Garden + Hobby QUALITY FOR LIFE INFORMATION I MANUALS I SERVICE BC 410 II BC 4125 II Betriebsanleitung 057 474 627_a , D DK GB S NL N F FIN E EST P LV I LT SLO RUS HR UA SRB BG PL RO CZ GR SK MK H TR
' %HWULHEVDQOHLWXQJ 52 0DQXDO GH XWLOL]DUH *% ,QVWUXFWLRQ PDQXDO *5 ȅįȘȖȓİȢ ȤȡȒıȘȢ 1/ *HEUXLNVKDQGOHLGLQJ 0. ɍɩɚɬɫɬɜɨ ɡɚ ɭɩɨɬɪɟɛɚ ) 0RGH G¶HPSORL 75 .
474 627_a 3
BC 410 II_4125 II
2 1 1 4 3 5 678 3 2 3 4 (M5x16) 2 1 T 1 1 2 R 3 4 A 2 6 T 3 5 3 S 1 4 2 7 8 1 9 474 627_a 10 5
(LQOHLWXQJ %HVWLPPXQJVJHPlH 9HUZHQGXQJ /HVHQ 6LH GLHVH 'RNXPHQWDWLRQ YRU GHU ,QEHWULHEQDKPH GXUFK 'LHV LVW 9RUDXVVHW]XQJ IU VLFKHUHV $UEHLWHQ XQG VW|UXQJVIUHLH +DQGKDEXQJ %HDFKWHQ 6LH GLH 6LFKHUKHLWV XQG :DUQKLQZHLVH LQ GLH VHU 'RNXPHQWDWLRQ XQG DXI GHP *HUlW 'LHVH 'RNXPHQWDWLRQ LVW SHUPDQHQWHU %HVWDQGWHLO GHV EHVFKULHEHQHQ 3URGXNWV XQG VROOWH EHL 9HUlXHUXQJ GHP .
D $FKWXQJ %HL OlQJHUHQ $UEHLWHQ NDQQ HV GXUFK 9LEUDWLRQHQ ]X 6W|UXQJHQ DQ %OXWJHIlHQ RGHU GHV 1HUYHQV\VWHPV DQ )LQJHUQ +lQGHQ RGHU +DQGJHOHQNHQ NRPPHQ (LQVFKODIHQ YRQ .|USHUWHLOHQ 6WHFKHQ 6FKPHU]HQ RGHU +DXWYHUlQGHUXQJHQ N|QQHQ DXIWUHWHQ /DVVHQ 6LH VLFK EHL HQWVSUHFKHQGHQ $Q]HLFKHQ PHGL]LQLVFKXQWHUVXFKHQ 6LFKHUKHLWV XQG 6FKXW]HLQULFKWXQJHQ $FKWXQJ 6LFKHUKHLWV XQG 6FKXW]HLQULFKWXQJHQ GUIHQ QLFKW DXHU .
0RQWDJH )DGHQNRSI PRQWLHUHQ %LOGHU 6SOLQW %LOG XQG )ODQVFK %LOG HQWIHUQHQ 7HLOHEHUVLFKW %LOG 6FKQHLGPHVVHU )DGHQNRSI 6FKXW]KDXEH ³%LNH³ )DKUUDGJULII D E D E *DVKHEHO 6FKDOWHU 0RWRU ³DXV³ XQG ³HLQ³ ³$UUHWLHUXQJ³ *DVKHEHO 6HFKVNDQWVFKOVVHO %LOG LQ GLH %RKUXQJ GHU 0LW QHKPHUVFKHLEH %LOG VWHFNHQ XQG GHQ )DGHQNRSI DXI GHQ )KUXQJVGRUQ GHU $QWULHEVZHOOH VFKUDXEHQ $FKWXQJ /LQNVJHZLQGH 0LWQHKPHUVFKHLEH %LOG PLW GHP
D ,QEHWULHEQDKPH 7UHLEVWRII XQG %HWULHEVPLWWHO 6LFKHUKHLWVKLQZHLVH $FKWXQJ :DUQXQJ %HQ]LQ LVW KRFKJUDGLJ HQWÀDPPEDU %UDQGJHIDKU 6WHOOHQ 6LH VLFKHU GDVV YRQ 0RWRU 7DQN RGHU .UDIWVWRII OHLWXQJHQ NHLQ .UDIWVWRII DXVOlXIW %HQ]LQ QXU LQ GDIU YRUJHVHKHQHQ %HKlOWHUQ PLVFKHQ XQG DXIEHZDKUHQ NHLQ .
:DUPVWDUW =QGVFKDOWHU DXI Ä6WDUW³ VWHOOHQ 6WDUWNODSSH DXI Ä581³ VWHOOHQ *DVKHEHO ZLH XQWHU Ä.DOWVWDUW³ DUUHWLHUHQ 6WDUWHUVFKQXU PD[LPDO [ VFKQHOO ]LHKHQ GHU 0RWRU VSULQJW DQ *DVKHEHO YROO JHGUFNW KDOWHQ ELV GHU 0R WRU UXKLJ OlXIW 0RWRU VSULQJW QLFKW DQ 6WDUWNODSSH DXI 3RVLWLRQ Ä581´ VWHOOHQ 6WDUWHUVFKQXU [ ]LHKHQ 6SULQJW GHU 0RWRU ZLHGHU QLFKW DQ 0LQXWHQ ZDUWHQ XQG DQVFKOLHHQG QRFKPDO PLW GXUFKJHGUFNWHP *DVKHEHO SURELHUHQ .
D 7ULPPHQ XP %DXPVWlPPH 9HUNOHPPHQ *HUlW PLW 9RUVLFKW XQG ODQJVDP XP %DXPVWlPPH KH UXP IKUHQ VR GDVV GHU 6FKQHLGIDGHQ GLH %DXPULQ GH QLFKW EHUKUW 'LFKWH 9HJHWDWLRQ MXQJH %lXPH RGHU *HVWUSS N|QQHQ GDV 6FKQHLGEODWW EORFNLHUHQ XQG ]XP 6WLOOVWDQG EULQJHQ 9RQ OLQNV QDFK UHFKWV XP %DXPVWlPPH PlKHQ *UDV XQG 8QNUDXW PLW GHU 6SLW]H GHV )DGHQV HUIDVVHQ XQG GHQ )DGHQNRSI OHLFKW QDFK YRUQH QHLJHQ %ORFNDGH YHUPHLGHQ LQGHP PDQ EHDFKWHW LQ ZHOFKH 5LFKWXQJ VLFK GDV *HVWUSS
=QGNHU]H %LOG =QGNHU]H ZLHGHU HLQVHW]HQ =QGNHU]HQHOHNWURGHQDEVWDQG PP > ³@ *HUlW JUQGOLFK UHLQLJHQ XQG ZDUWHQ =QGNHU]H PLW 'UHKPRPHQW 1P DQ]LHKHQ *HUlW DQ HLQHP NKOHQ WURFNHQHQ 2UW ODJHUQ =QGNHU]HQVWHFNHU DXI =QGNHU]H DXIVHW]HQ )DGHQVFKQXUPHVVHU VFKlUIHQ 6FKQHLGPHVVHU YRP 6FKXW]VFKLOG O|VHQ 6FKQHLGPHVVHU LQ HLQHP 6FKUDXEVWRFN EHIHVWLJHQ XQG PLW HLQHU )ODFKIHLOH VFKlUIHQ 1XU LQ HLQH 5LFKWXQJ IHLOHQ %RZGHQ]JH HLQVWHOOHQ 'LH %RZGH
D (QWVRUJXQJ :LHGHULQEHWULHEQDKPH $XVJHGLHQWH *HUlWH QLFKW EHU GHQ +DXVPOO HQWVRUJHQ =QGNHU]H HQWIHUQHQ 6WDUWHUVHLO VFKQHOO GXUFK]LHKHQ XP YHUEOHLEHQGHV gO DXV GHU %UHQQNDPPHU ]X HQWIHUQHQ =QGNHU]H UHLQLJHQ (OHNWURGHQDEVWDQG EHUSUIHQ EHL %HGDUI HUVHW]HQ 9HUSDFNXQJ *HUlW XQG =XEHK|U VLQG DXV UHF\FOLQJ IlKLJHQ 0DWHULDOLHQ KHUJHVWHOOW XQG HQWVSUHFKHQG ]X HQWVRUJHQ *HUlW ]XP (LQVDW] YRUEHUHLWHQ 7DQN PLW GHU ULFKWLJHQ .
,QWURGXFWLRQ ,QWHQGHG XVH 5HDG WKLV GRFXPHQWDWLRQ EHIRUH VWDUWLQJ XS WKH PDFKLQH 7KLV LV D SUHFRQGLWLRQ IRU VDIH ZRUNLQJ DQG ÀDZOHVV RSHUDWLRQ 2EVHUYH WKH VDIHW\ ZDUQLQJV LQ WKLV GRFXPHQWDWLRQ DQG RQ WKH PDFKLQH 7KLV GRFXPHQWDWLRQ LV D SHUPDQHQW LQWHJUDO SDUW RI WKH SURGXFW GHVFULEHG DQG PXVW EH SDVVHG RQ WR WKH QHZ RZQHU LI WKH PDFKLQH LV VROG 7KLV GHYLFH LV LQWHQGHG IRU WULPPLQJ DQG PRZLQJ ODZQV RQ SULYDWH SUHPLVHV 8VLQJ WKLV GHYLFH IRU DQ\ RWKHU RU DGGLWLRQDO SXUSRVH LV FRQ VLGHUHG F
GB &DXWLRQ 'XULQJ H[WHQGHG SHULRGV RI XVH WKH YLEUDWLRQV FDQ FDXVH GLVRUGHUV RI WKH EORRG YHVVHOV RU QHUYRXV V\VWHPV RI WKH ¿QJHUV KDQGV DQG ZULVWV
&DXWLRQ 8VH RQO\ RULJLQDO FXWWLQJ NQLYHV DQG DFFHVVRULHV 1RQ RULJLQDO SDUWV FDQ FDXVH LQMXU\ RU LPSDLUPHQW WR WKH GHYLFH 0RXQWLQJ WKH JXDUG )LJ 3ODFH WKH PHWDO SODWH XQGHU WKH JXDUG )DVWHQ WR WKH VXSSRUW EDU ZLWK VFUHZV 7KH FXWWHU LQWHJUDWHG LQWR WKH JXDUG DXWRPDWLFDOO\ VKRUWHQV WKH FXWWLQJ VWULQJ WR WKH RSWLPDO OHQJWK $VVHPEO\ 3DUWV RYHUYLHZ )LJ 0RXQWLQJ WKH VWULQJ KHDG )LJ 5HPRYH WKH FRWWHU SLQ )LJ DQG ÀDQJH )LJ ,QVHUW DQ $OOHQ
GB $OZD\V RSHUDWH WKH WULPPHU ZLWK WKH JXDUG 2EVHUYH ORFDO UHJXODWLRQV UHJDUGLQJ RSHUDWLQJ WLPHV $OZD\V REVHUYH WKH RSHUDWLQJ LQVWUXFWLRQV SURYLGHG E\ WKH PDQXIDFWXUHU RI WKH HQJLQH &KHFN WKH FXWWLQJ SDUWV IRU GDPDJH RU FUDFNV EHIRUH XVH DQG H[FKDQJH DQ\ GDPDJHG RU ZRUQ SDUWV IRU RULJ LQDO VSDUH SDUWV )XHO DQG FRQVXPDEOHV 6DIHW\ LQVWUXFWLRQV :DUQLQJ 3HWURO LV KLJKO\ ÀDPPDEOH ± )LUH KD]DUG (QVXUH WKDW QR IXHO OHDNV IURP WKH HQJLQH WDQN RU IXHO OLQHV 2QO\ PL[ DQG VWRU
:DUP VWDUW 6HW WKH LJQLWLRQ VZLWFK WR ³6WDUW´ 6HW WKH FKRNH WR ³581´ /RFN WKH JDV OHYHU DV GHVFULEHG XQGHU ³&ROG VWDUW´ :KHQ PRZLQJ RQ VORSLQJ JURXQG DOZD\V VWDQG GRZQKLOO RI WKH FXWWLQJ GHYLFH 1HYHU ZRUN RQ D VOLSSHU\ KLOOVLGH RU VORSH 1HYHU XVH WKH GHYLFH LQ WKH YLFLQLW\ RI KLJKO\ ÀDPPDEOH OLTXLGV RU JDVHV ± 5LVN RI ¿UH DQG RU H[SORVLRQ $IWHU FRQWDFW ZLWK D IRUHLJQ REMHFW 3XOO WKH VWDUWHU FRUG D PD[LPXP RI WLPHV ± WKH HQ JLQH VWDUWV .
GB 0RYH WKH GHYLFH VORZO\ DQG ZLWK FDUH HQVXULQJ WKDW WKH VWULQJ GRHV QRW LPSDFW ZLWK REVWDFOHV $YRLGLQJ UHFRLO 7ULPPLQJ DURXQG WUHH WUXQNV *XLGH WKH GHYLFH VORZO\ DQG FDUHIXOO\ DURXQG WUHH WUXQNV HQVXULQJ WKDW WKH FXWWLQJ VWULQJ GRHV QRW WRXFK WKH WUHH EDUN 0RZ IURP OHIW WR ULJKW DURXQG WUHH WUXQNV &XW JUDVV DQG ZHHGV ZLWK WKH WLS RI WKH VWULQJ DQG NHHS WKH VWULQJ KHDG WLOWHG VOLJKWO\ IRUZDUGV 7ULPPLQJ DORQJ VWRQH ZDOOV IRXQGDWLRQV DQG WUHH OHDGV WR LQFUHDVHG VWULQJ ZHDU '
3XOO WKH ¿OWHU RXW RI WKH WDQN ZLWK D ZLUH KRRN 6WRUDJH 5HPRYH WKH ¿OWHU ZLWK D WZLVWLQJ PRWLRQ (PSW\ WKH IXHO WDQN EHIRUH ORQJ SHULRGV RI VWRUDJH RYHU WKH ZLQWHU 2QO\ HPSW\ WKH IXHO WDQN RXWGRRUV $OORZ WKH HQJLQH WR FRRO GRZQ EHIRUH VWRUDJH ([FKDQJH WKH ¿OWHU &DUEXUHWWRU DGMXVWPHQW (PSW\ WKH IXHO WDQN 7KH FDUEXUHWWRU LV RSWLPDOO\ DGMXVWHG DW WKH IDFWRU\ 6WDUW WKH HQJLQH DQG OHW LW LGOH XQWLO LW VWRSV /HW WKH HQJLQH FRRO GRZQ /RRVHQ WKH VSDUN SOXJ ZL
GB 'LVSRVDO 5HFRPPLVVLRQLQJ 0DFKLQHV WKDW DUH QR ORQJHU UHTXLUHG PXVW QRW EH GLVSRVHG RI ZLWK KRXVHKROG ZDVWH 5HPRYH WKH VSDUN SOXJ 4XLFNO\ SXOO WKH VWDUWHU FRUG WR UHPRYH OHIWRYHU RLO IURP WKH FRPEXVWLRQ FKDPEHU &OHDQ WKH VSDUN SOXJ DQG FKHFN WKH VSDUN JDS 5H SODFH LI QHFHVVDU\ 3DFNDJLQJ PDFKLQH DQG DFFHVVRULHV DUH PDQXIDF WXUHG XVLQJ UHF\FODEOH PDWHULDOV DQG PXVW EH GLVSRVHG RI DFFRUGLQJO\ 3UHSDUH WKH GHYLFH IRU RSHUDWLRQ )LOO WKH WDQN ZLWK WKH FRUUHFW IXHO RLO P
,QOHLGLQJ *HEUXLN FRQIRUP GH EHVWHPPLQJ /HHV GH GRFXPHQWDWLH GRRU YRRU KHW LQ JHEUXLN QHPHQ 'LW LV HHQ YRRUZDDUGH YRRU HHQ YHLOLJ DUEHLGHQ HQ HHQ VWRULQJVYULM JHEUXLN +RXG UHNHQLQJ PHW GH YHLOLJKHLGV HQ GH ZDDUVFKXZLQJVDDQZLM ]LQJHQ XLW GH]H GRFXPHQWDWLH HQ RS GH PDFKLQH 'H]H GRFXPHQWDWLH LV HHQ SHUPDQHQW RQGHUGHHO YDQ KHW EHVFKUHYHQ SURGXFW HQ PRHW ELM HHQ HYHQWXHOH YHU NRRS DDQ GH NRSHU ZRUGHQ RYHUKDQGLJG 'H]H PDFKLQH LV EHVWHPG YRRU KHW WULPPHQ HQ KHW PDDLHQ YDQ HHQ JD]RQ WKX
NL /HW RS %LM ODQJHUH ZHUNHQ NDQ KHW GRRU WULOOLQJHQ WRW VWRULQJHQ DDQ EORHGYDWHQ RI YDQ KHW ]HQXZV\VWHHP DDQ YLQJHUV KDQGHQ RI SROVHQ NRPHQ 6ODSHQGH OLFKDDPVGHOHQ VWHNHQ SLMQ RI KXLGYHUDQGHULQJHQ NXQQHQ RSWUHGHQ :DQQHHU HHQ YDQ GH]H V\PSWRPHQ RSWUHHGW ODDW X GDQ GRRU HHQ DUWV RQGHU]RHNHQ 9HLOLJKHLGV HQ EHVFKHUPLQULFKWLQJHQ 2SJHOHW 'H YHLOLJKHLGV HQ EHVFKHUPLQJVLQULFKWLQJHQ PRJHQ QLHW EXLWHQ ZHUNLQJ ZRUGHQ JH]HW *HYDDU RS OHWVHOV 1RRGVWRS 6WHHQVODJ EHVFKHUPLQJVSODDW 3ODDWV LQ QRRGJHYDO
0RQWDJH 'UDDGNRS PRQWHUHQ DIE 6SOLWSHQ DIE HQ ÀHQV DIE YHUZLMGHUHQ 'HHORYHU]LFKW $IE 6QLMGPHVVHQ 'UDDGNRS %HVFKHUPNDS %LNH ¿HWVJUHHS D E D E 'H LQEXVVOHXWHO DIE LQ GH EURLQJ YDQ GH PHHQH PHUVFKLMI DIE VWHNHQ HQ GH GUDDGNRS RS GH JH OHLGLQJVGRRUQ YDQ GH DDQGULMIDV VFKURHYHQ /HW RS /LQNVH GUDDG 'H PHHQHPHUVFKLMI DIE PHW GH LQEXVVOHXWHO ERU JHQ RP GH GUDDGNRS DDQ WH VSDQQHQ *DVKHIERRP 6FKDNHODDU PRWRU ³XLW³ HQ ³DD
NL 'H PRWRU VWHHGV JHEUXLNHQ PHW EHVFKHUPSODDW 5HNHQLQJ KRXGHQ PHW ODQGVSHFL¿HNH EHSDOLQJHQ YRRU GH JHEUXLNVXUHQ +RXG VWHHGV UHNHQLQJ PHW GH PHHJHOHYHUGH KDQGOHL GLQJ YDQ GH PRWRUIDEULNDQW %UDQGVWRI HQ EHGULMIVPLGGHOHQ 9HLOLJKHLGVDDQZLM]LQJHQ :DDUVFKXZLQJ %HQ]LQH LV LQ KRJH PDWH RQWYODPEDDU %UDQGJHYDDU %HQ]LQH DOOHHQ LQ GDDUWRH YRRU]LHQH UHVHUYRLUV PHQJHQ HQ EHZDUHQ *HHQ EUDQGVWRIPHQJVHO JHEUXLNHQ GDW ODQJHU GDQ GDJHQ ZHUG RSJHVODJHQ 7DQN DOOHHQ LQ RSHQ O
:DUPH VWDUW 'H RQVWHNLQJVVFKDNHODDU LQ GH VWDQG VWDUW SODDWVHQ 'H VWDUWNOHS LQ GH VWDQG 581 SODDWVHQ 'H JDVKHIERRP YDVWQHPHQ HQ GH YHLOLJKHLG GRRU GUXNNHQ 0D[ [ DDQ KHW VWDUWNRRUG WUHNNHQ GH PRWRU VSULQJW DDQ 'H JDVKHIERRP YROOHGLJ LQJHGUXNW KRXGHQ WRW GH PRWRU UXVWLJ ORRSW 'H PRWRU VSULQJW QLHW DDQ 'H VWDUWNOHS LQ GH VWDQG VWDUW SODDWVHQ [ DDQ KHW VWDUWNRRUG WUHNNHQ 'H PRWRU VSULQJW QRJ QLHW DDQ PLQXWHQ ZDFKWHQ HQ DDQVOXLWHQG QRJPDDOV SUR EHUHQ PHW
NL 7ULPPHQ DDQ RPKHLQLQJHQ HQ IXQGHULQJHQ 2SJHOHW 5DDN JHHQ YDVWH JHERXZHQ 7HUXJVODJJHYDDU 9RHU GH PDFKLQH WUDDJ HQ YRRU]LFKWLJ ]RQGHU GH GUDDG WHJHQ KLQGHUQLVVHQ WH ODWHQ NOHWWHUHQ 7ULPPHQ URQG ERRPVWDPPHQ 'H PDFKLQH YRRU]LFKWLJ HQ WUDDJ URQG ERRPVWDPPHQ YRHUHQ ]RGDW GH VQLMGGUDDG GH ERRPVFKRUV QLHW UDDNW /HW RS 8LWVOXLWHQG RULJLQHOH VQLMGPHVVHQ HQ WRHEHKRRU JHEUXLNHQ 1LHW RULJLQHOH GHOHQ NXQQHQ WRW YHUZRQGLQJHQ HQ IXQFWLH VWRULQJHQ DDQ KHW WRHVWHO OHLGHQ 9HUPLMGHQ YDQ WHUXJVODJ
0HW HHQ GUDDGKDDN KHW ¿OWHU XLW GH WDQN QHPHQ %UDQGVWRIWDQN OHGLJHQ +HW ¿OWHU PHW HHQ GUDDLEHZHJLQJ DIQHPHQ 'H PRWRU VWDUWHQ HQ RQ EHODVW ODWHQ GUDDLHQ WRW KLM VWRSW )LOWHU YHUYDQJHQ 'H PRWRU ODWHQ DINRHOHQ ,QVWHOOLQJ FDUEXUDWRU 'H FDUEXUDWRU LV YDQ LQ GH IDEULHN RSWLPDDO LQJHVWHOG %RXJLH DIE (OHNWURGHQDIVWDQG PP > ³@ 'H ERXJLH DDQVSDQQHQ PHW HHQ PRPHQW YDQ 1P 'H ERXJLHVWHNNHU RS GH ERXJLH SODDWVHQ 'H ERXJLH PHW HHQ ERXJLHVOHXWHO
NL 7HUXJ LQ EHGULMI QHPHQ $IYRHU %RXJLH YHUZLMGHUHQ 9HUVOHWHQ PDFKLQHV QLHW DIYRHUHQ YLD KHW KXLVYXLO +HW VWDUWNRRUG VQHO GRRUWUHNNHQ RP UHVWHUHQGH ROLH XLW GH YHUEUDQGLQJVNDPHU WH YHZLMGHUHQ %RXJLH UHLQLJHQ HOHNWURGH DEVWDQG FRQWUROHUHQ GHV QRRGV YHUYDQJHQ 'H PDFKLQH JHEUXLNVNODDU PDNHQ 'H YHUSDNNLQJ GH PDFKLQH HQ GH DFFHVVRLUHV ]LMQ VDPHQJHVWHOG XLW UHF\FOHHUEDDU PDWHULDDO HQ PRHWHQ GLHQRYHUHHQNRPVWLJ ZRUGHQ DIJHYRHUG 'H WDQN PHW KHW MXLVWH PHQJVHO EUDQGVWRI R
,QWURGXFWLRQ 8WLOLVDWLRQ FRQIRUPH DX[ GLVSRVLWLRQV /LUH OD WRWDOLWp GH OD SUpVHQWH GRFXPHQWDWLRQ DYDQW OD PLVH HQ VHUYLFH &HFL FRQVWLWXH XQH FRQGLWLRQ SUpDODEOH LQGLVSHQVDEOH SRXU XQ WUDYDLO VU HW XQ PDQLHPHQW IDFLOH 2EVHUYHU OHV LQVWUXFWLRQV GH VpFXULWp HW OHV DYHUWLVVHPHQWV ¿JXUDQW GDQV FHWWH GRFXPHQWDWLRQ HW VXU OH PDWpULHO &HWWH GRFXPHQWDWLRQ IDLW SDUWLH HQ SHUPDQHQFH GX SURGXLW GpFULW HW GRLW rWUH UHPLVH j O¶DFKHWHXU ORUV GH OD YHQWH &H PDWpULHO VHUW j WDLOOHU HW j WRQGUH O
F $WWHQWLRQ 3RXU GHV WUDYDX[ GH SOXV ORQJXH GXUpH OHV YLEUDWLRQV SURGXLWHV ULVTXHQW GH SHUWXUEHU OHV YDLVVHDX[ VDQJXLQV RX OH V\VWqPH QHUYHX[ GHV GRLJWV PDLQV RX SRLJQHWV $SSDULWLRQ pYHQWXHOOH G¶HQJRXUGLVVHPHQWV GH PHPEUHV GX FRUSV GH GRXOHXUV ODQFLQDQWHV GH GRXOHXUV RX G¶DOWpUDWLRQV GH OD SHDX (Q FDV GH WHOV V\PSW{PHV VRXPHWWH] YRXV j XQ H[DPHQ PpGLFDO (TXLSHPHQWV GH SURWHFWLRQ HW GH VpFXULWp $WWHQWLRQ 1H SDV PHWWUH KRUV VHUYLFH OHV pTXLSHPHQWV GH VpFXULWp RX GH SURWHFWLRQ
0RQWDJH 0RQWDJH GH OD WrWH j ÀO ¿J 9XH G HQVHPEOH GHV SLqFHV )LJXUH 5HWLUHU OD JRXSLOOH IHQGXH ¿JXUH HW OH ÀDVTXH ¿JXUH /DPH 7rWH j ¿O &DSRW SURWHFWHXU 3RLJQpH © %LNH ª D E D E $FFpOpUDWHXU ,QWHUUXSWHXU GX PRWHXU 2)) HW 21 ,QVpUHU OH FOp j VL[ SDQV ¿JXUH GDQV O RUL¿FH GX GLVTXH HQWUDvQHXU ¿JXUH HW YLVVHU OD WrWH j ¿O VXU OH PDQGULQ GH JXLGDJH GH O DUEUH G HQWUDvQHPHQW $WWHQWLRQ ÀOHW j JDXFKH $UUrWHU OH GLVTXH HQWUDvQHXU j
F 1 XWLOLVHU OD GpEURXVVDLOOHXVH TX DYHF XQ pFUDQ GH SURWHFWLRQ 5HVSHFWHU OHV GLVSRVLWLRQV VSpFL¿TXHV ORFDOHV SRXU OHV WHPSV GH IRQFWLRQQHPHQW5HVSHFWHU WRXMRXUV OH PRGH G¶HPSORL IRXUQL SDU OH IDEULFDQW &DUEXUDQW HW FRQVRPPDEOHV ,QVWUXFWLRQV GH VpFXULWp $YHUWLVVHPHQW /¶HVVHQFH HVW IRUWHPHQW LQÀDPPDEOH ULVTXH G LQFHQGLH 1H PpODQJHU HW QH FRQVHUYHU O¶HVVHQFH TXH GDQV OHV UpVHUYRLUV SUpYXV j FHW HIIHW 1 XWLOLVHU DXFXQ PpODQJH GH FDUEXUDQW D\DQW pWp VWRFNp SOXV GH MRXUV
7LUHU UDSLGHPHQW VXU OH FkEOH GH GpPDUUDJH MXVTX DX GpPDUUDJH GX PRWHXU 9HLOOHU j FH TXH OH U\WKPH VRLW UDSLGH HW UpJXOLHU 8QH IRLV OH PRWHXU GpPDUUp 3ODFHU OD FRPPDQGH GH GpPDUUDJH VXU 581 6L OH PRWHXU QH GpPDUUH SDV UpSpWH] OHV pWDSHV j 'pPDUUDJH j FKDXG 3RVLWLRQQHU OH FRQWDFW G DOOXPDJH VXU 6WDUW 3RVLWLRQQHU OD FRPPDQGH GH GpPDUUDJH VXU 581 $UUrWHU O DFFpOpUDWHXU VXLYDQW OD SURFpGXUH LQGLTXpH SRXU XQ GpPDUUDJH j IURLG 7LUHU UDSLGHPHQW VXU OH FRUGRQ GH GpPDUU
F 7DLOOH j OD EDVH )DLUH DYDQFHU OH PDWpULHO YHUV O DYDQW DYHF XQH OpJqUH LQFOLQDLVRQ GH PDQLqUH j FH TX LO VH GpSODFH SUqV GX VRO 6H WHQLU WRXMRXUV j ERQQH GLVWDQFH GX GLVSRVLWLI GH WDLOOH 7DLOOH GHV FO{WXUHV HW GHV IRQGDWLRQV $WWHQWLRQ )DLUH HQ VRUWH TXH OH PDWpULHO QH WRXFKH SDV GH FRQVWUXFWLRQV 'DQJHU GH UHWRXU 0DQLSXOHU OH PDWpULHO OHQWHPHQW HW DYHF SUpFDXWLRQ HQ pYLWDQW TXH OH ¿O HQWUH HQ FRQWDFW DYHF OHV REVWDFOHV 7DLOOH DXWRXU GHV WURQFV G DUEUH 0DQLSXOHU OH PD
)LOWUH j FDUEXUDQW $WWHQWLRQ 1H MDPDLV IDLUH IRQFWLRQQHU OH PDWpULHO VDQV ¿OWUH j FDUEXUDQW 'H JUDYHV HQGRPPDJHPHQWV GX PRWHXU SHXYHQW HQ UpVXOWHU $WWHQWLRQ 5LVTXH GH EOHVVXUH GV j O¶RXWLO GH FRXSH HQ URWDWLRQ 1H SURFpGHU DX UpJODJH GHV FkEOHV %RZGHQ TX¶DSUqV DYRLU FRXSp OH PRWHXU 1H FRQWU{OHU OH IRQFWLRQQHPHQW TX¶DYHF OD GpEURXVVDLOOHXVH FRXFKpH SDU WHUUH 5HWLUHU FRPSOqWHPHQW OH FRXYHUFOH GX UpVHUYRLU 9LGDQJHU OH FDUEXUDQW GDQV XQ UpFLSLHQW DGDSWp 5HWLUH
F 5HPLVH HQ VHUYLFH (OLPLQDWLRQ 5HWLUHU OHV ERXJLHV G¶DOOXPDJH 1H SDV pOLPLQHU OHV DSSDUHLOV KRUV G XVDJH DYHF OHV GpFKHWV GRPHVWLTXHV 7LUHU UDSLGHPHQW HW j IRQG VXU OH FkEOH GH GpPDUUDJH D¿Q G¶pOLPLQHU O¶KXLOH GH OD FKDPEUH GH FRPEXVWLRQ 1HWWR\HU OHV ERXJLHV G¶DOOXPDJH YpUL¿HU O¶pFDUW GHV pOHFWURGHV UHPSODFHU DX EHVRLQ 3UpSDUHU O¶XWLOLVDWLRQ GX PDWpULHO /¶HPEDOODJH O¶DSSDUHLO HW OHV DFFHVVRLUHV VRQW IDEULTXpV DYHF GHV PDWpULDX[ UHF\FODEOHV HW GRLYHQW rWUH pOLPLQpV GH I
,QWURGXFFLyQ 8WLOL]DFLyQ FRQIRUPH D OR SUHYLVWR /HD FRPSOHWDPHQWH OD SUHVHQWH GRFXPHQWDFLyQ DQWHV GH OD SXHVWD HQ PDUFKD (OOR HV UHTXLVLWR SDUD XQ WUDEDMR VHJXUR \ XQ PDQHMR VLQ SHUFDQFHV 2EVHUYH ODV LQGLFDFLRQHV GH VHJXULGDG \ DGYHUWHQFLD TXH VH HQFXHQWUDQ HQ HVWD GRFXPHQWDFLyQ \ VREUH HO DSDUDWR /D SUHVHQWH GRFXPHQWDFLyQ IRUPD SDUWH SHUPDQHQWH GHO SURGXFWR GHVFULWR \ GHEH HQWUHJDUVH DO FRPSUDGRU MXQWR FRQ DTXpO HQ FDVR GH UHYHQWD (VWH DSDUDWR HVWi SUHYLVWR SDUD VHJ
E £$WHQFLyQ &XDQGR VH WUDEDMD PXFKR UDWR GHELGR D ODV YLEUDFLRQHV SXHGHQ SURGXFLUVH DQRPDOtDV HQ ORV YDVRV VDQJXtQHRV R HQ HO VLVWHPD QHUYLRVR HQ GHGRV PDQRV R PXxHFDV (V SRVLEOH TXH VH GXHUPDQ SDUWHV GHO FXHUSR R TXH DSDUH]FDQ OD VHQVDFLyQ GH SXQ]DGDV GRORUHV R PRGL¿FDFLRQHV HQ OD SLHO £6L DSDUHFHQ HVWRV VtQWRPDV VRPpWDVH D XQ H[DPHQ PpGLFR 'LVSRVLWLYRV GH VHJXULGDG \ SURWHFFLyQ £$WHQFLyQ (VWi SURKLELGR GHMDU VLQ HIHFWR ORV GLVSRVLWLYRV GH VHJXULGDG \ SURWHFFLyQ £3HOLJUR GH O
0RQWDMH 0RQWDMH GHO FDEH]DO SRUWDKLOR )LJ 9LVWD JHQHUDO GH ORV FRPSRQHQWHV )LJ 5HWLUDU HO SDVDGRU GH DOHWD )LJ \ OD EULGD )LJ &XFKLOOD GH FRUWH &DEH]DO SRUWDKLOR &XELHUWD SURWHFWRUD 0DQLOODU %LNH D E D E 3DODQFD GHO DFHOHUDGRU ,QWHUUXSWRU GHO PRWRU DSDJDU \ HQFHQGHU ,QWURGXFLU HO OODYH KH[DJRQDO )LJ HQ OD SHUIRUDFLyQ GHO GLVFR GH DUUDVWH )LJ \ DWRUQLOODU HO FDEH]DO SRUWDKLOR HQ HO PDQGULO JXtD GHO iUERO GH DFFLRQDPLH
E 8VDU OD GHVEUR]DGRUD VLHPSUH FRQ OD FXELHUWD SURWHFWRUD 2EVHUYDU ODV GLVSRVLFLRQHV HVSHFt¿FDV GHO SDtV VREUH KRUDULRV GH RSHUDFLyQ 7HQHU HQ FXHQWD VLHPSUH HO PDQXDO GH LQVWUXFFLRQHV GHO IDEULFDQWH GHO PRWRU VXPLQLVWUDGR MXQWR FRQ pVWH &RPEXVWLEOH \ PDWHULDO GH VHUYLFLR ,QGLFDFLRQHV GH VHJXULGDG £$GYHUWHQFLD £/D JDVROLQD HV DOWDPHQWH LQÀDPDEOH SHOLJUR GH LQFHQGLR 0H]FODU \ FRQVHUYDU OD JDVROLQD ~QLFDPHQWH HQ ORV UHFLSLHQWHV SUHYLVWRV SDUD HOOR 1R HPSOHDU XQD PH
$UUDQTXH HQ FDOLHQWH /OHYDU HO LQWHUUXSWRU GH HQFHQGLGR D OD SRVLFLyQ 6WDUW /OHYDU HO FHEDGRU D OD SRVLFLyQ 581 %ORTXHDU OD SDODQFD GHO DFHOHUDGRU FRPR HQ HO DUUDQTXH HQ IUtR 7LUDU UiSLGR GHO FRUGyQ GH DUUDQTXH FRPR Pi[LPR YHFHV HO PRWRU DUUDQFD 0DQWHQHU DSUHWDGD D IRQGR OD SDODQFD GHO DFHOHUDGRU KDVWD TXH HO PRWRU HVWp PDUFKDQGR WUDQTXLOR (O PRWRU QR DUUDQFD /OHYDU HO LQWHUUXSWRU GH HQFHQGLGR D OD SRVLFLyQ 581 7LUDU YHFHV GHO FRUGyQ GH DUUDQTXH6L HO PRWRU VL
E 3RGDU HQ YDOODGRV \ FLPLHQWRV £$WHQFLyQ £1R WRFDU FRQVWUXFFLRQHV ¿MDV SHOLJUR GH UHERWH *XLDU HO DSDUDWR OHQWDPHQWH \ FRQ FXLGDGR VLQ GHMDU TXH HO KLOR UHERWH HQ REVWiFXORV 3RGDU DOUHGHGRU GH WURQFRV GH iUEROHV &RQGXFLU HO DSDUDWR OHQWDPHQWH \ FRQ FXLGDGR DOUHGHGRU GH ORV WURQFRV GH PDQHUD TXH HO KLOR GH FRUWH QR WRTXH OD FRUWH]D GH iUERO 6HJDU GH L]TXLHUGD D GHUHFKD DOUHGHGRU GH WURQFRV GH iUEROHV &RJHU FpVSHG \ PDOH]DV FRQ OD SXQWD GHO KLOR H LQFOLQDU HO FDEH]DO SRUWDKLOR
)LOWUR GH FRPEXVWLEOH £$WHQFLyQ 1XQFD XVDU HO DSDUDWR VLQ ¿OWUR GH FRPEXVWLEOH (OOR SXHGH SURYRFDU GDxRV HQ HO PRWRU 4XLWDU FRPSOHWDPHQWH OD WDSD GHO GHSyVLWR 9DFLDU HO FRPEXVWLEOH H[LVWHQWH HQ XQ UHFLSLHQWH DGHFXDGR ([WUDHU HO ¿OWUR GHO GHSyVLWR FRQ OD D\XGD GH XQ JDQFKR GH DODPEUH 6DFDU HO ¿OWUR FRQ XQ PRYLPLHQWR JLUDWRULR &DPELDU HO ¿OWUR $MXVWH GHO FDUEXUDGRU (O FDUEXUDGRU YLHQH ySWLPDPHQWH DMXVWDGR GH IiEULFD £$WHQFLyQ 3HOLJUR GH VXIULU OHVLRQHV FRQ ODV KHUUDP
E 5HDQXGDFLyQ GHO VHUYLFLR (OLPLQDFLyQ 5HWLUDU OD EXMtD £1R HOLPLQDU ORV DSDUDWRV HQ GHVXVR MXQWR FRQ OD EDVXUD GRPpVWLFD 7LUDU FRPSOHWD \ YHOR]PHQWH GHO FRUGyQ GH DUUDQTXH SDUD HOLPLQDU HO UHVWR GH DFHLWH GH OD FiPDUD GH FRPEXVWLyQ /LPSLDU OD EXMtD UHYLVDU OD GLVWDQFLD HQWUH ORV HOHFWURGRV \ UHHPSOD]DUOD HQ FDVR QHFHVDULR 3UHSDUDU HO DSDUDWR SDUD VX XVR (PEDODMH DSDUDWR \ DFFHVRULRV HVWiQ IDEULFDGRV FRQ PDWHULDOHV DSWRV SDUD UHFLFODU \ GHEHQ HOLPLQDUVH HQ IRUPD FRUUHVSRQ
,QWURGXomR 8VR DSURSULDGR /HLD HVWD GRFXPHQWDomR DQWHV GD FRORFDomR HP IXQFLRQD PHQWR ,VWR p SUHFRQGLomR SDUD XP WUDEDOKR VHJXUR H PDQXVHLR OLYUH GH IDOKDV 2EVHUYH DV LQVWUXo}HV GH VHJXUDQoD H DYLVRV GHVWD GRFXPHQWDomR H VREUH R DSDUHOKR (VWD GRFXPHQWDomR p SDUWH LQWHJUDQWH GR SURGXWR GHV FULWR H GHYH VHU FRQMXQWDPHQWH HQWUHJXH DR FRPSUDGRU QD RFDVLmR GD YHQGD (VWH DSDUHOKR p GHVWLQDGR D DSDUDU H FHLIDU JUDPDGRV HP kPELWR SULYDGR 8P RXWUR XVR TXH YDL DOpP GHVWD DSOLFDomR p GHFO
P $WHQomR (P WUDEDOKRV SURORQJDGRV DV YLEUDo}HV SRGHP WHU HIHLWR SUHMXGLFLDO jV DUWpULDV RX DR VLVWHPD QHUYRVR GH GHGRV PmRV RX SXQKRV 3RGH RFRUUHU TXH PHPEURV SRVVDP DGRUPHFHU VHQWLU SRQWDGDV GRUHV RX DOWHUDo}HV QD SHOH (P FDVR GH VXUJLUHP WDLV LQGtFLRV FRQVXOWDU XP PpGLFR 'LVSRVLWLYRV GH VHJXUDQoD H GH SURWHomR $WHQomR 'LVSRVLWLYRV GH VHJXUDQoD H GH SURWHomR QmR GHYHP VHU SRVWRV IRUD GH IXQFLRQDPHQWR ± SHULJR GH IHULPHQWR 3DUDGD GH HPHUJrQFLD (VFXGR SURWHWRU FRQWUD EDWLGDV GH SHGUDV (P FD
0RQWDJHP 9LVWD JHUDO GDV SHoDV ¿J )DFD GH FHLIDU &DUUHWHO GH ¿R Q\ORQ &REHUWXUD GH SURWHomR 0DQtSOR GH ELFLFOHWD %LNH D E D E $ODYDQFD GR DFHOHUDGRU &RPXWDGRU GR PRWRU OLJ H GHVO %DWHQWH GD DODYDQFD GR DFHOHUDGRU 0RQWDU R FDUUHWHO GH ÀR GH Q\ORQ ¿J 5HPRYHU R FRQWUDSLQR ¿J H R ÀDQJH ¿J ,QWURGX]LU D FKDYH VH[WDYDGD ¿J QR IXUR GR GLVFR GH DUUDVWH ¿J H SDUDIXVDU R FDUUHWHO GH ¿R GH Q\ORQ VREUH R SLQR JXLD GR HL[R PRWUL] $WHQom
P &HUWL¿TXH VH GH TXH QmR KDMD YD]DPHQWR GH FRPEXVWt YHO QR PRWRU WDQTXH RX PDQJXHLUDV GH FRPEXVWtYHO 0LVWXUDU H JXDUGDU JDVROLQD VRPHQWH HP UHFLSLHQWHV SUHYLVWRV SDUD WDO 1mR XVDU PLVWXUD GH FRPEXVWtYHO TXH WHQKD VLGR DUPD ]HQDGD SRU PDLV GH GLDV 6RPHQWH DEDVWHFHU DR DU OLYUH 1mR IXPDU DR DEDVWHFHU 1mR DEULU D WDPSD GR WDQTXH FRP R PRWRU TXHQWH RX IXQFLRQDQGR (VWDQGR R WDQTXH RX D VXD WDPSD GDQL¿FDGD R WURTXH D R 6HPSUH IHFKDU EHP D WDPSD GR WDQTXH $SHQD
3DUWLGD D TXHQWH 3RVLFLRQDU D FKDYH GH LJQLomR HP 6WDUW 3RVLFLRQDU R DIRJDGRU HP 581 (QFRVWDU D DODYDQFD GR DFHOHUDGRU FRPR HP 3DUWLGD IULD 3X[DU R FRUGmR GH DUUDQTXH QR Pi[LPR YH]HV ± R PRWRU Gi SDUWLGD 0DQWHU D DODYDQFD GR DFHOHUDGRU QR Pi[LPR DWp TXH R PRWRU URGH VXDYHPHQWH 0RWRU QmR Gi SDUWLGD 3RVLFLRQDU R DIRJDGRU HP 581 3X[DU R FRUGmR GH DUUDQTXH [ 6H R PRWRU QmR GHU SDUWLGD QRYDPHQWH $JXDUGDU PLQXWRV H WHQWDU QRYDPHQWH FRP D DODYDQFD GR DFH
P $SDUDU MXQWR D FHUFDV H IXQGDPHQWRV $WHQomR 1mR WRFDU HP FRQVWUXo}HV VyOLGDV ± SHULJR GH FRLFH &RQGX]LU R DSDUHOKR OHQWD H FXLGDGRVDPHQWH VHP GHL[DU TXH R ¿R FROLGD FRP REVWiFXORV $SDUDU HP WRUQR GH WURQFRV &RQGX]LU R DSDUHOKR OHQWD H FXLGDGRVDPHQWH HP WRUQR GH WURQFRV GH IRUPD TXH R ¿R GH FHLIDU QmR WRTXH R FyUWLFH &HLIDU D JUDPD GD HVTXHUGD SDUD D GLUHLWD HP WRUQR GH WURQFRV &DSWDU JUDPDV H HUYDV FRP D SRQWD GR ¿R H LQFOLQDU R FDUUHWHO GH ¿R OHYHPHQWH SDUD D IUHQWH $SDUD
([WUDLU R ¿OWUR GR WDQTXH FRP DMXGD GH XP JDQFKR GH DUDPH $UPD]HQDPHQWR ([WUDLU R ¿OWUR JLUDQGR R 6XEVWLWXLU R ¿OWUR (VYD]LDU R WDQTXH GH JDVROLQD DQWHV GH XP DUPD]HQD PHQWR SURORQJDGR GXUDQWH R LQYHUQR $SHQDV HVYD]LDU R WDQTXH GH JDVROLQD DR DU OLYUH 'HL[DU R PRWRU HVIULDU DQWHV GR DUPD]HQDPHQWR $MXVWH GR FDUEXUDGRU (VYD]LDU R WDQTXH GH FRPEXVWtYHO 2 FDUEXUDGRU WHP XP DMXVWH GH IiEULFD LGHDO 'DU SDUWLGD QR PRWRU H GHL[i OR URGDU D YD]LR DWp TXH HOH SDUH 9HOD
P 5HFRORFDomR HP VHUYLoR (OLPLQDomR 1mR HOLPLQDU DSDUHOKRV YHOKRV DWUDYpV GR OL[R FRPXQLWiULR 5HPRYHU D YHOD GH LJQLomR 3X[DU R FRUGmR GH DUUDQTXH UDSLGDPHWH D ¿P GH UHPRYHU R yOHR UHVLGXDO GD FkPDUD GH FRPEXVWmR /LPSDU D YHOD GH LJQLomR YHUL¿FDU R HVSDoDPHQWR GR HOHWURGR H VH QHFHVViULR WURFDU D YHOD $ HPEDODJHP R DSDUHOKR H RV DFHVVyULRV VmR IHLWRV GH PDWHULDV UHFLFOiYHLV H GHYHP VHU HOLPLQDGRV FRUUHWDPHQWH 3UHSDUDU R DSDUHOKR SDUD VHUYLoR (QFKHU R WDQTXH FRP D P
,QWURGX]LRQH 8VR FRQIRUPH 3ULPD GHOOD PHVVD LQ VHUYL]LR OHJJHUH DWWHQWDPHQWH OD SUHVHQ WH GRFXPHQWD]LRQH 4XHVWD q XQD FRQGL]LRQH HVVHQ]LDOH SHU SRWHU ODYRUDUH H PDQLSRODUH LO SURGRWWR LQ WXWWD VLFXUH]]D $WWHQHUVL DOOH DYYHUWHQ]H GL VLFXUH]]D ROWUH DOOH LQGLFD ]LRQL GL DYYHUWLPHQWR FRQWHQXWH QHOOD SUHVHQWH GRFX PHQWD]LRQH HG LQGLFDWH VXOO DSSDUHFFKLR /D SUHVHQWH GRFXPHQWD]LRQH q SDUWH LQWHJUDQWH GHO SUR GRWWR GHVFULWWR H LQ FDVR GL YHQGLWD GHYH HVVHUH FRQVH JQDWD DOO DFTXLUHQWH
I $WWHQ]LRQH /H YLEUD]LRQL SURYRFDWH GD ODYRUL SUROXQJDWL SRVVRQR FDXVDUH GLVWXUEL DL YDVL VDQJXLJQL R DO VLVWHPD QHUYRVR D OLYHOOR GL GLWD PDQL R SROVL 3RVVRQR LQROWUH YHUL¿FDUVL IHQRPHQL TXDOL LQWRUSLGLPHQWR GL SDUWL GHO FRUSR EUXFLRUL GRORUL R DOWHUD]LRQL FXWDQHH $OO LQVRUJHUH GHL SULPL VHJQDOL FRQVXOWDUH XQR VSHFLDOLVWD 'LVSRVLWLYL GL VLFXUH]]D H SURWH]LRQH $WWHQ]LRQH , GLVSRVLWLYL GL VLFXUH]]D H SURWH]LRQH QRQ GHYRQR PDL HVVHUH GLVDWWLYDWL 3HULFROR GL OHVLRQL $UUHVWR GL HPHUJHQ]D 6FKH
0RQWDJJLR 3DQRUDPLFD GHL SH]]L ¿J /DPD WDJOLHQWH &DPSDQD SRUWD ¿OR &RIDQR SURWHWWLYR 0DQXEULR WLSR %LNH D E /HYD GHO JDV ,QWHUUXWWRUH PRWRUH GLVDWWLYDWR H DWWLYDWR D E $UUHVWR OHYD GHO JDV &LQJKLD SHU WUDVSRUWR &RSHUFKLR ¿OWUR DULD 6HUEDWRLR GHOOD EHQ]LQD /HYD &KRNH 5XQ 3ULPHU SRPSD D PHPEUDQD SHU DYYLR D IUHGGR $WWHQ]LRQH 0HWWHUH O DSSDUHFFKLR LQ IXQ]LRQH VROR GRSR DYHU FRPSOH WDWR LO PRQWDJJLR 0RQWDUH OD FDPSDQD SRUWD ÀOR ¿J
I 8WLOL]]DUH OD GHFHVSXJOLDWULFH VHPSUH FRQ OR VFKHUPR SURWHWWLYR 5LVSHWWDUH OH SUHVFUL]LRQL QD]LRQDOL VXL WHPSL GL VHUYL]LR $WWHQHUVL VHPSUH DOOH LVWUX]LRQL SHU O XVR IRUQLWH GDO IDE EULFDQWH GHO PRWRUH &DUEXUDQWH H SURGRWWL GL FRQVXPR $YYHUWHQ]H GL VLFXUH]]D $WWHQ]LRQH /D EHQ]LQD q DOWDPHQWH LQ¿DPPDELOH 3HULFROR G LQFHQ GLR 0LVFHODUH H FRQVHUYDUH OD EHQ]LQD HVFOXVLYDPHQWH LQ FRQWHQLWRUL DGDWWL DOOR VFRSR 1RQ XWLOL]]DUH QHVVXQD PLVFHOD FDUEXUDQWH LPPDJD]]L QDWD
(VWUDUUH UDSLGDPHQWH OD FRUGD VWDUWHU ¿QR DOO DYYLR GHO PRWRUH )DUH DWWHQ]LRQH DG DSSOLFDUH XQD WUD]LRQH RPRJHQHD H UDSLGD 'RSR O DYYLR GHO PRWRUH 0HWWHUH OD YDOYROD GL DYYLD PHQWR VX 581 6H LO PRWRUH QRQ GRYHVVH DYYLDUVL ULSHWHUH OH WDS SH D $YYLR D FDOGR 0HWWHUH O LQWHUUXWWRUH GL DFFHQVLRQH VX 6WDUW 0HWWHUH OD YDOYROD GL DYYLDPHQWR VX 581 $UUHVWDUH OD OHYD GHO JDV FRPH SHU O DYYLR D IUHGGR 7LUDUH UDSLGDPHQWH H SHU YROWH DO PDVVLPR OD FRUGL FHOOD GH
I 5LÀODWXUD EDVVD 6SRVWDUH O DSSDUHFFKLR LQ DYDQWL LQFOLQDQGROR OHJJHUPHQ WH LQ PRGR FKH VL VSRVWL DSSHQD VRSUD LO VXROR 5L¿ODUH VHPSUH DOORQWDQDQGR O DSSDUHFFKLR GDO FRUSR 5LÀODWXUD VX UHFLQWL H IRQGD]LRQL $WWHQ]LRQH 3ULPD GHOO LQVHULPHQWR GHOOD ODPD WDJOLHQWH IDUH LQROWUH DWWHQ]LRQH D XWLOL]]DUH OD FLQJKLD GL WUDVSRUWR FRQWUROODUH FKH OD ODPD WDJOLHQWH VLD PRQWDWD FRUUHW WDPHQWH SRUWDUH DELWL SURWHWWLYL HG XQD SURWH]LRQH SHU JOL RFFKL $WWHQ]LRQH 1RQ WRFFDUH FRVWUX]LRQL
/DVFLDUH FKH LO ¿OWUR DULD VL DVFLXJKL 5LPRQWDUH LO ¿OWUR DULD QHO VHQVR LQYHUVR GHOOR VPRQ WDJJLR Ê FRVu DVVLFXUDWR LO FRUUHWWR IXQ]LRQDPHQWR GHOOD OHYD GHOO¶DFFHOHUDWRUH $WWHQ]LRQH )LOWUR FDUEXUDQWH $WWHQ]LRQH 1RQ PHWWHUH PDL O DSSDUHFFKLR LQ IXQ]LRQH VHQ]D ¿OWUR FDUEXUDQWH 1H SRWUHEEHUR ULVXOWDUH GDQQL DO PRWRUH 3HULFROR GL IHULPHQWR FRQ JOL RUJDQL GL WDJOLR LQ URWD]LRQH 5HJRODUH L FDYL ERZGHQ VROR D PRWRUH VSHQWR &RQWUROODUH LO IXQ]LRQDPHQWR VROR GRSR DYHUH SRJ
I 5LPHVVD LQ VHUYL]LR 6PDOWLPHQWR 5LPXRYHUH OD FDQGHOD 1RQ VPDOWLUH JOL DSSDUHFFKL YHFFKL FRQ L ULÀXWL GRPHVWLFL 7LUDUH YHORFHPHQWH OD FRUGD VWDUWHU SHU HOLPLQDUH O¶ROLR UHVLGXR GDOOD FDPHUD GL FRPEXVWLRQH 3XOLUH OD FDQGHOD YHUL¿FDUH OD GLVWDQ]D IUD JOL HOHWWURGL VRVWLWXLUH VH QHFHVVDULR 3UHSDUDUH O¶DSSDUHFFKLR DOO¶LPSLHJR / LPEDOODJJLR O DSSDUHFFKLR H JOL DFFHVVRUL VRQR SURGRWWL FRQ PDWHULDOL ULFLFODELOL H GHYRQR SHUWDQWR HVVHUH VPDOWLWL FRPH FRQYLHQH 5LIRUQLUH LO
8YRG 8SRUDED Y VNODGX ] GRORÿLOL 3UHG ]DJRQRP SUHEHULWH WR GRNXPHQWDFLMR 7R MH SRJRM ]D YDUQR GHOR LQ QHPRWHQR XSRUDER 8SRãWHYDMWH YDUQRVWQH QDSRWNH LQ RSR]RULOD Y WHM GRNXPHQWDFLML LQ QD QDSUDYL 7D GRNXPHQWDFLMD MH VWDOHQ VHVWDYQL GHO RSLVDQHJD SURL]YRGD LQ MR MH WUHED SUL L]URþLWYL NXSFX SULORåLWL 7D QDSUDYD MH QDPHQMHQD VWULåHQMX LQ NRãQML WUDYQDWLK SRYUãLQ QD SULYDWQHP REPRþMX 'UXJD WR SUHVHJDMRþD XSRUDED QH YHOMD NRW VNODGQD ] GRORþLOL 3R]RU 1DSUDYD Q
SLO 3R]RU 3UL GDOMãLK GHOLK ODKNR ]DUDGL YLEUDFLM SULGH GR PRWHQM QD NUYQLK åLODK DOL åLYþQHP VLVWHPX SUVWRY URN DOL URþQLK VNOHSRY /DKNR SULGH WXGL GR ]DVSDQRVWL GHORY WHOHVD ]EDGDQMD EROHþLQ DOL VSUHPHPE NRåH 9 SULPHUX XVWUH]QLK ]QDNRY QDM YDV SUHJOHGD ]GUDYQLN 9DUQRVWQH LQ ]DäÿLWQH QDVWDYLWYH 3R]RU 1H UD]YHOMDYLWH YDUQRVWQLK LQ ]DãþLWQLK QDVWDYLWHY QHYDUQRVW SRãNRGE 8VWDYLWHY Y VLOL ãÿLWQLN SUHG OHWHÿLP NDPHQMHP 9 QXMQHP SULPHUX SUHNORSLWH VWLNDOR ]D YåLJ QD Ä6723³ âþLWL XSRUDEQLND S
0RQWDæD 3UHJOHG GHORY 6OLND 5H]LOR *ODYD ] QLWMR =DãþLWQL SRNURY ³%LNH³ GUåDOR QD NROHVX D E 0RQWDæD JODYH ] QLWMR ¿J 2GVWUDQLWH UD]FHSNR 6OLND LQ SULUREQLFR 6OLND âHVWUREL NOMXþ 6OLND YWDNQLWH Y RGSUWLQR VRMHPDOQH SORãþH LQ JODYR 6OLND ] QLWMR SULYLMWH QD NRQLFR YRGLOD SRJRQVNH JUHGL 3R]RU OHYL QDYRM 6RMHPDOQR SORãþR EORNLUDMWH ] ãHVWUREL NOMXþ GD ODKNR QDPHVWLWH JODYR ] QLWMR 6OLND 3OLQVND URþLFD 6WLNDOR PRWRU ³L]NORS³ L
SLO 0RWRUQR NRVR YHGQR XSRUDEOMDMWH V ãþLWQLNRP 8SRãWHYDMWH ORNDOQD VSHFL¿þQD GRORþLOD JOHGH REUDWRYDOQHJD þDVD 9HGQR XSRãWHYDMWH SURL]YDMDOþHYD SULORåHQD QDYRGLOD ]D XSRUDER *RULYR LQ RSUHPD 9DUQRVWQL QDSRWNL 2SR]RULOR %HQFLQ MH PRþQR YQHWOMLY QHYDUQRVW SRåDUD %HQFLQ VKUDQMXMWH LQ PHãDMWH Y OH ]D WR QDPHQMHQLK UH]HUYRDUMLK 1H XSRUDEOMDMWH PHãDQLFH JRULYD NL MH ELOD VNODGLãþHQD YHþ NRW GQL *RULYR WRþLWH OH QD SURVWHP 0HG WRþHQMHP JRULYD QH NDGLWH 3UL
7RSOL ]DJRQ 6WLNDOR ]D YåLJ QDVWDYLWH QD SR]LFLMR 6WDUW´ 6WDUWQR ORSXWR SRVWDYLWH QD Ä581³ 5RþLFR ]D SOLQ ]DSDKQLWH NRW SUL Ä+ODGQHP ]DJRQX³ 9UY ]DJDQMDOQLND QDMYHþ [ KLWUR SRWHJQLWH PRWRU VH ]DåHQH 5RþLFR ]D SOLQ GUåLWH GR NRQFD SULWLVQMHQR GRNOHU PRWRU PLUQR QH WHþH 0RWRU VH QH ]DåHQH 3UL NRãQML QD VWUPLK SRERþMLK YHGQR VWRMWH SRG UH]DOQR QDSUDYR 1LNROL QH GHODMWH QD JODGNHP VSRO]NHP SRERþMX 1DSUDYH QLNROL QH XSRUDEOMDMWH Y EOLåLQL ODKNR YQHWOMLYLK WHNR
SLO 6WULæHQMH æLYH PHMH LQ WHPHOMHY 3R]RU 1H GRWLNDMWH VH WUGQLK SUHGPHWRY QHYDUQRVW XGDUFD QD]DM ,]RJLEDQMH SRYUDWQHPX XGDUFX 3R]RU 5H]LOR QH XSRUDEOMDMWH Y EOLåLQL WUGQLK RYLU QHYDUQRVW SRYUDWQHJD XGDUFD QHYDUQRVW SRãNRGE 1DSUDYR YRGLWH SRþDVL LQ SUHYLGQR QH GD EL ] QLWMR ]DGHOL RE RYLUH =DWDNQLWHY 6WULæHQMH RNROL GHEHO *RVWD YHJHWDFLMD PODGD GUHYHVD DOL JRãþDYD ODKNR EORNLUDMR UH]DOQL OLVW LQ JD XVWDYLMR 1DSUDYR RNURJ GHEHO YRGLWH SRþDVL LQ SUHYLGQR WDNR GD QL
1DVWDYLWHY XSOLQMDÿD 8SOLQMDþ MH L] GHODYQLFH RSWLPDOQR QDVWDYOMHQ 9 ]JRUHYDOQL SURVWRU GROLMWH þDMQR åOLþNR GYRWDNWQH JD ROMD =D UD]GHOMHYDQMH ROMD Y QRWUDQMRVWL PRWRUMD YHþNUDW SRþDVL SRWHJQLWH YUY ]DJDQMDOQLND 9æLJDOQD VYHÿND 6OLND 3RQRYQR YVWDYLWH YåLJDOQR VYHþNR 5D]PLN HOHNWURG YåLJDOQLK VYHþN PP > ³@ 1DSUDYR WHPHOMLWR RþLVWLWH LQ RVNUELWH 9åLJDOQR VYHþNR SULYLMWH ] QDYRURP 1P 1DSUDYR VNODGLãþLWH QD KODGQHP VXKHP SURVWRUX 6WLNDOR ]D YåLJDOQ
SLO 3RPRÿ SUL PRWQMDK 352%/(0 02å(1 9=52.
8YRG 1DPMHQVND XSRUDED 3URþLWDMWH RYX GRNXPHQWDFLMX SULMH NRULãWHQMD XUHÿDMD 7R MH SUHGXYMHW ]D VLJXUDQ UDG L EHVSULMHNRUQR UXNRYDQMH 3ULGUåDYDMWH VH XSXWD R VLJXUQRVWL L XSR]RUHQMD X GRNXPHQWDFLML L QD XUHÿDMX 'RNXPHQWDFLMD þLQL VDVWDYQL GLR RSLVDQRJ SURL]YRGD L SRWUHEQR MX MH SUHGDWL QRYRP NRULVQLNX SUL SURPMHQL YODVQLãWYD 8UHÿDM MH QDPLMHQMHQ ]D UH]DQMH L NRãQMX WUDWLQH X SULYDWQH VYUKH 6YDND GUXJD XSRUDED NRMD RGVWXSD RG QDYHGHQH VPDWUD VH QHQDPMHQVNRP
HR 3R]RU .
0RQWDæD 0RQWDæD JODYH V QLWLPD ¿J 3UHJOHG GLMHORYD VOLND 8NODQMDQMH UDVFMHSNH VOLND L SULUXEQLFH VOLND 5H]QL QRå *ODYD V QLWLPD =DãWLWQL SRNORSDF %LFLNOLVWLþND UXþND D E D E 8WDNQLWH ãHVWREULGQL NOMXþ VOLND X RWYRU VWH]QH SORþH L XYLMWH JODYX VOLND V QLWLPD QD WUQ YRGLOLFH SRJRQVNH RVRYLQH 3R]RU OLMHYL QDYRM %ORNLUDMWH VWH]QX VOLND SORþX ãHVWREULGQL NOMXþ NDNR ELVWH ]DWHJQXOL JODYX V QLWLPD 3ROXJD JDVD 6NORSND ]D XNOM
HR 0RWRUQX NRVX NRULVWLWH LVNOMXþLYR VD ]DãWLWQLP RNORSRP 3ULGUåDYDMWH VH YDåHüLK SURSLVD R YUHPHQX UDGD 8YLMHN SURþLWDMWH SULORåHQH XSXWH ]D XSRUDEX SURL]YRÿDþD PRWRUD *RULYR L SRJRQVND VUHGVWYD 8SXWH R VLJXUQRVWL 8SR]RUHQMH %HQ]LQ MH YUOR ]DSDOMLYR VUHGVWYR 2SDVQRVW RG SRåDUD %HQ]LQ PLMHãDMWH L GUåLWH VDPR X ]D WR SUHGYLÿHQLP SRVXGDPD 1H NRULVWLWH VPMHVX JRULYD NRMD MH VWDMDOD GXOMH RG GDQD *RULYR SXQLWH VDPR QD RWYRUHQRP 1H SXãLWH WLMHNRP SXQMHQ
7RSOR SRNUHWDQMH 2NUHQLWH VNORSNX ]D SDOMHQMH X SRORåDM Ä6WDUW³ 2NUHQLWH ]DNORSNX ]D SRNUHWDQMH X SRORåDM Ä581³ %ORNLUDMWH SROXJX JDVD NDNR MH RSLVDQR X RGMHOMNX Ä+ODGQR SRNUHWDQMH³ 8åH ]D SRNUHWDQMH EU]R SRYXFLWH PDNVLPDOQR [ PR WRU üH VH SRNUHQXWL 'UåLWH GR NUDMD SULWLVQXWX SROXJX JDVD GRN PRWRU QH SRþQH PLUQR UDGLWL 0RWRU VH QH SRNUHüH 2NUHQLWH ]DNORSNX ]D SRNUHWDQMH X SRORåDM Ä581³ 3RYXFLWH XåH ]D SRNUHWDQMH [ $NR VH PRWRU SRQRYQR QH SRNUHQH 3ULþHNDMWH P
HR 5H]DQMH RNR RJUDGD L EHWRQVNLK GLMHORYD ,]EMHJDYDQMH WU]DMD 3R]RU 1H GRGLUXMWH þYUVWH SRYUãLQH RSDVQRVW RG WU]DMD 8UHÿDM YRGLWH SRODNR L RSUH]QR WH QH GRSXVWLWH GD QLW XGDUL R SUHSUHNH 5H]DQMH RNR VWDEDOD 8UHÿDM YRGLWH RSUH]QR L SRODNR RNR VWDEOD WDNR GD UH]QH QLWL QH GRGLUQX UXE VWDEOD .
1DPMHäWDQMH UDVSOLQMDÿD 2WSXVWLWH VYMHüLFX NOMXþHP ]D VYMHüLFH 5DVSOLQMDþ MH RSWLPDOQR QDPMHãWHQ X WYRUQLFL 8OLMWH MHGQX åOLþLFX XOMD ]D GYRWDNWQH PRWRUH X NRPRUX ]D VDJRULMHYDQMH 5DGL UDVSRGMHOH XOMD X XQXWUDãQMRVWL PRWRUD QHNROLNR SXWD SRODNR SRYXFLWH XåH ]D SRNUH WDQMH 6YMHýLFD VOLND 5D]PDN HOHNWURGD VYMHüLFH PP > ³@ 6WHJQLWH VYMHüLFX ]DNUHWQLP PRPHQWRP RG GR 1P 3RVWDYLWH XWLNDþ VYMHüLFH QD VYMHüLFX 2äWUHQMH QRæD QLWL 2WSXVWLWH UH]QL QRå VD ]DãWLW
HR 3RPRý NRG QHLVSUDYQRVWL 352%/(0 02*8ü, 8=52.
8YRG 1DPHQVND XSRWUHED 3UH SXãWDQMD X UDG SURþLWDMWH FHOR SULORåHQR XSXWVWYR 7R SUHGVWDYOMD SUHGXVORY ]D VLJXUDQ UDG L QHVPHWDQR UXNRYDQMH 3RãWXMWH VLJXUQRVQH QDSRPHQH L XSR]RUHQMD NRML VH QDOD]H X RYRP GRNXPHQWX L QD RYRP XUHÿDMX 2YDM GRNXPHQW MH VWDOQL VDVWDYQL GHR RSLVDQRJ SURL]YRGD LVWL WUHED SULOLNRP SURGDMH LOL RWXÿLYDQMD SUHGDWL GRWLþQRP NXSFX 2YDM XUHÿDM MH QDPHQMHQ ]D WULPRYDQMH L NRãHQMH SRYUãLQH SRG WUDYQMDNRP QD SULYDWQLP SRVHGLPD 1HNL GUXJL QDþLQ NRULãüHQ
SRB 3DæQMD .
0RQWDæD 0RQWDæD NDOHPD NRQFD VO 3UHJOHG GHORYD VOLND 8NORQLWH UDVFHSNX VOLND L SULUXEQLFX VOLND 5H]QL QRå .
SRB 8YHULWH VH GD L] PRWRUD UH]HUYRDUD LOL YRGRYD QH FXUL JRULYR %HQ]LQ þXYDWL L PHãDWL VDPR X ]D WR SUHGYLÿHQLP VXGRYLPD 1HPRMWH NRULVWLWL PHãDYLQX JRULYD NRMD MH XVNODGLãWHQD YLãH RG GDQD *RULYR WRþLWL VDPR QD RWYRUHQRP SURVWRUX 1HPRMWH SXãLWL SULOLNRP GROLYDQMD JRULYD 3RNORSDF UH]HUYRDUD QHPRMWH RWYDUDWL GRN PRWRU UDGL LOL GRN MH MRã YUXü 2ãWHüHQL UH]HUYRDU LOL SRNORSDF UH]HUYRDUD RGPDK ]DPHQLWL 3RNORSDF UH]HUYRDUD XYHN þYUVWR SULWHJQXWL 5H]HUYRDU JR
7RSOL VWDUW PRWRUD 3UHNLGDþ SDOMHQMD SRVWDYLWH QD 6WDUW SUHNORSQLN ]D SRNUHWDQMH SRVWDYLWL QD 581 5$' 3OXJX JDVD EORNLUDMWH NDR ]D +ODGDQ VWDUW PRWRUD 8åH ]D SRNUHWDQMH PRWRUD SRYXFLWH PDNVLPDOQR [ PRWRU VH SRNUHüH 3ULWLVQLWH L GUåLWH SROXJX JDVD VNUR] GR NUDMD GRN PRWRU QH SRVWLJQH PLUDQ UDG 0RWRU VH QH SRNUHüH 3UHNORSQLN ]D SRNUHWDQMH SRVWDYLWH QD SR]LFLMX 581 5$' 3RYXFLWH XåH ]D SRNUHWDQMH PRWRUD [ $NR VH PRWRU SRQRYR QH SRNUHüH 6DþHNDMWH PLQX
SRB 7ULPRYDQMH SRUHG RJUDGH L WHPHOMD 3DæQMD 1HPRMWH GRGLULYDWL REMHNWH þYUVWH JUDGQMH RSDVQRVW RG SRYUDWQRJ XGDUFD 6SUHÿDYDQMH SRMDYH SRYUDWQRJ XGDUFD 3DæQMD 1HPRMWH UH]QH QRåHYH NRULVWLWL X EOL]LQL þYUVWLK SUHSUHND RSDVQRVW RG SRYUDWQRJ XGDUFD RSDVQRVW RG SRYUHGD 9RGLWH XUHÿDM SRODNR L SDåOMLYR EH] GD NRQDF XGDUD R SUHSUHNH =DJODYOMLYDQMH 7ULPRYDQMH RNR VWDEDOD GUYHýD *XVWD YHJHWDFLMD PODGR GUYHüH LOL åEXQMH PRJX UH]QL OLVW EORNLUDWL L ]DXVWDYLWL JD 8UHÿDM SD
3RNUHWLPD RNUHWDQMD L]YDGLWH ¿OWHU 1DPHVWLWH ¿OWHU 3RGHäDYDQMH NDUEXUDWRUD .
SRB 3RQRYQR SXäWDQMH X UDG 8NODQMDQMH ,VNRULäýHQMH XUHĀDMH QHPRMWH XNODQMDWL ]DMHGQR VD NXýQLP VPHýHP 6NLQLWH VYHüLFX ]D SDOMHQMH 3RYXFLWH EU]LP SRWH]RP XåH ]D SRNUHWDQMH PRWRUD GD ELVH ]DRVWDOR XOMH RGVWUDQLOR L] NRPRUH ]D VDJRUHYDQMH 2þLVWLWH VYHüLFX ]D SDOMHQMH SURYHULWH ]D]RU HOHNWURGD SR SRWUHEL L]YUãLWH ]DPHQX 3DNRYDQMH XUHÿDM L RSUHPD VDþLQMHQL VX RG PDWHULMDOD NRML VH PRåH UHFLNOLUDWL L SRWUHEQR LK MH SURSLVQR XNORQLWL 3ULSUHPLWH XUHÿDM ]D NRULãüHQMH 1DSXQLW
:SURZDG]HQLH 8ī\FLH ]JRGQH ] SU]H]QDF]HQLHP 3U]HG XUXFKRPLHQLHP QDOHĪ\ ]DSR]QDü VLĊ ] QLQLHMV]ą GRNXPHQWDFMą 6WDQRZL WR ZDUXQHN EH]SLHF]QHM SUDF\ L EH]DZDU\MQHM REVáXJL 1DOHĪ\ SU]HVWU]HJDü ZVND]yZHN EH]SLHF]HĔVWZD RUD] RVWU]HĪHĔ ]DZDUW\FK Z QLQLHMV]HM GRNXPHQWDFML RUD] XPLHV]F]RQ\FK QD XU]ąG]HQLX 'RNXPHQWDFMD VWDQRZL HOHPHQW VNáDGRZ\ RSLV\ZDQHJR SURGXNWX L Z SU]\SDGNX VSU]HGDĪ\ QDOHĪ\ Mą SU]HND]Dü QDE\ZF\ 7R XU]ąG]HQLH VáXĪ\ GR SU]\FLQDQLD L NRV]HQLD GRPRZ\FK WUDZQLNyZ ,QQH
PL 8ZDJD : SU]\SDGNX GáXĪV]HM SUDF\ QD VNXWHN ZLEUDFML PRĪH GRMĞü GR ]DEXU]HĔ QDF]\Ĕ NUZLRQRĞQ\FK OXE XNáDGX QHUZRZHJR Z WDNLFK PLHMVFDFK MDN SDOFH GáRQLH OXE QDGJDUVWNL 0RJą Z\VWąSLü GUĊWZLHQLD UyĪQ\FK F]ĊĞFL FLDáD RVWU\ EyO OXE ]PLDQ\ VNyUQH : SU]\SDGNX SRMDZLHQLD VLĊ W\FK V\PSWRPyZ QDOHĪ\ XGDü VLĊ GR OHNDU]D =DEH]SLHF]HQLD 8ZDJD 1LH QDOHĪ\ Z\áąF]Dü ]DEH]SLHF]HĔ ± QLHEH]SLHF]HĔVWZR ]UDQLHQLD =DWU]\PDQLH DZDU\MQH : V\WXDFML DZDU\MQHM ZáąF]QLN ]DSáRQX SU]HVWDZLü GR SR]\FML Ä6723´ 2Vâ
0RQWDī 0RQWDī OLQNL WQĆFHM LOO 3U]HJOĆG HOHPHQWyZ ,OXVWUDFMD 8VXQąü ]DZOHF]NĊ ,OXVWUDFMD L NRáQLHU] ,OXVWUDFMD 1yĪ WQąF\ *áRZLFD OLQNL 3RNU\ZD RFKURQQD 8FKZ\W ÄURZHURZ\´ D E 'ĨZLJQLD SU]HSXVWQLF\ 3U]HáąF]QLN VLOQLND ÄZ\á´ L ÄZá´ D E %ORNDGD GĨZLJQL SU]HSXVWQLF\ .
PL 3RGNDV]DUNĊ HNVSORDWRZDü ]DZV]H ] RVáRQą 3U]HVWU]HJDü VSHF\¿F]Q\FK GOD GDQHJR NUDMX SU]HSLVyZ GRW\F]ąF\FK F]DVyZ SUDF\ =DZV]H VWRVRZDü VLĊ GR WUHĞFL ]DZDUW\FK Z GRáąF]RQHM LQVWUXNFML REVáXJL SURGXFHQWD VLOQLND 3DOLZR L ğURGNL HNVSORDWDF\MQH :VND]yZNL EH]SLHF]HĕVWZD 8ZDJD %HQ]\QD MHVW VXEVWDQFMą EDUG]R áDWZR SDOQą ± QLHEH]SLHF]HĔVWZR SRĪDUX %HQ]\QĊ QDOHĪ\ PLHV]Dü L SU]HFKRZ\ZDü W\ONR Z SU]HZLG]LDQ\FK GR WHJR FHOX SRMHPQLNDFK 1LH QDOHĪ\ XĪ\ZDü PLHV]DQNL SDOLZRZH
3R XUXFKRPLHQLX VLOQLND .ODSĊ SRZLHWU]D XVWDZLü Z SR]\FML Ä27:$57$´ ,QVWUXNFMD REVâXJL -HĪHOL VLOQLN QLH XUXFKDPLD VLĊ SRZWyU]\ü NURNL RG GR 3RGF]DV SU]\FLQDQLD L NRV]HQLD HNVSORDWRZDü VLOQLN ]DZV]H Z JyUQ\P ]DNUHVLH SUĊGNRĞFL REURWRZHM :VND]yZNL EH]SLHF]HĕVWZD 8ZDJD &LHSâ\ VWDUW 3U]HáąF]QLN ]DSáRQX XVWDZLü Z SR]\FML Ä6WDUW´ .
PL 3U]\FLQDQLH .
.RQVHUZDFMD L SLHOċJQDFMD 5HJXODFMD FLċJLHQ HODVW\F]Q\FK )LOWU SRZLHWU]D &LĊJQD HODVW\F]QH NRV\ VSDOLQRZHM ]RVWDá\ Z\UHJXORZDQH IDEU\F]QLH 8ZDJD 1LH HNVSORDWRZDü XU]ąG]HQLD EH] ¿OWUD SRZLHWU]D )LOWU SRZLHWU]D QDOHĪ\ UHJXODUQLH F]\ĞFLü 8V]NRG]RQ\ ¿OWU SRZLHWU]D Z\PLHQLü 8VXQąü SRNUĊWáR JZLDĨG]LVWH ]GMąü SRNU\ZĊ L Z\Mąü ¿OWU SRZLHWU]D )LOWU SRZLHWU]D XP\ü P\GáHP L ZRGą 1LH XĪ\ZDü EHQ]\Q\ )LOWU SRZLHWU]D SR]RVWDZLü GR Z\VFKQLĊFLD )LOWU SRZLHWU]D ]DPRQWRZDü Z RGZURW
PL 8ZDJD 1LHEH]SLHF]HĕVWZR SRīDUX 8W\OL]DFMD 1LH SU]HFKRZ\ZDü ]DWDQNRZDQHM PDV]\Q\ Z EXG\QNDFK Z NWyU\FK RSDU\ EHQ]\Q\ PRJą PLHü NRQWDNW ] RWZDUW\P RJQLHP OXE LVNUą 2EV]DU VLOQLND Z\GHFKX VNU]\QNL DNXPXODWRUD L ]ELRUQL ND SDOLZD PXVL E\ü ZROQ\ RG VNRV]RQHM WUDZ\ EHQ]\Q\ L ROHMX 3RQRZQH XUXFKRPLHQLH =Xī\W\FK XU]ĆG]Hĕ QLH Z\U]XFDý ]H ğPLHFLDPL GRPRZ\PL 2SDNRZDQLH XU]ąG]HQLH L DNFHVRULD Vą Z\NRQDQH ] PDWHULDáyZ QDGDMąF\FK VLĊ GR SRZWyUQHJR Z\NRU]\VWDQLD L QDOHĪ\ MH Z RGSRZLHGQL VSRVyE
ÓYRG 3RXætYiQt Y VRXODGX V XUÿHQtP 3ĜHþWČWH VL WXWR GRNXPHQWDFL SĜHG XYHGHQtP GR SURYR]X -H SĜHGSRNODGHP SUR EH]SHþQRX SUiFL D EH]SRUXFKRYRX PDQLSXODFL 'EHMWH QD EH]SHþQRVWQt D YDURYQp SRN\Q\ XYiGČQp Y WpWR GRNXPHQWDFL D QD ]DĜt]HQt 7DWR GRNXPHQWDFH MH WUYDORX VRXþiVWt SRSVDQpKR YêURENX D Y SĜtSDGČ GDOãtKR SURGHMH E\ PČOD EêW NXSXMtFtPX SĜHGiQD VSROX V QtP 7RWR ]DĜt]HQt MH XUþHQR N Y\åtQiQt D VHþHQt ]DWUDYQČQêFK SR]HPNĤ SUR RVREQt SRWĜHEX -LQp SRXåLWt S
CZ 3R]RU 3ĜL SUDFRYiQt SR GHOãt GREX PĤåH GRMtW Y GĤVOHGNX YLEUDFt N YêVN\WX SRUXFK FpY D QHUYRYp VRXVWDY\ Y REODVWL SUVWĤ UXNRX D ]iSČVWt N EUQČQt Y þiVWHFK WČOD SLFKODYêPL EROHVWHP EROHVWHP QHER ]PČQiP SRNRåN\ 9 SĜtSDGČ WDNRYêFK Qi]QDNĤ Y\KOHGHMWH OpNDĜH EH]SHÿQRVWQt D RFKUDQQp PHFKDQLVP\ 3R]RU 1HVPt VH QDUXãRYDW ~þLQQRVW EH]SHþQRVWQtFK D RFKUDQQêFK PHFKDQLVPĤ QHEH]SHþt ~UD]X 1RX]RYp ]DVWDYHQt RFKUDQQë äWtW SURWL RGOHWXMtFtPX NDPHQt 9 SĜtSDGČ QRX]H SĜHSQČWH VStQDþ ]DSDORYiQt QD Ä6723³ &
0RQWiæ 0RQWiæ VWUXQRYp KODY\ REU 3ĝHKOHG GtOĥ REUi]HN 2GVWUDĖWH ]iYODþNX REUi]HN D SĜtUXEX REUi]HN ĜH]DFt QĤå VWUXQRYi KODYD RFKUDQQê NU\W UXNRMHĢ Mt]GQtKR NROD ELNH D E D E SiþND SO\QX 'R RWYRUX Y XQDãHþL ]DVXĖWH ãHVĢKUDQQê NOtþ REUi]HN D Y\ãURXEXMWH VWUXQRYRX KODYX REUi]HN ] YRGLFtKR WUQX KQDFtKR KĜtGHOH 3R]RU OHYë ]iYLW .
CZ 0RWRURYRX NRVX SURYR]XMWH YåG\ V RFKUDQQêP ãWtWHP 'RGUåXMWH SĜHGSLV\ NWHUp V SODWQRVWt SUR GDQRX ]HPL VWDQRYXMt SURYR]Qt GREX 9åG\ GRGUåXMWH QiYRG N REVOX]H RG YêUREFH PRWRUX NWHUê MH VRXþiVWt GRGiYN\ 3DOLYR D SURYR]Qt SURVWĝHGN\ %H]SHÿQRVWQt SRN\Q\ 9DURYiQt %HQ]tQ MH Y\VRFH Y]QČWOLYê QHEH]SHþt SRåiUX %HQ]tQ PtFKHMWH D SĜHFKRYiYHMWH MHQ Y ]iVREQtFtFK N WRPX XUþHQêFK 1HSRXåtYHMWH SDOLYRYRX VPČV VNODGRYDQRX GpOH QHå GQt 3DOLYR GRSOĖXMWH MHQ Y
7HSOë VWDUW 1DVWDYWH VStQDþ ]DSDORYiQt GR SRORK\ 6WDUW 6WDUWRYDFt NODSNX QDVWDYWH GR SRORK\ 581 3iþNX SO\QX DUHWXMWH VWHMQČ MDNR X VWXGHQpKR VWDUWX 5\FKOH ]DWiKQČWH ]D VWDUWRYDFt ODQNR PD[LPiOQČ [ PRWRU QDVNRþt 3iþNX SO\QX WLVNQČWH QD PD[LPXP GRNXG PRWRU QHEČåt NOLGQČ 0RWRU QHQDVNDNXMH 6WUXQRYRX KODYX QLNG\ QH]YHGHMWH QDG YêãNX NROHQ MH OL ]DĜt]HQt Y SURYR]X 3ĜL VHþHQt QD VYDKX YåG\ VWĤMWH R QČFR Qtå QHå NGH VH QDFKi]t ĜH]Qê PHFKDQLVPXV 1LNG\ QHSUDFXMWH
CZ 9\ætQiQt X SORWĥ D EHWRQRYëFK ]iNODGĥ 3R]RU 1HGRWêNHMWH VH SHYQêFK VWDYHE QHEH]SHþt ]SČWQpKR Ui]X =DĜt]HQt YHćWH SRPDOX D RSDWUQČ D QHQHFKiYHMWH VWUXQX QDUiåHW QD SĜHNiåN\ 9\ætQiQt NROHP NPHQĥ VWURPĥ =DĜt]HQt YRćWH NROHP NPHQĤ VWURPĤ RSDWUQČ D SRPDOX WDN DE\ VH ĜH]Qi VWUXQD QHGRWNOD NĤU\ VWURPX .
)LOWU Y\WiKQHWH RWiþLYêP SRK\EHP 9\PČĖWH ¿OWU 6Hĝt]HQt NDUEXUiWRUX .
CZ 2SDNRYDQp XYHGHQt GR SURYR]X /LNYLGDFH RGSDGX 9\MPČWH ]DSDORYDFt VYtþNX 9\VORXæLOi ]Dĝt]HQt QHVPčMt EëW OLNYLGRYiQD VSROHÿQč V GRPRYQtP RGSDGHP 5\FKOH ]DWiKQČWH ]D VWDUWRYDFt ODQNR DE\VWH RGVWUDQLOL ]EêYDMtFt ROHM ]H VSDORYDFt NRPRU\ 9\þLVWČWH ]DSDORYDFt VYtþNX ]NRQWUROXMWH Y]GiOHQRVW HOHNWURG Y SĜtSDGČ SRWĜHE\ Y\PČĖWH =DĜt]HQt SĜLSUDYWH N SRXåLWt 2EDO\ ]DĜt]HQt D SĜtVOXãHQVWYt MVRX Y\UREHQ\ ] UHF\NORYDWHOQêFK PDWHULiOĤ D MH WĜHED MH OLNYLGRYDW RGSRYtGDMtFtP ]SĤVREHP
ÓYRG 3RXæLWLH Y V~ODGH V XUÿHQtP 7~WR GRNXPHQWiFLX VL SUHþtWDMWH SUHG XYHGHQtP GR SUHYiG]N\ 7R MH SUHGSRNODG SUH EH]SHþQ~ SUiFX D EH]SRUXFKRY~ REVOXKX 'EDMWH QD GRGUåLDYDQLH EH]SHþQRVWQêFK D YêVWUDåQêFK XSR]RUQHQt Y WHMWR GRNXPHQWiFLt D QD ]DULDGHQt 7iWR GRNXPHQWiFLD MH SHUPDQHQWQRX V~þDVĢRX SRStVDQpKR SURGXNWX D SUL SUHGDML E\ PDOD E\Ģ RGRY]GDQi NXSXM~FHPX 7RWR ]DULDGHQLH MH XUþHQp QD VWULKDQLH D NRVHQLH WUiYQLNRY Y V~NURPQHM VIpUH ,Qp DNR ] WRKR Y\SOêYDM~FH SR
SK 3R]RU 3UL GOKãtFK SUiFDFK P{åH G{MVĢ SURVWUHGQtFWYRP YLEUiFLt N QDUXãHQLX WHSLHQ DOHER QHUYRYpKR V\VWpPX QD SUVWRFK UXNiFK DOHER ]iSlVWLDFK 0{åH VD Y\VN\WQ~Ģ ]PHUDYHQLH þDVWt WHOD SLFKDQLH EROHVWL DOHER ]PHQ\ SRNRåN\ 3UL SUtVOXãQêFK SUt]QDNRFK VD QHFKDMWH SUHKOLDGQXĢ OHNiURP %H]SHÿQRVWQp D RFKUDQQp ]DULDGHQLD 3R]RU %H]SHþQRVWQp D RFKUDQQp ]DULDGHQLD QHVP~ E\Ģ RGVWDYRYDQp ] SUHYiG]N\ QHEH]SHþHQVWYR SRUDQHQLD 1~G]RYp ]DVWDYHQLH 2FKUDQQë NU\W SUHG ~GHUPL NDPHėRY 9 SUtSDGH Q~
0RQWiæ 3UHKđDG GLHORY REUi]RN 9\åtQDFt NRW~þ 6WUXQRYi KODYD 2FKUDQQê NU\W 5XNRYlĢ ³%LNH³ E\FLNORYp ULDGLGOi D E D E 3O\QRYi SiND 0RQWiæ VWUXQRYHM KODY\ REU 2GVWUiQLĢ ]iYODþNX REUi]RN D SUtUXEX REUi]RN âHVĢKUDQQê NĐ~þ REUi]RN VWUþWH GR RWYRUX XQiãDFLHKR NRW~þD D VWUXQRY~ KODYX REUi]RN SULVNUXWNXMWH QD YRGLDFL WĚĖ KQDFLHKR KULDGHĐD 3R]RU ĐDYRWRÿLYë ]iYLW 8QiãDFt NRW~þ DUHWXMWH SRPRFRX ãHVĢKUDQQê NĐ~þ NY{OL SULWLDKQXWLX VWUXQRYHM KO
SK 0RWRURY~ NRVX YåG\ SUHYiG]NXMWH V RFKUDQQêP NU\WRP 'RGUåLDYDMWH SUH NUDMLQX ãSHFL¿FNp QDULDGHQLD R GREiFK SUHYiG]N\ 9åG\ GRGUåLDYDMWH QiYRG QD SRXåLWLH GRGDQê YêUREFRP PRWRUD 3DOLYR D SUHYiG]NRYp KPRW\ %H]SHÿQRVWQp XSR]RUQHQLD 9DURYDQLH %HQ]tQ MH Y\VRNR KRUĐDYê QHEH]SHþHQVWYR SRåLDUX %HQ]tQ PLHãDMWH D XFKRYiYDMWH LED Y QD WR XUþHQêFK QiGREiFK 1HSRXåtYDMWH SDOLYRY~ ]PHV NWRUi EROD VNODGRYDQi GOKãLH DNR GQt 7DQNXMWH LED QD YRĐQRP SULHVWUDQVWYH 3U
7HSOë äWDUW 6StQDþ ]DSDĐRYDQLD SUHVWDYWH GR SRORK\ Ä6WDUW³ âWDUWRYDFLX NODSNX SUHVWDYWH GR SRORK\ Ä581³ 3O\QRY~ SiNX ]DDUHWXMWH DNR MH XYHGHQp Y ERGH Ä6WX GHQê ãWDUW³ âWDUWRYDFLX ãQ~UX SRWLDKQLWH UêFKOR PD[LPiOQH [ PRWRU QDVNRþt 3O\QRY~ SiNX GUåWH VWODþHQ~ QDSOQR SRNLDĐ QH]DþQH PRWRU EHåDĢ SRWLFKX 0RWRU QHQDVNDNXMH âWDUWRYDFLX NODSNX SUHVWDYWH GR SRORK\ Ä581´ âWDUWRYDFLX ãQ~UX [ SRWLDKQLWH $N PRWRU RSlĢ QHQDVNRþt 3RþNDMWH PLQ~W D QiVOHGQH WR Y\VN~ãDMWH HãWH
SK 9\ætQDQLH SUL SORWRFK D ]iNODGRFK 3R]RU 1HGRWêNDMWH VD SHYQêFK VWDYLHE QHEH]SHþHQVWYR VSlWQpKR QiUD]X =DULDGHQLH YHćWH SRPDO\ D RSDWUQH EH] WRKR DE\ VWH KR QHFKDOL QDUiåDĢ QD SUHNiåN\ 9\ætQDQLH RNROR VWURPRY =DULDGHQLH YHćWH RNROR VWURPRY RSDWUQH D SRPDO\ WDN åH VD Y\åtQDFLD VWUXQD QHGRWêND N{U\ VWURPRY 2NROR VWURPRY NRVWH VPHURP ]ĐDYD GRSUDYD 7UiYX D EXULQX ]DFK\ĢWH ãSLþNRX VWUXQ\ D VWUXQRY~ KODYX SRKQLWH ĐDKNR VPHURP GRSUHGX 9\åtQDQLH SUL NDPHQQêFK P~URFK ]iNO
3RPRFRX KiþLND ] GU{WX Y\EHUWH ¿OWHU ] QiGUåH )LOWHU VWLDKQLWH RWiþDYêP SRK\ERP )LOWHU Y\PHĖWH 1DVWDYHQLH NDUEXUiWRUD .
SK =QRYX XYHGHQLH GR SUHYiG]N\ /LNYLGiFLD 2GVWUiĖWH ]DSDĐRYDFLX VYLHþNX =DULDGHQLD NWRUp GRVO~æLOL QHOLNYLGXMWH FH] GRPRYë RGSDG âWDUWRYDFLH ODQR UêFKOR QDWLDKQLWH D ]RVWiYDM~FL ROHM RGVWUiĖWH ]R VSDĐRYDFHM NRPRU\ =DSDĐRYDFLX VYLHþNX RþLVWLWH SUHNRQWUROXMWH Y]GLDOHQRVĢ HOHNWUyG D SRGĐD SRWUHE\ VYLHþNX Y\PHĖWH %DOHQLH ]DULDGHQLH D SUtVOXãHQVWYR V~ Y\UREHQp ] UHF\NORYDWHĐQêFK PDWHULiORY D SUHWR LFK SUtVOXãQH OLNYLGXMWH =DULDGHQLH SULSUDYWH QD SRXåLWLH 1iGUå QDSOĖW
%HYH]HWpV h]HPEH KHO\H]pV HOĘWW ROYDVVD iW H]W D OHtUiVW (] D EL]WRQViJRV PXQND pV D ]DYDUPHQWHV NH]HOpV HOĘIHOWpWHOH 7DUWVD EH D KDV]QiODWL XWDVtWiVEDQ pV D JpSHQ OiWKDWy EL]WRQViJL XWDVtWiVRNDW pV ¿J\HOPH]WHWpVHNHW (] D GRNXPHQWiFLy D] LVPHUWHWHWW NpV]OpN iOODQGy WDUWR]pND DQQDN HODGiVD HVHWpQ DGMD iW D YHYĘQHN D JpSSHO HJ\WW -HOPDJ\DUi]DW )LJ\HOHP +D SRQWRVDQ EHWDUWMD H]HNHW D ¿J\HOPH]WHWpVHNHW HONHUOKHWL D V]HPpO\L VpUOpVHNHW pV YDJ\ D] DQ\DJL NiURNDW
H )LJ\HOHP +RVV]DEE LGHLJ WDUWy PXQNiODWRN HVHWpQ D UH]JpVHN UHQGHOOHQHVVpJHNHW RNR]KDWQDN D YpUHGpQ\HNEHQ LOOHWYH D] XMMDNRQ D Np]HQ YDJ\ D FVXNOyQ WDOiOKDWy LGHJHNEHQ $ WHVWUpV]HN ]VLEEDGiVD V]~Uy YDJ\ HJ\pE IiMGDORP YDODPLQW EĘUHOYiOWR]iVRN OpSKHWQHN IHO (]HNUH XWDOy MHOHN HVHWpQ YHVVH PDJiW RUYRVL YL]VJiODW DOi %L]WRQViJL pV YpGęIHOV]HUHOpVHN )LJ\HOHP $ EL]WRQViJL pV YpGĘIHOV]HUHOpVHNHW QHP V]DEDG ]HPHQ NtYO KHO\H]QL VpUOpVYHV]pO\ 9pV]OHiOOtWy .
6]HUHOpV $ONDWUpV]HN iWWHNLQWpVH iEUD 9iJyNpV =VLQyUIHM 9pGĘVDSND ³%LNH´ NHUpNSiUIRJDQW\~ D E *i]NDU =VLQyUIHM V]HUHOpVH iEU 7iYROtWVD HO D VDVV]HJHW iEUD pV D NDSFVROyUpV]W iEUD $ LPEXV]NXOFV iEUD KHO\H]]H D PHQHV]WĘWiUFVD iEUD IXUDWiED pV D ]VLQyUIHMHW FVDYDUR]]D D PHJKDMWy WHQJHO\ YH]HWĘ WVNpMpUH )LJ\HOHP EDOPHQHWHV $ PHQHV]WĘWiUFViW U|J]tWVH D LPEXV]NXOFV KRJ\ PHJK~]]D D ]VLQyUIHMHW iEUD 0RWRU EH pV NL NDS
H +DMWy pV ]HPDQ\DJRN %L]WRQViJL XWDVtWiVRN )LJ\HOPH]WHWpV $ EHQ]LQ HUĘVHQ J\~OpNRQ\ WĦ]YHV]pO\ $ EHQ]LQW FVDN HUUH DONDOPDV WDUWiO\RNEDQ NHYHUMH pV WiUROMD 1H KDV]QiOMRQ RO\DQ ]HPDQ\DJ NHYHUpNHW DPHO\HW QDSQiO KRVV]DEE LGHLJ UDNWiUR]RWW &VDN D V]DEDGEDQ WDQNROMRQ 7DQNROiV N|]EHQ QH GRKiQ\R]]RQ -iUy YDJ\ IRUUy PRWRU WDQNVDSNiMiW QH Q\LVVD NL $ VpUOW ]HPDQ\DJWDUWiO\W YDJ\ WDQNVDSNiW FVHUpOMH OH $] ]HPDQ\DJWDUWiO\ IHGHOpW PLQGLJ V]RURVDQ ]iUMD OH &VDN D
0HOHJLQGtWiV $ J\~MWiVNDSFVROyW iOOtWVD 6WDUW KHO\]HWEH $] LQGtWyFVDSSDQW\~W iOOtWVD h=(0 KHO\]HWEH $ Ji]NDUW U|J]tWVH XJ\DQ~J\ PLQW D KLGHJLQGtWiVQiO $] LQGtWy]VLQyUW OHJIHOMHEE [ J\RUVDQ K~]]D PHJ D PRWRU EHLQGXO $ Ji]NDUW WDUWVD WHOMHVHQ OHQ\RPYD DPtJ D PRWRU Q\XJRGWDQ QHP MiU +D D PRWRU QHP LQGXO EH $] LQGtWyFVDSSDQW\~W iOOtWVD h=(0 KHO\]HWEH +~]]D PHJ [ D] LQGtWy]VLQyUW +D D PRWRU PpJ PLQGLJ QHP LQGXO EH 9iUMRQ SHUFHW pV SUyEiOMD PHJ D PĦYHOHWHW
H 1\tUiV V|YpQ\HNQpO pV DODSRNQiO )LJ\HOHP 6]LOiUG pStWPpQ\HNKH] QH pUMHQ KR]]i YLVV]DFVDSyGiVL YHV]pO\ $ NpV]OpNHW ODVVDQ pV yYDWRVDQ PR]JDVVD ~J\ KRJ\ D YiJy]VLQyU QH WN|]KHVVHQ DNDGiO\ED 1\tUiV IDW|U]VHN N|UO $ NpV]OpNHW yYDWRVDQ pV ODVVDQ PR]JDVVD D IDW|U]V N|UO KRJ\ D YiJy]VLQyU QH pUMHQ KR]]i D ID NpUJpKH] $ IDW|U]VHN N|UO EDOUyO MREEUD NDV]iOMRQ $ IYHW pV J\RPRW D ]VLQyU FV~FViYDO pULQWVH pV D ]VLQyUIHMHW NLVVp ELOOHQWVH HOĘUH .
(J\ GUyWNDPSyYDO K~]]D NL D V]ĦUĘW D WDUWiO\EyO +DJ\MD D PRWRUW OHKĦOQL $ V]ĦUĘW IRUJDWYD K~]]D OH $ J\~MWyJ\HUW\iW HJ\ J\HUW\DNXOFFVDO ROGMD NL &VHUpOMH OH D V]ĦUĘW 3RUODV]Wy EHiOOtWiVD 7|OWV|Q HJ\ WHiVNDQiOQ\L NpWWHPĦ RODMDW D] pJpVWpUEH $] LQGtWy]VLQyU W|EEV]|UL ODVV~ PHJK~]iViYDO RV]ODVVD HO D] RODMDW D PRWRU EHOVHMpEHQ $ SRUODV]WyW J\iULODJ RSWLPiOLVDQ EHiOOtWRWWXN +HO\H]]H YLVV]D D J\~MWyJ\HUW\iW *\~MWyJ\HUW\D iEUD $ NpV]OpNHW DODSRVDQ WLV]WtW
H 6HJtWVpJ ]HP]DYDU HVHWpQ 352%/e0$ /(+(76e*(6 2.
,QGOHGQLQJ 7LOVLJWHW DQYHQGHOVH / V GHQQH LQIRUPDWLRQ LJHQQHP I¡U LGULIWWDJQLQJ 'HWWH HU IRUXGV WQLQJHQ IRU VLNNHU GULIW RJ XIRUVW\UUHW KnQGWHULQJ 2YHUKROG VLNNHUKHGV RJ DGYDUVHOVKHQYLVQLQJHUQH L GHQQH GRNXPHQWDWLRQ RJ Sn PDVNLQHQ 'HQQH GRNXPHQWDWLRQ HU HQ SHUPDQHQW EHVWDQGGHO DI GHW EHVNUHYQH SURGXNW RJ E¡U XGOHYHUHV WLO NXQGHQ YHG VDOJ 'HQQH PDVNLQH HU EHUHJQHW WLO DW WULPPH RJ NOLSSH HQ JU V SO QH LQGHQ IRU GHW SULYDWH RPUnGH (Q DQGHQ DQYHQGHOVH GHU U NNHU GHUXRGR
DK 9LJWLJW 9HG O QJHUHYDUHQGH DUEHMGH NDQ YLEUDWLRQHU I¡UH WLO IRUVW\UUHOVHU L EORGNDUUHQH HOOHU QHUYHV\VWHPHW L ¿QJUH K QGHU HOOHU KnQGOHG /HJHPVGHOH NDQ ÄVRYH³ VWLNNH J¡UH RQGW HOOHU GHU NDQ LQGWU GH KXGIRUDQGULQJHU 2SV¡J O JH KYLV GX RSOHYHU VnGDQQH JHQHU 6LNNHUKHGV RJ EHVN\WWHOVHVDQRUGQLQJHU 1% 6LNNHUKHGV RJ EHVN\WWHOVHVDQRUGQLQJHU Pn LNNH V WWHV XG DI NUDIW IDUH IRU NY VWHOVH 1¡GVWRS 6WHQVODJV EHVN\WWHOVHVVNMROG , Q¡GVWLOI OGH VOnV W QGNQDSSHQ Sn 6723 %HVN\WWHU EUXJHUHQ PRG JHQ
0RQWDJH 0RQWpU WUnGKRYHGHW %LOO )MHUQ VSOLW %LOOHGH RJ ÀDQJH %LOOHGH 2YHUVLJW RYHU GHOH %LOOHGH 6N UHNQLY 7UnGKRYHG %HVN\WWHOVHVNDSSH ³%LNH³ F\NHOJUHE D E D E 6WLN XQEDNRQ¡JOHQ %LOOHGH QHG L JULEHUVNLYHQ %LOOHGH RJ VNUX WUnGKRYHGHW Sn GULYDNVOHQV I¡ ULQJVGRUQ 1% 9HQVWUHJHYLQG $UUHWpU JULEHUVNLYHQ %LOOHGH PHG XQEDNRQ¡JOHQ IRU DW VS QGH WUnGKRYHGHW *DVKnQGWDJ 2PVNLIWHU PRWRU ³IUD³ RJ ³WLO³ ³$UUHWHULQJ³ JDVKnQGWDJ 0RQWpU
DK %UXJ DOWLG PRWRUEODGHW PHG EHVN\WWHOVHVVNMROG 2YHUKROG GH ODQGVVSHFL¿NNH EHVWHPPHOVHU IRU GULIWVWLGHUQH 2YHUKROG DOWLG PRWRUSURGXFHQWHQV PHGOHYHUHGH EUXJVDQYLVQLQJ %U QGVWRI RJ GULIWVPLGOHU 6LNNHUKHGVKHQYLVQLQJHU $GYDUVHO %HQ]LQ HU PHJHW OHW DQW QGHOLJW EUDQGIDUH %HQ]LQ Pn NXQ EODQGHV RJ RSEHYDUHV L GH GHUWLO EHUHJQHGH EHKROGHUH $QYHQG LNNH QRJHW NUDIWVWRI GHU KDU Y UHW RSEHYDUHW O QJHUH HQG L GDJH 7DQN NXQ L GHW IUL 'HU Pn LNNH U\JHV YHG WDQNQLQJ
9DUPVWDUW 6 W W QGNQDSSHQ Sn Ä6WDUW´ 6 W VWDUWNODSSHQ Sn SRVLWLRQHQ .5´ $UUHWpU JDVKnQGWDJHW VRP XQGHU .ROGVWDUW 7U N PDNVLPDOW [ KXUWLJW L VWDUWVQRUHQ PRWRUHQ VWDUWHU +ROG JDVKnQGWDJHW KHOW WU\NNHW QHG WLO PRWR UHQ O¡EHU UROLJW 0RWRU VWDUWHU LNNH 6 W VWDUWNODSSHQ Sn SRVLWLRQHQ .
DK 1% %HU¡U LNNH IDVW EHE\JJHOVH WLOEDJHVODJVIDUH )¡U DSSDUDWHW ODQJVRPW RJ IRUVLJWLJW XGHQ DW ODGH WUn GHQ VW¡GH PRG IRUKLQGULQJHU 7ULPQLQJ RPNULQJ WU VWDPPHU )¡U IRUVLJWLJW RJ ODQJVRPW PDVNLQHQ UXQGW RP WU VWDPPHU Vn VN UHWUnGHQ LNNH EHU¡UHU WU HWV EDUN 0HM IUD YHQVWUH WLO K¡MUH UXQGW RP WU VWDPPHU 7DJ IDW L JU V RJ XNUXGW PHG VSLGVHQ DI WUnGHQ RJ E¡M WUnGKRYHGHW OHW IRURYHU 7ULPQLQJ YHG VWHQPXUH IXQGDPHQWHU WU HU I¡UHU WLO ¡JHW VOLG Sn WUnGHQ 0HMQLQJ %¡M WUnGKRYHGHW
.DUEXUDWRULQGVWLOOLQJ )\OG HQ WHVNHIXOG WDNWV ROLH L EUDQGYROXPHQHQ .
DK +M OS YHG IRUVW\UUHOVHU 352%/(0 08/,* c56$* $)+-/31,1* 0RWRUHQ VWDUWHU LNNH )RUNHUW VWDUWIRUO¡E 2YHUKROG EUXJVYHMOHGQLQJHQ 0RWRUHQ VWDUWHU PHQ IRUWV WWHU LNNH PHG DW O¡EH )RUNHUW RPVNLIWHUSRVLWLRQ YHG FKRNHUHQ 6 W RPVNLIWHUHQ L 581 7LOVPXGVHW IRUNHUW LQGVWLOOHW HOOHU IRUNHUW W QGU¡U 5HQJ¡U LQGVWLO HOOHU XGVNLIW W QGU¡U 7LOVPXGVHW EUDQGVWRI¿OWHU 8GVNLIW ¿OWHU )RUNHUW RPVNLIWHUSRVLWLRQ YHG FKRNHUHQ 6 W RPVNLIWHUHQ L 581 7LOVPXGVHW OXIW¿OWHU 5HQJ¡U HOOHU XGVNLIW ¿OWHU 0RWRUHQ VWDUWH
,QOHGQLQJ $YVHGG DQYlQGQLQJ /lV JHQRP GHQQD GRNXPHQWDWLRQ LQQDQ LGULIWWDJQLQJHQ 'HW lU HQ I|UXWVlWWQLQJ I|U VlNHUW DUEHWH RFK VW|UQLQJV IULWW KDQWHUDQGH )|OM VlNHUKHWV RFK YDUQLQJVDQYLVQLQJDUQD L GHQQD GR NXPHQWDWLRQ RFK Sn DSSDUDWHQ 'HQQD GRNXPHQWDWLRQ lU HQ SHUPDQHQW EHVWnQGVGHO DY GHQ EHVNULYQD SURGXNWHQ RFK VND OlPQDV YLGDUH WLOO N| SDUHQ YLG HY I|UVlOMQLQJ DY SURGXNWHQ 'HQQD DSSDUDW lU DYVHGG DWW WULPPD RFK NOLSSD HQ JUlV PDWWD Sn SULYDW RPUnGH (Q DQQDQ HOOHU PHU YLWWJ
S 2EVHUYHUD 9LG OlQJUH DUEHWHQ NDQ GHW XSSVWn VW|UQLQJDU L EORGNlUOHQ HOOHU QHUYV\VWHPHW L ¿QJUDU KlQGHU HOOHU KDQGOHGHU Sn JUXQG DY YLEUDWLRQHU 'RPQLQJDU VWLFNQLQJDU VPlUWRU HOOHU KXGI|UlQGULQJDU NDQ XSSWUlGD Sn NURSSVGHODU /nW J|UD HQ PHGLFLQVN XQGHUV|NQLQJ YLG GHVVD WHFNHQ 6lNHUKHWV RFK VN\GGVDQRUGQLQJDU 2EVHUYHUD 6lNHUKHWV RFK VN\GGVDQRUGQLQJDUQD InU LQWH VlWWDV XU GULIW VNDGHULVN 1|G 6WRSS 6WHQVODJ VN\GGVVN|OG , Q|GIDOO NRSSODV WlQGQLQJHQ Sn 6723 6N\GGDU DQYlQGDUHQ IUnQ LYlJVOXQ
0RQWHULQJ 0RQWHUD WUnGKXYXGHW %LOGHU 7D ERUW VD[SLQQHQ %LOG RFK ÀlQVHQ %LOG 'HWDOM|YHUVLNW %LOG 6NlUNQLY 7UnGKXYXG 6N\GGVKXY %LNH &\NHOKDQGWDJ D E D E 6WLFN LQ VH[NDQWQ\FNHO %LOG L LKnOHW L PHGEULQJDU VNLYDQ %LOG RFK VNUXYD Sn WUnGKXYXGHW Sn VW\U GRUQHQ Sn GULYD[HOQ 2EVHUYHUD 9lQVWHUJlQJD /nV PHGEULQJDUVNLYDQ %LOG PHG VH[NDQWQ\FNHO I|U DWW GUD IDVW WUnGKXYXGHW *DVVSDN %U\WDUH PRWRU IUnQ RFK WLOO /nVQLQJ JDVVSDN
S .
9DUPVWDUW 6WlOO WlQGQLQJHQ L SRVLWLRQ 6WDUW 6WlOO VWDUWNODIIHQ L SRVLWLRQ 581 $UEHWD DOGULJ Sn HQ KDO KDONLJ NXOOH HOOHU OXWQLQJ $QYlQG DOGULJ DSSDUDWHQ L QlUKHWHQ DY OlWWDQWlQGOLJD YlWVNRU HOOHU JDVHU H[SORVLWLRQV RFK EUDQGULVN (IWHU NRQWDNW PHG HWW IUlPPDQGH I|UHPnO /nV JDVVSDNHQ VRP XQGHU .DOOVWDUW 6WlQJ DY PRWRUQ 'UD VWDUWVQ|UHW PD[LPDOW JnQJHU PRWRUQ VWDUWDU +nOO JDVVSDNHQ KHOW LQWU\FNW WLOOV PRWRUQ JnU OXJQW .
S 7ULPQLQJ YLG VWDNHW RFK IXQGDPHQW 2EVHUYHUD 5|U LQWH YLG IDVWD E\JJQDGHU 5LVN I|U UHWXUVODJ )|U DSSDUDWHQ OnQJVDPW RFK I|UVLNWLJW XWDQ DWW OnWD WUnGHQ WUlIID Sn QnJRW KLQGHU 7ULPQLQJ UXQW WUlG )|U DSSDUDWHQ OnQJVDPW RFK I|UVLNWLJW UXQW WUlGVWDP PDUQD Vn DWW VNlUWUnGHQ LQWH EHU|U WUlGEDUNHQ .
)|UJDVDULQVWlOOQLQJ )|UJDVDUHQ lU RSWLPDOW LQVWlOOG IUnQ IDEULNHQ +lOO LQ HQ WHVNHG WDNWVROMD L I|UEUlQQLQJVUXPPHW )|U DWW I|UGHOD ROMDQ L PRWRUQV LQUH GUDU PDQ VDNWD L VWDUWVQ|UHW QnJUD JnQJHU 7lQGVWLIW %LOG 6lWW nWHU LQ WlQGVWLIWHW 7lQGVWLIWHWV HOHNWURGDYVWnQG PP > ³@ 5HQJ|U RFK XQGHUKnOO DSSDUDWHQ JUXQGOLJW 'UD nW WlQGVWLIWHW PHG HWW YULGPRPHQW Sn 1P /DJUD DSSDUDWHQ Sn HQ WRUU RFK VYDO SODWV 6lWW Sn WlQGVWLIWVNRQWDNWHQ Sn WlQGVWLIWHW 6O
S +MlOS YLG VW|UQLQJDU 352%/(0 0g-/,*$ 256$.(5 .255(.
,QQOHGQLQJ )RUVNULIWVPHVVLJ EUXN /HV JMHQQRP GHQQH YHLOHGQLQJHQ I¡U LJDQJVHWWLQJ 'HWWH HU IRUXWVHWQLQJHQ IRU VLNNHUW DUEHLG RJ IHLOIUL KnQGWHULQJ 9 U RSSPHUNVRP Sn VLNNHUKHWV RJ YDUVHOKHQYLVQLQJH QH L GHQQH YHLOHGQLQJHQ RJ Sn DSSDUDWHW 'HQQH YHLOHGQLQJHQ HU HQ SHUPDQHQW GHO DY GHW EH VNUHYQH SURGXNWHW RJ Pn RYHUOHYHUHV WLO NM¡SHUHQ YHG VDOJ 'HWWH DSSDUDWHW HU WLOWHQNW WULPPLQJ RJ NOLSSLQJ DY JUHVVSOHQ Sn SULYDW RPUnGH $OO EUXN VRP VWUHNNHU VHJ XW RYHU GHWWH DQVHV VRP
N 2EV 9HG OHQJUH WLGV DUEHLG NDQ GHW Sn JUXQQ DY YLEUDVMRQHQH RSSVWn VNDGHU Sn EORGnUHU HOOHU QHUYHV\VWHPHW L ¿QJUH KHQGHU HOOHU KnQGOHGG .
0RQWHULQJ 0RQWHUH WUnGKRGH ELO 7D XW VSOLQWHQ ELOGH RJ ÀHQVHQ ELOGH 'HOHRYHUVLNW ELOGH 6NM UHNQLY 7UnGKRGH %HVN\WWHOVHVGHNVHO %LNH V\NNHOJUHS D E D E 6WLNN VHNVNDQWQ¡NNHO ELOGH LQQ L KXOOHW PHG PHG I¡OJHUVNLYHQ ELOGH RJ VNUX WUnGKRGHW Sn I¡ULQJ VWDJJHQ Sn GULYDNVHOHQ )RUVLNWLJ 9HQVWUHJMHQJHW /nV PHGI¡OJHUVNLYHQ ELOGH PHG VHNVNDQWQ¡NNHO IRU n VWUDPPH WLO WUnGKRGHW *DVVKHQGHO %U\WHU PRWRU DY RJ Sn /nVLQJ JDVVKHQG
N %UXN DOOWLG PRWRUNQLYHQ PHG EHVN\WWHOVHVVNMROGHW 9 U RSSPHUNVRP Sn QDVMRQDOH IRUVNULIWHU IRU GULIWVWLGHU 'ULYVWRII RJ GULIWVPLGOHU 6LNNHUKHWVLQVWUXNVMRQHU )¡OJ DOOWLG GHQ PHGI¡OJHQGH EUXNVDQYLVQLQJHQ IUD PRW RUSURGXVHQWHQ $GYDUVHO %HQVLQ HU VY UW OHWW DQWHQQHOLJ EUDQQIDUH 2SSEHYDU RJ EODQG GHUIRU EHQVLQ L WLOWHQNWH EHKROGHUH ,NNH EUXN GULYVWRIIEODQGLQJHU VRP KDU Y UW ODJUHW L PHU HQQ GDJHU 7DQNLQJ Pn NXQ XWI¡UHV L IULOXIW ,NNH U¡\N XQGHU WDQNLQJ ,NNH nSQH WDQNOR
9DUPVWDUW 6HWW WHQQLQJVEU\WHUHQ Sn 6WDUW 6HWW VWDUWVSMHOGHW Sn 581 /nV JDVVKHQGHOHQ VRP XQGHU .
N 7ULPPLQJ UXQGW WUHVWDPPHU )¡U DSSDUDWHW IRUVLNWLJ RJ ODQJVRPW UXQGW WUHVWDPPHQ VOLN DW NXWWHWUnGHQ LNNH NRPPHU L NRQWDNW PHG EDUNHQ .
6WLOOH LQQ IRUJDVVHU )RUJDVVHUHQ HU RSWLPDOW VWLOW LQQ IUD IDEULNNHQ )\OO pQ WHVNMH WDNWVROMH L EUHQQNDPPHUHW 7UHNN ÀH UH JDQJHU ODQJVRPW L VWDUWVQRUHQ IRU n IRUGHOH ROMHQ LQQH L PRWRUHQ 7HQQSOXJJ ELOGH 6HWW WHQQSOXJJHQ LQQ LJMHQ $YVWDQG WHQQSOXJJHOHNWURGHU PP > ³@ 5HQJM¡U RJ YHGOLNHKROG DSSDUDWHW Q¡\H 7UHNN WLO WHQQSOXJJ PHG HW GUHLHPRPHQW Sn 1P /DJUH DSSDUDWHW Sn HW NDOGW W¡UW VWHG 6HWW WHQQSOXJJNRQWDNWHQ Sn WHQQSOXJJHQ 6OLSH WUnGNQLYHQ
N +MHOS YHG IHLO 352%/(0 08/,* c56$. 7,/7$.
-RKGDQWR 0llUl\VWHQPXNDLQHQ Nl\WW| /XH WlPl GRNXPHQWDDWLR HQQHQ Nl\WW||QRWWRD 6H RQ W\|VNHQWHO\Q WXUYDOOLVXXGHQ MD KlLUL|WW|PlQ WRLPLQQDQ HGHOO\W\V +XRPLRL WlVVl GRNXPHQWDDWLRVVD MD ODLWWHHVVD ROHYDW WXUYDOOLVXXV MD YDURLWXVRKMHHW MD QRXGDWD QLLWl 7lPl GRNXPHQWDDWLR RQ WXRWWHHQ HURWWDPDWRQ RVD MD VH RQ OXRYXWHWWDYD WXRWWHHQ PXNDQD MRV VH P\\GllQ XXGHOOH RPLVWDMDOOH 7lPl ODLWH RQ WDUNRLWHWWX QXUPLNRQ OHLNNDDPLVHHQ MD WULPPDDPLVHHQ \NVLW\LVDOXHLOOD 0X
FIN +XRPLR 3LGHPSllQ NHVWlYLHQ W|LGHQ DLNDQD YRL WXOOD WlULQlVWl MRKWXYLD KlLUL|LWl YHULVXRQLLQ WDL VRUPLHQ NlVLHQ WDL UDQWHLGHQ KHUPRVWRLKLQ (GHOOHHQ YRL LOPDDQWXD NHKRQ RVLHQ SXXWXPLVWD SLVWHO\l NLSXMD WDL LKRQPXXWRNVLD 0HQH OllNlULQWXWNLPXNVHHQ MRV PHUNNHMl KlLUL|LVWl LOPHQHH 7XUYDOOLVXXV MD VXRMDODLWWHHW +XRPLR 7XUYDOOLVXXV MD VXRMDODLWWHLWD HL VDD SRLVWDD Nl\W|VWl ORXNNDDQWXPLVYDDUD +lWlS\Vl\W\V 6XRMDOHY\ NLYHQ LVNHPLl YDVWDDQ .
$VHQQXV 2VLHQ \OHLVNXYD NXYD /HLNNXXWHUl 6LLPDSll 6XRMXV Ä%LNH´ S\|UlQNDKYD D E D E .DDVXYLSX 6LLPDSllQ DVHQQXV ELO 3RLVWD VRNND NXYD MD ODLSSD NXYD $VHWD NXXVLRDYDLQ YllQWL|OHY\Q NXYD UHLNllQ MD UXXYDD VLLPDSll NXYD Nl\WW|DNVHOLQ RKMDXVNDUDDQ +XRPLR 9DVHPPDQ NlGHQ NLHUWHHW .LLQQLWl YllQWL|OHY\ NXXVLRDYDLQ NLULVWllNVHVL VLLPDSllQ NXYD .
FIN .
/lPPLQNl\QQLVW\V $VHWD Nl\QQLVW\VN\WNLQ DVHQWRRQ 6WDUW $VHWD Nl\QQLVW\VYHQWWLLOL DVHQWRRQ 581 /XNLWVH NDDVXYLSX NXWHQ NRKGDVVD Ä.
FIN 7ULPPDXV DLWRMHQ MD SHUXVWXVWHQ OlKHOOl +XRPLR bOl NRVNH NLLQWHLVLLQ UDNHQWHLVLLQ NLPSRDPLVYDDUD /LLNXWD ODLWHWWD KLWDDVWL MD YDURYDLVHVWL QLLQ HWWl VLLPDW HLYlW W|UPll HVWHLVLLQ 7ULPPDXV SXXQUXQNRMHQ \PSlULOOl /LLNXWD ODLWHWWD KLWDDVWL MD YDURYDLVHVWL SXXQUXQJRQ \PSlUL QLLQ HWWl OHLNNXXVLLPDW HLYlW NRVNH SXXQNXRUHHQ /HLNNDD YDVHPPDOWD RLNHDOOH SXXQUXQJRQ \PSlUL 9LH OHLNNXXVLLPDQ NlUNL NLLQQL UXRKRRQ MD ULNNDUXRKRLKLQ MD NDOOLVWD VLLPDSllWl KLHPDQ HWHHQSlLQ 7ULPPDXV NLYL
9HGl VXRGDWLQ LUWL NLHUWROLLNNHHOOl 7\KMHQQl SROWWRDLQHVlLOL| 9DLKGD VXRGDWLQ .l\QQLVWl PRRWWRUL MD DQQD VHQ Nl\Gl W\KMlNl\QWLl NXQQHV VH S\VlKW\\ $QQD PRRWWRULQ MllKW\l .DDVXWXNVHQ VllW| .
FIN 2KMHHW KlLUL|LGHQ YDUDOWD 21*(/0$ 0$+'2//,1(1 6<< .25-$86.
6LVVHMXKDWXV 2WVWDUEHNRKDQH NDVXWDPLQH /XJHJH HQQH VHDGPH NDVXWXVHOH Y}WPLVW NDVXWXVMXKHQG OlEL 6HH RQ RKXWX W||WDPLVH MD W}UJHWHWD NlVLWVHPLVH HHOGXV 3DQJH WlKHOH RKXWXVMXKLVHLG MD KRLDWXVL QLL NlHVROHYDV MXKHQGLV NXL ND VHDGPHO 6HH MXKHQG RQ NLUMHOGDWXG WRRWH ODKXWDPDWX RVD MD PPLVHO WXOHE VHH RVWMDOH OH DQGD 6HH VHDGH RQ HWWH QlKWXG PXUXSLQGDGH SJDPLVHNV MD QLLWPLVHNV HUDYDOGXVHV 6HDGPH LJDVXJXQH PXX NDVXWXV HL ROH RWVWDUEHNRKDQH 7lKHOHSDQX 6HDGHW HL WRKL NDVXWDGD
EST 7lKHOHSDQX 3LNHPDO W||WDPLVHO Y}LE YLEUDWVLRRQ S}KMXVWDGD V}UPHGH NlWH Y}L NlHOLLJHVWH YHUHULQJH Y}L QlUYLVVWHHPL KlLUHLG 9}LE HVLQHGD NHKDRVDGH VXUHPLV MD WRUNLPLVWXQQHW YDOX Y}L QDKDPXXWXVL 9DVWDYDWH VPSWRPLWH HVLQHPLVHO S||UGXJH DUVWL SRROH 2KXWXV MD NDLWVHVHDGLVHG 7lKHOHSDQX 2KXWXV MD NDLWVHVHDGLVHLG HL WRKL PDKD Y}WWD ± YLJDVWXVRKW +lGDSLGXU .
.RNNXSDQHPLQH 7ULPPLSHD SDLJDOGDPLQH MR (HPDOGDJH VSOLQW MRRQLV MD llULN MRRQLV hOHYDDGH RVDGHVW MRRQLV /}LNHWHUD 7ULPPLSHD .
EST 9HHQGXJH HW PRRWRULVW SDDJLVW HJD NWXVHYRROLNXWHVW NWXVW YlOMD HL YRROD %HQVLLQL Y}LE VHJDGD MD KRLGD DLQXOW VHOOHNV HWWHQlKWXG DQXPDWHV bUJH NDVXWDJH NWXVHVHJX PLV RQ VHLVQXG NDXHP NXL SlHYD 7DQNLJH DLQXOW YDEDV }KXV 7DQNLPLVH DMDO lUJH VXLWVHWDJH bUJH DYDJH SDDJLNRUNL NXL PRRWRU W||WDE Y}L RQ NXXP 9DKHWDJH NDKMXVWDWXG SDDN Y}L SDDJLNRUN YlOMD 6XOJHJH SDDJLNRUN DODWL NRUUDOLNXOW 7KMHQGDJH EHQVLLQLSDDNL DLQXOW YDEDV }KXV .
6RHNlLYLWXV 6HDGNH VWHOOLWL DVHQGLVVH Ä6WDUW´ 6HDGNH NlLYLWXVNODSS DVHQGLVVH Ä581´ /XNXVWDJH JDDVLKRRE QDJX RQ NLUMHOGDWXG Ä.OPNlLYLWXVH´ DOO 7}PPDNH NlLYLWXVQ||UL NLLUHVWL PDNVLPDDOVHOW NRUGD PRRWRU NlLYLWXE +RLGNH JDDVLKRRE WlLHVW DOO NXQL PRRWRU W||WDE UDKXOLNXOW 0RRWRU HL NlLYLWX 6HDGNH NlLYLWXVNODSS DVHQGLVVH Ä581´ 7}PPDNH NlLYLWXVQ||UL NRUGD 0RRWRU HL NlLYLWX LNND YHHO 2RGDNH PLQXWLW MD SURRYLJH VLLV YHHO NRUG S}KMDYDMXWDWXG JDDVLKRRYDJD .
EST $HGDGH MD YXQGDPHQWLGH llUHV SJDPLQH 7lKHOHSDQX bUJH SXXWXJH YDVWX WXJHYDLG HKLWLVL ± WDJDVLO||JLRKW -XKWLJH VHDGHW DHJODVHOW MD HWWHYDDWOLNXOW QLQJ lUJH ODVNH M}KYLO WDNLVWXVWH YDVWX S}UJDWD 3XXWYHGH PEHUW SJDPLQH -XKWLJH VHDGHW SXXWYHGH PEHU HWWHYDDOLNXOW MD DHJODVHOW HW O}LNHM}KY HL SXXGXWDNV SXXNRRUW 1LLWNH SXXWYHGH PEHUW YDVDNXOW SDUHPDOH /DVNH M}KYLRWV YDVWX PXUX MD XPEURKWX QLQJ NDOOXWDJH WULPPLSHDG NHUJHOW HWWHSRROH .
.DUEXUDDWRUL VHDGLVWXV +RLGPLQH .DUEXUDDWRU RQ WHKDVHV RSWLPDDOVHOW UHJXOHHULWXG 6WHNQDO MRRQLV 3LNHPDNV KRLGPLVHNV OH WDOYH WHKNH EHQVLLQLSDDN WKMDNV 7KMHQGDJH EHQVLLQLSDDNL DLQXOW YDEDV }KXV (QQH KRLGPLVW ODVNH PRRWRULO PDKD MDKWXGD 6WHNQOD HOHNWURRGLGH YDKH PP > ³@ 7KMHQGDJH NWXVHSDDN .HHUDNH VWHNQDO NLQQL S||UGHPRPHQGLJD ± 1P .
EST 7DDVNDVXWXVHOHY}WW 8WLOLVHHULPLQH bUJH YLVDNH YDQX VHDGPHLG ROPHSUJL KXOND 9}WNH VWHNQDO lUD 7}PPDNH NlLYLWXVQ||U NLLUHVWL O}SSX HW HHPDOGDGD S}OHPLVNDPEULVVH MllQXG }OL 3XKDVWDJH VWHNQDO NRQWUROOLJH HOHNWURRGLGH YDKHW YDMDGXVH NRUUDO DVHQGDJH VWHNQDO 3DNHQG VHDGH MD WDUYLNXG RQ YDOPLVWDWXG WDDVNDVXWDWDYDWHVW PDWHUMDOLGHVW QLQJ QHHG WXOHE VXXQDWD MllWPHNlLWOXVVH 9DOPLVWDJH VHDGH NDVXWDPLVHNV HWWH 7lLWNH SDDN }LJH NWXVH }OLVHJXJD $EL W}U
,HYDGV 1RWHLNXPLHP DWELOVWRäD OLHWRäDQD 3LUPV OLHWRãDQDV VƗNXPD L]ODVLHW ãR GRNXPHQWƗFLMX 7DV LU SULHNãQRWHLNXPV GURãDP GDUEDP XQ UƯFƯEDL EH] WUDXFƝMXPLHP ,HYƝURMLHW GURãƯEDV XQ EUƯGLQƗMXPD QRUƗGƯMXPXV NDV PLQƝWL ãDMƗ GRNXPHQWƗFLMƗ XQ L]YLHWRWL X] LHUƯFHV âƯ GRNXPHQWƗFLMD LU DSUDNVWƯWƗ UDåRMXPD QHDWƼHPDPD VDVWƗYGDƺD XQ SƗUGRãDQDV EUƯGƯ WƗ NRSƗ DU UDåRMXPX MƗQRGRG SLUFƝMDP ,HUƯFH LU SDUHG]ƝWD YHOƝQX DXJVQHV DSJULH]ãDQDL XQ SƺDX ãDQDL SULYƗWDMƗ VHNWRUƗ &LWƗGD OLHWRãDQD
LV 8]PDQưEX ,OJVWRãD GDUED ODLNƗ YLEUƗFLMDV GƝƺ YDU UDVWLHV SLUNVWX SODXNVWX YDL SODXNVWDV ORFƯWDYX DVLQVYDGX YDL QHUYX VLVWƝPDV WUDXFƝMXPL 9DU UDVWLHV ƷHUPHƼD GDƺX QRWLUSãDQD GnjUƝML VƗSHV YDL ƗGDV L]PDLƼDV -D URGDV DWELOVWRãDV SD]ƯPHV YƝUVLHWLHV SLH ƗUVWD 'URäưEDV XQ DL]VDUG]ưEDV LHUưFHV 8]PDQưEX 'URãƯEDV XQ DL]VDUG]ƯEDV LHUƯFHV QHGUƯNVW DWVOƝJW VDYDLQRãDQƗV ULVNV $YƘULMDV DSWXUƞäDQD $NPHQV ODXVNX DL]VDUJV $YƗULMDV JDGƯMXPƗ DL]GHG]HV VOƝG]L SƗUVOƝG]LHW SR
0RQWƘæD $XNODV JDOYDV X]VWƘGưäDQD DWW 1RƼHPLHW ãƷHOWWDSX DWWƝOV XQ DWORNX DWWƝOV 'DƻX SƘUVNDWV DWWƝOV 1D]LV $XNODV JDOYD $L]VDUJDSYDONV ³%LNH³ YHORVLSƝGD URNWXULV D E D E 6HãVWnjUD OLJ]GDV DWVOƝJX DWWƝOV LHYLHWRMLHW G]HQDPƗ GLVND DWYHUƝ DWWƝOV XQ DXNODV JDOYX X]VNUnjYƝMLHW X] G]HQRãƗV YƗUSVWDV YDGRãƗV WDSDV 8]PDQưEX .
LV 3ƗUOLHFLQLHWLHV YDL QR G]LQƝMD GHJYLHODV WYHUWQHV YDL GHJYLHODV FDXUXƺYDGLHP QHL]SOnjVW GHJYLHOD %HQ]ƯQV MƗVDMDXF XQ MƗX]JODEƗ ãLP QROnjNDP SDUHG ]ƝWDMƗV WYHUWQƝV 1HL]PDQWRMLHW GHJYLHODV PDLVƯMXPX NDV X]JODEƗWV LOJƗN SDU GLHQƗP 'HJYLHOX X]SLOGLHW WLNDL EUƯYƗ GDEƗ 'HJYLHODV X]SLOGHV ODLNƗ QHVPƝƷƝMLHW 1HDWYHULHW GHJYLHODV WYHUWQHV DL]YDUX NDG GDUERMDV G]LQƝMV YDL NDG WDV LU NDUVWV 1RPDLQLHW ERMƗWX GHJYLHODV WYHUWQL YDL GHJYLHODV WYHUWQHV DL]YDUX 'HJY
.DUVWƘ LHGDUELQƘäDQD $L]GHG]HV VOƝG]L QRYLHWRMLHW SR]ƯFLMƗ Ä6WDUW³ *DLVD YƗUVWX QRYLHWRMLHW SR]ƯFLMƗ Ä581³ $NVHOHUDWRUD VYLUX QR¿NVƝMLHW NƗ DSUDNVWƯWV SXQNWƗ Ä$XNVWƗ LHGDUELQƗãDQD³ 6WDUWHUD DXNOX ƗWUL SDYHOFLHW PDNVLPƗOL UHL]HV G]LQƝMV VƗN GDUERWLHV $NVHOHUDWRUD VYLUX WXULHW QRVSLHVWX OƯG] JDODP OƯG] G]LQƝMV VƗN PLHUƯJL GDUERWLHV ']LQƝMV QHVƗN GDUERWLHV *DLVD YƗUVWX QRYLHWRMLHW SR]ƯFLMƗ Ä581³ 3DYHOFLHW VWDUWHUD DXNOX UHL]HV -D G]LQƝMV DWNDO QHVƗN GDUERWLHV
LV $SJULH]äDQD SLH æRJLHP XQ SDPDWLHP 8]PDQưEX 1HDL]VNDULHW QHNXVWƯJDV EnjYHV DWVLWLHQD ULVNV 9DGLHW LHUƯFL OƝQƗP XQ X]PDQƯJL QHƺDXMRW DXNODL DWVLVWLHV SUHW ãƷƝUãƺLHP $SJULH]äDQD DSNƘUW NRND VWXPEULHP ,HUƯFL YDGLHW X]PDQƯJL XQ OƝQƗP DSNƗUW NRND VWXPEULHP ODL SƺDXãDQDV DXNOD QHVNDUWX NRND PL]X $SNƗUW NRND VWXPEULHP SƺDXMLHW QR NUHLVƗV X] ODER SXVL =ƗOL XQ QH]ƗOHV DL]VNDULHW DU DXNODV JDOX XQ DXNODV JDOYX PD]OLHW QROLHFLHW X] SULHNãX $SJULH]ãDQD SLH DNPHƼX PnjULHP SDPDWLHP NRN
.DUEXUDWRUD UHJXOƞMXPV *ODEƘäDQD .
LV (NVSOXDWƘFLMDV DWVƘNäDQD 8WLOL]ƘFLMD 1HL]PHWLHW YDLUV QHOLHWRMDPƘV LHUưFHV VDG]ưYHV DWNULWXPRV ,]ƼHPLHW DL]GHG]HV VYHFL ƖWUL SDYHOFLHW VWDUWHUD DXNOX ODL DWOLNXãR HƺƺX L]YƗNWX QR GHJNDPHUDV 1RWƯULHW DL]GHG]HV VYHFL SƗUEDXGLHW VSUDXJX VWDUS HOHNWURGLHP MD QHSLHFLHãDPV QRPDLQLHW ,HSDNRMXPV LHUƯFH XQ SLHGHUXPL LU L]JDWDYRWL QR RWUUHL]ƝML L]PDQWRMDPLHP PDWHULƗOLHP XQ WLH LU DWELOVWRãL MƗXWLOL]Ɲ 6DJDWDYRMLHW LHUƯFL L]PDQWRãDQDL 8]SLOGLHW GHJYLHODV WYHUWQL DU SDUHL]R
ƳYDGDV 1DXGRMLPDV SDJDO SDVNLUWƴ 3ULHã SUDGơGDPL QDXGRWL SHUVNDLW\NLWH ãLą GRNXPHQWDFLMą 7DL \UD VDXJDXV LU QHWULNGRPR QDXGRMLPR SULHODLGD $WNUHLSNLWH GơPHVƳ Ƴ ãLRVH GRNXPHQWDFLMRMH LU DQW SULH WDLVR SULWYLUWLQWXV VDXJRV LU ƳVSơMDPXRVLXV QXURG\PXV âL GRNXPHQWDFLMD \UD QHDWVNLULDPD DSUDãRPR SURGXNWR GDOLV WRGơO SLUNơMXL Mą UHLNơWǐ SHUGXRWL NDUWX VX SUHNH 3ULHWDLVDV VNLUWDV SMDXWL YHMRV SORWXV SULYDþLRVH YDOGRVH .
LT 'ƢPHVLR ,OJDL GLUEDQW GơO YLEUDFLMRV JDOL VXWULNWL NUDXMDJ\VOLǐ DUED SLUãWǐ UDQNǐ DU UDQNǐ VąQDULǐ QHUYǐ VLVWHPǐ YHLNOD *DOL QXWLUSWL NnjQR GDO\V SUDVLGơWL GLHJOLDL VNDXVPDL DUED DWVLUDVWL RGRV SDNLWLPǐ $WVLUDGXV ãLHPV SRå\PLDPV NUHLSNLWơV Ƴ J\G\WRMą NDG DSåLnjUơWǐ 6DXJRV LU DSVDXJLQLDL ƴUHQJLQLDL 'ƢPHVLR 'UDXGåLDPD DWMXQJWL VDXJRV LU DSVDXJLQLXV SULHWDLVXV ± SDYRMXV VXVLåDORWL $YDULQLV VXVWDEG\PDV $SVDXJLQLV VN\GDV QXR DNPHQǑ $YDULQLX DWYHMX XåGHJLPR MXQJLNOƳ SDVXNLWH WLHV Ä6723³ 1DXGRW
0RQWDYLPDV 6LǍOǑ SMRYLPR JDOYXWƢV PRQWDYLPDV SDY ,ãWUDXNLWH NDLãWƳ SDY LU MXQJĊ SDY 'DOLǑ DSæYDOJD SDY 3MRYLPR SHLOLV 6LnjOǐ SMRYLPR JDOYXWơ $SVDXJLQLV JDXEWDV Ä'YLUDþLR³ UDQNHQD D E D E âHãLDEULDXQƳ UDNWą SDY ƳVWDW\NLWH Ƴ SRYHUåOơV SDY DQJą LU VLnjOǐ SMRYLPR JDOYXWĊ XåVXNLWH DQW YDUDQþLRMR YHOHQR NUHLSLDPRMR SOHLãWR 'ƢPHVLR NDLULQLV VULHJLV 3RYHUåOĊ SDY Xå¿NVXRNLWH ãHãLDEULDXQLX UDNWX NDG JDOơWXPơWH SULYHUåWL VLnjO
LT ƲVLWLNLQNLWH NDG Lã YDULNOLR EDNR DUED GHJDOǐ WLHNLPR OLQLMǐ QHEơJD GHJDODL %HQ]LQą PDLã\NLWH LU ODLN\NLWH WLN WDP VNLUWXRVH UH]HU YXDUXRVH 1HVXPDLã\NLWH GHJDOǐ PLãLQLR NXULV EnjWǐ ODLNRPDV LOJLDX QHL GLHQǐ 'HJDOXV SLONLWH WLN ODXNH 3LOGDPL QHUnjN\NLWH %DNR GDQJWHOLR QHDWLGDULQơNLWH YHLNLDQW YDULNOLXL DUED MDP HVDQW NDUãWDP 3DNHLVNLWH SDåHLVWą EDNą DUED EDNR GDQJWHOƳ 9LVDGD WYLUWDL XåVXNLWH EDNR GDQJWHOƳ %HQ]LQR EDNą LãWXãWLQNLWH WLN ODX
ãLOWRML SDOHLVWLV 8åGHJLPR MXQJLNOƳ SDVXNLWH LNL Ä6WDUW³ 3DOHLGLPR VNOHQGĊ QXVWDW\NLWH WLHV Ä581³ YHLNLPDV 5DQNLQĊ JUHLþLR YDOG\PR VYLUWƳ Xå¿NVXRNLWH SDGơW\MH ÄâDOWRML SDOHLVWLV³ 6WDUWHULR YLUYĊ JUHLWDL SDWUDXNLWH GDXJLDXVLDL NDUWXV ± YDULNOLV XåVLYHGD 9LVLãNDL ƳVSDXVNLWH UDQNLQĊ JUHLþLR YDOG\PR VYLUWƳ NRO YDULNOLV SUDGơV YHLNWL WRO\JLDL 9DULNOLV QHXåVLYHGD 3DOHLGLPR VNOHQGĊ QXVWDW\NLWH WLHV SDGơWLPL Ä581³ YHLNLPDV 9DULNOLV YLV WLHN QHXåVLYHGD 3DODXNLWH PLQX
LT 3MRYLPDV SULH WYRUǑ LU WYLUWR SDJULQGR 'ƢPHVLR 1HOLHVNLWH NLHWǐ VWDWLQLǐ ± DWJDOLQLR VPnjJLR SDYRMXV 3ULHWDLVą WUDXNLWH OơWDL LU DWVDUJLDL VLnjOXL QHOHLVNLWH DWVLWUHQNWL Ƴ NOLnjWLV 3MRYLPDV DSOLQN NHOPXV 3ULHWDLVą DWVDUJLDL LU OơWDL WUDXNLWH DSOLQN NHOPXV NDG SMRYLPR VLnjODV QHSULVLOLHVWǐ SULH PHGåLR åLHYơV $SOLQN NHOPXV SMDXNLWH Lã NDLUơV Ƴ GHãLQĊ äROĊ LU SLNWåROHV VXJULHENLWH VLnjOR YLUãnjQH LU SMRYLPR JDOYXWĊ WUXSXWƳ SDNUHLSNLWH Ƴ SULHNƳ 9HMDSMRYH SULVLOLHWXV SULH PnjUR VLHQǐ
.DUELXUDWRULDXV QXVWDW\PDV /DLN\PDV .
LT (NVSORDWDYLPR SUDGæLD SR SHUWUDXNRV 8WLOL]DYLPDV 1HEHYHLNLDQWƴ SULHWDLVĆ GUDXGæLDPD LäPHVWL NDUWX VX EXLWLQƢPLV DWOLHNRPLV ,ãLPNLWH XåGHJLPR åYDNĊ *UHLWDL SDWUDXNLWH SDOHLGLPR O\Qą NDG Lã GHJLPR NDPHURV LãEơJWǐ WHQ OLNXVL DO\YD 1XYDO\NLWH XåGHJLPR åYDNĊ SDWLNULQNLWH DWVWXPą WDUS HOHNWURGǐ SULUHLNXV SDNHLVNLWH 3ULHWDLVą SDUXRãNLWH QDXGRWL 3DNXRWơ SULHWDLVDV LU SULHGDL \UD SDJDPLQWL Lã SHUGLUEDPRV PHGåLDJRV WRGơO XWLOL]XRWL UHLNLD DWLWLQNDPDL Ʋ EDNą SULSLONLWH W
Ƚɝɠɟɠɨɣɠ Ɋɫɣɧɠɨɠɨɣɠ ɪɩ ɨɛɢɨɛɲɠɨɣɹ ɉɪɨɱɢɬɚɣɬɟ ɞɚɧɧɭɸ ɞɨɤɭɦɟɧɬɚɰɢɸ ɩɟɪɟɞ ɜɤɥɸɱɟɧɢɟɦ ɭɫɬɪɨɣɫɬɜɚ ɗɬɨ ɹɜɥɹɟɬɫɹ ɢɫɯɨɞɧɵɦ ɭɫɥɨɜɢɟɦ ɞɥɹ ɛɟɡɨɩɚɫɧɨɣ ɪɚɛɨɬɵ ɢ ɛɟɫɩɟɪɟɛɨɣɧɨɝɨ ɩɨɥɶɡɨɜɚɧɢɹ ɋɨɛɥɸɞɚɣɬɟ ɭɤɚɡɚɧɢɹ ɩɨ ɬɟɯɧɢɤɟ ɛɟɡɨɩɚɫɧɨɫɬɢ ɢ ɩɪɟɞɭɩɪɟɠɞɚɸɳɢɟ ɭɤɚɡɚɧɢɹ ɜ ɞɨɤɭɦɟɧɬɚɰɢɢ ɢ ɧɚ ɭɫɬɪɨɣɫɬɜɟ Ⱦɚɧɧɚɹ ɞɨɤɭɦɟɧɬɚɰɢɹ ɹɜɥɹɟɬɫɹ ɫɨɫɬɚɜɧɨɣ ɱɚɫɬɶɸ ɨɩɢɫɚɧɧɨɝɨ ɢɡɞɟɥɢɹ ɢ ɩɪɢ ɩɪɨɞɚɠɟ ɞɨɥɠɧɚ ɛɵɬɶ ɩɟɪɟɞɚɧɚ ɩɨɤɭɩɚɬɟɥɸ ɗɬɨ ɭɫɬɪɨɣɫɬɜɨ ɩɪɟɞɧɚɡɧɚɱɟɧɨ ɞɥɹ ɩɨɞɪɚɜɧɢɜɚɧɢɹ ɝɚɡɨɧɨɜ ɢ ɫɤɚɲɢɜɚɧɢɹ ɬɪɚɜɵ ɧɚ ɱɚ
RUS Ƚɨɣɧɛɨɣɠ ɉɪɢ ɞɥɢɬɟɥɶɧɨɣ ɪɚɛɨɬɟ ɜɢɛɪɚɰɢɹ ɦɨɠɟɬ ɜɵɡɜɚɬɶ ɩɨɜɪɟɠɞɟɧɢɟ ɤɪɨɜɟɧɨɫɧɵɯ ɫɨɫɭɞɨɜ ɢɥɢ ɧɟɪɜɨɜ ɩɚɥɶɰɟɜ ɤɢɫɬɟɣ ɪɭɤ ɢɥɢ ɡɚɩɹɫɬɢɣ Ɇɨɝɭɬ ɜɨɡɧɢɤɚɬɶ ɨɧɟɦɟɧɢɟ ɱɚɫɬɟɣ ɬɟɥɚ ɤɨɥɸɳɢɟ ɛɨɥɢ ɩɪɨɱɢɟ ɛɨɥɢ ɢɥɢ ɢɡɦɟɧɟɧɢɹ ɤɨɠɧɨɝɨ ɩɨɤɪɨɜɚ ɉɪɢ ɩɨɹɜɥɟɧɢɢ ɫɨɨɬɜɟɬɫɬɜɭɸɳɢɯ ɫɢɦɩɬɨɦɨɜ ɩɪɨɣɞɢɬɟ ɦɟɞɢɰɢɧɫɤɨɟ ɨɛɫɥɟɞɨɜɚɧɢɟ Ɋɫɣɜɩɫɶ ɜɠɢɩɪɛɬɨɩɬɭɣ ɣ ɢɛɴɣɭɨɶɠ ɮɬɭɫɩɤɬɭɝɛ Ƚɨɣɧɛɨɣɠ Ɂɚɩɪɟɳɚɟɬɫɹ ɜɵɜɨɞɢɬɶ ɢɡ ɪɚɛɨɬɵ ɩɪɢɛɨɪɵ ɛɟɡɨɩɚɫɧɨɫɬɢ ɢ ɡɚɳɢɬɧɵɟ ɭɫɬɪɨɣɫɬɜɚ ± ɨɩɚɫɧɨɫɬɶ ɬɪɚɜɦɢɪɨɜɚɧɢɹ Ȼɝɛɫɣɤɨɶɤ ɩɬɭɛɨɩɝ Ɋɫɠɟɩɰɫɛɨɣɭɠɦɷɨɶɤ ɴɣɭɩɥ ɩɭ ɮɟ
ɇɩɨɭɛɡ ɞɩɦɩɝɥɣ ɦɠɬɥɣ SXF ɇɩɨɭɛɡ ɍɞɚɥɢɬɶ ɲɩɥɢɧɬ ɪɢɫ ɢ ɮɥɚɧɟɰ ɪɢɫ Ʌɫɛɭɥɩɠ ɩɪɣɬɛɨɣɠ ɮɢɦɩɝ ɪɢɫ ɇɨɠ Ƚɨɥɨɜɤɚ ɫ ɥɟɫɤɨɣ Ɂɚɳɢɬɧɵɣ ɤɨɥɩɚɤ Ɇɨɬɨɰɢɤɥɟɬɧɚɹ ɜɟɥɨɫɢɩɟɞɧɚɹ ɪɭɱɤɚ D E D E ȼɫɬɚɜɶɬɟ ɲɟɫɬɢɝɪɚɧɧɵɣ ɤɥɸɱ ɪɢɫ ɜ ɨɬɜɟɪɫɬɢɟ ɜɟɞɨɦɨɝɨ ɞɢɫɤɚ ɪɢɫ ɢ ɫɨɟɞɢɧɢɬɟ ɝɨɥɨɜɤɭ ɫ ɥɟɫɤɨɣ ɫ ɧɚɩɪɚɜɥɹɸɳɟɣ ɨɩɪɚɜɤɨɣ ɩɪɢɜɨɞɧɨɝɨ ɜɚɥɚ Ƚɨɣɧɛɨɣɠ Ɇɠɝɛɺ ɫɠɢɷɜɛ Ɂɚɮɢɤɫɢɪɭɣɬɟ ɜɟɞɨɦɵɣ ɞɢɫɤ ɲɟɫɬɢɝɪɚɧɧɵɣ ɤɥɸɱ ɪɢɫ ɱɬɨɛɵ ɡɚɬɹɧɭɬɶ ɝɨɥɨɜɤɭ ɫ ɥɟɫɤɨɣ Ⱦɪɨɫɫɟɥɶɧɵɣ
RUS Ƚɝɩɟ ɝ ɸɥɬɪɦɮɛɭɛɱɣɹ ɍɩɪɦɣɝɩ ɣ ɫɛɜɩɲɣɠ ɧɛɭɠɫɣɛɦɶ Ɏɥɛɢɛɨɣɺ ɪɩ ɭɠɰɨɣɥɠ ɜɠɢɩɪɛɬɨɩɬɭɣ Ƚɨɣɧɛɨɣɠ Ɋɫɠɟɮɪɫɠɡɟɠɨɣɠ Ȼɟɧɡɢɧ ɹɜɥɹɟɬɫɹ ɱɪɟɡɜɵɱɚɣɧɨ ɝɨɪɸɱɢɦ ɦɚɬɟɪɢɚɥɨɦ ± ɨɩɚɫɧɨɫɬɶ ɩɨɠɚɪɚ Ȼɟɧɡɢɧ ɪɚɡɪɟɲɚɟɬɫɹ ɫɦɟɲɢɜɚɬɶ ɢ ɯɪɚɧɢɬɶ ɬɨɥɶɤɨ ɜ ɩɪɟɞɧɚɡɧɚɱɟɧɧɵɯ ɞɥɹ ɷɬɨɝɨ ɟɦɤɨɫɬɹɯ ɧɟ ɢɫɩɨɥɶɡɭɣɬɟ ɬɨɩɥɢɜɧɭɸ ɫɦɟɫɶ ɯɪɚɧɢɜɲɭɸɫɹ ɛɨɥɟɟ ɞɧɟɣ Ɂɚɩɪɚɜɥɹɣɬɟ ɭɫɬɪɨɣɫɬɜɨ ɬɨɥɶɤɨ ɧɚ ɨɬɤɪɵɬɨɦ ɜɨɡɞɭɯɟ ɇɟ ɤɭɪɢɬɟ ɩɪɢ ɡɚɩɪɚɜɤɟ ɭɫɬɪɨɣɫɬɜɚ ɬɨɩɥɢɜɨɦ ɇɟ ɨɬɤɪɵɜɚɣɬɟ ɤɪɵɲɤɭ ɬɨɩɥɢɜɧɨɝɨ ɛɚɤɚ ɩɪɢ ɪɚɛ
ɉɪɨɤɚɱɚɣɬɟ ɬɨɩɥɢɜɧɵɣ ɧɚɫɨɫ ɪɚɡ ɋɮɥɩɝɩɟɬɭɝɩ ɪɩ ɣɬɪɩɦɷɢɩɝɛɨɣɹ ɗɧɟɪɝɢɱɧɨ ɜɵɬɹɝɢɜɚɣɬɟ ɬɪɨɫɢɤ ɫɬɚɪɬɟɪɚ ɩɨɤɚ ɞɜɢɝɚɬɟɥɶ ɧɟ ɡɚɜɟɞɟɬɫɹ Ɉɛɪɚɳɚɣɬɟ ɜɧɢɦɚɧɢɟ ɧɚ ɪɚɜɧɨɦɟɪɧɨɫɬɶ ɢ ɫɤɨɪɨɫɬɶ ɞɜɢɠɟɧɢɣ ɉɨɫɥɟ ɜɤɥɸɱɟɧɢɹ ɞɜɢɝɚɬɟɥɹ ɭɫɬɚɧɨɜɢɬɟ ɜɨɡɞɭɲɧɭɸ ɡɚɫɥɨɧɤɭ ɜ ɩɨɡɢɰɢɸ 581 Ɏɥɛɢɛɨɣɺ ɪɩ ɭɠɰɨɣɥɠ ɜɠɢɩɪɛɬɨɩɬɭɣ ȿɫɥɢ ɞɜɢɝɚɬɟɥɶ ɧɟ ɡɚɜɨɞɢɬɫɹ ɩɨɜɬɨɪɢɬɟ ɲɚɝɢ ɫ ɩɨ ´ɍɠɪɦɶɤµ ɪɮɬɥ ɍɫɬɚɧɨɜɢɬɟ ɤɥɸɱ ɡɚɠɢɝɚɧɢɹ ɜ ɩɨɡɢɰɢɸ 6WDUW ɍɫɬɚɧɨɜɢɬɟ ɜɨɡɞɭɲɧɭɸ ɡɚɫɥɨɧɤɭ ɜ ɩɨɡɢɰɢɸ 581 Ɂɚɮɢɤɫɢɪɭɣɬɟ ɞ
RUS Ɋɩɟɫɛɝɨɣɝɛɨɣɠ ɞɛɢɩɨɛ Ɍɥɛɳɣɝɛɨɣɠ ɨɩɡɩɧ ɉɪɨɜɟɪɶɬɟ ɦɟɫɬɧɨɫɬɶ ɢ ɨɩɪɟɞɟɥɢɬɟ ɠɟɥɚɟɦɭɸ ɜɵɫɨɬɭ ɪɟɡɚ ɉɪɢ ɫɤɚɲɢɜɚɧɢɢ ɧɨɠɨɦ ɧɟɨɛɯɨɞɢɦɨ ɜɟɫɬɢ ɧɨɠ ɝɨɪɢɡɨɧɬɚɥɶɧɵɦɢ ɞɭɝɨɨɛɪɚɡɧɵɦɢ ɞɜɢɠɟɧɢɹɦɢ ɫ ɨɞɧɨɣ ɫɬɨɪɨɧɵ ɤ ɞɪɭɝɨɣ ȼɟɞɢɬɟ ɝɨɥɨɜɤɭ ɫ ɥɟɫɤɨɣ ɧɚ ɬɪɟɛɭɟɦɨɣ ɜɵɫɨɬɟ ɤɪɟɩɤɨ ɭɞɟɪɠɢɜɚɹ ɉɟɪɟɦɟɳɚɣɬɟ ɭɫɬɪɨɣɫɬɜɨ ɢɡ ɫɬɨɪɨɧɵ ɜ ɫɬɨɪɨɧɭ ɫɟɪɩɨɜɢɞɧɵɦ ɞɜɢɠɟɧɢɟɦ Ⱦɟɪɠɢɬɟ ɝɨɥɨɜɤɭ ɫ ɥɟɫɤɨɣ ɩɨɫɬɨɹɧɧɨ ɩɚɪɚɥɥɟɥɶɧɨ ɡɟɦɥɟ Ɋɩɟɫɛɝɨɣɝɛɨɣɠ ɨɛ ɨɣɢɥɩɤ ɝɶɬɩɭɠ ȼɟɞɢɬɟ ɭɫɬɪɨɣɫɬɜɨ ɩɨɞ ɥɟɝɤɢɦ ɧɚɤɥɨɧɨɦ ɜɩɟɪɟɞ ɬɚɤ ɱɬ
ɍɠɰɨɣɲɠɬɥɩɠ ɩɜɬɦɮɡɣɝɛɨɣɠ ɣ ɮɰɩɟ Ɉɛɬɭɫɩɤɥɛ ɭɫɩɬɩɝ ȼɩɮɟɠɨɛ Ƚɩɢɟɮɳɨɶɤ ɯɣɦɷɭɫ Ɍɪɨɫɵ Ȼɨɭɞɟɧɚ ɦɨɬɨɪɧɨɣ ɤɨɫɵ ɛɵɥɢ ɭɫɬɚɧɨɜɥɟɧɵ ɧɚ ɡɚɜɨɞɟ Ƚɨɣɧɛɨɣɠ Ʉɚɬɟɝɨɪɢɱɟɫɤɢ ɡɚɩɪɟɳɚɟɬɫɹ ɢɫɩɨɥɶɡɨɜɚɬɶ ɭɫɬɪɨɣɫɬɜɨ ɛɟɡ ɜɨɡɞɭɲɧɨɝɨ ɮɢɥɶɬɪɚ Ɋɟɝɭɥɹɪɧɨ ɱɢɫɬɢɬɟ ɜɨɡɞɭɲɧɵɣ ɮɢɥɶɬɪ Ɂɚɦɟɧɢɬɟ ɩɨɜɪɟɠɞɟɧɧɵɣ ɮɢɥɶɬɪ ɋɧɢɦɢɬɟ ɜɢɧɬ ɫɨ ɡɜɟɡɞɨɨɛɪɚɡɧɨɣ ɝɨɥɨɜɤɨɣ ɫɧɢɦɢɬɟ ɤɪɵɲɤɭ ɢ ɢɡɜɥɟɤɢɬɟ ɜɨɡɞɭɲɧɵɣ ɮɢɥɶɬɪ Ɉɱɢɫɬɢɬɟ ɜɨɡɞɭɲɧɵɣ ɮɢɥɶɬɪ ɜɨɞɨɣ ɫ ɦɵɥɨɦ ɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɛɟɧɡɢɧ ɉɪɨɫɭɲɢɬɟ ɜɨɡɞɭɲɧɵɣ ɮɢɥɶɬɪ ɍɫɬɚɧɨɜɢɬɟ ɜɨɡɞɭɲɧɵɣ ɮ
RUS Ƚɨɣɧɛɨɣɠ ɇɟ ɯɪɚɧɢɬɟ ɭɫɬɪɨɣɫɬɜɨ ɜɛɥɢɡɢ ɨɬɤɪɵɬɨɝɨ ɨɝɧɹ ɢɥɢ ɢɫɬɨɱɧɢɤɨɜ ɬɟɩɥɚ ± ɨɩɚɫɧɨɫɬɶ ɩɨɠɚɪɚ ɢɥɢ ɜɡɪɵɜɚ Ƚɨɣɧɛɨɣɠ ɉɪɛɬɨɩɬɭɷ ɪɩɡɛɫɛ ɇɟ ɯɪɚɧɢɬɟ ɡɚɩɪɚɜɥɟɧɧɵɟ ɬɨɩɥɢɜɨɦ ɦɚɲɢɧɵ ɜ ɡɞɚɧɢɹɯ ɜ ɤɨɬɨɪɵɯ ɩɚɪɵ ɛɟɧɡɢɧɚ ɦɨɝɭɬ ɤɨɧɬɚɤɬɢ ɪɨɜɚɬɶ ɫ ɨɬɤɪɵɬɵɦ ɩɥɚɦɟɧɟɦ ɢɥɢ ɢɫɤɪɚɦɢ Ɉɱɢɫɬɢɬɟ ɫɜɟɱɭ ɡɚɠɢɝɚɧɢɹ ɩɪɨɜɟɪɶɬɟ ɪɚɫɫɬɨɹɧɢɟ ɦɟɠɞɭ ɷɥɟɤɬɪɨɞɚɦɢ ɩɪɢ ɧɟɨɛɯɨɞɢɦɨɫɬɢ ɡɚɦɟɧɢɬɟ ɉɨɞɝɨɬɨɜɶɬɟ ɭɫɬɪɨɣɫɬɜɨ ɤ ɪɚɛɨɬɟ ɇɚɩɨɥɧɢɬɟ ɬɨɩɥɢɜɧɵɣ ɛɚɤ ɩɪɚɜɢɥɶɧɨɣ ɬɨɩɥɢɜɧɨ ɦɚɫɥɹɧɨɣ ɫɦɟɫɶɸ Ɏɭɣɦɣ
Ƚɬɭɮɪ Ƚɣɥɩɫɣɬɭɛɨɨɺ ɢɛ ɪɫɣɢɨɛɲɠɨɨɺɧ ɉɟɪɟɞ ɩɨɱɚɬɤɨɦ ɟɤɫɩɥɭɚɬɚɰɿʀ ɭɜɚɠɧɨ ɩɪɨɱɢɬɚɣɬɟ ɰɟɣ ɞɨɤɭɦɟɧɬ ɐɟ ɽ ɩɟɪɟɞɭɦɨɜɨɸ ɞɥɹ ɛɟɡɩɟɱɧɨʀ ɪɨɛɨɬɢ ɬɚ ɛɟɡɩɟɪɟɛɿɣɧɨɝɨ ɜɢɤɨɪɢɫɬɚɧɧɹ Ⱦɨɬɪɢɦɭɣɬɟɫɶ ɜɤɚɡɿɜɨɤ ɳɨɞɨ ɛɟɡɩɟɤɢ ɬɚ ɩɨɩɟɪɟɞɠɟɧɶ ɭ ɰɶɨɦɭ ɞɨɤɭɦɟɧɬɿ ɬɚ ɧɚ ɩɪɢɫɬɪɨʀ Ⱦɚɧɢɣ ɞɨɤɭɦɟɧɬ ɽ ɧɟɜɿɞ ɽɦɧɨɸ ɱɚɫɬɢɧɨɸ ɨɩɢɫɚɧɨɝɨ ɜɢɪɨɛɭ ɿ ɭ ɜɢɩɚɞɤɭ ɩɪɨɞɚɠɭ ɩɨɜɢɧɟɧ ɩɟɪɟɞɚɜɚɬɢɫɹ ɩɨɤɭɩɰɟɜɿ Ⱦɚɧɢɣ ɩɪɢɫɬɪɿɣ ɩɪɢɡɧɚɱɟɧɢɣ ɞɥɹ ɩɿɞɪɿɡɚɧɧɹ ɬɚ ɫɤɨɲɭɜɚɧɧɹ ɝɚɡɨɧɿɜ ɭ ɩɪɢɜɚɬɧɨɦɭ ɫɟɤɬɨɪɿ ȱɧɲɟ ɡɚɫɬɨɫɭɜɚɧɧɹ ɜɜɚɠɚɽɬɶɫɹ ɡɚɫɬɨɫ
UA Ɏɝɛɞɛ Ɋɨɛɨɬɚ ɡ ɩɪɢɫɬɪɨɽɦ ɩɪɨɬɹɝɨɦ ɬɪɢɜɚɥɨɝɨ ɱɚɫɭ ɦɨɠɟ ɩɪɢɡɜɟɫɬɢ ɞɨ ɩɨɪɭɲɟɧɧɹ ɧɨɪɦɚɥɶɧɨɝɨ ɮɭɧɤɰɿɨɧɭɜɚɧɧɹ ɤɪɨɜɨɧɨɫɧɢɯ ɫɭɞɢɧ ɬɚ ɧɟɪɜɨɜɨʀ ɫɢɫɬɟɦɢ ɜ ɩɚɥɶɰɹɯ ɤɢɫɬɹɯ ɬɚ ɫɭɝɥɨɛɚɯ ɪɭɤ ɭ ɡɜ¶ɹɡɤɭ ɡ ɞɿɽɸ ɜɿɛɪɚɰɿʀ Ɇɨɠɭɬɶ ɡ¶ɹɜɢɬɢɫɹ ɨɬɟɪɩɥɿɫɬɶ ɱɚɫɬɢɧ ɬɿɥɚ ɩɨɤɨɥɸɜɚɧɧɹ ɛɿɥɶ ɚɛɨ ɡɦɿɧɢ ɧɚ ɲɤɿɪɿ ɉɪɢ ɩɨɹɜɿ ɜɤɚɡɚɧɢɯ ɫɢɦɩɬɨɦɿɜ ɫɥɿɞ ɡɜɟɪɧɭɬɢɫɹ ɞɨ ɥɿɤɚɪɹ ɂɛɬɩɜɣ ɜɠɢɪɠɥɣ ɭɛ ɢɛɰɣɬɭɮ Ɏɝɛɞɛ ɇɿɤɨɥɢ ɧɟ ɜɿɞɤɥɸɱɚɣɬɟ ɡɚɫɨɛɢ ɛɟɡɩɟɤɢ ɬɚ ɡɚɯɢɫɬɭ ɧɟɛɟɡɩɟɤɚ ɨɬɪɢɦɚɧɧɹ ɬɪɚɜɦɢ ɀɥɬɭɫɠɨɛ ɢɮɪɣ
ɇɩɨɭɛɡ ɞɩɦʀɝɥɣ ɢ ɦʀɬɥɩɹ ɦɚɥ ɇɩɨɭɛɡ ȼɢɞɚɥɢɬɢ ɲɩɥɿɧɬ ɦɚɥ ɬɚ ɮɥɚɧɟɰɶ ɦɚɥ ɉɞɦɺɟ ɟɠɭɛɦɠɤ ɦɚɥ Ɋɿɠɭɱɢɣ ɧɿɠ Ƚɨɥɨɜɤɚ ɿɡ ɥɿɫɤɨɸ Ɂɚɯɢɫɧɢɣ ɤɨɜɩɚɤ Ɋɭɱɤɚ ɜɟɥɨɫɢɩɟɞɧɨɝɨ ɬɢɩɭ D E D E ɒɟɫɬɢɝɪɚɧɧɢɣ ɤɥɸɱ ɦɚɥ ɜɫɬɚɜɢɬɢ ɜ ɨɬɜɿɪ ɩɨɜɿɞɤɨɜɨɝɨ ɩɚɬɪɨɧɭ ɿ ɧɚɤɪɭɬɢɬɢ ɝɨɥɿɜɤɭ ɿɡ ɥɿɫɤɨɸ ɧɚ ɧɚɩɪɚɜɥɹɸɱɭ ɨɩɪɚɜɤɭ ɩɪɢɜɿɞɧɨɝɨ ɜɚɥɭ ɦɚɥ Ɏɝɛɞɛ ɦʀɝɛ ɫʀɢɷɜɛ Ɂɚɮɿɤɫɭɜɚɬɢ ɩɨɜɿɞɤɨɜɢɣ ɩɚɬɪɨɧ ɡɚ ɞɨɩɨɦɨɝɨɸ ɒɟɫɬɢɝɪɚɧɧɢɣ ɤɥɸɱ ɦɚɥ ɳɨɛ ɧɚɬɹɝɧɭɬɢ ɝɨɥɿɜɤɭ ɿɡ ɥɿɫɤɨɸ
UA Ƚɝɠɟɠɨɨɺ ɝ ɠɥɬɪɦɮɛɭɛɱʀɹ Ɋɛɦɣɝɩ ɭɛ ɝɣɭɫɛɭɨʀ ɧɛɭɠɫʀɛɦɣ Ɋɫɛɝɣɦɛ ɭɠɰɨʀɥɣ ɜɠɢɪɠɥɣ Ɏɝɛɞɛ Ɋɩɪɠɫɠɟɡɠɨɨɺ Ȼɟɧɡɢɧ ɦɚɽ ɜɢɫɨɤɭ ɫɬɭɩɿɧɶ ɡɚɣɦɢɫɬɨɫɬɿ ɧɟɛɟɡɩɟɤɚ ɜɢɧɢɤɧɟɧɧɹ ɩɨɠɟɠɿ Ɂɦɿɲɭɣɬɟ ɬɚ ɡɛɟɪɿɝɚɣɬɟ ɛɟɧɡɢɧ ɬɿɥɶɤɢ ɜ ɩɟɪɟɞɛɚɱɟɧɢɯ ɞɥɹ ɰɶɨɝɨ ɽɦɧɨɫɬɹɯ ɇɟ ɜɢɤɨɪɢɫɬɨɜɭɣɬɟ ɩɚɥɢɜɧɭ ɫɭɦɿɲ ɤɨɬɪɚ ɡɛɟɪɿɝɚɥɚɫɹ ɞɨɜɲɟ ɧɿɠ ɞɿɛ Ɂɚɩɪɚɜɥɹɣɬɟ ɩɪɢɫɬɪɿɣ ɬɿɥɶɤɢ ɧɚ ɜɿɞɤɪɢɬɿɣ ɦɿɫɰɟɜɨɫɬɿ ɇɟ ɩɚɥɿɬɶ ɩɿɞ ɱɚɫ ɡɚɩɪɚɜɤɢ ɇɟ ɜɿɞɤɪɢɜɚɣɬɟ ɩɪɨɛɤɭ ɛɚɤɭ ɹɤɳɨ ɞɜɢɝɭɧ ɩɪɚɰɸɽ ɚɛɨ ɤɨɥɢ ɜɿɧ ɝɚɪɹɱɢɣ ɉɨɲɤɨɞɠɟɧɢ
Ɋɿɡɤɨ ɩɨɬɹɝɧɭɬɢ ɫɬɚɪɬɟɪɧɢɣ ɬɪɨɫ ɳɨɛ ɡɚɩɭɫɬɢɜɫɹ ɞɜɢɝɭɧ ɋɥɿɞɤɭɜɚɬɢ ɳɨɛ ɩɨɬɹɝ ɛɭɜ ɪɿɜɧɨɦɿɪɧɢɦ ɬɚ ɲɜɢɞɤɢɦ ɉɿɫɥɹ ɡɚɩɭɫɤɭ ɞɜɢɝɭɧɚ ɉɟɪɟɫɬɚɜɢɬɢ ɩɨɜɿɬɪɹɧɭ ɡɚɫɥɿɧɤɭ ɜ ɩɨɥɨɠɟɧɧɹ ɊɈȻɈɌȺ Ȳɨɬɭɫɮɥɱʀɺ ɴɩɟɩ ɝɣɥɩɫɣɬɭɛɨɨɺ ɉɿɞ ɱɚɫ ɩɿɞɪɿɡɚɧɧɹ ɿ ɫɤɨɲɭɜɚɧɧɹ ɬɪɚɜɢ ɩɿɞɬɪɢɦɭɜɚɬɢ ɪɨɛɨɬɭ ɞɜɢɝɭɧɚ ɧɚ ɦɚɤɫɢɦɚɥɶɧɢɯ ɨɛɟɪɬɚɯ əɤɳɨ ɞɜɢɝɭɧ ɧɟ ɡɚɩɭɫɤɚɽɬɶɫɹ ɩɨɜɬɨɪɢɬɢ ɤɪɨɤɢ Ɋɫɛɝɣɦɛ ɭɠɰɨʀɥɣ ɜɠɢɪɠɥɣ Ɏɝɛɞɛ Ⱦɛɫɺɲɣɤ ɪɮɬɥ ȼɫɬɚɧɨɜɢɬɢ ɜɢɦɢɤɚɱ ɡɚɩɚɥɸɜɚɧɧɹ ɜ ɩɨɥɨɠɟɧɧɹ Ä6WDUW³ Ⱦɨɬɪɢɦɭɣɬɟɫɶ ɜɤɚɡɿɜɨɤ ɡ ɛɟɡɩɟ
UA Ɋʀɟɫʀɢɛɨɨɺ ɭɫɛɝɣ Ɍɥɩɳɮɝɛɨɨɺ ɢ ɝɣɥɩɫɣɬɭɛɨɨɺɧ ɩɜɫʀɢɨɩɞɩ ɨɩɡɛ ɉɟɪɟɜɿɪɢɬɢ ɦɿɫɰɟɜɿɫɬɶ ɿ ɜɫɬɚɧɨɜɢɬɢ ɧɟɨɛɯɿɞɧɭ ɜɢɫɨɬɭ ɩɿɞɪɿɡɤɢ ɉɪɢ ɫɤɨɲɭɜɚɧɧɿ ɡɚ ɞɨɩɨɦɨɝɨɸ ɨɛɪɿɡɧɨɝɨ ɧɨɠɚ ɧɿɠ ɫɥɿɞ ɜɨɞɢɬɢ ɝɨɪɢɡɨɧɬɚɥɶɧɨ ɞɭɝɨɩɨɞɿɛɧɢɦɢ ɪɭɯɚɦɢ ɡ ɨɞɧɿɽʀ ɫɬɨɪɨɧɢ ɞɨ ɿɧɲɨʀ ȼɟɞɿɬɶ ɬɚ ɭɬɪɢɦɭɣɬɟ ɝɨɥɨɜɤɭ ɿɡ ɥɿɫɤɨɸ ɧɚ ɩɨɬɪɿɛɧɿɣ ɜɢɫɨɬɿ ȼɨɞɿɬɶ ɩɪɢɫɬɪɨɽɦ ɿɡ ɫɬɨɪɨɧɢ ɜ ɫɬɨɪɨɧɭ Ɂɚɜɠɞɢ ɬɪɢɦɚɣɬɟ ɝɨɥɨɜɤɭ ɿɡ ɥɿɫɤɨɸ ɩɚɪɚɥɟɥɶɧɨ ɡɟɦɥɿ Ʌɩɫɩɭɥɠ ɪʀɟɫʀɢɛɨɨɺ ɇɚɯɢɥɿɬɶ ɩɪɢɫɬɪɿɣ ɬɪɨɯɢ ɜɩɟɪɟɞ ɳɨɛ ɜɿɧ ɪɭɯɚɜɫɹ ɦɚɣɠɟ ɧɚɞ ɡɟɦɥɟɸ
ɍɠɰɨʀɲɨɠ ɩɜɬɦɮɞɩɝɮɝɛɨɨɺ ɭɛ ɟɩɞɦɺɟ Ƚʀɟɫɠɞɮɦɹɤɭɠ ɞɨɮɲɥɣɤ ɝɛɦ Ɋɩɝʀɭɫɺɨɣɤ ɯʀɦɷɭɫ Ƚɧɭɱɤɿ ɜɚɥɢ ɜɚɲɨʀ ɦɨɬɨɤɨɫɢ ɜɿɞɪɟɝɭɥɶɨɜɚɧɨ ɧɚ ɡɚɜɨɞɿ Ɏɝɛɞɛ ɇɿɤɨɥɢ ɧɟ ɟɤɫɩɥɭɚɬɭɣɬɟ ɩɪɢɫɬɪɿɣ ɛɟɡ ɩɨɜɿɬɪɹɧɨɝɨ ɮɿɥɶɬɪɭ Ɋɟɝɭɥɹɪɧɨ ɨɱɢɳɭɣɬɟ ɩɨɜɿɬɪɹɧɢɣ ɮɿɥɶɬɪ ɉɨɲɤɨɞɠɟɧɢɣ ɩɨɜɿɬɪɹɧɢɣ ɮɿɥɶɬɪ ɫɥɿɞ ɡɚɦɿɧɢɬɢ ȼɿɞɤɪɭɬɿɬɶ ɡɿɪɤɨɩɨɞɿɛɧɢɣ ɝɜɢɧɬ ɡɧɿɦɿɬɶ ɤɪɢɲɤɭ ɬɚ ɞɿɫɬɚɧɶɬɟ ɩɨɜɿɬɪɹɧɢɣ ɮɿɥɶɬɪ ɉɪɨɦɢɣɬɟ ɩɨɜɿɬɪɹɧɢɣ ɮɿɥɶɬɪ ɦɢɥɨɦ ɬɚ ɜɨɞɨɸ ɇɟ ɜɢɤɨɪɢɫɬɨɜɭɣɬɟ ɛɟɧɡɢɧ ɉɪɨɫɭɲɿɬɶ ɩɨɜɿɬɪɹɧɢɣ ɮɿɥɶɬɪ əɤɳɨ ɩɨɥɨɠɟɧɧɹ Ä%LNH
UA Ɋɩɝɭɩɫɨɠ ɝɝɠɟɠɨɨɺ ɝ ɠɥɬɪɦɮɛɭɛɱʀɹ Ɏɝɛɞɛ ɇɟ ɡɛɟɪɿɝɚɣɬɟ ɞɜɢɝɭɧ ɛɿɥɹ ɜɿɞɤɪɢɬɨɝɨ ɩɨɥɭɦ ɹ ɚɛɨ ɞɠɟɪɟɥɚ ɬɟɩɥɚ ɡɚɝɪɨɡɚ ɡɚɣɦɚɧɧɹ ɚɛɨ ɜɢɛɭɯɭ Ɏɝɛɞɛ Ɉɠɜɠɢɪɠɥɛ ɝɣɨɣɥɨɠɨɨɺ ɪɩɡɠɡʀ ȼɢɤɪɭɬɢɬɢ ɫɜɿɱɤɭ ɡɚɩɚɥɸɜɚɧɧɹ Ɋɿɡɤɨ ɩɨɬɹɝɧɭɬɢ ɫɬɚɪɬɟɪɧɢɣ ɬɪɨɫ ɳɨɛ ɜɢɞɚɥɢɬɢ ɡ ɤɚɦɟɪɢ ɡɝɨɪɹɧɧɹ ɡɚɥɢɲɤɢ ɦɚɫɬɢɥɚ Ɂɚɛɨɪɨɧɹɽɬɶɫɹ ɡɛɟɪɿɝɚɬɢ ɡɚɩɪɚɜɥɟɧɭ ɦɚɲɢɧɭ ɜ ɛɭɞɿ ɜɥɹɯ ɞɟ ɛɟɧɡɢɧɨɜɚ ɩɚɪɚ ɦɨɝɥɚ ɛ ɤɨɧɬɚɤɬɭɜɚɬɢ ɡ ɜɿɞɤɪɢɬɢɦ ɜɨɝɧɟɦ ɚɛɨ ɿɫɤɪɚɦɢ Ɉɱɢɫɬɢɬɢ ɫɜɿɱɤɭ ɡɚɩɚɥɸɜɚɧɧɹ ɩɟɪɟɜɿɪɢɬɢ ɜɿɞɫɬɚɧɶ ɞɨ ɟɥɟɤɬɪɨɞɭ
Ɏɝɩɟ Ɏɪɩɭɫɠɜɛ ɪɩ ɪɫɠɟɨɛɢɨɛɲɠɨɣɠ ɉɪɨɱɟɬɟɬɟ ɜɧɢɦɚɬɟɥɧɨ ɬɨɡɢ ɞɨɤɭɦɟɧɬ ɩɪɟɞɢ ɜɤɥɸɱ ɜɚɧɟ ɧɚ ɭɪɟɞɚ Ɍɨɜɚ ɟ ɩɪɟɞɩɨɫɬɚɜɤɚ ɡɚ ɫɢɝɭɪɧɨɫɬɬɚ ɩɨ ɜɪɟɦɟ ɧɚ ɪɚɛɨɬɚ ɢ ɡɚ ɢɡɛɹɝɜɚɧɟ ɧɚ ɩɨɜɪɟɞɢ ɩɪɢ ɭɩɨɬɪɟɛɚ ɋɩɚɡɜɚɣɬɟ ɩɪɟɩɨɪɴɤɢɬɟ ɢ ɩɪɟɞɭɩɪɟɠɞɟɧɢɹɬɚ ɡɚ ɫɢɝɭɪɧɨɫɬ ɜ ɬɚɡɢ ɞɨɤɭɦɟɧɬɚɰɢɹ ɤɚɤɬɨ ɢ ɬɟɡɢ ɜɴɪɯɭ ɭɪɟɞɚ Ɍɚɡɢ ɞɨɤɭɦɟɧɬɚɰɢɹ ɟ ɧɟɪɚɡɞɟɥɧɚ ɱɚɫɬ ɨ ɨɩɢɫɚɧɢɹ ɩɪɨɞɭɤɬ ɢ ɬɪɹɛɜɚ ɞɚ ɛɴɞɟ ɩɪɟɞɚɞɟɧɚ ɧɚ ɤɭɩɭɜɚɱɚ ɩɪɢ ɩɪɨɞɚɠɛɚɬɚ Ɍɨɡɢ ɭɪɟɞ ɟ ɩɪɟɞɧɚɡɧɚɱɟɧ ɡɚ ɩɨɞɫɬɪɢɝɜɚɧɟ ɢ ɤɨɫɟɧɟ ɧɚ ɬɪɟɜɧɢ ɩɥɨɳɢ ɜ ɱɚɫɬɧɢ ɞ
BG Ƚɨɣɧɛɨɣɠ ɉɨɪɚɞɢ ɜɢɛɪɚɰɢɢɬɟ ɩɪɢ ɩɨ ɩɪɨɞɴɥɠɢɬɟɥɧɚ ɪɚɛɨɬɚ ɦɨɠɟ ɞɚ ɫɟ ɫɬɢɝɧɟ ɞɨ ɫɦɭɳɟɧɢɹ ɧɚ ɤɪɴɜɨɧɨɫɧɢɬɟ ɫɴɞɨɜɟ ɢɥɢ ɧɚ ɧɟɪɜɧɚɬɚ ɫɢɫɬɟɦɚ ɧɚ ɩɪɴɫɬɢɬɟ ɪɴɰɟɬɟ ɢɥɢ ɤɢɬɤɢɬɟ ȼɴɡɦɨɠɧɨ ɟ ɞɚ ɫɟ ɩɨɹɜɢ ɢɡɬɪɴɩɜɚɧɟ ɧɚ ɱɚɫɬɢ ɨɬ ɬɹɥɨɬɨ ɢɝɥɢɱɤɢ ɛɨɥɤɢ ɢɥɢ ɤɨɠɧɢ ɩɪɨɦɟɧɢ Ʉɨɧɫɭɥɬɢɪɚɣɬɟ ɫɟ ɩɪɢ ɥɟɤɚɪ ɩɪɢ ɩɨɹɜɚ ɧɚ ɫɴɨɬɜɟɬɧɢɬɟ ɫɢɦɩɬɨɦɢ Ɍɫɠɟɬɭɝɛ ɢɛ ɢɛɴɣɭɛ ɣ ɜɠɢɩɪɛɬɨɩɬɭ Ƚɨɣɧɛɨɣɠ ɇɢɤɨɝɚ ɧɟ ɨɬɫɬɪɚɧɹɜɚɣɬɟ ɫɪɟɞɫɬɜɚɬɚ ɡɚ ɡɚɳɢɬɚ ɢ ɛɟɡɨɩɚɫɧɨɫɬ ɫɴɳɟɫɬɜɭɜɚ ɨɩɚɫɧɨɫɬ ɨɬ ɧɚɪɚɧɹɜɚɧɟ Ȼɝɛɫɣɤɨɩ ɬɪɣɫɛɨɠ Ɋɫɠɟɪɛɢɠɨ ɴɣɭ ɉɪɢ ɚɜɚɪɢɹ ɡɚɜɴɪɬɟ
ɇɩɨɭɛɡ ɇɩɨɭɛɡ ɨɛ ɫɠɡɠɴɛɭɛ ɞɦɛɝɛ Ɏɢɝ ɉɪɣɬɛɨɣɠ ɨɛ ɲɛɬɭɣɭɠ Ɏɢɝ ɋɜɚɥɟɬɟ ɩɪɟɞɩɚɡɧɢɹ ɲɩɥɢɧɬ Ɏɢɝ ɢ ɮɥɚɧɟ ɰɚ Ɏɢɝ ɇɨɠ Ɋɟɠɟɳɚ ɝɥɚɜɚ Ɂɚɳɢɬɟɧ ɤɚɩɚɤ ȼɟɥɨɫɢɩɟɞɧɚ ɞɪɴɠɤɚ %LNH D E D E ȼɤɚɪɚɣɬɟ ɮɢɤɫɢɪɚɳɢɹ ɳɢɮɬ Ɏɢɝ ɜ ɨɬɜɨɪɚ ɧɚ ɜɨɞɟɳɢɹ ɞɢɫɤ Ɏɢɝ ɢ ɡɚɜɢɣɬɟ ɪɟɠɟɳɚɬɚ ɝɥɚɜɚ ɧɚ ɧɚɩɪɚɜɥɹɜɚɳɢɹ ɳɢɮɬ ɧɚ ɡɚɞɜɢɠɜɚɳɢɹ ɜɚɥ Ƚɨɣɧɛɨɣɠ Ɇɺɝɛ ɫɠɢɜɛ Ȼɥɨɤɢɪɚɣɬɟ ɜɨɞɟɳɢɹ ɞɢɫɤ Ɏɢɝ ɫ ɮɢɤɫɢɪɚ ɳɢɹ ɳɢɮɬ ɡɚ ɞɚ ɡɚɬɟɝɧɟɬɟ ɪɟɠɟɳɚɬɚ ɝɥɚɜɚ Ɋɴɱɤɚ ɧɚ ɝɚɡɬɚ Ʉɥɸɱ
BG Ⱦɩɫɣɝɩ ɣ ɩɜɩɫɮɟɝɛɨɠ Ƀɨɬɭɫɮɥɱɣɣ ɢɛ ɜɠɢɩɪɛɬɨɩɬɭ Ɋɫɠɟɮɪɫɠɡɟɠɨɣɠ Ȼɟɧɡɢɧɴɬ ɟ ɫɢɥɧɨ ɡɚɩɚɥɢɦ ɨɩɚɫɧɨɫɬ ɨɬ ɢɡɝɚɪɹɧɟ ɋɦɟɫɜɚɣɬɟ ɢ ɫɴɯɪɚɧɹɜɚɣɬɟ ɛɟɧɡɢɧɚ ɫɚɦɨ ɜ ɩɪɟɞɜɚ ɪɢɬɟɥɧɨ ɨɩɪɟɞɟɥɟɧɢɬɟ ɡɚ ɰɟɥɬɚ ɤɨɧɬɟɣɧɟɪɢ ɇɟ ɭɩɨɬɪɟɛɹɜɚɣɬɟ ɝɨɪɢɜɧɚ ɫɦɟɫ ɤɨɹɬɨ ɟ ɛɢɥɚ ɫɴɯ ɪɚɧɹɜɚɧɚ ɩɨɜɟɱɟ ɨɬ ɞɧɢ ɂɡɩɨɥɡɜɚɣɬɟ ɫɚɦɨ ɩɪɚɡɧɢ ɪɟɡɟɪɜɨɚɪɢ ɇɟ ɩɭɲɟɬɟ ɜ ɛɥɢɡɨɫɬ ɞɨ ɪɟɡɟɪɜɨɚɪɚ ɇɟ ɨɬɜɚɪɹɣɬɟ ɤɚɩɚɱɤɚɬɚ ɧɚ ɪɟɡɟɪɜɨɚɪɚ ɞɨɤɚɬɨ ɦɨɬɨ ɪɴɬ ɨɳɟ ɪɚɛɨɬɢ ɢɥɢ ɟ ɡɚɝɪɹɬ ɇɚɞɥɟɠɧɨ ɩɨɞɦɟɧɹɣɬɟ ɩɨɜɪɟɞɟɧɢɬɟ ɪɟɡɟɪɜɨɚɪ ɢɥɢ ɤɚɩɚɱɤɚ Ʉɚ
Ɋɩɝɭɩɫɨɩ ɭɩɪɦɩ ɪɮɬɥɛɨɠ Ɂɚɜɴɪɬɟɬɟ ɤɥɸɱɚ ɡɚ ɫɬɚɪɬɢɪɚɧɟ ɧɚ 6WDUW ɇɚɝɥɚɫɟɬɟ ɫɬɚɪɬɨɜɚɬɚ ɤɥɚɩɚ ɧɚ 581 Ɋɴɱɤɚɬɚ ɧɚ ɝɚɡɬɚ ɫɟ ɛɥɨɤɢɪɚ ɤɚɤɬɨ ɩɪɢ ɋɬɭɞɟɧ ɫɬɚɪɬ ɂɡɞɴɪɩɚɣɬɟ ɫɬɚɪɬɨɜɢɹ ɲɧɭɪ ɛɴɪɡɨ ɦɚɤɫɢɦɭɦ ɩɴɬɢ ɦɨɬɨɪɴɬ ɫɟ ɡɚɜɴɪɬɚ Ɂɚɞɪɴɠɬɟ ɪɴɱɤɚɬɚ ɧɚ ɝɚɡɬɚ ɦɚɤɫɢɦɚɥɧɨ ɧɚɬɢɫɧɚɬɚ ɞɨɤɚɬɨ ɦɨɬɨɪɴɬ ɫɩɨ ɤɨɣɧɨ ɫɟ ɡɚɞɜɢɠɢ Ɇɨɬɨɪɴɬ ɧɟ ɫɟ ɡɚɜɴɪɬɚ ɇɚɝɥɚɫɟɬɟ ɫɬɚɪɬɨɜɚɬɚ ɤɥɚɩɚ ɧɚ ɩɨɡɢɰɢɹ 581 ɂɡɞɴɪɩɚɣɬɟ ɫɬɚɪɬɨɜɢɹ ɲɧɭɪ ɩɴɬɢ ɂɡɤɥɸɱɜɚɧɟ ɧɚ ɦɨɬɨɪɚ ɉɪɨɜɟɪɟɬɟ ɭɪɟɞɚ ɡɚ ɧɚɥɢɱɢɟɬɨ ɧɚ ɳɟɬɢ Ɇɨ
BG Ɋɩɟɬɭɫɣɞɝɛɨɠ ɟɩ ɩɞɫɛɟɣ ɣ ɯɮɨɟɛɧɠɨɭɣ Ƚɨɣɧɛɨɣɠ ɇɟ ɞɨɩɭɫɤɚɣɬɟ ɤɨɧɬɚɤɬ ɫɴɫ ɡɞɪɚɜɢ ɫɴɨɪɴɠɟɧɢɹ ɨɩɚɫ ɧɨɫɬ ɨɬ ɜɬɨɪɢɱɟɧ ɭɞɚɪ Ⱦɜɢɠɟɬɟ ɭɪɟɞɚ ɛɚɜɧɨ ɢ ɜɧɢɦɚɬɟɥɧɨ ɛɟɡ ɞɚ ɩɨɡ ɜɨɥɹɜɚɬɟ ɝɥɚɜɚɬɚ ɞɚ ɫɟ ɛɥɴɫɤɚ ɜ ɩɪɟɩɪɟɱɢɥɢɬɟ ɫɟ ɩɪɟɞɦɟɬɢ Ɋɩɟɬɭɫɣɞɝɛɨɠ ɩɥɩɦɩ ɬɭɝɩɦɩɝɠ ɨɛ ɟɵɫɝɠɭɛ Ƚɨɣɧɛɨɣɠ Ⱦɚ ɫɟ ɢɡɩɨɥɡɜɚɬ ɫɚɦɨ ɨɪɢɝɢɧɚɥɧɢ ɧɨɠɨɜɟ ɢ ɚɤɫɟɫɨɚɪɢ ɇɟɨɪɢɝɢɧɚɥɧɢɬɟ ɱɚɫɬɢ ɦɨɝɚɬ ɞɚ ɞɨɜɟɞɚɬ ɞɨ ɧɚɪɚɧɹ ɜɚɧɟ ɢ ɫɦɭɳɟɧɢɹ ɧɚ ɮɭɧɤɰɢɨɧɚɥɧɨɫɬɬɚ ɧɚ ɭɪɟɞɚ Ƀɢɜɺɞɝɛɨɠ ɨɛ ɩɜɫɛɭɠɨ ɮɟɛɫ Ƚɨɣɧɛɨɣɠ ɇɟ ɢɡɩɨɥɡɜɚɣɬɟ ɧɨɠɚ ɜ ɛɥɢɡɨɫɬ ɞɨ ɦɚ
ɇɚɩɴɥɧɨ ɨɬɜɨɪɟɬɟ ɤɚɩɚɱɤɚɬɚ ɧɚ ɪɟɡɟɪɜɨɚɪɚ Ɍɵɰɫɛɨɠɨɣɠ Ɉɬɫɢɩɟɬɟ ɧɚɥɢɱɧɨɬɨ ɝɨɪɢɜɨ ɜ ɩɨɞɯɨɞɹɳ ɡɚ ɰɟɥɬɚ ɤɨɧɬɟɣɧɟɪ ɉɪɢ ɩɨ ɩɪɨɞɴɥɠɢɬɟɥɧɨ ɫɴɯɪɚɧɟɧɢɟ ɛɟɧɡɢɨɧɜɢɹɬ ɪɟɡɟɪɜɨɚɪ ɬɪɹɛɜɚ ɞɚ ɫɟ ɢɡɩɪɚɡɜɚ ɩɪɟɡ ɡɢɦɚɬɚ Ȼɟɧɡɢɧɨɜɢɹɬ ɪɟɡɟɪɜɨɚɪ ɬɪɹɛɜɚ ɞɚ ɫɟ ɢɡɩɪɚɡɜɚ ɫɚɦɨ ɧɚ ɨɬɤɪɢɬɨ ɉɪɟɞɢ ɫɴɯɪɚɧɟɧɢɟ ɞɜɢɝɚɬɟɥɹɬ ɬɪɹɛɜɚ ɞɚ ɫɟ ɨɯɥɚɞɢ ɂɡɜɚɞɟɬɟ ɮɢɥɬɴɪɚ ɨɬ ɪɟɡɟɪɜɨɚɪɚ ɫ ɬɟɥɟɧɚ ɤɭɤɚ ɂɡɞɴɪɩɚɣɬɟ ɮɢɥɬɴɪɚ ɫ ɜɴɪɬɟɥɢɜɨ ɞɜɢɠɟɧɢɟ Ɂɚɦɟɧɟɬɟ ɮɢɥɬɴɪɚ ɂɡɩɪɚɡɧɟɬɟ ɪɟɡɟɪɜɨɚɪɚ ɡɚ ɝɨɪɢɜɨ ɋɠɞɮɦɣɫɛɨɠ ɨɛ ɥɛɫɜɮ
BG Ɋɩɬɦɠɟɝɛɴɛ ɠɥɬɪɦɩɛɭɛɱɣɺ Ɏɪɫɛɝɦɠɨɣɠ ɨɛ ɩɭɪɛɟɵɱɣɭɠ ɂɡɜɚɞɟɬɟ ɫɜɟɳɢɬɟ Ƀɢɦɠɢɦɣɭɠ ɩɭ ɮɪɩɭɫɠɜɛ ɮɫɠɟɣ ɟɛ ɨɠ ɬɠ ɣɢɰɝɵɫɦɺɭ ɬ ɩɜɴɣɭɠ ɩɭɪɛɟɵɱɣ ɂɡɞɴɪɩɚɣɬɟ ɛɴɪɡɨ ɫɬɚɪɬɨɜɨɬɨ ɜɴɠɟ ɡɚ ɞɚ ɦɨɠɟ ɨɫɬɚɬɴɱɧɨɬɨ ɦɚɫɥɨ ɞɚ ɫɟ ɨɬɫɬɪɚɧɢ ɉɨɱɢɫɬɟɬɟ ɫɜɟɳɢɬɟ ɩɪɨɜɟɪɟɬɟ ɦɟɠɞɭɟɥɟɤɬɪɨɞɧɨ ɬɨ ɪɚɡɫɬɨɹɧɢɟ ɩɪɢ ɧɭɠɞɚ ɝɢ ɡɚɦɟɧɟɬɟ ɉɨɞɝɨɬɜɟɬɟ ɭɪɟɞɴɬ ɡɚ ɭɩɨɬɪɟɛɚ ɇɚɩɴɥɧɟɬɟ ɪɟɡɟɪɜɨɚɪɚ ɫ ɩɪɚɜɢɥɧɚɬɚ ɫɦɟɫ ɜ ɫɴɨɬ ɧɨɲɟɧɢɟ ɛɟɧɡɢɧ ɦɚɫɥɨ ɋɴɨɛɪɚɡɧɨ ɩɪɢɧɰɢɩɢɬɟ ɡɚ ɫɴɯɪɚɧɟɧɢɟ ɧɚ ɨɬɩɚɞɴ ɰɢɬɟ ɨɩɚɤɨɜɤɚɬɚ ɭɪɟɞɴɬ ɢ ɩ
,QWURGXFHUH 8WLOL]DUHD FRQIRUP GHVWLQDġLHL ÌQDLQWH GH SXQHUHD vQ IXQFĠLXQH FLWLĠL DFHDVWă GRFXPHQWDĠLH $FHDVWD HVWH FRQGLĠLD SUHOLPLQDUă SHQWUX OXFUXO VLJXU úL GHVHUYLUHD IăUă GHIHFĠLXQL 5HVSHFWDĠL LQVWUXFĠLXQLOH GH VLJXUDQĠă úL GH DYHUWL]DUH GLQ DFHDVWă GRFXPHQWDĠLH úL GH SH DFHVW DSDUDW $FHDVWă GRFXPHQWDĠLH HVWH FRPSRQHQWă SHUPDQHQWă D SURGXVXOXL GHVFULV LDU OD YkQ]DUH WUHEXLH SUHGDWă FXPSăUăWRUXOXL $FHVW DSDUDW VH SUHWHD]ă OD DUDQMDUHD úL WXQGHUHD JD]RQX OXL G
RO $WHQġLH &kQG H[HFXWDĠL OXFUăUL GH GXUDWă YLEUDĠLLOH SRW FDX]D DIHFĠLXQL DOH YDVHORU VDQJXLQH VDX DOH QHUYLORU vQ GHJHWH PkLQL VDX DUWLFXODĠLLOH PkLQLORU 3RW VXUYHQL DPRUĠLUHD PHPEUHORU vQĠHSăWXUL GXUHUL VDX PRGL¿FDUHD DVSHFWXOXL SLHOLL 'DFă DSDU DVHPHQHD VLPSWRPH SUH]HQWDĠL Yă OD XQ FRQVXOW PHGLFDO 'LVSR]LWLYH GH VLJXUDQġĄ ûL SURWHFġLH $WHQġLH 'LVSR]LWLYHOH GH VLJXUDQĠă úL SURWHFĠLH QX DX YRLH Vă ¿H vQOăWXUDWH 3HULFRO GH DFFLGHQWDUH 2SULUH GH XUJHQġĄ 3DQRX GH SURWHFġLH FRQWUD FĄGHULORU
0RQWDUH 0RQWDUHD FDSXOXL GH ÀU ,PDJ 3UH]HQWDUH FRPSRQHQWH ,PDJLQHD 6FRDWHĠL VSOLQWXO ,PDJLQHD úL ÀDQúD ,PDJLQHD &XĠLW &DS FX ¿U &DSDF GH SURWHFĠLH %LNH PkQHU ELFLFOHWă D E 0DQHWă GH DFFHOHUDUH D E &RPXWDWRU PRWRU RSULW úL SRUQLW ,QWURGXFHĠL &KHLH LPEXV KH[DJRQDOă ,PDJLQHD vQ DOH]DMXO úDLEHL GH DQWUHQDUH ,PDJLQHD úL vQúXUXEDĠL FDSXO GH ¿U SH GRUQXO GH FRPDQGă DO DUERUHOXL GH DFĠLRQDUH $WHQġLH ÀOHW FĄWUH VWkQJD %ORF
RO &DUEXUDQġL ûL PDWHULDOH RSHUDġLRQDOH )RORVLĠL PRWRFRDVD vQWRWGHDXQD FX SDQRXO GH SURWHFĠLH 5HVSHFWDĠL SUHYHGHULOH QDĠLRQDOH UHIHULWRDUH OD RUHOH GH IXQFĠLRQDUH 5HVSHFWDĠL vQWRWGHDXQD PDQXDOXO GH XWLOL]DUH OLYUDW DO SURGXFăWRUXOXL PRWRUXOXL ,QVWUXFġLXQL GH VLJXUDQġĄ $YHUWL]DUH %HQ]LQD HVWH LQÀDPDELOă SHULFRO GH LQFHQGLX 8PSOHĠL úL GHSR]LWDĠL EHQ]LQD GRDU vQ UH]HUYRDUHOH SUHYă]XWH SHQWUX DFHDVWD 1X IRORVLĠL XQ DPHVWHF GH FDUEXUDQW FDUH D IRVW GHSR]L WDW PDL PXO
3RUQLUH OD FDOG 3R]LĠLRQDĠL FRPXWDWRUXO GH DSULQGHUH SH 6WDUW 3R]LĠLRQDĠL FODSHWD GH SRUQLUH SH 581 %ORFDĠL PDQHWD GH DFFHOHUDUH FD OD 3RUQLUH OD UHFH 7UDJHĠL UHSHGH GH PD[LP [ úQXUXO GH SRUQLUH PR WRUXO SRUQHúWH 0HQĠLQHĠL PDQHWD GH DFFHOHUDUH FRP SOHW DSăVDWă SkQă FH PRWRUXO IXQFĠLRQHD]ă UHJXODW 0RWRUXO QX SRUQHúWH 3R]LĠLRQDĠL FODSHWD GH SRUQLUH SH 581 ÌQ WLPSXO FRVLULL SH WHUHQXUL vQ SDQWă VWDĠL vQWRWGHDXQD VXE GLVSR]LWLYXO GH WXQV 1X OXFUDĠL QLFLRG
RO $UDQMDUHD OD JDUGXUL ûL IXQGDPHQWH $WHQġLH 1X DWLQJHĠL FRQVWUXFĠLLOH 3HULFRO GH UHFXO 'XFHĠL DSDUDWXO vQFHW úL FX DWHQĠLH IăUă Vă OăVDĠL ¿UXO Vă VH ORYHDVFă GH REVWDFROH $UDQMDUHD vQ MXUXO WUXQFKLXULORU 'XFHĠL DSDUDWXO FX DWHQĠLH úL vQFHW vQ MXUXO WUXQFKLXULORU DVWIHO vQFkW ¿UXO GH WXQV Vă QX DWLQJă FRDMD FRSDFXOXL &RVLĠL GH OD VWkQJD OD GUHDSWD vQ MXUXO WUXQFKLXULORU &XSULQGHĠL LDUED úL EXUXLHQHOH FX YkUIXO ¿UXOXL úL vQFOLQDĠL FDSXO ¿UXOXL XúRU vQ IDĠă $UDQMDUHD SH OkQJă
5HJODUHD FDUEXUDWRUXOXL 'HSR]LWDUH &DUEXUDWRUXO HVWH UHJODW GLQ IDEULFă ÌQDLQWHD XQHL GHSR]LWăUL GH GXUDWă SHVWH LDUQă JROLĠL UH]HUYRUXO GH EHQ]LQă *ROLĠL UH]HUYRUXO GH EHQ]LQă QXPDL vQ VSDĠLX OLEHU ÌQDLQWHD GHSR]LWăULL OăVDĠL PRWRUXO Vă VH UăFHDVFă %XMLH ,PDJLQHD 'LVWDQĠD HOHFWUR]LORU GH EXMLH PP > @ 6WUkQJHĠL EXMLD FX XQ FXSOX GH 1P $úH]DĠL ¿úD EXMLHL SH EXMLH *ROLĠL UH]HUYRUXO 3RUQLĠL PRWRUXO úL OăVDĠL O Vă PHDUJă vQ JRO SkQă VH RSUHúWH
RO 5HSXQHUH vQ IXQFġLXQH ÍQOĄWXUDUH ÌQGHSăUWDĠL EXMLD 1X DUXQFDġL DSDUDWHOH IRORVLWH OD GHûHXULOH PHQDMHUH 7UDJHĠL UDSLG GH úQXUXO GH SRUQLUH SHQWUX D JROL XOHLXO UH]LGXDO GLQ FRPSDUWLPHQWXO GH DUGHUH &XUăĠDĠL EXMLD YHUL¿FDĠL GLVWDQĠD HOHFWUR]LORU OD QHYRLH vQORFXLĠL OH 3UHJăWLĠL DSDUDWXO SHQWUX XWLOL]DUH $PEDODMXO DSDUDWXO úL DFFHVRULLOH VXQW GLQ PDWHULDOH UHFLFODELOH úL VH vQOăWXUă vQ PRG FRUHVSXQ]ăWRU $OLPHQWDĠL UH]HUYRUXO GRDU FX XQ DPHVWHF FRUHVSXQ]ăWRU GH F
ȀȐșİ ȐȜȜȘ Ȓ ʌȑȡĮȞ IJȘȢ ʌȡȠȕȜİʌȩȝİȞȘȢ ȤȡȒıȘ șİȦȡİȓIJĮȚ ȦȢ ȝȘ ʌȡȠȕȜİʌȩȝİȞȘ ǽțIJįȗȧȗȓ ȂİȜİIJȒıIJİ IJȘȞ ʌĮȡȠȪıĮ IJİțȝȘȡȓȦıȘ ʌȡȚȞ Įʌȩ IJȘ șȑıȘ ıİ ȜİȚIJȠȣȡȖȓĮ ǹȣIJȩ ĮʌȠIJİȜİȓ ʌȡȠȨʌȩșİıȘ ȖȚĮ IJȘȞ ĮıijĮȜȒ İȡȖĮıȓĮ țĮȚ IJȠȞ ĮʌȡȩıțȠʌIJȠ ȤİȚȡȚıȝȩ ȉȘȡİȓIJİ IJȚȢ ȣʌȠįİȓȟİȚȢ ĮıijĮȜİȓĮȢ țĮȚ ʌȡȠİȚįȠʌȠȓȘıȘȢ IJȘȢ ʌĮȡȠȪıĮȢ IJİțȝȘȡȓȦıȘȢ țĮȚ IJȘȢ ȝȘȤĮȞȒȢ Ǿ ʌĮȡȠȪıĮ IJİțȝȘȡȓȦıȘ ĮʌȠIJİȜİȓ ĮȞĮʌȩıʌĮıIJȠ IJȝȒȝĮ IJȠȣ ʌİȡȚȖȡĮijȩȝİȞȠȣ ʌȡȠȧȩȞIJȠȢ țĮȚ șĮ ʌȡȑʌİȚ ȞĮ ʌĮȡĮįȓįİIJĮȚ ıIJȠȞ ĮȖȠȡĮıIJȒ ıİ ʌİȡȓʌIJȦıȘ ȝİIJĮ ʌȫȜȘıȘȢ ǽʍıȠȓȗșIJș IJȤȞȖȪȝ
GR ȇȢȡIJȡȥȓ ȀĮIJȐ IJȘȞ ʌĮȡĮIJİIJĮȝȑȞȘ İȡȖĮıȓĮ ȝʌȠȡȠȪȞ ȞĮ ʌȡȠțȜȘșȠȪȞ ȕȜȐȕİȢ IJȦȞ ĮȚȝȠijȩȡȦȞ ĮȖȖİȓȦȞ Ȓ IJȠȣ ȞİȣȡȚțȠȪ ıȣıIJȒȝĮIJȠȢ ıIJĮ įȐțIJȣȜĮ ıIJĮ ȤȑȡȚĮ Ȓ ıIJȚȢ ĮȡșȡȫıİȚȢ IJȦȞ ȤİȡȚȫȞ Įʌȩ įȠȞȒıİȚȢ ȂʌȠȡȠȪȞ ȞĮ ʌȡȠțȜȘșȠȪȞ ȝȠȪįȚĮıȝĮ ȝİȜȫȞ IJȠȣ ıȫȝĮIJȠȢ IJıȚȝʌȒȝĮIJĮ ʌȩȞȠȢ Ȓ įİȡȝĮIJȚțȑȢ ĮȜȜȠȚȫıİȚȢ ǼȐȞ İȝijĮȞȚıșȠȪȞ IJȑIJȠȚĮ ıȣȝʌIJȫȝĮIJĮ șĮ ʌȡȑʌİȚ ȞĮ İȟİIJĮıșİȓIJİ Įʌȩ ȚĮIJȡȩ ȉȤIJijȓȞįijį įIJĴįȝıȔįȣ Ȝįț ʍȢȡIJijįIJȔįȣ ȇȢȡIJȡȥȓ ǹʌĮȖȠȡİȪİIJĮȚ Ș ĮʌİȞİȡȖȠʌȠȓȘıȘ IJȦȞ ıȣıIJȘȝȐIJȦȞ ĮıijĮȜİȓĮȢ țĮȚ ʌȡȠıIJĮıȓĮȢ ȀȓȞįȣȞȠȢ IJȡĮȣȝĮIJȚıȝȠȪ ǼțįȜȡʍȓ ȜțȟİȫȟȡȤ ȇȢ
ȈIJİȡİȫıIJİ IJȠ ȝİ ȕȓįİȢ ıIJȘ ȡȐȕįȠ ȉȤȟįȢȞȡȝȪȗșIJș ȉȠ İȞıȦȝĮIJȦȝȑȞȠ ıIJȠ ʌȡȠıIJĮIJİȣIJȚțȩ țȐȜȣȝȝĮ ȝĮȤĮȓȡȚ țȩȕİȚ ĮȣIJȩȝĮIJĮ IJȠ ȞȒȝĮ țȠʌȒȢ ıIJȠ țĮIJȐȜȜȘȜȠ ȝȒțȠȢ ǽʍțIJȜȪʍșIJș ıȠįȢijșȞȑijȧȟ ǼȚțȩȞĮ ȂĮȤĮȓȡȚ țȠʌȒȢ ȀİijĮȜȒ ȞȒȝĮIJȠȢ ȆȡȠıIJĮIJİȣIJȚțȩ țȐȜȣȝȝĮ ȁĮȕȒ ʌȠįȘȜȐIJȠȣ IJȪʌȠȣ ³%LNH³ D E ȉȤȟįȢȞȡȝȪȗșIJș ȜıĴįȝȓȣ Ȝȡʍȓȣ ǼȚț ǹijĮȚȡȑıIJİ IJȘȞ ĮıijȐȜİȚĮ ǼȚțȩȞĮ țĮȚ IJȘ ijȜȐȞIJȗĮ ǼȚțȩȞĮ ȂȠȤȜȩȢ ȖțĮȗȚȠȪ ǻȚĮțȩʌIJȘȢ ĮʌİȞİȡȖȠʌȠȓȘıȘȢ țĮȚ İȞİȡȖȠʌȠȓȘ ıȘȢ țȚȞȘIJȒȡĮ D E ǼȚıȐȖİIJİ IJȠ İȟ
GR ĭȒIJș IJı ȝıțijȡȤȢȗȔį ȁįȫIJțȞȡ Ȝįț ȝțʍįȟijțȜȑ ȋʍȡİıȔȠıțȣ įIJĴįȝıȔįȣ ȇȢȡIJȡȥȓ ȇȢȡıțİȡʍȡȔșIJș Ǿ ȕİȞȗȓȞȘ İȓȞĮȚ İȟĮȚȡİIJȚțȐ İȪijȜİțIJȘ ± țȓȞįȣȞȠȢ ʌȣȡțĮ ȖȚȐȢ ǺİȕĮȚȫȞİıIJİ ȩIJȚ įİȞ įȚĮȡȡȑİȚ țĮȪıȚȝȠ Įʌȩ IJȠȞ țȚȞȘIJȒȡĮ IJȠ ȡİȗİȡȕȠȣȐȡ Ȓ IJȠȣȢ ıȦȜȒȞİȢ țĮȣıȓȝȠȣ ǹȞĮȝİȚȖȞȪİIJİ țĮȚ ijȣȜȐııİIJİ IJȘ ȕİȞȗȓȞȘ ĮʌȠțȜİȚıIJȚțȐ ıIJĮ ʌȡȠȢ IJȠ ıțȠʌȩ ĮȣIJȩ ʌȡȠȕȜİʌȩȝİȞĮ įȠȤİȓĮ ȂȘȞ ȤȡȘıȚȝȠʌȠȚİȓIJİ ȝİȓȖȝĮ țĮȣıȓȝȠȣ ʌȠȣ ȑȤİȚ ĮʌȠșȘ țİȣșİȓ ȖȚĮ įȚȐıIJȘȝĮ ȝİȖĮȜȪIJİȡȠ IJȦȞ ȘȝİȡȫȞ Ǿ ʌȜȒȡȦıȘ ȝİ țĮȪıȚȝȠ ʌȡȑʌİȚ ȞĮ ʌȡĮȖȝĮIJȠʌȠȚ
ȇȣșȝȓıIJİ IJȘ ȕĮȜȕȓįĮ İțțȓȞȘıȘȢ ıIJȘ șȑıȘ Ä&+2.
GR ȅȑȜȢțIJȞį ȁȡȫȢıȞį Ȟı ȞįȥįȔȢț Ȝȡʍȓȣ ǼȜȑȖȤİIJİ IJȠ ȑįĮijȠȢ țĮȚ ʌȡȠıįȚȠȡȓȗİIJİ IJȠ İʌȚșȣȝȘIJȩ ȪȥȠȢ țȠʌȒȢ ȀĮIJȐ IJȠ țȠȪȡİȝĮ ȝİ ȝĮȤĮȓȡȚ țȠʌȒȢ IJȠ ȝĮȤĮȓȡȚ țȠʌȒȢ ȠįȘ ȖİȓIJĮȚ ȝİ ȠȡȚȗȩȞIJȚĮ IJȠȟȠİȚįȒ țȓȞȘıȘ Įʌȩ IJȘ ȝȓĮ ʌȜİȣȡȐ ıIJȘȞ ȐȜȜȘ ȉȠʌȠșİIJİȓIJİ țĮȚ įȚĮIJȘȡİȓIJİ IJȘȞ țİijĮȜȒ ȞȒȝĮIJȠȢ ıIJȠ İʌȚșȣȝȘIJȩ ȪȥȠȢ ȂİIJĮțȚȞİȓIJİ IJȘ ȝȘȤĮȞȒ ȝİ įȡİʌĮȞȠİȚįȒ țȓȞȘıȘ Įʌȩ IJȘ ȝȓĮ ʌȜİȣȡȐ ıIJȘȞ ȐȜȜȘ ǻȚĮIJȘȡİȓIJİ IJȘ țİijĮȜȒ ȞȒȝĮIJȠȢ ʌȐȞIJȠIJİ ʌĮȡȐȜȜȘȜȘ ȝİ IJȠ ȑįĮijȠȢ ȌįȞșȝȪ ȠȑȜȢțIJȞį ȅįȘȖİȓIJİ IJȘ ȝȘȤĮȞȒ ȝİ İȜĮijȡȐ țȜȓıȘ ʌ
ĮȔȝijȢȡ įȒȢį ȈȫȚȞțIJș ȟijțȘȬȟ ȇȢȡIJȡȥȓ ȂȘȞ ȤȡȘıȚȝȠʌȠȚİȓIJİ ʌȠIJȑ IJȘ ȝȘȤĮȞȒ ȤȦȡȓȢ ijȓȜIJȡȠ ĮȑȡĮ ȀĮșĮȡȓȗİIJİ IJĮțIJȚțȐ IJȠ ijȓȜIJȡȠ ĮȑȡĮ ǹȞIJȚțĮșȚıIJȐIJİ IJȠ İȜĮIJIJȦȝĮIJȚțȩ ijȓȜIJȡȠ ĮȑȡĮ ǹijĮȚȡİȓIJİ IJȘȞ ĮıIJİȡȠİȚįȒ ȕȓįĮ ȕȖȐȗİIJİ IJȠ țĮʌȐțȚ țĮȚ ĮijĮȚȡİȓIJİ IJȠ ijȓȜIJȡȠ ĮȑȡĮ ȀĮșĮȡȓȗİIJİ IJȠ ijȓȜIJȡȠ ĮȑȡĮ ȝİ ıĮʌȠȪȞȚ țĮȚ Ȟİȡȩ ȂȘȞ ȤȡȘıȚȝȠʌȠȚİȓIJİ ȕİȞȗȓȞȘ ǹijȒȞİIJİ IJȠ ijȓȜIJȡȠ ĮȑȡĮ ȞĮ ıIJİȖȞȫıİȚ ǼȖțĮșȚıIJȐIJİ IJȠ ijȓȜIJȡȠ ĮȑȡĮ ȝİ IJȘȞ ĮȞIJȓıIJȡȠijȘ ıİȚȡȐ İȡȖĮıȚȫȞ ȇȢȡIJȡȥȓ ȂȘȞ ȤȡȘıȚȝȠʌȠȚİȓIJİ ʌȠIJȑ IJȘ ȝȘȤĮȞȒ ȤȦȡȓȢ ijȓȜIJȡȠ țĮȣ ıȓ
GR ǽʍįȟȒȟįȢȠș ȝıțijȡȤȢȗȔįȣ ȇȢȡIJȡȥȓ ȂȘȞ ĮʌȠșȘțİȪİIJİ IJȘ ȝȘȤĮȞȒ İȝʌȡȩȢ Įʌȩ ĮțȐȜȣʌIJİȢ ijȜȩȖİȢ Ȓ ʌȘȖȑȢ șİȡȝȩIJȘIJĮȢ ȀȓȞįȣȞȠȢ ʌȣȡțĮȖȚȐȢ Ȓ ȑțȡȘȟȘȢ ȇȢȡIJȡȥȓ ȁȔȟİȤȟȡȣ ʍȤȢȜįȗțȑȣ ȂȘȞ ĮʌȠșȘțİȪİIJİ IJȘ ȝȘȤĮȞȒ ȝİ ȖİȝȐIJȠ ȡİȗİȡȕȠȣȐȡ ıİ țȜİȚıIJȠȪȢ ȤȫȡȠȣȢ ȩʌȠȣ ȠȚ ĮȞĮșȣȝȚȐıİȚȢ IJȘȢ ȕİȞȗȓȞȘȢ șĮ ȝʌȠȡȠȪıĮȞ ȞĮ ȑȜșȠȣȞ ıİ İʌĮijȒ ȝİ ĮțȐȜȣʌIJȘ ijȜȩȖĮ Ȓ ıʌȚȞșȒȡİȢ ǻȚĮIJȘȡİȓIJİ IJȘȞ ʌİȡȚȠȤȒ ȖȪȡȦ Įʌȩ IJȠȞ țȚȞȘIJȒȡĮ IJȘȞ İȟȐIJȝȚıȘ IJȠ țȚȕȫIJȚȠ IJȘȢ ȝʌĮIJĮȡȓĮȢ IJȠ ȡİȗİȡȕȠȣȐȡ țĮȣıȓ ȝȠȣ țĮșĮȡȒ Įʌȩ ȣȜȚțȩ
ɋɟɤɨʁɚ ɩɨɢɧɚɤɜɚ ɭɩɨɬɪɟɛɚ ɲɬɨ ɢɡɥɟɝɭɜɚ ɜɨɧ ɬɨʁ ɞɨɦɟɧ ɜɚɠɢ ɡɚ ɧɟɫɨɨɞɜɟɬɧɚ Ƚɩɝɠɟ ɉɪɨɱɢɬɚʁɬɟ ʁɚ ɨɜɚɚ ɞɨɤɭɦɟɧɬɚɰɢʁɚ ɩɪɟɞ ɩɭɲɬɚʃɟ ɜɨ ɪɚɛɨɬɚ Ɍɨɚ ɟ ɩɪɟɞɭɫɥɨɜ ɡɚ ɛɟɡɛɟɞɧɨ ɪɚɛɨɬɟʃɟ ɢ ɧɟɩɪɟɱɟɧɨ ɪɚɤɭɜɚʃɟ Ɉɛɪɧɟɬɟ ɜɧɢɦɚɧɢɟ ɧɚ ɛɟɡɛɟɞɧɨɫɧɢɬɟ ɢ ɩɪɟɞɭ ɩɪɟɞɭɜɚɱɤɢɬɟ ɭɩɚɬɫɬɜɚ ɜɨ ɨɜɚɚ ɞɨɤɭɦɟɧɬɚɰɢʁɚ ɤɚɤɨ ɢ ɧɚ ɨɧɢɟ ɲɬɨ ɫɟ ɧɚɨɼɚɚɬ ɧɚ ɚɩɚɪɚɬɨɬ Ɉɜɚɚ ɞɨɤɭɦɟɧɬɚɰɢʁɚ ɩɪɟɬɫɬɚɜɭɜɚ ɩɟɪɦɚɧɟɧɬɟɧ ɟɥɟɦɟɧɬ ɨɞ ɨɩɢɲɚɧɢɨɬ ɩɪɨɢɡɜɨɞ ɢ ɬɪɟɛɚ ɞɚ ɦɭ ɛɢɞɟ ɩɪɟɞɚɞɟɧɚ ɧɚ ɤɭɩɭɜɚɱɨɬ ɩɪɢ ɨɬɭɼɭɜɚʃɟ Ɇɠɞɠɨɟɛ ɨɛ ɬɣɧɜɩɦɣ Ƚɨɣɧɛɨɣɠ Ɍɨɱɧ
MK Ƚɨɣɧɛɨɣɠ ɉɪɢ ɩɨɞɨɥɝɨ ɪɚɛɨɬɟʃɟ ɩɪɟɤɭ ɜɢɛɪɚɰɢɢɬɟ ɦɨɠɟ ɞɚ ɞɨʁɞɟ ɞɨ ɩɪɟɱɤɢ ɜɨ ɤɪɜɧɢɬɟ ɫɚɞɨɜɢ ɢɥɢ ɧɟɪɜɧɢɨɬ ɫɢɫɬɟɦ ɧɚ ɩɪɫɬɢɬɟ ɪɚɰɟɬɟ ɢɥɢ ɪɚɱɧɢɬɟ ɡɝɥɨɛɨɜɢ Ɇɨɠɧɚ ɟ ɩɨʁɚɜɚ ɧɚ Äɡɚɫɩɢɜɚʃɟ³ ɧɚ ɞɟɥɨɜɢ ɨɞ ɬɟɥɨɬɨ ɭɛɨɞɢ ɛɨɥɤɢ ɢɥɢ ɩɪɨɦɟɧɢ ɧɚ ɤɨɠɚɬɚ ɉɪɢ ɫɨɨɞɜɟɬɧɢ ɡɧɚɰɢ ɞɨɡɜɨɥɟɬɟ ɞɚ ɛɢɞɟɬɟ ɩɪɨɜɟɪɟɧɢ ɨɞ ɥɟɤɚɪ ȼɠɢɜɠɟɨɩɬɨɣ ɣ ɢɛɳɭɣɭɨɣ ɮɫɠɟɣ Ƚɨɣɧɛɨɣɠ Ȼɟɡɛɟɞɧɨɫɧɢɬɟ ɢ ɡɚɲɬɢɬɧɢɬɟ ɭɪɟɞɢ ɧɟ ɫɦɟɚɬ ɞɚ ɛɢɞɚɬ ɫɬɚɜɟɧɢ ɜɨɧ ɫɢɥɚ ɭɩɨɬɪɟɛɚ ɨɩɚɫɧɨɫɬ ɨɞ ɩɨɜɪɟɞɚ Ƀɭɨɩ ɬɩɪɣɫɛʄɠ ɂɛɳɭɣɭɨɛ ɭɛɜɦɣɲɥɛ ɩɟ ɮɟɛɫɣ ɝɩ ɥɛɧɠɨ ȼɨ ɢɬɟɧ ɫɥɭɱɚʁ
ɇɩɨɭɛɡɛ Ɋɫɠɞɦɠɟ ɨɛ ɟɠɦɩɝɣ ɋɥɢɤɚ ɇɨɠ ɡɚ ɫɟɱɟʃɟ Ƚɥɚɜɚ ɧɚ ɤɨɧɟɰ Ɂɚɲɬɢɬɟɧ ɤɚɩɚɤ ³%LNH³ ɪɚɱɤɚ ɡɚ ɬɨɱɚɤ D E Ɋɚɱɤɚ ɡɚ ɝɚɫ ɉɪɟɤɢɧɭɜɚɱ ɡɚ Äɜɤɥ³ ɢ Äɢɫɤɥ³ ɧɚ ɦɨɬɨɪ ɇɩɨɭɣɫɛʄɠ ɨɛ ɞɦɛɝɛɭɛ ɨɛ ɥɩɨɠɱɩɭ ɋɥɢ Ɉɬɫɬɪɚɧɟɬɟ ɝɢ ɫɩɥɢɧɬɨɬ ɋɥɢɤɚ ɢ ɮɥɚɧɲɚɬɚ ɋɥɢɤɚ ɋɬɚɜɟɬɟ ɝɨ ɲɟɫɬɨɪɚɛɧɢɨɬ ɤɥɭɱ ɋɥɢɤɚ ɜɨ ɞɭɩɤɚɬɚ ɨɞ ɲɚʁɛɧɚɬɚ ɋɥɢɤɚ ɢ ɧɚɜɪɬɟɬɟ ʁɚ ɝɥɚɜɚɬɚ ɧɚ ɤɨɧɟɰɨɬ ɧɚ ɜɨɞɟɱɤɚɬɚ ɢɝɥɚ ɨɞ ɩɨɝɨɧɫɤɨɬɨ ɜɪɚɬɢɥɨ Ƚɨɣɧɛɨɣɠ ɦɠɝ ɝɣɨɭ Ⱥɪɟɬɢɪɚʁɬɟ ʁɚ ɲɚʁɛɧɚɬɚ ɫɥɢɤɚ ɫɨ ɲɟɫɬɨ
MK Ɋɮɳɭɛʄɠ ɝɩ ɫɛɜɩɭɛ Ⱦɩɫɣɝɩ ɣ ɫɛɜɩɭɨɣ ɬɫɠɟɬɭɝɛ ȼɠɢɜɠɟɨɩɬɨɣ ɮɪɛɭɬɭɝɛ Ƚɨɣɧɛɨɣɠ Ɋɫɠɟɮɪɫɠɟɮɝɛʄɠ Ȼɟɧɡɢɧɨɬ ɟ ɜɢɫɨɤɨ ɡɚɩɚɥɢɜ Ɉɩɚɫɧɨɫɬ ɨɞ ɩɨɠɚɪ ɍɜɟɪɟɬɟ ɫɟ ɞɟɤɚ ɨɞ ɦɨɬɨɪɨɬ ɪɟɡɟɪɜɨɚɪɨɬ ɢɥɢ ɜɨɞɨɜɢɬɟ ɡɚ ɛɟɧɡɢɧ ɧɟ ɢɫɬɟɤɭɜɚ ɝɨɪɢɜɨ Ɇɟɲɚʁɬɟ ɝɨ ɢ ɱɭɜɚʁɬɟ ɝɨ ɛɟɧɡɢɧɨɬ ɫɚɦɨ ɜɨ ɫɚɞɨɜɢ ɡɚ ɬɚɤɜɚ ɧɚɦɟɧɚ ɇɟ ɭɩɨɬɪɟɛɭɜɚʁɬɟ ɦɟɲɚɜɢɧɚ ɧɚ ɝɨɪɢɜɨ ɲɬɨ ɟ ɱɭɜɚɧɚ ɩɨɞɨɥɝɨ ɨɞ ɞɟɧɚ Ɍɨɱɟɬɟ ɝɨɪɢɜɨ ɫɚɦɨ ɧɚ ɨɬɜɨɪɟɧɨ ɉɪɢ ɬɨɱɟʃɟ ɧɟ ɩɭɲɟɬɟ ɇɟ ɝɨ ɨɬɜɨɪɚʁɬɟ ɡɚɬɜɨɪɚɱɨɬ ɨɞ ɪɟɡɟɪɜɨɚɪɨɬ ɞɨɞɟɤɚ ɦɨɬɨɪɨɬ ɪɚɛɨɬɢ
ɉɨɫɬɚɜɟɬɟ ʁɚ ɫɬɚɪɬɧɚɬɚ ɤɥɚɩɧɚ ɧɚ ɩɨɡɢɰɢʁɚ Ä&+2.
MK Ⱦɨɧɟɫɟɬɟ ʁɚ ɝɥɚɜɚɬɚ ɧɚ ɤɨɧɟɰɨɬ ɧɚ ɫɚɤɚɧɚɬɚ ɜɢɫɢɧɚ ɢ ɞɪɠɟɬɟ Ʌɩɬɠʄɠ ɬɩ ɨɩɡɩɭ ɢɛ ɬɠɲɠʄɠ Ⱦɜɢɠɟɬɟ ɝɨ ɚɩɚɪɚɬɨɬ ɧɚɥɟɜɨ ɧɚɞɟɫɧɨ ɞɜɢɠɟʁʅɢ ɝɨ ɤɚɤɨ ɫɪɩ ɉɪɢ ɤɨɫɟʃɟ ɫɨ ɧɨɠɨɬ ɡɚ ɫɟɱɟʃɟ ɬɨʁ ɫɟ ɭɩɪɚɜɭɜɚ ɫɨ ɯɨɪɢɡɨɧɬɚɥɧɨ ɞɜɢɠɟʃɟ ɜɨ ɮɨɪɦɚ ɧɚ ɩɨɜɪɲɢɧɚɬɚ ɨɞ ɟɞɧɚ ɧɚ ɞɪɭɝɚ ɫɬɪɚɧɚ Ⱦɪɠɟɬɟ ʁɚ ɩɨɫɬɨʁɚɧɨ ɝɥɚɜɚɬɚ ɧɚ ɤɨɧɟɰɨɬ ɩɚɪɚɥɟɥɧɨ ɤɨɧ ɩɨɜɪɲɢɧɚɬɚ Ɉɣɬɥɩ ɮɫɠɟɮɝɛʄɠ ȼɨɞɟɬɟ ɝɨ ɚɩɚɪɚɬɨɬ ɫɨ ɥɟɫɟɧ ɧɚɤɥɨɧ ɤɨɧ ɧɚɩɪɟɞ ɬɚɤɚ ɲɬɨ ɬɨʁ ʅɟ ɫɟ ɞɜɢɠɢ ɦɧɨɝɭ ɧɢɫɤɨ ɧɚɞ ɩɨɜɪɲɢɧɚɬɚ ɍɪɟɞɭɜɚʃɟɬɨ ɫɟɤɨɝɚɲ
ɉɟɫɡɮɝɛʄɠ ɣ ɨɠɞɛ Ɉɛɩɬɭɫɠɭɠ ɞɩ ɨɩɡɩɭ ɢɛ ɝɫɝɥɛɭɛ ɨɛ ɥɩɨɠɱɩɭ ɂɫɱɢɫɬɟɬɟ ɝɨ ɚɩɚɪɚɬɨɬ ɩɨ ɫɟɤɨʁɚ ɭɩɨɬɪɟɛɚ ɫɨ ɱɟɬɤɚ ɢ ɫɭɜɚ ɤɪɩɚ ɇɟ ɭɩɨɬɪɟɛɭɜɚʁɬɟ ɫɪɟɞɫɬɜɚ ɡɚ ɱɢɫɬɟʃɟ ɢɥɢ ɜɨɞɚ Ɉɫɥɨɛɨɞɟɬɟ ɝɨ ɧɨɠɨɬ ɡɚ ɫɟɱɟʃɟ ɨɞ ɡɚɲɬɢɬɧɚɬɚ ɬɚɛɥɢɱɤɚ ɏɣɦɭɠɫ ɢɛ ɝɩɢɟɮɰ Ƚɨɣɧɛɨɣɠ Ⱥɩɚɪɚɬɨɬ ɧɢɤɨɝɚɲ ɞɚ ɧɟ ɪɚɛɨɬɢ ɛɟɡ ɮɢɥɬɟɪ ɡɚ ɜɨɡɞɭɯ Ɋɟɞɨɜɧɨ ɱɢɫɬɟɬɟ ɝɨ ɮɢɥɬɟɪɨɬ ɡɚ ɜɨɡɞɭɯ Ɉɲɬɟɬɟɧɢɨɬ ɮɢɥɬɟɪ ɡɚɦɟɧɟɬɟ ɝɨ Ɉɬɫɬɪɚɧɟɬɟ ʁɚ ɾɜɟɡɞɟɫɬɚɬɚ ɡɚɜɪɬɤɚ ɬɪɝɧɟɬɟ ɝɨ ɤɚɩɚɤɨɬ ɢ ɢɡɜɚɞɟɬɟ ɝɨ ɮɢɥɬɟɪɨɬ ɡɚ ɜɨɡɞɭɯ Ɏɢɥɬɟɪɨɬ ɡɚ ɜɨɡɞɭɯ ɢɫɱɢɫɬɟɬɟ
MK ɉɨɜɬɨɪɧɨ ɫɬɚɜɟɬɟ ʁɚ ɫɜɟʅɢɰɚɬɚ ɡɚ ɩɚɥɟʃɟ Ɍɟɦɟɥɧɨ ɢɫɱɢɫɬɟɬɟ ɝɨ ɚɩɚɪɚɬɨɬ ɢ ɨɞɪɠɭɜɚʁɬɟ ɝɨ ɑɭɜɚʁɬɟ ɝɨ ɚɩɚɪɚɬɨɬ ɧɚ ɥɚɞɧɨ ɫɭɜɨ ɦɟɫɬɨ Ƚɨɣɧɛɨɣɠ ɇɟ ɝɨ ɱɭɜɚʁɬɟ ɚɩɚɪɚɬɨɬ ɩɪɟɞ ɨɬɜɨɪɟɧɢ ɨɝɚɧɢ ɢɥɢ ɢɡɜɨɪɢ ɧɚ ɬɨɩɥɢɧɚ ɨɩɚɫɧɨɫɬ ɨɞ ɩɨɠɚɪ ɢɥɢ ɟɤɫɩɥɨɡɢʁɚ Ƚɨɣɧɛɨɣɠ ɉɪɛɬɨɩɬɭ ɩɟ ɪɩɡɛɫ ɇɟ ɱɭɜɚʁɬɟ ɦɚɲɢɧɢ ɧɚɩɨɥɧɟɬɢ ɫɨ ɝɨɪɢɜɨ ɜɨ ɨɛʁɟɤɬɢ ɡɝɪɚɞɢ ɜɨ ɤɨɢɲɬɨ ɛɟɧɡɢɧɫɤɢɬɟ ɩɚɪɟɢ ɛɢ ɦɨɠɟɥɟ ɞɚ ɞɨʁɞɚɬ ɜɨ ɤɨɧɬɚɤɬ ɫɨ ɨɬɜɨɪɟɧ ɨɝɚɧ ɢɥɢ ɢɫɤɪɢ Ɉɞɪɠɭɜɚʁɬɟ ɝɨ ɩɪɨɫɬɨɪɨɬ ɨɤɨɥɭ ɦɨɬɨɪɨɬ ɚɭɫɩɭ
*LULû 7DOLPDWODUD X\JXQ NXOODQÖP dDOÕúWÕUPDGDQ |QFH EX EHOJHOHUL RNX\XQ %X HPQL\HWOL oDOÕúPD YH DUÕ]DVÕ] NXOODQÕP LoLQ |Q úDUWWÕU %X EHOJHOHUGH YH FLKD] ]HULQGH EXOXQDQ HPQL\HW YH X\DUÕ LúDUHWOHULQL GLNNDWH DOÕQ %X EHOJHOHU WDQÕPODQDQ UQQ NDOÕFÕ ELOHúHQLGLU YH VD WÕQ DODQ NLúL\H ELUOLNWH YHULOPHOL %X FLKD] úDKVL DODQGD oLP ]HPLQLQ NHVHUHN G]HOWLOPHVL YH ELoLOPHVL LoLQ WDVDUODQPÕúWÕU %XQXQ GÕúÕQGD NXOODQÕP NXUDOODUD X\JXQ ROPD\DQ NXOODQÕP ODU DUDVÕQD JLUPHNWHGLU 'LNNDW %
TR 'LNNDW 8]XQ oDOÕúPDODU VÕUDVÕQGD WLWUHúLPOHU QHGHQL\OH SDUPDNODU HOOHU YH\D ELOHNOHUGHNL GDPDUODUGD YH\D VLQLU VLVWHPLQGH VRUXQODU ROXúDELOLU 8]XYODUGD NDUÕQFDODQPD EDWPD YH\D GHUL GH÷LúLPOHUL RUWD\D oÕNDELOLU %X WU EHOLUWLOHUGH WÕEEL PXD\H QHGHQ JHoLQ (PQL\HW YH JYHQOLN GRQDQÖPODUÖ 'LNNDW (PQL\HW YH JYHQOLN GRQDQÕPODUÕQÕQ GHYUH GÕúÕ EÕUDNÕOPDVÕ \DVDNWÕU
0RQWDM ùSOLN XFXQXQ PRQWH HGLOPHVL UHV 3DUoDODUD JHQHO EDNÖû UHVLP .HVPH EÕoD÷Õ øSOLN XFX .
TR
6ÖFDN VWDUW .
TR dLWOHUGH YH QHVQHOHULQ \DNÖQÖQGD ELoPH 'LNNDW 6DELW \DSÕODUD GRNXQPD\ÕQ *HUL WHSPH WHKOLNHVL øSL HQJHOOHUH GH÷GLUPHGHQ FLKD]Õ \DYDúoD YH GLNNDW OLFH VUQ $øDo J|YGHOHUL HWUDIÖQGD NHVHUHN G]HOWPH &LKD]Õ GLNNDWOLFH YH \DYDúoD D÷Do J|YGHVLQLQ HWUDIÕQ GD NHVPH LSL D÷Do J|YGHVLQH GH÷GLUPHGHQ JH]GLULQ %LoPH LúOHYLQL VROGDQ VD÷D GR÷UX D÷Do J|YGHOHUL HWUD IÕQGD JHUoHNOHúWLULQ 2WX YH \HúLOOLNOHUL LSLQ XFX\OD \DNDOD\ÕQ YH LS XFXQX KD¿IoH |QH H÷LQ 7Dú GXYDUODU VHUW QHVQHOHU D÷
.DUEUDW|U D\DUÖ %XML\L ELU EXML DQDKWDUÕ LOH JHYúHWLQ .
TR $UÖ]DGD \DUGÖP 62581 2/$6, 62581 21$5,0 0RWRU oDOÕúPÕ\RU
BC 410 II Art.Nr.
BC 410 II Art.Nr. 112864 43 44 36 72 35 42 41 34 40 39 56 61 60 47 73 19 38 37 33 59 20 45 75 16 18 46 17 32 58 57 31 55 54 53 2 52 51 50 49 30 31 29 28 15 5 20 11 14 13 10 27 48 28 11 12 8 26 71 9 25 21 8 24 23 7 1 22 6 71 5 2 4 66 65 3 67 68 70 64 63 74 69 62 Pos. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Art.-Nr.
BC 4125 II Art.Nr.
BC 4125 II Art.Nr. 112865 43 44 36 72 35 42 41 34 40 61 60 47 73 39 56 19 38 37 33 59 20 45 75 16 18 46 17 32 58 57 31 55 54 53 2 52 51 50 49 30 31 29 28 15 5 13 10 11 26 12 8 71 9 24 23 7 22 6 71 5 2 4 66 67 65 3 68 70 64 63 74 25 21 8 1 20 14 11 27 48 28 69 62 Pos. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Art.-Nr.
(* .RQIRUPLWlWVHUNOlUXQJ ' +LHUPLW HUNOlUHQ ZLU GDVV GLHVHV 3URGXNW LQ GHU YRQ XQV LQ 9HUNHKU JHEUDFKWHQ $XVIKUXQJ GHQ $QIRUGHUXQJHQ GHU KDUPRQLVLHUWHQ (* 5LFKWOLQLHQ (* 6LFKHUKHLWVVWDQGDUGV XQG GHQ SURGXNWVSH]L¿VFKHQ 6WDQGDUGV HQWVSULFKW 3URGXNW 0RWRUVHQVH 6HULHQQXPPHU * +HUVWHOOHU $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' %HYROOPlFKWLJWHU $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(& GHFODUDWLRQ RI FRQIRUPLW\ *% :H KHUHE\ GHFODUH WKDW WKLV SURGXFW LQ WKH IRUP LQ ZKLFK LW LV PDUNHWHG PHHWV WKH UHTXLUHPHQWV RI WKH KDUPRQLVHG (8 JXLGHOLQHV (8 VDIHW\ VWDQGDUGV DQG WKH SURGXFW VSHFL¿F VWDQGDUGV 3URGXFW %UXVK FXWWHU 6HULDO QXPEHU * 0DQXIDFWXUHU $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' ([HFXWLYH 2IILFHU $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(* FRQIRUPLWHLWVYHUNODULQJ 1/ +LHUPHH YHUNODUHQ ZLM GDW GLW SURGXFW LQ GH GRRU RQV LQ KHW YHUNHHU JHEUDFKWH XLWYRHULQJ YROGRHW DDQ GH HLVHQ YDQ GH JHKDUPRQLVHHUGH (8 ULFKWOLMQHQ (8 YHLOLJKHLGVQRUPHQ HQ GH SURGXFWVSHFL¿HNH QRUPHQ 3URGXFW 0RWRUWULPPHU 6HULHQXPPHU * )DEULNDQW $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' *HYROPDFKWLJGH $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
'pFODUDWLRQ GH FRQIRUPLWp &( ) 1RXV GpFODURQV SDU OD SUpVHQWH GH OD SURGXLW GDQV OD YHUVLRQ PLVH HQ FLUFXODWLRQ SDU QRV VRLQV HV FRQIRUPH DX[ H[L JHQFHV GHV 1RUPHV 8( KDUPRQLVpHV GHV QRUPHV GH VpFXULWp 8( HW DX[ QRUPHV VSpFL¿TXHV DX SURGXLW 3URGXLW 'pEURXVVDLOOHXVH DYHF DFFRXSOHPHQW GH IRUFH FHQWULIXJH 1XPpUR GH VpULH * )DEULFDQW $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' )RQGp GH SRXYRLU $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
'HFODUDFLyQ Gp FRQIRUPLGDG &( ( 3RU OD SUHVHQWH GHFODUDPRV TXH HVWH SURGXFWR HQ OD YHUVLyQ TXH KHPRV FRPHUFLDOL]DGR FXPSOH ORV UHTXLVLWRV GH ODV GLUHFWLYDV HXURSHDV DUPRQL]DGDV ORV HVWiQGDUHV HXURSHRV GH VHJXULGDG \ ORV HVWiQGDUHV HVSHFL¿GRV GHO SURGXFWR 3URGXFWR (VEUR]DGRWD FRQ DFRSODPLHQWR GH IXHU]D FHQWULIXJD 1~PHUR GH VHULH * )DEULFDQWH $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' $SRGHUDGR $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
'HFODUDomR GH FRQIRUPLGDGH &( 3 'HFODUDPRV TXH R PRGHOR GHVWH SURGXWR SRU QyV FRPHUFLDOL]DGR FRUUHVSRQGH DRV UHTXLVLWRV GDV GLUHFWLYDV KDUPRQL]D GDV GD 8( jV QRUPDV GH VHJXUDQoD GD 8( H jV QRUPDV HVSHFt¿FDV GR SURGXWR 3URGXWR 5RFDGRUD 1 GH VpULH * )DEULFDQWH $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 5HSUHVHQWDQWH $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
'LFKLDUD]LRQH GL FRQIRUPLWj &( , &RQ OD SUHVHQWH VL GLFKLDUD FKH LO SUHVHQWH SURGRWWR QHOOD YHUVLRQH GD QRL PHVVD LQ FRPPHUFLR q FRQIRUPH DL UHTXLVLWL GHOOH GLUHWWLYH 8(2 DUPRQL]]DWH GHJOL VWDQGDUG GL VLFXUH]]D 8(2 H JOL VWDQGDUG VSHFL¿FL GHO SURGRWWR 3URGRWWR 7ULPPHU FRQ IUL]LRQH 1XPHUR GL VHULH * &RVWUXWWRUH $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 'HOHJDWR $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
,]MDYD (6 R VNODGQRVWL 6/2 6 WR L]MDYR SRWUMXMHPR GD MH WD L]GHOHN Y SUHGVWDYOMHQL L]YHGEL VNODGHQ ] XVNODMHQLPL GLUHNWLYDPL (8 YDUQRVWQLPL VWDQ GDUGL (8 LQ XSRãWHYQLPL VWDQGDUGL ]D WRYUVWQH L]GHONH ,]GHOHN 0RWRUQD NRVD FHQWULIXJDOQD VNORSND 6HULMVND ãWHYLOND * 3URL]YDMDOHF $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 3RREODãþHQL ]DVWRSQLN $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(= L]MDYD R VXNODGQRVWL +5 2YLP SRWYUÿXMHPR GD RYDM SURL]YRG X YHU]LML NRMX VPR PL SXVWLOL X SURPHW RGJRYDUD ]DKWMHYLPD KDUPRQL]LUDQLK (8 VPMHUQLFD (8 VLJXUQRVQLK VWDQGDUGD L VWDQGDUGD NRML VX VSHFL¿þQL ]D SURL]YRG 3URL]YRG 5XþQL WULPHU ]D WUDYX 6HULMVNL EURM * 3URL]YRÿDþ $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 2SXQRPRüHQLN $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
ȿɁ ɢɡʁɚɜɚ ɨ ɭɫɤɥɚɻɟɧɨɫɬɢ 65% ɡʁɚɜʂɭʁɟɦɨ ɞɚ ɨɜɚʁ ɩɪɨɢɡɜɨɞ ɭ ɜɟɪɡɢʁɢ ɤɨʁɭ ɫɦɨ ɫɬɚɜɢɥɢ ɧɚ ɬɪɠɢɲɬɟ ɨɞɝɨɜɚɪɚ ɡɚɯɬɟɜɢɦɚ ɯɚɪɦɨɧɢɡɨɜɚɧɢɯ ȿɁ ɞɢɪɟɤɬɢɜɚ ȿɁ ɫɬɚɧɞɚɪɞɚ ɛɟɡɛɟɞɧɨɫɬɢ ɢ ɫɬɚɧɞɚɪɞɚ ɫɩɟɰɢɮɢɱɧɢɯ ɡɚ ɨɜɚʁ ɩɪɨɢɡɜɨɞ ɉɪɨɢɡɜɨɻɚɱ $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' Ɉɩɭɧɨɦɨʄɟɧɢɤ $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
'HNODUDFMD ]JRGQRĞFL (:* 3/ 1LQLHMV]\P R]QDMPLDP\ ĪH WHQ SURGXNW Z Z\NRQDQLX GRSXV]F]RQ\P GR REURWX RGSRZLDGD ]KDUPRQL]RZDQ\P SU]HSL VRP Z\W\F]Q\FK 8( QRUPRP EH]SLHF]HĔVWZD 8( L QRUPRP RGQRV]ąF\P VLĊ GR SURGXNWX 3URGXNW .RVD VSDOLQRZD ]H VSU]ĊJáHP RGĞURGNRZ\P 1XPHU VHU\MQ\ * 3URGXFHQW $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 3HáQRPRFQLN $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
3URKOiãHQt R VKRGČ (6 &= 7tPWR SURKODãXMHPH åH WHQWR SURGXNW WDWR GR REČKX GDQi YHU]H RGSRYtGi SRåDGDYNĤP KDUPRQL]RYDQêFK VPČUQLF (8 EH]SHþQRVWQt VWDQGDUG\ (8 D VWDQGDUG\ VSHFL¿FNp SUR WHQWR SURGXNWW 3URGXNW %HQ]tQRYi VWUXQRYi VHNDþND V RGVWĜHGLYRX VSRMNRX 6pULRYp þtVOR * 9êUREFH $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' =PRFQČQHF $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
9\KOiVHQLH R ]KRGH (6 6. 7êPWR Y\KODVXMHPH åH WHQWR YêURERN Y SUHYHGHQt NWRUp VPH XYHGOL GR SUHYiG]N\ ]RGSRYHGi SRåLDGDYNiP KDUPRQL ]RYDQêFK VPHUQtF (Ò EH]SHþQRVWQêFK QRULHP (Ò D QRULHP SODWQêFK SUH WHQWR YêURERN 9êURERN 0RWRURYê Y\åtQDþ RGVWUHGLYRX VSRMNRX 9êUREQp þtVOR * 9êUREFD $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 6SOQRPRFQHQHF $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(8 PHJIHOHOĘVpJL Q\LODWNR]DW + .LMHOHQWMN KRJ\ H] D WHUPpN MHOHQ iOODSRWiEDQ PHJIHOHO D KDUPRQL]iOW (8 RUiQ\HOYHNEHQ (8 EL]WRQViJL V]DEYiQ \RNEDQ pV D WHUPpNUH YRQDWNR]y V]DEYiQ\RNEDQ PHJIRJDOPD]RWW N|YHWHOPpQ\HNQHN 7HUPpN 0RWRURV NDV]D UĘSV~OJRV NXSOXQJJDO *\iUWiVL V]iP * *\iUWy $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 0HJKDWDOPD]RWW $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
() RYHUHQVVWHPPHOVHVHUNO ULQJ '. +HUPHG HUNO UHU YL DW GHWWH SURGXNW L GHQ DI RV PDUNHGVI¡UWH XGI¡UHOVH RSI\OGHU NUDYHQH L GH KDUPRQLVHUHGH (8 GLUHNWLYHU (8 VLNNHUKHGVVWDQGDUGHUQH RJ GH SURGXNWVSHFL¿NNH VWDQGDUGHU 3URGXNW 0RWRUGUHYQH 6HULHQXPPHU * 3URGXFHQW $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' %HIXOGP JWLJHW UHSU VHQWDQW $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(* I|UVlNUDQ RP |YHUHQVVWlPPHOVH 6 +lUPHG I|UVlNUDU YL DWW GHQQD SURGXNW L GHW XWI|UDQGH GHQ WLOOYHUNDWV L PRWVYDUDU GH KDUPRQLVHUDGH NUDYHQ I|U (8 GLUHNWLY (8 VlNHUKHWVVWDQGDUGHU RFK GH SURGXNWVSHFL¿ND VWDQGDUGHUQD 3URGXNW 7ULPPHU PHG VOLUNRSSOLQJ 6HULHQXPPHU * 7LOOYHUNDUH $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' )|UHWUlGDUH $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(8 VDPVYDUVHUNO ULQJ 1 9L HUNO UHU PHG GHWWH DW GHWWH SURGXNWHW VRP YL KDU EUDNW LQQ Sn PDUNHGHW L GHQQH XWI¡UHOVH RYHUKROGHU NUDYHQH L GH KDUPRQLVHUWH (8 IRUVNULIWHQH (8 VLNNHUKHWVVWDQGDUGHQH RJ GH SURGXNWVSHVL¿NNH VWDQGDUGHQH 3URGXVHQW $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' )XOOPHNWLJ $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(< YDDWLPXVWHQPXNDLVXXVYDNXXWXV ),1 9DNXXWDPPH WlWHQ HWWl N\VHVVl ROHYD WXRWH YDVWDD VLLQl WLODVVD NXLQ YDOPLVWDMD RQ VHQ PDUNNLQRLOOH VDDWWDQXW KDUPR QLVRLWXMD (8 GLUHNWLLYHMl (8 WXUYDVWDQGDUGHMD VHNl WXRWHNRKWDLVLD VWDQGDUGHMD 7XRWH %HQVLLQLPRRWWRULYLLNDWH 6DUMDQXPHUR * 9DOPLVWDMD $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 9DOWXXWHWWX KHQNLO| $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(h YDVWDYXVGHNODUDWVLRRQ (67 6HOOHJD WHDWDPH HW VHH WRRGH PLV RQ PHLH SRROW VHOOHV YHUVLRRQLV WXUXVWDWXG YDVWDE (h GLUHNWLLYLGHOH (h RKXWXVVWDQ GDUGLWHOH MD WRRWHVSHWVLL¿OLVWHOH QRUPLGHOH 7RRGH 9}VDO}LNXU 6HHULDQXPEHU * 7RRWMD $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' (VLQGDMD $QWRQ (EHUOH ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 7S %& ,, %& ,, (h GLUHNWLLYLG (* (* (* (* (* .
(. DWELOVWƯEDV GHNODUƗFLMD /9 $U ãR PƝV DSOLHFLQƗP ND ãLV L]VWUƗGƗMXPV WƗGƗ L]SLOGƯMXPƗ NƗGƗ WDV LU QRGRWV WLUG]QLHFƯEƗ DWELOVW VDVNDƼRWR (6 GLUHNWƯYX (6 GURãƯEDV VWDQGDUWX XQ DU L]VWUƗGƗMXPD VSHFL¿NX VDLVWƯWR VWDQGDUWX SUDVƯEƗP ,]VWUƗGƗMXPV ,]VWUƗGƗMXPV 6ƝULMDV QXPXUV * 5DåRWƗMV $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' 3LOQYDURWDLV SƗUVWƗYLV $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(6 DWLWLNWLHV SDUHLãNLPDV /7 âLXR PHV SDUHLãNLDPD NDG ãLV SURGXNWDV EXYR VXNXUWDV VXSURMHNWXRWDV LU SDJDPLQWDV ODLNDQWLV KDUPR]LQXRWǐ (6 GLUHNW\Yǐ (6 VDXJRV LQVWUXNFLMǐ LU JDPLQLXL WDLN\WLQǐ VWDQGDUWǐ 3URGXNWDV %HQ]ƯQV VDMnjWX 6HULMRV 1U * *DPLQWRMDV $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' $WVWRYDV $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
Ⱦɟɤɥɚɪɚɰɢɹ ɨ ɫɨɨɬɜɟɬɫɬɜɢɢ ɫɬɚɧɞɚɪɬɚɦ ȿɋ 586 ɇɚɫɬɨɹɳɢɦ ɞɨɤɭɦɟɧɬɨɦ ɦɵ ɡɚɹɜɥɹɟɦ ɱɬɨ ɞɚɧɧɵɣ ɫɩɪɨɟɤɬɢɪɨɜɚɧɧɵɣ ɧɚɦɢ ɩɪɨɞɭɤɬ ɫɨɨɬɜɟɬɫɬɜɭɟɬ ɬɪɟɛɨɜɚɧɢɹɦ ɫɨɝɥɚɫɨɜɚɧɧɵɯ ɞɢɪɟɤɬɢɜ ȿɋ ɫɬɚɧɞɚɪɬɚɦ ɛɟɡɨɩɚɫɧɨɫɬɢ ȿɋ ɚ ɬɚɤɠɟ ɞɪɭɝɢɦ ɫɬɚɧɞɚɪɬɚɦ ɩɪɢɦɟɧɹɟɦɵɦ ɤ ɞɚɧɧɨɦɭ ɩɪɨɞɭɤɬɭ ɉɪɨɞɭɤɬ 0RWRNRFD ɋɟɪɢɣɧɵɣ ɧɨɦɟɪ * ɉɪɨɢɡɜɨɞɢɬɟɥɶ $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' ɍɩɨɥɧɨɦɨɱɟɧɧɵɣ ɩɪɟɞɫɬɚɜɢɬɟɥɶ $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
Ⱦɟɤɥɚɪɚɰɿɹ ɩɪɨ ɜɿɞɩɨɜɿɞɧɿɫɬɶ ɫɬɚɧɞɚɪɬɚɦ ȯɋ 8$ ɐɢɦ ɞɨɤɭɦɟɧɬɨɦ ɦɢ ɡɚɹɜɥɹɽɦɨ ɳɨ ɞɚɧɢɣ ɫɩɪɨɟɤɬɨɜɚɧɢɣ ɧɚɦɢ ɩɪɨɞɭɤɬ ɜɿɞɩɨɜɿɞɚɽ ɜɢɦɨɝɚɦ ɩɨɝɨɞɠɟɧɢɯɞɢɪɟɤɬɢɜ ȯɋ ɫɬɚɧɞɚɪɬɚɦ ɛɟɡɩɟɤɢ ȯɋ ɚ ɬɚɤɨɠ ɿɧɲɢɦ ɫɬɚɧɞɚɪɬɚɦ ɡɚɫɬɨɫɨɜɭɜɚɧɢɦ ɞɨ ɞɚɧɨɝɨ ɩɪɨɞɭɤɬɭ ɉɪɨɞɭɤɬ ɛɟɧɡɢɧɨɜɨɸ ɦɨɬɨɤɨɫɨɸ ɋɟɪɿɣɧɢɣ ɧɨɦɟɪ * ȼɢɪɨɛɧɢɤ $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' ɍɩɨɜɧɨɜɚɠɟɧɢɣ ɩɪɟɞɫɬɚɜɧɢɤ $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(* Ⱦɟɤɥɚɪɚɰɢɹ ɡɚ ɫɴɨɬɜɟɬɫɬɜɢɟ %* ɋ ɧɚɫɬɨɹɳɨɬɨ ɞɟɤɥɚɪɢɪɚɦɟ ɱɟ ɬɨɡɢ ɩɪɨɞɭɤɬ ɜ ɧɚɲɟɬɨ ɢɡɩɴɥɧɟɧɢɟ ɨɬɝɨɜɚɪɹ ɧɚ ɢɡɢɫɤɜɚɧɢɹɬɚ ɧɚɯɚɪɦɨɧɢɡɢɪɚɧɢɬɟ ɟɜɪɨɩɟɣɫɤɢ ɞɢɪɟɤɬɢɜɢ ɫɬɚɧɞɚɪɬɢ ɧɚ ȿɋ ɢ ɧɚ ɫɩɟɰɢɮɢɱɧɢɬɟ ɫɬɚɧɞɚɪɬɢ ɉɪɨɞɭɤɬ ɏɪɚɫɬɨɪɟɡɚɱɤɚ Ɍɪɢɦɟɪ ɡɚ ɬɪɟɜɚ ɪɴɱɟɧ ɋɟɪɢɟɧ ɧɨɦɟɪ * ɉɪɨɢɡɜɨɞɢɬɟɥ $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' ɉɪɟɞɫɬɚɜɢɬɟɥ $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
'HFODUDĠLH GH FRQIRUPLWDWH &( 52 3ULQ DFHDVWD JDUDQWăP Fă DFHVW SURGXV vQ YDULDQWD SXVă GH QRL vQ FLUFXODĠLH FRUHVSXQGH FRQGLĠLLORU GLUHFWLYHORU 8( DUPRQL]DWH VWDQGDUGHORU 8( 8( SUHFXP úL VWDQGDUGHORU VSHFL¿FH SURGXVXOXL 3URGXVXO 0DúLQă SRUWDELOă GH WăLDW LDUEă 1XPăU VHULH * 3URGXFăWRU $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' ÌPSXWHUQLFLW $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
ǻȒȜȦıȘ ıȣȝȝȩȡijȦıȘȢ ǼȀ *5 ǻȚȐ IJȘȢ ʌĮȡȠȪıȘȢ ȕİȕĮȚȫȞȠȣȝİ ȩIJȚ IJȠ ʌĮȡȩȞ ʌȡȠȧȩȞ ıIJȘȞ ȑțįȠıȘ ȝİ IJȘȞ ȠʌȠȓĮ IJȠ șȑIJȠȣȝİ ıİ țȣțȜȠijȠȡȓĮ ıIJȘȞĮȖȠȡȐ ıȣȝȝȠȡijȫȞİIJĮȚ ȝİ IJȚȢ ĮʌĮȚIJȒıİȚȢ IJȦȞ İȞĮȡȝȠȞȚıȝȑȞȦȞ ȠįȘȖȚȫȞ IJȘȢ Ǽ Ǽ IJĮ ʌȡȩIJȣʌĮ ĮıijĮȜİȓĮȢ IJȘȢ Ǽ Ǽ țĮșȫȢ țĮȚ IJĮ ʌȡȩIJȣʌĮ ʌȠȣ ĮijȠȡȠȪȞ IJȠȞ ıȣȖțİțȡȚȝȑȞȠ IJȪʌȠ ʌȡȠȧȩȞIJȠȢ ȆȡȠȧȩȞ ǹȓıșȘıȘ ǺİȞȗȓȞȘ ȈİȚȡȚĮțȩȢ ĮȡȚșȝȩȢ * ȀĮIJĮıțİȣĮıIJȒȢ $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' ǼȝʌȠȡȚțȩȢ ĮȞIJȚʌȡȩıȦʌȠȢ $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
ɂɡʁɚɜɚ ɡɚ ɭɫɨɝɥɚɫɟɧɨɫɬ ɡɚ ȿɍ 0. ɋɨ ɨɜɚ ɢɡʁɚɜɭɜɚɦɟ ɞɟɤɚ ɨɜɨʁ ɩɪɨɢɡɜɨɞ ɜɨ ɢɡɜɟɞɛɚɬɚ ɤɨʁɚ ɧɢɟ ɫɦɟ ʁɚ ɩɭɲɬɢɥɟ ɜɨ ɩɪɨɦɟɬ ɝɢ ɡɚɞɨɜɨɥɭɜɚɛɚɪɚʃɚɬɚ ɧɚ ɯɚɪɦɨɧɢɡɢɪɚɧɢɬɟ ɞɢɪɟɤɬɢɜɢ ɧɚ ȿɍ ɛɟɡɛɟɞɧɨɫɧɢɬɟ ɫɬɚɧɞɚɪɞɢ ɧɚ ȿɍ ɢ ɧɚ ɫɬɚɧɞɚɪɞɢɬɟ ɤɨɢ ɫɟɫɩɟɰɢɮɢɱɧɢ ɡɚ ɫɚɦɢɨɬ ɩɪɨɢɡɜɨɞ ɉɪɨɢɡɜɨɞ ɉɪɨɢɡɜɨɞɢɬɟɥ $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1' Ɉɜɥɚɫɬɟɧɨ ɥɢɰɟ $QWRQ (EHUOH ,FKHQKDXVHU 6WU .
(* X\JXQOXN DoÕNODPDVÕ 75 %X YHVLOH\OH WDUDIÕPÕ]GDQ SL\DVD\D VXQXODQ PRGHOGHNL EX UQQ $% VWDQGDUWODUÕ $% JYHQOLN VWDQGDUWODUÕ YH UQH|] J VWDQGDUWODU DOWÕQGDNL NDUPD WDOHSOHUL NDUúÕODGÕ÷ÕQÕ ELOJLOHULQL]H VXQPDN LVWHUL] hUQ 0RWRUOX 6HUL QXPDUDVÕ * hUHWLFL $/ .2 *HUlWH *PE+ ,FKHQKDXVHU 6WU .2(7= '(876&+/$1'
Country Company Telephone Fax A AL-KO Kober Ges.m.b.H. (+43) 35 78 / 2 5152 27 (+43) 35 78 / 2515 38 AUS AL-KO International PTY. LTD (+61) 3 / 97 67- 3700 (+61) 3 / 97 67- 3799 B/L Eurogarden NV (+32)16 / 80 54 27 (+32)16 /80 54 25 BG Valerii S&M Group SJ (+359) 2 942 34 02 (+359) 2 942 34 10 CH AL-KO Kober AG (+41) 56 / 418 3150 (+41) 56 / 418 3160 CZ AL-KO Kober Spol.sr.o.
