EDBE:9>86ADG:6G>6"68FJ6
3JTDBMEBNFOUP"DRVBDBMEBTBOJUBSJB3BGGSFEEBNFOUP
AÉ:G69:AA:
HDAJO>DC>>CI:AA><:CI>69:A:K6I6
:;;>8>:CO6:C:G<:I>86
EdbeVY^XVadgZ
*MDMJNBTUBDBNCJBOEP(MJFGGFUUJEFJDBNCJBNFOUJDMJNBUJDJ
TPOP FWJEFOUJ JO UVUUP JM NPOEP F QFShOP MB WFMPDJU§ EFJ
DBNCJBNFOUJTFNCSBBWFSTVCJUPVOeBDDFMFSB[JPOF
*WPTUSJDMJFOUJPHOJHJPSOPTJDPOGSPOUBOPDPORVFTUBSFBMU§
1FS MJNJUBSF JM QJ‘ QPTTJCJMF HMJ FGGFUUJ EFM SJTDBMEBNFOUP
HMPCBMF OFDFTTBSJPEJNJOVJSFMFFNJTTJPOJEJ$0
*DPNCVTUJCJMJGPTTJMJTPOPVOBSJTPSTBFTBVSJCJMFFQFSRVFTUP
JQSF[[JTPOPJODPOUJOVPBVNFOUP
*OPMUSF DSFTDF TFNQSF EJ QJ‘ MB SJDIJFTUB EJ TPMV[JPOJ EJ
SJTDBMEBNFOUPBSJEPUUPDPOTVNPFOFSHFUJDP
1SPQSJP DPNF WPJ J WPTUSJ DMJFOUJ TBOOP DIF UFNQP EJ
DBNCJBSFQBTTBOEPBTJTUFNJEJSJTDBMEBNFOUPFGhDJFOUJB
MJWFMMPFOFSHFUJDPFEBMMFSJEPUUFFNJTTJPOJEJ$0
-B QPNQB EJ DBMPSF "MUIFSNBΠVO TJTUFNB FOFSHFUJDP
B MVOHB EVSBUB DBQBDF EJ USBTGPSNBSF MeFOFSHJB HSBUVJUB F
JOFTBVSJCJMF QSFTFOUF OFMMeBSJB FTUFSOB JO DBMPSF VUJMJ[[BCJMF
* NJHMJPSJ SJTVMUBUJ EJ DPNGPSU TJ PUUFOHPOP DPNCJOBOEP
"MUIFSNBŒDPOTJTUFNJEJSJTDBMEBNFOUPBCBTTBUFNQFSBUVSB
"MUIFSNBŒJOPMUSF GBDJMFEBJOTUBMMBSF
G6;;G:996B:CID
G>H86A96B:CID
(H>HI:B>>C&E:G:9>;>8>
1BHJOB
A6G>KDAJO>DC:C:AG>H86A96B:CID
9>CJDK68DHIGJO>DC::
* WPTUSJ DMJFOUJ TPOP BODIF DPOTBQFWPMJ EFM DPOUJOVP
BVNFOUPEFMQSF[[PEFMMeFOFSHJBFMFUUSJDBFEFHMJFGGFUUJEFM
G>HIGJIIJG6I>
SJTDBMEBNFOUPHMPCBMF
$PO "MUIFSNB UVUUJ QPUSBOOP EBSF JM QSPQSJP DPOUSJCVUP
E>ç8DB;DGI
QFSTPOBMFBEPUUBOEPVOPTUJMFEJWJUBTPTUFOJCJMFOFMSJTQFUUP
EFMMeBNCJFOUF
76HHD8DCHJBD:C:G<:I>8D
'$
G>9DII::B>HH>DC>9>8D'
!
1BHJOB
!
1BHJOB
!
1BHJOB
!
1BHJOB
!
1BHJOB
>C9J:E6GDA:
($
6HE:II>I:8C>8>
)$
6HE:II>:8DCDB>8>
*$
>AHD;IL6G:
+$
EGD9JO>DC: 9> 68FJ6 86A96
H6C>I6G>6
96I>I:8C>8>
,$6HH>HI:CO6
1BHJOB
6KDHIG69>HEDH>O>DC:
<6G6CO>6(>C&E:GJC
8DB;DGI6HHDAJID
-"
"MUIFSNB5. VO TJTUFNB VOJDP OFM TVP HFOFSF JO HSBEP
EJSJTDBMEBSFQSPEVSSFBDRVBDBMEBTBOJUBSJBFQFSTJOP
SBGGSFEEBSFHMJBNCJFOUJ"MUIFSNB5.PGGSFBJWPTUSJDMJFOUJ
NBTTJNJMJWFMMJEJDPNGPSUUVUUPMeBOOP
-F QPNQF EJ DBMPSF SBQQSFTFOUBOP JOPMUSF VOB WBMJEB
BMUFSOBUJWB BM SJTDBMEBNFOUP B HBT P B PMJP DPNCVTUJCJMF
USBEJ[JPOBMFFPGGSPOPWBOUBHHJFTDMVTJWJJORVBOUP
TGSVUUBOPGPOUJEJFOFSHJBSJOOPWBCJMJ
DPNFMeBSJBFTUFSOB
DPOTFOUPOPOPUFWPMJSJTQBSNJFOFSHFUJDJ
DPOUSJCVJTDPOPJONPEPTJHOJhDBUJWPBE
BCCBTTBSFMFFNJTTJPOJEJ$0
PGGSPOPGVO[JPOBMJU§EJSJTDBMEBNFOUPSBGGSFEEBNFOUP
FQSPEV[JPOFEJBDRVBDBMEBTBOJUBSJB
;JCO>DC6B:CID696AI6:;;>8>:CO6
:C:G<:I>86
-B QPNQB EJ DBMPSF BSJBBDRVB "MUIFSNB5. VUJMJ[[B VOB
GPOUF EJ FOFSHJB TPTUFOJCJMF &TUSBF JOGBUUJ JM DBMPSF B
CBTTBUFNQFSBUVSBQSFTFOUFOFMMeBSJBFTUFSOB*MTJTUFNBTJ
DPNQPOFEJVODJSDVJUPDIJVTPDPOUFOFOUFVOSFGSJHFSBOUF
-BTVDDFTTJPOFEFJQSPDFTTJEJFWBQPSB[JPOFDPOEFOTB[JPOF
DPNQSFTTJPOFFEFTQBOTJPOFDSFBVODJDMPUFSNPEJOBNJDP
6OBQPNQBEJDBMPSFQPSUBJMDBMPSFBVOBUFNQFSBUVSBQJ‘
BMUB*MDBMPSFPUUFOVUPWJFOFUSBTGFSJUPBMMeJNQJBOUPJESBVMJDPEJ
EJTUSJCV[JPOFSJTDBMEBNFOUPBQBWJNFOUPSBEJBUPSJBCBTTB
UFNQFSBUVSBFPGBODPJM
USBNJUFVOPTDBNCJBUPSFEJDBMPSF
*O CBTF BM NPEFMMP F BJ SFRVJTJUJ MB QPNQB EJ DBMPSF
BSJBBDRVB "MUIFSNB5. QSPEVDF EB B L8I EJ
DBMPSF VUJMJ[[BCJMF QFS PHOJ L8I EJ FMFUUSJDJU§ VUJMJ[[BUP
$J—TJHOJhDBDIFVOBRVBOUJU§EJDBMPSFHFOFSBUPDPNQSFTB
GSBFDJSDB BDPTUP[FSP
>9J:8DC8:II>8=>6K:9:AA6I:8CDAD<>66EDBE69>
86ADG:
$01DPFGhDJFOUFEJQSFTUB[JPOF
PGBUUPSFEJHVBEBHOP
2VFTUPOVNFSPJOEJDBMBRVBOUJU§EJDBMPSFVUJMJ[[BCJMFQSPEPUUB
3/4 kW
5FNQFSBUVSBFTUFSOB
+
EBMMB QPNQB EJ DBMPSF QFS PHOJ L8I EJ FMFUUSJDJU§ VUJMJ[[BUP
4/4 kW
&OFSHJB
1/4 kW
&MFUUSJDJU§
2VFTUPWBMPSFEJQFOEFEBMMBUFNQFSBUVSBJOUFSOBFEFTUFSOBFE
QFSUBOUPTPMPVOJOEJDBUPSFJTUBOUBOFP
41'GBUUPSFEJSFOEJNFOUPTUBHJPOBMF
PGBUUPSFEJSFOEJ
NFOUPEFMTJTUFNBBQPNQBEJDBMPSF
*M WBMPSF 41' UJFOF JO DPOTJEFSB[JPOF TJB JM DPOTVNP FOFSHFUJDP
EFM TJTUFNB B QPNQB EJ DBMPSF DIF J DPOTVNJ EFJ DPNQPOFOUJ
QFSJGFSJDJDPNFMFQPNQFOFMDPSTPEFMMeJOUFSBTUBHJPOFGSFEEB
("3"/;*"*/
A6EGD<:II6O>DC:9>FJ6A>I¿
>C(;6H>
;6H:&
$BMDPMPEFMMFEJTQFSTJPOJEJDBMPSF
QFSEJUFEPWVUFBMMBUSBTNJTTJPOFFBMMBWFOUJMB[JPOF
;6H:'
4DFMUBEJ"MUIFSNB5.TVMMBCBTFEFMDBMDPMPEFMMBEJTQFSTJPOFEJDBMPSFFQSFGFSJCJMNFOUFQFSVOVUJMJ[[PDPO
BDRVBBCBTTFUFNQFSBUVSFÄ$
4VHHFSJNFOUPVUJMJ[[BSFMBTFMF[JPOFFHMJTUSVNFOUJTPGUXBSF%BJLJOEJTQPOJCJMJ
;6H:(
4FMF[JPOFEFJTJTUFNJEJFNJTTJPOFEPQPBWFSTDFMUPMeVOJU§"MUIFSNB5.DPO 5
4VHHFSJNFOUPUFOFSFJODPOTJEFSB[JPOFMFDBSBUUFSJTUJDIFEFMMBQPNQBEFMDJSDPMBUPSFGPSOJUP
G>8=>:HI69>G>H86A96B:CID:9:GD<6O>DC:9>G>H86A96B:CID68DC;GDCID
G^X]^ZhiVY^g^hXVaYVbZcid
<^dgcde^‘[gZYYdYZaaVccd
-B SJDIJFTUB EJ DBMPSF SBHHJVOHFS§ J WBMPSJ NBTTJNJ
OFMHJPSOPQJ‘GSFEEPEFMMeBOOP*MQJDDPEJSJDIJFTUB
EJSJTDBMEBNFOUPTJSFHJTUSBOFMMBOPTUSB[POBTPMP
QFSQPDIFPSFBMMeBOOP
6OBQPNQBEJDBMPSFDIFTPEEJThMeJOUFSBSJDIJFTUBEJ
SJTDBMEBNFOUP OPO MB TPMV[JPOF QJ‘ WBOUBHHJPTB
-BQPNQBEJDBMPSFTBSFCCFTPWSBEJNFOTJPOBUBFEJ
DPTUJEJJOWFTUJNFOUPUSPQQPFMFWBUJ
8VeVX^i|
Y^hedc^W^aZYZaaV
edbeVY^XVadgZ
EjcidY^Zfj^a^Wg^d
&%
.%YZa[VWW^hd\cdY^
g^hXVaYVbZcidVccjVaZ
dgV
<VgVci^idYVaaVedbeVY^XVadgZ
<VgVci^idYVag^hXVaYVbZcidY^g^hZgkV
6OB TPMV[JPOF NPOPFOFSHFUJDB BTTJDVSB
VO NBHHJPS FRVJMJCSJP GSB JM DPTUP
EFMMeJOWFTUJNFOUP F JM DPTUP EFJ DPOTVNJ
*O RVFTUP DBTP MB QPNQB EJ DBMPSF TPEEJTGB MB
NBHHJPS QBSUF EFMMB SJDIJFTUB FOFSHFUJDB F OFJ
DMJNJ FTUSFNBNFOUF SJHJEJ WJFOF BGhBODBUB EB
VO SJTDBMEBUPSF FMFUUSJDP EJ SJTFSWB *M SJTDBMEBUPSF
EJ SJTFSWB TJ BUUJWB TPMP B UFNQFSBUVSF JOGFSJPSJ BM
QVOUPEJFRVJMJCSJP
''%%
8dchjb^g^hXVaYVbZcid`L]
&,+%
&('%
--%
))%
%
"-!%
IZbeZgVijgV
ZhiZgcV•8
"(!'
&!+
+!)
&&!'
EdbeVY^XVadgZ
G^hXVaYVbZcidVjh^a^Vg^d
&+!%
&#
#>C9J:E6GDA:
9V^`^cbZiiZVkdhigVY^hedh^o^dcZYjZh^hiZb^6ai]ZgbVIB!eZgbZiiZcYdk^Y^hXZ\a^ZgZ[gV
fjZaadXdcjc^i|ZhiZgcVZ^ciZgcVdeejgZ^ah^hiZbVbdcdWadXXd6ai]ZgbVIB^cXj^ijii^^
XdbedcZci^^YgVja^X^hdcdVaad\\^Vi^Vaa^ciZgcdYZaajc^i|ZhiZgcV#
6AI=:GB6ž
JC>I¿>CI:GC6:9:HI:GC6
"QQMJDB[JPOF
3JTDBMEBNFOUPFSBGGSFEEBNFOUPPQ[JPOBMF
VOJU§FTUFSOBFJOUFSOB 5JQPQPNQBEJDBMPSF
6OJU§FTUFSOBDPNQSFTTPSF
VOJU§JOUFSOBDPNQPOFOUJJESBVMJDJ
5VCB[JPOJSFGSJHFSBOUF3" 5SBMeVOJU§FTUFSOBFMeVOJU§JOUFSOB
5VCB[JPOJ)0
'SBMeVOJU§JOUFSOBFJUFSNJOBMJEJSJTDBMEBNFOUPJOUFSOJ
7BOUBHHJQFSMeJOTUBMMBUPSF
1FSQSPUFHHFSFMFUVCB[JPOJEFMMeBDRVBEBMDPOHFMBNFOUPOPOTFSWFBMDVOJTPMBNFOUPBHHJVOUJWP
&OUSBNCJJTJTUFNJQPTTPOPFTTFSFBTTPDJBUJB
VOTJTUFNBEJSJTDBMEBNFOUPBQBWJNFOUP
VOJU§GBODPJM
SBEJBUPSJBCBTTBUFNQFSBUVSB
QFSTPEEJTGBSFMFFTJHFO[FEJDPNGPSUEFMDMJFOUF
*TJTUFNJ"MUIFSNBŒQPTTPOPJOPMUSFFTTFSFDPMMFHBUJB
VOTFSCBUPJPEJBDRVBDBMEBTBOJUBSJBQFSJMGBCCJTPHOPEPNFTUJDP
DPMMFUUPSJTPMBSJQFSMBQSPEV[JPOFEJBDRVBDBMEBUSBNJUFLJUTPMBSF
VOUFSNPTUBUPBNCJFOUFQFSSFHPMBSFMBUFNQFSBUVSBJEFBMFJONPEPGBDJMFSBQJEPFDPNPEP
*/%6&1"30-&
6AI=:GB6ž
H>HI:B6BDCD7AD88D
3JTDBMEBNFOUPFSBGGSFEEBNFOUPPQ[JPOBMF
VOJU§NPOPCMPDDPFTUFSOB
4PMPVOJU§FTUFSOBDPNQSFTTPSFFDPNQPOFOUJJESBVMJDJBTTPDJBUJ
%FOUSPBMMeVOJU§FTUFSOB
'SBMeVOJU§FTUFSOBFJUFSNJOBMJ
/FDFTTBSJBTPMPMBUVCB[JPOFEFMMe)0QFSMeJOTUBMMB[JPOFEFMTJTUFNB
#>C9J:E6GDA:
EDBE69>86ADG:6G>6"68FJ6
'%JC>I¿:HI:GC6/AJHD:;;>8>:CI:
9:AA:C:G<>6IG6II696AA6G>6
)%H:G76ID>D68FJ686A96H6C>I6G>6/
E:G76HH>8DCHJB>:C:G<:I>8>
"MUIFSNB5. VTB VOB GPOUF EJ FOFSHJB OBUVSBMF -eVOJU§
FTUFSOB FTUSBF DBMPSF EBMMeBSJB FTUFSOB F OF JOOBM[B MB
UFNQFSBUVSB BE VO MJWFMMP TVGhDJFOUFNFOUF BMUP QFS JM
SJTDBMEBNFOUP2VFTUPDBMPSFWJFOFQPJUSBTGFSJUPBMMeVOJU§
JOUFSOBUSBNJUFMFUVCB[JPOJEFMSFGSJHFSBOUFRVJOEJQSFTFOUB
BODIF JM WBOUBHHJP EJ FWJUBSF DIF MF UVCB[JPOJ HFMJOP
-eVOJU§FTUFSOB DPNQBUUBFTFNQMJDFEBJOTUBMMBSFJOPMUSF
OPOFTTFOEPOFDFTTBSJMBWPSJEJTDBWPPQFSGPSB[JPOFQV—
BODIFFTTFSFJOTUBMMBUBJOBQQBSUBNFOUJ
"MUIFSNB5. MBTPMV[JPOFJEFBMFBODIFQFSMBQSPEV[JPOF
EJ BDRVB DBMEB TBOJUBSJB -B TVB DPOhHVSB[JPOF FTDMVTJWB
F MB QBSUJDPMBSF EJTQPTJ[JPOF EFJ TVPJ DPNQPOFOUJ
NBTTJNJ[[BOP MeFGhDJFO[B FOFSHFUJDB $PO MBVTJMJP EJ VOP
TDBNCJBUPSF EJ DBMPSF DPMMFHBUP BMMB QPNQB EJ DBMPSF
MBDRVBBMMJOUFSOPEFMTFSCBUPJPEJBDDVNVMPWJFOFSJTDBMEBUB
QSJODJQBMNFOUF EBMMFOFSHJB UFSNJDB PUUFOVUB EBMMBSJB
FTUFSOB 5VUUBWJB MB QSFTFO[B EJ VO VMUFSJPSF FMFNFOUP
FMFUUSJDP TDBMEBOUF BMMeJOUFSOP EFM TFSCBUPJP EFMMeBDRVB
TBOJUBSJB TFSWF QFS SJTQPOEFSF BMMF NBHHJPSJ SJDIJFTUF EJ
DBMPSF "E JOUFSWBMMJ SFHPMBSJ MeBDRVB WJFOF BVUPNBUJDB
NFOUF SJTDBMEBUB hOP B Ä$ QFS FWJUBSF JM SJTDIJP EJ
GPSNB[JPOFEJCBUUFSJ"MUIFSNB5.DPOTFOUFEJPUUFOFSFJO
RVBMTJBTJ NPNFOUP VO QJBDFWPMF DBMPSF F BDRVB QFSGFU
UBNFOUF TJDVSB *O CBTF BJ DPOTVNJ RVPUJEJBOJ EJ BDRVB
DBMEB J TFSCBUPJ QFS MeBDRVB DBMEB "MUIFSNB5. TPOP
EJTQPOJCJMJJOUSFEJWFSTFEJNFOTJPOJ
(%JC>I¿>CI:GC6/>A8JDG:9:AH>HI:B6
6AI=:GB6IB
-eVOJU§ JOUFSOB SJTDBMEB MeBDRVB DIF DJSDPMB OFJ SBEJBUPSJ
B CBTTB UFNQFSBUVSB OFJ TJTUFNJ EJ SJTDBMEBNFOUP B
QBWJNFOUP P OFMMF VOJU§ GBO DPJM F GPSOJTDF BODIF BDRVB
DBMEBTBOJUBSJB4DFHMJFOEPMBDPNCJOB[JPOFEJSJTDBMEBNFOUP
F SBGGSFEEBNFOUP MVOJU§ JOUFSOB QV— TFSWJSF BODIF QFS
EJNJOVJSF MB UFNQFSBUVSB EFMMBDRVB QFS QSPEVSSF VO
QJBDFWPMFGSFTDP
$PMMFUUPSF
TPMBSF
(SVQQPJESBVMJDP
TPMBSF
3BEJBUPSF
BCBTTB
UFNQFSBUVSB
6OJU§
'BO$PJM
*%,JUTPMBSF
'%6OJU§FTUFSOB
)%4FSCBUPJPBDRVB (%6OJU§JOUFSOB
DBMEBTBOJUBSJB
4JTUFNBEJSJTDBMEBNFOUP
BQBWJNFOUP
8DB:;JCO>DC6A6EDBE69>86ADG:6AI=:GB6ž4
*%@>IHDA6G:
,%I:GBDHI6ID6B7>:CI:
*M LJU TPMBSF DPOTFOUF EJ USBTGFSJSF JM DBMPSF HFOFSBUP EBM
TPMF BM TFSCBUPJP EJ BDRVB DBMEB "MUIFSNBΠUSBNJUF VOP
TDBNCJBUPSFEJDBMPSFFTUFSOP3JTQFUUPBJTFSCBUPJEPUBUJ
EJ EVF TDBNCJBUPSJ EJ DBMPSF RVFTUP TJTUFNB QFSNFUUF
EJ SJTDBMEBSF JO NPEP FGhDJFOUF MeJOUFSP DPOUFOVUP EFM
TFSCBUPJP DPO JM DBMPSF EFM TPMF F TF OFDFTTBSJP QFS
NF[[P EFMMeFOFSHJB HFOFSBUB EBMMB QPNQB EJ DBMPSF
$POJMUFSNPTUBUPBNCJFOUFBhMPPBJOGSBSPTTJ QPTTJCJMF
SFHPMBSFMBUFNQFSBUVSBJEFBMFJONPEPGBDJMFDPNPEPF
SBQJEP1FSJMUFSNPTUBUPBNCJFOUFBJOGSBSPTTJ EJTQPOJCJMF
DPNF PQUJPOBM VO TFOTPSF FTUFSOP &,35&54
DIF QV—
FTTFSF QPTJ[JPOBUP USB JM TJTUFNB EJ SJTDBMEBNFOUP B
QBWJNFOUP F JM QBWJNFOUP TUFTTP 2VFTUP TFOTPSF
DPOTFOUF VOB SFHPMB[JPOF QJ‘ QSFDJTB F QV—
SFHPMBSF JM MJWFMMP EJ DPNGPSU EFJ WPTUSJ DMJFOUJ JO NPEP
PUUJNBMFFDPOVOBNBHHJPSFFGhDJFO[BFOFSHFUJDB
+%JC>I¿:HI:GC6BDCD7AD88D/IJIID>CJCD
0MUSF BJ TJTUFNJ DPO VOJU§ JOUFSOB FE FTUFSOB "MUIFSNB5.
%BJLJOIBJOUSPEPUUPVOBWFSTJPOFNPOPCMPDDPJODVJUVUUJJ
DPNQPOFOUJJESBVMJDJTPOPBMMPHHJBUJEFOUSPMeVOJU§FTUFSOB
*ORVFTUPOVPWPTJTUFNBTPOPMFUVCB[JPOJJESBVMJDIFOPO
QJ‘RVFMMFEFMSFGSJHFSBOUFBDPMMFHBSFMeVOJU§FTUFSOBDPO
MeJOUFSOPEFMMeFEJhDJP2VFTUPBHFWPMBFSFOEFQJ‘WFMPDJMF
PQFSB[JPOJEJJOTUBMMB[JPOF
&,358 QFS JOTUBMMB[JPOF B QBSFUF DPO GJMP F &,353 QFS JM NPEFMMP B
JOGSBSPTTJ
,
)%4FSCBUPJPBDRVB
DBMEBTBOJUBSJB
+%6OJU§FTUFSOB
NPOPCMPDDP
'#
#6HE:II>I:8C>8>
&"6AI=:GB6IBEDBE69>86ADG:6G>6$68FJ6JC>I¿>CI:GC6":HI:GC6
&#&"AJC>I¿:HI:GC6
DPNQBUUBSFTJTUFOUFBMMFJOUFNQFSJFFGBDJMFEBJOTUBMMBSF
DPNQSFOEFVODPNQSFTTPSFDPOUSPMMBUPBJOWFSUFSQFSVOBSFHPMB[JPOFEFMMBUFNQFSBUVSBQSFDJTBFEFGhDJFOUFEBMQVOUPEJ
WJTUBFOFSHFUJDP
DBNQPEJGVO[JPOBNFOUPQPNQBEJDBMPSFSJTDBMEBNFOUPFBDRVBDBMEBTBOJUBSJBDPOUFNQFSBUVSFFTUFSOFQBSJB$Ä
IG6II6B:CID6CI>8DGGDH>DC:9:AAD
H86B7>6IDG:9>86ADG:
%J TFSJF MP TDBNCJBUPSF EJ DBMPSF EFMMeVOJU§ FTUFSOB WJFOF
TPUUPQPTUP B VO USBUUBNFOUP BOUJDPSSPTJPOF 2VFTUP
USBUUBNFOUPHBSBOUJTDFFBVNFOUBJONPEPDPOTJEFSFWPMFMB
SFTJTUFO[BDPOUSPJEBOOJDBVTBUJEBQJPHHFBDJEFFTBMTFEJOF
4DBNCJBUPSFEJDBMPSFUJQJDP
4USBUPJESPSFQFMMFOUF
"MMVNJOJP
3FTJOBBDSJMJDBBOUJDPSSPTJPOF
EG:HI6O>DC>:88:O>DC6A><G6O>:6AA6
I:8CDAD<>6>CK:GI:G
*MDPFGhDJFOUFEJQSFTUB[JPOF$01
EFMMBQPNQBEJDBMPSF
"MUIFSNB5.EJQFOEFEJSFUUBNFOUFEBMMBUFDOPMPHJBJOWFSUFS
%BJLJO 6O DPOWFSUJUPSF EJ GSFRVFO[B JOUFHSBUP SFHPMB MB
WFMPDJU§ EJ SPUB[JPOF EFM DPNQSFTTPSF QFS TPEEJTGBSF MB
SJDIJFTUB EJ SJTDBMEBNFOUP %J DPOTFHVFO[B JM TJTUFNB
GVO[JPOB TPMP SBSBNFOUF B QJFOP SFHJNF F DPOTVNB JO
GVO[JPOFEFMMFGGFUUJWPDBSJDPUFSNJDP
"WWJBNFOUPMFOUP
5FNQFSBUVSBDPTUBOUF
1PNQBEJDBMPSF
DPO*OWFSUFS
8DBEG:HHDG>69:A:K6I6:;;>8>:CO6/
* NPEFMMJ "MUIFSNB5. F TPOP
QSPWWJTUJ EJ VO DPNQSFTTPSF TXJOH
* DPNQSFTTPSJ TXJOH TJ TPOP BGGFSNBUJ
OFM TFUUPSF EFMMeFGhDJFO[B FOFSHFUJDB OFHMJ
VMUJNJ BOOJ QFSEJUF F BUUSJUP SJTVMUBOP
QSBUJDBNFOUFJOFTJTUFOUJ
1PNQBEJDBMPSF
TFO[B*OWFSUFS
* DPNQSFTTPSJ TDSPMM QSFTFOUJ OFJ NPEFMMJ
"MUIFSNB5.FTPOPTUBUJQSPHFUUBUJ
QFSFTTFSFDPNQBUUJSPCVTUJFTJMFO[JPTJQFS
HBSBOUJSFVOGVO[JPOBNFOUPBGhEBCJMFTPOP
QSJWJEJWBMWPMFPHJVOUJBSUJDPMBUJJOUFHSBUJ
FE
FGhDJFOUF HSB[JF BMMB CBTTB QPSUBUB JOJ[JBMF
F BM SBQQPSUP EJ DPNQSFTTJPOF DPTUBOUF
"41&55*5&$/*$*
&#'"AJC>I¿>CI:GC6
EJTQPOJCJMFJOEVFWFSTJPOJ&,)#)TPMPSJTDBMEBNFOUP
&,)#9SJTDBMEBNFOUPFSBGGSFEEBNFOUP
WBMWPMFEJJOUFSDFUUB[JPOFEBJOTUBMMBSFTVMMeVTDJUBF
MeJOHSFTTPEFMMeBDRVB
SJTDBMEBUPSFEJSJTFSWBJOUFHSBUPQFSVOSJTDBMEBNFOUP
TVQQMFNFOUBSFDPOUFNQFSBUVSFFTUFSOFFTUSFNBNFOUF
SJHJEF P DPNF SJTFSWB JO DBTP EJ QSPCMFNJ BMMeVOJU§
FTUFSOB
DPNQBUUB F GBDJMF EB JOTUBMMBSF UVUUJ J DPNQPOFOUJ
TPOP QSFBTTFNCMBUJ F UVUUF MF QBSUJ TPOP GBDJMNFOUF
BDDFTTJCJMJ QFS MB NBOVUFO[JPOF -eJOTUBMMB[JPOF B QBSFUF
TJNJMF B RVFMMB EJ VOP TDBMEBCBHOP B HBT USBEJ[JPOBMF
4DBNCJBUPSFEJDBMPSF
7BTPEJFTQBOTJPOFMJUSJ
$JSDPMBUPSF
4FSCBUPJPDPOSJTDBMEBNFOUPBVTJMJBSJP
7BMWPMBTQVSHPBSJB
"UUBDDPiVJEPSFGSJHFSBOUF
"UUBDDPHBTSFGSJHFSBOUF
"UUBDDPBDRVBJOJOHSFTTP
"UUBDDPBDRVBJOVTDJUB
.BOPNFUSPQSFTTJPOFDJSDVJUPJESBVMJDP
'JMUSPBDRVB
7BMWPMBEJTJDVSF[[B
*OUFSGBDDJBVUFOUF
2VBESPFMFUUSJDP
'MVTTPTUBUP
;JCO>DC6A>I¿6<<>JCI>K:9:AAJC>I¿>CI:GC6½
3JTDBMEBNFOUPFSBGGSFEEBNFOUP
-JNJUJEJUFNQFSBUVSBJNQPTUBUJ
0QUBOEP QFS VOeVOJU§ JOUFSOB "MUIFSNB5. &,)#9 PMUSF BM
SJTDBMEBNFOUP EPNFTUJDP TJ BWS§ BODIF JM SBGGSFEEBNFOUP
EFHMJBNCJFOUJ-BQPNQBEJDBMPSF JOPMUSFEPUBUBEJVOB
WBMWPMB B WJF SFWFSTJCJMF USBNJUF MB RVBMF WJFOF JOWFSUJUP
JM DJDMP EJ SBGGSFEEBNFOUP F JM DBMPSF WJFOF SJNPTTP EBHMJ
BNCJFOUJ -eVOJU§ JOUFSOB QFSNFUUF EJ SBGGSFEEBSF HMJ
BNCJFOUJ QFS NF[[P EJ VO TJTUFNB B QBWJNFOUP P
BUUSBWFSTPVOJU§GBODPJM
1FS FWJUBSF SFHPMB[JPOJ NBOVBMJ OPO DPSSFUUF QPTTJCJMF
JNQPTUBSFEFJMJNJUJEJUFNQFSBUVSBTJBQFSJMSBGGSFEEBNFOUP
DIF QFS JM SJTDBMEBNFOUP "E FTFNQJP OFM DBTP EFM
SJTDBMEBNFOUP B QBWJNFOUP JNQPSUBOUF SFHPMBSF MB
UFNQFSBUVSB EFMMeBDRVB JO CBTF BM UJQP EJ QBWJNFOUP
1FS FWJUBSF QSPCMFNJ EJ DPOEFOTB MB UFNQFSBUVSB QFS JM
SBGGSFEEBNFOUP B QBWJNFOUP OPO QV— FTTFSF JOGFSJPSF B
Ä$ 1FS MF VOJU§ GBO DPJM MB UFNQFSBUVSB EFMMeBDRVB QV—
TDFOEFSFBMNBTTJNPhOPBÄ$
&#("A>CI:G;688>6JI:CI:
(SB[JFBMMBGBDJMFBDDFTTJCJMJU§EFMMeJOUFSGBDDJBVUFOUFEJHJUBMF
DPMMPDBUB TVMMeVOJU§ JOUFSOB JM DMJFOUF QPUS§ NPOJUPSBSF JM
TJTUFNB "MUIFSNB5. JO NPEP FTUSFNBNFOUF TFNQMJDF *M
EJTQMBZSJQPSUBNPMUFJOGPSNB[JPOJVUJMJ
(JPSOPEFMMBTFUUJNBOB
0SBSJP
.PEBMJU§EJGVO[JPOBNFOUPSJTDBMEBNFOUPPSBGGSFEEBNFOUPSJTDBMEBNFOUP
EFMMeBDRVBDBMEBTBOJUBSJBVOJU§FTUFSOBTJMFO[JPTB
5FSNPTUBUPBNCJFOUF
/FDFTTJU§EJJTQF[JPOFBMMJNQJBOUP
'VO[JPOBNFOUPDPNQSFTTPSF
'VO[JPOBNFOUPQPNQB
'VO[JPOBNFOUPEJCBDLVQ
'VO[JPOBNFOUPSJTDBMEBUPSFBVTJMJBSJPOFMTFSCBUPJPBDRVBDBMEB
$PEJDJEeFSSPSFBMMBSNF
5FNQFSBUVSFEJFTFSDJ[JPUFNQFSBUVSBFTUFSOBUFNQFSBUVSBOFMTFSCBUPJPEFMMeBDRVB
DBMEBUFNQFSBUVSBEFMMeBDRVBJOVTDJUBBMMPTDBSJDPEFMMeVOJU§JOUFSOB
H6E:K6I:8=:###
n ºQPTTJCJMFQSPHSBNNBSFhOPBJOUFSWBMMJQFSHJPSOPEVSBOUFJRVBMJMFTFHVFOUJGVO[JPOJQPUSBOOP
FTTFSFBUUJWBUFPEJTBUUJWBUF
GVO[JPOBNFOUPTJMFO[JPTPEFMMeVOJU§FTUFSOB
SJTDBMEBUPSFFMFUUSJDPBVTJMJBSJPOFMTFSCBUPJPBDRVBDBMEB
SJTDBMEBNFOUPEFMMeBDRVBTBOJUBSJB
SJEV[JPOFEFMMBUFNQFSBUVSBEFMMeBDRVB
n *DJORVFJOUFSWBMMJEJUFNQPQFSPHOJGVO[JPOFWFOHPOPSJQFUVUJPHOJHJPSOP*MWPTUSPDMJFOUFQPUS§
SFHPMBSFNBOVBMNFOUFJMTJTUFNBOFJHJPSOJJODVJEJWFSTBNFOUFEBMTPMJUPTBS§BDBTBPRVBOEP
TJBM[BQJ‘UBSEJ-FJNQPTUB[JPOJTJEJTBUUJWBOPJONPEPBVUPNBUJDPBMNPNFOUPEFMMeBUUJWB[JPOF
EFMMeJNQPTUB[JPOFTVDDFTTJWB
"41&55*5&$/*$*
'"6AI=:GB6IBH>HI:B6BDCD7AD88D
5VUUJJDPNQPOFOUJJESBVMJDJTPOPTJUVBUJOFMMeVOJU§FTUFSOB
4PMPUVCB[JPOJEFMMeBDRVBUSBMeVOJU§FTUFSOBFJEJTQPTJUJWJEJSJTDBMEBNFOUPJOUFSOJ
3
4
2
$PNQSFTTPSFBEBMUBFGhDJFO[B
7BTPEJFTQBOTJPOF
3JTDBMEBUPSFBVTJMJBSJP
.BOPNFUSPQSFTTJPOFDJSDVJUPJESBVMJDP
"UUBDDPSFGSJHFSBOUF
1SPUF[JPOFBOUJHFMPEFJDPNQPOFOUJJESBVMJDJ
1FSQSPUFHHFSFMFUVCB[JPOJJESBVMJDIFEBM
DPOHFMBNFOUPEVSBOUFJMQFSJPEPJOWFSOBMFUVUUJ
JDPNQPOFOUJJESBVMJDJTPOPJTPMBUJFVOTPGUXBSF
TQFDJBMFBMMePDDPSSFO[BBUUJWBMBQPNQBFJMSJTDBMEBUPSF
EJSJTFSWB2VFTUPJNQFEJTDFBMMBUFNQFSBUVSB
EFMMeBDRVBEJTDFOEFSFBMEJTPUUPEFMQVOUPEJ
DPOHFMBNFOUPFEFMJNJOBMBOFDFTTJU§EJBHHJVOHFSF
HMJDPMFOFMMFUVCB[JPOJJESBVMJDIF
*MTJTUFNBNPOPCMPDDP"MUIFSNB5. EJTQPOJCJMF
JOEJWFSTFWFSTJPOJ
TPMPSJTDBMEBNFOUPPSJTDBMEBNFOUPF
SBGGSFEEBNFOUP
NPOPGBTFPUSJGBTF
EBPL8
1
5
3JTDBMEBUPSF EJ SJTFSWB JOUFHSBUP DPNF GPOUF EJ
SJTDBMEBNFOUPTVQQMFNFOUBSFDPOUFNQFSBUVSFFTUFSOF
FTUSFNBNFOUFSJHJEF*MTJTUFNBNPOPCMPDDP"MUIFSNB5.
EJTQPOFEJTFSJFEJVOSJTDBMEBUPSFEJSJTFSWBEBL8DIF
QV—FTTFSFQPSUBUPBL8QFSVOJU§NPOPGBTF
PL8
QFSVOJU§USJGBTF
JOUFSWFOFOEPTVMDBCMBHHJP 4F OFDFTTBSJP QPTTJCJMF JOTUBMMBSF BMMeJOUFSOP VO
SJTDBMEBUPSFEJSJTFSWBEBL8JOMJOFBBODIFRVFTUP
SFHPMBCJMFBL8PL8
* DPNQSFTTPSJ TDSPMM EFJ NPEFMMJ "MUIFSNB5. F
TPOP TUBUJ QSPHFUUBUJ QFS FTTFSF DPNQBUUJ SFTJTUFOUJ
F TJMFO[JPTJ F HBSBOUJSF VO GVO[JPOBNFOUP
BGhEBCJMFTPOPQSJWJEJWBMWPMFPHJVOUJBSUJDPMBUJ
JOUFHSBUJ
FEFGhDJFOUFHSB[JFBMMBCBTTBQPSUBUB
JOJ[JBMFFBMSBQQPSUPEJDPNQSFTTJPOFDPTUBOUF
("H:G76ID>DE:GEGD9JO>DC::688JBJAD9>68FJ686A96H6C>I6G>6/
QSPWFOJFOUFEBMMeVOJU§JOUFSOBFVOSJTDBMEBUPSFFMFUUSJDP
EJTQPOJCJMFJODBQBDJU§FMJUSJ
JO BDDJBJP TNBMUBUP P BDDJBJP JOPTTJEBCJMF QFS MB
NBTTJNBJHJFOF
EBL8OFMMBQBSUFTVQFSJPSF
VOUFSNJTUPSFQPTUPBMMeJOUFSOPEFMTFSCBUPJPEFMMeBDRVB
DBMEB DPOUSPMMB VOB WBMWPMB B WJF FP VO SJTDBMEBUPSF
BVTJMJBSJPUSBNJUFMeVOJU§JOUFSOB
EJTQPOJCJMJ TFSCBUPJ DPO DBQBDJU§ EJ MJUSJ QFS
J NPEFMMJ B QBSFUF QFS J NPEFMMJ B QBWJNFOUP TPOP
EJTQPOJCJMJTFSCBUPJDPODBQBDJU§EJFMJUSJ
NN EJ NBUFSJBMF JTPMBOUF QSJWP EJ DGD QPMJVSFUBOP
QFSJTFSCBUPJJOBDDJBJPJOPTTJEBCJMFFNNQFSRVFMMJ
JOBDDJBJPTNBMUBUP
DPNQSFOEF FMFNFOUJ TDBMEBOUJ VOP TDBNCJBUPSF EJ
DBMPSFQPTJ[JPOBUPTVMGPOEPEPWFDJSDPMBMeBDRVBDBMEB
2
1
/POEJGPSOJUVSB%BJLJO
"UUBDDIJBDRVBDBMEB
"UUBDDPWBMWPMBMJNJUBUSJDFEJQSFTTJPOF
7BMWPMBMJNJUBUSJDFEJQSFTTJPOFOPOGPSOJUB
2VBESPFMFUUSJDP
$PQFSDIJPRVBESPFMFUUSJDP
"QFSUVSBSJDJSDPMP
"UUBDDPUFSNJTUPSF
"UUBDDPBDRVBJOJOHSFTTP
#BUUFSJBTDBNCJBUPSFEJDBMPSF
5
6
7
8
9
F
10
"UUBDDPVTDJUBSJUPSOP
*OHSFTTPBDRVBGSFEEB
13
'PSPUFSNJTUPSFhMFUUBUPQFSVTPDPOLJU
TPMBSFPQ[JPOBMF$POTVMUBSFJMNBOVBMFEJ
JOTUBMMB[JPOFEJ&,40-)8
11
R
12
C
H
3
4
"41&55*5&$/*$*
H:G76ID>D68FJ686A96BJAI>;JCO>DC:½
"DDJBJPJOPTTJEBCJMFPTNBMUBUP
1FSTPEEJTGBSFMFFTJHFO[FEJUVUUJHMJVUFOUJ%BJLJOPGGSF
UJQJEJTFSCBUPJJOBDDJBJPJOPTTJEBCJMFPTNBMUBUJ&OUSBNCJ
TPOP QSPWWJTUJ EJ BOPEP TBDSJhDBMF QFS QSPUFHHFSF JM
TFSCBUPJPEBMMBDPSSPTJPOF
3FHPMB[JPOFEFMMFUFNQFSBUVSFEJBDDFOTJPOF
FEJTQFHOJNFOUP
*OCBTFBMMFQSPQSJFFTJHFO[F QPTTJCJMFJNQPTUBSF
MBUFNQFSBUVSBNJOJNBFNBTTJNBBMMBRVBMFMeBDRVB
QSFTFOUFOFMTFSCBUPJPEPWS§FTTFSFSJTDBMEBUBEBMMB
QPNQBEJDBMPSF
'VO[JPOFBOUJMFHJPOFMMB
1FS FWJUBSF MP TWJMVQQP EJ CBUUFSJ EFMMB MFHJPOFMMB JM
TFSCBUPJP EFMMeBDRVB DBMEB EPUBUP EFMMB GVO[JPOF
BOUJMFHJPOFMMB º QPTTJCJMF JNQPTUBSF JM QSPHSBNNB QFS
JM SJTDBMEBNFOUP EFMMeBDRVB B VOB DFSUB UFNQFSBUVSB
JNQPTUB[JPOF TUBOEBSE Ä$
JO VO EFUFSNJOBUP
NPNFOUPQFSVOPPQJ‘HJPSOJBMMBTFUUJNBOB
'VO[JPOBMJU§EJTQFHOJNFOUPSJUBSEBUPEFM
SJTDBMEBUPSFBVTJMJBSJP
1FS FWJUBSF BWWJJ F TQFHOJNFOUJ EFM SJTDBMEBUPSF
BVTJMJBSJPUSPQQPGSFRVFOUJ QPTTJCJMFQSPHSBNNBSF
JM TJTUFNB QFSDI TJ TQFOHB BM SBHHJVOHJNFOUP EJ
VOBUFNQFSBUVSBTVQFSJPSFEJNBTTJNPÄ$SJTQFUUP
BRVFMMBJNQPTUBUB
'MFTTJCJMJU§EJDPOUSPMMP
º QPTTJCJMF TFUUBSF EFMMF JNQPTUB[JPOJ QSJPSJUBSJF
QFS MB QSPEV[JPOF EJ BDRVB DBMEB TBOJUBSJB *O
RVFTUP NPEP TJ QPUS§ EJTQPSSF EJ BDRVB DBMEB
TBOJUBSJB EVSBOUF UVUUP MeBSDP EFMMB HJPSOBUB
'VO[JPOBNFOUPOPODPOUFNQPSBOFPEFM
SJTDBMEBUPSFEJSJTFSWBFEFMSJTDBMEBUPSF
BVTJMJBSJP
ºBODIFQPTTJCJMFQSPHSBNNBSFJMTJTUFNBQFSFWJUBSF
JM GVO[JPOBNFOUP TJNVMUBOFP EFM SJTDBMEBUPSF EJ
SJTFSWBFEFMSJTDBMEBUPSFBVTJMJBSJP6OBGVO[JPOBMJU§
JOUFSFTTBOUFQFSMFBCJUB[JPOJDPOMJNJUJEJQPUFO[B
*MSJTDBMEBNFOUPEFMMeBDRVBTBOJUBSJBQV—JOPMUSFFTTFSF
QSPHSBNNBUP TFDPOEP MB UBSJGGB OPUUVSOB 6OeBMUSB
PQQPSUVOJU§QFSVODPOTVNPFOFSHFUJDPJOUFMMJHFOUF
/PO OFDFTTBSJP BMDVO BMMBDDJBNFOUP BMMB SFUF EFM
HBTNFUBOPPEJPMJPDPNCVTUJCJMFOŸBMMBDBOOBEJ
TDBSJDPEJGVNJ
H6E:K6I:8=:###
f"TFHVJUPEFM%13BUUVBUJWPEFMMBSUDPNNB
MFUUFSBB
FC
EFM%MHT OFDFTTBSJP
DPQSJSFUSBNJUFJMDPOUSJCVUPEJJNQJBOUJBMJNFOUBUJ
EBGPOUJEJFOFSHJBSJOOPWBCJMFBMNFOPJMEFM
GBCCJTPHOPBOOVPEJFOFSHJBQSJNBSJBSJDIJFTUB
QFSMBQSPEV[JPOFEJ"DRVB$BMEB4BOJUBSJBOFM
DBTPEJFEJhDJEJOVPWBDPTUSV[JPOFJOTUBMMB[JPOJ
EJOVPWJJNQJBOUJUFSNJDJPSJTUSVUUVSB[JPOFEFHMJ
JNQJBOUJUFSNJDJFTJTUFOUJ-BQSFTFOUFEJTQPTJ[JPOF
TJJOUFOEFSJTQFUUBUBRVBMPSBTJVUJMJ[[JOPBUBMhOF
QPNQFEJDBMPSFDPOQFSGPSNBODFTVQFSJPSJBJ
MJNJUJJOEJDBUJEBJSJTQFUUJWJ%(34JDPOTJEFSBBMUSFTœ
SJTQFUUBUP JM EJTQPTUP RVBMPSB QBSJ GBCCJTPHOP
EJ FOFSHJB QSJNBSJB TJB TPEEJTGBUUP USBNJUF JM
DPOUSJCVUPEJJNQJBOUJBMJNFOUBUJEBGPOUJEJFOFSHJB
SJOOPWBCJMFVUJMJ[[BUJBMhOFEFMMBDMJNBUJ[[B[JPOF
JOWFSOBMFPEFMSJTDBMEBNFOUPBTFDPOEBEFMMB
3FHJPOFJOPHHFUUPGBSFTQFDJhDPSJGFSJNFOUPBJ
SJTQFUUJWJ%(3
q
)"@>IHDA6G:
H6E:K6I:8=:###
>A;JIJGD/A686A96>6HDA6G:
VOBDBMEBJBTPMBSFQFSNFUUFEJBWFSF
.FEJBNFOUFJOVOBOOPJMTPMFGPSOJTDFNFU§EFMMeFOFSHJB
OFDFTTBSJB B QPSUBSF MB UFNQFSBUVSB EFMMeBDRVB TBOJUBSJB
BM MJWFMMP EFTJEFSBUP B DPTUP [FSP 2VFTUB FOFSHJB TPMBSF
HSBUVJUBQV—FTTFSFTGSVUUBUBDPMMFHBOEPVOBDBMEBJBTPMBSF
BMTJTUFNB"MUIFSNB6OBDBMEBJBTPMBSF VOTJTUFNBDIF
TGSVUUB MeFOFSHJB TPMBSF UFSNJDB DPOWFSUFOEP J SBHHJ TPMBSJ
JODBMPSF*MDBMPSFWJFOFJNNBHB[[JOBUPJOVOTFSCBUPJPEJ
BMJNFOUB[JPOFEFMMeBDRVB
BDRVBDBMEBJORVBMTJBTJNPNFOUP
BODIFRVBOEPOPODe JMTPMF *MTJTUFNB
DPNQSFOEFVOQPTUSJTDBMEBUPSFJOUFHSBUP
QFSJOUFOTJhDBSFMeFGGFUUPEFMTPMFOFMMF
HJPSOBUFOVWPMPTF
@>IHDA6G:
*MLJUTPMBSFDPOTFOUFJMQBTTBHHJPEFMDBMPSFHFOFSBUPEBM
TPMFBMTFSCBUPJPEJBDRVBDBMEB"MUIFSNBŒBUUSBWFSTPVOP
TDBNCJBUPSF EJ DBMPSF FTUFSOP 3JTQFUUP BJ TFSCBUPJ EPUBUJ
EJ EVF TDBNCJBUPSJ EJ DBMPSF RVFTUP TJTUFNB QFSNFUUF
EJ SJTDBMEBSF JO NPEP FGhDJFOUF MeJOUFSP DPOUFOVUP EFM
TFSCBUPJPDPOJMDBMPSFTPMBSFFTFOFDFTTBSJPQFSNF[[P
EFMMBQPNQBEJDBMPSF
.POUBHHJPEFMMBDBMEBJBTPMBSF"MUIFSNB5.
DPMMFUUPSFTPMBSFGPSOJUPEBMMeJOTUBMMBUPSF
JNQJBOUPJESBVMJDPFHSVQQPJESBVMJDPTPMBSFGPSOJUPEBMMeJOTUBMMBUPSF
TFSCBUPJPEJBMJNFOUB[JPOFTFSCBUPJPTUBOEBSEBDRVBEPNFTUJDBTBOJUBSJB"MUIFSNB5.
LJUTPMBSF
$PMMFUUPSFTPMBSF
$PMMFUUPSFQJBOP
6OJU§JOUFSOB
4FSCBUPJPBDRVBDBMEBTBOJUBSJB
,JUTPMBSF
(SVQQPJESBVMJDPTPMBSF
"41&55*5&$/*$*
*">AI:GBDHI6ID6B7>:CI:
-eBNQJPEJTQMBZ-$%EFMUFSNPTUBUPBNCJFOUFSJQPSUBUVUUF
MFJOGPSNB[JPOJVUJMJBMMBSBQJEBQSPHSBNNB[JPOFEFMTJTUFNB
"MUIFSNB5. -eVUFOUF QV— OBWJHBSF OFJ EJWFSTJ NFO‘ DIF
DPNQSFOEPOPGSBMFQSJODJQBMJGVO[JPOJFNPEBMJU§
JNQPTUB[JPOFEFMMBUFNQFSBUVSBEFJMPDBMJCBTBUBTV
SJMFWB[JPOJFGGFUUVBUFEBMTFOTPSFJOUFHSBUPPFTUFSOP
NPEBMJU§SBGGSFEEBNFOUPFSJTDBMEBNFOUP
TQFHOJNFOUPDPOGVO[JPOF
QSPUF[JPOFBOUJHFMPJOUFHSBUB
NPEBMJU§WBDBO[B
NPEBMJU§DPNGPSUFGVO[JPOBMJU§SJEPUUF
EBUBHJPSOPFNFTF
UJNFSQSPHSBNNBCJMFTVCBTFTFUUJNBOBMFDPO
QSPHSBNNJTUBOEBSEFQSFJNQPTUBUJ
GVO[JPOFfLFZMPDLq
MJNJUJEJJNQPTUB[JPOF-eJOTUBMMBUPSFQV—
NPEJhDBSFJMJNJUJNBTTJNJFNJOJNJ
'VO[JPOJ
5FSNPTUBUPBNCJFOUFBhMP
&,358
5FSNPTUBUPBNCJFOUFBJOGSBSPTTJ
&,353
4PMPSJTDBMEBNFOUP
9
9
3JTDBMEBNFOUPFSBGGSFEEBNFOUP
9
9
.PEBMJU§DPNGPSU
9
9
.PEBMJU§GVO[JPOBMJU§SJEPUUF
9
9
.PEBMJU§QSPHSBNNB
/VNFSPEJDBNCJEJTFUQPJOU
9
9
HJPSOP
HJPSOP
.PEBMJU§WBDBO[B
9
9
'VO[JPOF0GG
9
9
-JNJUB[JPOFTFUQPJOU
9
9
'VO[JPOFfLFZMPDLq
9
9
1SPUF[JPOFUFNQFSBUVSBQBWJNFOUP
9
TPMPJODPNCJOB[JPOFDPO&,35&54
K6CI6<<>:H8AJH>K>
$POUSPMMPQFSTPOBMJ[[BCJMFSFHPMB[JPOFDMJNBUJDB
-B UFNQFSBUVSB EFMMeBDRVB WBSJB JO GVO[JPOF EFMMB
UFNQFSBUVSBFTUFSOBQFSBWFSFVOMJWFMMPEJSJTDBMEBNFOUP
TUBCJMFJORVBMTJBTJNPNFOUP-eJOTUBMMBUPSFQV—JNQPTUBSFJM
TJTUFNBJOCBTFBMMFFTJHFO[FEFMWPTUSPDMJFOUFºQPTTJCJMF
JNQPTUBSFRVBUUSPUFNQFSBUVSFQFSEFUFSNJOBSFMBDVSWB
DMJNBUJDBEJSJTDBMEBNFOUPBEFHVBOEPJORVFTUPNPEPJM
TJTUFNB"MUIFSNB5.BMMBUJQPMPHJBEJBCJUB[JPOF
3JBWWJPBVUPNBUJDPEPQPVOeJOUFSSV[JPOFEJ
DPSSFOUF
*O DBTP EJ JOUFSSV[JPOF EJ DPSSFOUF JM TJTUFNB SFDVQFSB JO
NPEPBVUPNBUJDPJQBSBNFUSJJNQPTUBUJ
'VO[JPOBNFOUPVMUSBTJMFO[JPTP
-eVOJU§ FTUFSOB FTUSFNBNFOUF TJMFO[JPTB BTTJDVSB MB
USBORVJMMJU§ EPNFTUJDB F CVPOJ SBQQPSUJ DPO JM WJDJOBUP
º
JOPMUSFQPTTJCJMFJNQPTUBSFMeVOJU§FTUFSOBJONPEPEBSJEVSSF
MBSVNPSPTJU§EJGVO[JPOBNFOUPOPUUVSOPEJE#"
3JTDBMEBNFOUPFMFUUSJDPBVTJMJBSJP
0HOJ TJTUFNB "MUIFSNB5. EPUBUP EJ VO SJTDBMEBUPSF EJ
SJTFSWB DBQBDJU§ EJ SJTDBMEBNFOUP EJ P L8
2VFTUP
QV— FTTFSF VUJMJ[[BUP B GSPOUF EJ VOB NBHHJPSF SJDIJFTUB
EJ SJTDBMEBNFOUP DBVTBUB EB UFNQFSBUVSF FTUFSOF
FTUSFNBNFOUF SJHJEF P DPNF SJTFSWB JO DBTP EJ QSPCMFNJ
EFMMVOJU§ FTUFSOB 1FS VO SJTDBMEBNFOUP DPOGPSUFWPMF JO
RVBMTJBTJDPOEJ[JPOF
H6E:K6I:8=:###
DPOMBQPNQBEJDBMPSF"MUIFSNB5.
MBUFNQFSBUVSBEFMMeBDRVBTBOJUBSJB
QV—SBHHJVOHFSFHMJÄ$MB
UFNQFSBUVSBEFMMeBDRVBDBMEBQFSJM
SJTDBMEBNFOUP DPNQSFTBGSBJF
JÄ$Ä$QFSNPEFMMJQJ‘QJDDPMJ
FRVFMMBEFMMeBDRVBGSFEEBQFSJM
SBGGSFEEBNFOUPGSBJFJÄ$ "41&55*&$0/0.*$*
(#
#6HE:II>:8DCDB>8>
(MJVUFOUJTPOPPHHJQJ‘DIFNBJDPOTBQFWPMJEFJDPTUJEFMSJTDBMEBNFOUP
%FWPOPGBSGSPOUFOPOTPMPBMMeBVNFOUPEFJQSF[[JEJNFUBOPFPMJPDPNCVTUJCJMFNBBODIFBMMBMJNJUBUBEJTQPOJCJMJU§EJDPNCVTUJCJMJ
GPTTJMJFBMQSPCMFNBEFMMFFNJTTJPOJEJ$0
-eJOUFSFTTFQFSMFTPMV[JPOJEJSJTDBMEBNFOUPFGhDJFOUFEBMQVOUPEJWJTUBFOFSHFUJDPTUBBVNFOUBOEP
*MHSBhDPTPUUPSJQPSUBUPFWJEFO[JBMeFGGFUUPQPTJUJWPFTFSDJUBUPEBMMBQPNQBEJDBMPSF"MUIFSNB5.TVJDPOTVNJFOFSHFUJDJFQSPQPOF
VODPOGSPOUPDPOJTJTUFNJEJSJTDBMEBNFOUPBHBTPPMJPDPNCVTUJCJMF
EBMBMMeBDPTUP[FSP
1&3QSJNBSZFOFSHZSBUJP
AZ XVaYV^Z V edbeV Y^ XVadgZ hdcd bdaid e^‘ Z[ÒX^Zci^ ZY ZXdcdb^X]Z YZ^
h^hiZb^ Y^ g^hXVaYVbZcid igVY^o^dcVa^ V XdbWjhi^W^aZ [dhh^aZ# 6ai]ZgbVIB
\ZcZgV VabZcd ( " * `L Y^ XVadgZ V Xdhid oZgd eZg d\c^ `L Y^ ZaZiig^X^i|
ji^a^ooVid#JcWjdc^ckZhi^bZcid
GVeegZhZciV ^a gVeedgid [gV aZcZg\^V ji^aZ egdYdiiV Z aZcZg\^V eg^bVg^V ^c
^c\gZhhd!iZcZcYdXdcidYZaaZ[ÒX^ZcoVY^egdYjo^dcZYZaaZaZiig^X^i|ZYZaaV
Y^hig^Wjo^dcZY^ZaZiig^X^i|#
8DHI>9>:H:G8>O>D/
76HHD8DCHJBD9>:C:G<>6EG>B6G>6
8dcY^o^dc^/ZcZg\^Vg^X]^ZhiVVccjVabZciZeZg^ag^hXVaYVbZcid/'%#%%%`L]#
;dciZ/egZoo^YZaaZcZg\^VWVhVi^hjhiVi^hi^X]Z:JGDHI6IPeg^bdhZbZhigZ
'%%,R#
8dcY^o^dc^/eZg^h^hiZb^VXdbWjhi^dcZ^akVadgZE:GZfj^kVaZVaaZ[ÒX^ZcoV
\ZcZgVaZ YZa h^hiZbV! bZcigZ eZg aZ edbeZ Y^ XVadgZ Zfj^kVaZ Va [ViidgZ
Y^ gZcY^bZcid hiV\^dcVaZ bdai^ea^XVid eZg aZ[ÒX^ZcoV Y^ egdYjo^dcZ
YZaaZaZiig^X^i|aVXj^bZY^VZjgdeZVƒeVg^V%!)#
&')
&%%
+-
.(
-'
-.
7bj^[hcWJCXVaYV^VVedbeV
Y^XVadgZVg^V$VXfjV
8VaYV^VV\Vh
8VaYV^VVda^dXdbWjhi^W^aZ
H6E:K6I:8=:###
6OQPeEJWFOUJMB[JPOFOFMMFBCJUB[JPOJNPMUP
CFOJTPMBUFDPOUSJCVJTDFBDSFBSFVOBNCJFOUF
JOUFSOPTBMVCSF*MQSJODJQJP NPMUPTFNQMJDF
TJJNNFUUFBSJBGSFTDBEBMMeFTUFSOPFTJSJNVPWF
BSJBJOUFSOBDPOUBNJOBUB
:B>HH>DC>6CCJ6A>B:9>:9>8D'
Altherma JC
2660
$BMEBJBBHBT
4344
$BMEBJBBPMJPDPNCVTUJCJMF
&TJTUPOP JO UPUBMF NPEJ EJ JOUSPEV[JPOF
FEFTUSB[JPOFEFMMeBSJB4PMPVOPEJRVFTUJ FGhDJFOUFBMJWFMMPFOFSHFUJDPMBWFOUJMB[JPOF
BSFDVQFSPEJDBMPSF%BMMeBSJBDPOUBNJOBUB
WJFOF SFDVQFSBUB VOB HSBOEF RVBOUJU§ EJ
FOFSHJBJOTFHVJUPUSBTNFTTBBMMeBSJBQSFMFWBUB
EBMMeFTUFSOP
-eJOTUBMMB[JPOFEJVOTJTUFNBEJWFOUJMB[JPOFB
SFDVQFSPEJDBMPSFDPOUSJCVJTDFBEJNJOVJSFMB
SJDIJFTUBEJDBMPSFFBEBVNFOUBSFMBRVBMJU§
EFMMeBCJUB[JPOFTUFTTB
6045
0
1000 2000 3000 4000 5000 6000 LHBOOP
$BMDPMJFTFHVJUJTVMMBCBTFEFJEBUJGPSOJUJEB&VSFMFDUSJD"TTPDJB[JPOF
EFMMeJOEVTUSJBFVSPQFBEFMMeFMFUUSJDJU§
f&VSFMFD1SPHBNqGPS&6
G>9DII::B>HH>DC>9>8D'
"MUIFSNB5.OPOQSPEVDFFNJTTJPOJEJ$0EJSFUUFFWJQFSNFUUF
EJDPOUSJCVJSFJOQSJNBQFSTPOBBMMBTBMWBHVBSEJBEFMMeBNCJFOUF
-B QPNQB BMJNFOUBUB FMFUUSJDBNFOUF NB BODIF TFO[B
MeVUJMJ[[P EJ FOFSHJB SJOOPWBCJMF MF FNJTTJPOJ EJ $0 TPOP
EFDJTBNFOUFJOGFSJPSJBRVFMMFEFMMFDBMEBJFBDPNCVTUJCJMJGPTTJMJ
)#
#>AHD;IL6G:
*M TPGUXBSF "MUIFSNB5. %BJLJO GPSOJTDF JOEJDB[JPOJ SBQJEF F
TFNQMJDJTVJWBOUBHHJEFMTJTUFNB"MUIFSNB5.
*OTFSFOEP BMDVOJ QBSBNFUSJ RVBMJ MeVCJDB[JPOF MB TVQFShDJF
EFMMeBSFB EB SJTDBMEBSF MB DBQBDJU§ EJ SJTDBMEBNFOUP SJDIJFTUB
MF UFNQFSBUVSF JO JOHSFTTP F VTDJUB EFMMeBDRVB EFMMB SFUF
EJ EJTUSJCV[JPOF F J QSF[[J MPDBMJ EFMMeFOFSHJB JM QSPHSBNNB
WJTVBMJ[[BJTFHVFOUJEFUUBHMJEJTJNVMB[JPOF
&MFODPNBUFSJBMJDPOTQFDJhDIFUFDOJDIF
(SBhDJEJTJNVMB[JPOF
B
DBQBDJU§EJSJTDBMEBNFOUPVUJMFFSJDIJFTUBDPOJOEJDB[JPOFEFMWBMPSF41'P$01TUBHJPOBMF
C
EVSBUBEFMQFSJPEPEJSJTDBMEBNFOUPJOGVO[JPOFEFMMBUFNQFSBUVSBFTUFSOB
D
DPTUJFOFSHFUJDJBOOVBMJSJTQFUUPBJTJTUFNJEJSJTDBMEBNFOUPBNFUBOPPDPNCVTUJCJMFGPTTJMF
E
RVBOUJU§UPUBMFBOOVBMFEFMMFFNJTTJPOJEJ$0JOUPOOFMMBUFSJTQFUUPBJTJTUFNJEJSJTDBMEBNFOUPBNFUBOPPDPNCVTUJCJMF
GPTTJMF
F
DPOTVNJFOFSHFUJDJNFOTJMJJOL8I
G
DPTUJFOFSHFUJDJNFOTJMJJO€
H
RVBOUJU§UPUBMFEJFOFSHJBUFSNJDBJOL8IJOGVO[JPOFEFMMBUFNQFSBUVSBFTUFSOB
I
DBMPSFJSSBEJBUPQFSNJOL8IN
BMNFTF
$POTVNJFOFSHFUJDJL8I
1PNQBEJDBMPSFHJPSOP
1PNQBEJDBMPSFOPUUF
&MFNFOUPFMFUUSJDPHJPSOP
.FTF
(FO
'FC
.BS
"QS
.BH
(JV
-VH
"HP
4FU
0UU
/PW
%JD
&MFNFOUPFMFUUSJDPOPUUF
B6CJI:CO>DC:
96AA666AA6O
"MUIFSNB QV— FTTFSF VUJMJ[[BUP JO EJWFSTF
DPOhHVSB[JPOJ BVUPOPNBNFOUF DPO VO
SJTDBMEBUPSF EJ SJTFSWB P JO DPNCJOB[JPOF DPO
VOBDBMEBJBFTJTUFOUFBDPNCVTUJCJMFGPTTJMF1FS
JOTUBMMBSF MB WPTUSB TPMV[JPOF UPUBMF "MUIFSNB
QPUFUFSJWPMHFSWJBVOJOTUBMMBUPSFDFSUJhDBUPEFMMB
WPTUSB[POB1PUS§PGGSJSWJUVUUBMeFTQFSJFO[BFMB
DPNQFUFO[BDIFTFSWPOPQFSJOTUBMMBSFJMWPTUSP
TJTUFNB WFMPDFNFOUF F DPSSFUUBNFOUF QFS
QSFTUB[JPOJTFNQSFPUUJNBMJ
H6E:K6I:8=:½
%BJLJOIBQSFEJTQPTUPVOBTFSJFEJTJUJEJ
NPOJUPSBHHJPJO4DBOEJOBWJB1PSUPHBMMP
'SBODJB#FMHJP
EPWF"MUIFSNB5.
WJFOFUFTUBUPJODPOEJ[JPOJDMJNBUJDIF
DPNQMFUBNFOUFEJWFSTF/FJMVPHIJJO
DVJ TUBUPNPOJUPSBUPJMTJTUFNBIB
EBUPHSBOEJTPEEJTGB[JPOJQJ‘DPNGPSU
UFNQFSBUVSBJOUFSOBTUBCJMFCBTTJ
DPOTVNJFOFSHFUJDJFBDRVBDBMEBTFNQSF
EJTQPOJCJMFJOQSFTFO[BEJRVBMTJBTJ
DPOEJ[JPOFDMJNBUJDB
96I>I:8C>8>
*#
#
6AI=:GB6IB6EEA>86O>DC>JC>I¿>CI:GC6":HI:GC6
"QQMJDB[JPOFfTPMPSJTDBMEBNFOUPqDPOUFSNPTUBUPBNCJFOUFDPMMFHBUPBMMeVOJU§JOUFSOB
6OJU§FTUFSOB
6OJU§JOUFSOB
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMB
$PMMFUUPSFOPOGPSOJUP
7BMWPMB
')-s
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUPOPOGPSOJUP
5 5FSNPTUBUPBNCJFOUF
4DIFNBFTFNQMJhDBUJWP
"QQMJDB[JPOFfSJTDBMEBNFOUPqFfQSPEV[JPOFEJBDRVBDBMEBTBOJUBSJBq
-BUFNQFSBUVSBEJPHOJBNCJFOUF SFHPMBUBEBVOBWBMWPMBQFSPHOJDJSDVJUPJESBVMJDP-eBDRVBDBMEBTBOJUBSJBWJFOFFSPHBUB
EBMTFSCBUPJPEJBDRVBDBMEBDPMMFHBUPBMMeVOJU§JOUFSOB
6OJU§FTUFSOB
6OJU§JOUFSOB
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMB
$PMMFUUPSFOPOGPSOJUP
7BMWPMB
7BMWPMBBWJFNPUPSJ[[BUB
7BMWPMBEJTJDVSF[[BQSFTTJPOF
3JTDBMEBUPSFBVTJMJBSJP
4DBNCJBUPSFEJDBMPSFBTQJSBMF
4FSCBUPJPBDRVBDBMEBTBOJUBSJB
')-s
5
4DIFNBFTFNQMJhDBUJWP
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUPOPOGPSOJUF
s5FSNPTUBUPBNCJFOUFTJOHPMP
%"5*5&$/*$*
"QQMJDB[JPOFfSJTDBMEBNFOUPSBGGSFEEBNFOUPqUSBNJUFVOUFSNPTUBUPBNCJFOUFFfQSPEV[JPOFEJBDRVB
DBMEBTBOJUBSJBq
3JTDBMEBNFOUPUSBNJUFMFUVCB[JPOJEFMSJTDBMEBNFOUPBQBWJNFOUPPVOJU§GBODPJM3BGGSFEEBNFOUPDPOMeVUJMJ[[PEFMMFTPMF
VOJU§GBODPJM
-eBDRVBDBMEBTBOJUBSJBWJFOFFSPHBUBEBMTFSCBUPJPEJBDRVBDBMEBDPMMFHBUPBMMeVOJU§JOUFSOB
6OJU§FTUFSOB
6OJU§JOUFSOB
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMB
$PMMFUUPSFOPOGPSOJUP
7BMWPMB
7BMWPMBBWJFNPUPSJ[[BUB
3JTDBMEBUPSFBVTJMJBSJP
4DBNCJBUPSFEJDBMPSFBTQJSBMF
4FSCBUPJPBDRVBDBMEBTBOJUBSJB
7BMWPMBBWJFNPUPSJ[[BUBOPOGPSOJUP
'$6s
6OJU§GBODPJMOPOGPSOJUF
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUPOPOGPSOJUF
5 5FSNPTUBUPBNCJFOUFDPODPNNVUB[JPOF
SBGGSFEEBNFOUPSJTDBMEBNFOUP
')-s
4DIFNBFTFNQMJhDBUJWP
"QQMJDB[JPOJCJWBMFOUJ
6OJU§FTUFSOB
6OJU§JOUFSOB
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMB
$PMMFUUPSFOPOGPSOJUP
7BMWPMB
7BMWPMBBWJFNPUPSJ[[BUB
3JTDBMEBUPSFBVTJMJBSJP
4DBNCJBUPSFEJDBMPSFBTQJSBMF
4FSCBUPJPBDRVBDBMEBTBOJUBSJB
%JTQPTJUJWPEJSJTDBMEBNFOUPFTUFSOP
OPOGPSOJUP
7BMWPMBUFSNPTUBUJDBOPOGPSOJUB
7BMWPMBOPOGPSOJUB
7BMWPMBBVOBWJBOPOGPSOJUB
')-s
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUPOPOGPSOJUP
," 3FM EJBUUJWB[JPOFEFMMeVOJU§
&,)#OPOGPSOJUP
," 3FM EJBUUJWB[JPOFEFMTFSCBUPJP
BDRVBDBMEBOPOGPSOJUP
5 5FSNPTUBUPBNCJFOUF
4DIFNBFTFNQMJhDBUJWP
#H>HI:B6BDCD7AD88D
"QQMJDB[JPOFfTPMPSJTDBMEBNFOUPqDPOUFSNPTUBUPBNCJFOUFDPMMFHBUPBMMeVOJU§JOUFSOB
6OJU§
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMBEJJOUFSDFUUB[JPOF
$PMMFUUPSFOPOGPSOJUP
')-s
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUPOPOGPSOJUF
5 5FSNPTUBUPBQBWJNFOUPOPOGPSOJUP
* *OUFSGBDDJBVUFOUF
4DIFNBFTFNQMJhDBUJWP
"QQMJDB[JPOFfSJTDBMEBNFOUPqFfQSPEV[JPOFEJBDRVBDBMEBTBOJUBSJBq
-BUFNQFSBUVSBEJPHOJBNCJFOUF SFHPMBUBEBVOBWBMWPMBQFSPHOJDJSDVJUPJESBVMJDP-eBDRVBDBMEBQFSVTPEPNFTUJDP
WJFOFEJTUSJCVJUBEBMTFSCBUPJPEFMMeBDRVBDBMEBTBOJUBSJBDPMMFHBUPBMMeVOJU§
6OJU§
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMBEJJOUFSDFUUB[JPOF
$PMMFUUPSFOPOGPSOJUP
7BMWPMBBWJFNPUPSJ[[BUB
7BMWPMBEJCZQBTTOPOGPSOJUB
3JTDBMEBUPSFBVTJMJBSJP
#BUUFSJBTDBNCJBUPSFEJDBMPSF
4FSCBUPJPBDRVBDBMEBTBOJUBSJB
')-s
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUP OPOGPSOJUF
5 s 5FSNPTUBUPBNCJFOUFTJOHPMP
OPOGPSOJUP
. s 7BMWPMBNPUPSJ[[BUBTJOHPMBQFS
JMDPOUSPMMPEFMDJSDVJUP
')-OPOGPSOJUB
* *OUFSGBDDJBVUFOUF
4DIFNBFTFNQMJhDBUJWP
%"5*5&$/*$*
"QQMJDB[JPOFfSJTDBMEBNFOUPSBGGSFEEBNFOUPqUSBNJUFVOUFSNPTUBUPBNCJFOUFFfQSPEV[JPOFEJBDRVB
DBMEBTBOJUBSJBq
3JTDBMEBNFOUPUSBNJUFMFUVCB[JPOJEFMSJTDBMEBNFOUPBQBWJNFOUPPVOJU§GBODPJM3BGGSFEEBNFOUPDPOMeVUJMJ[[PEFMMFTPMF
VOJU§GBODPJM
-eBDRVBDBMEBQFSVTPEPNFTUJDPWJFOFFSPHBUBEBMTFSCBUPJPEFMMeBDRVBDBMEBTBOJUBSJBDPMMFHBUPBMMeVOJU§
6OJU§
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMBEJJOUFSDFUUB[JPOF
$PMMFUUPSFOPOGPSOJUP
7BMWPMBBWJFNPUPSJ[[BUB
3JTDBMEBUPSFBVTJMJBSJP
#BUUFSJBTDBNCJBUPSFEJDBMPSF
4FSCBUPJPBDRVBDBMEBTBOJUBSJB
7BMWPMBBWJFNPUPSJ[[BUBOPO
GPSOJUB
'$6s
')-s
5
*
6OJU§GBODPJMOPOGPSOJUB
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUPOPOGPSOJUF
5FSNPTUBUPBNCJFOUFDPO
DPNNVUB[JPOFSBGGSFEEBNFOUP
SJTDBMEBNFOUPOPOGPSOJUP
*OUFSGBDDJBVUFOUF
4DIFNBFTFNQMJhDBUJWP
"QQMJDB[JPOFfSJTDBMEBNFOUPSBGGSFEEBNFOUPqTFO[BUFSNPTUBUPBNCJFOUF
NBEPUBUBEJVOTPMPUFSNPTUBUPBNCJFOUFQFSJMDPOUSPMMPEFMSJTDBMEBNFOUPBQBWJNFOUPFVOUFSNPTUBUPSBGGSFEEBNFOUP
SJTDBMEBNFOUPQFSJMDPOUSPMMPEFMMFVOJU§GBODPJM
6OJU§
4DBNCJBUPSFEJDBMPSF
1PNQB
7BMWPMBEJJOUFSDFUUB[JPOF
$PMMFUUPSFOPOGPSOJUP
7BMWPMBEJCZQBTTOPOGPSOJUB
7BMWPMBBWJFNPUPSJ[[BUBQFS
EJTBUUJWBSFJMSJTDBMEBNFOUPB
QBWJNFOUPEVSBOUFMBNPEBMJU§
SBGGSFEEBNFOUPOPOGPSOJUB
7BMWPMBBWJFNPUPSJ[[BUBQFSBUUJWBSF
JMUFSNPTUBUPBNCJFOUFOPOGPSOJUB
'$6s
')-s
5
5
4DIFNBFTFNQMJhDBUJWP
*
6OJU§GBODPJMDPO
UFSNPTUBUPOPOGPSOJUF
5VCB[JPOJSJTDBMEBNFOUPB
QBWJNFOUPOPOGPSOJUF
5FSNPTUBUPBNCJFOUFTPMP
SJTDBMEBNFOUPOPOGPSOJUP
5FSNPTUBUPBNCJFOUFTJOHPMP
QFSBNCJFOUJSJTDBMEBUJSBGGSFEEBUJ
DPOGBODPJMOPOGPSOJUP
*OUFSGBDDJBVUFOUF
#JC>I¿>CI:GC6:9:HI:GC6
JC>I¿>CI:GC6
'VO[JPOF
%JNFOTJPOJ
"Y-Y1
NN
*OUFSWBMMPUFNQFSBUVSB
SJTDBMEBNFOUP
Ä$
BDRVBJOVTDJUB
SBGGSFEEBNFOUP
Ä$
&,)#)&""
&,)#9&""
&,)#)"#
4PMPSJTDBMEBNFOUP
3FWFSTJCJMF
4PMPSJTDBMEBNFOUP
3FWFSTJCJMF
YY
YY
YY
YY
_
_
&,)#9"#
_
7BMWPMBEJTDBSJDP
_
Tœ
.BUFSJBMF
"DDJBJP[JODBUPWFSOJDJBUPJOQPMJFTUFSFFQPTTJEJDP
$PMPSF
#JBODPOFVUSP3"-
G>H86A96IDG:BDCI6ID>C;677G>86
L8
HSBEJOJEJQBS[JBMJ[[B[JPOF
BMJNFOUB[JPOF
&,)#)9
""7&,)#)9
"#7
NPOPGBTF7
&,)#)9
""7&,)#)9
"#7
NPOPGBTF7
&,)#)9
""8/&,)#)9
"#8/
USJGBTF7
&,)#)9
""8/&,)#)9
"#8/
USJGBTF7
&3)2"%
&3)2"%
'VO[JPOBNFOUPEFMSJTDBMEBUPSFEJSJTFSWBDPNQSFTPGSBÄ$FÄ$
JC>I¿:HI:GC6
&3)2"%
%JNFOTJPOJ
$BQBDJU§OPNJOBMF
"Y-Y1
NN
YY
SJTDBMEBNFOUP
L8
SBGGSFEEBNFOUP
L8
SJTDBMEBNFOUP
L8
SBGGSFEEBNFOUP
L8
$01
&&3
1PUFO[BOPNJOBMF
SJTDBMEBNFOUP
$BNQPEJGVO[JPOBNFOUP SBGGSFEEBNFOUP
BDRVBTBOJUBSJB
-JWFMMPQPUFO[BTPOPSB
-JWFMMPQSFTTJPOFTPOPSB
_
Ä$
_
Ä$
_
SJTDBMEBNFOUP
E#"
SBGGSFEEBNFOUP
E#"
SJTDBMEBNFOUP
E#"
SBGGSFEEBNFOUP
E#"
LH
3"
LH
1FTP
$BSJDBEJSFGSJHFSBOUF
Ä$
"MJNFOUB[JPOF
_7)[
'VTJCJMJDPOTJHMJBUJ
"
*WBMPSJEJDIJBSBUJTPOPSJGFSJUJBMMFTFHVFOUJDPOEJ[JPOJ3JTDBMEBNFOUP5B#4#6Ä$Ä$-8$Ä$%5Ä$
3BGGSFEEBNFOUP5BÄ$-8&Ä$%5Ä$
'VO[JPOBNFOUPEFMSJTDBMEBUPSFBVTJMJBSJPBQBSUJSFEBÄ$
&3)2"
%JNFOTJPOJ
$BQBDJU§OPNJOBMF
1PUFO[BOPNJOBMF
"Y-Y1
NN
&3)2"
&3)2"
&3)2"8
YY
&3)2"8
&3)2"8
YY
SJTDBMEBNFOUP
L8
SBGGSFEEBNFOUP
L8
SJTDBMEBNFOUP
L8
SBGGSFEEBNFOUP
L8
$01
&&3
SJTDBMEBNFOUP
$BNQPEJGVO[JPOBNFOUP SBGGSFEEBNFOUP
BDRVBTBOJUBSJB
-JWFMMPQPUFO[BTPOPSB
-JWFMMPQSFTTJPOFTPOPSB
_
_
_
Ä$
_
_
SJTDBMEBNFOUP
E#"
E#"
SJTDBMEBNFOUP
E#"
SBGGSFEEBNFOUP
E#"
LH
3"
LH
_7)[
/_7)[
"MJNFOUB[JPOF
'VTJCJMJDPOTJHMJBUJ
_
SBGGSFEEBNFOUP
1FTP
$BSJDBEJSFGSJHFSBOUF
Ä$
Ä$
"
*WBMPSJEJDIJBSBUJTPOPSJGFSJUJBMMFTFHVFOUJDPOEJ[JPOJ3JTDBMEBNFOUP5B#4#6Ä$Ä$-8$Ä$%5Ä$
3BGGSFEEBNFOUP5BÄ$-8&Ä$%5Ä$
'VO[JPOBNFOUPEFMSJTDBMEBUPSFBVTJMJBSJPBQBSUJSFEBÄ$
%"5*5&$/*$*
#H>HI:B6BDCD7AD88D
JC>I¿:HI:GC6
40-03*4$"-%".&/50
.0/0'"4&
$BQBDJU§OPNJOBMF
1PUFO[BOPNJOBMF
4FO[BSJTDBMEBUPSFEFMMB
QJBTUSBEJGPOEP
3JTDBMEBNFOUP
L8
3BGGSFEEBNFOUP
3&7&34*#*-&
&%)2"7
&%)2"7
&%)2"7
&#)2"7
&#)2"7
L8
3JTDBMEBNFOUP
L8
3BGGSFEEBNFOUP
L8
$01
&&3
3JTDBMEBNFOUP
$BNQPEJGVO[JPOBNFOUP 3BGGSFEEBNFOUP
"DRVBTBOJUBSJB
-JWFMMPQPUFO[BTPOPSB
-JWFMMPQSFTTJPOFTPOPSB
E#"
E#"
3JTDBMEBNFOUP
E#"
3BGGSFEEBNFOUP
E#"
_
_
_
_
LH
LH
"MJNFOUB[JPOF
'VTJCJMJDPOTJHMJBUJ
_
Ä$
3BGGSFEEBNFOUP
3"
Ä$
3JTDBMEBNFOUP
1FTP
$BSJDBEJSFGSJHFSBOUF
Ä$
&#)2"7
"
_7)[
_7)[
*WBMPSJEJDIJBSBUJTPOPSJGFSJUJBMMFTFHVFOUJDPOEJ[JPOJ3JTDBMEBNFOUP5B#4#6Ä$Ä$-8$Ä$%5Ä$
3BGGSFEEBNFOUP5BÄ$-8&Ä$%5Ä$
'VO[JPOBNFOUPEFMSJTDBMEBUPSFBVTJMJBSJPBQBSUJSFEBÄ$
40-03*4$"-%".&/50
53*'"4&
$BQBDJU§OPNJOBMF
1PUFO[BOPNJOBMF
4FO[BSJTDBMEBUPSFEFMMB
QJBTUSBEJGPOEP
3JTDBMEBNFOUP
L8
3&7&34*#*-&
&%)2"8
&%)2"8
&%)2"8
&#)2"8
&#)2"8
&#)2"8
3BGGSFEEBNFOUP L8
3JTDBMEBNFOUP
L8
3BGGSFEEBNFOUP L8
$01
&&3
3JTDBMEBNFOUP
_
Ä$
$BNQPEJGVO[JPOBNFOUP 3BGGSFEEBNFOUP Ä$
-JWFMMPQPUFO[BTPOPSB
-JWFMMPQSFTTJPOFTPOPSB
"DRVBTBOJUBSJB
Ä$
_
_
3JTDBMEBNFOUP
E#"
E#"
3JTDBMEBNFOUP
E#"
3BGGSFEEBNFOUP
E#"
LH
3"
LH
"MJNFOUB[JPOF
'VTJCJMJDPOTJHMJBUJ
_
3BGGSFEEBNFOUP
1FTP
$BSJDBEJSFGSJHFSBOUF
_
"
/_7)[
/_7)[
*WBMPSJEJDIJBSBUJTPOPSJGFSJUJBMMFTFHVFOUJDPOEJ[JPOJ3JTDBMEBNFOUP5B#4#6Ä$Ä$-8$Ä$%5Ä$
3BGGSFEEBNFOUP5BÄ$-8&Ä$%5Ä$
'VO[JPOBNFOUPEFMSJTDBMEBUPSFBVTJMJBSJPBQBSUJSFEBÄ$
H:G76ID>D68FJ686A96H6C>I6G>6
7PMVNFBDRVB
M
.BYUFNQFSBUVSBBDRVB
Ä$
"MUF[[B
NN
%JBNFUSP
NN
3JTDBMEBUPSFBVTJMJBSJP
L8
&,)84#7
&,)84#7
&,)84#7
"MJNFOUB[JPOF
NPOPGBTF7)[
.BUFSJBMFJOUFSOPTFSCBUPJP
"DDJBJPJOPY%*/
.BUFSJBMFHVTDJPFTUFSOP
"DDJBJPEPMDFSJWFTUJUPJOSFTJOBFQPTTJEJDB
$PMPSF
#JBODPOFVUSP
1FTPWVPUP
LH
&,)8&"7
*OTUBMMB[JPOF
&,)8&"7
&,)8&"7
1BWJNFOUP
7PMVNFBDRVB
M
.BYUFNQFSBUVSBBDRVB
Ä$
"MUF[[B
NN
%JBNFUSP
NN
3JTDBMEBUPSFBVTJMJBSJP
L8
&,)8&5"7
1BSFUF
"MJNFOUB[JPOF
NPOPGBTF7)[
NPOPGBTF7)[
.BUFSJBMFJOUFSOPTFSCBUPJP
"DDJBJPTNBMUBUPJODPOGPSNJU§B%*/5-
.BUFSJBMFHVTDJPFTUFSOP
"DDJBJPDPOSJWFTUJNFOUPFQPTTJEJDP
$PMPSF
#JBODPOBUVSBMF3"-
1FTPWVPUP
LH
5&3.045"50
3*$&7*503&
&,35&54
01;*0/"-&
@>IHDA6G:
&,40-)8
%JNFOTJPOJ
4DBNCJBUPSFEJDBMPSF
"Y-Y1
NN
YY
QFSEJUBEJDBSJDP
L1"
NBYUFNQJOHS
Ä$
DBQBDJUªEJTDBNCJPUFSNJDP 8,
5FNQFSBUVSBFTUFSOB
NBY
Ä$
NJO
Ä$
"MJNFOUB[JPOF
_7)[
*OHSFTTPBMJNFOUB[JPOF
6OJU§JOUFSOB
I:GBDHI6ID6B7>:CI:
&,358
%JNFOTJPOJ
"Y-Y1
NN
YY
YY
YY
-VOHIF[[BDBWPN
1FTP
1FTPOFUUP
H
Ä$
_
_
Ä$
_
_
4œ
4œ
#BOEBQSPQPS[JPOBMF
#BOEBQSPQPS[JPOBMF
*OUFSWBMMPEJTFUQPJOUEFMMB 3JTDBMEBNFOUP
UFNQFSBUVSB
UFSNPTUBUPSJDFWJUPSF
BJOGSBSPTTJ
&,353
0SPMPHJP
'VO[JPOFEJSFHPMB[JPOF
3BGGSFEEBNFOUP
"44*45&/;"
+# 96>@>C!
H:BEG:6KDHIG69>HEDH>O>DC:
B6CJI:CO>DC:
96AA666AA6O
%FTJEFSBUFBTTJTUFO[BQFSMeJOTUBMMB[JPOFPMBGBTFEJTUBSUVQ "WFUFQSPCMFNJOFMMBSJTPMV[JPOFEJQSPCMFNJUFDOJDJ #BTUFS§
VOBTFNQMJDFUFMFGPOBUBFSJDFWFSFUFUVUUPJMTVQQPSUPOFDFTTBSJP
1PUFSFGBSFTFNQSF
BGhEBNFOUP
TV%BJLJO
TJBNPBWPTUSB
EJTQPTJ[JPOF
H6E:K6I:8=:½
Daikin vanta oltre 50 anni
di esperienza nel settore
delle pompe di calore e
ne commercializza oltre
un milione ogni anno per
applicazioni residenziali
e commerciali?
CDI:
2VFTUB
96>@>C!JCE6GIC:G6;;>967>A:
%BJLJO MPTQFDJBMJTUBJOTJTUFNJEJDMJNBUJ[[B[JPOFQFSBCJUB[JPOJQSJWBUFFQFS
HSBOEJ TQB[J DPNNFSDJBMJ F JOEVTUSJBMJ 'BDDJBNP EFM OPTUSP NFHMJP QFSDI J
WPTUSJDMJFOUJTJBOPTPEEJTGBUUJBM
QVCCMJDB[JPOF
QVSBNFOUF
IB
JOGPSNBUJWP
TDPQP
F
OPO
DPTUJUVJTDF VOePGGFSUB WJODPMBOUF QFS
%BJLJO"JS$POEJUJPOJOH*UBMZ
%BJLJO "JS $POEJUJPOJOH *UBMZ IB SFEBUUP
MB QSFTFOUF QVCCMJDB[JPOF BM NFHMJP
EFMMF QSPQSJF DPOPTDFO[F /PO TJ
GPSOJTDF BMDVOB HBSBO[JB JNQMJDJUB TVMMB
EGD9DII>>CCDK6I>K>9><G6C9:FJ6A>I¿
*OOPWB[JPOFFRVBMJU§TPOPEBTFNQSFJQJMBTUSJEFMMBhMPTPhB%BJLJO5VUUPJM
UFBN%BJLJOWJFOFDPOUJOVBNFOUFBHHJPSOBUPQFSGPSOJSWJJNJHMJPSJDPOTJHMJ
FJOGPSNB[JPOJ
DPNQMFUF[[BMeBDDVSBUF[[BMeBGhEBCJMJU§
P MeJEPOFJU§ QFS TDPQJ QBSUJDPMBSJ EFM
DPOUFOVUP EFMMB QSFTFOUF QVCCMJDB[JPOF
P EFJ QSPEPUUJ P TFSWJ[J
RVJ EFTDSJUUJ *
EBUJUFDOJDJFEJQSF[[J
TPOPTPHHFUUJB
NPEJhDIFTFO[BQSFBWWJTP
%BJLJO "JS $POEJUJPOJOH *UBMZ EFDMJOB
FTQSFTTBNFOUF RVBMTJBTJ SFTQPOTBCJMJU§
JC6B7>:CI:EJA>ID
QFS QFSEJUF P EBOOJ EJ RVBMTJBTJ HFOFSF
2VBOEP J WPTUSJ DMJFOUJ QPSUBOP VO QSPEPUUP %BJLJO OFMMF MPSP DBTF EBOOP
BODIF VO JNQPSUBOUF DPOUSJCVUP BMMeBNCJFOUF /FM QSPEVSSF J TJTUFNJ EJ
DMJNBUJ[[B[JPOFDJJNQFHOJBNPQFSVODPOTVNPEFMMeFOFSHJBTPTUFOJCJMFQFS
JM SJDJDMBHHJP EFM QSPEPUUP F MB SJEV[JPOF EFJ SJhVUJ %BJLJO BQQMJDB DPO SJHPSF
J QSJODJQJ EFMMeFDPQSPHFUUB[JPOF SJEVDFOEP MeVTP EJ NBUFSJBMJ EBOOPTJ QFS JM
OPTUSPBNCJFOUF
OFMTFOTPQJ‘BNQJPEFJUFSNJOJTJBEJSFUUJ
DIFJOEJSFUUJEFSJWBOUJEBPDPSSFMBUJDPO
MeVTP FP MeJOUFSQSFUB[JPOF EFM QSFTFOUF
PQVTDPMP
%BJLJO "JS $POEJUJPOJOH *UBMZ EFUJFOF J
EJSJUUJEJDPQZSJHIUEJUVUUJJDPOUFOVUJ
I valori di consumo energetico fanno riferimento alla direttiva europea 2002/31/CE attuata in Italia dal DM 02/01/2003.
ISO 9001: Daikin Air Conditioning Italy
S.p.A. ha ottenuto la certificazione LRQA
per il Sistema di Gestione della Qualità in
conformità allo standard ISO 9001:2000.
Il Sistema di Gestione della Qualità riguarda i processi
di vendita e postvendita, la consulenza specialistica,
l'assistenza postvendita e i corsi di formazione alla rete.
ISO 14001: Daikin Air Conditioning Italy
S.p.A. ha ottenuto la certificazione LRQA
per il Sistema di Gestione Ambientale in
conformità allo standard ISO 14001:2004.
La certificazione ISO 14001 garantisce l'applicazione di un
efficace Sistema di Gestione Ambientale da parte di
Daikin Italy in grado di tutelare persone e ambiente
dall'impatto potenziale prodotto dalle attività aziendali.
SA 8000: Daikin Air Conditioning Italy S.p.A.
ha ottenuto la certificazione da Bureau
Veritas secondo lo schema SA 8000: 2001.
Tale norma garantisce il comportamento
eticamente corretto da parte dell'azienda nei confronti dei
lavoratori lungo tutta la filiera.
CE: garantisce che i prodotti Daikin siano conformi alle
norme europee relative alla sicurezza del prodotto.
Daikin Europe NV partecipa al Programma
EUROVENT che certifica la veridicità dei dati
tecnici diffusi dall’Azienda. I prodotti citati
in questo catalogo figurano nella Guida
EUROVENT dei Prodotti Certificati.
IMPATTO ZERO: Daikin Italy ha scelto di aderire
al programma Impatto Zero di Lifegate per
compensare le sue emissioni di CO2 con la
riforestazione di aree boschive.
LIFEGATE ENERGY: Daikin Italy ha aderito
all’iniziativa Lifegate Energy per il consumo di
Il particolare ruolo di Daikin come costruttore di
energia pulita ottenuta da fonti rinnovabili ed
impianti di condizionamento, compressori e
inesauribili come sole, vento, acqua e aria.
refrigeranti, ha coinvolto in prima persona
l’azienda in questioni ambientali. Da molti
anni Daikin si propone come leader nella
fornitura di prodotti che rispettano l’ambiente.
Questa sfida implica la progettazione e lo
sviluppo “a misura di ambiente” di una vasta
gamma di prodotti e sistemi di gestione attenti al Daikin Italy aderisce al Consorzio Re.Media per adempiere
risparmio energetico e alle problematiche legate agli obblighi operativi e finanziari previsti dal D.Lgs. 151/05,
relativi al trasporto, reimpiego, trattamento, recupero,
alla produzione di rifiuti.
riciclaggio e smaltimento dei rifiuti RAEE domestici.
Antesignana nella produzione di refrigeranti
altamente efficienti e dei sistemi che li utilizzano,
Daikin ha adottato il refrigerante verde R-410A.
Questo fluido non contiene atomi di cloro,
quindi non danneggia la fascia di ozono in caso
di dispersione. L’elevata efficienza termodinamica
inoltre consente notevoli risparmi energetici
e la possibilità di sviluppare apparecchiature più
compatte e dalle migliori prestazioni.
Daikin Italy ha stampato la presente
pubblicazione su carta prodotta da
legno proveniente da foreste gestite
in maniera corretta e responsabile
secondo rigorosi standard ambientali,
sociali ed economici.
I prodotti Daikin sono disponibili presso:
Via Milano, 6 - 20097 S. Donato Milanese (MI) - Tel. (02) 51619.1 R.A. - Fax (02) 51619222 - www.daikin.it
&$1*5nnn$T
Daikin Air Conditioning Italy S.p.A. non si assume responsabilità per eventuali errori o inesattezze nel contenuto di questo prospetto e si riserva il diritto di apportare ai suoi
prodotti, in qualunque momento e senza preavviso, eventuali modifiche ritenute opportune per qualsiasi esigenza di carattere tecnico o commerciale.