Hoover HOA20VX Manuale utente

Tipo
Manuale utente
29(16
86(5,16758&7,216
*%
&$1'<+229(5*528365/9LD3ULYDWD(GHQ)XPDJDOOL%UXJKHULR0LODQR,WDO\
)251,
,6758=,21,3(5/862
,7
7528%<
1È92'.2%6/8=(
&=
$1.$675(),5,1
.8//$1,0.,/$98=8
75
q+2$
q+2$
q+2/
q+2$
(,1%$8%$&.g)(1
%(',(181*6$1/(,781*
'(
127,&('(03/2,(7',167$//$7,21
'(6)2856(1&$675$%/(6
)5
,1',&(
,QGÕFD]ÕRQÕ'Õ6ÕFXUH]]D
$YYHUWHQ]H*HQHUDOL
'LFKLDUD]LRQH'L&RQIRUPLWj
6XJJHULPHQWL6XOOD6LFXUH]]D
5DFFRPDQGD]LRQL
,QVWDOOD]LRQH
&ROOHJDPHQWL(OHWWULFL
7HFQRORJLD3URH[SU
$FFHVVRUL'HO)RUQR
*LUDUURVWR
/HG9LVLRQ

5LPR]LRQH(3XOL]LD'HOOH*ULJOLH
3XOL]LD'HO)RUQR
'HVFUL]LRQH'HO'LVSOD\
3ULPD'L8WLOL]]DUHøO)RUQR3HU/D3ULPD9ROWD
8VRGHOWHPSRUÕ]]DWRUH
5HJROD]ÕRQH2UD
7LPHU(OHWWURQLFR$6ILRUDPHQWR
&RPH8WLOL]]DUH,O)RUQR
6XJJHULPHQWL3HU/D&RWWXUD
$VVLVWHQ]D7HFQLFD
,7





















&217(176
6DIHW\,QVWUXFWÕRQV
*HQHUDOZDUQLQJV
'HFODUDWLRQRIFRPSOLDQFH
6DIHW\KLQWV
5HFRPPHQGDWLRQV
,QVWDOODWLRQ
(OHFWULFDOFRQQHFWLRQ
$FFHVVRULHV
2YHQHTXLSPHQW
5RWLVVHULH
86((
5HPRYLQJDQGFOHDQLQJZLUHUDFNV
&OHDQLQJWKHRYHQ
'HVFULSWLRQRIWKHGLVSOD\
%HIRUHXVLQJWKHRYHQIRUWKHILUVWWLPH
8VLQJWKHHQGRIFRRNLQJWLPHU
6HWWLQJ7KH&RUUHFW7LPH
8VH2I7RXFK&RQWURO&ORFN3URJUDPPHU
+RZWRXVHWKHRYHQ
&RRNLQJWLSV
6HUYLFHFHQWUH
*%


















Ǥ


2%6$+
%H]SHþQRVWQt3RN\Q\
9ãHREHFQD8SR]RUQČQL
3URKODãHQL26KRGČ
%H]SHþQRVWQL7LS\
'RSRUXþHQL
,QVWDODFH
3ĜÕSRMHQL.(OHNWULFNH6LWL
3URH[SU7HFKQRORJLH
9\EDYHQL7URXE\
5RåHĖ
86((
9\MPXWtDþLãWČQtGUiWČQêFK~URYQtURãWĤ
ýÕãWČQÕ7URXE\
3RSÕV'LVSOHMH
3ĜHG3UYQLP3RXåLWLP7URXE\
3RXåLWLýDVRYDþH1D8NRQþHQL'RE\3ĜÕSUDY\
3RXåLWL7URXE\
1DVWDYHQt6SUiYQpKRýDVX

9\XåLWtýDVX'RW\NRYp2YOiGiQt3URJUDPPHU3URJUDPRYiQt
3RXåLWt7URXE\
7\S\.3HþHQL
6HUYÕVQÕ6WĜHGÕVNR
&=






















ødø1'(.ø/(5
*YHQOLN8\DUÕODUÕ
*HQHO8\DUÕODU
8\JXQOXN%H\DQÕ
(PQL\HWOHøOJLOLøSXoODUÕ
gQHULOHU
.XUXOXP
(OHNWULN%D÷ODQWÕVÕ
$NVHVXDUODU0RGHOH*|UH
)ÕUÕQ(NLSPDQÕ
ùLú
/HG$\GÕQODWPD86((
<DQ,]JDUDODUÕQdÕUDUÕOPDVÕ9H7HPL]OHQPHVL
)ÕUÕQ7HPL]OHQPHVL
(NUDQ$oÕNODPDVÕ
)ÕUÕQÕøON.H].XOODQPDGDQgQFH
3LúLUPH6UHVL=DPDQOD\ÕFÕVÕQÕQ$\DUODQPDVÕ
6DDWLQ$\DUODQPDVÕ
'RNXQPDWLN=DPDQOD\ÕFÕ
)ÕUÕQ.XOODQÕPÕ
3LúLUPHøSXoODUÕ
6HUYLV0HUNH]L
*DUDQWL%HOJHVL
75






















6200$,5(
&RQVHLOV'H6pFXULWp
,QVWUXFWLRQVJpQpUDOHV
 'HFODUDWLRQ H RQIRUPLWpGF
 &RQVLJQHV H FXULW G Vp p
 5HFRPPDQGDWLRQV
 ,QVWDOODWLRQ
 5DFFRUGHPHQW O FWULTXHpp
$FFRUGLQJWRPRGHO$&&(6625,(6
(TXLSHPHQW X RXUGI
7RXUQHEURFKH
86((
5HWUDLW(W1HWWR\DJHGHV*ULOOHV
(QWUHWLHQJpQpUDOGXIRXU
3UpVHQWDWLRQGXWDEOHDXGHERUG
DOSX&RQVHLOV YDQW D UHPLHUH WLOLVDWLRQ
 8WLOLVDWLRQ'X0LQXWHXU&RXSHFLUFXLW
 /KHXUH5HJODJH'H
+RUORJH¬&RPPDQGH6HQVLWLYH
5HFRPPDQGDWLRQV
 F G F4XHOTXHV RQVHLOV H XLVVRQ
$VVLVWDQFHWHFKQLTXH
)5





















,1+$/769(5=(,&+1,6
6ÕFKHUKHÕWVYRUVFKUÕIWHQ
$OOJHPHLQH+LQZHLVH
.RQIRUPLWlWVHUNOlUXQJ
6LFKHUKHLWVKLQZHLVH
(PSIHKOXQJHQ
,QVWDOODWLRQ
(OHNWULVFKHU$QVFKOXVV
3UR([SU7HFKQRORJLH0RGHOODEKlQJLJ
=XEHK|U0RGHOODEKlQJLJ
*ULOOVSLH0RGHOODEKlQJLJ
86((
(QWIHUQHQ8QG5HLQLJXQJ'HV*ULOOURVWV
5HLQLJXQJ
'LVSOD\EHVFKUHLEXQJ
1W]OLFKH+LQZHLVH9RU'HP(UVWHQ%HWULHE'HV%DFNRIHQV
%HQXW]XQJ'HV7LPHUV)U%DFN]HLWHQGH
(ÕQVWHOOXQJ'HU5ÕFKWÕJHQ8KU]HÕW
7RXFK7LPHU
%HQXW]XQJ'HV%DFNRIHQV
7LSSV
7HFKQLVFKHU.XQGHQGLHQVW
'(





















,7
$77(1=,21(ODSSDUHFFKLRHOHSDUWLDFFHVVLELOLGLYHQWDQRFDOGHGXUDQWHOXVR3UHVWDUHDWWHQ]LRQHD
QRQWRFFDUHOHSDUWLFDOGH
,EDPELQLDOGLVRWWRGLDQQLGRYUHEEHURHVVHUHWHQXWLDGLVWDQ]DVHQRQFRQWLQXDPHQWHVXSHUYLVLRQDWL
/DSSDUHFFKLRSXzHVVHUHXVDWRGDEDPELQLGDJOLDQQLLQVXHSHUVRQHFRQULGRWWHFDSDFLWjILVLFKH
VHQVRULDOLRPHQWDOLRVHQ]DHVSHULHQ]DHFRQRVFHQ]DGHOSURGRWWRVHVXSHUYLVLRQDWHRGDQGRORUR
LVWUX]LRQLULJXDUGRDOIXQ]LRQDPHQWRGHOODSSDUHFFKLRLQPDQLHUDVLFXUDHFRVFHQWHGHOULVFKLRSRVVLELOH
,EDPELQLQRQGRYUHEEHURJLRFDUHFRQODSSDUHFFKLR
/DSXOL]LDHODPDQXWHQ]LRQHQRQGRYUHEEHURHVVHUHIDWWHGDEDPELQLVHQ]DVXSHUYLVLRQH
'XUDQWHO¶XVRO¶DSSDUHFFKLRGLYHQWDPROWRFDOGR6LGRYUHEEHIDUHDWWHQ]LRQHDQRQWRFFDUHJOLHOHPHQWL
ULVFDOGDQWLDOO¶LQWHUQRGHOIRUQR
$77(1=,21(/HSDUWLDFFHVVLELOLSRVVRQRGLYHQWDUHPROWRFDOGHGXUDQWHO¶XVR,EDPELQLGRYUHEEHUR
HVVHUHWHQXWLDGLVWDQ]D
1RQXVDUHSHUODSXOL]LDPDWHULDOLUXYLGLDEUDVLYLRUDVFKLHWWLPHWDOOLFLDIILODWLSHUSXOLUHOHSRUWHGLYHWURGHO
IRUQRGDWRFKHSRVVRQRJUDIILDUHODVXSHUILFLHHFDXVDUHODIUDQWXPD]LRQHGHOYHWUR
6SHJQHUHLOIRUQRSULPDGLULPXRYHUHORVFKHUPRGLSURWH]LRQHHGRSRODSXOL]LDULPRQWDUORVHFRQGROH
LVWUX]LRQL
8VDUHVRORODVRQGDWHUPLFDUDFFRPDQGDWDSHUTXHVWRIRUQR
1RQXWLOL]]DUHXQSXOLWRUHDYDSRUH
$77(1=,21($VVLFXUDUVLFKHO¶DSSDUHFFKLRVLDVSHQWRSULPDGLVRVWLWXLUHODODPSDGDSHUHYLWDUHOD
SRVVLELOLWjGLVFRVVHHOHWWULFKH
,OPH]]RGLGLVFRQQHVVLRQHGHYHHVVHUHLQFRUSRUDWRQHOFDEODJJLRILVVRLQDFFRUGRFRQOHOHJJLGL
FDEODJJLR
 /H LVWUX]LRQL GHYRQR LQGLFDUH TXDOH WLSR GL FDYR GHEED HVVHUH XWLOL]]DWR WHQHQGR SUHVHQWH OD
WHPSHUDWXUDGHOODVXSHUILFLHSRVWHULRUHGHOO¶DSSDUHFFKLR
 6HLOFDYRGLDOLPHQWD]LRQHqGDQQHJJLDWRHVVRGHYHHVVHUHVRVWLWXLWRGDXQFDYRRXQDVVLHPH
VSHFLDOLGLVSRQLELOLSUHVVRLOFRVWUXWWRUHRLOVXRVHUYL]LRDVVLVWHQ]DWHFQLFD
$77(1=,21($OILQHGLHYLWDUHRJQLSHULFRORGRYXWRDOULDUPRDFFLGHQWDOHGHOGLVSRVLWLYRWHUPLFRGL
LQWHUUX]LRQHLOSUHVHQWHDSSDUHFFKLRQRQGHYHHVVHUHDOLPHQWDWRFRQXQGLVSRVLWLYRGLPDQRYUDHVWHUQR
TXDOHXQWHPSRUL]]DWRUHRSSXUHHVVHUHFRQQHVVRDXQFLUFXLWRFKHYLHQHUHJRODUPHQWHDOLPHQWDWRR
GLVDOLPHQWDWRGDOVHUYL]LR
$77(1=,21(/HSDUWLDFFHVVLELOLSRVVRQRGLYHQWDUHFDOGHTXDQGRLOJULOOqLQXVR,EDPELQLGRYUHEEHUR
HVVHUHWHQXWLDGLVWDQ]D
*OLHFFHVVLGLPDWHULDOHWUDFLPDWRGHYRQRHVVHUHWROWLSULPDGHOODSXOL]LD
'XUDQWHOD3\UROLVLOHVXSHUILFLSRVVRQRVFDOGDUVLSLGHOVROLWRqSHUWDQWRFRQVLJOLDWRWHQHUHLEDPELQLD
GLVWDQ]D
,1',&$=,21,',6,&85(==$
,7
'LFKLDUD]LRQH GL FRQIRUPLWj TXHVWR DSSDUDFFKLR QHOOH SDUWL
SURJHWWDWH SHU YHQLUH D FRQWDWWR FRQ FLEL q FRQIRUPH FRQ OH
UHJRODPHQWD]LRQLHVSUHVVHQHOOHGLUHWWLYH((&
$SSRQHQGRODPDUFDWXUDVXTXHVWRSURGRWWRGLFKLDULDPRVRWWR
ODQRVWUDUHVSRQVDELOLWjGLRWWHPSHUDUHDWXWWLLUHTXLVLWLUHODWLYLDOOD
WXWHOD GL VLFXUH]]D VDOXWH H DPELHQWH SUHYLVWL GDOOD OHJLVOD]LRQH
HXURSHDLQHVVHUHSHUTXHVWRSURGRWWR
',&+,$5$=,21(',&21)250,7¬
68**(5,0(17,68//$6,&85(==$
8WLOL]]DUHLOIRUQRVRORSHUORVFRSRSHUFXLqVWDWRSURJHWWDWRRVVLD
VRORSHU ODFRWWXUD GL DOLPHQWL 4XDOVLDVL DOWUR XWLOL]]R DGHVHPSLR
FRPH IRQWH GL ULVFDOGDPHQWR q FRQVLGHUDWR LPSURSULR H TXLQGL
SHULFRORVR
,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjSHUHYHQWXDOLGDQQLGRYXWLD
XQXVRLPSURSULRHUUDWRRLUUDJLRQHYROHGHOIRUQR'XUDQWHOXVRGL
HOHWWURGRPHVWLFLHOHWWULFLqLQGLVSHQVDELOHDWWHQHUVLDGDOFXQHVHPSOLFL
UHJROHGLEDVH
1RQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHUVWDFFDUHODVSLQDGDOODSUHVDD
PXUR
1RQWRFFDUHLOIRUQRFRQPDQLRSLHGLEDJQDWLRXPLGL
1RQXWLOL]]DUHLIRUQRFRQLSLHGLVFDO]L
 Ê JHQHUDOPHQWH VFRQVLJOLDELOH XWLOL]]DUH DGDWWDWRUL EDVHWWH GL
DOLPHQWD]LRQHRSUROXQJKH
6HLOIRUQRVLJXDVWDRXQRGHJOLLQWHUUXWWRULULVXOWDGLIHWWRVRVSHJQHUOR
LPPHGLDWDPHQWHHQRQXWLOL]]DUOR
6RVWLWXLUHLPPHGLDWDPHQWHLOFDYRGLDOLPHQWD]LRQHVHGDQQHJJLDWR
$WWHQHUVLDOOHVHJXHQWLLVWUX]LRQLSHUVRVWLWXLUHLOFDYRGLDOLPHQWD]LRQH
5LPXRYHUHLOFDYRGLDOLPHQWD]LRQHGLIHWWRVRHVRVWLWXLUORFRQXQRGHL
VHJXHQWLPRGHOOL+55)+99)R+99)9HULILFDUHFKHOH
VSHFLILFKHHOHWWULFKHGHOFDYRGLDOLPHQWD]LRQHFRUULVSRQGDQRDTXHOOH
GHO IRUQR )DUH VRVWLWXLUH LO FDYR GL DOLPHQWD]LRQH GD XQ WHFQLFR
TXDOLILFDWR9HULILFDUHFKHLOFDYRGLPHVVDDWHUUDJLDOORYHUGHVLD
PPSLOXQJRGHOFDYRGLDOLPHQWD]LRQH5LYROJHUVLVRORDFHQWULGL
DVVLVWHQ]DDXWRUL]]DWLHYHULILFDUHFKHYHQJDQRXWLOL]]DWHVRORSDUWLGL
ULFDPELRRULJLQDOL,OSURGXWWRUHQRQqLQJUDGRGLJDUDQWLUHODVLFXUH]]D
GHOIRUQRLQFDVRGLPDQFDWDRVVHUYDQ]DGHOOHLVWUX]LRQLLQGLFDWHLQ
SUHFHGHQ]D
,OIRUQRKDOHFDUDWWHULVWLFKHWHFQLFKHGHVFULWWHLQTXHVWRGRFXPHQWRH
QRQGHYHHVVHUHLQDOFXQPRGRPRGLILFDWR
1RQXWLOL]]DUHPDLYDSRUHRJHWWLDGDOWDSUHVVLRQHSHUSXOLUHLOIRUQR
1RQFRQVHUYDUHPDWHULDOHLQILDPPDELOHQHOIRUQRSHUFKpSRWUHEEH
LQFHQGLDUVLQHOFDVRLQFXLLOIRUQRYHQJDDFFLGHQWDOPHQWHDFFHVR
1RQ HVHUFLWDUH SUHVVLRQH VXOOR VSRUWHOOR GHO IRUQR H LPSHGLUH DL
EDPELQLGLVHGHUYLVLVRSUD
8WLOL]]DUHVHPSUHJXDQWLSHULQVHULUHHULPXRYHUHOHSLHWDQ]HQHOGDO
IRUQR
&RGHSURGXLW
1XPpURGHVpULH
5$&&20$1'$=,21,
'RSROXVRVRQRVXIILFLHQWLDOFXQHVHPSOLFLRSHUD]LRQLGLSXOL]LDSHU
PDQWHQHUORSHUIHWWDPHQWHSXOLWR
1RQULYHVWLUHOHSDUHWLGHOIRUQRFRQIRJOLGDOOXPLQLRGDFXFLQDRIRJOL
PRQRXVRFRPPHUFLDOLSHUFKpSRWUHEEHURIRQGHUVLDFRQWDWWRFRQOH
VXSHUILFL LQ VPDOWR FDOGR H GDQQHJJLDUH OH VXSHUILFL LQ VPDOWR
DOOLQWHUQRGHOIRUQR
3HU HYLWDUH GL VSRUFDUH HFFHVVLYDPHQWH LO IRUQR H SUHYHQLUH OD
GLIIXVLRQHGLIXPRPDOHRGRUDQWHqFRQVLJOLDELOHQRQXWLOL]]DUHLOIRUQR
DWHPSHUDWXUHPROWRDOWHÊJHQHUDOPHQWHSUHIHULELOHLPSRVWDUHXQ
WHPSRGLFRWWXUDSLOXQJRHXWLOL]]DUHXQDWHPSHUDWXUDSLEDVVD
2OWUHDJOLDFFHVVRULIRUQLWLFRQLOIRUQRqFRQVLJOLDELOHXWLOL]]DUHSLDWWLH
WHJOLHUHVLVWHQWLDOOHDOWHWHPSHUDWXUH
,167$//$=,21(
,O SURGXWWRUH QRQ q REEOLJDWR D RFFXSDUVL GHOOLQVWDOOD]LRQH *OL
HYHQWXDOLLQWHUYHQWLGLDVVLVWHQ]DQHFHVVDULSHUFRUUHJJHUHSUREOHPL
GRYXWL D XQHUUDWD LQVWDOOD]LRQH QRQ VRQR FRSHUWL GD JDUDQ]LD
/LQVWDOOD]LRQHGHYHHVVHUHHIIHWWXDWDGDXQWHFQLFRTXDOLILFDWRHLQ
FRQIRUPLWjFRQTXHVWHLVWUX]LRQL8QLQVWDOOD]LRQHLPSURSULDSRWUHEEH
FDXVDUH LQIRUWXQL DOOH SHUVRQH DJOL DQLPDOL GRPHVWLFL R GDQQL DOOH
DWWUH]]DWXUH,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjSHUHYHQWXDOL
OHVLRQLRGDQQLGRYXWLDXQHUUDWDLQVWDOOD]LRQH/XQLWjGHOODFXFLQDLQ
FXLYLHQHLQVWDOODWRLOIRUQRGHYHHVVHUHIDEEULFDWRLQXQPDWHULDOHLQ
JUDGRGLWROOHUDUHXQDWHPSHUDWXUDGLDOPHQR&
,OIRUQRSXzHVVHUHLQVWDOODWRVRSUDXQDFRORQQDRVRWWRDXQSLDQRGL
ODYRUR
3ULPDGLILVVDUHLQSRVL]LRQHLOIRUQRYHULILFDUHFKHORVSD]LRDWWRUQR
DOORVWHVVRVLDVXIILFLHQWHDJDUDQWLUHODFLUFROD]LRQHGHOIOXVVRGLDULD
IUHVFR QHFHVVDULR D JDUDQWLUH LO UDIIUHGGDPHQWR GHO IRUQR H OD
VLFXUH]]D GHL FRPSRQHQWL LQWHUQL 5HDOL]]DUH OH DSHUWXUH LQGLFDWH
QHOOXOWLPDSDJLQDGHOPDQXDOHDVHFRQGDGHOWLSRGLLQVWDOOD]LRQH
&2//(*$0(17,(/(775,&,
)$5( ())(778$5( , &2//(*$0(17, (/(775,&, $
81(/(775,&,67$ 2 7(&1,&2 48$/,),&$72 /D UHWH GL
DOLPHQWD]LRQHDFXLYLHQHFROOHJDWRLOIRUQRGHYHHVVHUHFRQIRUPHFRQ
OHQRUPDWLYHLQYLJRUHQHOSDHVHGLLQVWDOOD]LRQH,OSURGXWWRUHGHFOLQD
RJQL UHVSRQVDELOLWj SHU HYHQWXDOL GDQQL GHULYDQWL GDOOD PDQFDWD
RVVHUYDQ]DGLWDOLGLVSRVL]LRQL,OIRUQRGHYHHVVHUHFROOHJDWRDOODUHWH
HOHWWULFDWUDPLWHXQDSUHVDDPXURFRQPHVVDDWHUUDRWUDPLWHXQ
VH]LRQDWRUHFRQSLSROLDVHFRQGDGHOOHGLVSRVL]LRQLLQYLJRUHQHO
SDHVHGLLQVWDOOD]LRQH/DUHWHHOHWWULFDGHYHHVVHUHSURWHWWDPHGLDQWH
IXVLELOL LGRQHL H GHYRQR HVVHUH XWLOL]]DWL FDYL FRQ XQD VH]LRQH
WUDVYHUVDOHLGRQHDDJDUDQWLUHXQDFRUUHWWDDOLPHQWD]LRQHGHOIRUQR
&2//(*$0(172
,OIRUQRYLHQHIRUQLWRFRQXQFDYRGLDOLPHQWD]LRQHFKHGHYHHVVHUH
FROOHJDWRVRORDXQDUHWHHOHWWULFDFRQXQDWHQVLRQHGL9&$WUDOH
IDVLRWUDODIDVHHLOQHXWUR3ULPDGLFROOHJDUHLOIRUQRDOODUHWHHOHWWULFD
qLQGLVSHQVDELOHFRQWUROODUHODWHQVLRQHGLDOLPHQWD]LRQHLQGLFDWDVXO
PLVXUDWRUHOLPSRVWD]LRQHGHOVH]LRQDWRUH,OILORGLPHVVDDWHUUD
JLDOORYHUGH FROOHJDWR DO PRUVHWWR GL WHUUD GHO IRUQR GHYH HVVHUH
FROOHJDWRDOPRUVHWWRGLWHUUDGHOODUHWHHOHWWULFD
$WWHQ]LRQH
3ULPD GL FROOHJDUH LO IRUQR DOOD UHWH HOHWWULFD IDU FRQWUROODUH OD
FRQWLQXLWj GHOOD PHVVD D WHUUD GHOOD UHWH HOHWWULFD D XQ HOHWWULFLVWD
TXDOLILFDWR
,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjSHUHYHQWXDOLLQFLGHQWLRDOWUL
SUREOHPLGHULYDQWLGDOPDQFDWRFROOHJDPHQWRDWHUUDGHOIRUQRRGDO
VXRFROOHJDPHQWRDXQDPHVVDDWHUUDFRQXQDFRQWLQXLWjGLIHWWRVD
1RWDSRLFKpLOIRUQRSRWUHEEHULFKLHGHUHLQWHUYHQWLGLDVVLVWHQ]Dq
FRQVLJOLDELOHSUHYHGHUHODGLVSRQLELOLWjGLXQXOWHULRUHSUHVDDPXURD
FXLFROOHJDUHLOIRUQRGRSRFKHqVWDWRULPRVVRGDOORVSD]LRLQFXLq
VWDWRLQVWDOODWR
&DYR GL DOLPHQWD]LRQH LO FDYR GL DOLPHQWD]LRQH GHYH HVVHUH
VRVWLWXLWRVRORGDOSHUVRQDOHGHOODVVLVWHQ]DWHFQLFDRGDWHFQLFLFRQ
TXDOLILFKHDQDORJKH
$99(57(1=(*(1(5$/,
3HUXWLOL]]DUHLQPRGRRWWLPDOHLOIRUQRqFRQVLJOLDELOHOHJJHUHFRQDWWHQ]LRQHTXHVWHLVWUX]LRQLHFRQVHUYDUOHLQXQOXRJRVLFXURLQPRGRGDSRWHUOH
FRQVXOWDUHLQFDVRGLELVRJQR3ULPDGLLQVWDOODUHLOIRUQRSUHQGHUHQRWDGHOQXPHURGLVHULHLQPRGRGDSRWHUORFRPXQLFDUHDOSHUVRQDOHGHOVHUYL]LR
GLDVVLVWHQ]DLQFDVRGLULFKLHVWDGLLQWHUYHQWR'RSRDYHUULPRVVRLOIRUQRGDOOLPEDOODJJLRYHULILFDUHFKHQRQDEELDVXELWRGDQQLGXUDQWHLOWUDVSRUWR
,QFDVRGLGXEELQRQXWLOL]]DUHLOIRUQRHULFKLHGHUHODVVLVWHQ]DGLXQWHFQLFRTXDOLILFDWR7HQHUHWXWWRLOPDWHULDOHGDLPEDOODJJLRFRPHVDFFKHWWLGL
SODVWLFDSROLVWLURORHFKLRGLIXRULGHOODSRUWDWDGHLEDPELQLSHUFKpSRWUHEEHURHVVHUHSHULFRORVL
,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLPDQFDWDRVVHUYDQ]DGHOOHLVWUX]LRQLFRQWHQXWHLQTXHVWRGRFXPHQWR
127$OHIXQ]LRQLOHSURSULHWjHJOLDFFHVVRULGHLIRUQLFLWDWLLQTXHVWRPDQXDOHSRVVRQRYDULDUHDVHFRQGDGHLPRGHOOL
$&&(6625,'(/)2512
$6(&21'$'(,02'(//,
3ULPDGLXWLOL]]DUHLOIRUQRSHUODSULPDYROWDqQHFHVVDULRSXOLUHWXWWLJOL
DFFHVVRUL ODYDQGROL FRQ XQD VSXJQD EDJQDWD VFLDFTXDQGROL H
DVFLXJDQGROL
/DJULJOLDSXzVRVWHQHUHWHJOLHHSLDWWL
/DOHFFDUGDVHUYHDUDFFRJOLHUHLUHVLGXLFKHVJRFFLRODQRGXUDQWH
ODFRWWXUDGLDOLPHQWLFRQLOJULOO
1RQXWLOL]]DUHODYDVFKHWWDGLJRFFLRODPHQWRFRPHWHJOLDSHUJOLDUURVWL
SHUFKp L GHSRVLWL GL JUDVVR SRVVRQR GLVSHUGHUVL UDSLGDPHQWH
DOOLQWHUQRGHOIRUQRHFDXVDUHODSURGX]LRQHGLXQIXPRHFFHVVLYR
/DSLDVWUDSHUSL]]DFKHFRQVHQWHGLFXFLQDUHSL]]HSLFURFFDQWLq
PXQLWDGLXQDEDVHHGLXQRVWHQGLSL]]D
/DWHJOLDSHULGROFLGHYHHVVHUHFROORFDWDVXOYDVVRLRHSXzHVVHUH
XWLOL]]DWD SHU FXFLQDUH SDVWLFFLQL FRPH ELJQq ELVFRWWL PHULQJKH
HFF1RQFROORFDUHPDLODWHJOLDSHULGROFLGLUHWWDPHQWHVXOULSLDQR
LQIHULRUHGHOIRUQR
/('9,6,21
4XHVWR VLVWHPD GL LOOXPLQD]LRQH VRVWLWXLVFH OH ³ODPSDGLQH´
WUDGL]LRQDOL,/('VXLPRGHOOLQRQSLUROLWLFLRL/('DGDOWD
SRWHQ]D VXL PRGHOOL SLUROLWLFL VRQR LQWHJUDWL GLUHWWDPHQWH QHOOR
VSRUWHOOR4XHVWL/('SURGXFRQRXQDOXFHELDQFDGLDOWDTXDOLWjFKH
FRQVHQWH GL YHGHUH EHQH WXWWL L ULSLDQL DOOLQWHUQR GHO IRUQR VHQ]D
RPEUH
9DQWDJJL
2OWUH D JDUDQWLUH XQD EXRQD YLVLELOLWj DOOLQWHUQR GHO IRUQR TXHVWR
VLVWHPDqSLUHVLVWHQWHULVSHWWRDOODODPSDGLQHWUDGL]LRQDOLULFKLHGH
XQDPLQRUHPDQXWHQ]LRQHHFRQVXPDPHQRGHLVLVWHPLWUDGL]LRQDOL
2WWLPDYLVLELOLWj
,OOXPLQD]LRQHGLOXQJDGXUDWD
&RQVXPLXOWUDULGRWWL&RQVXPDLOLQPHQRULVSHWWRDLVLVWHPL
WUDGL]LRQDOL
©(OHWWURGRPHVWLFRFRQOXFL/('ELDQFKHGLFODVVH0FRQIRUPHD,(&
$$HTXLYDOHQWHDOORVWDQGDUG(1
$$HPLVVLRQHOXPLQRVDPDVVLPD
SDULDQPX:
,7
4XDQGRLOIRUQRqLQIXQ]LRQHELVRJQDWRJOLHUHGDOODFDYLWjWXWWL
JOLDFFHVVRULLQXWLOL]]DWL
)81=,21(*,5$552672
3HUDUURVWLUHQRQqULFKLHVWRLOSUHULVFDOGDPHQWRGHOIRUQR
(IIHWWXDUHODFRWWXUDFRQODSRUWDIRUQRFKLXVD
,O FRQVXPR GL HQHUJLD q LQIHULRUH GHO  ULVSHWWR DO PHWRGR
WUDGL]LRQDOH
*ULJOLD
6SLHGR
*DQFLHYLWL
,PSXJQDWXUD
02'$/,7¬87,/,==2
*,5$552672
6YLWDUHLJDQFL
,QILODUHORVSLHGRDOOLQWHUQR
GHOODFDUQH
%ORFFDUHODFDUQHFRQLJDQFL
6WULQJHUHOHYLWLGHLJDQFL
,QVHULUHORVSLHGRDOOLQWHUQR
GHOODFDYLWjGHOIRUQR
6PRQWDUHOLPSXJQDWXUDSULPDGLLQL]LDUHODFRWWXUD
7(&12/2*,$352(;35
$6(&21'$'(,02'(//,
5,02=,21((38/,=,$'(//(*5,*/,(
5LPXRYHUHOHJULJOLHWLUDQGROHYHUVRLOVHQVRGHOODIUHFFLD
3XOLUHOHJULJOLHODYDQGROHLQODYDVWRYLJOLHRFRQXQDVSXJQD
EDJQDWDHDVFLXJDQGROHVXELWRGRSR
'RSRDYHUSXOLWROHJULJOLHLQVWDOODUOHQXRYDPHQWH
&DUDWWHULVWLFKHGHOODODPSDGLQD
9&$:(WHPSHUDWXUDGLEDVH&3HUVRVWLWXLUHXQD
ODPSDGLQDGLIHWWRVD
$OOHQWDUHODFRSHUWXUDLQYHWUR
6YLWDUHODODPSDGLQD
6RVWLWXLUODFRQXQDQXRYDGHOORVWHVVRPRGHOORYHGHUHOH
FDUDWWHULVWLFKHGHVFULWWHLQSUHFHGHQ]D
'RSRDYHU VRVWLWXLWR OD ODPSDGLQD GLIHWWRVD ULDYYLWDUH OD
FRSHUWXUDLQYHWUR
,7
38/,=,$3257$,19(752
ÊSRVVLELOHULPXRYHUHHSXOLUHODSRUWDYHWURLQWHUQD
$OILQHGLSXOLUHLOYHWURLQWHUQRVHJXLUHOHVHJXHQWLLVWUX]LRQL
)LJXUD
)LJXUD
$SULUHODSRUWDGHOIRUQR
)LJXUD
5LPXRYHUHLOYHWURHVWUDHQGRORFRQ
PROWDFXUDGDOODFRQWURSRUWDGHO
IRUQR)LJXUD

3ULPDGLLQL]LDUHORSHUD]LRQHGLSXOL]LD
EORFFDUH OH FHUQLHUH FRPH PRVWUDWR
QHOOD )LJXUD  6EORFFDUH OH FHUQLHUH
XQDYROWDWHUPLQDWDORSHUD]LRQH
)LJXUD
)LJXUD
)LJXUD
687877,,9(75,OLQGLFD]LRQH
/RZ(GHYHHVVHUH
FRUUHWWDPHQWHOHJJLELOHH
SRVL]LRQDWDVXOODWRVLQLVWUR
GHOODSRUWDYLFLQRDOODFHUQLHUD
ODWHUDOHVLQLVWUD,QTXHVWRPRGR
OHWLFKHWWDVWDPSDWDGHOSULPR
YHWURULPDUUj,17(51$DOODSRUWD
$OWHUPLQHGHOODSXOL]LDGHO
YHWURULDVVHPEODUHOHSDUWL
QHOORUGLQHRSSRVWRDOOD
ULPR]LRQH
3HULIRUQLSLUROLWLFLULPXRYHUH
DQFKHLOVHFRQGRHLO
WHU]RYHWUR)LJXUD
)LJXUD
)LJXUD
5LPXRYHUHOHYLWLFRPHQHOOD
)LJXUD)LJXUD
)LJXUD
5LPXRYHUHODFRSHUWXUDPHWDOOLFD
VXSHULRUHWLUDQGRODYHUVRODOWR
)LJXUD
38/,=,$'(/)25125,62/8=,21('(,
352%/(0,
$WWHQGHUHFKHLOIRUQRVLUDIIUHGGLSULPDGLHIIHWWXDUHRSHUD]LRQLGL
SXOL]LDPDQXDOL
1RQ XWLOL]]DUH PDL GHWHUJHQWL DEUDVLYL SDJOLHWWH GL IHUUR R RJJHWWL
DSSXQWLWLSHUODSXOL]LDSHUQRQGDQQHJJLDUHLQPRGRLUUHSDUDELOHOH
SDUWLVPDOWDWH
8WLOL]]DUHVRORDFTXDHVDSRQHRGHWHUJHQWLDEDVHGLFDQGHJJLQD
DPPRQLDFD
1RQULYHVWLUHPDLOHSDUHWLGHOIRUQRFRQIRJOLGDOOXPLQLRGDFXFLQD
3$57,,19(752
ÊFRQVLJOLDELOH SXOLUH ORVSRUWHOOR LQ YHWURFRQ FDUWD DVVRUEHQWHGD
FXFLQD GRSR RJQL XWLOL]]R GHO IRUQR 3HU ULPXRYHUH OH PDFFKLH SL
RVWLQDWH q SRVVLELOH DQFKH XWLOL]]DUH XQD VSXJQD LPEHYXWD GL
GHWHUJHQWHEHQVWUL]]DWDHVFLDFTXDUHFRQDFTXD
1RQ XWLOL]]DUH PDL GHWHUJHQWL DEUDVLYL R RJJHWWL DSSXQWLWL SHUFKp
SRWUHEEHURJUDIILDUHODVXSHUILFLHLQYHWURRIUDQWXPDUOD
*8$51,=,21('(//263257(//2'(/)2512
6H VSRUFD OD JXDUQL]LRQH SXz HVVHUH SXOLWD FRQ XQD VSXJQD
OHJJHUPHQWHLQXPLGLWD
$&&(6625,
3XOLUHJOLDFFHVVRULFRQXQDVSXJQDLPEHYXWDFRQDFTXDHVDSRQH
VFLDFTXDUOLHDVFLXJDUOL(YLWDUHGLXVDUHGHWHUJHQWLDEUDVLYL
9$6&+(77$',*2&&,2/$0(172
'RSROXVRGHOJULOOULPXRYHUHODYDVFKHWWDGDOIRUQR9HUVDUHLOJUDVVR
FDOGRLQXQFRQWHQLWRUH/DYDUHHVFLDFTXDUHODYDVFKHWWDLQDFTXD
FDOGD XWLOL]]DQGR XQD VSXJQD H GHO GHWHUJHQWH SHU SLDWWL 6H
ULPDQJRQRGHLUHVLGXLGLJUDVVRLPPHUJHUHODYDVFKHWWDLQDFTXDH
GHWHUJHQWH,QDOWHUQDWLYDqSRVVLELOHDQFKHODYDUHODYDVFKHWWDQHOOD
ODYDVWRYLJOLH RSSXUH XWLOL]]DUH XQ GHWHUJHQWH SHU IRUQL GL WLSR
FRPPHUFLDOH1RQUHLQVHULUHPDLXQDYDVFKHWWDVSRUFDQHOIRUQR
/8&('(/)2512
6FROOHJDUH LO IRUQR GDOODOLPHQWD]LRQH HOHWWULFD SULPD GL SXOLUH R
VRVWLWXLUH OD ODPSDGLQD /D ODPSDGLQD H OD VXD FRSHUWXUD VRQR
IDEEULFDWLLQPDWHULDOHSODVWLFRUHVLVWHQWHDOOHWHPSHUDWXUHHOHYDWH
'(6&5,=,21('(/',63/$<
,7
35,0$',87,/,==$5(,/)25123(5/$
35,0$92/7$
38/,=,$35(/,0,1$5(
3XOLUHVHPSUHLOIRUQRSULPDGLXWLOL]]DUORSHUODSULPDYROWD
3XOLUH OH VXSHUILFL HVWHUQH FRQ XQ SDQQR PRUELGR OHJJHUPHQWH
LQXPLGLWR
/DYDUH WXWWL JOL DFFHVVRUL H SXOLUH OLQWHUQR GHO IRUQR FRQ GHO
GHWHUJHQWHSHUSLDWWLHGDFTXDFDOGD
9HULILFDUHFKHLOIRUQRVLDYXRWRLPSRVWDUHODWHPSHUDWXUDPDVVLPDH
ODVFLDUOR DFFHVR SHU DOPHQR  RUD SHU ULPXRYHUH WXWWL JOL RGRUL
QRUPDOPHQWHSUHVHQWLQHLIRUQLQXRYL9HULILFDUHFKHODFXFLQDVLDEHQ
YHQWLODWDGXUDQWHOHVHFX]LRQHGLTXHVWHRSHUD]LRQL
3520(025,$
&RQWUROODUHFKHLOWLPHUIXQ]LRQLFRUUHWWDPHQWH
3UHPHUHLOSXOVDQWHGHOWLPHUSHUYHULILFDUHFKHIXQ]LRQL
$UUHVWRGHOIRUQR
3XzHVVHUHQHFHVVDULRHIIHWWXDUHTXHVWDRSHUD]LRQHVHVLVHOH]LRQD
XQ FRPDQGR HUUDWR 3HU DUUHVWDUH LO IRUQR UXRWDUH DOOLQGLHWUR LO
VHOHWWRUHHSRUWDUORLQSRVL]LRQHGLDUUHVWR
%ORFFRGHLFRPDQGL
3HU EORFFDUH L FRPDQGL GHO IRUQR VHOH]LRQDUH LO GLVSRVLWLYR GL
SURWH]LRQHGHOIRUQR3HUXOWHULRULLQIRUPD]LRQLFRQVXOWDUHODVH]LRQH
LQWLWRODWD³3URJUDPPD]LRQHGHOGLVSRVLWLYRGLVLFXUH]]D´
9HQWRODGLUDIIUHGGDPHQWR
/R VFRSR GHOOD YHQWROD q SURWHJJHUH LO SDQQHOOR GL FRQWUROOR H
OHOHWWURQLFD GDO FDORUH /D YHQWROD VL DYYLD DXWRPDWLFDPHQWH H VL
DUUHVWDDOPRPHQWRLQFXLYLHQHVSHQWRLOIRUQR
/XFHGHOIRUQR
5XRWDQGRLOVHOHWWRUHGHOODOXFHqSRVVLELOHVSHJQHUHODOXFHGHOIRUQR
TXDQGRTXHVWRQRQqLQXVR/DOXFHqVHPSUHDFFHVDTXDQGRLOIRUQR
qLQXVRHVLDFFHQGHTXDQGRVLDSUHORVSRUWHOOR
,03267$=,21('(//252/2*,2
/RURORJLRGHYHVHPSUHHVVHUHUHLPSRVWDWRTXDQGRVLFROOHJDLOIRUQR
DOODOLPHQWD]LRQH HOHWWULFD R GRSR XQLQWHUUX]LRQH SUROXQJDWD
GHOODOLPHQWD]LRQHHOHWWULFD
862'(/7(0325,==$725(
0(18

,7
3UHPHUHLOWDVWRFHQWUDOHYROWH
,PSRVWDORUDFRQLWDVWL
/DVFLDUHLWDVWL
$77(1=,21( OD SULPD RSHUD]LRQH GD HVHJXLUH GRSR
O¶LQVWDOOD]LRQHRGRSRXQDLQWHUUX]LRQHGLFRUUHQWHWDOLVLWXD]LRQL
VL ULFRQRVFRQR SHUFKq VXO GLVSD\ ODPSHJJLD O¶RUD qOD
UHJROD]LRQHGHOO¶RUDFRPHGLVHJXLWRGHVFULWWR
7,0(5(/(77521,&2$6),25$0(172
5(*2/$=,21(25$
$77(1=,21(,OIRUQRIXQ]LRQDVRORVHLPSRVWDWRLQPRGDOLWjPDQXDOHRFRWWXUDSURJUDPPDWD
%/2&&2
%$0%,12
)81=,21(
&20(6,$77,9$ &20(6,63(*1( &26$)$ $&26$6(59(
&217$0,187,
'85$7$
&27785$
),1(
&27785$
3UHPHUHLOWDVWRFHQWUDOH
YROWD
3UHPHUHLWDVWL
SHUUHJRODUHODGXUDWD
/DVFLDUHLWDVWL
$OWHUPLQHGHOODGXUDWD
LPSRVWDWDODIXQ]LRQHVL
VSHJQHGDVRODHGDYYLVD
FRQXQVHJQDOHVRQRURLO
VHJQDOHVRQRURVLIHUPDGD
VRORSHUIHUPDUORVXELWR
SUHPHUHLOWDVWR6(/(&7
'DXQVHJQDOHVRQRURDO
WHUPLQHGLXQWHPSR
VWDELOLWR
'XUDQWHLOIXQ]LRQDPHQWR
LOGLVSOD\YLVXDOL]]DLO
WHPSRULPDQHQWH
3HUPHWWHGLXWLOL]]DUHLO
SURJUDPPDWRUHGHOIRUQR
FRPHXQDVYHJOLDSXz
HVVHUHXVDWRFRQIRUQR
IXQ]LRQDQWHRVSHQWR
3UHPHUHLOWDVWRFHQWUDOH
YROWH
3UHPHUHLWDVWL
SHUUHJRODUHODGXUDWD
/DVFLDUHLWDVWL
6HOH]LRQDUHODIXQ]LRQH
GLFRWWXUDFRQOD
PDQRSRODFRPPXWDWRUH
$OWHUPLQHGHOODGXUDWD
LPSRVWDWDLOIRUQRVLVSHJQH
GDVRORVHGHYHHVVHUH
IHUPDWRSULPDVLGHYH
SRUWDUHODPDQRSROD
FRPPXWDWRUHLQSRVL]LRQH
2RSSXUHSRUWDUHDOD
GXUDWDGHOODFRWWXUD
WDVWL6(/(&7H
3HUPHWWHGLLPSRVWDUHOD
GXUDWDGHOODFRWWXUDGHO
FLERLQVHULWRQHOIRUQR
3HUYLVXDOL]]DUHLOWHPSR
ULPDQHQWHSUHPHUHLO
WDVWR6(/(&7
3HUPRGLILFDUHLOWHPSR
ULPDQHQWHSUHPHUHLO
WDVWR6(/(&7
3HULQWHUURPSHUHLOVHJQDOH
SUHPHUHXQWDVWRTXDOVLDVL
3UHPHUHLOWDVWRFHQWUDOH
SHUWRUQDUHDOODIXQ]LRQH
RURORJLR
3UHPHUHLOWDVWRFHQWUDOH
YROWH
3UHPHUHLWDVWL
SHUUHJRODUHO¶RUDGLILQH
FRWWXUD
/DVFLDUHLWDVWL
6HOH]LRQDUHODIXQ]LRQH
GLFRWWXUDFRQOD
PDQRSRODFRPPXWDWRUH
$OO¶RUDLPSRVWDWDLOIRUQR
VLVSHJQHGDVRORVHGHYH
HVVHUHIHUPDWRSULPD
qQHFHVVDULRSRUWDUHOD
PDQRSRODFRPPXWDWRUH
LQSRVL]LRQH2
3HUPHWWHGL
PHPRUL]]DUHO¶RUDGLILQH
FRWWXUD
3HUYLVXDOL]]DUHO¶RUD
SURJUDPPDWDSUHPHUHLO
WDVWRFHQWUDOHYROWH
3HUPRGLILFDUHO¶RUD
SURJUDPPDWDSUHPHUHL
WDVWL6(/(&7
7LSLFDPHQWH VL XWLOL]]D TXHVWD
IXQ]LRQH FRQ OD IXQ]LRQH '85$7$
&27785$±DG HVHPSLR LO FLER
GHVLGHUDWR GHYH FXRFHUH SHU 
PLQXWLHGHVLGHURFKHVLDSURQWRSHUOH
RUHLQWDOFDVR
$OWHUPLQHGHOODGXUDWDLPSRVWDWDLO
IRUQR VL VSHJQH DXWRPDWLFDPHQWH
HGDYYLVDFRQXQVHJQDOHVRQRUR
6HOH]LRQDUH OD IXQ]LRQH GL FRWWXUD
GHVLGHUDWD ,PSRVWDUH OD GXUDWD
FRWWXUD D  PLQXWL  
,PSRVWDUH OD ILQH FRWWXUD DOOH RUH
/DFRWWXUDDYUj
DXWRPDWLFDPHQWHLQL]LRDOOH
 PHQR  PLQXWL DOO¶RUD
LPSRVWDWD FRPH ILQH FRWWXUD LO
IRUQRVLVSHJQHDXWRPDWLFDPHQWH
$77(1=,21(LPSRVWDQGRVROROD
ILQH FRWWXUD H QRQ OD GXUDWD GHOOD
FRWWXUD LO IRUQR VL DFFHQGHUj
VXELWRHVLVSHJQHUjDOO¶RUDGLILQH
FRWWXUDLPSRVWDWD
7HQHUHSUHPXWRSHU
VHFRQGLLOWDVWR'D
TXHVWRPRPHQWROR
VFKHUPRYLVXDOL]]D
DOWHUQDWLYDPHQWH³6723´
HLOWHPSRSUHLPSRVWDWR
7HQHUHSUHPXWRSHU
VHFRQGLLOWDVWR'D
TXHVWRPRPHQWRWXWOHOH
IXQ]LRQLVRQRULDELOLWDWH
0(18

02'$/,7¬',&27785$
(/(0(172 5,6&$/'$17( ,1)(5,25( ,Q TXHVWD
PRGDOLWjYLHQHXWLOL]]DWROHOHPHQWRLQIHULRUH4XHVWDPRGDOLWjqLGHDOH
SHUFXRFHUHWXWWLLSLDWWLDEDVHGLSDVWDDGHVHPSLRIODQTXLFKHSDWpH
TXDOVLDVLSLHWDQ]DFKHULFKLHGDSLFDORUHHLUUDGLD]LRQHGDOEDVVR
7HQHUHVHPSUHORVSRUWHOORGHOIRUQRFKLXVRGXUDQWHODFRWWXUD
(/(0(1725,6&$/'$17( ,1)(5,25(  9(172/$ 
/XVRFRPELQDWRGHOOHOHPHQWRULVFDOGDQWHLQIHULRUHHGHOODYHQWRODq
LGHDOHSHUODFRWWXUDGLWRUWHGLIUXWWDFURVWDWHTXLFKHHGROFL
(/(0(1725,6&$/'$17(,1)(5,25(683(5,25(
,QTXHVWDPRGDOLWjGLFRWWXUDYHQJRQRXWLOL]]DWLHQWUDPELJOLHOHPHQWL
ULVFDOGDQWLRVVLDTXHOORLQIHULRUHHVXSHULRUH4XHVWRPHWRGRqLGHDOH
SHUJOLDUURVWLHOHSLHWDQ]HSLWUDGL]LRQDOLFRPHODFDUQHURVVDLO
URDVWEHHI OH FRVFH GL DJQHOOR OD VHOYDJJLQD LO SDQH H OH SLHWDQ]H
DYYROWHLQIRJOLGLDOOXPLQLR
(/(0(1725,6&$/'$17(,1)(5,25(683(5,25(
9(172/$,QTXHVWDPRGDOLWjYHQJRQRXWLOL]]DWLHQWUDPELJOLHOHPHQWL
ULVFDOGDQWL RVVLD TXHOOR VXSHULRUH H LQIHULRUH PD YLHQH
FRQWHPSRUDQHDPHQWHIDWWDFLUFRODUHDULDFDOGDDOOLQWHUQRGHOIRUQRÊ
FRQVLJOLDELOHXWLOL]]DUHTXHVWRPHWRGRSHUFXFLQDUHFDUQHELDQFDWRUWH
VDODWH SHVFH H YHUGXUD 4XHVWR PHWRGR DVVLFXUD XQD PDJJLRUH
SHQHWUD]LRQH GHO FDORUH H ULFKLHGH XQ WHPSR GL SUHULVFDOGDPHQWR
PLQRUH/XVRGHOODYHQWRODFRQVHQWHGLFXFLQDUHWHPSRUDQHDPHQWHWLSL
GL DOLPHQWL GLYHUVL SHUFKp FRQVHQWH GL GLVWULEXLUH XQLIRUPHPHQWH LO
FDORUH VHQ]D LO ULVFKLR FKH VL PHVFROLQR VDSRUL H RGRUL 4XDQGR VL
FXFLQDQR SL WLSL GL DOLPHQWL FRQWHPSRUDQHDPHQWH q FRQVLJOLDELOH
LQFUHPHQWDUHGLPLQXWLLOWHPSRGLFRWWXUD
(/(0(1725,6&$/'$17(&,5&2/$5(9(172/$,Q
TXHVWDPRGDOLWjGLFRWWXUDYHQJRQRFRQWHPSRUDQHDPHQWHXWLOL]]DWLJOL
HOHPHQWLULVFDOGDQWLLQIHULRUHVXSHULRUHHFLUFRODUHFKHSURYYHGHDIDU
FLUFRODUHDULDFDOGDDOOLQWHUQRGHOIRUQR4XHVWDPRGDOLWjGLFRWWXUDq
LQGLFDWD SHU OH VWHVVH SLHWDQ]H LQGLFDWH QHOOD VH]LRQH UHODWLYD DOOD
FRWWXUDFRQYHQWROD
*5,// ,QTXHVWDPRGDOLWjGLFRWWXUDYLHQHXWLOL]]DWRVROR
OHOHPHQWR ULVFDOGDQWH VXSHULRUH 4XHVWD PRGDOLWj GL FRWWXUD q
SDUWLFRODUPHQWH LQGLFDWD SHU L SLDWWL JULJOLDWL JOL VSLHGLQL H L SLDWWL
JUDWLQDWL,OJULOOGHYHHVVHUHSUHULVFDOGDWRDXQDWHPSHUDWXUDDOWDSHU
PLQXWL3HURWWHQHUHULVXOWDWLGLFRWWXUDRWWLPDOLHUHQGHUHODFDUQHSL
VXFFXOHQWD q FRQVLJOLDELOH FROORFDUOD D XQD FHUWD GLVWDQ]D GDO JULOO
DQFKHVHLWHPSLGLFRWWXUDVRQRSLOXQJKL,ILOHWWLGLFDUQHURVVDH
SHVFH GHYRQR HVVHUH FROORFDWL GLUHWWDPHQWH VXO ULSLDQR FRQ OD
YDVFKHWWDGLJRFFLRODPHQWRSRVL]LRQDWDVRWWRDOULSLDQRLQIHULRUH
*5,// 9(172/$ ,Q TXHVWD PRGDOLWj GL FRWWXUD YLHQH
XWLOL]]DWROHOHPHQWRULVFDOGDQWHVXSHULRUHLQVLHPHDOODYHQWRODSHUIDUH
FLUFRODUHDULDFDOGDDOOLQWHUQRGHOIRUQRÊFRQVLJOLDELOHSUHULVFDOGDUHLO
IRUQRVRORSHUOHFDUQLURVVHPDQRQSHUTXHOOHELDQFKH,OJULOOqLGHDOH
SHUOHSLHWDQ]HFRQXQPDJJLRUHVSHVVRUHFRPHODFDUQHGLVXLQRR
SROOR*OLDOLPHQWLGDJULJOLDUHGHYRQRHVVHUHFROORFDWLDOFHQWURGHO
ULSLDQRLQWHUPHGLR &ROORFDUHODYDVFKHWWDGLJRFFLRODPHQWRVRWWRDO
ULSLDQR SHU UDFFRJOLHUH OHYHQWXDOH JUDVVR FKH JRFFLROD LQ IDVH GL
FRWWXUD3HURWWHQHUHULVXOWDWLRWWLPDOLQRQFROORFDUHJOLDOLPHQWLWURSSR
YLFLQRDOJULOOHJLUDUHODFDUQHDPHWjGHOFLFORGLFRWWXUD
*5,// *,5$552672 9(172/$  /XVR VLPXOWDQHR
GHOOHOHPHQWR ULVFDOGDQWH VXSHULRUH H GHOOD YHQWROD H GHO JLUDUURVWR
FRQVHQWRQRGLFXFLQDUHOHSLHWDQ]HLQPRGR XQLIRUPHVHQ]DFKHVL
VHFFKLHGLYHQWLLQVDSRUH,OJLUDUURVWRqSURJUDPPDWRSHUFRQWLQXDUHD
UXRWDUHSHUFLUFDFLQTXHPLQXWLGRSRODFRWWXUDLQPRGRGDFRQVHQWLUH
OXVRGHOFDORUHUHVLGXRGHOIRUQR4XDQGRVLXWLOL]]DLOJLUDUURVWRQRQq
QHFHVVDULRSUHULVFDOGDUHLOIRUQR
6&21*(/$0(172 4XHVWDPRGDOLWjVLDWWLYDTXDQGRVL
VSRVWDLOVHOHWWRUHLQTXHVWDSRVL]LRQH/DYHQWRODIDFLUFRODUHDULDFDOGD
DWWRUQR DOODOLPHQWR FRQJHODWR H QH FRQVHQWH TXLQGL XQR
VFRQJHODPHQWRUDSLGRVHQ]DDOFXQDDOWHUD]LRQHGHOVDSRUHRULJLQDOH
/DWHPSHUDWXUDqSUHLPSRVWDWDVX&HQRQSXzHVVHUHPRGLILFDWD
5,6&$/'$0(1724XHVWDPRGDOLWjqTXHOODFRQVLJOLDWDSHU
ULVFDOGDUH DOLPHQWL SUHFRWWL FKH GHYRQR HVVHUH SRVL]LRQDWL VXO
VHFRQGRULSLDQRLQEDVVRGDOODOWR RSHUVFRQJHODUHSDVWDRSL]]D
FRQJHODWDLQTXHVWRFDVRqQHFHVVDULRXWLOL]]DUHLOULSLDQRSLEDVVR
/DWHPSHUDWXUDqSUHLPSRVWDWDVX&HQRQSXzHVVHUHPRGLILFDWD
3,==$4XHVWDIXQ]LRQHFRQVHQWHGLIDUFLUFRODUHDULDFDOGD
DOOLQWHUQRGHOIRUQRHGqSDUWLFRODUPHQWHLQGLFDWDSHUSLHWDQ]HFRPH
SL]]HRGROFL
3URJUDPPDGLSURYDVHFRQGR&(1(/(&(1XWLOL]]DWRSHUOD
GHILQL]LRQHGHOODFODVVHHQHUJHWLFD
&20(87,/,==$5(,/)2512
,7
ÊFRQVLJOLDELOHVDODUHODFDUQHVRORDOWHUPLQHGHOODFRWWXUDSHUFKpLOVDOH
IDYRULVFHJOLVFKL]]LGLJUDVVRFKHVSRUFDLOIRUQRHSURGXFHPROWRIXPR
,WDJOLGLFDUQHELDQFDGLPDLDOHYLWHOORHSHVFHSRVVRQRHVVHUHLQVHULWL
IUHGGLQHOIRUQR%HQFKpTXHVWRDFFRUJLPHQWRDOOXQJKLLWHPSLGLFRWWXUD
FRQVHQWHGLFXRFHUHPHJOLRODSRU]LRQHFHQWUDOHGHOWDJOLRGLFDUQHSHUFKp
LOFDORUHDGLVSRVL]LRQHSLWHPSRSHUSHQHWUDUHQHOWDJOLRGLFDUQH
3HU FXFLQDUH LQ PRGR FRUUHWWR OD FDUQH URVVD q LQGLVSHQVDELOH SUH
ULVFDOGDUHLQPRGRDSSURSULDWRLOIRUQR
*5,//
3ULPDGLXWLOL]]DUHLOJULOO
5LPXRYHUH OD FDUQH GDO FRQJHODWRUH TXDOFKH RUD SULPD GHOOD FRWWXUD
&ROORFDUHODFDUQHVXSLVWUDWLGLFDUWDGDFXFLQDSHUPDQWHQHUHLQDOWHUDWR
LOVDSRUHGHOOHSLHWDQ]HHGHYLWDUHFKHODSRU]LRQHFHQWUDOHULPDQJDFUXGD
$JJLXQJHUH SHSH H VSH]LH DOOD FDUQH SULPD GL JULJOLDUOD PD QRQ
DJJLXQJHUHVDOHSHUPDQWHQHUHODFDUQHSLVXFFRVDHWHQHUD$SSOLFDUH
XQOHJJHURVWUDWRGLROLRDOODFDUQHSUHIHULELOPHQWHFRQXQSHQQHOORGD
FXFLQDODUJR4XLQGLFRVSDUJHUHDOWURSHSHHVSH]LHWLPRHFFVXOOD
FDUQH
'XUDQWHODFRWWXUD
1RQ SHUIRUDUH PDL OD FDUQH PHQWUH OD VL JLUD SHUFKp FLz SURYRFD OD
GLVSHUVLRQHGHOVXJRHUHQGHODFDUQHSLVHFFD
&27785$','2/&,
(YLWDUHGLXVDUHWHJOLHOXFLGHSHUFKpULIOHWWRQRLOFDORUHHSRVVRQRURYLQDUH
ODFRWWXUD6HLOGROFHFXRFHWURSSRUDSLGDPHQWHFRSULUORFRQFDUWDROHDWD
RFDUWDGDOOXPLQLR$WWHQ]LRQHDSSOLFDUHODFDUWDGDOOXPLQLRLQPRGRFKHLO
ODWROXFLGRVLDULYROWRYHUVRLOGROFHSHUFKpDOWULPHQWLLOFDORUHYLHQHULIOHVVR
GDOODVXSHUILFLHOXFLGDHQRQSHQHWUDQHOGROFH
(YLWDUHGLDSULUHORVSRUWHOORGXUDQWHLSULPLPLQXWL
/DSHUWXUDGHOORVSRUWHOORGHOIRUQRSRWUHEEHSURYRFDUHOR³VJRQILDPHQWR´
GL VXIIOq EULRFKH SDQGLVSDJQD HFF 3HU FRQWUROODUH VH LO GROFH q
SHUIHWWDPHQWHFRWWRqVXIILFLHQWHSXQ]HFFKLDUHLOFHQWURFRQODODPDGLXQ
FROWHOORRXQDJRGDPDJOLDLQPHWDOOR6HODJRHVWUDWWRqDVFLXWWRLOGROFHq
SURQWRHODFRWWXUDSXzGHILQLUVLFRQFOXVD6HODJRFKHVLHVWUDHGDOGROFHq
XPLGR R VH FL VRQR SH]]HWWL GL GROFH DWWDFFDWL SURVHJXLUH OD FRWWXUD
DEEDVVDQGROHJJHUPHQWHODWHPSHUDWXUDGHOIRUQRSHUHYLWDUHFKHLOGROFH
VLEUXFL
68**(5,0(17,3(5/$&27785$
$66,67(1=$7(&1,&$
3ULPDGLULYROJHUVLDOODVVLVWHQ]DWHFQLFD
6HLOIRUQRQRQIXQ]LRQDqFRQVLJOLDELOH
&RQWUROODUH FKH LO IRUQR VLD FRUUHWWDPHQWH FROOHJDWR DOODOLPHQWD]LRQH
HOHWWULFD
6HQRQqSRVVLELOHLQGLYLGXDUHODFDXVDGHOJXDVWR
6FROOHJDUHLOIRUQRGDOODOLPHQWD]LRQHHOHWWULFDQRQWRFFDUORHULYROJHUVL
DOODVVLVWHQ]DWHFQLFD
3ULPDGLFKLDPDUHLOFHQWURGLDVVLVWHQ]DULFRUGDUVLGLSUHQGHUHQRWDGHO
QXPHURGLVHULHULSRUWDWRVXOODWDUJKHWWDLGHQWLILFDWLYD
,OIRUQRYLHQHIRUQLWRFRQXQFHUWLILFDWRGLJDUDQ]LDFKHQHJDUDQWLVFDOD
ULSDUD]LRQHJUDWXLWDSUHVVRXQFHQWURGLDVVLVWHQ]DGXUDQWHLOSHULRGRGL
YDOLGLWjGHOODJDUDQ]LD
4XHVWRDSSDUHFFKLRqFRQWUDVVHJQDWRLQFRQIRUPLWjDOOD
'LUHWWLYD HXURSHD (8 VXOOH DSSDUHFFKLDWXUH
HOHWWULFKHHGHOHWWURQLFKH:(((,:(((FRQWHQJRQR
VLD OH VRVWDQ]H LQTXLQDQWL FKH SRVVRQR SURYRFDUH
FRQVHJXHQ]HQHJDWLYHVXOODPELHQWHFKHFRPSRQHQWLGL
EDVHFKHSRVVRQRHVVHUHULXWLOL]]DWLÊLPSRUWDQWHFKHL
:((( VLDQR VRJJHWWL D UDWWDPHQWL VSHFLILFL SHU
ULPXRYHUHHVPDOWLUHFRUUHWWDPHQWHWXWWLJOLLQTXLQDQWLH
UHFXSHUDUHHULFLFODUHWXWWLLPDWHULDOL
, VLQJROL SRVVRQR JLRFDUH XQ UXROR LPSRUWDQWH
QHOODVVLFXUDUH FKH L :((( QRQ GLYHQWLQR XQ SUREOHPD DPELHQWDOH q
HVVHQ]LDOHVHJXLUHDOFXQHUHJROHGLEDVH
,:(((QRQGHYRQRHVVHUHWUDWWDWLFRPHULILXWLGRPHVWLFL
,:(((GHYRQRHVVHUHSRUWDWLDLSXQWLGLUDFFROWDDSSRVLWLJHVWLWLGDO
FRPXQH R GD VRFLHWj UHJLVWUDWH ,Q PROWL 3DHVL SHU L :((( JUDQGL
SRWUHEEHHVVHUHSUHVHQWHODUDFFROWDGRPHVWLFD
 4XDQGR VL DFTXLVWD XQ QXRYR DSSDUHFFKLR TXHOOR YHFFKLR SRWUHEEH
HVVHUHUHVWLWXLWRDOULYHQGLWRUHFKHGHYHDFTXLVLUORJUDWXLWDPHQWHVXEDVH
VLQJROD VHPSUH FKH ODSSDUHFFKLR VLD GHO WLSR HTXLYDOHQWH H DEELD OH
VWHVVHIXQ]LRQLGLTXHOORDFTXLVWDWR
5,63$50,$5((5,63(77$5(/$0%,(17(
2YH SRVVLELOH HYLWDUH GL SUHULVFDOGDUH LO IRUQR H FHUFDUH VHPSUH GL
ULHPSLUOR$SULUH OD SRUWD GHO IRUQR TXDQWR QHFHVVDULR SHUFKp YL VRQR
GLVSHUVLRQLGLFDORUHRJQLYROWDFKHYLHQHDSHUWD3HUULVSDUPLDUHPROWD
HQHUJLDVDUjVXIILFLHQWHVSHJQHUHLOIRUQRGDLDLPLQXWLSULPDGHOOD¿QH
GHOWHPSRGLFRWWXUDSLDQL¿FDWRHVHUYLUVLGHOFDORUHFKHLOIRUQRFRQWLQXDD
JHQHUDUH7HQHUHOHJXDUQL]LRQLSXOLWHHLQRUGLQHSHUHYLWDUHHYHQWXDOL
GLVSHUVLRQLGLHQHUJLD6HVLGLVSRQHGLXQFRQWUDWWRGLHQHUJLDHOHWWULFDD
WDULIID RUDULD LO SURJUDPPD ³FRWWXUD ULWDUGDWD´ UHQGHUj SL VHPSOLFH LO
ULVSDUPLRVSRVWDQGRO¶DYYLRGHOSURJUDPPDQHJOLRUDULDWDULIIDULGRWWD
:$51,1*7KHDSSOLDQFHDQGLWVDFFHVVLEOHSDUWVEHFRPHKRWGXULQJXVH&DUHVKRXOGEHWDNHQWRDYRLG
WRXFKLQJKHDWLQJHOHPHQWV
&KLOGUHQXQGHU<HDURIDJHPXVWEHNHSWDZD\IURPWKHDSSOLDQFHXQOHVVWKH\DUHFRQWLQXRXVO\
VXSHUYLVHG
7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP\HDUVDQGDERYHDQGSHUVRQVZLWKUHGXFHG
SK\VLFDOVHQVRU\RUPHQWDOFDSDELOLWLHVRUODFNRIH[SHULHQFHDQGNQRZOHGJHLIWKH\KDYHEHHQJLYHQ
VXSHUYLVLRQRULQVWUXFWLRQFRQFHUQLQJXVHRIWKHDSSOLDQFHLQDVDIHZD\DQGXQGHUVWDQGWKHKD]DUGV
LQYROYHG
&KLOGUHQPXVWQRWSOD\ZLWKWKHDSSOLDQFH
&OHDQLQJDQGXVHUPDLQWHQDQFHVKDOOQRWEHPDGHE\FKLOGUHQZLWKRXWVXSHUYLVLRQ
'XULQJXVHWKHDSSOLDQFHEHFRPHVKRW&DUHVKRXOGEHWDNHQWRDYRLGWRXFKLQJKHDWLQJHOHPHQWVLQVLGH
WKHRYHQ
:$51,1*$FFHVVLEOHSDUWVPD\EHFRPHKRWGXULQJXVH<RXQJFKLOGUHQPXVWEHNHSWDZD\
'RQRWXVHKDUVKDEUDVLYHFOHDQHUVRUVKDUSPHWDOVFUDSHUVWRFOHDQWKHRYHQGRRUJODVVVLQFHWKH\FDQ
VFUDWFKWKHVXUIDFHZKLFKPD\UHVXOWLQVKDWWHULQJRIWKHJODVV
7KHRYHQPXVWEHVZLWFKHGRIIEHIRUHUHPRYLQJWKHJXDUGDIWHUFOHDQLQJWKHJXDUGPXVWEHUHSODFHGLQ
DFFRUGDQFHZLWKWKHLQVWUXFWLRQV
2QO\XVHWKHWHPSHUDWXUHSUREHUHFRPPHQGHGIRUWKLVRYHQ
'RQRWXVHDVWHDPFOHDQHUIRUFOHDQLQJRSHUDWLRQV
:$51,1*$YRLGSRVVLELOLW\RIHOHFWULFVKRFNHQVXUHWKHDSSOLDQFHLVVZLWFKHGRIIEHIRUHUHSODFLQJWKH
ODPS
7KHPHDQVIRUGLVFRQQHFWLRQPXVWEHLQFRUSRUDWHGLQWKHIL[HGZLULQJLQDFFRUGDQFHZLWKWKHZLULQJ
UXOHV
7KHLQVWUXFWLRQVVWDWHWKHW\SHRIFRUGWREHXVHGWDNLQJLQWRDFFRXQWWKHWHPSHUDWXUHRIWKHUHDUVXUIDFH
RIWKHDSSOLDQFH
,IWKHVXSSO\FRUGLVGDPDJHGLWPXVWEHUHSODFHGE\DVSHFLDOFRUGRUDVVHPEO\DYDLODEOHIURPWKH
PDQXIDFWXUHURULWVVHUYLFHDJHQW
&$87,21,QRUGHUWRDYRLGDKD]DUGGXHWRLQDGYHUWHQWUHVHWWLQJRIWKHWKHUPDOFXWRXWWKLVDSSOLDQFH
PXVWQRWEHVXSSOLHGWKURXJKDQH[WHUQDOVZLWFKLQJGHYLFHVXFKDVDWLPHURUFRQQHFWHGWRDFLUFXLWWKDW
LVUHJXODUO\VZLWFKHGRQDQGRIIE\WKHXWLOLW\
&$87,21$FFHVVLEOHSDUWVPD\EHKRWZKHQWKHJULOOLVLQXVH<RXQJFKLOGUHQPXVWEHNHSWDZD\
([FHVVVSLOODJHPXVWEHUHPRYHGEHIRUHFOHDQLQJ
'XULQJVHOIFOHDQLQJS\URO\WLFRSHUDWLRQWKHVXUIDFHVPD\JHWKRWWHUWKDQXVXDODQGFKLOGUHQ0867EH
NHSWDZD\
*%
6$)(7<,16758&7,216
7KLVHTXLSPHQWLQWKHSDUWVLQWHQGHGWRFRPHLQWRFRQWDFWZLWKIRRG
FRPSOLHVZLWKWKHUHJXODWLRQVODLGGRZQLQ((&GLUHFWLYHV
%\ SODFLQJ WKH PDUN RQ WKLV SURGXFW ZH DUH FRQILUPLQJ
FRPSOLDQFHWRDOOUHOHYDQW(XURSHDQVDIHW\KHDOWKDQGHQYLURQPHQWDO
UHTXLUHPHQWVZKLFKDUHDSSOLFDEOHLQOHJLVODWLRQIRUWKLVSURGXFW
6$)(7<+,176
7KH RYHQ PXVW EH XVHG RQO\ IRU WKH SXUSRVH IRU ZKLFK LW ZDV
GHVLJQHG,WPXVWRQO\EHXVHGIRUFRRNLQJIRRG$Q\RWKHUXVHHJDV
DIRUPRIKHDWLQJLVDQLPSURSHUXVHRIWKHRYHQDQGLVWKHUHIRUH
GDQJHURXV
7KH PDQXIDFWXUHUV FDQQRW EH KHOG UHVSRQVLEOH IRU DQ\ GDPDJH
FDXVHGE\LPSURSHULQFRUUHFWRUXQUHDVRQDEOHXVH
:KHQXVLQJDQ\HOHFWULFDODSSOLDQFH\RXPXVWIROORZDIHZEDVLFUXOHV
'RQRWSXOORQWKHSRZHUFDEOHWRUHPRYHWKHSOXJIURPWKHVRFNHW
'RQRWWRXFKWKHRYHQZLWKZHWRUGDPSKDQGVRUIHHW
'RQRWXVHWKHRYHQXQOHVV\RXDUHZHDULQJVRPHWKLQJRQ\RXUIHHW
,WLVQRWJHQHUDOO\DJRRGLGHDWRXVHDGDSWHUVPXOWLSOHVRFNHWVIRU
VHYHUDOSOXJVRUFDEOHH[WHQVLRQV
,IWKHRYHQEUHDNVGRZQRUGHYHORSVDIDXOWVZLWFKLWRIIDWWKHPDLQV
DQGGRQRWWRXFKLW
,IWKHFDEOHLVGDPDJHGLWPXVWEHUHSODFHGSURPSWO\
:KHQUHSODFLQJWKHFDEOHIROORZWKHVHLQVWUXFWLRQV
5HPRYHWKHSRZHUFDEOHDQGUHSODFHLWZLWKRQHRIWKH+99)W\SH
7KHFDEOHPXVWEHDEOHWREHDUWKHHOHFWULFDOFXUUHQWUHTXLUHGE\WKH
RYHQ&DEOH UHSODFHPHQW PXVW EH FDUULHG RXW E\ SURSHUO\ TXDOLILHG
WHFKQLFLDQV
7KHHDUWKLQJFDEOH\HOORZJUHHQPXVWEHPPORQJHUWKDQWKH
SRZHUFDEOH
8VHRQO\DQDSSURYHGVHUYLFHFHQWUHIRUUHSDLUVDQGHQVXUHWKDWRQO\
RULJLQDOSDUWVDUHXVHG,IWKHDERYHLQVWUXFWLRQVDUHQRWDGKHUHGWRWKH
PDQXIDFWXUHUVFDQQRWJXDUDQWHHWKHVDIHW\RIWKHRYHQ
7KH RYHQ \RX KDYH MXVW DFTXLUHG KDV WKH GHVFULEHG WHFKQLFDO
FKDUDFWHULVWLFVDQG\RXPXVWQRWPDNHDQ\PRGLILFDWLRQVWRLW
'RQRWVWRUHIODPPDEOHSURGXFWVLQWKHRYHQWKH\FDQFDWFKILUHLIWKH
RYHQFRPHVRQDFFLGHQWDOO\
'RQRWSUHVVRQDQGGRQRWOHWFKLOGUHQVLWRQWKHRYHQGRRU
8VHNLWFKHQRYHQJORYHVZKHQSXWWLQJLQWRRUUHPRYLQJDGLVKIURP
WKHRYHQ
'(&/$5$7,212)&203/,$1&(
&RGHSURGXLW
1XPpURGHVpULH
5(&200(1'$7,216
$IWHUHDFKXVHRIWKHRYHQDPLQLPXPRIFOHDQLQJZLOOKHOSNHHSWKH
RYHQSHUIHFWO\FOHDQ
'RQRWOLQHWKHRYHQZDOOVZLWKDOXPLQLXPIRLORUVLQJOHXVHSURWHFWLRQ
DYDLODEOHIURPVWRUHV$OXPLQLXPIRLORUDQ\RWKHUSURWHFWLRQLQGLUHFW
FRQWDFW ZLWK WKH KRW HQDPHO ULVNV PHOWLQJ DQG GHWHULRUDWLQJ WKH
HQDPHORIWKHLQVLGHV
,QRUGHUWRSUHYHQWH[FHVVLYHGLUW\LQJRI\RXURYHQDQGWKHUHVXOWLQJ
VWURQJVPRNH\VPHOOVZHUHFRPPHQGQRWXVLQJWKHRYHQDWYHU\KLJK
WHPSHUDWXUH,W LVEHWWHU WR H[WHQG WKH FRRNLQJ WLPH DQG ORZHU WKH
WHPSHUDWXUHDOLWWOH
,GHQWLILFDWLRQSODWH
*%
,QDGGLWLRQWRWKH
DFFHVVRULHVVXSSOLHGZLWKWKHRYHQZHDGYLVH\RXRQO\XVHGLVKHV
DQGEDNLQJPRXOGVUHVLVWDQWWRYHU\KLJK7HPSHUDWXUHV
,167$//$7,21
7KH PDQXIDFWXUHUV KDYH QR REOLJDWLRQ WR FDUU\ WKLV RXW ,I WKH
DVVLVWDQFHRIWKHPDQXIDFWXUHULVUHTXLUHGWRUHFWLI\IDXOWVDULVLQJIURP
LQFRUUHFWLQVWDOODWLRQWKLVDVVLVWDQFHLVQRWFRYHUHGE\WKHJXDUDQWHH
7KH LQVWDOODWLRQ LQVWUXFWLRQV IRU SURIHVVLRQDOO\ TXDOLILHG SHUVRQQHO
PXVWEHIROORZHG,QFRUUHFWLQVWDOODWLRQPD\FDXVHKDUPRULQMXU\WR
SHRSOH DQLPDOV RU EHORQJLQJV 7KH PDQXIDFWXUHU FDQQRW EH KHOG
UHVSRQVLEOHIRUVXFKKDUPRULQMXU\
7KHNLWFKHQXQLWLQZKLFKWKHRYHQLVWREHILWWHGPXVWEHPDGHRI
PDWHULDOUHVLVWDQWWRWHPSHUDWXUHVRIDWOHDVW&
7KHRYHQFDQEHORFDWHGKLJKLQDFROXPQRUXQGHUDZRUNWRS
%HIRUHIL[LQJ\RXPXVWHQVXUHJRRGYHQWLODWLRQLQWKHRYHQVSDFHWR
DOORZ SURSHU FLUFXODWLRQ RI WKH IUHVK DLU UHTXLUHG IRU FRROLQJ DQG
SURWHFWLQJWKHLQWHUQDOSDUWV0DNHWKHRSHQLQJVVSHFLILHGRQODVWSDJH
DFFRUGLQJWRWKHW\SHRIILWWLQJ
(/(&75,&$/&211(&7,21
7+((/(&75,&$/&211(&7,216+28/'%(&$55,('287%<
$1$33529('&2175$&725257(&+1,&,$1:,7+6,0,/$5
48$/,),&$7,216
7KHLQVWDOODWLRQUHFHLYLQJWKHDSSOLDQFHPXVWFRPSO\ZLWKWKHVWDQGDUG
LQIRUFHLQWKHLQVWDOODWLRQFRXQWU\
7KHPDQXIDFWXUHUGRHVQRWDFFHSWDQ\UHVSRQVLELOLW\LIWKLVSURYLVLRQLV
QRWFRPSOLHGZLWK
&RQQHFWLRQWRWKHQHWZRUNPXVWEHE\HDUWKHGVRFNHWRXWOHWRUE\
PHDQV RI D PXOWLSROH FLUFXLWEUHDNHU LQ FRPSOLDQFH ZLWK WKH
LQVWDOODWLRQFRXQWU\
7KHLQVWDOODWLRQPXVWEHSURWHFWHGE\VXLWDEOHIXVHVDQGKDYHZLUHV
ZLWKDODUJHHQRXJKFURVVVHFWLRQWRVXSSO\WKHRYHQQRUPDOO\
&211(&7,21
7KHRYHQLVILWWHGZLWKDSRZHUOHDGIRUFRQQHFWLQJH[FOXVLYHO\WRD
YROWDJHRI 9$& DFURVVWKH SKDVHVRU DFURVVSKDVH DQG
QHXWUDO
&RQQHFWLRQPXVWEHFDUULHGRXWKDYLQJILUVWFKHFNHG
WKHVXSSO\YROWDJHLQGLFDWHGRQWKHPHWHU
7KH OHDG SURWHFWLRQ ZLUH JUHHQ\HOORZ FRQQHFWHG WR WKH HDUWK
WHUPLQDORIWKHRYHQPXVWEHFRQQHFWHGWRWKHHDUWKWHUPLQDORIWKH
LQVWDOODWLRQ
&DXWLRQ
+DYHWKHHDUWKFRQWLQXLW\RIWKHLQVWDOODWLRQFKHFNHGE\DQHOHFWULFLDQ
EHIRUHPDNLQJWKHFRQQHFWLRQ
7KHPDQXIDFWXUHUZLOOQRWEHOLDEOHIRUDQ\LQFLGHQWRUWKHSRVVLEOH
FRQVHTXHQFHVWKDWPD\DULVHIURPWKHXVHRIWKHRYHQQRWHDUWKHGRU
FRQQHFWHGWRDQHDUWKZLWKGHIHFWLYHFRQWLQXLW\
1%'RQRWIRUJHWWKDWWKHRYHQPD\UHTXLUHDIWHUVDOHVVHUYLFH
$OVRORFDWHWKHVRFNHWRXWOHWVRWKDWWKHRYHQFDQEHFRQQHFWHGRQFH
LWLVUHPRYHGIURPLWVVSDFH
3RZHUVXSSO\FDEOH,IWKHSRZHUVXSSO\FDEOHKDVWREHFKDQJHG
SOHDVHKDYHWKLVGRQHE\WKHDIWHUVDOHVVHUYLFHRUE\VRPHRQHZLWK
VLPLODUTXDOLILFDWLRQV
*(1(5$/:$51,1*6
5HDGWKHLQVWUXFWLRQVFDUHIXOO\WRPDNHWKHPRVWRI\RXURYHQ:HUHFRPPHQG\RXNHHSWKHLQVWUXFWLRQVIRULQVWDOODWLRQDQGXVHIRUODWHUUHIHUHQFH
DQGEHIRUHLQVWDOOLQJWKHRYHQQRWHLWVVHULDOQXPEHULQFDVH\RXQHHGWRJHWKHOSIURPWKHDIWHUVDOHVVHUYLFH
:KHQ\RXKDYHXQSDFNHGWKHRYHQPDNHVXUHWKDWLWKDVQRWEHHQGDPDJHGLQDQ\ZD\,I\RXKDYHDQ\GRXEWVDWDOOGRQRWWRXVHLW&RQWDFWD
SURIHVVLRQDOO\TXDOLILHGSHUVRQ.HHSSDFNLQJPDWHULDOVVXFKDVSODVWLFEDJVSRO\VW\UHQHRUQDLOVRXWRIWKHUHDFKRIFKLOGUHQEHFDXVHWKH\DUH
GDQJHURXVWRFKLOGUHQ
7KHFRPSDQ\VKDOOQRWEHOLDEOHLIWKHLQVWUXFWLRQVSURYLGHGLQWKLVGRFXPHQWDUHQRWFRPSOLHGZLWK
127()XQFWLRQVSURSHUWLHVDQGDFFHVVRULHVRIRYHQVZKLFKDUHPHQWLRQHGLQWKLVPDQXDOFDQEHFKDQJHGHSHQGLQJRQRYHQPRGHOV
*%
29(1(48,30(17
,WLVQHFHVVDU\WRGRDQLQLWLDOFOHDQLQJRIWKHHTXLSPHQWEHIRUHWKHILUVW
XVHRIHDFKRIWKHP:DVKWKHPZLWKDVSRQJH5LQVHDQGGU\RII
7KHVKHOIFDQWDNHPRXOGVDQGGLVKHV
7KHGULSWUD\FDWFKHVWKHMXLFHVIURPJULOOHGIRRGV
1HYHUXVHKHGULSWUD\DVDURDVWLQJWUD\DVIDWGHSRVLWVFDQEHTXLFNO\
VSUHDGWKURXJKRXWWKHRYHQZKLFKSURGXFHVH[FHVVVPRNH
1HYHUSODFHWKHGULSWUD\GLUHFWO\RQWKHRYHQERWWRP
7KHSL]]DVWRQHIRUDFULVSHUSL]]DHTXLSSHGDFFRUGLQJWRWKHPRGHO
ZLWKLWVVWDQGDQGWKHSL]]DUROOHU
7KHSDVWU\WUD\PXVWEHSODFHGRQWKHVKHOI,WLVIRUFRRNLQJVPDOO
SDVWULHVOLNHFKRX[ELVFXLWVPHULQJXHVHWF
1HYHUSODFHWKHSDVWU\WUD\GLUHFWO\RQWKHRYHQERWWRP
/('9,6,21
:KHQ WKH RYHQ LV LQ XVH DQ\ XQXVHG DFFHVVRULHV VKRXOG EH
UHPRYHGIURPWKHRYHQ
$&&(6625,(6$FFRUGLQJWRPRGHO
527,66(5,(
1RSUHKHDWLQJLVUHTXLUHGIRUURWLVVHULHFRRNLQJ
&RRNLQJZLWKWKHGRRUFORVHG
7KHHQHUJ\FRQVXPSWLRQLVOHVVWKDQWUDGLWLRQDOV\VWHP
*ULG
6SLW
+RRNV6FUHZV
+DQGOH
+2:7286(785163,7
8QVFUHZWKHKRRNV
3XWWKHVSLWLQWRWKHPHDW
)L[WKHPHDWZLWKWKHKRRNV
7LJKWHQWKHVFUHZV
,QVHUWWKHVSLWLQWRWKHPRWRUKROH
7KHKDQGOH
5(029,1*$1'&/($1,1*:,5(5$&.6
5HPRYHWKHZLUHUDFNVE\SXOOLQJWKHPLQWKHGLUHFWLRQRIWKHDUURZV
VHHEHORZ
7RFOHDQWKHZLUHUDFNVHLWKHUSXWWKHPLQWKHGLVKZDVKHURUXVHD
ZHWVSRQJHHQVXULQJWKDWWKH\DUHGULHGDIWHUZDUGV
$IWHUWKHFOHDQLQJSURFHVVLQVWDOOWKHZLUHUDFNVLQUHYHUVHRUGHU
$GYDQWDJHV
6\VWHPEHVLGHVSURYLGLQJH[FHOOHQWLOOXPLQDWLRQLQVLGHWKH
RYHQ ODVWV ORQJHU WKDQ WKH WUDGLWLRQDO OLJKW EXOE LWV HDVLHU DQG WR
PDLQWDLQDQGPRVWRIDOOVDYHVHQHUJ\
2SWLPXPYLHZ
/RQJOLIHLOOXPLQDWLRQ
 9HU\ ORZ HQHUJ\ FRQVXPSWLRQ  LQ FRPSDULVRQ ZLWK WKH
WUDGLWLRQDOLOOXPLQDWLRQ+LJK
³$SSOLDQFHZLWKZKLWH OLJKW/('RI WKH 0&ODVV DFFRUGLQJ WR,(&
$$HTXLYDOHQWWR(1
$$WKHPD[LPXPOLJKWSRZHUHPLWWHG
OQP
X:
1RWREVHUYHGGLUHFWO\ZLWKRSWLFDOLQVWUXPHQWV³
,VDQLOOXPLQDWLRQV\VWHPZKLFKUHSODFHVWKHWUDGLWLRQDO©OLJKWEXOEª
/('OLJKWVDUHLQWHJUDWHGZLWKLQWKHGRRU7KHVHSURGXFHZKLWHKLJK
TXDOLW\LOOXPLQDWLRQZKLFKHQDEOHVWRYLHZWKHLQVLGHRIWKHRYHQZLWK
FODULW\ZLWKRXWDQ\VKDGRZVRQDOOWKHVKHOYHV
:DLWIRUWKHRYHQWRFRROGRZQEHIRUHGRLQJDQ\FOHDQLQJE\KDQG
1HYHUFOHDQ\RXURYHQZLWKDEUDVLYHFOHDQHUVZLUHZRRORUVKDUS
REMHFWVRUWKHHQDPHOPD\EHGDPDJHGEH\RQGUHSDLU
2QO\XVHVRDS\ZDWHURUEOHDFKDPPRQLDFOHDQHUV
1HYHUOLQHWKHRYHQVLGHVZLWKDOXPLQLXPIRLO
*/$663$576
:HUHFRPPHQG\RXZLSHFOHDQWKHJODVVGRRUZLWKDEVRUEHQWNLWFKHQ
SDSHUHYHU\WLPH\RXXVHWKHRYHQ,IWKHVSDWWHULQJLVKHDY\WKHQ\RX
FDQFOHDQZLWKDZHOOVTXHH]HGVSRQJHDQGGHWHUJHQWDQGULQVH
'RQRWXVHKDUVKDEUDVLYHFOHDQHUVRUVKDUSPHWDOVFUDSHUVWRFOHDQ
WKHRYHQGRRUJODVVVLQFHWKH\FDQVFUDWFKWKHVXUIDFHZKLFKPD\
UHVXOWLQVKDWWHULQJRIWKHJODVV
29(1'2256($/
,IWKLVJHWVGLUW\FOHDQWKHRYHQVHDOZLWKDVOLJKWO\GDPSVSRQJH
$&&(6625,(6
&OHDQWKHPZLWKDVSRQJHVRDNHGLQVRDS\ZDWHU5LQVHZLWKFOHDQ
ZDWHUDQGGU\RII$YRLGDEUDVLYHFOHDQHUV
'5,375$<
$IWHUJULOOLQJUHPRYHWKHGULSWUD\IURPWKHRYHQ7DNHFDUHWRSRXUWKH
ZDUPJUHDVHLQWRDFRQWDLQHU:DVKDQGULQVHWKHGULSWUD\LQKRWZDWHU
ZLWKDVSRQJHVRDNHGLQZDVKLQJXSOLTXLG
,IUHVLGXHVUHPDLQDWWDFKHGVRDNWKHPRIILQZDWHUDQGGHWHUJHQW
,WFDQDOVRJRLQDGLVKZDVKHURUEHFOHDQHGZLWKDFRPPHUFLDORYHQ
FOHDQHU
1HYHUSODFHDVRLOHGGULSWUD\LQWKHRYHQ
&/($1,1*7+(29(1
%XOEFKDUDFWHULVWLFV
9$&:(EDVH7HPSHUDWXUH&WRFKDQJHDGHIHFWLYH
EXOEMXVW
8QVFUHZWKHJODVVFRYHU
8QVFUHZWKHEXOE
5HSODFHLWZLWKWKHVDPHW\SHVHHFKDUDFWHULVWLFVDERYH
$IWHU UHSODFLQJ WKH GHIHFWLYH EXOE VFUHZ EDFN WKH
SURWHFWLYHJODVVFRYHU
*%
&/($1,1*7+('225*/$66
,QWHUQDOGRRUJODVVRIWKLVRYHQFDQEHUHPRYHGDQGFOHDQHG
,QRUGHUWRFOHDQWKHLQWHUQDOJODVVIROORZWKHVHLQVWUXFWLRQV
3LFWXUH
3LFWXUH
3LFWXUH
3LFWXUH
2SHQWKHGRRURIWKHRYHQ
3LFWXUH
5HPRYHWKHWRSPHWDOOLFFRYHUE\
SXOOLQJLW XSZDUGV 3LFWXUH
5HPRYHWKHJODVVE\JHQWO\SXOOLQJ LW
RXWRIWKHGRRUIUDPH 3LFWXUH
5HPRYHWKHVFUHZVDVVKRZQLQ
3LFWXUH 3LFWXUH
/RFNWKHKLQJHVDVVKRZQLQ3LFWXUH
EHIRUHVWDUWLQJWKHFOHDQLQJ
RSHUDWLRQ
8QORFNWKHKLQJHVZKHQWKHFOHDQLQJ
RSHUDWLRQLVILQLVKHG3LFWXUH
3LFWXUH
3LFWXUH
21$//*/$6(6/2:(
VLJQPXVWEHSURSHUO\
UHDGDEOHDQGPXVWEH
SRVLWLRQHGRQWKHOHIWFRUQHURI
WKHGRRUFORVHWRWKHOHIWVLGH
KLQJH,QWKLVZD\WKHSULQWHG
VW
VXUIDFHRIWKH JODVVZLOO
UHPDLQ,16,'(WKHGRRU

$IWHUFOHDQLQJWKHJODVVUH
DVVHPEOHWKHSDUWVLQWKH
UHYHUVHRUGHURIUHPRYDO
)RU RYHQVSOHDVH3\URO\WLF
QG UG
UHPRYHDOVR DQG JODVVHV
3LFWXUH
3LFWXUH
6(/)&/($1,1*29(1:,7+&$7$/<7,&
6SHFLDOVHOIFOHDQLQJSDQHOVFRYHUHGLQDPLFURSRURXVFRDWLQJDUH
DYDLODEOHDVRSWLRQDOH[WUDVIRUDOOPRGHOV,IWKH\DUHILWWHGWKHRYHQ
QRORQJHUQHHGVWREHFOHDQHGE\KDQG
7KHIDWWKDWLVVSODWWHUHGRQWRWKHVLGHVRIWKHRYHQGXULQJURDVWLQJLV
HOLPLQDWHGE\WKHPLFURSRURXVFRDWLQJZKLFKEUHDNVWKHIDWGRZQE\
FDWDO\VLVDQGWUDQVIRUPVLWLQWRJDV
([FHVVLYHVSODWWHULQJPD\QHYHUWKHOHVVEORFNWKHSRUHVDQGWKHUHIRUH
KLQGHUVHOIFOHDQLQJ7KHVHOIFOHDQLQJFDSDFLW\PD\EHUHVWRUHGE\
VZLWFKLQJRQWKHHPSW\RYHQWRPD[LPXPIRUDERXWPLQXWHV
'RQRWXVHDEUDVLYHSURGXFWVPHWDOFOHDQLQJZDGVVKDUSREMHFWV
URXJK FORWKV RU FKHPLFDO SURGXFWV DQG GHWHUJHQWV WKDW PD\
SHUPDQHQWO\GDPDJHWKHFDWDO\WLFOLQLQJ
,WLVDJRRGLGHDWRXVHGHHSURDVWLQJWUD\VWRURDVWIDWW\IRRGVVXFKDV
MRLQWVRIPHDWHWFDQGWRSXWDWUD\XQGHUQHDWKWKHJULOOWRFDWFKVXUSOXV
IDW,IWKHZDOOVRIWKHRYHQDUHVRWKLFNO\FRDWHGLQJUHDVHWKDWWKH
FDWDO\WLFOLQLQJLVQRORQJHUHIIHFWLYHUHPRYHVXUSOXVJUHDVHZLWKDVRIW
FORWKRUVSRQJHVRDNHGLQKRWZDWHU
7KHOLQLQJPXVWEHSRURXVIRUVHOIFOHDQLQJWREHHIIHFWLYH
1%$OOFDWDO\WLFOLQLQJVFXUUHQWO\RQWKHPDUNHWKDYHDZRUNLQJOLIHRI
DERXWKRXUV7KH\VKRXOGWKHUHIRUHEHUHSODFHGDIWHUDERXW
KRXUV
29(1/,*+7,1*
'LVFRQQHFW WKH SRZHU VXSSO\ IURP WKH RYHQ EHIRUH FOHDQLQJ RU
UHSODFLQJWKHODPS
7KH EXOE DQG LWV FRYHU DUH PDGH RI PDWHULDO UHVLVWDQW WR KLJK
WHPSHUDWXUHV
'(6&5,37,212)7+(',63/$<
*%
%()25(86,1*7+(29(1)257+(
),5677,0(
35(/,0,1$5<&/($1,1*
&OHDQWKHRYHQEHIRUHXVLQJIRUWKHILUVWWLPH
:LSHRYHUH[WHUQDOVXUIDFHVZLWKDGDPSVRIWFORWK
:DVKDOODFFHVVRULHVDQGZLSHLQVLGHWKHRYHQZLWKDVROXWLRQRI
KRWZDWHUDQGZDVKLQJXSOLTXLG
6HWWKHHPSW\RYHQWRWKHPD[LPXPWHPSHUDWXUHDQGOHDYHRQIRU
DERXWKRXUWKLVZLOOUHPRYHDQ\OLQJHULQJVPHOOVRIQHZQHVV
(QVXUHWKDWWKHURRPLVZHOOYHQWLODWHGZKLOHWKLVLVEHLQJGRQH
7+,1*6725(0(0%(5
&RQILUPDWLRQRIRSHUDWLRQRQWLPHU
0RGLILFDWLRQPXVWEHFRQILUPHGE\SUHVVLQJWKHEXWWRQ
6WRSSLQJWKHRYHQ
7KLVPD\EHQHFHVVDU\LI\RXKDYHLQSXWDQLQFRUUHFWLQVWUXFWLRQ
7RVWRSWKHRYHQWXUQEDFNWKHIXQFWLRQVHOHFWRUNQREWRWKH
6WRS3RVLWLRQ
&KLOGVDIHW\GHYLFH
7RORFNWKHRYHQFRQWUROVVHOHFWWKHFKLOGVDIHW\GHYLFH5HIHUWR
WKHVHFWLRQHQWLWOHG³3URJUDPPLQJ7KHFKLOGVDIHW\GHYLFH´
7KHFRROLQJIDQ
7KLVSURWHFWVWKHFRQWUROSDQHODQGHOHFWURQLFVIURPKHDWGDPDJH
,WEHJLQVDQG WKHQ VWRSV DXWRPDWLFDOO\ HYHQ ZKHQ WKH RYHQ LV
VZLWFKHGRII
2YHQOLJKWLQJ
%\WXUQLQJWRWKHOLJKWV\PERO\RXFDQVZLWFKRQWKHRYHQOLJKW
ZKHQLWLVQRWLQXVH
:KHQWKHRYHQLVLQXVHWKHOLJKWVWD\VRQGXULQJDOORIWKHRYHQ
IXQFWLRQVDQGZKHQWKHGRRULVRSHQHG
86,1*7+((1'2)&22.,1*7,0(5
7KLVFRQWUROHQDEOHVWRVHWWKHGHVLUHGFRRNLQJWLPHPD[
PLQWKHRYHQZLOODXWRPDWLFDOO\VZLWFKRIIDWWKHHQGRIWKHVHW
WLPH
7KHWLPHUZLOOFRXQWGRZQIURPWKHVHWWLPHUHWXUQWRWKH2SRVLWLRQ
DQGVZLWFKRIIDXWRPDWLFDOO\
)RUQRUPDOXVHRIRYHQVHWWKHWLPHUWRWKHSRVLWLRQ
7RVHWWKHRYHQHQVXUHWKHWLPHULVQRWRQWKH2SRVLWLRQ
0(18

7KLVIXQFWLRQLVW\SLFDOO\XVHGZLWK
³FRRNLQJWLPH´IXQFWLRQ
)RUH[DPSOHLIWKHGLVKKDVWREH
FRRNHGIRUPLQXWHVDQGQHHGV
WREHUHDG\E\VLPSO\VHOHFW
WKH UHTXLUHG IXQFWLRQ VHW WKH
FRRNLQJWLPHWRPLQXWHVDQGWKH
HQGRIFRRNLQJWLPHWR
$WWKHHQGRIWKHFRRNLQJVHWWLPH
WKH RYHQ ZLOO VZLWFK RII
DXWRPDWLFDOO\DQGDQDXGLEOHDODUP
ZLOOULQJ
&RRNLQJZLOOVWDUWDXWRPDWLFDOO\DW
PLQXVPLQVDQG
ZLOOFRQWLQXHXQWLOWKHSUHVHWHQG
RIFRRNLQJWLPH ZKHQ WKH RYHQ
ZLOO VZLWFK LWVHOI RII DXWRPDWLFDOO\
:$51,1*
,IWKH(1'RIFRRNLQJLVVHOHFWHG
ZLWKRXW VHWWLQJ WKH OHQJWK RI
FRRNLQJWLPHWKHRYHQZLOOVWDUW
FRRNLQJLPPHGLDWHO\DQGLWZLOO
VWRSDWWKH(1'RIFRRNLQJWLPH
VHW
86(2)728&+&21752/&/2&.352*5$00(5
)81&7,21
+2:72$&7,9$7(,7
+2:726:,7&+,72))
:+$7,7'2(6 :+$7,7,6)25
.(</2&.
0,187(
0,1'(5
&22.,1*
7,0(
&KLOG /RFN IXQFWLRQ LV
DFWLYDWHGE\WRXFKLQJ6HW
IRUDPLQLPXPRIVHFRQGV
)URPWKLVPRPHQWRQDOORWKHU
IXQFWLRQ DUH ORFNHG DQG WKH
GLVSOD\ ZLOO IODVK 6723 DQG
SUHVHWWLPHLQWHUPLWWHQWO\
&KLOG /RFN IXQFWLRQ LV
GHDFWLYDWHG E\ WRXFKLQJ
WRXFKSDG6HWDJDLQIRUD
PLQLPXPRIVHFRQGV)URP
WKLV PRPHQW RQ DOO IXQFWLRQV
DUHVHOHFWDEOHDJDLQ
3XVKWKHFHQWUDOEXWWRQ
WLPHV
3UHVVWKHEXWWRQV
WRVHWWKHUHTXLUHGWLPH
5HOHDVHDOOWKHEXWWRQV
:KHQWKHVHWWLPHDVHODSVHG
DQDXGLEOHDODUPLVDFWLYDWHG
WKLVDODUPZLOOVWRSRQLWVRZQ
KRZHYHU LW FDQ EH VWRSSHG
LPPHGLDWHO\ E\SUHVVLQJWKH
EXWWRQ6(/(&7
6RXQGVDQDODUPDWWKHHQGRI
WKHVHWWLPH
'XULQJWKHSURFHVVWKH
GLVSOD\VKRZVWKHUHPDLQLQJ
WLPH
$OORZVWRXVHWKHRYHQDVDODUP
FORFNFRXOG EH DFWLYDWHG HLWKHU
ZLWK RSHUDWLQJ WKH RYHQ RU ZLWK
RXWRSHUDWLQJWKHRYHQ
3XVKWKHFHQWUDOEXWWRQWLPHV
3UHVVWKHEXWWRQVRUWR
VHW WKH OHQJKW RI FRRNLQJ
UHTXLUHG
5HOHDVHDOOEXWWRQV
6HWWKHFRRNLQJIXQFWLRQ ZLWK
WKHRYHQIXQFWLRQVHOHFWRU
:KHQ WKH WLPH LV HODSVHG WKH
RYHQ ZLOO VZLWFK RII
DXWRPDWLFDOO\
6KRXOG\RXZLVKWRVWRSFRRNLQJ
HDUOLHU HLWKHU WXUQ WKH IXQFWLRQ
VHOHFWRUWRRUVHWWLPHWR
6(/(&7DQGEXWWRQV
 ,W DOORZV WR SUHVHW WKH FRRNLQJ
WLPH UHTXLUHG IRU WKH UHFLSH
FKRVHQ
7RFKHFNKRZORQJLVOHIWWRUXQ
SUHVVWKH6(/(&7EXWWRQ7LPHV
7R DOWHUFKDQJH WKH SUHVHW WLPH
SUHVV 6(/(&7 DQG  
EXWWRQV
3XVK DQ\ EXWWRQ WR VWRS
WKHVLJQDO3XVKWKHFHQWUDO
EXWWRQWRUHWXUQWRWKHFORFN
IXQFWLRQ
$WWKHWLPH VHWWKHRYHQ
ZLOO VZLWFK RII 7R VZLWFK
RIIPDQXDOO\WXUQWKHRYHQ
IXQFWLRQ VHOHFWRU WR
SRVLWLRQ2
(QDEOHV\RXWRVHWWKHHQGRI
FRRNLQJWLPH
7RFKHFNWKHSUHVHWWLPHSXVK
WKHFHQWUDOEXWWRQWLPHV
7RPRGLI\WKHSUHVHWWLPH
SUHVVEXWWRQV6(/(&7
3XVK WKH FHQWUDO EXWWRQ 
WLPHV 3UHVV WKH EXWWRQV 
WRVHWWKHWLPHDWZKLFK\RX
ZLVK WKH RYHQ WR VZLWFK RII
5HOHDVH WKH EXWWRQV
6HWWKHFRRNLQJIXQFWLRQZLWK
WKHRYHQIXQFWLRQVHOHFWRU
:$51,1*WKHILUVWRSHUDWLRQWRFDUU\RXWDIWHUWKHRYHQKDV
EHHQLQVWDOOHGRUIROORZLQJWKHLQWHUUXSWLRQRISRZHUVXSSO\
WKLV LV UHFRJQL]DEOH WKH GLVSOD\ SXOVDWLQJ DQG VKRZLQJ
LVVHWWLQJWKHFRUUHFWWLPH7KLVLVDFKLHYHGDVIROORZV
6(77,1*7+(&255(&77,0(
3XVKWKHFHQWUDOEXWWRQWLPHV
6HWWLPHZLWKEXWWRQV
5HOHDVHDOOEXWWRQV
$77(17,217KHRYHQZLOORQO\RSHUDWHSURYLGLQJWKHFORFNLVVHW
*%
0(18

(1'2)
&22.,1*
*%
,WLVEHWWHUQRWWRVDOWPHDWVXQWLODIWHUFRRNLQJDVVDOWHQFRXUDJHVWKH
PHDWWRVSDWWHUIDW7KLVZLOOGLUW\WKHRYHQDQGPDNHDORWRIVPRNH
-RLQWVRIZKLWHPHDWSRUNYHDOODPEDQGILVKFDQEHSXWLQWRWKHRYHQ
FROG7KHFRRNLQJWLPHLVORQJHUWKDQLQDSUHKHDWHGRYHQEXWLWFRRNV
WKURXJKWRWKHFHQWUHEHWWHUDVWKHKHDWKDVPRUHWLPHWRSHQHWUDWHWKH
MRLQW
&RUUHFWSUHKHDWLQJLVWKHEDVLVRIVXFFHVVIXOUHGPHDWFRRNHU\
*5,//6
%HIRUHORDGLQJWKHJULOO
5HPRYHWKHPHDWIURPWKHUHIULJHUDWRUDIHZKRXUVEHIRUHJULOOLQJ/D\LW
RQVHYHUDOOD\HUVRINLWFKHQSDSHU 7KLVLPSURYHVVHL]LQJPDNLQJLW
WDVWLHUDQGDYRLGVLWVWD\LQJFROGDWWKHFHQWUH
$GGSHSSHUDQGVSLFHVWRWKHPHDWEHIRUHJULOOLQJEXWDGGDQ\VDOWDIWHU
FRRNLQJ7KLVZD\LWZLOOVHL]HEHWWHUDQGVWD\MXLF\%DVWHDOOWKHIRRGWR
EHFRRNHG ZLWK DOLWWOH RLO7KLV LV EHVWGRQH ZLWK DZLGH IODW EDVWLQJ
EUXVK7KHQVSULQNOHZLWKPRUHSHSSHUDQGKHUEVWK\PHHWF
'XULQJFRRNLQJ
1HYHUSLHUFHWKHIRRGGXULQJFRRNLQJHYHQZKHQ\RXWXUQLW7KLVOHWVWKH
MXLFHRXWDQGLWEHFRPHVGU\
%$.,1*
$YRLGXVLQJVKLQ\WLQVWKH\UHIOHFWWKHKHDWDQGFDQVSRLO\RXUFDNHV,I
\RXUFDNHVEURZQWRRTXLFNO\FRYHUWKHPZLWKJUHDVHSURRISDSHURU
DOXPLQLXPIRLO
&DXWLRQ7KHFRUUHFWZD\WRXVHIRLOLVZLWKWKHVKLQ\VLGHLQWRZDUGVWKH
FDNH ,I QRW WKH KHDW LV UHIOHFWHG E\ WKH VKLQ\ VXUIDFH DQG GRHV QRW
SHQHWUDWHWKHIRRG
$YRLGRSHQLQJWKHGRRUGXULQJWKHILUVWWRPLQXWHVRIFRRNLQJ
6RXIIOpVEULRFKHVVSRQJHFDNHVHWFZLOOWHQGWRIDOO<RXFDQFKHFNLI
FDNHVDUHGRQHE\SULFNLQJWKHFHQWUHZLWKDNQLIHEODGHRUPHWDONQLWWLQJ
QHHGOH,IWKHEODGHFRPHVRXWQLFHDQGGU\\RXUFDNHLVUHDG\DQG\RX
FDQ VWRS FRRNLQJ ,I WKH EODGH FRPHV RXW PRLVW RU ZLWK ELWV RI FDNH
DWWDFKHGFRQWLQXHEDNLQJEXWVOLJKWO\ORZHUWKHWKHUPRVWDWVRWKDWLWLV
ILQLVKHGRIIZLWKRXWEXUQLQJ
&22.,1*7,36
+2:7286(7+(29(1
&22.,1*02'(
$OOFRRNLQJVKRXOGEHFDUULHGRXWZLWKWKHGRRUFORVHG
%27720)$17KHFRPELQDWLRQRIWKHERWWRPKHDWLQJ
HOHPHQWDQGIDQLVLGHDOIRUIUXLWIODQVWDUWVTXLFKHVDQGSDVWULHV,W
SUHYHQWVIRRGIURPEHFRPLQJWRRGU\DQGHQFRXUDJHVEUHDGGRXJKWR
ULVH3ODFHWKHVKHOILQWKHERWWRPSRVLWLRQLQWKHRYHQ
%277208VLQJWKHORZHUHOHPHQW,GHDOIRUFRRNLQJDOO
SDVWU\EDVHGGLVKHV8VHWKLVIRUIODQVTXLFKHVWDUWVSkWpDQGDQ\
FRRNLQJWKDWQHHGVPRUHKHDWIURPEHORZ
%27720723%RWKWRSDQGERWWRPKHDWLQJHOHPHQWV
DUH LQ XVH 7KLV PHWKRG LV LGHDO IRU DOO WUDGLWLRQDO URDVWLQJ DQG
EDNLQJ:KHQFRRNLQJUHGPHDWURDVWEHHIOHJRIODPEJDPHEUHDG
RUIRLOZUDSSHGIRRGV
%27720  723  )$1  %RWK WRS DQG ERWWRP KHDWLQJ
HOHPHQWVDUHXVHGLQFRQMXQFWLRQZLWKWKHIDQZKLFKFLUFXODWHVKRWDLU
WKURXJKRXWWKHRYHQ:HUHFRPPHQGWKLVPHWKRGIRUSRXOWU\SDVWULHV
ILVKDQGYHJHWDEOHV%\XVLQJWKLVPHWKRGEHWWHUKHDWSHQHWUDWLRQLV
DFKLHYHGDQGFRRNLQJDQGSUHKHDWLQJWLPHVDUHDOVRUHGXFHG7KHIDQ
FRRNLQJRSWLRQDOORZV\RXWRFRRNGLIIHUHQWIRRGVWRJHWKHUDWGLIIHUHQW
SRVLWLRQV LQ WKH RYHQ DOO DW WKH VDPH WLPH SURYLGLQJ HYHQ KHDW
GLVWULEXWLRQEXWZLWKRXWWKHULVNRIPLQJOLQJWDVWHVDQGVPHOOV:KHQ
FRRNLQJGLIIHUHQWIRRGVDWWKHVDPHWLPHDOORZDIXUWKHUPLQXWHV

&,5&8/$5+($7,1* (/(0(17)$1 $LUWKDWKDV EHHQ
KHDWHGLV EORZQ E\WKH IDQ RQWR WKH GLIIHUHQWOHYHOV ,W LV LGHDO IRU
FRRNLQJGLIIHUHQWW\SHVRIIRRGDWWKHVDPHWLPHHJ0HHWDQGILVK
ZLWKRXWPL[LQJWDVWHVDQGVPHOO,WFRRNVYHU\JHQWO\DQGLVLGHDOIRU
VSRQJHFDNHVSDVWULHVHWF
*5,//  8VLQJ WKH WRS KHDWLQJ HOHPHQW 6XFFHVV LV
JXDUDQWHHGIRUPL[HGJULOOVNHEDEVDQGJUDWLQGLVKHV7KHJULOOVKRXOG
EH SUHKHDWHG WR D KLJK WHPSHUDWXUH IRU  PLQXWHV :KLWH PHDWV
VKRXOGDOZD\VEHSODFHGDWVRPHGLVWDQFHIURPWKHJULOOHOHPHQWWKH
FRRNLQJWLPHLVVOLJKWO\ORQJHUEXWWKHPHDWZLOOEHPRUHVXFFXOHQW
5HGPHDWDQGILVKILOOHWVFDQEHSODFHGGLUHFWO\RQWRWKHVKHOIZLWKWKH
GULSWUD\SODFHGEHQHDWKRQORZHUVKHOISRVLWLRQ
*5,//  )$1  7KH WRS KHDWLQJ HOHPHQW LV XVHG LQ
FRQMXQFWLRQZLWKWKHIDQZKLFKFLUFXODWHVWKHKRWDLUDURXQGWKHRYHQ
3UHKHDWLQJLVUHFRPPHQGHGIRUUHGPHDWVEXWLVQRWQHFHVVDU\IRU
ZKLWHPHDWV*ULOOLQJLVLGHDOIRUFRRNLQJWKLFNHUIRRGLWHPVVXFKDV
SRUNRUSRXOWU\)RRGWREHJULOOHGVKRXOGEHSODFHGGLUHFWO\DWWKH
FHQWUHRIWKHPLGGOHVKHOI
%\VOLGLQJWKHGULSWUD\XQGHUQHDWKWKHVKHOILWZLOOHQVXUHWKDWDQ\
MXLFHVDUHFROOHFWHG)RUEHVWUHVXOWVDOZD\VPDNHVXUHWKDWWKHIRRGLV
QRW WRR FORVH WR WKHJULOO HOHPHQW DQG WXUQ WKH IRRG RYHU KDOI ZD\
WKURXJKWKHFRRNLQJWLPH
*5,//785163,7)$17KHDGYDQWDJHRIXVLQJWKHWRS
RYHQHOHPHQWDWWKHVDPHWLPHDVWKHIDQDQGURWLVVHULHLVWKDWWKHIRRG
LVHYHQO\FRRNHGSUHYHQWLQJLWIURPEHFRPLQJGU\DQGWDVWHOHVV7KH
URWLVVHULHLVSURJUDPPHGWRFRQWLQXHURWDWLQJIRUDSSUR[LPDWHO\ILYH
PLQXWHVDIWHUFRRNLQJPDNLQJIXOOXVHRIWKHUHVLGXDORYHQKHDW1R
SUHKHDWLQJLVUHTXLUHGIRUURWLVVHULHFRRNLQJ
'()5267:KHQWKHGLDOLVVHWWRWKLVSRVLWLRQ7KHIDQ
FLUFXODWHVKRWDLUDURXQGWKHIUR]HQIRRGVRWKDWLWGHIURVWVLQDIHZ
PLQXWHV ZLWKRXW WKH SURWHLQ FRQWHQW RI WKH IRRG EHLQJ FKDQJHG RU
DOWHUHG
7KHWHPSHUDWXUHLVSUHVHWLQ&FRQVWDQWQRUHJXODWLRQLVSRVVLEOH
.((3:$507KLVLVUHFRPPHQGHGWRUHKHDWSUHFRRNHG
IRRGVWXIISRVLWLRQLQJWKHVKHOIRQWKHVHFRQGOHYHO IURP WRSRUWR
GHIURVWEUHDGSL]]DRUSDVWU\E\SRVLWLRQLQJWKHVKHOIRQWKHORZHU
OHYHO
7KHWHPSHUDWXUHLVSUHVHWLQ&FRQVWDQWQRUHJXODWLRQLVSRVVLEOH
3,==$:LWKWKLVIXQFWLRQKRWDLUFLUFXODWHGLQWKHRYHQWR
HQVXUHSHUIHFWUHVXOWIRUGLVKHVVXFKDVSL]]DRUFDNH
 7HVWHG LQ DFFRUGDQFH ZLWK WKH &(1(/(& (1  XVHG IRU
GHILQLWLRQRIHQHUJ\FODVV
6(59,&(&(175(
%HIRUHFDOOLQJWKH6HUYLFH&HQWUH
,IWKHRYHQLVQRWZRUNLQJZHUHFRPPHQGWKDW
&KHFNWKDWLIWKHRYHQLVSURSHUO\SOXJJHGLQWRWKHSRZHUVXSSO\
,IWKHFDXVHRIWKHIDXOWFDQQRWEHGHWHFWHG
'LVFRQQHFWWKHRYHQIURPWKHPDLQVGRQRWWRXFKWKHRYHQDQGFDOOWKH
DIWHUVDOHVVHUYLFH
%HIRUHFDOOLQJWKH6HUYLFH&HQWUHUHPHPEHUWRPDNHDQRWHRIWKHVHULDO
QXPEHURQWKHVHULDOQXPEHUVSHFLILFDWLRQVSODWH
7KHRYHQLVVXSSOLHGZLWKDJXDUDQWHHFHUWLILFDWHWKDWHQVXUHVWKDWLWZLOO
EHUHSDLUHGIUHHRIFKDUJHE\WKH6HUYLFH&HQWUHZKLOVWXQGHUJXDUDQWHH
7KLVDSSOLDQFHLVPDUNHGDFFRUGLQJ WRWKH(XURSHDQ
GLUHFWLYH (8 RQ :DVWH (OHFWULFDO DQG
(OHFWURQLF (TXLSPHQW :((( :((( FRQWDLQV ERWK
SROOXWLQJ VXEVWDQFHV ZKLFK FDQ FDXVH QHJDWLYH
FRQVHTXHQFHV IRU WKH HQYLURQPHQW DQG EDVLF
FRPSRQHQWVZKLFKFDQEHUHXVHG,WLVLPSRUWDQWWR
KDYH:(((VXEMHFWHGWRVSHFLILFWUHDWPHQWVLQRUGHUWR
UHPRYHDQGGLVSRVHSURSHUO\DOOSROOXWDQWVDQGUHFRYHU
DQGUHF\FOHDOOPDWHULDOV
,QGLYLGXDOVFDQSOD\DQLPSRUWDQWUROHLQHQVXULQJWKDW
:(((GRHVQRWEHFRPHDQHQYLURQPHQWDOLVVXHLWLVHVVHQWLDOWRIROORZ
VRPHEDVLFUXOHV
:(((VKDOOQRWEHWUHDWHGDVKRXVHKROGZDVWH
:(((VKDOOEHKDQGHGRYHUWRWKHUHOHYDQWFROOHFWLRQSRLQWVPDQDJHG
E\WKHPXQLFLSDOLW\RUE\UHJLVWHUHGFRPSDQLHV,QPDQ\FRXQWULHVIRU
ODUJH:(((KRPHFROOHFWLRQFRXOGEHSUHVHQW
:KHQ\RXEX\DQHZDSSOLDQFHWKHROGRQHPD\EHUHWXUQHGWRWKH
UHWDLOHUZKRKDVWRFROOHFWLWIUHHRIFKDUJHRQDRQHWRRQHEDVLVDVORQJ
DVWKHHTXLSPHQWLVRIHTXLYDOHQWW\SHDQGKDVWKHVDPHIXQFWLRQVDVWKH
VXSSOLHGHTXLSPHQW
(1(5*<6$9,1*$1'5(63(&7,1*7+((19,5210(17
:KHUHSRVVLEOHDYRLGSUHKHDWLQJWKHRYHQDQGDOZD\VWU\WRILOOLW2SHQ
WKHRYHQGRRUDVLQIUHTXHQWO\DVSRVVLEOHEHFDXVHKHDWIURPWKHFDYLW\
GLVSHUVHVHYHU\WLPHLWLVRSHQHG)RUDVLJQLILFDQWHQHUJ\VDYLQJVZLWFK
RIIWKHRYHQEHWZHHQDQGPLQXWHVEHIRUHWKHSODQQHGHQGRIWKH
FRRNLQJ WLPH DQG XVH WKH UHVLGXDO KHDW WKDW WKH RYHQ FRQWLQXHV WR
JHQHUDWH.HHSWKHVHDOVFOHDQDQGLQRUGHUWRDYRLGDQ\KHDWGLVSHUVDO
RXWVLGHRIWKHFDYLW\,I\RXKDYHDQHOHFWULFFRQWUDFWZLWKDQKRXUO\WDULII
WKHGHOD\HGFRRNLQJSURJUDPPHPDNHVHQHUJ\VDYLQJPRUHVLPSOH
PRYLQJWKHFRRNLQJSURFHVVWRVWDUWDWWKHUHGXFHGWDULIIWLPHVORW
8<$5,&LKD]YHDSDUDWODUÕNXOODQÕPVÕUDVÕQGDÕVÕQÕU,VÕQPÕúSDUoDODUDGRNXQPDNWDQNDoÕQÕQÕ]
\DúÕQDOWÕQGDNLoRFXNODUÕFLKD]GDQX]DNWDWXWPDOÕYHVUHNOLGHQHWOHPHOLVLQL]
%XFLKD]\DúYH]HULoRFXNODUYHIL]LNVHOGX\XVDOYH\D]LKLQVHO\HWHQHNOHULYH\DELOJLYHWHFUEH
DoÕVÕQGDQ \HWHUVL] NLúLOHU WDUDIÕQGDQ DQFDN \HWLúNLQ ELU ELUH\LQ GHQHWLPLQGH YH FLKD]ÕQ QDVÕO
NXOODQÕODFD÷ÕQDGDLUYHULOHQWDOLPDWODUÕQX\JXODQPDVÕGXUXPXQGDYHROXúDELOHFHNWHKOLNOHULNDYUDGÕNODUÕ
WDNGLUGHJYHQOHNXOODQÕODELOLU
dRFXNODUFLKD]ODR\QDPDPDOÕGÕUODU
&LKD]ÕQWHPL]OLNYHEDNÕPÕJ|]HWPHQROPDNVÕ]ÕQoRFXNODUWDUDIÕQGDQ\DSÕOPDPDOÕGÕU
 .XOODQÕP VÕUDVÕQGD FLKD] ÕVÕQDELOLU )ÕUÕQÕQ LoLQGHNL ÕVÕWPD HOHPDQODUÕQÕQ GRNXQXUNHQ GLNNDWOL
ROXQPDOÕGÕU
8<$5,(ULúLOHELOLUSDUoDODUNXOODQÕPVÕUDVÕQGDÕVÕQDELOLU.oNoRFXNODUX]DNWXWXOPDOÕGÕU
 )ÕUÕQ NDSDN FDPÕQÕ WHPL]OHUNHQ NXYYHWOL DúÕQGÕUÕFÕ WHPL]OH\LFLOHU YH\D NHVNLQ PHWDO ND]Õ\ÕFÕODU
NXOODQPD\ÕQoQNEXFDPÕQNÕUÕOPDVÕQDYH\D\]H\LQoL]LOPHVLQHQHGHQRODELOLU
.RUXPDoÕNDUÕOPDGDQ|QFHIÕUÕQNDSDWÕOPDOÕGÕUYHWHPL]OLNWHQVRQUDNRUXPDSDUoDVÕWDOLPDWODUDX\JXQ
RODUDN\HULQHNR\XOPDOÕGÕU
6DGHFHEXIÕUÕQLoLQ|QHULOHQVÕFDNOÕNSUREXNXOODQÕQ
)ÕUÕQÕWHPL]OHPHUNHQEXKDUOÕWHPL]OH\LFLOHUNXOODQPD\ÕQÕ]
8<$5, /DPED\Õ GH÷LúWLUPHGHQ |QFH HOHNWULN oDUSPDVÕ RODVÕOÕ÷ÕQÕ |QOHPHN LoLQ FLKD]ÕQ NDSDOÕ
ROGX÷XQGDQHPLQROXQ
 %D÷ODQWÕQÕQ VD÷ODQDPDPDVÕ NDEORODPD NXUDOODUÕQD J|UH NDEORODUÕQ ED÷ODQPDPDVÕQGDQ
ND\QDNODQPÕúWÕU
7DOLPDWODUGDNXOODQÕODFDNSUL]LQWLSLFLKD]ÕQDUNDNÕVPÕQGDNLVÕFDNOÕNGúQOHUHNEHOLUWLOPHOLGLU
(OHNWULNNDEORVXKDVDUOÕLVH|]HOELUNDEOR\DGDUHWLFLYH\D\HWNLOLVHUYLVLQX\JXQJ|UG÷NDEORLOH
GH÷LúWLULOPHOLGLU
8\DUÕ7HUPDOÕVÕNHVLFLGLNNDWVL]FH\HUOHúLPLQGHQGR÷DFDN]DUDUODUÕHQJHOOHPHNLoLQEXFLKD]ND\QD÷Õ
]DPDQOD\ÕFÕYH\DVUHNOLDoÕN\DGDNDSDOÕRODFDNGHYUHJLELúGHYUHFLKD]ODUÕQDED÷ODQPDPDOÕGÕU
'ø..$7(ULúLOHELOLUSDUoDODUVÕFDNRODELOLUÕ]JDUDNXOODQÕOÕUNHQ.oNoRFXNODUX]DNWXWXOPDOÕGÕU
'|NOHQDUWÕNODUWHPL]OL÷HEDúODPDGDQ|QFHoÕNDUÕOPDOÕGÕU
.HQGLNHQGLQHWHPL]OLNSLUROLWLNLúOHPLVÕUDVÕQGD\]H\QRUPDOGHQVÕFDNRODELOLUEXQHGHQOHEXLúOHP
HVQDVÕQGDoRFXNODUX]DNWXWXOPDOÕGÕU
*h9(1/ø.8<$5,/$5,
75
%X HNLSPDQ JÕGDODUOD WHPDV HWWL÷L SDUoDODUGD  VD\ÕOÕ ((&
'LUHNWLILQGH|QJ|UOHQG]HQOHPHOHUHX\JXQGXU
LúDUHWLLOHEXFLKD]ÕQ$YUXSDGLUHNWLIOHULQHX\JXQOX÷XQXQYH
\DVDWDUDIÕQGDQEHOLUOHQPLúJYHQOLNVD÷OÕNYHoHYUHVHOJHUHNOLOLNOHULQ
\HULQHJHWLULOPHVLQLQEL]HDLWROGX÷XQXNDEXOHGL\RUX]
%X FLKD] $7 VD\ÕOÕ $YUXSD 'LUHNWLIOHULQH YH VRQUDNL
GH÷LúLNOLNOHULOHLOJLOL76(1VWDQGDUWODUÕQDX\JXQGXU
(01ø<(7/(ø/*ø/øø38d/$5,
)ÕUÕQVDGHFHWDVDUODQGÕ÷ÕDPDoODULoLQNXOODQÕOPDOÕGÕU6DGHFH\HPHN
SLúLUPHNLoLQNXOODQÕOPDOÕGÕU,VÕQPDNJLELKHUKDQJLELUEDúNDDPDoOD
NXOODQÕOPDVÕX\JXQVX]ELUNXOODQÕP|UQH÷LROXSWHKOLNHDU]HGHELOLU
hUHWLFLOHU X\JXQVX] \DQOÕú YH\D PDQWÕNOÕ ROPD\DQ NXOODQÕPODUGDQ
|WUPH\GDQDJHOHELOHFHNKDVDUODUGDQVRUXPOXWXWXODPD]
+HUKDQJL ELU HOHNWULNOL FLKD]Õ NXOODQÕUNHQ ELUNDo WHPHO NXUDOÕ WDNLS
HWPHOLVLQL]
)LúLSUL]GHQoÕNDUPDNLoLQHOHNWULNNDEORVXQGDQWXWDUDNoHNPH\LQ
(OOHULQL]YH\DD\DNODUÕQÕ]ÕVODNYH\DQHPOL\NHQIÕUÕQDGRNXQPD\ÕQ
)ÕUÕQÕNXOODQGÕ÷ÕQÕ]]DPDQODUGDD\D÷ÕQÕ]DPXWODNDELUúH\OHUJL\LQ
$GDSW|UELUGHQoRNILúLoLQoRNOXVRNHWYH\DX]DWPDNDEORODUÕQÕQ
NXOODQÕPÕJHQHOOLNOHSHNL\LELUILNLUGH÷LOGLU
)ÕUÕQDUÕ]DYHULUVHYH\DoDOÕúPD]VDDQDHOHNWULNKDWWÕQGDQHOHNWUL÷LQL
NHVLQYHIÕUÕQDGRNXQPD\ÕQ
.DEORKDVDUJ|UPúVHGHUKDOGH÷LúWLULOPHOLGLU
.DEOR\XGH÷LúWLULUNHQDúD÷ÕGDNLWDOLPDWODUÕWDNLSHGLQ
(OHNWULNNDEORVXQXoÕNDUÕQYH+99)WLSLQGHELUNDEOR\ODGH÷LúWLULQ
.DEOR IÕUÕQ LoLQ JHUHNOL RODQ HOHNWULN DNÕPÕQÕ NDOGÕUDELOHFHN JoWH
ROPDOÕGÕU .DEOR GH÷LúLPL JHUHNOL H÷LWLPL DOPÕú \HWNLOL WHNQLV\HQOHU
WDUDIÕQGDQ\DSÕOPDOÕGÕU
7RSUDNODPDNDEORVXVDUÕ\HúLO HOHNWULNNDEORVXQGDQ PP GDKD
X]XQROPDOÕGÕU
2QDUÕP LúOHUL LoLQ VDGHFH RQD\ODQPÕú ELU VHUYLV PHUNH]L\OH LUWLEDW
NXUXQ YH VDGHFH RULMLQDO SDUoDODUÕQ NXOODQÕOGÕ÷ÕQGDQ HPLQ ROXQ
<XNDUÕGDNL WDOLPDWODUD X\XOPDPDVÕ GXUXPXQGD UHWLFLOHU IÕUÕQÕQ
JYHQOL÷LQLJDUDQWLHGHPH]
6DWÕQDOPÕúROGX÷XQX]IÕUÕQEHOLUWLOHQWHNQLN|]HOOLNOHUHVDKLSWLUYHIÕUÕQ
]HULQGHKHUKDQJLELUGH÷LúLNOLN\DSÕOPDPDVÕJHUHNLU
<DQÕFÕUQOHULIÕUÕQGDVDNODPD\ÕQIÕUÕQND]DUDoDOÕúWÕUÕOGÕ÷ÕQGDEX
UQOHU\DQJÕQDVHEHSRODELOLU
)ÕUÕQ NDSD÷ÕQD EDVWÕUPD\ÕQ YH oRFXNODUÕQ NDSD÷ÕQ VWQH
RWXUPDVÕQDL]LQYHUPH\LQ
)ÕUÕQDNDSNR\DUNHQYH\DIÕUÕQGDQNDSoÕNDUÕUNHQIÕUÕQHOGLYHQLWDNÕQ
'ø..$7ùLúNXOODQÕOÕUNHQHULúLOHELOLUSDUoDODUÕVÕQDELOLU
.oNoRFXNODUX]DNWXWXOPDOÕGÕU
8<*81/8.%(<$1,
)ÕUÕQODELUOLNWHYHULOHQDNVHVXDUODUÕQ\DQÕVÕUD\DOQÕ]FDoRN\NVHN
VÕFDNOÕNODUDGD\DQÕNOÕNDSODUYHSLúLUPHNDOÕSODUÕNXOODQPDQÕ]ÕWDYVL\H
HGHUL]
&RGHSURGXLW
1XPpURGHVpULH
.858/80
hUHWLFLOHUIÕUÕQÕQNXUXOXPXQX\DSPD\NPOO÷QGHGH÷LOGLU<DQOÕú
NXUXOXPGDQND\QDNODQDQKDWDODUÕG]HOWPHN]HUHUHWLFLGHQ\DUGÕP
LVWHQLUVHVD÷ODQDFDNEX\DUGÕPJDUDQWL NDSVDPÕQGD ROPD\DFDNWÕU
3URIHV\RQHO RODUDN \HWNLOL NLúLOHUH \|QHOLN NXUXOXP WDOLPDWODUÕ WDNLS
HGLOPHOLGLU<DQOÕúNXUXOXPLQVDQODUDKD\YDQODUDYH\DHú\DODUD]DUDU
YHUHELOLUhUHWLFLEX WU KDVDUODUGDQ YH\D\DUDODQPDODUGDQVRUXPOX
WXWXODPD]
)ÕUÕQÕQ\HUOHúWLULOHFH÷LPXWIDNQLWHVLHQD]&VÕFDNOÕ÷DGD\DQÕNOÕ
PDO]HPHGHQ\DSÕOPÕúROPDOÕGÕU
)ÕUÕQ\NVHNELUVWXQLoLQHYH\DWH]JDKDOWÕQD\HUOHúWLULOHELOLU
)ÕUÕQÕ \HUOHúWLUPHGHQ |QFH IÕUÕQ LoLQGH Lo SDUoDODUÕ VR÷XWPDN YH
NRUXPDNLoLQJHUHNOLWHPL]KDYDQÕQX\JXQELUúHNLOGHGRODúDELOHFH÷LL\L
ELUKDYDODQGÕUPDVD÷ODPDOÕVÕQÕ]<HUOHúWLUPHWUQHJ|UHVRQVD\IDGD
EHOLUWLOHQDoÕNOÕNPHVDIHOHULQLVD÷OD\ÕQ
(/(.75ø.%$ö/$17,6,
(/(.75ø.%$ö/$17,6,21$</,%ø5<h./(1ø&ø9(<$%(1=(5
1ø7(/ø./(5( 6$+ø3 %ø5 7(.1ø6<(1 7$5$),1'$1
<$3,/0$/,',5
&LKD]ÕQ NXUXOXPX NXUXOXPXQ \DSÕOGÕ÷Õ ONHGH \UUONWH RODQ
VWDQGDUWLOHX\XPOXROPDOÕGÕU
%X NRúXOD X\JXQ GDYUDQÕOPDPDVÕ KDOLQGH UHWLFL KHUKDQJL ELU
VRUXPOXOXNNDEXOHWPH]
ùHEHNHED÷ODQWÕVÕWRSUDNOÕELUSUL]YH\DoRNNXWXSOXELUGHYUHNHVLFL
\DUGÕPÕ\OD LOJLOL ONHQLQ NXUXOXP VWDQGDUWODUÕQD X\JXQ úHNLOGH
\DSÕOPDOÕGÕU
.XUXOXP X\JXQ VLJRUWDODUOD NRUXQPDOÕ YH IÕUÕQÕ QRUPDO úHNLOGH
EHVOHPH\H\HWHFHNNHVLWWHNDEORODUNXOODQÕOPDOÕGÕU
%$ö/$17,
)ÕUÕQID]ODUDUDVÕQGDYH\DID]LOHQ|WUDUDVÕQGDVDGHFH9$&
YROWDMDED÷ODQDQELUJoNDEORVX\ODGRQDWÕOPÕúWÕU
%D÷ODQWÕ\DSÕOPDGDQ|QFHDúD÷ÕGDNLOHUNRQWUROHGLOPHOLGLU
VD\Do]HULQGHEHOLUWLOHQJoND\QD÷ÕYROWDMÕ
)ÕUÕQÕQ WRSUDNODPD XFXQD ED÷OÕ DQD NRUXPD NDEORVX \HúLOVDUÕ
WHVLVDWÕQWRSUDNODPDXFXQDED÷ODQPDOÕGÕU
'LNNDW
%D÷ODQWÕ\Õ \DSPDGDQ |QFH ELU HOHNWULNoL\H WHVLVDWÕQ WRSUDNODPD
VUHNOLOL÷LQLNRQWUROHWWLULQ
hUHWLFL WRSUDN ED÷ODQWÕVÕ \DSÕOPDPÕú YH\D ED÷ODQWÕVÕQÕQ VUHNOLOL÷L
KDWDOÕ ELU WRSUDN KDWWÕQD ED÷ODQPÕú IÕUÕQÕQ NXOODQÕPÕQGDQ PH\GDQD
JHOHELOHFHNROD\ODUGDQYH\DRODVÕVRQXoODUGDQ|WUVRUXPOXOXNNDEXO
HWPHPHNWHGLU
127 )ÕUÕQ LoLQ VDWÕú VRQUDVÕ VHUYLVH LKWL\Do GX\XODELOHFH÷LQL]L
XQXWPD\ÕQ
$\UÕFDSUL]LIÕUÕQÕQ\HULGH÷LúWLULOGLNWHQVRQUDWHNUDUED÷ODQDELOHFH÷L
úHNLOGH\HUOHúWLULQ
*o NDEORVX *o NDEORVXQXQ GH÷LúWLULOPHVL JHUHNL\RUVD OWIHQ
EXQXVDWÕúVRQUDVÕVHUYLVHYH\DEHQ]HUQLWHOLNOHUHVDKLSELUWHNQLV\HQH
\DSWÕUÕQ
g1(5ø/(5
+HUNXOODQÕPGDQVRQUD\DSÕODQNoNoDSOÕELUWHPL]OLNIÕUÕQÕVRQGHUHFH
WHPL]WXWDU
)ÕUÕQÕQ\DQGXYDUODUÕQÕDOPLQ\XPIRO\RYH\DGNNDQODUGDQDOÕQDELOHQ
WHNNXOODQÕPOÕNNRUXPDPDO]HPHOHUL\OHNDSODPD\ÕQ$OPLQ\XPIRO\RYH\D
GL÷HU NRUXPD PDO]HPHOHUL VÕFDN HPD\H LOH GR÷UXGDQ WHPDV HWWL÷LQGH
HULPHYHLoWDUDIWDNLHPD\H\LER]PDULVNLROXúWXUXU
)ÕUÕQÕQDúÕUÕ NLUOHQPHVLQL YH EXQXQ VRQXFXQGD ROXúDQ NHVNLQ GXPDQ
NRNXVXQX |QOHPHN LoLQ IÕUÕQÕ oRN \NVHN VÕFDNOÕNODUGD NXOODQPDPDQÕ]Õ
|QHULUL]3LúLUPHVUHVLQL X]DWÕS VÕFDNOÕ÷Õ ELU PLNWDU GúUPHNGDKDL\L
RODELOLU
&LKD]ELOJLSDQRVX
*(1(/8<$5,/$5
)ÕUÕQGDQHQL\LYHULPLDODELOPHNLoLQWDOLPDWODUÕGLNNDWOHRNX\XQøOHULGHJHUHNOLRODELOHFH÷LQLGúQHUHNNXUXOXPYHNXOODQÕPWDOLPDWODUÕQÕVDNODPDQÕ]
YHVDWÕúVRQUDVÕVHUYLVKL]PHWOHULQGHQID\GDODQDELOPHQL]LoLQIÕUÕQÕNXUPDGDQ|QFHVHULQXPDUDVÕQÕQRWHWPHQL]WDYVL\HROXQXU
)ÕUÕQÕNXWXVXQGDQoÕNDUGÕ÷ÕQÕ]GDKHUKDQJLELUúHNLOGHKDVDUJ|UPHGL÷LQGHQHPLQROXQ+DVDUJ|UG÷QHGDLUKHUKDQJLELUNXúNXGX\DUVDQÕ]
NXOODQPD\ÕQ
3URIHV\RQHOYH\HWNLOLELUNLúL\OHLUWLEDWDJHoLQdRFXNODULoLQWHKOLNHOLRODELOHFH÷LQGHQSODVWLNWRUEDSROLVWLUHQYH\DoLYLJLELSDNHWOHPHPDWHU\DOOHULQL
RQODUÕQHULúHPH\HFH÷L\HUOHUGHWXWXQ
%XEHOJHGHYHULOHQWDOLPDWODUDX\XOPDPDVÕKDOLQGHúLUNHWVRUXPOXROPD\DFDNWÕU
127%XNÕODYX]GDEDKVHGLOHQIRQNVL\RQ|]HOOLNYHDNVHVXDUODUIÕUÕQPRGHOOHULQHJ|UHGH÷LúHELOLU
75
),5,1(.ø30$1,
(NLSPDQODUÕLONNH]NXOODQPDGDQ|QFHKHUELULQLWHPL]OHPHNJHUHNOLGLU
(NLSPDQODUÕELUVQJHUOH\ÕND\ÕQ'XUXOD\ÕQYHNXUXOD\ÕQ
5DINDOÕSYHWDEDNODULoLQX\JXQGXU
'DPODPDWHSVLVLQL DVODNÕ]DUWPD WHSVLVLRODUDN NXOODQPD\ÕQoQN
ELULNHQ \D÷ODU KÕ]OD IÕUÕQD \D\ÕOÕS DúÕUÕ GXPDQ ROXúPDVÕQD QHGHQ
RODELOLU
'DPODPD WHSVLVLQL GR÷UXGDQ IÕUÕQ WDEDQÕQD NHVLQOLNOH
\HUOHúWLUPH\LQ
0RGHOHJ|UHoÕWÕUoÕWÕUELUSL]]DLoLQVWDQGÕYHSL]]DVLOLQGLUL\OHELUOLNWH
SL]]DWDúÕYHULOLU
+DPXULúLWHSVLVLUDID\HUOHúWLULOPHOLGLU(NOHUELVNYLEH]HYENoN
KDPXULúOHULQLSLúLUPHNLoLQGLU
+DPXU LúL WHSVLVLQL GR÷UXGDQ IÕUÕQ WDEDQÕQD NHVLQOLNOH
\HUOHúWLUPH\LQ

.ODVLN³HOHNWULNDPSXOQQ´\HULQHJHoHQELUD\GÕQODWPDVLVWHPLGLU
DGHW/('SLUROLWLNROPD\DQPRGHOOHULoLQYH\DDGHW<NVHN*oO
/('SLUROLWLNPRGHOOHULoLQODPEDNDSÕ\DHQWHJUHGLU%XODPEDODU
IÕUÕQÕQ LoLQL KLoELU UDI ]HULQH J|OJH GúPHGHQ QHW ELU úHNLOGH
J|UPHQL]LVD÷OD\DQ\NVHNNDOLWHGHEH\D]ÕúÕNYHUPHNWHGLU
$YDQWDMODUÕ
%XVLVWHPIÕUÕQLoLQGHPNHPPHOD\GÕQODWPDVD÷ODPDQÕQ\DQÕVÕUD
NODVLNDPSXOOHUGHQGDKDX]XQVUHGD\DQÕUNXOODQÕPÕYHEDNÕPÕGDKD
NROD\GÕUYHKHUúH\GHQ|QHPOLVLHQHUMLWDVDUUXIXVD÷ODU
2SWLPXPJ|Uú
8]XQ|PUOD\GÕQODWPD
dRN GúN HQHUML WNHWLPL NODVLN \NVHN D\GÕQODWPD VLVWHPOHULQH
NÕ\DVODGDKDGúN
)ÕUÕQoDOÕúWÕUÕOÕUNHQNXOODQÕOPD\DQDNVHVXDUODUIÕUÕQGDQoÕNDUÕOPDOÕGÕU
$.6(68$5/$50RGHOHJ|UH
ùøù
ùLúWHSLúLUPHLoLQ|QFHGHQÕVÕWPDJHUHNPH]
.DSDNNDSDOÕ\NHQSLúLULOLU
(QHUMLWNHWLPLNODVLNVLVWHPGHQGDKDD]GÕU
,]JDUD
dHYLUPHHOHPDQÕ
.DQFDODUYH9LGDODU
7XWDPDN
ùøùd(9ø50(1ø1.8//$1,0,
.DQFDODUÕQYLGDODUÕQÕoÕNDUÕQ
dHYLUPHHOHPDQÕQÕHWHJHoLULQ
(WLNDQFDODUODVDELWOH\LQ
9LGDODUÕVÕNÕQ
dHYLUPHHOHPDQÕQÕPRWRU
GHOL÷LQHJHoLULQ
7XWDPD÷ÕoÕNDUÕQ
'DPODPDWHSVLVLÕ]JDUD\DSÕODQ\L\HFHNOHUGHQDNDQVXODUÕWXWDU
7HOUDIÕRN\|QQGHoHNHUHNWXWXFX\XYDODUÕQGDQYHIÕUÕQGXYDUÕQGDQ
D\UÕOPDVÕQÕVD÷OD\ÕQ
7HOUDIODUÕEXODúÕNGHWHUMDQÕÕOÕNVXYH\XPXúDNELUEH]\DGDVQJHU
NXOODQDUDNWHPL]OH\LSNXUXELUEH]OHNXUXOD\ÕQ
7HPL]OLNLúOHPLDUGÕQGDQWHOUDIODUÕ\HULQHWDNÕQ
<$1,=*$5$/$5,1d,5$5,/0$6,9(
7(0ø=/(10(6ø
75
$PSXO|]HOOLNOHUL
 9$&  : (  WDEDQ 6ÕFDNOÕN & $UÕ]DOÕ ELU DPSXO
GH÷LúWLUPHNLoLQDúD÷ÕGDNLLúOHPOHULX\JXODPDQÕ]\HWHUOLGLU
&DPNDSD÷ÕV|NQ
$PSXOV|NQ
$\QÕWUGHQELU DPSXOOH GH÷LúWLULQ\XNDUÕGDNL |]HOOLNOHUH
EDNÕQ
$UÕ]DOÕDPSXOGH÷LúWLUGLNWHQVRQUDNRUX\XFXFDPNDSD÷Õ
JHUL YLGDOD\ÕQ
),5,1.$3,&$0,1,17(0ø=/(10(6ø
7HPL]OHPHNLoLQIÕUÕQNDSD÷ÕQÕYHLoFDPSDQHOLQLoÕNDUDELOLULVLQL]
EXQXQLoLQDúD÷ÕGDNLWDOLPDWODUÕL]OH\LQ
ùHNLO
ùHNLO
ùHNOL
ùHNOL
.DSD÷ÕWDPDPHQDoÕQùHNLO
.DSÕ\ÕKHULNLWDUDIWDQHOOHULQL]OH
WXWDUDN\XNDUÕGR÷UXELUDoÕ\ODoHNLQ
.DSÕFDPÕQÕ\DYDúoDoHNHUHN
oÕNDUÕQùHNLO
<DQODUGDNLYLGDODUÕoÕNDUÕQ
ùHNLO
7HPL]OHPHLúOHPLQHEDúODPDGDQ
|QFHLNLNDSDNPHQWHúHVLQLùHNLO
GHNLJLELNLOLWOH\LQ7HPL]OHPH
VRQUDVÕQGDLVHNLOLGLDoÕQùHNLO
ùHNLO
ùHNLO
7HPL]OHPHLúOHPLELWWLNWHQ
VRQUDFDPSDQHOOHULYHIÕUÕQ
NDSD÷ÕQÕWDNÕQ<XNDUÕGDNL
WPDGÕPODUÕWHUVLQHVÕUD\OD
L]OH\LQ
3LUROLWLNIÕUÕQODULoLQYH
FDPODUÕGDD\QÕúHNLOGHoÕNDUÕQ
ùHNLO
ùHNOL
 7P FDP SDQHOOHUGH /2:(
LEDUHVL G]JQ úHNLOGH RNXQXU
ROPDOÕ YH SDQHOOHULQ VRO
N|úHVLQGH\HUDOPDOÕGÕU%|\OHFH
\D]ÕOÕ LEDUHQLQ ROGX÷X \]H\
IÕUÕQÕQ Lo NÕVPÕQD EDNDFDN
NRQXPGDGXUDFDNWÕU
),5,17(0ø=/(10(6ø
(OOHKHUKDQJLELUWHPL]OLNLúOHPL\DSPDGDQ|QFHIÕUÕQÕQVR÷XPDVÕQÕ
EHNOH\LQ
)ÕUÕQÕWHPL]OHUNHQNHVLQOLNOHDúÕQGÕUÕFÕWHPL]OLNPDGGHOHULEXODúÕNWHOL
YH\DNHVNLQQHVQHOHUNXOODQPD\ÕQDNVLWDNGLUGHHPD\HRQDUÕODPD]
úHNLOGHKDVDUJ|UHELOLU
<DOQÕ]FDVDEXQOXVXYH\DD÷DUWÕFÕDPRQ\DNWHPL]OH\LFLOHUNXOODQÕQ
)ÕUÕQÕQ\DQODUÕQÕNHVLQOLNOHDOPLQ\XPIRO\RLOHNDSODPD\ÕQ
&$03$5d$/$5
)ÕUÕQÕKHUNXOODQÕúÕQÕ]GDFDPNDSD÷ÕHPLFLELUND÷ÕWKDYOX\ODVLOPHQL]L
|QHULUL] /HNHOHU D÷ÕUVD L\LFH VÕNÕOPÕú GHWHUMDQOÕ ELU VQJHUOH VLOLS
GXUXOD\DELOLUVLQL]
&DP\]H\LoL]LSNÕUÕOPDVÕQDQHGHQRODELOHFHNOHULLoLQIÕUÕQNDSD÷ÕQÕQ
FDPÕQÕWHPL]OHPHNDPDFÕ\ODVHUWDúÕQGÕUÕFÕWHPL]OLNPDGGHOHULYH\D
NHVNLQD÷Õ]OÕPHWDOVSDWXODNXOODQPD\ÕQ
),5,1.$3$ö,&217$6,
)ÕUÕQNDSD÷ÕFRQWDVÕNLUOHQLUVHKDILIQHPOLELUVQJHUOHWHPL]OH\LQ
$.6(68$5/$5
%XQODUÕVDEXQOXVX\DEDWÕUÕOPÕúELUVQJHUOHWHPL]OH\LQ7HPL]VX\OD
GXUXOD\ÕQYHNXUXOD\ÕQ$úÕQGÕUÕFÕWHPL]OHPHPDGGHOHULNXOODQPD\ÕQ
'$0/$0$7(36ø6ø
,]JDUD\DSWÕNWDQVRQUDGDPODPDWHSVLVLQLIÕUÕQGDQoÕNDUÕQ6ÕFDN\D÷Õ
ELUNDEDERúDOWÕUNHQGLNNDWOLROXQ'DPODPDWHSVLVLQLEXODúÕNGHWHUMDQOÕ
ELUVQJHUOHVÕFDNVXLoLQGH\ÕND\ÕQ
7HSVL\H\DSÕúDQDUWÕNODUNDOÕUVDWHSVL\LGHWHUMDQOÕVXGDEHNOHWLQ
$\UÕFDEXODúÕNPDNLQHVLQGHGH\ÕNDQDELOLUYH\DSL\DVDGDVDWÕODQELU
IÕUÕQWHPL]OH\LFL\OHWHPL]OHQHELOLU
'DPODPDWHSVLVLQLNLUOL\NHQNHVLQOLNOHIÕUÕQD\HUOHúWLUPH\LQ
),5,1$<',1/$70$6ø67(0ø
/DPED\ÕWHPL]OHPHGHQYH\DGH÷LúWLUPHGHQ|QFHIÕUÕQÕSUL]GHQoHNLQ
$PSXO YH NDSD÷Õ \NVHN VÕFDNOÕNODUD GD\DQÕNOÕ PDO]HPHGHQ
\DSÕOPÕúWÕU
75
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32
  • Page 33 33
  • Page 34 34
  • Page 35 35
  • Page 36 36
  • Page 37 37
  • Page 38 38
  • Page 39 39
  • Page 40 40
  • Page 41 41
  • Page 42 42
  • Page 43 43
  • Page 44 44
  • Page 45 45
  • Page 46 46
  • Page 47 47
  • Page 48 48

Hoover HOA20VX Manuale utente

Tipo
Manuale utente