQ¡GYHQGLJHPLQLPXPDIVWDQG EIDVWOJJHUGHQPLQGVWH

ERUGSODGHW\NNHOVH D

2YHUKROGPRQWDJHYHMOHGQLQJHQ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6YHULJH)LQODQGRJ1RUJH

$SSDUDWHWNDQRJVnWLOVOXWWHVWLOHWVLNNHUKHGVVWLNNRQWDNWV\VWHP

PHGGHWYHGODJWHVWLN'HQQHNRQWDNWVNDOYUHWLOJQJHOLJHIWHU

LQGE\JQLQJHQ+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

)DVWJ¡UHDSSDUDWILJXU

3DVSn

$QYHQGLNNHHQDNNXVNUXHWUNNHUWLOIDVWVNUXQLQJDI

SDQHOHUQH3DQHOHUQHNDQEOLYHEHVNDGLJHW

 6N\GDSSDUDWHWKHOWLQG3DVSnDWWLOVOXWQLQJVNDEOHWLNNHInU

NQNNRPPHULNOHPPHHOOHUEOLYHUI¡UWKHQRYHUVNDUSHNDQWHU

 &HQWUHUDSSDUDWHW

'HUVNDOYUHHQOXIWVSDOWHSnPLQPPPHOOHPDSSDUDWHWRJ

IURQWHQSnGHWLOVW¡GHQGHN¡NNHQHOHPHQWHU

 /XNDSSDUDWHWVG¡URSRJVNUXSDQHOHUQHDILYHQVWUHRJK¡MUH

VLGH

 6NUXDSSDUDWHWIDVWLN¡NNHQHOHPHQWHW

 6WSDQHOHUQHSnRJVNUXGHPIDVWLJHQI¡UVWIRURYHQRJ

GHUHIWHUIRUQHGHQ

 6SDOWHQPHOOHPDSSDUDWHWVG¡URJVLGHSDQHOHUQHNDQMXVWHUHV

PHGGHQ¡YHUVWHVNUXHLK¡MUHRJYHQVWUHVLGH

6SDOWHQPHOOHPERUGSODGHRJDSSDUDWPnLNNHOXNNHVPHGHNVWUD

OLVWHU

'HUPnLNNHSODFHUHVOLVWHUWLOYDUPHEHVN\WWHOVHSn

LQGE\JQLQJVVNDEHWVVLGHYJJH

7\SHNRJHVHNWLRQ D

3nVDW

3ODQPRQWHUHW

,QGXNWLRQVNRJHVHNWL

PP PP PP

)XOGIODGH

LQGXNWLRQVNRJHVHNWL

PP PP PP

*DVNRJHVHNWLRQ PP PP PP

(ONRJHVHNWLRQ PP PP PP



$IPRQWHULQJ

 6¡UJIRUDWDSSDUDWHWHUXGHQVSQGLQJ

 /XN DSSDUDWHWV G¡U OLGW RS RJ VNUX SDQHOHUQH DI L YHQVWUH RJ K¡MUH

VLGH

 6NUXPRQWHULQJVVNUXHUQHXG

 /¡IWDSSDUDWHWOLGWRJWUNGHWKHOWXG

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GHNRUHOOHUVWRPOXFND5LVNI|U

|YHUKHWWQLQJ

■ *|UXUWDJHQLVWRPPDUQDLQQDQGXVlWWHULHQKHWHQ7DERUW

VSnQHQ'HNDQSnYHUNDHONRPSRQHQWHUQDVIXQNWLRQ

■ $QYlQGVN\GGVKDQGVNDUVnXQGYLNHUGXVNlUVNDGRU'X

NRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU

■ 9lJJXWWDJHWI|UDQVOXWQLQJHQPnVWHVLWWDLQRPRPUnGHW $HOOHU

XWDQI|ULQE\JJQDGVXWU\PPHW

■ )lVWO|VDVWRPPDUPHGYDQOLJDP|EHOYLQNODU %PRWYlJJHQ

■ 0nWWXSSJLIWHUQDLELOGHUQD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

*lOOHUEDUD6YHULJH)LQODQGRFK1RUJH

(QKHWHQJnUlYHQDWWDQVOXWDPHGGHQPHGI|OMDQGHMRUGDGH

VODGGHQRFKNRQWDNWHQ'HWVNDJnDWWNRPPDnWNRQWDNWHQHIWHU

LQE\JJQDG2PGHWLQWHJnUDWWQnNRQWDNWHQHIWHULQE\JJQDGVn

PnVWHGHQIDVWDLQVWDOODWLRQHQKDHQIDVDYVNLOMDUHHQOLJW

I|UHVNULIWHUQD

)lVWDHQKHWHQELOG

2EV

)lVWLQWHSDQHOHUQDPHGVODGGO|VVNUXYGUDJDUH'XNDQVNDGD

SDQHOHUQD

 6NMXW LQ HQKHWHQ KHOW 6H WLOO Vn DWW VODGGHQ LQWH EOLU YLNW NOlPG HOOHU

GUDJHQ|YHUYDVVDNDQWHU

 &HQWUHUDHQKHWHQ

'HWVNDILQQDVHQPPOXIWVSDOWPHOODQHQKHWHQRFK

DQJUlQVDQGHVNnSVVWRPPDU

 gSSQDOXFNDQRFKVNUXYDDYYlQVWHURFKK|JHUSDQHO

 6NUXYDIDVWHQKHWHQLVWRPPHQ

 6lWWSnSDQHOHUQDXSSWLOOI|UVWVNUXYDVHGDQIDVWGHPQHGWLOO

 6SDOWHQ PHOODQ XJQVOXFND RFK VLGRSDQHOHU JnU DWW DQSDVVD PHG

|YUHVNUXYHQWLOOYlQVWHURFKK|JHU

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

 gSSQDOXFNDQRFKVNUXYDDYYlQVWHURFKK|JHUSDQHO

 /RVVDIlVWVNUXYDUQD

 /\IWHQKHWHQQnJRWRFKGUDVHGDQXWGHQKHOWRFKKnOOHW

0RQWHULQJVYHLOHGQLQJ

9LNWLJHKHQYLVQLQJHU²ELOGH

■ .XQHQIRUVNULIWVPHVVLJPRQWHULQJLKHQKROGWLOGHQQH

PRQWHULQJVYHLOHGQLQJHQJDUDQWHUHUHQVLNNHUEUXN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LQNOIROLHIUDRYQVURPPHWRJDSSDUDWG¡UHQ

I¡UDSSDUDWHWWDVLEUXN

+lOOW\S D

RYDQSnOLJ

JDQGH

LQIlOOGPRQWH

ULQJ

LQGXNWLRQVKlOO PP PP PP

+HOWlFNDQGH

LQGXNWLRQVKlOO

PP PP PP

*DVKlOO PP PP PP

HOKlOO PP PP PP



■ ,QQE\JJLQJVPRGXOHUPnWnOHWHPSHUDWXUHUSnLQQWLO &RJ

HOHPHQWIURQWHULRPUnGHWPnWnOHLQQWLO &

■ $SSDUDWHW Pn LNNH PRQWHUHV EDN HQ S\QWH HOOHU VNDSG¡U 'HW HU

IDUHIRURYHURSSKHWLQJ

■ 8WVNMULQJHU L NM¡NNHQHOHPHQWHU Pn IRUHWDV 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

■ 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

)RU6YHULJH)LQODQGRJ1RUJH

$SSDUDWHWNDQRJVnNREOHVWLOPHGPHGI¡OJHQGHVW¡SVHORJMRUGHW

VWLNNRQWDNW6W¡SVHOHWPnYUHWLOJMHQJHOLJHWWHULQQE\JJLQJHQ

'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

)HVWLQJDYDSSDUDWHW²ILJXU

2EV

%UXNLNNHVNUXPDVNLQWLOnVNUXVDPPHQGHOHQH'HOHQHNDQEOL

VNDGHW

 6N\YDSSDUDWHWKHOWLQQ3DVVSnDWWLONREOLQJVOHGQLQJHQLNNH

NQHNNHVNOHPPHVIDVWHOOHUWUHNNHVRYHUVNDUSHNDQWHU

 -XVWHUDSSDUDWHWVOLNDWGHWHUPLGWVWLOW

0HOORPDSSDUDWRJWLOJUHQVHQGHHOHPHQWIURQWHUPnGHWYUHHQ

OXIWHVSDOWHSnPLQ PP

 cSQHDSSDUDWG¡UHQRJVNUXDYVLGHGHOHQHSnK¡\UHRJYHQVWUH

VLGH

 6NUXDSSDUDWHWIDVWWLONM¡NNHQHOHPHQWHW

 6HWWSnVLGHGHOHQHRJVNUXGHPIDVWI¡UVWRSSHGHUHWWHUQHGH

 6SDOWHQPHOORPDSSDUDWG¡UHQRJVLGHGHOHQHNDQMXVWHUHVPHG

VNUXHQRSSHSnYHQVWUHRJK¡\UHVLGH

6SDOWHQPHOORPEHQNHSODWHQRJDSSDUDWHWPnLNNHOXNNHVDY

HNVWUDOLVWHU

3nVLGHYHJJHQHWLORPE\JJLQJVVNDSHWVNDOGHWLNNHIHVWHVQRHQ

YDUPHEHVN\WWHOVHVOLVWHU

8WPRQWHULQJ

 .REOHDSSDUDWHWIUDVWU¡PQHWWHW

 cSQH DSSDUDWG¡UHQ RJ VNUX DY SODWHQH Sn K¡\UH RJ YHQVWUH VLGH

 /¡VQHIHVWHVNUXHQH

 /¡IWDSSDUDWHWOLWWRSSRJWUHNNGHWKHOWXW

$VHQQXVRKMH

7lUNHLWlRKMHLWDNXYD

■ /DLWWHHQWXUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQVHDVHQQHWDDQ

DVLDQPXNDLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ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 VRPLVWH WDL NDOXVWHRYHQ WDDNVH 9DDUDQD RQ

\OLNXXPHQHPLQHQ

■ 7HHNDOXVWHHQOHLNNDXVW\|WHQQHQODLWWHHQDVHQWDPLVWD3RLVWD

ODVWXW6lKN|LVWHQUDNHQQHRVLHQWRLPLQWDYRLKlLULLQW\l

■ .l\Wl VXRMDNlVLQHLWl MRWWD YlOWlW YLLOWRKDDYDW 2VDW MRLKLQ SllVHW

DVHQQXNVHQDLNDQDNlVLNVLYRLYDWROODWHUlYlUHXQDLVLD

■ /DLWWHHQOLLWlQWlUDVLDQWXOHHROODYLLYRLWHWXQSLQQDQDOXHHOOD $WDL

DVHQQXVDOXHHQXONRSXROHOOD

7\SHSODWHWRSS D

WUDGLVMRQHOO

SODQR

,QGXNVMRQVWRSS PP PP PP

6RQHIUL

LQGXNVMRQVWRSS

PP PP PP

*DVVWRSS PP PP PP

(OHNWULVNSODWHWRSS PP PP PP



■ .LLQQLWlLUUDOOLVHWNDOXVWHHW\OHLVHVWLVDDWDYDQDROHYDOOD

NXOPDOHY\OOl %VHLQllQ

■ .XYLHQPLWDWPP

: (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

9DLQ5XRWVL6XRPLMD1RUMD

/DLWHYRLGDDQOLLWWllP\|VPXNDQDWRLPLWHWXOODSLVWRNNHHOOD

VXRMDNRVNHWWLPHHQ7lKlQSLWllSllVWlNlVLNVLDVHQQXNVHQ

MlONHHQ-RVSLVWRNNHHVHHQHLSllVHDVHQQXNVHQMlONHHQHQll

NlVLNVLNLLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ

PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD

/DLWWHHQNLLQQLWWlPLQHQNXYD

+XRPLR

bOlNl\WlOLVWRMHQNLLQQLWWlPLVHHQDNNXUXXYLQYllQQLQWl/LVWDW

YRLYDWYDXULRLWXD

 7\|QQlODLWHNRNRQDDQSDLNDOOHHQ9DUPLVWDHWWlOLLWlQWlMRKWRHL

MllSXULVWXNVLLQWDLNXOMHWHUlYLHQNXOPLHQ\OL

 .RKGLVWDODLWHNHVNHOOH

/DLWWHHQ MD YLHUHLVWHQ NHLWWL|NDOXVWHLGHQ HWXRVLHQ YlOLVVl SLWll ROOD

LOPDWLODDYlKLQWllQ PP

 $YDDODLWWHHQOXXNNXDKLXNDQMDUXXYDDYDVHPPDOODMDRLNHDOOD

ROHYDWOLVWDWLUWL

 .LLQQLWlODLWHUXXYHLOODNDOXVWHHVHHQ

 $VHWDOLVWDWSDLNRLOOHHQMDNLLQQLWlWDDVUXXYHLOODHQVLQ\OKllOWl

VLWWHQDOKDDOWD

 /DLWWHHQOXXNXQMDVLYXOODROHYLHQOLVWRMHQYlOLVWlUDNRDYRLGDDQ

VllWllYDVHPPDOODMDRLNHDOODROHYDQ\OHPPlQUXXYLQDYXOOD

7\|WDVRQMDODLWWHHQYlOLVWlUDNRDHLVDDVXONHDOLVlOLVWRLOOD

.DDSLQVLYXVHLQLLQHLVDDDVHQWDDOlPS|VXRMDOLVWRMD

,UURWXV

 3RLVWDODLWWHHVWDMlQQLWH

 $YDDODLWWHHQOXXNNXDKLXNDQMDUXXYDDYDVHPPDOODMDRLNHDOOD

ROHYDWOLVWDWLUWL

 ,UURWDNLLQQLW\VUXXYLW

 1RVWDODLWHWWDNHY\HVWLMDYHGlNRNRQDDQXORV

,QVWUXFFLRQHVGHPRQWDMH

$GYHUWHQFLDVLPSRUWDQWHVILJXUD

■ 6RORXQPRQWDMHSURIHVLRQDOVHJ~Q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DSDUDWRWUDVVDFDUORGHO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 &\ORVIURQWDOHVGHORV

PXHEOHVDG\DFHQWHVKDVWD &

■ 1RLQVWDODUHODSDUDWRGHWUiVGHXQDSXHUWDGHFRUDWLYDRGH

PXHEOH([LVWHULHVJRGHVREUHFDOHQWDPLHQWR

■ /OHYDUDFDERORVWUDEDMRVGHUHFRUWHHQHOPXHEOHDQWHVGH

FRORFDUHOHOHFWURGRPpVWLFR5HWLUDUODVYLUXWDV3RGUtDQ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

■ /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LPiJHQHVHVWiQ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

.HLWWRWDVRQW\\SSL D

SllOOHDVHQ

QHWWX

VDPDQWDVRLQHQ

DVHQQXV

,QGXNWLRNHLWWRWDVR PP PP PP

7l\VLSLQWDLQHQ

LQGXNWLRNHLWWRWDVR

PP PP PP

.DDVXNHLWWRWDVR PP PP PP

6lKN|NHLWWRWDVR PP PP PP



$SDUDWRGHEDMRGHXQDHQFLPHUDILJXUD

3DUDSRGHUYHQWLODUHODSDUDWRHOSDQHOLQWHUPHGLR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

(QIXQFLyQGHODVHSDUDFLyQPtQLPDUHTXHULGD EVHGHWHUPLQDHO

JURVRUPtQLPR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

6RORSDUD6XHFLD)LQODQGLD\1RUXHJD

(O DSDUDWR WDPELpQ VH SXHGH FRQHFWDU FRQ HO HQFKXIH FRQ VLVWHPD

GHFRQWDFWRGHSXHVWDDWLHUUDLQFOXLGRHQHOVXPLQLVWUR(VWH

FRQHFWRUGHEHTXHGDUDFFHVLEOHXQDYH]ILQDOL]DGRHOPRQWDMH

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

)LMDUHOHOHFWURGRPpVWLFRILJXUD

£$WHQFLyQ

1RXVDUGHVWRUQLOODGRUHOpFWULFRSDUDILMDUODVPROGXUDV/DV

PROGXUDVSXHGHQUHVXOWDUGDxDGDV

 ,QWURGXFLUFRPSOHWDPHQWHHOHOHFWURGRPpVWLFR1RGREODU

DSULVLRQDUQLSDVDUSRUERUGHVDILODGRVHOFDEOHGHFRQH[LyQ

 &HQWUDUHOHOHFWURGRPpVWLFR

(QWUHHOHOHFWURGRPpVWLFR\ORVIURQWDOHVGHORVPXHEOHV

DG\DFHQWHVGHEHGHMDUVHXQDGLVWDQFLDPtQLPDGH PP

 $EULUOLJHUDPHQWHODSXHUWDGHOHOHFWURGRPpVWLFR\GHVDWRUQLOODU

ODVPROGXUDVDODL]TXLHUGD\DODGHUHFKD

 $WRUQLOODUHOHOHFWURGRPpVWLFRDOPXHEOH

 0RQWDUODVPROGXUDV\YROYHUODVDDWRUQLOODUSULPHURDUULED\

GHVSXpVDEDMR

 /DVHSDUDFLyQHQWUHODSXHUWDGHOHOHFWURGRPpVWLFR\ODV

PROGXUDV ODWHUDOHV VH SXHGH DMXVWDU D GHUHFKD H L]TXLHUGD FRQ HO

WRUQLOORVXSHULRU

(OHVSDFLRHQWUHODHQFLPHUD\HOHOHFWURGRPpVWLFR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

 $EULUOLJHUDPHQWHODSXHUWDGHODSDUDWR\GHVDWRUQLOODUODV

PROGXUDVSRUODL]TXLHUGD\ODGHUHFKD

 $IORMDUORVWRUQLOORVGHDMXVWH

 /HYDQWDUOLJHUDPHQWHHODSDUDWR\H[WUDHUORSRUFRPSOHWR

ptpt

,QVWUXo}HVGHPRQWDJHP

,QGLFDo}HVLPSRUWDQWHVILJXUD

■ 6yXPDPRQWDJHPFRUUHWDUHVSHLWDQGR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XPDSRUWDGHFRUDWLYDRXGHXP

PyYHO+iULVFRGHDTXHFLPHQWRH[FHVVLYR

■ 5HDOL]HRVWUDEDOKRVGHDEHUWXUDQRPyYHODQWHVGDFRORFDomR

GRDSDUHOKR5HPRYDDVDSDUDV2IXQFLRQDPHQWRGRV

FRPSRQHQWHVHOpWULFRVSRGHVHUDIHWDGR

7LSRGHSODFD D

HQFDVWUDGD

DUDVGHODVX

SHUILFLH

3ODFDGHLQGXFFLyQ PP PP PP

6XSHUILFLHGH

LQGXFFLyQWRWDO

PP PP PP

3ODFDGHFRFFLyQGH

JDV

PP PP PP

3ODFDGHFRFFLyQ

HOpFWULFDUDGLDQWH

PP PP PP



■ 3DUDHYLWDUIHULPHQWRVSRUFRUWHGHYHPVHUXWLOL]DGDVOXYDVGH

SURWHomR$VSHoDVTXHILFDPDFHVVtYHLVGXUDQWHDPRQWDJHP

SRGHPWHUDUHVWDVDILDGDV

■ $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LPDJHQV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LQWHUPpGLR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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

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

DOLPHQWDomR GH DFRUGR FRP D FRGLILFDomR GH FRUHV YHUGHDPDUHOR

FRQGXWRUGHSURWHomR

<D]XO ]HURFRQGXWRUQHXWUR

FDVWDQKR IDVHFRQGXWRUH[WHUQR

$SHQDVSDUD6XpFLD)LQOkQGLDH1RUXHJD

2DSDUHOKRWDPEpPSRGHVHUOLJDGRjILFKDLQFOXtGDFRPRVLVWHPD

GH FRQWDFWR GH SURWHomR $SyV D PRQWDJHP HVVH VLVWHPD WHP GH

ILFDUDFHVVtYHO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

)L[DURDSDUHOKRILJXUD

$WHQomR

1mRXWLOL]HXPDDSDUDIXVDGRUDHOpWULFDSDUDIL[DURVSDLQpLV2V

SDLQpLVSRGHPILFDUGDQLILFDGRV

 ,QVLUDRDSDUHOKRSRUFRPSOHWR'XUDQWHRSURFHGLPHQWRQmR

GREUHQmRHQWDOHQHPSDVVHRFDERGHOLJDomRSRUDUHVWDV

YLYDV

 $OLQKHRDSDUHOKRDRFHQWUR

e QHFHVViULR GHL[DU XP HVSDoR PtQ GH  PP HQWUH R DSDUHOKR H

DVIUHQWHVGRVPyYHLVDGMDFHQWHVSDUDYHQWLODomR

 $EUD D SRUWD GR DSDUHOKR H GHVDSDUDIXVH RV SDLQpLV HVTXHUGR H

GLUHLWR

 $SDUDIXVHRDSDUHOKRDRPyYHO

 &RORTXHRVSDLQpLVHDSDUDIXVHRVSULPHLURHPFLPDHGHSRLV

HPEDL[R

 $ IHQGD HQWUH D SRUWD GR DSDUHOKR H RV SDLQpLV ODWHUDLV SRGH VHU

DMXVWDGDDWUDYpVGRSDUDIXVRVXSHULRUjHVTXHUGDHjGLUHLWD

2 HVSDoR HQWUH D EDQFDGD H R DSDUHOKR QmR SRGH VHU YHGDGR FRP

UpJXDVDGLFLRQDLV

1DVSDUHGHVODWHUDLVGRDUPiULRHPEXWLGRQmRSRGHPVHU

FRORFDGDVUpJXDVGHSURWHomRWpUPLFD

'HVPRQWDJHP

 'HVOLJXHRDSDUHOKRGDFRUUHQWH

 $EUD D SRUWD GR DSDUHOKR H GHVDSDUDIXVH RV SDLQpLV HVTXHUGR H

GLUHLWR

 'HVDSHUWHRVSDUDIXVRVGHIL[DomR

 /HYDQWHOLJHLUDPHQWHRDSDUHOKRHUHWLUHRFRPSOHWDPHQWHSDUD

IRUD





■ ·

      





■ 



■ 



7LSRGHSODFDGHFR

]LQKDU

VDOLHQWH

SODQDjVXSHUIt

FLH

3ODFD GH FR]LQKDU SRU

LQGXomR

PP PP PP

3ODFD GH FR]LQKDU SRU

LQGXomR

GHVXSHUItFLHLQWHJUDO

PP PP PP

3ODFDGHFR]LQKDUD

JiV

PP PP PP

3ODFDGHFR]LQKDU

HOpWULFD

PP PP PP



■ 

         



■ 

&

&

■ 



■ 







■ 





■ 

 $



■ 

 %

■ ¨PP

: 

         



·

FP

















 E

 D























       &   '

          





 ,



















P

















           





















          





  

<   

 





         

           















 





 



PP

 



 

 



 















 

 



 

 

 D











PP PP PP







PP PP PP

 PP PP PP





PP PP PP



,QVWUXNFMDPRQWDŰX

:DŰQHZVND]yZNLU\V

■ 7\ONRPRQWDŰZ\NRQDQ\]JRGQLH] QLQLHMV]ĉLQVWUXNFMĉPRQWDŰX

JZDUDQWXMHEH]SLHF]QĉHNVSORDWDFMę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&

■ 1LHPRQWRZDþXU]ĉG]HQLD]DGU]ZLDPLGHNRUDF\MQ\PLDQL]D

GU]ZLDPLPHEOD,VWQLHMHU\]\NRSU]HJU]DQLD

■ 0HEOHQDOHŰ\GRFLQDþSU]HGZVWDZLHQLHPXU]ĉG]HQLD8VXQĉþ

ZLyU\0RJĉ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

■ *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

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\

'RW\F]\W\ONR6]ZHFML)LQODQGLLL1RUZHJLL

8U]ĉG]HQLHPRŰQDSRGãĉF]\þUyZQLHŰ]DSRPRFĉGRãĉF]RQHM

ZW\F]NL]V\VWHPHP]HVW\NyZRFKURQQ\FK:W\F]NDPXVLVLę

]QDMGRZDþZGRVWęSQ\PPLHMVFXUyZQLHŰSRPRQWDŰX-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

0RFRZDQLHXU]ĉG]HQLDU\V

8ZDJD

'RPRFRZDQLDOLVWHZPDVNXMĉF\FKQLHXŰ\ZDþZNUęWDUNL

DNXPXODWRURZHM/LVWZ\PDVNXMĉFHPRJĉXOHFXV]NRG]HQLX

 &DãNRZLFLH ZVXQĉþ XU]ĉG]HQLH 8ZDŰDþ SU]\ W\P DE\ SU]HZRGX

SU]\ãĉF]HQLRZHJRQLH]DJLĉþQLHSU]\FLĉþDQLQLHSURZDG]LþSR

RVWU\FKNUDZęG]LDFK

 8VWDZLþXU]ĉG]HQLHSRŔURGNX

3RPLęG]\XU]ĉG]HQLHPDIURQWDPLSU]\OHJã\FKPHEOLQDOHŰ\

]DFKRZDþRGVWęSPLQ PP

 2WZRU]\þ GU]ZL XU]ĉG]HQLD L RGNUęFLþ OLVWZ\ PDVNXMĉFH SR OHZHM

LSUDZHMVWURQLH

 3U]\NUęFLþXU]ĉG]HQLHGRPHEOL

5RG]DMSã\W\JU]HZ

F]HM

QDNãDGDQD

QDEODW

PRQWRZDQDQD

UyZQL]SR

ZLHU]FKQLĉEODWX

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



 3U]\ãRŰ\þ OLVWZ\ PDVNXMĉFH L ] SRZURWHP SU]\NUęFLþ QDMSLHUZ QD

JyU]HDSRWHPQDGROH

 6]F]HOLQęPLęG]\GU]ZLDPLXU]ĉG]HQLDDERF]Q\PLOLVWZDPL

PDVNXMĉF\PLPRŰQDGRSDVRZDþ]DSRPRFĉJyUQHMŔUXE\SR

OHZHMLSUDZHMVWURQLH

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

 2WZRU]\þ GU]ZL XU]ĉG]HQLD L RGNUęFLþ OLVWZ\ PDVNXMĉFH SR OHZHM

LSUDZHMVWURQLH

 2GNUęFLþŔUXE\PRFXMĉFH

 8U]ĉG]HQLHOHNNRXQLHŔþLFDãNRZLFLHZ\FLĉJQĉþ

Ημπροςιυηώξνλνμρίες

Αίεμϊδςιίζίμηώ৯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βεβ

ζίΫίεφηθγήάίκπίγΌικθμβάηθζλενρΪίάθαηβδηίμθιΪληθλμφ

ιίκίέκίάΪ

■ ΚΪΫθμυιθάυιθεηίηβψάυκίαθάηΪζίΫίεβάυιθεηωγμίιίκίή

νλμΪηθάδθγικβΫθκΪΝήΪεβμίθιβεδβΘηβζθένμηΪκνςβμφ

κΪΫθμνχείδμκβρίλδβοδθζιθηίημθά

■ ΡμθΫυ ηί ιθκίαΪμφλω άθ άκίζω ζθημΪΰΪ βλιθεφανγμί αΪσβμηυί

ιίκρΪμδβΎίμΪεβθμδκυμυίικβζθημΪΰίζθένμΫυμφθλμκυζβ

■ 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οίΰνφδθξναδοτμνπρϋύ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

ΡνκϋινγκώΧαδυηηΣημκώμγηηηΜνοαδβηη

ΙκβΫθκμΪδΰίζθΰηθιθήλθίήβηβμφλιθζθσφψάβεδβλ

αΪαίζεωψσβζδθημΪδμθζΘΫίλιίρφμίδηίγλάθΫθήηυγήθλμνι

ιθλείάλμκΪβάΪηβωικβΫθκΪ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

Ρηξαίονφμνθξίμδ

κη

ςπρίμνακδμ

μϊθ

αοναδμϋπξν

αδοτμνπρϋύ

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



Ζίιοδξκδμηδξοηΰνοί³οηπ

Αμηλίμηδ

ΗίβλιθεφανγμίΪδδνζνεωμθκηυγέΪγδθάϋκμήεωαΪδκίιείηβω

ιΪηίείγβηΪρίιΪηίεβζθένμΫυμφιθάκίΰήίηυ

 ΌλμΪάφμί ικβΫθκ ήθ νιθκΪ Ικβ χμθζ ηί ήθινλδΪγμί ιίκίέβΫΪηβω

αΪσίζείηβωβλθικβδθληθάίηβωλίμίάθέθικθάθήΪλθλμκυζβ

δκθζδΪζβ

 ΌυκθάηωγμίικβΫθκιθπίημκν

ΖίΰήνικβΫθκθζβλθλίήηβζβξΪλΪήΪζβήθεΰίηΫυμφαΪαθκ

ζβηβζνζ ζζ

 ΘμδκθγμίήάίκπνικβΫθκΪβθμάβημβμίιΪηίεβλικΪάΪβλείάΪ

 ΙκβδκίιβμίικβΫθκδζίΫίεβ

 ΝλμΪηθάβμί ιΪηίεβ β αΪδκίιβμί βο ληΪρΪεΪ λάίκον Ϊ αΪμίζ ληβαν

 ΑΪαθκζίΰήνήάίκπίγικβΫθκΪβΫθδθάυζβιΪηίεωζβζθΰηθ

ιθήέθηωμφλιθζθσφψάίκοηίέθάβημΪλείάΪβλικΪάΪ

ΑΪαθκζίΰήνλμθείςηβπίγβικβΫθκθζηίεφαωαΪδκυάΪμφ

ήθιθεηβμίεφηθγιεΪηδθγ

ΑΪικίσΪίμλωνλμΪηΪάεβάΪμφηΪΫθδθάυολμίηδΪοςδΪξΪήεω

άλμκΪβάΪηβωμίιεθβαθεωπβθηηυίιεΪηδβ

Γδλνμρίε

 ΘΫίλμθρφμίικβΫθκ

 ΘμδκθγμίήάίκπνικβΫθκΪβθμάβημβμίιΪηίεβλικΪάΪβλείάΪ

 ΘλεΪΫφμίάβημυδκίιείηβω

 ΙκβιθήηβζβμίβάυηφμίικβΫθκ

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HGLOPHOLGLU%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E|OPQGHQ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YH\DPRELO\D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7DODüODU×WHPL]OH\LQL](OHNWULNOLQLWHOHULQLüOHYL

ROXPVX]HWNLOHQHELOLU

■ <DUDODQPDODU×|QOHPHNLoLQNRUX\XFXHOGLYHQWDN×OPDO×G×U

0RQWDMHVQDV×QGDHULüLOHELOHQSDUoDODU×QNHQDUODU×NHVNLQRODELOLU

■ &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 PLQLPXP |OoOHUH

X\XOPDV×JHUHNOLGLUJHUHNLUVHDOWNRQVWUNVL\RQGDKLO

*HUHNOLPLQLPXPPHVDIH EQHGHQL\OHPLQLPXP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

2FDNWU D

\HUOHüWLULOGL

\]H\HV×I×U

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



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

6DGHFHĮVYHo)LQODQGL\D1RUYHo

&LKD]ELUOLNWHWHVOLPHGLOHQILüOHNRUXPDNRQWDù×VLVWHPLQH

EDùODQDELOLU%XQODUDNXUXOGXNWDQVRQUDNROD\FDXODü×ODELOPHOLGLU

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

&LKD]×QVDELWOHQPHVLUHVLP

'LNNDW

3DQHOOHULQVDELWOHQPHVLLoLQDNOYLGDOD\×F×NXOODQPD\×Q×]

3DQHOOHUKDVDUJ|UHELOLU

 &LKD]WDPDPHQLoHULLWLOPHOLGLU%XHVQDGDEDùODQW×NDEORVX

ENOPHPHOLV×N×üW×U×OPDPDO×YH\DNHVNLQNHQDUODU×Q]HULQGHQ

JHoLULOPHPHOLGLU

 &LKD]×QRUWDQRNWD\DNRQXPODQG×U×OPDV×

&LKD]YHPRELO\DNHQDU×DUDV×QGDPLQLPXP PPOLNELUKDYD

ERüOXùXROPDO×G×U

 &LKD] NDSDù×Q× Do×Q×] YH VRO LOH VDù SDQHOOHULQ YLGDODU×Q× V|NQ]

 &LKD]×PRELO\D\DV×N×FDYLGDOD\×Q×]

 3DQHOOHUL \HUOHüWLULQL] YH |QFH VWWHQ VRQUD DOWWDQ \HQLGHQ V×N×FD

YLGDOD\×Q×]

 &LKD]NDSDù×LOH\DQSDQHOOHUDUDV×QGDNLERüOXNVWVROYH

VDùGDNLD\DUYLGDODU×\ODD\DUODQDELOLU

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]

 &LKD] NDSDù×Q× Do×Q×] YH VRO LOH VDù SDQHOOHULQ YLGDODU×Q× V|NQ]

 6DELWOHPHYLGDODU×Q×V|NQ]

 &LKD]×KDILIoHNDOG×U×Q×]YHWDPDPHQG×üDU×oHNLQL]

6]HUHOpVL~WPXWDWy

)RQWRVWXGQLYDOyNiEUD

■ $EL]WRQViJRVKDV]QiODWRWFVDNLVDMHOHQ~WPXWDWyDODSMiQ

NpV]OWV]DNV]HUŦEHV]HUHOpVJDUDQWiOMD$KLEiVEHV]HUHOpV

PLDWWLNiURNpUWDV]HUHOŌYLVHOLDIHOHOŌVVpJHW

■ .LFVRPDJROiVXWiQHOOHQŌUL]]HDNpV]OpNHW6]iOOtWiVLVpUOpV

HVHWpQQHFVDWODNR]WDVVD

■ $WDUWR]pNRNEHV]HUHOpVpKH]YHJ\HILJ\HOHPEHDV]HUHOpVL

~WPXWDWyW

■ h]HPEH KHO\H]pV HOŌWW WiYROtWVD HO D FVRPDJROyDQ\DJRNDW pV D]

|QWDSDGyVIyOLiWDVWŌWpUEŌOpVD]DMWyUyO

■ $EHpStWHWWE~WRURNQDN&LJDV]RPV]pGRVE~WRUODSRNQDN

&LJKŌiOOyQDNNHOOOHQQLN

■ $NpV]OpNHWQHpStWVHEHGHNRUYDJ\E~WRUDMWyP|Jp

7~OKHYOpVPLDWWLYHV]pO\iOOIHQQ

■ $E~WRUNLYiJiVLPXQNiLWDNpV]OpNEHKHO\H]pVHHOŌWWNHOO

HOYpJH]QL7iYROtWVDHODIRUJiFVRW$NDGiO\R]KDWMDD]

HOHNWURPRVUpV]HNPŦN|GpVpW

■ $YiJiVLVpUOpVHNPHJHOŌ]pVHpUGHNpEHQYLVHOMHQ

YpGŌNHV]W\ŦW$V]HUHOpVQpOKR]]iIpUKHWŌUpV]HNV]pOHpOHV

OHKHW

■ $NpV]OpNFVDWODNR]yDOM]DWiQDNDVUDIIR]RWWIHOOHW $

WDUWRPiQ\iEDQYDJ\DEHpStWHQGŌWHUOHWHQNtYONHOOOHQQLH

■ $QHPU|J]tWHWWE~WRURNDWNHUHVNHGHOPLIRUJDORPEDQNDSKDWy

V]|JYDVVDO %U|J]tWVHDIDOKR]

■ $]iEUiNRQWDOiOKDWyPpUHWHNPPEHQYDQQDNPHJDGYD

: (OHNWURQLNXVLPSODQWiWXPRWYLVHOŌN

$NpV]OpNiOODQGyPiJQHVHNHWWDUWDOPD]KDWDPHO\HND]

HOHNWURQLNXVLPSODQWiWXPRNSOV]tYULWPXVV]DEiO\R]yYDJ\

LQ]XOLQSXPSDPŦN|GpVpWEHIRO\iVROKDWMiN(]pUWV]HUHOpVNRU

WDUWVDPDJiWyOOHJDOiEEFPWiYROViJUDDNpV]OpNHW

0XQNDODSDOipStWHWWNpV]OpNiEUD

$NpV]OpNV]HOOŌ]pVpKH]D]HOYiODV]WyODSRQHJ\

V]HOOŌ]ŌQ\tOiVQDNNHOOOHQQLH

$PXQNDODSRWU|J]tWVHDEHpStWHWWE~WRURQ

+DDNpV]OpNIŌ]ŌIHOOHWDOiNHUOEHpStWpVUHEHNHOOWDUWDQLD]

DOiEELOHJNLVHEEPpUHWHNHWDGRWWHVHWEHQD]DODSRWLV

EHOHV]iPtWYD

$V]NVpJHV EPLQLPiOLVWiYROViJEyODGyGLND] DPLQLPiOLV

PXQNDODSYDVWDJViJ

9HJ\HILJ\HOHPEHDIŌ]ŌIHOOHWV]HUHOpVL~WPXWDWyMiW

.pV]OpNPDJDVV]HNUpQ\EHQ²iEUD

$NpV]OpNV]HOOŌ]pVpKH]D]HOYiODV]WyODSRNRQHJ\

V]HOOŌ]ŌQ\tOiVQDNNHOOOHQQLH

+D D PDJDV V]HNUpQ\QHN D] HOHPKiWIDODNRQ NtYO PpJ HJ\ KiWIDOD

YDQDNNRUD]WHONHOOWiYROtWDQL

$NpV]OpNHWFVDNRO\DQPDJDVDQpStWVHEHKRJ\DWDUWR]pNRW

N|QQ\HGpQNLOHKHVVHQYHQQL

6DURNEHpStWpViEUD

$KKR]KRJ\DNpV]OpNDMWDMiWNLOHKHVVHQQ\LWQLD

VDURNEHpStWpVQpO YHJ\H ILJ\HOHPEH D & PpUHWHW $ ' PpUHW IJJ D

E~WRUODSIRJDQW\~DODWWLYDVWDJViJiWyO

$NpV]OpNHOHNWURPRVFVDWODNR]WDWiVD

$NpV]OpND],pULQWpVYpGHOPLRV]WiO\QDNIHOHOPHJpVFVDN

YpGŌYH]HWŌYHO]HPHOWHWKHWŌ

$EL]WRVtWpNNLRV]WiVQDNPHJNHOOIHOHOQLHDWtSXVWiEOiQPHJDGRWW

WHOMHVtWPpQ\QHNpVDKHO\LHOŌtUiVRNQDN

$V]HUHOpVLPXQNiNQiODNpV]OpNQHNIHV]OWVpJPHQWHVQHNNHOO

OHQQLH

$NpV]OpNFVDNDNpV]OpNNHOHJ\WWV]iOOtWRWW

FVDWODNR]yYH]HWpNNHOFVDWODNR]WDWKDWy(UŌVtWVHD

FVDWODNR]yYH]HWpNHWDNpV]OpNKiWROGDOiUD.OLNN

PHVFVDWODNR]yYH]HWpNDYHYŌV]ROJiODWQiONDSKDWy

$ FVDWODNR]yYH]HWpN FVDN HJ\ HUHGHWL D YHYŌV]ROJiODWRQ NHUHV]WO

EHV]HUH]KHWŌYH]HWpNNHOSyWROKDWy

$]pULQWpVYpGHOPHWDEHV]HUHOpVVHOEL]WRVtWDQLNHOO

&VDWODNR]yYH]HWpNYpGŌpULQWNH]ŌYHOHOOiWRWW

FVDWODNR]yGXJyYDO

$NpV]OpNHWFVDNHOŌtUiVV]HUŦHQIHOV]HUHOWYpGŌpULQWNH]ŌV

GXJDV]ROyDOM]DWKR]V]DEDGFVDWODNR]WDWQL

+DDFVDWODNR]yGXJyDEHV]HUHOpVXWiQQHPHOpUKHWŌIL[

HOHNWURPRVFVDWODNR]WDWiVHVHWpQDV]DEiO\R]iVRNQDN

PHJIHOHOŌHQDIi]LVRNDWOHYiODV]WyEHUHQGH]pVVHONHOOHOOiWQL

)Ō]ŌIHOOHWWtSXVD D

IHOOHWEŌONL

HPHONHGŌ

IHOOHWWHOV]LQW

EHQOHYŌ

,QGXNFLyVIŌ]ŌODS PP PP PP

7HOMHVIHOOHWŦ

LQGXNFLyVIŌ]ŌODS

PP PP PP

*i]IŌ]ŌODS PP PP PP

(OHNWURPRVIŌ]ŌODS PP PP PP



&VDWODNR]yYH]HWpNYpGŌpULQWNH]ŌYHOHOOiWRWWFVDWODNR]yGXJy

QpONO

$NpV]OpNHWFVDNKLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU

FVDWODNR]WDWKDWMD

)L[HOHNWURPRVFVDWODNR]WDWiVHVHWpQDV]DEiO\R]iVRNQDN

PHJIHOHOŌHQDIi]LVRNDWOHYiODV]WyEHUHQGH]pVVHONHOOHOOiWQL

$]RQRVtWVDEHDIi]LVpVDVHPOHJHVÅQXOOiVµYH]HWpNHWD

FVDWODNR]yDOM]DWEDQ+LEiVFVDWODNR]WDWiVHVHWpQDNpV]OpN

PHJVpUOKHW

.L]iUyODJDEHN|WpVLiEUDV]HULQWFVDWODNR]WDVVDDNpV]OpNHW$

IHV]OWVpJHWOiVGDWtSXVWiEOiQ&VDWODNR]WDVVDDKiOy]DWL

FVDWODNR]yYH]HWpN HUHLW D V]tQNyGROiVQDN PHJIHOHOŌHQ ]|OGViUJD

YpGŌYH]HWpN

<NpN QXOODVHPOHJHVYH]HWpNEDUQD Ii]LV

NOVŌYH]HWpN

&VDN6YpGRUV]iJ)LQQRUV]iJpV1RUYpJLD

$NpV]OpNDPHOOpNHOWYpGŌpULQWNH]ŌYHOHOOiWRWW

FVDWODNR]yGXJyYDOLVFVDWODNR]WDWKDWy(]OHJ\HQKR]]iIpUKHWŌD

EHV]HUHOpVWN|YHWŌHQLV+DDFVDWODNR]yGXJyDEHV]HUHOpVXWiQ

QHPHOpUKHWŌIL[HOHNWURPRVFVDWODNR]WDWiVHVHWpQD

V]DEiO\R]iVRNQDNPHJIHOHOŌHQDIi]LVRNDWOHYiODV]Wy

EHUHQGH]pVVHONHOOHOOiWQL

$NpV]OpNU|J]tWpVHiEUD

)LJ\HOHP

$ NH]HOŌIHOOHWHN U|J]tWpVpKH] QH KDV]QiOMRQ DNNXV FVDYDUR]yW $

NH]HOŌIHOOHWHNPHJVpUOKHWQHN

 $NpV]OpNHWWHOMHVHQWROMDEH(N|]EHQDFVDWODNR]yNiEHOWQH

W|UMHPHJQHFVtSWHVVHEHYDJ\QHK~]]DiWpOHVV]pOHNHQ

 ,JD]tWVDN|]pSUHDNpV]OpNHW

$ NpV]OpN pV D V]RPV]pGRV E~WRUHOŌODSRN N|]|WW OHJ\HQ  PP

HVOpJUpV

 1\LVVD NL D NpV]OpN DMWDMiW pV D NH]HOŌIHOOHWHNHW FVDYDUR]]D NL

DMREEpVEDOROGDORQ

 &VDYDUR]]DIHODNpV]OpNHWDE~WRUUD

 +HO\H]]HIHODNH]HOŌIHOOHWHNHWpVHOŌV]|UIHQWPDMGOHQW

FVDYDUR]]DYLVV]D

 $ NpV]OpN DMWDMD pV D] ROGDOVy NH]HOŌIHOOHWHN N|]|WWL UpVW D MREE

pVEDOROGDOLIHOVŌFVDYDUUDOiOOtWKDWMDEH

$PXQNDODSpVDNpV]OpNN|]|WWLUpVWQH]iUMDOHV]HJpO\OpFFHO

$NpV]OpNV]HNUpQ\ROGDOIDODLUDWLORVKŌHOOHQYpGŌOpFHNHW

V]HUHOQL

.LV]HUHOpV

 )HV]OWVpJPHQWHVtWVHDNpV]OpNHW

 1\LVVD NL D NpV]OpN DMWDMiW pV D NH]HOŌIHOOHWHNHW FVDYDUR]]D NL

DMREEpVEDOROGDORQ

 2OGMDNLDU|J]tWŌFVDYDURNDW

 .LVVpHPHOMHIHODNpV]OpNHWpVWHOMHVHQK~]]DNL

,QVWUXFŘLXQLGHPRQWDM

5HFRPDQGćULLPSRUWDQWH)LJXUD

■ 1XPDLXQPRQWDMSURIHVLRQDOFRQIRUPDFHVWRULQVWUXFŘLXQLGH

PRQWDM JDUDQWHD]ć R XWLOL]DUH vQ VLJXUDQŘć ÍQ FD]XO GHWHULRUćULORU

SURYRFDWHSULQWUXQPRQWDMJUHüLWUćVSXQGHUHDvLUHYLQH

PRQWDWRUXOXL

■ 9HULILFDŘL DSDUDWXO GXSć GHVSDFKHWDUH ÍQ FD]XO vQ FDUH DSDUDWXO D

IRVWDYDULDWvQWLPSXOWUDQVSRUWXOXLQXHVWHSHUPLVćSXQHUHDvQ

IXQFŘLXQHDDFHVWXLD

■ 5HVSHFWDŘLILüHOHGHLQVWDODUHSHQWUXDVDPEODUHDDFFHVRULLORU

■ ÍQDLQWHGHSXQHUHDvQIXQFŘLXQHvQGHSćUWDŘLDPEDODMXOüLIROLLOH

GLQSODVWLFGLQLQWHULRUXOFXSWRUXOXLüLGHODXüć

■ 0RELOLHUXOvQFDUHVHHIHFWXHD]ćvQFRUSRUDUHDWUHEXLHVćILH

UH]LVWHQWODWHPSHUDWXULGHSkQćOD&LDUSDQRXULOHIURQWDOH

DOHSLHVHORUGHPRELOLHUDGLDFHQWHSkQćOD&

■ 1XPRQWDŘLDSDUDWXOvQVSDWHOHXQHLXüLGHFRUDWLYHVDXGH

PRELOLHU([LVWćULVFGHVXSUDvQFćO]LUH

■ 5HDOL]DŘLOXFUćULOHGHGHFXSDMODPRELOćvQDLQWHGHLQWURGXFHUHD

DSDUDWXOXLÍQGHSćUWDŘLUXPHJXüXO)XQFŘLRQDUHDFRPSRQHQWHORU

HOHFWULFHDUSXWHDILDIHFWDWć

■ 3HQWUXDHYLWDUćQLUHDSULQWćLHUHSXUWDŘLPćQXüLGHSURWHFŘLH

3LHVHOH FDUH VXQW DFFHVLELOH vQ WLPSXO PRQWDMXOXL SRW DYHD PXFKLL

DVFXŘLWH

■ 3UL]DGHFRQHFWDUHDDSDUDWHORUWUHEXLHVćVHDIOHvQ]RQD

VXSUDIHŘHLKDüXUDWH $VDXvQDIDUDVSDŘLXOXLGHPRQWDUH

■ 3LHVHOHGHPRELOLHUQHIL[DWHWUHEXLHSULQVHGHSHUHWHFXXQ

FRUQLHU %X]XDOGLQFRPHUŘ

■ 'LPHQVLXQLOHLPDJLQLORUvQPP

: 3HQWUXSXUWćWRULLGHLPSODQWXULHOHFWURQLFH

$SDUDWXOSRDWHFRQŘLQHPDJQHŘLSHUPDQHQŘLFDUHSRWSHUWXUED

IXQFŘLRQDUHDLPSODQWXULORUHOHFWURQLFHGHH[VWLPXODWRUFDUGLDF

VDXSRPSHGHLQVXOLQć$VWIHOODPRQWDMWUHEXLHPHQŘLQXWćR

GLVWDQŘćPLQLPćGHFPIDŘćGHLPSODQWXULOHHOHFWURQLFH

$SDUDWXOVXESODFDGHOXFUXILJXUD

3HQWUXYHQWLODUHDDSDUDWXOXLSDOLHUXOLQWHUPHGLDUWUHEXLHVć

SUH]LQWHXQGHFXSDMGHDHULVLUH

)L[DŘLSODFDGHOXFUXGHPRELODvQFDUHVHHIHFWXHD]ćPRQWDUHD

'DFćDSDUDWXOHVWHvQFRUSRUDWVXERSOLWćWUHEXLHUHVSHFWDWH

XUPćWRDUHOHGLPHQVLXQLPLQLPHGDFćHVWHFD]XOLQFOXVLY

VXEVWUXFWXUD

3HED]DGLPHQVLXQLLPLQLPHQHFHVDUH EVHREŘLQHJURVLPHD

PLQLPćDSOćFLLGHOXFUX D

5HVSHFWDŘLLQVWUXFŘLXQLOHGHPRQWDMDOHSOLWHL

$SDUDWXOvQFDVHWćvQDOWć)LJXUD

3HQWUXYHQWLODUHDDSDUDWXOXLSDOLHUHOHLQWHUPHGLDUHWUHEXLHVć

SUH]LQWHXQGHFXSDMGHDHULVLUH

ÍQFD]XOvQFDUHFDVHWDvQDOWćDUHSHOkQJćSHUHŘLLSRVWHULRULGLQ

FRPSRQHQŘDVDXQDOWSHUHWHSRVWHULRUDFHVWDWUHEXLHvQGHSćUWDW

0RQWDŘLDSDUDWXOGRDUODRDVHPHQHDvQćOŘLPHvQFkWVćSXWHŘL

VFRDWHIćUćSUREOHPHDFFHVRULLOH

0RQWDMXOGHFROŘILJXUD

3HQWUXFDXüDDSDUDWXOXLVćSRDWćILGHVFKLVćODPRQWDUHD

FRUQLHUXOXLŘLQHŘLFRQWGHGLPHQVLXQHD &'LPHQVLXQHD 'GHSLQGH

GHJURVLPHDSDQRXOXLIURQWDODOPRELOHLVXEPkQHU

5DFRUGDUHDHOHFWULFćDDSDUDWXOXL

$SDUDWXO FRUHVSXQGH FODVHL GH SURWHFŘLH , üL SRDWH IL H[SORDWDW GRDU

FXXQUDFRUGHOHFWULFFXFRQGXFWRUGHSURWHFŘLH

3URWHFŘLDWUHEXLHVćVHUHDOL]H]HFRQIRUPLQGLFDŘLLORUGHSXWHUHGH

SHSOćFXŘDGHIDEULFDŘLHüLFRQIRUPSUHVFULSŘLLORUORFDOH

ÍQ WLPSXO WXWXURU OXFUćULORU GH PRQWDM DSDUDWXO WUHEXLH Vć ILH VFRV GH

VXEWHQVLXQH

$SDUDWXOSRDWHILFRQHFWDWGRDUFXFDEOXOGHFRQHFWDUHOLYUDW

vPSUHXQćFXDFHVWD,QWURGXFHŘLFDEOXOGHOHJćWXUćvQSDUWHD

SRVWHULRDUćDDSDUDWXOXLFOLF

/DXQLWćŘLOHVHUYLFHSXWHŘLJćVLXQFDEOXGHOHJćWXUćGHP

ÍQORFXLUHDFDEOXOXLGHOHJćWXUćHVWHSHUPLVćQXPDLFXXQFDEOX

RULJLQDOFDUHSRDWHILREŘLQXWGHODXQLWćŘLOHVHUYLFH

3URWHFŘLDODDWLQJHUHWUHEXLHVćILHDVLJXUDWćSULQPRQWDM

7LSXOSOLWHL D

DüH]DW

FRSODQDU

SOLWćFXLQGXFŘLH PP PP PP

3OLWćFXLQGXFŘLHSH

WRDWć

SOLWćFXLQGXFŘLH

PP PP PP

3OLWćSHJD] PP PP PP

SOLWćHOHFWULFć PP PP PP



&DEOXGHOHJćWXUćFXüWHFKHUFXFRQWDFWGHSURWHFŘLH

$SDUDWXOSRDWHILFRQHFWDWGRDUODRSUL]ćFXFRQWDFWGHSURWHFŘLH

LQVWDODWćUHJXODPHQWDU

'DFćüWHFKHUXOQXPDLHVWHDFFHVLELOGXSćPRQWDMvQLQVWDODŘLD

HOHFWULFćSHUPDQHQWćWUHEXLHSUHYć]XWXQVHSDUDWRUGHID]H

FRQIRUPGLVSR]LŘLLORUFXSULYLUHODLQVWDODUH

&DEOXGHOHJćWXUćIćUćüWHFKHUFXFRQWDFWGHSURWHFŘLH

$SDUDWXOSRDWHILFRQHFWDWGRDUGHFćWUHXQVSHFLDOLVWDXWRUL]DW

ÍQ LQVWDODŘLD HOHFWULFć SHUPDQHQWć WUHEXLH SUHYć]XW XQ VHSDUDWRU GH

ID]HFRQIRUPGLVSR]LŘLLORUFXSULYLUHODLQVWDODUH,GHQWLILFDŘL

FRQGXFWRUXO ID]ć üL FHO QHXWUX GH QXO vQ GR]D GH FRQHFWDUH /D R

FRQHFWDUHJUHüLWćDSDUDWXOVHSRDWHGHIHFWD

&RQHFWDŘLOGRDUFRQIRUPVFKHPHLGHFRQHFWDUH3HQWUXWHQVLXQH

YH]LSOćFXŘDGHIDEULFDŘLH&RQHFWDŘLFRQGXFWRULLFDEOXOXLGHUHŘHD

FRUHVSXQ]ćWRUFRGLILFćULLSHFXORULYHUGHJDOEHQ FRQGXFWRUGH

SURWHFŘLH

< DOEDVWUX QXO FRQGXFWRU QHXWUX PDUR ID]ć FDEOX

H[WHUQ

1XPDL6XHGLD)LQODQGDüL1RUYHJLD

$SDUDWXOSRDWHILFRQHFWDWüLFXüWHFKHUXOFXFRQWDFWGHSURWHFŘLH

$FHVWD WUHEXLH Vć ILH DFFHVLELO GXSć PRQWDM 'DFć üWHFKHUXO QX PDL

HVWHDFFHVLELOGXSćPRQWDMvQLQVWDODŘLDHOHFWULFćSHUPDQHQWć

WUHEXLHSUHYć]XWXQVHSDUDWRUGHID]HFRQIRUPGLVSR]LŘLLORUFX

SULYLUHODLQVWDODUH

)L[DUHDDSDUDWXOXL)LJXUD

$WHQŘLH

1XXWLOL]DŘLüXUXEHOQLŘDSHQWUXIL[DUHDSDQRXULORU3DQRXULOHSRWIL

GHWHULRUDWH

 ÍPSLQJHŘL FRPSOHW DSDUDWXO vQ LQWHULRU ÍQ DFHVW VHQV QX vQGRLŘL QX

EORFDŘLFDEOXOüLQXvOWUHFHŘLSHVWHPXFKLLDVFXŘLWH

 2ULHQWDŘLDSDUDWXOFHQWUDO

ÍQWUHDSDUDWüLSDQRXULOHIURQWDOHDOHPRELOLHUXOXLDGLDFHQWHVWH

QHFHVDUćRIDQWćGHPP

 'HVFKLGHŘL XüD DSDUDWXOXL üL GHVIDFHŘL SDQRXULOH GLQ VWkQJD üL GLQ

GUHDSWD

 3ULQGHŘLIHUPDSDUDWXOSHPRELOć

 $SOLFDŘLSDQRXULOHüLSULQGHŘLGLQQRXPDLvQWkLVXVDSRLMRV

 )DQWDGLQWUHDSDUDWüLSDQRXULOHODWHUDOHSRDWHILDGDSWDWćvQ

SDUWHDVWkQJćüLvQSDUWHDGUHDSWćGHDVXSUDüXUXEXOXLVXSHULRU

1XHVWHSHUPLVFDIDQWDGLQWUHEODWXOGHOXFUXüLDSDUDWVćILH

vQFKLVćFXüLSFLVXSOLPHQWDUH

/DSHUHŘLLODWHUDOLDLGXODSXOXLGHvQFRUSRUDUHQXWUHEXLHDSOLFDWH

EHQ]LGHSURWHFŘLHODvQFćO]LUH

'HPRQWDUH

 6FRDWHŘLDSDUDWXOGHVXEWHQVLXQH

 'HVFKLGHŘL XüD DSDUDWXOXL üL GHVIDFHŘL SDQRXULOH GLQ VWkQJD üL GLQ

GUHDSWD

 'HVIDFHŘLüXUXEXULOHGHIL[DUH

 5LGLFDŘLXüRUDSDUDWXOüLWUDJHŘLOFRPSOHWvQDIDUć

Neff B27CR22N1/60 N 70 Oven

Product's Documents

User Manual

Specifications

Neff B27CR22N1/60 Questions and Answers

Related Products

Neff B55CR20N0/70 Oven

Neff B25CR22N1/05 N 70 Oven

Neff B25CR22N1/26 N 70 Oven

Neff B25CR22N1/40 N 70 Oven

Neff B25CR22N1/17 N 70 Oven

Neff B27CR22N1/22 N 70 Oven