manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Express Mobel
  6. •
  7. Indoor Furnishing
  8. •
  9. Express Mobel GD39ZH Manual

Express Mobel GD39ZH Manual

Other Express Mobel Indoor Furnishing manuals

Express Mobel BRL55 Manual

Express Mobel

Express Mobel BRL55 Manual

Express Mobel BRL96 Manual

Express Mobel

Express Mobel BRL96 Manual

Express Mobel BRL75-V2 Manual

Express Mobel

Express Mobel BRL75-V2 Manual

Express Mobel GD39ZHK Manual

Express Mobel

Express Mobel GD39ZHK Manual

Express Mobel GD39ZHKH Manual

Express Mobel

Express Mobel GD39ZHKH Manual

Express Mobel SWIFT Manual

Express Mobel

Express Mobel SWIFT Manual

Popular Indoor Furnishing manuals by other brands

Regency LWMS3015 Assembly instructions

Regency

Regency LWMS3015 Assembly instructions

Furniture of America CM7751C Assembly instructions

Furniture of America

Furniture of America CM7751C Assembly instructions

Safavieh Furniture Estella CNS5731 manual

Safavieh Furniture

Safavieh Furniture Estella CNS5731 manual

PLACES OF STYLE Ovalfuss Assembly instruction

PLACES OF STYLE

PLACES OF STYLE Ovalfuss Assembly instruction

Trasman 1138 Bo1 Assembly manual

Trasman

Trasman 1138 Bo1 Assembly manual

Costway JV10856 manual

Costway

Costway JV10856 manual

moss DESIGN Caisson Credenza Assembly instructions

moss DESIGN

moss DESIGN Caisson Credenza Assembly instructions

Aquaglide FULL DECK 15.0 owner's manual

Aquaglide

Aquaglide FULL DECK 15.0 owner's manual

AREBOS AR-HE-SW30 user manual

AREBOS

AREBOS AR-HE-SW30 user manual

Till-Hilft Fulda 87005.330 Assembly instructions

Till-Hilft

Till-Hilft Fulda 87005.330 Assembly instructions

Twoey Outside 2010 quick start guide

Twoey Outside

Twoey Outside 2010 quick start guide

Hettich Easys 200 operating instructions

Hettich

Hettich Easys 200 operating instructions

The bedboss RELAX 404 Series owner's manual

The bedboss

The bedboss RELAX 404 Series owner's manual

Oeseder Möbelindustrie Bern 991 720 Assembly instructions

Oeseder Möbelindustrie

Oeseder Möbelindustrie Bern 991 720 Assembly instructions

Costway HW68469 user manual

Costway

Costway HW68469 user manual

Next ALIX A27743 Assembly instructions

Next

Next ALIX A27743 Assembly instructions

BROSA Hans Assembly guide

BROSA

BROSA Hans Assembly guide

Prodigg MINIKA PBA015T-FUR installation manual

Prodigg

Prodigg MINIKA PBA015T-FUR installation manual

manuals.online logo
manuals.online logoBrands
  • About & Mission
  • Contact us
  • Privacy Policy
  • Terms and Conditions

Copyright 2025 Manuals.Online. All Rights Reserved.

Express Möbel GmbH & Co. KG
Konrad-Nolte-Str. 16
D-76726 Germersheim
Tel.: 0049-7274-5116-0
Fax: 0049-7274-5116-100
[email protected]
Lesen Sie zuerst die Aufbauanweisung und beginnen Sie dann mit der Montage.
NL Voordat uw met de montage begint, a.u.b. de
opbouwinstructies lezen
FAvant de commencer avec le montage, nous vous
prions de bien lire les consignes d‘assemblage.
GB Beforestartingwiththetting,pleaseread
carefully the directions for assembly.
HR Prijemontiranjapročitajteuputuzasastavljanje.
SLO Najprej preberite navodila za sestavjanje in šele
 natopričnitezmontažo.
H Olvassaelelőszörazösszeszerelésiútmutatót,éscsak
 ezutánkezdjeelaszerelést.
SK Najskôrsiprečítajtenávodnamontážaažpotomzačnites
 montážou.
CZ Návodkmontážisinejdřívepřečtěteapakzačnětesmontáží.
BG Първопрочететеинструкциятазасглобяванеислед
 товазапочнетесмонтажа.
RO Maiîntâicitiţiinstrucţiuniledemontaj,şinumaidupăaceea
 începeţimontajul.
Bei nicht vorschriftsmäßiger und/oder nicht fachmännischer Montage wird für Personen-
oder Sachschäden keinerlei Haftung übernommen.
NL Ingevalvanpersoonlijkeongelukkenenmateriëleschadeisaansprakelijkheiduitgesloten,indiendemontagenietovereenkomstig
 devoorschriftenen/ofnietdooreenvakmanwerduitgevoerd.
F Nousdéclinonstouteresponsabilitéencasdedommagescorporelsoumatérielsdusàunmontagenonconformeauxinstructions
 et/ouexécutéincorrectement.
GB We will not accept any liability in case of personal injury or material damages, if not assembled according to the regulations and/or by specialists.
HR Uslučajunepropisanei/ilinestručnemontaženepreuzimamoodgovornostzanastanakšteteosobamailistvarima.
SLOPrimontažibrezupoštevanjanavodilin/aliprinestrokovnimontažiseneprevzamenikakršneodgovornostizatelesnepoškodbealimaterialnoškodo.
H Anemelőírásszerintés/vagynemszakemberrelvégzettösszeszereléseseténfelmerülőszemélyiésanyagikárokértsemmilyenfelelősségetnemvállalunk.
SK Vprípademontáževrozporespredpismia/aleboneodbornejmontáženepreberámevprípadeujmynazdravíalebovecnýchškôdžiadnuzáruku.
CZ Přimontáživrozporuspředpisynebopřineodbornémontážinepřebírávýrobcežádnouzárukuzaškodyvzniklénaosobáchnebopředmětech.
BG Акомонтажътнееизвършенсъгласноинструкциятаи/илиотспециалисти,фирматанепоемаотговорноствслучайнанараняваненахораилипри
 материалнищети.
RO Încazdemontajefectuatnecorespunzătorşi/sauneprofesionistnuneasumămniciunfelderesponsabilitatepentruvătămareapersoanelorsaupentrupagubele
materiale.
NL Beslagoverzicht: laatste pagina
FTableau de quincaillerie:
dernière page
GB Fitting survey: last page
HR Pregled dijelova:
posljednja stranica SLO Seznam sestavnih delov: zadnja stran
H Kötőelemáttekintés:utolsóoldal
SK Prehľadkovaní:poslednástrana CZ Přehledkování:poslednίstránka
BG Монтажниелементи:последнастраница
RO Vederedeansamblu:ultimapagină
Beschlagsübersicht: letzte Seite
Aufbauanweisung (bitte aufbewahren)
NL Opbouwinstructies (A.u.b. bewaren)
F Consignesd‘assemblage(àconserver)
GB Directions for assembly (please save it)
HR Uputasastavljanja(obavznosačuvajte)
SLONavodilazasestavljanje(Skrbnoshranite)
H Összeszerelésiútmutató(kérjükmegőrizni)
SK Návodnamontáž(prosímuschovať)
CZ Návodkmontáži(uložtesihoprosím)
BG Инструкциязасглобяване
 (Молязапазетенастоящатаинструкция)
RO Instrucţiunidemontaj(vărugăm,păstraţidocumentul)
Beimöbel GD39ZH
1 h
572576-EXP-B A-06384-B/EXP-BM
07/2016
NL Bijmeubels
F Meubles d‘appoint
GB Chest system
HR Dodatni namještaj
SLO Pohištvo na nogah
H További bútorok
SK Doplnkový nábytok
CZ Drobný nábytek
BG Малогабаритни мебели
RO Accesorii pentru mobilier
max.
15kg
max.
15kg
max.
5kg
2
1
2
3
575807
572582
562470
023060
562470
023060

4
6
7
3

5
568897
568908
568791
575807
4
8
9
100035
ACHTUNG!
Aus Sicherheitsgründen muss das Möbelteil an
der Wand befestigt werden. Beiliegendes Befesti-
gungsmaterial eignet sich nur für Massivwände.
Für andere Wände müssen Spezialdübel
verwendet werden.
LET OP!
Uit veiligheidsoverwegingen moet het meubeldeel aan de wand bevestigd worden. Bijgevoegt
bevestigingsmateriaal is alleen bruikbaar voor massieve wanden. Voor andere wanden moeten
speciale schroeven gebruikt worden.
ATTENTION!
Pour des raisons de sécurité le meuble doit être xé au mur. Le matériel ci-joint est approprié
pour des murs épais. Pour d‘autres murs utiliser des chevilles spéciales.
ATTENTION!
For safety reasons please x the unit to the walls. Enclosed ttings for stoned wall only. For
other walls please use other pegs.
OPREZ!
Zbog sigurnosnih razloga namještaj morate pričvrstiti na zid. Materijal za pričvršćivanje koji
je u privitku pričvrstiti možete samo na masivne zidove. Za ostale vrste zidova morate koristiti
posebne tiplove.
FIGYELEM!
Biztonsági okokból a bútordarabot a falhoz kell erősíteni. A mellékelt rögzítőanyag csak masszív
falaknál alkalmazható. Egyéb falaknál speciális tiplit kell használni.
POZOR!
Iz varnostnih razlogov je potrebno del pohištva pritrditi na steno. Priložen material za pritrditev
je primeren samo za masivne stene. Za druge stene je potrebno uporabiti posebne vložke.
POZOR!
Z bezpečnostných dôvodov musí byť táto časť nábytku pripevnená na stenu. Priložený materiál na
upevnenie sa hodí len pre masívne steny. Pre ostatné druhy stien použite špeziálne hmoždinky.
POZOR!
Z bezpečnostních důvodů musí být nábytek upevněn ke stěně. Přiložený materiál k upevnění ke stěně
je vhodný pouze k použití na masivních zdech. Na jiné stěny musí být použity speciální hmoždinky.
ВНИМАНИЕ!
От съображения за сигурност мебелите трябва да бъдат закрепени към стената. Приложените
закрепващи приспособления са подходящи само за масивни стени. За други видове стени
трябва да се използват специални дюбели.
028890
566407
025850
569069
6mm
8mm
024910
10
11
12
5
501230
572581
572578
572579
568791
6
13
501990
568791
max.
5kg
max.
15kg
max.
15kg
Ausrichten der Tür in waagerechter Richtung und Einstellen des Fugenabstandes
NL Horizontale afstelling van de deur en instellen van de voegafstand
FAjuster la porte a l´horizontale et regler l´espace entre les joints
GB Adjust the door in a horizontal line and regulate the distance between the joints
HR Podešavanjevratauhorizontalnompoložajuinamještanjerazmakaspojeva
SLONaravnanjevratvvodoravnismeriinnamestitevrazdaljestika
HAz ajtó vízszintes irányú igazítása és a réstávolság beállítása
SK Vyrovnanie dverí v horizontálnom smere a nastavenie odstupu medzery
CZ Vyrovnánídveřívevodorovnémsměruanastavenívzdálenostispár
BG Регулираненаврататавхоризонталнапосокаинастройваненаразстояниетомеждуфугите
RO Aliniaţiuşaîndirecţieorizontalăşireglaţidistanţadintrerosturi
7
14
15
1+3
2
2
1+3
1. Lösen der Befestigungsschrauben
NL Losdraaien van de bevestigingsschroeven
FDevisser les vis
GB Release the screws
HR Odvijanjepričvrsnogvijka
SLOZrahlanjevijakovzapritrditev
H Állítsafüggőlegesreazajtót
SK Uvoľniteupevňovacieskrutky
CZ Povolteupevňovacíšrouby
BG Разхлабваненаскрепителнитевинтове
RO Slăbiţişurubuldexare
NL Waterpas afstellen van de deur met de verstelschroef (horizontaal)
FAjuster la porte avec la vis de reglage al´horizontale
GB Adjust the door with the adjusting screw in a horizontal line
HR Podešavanjevratauhorizontalnompoložajuuzpomoćvijkazapodešavanje
SLONaravnanjevratvvodoravnismerispomočjovijakazanastavitev
HÁllítsa be az ajtót vízszintes irányban a beállító csavarral
SK Vyrovnaniedverívhorizontálnomsmerepomocouregulačnejskrutky
CZ Dveřevyrovnejtevevodorovnémsměrupomocístavěcíhošroubu
BG Регулираненаврататавхоризонталнапосокасрегулиращиявинт
RO Aliniaţiuşaîndirecţieorizontalăcuşurubuldereglare
2. Ausrichten der Tür mit der Verstellschraube in waagerechter Richtung
1. Lösen der Befestigungsschrauben
NL Losdraaien van de bevestigingsschroeven
FDevisser les vis
GB Release the screws
HR Odvijanjepričvrsnogvijka
SLOZrahlanjevijakovzapritrditev
H Állítsafüggőlegesreazajtót
SK Uvoľniteupevňovacieskrutky
CZ Povolteupevňovacíšrouby
BG Разхлабваненаскрепителнитевинтове
RO Slăbiţişurubuldexare
NL Vertikaleafstellenvandedeur
FAjuster la porte a la verticale
GB Adjust the door in a vertical line
HR Postavljanjevratauuspravanpoložaj
SLONaravnanjevratvnavpičnismeri
H Állítsafüggőlegesreazajtót
SK Vyrovnajtedverevovertikálnomsmere
CZ Dveřevyrovnejtevesvislémsměru
BG Регулираненаврататавъввертикалнапосока
RO Aliniaţiuşaîndirecţieverticală
2. Ausrichten der Tür in senkrechter Richtung
3. Anziehen der Befestigungsschrauben
NL Andraaien van de bevestigingsschroeven
FSerrer les vis
GB Tighten the screws
HR Zavrtanjepričvrsnogvijka
SLOZategnitevvijakovzapritrditev
H Szorítsamegarögzítőcsavart
SK Utiahniteupevňovacieskrutky
CZ Upevňovacíšroubutáhněte
BG Затяганенаскрепителнитевинтове
RO Strângeţişurubuldexare
NL Vertikaleafstellingvandedeur
FAjuster la porte a la verticale
GB Adjust the door in a vertical line
HR Postavljanjevratauuspravanpoložaj
SLONaravnanjevratvnavpičnismeri
Ausrichten der Tür in senkrechter Richtung
H Azajtófüggőlegesirányúigazítása
SK Vyrovnaniedverívovertikálnomsmere
CZ Vyrovnánídveřívesvislémsměru
BG Регулираненаврататавъввертикалнапосока
RO Aliniaţiuşaîndirecţieverticală
3. Anziehen der Befestigungsschrauben
NL Andraaien van de bevestigingsschroeven
FSerrer les vis
GB Tighten the screws
HR Zavrtanjepričvrsnogvijka
SLOZategnitevvijakovzapritrditev
H Szorítsamegarögzítőcsavart
SK Utiahniteupevňovacieskrutky
CZ Upevňovacíšroubutáhněte
BG Затяганенаскрепителнитевинтове
RO Strângeţişurubuldexare
0 mm
Servicekarte
NL Servicekaart
FCarte de service
GB Service card
HR Servisnakarta
SLOServisnakartica
H Szervízkártya
SK Servisnákarta
CZ Servisníkarta
BG Сервизнакарта
RO Carte de service
Typ
NL Type
FType
GB Type
HR Tip
SLO Tip
HTipus
SK Typ
CZ Typ
BG Вид
RO Tip
Kaufvertragsnummer / Lieferscheinnummer
NL Koopcontract nr. / vervoerdocument nr.
FNo. contrat d’achat / no. bon de livraison
GB Purchase contract no. / delivery note no.
HR Broj prodajnog ugovora / Broj otpravnice
SLOŠtevilkakupoprodajnepogodbe/Številkadostavnice
H Numărulcontractuluideachiziţionare/numărulbonuluidelivrare
SK Vételiszerződésszáma/Szállítólevélszáma
CZ Číslokúpnejzmluvy/číslododacieholistu
BG №надоговоразапродажба/№наделивъриордера
RO Č.kupnísmlouvy/číslododacíholistu
Datum
NL Date
FDate
GB Date
HR Datum
SLO Datum
HDátum
SK Dátum
CZ Datum
BG Дата
RO Data
Fehlerursache
NL Oorzaakvanhetgebrek
FRaison de la réclamation
GB Reason for complaint
HR Uzrokgreške
SLOVzroknapake
H Hibaoka
SK Príčinachyby
CZ Příčinazávady
BG Причиназадефекта
RO Cauzadefecţiunilor
1234567891112131415161718
10
NL Beslagoverzicht
FTableau de quincaillerie
GB Fitting survey
HR Pregled dijelova
SLO Seznam sestavnih delov
H Kötőelemáttekintés
SK Prehľadkovaní
CZ Přehledkování
BG Монтажниелементи
RO Vedere de ansamblu
Beschlagsübersicht
Sorgfalt bei der Produktion und der Endkontrolle garantieren mängelfreie Beschaffenheit unserer Produkte. Sollten Sie dennoch Grund zu einer Mängel-
rüge haben, so senden Sie bitte diese Servicekarte und bei Bedarf die markierte Aufbauanweisung an Ihren Händler.
NL Zorgvuldigheid bij de productie en de eindcontrole garanderen dat onze producten vrij
 zijnvangebreken.Indienutochklachtenheeft,stuurdanalsublieftbijgaande
 servicekaartenzonodigdemontagehandleidingmettoelichtingnaaruwverkoper.
FNous veillons soigneusement à la qualité impeccable de nos produits pendant la
 productionetaveclecontrôleavantlechargement.Sitoutefois,vousêtesamenésà
 nousadresseruneréclamation,nousvousprionsdenousjoindrelacartedeservice
et la notice de montage sur lesquelles vous aurez marqué la pièce en question.
GB Ourproductiontechniquesandnalqualityinspectionsensurethatourproductsare
 faultlesslymanufactured.However,ifyoushouldhaveanyreasonforcomplaint,
 pleasesendtheservicecardtoyourdealer,ifnecessaryenclosingtheassembly
instructions to indicate the faulty part.
HR Pozornostprilikomproizvodnjeinalnekontrolejamčebesprijekornostanjenaših
 proizvoda.Imateliipakosnovazareklamaciju,molimodatadapošaljetepriloženu
 servisnukartuipremapotrebioznačenouputstvozasklapanjevašemtrgovcu.
SLOSkbnostpriizdelaviinzaključnikontrolizagotavljaizdelavonašihproduktovbrez
 napak.Vprimeru,daimaterazlogzapritožbo,Vasprosimodasvojemutrgocvcu
 pošljetepritrjenoservisnokarticoinpopotrebitudioznačenonavodiloglede
sestavljanja.
H Agondosságagyártásésavégsőellenőrzéssorángarantáljatemékeinkhibátlan
 minőségét.HeÖnnekennekellnéreisokalenneazárukellékhiányánakbejelentésére,
 úgykéremküldjeelamellékeltszervízkártyátésszükségeseténamegjelölt
 összeszerelésiútmutatótkereskedőjének.
SK Dôslednosťprivýrobeavýstupnejkontrolejezárukoubezchybnýchvlastnostínašich
 výrobkov.Akvšakajnapriektomumátedôvodnareklamáciu,zašlitepriloženúservisnú
 kartuavprípadepotrebyoznačenýnávodnamontážsvojmupredajcovi.
CZ Pečlivostběhemvýrobyavýstupníkontrolazaručujítechnickybezvadnévlastnosti
 našichproduktů.Pokudbystepřestomělidůvodkreklamaci,zašletesvémuobchod-
 níkovipřiloženouservisníkartuavpřípaděpotřebytakéoznačenýnávodkmontáži.
BG Прецизносттаприпроизводствотоиприкрайнияконтролгарантиратотличното
 качествонанашитепродукти.Аковъпрекитоваиматеоснованиезарекламация,
 моляизпратетенаВашияпродавачприложенатасервизнакарта,апринужда-
 маркиранатаинструкциязасглобяване.
RO Atenţiaîntimpulproducţieişilavericareanalăgaranteazăcalitateaimpecabilăa
 produselornoastre.Dacătotuşiaveţimotivedereclamaţiedincauzaunordecienţede
 calitate,trimiteţidistribuitoruluidumneavoastrăcarteadeserviceataşatăşi–dacăeste
 nevoie–instrucţiuneademontajmarcată.
Beimöbel GD39ZH
023060
HDUEBEL-08*30
024910
WI-1.80.034
501230
BOTR-5MM-MET
501990
GRIFF NR. 30107
562470
EXC-15MM-OHNE
566407
SX4,5*60FLAKO/S-CAP
568791
SX4,0*15FLAKO
568897
MOEBELFUSS-50/18-26MM
568908
MOEBELFUSS-50-BASIS
569069
SX3,5*17RW
572582
VP-MINI-H0
575807
BO-24/7-EU/HÄFELE
572581
TB-26/5/13-HAEFELE
100035
RW-WINKEL-100
572578
TB-DAEMPFER-BM
572579
TB-DAEMPFER-ADAPT
572576-EXP-B A-06384-B/EXP-BM
025850
U-SCH-12MM/DIN125-EX
028890
KU-DUEBEL-8MM/ALLZWECK
Made in Germany
2EHUIOlFKHQ.XQVWVWRII'HNRU+RO]QDFKELOGXQJ3IOHJHKLQZHLV0LWOHLFKWIHXFKWHP7XFKUHLQLJHQVRIRUW
WURFNHQQDFKZLVFKHQ0|EHOQLFKWIU)HXFKWUlXPHJHHLJQHW%DG.FKHHWF1lVVHDXI2EHUIOlFKHXQYHU
]JOLFKZHJZLVFKHQ$XIEDXDQOHLWXQJDXIEHZDKUHQ
'DV0|EHOPXVVGXUFKHLQHIDFKNXQGLJH3HUVRQHQWVSUHFKHQGGHU$XIEDXDQOHLWXQJPRQWLHUWZHUGHQ%HL
IHKOHUKDIWHU0RQWDJHNDQQHV]X*HIDKUHQNRPPHQ'DVEHLJHIJWH:DQGEHIHVWLJXQJVPDWHULDOLVWQXUIU
0DVVLYZlQGHJHHLJQHW3UIHQ6LHGHQ8QWHUJUXQGXQGZlKOHQ6LHJHHLJQHWH%HIHVWLJXQJVPLWWHOHQWVSUH
FKHQGGHUDXIWUHWHQGHQ.UlIWHXQG8QWHUJUQGHDXV(UNXQGLJHQ6LHVLFKJHJHEHQHQIDOOVEHLP)DFKKDQGHO
D
USA
GB
F
NL
E
TR
CZ
SK
RO
H
PL
P
I
S
N
LV
LT
HR
FIN
EST
DK
BIH
SLO
$OOVXUIDFHVLQODPLQDWHGZRRGFRORXUILQLVKHV0DLQWHQDQFHFOHDQZLWKVOLJKWO\PRLVWHQHGFORWKZLSHGU\
LPPHGLDWHO\1RWVXLWHGIRUGDPSORFDWLRQVNLWFKHQEDWKURRPHWF:LSHRIIZHWQHVVDWRQFH5HWDLQPD
QXDOLQVWUXFWLRQ
7KHXQLWPXVWEHSXWWRJHWKHUE\DVSHFLDOLVWDFFRUGLQJWRWKHDVVHPEO\LQVWUXFWLRQV+D]DUGVPD\DULVHLQ
FDVHRILQFRUUHFWDVVHPEO\7DNHFDUHWRXVHVFUHZVDQGGRZHOVLQDFFRUGDQFHZLWKWKHZDOOFKDUDFWHULVWLFV
DQGRIVXIILFLHQWORDGEHDULQJFDSDFLW\7KHHQFORVHGZDOOIL[LQJVDUHRQO\VXLWDEOHIRUVROLGZDOOV7HVWWK H
EDVHDQGVHOHFWVXLWDEOHIL[LQJVLQDFFRUGDQFHZLWKWKHIRUFHVZKLFKDFFUXHDQGWKHEDVHV2EWDLQLQIRUPD
WLRQIURPWKHVSHFLDOLVWWUDGHLIQHFHVVDU\
3DQQHDX[GHSDUWLFXOHVUHYrWXVG¶XQILOPSRO\PqUH(QWUHWLHQXWLOLVHUXQFKLIIRQOpJqUPHQWKXPLGHHWUHSDV
VHUGHVXLWHDYHFXQDXWUHVHF0HXEOHLQDGDSWpDX[SLqFHVKXPLGHVEDLQFXLVLQHHWF7RXWHWUDFHGHOLTXL
GHHVWjHVVX\HULPPpGLDWHPHQW1RWLFHGHPRQWDJHjFRQVHUYHU
/HPHXEOHGRLWrWUHPRQWpSDUXQHSHUVRQQHVSpFLDOLVpHHQODPDWLqUHFRQIRUPpPHQWjO¶LQVWUXFWLRQGHPRQ
WDJH(QFDVG¶HUUHXUGHPRQWDJHGHVGDQJHUVSHXYHQWVHPDQLIHVWHU9HLOOH]jXWLOLVHUGHVYLVHWGHVFKH
YLOOHVDGDSWpHVjODQDWXUHGXPXUHWGRWpHVG¶XQHFDSDFLWpGHVXSSRUWVXIILVDQWH/HVDFFHVVRLUHVGHIL[D
WLRQDXPXUFLMRLQWVQHVRQWDSSURSULpVTXHSRXUOHVPXUVHQGXU9pULILH]OHVXSSRUWHWFKRLVLVVH]OHV
PR\HQVGHIL[DWLRQDGpTXDWVFRUUHVSRQGDQWjODSXLVVDQFHHWDX[EDVHVGRQWYRXVGLVSRVH]9HXLOOH]OHFDV
pFKpDQWYRXVHQUHPHWWUHDXFRPPHUFHVSpFLDOLVp
2SSHUYODNWHNXQVWVWRIGHFRUKRXWVWUXFWXXU2QGHUKRXGPHWOLFKWYRFKWLJHGRHNUHLQLJHQHQKLHUQDGLUHFW
GURRJZULMYHQ'HPHXEHOV]LMQQLHWYRRUYRFKWLJHUXLPWHQEDGNHXNHQHWFEHVWHPG9RFKWRSKHWERYHQ
EODGGLUHFWRSQHPHQ0RQWDJHWHNHQLQJRSEHUJHQ
+HWPHXEHOPRHWGRRUHHQYDNNXQGLJSHUVRRQ]RDOVLQGHKDQGOHLGLQJVWDDWEHVFKUHYHQZRUGHQ
JHPRQWHHUG'RRUYHUNHHUGHPRQWDJHNXQQHQJHYDUHQRQWVWDDQ/HWHURSGDWXVFKURHYHQHQSOXJJHQDDQ
SDVWDDQGHZDQGHQGDWX]RUJWYRRUYROGRHQGHGUDDJYHUPRJHQ+HWELMJHYRHJGHZDQGEHYHVWLJLQJVPDWHUL
DDOLVDOOHHQYRRUPDVVLHYHZDQGHQJHVFKLNW&RQWUROHHUGHRQGHUJURQGHQNLHVJHVFKLNWHEHYHVWLJLQJVPLG
GHOHQGLHSDVVHQELMGHRSWUHGHQGHNUDFKWHQHQRQGHUJURQGHQ,QIRUPHHUHYHQWXHHOELMGHYDNKDQGHO
6XSHUILFLHGHFRUDWLYDGHSODVWLFRLPLWDFLyQPDGHUD,QVWUXFFLRQHVSDUDHOFXLGDGROLPSLDUFRQXQSDxRK~
PHGR\VHFDUFRQXQWUDSRVHFR/RVPXHEOHVQRVRQDSWRVSDUDFRORFDFLyQHQOXJDUHVK~PHGRVEDxRFRFL
QDHWF(OLPLQDUGHODVXSHUILFLHHQVHJXLGDFXDOTXLHUWLSRGHKXPHGDG,QVWUXFFLRQHVGHPRQWDMHFRQVHUYD
(OHQVDPEODMHGHOPXHEOHWLHQHTXHTXHGDUDFDUJRGHXQDSHUVRQDFRQH[SHULHQFLDKDEHQGRTXH
UHVSHWDUVHHVWULWDPHQWHODVUHVSHFWLYDVLQVWUXFFLRQHVGHPRQWDMH8QPRQWDMHLQDGHFXDGRSRGUiSURYRFDUOD
RFRUUHQFLDGHVLWXDFLRQHVSHOLJURVDV8WLOLFHVyORWRUQLOORV\FODYRVDGHFXDGRVDODVFDUDFWHUtVWLFDVGHOPD
WHULDOGHODSDUHG\TXHSXHGDQVRSRUWDUELHQHOHVIXHU]RGHFDUJD(OPDWHULDOGHVXMHFLyQSDUDODSDUHGVX
PLQLVWUDGRMXQWRFRQHOPXHEOHVyORHVWiLQGLFDGRSDUDDSOLFDUVHHQSDUHGHVPDFL]DV$QWHVGHDSOLFDUORV
YHULILTXHFXiOHVVXWLSRGHSDUHG\HOLMDHQWRQFHVHOPDWHULDOGHVXMHFLyQDGHFXDGRWRPDQGRHQFRQVLGHUD
FLyQODUHODFLyQFDUJDPDWHULDOGHODSDUHG(QFDVRTXHIXHUDQHFHVDULROHUHFRPHQGDPRVTXHKDEOHFRQ
XQYHQGHGRUHQFXDOTXLHUFRPHUFLRHVSHFLDOL]DGR
<]H\OHUSODVWLNGHNRUOXNRQWDSODNWVXQWD%DNÕPWDOLPDWÕ$]QHPOLEH]OHWHPL]OQLSVRQUDKHPHQNXUXODQD
FDN0RELO\DODUUXWXEHWOLRGDODUDNR\XOPDPDOÕGÕUEDQ\RPXWIDNJLEL<]H\OHUGHEXOXQDQÕVODNOÕNGHUKDOVL
OLQPHOLGLU0RQWDMNLODYX]XQXVDNOD\LQL]
0RELO\DQÕQEXLúWHQDQOD\DQELUNLúLWDUDIÕQGDQPRQWDMWDOLPDWQDPHVLQHX\JXQRODUDNPRQWHHGLOPHVLJHUHNOL
GLU+DWDOÕPRQWDMKDOLQGHWHKOLNHOLGXUXPODUPH\GDQDJHOHELOLU'XYDUÕQ|]HOOL÷LQHX\JXQRODQYH\HWHUOLWDúÕ 
PDNDSDVLWHVLQHVDKLSYLGDYHGEHONXOODQPD\DGLNNDWHGLQL]9HULOHQGXYDUDVDELWOHPHPDO]HPHVLVDGHFH
PDVLIGXYDUODULoLQX\JXQGXU=HPLQLNRQWUROHGLQL]YHPHYFXWJoYH]HPLQHX\JXQVDELWOHPHPDO]HPHVL
VHoLQL]*HUHNOLROPDVÕKDOLQGHX]PDQVDWÕFÕODUGDQELOJLHGLQLQL]
3RYUFK]XPČOpKPRW\YGHNRUXLPLWDFHGĜHYDýLVWLWOHKFHQDYOKþHQêPKDGUHPDLKQHGXWĜtWGRVXFKD
1iE\WHNQHQtYKRGQêGRYOKNêFKPtVWQRVWtGRNRXSHOQ\NXFK\QČDWG9OKNRVWQDSRYUFKXQiE\WNX
QHSURGOHQČXWĜtW1iYRGNPRQWiåLVLGREĜHXVFKRYHMWH
1iE\WHNPXVtEêW]PRQWRYiQRGERUQtNHPSRGOHQiYRGX8FK\EQpPRQWiåLPĤåHGRMtWNQHEH]SHþtP'EHMWH
QDWRDE\VWHSRXåLOLãURXE\DKPRåGLQN\RGSRYtGDMtFtMDNRVWL]GLDQRVQRVWL3ĜLORåHQêXSHYĖRYDFtPDWHULiO
VHKRGtMHQSURPDVLYQt]GL=NRQWUROXMWHSRGNODGD]YROWHRGSRYtGDMtFtXSHYĖRYDFtSURVWĜHGN\SRGOH~þLQNXMt
FtFKVLODSRGNODGĤ1HFKWHVLSRSĜtSDGČSRUDGLWYRGERUQpSURGHMQČ
3RYUFK]XPHOHMKPRW\YGHNyUHLPLWiFLHGUHYDýLVWLW¶]O¶DKNDQDYOKþHQRXKDQGULþNRXDLKQHG¶XWULHW¶
GRVXFKD1iE\WRNQLHMHYKRGQêGRYOKNêFKPLHVWQRVWtGRN~SHOQHNXFK\QHDWG¶9OKNRVW¶QDSRYUFKXQi
E\WNXRNDPåLWHXWULHW¶1iYRGNPRQWiåLVLGREUHXVFKRYDMWH
1iE\WRNPXVtE\Ģ]PRQWRYDQêRGERUQtNRPSRGĐDQiYRGX3ULFK\EQHMPRQWiåLP{åXY]QLNDĢQHEH]SHþHQ
VWYi'EDMWHQDWRDE\VWHSRXåLOLVNUXWN\DKPRåGLQN\]RGSRYHGDM~FHDNRVWLVWHQ\DQRVQRVWL3ULORåHQê
XSHYĖRYDFtPDWHULiOVDKRGtLEDSUHPDVtYQHVWHQ\
6NRQWUROXMWHSRGNODGD]YRĐWH]RGSRYHGDM~FHXSHYĖRYDFLHSURVWULHGN\SRGĐD~þLQNXM~FLFKVtODSRGNODGRY
1HFKDMWHVLSRSUtSDGHSRUDGLĢYRGERUQHMSUHGDMQL
7RDWHVXSUDIHĠHOHODPLQDWHvQFXORDUHDOHPQXOXL,QWUHĠLQHUHSHQWUXFXUăĠLUHVHIRORVHúWHRFvUSDßXúRUXPH]LWă
GXSă FDUHVHúWHUJHLPHGLDWFXRFvUSăXVFDWă1XHVWHUHFRPDQGDELOVă VHSODVH]HvQORFXULXPHGH
EXFăWăULHEDLHHWF7UHEXLHvQGHSăUWDWăLPHGLDWRULFHXUPă GHXPH]HDOă3ăVWUHD]ă PDQXDOXOGHLQVWUXFĠËX
QL
0RELODYDWUHEXLPRQWDWăGHFăWUHRSHUVRDQăVSHFLDOL]DWăFRQIRUPLQVWUXFĠLXQLORUGHPRQWDUHÌQFD]XOXQXL
PRQWDMJUHúLWYRUSXWHDH[LVWDSHULFROHÌQJULMLĠLYăVăXWLOL]DĠLúXUXEXULúLGLEOXULFRPSDWLELOHFXSURSULHWăĠLOH
SHUHWHOXLúLFDUHVăDLEăRFDSDFLWDWHSRUWDQWăFRHVSXQ]ăWRDUH0DWHULDOXOGHVWLQDWSHQWUXFRQVROLGDUHDSHUH
WHOXLHVWHDGHFYDWQXPDLSHQWUXSHUHĠLLPDVLYL9HULILFDĠLPDWHULDOXOGHIRQGúLDOHJHĠLXQPLMORFGHIL[DUHDGHF
YDWFRUHVSXQ]ăWRUIRUĠHORUFHDSDUúLDPDWHULDOXOXLGHIRQG'DFăYDILFD]XOLQIRUPDĠLYăODPDJD]LQXOGH
VSHFLDOLWDWH
0DQ\DJGHNRUIHOOHWIDQ\RPDWRVPLQWi]DWWDO.H]HOpVLMDYDVODW7LV]WtWiVHQ\KpQQHGYHVUXKiYDOPDMG
D]RQQDOV]iUD]UDW|U|OQL$E~WRÕQHPDMiQORWWQHGYpVKHO\LVpJHNEHSOIUG|V]REDNRQ\KD
$IHOOHWUHNHUOWQHGYHVVpJHWD]RQQDOW|U|OMNOH6]HUHOpVL~WPXWDWyWPHJĘUL]QL
$E~WRU|VV]HV]HUHOpVpWV]DNHPEHUNHOOKRJ\YpJH]]HDV]HUHOpVL~WPXWDWyQDNPHJIHOHOĘHQ$KLEiVV]HUHOpV
YHV]pO\WRNR]KDWhJ\HOMHQHNDUUDKRJ\DIDOPLQĘVpJpQHNpVWHUPpV]HWpQHNPHJIHOHOĘpVHOHJHQGĘWHKHUEtUy
NpSHVVpJĦFVDYDURNDWpVGĦEHOHNHWKDV]QiOMDQDN$PHOOpNHOWU|J]tWĘDQ\DJRNDIDOUDW|UWpQĘHUĘVtWpVUHNL]i
UyODJPDVV]tYIDODNUDYDOyV]HUHOpVUHDONDOPDVDN(OOHQĘUL]]pND]DODSRWpVYiODVV]DQDNDYiUKDWyWHUKHOpVQHN
pVD]DODSPLQĘVpJpQHNPHJIHOHOĘU|J]tWĘDQ\DJRNDW$GRWWHVHWEHQpUGHNOĘGMHQHNV]DN]OHWEHQ
3RZLHU]FKQLDLPLWDFMDGUHZQD]WZRU]\ZDV]WXF]QHJR6SRVyESLHOĊJQDFMLF]\ĞFLüOHNNRZLOJRWQą ĞFLHUHF]Ną
QDW\FKPLDVWZ\WU]HüGRVXFKD0HEOHQLHVą GRVWRVRZQHGRSRPLHV]F]HĔZNWyU\FKSDQXMHQDGPLHUQDZLO
JRWQRĞüQSáD]LHQNDNXFKQLD:LOJRü]SRZLHU]FKQLPHEOLQDOHĪ\V]\ENRXVXQąü3URV]Ċ]DFKRZDüLQ
VWUXNFMĊPRQWDĪX
0HEHOSRZLQLHQE\üPRQWRZDQ\Z\áąF]QLHSU]H]IDFKRZ\SHUVRQHOZHGáXJLQVWUXNFMLPRQWDĪX1LHZáDĞFLZ\
PRQWDĪPRĪHVNXWNRZDü]DJURĪHQLDPL3URVLP\SU]HVWU]HJDüĪHQDOHĪ\VWRVRZDüW\ONRWDNLHĞUXE\LNRáNL
NWyUHSRVLDGDMąRGSRZLHGQLąZ\WU]\PDáRĞüLRGSRZLDGDMąZ\WU]\PDáRĞFLĞFLDQ'RáąF]RQHF]ĊĞFLGRPRQWR
ZDQLDVáXĪąW\ONRGRPRQWRZDQLDQDĞFLDQDFKPDV\ZQ\FK1DOHĪ\VSUDZG]LüZ\WU]\PDáRĞüSRGáRĪDLZ\EUDü
RGSRZLHGQLHHOHPHQW\GRSU]\PRFRZDQLDZ]DOHĪQRĞFLRGSRZVWDMąF\FKVLáLZ]DOHĪQRĞFLRGSRGáRĪD
(ZHQWXDOQLHQDOHĪ\]DVLĊJQąüSRUDG\ZVNOHSLHVSHFMDOLVW\F]Q\P
ɦDɬɟSɢDɥɞ&ɉɩRɤSɵɬDɹɞHɤRSDɬɢɜɧɨɣɩɥɟɧɤɨɣɨɬɞɟɥɤɚɩɨɞɞHSHɜD<ɤDɡDɧɢHɩR\[Rɞ\ɱɢFɬɢɬɶ
FɥHUɤDɜɥDɠɧRɣɬSɹɩRɱɤRɣɢFSDɡ\ɠHɩRɥɢSRɜDɬɶF\[RɣɬSɹɩRɱɤRɣɆHɛHɥɶɧHURɞɢɬɫɹɞɥɹ
ɢFɩRɥɶɷRɜDɧɢɹɜɨɜɥDɠɧɵɯɩRɦHɳHɧɢɹɯɜDɧɧDɹɤRɦɧDɬDɤ\[ɧɹɢɬɞȼɥDU\FɩRɜHS[ɧRFɬɢɜɵɬɢSDɬɶ
ɧHɦHɞɥHɧɧRɂɧɫɬɪɭɤɰɢɸɫɛɨɪɤɢɫɨɯɪɚɧɢɬɶ
Ɇɟɛɟɥɶɞɨɥɠɧɚɫɨɛɢɪɚɬɶɫɹɫɩɟɰɢɚɥɢɫɬɨɦɩɨɫɨɨɬɜɟɬɫɬɜɟɧɧɨɣɢɧɫɬɪɭɤɰɢɢɩɨɫɛɨɪɤɟɦɟɛɟɥɢ 
ɇɟɩɪɚɜɟɥɶɧɚɹɫɛɨɪɤɚɦɟɛɟɥɢɦɨɠɟɬɩɪɢɜɟɫɬɢɤɨɩɚɫɧɵɦɫɢɬɭɚɰɢɹɦɈɛɪɚɬɢɬɟɜɧɢɦɚɧɢɟɧɚɬɨɱɬɨɛ ɵ
ɛɨɥɬɵɢɞɸɛɟɥɹɢɫɩɨɥɶɡɨɜɚɥɢɫɶɫɨɝɥɚɫɧɨɤɚɱɟɫɬɜɚɦɫɬɟɧɵɢɫɞɨɥɬɚɬɨɱɧɨɣɧɚɝɪɭɡɤɨɣɉɪɢɥɚɝɚɟɦɵɣ
ɦɚɬɟɪɢɚɥɞɥɹɤɪɟɩɥɟɧɢɹɤɫɬɟɧɟɩɪɢɝɨɞɟɧɬɨɥɶɤɨɞɥɹɦɚɫɫɢɜɧɵɯɫɬɟɧ
ɉɪɨɜɟɪɶɬɟɩɨɜɟɪɯɧɨɫɬɶɞɥɹɭɫɬɚɧɨɜɤɢɢɜɵɛɟɪɢɬɟɩɨɞɯɨɞɹɳɢɣɤɪɟɩɢɬɟɥɶɧɵɣɦɚɬɟɪɢɚɥ ɜ
ɫɨɨɬɜɟɬɫɬɜɢɢɫɞɟɣɫɬɜɢɬɟɥɶɧɨɣɧɚɝɪɭɡɤɨɣɢɩɨɜɟɪɯɧɨɫɬɶɸɭɫɬɚɧɨɜɤɢȼɫɥɭɱɚɟɧɟɨɛɯɨɞɢɦɨɫɬɢ
ɧɚɜɟɞɢɬɟɫɩɪɚɜɤɢɜɬɨɪɝɜɨɣɮɢɪɦɟ
6XSHUItFLHGHFRUDWLYDGHSOiVWLFRLPLWDomRGHPDGHLUD,QVWUXo}HVSDUDRFXLGDGROLPSDUFRPXPSDQRK~
PLGRHVHFDUORJRHPVHJXLGD2VPyYHLVQmRVmRDGHTXDGRVSDUDDPELHQWHVK~PLGRVFDVDGHEDQKR
FR]LQKDHWF5HPRYDTXDOTXHUWLSRGHKXPLGDGHGDVXSHUItFLHLPHGLDWDPHQWH
*XDUGDUDVLQVWUXo}HVGHPRQWDJHP
2PyYHOWHPGHVHUPRQWDGRSRUXPDSHVVRDH[SHULHQWHVHJXLQGRVHHVWULWDPWHQWHDVLQVWUXo}HVGHPRQWD
JHP3URFHGLPHQWRVLQFRUUHFWRVSRGHPSURYRFDUDRFRUUrQFLDGHVLWXDo}HVSHULJRVDV8WLOL]HDSHQDVSDUD
IXVRVHFDYLOKDVDGHTXDGRVjVFDUDFWHUtVWLFDVHVWUXWXUDLVGDSDUHGHHFRPDUHVLVWrQFLDVXILFLHQWHSDUDVX
SRUWDUDFDUJD2PDWHULDOGHIL[DomRSDUDDSDUHGHIRUQHFLGRMXQWRFRPRPyYHOVyHVWiUHFRPHQGDGRSDUD
DSOLFDomRHPSDUHGHVPDFLoDV9HULILTXHTXDOpRVHXWLSRGHSDUHGHHHVFROKDRPDWHULDOGHIL[DomRDGHTXD
GRFRQVLGHUDQGRRHVIRUoRDVXSRUWDUHRPDWHULDOGDSDUHGH5HFRPHQGDPRVTXHFRQVXOWHXPDORMDGDHV
SHFLDOLGDGHVHWLYHUG~YLGDVTXDQWRjIRUPDGHSURFHGHU
)LVVDJJLRDSDUHWL6XSHUILFLGHFRUD]LRQLLQPDWHULDOHSODVWLFRULSURGX]LRQHOHJQR,QGLFD]LRQLUHODWLYH
DOODFXUDSXOLUHFRQSDQQROHJJHUPHQWHXPLGRHULSXOLUHVXELWRGRSRFRQXQSDQQRDVFLXWWR,OPREL
OHQRQqDGDWWRSHUDPELHQWLXPLGLEDJQRFXFLQDHFF$VFLXJDUHLPPHGLDWDPHQWHODVXSHUILFLHQHO
FDVRLQFXLTXHVWDYHQJDEDJQDWD&RQVHUYDUHOHLVWUX]LRQLGLPRQWDJJLR
,OPRELOHGHYHHVVHUHPRQWDWRGDSHUVRQDOHTXDOLILFDWRDWWHQHQGRVLDOOHLVWUX]LRQLGLPRQWDJJLR8Q
PRQWDJJLRHUUDWRSRWUHEEHHVSRUYLDULVFKLGLYDULRWLSR8WLOL]]DUHYLWLHWDVVHOOLDSSURSULDWLDOODSDUHW
H
HGLQJUDGRGLVRVWHQHUHDGHJXDWDPHQWHLOSHVRGHJOLHOHPHQWL,OPDWHULDOHGLILVVDJJLRSHUSDUHWLDF
FOXVRqDGDWWRVROWDQWRDSDUHWLPDVVLFFH&RQWUROODUHODFRQVLVWHQ]DGHOODSDUHWHHSRLVFHJOLHUHLOPD

WHULDOHGLILVVDJJLRDGDWWRHFDSDFHGLVRVWHQHUHLSHVLGHJOLHOHPHQWL$ULJXDUGRVLSUHJDGLULFKLHGHUH
XOWHULRULLQIRUPD]LRQLSUHVVRXQSXQWRYHQGLWDVSHFLDOL]]DWR
=JRUQMHSRYUãLQHXPHWQHVHVWDYLQH'HNRU/HVQRQDGRPHVWLOR1DYRGLORRVNUEH]UDKORYODåQRNUSR
þLVWLWLWDNRMQDVXKRREULVDWL3RKLãWYRQLSULPHUQR]DYODåQHSURVWRUH.DSDOQLFD.XKLQMDLWG0RNUR

WRQDSRYUãLQLWDNRMREULVDWLYVWUDQ*UDGEHQR1DYRGLORVHVWDYLWYH
3RKLãWYRPRUDPRQWLUDWLVWURNRYQRXVSRVREOMHQDRVHEDYVNODGX]QDYRGLOL]DVHVWDYR=DUDGLQD
SDþQHPRQWDåHODKNRSULGHGRQHYDUQRVWL3D]LWHQDWRGDXSRUD
EOMDWHYLMDNHLQVWHQVNHYORåNHSULPHU
QH]DYUVWRVWHQHLQ]]DGRVWQRQRVLOQRVWMR3ULORåHQLPDWHULDO]DSULWUGLWHYQDVWHQRMHSULPHUHQVDPR
]DPDVLYQHVWHQH3UHYHULWHSRGODJRLQL]EHULWHSULPHUQDVUHGVWYD]DSULWUGLWHYYVNODGX]QDVWDMD
MRþLPLVLODPLLQSRGODJR3RSRWUHELSRYSUDãDMWHYVWURNRYQLWUJRYLQL
<WDQDYSODVWWUlLPLWDWLRQ6N|WVHODQYLVQLQJ5HQJ|UHVPHGIXNWLJWUDVDWRUNDVGlUHIWHURPHGHOEDUW
PHGHQWRUUWUDVD0|EOHUQDOlPSDUVLJLQWHDWWDQYlQGDVLYnWUXPEDGN|NRVY)XNWLJD\WRUPnVWH
DOOWLGJHQDVWWRUNDV6SDUDPRQWHULQJVDQYLVQLQJHQ
0|EHOQPnVWHPRQWHUDVDYHQVDNNXQQLJSHUVRQLHQOLJKHWPHGPRQWHULQJVDQYLVQLQJHQ2PP|EHOQ
PRQWHUDVIHODNWLJWNDQIDUDXSSVWn9DUQRJDPHGDWWDQYlQGDVNUXYDURFKSOXJJDUVRPlUDYSDVVDGH
HIWHUYlJJHQRFKKDUWLOOUlFNOLJElUI|UPnJD%LIRJDWYlJJXSSKlQJQLQJVPDWHULDOlUHQGDVWDYVHWWI|U
PDVVLYDYlJJDU.RQWUROOHUDJUXQGHQRFKYlOMOlPSOLJWIlVWPDWHULDOPHGKlQV\QWLOOJUXQGHQRFKGH
NUDIWHUVRPXSSNRPPHU)UnJDRPUnGLIDFNKDQGHOQ
2YHUIODWHDYNXQVWVWRIIGHNRUHWWHUOLNQLQJDYWUHYHUN+HQYLVQLQJDQJYHGOLNHKROG5HQJM¡UHVPHG
IXNWLJNOXWGHUHWWHUW¡UNHVGHWPHGHQJDQJRYHUPHGHQW¡UUNOXW0¡EOHQHHULNNHHJQHWIRUYnWURP
EDGNM¡NNHQHWF)XNWLJKHWPnDOOWLGW¡UNHVERUWIUDRYHUIODWHQPHGHQJDQJ7DYDUHSnPRQWHULQJV
DQYLVQLQJHQ
0¡EHOHWPnPRQWHUHVDYHQIDJN\QGLJSHUVRQLKHQKROGWLOEUXNVDQYLVQLQJHQ9HGIHLOPRQWHULQJNDQ
GHWRSSVWnIDUHU0DQPnSDVVHSnnEHQ\WWHVNUXHURJSOXJJHUVRPHUHJQHWIRUGHQDNWXHOOHYHJJHQ
RJVRPGHVVXWHQKDUWLOVWUHNNHOLJEUHNUDIW9HGODJWHPDWHULDOHWLOEUXNYHGYHJJEHIHVWLJHOVHHUEDUH
HJQHWIRUPDVVLYHYHJJHU0DQPnVMHNNHXQGHUODJHWRJVnYHOJHHJQHWIHVWHPLGGHOLKHQKROGWLOGH
NUHIWHUVRPNDQIRUHNRPPHRJVRPSDVVHUWLOXQGHUODJHW(YHQWXHOWE¡UPDQVS¡UUHIDJIRUKDQGOHUHQ
RPUnG
.RNVQLLPLWƝMRãDSODVWPDVDVYLUVPD.RSãDQD7ƯUƯWDUPD]OLHWVDPLWULQƗWXOXSDWXXQWnjOƯWQRVODXFƯW
VDXVX0ƝEHOHVQDYGRPƗWDVPLWUƗPWHOSƗPYDQQDVLVWDEƗPYLUWXYƝPXWW1HNDYƝMRWLHVQRVODXFƯW
VODSMXPXQRYLUVPDV8]JODEƗMLHWPRQWƗåDVLQVWUXNFLMX
0ƝEHOHVPRQƗåXGUƯNVWYHLNWWLNDLDWWLHFƯJLDSPƗFƯWDVSHUVRQDVDWELOVWRãLPRQƗåDVLQVWUXNFLMDVQRWHL
NXPLHP1HSDUHL]DPRQWƗåDYDUL]UDLVƯWEƯVWDPƯEX0RQWƗåDLGUƯNVWL]PDQWRWWLNDLVNUnjYHVXQGƯEHƺXV
NDVDWELOVWDWWLHFƯJRVLHQXƯSDãƯEƗPXQNDPLUSLHWLHNDPDL]WXUƯED3LHYLHQRWLHSLHVWLSULQƗãDQDVPDWH
ULƗOLLUSDUHG]ƝWLWLNDLSLHVWLSULQƗãDQDLSLHPDVƯYƗPVLHQƗP3ƗUEDXGLHWSDPDWXXQL]YƝOLHWLHVSLHPƝUR
WXVSLHVWLSULQƗãDQDVOƯG]HNƺXVNDVDWELOVWHVRãDMDPVSULHJRMXPDPXQSDPDWLHP9DMDG]ƯEDVJDGƯMXPƗ
NRQVXOWƝMLHWLHVDUVSHFLDOL]ƝWDMLHPWLUG]QLHFƯEDVDƧHQWLHP
3DYLUãLXV\UDVLQWHWLQLVGHNRUDW\YLQLVPHGåLRLPLWDWDV3ULHåLnjUDYDO\WLOHQJYDLVXGUơNLQWDSDãOXRVWH
LãNDUWSRWRQXVDXVLQDQWâLHEDOGDLQHWLQNDPLGUơJQRPVSDWDOSRPV9RQLRVNDPEDULXLYLUWXYHLLU
SDQ$WVLUDGXVGUơJPHLDQWEDOGǐSDYLUãLDXVWXRMSDWQXVDXVLQWL.RQVWUDYLPRQXURG\PXVSODVLOLNWL
%DOGąWXULPRQWXRWLNRPSHWHWLQJDVVSHFLDOLVWDVSDJDOPRQWDYLPRLQVWUXNFLMą1HWHLVLQJDLVXPRQWDYXV
JDOLLãNLOWLSDYRMXV$WNUHLSNLWHGơPHVƳƳWDLNDG-njVWXULWHQDXGRWLVLHQRVVDY\EơPVDWLWLQNDQþLXVLU
SDNDQNDPRVWLSUXPRYDUåWXVEHLNDLãþLXV.DUWXSULGơWRVGHWDOơVVNLUWRVSULWYLUWLQLPXLSULHVLHQRV
\UDWLQNDPRVWLNNDSLWDOLQơPVVLHQRPV3DWLNULQNLWHSDJULQGąLUSDULQNLWHSULWYLUWLQLPRSULHPRQĊWLQ
NDPąVXVLGDULXVLDLDSNURYDLLUSDJULQGXL5HLNDOXLHVDQWSDVLWHLUDXNLWHVSHFLDOL]XRWRMHSDUGXRWXYơMH
3RYUãLQHSODVWLþQDPDWHULMDGHNRUGUYHQDLPLWDFLMD8SXWVWYRQMHJHþLVWLWLVDODNRQDPRNUHQRPNU
SRPRGPDKVXKRREULVDWL1DPMHãVWDMQLMHSRJRGDQ]DYODåQHSURVWRULMHNXSDWLORNXKLQMXLWG9ODå
QRVWL]SRYUãLQHRGPDKREULVDWL6DþXYDWLXSXWVWYR]DPRQWDåX
1DPMHãWDMPRUDPRQWLUDWLMHGQDVWUXþQDRVREDVKRGQRXSXWVWYX]DPRQWDåX*UHãNHXPRQWDåLPRJX
GRYHVWLGRUD]QLKRSDVQRVWL9RGLWHUDþXQDRWRPHGDSULPMHQMXMHWHVDPRRQHYLMNHLXþYUVQLFHNRML
RGJRYDUDMXNDNYRüL]LGDLNRMLLPDMXGRYROMQXQRVLYRVW3ULORåHQLPDWHULMDO]DXþYUãüLYDQMHQD]LGSR
JRGDQMHVDPR]DPDVLYQH]LGRYH3URYMHULWHSRGORJXLRGDEHULWHSRJRGQDVUHGVWYD]DXþYUãüLYDQMH
NRMDVXSULPMHUHQDQDVWDMXüLPVLODPDLSRGORJDPD5DVSLWDMWHVHSRSRWUHELXVSHFLMDOL]LUDQLPWUJR
YLQDPD
3LQWDPXRYLDSXXQYlULQHQ+RLWRRKMH3XKGLVWHWDDQNRVWHDOODNDQNDDQSDODOODNXLYDWDDQVHQMlONHHQ
YlOLWW|PlVWLNXLYDOODNDQNDDQSDODOOD+XRQHNDOXWHLYlWVRYLSLGHWWlYLNVLNRVWHLVVDWLORLVVDN\OS\KXRQH

NHLWWL|MQH0lUlWSLQQDWRQKHWLNXLYDWWDYD6lLO\WlDVHQQXVRKMH
+XRQHNDOXQDVHQQXNVHQVDDVXRULWWDDYDLQDVLDDWXQWHYDKHQNLO|NRNRDPLVRKMHWWDQRXGDWWDHQ9ll
UlQODLVHVWD DVHQQXNVHVWDVDDWWDDROODVHXUDXNVHQDYDDUDWLODQWHLWD2QNLLQQLWHWWlYlKXRPLRWDVLLKHQ
HWWlNl\WHWllQVHLQlUDNHQWHHOOHVRSLYLDMDULLWWlYlQNHVWlYLlUXXYHMDMDUXXYLWXOSSLD0XNDQDWRLPLWHWWX
VHLQlNLLQQLW\VPDWHULDDOLVRYHOWXXYDLQPDVVLLYLVHLQLOOH7DUNLVWDDOXVWDMDYDOLWVHHVLLQW\YLHQYRLPLHQMD
DOXVWDQUDNHQWHHQPXNDLVHWNLLQQLW\VYlOLQHHW.\V\WDUYLWWDHVVDQHXYRDDODQHULNRLVOLLNNHHVWl
3HDOLVSLQQDGSODVWGHNRRUSXLGXLPLWDWVLRRQ+RROGXVMXKLVSXKDVWDGDNHUJHOWQLLVNHODSLJDSKNLGD
NRKHNXLYDNV0||EHOHLVRELQLLVNHWHVVHUXXPLGHVVHYDQQLWXEDN||NMQH3HDOLVSLQQDOHVDWWXQXGQL

LVNXVSKNLGDYLLYLWDPDWXOWlUD+RLGNHPRQWDDåLMXKHQGDOOHV
0||EOLSHDEPRQWHHULPDRPDDODDVMDWXQGMDYDVWDYDOWPRQWDDåLMXKHQGLOH(ED}LJHPRQWDDåY}LENlW
NHGDHQGDVRKWXVLG9HHQGXJHHWWHNDVXWDWHNUXYLVLGMDWEOHLGPLVYDVWDYDGVHLQDNYDOLWHHGLOHMD
RQSLLVDYDNDQGHM}XJD.DDVDVROHYVHLQDOHNLQQLWDPLVHPDWHUMDOVRELENVQHVPRQROLLWVHLQWHOH.RQW
UROOLJHPLOOLQHRQDOXVSLQGMDYDOLJHVRELYNLQQLWXVPDWHUMDOYDVWDYDOWUDNHQGXYDOHM}XOHMDDOXVSLQQDOH
.VLJHYDMDGXVHOQ}XYROLWDWXGHGDVLPMDOW
2YHUIODGHUNXQVWVWRIGHNRUWULPLWDWLRQ5HQJ¡ULQJ*¡UHVUHQWPHGHQIXJWLJNOXGW¡UUHVVWUDNVHIWHU
PHGHQW¡UNOXG0¡EHOHWHULNNHHJQHWWLOEUXJLIXJWLJHRPJLYHOVHUEDGHYUHOVHN¡NNHQHWF)XJWLJ

KHGSnP¡EHOHWVRYHUIODGHUIMHUQHVRPJnHQGH*HPPRQWHULQJVYHMOHGQLQJHQ
0¡EHOVW\NNHWVNDOPRQWHUHVLRYHUHQVVWHPPHOVHPHGYHMOHGQLQJHQDIHQVDJN\QGLJSHUVRQ+YLV
PRQWDJHQJHQQHPI¡UHVIHMODJWLJWNDQGHURSVWnIDUHPRPHQWHU9URSPUNVRPSnVNUXHURJG\EOHU
VNDOSDVVHWLOYJJHQVEHVNDIIHQKHGRJDWGHUHVEUHHYQHVNDOYUHWLOVWUNNHOLJ'HWPHGI¡OJHQGH
PDWHULDOHWLOIDVWJ¡UHOVHLYJJHQHUNXQHJQHWWLOPDVVLYHYJJH(IWHUSU¡YXQGHUJUXQGHQRJDQYHQG
HJQHGHPLGOHUWLOIDVWJ¡UHOVHQVRPHUSDVVHQGHWLOGHNUIWHUGHURSWUGHUWLOXQGHUJUXQGHQ,JLYHW
IDOGE¡U'HLQGKHQWHUnGRJYHMOHGQLQJLHQVSHFLDOKDQGHO
3RYUãLQHSODVWLþQDPDWHULMDGHNRUGUYHQDLPLWDFLMD8SXWVWYR]DQHJXþLVWLWLVDODNRQDPRNUHQRPNU
SRPRGPDKVXKRREULVDWL1DPHãWDMQLMHSRJRGDQ]DYODåQHSURVWRULMHNXSDWLORNXKLQMXLWG9ODå
QRVWL]SURYUãLQHRGPDKRþLVWLWL6DþXYDWLXSXWVWYR]DPRQWDåX
1DPMHãWDMPRUDSUHPDXSXWVWYX]DPRQWDåXPRQWLUDWLMHGQDVWUXþQDRVRED3RJUHãQDPRQWDåDPRåH
L]D]YDWLUD]QHRSDVQRVWL9RGLWHUDþXQDRWRPHGDNRULVWLWHVDPRRQHYLMNHLXþYUVQLFHãDUDIHLWL
SORYHNRMLRGJRYDUDMXVYRMVWYLPD]LGDLNRMLREH]EMHGMXMXGRYROMQXQRVLYRVW3ULORåHQLPDWHULMDO]D
SULþYUãüLYDQMHQD]LGSRJRGDQMHVDPR]DPDVLYQH]LGRYH3URYMHULWHSRGORJXLL]DEHULWHSRJRGQD
VUHGVWYD]DXþYUãüLYDQMHNRMDRGJRYDUDMXQDVWDMXüLPVLODPDLSRGORJDPD$NRMHSRWUHEQRUDVSLWDMWH
VHXVSH]LMDOL]RYDQLPSURGDYDRQLFDPD


SCG
BG
ɉɨɜSɲɢɧHɩɥDFɬɢɱɧDɦDɬHSɢMDɞHɤRSɞSɜHɧDɢɦɢɬDɰɢMDɍɩɭɬɫɬɜɨɡDɧHUɭɱɢɫɬɢɬɢFDɥDɤɨ
ɧɚɦɨɤSHɧɨɦɤSɩɨɦɨɞɦɚF\[RRɛSɢFDɬɢ+DɦHɲɬDɣɧɢMHɩɨɝɨɞɚɧɡɚɜɥɚɠɧɟɩɪɨɫɬɨɪɢMɟ
ɤ\ɩDɬɢɥɨɤ\[ɢɧM\ɢɬɞ%ɥɚɠɧɨɫɬɢɡɩɨɜSɲɢɧHɨɞɦDɨɱɢɫɬɢɬɢɋDɱɭɜDɬɢ\ɩ\ɬɫɬɜɨɡDɦɨɧɬDɠ\
ɇɚɦɟɲɬɚʁɦɨɪɚɫɯɨɞɧɨɭɩɭɫɬɜɭɡɚɦɨɧɬɚɠɭɦɨɧɬɢɪɚɬɢʁɟɞɧɚɫɬɪɭɱɧɚɨɫɨɛɚɉɨɝɪɟɲɧɚɦɨɧɬɚɠɚ
ɦɨɠɟɢɡDɡɜɚɬɢɪɚɡɧɟɨɩɚɫɧɨɫɬɢȼɨɞɢɬɟɪɚɱɭɧɚɨɬɨɦɟɞɚɤɨɪɢɫɬɢɬɟɫɚɦɨRɧɟɜɢʁɤɟɢɭɱɜɪɫɧɢɰɟ
ɤɨʁɢɨɞɝɨɜɚɪɚʁɭɫɜɨʁɫɬɜɢɦɚɡɢɞɚɢɤɨʁɢɨɛɟɡɛɟɻɭʁɭɞɨɜɨʂɧɭɧɨɫɢɜɨɫɬɉɪɢɥɨɠɟɧɢɦɚɬɟɪɢʁɚɥɡɚ
ɭɱɜɪʄɢɲɜɚʃɟɧɚɷɢɞɩɨɝɨɞɚɧʁɟɫɚɦɨɷɚɦɚɫɨɜɧɟɡɢɞɨɜɟɉɪɨɜɟɪɢɬɟɩɨɞɥɨɝɭɢɨɞɚɛɟɪɢɬɟ
ɩɨɝɨɞɧɚɫɪɟɞɫɜɚɷɚɭɱɜɪɲʄɢɜɚʃɟɤɨʁɚɨɞɝɨɜɚɪɚʁɭɧɚɫɬɚʁɭʄɢɦɫɢɥɚɦɚɢɞɚɬɢɦɩɨɞɥɨɝɚɦɚ
Ɋɚɫɩɢɬɚʁɬɟɫɟɩɨɩɨɬɪɟɛɢɭɫɩɟɰɢɚɥɢɡɨɜɚɧɢɦɬɪɝɨɜɢɧɚɦɚ
ɉɨɜɴSɯɧɨɫɬɢɡɤ\ɫɬɜHɧDɦDɬHSɢɹɞHɤɨɪɢɦɢɬDɰɢɹɧDɞɴSɜRɍɤDɡDɧɢHɡɚɩɨɞɞɴSɠDɧHɞDFH
ɩɨɱɢFɬɜDFɜɥDɠɧDɤɴSɩɚɜHɞɧDUDɞDFHɩɨɞF\ɲDɜDɆHɛHɥɢɬHɧHFDɩɨɞ[Rɞɹɳɢɡɚɜɥɚɠɧɢ
ɩRɦHɳHɧɢɹɛDɧɹɤ\[ɧɹɢɬɧ%ɥDUDɧHɡDɛDɜɧRɞDFHɢɡɛɴSFɜDɨɬɩɨɜɴS[ɧRFɬɬDɍɩɴɬɜDɧHɬɨɡD
ɦɨɧɬDɠɞDFHFɴɯSDɧɢ
Ɇɨɧɬɚɠɴɬɧɚɦɟɛɟɥɢɬɟɡɚɞɴɥɠɢɬɟɥɧɨɞɚɫɟɢɡɜɴɪɲɜɚɨɬɤɜɚɥɢɮɢɰɢɪɚɧɨɥɢɰɟɫɴɨɛɪɚɡɧɨ
ɢɧɫɬɪɭɤɰɢɹɬɚɡɚɦɨɧɬɚɠɇɟɩɪɚɜɢɥɧɢɹɬɦɨɧɬɚɠɦɨɠɟɞɚɤɪɢɟɪɢɫɤɨɜɟɈɛɴɪɧɟɬɟɜɧɢɦɚɧɢɟɞɚɥɢ
ɢɡɩɨɥɡɜɚɬɟɜɢɧɬɨɜɟɢɞɸɛɟɥɢɤɨɢɬɨɫɚɫɴɨɛɪɚɡɟɧɢɫɴɫɫɬɪɭɤɬɭɪɚɬɚɧɚɫɬɟɧɚɬɚɢɫɚɫ
ɞɨɫɬɚɬɴɱɧɚɬɨɜɚɪɨɧɨɫɢɦɨɫɬɉɪɢɥɨɠɟɧɢɹɬɫɤɪɟɩɢɬɟɥɟɧɦɚɬɟɪɢɚɥɟɩɨɞɯɨɞɹɳɫɚɦɨɡɚɦɚɫɢɜɧ ɢ
ɫɬɟɧɢɉɪɨɜɟɪɟɬɟɨɫɧɨɜɚɬɚɢɢɡɛɟɪɟɬɟɩɨɞɯɨɞɹɳɢɫɤɪɟɩɢɬɟɥɧɢɟɥɟɦɟɧɬɢɫɴɨɛɪɚɡɧɨɹɜɹɜɚɳɨɬ ɨ
ɫɟɧɚɩɪɟɠɟɧɢɟɢɨɫɧɨɜɚɬɚȺɤɨɟɧɟɨɛɯɨɞɢɦɨɫɟɢɧɮɨɪɦɢɪɚɣɬɟɜɫɩɟɰɢɚɥɢɡɢɪɚɧɢɬɟɦɚɝɚɡɢɧɢ 
RUS