Blackview AirBuds 10 ユーザーガイド

タイプ
ユーザーガイド
AirBuds 10
AirBuds 10
$WWHQWLRQ
3OHDVHGRQRWGLVDVVHPEOHWKLVSURGXFWE\\RXUVHOI
3OHDVHXVHVWDQGDUGFKDUJLQJFDEOHDQGDGDSWHUWR
DYRLGGDPDJHDQGDFFLGHQWV
3OHDVHDYLRGXVLQJFRUURVLYHFOHDQLQJGHWHUJHQWWR
FOHDQWKLVSURGXFW
3OHDVHDYRLGSURGXFWXVDJHLQWKHUDLQDQGNHHSDZD\
IURPKHDWLQJRUILUH
0DLQWHQDQFH
3OHDVHIROORZWKHIROORZLQJVXJJHVWLRQVWRSURORQJ
SURGXFWZRUNLQJOLIH
.HHSSURGXFWGU\DQGGRQ¶WSXWLQGDPSSODFHVLQFDVH
RIDIIHFWLQJLQWHUQDOFLUFXLW
$YLRGSURGXFWXVDJHGXULQJLQWHQVHVSRUWLQJRURQ
VZHDWLQJRFFDVLRQVLQFDVHVZHDWLQILOWUDWHLQWR
SURGXFWDQGFDXVHGDPDJHV
.HHSRIIVXQOLJKWRUKLJKWHPSHUDWXUHLQFDVHRI
VKRUWHQLQJZRUNLQJOLIHRIHOHFWULFSDUWVEDWWHU\
GDPDJHSODVWLFSDUWVGHIRUPDWLRQ
.HHSRIILQWHQVHYLEUDWLRQDQGLPSDFWIURPKDUG
PDWHULDOLQFDVHRILQWHUQDOFLUFXLWGDPDJHV
/LJKWLQGLFDWLRQ $QVZHUVIRU&RPPRQ4XHVWLRQV
7KHEOXHWRRWKKHDGVHWFDQQRWEHVZLWFKHGRQ
5HDVRQ7KHEDWWHU\LQWKHFKDUJLQJFRPSDUWPHQWLV
ORZRUWKHSRZHURIWKHEOXHWRRWKKHDGVHWLVORZ
6ROXWLRQ3XWWKHKHDGVHWLQWRWKHFKDUJLQJER[FORVH
WKHFRYHUDQGFKDUJHWKHFKDUJLQJER[IRUPRUHWKDQ
KRXUEHIRUHXVH
7KHSKRQHFDQQRWVHDUFKIRUEOXHWRRWKKHDGVHW
5HDVRQ7KH%OXHWRRWKKHDGVHWLVQRWLQWKHSDLULQJ
VWDWH
6ROXWLRQ3XWERWKKHDGSKRQHVLQWRWKHFKDUJLQJFDVH
SUHVVDQGKROG/5IRUVHFRQGVWRHQWHUWKHSDLULQJ
VWDWHDQGWKHUHGDQGZKLWHOLJKWVZLOOIODVK
5HDVRQ7KHUHDUHPRELOHSKRQHEOXHWRRWKSURJUDP
HUURUV
6ROXWLRQ$IWHUWKHEOXHWRRWKRIWKHPRELOHSKRQHLV
UHVWDUWHGFOHDUDOOSDLULQJGDWDVWRUHGLQWKHWKHPRELOH
SKRQH6HDUFKIRUEOXHWRRWKDJDLQ
7KHUHLVQRVRXQGIURPWKHKHDGVHWVSHDNHU
5HDVRQ7XUQWKHYROXPHRIWKHPRELOHSKRQHDQG
KHDGVHWWRWKHPD[LPXPDQGFRQILUPZKHWKHULWLV
FDXVHGE\YROXPHDGMXVWPHQW
6ROXWLRQ:KHQWKHKHDGVHWLVFRQQHFWHGDGMXVWWKH
YROXPHRIWKHPRELOHSKRQH
5HDVRQ7KH%OXHWRRWKKHDGVHWLVQRWSURSHUO\
FRQQHFWHGZLWKWKHPRELOHSKRQH
6ROXWLRQ5HFRQQHFWEOXHWRRWKDQGPRELOHSKRQH
WKURXJKSDLULQJ
5HDVRQ7KH%OXHWRRWKKHDGVHWLVQRWZLWKLQWKH
YDOLGZRUNLQJUDQJH
6ROXWLRQ.HHSWKHKHDGVHWZLWKLQPHWHUVRIWKH
PRELOHSKRQHDQGWKHUHDUHQRODUJHREMHFWVZDOOVDQG
RWKHUREVWDFOHVEHWZHHQWKHKHDGVHWDQGWKHGHYLFH
7KHKHDGVHWGRHVQWVHQGPHVVDJHVRUWKHYRLFH
LVORZ
5HDVRQ7KH%OXHWRRWKKHDGVHWLVWRRIDUIURPWKH
PRXWK
6ROXWLRQ7KHEOXHWRRWKKHDGVHWVKRXOGEHZRUQRQWKH
HDUIRUQRUPDOXVH
5HDVRQ7KHPLFURSKRQHKROHRI%OXHWRRWKLV
EORFNHGRUZDWHUKDVHQWHUHG
6ROXWLRQ5HPRYHWKHEORFNDJHRIWKHPLFURSKRQHKROH
RUSUHYHQWZDWHUIURPHQWHULQJWKHPLFURSKRQHKROH
7KHKHDGSKRQHJHWVWXFNRUGLVFRQQHFWHGZKHQ
WDONLQJRUOLVWHQLQJWRPXVLF
5HDVRQ7KH%OXHWRRWKKHDGVHWLVWRRIDUDZD\IURP
WKHPRELOHSKRQHRUWKHUHDUHREVWDFOHV
6ROXWLRQ.HHSWKHKHDGVHWZLWKLQPHWHUVRIWKH
PRELOHSKRQHDQGWKHUHDUHQRODUJHREMHFWVDQGZDOOV
EHWZHHQWKHKHDGVHWDQGWKHGHYLFH%HFDUHIXOQRWWR
FRYHUWKHEOXHWRRWKKHDGVHWZLWK\RXUKDQG,QRUGHUWR
PDLQWDLQWKHFRQWLQXRXVVWDELOLW\RIWKHVLJQDOSOHDVHWU\
WRNHHSWKHEOXHWRRWKDQGWKHPRELOHSKRQHLQWKHVDPH
GLUHFWLRQ
5HDVRQ7KHUHLVDSUREOHPZLWKWKHEOXHWRRWK
VLJQDORIWKHPRELOHSKRQHRUWKHUHLVVWURQJVLJQDO
LQWHUIHUHQFHQHDUE\
6ROXWLRQ,WLVEHVWQRWWRPDNHWKHPRELOHSKRQHFORVH
WRPHWDOREMHFWV<RXFDQDOVRFKDQJHDQRWKHUPRELOH
SKRQHRUWU\DQRWKHUSODFH
5HDVRQ7KHSRZHURIEOXHWRRWKKHDGVHWLV
LQVXIILFLHQW3OHDVHFKDUJHWKHKHDGVHWDVVRRQDV
SRVVLEOH
6ROXWLRQ3OHDVHFKDUJHWKHKHDGVHWDVVRRQDV
SRVVLEOH
7KHUHLVQRVRXQGLQWKHKHDGVHWGXULQJYRLFH
FDOODQGWKHVRXQGFRPHVRXWRIWKHPRELOHSKRQH
5HDVRQ7KHKHDGVHWLVRSHUDWHGGXULQJDYRLFHFDOORU
FDOO'RXEOHFOLFNWKHKHDGVHW
6ROXWLRQ7XUQRIIWKHEOXHWRRWKRIWKHPRELOHSKRQH
DQGWKHQWXUQLWRQRUSXWWKHKHDGVHWLQWRWKHER[
FORVHWKHFRYHUWXUQRIIWKHKHDGVHWDQGWKHQRSHQWKH
FRYHU7KHKHDGVHWGRHVQRWVXSSRUWWKHFRQQHFWLRQRU
KDQJLQJXSRIYRLFHFDOOV,IWKHUHLVDYRLFHFDOOSOHDVH
FRQQHFWRUKDQJXSRQWKHPRELOHSKRQH
1RWHDWSUHVHQWWKHKHDGVHWRQO\VXSSRUWVLQFRPLQJ
FDOOVIURP*60FDUGVQRWDSSQHWZRUNFDOOV
$IWHUWKHKHDGVHWLVSXWLQWRWKHER[DQGWKH
FRYHULVFORVHGWKHKHDGVHWLVQRWGLVFRQQHFWHG
5HDVRQ7KHFKDUJLQJER[LVFRPSOHWHO\GHDG
6ROXWLRQ&KDUJHWKHFKDUJLQJER[
5HDVRQ7KHKHDGVHWLVQRWSXWLQWRWKHER[
SURSHUO\DQGWKHFRPPXQLFDWLRQEHWZHHQWKHKHDGVHW
DQGWKHEDVHLVDEQRUPDO
6ROXWLRQ2SHQWKHFKDUJLQJFDVHDJDLQWDNHWKH
HDUSKRQHVRXWRIWKHFDVHDQGSXWWKHPEDFNLQWRWKH
FDVH7KHUHGOLJKWRQWKHFKDUJLQJFDVHZLOOIODVKRQFH
ZKHQWKHKHDGSKRQHVDUHLQWKHFDVH&ORVHWKHFRYHU
5HDVRQ7KHFKDUJLQJER[LVGDPDJHG
6ROXWLRQ5HSODFHWKHFKDUJLQJER[
:KLWHOLJKWRQ
:KLWHOLJKWIODVKLQJ
7KHUHGLQGLFDWRUOLJKWLVRQ
IRUVHFRQGV
5HGOLJKWIODVKLQJ
$OWHUQDWHO\IODVKLQJUHGDQG
ZKLWHOLJKWV
7KHUHGLQGLFDWRUOLJKWLVRQ
IRUVHFRQGV
5HGOLJKWRQ
/LJKWRII
/LJKWRII
3RZHURQ
3RZHURII
3DLULQJVWDWXV
3OD\PXVLFFDOOVWDWXV
+HDGSKRQHORZSRZHUVWDWXV
+HDGSKRQHFKDUJLQJ
7KHKHDGSKRQHVIXOO\FKDUJHG
&KDUJLQJFDVHEDWWHU\LVORZ 7KHUHGOLJKWIODVKHVDQG
WXUQVRIIDIWHUV
7KHFKDUJLQJFDVHLVFKDUJLQJ
7KHFKDUJLQJFDVHLVIXOO\FKDUJHG
)DFWRU\UHVHW 7KHZKLWHOLJKWIODVKHVWLPHV
DQGWKHQJRHVRII
+HDGSKRQHPRGH 6WDWXV
%OXHWRRWKSDLULQJ
0HWKRG:KHQFRQQHFWLQJIRUWKHILUVWWLPHRSHQWKH
FKDUJLQJFDVHWKHWZRKHDGSKRQHVDUHLQWKHFKDUJLQJ
FDVHWKHLQGLFDWRUOLJKWRIWKHFKDUJLQJFDVHLVUHGWKH
KHDGSKRQHVHQWHUWKHSDLULQJVWDWHDQGIODVKUHGDQG
ZKLWHOLJKWVWXUQRQWKH%OXHWRRWKRIWKHGHYLFHDQG
VHOHFW³$LU%XGV´IRUFRQQHFWLRQ
0HWKRG:KHQWKHGHYLFHLVFRQQHFWHGWRWKH
KHDGSKRQHVSXWWKHKHDGSKRQHVLQWRWKHFKDUJLQJ
FDVH3UHVVIRUVWKHKHDGSKRQHVZLOOHQWHUWKH
SDLULQJVWDWHDQGIODVKUHGDQGZKLWHOLJKWV7XUQRQ
%OXHWRRWKIRU\RXUQHZGHYLFHDQGVHOHFW$LU%XGV
IRUFRQQHFWLRQ
1RWH)RUVRPHVPDUWSKRQHVDIWHU\RXVHOHFW³$LU%XGV
´IRU%OXHWRRWKSDLULQJ\RXPD\EHDVNHGWR
UHFRQILUPWKHSDLULQJLQDSRSXSZLQGRZ
7XUQRIIWKH%OXHWRRWKVZLWFKRIWKHSKRQHWRGLVFRQQHFW
WKHKHDGSKRQHV
:HDULQJ
3XWWKHKHDGSKRQHVRQDQGDGMXVWWKHPWRDFRPIRUWDEOH
SRVLWLRQ
3URGXFW,QWURGXFWLRQ
(TXLSPHQWRSHUDWLRQ
3RZHURQ2SHQWKHFKDUJLQJFDVHDQGWKH
KHDGSKRQHVZLOODXWRPDWLFDOO\SRZHURQ
6KXWGRZQ3XWWKHKHDGSKRQHVLQWRWKHFKDUJLQJ
FDVHDQGFORVHWKHFKDUJLQJFDVHWRVKXWGRZQ
5HVWRUHIDFWRU\VHWWLQJV
'RXEOHWRXFKORQJSUHVV6ZKHQWKHZKLWH
OLJKWIODVKHVIRUWLPHVWKHKHDGSKRQHVZLOOHQWHUWKH
IDFWRU\UHVHWPRGHSXWWKHKHDGSKRQHVLQWRWKH
FKDUJLQJFDVHWKHKHDGSKRQHVVWDWXVZLOOEHUHVWRUHG
WRWKHIDFWRU\VHWWLQJV<RXFDQRSHQWKHFRYHUWR
UHSDLU
2SHUDWLRQFRQWURO &KDUJLQJ
:KHQWKHEDWWHU\RIWKHKHDGSKRQHVLVORZWKHUHG
OLJKWZLOOIODVK<RXFDQSXWWKHKHDGSKRQHVLQWRWKH
FKDUJLQJFDVHDQGFORVHWKHFKDUJLQJFDVH
:KHQWKHSRZHURIWKHFKDUJLQJFDVHLVORZWKHUHG
OLJKWZLOOIODVKZKHQWKHFKDUJLQJFDVHLVRSHQHG
SURPSWLQJWRFKDUJHWKHFKDUJLQJFDVH
1RWH%HIRUHFKDUJLQJSOHDVHGU\WKH86%FKDUJLQJ
SRUWFRPSOHWHO\DQGXVHWKHDWWDFKHGRUFHUWLILHG
86%&FKDUJLQJFDEOHWRFRQQHFWWKHFKDUJLQJFDVHWR
WKHSRZHUVXSSO\IRUFKDUJLQJWKHZKLWHOLJKWRIWKH
FKDUJLQJFDVHIODVKHVGXULQJFKDUJLQJDQGWKHZKLWH
OLJKWLVDOZD\VRQZKHQIXOO\FKDUJHG
6SHFLILFDWLRQV
0RGHO$LU%XGV
%OXHWRRWKYHUVLRQ
&DOOHQFRGLQJIRUPDW6%&$$&
1RLVH&DQFHOODWLRQ(1&
0LFURSKRQH;
+HDGSKRQHVWDWXVLQGLFDWRU/('ZKLWHUHG
%DWWHU\FDSDFLW\P$K
6SHDNHUP:
0XVLFEDWWHU\OLIH+
&DOOOLIH+
&KDUJLQJYROWDJH99
%OXHWRRWKIUHTXHQF\
%OXHWRRWKHIIHFWLYHGLVWDQFH!0
'\QDPLFIUHTXHQF\UHVSRQVH.+]
6WDQGE\WLPH+
&KDUJLQJWLPH+
&KDUJLQJFDVH
%DWWHU\FDSDFLW\P$K
&KDUJLQJWLPH+
&KDUJLQJLQWHUIDFH7\SH&
2SHUDWLQJWHPSHUDWXUH&
1 2 3 7 8 9 10 11
USER GUIDE
(QJOLVK
3ɭɫɫɤɢɣ
3RUWXJXrV
Shenzhen DOKE Electronic Co.,Ltd
Address: 13/F, Wei Dong Long Business Building B,
Mei Long Ave, Long Hua New District Shenzhen.
Follow Blackview communtiy, a place where you
can share and discuss with Blackview user
keep posted with most up-to-day news
ឬᱛ㺭Ⅾ喝
ᱼ䉔喝H䨈Ძ㏤喏ࢁ㞞࢜ݣ叽
᜼ಷᅦᄤ喝NN喋㘢㷱喌
ᱼ䉔䰬げऴᰵჟ➕䉔ネݢ㻰㠯
ɇɚɭɲɧɢɤɢɧɟɨɬɤɥɸɱɚɸɬɫɹɩɨɫɥɟɬɨɝɨɤɚɤ
ɨɧɢɩɨɦɟɳɟɧɵɜɤɨɪɨɛɤɭɢɤɪɵɲɤɚɡɚɤɪɵɬɚ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɁɚɪɹɞɧɨɟɭɫɬɪɨɣɫɬɜɨ
ɩɨɥɧɨɫɬɶɸɪɚɡɪɹɠɟɧɨ
ɆɟɬɨɞɪɟɲɟɧɢɹɁɚɪɹɞɢɬɟɡɚɪɹɞɧɭɸɤɨɪɨɛɤɭ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɇɚɭɲɧɢɤɢɜɫɬɚɜɥɟɧɵɜ
ɤɨɪɨɛɤɭɧɟɩɪɚɜɢɥɶɧɨɢɫɜɹɡɶɦɟɠɞɭɧɚɭɲɧɢɤɚɦɢɢ
ɛɚɡɨɣɧɚɪɭɲɟɧɚ
Ɇɟɬɨɞɪɟɲɟɧɢɹɋɧɨɜɚɨɬɤɪɨɣɬɟɤɪɵɲɤɭɤɨɪɨɛɤɢ
ɞɥɹɡɚɪɹɞɤɢɢɡɜɥɟɤɢɬɟɧɚɭɲɧɢɤɢɢɡɤɨɪɨɛɤɢɢ
ɫɧɨɜɚɩɨɥɨɠɢɬɟɜɤɨɪɨɛɤɭɄɨɝɞɚɧɚɭɲɧɢɤɢɛɭɞɭɬ
ɩɨɦɟɳɟɧɵɜɤɨɪɨɛɤɟɤɪɚɫɧɵɣɢɧɞɢɤɚɬɨɪɧɚɤɨɪɨɛɤɟ
ɞɥɹɡɚɪɹɞɤɢɡɚɝɨɪɢɬɫɹɨɞɢɧɪɚɡɢɤɪɵɲɤɚɛɭɞɟɬ
ɡɚɤɪɵɬɚ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɉɨɜɪɟɠɞɟɧɧɚɹɡɚɪɹɞɧɚɹ
ɤɨɪɨɛɤɚ
ɆɟɬɨɞɪɟɲɟɧɢɹɁɚɦɟɧɢɬɶɡɚɪɹɞɧɭɸɤɨɪɨɛɤɭ
Ɉɬɜɟɬɵɧɚɱɚɫɬɨɡɚɞɚɜɚɟɦɵɟɜɨɩɪɨɫɵ
ɇɚɭɲɧɢɤɢ%OXHWRRWKɧɟɜɤɥɸɱɚɸɬɫɹ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɊɚɡɪɹɠɟɧɚɛɚɬɚɪɟɹɜ
ɡɚɪɹɞɧɨɦɨɬɫɟɤɟɢɥɢɜɧɚɭɲɤɢɤɚɯ
Ɇɟɬɨɞɪɟɲɟɧɢɹɉɨɦɟɫɬɢɬɟɧɚɭɲɧɢɤɢɜɡɚɪɹɞɧɭɸ
ɤɨɪɨɛɤɭɢɡɚɤɪɨɣɬɟɤɪɵɲɤɭɡɚɬɟɦɢɫɩɨɥɶɡɭɣɬɟ
ɡɚɪɹɞɧɨɟɭɫɬɪɨɣɫɬɜɨɞɥɹɡɚɪɹɞɤɢɡɚɪɹɞɧɨɝɨ
ɭɫɬɪɨɣɫɬɜɚɛɨɥɟɟɱɚɫɚɩɟɪɟɞɟɝɨɢɫɩɨɥɶɡɨɜɚɧɢɟɦ
Ɍɟɥɟɮɨɧɧɟɦɨɠɟɬɧɚɣɬɢɧɚɭɲɧɢɤɢ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɇɚɭɲɧɢɤɢKɧɟɜɤɥɸɱɟɧɚɢ
ɧɟɫɨɩɪɹɠɟɧɚ
Ɇɟɬɨɞɪɟɲɟɧɢɹɉɨɥɨɠɢɬɟɞɜɭɧɚɭɲɧɢɤɨɜɜ
ɤɨɪɨɛɤɭɞɥɹɡɚɪɹɞɤɢɨɞɧɨɜɪɟɦɟɧɧɨɧɚɠɦɢɬɟɢ
ɭɞɟɪɠɢɜɚɣɬɟ/5ɞɜɭɯɧɚɭɲɧɢɤɨɜɫɟɤɭɧɞɵɱɬɨɛɵ
ɩɟɪɟɣɬɢɜɫɨɫɬɨɹɧɢɟɫɨɩɪɹɠɟɧɢɹɢɡɚɦɢɝɚɸɬ
ɤɪɚɫɧɵɣɢɛɟɥɵɣɢɧɞɢɤɚɬɨɪɵ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɈɲɢɛɤɚɜɩɪɨɝɪɚɦɦɟ
%OXHWRRWKɦɨɛɢɥɶɧɨɝɨɬɟɥɟɮɨɧɚ
Ɇɟɬɨɞɪɟɲɟɧɢɹɉɨɫɥɟɩɟɪɟɡɚɩɭɫɤɚ%OXHWRRWK
ɦɨɛɢɥɶɧɨɝɨɬɟɥɟɮɨɧɚɭɞɚɥɢɬɟɜɫɟɞɚɧɧɵɟ
ɫɨɩɪɹɠɟɧɢɹɯɪɚɧɹɳɢɟɫɹɜ%OXHWRRWKɫɧɨɜɚ
ɜɵɩɨɥɧɢɬɟɩɨɢɫɤ%OXHWRRWK
ɇɟɬɡɜɭɤɚɢɡɞɢɧɚɦɢɤɚɧɚɭɲɧɢɤɨɜ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɍɫɬɚɧɨɜɢɬɟ
ɦɚɤɫɢɦɚɥɶɧɵɣɭɪɨɜɟɧɶɝɪɨɦɤɨɫɬɢɦɨɛɢɥɶɧɨɝɨ
ɬɟɥɟɮɨɧɚɢɧɚɭɲɧɢɤɨɜɱɬɨɛɵɭɛɟɞɢɬɶɫɹɜɱɺɦɱɬɨ
ɷɬɨɜɵɡɜɚɧɨɪɟɝɭɥɢɪɨɜɤɨɣɝɪɨɦɤɨɫɬɢɢɥɢɧɟɬ
ɆɟɬɨɞɪɟɲɟɧɢɹɄɨɝɞɚɧɚɭɲɧɢɤɢɩɨɞɤɥɸɱɟɧɵ
ɧɚɠɦɢɬɟɬɟɥɟɮɨɧɱɬɨɛɵɨɬɪɟɝɭɥɢɪɨɜɚɬɶɝɪɨɦɤɨɫɬɶ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɇɚɭɲɧɢɤɢɧɟɩɪɚɜɢɥɶɧɨ
ɩɨɞɤɥɸɱɟɧɚɤɦɨɛɢɥɶɧɨɦɭɬɟɥɟɮɨɧɭ
Ɇɟɬɨɞɪɟɲɟɧɢɹȼɵɩɨɥɧɢɬɟɩɨɜɬɨɪɧɨɟɫɨɩɪɹɠɟɧɢɟ
%OXHWRRWKɢɦɨɛɢɥɶɧɵɣɬɟɥɟɮɨɧ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɇɚɭɲɧɢɤɢɧɟɩɪɚɜɢɥɶɧɨ
ɩɨɞɤɥɸɱɟɧɚɤɦɨɛɢɥɶɧɨɦɭɬɟɥɟɮɨɧɭ
ɆɟɬɨɞɪɟɲɟɧɢɹȾɟɪɠɢɬɟɧɚɭɲɧɢɤɢɧɚɪɚɫɫɬɨɹɧɢɢ
ɧɟɛɨɥɟɟɦɟɬɪɨɜɨɬɦɨɛɢɥɶɧɨɝɨɬɟɥɟɮɨɧɚɢ
ɦɟɠɞɭɧɚɭɲɧɢɤɚɦɢɢɭɫɬɪɨɣɫɬɜɨɦɧɟɬɩɪɟɩɹɬɫɬɜɢɣ
ɬɚɤɢɯɤɚɤɝɪɨɦɨɡɞɤɢɟɩɪɟɞɦɟɬɵɢɫɬɟɧɵ
ɇɚɭɲɧɢɤɢɧɟɩɟɪɟɞɚɟɬɢɥɢɝɨɥɨɫɫɥɚɛɵɣ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɇɚɭɲɧɢɤɢɧɚɯɨɞɢɬɫɹ
ɫɥɢɲɤɨɦɞɚɥɟɤɨɨɬɨɪɬɚ
Ɇɟɬɨɞɪɟɲɟɧɢɹɉɪɢɧɨɪɦɚɥɶɧɨɦɢɫɩɨɥɶɡɨɜɚɧɢɢ
ɧɚɭɲɧɢɤɢ%OXHWRRWKɫɥɟɞɭɟɬɧɨɫɢɬɶɧɚɭɯɟ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵ7Ɇɢɤɪɨɮɨɧ%OXHWRRWK
ɡɚɛɥɨɤɢɪɨɜɚɧɢɥɢɜɧɟɝɨɩɨɩɚɥɚɜɨɞɚ
Ɇɟɬɨɞɪɟɲɟɧɢɹɍɞɚɥɢɬɟɡɚɫɨɪɟɧɢɟɨɬɜɟɪɫɬɢɹ
ɦɢɤɪɨɮɨɧɚɢɥɢɩɪɟɞɨɬɜɪɚɬɢɬɟɩɨɩɚɞɚɧɢɟɜɨɞɵɜ
ɨɬɜɟɪɫɬɢɟɦɢɤɪɨɮɨɧɚ
ɇɚɭɲɧɢɤɢɡɚɜɢɫɚɟɬɢɥɢɨɬɤɥɸɱɚɟɬɫɹɜɨ
ɜɪɟɦɹɪɚɡɝɨɜɨɪɚɢɥɢɩɪɨɫɥɭɲɢɜɚɧɢɹɩɟɫɧɢ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɇɚɭɲɧɢɤɢɧɚɯɨɞɢɬɫɹ
ɫɥɢɲɤɨɦɞɚɥɟɤɨɨɬɦɨɛɢɥɶɧɨɝɨɬɟɥɟɮɨɧɚɢɥɢ
ɦɟɠɞɭɧɢɦɢɧɚɯɨɞɹɬɶɫɹɩɪɟɩɹɬɫɬɜɢɹ
ɆɟɬɨɞɪɟɲɟɧɢɹȾɟɪɠɢɬɟɧɚɭɲɧɢɤɢɧɚɪɚɫɫɬɨɹɧɢɢ
ɧɟɛɨɥɟɟɦɟɬɪɨɜɨɬɦɨɛɢɥɶɧɨɝɨɬɟɥɟɮɨɧɚɢ
ɦɟɠɞɭɧɚɭɲɧɢɤɚɦɢɢɭɫɬɪɨɣɫɬɜɨɦɧɟɞɨɥɠɧɨɛɵɬɶ
ɛɨɥɶɲɢɯɩɪɟɞɦɟɬɨɜɢɫɬɟɧɢɛɭɞɶɬɟɨɫɬɨɪɨɠɧɵ
ɱɬɨɛɵɧɟɡɚɤɪɵɜɚɬɶɧɚɭɲɧɢɤɢ%OXHWRRWKɪɭɤɚɦɢȾɥɹ
ɨɛɟɫɩɟɱɟɧɢɹɩɨɫɬɨɹɧɧɨɣɭɫɬɨɣɱɢɜɨɫɬɢɭɫɬɪɨɣɫɬɜɚ
ɫɢɝɧɚɥɩɨɫɬɚɪɚɣɬɟɫɶɱɬɨɛɵ%OXHWRRWKɢɬɟɥɟɮɨɧ
ɛɵɥɢɜɨɞɧɨɦɧɚɩɪɚɜɥɟɧɢɢ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵȼɨɡɧɢɤɥɚɩɪɨɛɥɟɦɚɫ
ɫɢɝɧɚɥɨɦ%OXHWRRWKɦɨɛɢɥɶɧɨɝɨɬɟɥɟɮɨɧɚɢɥɢ
ɩɨɛɥɢɡɨɫɬɢɟɫɬɶɫɢɥɶɧɵɟɩɨɦɟɯɢ
Ɇɟɬɨɞɪɟɲɟɧɢɹɇɟɩɪɢɛɥɢɠɚɣɬɟɤɬɟɥɟɮɨɧɭ
ɦɟɬɚɥɥɢɱɟɫɤɢɟɩɪɟɞɦɟɬɵȼɵɬɚɤɠɟɦɨɠɟɬɟ
ɩɨɩɪɨɛɨɜɚɬɶɞɪɭɝɨɣɬɟɥɟɮɨɧɢɥɢɞɪɭɝɨɟɦɟɫɬɨ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɊɚɡɪɹɠɟɧɚɛɚɬɚɪɟɹ
ɧɚɭɲɧɢɤɨɜɡɚɪɹɞɢɬɟɤɚɤɦɨɠɧɨɫɤɨɪɟɟ
ɆɟɬɨɞɪɟɲɟɧɢɹɁɚɪɹɞɢɬɟɧɚɭɲɧɢɤɢɤɚɤɦɨɠɧɨ
ɫɤɨɪɟɟ
ɇɚɭɲɧɢɤɢɝɨɥɨɫɨɜɨɝɨɜɵɡɨɜɚɦɨɥɱɹɬɢɡɜɭɤ
ɢɞɟɬɢɡɬɟɥɟɮɨɧɚ
ȼɨɡɦɨɠɧɵɟɩɪɢɱɢɧɵɇɚɭɲɧɢɤɢɢɫɩɨɥɶɡɭɟɬɫɹɜɨ
ɜɪɟɦɹɝɨɥɨɫɨɜɨɝɨɜɵɡɨɜɚɢɥɢɡɜɨɧɤɚɢɧɚɧɚɭɲɧɢɤɢ
ɞɜɚɠɞɵɳɟɥɤɚɸɬ
Ɇɟɬɨɞɪɟɲɟɧɢɹȼɵɤɥɸɱɢɬɟ%OXHWRRWKɦɨɛɢɥɶɧɨɝɨ
ɬɟɥɟɮɨɧɚɚɡɚɬɟɦɜɤɥɸɱɢɬɟɟɝɨɢɥɢɜɵɤɥɸɱɢɬɟ
ɧɚɭɲɧɢɤɢɤɨɝɞɚɨɧɢɧɚɯɨɞɢɬɫɹɜɤɨɪɨɛɤɟ
ȼɵɤɥɸɱɢɬɟɧɚɭɲɧɢɤɢɚɡɚɬɟɦɨɬɤɪɨɣɬɟɤɪɵɲɤɭ
ɧɚɭɲɧɢɤɢɧɟɩɨɞɞɟɪɠɢɜɚɟɬɝɨɥɨɫɨɜɵɟɜɵɡɨɜɵɞɥɹ
ɩɨɞɤɥɸɱɟɧɢɹɢɥɢɩɨɜɟɫɢɬɶɬɪɭɛɤɭɉɪɢɝɨɥɨɫɨɜɨɦ
ɜɵɡɨɜɟɩɨɞɤɥɸɱɢɬɟɫɶɢɥɢɩɨɥɨɠɢɬɟɬɪɭɛɤɭ
Ɉɛɪɚɬɢɬɟɜɧɢɦɚɧɢɟɱɬɨɜɧɚɫɬɨɹɳɟɟɜɪɟɦɹ
ɧɚɭɲɧɢɤɢɩɨɞɞɟɪɠɢɜɚɟɬɬɨɥɶɤɨɬɟɥɟɮɨɧɧɵɟɡɜɨɧɤɢ
ɫɤɚɪɬɵ*60ɞɥɹɩɪɢɟɦɚɢɡɚɜɟɪɲɟɧɢɹɡɜɨɧɤɨɜɢ
ɧɟɩɨɞɞɟɪɠɢɜɚɟɬɬɟɥɟɮɨɧɧɵɟɡɜɨɧɤɢɩɨɫɟɬɢɱɟɪɟɡ
ɩɪɢɥɨɠɟɧɢɟ
19 20 21 22
/RVDXULFXODUHVQRVHGHVFRQHFWDQGHVSXpVGH
FHUUDUVHHQODFDMD
3RVLEOHVFDXVDV(OHVWXFKHGHFDUJDVHTXHGD
FRPSOHWDPHQWHVLQEDWHUtD
6ROXFLzQ&DUJXHHOHVWXFKHGHFDUJD
3RVLEOHVFDXVDV/RVDXULFXODUHVQRVHFRORFDQ
ELHQHQODFDMD\VHFRPXQLFDQFRQODEDVHGHIRUPD
DQRUPDO
6ROXFLzQ9XHOYDDDEULUHOHVWXFKHGHFDUJDVDTXH
ORVDXULFXODUHV\OXHJRORVFRORTXHHQHOHVWXFKHODOX]
URMDLQGLFDGRUDHQHOHVWXFKHGHFDUJDVHHQFHQGHUi
XQDYH]FXDQGRORVDXULFXODUHVHVWpQHQODFDMDFLHUUH
ODWDSD
3RVLEOHVFDXVDV(OHVWXFKHGHFDUJDHVWiGDxDGR
6ROXFLzQ5HHPSODFHHOHVWXFKHGHFDUJD
5HVSXHVWDVDSUHJXQWDVIUHFXHQWHV
/RVDXULFXODUHV%OXHWRRWKQRVHHQFLHQGHQ
3RVLEOHVFDXVDV/DEDWHUtDGHOFRPSDUWLPHQWRGH
FDUJDHVEDMDRORVDXULFXODUHVWLHQHQSRFDEDWHUtD
6ROXFLzQ&RORTXHORVDXULFXODUHVHQHOHVWXFKHGH
FDUJD\FDUJXHHOHVWXFKHGHFDUJDFRQHOFDUJDGRU
GXUDQWHPiVGHKRUDDQWHVGHXVDUOR
(OWHOpIRQRQRSXHGHHQFRQWUDUORVDXULFXODUHV
EOXHWRRWK
3RVLEOHVFDXVDV(OHVWDGRGHORVDXULFXODUHV
%OXHWRRWKQRHVGHHPSDUHMDPLHQWRGHHQFHQGLGR
6ROXFLzQ&RORTXHDPERVDXULFXODUHVHQHOHVWXFKHGH
FDUJDPDQWHQJDSUHVLRQDGRVGXUDQWHVHJXQGRVORV
GRVDXULFXODUHV/5DOPLVPRWLHPSRSDUDTXHHQWUHQ
HQHOHVWDGRGHHPSDUHMDPLHQWR\VHHQFLHQGDQOXFHV
URMDV\EODQFDV
3RVLEOHVFDXVDV+XERXQHUURUFRQHOSURJUDPD
EOXHWRRWKHQHOWHOpIRQR
6ROXFLzQ%RUUHWRGRVORVGDWRVGHHPSDUHMDPLHQWR
DOPDFHQDGRVSRU%OXHWRRWKHQVXWHOpIRQRGHVSXpVGHO
UHLQLFLRGH%OXHWRRWKGHVXWHOpIRQR%XVTXH
QXHYDPHQWHHOEOXHWRRWK
1RKD\VRQLGRGHODERFLQDGHORVDXULFXODUHV
3RVLEOHVFDXVDV$MXVWHHOYROXPHQGHVXWHOpIRQR\
DXULFXODUHVDOPi[LPRSDUDFRQILUPDUVLHVFDXVDGRSRU
HODMXVWHGHYROXPHQ
6ROXFLzQ&RQORVDXULFXODUHVFRQHFWDGRVSUHVLRQHHO
WHOpIRQRSDUDDMXVWDUHOYROXPHQ
3RVLEOHVFDXVDV/RVDXULFXODUHV%OXHWRRWKQR
HVWiQFRQHFWDGRVFRUUHFWDPHQWHDVXWHOpIRQR
6ROXFLzQ%OXHWRRWK\HOWHOpIRQRVHYXHOYHQD
HPSDUHMDU\FRQHFWDU
3RVLEOHVFDXVDV/RVDXULFXODUHV%OXHWRRWKQR
HVWiQGHQWURGHOUDQJRGHWUDEDMRHIHFWLYR
6ROXFLzQ0DQWHQJDORVDXULFXODUHVGHQWURGH
PHWURVGHOWHOpIRQR\QRKD\HOHPHQWRVGHJUDQ
YROXPHQ\SDUHGHVHQWUHORVDXULFXODUHV\HO
GLVSRVLWLYR
/RVDXULFXODUHVQRHQYtDQODYR]RODYR]HV
SHTXHxD
3RVLEOHV&DXVDV/RVDXULFXODUHV%OXHWRRWKHVWiQ
GHPDVLDGROHMRVGHODERFD
6ROXFLzQ/RVDXULFXODUHV%OXHWRRWKGHEHQOOHYDUVHHQ
ODRUHMDSDUDXQXVRQRUPDO
3RVLEOHV&DXVDV(OPLFUzIRQR%OXHWRRWKHVWi
EORTXHDGRRKDHQWUDGRDJXD
6ROXFLzQ(OLPLQHODREVWUXFFLzQGHORULILFLRGHO
PLFUzIRQRRHYLWHTXHHQWUHDJXDHQHORULILFLRGHO
PLFUzIRQR
/RVDXULFXODUHVWLHQHQXQFRQJHODFLzQR
GHVFRQH[LzQGXUDQWHXQDOODPDGDRFXDQGRVH
HVFXFKDXQDFDQFLzQ
3RVLEOHVFDXVDV/RVDXULFXODUHV%OXHWRRWKHVWiQ
GHPDVLDGROHMRVGHOWHOpIRQRRWLHQHQREVWiFXORV
6ROXFLzQ0DQWHQJDORVDXULFXODUHVGHQWURGH
PHWURVGHOWHOpIRQRSDUDXVDU\TXHHQWUHORV
DXULFXODUHV\HOGLVSRVLWLYRQRKD\DDUWtFXORVGHJUDQ
YROXPHQ\SDUHGHV\WHQJDFXLGDGRGHQRFXEULUORV
DXULFXODUHV%OXHWRRWKFRQODVPDQRVFRQHOILQGH
PDQWHQHUODHVWDELOLGDGFRQWLQXDGHODVHxDOSRUIDYRU
WUDWHGHPDQWHQHU%OXHWRRWK\WHOpIRQRPzYLOHQOD
PLVPDGLUHFFLzQ
3RVLEOHVFDXVDV+D\XQSUREOHPDFRQODVHxDO
%OXHWRRWKGHVXWHOpIRQRRLQWHUIHUHQFLDFHUFDQDGH
VHxDOIXHUWH
6ROXFLzQ(VPHMRUTXHQRKD\DDUWtFXORVPHWiOLFRV
FHUFDGHORVWHOpIRQRVPyYLOHV7DPELpQSXHGH
SUREDUORFRQRWURWHOpIRQRRHQRWUROXJDU
3RVLEOHVFDXVDV/DEDWHUtDGHORVDXULFXODUHV
%OXHWRRWKQRHVVXILFLHQWHSRUIDYRUFDUJXHORV
DXULFXODUHVORSURQWRSRVLEOH
6ROXFLzQ&DUJXHORVDXULFXODUHVORDQWHVSRVLEOH
/RVDXULFXODUHVVRQVLOHQFLRVRVGXUDQWHODV
OODPDGDVGHYR]\HOVRQLGRVDOHGHOWHOpIRQR
3RVLEOHVFDXVDV6HKDFHGREOHFOLFHQORV
DXULFXODUHVHQXQDOODPDGDGHYR]ROODPDGD
6ROXFLzQ$SDJXHHO%OXHWRRWKGHVXWHOpIRQR\OXHJR
HQFLHQGDRFRORTXHORVDXULFXODUHVHQHOHVWXFKHFLHUUH
ODFXELHUWDSDUDDSDJDUORVDXULFXODUHV\OXHJRDEUDOD
FXELHUWDORVDXULFXODUHVQRDGPLWHQHOHQFHQGLGRR
DSDJDGRGHODVOODPDGDVGHYR]FXDQGRKD\DXQD
OODPDGDGHYR]RSHUHHOWHOpIRQRSDUDUHVSRQGHUODR
FROJDUOD7HQJDHQFXHQWDTXHORVDXULFXODUHVVzOR
DGPLWHQUHVSRQGHUOODPDGDVFRQWDUMHWD*60QR
DGPLWHQUHVSRQGHUOODPGDVWHOHIzQLFDVGHUHGGH
DSOLFDFLRQHV
31 32 33 34
/|VXQJHQ6FKDOWHQ6LHGDV%OXHWRRWKGHV
0RELOWHOHIRQVDXVXQGGDQQVFKDOWHQ6LHHVHUQHXWHLQ
RGHU/HJHQ6LHGLH.RSIK|UHULQGDV/DGHIDFKXQG
VFKOLHHQ6LHGLH$EGHFNXQJGDQQVFKDOWHQ6LHGLH
.RSIK|UHUDXV'DQQ|IIQHQ6LHGLH$EGHFNXQJ0LWGHQ
.RSIK|UHUN|QQHQ6LHGHQ$QUXIQLFKWDQQHKPHQRGHU
EHHQGHQ%HLPHLQJHKHQGHQ$QUXIN|QQHQ6LHPLWGHP
0RELOWHOHIRQGHQ$QUXIDQQHKPHQRGHUEHHQGHQ
$FKWXQJ6LHN|QQHQMHW]WPLWGHQ.RSIK|UHUQXU
7HOHIRQDQUXIHYRQGHU*60.DUWHDQQHKPHQRGHU
EHHQGHQXQGPLWGHQ.RSIK|UHUNHLQH1HW]ZHUNDQUXIH
YRQ$SSDQQHKPHQ
1DFKGHPGLH.RSIK|UHULQGDV/DGHIDFKXQG
JHOHJWXQGGLH$EGHFNXQJJHVFKORVVHQ'LH
9HUELQGXQJPLWGHQ.RSIK|UHUQLFKWDEJHWUHQQW
0|JOLFKH8UVDFKHQ'LH%DWWHULHGHV/DGHIDFKVLVW
OHHU
/|VXQJHQ/DGHQ6LHGDV/DGHIDFKDXI
0|JOLFKH8UVDFKHQ'LH.RSIK|UHUVLQGQLFKWULFKWLJ
LQGDV/DGHIDFKJHOHJW'LH.RPPXQLNDWLRQ]ZLVFKHQ
GHQ.RSIK|UHUXQGGHU%DVLVLVWDQRUPDO
/|VXQJHQgIIQHQ6LHGLH$EGHFNXQJGHV/DGHIDFKHV
HUQHXWQHKPHQ6LHGLH.RSIK|UHUKHUDXVXQGVHW]HQ
6LHGLH.RSIK|UHULQGDV/DGHIDFKZLHGHUHLQ%HLP
(LQOHJHQGHU.RSIK|UHUOHXFKWHWGLH$Q]HLJHDXIGHP
/DGHIDFKURWHLQPDO'DQQVFKOLHHQ6LHGLH
$EGHFNXQJ
0|JOLFKH8UVDFKHQ'DV/DGHIDFKLVWGHIHNW
/|VXQJHQ(UVHW]HQ6LHGDV/DGHIDFK
$QWZRUWHQDXIKlXILJJHVWHOOWH)UDJHQ
%OXHWRRWK.RSIK|UHUN|QQHQQLFKWDNWLYLHUW
ZHUGHQ
0|JOLFKH8UVDFKHQ'HU%DWWHULHVWDQGGHV/DGHIDFKV
RGHU.RSIK|UHULVWQLHGULJ
/|VXQJHQ/HJHQ6LHGLH.RSIK|UHULQGDV/DGHIDFK
XQGVFKOLHHQ6LHGLH$EGHFNXQJXQGODGHQ6LHGDV
/DGHIDFKPLW/DGHJHUlWOlQJHUDOV6WXQGHDXIEHYRU
6LHHVYHUZHQGHQ
'HU0RELOWHOHIRQNDQQGLH%OXHWRRWK.RSIK|UHU
QLFKWILQGHQ
0|JOLFKH8UVDFKHQ'LH%OXHWRRWK.RSIK|UHU
EHILQGHQVLFKQLFKWLPHLQJHVFKDOWHWHQXQGJHSDDUWHQ
=XVWDQG
/|VXQJHQ/HJHQ6LHGLH.RSIK|UHULQGDV/DGHIDFK
HLQ8QGGUFNHQ6LHGHQ/XQG5.RSIK|UHU
JOHLFK]HLWLJIU6HNXQGHQ'LH.RSIK|UHUEHILQGHQ
VLFKMHW]WLP3DDUXQJ6WDWXVXQGGLH$Q]HLJHEOLQNWURW
XQGZHLDEZHFKVHOQG
0|JOLFKH8UVDFKHQ'DV%OXHWRRWK3URJUDPPGHV
0RELOWHOHIRQVKDWHLQHQ)HKOHU
/|VXQJHQ1DFKGHPGDV%OXHWRRWKGHV0RELOWHOHIRQV
QHXJHVWDUWHWZXUGHO|VFKHQ6LHDOOH3DDUXQJVGDWHQ
GLHLP%OXHWRRWKGHV0RELOWHOHIRQVJHVSHLFKHUWVLQG
6XFKHQ6LHGDQQHUQHXWQDFK%OXHWRRWK
$XVGHP.RSIK|UHUODXWVSUHFKHUJLEWNHLQHQ7RQ
DXV
0|JOLFKH8UVDFKHQ6WHOOHQ6LHGLH/DXWVWlUNHGHV
0RELOWHOHIRQVXQGGHU.RSIK|UHUDXIGDV0D[LPXPHLQ
XP]XEHVWlWLJHQREGDV3UREOHPGXUFKGLH
/DXWVWlUNHHLQVWHOOXQJYHUXUVDFKWZLUG
/|VXQJHQ1DFKGHPGLH%OXHWRRWK.RSIK|UHU
YHUEXQGHQVLQGGUFNHQ6LHDXIGDV0RELOWHOHIRQXP
GLH/DXWVWlUNHHLQ]XVWHOOHQ
0|JOLFKH8UVDFKHQ'LH%OXHWRRWK.RSIK|UHUVLQG
QLFKWULFKWLJPLWGHP0RELOWHOHIRQYHUEXQGHQ
/|VXQJHQ 3DDUHQ6LHGLH%OXHWRRWK.RSIK|UHUXQG
0RELOWHOHIRQ
0|JOLFKH8UVDFKHQ'LH%OXHWRRWK.RSIK|UHU
EHILQGHQVLFKQLFKWLQGHU(PSIDQJVHQWIHUQXQJ
/|VXQJHQ+DOWHQ6LHGLH%OXHWRRWK.RSIK|UHU
LQQHUKDOEYRQ0HWHUQYRP0RELOWHOHIRQXQGZlKUHQG
GHU9HUZHQGXQJVROOWHHVNHLQH+LQGHUQLVVHZLHJURH
*HJHQVWlQGHXQG:lQGH]ZLVFKHQGHQ.RSIK|UHUXQG
GHP0RELOWHOHIRQJHEHQ
'LH%OXHWRRWK.RSIK|UHUJLEWNHLQHQ7RQDXV
RGHUGHU7RQ]XQLHGULJ
0|JOLFKH8UVDFKHQ'LH%OXHWRRWK.RSIK|UHULVW]X
ZHLWYRP0XQGHQWIHUQW
/|VXQJHQ)UGHQQRUPDOHQ*HEUDXFKVROOWHQ6LHGLH
%OXHWRRWK.RSIK|UHULQGHQ2KUHQOHJHQ
0|JOLFKH8UVDFKHQ'DV0LNURIRQORFKLVWYHUVWRSIW
RGHU:DVVHULVWGDUDXIJHODQJW
/|VXQJHQ%HVHLWLJHQ6LHGLH9HUVWRSIXQJGHV
0LNURIRQORFKVRGHUYHUPHLGHQ6LHGDV(LQGULQJHQYRQ
:DVVHULQGDV0LNURIRQORFK
%HLP$QUXIRGHU$EVSLHOHQZLUGGLHhEHUWUDJXQJ
IHVWJHNOHPPWRGHUGXUFKJHIDOOHQ
0|JOLFKH8UVDFKHQ'LH%OXHWRRWK.RSIK|UHULVW]X
ZHLWYRP0RELOWHOHIRQHQWIHUQWRGHUHVJLEWHLQ
+LQGHUQLVGD]ZLVFKHQ
/|VXQJHQ+DOWHQ6LHGLH.RSIK|UHULQQHUKDOEYRQ
0HWHUQYRP0RELOWHOHIRQXQGZlKUHQGGHU9HUZHQGXQJ
VROOWHHVNHLQH+LQGHUQLVVHZLHJURH*HJHQVWlQGH
XQG:lQGH]ZLVFKHQGHQ.RSIK|UHUXQGGHP
0RELOWHOHIRQJHEHQ$FKWXQJ9HUEHUJHQ6LHGLH
%OXHWRRWK.RSIK|UHUPLW,KUHQ+lQGHQQLFKW8PGLH
NRQWLQXLHUOLFKH6WDELOLWlWGHV6LJQDOV]XJHZlKUOHLVWHQ
KDOWHQ6LHGLH.RSIK|UHUXQGGDV0RELOWHOHIRQP|JOLFKVW
LQGHUVHOEHQ5LFKWXQJ
0|JOLFKH8UVDFKHQ'DV%OXHWRRWK6LJQDOGHV
0RELOWHOHIRQLVWQLFKWLQ2UGQXQJRGHUHVJLEWVWDUNH
6LJQDOVW|UXQJHQLQGHU1lKH
/|VXQJHQ(VLVWDPEHVWHQNHLQH0HWDOOJHJHQVWlQGH
LQGHU1lKHGHV0RELOWHOHIRQV]XOHJHQ6LHN|QQHQ
DXFKHLQDQGHUHV0RELOWHOHIRQRGHUHLQHQDQGHUHQ2UW
QRFKPDOSURELHUHQ
0|JOLFKH8UVDFKHQ'HU%DWWHULHVWDQGGHU
%OXHWRRWK.RSIK|UHULVWQLHGULJELWWHODGHQ6LHGLH
.RSIK|UHUVRVFKQHOOZLHP|JOLFKDXI
/|VXQJHQ/DGHQ6LHGLH.RSIK|UHUVRVFKQHOOZLH
P|JOLFKDXI
:lKUHQGGHV7HOHIRQJHVSUlFKVJLEWGLH
.RSIK|UHUNHLQHQ7RQDXV'DV0RELOWHOHIRQJLEW
GHQ7RQDXV
0|JOLFKH8UVDFKHQ%HLPHLQJHKHQGHQ$QUXIRGHU
ZlKUHQGGHV7HOHIRQJHVSUlFKVKDEHQ6LHGLH
.RSIK|UHUEHGLHQWXQGVLHGRSSHONOLFNW
43 44 45 46
$FKWXQJ
%LWWHQHKPHQ6LHGLHVHV3URGXNWQLFKWVHOEVWVWlQGLJ
DXVHLQDQGHU
%LWWHYHUZHQGHQ6LHHLQ6WDQGDUGODGHNDEHOXQG
1HW]WHLOXP6FKlGHQXQG8QIlOOHYRU]XEHXJHQ
%LWWHYHUPHLGHQ6LHGLH1XW]XQJlW]HQGHU
5HLQLJXQJVPLWWHOEHLGHU5HLQLJXQJGLHVHV3URGXNWV
%LWWHYHUPHLGHQ6LHGLH1XW]XQJGHV3URGXNWVEHL
5HJHQXQGKDOWHQ6LHHVIHUQYRQ+LW]HTXHOOHQRGHU
)HXHU
:DUWXQJ
%LWWHEHDFKWHQ6LHGLHIROJHQGHQ9RUVFKOlJHXPGLH
/HEHQVGDXHUGHV3URGXNWV]XYHUOlQJHUQ
+DOWHQ6LHGDV3URGXNWWURFNHQXQGEULQJHQ6LHHV
QLFKWDQIHXFKWH2UWHXPGLH%HVFKlGLJXQJGHU
LQQHUHQ6FKDOWNUHLVH]XYHUPHLGHQ
9HUPHLGHQ6LHGLH1XW]XQJGHV3URGXNWVEHL
LQWHQVLYHP6SRUWRGHUXQWHU%HGLQJXQJHQLQGHQHQ
6LHYLHOVFKZLW]HQGD6FKZHLLQV3URGXNWHLQGULQJHQ
XQGHVEHVFKlGLJHQNDQQ
+DOWHQ6LH6RQQHQOLFKWRGHUKRKH7HPSHUDWXUYRP
3URGXNWIHUQGDHVGLH/HEHQVGDXHUHOHNWULVFKHU
.RPSRQHQWHQYHUNU]W%DWWHULHVFKDGHQXQG
9HUIRUPXQJGHU.XQVWVWRIIWHLOHDXVO|VHQNDQQ
9HUPHLGHQ6LHLQWHQVLYH9LEUDWLRQHQXQG(LQVFKOlJH
KDUWHU:HUNVWRIIHGDVLH6FKlGHQLQQHUHQ
6FKDOWNUHLVHQ]XIJHQN|QQHQ
47
&DXVHVpYHQWXHOOHV/pFRXWHXUQHVWSDVPLVGDQV
OHERvWLHUHQWUHOpFRXWHXUHWODEDVHHVWDQRUPDOH
0pWKRGHGHGpSDQQDJH2XYULUOHERvWLHUGHFKDUJHGH
QRXYHDXIDLUHVRUWLUOHFDVTXHHQVXLWHPHWWUHOH
FDVTXHGDQVOHERvWLHUGHFKDUJH4XDQGOHFDVTXHHVW
SODFpGDQVOHERvWLHUGHFKDUJHOHYR\DQWURXJHGX
ERvWLHUGHFKDUJHVDOOXPHXQHIRLV)HUPHUOH
FRXYHUFOH
&DXVHVpYHQWXHOOHV%RvWLHUGHFKDUJHHQGRPPDJp
0pWKRGHGHGpSDQQDJH5HPSODFH]OHERvWLHUGH
FKDUJH
)$4
/pFRXWHXU%OXHWRRWKQHVDOOXPHSDV
&DXVHVpYHQWXHOOHV/DEDWWHULHGXERvWLHUGHFKDUJH
RXGHOpFRXWHXUHVWIDLEOH
0pWKRGHGHGpSDQQDJH0HWWH]OpFRXWHXUGDQVOH
ERvWLHUGHFKDUJHHWIHUPH]OHFRXYHUFOHSXLVXWLOLVH]OH
FKDUJHXUSRXUOHFKDUJHUSHQGDQWSOXVGHKHXUHDYDQW
OXWLOLVDWLRQ
/HSRUWDEOHQDUULYHSDVjUHFKHUFKHUOpFRXWHXU
%OXHWRRWK
&DXVHVpYHQWXHOOHV/pFRXWHXU%OXHWRRWKQHVWSDV
DOOXPpHWDSSDLUp
0pWKRGHGHGpSDQQDJH0HWWUHGHX[pFRXWHXUVGDQV
OHERvWLHUGHFKDUJHHWPDLQWHQLUOHVpFRXWHXUV/5
HQIRQFpVSHQGDQWVSRXUHQWUHUHQPRGHGHMXPHODJH
HQFHPRPHQWOHYR\DQWURXJHHWOHYR\DQWEODQF
FOLJQRWHQW
&DXVHVpYHQWXHOOHV8QHHUUHXUH[LVWHGDQVOH
SURJUDPPH%OXHWRRWKGXSRUWDEOH
0pWKRGHGHGpSDQQDJH1DFKGHPGDV%OXHWRRWKGHV
0RELOWHOHIRQVQHXJHVWDUWHWZXUGHO|VFKHQ6LHDOOH
3DDUXQJVGDWHQGLHLP%OXHWRRWKGHV0RELOWHOHIRQV
JHVSHLFKHUWVLQG6XFKHQ6LHGDQQHUQHXWQDFK
%OXHWRRWK
3DVGHVRQGXKDXWSDUOHXUGHVpFRXWHXUV
&DXVHVpYHQWXHOOHV0D[LPLVH]OHYROXPHGX
SRUWDEOHHWGHVpFRXWHXUVDILQGHFRQILUPHUVLOHVW
FDXVpSDUOHUpJODJHGXYROXPH
0pWKRGHGHGpSDQQDJH/RUVTXHOpFRXWHXUHVW
FRQQHFWpDSSX\H]VXUOHSRUWDEOHSRXUUpJOHUOH
YROXPH
&DXVHVpYHQWXHOOHV/pFRXWHXU%OXHWRRWKQHVWSDV
ELHQFRQQHFWpDXSRUWDEOH
0pWKRGHGHGpSDQQDJH $SSDLUH]GHQRXYHDX
%OXHWRRWKHWSRUWDEOH
&DXVHVpYHQWXHOOHV/pFRXWHU%OXHWRRWKQHVWSDVj
ODSRUWpHGHVHUYLFHHIIHFWLYH
0pWKRGHGHGpSDQQDJH*DUGH]OpFRXWHXUjODSRUWpH
GHPGXSRUWDEOHHWLOQ\DSDVGREVWDFOHVWHOVTXH
GHVREMHWVHQFRPEUDQWVHWGHVPXUVHQWUHOpFRXWHXUHW
ODSSDUHLO
/pFRXWHXUQHQYRLHSDVRXODYRL[HVWIDLEOH
&DXVHVpYHQWXHOOHV/pFRXWHXU%OXHWRRWKHVWWURS
pORLJQpGHODERXFKH
0pWKRGHGHGpSDQQDJH /pFRXWHXU%OXHWRRWKGRLW
rWUHSRUWpVXUORUHLOOHSRXUXQHXWLOLVDWLRQQRUPDOH
&DXVHVpYHQWXHOOHV/HPLFURSKRQH%OXHWRRWKHVW
EORTXpRXGHOHDXHVWHQWUpH
0pWKRGHGHGpSDQQDJH 5HWLUH]OHFROPDWDJHGX
PLFURSKRQHRXHPSrFKH]OHDXGHSpQpWUHUGDQVOH
PLFURSKRQH
/pFRXWHXUHVWEORTXpRXGpVDFWLYpSHQGDQWXQ
DSSHORXORUVGHOpPLVVLRQGHODPXVLTXH
&DXVHVpYHQWXHOOHV/pFRXWHXU%OXHWRRWKHVWWURS
pORLJQpGXSRUWDEOHRXLO\DGHVREVWDFOHV
0pWKRGHGHGpSDQQDJH *DUGH]OpFRXWHXUjOD
SRUWpHGHPGXSRUWDEOHHWLOQ\DSDVGREVWDFOHV
WHOVTXHGHVREMHWVHQFRPEUDQWVHWGHVPXUVHQWUH
OpFRXWHXUHWODSSDUHLOHWYHLOOH]jQHSDVFRXYULU
OpFRXWHXU%OXHWRRWKDYHFYRVPDLQV$ILQGHPDLQWHQLU
ODVWDELOLWpFRQWLQXHGXVLJQDOYHXLOOH]HVVD\HUGH
JDUGHUOH%OXHWRRWKHVWGDQVODPrPHGLUHFWLRQTXHOH
SRUWDEOH
&DXVHVpYHQWXHOOHV/HVLJQDO%OXHWRRWKGX
SRUWDEOHDOHSUREOqPHRXLO\DGHIRUWHVLQWHUIpUHQFHV
GHVLJQDOjSUR[LPLWp
0pWKRGHGHGpSDQQDJH 0LHX[YDXWQHSDVPHWWUH
GREMHWVPpWDOOLTXHVjSUR[LPLWpGXSRUWDEOH9RXV
SRXYH]pJDOHPHQWHVVD\HUXQDXWUHDSSDUHLORX
FKDQJHUXQDXWUHHQGURLW
&DXVHVpYHQWXHOOHV/DSXLVVDQFHGHOpFRXWHXU
%OXHWRRWKHVWLQVXIILVDQWHYHXLOOH]FKDUJHUOHV
pFRXWHXUVGqVTXHSRVVLEOH
0pWKRGHGHGpSDQQDJH 9HXLOOH]FKDUJHUOHV
pFRXWHXUVGqVTXHSRVVLEOH
/pFRXWHXUGDSSHOYRFDOHVWVLOHQFLHX[HWOHVRQ
VRUWGXSRUWDEOH
&DXVHVpYHQWXHOOHV/pFRXWHXUHVWXWLOLVpjODSSHO
UHoXRXSHQGDQWXQDSSHOHWGRXEOHFOLTXH]OpFRXWHXU
0pWKRGHGHGpSDQQDJH'pVDFWLYH]OH%OXHWRRWKGX
SRUWDEOHSXLVDOOXPH]OHRXpWHLJQH]OpFRXWHXUSRXUOH
PHWWUHGDQVOHERLWLHUHWOHIHUPHUHWURXYUH]OH
OpFRXWHXUQHSUHQGSDVHQFKDUJHOHVDSSHOVYRFDX[
SRXUVHFRQQHFWHURXUDFFURFKHUjODUpFHSWLRQGH
GDSSHOYHXLOOH]YRXVFRQQHFWHURXUDFFURFKHUOH
SRUWDEOH1RWH]TXjOKHXUHDFWXHOOHOpFRXWHXUQH
VXSSRUWHTXHOHVDSSHOVUDFFURFKpVRXSULVDYHFFDUWH
*60DXOLHXGHVDSSHOVGXUpVHDX$33
/pFRXWHXUQHVWSDVGpFRQQHFWpXQHIRLV
OpFRXWHXUPLVGDQVOHERvWLHUHWOHFRXYHUFOHIHUPp
&DXVHVpYHQWXHOOHV/HERvWLHUGHFKDUJHHVW
FRPSOqWHPHQWGpFKDUJp
0pWKRGHGHGpSDQQDJH&KDUJH]OHERvWLHUGHFKDUJH
55 56 57 58
ȼɧɢɦɚɧɢɟ
ɇɟɪɚɡɛɢɪɚɣɬɟɷɬɨɭɫɬɪɨɣɫɬɜɨɫɚɦɨɫɬɨɹɬɟɥɶɧɨ
ɂɫɩɨɥɶɡɭɣɬɟɫɬɚɧɞɚɪɬɧɵɣɡɚɪɹɞɧɵɣɤɚɛɟɥɶɢ
ɚɞɚɩɬɟɪɱɬɨɛɵɢɡɛɟɠɚɬɶɩɨɜɪɟɠɞɟɧɢɣɢ
ɧɟɫɱɚɫɬɧɵɯɫɥɭɱɚɟɜ
ɂɡɛɟɝɚɣɬɟɢɫɩɨɥɶɡɨɜɚɧɢɹɚɝɪɟɫɫɢɜɧɵɯɦɨɸɳɢɯ
ɫɪɟɞɫɬɜɞɥɹɨɱɢɫɬɤɢɷɬɨɝɨɩɪɨɞɭɤɬɚ
ɂɡɛɟɝɚɣɬɟɢɫɩɨɥɶɡɨɜɚɧɢɹɭɫɬɪɨɣɫɬɜɚɩɨɞɞɨɠɞɟɦ
ɢɞɟɪɠɢɬɟɫɶɩɨɞɚɥɶɲɟɨɬɢɫɬɨɱɧɢɤɨɜɧɚɝɪɟɜɚɧɢɹ
ɢɥɢɨɝɧɹ
Ɍɟɯɧɢɱɟɫɤɨɟɨɛɫɥɭɠɢɜɚɧɢɟ
ɋɥɟɞɭɣɬɟɩɪɢɜɟɞɟɧɧɵɦɧɢɠɟɪɟɤɨɦɟɧɞɚɰɢɹɦ
ɱɬɨɛɵɩɪɨɞɥɢɬɶɫɪɨɤɫɥɭɠɛɵɭɫɬɪɨɣɫɬɜɚ
Ⱦɟɪɠɢɬɟɭɫɬɪɨɣɫɬɜɨɫɭɯɢɦɢɧɟɤɥɚɞɢɬɟɜɨ
ɜɥɚɠɧɵɟɦɟɫɬɚɱɬɨɛɵɧɟɩɨɜɪɟɞɢɬɶɜɧɭɬɪɟɧɧɸɸ
ɰɟɩɶɭɫɬɪɨɣɫɬɜɚ
ɂɡɛɟɝɚɣɬɟɢɫɩɨɥɶɡɨɜɚɧɢɹɭɫɬɪɨɣɫɬɜɚɜɨɜɪɟɦɹ
ɢɧɬɟɧɫɢɜɧɵɯɡɚɧɹɬɢɣɫɩɨɪɬɨɦɢɥɢɜɫɥɭɱɚɹɯ
ɩɨɬɨɨɬɞɟɥɟɧɢɹɩɪɢɤɨɬɨɪɵɯɩɨɬɦɨɠɟɬɩɨɩɚɫɬɶɜ
ɭɫɬɪɨɣɫɬɜɨɢɜɵɡɜɚɬɶɩɨɜɪɟɠɞɟɧɢɹ
Ȼɟɪɟɝɢɬɟɭɫɬɪɨɣɫɬɜɨɨɬɩɪɹɦɨɝɨɩɨɩɚɞɚɧɢɹ
ɫɨɥɧɟɱɧɵɯɥɭɱɟɣɢɥɢɜɵɫɨɤɢɯɬɟɦɩɟɪɚɬɭɪɱɬɨɛɵ
ɢɡɛɟɠɚɬɶɫɨɤɪɚɳɟɧɢɹɫɪɨɤɚɫɥɭɠɛɵɷɥɟɤɬɪɢɱɟɫɤɢɯ
ɱɚɫɬɟɣɩɨɜɪɟɠɞɟɧɢɹɚɤɤɭɦɭɥɹɬɨɪɚɞɟɮɨɪɦɚɰɢɢ
ɩɥɚɫɬɢɤɨɜɵɯɱɚɫɬɟɣ
ɂɡɛɟɝɚɣɬɟɫɢɥɶɧɨɣɜɢɛɪɚɰɢɢɢɭɞɚɪɨɜɬɜɟɪɞɵɯ
ɦɚɬɟɪɢɚɥɨɜɱɬɨɛɵɧɟɩɨɜɪɟɞɢɬɶɜɧɭɬɪɟɧɧɟɣɰɟɩɢ
ɭɫɬɪɨɣɫɬɜɚ
23
$WHQFLyQ
3RUIDYRUQRGHVPRQWHHVWHSURGXFWRXVWHGPLVPR
3RUIDYRUXWLOLFHXQFDEOHGHFDUJD\XQDGDSWDGRU
HVWiQGDUSDUDHYLWDUGDxRV\DFFLGHQWHV
3RUIDYRUQRXWLOLFHXQGHWHUJHQWHGHOLPSLH]D
FRUURVLYRSDUDOLPSLDUHVWHSURGXFWR
(YLWHHOXVRGHOSURGXFWREDMRODOOXYLD\PDQWpQJDOR
DOHMDGRGHODFDOHIDFFLyQRHOIXHJR
0DQWHQLPLHQWR
3RUIDYRUVLJDODVVLJXLHQWHVVXJHUHQFLDVSDUD
SURORQJDUODYLGD~WLOGHOSURGXFWR
0DQWHQJDHOSURGXFWRVHFR\QRORSRQJDHQOXJDUHV
K~PHGRVDILQGHQRDIHFWDUHOFLUFXLWRLQWHUQR
(YLWHXWLOL]DUHOSURGXFWRGXUDQWHODSUiFWLFDGH
GHSRUWHVLQWHQVRVRHQRFDVLRQHVGHWUDQVSLUDFLyQ
GHELGRDTXHHOVXGRUVHLQILOWUDHQHOSURGXFWR\
FDXVDGDxRV
0DQWHQHUDOHMDGRGHODOX]VRODURGHODVDOWDV
WHPSHUDWXUDVSDUDHYLWDUTXHVHDFRUWHODYLGD~WLOGH
ODVSLH]DVHOpFWULFDVTXHVHGDxHQODVEDWHUtDVRTXH
VHGHIRUPHQODVSLH]DVGHSOiVWLFR
0DQWHQHUDOHMDGRGHODYLEUDFLyQLQWHQVD\GHOLPSDFWR
GHPDWHULDOGXURSDUDHYLWDUGDxRVHQORVFLUFXLWRV
LQWHUQRV
35
$WWHQWLRQ
9HXLOOH]QHSDVGpPRQWHUFHSURGXLWYRXVPrPH
9HXLOOH]XWLOLVHUXQFkEOHHWXQDGDSWDWHXUGHFKDUJH
VWDQGDUGSRXUpYLWHUOHVGRPPDJHVHWOHVDFFLGHQWV
9HXLOOH]pYLWHUGXWLOLVHUXQGpWHUJHQWFRUURVLISRXU
QHWWR\HUFHSURGXLW
9HXLOOH]pYLWHUOXWLOLVDWLRQGXSURGXLWVRXVODSOXLHHW
pORLJQH]YRXVGXFKDXIIDJHRXGXIHX
(QWUHWLHQ
9HXLOOH]VXLYUHOHVVXJJHVWLRQVVXLYDQWHVSRXU
SURORQJHUODGXUpHGHYLHGXSURGXLW
*DUGH]OHSURGXLWDXVHFHWQHOHPHWWH]SDVGDQVGHV
HQGURLWVKXPLGHVVXVFHSWLEOHGDIIHFWHUOHVFLUFXLWV
LQWHUQHV
eYLWH]OXWLOLVDWLRQGXSURGXLWORUVGHVSRUWVLQWHQVHVRX
ORUVDFWLYLWpVJpQpUDQWXQHIRUWHWUDQVSLUDWLRQSRXU
pYLWHUTXHODVXHXUQHV¶LQILOWUHGDQVOHSURGXLWHWQH
FDXVHGHVGRPPDJHV
*DUGH]OHjODEULGHODOXPLqUHGXVROHLORXGHV
WHPSpUDWXUHVpOHYpHVSRXUpYLWHUOHVUpGXFWLRQVGHOD
GXUpHGHYLHGHVSLqFHVpOHFWULTXHVHWOHVGpJkWVVXU
ODEDWWHULHHWODGpIRUPDWLRQGHVSLqFHVHQSODVWLTXH
&RQVHUYH]OHSURGXLWKRUVGHSRUWpHGHVYLEUDWLRQV
LQWHQVHVHWOHVFKRFVGXVDX[PDWpULDX[GXUVSRXYDQW
FDXVHUGHVGRPPDJHVDX[FLUFXLWVLQWHUQHV
59
3RVVLELOLFDXVH/DXULFRODUHQRQqSRVL]LRQDWR
FRUUHWWDPHQWHQHOODVFDWRODHODFRPXQLFD]LRQHWUD
ODXULFRODUHHODEDVHqDQRUPDOH
5LVROYHQWH5LDSULUHLOFRSHUFKLRGHOODFXVWRGLDGL
ULFDULFDWRJOLHUHJOLDXULFRODULGDOODFXVWRGLDHSRL
LQVHULUOHGHQWUR4XDQGRVLHQWUDQRJOLDXULFRODULODVSLD
VXOODFXVWRGLDGLULFDULFDVLDFFHQGHUjXQDYROWDH
FKLXGHUHLOFRSHUFKLR
3RVVLELOLFDXVH/DVFDWRODGLULFDULFDq
GDQQHJJLDWD
5LVROYHQWH5LSRVL]LRQDUHODVFDWRODGLULFDULFD
5LVSRVWHDGRPDQGHFRPXQL
/DXULFRODUH%OXHWRRWKQRQVLDFFHQGH
3RVVLELOLFDXVH/DEDWWHULDRODXULFRODUHQHOYDQRGL
ULFDULFDqVFDULFD
5LVROYHQWH0HWWLODXULFRODUHQHOODVFDWRODGLULFDULFD
FKLXGLLOFRSHUFKLRHXVDLOFDULFDWRUHSHUFDULFDUHOD
VFDWRODGLULFDULFDSHUSLGLRUDSULPDGHOOXVR
,OWHOHIRQRQRQULHVFHDWURYDUHODXULFRODUH
%OXHWRRWK
3RVVLELOLFDXVH/DXULFRODUH%OXHWRRWKQRQqQHOOR
VWDWRGLDFFRSSLDPHQWRDOODFFHQVLRQH
5LVROYHQWH,QVHULUHGXHDXULFRODULQHOODFXVWRGLDGL
ULFDULFDWHQHUHSUHPXWRHQWUDPELJOLDXULFRODUL/5SHU
WUHVHFRQGLSHUHQWUDUHQHOORVWDWRGLDFFRSSLDPHQWRH
ODPSHJJLDQROXFLURVVHHELDQFKH
3RVVLELOLFDXVH(UURUHGHOSURJUDPPD%OXHWRRWK
GHOWHOHIRQRFHOOXODUH
5LVROYHQWH'RSRLOULDYYLRGHO%OXHWRRWKGHOWHOHIRQR
FHOOXODUHFDQFHOODWXWWLLGDWLGLDFFRSSLDPHQWR
PHPRUL]]DWLQHO%OXHWRRWKGHOWHOHIRQRFHOOXODUH&HUFD
GLQXRYRLO%OXHWRRWK
1RQFqVXRQRGDOFRUQRGHOODFXIILD
3RVVLELOLFDXVH3RUWDUHLOYROXPHGHOWHOHIRQR
FHOOXODUHHGHOOHFXIILHDOPDVVLPRHFRQIHUPDUHVHq
FDXVDWRGDOODUHJROD]LRQHGHOYROXPH
5LVROYHQWH4XDQGROHFXIILHVRQRFROOHJDWHSUHPHUHLO
WHOHIRQRSHUUHJRODUHLOYROXPH
3RVVLELOLFDXVH/DXULFRODUH%OXHWRRWKQRQq
FROOHJDWRFRUUHWWDPHQWHDOWHOHIRQRFHOOXODUH
5LVROYHQWH 5LFROOHJDUHLO%OXHWRRWKHLOWHOHIRQR
FHOOXODUH
3RVVLELOLFDXVH/DXULFRODUH%OXHWRRWKQRQVLWURYD
QHOUDJJLRGD]LRQHYDOLGR
5LVROYHQWH7HQHUHODXULFRODUHHQWURPHWULGDO
WHOHIRQRFHOOXODUHHQRQFLVRQRJUDQGLRJJHWWLPXULH
DOWULRVWDFROLWUDODXULFRODUHHODSSDUHFFKLR
/DXULFRODUHQRQLQYLDPHVVDJJLRODYRFHq
EDVVD
3RVVLELOLFDXVH/DXULFRODUH%OXHWRRWKqWURSSR
ORQWDQRGDOODERFFD
5LVROYHQWH /DXULFRODUH%OXHWRRWKGHYHHVVHUH
LQGRVVDWRVXOORUHFFKLRSHUXQXVRQRUPDOH
3RVVLELOLFDXVH,OIRURGHOPLFURIRQRGHO%OXHWRRWKq
EORFFDWRRqHQWUDWDGHOODFTXD
5LVROYHQWH 5LPXRYHUHLOEORFFRGHOIRURGHOPLFURIRQR
RHYLWDUHFKHODFTXDHQWULQHOIRURGHOPLFURIRQR
/DXULFRODUHVLEORFFDRVLVFROOHJDTXDQGRVL
SDUODRVLDVFROWDODPXVLFD
3RVVLELOLFDXVH/DXULFRODUH%OXHWRRWKqWURSSR
ORQWDQRGDOWHOHIRQRFHOOXODUHRFLVRQRRVWDFROL
5LVROYHQWH7HQHUHODXULFRODUHHQWURPHWULGDO
WHOHIRQRFHOOXODUHHQRQFLVRQRJUDQGLRJJHWWLPXULH
DOWULRVWDFROLWUDODXULFRODUHHLOGLVSRVLWLYR)DUH
DWWHQ]LRQHDQRQFRSULUHODXULFRODUH%OXHWRRWKFRQOH
PDQL3HUPDQWHQHUHODVWDELOLWjFRQWLQXDGHOVHJQDOH
FHUFDGLWHQHUHLO%OXHWRRWKHLOWHOHIRQRFHOOXODUHQHOOD
VWHVVDGLUH]LRQH
3RVVLELOLFDXVH&qXQSUREOHPDFRQLOVHJQDOH
%OXHWRRWKGHOWHOHIRQRFHOOXODUHRFqXQDIRUWH
LQWHUIHUHQ]DGLVHJQDOHQHOOHYLFLQDQ]H
5LVROYHQWH ÊPHJOLRQRQDYHUHRJJHWWLPHWDOOLFLYLFLQR
DOWHOHIRQRFHOOXODUH6LSXzDQFKHFDPELDUHXQDOWUR
WHOHIRQRFHOOXODUHRSURYDUHXQDOWURSRVWR
3RVVLELOLFDXVH/DSRWHQ]DGHOODXULFRODUH
%OXHWRRWKqLQVXIILFLHQWH6LSUHJDGLFDULFDUH
ODXULFRODUHLOSULPDSRVVLELOH
5LVROYHQWH6LSUHJDGLFDULFDUHODXULFRODUHLOSULPD
SRVVLELOH
/DXULFRODUHSHUOHFKLDPDWHYRFDOLqVLOHQ]LRVRH
LOVXRQRHVFHGDOWHOHIRQRFHOOXODUH
3RVVLELOLFDXVH'RSSLRFOLFVXOODXULFRODUHTXDQGRVL
D]LRQDODXULFRODUHGXUDQWHXQDFKLDPDWDYRFDOHRXQD
FKLDPDWD
5LVROYHQWH'pVDFWLYH]OH%OXHWRRWKGXSRUWDEOHSXLV
DOOXPH]OHRXpWHLJQH]OpFRXWHXUSRXUOHPHWWUHGDQVOH
ERLWLHUHWOHIHUPHUHWURXYUH]OHOpFRXWHXUQHSUHQG
SDVHQFKDUJHOHVDSSHOVYRFDX[SRXUVHFRQQHFWHURX
UDFFURFKHUjODUpFHSWLRQGHGDSSHOYHXLOOH]YRXV
FRQQHFWHURXUDFFURFKHUOHSRUWDEOH1RWH]TXjOKHXUH
DFWXHOOHOpFRXWHXUQHVXSSRUWHTXHOHVDSSHOV
UDFFURFKpVRXSULVDYHFFDUWH*60DXOLHXGHVDSSHOV
GXUpVHDX$33
/HFXIILHQRQVLVFROOHJDQRGRSRDYHUOHPHVVH
QHOODVFDWRODHDYHUFKLXVRLOFRSHUFKLR
3RVVLELOLFDXVH/DVFDWRODGLULFDULFDq
FRPSOHWDPHQWHPRUWD
5LVROYHQWH&DULFDUHODVFDWRODGLULFDULFD
67 68 69 70 71
2VIRQHVGHRXYLGRQmRHVWmRGHVOLJDGRVGHSRLV
GHIHFKDUDWDPSD
&DXVDV3RVVtYHLV$FDL[DGHFDUUHJDPHQWRHVWi
FRPSOHWDPHQWHVHPHQHUJLD
6ROXomR&DUUHJXHDFDL[DGHFDUUHJDPHQWR
&DXVDV3RVVtYHLV2VIRQHVGHRXYLGRQmRVmR
FRORFDGRVQDFDL[DHDFRPXQLFDomRHQWUHRVIRQHVGH
RXYLGRHDEDVHpDQRUPDO
6ROXomR$EUDQRYDPHQWHDWDPSDGDFDL[DGH
FDUUHJDPHQWRVDLDGDFDL[DHHPVHJXLGDLQVLUDD
FDL[D4XDQGRRIRQHGHRXYLGRHQWUDUQDFDL[DR
LQGLFDGRUYHUPHOKRQDFDL[DGHFDUUHJDPHQWRDFHQGH
XPDYH]HIHFKHDWDPSD
&DXVDV3RVVtYHLV&DL[DGHFDUUHJDPHQWRHVWi
GDQLILFDGR
6ROXomR6XEVWLWXDDFDL[DGHFDUUHJDPHQWR
5HVSRVWDVSDUDSHUJXQWDVFRPXQV
2IRQHGHRXYLGR%OXHWRRWKQmROLJD
&DXVDV3RVVtYHLV%DL[DEDWHULDGRVLORGH
FDUUHJDPHQWRRXIRQHVGHRXYLGR
6ROXomR&RORTXHRVIRQHVGHRXYLGRQDFDL[DGH
FDUUHJDPHQWRHIHFKHDWDPSD8VHRFDUUHJDGRUSDUD
FDUUHJDUDFDL[DGHFDUUHJDPHQWRSRUPDLVGHKRUD
DQWHVGHXViOR
2WHOHIRQHQmRSRGHSURFXUDURIRQHGHRXYLGR
%OXHWRRWK
&DXVDV3RVVtYHLV2IRQHGHRXYLGR%OXHWRRWKQmR
HVWiOLJDGRHHPSDUHOKDGR
6ROXomR'RLVIRQHVGHRXYLGRFRORFDGRVQRFDVRGH
FDUUHJDPHQWRDRPHVPRWHPSRSUHVVLRQHHVHJXUH
/5GRLVIRQHVGHRXYLGRVSDUDHQWUDUQRHVWDGRGH
HPSDUHOKDPHQWRHSLVFDUDOX]YHUPHOKDHEUDQFD
&DXVDV3RVVtYHLV(UURQRSURJUDPDEOXHWRRWKGR
WHOHIRQH
6ROXomR/LPSHWRGRVRVGDGRVGHHPSDUHOKDPHQWR
DUPD]HQDGRVSRUEOXHWRRWKQRWHOHIRQHDSyVD
UHLQLFLDOL]DomRGREOXHWRRWKSURFXUDUQRYDPHQWHSRU
EOXHWRRWK
)RQHGHRXYLGRDOWRIDODQWHVHPVRP
&DXVDV3RVVtYHLV$MXVWHRYROXPHGRWHOHIRQHHGR
IRQHGHRXYLGRSDUDRPi[LPRSDUDFRQILUPDUVHR
DMXVWHGHYROXPHpFDXVDGR
6ROXomR3UHVVLRQHRWHOHIRQHSDUDDMXVWDURYROXPH
FRPRIRQHGHRXYLGRFRQHFWDGR
&DXVDV3RVVtYHLV2IRQHGHRXYLGREOXHWRRWKQmR
HVWiFRQHFWDGRFRUUHWDPHQWHDRWHOHIRQH
6ROXomR %OXHWRRWKHWHOHIRQHUHHPSDUHOKDUDFRQH[mR
&DXVDV3RVVtYHLV)RQHGHRXYLGREOXHWRRWKQmR
HVWiGHQWURGDIDL[DGHWUDEDOKRHILFD]
6ROXomR0DQWHQKDRIRQHGHRXYLGRORFDOL]DGRGHQWUR
GHPHWURVGRWHOHIRQHSDUDXVDUHHQWUHRIRQHGH
RXYLGRHRGLVSRVLWLYRVHPLWHQVGHJUDQGHYROXPHH
SDUHGHVHRXWURVREVWiFXORV
)RQHVGHRXYLGRQmRHQWUHJDPPHQVDJHQVRX
HQWUHJDPPHQVDJHQVFRPEDL[RVRP
&DXVDV3RVVtYHLV)RQHVGHRXYLGREOXHWRRWKPXLWR
ORQJHGDERFD
6ROXomR2IRQHGHRXYLGR%OXHWRRWKGHYHVHUXVDGR
QDRUHOKDSDUDXVRQRUPDO
&DXVDV3RVVtYHLV2PLFURIRQH%OXHWRRWKHVWi
EORTXHDGRRXHQWURXiJXD
6ROXomR 5HPRYDREORTXHLRGRRULItFLRGRPLFURIRQH
RXHYLWHTXHiJXDHQWUHQRRULItFLRGRPLFURIRQH
2VIRQHVGHRXYLGRWrPFDWRQRXGHVFRQH[mR
DRIDODURXRXYLUP~VLFD
&DXVDV3RVVtYHLV2IRQHGHRXYLGR%OXHWRRWKHVWi
PXLWRORQJHGRWHOHIRQHRXKiREVWiFXORV
6ROXomR0DQWHQKDRIRQHGHRXYLGRORFDOL]DGRGHQWUR
GHPHWURVGRWHOHIRQHSDUDXVDUHQmRKiLWHQVGH
JUDQGHYROXPHHSDUHGHVHQWUHRIRQHGHRXYLGRHR
GLVSRVLWLYRHRXWURVREVWiFXORVHSUHVWHDWHQomRSDUD
QmRFREULURIRQHGHRXYLGREOXHWRRWKFRPDPmR3DUD
PDQWHUDHVWDELOLGDGHFRQWtQXDGRVLQDOWHQWHPDQWHUR
EOXHWRRWKHRWHOHIRQHQDPHVPDGLUHomR
&DXVDV3RVVtYHLV+iXPSUREOHPDFRPRVLQDO
%OXHWRRWKGRWHOHIRQHFHOXODURXKiIRUWHLQWHUIHUrQFLD
GHVLQDOQDVSUR[LPLGDGHV
6ROXomR ePHOKRUQmRWHUREMHWRVGHPHWDOSHUWRGR
WHOHIRQH9RFrWDPEpPSRGHWHQWDURXWURWHOHIRQHRX
RXWUROXJDU
&DXVDV3RVVtYHLV2SRGHUGRIRQHGHRXYLGR
%OXHWRRWKpLQVXILFLHQWHFDUUHJXHRIRQHGHRXYLGRR
PDLVUiSLGRSRVVtYHO
6ROXomR&DUUHJXHRIRQHGHRXYLGRRPDLVUiSLGR
SRVVtYHO
)RQHGHRXYLGRGHFKDPDGDGHYR]VHPYR]D
YR]VDLGRWHOHIRQH
&DXVDV3RVVtYHLV2VIRQHVGHRXYLGRIRUDP
RSHUDGRVGXUDQWHXPDFKDPDGDGHYR]RXFKDPDGD
&OLTXHGXDVYH]HVQRVIRQHVGHRXYLGR
6ROXomR'HVOLJXHREOXHWRRWKGRWHOHIRQHHOLJXHR
QRYDPHQWHRXRIRQHGHRXYLGRQDFDL[DIHFKHDWDPSD
HGHVOLJXHRIRQHGHRXYLGRHDEUDDWDPSD2IRQHGH
RXYLGRQmRVXSRUWDOLJDURXGHVOLJDURWHOHIRQHGHYR]
4XDQGRKRXYHUXPDFKDPDGDGHYR]SRUIDYRURSHUH
RWHOHIRQHQRWHOHIRQHSDUDOLJDURXGHVOLJDUDWHQomR
QRPRPHQWRRIRQHGHRXYLGRVyVXSRUWDFKDPDGDVGH
WHOHIRQHGHFDUWmR*60SDUDDWHQGHUFKDPDGDV
SHQGXUDGDVQmRVXSRUWDDUHVSRVWDGHFKDPDGDVGD
UHGH$33
79 80 81 82 83






91 92 93 94
$WWHQ]LRQH
6LSUHJDGLQRQVPRQWDUHTXHVWRSURGRWWRGDVROL
8WLOL]]DUHXQFDYRGLULFDULFDVWDQGDUGHXQDGDWWDWRUH
SHUHYLWDUHGDQQLHLQFLGHQWL
6LSUHJDGLHYLWDUHOXVRGLGHWHUJHQWLFRUURVLYLSHU
SXOLUHTXHVWRSURGRWWR
6LSUHJDGLHYLWDUHOXWLOL]]RGHOSURGRWWRVRWWROD
SLRJJLDHGLWHQHUORORQWDQRGDOULVFDOGDPHQWRRGDO
IXRFR
0DQXWHQ]LRQH
6LSUHJDGLVHJXLUHLVHJXHQWLVXJJHULPHQWLSHU
SUROXQJDUHODGXUDWDGHOSURGRWWR
7HQHUHLOSURGRWWRDOO¶DVFLXWWRHQRQPHWWHUORLQOXRJKL
XPLGLLQJUDGRGLLQIOXHQ]DUHLOFLUFXLWRLQWHUQR
6FRQVLJOLDWRXWLOL]]RGHOSURGRWWRGXUDQWHORVSRUW
LQWHQVRRLQRFFDVLRQLGLVXGRUD]LRQHLQWHQVDFKH
SRVVRQRHFDXVDUHGDQQL
7HQHUHORQWDQRGDOODOXFHVRODUHRDOWHWHPSHUDWXUH
SHUQRQFPSURPHWWHUHODEDWWHULDHOHSDUWLHOHWWULFKH
HTXHOOHLQSODVWLFD
(YLWDYLEUD]LRQLHLPSDWWLLQWHQVLLQJUDGRGL
GDQQHJJLDUHLOFLUFXLWRLQWHUQR
$WHQomR
3RUIDYRUQmRGHVPRQWHVR]LQKRHVVHSURGXWR
3RUIDYRUXVHRFDERGHFDUJDHDGDSWDGRUSDGUmR
SDUDHYLWDUGDQRVHDFLGHQWHV
3RUIDYRUHYLWHXVDUGHWHUJHQWHVGHOLPSH]D
FRUURVLYRVSDUDOLPSDUHVVHSURGXWR
3RUIDYRUHYLWHXVDURSURGXWRQDFKXYDHPDQWHQKDR
ORQJHGHFDORUHIRJR
0DQXWHQomR
3RUIDYRUVLJDDVVHJXLQWHVVXJHVW}HVSDUDSURORQJDU
DYLGD~WLOGRSURGXWR
0DQWHQKDRSURGXWRVHFRHQmRFRORTXHRHPOXJDUHV
~PLGRVSDUDQmRDIHWDURFLUFXLWRLQWHUQR
(YLWHXVDURSURGXWRGXUDQWHHVSRUWHVLQWHQVRVRXHP
RFDVL}HVHQYROYHQGRVXRUFDVRRVXRUVHLQILOWUHQR
SURGXWRHFDXVHGDQRV
(YLWHOX]GRVRORXDOWDVWHPSHUDWXUDVSDUDQmR
GLPLQXLUDYLGD~WLOGDVSDUWHVHOpWULFDVGDQRjEDWHULD
SDUWHVSOiVWLFDVGHIRUPDomR
(YLWHYLEUDo}HVHLPSDFWRVLQWHQVRVGHPDWHULDLV
GXURVSDUDHYLWDUGDQRVQRFLUFXLWR








0RQDXUDOPRGH
6LQJOHWRXFK/5YROXPH
'RXEOHWRXFK/5YRLFHDVVLVWDQW
7KUHHWRXFK/5QH[W
,QFRPLQJFDOOGRXEOHWRXFKWRDQVZHU
&DOOLQJRXWJRLQJFDOO'RXEOHWRXFKKDQJXSFDQFHO
RXWJRLQJFDOO
'XULQJDFDOOWKHVHFRQGFDOOFRPHVLQ'RXEOHWRXFK
DQVZHUWKHVHFRQGFDOOSXWWKHILUVWFDOORQKROG
6LQJOHWRXFK/YROXPH5YROXPH
'RXEOHWRXFK/SOD\SDXVH
5YRLFHDVVLVWDQW
7KUHHWRXFK/SUHYLRXV5QH[W
,QFRPLQJFDOOORQJSUHVV6UHMHFWWKHFDOO
7KUHHSDUW\FDOOORQJSUHVV6VZLWFKEHWZHHQWZR
FDOOVIUHHO\
$LU%XGV
0XVLFPRGH
7DONPRGH
4 5 6
ɂɧɫɬɪɭɤɰɢɢɩɨɢɧɞɢɤɚɬɨɪɭɨɫɜɟɳɟɧɢɹ
Ȼɟɥɵɣɢɧɞɢɤɚɬɨɪɜɫɟɝɞɚɝɨɪɢɬ
Ȼɟɥɵɣɢɧɞɢɤɚɬɨɪɦɢɝɚɟɬ
Ʉɪɚɫɧɵɣɢɧɞɢɤɚɬɨɪɝɨɪɢɬ
ɜɬɟɱɟɧɢɟɫɟɤɭɧɞ
Ɇɢɝɚɟɬɤɪɚɫɧɵɣɫɜɟɬ
Ʉɪɚɫɧɵɣɢɛɟɥɵɣɢɧɞɢɤɚɬɨɪɵ
ɦɢɝɚɸɬɩɨɩɟɪɟɦɟɧɧɨ
Ʉɪɚɫɧɵɣɢɧɞɢɤɚɬɨɪɝɨɪɢɬ
ɜɬɟɱɟɧɢɟɫɟɤɭɧɞ
Ʉɪɚɫɧɵɣɢɧɞɢɤɚɬɨɪɜɫɟɝɞɚɝɨɪɢɬ
Ʌɚɦɩɚɝɚɫɧɟɬ
Ʌɚɦɩɚɝɚɫɧɟɬ
ȼɤɥɸɱɟɧɢɟ
ȼɵɤɥɸɱɟɧɢɟ
ɋɨɫɬɨɹɧɢɟɫɨɩɪɹɠɟɧɢɹ
ȼɨɫɩɪɨɢɡɜɟɞɟɧɢɟɦɭɡɵɤɢɫɨɫ
ɬɨɹɧɢɟɜɵɡɨɜɚ
ɇɚɭɲɧɢɤɢɧɚɯɨɞɹɬɫɹɜ
ɧɢɡɤɨɦɭɪɨɜɧɟɡɚɪɹɞɤɢ
Ɂɚɪɹɞɤɚɧɚɭɲɧɢɤɨɜ
ɇɚɭɲɧɢɤɢɩɨɥɧɨɫɬɶɸɡɚɪɹɠɟɧɵ
Ȼɚɬɚɪɟɹɤɨɪɨɛɤɢɞɥɹɡɚɪɹɞɤɢ
ɧɚɯɨɞɢɬɫɹɜɧɢɡɤɨɦɭɪɨɜɧɟ
Ʉɪɚɫɧɵɣɢɧɞɢɤɚɬɨɪɦɢɝɚɟɬɢ
ɝɚɫɧɟɬɱɟɪɟɡɫɟɤɭɧɞɵ
Ʉɨɪɨɛɤɚɞɥɹɡɚɪɹɞɤɢ
ɡɚɪɹɠɚɟɬɫɹ
Ʉɨɪɨɛɤɚɞɥɹɡɚɪɹɞɤɢ
ɩɨɥɧɨɫɬɶɸɡɚɪɹɠɟɧɚ
ȼɨɫɫɬɚɧɨɜɥɟɧɢɟ
ɡɚɜɨɞɫɤɢɯɧɚɫɬɪɨɟɤ
Ȼɟɥɵɣɢɧɞɢɤɚɬɨɪɦɢɝɧɟɬ
ɪɚɡɚɢɩɨɝɚɫɧɟɬ
Ɋɟɠɢɦɧɚɭɲɧɢɤɨɜ ɋɜɟɬɥɚɦɩɵ
ɋɨɩɪɹɠɟɧɢɟ%OXHWRRWK
ɋɩɨɫɨɛɉɪɢɩɟɪɜɨɦɩɨɞɤɥɸɱɟɧɢɢɜɤɥɸɱɢɬɟ
ɤɨɪɨɛɤɭɞɥɹɡɚɪɹɞɤɢɞɜɚɧɚɭɲɧɢɤɚɧɚɯɨɞɹɬɫɹɜ
ɤɨɪɨɛɤɟɞɥɹɡɚɪɹɞɤɢɢɢɧɞɢɤɚɬɨɪɤɨɪɨɛɤɢɞɥɹ
ɡɚɪɹɞɤɢɡɚɝɨɪɚɟɬɫɹɤɪɚɫɧɵɦɧɚɭɲɧɢɤɢɩɟɪɟɯɨɞɹɬɜ
ɫɨɫɬɨɹɧɢɟɫɨɩɪɹɠɟɧɢɹɢɦɢɝɚɸɬɤɪɚɫɧɵɦɢɢɛɟɥɵɦɢ
ɥɚɦɩɨɱɤɚɦɢɜɤɥɸɱɢɬɟ%OXHWRRWKɭɫɬɪɨɣɫɬɜɚɢ
ɜɵɛɟɪɢɬɟ´$LU%XGV´ɞɥɹɩɨɞɤɥɸɱɟɧɢɹ
ɋɩɨɫɨɛɄɨɝɞɚɭɫɬɪɨɣɫɬɜɨɢɧɚɭɲɧɢɤɢ
ɩɨɞɤɥɸɱɟɧɵɩɨɥɨɠɢɬɟɞɜɚɧɚɭɲɧɢɤɚɜɤɨɪɨɛɤɭɞɥɹ
ɡɚɪɹɞɤɢɢɨɞɧɨɜɪɟɦɟɧɧɨɧɚɠɦɢɬɟɢɭɞɟɪɠɢɜɚɣɬɟ
ɞɜɚɧɚɭɲɧɢɤɚ/5ɜɬɟɱɟɧɢɟɫɟɤɭɧɞɭɫɬɪɨɣɫɬɜɨ
ɩɟɪɟɣɞɟɬɜɫɨɫɬɨɹɧɢɟɫɨɩɪɹɠɟɧɢɹɢɧɚɱɧɟɬɦɢɝɚɬɶ
ɤɪɚɫɧɵɦɢɛɟɥɵɦɫɜɟɬɨɦɜɤɥɸɱɢɬɟ%OXHWRRWKɧɨɜɨɝɨ
ɭɫɬɪɨɣɫɬɜɚɢɜɵɛɟɪɢɬɟ´$LU%XGV´ɞɥɹ
ɩɨɞɤɥɸɱɟɧɢɹ
ɉɪɢɦɟɱɚɧɢɟȾɥɹɧɟɤɨɬɨɪɵɯɫɦɚɪɬɮɨɧɨɜɩɨɫɥɟ
ɜɵɛɨɪɚɜɚɦɢ´$LU%XGV´ɞɥɹɫɨɩɪɹɠɟɧɢɹ%OXHWRRWK
ɜɚɦɦɨɠɟɬɛɵɬɶɩɪɟɞɥɨɠɟɧɨɩɨɜɬɨɪɧɨɩɨɞɬɜɟɪɞɢɬɶ
ɫɨɩɪɹɠɟɧɢɟɜɨɜɫɩɥɵɜɚɸɳɟɦɨɤɧɟ
ȼɵɤɥɸɱɢɬɶɩɟɪɟɤɥɸɱɚɬɟɥɶ%OXHWRRWKɦɨɛɢɥɶɧɨɝɨ
ɬɟɥɟɮɨɧɚɱɬɨɛɵɨɬɫɨɟɞɢɧɢɬɶɫɹɨɬɧɚɭɲɧɢɤɚ
ɇɚɞɟɜɚɬɶ
ɇɚɞɟɧɶɬɟɧɚɭɲɧɢɤɢɢɪɟɝɭɥɢɪɭɣɬɟɞɨɭɞɨɛɧɨɝɨ
ɩɨɥɨɠɟɧɢɹ
Ɉɩɢɫɚɧɢɟɩɪɨɞɭɤɰɢɢ
ɗɤɫɩɥɭɚɬɚɰɢɹɨɛɨɪɭɞɨɜɚɧɢɹ
ȼɤɥɸɱɟɧɢɟɩɢɬɚɧɢɹɜɤɥɸɱɢɬɶɤɨɪɨɛɤɭɞɥɹ
ɡɚɪɹɞɤɢɢɧɚɭɲɧɢɤɢɚɜɬɨɦɚɬɢɱɟɫɤɢɜɤɥɸɱɚɬɫɹ
ȼɵɤɥɸɱɟɧɢɟɩɨɥɨɠɢɬɟɧɚɭɲɧɢɤɢɜɤɨɪɨɛɤɭɞɥɹ
ɡɚɪɹɞɤɢɢɜɵɤɥɸɱɢɬɟɤɨɪɨɛɤɭɞɥɹɡɚɪɹɞɤɢ
ɜɵɤɥɸɱɟɧɢɟɛɭɞɟɬɨɫɭɳɟɫɬɜɥɹɬɶɫɹ
ȼɨɫɫɬɚɧɨɜɢɬɶɡɚɜɨɞɫɤɢɟɧɚɫɬɪɨɣɤɢ
Ⱦɜɨɣɧɨɟɤɚɫɚɧɢɟɞɥɢɬɟɥɶɧɨɟɧɚɠɚɬɢɟɜ
ɬɟɱɟɧɢɟɫɟɤɭɧɞɤɨɝɞɚɜɵɭɜɢɞɢɬɟɱɬɨɛɟɥɵɣ
ɢɧɞɢɤɚɬɨɪɦɢɝɚɟɬɪɚɡɚɧɚɭɲɧɢɤɢɩɟɪɟɯɨɞɹɬɜ
ɪɟɠɢɦɜɨɨɫɬɚɧɨɜɥɟɧɢɹɡɚɜɨɞɫɤɢɯɧɚɫɬɪɨɟɤ
ɩɨɦɟɫɬɢɬɟɧɚɭɲɧɢɤɢɜɤɨɪɨɛɤɭɞɥɹɡɚɪɹɞɤɢ
ɜɨɫɫɬɚɧɨɜɥɟɧɢɟɧɚɭɲɧɢɤɨɜɞɨɡɚɜɨɞɫɤɢɯɧɚɫɬɪɨɟɤ
ɡɚɜɟɪɲɟɧɨɩɨɫɥɟɨɬɤɪɵɬɤɢɤɪɵɲɤɢɦɨɠɧɨɩɨɜɬɨɪɧɨ
ɩɪɨɜɟɫɬɢɫɨɩɪɹɠɟɧɢɟ
ɍɩɪɚɜɥɟɧɢɟɨɩɟɪɚɰɢɟɣ Ɂɚɪɹɞɤɚ
Ʉɨɝɞɚɧɢɭɲɧɢɤɢɧɚɯɨɞɹɬɫɹɜɧɢɡɤɨɦɭɪɨɜɧɟ
ɡɚɪɹɞɤɢɤɪɚɫɧɵɣɢɧɞɢɤɚɬɨɪɧɚɭɲɧɢɤɨɜɦɢɝɚɸɬ
Ɇɨɠɧɨɩɨɦɟɫɬɢɬɶɧɚɭɲɧɢɤɢɜɤɨɪɨɛɤɭɞɥɹɡɚɪɹɞɤɢɢ
ɡɚɤɪɵɬɶɤɨɪɨɛɤɭɞɥɹɡɚɪɹɞɤɢ
Ʉɨɝɞɚɤɨɪɨɛɤɚɞɥɹɡɚɪɹɞɤɢɧɚɯɨɞɢɬɫɹɜɧɢɡɤɨɦ
ɭɪɨɜɧɟɡɚɪɹɞɤɢɩɪɢɨɬɤɪɵɬɢɢɤɪɵɲɤɢɤɨɪɨɛɤɢɞɥɹ
ɡɚɪɹɞɤɢɛɭɞɟɬɦɢɝɚɬɶɤɪɚɫɧɵɣɢɧɞɢɤɚɬɨɪ
ɧɚɩɨɦɢɧɚɸɳɢɣɨɡɚɪɹɞɤɟɤɨɪɨɛɤɢɞɥɹɡɚɪɹɞɤɢ
ȼɧɢɦɚɧɢɟɉɟɪɟɞɡɚɪɹɞɤɨɣɩɨɠɚɥɭɣɫɬɚɩɨɥɧɨɫɬɶɸ
ɜɵɫɭɲɢɬɟɩɨɪɬɡɚɪɹɞɤɢ86%ɢɢɫɩɨɥɶɡɭɣɬɟ
ɫɨɩɪɨɜɨɠɞɚɸɳɢɣɢɥɢɫɟɪɬɢɮɢɰɢɪɨɜɚɧɧɵɣɤɚɛɟɥɶ
ɞɥɹɡɚɪɹɞɤɢ86%&ɞɥɹɩɨɞɤɥɸɱɟɧɢɹɤɨɪɨɛɤɢɞɥɹ
ɡɚɪɹɞɤɢɤɢɫɬɨɱɧɢɤɭɩɢɬɚɧɢɹɞɥɹɡɚɪɹɞɤɢɛɟɥɵɣ
ɢɧɞɢɤɚɬɨɪɤɨɪɨɛɤɢɞɥɹɡɚɪɹɞɤɢɦɢɝɚɟɬɜɨɜɪɟɦɹ
ɡɚɪɹɞɤɢɢɛɟɥɵɣɢɧɞɢɤɚɬɨɪɜɫɟɝɞɚɝɨɪɢɬɩɨɫɥɟɟɝɨ
ɩɨɥɧɨɫɬɶɸɡɚɪɹɞɤɢ
ɉɚɪɚɦɟɬɪɵɫɩɟɰɢɮɢɤɚɰɢɢ
Ɇɨɞɟɥɶ$LU%XGV
ȼɟɪɫɢɹ%OXHWRRWK
Ɏɨɪɦɚɬɤɨɞɢɪɨɜɚɧɢɹɜɵɡɨɜɚ6%&$$&
ɒɭɦɨɩɨɞɚɜɥɟɧɢɟ(1&
Ɇɢɤɪɨɮɨɧ;
ɋɜɟɬɨɞɢɨɞɧɵɣɢɧɞɢɤɚɬɨɪɫɨɫɬɨɹɧɢɹɧɚɭɲɧɢɤɨɜ
ɛɟɥɵɣɤɪɚɫɧɵɣ
ȿɦɤɨɫɬɶɛɚɬɚɪɟɢɦȺɱ
ȾɢɧɚɦɢɤɆȼɬ
ɉɪɨɞɨɥɠɢɬɟɥɶɧɨɫɬɶɧɟɩɪɟɪɵɜɧɨɝɨ
ɜɨɫɩɪɨɢɡɜɟɞɟɧɢɹɦɭɡɵɤɢɱ
ɉɪɨɞɨɥɠɢɬɟɥɶɧɨɫɬɶɧɟɩɪɟɪɵɜɧɨɝɨɜɵɡɨɜɚɱ
ɇɚɩɪɹɠɟɧɢɟɡɚɪɹɞɤɢȼȼ
ɑɚɫɬɨɬɚ%OXHWRRWK
ɗɮɮɟɤɬɢɜɧɨɟɪɚɫɫɬɨɹɧɢɟ%OXHWRRWK!ɦ
ȾɢɧɚɦɢɱɟɫɤɢɣɱɚɫɬɨɬɧɵɣɨɬɤɥɢɤɤȽɰ
ȼɪɟɦɹɨɠɢɞɚɧɢɹ+ɱɚɫɨɜ
ȼɪɟɦɹɡɚɪɹɞɤɢɱ
Ʉɨɪɨɛɤɚɞɥɹɡɚɪɹɞɤɢ
ȿɦɤɨɫɬɶɛɚɬɚɪɟɢɦȺɱ
ȼɪɟɦɹɡɚɪɹɞɤɢɱ
ɂɧɬɟɪɮɟɣɫɡɚɪɹɞɤɢ7\SH&
Ɋɚɛɨɱɚɹɬɟɦɩɟɪɚɬɭɪɚ
12 13 14
Ɋɟɠɢɦɨɞɧɨɝɨɭɯɚ
Ɉɞɧɨɤɚɫɚɧɢɟɝɪɨɦɤɨɫɬɶ/5
Ⱦɜɨɣɧɨɟɤɚɫɚɧɢɟɝɨɥɨɫɨɜɨɣɩɨɦɨɳɧɢɤ/5
Ɍɪɢɤɚɫɚɧɢɹ/5ɫɥɟɞɭɸɳɚɹɩɟɫɧɹ
ȼɯɨɞɹɳɢɣɜɵɡɨɜɜɡɹɬɶɬɪɭɛɤɭɞɜɨɣɧɵɦɤɚɫɚɧɢɟɦ
ȼɵɡɨɜɢɫɯɨɞɹɳɢɣɜɵɡɨɜɞɜɨɣɧɨɟɤɚɫɚɧɢɟ
ɩɨɜɟɫɢɬɶɬɪɭɛɤɭɨɬɦɟɧɚɢɫɯɨɞɹɳɟɝɨɜɵɡɨɜɚ
ȼɨɜɪɟɦɹɜɵɡɨɜɚɜɵɡɵɜɚɟɬɫɹɜɬɨɪɨɣɜɵɡɨɜɞɜɨɣɧɨɟ
ɤɚɫɚɧɢɟɨɬɜɟɬɶɬɟɧɚɜɬɨɪɨɣɜɵɡɨɜɩɟɪɜɵɣɜɵɡɨɜ
ɩɨɞɞɟɪɠɢɜɚɟɬɫɹ
Ɉɞɧɨɤɚɫɚɧɢɟɝɪɨɦɤɨɫɬɶ/
ɝɪɨɦɤɨɫɬɶ5
Ⱦɜɨɣɧɨɟɤɚɫɚɧɢɟ
/ɜɨɫɩɪɨɢɡɜɟɞɟɧɢɟɩɚɭɡɚ
5ɝɨɥɨɫɨɜɨɣɩɨɦɨɳɧɢɤ
Ɍɪɢɤɚɫɚɧɢɹ/ɩɪɟɞɵɞɭɳɚɹɩɟɫɧɹ
5ɫɥɟɞɭɸɳɚɹɩɟɫɧɹ
ȼɯɨɞɹɳɢɣɜɵɡɨɜȾɥɢɬɟɥɶɧɨɧɚɠɦɢɬɟɢɭɞɟɪɠɢɜɚɣɬɟ
ɫɟɤɭɧɞɭɱɬɨɛɵɨɬɤɚɡɚɬɶɨɬɜɵɡɨɜɚ
ɉɪɢɬɪɟɯɫɬɨɪɨɧɧɟɦɜɵɡɨɜɟɞɥɢɬɟɥɶɧɨɧɚɠɦɢɬɟɢ
ɭɞɟɪɠɢɜɚɣɬɟɫɟɤɭɧɞɵɞɥɹɫɜɨɛɨɞɧɨɝɨɩɟɪɟɤɥɸɱɟɧɢɹ
ɦɟɠɞɭɞɜɭɦɹɜɵɡɨɜɚɦɢ
$LU%XGV
Ɇɭɡɵɤɚɥɶɧɵɣɪɟɠɢɦ
Ɋɟɠɢɦɜɵɡɨɜɚ
15 16 17 18
,QVWUXFFLRQHVGHLQGLFDFLyQOXPLQRVD
/DOX]EODQFDHVWiVLHPSUH
HQFHQGLGD
/DOX]EODQFDSDUSDGHD
(OLQGLFDGRUURMRVHHQFLHQGH
GXUDQWHVHJXQGRV
/DOX]URMDSDUSDGHD
/DVOXFHVURMDVSDUSDGHDQ
DOWHUQDWLYDPHQWHFRQOXFHVEODQFDV
(OLQGLFDGRUURMRVHHQFLHQGH
GXUDQWHVHJXQGRV
/DOX]URMDVLHPSUH
HVWiHQFHQGLGD
/DVOXFHVHVWiQDSDJDGDV
/DVOXFHVHVWiQDSDJDGDV
(QFHQGLGR
$SDJDGR
(VWDGRGHHPSDUHMDPLHQWR
5HSURGXFLUP~VLFDHVWDGR
GHOODPDGD
/RVDXULFXODUHVHVWiQGH
EDWHUtDEDMD
/RVDXULFXODUHVVH
HVWiQFDUJDQGR
/RVDXULFXODUHVHVWiQ
FRPSOHWDPHQWHFDUJDGRV
(VWXFKHGHFDUJDHVWiGH
EDMDEDWHUtD /DOX]URMDSDUSDGHD\VHDSDJD
GHVSXpVGHVHJXQGRV
(OHVWXFKHGHFDUJDVH
HVWiFDUJDQGR
(OHVWXFKHGHFDUJDHVWi
FRPSOHWDPHQWHFDUJDGR
5HVWDEOHFLPLHQWRGHIiEULFD /DOX]EODQFDSDUSDGHD
YHFHV\VHDSDJD
0RGRGHORVDXULFXODUHV /DVOXFHVLQGLFDGRUDV
(PSDUHMDPLHQWRGHEOXHWRRWK
0pWRGR &XDQGRVHFRQHFWHSRUSULPHUDYH]DEUDHO
HVWXFKHGHFDUJDORVGRVDXULFXODUHVHVWiQHQHO
HVWXFKHGHFDUJD\ODOX]LQGLFDGRUDGHOHVWXFKHGH
FDUJDHVWiURMD/RVDXULFXODUHVHQWUDQHQHOHVWDGRGH
HPSDUHMDPLHQWR\SDUSDGHDQOXFHVURMDV\EODQFDV
$FWLYHHO%OXHWRRWKGHVXGLVSRVLWLYR\VHOHFFLRQH
$LU%XGVSDUDUHDOL]DUODFRQH[LyQ
0pWRGR&XDQGRHOGLVSRVLWLYR\ORVDXULFXODUHVHVWpQ
FRQHFWDGRVFRORTXHDPERVDXULFXODGRUHVHQHO
HVWXFKHGHFDUJD\PDQWHQJDSUHVLRQDGRVDOPLVPR
WLHPSRORVGRVDXULFXODUHV/5GXUDQWHVHJXQGRV
HQWUDUiHQHOHVWDGRGHHPSDUHMDPLHQWR\SDUSDGHDUiQ
OXFHVURMDV\EODQFDV$FWLYHHO%OXHWRRWKGHVXQXHYR
GLVSRVLWLYR\VHOHFFLRQH$LU%XGVSDUDUHDOL]DUOD
FRQH[LyQ
1RWD3DUDDOJXQRVWHOpIRQRVLQWHOLJHQWHVHVSRVLEOH
TXHVHOHSLGDTXHYXHOYDDFRQILUPDUHOHPSDUHMDPLHQ
WRHQXQDYHQWDQDHPHUJHQWHGHVSXpVGHVHOHFFLRQDU
$LU%XGVSDUDHOHPSDUHMDPLHQWR%OXHWRRWK
'HVDFWLYHHO%OXHWRRWKGHVXWHOpIRQRSDUDGHVFRQHFWDUVH
GHORVDXULFXODUHV
/OHYDU
3yQJDVHORVDXULFXODUHV\DM~VWHORVDXQDSRVLFLyQ
FyPRGD
'HVFULSFLyQGHOSURGXFWR
2SHUDFLyQGHOGLVSRVLWLYR
(QFHQGLGR DEUDHOHVWXFKHGHFDUJD\ORV
DXULFXODUHVVHHQFLHQGHUiQDXWRPiWLFDPHQWH
$SDJDJR FRORTXHORVDXULFXODUHVHQHOHVWXFKHGH
FDUJD\FLHUUHHOHVWXFKHVHDSDJDUiQORVDXULFXODUHV
5HVWDEOHFLPLHQWRGHIiEULFD
+DJDGREOHWRTXH\PDQWHQJDSUHVLRQDGR
VHJXQGRVFXDQGRODOX]EODQFDSDUSDGHHYHFHVORV
DXULFXODUHVLQJUHVDUiQDOUHVWDEOHFLPLHQWRGHIiEULFD
&RORTXHORVDXULFXOUHVHQHOHVWXFKHGHFDUJDSDUD
FRPSOHWDUODFRQILJXUDFLyQGHOUHVWDEOHFLPLHQWRGH
IiEULFD3XHGHDEULUODWDSDSDUDHPSDUHMDU
QXHYDPHQWHORVDXULFXODUHV
&RQWURORSHUDFLRQDO &DUJD
&XDQGRODEDWHUtDGHORVDXULFXODUHVHVEDMDODOX]
URMDORVDXULFXODUHVSDUSDGHDUiQ&RORTXHORV
DXULFXODUHVHQHOHVWXFKHGHFDUJD\FLHUUHODWDSD
&XDQGRODEDWHUtDGHOHVWXFKHGHFDUJDHVEDMDXQD
OX]URMDSDUSDGHDUiFXDQGRVHDEUDHOHVWXFKHGH
FDUJDORTXHLQGLFDUiTXHVHGHEHFDUJDUHOHVWXFKHGH
FDUJD
1RWD$QWHVGHFDUJDUVHTXHFRPSOHWDPHQWHHOSXHUWR
GHFDUJD86%\FRQHFWHHOHVWXFKHGHFDUJDDXQD
IXHQWHGHDOLPHQWDFLyQXWLOL]DQGRHOFDEOHGHFDUJD
86%&LQFOXLGRRFHUWLILFDGR/DOX]EODQFDGHOHVWXFKH
GHFDUJDSDUSDGHDDOFDUJDU\ODOX]EODQFDVLHPSUH
HVWiHQFHQGLGDFRQODFDUJDFRPSOHWD
&DUDFWHUtVWLFDVWpFQLFDV
0RGHOR$LU%XGV
9HUVLyQGH%OXHWRRWK
)RUPDWRGHFRGLILFDFLyQGHOODPDGD6%&$$&
5HGXFFLyQGHUXLGR(1&
0LFUyIRQR ;
,QGLFDGRUHV/('GHHVWDGRGHORVDXULFXODUHVEODQFR
URMR
&DSDFLGDGGHODEDWHUtDP$K
$OWDYR]P:
'XUDFLyQGHP~VLFD+
'XUDFLyQGHODOODPDGD+
9ROWDMHGHFDUJD99
)UHFXHQFLD%OXHWRRWK
'LVWDQFLDHIHFWLYDGH%OXHWRRWK 0
5HVSXHVWDGHIUHFXHQFLDGLQiPLFD.+]
7LHPSRHQHVSHUD+
7LHPSRGHFDUJD+
(VWXFKHGHFDUJD
&DSDFLGDGGHODEDWHUtD P$K
7LHPSRGHFDUJD+
,QWHUID]GHFDUJD7LSR&
7HPSHUDWXUDGHIXQFLRQDPLHQWR&
24 25 26
0RGRGHRtGR~QLFR
8QWRTXH/5YROXPHQ
'REOHWRTXH/5DVLVWHQWHGHYR]
7UHVWRTXHV/5FDQFLyQVLJXLHQWH
(QXQDOODPDGDHQWUDQWHKDJDGREOHWRTXHSDUD
FRQWHVWDU
'XUDQWHODOODPDGDOODPDGDVDOLHQWHKDJDGREOHWRTXH
SDUDFROJDUFDQFHODUODOODPDGDVDOLHQWH
'XUDQWHODOODPDGDOOHJDODVHJXQGDOODPDGDHQWUDQWH
KDJDGREOHWRTXHSDUDFRQWHVWDUODVHJXQGDOODPDGD\OD
SULPHUDOODPDGDVHSRQHHQHVSHUD
8QWRTXH/YROXPHQ 5YROXPHQ
'REOHWRTXH/UHSURGXFFLyQSDXVD
5DVLVWHQWHGHYR]
7UHVWRTXHV/FDQFLyQDQWHULRU
5FDQFLyQVLJXLHQWH
(QXQDOODPDGDHQWUDQWHPDQWHQJDSUHVLRQDGR
VHJXQGRSDUDUHFKD]DUODOODPDGDHQWUDQWH
(QXQDOODPDGDGHWUHVYtDVPDQWHQJDSUHVLRQDGR
VHJXQGRVSDUDFDPELDUOLEUHPHQWHHQWUHGRVOODPDGDV
$LU%XGV
0RGRGHP~VLFD
0RGRGHOODPDGD
27 28 29 30
%HVFKUHLEXQJGHU/HXFKWDQ]HLJH
'LH$Q]HLJHOHXFKWHWZHL
'LH$Q]HLJHEOLQNWZHL
'LH$Q]HLJHOHXFKWHWURWIU
6HNXQGHQ
'LH$Q]HLJHEOLQNWURW
'LH$Q]HLJHEOLQNWURWXQG
ZHLDEZHFKVHOQG
'LH$Q]HLJHOHXFKWHWURWIU
6HNXQGHQ
'LH$Q]HLJHOHXFKWHWURW
'LH$Q]HLJHHUO|VFKW
'LH$Q]HLJHHUO|VFKW
(LQVFKDOWHQ
$XVVFKDOWHQ
3DDUXQJ6WDWXV
%HLP$EVSLHOHQ
7HOHIRQJHVSUlFK
'HU%DWWHULHVWDQGGHU
.RSIK|UHULVWQLHGULJ
'LH.RSIK|UHUZHUGHQ
DXIJHODGHQ
'LH.RSIK|UHUVLQG
YROODXIJHODGHQ
'HU%DWWHULHVWDQGGHV
/DGHIDFKHVQLHGULJ 'LH$Q]HLJHEOLQNWURWXQG
HUO|VFKWQDFK6HNXQGHQ
'DV/DGHIDFKZLUG
DXIJHODGHQ
'DV/DGHIDFKLVWYROO
DXIJHODGHQ
=XUFNVHW]XQJGHU
:HUNVHLQVWHOOXQJHQ 'LH$Q]HLJHEOLQNWZHLGUHL
0DOXQGGDQQHUO|VFKW
.RSIK|UHU0RGXV /HXFKWDQ]HLJH
%OXHWRRWK.RSSOXQJ
0HWKRGH%HLGHUHUVWHQ9HUELQGXQJ|IIQHQ6LHGDV
/DGHIDFK'LH]ZHL.RSIK|UHUEHILQGHWVLFKLP
/DGHIDFK'LH$Q]HLJHGHV/DGHIDFKHVOHXFKWHWURW'LH
.RSIK|UHUEHILQGHQVLFKMHW]WLP3DDUXQJ6WDWXVXQG
GLH$Q]HLJHEOLQNWURWXQGZHL6FKDOWHQ6LHGHQ
%OXHWRRWKGHV*HUlWHVHLQXQGZlKOHQ6LHÄ$LU%XGV
³DXVXP]XYHUELQGHQ
0HWKRGH:HQQGDV*HUlWEHUHLWVPLWGHQ.RSIK|UHU
YHUEXQGHQLVWOHJHQ6LHGLH.RSIK|UHULQGDV/DGHIDFK
HLQXQGGUFNHQ6LHGHQ/XQG5.RSIK|UHUJOHLFK]HLWLJ
IU6HNXQGHQ'LH.RSIK|UHUEHILQGHQVLFKMHW]WLP
3DDUXQJ6WDWXVXQGGLH$Q]HLJHEOLQNWURWXQGZHL
DEZHFKVHOQG6FKDOWHQ6LHGHQ%OXHWRRWKGHV*HUlWHV
HLQXQGZlKOHQ6LHÄ$LU%XGV³DXVXP]XYHUELQGHQ
%HPHUNXQJ%HLHLQLJHQ6PDUWSKRQH1DFKGHP6LHÄ
$LU%XGV³DXVJHZlKOWKDEHQXPGHQ%OXHWRRWK]X
NRSSHOQ9LHOOHLFKWZHUGHQ6LHGXUFKHLQ3RSXS)HQVWHU
DXIJHIRUGHUWGLH.RSSOXQJHUQHXW]XEHVWlWLJHQ
:HQQ6LHGHQ%OXHWRRWKLKUHV+DQG\VDXVVFKDOWHQ
ZLUGGLH.RSIK|UHU9HUELQGXQJJHWUHQQW
7UDJHQ
7UDJHQ6LHGLH.RSIK|UHUXQGVWHOOHQ6LHVLHLQHLQH
EHTXHPH3RVLWLRQHLQ
3URGXNWEHVFKUHLEXQJ
%HGLHQXQJGHV*HUlWHV
(LQVFKDOWHQgIIQHQ6LHGDV/DGHIDFKXQGGLH
%OXHWRRWK.RSIK|UHUZHUGHQDXWRPDWLVFKHLQJHVFKDOWHW
$XVVFKDOWHQ8PGLH.RSIK|UHUDXV]XVFKDOWHQOHJHQ
6LHGLH.RSIK|UHULQGDV/DGHIDFK
8PDXI:HUNVHLQVWHOOXQJ]XUFN]XVHW]HQ
.OLFNHQ6LHGDUDXI0DOXQGKDOWHQ
6HNXQGHQODQJJHGUFNW:HQQGLH/HXFKWH0DOZHL
EOLQNWZHUGHQGLH.RSIK|UHUDXI:HUNVHLQVWHOOXQJ
]XUFNJHVHW]W/HJHQ6LHGLH.RSIK|UHULQGDV
/DGHIDFKEHHQGHWGLH=XUFNVHW]XQJGHU
:HUNVHLQVWHOOXQJHQgIIQHQ6LHGLH$EGHFNXQJGHV
/DGHIDFKHVXPGLH.RSIK|UHUHUQHXW]XNRSSHOQ
%HGLHQXQJXQG6WHXHUXQJ $XIODGXQJ
:HQQGHU%DWWHULHVWDQGGHU.RSIK|UHUQLHGULJLVW
EOLQNWGLH$Q]HLJHGHU.RSIK|UHUURW/HJHQ6LHGLH
.RSIK|UHULQGDV/DGHIDFKHLQXPVLHDXI]XODGHQ
'DQQVFKOLHHQ6LHGDV/DGHIDFK
:HQQGHU%DWWHULHVWDQGGHV/DGHIDFKHVQLHGULJLVW
QDFKGHP6LHGLH$EGHFNXQJGHV/DGHIDFKHV|IIQHQ
EOLQNWGLH$Q]HLJHURWXP6LHGDUDXIKLQ]XZHLVHQGDV
/DGHIDFKDXI]XODGHQ
$FKWXQJ9RUGHU$XIODGXQJWURFNQHQ6LHGHQ
86%/DGHDQVFKOXVVYROOVWlQGLJXQGYHUZHQGHQ6LHGLH
PLWJHOLHIHUWHRGHU]HUWLIL]LHUWH86%7\S&/DGHOHLWXQJ
XPGDV/DGHIDFKPLWGHU6WURPYHUVRUJXQJ
DQ]XVFKOLHHQ'LH$Q]HLJHGHV/DGHIDFKHVEOLQNWEHL
GHU$XIODGXQJZHLXQGOHXFKWHWZHLQDFKGHP
/DGHIDFKYROODXIJHODGHQLVW
6SH]LILNDWLRQHQ
0RGHOO$LU%XGV
%OXHWRRWK9HUVLRQ
.RGLHUXQJVIRUPDW6%&$$&
*HUlXVFKDEVRUELHUHQG(1&
0LNURIRQ;
/('$Q]HLJHIUGHQ=XVWDQGGHU.RSIK|UHUZHLURW
%DWWHULHNDSD]LWlWP$K
+XSHP:
$NNX/DXI]HLWIU0XVLNPRGXV6W
$NNX/DXI]HLWIU7HOHIRQJHVSUlFK6W
/DGHVSDQQXQJ99
%OXHWRRWK)UHTXHQ]
%OXHWRRWK(PSIDQJVHQWIHUQXQJ!0
'\QDPLVFKHUhEHUWUDJXQJVIUHTXHQ]JDQJ.+]
6WDQGE\=HLW+6W
/DGH]HLW6W
/DGHIDFK
%DWWHULHNDSD]LWlWP$K
/DGH]HLW6W
/DGHDQVFKOXVV7\S&
%HWULHEVWHPSHUDWXU
36 37 38
(LQ2KU0RGXV
(LQPDONOLFNHQ/5/DXWVWlUNH
=ZHLPDONOLFNHQ/56SUDFKDVVLVWHQW
'UHLPDONOLFNHQ/5=XPQlFKVWHQ7LWHO
%HLPHLQJHKHQGHQ$QUXI=ZHLPDONOLFNHQXPGHQ
$QUXIDQ]XQHKPHQ
:lKUHQGGHV7HOHIRQJHVSUlFKV%HLPDXVJHKHQGHQ
$QUXI=ZHLPDONOLFNHQXPGDV7HOHIRQJHVSUlFK]X
EHHQGHQGHQDXVJHKHQGHQ$QUXIDE]XEUHFKHQ
:HQQGHU]ZHLWHQ$QUXIZlKUHQGGHV7HOHIRQJHVSUlFKV
HLQJHKW=ZHLPDONOLFNHQXPGHQ]ZHLWHQ$QUXI
DQ]XQHKPHQXQGGHQHUVWHQ$QUXI]XKDOWHQ
(LQPDONOLFNHQ//DXWVWlUNH
5/DXWVWlUNH
=ZHLPDONOLFNHQ/$EVSLHOHQ3DXVH
56SUDFKDVVLVWHQW
'UHLPDONOLFNHQ/=XPYRUKHULJHQ
7LWHO5=XPQlFKVWHQ7LWHO
%HLPHLQJHKHQGHQ$QUXI'UFNHQ6LHGDUDXIIU
6HNXQGHXPGHQ$QUXIDE]XOHKQHQ
:lKUHQGGHV'UHL:HJH$QUXIV'UFNHQ6LHGDUDXI
IU6HNXQGHQXPIUHL]ZLVFKHQ]ZHL$QUXIH]XVFKDOWHQ
$LU%XGV
0XVLNPRGXV
$QUXIPRGXV
39 40 41 42
6LJQLILFDWLRQGHVYR\DQWVOXPLQHX[
/HYR\DQWEODQFVDOOXPH
QRUPDOHPHQW
/HYR\DQWEODQFFOLJQRWH
/HYR\DQWURXJHVDOOXPH
SHQGDQWVHFRQGHV
/HYR\DQWURXJHFOLJQRWH
/HYR\DQWURXJHHWOHYR\DQWEODQF
FOLJQRWHQWDOWHUQDWLYHPHQW
/HYR\DQWURXJHVDOOXPH
SHQGDQWVHFRQGHV
/HYR\DQWURXJHVDOOXPH
QRUPDOHPHQW
/HYR\DQWVpWHLQW
/HYR\DQWVpWHLQW
0DUFKH
$UUrW
-XPHODJH
/HFWXUHGHODPXVLTXH
$SSHO
%DWWHULHIDLEOHGXFDVTXH
/RUVGHODFKDUJHGH
ODEDWWHULHGXFDVTXH
$SUqVODFKDUJHFRPSOqWHGH
ODEDWWHULHGXFDVTXH
%DWWHULHIDLEOHGXERvWLHU
GHFKDUJH /HYR\DQWURXJHFOLJQRWH
HWVpWHLQWDSUqVVHFRQGHV
/RUVGHODFKDUJHGHODEDWWHULH
GXERvWLHUGHFKDUJH
$SUqVODFKDUJHFRPSOqWHGHOD
EDWWHULHGXERvWLHUGHFKDUJH
5pWDEOLUODFRQILJXUDWLRQGXVLQH /HYR\DQWEODQFFOLJQRWHIRLV
HQVXLWHVpWHLQW
0RGHGXFDVTXH /XPLqUH
-XPHODJH%OXHWRRWK
0pWKRGH,/RUVGXMXPHODJHSRXUODSUHPLqUHIRLV
RXYULUOHERvWLHUGHFKDUJHOHVGHX[pFRXWHXUVVRQW
SODFpVGDQVOHERvWLHUGHFKDUJHOHYR\DQWURXJHGX
ERvWLHUGHFKDUJHVDOOXPHOHVpFRXWHXUVHQWUHQWHQ
PRGHGHMXPHODJHOHYR\DQWURXJHHWOHYR\DQWEODQF
FOLJQRWHQWDFWLYHUOH%OXHWRRWKGHODSSDUHLOHW
VpOHFWLRQQHU©$LU%XGVªSRXUOHMXPHODJH
0pWKRGH,,/RUVTXHODSSDUHLOHVWFRQQHFWpDXFDVTXH
PHWWUHGHX[pFRXWHXUVGDQVOHERvWLHUGHFKDUJHHW
PDLQWHQLUOHVpFRXWHXUV/5HQIRQFpVSHQGDQWVSRXU
HQWUHUHQPRGHGHMXPHODJHHQFHPRPHQWOHYR\DQW
URXJHHWOHYR\DQWEODQFFOLJQRWHQWDFWLYHUOH%OXHWRRWK
GHODSSDUHLOHWVpOHFWLRQQHU©$LU%XGVªSRXUOH
MXPHODJH
1RWHV3RXUFHUWDLQVPDUWSKRQHDSUqVDYRLU
VpOHFWLRQQp©$LU%XGVªSRXUOHMXPHODJH%OXHWRRWK
OHVPDUWSKRQHSHXWYRXVGHPDQGHUGHUHFRQILUPHUOH
MXPHODJHGDQVXQHIHQrWUHFRQWH[WXHOOH
'pVDFWLYHUOH%OXHWRRWKGHWpOpSKRQHSRXUGpFRQQHFWHU
OHFDVTXH
3RUWHU
3RUWHUHWELHQDMXVWHUOHFDVTXHGDQVXQHSRVLWLRQ
FRQIRUWDEOH
3UpVHQWDWLRQGXSURGXLW
2SpUDWLRQGHODSSDUHLO
0DUFKH6LOHERvWLHUGHFKDUJHHVWRXYHUWOHFDVTXH
VHUDGpPDUUpDXWRPDWLTXHPHQW
$UUrW0HWWUHOHFDVTXHGDQVOHERvWLHUGHFKDUJHHW
IHUPHUOHERvWLHUGHFKDUJHSRXUpWHLQGUHOHFDVTXH
 5pWDEOLUODFRQILJXUDWLRQGXVLQH
$SSX\HUGHX[IRLVVXUOD]RQHDSSX\HUVXUOD
]RQHSHQGDQWVHFRQGHV/RUVTXHOHYR\DQWEODQF
FOLJQRWHIRLVOHFDVTXHHQWUHHQPRGHGHUpWDEOLUOD
FRQILJXUDWLRQGXVLQH0HWWUHOHFDVTXHGDQVOHERvWLHU
GHFKDUJHSRXUWHUPLQHUOHSURFHVVXVGHUpWDEOLUOD
FRQILJXUDWLRQGXVLQH$SUqVDYRLURXYHUWOHFRXYHUFOHOH
QRXYHOMXPHODJHSHXWrWUHIDLW
&RPPDQGHV &KDUJH
6LODEDWWHULHGXFDVTXHHVWIDLEOHOHYR\DQWURXJHGX
FDVTXHFOLJQRWH9RXVSRXYH]PHWWUHOHFDVTXHGDQVOH
ERvWLHUGHFKDUJHHQVXLWHIHUPHUOHERvWLHUGHFKDUJH
6LODEDWWHULHGXERvWLHUGHFKDUJHHVWIDLEOHOHYR\DQW
URXJHFOLJQRWHDSUqVORXYHUWXUHGXFRXYHUFOHGXERvWLHU
GHFKDUJHSRXUYRXVLQYLWHUjFKDUJHUOHERvWLHUGH
FKDUJH
$WWHQWLRQ$YDQWODFKDUJHYHXLOOH]VpFKHU
FRPSOqWHPHQWOHSRUWGHFKDUJH86%HWFRQQHFWHUOH
ERvWLHUGHFKDUJHjODOLPHQWDWLRQpOHFWULTXHSRXUOD
FKDUJHjODLGHGXFkEOHGHFKDUJH86%&IRXUQLRX
FHUWLILp/RUVGHODFKDUJHGHODEDWWHULHGXERvWLHUGH
FKDUJHOHYR\DQWEODQFFOLJQRWH$SUqVODFKDUJH
FRPSOqWHGHODEDWWHULHGXERvWLHUGHFKDUJHOHYR\DQW
EODQFVDOOXPHQRUPDOHPHQW
6SpFLILFDWLRQVHWFDUDFWpULVWLTXHV
0RGqOH$LU%XGV
9HUVLRQGH%OXHWRRWK
)RUPDWGHQFRGDJHGHODSSHO6%&$$&
5pGXFWLRQGXEUXLW(1&
0LFURSKRQH;
/('GLQGLFDWLRQGHOpWDWGHFDVTXH%ODQFURXJH
&DSDFLWpGHODEDWWHULHP$K
+DXWSDUOHXUP:
'XUpHGHODOHFWXUHGHODPXVLTXHKHXUHV
'XUpHGDSSHOKHXUHV
7HQVLRQGHFKDUJH99
)UpTXHQFHGH%OXHWRRWK
3RUWpHHIIHFWLYHGH%OXHWRRWK!P
5pSRQVHHQIUpTXHQFHG\QDPLTXH.+]
'XUpHGHYHLOOH+KHXUHV
7HPSVGHFKDUJHKHXUHV
%RvWLHUGHFKDUJH
&DSDFLWpGHODEDWWHULHP$K
7HPSVGHFKDUJHKHXUHV
,QWHUIDFHGHFKDUJH7\SH&
7HPSpUDWXUHGHIRQFWLRQQHPHQWR&
48 49 50
0RGHpFRXWHXUXQLTXH
$SSX\HUXQHIRLVVXUOD]RQH/59ROXPH
$SSX\HUGHX[IRLVVXUOD]RQH
/5$VVLVWDQWYRFDO
$SSX\HUWURLVIRLVVXUOD]RQH
/53LqFHVXLYDQWH
$SSHOHQWUDQW$SSX\HUGHX[IRLVVXUOD]RQHSRXU
UpSRQGUHjODSSHO
$SSHOHQFRXUV$SSHOVRUWDQW$SSX\HUGHX[IRLVVXU
OD]RQHSRXUUDFFURFKHUDQQXOHUODSSHO
$SSHOHQFRXUVGHX[LqPHDSSHOHQWUDQW$SSX\HU
GHX[IRLVVXUOD]RQHSRXUUpSRQGUHDXGHX[LqPHDSSHO
HQPDLQWHQDQWOHSUHPLHUDSSHO
$SSX\HUXQHIRLVVXUOD]RQH
/9ROXPH59ROXPH
$SSX\HUGHX[IRLVVXUOD]RQH
/0DUFKH3DXVH5$VVLVWDQWYRFDO
$SSX\HUWURLVIRLVVXUOD]RQH
/3LqFHSUpFpGHQWH
53LqFHVXLYDQWH
$SSHOHQWUDQW$SSX\HUVXUOD]RQHSHQGDQW
VHFRQGHSRXUUHIXVHUODSSHOHQWUDQW
$SSHOGHWURLVSDUWLHV$SSX\HUVXUOD]RQHSHQGDQW
VHFRQGHVSRXUFRPPXWHUOLEUHPHQWGHX[DSSHOV
$LU%XGV
0RGHPXVLTXH
0RGHGHODSSHO
51 52 53 54
'HVFUL]LRQHGHOO,QGLFD]LRQHGHOOD6SLD
6SLDELDQFDDFFHVD
FRVWDQWHPHQWH
6SLDELDQFDODPSHJJLDQWH
6SLDURVVDDFFHVDSHU
VHFRQGL
6SLDURVVDODPSHJJLD
6SLDURVVDH6SLDELDQFD
ODPSHJJLDQRDOWHUQDWLYDPHQWH
6SLDURVVDDFFHVDSHU
VHFRQGL
6SLDURVVDDFFHVD
FRVWDQWHPHQWH
6SLDVSHQWD
6SLDVLVSHJQH
$FFHQVLRQH
6SHQWR
6WDWRGLDFFRSSLDPHQWR
6WDWRGLULSURGX]LRQH
PXVLFDOHGLFRQYHUVD]LRQH
6WDWRGHOODEDWWHULDVFDULFD
GHJOLDXULFRODUL
5LFDULFDGHJOLDXULFRODUH
$XULFRODULFRPSOHWDPHQWHFDULFKH
%DWWHULDGHOODFXVWRGLD
GLULFDULFDVFDULFD 6SLDURVVDODPSHJJLD
VLVSHJQHGRSRVHFRQGL
/DFXVWRGLDGLULFDULFDqLQULFDULFD
/DFXVWRGLDGLULFDULFDq
FRPSOHWDPHQWHFDULFD
5LSULVWLQDUHOHLPSRVWD]LRQL
GLIDEEULFD 6SLDELDQFDODPSHJJLD
YROWHHSRLVLVSHJQH
0RGDOLWj$XULFRODUL /XFH
$FFRSSLDPHQWR%OXHWRRWK
0HWRGR$OSULPRFROOHJDPHQWRDSULUHODFXVWRGLDGL
ULFDULFDLQVHULUHLGXHDXULFRODULQHOODFXVWRGLDGL
ULFDULFDOLQGLFDWRUHGHOODFXVWRGLDGLULFDULFDVLLOOXPLQD
GLURVVRJOLDXULFRODULHQWUDQRQHOORVWDWRGL
DFFRSSLDPHQWRHODPSHJJLDQROHOXFLURVVHHELDQFKH
DFFHQGHUHLO%OXHWRRWKGHOGLVSRVLWLYRVHOH]LRQDUH
$LU%XGVSHUODFRQQHVVLRQH
0HWRGR4XDQGRLOGLVSRVLWLYRqFROOHJDWRDJOL
DXULFRODULLQVHULUHHQWUDPEHJOLDXULFRODULQHOODFXVWRGLD
GLULFDULFDSUHPHUHHWHQHUHSUHPXWHHQWUDPEHJOL
DXULFRODUL/5FRQWHPSRUDQHDPHQWHSHUVHFRQGL
HWQUDQRQHOORVWDWRGLDFFRSSLDPHQWRHODPSHJJLDQROD
OXFHURVVDHELDQFDDFFHQGHUHLO%OXHWRRWKGHOQXRYR
GLVSRVLWLYRHVHOH]LRQDUH$LU%XGVSHUOD
FRQQHVVLRQH
1RWD3HUDOFXQLVPDUWSKRQHSRWUHEEHHVVHUHULFKLHVWR
GLULFRQIHUPDUHODFFRSSLDPHQWRLQXQDILQHVWUDSRSXS
GRSRDYHUVHOH]LRQDWR$LU%XGVSHUODFFRSSLDPHQ
WR%OXHWRRWK
'LVDWWLYDUH%OXHWRRWKGHOWHOHIRQRSHUVFROOHJDUHJOL
DXULFRODUL
,QGRVVDPHQWR
,QGRVVDUHJOLDXULFRODULHUHJRODUOLLQXQDSRVL]LRQH
FRPRGD
3URILORGHO3URGRWWR
)XQ]LRQDPHQWRGHO'LVSRVLWLYR
$FFHQVLRQHDSULUHODFXVWRGLDGLULFDULFDJOLDXULFRODUL
VLDFFHQGRQRDXWRPDWLFDPHQWH
6SHJQLPHQWRLQVHULUHJOLDXULFRODULQHOODFXVWRGLDGL
ULFDULFDHFKLXGHUHODFXVWRGLDSHUVSHJQHUOH
 5LSULVWLQRGHOOHLPSRVWD]LRQLGLIDEEULFD
3UHPHUHHWHQHUHSUHPXWHHQWUDPEHJOL
DXULFRODULSHUVHFRQGLTXDQGRVLYHGHODPSHJJLDUHOD
OXFHELDQFDSHUYROWHJOLDXULFRODULVRQRULSULVWLQDWH
FRQOHLPSRVWD]LRQLGLIDEEULFDHLQVHULUHJOLDXULFRODUL
VRQRQHOODFXVWRGLDGLULFDULFDHLOULSULVWLQRGHOOH
LPSRVWD]LRQLGLIDEEULFDqVWDWRFRPSOHWDWR$SULUHLO
FRSHUFKLRHDFFRSSLDUHQXRYDPHQH
&RQWUROOL2SHUDWLYL 5LFDULFD
/DVSLDURVVDVXJOLDXULFRODULODPSHJJLDTXDQGROH
EDWWHULHVRQRVFDULFKHÊSRVVLELOHLQVHULUHJOLDXULFRODUL
QHOODFXVWRGLDGLULFDULFDHFKLXGHUOD
4XDQGRODFXVWRGLDGLULFDULFDqVFDULFDXQDOXFH
URVVDODPSHJJLDTXDQGRVLDSUHODFXVWRGLDLOFKH
LQGLFDODQHFHVVLWD¶GLULFDULFDUOD
1RWD3ULPDGHOODULFDULFDDVFLXJDUHFRPSOHWDPHQWHOD
SRUWDGLULFDULFD86%HXWLOL]]DUHLOFDYRGLULFDULFD
86%&LQGRWD]LRQHRFHUWLILFDWRSHUFROOHJDUHOD
FXVWRGLDGLULFDULFDDOODIRQWHGLDOLPHQWD]LRQHSHUOD
ULFDULFDODVSLDELDQFDGHOODFXVWRGLDGLULFDULFD
ODPSHJJLDGXUDQWHODULFDULFDHODVSLDELDQFDqDFFHVD
FRVWDQWHPHQWHTXDQGRqFRPSOHWDPHQWHFDULFD
3DUDPHWUL7HFQLFKL
0RGHOOR$LU%XGV
9HUVLRQH%OXHWRRWK
)RUPDWRGLFRGLILFDGLFRQYHUVD]LRQH6%&$$&
5LGX]LRQHGHOUXPRUH(1&
0LFURIRQR;
6SLDGLVWDWRGHJOLDXULFRODUL/('ELDQFRURVVR
&DSDFLWjGHOODEDWWHULDP$K
$OWRSDUODQWHP:
'XUDWDGLULSURGX]LRQHPXVLFD2UH
'XUDWDGHOODFRQYHUVD]LRQH+
7HQVLRQHGLULFDULFD99
)UHTXHQ]D%OXHWRRWK
'LVWDQ]DHIIHWWLYDGHO%OXHWRRWK!0
5LVSRVWDLQIUHTXHQ]DGLQDPLFD.+]
'XUDWDGLVWDQGE\+
7HPSRGLULFDULFD2UH
&XVWRGLDGL5LFDULFD
&DSDFLWjGHOODEDWWHULDP$K
7HPSRGLULFDULFD2UH
,QWHUIDFFLDGLULFDULFD7LSR&
7HPSHUDWXUDGLIXQ]LRQDPHQWR&
60 61 62
0RGDOLWj0RQRIRQLFD
6LQJRORWRFFR/59ROXPH
'XHWRFFKL/5$VVLVWHQWHYRFDOH
7UHWRFFKL/5EUDQRVXFFHVVLYR
&KLDPDWDLQDUULYR'RSSLRWRFFRSHUULVSRQGHUH
,QFKLDPDWDFKLDPDWDLQXVFLWD'RSSLRWRFFRSHU
ULDJJDQFLDUHDQQXOODUHODFKLDPDWDLQXVFLWD
,QFKLDPDWDVHFRQGDFKLDPDWDLQDUULYR'RSSLRWRFFR
SHUULVSRQGHUHDOODVHFRQGDFKLDPDWDSULPDFKLDPDWD
WUDWWHQXWD
6LQJRORWRFFR/YROXPH
5YROXPH
'XHWRFFKL/ULSURGX]LRQHSDXVD
5DVVLVWHQWHYRFDOH
7UHWRFFKL/EUDQRSUHFHGHQWH
5EUDQRVXFFHVVLYR
,QFKLDPDWD3UHPHUHDOXQJRVHFRQGRSHUULILXWDUH
ODFKLDPDWDLQDUULYR
,QXQDFKLDPDWDDWUH3UHPHUHDOXQJRVHFRQGLSHU
SDVVDUHOLEHUDPHQWHGDXQDFKLDPDWDDOODOWUD
$LU%XGV
0RGDOLWj0XVLFDOH
0RGDOLWjGL&RQYHUVD]LRQH
63 64 65 66
,QVWUXo}HVFODUDVGDLQGLFDomR
$OX]EUDQFDHVWi
VHPSUHDFHVD
/X]EUDQFDDSLVFDU
$OX]LQGLFDGRUDYHUPHOKDHVWi
DFHVDSRUVHJXQGRV
/X]YHUPHOKDLQWHUPLWHQWH
$OX]YHUPHOKDHDOX]EUDQFD
SLVFDPDOWHUQDGDPHQWH
$OX]LQGLFDGRUDYHUPHOKDHVWi
DFHVDSRUVHJXQGRV
$OX]YHUPHOKDHVWi
VHPSUHDFHVD
/X]HVDSDJDGDV
/X]GHVOLJDGD
/LJDU
'HVOLJDU
(VWDGRGHHPSDUHOKDPHQWR
5HSURGX]LUP~VLFDHVWDGR
GDFKDPDGD
(VWDGRGHEDL[DSRWrQFLDGR
IRQHGHRXYLGR
&DUUHJDPHQWRGHIRQHVGHRXYLGR
2IRQHGHRXYLGRHVWi
WRWDOPHQWHFDUUHJDGR
$EDWHULDGDFDL[DGH
FDUUHJDPHQWRHVWiEDL[D $OX]YHUPHOKDSLVFDH
DSDJDVHDSyVV
$FDL[DGHFDUUHJDPHQWR
HVWiDFDUUHJDU
$FDL[DGHFDUUHJDPHQWRHVWi
WRWDOPHQWHFDUUHJDGD
5HVWDXUDUDVFRQILJXUDo}HV
GHIiEULFD $OX]EUDQFDSLVFDWUrVYH]HV
HGHSRLVDSDJDVH
0RGRIRQHGHRXYLGR LOXPLQDomR
(PSDUHOKDPHQWRFRPEOXHWRRWK
0pWRGR$RFRQHFWDUSHODSULPHLUDYH]DEUDDFDL[D
GHFDUUHJDPHQWRGRLVIRQHVGHRXYLGRHVWmRQDFDL[D
GHFDUUHJDPHQWRHDOX]LQGLFDGRUDGDFDL[DGH
FDUUHJDPHQWRpYHUPHOKD2IRQHGHRXYLGRHQWUDQR
HVWDGRGHHPSDUHOKDPHQWRHSLVFDOX]YHUPHOKDH
EUDQFD$EUDR%OXHWRRWKGRGLVSRVLWLYRHVHOHFLRQH
$LU%XGVSDUDFRQHFWDU
0pWRGR4XDQGRRGLVSRVLWLYRHVWLYHUFRQHFWDGRDR
IRQHGHRXYLGRFRORTXHDPEDVDVRUHOKDVQDFDL[DGH
FDUUHJDPHQWRHSUHVVLRQHHVHJXUHRVGRLVIRQHVGH
RXYLGR/5SRUVDRPHVPRWHPSRSDUDHQWUDUQR
HVWDGRGHHPSDUHOKDPHQWRHSLVFDUDOX]YHUPHOKDH
EUDQFD$EUDR%OXHWRRWKGRQRYRGLVSRVLWLYRH
VHOHFLRQH$LU%XGVSDUDFRQHFWDU
2EVHUYDomRSDUDDOJXQVVPDUWSKRQHVGHSRLVGH
VHOHFLRQDU$LU%XGVSDUDHPSDUHOKDPHQWR
%OXHWRRWKYRFrSRGHVHUVROLFLWDGRDUHFRQILUPDUR
HPSDUHOKDPHQWRQDMDQHODSRSXS
'HVOLJXHRLQWHUUXSWRU%OXHWRRWKSDUDGHVFRQHFWDUR
IRQHGHRXYLGR
&RORTXH
&RORTXHRIRQHGHRXYLGRHDMXVWHRSDUDXPDSRVLomR
FRQIRUWiYHO
,QWURGXomRGRSURGXWR
2SHUDomRGRHTXLSDPHQWR
/LJDUDEUDDFDL[DGHFDUUHJDPHQWRHRIRQHGH
RXYLGRFRPHoDUiDXWRPDWLFDPHQWH
'HVOLJDUFRORTXHRIRQHGHRXYLGRQDFDL[DGH
FDUUHJDPHQWRHIHFKHDFDL[DGHFDUUHJDPHQWRSDUD
GHVOLJDU
5HVWDXUDUDFRQILJXUDomRGHIiEULFD
7RTXHGXSORSUHVVLRQHHVHJXUHSRU6
TXDQGRDOX]EUDQFDSLVFDSRUYH]HVRIRQHGH
RXYLGRHQWUDUiQDFRQILJXUDomRGHIiEULFDFRORTXHR
IRQHGHRXYLGRQDFDL[DGHFDUUHJDPHQWRRVWDWXVGR
IRQHGHRXYLGRVHUiUHVWDXUDGRSDUDDFRQILJXUDomRGH
IiEULFDHDWDPSDSRGHVHUDEHUWDSDUDHPSDUHOKDU
QRYDPHQWH
&RQWURORGDRSHUDomR &DUUHJDU
4XDQGRDHQHUJLDGRIRQHGHRXYLGRHVWiEDL[DD
OX]YHUPHOKDGRIRQHGHRXYLGRSLVFD9RFrSRGH
FRORFDURIRQHGHRXYLGRQDFDL[DGHFDUUHJDPHQWRH
IHFKDUDFDL[DGHFDUUHJDPHQWR
4XDQGRDEDWHULDGDFDL[DGHFDUUHJDPHQWRHVWLYHU
EDL[DXPDOX]YHUPHOKDSLVFDUiTXDQGRDFDL[DGH
FDUUHJDPHQWRIRUDEHUWDVROLFLWDQGRSDUDFDUUHJDUD
FDL[DGHFDUUHJDPHQWR
1RWD$QWHVGHFDUUHJDUVHTXHFRPSOHWDPHQWHDSRUWD
GHFDUUHJDPHQWR86%HXVHRFDERGHFDUUHJDPHQWR
86%&FRQHFWDGRRXFHUWLILFDGRSDUDFRQHFWDUDFDL[D
GHFDUUHJDPHQWRjIRQWHGHDOLPHQWDomRSDUDFDUUHJDU
$RFDUUHJDUDOX]EUDQFDGDFDL[DGHFDUUHJDPHQWR
SLVFDHDOX]EUDQFDHVWiVHPSUHOLJDGDDSyVDFDUJD
WRWDO
(VSHFLILFDo}HV
0RGHOR$LU%XGV
9HUVmRGH%OXHWRRWK
)RUPDWRGHFRGLILFDomRGDFKDPDGD6%&$$&
5HGXomRGHUXtGR(1&
0LFURIRQH;
/('GHLQGLFDomRGHVWDWXVGRIRQHGHRXYLGREUDQFR
YHUPHOKR
&DSDFLGDGHGDEDWHULDP$K
%X]LQDP:
5HVLVWrQFLDGDP~VLFDK
'XUDomRGDFKDPDGD+
7HQVmRGHFDUUHJDPHQWR99
)UHTXrQFLDGREOXHWRRWK
'LVWkQFLDHIHWLYDGHEOXHWRRWK!0
5HVSRVWDGHIUHTXrQFLDGLQkPLFDNK]
7HPSRGHHVSHUD+
7HPSRGHFDUUHJDPHQWRK
&DL[DGHFDUUHJDPHQWR
&DSDFLGDGHGDEDWHULDP$K
7HPSRGHFDUUHJDPHQWRK
3RUWDGHFDUUHJDPHQWRWLSRF
7HPSHUDWXUDGHIXQFLRQDPHQWR
72 73 74
0RGR0RQDXUDO
ÒQLFRWRTXHYROXPHGH/5
$VVLVWHQWHGHYR]/5FRPGRLVWRTXHV
7UrV7RTXH/53Uy[LPR
(PFKDPDGDVUHFHELGDVUHVSRVWDGHWRTXHGXSOR
&KDPDGDVDtGDWRTXHGXSORGHVOLJDU
FDQFHODUVDtGD
'XUDQWHDFKDPDGDDVHJXQGDFKDPDGDWHOHI{QLFD
WRTXHGXSORDWHQGDDVHJXQGDFKDPDGDHPDQWHQKDD
SULPHLUDFKDPDGD
ÒQLFRWRTXHYROXPH/
YROXPH5
7RTXHGXSORUHSURGXomRSDXVD/
DVVLVWHQWHGHYR]5
7UrV7RTXH/$QWHULRU
53Uy[LPR
&KDPDGDUHFHELGDSUHVVLRQHHVHJXUHSRUVSDUD
UHMHLWDUDFKDPDGDUHFHELGD
&KDPDGDGHWUrVSDUWHVSUHVVLRQHORQJDPHQWH6
SDUDDOWHUQDUFKDPDGDVELGLUHFLRQDLVOLYUHPHQWH
$LU%XGV
0RGRGHP~VLFD
0RGRGHFKDPDGD
75 76 77 78

!
84 85 86
$LU%XGV
87 88 89 90
,QGLFDWRU/LJKW
,QGLFDWRU/LJKW
0XOWLIXQFWLRQDO$UHD
0XOWLIXQFWLRQDO$UHD
0LFURSKRQH
,QGLFDWRU/LJKW
0LFURSKRQH
/
5
/
5
Ɇɢɤɪɨɮɨɧ
Ɇɢɤɪɨɮɨɧ
ɂɧɞɢɤɚɬɨɪ
ɂɧɞɢɤɚɬɨɪ
ɂɧɞɢɤɚɬɨɪ
Ɉɛɥɚɫɬɶ
ɦɧɨɝɨɮɭɧɤɰɢɨɧɚɥɶɧɨɝɨ
ɭɩɪɚɜɥɟɧɢɹ
Ɉɛɥɚɫɬɶ
ɦɧɨɝɨɮɭɧɤɰɢɨɧɚɥɶɧɨɝɨ
ɭɩɪɚɜɥɟɧɢɹ
/
5
0LFUyIRQR
0LFUyIRQR
/X]LQGLFDGRUD
/X]LQGLFDGRUD
/X]LQGLFDGRUD
ÈUHDPXOWLIXQFLRQDO
ÈUHDPXOWLIXQFLRQDO
/
5
'HXWVFK
0LNURIRQ
0LNURIRQ
$Q]HLJHODPSH
$Q]HLJHODPSH
$Q]HLJHODPSH
0XOWLIXQNWLRQVEHUHLFK
0XOWLIXQNWLRQVEHUHLFK
/
5
0LFURSKRQH
9R\DQW
9R\DQW
=RQH
PXOWLIRQFWLRQQHOOH
0LFURSKRQH
9R\DQW
=RQHPXOWLIRQFWLRQQHOOH
/
5
,WDOLDQR
0LFURIRQR
/XFHGHJOLLQGLFDWRUL
/XFHGHJOLLQGLFDWRUL
$UHDPXOWLIXQ]LRQH
0LFURIRQR
/XFHGHJOLLQGLFDWRUL
$UHDPXOWLIXQ]LRQH
/
5
0LFURIRQH
0LFURIRQH
/X]LQGLFDGRUD
/X]LQGLFDGRUD
/X]LQGLFDGRUD
ÈUHDPXOWLIXQFLRQDO
ÈUHDPXOWLIXQFLRQDO
/
5
11
7KLVGHYLFHDQGLWVDQWHQQDVPXVWQRWEHFRORFDWHGRU
RSHUDWLQJLQFRQMXQFWLRQZLWKDQ\RWKHUDQWHQQDRUWUDQVPLWWHU
127(7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\
ZLWKWKHOLPLWVIRUD&ODVV%GLJLWDOGHYLFHSXUVXDQWWR3DUWRI
WKH)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOH
SURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFHLQDUHVLGHQWLDO
LQVWDOODWLRQ7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQUDGLDWH
UDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQ
DFFRUGDQFHZLWKWKHLQVWUXFWLRQVPD\FDXVHKDUPIXO
LQWHUIHUHQFHWRUDGLRFRPPXQLFDWLRQV+RZHYHUWKHUHLVQR
JXDUDQWHHWKDWLQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODU
LQVWDOODWLRQ
,IWKLVHTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRRU
WHOHYLVLRQUHFHSWLRQ
ZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKHHTXLSPHQWRIIDQGRQ
WKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFWWKHLQWHUIHUHQFHE\RQH
RUPRUHRIWKHIROORZLQJPHDVXUHV
5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD
,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU
&RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURP
WKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG
&RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRU
KHOS
7KHGHYLFHKDVEHHQHYDOXDWHGWRPHHWJHQHUDO5)H[SRVXUH
UHTXLUHPHQW7KHGHYLFHFDQEHXVHGLQSRUWDEOHH[SRVXUH
FRQGLWLRQZLWKRXWUHVWULFWLRQ
)&&&DXWLRQ$Q\FKDQJHVRUPRGLILFDWLRQVQRWH[SUHVVO\
DSSURYHGE\WKHSDUW\UHVSRQVLEOHIRUFRPSOLDQFHFRXOGYRLGWKH
XVHUVDXWKRULW\WRRSHUDWHWKLVHTXLSPHQW
7KLVGHYLFHFRPSOLHVZLWKSDUWRIWKH)&&5XOHV2SHUDWLRQ
LVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV
WKLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFHDQG
WKLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHGLQFOXGLQJ
LQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ
  • Page 1 1

Blackview AirBuds 10 ユーザーガイド

タイプ
ユーザーガイド