Thermal performance of buildings - Calculation of energy use for heating - Residential buildings

This standard gives a simplified calculation method for assessment of the heat use and energy needed for space heating of a residential building, or a part of it, which will be referred to as "the building". This method includes the calculation of: 1) the heat losses of the building when heated to constant temperature; 2) the annual heat needed to maintain the specified set-point temperatures in the building; 3) the annual energy required by the heating system of the building for space heating. The building may have several zones with different set-point temperatures.

Wärmetechnisches Verhalten von Gebäuden - Berechnung des Heizenergiebedarfs - Wohngebäude

Diese Norm enthält gibt ein vereinfachtes Berechnungsverfahren für die Ermittlung des Wärmebedarfs und der Energie zur Raumheizung in einem Wohngebäude oder Teilen davon, an, die im folgenden als "das Gebäude" bezeichnet werden. Dieses Verfahren beinhaltet die Berechnung: 1) des Wärmeverlustes des Gebäudes, wenn es auf einer konstanten Temperatur gehalten wird; 2) dem jährlichen Wärmebedarf, um eine definierte Sollinnentemperatur in dem Gebäude einzuhalten; 3) des järhichen Energiebedarfs, die das Heizsystem des Gebäudes zur Raumheizung benötigt.

Performance thermique des bâtiments - Calcul des besoins d'énergie pour le chauffage - Bâtiments résidentiels

La présente norme fournit une méthode de calcul simplifiée pour évaluer les quantités de chaleur et d'énergie nécessaire au chauffage des locaux d'un bâtiment résidentiel, ou d'une partie de bâtiment, qui sera désignée par le "bâtiment". Cette méthode comprend le calcul: 1) des déperditions du bâtiment chauffé à une température constante; 2) de la quantité de chaleur annuelle à fournir dans les locaux pour y maintenir les températures intérieures de consigne spécifiées; 3) de la quantité d'énergie annuelle à fournir au système de chauffage du bâtiment pour le chauffage des locaux.

Toplotne karakteristike stavb – Izračun potrebne energije za ogrevanje – Stanovanjske stavbe

General Information

Status
Withdrawn
Publication Date
22-Sep-1998
Withdrawal Date
29-Feb-2008
ICS
91.140.10 - Central heating systems
Technical Committee
CEN/TC 89 - Thermal performance of buildings and building components
Drafting Committee
CEN/TC 89/WG 4 - Energy use of buildings
Current Stage
9960 - Withdrawal effective - Withdrawal
Start Date
01-Mar-2008
Completion Date
01-Mar-2008
Directive
305/2011 - Regulation (eu) No 305/2011 of the European Parliament and of the Council of 9 march 2011 laying down harmonised conditions for the marketing of construction products and repealing council directive 89/106/eec
89/106/EEC - Construction products
Ref Project
SIST EN 832:1999 - Thermal performance of buildings - Calculation of energy use for heating - Residential buildings

Relations

Replaced By
EN ISO 13790:2008 - Energy performance of buildings - Calculation of energy use for space heating and cooling (ISO 13790:2008)
Effective Date
22-Dec-2008
Corrected By
EN 832:1998/AC:2002 - Thermal performance of buildings - Calculation of energy use for heating - Residential buildings
Effective Date
22-Dec-2008
Corrected By
EN 832:1998/AC:2000 - Thermal performance of buildings - Calculation of energy use for heating - Residential buildings
Effective Date
22-Dec-2008
Child
EN ISO 13790:2004 - Thermal performance of buildings - Calculation of energy use for space heating (ISO 13790:2004)
Effective Date
22-Dec-2008
EN 832:1999 - Page 3 previewEN 832:1999 - Page 1 previewEN 832:1999 - Page 2 previewEN 832:1999 - Page 4 preview
PreviousNext
Standard – translation

EN 832:1999

Slovenian language
57 pages
Preview
Preview
e-Library read for
1 day

Frequently Asked Questions

EN 832:1998 is a standard published by the European Committee for Standardization (CEN). Its full title is "Thermal performance of buildings - Calculation of energy use for heating - Residential buildings". This standard covers: This standard gives a simplified calculation method for assessment of the heat use and energy needed for space heating of a residential building, or a part of it, which will be referred to as "the building". This method includes the calculation of: 1) the heat losses of the building when heated to constant temperature; 2) the annual heat needed to maintain the specified set-point temperatures in the building; 3) the annual energy required by the heating system of the building for space heating. The building may have several zones with different set-point temperatures.

This standard gives a simplified calculation method for assessment of the heat use and energy needed for space heating of a residential building, or a part of it, which will be referred to as "the building". This method includes the calculation of: 1) the heat losses of the building when heated to constant temperature; 2) the annual heat needed to maintain the specified set-point temperatures in the building; 3) the annual energy required by the heating system of the building for space heating. The building may have several zones with different set-point temperatures.

EN 832:1998 is classified under the following ICS (International Classification for Standards) categories: 91.140.10 - Central heating systems. The ICS classification helps identify the subject area and facilitates finding related standards.

EN 832:1998 has the following relationships with other standards: It is inter standard links to EN ISO 13790:2008, EN 832:1998/AC:2002, EN 832:1998/AC:2000; is excused to EN ISO 13790:2004. Understanding these relationships helps ensure you are using the most current and applicable version of the standard.

EN 832:1998 is associated with the following European legislation: EU Directives/Regulations: 305/2011, 89/106/EEC. When a standard is cited in the Official Journal of the European Union, products manufactured in conformity with it benefit from a presumption of conformity with the essential requirements of the corresponding EU directive or regulation.

You can purchase EN 832:1998 directly from iTeh Standards. The document is available in PDF format and is delivered instantly after payment. Add the standard to your cart and complete the secure checkout process. iTeh Standards is an authorized distributor of CEN standards.

Standards Content (Sample)


SLOVENSKI STANDARD
01-september-1999
7RSORWQHNDUDNWHULVWLNHVWDYE±,]UDþXQSRWUHEQHHQHUJLMH]DRJUHYDQMH±
6WDQRYDQMVNHVWDYEH
Thermal performance of buildings - Calculation of energy use for heating - Residential
buildings
Wärmetechnisches Verhalten von Gebäuden - Berechnung des Heizenergiebedarfs -
Wohngebäude
Performance thermique des bâtiments - Calcul des besoins d'énergie pour le chauffage -
Bâtiments résidentiels
Ta slovenski standard je istoveten z: EN 832:1998
ICS:
91.040.30 Stanovanjske stavbe Residential buildings
91.120.10 Toplotna izolacija stavb Thermal insulation
2003-01.Slovenski inštitut za standardizacijo. Razmnoževanje celote ali delov tega standarda ni dovoljeno.

--------------
...




6/29(16., 6,67(1
 
67$1'$5' 
VHSWHPEHU
 




    
    
    
     
    
 

 7RSORWQHNDUDNWHULVWLNHVWDYE±,]UDþXQSRWUHEQHHQHUJLMH]DRJUHYDQMH±
 6WDQRYDQMVNHVWDYEH HQDNRYUHGHQ(1 
 
 7KHUPDOSHUIRUPDQFHRIEXLOGLQJV±&DOFXODWLRQRIHQHUJ\XVHIRUKHDWLQJ±
 5HVLGHQWLDOEXLOGLQJV
 

3HUIRUPDQFHWKHUPLTXHGHVEkWLPHQWV±&DOFXOGHVEHVRLQVG
pQHUJLHSRXUOH

FKDXIIDJH±%kWLPHQWVUpVLGHQWLHOV

 :lUPHWHFKQLVFKHV 9HUKDOWHQ YRQ *HElXGHQ ± %HUHFKQXQJ GHV
 +HL]HQHUJLHEHGDUIV±:RKQJHElXGH

 
 
 
 
 
 





 'HVNULSWRUML VWDQRYDQMVNHVWDYEHWRSORWQDL]RODFLMDRJUHYDQMHSULSUDYDYRGHL]UDþXQDYDQMH
 WRSORWQD ELODQFD SUHQRV WRSORWH WHUPRGLQDPLþQH ODVWQRVWL NRHILFLHQW %
 NRHILFLHQWWRSORWQLKL]JXEXþLQNRYLWRVWSRGQHEMHVRQþQDHQHUJLMD

 
 
 5HIHUHQþQDãWHYLOND
 ,&6  6,67(1 VO 
 

 1DGDOMHYDQMHQDVWUDQHK,,LQRGGR
 
 



! #"$"%&""’ ()"*+$, ’--
6,67(1
1$&,21$/1,892'
6WDQGDUG6,67(1 VO 7RSORWQHNDUDNWHULVWLNHVWDYE±,]UDþXQSRWUHEQHHQHUJLMH]DRJUHYDQMH±
6WDQRYDQMVNH VWDYEH  LPD VWDWXV VORYHQVNHJD VWDQGDUGD LQ MH HQDNRYUHGHQ HYURSVNHPX
VWDQGDUGX(1 HQ 7KHUPDOSHUIRUPDQFHRIEXLOGLQJV±&DOFXODWLRQRIHQHUJ\XVHIRUKHDWLQJ±
5HVLGHQWLDOEXLOGLQJV
1$&,21$/1,35('*2925
(YURSVNLVWDQGDUG(1MHSULSUDYLOWHKQLþQLRGERU(YURSVNHJDNRPLWHMD]DVWDQGDUGL]DFLMR
&(17&7RSORWQHODVWQRVWLVWDYELQGHORYVWDYE
7DHYURSVNLVWDQGDUGXVWUH]DELVWYHQLP]DKWHYDPHYURSVNHGLUHNWLYH(6
6ORYHQVNL WHKQLþQL RGERU 6,677& 723 7RSORWD MH GQH  SULY]HO HYURSVNL VWDQGDUG
(1SRPHWRGLSRQDWLVD6WDQGDUGYVORYHQVNHPMH]LNXMHOHQMHJRYDMH]LNRYQDUD]OLþLFD
=9(=( $ 667$1'$5', 20 
6 SUHY]HPRP WHJD HYURSVNHJD VWDQGDUGD YHOMDMR ]D RPHMHQL QDPHQ UHIHUHQþQLK VWDQGDUGRY YVL
VWDQGDUGLQDYHGHQLYL]YLUQLNXUD]HQVWDQGDUGRYNLVPRMLKåHVSUHMHOLYQDFLRQDOQRVWDQGDUGL]DFLMR
6,67(1 6WHNORYVWDYEDK'RORþHYDQMHVYHWOREQLKLQVRQþQLKNDUDNWHULVWLNVWHNOD
6,67(1,62 7RSORWQDL]RODFLMD)L]LNDOQHNROLþLQHLQGHILQLFLMH ,62 
6,67(1,62 7RSORWQH ]QDþLOQRVWL GHORY VWDYE  'LQDPLþQH WRSORWQH ]QDþLOQRVWL 
5DþXQVNHPHWRGH ,62 
6,67(1,62 7RSORWQHODVWQRVWLRNHQYUDWLQSRONHQ,]UDþXQWRSORWQHSUHKRGQRVWL
GHO3RHQRVWDYOMHQDPHWRGD ,62 
6,67(1,62 7RSORWQH ]QDþLOQRVWL GHORY VWDYE  6SHFLILþQH WRSORWQH L]JXEH ]DUDGL
SUHKRGDWRSORWH5DþXQVNDPHWRGD ,62 
26129$=$,='$-267$1'$5'$
 3UHYRGVWDQGDUGD(1
2320%,
 8SRãWHYDQMHWXGLSRSUDYHNVWDQGDUGD(1$&
 3RYVRG NMHU VH Y EHVHGLOX VWDQGDUGD XSRUDEOMD L]UD] ³HYURSVNL VWDQGDUG´ Y
6,67(1WRSRPHQL³VORYHQVNLVWDQGDUG´
 1DFLRQDOQLXYRGLQQDFLRQDOQLSUHGJRYRUQLVWDVHVWDYQLGHOVWDQGDUGD
2320%,
 1DFLRQDOQLXYRGLQQDFLRQDOQLSUHGJRYRUQLVWDVHVWDYQLGHOVWDQGDUGD
 7DQDFLRQDOQLGRNXPHQWMHLVWRYHWHQHQDNRYUHGHQ(1LQMHREMDYOMHQ]GRYROMHQMHP
   &(1
   5XHGH6WDVVDUW
   %UX[HOOHV
   %HOJLMD
 7KLVQDWLRQDOGRFXPHQWLVLGHQWLFDOZLWK(1DQGLVSXEOLVKHGZLWKWKHSHUPLVVLRQRI
   &(1
   5XHGH6WDVVDUW
   %UX[HOOHV
   %HOJLXP
,,
(95236.,67$1'$5' (1
(8523($167$1'$5' 
1250((8523e(11( 
(8523b,6&+(1250 VHSWHPEHU
,&6 

'HVNULSWRUMLVWDQRYDQMVNHVWDYEHWRSORWQDL]RODFLMDRJUHYDQMHSULSUDYDYRGHL]UDþXQDYDQMHWRSORWQD
ELODQFDSUHQRVWRSORWHWHUPRGLQDPLþQHODVWQRVWLNRHILFLHQW%NRHILFLHQWWRSORWQLKL]JXE
XþLQNRYLWRVWSRGQHEMHVRQþQDHQHUJLMD


6ORYHQVNDL]GDMD

7RSORWQHNDUDNWHULVWLNHVWDYE±,]UDþXQSRWUHEQHHQHUJLMH]DRJUHYDQMH±
6WDQRYDQMVNHVWDYEH

7KHUPDOSHUIRUPDQFHRI :lUPHWHFKQLVFKHV9HUKDOWHQ 3HUIRUPDQFHWKHUPLTXHGHV
EXLOGLQJV±&DOFXODWLRQRIHQHUJ\ YRQ*HElXGHQ±%HUHFKQXQJ EkWLPHQWV±&DOFXOGHVEHVRLQV
XVHIRUKHDWLQJ±5HVLGHQWLDO GHV+HL]HQHUJLHEHGDUIV± G
HQHUJLHSRXUOHFKDXIIDJH±
EXLOGLQJV :RKQJHElXGH %kWLPHQWVUpVLGHQWLHOV




7D HYURSVNL VWDQGDUG MH &(1 VSUHMHO GQH  ýODQLFH &(1 PRUDMR L]SROQMHYDWL GRORþLOD
SRVORYQLND &(1&(1(/(& V NDWHULP MH SUHGSLVDQR GD PRUD ELWL WD VWDQGDUG EUH] NDNUãQLKNROL
VSUHPHPEVSUHMHWNRWQDFLRQDOQLVWDQGDUG
6H]QDPLQDMQRYHMãLKL]GDMWHKQDFLRQDOQLKVWDQGDUGRYLQQMLKRYLELEOLRJUDIVNLSRGDWNLVRQDYROMRSUL
FHQWUDOQHPVHNUHWDULDWXDOLþODQLFDK&(1
(YURSVNLVWDQGDUGLREVWDMDMRYWUHKL]YLUQLKL]GDMDK QHPãNLDQJOHãNLLQIUDQFRVNL ,]GDMHYGUXJLK
MH]LNLK NL MLK þODQLFH &(1 QD ODVWQR RGJRYRUQRVW SUHYHGHMR LQ L]GDMR WHU SULMDYLMRSULFHQWUDOQHP
VHNUHWDULDWX&(1YHOMDMRNRWXUDGQHL]GDMH
ýODQLFH&(1VRQDFLRQDOQHXVWDQRYH]DVWDQGDUGL]DFLMR$YVWULMH%HOJLMHýHãNHUHSXEOLNH'DQVNH
)LQVNH )UDQFLMH *UþLMH ,UVNH ,VODQGLMH ,WDOLMH /XNVHPEXUJD 1HPþLMH 1L]R]HPVNH 1RUYHãNH
3RUWXJDOVNHâSDQLMHâYHGVNHâYLFHLQ=GUXåHQHJDNUDOMHVWYD










&(1
(YURSVNLNRPLWH]DVWDQGDUGL]DFLMR
(XURSHDQ&RPPLWWHHIRU6WDQGDUGL]DWLRQ
(XURSlLVFKHV.RPLWHHIU1RUPXQJ
&RPLWp(XURSpHQGH1RUPDOLVDWLRQ
&HQWUDOQLVHNUHWDULDW5XHGH6WDVVDUW%%UXVHOM
.0/12123546879:2;<=>6?9@)A78B;CEDFA6?2;L8M6):2;<=>NPORQSR=8T,UV9,U2ORQW32X8Y[Z/12123\O

6,67(1
96(%,1$ 6WUDQ
3UHGJRYRU
8YRG
 3RGURþMHVWDQGDUGD
 =YH]HVVWDQGDUGL
 'HILQLFLMHVLPEROLLQHQRWH
 2ULVSRVWRSNDL]UDþXQDLQSRWUHEQLKSRGDWNRY
 7RSORWQHL]JXEHSULNRQVWDQWQLQRWUDQMLWHPSHUDWXUL
 7RSORWQLGRELWNL
 3RUDEDWRSORWH
 /HWQDSRUDEDWRSORWHYVWDYEL
 3RUDEDHQHUJLMH]DRJUHYDQMH
3RURþLOR
'RGDWHN$ REYH]QL 8SRUDED]DåH]JUDMHQHVWDYEH
'RGDWHN% REYH]QL 0HWRGDL]UDþXQD]DVWDYEH]YHþFRQDPL
'RGDWHN& REYH]QL 'RGDWQHWRSORWQHL]JXEHSULSRVHEQLKHOHPHQWLKRYRMDVWDYEH
'RGDWHN' REYH]QL 'RELWNLVRQþQHHQHUJLMHSULSRVHEQLKHOHPHQWLK
'RGDWHN( LQIRUPDWLYQL (OHPHQWLRYRMD]JUHOQLPLQDSUDYDPL
'RGDWHN) LQIRUPDWLYQL 3RGDWNL]DRFHQRQDUDYQHJDSUH]UDþHYDQMDLQYGLUDQMD]UDND
'RGDWHN* LQIRUPDWLYQL 3RGDWNL]DL]UDþXQGRELWNRYVRQþQHHQHUJLMH
'RGDWHN+ LQIRUPDWLYQL ,]UDþXQHIHNWLYQHWRSORWQHNDSDFLWLYQRVWL
'RGDWHN- LQIRUPDWLYQL 7RSORWQHL]JXEHSULSUHNLQMHQHPRJUHYDQMXDOLRJUHYDQMX]
REGREML]QLåDQHWHPSHUDWXUH
'RGDWHN. LQIRUPDWLYQL 7RþQRVWPHWRGH
'RGDWHN/ LQIRUPDWLYQL =JOHGL]UDþXQD
'RGDWHN0 LQIRUPDWLYQL %LEOLRJUDILMD
'RGDWHN=% LQIRUPDWLYQL 2GVWRSDQMDYUVWH$


6,67(1
3UHGJRYRU
7DHYURSVNLVWDQGDUGMHSULSUDYLOWHKQLþQLRGERU&(17&7RSORWQRREQDãDQMHVWDYELQGHORYVWDYE
NDWHUHJDVHNUHWDULDWYRGL6,6
7D HYURSVNL VWDQGDUG PRUD SULGRELWL VWDWXV QDFLRQDOQHJD VWDQGDUGD ERGLVL ] REMDYR QMHJRYHJD
EHVHGLODDOL]UD]JODVLWYLMRQDMSR]QHMHGRPDUFDQDFLRQDOQLVWDQGDUGLNLVR]QMLPYQDVSURWMXSD
PRUDMRELWLXPDNQMHQLQDMSR]QHMHGRMXOLMD
7DVWDQGDUGMHHQDRGYUVWHVWDQGDUGQLKUDþXQVNLKPHWRG]DSURMHNWLUDQMHLQYUHGQRWHQMHWRSORWQHJD
REQDãDQMDVWDYELQGHORYVWDYE
3RSRVORYQLNX&(1&(1(/(&PRUDMRWDHYURSVNLVWDQGDUGVSUHMHWLVWDQGDUGL]DFLMVNHRUJDQL]DFLMH
QDVOHGQMLK GUåDY $YVWULMH %HOJLMH ýHãNH UHSXEOLNH 'DQVNH )LQVNH )UDQFLMH 1HPþLMH *UþLMH
,VODQGLMH,UVNH,WDOLMH/XNVHPEXUJD1L]R]HPVNH1RUYHãNH3RUWXJDOVNHâSDQLMHâYHGVNHâYLFHLQ
=GUXåHQHJDNUDOMHVWYD
8YRG
5DþXQVNDPHWRGDSUHGVWDYOMHQDYWHPVWDQGDUGXWHPHOMLQDHQHUJHWVNLELODQFLYVWDFLRQDUQHPVWDQMX
XSRãWHYDSDWXGLYDULDFLMHQRWUDQMHLQ]XQDQMHWHPSHUDWXUHVIDNWRUMHPL]UDEHSDWXGLGLQDPLþQHXþLQNH
QRWUDQMLKGRELWNRYLQGRELWNRYVRQþQHHQHUJLMH
0HWRGDVHODKNRXSRUDELSUL
 SUHVRMLVNODGQRVWLVSUHGSLVLRHQHUJHWVNLKFLOMLK
 RSWLPL]DFLML HQHUJHWVNHJD REQDãDQMD QDþUWRYDQH VWDYEH ] XSRUDER PHWRGH QD YHþ PRåQLK
SURMHNWQLKLQDþLFDK
 XJRWDYOMDQMXHQHUJHWVNHJDREQDãDQMDåH]JUDMHQLKVWDYE
 RFHQLXþLQNRYSUHGYLGHQLKXNUHSRYYDUþHYDQMD]HQHUJLMR]L]UDþXQRPUDEHHQHUJLMHSUHGXNUHSRP
YDUþHYDQMD]HQHUJLMRLQSRQMHP
 QDSRYHGRYDQMXSULKRGQMLKSRWUHESRHQHUJLMLYQDFLRQDOQHPDOLPHGQDURGQHPPHULOX]L]UDþXQRP
SRUDEHQHUJLMH]DQHNDMVWDYENLVRWLSLþQHSUHGVWDYQLFHIRQGDVWDYE
9KRGQHSRGDWNHLQSRGUREQHSRVWRSNHL]UDþXQRYNLYWHPVWDQGDUGXQLVRSRGDQLODKNRXSRUDEQLN
QDMGHYGUXJLKHYURSVNLKVWDQGDUGLK
9QHNDWHULKGUåDYDKSUHGSLVXMHMRL]UDþXQDYDQMHUDEHHQHUJLMHYVWDYEDKQDFLRQDOQLSUHGSLVL3RGDWNLR
RGVWRSDQMLKQDFLRQDOQLKSUHGSLVRYRGWHJDVWDQGDUGDVRQDYHGHQLYGRGDWNX=%
3RGURþMHVWDQGDUGD
9VWDQGDUGXMHSRGDQDSRHQRVWDYOMHQDUDþXQVNDPHWRGD]DRFHQRSRUDEHWRSORWHLQHQHUJLMH]D
RJUHYDQMHSURVWRURYYVWDQRYDQMVNLVWDYELDOLQMHQHPGHOXNLERWXLPHQRYDQ D ªVWDYED©
7DPHWRGDREVHJDL]UDþXQH
 WRSORWQLKL]JXEVWDYEHNRMHWDRJUHWDQDNRQVWDQWQRWHPSHUDWXUR
 OHWQHNROLþLQHWRSORWHSRWUHEQH]DY]GUåHYDQMHQDVWDYOMHQHWHPSHUDWXUHYVWDYEL
 OHWQHNROLþLQHHQHUJLMHNLMRSRUDELVLVWHPRJUHYDQMDVWDYEH]DRJUHYDQMHSURVWRURY
6WDYEDLPDODKNRYHþFRQ]UD]OLþQLPLQDVWDYOMHQLPLWHPSHUDWXUDPL(QDFRQDLPDODKNRþDVRYQR
SUHNLQMHQRRJUHYDQMH
5DþXQVNRREGREMHMHODKNRRJUHYDOQDVH]RQDDOLPHVHF,]UDþXQ]DHQPHVHFVLFHUGDSUDYLOQH
UH]XOWDWH]DFHOROHWRSDþSDLPDMRODKNRUH]XOWDWL]DSRVDPH]QHPHVHFHRE]DþHWNXDOLRENRQFX
RJUHYDOQH VH]RQH YHOLNH UHODWLYQH QDSDNH 9 GRGDWNX . VR QDYHGHQH SRGUREQHMãH LQIRUPDFLMH R
WRþQRVWLPHWRGH

6,67(1
=YH]H]GUXJLPLVWDQGDUGL
7DHYURSVNLVWDQGDUGYVHEXMHGRORþLODGUXJLKSXEOLNDFLMNL]GDWLUDQLPDOLQHGDWLUDQLPVNOLFHYDQMHPYWHP
EHVHGLOXWYRULMRGRORþLODWHJDVWDQGDUGD6NOLFHYDQMDQDGUXJHQRUPDWLYQHDNWHVRQDYHGHQDQDXVWUH]QLK
PHVWLKYEHVHGLOXSXEOLNDFLMHSDVRQDYHGHQHVSRGDM3ULGDWLUDQHPVNOLFHYDQMXYVDPRUHELWQDQDNQDGQD
GRSROQLODDOLUHYL]LMHSXEOLNDFLMHYHOMDMR]DWDHYURSVNLVWDQGDUGOHþHVRYNOMXþHQLYDQMYREOLNLGRSROQLODDOL
UHYL]LMH3ULQHGDWLUDQLKSXEOLNDFLMDKSDYHOMDQDMQRYHMãDL]GDMDQDYHGHQHSXEOLNDFLMH
SU(1 6WHNODYVWDYEDK±'RORþDQMHVYHWOREQLKLQVRODUQLK]QDþLOQRVWL]DVWHNOLWHY
(1,62 7RSORWQDL]RODFLMD±)L]LNDOQHYHOLþLQHLQGHILQLFLMH ,62 
SU(1,62 2NQDYUDWDLQVHQþLOD±7RSORWQDSUHKRGQRVW±GHO3RHQRVWDYOMHQD
UDþXQVNDPHWRGD
(1,62 7RSORWQH ]QDþLOQRVWL GHORY VWDYE ± 'LQDPLþQH WRSORWQH ]QDþLOQRVWL ±
5DþXQVNHPHWRGH ,62 
(1,62 7RSORWQH ]QDþLOQRVWL GHORY VWDYE  6SHFLILþQH WRSORWQH L]JXEH ]DUDGL
SUHKRGDWRSORWH5DþXQVNDPHWRGD ,62 
'HILQLFLMHVLPEROLLQHQRWH
'HILQLFLMH
9WHPVWDQGDUGXYHOMDMRGHILQLFLMHL]VWDQGDUGD(1,62LQQDVOHGQMHGHILQLFLMH
=XQDQMDWHPSHUDWXUD7HPSHUDWXUD]XQDQMHJD]UDND
1RWUDQMD WHPSHUDWXUD $ULWPHWLþQD VUHGQMD YUHGQRVW WHPSHUDWXUH ]UDND LQ VUHGQMH VHYDOQH
WHPSHUDWXUHQDVUHGLQLSURVWRUD QRWUDQMDUH]XOWDQWQDVXKDWHPSHUDWXUD 
1DVWDYOMHQDWHPSHUDWXUD3URMHNWQDQRWUDQMDWHPSHUDWXUD
3UHNLQMHQR RJUHYDQMH 5HåLP R]LURPD Y]RUHF RJUHYDQMD NMHU MH Y GRORþHQHP þDVRYQHP
REGREMXGRYROMHQR]QLåDQMHWHPSHUDWXUHSRGSURMHNWQRWHPSHUDWXUR
2JUHYDQLSURVWRU6REHDOLGUXJL]DSUWLSURVWRULRJUHYDQLQDHQRDOLYHþQDVWDYOMHQLKWHPSHUDWXU
1HRJUHYDQLSURVWRU6REHDOLGUXJL]DSUWLSURVWRULNLQHVSDGDMRYRJUHYDQLSURVWRU
7RSORWQDFRQD'HORJUHYDQHJDSURVWRUD]GRORþHQRQDVWDYOMHQRWHPSHUDWXUR]DNDWHUHJD
YHOMDGDVRSURVWRUVNDRGVWRSDQMDQRWUDQMHWHPSHUDWXUHYQMHP]DQHPDUOMLYD
.RHILFLHQWWRSORWQHJDWRND7RSORWQLWRNPHGGYHPDWRSORWQLPDFRQDPDGHOMHQ]UD]OLNR
WHPSHUDWXUWHKGYHKFRQ
7RSORWQD L]JXED 7RSORWD NL MR Y GRORþHQHP þDVRYQHP REGREMXRGGDRJUHYDQLSURVWRUY
]XQDQMHRNROMHVWUDQVPLVLMRLQSUH]UDþHYDQMHP
.RHILFLHQWWRSORWQLKL]JXE.RHILFLHQWWRSORWQHJDWRNDL]RJUHYDQHJDSURVWRUDY]XQDQMHRNROMH
]H^_]a‘JbcdZe_@8=8T;<8;=:9F9@FDFM@9:2;CJ;fgh8iPj=\kJ@8gF@2L=>@FDFA=2I2=M;9;M=\DFA;796?8i86)CGfa=:@E76FkJ@H9@FDFM@9:@J<@):@U
7RSORWQLGRELWHN7RSORWDNLQDVWDQHYRJUHYDQHPSURVWRUXDOLYVWRSDYDQML]GUXJLKYLURY
WRSORWHQHL]VLVWHPDRJUHYDQMD
)DNWRUL]UDEH)DNWRUVNDWHULPVH]PDQMãDMRPHVHþQLDOLVH]RQVNLWRSORWQLGRELWNL QRWUDQMLLQ
SDVLYQLVRQþQLGRELWNL GDVHGRELMRXSRUDEQLGRELWNL
5DþXQVNRREGREMH2EGREMHREUDYQDYDQRSULL]UDþXQXWRSORWQLKL]JXELQGRELWNRY
]H^_]a‘JbcdZe_@9!A62L8h2:78B@J@FiIF@Fij=J7=l:6jD8@8gF@879=j=lh8D8@)A6FiFMj696>kE=27=F 
6,67(1
3RUDEDWRSORWH7RSORWDNLMRMHWUHEDGRYHVWLYRJUHYDQLSURVWRU]DY]GUåHYDQMHQDVWDYOMHQH
WHPSHUDWXUHRJUHYDQHJDSURVWRUD
3RUDEDHQHUJLMH]DRJUHYDQMH(QHUJLMDNLMRMHWUHEDGRYHVWLVLVWHPXRJUHYDQMDGDSRNULMH
SRUDERWRSORWH
6LPEROLLQHQRWH
9WHPVWDQGDUGXYHOMDMRQDVOHGQMLL]UD]LLQVLPEROL
5D]SUHGHOQLFD6LPEROLLQHQRWH
6LPERO ,PHYHOLþLQH (QRWD
m
$ SRYUãLQD P 
D ãWHYLOVNLSDUDPHWHUYIDNWRUMXL]UDEH 
E NRUHNFLMVNLIDNWRU]DQHRJUHYDQHFRQH 
& HIHNWLYQDWRSORWQDNDSDFLWLYQRVWFRQH -.
F VSHFLILþQDWRSORWQDNDSDFLWLYQRVW
- NJ˜. 
H NRHILFLHQW]DYDURYDQRVWLSUHGYHWURP 
) IDNWRU 
I NRHILFLHQWSRYH]DQ]L]SRVWDYOMHQRVWMRYHWUX 
J VNXSQDSUHSXVWQRVWHOHPHQWDVWDYEH]DVRQþQRHQHUJLMR 
+ NRHILFLHQWWRSORWQHJDWRNDNRHILFLHQWWRSORWQLKL]JXE :.
m
K NRHILFLHQWSUHVWRSDWRSORWH
: P ˜. 
m
, NROLþLQDWRSORWHDOLHQHUJLMHQDHQRWRSRYUãLQH -P 
O GROåLQD P
oo
Q ãWHYLORL]PHQMDY]UDND VnDOLKn
4 NROLþLQDWRSORWHDOLHQHUJLMH -
m
5 WRSORWQDXSRUQRVW P ˜.:
7 WHUPRGLQDPLþQDWHPSHUDWXUD .
W þDVþDVRYQRREGREMH V
m
8 WRSORWQDSUHKRGQRVW
: P ˜. 
p
9 SURVWRUQLQD]UDNDYRJUHYDQLFRQL P 
p
Y YROXPVNLWRN]UDND P V
D NRHILFLHQWDEVRUSFLMHVRQþQHJDVHYDQMD 
GHOHåþDVDYNDWHUHPVRYHQWLODWRUMLYNOMXþHQL 
E
J UD]PHUMHPHGGRELWNLLQL]JXEDPL 
UD]PHUMHPHGSULUDVWNRPUD]OLNHPHGQRWUDQMRLQ]XQDQMRWHPSHUDWXURYþDVXY 
G
NDWHUHPMHSUH]UDþHYDQMHYNOMXþHQRLQYUHGQRVWMRWHUD]OLNHYUDþXQVNHPREGREMX
HPLVLMVNLNRHILFLHQWSRYUãLQH]DWRSORWQRVHYDQMH 
H
L]NRULVWHNNRHILFLHQWL]NRULVWNDWRSORWQLKGRELWNRY 
K
T &HO]LMHYDWHPSHUDWXUDq&
IDNWRUSRYH]DQVWRSORWQLPLL]JXEDPLSULSUH]UDþHYDQLKVRQþQLK]LGRYLK 
N
p
U JRVWRWD NJPrms
6WHIDQ%ROW]PDQRYDNRQVWDQWD [n 
: P ˜. 
W þDVRYQDNRQVWDQWD V
WRSORWQLWRN :
)
WRþNRYQDWRSORWQDSUHKRGQRVW :.
OLQHDUQDWRSORWQDSUHKRGQRVW :.
<
UD]PHUMHPHGFHORWQLPVRQþQLPVHYDQMHPNLSDGDQDHOHPHQWWDNUDWNRMH 
Z
]UDþQDSODVWRGSUWDLQFHORWQLPVRQþQLPVHYDQMHPYUDþXQVNHPREGREMX
]H^_]a‘JbcdZ^tA;?7=)CE?=)M;L;:6FC2u)B;7=v:6F:6V6j@w:6lL67\x9jU)D2A;L67@?8:8;C>@2iI2@2ij;Cl;:E9hI);8D2A;V9=?8;Mh\;fkH=):j6?Hf8A62B6yzu87=wM6FCB@lB@9
=):@96JhD@FA62i2;h8A6J:62kH=879@a7=FBh8:I8=u?=):I26FAj=a?P9=Fk0D2A;kH=)Ahd=):@96Gf6a=):=)Ag);j@G?69:6Jh8A6Ex{|Cy!:62kH=879@+j@Fh8M6Ex}yzU

6,67(1
5D]SUHGHOQLFD,QGHNVL
& ]DYHVD H[ L]VWRS SS NRQLþQDPRþ
' QHSRVUHGQR I YHQWLODWRU U UDGLDFLMVNLL]UDEOMHQL
) RNYLU J GRELWNL V VRQþQLVRODUQL
* WOD JF NUPLOMHQMH VXS GRYRG
3 SRYH]DQ]PRþMR JH JHQHUDFLMD W VNXSQLWHKQLþQL
6 VHQþLOR K RJUHYDQMHRJUHYDQ X QHRJUHYDQ
7 WUDQVPLVLMD L QRWUDQML Y SUH]UDþHYDQMH
: VWHQD MNOP VOHSLãWHYFL Z RNQDYRGD
9 SUH]UDþHYDQMH O L]JXEDVORM [ GRGDWQL
D ]UDNGHMDQVNL QK QHRJUHYDQ \] LQGHNVFRQH
F NDSDFLWLYQRVW R L]KRGQL SUDYRNRWQL
A
G GQHYQL S SUHGHOQDVWHQD  RVQRYQLUHIHUHQþQL
SRUD]GHOLWHY
H ]XQDQMLHPLVLMVNL SV WUDMQRVHQþLOR  SULWODþQLUD]OLNL3D

2ULVSRVWRSNDL]UDþXQDLQSRWUHEQLKSRGDWNRY
(QHUJHWVNDELODQFD
3UDYLORPDHQHUJHWVNDELODQFDYNOMXþXMHQDVOHGQMHSRVWDYNH XSRãWHYDQDMHOHREþXWHQDWRSORWD 
± WUDQVPLVLMVNHLQSUH]UDþHYDOQHL]JXEHL]QRWUDQMRVWLY]XQDQMHRNROMH
± WUDQVPLVLMVNHLQSUH]UDþHYDOQHWRSORWQHL]JXEHYVRVHGQMHFRQHDOLGRELWNLL]VRVHGQMLKFRQ
± NRULVWQLQRWUDQMLWRSORWQLGRELWNLWRMHNRULVWQDWRSORWQDPRþQRWUDQMLKYLURYWRSORWH
± L]JXEHVLVWHPDRJUHYDQMDSULJHQHUDFLMLLQGLVWULEXFLMLWHU]DUDGLHPLVLMLQNUPLOMHQMD
± HQHUJLMDGRYHGHQDVLVWHPXRJUHYDQMD
3RVWDYNHHQHUJHWVNHELODQFHVRSULND]DQHQDVOLNL
az82888
,]UDEOMHQL
~P22~P82E-8zF#F2
2-z
a228
8[8,+2dFz
8228,z82
¢
fl
£
§
¤fia+8¡
ƒ
')zE2z2-Rz,¤£›'[22aR2,z2‹ƒ£#z2-
¥ƒ«“
¥ƒ§
,2-2-8R8¡¢£-⁄
–w†‡·¶2•·‚8„†
z2
'[-2-8#8FFt8

6OLND/HWQDHQHUJHWVNDELODQFDVWDYEH

6,67(1
3RVWRSHN
3RVWRSHNL]UDþXQD]DREUDYQDYDQRVWDYERMHQDYHGHQVSRGDM3ULXSRUDELWHJDVWDQGDUGD]DåH
]JUDMHQHVWDYEHMHSROHJWHJDWUHEDXSRãWHYDWLSRVHEQLSULVWRSSRGDQYGRGDWNX$
 RSUHGHOLMRVHPHMHRJUHYDQHJDSURVWRUDLQSRSRWUHELPHMHUD]OLþQLKFRQLQQHRJUHYDQHJDSURVWRUD
SRWRþNL
 VWDYED ] HQR FRQR L]UDþXQD VH NRHILFLHQW WRSORWQLK L]JXE RJUHYDQHJD SURVWRUD SR  WRþNL
]JUDGED]YHþFRQDPLXSRUDELVHSRVWRSHNL]GRGDWND%
 RSUHGHOLVHQDVWDYOMHQDWHPSHUDWXUDLQþHSULGHYSRãWHYUHåLPSUHNLQMHQHJDRJUHYDQMD
 SULVH]RQVNLKL]UDþXQLKVHRSUHGHOLMRDOLL]UDþXQDMRGROåLQDLQSRGQHEQLSRGDWNLRJUHYDOQHVH]RQH
SRWRþNL
1DWRVH]DYVDNRUDþXQVNRREGREMH
 L]UDþXQDMRWRSORWQHL]JXEH4”
± RESUHGSRVWDYNLNRQVWDQWQHQRWUDQMHWHPSHUDWXUHSRWRþNL
± þHSULGHYSRãWHYSRSRVWRSNX]DSUHNLQMHQRRJUHYDQMHSRWRþNL
 L]UDþXQDMRQRWUDQMLWRSORWQLGRELWNL4»SRWRþNL
 L]UDþXQDMRGRELWNLVRQþQHHQHUJLMH4…SRWRþNL
 L]UDþXQDIDNWRUL]UDEH]DVNXSQHGRELWNHSRWRþNL
 L]UDþXQDSRUDEDWRSORWHSRHQDþEL  
1DWRVH]DFHOROHWR
  L]UDþXQDSRUDED]DRJUHYDQMHSURVWRURYSRWRþNL
  L]UDþXQDSRUDEDHQHUJLMHREXSRãWHYDQMXL]JXELQL]NRULVWNDVLVWHPDRJUHYDQMDSRWRþNL
2SUHGHOLWHYPHMLQFRQ
0HMHRJUHYDQHJDSURVWRUD
0HMRRJUHYDQHJDSURVWRUDWYRULMRVWHQHWODYQDMQLåMHPQDGVWURSMXRJUHYDQHJDSURVWRUDWHUVWURSLDOL
VWUHKHNLORþLMRREUDYQDYDQLRJUHYDQLSURVWRURG]XQDQMHJDRNROMDDOLRGVRVHGQMLKRJUHYDQLKFRQDOL
QHRJUHYDQLKSURVWRURY3ULQDEDYOMHQLHQHUJLMLMHPHMDQDWRþNLGREDYHYVWDYERDOLYSRVWURMHQMH]D
RJUHYDQMH3ULL]VWRSQHP]UDNXL]NDWHUHJDVHSULGRELYDRGSDGQDWRSORWDMHPHMDQDL]VWRSXL]
QDSUDYH]DSULGRELYDQMHRGSDGQHWRSORWH
7RSORWQHFRQH
2JUHYDQLSURVWRUMHSRSRWUHELODKNRUD]GHOMHQYWRSORWQHFRQH.DGDUMHYHVRJUHYDQLSURVWRURJUHYDQ
QDLVWRWHPSHUDWXURLQNDGDUVRQRWUDQMLLQVRQþQLWRSORWQLGRELWNLUHODWLYQRPDMKQLDOLHQDNRPHUQR
SRUD]GHOMHQLSRFHOLVWDYELVHXSRUDEOMDHQDWRSORWQDFRQD
5D]GHOLWHYQDWRSORWQHFRQHQLSRWUHEQDNDGDU
D VH QDVWDYOMHQH WHPSHUDWXUH Y SRVDPH]QLK FRQDK QLNROL QH UD]OLNXMHMR ]D YHþ NRW . LQ VH
SULþDNRYDQDUD]PHUMDPHGGRELWNLLQL]JXEDPLUD]OLNXMHMR]DPDQMNRW WMUD]PHUMDPHGMXåQLPL
LQVHYHUQLPLFRQDPL DOL
E ERGRYUDWDPHGFRQDPLYHUMHWQRRGSUWDDOL
F  MHHQDFRQDPDMKQDLQMHPRJRþHSULþDNRYDWLGDVHREQMHQLSULSRMLWYLNVRVHGQMLYHþMLFRQLVNXSQD
SRUDEDHQHUJLMHYVWDYELQHERVSUHPHQLOD]DYHþNRW


6,67(1
9WDNLKSULPHULKVHL]UDþXQ]HQRVDPRWRSORWQRFRQRXSRUDEOMDWXGLþHQDVWDYOMHQHWHPSHUDWXUHQLVR
HQDNH8SRUDEOMDVHQRWUDQMDWHPSHUDWXUDL]UDþXQDQDSRHQDþEL

6+‰T‰
‰
T   
6+‰
‰
NMHUVWD
T»¿ QDVWDYOMHQDWHPSHUDWXUDFRQH]
+¿ NRHILFLHQWWRSORWQLKL]JXEFRQH]SRWRþNL

9GUXJLKSULPHULK]ODVWLSULVWDYEDKYNDWHULKMHSRGLVWRVWUHKRYHþYUVWSURVWRURYVHVWDYEDUD]GHOLY
YHþFRQLQXSRUDELSRVWRSHNL]UDþXQDSRGDQYGRGDWNX%
9KRGQLSRGDWNL
9LULLQYUVWHYKRGQLKSRGDWNRY
.DGDUNRWYLUSRGDWNRYQLQDYHGHQHYURSVNLVWDQGDUGVHODKNRSRWUHEQLSRGDWNLSULGRELMRL]QDFLRQDOQLK
VWDQGDUGRY DOL GUXJLK XVWUH]QLK GRNXPHQWRY WHU VH NDGDU VR WDNL YLUL QD YROMR WXGL XSRUDEOMDMR
,QIRUPDWLYQLGRGDWNLWHJDVWDQGDUGDSRGDMDMRYUHGQRVWLDOLPHWRGH]DSULGRELWHYYUHGQRVWL]DSULPHUH
NDGDUSRWUHEQLKSRGDWNRYQLPRJRþHSULGRELWLGUXJDþH
3ULRSWLPLUDQMXQDþUWRYDQHVWDYEHDOLREQRYL]JUDMHQHVWDYEHVHXSRUDELQDMEROMãDUD]SRORåOMLYDRFHQD
]DWRVWDYER JOHMGRGDWHN$ ýHSDEROMãLKRFHQQLQDYROMRVHODKNRNRWSUYLSULEOLåNLXSRUDELMR
GRJRYRUMHQHYUHGQRVWL
3ULQDSRYHGRYDQMXSRWUHESRHQHUJLMLDOLSUHVRMDQMXVNODGQRVWLVVWDQGDUGLVHXSRUDELMRGRJRYRUMHQH
YUHGQRVWLGDVRUH]XOWDWL]DUD]OLþQHVWDYEHPHGVHERMSULPHUOMLYL
9L]UDþXQXVHYHVþDVXSRãWHYDMRIL]LþQHPHUHNRQVWUXNFLMHVWDYEH8SRUDELMRVHODKNRQRWUDQMH
]XQDQMHDOLVNXSQHQRWUDQMHPHUHYHQGDUMHWUHEDYFHORWQHPL]UDþXQXXSRãWHYDWLLVWRYUVWRPHULQ
XSRUDEOMHQRYUVWRPHUMDVQRQDYHVWLYSRURþLOXRL]UDþXQX
H`_a´Jˆ˜d¯˘R˙)¨˚˙¸˙l˝˛˙F)¸˛˙E˚ˇF—Fˇ˚˛˙\—F¸˙ˇ8˛ˇ8˚˝˝˛G˚ˇF—Fˇ˚˛2˝Jˇ8˚ˇ2˝ˇJˇ882˝2˛2˝ˇ8l8—8ˇ)¸FF˙˛˙E2¸˚˙\E˙¸
9KRGQLSRGDWNLRVWDYEL
9KRGQLSRGDWNLSRWUHEQL]DL]UDþXQ]HQRVDPRWRSORWQRFRQRVRQDãWHWLVSRGDM1HNDWHULRGWHK
SRGDWNRYVHODKNRPHGUDþXQVNLPLREGREMLUD]OLNXMHMR QSUNRUHNFLMVNLIDNWRUMLVHQþHQMDLQWRNRYL]UDND
YKODGQLKPHVHFLK 
9 SURVWRUQLQD]UDNDYRJUHYDQHPSURVWRUX
& WRSORWQDNDSDFLWLYQRVWRJUHYDQHJDSURVWRUDSRWRþNLDOL
W þDVRYQDNRQVWDQWDRJUHYDQHJDSURVWRUD
K L]NRULVWHNVLVWHPDRJUHYDQMD

H`_a´Jˆ˜d¯`_ˇ˚¸˙)F˛d˙l)8¨ˇ>8ˇ8˝2˝2¸˙2˛ˇ8˚_)˝2-2˛˙\—8JˇF˙l8¨¸˚˝
9KRGQLSRGDWNLWRSORWQLKL]JXE

+ NRHILFLHQWWRSORWQLKL]JXESR(1

=DSUH]UDþHYDOQHL]JXEHMHSRWUHEHQQDVOHGQMLSRGDWHN

9  SUHWRN]UDNDL]RJUHYDQHJDSURVWRUDYRNROLFR

3ULGRORþDQMXWHJDSUHWRND]UDNDVHODKNRXSRUDELMRNDWHUHRGQDVOHGQMLKYHOLþLQ

6,67(1
QÆ SURMHNWQRãWHYLORL]PHQMDY]UDND
Qª ãWHYLORL]PHQMDY]UDNDSULWODþQLUD]OLNL3D

9 QD]LYQLSUHWRN]UDNDSUH]UDþHYDOQLKYHQWLODWRUMHY
K L]NRULVWHNVLVWHPDL]UDEHWRSORWHL]RGYDMDQHJD]UDND

9KRGQLSRGDWNL]DWRSORWQHGRELWNH

) SRYSUHþQLWRSORWQLGRELWNLYUDþXQVNHPREGREMX

3UL]DVWHNOMHQLKHOHPHQWLKRYRMDVWDYEHMH]DYVDNRVPHUSRVHEHM QSUYRGRUDYQRQDYSLþQRVHYHUQR
MXåQRLWG WUHED]EUDWLQDVOHGQMHSRGDWNH
$ SORãþLQDRGSUWLQHYRYRMXVWDYEH]DYVDNRRNQRDOLYUDWD
)Ł IDNWRURNYLUMDWMSUR]RUQLGHOSORãþLQH$NLJDQH]DVHGDRNYLU
)Ø IDNWRU]DYHVWMGHOHåVRQþQHJDVHYDQMDNLJDVSXVWLMRYSURVWRUWUDMQDVHQþLOD
)Œ NRUHNFLMVNLIDNWRUVHQþLOWMSRYSUHþQL]DVHQþHQLGHOHåSORãþLQH$
J VNXSQDSUHSXVWQRVW]DVRQþQRHQHUJLMR

'UXJDþHNRWSULWRþNLVWDQGDUGD(1,62VHODKNRSULGRORþDQMXWRSORWQLKL]JXEXSRUDELMRSRYSUHþQH
GQHYQHWRSORWQHSUHKRGQRVWLRNHQVVHQþLOLGRORþHQHQDSRGODJLYUHGQRVWLSRGDQLKY(1,62
H`_a´Jˆ˜d¯º_2˝¸F˛˙w—ˇ8¸8˝˛˙)¨˝˚ˇ2—2ˇ˚˙v˛˙l2ˇ28ˇw˛˙F—ˇ8¸˙8)˛ˇJJˇ)¸˙F˛8˝—2¸ˇ˚ˇF¸!˛—2¸8ˇF˛˛8˝H2˝¸F˛8˝¨ˇ2F—2¸˝¨˙)˛8˝\˛
—ˇ˙F˙)˛P2˝¸F˛8˝¨F˝æˇ˚ˇ˙)˙F¨˚¸˝˛8˝G˙)˝z˙aP˚˙æ8˝˛˙>—ˇ˚˙ˇ)G2¸8˛ˇa˙J¨ˇ˚28˙)8˝˚˙FEHˇ)¸˙F˛)
=EUDWLMHWUHEDWXGLGRGDWQHSRGDWNHRGHOLKRYRMDVWDYEHNLYVHEXMHMRQDSUDYH]DRJUHYDQMHDOL]ELUDQMH
VRQþQHHQHUJLMHQSURSUR]RUQLL]RODFLMLSUH]UDþHYDQLKVRQþQLK]LGRYLKVWHNOHQMDNLKLSGWHUSRGDWNH
]DL]UDþXQXþLQNRYSUHNLQMHQHJDRJUHYDQMD3RWUHEQLSRGDWNLVRQDãWHWLYXVWUH]QLKGRGDWNLK
3RGQHEQLSRGDWNL
T PHVHþQRDOLVH]RQVNRSRYSUHþMH]XQDQMLKWHPSHUDWXU
,…ı PHVmHþQDDOLVH]RQVNDNROLþLQDVRQþQHJDVHYDQMDQDHQRWRSRYUãLQH]DYVDNRVPHUSRVHEHMY
-P
3RGDWNLRXSRUDELSURVWRUD
T QDVWDYOMHQDWHPSHUDWXUD
ýHMHWUHEDXSRãWHYDWLXþLQNHSUHNLQMHQHJDRJUHYDQMDMHWUHED]EUDWLGRGDWQHSRGDWNH7LVRQDãWHWLY
GRGDWNX-
7RSORWQHL]JXEHSULNRQVWDQWQLQRWUDQMLWHPSHUDWXUL
1DþHOR
6NXSQHWRSORWQHL]JXEH4”SRVDPH]QHWRSORWQHFRQHVWDYEHSULHQDNRPHUQLQRWUDQMLWHPSHUDWXULY
GRORþHQHPþDVRYQHPREGREMX]QDãDMR
4” + T»T W  
NMHUVR
T» QDVWDYOMHQDWHPSHUDWXUD
T SRYSUHþQD]XQDQMDWHPSHUDWXUDYUDþXQVNHPREGREMX
W GROåLQDUDþXQVNHJDREGREMD

6,67(1
+ NRHILFLHQWWRSORWQLKL]JXEVWDYEH

+ ++ł  

NMHUVWD
+ NRHILFLHQW WUDQVPLVLMVNLK WRSORWQLK L]JXE L]UDþXQDQ SR (1  ]D GHOH RYRMD VWDYEH V
SUH]UDþHYDOQLPLQDSUDYDPL JOHMGRGDWHN& 
+ł NRHILFLHQWSUH]UDþHYDOQLKWRSORWQLKL]JXE JOHMWRþNR 

H`_a´Jˆ˜d¯ø2¸Eœß>œz_˙\—8ˇ˙8)˛aE—8ˇJˇF0˚ˇF—F˝˛8¨˝˛˙82˝8¨˚˙¸˙2FE2˙8æ˝˛2˝8˝˙J˙\E˙2J¸F\˝¸2˝¨˙ˇ
(QDþER  MHPRJRþHQDQDFLRQDOQLUDYQLSULODJRGLWLGDMHPRJRþDXSRUDEDVWRSLQMVNLKGQL5H]XOWDW
WDNRSULODJRMHQHHQDþEHSDPRUDELWLSULYVDNLVWDQRYDQMVNLVWDYELHQDNUH]XOWDWXHQDþEH  
.RHILFLHQWSUH]UDþHYDOQLKWRSORWQLKL]JXE
1DþHOR
.RHILFLHQWSUH]UDþHYDOQLKWRSORWQLKL]JXE+łVHL]UDþXQDSRQDVOHGQMLHQDþEL

+ł 9U F   
NMHUVWD
9 SUHWRN]UDNDVNR]LVWDYERYNOMXþQRVSUHWRNRP]UDNDVNR]LQHRJUHYDQHSURVWRUH
U F  WRSORWQDNDSDFLWLYQRVW]UDNDQDHQRWRSURVWRUQLQH

H`_a´Jˆ˜d¯#˙a˙l—F¸˙8˚ˇF¨d2¸F¨2˝2¸˙˛GEF˙l8—8ˇ)¸FF˝2¸˙2˛ˇ8˚8!#˙G˙˝2¸˙˛GEF˙
8—8ˇ)¸FF˝2¸˙2˛ˇ8˚!
3UHWRN]UDND9VHODKNRL]UDþXQDL]RFHQHãWHYLODL]PHQMDY]UDNDQSRHQDþEL

9 9Q  
NMHUMH9SURVWRUQLQDRJUHYDQHJDSURVWRUDL]UDþXQDQDQDSRGODJLQRWUDQMLKPHU
0LQLPDOQRSUH]UDþHYDQMH
=D ]DJRWRYLWHY XGREMD LQ KLJLHQH MH WUHED PHG ]DGUåHYDQMHP OMXGL Y VWDYEL ]DJRWRYLWL GRORþHQR
PLQLPDOQR SUH]UDþHYDQMH 7R PLQLPDOQR SUH]UDþHYDQMH QDM VH SUHGSLãH QD QDFLRQDOQL UDYQL ]
XSRãWHYDQMHPYUVWHVWDYEHLQSULVRWQRVWLOMXGL
H`_a´Jˆ˜d¯#˙\—8ˇ8F˚¨ˇJ˛\˛28˝ˇ)˛)˛2˝¸2˛2˝˛2˝˙\—F¸˝—8ˇ)¸ˇ2˙˛H2¸˙2˛ˇ8˚FE˚)˛ˇ)˛8¨˙J˚8˙[¯

˚ˇ)¸˙
Q !" K#$ 9%»& 9P’K  
`t¸˝R˚F2+ˇ2—2¸˙F>˙)˛8˝|—2¸˙8¸8˙F˛˙F\P¨¸>˝˙)˛8˝)˙88˙˛—ˇ˚¸˙F˙_˙—2¸˝tˇ2FWW8˝ˇ2¨˝>˝t˚¸ˇ2—2˝#˝˛—2¸˝
˚F2a¨˚˙)¸˝d˙ad2F8˝Gˇ22ˇ2˝H˛˙a)¸8˙>˛8˝˙F˚˙F˛ˇa˚˙8˝ˇJ˝H˙)˛P8¸2¨JF¨ˇJ˛8˝˙
1DUDYQRSUH]UDþHYDQMH
3UH]UDþHYDOQLSUHWRN]UDNDVHGRORþLNRWYHþMDYUHGQRVWPHGPLQLPDOQLPSUH]UDþHYDOQLPSUHWRNRP
()
9%»&LQSURMHNWQLPSUH]UDþHYDOQLPSUHWRNRP]UDND9Æ
**
9 PDNV>9%»&9Æ@
  
H`_a´Jˆ˜d¯#˙\—8ˇ8F˚¨ˇJ˛\˛28˝ˇ)˛)˛2˝¸2˛2˝˛2˝˙l)8¨ˇE˚˙82˝ˇ\˝8E˙˛G2¸F¨Jˇ2˙˛2˝—8ˇ\¸8—F¸˙22˙˛2˝8˝+!>ˇ2˝¸ˇFJ+!

6,67(1
0HKDQVNLSUH]UDþHYDOQLVLVWHPL
&HORWQLSUHWRN]UDNDVHGRORþLNRWYVRWDSUH]UDþHYDOQHJDSUHWRND]UDNDGRORþHQHJDL]SRYSUHþQLK
,
SUHWRNRY]UDNDVNR]LVWDYERPHGGHORYDQMHPYHQWLODWRUMHYVLVWHPD9-LQGRGDWQHJDSUHWRND]UDND
,
9.NLJDSRY]URþDMRXþLQNLYHWUDLQGLPQLãNLXþLQNLSUHSXVWQHJDRYRMDVWDYEH
***
9 9-9.  
,
3ULXUDYQRWHåHQLKVLVWHPLKSUH]UDþHYDQMDMH 9-HQDNYHþMLPHGYUHGQRVWPDSUHWRNDGRYHGHQHJD
,,
]UDND9…0/21LQSUHWRNDRGYHGHQHJD]UDND9.
*
H`_a´Jˆ˜d¯#˙—8ˇ8F˚¨ˇ˛˛28˝ˇ)˛)˛2˝+¸2˛2˝+˛2˝+˙ˇ2˙˛Fˇ8F˚˛˙2F—F¸˙8˚ˇF¨|2¸F¨)8¨ˇ˝2¸282˛—8ˇ˛82˙2˛˝
˙˛2F˝¯
9 ˜Q ˜H
  <79
ª º809;:=<
I 9 ˜9
« »

5;6
H« 9 ˜Q »
¬ ¼
¨˙¸Fˇ¯
˚˙82˝ˇ˝8E˙˛\2¸F¨vˇF¸2˝¨˝)E˙2W˛ˇ˚¸)˛˝˝˛>22˛)˛˝˚F¨ˇFA@\`_˝˛>w8—8ˇ8˚˙8)˛˙)ˇ8)—F¸˚˝˛
Q>0?
EFˇˇ8E2¸F¨
¨ˇ8˙8æ˝8˝˙˛˚H)¸ˇ)˛ˇ8˚˝—F¸˙2E˙8˚¸ˇFl8—8ˇ8F)˛HaFˇ8F˚¨+
HLQI 

ýHMHPHKDQVNLVLVWHPSUH]UDþHYDQMDYNOMXþHQOHGHOþDVDVHSUHWRN]UDNDL]UDþXQDSRHQDþEL
****
9 9 9-9. ª E   E  

NMHUVR
*
9- SURMHNWQLSUHWRN]UDND]DUDGLPHKDQVNHJDSUH]UDþHYDQMD
*
9. GRGDWQLGRWRN]UDNDYVWDYERREYNOMXþHQLKYHQWLODWRUMLK]DUDGLXþLQNRYYHWUDLQGLPQLãNLKXþLQNRY
8B SUHWRN]UDND]DUDGLQDUDYQHJDSUH]UDþHYDQMDREL]NOMXþHQLKYHQWLODWRUMLKYNOMXþQRVSUHWRNRP
]UDNDVNR]LNDQDOHPHKDQVNHJDSUH]UDþHYDOQHJDVLVWHPD
*
9¶C GRGDWQLGRWRN]UDNDYVWDYERREL]NOMXþHQLKYHQWLODWRUMLK]DUDGLXþLQNRYYHWUDLQGLPQLãNLKXþLQNRY
8B¶C 9QD2BH
E GHOHåþDVDYNDWHUHPVRYHQWLODWRUMLYNOMXþHQL
*
3ULPHKDQVNLKSUH]UDþHYDOQLKVLVWHPLKVVSUHPHQOMLYLPSURMHNWQLPSUHWRNRP]UDNDMH9ESRYSUHþQL
SUHWRN]UDNDVNR]LYHQWLODWRUMHPHGREUDWRYDQMHP
0HKDQVNLVLVWHPL]L]PHQMHYDOQLNLWRSORWH
3ULVWDYEDK]L]UDERWRSORWHRGYHGHQHJD]UDND]DJUHWMHYVWRSQHJD]UDNDVHWRSORWQHL]JXEH]DUDGL
PHKDQVNHJDSUH]UDþHYDQMD]PDQMãDMR]DIDNWRU KF NMHUMHKFL]NRULVWHNVLVWHPD]DL]UDERWRSORWH
RGYHGHQHJD]UDND]DJUHWMHYVWRSQHJD]UDND7DNRVHHIHNWLYQLSUHWRN]UDND]DL]UDþXQWRSORWQLKL]JXE
GRORþLSRHQDþEL
***
9 9E KF 9C  
3ULVWDYEDKSULNDWHULKVHWRSORWDRGYHGHQHJD]UDNDL]UDEOMD]DJUHWMHYRGHDOLSURVWRURYVWRSORWQR
þUSDONRVHSUHWRN]UDNDL]UDþXQDEUH]XSRãWHYDQMDJRUQMHJD]PDQMãDQMD=PDQMãDQMHSRUDEHHQHUJLMH
]DUDGLL]UDEHRGSDGQHWRSORWHVHXSRãWHYDSULL]UDþXQXSRUDEHHQHUJLMHVLVWHPDNLWRWRSORWRSUHMHPD
8þLQNLSUHNLQMHQHJDRJUHYDQMD

6,67(1
3ULSUHNLQMHQHPRJUHYDQMXVHWRSORWQHL]JXEH]PDQMãDMRNHUMHSRYSUHþQDQRWUDQMDWHPSHUDWXUDQLåMD
7RSORWQH L]JXEH SUL SUHNLQMHQHP RJUHYDQMX VH ODKNR L]UDþXQDMR SR HQDþEL   Y NDWHUL SD VH
QDVWDYOMHQDWHPSHUDWXUDQDGRPHVWLVSRYSUHþQRQRWUDQMRWHPSHUDWXUR=PDQMãDQMHWRSORWQLKL]JXESD
VHODKNRL]UDþXQDWXGLQHSRVUHGQR
H`_a´Jˆ˜d¯G_ˇF—Fˇ˚˛˙w˝8˙—F¸˝—F¸˙)¨˝˛˙˛˙)5ˇ8¸˙8)˛H˙)8¨ˇ>ˇFF¸2˛ˇ\—8ˇ\—8ˇ8˚ˇF—2¨˝F2—F¸˙2)—F˝)˛2˝>˛l˛28˝ˇ)˛)˛2˝¸2˛2˝
#˙l˚¸˙82˛2˝E—8ˇ8F˚¨ˇJ˝˛J˛ˇ8˝˛\˛28˝ˇ)˛)˛2˝¸2˛2˝˛2˝˙l˚¸˙8˙˛E—8ˇ8˚ˇF—˙)¨a—8ˇ8F)˛GaFˇ8F˚¨HF
7RSORWQLGRELWNL
6NXSQLWRSORWQLGRELWNL
1RWUDQMLWRSORWQLGRELWNL4ILQGRELWNLVRQþQHHQHUJLMH4JVHVWDYOMDMRVNXSQHWRSORWQHGRELWNH4K
4K 4I4J  
1RWUDQMLWRSORWQLGRELWNL
1RWUDQMLWRSORWQLGRELWNL4ILREVHJDMRYVRWRSORWRNLMRYRJUHYDQHPSURVWRUXRGGDMDMRQRWUDQMLYLULNL
QHVSDGDMRYVLVWHPRJUHYDQMDQSU
± GRELWNLPHWDEROL]PDSULVRWQLKRVHE
± SRUDEDHQHUJLMHQDSUDYLQVYHWLO
± þLVWLGRELWNLRGYRGRYRGQHJDLQNDQDOL]DFLMVNHJDVLVWHPD
=DL]UDþXQHSRWHPVWDQGDUGXXVWUH]DMRSRYSUHþQHPHVHþQHDOLVH]RQVNHYUHGQRVWL7RUHM

4I >)IM ±E )IN@˜W )IW  

NMHUVR
)IM SRYSUHþQDPRþQRWUDQMLKGRELWNRYYRJUHYDQHPSURVWRUX
)IN SRYSUHþQDPRþQRWUDQMLKGRELWNRYYQHRJUHYDQLKSURVWRULK
)I SRYSUHþQDPRþQRWUDQMLKGRELWNRY
E IDNWRURSUHGHOMHQY(1,62

H`_a´Jˆ˜d¯`_ˇ8Fˇ˝[Fˇ88—8ˇ8˝˛˚2˝˝˛W—8ˇ8˛˙)F˛˙|¸8E˙¸˙˙W2˛˚˛ˇ¸2˝¨˙ˇ_˚ˇw˙—F¸˝E˙¸˛ˇ2¸˙2˛ˇ8˚˝_—F¸˙2)—F˝˚˝t˛
˛28˝ˇ)˛)˛2˝¸2˛2˝O#˙|ˇ8˝˛˛28˝ˇ)˛)˛2˝¸2˛2˝˛2˝#˙—F¸˝—8ˇ)¸ˇ2˙˛ˇ2¸˙2˛ˇ8˚E˛ˇ˚¸)˛˝W˚ˇF—Fˇ˚˛2˝FˇFF˝˚¨ˇ
@HPP˚˚ˇJ˛>¨8¸˚˛2˝E˙8˚˙¸)ˇ8¸˙8)˛˙2F>—F¸ˇ8˚ˇ)¸
'RELWNLVRQþQHHQHUJLMH
2VQRYQDHQDþED
'RELWNLVRQþQHHQHUJLMHVRUH]XOWDWVRQþQHVYHWOREHNLMHQDGRORþHQHPNUDMXQRUPDOQRQDYROMR
XVPHULWYH]ELUDOQLKSRYUãLQWUDMQLKVHQþLOWHUSUHSXVWQRVWLLQDEVRUSFLMH]ELUDOQLKSRYUãLQ.RW]ELUDOQH
SRYUãLQHVHXSRãWHYDMR]DVWHNOMHQHSRYUãLQHQRWUDQMHVWHQHLQWODVWHNOHQMDNRYWHUVWHQH]DSUR]RUQLPL
NULWLQDPL DOL SUR]RUQR L]RODFLMR 1DYRGLOD ]D REUDYQDYR QHSUR]RUQLK SRYUãLQ L]SRVWDYOMHQLK VRQþQL
VYHWORELVRSRGDQDYGRGDWNX'
=DGRORþHQRUDþXQVNRREGREMHVHGRELWNLVRQþQHHQHUJLMHL]UDþXQDMRQDQDVOHGQMLQDþLQ
RSQRTUQVTRQ4 , $   
¦ ¦
NMHUSRWHNDSUYDYVRWDSUHNYVHKXVPHULWHYMGUXJDYVRWDSDSUHNYVHKSRYUãLQQNL]ELUDMRVRQþQR
VHYDQMHLQNMHUVWD
,JW FHORWQDHQHUJLMDYVHJDVRQþQHJDVHYDQMDQDHQRWRSRYUãLQH]XVPHULWYLMRMYUDþXQVNHPREGREMX

6,67(1
$J0XW HIHNWLYQDSRYUãLQD]ELUDQMDVRQþQHVYHWOREHSRYUãLQHQ]XVPHULWYLMRMWMSORãþLQDþUQHJDWHOHVD
NLLPDHQDNHGRELWNHVRQþQHHQHUJLMHNRWREUDYQDYDQDSRYUãLQD
H`_a´Jˆ˜d¯YZ[d˙)8¨ˇ5˛8FˇFE˙2˚˝PæF¨˚ˇ)¸˙)8E˙¸˝˚˙00\˛ˇ˙˛˙)˙ˇ˚˛˙2Fˇ)˛8˛˙2F˙8)˛˛—8ˇ2¸2˝˛ˇ
—8ˇ8FE˙82˛ˇ\8E˙¸˝˚2˝ˇ>˛8—F¸2˛8—F˝8˛d2˛8

'RELWNLVRQþQHHQHUJLMHYQHRJUHYDQLKSURVWRULKVHSRPQRåLMR]XVWUH]QLPIDNWRUMHP]PDQMãDQMD E 
NLMHRSUHGHOMHQYVWDQGDUGX(1,62QDWRSDVHSULãWHMHMRNGRELWNRPVRQþQHHQHUJLMHY
RJUHYDQHPSURVWRUX JOHMGRGDWHN' 

(IHNWLYQD]ELUDOQDSRYUãLQD

(IHNWLYQD]ELUDOQDSRYUãLQD$J]DVWHNOMHQHJDHOHPHQWDRYRMDQSURNQDMHSRGDQD]HQDþER
$\ $)\)])^J  
NMHUVR
$ SORãþLQDRGSUWLQH]ELUDOQHSRYUãLQH QSURNHQVNDRGSUWLQDY]LGX 
)\ NRUHNFLMVNLIDNWRUVHQþHQMD
)] IDNWRU]DYHV
)^ IDNWRURNYLUMDHQDNUD]PHUMXPHGSORãþLQRSUR]RUQHSORVNYHLQFHORWQRSORãþLQR]DVWHNOMHQHJD
HOHPHQWD
J VNXSQDSUHSXVWQRVW]DVRQþQRHQHUJLMR

H`_a´Jˆ˜d¯_¨ˇ)¸˙)¨8˝8¨˙)æF¨˚ˇ)¸a˙˛˙˛E˙l8—8ˇ8˚˙8ˇEFJˇH˚¸˛E˙˛8˝8¨˝˙EG˙82˝aˇ)˛8˛2˝\˝FˇFF˝˚¨˝)˝˛ˇ˚¸)˛ˇ
˚˙)>—˙¸˚2¸ˇ˛˙—F¸˙)\˝¨ˇ‘t˙˛8˝!¨˝˝v8—8ˇ)¸FF˛2˝¨l—F¸ˇ8˚ˇ)¸)8¨ˇ—F¸˙)\˝¨w)˝F¨˝8˙wFJˇ82˙˛ˇ˛8˚2ˇl
88˝˚ˇ>—F¸˙2Jˇ)˛˙)l˙l˝>—F˝8˝˚˛ˇ\8—8ˇ8˚˙8ˇHGæF¨˚ˇ)¸J˝2¸F˙[
3UHSXVWQRVW]DVWHNOMHQLKSRYUãLQ]DVRQþQRHQHUJLMR

.RW VNXSQD SUHSXVWQRVW ]D VRQþQR HQHUJLMR J Y HQDþEL   PRUD ELWL XSRãWHYDQR þDVRYQR
SRYSUHþHQRUD]PHUMHPHGHQHUJLMRNLSUHKDMDVNR]LQH]DVHQþHQLHOHPHQWLQHQHUJLMRSDGDMRþRQDQM
=DRNQDLQGUXJH]DVWHNOMHQHHOHPHQWHRYRMDSRGDMD(1PHWRGR]DGRORþDQMHSUHSXVWQRVWL]D
VRQþQRHQHUJLMR]DVHYDQMHSUDYRNRWQRQDVWHNOHQRSRYUãLQR7DYUHGQRVWJaMHQHNDMYHþMDRG
þDVRYQRSRYSUHþHQHSUHSXVWQRVWLSULL]UDþXQXYUHGQRVWLJSDMHWUHEDXSRãWHYDWLNRUHNFLMVNLIDNWRU)b
J )bJa  
cedfcHghjilkmonqpjrstunwvnyxzyv{qr|}qv~zytvVnyx|}nwqnqptytSpnqptvSxttvnSrrqzxzpjnq}rtvVnyx|tuxzy}nq}rt
}nyqnzjzjxjr|nj

.RUHNFLMVNLIDNWRUMLVHQþHQMD

.RUHNFLMVNLIDNWRUVHQþHQMD)\NDWHUHJDYUHGQRVWOHåLYREPRþMXPHGLQYNOMXþXMHYVD]PDQMãDQMDQD
REUDYQDYDQRSRYUãLQRSDGDMRþHJDVRQþQHJDVHYDQMDNLJDSRY]URþDNDWHULNROLRGQDVOHGQMLKGHMDYQLNRY
± ]DVHQþHQRVWVNDNRGUXJRVWDYER
± ]DVHQþHQRVW]DUDGLNUDMHYQHWRSRJUDILMH KULELGUHYHVDLSG 
± QDGVWUHãNL
± ]DVHQþHQRVW]GUXJLPLGHOLLVWHVWDYEH
± SRORåDMRNQDJOHGHQD]XQDQMRSRYUãLQR]XQDQMHJD]LGX

.RUHNFLMVNLIDNWRUVHQþHQMDMHRSUHGHOMHQ]HQDþER
;0,
  )
,
NMHUVWD

6,67(1
,J2L0J FHORWQRVRQþQRVHYDQMHNLJDSUHMPH]ELUDOQDSRYUãLQDVWUDMQLPVHQþHQMHPPHGRJUHYDOQR
VH]RQR
,J FHORWQRVRQþQRVHYDQMHNLELJDSUHMHOD]ELUDOQDSRYUãLQDþHQHELELODVHQþHQD

cedfcHghjilkzyvt~|rnyxt{qr|ynvnyxzyv{qr|}qvrtvVnyx|rH}zjzj2|tqnqpt~|tpnqptzyv

)DNWRUML]DYHV

)DNWRU]DYHVMHUD]OLþHQRGHQDVDPRNDGDUVR]DYHVHWUDMQH7DIDNWRUMHRSUHGHOMHQNRWUD]PHUMHPHG
SRYSUHþQRVRQþQRHQHUJLMRNLYVWRSDYVWDYER]]DYHVDPLLQHQHUJLMRNLELSULãODYVWDYERþHQHELELOR
]DYHV=DVRQþQRHQHUJLMRNLVHY]DYHVLSUHWYRULYWRSORWQRHQHUJLMRVHãWHMHGDYVWRSDYVWDYER

cedfcHghjilkzyvt~|rnyxt{qr|ynetvVnyx|rtz}qnqpt~|tpnqptzyv


3RVHEQLHOHPHQWL

=DSRVHEQHHOHPHQWH]D]ELUDQMHVRQþQHHQHUJLMHQSUVWHNOHQMDNHSULJUDMHQHUDVWOLQMDNHSURVRMQR
WRSORWQRL]RODFLMRLQSUH]UDþHYDQHHOHPHQWHRYRMDMHSRWUHEHQSRVHEHQSRVWRSHNL]UDþXQDWRSORWQLK
L]JXELQGRELWNRY=DSRVDPH]QHWDNHHOHPHQWHVRSRVWRSNLSRGDQLYGRGDWNLK& GRGDWQHL]JXEH LQ'
GRELWNLVRQþQHHQHUJLMH 

3RUDEDWRSORWH
7RSORWQDELODQFD

=DYVDNRUDþXQVNRREGREMHVHL]UDþXQDMRWRSORWQHL]JXEH4LQWRSORWQLGRELWNL4K3RUDED]D
RJUHYDQMHSURVWRURY]DSRVDPH]QRUDþXQVNRREGREMHVHL]UDþXQDSRHQDþEL
4M 4±K4K  
YNDWHULVHQDVWDYL4 LQK NDGDUMHSRYSUHþQD]XQDQMDWHPSHUDWXUDYLãMDRGQDVWDYOMHQH
QRWUDQMHWHPSHUDWXUH
)DNWRUL]NRULVWNDKMHIDNWRU]PDQMãDQMDWRSORWQLKGRELWNRYXYHGHQYWRSORWQRELODQFR]DWRGDMH
PRJRþHXSRãWHYDWLGLQDPLþQRREQDãDQMHVWDYEH

)DNWRUL]UDEHWRSORWQLKGRELWNRY

2ESUHGSRVWDYNLGDMHNUPLOMHQMHVLVWHPDRJUHYDQMDLGHDOQRQDIDNWRUL]UDEHWRSORWQLKGRELWNRYQDMEROM
YSOLYDWDSDUDPHWUD

UD]PHUMHPHGGRELWNLLQL]JXEDPLJGRORþHQR]HQDþER
  
J
LQþDVRYQDNRQVWDQWDWNLSRSLVXMHQRWUDQMRWRSORWQRY]WUDMQRVWRJUHYDQHJDSURVWRUD
&
  
W
+
NMHUMH&HIHNWLYQDQRWUDQMDWRSORWQDNDSDFLWLYQRVWWMWRSORWDVKUDQMHQDYNRQVWUXNFLMLVWDYEHSUL
VLQXVQHPQLKDQMXQRWUDQMHWHPSHUDWXUHVSHULRGRXULQDPSOLWXGR.

cedfcHghjilkmonqpjrsttArxtqnsnzAvtqt{qrrnq}rH}nqnqptyt¡pnqptv£¢OmOxzpjnq}rHzqzyvVrz⁄nxty2|znsnz
vtqt{qrrnq}r}n¡styqvn¥pnysnzjz¥pjrƒtt{qrnytysrƒxtrOqn§x}tyw}tq¤yO'ft§xzpjnq}l|z¡styqvn“xr¤sr«tj
tqpnq}2|zn{zjtxzjstrnSttyqnq}|njpz}zqvxtƒr«2|nnqpn{zj‹pjxjr›rjq¤yfifltt{qrnytysrxtr}nstyqvn
pnysnzjzpjr~tq}nzvny}tyzterrqz}tq¤z

)DNWRUL]UDEHVHL]UDþXQDSRQDVOHGQMLHQDþEL

6,67(1
 J
 SULJz  
K V–†
J
D
 SULJ   
K
D

NMHUMHDãWHYLOVNLSDUDPHWHURGYLVHQRGþDVRYQHNRQVWDQWHWGRORþHQ]HQDþER  
W
‡  
D D 
‡W
9UHGQRVWLD·LQW·VWDSRGDQLYUD]SUHGHOQLFL

5D]SUHGHOQLFDâWHYLOVNHYUHGQRVWLSDUDPHWUDDLQUHIHUHQþQHþDVRYQHNRQVWDQWHW

 D¶
W¶>K@
0HWRGDL]UDþXQDSRPHVHFLK  
0HWRGDL]UDþXQD]DVH]RQR  

6OLNDSULND]XMHIDNWRUMHL]UDEH]DPHVHþQRUDþXQVNRREGREMHSULUD]OLþQLKþDVRYQLKNRQVWDQWDK


XU
GDQ
GQHYD
WHGHQ
QHVNRQþQR
•l‚j„”‹»fi…‰»¿fi`´˜ˆ`~¯o`„y˘fi˙jj»


6OLND)DNWRUL]UDEH]DþDVRYQHNRQVWDQWHXUGDQGQHYDWHGHQLQQHVNRQþQR
YHOMDYHQ]DPHWRGRL]UDþXQDSRPHVHFLK

¨ef¨H˚¸jl˝˛yˇ—VyˇS§yj§qq§quˇqqfiyˇwqjqˇy2ˇjÆwyqqˇq—oˇyˇ§—j2ˇ
yjˇª⁄q—yqAy—~qflqq—qˇqˇAqqˇy2ˇyˇAqjqˇy2ˇŁAyqqyˇ
—ˇ‹yˇ›qˇ‹ˇyØq—›qyjŒqqqªjqˇqjˇ›—y‹jªqqˇºfyqˇ
ªqqqqˇ2HjªˇqªˇjÆq—~ˇˇˇy¡qjqˇy2ˇ—ˇjqæ


)DNWRUL]UDEH
6,67(1
/HWQDSRUDEDWRSORWHYVWDYEL
0HWRGDL]UDþXQDSRPHVHFLK

'ROåLQDRJUHYDOQHVH]RQHQLSRGDQD/HWQDSRUDEDWRSORWHMHYVRWDSRYVHKPHVHFLKYNDWHULKMH
SRYSUHþQD]XQDQMDWHPSHUDWXUDQLåMDRGQDVWDYOMHQHWHPSHUDWXUH

ı4 ¦ 4   

0HWRGDL]UDþXQD]DVH]RQR

3UYLLQ]DGQMLGDQRJUHYDOQHVH]RQHWRUHMWXGLQMHQRWUDMDQMHLQSRYSUHþQLPHWHRURORãNLSRJRMLVRODKNR
GRORþHQLQDQDFLRQDOQLUDYQLSRJHRJUDIVNLKFRQDKLQYUVWDKVWDYE2JUHYDOQDVH]RQDREVHJDYVH
GQHYHYNDWHULKWRSORWQLGRELWNLL]UDþXQDQL]GRJRYRUMHQLPIDNWRUMHPL]UDEHKQHSRNULYDMRWRSORWQLK
L]JXEWRMHYNDWHULKYHOMD

øł~œK 4
œœßT dT    
œ+W
NMHUVR
T2 SRYSUHþQDGQHYQD]XQDQMDWHPSHUDWXUD
T SRYSUHþQDGQHYQDQRWUDQMDWHPSHUDWXUD
K GRJRYRUMHQLIDNWRUL]UDEHL]UDþXQDQSULJ 
42 SRYSUHþQLGQHYQLQRWUDQMLGRELWNLLQGRELWNLVRQþQHHQHUJLMH
+ NRHILFLHQWWRSORWQLKL]JXEVWDYEH
W GROåLQDGQHYD
7RSORWQLGRELWNL]DHQDþER  VHODKNRL]SHOMHMRL]GRJRYRUMHQHQDFLRQDOQHDOLUHJLRQDOQHYUHGQRVWL]D
GQHYQRVNXSQRVRQþQRVHYDQMHRE]DþHWNXR]LURPDNRQFXRJUHYDOQHVH]RQH.RWPHVHþQHSRYSUHþQH
YUHGQRVWLGQHYQLKWHPSHUDWXULQWRSORWQLKGRELWNRYVHXSRUDELMRYUHGQRVWL]DGDQYSRVDPH]QHP
PHVHFX =D PHMQD GQHYD RJUHYDOQH VH]RQH ]D NDWHUD VH SUHYHUMDMR SRJRML ] L]UD]RP   VH
WHPSHUDWXUHLQGRELWNLL]UDþXQDMR]OLQHDUQRLQWHUSRODFLMR

3RUDEDWRSORWHYRJUHYDOQLVH]RQLVHL]UDþXQDSRSRVWRSNXL]WRþNHSULþHPHUMHUDþXQVNRREGREMH
FHORWQDRJUHYDOQDVH]RQD

3RUDEDHQHUJLMH]DRJUHYDQMH
'RYHGHQDHQHUJLMD

,]NRULVWNLLQWRSORWQHL]JXEHYVLVWHPXRJUHYDQMDREUDYQDYDQLYQDGDOMHYDQMXVHSULPHUMDMRVWRSORWQLPL
WRNRYL LQ XSRUDELMR ]D L]UDþXQ SRWUHEQH HQHUJLMH ]D RJUHYDQMH 6LVWHPL RJUHYDQMD Y VSORãQHP
YNOMXþXMHMRWXGLSRPRåQRRSUHPR þUSDONHYHQWLODWRUMHNUPLOQRHOHNWURQLNR NLYJODYQHPSRUDEOMD
HOHNWULþQRHQHUJLMR'HOWHHQHUJLMHVHL]UDELWXGL]DRJUHYDQMH3RUDEDSRPRåQHRSUHPHNLMHRGYLVQD
RGL]YHGEHVLVWHPDRJUHYDQMDYVSRGQMHPL]UDþXQXQLXSRãWHYDQD3DþSDMRMHWUHEDXSRãWHYDWLþHMH
XSRãWHYDQMDYUHGQDYFHORYLWLHQHUJHWVNLELODQFL

'RNOHU QH ER XYHOMDYOMHQ HYURSVNL VWDQGDUG VH WRSORWQH L]JXEH VLVWHPD RJUHYDQMD LQ L]NRULVWNL
RSUHGHOMXMHMRLQUDþXQDMRSRSRGDWNLKLQQDSRWNLKQDQDFLRQDOQLUDYQL

6LVWHPXRJUHYDQMDGRYHGHQDHQHUJLMDYGRORþHQHPþDVRYQHPREGREMX4MHGRORþHQD]HQDþER

44 444  

NMHUVR

6,67(1
4 SRUDEDWRSORWH]DRJUHYDQMHVWDYEH
4 L]UDEOMHQDRGSDGQDWRSORWDL]SRPRåQHRSUHPHVLVWHPRYRJUHYDQMDLQRNROMD
4 SRUDEDWRSORWH]DRJUHYDQMHSURVWRURY
4 SRUDEDWRSORWH]DRJUHYDQMHVDQLWDUQHYRGH
4 YVRWDWRSORWQLKL]JXEYVLVWHPXRJUHYDQMD

7RSORWD]DRJUHYDQMHVDQLWDUQHYRGH

7RSORWDSRWUHEQD]DRJUHYDQMHVDQLWDUQHYRGH]QDãD

4 UF9 TT   

NMHUVR
U JRVWRWDYRGHU NJP 
F VSHFLILþQDWRSORWDYRGHF - NJ. 
9 SURVWRUQLQDYURþHVDQLWDUQHYRGHSRWUHEQDYUDþXQVNHPREGREMX
T WHPSHUDWXUDGREDYOMHQHVDQLWDUQHYRGH
T WHPSHUDWXUDYRGHQDYVWRSXYVLVWHP]DSULSUDYRVDQLWDUQHYRGH

7RSORWQH L]JXEH Y VLVWHPX SULSUDYH VDQLWDUQH YRGH VH ODKNR YNOMXþLMR Y WRSORWQH L]JXEH VLVWHPD
RJUHYDQMD

7RSORWQLGRELWNLVWDYEHL]RPUHåMDYURþHVDQLWDUQHYRGHVRSRQDYDGLGRNDMSRGREQHYHOLNRVWLNRW
WRSORWQHL]JXEHVWDYEH]DUDGLRPUHåMDKODGQHVDQLWDUQHYRGHLQRGSDGQHYRGH]DWRVHODKNRYWRSORWQL
ELODQFLVWDYEH]DQHPDULMRýHSDVRWLGRELWNLLQL]JXEHXSRãWHYDQLMHWUHEDXSRãWHYDWLRERMHGRELWNHLQ
L]JXEH

7RSORWQHL]JXEHVLVWHPDRJUHYDQMD

&HORWQHWRSORWQHL]JXEHVHODKNRQDMQDWDQþQHMHL]UD]LMR]QDVOHGQMRHQDþER

4 444424  

NMHUVRSRVDPH]QHSRVWDYNHWRSORWQLKL]JXERSUHGHOMHQHNDNRUVOHGL
4 GRGDWQHWRSORWQHL]JXEH]DUDGLQHHQDNRPHUQHWHPSHUDWXUQHSRUD]GHOLWYH7HL]JXEHYNOMXþXMHMR
QSUGRGDWQHWRSORWQHL]JXEHVNR]L]XQDQMHVWHQHVVHYDQMHPLQNRQYHNFLMR]UDGLDWRUMHYQDVWHQR
]DQMLPL
4 GRGDWQH WRSORWQH L]JXEH ]DUDGL QHLGHDOQHJD NUPLOMHQMD WHPSHUDWXU Y SURVWRULK LQ GLVWULEXFLMH
RJUHYDOQH WRSORWH 7H L]JXEH VR RGYLVQH RG ]QDþLOQRVWL NUPLOQHJD VLVWHPD QDWDQþQRVW WLSDO
þDVRYQHNRQVWDQWHRMDþHQMHUHJXODWRUMDLSG LQRGGLQDPLþQLK]QDþLOQRVWLVLVWHPDRJUHYDQMD
4 WRSORWQHL]JXEHYVLVWHPXGLVWULEXFLMHWRSORWHNLVHQHL]UDEOMDMR]DRJUHYDQMH7HL]JXEH
...

Questions, Comments and Discussion

Ask us and Technical Secretary will try to provide an answer. You can facilitate discussion about the standard in here.

Loading comments...

표준 EN 832:1998의 평가: EN 832:1998 표준은 주거용 건물의 난방을 위한 열 사용량 및 에너지 필요성을 평가하기 위한 간소화된 계산 방법을 제공합니다. 이 표준의 주요 범위는 특정 온도를 유지하기 위해 필요한 전체 열 손실과 연간 열 요구량을 계산하는 것입니다. 이 방법론은 주거용 건물의 각 구역에서 설정된 온도에 따라 다를 수 있는 여러 구역을 포함할 수 있어, 다양한 난방 요구에 유연하게 대응할 수 있습니다. 이 표준의 강점은 간단하고 명확한 계산 방법을 제공함으로써 건물의 에너지 효율성을 쉽게 평가할 수 있게 한다는 점입니다. 이를 통해 건축 설계자와 에너지 관리자는 난방 시스템의 최적화와 에너지 절약을 달성할 수 있습니다. 또한, 이 계산 방법은 법적 요구 사항을 충족하는 데 필요한 기초 데이터를 제공함으로써, 규범 준수를 용이하게 합니다. EN 832:1998 표준은 건물의 열 성능을 정확하게 이해하고, 에너지 사용을 최소화하면서도 필요한 난방 요구를 충족시키기 위한 필수적인 도구로 평가됩니다. 이는 지속 가능한 건축 및 에너지 효율적인 설계가 점점 더 중요해지는 현대 건축 환경에서 매우 관련성이 높습니다.

La norme EN 832:1998, intitulée "Performances thermiques des bâtiments - Calcul de l'utilisation d'énergie pour le chauffage - Bâtiments résidentiels", présente un cadre essentiel pour l'évaluation de l'utilisation de la chaleur et de l'énergie nécessaire au chauffage des bâtiments résidentiels. Son essence réside dans la fourniture d'une méthode de calcul simplifiée qui permet de déterminer les pertes de chaleur d'un bâtiment lorsqu'il est chauffé à une température constante, ainsi que l'énergie globale requise pour maintenir des températures de consigne spécifiques. Parmi les points forts de cette norme, on note sa capacité à prendre en compte divers zones au sein d'un même bâtiment, chacune pouvant avoir des températures de consigne différentes. Cette flexibilité rend la norme particulièrement pertinente pour le secteur résidentiel, où les besoins en chauffage peuvent varier considérablement d'une pièce à l'autre. De plus, la norme aborde non seulement les pertes thermiques, mais également la quantité annuelle d'énergie nécessaire pour le système de chauffage, offrant ainsi une vue d'ensemble des exigences énergétiques spécifiques liées au chauffage des espaces. Cela permet aux professionnels du secteur de mieux planifier et optimiser l'utilisation énergétique des bâtiments, contribuant à des solutions plus durables et économes en énergie. En résumé, la norme EN 832:1998 est d'une grande importance pour l'évaluation thermique des bâtiments résidentiels, offrant une méthode claire et téléchargeable pour le calcul de l'énergie de chauffage. Ses instructions précises et son approche simplifiée font d'elle un outil incontournable pour les professionnels souhaitant améliorer l'efficacité énergétique et le confort thermique des habitations.

EN 832:1998は、住宅建物の熱性能を評価するための簡略化された計算方法を提供する標準です。この標準は、住宅建物またはその一部における空間暖房に必要な熱使用量とエネルギーを評価することを目的としています。具体的には、建物の定常温度における熱損失の計算、指定されたセットポイント温度を維持するために年間必要な熱量、及び空間暖房のために暖房システムが必要とする年間エネルギーを含む計算が含まれています。 この標準の強みは、住宅建物の熱性能の評価を簡素化することで、エネルギー効率の向上を図ることができる点です。また、異なるセットポイント温度を持つ複数のゾーンを考慮することができ、様々な住宅設計に対応できる柔軟性も持っています。このように、EN 832:1998は、住宅の熱性能を正確に評価し、エネルギー使用の効率化を促進する重要なツールと言えます。 さらに、住宅のエネルギー管理や環境保護に関連する政策においても、この標準は大いに関連性があります。エネルギー消費の削減や温暖化対策を考慮した場合、EN 832:1998は非常に重要な役割を果たすことでしょう。全体として、この標準は、住宅建物の熱性能とエネルギー使用を集中的に評価するための信頼性の高いガイドラインを提供します。

The EN 832:1998 standard offers a comprehensive framework for assessing the thermal performance of residential buildings through a simplified calculation method. Its primary focus lies in the evaluation of energy use for heating, which is increasingly relevant in contemporary discussions surrounding energy efficiency and sustainability in the building sector. The scope of this standard is robust, as it addresses several key aspects critical to the calculation of energy use for heating in residential structures. It encompasses the assessment of heat losses within a building, ensuring that users can quantify how much heat escapes when maintaining a constant temperature. This is vital for identifying areas where thermal insulation may be lacking, subsequently guiding energy improvement measures. Furthermore, the standard specifies the process for calculating the annual heat requirement to maintain designated set-point temperatures, which is crucial for effective energy management and cost control. One of the strengths of the EN 832:1998 is its practicality. The simplified calculation method enables various stakeholders, including architects, builders, and energy assessors, to apply the evaluation without needing extensive expertise in complex thermal dynamics. This accessibility promotes wider adoption of the standard, thereby enhancing energy efficiency across more residential buildings. Additionally, the standard’s consideration of multiple zones within a building, each potentially having distinct set-point temperatures, allows for a more accurate reflection of actual heating needs. This zone-specific approach acknowledges the complexity of modern living spaces and supports tailored heating solutions, which can lead to further energy savings. Overall, EN 832:1998 stands out as an essential guideline for the calculation of energy use for heating in residential buildings, equipping industry professionals with the necessary tools to improve thermal performance and foster energy efficiency in line with current environmental objectives.

Die Norm EN 832:1998 bietet eine fundierte Grundlage zur Berechnung des Energieverbrauchs für die Heizung in Wohngebäuden. Der Fokus dieser Norm liegt auf einer vereinfachten Berechnungsmethode zur Bewertung des Wärmebedarfs und der erforderlichen Energie für die Raumheizung. Sie ermöglicht es, entweder das gesamte Gebäude oder Teile davon zu betrachten, was die Anwendung in unterschiedlichen Szenarien und Gebäudetypen erleichtert. Ein wesentlicher Bestandteil des Umfangs dieser Norm ist die Berechnung der Wärmeverluste des Gebäudes, die bei einer konstanten Temperatur auftreten. Diese Funktion ist entscheidend, um ein besseres Verständnis der Effizienz des Heizsystems zu entwickeln. Zudem liefert die Norm präzise Angaben über den jährlichen Wärmebedarf, der notwendig ist, um die vorgegebenen Raummtemperaturen aufrechtzuerhalten, sowie die jährliche Energie, die vom Heizsystem benötigt wird, um die Raumheizung zu gewährleisten. Diese Aspekte sind von großer Bedeutung für Architekten, Ingenieure und Bauherren, die die energetische Effizienz ihrer Gebäude optimieren möchten. Die Stärken der EN 832:1998 liegen in der Klarheit und Verständlichkeit der Berechnungsmethoden, die auch für weniger komplexe Gebäude oder Wohnbereiche anwendbar sind. Die Möglichkeit, verschiedene Zonen mit unterschiedlichen Soll-Temperaturen zu integrieren, erhöht die Flexibilität der Norm und ermöglicht eine realistischere Betrachtung der tatsächlichen Nutzung von Wohnräumen. Dies ist besonders relevant in modernen Wohnkonzepten, die oft aus mehreren Bereichen bestehen, die unterschiedliche klimatische Anforderungen haben. Insgesamt trägt die Norm EN 832:1998 maßgeblich zur Standardisierung der energetischen Berechnungen bei, was nicht nur die Planung und den Bau von energieeffizienten Wohngebäuden erleichtert, sondern auch zur Verbesserung des allgemeinen Bewusstseins hinsichtlich der Energieeffizienz und der damit verbundenen Umweltauswirkungen beiträgt. Die Relevanz dieser Norm ist unbestreitbar, da sie als wichtiger Leitfaden für die energetische Optimierung von Wohngebäuden dient und somit einen wesentlichen Beitrag zur nachhaltigen Entwicklung im Bauwesen leistet.