You are on page 1of 75



/68/683
/68/683/68
/683/68/683
/68/683/68
/683/68
/68
/683/68
/683/68/683
/68/683/68
/683/68/68
/68/68/68
/68/68
/68
:HW$QG'U\9DFXXP&OHDQHU $VSLUDGRUD+̳PHGD\6HFD
$VSLUDGRUD+̳PHGD\6HFD
1DVV
1DVVXQG7URFNHQVDXJHU   $VSLUDWRUHVROLGLHOLTXLGL
VSLUDWRUHVROLGLHOLTXLGL
$VSLUDWRUFXIRORVLUHXPHGDVLXVFDWD
$VSLUDWRUFXIRORVLUHXPHGDVLXVFDWD
GDVLXVFDWD $DWHQGURRJVWRI]XLJHU
$DWHQGURRJVWRI]XLJHU
ƣưƽƫƷƮƶƝƴƽƫƖƸƲƷǀƽƶƷƫơƷƻljƼƮ $VSLUDWHXUHDXHWSRXVVL̩UHV
$VSLUDWHXUHDXHWSRXVVL̩UHV
$VSLUDGRUGHS̯PROKDGRHVHFR
$VSLUDGRUGHS̯PROKDGRHVHFR 9RGQ̫DVXéHQëY\VDYDč
ǥȇȃȉȁ
ǥȇȃȉȁ ȁȊȌȎȁǨȉǹȎȇȊȅȌȃǹȐȃȁ ,VODN.XUX9DNXP0DNLQHVL
,VODN.XUX9DNXP0DNLQHVL
2GNXU]DF]SU̯ŽQLRQ\QDVXFKRLQDPRNUR
2GNXU]DF]SU̯ŽQLRQ\QDVXFKRLQDPRNUR DŽŬƌŽʹƐƵĐŚljǀLJƐĄǀĂē
&ȌȎȇȂȁǻȄǹǿȆȔȂȈȔȄǾȊȇȊ   6]̣UD]
6]̣UD]QHGYHVSRUV]̫Y̯
QHGYHVSRUV]̫Y̯
ʢ‫ ݥݡ‬ऑ˓ঐ‫̛ܕ‬
2:1(5͛6
2:1(5 6  0$18$/
0$18$/

VA80086 Rev.
2020/04/28
EU / UE / EL / EC / EE / ES / EÚ / AB
Declaration of Conformity Декларация за съответствие Declaração de conformidade
Prohlášení o shodě Δήλωση συμμόρφωσης Deklaracja zgodności
Konformitätserklärung Megfelelősségi nyilatkozat Declaratie de conformitate
Overensstemmelseserklæring Izjava o sukladnosti Декларация о соответствии
Declaración de conformidad Dichiarazione di conformità Försäkran om överensstämmelse
Vastavusdeklaratsioon Atitikties deklaracija Vyhlásenie o zhode
Déclaration de conformité Atbilstības deklarācija Izjava o skladnosti
Vaatimustenmukaisuusvakuutus Samsvarserklæring Uygunluk beyanı
Conformiteitsverklaring

Manufacturer / Výrobce / Hersteller / Fabrikant / Fabricante / Κατασκευαστής /


Gyártó / Proizvođač / Fabbricante / Gamintojas / Ražotājs / Produsent / Fabrikant / Nilfisk A/S, Kornmarksvej 1
Fabricante / Producent / Producător / производитель / Tillverkaren / Výrobca / DK-2605 Broendby, DENMARK
Proizvajalec/ Üretici firma:

Product / Produkt / Producto, Toode, Produit, Tuote/ Πродукт /


Προϊόν / Termék / Proizvod / Prodotto / Produktas / Produkts / LSU135, -155, -255, -275, -295, -375, -395
Artikel / Produtos / Produs / Izdelek / Ürün
Description / Popis / Beschreibung / Beskrivelse / Descripción /
Kirjeldus / La description / Kuvaus / Oписание / Περιγραφή / Leirás / VAC - Commercial - Wet/Dry
Opis / Descrizione / Aprašymas / Apraksts / Beschrijving / Descrição /
Descriere / Beskrivning / Popis / Açıklama
220-240V 50/60Hz, IPX4

We, Nilfisk hereby declare under our sole Ние, Nilfisk С настоящото декларираме на своя Nós, a Nilfisk declaramos, sob nossa exclusiva
responsibility, that the above mentioned лична отговорност, че посочените по-горе responsabilidade, que o produto acima
product(s) is/are in conformity with the following продуктът е в съответствие със следните mencionado está em conformidade com as
directives and standards. директиви и стандарти. diretrizes e normas a seguir.

My, Nilfisk prohlašujeme na svou výlučnou Εμείς, Nilfisk δηλώνουμε με αποκλειστική μας My, Nilfisk Niniejszym oświadczamy z pełną
odpovědnost, že výše uvedený výrobek je ve ευθύνη, ότι το προαναφερόμενο προϊόν odpowiedzialnością, że wyżej wymieniony produkt
shodě s následujícími směrnicemi a normami. συμμορφώνεται με τις ακόλουθες οδηγίες και jest zgodny z następującymi dyrektywami i
πρότυπα. normami..
Wir, Nilfisk erklären in alleiniger Verantwortung,
dass das oben genannte Produkt den folgenden Mi, Nilfisk Kijelentjük, egyedüli felelősséggel, hogy Noi, Nilfisk Prin prezenta declarăm pe propria
Richtlinien und Normen entspricht. a fent említett termék megfelel az alábbi răspundere, că produsul mai sus menționat este în
irányelveknek és szabványoknak conformitate cu următoarele standarde și
Vi, Nilfisk erklærer hermed under eget ansvar at directive.
ovennævnte produkt(er) er i overensstemmelse Mi, Nilfisk Izjavljujemo pod punom odgovornošću,
med følgende direktiver og standarder. da gore navedeni proizvod u skladu sa sljedećim Ми, Нилфиск овим изјављујем под пуном
direktivama i standardima. одговорношћу, да наведеног производ је у
Nosotros, Nilfisk declaramos bajo nuestra única складу са следећим директивама и
responsabilidad que el producto antes Noi, Nilfisk dichiara sotto la propria responsabilità, стандардима.
mencionado está en conformidad con las che il prodotto di cui sopra è conforme alle
siguientes directivas y normas seguenti direttive e norme. Vi Nilfisk förklarar härmed under eget ansvar att
ovan nämnda produkt överensstämmer med
Meie, Nilfisk Käesolevaga kinnitame ja kanname Mes, "Nilfisk pareiškiu vienašališkos atsakomybės, följande direktiv och normer.
ainuisikulist vastutust, et eespool nimetatud toode kad pirmiau minėtas produktas atitinka šias
on kooskõlas järgmiste direktiivide ja direktyvas ir standartus My, Nilfisk prehlasujeme na svoju výlučnú
zodpovednosť, že vyššie uvedený výrobok je v
Nilfisk déclare sous notre seule responsabilité que Mēs, Nilfisk šo apliecinu ar pilnu atbildību, ka zhode s nasledujúcimi smernicami a normami.
le produit mentionné ci-dessus est conforme aux iepriekš minētais produkts atbilst šādām
directives et normes suivantes. direktīvām un standartiem Mi, Nilfisk izjavljamo s polno odgovornostjo, da je
zgoraj omenjeni izdelek v skladu z naslednjimi
Me, Nilfisk täten vakuutamme omalla vastuulla, Vi, Nilfisk erklærer herved under eget ansvar, at smernicami in standardi.
että edellä mainittu tuote on yhdenmukainen det ovennevnte produktet er i samsvar med
seuraavien direktiivien ja standardien mukaisesti følgende direktiver og standarder Nilfisk, burada yer alan tüm sorumluluklarımıza
göre, yukarıda belirtilen ürünün aşağıdaki
We verklaren Nilfisk hierbij op eigen direktifler ve standartlara uygun olduğunu beyan
verantwoordelijkheid, dat het bovengenoemde ederiz.
product voldoet aan de volgende richtlijnen en
normen

2006/42/EC EN 60335-1:2012+A11:2014
EN 60335-2-69:2012
2014/30/EU EN 55014-1:2017
EN 55014-2:2015
EN 61000-3-2:2014
EN 61000-3-3:2013

Authorized Lars Gjødsbøl, Executive Vice President Global


signatory: Products & Services

July 18, 2018

ϭ
(QJOLVK        2SHUDWLRQ,QVWUXFWLRQV
'HXWVFK        %HWULHEVDQOHLWXQJ
5RPkQă        ,QVWUXFĠLXQLGHXWLOL]DUH
ǼȜȜȘȞȚțȐ      ȅįȘȖȓİȢȋȡȒıȘȢ««««««««««
WŽƌƚƵŐƵmƐ      ,QVWUXo}HVGH2SHUDomR
(VSDxRO        ,QVWUXFFLRQHVGHRSHUDFLyQ
,WDOLDQR        ,VWUX]LRQLRSHUDWLYH
Ȼɴɥɝɚɪɫɤɢ     Ɋɴɤɨɜɨɞɫɬɜɨɡɚɟɤɫɩɥɨɚɬɚɰɢɹ
3ROVNL         ,QVWUXNFMDXĪ\WNRZDQLD
1HGHUODQGV     *HEUXLNVDDQZLM]LQJ
0DJ\DU        +DV]QiODWL~WPXWDWy
&ƌĂŶĕĂŝƐ       ,QVWUXFWLRQVGHIRQFWLRQQHPHQW
Ɋɭɫɫɤɢɣ       ɂɧɫɬɪɭɤɰɢɢɩɨɷɤɫɩɥɭɚɬɚɰɢɢ
ýHãWLQD        3RN\Q\NSURYR]X
^ůŽǀĞŶƐŬlj EĄǀŽĚŶĂƉŽƵǎŝƚŝĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘

7UNoH        øúOHWPHWDOLPDWÕ
'DQVN 
%UXJVDQYLVQLQJ
6YHQVND 
'ULIWVDQYLVQLQJDU
1RUVN 
%UXNVDQYLVQLQJ
6XRPL 
.l\WW|RKMHHW 
ଞ˲߭ ‫֐ ࢕ࡈی‬Ѝ߲ 

ˎ
 





 







 






&ϭ
ˏ

 





 

 


 
 
 
 

  

&Ϯ
ː
21

/68
/68

 
21

/68
/68
21

/68
/68

) 

 21
/68
/68

 
21

/68
/68
21

/68
/68

ˑ
) )6

:LULQJGLDJUDPHIRU/68 /68 )LJXUH

:LULQJGLDJUDPHIRU/68 /68 )LJXUH

˒
:LULQJ'LDJUDPHIRU/68 /68 )LJXUH

WƌŽĚƵĐƚ^ƉĞĐŝĨŝĐĂƚŝŽŶWĂƌĂŵĞƚĞƌ ;&ŽƌŵϭͿ
DŽĚĞů ĂƉĂĐŝƚLJ sŽůƚĂŐĞ;sͿ &ƌĞƋƵĞŶĐLJ WŽǁĞƌ; sĂĐƵƵŵ .BY.. ŝƌ&ůŽǁ EŽŝƐĞ

EŽ͘ ;>Ϳ ;,njͿ tͿ ;ŵŵ,ϮKͿ ;ůƚƌͬŵŝŶͿ ;ĚͿ


>^hϭϯϱ
ϯϱ ϮϮϬΕϮϰϬs ϱϬͬϲϬ ϭϬϬϬ ϭϴϰϬ  ϳϰ
>^hϭϯϱͲ^<

>^hϭϱϱ
ϱϱ ϮϮϬΕϮϰϬs ϱϬͬϲϬ ϭϬϬϬ ϭϵϮϯ  ϳϰ
>^hϭϱϱͲ^<

>^hϮϱϱ ϱϱ ϮϮϬΕϮϰϬs ϱϬͬϲϬ ϮϬϬϬ ϮϬϬϱ  ϳϴ

>^hϮϳϱ ϳϱ ϮϮϬΕϮϰϬs ϱϬͬϲϬ ϮϬϬϬ ϮϬϬϱ  ϳϴ

>^hϮϵϱ ϵϱ ϮϮϬΕϮϰϬs ϱϬͬϲϬ ϮϬϬϬ ϮϬϬϱ  ϳϴ

>^hϯϳϱ ϳϱ ϮϮϬΕϮϰϬs ϱϬͬϲϬ ϯϬϬϬ ϮϬϮϬ  ϳϵ

>^hϯϵϱ ϵϱ ϮϮϬΕϮϰϬs ϱϬͬϲϬ ϯϬϬϬ ϮϬϮϬ  ϳϵ



˓
ŶŐůŝƐŚ tĞƚŶĚƌLJsĂĐƵƵŵůĞĂŶĞƌ
,1752'8&7,21
7KLVPDQXDOZLOOKHOS\RXJHWWKHPRVWIURP9,3(5ZHW GU\YDFXXPFOHDQHU
5HDGLWWKRURXJKO\EHIRUHRSHUDWLQJWKHPDFKLQH
7KLVLVDZHWDQGGU\YDFXXPFOHDQHUPDFKLQHXVHGIRUZDWHUVXFWLRQDQGGXVWVXFWLRQRQWKH
IORRU,WLVUHFRPPHQGHGIRUFRPPHUFLDOXVH
0$&+,1(6758&785('(6&5,37,21
˄
/68  6WUXFWXUH'HVFULSWLRQ 5HIHUWRSDJH7KUHH´)´  ˅
3RZHU &RUG 0DFKLQH +HDG +DQGOH 3RZHU 6ZLWFK 0DFKLQH +HDG $VVHPEO\ )ORDW
&XS $EVRUELQJ 'LUW )LOWHU $VVHPEO\ &UHYLFH 7RRO 'XVWLQJ 7RRO 6RIW $EVRUELQJ 7XEH
$EVRUE7XEH%DVH3UHVVLQJ%XWWRQ$EVRUE7XEH%DVH7DQN&DWFK([WHQVLRQ,URQ
7XEH7DQN7DQN%RWWRP%DVH&DVWHU*URXQG&KDLQ'U\3LFNXS7RRO:HW
3LFNXS7RRO3RZHU&RUG6WRUDJH+DQJHU
/68/68/68/68/68 5HIHUWRSDJH)RXU´)´  ˅
3RZHU&RUG0DFKLQH+HDG+DQGOH3RZHU6ZLWFK)RDP*XDUG3RZHU&RUG6WRUDJH
+DQJHU  0DFKLQH +HDG $VVHPEO\ )ORDW &XS %UDFNHW $EVRUELQJ 'XVW )LOWHU $VVHPEO\
%RWWRP %DVH +DQGOH 7DQN &DWFK 7DQN +DQGOH /LIW $EVRUE 7XEH 3UHVV
%XWWRQ$EVRUE7XEH%DVH5HDU:KHHO&DVWHU7DQN%RWWRP%DVH'UDLQ+RVH
'UDLQ +RVH &ODPS 'UDLQ +RVH %ORFN +HDG &UHYLFH 7RRO 'XVWLQJ 7RRO
([WHQVLRQ ,URQ 7XEH 'U\ 3LFNXS 7RRO:HW 3LFNXS 7RRO  6RIW $EVRUE 7XEH 
7DQN
2SHUDWLRQ,QVWUXFWLRQV
'U\2SHUDWLRQ 
7KHXVHRIDEVRUELQJGLUWILOWHUDVVHPEO\PXVWEHXVHG$OZD\VHQVXUH WKDWWKHFRQWDLQHULV
HPSWLHGRIDQ\OLTXLGEHIRUHXVLQJIRUGU\SLFNXSDQGWKDWWKHFORWKILOWHULV LQDFOHDQDQGGU\ 
FRQGLWLRQ 
:KHQWKHPDFKLQHVXFWLRQIRUFHLVUHGXFLQJRUPDFKLQHQRLVHLVEHFRPLQJELJJHU6ZLWFKRII
WKHPDFKLQHDQGUHPRYHWKHSRZHUFRUGSOXJORRVHQWDQNFDWFKRIWDQNµVVLGHVWDNHGRZQ
PDFKLQHKHDGDVVHPEO\6KDNHDQGFOHDQWKHDEVRUELQJILOWHUDVVHPEO\7KLVVKRXOGEHGRQH
ZKLOHWKHKRVHLVVWLOOFRQQHFWHGWRDYRLGGXVWH[LWLQJIURPWKHRSHQGLUWFRQWDLQHUFRQQHFWLRQ
+DYLQJVKDNHQWKHILOWHUDOORZDIHZPRPHQWVIRUWKHGXVWWRVHWWOH5HPRYHDEVRUELQJGXVW
ILOWHUDVVHPEO\IURPPDFKLQHDQGHPSW\FRQWDLQHU,IWKHILOWHU¶VVXUIDFHDSSHDUVWREHKHDYLO\

˔
tĞƚŶĚƌLJsĂĐƵƵŵůĞĂŶĞƌ (QJOLVK
FRQWDPLQDWHGLWLVDGYLVDEOHWREUXVKWKHILOWHUPDWHULDOFOHDQZLWKDQRUGLQDU\VRIWKRXVHKROG
EUXVK 7KLV HQVXUHV FRQWLQXHG SHDN SHUIRUPDQFH +DYLQJ HPSWLHG FRQWDLQHU UHSODFH
DEVRUELQJGXVWILOWHUDVVHPEO\SODFHGPDFKLQHKHDGDVVHPEO\DQGORFNWDQNFDWFK<RXDUH
QRZUHDG\WRVWDUWDJDLQ,IWKHDERYHZD\VFDQ¶WUHVROYHWKHORZHUVXFWLRQSOHDVHFKHFNLIVRIW
KRVHKDVEORFNLQJ
'U\&RQWURODQG2SHUDWLRQFDQEHUHIHUUHG3DJH)LYH´)´ 
8VH FUHYLFH WRRO WR RSHUDWH LI GU\ SLFNXS WRRO LV GLIILFXOW WR UHDFK DQG RSHUDWH 
HJJDS &RQWURODQG2SHUDWLRQFDQEHUHIHUUHG3DJH6L[´)´ 
8VH'XVWLQJWRROLQJLIFOHDQFXUWDLQ &RQWURODQG2SHUDWLRQFDQEHUHIHUUHG3DJH
6L[´)´ 
:HW2SHUDWLRQ 
$VVXUHWRHPSW\DQ\GU\GXVWEHIRUHXVLQJWKHPDFKLQHIRUZHWSLFNXS 
$OZD\VEHVXUHWRXVHZHWSLFNXSWRROZLWKUXEEHUEODGHV 
7DNHRXWGXVWEDJIRUDEVRUELQJZDWHU
,IWKHUHLVPXFKZDWHUEXEEOHWRDEVRUEVXJJHVWWRXVH$EVRUELQJ'LUW)LOWHU$VVHPEO\IRUZHW
SLFNXSZKLFKZLOOSUHYHQWZDWHUEXEEOHLQWRPDFKLQHKHDG :HW&RQWURODQG2SHUDWLRQ
FDQEHUHIHUUHG3DJH)LYH´)´ 
:KHQWKHPDFKLQHZDWHULVPD[LPXQRUWDQNLVIXOOPDFKLQHKDVQRVXFWLRQDQGQRLVHEHFRPH
ELJJHU6ZLWFKRIIWKHSRZHUFRUG5HPRYHWKHSRZHUKHDGDQGIORDWYDOYHDVVHPEO\ 
3XOOWKHPDFKLQHWRVHZHUDQGHPSW\WKHOLTXLGIURPWKHFRQWDLQHU
0$,17(1$1&(  
0DFKLQHFDQSURYLGHIUHHRIUHSDLULQJDQGUHSODFLQJSDUWVLISXUFKDVLQJWLPHLVZLWKLQKDOID
\HDUDQGQRQIDXOWEH\RQGFRQWURO
,IKDYHSURGXFWTXDOLW\SUREOHPSOHDVHFRQWDFWWKHQHDUHVWDXWKRUL]HGVHUYLFHFHQWHU
9LSHUGRQ¶WFRQVLGHUIUHHRIUHSDLULQJDQGUHSODFLQJSDUWVLIWKHEHORZFDXVH
,PSURSHURSHUDWLRQPDNHPDFKLQHEHIDXOW
5HSODFHSDUWVDQGFDXVHIDXOWE\VDERWDJH
0DFKLQHVWUXFWXUHLVGDPDJHGE\VDERWDJH
$WWHQWLRQ%HIRUHSHUIRUPLQJDQ\FOHDQLQJDQGPDLQWHQDQFHRQ 
WKHYDFXXPFOHDQHUDOZD\VGLVFRQQHFWWKHSOXJIURPWKHVRXUFHRIHOHFWULFLW\ 
0DNHVXUHWKDWWKHFDEOHLVQRWFXWRUGDPDJHG

˕
(QJOLVK                                    tĞƚŶĚƌLJsĂĐƵƵŵůĞĂŶĞƌ 
&OHDQWKHWDQNGRQRWOHWLWVWDQGIRUDORQJWLPHZLWKGXVWRUGLUW\ZDWHU 
7KHFORWKGXVWEDJFDQEHZDVKHGDQGPXVWEHGULHGDJDLQEHIRUHUHXVH 
7KHPRWRULVEXLOWIRUPDLQWHQDQFHIUHHRSHUDWLRQDQGGRHVQRWQHHGDQ\SDUWLFXODUVHUYLFH
7KHFDUERQEUXVKHVPD\QHHGWREHUHSODFHGGXHWRQRUPDOZHDUDQGWHDUFDXVHGE\XVLQJ
WKH YDFXXP FOHDQHU RYHU WLPH DQG WKH\ FDQ EH UHSODFHG RQO\ E\ RXU DXWKRUL]HG VHUYLFH
FHQWHUV 
:$51,1* 
$VZLWKDOOHOHFWULFDOHTXLSPHQWFDUHDQGDWWHQWLRQPXVWEHH[HUFLVHGDWDOOWLPHVGXULQJLWVXVH
LQDGGLWLRQWRHQVXULQJWKDWURXWLQJDQGSUHYHQWDWLYHPDLQWHQDQFHLVFDUULHGRXWSHULRGLFDOO\LQ
RUGHUWRHQVXUHLWVVDIHRSHUDWLRQ 
)DLOXUH WR FDUU\ RXW PDLQWHQDQFH DV QHFHVVDU\ LQFOXGLQJ WKH UHSODFHPHQW RI SDUWV WR WKH
FRUUHFW VWDQGDUG FRXOG UHQGHU WKLV HTXLSPHQW XQVDIH DQG KH PDQXIDFWXUHU FDQ DFFHSW QR
UHVSRQVLELOLW\RUOLDELOLW\LQWKLVUHVSHFW 
:$51,1*
7KHIROORZLQJPDWHULDOPXVWQRWEHSLFNHGXSE\WKHYDFXXPFOHDQHU
KD]DUGRXVGXVWKRWPDWHULDOV EXUQLQJFLJDUHWWHVKRWDVKHWF IODPPDEOH
H[SORVLYH DJJUHVVLYH OLTXLGV HJ 3HWURO VROYHQWV DFLGV DONDOLV HWF  IODPPDEOH H[SORVLYH
GXVW HJPDJQHVLXPRUDOXPLQXPGXVWHWF 
,03257$17 ˖,IWKHVRFNHWRXWOHWVDUHQRWVXLWDEOHIRUWKHSOXJ 
VXSSOLHGZLWKWKHDSSOLDQFH,WVKRXOGEHFXWRIIDQGDQDSSURSULDWHSOXJILWWHG7KHZLUHVLQWKLV
PDLQOHDGDUHFRORUHGLQDFFRUGDQFHZLWKWKHIROORZLQJFRGH 
%OXH1HXWUDO%URZQ/LYH 
$V WKH FRORUV RI WKH ZLUHV LQ WKH PDLQV OHDG RI WKLV DSSOLDQFH PD\ QRW FRUUHVSRQG ZLWK WKH
FRORUHGPDUNLQJVLGHQWLI\LQJWKHWHUPLQDOVRIWKHSOXJSURFHHGDVIROORZV7KHZLUHZKLFKLV
FRORUHGEOXHPXVWEHFRQQHFWHGWRWKHWHUPLQDOZKLFKLVPDUNHGZKLFKWKHOHWWHU1RUFRORUHG
EODFN7KH:LUHZKLFKLVFRORUHGEURZQPXVWEHFRQQHFWHGWRWKHWHUPLQDOZKLFKLVPDUNHG
ZLWKWKHOHWWHU/RUFRORUHGUHG 
7KH PDQXIDFWXUHU UHVHUYHV WKH ULJKW WR PRGLI\ WKH PDFKLQH DQG WKH LQFOXGHG DFFHVVRULHV
ZLWKRXWSULRUQRWLFH 
:LULQJGLDJUDPUHIHUWRSDJHDQGSDJH´)LJXUHILJXUH)LJXUH
3URGXFW6SHFLILFDWLRQ3DUDPHWHU3URGXFW6SHFLILFDWLRQFDQEHUHIHUUHGWR3DJH³)RUP´



ˍˌ
EĂƐƐͲƵŶĚdƌŽĐŬĞŶƐĂƵŐĞƌ                                         ĞƵƚƐĐŚ 
(,1/(,781*
'LHVH$QOHLWXQJZLUG,KQHQGDEHLKHOIHQ,KUHQ9,3(51DVVXQG7URFNHQVDXJHURSWLPDO]XHLQ]XVHW]HQ 
/HVHQ6LHGLHVH$QOHLWXQJYRUGHU,QEHWULHEQDKPHVRUJIlOWLJGXUFK 
'LHVLVWHLQ1DVVXQG7URFNHQVDXJHUGHUVRZRKOIUGDV$XIVDXJHQYRQ:DVVHUDOVDXFKYRQ6WDXEYHUZHQGHW
ZHUGHQNDQQ 
(ULVWIUGLHJHZHUEOLFKH9HUZHQGXQJHPSIRKOHQ
0$6&+,1(1%(6&+5(,%81*
˄
/68  %HVFKUHLEXQJ 6LHKH6HLWH´)´ ˅
 6WURPNDEHO  *ULII  1HW]VFKDOWHU  *HUlWHREHUWHLO  6FKZLPPHUNRUE  6FKPXW]ILOWHU  )XJHQGVH 
3LQVHOGVH  IOH[LEOHU 6DXJVFKODXFK  7DVWH ]XP (QWULHJHOQ GHV 6DXJVFKODXFKHV  6DXJVWXW]HQ 
6SDQQYHUVFKOXVV6DXJURKU9$%HKlOWHU 
 )DKUJHVWHOO  /HQNUROOH  (UGXQJVNHWWH  7URFNHQVDXJGVH  :DVVHUVDXJGVH 
6WURPNDEHOKDOWHUXQJ
/68/68/68/68/68 6LHKH6HLWH´)´  ˅
 6WURPNDEHO  *ULII  1HW]VFKDOWHU  6FKZLPPHU   6WURPNDEHOKDOWHUXQJ  *HUlWHREHUWHLO 

6FKZLPPHUNRUE 

 6FKPXW]ILOWHU  )DKUJHVWHOOJULII  6SDQQYHUVFKOXVV  %HKlOWHUJULII  7DVWH ]XP (QWULHJHOQ GHV

6DXJVFKODXFKHV  6DXJVWXW]HQ  +LQWHUUDG  /HQNUROOH  )DKUJHVWHOO  (QWOHHUXQJVVFKODXFK 

(QWOHHUXQJVVFKODXFK.OHPPH(QWOHHUXQJVVFKODXFK9HUVFKOX‰)XJHQGVH3LQVHOGVH6DXJURKU

9$7URFNHQVDXJGVH:DVVHUVDXJGVH 

IOH[LEOHU6DXJVFKODXFK%HKlOWHU
%HWULHEVDQOHLWXQJ
7URFNHQVDXJHQ 
)UGDV7URFNHQVDXJHQPXVVGHU6FKPXW]ILOWHUYHUZHQGHWZHUGHQ6WHOOHQ6LH VLFKHUGDVVYRUGHP
7URFNHQVDXJHQMHJOLFKH)OVVLJNHLWDXVGHP%HKlOWHUHQWIHUQWLVWXQGGDVVGHU7XFKILOWHU VDXEHUXQGWURFNHQ 
LVW 

:HQQ GLH 6DXJNUDIW GHV *HUlWHV QDFKOlVVW RGHU GLH *HUlXVFKHQWZLFNOXQJ GHV *HUlWHV ]XQLPPW GDV *HUlW
DXVVFKDOWHQXQGGHQ1HW]VWHFNHU]LHKHQ/|VHQ6LHGHQ6SDQQYHUVFKOXVVDXIGHU%HKlOWHUVHLWHXQGQHKPHQ6LH
GDV *HUlWHREHUWHLO KHUXQWHU 6FKWWHOQ XQG UHLQLJHQ 6LH GHQ )LOWHU :lKUHQG GLHVHV 9RUJDQJHV VROOWH GHU
6FKODXFKZHLWHUDQJHVFKORVVHQVHLQXP]XYHUPHLGHQGDVVGHU6FKPXW]GXUFKGHQRIIHQHQ6FKPXW]EHKlOWHU
HQWZHLFKW1DFKGHP6LHGHQ)LOWHUJHVFKWWHOWKDEHQZDUWHQ6LHHLQHQ0RPHQWGDPLWVLFKGHU6FKPXW]VHW]HQ
NDQQ(QWQHKPHQ6LHGHQ6FKPXW]ILOWHUDXVGHP*HUlWXQGOHHUHQ6LHGHQ%HKlOWHU:HQQGLH2EHUIOlFKHGHV

ˍˍ

ĞƵƚƐĐŚ                                          EĂƐƐͲƵŶĚdƌŽĐŬĞŶƐĂƵŐĞƌ
)LOWHUV VWDUN YHUVFKPXW]W HUVFKHLQW VROOWHQ 6LH GHQ )LOWHU PLW HLQHU JHZ|KQOLFKHQ ZHLFKHQ +DXVKDOWVEUVWH
DEEUVWHQ'LHVJHZlKUOHLVWHWODQJDQKDOWHQGH6SLW]HQOHLVWXQJ1DFKGHP6LHGHQ%HKlOWHUJHOHHUWKDEHQVHW]HQ
6LHGHQ6FKPXW]ILOWHUZLHGHULQGDV*HUlWSODW]LHUHQ6LHGDV*HUlWHREHUWHLODXIGDV*HUlWXQGYHUVFKOLHVVHQ6LH
GHQ 6SDQQYHUVFKOXVV 6LH N|QQHQ MHW]W PLW GHP 6DXJHQ IRUWIDKUHQ 6ROOWH GLHVH 0D‰QDKPH QLFKW ]X HLQHU
EHVVHUHQ6DXJZLUNXQJIKUHQNRQWUROOLHUHQ6LHELWWHREGHU6FKODXFKEORFNLHUWLVW
VLHKH6HLWH´)´ 
%HQXW]HQ6LHGLH)XJHQGVHZHQQ6LHHQJHXQGVFKZHUHUUHLFKEDUH6WHOOHQUHLQLJHQ
P|FKWHQ VLHKH6HLWH´)´ 
9HUZHQGHQ6LHGLH3LQVHOGVHZHQQ6LH9RUKlQJHXQG*DUGLQHQUHLQLJHQ VLHKH6HLWH´)´ 
1DVVVDXJHQ 
6WHOOHQ6LHVLFKHUGDVVYRUGHP1DVVVDXJHQMHJOLFKHUWURFNHQHU6FKPXW]DXVGHP*HUlWHQWIHUQWLVW 
%HQXW]HQ 6LH LPPHU GLH :DVVHUVDXJGVH PLW GHQ *XPPLOLSSHQ :LU HUPSIHKOHQ GLH 9HUZHQGXQJ GHV
:DVVHUILOWHUV
(QWQHKPHQ 6LH GLH 6FKPXW]WWH XQG GHQ 6FKPXW]ILOWHU :HQQ HV YLHOH :DVVHUEODVHQ DXI]XVDXJHQ JLOW VROOWH
PDQ GHQ DEVRUELHUHQGHQ 6FKPXW]ILOWHU IU GDV 1DVVVDXJHQ YHUZHQGHQ 'DGXUFK ZLUG YHUKLQGHUW GDVV
:DVVHUEODVHQLQGHQ0DVFKLQHQNRSIJHODQJH VLHKH6HLWH´)´ 
:HQQGDV:DVVHULP*HUlWVHLQHQPD[LPDOHQ)OOVWDQGHUUHLFKWEORFNLHUWGHU6FKZLPPHUGHQ7XUELQHQ]XJDQJ
GDV *HUlW KDW NHLQH 6DXJZLUNXQJ PHKU XQG GDV 6DXJJHUlXVFK ZLUG VWlUNHU 6FKDOWHQ 6LH GDV *HUlW DXV XQG
]LHKHQ6LHGHQ1HW]VWHFNHU(QWIHUQHQ6LHGHQ*HUlWHNRSIXQGGHQ1DVVILOWHU 
(QWOHHUHQ6LHGLH)OVVLJNHLWDXVGHP%HKlOWHUDQJHHLJQHWHU6WHOOH
:$5781* 
:LU ELHWHQ HLQH NRVWHQORVH 5HSDUDWXU GHV *HUlWHV XQG HLQHQ NRVWHQORVHQ $XVWDXVFK YRQ =XEHK|UWHLOHQ
LQQHUKDOEHLQHVKDOEHQ-DKUHVQDFK(UZHUEXQGZHQQGLH6FKlGHQRKQH9HUVFKXOGHQGHV%HQXW]HUVHQWVWDQGHQ
VLQG
:HQQHV4XDOLWlWVSUREOHPHJLEWNRQWDNWLHUHQ6LHELWWHGDVQlFKVWHDXWRULVLHUWH'LHQVWOHLVWXQJVV]HQWUXP
,QGHQIROJHQGHQ)lOOHQEHUQLPPW9LSHUZHGHUHLQHNRVWHQORVH5HSDUDWXUQRFKHLQHQNRVWHQORVHQ$XVWDXVFK
GHU=XEHK|UWHLOH
8QVDFKJHPlVVH%HGLHQXQJIKUW]XGHQ6FKlGHQDP*HUlW
'HU XQVDFKJHPlVVH $XVWDXVFKYRQ=XEHK|UWHLOHQKDW]XU%HVFKlGLJXQJ  GHV*HUlWHVJHIKUW
'LH*HUlWHVWUXNWXUZXUGHGXUFK*HZDOWHLQZLUNXQJEHVFKlGLJW
$FKWXQJ %HYRU 6LH MHJOLFKH $UW YRQ 5HLQLJXQJ XQG:DUWXQJ DP 6WDXEVDXJHU GXUFKIKUHQ HQWIHUQHQ 6LH
LPPHUGHQ1HW]VWHFNHUDXVGHU6WHFNGRVH 

ˍˎ

EĂƐƐͲƵŶĚdƌŽĐŬĞŶƐĂƵŐĞƌ
'HXWVFK
'HXWVFK
9HUJHZLVVHUQ6LHVLFKGDVVGDV.DEHOQLFKWHLQJHULVVHQRGHUVRQVWEHVFKlGLJWLVW
5HLQLJHQ6LHGHQ7DQNUHJHOPlVVLJ/DVVHQ6LHLKQQLFKW]XODQJHPLW6FKPXW]RGHUVFKPXW]LJHP:DVVHUJHIOOW
VWHKHQ 
'HU7XFKILOWHUNDQQJHZDVFKHQZHUGHQXQGPXVVYRUGHUHUQHXWHQ9HUZHQGXQJJHWURFNQHWZHUGHQ 
'HU 0RWRU LVW IU HLQH ZDUWXQJVIUHLH %HGLHQXQJ HQWZLFNHOW XQG EHQ|WLJW NHLQHQ VSH]LHOOHQ 6HUYLFH 'LH
.RKOHEUVWHQ PVVHQ P|JOLFKHUZHLVH DXIJUXQG YRQ QRUPDOHU $EQXW]XQJ ZlKUHQG GHU %HQXW]XQJ GHV
6WDXEVDXJHUV DXVJHWDXVFKW ZHUGHQ 'LHVH .RKOHEUVWHQ GUIHQ QXU YRQ XQVHUHQ DXWRULVLHUVWHQ
'LHQVWOHLVWXQJV]HQWUHQDXVJHWDXVFKWZHUGHQ
:$5181* 
%HL DOOHQ HOHNWULVFKHQ *HUlWHQ PXVV ZlKUHQG GHU %HQXW]XQJ PLW lX‰HUVWHU 9RUVLFKW XQG $XIPHUNVDPNHLW
YRUJHJDQJHQ ZHUGHQ =XVlW]OLFKPVVHQ UHJHOPl‰LJHXQGYRUEHXJHQGH:DUWXQJHQGXUFKJHIKUW ZHUGHQXP
HLQHVLFKHUH%HGLHQXQJ]XJHZlKUOHLVWHQ 
:HUGHQ GLH QRWZHQGLJHQ :DUWXQJHQ XQWHUODVVHQ HLQJHVFKORVVHQ GHV P|JOLFKHUZHLVH QRWZHQGLJHQ
$XVWDXVFKHVYRQ=XEHK|UWHLOHQN|QQWHGLH%HGLHQXQJGHV*HUlWHVXQVLFKHUPDFKHQ,QGLHVHP)DOONDQQGHU
+HUVWHOOHUNHLQH9HUDQWZRUWXQJRGHU+DIWXQJEHUQHKPHQ 
:$5181*
'LHIROJHQGHQ0DWHULDOLHQGUIHQQLFKWYRQGHP6WDXEVDXJHUDXIJHVDXJWZHUGHQ
JHIlKUOLFKHU 6FKPXW] KHL‰H 0DWHULDOLHQ EUHQQHQGH =LJDUHWWHQ KHL‰H $VFKH XVZ  IODPPEDUH H[SORVLYH
DJJUHVVLYH)OVVLJNHLWHQ ]%3HWUROHXP/|VXQJVPLWWHO6lXUHQ%DVHQXVZ HQWIODPPEDUHUH[SORVLYHU6WDXE
]%0DJQHVLXPRGHU$OXPLQXP6WDXEXVZ 
˖
:,&+7,* ZHQQGLH6WHFNGRVHQQLFKWIUGHQPLWGLHVHP*HUlWPLWJHOLHIHUWHQ6WHFNHUJHHLJQHWVLQGVROOWHGHU
6WHFNHUJHJHQHLQHQSDVVHQGHQ6WHFNHUDXVJHWDXVFKWZHUGHQ'LH'UlKWHLQGLHVHP1HW]NDEHOVLQGJHPl‰GHP
IROJHQGHQ&RGHHLQJHIlUEW 
%ODX1HXWUDO%UDXQ/LYH 
'DGLH)DUEHQGHU'UlKWHGHV1HW]NDEHOVGLHVHV*HUlWHVP|JOLFKHUZHLVHQLFKWPLWGHQ)DUEPDUNLHUXQJHQGHU
6WHFNHUDQVFKOVVHEHUHLQVWLPPHQVROOWHQ6LHZLHIROJWYRUJHKHQ'HU'UDKWGHUEODXXPPDQWHOWLVWPXVVPLW
GHP$QVFKOXVVYHUEXQGHQZHUGHQGHUPLWGHP%XFKVWDEHQ1PDUNLHUWRGHUVFKZDU]LVW'HU'UDKWGHUEUDXQ
XPPDQWHOWLVWPXVVPLWGHP$QVFKOXVVYHUEXQGHQZHUGHQGHUPLWGHP%XFKVWDEHQ/PDUNLHUWRGHUURWLVW 
'HU +HUVWHOOHU EHKlOW VLFK GDV 5HFKW YRU GDV *HUlW XQG GLH ]XJHK|ULJHQ =XEHK|UWHLOH RKQH YRUKHULJH
$QNQGLJXQJ]XPRGLIL]LHUHQ
%]JO6WURPODXISODQVLHKH6HLWHXQG6HLWH  %LOG%LOG%LOG
3URGXNWVSH]LILNDWLRQ3DUDPHWHU
%]JO3URGXNWVSH]LILNDWLRQVLHKH6HLWH³)RUP´


ˍˏ

ZŽŵąŶă                              ƐƉŝƌĂƚŽƌĐƵĨŽůŽƐŝƌĞƵŵĞĚĂƐŝƵƐĐĂƚĂ  
,QWURGXFHUH
$FHVWPDQXDOYăYDDMXWDVăREĠLQHĠLUDQGDPHQWXOPD[LPGHODDVSLUDWRUXOXPHGúLXVFDW9,3(5
&LWLĠLOFXDWHQĠLHvQDLQWHGHDSXQHvQIXQFĠLXQHDSDUDWXO
$FHVWD HVWH XQ DVSLUDWRU XPHG úL XVFDW IRORVLW SHQWUX DEVRUEĠLD DSHL úL DEVRUEĠLD SUDIXOXL GH SH SRGHD (VWH
UHFRPDQGDWSHQWUXXWLOL]DUHFRPHUFLDOă
'(6&5,(5($6758&785,,$3$5$78/8,
/68  'HVFULHUHDVWUXFWXULL &RQVXOWDĠLSDJLQDWUHL) 
&DEOXGHDOLPHQWDUH0kQHUFDSDSDUDW&RPXWDWRUGHDOLPHQWDUH&XSăIORWRU$QVDPEOXILOWUXGHDVSLUDUH

PXUGăULH3URWHFĠLHGLQEXUHWH&DSSHQWUXVSDĠLLvQJXVWH&DSSHQWUXSUDI7XEGHDVSLUDUHIOH[LELO%XWRQ

ED]ă WXE GH DVSLUDUH %D]ă WXE DVSLUDUH 'LVSR]LWLY GH EORFDUH UH]HUYRU 7XE PHWDOLF GH H[WHQVLH

5H]HUYRU%D]ăUH]HUYRU5RDWăSLYRWDQWă/DQĠvPSăPkQWDUH&DSGHDVSLUDUHXVFDWă&DSGH

DVSLUDUHXPHGă&RQVROăGHGHSR]LWDUHFDEOXGHDOLPHQWDUH
/68/68/68/68/68 &RQVXOWDĠLSDJLQDSDWUX) 
&DEOX GH DOLPHQWDUH 0kQHU FDS DSDUDW &RPXWDWRU GH DOLPHQWDUH &RQVROă GH GHSR]LWDUH FDEOX GH

DOLPHQWDUH$QVDPEOXFDSDSDUDW&XSăIORWRU%ULGăFXSăIORWRU$QVDPEOXILOWUXGHDVSLUDUHSUDI0kQHU

ED]ă 'LVSR]LWLY GH EORFDUH UH]HUYRU 0kQHU GH ULGLFDUH UH]HUYRU %XWRQ WXE GH DVSLUDUH %D]ă WXE

DVSLUDUH 5RDWă VSDWH 5RDWă SLYRWDQWă %D]ă UH]HUYRU  )XUWXQ GH HYDFXDUH &OHPă IXUWXQ GH

HYDFXDUH&DSGHEORFDUHIXUWXQGHHYDFXDUH&DSSHQWUXVSDĠLLvQJXVWH&DSSHQWUXSUDI7XEPHWDOLF

GHH[WHQVLH&DSGHDVSLUDUHXVFDWă&DSGHDVSLUDUHXPHGă7XEGHDVSLUDUHIOH[LELO5H]HUYRU
,QVWUXFĠLXQLGHXWLOL]DUH
)XQFĠLRQDUHDXVFDWă 
7UHEXLH Vă ILH XWLOL]DWH DQVDPEOXO ILOWUXOXL GH DVSLUDUH D SUDIXOXL $VLJXUDĠLYă vQWRWGHDXQDFăUHFLSLHQWXOHVWH
JROLWGHRULFHOLFKLGvQDLQWHGHDXWLOL]DSHQWUXDVSLUDUHXVFDWăúLFăILOWUXOGHSkQ]ă HVWHFXUDWúLXVFDW 
$WXQFLFkQGIRUĠDGHDVSLUDĠLHDDSDUDWXOXLVFDGHVDX]JRPRWXOXLGHYLQHPDLSXWHUQLF2SULĠLDSDUDWXOúLVFRDWHĠL
FDEOXO GH DOLPHQWDUH GLQ SUL]ă HOLEHUDĠL GLVSR]LWLYHOH GH EORFDUH D UH]HUYRUXOXL GH SH SăUĠLOH ODWHUDOH DOH
UH]HUYRUXOXL úL VFRDWHĠL DQVDPEOXO FDSXOXL DSDUDWXOXL 6FXWXUDĠL úL FXUăĠDĠL DQVDPEOXO ILOWUXOXL GH DVSLUDUH $FHVW
OXFUX DU WUHEXL Vă ILH IăFXW vQ WLPS FH IXUWXQXO HVWH FRQHFWDW SHQWUX D HYLWD LHúLUHD SUDIXOXL SULQ FRQH[LXQHD
GHVFKLVăDUHFLSLHQWXOXLSHQWUXPXUGăULH'XSăFHDĠLVFXWXUDWILOWUXODúWHSWDĠLFkWHYDPRPHQWHFDSUDIXOVăVH
DúH]H6FRDWHĠLILOWUXOGHDVSLUDUHDSUDIXOXLGLQDSDUDWúLJROLĠLUHFLSLHQWXO'DFăVXSUDIDĠDILOWUXOXLSDUHDILSXWHUQLF
FRQWDPLQDWăHVWHUHFRPDQGDWVăSHULDĠLPDWHULDOXOILOWUXOXLFXRSHULHPRDOHGHX]FDVQLF$FHVWOXFUXDVLJXUă
SHUIRUPDQĠHGHYkUIvQFRQWLQXDUH'XSăJROLUHDUHFLSLHQWXOXLPRQWDĠLODORFILOWUXGHDVSLUDUHDSUDIXOXLDQVDPEOXO
FDSXOXLDSDUDWXOXLúLEORFDĠLGLVSR]LWLYXOGHEORFDUHDUH]HUYRUXOXL$FXPVXQWHĠLSUHJăWLWVăvQFHSHĠLGLQQRXÌQ

ˍː

ƐƉŝƌĂƚŽƌĐƵĨŽůŽƐŝƌĞƵŵĞĚĂƐŝƵƐĐĂƚĂ                               ZŽŵąŶă 
FD]XO vQFDUHPRGDOLWăĠLOH GHPDLVXV QX UH]ROYăVFăGHUHD SXWHULL GH DVSLUDUHYă UXJăPVăYHULILFDĠL GDFăVD
EORFDWIXUWXQXOIOH[LELO
&RQWUROXOúLIXQFĠLRQDUHDvQPRGXVFDWSRWILFRQVXOWDWHODSDJLQDFLQFL) 
8WLOL]DĠLFDSXOSHQWUXVSDĠLLvQJXVWHvQFD]XOvQFDUHFDSXOSHQWUXDVSLUDUHXVFDWăHVWHGLILFLOGHXWLOL]DWGHH[vQ
QLúH FRQWUROXOúLIXQFĠLRQDUHDSRWILFRQVXOWDWHODSDJLQDúDVH) 
8WLOL]DĠLFDSXO SHQWUX SUDI GDFăFXUăĠDĠL SHUGHOH FRQWUROXOúL IXQFĠLRQDUHD SRWIL FRQVXOWDWH OD SDJLQD úDVH
) 
)XQFĠLRQDUHDXPHGă 
$VLJXUDĠLYăFăHOLPLQDĠLWRWSUDIXOXVFDWvQDLQWHGHDXWLOL]DDSDUDWXOSHQWUXDVSLUDUHXPHGă 
$VLJXUDĠLYăvQWRWGHDXQDFăXWLOL]DĠLFDSXOGHDVSLUDUHXPHGăFXODPHOHGLQFDXFLXF 
6FRDWHĠLVDFXOGHSUDIúLILOWUXOGHDVSLUDUHDSUDIXOXL
'DFDVXQWPXOWHEXOHGHDSDGHDEVRUELWUHFRPDQGIRORVLUHD'LVSR]LWLYXOXL)LOWUXOXL$EVRUEDQWSHQWUXFXUDWDUHD
GHLPSXULWDWLDDSHLFDUHYDSUHYHQLLEXOHOHGHDSDVDDMXQJDLQFDSXOPDVLQLL
 &RQWUROXOúLIXQFĠLRQDUHDDVSLUăULLXPHGHSRWILFRQVXOWDWHODSDJLQDFLQFL) 
$WXQFLFkQGDSDGLQDSDUDWHVWHODQLYHOPD[LPVDXUH]HUYRUXOHVWHSOLQDSDUDWXOQXDVSLUăúL]JRPRWXOGHYLQH
PDLPDUHRSULĠLDSDUDWXOúLVFRDWHĠLFDEOXOGHDOLPHQWDUHGLQSUL]ă6FRDWHĠLDQVDPEOXOFDSXOXLúLDOIORWRUXOXL 
$GXFHĠLDSDUDWXODSURDSHGHVLVWHPXOGHFDQDOL]DUHúLJROLĠLOLFKLGXOGLQUHFLSLHQW
Ì175(ğ,1(5($  
([LVWăRJDUDQĠLHGHúDVHOXQLvQFDUHSXWHĠLEHQHILFLDGHUHSDUDUHúLvQORFXLUHJUDWXLWăDSLHVHORUGDFăQXVXQWHĠL
UăVSXQ]ăWRUGHGHIHFĠLXQHDDSDUDWXOXL
'DFăDYHĠLSUREOHPHUHIHULWRDUHODFDOLWDWHDSURGXVXOXLYăUXJăPVăFRQWDFWDĠLFHOPDLDSURSLDWFHQWUXGHVHUYLFH
DXWRUL]DW
9LSHUQXLDvQFRQVLGHUDUHUHSDUDUHDúLvQORFXLUHDJUDWXLWăDSLHVHORUvQXUPăWRDUHOHFD]XUL
 8WLOL]DUHDQHFRUHVSXQ]ăWRDUHFDX]HD]ăGHIHFĠLXQHDDSDUDWXOXL
 ÌQORFXLĠLSLHVHOHúLFDX]DĠLGHIHFĠLXQHDFDUHXUPDUHDGHVIDFHULLDSDUDWXOXL
 6WUXFWXUDDSDUDWXOXLHVWHDIHFWDWăSULQGHVIDFHUH
$WHQĠLHÌQDLQWHGHDHIHFWXDRULFHFXUăĠDUHúLvQWUHĠLQHUH 
DDVSLUDWRUXOXLGHFRQHFWDĠLvQWRWGHDXQDúWHFKHUXOGHODVXUVDGHHOHFWULFLWDWH 
z $VLJXUDĠLYăFăFDEOXOQXHVWHGHWHULRUDWVDXWăLDW
z &XUăĠDĠLUH]HUYRUXOQXvOOăVDĠLVăVWHDSHQWUXROXQJăSHULRDGăGHWLPSFXSUDIVDXDSăPXUGDUă 
6DFXOGHSUDIGLQSkQ]ăSRDWHILVSăODWúLWUHEXLHVăILHXVFDWvQDLQWHGHUHXWLOL]DUH 
z 0RWRUXOHVWHFRQVWUXLWSHQWUXRSHUDUHDIăUăvQWUHĠLQHUHúLQXDUHQHYRLHGHQLFLXQVHUYLFHVSHFLDO3HULLOHGH
FDUERQ SRW QHFHVLWD vQORFXLUHD GLQ FDX]D X]XULL QRUPDOH FDX]DWH GH XWLOL]DUHD DVSLUDWRUXOXL vQ WLPS úL

ˍˑ

ZŽŵąŶă                              ƐƉŝƌĂƚŽƌĐƵĨŽůŽƐŝƌĞƵŵĞĚĂƐŝƵƐĐĂƚĂ
SRWILvQORFXLWHQXPDLGHFăWUHFHQWUHOHQRDVWUHGHVHUYLFHDXWRUL]DWH 
$9(57,60(17 
/D IHO FD vQ FD]XO WXWXURU HFKLSDPHQWHORU HOHFWULFH XWLOL]DUHD DSDUDWXOXL WUHEXLH Vă VH IDFă FX DWHQĠLH vQ RULFH
PRPHQWÌQSOXVWUHEXLHVăYăDVLJXUDĠLFăVHUHDOL]HD]ăSHULRGLFvQWUHĠLQHUHDSUHYHQWLYăDDSDUDWXOXLFXVFRSXO
GHDDVLJXUDIXQFĠLRQDUHDDFHVWXLDvQFRQGLĠLLGHVLJXUDQĠă 
'DFă QX VH HIHFWXHD]ă vQWUHĠLQHUHD GXSăFXPHVWH QHFHVDU LQFOXVLYvQORFXLUHD SLHVHORU ODVWDQGDUGHFRUHFWH
DFHVWHFKLSDPHQWSRDWHGHYHQLQHVLJXUúLSURGXFăWRUXOQXSRDWHDFFHSWDQLFLRUHVSRQVDELOLWDWHVDXUăVSXQGHUH
vQDFHVWVHQV 
$9(57,60(17
8UPăWRDUHOHPDWHULDOHQXWUHEXLHVăILHDVSLUDWH
SUDISHULFXORVPDWHULDOHILHUELQĠL ĠLJăULDSULQVHFHQXúăILHUELQWHHWF OLFKLGHLQIODPDELOH
H[SOR]LYHDJUHVLYH GHH[HPSOXEHQ]LQăVROYHQĠLDFL]LED]HHWF SUDILQIODPDELOH[SOR]LY GHH[HPSOXSXOEHUH
GHPDJQH]LXVDXDOXPLQLXHWF 
,03257$17'DFăSUL]HOHQXVXQWSRWULYLWHSHQWUXúWHFKHUXO 
IXUQL]DWFXDSDUDWXO$FHVWDWUHEXLHVăILHWăLDWúLWUHEXLHPRQWDWXQúWHFKHUFRUHVSXQ]ăWRU)LUHOHGLQFDEOXOGH
UHĠHDVXQWFRORUDWHvQFRQIRUPLWDWHFXFRGXOXUPăWRU 
$OEDVWUX1HXWUX0DUR7HQVLXQH 
'HRDUHFHFXORULOHILUHORUGLQFDEOXOGHDOLPHQWDUHDODFHVWXLDSDUDWSRWVăQXFRUHVSXQGăFXPDUFDMHOHFRORUDWHGH
LGHQWLILFDUH D WHUPLQDOHORU úWHFKHUXOXL SURFHGDĠL GXSă FXP XUPHD]ă )LUXO GH FXORDUH DOEDVWUă WUHEXLH Vă ILH
FRQHFWDWODWHUPLQDOXOFDUHHVWHPDUFDWFXOLWHUD1VDXGHFXORDUHQHDJUă)LUXOGHFXORDUHPDURWUHEXLHVăILH
FRQHFWDWODWHUPLQDOXOFDUHHVWHPDUFDWFXOLWHUD/VDXGHFXORDUHURúLH 
3URGXFăWRUXOvúLUH]HUYăGUHSWXOGHDPRGLILFDDSDUDWXOúLDFFHVRULLOHLQFOXVHIăUăQRWLILFDUHSUHDODELOă 
3HQWUXVFKHPDHOHFWULFăFRQVXOWDĠLSDJLQDúLSDJLQD)LJXUD)LJXUD)LJXUD
6SHFLILFDĠLLSURGXV
6SHFLILFDĠLLOHSRWILFRQVXOWDWHODSDJLQD)RUPXODU











ˍ˒

ɉɶʌɼʃɲɿɂɻʌɼȸʄɸʃʏʌɿʃɼɇʃʉʑʋɲ Ž¬¬¨®ª« ƾ
ǼǿȈǹīȍīdz
ǹȣIJȩIJȠİȖȤİȚȡȓįȚȠȤȡȒıȘȢșĮıĮȢȕȠȘșȒıİȚȞĮȑȤİIJİIJȘȞțĮȜȪIJİȡȘĮʌȩįȠıȘIJȘȢȘȜİțIJȡȚțȒȢıĮȢıțȠȪʌĮȢ

ǻȚĮȕȐıIJİIJȠʌȡȠıİțIJȚțȐʌȡȚȞȤȡȘıȚȝȠʌȠȚȒıİIJİIJȘıțȠȪʌĮ 

ǹȣIJȒİȓȞĮȚȝȚĮȘȜİțIJȡȚțȒıțȠȪʌĮȣȖȡȫȞțĮȚıIJİȡİȫȞȖȚĮĮʌȠȡȡȩijȘıȘıțȩȞȘȢțĮȚȞİȡȠȪ  ȈȣȞȓıIJĮIJĮȚȖȚĮİʌĮȖȖİȜȝĮIJȚțȒȤȡȒıȘ

ȆǼȇǿīȇǹĭǾǻȅȂǾȈȈȊȈȀǼȊǾȈ
˄
/68  ȆİȡȚȖȡĮijȒǻȠȝȒȢ ǻİȓIJİıİȜȓįĮȉȡȓĮ©ǼȚțȩȞĮª  ˅
 ȀĮȜȫįȚȠ ȉȡȠijȠįȠıȓĮȢ  ȁĮȕȒ ȀİijĮȜȒȢ ȈțȠȪʌĮȢ  ǻȚĮțȩʌIJȘȢ ȉȡȠijȠįȠıȓĮȢ  ȀİijĮȜȒ ȈțȠȪʌĮȢ  ȆȜȦIJȒȡĮȢ ȂȠIJȑȡ 

ĭȓȜIJȡȠ ȈIJİȖȞȫȞ ȇȪʌȦȞ ǼȟȐȡIJȘȝĮ ȖȚĮ ȤĮȡĮȝȐįİȢ  ǼȟȐȡIJȘȝĮ ȖȚĮ ȟİıțȩȞȚıȝĮ  ǼȪțĮȝʌIJȠȢ ȈȦȜȒȞĮȢ ǹʌȠȡȡȩijȘıȘȢ

ȂʌȠȣIJȩȞǺȐıȘȢȈȦȜȒȞĮǹʌȠȡȡȩijȘıȘȢǺȐıȘȈȦȜȒȞĮǹʌȠȡȡȩijȘıȘȢǹıijȐȜİȚĮǻİȟĮȝİȞȒȢȂİIJĮȜȜȚțȩȢȈȦȜȒȞĮȢ

ǼʌȑțIJĮıȘȢǻİȟĮȝİȞȒǺȐıȘǻİȟĮȝİȞȒȢȉȡȠȤȩȢǹȜȣıȓįĮȖİȓȦıȘȢȆȑȜȝĮȈȣȜȜȠȖȒȢȈIJİȖȞȫȞȆȑȜȝĮȈȣȜȜȠȖȒȢ

ȊȖȡȫȞȀȡİȝĮıIJȐȡȚǹʌȠșȒțİȣıȘȢȀĮȜȦįȓȠȣIJȡȠijȠįȠıȓĮȢ  

/68/68/68/68/68 ǻİȓIJİıİȜȓįĮȉȑııİȡĮ©ǼȚțȩȞĮª 
 ȀĮȜȫįȚȠ ȉȡȠijȠįȠıȓĮȢ  ȁĮȕȒ ȀİijĮȜȒȢ ȈțȠȪʌĮȢ  ǻȚĮțȩʌIJȘȢ ȉȡȠijȠįȠıȓĮȢ  ȀȡİȝĮıIJȐȡȚ ǹʌȠșȒțİȣıȘȢ ȀĮȜȦįȓȠȣ

IJȡȠijȠįȠıȓĮȢȀİijĮȜȒȈțȠȪʌĮȢȆȜȦIJȒȡĮȢȂȠIJȑȡȊʌȠıIJȒȡȚȖȝĮȆȜȦIJȒȡĮȂȠIJȑȡĭȓȜIJȡȠȈțȩȞȘȢȁĮȕȒȀȐIJȦǺȐıȘȢ

ǹıijȐȜİȚĮǻİȟĮȝİȞȒȢȋİȡȠȪȜȚǹȞĮıȘțȫȝĮIJȠȢ  ǻİȟĮȝİȞȒȢȂʌȠȣIJȩȞǺȐıȘȢȈȦȜȒȞĮǺȐıȘȈȦȜȒȞĮǹʌȠȡȡȩijȘıȘȢ

ȆȓıȦIJȡȠȤȩȢȉȡȠȤȩȢ  ǺȐıȘǻİȟĮȝİȞȒȢȈȦȜȒȞĮȢǹʌȠıIJȡȐȖȖȚıȘȢ  ȈijȚțIJȒȡĮȢȈȦȜȒȞĮǹʌȠıIJȡȐȖȖȚıȘȢǺȐıȘ

ȀİijĮȜȒȢ ȈȦȜȒȞĮ ǹʌȠıIJȡȐȖȖȚıȘȢ   ǼȟȐȡIJȘȝĮ ȖȚĮ ȤĮȡĮȝȐįİȢ   ǼȟȐȡIJȘȝĮ ȖȚĮ ȟİıțȩȞȚıȝĮ   ȂİIJĮȜȜȚțȩȢ ȈȦȜȒȞĮȢ

ǼʌȑțIJĮıȘȢȆȑȜȝĮȈȣȜȜȠȖȒȢȈIJİȖȞȫȞȆȑȜȝĮ  ȈȣȜȜȠȖȒȢȊȖȡȫȞǼȪțĮȝʌIJȠȢȈȦȜȒȞĮȢǹʌȠȡȡȩijȘıȘȢǻİȟĮȝİȞȒ 

ȅįȘȖȓİȢȋȡȒıȘȢ
ȁİȚIJȠȣȡȖȓĮȈIJİȖȞȫȞ 
ȆȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓIJĮȚIJȠĮʌȠȡȡȠijȘIJȚțȩijȓȜIJȡȠıIJİȖȞȫȞȡȪʌȦȞȆȐȞIJȠIJİȞĮȕİȕĮȚȫȞİıIJİȩIJȚ ȘįİȟĮȝİȞȒİȓȞĮȚȐįİȚĮĮʌȩ

ȣȖȡȐʌȡȚȞȤȡȘıȚȝȠʌȠȚȒıİIJİIJȘıțȠȪʌĮȖȚĮıȣȜȜȠȖȒıIJİȖȞȫȞțĮȚİʌȓıȘȢȩIJȚIJȠȣijĮıȝȐIJȚȞȠijȓȜIJȡȠİȓȞĮȚ țĮșĮȡȩțĮȚıIJİȖȞȩ 

ǵIJĮȞİȜĮIJIJȫȞİIJĮȚȘįȪȞĮȝȘIJȘȢĮȞĮȡȡȩijȘıȘȒȠșȩȡȣȕȠȢIJȘȢıțȠȪʌĮȢȖȓȞİIJĮȚİȞIJȠȞȩIJİȡȠȢ  ȀȜİȓıIJİIJȘıțȠȪʌĮțĮȚĮijĮȚȡȑıIJİIJȠ

țĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢȤĮȜĮȡȫıIJİIJȘȞĮıijȐȜİȚĮIJȘȢįİȟĮȝİȞȒȢıIJĮʌȜİȣȡȐIJȘȢįİȟĮȝİȞȒȢțĮȚĮijĮȚȡȑıIJİIJȘȞțİijĮȜȒIJȘȢıțȠȪʌĮȢ

ǹȞĮțȚȞȒıIJİ țĮȚ țĮșĮȡȓıIJİ IJȠ ĮʌȠȡȡȠijȘIJȚțȩ ijȓȜIJȡȠ ǹȣIJȩ șĮ ʌȡȑʌİȚ ȞĮ ȖȓȞİȚ İȞȩıȦ Ƞ ıȦȜȒȞĮȢ İȓȞĮȚ ıȣȞįİįİȝȑȞȠȢ ȖȚĮ ȞĮ

ĮʌȠijȪȖİIJİIJȘȞȑȟȠįȠıțȩȞȘȢĮʌȩIJȠȐȞȠȚȖȝĮIJȘȢȑȞȦıȘȢ   ǹijȠȪĮȞĮțȚȞȒıIJİIJȠijȓȜIJȡȠĮijȒıIJİȞĮʌİȡȐıİȚȜȓȖȠȢȤȡȩȞȠȢȝȑȤȡȚȞĮ

țĮIJĮțĮșȓıİȚȘıțȩȞȘǹijĮȚȡȑıIJİIJȠijȓȜIJȡȠıțȩȞȘȢĮʌȩIJȘȞıțȠȪʌĮțĮȚĮįİȚȐıIJİIJȠȞțȐįȠǼȐȞȘİʌȚijȐȞİȚĮIJȠȣijȓȜIJȡȠȣijĮȓȞİIJĮȚȞĮ

İȓȞĮȚʌȠȜȪȜİȡȦȝȑȞȘıȣȞȓıIJĮIJĮȚȞĮȕȠȣȡIJıȓıİIJİIJȠȣȜȚțȩIJȠȣijȓȜIJȡȠȣȝȑȤȡȚȞĮțĮșĮȡȓıİȚȝİȝȚĮȝĮȜĮțȒȕȠȪȡIJıĮǹȣIJȩİȟĮıijĮȜȓȗİȚ

IJȘȞ ȝȑȖȚıIJȘ ĮʌȩįȠıȘ  ǹijȠȪ ĮįİȚȐıİIJİ IJȠȞ țȐįȠ İʌĮȞĮIJȠʌȠșİIJȒıIJİ IJȠ ijȓȜIJȡȠ IJȘȢ ıțȩȞȘȢ IJȘȞ țİijĮȜȒ IJȘȢ ıțȠȪʌĮȢ țĮȚ

ĮıijĮȜȓıIJİ IJȘȞ ĮıijȐȜİȚĮ IJȘȢ įİȟĮȝİȞȒȢ ȉȫȡĮ İȓıIJİ ȑIJȠȚȝȠȚ ȞĮ ȟİțȚȞȒıİIJİ ȟĮȞȐ ǼȐȞ ȠȚ ʌĮȡĮʌȐȞȦ ȝȑșȠįȠȚ įİȞ İʌȚȜȪıȠȣȞ IJȠ

ˍ˓

Ž¬¬¨®ª« ƾ ɉɶʌɼʃɲɿɂɻʌɼȸʄɸʃʏʌɿʃɼɇʃʉʑʋɲ
ʌȡȩȕȜȘȝĮIJȘȢȝİȚȦȝȑȞȘȢĮʌȠȡȡȠijȘIJȚțȩIJȘIJĮȢʌĮȡĮțĮȜȠȪȝİİȜȑȖȟIJİİȐȞȣʌȐȡȤİȚțȐIJȚʌȠȣȝʌȜȠțȐȡİȚIJȠȞİȪțĮȝʌIJȠıȦȜȒȞĮ
ǾȁİȚIJȠȣȡȖȓĮțĮȚDzȜİȖȤȠȢȖȚĮȈIJİȖȞȒȋȡȒıȘıIJȘȈİȜȓįĮȆȑȞIJİ©ǼȚțȩȞĮª 
ȋȡȘıȚȝȠʌȠȚȒıIJİ IJȠ İȟȐȡIJȘȝĮ ȖȚĮ IJȚȢ ȤĮȡĮȝȐįİȢ İȐȞ IJȠ ʌȑȜȝĮ ĮʌȠȡȡȩijȘıȘȢ ıIJİȖȞȫȞ İȓȞĮȚ įȪıțȠȜȠ ȞĮ ʌȜȘıȚȐıİȚ țĮȚ ȞĮ

ȜİȚIJȠȣȡȖȒıİȚ ǾȁİȚIJȠȣȡȖȓĮțĮȚȠDzȜİȖȤȠȢıIJȘȈİȜȓįĮDzȟȚ©ǼȚțȩȞĮª 

ȋȡȘıȚȝȠʌȠȚȒıIJİIJȠǼȟȐȡIJȘȝĮȄİıțȠȞȓıȝĮIJȠȢȖȚĮȞĮțĮșĮȡȓıİIJİțȠȣȡIJȓȞİȢ ǾȁİȚIJȠȣȡȖȓĮțĮȚDzȜİȖȤȠȢȖȚĮȈIJİȖȞȒȋȡȒıȘıIJȘȈİȜȓįĮ

DzȟȚ©ǼȚțȩȞĮª 

ȁİȚIJȠȣȡȖȓĮȊȖȡȫȞ 
ǺİȕĮȚȦșİȓIJİȩIJȚĮįİȚȐıĮIJİIJȘıțȩȞȘʌȡȚȞȤȡȘıȚȝȠʌȠȚȒıİIJİIJȘıțȠȪʌĮȖȚĮĮʌȠȡȡȩijȘıȘȣȖȡȫȞ 

ǺİȕĮȚȦșİȓIJİȩIJȚʌȐȞIJĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȠʌȑȜȝĮĮʌȠȡȡȩijȘıȘȢȣȖȡȫȞȝİIJȚȢȜĮıIJȚȤȑȞȚİȢțȩȥİȚȢ  

ǹijĮȚȡȑıIJİ IJȘ ıĮțȠȪȜĮ ȖȚĮ IJȘ ıțȩȞȘ țĮȚ IJȠ ijȓȜIJȡȠ ǼȐȞ ȣʌȐȡȤİȚ ʌȠȜȜȒ ijȣıĮȜȓįĮ ȞİȡȠȪ ȖȚĮ ȞĮ ĮʌȠȡȡȠijȘıIJİȓ ʌȡȠIJİȓȞİIJĮȚ ȞĮ

ȤȡȘıȚȝȠʌȠȚȘıIJİȓIJȠĭȓȜIJȡȠȈȣȞȑȜİȣıȘǹʌȠȡȡȩijȘıȘȢǺȡȦȝȚȫȞȖȚĮȣȖȡȒȝĮȗȑȥȘʌȠȣșĮʌȡȠȜȐȕİȚIJȘȞijȣıĮȜȓįĮȞİȡȠȪȞĮİțȕȐȜİȚ

ıIJȘȞțİijĮȜȒIJȘȢȝȘȤĮȞȒȢ

 ǾȁİȚIJȠȣȡȖȓĮțĮȚȠDzȜİȖȤȠȢȖȚĮǹʌȠȡȡȩijȘıȘȊȖȡȫȞıIJȘȈİȜȓįĮȆȑȞIJİ  ©ǼȚțȩȞĮª 
ǵIJĮȞȘįİȟĮȝİȞȒȖİȝȓıİȚȘıțȠȪʌĮįİȞȑȤİȚĮʌȠȡȡȠijȘIJȚțȩIJȘIJĮțĮȚȠșȩȡȣȕȠȢȖȓȞİIJĮȚȑȞIJȠȞȠȢĮʌİȞİȡȖȠʌȠȚȒıIJİIJȘȞIJȡȠijȠįȠıȓĮ

ǹijĮȚȡȑıIJİIJȘȞțİijĮȜȒțĮȚIJȠȞʌȜȦIJȒȡĮIJȘȢțİijĮȜȒȢ 

ȉȡĮȕȒȟIJİIJȘıțȠȪʌĮʌȡȠȢIJȘȞĮʌȠȤȑIJİȣıȘțĮȚĮįİȚȐıIJİIJȠȣȖȡȩĮʌȩIJȘȞįİȟĮȝİȞȒ

ȈȊȃȉǾȇǾȈǾ
ǾİʌȚıțİȣȒțĮȚȘĮȞIJȚțĮIJȐıIJĮıȘİȟĮȡIJȘȝȐIJȦȞİȓȞĮȚįȦȡİȐȞȖȚĮȑȟȚȝȒȞİȢĮʌȩIJȘȞȘȝİȡȠȝȘȞȓĮĮȖȠȡȐȢİijȩıȠȞȘȕȜȐȕȘįİȞȠijİȓȜİIJĮȚ

ıİȜȐșȠȢȤȡȒıȘȢ

ǼȐȞĮȞIJȚȝİIJȦʌȓȗİIJİʌȡȩȕȜȘȝĮȝİIJȘȞʌȠȚȩIJȘIJĮIJȠȣʌȡȠȧȩȞIJȠȢİʌȚțȠȚȞȦȞȒıIJİȝİIJȠȞʌȜȘıȚȑıIJİȡȠĮȞIJȚʌȡȩıȦʌȠıȑȡȕȚȢ

+9LSHUįİȞĮȞĮȜĮȝȕȐȞİȚȞĮİʌȚıțİȣȐıİȚįȦȡİȐȞȒȞĮĮȞIJȚțĮIJĮıIJȒıİȚİȟĮȡIJȒȝĮIJĮ  ıIJȚȢʌĮȡĮțȐIJȦʌİȡȚʌIJȫıİȚȢ

 ǹțĮIJȐȜȜȘȜȘȤȡȒıȘțĮȚȤİȚȡȚıȝȩȢIJȘȢıȣıțİȣȒȢ

 ǹȞIJȚțĮIJȐıIJĮıȘİȟĮȡIJȘȝȐIJȦȞțĮȚȕȜȐȕȘȜȩȖȦįȠȜȚȠijșȠȡȐȢ

 ǾįȠȝȒIJȘȢıȣıțİȣȒȢȑȤİȚĮȜȜȠȚȦșİȓȜȩȖȦįȠȜȚȠijșȠȡȐȢ 
ȆȡȠıȠȤȒȆȡȚȞʌȡĮȖȝĮIJȠʌȠȚȒıİIJİȠʌȠȚȠįȒʌȠIJİțĮșĮȡȚıȝȩȒıȣȞIJȒȡȘıȘıIJȘȞ 
ȘȜİțIJȡȚțȒıțȠȪʌĮʌȐȞIJȠIJİĮʌȠıȣȞįȑİIJİIJȘȞʌȡȓȗĮĮʌȩIJȘȞʌȘȖȒIJȠȣȘȜİțIJȡȚıȝȠȪ 
z ǺİȕĮȚȦșİȓIJİȩIJȚIJȠțĮȜȫįȚȠįİȞİȓȞĮȚțȠȝȝȑȞȠȒțĮIJİıIJȡĮȝȝȑȞȠ 
z ȀĮșĮȡȓȗİIJİIJȘįİȟĮȝİȞȒțĮȚȝȘȞIJȘȞĮijȒȞİIJİȞĮȝȑȞİȚȖȚĮʌȠȜȪțĮȚȡȩȖİȝȐIJȘıțȩȞȘȒȕȡȫȝȚțȠȞİȡȩ 
z ǾȣijĮıȝȐIJȚȞȘıĮțȠȪȜĮıțȩȞȘȢȝʌȠȡİȓȞĮʌȜȣșİȓțĮȚʌȡȑʌİȚȞĮıIJİȖȞȫıİȚțĮȜȐʌȡȚȞİʌĮȞĮȤȡȘıȚȝȠʌȠȚȘșİȓ
z ȉȠ ȝȠIJȑȡ İȓȞĮȚ țĮIJĮıțİȣĮıȝȑȞȠ ȝİ IJȡȩʌȠ ʌȠȣ įİȞ ĮʌĮȚIJİȓ ıȣȞIJȒȡȘıȘ ȠȪIJİ țȐʌȠȚȠ ȚįȚĮȓIJİȡȠ ıȑȡȕȚȢ   ȅȚ ȕȠȪȡIJıİȢ Įʌȩ
ȐȞșȡĮțĮȝʌȠȡİȓȞĮȤȡİȚĮıIJȠȪȞĮȞIJȚțĮIJȐıIJĮıȘȜȩȖȦijȣıȚȠȜȠȖȚțȒȢijșȠȡȐȢʌȠȣʌȡȠțĮȜİȓIJĮȚȝİIJȘȤȡȒıȘȝȑıĮıIJȠȤȡȩȞȠ
țĮȚȝʌȠȡȠȪȞȞĮĮȞIJȚțĮIJĮıIJĮșȠȪȞȝȩȞȠĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞĮțȑȞIJȡĮİʌȚıțİȣȒȢ 
ȆȇȅȈȅȋǾ
ǵʌȦȢ ȝİ ȩȜİȢ IJȚȢ ȘȜİțIJȡȠȞȚțȑȢ ıȣıțİȣȑȢ ȤȡİȚȐȗİIJĮȚ ʌȡȠıȠȤȒ țĮIJȐ IJȘ įȚȐȡțİȚĮ IJȘȢ ȤȡȒıȘȢ ȩʌȦȢ İʌȓıȘȢ țĮȚ ıȦıIJȒ ʌİȡȚȠįȚțȒ
ˍ˔

ɉɶʌɼʃɲɿɂɻʌɼȸʄɸʃʏʌɿʃɼɇʃʉʑʋɲ                         Ž¬¬¨®ª«   ƾ
ʌȡȠȜȘʌIJȚțȒıȣȞIJȒȡȘıȘʌȡȠțİȚȝȑȞȠȣȞĮįȚĮıijĮȜȚıIJİȓȘĮıijĮȜȒȢȜİȚIJȠȣȡȖȓĮ  
Ǿ ĮȞİʌĮȡțȒȢ ıȣȞIJȒȡȘıȘ țĮșȫȢ țĮȚ Ș ȝȘ İȟȠȣıȚȠįȠIJȘȝȑȞȘ ĮȞIJȚțĮIJȐıIJĮıȘ İȟĮȡIJȘȝȐIJȦȞ șĮ ȝʌȠȡȠȪıĮȞ ȞĮ țĮIJĮıIJȒıȠȣȞ IJȘȞ
ıȣıțİȣȒİʌȚțȓȞįȣȞȘțĮȚȠțĮIJĮıțİȣĮıIJȒȢįİȞșĮĮȞĮȜȐȕİȚțĮȝȓĮİȣșȪȞȘȒİʌȚȕȐȡȣȞıȘıİĮȣIJȒIJȘȞʌİȡȓʌIJȦıȘ 
ȆȇȅȈȅȋǾ
ǾıțȠȪʌĮįİȞʌȡȑʌİȚȞĮĮʌȠȡȡȠijȐIJĮʌĮȡĮțȐIJȦȣȜȚțȐ

İʌȚțȓȞįȣȞȘıțȩȞȘȗİıIJȐȣȜȚțȐ ĮȞĮȝȝȑȞĮIJıȚȖȐȡĮȗİıIJȒıIJȐȤIJȘțIJȜ İȪijȜİțIJĮ 

İțȡȘțIJȚțȐȒįȡĮıIJȚțȐȣȖȡȐ ʌȤȆİIJȡȑȜĮȚȠįȚĮȜȪIJİȢȠȟȑĮĮȜțȐȜȚĮțIJȜ İȪijȜİțIJİȢİțȡȘțIJȚțȑȢıțȩȞİȢ ʌȤ ıțȩȞȘȝĮȖȞȘıȓȠȣȒ

ĮȜȠȣȝȚȞȓȠȣțIJȜ 

ȈǾȂǹȃȉǿȀȅǼȐȞȠȚȣʌȠįȠȤȑȢIJȘȢʌȡȓȗĮȢįİȞIJĮȚȡȚȐȗȠȣȞȝİIJȘȞʌȡȓȗĮ 

IJȘȢıȣıțİȣȒȢșĮʌȡȑʌİȚȞĮțȠʌİȓțĮȚȞĮĮȞIJȚțĮIJĮıIJĮșİȓȝİIJȘȞțĮIJȐȜȜȘȜȘʌȡȓȗĮȉĮțĮȜȫįȚĮIJȘȢIJȡȠijȠįȠıȓĮȢİȓȞĮȚȤȡȦȝĮIJȚıȝȑȞĮ

ıȪȝijȦȞĮȝİIJȠȞʌĮȡĮțȐIJȦțȫįȚțĮ 

ȂʌȜİȅȣįȑIJİȡȠȀĮijȑȉȐıȘ 

ȀĮșȫȢIJĮȤȡȫȝĮIJĮıIJĮțĮȜȫįȚĮIJȘȢIJȡȠijȠįȠıȓĮȢIJȘȢıȣıțİȣȒȢȝʌȠȡİȓȞĮȝȘȞĮȞIJĮʌȠțȡȓȞȠȞIJĮȚ  ıIJĮȤȡȦȝĮIJȚıIJȐıȘȝȐįȚĮIJȦȞ

ĮțȡȠįİțIJȫȞIJȘȢʌȡȓȗĮȢʌȡȠȤȦȡȒıIJİȦȢİȟȒȢȉȠțĮȜȫįȚȠȝİIJȠȝʌȜİȤȡȫȝĮʌȡȑʌİȚȞĮıȣȞįİșİȓıIJȘȞȐțȡȘʌȠȣıȘȝİȚȫȞİIJĮȚȝİIJȠ

ȖȡȐȝȝĮȃȒİȓȞĮȚȤȡȦȝĮIJȚıȝȑȞȘȝĮȪȡȘȉȠțĮȜȫįȚȠȝİIJȠțĮijȑ  ȤȡȫȝĮʌȡȑʌİȚȞĮıȣȞįİșİȓıIJȘȞȐțȡȘʌȠȣıȘȝİȚȫȞİIJĮȚȝİIJȠ

ȖȡȐȝȝĮ/ȒİȓȞĮȚȤȡȦȝĮIJȚıȝȑȞȘțȩțțȚȞȘ 

ȅ țĮIJĮıțİȣĮıIJȒȢ įȚĮIJȘȡİȓ IJȠ įȚțĮȓȦȝĮ ȞĮ IJȡȠʌȠʌȠȚȒıİȚ IJȘ ıȣıțİȣȒ țĮȚ IJĮ İȟĮȡIJȒȝĮIJĮ ʌȠȣ ʌİȡȚȑȤȠȞIJĮȚ ȤȦȡȓȢ ʌȡȠȘȖȠȪȝİȞȘ

İȚįȠʌȠȓȘıȘ 

ȉȠįȚȐȖȡĮȝȝĮIJȘȢțĮȜȦįȓȦıȘȢıIJȚȢıİȜȓįİȢțĮȚǼȚțȩȞĮǼȚțȩȞĮǼȚțȩȞĮ

ȆȡȠįȚĮȖȡĮijȑȢȆȡȠȧȩȞIJȠȢ
ȆȡȠįȚĮȖȡĮijȑȢȆȡȠȧȩȞIJȠȢıIJȘȈİȜȓįĮ©ĭȩȡȝĮª

ˍ˕

WŽƌƚƵŐƵmƐ                              ƐƉŝƌĂĚŽƌ ĚĞ Ɖſ ŵŽůŚĂĚŽ Ğ ƐĞĐŽ
,1752'8d­2
(VWHPDQXDOYDLDMXGiORDREWHURPi[LPRGH9,3(5DVSLUDGRUGHSyPROKDGR VHFR
/HLDRFXLGDGRVDPHQWHDQWHVGHRSHUDUDPiTXLQD
(VWD p XPD PiTXLQD GR DVSLUDGRU GH Sy PROKDGR H VHFR XVDGR SDUD DVSLUDomR GH iJXD H DVSLUDomR GH Sy VREUH R FKmR e
UHFRPHQGDGRSDUDXVRFRPHUFLDO

'(6&5,d­2'$(6758785$'$0È48,1$/68  
 'HVFULomRGD(VWUXWXUD ˄&RQVXOWDU3iJLQD7UrV´)´˅
&DERGH$OLPHQWDomR3HJDGH&DEHoDGD0iTXLQD,QWHUUXSWRUGH$OLPHQWDomR0RQWDJHPGD&DEHoDGD0iTXLQD&RSR

)OXWXDQWH FRQMXQWR GH )LOWUR GH $EVRUomR GD 6XMHLUD FKDYH GH IHQGD )HUUDPHQWD SDUD 3y 7XER GH $EVRUomR 6XDYH

%RWmR SDUD %DVH GH  7XER GH $EVRUomR  %DVH GH 7XER GH  $EVRUomR  3HJD GH 7DQTXH 7XER GH )HUUR GH

([WHQVmR7DQTXH%DVHGH)XQGRGR7DQTXH5RGt]LR&DGHLDGR&KmR)HUUDPHQWDGHSLFNXS6HFR)HUUDPHQWD

GH/L[R0ROKDGR&DELGHGH$UPD]HQDPHQWRGR&DER

/68/68/68/68/68 &RQVXOWDU3iJLQD4XDWUR´)´  ˅
&DER GH $OLPHQWDomR 3HJD GH &DEHoD GD 0jTXLQD  ,QWHUUXSWRU GH $OLPHQWDomR &DELGH GH $UPD]HQDPHQWR GR &DER

0RQWDJHP GD &DEHoD GD 0jTXLQD  &RSR )OXWXDQWH $UPDomR GH &RSR )OXWXDQWH  FRQMXQWR GH )LOWUR GH $EVRUomR GD

6XMHLUD 3HJD GH %DVH GH )XQGR  3HJD GH 7DQTXH (OHYDGRU GH $OoD 7DQTXH %RWmR SDUD %DVH GH  7XER GH

$EVRUomR %DVH GH  7XER GH $EVRUomR 5RGD 7UDVHLUD 5RGt]ILR EDVH GH IXQGR GH WDQTXHPDQJXHLUD GH

'UDLQDJHP JUDPSR GH PDQJXHLUD GH GUDLQDJHP FDEHoD GH PDQJXHLUD GH GUDLQDJHP FKDYH GH IHQGD )HUUDPHQWD

SDUD3y7XERGH)HUURGH([WHQVmR)HUUDPHQWDGHSLFNXS6HFR)HUUDPHQWDGHSLFNXS0ROKDGR7XERGH$EVRUomR

6XDYH7DQTXH

,QVWUXo}HVGH2SHUDomR
2SHUDomRGH6HFDJHP
'HYHVHU XVDGRRFRQMXQWRGRILOWURGHVXMHLUD6HPSUH VHDVVHJXUHGHTXHRUHFLSLHQWHHVWHMDVHP TXDOTXHUOtTXLGRDQWHVGH

XVDUSDUDDVSLUDURVHFRHTXHRILOWURGHSDQRHVWHMDOLPSRHVHFR 

4XDQGRDIRUoDGHVXFomRGDPiTXLQDUHGX]RXREDUXOKRGDPiTXLQDDXPHQWDGHVOLJXHDPiTXLQDHUHWPRYD  DWRPDGDGR

&DERGH$OLPHQWDomRDIURX[HDSHJDGHWDQTXHQRVODGRVGRWDQTXHDEDL[HRFRQMXQWRGDFDEHoDGDPiTXLQD6DFXGDHOLPSHR

FRQMXQWR GR ILOWUR GH DEVRUomR,VWR GHYH VHU IHLWR HQTXDQWR D PDQJXHLUD DLQGD HVWi FRQHFWDGD SDUD HYLWDU TXH R Sy VDLD GD

FRQH[mRDEHUWDGRUHFLSLHQWHGHVXMHLUD7HQGRVDFXGLGRRILOWURHVSHUHDOJXQVPRPHQWRVSDUDRSyVHQWDU5HWLUHR&RQMXQWRGR

)LOWUR GH $EVRUomR GD 6XMHLUD GD PiTXLQD H HVYD]LH R UHFLSLHQWH 6H D VXSHUItFLH GR ILOWUR SDUHFH HVWDU H[FHVVLYDPHQWH

FRQWDPLQDGDpDFRQVHOKiYHOHVFRYDURPDWHULDOGRILOWURHOLPSDUFRPXPDHVFRYDGRPpVWLFDPDFLD,VWRDVVHJXUDDFRQWLQXDomR

GR GHVHPSHQKR Pi[LPR  7HQGR HVYD]LDGR R UHFLSLHQWH VXEVWLWXD R FRQMXQWR DEVRUomR GR ILOWUR GH Sy FRORTXH R FRQMXQWR GD

&DEHoDGD0iTXLQDHEORTXHLHDSHJGRWDQTXH9RFrHVWiDJRUDSURQWRSDUDUHFRPHoDU6HDVIRUPDVDFLPDQmRUHVROYHPD

ˎˌ
ƐƉŝƌĂĚŽƌĚĞƉſŵŽůŚĂĚŽĞƐĞĐŽ                                    WŽƌƚƵŐƵġƐ
VXFomRPDLVEDL[DSRUIDYRUYHULILTXHVHPDQJXHLUDHVWiEORTXHDGD 
&RQWUROH  H2SHUDomR6HFDSRGHPVHUYLVWDVQD3iJLQD&LQFR´)´ 
8VH D FKDYH GH IHQGD SDUD RSHUDU VH D IHUUDPHQWD GH SLFNXS  VHFR HVWLYHU GLItFLO GH DOFDQoDU H GH RSHUDU SRU

H[HPSORODFXQD &RQWUROHH2SHHUDomRSRGHPVHUYLVWRVQDSiJLQDVHLV´)´ 
8VHDIHUUDPHQWDSDUDSySDUDOLPSDUFRUWLQD &RQWUROHH2SHHUDomRSRGHPVHUYLVWRVQDSiJLQDVHLV´)´ 

2SHUDomR0ROKDGD

$VVHJXUHVH GH WLUDU TXDOTXHU Sy VHFR DQWHV GH XVDU D PiTXLQD SDUD RSHUDomR PROKDGD 6HPSUH HVWHMD VHJXUR GH XVDU D

IHUUDPHQWDSDUDRSHUDomRPROKDGDFRPOkPLQDVGHERUUDFKD 

7LUDURVDFRGHSyHILOWURGHDEVRUomRGHVXMHLUDVHKDYHUPXLWDVEROKDVGHiJXDDDEVRUYHUVXJHUHTXHXVH$VVHPEOpLDGR

)LOWURGDDEVRUomRGH6XMHLUDSDUDOHYDQWDPHQWRPROKDGRTXHYDLSUHYHQLUEROKDGHiXJD  HQWUDUQDFDEHoDGHPiTXLQD

 &RQWUROHGH2SHUDomR0ROKDGDH2SHUDomRSRGHPVHUHQFRQWUDGRVQD3iJLQD&LQFR´)´ 
4XDQGRRWDQTXHGDiJXDHVWLYHUFRPSOHWDPHQWHFKHLRDPiTXLQDQmRWHPQHQKXPDVXFomRHREDUXOKRDXPHQWDGHVOLJXHR

FDERGHDOLPHQWDomR5HWLUHRFRQMXQWRGHFDEHoDHRFRQMXQWRGHYiOYXODGHEyLD3X[HDPiTXLQDSDUDHVYD]LDUHHVYD]LHR

OtTXLGRGRUHFLSLHQWH 

0$187(1d­2  
$PiTXLQDSRGHVHUUHSDUDGDHWHUUHSRVLomRGHSHoDVVHRWHPSRGHFRPSUDHVWLYHUGHQWURGHGHVHLVPHVHVHQmRWLYHUVLGRPDO

XVDGD 

6HWHPSUREOHPDGHTXDOLGDGHGRSURGXWRSRUIDYRUFRQWDWHRFHQWURGHVHUYLoRDXWRUL]DGRPDLVSUy[LPR

9LSHUQmRFRQVLGHUiOLYUHVGHUHSDUDomRHVXEVWLWXLomRGHSHoDVVHRVDEDL[RVFDXVDUHP

  2SHUDomRLPSUySULD

 6XEVWLWXLomRGHSHoDVSRUVDERWDJHP

 $HVWUXWXUDGDPiTXLQDHVWiGDQLILFDGDSRUVDERWDJHP
$WHQomR$QWHVGHH[HFXWDUTXDOTXHUOLPSH]DHPDQXWHQomRQRDVSLUDGRUVHPSUHGHVFRQHFWHDWRPDGDGDDOLPHQWDomR
z $VVHJXUHVHGHTXHRFDERQmRHVWHMDFRUWDGRQHPGDQLILFDGR
z /LPSHRWDQTXHQmRRGHL[HSDUDGRSRUXPWHPSRORQJRFRPSyQHPFRPiJXDVXMD 
z 2VDFRGHSDQRSDUDRSySRGHVHUODYDGRHGHYHVHUVHFDGRDQWHVGHUHXViOR
z 2PRWRUpFRQVWUXtGRSDUDQmRSUHFLVDUGHPDQXWHQomRHGHQHQKXPVHUYLoRSDUWLFXODU$VHVFRYDVGHFDUERQRSRGHP
QHFHVVLWDUVXEVWLWXLomRSHORJDVWRGHYLGRDRXVRQRUPDOGRDVSLUDGRUQRGHFRUUHUGRWHPSRHHODVSRGHPVHUVXEVWLWXtGDV
VySRUQRVVRVFHQWURVDXWRUL]DGRVGHVHUYLoR 
$9,62 
&RPRFRPWRGRHTXLSDPHQWRHOpWULFRFXLGDGRHDWHQomRGHYHVHUWLGRWRGDVDVYH]HVGXUDQWHVHXXVRDOpPGHDVVHJXUDUGHTXH  
PDQXWHQo}HVURWLQDVHSUHYHQWLYDVVHMDPH[HFXWDGRVSHULRGLFDPHQWHSDUDDVVHJXUDUVXDRSHUDomRVHJXUD 
)DOKD DR H[HFXWDU D PDQXWHQomR TXDQGR QHFHVViULR LQFOXVLYH D VXEVWLWXLomR GH SHoDV QR SDGUmR FRUUHWR SRGH WRUQDU HVWH

ˎˍ
WŽƌƚƵŐƵġƐ ƐƉŝƌĂĚŽƌĚĞƉſŵŽůŚĂĚŽĞƐĞĐŽ
HTXLSDPHQWRSHULJRVRHRIDEULFDQWHQmRSRGHWHUQHQKXPDUHVSRQVDELOLGDGHDHVWHUHVSHLWR 
$9,62
2V   PDWHULDLVVHJXLQWHVQmRGHYHPVHUFROKLGRSHORDVSLUDGRU 
Sy SHULJRVR PDWHULDLV TXHQWHV FLJDUURV DFHVRV HWF  FLQ]D LQIODPiYHO H[SORVLYR OtTXLGRV DJUHVVLYRV H J &RPEXVWtYHO
VROYHQWHiFLGRVĄOFDOLVHWF SyH[SORVLYRLQIODPiYHO HJPDJQpVLRRXSyGHDOXPtQLRHWF 

˖
,03257$17( 6HDVDVVDtGDVGDWRPDGDQmRVmRFRQYHQLHQWHVSDUDDWRPDGDIRUQHFLGDFRPRHOHWURGRPpVWLFRGHYHVHU
GHVOLJDGRHXPDWRPDGDHLQVWDODGDXPDDSURSULDGD2VILRVQHVWHFDERVmRFRORULGRVGHDFRUGRFRPRVHJXLQWHFyGLJR

$]XO1HXWUR0DUURP9LYR
&RPRDVFRUHVGRVFDERVGHVWHHOHWURGRPpVWLFRSRGHPQmRFRUUHVSRQGHUFRPDVPDUFDo}HVFRORULGDVLGHQWLILFDQGRRVWHUPLQDLV

GDWRPDGDIDoDFRPRVHJXLQWH2ILRTXH  D]XOGHYHVHUOLJDGRDRWHUPLQDOTXHpPDUFDGRFRPDOHWUD1RX  GHFRUSUHWD2

)LRTXHpPDUURPGHYHVHUOLJDGRDRWHUPLQDO  PDUFDGRFRPROHWUD/RX  YHUPHOKR 

2IDEULFDQWHUHVHUYDRGLUHLWRGHPRGLILFDUDPiTXLQDHRVDFHVVyULRVLQFOXtGRVVHPDYLVRSUpYLR 
2GLDJUDPDGHFDEHDPHQWRUHIHUHjSiJLQDHDSiJLQD)LJXUDILJXUD)LJXUD

3DUkPHWURGH(VSHFLILFDomRGHSURGXWR
(VSHFLILFDomRGHSURGXWRSRGHVHUHQFRQWUDGRQDSiJLQD³)RUPD´

ˎˎ
ƐƉŝƌĂĚŽƌĂ,ƷŵĞĚĂLJ^ĞĐĂ 
(VS
(VSDЗRO
(VSDЗRO
DЗRO
,1752'8&&,Ï1
(VWHPDQXDOOHD\XGDUiDVDFDUSURYHFKRGHVXDVSLUDGRUD9,3(5ZHW GU\

/HDHOPDQXDOGHWHQLGD\FRPSOHWDPHQWHDQWHVGHRSHUDUHOHTXLSR

(VWD HV XQD DVSLUDGRUD SDUD VHFR \ K~PHGR XWLOL]DGD SDUD VXFFLyQGH DJXD \ SROYR GHO VXHOR (VWi UHFRPHQGDGD SDUD XVR

FRPHUFLDO\QRDSOLFDFLRQHVLQGXVWULDOHVGHODUJDGXUDFLyQ

'(6&5,3&,Ï1'(/$(6758&785$'(/$0È48,1$
/68  'HVFULSFLyQGHODHVWUXFWXUD ˄5HILpUDVHDODSiJLQD´)´˅
&DEOH GH HQHUJtD 0DQLEHOD GH OD FDEH]D GH OD PiTXLQD ,QWHUUXSWRU (QVDPEODMH GH OD FDEH]D GH OD PiTXLQD  7D]D

IORWDQWH(QVDPEODMHGHILOWURGHSROYRDEVRUYLGR+HUUDPLHQWDGHKHQGLGXUD+HUUDPLHQWDGHSROYR7XERGHDEVRUFLyQVXDYH

%RWyQGHSUHVLyQGHODEDVHGHOWXERGHDERVRUFLyQ%DVHGHOWXERGHDEVRUFLyQ7DQTXHGHUHFHSFLyQ7XERGHKLHUUR

GHH[WHQVLyQ7DQTXH%DVHGHSDUWHEDMDGHOWDQTXH5XHGHFLOOD6RSRUWHUXHGDV%RTXLOODSDUDSROYR%RTXLOOD

SDUDOtTXLGRV&ROJDGRUGHDOPDFHQDMHGHOFDEOHGHHQHUJtD 

/68/68/68/68/68 5HILpUDVHDODSiJLQD³)´  ˅
&DEOHGHHQHUJtD$VDGHODFDEH]DGHODPiTXLQD,QWHUUXSWRUGHHQFHQGLGR*DQFKRGHDOPDFHQDMHGHOFDEOHHOpFWULFR

(QVDPEODMHGHODFDEH]DGHODPiTXLQD%R\D%DQGDGHODER\DGHDJXD(QVDPEODMHGHILOWURGHSROYRDEVRUYLGR$VD

GHODEDVHGHODSDUWHLQIHULRU7DQTXHGHUHVLGXRV(OHYDGRUGHODVDGHOWDQTXH%RWyQGHOWXERGHDEVRUFLyQ  %DVH

GHOWXERGHDEVRUFLyQ5XHGDWUDVHUD5XHGDEDVHGHOWDQTXH0DQJXHUDGHIXJD7RUQLOORGHODPDQJXHUDGHIXJD 

&DEH]D GHO EORTXH GH OD PDQJXHUD GH IXJD +HUUDPLHQWD GH KHQGLGXUD +HUUDPLHQWD GH SROYR WXER GH KLHUUR GH

H[WHQVLyQ  +HUUDPLHQWDVHFDUHFRJHGRUD  +HUUDPLHQWDVHFDUHFRJHGRUD  7XERGHDEVRUVLyQVXDYH7DQTXH

,QVWUXFFLRQHVGHRSHUDFLyQ
2SHUDFLyQVHFD
3DUDHOXVR FRUUHFWR VH GHEHXVDUXQ ILOWUR GH DEVRUFLyQ DQWL SROYR $VHJ~UHVH VLHPSUHTXHHOFRQWHQHGRUHVWpYDFtRDQWHVGH 

DVSLUDUFXDOTXLHUPDWHULDO\TXHORVILOWURVGHWHODHVWHQOLPSLRV\VHFRV 

&XDQGRODIXHU]DGHVXFFLyQGHODPiTXLQDVHUHGX]FDRHOUXLGRGHODPiTXLQDVHKDJDPiVIXHUWH$SDJXHODPiTXLQD\UHWLUHHO

FDEOHDIORMHHOGHSyVLWRGHUHFRJLGDUHWLUHHOFDEH]DOGHDVSLUDFLyQ0DQWHQJDVLHPSUHOLPSLRHO  ILOWURGHDEVRUFLyQ(VWHGHEH

VHUUHDOL]DGRFXDQGRODPDQJXHUDD~QHVWiFRQHFWDGD SDUDHYLWDUTXHSROYRVDOJDGHODFRQH[LyQGHOFRQWHQHGRUGHSROYR$O

VDFXGLUHOILOWURHVSHUHXQRVPRPHQWRVSDUDQRHQVXFLDU5HWLUHHOHQVDPEODMHGHOILOWURGHDEVRUFLyQGHSROYRGHODPiTXLQD\

OLPSLHHOFRQWHQHGRU6LODVXSHUILFLHGHOILOWURSDUHFHHVWDUDOWDPHQWHVXFLDVHUHFRPLHQGDOLPSLDUFRQXQDEURFKDHOPDWHULDOGHO

ILOWUR QXQFDFRQDLUHFRPSULPLGR (VWRDVHJXUDXQPHMRUUHQGLPLHQWRGHOHTXLSR&XDQGRYDFLDPRVHOGHSyVLWRUHHPSODFHILOWURV

GHDEVRUFLyQXELTXHODPiTXLQD\DVHJXUH$KRUDHVWiOLVWDSDUDXVDUVHQXHYDPHQWH6LORDQWHULRUQRUHVXHOYHVXVSUREOHPDV

SRUIDYRUUHYLVHTXHODPDQJHUDQRWHQJDXQEORTXHR

ˎˏ
(VSDЗRO
(VSDЗRO
 ƐƉŝƌĂĚŽƌĂ,ƷŵĞĚĂLJ^ĞĐĂ
&RQWUROVHFR\2SHUDFLyQSXHGHUHIHULVVHDODSiJLQD  ³)´ 
8WLOLFHODKHUUDPLHQWDDFFHVRULRSDUDUHFRJHUORVUHVLGXRV

$OXVDUODKHUUDPLHQWDGHSROYR  &RQWURO\2SHUDFLyQSXHGHUHIHULUVHDVHLV´)´ 
5HFRJLGDGHOtTXLGRV
$VHJ~UHVHGHVHFDUDQWHVGHXVDUSDUDUHFRJHGRUDHQVHFR 
$VHJ~UHVHGHXVDUODKHUUDPLHQWDUHFRJHGRUDFRQDVDVGHFDXFKR 
ZĞƚŝƌĞ ůĂ ďŽůƐĂ ĚĞ ƉŽůǀŽ LJ Ğů ĨŝůƚƌŽ ĚĞ ĂďƐŽƌĐŝſŶ͘
^ŝŚĂLJŵƵĐŚĂƐďƵƌďƵũĂƐĂĂďƐŽƌďĞƌ͕ƐƵŐĞƌŝŵŽƐƵƚŝůŝnjĂƌĞů&ŝůƚƌŽĚĞ^ƵĐŝĞĚĂĚďƐŽƌďĞŶƚĞ
ƉĂƌĂĂďƐŽƌďĞƌĞůĂŐƵĂ͕ĐŽŶĞůĨŝŶĚĞĞǀŝƚĂƌƋƵĞůĂƐďƵƌďƵũĂƐĞŶƚƌĞŶĞŶůĂĐĂďĞnjĂĚĞůĂŵj
ƋƵŝŶĂ͘;ŽŶƚƌŽůŚƷŵĞĚŽLJKƉĞƌĂĐŝſŶƌĞĨŝĠƌĂƐĞĂƉĄŐŝŶĂĐŝŶĐŽ͟&ϰ͟Ϳ
&XDQGRHODJXDHVWiDOPi[LPRRHOWDQTXHHVWpOOHQRODPiTXLQDQRWLHQHVXFFLyQ\HOVRQLGRLQFUHPHQWD$SDJXH\GHVFRQHFWH

5HWLUHHOFDEH]DOGHDVSLUDFLyQ

9DFtHHOGHSyVLWRGHUHVLGXRV

0$17(1,0,(172
6LHOSURGXFWWLHQHXQSUREOHPDGHFDOLGDGSRUIDYRUFRQWDFWHDVXVHUYLFLRDXWRULDGR

9LSHUQRFRQVLGHUDUHSDUDFLRQHVJUDWXLWDVRUHHPSOD]RGHSDUWHVVL

 6HXVDODPiTXLQDGHPDQHUDQRDGHFDXGD

 &DPELDODVSLH]DV\VHGDxD

 6LODHVWUXFWXUDGHODPiTXLQDHVWiGDxDGD
$WHQFLyQ $QWHV GH UHDOL]DU FXDOTXLHU OLPSLH]D R PDQWHQLPLHQWR HQ OD DVSLUDGRUD VLHPSUH GHVFRQHFWH HOpFWULFDPHQWH OD
PiTXLQD 
z $VHJ~UHVHGHTXHHOFDEOHQRHVWpGDxDGR
z /LPSLHHOWDQTXHQRSHUPLWDTXHSHUPDQH]FDSRUODUJRWLHPSRFRQSROYRRDJXD 
z /DEROVDGHSROYRGHWHODSXHGHVHUODYDGD\GHEHVHUVHFDGDDQWHVGHXVDU
z (OPRWRUHVWiFRQVWUXLGRSDUDRSHUDUVLQPDQWHQLPLHQWR\QRQHFHVLWDQLQJ~QVHUYLFLR/DVHVFRELOODVGHFDUEyQSXHGHQ
QHFHVLWDUVHUUHHPSOD]DGDV  GHELGR  DXVRVSURORQJDGRV\SXHGHQVHUUHHPSOD]DGRVVyORSRUSHUVQRDODXWRUL]DGR 
35(&$8&,Ï1
&RPRFRQFXDOTXLHUHTXLSRHOHFWULFRGHEHVHUFXLGDGRVRGXUDQWHWRGRHOWLHPSRWDPELpQGHEHDVHJXUDUVHGHGDUPDQWHQLPLHQWR
SHULRGLFDPHQWHSDUDPD\RUVHJXULGDG 
6L QR SURSRUFLRQD PDQWHQLPLHQWR LQFOX\HQGR HO UHHPSO]R GH ODV SDUWHV SXHGH KDFHU TXH HO HTXLSR QR VHD VHJXUR \ TXH HO
SURGXFWRUQRDFHSWHUHVSRQVDELOLGDGDOJXQD 

$'9(57(1&,$
/RVVLJXLHQWHVPDWHULDOHVQRGHEHQVHUDEVRUYLGRVSRUODDVSLUDGRUD

ˎː
ƐƉŝƌĂĚŽƌĂ,ƷŵĞĚĂLJ^ĞĐĂ (VSDЗRO
(VSDЗRO
(VSDЗRO
3ROYR H[SORVLYR PDWHULDOHV FDOLHQWHV FLJDUULOORV FHQL]DV FDOLHQWHVHWF  LQIODPDEOHVH[SORVLYRV OtTXLGRV DJUHVLYRV HJ 3HWURO

VROYHQWHViFLGRVDONDOHLGRVHWF SROYRGHH[SORVLYRVLQIODPDEOHV HJSROYRGHPDJQHVLRRDOXPLQLRHWF 

˖
,03257$17( 6LORVHQFKXIHVQRHQFDMDQGHEHQVHUPRGLILFDGRV/RVFDEOHVVRQGHFRORU  GHDFXHUGRDVXFRGLILFDFLyQ 
$]~O1HXWUDO&DIp9LYR 
<DTXHORVFRORUHVGHODSDUWHSULQFLSDOGHOHTXLSRSXHGHQQRFRUUHVSRQGHUFRQODVPDUFDVHQODVWHUPLQDOHVVHSXHGHSURFHGHU

GHODVLJXLHQWHPDQHUD(OFDEOHD]~OGHEHHVWHUFRQHFWDGRDODWHUPLQDOPDUFDGRFRQODOHWUD1RGHFRORUQHJUR(OFDEOHGH

FRORUFDIpGHEHHVWDUFRQHFWDUORDO  WHUPLQDOPDUFDGRFRQODOHWUD/yFRORUURMR 

(OSURGXFWRUVHUHVHUYDHOGHUHFKRGHPRGLILFDUHOHTXLSR\VXVDFFHVRULRVVLQSUHYLRDYLVR 
3DUDGLDJUDPDUHILpUDVHDODSiJLQD  \´)LJXUDILJXUD)LJXUD

3DUiPHWURVGHHVSHFLILFDFLyQGHOSURGXFWR
(VSHFLILFDFLRQHVGHOSURGXFWSXHGHUVHUYLVWDVHQODSiJLQD³)RUPXODULR´



























ˎˑ
,WDOLDQR                                          ƐƉŝƌĂƚŽƌĞ ƐŽůŝĚŝ Ğ

,1752'8=,21(
4XHVWRPDQXDOHYLDLXWHUjDGRWWHQHUHLOPHJOLRGDOYRVWURDVSLUDVROLGLOLTXLGL9,3(5FRQVLJOLDPRGLOHJJHUORDWWHQWDPHQWHSULPD

GLLQL]LDUHDGXWLOL]]DUHO¶DSSDUHFFKLDWXUD

4XHVWRPDFFKLQDULRqGHVWLQDWRDOO¶DVSLUD]LRQHGLOLTXLGLHSROYHULSUHVHQWLVXSDYLPHQWLÊUDFFRPDQGDWRSHU XQ XWLOL]]RGLWLSR

FRPPHUFLDOH

'(6&5,=,21('(//$67587785$'(//$0$&&+,1$
/68'HVFUL]LRQHVWUXWWXUD IDUHULIHULPHQWRDG³)´DSDJLQD 
 &DYR GL DOLPHQWD]LRQH  0DQLFR GHOOD WHVWD GHOOD PDFFKLQD  ,QWHUUXWWRUH GL DFFHQVLRQH  *UXSSR WHVWD GHOOD PDFFKLQD 

*DOOHJJLDQWH*UXSSRILOWURSHUO¶DVVRUELPHQWRGHOORVSRUFR6WUXPHQWRSHUOHIHVVXUH6WUXPHQWRSHUODSROYHUH7XERGL

DVVRUELPHQWR IOHVVLELOH  3XOVDQWH GL DFFHQVLRQH GHOOD EDVH GHO WXER GL DVVRUELPHQWR  %DVH GHO WXER GL DVVRUELPHQWR 

&KLXVXUDGLVLFXUH]]DGHOVHUEDWRLR7XERGLHVWHQVLRQHLQIHUUR6HUEDWRLR%DVHGHOIRQGRGHOVHUEDWRLR5RWHOOD

&DWHQDDWHUUD6WUXPHQWRUDFFROWDDVFLXWWR6WUXPHQWRUDFFROWDVHFFR*DQFLRSHUULSRUUHLOFDYRGLDOLPHQWD]LRQH

/68/68/68/68/68 IDUHULIHULPHQWRDG³)´DSDJLQD  ˅
 &DYRGLDOLPHQWD]LRQH0DQLFRGHOODWHVWDGHOODPDFFKLQD,QWHUUXWWRUHGLDFFHQVLRQH*DQFLRSHUULSRUUHLOFDYRGL

DOLPHQWD]LRQH *UXSSR GHOOD WHVWD PDFFKLQD  *DOOHJJLDQWH  6XSSRUWR JDOOHJJLDQWH *UXSSR ILOWUR SHU

O¶DVVRUELPHQWR GHOOR VSRUFR 0DQLFR GHOOD EDVH GHO IRQGR  &KLXVXUD GL VLFXUH]]D GHO VHUEDWRLR  0DQLJOLD GL

VROOHYDPHQWRGHOVHUEDWRLR3XOVDQWHDSUHVVLRQHGHOWXERGLDVVRUELPHQWR%DVHGHOWXERGLDVVRUELPHQWR

5RWHOODSRVWHULRUH5RWHOOD%DVHGHOIRQGRGHOVHUEDWRLR0DQLFKHWWDFDQDOHGLVFROR%ORFFRPDQLFKHWWD

FDQDOHGLVFROR7HVWDEORFFRPDQLFKHWWDFDQDOHGLVFROR6WUXPHQWRSHUOHIHVVXUH6WUXPHQWRSHUODSROYHUH

7XERGLHVWHQVLRQHLQIHUUR6WUXPHQWRUDFFROWDDVFLXWWR6WUXPHQWRUDFFROWDXPLGR7XERGLDVVRUELPHQWR

IOHVVLELOH6HUEDWRLR

  ,VWUX]LRQLRSHUDWLYH
2SHUD]LRQHDVHFFR
ĞǀĞĞƐƐĞƌĞƵƚŝůŝnjnjĂƚŽƵŶĨŝůƚƌŽĂƉƌŽƚĞnjŝŽŶĞĚĞůŵŽƚŽƌĞ͘ƐƐŝĐƵƌĂƌƐŝƐĞŵƉƌĞĐŚĞŝůĐŽŶƚĞŶŝƚŽƌĞ ǀĞŶŐĂƐǀƵŽƚĂƚŽĚŝƋƵĂůƐŝĂƐŝůŝƋƵŝĚŽƉƌŝŵĂ
ĚĞůůΖƵƚŝůŝnjnjĂƐĞĐĐŽ͕ĞĐŚĞŝůĨŝůƚƌŽŝŶƚĞƐƐƵƚŽƐŝĂƉƵůŝƚŽĞĚĂƐĐŝƵƚƚŽ͘
YƵĂŶĚŽůĂĨŽƌnjĂĚŝĂƐƉŝƌĂnjŝŽŶĞĚĞůůĂŵĂĐĐŚŝŶĂƐŝƌŝĚƵĐĞŽŝůƌƵŵŽƌĞĚŝǀĞŶƚĂŵĂŐŐŝŽƌĞ͕ƐƉĞŐŶĞƌĞůĂŵĂĐĐŚŝŶĂĞƐƚĂĐĐĂƌĞůĂƐƉŝŶĂĚĞůĐĂǀŽĚŝ
ĂůŝŵĞŶƚĂnjŝŽŶĞ͕ĂůůĞŶƚĂƌĞŝůĨĞƌŵŽĂŝůĂƚŝĚĞůƐĞƌďĂƚŽŝŽ͕ƐƚĂĐĐĂƌĞůĂƚĞƐƚĂĚŝŵŽŶƚĂŐŐŝŽĚĞůůĂŵĂĐĐŚŝŶĂ͘^ĐƵŽƚĞƌĞĞƉƵůŝƌĞŝůŐƌƵƉƉŽĚĞůĨŝůƚƌŽĚŝ
ĂƐƐŽƌďŝŵĞŶƚŽ͘YƵĞƐƚĂŽƉĞƌĂnjŝŽŶĞĚĞǀĞĞƐƐĞƌĞĨĂƚƚĂŵĞŶƚƌĞůĂŵĂŶŝĐŚĞƚƚĂğĂŶĐŽƌĂĐŽůůĞŐĂƚĂ͕ƉĞƌĞǀŝƚĂƌĞĐŚĞůĂƉŽůǀĞƌĞĨƵŽƌŝĞƐĐĂ͘ŽƉŽĂǀĞƌ
ƐĐŽƐƐŽŝůĨŝůƚƌŽ͕ĂƚƚĞŶĚĞƌĞƋƵĂůĐŚĞŝƐƚĂŶƚĞĂĨĨŝŶĐŚĠůĂƉŽůǀĞƌĞƐŝĚĞƉŽƐŝƚŝĚĞůƚƵƚƚŽ͘ZŝŵƵŽǀĞƌĞŝůŐƌƵƉƉŽĚĞůĨŝůƚƌŽĚŝĂƐƐŽƌďŝŵĞŶƚŽĚĞůůĂƉŽůǀĞƌĞ
ĚĂůůĂŵĂĐĐŚŝŶĂĞĚĂůĐŽŶƚĞŶŝƚŽƌĞǀƵŽƚŽ͘^ĞůĂƐƵƉĞƌĨŝĐŝĞĚĞůĨŝůƚƌŽƌŝƐƵůƚĂĂůƚĂŵĞŶƚĞĐŽŶƚĂŵŝŶĂƚĂğĐŽŶƐŝŐůŝĂďŝůĞƐƉĂnjnjŽůĂƌĞŝůŵĂƚĞƌŝĂůĞĚĞůĨŝůƚƌŽ
Ğ ƉƵůŝƌůŽ ĐŽŶ ƵŶ ĐŽŵƵŶĞ ƉĞŶŶĞůůŽ ŵŽƌďŝĚŽ͘ /Ŷ ƋƵĞƐƚŽ ŵŽĚŽ Ɛŝ ĂƐƐŝĐƵƌĂŶŽ ƉƌĞƐƚĂnjŝŽŶŝ Ě͛ƵƐŽ ƐĞŵƉƌĞ ĞĐĐĞůůĞŶƚŝ͘ ŽƉŽ ĂǀĞƌ ƐǀƵŽƚĂƚŽ ŝů
ĐŽŶƚĞŶŝƚŽƌĞ͕ƐŽƐƚŝƚƵŝƌĞŝůŐƌƵƉƉŽĚĞůĨŝůƚƌŽĚŝĂƐƐŽƌďŝŵĞŶƚŽĚĞůůĂƉŽůǀĞƌĞ͕ƉŽƐŝnjŝŽŶĂƌĞŝůŐƌƵƉƉŽĚĞůůĂƚĞƐƚĂĚĞůůĂŵĂĐĐŚŝŶĂĞƐĞƌƌĂƌĞŝůĨĞƌŵŽĚĞů

ˎ˒

ƐƉŝƌĂƚŽƌĞƐŽůŝĚŝĞůŝƋƵŝĚŝ
,WDOLDQR
,WDOLDQR
,WDOLDQR
ƐĞƌďĂƚŽŝŽ͘ KƌĂ Ɛŝ ğ ƉƌŽŶƚŝ ƉĞƌ ůĂǀŽƌĂƌĞ Ěŝ ŶƵŽǀŽ͘ ^Ğ ůĞ ŵŽĚĂůŝƚă ĚĞƐĐƌŝƚƚĞ ŶŽŶ ƌŝƐŽůǀŽŶŽ ŝů ƉƌŽďůĞŵĂ Ěŝ ďĂƐƐĂ ĂƐƉŝƌĂnjŝŽŶĞ͕ ǀĞƌŝĨŝĐĂƌĞ ƐĞ ůĂ
ŵĂŶŝĐŚĞƚƚĂŵŽƌďŝĚĂğďůŽĐĐĂƚĂ͘ 
 ÊSRVVLELOHIDUHULIHULPHQWRDG)DSDJLQDFLQTXHSHU&RQWUROORHIXQ]LRQDPHQWRDVHFFR 
WĞƌ ŽƉĞƌĂƌĞ͕ ƵƚŝůŝnjnjĂƌĞ ůĂ ďŽĐĐŚĞƚƚĂ ƉĞƌ ĨĞƐƐƵƌĞ ƐĞ ůŽ ƐƚƌƵŵĞŶƚŽ Ěŝ ƌĂĐĐŽůƚĂ ĚĞů ƐĞĐĐŽ ĚŝĨĨŝĐŝůŵĞŶƚĞ ƌĂŐŐŝƵŶŐĞ ůĂ ƐƵƉĞƌĨŝĐŝĞ ĚĂ ƉƵůŝƌĞ ;ĂĚ

ĞƐĞŵƉŝŽ͕ ƐĞ Ɛŝ ŝŶĐŽŶƚƌĂ ƵŶ ĚŝƐůŝǀĞůůŽ ĚĞůůĂ ƐƵƉĞƌĨŝĐŝĞͿ͘ )DUH ULIHULPHQWR DG ³)´ D SDJLQD  SHU &RQWUROOR H

IXQ]LRQDPHQWR 

ĐŽŶƐŝŐůŝĂďŝůĞƵƚŝůŝnjnjĂƌĞ ůŽ ƐƚƌƵŵĞŶƚŽĚŝĂƐƐŽƌďŝŵĞŶƚŽ ĚĞůůĂ ƉŽůǀĞƌĞƋƵĂŶĚŽƐŝƉƵůŝƐĐŽŶŽƚĞŶĚĂŐŐŝ͘ )DUHULIHULPHQWRDG³)´SHU

&RQWUROORHIXQ]LRQDPHQWR 
2SHUD]LRQHLQXPLGR
ƐƐŝĐƵƌĂƌƐŝĚŝƐǀƵŽƚĂƌĞůĂƉŽůǀĞƌĞĂƐĐŝƵƚƚĂƉƌŝŵĂĚŝƵƐĂƌĞůĂŵĂĐĐŚŝŶĂƉĞƌůĂƌĂĐĐŽůƚĂĚĞůů͛ƵŵŝĚŽ͘

ƐƐŝĐƵƌĂƌƐŝƐĞŵƉƌĞĚŝƵƚŝůŝnjnjĂƌĞůŽƐƚƌƵŵĞŶƚŽĚŝƌĂĐĐŽůƚĂĚĞůů͛ƵŵŝĚŽĐŽŶůĂŵĞŝŶŐŽŵŵĂ͘ 
ƐƚƌĂƌƌĞŝůƐĂĐĐŚĞƚƚŽĞĚ ŝůĨŝůƚƌŽ ĚŝĂƐƐŽƌďŝŵĞŶƚŽĚĞůůŽ ƐƉŽƌĐŽ͘^ĞĐΖğ ůĂƐĐŚŝƵŵĂƚĂŶƚŽĂůů͛ĂƐƐŽƌďŝŵĞŶƚŽĚĞůů͛ĂĐƋƵĂ͕ ƐƵŐŐĞƌŝƐĐĞĚŝƵƚŝůŝnjnjĂƌĞŝů

ĨŝůƚƌŽĚĂƉŽůǀĞƌĞƉĞƌĞǀŝƚĂƌĞů͛ĞŶƚƌĂƚĂĚĞůůĂƐĐŚŝƵŵĂŶĞůůĂƚĞƐƚĂĚĞůůĂŵĂĐĐŚŝŶĂ͘

 )DUHULIHULPHQWRDG³)´DSDJLQDFLQTXHSHU&RQWUROORHIXQ]LRQDPHQWRLQXPLGR 
YƵĂŶĚŽůΖĂĐƋƵĂĚĞůůĂŵĂĐĐŚŝŶĂƌĂŐŐŝƵŶŐĞƵŶůŝǀĞůůŽĂůƚŽŽŝůƐĞƌďĂƚŽŝŽğƉŝĞŶŽ͕ůĂŵĂĐĐŚŝŶĂŶŽŶĂƐƉŝƌĂĞŝůƌƵŵŽƌĞĚŝĂƐƉŝƌĂnjŝŽŶĞĂƵŵĞŶƚĂ͗
ƐĐŽůůĞŐĂƌĞƋƵŝŶĚŝŝůĐĂǀŽĚŝĂůŝŵĞŶƚĂnjŝŽŶĞ͘ZŝŵƵŽǀĞƌĞŝůŐƌƵƉƉŽĚĞůů͛ĂůŝŵĞŶƚĂnjŝŽŶĞĐĞŶƚƌĂůĞĞĚĞůůĂǀĂůǀŽůĂĚĞůŐĂůůĞŐŐŝĂŶƚĞ͘

ƐĞŐƵŝƌĞůŽƐĐŽůŽĚĞůůĂŵĂĐĐŚŝŶĂĞƐǀƵŽƚĂƌĞŝůůŝƋƵŝĚŽĚĂůĐŽŶƚĞŶŝƚŽƌĞ͘

0$187(1=,21( 
>ĂƌŝƉĂƌĂnjŝŽŶĞĞůĂƐŽƐƚŝƚƵnjŝŽŶĞĚŝĐŽŵƉŽŶĞŶƚŝƐŽŶŽŐƌĂƚƵŝƚĞƐĞĞĨĨĞƚƚƵĂƚĞĞŶƚƌŽϲŵĞƐŝĚĂůůĂĚĂƚĂĚŝĂĐƋƵŝƐƚŽĞĚŝŶĐĂƐŽĚŝŐƵĂƐƚŝ͘

^ĞƐŝǀĞƌŝĨŝĐĂƵŶƉƌŽďůĞŵĂĐŽŶůĂƋƵĂůŝƚăĚĞůƉƌŽĚŽƚƚŽ͕ƐŝĐŽŶƐŝŐůŝĂĚŝĐŽŶƚĂƚƚĂƌĞŝůƉŝƶǀŝĐŝŶŽĐĞŶƚƌŽĚŝĂƐƐŝƐƚĞŶnjĂĂƵƚŽƌŝnjnjĂƚŽ͘
sŝƉĞƌŶŽŶĐŽŶƐŝĚĞƌĂŐƌĂƚƵŝƚĞůĂƌŝƉĂƌĂnjŝŽŶĞĞůĂƐŽƐƚŝƚƵnjŝŽŶĞĚŝĐŽŵƉŽŶĞŶƚŝŶĞůůĞƐŝƚƵĂnjŝŽŶŝĚĞƐĐƌŝƚƚĞĚŝƐĞŐƵŝƚŽ͗

ϭ͘hƐŽŝŵƉƌŽƉƌŝŽĚĞůůĂŵĂĐĐŚŝŶĂĐŽŵƉŽƌƚĂŶƚĞƉƌŽďůĞŵŝĚŝĨƵŶnjŝŽŶĂŵĞŶƚŽ͘

Ϯ͘'ƵĂƐƚŝĚŽǀƵƚŝĂƐĂďŽƚĂŐŐŝŽ͘
ϯ͘^ĂďŽƚĂŐŐŝŽĚĞůůĂƐƚƌƵƚƚƵƌĂĚĞůůĂŵĂĐĐŚŝŶĂ͘

$WWHQ]LRQH WƌŝŵĂĚŝĞĨĨĞƚƚƵĂƌĞƋƵĂůƐŝĂƐŝŽƉĞƌĂnjŝŽŶĞĚŝƉƵůŝnjŝĂĞŵĂŶƵƚĞŶnjŝŽŶĞĚĞůůΖĂƐƉŝƌĂƚŽƌĞ͕ƐƚĂĐĐĂƌĞƐĞŵƉƌĞůĂƐƉŝŶĂĚĂůůĂĨŽŶƚĞĚŝ
ĂůŝŵĞŶƚĂnjŝŽŶĞĞůĞƚƚƌŝĐĂ͘

sĞƌŝĨŝĐĂƌĞĐŚĞŝůĐĂǀŽŶŽŶƐŝĂƚĂŐůŝĂƚŽŽĚĂŶŶĞŐŐŝĂƚŽ͘
WƵůŝƌĞŝůƐĞƌďĂƚŽŝŽ͕ŶŽŶůĂƐĐŝĂƌĞĂůů͛ŝŶƚĞƌŶŽƉŽůǀĞƌĞŽĂĐƋƵĂƐƉŽƌĐĂƉĞƌůƵŶŐŽƚĞŵƉŽ͘

/ůƐĂĐĐŚĞƚƚŽĚĞůĨŝůƚƌŽŝŶƐƚŽĨĨĂƉƵžĞƐƐĞƌĞůĂǀĂƚŽĞĚĞǀĞĞƐƐĞƌĞĂƐĐŝƵŐĂƚŽĚĞůƚƵƚƚŽƉƌŝŵĂĚŝƌŝƵƚŝůŝnjnjĂƌůŽ͘
/ů ŵŽƚŽƌĞ ğ ĐŽƐƚƌƵŝƚŽ ƉĞƌ ŝů ĨƵŶnjŝŽŶĂŵĞŶƚŽ ƐĞŶnjĂ ŵĂŶƵƚĞŶnjŝŽŶĞ Ğ ŶŽŶ ŶĞĐĞƐƐŝƚĂ Ěŝ ĂůĐƵŶ ƉĂƌƚŝĐŽůĂƌĞ ƐĞƌǀŝnjŝŽ͘ WŽƚƌĞďďĞ ĞƐƐĞƌĞ ŶĞĐĞƐƐĂƌŝŽ
ƐŽƐƚŝƚƵŝƌĞůĞƐƉĂnjnjŽůĞŝŶĐĂƌďŽŶŝŽĂĐĂƵƐĂĚĞůůĂŶŽƌŵĂůĞƵƐƵƌĂ͕ĐĂƵƐĂƚĂĚĂůůΖƵƚŝůŝnjnjŽĚĞůůΖĂƐƉŝƌĂƚŽƌĞŶĞůĐŽƌƐŽĚĞůƚĞŵƉŽ͗ƋƵĞƐƚĞƉŽƐƐŽŶŽĞƐƐĞƌĞ

ƐŽƐƚŝƚƵŝƚĞƐŽůŽĚĂŝŶŽƐƚƌŝĐĞŶƚƌŝĚŝĂƐƐŝƐƚĞŶnjĂĂƵƚŽƌŝnjnjĂƚŝ͘

$99(57(1=$ 
ŽŵĞƉĞƌƚƵƚƚĞůĞĂƉƉĂƌĞĐĐŚŝĂƚƵƌĞĞůĞƚƚƌŝĐŚĞ͕ĐƵƌĂĞĂƚƚĞŶnjŝŽŶĞĚĞǀŽŶŽĞƐƐĞƌĞĞƐĞƌĐŝƚĂƚĞŝŶƋƵĂůƐŝĂƐŝŵŽŵĞŶƚŽĚƵƌĂŶƚĞůΖƵƐŽ͕ŽůƚƌĞĂŐĂƌĂŶƚŝƌĞ

ĐŚĞů͛ŝŶƐƚƌĂĚĂŵĞŶƚŽĞůĂŵĂŶƵƚĞŶnjŝŽŶĞƉƌĞǀĞŶƚŝǀŝƐŝĂŶŽĞĨĨĞƚƚƵĂƚŝƉĞƌŝŽĚŝĐĂŵĞŶƚĞĂůĨŝŶĞĚŝĂƐƐŝĐƵƌĂƌŶĞƵŶĨƵŶnjŝŽŶĂŵĞŶƚŽƐŝĐƵƌŽ͘

>Ă ŵĂŶĐĂƚĂ ĞƐĞĐƵnjŝŽŶĞ ĚĞůůĂ ŵĂŶƵƚĞŶnjŝŽŶĞ ŶĞĐĞƐƐĂƌŝĂ͕ ĐŽŵƉƌĞƐĂ ůĂ ƐŽƐƚŝƚƵnjŝŽŶĞ Ěŝ ĐŽŵƉŽŶĞŶƚŝ ŶŽŶ ĐŽŶĨŽƌŵĞ ĂůůŽ ƐƚĂŶĚĂƌĚ ĐŽƌƌĞƚƚŽ͕

ˎ˓
,WDOLDQR
,WDOLDQR
 ƐƉŝƌĂƚŽƌĞƐŽůŝĚŝĞůŝƋƵŝĚŝ
ƉŽƚƌĞďďĞƌĞŶĚĞƌĞƋƵĞƐƚŽĚŝƐƉŽƐŝƚŝǀŽŶŽŶƐŝĐƵƌŽ͕ĞĚŝůƉƌŽĚƵƚƚŽƌĞŶŽŶƐŝĂƐƐƵŵĞĂůĐƵŶĂƌĞƐƉŽŶƐĂďŝůŝƚăĂůƌŝŐƵĂƌĚŽ͘
$99(57(1=$ 
/ůƐĞŐƵĞŶƚĞŵĂƚĞƌŝĂůĞŶŽŶĚĞǀĞĞƐƐĞƌĞƌĂĐĐŽůƚŽĚĂůůΖĂƐƉŝƌĂƚŽƌĞ͗
ƉŽůǀĞƌŝ ƉĞƌŝĐŽůŽƐĞ͕ ŵĂƚĞƌŝĂůŝ ĐĂůĚŝ ;ƐŝŐĂƌĞƚƚĞ ĂĐĐĞƐĞ͕ ĐĞŶĞƌĞ ĐĂůĚĂ͕ ĞĐĐͿ͕ ƉŽůǀĞƌŝ ŝŶĨŝĂŵŵĂďŝůŝ͕ ĞƐƉůŽƐŝǀŝ͕ ůŝƋƵŝĚŝ ĂŐŐƌĞƐƐŝǀŝ ;ďĞŶnjŝŶĂ͕ ƐŽůǀĞŶƚŝ͕
ĂĐŝĚŝ͕ĂůĐĂůŝ͕ĞĐĐͿ͕ƉŽůǀĞƌŝĞƐƉůŽƐŝǀĞŝŶĨŝĂŵŵĂďŝůŝ;ĞƐ͘ƉŽůǀĞƌĞĚŝŵĂŐŶĞƐŝŽŽĂůůƵŵŝŶŝŽ͕ĞĐĐͿ͘

˖
,03257$17( ƐĞůĞƉƌĞƐĞŶŽŶƐŽŶŽĂĚĂƚƚĞĂůůĂƐƉŝŶĂĨŽƌŶŝƚĂĐŽŶůΖĂƉƉĂƌĞĐĐŚŝŽŽĐĐŽƌƌĞƵŶĂƐƉŝŶĂĂƉƉƌŽƉƌŝĂƚĂ͘/ĨŝůŝĚĞůĐĂǀŽƉƌŝŶĐŝƉĂůĞ
ƐŽŶŽĐŽůŽƌĂƚŝŝŶďĂƐĞĂůƐĞŐƵĞŶƚĞĐŽĚŝĐĞ͘

1HXWUR%OX0DUURQHYLYR
WŽŝĐŚĠŝĐŽůŽƌŝĚĞŝĨŝůŝĚĞůĐĂǀŽĚŝĂůŝŵĞŶƚĂnjŝŽŶĞĚŝƋƵĞƐƚŽĂƉƉĂƌĞĐĐŚŝŽƉŽƚƌĞďďĞƌŽŶŽŶĐŽƌƌŝƐƉŽŶĚĞƌĞĂŝĐŽŶƚƌĂƐƐĞŐŶŝĐŽůŽƌĂƚŝĐŚĞŝĚĞŶƚŝĨŝĐĂŶŽŝ
ƚĞƌŵŝŶĂůŝ ĚĞůůĂ ƐƉŝŶĂ͕ ƉƌŽĐĞĚĞƌĞ ĐŽŵĞ ƐĞŐƵĞ͘ /ů ĨŝůŽ Ěŝ ĐŽůŽƌĞ ďůƵ͕ ĚĞǀĞ ĞƐƐĞƌĞ ĐŽůůĞŐĂƚŽ Ăů ƚĞƌŵŝŶĂůĞ͕ ĐŽŶƚƌĂƐƐĞŐŶĂƚŽ ĐŽŶ ůĂ ůĞƚƚĞƌĂ E Ž Ěŝ
ĐŽůŽƌĞŶĞƌŽ͘/ůĨŝůŽĚŝĐŽůŽƌĞŵĂƌƌŽŶĞĚĞǀĞĞƐƐĞƌĞĐŽůůĞŐĂƚŽĂůƚĞƌŵŝŶĂůĞĐŽŶƚƌĂƐƐĞŐŶĂƚŽĐŽŶůĂůĞƚƚĞƌĂ>ŽĚŝĐŽůŽƌĞƌŽƐƐŽ͘

/ůƉƌŽĚƵƚƚŽƌĞƐŝƌŝƐĞƌǀĂŝůĚŝƌŝƚƚŽĚŝŵŽĚŝĨŝĐĂƌĞůĂŵĂĐĐŚŝŶĂĞŐůŝĂĐĐĞƐƐŽƌŝŝŶĐůƵƐŝ͕ƐĞŶnjĂĂůĐƵŶƉƌĞĂǀǀŝƐŽ͘
WĞƌůŽƐĐŚĞŵĂĚŝĐŽůůĞŐĂŵĞŶƚŽĨĂƌĞƌŝĨĞƌŝŵĞŶƚŽĂƉĂŐŝŶĂϲĞƉĂŐŝŶĂϳΗ&ŝŐƵƌĂϳͬ&ŝŐƵƌĂϴͬ&ŝŐƵƌĂϵ͘

3DUDPHWURVSHFLILFKHSURGRWWR
ÊSRVVLELOHIDUHULIHULPHQWRDO³0RGXOR´DSDJLQDSHUOHVSHFLILFKHGHOSURGRWWR

ˎ˔
Ɇɨɤɪɢɢɫɭɯɢɉɪɚɯɨɫɦɭɤɚɱɤɢ                                 ʥ̡̛̻̣̬̭̐̌
ɜɴɜɟɠɞɚɧɟ

Ɍɨɜɚɪɴɤɨɜɨɞɫɬɜɨɳɟȼɢɩɨɦɨɝɧɟɞɚɫɟɜɴɡɩɨɥɡɜɚɬɟɩɨɧɚɣɞɨɛɪɢɹɧɚɱɢɧɨɬɜɴɡɦɨɠɧɨɫɬɢɬɟɧɚɩɪɚɯɨɫɦɭɤɚɱɤɚɬɚ9,3(5ɡɚɫɭɯɨɢɦɨɤɪɨ

ɩɨɱɢɫɬɜɚɧɟ

ɉɪɨɱɟɬɟɬɟɝɨɩɨɞɪɨɛɧɨɩɪɟɞɢɞɚɡɚɩɨɱɧɟɬɟɞɚɪɚɛɨɬɢɬɟɫɦɚɲɢɧɚɬɚ 

Ɍɨɜɚɟɩɪɚɯɨɫɦɭɤɚɱɤɚɡɚɫɭɯɨɢɦɨɤɪɨɩɨɱɢɫɬɜɚɧɟɤɨɹɬɨɫɟɢɡɩɨɥɡɜɚɡɚɢɡɫɦɭɤɜɚɧɟɧɚɜɨɞɚɢɩɪɚɯɨɬɩɨɞɨɜɢɩɨɤɪɢɬɢɹɉɪɟɩɨɪɴɱɜɚɫɟ

ɡɚɬɴɪɝɨɜɫɤɚɭɩɨɬɪɟɛɚ 

ɈɉɂɋȺɇɂɂȿɇȺɄɈɇɋɌɊɍɄɐɂəɌȺɇȺɆȺɒɂɇȺɌȺ
˄
/68  Ɉɩɢɫɚɧɢɟɧɚɤɨɧɫɬɪɭɤɰɢɹɬɚ ȼɢɠɬɟɧɚɫɬɪ´)´  ˅
Ɂɚɯɪɚɧɜɚɳ ɤɚɛɟɥ Ⱦɪɴɠɤɚ ɧɚ ɦɚɲɢɧɚɬɚ ɉɪɟɜɤɥɸɱɜɚɬɟɥ ɧɚ ɡɚɯɪɚɧɜɚɧɟɬɨ ȼɴɡɟɥ ɧɚ ɝɥɚɜɚɬɚ ɧɚ ɦɚɲɢɧɚɬɚ ɉɨɩɥɚɜɤɨɜɚ ɱɚɲɤɚ

ȼɴɡɟɥ ɧɚ ɩɪɚɯɨɭɥɚɜɹɳɢɹ ɮɢɥɬɴɪɌɟɫɟɧɧɚɤɪɚɣɧɢɤ Ʉɪɴɝɥɚ ɱɟɬɤɚ Ƚɴɜɤɚɜ ɫɦɭɤɚɬɟɥɟɧ ɦɚɪɤɭɱ ɇɚɬɢɫɤɚɳɫɟ ɛɭɬɨɧ ɡɚ ɨɫɧɨɜɚɬɚ

ɧɚ ɫɦɭɤɚɬɟɥɧɢɹ ɦɚɪɤɭɱ Ɉɫɧɨɜɚ ɧɚ ɫɦɭɤɚɬɟɥɧɢɹ ɦɚɪɤɭɱ Ʉɥɸɱɚɥɤɚ ɧɚ ɤɨɧɬɟɣɧɟɪɚ ɡɚ ɩɪɚɯ ɍɞɴɥɠɢɬɟɥɧɚ ɫɬɨɦɚɧɟɧɚ ɬɪɴɛɚ

ɄɨɧɬɟɣɧɟɪɡɚɩɪɚɯɈɫɧɨɜɚɧɚɞɴɧɨɬɨɧɚɤɨɧɬɟɣɧɟɪɚɡɚɩɪɚɯɄɨɥɟɥɰɟɁɚɡɟɦɢɬɟɥɧɚɜɟɪɢɝɚɇɚɤɪɚɣɧɢɤɡɚɫɭɯɨɩɨɱɢɫɬɜɚɧɟ

ɇɚɤɪɚɣɧɢɤɡɚɦɨɤɪɨɩɨɱɢɫɬɜɚɧɟɁɚɤɚɱɚɥɤɚɡɚɫɴɯɪɚɧɹɜɚɧɟɧɚɡɚɯɪɚɧɜɚɳɢɹɤɚɛɟɥ

/68/68/68/68/68 ȼɢɠɬɟɧɚɫɬɪ´)´ ˅
ɁɚɯɪɚɧɜɚɳɤɚɛɟɥȾɪɴɠɤɚɧɚɦɚɲɢɧɚɬɚɉɪɟɜɤɥɸɱɜɚɬɟɥɧɚɡɚɯɪɚɧɜɚɧɟɬɨɁɚɤɚɱɚɥɤɚɡɚɫɴɯɪɚɧɹɜɚɧɟɧɚɡɚɯɪɚɧɜɚɳɢɹɤɚɛɟɥȼɴɡɟɥ

ɧɚ ɝɥɚɜɚɬɚ ɧɚ ɦɚɲɢɧɚɬɚ ɉɨɩɥɚɜɤɨɜɚ ɱɚɲɤɚ Ʉɨɧɡɨɥɚ ɧɚ ɩɨɩɥɚɜɤɨɜɚɬɚ ɱɚɲɤɚ ȼɴɡɟɥ ɧɚ ɩɪɚɯɨɭɥɚɜɹɳɢɹ ɮɢɥɬɴɪ Ⱦɪɴɠɤɚ ɧɚ

ɞɨɥɧɚɬɚɨɫɧɨɜɚɄɥɸɱɚɥɤɚɧɚɤɨɧɬɟɣɧɟɪɚɡɚɩɪɚɯȾɪɴɠɤɚɡɚɜɞɢɝɚɧɟɧɚɤɨɧɬɟɣɧɟɪɚɇɚɬɢɫɤɚɳɫɟɛɭɬɨɧɡɚɫɦɭɤɚɬɟɥɧɢɹɦɚɪɤɭɱ

Ɉɫɧɨɜɚ ɧɚ ɫɦɭɤɚɬɟɥɧɢɹ ɦɚɪɤɭɱ Ɂɚɞɧɨ ɤɨɥɟɥɨ Ʉɨɥɟɥɰɟ Ɉɫɧɨɜɚ ɧɚ ɞɴɧɨɬɨ ɧɚ ɤɨɧɬɟɣɧɟɪɚ ɡɚ ɩɪɚɯ Ⱦɪɟɧɚɠɟɧ ɦɚɪɤɭɱ

ɋɤɨɛɚ ɧɚ ɞɪɟɧɚɠɧɢɹ ɦɚɪɤɭɱ ɇɚɤɪɚɣɧɢɤ ɧɚ ɞɪɟɧɚɠɧɢɹ ɦɚɪɤɭɱ Ɍɟɫɟɧ ɧɚɤɪɚɣɧɢɤ Ʉɪɴɝɥɚ ɱɟɬɤɚ ɍɞɴɥɠɢɬɟɥɧɚ ɫɬɨɦɚɧɟɧɚ

ɬɪɴɛɚɇɚɤɪɚɣɧɢɤɡɚɫɭɯɨɩɨɱɢɫɬɜɚɧɟɇɚɤɪɚɣɧɢɤɡɚɦɨɤɪɨɩɨɱɢɫɬɜɚɧɟȽɴɜɤɚɜɫɦɭɤɚɬɟɥɟɧɦɚɪɤɭɱɄɨɧɬɟɣɧɟɪɡɚɩɪɚɯ

ɂɧɫɬɪɭɤɰɢɹɡɚɟɤɫɩɥɨɚɬɚɰɢɹ
Ɋɚɛɨɬɚɧɚɫɭɯɨ

Необходимо е използването на абсорбиращ прахоулавящ филтър. ȼɢɧɚɝɢ ɩɪɨɜɟɪɹɜɚɣɬɟ ɱɟ ɤɨɧɬɟɣɧɟɪɴɬ ɟ ɩɪɚɡɟɧ ɨɬ ɜɫɹɤɚɤɜɚ 

ɬɟɱɧɨɫɬɩɪɟɞɢɢɡɩɨɥɡɜɚɧɟɡɚɫɭɯɨɩɨɱɢɫɬɜɚɧɟɢɱɟɩɥɚɬɧɟɧɢɹɬɮɢɥɬɴɪɟɱɢɫɬɢɫɭɯ 

Ʉɨɝɚɬɨɡɚɫɦɭɤɜɚɳɚɬɚɫɢɥɚɧɚɦɚɲɢɧɚɬɚɧɚɦɚɥɹɜɚɢɥɢɲɭɦɴɬɧɚɦɚɲɢɧɚɬɚɫɬɚɧɟɩɨɫɢɥɟɧɂɡɤɥɸɱɟɬɟɦɚɲɢɧɚɬɚɢɢɡɜɚɞɟɬɟɳɟɩɫɟɥɚ

ɧɚɡɚɯɪɚɧɜɚɳɢɹɤɚɛɟɥɨɬɤɨɧɬɚɤɬɚɨɬɩɭɫɧɟɬɟɤɥɸɱɚɥɤɢɬɟɨɬɫɬɪɚɧɢɧɚɤɨɧɬɟɣɧɟɪɚɡɚɩɪɚɯɫɧɟɦɟɬɟɜɴɡɟɥɚɧɚɝɥɚɜɚɬɚɧɚɦɚɲɢɧɚɬɚ

Ɋɚɡɤɥɚɬɟɬɟ ɢ ɩɨɱɢɫɬɟɬɟɜɴɡɟɥɚ ɧɚ ɩɪɚɯɨɭɥɚɜɹɳɢɹ ɮɢɥɬɴɪɌɨɜɚɬɪɹɛɜɚ ɞɚɫɟ ɧɚɩɪɚɜɢ ɞɨɤɚɬɨ ɦɚɪɤɭɱɚ ɨɳɟ ɟ ɫɜɴɪɡɚɧ ɡɚ ɞɚɫɟ ɢɡɛɟɝɧɟ

ɢɡɥɢɡɚɧɟɬɨɧɚɩɪɚɯɨɬɨɬɜɨɪɟɧɚɬɚɜɪɴɡɤɚɫɤɨɧɬɟɣɧɟɪɚɡɚɩɪɚɯɋɥɟɞɤɚɬɨɪɚɡɤɥɚɬɢɬɟɮɢɥɬɴɪɚɩɨɡɜɨɥɟɬɟɧɹɤɨɥɤɨɦɢɧɭɬɢɩɪɚɯɚɞɚɫɟ

ɭɬɚɢɋɜɚɥɟɬɟɜɴɡɟɥɚɧɚɩɪɚɯɨɭɥɚɜɹɳɢɹɮɢɥɬɴɪɨɬɦɚɲɢɧɚɬɚɢɢɡɩɪɚɡɧɟɬɟɤɨɧɬɟɣɧɟɪɚȺɤɨɩɨɜɴɪɯɧɨɫɬɬɚɧɚɮɢɥɬɴɪɚɢɡɝɥɟɠɞɚɫɢɥɧɨ

ɡɚɦɴɪɫɟɧɚ ɩɪɟɩɨɪɴɱɜɚ ɫɟ ɞɚ ɫɟ ɢɡɱɟɬɤɚ ɦɚɬɟɪɢɚɥɚ ɧɚ ɮɢɥɬɴɪɚ ɞɨ ɱɢɫɬɨ ɫ ɨɛɢɤɧɨɜɟɧɚ ɦɟɤɚ ɞɨɦɚɲɧɚ ɱɟɬɤɚ Ɍɨɜɚ ɨɫɢɝɭɪɹɜɚ

ɩɪɨɞɴɥɠɢɬɟɥɧɚɜɴɪɯɨɜɚɩɪɨɢɡɜɨɞɢɬɟɥɧɨɫɬɄɚɬɨɢɡɩɪɚɡɧɢɬɟɤɨɧɬɟɣɧɟɪɚɡɚɦɟɧɟɬɟɜɴɡɟɥɚɧɚɩɪɚɯɨɭɥɚɜɹɳɢɹɮɢɥɬɴɪɩɨɫɬɚɜɟɬɟɜɴɡɟɥɚ

ˎ˕
ʥ̡̛̻̣̬̭̐̌ Ɇɨɤɪɢɢɫɭɯɢɉɪɚɯɨɫɦɭɤɚɱɤɢ
ɧɚɝɥɚɜɚɬɚɧɚɦɚɲɢɧɚɬɚɢɡɚɤɥɸɱɟɬɟɤɥɸɱɚɥɤɢɬɟɧɚɤɨɧɬɟɣɧɟɪɚɋɟɝɚɫɬɟɝɨɬɨɜɢɞɚɡɚɩɨɱɧɟɬɟɨɬɧɨɜɨȺɤɨɩɨɝɨɪɧɢɹɧɚɱɢɧɧɟɦɨɠɟɬɟ

ɞɚɪɚɡɪɟɲɢɬɟɧɢɫɤɨɬɨɡɚɫɦɭɤɜɚɧɟɦɨɥɹɩɪɨɜɟɪɟɬɟɞɚɥɢɝɴɜɤɚɜɢɹɬɦɚɪɤɭɱɧɟɟɡɚɩɭɲɟɧ 
Ɂɚɭɩɪɚɜɥɟɧɢɟɬɨɢɪɚɛɨɬɚɬɚɧɚɫɭɯɨɦɨɠɟɞɚɜɢɞɢɬɟɧɚɫɬɪ´)´ 
ɂɡɩɨɥɡɜɚɣɬɟ ɬɟɫɟɧ ɧɚɤɪɚɣɧɢɤ ɡɚ ɪɚɛɨɬɚ ɚɤɨ ɧɚɤɪɚɣɧɢɤɚ ɡɚ ɫɭɯɨ ɩɨɱɢɫɬɜɚɧɟ ɫɪɟɳɚ ɡɚɬɪɭɞɧɟɧɢɹ ɡɚ ɞɨɫɬɢɝɚɧɟ ɢ ɪɚɛɨɬɚ ɧɚɩɪ

ɩɪɨɥɭɤɚ Ɂɚɭɩɪɚɜɥɟɧɢɟɬɨɢɪɚɛɨɬɚɬɚɦɨɠɟɞɚɜɢɞɢɬɟɧɚɫɬɪ´)´

ɂɡɩɨɥɡɜɚɣɬɟɤɪɴɝɥɚɬɚɱɟɬɤɚɚɤɨɩɨɱɢɫɬɜɚɬɟɡɚɜɟɫɢ Ɂɚɭɩɪɚɜɥɟɧɢɟɬɨɢɪɚɛɨɬɚɬɚɦɨɠɟɞɚɜɢɞɢɬɟɧɚɫɬɪ´)´ 

Ɋɚɛɨɬɚɧɚɦɨɤɪɨ 

ɍɜɟɪɟɬɟɫɟɞɚɥɢɦɚɲɢɧɚɬɚɟɢɡɩɪɚɡɧɟɧɚɨɬɜɫɹɤɚɤɴɜɫɭɯɩɪɚɯɩɪɟɞɢɞɚɹɢɡɩɨɥɡɜɚɬɟɡɚɦɨɤɪɨɩɨɱɢɫɬɜɚɧɟȼɢɧɚɝɢɫɟɭɜɟɪɹɜɚɣɬɟɱɟ

ɢɡɩɨɥɡɜɚɬɟ ɧɚɤɪɚɣɧɢɤɚ ɡɚ ɦɨɤɪɨ ɩɨɱɢɫɬɜɚɧɟ ɫ ɝɭɦɟɧɢ ɨɫɬɪɢɟɬɚ Ⱥɤɨ ɢɦɚ ɞɨɫɬɚɬɴɱɟɧ ɜɨɞɟɧ ɛɚɥɨɧ ɞɚ ɫɟ ɚɛɫɨɪɛɢɪɚɩɪɟɞɥɚɝɚɦɟ ɞɚ

ɢɡɩɨɥɡɜɚɬɟ ɍɫɜɨɹɜɚɧɟɬɨ ɦɪɴɫɨɬɢɹ Ɏɢɥɬɴɪ ɡɚ ɜɪɴɳɚɧɟ ɧɚ ɜɥɚɝɚɧɟɤɨɣɬɨ ɳɟ ɩɪɟɱɢ ɜɥɢɡɚɧɟɬɨ ɧɚ ɜɨɞɟɧ  ɛɚɥɨɧ ɜ ɦɚɲɢɧɚɬɚ ɝɥɚɜɚ Ɂɚ

ɭɩɪɚɜɥɟɧɢɟɬɨɢɪɚɛɨɬɚɬɚɧɚɦɨɤɪɨɦɨɠɟɬɟɞɚɜɢɞɢɬɟɧɚɫɬɪ´)´
Ʉɨɝɚɬɨ ɜɨɞɚɬɚ ɧɚ ɦɚɲɢɧɚɬɚ ɟ ɧɚ ɦɚɤɫɢɦɭɦ ɢɥɢ ɤɨɧɬɟɣɧɟɪɴɬ ɟ ɩɴɥɟɧ ɦɚɲɢɧɚɬɚ ɧɹɦɚ ɡɚɫɦɭɤɜɚɧɟ ɢ ɲɭɦɴɬ ɫɬɚɧɟ
ɩɨɫɢɥɟɧɢɡɤɥɸɱɟɬɟɡɚɯɪɚɧɜɚɳɢɹɤɚɛɟɥɋɜɚɥɟɬɟɫɢɥɨɜɚɬɚɝɥɚɜɚɢɜɴɡɟɥɚɧɚɩɨɩɥɚɜɤɨɜɢɹɜɟɧɬɢɥ 
ɂɡɞɴɪɩɚɣɬɟɦɚɲɢɧɚɬɚɞɨɤɚɧɚɥɢɡɚɰɢɹɬɚɢɢɡɩɪɚɡɧɟɬɟɬɟɱɧɨɫɬɬɚɨɬɤɨɧɬɟɣɧɟɪɚ
ɉɈȾȾɊɔɀɄȺ  
Ɇɚɲɢɧɚɬɚɦɨɠɟɞɚɨɫɢɝɭɪɢɛɟɡɩɥɚɬɟɧɪɟɦɨɧɬɢɡɚɦɹɧɚɧɚɪɟɡɟɪɜɧɢɱɚɫɬɢɚɤɨɜɪɟɦɟɬɨɧɚɡɚɤɭɩɭɜɚɧɟɬɨɟɜɪɚɦɤɢɬɟɧɚɩɨɥɨɜɢɧɝɨɞɢɧɚ

ɢɧɟɟɩɨɜɪɟɞɟɧɚɧɟɤɨɧɬɪɨɥɢɪɚɧɨ

Ⱥɤɨɢɦɚɬɟɩɪɨɛɥɟɦɫɤɚɱɟɫɬɜɨɬɨɦɨɥɹɫɜɴɪɠɟɬɟɫɟɫɧɚɣɛɥɢɡɤɢɹɭɩɴɥɧɨɦɨɳɟɧɫɟɪɜɢɡɟɧɰɟɧɬɴɪ

9LSHUɧɹɦɚɞɚɫɱɢɬɚɡɚɛɟɡɩɥɚɬɧɢɪɟɦɨɧɬɢɢɡɚɦɹɧɚɧɚɱɚɫɬɢɚɤɨɬɨɜɚɟɩɪɢɱɢɧɟɧɨɨɬɩɨɞɨɥɧɨɬɨ

 ɇɟɩɪɚɜɢɥɧɚɟɤɫɩɥɨɚɬɚɰɢɹɩɨɜɪɟɠɞɚɦɚɲɢɧɚɬɚ

 Ɂɚɦɹɧɚɧɚɱɚɫɬɢɢɩɨɜɪɟɞɢɜɫɥɟɞɫɬɜɢɟɧɚɜɪɟɞɢɬɟɥɫɬɜɨ

 Ʉɨɧɫɬɪɭɤɰɢɹɬɚɧɚɦɚɲɢɧɚɬɚɟɩɨɜɪɟɞɟɧɚɜɫɥɟɞɫɬɜɢɟɧɚɜɪɟɞɢɬɟɥɫɬɜɨ
ȼɧɢɦɚɧɢɟ ɉɪɟɞɢ ɜɫɹɤɚɤɜɨ ɩɨɱɢɫɬɜɚɧɟ ɢ ɩɨɞɞɪɴɠɤɚ ɧɚ ɩɪɚɯɨɫɦɭɤɚɱɤɚɬɚ ɜɢɧɚɝɢ ɢɡɤɥɸɱɜɚɣɬɟ ɳɟɩɫɟɥɚ ɨɬ ɢɡɬɨɱɧɢɤɚ ɧɚ
ɟɥɟɤɬɪɢɱɟɫɬɜɨ 
z ɍɜɟɪɟɬɟɫɟɱɟɤɚɛɟɥɴɬɧɟɟɫɪɹɡɚɧɢɥɢɩɨɜɪɟɞɟɧ
z ɉɨɱɢɫɬɟɬɟɤɨɧɬɟɣɧɟɪɚɧɟɝɨɨɫɬɚɜɹɣɬɟɞɚɫɬɨɢɩɪɨɞɴɥɠɢɬɟɥɧɨɜɪɟɦɟɫɩɪɚɯɢɥɢɦɪɴɫɧɚɜɨɞɚ 
z ɉɨɱɢɫɬɟɬɟɤɨɧɬɟɣɧɟɪɚɧɟɝɨɨɫɬɚɜɹɣɬɟɞɚɫɬɨɢɩɪɨɞɴɥɠɢɬɟɥɧɨɜɪɟɦɟɫɩɪɚɯɢɥɢɦɪɴɫɧɚɜɨɞɚ 
z ɆɨɬɨɪɴɬɟɫɴɡɞɚɞɟɧɡɚɪɚɛɨɬɚɛɟɡɩɨɞɞɪɴɠɤɚɢɧɟɫɟɧɭɠɞɚɟɨɬɤɨɧɤɪɟɬɧɨɨɛɫɥɭɠɜɚɧɟȽɪɚɮɢɬɧɢɬɟɱɟɬɤɢɦɨɠɟɞɚɫɟɧɚɥɨɠɢ
ɞɚɛɴɞɚɬɡɚɦɟɧɟɧɢɜɴɜɜɪɴɡɤɚɫɟɫɬɟɫɬɜɟɧɨɬɨɢɡɧɨɫɜɚɧɟɩɪɢɱɢɧɟɧɨɨɬɭɩɨɬɪɟɛɚɬɚɧɚɩɪɚɯɨɫɦɭɤɚɱɤɚɬɚɫɬɟɱɟɧɢɟɧɚɜɪɟɦɟɬɨɢ
ɬɟɬɪɹɛɜɚɞɚɛɴɞɚɬɡɚɦɟɧɹɧɢɫɚɦɨɨɬɭɩɴɥɧɨɦɨɳɟɧɫɟɪɜɢɡɟɧɰɟɧɬɴɪ 




ˏˌ
Ɇɨɤɪɢɢɫɭɯɢɉɪɚɯɨɫɦɭɤɚɱɤɢ                                ʥ̡̛̻̣̬̭̐̌     
ȼɇɂɆȺɇɂȿ 
Ʉɚɤɬɨ ɫ ɜɫɹɤɨ ɟɥɟɤɬɪɢɱɟɫɤɨ ɨɛɨɪɭɞɜɚɧɟ ɬɪɹɛɜɚ ɞɚ ɛɴɞɟ ɭɩɪɚɠɧɹɜɚɧɚ ɝɪɢɠɚ ɢ ɜɧɢɦɚɧɢɟ ɩɪɟɡ ɰɹɥɨɬɨ ɜɪɟɦɟ ɧɚ ɟɤɫɩɥɨɚɬɚɰɢɹ ɦɭ ɜ
ɞɨɩɴɥɧɟɧɢɟɞɚɫɟɝɚɪɚɧɬɢɪɚɱɟɩɟɪɢɨɞɢɱɧɨɫɟɢɡɜɴɪɲɜɚɬɟɤɭɳɚɢɩɪɟɜɚɧɬɢɜɧɚɩɨɞɞɪɴɠɤɚɫɰɟɥɨɫɢɝɭɪɹɜɚɧɟɛɟɡɨɩɚɫɧɚɬɚɦɭɪɚɛɨɬɚ 
ɇɟɫɩɚɡɜɚɧɟɬɨ ɧɚ ɢɡɜɴɪɲɜɚɧɟ ɧɚ ɬɟɯɧɢɱɟɫɤɨ ɨɛɫɥɭɠɜɚɧɟ ɜɤɥɸɱɢɬɟɥɧɨ ɡɚɦɹɧɚɬɚ ɧɚ ɱɚɫɬɢ ɫɴɫ ɫɬɚɧɞɚɪɬɧɢ ɦɨɠɟ ɞɚ ɧɚɩɪɚɜɢ ɬɨɜɚ
ɨɛɨɪɭɞɜɚɧɟɧɟɫɢɝɭɪɧɨɢɩɪɨɢɡɜɨɞɢɬɟɥɹɬɧɟɦɨɠɟɞɚɩɪɢɟɦɟɧɢɤɚɤɜɚɨɬɝɨɜɨɪɧɨɫɬɢɥɢɡɚɞɴɥɠɟɧɢɟɜɬɨɜɚɨɬɧɨɲɟɧɢɟ 
ȼɇɂɆȺɇɂȿ
ɋɥɟɞɧɢɬɟɦɚɬɟɪɢɚɥɢɧɟɬɪɹɛɜɚɞɚɛɴɞɚɬɩɨɱɢɫɬɜɚɧɢɫɩɪɚɯɨɫɦɭɤɚɱɤɚɬɚ
ɨɩɚɫɟɧɩɪɚɯɝɨɪɟɳɢɦɚɬɟɪɢɚɥɢ ɝɨɪɹɳɢɰɢɝɚɪɢɝɨɪɟɳɚɩɟɩɟɥɢɬɧ ɡɚɩɚɥɢɦɢ
ɟɤɫɩɥɨɡɢɜɧɢɚɝɪɟɫɢɜɧɢɬɟɱɧɨɫɬɢ ɧɚɩɪɉɟɬɪɨɥɪɚɡɬɜɨɪɢɬɟɥɢɤɢɫɟɥɢɧɢɨɫɧɨɜɢɢɬɧ ɡɚɩɚɥɢɦɟɤɫɩɥɨɡɢɜɟɧɩɪɚɯ ɧɚɩɪɦɚɝɧɟɡɢɟɜ
ɢɥɢɚɥɭɦɢɧɢɟɜɩɪɚɯɢɬɧ 

ȼȺɀɇɈ 㸸ȺɤɨɤɨɧɬɚɤɬɢɬɟɧɟɫɚɩɨɞɯɨɞɹɳɢɡɚɳɟɩɫɟɥɚɞɨɫɬɚɜɟɧɫɭɪɟɞɚɌɨɣɬɪɹɛɜɚɞɚɛɴɞɟɨɬɪɹɡɚɧɢɞɚɛɴɞɟɦɨɧɬɢɪɚɧɩɨɞɯɨɞɹɳ
ɳɟɩɫɟɥɉɪɨɜɨɞɧɢɰɢɬɟɜɬɨɡɢɫɢɥɨɜɤɚɛɟɥɫɚɨɰɜɟɬɟɧɢɜɫɴɨɬɜɟɬɫɬɜɢɟɫɴɫɫɥɟɞɧɢɹɤɨɞ 

ɋɢɧɇɟɭɬɪɚɥɟɧɄɚɮɹɜɉɨɞɧɚɩɪɟɠɟɧɢɟ 
Ɍɴɣ ɤɚɬɨ ɰɜɟɬɨɜɟɬɟ ɧɚ ɩɪɨɜɨɞɧɢɰɢɬɟ ɜ ɨɫɧɨɜɧɢɹ ɤɚɛɟɥ ɧɚ ɬɨɡɢ ɭɪɟɞ ɦɨɠɟ ɞɚ ɧɟ ɫɴɨɬɜɟɬɫɬɜɚɬ ɧɚ ɰɜɟɬɨɜɚɬɚ ɦɚɪɤɢɪɨɜɤɚ

ɢɞɟɧɬɢɮɢɰɢɪɚɳɚɤɥɟɦɢɬɟɧɚɳɟɩɫɟɥɚɩɪɨɰɟɞɢɪɚɣɬɟɩɨɫɥɟɞɧɢɹɧɚɱɢɧ 

ɉɪɨɜɨɞɧɢɤɴɬɤɨɣɬɨɟɨɰɜɟɬɟɧɜɫɢɧɶɨɬɪɹɛɜɚɞɚɛɴɞɟɫɜɴɪɡɚɧɤɴɦɤɥɟɦɚɬɚɤɨɹɬɨɟɦɚɪɤɢɪɚɧɚɫɛɭɤɜɚɬɚ1ɢɥɢɟɨɰɜɟɬɟɧɚɜɱɟɪɧɨ

ɉɪɨɜɨɞɧɢɤɴɬɤɨɣɬɨɟɨɰɜɟɬɟɧɜɤɚɮɹɜɨɬɪɹɛɜɚɞɚɛɴɞɟɫɜɴɪɡɚɧɤɴɦɤɥɟɦɚɬɚɤɨɹɬɨɟɦɚɪɤɢɪɚɧɚɫɛɭɤɜɚɬɚ/ɢɥɢɟɨɰɜɟɬɟɧɚɜɱɟɪɜɟɧɨ 

ɉɪɨɢɡɜɨɞɢɬɟɥɹɬɫɢɡɚɩɚɡɜɚɩɪɚɜɨɬɨɞɚɦɨɞɢɮɢɰɢɪɚɦɚɲɢɧɚɬɚɢɜɤɥɸɱɟɧɢɬɟɚɤɫɟɫɨɚɪɢɛɟɡɩɪɟɞɜɚɪɢɬɟɥɧɨɭɜɟɞɨɦɥɟɧɢɟ 
ȿɥɟɤɬɪɢɱɟɫɤɚɫɯɟɦɚɜɢɠɬɟɧɚɫɬɪɢɫɬɪ´ɎɢɝɭɪɚɎɢɝɭɪɚɎɢɝɭɪɚ

Ɍɟɯɧɢɱɟɫɤɢɯɚɪɚɤɬɟɪɢɫɬɢɤɢ
Ɂɚɬɟɯɧɢɱɟɫɤɢɬɟɯɚɪɚɤɬɟɪɢɫɬɢɤɢɜɢɠɬɟɧɚɫɬɪ³Ɏɨɪɦɚ´












ˏˍ

3ROVNL KĚŬƵƌnjĂĐnj ƉƌſǏŶŝŽŶLJ ŶĂ ƐƵĐŚŽ ŝ ŶĂ
t^d%W
1LQLHMV]DLQVWUXNFMDSRPRĪH3DĔVWZXZMDNQDMOHSV]\PZ\NRU]\VWDQLXRGNXU]DF]D9,3(5GRRGNXU]DQLDQDPRNURLQDVXFKR

3U]HGUR]SRF]ĊFLHPNRU]\VWDQLD]XU]ąG]HQLDQDOHĪ\GRNáDGQLHVLĊ]QLą]DSR]QDü

-HVWWRRGNXU]DF]GRSUDF\QDVXFKRLQDPRNURPRĪQDQLPF]\ĞFLüSRGáRJLSU]\XĪ\FLXZRG\OXERGNXU]DüQDVXFKR8U]ąG]HQLH

WRMHVW]DOHFDQHGR]DVWRVRZDĔNRPHUF\MQ\FK

23,6%8'2:<85=Ą'=(1,$
%XGRZDPRGHOX/68 ˄SDWU]VWUU\V˅
3U]HZyG]DVLODMąF\8FKZ\WSRNU\Z\JyUQHM:áąF]QLN8PRFRZDQLHSRNU\Z\JyUQHM=ELRUQLN]Sá\ZDNLHP8PRFRZDQLH

GRILOWUD]DQLHF]\V]F]HĔ  6VDZNDV]F]HOLQRZD6VDZNDRNUąJáD:ąĪHODVW\F]Q\3U]\FLVNGRPRFRZDQLDZĊĪD.RPRUD

ZORWX ZĊĪD .ODPUD PRFXMąFD ]ELRUQLN 0HWDORZD UXUD SU]HGáXĪDMąFD =ELRUQLN 3RGVWDZD ]ELRUQLND .yáNR

VDPRQDVWDZQH 3U]HZyG X]LHPLDMąF\ 6VDZND GR RGNXU]DQLD QD VXFKR 6VDZND GR RNXU]DQLD QD PRNUR 8FKZ\W

PRFXMąF\GRNDEOD

0RGHOH/68/68/68/68/68 SDWU]VWUU\V  ˅
3U]HZyG]DVLODMąF\8FKZ\WSRNU\Z\JyUQHM:áąF]QLN8FKZ\WPRFXMąF\GRNDEOD8PRFRZDQLHSRNU\Z\JyUQHM=ELRUQLN

] Sá\ZDNLHP 2EHMPD ]ELRUQLND ] Sá\ZDNLHP 8PRFRZDQLH GR ILOWUD NXU]X 8FKZ\W SRGVWDZ\ ]ELRUQLND .ODPUD PRFXMąFD

]ELRUQLN 8FKZ\W GR SRGQRV]HQLD ]ELRUQLND 3U]\FLVN GR PRFRZDQLD ZĊĪD .RPRUD ZORWX ZĊĪD 7\OQH NRáR .yáNR

VDPRQDVWDZQH 3RGVWDZD ]ELRUQLND :ąĪ RGSá\ZRZ\ =DFLVN ZĊĪD RGSá\ZRZHJR *áRZLFD EORNXMąFD GR ZĊĪD

RGSá\ZRZHJR6VDZNDV]F]HOLQRZD6VDZNDRNUąJáD0HWDORZDUXUDSU]HGáXĪDMąFD6VDZNDGRRGNXU]DQLDQDVXFKR

6VDZNDGRRNXU]DQLDQDPRNUR:ąĪHODVW\F]Q\=ELRUQLN

,QVWUXNFMDXĪ\WNRZDQLD
2GNXU]DQLHQDVXFKR 
1DOHĪ\XPRFRZDüILOWUGR]DQLHF]\V]F]HĔ3U]HGSU]\VWąSLHQLHPGRRGNXU]DQLDQDVXFKR]DZV]HQDOHĪ\XSHZQLüVLĊĪHSRMHPQLN

QLH]DZLHUDĪDGQ\FKSá\QyZDILOWU]PDWHULDáXMHVWF]\VW\LVXFK\ 

-HĞOL]PQLHMV]DVLĊPRFVVDQLDDOER]ZLĊNV]DVLĊV]XPSRGF]DVSUDF\XU]ąG]HQLDQDOHĪ\Z\áąF]\üRGNXU]DF]Z\Mąü]]JQLD]GND

ZW\F]NĊ SU]HZRGX ]DVLODMąFHJR SROX]RZDü NODPUĊ PRFXMąFą ]ELRUQLN L ]GMąü SRNU\ZĊ XU]ąG]HQLD 3RWU]ąVQąü L RF]\ĞFLü ILOWU

]DQLHF]\V]F]HĔ&]\QQRĞüWĊPRĪQDZ\NRQDüW\ONRZWHG\JG\ZąĪMHVWQDGDOSRGáąF]RQ\FR]DSRELHJQLHZ\GRVWDQLXVLĊNXU]X]

RWZDUWHJR SU]\áąF]D SU]\ ]ELRUQLNX 3R SRWU]ąĞQLĊFLX ILOWUD QDOHĪ\ RGF]HNDü FKZLOĊ DE\ NXU] PyJá RVLąĞü :\Mąü ILOWU NXU]X ]

XU]ąG]HQLDLRSUyĪQLü]ELRUQLN-HĞOLSRZLHU]FKQLDILOWUDMHVWPRFQRXEUXG]RQD]DOHFDVLĊRF]\ĞFLüPDWHULDáILOWUD]Z\NáąPLĊNNą

V]F]RWHF]Ną=DJZDUDQWXMHWRGáXJLHG]LDáDQLHQDQDMZ\ĪV]\PSR]LRPLH3RRSUyĪQLHQLXSRMHPQLNDSRQRZQLHZVWDZLüQDPLHMVFH

ILOWU ]DQLHF]\V]F]HĔ QDáRĪ\ü SRNU\ZĊ XU]ąG]HQLD L ]DPNQąü NODPUĊ PRFXMąFą 8U]ąG]HQLH MHVW JRWRZH SR SRQRZQHJR XĪ\FLD

-HĞOLSRZ\ĪV]HF]\QQRĞFLQLHUR]ZLą]Dá\SUREOHPXREQLĪRQHMPRF\VVDQLDQDOHĪ\VSUDZG]LüF]\ZąĪQLH]RVWDá]DEORNRZDQ\ 
ˏˎ
KĚŬƵƌnjĂĐnjƉƌſǏŶŝŽŶLJŶĂƐƵĐŚŽŝŶĂŵŽŬƌŽ 3ROVNL
3UDZLGáRZRĞüG]LDáDQLDXU]ąG]HQLDSRGF]DVRGNXU]DQLDQDVXFKRPRĪQDVSUDZG]LüQDVWUU\V 
-HĞOLZWUDNFLHNRU]\VWDQLD ]HVVDZNLGR RGNXU]DQLD QDVXFKRZ\VWąSLąWUXGQRĞFL ]GRVWĊSHPGRMDNLHJRĞPLHMVFDQSRWZRUX

QDOHĪ\XĪ\üVVDZNLV]F]HOLQRZHM 3UDZLGáRZRĞüG]LDáDQLDXU]ąG]HQLDPRĪQDVSUDZG]LüQDVWUU\V 

'R RGNXU]DQLD ]DVáRQ QDOHĪ\ XĪ\ü VVDZNL GR RGNXU]DQLD QD VXFKR 3UDZLGáRZRĞü G]LDáDQLD XU]ąG]HQLD PRĪQD

VSUDZG]LüQDVWUU\V 
2GNXU]DQLHQDPRNUR 
=DZV]HQDOHĪ\NRU]\VWDü]HVVDZHN]JXPRZ\PLOLVWHZNDPLSU]H]QDF]RQ\PLGRRGNXU]DQLDQDPRNUR 

3URSRQXMHP\ XĪ\ZDü DEVRUEXMąF\ ILOWU ]DQLHF]\V]F]HĔ GOD ]ELHUDQLD ZLOJRFL NWyU\ ]DSHZQL ĪH ]DQLHF]\V]F]HQLD Z ZRG]LH QLH

ZHMGąGRJáRZLF\PDV]\Q\

 3UDZLGáRZRĞüG]LDáDQLDXU]ąG]HQLDSRGF]DVRGNXU]DQLDQDPRNURPRĪQDVSUDZG]LüQDVWUU\V 

-HĞOLRVLąJQLHVLĊPDNV\PDOQ\SR]LRPZRG\OXESRMHPQLNMHVWSHáQ\QDVWĊSXMHEUDNVVDQLDL]ZLĊNV]DVLĊV]XPSRGF]DVSUDF\

XU]ąG]HQLD 1DOHĪ\ QDOHĪ\ Z\áąF]\ü RGNXU]DF] Z\Mąü ] JQLD]GND ZW\F]NĊ SU]HZRGX ]DVLODMąFHJR 1DVWĊSQLH XVXQąü SRNU\ZĊ

]DVLODMąFąRUD]]DZyUSá\ZDND 

2SUyĪQLüSRMHPQLN]ZRG\ZPLHMVFXGRWHJRSU]H]QDF]RQ\P

.216(5:$&-$ 
=DSHZQLDVLĊEH]SáDWQąQDSUDZĊXU]ąG]HQLDLZ\PLDQĊF]ĊĞFLSU]HGXSá\ZHPPLHVLĊF\RGGDW\]DNXSXSRG
ZDUXQNLHPĪHXV]NRG]HQLHQLHZ\QLND]ZLQ\XĪ\WNRZQLND
-HĞOLZ\VWąSLSUREOHP]ZLą]DQ\]MDNRĞFLąSURGXNWXQDOHĪ\]JáRVLüVLĊGRQDMEOLĪV]HJRDXWRU\]RZDQHJRVHUZLVX
)LUPD9LSHUQLH]DSHZQLDEH]SáDWQHMQDSUDZ\XU]ąG]HQLDDQLZ\PLDQ\F]ĊĞFLMHĞOLXV]NRG]HQLHZ\QLND]
 QLHSUDZLGáRZHJRXĪ\WNRZDQLDXU]ąG]HQLD
 VDPRG]LHOQHMZ\PLDQ\F]ĊĞFLZXU]ąG]HQLXOXEMHJRFHORZHJRXV]NRG]HQLD
 FHORZHJRG]LDáDQLDSURZDG]ąFHJRGRXV]NRG]HQLDNRQVWUXNFMLXU]ąG]HQLD
8ZDJD3U]HGUR]SRF]ĊFLHPMDNLFKNROZLHNF]\QQRĞFL]ZLą]DQ\FK]F]\V]F]HQLHPOXENRQVHUZDFMąRGNXU]DF]DQDOHĪ\ 
z =DZV]HZ\MąüZW\F]NĊSU]HZRGX]DVLODMąFHJR]JQLD]GNDHOHNWU\F]QHJR
z 8SHZQLüVLĊĪHSU]HZyG]DVLODMąF\QLHMHVWXV]NRG]RQ\DQL]QLV]F]RQ\
z 2F]\ĞFLü]ELRUQLNQLHQDOHĪ\]RVWDZLDü]ELRUQLNDZ\SHáQLRQHJRNXU]HPOXEZRGąSU]HGGáXĪV]\F]DV
z :RUHN]PDWHULDáXPRĪHE\üSUDQ\MHGQDNQDOHĪ\JRZ\VXV]\üSU]H]SRZWyUQ\PXĪ\FLHP 
z 6LOQLNXU]ąG]HQLD]HZ]JOĊGXQDVZRMąEXGRZĊQLHZ\PDJDF]\V]F]HQLDDQLV]F]HJyOQHMNRQVHUZDFML6]F]RWNLZĊJORZH
PRJą Z\PDJDü Z\PLDQ\ ]H Z]JOĊGX QD ]Z\F]DMQH ]XĪ\FLH OXE SU]HWDUFLH VSRZRGRZDQH QDGPLHUQ\P Z\NRU]\VWDQLHP
XU]ąG]HQLD:\PLDQDV]F]RWHNPRĪHE\üSU]HSURZDG]RQDMHG\QLHSU]H]DXWRU\]RZDQ\VHUZLV 

ˏˏ
3ROVNL                             KĚŬƵƌnjĂĐnjƉƌſǏŶŝŽŶLJŶĂƐƵĐŚŽŝŶĂŵŽŬƌŽ
2675=(ĩ(1,( 
2EVáXJXMąFZV]HONLHXU]ąG]HQLDHOHNWU\F]QH]DZV]HQDOHĪ\]DFKRZDüRVWURĪQRĞüLXZDJĊRUD]]DSHZQLüRNUHVRZąNRQVHUZDFMĊ
LSU]HJOąGLQVWDODFMLDE\PLHüJZDUDQFMĊMHMEH]SLHF]QHJRIXQNFMRQRZDQLD 
1LHSU]HSURZDG]HQLH NRQLHF]Q\FK SUDF NRQVHUZDWRUVNLFK Z W\P Z\PLDQ\ F]ĊĞFL Z FHOX ]DFKRZDQLD ZáDĞFLZ\FK VWDQGDUGyZ
PRĪHVSRZRGRZDü]DJURĪHQLHSRGF]DVXĪ\WNRZDQLDVSU]ĊWX]DNWyUHSURGXFHQWQLHSRQRVLĪDGQHMRGSRZLHG]LDOQRĞFL 
2675=(ĩ(1,(
1LHZROQRXĪ\ZDüXU]ąG]HQLDGRRGNXU]DQLDQDVWĊSXMąF\FKU]HF]\

QLHEH]SLHF]Q\FKS\áyZJRUąF\FKPDWHULDáyZ QS]DSDORQ\FKSDSLHURVyZJRUąFHJRSRSLRáXLWS VXEVWDQFMLáDWZRSDOQ\FK


PDWHULDáyZ Z\EXFKRZ\FK ĪUąF\FK FLHF]\ QS EHQ]\Q\ UR]SXV]F]DOQLNyZ NZDVyZ ]DVDG LWS  áDWZRSDOQHJR Z\EXFKRZHJR
NXU]X QSPDJQH]XS\áXDOXPLQLXPLWS 

:$ĩ1( ˖ -HĞOL ZW\F]ND EĊGąFD Z Z\SRVDĪHQLX XU]ąG]HQLD QLH SDVXMH GR JQLD]GND HOHNWU\F]QHJR QDOHĪ\ Mą XVXQąü L
GRSDVRZDüRGSRZLHGQLąZW\F]NĊ3U]HZRG\ZNDEOX]DVLODMąF\PPDMąNRORU\R]QDF]DMąFHRGSRZLHGQLR 

1LHELHVNLSU]HZyGQHXWUDOQ\EUą]RZ\SU]HZyGID]RZ\ 
3RQLHZDĪ NRORU\ SU]HZRGyZ Z NDEOX ]DVLODMąF\P PRJą QLH ]JDG]Dü VLĊ ] NRORUDPL R]QDF]DMąF\PL SU]\áąF]D ZW\F]NL QDOHĪ\

SRVWĊSRZDüQDVWĊSXMąFR3U]HZyGQLHELHVNLQDOHĪ\SRáąF]\ü]SU]\áąF]HPR]QDF]RQ\POLWHUą1OXEZNRORU]HF]DUQ\P3U]HZyG

EUą]RZ\QDOHĪ\SRáąF]\ü]SU]\áąF]HPR]QDF]RQ\POLWHUą/OXEZNRORU]HF]HUZRQ\P 

3URGXFHQW ]DVWU]HJD VRELH SUDZR GR ZSURZDG]DQLD PRG\ILNDFML XU]ąG]HQLD L ]DáąF]RQ\FK DNFHVRULyZ EH] XSU]HGQLHJR

SRZLDGRPLHQLD 
6FKHPDWLQVWDODFMLHOHNWU\F]QHM]REDF]VWULU\VL

3DUDPHWU\XU]ąG]HQLD
6SHF\ILNDFMDXU]ąG]HQLD]REDF]VWUU\V

ˏː

ĂƚĞŶĚƌŽŽŐƐƚŽĨnjƵŝŐĞƌ1HGHUODQGV
1HGHUODQGV
,1/(,',1*
0HWGH]HJHEUXLNVDDQZLM]LQJNXQWXKHWEHVWHXLWXZQDWHQGURRJ]XLJHUYDQ9,3(5KDOHQ

/HHVKHWJURQGLJGRRUYRRUGDWXKHWDSSDUDDWJDDWJHEUXLNHQ

'LW LV DSSDUDDW LV HHQ QDW HQ GURRJ]XLJHU YRRU KHW RS]XLJHQ YDQ ZDWHU HQ VWRI RS GH YORHU +HW LV EHGRHOG YRRU FRPPHUFLHHO

JHEUXLN

%(6&+5,-9,1*21'(5'(/(1$33$5$$7
/68  %HVFKULMYLQJRQGHUGHOHQ ]LHSDJLQD$ 
6WURRPVQRHU  +DQGJUHHS  $DQXLWVFKDNHODDU  0DFKLQHNRS  9ORWWHUNDPHU  9XLOILOWHU   6SOHHW]XLJPRQG  %RUVWHO

=DFKWH]XLJVODQJ'UXNNQRSVODQJDDQVOXLWLQJ6ODQJDDQVOXLWLQJ5HVHUYRLUNOHP,-]HUHQYHUOHQJEXLV5HVHUYRLU

2QGHUVWXNUHVHUYRLU=ZHQNZLHOWMH*HDDUGHNHWWLQJ'URRJ]XLJPRQG1DW]XLJPRQG+DDNMHYRRUVWURRPVQRHU

/68/68/68/68/68 ]LHSDJLQD³)´  
 6WURRPVQRHU  +DQGJUHHS  $DQXLWVFKDNHODDU  +DDNMH YRRU VWURRPVQRHU  0DFKLQHNRS  9ORWWHUNDPHU  %HXJHO

YORWWHUNDPHU  6WRIILOWHU  +DQGJUHHS RQGHUNDQW  5HVHUYRLUNOHP  5HVHUYRLUKDQGJUHHS  'UXNNQRS ]XLJVODQJ 

=XLJEXLVDDQVOXLWLQJ$FKWHUZLHOWMH=ZHQNZLHOWMH2QGHUSODDWUHVHUYRLU$IYRHUVODQJ.OHPDIYRHUVODQJ%ORNNRS

DIYRHUVODQJ6SOHHW]XLJPRQG%RUVWHO,-]HUHQYHUOHQJVODQJ'URRJ]XLJPRQG1DW]XLJPRQG=DFKWH]XLJVODQJ

5HVHUYRLU

*HEUXLNVDDQZLM]LQJ 
'URRJ]XLJHQ 
'H YXLWILOWHUPRQWDJH PRHWZRUGHQ JHEUXLNW  =RUJHUDOWLMGYRRUGDWHU LQ GH KRXGHU JHHQ YORHLVWRIIHQ ]LWWHQ YRRUGDW X GH

GURRJ]XLJPRQGJDDWJHEUXLNHQGHQGDWGHVWRIIHQILOWHUVFKRRQHQGURRJLV 

$OVGH]XLJNUDFKWDDQ KHWDIQHPHQLVRIKHWODZDDLYDQGHPDFKLQHDDQ KHWWRHQHPHQLV6FKDNHOKHWDSSDUDDW XLWHQ KDDOGH

VWHNNHUXLWKHWVWRSFRQWDFW0DDNGHNOHPYDQKHWUHVHUYRLUDDQEHLGH]LMNDQWHQYDQKHWUHVHUYRLUORVHQKDDOGHPDFKLQHNRSHUXLW

6FKXGHQPDDNGHILOWHUDVVHPEODJHVFKRRQ'LWPRHW XGRHQPHWGHVODQJ QRJDDQJHVORWHQRPWHYRRUNRPHQGDWHUVWRI NDQ

RQWVQDSSHQ XLW GH RSHQ VODQJDDQVOXLWLQJ 1D KHW VFKRRQVFKXGGHQ YDQ KHW ILOWHU PRHW X HYHQ ZDFKWHQ ]RGDW KHW VWRI NDQ

QHHUGDOHQ+DDOGHVWRIILOWHUXLWKHWDSSDUDDWHQPDDNKHWUHVHUYRLUOHHJ$OVKHWRSSHUYODNYDQKHWILOWHUHUHUJYXLOXLW]LHWLVKHW

DDQWHUDGHQRPKHWILOWHUPDWHULDDOVFKRRQWHPDNHQPHWHHQ]DFKWHKXLVKRXGERUVWHO+LHUGRRUEOLMIWKHWDSSDUDDWJRHGSUHVWHUHQ

1DGDWXKHWUHVHUYRLUKHEWOHHJJHPDDNWPRHWXGHVWRIILOWHUHQGHPDFKLQHNRSZHHUWHUXJSODDWVHQHQGHUHVHUYRLUNOHPPHQZHHU

VOXLWHQ 1X NXQW X KHW DSSDUDDW ZHHU JHEUXLNHQ $OV KHW QLHW OXNW RP RS GH ERYHQVWDDQGH ZLM]H GH YHUPLQGHUGH ]XLJNUDFKW WH

KHUVWHOOHQNDQKHW]LMQGDWGHVODQJLVJHEORNNHHUG
=LHSDJLQD³$´YRRUGURRJ]XLJHQHQEHGLHQLQJ 
*HEUXLNGHVSOHHW]XLJPRQGDOVGHSOHNPRHLOLMNWHEHUHLNHQLVPHWGHGURRJ]XLJPRQGELMYRRUEHHOGHHQJDW =LHSDJLQD$

YRRUGHEHGLHQLQJ  

ˏˑ

ĂƚĞŶĚƌŽŽŐƐƚŽĨnjƵŝŐĞƌ 1HGHUODQGV

*HEUXLNGHERUVWHORPJRUGLMQHQVFKRRQWHPDNHQ ]LHSDJLQD$YRRUGHEHGLHQLQJ  

1DW]XLJHQ 
,QGLHQ KHW QHHPW YHHO ZDWHUEXEEHOV KHW LV DDQEHYROYHQ GH $EVRUEHUHQGH 'LUW 'LOWHU $VVHPEO\ WH JHEUXLNHQ RP KHW ZDWHU WH

DEVRUEHUHQGLHYRRUNRPWGDWZDWHUEXEEOHVZRUGHQJHDEVRUEHHUGLQWRHVWHONRS 

]LHSDJLQD³$´´YRRUKHWQDW]XLJHQ 
21'(5+28'  
7RWHHQKDOIMDDUQDGHDDQVFKDIGDWXPZRUGWKHWDSSDUDDWJUDWLVJHUHSDUHHUGHQZRUGHQHUYHUYDQJLQJVRQGHUGHOHQJHOHYHUGPLWV

GHVWRULQJHQQLHWGRRUGHJHEUXLNHU]LMQYHURRU]DDNW

$OVXHHQSUREOHHPKHEWPHWKHWDSSDUDDWQHHPGDQFRQWDFWRSPHWGHJHDXWRULVHHUGHUHSDUDWHXULQXZODQG

,QGHYROJHQGHVLWXDWLHV]LMQUHSDUDWLHVHQYHUYDQJLQJVRQGHUGHOHQYROJHQV9LSHUQLHWJUDWLV

 2QMXLVWJHEUXLNYDQKHWDSSDUDDW

 6WRULQJHQDOVJHYROJYDQVDERWDJH

 'HVWUXFWXXUYDQKHWDSSDUDDWLVEHVFKDGLJGDOVJHYROJYDQVDERWDJH
:DDUVFKXZLQJ9RRUGDWXGHVWRI]XLJHUJDDWVFKRRQPDNHQRIUHSDUHUHQPRHWXDOWLMGGHVWHNNHUXLWKHWVWRSFRQWDFWKDOHQ 
z &RQWUROHHURIGHNDEHOQLHWLVEHVFKDGLJG
z 0DDNKHWUHVHUYRLUVFKRRQODDWKHWQLHWWHODQJVWDDQPHWVWRIRIYXLOZDWHU 
z 'HVWRI]DNNDQZRUGHQJHZDVVHQHQZRUGHQJHGURRJGYRRUGDWXKHWRSQLHXZJDDWJHEUXLNHQ 
z 'H PRWRU LV RQGHUKRXGVYULM HQ KHHIW JHHQ RQGHUGHOHQ GLH GRRU GH JHEUXLNHU NXQQHQ ZRUGHQ JHUHSDUHHUG 'H ERUVWHOV
PRHWHQ ZRUGHQ YHUYDQJHQ DOV JHYROJ YDQ QRUPDOH VOLMWDJH GDW RQWVWDDW QD YHUORRS YDQ WLMG HQ ]H NXQQHQ DOOHHQ GRRU
UHSDUDWHXUVZRUGHQYHUYDQJHQGLHGRRURQV]LMQJHDXWRULVHHUG 

:$$56&+8:,1* 
=RDOVPHWDOOHHOHNWULVFKHDSSDUDWXXUPRHWXWLMGHQVKHWJHEUXLNHUYDQYRRU]LFKWLJ]LMQ'DDUQDDVWPRHWXHURRNYRRU]RUJHQGDW
UHJHOPDWLJRQGHUKRXGZRUGWJHSOHHJGRPYHLOLJJHEUXLNHUYDQWHNXQQHQJDUDQGHUHQ 
$OV X JHHQ RQGHUKRXG SOHHJW RI RQGHUGHOHQ YHUYDQJW YROJHQV GH MXLVWH VWDQGDDUG NDQ GLW DSSDUDDW RQYHLOLJ ZRUGHQ HQ LV GH

IDEULNDQWQLHWYHUDQWZRRUGHOLMNHQRRNQLHWDDQVSUDNHOLMN 

:$$56&+8:,1*
+HWYROJHQGHPDWHULDDOPDJQLHWZRUGHQRSJH]RJHQGRRUGHVWRI]XLJHU 
JHYDDUOLMNHVWRIKHHWPDWHULDDO EUDQGHQGHVLJDUHWWHQKHWHDVHWF RQWYODPEDDUPDWHULDDO
H[SORVLHIPDWHULDDODJUHVVLHYHYORHLVWRIIHQ ELMYEHQ]LQHRSORVPLGGHOHQ]XUHQDONDOLsQEUDQGEDUHVWRIIHQ ELMYPDJQHVLXPRI
DOXPLQLXPVWRIHWF  

˖
%(/$1*5,-. DOVGHELMKHWDSSDUDDWPHHJHOHYHUGHVWHNNHU QLHWJHVFKLNWLV+HWPRHWHUZRUGHQ DIJHVQHGHQHQ GHMXLVWH
VWHNNHUPRHWHURSZRUGHQJHPRQWHHUG'HEHGUDGLQJLQKHWVWURRPVQRHU]LMQJHNOHXUGYROJHQVGHYROJHQGHFRGH 
%ODXZQHXWUDO±EUXLQVSDQQLQJ 
$DQJH]LHQ GH NOHXUHQ YDQ GH EHGUDGLQJ LQ KHW VWURRPVQRHU YDQ GLW DSSDUDDW PLVVFKLHQ QLHW RYHUHHQNRPHQ PHW GH JHNOHXUGH

ˏ˒
1HGHUODQGV ĂƚĞŶĚƌŽŽŐƐƚŽĨnjƵŝŐĞƌ
PDUNHULQJHQRSGHWHUPLQDOVYDQGHVWHNNHUPRHWXDOVYROJWWHZHUNJDDQ'HEODXZHEHGUDGLQJPRHWZRUGHQDDQJHVORWHQRSGH

WHUPLQDOPHWGHOHWWHU1RIPHWGH]ZDUWHNOHXU'HEUXLQHEHGUDGLQJPRHWZRUGHQDDQJHVORWHQRSGHWHUPLQDOPHWGHOHWWHU/RI

PHWGHURGHNOHXU 

'HIDEULNDQWEHKRXGWKHWUHFKWRPKHWDSSDUDDWHQGHELMEHKRUHQGHDFFHVVRLUHVWHPRGLILFHUHQ]RQGHUYRRUDIJDDQGHPHGHGHOLQJ  
%HNLMNSDJLQD
VHQHQDIEHHOGLQJHQHQYRRUKHWVWURRPVFKHPD

3URGXFWVSHFLILFDWLHV
'HSURGXFWVSHFLILFDWLHV]LMQWHYLQGHQRSSDJLQDLQ7DEHO


























ˏ˓
0DJ\DU
0DJ\DU 6]iUD]QHGYHVSRUV]tYy
%(9(=(7e6
(]DKDV]QiODWLXWDVtWiVVHJtW|QQHNDOHKHWĘOHJW|EEHWNLKR]QLD9,3(5YL]HVpVV]iUD]SRUV]tYyEyO

2OYDVVDHOILJ\HOPHVHQDJpSKDV]QiODWiQDNPHJNH]GpVHHOĘWW

(]DYL]HVpVV]iUD]SRUV]tYyDSDGOyQOpYĘYt]pVSRUIHOV]tYiViUDLVDONDOPDV$SRUV]tYyWSURIHVV]LRQiOLVIHOKDV]QiOiVUDDMiQOMXN

$*e36=(5.(=(7,/(Ë5È6$
˄
/68  6=(5.(=(7,/(Ë5È6 /iVG´)´ROGDO  ˅
7iSNiEHO )HOVĘUpV] IRJDQW\~ )ĘNDSFVROy )HOVĘUpV] ÈUDPOiVWHUHOĘ 3RUIRJy V]ĦUĘ 5pVV]tYy

.iUSLWWLV]WtWy )OH[LELOLV JpJHFVĘ *pJHFVĘ IRJODODW Q\RPyJRPE *pJHFVĘ IRJODODW 5|J]tWĘNDURP

+RVV]DEtWy IpPFVĘ 7DUWiO\ 7DUWiO\ IHQpNOHPH] *|UJĘ )|OGHOĘOiQF 6]iUD] V]tYyNHIH

1HGYHVV]tYyNHIH7iSNiEHOU|J]tWĘ

/68/68/68/68/68 /iVG´)´ROGDO  ˅
7iSNiEHO )HOVĘUpV] IRJDQW\~ )ĘNDSFVROy7iSNiEHO U|J]tWĘ  )HOVĘUpV]  ÈUDPOiVWHUHOĘ ÈUDPOiVWHUHOĘ NRQ]RO

3RUIRJy V]ĦUĘ 7ROyNDU 5|Jt]ĘNDURP 7DUWiO\HPHOĘ IRJDQW\~ *pJHFVĘ IRJODODW Q\RPyJRPE *pJHFVĘ IRJODODW

+iWVy NHUpN *|UJĘ 7DUWiO\ IHQpNOHPH] hUtWĘFVĘ hUtWĘFVĘ ELOLQFV hUtWĘFVĘ IHM 5pVV]tYy .iUSLWWLV]WtWy

+RVV]DEEtWyIpPFVĘ6]iUD]V]tYyNHIH1HGYHVV]tYyNHIH)OH[LELOLVJpJHFVĘ7DUWiO\

+DV]QiODWL~WPXWDWy
6]iUD]]HP 
(EEHQD]]HPPyGEDQKDV]QiOQLNHOODSRUIRJyV]ĦUĘW6]iUD]V]HQQ\H]ĘGpVHNIHOV]tYiVDHOĘWWPLQGLJHOOHQĘUL]]H KRJ\DWDUWiO\

UHVOHJ\HQDV]|YHWV]ĦUĘSHGLJWLV]WDpVV]iUD]OHJ\HQ 

+DFV|NNHQDJpSV]tYyWHOMHVtWPpQ\HYDJ\QĘDNLERFViWRWW]DMV]LQWMH.DSFVROMDNLDJpSHWK~]]DNLDNRQQHNWRUEyOROGMDNLD

WDUWiO\ ROGDOiQ OpYĘ U|J]tWĘNDUPRNDW PDMG YHJ\H OH D JpS IHOVĘUpV]pW 5i]]D PHJ pV WLV]WtWVD PHJ D SRUIRJy V]ĦUĘW (]W ~J\

YpJH]]H HO KRJ\ D JpJHFVĘ PpJ FVDWODNR]WDWYD OHJ\HQ  KRJ\ D Q\LWRWW WDUWiO\FVDWODNR]yQ NHUHV]WO QH OpSMHQ NL SRU $ V]ĦUĘ

IHOUi]iVDXWiQYiUMRQHJ\NLFVLWDPtJDSRUOHOHSHGLN9HJ\HNLDSRUIRJyV]ĦUĘWDJpSEĘOPDMGUtWVHNLDWDUWiO\W+DDV]ĦUĘ

IHOOHWHOiWKDWyODJHUĘVHQV]HQQ\H]HWWWDQiFVRVWLV]WiUDNHIpOQLDV]ĦUĘDQ\DJiWHJ\QRUPiOSXKDV|UWpVKi]WDUWiVLUXKDNHIpYHO

ËJ\IRO\DPDWRVDQEL]WRVtWDQLWXGMXNDFV~FVWHOMHVtWPpQ\W$WDUWiO\UtWpVHXWiQWHJ\HYLVV]DDSRUIRJyV]ĦUĘWDJpSEHKHO\H]]H

YLVV]D D JpS IHOVĘUpV]pW PDMG FVDWROMD YLVV]D D U|J]tWĘNDUPRNDW $ JpS H]HQQHO NpV]HQ iOO D] ~MDEE KDV]QiODWUD +D D]

HOĘ]ĘHNEHQOHtUWDNNDODW~ODODFVRQ\V]tYyWHOMHVtWPpQ\QHPV]ĦQWHWKHWĘPHJHOOHQĘUL]]HKRJ\DJpJHFVĘQLQFVHHOW|PĘGYH
6]iUD]]HPĦNH]HOpVpVPĦN|GWHWpVOiVG´)´ROGDO 
+DV]QiOMDDUpVV]tYyWDV]iUD]V]tYyNHIpYHOQHKH]HQHOpUKHWKHO\HNHQSpOGiXOVDUNRNEDQ $NH]HOpVWpVPĦN|GWHWpVWOiVGD

ROGDORQ´)´DODWW 

.iUSLWRNpVIJJ|Q\|NWLV]WtWiViUDKDV]QiOMDDNiUSLWWLV]WtWyDGDSWHUW $NH]HOpVWpVPĦN|GWHWpVWOiVGDROGDORQ´)´

DODWW 

ˏ˔
  6]iUD]QHGYHVSRUV]tYy   0DJ\DU
0DJ\DU
1HGYHV]HP 
1HGYHV]HPHOĘWWUtWVHpVV]iUtWVDNLDSRUWDUWiO\W 

0LQGLJJ\HOMHQDUUDKRJ\DJXPLEHWpWHVQHGYHVV]tYyIHMHWKDV]QiOMD 

+D VRN Yt] EXERUpN YDQ KRJ\ HOQ\HOMHQ MDYDVORP KRJ\ KDV]QiOMD IHOV]tYy SLV] V]ĦUĘ D SiUDPHQWHVtWpVKH] DPHO\

PHJDNDGiO\R]]D D Yt] EXERUpN JpSL IHMpEH YDOy IRO\iViW $ QHGYHV ]HPĦ NH]HOpVW pV PĦN|GWHWpVW OiVG D] 

ROGDORQ´)´DODWW 
+DDJpSYt]V]LQWMHPD[LPXPRQYDQYDJ\DWDUWiO\WHOHYDQDJpSQHNQLQFVV]tYyQ\RPiVDpVD]DMV]LQWMHQĘDNNRUNDSFVROMDNL

pVK~]]DNLDNRQQHNWRUEyO9HJ\HOHDPRWRURVIHOVĘUpV]WpVD]iUDPOiVWHUHOĘW 

+HO\H]]HDJpSHWV]HQQ\Yt]OHIRO\yKR]PDMGUtWVHOHDV]HQQ\HVYL]HWDWDUWiO\EyO

.$5%$17$57È6  
$YiViUOiVWyOV]iPtWYDIpOpYHQEHOODJpSDONDWUpV]HLWLQJ\HQHVHQMDYtWMXNpVFVHUpOMNUHQGHOWHWpVV]HUĦKDV]QiODWHVHWpQ

$WHUPpNPLQĘVpJpYHONDSFVRODWRVSUREOpPiNHVHWpQIRUGXOMRQDOHJN|]HOHEELKLYDWDORVV]HUYL]N|]SRQWKR]

$]DOiEELHVHWHNEHQD9LSHUQHPYiOODOMDD]LQJ\HQHVMDYtWiVWYDJ\FVHUpW

 +HO\WHOHQPĦN|GWHWpVEĘODGyGyJpSKLEiNHVHWpQ

 6]iQGpNRVURQJiOiVEyOHUHGĘPĦN|GpVLKLEiNHVHWpQ

 6]iQGpNRVURQJiOiVEyOHUHGĘV]HUNH]HWLVpUOpVHNHVHWpQ
9LJ\i]DW$SRUV]tYyQYpJ]HWWEiUPLO\HQWLV]WtWiVLYDJ\NDUEDQWDUWiVL 
PĦYHOHWHOĘWWPLQGLJK~]]DNLDNRQQHNWRUEyODSRUV]tYyGXJDV]iW 
z *\Ę]ĘGM|QPHJUyODKRJ\DNiEHOQHPV]DNDGWYDJ\VpUOW
z 7LV]WtWVDPHJDWDUWiO\WQHKDJ\MDKRJ\VRNiLJiOOMRQSRUUDOYDJ\V]HQQ\HVYt]]HOWHOL 
z $V]|YHWSRU]ViNNLPRVKDWy~MEyOLKDV]QiODWHOĘWWPHJNHOOV]iUtWDQL 
z $PRWRUWNDUEDQWDUWiVPHQWHV]HPUHWHUYH]WNVHPPLO\HQV]HUYL]WQHPLJpQ\HO(OĘIRUGXOKDWKRJ\DV]pQNHIpNHWFVHUpOQL
NHOO PDMG D PRWRU UHQGHV KDV]QiODWEyO HUHGĘ NRSiVD PLDWW HEEHQ D] HVHWEHQ D FVHUpW FVDN KLYDWDORV V]HUYL]N|]SRQW
YpJH]KHWLHO 

),*<(/0(=7(7e6 
0iV YLOODPRV NpV]OpNHNKH] KDVRQOyDQ H]W D JpSHW LV N|UOWHNLQWpVVHO pV ILJ\HOHPPHO NHOO KDV]QiOQL $ EL]WRQViJRV PĦN|GpV
pUGHNpEHQUHQGV]HUHVHQHOOHQĘUL]]HDJpSIXQNFLyWpVYpJH]]HQiOODJPHJyYyNDUEDQWDUWiVW 
$ V]NVpJHV NDUEDQWDUWiVRN HOPXODV]WiVD HVHWpQ  EHOHpUWYH D PHJIHOHOĘ iOODSRW~ WDUWR]pNRN FVHUpMpW LV  D JpS PĦN|GWHWpVH
YHV]pO\HVVpYiOKDWDJ\iUWySHGLJQHPYiOODOIHOHOĘVVpJHWYDJ\JDUDQFLiWLO\HQHVHWHNEHQ 

),*<(/0(=7(7e6
$]DOiEELDQ\DJRNDWWLORVIHOV]tYQLDSRUV]tYyYDO

YHV]pO\HVSRUIRUUyDQ\DJRN pJĘFLJDUHWWDIRUUyKDPXVWE pJKHWĘ


UREEDQyNpSHV DJUHVV]tY IRO\DGpNRN SO EHQ]LQ ROGyV]HUHN VDYDN O~JRN VWE  J\~OpNRQ\ UREEDQyNpSHV SRU SO PDJQp]LXP
YDJ\DOXPtQLXPSRUVWE 

ˏ˕
0DJ\DU
 6]iUD] QHGYHVSRUV]tYy                                       0DJ\DU
˖
)21726 +DDIDOLGXJDV]ROyDOM]DWQHPDONDOPDVDNpV]OpN 
WiSNiEHOpQHNGXJDV]iKR]DNNRUDWiSNiEHOGXJDV]iWOHNHOOYiJQLpVHJ\PHJIHOHOĘWNHOOIHOV]HUHOQLKHO\HWWH$WiSNiEHOHUHND]

DOiEELMHO|OpVV]HULQWV]tQH]HWWHN 


.pN1XOOD%DUQD)i]LV 
$WiSNiEHOHUHLQHNV]tQHLQHPEL]WRVKRJ\PHJHJ\H]QHNDGXJDV]EHN|WpVLSRQWMiQOpYĘV]tQMHO|OpVHNNHOH]pUWD]DOiEELPyGRQ

NHOOHOMiUQL$NpNV]tQĦHUHWDKKR]DFVDWODNR]ySRQWKR]NHOON|WQLDPHO\HW1EHWĦYDJ\IHNHWHV]tQMHO|O$EDUQDV]tQĦHUHWDKKR]

DFVDWODNR]ySRQWKR]NHOON|WQLDPHO\HW/EHWĦYDJ\SLURVV]tQMHO|O 

$J\iUWyIHQQWDUWMDDMRJRWKRJ\DJpSHWpVWDUWR]pNDLWHOĘ]HWHVEHMHOHQWpVQpONOPyGRVtWKDVVD 
$EHN|WpVLUDM]RWOiVGDpVROGDOiEUiLV]HULQW

$WHUPpNPĦV]DNLDGDWDL
$WHUPpNPĦV]DNLDGDWDLWOiVGDROGDOWiEOi]DWiEDQ

ːˌ

)UDQВDLV
)UDQВDLV


$VSLUDWHXUHDXHWSRXVVLkUHV
$VSLUDWHXUHDXHWSRXVVLkUHV
$VSLUDWHXUHDXHWSRXVVLkUHV
,QWURGXFWLRQ
&HPDQXHOYDYRXVDLGHUjWLUHUXQPD[LPXPGHSURILWGHO¶DVSLUDWHXUHDXHWSRXVVLqUH9,3(5 

/LVH]ELHQOHVLQVWUXFWLRQVDYDQWGHIDLUHIRQFWLRQQHUO¶DSSDUHLO

&¶HVWXQDVSLUDWHXUSRXUDVSLUHUOHVVXUIDFHVKXPLGHVRXVqFKHV,OHVWUHFRPPDQGl SRXUXQXVDJHGRPHVWLTXHFRPPHUFLDOHW

SURIHVVLRQQHO

'(6&5,37,21'(/$6758&785('(/$0$&+,1( 
/68  'HVFULSWLRQGHOD6WUXFWXUH ˄5pIpUH]YRXVjODSDJHWURLV©)ª˅
&RUGRQG¶DOLPHQWDWLRQ3RLJQpHGHODWrWHG¶DVSLUDWHXU,QWpUXSWHXUG¶DOLPHQWDWLRQ&DSRWWrWHG¶DVSLUDWLRQ)ORWWHXU 

&{QHILOWUDQW(PERXWELVHDXWp(PERXWEURVVHURQGH)Op[LEOHG¶DVSLUDWLRQ%RXWRQGHOLEpUDWLRQGXIOp[LEOH

&RQQHFWLRQIOp[LEOH)HUPRLUGHFXYH&DQQHGHWXEHVFRXGpV5pVHUYRLU6RFOHGXIRQGGXUpVHUYRLUVXSSRUW

URXOHWWHV5RXOHWWH&KDvQHDXVROOLHQDQWLVWDWLTXH6XFHXUSODWSRXVVLqUH6XFHXUHDX&URFKHWGHUDQJHPHQWGX

FRUGRQG¶DOLPHQWDWLRQ 

/68/68/68/68/68 5pIpUH]YRXVjODSDJHTXDWUH³)´  ˅
&RUGRQG¶DOLPHQWDWLRQ3RLJQpHGHODWrWHG¶DVSLUDWHXU,QWpUXSWHXUG¶DOLPHQWDWLRQ3URWHFWLRQFRQWUHODPRXVVH&URFKHWGH

UDQJHPHQWGX&RUGRQG¶DOLPHQWDWLRQ  &DSRWWrWHG¶DVSLUDWLRQ6XSSRUWIORWWHXU&{QHILOWUDQW3RLJQpHGHWUDQVSRUW

)HUPRLUGHFXYH3RLJQpHOHYLHUGXUpVHUYRLU%RXWRQGHOLEpUDWLRQGXIOp[LEOH&RQQHFWLRQIOp[LEOH5RXHDUULqUH

5RXOHWWH  6RFOHGHWUDQVSRUWGXUpVHUYRLU7X\DXGHYLGDQJH&ROOLHUGHVHUUDJHGXWX\DXGHYLGDQJH%RXFKRQGX

WX\DXGHYLGDQJH(PERXWELVHDXWp  6XFHXUSODWSRXVVLqUH(PERXWEURVVHURQGH  &DQQHGHWXEHVFRXGpV

6XFHXUSODWSRXVVLqUH6XFHXUHDX)Op[LEOHG¶DVSLUDWLRQ5pVHUYRLU

02'('¶(03/2,

)RQFWLRQQHPHQWVXUVROVHF

/¶DVVHPEODJHGXILOWUHSRXVVLqUHG¶DEVRUSWLRQGRLW rWUH XWLOLVp 9HLOOH]WRXMRXUVjFHTXHOHUpFLSLHQWVRLWYLGpGHWRXWOLTXLGH

DYDQWG
XWLOLVHUO¶DVSLUDWHXUSRXUDVSLUHUGHO¶HDX/RUVTXHODIRUFH G
DVSLUDWLRQGHODPDFKLQHHVWUpGXLWHRXTXHOHEUXLWGHOD

PDFKLQHHVWGHSOXVHQSOXVJUDQG(WHLJQH]ODPDFKLQHHW GpEUDQFKH]ODPDFKLQHGXVHFWHXU9'HVVHUH]OHIHUPRLUVXU

OHF{WpGXUpVHUYRLUGpPRQWH]ODWrWHG¶DVSLUDWLRQHWULQFHUOHIORWWHXUVRXVO¶HDXFODLUHHQPDLQWHQDQWODWrWHGDQVXQHSRVLWLRQ

YHUWLFDOH$JLWH]HWQHWWR\H]O
HQVHPEOHGXILOWUH&HODGRLWrWUHIDLW WDQGLVTXHOHWX\DXHVWWRXMRXUVEUDQFKpSRXUpYLWHUTXHOD

SRXVVLqUHQHVRUWHGXVDF$\DQWVHFRXpOHILOWUHPDLQWHQH]O¶HQVHPEOH jO¶DEULGHODSRXVVLqUHTXHOTXHVLQVWDQWV&KDQJH]OH

VDFSDSLHURXV\QWKpWLTXH UHFRPPDQGp 6LODVXUIDFHGXILOWUHVHPEOHrWUH IRUWHPHQWFRQWDPLQpHLOHVWFRQVHLOOpGHEURVVHUHW

GHQHWWR\HUODVXUIDFHLQWpULHXUHH[WqULHXUHILOWUDQWHDYHFXQHEURVVHSOXVRX PRLQVGXUHHQIRQFWLRQGHO¶HPSRXVVLqUHPHQW

&HODJDUDQWLUDODFRQWLQXLWpGHVSHUIRUPDQFHVGHILOWUDWLRQVGXILOWUHIRXUQLW/H

ːˍ
$VSLUDWHXUHDXHWSRXVVLkUHV
$VSLUDWHXUHDXHWSRXVVLkUHV

)UDQВDLV
)UDQВDLV
UpVHUYRLUpWDQWYLGHUHPSODFH]O¶DVVHPEODJHGHILOWUHjSRXVVLqUHVRXVOHPRWHXUSODFH]OHjODWrWHGHODPDFKLQHHWYHUURXLOOH]

OHVIHUPRLUVGX  UpVHUYRLU9RXVrWHVPDLQWHQDQWSUrWjUHFRPPHQFHU6LOHVPR\HQVFLGHVVXVQHSHXYHQWSDVUpVRXGUHODSDUWLH

LQIpULHXUHG
DVSLUDWLRQYHXLOOH]YpULILHUVLOHIOp[LEOHG¶DVSLUDWLRQQ¶HVWSDVERXFKp

/HVUpJODJHVjVHFHWIRQFWLRQQHPHQWSHXYHQWrWUHOXVjODSDJH&LQT) 

8WLOLVH]OHVXFHXUSODWSRXVVLqUHRXHDXHWDMXVWHUYRWUHSXLVVDQFHG¶DVSLUDWLRQ /HVUpJODJHVjVHFHWIRQFWLRQQHPHQW

SHXYHQWrWUHOXVjODSDJHVL[) 

8WLOLVH]O¶HPERXWEURVVHURQGHSRXUOHQHWWR\DJHGHYRLODJHV /HVUpJODJHVjVHFHWIRQFWLRQQHPHQWSHXYHQWrWUHOXV

jODSDJH6L[) 

)RQFWLRQQHPHQWVXUVROPRXLOOp

$VVXUH]YRXVG¶DYRLUYLGpOHUHFHSWDFOHGHGpFKHWVVHFVDYDQWG
XWLOLVHUOHVXFHXUHDX9HLOOH]jWRXMRXUVXWLOLVHUXQRXWLODYHFGHV
ODPHVHQFDRXWFKRXFSURSUHV

/¶LQVWDOODWLRQ GX ILOWUH VSpFLDOHPHQW FRQoX SRXU O¶HDX HVW LQFRQWRXUQDEOH 6


LO H[LVWH WURS GH EXOOHV G
HDX j DEVRUEHU LO HVW

UHFRPPDQGpGHPHWWUHHQSODFHOHILOWUHjVpSDUDWLRQGHVSRXVVLqUHVSRXUO
DEVRUSWLRQG
KXPLGLWpFHTXLHPSrFKHUDEXOOHG
HDXj

O
HQWUpHHQWrWHGHODPDFKLQH /HVUpJODJHVjVHFHWIRQFWLRQQHPHQWSHXYHQWrWUHOXVjODSDJH&LQT) 

/RUVTXHOHQLYHDXG¶DVSLUDWLRQHVWDXPD[LPXPODPDFKLQHQ¶DVSLUHSOXVHWOHEUXLWGHYLHQWSOXVIRUW

(WHLQGUHO¶DSSDUHLOHWGpEUDQFKHUO¶DSSDUHLOHQUHWLUDQWOHFRUGRQG
DOLPHQWDWLRQ 9 
5HWLUH]ODWrWHGHODFXYHHWYLGDQJHUODFXYH&RQWU{OHUO¶HQVHPEOH

 (175(7,(1
/DPDFKLQHHVWJDUDQWLHXQDQSLqFHG¶XVLQH

(QYRLGHSLqFHVVRXVJDUDQWLHXQLTXHPHQWFKH]GLVWULEXWHXURXVWDWLRQ6$9DX[FRQGLWLRQVGLVWULEXWHXUV

6LYRX]DYH]GHVSUREOqPHVGHTXDOLWpDYHFOHVSURGXLWVYHXLOOH]FRQWDFWHUOHFHQWUHDJUppOHSOXVSURFKH

9RLUFDUWHZZZYLSHUFOHDQLQJIU7URXYHUXQUHYHQGHXUORFDO 

9LSHUQHFRQVLGqUHQWODJUDWXLWpHGHODUpSDUDWLRQHWGXUHPSODFHPHQWGHVSLqFHVVLFHODHVWSURYRTXpSDUOHVFODXVHVFLGHVVRXV

8QHXWLOLVDWLRQLQFRUUHFWHGHODPDFKLQH

5HPSODFHPHQWGHVSLqFHVSURYRTXDQWGHVGRPPDJHV

/DVWUXFWXUHGHODPDFKLQHHVWHQGRPPDJpHSDUXQ&+2&

$WWHQWLRQ$YDQWG
HIIHFWXHUWRXWHRSpUDWLRQGHQHWWR\DJHHWG
HQWUHWLHQVXU
O
DVSLUDWHXUGpEUDQFKH]WRXMRXUVO¶DSSDUHLOGHO¶DOLPHQWDWLRQpOHFWULTXHDYDQWWRXWHLQWHUYHQWLRQ

ːˎ

)UDQВDLV
)UDQВDLV
  $VSLUDWHXUHDXHW
ƽ$VVXUH]YRXVTXHOHFkEOHQ
HVWSDVFRXSpRXHQGRPPDJp
ƽ1HWWR\HUOHUpVHUYRLUQHSDVODLVVHUUHSRVHUSHQGDQWXQHORQJXHSpULRGHDYHFGHODSRXVVLqUHRXGHO
HDXVDOH
ƽ/HVDFjSRXVVLqUHHQWLVVXSHXWrWUHODYpHWGRLWrWUHVpFKpjQRXYHDXDYDQWGHOHUpXWLOLVHU
ƽ  /HPRWHXUHVWFRQVWUXLWSRXUXQIRQFWLRQQHPHQWVDQVHQWUHWLHQHWQHQpFHVVLWHSDVGHVHUYLFHSDUWLFXOLHU/HVFKDUERQVPRWHXU 
SHXYHQWrWUHUHPSODFpVDSUqVXQFHUWDLQVWHPSVHWLOVQHSHXYHQWrWUHUHPSODFpVTXHSDUQRVFHQWUHVGHVHUYLFHDXWRULVpV

$9(57,66(0(17
&RPPHDYHFWRXVOHVpTXLSHPHQWVpOHFWULTXHVVRLQHWDWWHQWLRQGRLYHQWrWUHH[HUFpVHQWRXWWHPSVORUVGHOHXUXWLOLVDWLRQGHSOXV
DVVXUH]YRXV TXH OH URXWDJH HW O
HQWUHWLHQ SUpYHQWLI VRQW HIIHFWXpV SpULRGLTXHPHQW DILQ G
DVVXUHU VRQ IRQFWLRQQHPHQW HQ WRXWH
VpFXULWp

$GpIDXWG
HIIHFWXHUO
HQWUHWLHQQpFHVVDLUH\FRPSULVOHUHPSODFHPHQWGHVSLqFHVVHORQODERQQHQRUPHFHODSRXUUDLWUHQGUHFHW

pTXLSHPHQWGDQJHUHX[HWOHFRQVWUXFWHXUQHSRXUUDDFFHSWHUDXFXQHUHVSRQVDELOLWpjFHWpJDUG 

$9(57,66(0(17

/HVpOpPHQWVVXLYDQWQHGRLYHQWSDVrWUHFDSWpVSDUO
DVSLUDWHXU

3RXVVLqUHV GDQJHUHXVHV PDWpULDX[ FKDXGV FLJDUHWWHV DOOXPpHV FHQGUHV FKDXGHV HWF  SURGXLWV LQIODPPDEOHV H[SORVLIV
OLTXLGHV DJUHVVLIV HVVHQFH VROYDQWV DFLGHV DOFDOLV HWF  OHV PDWLqUHV LQIODPPDEOHV FRPPH OD SRXVVLqUH H[SORVLYH GH
PDJQpVLXPRXG
DOXPLQLXPHWF 

,03257$176L OHV SULVHV GH FRXUDQW QH VRQW SDV DGDSWpHV j OD ILFKH
IRXUQLHDYHFO
DSSDUHLOHOOHVGRLYHQWrWUHpWHLQWHVHWEUDQFKpHVGDQVXQHSULVHDGDSWpH/HVILOVGXFkEOHSULQFLSDOVRQWFRORUpVHQ
FRQIRUPLWpDYHFOHFRGHVXLYDQW

%OHXQHXWUH0DUURQYLI
&RPPH OHV FRXOHXUV GHV ILOV GX FRUGRQ G
DOLPHQWDWLRQ GH FHW DSSDUHLO SHXYHQW QH SDV FRUUHVSRQGUH DX[ PDUTXHV FRORUpHV
LGHQWLILDQWOHVERUQHVGHODILFKHSURFpGH]FRPPHVXLYDQW/HILOTXLHVWGHFRXOHXUEOHXHGRLWrWUHFRQQHFWpjODERUQHTXLHVW
PDUTXpHGHODOHWWUH1RXGHFRXOHXUQRLUH/HFkEOHTXLHVWGHFRXOHXUPDUURQGRLWrWUHUHOLpjODERUQHTXLHVWPDUTXpSDUOD
OHWWUH/RXFRORUpHHQURXJH

/HIDEULFDQWVHUpVHUYHOHGURLWGHPRGLILHUODPDFKLQHHWOHVDFFHVVRLUHVLQFOXVVDQVSUpDYLV

3RXUOHVFKpPDGHVILOVpOHFWULTXHVUpIpUH]YRXVDX[)LJXUHILJXUH)LJXUHGHODSDJHHWGH 

ODSDJH 




ːˏ

&ɭɯɨɣɢɜɥɚɠɧɵɣɩɵɥɟɫɨɫ Ɋɭɫɫɤɢɣ
½½À¿ÀÈÃÀ
Ⱦɚɧɧɨɟɪɭɤɨɜɨɞɫɬɜɨɩɨɦɨɠɟɬɜɚɦɩɨɥɭɱɢɬɶɦɚɤɫɢɦɚɥɶɧɭɸɨɬɞɚɱɭɜɪɟɡɭɥɶɬɚɬɟɢɫɩɨɥɶɡɨɜɚɧɢɹɩɵɥɟɫɨɫɚ9,3(5ɞɥɹɦɨɤɪɨɣɢɫɭɯɨɣ

ɭɛɨɪɤɢɉɪɨɱɢɬɚɣɬɟɟɝɨɬɳɚɬɟɥɶɧɨɩɟɪɟɞɧɚɱɚɥɨɦɪɚɛɨɬɵɦɚɲɢɧɵȾɚɧɧɵɣɩɵɥɟɫɨɫɞɥɹɜɥɚɠɧɨɣɢɫɭɯɨɣɭɛɨɪɤɢɩɪɟɞɧɚɡɧɚɱɟɧɞɥɹ

ɜɫɚɫɵÝÛèãú ɜɨɞɵɢɩɵɥɢɧɚɩɨɥɭɈɧɪɟɤɨɦɟɧɞɨɜɚɧɞɥɹɤɨɦɦɟɪɱɟɫɤɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹ
ɈɉɂɋȺɇɂȿɄɈɇɋɌɊɍɄɐɂɂɆȺɒɂɇɕ
˄
/68  Ɉɩɢɫɚɧɢɟɤɨɧɫɬɪɭɤɰɢɢ ɋɦɫɬɪ´)´  ˅
ɒɧɭɪɩɢɬɚɧɢɹɊɭɱɤɚɝɨɥɨɜɧɨɣɱɚɫɬɢɦɚɲɢɧɵȼɤɥɸɱɚɬɟɥɶɩɢɬɚɧɢɹȽɨɥɨɜɧɚɹɱɚɫɬɶɦɚɲɢɧɵɉɥɚɜɚɸɳɚɹɱɚɲɚɎɢɥɶɬɪɞɥɹ

ɩɵɥɢɓɟɥɟɜɚɹ ɧɚɫɚɞɤɚ ɉɵɥɟɜɚɹ ɧɚɫɚɞɤɚ Ɇɹɝɤɚɹ ɬɪɭɛɤɚ ɞɥɹ ɜɫɚɫɵɜɚɧɢɹ Ʉɧɨɩɤɚ ɜɫɚɫɵɜɚɸɳɟɝɨ ɰɨɤɨɥɹ ȼɫɚɫɵɜɚɸɳɢɣ

ɰɨɤɨɥɶ ɋɛɨɪɧɢɤ ȼɵɞɜɢɝɚɸɳɚɹɫɹ ɠɟɥɟɡɧɚɹ ɬɪɭɛɤɚ ɋɛɨɪɧɢɤ ɇɢɠɧɹɹ ɱɚɫɬɶ ɫɛɨɪɧɢɤɚ Ʉɨɥɺɫɢɤɨ ɐɟɩɶ ɡɚɡɟɦɥɟɧɢɹ

ɇɚɫɚɞɤɚɞɥɹɫɭɯɨɝɨɜɫɚɫɵɜɚɧɢɹɇɚɫɚɞɤɚɞɥɹɦɨɤɪɨɝɨɜɫɚɫɵɜɚɧɢɹɄɪɨɧɲɬɟɣɧɞɥɹɡɚɤɪɟɩɥɟɧɢɹɲɧɭɪɚɩɢɬɚɧɢɹ

/68/68/68/68/68 5HIHUWRSDJH)RXU´)´  ˅
ɒɧɭɪɩɢɬɚɧɢɹɊɭɱɤɚɝɨɥɨɜɧɨɣɱɚɫɬɢɦɚɲɢɧɵȼɤɥɸɱɚɬɟɥɶɩɢɬɚɧɢɹɄɪɨɧɲɬɟɣɧɞɥɹɡɚɤɪɟɩɥɟɧɢɹɲɧɭɪɚɩɢɬɚɧɢɹ  Ƚɨɥɨɜɧɚɹ

ɱɚɫɬɶ ɦɚɲɢɧɵ ɉɥɚɜɚɸɳɚɹ ɱɚɲɚ Ⱦɟɪɠɚɬɟɥɶ ɩɥɚɜɚɸɳɟɣ ɱɚɲɢɎɢɥɶɬɪ ɞɥɹ ɩɵɥɢɊɭɱɤɚ ɧɢɠɧɟɣ ɱɚɫɬɢɁɚɳɺɥɤɚ ɫɛɨɪɧɢɤɚ

Ɋɭɱɤɚ ɫɛɨɪɧɢɤɚ Ʉɧɨɩɤɚ ɜɫɚɫɵɜɚɸɳɟɝɨ ɰɨɤɨɥɹ ȼɫɚɫɵɜɚɸɳɢɣ ɰɨɤɨɥɶ Ɂɚɞɧɟɟ ɤɨɥɟɫɨ Ʉɨɥɺɫɢɤɨ ɇɢɠɧɹɹ ɱɚɫɬɶ

ɫɛɨɪɧɢɤɚ ɋɥɢɜɧɨɣ ɲɥɚɧɝɎɢɤɫɚɬɨɪ ɫɥɢɜɧɨɝɨ ɲɥɚɧɝɚȽɨɥɨɜɤɚ ɫɥɢɜɧɨɝɨ ɲɥɚɧɝɚɓɟɥɟɜɚɹ ɧɚɫɚɞɤɚɉɵɥɟɜɚɹ ɧɚɫɚɞɤɚ

ȼɵɞɜɢɝɚɸɳɚɹɫɹɠɟɥɟɡɧɚɹɬɪɭɛɤɚɇɚɫɚɞɤɚɞɥɹɫɭɯɨɝɨɜɫɚɫɵɜɚɧɢɹɇɚɫɚɞɤɚɞɥɹɦɨɤɪɨɝɨɜɫɚɫɵɜɚɧɢɹɆɹɝɤɚɹɬɪɭɛɤɚ ɞɥɹ

ɜɫɚɫɵɜɚɧɢɹɋɛɨɪɧɢɤ

ɂɧɫɬɪɭɤɰɢɢɩɨɷɤɫɩɥɭɚɬɚɰɢɢ
Ɋɚɛɨɬɚɛɟɡɜɨɞɵ 
ɇɟɨɛɯɨɞɢɦɨ ɢɫɩɨɥɶɡɨɜɚɬɶ ɮɢɥɶɬɪ ɞɥɹ ɩɵɥɢ ȼɫɟɝɞɚ ɩɪɨɜɟɪɹɣɬɟ ɱɬɨɛɵ ɜ ɤɨɧɬɟɣɧɟɪɟ ɧɟ ɛɵɥɨ ɤɚɤɨɣɥɢɛɨɠɢɞɤɨɫɬɢɩɪɟɠɞɟɱɟɦ

ɢɫɩɨɥɶɡɨɜɚɬɶɫɭɯɨɟɜɫɚɫɵɜɚɧɢɟɢɱɬɨɦɚɬɟɪɱɚɬɵɣɮɢɥɶɬɪɧɚɯɨɞɢɬɫɹɜɱɢɫɬɨɦɢɫɭɯɨɦɫɨɫɬɨɹɧɢɢ 

Ʉɨɝɞɚɫɢɥɚɜɫɚɫɵɜɚɧɢɹɦɚɲɢɧɵɫɧɢɠɚɟɬɫɹɢɥɢɲɭɦɦɚɲɢɧɵɭɜɟɥɢɱɢɜɚɟɬɫɹɜɵɤɥɸɱɢɬɟɦɚɲɢɧɭɜɵɬɚɳɢɬɟɲɧɭɪɩɢɬɚɧɢɹɢɡɪɨɡɟɬɤɢ

ɨɫɥɚɛɶɬɟɡɚɳɺɥɤɭɩɨɛɨɤɚɦɫɛɨɪɧɢɤɚɢɫɧɢɦɢɬɟɝɨɥɨɜɧɭɸɱɚɫɬɶɦɚɲɢɧɵȼɫɬɪɹɯɧɢɬɟɢɩɪɨɱɢɫɬɢɬɟɮɢɥɶɬɪɗɬɨɧɭɠɧɨɞɟɥɚɬɶɬɨɝɞɚ

ɤɨɝɞɚ ɲɥɚɧɝ ɧɚɯɨɞɢɬɫɹ ɜ ɩɪɢɫɨɟɞɢɧɟɧɧɨɦ ɩɨɥɨɠɟɧɢɢ ɞɥɹ ɬɨɝɨ ɱɬɨɛɵ ɢɡɛɟɠɚɬɶ ɩɨɩɚɞɚɧɢɹ ɩɵɥɢ ɢɡ ɨɬɜɟɪɫɬɢɹ ɜ ɤɨɧɬɟɣɧɟɪɟɉɨɫɥɟ

ɬɨɝɨ ɤɚɤ ɜɵ ɜɫɬɪɹɯɧɭɥɢ ɮɢɥɶɬɪ ɩɨɞɨɠɞɢɬɟ ɧɟɦɧɨɝɨ ɩɨɤɚ ɨɫɹɞɟɬ ɩɵɥɶ ȼɵɬɚɳɢɬɟ ɮɢɥɶɬɪ ɞɥɹ ɩɵɥɢ ɢɡ ɦɚɲɢɧɵ ɢ ɨɩɭɫɬɨɲɢɬɟ

ɫɨɞɟɪɠɢɦɨɟ ɤɨɧɬɟɣɧɟɪɚ ȿɫɥɢ ɩɨɜɟɪɯɧɨɫɬɶ ɮɢɥɶɬɪɚ ɨɤɚɠɟɬɫɹ ɨɱɟɧɶ ɝɪɹɡɧɨɣ ɬɨ ɪɟɤɨɦɟɧɞɭɟɬɫɹ ɩɨɱɢɫɬɢɬɶ ɦɚɬɟɪɢɚɥ ɮɢɥɶɬɪɚ ɫ

ɩɨɦɨɳɶɸ ɦɹɝɤɨɣ ɳɟɬɤɢ ɗɬɨ ɨɛɟɫɩɟɱɢɬ ɦɚɤɫɢɦɚɥɶɧɭɸ ɩɪɨɞɨɥɠɢɬɟɥɶɧɨɫɬɶ ɪɚɛɨɬɵ ɉɨɫɥɟ ɬɨɝɨ ɤɚɤ ɜɵ ɨɩɭɫɬɨɲɢɥɢ ɫɨɞɟɪɠɢɦɨɟ

ɤɨɧɬɟɣɧɟɪɚɩɨɦɟɫɬɢɬɟɨɛɪɚɬɧɨɮɢɥɶɬɪɞɥɹɩɵɥɢɭɫɬɚɧɨɜɢɬɟɝɨɥɨɜɧɭɸɱɚɫɬɶɦɚɲɢɧɵɢɡɚɦɤɧɢɬɟɡɚɳɺɥɤɭɫɛɨɪɧɢɤɚɌɟɩɟɪɶɦɚɲɢɧɚ

ɫɧɨɜɚ ɝɨɬɨɜɚ ɤ ɪɚɛɨɬɟ ȿɫɥɢ ɭɤɚɡɚɧɧɵɟ ɜɵɲɟ ɦɚɧɢɩɭɥɹɰɢɢ ɧɟ ɩɨɦɨɝɥɢ ɪɚɡɪɟɲɢɬɶ ɩɪɨɛɥɟɦɭ ɩɥɨɯɨɝɨ ɜɫɚɫɵɜɚɧɢɹ ɩɨɠɚɥɭɣɫɬɚ

ɩɪɨɜɟɪɶɬɟɧɟɡɚɛɥɨɤɢɪɨɜɚɧɥɢɦɹɝɤɢɣɲɥɚɧɝ 
Ⱦɥɹɩɨɥɭɱɟɧɢɹɢɧɮɨɪɦɚɰɢɢɨɛɭɩɪɚɜɥɟɧɢɢɩɪɢɪɚɛɨɬɟɛɟɡɜɨɞɵɫɦɫɬɪ´)´ 

ːː
  Ɋɭɫɫɤɢɣ                                   &ɭɯɨɣɢɜɥɚɠɧɵɣɩɵɥɟɫɨɫ  
ɂɫɩɨɥɶɡɭɣɬɟɳɟɥɟɜɭɸɧɚɫɚɞɤɭɟɫɥɢɩɪɢɦɟɧɟɧɢɟɧɚɫɚɞɤɢɞɥɹɫɭɯɨɝɨɜɫɚɫɵɜɚɧɢɹɹɜɥɹɟɬɫɹɩɪɨɛɥɟɦɚɬɢɱɧɵɦɧɚɩɪɢɦɟɪɟɫɥɢɢɦɟɟɬɫɹ

ɤɚɤɚɹɬɨɳɟɥɶ Ⱦɥɹɩɨɥɭɱɟɧɢɹɢɧɮɨɪɦɚɰɢɢɨɛɭɩɪɚɜɥɟɧɢɢɢɪɚɛɨɬɟɫɦɫɬɪ´)´ 

Ⱦɥɹɨɱɢɫɬɤɢɲɬɨɪɢɫɩɨɥɶɡɭɣɬɟɫɩɟɰɢɚɥɶɧɭɸɧɚɫɚɞɤɭ Ⱦɥɹɩɨɥɭɱɟɧɢɹɢɧɮɨɪɦɚɰɢɢɨɛɭɩɪɚɜɥɟɧɢɢɢɪɚɛɨɬɟɫɦɫɬɪ

´)´ 
Ɋɚɛɨɬɚɫɜɨɞɨɣ 
ɇɟɡɚɛɭɞɶɬɟɭɞɚɥɢɬɶɜɫɸɫɭɯɭɸɩɵɥɶɩɟɪɟɞɧɚɱɚɥɨɦɪɚɛɨɬɵɦɚɲɢɧɵɫɜɨɞɨɣ 

ȼɫɟɝɞɚɢɫɩɨɥɶɡɭɣɬɟɫɩɟɰɢɚɥɶɧɭɸɧɚɫɚɞɤɭɫɪɟɡɢɧɨɜɵɦɢɥɨɩɚɬɤɚɦɢ 
ȼɵɬɚɳɢɬɟ ɢɡ ɦɚɲɢɧɵ ɦɟɲɨɤ ɞɥɹ ɩɵɥɢ ɢ ɮɢɥɶɬɪ ɞɥɹ ɫɛɨɪɚ ɝɪɹɡɢ Àìæã ɩɨɝɥɨɳɟɧɢɹ ɜɨɞɵ ɩɨɹɜɢɥɢɫɶ ɦɧɨɝɨ ɩɟɧɵ ɤɨɬɨɪɵɟ
ɧɭɠɧɨɩɨɝɥɨɬɢɬɶɀɟɥɚɬɟɥɶɧɨɩɨɝɥɨɬɢɬɶɜɨɞɭɫɩɨɦɨɳɶɸɩɵɥɟɡɚɳɢɬɧɨɝɨɮɢɥɶɬɪɚɱɬɨɛɵɢɡɛɟɠɚɬɶɩɚɞɟɧɢɹɩɟɧɵɜɝɨɥɨɜɤɭɦɚɲɢɧɵ

 Ⱦɥɹɩɨɥɭɱɟɧɢɹɢɧɮɨɪɦɚɰɢɢɨɛɭɩɪɚɜɥɟɧɢɢɩɪɨɰɟɫɫɨɦɩɪɢɪɚɛɨɬɟɫɜɨɞɨɣɫɦɫɬɪ´)´ 
Ʉɨɝɞɚ ɭɪɨɜɟɧɶ ɜɨɞɵ ɜ ɦɚɲɢɧɟ ɧɚɯɨɞɢɬɫɹ ɧɚ ɦɚɤɫɢɦɭɦɟ ɢɥɢ ɛɚɤ ɩɨɥɧɨɫɬɶɸ ɡɚɩɨɥɧɟɧ ɦɚɲɢɧɚ ɩɟɪɟɫɬɚɟɬ ɜɫɚɫɵɜɚɬɶ ɢ ɲɭɦ

ɭɜɟɥɢɱɢɜɚɟɬɫɹ Ɉɬɤɥɸɱɢɬɟ ɲɧɭɪ ɩɢɬɚɧɢɹ ɋɧɢɦɢɬɟ ɝɨɥɨɜɧɭɸ ɱɚɫɬɶ ɦɚɲɢɧɵ ɢ ɩɥɚɜɚɸɳɢɣ ɤɥɚɩɚɧ ɋɥɟɣɬɟ ɜɫɸ ɠɢɞɤɨɫɬɶ ɢɡ

ɤɨɧɬɟɣɧɟɪɚ

ɌȿɏɇɂɑȿɋɄɈȿɈȻɋɅɍɀɂȼȺɇɂȿ  
Ɇɚɲɢɧɟ ɦɨɠɟɬ ɛɵɬɶ ɩɪɟɞɨɫɬɚɜɥɟɧ ɛɟɫɩɥɚɬɧɵɣ ɪɟɦɨɧɬ ɢ ɡɚɦɟɧɚ ɞɟɬɚɥɟɣ ɟɫɥɢ ɫ ɦɨɦɟɧɬɚ ɩɨɤɭɩɤɢ ɩɪɨɲɥɨ ɦɟɧɟɟ  ɦɟɫɹɰɟɜ ɢ

ɩɨɥɨɦɤɚɩɪɨɢɡɨɲɥɚɩɨɧɟɡɚɜɢɫɹɳɢɦɨɬɩɨɥɶɡɨɜɚɬɟɥɹɩɪɢɱɢɧɚɦ

ȿɫɥɢɢɦɟɟɬɫɹɩɪɨɛɥɟɦɚɫɤɚɱɟɫɬɜɨɦɩɪɨɞɭɤɰɢɢɩɨɠɚɥɭɣɫɬɚɫɜɹɠɢɬɟɫɶɫɛɥɢɠɚɣɲɢɦɚɜɬɨɪɢɡɨɜɚɧɧɵɦɫɟɪɜɢɫɧɵɦɰɟɧɬɪɨɦ

Ʉɨɦɩɚɧɢɹ9LSHUɧɟɛɭɞɟɬɪɚɫɫɦɚɬɪɢɜɚɬɶɡɚɹɜɤɭɧɚɛɟɫɩɥɚɬɧɵɣɪɟɦɨɧɬɢɡɚɦɟɧɭɞɟɬɚɥɟɣɜɫɥɟɞɭɸɳɢɯɫɥɭɱɚɹɯ

 ɇɟɩɪɚɜɢɥɶɧɨɟɭɩɪɚɜɥɟɧɢɟɦɚɲɢɧɨɣɤɨɬɨɪɨɟɩɪɢɜɟɥɨɤɩɨɥɨɦɤɟ

 Ɂɚɦɟɧɚɱɚɫɬɟɣɜɫɥɟɞɫɬɜɢɟɩɨɥɨɦɤɢɢɡɡɚɫɚɛɨɬɚɠɚ

 Ʉɨɧɫɬɪɭɤɰɢɹɦɚɲɢɧɵɩɨɜɪɟɠɞɟɧɚɢɡɡɚɫɚɛɨɬɚɠɚ
ȼɧɢɦɚɧɢɟ ɉɟɪɟɞ ɩɪɨɜɟɞɟɧɢɟɦ ɱɢɫɬɤɢ ɢ ɬɟɯɧɢɱɟɫɤɨɝɨ ɨɛɫɥɭɠɢɜɚɧɢɹ ɩɵɥɟɫɨɫɚ ɜɫɟɝɞɚ ɨɬɤɥɸɱɚɣɬɟ ɟɝɨ ɨɬ ɢɫɬɨɱɧɢɤɚ
ɷɥɟɤɬɪɨɫɧɚɛɠɟɧɢɹ 
z ɍɛɟɞɢɬɟɫɶɜɬɨɦɱɬɨɤɚɛɟɥɶɧɟɨɬɪɟɡɚɧɢɥɢɩɨɜɪɟɠɞɟɧ
z Ɉɱɢɳɚɣɬɟɫɛɨɪɧɢɤɛɚɤɧɟɩɨɡɜɨɥɹɣɬɟɱɬɨɛɵɜɧɟɦɞɨɥɝɨɟɜɪɟɦɹɧɚɯɨɞɢɥɚɫɶɩɵɥɶɢɥɢɝɪɹɡɧɚɹɜɨɞɚ 
z Ɇɚɬɟɪɱɚɬɵɣɦɟɲɨɤɞɥɹɩɵɥɢɦɨɠɧɨɩɨɫɬɢɪɚɬɶɚɡɚɬɟɦɟɝɨɧɟɨɛɯɨɞɢɦɨɜɵɫɭɲɢɬɶɩɟɪɟɞɩɨɜɬɨɪɧɵɦɢɫɩɨɥɶɡɨɜɚɧɢɟɦ 
z Ⱦɜɢɝɚɬɟɥɶ ɩɪɟɞɧɚɡɧɚɱɟɧ ɞɥɹ ɛɟɫɩɟɪɟɛɨɣɧɨɣ ɪɚɛɨɬɵ ɢ ɨɧ ɧɟ ɬɪɟɛɭɟɬ ɤɚɤɨɝɨɥɢɛɨ ɫɩɟɰɢɚɥɶɧɨɝɨ ɨɛɫɥɭɠɢɜɚɧɢɹ Ɇɨɠɟɬ
ɩɨɬɪɟɛɨɜɚɬɶɫɹ ɡɚɦɟɧɚ ɭɝɨɥɶɧɵɯ ɳɺɬɨɤ ɢɡɡɚ ɟɫɬɟɫɬɜɟɧɧɨɝɨ ɢɡɧɨɫɚ ɜ ɪɟɡɭɥɶɬɚɬɟ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɩɵɥɟɫɨɫɚ ɜ ɬɟɱɟɧɢɟ ɞɨɥɝɨɝɨ
ɜɪɟɦɟɧɢɧɨɢɯɡɚɦɟɧɚɦɨɠɟɬɩɪɨɜɨɞɢɬɶɫɹɬɨɥɶɤɨɜɚɜɬɨɪɢɡɨɜɚɧɧɵɯɫɟɪɜɢɫɧɵɯɰɟɧɬɪɚɯ

ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ 
Ʉɚɤɢɫɨɜɫɹɤɢɦɢɞɪɭɝɢɦɢɷɥɟɤɬɪɢɱɟɫɤɢɦɢɩɪɢɛɨɪɚɦɢɞɚɧɧɨɟɨɛɨɪɭɞɨɜɚɧɢɟɬɪɟɛɭɟɬɭɯɨɞɚɢɜɧɢɦɚɧɢɹɜɬɟɱɟɧɢɟɜɫɟɝɨɜɪɟɦɟɧɢɟɝɨ
ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɤɪɨɦɟ ɬɨɝɨ ɧɟɨɛɯɨɞɢɦɨ ɩɟɪɢɨɞɢɱɟɫɤɢ ɩɪɨɜɨɞɢɬɶ ɩɪɨɮɢɥɚɤɬɢɱɟɫɤɨɟ ɨɛɫɥɭɠɢɜɚɧɢɟ ɞɚɧɧɨɣ ɦɚɲɢɧɵ ɫ ɰɟɥɶɸ
ɨɛɟɫɩɟɱɟɧɢɹɟɟɛɟɡɨɩɚɫɧɨɣɷɤɫɩɥɭɚɬɚɰɢɢ
ɇɟɜɵɩɨɥɧɟɧɢɟ ɬɟɯɧɢɱɟɫɤɨɝɨ ɨɛɫɥɭɠɢɜɚɧɢɹ ɜ ɧɟɨɛɯɨɞɢɦɵɟ ɫɪɨɤɢ ɜɤɥɸɱɚɹ ɡɚɦɟɧɭ ɞɟɬɚɥɟɣ ɫ ɩɪɚɜɢɥɶɧɵɦɢ ɫɬɚɧɞɚɪɬɚɦɢ ɦɨɠɟɬ

ːˑ

&ɭɯɨɣɢɜɥɚɠɧɵɣɩɵɥɟɫɨɫ                                   Ɋɭɫɫɤɢɣ
ɩɪɢɜɟɫɬɢɤɬɨɦɭɱɬɨɨɛɨɪɭɞɨɜɚɧɢɟɫɬɚɧɟɬɧɟɛɟɡɨɩɚɫɧɵɦɢɜɞɚɧɧɨɦɫɥɭɱɚɟɩɪɨɢɡɜɨɞɢɬɟɥɶɧɟɛɭɞɟɬɧɟɫɬɢɧɢɤɚɤɨɣɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢ
ɢɥɢɨɛɹɡɚɬɟɥɶɫɬɜɩɨɞɚɧɧɨɦɭɨɛɨɪɭɞɨɜɚɧɢɸ 
ɉɊȿȾɍɉɊȿɀȾȿɇɂȿ
ɋɥɟɞɭɸɳɢɣɦɚɬɟɪɢɚɥɧɟɞɨɥɠɟɧɩɨɩɚɞɚɬɶɜɩɵɥɟɫɨɫ

ɨɩɚɫɧɚɹ ɩɵɥɶ ɝɨɪɹɱɢɟ ɦɚɬɟɪɢɚɥɵ ɝɨɪɹɳɢɟ ɫɢɝɚɪɟɬɵ ɝɨɪɹɱɚɹ ɡɨɥɚ ɢ ɬɞ  ɥɟɝɤɨɜɨɫɩɥɚɦɟɧɹɸɳɢɟɫɹ ɜɡɪɵɜɱɚɬɵɟ ɚɝɪɟɫɫɢɜɧɵɟ

ɠɢɞɤɨɫɬɢ ɧɚɩɪɢɦɟɪɛɟɧɡɢɧɪɚɫɬɜɨɪɢɬɟɥɢɤɢɫɥɨɬɵɳɟɥɨɱɢɢɬɩ ɥɟɝɤɨɜɨɫɩɥɚɦɟɧɹɸɳɚɹɜɡɪɵɜɨɨɩɚɫɧɚɹɩɵɥɶ ɧɚɩɪɢɦɟɪɩɵɥɶɢɡ

ɦɚɝɧɢɹɢɥɢɚɥɸɦɢɧɢɹɢɬɩ 

˖
ȼȺɀɇɈ ȿɫɥɢ ɪɨɡɟɬɤɚ ɧɟ ɩɨɞɯɨɞɢɬ ɞɥɹ ɜɢɥɤɢ ɤɨɬɨɪɨɣ ɭɤɨɦɩɥɟɤɬɨɜɚɧɚ ɦɚɲɢɧɚ ɫɥɟɞɭɟɬ ɟɟ ɨɬɪɟɡɚɬɶ ɢ ɭɫɬɚɧɨɜɢɬɶ ɩɨɞɯɨɞɹɳɭɸ
ɜɢɥɤɭɉɪɨɜɨɞɚɨɤɪɚɲɟɧɵɜɰɜɟɬɚɜɫɨɨɬɜɟɬɫɬɜɢɢɫɨɫɥɟɞɭɸɳɟɣɤɨɞɢɪɨɜɤɨɣ 
ȽɨɥɭɛɨɣɇɟɣɬɪɚɥɶɧɵɣɄɨɪɢɱɧɟɜɵɣȾɟɣɫɬɜɭɸɳɢɣ 
ɉɨɫɤɨɥɶɤɭ ɰɜɟɬɚ ɜ ɲɧɭɪɟ ɷɥɟɤɬɪɨɩɢɬɚɧɢɹ ɞɚɧɧɨɝɨ ɭɫɬɪɨɣɫɬɜɚ ɦɨɝɭɬ ɧɟ ɫɨɨɬɜɟɬɫɬɜɨɜɚɬɶ ɰɜɟɬɧɨɣ ɦɚɪɤɢɪɨɜɤɟ ɨɩɪɟɞɟɥɹɸɳɟɣ

ɩɨɞɫɨɟɞɢɧɟɧɢɟɜɢɥɤɢɧɟɨɛɯɨɞɢɦɨɜɵɩɨɥɧɢɬɶɫɥɟɞɭɸɳɢɟɞɟɣɫɬɜɢɹɉɪɨɜɨɞɤɨɬɨɪɵɣɨɤɪɚɲɟɧɜɫɢɧɢɣɰɜɟɬɞɨɥɠɟɧɛɵɬɶɩɨɞɤɥɸɱɟɧ

ɤɬɟɪɦɢɧɚɥɭɤɨɬɨɪɵɣɨɬɦɟɱɟɧɛɭɤɜɨɣ1ɢɥɢɱɟɪɧɵɦɰɜɟɬɨɦɉɪɨɜɨɞɤɨɬɨɪɵɣɨɤɪɚɲɟɧɜɤɨɪɢɱɧɟɜɵɣɰɜɟɬɞɨɥɠɟɧɛɵɬɶɩɨɞɫɨɟɞɢɧɟɧ

ɤɬɟɪɦɢɧɚɥɭɨɬɦɟɱɟɧɧɨɦɭɛɭɤɜɨɣ/ɢɥɢɤɪɚɫɧɵɦɰɜɟɬɨɦ 

ɉɪɨɢɡɜɨɞɢɬɟɥɶ ɨɫɬɚɜɥɹɟɬ ɡɚ ɫɨɛɨɣ ɩɪɚɜɨ ɜɧɨɫɢɬɶ ɢɡɦɟɧɟɧɢɹ ɜ ɤɨɧɫɬɪɭɤɰɢɸ ɦɚɲɢɧɵ ɢ ɫɨɨɬɜɟɬɫɬɜɭɸɳɢɟ ɩɪɢɫɩɨɫɨɛɥɟɧɢɹ ɛɟɡ

ɩɪɟɞɜɚɪɢɬɟɥɶɧɨɝɨɭɜɟɞɨɦɥɟɧɢɹ 
ɉɪɢɧɰɢɩɢɚɥɶɧɚɹɷɥɟɤɬɪɢɱɟɫɤɚɹɫɯɟɦɚɫɦɫɬɪɢɫɬɪ©ɊɢɫɊɢɫɊɢɫª

Ɍɟɯɧɢɱɟɫɤɢɟɩɚɪɚɦɟɬɪɵ
Ⱦɥɹɩɨɥɭɱɟɧɢɹɢɧɮɨɪɦɚɰɢɢɨɬɟɯɧɢɱɟɫɤɢɯɩɚɪɚɦɟɬɪɚɯɫɦɫɬɪ©Ɏɨɪɦɚª

















ː˒

ÎHģWLQD sŽĚŶşĂƐƵƓĞŶljǀLJƐĂǀĂē
Ò92'
7HQWRQiYRGYiPSRPĤåHQDSOQR  Y\XåtYDWY\VDYDþ9,3(5SURPRNUêDVXFKêSURYR]
3ĜHGREVOXKRXVWURMHVLMHMSHþOLYČSĜHþWČWH
7HQWRY\VDYDþSURVXFKêDPRNUêSURYR]SRXåtYDQêSURY\ViYiQtYRG\DSUDFKX]SRGODK\MHGRSRUXþRYiQSUR
NRPHUþQtY\XåLWt
323,6ýÈ67Ë6752-(
/68  3RSLVþiVWt YL]VWUDQDWĜLÄ)³ 
1DSiMHFtãĖĤUD0DGORPRWRURYpþiVWL9\StQDþQDSiMHQt.RPSOHWPRWRURYpþiVWL3ORYRXFtQiGREND

.RPSOHW ILOWUX ]DFK\FXMtFtKR QHþLVWRW\  âWČUELQRYi KXELFH  3ROãWiĜRYi KXELFH  0ČNNi VDFt KDGLFH 

7ODþtWNRY]iNODGQČVDFtKDGLFH=iNODGQDVDFtKDGLFH=iSDGNDQiGUåH3URGOXåRYDFtNRYRYpWUXEN\

1iGUå  6SRGQt ]iNODGQD QiGUåH  5HMGRYDFt NROHþNR  ěHWČ] SUR X]HPQČQt  3RGODKRYi KXELFH SUR

VXFKpPDWHULiO\3RGODKRYiKXELFHSURYOKNpPDWHULiO\+iþHNSURXORåHQtQDSiMHFtãĖĤU\
/68/68/68/68/68 9L]VWUDQDþW\ĜLÄ)³
1DSiMHFtãĖĤUD0DGORPRWRURYpþiVWL9\StQDþQDSiMHQt+iþHNSURXORåHQtQDSiMHFtãĖĤU\.RPSOHW

PRWRURYpþiVWL3ORYRXFtQiGREND'UåiNSORYRXFtQiGREN\.RPSOHWILOWUX]DFK\FXMtFtKRSUDFK0DGOR

VSRGQt]iNODGQ\=iSDGNDQiGUåH0DGORSUR]YHGQXWtQiGUåH7ODþtWNRVDFtKDGLFH=iNODGQDVDFt

KDGLFH=DGQtNROHþNR5HMGRYDFtNROHþNR6SRGQt]iNODGQDQiGUåH9\SRXãWČFtKDGLFH6YRUND

Y\SRXãWČFt KDGLFH  %ORNRYDFt KODYLFH Y\SRXãWČFt KDGLFH  âWČUELQRYi KXELFH  3ROãWiĜRYi KXELFH 

3URGOXåRYDFtNRYRYpWUXEN\3RGODKRYiKXELFHSURVXFKpPDWHULiO\3RGODKRYiKXELFHSURYOKNpPDWHULiO\

0ČNNiVDFtKDGLFH1iGUå
3RN\Q\NREVOX]H
6XFKêSURYR] 
-HQXWQpSRXåtWNRPSOHWILOWUX]DFK\FXMtFtKRQHþLVWRW\3ĜHGSRXåLWtPSRGODKRYpKXELFH SUR VXFKp PDWHULiO\ VH
VH YåG\ VH XMLVWČWH åH QiGUå MH EH] MDNêFKNROLY NDSDOLQ D åH WNDQLQRYê ILOWU MH Y þLVWpP D VXFKpPVWDYX 

-DNPLOH GRFKi]t NH VQtåHQt VDFt VtO\ QHER VH ]Y\ãXMH KOXN VWURMH Y\SQČWH VWURM D Y\WiKQČWH ]iVWUþNX QDSiMHFt
ãĖĤU\ XYROQČWH ]iSDGN\ QD VWUDQiFK QiGUåH D VXQGHMWH NRPSOHW PRWRURYp þiVWL 9\WĜHSWH D Y\þLVWČWH NRPSOHW
VDFtKRILOWUX7RMHPRåQpSURYpVWVHVWiOHSĜLSRMHQRXKDGLFtþtPåVHY\KQHWH~QLNXSUDFKX]RWHYĜHQpKRVSRMHQt
QiGRE\ QD QHþLVWRW\ 3R Y\WĜHSiQt ILOWUX FKYtOL SRþNHMWH QHå VH SUDFK XVDGt =H VWURMH VXQGHMWH ILOWU SUR
]DFK\FRYiQt SUDFKX D Y\SUi]GQČWH QiGUå 3RNXG VH ]Gi SRYUFK ILOWUX VLOQČ ]QHþLãWČQê GRSRUXþXMHPH
Y\NDUWiþRYDW PDWHULiO ILOWUX GR þLVWpKR VWDYX SRPRFt EČåQpKR GRPiFtKR NDUWiþH 7R ]DMLVWt GORXKRGREê Y\VRNê
YêNRQ 3R Y\SUi]GQČQt QiGUåH Y\PČĖWH NRPSOHW ILOWUX ]DFK\FXMtFtKR SUDFK ]QRYX QDVDćWH NRPSOHW PRWRURYp

ː˓
sŽĚŶşĂƐƵƓĞŶljǀLJƐĂǀĂē
ÎHģWLQD
þiVWL D ]DMLVWČWH ]iSDGN\ QiGUåH 1\Qt PĤåHWH ]QRYX ]DþtW SUDFRYDW 3RNXG YêãH XYHGHQp ]SĤVRE\ QHY\ĜHãt
VODEpViQt]NRQWUROXMWHSURVtP]GDQHQtXFSDQiPČNNiVDFtKDGLFH
2YOiGiQtDVXFKêSURYR]MHPRåQpQDKOpGQRXWQDVWUDQČSČWÄ)³ 
3RNXGMHSĜtOLãREWtåQpSUDFRYDWVSRGODKRYRXKXELFtSURVXFKpPDWHULiO\SRXåLMWHSURVSUiYQêGRVDKãWČUELQRYRX
KXELFLQDSĜtNODGYPH]HUiFK
2YOiGiQtDSURYR]MHPRåQpQDKOpGQRXWQDVWUDQČãHVWÄ)³ 
WŽŬƵĚǀLJƐĄǀĄƚĞnjĄĐůŽŶLJ͕ƉŽƵǎŝũƚĞƉŽůƓƚĄƎŽǀŽƵ 
2YOiGiQtDSURYR]MHPRåQpQDKOpGQRXWQDVWUDQČãHVWÄ)³ 
0RNUêSURYR] 
hũŝƐƚĢƚĞƐĞ͕ǎĞƉƎĞĚƉŽƵǎŝƚşŵƐƚƌŽũĞǀŵŽŬƌĠŵƉƌŽǀŽnjƵǀLJƐLJƉĞƚĞǀĞƓŬĞƌljƐƵĐŚljƉƌĂĐŚ͘
sǎĚLJƐĞƵũŝƐƚĢƚĞ͕ǎĞƉŽƵǎşǀĄƚĞƉŽĚůĂŚŽǀŽƵŚƵďŝĐŝƉƌŽŵŽŬƌljƉƌŽǀŽnjƐŐƵŵŽǀljŵŝůŝƐƚLJ͘ 
sLJƚĄŚŶĢƚĞ ƉƌĂĐŚŽǀlj ƐĄēĞŬ Ă Ĩŝůƚƌ njĂĐŚLJĐƵũşĐş ŶĞēŝƐƚŽƚLJ͘ <ĚLJå ƚĂŵ ũĞ ŚŽĚŶĢ ǀŽĚLJ ďƵďůŝŶLJ͕ ĚŽƉŽƌƵēƵũŝ
ƉŽƵǎşƚƉŽŚůĐƵũşĐşĨŝůƚƌŶĞēŝƐƚŽƚƐŚƌŽŵĄǎĚĢŶşƉƌŽŵŽŬƌĠǀLJƐĄǀĄŶş͕ŬƚĞƌĄnjĂďƌĄŶşǀŽĚLJďƵďůŝŶLJĚŽƐƚƌŽũĞ
ŚůĂǀLJ͘ 2YOiGiQtDPRNUêSURYR]MHPRåQpQDKOpGQRXWQDVWUDQČSČWÄ)³ 
WŽŬƵĚũĞǀŽĚĂǀĞƐƚƌŽũŝŶĂŵĂdžŝŵƵŶĞďŽũĞŶĄĚƌǎƉůŶĄ͕ƐƚƌŽũŶĞŵĄǎĄĚŶĠƐĄŶşĂnjǀljƓşƐĞŚůƵŬ͕ǀLJƉŶĢƚĞ
ũĞũĂǀLJƚĄŚŶĢƚĞŶĂƉĄũĞĐşƓŸƽƌƵ͘^ƵŶĚĞũƚĞŵŽƚŽƌŽǀŽƵēĄƐƚĂŬŽŵƉůĞƚƉůŽǀĄŬŽǀĠŚŽǀĞŶƚŝůƵ͘ 
ĂũĞěƚĞƐĞƐƚƌŽũĞŵŬǀljůĞǀĐĞĂǀLJůŝũƚĞnjŶĄĚƌǎĞŬĂƉĂůŝŶƵ͘
Ò'5ä%$
^ƚƌŽũŵƽǎĞĨƵŶŐŽǀĂƚďĞnjŽƉƌĂǀĂǀljŵĢŶƐŽƵēĄƐƚş͕ƉŽŬƵĚŽĚĚŽďLJŶĄŬƵƉƵŶĞƵƉůLJŶƵůŽǀşĐĞŶĞǎƉƽůƌŽŬĂ
ŶĞĚŽƓůŽŬƉŽƌƵƓĞŵŝŵŽŬŽŶƚƌŽůƵ͘
WŽŬƵĚũĞƵƐƚƌŽũĞƉƌŽďůĠŵƐŬǀĂůŝƚŽƵ͕ŬŽŶƚĂŬƚƵũƚĞƉƌŽƐşŵsĂƓĞŶĞũďůŝǎƓşĂƵƚŽƌŝnjŽǀĂŶĠƐĞƌǀŝƐŶşƐƚƎĞĚŝƐŬŽ͘
^ƉŽůĞēŶŽƐƚsŝƉĞƌŶĞƉŽƐŬLJƚŶĞŽƉƌĂǀƵĂǀljŵĢŶƵƐŽƵēĄƐƚŝnjĚĂƌŵĂ͕ƉŽŬƵĚĚŽũĚĞŬƚĢŵƚŽƉƎşēŝŶĄŵ͗
 3RUXFKDVWURMHE\OD]SĤVREHQDãSDWQêPSURYR]HP
 9êPČQDVRXþiVWtDSĜtþLQDSRUXFK\E\OD]SĤVREHQDVH]OêP~P\VOHP
 .RQVWUXNFHVWURMHMHSRUXãHQD~P\VOQČ
8SR]RUQČQt3ĜHGSURYiGČQtPMDNpKRNROLYþLãWČQtD~GUåE\ 
Y\VDYDþHYåG\]H]GURMHHOHNWĜLQ\RGSRMWH]iVWUþNXQDSiMHFtãĖĤU\ 
z 8MLVWČWHVHåHNDEHOQHQtSURĜt]QXWêQHERSRãNR]HQê
z 1iGUåSUDYLGHOQČþLVWČWHQHQHFKiYHMWHMHGORXKRVWiWVSUDFKHPQHERãSLQDYRXYRGRX 
z /iWNRYêViþHNQDSUDFKMHPRåQpSUiWDSĜHGRSČWRYQêPSRXåLWtPMHQXWQpKRY\VXãLW 
z 0RWRU MH QDYUåHQ NSURYR]X EH] ~GUåE\ D QHSRWĜHEXMH åiGQp ]YOiãWQt ~NRQ\ .DUERQRYp NDUWiþH EXGH
SUDYGČSRGREQČ QXWQp Y\PČĖRYDW GtN\ EČåQpPX RSRWĜHEHQt ]SĤVREHQpPX GORXKRGREêP SRXåLWtP
Y\VDYDþHDMHQXWQpMHY\PČĖRYDWSRX]HYDXWRUL]RYDQêFKVHUYLVQtFKVWĜHGLVFtFK 
9$529È1Ë 
ː˔

ÎHģWLQD
ÎHģWLQD sŽĚŶşĂƐƵƓĞŶljǀLJƐĂǀĂē
-DNR X YHãNHUpKR HOHNWULFNpKR Y\EDYHQt MH WĜHED YåG\ EêW REH]ĜHWQê D GiYDW SR]RU MHKR SRXåLWt QDYtF MH N
]DMLãWČQtEH]SHþQpKRSURYR]XWĜHED]DMLãWČQtVSUiYQpSUDYLGHOQpSUHYHQWLYQt~GUåE\DĜiGQpKR]DSRMHQt 
1HGRGUåHQtSURYiGČQtSUDYLGHOQp~GUåE\SRGOHSRWĜHE\YþHWQČYêPČQ\VRXþiVWtSRGOHĜiGQêFKQRUHPE\PRKOR
YpVWNQHEH]SHþQpPXSURYR]XVWURMHDYêUREFHYWRPWRRKOHGXQHSĜHEtUiåiGQRXRGSRYČGQRVWQHERSRYLQQRVWL 
9$529È1Ë
9\VDYDþVHQHVPtY\ViYDWW\WRPDWHULiO\
QHEH]SHþQêSUDFKKRUNpPDWHULiO\ KRĜtFtFLJDUHW\KRUNêSRSHODWG KRĜODYLQ\
YêEXãQLQ\OHSLYpNDSDOLQ\ QDSĜEHQ]tQUR]SRXãWČGODN\VHOLQ\]iVDG\ KRĜODYêYêEXãQêSUDFK QDSĜSUDFK]
KRĜþtNXQHERKOLQtNXDWG 
'ģ/(ä,7e3RNXGQHMVRX]iVXYN\YKRGQpSUR]iVWUþNX 
GRGDQRXVH]DĜt]HQtPPČODE\EêWWDWR]iVWUþNDRGVWĜLåHQDDPČODE\EêWQDPRQWRYiQDVSUiYQi]iVWUþND'UiW\
KODYQtKRSĜtYRGXHQHUJLHMVRXEDUHYQpDGRGUåXMtWRWRSUDYLGOR 
0RGUiQHXWUiOQt+QČGiSRGSURXGHP 
-HOLNRåEDUY\GUiWĤYKODYQtPYHGHQtWRKRWR]DĜt]HQtQHPXVtRGSRYtGDWEDUHYQpPX]QDþHQQtXUþXMtFtPXVYRUN\
]iVWUþN\SRVWXSXMWHWDNWR0RGUêGUiWPXVtEêWSĜLSRMHQNHVYRUFHNWHUiMHR]QDþHQDStVPHQHP1QHERMHþHUQi
+QČGêGUiWPXVtEêWSĜLSRMHQNHVYRUFHNWHUiMHR]QDþHQDStVPHQHP/QHERMHþHUYHQi 
9êUREFHVLY\KUD]XMHSUiYRSURYiGČWQDVWURMLDSĜLORåHQpPSĜtVOXãHQVWYt~SUDY\EH]SĜHGFKR]tKRR]QiPHQt 
6FKpPDHOHNWULFNpKR]DSRMHQtYL]VWUDQDDVWUDQDÄ2EUi]HN2EUi]HN2EUi]HN
³6SHFLILNDFHYêURENX
6SHFLILNDFLYêURENXMHPRåQpQDKOpGQRXWQDVWUDQČÄ)RUPXOiĜ³












ː˕

^ůŽǀĞŶƐŬlj
  DŽŬƌŽʹƐƵĐŚljǀLJƐĄǀĂē


jsK

dĞŶƚŽŶĄǀŽĚǀĄŵƉŽŵƀǎĞŶĂƉůŶŽǀLJƵǎşǀĂƛǀLJƐĄǀĂēs/WZƉƌĞŵŽŬƌĠĂƐƵĐŚĠǀLJƐĄǀĂŶŝĞ͘
WƌĞĚƉŽƵǎŝƚşŵƐƚƌŽũĂƐŝŚŽĚƀŬůĂĚŶĞƉƌĞēşƚĂũƚĞ͘
dĞŶƚŽǀLJƐĄǀĂēƉƌĞƐƵĐŚĠĂŵŽŬƌĠǀLJƐĄǀĂŶŝĞ͕ƉŽƵǎşǀĂŶljƉƌĞǀLJƐĄǀĂŶŝĞǀŽĚLJĂƉƌĂĐŚƵnjƉŽĚůĂŚLJ͕ũĞ
ŽĚƉŽƌƷēĂŶljƉƌĞ
ŬŽŵĞƌēŶĠƉŽƵǎŝƚŝĞ͘

WKW/^^d/^dZK:
>^hϭϯϱWŽƉŝƐēĂƐƚş;ǀŝěƐƚƌĂŶĂƚƌŝͣ&ϭ͞Ϳ

ϭ͘WƌŝƉŽũŽǀĂĐşŬĄďĞů ϭϭ͘ĄŬůĂĚŸĂƐĂĐĞũŚĂĚŝĐĞ
Ϯ͘ZƵŬŽǀćƛŵŽƚŽƌŽǀĞũēĂƐƚŝ ϭϮ͘ĄƉĂĚŬĂŶĄĚƌǎĞ
ϯ͘sLJƉşŶĂēŶĂƉĄũĂŶŝĂ ϭϯ͘^ĂĐŝĞŬŽǀŽǀĠƚƌƵďŬLJ
ϰ͘<ŽŵƉůĞƚŶĄŵŽƚŽƌŽǀĄēĂƐƛ ϭϰ͘EĂĚƌǎŶĂŶĞēŝƐƚŽƚLJ
ϱ͘WůĂǀĄŬ ϭϱ͘^ƉŽĚŶĄnjĄŬůĂĚŸĂŶĄĚƌǎĞ
ϲ͘<ŽŵƉůĞƚĨŝůƚƌĂnjĂĐŚLJƚĄǀĂũƷĐĞŚŽŶĞēŝƐƚŽƚLJ ϭϲ͘KƚŽēŶĠŬŽůŝĞƐŬŽ
ϳ͘aƚƌďŝŶŽǀĄŚƵďŝĐĂ ϭϳ͘ZĞƛĂnjƉƌĞƵnjĞŵŶĞŶŝĞ
ϴ͘,ƵďŝĐĂŶĂēĂůƷŶĞŶŝĞ ϭϴ͘WŽĚůĂŚŽǀĄŚƵďŝĐĂƉƌĞƐƵĐŚĠŵĂƚĞƌŝĄůLJ
ϵ͘DćŬŬĄƐĂĐŝĂŚĂĚŝĐĂ ϭϵ͘WŽĚůĂŚŽǀĄŚƵďŝĐĞƉƌĞŵŽŬƌĠŵĂƚĞƌŝĄůLJ
ϭϬ͘důĂēŝĚůŽǀnjĄŬůĂĚŶŝƐĂĐĞũŚĂĚŝĐĞ ϮϬ͘,ĄēŝŬƉƌĞƵůŽǎĞŶŝĞƉƌŝƉŽũŽǀĂĐŝĞŚŽŬĄďůĂ

>^hϭϱϱͬ>^hϮϱϱͬ>^hϮϳϱͬ>^hϯϳϱͬ>^hϯϵϱ;sŝěƐƚƌĂŶĂƓƚLJƌŝͣ&Ϯ͞Ϳ

ϭ͘WƌŝƉŽũŽǀĂĐşŬĄďĞů ϭϰ͘ĂĚŶĠŬŽůŝĞƐŬŽ;ƉĞǀŶĠͿ
Ϯ͘ZƵŬŽǀćƛŵŽƚŽƌŽǀĞũēĂƐƚŝ ϭϱ͘KƚŽēŶĠŬŽůŝĞƐŬŽ
ϯ͘sLJƉşŶĂēŶĂƉĄũĂŶŝĂ ϭϲ͘^ƉŽĚŶĄnjĄŬůĂĚŸĂŶĄĚƌǎĞ
ϰ͘KĐŚƌĂŶĂƉƌŽƚŝƉĞŶĞ ϭϳ͘sLJƉƷƓƛĂĐŝĂŚĂĚŝĐĂ
ϱ͘,ĄēŝŬƉƌĞƵůŽǎĞŶŝĞƉƌŝƉŽũŽǀĂĐŝĞŚŽŬĄďůĂ ϭϴ͘^ǀŽƌŬĂǀLJƉƷƓƛĂĐĞũŚĂĚŝĐĞ
ϲ͘<ŽŵƉůĞƚŶĄŵŽƚŽƌŽǀĄēĂƐƛ ϭϵ͘ůŽŬŽǀĂĐŝĂŚůĂǀŝĐĂǀLJƉƷƓƛĂĐĞũŚĂĚŝĐĞ
ϳ͘WůĂǀĄŬ ϮϬ͘aƚƌďŝŶŽǀĄŚƵďŝĐĂ
ϴ͘<ŽŵƉůĞƚĨŝůƚƌĂnjĂĐŚLJƚĄǀĂũƷĐĞŚŽŶĞēŝƐƚŽƚLJ Ϯϭ͘,ƵďŝĐĂŶĂēĂůƷŶĞŶŝĞ
ϵ͘ZƵŬŽǀćƛƐƉŽĚŶĞũnjĄŬůĂĚŶĞ ϮϮ͘^ĂĐŝĞŬŽǀŽǀĠƚƌƵďŬLJ
ϭϬ͘ĄƉĂĚŬĂŶĄĚƌǎĞ Ϯϯ͘WŽĚůĂŚŽǀĄŚƵďŝĐĂƉƌĞƐƵĐŚĠŵĂƚĞƌŝĄůLJ
ϭϭ͘ZƵŬŽǀćƛƉƌĞnjĚǀŝŚŶƵƚŝĞŶĄĚƌǎĞ Ϯϰ͘WŽĚůĂŚŽǀĄŚƵďŝĐĞƉƌĞŵŽŬƌĠŵĂƚĞƌŝĄůLJ
ϭϮ͘důĂēŝĚůŽƐĂĐĞũŚĂĚŝĐĞ Ϯϱ͘DćŬŬĄƐĂĐŝĂŚĂĚŝĐĂ
ϭϯ͘ĄŬůĂĚŸĂƐĂĐĞũŚĂĚŝĐĞ Ϯϲ͘EĂĚƌǎŶĂŶĞēŝƐƚŽƚLJ

ÿ5 0
DŽŬƌŽʹƐƵĐŚljǀLJƐĄǀĂē
 ^ůŽǀĞŶƐŬlj
WŽŬLJŶLJŬŽďƐůƵŚĞ
^ƵĐŚĄƉƌĞǀĄĚnjŬĂ
:ĞŶƵƚŶĠƉŽƵǎŝƛŬŽŵƉůĞƚĨŝůƚƌĂnjĂĐŚLJƚĄǀĂũƷĐĞŚŽŶĞēŝƐƚŽƚLJ͘WƌĞĚƉŽƵǎŝƚşŵ ƉŽĚůĂŚŽǀĞũŚƵďŝĐĞ ƉƌĞƐƵĐŚĠ
ŵĂƚĞƌŝĄůLJƐĂǀǎĚLJƵŝƐƚŝƚĞ͕ǎĞŶĄĚƌǎũĞďĞnjĂŬljĐŚŬŽűǀĞŬŬǀĂƉĂůşŶ͕ĂǎĞůĄƚŬŽǀljĨŝůƚĞƌũĞēŝƐƚljĂƐƵĐŚlj͘
<ĞěĚŽĐŚĄĚnjĂŬnjŶşǎĞŶŝƵƐĂĐĞũƐŝůLJĂůĞďŽƐĂnjǀLJƓƵũĞŚůƵŬƐƚƌŽũĞ͕ǀLJƉŶŝƚĞƐƚƌŽũĂǀLJƚŝĂŚŶŝƚĞnjĄƐƚƌēŬƵ
ƉƌŝƉĄũĂĐŝĞŚŽŬĄďůĂ͕ƵǀŽűŶŝƚĞnjĄƉĂĚŬLJŶĂƐƚƌĂŶĄĐŚŶĄĚƌǎĞĂnjůŽǎƚĞŬŽŵƉůĞƚŵŽƚŽƌŽǀĞũēĂƐƚŝ͘sLJƚƌĞƉƚĞĂ
ǀLJēŝƐƚŝƚĞŬŽŵƉůĞƚ
ƐĂĐŝĞŚŽĨŝůƚƌĂ͘dŽũĞŵŽǎŶĞƵƌŽďŝƛƐŽƐƚĄůĞƉƌŝƉŽũĞŶŽƵŚĂĚŝĐŽƵ͕ēşŵƐĂǀLJŚŶĞƚĞƷŶŝŬƵƉƌĂĐŚƵnjŽƚǀŽƌĞŶĠŚŽ
ƐƉŽũĞŶŝĂ
ŶĄĚŽďLJŶĂŶĞēŝƐƚŽƚLJ͘WŽǀLJƚƌĞƉĂŶşĨŝůƚƌĂĐŚǀşűƵƉŽēŬĂũƚĞ͕ŶĞǎƐĂƉƌĂĐŚƵƐĂĚş͘ŽƐƚƌŽũĂnjůŽǎƚĞĨŝůƚĞƌƉƌĞ
njĂĐŚLJƚĄǀĂŶŝĞƉƌĂĐŚƵĂǀLJƉƌĄnjĚŶŝƚĞŶĄĚƌǎ͘ŬƐĂnjĚĄƉŽǀƌĐŚĨŝůƚƌƵƐŝůŶŽnjŶĞēŝƐƚĞŶlj͕ŽĚƉŽƌƷēĂŵĞǀLJŬĞĨŽǀĂƛ
ŵĂƚĞƌŝĄůĨŝůƚƌĂĚŽēŝƐƚĠŚŽƐƚĂǀƵƉŽŵŽĐŽƵďĞǎŶĞũĚŽŵĄĐĞũŬĞĨLJ͘dŽnjĂŝƐƚşĚůŚŽĚŽďljǀLJƐŽŬljǀljŬŽŶ͘WŽ
ǀLJƉƌĄnjĚŶĞŶşŶĄĚƌǎĞǀLJŵĞŸƚĞŬŽŵƉůĞƚĨŝůƚƌĂnjĂĐŚLJƚĄǀĂũƷĐĞŚŽƉƌĂĐŚ͕njŶŽǀƵŶĂƐĂěƚĞŬŽŵƉůĞƚŵŽƚŽƌŽǀĞũ
ēĂƐƚŝĂnjĂŝƐƚŝƚĞnjĄƉĂĚŬLJŶĄĚƌǎĞ͘dĞƌĂnjŵƀǎĞƚĞnjŶŽǀƵnjĂēĂƛƉƌĂĐŽǀĂƛ͘ǀLJƓƓŝĞƵǀĞĚĞŶĠƐƉƀƐŽďLJŶĞǀLJƌŝĞƓŝĂ
ƐůĂďĠƐĂŶŝĞ͕ƐŬŽŶƚƌŽůƵũƚĞƉƌŽƐşŵēŝŶŝĞũĞnjĂƉĐŚĂƚĄŵćŬŬĂƐĂĐŝĂŚĂĚŝĐĂ͘

;KǀůĄĚĂŶŝĞĂƐƵĐŚƷƉƌĞǀĄĚnjŬƵũĞŵŽǎŶĠǀŝĚŝĞƛŶĂƐƚƌĂŶĞƉćƛͣ&ϯ͞Ϳ

ŬũĞƉƌşůŝƓŽďƚŝĂǎŶĞƉƌĂĐŽǀĂƛƐƉŽĚůĂŚŽǀŽƵŚƵďŝĐŽƵƉƌĞƐƵĐŚĠŵĂƚĞƌŝĄůLJ͕ƉŽƵǎŝƚĞƉƌĞƐƉƌĄǀŶLJĚŽƐĂŚ
ƓƚƌďŝŶŽǀƷŚƵďŝĐƵ͕ŶĂƉƌşŬůĂĚǀŵĞĚnjĞƌĄĐŚ
;KǀůĄĚĂŶŝĞĂƉƌĞǀĄĚnjŬƵũĞŵŽǎŶĠǀŝĚŝĞƛŶĂƐƚƌĂŶĞƓĞƐƛͣ&ϱ͞Ϳ

ŬǀLJƐĄǀĂƚĞnjĄĐůŽŶLJ͕ƉŽƵǎŝƚĞŚƵďŝĐƵŶĂēĂůƷŶĞŶŝĞ
;KǀůĄĚĂŶŝĞĂƉƌĞǀĄĚnjŬƵũĞŵŽǎŶĠǀŝĚŝĞƛŶĂƐƚƌĂŶĞƓĞƐƛͣ&ϲ͞Ϳ

DŽŬƌĄƉƌĞǀĄĚnjŬĂ
hŝƐƚŝƚĞƐĂ͕ǎĞƉƌĞĚƉŽƵǎŝƚşŵƐƚƌŽũĞǀŵŽŬƌĞũƉƌĞǀĄĚnjŬĞǀLJƐLJƉĞƚĞǀƓĞƚŽŬƐƵĐŚljƉƌĂĐŚ͘
sǎĚLJƐĂƵŝƐƚŝƚĞ͕ǎĞƉŽƵǎşǀĂƚĞƉŽĚůĂŚŽǀƷŚƵďŝĐƵƉƌĞŵŽŬƌƷƉƌĞǀĄĚnjŬƵƐŐƵŵŽǀljŵŝůŝƓƚĂŵŝ͘
sLJƚŝĂŚŶŝƚĞƉƌĂĐŚŽǀljƐĄēŽŬĂĨŝůƚĞƌnjĂĐŚLJƚĄǀĂũƷĐŝŶĞēŝƐƚŽƚLJ͘<ĞěũĞǀŽǀŽĚĞǀĞűĂƉĞŶŽǀljĐŚďƵďůşŶ͕
ŽĚƉŽƌƷēĂŵĞ
ƉŽƵǎŝƛŶĂĚƐƚĂǀďƵŶĂĨŝůƚĞƌƉŽŚůĐƵũƷĐŝŶĞēŝƐƚŽƚLJƉƌĞŵŽŬƌĞǀLJƐĄǀĂŶŝĞ͕ŬƚŽƌĄnjĂďƌĄŶŝďƵďůŝŶĄŵǀŽǀŽĚĞ
ƉƌĞŶŝŬŶƷƛĚŽŚůĂǀLJƐƚƌŽũĂ͘;KǀůĄĚĂŶŝĞĂŵŽŬƌƷƉƌĞǀĄĚnjŬƵũĞŵŽǎŶĠǀŝĚŝĞƛŶĂƐƚƌĂŶĞƉćƛͣ&ϰ͞Ϳ
ŬũĞǀŽĚĂǀƐƚƌŽũŝŶĂŵĂdžŝŵĞ͕ĂůĞďŽũĞŶĂĚƌǎƉůŶĄ͕ƐƚƌŽũŶĞŵĄǎŝĂĚŶĞƐĂŶŝĞĂnjǀljƓŝƐĂŚůƵŬ͕ǀLJƉŶŝƚĞŚŽĂ
ǀLJƚŝĂŚŶŝƚĞƉƌŝƉŽũŽǀĂĐşŬĄďĞů͘ůŽǎƚĞŵŽƚŽƌŽǀƷēĂƐƛĂŬŽŵƉůĞƚƉůĂǀĄŬŽǀĠŚŽǀĞŶƚŝůƵ͘WƌĞũĚŝƚĞƐŽƐƚƌŽũŽŵŬ
ǀljůĞǀŬĞĂǀLJůĞũƚĞnjŶĄĚƌǎĞŬǀĂƉĂůŝŶƵ͘

hZ
EĂƐƚƌŽũďƵĚĞƉŽƐŬLJƚŶƵƚĄďĞnjƉůĂƚŶĄŽƉƌĂǀĂĂǀljŵĞŶĂƉƌşƐůƵƓĞŶƐƚǀĂĚŽƓŝĞƐƚŝĐŚŵĞƐŝĂĐŽǀŽĚnjĂŬƷƉĞŶŝĂǀ
ƉƌşƉĂĚĞ͕ǎĞƓŬŽĚĂďŽůĂƐƉƀƐŽďĞŶĄďĞnjnjĂǀŝŶĞŶŝĂƵǎşǀĂƚĞűĂ͘
ŬũĞŶĂƐƚƌŽũŝƉƌŽďůĠŵƐŬǀĂůŝƚŽƵ͕ŬŽŶƚĂŬƚƵũƚĞƉƌŽƐşŵǀĂƓĞŶĂũďůŝǎƓŝĞĂƵƚŽƌŝnjŽǀĂŶĠƐĞƌǀŝƐŶĠƐƚƌĞĚŝƐŬŽ͘
^ƉŽůŽēŶŽƐƛsŝƉĞƌŶĞƉŽƐŬLJƚŶĞŽƉƌĂǀƵĂǀljŵĞŶƵƐƷēĂƐƚşnjĚĂƌŵĂ͕ƉŽŬŝĂűĚƀũĚĞǀƚljĐŚƚŽƉƌşƉĂĚŽĐŚ͗

5 1
^ůŽǀĞŶƐŬlj
  DŽŬƌŽʹƐƵĐŚljǀLJƐĄǀĂē

ϭ ͘WŽƌƵĐŚĂƐƚƌŽũĂďŽůĂƐƉƀƐŽďĞŶĄŶĞƐƉƌĄǀŶLJŵƉŽƵǎşǀĂŶşŵ
Ϯ͘sljŵĞŶĂƐƷēĂƐƚşĂƉƌşēŝŶĂƉŽƌƵĐŚLJďŽůĂƐƉƀƐŽďĞŶĄnjůljŵƷŵLJƐůŽŵ͘
ϯ͘<ŽŶƓƚƌƵŬĐŝĂƐƚƌŽũĂũĞƉŽƌƵƓĞŶĄƷŵLJƐĞůŶĞ͘

hƉŽnjŽƌŶĞŶŝĞ͊͊͊
WƌĞĚƉƌĞǀĞĚĞŶşŵĂŬĠŚŽŬŽűǀĞŬēŝƐƚĞŶŝĂĂƷĚƌǎďLJǀLJƐĄǀĂēĂ͕ŽĚƉŽũƚĞǀǎĚLJnjŽnjĚƌŽũĂĞůĞŬƚƌŝŶLJnjĄƐƚƌēŬƵ
ƉƌŝƉĄũĂĐŝĞŚŽŬĄďůĂ͘hŝƐƚŝƚĞƐĂ͕ǎĞŬĄďĞůŶŝĞũĞƉƌĞƌĞnjĂŶljĂůĞďŽƉŽƓŬŽĚĞŶlj͘EĄĚƌǎƉƌĂǀŝĚĞůŶĞēŝƐƚŝƚĞ͕
ŶĞŶĞĐŚĄǀĂũƚĞũƵĚůŚŽƐƚĄƛƐƉƌĂĐŚŽŵĂůĞďŽƓƉŝŶĂǀŽƵǀŽĚŽƵ͘>ĄƚŬŽǀljƐĄēŽŬŶĂƉƌĂĐŚũĞŵŽǎŶĠƉƌĂƛĂƉƌĞĚ
ŽƉćƚŽǀŶljŵƉŽƵǎŝƚşŵũĞŶƵƚŶĞŚŽǀLJƐƵƓŝƛ͘DŽƚŽƌũĞŶĂǀƌŚŶƵƚljŶĂƉƌĞǀĄĚnjŬƵďĞnjƷĚƌǎďLJĂŶĞƉŽƚƌĞďƵũĞ
ǎŝĂĚŶĞnjǀůĄƓƚŶĞƷŬŽŶLJ͘<ĂƌďſŶŽǀĠƵŚůşŬLJďƵĚĞ
ƉƌĂǀĚĞƉŽĚŽďŶĞŶƵƚŶĠǀLJŵŝĞŸĂƛŬǀƀůŝďĞǎŶĠŵƵŽƉŽƚƌĞďĞŶŝƵƐƉƀƐŽďĞŶĠŵƵĚůŚŽĚŽďljŵƉŽƵǎşǀĂŶşŵ
ǀLJƐĄǀĂēĂĂũĞŶƵƚŶĠǀLJŵŝĞŸĂƛŝĐŚŝďĂǀĂƵƚŽƌŝnjŽǀĂŶljĐŚƐĞƌǀŝƐŶljĐŚƐƚƌĞĚŝƐŬĄĐŚ͘

sZKsE/
ŬŽƵǀƓĞƚŬĠŚŽĞůĞŬƚƌŝĐŬljĐŚnjĂƌŝĂĚĞŶşũĞƚƌĞďĂǀǎĚLJďLJƚŽďŽnjƌĞƚŶljĂĚĄǀĂƛƉŽnjŽƌƉƌŝũĞŚŽƉŽƵǎŝƚş͕ŶĂǀŝĂĐũĞ
ŶĂnjĂďĞnjƉĞēĞŶŝĞďĞnjƉĞēŶĞũƉƌĞǀĄĚnjŬLJƉŽƚƌĞďŶĠnjĂďĞnjƉĞēĞŶŝĞƐƉƌĄǀŶĞũƉƌĂǀŝĚĞůŶĞũƉƌĞǀĞŶƚşǀŶĞũƷĚƌǎďLJ
ĂƌŝĂĚŶĞnjĂƉŽũĞŶŝĞ͘
EĞĚŽĚƌǎĂŶŝĞƉŽǀŝŶŶŽƐƚŝƌŽďŝƛƉƌĂǀŝĚĞůŶƷƷĚƌǎďƵƉŽĚűĂƉŽƚƌĞďLJ͕ǀƌĄƚĂŶĞǀljŵĞŶLJƐƷēŝĂƐƚŽŬƉŽĚűĂƉůĂƚŶljĐŚ
ŶŽƌŝĞŵ͕ďLJŵŽŚůŽǀŝĞƐƛŬŶĞďĞnjƉĞēŶĞũƉƌĞǀĄĚnjŬĞƐƚƌŽũĂĂǀljƌŽďĐĂǀƚŽŵƚŽŽŚűĂĚĞŶĞƉƌĞďĞƌĄǎŝĂĚŶƵ
njŽĚƉŽǀĞĚŶŽƐƛĂůĞďŽƉŽǀŝŶŶŽƐƚŝ͘

sZKsE/
sLJƐĄǀĂēŽŵƐĂŶĞƐŵƷǀLJƐĄǀĂƛƚŝĞƚŽŵĂƚĞƌŝĄůLJ͗
EĞďĞnjƉĞēŶljƉƌĂĐŚ͕ŚŽƌƷĐĞŵĂƚĞƌŝĄůLJ;ŚŽƌŝĂĐĞĐŝŐĂƌĞƚLJ͕ŚŽƌƷĐŝƉŽƉŽůĂƚĚ͘Ϳ͕ŚŽƌűĂǀŝŶLJ͕ǀljďƵƓŶŝŶLJ͕ůĞƉŝǀĠ
ŬǀĂƉĂůŝŶLJ;ŶĂƉƌ͘ďĞŶnjşŶ͕ƌŽnjƉƷƓƛĂĚůĄ͕ŬLJƐĞůŝŶLJ͕njĄƐĂĚLJͿ͕ŚŽƌűĂǀljǀljďƵƓŶljƉƌĂĐŚ;ŶĂƉƌ͘ƉƌĂĐŚnjŚŽƌēşŬĂĂůĞďŽ
ŚůŝŶşŬĂĂƚĚ͘Ϳ
N>/d͗ŬŶŝĞƐƷnjĄƐƵǀŬLJǀŚŽĚŶĞƉƌĞnjĄƐƚƌēŬƵĚŽĚĂŶƷƐŽnjĂƌŝĂĚĞŶşŵ͕ŵĂůĂďLJďLJƛƚĄƚŽnjĄƐƚƌēŬĂ
ŽĚƐƚƌĄŶĞŶĄĂŵĂůĂďLJďLJƛŶĂŵŽŶƚŽǀĂŶĄƐƉƌĄǀŶĂnjĄƐƚƌēŬĂ͘ƌƀƚLJŚůĂǀŶĠŚŽƉƌşǀŽĚƵĞŶĞƌŐŝĞƐƷĨĂƌĞďŶĠĂ
ĚŽĚƌǎƵũƷƚŽƚŽƉƌĂǀŝĚůŽ͘
DŽĚƌĄʹŶĞƵƚƌĄůŶLJ͕,ŶĞĚĄͲƉŽĚƉƌƷĚŽŵ͘
<ĞěǎĞĨĂƌďLJĚƌƀƚŽǀǀŚůĂǀŶŽŵǀĞĚĞŶşƚŽŚƚŽnjĂƌŝĂĚĞŶşŶĞŵƵƐŝĂnjŽĚƉŽǀĞĚĂƛĨĂƌĞďŶĠŵƵŽnjŶĂēĞŶŝƵ
ƵƌēƵũƷĐĞŵƵƐǀŽƌŬLJnjĄƐƚƌēŬLJ͕ƉŽƐƚƵƉƵũƚĞƚĂŬƚŽ͘DŽĚƌLJĚƌƀƚŵƵƐşďLJƛƉƌŝƉŽũĞŶljŬƐǀŽƌŬĞ͕ŬƚŽƌĄũĞŽnjŶĂēĞŶĄ
ƉşƐŵĞŶŽŵEĂůĞďŽēŝĞƌŶĞũĨĂƌďLJ͘,ŶĞĚljĚƌƀƚŵƵƐşďLJƛƉƌŝƉŽũĞŶljŬƐǀŽƌŬĞ͕ŬƚŽƌĄũĞŽnjŶĂēĞŶĄƉşƐŵĞŶŽŵ>
ĂůĞďŽēĞƌǀĞŶĞũĨĂƌďLJ͘
sljƌŽďĐĂƐŝǀLJŚƌĂĚnjƵũĞƉƌĄǀŽƉƌĞǀĄĚnjĂƛŶĂƐƚƌŽũŝĂƉƌŝůŽǎĞŶŽŵƉƌşƐůƵƓĞŶƐƚǀĞƷƉƌĂǀLJďĞnjƉƌĞĚĐŚĄĚnjĂũƷĐĞŚŽ
ŽnjŶĄŵĞŶŝĂ͘
^ĐŚĠŵĂĞůĞŬƚƌŝĐŬĠŚŽnjĂƉŽũĞŶŝĂǀŝěƐƚƌĂŶĂϲĂƐƚƌĂŶĂϳͣKďƌĄnjŽŬϳͬKďƌĄnjŽŬϴͬKďƌĄnjŽŬϵ͘͞
aƉĞĐŝĨŝŬĄĐŝĂƉĂƌĂŵĞƚƌŽǀǀljƌŽďŬƵ
aƉĞĐŝĨŝŬĄĐŝĂǀljƌŽďŬƵũĞŵŽǎŶĞǀŝĚŝĞƛŶĂƐƚƌĂŶĞϳͣ&ŽƌŵƵůĂƌϭ͘͞

ŽǀŽnjĐĂƉƌĞ^Z͗EŝůĨŝƐŬͲĚǀĂŶĐĞƐ͘ƌ͘Ž͕͘ĂũĐşŬŽǀĞũϭ͕ͬϴϮϭϬϯƌĂƚŝƐůĂǀĂ͕ǁǁǁ͘ŶŝůĨŝƐŬ͘ƐŬ

5 2
/ƐůĂŬ<ƵƌƵsĂŬƵŵDĂŬŝŶĞƐŝ 7uUNВH
7$1,7,0
hUQQNXOODQÕP|PU\ÕO¶GÕU

%X NODYX] VL]H 9,3(5 ÕVODN  NXUX HOHNWULNOL VSUJHVLQGHQ GDKD ID]OD ID\GDODQPDQÕ] LoLQ \DUGÕPFÕ
RODFDNWÕU
0DNLQH\LoDOÕúWÕUPDGDQ|QFHWDPDPHQRNX\XQ
%XÕVODNELUHOHNWULNOLVSUJHGLU\HUGHVXHPPHYHWR]HPPHLoLQNXOODQÕOÕU7LFDULNXOODQÕPLoLQWDYVL\H
ROXQXU 
0$.ø1(<$3,7$1,0/$0$6,
˄
/68  <DSÕ7DQÕPODPDVÕ %DNÕQÕ]VD\IDho´)´  ˅
*o .DEORVX 7DúÕPD .ROX $oPD NDSDPD DQDKWDUÕ 0DNLQH *|YGHVL 
ùDPDQGÕUD 7HNVWLO ILOWUH 'DU D÷Õ]OÕ Xo <XYDUODN EDúOÕNOÕ IÕUoD +RUWXP  .LOLW
G÷PHVL+RUWXPJLULúD÷]Õ.D]DQNLOLWOHPHPDQGDOÕ8]DWPDERUXODUÕ.D]DQ
7DúÕPDKD]QHVL7DúÕ\ÕFÕWHNHUOHNOHU7RSUDNODPD]LQFLUL.XUX]HPLQQR]XOX
,VODN]HPLQQR]XOX.DEORDVPDNDQFDVÕ
/68/68/68/68/68 %DNÕQÕ]VD\ID'|UW´)´  ˅
*o .DEORVX 7DúÕPD .ROX $oPD NDSDPD DQDKWDUÕ  .DEOR DVPD NDQFDVÕ 
0DNLQH *|YGHVL ùDPDQGÕUD  ùDQDQGÕUDGLUVH÷L  7HNVWLO ILOWUH  7DúÕPD KD]QHVL
NROX  .D]DQ NLOLWOHPH PDQGDOÕ .D]DQ WDúÕPD NROX  .LOLW G÷PHVL  +RUWXP
JLULúD÷]Õ$UNDWDúÕ\ÕFÕWHNHUOHNOHUgQWDúÕ\ÕFÕWHNHUOHNOHU7DúÕPDKD]QHVL
7DKOL\HKRUWXPX7DKOL\HKRUWXPXPDQGDOD7DKOL\HKRUWXPXNDSD÷Õ'DUD÷Õ]OÕ
Xo<XYDUODNEDúOÕNOÕIÕUoD8]DWPDERUXODUÕ.XUX]HPLQQR]XOX,VODN]HPLQ
QR]XOX  +RUWXP      .D]DQ
dDOÕúWÕUPD<|QHUJHOHUL
.XUXdDOÕúWÕUPD 
7HNVWLOILOUUHNXOODQÕOPDOÕGÕU.XUXDOPDLoLQNXOODQÕP|QFHVLGDLPD ND]DQGDQ WP VÕYÕQÕQ
ERúDOWÕOGÕ÷ÕQGDQ YH WHNVWLO ILOWUHQLQ WHPL] YH NXUX NRúXOGD ROGX÷XQGDQHPLQROXQ 
0DNLQHHPPHNXYYHWLGúW÷QGHYH\DPDNLQHVHVLDUWWÕ÷ÕQGD0DNLQH\LNDSDWÕQYHJo
NDEORVXQXoÕNDUWÕQND]DQNLOLWOHPHPDQGDOODUÕQÕJHYúHWLQPDNLQHJ|YGHVLQLDúD÷ÕDOÕQ
7HNVWLO ILOWUH\L VDOOD\ÕQ YH WHPL]OH\LQ %X LúOHP KRUWXP JLULú D÷]ÕQGDQ WR]XQ oÕNÕúÕQÕ
|QOHPHNLoLQKRUWXPKDODWDNÕOÕLNHQ\DSÕOPDOÕGÕU)LOWUH\LVDOOD\ÕQWR]XQGXUD÷DQODúPDVÕ
LoLQELUNDoGDNLNDL]LQYHULQ7HNVWLOILOWUHVLQLPDNLQHGHQoÕNDUWÕQÕ]YHND]DQÕERúDOWÕQÕ]
(÷HUILOWUHQLQ\]H\LoRN

5 3
7uUNВH /ƐůĂŬ<ƵƌƵsĂŬƵŵDĂŬŝŶĞƐŝ
NLUOLJ|UQ\RUVDVÕUDGDQHYGHNXOODQÕODQ\XPXúDNELUIÕUoDLOHILOWUHPDO]HPHVLQLQIÕUoDODQPDVÕ|QHULOLU%X
VUHNOL \NVHN SHUIRUPDQVÕ WHPLQ HGHU .D]DQÕ ERúDOWÕQ WHNVWLO ILOWUH\L GH÷LúWLULQ PDNLQH J|YGHVLQL
\HUOHúWLULQYHWDQNÕNLOLWOH\LQ7HNUDUGDQEDúODPDNLoLQKD]ÕUVÕQÕ](÷HUEXúHNLOGHHPLúJFG]HOPH]LVH
OWIHQKRUWXPXQWÕNDQÕSWÕNDQPDGÕ÷ÕQÕNRQWUROHGLQ
.XUX.RQWUROYH2SHUDV\RQLoLQ6DI\D%Hú´)´EDNÕODELOLU 
(÷HUNXUX]HPLQQR]XOXLOHoDOÕúPDN]RULVHGDUD÷Õ]OÕXFXNXOODQÕQ|UERúOXN .RQWUROYHdDOÕúWÕUPDLoLQ
6D\ID$OWÕ´)´EDNÕQÕ] 
(÷HUSHUGHWHPL]OL\RUVDQÕ]\XYDUODNEDúOÕNOÕIÕUoD\ÕNXOODQÕQ .RQWUROYHdDOÕúWÕUPDLoLQ6D\ID$OWÕ´)´
EDNÕQÕ] 
,VODNdDOÕúWÕUPD 
,VODNWHPL]OLNLoLQPDNLQDQÕQNXOODQÕPÕQGDQRQFHKHUKDQJLELUNXUXWR]XQERúDOWÕOGÕ÷ÕQGDQHPLQROXQ 
'DLPDÕVODNDOPDLOHNDXoXNVLOLFLODVWLNOHULQ\DQLÕVODN]HPLQQR]XOXQXQNXOODQÕOGÕ÷ÕQGDQHPLQROXQ 
7R]WRUEDVÕQÕYHWHNVWLOILOWUHVLQLoÕNDUWÕQÕ](PPHNLoLQoRNVXNDEDUFÕ÷ÕYDUVDÕVODNSLNDSLoLQ(PLFL.XP

)LOWUH 0RQWDM NXOODQPDQÕ]Õ |QHULUL]RPDNLQH NDIDVÕ LoLQGHNL VX NDEDUFÕ÷Õ |QOH\HFHNWÕU ,VODN .RQWURO YH

2SHUDV\RQLoLQ6D\ID%Hú´)´EDNÕQÕ] 

0DNLQH VX\X PDNVLPXP YH\D ND]DQ GROX ROGX÷XQGD PDNLQH HPPH \DSPD] YH oRN VHV oÕNDUWÕU *o
NDEORVXQXoÕNDUWÕQ*oEDúÕQÕYHNHVLUOLYDOIPRQWDMÕQÕoÕNDUWÕQ 
.RQWH\QÕUGDQVÕYÕ\ÕYHDWÕ÷ÕERúDOWPDNLoLQPDNLQH\LoHNLQ

%$.,0

&LKD]ÕQNXOODQÕP|PU\ÕOGÕU  

&LKD]GDL]LQYHULOPH\HQGH÷LúLNOLNOHULQ\DSÕOPDVÕ\DQOÕú\HGHN

SDUoDODUYHDNVHVXDUODUNXOODQÕOPDVÕQGDQYHDPDFÕQDX\JXQROPD\DQ
NXOODQÕPGDQGROD\ÕND\QDNODQDQ]DUDUODUGDUHWLFLVRUXPOXOXNVWOHQPH] 

'LNNDW(OHNWULNOL6SUJH]HULQGHKHUKDQJLELUWHPL]OHPHYHEDNÕPX\JXODPDGDQ|QFH 
JoNDEORVXQXGDLPDHOHNWULNND\QD÷ÕQGDQoÕNDUWÕQÕ] 
z .DEORQXQNHVLOPHGL÷LQGHQYH\DKDVDUJ|UPHGL÷LQGHQHPLQROXQX]
z .D]DQÕWHPL]OH\LQL]ND]DQGDX]XQVUHWR]YH\DNLUOLVXROPDVÕQDL]LQYHUPH\LQL] 
z .XPDúWR]WRUEDVÕ\ÕNDQDELOLUYHWHNUDUNXOODQÕP|QFHVLNXUXPXúROPDOÕGÕU 
z 0RWRU EDNÕPVÕ] RSHUDV\RQ LoLQ UHWLOPLúWLU YH KHUKDQJL ELU NÕVPL VHUYLVH LKWL\DFÕ \RNWXU (OHNWULNOL
VSUJHQLQDúÕUÕNXOODQÕPÕGROD\ÕVÕ\ODROXúDQQRUPDODúÕQPDYH\ÕUWÕOPDQHGHQL\OHNDUERQIÕUoDODU
GH÷LúWLULOPHOLGLUYHVDGHFH\HWNLOLVHUYLVPHUNH]OHULWDUDIÕQGDQGH÷LúWLULOHELOLUOHU 
8<$5, 

5 4
/ƐůĂŬ<ƵƌƵsĂŬƵŵDĂŬŝŶĞƐŝ 7uUNВH
&LKD]ÕQNXOODQÕPÕ HVQDVÕQGDWP HOHNWULNVHO HNLSPDQ RODUDN LOJLYH GLNNDW X\JXODQPDOÕGÕU FLKD]ÕQ
JYHQOLoDOÕúPDVÕQÕWHPLQHWPHNLoLQSHUL\RGLNRODUDNUXWLQYHNRUX\XFXEDNÕPVD÷ODQPDOÕGÕU  
'R÷UX VWDQGDUWD J|UH SDUoDODUÕQ GH÷LúWLULOPHPHVL GDKLO JHUH÷LQFH EDNÕPÕQ X\JXODQPDPDVÕ
HNLSPDQÕJYHQVL]NÕODFDNWÕUYHUHWLFLEXNRQXGDVRUXPOXOXNYH\NPOONNDEXOHWPH\HFHNWLU 
8<$5,
$úD÷ÕGDNLPDO]HPHOHUHOHNWULNOLVSUJHLOHDOÕQPDPDOÕGÕU
=DUDUOÕWR]VÕFDNPDO]HPHOHU \DQDQVLJDUDVÕFDNNOYV \DQÕFÕSDWOD\ÕFÕ
DJUHVLIVÕYÕODU |U3HWUROo|]oOHUDVLWOHUDONDOLOHUYV DOHYDODELOLUSDWOD\ÕFÕWR] |UPDJQH]\X
YH\DDOXPLQ\XPWR]YV 
g1(0/ø ˖ (÷HU SUL]OHU VXQXODQ FLKD]ÕQ ILúL LoLQ X\JXQ GH÷LOVH NHVLOPHOL YH X\JXQ ELU ILú
WDNÕOPDOÕGÕU%XDQDNDEORGDNLWHOOHUDúD÷ÕGDNLNRGDX\XPOXRODUDNUHQNOHQGLULOPLúWLU 
0DYL1|WUDO.DKYHUHQJL&DQOÕ 
%X FLKD]ÕQ DQD NDEORODUÕQGDNL WHOOHULQ UHQNOHUL RODUDN DúD÷ÕGD J|VWHULOHQ ILúLQ WHUPLQDOOHULQL
WDQÕPOD\DQUHQNOLLúDUHWOHQGLUPHOHUHNDUúÕOÕNJHOPH\HELOLU0DYLUHQNOLWHO1LOHKDUIOHQGLULOPLúYH\D
VL\DKUHQNOHQGLULOPLúRODQWHUPLQDOHED÷ODQPDOÕGÕU.DKYHUHQNOLWHO/LOHKDUIOHQGLULOPLúYH\DNÕUPÕ]Õ
UHQNOHQGLULOPLúRODQWHUPLQDOHED÷ODQPDOÕGÕU 
hUHWLFLKDEHUYHUPHNVL]LQDNVHVXDUODUGDKLOPDNLQH\LPRGLIL\HHWPHKDNNÕQÕVDNOÕWXWDU 
.DEORODPDGL\DJUDPÕLoLQEDNÕQÕ]VD\IDYHVD\ID´ùHNLOúHNLOùHNLO
hUQ6SHVLILNDV\RQ3DUDPHWUHVL
hUQ6SHVLILNDV\RQXLoLQ6D\ID³)RUP´EDNÕQÕ]


















5 5
7uUNВH /ƐůĂŬ<ƵƌƵsĂŬƵŵDĂŬŝŶĞƐŝ
























/ƐůĂŬ<ƵƌƵsĂŬƵŵDĂŬŝŶĞƐŝ 7uUNВH
























TÜRKÇE
hUHWLFLYHøWKDODWoÕELOJLOHUL
hUHWLFL%LOJLVL
9LSHU&OHDQLQJ(TXLSPHQW&R/WG
9LSHU,QGXVWULDO(VWDWH
/LDQJELDQ/LDREX
'RQJJXDQ*XDQJGRQJ
&+,1$
7HO
)D[

1LO¿VN3URIHV\RQHO
7HPL]OLN(NLSPDQODUÕ7LF$ù
ùHULIDOL0DK%D\UDNWDU%OY
ùHKLW6N1R
hPUDQL\HøVWDQEXO
785.(<
7HO
)D[

5 
'DQVN 9nGRJW¡UVW¡YVXJHU
,1'/('1,1*
'HQQHKnQGERJYLOKM OSHGLJPHGDWInPHVWPXOLJWXGDIGLQ1LOILVNYnG W¡UVW¡YVXJHU
/ VGHQJUXQGLJWLQGHQEUXJDIPDVNLQHQ
'HWWHHUHQYnGRJW¡UVW¡YVXJHUGHUDQYHQGHVWLOYDQGRJVW¡YRSVXJQLQJIUDJXOYHW 
'HQDQEHIDOHVWLONRPPHUFLHOWEUXJ
%(6.5,9(/6($)0$6.,16758.785
/686WUXNWXUEHVNULYHOVH ˄'HUKHQYLVHVWLOVLGHWUH Ͳ)ͳ˅
 6WU¡POHGQLQJ  0DVNLQHQV KnQGWDJ  6WU¡PNQDS  0DVNLQKRYHGVDPOLQJ  )O\GHNRS 
$EVRUEHUHQGH VW¡YILOWHU  6SU NNHY UNW¡M  $IVW¡YQLQJVY UNW¡M  %O¡G DEVRUEHUHQGH U¡U 
$EVRUEHUHQGH U¡UV WU\NNQDS  $EVRUEHUHQGH U¡UV EDVH  7DQNLQGIDQJQLQJ  8GYLGHOVHVMHUQU¡U 
7DQN  7DQN QHGHUVWH GHO  &DVWHU  *UXQGN GH  7¡U RSVDPOLQJVY UNW¡M  9nG
RSVDPOLQJVY UNW¡M2SEHYDULQJWLOVWU¡POHGQLQJ
/68/68/68/68/68 'HUKHQYLVHVWLOVLGHILUH Ͳ)ͳ˅
 6WU¡POHGQLQJ  0DVNLQHQV KnQGWDJ  6WU¡PNQDS  6NXPYDJW  2SEHYDULQJ WLO VWU¡POHGQLQJ 
0DVNLQKRYHGVDPOLQJ  )O\GHNRS  $EVRUEHUHQGH VW¡YILOWHU  1HGHUVWH KnQGWDJ  7DQN  7DQN
KnQGWDJ  $EVRUEHUHQGH U¡UV WU\NNQDS  $EVRUEHUHQGH U¡UV EDVH  %DJKMXO  &DVWHU  7DQN
QHGHUVWHGHO8GOHGQLQJVVODQJH8GOHGQLQJVVODQJHNOHPPH8GOHGQLQJVVODQJHEORNHULQJVKRYHG
6SU NNHY UNW¡M  $IVW¡YQLQJVY UNW¡M  8GYLGHOVHVMHUQU¡U  7¡U RSVDPOLQJVY UNW¡M  9nG
RSVDPOLQJVY UNW¡M%O¡GDEVRUEHUHQGHU¡U7DQN
'ULIWVYHMOHGQLQJ
7¡UGULIW
$EVRUEHUHQGH ILOWHUHQKHG VNDO DOWLG DQYHQGHV 6¡UJ DOWLG IRU DW EHKROGHUHQ HUW¡PWIRUY VNHI¡UGX
EUXJHUGHQWLOW¡UGULIWRJ DWNO GHILOWHUHULHQUHQRJW¡UWLOVWDQG 
1nU PDVNLQHQV VXJHNUDIW UHGXFHUHV HOOHU PDVNLQHV VW¡M EOLYHU K¡MHUH VOXN IRU PDVNLQHQ RJ WDJ
VWU¡POHGQLQJHQ XG DI VWLNNHW O¡VQ WDQNHQ Sn WDQNHQV VLGHU IMHUQ PDVNLQKRYHGVDPOLQJ 5\VW RJ UHQJ¡U
DEVRUEHUHQGHILOWHUHQKHG'HWWHE¡UVNHPHQVVODQJHQVWDGLJHUWLOVOXWWHWIRUDWXQGJnDWVW¡YNRPPHUXG
IUDGHQnEQHFRQWDLQHUIRUELQGHOVH
(IWHUDWKDYHU\VWHWILOWHUHWWLOODGHUQRJOHIn¡MHEOLNNHIRUVW¡YHWWLODWEXQGI OGHVLJ)MHUQDEVRUEHUHQGH
VW¡YILOWHUVDPOLQJIUDPDVNLQHRJWRPEHKROGHU+YLVILOWHUHWRYHUIODGHV\QHVDW Y UHVW UNWIRUXUHQHWHU


9nGRJW¡UVW¡YVXJHU 'DQVN
GHWWLOUnGHOLJWDWE¡UVWHILOWHUPDWHULDOHWUHQPHGHQDOPLQGHOLJEO¡GE¡UVWHKXVVWDQG'HWWHVLNUHUHQIRUWVDW
K¡M \GHHYQH 8QGHU W¡PW EHKROGHU XGVNLIW DEVRUEHUH VW¡YILOWHU IRUVDPOLQJ SODFHUHW PDVNLQH KRYHG
PRQWHULQJRJOnVWDQNHQIDQJVW'XHUQXNODUWLODWVWDUWHLJHQ+YLVRYHQVWnHQGHPnGHULNNHNDQO¡VHGHQ
QHGHUVWHVXJQLQJEHGHVGXNRQWUROOHUHRPEO¡GHVODQJHKDUEORNHUHU 
)RUPHUHLQIRUPDWLRQRPW¡UNRQWURORJGULIWKHQYLVHVGHUWLOVLGHIHP  ) Ͳ ͳ 
%UXJ VSU NNHY UNW¡M KYLV W¡U VXJHY UNW¡M LNNH NDQ Qn RJ HU VY U DW EHWMHQH IHNV L HQ VSU NNH )RU
PHUHLQIRUPDWLRQRPNRQWURORJGULIWKHQYLVHVGHUWLOVLGHVHNV Ͳ)ͳ
%UXJW¡UUHY UNW¡MKYLVGXUHQJ¡UHWJDUGLQ )RUPHUHLQIRUPDWLRQRPNRQWURORJGULIWKHQYLVHVGHUWLO
VLGHVHNV Ͳ)ͳ 
9nGGULIW
)RUVLNUHDWW¡PPHHQKYHUW¡UUHVW¡YI¡UGXEUXJHUPDVNLQHQWLOYnGDIKHQWQLQJ
6¡UJDOWLGIRUDWEUXJHYnGHSLFNXSY UNW¡MPHGJXPPLNQLYH
7DJVW¡YSRVHQWLODWDEVRUEHUHYDQG
+YLVGHUHUPHJHWYDQGEREOHWLODWDEVRUEHUHIRUHVOnUDWEUXJH$EVRUEHUHQGH'LUW)LOWHU$VVHPEO\WLOYnG
DIKHQWQLQJKYLONHWYLOIRUKLQGUHYDQGEREOHLPDVNLQKRYHGHW )RUPHUHLQIRUPDWLRQRPYnGNRQWURORJ
GULIWKHQYLVHVGHUWLOVLGHIHP Ͳ)ͳ 
1nUPDVNLQHQYDQGHWHU0D[LPXQHOOHUWDQNHQHUIXOGPDVNLQHQLNNHKDUVXJHRJVW¡MEOLYHUVW¡UUH6OXN
OHGQLQJHQ7DJPDJWHQKRYHGRJIO\GHYHQWLOIRUVDPOLQJ7U NPDVNLQHQWLONORDNRJW¡PPHY VNHQIUD
EHKROGHUHQ
9('/,*(+2/'(/6(
0DVNLQHNDQJLYHIULIRUUHSDUDWLRQRJXGVNLIWQLQJDIGHOHKYLVGXN¡EHUWLGHQHULQGHQIRUHWKDOYWnURJ
LNNHVN\OGXGHQNRQWURO
+YLVKDUSURGXNWNYDOLWHWSUREOHPEHGHVGXNRQWDNWHGHWQ UPHVWHDXWRULVHUHGHVHUYLFHFHQWHU
9LSHUPHQHULNNHIULIRUUHSDUDWLRQRJXGVNLIWQLQJDIGHOHKYLVQHGHQVWnHQGHnUVDJ
)RUNHUWEHWMHQLQJPDNHPDVNLQHY UHVN\OG
8GVNLIWGHOHRJIRUnUVDJHIHMOYHGVDERWDJH
0DVNLQHVWUXNWXUHUEHVNDGLJHWDIVDERWDJH
2SP UNVRPKHG)¡UGXXGI¡UHUQRJHQIRUPIRUUHQJ¡ULQJRJYHGOLJHKROGHOVHDIVW¡YVXJHUHQDOWLGWDJH
VWLNNHWXGNLOGHQWLOHOHNWULFLWHW


'DQVN 9nGRJW¡UVW¡YVXJHU
6¡UJIRUDWNDEOHWLNNHHUVNnUHWHOOHUEHVNDGLJHW
5HQJ¡UWDQNHQODGGHWLNNHVWnLO QJHUHWLGPHGVW¡YHOOHUVQDYVHWYDQG
.OXGHQVW¡YVXJHUSRVHNDQYDVNHVRJVNDOW¡UUHVLJHQI¡UJHQEUXJ
0RWRUHQHUE\JJHWWLOYHGOLJHKROGHOVHVIULGULIWRJLNNHEHK¡YHUQRJHQV UOLJWMHQHVWH
.XOE¡UVWHUQHPXOLJYLVVNDOXGVNLIWHVVRPI¡OJHDIDOPLQGHOLJVOLGGHUIRUnUVDJHVYHGDWEUXJHVW¡YVXJHUHQ
RYHUWLGRJGHNDQNXQXGVNLIWHVDIYRUHVDXWRULVHUHGHVHUYLFHFHQWUH
$'9$56(/ 
6RPGHWJ OGHUIRUDOWHOHNWULVNXGVW\UPnGHUXG¡YHVRP\JJHOLJKHGRJRSP UNVRPKHGPHGDOWHOHNWULVN
XGVW\U WLO DOOH WLGHU XQGHU EUXJ RJ IXQNWLRQ 'HVXGHQ VNDO PDQ V¡UJH IRU DW UXWLQH RJ SU YHQWLY
YHGOLJHKROGHOVHXGI¡UHVPHGM YQHPHOOHPUXPIRUDWVLNUHVLNNHUIXQNWLRQ
6YLJWPKWDWXGI¡UHYHGOLJHKROGHOVHVRPNU YHWLQNOXVLYXGVNLIWQLQJDIUHVHUYHGHOHDINRUUHNWVWDQGDUG
NXQQHJ¡UHGHWWHXGVW\UXVLNNHUWRJSURGXFHQWHQNDQLNNHRYHUWDJHQRJHWDQVYDULGHQQHKHQVHHQGH
)¡OJHQHPDWHULDOHPnLNNHRSVDPOHVDIVW¡YVXJHUHQ 
)DUOLJWVW¡YYDUPHPDWHULDOHU EU QGHQGHFLJDUHWWHUYDUPDVNHPY DQW QGHOLJH
HNVSORVLYH DJJUHVVLYH Y VNHU I[ EHQ]LLQ RSO¡VQLQJVPLGOHU V\UHU DONDOLPHWDOOHU PY  DQW QGHOLLJW
HNVSORVLYWVW¡Y I[PDJQHVLXPHOOHUDOXPLQLXPVVW¡YPY 
9,*7,*7 ˖+YLV XGWDJ HU LNNH HJQHW WLO GHW PHGI¡OJHQGH VWLN PHG DSSDUDWHW 'HW VNDO VN UHV RJ HQ
SDVVHQGHSURSPRQWHUHW/HGQLQJHUQHLGHQQHKRYHGOHGQLQJHQHUIDUYHWLRYHUHQVVWHPPHOVHPHGI¡OJHQGH
NRGH
%On1HXWUDO%UXQ/LYH
'DIDUYHUQHSnOHGQLQJHUQHLO\VQHWOHGQLQJHQDIDSSDUDWHWNDQLNNHVYDUHUWLOGHIDUYHGHPDUNHULQJHUGHU
LGHQWLILFHUHUWHUPLQDOHUVWLNNHWJ¡UHVI¡OJHQGH/HGQLQJHQGHUHUIDUYHWEOnVNDOWLOVOXWWHVWLOWHUPLQDOHQ
VRP HU PDUNHUHW VRP ERJVWDYHW 1 HOOHU IDUYHW VRUW 7KH :LUH GHU HU IDUYHW EUXQ VNDO WLOVOXWWHV WLO
WHUPLQDOHQVRPHUP UNHWPHGERJVWDYHW/HOOHUIDUYHWU¡G
3URGXFHQWHQ IRUEHKROGHU VLJ UHW WLO DW  QGUH PDVNLQHQ RJ GHW PHGI¡OJHQGH WLOEHK¡U XGHQ IRUXGJnHQGH
YDUVHO
/HGQLQJVGLDJUDPKHQYLVHWLOVLGHRJVLGH)LJXUILJXUH)LJXU
3URGXNWVSHFLILNDWLRQ3DUDPHWHU3URGXNWVSHFLILNDWLRQNDQILQGHVSnVLGH³)RUP´


6YHQVND 9nWRFKWRUUGDPPVXJDUH
,1/('1,1*
'HQQDEUXNVDQYLVQLQJNRPPHUDWWKMlOSDGLJDWWInXWPHVWIUnQGLQ1LOILVNYnWRFKWRUUGDPPVXJDUH
/lVQRJDLJHQRPGHQLQQDQGXDQYlQGHUPDVNLQHQ
'HWWDlUHQYnWRFKWRUUGDPPVXJDUHVRP  DQYlQGVI|UXSSVXJQLQJDYYDWWHQRFKGDPPIUnQJROYHW'HW
UHNRPPHQGHUDVI|UNRPPHUVLHOOWEUXN
%(6.5,91,1*$90$6.,1(166758.785
/68EHVNULYQLQJDYVWUXNWXU 6HVLGDQWUH) 
 6WU|PVODGG  +DQGWDJ I|U PDVNLQKXYXG  6WU|PEU\WDUH  0DVNLQKXYXG  %HKnOODUH  )LOWHU I|U
DEVRUEHULQJDY VPXWV  )RJPXQVW\FNH  'DPPXQVW\FNH  6ODQJ  7U\FNNQDSS I|U VODQJHQV EDV 
6ODQJHQVEDV+DVS)|UOlQJQLQJVU|U%HKnOODUH%HKnOODUHQVERWWHQEDV6WU\KMXO.HGMD
 9nWPXQVW\FNH7RUUPXQVW\FNH+nOODUHI|UVWU|PVODGG
/68/68/68/68/68 6HVLGDQI\UD) 
 6WU|PVODGG  +DQGWDJ I|U PDVNLQKXYXG  6WU|PEU\WDUH  6NXPSLVWRO  +nOODUH I|U VWU|PVODGG 
0DVNLQKXYXG)lVWHI|UYDWWHQEHKnOODUH)LOWHUI|UDEVRUEHULQJDYVPXWV+DQGWDJI|UERWWHQEDV
+DVS%HKnOODUHQVO\IWKDQGWDJ7U\FNNQDSSI|UVODQJHQ6ODQJHQVEDV%DNKMXO6WU\KMXO
%HKnOODUHQV ERWWHQEDV  'UlQHULQJVVODQJ  'UlQHULQJVVODQJNOlPPD  /nV I|U GUlQHULQJVVODQJ 
)RJPXQVW\FNH'DPPXQVW\FNH)|UOlQJQLQJVU|U9nWPXQVW\FNH7RUUPXQVW\FNH6ODQJ
%HKnOODUH
%UXNVDQYLVQLQJ
7RUUGULIW
$EVRUEHUDQGHWRUUILOWHUPnVWHDQYlQGDV6HWLOODWWEHKnOODUHQW|PVSnYlWVNDLQQDQGHQDQYlQGV I|U
WRUUGDPPVXJQLQJRFKDWWW\JILOWUHWlUUHQWRFKWRUUW
1lUPDVNLQHQVVXJNUDIWDYWDUHOOHUPDVNLQEXOOUHW|NDU6WlQJDYPDVNLQHQRFKWDXUNRQWDNWORVVDKDVSHQ
SnEHKnOODUHQVVLGRUWDQHUPDVNLQKXYXGHW6NDNDRFKUHQJ|UILOWUHWLQQHLEHKnOODUHQ'HWWDE|UJ|UDVQlU
VODQJHQIRUWIDUDQGHDQVOXWHQlUI|UDWWXQGYLNDDWWGDPPNRPPHUXWIUnQGHQ|SSQDVODQJDQVOXWQLQJHQ
(IWHUDWWKDVNDNDWILOWUHWYlQWDHQVWXQGVnDWWGDPPHWIDOOHUQHU7DERUWGDPPILOWUHWIUnQPDVNLQHQRFK
W|P EHKnOODUHQ 2P ILOWUHWV \WD YHUNDU YDUD P\FNHWVPXWVLJ ERUGH GHQ ERUVWDV UHQW PHG HQ YDQOLJ PMXN
KXVKnOOVERUVWH 'HWWD VlNHUVWlOOHU IRUWVDWW WRSSUHVWDQGD (IWHU DWW KD W|PW EHKnOODUHQ VlWW WLOOEDND
GDPPILOWUHWPRWRUKXYXGHWRFKOnVEHKnOODUHQVKDNDU'XlUQXUHGRDWWVWDUWDLJHQ2PWLOOYlJDJnQJVVlWWHW


9nWRFKWRUUGDPPVXJDUH 6YHQVND
RYDQLQWHNDQO|VDGHQOlJUHVXJNUDIWHQNRQWUROOHUDRPVODQJHQKDUEORFNHUDWV
.RQWUROORFKGULIWDQJHVSnVLGDQIHP) 
$QYlQGQLQJIRJPXQVW\FNHWRPGXLQWHQnUPHGWRUUPXQVW\FNHWLWH[PHOODQUXP 6HNRQWUROORFKGULIW
SnVLGDQVH[) 
$QYlQGGDPPXQVW\FNHWI|UDWWGDPPVXJDJDUGLQHU 6HNRQWUROORFKGULIWSnVLGDQVH[) 
9nWGULIW
6HWLOODWWW|PPDEHKnOODUHQSnGDPPLQQDQGXDQYlQGHUPDVNLQHQI|UYnWGDPPVXJQLQJ
.RQWUROOHUDDWWGXDQYlQGHUYnWPXQVW\FNHWPHGJXPPLEODG
7DXWGDPPSnVHQI|UDWWDEVRUEHUDYDWWHQ
2P GHW ILQQV P\FNHW YDWWHQEXEEORU DWW DEVRUEHUD I|UHVOnU YL DWW PDQ DQYlQGHU ILOWHU I|U DEVRUEHULQJ DY
VPXWV I|U YnWGDPPVXJQLQJ VRP I|UKLQGUDU DWW YDWWHQEXEEORU NRPPHU LQ L PDVNLQKXYXGHW 6H YnW
NRQWUROORFKGULIWSnVLGDQIHP) 
1lU PDVNLQHQV YDWWHQQLYn lU PD[LPDO HOOHU QlU EHKnOODUHQ lU IXOO RFK PDVNLQHQ KDU LQJHQ VXJNUDIW RFK
EXOOHUQLYnQEOLUK|JUHVWlQJDYHOVODGGHQ7DERUWPRWRUKXYXGHWRFKYHQWLOHQKHWHQ
'UDPDVNLQHQWLOOHWWDYORSSRFKW|PYlWVNDQIUnQEHKnOODUHQ
81'(5+c//
2P PDVNLQHQ KDU HQ JlOODQGH JDUDQWL RFK lU IHOIUL NDQ PDQ In NRVWQDGVIULD UHSDUDWLRQHU RFK XWE\WH DY
GHODU
2PGXKDUSUREOHPPHGSURGXNWHQVNYDOLWHWNRQWDNWDQlUPDVWHDXNWRULVHUDGHVHUYLFHFHQWHU
9LSHU NRPPHU LQWH DWW WLOOKDQGDKnOOD NRVWQDGVIULD UHSDUDWLRQHU RFK XWE\WH DY GHODU RP HQ DY RUVDNHUQD
QHGDQI|UHNRPPHU
)HODNWLJGULIWJ|UDWWPDVNLQHQLQWHIXQJHUDU
8WE\WHDYGHODUKDURUVDNDWIHO
0DVNLQHQVWUXNWXUlUVNDGDGSJDVDERWDJH
2EV ,QQDQ GX XWI|U QnJRQ UHQJ|ULQJ RFK XQGHUKnOO Sn GDPPVXJDUHQ NRSSOD DOOWLG XU NRQWDNWHQ IUnQ
VWU|PNlOODQ
6HWLOODWWVODGGHQLQWHlUWUDVLJHOOHUVNDGDG
5HQJ|UEHKnOODUHQOnWLQWHGHQVWnI|UOlQJHPHGGDPPHOOHUVPXWYDWWHQ
'DPPSnVHQLW\JNDQWYlWWDVRFKGHQPnVWHWRUNDVLQQDQGHQDQYlQGVLJHQ

6YHQVND 9nWRFKWRUUGDPPVXJDUH
0RWRUQlUXWIRUPDGI|UXQGHUKnOOVIULGULIWRFKEHK|YHULQWHQnJRWVlUVNLOWXQGHUKnOO
.ROERUVWDUQD NDQ EHK|YD E\WDV XW Sn JUXQG DY QRUPDOW VOLWDJH VRP XSSVWnU QlU PDQ DQYlQGHU
GDPPVXJDUHQXQGHUHQOlQJUHWLGRFKGHNDQHQGDVWE\WDVXWDYYnUDDXNWRULVHUDGHVHUYLFHFHQWUD
9$51,1* 
6RPPHGDOOHOHNWULVNXWUXVWQLQJPnVWHPDQYDUDI|UVLNWLJRFKYDUVDPYLGGHVVDQYlQGQLQJRFKGULIW6H
GHVVXWRPWLOODWWO|SDQGHRFKI|UHE\JJDQGHXQGHUKnOOXWI|UVPHGMlPQDPHOODQUXPI|UDWWVlNHUVWlOODHQ
VlNHUGULIW 
8QGHUOnWHQKHWDWWXWI|UDQ|GYlQGLJWXQGHUKnOOLQNOXVLYHE\WHDYGHODUSnUlWWVlWWVNXOOHNXQQDJ|UDGHQ
KlU XWUXVWQLQJHQ RVlNUD RFK WLOOYHUNDUHQ NDQ LQWH WD Sn VLJ QnJRW DQVYDU HOOHU QnJUD VN\OGLJKHWHU L GHWWD
DYVHHQGH 
)|OMDQGHPDWHULDOInULQWHVXJDVXSSDYGDPPVXJDUHQ
+lOVRIDUOLJWGDPPKHWWPDWHULDO EULQQDQGHFLJDUHWWHUYDUPDVNDHWF EUDQGIDUOLJD
H[SORVLYD DJJUHVVLYD YlWVNRU WH[ EHQVLQ O|VQLQJVPHGHO V\URU DONDOLHU HWF  OlWWDQWlQGOLJW H[SORVLYW
GDPP PDJQHVLXPHOOHUDOXPLQLXPGDPPHWF 
9,.7,*7RPXWWDJHQLQWHlUOlPSOLJDI|UNRQWDNWHQVRPPHGI|OMHUDSSDUDWHQ'HVNDVNlUDVDYRFKHQ
OlPSOLJNRQWDNWE|UVlWWDVIDVW9DMUDUQDLVWU|PVODGGHQlUIlUJDGHLHQOLJWI|OMDQGHNRG
%On1HXWUDO%UXQ/LYH
(IWHUVRP IlUJHUQD Sn YDMUDUQD L QlWVODGGHQ WLOO GHQQD DSSDUDW NDQVNH LQWH |YHUHQVVWlPPHU PHG GH
IlUJPDUNHULQJDUVRPDQJHUDQVOXWQLQJDUQDSnNRQWDNWHQJ|UVnKlU'HQEOnDYDMHUQPnVWH YDUDDQVOXWHQ
WLOONRQWDNWHQVRPlUPlUNWVRPERNVWDYHQ1HOOHUVYDUWIlUJDG'HQEUXQDYDMHUQPnVWHYDUDDQVOXWHQWLOO
NRQWDNWHQVRPlUPlUNWVRPERNVWDYHQ/HOOHUU|GIlUJDG
7LOOYHUNDUHQ I|UEHKnOOHU VLJ UlWWHQ DWW lQGUD PDVNLQHQ RFK GH PHGI|OMDQGH WLOOEHK|UHQ XWDQ I|UHJnHQGH
PHGGHODQGH
)|UNRSSOLQJVVFKHPDVHVLGDQRFKVLGDQ)LJXU)LJXU)LJXU´
3URGXNWHQVVSHFLILNDWLRQVSDUDPHWHUSURGXNWVSHFLILNDWLRQNDQVHVSnVLGDQ)RUPXOlU


1RUVN 9nWRJW¡UUVW¡YVXJHU
,11/('1,1*
'HQQHKnQGERNHQYLOKMHOSHGHJPHGnInPHVWPXOLJXWDY1LOILVNVW¡YYnWVXJHU
/HVQ¡\HJMHQQRPGHQQHKnQGERNHQI¡UGXWDULEUXNDSSDUDWHW
'HWWHHUHQVW¡YYnWVXJHUVRPEUXNHVWLOnVXJHRSSEnGHYDQQRJVW¡YIUDJXOYHW'HQHULNNHDQEHIDOWIRU
\UNHVEUXN
%(6.5,9(/6($9'(/(1(3c$33$5$7(7
/68%HVNULYHOVHDYGHOHQH 6H)SnVLGH 
 6WU¡POHGQLQJ  7RSSKnQGWDN  6WU¡PEU\WHU  7RSS  )ORWW¡UKROGHU  $EVRUEHUHQGH VPXVVILOWHU 
)XJHPXQQVW\NNH  %¡UVWHPXQQVW\NNH  )OHNVLEHO VODQJH  8WO¡VHUNQDSS IRU VODQJHNRSOLQJ 
6ODQJHNRSOLQJ/nVHNOHPPHSnWDQN0HWDOOU¡U7DQN%DVHIRUWDQN+MXO*XOYNMHGH
 0XQQVW\NNHIRUW¡UUVXJLQJ0XQQVW\NNHIRUYnWVXJLQJ.URNIRUVWU¡POHGQLQJ
/68/68/68/68/68 6H)SnVLGH 
 6WU¡POHGQLQJ  7RSSKnQGWDN  6WU¡PEU\WHU  6NXPILOWHU  .URN IRU VWU¡POHGQLQJ  7RSS 
)ORWW¡UKROGHUEUDNHWW$EVRUEHUHQGHVW¡YILOWHU6N\YHKnQGWDN/nVHNOHPPHSnWDQN7DQNKnQGWDN
 8WO¡VHUNQDSSIRUVODQJH6ODQJHNRSOLQJ%DNKMXO+MXO%DVHIRUWDQN$YO¡SVVODQJH
$YO¡SVVODQJHNOHPPH  3OXJJ Sn DYO¡SVVODQJH  )XJHPXQQVW\NNH  %¡UVWHPXQQVW\NNH 
0HWDOOU¡U0XQQVW\NNHIRUW¡UUVXJLQJ0XQQVW\NNHIRUYnWVXJLQJ)OHNVLEHOVODQJH7DQN
%UXNVDQYLVQLQJ
7¡UUVXJLQJ
7¡UUILOWHUHOHPHQWHWPn DOOWLG EUXNHV 7¡P DOOWLG EHKROGHUHQ IRU HYHQWXHOO Y VNH I¡U GXEUXNHU
W¡UUPXQQVW\NNHWRJSnVHDWW¡\ILOWHUHWHUUHQW RJW¡UW
1nUVXJHNUDIWHQEOLUVYDNHOOHUPRWRUHQDYJLUP\HVW¡\VOnDYDSSDUDWHWRJWUHNNXWVWU¡POHGQLQJHQO¡VQH
WDQNOnVHQSnEHJJHVLGHURJWDDYWRSSHQ5LVWDYRJUHQJM¡UILOWHUHOHPHQWHW'HWWHE¡UJM¡UHVPHQVVODQJHQ
HUWLONREOHWIRUnXQQJnDWGHWNRPPHUXWVW¡YIUDVODQJHNRSOLQJHQ
(WWHUnKDULVWHWDYILOWHUHWYHQWOLWWVOLNDWVW¡YHWNDQInODJWVHJ)MHUQVW¡YILOWHUHOHPHQWHWIUDDSSDUDWHWRJ
W¡PEHKROGHUHQ+YLVRYHUIODWHQSnILOWHUHWYLVHUVHJnY UHNUDIWLJWLOVW¡YHWDQEHIDOHVGHWnE¡UVWHILOWHUHW
UHQW PHG HQ YDQOLJ E¡UVWH 'HWWH YLO JM¡UH DW DSSDUDWHW \WHU RSWLPDOW(WWHU n KD W¡PW EHKROGHUHQ VHWWSn
SODVVVW¡YILOWHUHOHPHQWHWVHWWSnSODVVWRSSHQRJOXNNOnVHNOHPPHQH$SSDUDWHWHUQnNODUWWLOEUXNLJMHQ
+YLVGHWRYHQQHYQWHLNNHI¡UHUWLODWVXJHNUDIWHQEOLUEHGUHVMHNNRPVODQJHQHUEORNNHUW

9nWRJW¡UUVW¡YVXJHU 1RUVN
%UXNDYDSSDUDWHWIRUW¡UUVXJLQJHUYLVWLILJXU)SnVLGH 
)XJHPXQQVW\NNHWNDQEUXNHVSnVWHGHUGHUPXQQVW\NNHWIRUW¡UUVXJLQJLNNHNRPPHUWLOIHNVLVSUHNNHU
9LVWLILJXU)SnVLGH 
%¡UVWHPXQQVW\NNHWNDQEUXNHVWLOVW¡YVXJLQJDYJDUGLQHU 9LVWLILJXU)SnVLGH 
9nWVXJLQJ
)MHUQHYHQWXHOWVW¡YIUDEHKROGHUHQI¡UGXEUXNHUDSSDUDWHWIRUYnWVXJLQJ
%UXNDOOWLGYnWPXQQVW\NNHWIRUYnWVXJLQJ
7DXWVW¡YSRVHQYHGYnWVXJLQJ
+YLV GHW HU P\H EREOHU L YDQQHW VRP VNDO VXJHV RSS DQEHIDOHV GHW n EUXNH GHW DEVRUEHUHQGH
VPXVVILOWHUHOHPHQWHWIRUnXQQJnDWGHWNRPPHUEREOHULLQQWRSSVW\NNHW 9nWVXJLQJHUYLVWLILJXU)
SnVLGH 
1nUYDQQLYnHWKDUQnGGPDNVHOOHUWDQNHQHUIXOOYLODSSDUDWHWPLVWHVXJHNUDIWHQRJDYJLP\HVW¡\6OnDY
DSSDUDWHWRJWUHNNXWVWU¡POHGQLQJHQ7DDYPRWRUHQKHWHQRJIORWW¡UYHQWLOHQKHWHQ
)O\WWDSSDUDWHWWLOHWVWHGPHGDYO¡SRJW¡PWDQNHQ
9('/,.(+2/'
'HUVRP GHW HU IHLO Sn SURGXNWHW VRP LNNH VN\OGHV EUXNHUIHLO YLO GHW EOL UHSDUHUW HOOHU VNLIWHV GHOHU Sn
NRVWQDGVIULWWLQQHQPnQHGHUIUDNM¡SVGDWR
'HUVRPGHWRSSVWnUSUREOHPHUNDQGXNRQWDNWHQ UPHVWHDXWRULVHUWHVHUYLFHVHQWHU
9LSHUYLOLNNHUHSDUHUHHOOHUVNLIWHGHOHUXWHQYHGHUODJLI¡OJHQGHWLOIHOOHU
)HLOEUXNVRPI¡UHUWLOIHLOSnDSSDUDWHW
)HLOHGHOHUVRPI¡UHUWLOIHLOSnDSSDUDWHW
$SSDUDWHWHUVNDGHWDYEUXNHUHQ
0HUN)¡UGXXWI¡UHUQRHVRPKHOVWUHQJM¡ULQJRJYHGOLNHKROGSnDSSDUDWHWPnGXDOOWLGWUHNNHXWVW¡SVHOHW
IUDVWLNNRQWDNWHQ
6MHNNDWVWU¡POHGQLQJHQLNNHHUVNDGHWHOOHU¡GHODJW
5HQJM¡UWDQNHQLNNHODGHQVWnRYHUOHQJUHWLGPHGVW¡YHOOHUVNLWWHQWYDQQ
6W¡YSRVHQNDQYDVNHVRJPnW¡UNHVLJMHQI¡UEUXN
0RWRUHQHUYHGOLNHKROGVIULRJWUHQJHULNNHQRHQVSHVLHOOVHUYLFH
.XOOE¡UVWHQHPnNDQVNMHE\WWHVXWVRPI¡OJHDYQRUPDOVOLWDVMHHWWHUOHQJUHWLGVEUXNDYDSSDUDWHWRJGH


1RUVN 9nWRJW¡UUVW¡YVXJHU
VNDONXQE\WWHVXWKRVYnUHDXWRULVHUWHVHUYLFHVHQWUH
$'9$56(/ 
6RP PHG DOW HOHNWULVN XWVW\U Pn GHW XWYLVHV IRUVLNWLJKHW RJ nUYnNHQKHW WLO HQKYHU WLG YHG EUXN RJ
YHGOLNHKROG,WLOOHJJPnGHWV¡UJHVIRUDWUXWLQHPHVVLJRJIRUHE\JJHQGHYHGOLNHKROGXWI¡UHVMHYQOLJIRUn
VLNUHHQWU\JJEUXN 
8QQODWHOVH DY n XWI¡UH Q¡GYHQGLJ YHGOLNHKROG KHUXQGHU XWVNLIWLQJ DY GHOHU L KHQKROG WLO ULNWLJ VWDQGDUG
NDQJM¡UHDWXWVW\UHWEOLUXWU\JWnEUXNHRJSURGXVHQWHQYLOLVnIDOOLNNHSnWDVHJQRHDQVYDU 
6W¡YVXJHUHQPnLNNHEUXNHVWLOnVXJHRSSI¡OJHQGHPDWHULDOHU
)DUOLJVW¡YYDUPHPDWHULDOHU EUHQQHQGHVLJDUHWWHUYDUPDVNHHWF EUHQQEDUH
HNVSORVLYHRJDJJUHVVLYHY VNHU IHNVEHQVLQO¡VHPLGOHUV\UHUEDVHUHWF EUDQQIDUOLJHNVSORVLYWVW¡Y
IHNVPDJQHVLXPHOOHUDOXPLQLXPVVW¡YHWF 
9,.7,* +YLV VW¡SVHOHW Sn DSSDUDWHW LNNH SDVVHU L VWLNNRQWDNWHQ Pn GHW VNLIWHV XW PHG HW VW¡SVHO VRP
SDVVHU7UnGHQHLVWU¡POHGQLQJHQHUIDUJHWLKHQKROGWLOI¡OJHQGHNRGH
%OnQ¡\WUDOOHGHU%UXQIDVHOHGHU
6LGHQGHWNDQKHQGHDWIDUJHQHSnWUnGHQHLVWU¡POHGQLQJHQSnGHWWHDSSDUDWHWLNNHWLOVYDUHUIDUJHNRGHQH
SnSROHQHLVW¡SVHOHWVNDOGXJnIUHPVRPI¡OJHU'HQEOnOHGQLQJHQPnNREOHVWLOSROHQVRPHUPHUNHW
PHG ERNVWDYHQ 1 HOOHU VRP HU VYDUW 'HQ EUXQH OHGQLQJHQ Pn NREOHV WLO SROHQ VRP HU PHUNHW PHG
ERNVWDYHQ/HOOHUVRPHUU¡G
3URGXVHQWHQ IRUEHKROGHU VHJ UHWWHQ WLO n IRUHWD HQGULQJHU Sn SURGXNWHW RJ PHGI¡OJHQGH WLOEHK¡U XWHQ
\WWHUOLJHUHYDUVHO
.REOLQJVVNMHPDLWHJQLQJSnVLGHRJ
3URGXNWVSHVLILNDVMRQHU6HWDEHOOSnVLGH


6XRPL 0lUNlMDNXLYDLPXUL
*(1(5$/
7lPlQ RKMHHQ WDUNRLWXNVHQD RQ RSDVWDD VLQXW Nl\WWlPllQ 1LOILOVN PlUNl MD NXLYDLPXULDVL
PDKGROOLVLPPDQWHKRNNDDVWL7XWXVWXRKMHLVLLQKXROHOOLVHVWLHQQHQODLWWHHQNl\WW|l7lPlODLWHRQPlUNl
MD NXLYDLPXUL MD VHQ SllDVLDOOLQHQ Nl\WW|WDUNRLWXV RQ YHGHQ MD OLDQ LPXURLPLQHQ ODWWLDSLQQRLOWD /DLWH
VRYHOWXXNDXSDOOLVHHQNl\WW||Q
/$,77((15$1.(17((1.89$86
/685DNHQWHHQNXYDXV ˄.DWVR´)´VLYXOOD˅
 9LUWDMRKWR  0RRWWRULRVDQ NDKYD  9LUWDN\WNLQ  0RRWWRULRVD  .HOOXNH  /LNDVXRGDWLQ 
5DNRVXXODNH  3|O\VXXODNH  +DLWDULOHWNX  ,PXSXWNHQ WHODNDQ SDLQLNH  ,PXSXWNHQ WHODNND 
6lLOL|QNLLQQLW\VNOLSVL0HWDOOLQHQWHOHVNRRSSLSXWNL6lLOL|6lLOL|QDOXVWD.llQW\YlWS\|UlW
 3RKMDNHWMX.XLYDVXXODNH0lUNlVXXODNH9LUWDMRKGRQNRXNNX
/68/68/68/68/68 .DWVR´)´VLYXOOD ˅
 9LUWDMRKWR0RRWWRULRVDQNDKYD9LUWDN\WNLQ9DDKWRYDUWLMD9LUWDMRKGRQNRXNNX0RRWWRULRVD
 .HOOXNNHHQ NLLQQLW\V 3|O\ILOWWHUL  $ODRVDQNDKYD  6lLOL|QNLLQQLW\V  6lLOL|Q QRVWRNDKYD
,PXSXWNHQ WHODNDQ SDLQLNH  ,PXSXWNHQ WHODNND  7DNDS\|Ul  .llQW\YlW HWXS\|UlW  6lLOL|Q
DOXVWD  3RLVWROHWNX  3RLVWROHWNXQ NOLSVL  3RLVWROHWNXQ Sll  5DNRVXXODNH  3|O\VXXODNH 
0HWDOOLQHQWHOHVNRRSSLSXWNL.XLYDVXXODNH0lUNlVXXODNH+DLWDULOHWNX6lLOL|
.l\WW|RKMHHW
.XLYDWRLPLQQRW
.l\Wl LPXILOWWHULl 9DUPLVWD DLQD HWWl VlLOL|VVl HL ROH QHVWHLWl HQQHQ NXQ Nl\WlW ODLWHWWD
NXLYDLPXURLQWLLQMDHWWlILOWWHULRQNXLYDMDSXKGDV
-RV ODLWWHHQ Nl\WW|llQL PXXWWXX NRYDNVL WDL VHQ LPXWHKR KHLNNHQHH 6DPPXWD ODLWH MD LUURWD VH
YLUWDOlKWHHVWl LUURWD VlLOL|Q NLLQQLW\VNOLSVLW MD QRVWD PRRWWRULRVD SRLV 5DYLVWD MD SXKGLVWD ILOWWHUL
,PXULQOHWNXQ WXOHH ROOD SDLNDOODDQ NXQ VXRULWDW HGHOOlPDLQLWWXD WRLPHQSLGHWWl MRWWHL S|O\ OHYLl DXNL
ROHYDVWDS|O\VlLOL|VWllKXRQHLOPDDQ 
.XQ ROHW UDYLVWDQXW ILOWWHULQ DQQD S|O\Q ODVNHXWXD KHWNHQ DLNDD ,UURWD S|O\ILOWWHUL ODLWWHHVWD MD W\KMHQQl
VlLOL| -RV ILOWWHULQ SLQWD Ql\WWll NRYLQ OLNDLVHOWD KDUMDD VH SXKWDDNVL MROODNLQ SHKPHlOOl KDUMDOOD 7lOOl
YDUPLVWDW WHKRNNDDQ WRLPLQQDQ 6lLOL|Q SXKGLVWDPLVHQ MlONHHQ DVHWD ILOOWHUL WDNDLVLQ SDLNDOOHHQ DVHWD
PRRWWRULRVD MDOXNLWVH VlLOL|Q NOLSVLW 2OHW Q\W YDOPLV MDWNDPDDQ WHKWlYllVL -RV \OOlPDLQLWXW RKMHHWHLYlW


0lUNlMDNXLYDLPXUL 6XRPL
DXWDNRUMDDPDDQDOKDLVWDLPXWHKRDWDUNLVWDYLHOlHWWHLKDLWDULOHWNXVVDROHWXNRVWD
.DWVR´)´.XLYDLPXURLQWLVLYXOOD 
.l\WlUDNRVXXODNHWWDNRKWHLVLLQMRLWDRQYDLNHDWDYRLWWDD .DWVR´)´.l\WW|VLYXOOD 
.l\WlS|O\VXXODNHWWDYHUKRLKLQ\PVSllOO\VWHWW\LKLQKXRQHNDOXLKLQ .DWVR´)´.l\WW|VLYXOOD 
0lUNlLPXURLQWL
9DUPLVWDHWWlODLWWHHQVlLOL|RQW\KMHQQHWW\S|O\VWlMDNXLYDURVNLVWDHQQHQVHQPlUNlNl\WW|l 
0XLVWDDLQDNl\WWllPlUNlVXXODNHWWDMRNDRQYDUXVWHWWXNXPLWHULOOl
.l\WlPlUNlNl\W|OOHWDUNRLWHWWXDS|O\SXVVLD-RVYHGHVVlRQSDOMRQNXSOLDNl\WlLPXN\N\LVWlOLNDILOWWHULl
PlUNlLPXURLQWLLQMRNDHVWllNXSOLHQSllV\QODLWWHHQ PRRWWRULRVDDQ .DWVR´)´ODLWWHHQPlUNlNl\WW|
VLYXOOD 
.XQODLWWHHQYHGHQ PllUlRQPDNVLPLVVDWDLVlLOL|RQWl\QQlODLWHHLHQllLPHMDllQLPXXWWXXNRYDNVL
,UURWD YLUWDMRKWR YLUWDOlKWHHVWl LUURWDODLWWHHQ PRRWWRULRVD MDNHOOXNNHHQ YHQWWLLOL 7\KMHQQl ODLWWHHQ VlLOL|
YLHPlULLQ
+82/7$0,1(1
2QJHOPDWLODQWHLVVD ODLWWHHOOD RQ WDNXX MRV RVWRSlLYlVWl RQ DOOH NN HLNl ODLWWHHQ YLND MRKGX VHQ
YLUKHHOOLVHVWlNl\W|VWl
-RVODLWWHHVVDRQODDWXYLNDRWD\KWH\WWlOlKLPSllQYDOWXXWHWWXXQKXROWRRQ
9LSHUWXRWWHHQWDNXXHLROHYRLPDVVDVHXUDDYLVVDWDSDXNVLVVD
9LUKHHOOLVHVWlNl\W|VWlDLKHXWXQXWODLWHYLND
9LUKHHOOLVHVWlYDUDRVLHQYDLKWDPLVHVWDDLKHXWXQXWODLWHYLND
/DLWWHHOOHDLKHXWHWXWXONRLVHWYDXULRW
+XRPLRLWDYDD,UURWDODLWHYLUWDOlKWHHVWlDLQDHQQHQVLOOHWHKWlYLlSXKGLVWXVWDLKXROWRWRLPHQSLWHLWl
9DUPLVWDHWWlYLUWDMRKWRRQHK\W
3XKGLVWDVlLOL|bOlMlWlS|O\lWDLOLNDYHWWlVHLVRPDDQVlLOL||QSLWNlNVLDMDNVL
.DQNDLQHQS|O\SXVVLRQSHVWlYlMDVHWXOHHNXLYDWWDDNXQQROODHQQHQXXGHOOHHQNl\WWlPLVWl
/DLWWHHQPRRWWRULRQUDNHQQHWWXKXROWRYDSDDVHHQNl\WW||QHLNlVHWDUYLWVHHULW\LVWlKXROWRD
9RLW MRXWXD YDLKGDWWDPDDQ ODLWWHHQ KLLOLKDUMDW Nl\W|VWl DLKHXWXYDQ QRUPDDOLQ NXOXPLVHQ WDNLD 1LLGHQ
YDLKWDPLVHQYRLVXRULWWDDYDLQYDOWXXWHWWXKXROWROLLNH
9$52,786 

6XRPL 0lUNlMDNXLYDLPXUL
.XWHQ NDLNNLD VćKNƂODLWWHLWD P\ƂV WćWć ODLWHWWD RQ Nć\WHWWćYć YDURHQ /LVćNVL ODLWWHHOOH WXOHH VXRULWWDD
NDLNNL HQQDOWDHKNćLVHYćW MD UXWLLQLQRPDLVHW KXROWRWRLPHW VććQQƂOOLVHVWL VHQ YDUPLVWDPLVHNVL HWWć ODLWH
WRLPLLWXUYDOOLVHOODWDYDOOD 
0LNćOL KXROWRWRLPHQSLWHLWć PXNDDQ OXNLHQ RVLHQ YDLKWDPLVWD HL VXRULWHWD DVLDQPXNDLVHOOD WDYDOOD ODLWH
VDDWWDD WRLPLD WDYDOOD MRND YDDUDQWDD Nć\WWćMćQ 9DOPLVWDMD HL ROH PLOOććQ WDYRLQ YDVWXXVVD WćOODLVHQ
Nć\WƂQVHXUDXNVLVWD 
/DLWHWWDHLWXOHNć\WWććVHXUDDYLHQDLQHLVWHQLPXURLQWLLQ
9DDUDOOLVHWSƂO\WNXXPDWDLQHNVHW SDODYDWVDYXNNHHWNXXPDWXKND\PV WXOHQDUDW
UćMćKWćYćWMDKHUNćWQHVWHHW HVLPEHQVLLQLOLXRWWLPHWKDSRWDONDDOLQHVWHHW\PV WXOHQDUDWWDLUćMćKWććW
SƂO\W HVLPPDJQHVLXPWDLDOXPLLQLSƂO\\PV 
7b5.(bb -RV ODLWWHHQ WƂSVHOL HL ROH \KWHHQVRSLYD VHLQćSLVWRNNHHQ NDQVVD YLH ODLWH YDOWXXWHWWXXQ
KXROWROLLNNHHVHHQWƂSVHOLQYDLKWRDYDUWHQ 
/DLWWHHQYDOPLVWDMDSLGlWWllRLNHXGHWODLWHPXXWRNVLLQVHNlOLVlYDUXVWHLVLLQLOPDQHWXNlWHHQLOPRLWXVWD
.DWVRVLYXMHQMDN\WNHQWlNDDYLRW´)LJXUHILJXUH)LJXUH
/DLWWHHQWHNQLVHWWLHGRW.DWVR³)RUP´VLYXOOD


ଞ˲߭ VIPER /ʢ‫ ݥݡ‬ऑ˓ ঐ‫̛ܕ‬
INTRODUCTION
넩 ꫙ꐺ꫑鱉 VIPER 阩걪겒 덹險뙢ꭁ韥ꌱ 뜑鲵뼑 쀑끞뼍鱉 鴥 鵹끵넩 鷞鱽鲙. 뙢ꭁ韥ꌱ
눥녆뼍韥 놹꾅 넩 ꫙ꐺ꫑ꌱ 녅ꫭ섽 넲꽩ꚩ겑韥ꌱ ꗉꅂ鱽鲙.
넩 뇑븽냵 꼖뙩꿵 ꏱ덵ꌱ 섖넺뼍鱉 阩걪겒 덹險뙢ꭁ韥ꈑ괝 ꩶ꽺 쀍陲(Commercial)
꾅꫑넍 ꩡ끞냹 靁녚뼞鱽鲙.

뙢ꭁ韥 霡눥 ꫙ꐺ
LSU135 霡눥 ꫙ꐺ (뵍넩덵 3 꾅 "F1"냹 뗭눥뼍겢겑꿙)/
1. 놹낅뤉麑 2.뙢ꭁ韥 뾙麑 뼭麙 3.놹낅 걙낹렍 4. 뙢ꭁ韥 뾙麑 꽩꫽Ꟊꍡ 5. ꃝ陁 뢪 6.
ꏱ덵뻹뫥 꽩꫽Ꟊꍡ 7. 뱽ꩽ 믩 8. ꏱ덵 믩 9. ꭁ뺹뱭 섖넺 뱑ꟁ 10. 섖넺 뱑ꟁ 鮹ꌹ ꘹뱱
11. 섖넺 뱑ꟁ ꗐ렝鲵 12. 몦먡 롅렍 13. 꾥녚 뱑ꟁ(뙕) 14. 몦먡 15. 몦먡 ꗐ렝鲵 16.
롅걙뫥 17.뇆덵 뙩넭 18. 阩겒 뻲꽺 믩 10. 걪겒 뻲꽺 믩 20. 놹낅뤉麑 ꚩ隵 阭넩
LSU155/LSU255/LSU275/LSU375/LSU395 (뵍넩덵 4 꾅 “F2”ꌱ 뗭눥뼍겢겑꿙)
1.놹낅 뤉麑 2. 뙢ꭁ韥 뾙麑 뼭麙 3. 놹낅 걙낹렍 4. 阥븽 閵麑 5. 놹낅뤉麑 ꚩ隵 阭넩 6.
뙢ꭁ韥 뾙麑 꽩꫽Ꟊꍡ 7. ꃝ陁 뢪 ꟁꄱ룈 8. ꏱ덵뻹뫥 꽩꫽Ꟊꍡ 9. 몦먡 ꗐ렝鲵 뾝麙 10.
몦먡 롅렍 11. 몦먡 ꭅ녖넩 12. 섖넺 뱑ꟁ 鮹ꌹ ꘹뱱 13. 섖넺 뱑ꟁ ꗐ렝鲵 14. 鹬ꗉ맩 15.
롅걙뫥 16. 몦먡 ꗐ렝鲵 17. ꗥꯍ 뿭걙 18. ꗥꯍ 뿭걙 먩ꅝ뺹 19.ꗥꯍ 뿭걙 녕鞽 뾙麑 20.
뱽ꩽ 믩 21. ꏱ덵 믩 22. 꾥녚 뱑ꟁ(뙕) 23. 阩겒 뻲꽺 믩 24 걪겒 뻲꽺 믩 25. ꭁ뺹뱭 섖넺
뱑ꟁ 26. 몦먡

<ꩡ끞꫙ꐺ꫑>

阩겒 ꩡ끞Ꙋ

ꏱ덵 뻹뫥 꽩꫽Ꟊꍡ꿵 ꏱ덵 ꚾ믡閵 ꩡ끞 鷍꽩꼱 뼑鲙. 阩겒 녆꽺냹 낹뼍꾡 뼢ꩶ


뢝묁넩骽꾅鱉 꼖뙩鱉 꽻꽩꼱 뼍ꐥ, ꜵ덶붡 뻹뫥鱉 頝騌뼍隕 阩눥鷑 ꩶ몑꾡꼱 뼑鲙.
뙢ꭁ韥 섖넺ꇚ넩 闅ꭁ鷍阥驍 ꭁ넁넩 뇅뇅 먡陁 鷕 鼁鱉 놹낅 걙낹렍ꌱ 駹隕, 놹낅 뤉麑
뻁ꆡ鞭ꌱ 뇑阥 뼍隕, 몦먡 럖ꐩ꾅 몦먡 롅렍ꌱ 븵隕, 뙢ꭁ韥 뾙麑 꽩꫽Ꟊꍡꌱ 驩ꇙ
ꜹ뼩뼍겢겑꿙. 鞭 鲙넁 섖넺 뻹뫥 꽩꫽Ꟊꍡꌱ 섉麙꽩 뙢ꭁ뼍겢겑꿙. 넩 녆꽺냵 뢝묁넩骽
꾥陥ꜵ낹ꈑꜵ뫥 ꏱ덵넍 ꗞ띑냹 ꗞ덵뼍韥 낹뼩꫑ 뿭걙閵 꾥陥鷍꽩 넽鱉 ꩶ몑꾅꫑
ꯍ뼾鷍꽩꼱 뼑鲙. ꏱ덵 뻹뫥 꽩꫽Ꟊꍡꌱ 섉麙隕 驑 鲙넁 ꐼ ꜹ 鶎껽 ꏱ덵閵 閵ꄱ껾韥ꌱ
韥鲙ꍥ鲙. 뙢ꭁ韥꿵 뢝묁넩骽ꈑꜵ뫥 ꏱ덵 뻹뫥 꽩꫽Ꟊꍡꌱ ꜹꍡ뼑鲙. 뻹뫥넍 븑ꐩ넩

겡뼍陁 꿙꾱鷍꽽냹 陲끥꾅鱉 넱ꗍ ꜵ麑ꆡ끩 閵뇊끞 ꟁꆡ겑ꈑ 뻹뫥ꌱ ꭉ덽 뼍鱉 阸냹
靁녚뼑鲙. 넩鱉 덵ꭂ놶넭 뜑隕넍 ꫦ鱚냹 ꚩ녚뢵 뼑鲙. 뢝묁넩骽ꌱ ꟹ끩鲙넁 ꏱ덵 뻹뫥
꽩꫽Ꟊꍡꌱ 霅쀍뼍隕, 뙢ꭁ韥 뾙麑 꽩꫽Ꟊꍡꌱ 몦먡꾅 꿡ꇙ 몦먡 롅렍ꌱ 녕鞱鲙.
넩뇑 뙢ꭁꌱ 鲙겑 겑녆뼕 ꯍ 넽鲙. ꎁ꼲 낹꾅 ꗞꙊ냱ꈑ鵹 섖넺ꇚ넩 꼲뼑 ꓭ뇑ꌱ 뼩陥 뼕
ꯍ 꽻鲙ꐩ, 뿭걙閵 ꍾ뾵넽鱉덵 쀊넭뼩ꚩ겢겑꿙.
阩겒 눥녆냵 5 뵍넩덵꾅 “F3”냹 뗭눥 뼍겢겑꿙)
(阩
ꎁ꼲 阩겒 뻲꽺 믩ꈑ 녆꽺뼍韥꾅鱉 꽩ꇙ끩 險閹넱 陲끥, 뱽ꩽ 믩냹 ꩡ끞뼍겢겑꿙.
(눥녆냵 6 뵍넩덵넍 “F5”냹 뗭눥 뼍겢겑꿙)
뢙뱱 뙢ꭁ鱉, ꏱ덵 믩냹 ꩡ끞뼍겢겑꿙. (눥녆냵 6 뵍넩덵넍 “F6”ꌱ 뗭隕뼍겢겑꿙.)

걪겒 ꩡ끞Ꙋ

걪겒끞냱ꈑ 뙢ꭁ韥ꌱ ꩡ끞뼍韥 놹꾅 뢝묁넩骽꾅 꺥ꆽ韥/ꏱ韥ꌱ 頝騌뼍陁 ꟹ낕鱉덵ꌱ


쀊넭뼑鲙. 뼢ꩶ 隕ꓩ ꟁꆽ넩麑閵 녚뗞鷑 걪겒 믩냹 쀊넭뼍겢겑꿙.
骽ꓩ ꎃ냵 ꓱ阥븽넩 넽鲙ꐩ, 뙢ꭁ韥 뾙麑꾅 ꓱ阥븽 냕넺냹 ꍾ냹 ꯍ 넽鱉 걪겒끞
ꏱ덵뻹뫥 꽩꫽Ꟊꍡ ꩡ끞냹 靁녚뼞鱽鲙. (걪겒 눥녆냵 5 뵍넩덵 “F4”ꌱ 뗭隕뼍韥 ꗉꄵ鲙.)
몦먡꾅 ꓱ넩 閵麒 뗝ꐩ 뙢ꭁ韥鱉 섖넺넩 鷍덵 껿隕, ꭁ넁냵 뇅뇅 뢙덽 阸넩隕, 놹낅냵
顱덽 阸넩鲙. 뙢ꭁ韥 뾙麑꿵 ꃝ陁 ꗭꟁ 꽩꫽Ꟊꍡꌱ ꜹꍡ뼍겢겑꿙. 뙢ꭁ韥ꌱ 뼍ꯍ霡ꈑ
넩鶎겑룑 뢝묁넩骽 껽넍 ꓱ냹 ꘹ꍡ겢겑꿙.
냕덵ꚩꯍ
뇑븽냹 霡ꎙ뼑덵 ꗍ髹 넩驩넩ꐩ ꯍꍡ꿵 뇑븽 霅쀍냵 ꓩꊁ鲙. ꎁ꼲 뇑븽넍 븽덽꾅 ꓭ뇑閵
넽鲙ꐩ, 閵頁끩 ꫑ꟹ걙 ꫱뫥꾅 꾥ꄲ냹 뼍韥 ꗉꄵ鲙.
鲝, Viper 鱉 껹ꅍ꿵 闎냵 낅넭넱 陲끥꾅鱉 ꓩꩶ ꯍꍡ꿵 ꜵ븽霅쀍냹 ꫑ꟹ걙ꈑ 뇑險뼍덵
껿鱉鲙.
ሙ ꜵ놶놽뼑 ꩡ끞냱ꈑ 넭뼍꾡 뙢ꭁ韥 陥뼝 냕ꗑ 겑
ሙ ꜵ븽 霅쀍 겑 鞭ꍡ隕 隕넍ꈑ 隕녚
ሙ 隕넍ꈑ 넭뼑 뙢ꭁ韥넍 ꭅꩶ

늱넍 ꩡ뼢!!!
ሙ덹險 뙢ꭁ韥ꌱ 뙢ꭁ驍 냕덵ꚩꯍꌱ ꯍ뼾뼍韥 놹꾅鱉, ꗍ麑겑 놹낅냱ꈑꜵ뫥 뻁ꆡ鞭ꌱ
ꜹꍡ뼍겢겑꿙.
ሙ뢵넩Ꟊ넩 놽鲝鷍阥驍 ꭅꩶ鷍덵 껿꼍鱉덵ꌱ 쀊넭뼑鲙.
ሙ몦먡꾅 鴉ꆡ끩 ꓱ넩 넽阥驍 ꏱ덵閵 넽鲙ꐩ 꿙ꅑ 겑閹 ꗞ렍뼩 鸅꽩꫑鱉 껽鷍隕 몦먡ꌱ

뙢ꭁ뼩꼱 뼑鲙.
ሙ뙑 ꏱ덵 ꚾ믡鱉 ꫭ뙎뼕 ꯍ 넽隕 녡ꩡ끞뼍韥 놹꾅 ꗍ麑겑 阩눥 鷍꽩꼱 뼑鲙.
ሙꑝ뫥鱉 냕덵ꚩꯍ閵 ꜽ뻹끉뼑 ꩡ꽆냱ꈑ 뇑녆鷍꽩 넽隕, 뱮ꙹ뼑 ꫑ꟹ걙ꌱ 뻹끉렍 껿鲙.
ሙ덹險뙢ꭁ韥ꌱ 덵ꭂ놶냱ꈑ ꩡ끞뼝냱ꈑ괝 ꑝ뫥넍 carbon ꟁꆡ갡閵 넱ꗍ ꍽꑝ, 隱鵹뼑
ꩡ끞냱ꈑ 넭뼑 볁ꭅ넩 넽鱉鴥, 렩ꚭ ꟁꆡ겑 霅쀍냵 넭덒鷑 ꫑ꟹ걙 ꫱뫥꾅꫑ꎁ 霅뙩閵
閵鱚뼍鲙.
陲隕ꩡ뼢!!!
ሙꑝ麕 놹韥끞븽냵 ꩡ끞 겑 ꩶ겑 隵ꍡ ꗄ 늱넍ꌱ ꪒ쀑쀉뼍隕, 껽놹뼑 녆鶎냹 낹뼩꫑鱉
낹뼩 꾽ꗞ뇊ꟹꌱ 늱韥놶냱ꈑ ꯍ뼾뼍꾡꼱 뼑鲙.
ꩡ끞녅閵 ꗍ麑겑 ꯍ뼾뼩꼱 뼕 隵ꍡ (븑늵 鞑陞넍 ꜵ븽냹 霅뙩 麦)꾅꫑ ꭁ뿵섽 뼍阥驍
ꜵ녡ꈑ 넭뼍꾡 뙢ꭁ韥鱉 껽놹뼍덵 껿냹 ꯍ鵹 넽陁 鷑鲙. 넩ꆩ 陲끥 뇑눥 꽺뙩꾅꫑鱉
꽩齕뼑 뗺넹鵹 덵덵 껿鱉鲙.
陲隕ꩡ뼢!!!
鲙넁 ꓱ덽냵 덹險 뙢ꭁ韥ꈑ 놽鲵 섖넺뼍덵 ꎅ껹꼱 뼑鲙.
냕뼩 ꏱ덵, 隕꿝 녡ꊁ(ꜽ넩 驝껹 넽鱉 鲩ꗥ, ꃝ阥끩 녡 麦), 閵꾥ꫦ, 붢ꗑꫦ, 闊ꫦ
꼖뙩(샍ꗑ냕, ꭉꙙ뱭, ꩥ, 꼁렱ꍡ, 麦), 閵꾥붢ꗑꫦ ꏱ덵(꼁ꊝꖭ鰹넩驍 ꍽ鞭髙걍 閵ꊝ 麦)
닆끉: ꎁ꼲 ꭁ룈넩 녚ꟹ꿵 闎넩 險鞾鷑 뻁ꆡ鞭꿵 놶뼞뼍덵 껿鲙ꐩ, 鞭阸냹 녍ꄱ驩隕
놶놽뼑 뻁ꆡ鞭ꌱ 녚뗞뼩꼱 뼑鲙. 넩 놹꫕냵 껹ꅍ꾅 驍꿵넽鱉 ꩾ냱ꈑ 霡ꜹ鷑鲙.
뙢ꩾ-Neutral 閽ꩾ-Live

뻁ꆡ鞭넍 鲝녅ꌱ 霡ꜹ뼍鱉 ꩾꩶ 븑겑꿵 넱렍뼍덵 껿냹 ꯍ 鵹 넽덵ꎁ 껹ꅍ꿵 闎넩 ꩾꩶ


ꙹꈑ 븑겑뼍꾵냱鱽 뗭隕뼍韥 ꗉꄵ鲙
뙢ꩾ 놹꫕냵 鲵ꓭ녅 N 뿮냵 Ꟊꅎ냱ꈑ 鷑 鲝녅꿵 ꗍ麑겑 꾥陥겑룑꼱 뼑鲙.
閽ꩾ 놹꫕냵 鲵ꓭ녅 L 뿮냵 Ꜿ냵ꩾ냱ꈑ 鷑 鲝녅꿵 ꗍ麑겑 꾥陥겑룑꼱 뼑鲙.
鞭ꆡ驍 뇑눥녅鱉 ꩡ놹넍 뭪ꚩ 꽻넩 꼖ꩡ꫑ꍡꌱ ꯍ뇊뼕 ꯍ 넽鱉 靁ꍡꌱ 閵덽 ꯍ 넽鲙.
ꗥ꫕鵹(Wiring Diagrame)鱉 6,7 뵍넩덵넍 “Figure7/Figure8/Figure0”ꌱ 뗭隕 뼍겢겑꿙.

뇑븽ꩡ꽆 뇑븽霥 ꗄ 뇑븽 ꩡ꽆 (Product Specification Parameter)냵 7 뵍넩덵넍


“Form1”냹 뗭隕뼍겢겑꿙.



























&DUULHG6WDQGDUG4%

9,3(5,1'8675,$/352'8&76     9,3(5&/($1,1*(48,30(17&2/7'   
32%2;+$0,/7210,    /,$1*%,$1/,$2%8'21**8$1
                     *8$1*'21*&+,1$
˖
 9,3(5                    7(/  
˖
                                  )$;  

You might also like