,QVWDOODWLRQJXLGH
7KLVJXLGHGHVFULEHVKRZWRLQVWDOOFRPPLVVLRQ
DQGRSHUDWHWKLVSURGXFW
,QWURGXFWLRQ
7KH(ROLV:LUH)UHHLRLVDZLUHOHVVZLQGVHQVRU
HTXLSSHGZLWKLRKRPHFRQWUROUDGLRWHFKQRORJ\
&RQQHFWHG GLUHFWO\ WR LRKRPHFRQWURO PRWRUV
IRU WHUUDFH DZQLQJV YHUWLFDO EOLQGV RU RXWGRRU
YHQHWLDQ EOLQGV WKH (ROLV :LUH)UHH LR DOORZV
WKH DXWRPDWLF UDLVLQJ RI WKHVH DSSOLFDWLRQV WR EH
FRQWUROOHG ZKHQ WKH ZLQG EORZV DERYH D FHUWDLQ
SUHVHWWKUHVKROG
7KHZLQGVHQVLWLYLW\WKUHVKROGLVSUHVHWE\GHIDXOW
EXWLWFDQEHDGMXVWHGRQWKHVHQVRUDFFRUGLQJWR
UHTXLUHPHQWVDQGDFWXDOFOLPDWLFFRQGLWLRQV
6DIHW\
6DIHW\DQGUHVSRQVLELOLW\
%HIRUH LQVWDOOLQJ DQG XVLQJ WKLV SURGXFW SOHDVH
UHDGWKLVJXLGHFDUHIXOO\
7KLV 6RPI\ SURGXFW PXVW EH LQVWDOOHG E\ D
SURIHVVLRQDO PRWRULVDWLRQ DQG KRPH DXWRPDWLRQ
LQVWDOOHUIRUZKRPWKLVJXLGHLVLQWHQGHG
0RUHRYHU WKH LQVWDOOHU PXVW FRPSO\ ZLWK FXUUHQW
VWDQGDUGVDQGOHJLVODWLRQLQWKHFRXQWU\LQZKLFKWKH
SURGXFWLVEHLQJLQVWDOOHGDQGLQIRUPKLVFXVWRPHUV
RIWKHRSHUDWLQJDQGPDLQWHQDQFHFRQGLWLRQVIRUWKH
SURGXFW
$Q\XVHRXWVLGHWKHVSKHUHRIDSSOLFDWLRQVSHFL¿HG
E\6RPI\LVIRUELGGHQ7KLVLQYDOLGDWHVWKHZDUUDQW\
DQG GLVFKDUJHV 6RPI\ RI DOO OLDELOLW\ DV GRHV DQ\
IDLOXUHWRFRPSO\ZLWKWKHLQVWUXFWLRQVJLYHQKHUHLQ
1HYHU EHJLQ LQVWDOOLQJ ZLWKRXW ¿UVW FKHFNLQJ WKH
FRPSDWLELOLW\ RI WKLV SURGXFW ZLWK WKH DVVRFLDWHG
HTXLSPHQWDQGDFFHVVRULHV
6SHFL¿FVDIHW\DGYLFH
()LJXUH$
7RDYRLGGDPDJHWRWKH(ROLV:LUH)UHHLR
$YRLGLPSDFWV
'RQRWGURSLW
'RQRWVXEPHUJHLW
'RQRWXVHDEUDVLYHSURGXFWVRUVROYHQWVWR
FOHDQWKHSURGXFW
'RFOHDQLWXVLQJDZDWHUVSUD\RUKLJKSUHVVXUH
FOHDQLQJPHWKRGV
(QVXUH WKDW WKH VHQVRU LV NHSW FOHDQ DQG
UHJXODUO\FKHFNLWLVRSHUDWLQJFRUUHFWO\
7KLV VHQVRU GRHV QRW SURWHFW WKH DZQLQJV LQ WKH
HYHQWRIVWURQJJXVWVRIZLQG,IWKHUHLVDULVNRIWKLV
NLQG RI ZHDWKHU HQVXUH WKDW WKH DZQLQJV UHPDLQ
FORVHG
&RQWHQWV
()LJXUH%
'HVFULSWLRQ 4
D(ROLV:LUH)UHHLR
E:DOOEUDFNHW
F6FUHZ
G3OXJV
H$$/59EDWWHULHV
7KH(ROLV:LUH)UHHLRLQGHWDLO
()LJXUH&
I:DOOEUDFNHW
J&XSV
K2UDQJHJUHHQLQGLFDWRUOLJKW
L3URJUDPPLQJEXWWRQ352*
M7KUHVKROGGLVSOD\VFUHHQ
N7KUHVKROGVHWWLQJNH\VDQG
&RPPLVVLRQLQJ
,QVWDOOLQJWKHEDWWHULHV
()LJXUH'
1HYHUXVHUHFKDUJHDEOHEDWWHULHV
2SHQWKH(ROLV:LUH)UHHLRE\OLIWLQJWKHFRYHU
DVLQGLFDWHGE\WKHDUURZ
)LWWKHEDWWHULHVSURYLGHGPDNLQJVXUHWKH\DUH
FRUUHFWO\SRVLWLRQHGDFFRUGLQJWRWKHSRODULW\
Ź 7KHVHQVRULQGLFDWRUOLJKWZLOOEHJUHHQLIWKH
EDWWHU\OHYHOLVFRUUHFW
/HDYH WKH VHQVRU RSHQ WR FRQWLQXH
FRPPLVVLRQLQJ
3DLULQJ WKH (ROLV :LUH)UHHLR ZLWK
DQLRUHFHLYHURUPRWRU
()LJXUH(
7KHPRWRUPXVWDOUHDG\EHVHWDQGSDLUHGWRD
ORFDO LRKRPHFRQWUROFRQWUROSRLQW
3UHVV WKH 352* EXWWRQ RQ WKH 6RPI\ LR ORFDO
FRQWUROSRLQW I R U V H F R Q G V X Q W L O W K H D S S O L F D W L R Q
SHUIRUPVDQXSDQGGRZQPRYHPHQW
%ULHÀ\SUHVVWKH352*EXWWRQRIWKH(ROLV
:LUH)UHHLRWKHDSSOLFDWLRQ SHUIRUPVDQRWKHU
XSDQGGRZQPRYHPHQWDQGWKHVHQVRULVSDLUHG
7R SDLU VHYHUDO PRWRUV RU UHFHLYHUV ZLWK WKH
VHQVRUUHSHDWWKLVSURFHGXUH
7RSDLUXVLQJDQLRKRPHFRQWUROFRQWUROSRLQWIURP
D SDUWQHU EUDQG RU D ELGLUHFWLRQDO 6RPI\ LR
FRQWUROSRLQWSOHDVHUHIHUWRWKHUHOHYDQWJXLGH
$GMXVWLQJ WKH ZLQG VHQVLWLYLW\
WKUHVKROGRQWKH(ROLV:LUH)UHHLR
()LJXUH)
2SHQWKH(ROLV:LUH)UHHLRDQGSUHVVRQHRI
WKHWKUHVKROGVHWWLQJEXWWRQVRU
Ź 7KH SUHVHW WKUHVKROG LV GLVSOD\HG DQG WKH
SDLUHGDSSOLFDWLRQVSHUIRUPDQXSDQGGRZQ
PRYHPHQW
,I WKH VFUHHQ VKRZV ©© VHH WKH
VHFWLRQ©5HVHWWLQJ WKH ZLQG VHQVLWLYLW\
WKUHVKROGVRIWKH(ROLV:LUH)UHHLRª
$GMXVWWKHWKUHVKROGXVLQJWKHVHWWLQJNH\VRU
7RZDUGV WKH ZLQG PXVW EORZ OHVV KDUG
WRZDUGVWKHZLQGPXVWEORZKDUGHUWRWULJJHU
WKHSURWHFWLRQ
Ź 7KHVFUHHQZLOOGLVSOD\WKHQHZWKUHVKROG
7KHUH DUH WKUHVKROGV IURP WR WKDW
LQFUHDVH WKH VHQVLWLYLW\ WR ZLQG VSHHG IURP
DSSUR[LPDWHO\WRNPK
&KHFNLQJWKHSDLULQJ
()LJXUH*
'XULQJVHWWLQJZKHQWKHGLVSOD\RIWKHWKUHVKROGLV
VWLOOOLW
3XWWKHDSSOLFDWLRQVIRUWKHPRWRUVDQGRUUHFHLYHUV
WRZKLFKWKHVHQVRULVSDLUHGLQWKHPLGGOHSRVLWLRQ
LIQHFHVVDU\
7XUQ WKH FXSV E\ KDQG WR VLPXODWH WKH ZLQG
EORZLQJ
Ź 7KHWKUHVKROGGLVSOD\OLJKWJRHV RXW DQG DOO
WKHVHDSSOLFDWLRQVDUHUDLVHGWRWKHXSSHUHQG
OLPLW UHJDUGOHVV RI WKH IRUFH H[HUWHG RU WKH
WKUHVKROGVHW
7KLV DOORZV D FKHFN WR HQVXUH WKH ZLQG
FRPPDQGKDVEHHQVHQWWRWKHPRWRUVDQG
RUUHFHLYHUV
,QVWDOODWLRQ
5HFRPPHQGDWLRQV
()LJXUH+
&KRRVH D ORFDWLRQ ZLWK PD[LPXP ZLQG GHWHFWLRQ
DQGZKLFKLVQRWREVWUXFWHGE\REVWDFOHV
7KHVHQVRUPXVWDOZD\VEHLQVWDOOHGVRWKDWLW
LVKRUL]RQWDOWKHFXSVIDFLQJGRZQZDUGV
)L[LQJ WKH (ROLV :LUH)UHH LR ZDOO
EUDFNHW
()LJXUH,
8QFOLSWKHWULPSLHFHIURPWKHZDOOEUDFNHW
'ULOOWZRKROHVPPLQGLDPHWHURQHDERYHWKH
RWKHUDQGDSSUR[LPDWHO\PPDSDUW
)L[WKHZDOOEUDFNHWZLWKWKHWZRVFUHZVVXSSOLHG
E\ SODFLQJ WKH KROH ÀDW GRZQ WRZDUGV WKH
ERWWRP
5H¿W WKH WULP SLHFH RQ WKH ZDOO EUDFNHW
SRVLWLRQLQJWKH6RPI\ORJRVRLWLVYLVLEOHRQWKH
ERWWRPDQGSUHVVWKHWULPSLHFHXQWLOLWV©FOLFNVª
FRUUHFWO\LQWRSODFH
)LWWLQJDQGPRXQWLQJWKHVHQVRU
()LJXUH-
$VVHPEOHWKHVHQVRUFRYHU
,QVHUWWKHPRXQWLQJWDEVLQWRWKHLUVORWVRQWKH
QDUURZHUVLGH
%ULQJ WKH SDUWV RI WKH VHQVRU WRJHWKHU
RSSRVLWH VLGH VTXHH]LQJ XQWLO LW FOLFNV LQWR
SODFH
&OLSWKHVHQVRUIRUNRQWRZDOOEUDFNHWEDUWKHFXSV
IDFLQJGRZQZDUGVDQGSXVKLWXQWLOLWFOLFNV
7LOW WKH VHQVRU LQ LWV EUDFNHW VR WKDW LW LV
KRUL]RQWDO
5HWLJKWHQ WKH VFUHZ ORFDWHG LQ WKH ZDOO EUDFNHW
EDULQRUGHUWRORFNWKHWLOWLQJRIWKHVHQVRU
(1 *XtDGHLQVWDODFLyQ
(VWD JXtD GHVFULEH OD LQVWDODFLyQ SXHVWD HQ
PDUFKD\IXQFLRQDPLHQWRGHOSURGXFWR
,QWURGXFFLyQ
(O (ROLV :LUH)UHH LR HV XQ VHQVRU GH YLHQWR
VLQ FDEOHV HTXLSDGR FRQ OD WHFQRORJtD UDGLR
LRKRPHFRQWURO
$VRFLDGRGLUHFWDPHQWHDPRWRUHVLRKRPHFRQWURO
SDUDWROGRVGHWHUUD]DWROGRVYHUWLFDOHVRSHUVLDQDV
YHQHFLDQDV H[WHULRUHV HO (ROLV :LUH)UHH LR
SHUPLWH DFFLRQDU OD VXELGD DXWRPiWLFD GH HVWDV
DSOLFDFLRQHV FXDQGR HO YLHQWR VRSOD PiV DOOi GHO
OtPLWHSUHYLDPHQWHHVWDEOHFLGR
(OOtPLWHGHVHQVLELOLGDGDOYLHQWRHVWiHVWDEOHFLGR
SUHYLDPHQWH SRU GHIHFWR QR REVWDQWH SXHGH
DMXVWDUVHHQHOVHQVRUVHJ~QODVQHFHVLGDGHV\ODV
FRQGLFLRQHVFOLPiWLFDVUHDOHV
6HJXULGDG
6HJXULGDG\UHVSRQVDELOLGDG
$QWHVGHLQVWDODU\XVDUHVWHSURGXFWRGHEHOHHUVH
HVWHPDQXDOFRQVXPDDWHQFLyQ
/D LQVWDODFLyQ GH HVWH SURGXFWR 6RPI\ GHEHUi
UHDOL]DUOD XQ SURIHVLRQDO GH OD PRWRUL]DFLyQ \ OD
DXWRPDWL]DFLyQGHODYLYLHQGDDTXLHQYDGLULJLGR
HVWHPDQXDO
(O LQVWDODGRU GHEHUi DGHPiV FXPSOLU ODV
QRUPDWLYDV \ OD OHJLVODFLyQ YLJHQWH HQ HO SDtV
GH LQVWDODFLyQ \ GHEHUi LQIRUPDU D VXV FOLHQWHV
VREUHODVFRQGLFLRQHVGHXVR\PDQWHQLPLHQWRGHO
SURGXFWR
6HSURKtEHFXDOTXLHUXVRGLIHUHQWHGHODDSOLFDFLyQ
HVWDEOHFLGD SRU 6RPI\ (VWR MXQWR FRQ FXDOTXLHU
LQFXPSOLPLHQWR GH ODV LQVWUXFFLRQHV TXH ¿JXUDQ
HQ HVWD JXtD FRQOOHYDUi OD H[FOXVLyQ GH OD
UHVSRQVDELOLGDG\JDUDQWtDSRUSDUWHGH6RPI\
$QWHV GH VX LQVWDODFLyQ FRPSUXHEH OD
FRPSDWLELOLGDGGHHVWHSURGXFWRFRQORVHTXLSRV\
DFFHVRULRVDVRFLDGRV
1RUPDVGHVHJXULGDGHVSHFt¿FDV
()LJXUD$
3DUDQRGDxDUHO(ROLV:LUH)UHHLR
(YLWHORVJROSHV
(YLWHODVFDtGDV
1RORVXPHUMDQXQFD
1RXWLOLFHQXQFDSURGXFWRVDEUDVLYRVQL
GLVROYHQWHVSDUDVXOLPSLH]D
1ROROLPSLHFRQXQFKRUURGHDJXDQLFRQDJXD
DDOWDSUHVLyQ
$VHJ~UHVH GH TXH HO VHQVRU HVWi VLHPSUH
OLPSLR\FRPSUXHEHTXHIXQFLRQDFRUUHFWDPHQWH
FRQUHJXODULGDG
(VWH VHQVRU QR SURWHJH ORV WROGRV HQ FDVR GH
IXHUWHVUiIDJDVGHYLHQWR(QFDVRGHFRQGLFLRQHV
PHWHRUROyJLFDVPX\DGYHUVDVDVHJ~UHVHGHTXH
ORVWROGRVHVWpQUHFRJLGRV
&RQWHQLGR
()LJXUD%
'HQRPLQDFLyQ 4
D(ROLV:LUH)UHHLR
E6RSRUWHPXUDO
F7RUQLOORV
G&ODYLMDV
H3LODV9WLSR$$/5
(O(ROLV:LUH)UHHLRHQGHWDOOH
()LJXUD&
I6RSRUWHPXUDO
J&RSHODV
K7HVWLJRQDUDQMDYHUGH
L%RWyQGHSURJUDPDFLyQ352*
M3DQWDOODGHYLVXDOL]DFLyQGHOOtPLWH
N7HFODVGHDMXVWHGHOOtPLWH<
3XHVWDHQPDUFKD
&RORFDFLyQGHODVSLODV
()LJXUD'
1RXWLOLFHHQQLQJ~QFDVRSLODVUHFDUJDEOHV
$EUD HO (ROLV :LUH)UHH LR OHYDQWDQGR OD
FDMDDODDOWXUDGHODÀHFKD
&RORFDUODVSLODVUHVSHWDQGRODSRODULGDG
Ź (OWHVWLJRGHOVHQVRUVHLOXPLQDHQYHUGHVLHO
QLYHOGHODVSLODVHVVX¿FLHQWH
'HMDU HO VHQVRU DELHUWR SDUD FRQWLQXDU FRQ OD
SXHVWDHQPDUFKD
(PSDUHMDPLHQWR GHO (ROLV
:LUH)UHHLRFRQXQPRWRURUHFHSWRULR
()LJXUD(
(OPRWRUGHEHHVWDU\DDMXVWDGR\HPSDUHMDGR
FRQ XQ SXQWR GH PDQGR ORFDO
LRKRPHFRQWURO
3XOVHVHJXQGRVHOERWyQ352*GHOSXQWRGH
PDQGRORFDO LR6RPI\KDVWDTXHODDSOLFDFLyQ
HIHFW~HXQPRYLPLHQWRGHVXELGD\EDMDGD
3XOVH EUHYHPHQWH HO ERWyQ 352* GHO HROLV
:LUH)UHHLRODDSOLFDFLyQHIHFW~DGHQXHYRXQ
PRYLPLHQWR GH VXELGD \ EDMDGD HO VHQVRU HVWi
HPSDUHMDGR
3DUD HPSDUHMDU YDULRV PRWRUHV R UHFHSWRUHV
FRQHOVHQVRUUHSLWDHVWHSURFHGLPLHQWR
3DUD HPSDUHMDU FRQ XQ SXQWR GH PDQGR
LRKRPHFRQWURO GH XQD PDUFD DVRFLDGD R GH
XQ SXQWR GH PDQGR ELGLUHFFLRQDO LR 6RPI\
FRQVXOWHHOPDQXDOFRUUHVSRQGLHQWH
$MXVWH GHO OtPLWH GH VHQVLELOLGDG DO
YLHQWRHQHO(ROLV:LUH)UHHLR
()LJXUD)
$EUDHO(ROLV:LUH)UHH LR \ SXOVHXQDGHODV
WHFODVGHDMXVWHGHOtPLWHR
Ź 6HPXHVWUDHOOtPLWHSUHYLDPHQWHHVWDEOHFLGR
\ODVDSOLFDFLRQHVHPSDUHMDGDVHIHFW~DQXQ
PRYLPLHQWRGHVXELGD\EDMDGD
6LODSDQWDOODPXHVWUD©ªFRQVXOWHHOFDStWXOR
©5HLQLFLDOL]DFLyQGHORVOtPLWHVGHVHQVLELOLGDG
DOYLHQWRGHO(ROLV:LUH)UHHLRª
$MXVWHHOOtPLWHFRQODVWHFODVGHDMXVWHR
+DFLDHOHOYLHQWRGHEHVRSODUPHQRVIXHUWH
KDFLD HO HO YLHQWR GHEH VRSODU PiV IXHUWH
SDUDDFWLYDUODSURWHFFLyQ
Ź /DSDQWDOODPXHVWUDHOQXHYROtPLWH
([LVWHQ OtPLWHV GH D TXH JUDG~DQ OD
VHQVLELOLGDGDODYHORFLGDGGHOYLHQWRGHD
NPKDSUR[LPDGDPHQWH
&RQWUROGHOHPSDUHMDPLHQWR
()LJXUD*
'XUDQWHHODMXVWHFXDQGRWRGDYtDHVWiLOXPLQDGDOD
YLVXDOL]DFLyQGHOOtPLWH
&RORTXH ODV DSOLFDFLRQHV GH ORV PRWRUHV \R
UHFHSWRUHVFRQORVTXHHOVHQVRUHVWiHPSDUHMDGR
HQSRVLFLyQLQWHUPHGLDHQFDVRQHFHVDULR
+DJD JLUDU ODV FRSHODV D PDQR SDUD VLPXODU HO
YLHQWR
Ź /DYLVXDOL]DFLyQGHOOtPLWHVHDSDJD\WRGDV
HVWDV DSOLFDFLRQHV VXEHQ HQ HO ¿QDO GH
FDUUHUDVXSHULRUVHDQFXDOHVVHDQODIXHU]D
HMHUFLGD\HOOtPLWHDMXVWDGR
$VtSXHGHFRPSUREDUVHVLODRUGHQGHYLHQWR
HVWi ELHQ HQYLDGD D ORV PRWRUHV \R
UHFHSWRUHV
,QVWDODFLyQ
5HFRPHQGDFLRQHV
()LJXUD+
(OLMD XQ HPSOD]DPLHQWR GRQGH OD GHWHFFLyQ GHO
YLHQWR VHD Pi[LPD \ QR VH YHD LQWHUIHULGD SRU
QLQJ~QREVWiFXOR
(O VHQVRU GHEH HVWDU LQVWDODGR VLHPSUH
HQ SRVLFLyQ KRUL]RQWDO \ ODV FRSHODV KDFLD
DEDMR
)LMDFLyQ GHO VRSRUWH PXUDO GHO (ROLV
:LUH)UHHLR
()LJXUD,
6XHOWH ORV FOLSV GHO HOHPHQWR GHFRUDWLYR GHO
VRSRUWHPXUDO
5HDOLFHGRVRUL¿FLRVFRQXQGLiPHWURGHPP
XQRGHEDMRGHRWUR\FRQXQDVHSDUDFLyQHQWUH
HOORVGHDOUHGHGRUGHPP
)LMH HO VRSRUWH PXUDO FRQ ORV WRUQLOORV
VXPLQLVWUDGRV FRORFDQGR HO RUL¿FLR DODUJDGR
KRUL]RQWDOPHQWHKDFLDODSDUWHLQIHULRU
6XVWLWX\DHOHOHPHQWRGHFRUDWLYRHQHOVRSRUWH
PXUDOFRQHOORJR6RPI\OHJLEOHDEDMR\SXOVHHO
HOHPHQWR GHFRUDWLYR KDVWD HVFXFKDU HO ©FODFª
TXHVHxDODTXHVHKD¿MDGRFRUUHFWDPHQWH
0RQWDMH\¿MDFLyQGHOVHQVRU
()LJXUD-
0RQWHODFDMDGHOVHQVRU
,QWURGX]FD ODV SDWLOODV GH ¿MDFLyQ HQ ODV
PXHVFDV FRUUHVSRQGLHQWHV GHO ODGR PiV
HVWUHFKR
$FHUTXH ODV GRVSDUWHV GHO VHQVRU ODGR
RSXHVWR DMXVWDQGR KDVWD HVFXFKDU HO
©FODFª TXH LQGLFD TXH VH KD PRQWDGR
FRUUHFWDPHQWH
6XMHWHFRQFOLSVODKRUTXLOODGHOVHQVRUDODEDUUD
GHOVRSRUWHPXUDOFRQODVFRSHODVKDFLDODSDUWH
LQIHULRUHLQWURG~]FDODKDVWDHVFXFKDUHO©FODFª
3LYRWHHOVHQVRUVREUHVXVRSRUWHSDUDTXHTXHGH
HQSRVLFLyQKRUL]RQWDO
9XHOYDDDSUHWDUHOWRUQLOORVLWXDGRHQODEDUUDGHO
VRSRUWH PXUDO SDUD EORTXHDU OD LQFOLQDFLyQ GHO
VHQVRU
ȅįȘȖȩȢİȖțĮIJȐıIJĮıȘȢ
ȉȠ ʌĮȡȩȞ ȑȖȖȡĮijȠ ʌİȡȚȖȡȐijİȚ IJȘȞ
İȖțĮIJȐıIJĮıȘ IJȘ ȜİȚIJȠȣȡȖȓĮ țĮȚ IJȠȞ IJȡȩʌȠ ȤȡȒıȘȢ
ĮȣIJȠȪIJȠȣʌȡȠȧȩȞIJȠȢ
ǼȚıĮȖȦȖȒ
ȅ (ROLV :LUH)UHH LR İȓȞĮȚ ȑȞĮȢ ĮıȪȡȝĮIJȠȢ
ĮȚıșȘIJȒȡĮȢĮȞȑȝȠȣİȟȠʌȜȚıȝȑȞȠȢȝİIJȘȞĮıȪȡȝĮIJȘ
IJİȤȞȠȜȠȖȓĮLRKRPHFRQWURO
ǼijȩıȠȞ ıȣȞįİșİȓ ĮʌİȣșİȓĮȢ ȝİ ȝȠIJȑȡ
LRKRPHFRQWURO ȖȚĮ IJȑȞIJİȢ țĮIJĮțȩȡȣijĮ ȡȩȜİȡ Ȓ
İȟȦIJİȡȚțȑȢʌİȡıȓįİȢȠ(ROLV:LUH)UHHLRİʌȚIJȡȑʌİȚ
IJȘȞ İȞİȡȖȠʌȠȓȘıȘ IJȠȣ ĮȣIJȩȝĮIJȠȣ ĮȞİȕȐıȝĮIJȠȢ
ĮȣIJȫȞIJȦȞİijĮȡȝȠȖȫȞȩIJĮȞijȣıȐİȚȐȞİȝȠȢȑȞIJĮıȘȢ
ȣȥȘȜȩIJİȡȘȢĮʌȩȑȞĮʌȡȠȡȣșȝȚıȝȑȞȠȩȡȚȠ
ȉȠȩȡȚȠİȣĮȚıșȘıȓĮȢIJȠȣĮȞȑȝȠȣȑȤİȚʌȡȠȡȣșȝȚıIJİȓ
ĮʌȩʌȡȠİʌȚȜȠȖȒĮȜȜȐȝʌȠȡİȓȞĮȡȣșȝȚıIJİȓʌȐȞȦ
ıIJȠȞ ĮȚıșȘIJȒȡĮ ĮȞȐȜȠȖĮ ȝİ IJȚȢ ĮȞȐȖțİȢ țĮȚ IJȚȢ
ʌȡĮȖȝĮIJȚțȑȢțȜȚȝĮIJȚțȑȢıȣȞșȒțİȢ
ǹıijȐȜİȚĮ
ǹıijȐȜİȚĮțĮȚİȣșȪȞȘ
ȆȡȚȞ İȖțĮIJĮıIJȒıİIJİ țĮȚ ȤȡȘıȚȝȠʌȠȚȒıİIJİ ĮȣIJȩ IJȠ
ʌȡȠȧȩȞįȚĮȕȐıIJİʌȡȠıİțIJȚțȐĮȣIJȩȞIJȠȞȠįȘȖȩ
ȉȠʌĮȡȩȞʌȡȠȧȩȞ6RPI\ʌȡȑʌİȚȞĮİȖțĮIJĮıIJĮșİȓțĮȚ
ȞĮ ȤȡȘıȚȝȠʌȠȚȘșİȓ Įʌȩ İʌĮȖȖİȜȝĮIJȓĮ ȝİ ȖȞȫıİȚȢ
ıIJȠȣȢȝȘȤĮȞȚıȝȠȪȢțĮȚĮȣIJȠȝĮIJȚıȝȠȪȢIJȦȞțĮIJȠȚțȚȫȞ
ȖȚĮIJȠȣȢȠʌȠȓȠȣȢIJȠȑȖȖȡĮijȠĮȣIJȩȣʌȐȡȤİȚ
ȉȠȐIJȠȝȠʌȠȣșĮțȐȞİȚIJȘȞİȖțĮIJȐıIJĮıȘșĮʌȡȑʌİȚ
İʌȓıȘȢ ȞĮ ıȣȝȝȠȡijȦșİȓ ȝİ IJȠȣȢ țĮȞȩȞİȢ țĮȚ IJȘ
ȞȠȝȠșİıȓĮ ʌȠȣ ȚıȤȪİȚ ıIJȘ ȤȫȡĮ ȩʌȠȣ ȖȓȞİIJĮȚ Ș
İȖțĮIJȐıIJĮıȘțĮȚȞĮİȞȘȝİȡȫıİȚIJȠȣȢʌİȜȐIJİȢIJȠȣȖȚĮ
IJȠȣȢȩȡȠȣȢȤȡȒıȘȢțĮȚıȣȞIJȒȡȘıȘȢIJȠȣʌȡȠȧȩȞIJȠȢ
ǹʌĮȖȠȡİȪİIJĮȚ ȠʌȠȚĮįȒʌȠIJİ ȐȜȜȘ ȤȡȒıȘ ʌȑȡĮȞ
IJȠȣ IJȠȝȑĮ İijĮȡȝȠȖȒȢ ʌȠȣ ȑȤİȚ ȠȡȓıİȚ Ș 6RPI\ Ȉİ
ʌİȡȓʌIJȦıȘ ȐȜȜȘȢ ȤȡȒıȘȢ ıȣȞİʌȐȖİIJĮȚ ȩIJȚ įİȞ
IJȘȡȒșȘțĮȞȠȚȠįȘȖȓİȢʌȠȣʌİȡȚȖȡȐijȠȞIJĮȚıIJȠʌĮȡȩȞ
ȑȖȖȡĮijȠțĮȚİʌȚijȑȡİȚIJȠȞĮʌȠțȜİȚıȝȩȠʌȠȚĮıįȒʌȠIJİ
İȣșȪȞȘȢțĮȚİȖȖȪȘıȘȢĮʌȩIJȘȝİȡȚȐIJȘȢ6RPI\
ȆȡȚȞĮʌȩțȐșİİȖțĮIJȐıIJĮıȘİȜȑȖȟIJİIJȘıȣȝȕĮIJȩIJȘIJĮ
IJȠȣ ʌȡȠȧȩȞIJȠȢ ȝİ IJȠȣȢ ıȤİIJȚțȠȪȢ İȟȠʌȜȚıȝȠȪȢ țĮȚ
İȟĮȡIJȒȝĮIJĮ
ǼȚįȚțȑȢȠįȘȖȓİȢĮıijĮȜİȓĮȢ
(ǼȚțȩȞĮ$
īȚĮ ȞĮ ȝȘȞ ʌȡȠțȜȘșİȓ ȗȘȝȚȐ ıIJȠȞ (ROLV
:LUH)UHHLR
ǹʌȠijİȪȖİIJİIJĮȤIJȣʌȒȝĮIJĮ
ǹʌȠijİȪȖİIJİIJȚȢʌIJȫıİȚȢ
ȂȘȞIJȠȕȣșȓȗİIJİʌȠIJȑıİȣȖȡȩ
ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİįȚĮȕȡȦIJȚțȐȒįȚĮȜȣIJȚțȐ
ʌȡȠȧȩȞIJĮȖȚĮȞĮțĮșĮȡȓıİIJİIJȠʌȡȠȧȩȞ
ȂȘȞIJȠțĮșĮȡȓȗİIJİȝİȡȚʌȒȞİȡȠȪȠȪIJİȝİȞİȡȩ
ȣʌȩȣȥȘȜȒʌȓİıȘ
ǺİȕĮȚȦșİȓIJİ ȩIJȚ Ƞ ĮȚıșȘIJȒȡĮȢ İȓȞĮȚ ʌȐȞIJȠIJİ
țĮșĮȡȩȢ țĮȚ İȜȑȖȤİIJİ IJĮțIJȚțȐ IJȘ ıȦıIJȒ
ȜİȚIJȠȣȡȖȓĮIJȠȣ
ǹȣIJȩȢ Ƞ ĮȚıșȘIJȒȡĮȢ įİȞ ʌȡȠıIJĮIJİȪİȚ IJȚȢ IJȑȞIJİȢ
ıİ ʌİȡȓʌIJȦıȘ įȣȞĮIJȠȪ țĮȚ ĮȚijȞȓįȚȠȣ ĮȞȑȝȠȣ
Ȉİ ʌİȡȓʌIJȦıȘ ȝİIJİȦȡȠȜȠȖȚțȫȞ țȚȞįȪȞȦȞ ĮȣIJȠȪ
IJȠȣ IJȪʌȠȣ ȕİȕĮȚȦșİȓIJİ ȩIJȚ ȠȚ IJȑȞIJİȢ ʌĮȡĮȝȑȞȠȣȞ
țȜİȚıIJȑȢ
ȆİȡȚİȤȩȝİȞȠ
(ǼȚțȩȞĮ%
ȆİȡȚȖȡĮijȒ Ȇ
D(ROLV:LUH)UHHLR
EǼʌȚIJȠȓȤȚȠıIJȒȡȚȖȝĮ
FǺȓįİȢ
GȅȪʌĮ
HȂʌĮIJĮȡȓİȢ9IJȪʌȠȣ$$/5
ȅ(ROLV:LUH)UHHLRĮȞĮȜȣIJȚțȐ
(ǼȚțȩȞĮ&
IǼʌȚIJȠȓȤȚȠıIJȒȡȚȖȝĮ
JDzȜȚțĮȢĮȑȡĮ
KȆȠȡIJȠțĮȜȓʌȡȐıȚȞȠİȞįİȚțIJȚțȩ
LȆȜȒțIJȡȠʌȡȠȖȡĮȝȝĮIJȚıȝȠȪ352*
MȅșȩȞȘİȝijȐȞȚıȘȢIJȠȣȠȡȓȠȣİȣĮȚıșȘıȓĮȢ
NȆȜȒțIJȡĮȡȪșȝȚıȘȢIJȠȣȠȡȓȠȣİȣĮȚıșȘıȓĮȢțĮȚ
DzȜİȖȤȠȢȜİȚIJȠȣȡȖȓĮȢ
ȉȠʌȠșȑIJȘıȘIJȦȞȝʌĮIJĮȡȚȫȞ
(ǼȚțȩȞĮ'
ȂȘȞ ȤȡȘıȚȝȠʌȠȚİȓIJİ ʌȠIJȑ İʌĮȞĮijȠȡIJȚȗȩȝİȞİȢ
ȝʌĮIJĮȡȓİȢ
ǹȞȠȓȟIJİIJȠȞ(ROLV:LUH)UHHLRĮȞĮıȘțȫȞȠȞIJĮȢ
IJȠțȐȜȣȝȝĮıIJȠȪȥȠȢIJȠȣȕȑȜȠȣȢ
ȉȠʌȠșİIJȒıIJİ IJȚȢ ȝʌĮIJĮȡȓİȢ ʌȠȣ ʌĮȡȑȤȠȞIJĮȚ
IJȘȡȫȞIJĮȢIJȘȞʌȠȜȚțȩIJȘIJĮ
Ź ȉȠ İȞįİȚțIJȚțȩ IJȠȣ ĮȚıșȘIJȒȡĮ ĮȞȐȕİȚ ȝİ
ʌȡȐıȚȞȠ ȤȡȫȝĮ İȐȞ Ș ijȩȡIJȚıȘ IJȦȞ
ȝʌĮIJĮȡȚȫȞİȓȞĮȚİʌĮȡțȒȢ
ǹijȒıIJİ IJȠȞ ĮȚıșȘIJȒȡĮ ĮȞȠȚȤIJȩ ȫıIJİ ȞĮ
ıȣȞİȤȓıİȚȠȑȜİȖȤȠȢȜİȚIJȠȣȡȖȓĮȢ
ȈȣȖȤȡȠȞȚıȝȩȢIJȠȣ(ROLV:LUH)UHHLR
ȝİȑȞĮȝȠIJȑȡȒȑȞĮȞįȑțIJȘLR
(ǼȚțȩȞĮ(
ȉȠ ȝȠIJȑȡ ʌȡȑʌİȚ ȞĮ ȑȤİȚ ȒįȘ ȡȣșȝȚıIJİȓ țĮȚ
ıȣȖȤȡȠȞȚıIJİȓ ȝİ ȑȞĮ IJȠʌȚțȩ ȤİȚȡȚıIJȒȡȚȠ
LRKRPHFRQWURO
ȆĮIJȒıIJİ ȖȚĮ įİȣIJİȡȩȜİʌIJĮ IJȠ ȆȜȒțIJȡȠ
ʌȡȠȖȡĮȝȝĮIJȚıȝȠȪ ©352*ª IJȠȣ IJȠʌȚțȠȪ
ȤİȚȡȚıIJȘȡȓȠȣ LR6RPI\ȑȦȢȩIJȠȣȘİijĮȡȝȠȖȒ
țȐȞİȚȝȚĮıȪȞIJȠȝȘțȓȞȘıȘ
ȆĮIJȒıIJİıIJȚȖȝȚĮȓĮIJȠȆȜȒțIJȡȠʌȡȠȖȡĮȝȝĮIJȚıȝȠȪ
©352*ª IJȠȣ (ROLV :LUH)UHHLRȘİijĮȡȝȠȖȒ
țȐȞİȚȟĮȞȐȝȚĮıȪȞIJȠȝȘțȓȞȘıȘȠĮȚıșȘIJȒȡĮȢȑȤİȚ
ıȣȖȤȡȠȞȚıIJİȓ
īȚĮ IJȠ ıȣȖȤȡȠȞȚıȝȩ ʌȠȜȜȫȞ ȝȠIJȑȡ Ȓ įİțIJȫȞ
ȝİ IJȠȞ ĮȚıșȘIJȒȡĮ İʌĮȞĮȜȐȕİIJİ ĮȣIJȒȞ IJȘ
įȚĮįȚțĮıȓĮ
īȚĮ IJȠ ıȣȖȤȡȠȞȚıȝȩ ȝİ ȑȞĮ ȤİȚȡȚıIJȒȡȚȠ
LRKRPHFRQWUROȝȚĮȢıȣȞİȡȖȐIJȚįĮȢȝȐȡțĮȢȒİȞȩȢ
ĮȝijȓįȡȠȝȠȣ ȤİȚȡȚıIJȘȡȓȠȣ LR 6RPI\ ĮȞĮIJȡȑȟIJİ
ıIJȠȞĮȞIJȓıIJȠȚȤȠȠįȘȖȩ
ȇȪșȝȚıȘIJȠȣȠȡȓȠȣİȣĮȚıșȘıȓĮȢıIJȠȞ
ȐȞİȝȠıIJȠ(ROLV:LUH)UHHLR
(ǼȚțȩȞĮ)
ǹȞȠȓȟIJİIJȠȞ(ROLV:LUH)UHHLRțĮȚʌĮIJȒıIJİȑȞĮ
ĮʌȩIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢȠȡȓȠȣȒ
Ź ȉȠ ʌȡȠȡȣșȝȚıȝȑȞȠ ȩȡȚȠ İȝijĮȞȓȗİIJĮȚ țĮȚ ȠȚ
ıȣȖȤȡȠȞȚıȝȑȞİȢ İijĮȡȝȠȖȑȢ țȐȞȠȣȞ ȝȚĮ
ıȪȞIJȠȝȘțȓȞȘıȘ
ǼȐȞ Ș ȠșȩȞȘ İȝijĮȞȓȗİȚ IJȘȞ ȑȞįİȚȟȘ ©ª
ȕȜ țİijȐȜĮȚȠ ©ǼʌĮȞĮʌȡȠıįȚȠȡȚıȝȩȢ IJȦȞ
ȠȡȓȦȞ İȣĮȚıșȘıȓĮȢ ıIJȠȞ ȐȞİȝȠ IJȠȣ (ROLV
:LUH)UHHLRª
ȇȣșȝȓıIJİ IJȠ ȩȡȚȠ ȤȡȘıȚȝȠʌȠȚȫȞIJĮȢ IJĮ ʌȜȒțIJȡĮ
ȡȪșȝȚıȘȢȒ
ȆȡȠȢ IJȠ Ƞ ȐȞİȝȠȢ ʌȡȑʌİȚ ȞĮ ijȣıȐİȚ
ȜȚȖȩIJİȡȠ ʌȡȠȢ IJȠ Ƞ ȐȞİȝȠȢ ʌȡȑʌİȚ ȞĮ
ijȣıȐİȚ ʌİȡȚııȩIJİȡȠ ȖȚĮ ȞĮ İȞİȡȖȠʌȠȚȘșİȓ Ș
ʌȡȠıIJĮıȓĮ
Ź ǾȠșȩȞȘİȝijĮȞȓȗİȚIJȠȞȑȠȩȡȚȠ
ȊʌȐȡȤȠȣȞ ȩȡȚĮĮʌȩȑȦȢ įȚĮȕȐșȝȚıȘȢ
IJȘȢ İȣĮȚıșȘıȓĮȢ ıIJȘȞ IJĮȤȪIJȘIJĮ IJȠȣ ĮȞȑȝȠȣ
ĮʌȩȑȦȢȤȜȝȫȡĮʌİȡȓʌȠȣ
DzȜİȖȤȠȢIJȠȣıȣȖȤȡȠȞȚıȝȠȪ
(ǼȚțȩȞĮ*
ȀĮIJȐ IJȘ ȡȪșȝȚıȘ ȩIJĮȞ Ș ȑȞįİȚȟȘ IJȠȣ ȠȡȓȠȣ İȓȞĮȚ
ĮțȩȝȘĮȞĮȝȝȑȞȘ
ȉȠʌȠșİIJȒıIJİIJȚȢİijĮȡȝȠȖȑȢIJȦȞȝȠIJȑȡȒțĮȚIJȦȞ
įİțIJȫȞȩʌȠȣȑȤİȚıȣȖȤȡȠȞȚıIJİȓȠĮȚıșȘIJȒȡĮȢıIJȘ
ȝİıĮȓĮșȑıȘİȐȞȤȡİȚȐȗİIJĮȚ
ȆİȡȚıIJȡȑȥIJİ IJȠȞ ȑȜȚțĮ ȝİ IJȠ ȤȑȡȚ ȖȚĮ ȞĮ
ʌȡȠıȠȝȠȚȫıİIJİIJȠijȪıȘȝĮIJȠȣĮȞȑȝȠȣ
Ź Ǿ ȑȞįİȚȟȘ IJȠȣ ȠȡȓȠȣ ıȕȒȞİȚ țĮȚ ȩȜİȢ ȠȚ
İijĮȡȝȠȖȑȢĮȞİȕĮȓȞȠȣȞȟĮȞȐıIJȠİʌȐȞȦȩȡȚȠ
IJȘȢ įȚĮįȡȠȝȒȢ ĮȞİȟȐȡIJȘIJĮ Įʌȩ IJȘ įȪȞĮȝȘ
ʌȠȣĮıțİȓIJĮȚțĮȚIJȠȩȡȚȠʌȠȣȑȤİȚȡȣșȝȚıIJİȓ
ǹȣIJȩ İʌȚIJȡȑʌİȚ ȞĮ İȜȑȖȟȠȣȝİ İȐȞ Ș İȞIJȠȜȒ
ĮȞȑȝȠȣȑȤİȚʌȡȐȖȝĮIJȚıIJĮȜİȓıIJȠȒıIJĮȝȠIJȑȡ
ȒțĮȚıIJȠȞȒıIJȠȣȢįȑțIJİȢ
ǼȖțĮIJȐıIJĮıȘ
ȈȣıIJȐıİȚȢ
(ǼȚțȩȞĮ+
ǼʌȚȜȑȟIJİȝȚĮșȑıȘ ȩʌȠȣȘ ĮȞȓȤȞİȣıȘIJȠȣĮȞȑȝȠȣ
İȓȞĮȚȘȝȑȖȚıIJȘįȣȞĮIJȒțĮȚʌȠȣįİȞʌĮȡİȝʌȠįȓȗİIJĮȚ
ĮʌȩİȝʌȩįȚĮ
ȅĮȚıșȘIJȒȡĮȢʌȡȑʌİȚȞĮİȖțĮșȓıIJĮIJĮȚʌȐȞIJȠIJİ
ıİȠȡȚȗȩȞIJȚĮșȑıȘȝİIJȠȞȑȜȚțĮʌȡȠȢIJĮțȐIJȦ
ȈIJİȡȑȦıȘIJȠȣİʌȚIJȠȓȤȚȠȣıIJȘȡȓȖȝĮIJȠȢ
IJȠȣ(ROLV:LUH)UHHLR
(ǼȚțȩȞĮ,
ȄİțȠȣȝʌȫıIJİ IJȠ țȐȜȣȝȝĮ IJȠȣ İʌȚIJȠȓȤȚȠȣ
ıIJȘȡȓȖȝĮIJȠȢ
ǹȞȠȓȟIJİ įȪȠ IJȡȪʌİȢ įȚĮȝȑIJȡȠȣ PP IJȘ ȝȓĮ
țȐIJȦ Įʌȩ IJȘȞ ȐȜȜȘ țĮȚ ıİ ĮʌȩıIJĮıȘ ʌİȡȓʌȠȣ
PP
ȈIJİȡİȫıIJİ IJȠ İʌȚIJȠȓȤȚȠ ıIJȒȡȚȖȝĮ ȝİ IJȚȢ ȕȓįİȢ
ʌȠȣʌĮȡȑȤȠȞIJĮȚIJȠʌȠșİIJȫȞIJĮȢIJȘȞİʌȚȝȒțȘȠʌȒ
ȠȡȚȗȩȞIJȚĮʌȡȠȢIJĮțȐIJȦ
ǼʌĮȞĮIJȠʌȠșİIJȒıIJİ IJȠ țȐȜȣȝȝĮ ıIJȠ İʌȚIJȠȓȤȚȠ
ıIJȒȡȚȖȝĮIJȠʌȠșİIJȫȞIJĮȢIJȠȜȠȖȩIJȣʌȠ6RPI\ȑIJıȚ
ȫıIJİ ȞĮ İȓȞĮȚ ĮȞĮȖȞȫıȚȝȠ ıIJȠ țȐIJȦ ȝȑȡȠȢ țĮȚ
ʌȚȑıIJİIJȠțȐȜȣȝȝĮȑȦȢȩIJȠȣĮțȠȣıIJİȓIJȠ©țȜȚțª
ȫıIJİȞĮİȓȞĮȚȕȑȕĮȚȠȩIJȚıIJİȡİȫșȘțİıȦıIJȐ
ȉȠʌȠșȑIJȘıȘ țĮȚ ıIJİȡȑȦıȘ IJȠȣ
ĮȚıșȘIJȒȡĮ
(ǼȚțȩȞĮ-
ȈȣȞĮȡȝȠȜȠȖȒıIJİIJȠțȐȜȣȝȝĮIJȠȣĮȚıșȘIJȒȡĮ
ȉȠʌȠșİIJȒıIJİ IJȚȢ ȕȐıİȚȢ ıIJİȡȑȦıȘȢ ıIJȚȢ
İȖțȠʌȑȢIJȠȣȢʌȚȠıIJİȞȒʌȜİȣȡȐ
ĭȑȡIJİ țȠȞIJȐ IJĮ IJȝȒȝĮIJĮ IJȠȣ ĮȚıșȘIJȒȡĮ
ĮȞIJȓșİIJȘ ʌȜİȣȡȐ ıijȓȖȖȠȞIJĮȢ ȑȦȢ ȩIJȠȣ
ĮțȠȣıIJİȓ IJȠ ȤĮȡĮțIJȘȡȚıIJȚțȩ ©țȜȚțªȫıIJİ ȞĮ
İȓȞĮȚȕȑȕĮȚȠȩIJȚıȣȞĮȡȝȠȜȠȖȒșȘțİıȦıIJȐ
ȀȠȣȝʌȫıIJİ IJȠ ȐȖțȚıIJȡȠ IJȠȣ ĮȚıșȘIJȒȡĮ ıIJȘ
ȡȐȕįȠIJȠȣİʌȚIJȠȓȤȚȠȣıIJȘȡȓȖȝĮIJȠȢ ȝİIJȠȞȑȜȚțĮ
ʌȡȠȢIJĮțȐIJȦțĮȚʌȚȑıIJİIJȠȞʌȡȠȢIJĮȝȑıĮȑȦȢ
ȩIJȠȣĮțȠȣıIJİȓIJȠȤĮȡĮțIJȘȡȚıIJȚțȩ©țȜȚțª
ȆİȡȚıIJȡȑȥIJİ IJȠȞ ĮȚıșȘIJȒȡĮ ıIJȠ ıIJȒȡȚȖȝȐ IJȠȣ
ȫıIJİȞĮȑȜșİȚıİȠȡȚȗȩȞIJȚĮșȑıȘ
ȄĮȞĮıijȓȟIJİIJȘȕȓįĮʌȠȣȕȡȓıțİIJĮȚıIJȘȡȐȕįȠIJȠȣ
İʌȚIJȠȓȤȚȠȣıIJȘȡȓȖȝĮIJȠȢȫıIJİȞĮȝȘȞİȓȞĮȚįȣȞĮIJȒ
ȘțȜȓıȘIJȠȣĮȚıșȘIJȒȡĮ
*XLDGHLQVWDODomR
(VWHJXLD GHVFUHYHDLQVWDODomRDFRORFDomR
HPVHUYLoRHRPRGRGHXWLOL]DomRGHVWHSURGXWR
,QWURGXomR
2(ROLV:LUH)UHHLRpXPVHQVRUGHYHQWRVHP¿RV
HTXLSDGRFRPDWHFQRORJLDUiGLRLRKRPHFRQWURO
'LUHFWDPHQWHDVVRFLDGRDPRWRUHVLRKRPHFRQWURO
SDUDWROGRVGHWHUUDoRHVWRUHVYHUWLFDLVRXHVWRUHV
YHQH]LDQRV H[WHULRUHV R (ROLV :LUH)UHH LR
SHUPLWH FRQWURODU D VXELGD DXWRPiWLFD GHVWDV
LQVWDODo}HVVHDLQWHQVLGDGHGRYHQWRIRUVXSHULRU
DROLPLDUSUpUHJXODGR
2OLPLDUGHVHQVLELOLGDGHDRYHQWRHVWiSUpUHJXODGR
SRU GHIHLWR 1R HQWDQWR SRGH VHU DMXVWDGR QR
VHQVRUFRQVRDQWHDVQHFHVVLGDGHVHDVFRQGLo}HV
FOLPiWLFDVUHDLV
6HJXUDQoD
6HJXUDQoDHUHVSRQVDELOLGDGH
$QWHV GH LQVWDODU H XWLOL]DU HVWH SURGXWR OHU
DWHQWDPHQWHHVWHJXLD
(VWH SURGXWR 6RPI\ GHYH VHU LQVWDODGR SRU XP
SUR¿VVLRQDOGDPRWRUL]DomRHGDDXWRPDWL]DomRGR
ODUDRTXDOVHGHVWLQDHVWHJXLD
2LQVWDODGRUGHYHDOpPGLVVRUHVSHLWDUDVQRUPDV
H D OHJLVODomR HP YLJRU QR SDtV GH LQVWDODomR
H LQIRUPDU RV VHXV FOLHQWHV GDV FRQGLo}HV GH
XWLOL]DomRHGHPDQXWHQomRGRSURGXWR
4XDOTXHU XWLOL]DomR IRUD GR kPELWR GH DSOLFDomR
GH¿QLGR SHOD 6RPI\ p SURLELGD (OD DFDUUHWDULD
FRPR TXDOTXHU RXWUR LQFXPSULPHQWR GDV
LQVWUXo}HV IRUQHFLGDV QHVWH JXLD D DQXODomR GD
UHVSRQVDELOLGDGHHGDJDUDQWLDGD6RPI\
$QWHV GH TXDOTXHU LQVWDODomR YHUL¿FDU D
FRPSDWLELOLGDGHGHVWHSURGXWRFRPRVHTXLSDPHQWRV
HDFHVVyULRVDVVRFLDGRV
,QVWUXo}HVHVSHFt¿FDVGHVHJXUDQoD
()LJXUD$
3DUDQmRGDQL¿FDUR(ROLV:LUH)UHHLR
(YLWDUFKRTXHV
(YLWDUTXHGDV
1XQFDLPHUJLURVHQVRU
1mRXWLOL]DUSURGXWRVDEUDVLYRVQHPVROYHQWHV
SDUDHIHFWXDUDOLPSH]DGRHTXLSDPHQWR
1mROLPSDURVHQVRUFRPMDFWRGHiJXDQHP
FRPTXDOTXHUDSDUHOKRGHOLPSH]DGHDOWD
SUHVVmR
$VVHJXUDUVH GH TXH R VHQVRU VH HQFRQWUD
VHPSUHOLPSRHYHUL¿FDUUHJXODUPHQWHRVHX
HVWDGRGHIXQFLRQDPHQWR
(VWH VHQVRU QmR SURWHJH RV WROGRV HP FDVR GH
IRUWHUDMDGDGHYHQWR6HVHYHUL¿FDUHPFRQGLo}HV
PHWHRUROyJLFDVGHVWHWLSRFHUWL¿FDUVHGHTXHRV
WROGRVSHUPDQHFHPIHFKDGRV
&RQWH~GR
()LJXUD%
'HVLJQDomR 4
DHROLV:LUH)UHHLR
E6XSRUWHGHSDUHGH
F3DUDIXVRV
G%XFKDV
H3LOKDVGH9WLSR$$/5
2(ROLV:LUH)UHHLRHPSRUPHQRU
()LJXUD&
I6XSRUWHGHSDUHGH
J3iV
K7HVWHPXQKRODUDQMDYHUGH
L%RWmRGHSURJUDPDomR352*
M(FUmGHD¿[DomRGROLPLDU
N%RW}HVGHUHJXODomRGROLPLDUH
&RORFDomRHPVHUYLoR
&RORFDomRGDVSLOKDV
()LJXUD'
1XQFDXWLOL]DUSLOKDVUHFDUUHJiYHLV
5HWLUDU D WDPSD DR QtYHO GD VHWD SDUD DEULU R
(ROLV:LUH)UHHLR
&RORFDU DV SLOKDV LQFOXtGDV UHVSHLWDQGR D
SRODULGDGH
Ź 2WHVWHPXQKRGRVHQVRUDFHQGHVHDYHUGH
VHDFDUJDGDVSLOKDVIRUVX¿FLHQWH
'HL[DU R VHQVRU DEHUWR SDUD SURVVHJXLU D
FRORFDomRHPVHUYLoR
(PSDUHOKDPHQWRGR(ROLV:LUH)UHHLR
FRPXPPRWRURXUHFHSWRULR
()LJXUD(
2PRWRUMiGHYHHVWDUUHJXODGRHHPSDUHOKDGR
FRP XP SRQWR GH FRPDQGR ORFDO
LRKRPHFRQWURO
3UHVVLRQDURERWmR352*GRSRQWRGHFRPDQGR
ORFDO LR6RPI\GXUDQWHVHJXQGRVDWpTXHD
DSOLFDomRHIHFWXHXPPRYLPHQWRDFLPDDEDL[R
3UHVVLRQDUEUHYHPHQWHRERWmR352*GR(ROLV
:LUH)UHH LR D DSOLFDomR HIHFWXD QRYDPHQWH
XP PRYLPHQWR DFLPDDEDL[R 2 VHQVRU HVWi
HPSDUHOKDGR
3DUDHPSDUHOKDUYiULRVPRWRUHVRXUHFHSWRUHV
FRPRVHQVRUUHSHWLUHVWHSURFHGLPHQWR
3DUDHIHFWXDURHPSDUHOKDPHQWRFRPRDX[tOLRGH
XP SRQWR GH FRPDQGR LRKRPHFRQWURO GH XPD
PDUFD SDUFHLUD RX FRP XP SRQWR GH FRPDQGR
ELGLUHFFLRQDO LR 6RPI\ FRQVXOWDU R JXLD
FRUUHVSRQGHQWH
$MXVWH GR OLPLDU GH VHQVLELOLGDGH DR
YHQWRQR(ROLV:LUH)UHHLR
()LJXUD)
$EULUR(ROLV:LUH)UHHLRHSUHVVLRQDUXPGRV
ERW}HVGHUHJXODomRGROLPLDURX
Ź 2OLPLDUSUpUHJXODGRD¿[DVHHDVDSOLFDo}HV
HPSDUHOKDGDV HIHFWXDP XP PRYLPHQWR
DFLPDDEDL[R
6H R HFUm PRVWUDU ©ª YHU R FDStWXOR
©5HLQLFLDOL]DomRGRVOLPLDUHVGHVHQVLELOLGDGH
DRYHQWRGR(ROLV:LUH)UHHLRª
$MXVWDUROLPLDU FRPRVERW}HV GHUHJXODomR
RX
3DUDR©ª DLQWHQVLGDGHGRYHQWR GHYHVHU
PHQRU SDUD R ©ª D LQWHQVLGDGH GR YHQWR
GHYHVHUPDLRUSDUDDFWLYDUDSURWHFomR
Ź 2HFUmPRVWUDRQRYROLPLDU
+i OLPLDUHV GH D TXH FRUUHVSRQGHP
D RXWURV WDQWRV JUDXV GH VHQVLELOLGDGH
j YHORFLGDGH GR YHQWR GH D NPK
DSUR[LPDGDPHQWH
&RQWURORGRHPSDUHOKDPHQWR
()LJXUD*
'XUDQWH D UHJXODomR VH D D¿[DomR GR OLPLDU
SHUPDQHFHUDFHVD
&RORFDU DV DSOLFDo}HV GRV PRWRUHV HRX
UHFHSWRUHVTXHVHHQFRQWUDPHPSDUHOKDGRVFRP
RVHQVRUQDSRVLomRDPHLRVHIRUQHFHVViULR
5RGDUPDQXDOPHQWHDVSiVSDUDVLPXODUDDFomR
GRYHQWR
Ź $D¿[DomRGROLPLDUDSDJDVHHWRGDVHVWDV
DSOLFDo}HV VREHP DWp DR ¿P GH FXUVR
VXSHULRU LQGHSHQGHQWHPHQWH GD IRUoD
H[HUFLGDHGROLPLDUUHJXODGR
(VWDDFomRSHUPLWHYHUL¿FDUVHDRUGHPUHODWLYD
DRYHQWRIRLEHPHQYLDGDDRVPRWRUHVHRX
UHFHSWRUHV
,QVWDODomR
3UHFRQL]Do}HV
()LJXUD+
(VFROKHUXPDORFDOL]DomRH[SRVWDDRYHQWRHTXH
SHUPLWDDVXDGHWHFomRVHPREVWiFXORV
2 VHQVRU GHYH VHU VHPSUH LQVWDODGR HP
SRVLomRKRUL]RQWDOFRPDVSiVSDUDEDL[R
)L[DomRGRVXSRUWHGHSDUHGHGR(ROLV
:LUH)UHHLR
()LJXUD,
'HVHQFDL[DU R HPEHOH]DGRU GR VXSRUWH GH
SDUHGH
$EULU GRLV RULItFLRV GLkPHWUR PP XP
DEDL[R GR RXWUR H FRP XPD GLVWkQFLD GH
DSUR[LPDGDPHQWHPPHQWUHHOHV
)L[DU R VXSRUWH GH SDUHGH FRP RV SDUDIXVRV
LQFOXtGRV FRORFDQGR R RULItFLR DORQJDGR
KRUL]RQWDOPHQWHSDUDEDL[R
5HSRURHPEHOH]DGRUQRVXSRUWHGHSDUHGHFRP
RORJyWLSR6RPI\OHJtYHOHPEDL[RHSUHVVLRQDUR
HPEHOH]DGRUDWpVHRXYLUXPHVWDOLGRTXHLQGLFD
DVXD¿[DomRFRUUHFWD
0RQWDJHPH¿[DomRGRVHQVRU
()LJXUD-
0RQWDUDWDPSDGRVHQVRU
,QVHULUDVSDWLOKDVGH¿[DomRQRVUHVSHFWLYRV
HQWDOKHVODGRPDLVHVWUHLWR
$SUR[LPDUDVSDUWHVGRVHQVRUODGRRSRVWR
DSHUWDQGRDWpVHRXYLUXPHVWDOLGRTXHLQGLFD
DVXDPRQWDJHPFRUUHFWD
(QFDL[DURVHQVRUQDEDUUDGRVXSRUWHGHSDUHGH
FRPDVSiVSDUDEDL[RHHPSXUUiORDWpVHRXYLU
XPHVWDOLGR
5RGDURVHQVRUQRUHVSHFWLYRVXSRUWHSDUDTXH
¿TXHHPSRVLomRKRUL]RQWDO
$SHUWDURSDUDIXVRVLWXDGRQDEDUUDGRVXSRUWHGH
SDUHGHSDUDEORTXHDUDLQFOLQDomRGRVHQVRU
(ROLV:LUH)UHHLR
6RPI\ZRUOGZLGH
$UJHQWLQD6RPI\$UJHQWLQD
7HO
$XVWUDOLD6RPI\37</7'
7HO
$XVWULD6RPI\*HVPE+
7HO
%HOJLXP6RPI\%HOX[
7HO
%UDVLO6RPI\%UDVLO/WGD
7HOID[
&DQDGD6RPI\8/&
7HO
&KLQD6RPI\&KLQD&R/WG
7HO
&URDWLD6RPI\
3UHGVWDYQLãWYR
7HO
&\SUXV6RPI\0LGGOH(DVW
7HO
&]HFK5HSXEOLF6RPI\
VSROVUR
7HO
'HQPDUN6RPI\1RUGLF
'DQPDUN
7HO
([SRUW6RPI\([SRUW
7HO
7HO
)LQODQG6RPI\1RUGLF
$%)LQODQG
7HO
)UDQFH6RPI\)UDQFH
7HO
*HUPDQ\6RPI\*PE+
7HO
*UHHFH6RPI\+HOODV6$
7HO
+RQJ.RQJ6RPI\&R/WG
7HO
+XQJDU\6RPI\.IW
7HO
,QGLD6RPI\,QGLD397/WG
7HO
,QGRQHVLD6RPI\-DNDUWD
5HSUHVHQWDWLYH2IILFH
7HO
,UDQ6RPI\,UDQ
7HO
,WDO\6RPI\,WDOLDVUO
7HO
-DSDQ6RPI\..
7HO
-RUGDQ6RPI\-RUGDQ
7HO
.LQJGRPRI6DXGL$UDELD
6RPI\6DRXGL
5L\DGK
7HO
7HO
-HGGDK
7HO
.XZDLW6RPI\.XZDLW
7HO)D[
/HEDQRQ
7HO
0DODLVLD6RPI\0DODLVLD
7HO
0H[LFR6RPI\0H[LFR
6$GH&9
7HO
0RURFFR6RPI\0DURF
7HO
1HWKHUODQGV6RPI\%9
7HO
1RUZD\6RPI\1RUGLF1RUJH
7HO
3RODQG6RPI\63=22
7HO
3RUWXJDO6RPI\3RUWXJDO
7HO
5RPDQLD6RPI\65/
7HO
5XVVLD6RPI\//&
7HO
6HUELD6RPI\
3UHGVWDYQLãWYR
7HO
6LQJDSRUH6RPI\37(/WG
7HO
6ORYDNUHSXEOLF6RPI\
VSROVUR
7HO
7HO
6RXWK.RUHD6RPI\-22
7HO
6SDLQ6RPI\(VSDQD6$
7HO
6ZHGHQ6RPI\1RUGLF$%
7HO
6ZLW]HUODQG6RPI\$*
7HO
6\ULD6RPI\6\ULD
7HO
7DwZDQ6RPI\'HYHORSPHQW
DQG7DLZDQ%UDQFK
7HO
7KDLODQG%DQJNRN5HJLRQDO
2IILFH
7HO
7XQLVLD6RPI\7XQLVLD
7HO
7XUNH\6RPI\7XUNH\0DK
7HO
8QLWHG$UDE(PLUDWHV
6RPI\*XOI
7HO
8QLWHG.LQJGRP6RPI\
/LPLWHG
7HO
8QLWHG6WDWHV6RPI\
6\VWHPV
7HO
(1,QVWDOODWLRQJXLGH
(6 *XtDGHLQVWDODFLyQ
37*XLDGHLQVWDODomR
(/ȅįȘȖȩȢİȖțĮIJȐıIJĮıȘȢ
ZZZVRPI\FRP
5HI$
io-homecontrol® proporciona tecnología avanzada de radio frecuencia, segura y fácil de
i
nstalar. Los productos etiquetados io-homecontrol
®
se comunican entre sí, mejorando
el confort, la seguridad y el ahorro de energía.
www.io-homecontrol.com
io-homecontrol® proporciona uma tecnologia de rádio avançada, segura e de fácil
instalação. Os produtos com a marca io-homecontrol® comunicam entre si, oferecendo
maior conforto, mais segurança e uma melhor economia de energia.
www.io-homecontrol.com
io-homecontrol® provides advanced and secure radio technology that is easy to install.
io-homecontrol® labelled products communicate with each other, improving comfort,
security and energy savings.
www.io-homecontrol.com
l5=g$Um
(16RPI\KHUHE\GHFODUHVWKDWWKLVSURGXFWFRQIRUPVWRWKHHVVHQWLDO
UHTXLUHPHQWVDQGRWKHUUHOHYDQWSURYLVLRQVRI'LUHFWLYH&($'HFODUDWLRQRI
&RQIRUPLW\LVDYDLODEOHDWZZZVRPI\FRPFH8VDEOHLQ(8&+DQG12,PDJHVDUH
QRWFRQWUDFWXDOO\ELQGLQJ
(63RUODSUHVHQWH6RPI\GHFODUDTXHHOSURGXFWRFXPSOHFRQORVUHTXLVLWRV
EiVLFRV\GHPiVGLVSRVLFLRQHVGHODGLUHFWLYD&(3RGUiHQFRQWUDUXQD
GHFODUDFLyQGHFRQIRUPLGDGHQODSiJLQDZHEZZZVRPI\FRPFH$SOLFDEOHSDUDOD
8(6XL]D\1RUXHJD)RWRVQRFRQWUDFWXDOHV
373HORSUHVHQWHGRFXPHQWRD6RPI\GHFODUDTXHRDSDUHOKRHVWiFRQIRUPHjV
H[LJrQFLDVIXQGDPHQWDLVHjVRXWUDVGLVSRVLo}HVSHUWLQHQWHVGDGLUHFWLYD
&(8PD'HFODUDomRGH&RQIRUPLGDGHHQFRQWUDVHGLVSRQtYHOQD,QWHUQHWHPZZZ
VRPI\FRPFH8WLOL]iYHOQD8(6XtoDH1RUXHJD,PDJHQVQmRFRQWUDWXDLV
(/ȂİIJȠʌĮȡȩȞȑȖȖȡĮijȠȘ6RPI\įȘȜȫȞİȚȩIJȚȘıȣıțİȣȒıȣȝȝȠȡijȫȞİIJĮȚȝİIJȚȢ
ȠȣıȚȫįİȚȢĮʌĮȚIJȒıİȚȢțĮȚIJȚȢȜȠȚʌȑȢıȤİIJȚțȑȢįȚĮIJȐȟİȚȢIJȘȢȠįȘȖȓĮȢǼǼȂȚĮ
įȒȜȦıȘıȣȝȝȩȡijȦıȘȢįȚĮIJȓșİIJĮȚıIJȘȞȚıIJȠıİȜȓįĮZZZVRPI\FRPFHȂʌȠȡİȓ
ȞĮȤȡȘıȚȝȠʌȠȚȘșİȓıIJȘȞǼǼIJȘȞǼȜȕİIJȓĮțĮȚIJȘȃȠȡȕȘȖȓĮĭȦIJȠȖȡĮijȓİȢįİȞİȓȞĮȚ
ıȣȝȕĮIJȚțȒ
&RS\ULJKW6RPI\6$6$OOULJKWV
UHVHUYHG6RPI\6$6FDSLWDO(XURV
5&6$QQHF\
&
I
J
N
K
L
M
DE
FG
H
PP
PP
PP
,
(/
(6
'
+
%
)
-
*
$
37
352*
(
352*
6(&
6(&