Instrukcja obsługi PHILIPS 227E3LPHSU

[. . . ] (/ ZZZSKLOLSVFRPZHOFRPH 3/ 3RGU F]QLN X \WNRZQLND 6HUZLV L JZDUDQFMD 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 6SLV WUH FL :D QH URGNL EH]SLHF]H VWZD L NRQVHUZDFMD . RQZHQFMH ]DSLVX 8VXZDQLH SURGXNWX L PDWHULDáyZ RSDNRZDQLD 8VWDZLHQLD PRQLWRUD , QVWDODFMD ']LDáDQLH PRQLWRUD 2Gá F] ZVSRUQLN L SRGVWDZ 2SW\PDOL]DFMD REUD]X 6PDUW, PDJH /LWH 6PDUW&RQWUDVW 3KLOLSV 6PDUW&RQWURO /LWH 3RZHU6HQVRU 'DQH WHFKQLF]QH 5R]G]LHOF]R ü L WU\E\ XVWDZLH ZVW SQ\FK =DU] G]DQLH ]DVLODQLHP , QIRUPDFMH R SU]HSLVDFK 6HUZLV L JZDUDQFMD =DVDG\ ILUP\ 3KLOLSV GRW\F] FH GHIHNWX SLNVHOL PRQLWRUyZ ] SáDVNLP SDQHOHP 6HUZLV L JZDUDQFMD 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 5R]ZL ]\ZDQLH SUREOHPyZ 6PDUW&RQWURO /LWH )$4 2JyOQH S\WDQLD )$4 :D QH :D QH 7HQ HOHNWURQLF]Q\ SRGU F]QLN X \WNRZQLND MHVW SU]H]QDF]RQ\ GOD ZV]\VWNLFK X \WNRZQLNyZ PRQLWRUD 3KLOLSV 1DOH \ SR ZL FLü WURFK F]DVX QD SU]HF]\WDQLH WHJR SRGU F]QLND X \WNRZQLND SU]HG UR]SRF] FLHP X \ZDQLD PRQLWRUD =DZLHUD RQ ZD QH LQIRUPDFMH L XZDJL GRW\F] FH X \ZDQLD PRQLWRUD 3URGXNW ¿UP\ 3KLOLSV MHVW REM W\ JZDUDQFM SRG ZDUXQNLHP ZáD FLZHM REVáXJL L X \ZDQLD JR ]JRGQLH ] SU]H]QDF]HQLHP L ] ZáD FLZ\PL LQVWUXNFMDPL REVáXJL RUD] SR SU]HGVWDZLHQLX RU\JLQDáX IDNWXU\ OXE SDUDJRQX NDVRZHJR ]DZLHUDM FHJR GDW ]DNXSX QD]Z GRVWDZF\ RUD] PRGHO L QXPHU VHU\MQ\ SURGXNWX NDEOD ]DVLODM FHJR OXE SU]HZRGX SU GX VWDáHJR 3U]H] FDá\ F]DV HNVSORDWDFML PRQLWRUD QDOH \ X \ZDü SU]HZRGyZ ]DVLODM F\FK ] FHUW\¿NDWHP GRVWDUF]RQ\FK SU]H] ¿UP 3KLOLSV %UDN SU]HZRGX ]DVLODM FHJR QDOH \ ]JáRVLü GR ORNDOQHJR SXQNWX VHUZLVRZHJR 6SUDZG LQIRUPDFMH Z F] FL &HQWUXP LQIRUPDFML RSLHNL QDG NOLHQWHP : F]DVLH G]LDáDQLD QLH QDOH \ QDUD Dü PRQLWRUD QD VLOQH GUJDQLD OXE XGHU]HQLD 3RGF]DV G]LDáDQLD OXE SU]HQRV]HQLD QLH QDOH \ XGHU]Dü OXE GRSXV]F]Dü GR XSDGNX PRQLWRUD URGNL EH]SLHF]H VWZD L NRQVHUZDFMD 2VWU]H HQLD 8 \ZDQLH HOHPHQWyZ VWHURZDQLD UHJXODFML OXE LQQ\FK SURFHGXU QL WH NWyUH RSLVDQR Z QLQLHMV]HM GRNXPHQWDFML PR H VSRZRGRZDü SRUD HQLH SU GHP LOXE ]DJUR HQLD PHFKDQLF]QH 1DOH \ SU]HF]\WDü L ]DVWRVRZDü VL GR SRGDQ\FK LQVWUXNFML SRGF]DV SRGá F]DQLD L X \ZDQLD PRQLWRUD NRPSXWHURZHJR ']LDáDQLH 0RQLWRU QDOH \ WU]\PDü ] GDOD RG PLHMVF EH]SR UHGQLHJR RGG]LDá\ZDQLD ZLDWáD VáRQHF]QHJR RUD] SLHFyZ OXE LQQ\FK UyGHá FLHSáD . RQVHUZDFMD $E\ FKURQLü PRQLWRU SU]HG PR OLZ\P XV]NRG]HQLHP QLH QDOH \ QDGPLHUQLH QDFLVNDü QD SDQHO /&' 3RGF]DV SU]HQRV]HQLD PRQLWRUD SU]\ SRGQRV]HQLX QDOH \ FKZ\WDü ]D UDP QLH QDOH \ SRGQRVLü PRQLWRUD XPLHV]F]DM F U FH OXE SDOFH QD SDQHOX /&' -H OL PRQLWRU QLH E G]LH X \ZDQ\ Z GáX V]\P RNUHVLH F]DVX QDOH \ JR RGá F]\ü RG ]DVLODQLD 3U]HG F]\V]F]HQLHP OHNNR ]ZLO RQ V]PDWN QDOH \ RGá F]\ü PRQLWRU RG ]DVLODQLD (NUDQ PR QD Z\FLHUDü VXFK V]PDWND SU]\ Z\á F]RQ\P ]DVLODQLX -HGQDN H QLJG\ QLH QDOH \ X \ZDü GR F]\V]F]HQLD PRQLWRUD UR]SXV]F]DOQLNyZ RUJDQLF]Q\FK WDNLFK MDN DONRKRO OXE RSDUW\FK QD DPRQLDNX Sá\QyZ $E\ XQLNQ ü U\]\ND SRUD HQLD OXE WUZDáHJR XV]NRG]HQLD ]HVWDZX QLH QDOH \ QDUD Dü PRQLWRUD QD G]LDáDQLH NXU]X GHV]F]X ZRG\ OXE QDGPLHUQHM ZLOJRFL 3R ]DPRF]HQLX PRQLWRUD QDOH \ JR MDN QDMV]\EFLHM Z\WU]Hü VXFK V]PDWN -H OL GR ZQ WU]D PRQLWRUD SU]HGRVWDQLH VL REFD VXEVWDQFMD OXE ZRGD QDOH \ QDW\FKPLDVW Z\á F]\ü ]DVLODQLH L RGá F]\ü SU]HZyG ]DVLODM F\ 1DVW SQLH QDOH \ XVXQ ü REF VXEVWDQFM OXE ZRG L Z\VáDü PRQLWRU GR SXQNWX QDSUDZF]HJR 1LH QDOH \ SU]HFKRZ\ZDü OXE X \ZDü PRQLWRUD Z PLHMVFDFK QDUD RQ\FK QD RGG]LDá\ZDQLH FLHSáD EH]SR UHGQLHJR ZLDWáD VáRQHF]QHJR OXE HNVWUHPDOQLH QLVNLFK WHPSHUDWXU 1DOH \ XVXQ ü MDNLHNROZLHN RELHNW\ NWyUH PRJ EORNRZDü V]F]HOLQ\ ZHQW\ODF\MQH OXE XQLHPR OLZLü SUDZLGáRZH FKáRG]HQLH HOHPHQWyZ HOHNWURQLF]Q\FK PRQLWRUD 1LH ZROQR EORNRZDü V]F]HOLQ ZHQW\ODF\MQ\FK REXGRZ\ 3RGF]DV XVWDZLDQLD PRQLWRUD QDOH \ XSHZQLü VL H ]DSHZQLRQ\ MHVW áDWZ\ GRVW S GR ZW\NL L JQLD]GD ]DVLODQLD -H OL PRQLWRU ]RVWDá Z\á F]RQ\ SRSU]H] RGá F]HQLH NDEOD ]DVLODM FHJR OXE SU]HZRGX SU GX VWDáHJR Z FHOX X]\VNDQLD QRUPDOQHJR G]LDáDQLD QDOH \ ]DF]HNDü VHNXQG SU]HG SRQRZQ\P SRGá F]HQLHP :D QH $E\ ]DSHZQLü QDMOHSV]H IXQNFMRQRZDQLH PRQLWRUD L MHJR GáXJ \ZRWQR ü QDOH \ JR X \ZDü Z PLHMVFDFK Z NWyU\FK WHPSHUDWXUD L ZLOJRWQR ü PLH FL VL Z SRGDQ\P ]DNUHVLH 7HPSHUDWXUD & ) :LOJRWQR ü 5+ 8ZDJD -H OL PRQLWRU QLH G]LDáD QRUPDOQLH OXE JG\ QLH PD SHZQR FL NWyU SURFHGXU ]DVWRVRZDü SRGF]DV Z\NRQ\ZDQLD LQVWUXNFML G]LDáDQLD QDOH \ VNRQWDNWRZDü VL ] WHFKQLNLHP VHUZLVX :$ 1( 3R SR]RVWDZLHQLX PRQLWRUD EH] QDG]RUX QDOH \ ]DZV]H XDNW\ZQLDü SURJUDP Z\JDV]DF]D HNUDQX ] UXFKRP\P REUD]HP $E\ ]DSRELHF SR]RVWDZDQLX QD PRQLWRU]H WUZDáHJR VWDW\F]QHJR REUD]X QDOH \ ]DZV]H XDNW\ZQLDü DSOLNDFM GR RNUHVRZHJR RG ZLH DQLD HNUDQX :\GáX RQH QLHSU]HUZDQH Z\ ZLHWODQLH VWDá\FK OXE QLHUXFKRP\FK REUD]yZ PR H VSRZRGRZDü QD HNUDQLH Z\SDOHQLH ]QDQH UyZQLH MDNR SRZLGRN OXE SRREUD] :\SDOHQLH SRREUD] OXE SRZLGRN WR GREU]H ]QDQH ]MDZLVNR GRW\F] FH WHFKQRORJLL /&' : ZL NV]R FL SU]\SDGNyZ Z\SDOHQLH OXE SRZLGRN DOER SRREUD] ]QLND VWRSQLRZR SR SHZQ\P F]DVLH RG Z\á F]HQLD ]DVLODQLD . RQZHQFMH ]DSLVX . RQZHQFMH ]DSLVX ]DVWRVRZDQH Z QLQLHMV]\P GRNXPHQFLH Z\NRU]\VWXM QDVW SXM FH HOHPHQW\ 8ZDJL SU]HVWURJL L RVWU]H HQLD : WHM LQVWUXNFML SHZQH EORNL WHNVWX PRJ E\ü Z\Uy QLRQH SRSU]H] ]DVWRVRZDQLH SRJUXELHQLD OXE SRFK\OHQLD F]FLRQNL PRJ WH WRZDU]\V]\ü LP LNRQ\ %ORNL WDNLH ]DZLHUDM XZDJL SU]HVWURJL OXE RVWU]H HQLD 6 RQH Z\NRU]\VW\ZDQH Z QDVW SXM F\ VSRVyE 8ZDJD 7D LNRQD ZVND]XMH ZD Q LQIRUPDFM L SRUDG SRPRFQ Z OHSV]\P Z\NRU]\VWDQLX PR OLZR FL VSU] WX 3U]HVWURJD 7D LNRQD ZVND]XMH LQIRUPDFMH MDN XQLNQ ü SRWHQFMDOQHJR XV]NRG]HQLD VSU] WX OXE XWUDW\ GDQ\FK 2VWU]H HQLH 7D LNRQD ZVND]XMH PR OLZR ü SRZVWDQLD ]DJUR HQLD GOD ]GURZLD OXE \FLD RUD] ZVND]XMH VSRVyE XQLNQL FLD SUREOHPX 1LHNWyUH RVWU]H HQLD PRJ PLHü LQQ IRUP RUD] Z\VW SRZDü EH] LNRQ : WDNLFK SU]\SDGNDFK RNUH ORQ\ VSRVyE SUH]HQWDFML RVWU]H HQLD MHVW ZVND]\ZDQ\ SU]H] RGSRZLHGQLH SU]HSLV\ 2VWU]H HQLH : SRZD QLHMV]\FK SU]\SDGNDFK Z\SDOHQLD OXE SRZLGRNX DOER SRREUD]X V\PSWRP\ QLH ]QLNDM L QLH PR QD WHJR QDSUDZLü :VSRPQLDQH SRZ\ HM XV]NRG]HQLH QLH MHVW REM WH JZDUDQFM 6HUZLV 3RNU\Z REXGRZ\ PR H RWZLHUDü Z\á F]QLH Z\NZDOL¿NRZDQ\ SHUVRQHO VHUZLVX -H OL Z\PDJDQH V MDNLHNROZLHN GRNXPHQW\ GRW\F] FH QDSUDZ\ OXE LQWHJUDFML QDOH \ VL VNRQWDNWRZDü ] ORNDOQ\P SXQNWHP VHUZLVRZ\P VSUDZG UR]G]LDá &HQWUXP LQIRUPDFML NOLHQWD  , QIRUPDFMH GRW\F] FH WUDQVSRUWX PR QD X]\VNDü Z F] FL 6SHF\¿NDFMH WHFKQLF]QH 1LH ZROQR SR]RVWDZLDü PRQLWRUD Z VDPRFKRG]LHEDJD QLNX QDJU]HZDQ\P EH]SR UHGQLPL SURPLHQLDPL VáR FD :D QH 8VXZDQLH SURGXNWX L PDWHULDáyZ RSDNRZDQLD :((( :DVWH (OHFWULFDO DQG (OHFWURQLF (TXLSPHQW >8W\OL]DFMD RGSDGyZ HOHNWU\F]Q\FK L HOHNWURQLF]Q\FK@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¿FH WKH ZDVWH GLVSRVDO RUJDQL]DWLRQ WKDW VHUYHV \RXU KRXVHKROG RU WKH VWRUH DW ZKLFK \RX SXUFKDVHG WKH SURGXFW <RXU QHZ PRQLWRU FRQWDLQV PDWHULDOV WKDW FDQ EH UHF\FOHG DQG UHXVHG 6SHFLDOL]HG FRPSDQLHV FDQ UHF\FOH \RXU SURGXFW WR LQFUHDVH WKH DPRXQW RI UHXVDEOH PDWHULDOV DQG WR PLQLPL]H WKH DPRXQW WR EH GLVSRVHG RI $OO UHGXQGDQW SDFNLQJ PDWHULDO KDV EHHQ RPLWWHG :H KDYH GRQH RXU XWPRVW WR PDNH WKH SDFNDJLQJ HDVLO\ VHSDUDEOH LQWR PRQR PDWHULDOV 3OHDVH ¿QG RXW DERXW WKH ORFDO UHJXODWLRQV RQ KRZ WR GLVSRVH RI \RXU ROG PRQLWRU DQG SDFNLQJ IURP \RXU VDOHV UHSUHVHQWDWLYH 8VWDZLHQLD PRQLWRUD 8VWDZLHQLD PRQLWRUD , QVWDODFMD =DZDUWR ü RSDNRZDQLD ZZZSKLOLSVFRPZHOFRPH 5HJLVWHU \RXU SURGXFW DQG JHW VXSSRUW DW , QVWDODFMD SRGVWDZ\ 0RQLWRU QDOH \ XPLH FLü HNUDQHP Z Gyá QD PL NNLHM L JáDGNLHM SRZLHU]FKQL XZD DM F DE\ XQLNQ ü SRU\VRZD OXE XV]NRG]HQLD HNUDQX ( 6WDUW 3U]\WU]\PDM SRGVWDZ RE\GZLHPD U NDPL L SHZQLH ZVWDZ ZVSRUQLN SRGVWDZ\ QD NROXPQ SRGVWDZ\  'HOLNDWQLH ]Dáy SRGVWDZ QD NROXPQ SRGVWDZ\ D GR ]DWU]D QL FLD ]DF]HSyZ Z SRGVWDZLH  'RNU ü SDOFDPL UXE QD VSRG]LH SRGVWDZ\ L SU]\PRFXM GREU]H SRGVWDZ GR NROXPQ\ . DEHO DXGLR RSFMRQDOQ\ 4XLFN 9*$ RSFMRQDOQH '9, RSFMRQDOQH 8VWDZLHQLD PRQLWRUD 3RGá F]DQLH GR NRPSXWHUD 3& 0RGHO (/ 0RGHO (/3+ 6 5 4 5 :HM FLH ]DVLODQLD SU GHP ]PLHQQ\P :HM FLH 9*$ :HM FLH '9, ' %ORNDGD ]DEH]SLHF]HQLD SU]HG NUDG]LH 0RGHO (/+ :HM FLH ]DVLODQLD SU GHP ]PLHQQ\P :HM FLH 9*$ :HM FLH '9, ' :HM FLH +'0, :\M FLH DXGLR +'0, %ORNDGD ]DEH]SLHF]HQLD SU]HG NUDG]LH 6 5 5 7 3Rá F]HQLH ] NRPSXWHUHP 3& 3RGá F] SHZQLH SU]HZyG ]DVLODM F\ GR ]á F]D ] W\áX PRQLWRUD 6 :\á F] NRPSXWHU L RGá F] NDEHO ]DVLODM F\ 3RGá F] NDEOH V\JQDáRZH PRQLWRUD GR ]á F]D ZLGHR Z W\OQHM F] FL NRPSXWHUD 3RGá F] NDEHO ]DVLODM F\ NRPSXWHUD L PRQLWRUD GR SREOLVNLHJR JQLD]GD :HM FLH ]DVLODQLD SU GHP ]PLHQQ\P :HM FLH 9*$ :HM FLH '9, ' :HM FLH +'0, :HM FLH DXGLR :\M FLH DXGLR %ORNDGD ]DEH]SLHF]HQLD SU]HG NUDG]LH :á F] NRPSXWHU L PRQLWRU -H OL QD PRQLWRU]H SRMDZL VL REUD] R]QDF]D WR H LQVWDODFMD ]RVWDáD ]DNR F]RQD 8VWDZLHQLD PRQLWRUD ']LDáDQLH PRQLWRUD 0RGHO (/+ :à &=(1, ( L :<à &=(1, ( ]DVLODQLD PRQLWRUD 'RVW S GR PHQX 26' 3RZUyW GR SRSU]HGQLHJR SR]LR PX PHQX 26' 5HJXODFMD JáR QR FL JáR QLND 'RSDVRZDQLH PHQX 26' =PLDQD UyGáD ZHM FLD V\JQDáX 6PDUW, PDJH /LWH 'R Z\ERUX GRVW SQH V WU]\ WU\E\ 6WDQGDUG 6WDQGDUGRZH , QWHUQHW L *DPH *U\ 0RGHO (/3+ 2SLV HOHPHQWyZ SURGXNWX ZLGRF]Q\FK ] SU]RGX 0RGHO (/ :à &=(1, ( L :<à &=(1, ( ]DVLODQLD PRQLWRUD 'RVW S GR PHQX 26' 3RZUyW GR SRSU]HGQLHJR SR]LR PX PHQX 26' =PLDQD Z\ ZLHWODQLD QD 'RSDVRZDQLH PHQX 26' =PLDQD UyGáD ZHM FLD V\JQDáX 6PDUW, PDJH /LWH 'R Z\ERUX GRVW SQH V WU]\ WU\E\ 6WDQGDUG 6WDQGDUGRZH , QWHUQHW L *DPH *U\ :à &=(1, ( L :<à &=(1, ( ]DVLODQLD PRQLWRUD 'RVW S GR PHQX 26' 3RZUyW GR SRSU]HGQLHJR SR]LR PX PHQX 26' 8VWDZLHQLH SR]LRPX VHQVRUD GR DXWRPDW\F]QHM NRQWUROL SRG ZLH WOHQLD 'RSDVRZDQLH PHQX 26' =PLDQD UyGáD ZHM FLD V\JQDáX 6PDUW, PDJH /LWH 'R Z\ERUX GRVW SQH V WU]\ WU\E\ 6WDQGDUG 6WDQGDUGRZH , QWHUQHW L *DPH *U\ 8VWDZLHQLD PRQLWRUD 2SLV PHQX HNUDQRZHJR 26' &R WR MHVW 2Q6FUHHQ 'LVSOD\ 26'" 26' 2Q6FUHHQ 'LVSOD\ >0HQX HNDQRZH@ WR IXQNFMD GRVW SQD ZH ZV]\VWNLFK PRQLWRUDFK /&' 3KLOLSV 8PR OLZLD RQD UHJXODFM SU]H] X \WNRZQLND SDUDPHWUyZ Z\ ZLHWODQLD HNUDQX OXE EH]SR UHGQL Z\EyU IXQNFML PRQLWRUyZ Z RNQLH LQVWUXNFML HNUDQRZ\FK 3U]\MD]Q\ GOD X \WNRZQLND LQWHUIHMV HNUDQRZ\ MHVW SRND]DQ\ SRQL HM 0RGHO (/ , QSXW 3RGVWDZRZH L SURVWH LQVWUXNFMH GRW\F] FH SU]\FLVNyZ VWHURZDQLD : SRND]DQ\P Z\ HM 26' PR QD QDFLVQ ü QD SDQHOX SU]HGQLP PRQLWRUD Z SU]\FLVNL FHOX SU]HVXQL FLD NXUVRUD L QDFLVQ ü SU]\FLVN 2. [. . . ] *6 PDUN UHTXLUHPHQW SU(1 /RZ )UHTXHQF\ (OHFWULF DQG 0DJQHWLF ILHOGV IRU 9LVXDO 'LVSOD\ 035, , 035 /RZ )UHTXHQF\ (OHFWULF DQG 0DJQHWLF ILHOGV 7&2 &(57, ), (' 5HTXLUHPHQW IRU (QYLURQPHQW /DEHOLQJ RI (UJRQRPLFV (QHUJ\ (FRORJ\ DQG (PLVVLRQ 7&2 6ZHGLVK &RQIHGHUDWLRQ RI 3URIHVVLRQDO (PSOR\HHV IRU 7&2 YHUVLRQV , QIRUPDFMH R SU]HSLVDFK (QHUJ\ 6WDU 'HFODUDWLRQ ZZZHQHUJ\VWDUJRY $V DQ (1(5*< 67$5 3DUWQHU ZH KDYH GHWHUPLQHG WKDW WKLV SURGXFW PHHWV WKH (1(5*< 67$5 JXLGHOLQHV IRU HQHUJ\ HI¿FLHQF\ 1RWH :H UHFRPPHQG \RX VZLWFK RII WKH PRQLWRU ZKHQ LW LV QRW LQ XVH IRU D ORQJ WLPH )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ )&& 1RWLFH 86 2QO\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¿FDWLRQV QRW H[SUHVVO\ DSSURYHG E\ WKH SDUW\ UHVSRQVLEOH IRU FRPSOLDQFH FRXOG YRLG WKH XVHU V DXWKRULW\ WR RSHUDWH WKH HTXLSPHQW 8VH RQO\ 5) VKLHOGHG FDEOH WKDW ZDV VXSSOLHG ZLWK WKH PRQLWRU ZKHQ FRQQHFWLQJ WKLV PRQLWRU WR D FRPSXWHU GHYLFH 7R SUHYHQW GDPDJH ZKLFK PD\ UHVXOW LQ ¿UH RU VKRFN KD]DUG GR QRW H[SRVH WKLV DSSOLDQFH WR UDLQ RU H[FHVVLYH PRLVWXUH 7+, 6 &/$66 % ', *, 7$/ $33$5$786 0((76 $// 5(48, 5(0(176 2) 7+( &$1$', $1 , 17(5)(5(1&(&$86, 1* (48, 30(17 5(*8/$7, 216 )&& 'HFODUDWLRQ RI &RQIRUPLW\ 'HFODUDWLRQ RI &RQIRUPLW\ IRU 3URGXFWV 0DUNHG ZLWK )&& /RJR 8QLWHG 6WDWHV 2QO\ 7KLV GHYLFH FRPSOLHV ZLWK 3DUW RI WKH )&& 5XOHV 2SHUDWLRQ LV VXEMHFW WR WKH IROORZLQJ WZR FRQGLWLRQV  WKLV GHYLFH PD\ QRW FDXVH KDUP IXO LQWHUIHUHQFH DQG  WKLV GHYLFH PXVW DFFHSW DQ\ LQWHUIHUHQFH UHFHLYHG LQFOXGLQJ LQWHUIHUHQFH WKDW PD\ FDXVH XQGHVLUHG RSHUDWLRQ &RPPLVVLRQ )HGHUDOH GH OD &RPPXQLFDWLRQ )&& 'HFODUDWLRQ &HW pTXLSHPHQW D pWp WHVWp HW GpFODUp FRQIRUPH DX[OLPLWHV GHV DSSDUHLOV QXPpULTXHV GH FODVV %DX[ WHUPHV GH O DUWLFOH 'HV UqJOHV GH OD )&& &HV OLPLWHV VRQW FRQoXHV GH IDoRQ j IRXULU XQH SURWHFWLRQ UDLVRQQDEOH FRQWUH OHV LQWHUIpUHQFHV QXLVLEOHV GDQV OH FDGUH G XQH LQVWDOODWLRQ UpVLGHQWLHOOH &(7 DSSDUHLO SURGXLW XWLOLVH HW SHXW pPHWWUH GHV K\SHUIUpTXHQFHV TXL VL O DSSDUHLO Q HVW SDV LQVWDOOp HW XWLOLVp VHORQ OHV FRQVLJQHV GRQQpHV SHXYHQW FDXVHU GHV LQWHUIpUHQFHV QXLVLEOHV DX[ FRPPXQLFDWLRQV UDGLR &HSHQGDQW ULHQ QH SHXW JDUDQWLU O DEVHQFH G LQWHUIpUHQFHV GDQV OH FDGUH G XQH LQVWDOODWLRQ SDUWLFXOLqUH 6L FHW DSSDUHLO HVW OD FDXVH G LQWHUIpUHQFHV QXLVLEOHV SRXU OD UpFHSWLRQ GHV VLJQDX[ GH UDGLR RX , QIRUPDFMH R SU]HSLVDFK GH WpOpYLVLRQ FH TXL SHXW rWUH GpFHOp HQ IHUPDQW O pTXLSHPHQW SXLV HQ OH UHPHWWDQW HQ IRQFWLRQ O XWLOLVDWHXU SRXUUDLW HVVD\HU GH FRUULJHU OD VLWXDWLRQ HQ SUHQDQW OHV PHVXUHV VXLYDQWHV 5pRULHQWHU RX GpSODFHU O¶DQWHQQH GH UpFHSWLRQ $XJPHQWHU OD GLVWDQFH HQWUH O¶pTXLSHPHQW HW OH UpFHSWHXU %UDQFKHU O¶pTXLSHPHQW VXU XQ DXWUH FLUFXLW TXH FHOXL XWLOLVp SDU OH UpFHSWHXU 'HPDQGHU O¶DLGH GX PDUFKDQG RX G¶XQ WHFKQLFLHQ FKHYURQQp HQ UDGLRWpOpYLVLRQ 7RXWHV PRGL¿FDWLRQV Q D\DQW SDV UHoX O DSSUREDWLRQ GHV VHUYLFHV FRPSpWHQWV HQ PDWLqUH GH FRQIRUPLWp HVW VXVFHSWLEOH G LQWHUGLUH j O XWLOLVDWHXU O XVDJH GX SUpVHQW pTXLSHPHQW 1 XWLOLVHU TXH GHV FkEOHV 5) DUPpV SRXU OHV FRQQHFWLRQV DYHF GHV RUGLQDWHXUV RX SpULSKpULTXHV &(7 $33$5(, / 180(5, 48( '( /$ &/$66( % 5(63(&7( 7287(6 /(6 (;, *(1&(6 '8 5(*/(0(17 685 /( 0$7(5, (/ %528, //(85 '8 &$1$'$ 3ROLVK &HQWHU IRU 7HVWLQJ DQG &HUWL¿FDWLRQ 1RWLFH 7KH HTXLSPHQW VKRXOG GUDZ SRZHU IURP D VRFNHW ZLWK DQ DWWDFKHG SURWHFWLRQ FLUFXLW D WKUHHSURQJ VRFNHW $OO HTXLSPHQW WKDW ZRUNV WRJHWKHU FRPSXWHU PRQLWRU SULQWHU DQG VR RQ VKRXOG KDYH WKH VDPH SRZHU VXSSO\ VRXUFH 7KH SKDVLQJ FRQGXFWRU RI WKH URRP V HOHFWULFDO LQVWDOODWLRQ VKRXOG KDYH D UHVHUYH VKRUWFLUFXLW SURWHFWLRQ GHYLFH LQ WKH IRUP RI D IXVH ZLWK D QRPLQDO YDOXH QR ODUJHU WKDQ DPSHUHV $ 7R FRPSOHWHO\ VZLWFK RII WKH HTXLSPHQW WKH SRZHU VXSSO\ FDEOH PXVW EH UHPRYHG IURP WKH SRZHU VXSSO\ VRFNHW ZKLFK VKRXOG EH ORFDWHG QHDU WKH HTXLSPHQW DQG HDVLO\ DFFHVVLEOH $ SURWHFWLRQ PDUN % FRQ¿UPV WKDW WKH HTXLS PHQW LV LQ FRPSOLDQFH ZLWK WKH SURWHFWLRQ XVDJH UHTXLUHPHQWV RI VWDQGDUGV 317 DQG 31( (1 &RPSOLDQFH &]HFK 5HSXEOLF 2QO\ , QIRUPDFMH R SU]HSLVDFK 1RUWK (XURSH 1RUGLF &RXQWULHV , QIRUPDWLRQ 3ODFHULQJ9HQWLODWLRQ 9$51, 1* )g56b. 5$ ', * 20 $77 +898'%5<7$5( 2&+ 877$* b5 /b7c7. 20/, *$ 1b5 '8 67b//(5 ', 1 8758671, 1* 3c3/$76 3ODFHULQJ9HQWLODWLRQ $'9$56(/ 65* 9(' 3/$&(5, 1*(1 )25 $7 1( 7/('1, 1*(16 67, . 2* 67, . . 217$. 7 (5 1(07 7, /*1*(/, *( 3DLNND, OPDQNLHUWR 9$52, 786 6, -2, 7$ /$, 7( 6, 7(1 (77b 9(5. . 2-2+72 92, '$$1 7$59, 77$(66$ +(/3267, , 5 5277$$ 3, 6725$6, $67$ 3ODVVHULQJ9HQWLODVMRQ $'9$56(/ 1c5 '(77( 8767<5(7 3/$66(5(6 0c '8 3$66( 3c $7 . 217$. 7(1( )25 6707, /)56(/ (5 /(77( c 1c %60, 1RWLFH 7DLZDQ 2QO\ (UJRQRPLH +LQZHLV QXU 'HXWVFKODQG 'HU YRQ XQV JHOLHIHUWH )DUEPRQLWRU HQWVSULFKW GHQ LQ GHU 9HURUGQXQJ EHU GHQ 6FKXW] YRU 6FKlGHQ GXUFK 5|QWJHQVWUDKOHQ IHVWJHOHJWHQ 9RUVFKULIWHQ $XI GHU 5FNZDQG GHV *HUlWHV EH¿QGHW VLFK HLQ $XINOHEHU GHU DXI GLH 8QEHGHQNOLFKNHLW GHU , QEHWULHEQDKPH KLQZHLVW GD GLH 9RUVFKULIWHQ EHU GLH %DXDUW YRQ 6W|UVWUDKOHUQ QDFK $QODJH , , , $EV GHU 5|QWJHQYHURUGQXQJ HUIOOW VLQG 'DPLW , KU 0RQLWRU LPPHU GHQ LQ GHU =XODVVXQJ JHIRUGHUWHQ :HUWHQ HQWVSULFKW LVW GDUDXI ]X DFKWHQ GD 5HSDUDWXUHQ QXU GXUFK )DFKSHUVRQDO GXUFKJHIKUW ZHUGHQ QXU RULJLQDO(UVDW]WHLOH YHUZHQGHW ZHUGHQ EHL (UVDW] GHU %LOGU|KUH QXU HLQH EDXDUWJOHLFKH HLQJHEDXW ZLUG $XV HUJRQRPLVFKHQ *UQGHQ ZLUG HPSIRKOHQ GLH *UXQGIDUEHQ %ODX XQG 5RW QLFKW DXI GXQNOHP 8QWHUJUXQG ]X YHUZHQGHQ VFKOHFKWH /HVEDUNHLW XQG HUK|KWH $XJHQEHODVWXQJ EHL ]X JHULQJHP =HLFKHQNRQWUDVW ZlUHQ GLH )ROJH 'HU DUEHLWVSODW]EH]RJHQH 6FKDOOGUXFNSHJHO QDFK ', 1 EHWUlJW G% $ RGHU ZHQLJHU $&+781* %(, 0 $8)67(//(1 ', (6(6 *(5b7(6 '$5$8) $&+7(1 '$ 1(7=67(&. (5 81' 1(7=. $%(/$16&+/8 /(, &+7 =8*b1*/, &+ 6, 1' , QIRUPDFMH R SU]HSLVDFK &KLQD 5R+6 7KH 3HRSOH V 5HSXEOLF RI &KLQD UHOHDVHG D UHJXODWLRQ FDOOHG 0DQDJHPHQW 0HWKRGV IRU &RQWUROOLQJ 3ROOXWLRQ E\ (OHFWURQLF , QIRUPDWLRQ 3URGXFWV RU FRPPRQO\ UHIHUUHG WR DV &KLQD 5R+6 $OO SURGXFWV LQFOXGLQJ &57 DQG 0RQLWRU ZKLFK DUH SURGXFHG DQG VROG IRU &KLQD PDUNHW KDYH WR PHHW &KLQD 5R+6 UHTXHVW 6HUZLV L JZDUDQFMD 6HUZLV L JZDUDQFMD =DVDG\ ¿UP\ 3KLOLSV GRW\F] FH GHIHNWX SLNVHOL PRQLWRUyZ ] SáDVNLP SDQHOHP )LUPD 3KLOLSV VWDUD VL GRVWDUF]Dü QDMZ\ V]HM MDNR FL SURGXNW\ :\NRU]\VWXMHP\ QLHNWyUH QDMEDUG]LHM ]DDZDQVRZDQH SU]HP\VáRZH SURFHV\ SURGXNFML L VXURZ NRQWURO MDNR FL 0LPR WR F]DVDPL QLH PR QD XQLNQ ü GHIHNWyZ SLNVHOL OXE VXESLNVHOL SDQHOL 7)7 PRQLWRUyZ VWRVRZDQ\FK Z PRQLWRUDFK ] SáDVNLP SDQHOHP DGHQ SURGXFHQW QLH PR H ]DJZDUDQWRZDü Z\NOXF]HQLD GHIHNWX SLNVHOL ]H ZV]\VWNLFK SDQHOL ¿UPD 3KLOLSV JZDUDQWXMH QDWRPLDVW H ND G\ PRQLWRU Z NWyU\P VWZLHUG]L VL QLHGRSXV]F]DOQ LOR ü GHIHNWyZ ]RVWDQLH QDSUDZLRQ\ OXE Z\PLHQLRQ\ Z UDPDFK JZDUDQFML 1LQLHMV]D LQIRUPDFMD REMD QLD Uy QH URG]DMH GHIHNWX SLNVHOL L GH¿QLXMH GRSXV]F]DOQ LOR ü GHIHNWyZ GOD ND GHJR LFK URG]DMX $E\ SDQHO 7)7 PRQLWRUD ]RVWDá ]DNZDOL¿NRZDQ\ GR QDSUDZ\ OXE Z\PLDQ\ Z UDPDFK JZDUDQFML LOR ü Z\VW SXM F\FK Z QLP GHIHNWyZ SLNVHOL PXVL SU]HNUDF]Dü GRSXV]F]DOQH QRUP\ 1D SU]\NáDG QLH PR H E\ü XV]NRG]RQ\FK ZL FHM QL SRGSLNVHOL PRQLWRUD 3R]D W\P SRQLHZD QLHNWyUH URG]DMH OXE NRPELQDFMH GHIHNWyZ SLNVHOL V ]GHF\GRZDQLH EDUG]LHM ]DXZD DOQH 3KLOLSV XVWDQDZLD GOD QLFK MHV]F]H Z\ V]H QRUP\ MDNR FLRZH =DVDGD WD RERZL ]XMH QD FDá\P ZLHFLH ELDá\ SLNVHO . LHG\ ZV]\VWNLH VXESLNVHOH V FLHPQH WU]\ NRORURZH VXESLNVHOH Z\JO GDM MDN SRMHG\QF]\ F]DUQ\ SLNVHO , QQH NRPELQDFMH ZLHF F\FK L FLHPQ\FK VXESLNVHOL Z\JO GDM MDN SRMHG\QF]H SLNVHOH R DQDORJLF]Q\FK NRORUDFK 5RG]DMH GHIHNWyZ SLNVHOL 'HIHNW\ SLNVHOL L VXESLNVHOL REMDZLDM VL QD HNUDQLH Z Uy Q\ VSRVyE , VWQLHM GZLH NDWHJRULH GHIHNWyZ SLNVHOL D ND GD ] QLFK REHMPXMH NLOND URG]DMyZ GHIHNWyZ VXESLNVHOL 'HIHNW\ MDVQ\FK SODPHN 'HIHNW\ MDVQ\FK SODPHN REMDZLDM VL Z WDNL VSRVyE MDNE\ SLNVHOH OXE VXESLNVHOH VWDOH ZLHFLá\ OXE E\á\ Zá F]RQH -DVQD SODPND WR VXESLNVHO ZLGRF]Q\ QD HNUDQLH JG\ PRQLWRU Z\ ZLHWOD FLHPQ\ Z]yU 0R QD Z\Uy QLü QDVW SXM FH W\S\ GHIHNWyZ MDVQ\FK SODPHN -HGHQ ZLHF F\ F]HUZRQ\ ]LHORQ\ OXE QLHELHVNL VXESLNVHO VXESLNVHOH VXESLNVHOH VXESLNVHOH 'ZD V VLHGQLH ZLHF FH VXESLNVHOH &]HUZRQ\ QLHELHVNL SXUSXURZ\ &]HUZRQ\ ]LHORQ\ yáW\ =LHORQ\ QLHELHVNL Eá NLWQ\ MDVQRQLHELHVNL SLNVHOH 3LNVHOH L VXESLNVHOH 3LNVHO OXE LQDF]HM HOHPHQW REUD]X VNáDGD VL ] WU]HFK VXESLNVHOL Z NRORUDFK SRGVWDZRZ\FK F]HUZRQ\P ]LHORQ\P L QLHELHVNLP :LHOH SLNVHOL WZRU]\ UD]HP REUD] *G\ ZLHF ZV]\VWNLH VXESLNVHOH GDQHJR SLNVHOD WU]\ NRORURZH VXESLNVHOH Z\JO GDM MDN SRMHG\QF]\ 7U]\ V VLHGQLH ZLHF FH VXESLNVHOH MHGHQ ELDá\ SLNVHO 6HUZLV L JZDUDQFMD 8ZDJD &]HUZRQD OXE QLHELHVND MDVQD SODPND MHVW MD QLHMV]D R ZL FHM QL SURFHQW RG V VLHGQLFK SODPHN D ]LHORQD MDVQD SODPND MHVW R SURFHQW MD QLHMV]D RG V VLHGQLFK SODPHN 'HIHNW\ F]DUQ\FK SODPHN 'HIHNW\ F]DUQ\FK SODPHN REMDZLDM VL Z WDNL VSRVyE MDNE\ SLNVHOH OXE VXESLNVHOH VWDOH E\á\ FLHPQH OXE Z\á F]RQH &LHPQD SODPND WR ZLGRF]Q\ QD HNUDQLH VXESLNVHO JG\ PRQLWRU Z\ ZLHWOD MDVQ\ Z]yU 0R QD Z\Uy QLü QDVW SXM FH W\S\ GHIHNWyZ F]DUQ\FK SODPHN %OLVNR ü GHIHNWyZ SLNVHOL 3RQLHZD PRJ E\ü EDUG]LHM ]DXZD DOQH GHIHNW\ SLNVHOL L VXESLNVHOL WHJR VDPHJR URG]DMX ]QDMGXM FH VL QLHGDOHNR VLHELH ¿UPD 3KLOLSV RNUH OD UyZQLH WROHUDQFMH EOLVNR FL GHIHNWyZ SLNVHOL 7ROHUDQFMH GHIHNWX SLNVHOL $E\ SDQHO 7)7 PRQLWRUD ]RVWDá ]DNZDOL¿NRZDQ\ Z RNUHVLH JZDUDQF\MQ\P GR QDSUDZ\ OXE Z\PLDQ\ ] SRZRGX GHIHNWyZ SLNVHOL PXV] Z QLP Z\VW SLü GHIHNW\ SLNVHOL SU]HNUDF]DM FH WROHUDQFMH SRGDQH Z SRQL V]\FK WDEHODFK '()(. 7< -$61<&+ 3/$0(. ZLHF F\ VXESLNVHO V VLHGQLH ZLHF FH VXESLNVHOH V VLHGQLH ZLHF FH VXESLNVHOH MHGHQ ELDá\ 2GOHJáR ü SRPL G]\ GZRPD GHIHNWDPL MDVQHM SODPNL à F]QD OLF]ED GHIHNWyZ MDVQ\FK SODPHN ZV]\VWNLFK URG]DMyZ '()(. 7< &=$51<&+ 3/$0(. FLHPQ\ VXESLNVHO V VLDGXM FH FLHPQH VXESLNVHOH V VLDGXM FH FLHPQH VXESLNVHOH 2GOHJáR ü SRPL G]\ GHIHNWDPL GZyFK F]DUQ\FK SODPHN à F]QD OLF]ED GHIHNWyZ FLHPQ\FK SODPHN ZV]\VWNLFK URG]DMyZ à &=1$ /, &=%$ '()(. 7Ï: 3/$0(. à F]QD OLF]ED GHIHNWyZ MDVQ\FK L FLHPQ\FK SODPHN ZV]\VWNLFK URG]DMyZ 8ZDJD 'HIHNW\ OXE V VLDGXM F\FK VXESLNVHOL GHIHNW SODPNL '2386=&=$/1< 32=, 20 !PP '2386=&=$/1< 32=, 20 OXE PQLHM OXE PQLHM !PP OXE PQLHM '2386=&=$/1< 32=, 20 OXE PQLHM 7HQ PRQLWRU MHVW ]JRGQ\ ]H VWDQGDUGHP , 62 , 62 :\PDJDQLD GRW\F] FH HUJRQRPLL PHWRG\ WHVWyZ ]JRGQR FL L DQDOL]\ GOD HOHNWURQLF]Q\FK Z\ ZLHWODF]\ ZL]XDOQ\FK 6HUZLV L JZDUDQFMD 6HUZLV L JZDUDQFMD 6]F]HJyáRZH LQIRUPDFMH GRW\F] FH ]DNUHVX G]LDáDQLD JZDUDQFML L GRGDWNRZHJR ZVSDUFLD Z GDQ\P UHJLRQLH PR QD X]\VNDü QD VWURQLH VLHFL ZHE SRG DGUHVHP ZZZSKLOLSVFRPVXSSRUW . RQWDNWRZDü VL PR QD WDN H SRG SRGDQ\P SRQL HM ORNDOQ\P QXPHUHP REVáXJL NOLHQWD 3KLOLSV , QIRUPDFMH NRQWDNWRZH GOD UHJLRQX (XURS\ =DFKRGQLHM . UDM *HUPDQ\ 8QLWHG . LQJGRP , UHODQG 6SDLQ )LQODQG )UDQFH *UHHFH , WDO\ 1HWKHUODQGV 'HQPDUN 1RUZD\ 6ZHGHQ 3RODQG $XVWULD %HOJLXP /X[HPERXUJ 3RUWXJDO 6ZLW]HUODQG $6& 6LHPHQV , 6 , QYHF 6FRWODQG , QYHF 6FRWODQG (DWVD 6SDLQ $QRYR $QRYR $OOPDQ +HOODV $QRYR ( &DUH $QRYR $QRYR $QRYR =ROWHU 6LHPHQV , 6 ( &DUH ( &DUH (DWVD 6SDLQ $QRYR 1XPHU REVáXJL NOLHQWD &HQD ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ /RFDO FDOO WDULII ¼ )UHH RI FKDUJH ¼ ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII 6HUZLV L JZDUDQFMD , QIRUPDFMH NRQWDNWRZH GOD (8523< &(175$/1(- , :6&+2'1, (- &HQWUXP REVáXJL WHOHIRQLF]QHM 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ . UDM %HODUXV %XOJDULD &URDWLD (VWRQLD /DWYLD /LWKXDQLD 5RPDQLD 6HUELD 0RQWHQHJUR 6ORYHQLD 8NUDLQH 5XVVLD 6ORYDNLD 7XUNH\ &]HFK 5HS +XQJDU\ $6& , %$ /$1 6HUYLFH 5HQRSURP )8-, 768 ³6HUYLFH1HW /9´ /WG 8$% 6HUYLFHQHW %OXH 5LGJH , QWO . LP 7HF GRR 3& +DQG &RPHO 7RSD]6HUYLFH &RPSDQ\ &36 &((( 3DUWQHUV 'DWDODQ 6HUYLFH 7HFKSUR $VXSSRUW 6HUZDUH 3UR¿ 6HUYLFH 1XPHU REVáXJL NOLHQWD  IRU UHSDLU  IRU VDOHV , QIRUPDFMH NRQWDNWRZH GOD $0(5<. , à$&, 6. , (- . UDM %UD]LO $UJHQWLQD &HQWUXP REVáXJL WHOHIRQLF]QHM 9HUPRQW 1XPHU REVáXJL NOLHQWD , QIRUPDFMH NRQWDNWRZH GOD &KLQ &KLQ\ 1XPHU REVáXJL NOLHQWD , QIRUPDFMH NRQWDNWRZH GOD $0(5<. , 3Ïà12&1(- . UDM 86$ &DQDGD &HQWUXP REVáXJL $6& WHOHIRQLF]QHM 726 6XSHUFRP 7HOHSODQ 6XSHUFRP 1XPHU REVáXJL NOLHQWD   6HUZLV L JZDUDQFMD , QIRUPDFMH NRQWDNWRZH GOD UHJLRQX $30($ . UDM $XVWUDOLD 1HZ =HDODQG +RQJ . RQJ 0DFDX , QGLD , QGRQHVLD 6RXWK . RUHD 0DOD\VLD 3DNLVWDQ 6LQJDSRUH &HQWUXP REVáXJL WHOHIRQLF]QHM 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 3&&: 7HOHVHUYLFHV 7DLZDQ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ $6& $*26 1(7:25. 37< /7' 9LVXDO *URXS /WG 6PDUW 3L[HOV 7HFKQRORJ\ /WG 5(', 1*721 , 1', $ /7' 37 *DGLQJVDUL HOHNWURQLND 3ULPD 3&6 2QH . RUHD /WG $IWHU 0DUNHW 6ROXWLRQV &( 6GQ %KG 3KLOLSV &RQVXPHU 6HUYLFH 3KLOLSV (OHFWURQLFV 6LQJDSRUH 3WH /WG 3KLOLSV &RQVXPHU &DUH &HQWHU )(7(&&2 $[LV &RPSXWHU 6\VWHP &R /WG 6\OYDUD 7HFKQRORJLHV 3W\ /WG 1XPHU REVáXJL NOLHQWD +RQJ . RQJ7HO 0DFDX7HO  7HO 606 3+, /, 36 WR 7HO   7DLZDQ 7KDLODQG 6RXWK $IULFD 8QLWHG $UDE (PLUDWHV , VUDHO 9LHWQDP 3KLOLSSLQHV 6UL /DQND %DQJODGHVK 1HSDO &DPERGLD  $/ 6+$+' &20387(5 //& (DVWURQLFV /7' )37 6HUYLFH , QIRUPDWLF &RPSDQ\ /WG *OHH (OHFWURQLFV , QF QR GLVWULEXWRU DQGRU VHUYLFH SURYLGHU FXUUHQWO\ 'LVWULEXWRU &RPSXWHU 6RXUFH /WG ZDUUDQW\ EX\RXW 'LVWULEXWRU 6\DNDU &R /WG ZDUUDQW\ EX\RXW 'LVWULEXWRU 1HDW 7HFKQRORJ\ 3WH /WG 6LQJDSRUH ZDUUDQW\ EX\RXW +R &KL 0LQK &LW\ 'DQDQJ &LW\ &DQ WKR 3URYLQFH  WR  WR 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 5R]ZL ]\ZDQLH SUREOHPyZ 1D VWURQLH WHM RPyZLRQR SUREOHP\ NWyUH PR H QDSUDZLü X \WNRZQLN -H OL SUREOHP XWU]\PXMH VL SR Z\SUyERZDQLX SU]HGVWDZLRQ\FK UR]ZL ]D QDOH \ VNRQWDNWRZDü VL ] SU]HGVWDZLFLHOHP G]LDáX REVáXJL NOLHQWD ¿UP\ 3KLOLSV 7\SRZH SUREOHP\ %UDN REUD]X QLH ZLHFL GLRGD /(' ]DVLODQLD 8SHZQLM VL H SU]HZyG ]DVLODM F\ MHVW SRGá F]RQ\ GR JQLD]GND HOHNWU\F]QHJR D MHJR GUXJL NRQLHF GR ]á F]D ] W\áX PRQLWRUD 8SHZQLM VL QDMSLHUZ H SU]\FLVN ]DVLODQLD QD SDQHOX SU]HGQLP PRQLWRUD ]QDMGXMH VL Z SR]\FML 2)) Z\á F]HQLD D QDVW SQLH QDFL QLM JR GR SR]\FML 21 Zá F]HQLD 1LH G]LDáD SU]\FLVN $872 )XQNFMD XVWDZLH DXWRPDW\F]Q\FK MHVW GRVW SQD W\ONR Z DQDORJRZ\P WU\ELH 9*$ -H OL Z\QLN QLH E G]LH VDW\VIDNFMRQXM F\ QDOH \ Z\NRQDü UHJXODFMH U F]QLH SU]H] PHQX 26' 8ZDJD )XQNFMD $XWR QLH PD ]DVWRVRZDQLD Z WU\ELH F\IURZ\P '9, SRQLHZD QLH MHVW WDP SRWU]HEQD :LGRF]QH ]QDNL G\PX OXE LVNU]HQLD 1LH QDOH \ Z\NRQ\ZDü DGQ\FK F]\QQR FL UR]ZL ]\ZDQLD SUREOHPyZ 'OD EH]SLHF]H VWZD QDOH \ QDW\FKPLDVW RGá F]\ü PRQLWRU RG ]DVLODQLD VLHFLRZHJR 1DOH \ MDN QDMV]\EFLHM VNRQWDNWRZDü VL ] SU]HGVWDZLFLHOHP REVáXJL NOLHQWD 3KLOLSV 3UREOHP\ ]ZL ]DQH ] REUD]HP 2EUD] QLH MHVW Z\ URGNRZDQ\ 1DOH \ Z\UHJXORZDü SR]\FM REUD]X SRSU]H] IXQNFM $XWR Z JáyZQ\P PHQX 26' 1DOH \ Z\UHJXORZDü SR]\FM REUD]X SRSU]H] IXQNFM 3KDVH&ORFN )D]D=HJDU Z PHQX 6HWXS 8VWDZLHQLD JáyZQHJR PHQX 26' 'RW\F]\ WR Z\á F]QLH WU\EX 9*$ %UDN REUD]X %LDá\ NRORU GLRG\ /(' ]DVLODQLD 8SHZQLM VL H NRPSXWHU MHVW Zá F]RQ\ 8SHZQLM VL H NDEHO V\JQDáRZ\ MHVW SUDZLGáRZR SRGá F]RQ\ GR NRPSXWHUD 8SHZQLM VL H QLH V Z\JL WH V]SLONL ]á F]D NDEOD PRQLWRUD RG VWURQ\ ]á F]D -H OL WDN QDSUDZ OXE Z\PLH NDEHO 0R H E\ü DNW\ZQD IXQNFMD RV]F] G]DQLD HQHUJLL 'U HQLH REUD]X QD HNUDQLH 1DOH \ VSUDZG]Lü F]\ NDEHO V\JQDáRZ\ MHVW SUDZLGáRZR L SHZQLH SRGá F]RQ\ GR NDUW\ JUDILF]QHM OXE GR NRPSXWHUD 3& 1D HNUDQLH SRMDZL VL NRPXQLNDW $WWHQWLRQ 3RMDZLD VL SLRQRZH PLJDQLH &KHFN FDEOH FRQQHFWLRQ 8SHZQLM VL H NDEHO PRQLWRUD MHVW SUDZLGáRZR SRGá F]RQ\ GR NRPSXWHUD 2GQRVL VL WDN H GR , QVWUXNFML V]\ENLHJR XUXFKRPLHQLD 6SUDZG F]\ QLH V Z\JL WH V]SLONL ]á F]D NDEOD PRQLWRUD 8SHZQLM VL H NRPSXWHU MHVW Zá F]RQ\ 1DOH \ Z\UHJXORZDü REUD] SRSU]H] IXQNFM $XWR Z JáyZQ\P PHQX 26' 1DOH \ XVXQ ü SLRQRZH SDV\ SRSU]H] IXQNFM 3KDVH&ORFN )D]D=HJDU Z PHQX 6HWXS 8VWDZLHQLD JáyZQHJR PHQX 26' 'RW\F]\ WR Z\á F]QLH WU\EX 9*$ 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 3RMDZLD VL SR]LRPH PLJDQLH 1D HNUDQLH SRMDZLDM VL ]LHORQH F]HUZRQH QLHELHVNLH FLHPQH L ELDáH SXQNW\ 8WU]\PXM FH VL SXQNW\ WR QRUPDOQD FHFKD FLHNá\FK NU\V]WDáyZ Z\NRU]\VW\ZDQ\FK ZH ZVSyáF]HVQ\FK UR]ZL ]DQLDFK WHFKQRORJLF]Q\FK 6]F]HJyáRZH LQIRUPDFMH ]QDMGXM VL Z F] FL GRW\F] FHM ]DVDG SRVW SRZDQLD ] XV]NRG]HQLDPL SLNVHOL 1DOH \ Z\UHJXORZDü REUD] SRSU]H] IXQNFM $XWR Z JáyZQ\P PHQX 26' 1DOH \ XVXQ ü SLRQRZH SDV\ SRSU]H] IXQNFM 3KDVH&ORFN )D]D=HJDU Z PHQX 6HWXS 8VWDZLHQLD JáyZQHJR PHQX 26' 'RW\F]\ WR Z\á F]QLH WU\EX 9*$ =D VLOQH SU]HV]NDG]DM FH ZLDWáR Zá F]HQLD ]DVLODQLD ZLDWáR GLRG\ Zá F]RQHJR ]DVLODQLD PR QD GRVWRVRZDü ]D SRPRF XVWDZLH GLRG\ /(' ]DVLODQLD Z PHQX 6HWXS 8VWDZLHQLD PHQX JáyZQHJR 26' 2EUD] MHVW UR]P\W\ QLHRVWU\ OXE ]E\W FLHPQ\ 1DOH \ Z\UHJXORZDü NRQWUDVW L MDVQR ü SRSU]H] PHQX HNUDQRZH 3R Z\á F]HQLX ]DVLODQLD QD HNUDQLH SR]RVWDMH SRZLGRN Z\SDOHQLH REUD]X OXE SRREUD] :\GáX RQH QLHSU]HUZDQH Z\ ZLHWODQLH VWDá\FK OXE QLHUXFKRP\FK REUD]yZ PR H VSRZRGRZDü QD HNUDQLH Z\SDOHQLH ]QDQH UyZQLH MDNR SRZLGRN OXE SRREUD] :\SDOHQLH SRREUD] OXE SRZLGRN WR GREU]H ]QDQH ]MDZLVNR GRW\F] FH WHFKQRORJLL /&' : ZL NV]R FL SU]\SDGNyZ Z\SDOHQLH OXE SRZLGRN DOER SRREUD] ]QLND VWRSQLRZR SR SHZQ\P F]DVLH RG Z\á F]HQLD ]DVLODQLD 3R SR]RVWDZLHQLX PRQLWRUD EH] QDG]RUX QDOH \ ]DZV]H XDNW\ZQLDü SURJUDP Z\JDV]DF]D HNUDQX ] UXFKRP\P REUD]HP -H OL QD HNUDQLH PRQLWRUD /&' Z\ ZLHWODQH V QLH]PLHQLDM FH VL WUH FL QDOH \ ]DZV]H XUXFKDPLDü DSOLNDFM RNUHVRZR RG ZLH DM F HNUDQ : SRZD QLHMV]\FK SU]\SDGNDFK Z\SDOHQLD OXE SRZLGRNX DOER SRREUD]X REUD]\ QLH ]QLNDM L QLH PR QD WHJR QDSUDZLü :VSRPQLDQH XV]NRG]HQLH QLH SRGOHJD JZDUDQFML : FHOX X]\VNDQLD GDOV]HM SRPRF\ QDOH \ VSUDZG]Lü OLVW 3XQNW\ LQIRUPDFML NOLHQWD L VNRQWDNWRZDü VL ] SU]HGVWDZLFLHOHP G]LDáX REVáXJL NOLHQWD ¿UP\ 3KLOLSV 6PDUW&RQWURO /LWH )$4 3R ]PLDQLH PRQLWRUD NRPSXWHUD QD LQQ\ QLH G]LDáD SURJUDP 6PDUW&RQWURO /LWH &R QDOH \ ]URELü" 2GS8UXFKRP SRQRZQLH NRPSXWHU L VSUDZG F]\ G]LDáD SURJUDP 6PDUW&RQWURO /LWH : SU]HFLZQ\P UD]LH QDOH \ XVXQ ü L SRQRZQLH ]DLQVWDORZDü SURJUDP 6PDUW&RQWURO /LWH Z FHOX LQVWDODFML ZáD FLZHJR VWHURZQLND 3 3URJUDP 6PDUW&RQWURO /LWH G]LDáDá ZF]H QLHM SUDZLGáRZR DOH WHUD] QLH G]LDáD FR QDOH \ ]URELü" 2GS-H OL Z\NRQDQH ]RVWDá\ SRQL V]H F]\QQR FL PR H E\ü NRQLHF]QD SRQRZQD LQVWDODFMD VWHURZQLND PRQLWRUD =PLH NDUW JUDILF]Q ZLGHR QD LQQ =DNWXDOL]XM VWHURZQLN ZLGHR 8DNWXDOQLM V\VWHP RSHUDF\MQ\ W]Q ]DLQVWDOXM GRGDWHN 6HUYLFH 3DFN OXE SRSUDZN 8UXFKRP XVáXJ :LQGRZV 8SGDWH L ]DNWXDOL]XM PRQLWRU LOXE VWHURZQLN ZLGHR 6\VWHP :LQGRZV ]RVWDá XUXFKRPLRQ\ SU]\ Z\á F]RQ\P OXE RGá F]RQ\P PRQLWRU]H : FHOX VSUDZG]HQLD NOLNQLM SUDZ\P SU]\FLVNLHP P\V]\ LNRQ 0\ &RPSXWHU 3 2EUD] MHVW ]QLHNV]WDáFRQ\ 7HNVW MHVW QLHZ\UD Q\ OXE UR]P\W\ 8VWDZ WU\E UR]G]LHOF]R FL Z\ ZLHWODQLD NRPSXWHUD 3& ]JRGQLH ] ]DOHFDQ RU\JLQDOQ UR]G]LHOF]R FL HNUDQX PRQLWRUD 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 0yM NRPSXWHU L NOLNQLM NROHMQR 3URSHUWLHV :áD FLZR FL !'HYLFH 0DQDJHU 0HQHG HU XU] G]H  -H OL Z RSFML 0RQLWRU ZLGRF]QD E G]LH SR]\FMD 3OXJ DQG 3OD\ 0RQLWRU 0RQLWRU 3OXJ DQG 3OD\ NRQLHF]QD E G]LH SRQRZQD LQVWDODFMD :\VWDUF]\ XVXQ ü SURJUDP 6PDUW&RQWURO /LWH L ]DLQVWDORZDü SRQRZQLH XVWDOHQLD ZáDVQR FL PRQLWRUD 1DOH \ SDPL WDü H IXQNFMD ]DEH]SLHF]HQLD SU]H] NUDG]LH MHVW XGRVW SQLDQD MDNR Z\JRGQD EH]SáDWQD RSFMD =D ]DU] G]DQLH QXPHUDPL 3, 1 SRQRVL RGSRZLHG]LDOQR ü LQG\ZLGXDOQ\ X \WNRZQLN OXE XVWDODM FD MH RUJDQL]DFMD 3R ]DJXELHQLX QXPHUX 3, 1 SXQNW VHUZLVRZ\ 3KLOLSV PR H SR ZHU\¿NDFML F]áRQNRVWZD XVWDZLü JR GOD X \WNRZQLND SRQRZQLH ]D QRPLQDOQ RSáDW 1DOH \ SDPL WDü H G]LDáDQLH WR QLH MHVW REM WH ZDUXQNDPL JZDUDQFML 3R LQVWDODFML SURJUDPX 6PDUW&RQWURO /LWH NOLNQL FLH ]DNáDGNL 6PDUW&RQWURO /LWH QLH SRND]XMH QLF]HJR OXE SRND]XMH NRPXQLNDW Eá GX MDND MHVW SU]\F]\QD" 2GS. DUWD JUD¿F]QD PR H QLH E\ü ]JRGQD ] 6PDUW&RQWURO /LWH -H OL PDUND NDUW\ JUD¿F]QHM MHVW MHGQ ] Z\PLHQLRQ\FK SRZ\ HM QDOH \ VSUyERZDü SREUDü QDMQRZV]\ VWHURZQLN NDUW\ JUD¿F]QHM ] ZLWU\Q\ VLHFL :HE GDQHM ¿UP\ =DLQVWDOXM VWHURZQLN 8VX 6PDUW&RQWURO /LWH D QDVW SQLH ]DLQVWDOXM MHV]F]H UD] -H OL QDGDO QLH G]LDáD R]QDF]D WR H NDUWD JUD¿F]QD QLH MHVW REVáXJLZDQD 2GZLHG VWURQ VLHFL ZHE 3KLOLSV L VSUDZG F]\ MHVW GRVW SQ\ ]DNWXDOL]RZDQ\ VWHURZQLN 6PDUW&RQWURO /LWH 3 3R NOLNQL FLX 3URGXFW , QIRUPDWLRQ , QIRUPDFMH R SURGXNFLH Z\ ZLHWODQD MHVW W\ONR LFK F] ü &R VL VWDáR" 2GS6WHURZQLN NDUW\ JUD¿F]QHM PR H QLH E\ü ]DNWXDOL]RZDQ\ GR QDMQRZV]HM ZHUVML Z SHáQL REVáXJXM FHM LQWHUIHMV ''&&, 6SUyEXM SREUDü QDMQRZV]\ VWHURZQLN NDUW\ JUD¿F]QHM ]H VWURQ\ VLHFL :HE GDQHM ¿UP\ =DLQVWDOXM VWHURZQLN 8VX 6PDUW&RQWURO /LWH D QDVW SQLH ]DLQVWDOXM MHV]F]H UD] $WWHQWLRQ 3 2JyOQH S\WDQLD )$4 &R QDOH \ ]URELü MH OL SRGF]DV LQVWDODFML PRQLWRUD QD HNUDQLH SRMDZLD VL NRPXQLNDW &DQQRW GLVSOD\ WKLV YLGHR PRGH 1LH PR QD Z\ ZLHWOLü WHJR WU\EX ZLGHR" 2GS=DOHFDQD UR]G]LHOF]R ü GOD WHJR PRQLWRUD [ # +] 2Gá F] ZV]\VWNLH NDEOH D QDVW SQLH SRGá F] NRPSXWHU GR XSU]HGQLR X \ZDQHJR PRQLWRUD : :LQGRZV 6WDUW 0HQX PHQX 6WDUW V\VWHPX :LQGRZV Z\ELHU] NROHMQR SROHFHQLD 6HWWLQJV&RQWURO 3DQHO 8VWDZLHQLD3DQHO VWHURZDQLD : RNQLH &RQWURO 3DQHO 3DQHO VWHURZDQLD Z\ELHU] LNRQ 'LVSOD\ (NUDQ : SDQHOX VWHURZDQLD HNUDQX Z\ELHU] NDUW 6HWWLQJV 8VWDZLHQLD : ]DNáDGFH XVWDZLH Z SROX GHVNWRS DUHD REV]DU SXOSLWX SU]HVX VXZDN QD [ SLNVHOL 2WZyU] RNQR $GYDQFHG 3URSHUWLHV :áD FLZR FL ]DDZDQVRZDQH L Z\ELHU] GOD XVWDZLHQLD &] VWRWOLZR ü RG ZLH DQLD RSFM +] D QDVW SQLH NOLNQLM SU]\FLVN 2. 8UXFKRP SRQRZQLH NRPSXWHU RUD] SRZWyU] F]\QQR FL L Z FHOX VSUDZG]HQLD F]\ UR]G]LHOF]R ü NRPSXWHUD 3& MHVW XVWDZLRQD QD [ # +] :\á F] NRPSXWHU RGá F] VWDU\ PRQLWRU L SRGá F] PRQLWRU /&' 3KLOLSV :á F] PRQLWRU D QDVW SQLH Zá F] NRPSXWHU 3 7KHIW PRGH HQDEOHG 3 =DSRPQLDáHP NRG 3, 1 IXQNFML 7KHIW 'HWHUUHQFH 2GVWUDV]DQLH ]áRG]LHL &R QDOH \ ]URELü" 2GS&HQWUXP VHUZLVRZH 3KLOLSV PD SUDZR SURVLü R LGHQW\¿NDFM L DXWRU\]DFM Z FHOX 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 &]\P MHVW ]DOHFDQD F] VWRWOLZR ü RG ZLH DQLD GOD PRQLWRUD /&'" 2GS=DOHFDQD F] VWRWOLZR ü RG ZLH DQLD GOD PRQLWRUyZ /&' Z\QRVL +] : SU]\SDGNX MDNLFKNROZLHN ]DNáyFH REUD]X PR QD XVWDZLü F] VWRWOLZR ü +] Z FHOX VSUDZG]HQLD F]\ Z\HOLPLQXMH WR ]DNáyFHQLD 'R F]HJR VáX SOLNL LQI RUD] LFP ]QDMGXM FH VL QD G\VNX &'520" -DN ]DLQVWDORZDü VWHURZQLNL LQI RUD] LFP" 2GS6 WR SOLNL VWHURZQLND PRQLWRUD $E\ ]DLQVWDORZDü VWHURZQLNL QDOH \ Z\NRQDü LQVWUXNFMH ] SRGU F]QLND X \WNRZQLND 3RGF]DV SLHUZV]HM LQVWDODFML PRQLWRUD PR H ]RVWDü Z\ ZLHWORQ\ PRQLW NRPSXWHUD GRW\F] F\ VWHURZQLNyZ PRQLWRUD SOLNL LQI RUD] LFP OXE G\VNX VWHURZQLND 1DOH \ SRVW SRZDü ]JRGQLH ] LQVWUXNFMDPL Z FHOX ZáR HQLD GRá F]RQHJR GR ]HVWDZX G\VNX &'520 6WHURZQLNL PRQLWRUD SOLNL LQI RUD] LFP ]RVWDQ ]DLQVWDORZDQH DXWRPDW\F]QLH 3 -DN Z\UHJXORZDü UR]G]LHOF]R ü" 2GS1D GRVW SQH UR]G]LHOF]R FL PDM ZSá\Z NDUWD YLGHRVWHURZQLN JUD¿F]Q\ L PRQLWRU GDQ UR]G]LHOF]R ü PR QD Z\EUDü Z RNQLH 3DQHOD VWHURZDQLD V\VWHPX :LQGRZV SRSU]H] :áD FLZR FL HNUDQX &R QDOH \ ]URELü Z SU]\SDGNX SRP\OHQLD VL SRGF]DV UHJXODFML XVWDZLH PRQLWRUD SU]H] PHQX 26'" 2GS: FHOX SU]\ZUyFHQLD ZV]\VWNLFK RU\JLQDOQ\FK XVWDZLH IDEU\F]Q\FK Z\VWDUF]\ QDFLVQ ü SU]\FLVN 2. [. . . ] R]QDF]DM NRORU QLHELHVNL 1HXWUDOQD WHPSHUDWXUD WR NRORU ELDá\ . 5R]ZL ]\ZDQLH SUREOHPyZ L )$4 3 &]\ PRJ SRGá F]\ü PyM PRQLWRU /&' GR ND GHJR NRPSXWHUD 3& VWDFML URERF]HM OXE NRPSXWHUD 0DF" 2GS7DN :V]\VWNLH PRQLWRU\ /&' 3KLOLSV V FDáNRZLFLH ]JRGQH ]H VWDQGDUGDPL NRPSXWHUyZ 3& 0DF L VWDFML URERF]\FK 'R SRGá F]HQLD PRQLWRUD GR V\VWHPX 0DF PR H E\ü NRQLHF]QD SU]HM FLyZND NDEOD : FHOX X]\VNDQLD GDOV]\FK LQIRUPDFML QDOH \ VNRQWDNWRZDü VL ] SU]HGVWDZLFLHOHP KDQGORZ\P ¿UP\ 3KLOLSV 3 &]\ PRQLWRU\ /&' 3KLOLSV V 3OXJDQG 3OD\" 2GS7DN PRQLWRU\ WH V ]JRGQH ]H VWDQGDUGHP 3OXJDQG3OD\ Z :LQGRZV 9LVWD;317 0DF 26; L /LQX[ 3 &R WR MHVW XWUZDODQLH REUD]X Z\SDODQLH REUD]X SRREUD] OXE SRZLGRN QD SDQHODFK /&'" 2GS:\GáX RQH QLHSU]HUZDQH Z\ ZLHWODQLH VWDá\FK OXE QLHUXFKRP\FK REUD]yZ PR H VSRZRGRZDü QD HNUDQLH Z\SDOHQLH ]QDQH UyZQLH MDNR SRZLGRN OXE SRREUD] :\SDOHQLH SRREUD] OXE SRZLGRN WR GREU]H ]QDQH ]MDZLVNR GRW\F] FH WHFKQRORJLL /&' : ZL NV]R FL SU]\SDGNyZ Z\SDOHQLH OXE SRZLGRN DOER SRREUD] ]QLND VWRSQLRZR SR SHZQ\P F]DVLH RG Z\á F]HQLD ]DVLODQLD 3R SR]RVWDZLHQLX PRQLWRUD EH] QDG]RUX QDOH \ ]DZV]H XDNW\ZQLDü SURJUDP Z\JDV]DF]D HNUDQX ] UXFKRP\P REUD]HP -H OL QD HNUDQLH PRQLWRUD /&' Z\ ZLHWODQH V QLH]PLHQLDM FH VL WUH FL QDOH \ ]DZV]H XUXFKDPLDü DSOLNDFM RNUHVRZR RG ZLH DM F HNUDQ 2VWU]H HQLH : SRZD QLHMV]\FK SU]\SDGNDFK Z\SDOHQLD OXE SRZLGRNX DOER SRREUD]X V\PSWRP\ QLH ]QLNDM L QLH PR QD WHJR QDSUDZLü :VSRPQLDQH SRZ\ HM XV]NRG]HQLH QLH MHVW REM WH JZDUDQFM 3 'ODF]HJR WHNVW QD HNUDQLH QLH MHVW Z\UD Q\ D Z\ ZLHWODQH ]QDNL V QLHRVWUH" 2GS7ZyM PRQLWRU /&' G]LDáD QDMOHSLHM Z RU\JLQDOQHM UR]G]LHOF]R FL [ # +] 1DOH \ XVWDZLü WDN UR]G]LHOF]R ü GOD X]\VNDQLD QDMOHSV]HJR REUD]X . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 :V]HONLH SUDZD ]DVWU]H RQH 3KLOLSV L HPEOHPDW WDUF]\ 3KLOLSV WR ]DVWU]H RQH ]QDNL WRZDURZH . FQLQNLOMNH 3KLOLSV (OHFWURQLFV 19 Z\NRU]\VW\ZDQH QD SRGVWDZLH OLFHQFML . QRLQNOMNH 3KLOLSV (OHFUWRQLFV 19 6SHF\¿NDFMH PRJ ]RVWDü ]PLHQLRQH EH] SRZLDGRPLHQLD :HUVMD 0(7 [. . . ]