Instructiuni detailate de folosire se afla la Ghidul Consumatorului
[. . . ] 7; 3;30
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 7HOHYL]RU ñQ FXORUL 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk , QVWUXF LXQL GH H[SORDWDUH 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR Sh QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk 74%(10 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
%, 1( $ , 9(1, 7
6WLPDWH FXPS U WRU GH DSDUDWXU SURGXV GH FRPSDQLD 3DQDVRQLF %XQ YHQLW ñQ IDPLOLD EHQHILFLDULORU GH DSDUDWXU 3DQDVRQLF 6SHU P F Y YH L EXFXUD GH QRXO GXPQHDYRDVWU WHOHYL]RU ñQ FXORUL ñQ GHFXUV GH PXO L DQL $FHVWD HVWH XQ WHOHYL]RU PRGHUQ SUHY ]XW FX R PXOWLWXGLQH GH IXQF LL 'DU FX DMXWRUXO LQVWUXF LXQLORU GH UDFRUGDUH UDSLG D WHOHYL]RUXOXL Y YH L GHSULQGH X RU FX FRPDQGD GH IXQF LRQDUH D QRXOXL DSDUDW 'XS DFHHD FLWL L FX DWHQ LH LQVWUXF LXQLOH GH H[SORDWDUH D WHOHYL]RUXOXL L ñQ FRQWLQXDUH IRORVL LOH ñQ FDOLWDWH GH PDWHULDO LQIRUPDWLY
&835, 16
Qrrvv v v qr rph vr " 6pprvvyr # Dp vv qr vr hvq h ryrvyv $ Pthryr vpvhyr qr phq ) r hy qv sh v yh QU8 ' Ayvrh rvvy qr rph ( 8hqh shyv vhtvvv 8hqh Tphqyv Dhtvr v r Hrvy qr vhtvr ! [. . . ] DO PDJQHWRIRQXOXL YLGHR FRPSDWLELO DFHVWD SRDWH IL LPHGLDW FRQHFWDW 7UDQVPLWH L LQVWUXF LXQL GH DFRUGDM F WUH DS UDWXO YLGHR SULQ DSDVDUHD EXWRQXOXL DOEDVWUX GH OD PHQLXO (GLWRUXOXL GH SURJUDPH YH]L SDJ /D LQVWDODUHD XQXL QRX 1(;79, (:/, 1. ) 6(&$0 //
6H DSDV EXWRQXO 675 SHQWUX S VWUDUHD UHJO ULL ñQ PHPRULH 675
(GLWDUH SURJUDP
3URJ &DQDO 1XQH &+ ;<= &+ =;<
%ORFDUH 6LV79 'H]DFW 'H]DFW 'H]DFW 'H]DFW 'H]DFW 6& 6& 6& 6& 6&
0(1, 8/ '( $&25' 5, 781, 1* 352*5$08/8, 352*5$00( (', 7
&RSLHUHD LQIRUPD LHL UHIHULWRDUH OD SURJUDP OD PDJQHWRIRQXO YLGHR DGHFYDW WHOHYL]RUXOXL GXPQHDYRDVWU UDFRUGDW OD MDFXO $9
0(18
5('$&7$5($
6H GHSODVHD] FXUVRUXO SH FRORDQD 3URJ
6H DSDV EXWRQXO DOEDVWUX GH SH 37& $FXP GDWHOH UHIHULWRDUH OD SURJUDP VH YRU WUDQVPLWH OD PDJQHWRIRQXO DXGLR $FHDVW RSHUD LH SRDWH DYHD ORF ñQ GHFXUV GH F WHYD VHFXQGH ñQ IXQF LH GH QXP UXO GH SRVWXUL GH HPLVLXQH S VWUDWH ñQ PHPRULH /D DSDUL LD SH HFUDQ D FRPXQLF ULL l4/LQN" 9HULILFDWL YLGHRUHFRUGHUXOl WUDQVPLWHUHD GH GDWH GH SURJUDP OD PDJQHWRIRQXO YLGHR QX HVWH SRVLELO 9H]L GHVFULHUHD GHWDOLDW ñQ LQVWUXF LXQLOH GH H[SORDWDUH D PDJQHWRIRQXOXL YLGHR 'DF VD WHUPLQDW OXFUXO ñQ PHQLXO GH UHGDFWDUH D SURJUDPXOXL VH DSDV EXWRQXO 79$9 SHQWUX D LH L GLQ PHQLX
79!9&5 Ì1 &856 58* 0 $ù7(37$ , SURJUDP 7HOHFRPDQG LQDFWLYDWD
0(1, 8/ '( $&25' 5, 781, 1* 0(18 $&25'$5($ $8720$7 $ &$1$/(/25 $73
0HQLXO GH DFRUG DXWRPDW DO FDQDOHORU SHUPLWH DFRUGDUHD DXWRPDW D WHOHYL]RUXOXL OD SRVWXULOH ORFDOH $FHDVW IXQF LH HVWH IRDUWH XWLO DWXQFL F QG Y PXWD L ñQ DOW ORF
6H GHVFKLGH PHQLXO 6HWDUH 6H WUHFH OD PHQLXO $FRUG 6H UHDOL]HD] DFFHVXO OD PHQLXO $FRUG 6H WUHFH OD SR]L LD 6HWDUH DXWRPDW 6H UHDOL]HD] DFFHVXO OD 6HWDUH DXWRPDW 6H DSDV SHQWUX FRQILUPDUH 6H DOHJH DUD GH RULJLQH 6H DSDV SHQWUX SRUQLUHD DFRUG ULL DXWRPDWH D FDQDOHORU $73
6(7 83
$7(1 , ( $FWXDOHOH FDQDOH SURJUDPDWH YRU IL VWHUVH 6WDUW $73 5HYHQLUH
DU
79$9
, HúLUH
7HOHYL]RUXO YD F XWD SRVWXULOH ORFDOH L OH YD DPSODVD SH FDQDOH ñQWUR DQXPLW RUGLQH 'DF OD MDFXO $9 HVWH FRQHFWDW XQ PDJQHWRIRQ YLGHR DGHFYDW WHOHYL]RUXOXL GXPQHDYRDVWU GDWHOH UHIHULWRDUH OD SURJUDPHOH GH WHOHYL]LXQH SRVWXULOH VH YRU FRSLD ñQ PDJQHWRIRQXO YLGHR SULQ OLQLD 4 YH]L SDJ
'HXWVFKODQG gVWHUUHLFK )UDQFH , WDOLD (VSDxD 3RUWXJDO 1HGHUODQG 'DQPDUN 6YHULJH 1RUJH 6XRPL %HOJLXP 6ZHL] (//$'$ 3ROVND ýHVNi UHSXEOLND 0DJ\DURUV]iJ ((X /LPE PHVDMH 5RPkQ
&+ $73 Ì1 &856 &$87$5( 58* 0 $ù7(37$ , &+ ;<= 6(783 5HYHQLUH vQ PHQLX DFRUG 79$9 , HúLUH
'XS WHUPLQDUHD DFHVWHL RSHUD LL WHOHYL]RUXO SRDWH GHPRQVWUD SURJUDPXO FRUHVSXQ] WRU FDQDOXOXL
0(1, 8/ '( $&25' $&25'$5($ 0$18$/ 0$18$/ 781, 1*
$ &$1$/(/25
$FRUGDUHD PDQXDO D FDQDOHORU SRDWH IL HIHFWXDW DW W GLQ PHQLXO GH HFUDQ F W L FX DMXWRUXO RUJDQHORU GH FRPDQG DPSODVDWH SH SDQRXO DQWHULRU DO WHOHYL]RUXOXL 0HQLXO DFRUG ULL PDQXDOH
6H GHVFKLGH PHQLXO 6HWDUH 6H WUHFH OD PHQLXO $FRUG 6H UHDOL]HD] DFFHVXO OD PHQLXO $FRUG 6H WUHFH OD SR]L LD 0DQXDO WXQLQJ $FRUGDUHD PDQXDO
6(7 83
&+ $FRUG PDQXDO
6H UHDOL]HD] DFFHVXO OD 0HQLXO GH DFRUG PDQXDO 6H DOHJH FDQDOXO FDUH XUPHD] D IL DFRUGDW 6H ñQFHSH HIHFWXDUHD DFRUG ULL 'XS FH SURJUDPXO QHFHVDU D IRVW DFRUGDW VH DSDV EXWRQXO 675 SHQWUX S VWUDUHD UHJO ULL ñQ PHPRULH 675
6H DSDV EXWRQXO 79$9 ñQ YHGHUHD UHDOL] ULL LH LULL GLQ UHJLPXO GH DFRUGDUH 79$9 PDQXDO
$FRUGDHD PDQXDO SDQRXO DQWHULRU DO WHOHYL]RUXOXL
6H DSDV EXWRQXO ) SDQRXO DQWHULRU S Q F QG QX DSDUH k7XQLQJ PRGHl k5HJLPXO GH DFRUGDUHl 6H DSDV EXWRQXO VDX SHQWUX UHDOL]DUHD DFFHVXOXL OD 7XQLQJ PRGH
)
&+
6&
&X DMXWRUXO DS V ULL SH EXWRQXO 79$9 VH 79$9 UHDOL]HD] GHSODVDUHD ñQWUH VFKLPEDUHD SURJUDPXOXL F XWDUH L VFKLPEDUHD VLVWHPXOXL 79 6H DSDV EXWRQXO VDX SHQWUX VFKLPEDUHD FDQDOXOXL FRQHFWDUHD F XW ULL SRVWXOXL VDX VFKLPEDUHD VLVWHPXOXL 79 'XS FH SRVWXO QHFHVDU D IRVW J VLW VH DSDV EXWRQXO 675 SHQWUX S VWUDUHD VFKLPE ULORU
$FRUG PDQXDO 3DQRXO IURQWDO
79$9 675 )
/DQVDUH F XWDUH 0XWD FXUVRUXO 0HPRUDUH , HúLUH
675
675
) 9 79$9
6H UHSHW SURFHGXUD GHVFULV PDL VXV SHQWUX DFRUGDUHD DOWRU SURJUDPH VDX VH ) DSDV EXWRQXO ) SHQWUX LH LUHD GLQ UHJLPXOGH DFRUGDUH
4/, 1, (
4OLQLH DVLJXU OHJ WXUD ñQWUH WHOHYL]RU L PDJQHWRIRQXO YLGHR
6H GHVFKLGH 6HWXS PHQX 6H WUDQVPLWH OD SR]L LD 4/LQN 4OLQLH &RQYLQJH LY F 4OLQLD VH J VH WH ñQ SR]L LD k$FWLYDWl 6H DSDV EXWRQXO 79$9 SHQWUX UHDOL]DUHD LH LULL GLQ PHQLX
6(7 83
6HWDUH
79$9
, HúLUH $9 79 7HOHWH[W )/2) 7LPS GHFRQHFWDUH 'H]DFWLYDW /LF ULUH 4/LQN $FWLYDW /LPEDM WH[W (VW $FRUG /LPE PHVDMH *HRPDJQH LF
0DJQHWRIRQXO YLGHR WUHEXLH V ILH UDFRUGDW FX DMXWRUXO XQXL FDEOX FX IL 6&$57 WRDWH IXQF LLOH FRQHFWDW ñQWUH MDFXO $9 DO WHOHYL]RUXOXL L MDFXO FRUHVSXQ] WRU DO PDJQHWRIRQXOXL YLGHR 9H]L LQVWUXF LXQLOH GH H[SORDWDUH D PDJQHWRIRQXOXL YLGHR ñQ FDUH VXQW SUH]HQWDWH ñQ GHWDOLX LQIRUPD LLOH FX SULYLUH OD SUREOHPD SUH]HQW 4/LQN 1(;79, (:/, 1. VDX DOWH WHKQRORJLL DQDORDJH WUDQVPLW FRPDQGD GH OD WHOHYL]RU OD PDJQHWRIRQXO YLGHR FRPSDWLELO V ñQUHJLVWUH]H SURJUDPXO GH WHOHYL]LXQH YL]LRQDW LQGLIHUHQW GH QXP UXO SURJUDPXOXL WUDQVPLV OD PDJQHWRIRQ FHHD FH VLPSOLILF SURFHVXO GH ñQUHJLVWUDUH D SURJUDPXOXL
ðrtvhrh thyv phr ñ ry qh r rqpr r rphy ryrvyv
6H DSDV EXWRQXO GH SH 37& ', 5(&7 79 5(& ð15(*, 675$5( ', 5(&7 '( /$ 7(/(9, =25 ', 5(&7 79 5(& 'DF PDJQHWRIRQXO YLGHR D IRVW GHFXSODW OD DS VDUHD EXWRQXOXL ', 5(&7 79 5(& DFHVWD VH YD FXSOD DXWRPDW 3H HFUDQXO WHOHYL]RUXOXL DSDUH FRPXQLFDUHD WUDQVPLV GH OD PDJQHWRIRQXO YLGHR UHIHULWRDUH OD IDSWXO F DFHDVW LQIRUPD LH HVWH ñQUHJLVWUDUW GH PDJQHWRIRQXO YLGHR VDX FRPXQLF F ñQUHJLVWUDUHD QX SRDWH IL HIHFWXDW
6HWDUH FDQDOH 9&5 9&5 LQUHJLVWUDUH SULQ WXQHU SURSULX 9&5 LQUHJLVWUDUH 79 UHGDUH
0DJQHWRIRQXO YLGHR ñQUHJLVWUHD] SURJUDPXO SDUYHQLW GLQ WXQHUXO SURSULX /D GRULQ VH SRDWH GHFRQHFWD WHOHYL]RUXO LSURJUDPXO VH SRDWH ñQUHJLVWUD FX DMXWRUXO PDJQHWRIRQXOXL YLGHR
0DJQHWRIRQXO YLGHR ñQUHJLVWUHD] SURJUDPXO SDUYHQLW GH OD WHOHYL]RU 3URJUDPXO QX WUHEXLH V ILH FRPXWDW 'DF VH YD IDFH DFHVW OXFUX PDJQHWRIRQXO YLGHR ñQFHWHD] DXWRPDW ñQUHJLVWUDUHD L VH GHFRQHFWHD]
1X LQUHJ %DQGD SURWHMDWD
(VWH ñQGHS UWDW FOLFKHWXO GH SURWHF LH D ñQUHJLVWU ULL DPSODVDW SH SDUWHD GLQ VSDWH D FDVHWHL FX EDQG PDJQHWLF 0DL MRV VXQW SUH]HQWDWH H[HPSOH GH FRPXQLF UL FDUH VH SRW UHSURGXFH SH HFUDQXO WHOHYL]RUXOXL
1X LQUHJ 9&5 LQUHJLVWUHD]D 1X LQUHJ %DQGD GHWHULRUDWD 1X LQUHJ /LSVD VHPQDO
1X LQUHJ/LSVD EDQGD 1X LQUHJ 9&5 UHGD 9&5 LQUHJLVWUDUH 9&5 UHGDUH
4/, 1, (
3HQWUX HIHFWXDUHD FRUHFW D ñQUHJLVWU ULL WHOHYL]RUXO L PDJQHWRIRQXO YLGHR WUHEXLH V IDF VFKLPE GH LQIRUPD LL FX SULYLUH OD DFRUGDUHD FDQDOHORU YH]L SDJ - & QG VH IRORVHVWH IXQFWLD GH DFRUGDUH DXWRPDWD D FDQDOHORU GDWHOH UHIHULWRDUH OD DFRUGDUHD FDQDOHORU VH YRU WUDQVPLWH OD PDJQHWRIRQXO YLGHR
)XQF LD GH FRQHFWDUH DXWRPDW D DOLPHQW ULL 6FKLPEXO GH LQIRUPD LL UHIHULWRU OD DFRUGDUHD FDQDOHORU
- 'DF VH LQWURGXFH ñQ PDJQHWRIRQXO YLGHR FDVHWD L VH DSDV EXWRQXO GH UHSURGXFHUH WHOHYL]RUXO VH - 'DF VH GHFRQHFWHD] WHOHYL]RUXO ñQ WLPS FH PDJQHWRIRQXO YLGHR VH J VH WH ñQ UHJLP GH RSULUH
ðQWUHUXSHUHD OHJ WXULL SULQ 4OLQLH
/D IRORVLUHD 4/LQN D PDJQHWRIRDQHORU FRPSDWLELOH 3DQDVRQLF H[LVW IXQF LL VXSOLPHQWDUH FRQHFWHD] DXWRPDW L YD IL DOHDV LQWUDUHD $9 DVWIHO VH SRDWH ñQFHSH YL]LRQDUHD YLGHR
6WRS UHERELQDUHD UDSLG ñQDLQWH )DVW )RUZDUG VDX ñQDSRL 5HZLQG PDJQHWRIRQXO YLGHR VH YD GHFRQHFWD DXWRPDW
'DF QX GRUL L V IRORVL L 4OLQLH LQWUD L ñQ PHQLXO 6HWDUH L DOHJH L k'H]DFWLYDWl SHQWUX SR]L LD 4/LQN 9H]L SDJ 1X WRDWH PDJQHWRIRDQHOH YLGHR PHQ LQ DFHVW VLVWHP GH VFKLPE GH GDWH 8QHOH PHQ LQ DQXPLWH IXQF LL DOH DFHVWHL VLVWHPGDU QX PHQ LQ DOWHOH 9H]L LQVWUXF LXQLOH GH H[SORDWDUH D PDJQHWRIRQXOXL YLGHR ñQ FDUH VXQW SUH]HQWDWH LQIRUPD LL PXOW PDL GHWDOLDWH ñQ DFHVW SUREOHP & QG 4/LQNXO QX DF LRQHD] GH OD EXQ ñQFHSXW VH YHULILF GDF FRUGRQXO GH OHJ UXW UDFRUGDW DVLJXU ñQGHSOLQLUHD WXWXURU IXQF LLORU 3HQWUX RE LQHUHD GH LQIRUPD LL VXSOLPHQWDUH GHWDOLDWH DGUHVD LY GHDOHUXOXL
6r vr)
/, 0%$ 0(1, 8/8, '( (&5$1
/D HIHFWXDUHD UHJO ULORU LQL LDOH OLPED PHQLXOXL GH HFUDQ VH DOHJH RGDW FX DOHJHUHD ULL 'DF GRUL L V IRORVL L R DOW OLPE DFHDVWD SRDWH IL DOHD] GLQ PHQLXO GH HFUDQ /LPE PHVDMH
6H GHVFKLGH 6HWXS PHQX 6H WUHFH OD PHQLXO 26' ODQJXDJH PHQX 6H GHVFKLGH PHQLXO 26' ODQJXDJH PHQX 6H GHSODVHD] FXUVRUXO ñQ SR]L LD QHFHVDU 6H DSDV EXWRQXO 79$9 SHQWUX UHDOL]DUHD DOHJHULL L LH LUHD GLQ PHQLX
6(7 83
/LPE
PHVDMH
79$9
'HXWVFK (QJOLVK )UDQoDLV , WDOLDQR (//+1, . $ ýHãWLQD 5RPkQ 3ROVNL
(VSDxRO 1RUVN 'DQVN 6YHQVND 0DJ\DU 5XVVNLM 6ORYHQVN\ 1HPDþNL
1HGHUODQGV 6XRPL 7UNoH 3RUWXJXrV +UYDWVNL %XOJDULDQ 6ORYHQVNR
&20$1'$ )81& , 21 5, , 0$*1(72)218/8, 9, '(23, &$38/8, '( ', 6&85, 81, 9(56$/( $8', 29, '(2
3XSLWUXO GH WHOHFRPDQG 37& SRDWH IL IRORVLW SHQWUX FRPDQGD GH IXQF LRQDUH D PDJQHWRIRQXOXL YLGHRSLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ YHGHUHD ñQUHJLVWU ULL VXQHWXOXL L LPDJLQLL '9'5 'LYHUVH PDJQHWRIRDQH YLGHR L SLFDSXUL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR GLVSXQ GH GLYHUVH IXQF LL VL GH DFHHD SHQWUX DVLJXUDUHD FRPSDWLELOLW LL VH DGUHVHD] LQVWUXF LXQLORU GH H[SORDWDUH D DFHVWXL XWLODM VDX FH FHUH FRQVXOWD LL GH OD RUJDQL]D LD FRPHUFLDO DSURSULDW '9' 9&5 6H DSDV DFHVW EXWRQ SHQWUX D FRPXWD PDJQHWRIRQXO YLGHRSLFDSXO GH GLVFXUL XQLYHUVDOH DXGLRYLGHR ñQ UHJLP GH D WHSWDUH 3HQWUX FRQHFWDUHD DSDUDWXOXL DFHVW EXWRQ VH YD DS VD ñQF RGDW
&RPXWDWRUXO 9&5 '9'5 0DJQHWRIRQ YLGHR '9'5 SOD\HU 3OD\ 5HSURGXFHUH 6WRS 2SULUH 6WDQGE\ $ WHSWDUH
$FHVW FRPXWDWRU VH IRORVH WH SHQWUX DOHJHUHD FRPHQ]LL SLFDSXOXL GH GLVFXUL XQLYHUVDOH DXGLRYLGHR VDX D PDJQHWRIRQXOXL YLGHR
3HQWUX UHSURGXFHUHD EHQ]LL VDX GLVFXOXL VH DSDV DFHVW EXWRQ 6H DSDV SHQWUX RSULUHD EHQ]LL VDX GLVFXOXL
6NLS 7UHFHUH OD DOW SLVW 5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH
0DJQHWRIRQXO YLGHR 6H DSDV SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL ñQDSRL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D EHQ]LL ñQ VHQV LQYHUV 3LFDSXO GLVFXULORU XQLYHUVDOH 6H DSDV R VLQJXU GDW SHQWUX WUHFHUHD OD SLVWD DQWHULRU D GLVFXOXL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D LPDJLQLL ñQ VHQV LQYHUV
6NLS 7UHFHUH OD DOW SLVW 5HZLQG 5HERELQDUH ñQDSRL 5HYLHZ 9L]LRQDUH
0DJQHWRIRQXO YLGHR 6H DSDV SHQWUX HIHFWXDUHD UHERELQ ULL EHQ]LL ñQDSRL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D EHQ]LL ñQ VHQV LQYHUV 3LFDSXO GLVFXULORU XQLYHUVDOH 6H DSDV R VLQJXU GDW SHQWUX WUHFHUHD OD SLVWD DQWHULRU D GLVFXOXL /D DS VDUHD DFHVWXL EXWRQ ñQ UHJLPXO GH UHSURGXFHUH VH HIHFWXHD] UHSURGXFHUHD DFFHOHUDW D LPDJLQLL ñQ VHQV LQYHUV 6H DSDV ñQ UHJLPXO GH UHSURGXFHUH ñQ UHSURGXFHUHD LPDJLQLL VH LQWURGXFH SDX]D 3HQWUX FRQWLQXDUHD XQHL UHSURGXFHUL QRUPDOH VH DSDV DFHVW EXWRQ ñQF RGDW
3URJUDPPH 8S 'RZQ 3URJUDPXO 6XV -RV 3DXVH 3DX] 6WLOO 2SULUHD LPDJLQLL
5(&
6H DSDV DFHVW EXWRQ SHQWUX P ULUHD VDX PLF RUDUHD QXP UXOXL FDQDOXOXL FX R XQLWDWH
5HFRUG ðQUHJLVWUDUH
6H DSDV DFHVW EXWRQ SHQWUX FRQHFWDUHD ñQUHJLVWU ULL
&20$1'$ 7(/(7(;78/8,
- )XQF LLOH WHOHWH[WXOXL VH VFKLPE ñQ IXQF LH GH FRPSDQLD GH GLIX]LXQH L VH HIHFWXHD] QXPDL ñQ - $S V QG EXWRQXO 3LFWXUH ñQ WLPSXO YL]LRQ ULL ñQ PRG 7HOHWH[W VH YD DIL D IXQF LD GH &RQWUDVWXOXL FX R YHUGH DOE DS VD L * SHQWUX D PRGLILFD UHJODMXO GXS GRULQ - 'XS DS VDUHD EXWRQXOXL 6HWXS OD IXQF LRQDUHD WHOHYL]RUXOXL ñQ UHJLP GH WHOHWH[W ñQ SDUWHD GH - 3ULQ DS VDUHD EXWRQXOXL 6RXQG ñQ WLPSXO IRORVLULL VHUYLFLXOXL 7HOHWH[W VH YD DIL D IXQF LD 9ROXPH ñQWUR EDU YHUGH DS VD L * SHQWUX V VFKLPED VHWDUHD GXS FXP HVWH QHFHVDU &H SUH]LQW UHJLPXO /, 67"
&H SUH]LQW WHOHWH[WXO )/2)"
FD]XO F QG SH FDQDOXO DOHV VH WUDQVPLWH WHOHWH[W
MRV D HFUDQXOXL WHOHYL]RUXOXL VH UHSURGXF YDULDQWHOH GH DOHJHUH D IXQF LLORU VSHFLDOH
ðQ UHJLPXO GH WHOHWH[W /, 67 ñQ SDUWHD GH MRV D HFUDQXOXL VH UHSURGXF SDWUX QXPHUH GLIHULWH GH SDJLQ )LHFDUH GLQWUH DFHVWH QXPHUH SRDWH IL VFKLPEDW L SRDWH IL ñQUHJLVWUDW ñQ PHPRULD WHOHYL]RUXOXL ðQ UHJLPXO )/2) ñQ SDUWHD GH MRV D HFUDQXOXL VH UHSURGXF SDWUX WHPDWLFL GLIHULWH DY QG FRG FRORUDW 3HQWUX RE LQHUHD XQHL LQIRUPD LL VXSOLPHQWDUH FX SULYLUH OD XQD GLQ DFHVWH WHPDWLFL VH DSDV EXWRQXO FXORULL FRUHVSXQ] WRDUH $FHDVW IXQF LH DVLJXU DFFHVXO UDSLG OD LQIRUPD LD GLQ WHPDWLFD QHFHVDU 797(;7 $S VD L EXWRQXO U@G@U@YU SHQWUX D Y GHSODVD ñQWUH SURJUDPXO FXUHQW YL]LRQDW WHOHWH[W L RS LXQHD vpr h r LPDJLQH L WH[W Y SHUPLWH V YL]LRQD L ñQ DFHOD L WLPS SURJUDPXO FXUHQW L R SDJLQ GH WHOHWH[W YH]L SDJ
$OHJHUHD SDJLQLL WHOHWH[WXOXL3DJH 6HOHFWLRQ 5HJLPXO WHOHYL]RU 7HOHWH[W
3DJLQLOH WHOHWH[WXOXL SRW IL DOHVH SULQ GRX SURFHGHXUL D 6H DSDV EXWRDQHOH 6XV-RV SHQWUX P ULUHD VDX PLF RUDUHD QXP UXOXL SDJLQLL FX R XQLWDWH E 6H LQWURGXFH QXP UXO SDJLQLL WHOHWH[WXOXL FX DMXWRUXO EXWRDQHORU FX FLIUH DPSODVDWH SH 37&
6(7 83
6H DSDV EXWRQXO T@U VQ SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO Wrqr 6H DSDV EXWRQXO Wrqr SHQWUX U VWXUQDUHD -80 7 , , '( -26 D SDJLQLL SH WRW HFUDQXO 3HQWUX UHYHQLUHD ñQ UHJLPXO QRUPDO GH UHSURGXFHUH 3$*, 1$ ð175($* VH DSDV DFHVW EXWRQ ñQF RGDW 6H DSDV EXWRQXO T@U VQ SHQWUX UHSURGXFHUHD IXQF LLORU VSHFLDOH GXS FDUH VH DSDV EXWRQXO S SHQWUX GHVFKLGHUHDFXYLQWHORU DVFXQVH GH H[HPSOX U VSXQVXUL OD ñQWUHE UL DSODVDWH SH SDJLQD WHOHYLFWRULQHL 3HQWUX ñQFKLGHUHD U VSXQVXULORU VH DSDV DFHVW EXWRQ ñQF RGDW
%XWRDQHOH 5R X 9HUGH *DOEHQ $OEDVWUX
ðQ UHJLPXO GH WHOHWH[W )/2) DFHVWH EXWRDQH FRUHVSXQG FRGXOXL FRORU DO WHPHL
3DJLQD ñQWUHDJ -XP WDWHD GH VXV-XP WDWHD GH MRV
6(7 83
'HVFKLGHUHD FXYLQWHORU
ðQ UHJLPXO GH WHOHWH[W /, 67 DFHVWH EXWRDQH FRUHVSXQG FRGXOXL FRORU DO QXP UXOXL SDJLQLL WHOHWH[WXOXL
3 VWUDUHD ñQ PHPRULH SHQWUX UHJLPXO /, 67
675
ðQ UHJLPXO GH WHOHWH[W /, 67 SDWUX QXPHUH GH SDJLQL SRW IL VFKLPEDWH QXPDL SHQWUX FDQDOHOH GH OD S Q OD LQFOXVLY 3HQWUX HIHFWXDUHD DFHVWHL RSHUD LL VH DSDV XQXO GLQ EXWRDQHOH FRORUDWH L VH LQWURGXFH QRXO QXP U DO SDJLQLL 6H DSDV L VH PHQ LQH ñQ SR]L LD DS VDW EXWRQXO 675 QXP UXO SDJLQLL ñ L YD VFKLPED FXORDUHD
&20$1'$ 7(/(7(;78/8,
1X HVWH SRVLELO VFKLPEDUHD FDQDOXOXL SHQWUX SDJLQD 1HZV IODVK 1RXW L S OS LWRDUH 8SGDWH ðQQRLUH VDX 6XE &RGHG 3DJH $FFHVV $FFHVV OD SDJLQD FX VXEFRG +2/' 3HQWUX FLWLUHD SDJLQLL WHOHWH[WXOXL DWXQFL F QG VH YL]LRQHD] LQIRUPD LD FDUH FRQ LQH F WHYD SDJLQL 6H DSDV ñQF R GDW SHQWUX UHYHQLUHD ñQ UHJLPXO GH ñQQRLUH DXWRPDW D SDJLQLL 675
3DJLQD SUHIHUHW )3 3HQWUX FLWLUHD SDJLQLL WHOHWH[WXOXL
&X DMXWRUXO DFHVWXL EXWRQ VH HIHFWXHD] S VWUDUHD ñQ PHPRULH D SDJLQLL QHFHVDUH ñQ VFRSXO FLWLULL LPHGLDWH XOWHULRDUH 3HQWUX PHPRUL]DUHD DFHVWHL )3 SDJLQL WHOHYL]RUXO WUHEXLH V VH J VHDVF ñQ UHJLPXO /, 67 LDU FDQDOXO WUHEXLH V DLE QXP UXO GH OD S Q OD LQFOXVLY 6H DSDV EXWRQXO 6yih VH DOHJHQXP UXO SDJLQLL L VH UH LQH EXWRQXO 675 1XP UXO SDJLQLL VH YD PHQ LQH ñQ PHPRULH 3HQWUX UHSURGXFHUHD SDJLQLL VH DSDV EXWRQXO AQ
5H QQRLUHD GLVSOHLXOXL
6(7 83
$S VD L EXWRQXO T@U VQ &RQILJXUDUH SHQWUX D DIL D IXQF LLOH VSHFLDOH DSRL EXWRQXO `ryy *DOEHQ SHQWUX D YL]LRQD LPDJLQHD GH OD WHOHYL]RU ñQ WLPS FH SDJLQD 7HOHWH[W HVWH F XWDW DFHVW OXFUX QX HVWH QHFHVDU ñQ PRGXO vpr hq r LPDJLQH L WH[W GHRDUHFH LPDJLQHD HVWH DIL DW ñQ SDUWHD VW QJ D HFUDQXOXL & QG SDJLQD D IRVW J VLW ñQ FRO XO VXSHULRU GLQ VW QJD DO HFUDQXOXL DSDUH QXP UXO SDJLQLL 3HQWUX YL]LRQDUHD SDJLQLL WHOHWH[WXOXL VH DSDV EXWRQXO Bhyir 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH IXQF LRQDUH D WHOHYL]RUXOXL VH DSDV EXWRQXO UWU@YU ñQF RGDW & QG SDJLQD QRXW LORU S OS LWRDUH D IRVW DOHDV VH DSDV EXWRQXO T@U VQ L EXWRQXO Bhyir SHQWUX YL]LRQDUHD SURJUDPXOXL GH WHOHYL]LXQH & QG SDJLQD D IRVW J VLW SH HFUDQXO WHOHYL]RUXOXL DSDUH QXP UXO SDJLQLL 6H DSDV EXWRQXO Bhyir SHQWUX YL]LRQDUHD SDJLQLL GH QRXW L S OS LWRDUH 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO SDJLQLOH WHOHWH[WXOXL & QG QRXD LQIRUPD LH D IRVW RE LQXW ñQ XQJKLXO VXSHULRU GLQ VW QJD DO HFUDQXOXL WHOHYL]RUXOXL DSDUH QXP UXO SDJLQLL 6H DSDV EXWRQXO Bhyir GH YL]LRQDUH D SDJLQLL 3HQWUX UHYHQLUHD OD UHJLPXO QRUPDO GH OXFUX DO WHOHYL]RUXOXL VH DSDV EXWRQXO
I v y vhr
UWU@YU Sr vrh ryrryv 6H DSDV EXWRQXO T@U VQ L EXWRQXO Bhyir SHQWUX UH QQRLUHD LQIRUPD LHL SH UWU@YU
, QGH[
, 1'(;
6H DSDV EXWRQXO DI9@Y SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO D LQGH[XOXL ðQ IXQF LH GH SURFHGHXO GH WUDQVPLWHUH D LQIRUPD LHL SHQWUX UHYHQLUHD OD SDJLQD SULQFLSDO D LQGH[XOXL SRW IL QHFHVDUH F WHYD DS V UL DOH EXWRQXOXL
6pv p q sp vrh ñ rtv AGPA
&20$1'$ 7(/(7(;78/8,
$FFHVDUHD VXESDJLQLORU
6(7 83
& QG LQIRUPD LLOH 7HOHWH[W GHS HVF R SDJLQ SRDWH GXUD F WYD WLPS S Q FD VXESDJLQD VROLFLWDW V ILH DIL DW ñQ XUPD VFKLPE ULL DXWRPDWH D VXESDJLQLORU 3H P VXU FH VXESDJLQLOH VXQW J VLWH QXP UXO ORU HVWH DIL DW ñQ SDUWHD GH VXV D SDJLQLL DVWIHO ñQF W V O SXWH L VHOHFWD GDF VXQW VHOHFWDWH PDL PXOWH VXESDJLQL DIL DMXO GLQ SDUWHD GH VXV D SDJLQLL VH VFKLPE ñQ D D IHO ñQF W YL VH RIHU R VHOHF LH D SDJLQLORU WUDQVPLVH FHO PDL UHFHQW ðQ PRGXULOH kLPDJLQHl L kWH[Wl IRORVL L EXWRDQHOH FXUVRU GLQ VW QJD L GLQ GUHDSWD SHQWUX D VHOHFWD R VXESDJLQ GLQ JDPD DIL DW ñQ SDUWHD GH VXV D IHUHVWUHL 7HOHWH[W & QG IRORVL L VHUYLFLXO 7HOHWH[W XWLOL]D L XUP WRDUHD SURFHGXU GH DFFHVDUH D SDJLQLORU 'DF SDJLQD SH FDUH GRUL L V R FLWL L QX HVWH ñQF GLVSRQLELO DS VD L EXWRQXO 6(783 SHQWUX DIL DUHD IXQF LLORU VSHFLDOH L DSRL EXWRQXO *DOEHQ SHQWUX D FRPXWD OD LPDJLQHD 79 ñQ WLPS FH D WHSWD L V ILH J VLWH PDL PXOWH VXESDJLQL 6XESDJLQLOH J VLWH YRU IL DIL DWH ñQ SDUWHD GH VXV D HFUDQXOXL & QG VXESDJLQD GH WHOHWH[W HVWH GLVSRQLELO DS VD L EXWRQXO JDOEHQ SHQWUX D UHYHQL OD SDJLQLOH 7HOHWH[W GXS FDUH IRORVL L EXWRDQHOH FXUVRU GLQ VW QJD L GLQ GUHDSWD SHQWUX D VHOHFWD VXESDJLQD GRULW 1RWH - GDF QX GRUL L FD FHOH SDWUX WDVWH FRORUDWH FX IXQF LL VSHFLDOH V ILH DIL DWH SH LPDJLQHD 79 ñQ WLPS FH D WHSWD L V ILH J VLW R VXESDJLQ DS VD L RULFDUH GLQWUH EXWRDQHOH 3, &785( , PDJLQH 6281' 6XQHW VDX 6(783 &RQILJXUD LH SHQWUX D WHUJH WDVWHOH GH SH HFUDQ $S VD L GLQ QRXV WDVWD 6(783 SHQWUX D UHDIL D WDVWHOH - 'DF D L WHUV WDVWHOH FX IXQF LL VSHFLDOH GH SH HFUDQ L DSRL D L XWLOL]DW EXWRDQHOH FXUVRU GLQ VW QJD L GLQ GUHDSWD SHQWUX D VHOHFWD R VXESDJLQ ñQ WLPS FH SH HFUDQ HVWH DIL DW ñQ FRQWLQXDUH LPDJLQHD 79 WUHEXLH V DS VD L EXWRQXO 6(783 L DSRL EXWRQXO *DOEHQ SHQWUX D DIL D GLQ QRX SDJLQD 7HOHWH[W - 'DF ñQ SDUWHD GH VXV D SDJLQLL VH LQGLF IDSWXO F VXESDJLQLOH VXQW WUDQVPLVH GDU SDJLQD DIL DW QX VH VFKLPE DWXQFL kQXP UXO VXESDJLQLLl LQGLF IDSWXO F VD UHDFWXDOL]DW FRQ LQXWXO SDJLQLL L F QX VXQW VXESDJLQL $S VD L EXWRQXO 797(;7 SHQWUX D UHYHQL OD PRGXO GH XWLOL]DUH 79
5$&25'$5($ $3$5$785, , $8', 29, '(2
$OHJHUHD VXUVHL GH VHPQDO $9 L GH DFRUGDUH
3XWH L FRQHFWD R VHULH GH DOWH HFKLSDPHQWH OD DFHVW WHOHYL]RU ðQ SDJLQLOH XUP WRDUH HVWH GHVFULV PRGXO GH FRQHFWDUH D HFKLSDPHQWHORU H[WHUQH OD WHOHYL]RU DW W ñQ SDUWHD GLQ ID F W L ñ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ñQF R GDW EXWRQXO 79$9 L EXWRDQHOH YRU DS UHD GLQ QRX
I )
DSDUDWXO FRQHFWDW HPLWH VHPQDOXO GH FRPXWDUH OD IL D 6&$57 ðQ DFHVW FD] VH DIL HD] (& ñQ FRO XO GLQ VW QJD VXV DO HFUDQXOXL L GH DVHPHQHD VHPQDOXO GLQ DSDUDWXO DXGLRYL]XDO FRQHFWDW /D VFKLPEDUHD VHOHF LHL SURJUDPXOXL WHOHYL]RUXOXL LPDJLQHD UHFHS LRQDW U P QH QHVFKLPEDW - 3ULQ DS VDUHD EXWRQXOXL kUW6Wl VDX SULQ GHFRQHFWDUHD DSDUDWXOXL DXGLRYL]XDO $9 FRQHFWDW QH ñQWRDUFHP ñQDSRL ñQ 79 - 'H DVHPHQHD SXWH L VHOHFWD R VXUV $9 DXGLRYLGHR IRORVLQG EXWRQXO 79$9 GH SH SDQRXO GH RPDQG GH SH SDUWHD GLQ ID D WHOHYL]RUXOXL GXPQHDYRDVWU $S VD L EXWRQXO 79$9 ñQ PRG UHSHWDW S Q F QG DMXQJH L OD VXUVD $9 SH FDUH GRUL L V R YL]LRQD L - ðQ PRGXO 6W VXQW GLVSRQLELOH SX LQH RS LXQL GLQ PHQLXULOH 6281' 6XQHW L 6(783 &RQILJXUDUH GH H[HPSOX ñQ PHQLXO 6HWXS QX H[LVW RS LXQHD Uvt r 0HQLX UHJODUH
0XIHOH GLQ ID
- $FHVW WHOHYL]RU HVWH FDSDELO V VH FRPXWH DXWRPDW ñQ IXQF LRQDUHD $9 GDF OD FRQHFWDUHD VD
6H SRW FRQHFWD HFKLSDPHQWH VXSOLPHQWDUH ñQ SDUWHD GLQ ID D WHOHYL]RUXOXL SULQ LQWHUPHGLXO PXIHL YLGHR FX SLQL 6 $9 PXIHOH DXGLR YLGHR 5&$ $9 L R PXI SHQWUX F WL 6H DSDV L VH GHJDMHD] SHQWUX D GHVFKLGH FDSDFXO 6HPQDO GH LH LUH GLQ MDFXO +HDGSKRQH & WL WHFKHU VWHUHRIRQLF PP , QWUDUH YLGHR ñQ PXID 69LGHR 6HPQDOXO YLGHR GH LQWUDUH OD MDFXO W , QWUDUH $XGLR ñQ PXIHOH G S 6W QJD 'UHDSWD &DEOXO VHPQDOXOXL DXGLR FX GRX IL H 5&$
69
&DEOXO VHPQDOXOXL YLGHR FX IL 5&$ & 7, 67(5(2)21, &( &8 7(&+(5 00 &$0(5 9, '(2
I )
- $SDUDWXUD VXSOLPHQWDU L FDEOXULOH LQGLFDWH ñQ ILJXU QX LQWU ñQ FRPSOHWXO WHOHYL]RUXOXL - 3HQWUX LQIRUPD LL SULYLQG FRQHFWDUHD PXIHL 6 9LGHR YH]L SDJLQD
5$&25'$5($ $3$5$785, , $8', 2 9, '(2
, QIRUPD LL SULYLQG PXID 6FDUW L 69LGHR $9 $9 IL D GH FRQWDFW 6&$57 6 9LGHR r GRDU FX PXI $9
3 P QWXO MDFXOXL , H LUH &9%6 YLGHR 3 P QW &9%6 5R X , Q 6& r , Q
3 P QW UR X , QWUDUH YHUGH 3 P QW YHUGH , QWUDUH DOEDVWUX 3 P QW DOEDVWUX , H LUH DXGLR VW QJD , H LUH DXGLR GUHDSWD , QWUDUH &9%6 YLGHR 3 P QWXO VW ULL 5*% 6WDUHD 5*% 3 P QW 1X HVWH UDFRUGDW 1X HVWH UDFRUGDW 6WDUHD &9%6 , QWUDUH DXGLR VW QJD 3 P QW DXGLR , QWUDUH DXGLR GUHDSWD
/D LQWU ULOH 6W 6W# SRW IL GDWH 5*% 5R X9HUGH$OEDVWUX 6& r , Q
OD 3LQ j6& r , Q
VH DSOLF GRDU OD PXID $9 6W# 6HPQDOH OD FRQWDFWHOH L VHPQDOHOH GHSLQG GH FRPXW ULOH $9 69+69, '(2
$9 IL D GH FRQWDFW 6&$57
3 P QWXO MDFXOXL , H LUH &9%6 YLGHR 3 P QW &9%6 , QWUDUH 6 & 3 P QW 1X HVWH UDFRUGDW 3 P QW 1X HVWH UDFRUGDW 3 P QW , H LUH DXGLR VW QJD , H LUH DXGLR GUHDSWD , QWUDUH &9%6 YLGHR 3 P QW 1X HVWH UDFRUGDW 3 P QW 1X HVWH UDFRUGDW 'DWHOH OLQLHL 4 6WDUHD &9%6 , QWUDUH DXGLR VW QJD 3 P QW DXGLR , QWUDUH DXGLR GUHDSWD
6W! [. . . ] )L FX WLMH , QWUDUH, H LUH $XGLR9LGHR LQWUDUH 69LGHR 4OLQLH 6W hpqhr ñ hr LH LUL GH FRQWURO 5&$ $XGLR 6W# PXI FX SLQL , QWUDUH, H LUH $XGLR9LGHR LQWUDUH 69LGHR LQWUDUH 5*% 6W hpqhr ñ sh 6W" LQWUDUH 69LGHR LQWU UL 5&$ $XGLR LQWUDUH 5&$ 9LGHR ðQ FDUDFWHULVWLFLOH WHKQLFH DOH DSDUDWXOXL SRW IL LQWURGXVH VFKLPE UL I U DYL]DUH SUHDODELO 9DORULOH LQGLFDWH DOH PDVHL LGLPHQVLXQLORU GH JDEDULW VXQW DSUR[LPDWLYH &6
I y v vvy qr th 6rh hpqhr ñ hr 8 vyr hpqhr ñ sh
9+) 5 5 9+) 5 5 9+) 5 5 8+) ( ( Q6G$!$% 5HSURGXFHUHD ñQUHJLVWU ULORU GH IRUPDW 176& OD XQHOH PDJQHWRIRDQH YLGHR GH IRUPDW 3$/ HIUT8 hv vhr 6W 5HSURGXFHUH GH OD PDJQHWRIRDQHOH YLGHR IUT8 hv vhr 6W 5HSURGXFHUH GH OD PDJQHWRIRDQHOH YLGHR 176& 9&5
Q6G 9F T@86H 9F [. . . ]