ARIETE 1334 Minuetto Manuale utente

Marca: ARIETE

Modello: 1334 Minuetto

Tipo: Manuale utente

De’ Longhi Appliances Srl

Divisione Commerciale Ariete

Via San Quirico, 300

50013 Campi Bisenzio (FI)

E-Mail: [email protected]

Internet: www.ariete.net

COD. 4025106500 REV. 2 del 28/07/2015

mod. 1334/1

827070

Кофеварка

эспрессо кофе

мейкер

Fig. 1

Fig. 2

Fig. 6

Fig. 3 Fig. 4

Fig. 7

Fig. 9

Fig. 11

Fig. 8

Fig. 10

Fig. 12

Fig. 17

Fig. 13

Fig. 18

Fig. 20

Fig. 19

Fig. 21

Fig. 25Fig. 24 Fig. 26

Fig. 23

Fig. 5

Fig. 14

Fig. 15

Fig. 22

Fig. 16



$352326,72',48(6720$18$/(

$QFKHVHJOLDSSDUHFFKLVRQRVWDWLUHDOL]]DWLLQFRQIRUPLWjFRQOHVSHFL¿FKH1RUPDWLYHHXURSHHYLJHQWLHVRQRSHUWDQWR

SURWHWWLLQWXWWHOHSDUWLSRWHQ]LDOPHQWHSHULFRORVHOHJJHWHFRQDWWHQ]LRQHTXHVWHDYYHUWHQ]HHXVDWHO¶DSSDUHFFKLRVRORSHU

O¶XVRFXLqVWDWRGHVWLQDWRSHUHYLWDUHLQIRUWXQLHGDQQL7HQHWHDSRUWDWDGLPDQRTXHVWROLEUHWWRSHUIXWXUHFRQVXOWD]LRQL

4XDORUDYRJOLDWHFHGHUHTXHVWRDSSDUHFFKLRDGDOWUHSHUVRQHULFRUGDWHYLGLLQFOXGHUHDQFKHTXHVWHLVWUX]LRQL

/HLQIRUPD]LRQLULSRUWDWHLQTXHVWRPDQXDOHVRQRPDUFDWHGDLVHJXHQWLVLPEROLFKHLQGLFDQR

3HULFRORSHULEDPELQL

3HULFRORGRYXWRDHOHWWULFLWj

3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH

$YYHUWHQ]DUHODWLYDDXVWLRQL

$WWHQ]LRQHGDQQLPDWHULDOL

86235(9,672

3RWHWHXVDUHODYRVWUDFDIIq0LQXHWWRSHUSUHSDUDUHFDIIqHFDSSXFFLQL4XHVWRDSSDUHFFKLRqVWDWRFRQFHSLWRVRORSHUXQ

XVRSULYDWRHGqTXLQGLGDFRQVLGHUDUVLLQDGHJXDWRO¶XVRSHUVFRSLFRPPHUFLDOLRLQGXVWULDOL2JQLDOWURXWLOL]]RGHOODPDFFKL

QDQRQqSUHYLVWRGDO&RVWUXWWRUHFKHVLHVLPHGDTXDOVLDVLUHVSRQVDELOLWjSHUGDQQLGLRJQLQDWXUDJHQHUDWLGDXQLPSLHJR

LPSURSULRGHOODPDFFKLQDVWHVVD/¶XVRLPSURSULRGHWHUPLQDLQROWUHO¶DQQXOODPHQWRGLRJQLIRUPDGLJDUDQ]LD

5,6&+,5(6,'8,

/HFDUDWWHULVWLFKHFRVWUXWWLYHGHOO¶DSSDUHFFKLRRJJHWWRGHOODSUHVHQWHSXEEOLFD]LRQHQRQFRQVHQWRQRGLSURWHJJHUHO¶XWLOL]

]DWRUHGDOJHWWRGLUHWWRGLYDSRUHRDFTXDFDOGD

$WWHQ]LRQH

3HULFRORGLXVWLRQL1HOO¶HURJD]LRQHGLDFTXDFDOGDHGLYDSRUHQRQGLULJHUHLJHWWLYHUVRWHU]LRYHUVRVHVWHVVL

,PSXJQDUHLOWXERHVFOXVLYDPHQWHVXOODSDUWHLQSODVWLFD

8WLOL]]DUHVRORFRQWHQLWRULFKHVLDQRUHDOL]]DWLLQPDWHULDOH³SHUDOLPHQWL´

$99(57(1=(,03257$17,

/(**(5($77(17$0(17(/(,6758=,21,35,0$'(//·862

/¶DSSDUHFFKLRqGHVWLQDWRVRORDGXVRGRPHVWLFRHQRQGHYHHVVHUHDGLELWRDG

XVRFRPPHUFLDOHRLQGXVWULDOH

1RQVLDVVXPRQRUHVSRQVDELOLWjSHUXVRHUUDWRRSHULPSLHJKLGLYHUVLGDTXHOOL

SUHYLVWLGDOSUHVHQWHOLEUHWWR

6LFRQVLJOLDGLFRQVHUYDUHJOLLPEDOOLRULJLQDOLSRLFKpO¶DVVLVWHQ]DJUDWXLWDQRQq

SUHYLVWDSHULJXDVWLFDXVDWLGDLPEDOORQRQDGHJXDWRGHOSURGRWWRDOPRPHQWR

GHOODVSHGL]LRQHDGXQ&HQWURGL$VVLVWHQ]DDXWRUL]]DWR

/¶DSSDUHFFKLR q FRQIRUPH DOOD 'LUHWWLYD &( H DOOD 'LUHWWLYD (0&

&((

3HULFRORSHULEDPELQL

/¶DSSDUHFFKLRSXzHVVHUHXVDWRGDEDPELQLFRQ XQ HWj VXSHULRUH DDQQLH

GDSHUVRQHFKHKDQQRFDSDFLWj¿VLFKHVHQVRULDOLRPHQWDOLULGRWWHRSSXUHFRQ

PDQFDQ]DGLHVSHULHQ]DRGLFRQRVFHQ]DVRORVHVRQRVHJXLWLGDXQDSHUVRQD

UHVSRQVDELOHRVHKDQQRULFHYXWRHFRPSUHVROHLVWUX]LRQLHLSHULFROLSUHVHQWL

GXUDQWHO¶XVRGHOO¶DSSDUHFFKLR



,EDPELQLQRQGHYRQRJLRFDUHFRQO¶DSSDUHFFKLR

/DSXOL]LDHODPDQXWHQ]LRQHULSRUWDWHLQTXHVWROLEUHWWRQRQGHYRQRHVVHUHHVH

JXLWHGDLEDPELQLVHQ]DODVXSHUYLVLRQHGLXQDSHUVRQDDGXOWD

*OLHOHPHQWLGHOO¶LPEDOODJJLRQRQGHYRQRHVVHUHODVFLDWLDOODSRUWDWDGHLEDPELQL

LQTXDQWRSRWHQ]LDOLIRQWLGLSHULFROR

$OORUFKpVLGHFLGDGLVPDOWLUHFRPHUL¿XWRTXHVWRDSSDUHFFKLRVLUDFFRPDQGDGL

UHQGHUORLQRSHUDQWHWDJOLDQGRQHLOFDYRGLDOLPHQWD]LRQH6LUDFFRPDQGDLQROWUH

GLUHQGHUHLQQRFXHTXHOOHSDUWLGHOO¶DSSDUHFFKLRVXVFHWWLELOLGLFRVWLWXLUHXQSHUL

FRORVSHFLDOPHQWHSHULEDPELQLFKHSRWUHEEHURVHUYLUVLGHOO¶DSSDUHFFKLRSHUL

SURSULJLRFKL

1RQODVFLDUHORVSLOORSHUSXOL]LDDOODSRUWDWDGHLEDPELQLHULSRUORLQXQOXRJR

VLFXURSHULFRORGLLQJHVWLRQHHGLIHULWD

3HULFRORGRYXWRDHOHWWULFLWj

0DQWHQHUHLOFDYRGLDOLPHQWD]LRQHIXRULGDOODSRUWDWDGLEDPELQLFRQPHQRGL

DQQL

3ULPDGLFROOHJDUHO¶DSSDUHFFKLRDOODUHWHGLDOLPHQWD]LRQHFRQWUROODUHFKHODWHQ

VLRQHLQGLFDWDVXOODWDUJKHWWDSRVWDDOGLVRWWRGHOODPDFFKLQDFRUULVSRQGDDTXHO

ODGHOODUHWHORFDOH

/¶XVRGLSUROXQJKHHOHWWULFKHQRQDXWRUL]]DWHGDOIDEEULFDQWHGHOO¶DSSDUHFFKLRSXz

SURYRFDUHGDQQLHLQFLGHQWL

3ULPD GL SURFHGHUH DOO¶RSHUD]LRQH GL ULHPSLPHQWR GHO VHUEDWRLR GHOO¶DFTXD

VFROOHJDUHO¶DSSDUHFFKLRGDOODSUHVDGLFRUUHQWH

6H LO FDYR GL DOLPHQWD]LRQH q GDQQHJJLDWR HVVR GHYH HVVHUH VRVWLWXLWR GDO

FRVWUXWWRUHRGDOVXRVHUYL]LR$VVLVWHQ]D7HFQLFDRFRPXQTXHGDXQDSHUVRQD

FRQTXDOL¿FDVLPLODUHLQPRGRGDSUHYHQLUHRJQLULVFKLR

1RQPHWWHUHPDLOHSDUWLVRWWRWHQVLRQHDFRQWDWWRFRQO¶DFTXDSXzJHQHUDUVLXQ

FRUWRFLUFXLWR

7RJOLHUHODVSLQDGDOODSUHVDSULPDGLRJQLLQWHUYHQWRGLSXOL]LDRGLPDQXWHQ]LRQH

1RQLPPHUJHUHODSSDUHFFKLRLQDFTXDRDOWULOLTXLGL

6SHJQHUHVHPSUHO¶DSSDUHFFKLRHVWDFFDUHODVSLQDGHOFDYRGLDOLPHQWD]LRQH

GDOODSUHVDGLFRUUHQWHHOHWWULFDSULPDGLULHPSLUHLOVHUEDWRLRFRQDFTXD

3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH

1RQ VROOHYDUH O¶DSSDUHFFKLR DIIHUUDQGROR SHU LO VHUEDWRLR GHOO¶DFTXD R SHU OD

YDVFKHWWDPDDIIHUUDUORSHULOFRUSR

6FHJOLHUHXQDPELHQWHVXI¿FLHQWHPHQWHLOOXPLQDWRSXOLWRHFRQODSUHVDGLFRUUHQ

WHIDFLOPHQWHDFFHVVLELOH

(YLWDUHGLLPPHWWHUHQHOVHUEDWRLRXQDTXDQWLWjHFFHVVLYDGLDFTXD

1RQODVFLDUHLQFXVWRGLWRO¶DSSDUHFFKLRPHQWUHqFROOHJDWRDOODUHWHHOHWWULFD

/¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRHODVFLDWRDULSRVRVXXQDVXSHU¿FLHVWDELOH

/¶DSSDUHFFKLRQRQGHYHHVVHUHXWLOL]]DWRVHqVWDWRIDWWRFDGHUHVHYLVRQRVHJQL



GLGDQQLYLVLELOLRVHKDSHUGLWHGLDFTXD1RQXVDUHO¶DSSDUHFFKLRVHLOFDYRHOHW

WULFRRODVSLQDULVXOWDQRGDQQHJJLDWLRVHO¶DSSDUHFFKLRVWHVVRULVXOWDGLIHWWRVR

7XWWHOHULSDUD]LRQLFRPSUHVDODVRVWLWX]LRQHGHOFDYRGLDOLPHQWD]LRQHGHYRQR

HVVHUHHVHJXLWHVRODPHQWHGDO&HQWUR$VVLVWHQ]D$ULHWHRGDWHFQLFLDXWRUL]]DWL

$ULHWHLQPRGRGDSUHYHQLUHRJQLULVFKLR

$YYHUWHQ]DUHODWLYDDXVWLRQL

1RQGLULJHUHPDLLOJHWWRGLYDSRUHRDFTXDFDOGDYHUVRSDUWLGHOFRUSRPDQLSROD

UHFRQSUHFDX]LRQHLOWXERYDSRUHSHULFRORXVWLRQL

/HSDUWLPHWDOOLFKHHVWHUQHGHOO¶DSSDUHFFKLRHGHOSRUWD¿OWURQRQGHYRQRHVVHUH

WRFFDWHFRQO¶DSSDUHFFKLRLQIXQ]LRQHLQTXDQWRSRWUHEEHURFDXVDUHGHOOHVFRWWD

WXUH

/D PDQFDWD IXRULXVFLWDGLDFTXDGDOSRUWD¿OWURSRWUHEEHHVVHUHGRYXWDDGXQ

LQWDVDPHQWR GHO ¿OWUR 7KHUPRFUHDP ,Q TXHVWR FDVR ULPXRYHUH H GLVLQVHULUH

OHQWDPHQWHLOSRUWD¿OWURSHUFKpO¶HYHQWXDOHSUHVVLRQHUHVLGXDSRWUHEEHSURYRFDUH

VSUX]]LRVFKL]]L3URFHGHUHTXLQGLFRQODSXOL]LDFRPHLQGLFDWRQHOO¶DSSRVLWRSD

UDJUDIR

$WWHQ]LRQHGDQQLPDWHULDOL

&ROORFDUHODPDFFKLQDVXXQSLDQRVWDELOHGRYHQRQSRVVDHVVHUHURYHVFLDWD

1RQXVDUHODPDFFKLQDVHQ]DDFTXDSRLFKpLQWDOHFDVRODSRPSDVLEUXFHUHEEH

1RQULHPSLUHPDLLOVHUEDWRLRGHOO¶DFTXDFRQDFTXDFDOGDREROOHQWH

1RQSRVL]LRQDUHODPDFFKLQDVXVXSHU¿FLPROWRFDOGHRQHOOHYLFLQDQ]HGL¿DPPH

OLEHUHSHUHYLWDUHFKHODFDUUR]]HULDSRVVDHVVHUHGDQQHJJLDWD

,OFDYRQRQGHYHWRFFDUHOHSDUWLFDOGHGHOODPDFFKLQD

1RQXWLOL]]DUHDFTXDJDVVDWDDGGL]LRQDWDGLDQLGULGHFDUERQLFD

1RQLQWURGXUUHPDLQHO¿OWURVRVWDQ]HGLYHUVHGDOFDIIqLQSROYHUH6LSRWUHEEHUR

FDXVDUHJUDYLGDQQLDOO¶DSSDUHFFKLR

1RQODVFLDUHODPDFFKLQDDWHPSHUDWXUDDPELHQWHLQIHULRUHD&LQTXDQWRLO

UHVLGXRG¶DFTXDQHOODFDOGDLDSRWUHEEHJKLDFFLDUHHSURYRFDUHGHLGDQQL

1RQXVDUHO¶DSSDUHFFKLRDOO¶DSHUWR

1RQODVFLDUHO¶DSSDUHFFKLRHVSRVWRDGDJHQWLDWPRVIHULFLSLRJJLDVROHHFF

'RSRDYHUVWDFFDWRODVSLQDGLDOLPHQWD]LRQHHGRSRFKHOHSDUWLFDOGHVLVDUDQQR

IUHGGDWHO¶DSSDUHFFKLRGRYUjHVVHUHSXOLWRHVFOXVLYDPHQWHFRQXQSDQQRQRQ

DEUDVLYRDSSHQDLQXPLGLWRDJJLXQJHQGRSRFKHJRFFHGLGHWHUJHQWLQHXWULQRQ

DJJUHVVLYLQRQXVDUHPDLVROYHQWLFKHGDQQHJJLDQRODSODVWLFD

&216(59$5(6(035(48(67(,6758=,21,



'(6&5,=,21('(//·$33$5(&&+,2

$  &RSHUFKLRVHUEDWRLR



HURJD]LRQHFDIIq

%  6HUEDWRLRDFTXDHVWUDLELOH



HURJD]LRQHYDSRUH

&  &RUSRPDFFKLQD 0  6SLDWHPSHUDWXUDFDOGDLD

'  6SLDDFFHQVLRQH 1  *ULJOLD

(  &DYRGLDOLPHQWD]LRQH 2  9LWHGLEORFFDJJLRGHOGLVFRJRFFLRODWRUH

)  ,QWHUUXWWRUHGLDFFHQVLRQH 3  )HUPRSHUEORFFDJJLRSRUWD¿OWUR

*  6XSSRUWRSHUJDOOHJJLDQWH 4  3RUWD¿OWUR

+  ,QGLFDWRUHYDVFKHWWDUDFFRJOLJRFFHSLHQD 5  'LVFRJRFFLODWRUH

,  9DVFKHWWDUDFFRJOLJRFFHHVWUDLELOH 6  )LOWURFDIIqWD]]D

-  *ULJOLDDSSRJJLDWD]]HHVWUDLELOH 7  )LOWURFDIIqWD]]H

.  7XERYDSRUH 8  )LOWURSHUFLDOGH

/  0DQRSRODGLHURJD]LRQHFDIIqRYDSRUH 9  3UHVVLQRPLVXULQRFDIIq

  ³67$1'%<´PDFFKLQDLQVWDQGE\ : 6SLOORSHUSXOL]LD

'DWLGLLGHQWLÀFD]LRQH

1HOODWDUJKHWWDSRVWDVRWWRODEDVHGLDSSRJJLRGHOODPDFFKLQDVRQRULSRUWDWLLVHJXHQWLGDWLG¶LGHQWL¿FD]LRQHGHOODPDFFKLQD

 FRVWUXWWRUHHPDUFDWXUD&(

 PRGHOOR0RG

 QGLPDWULFROD61

 WHQVLRQHHOHWWULFDGLDOLPHQWD]LRQH9HIUHTXHQ]D+]

 SRWHQ]DHOHWWULFDDVVRUELWD:

 QXPHURYHUGHDVVLVWHQ]D

1HOOHHYHQWXDOLULFKLHVWHDL&HQWUL$VVLVWHQ]D$XWRUL]]DWLLQGLFDUHPRGHOORHQXPHURGLPDWULFROD

,6758=,21,3(5/·862

0HVVDLQIXQ]LRQH

&RQWUROODUHFKHODWHQVLRQHGHOODUHWHGRPHVWLFDVLDXJXDOHDTXHOODLQGLFDWDVXOODWDUJKHWWDGDWLWHFQLFLGHOO¶DSSDUHFFKLR

3RVL]LRQDUHSRLODPDFFKLQDVXXQDVXSHU¿FLHSLDQD

/DYDUHLOVHUEDWRLR%DOSULPRXWLOL]]RHULHPSLUORFRQDFTXDQDWXUDOHIUHVFD)LJ¿QRDOOLYHOORLQGLFDWR³0$;´DYHQGR

SRLFXUDGLLQVHULUOREHQHQHOODVXDVHGH)LJ

9HULÀFDUHLOFRUUHWWRLQVHULPHQWRGHOVHUEDWRLRDOWULPHQWLODPDFFKLQDSRWUHEEHQRQHURJDUHFDIIq

,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWHHOHWWULFDFKHGHYHHVVHUHGRWDWDGLPHVVDDWHUUD

3ULPDDFFHQVLRQH

'RSRDYHUULHPSLWRLOVHUEDWRLRFRQDFTXDQDWXUDOHIUHVFDPHWWHUHLQIXQ]LRQHODPDFFKLQDSUHPHQGRLOWDVWR))LJ6L

DFFHQGHUjODVSLD'ODTXDOHLQGLFDFKHODPDFFKLQDqDFFHVDHODVSLD0DGLQGLFDUHFKHODFDOGDLDLQWHUQDLQL]LDDULVFDO

GDUVL3RVL]LRQDUHXQUHFLSLHQWHVRWWRDOODÀDQJLDGLDJJDQFLRGHOSRUWD¿OWURHUXRWDUHODPDQRSROD/YHUVRODSRVL]LRQHFDIIq

 ¿QRDTXDQGRVLYHGUjIXRULXVFLUHDFTXDGDOODVHGHGHOSRUWD¿OWUR)LJ

&20()$5(,/&$))Ë

6FHJOLHUHLO¿OWURGHVLGHUDWR6SHUWD]]DH7SHUWD]]HHLQVHULUORQHOSRUWD¿OWUR)LJ

'RVDUHLOFDIIqQHO¿OWURHSUHVVDUHOHJJHUPHQWHFRQO¶DSSRVLWRSUHVVLQR)LJSHUGXHFDIIqULHPSLUHFRPSOHWDPHQWHGXH

PLVXULQLPHQWUHSHUXQFDIIqULHPSLUQHXQRVROR,QQHVWDUHLOSRUWD¿OWURQHOO¶DSSRVLWDVHGH)LJ

6HUUDUOREHQHUXRWDQGRORGDVLQLVWUDYHUVRGHVWUDDVVLFXUDQGRVLGLDYHUOREHQDJJDQFLDWRDOODÁDQJLD)LJ

$WWHQ]LRQH

6HYLHQHLQVHULWDXQDTXDQWLWjHFFHVVLYDGLSROYHUHGLFDIIqDOO¶LQWHUQRGHO¿OWURODURWD]LRQHGHOSRUWD¿OWURSXzULVXO

WDUHGLI¿FROWRVDHRGXUDQWHO¶HURJD]LRQHGHOFDIIqVLSRVVRQRDYHUHSHUGLWHGDOSRUWD¿OWUR

3HUDYHUHDQFKHLOSULPRFDIIqEHQFDOGRqFRQVLJOLDELOHODVFLDUULVFDOGDUHLOSRUWD¿OWURWHQHQGRORLQVHULWRQHOODVXDVHGHSHU

TXDOFKHPLQXWRSULPDGLIDUHLOFDIIq4XHVWRQRQVDUjQHFHVVDULRSHULVXFFHVVLYLFDIIq

3RVL]LRQDUHXQDRGXHWD]]HVRWWRLEHFFXFFLGHOSRUWD¿OWUR)LJHDYYLDUHO¶HURJD]LRQHUXRWDQGRODPDQRSROD/YHU

VRODSRVL]LRQHFDIIq

LQL]LHUjODIXRULXVFLWDGHOFDIIqGDLEHFFXFFLGHOSRUWD¿OWUR3HULQWHUURPSHUODULSRUWDUHODPDQRSROD

QHOODSRVL]LRQHFHQWUDOHGL67$1'%</DGRVHPDVVLPDSHUXQFDIIqHVSUHVVRqGLPO

$WWHQ]LRQH

&RPHQHOOHPDFFKLQHGDFDIIqSURIHVVLRQDOLQRQWRJOLHUHLOSRUWD¿OWURTXDQGRO¶HURJD]LRQHqLQFRUVRSHULFRORGL

XVWLRQL



$WWHQ]LRQH

$OWHUPLQHGHOO¶HURJD]LRQHGHOFDIIqDWWHQGHUHXQDGHFLQDGLVHFRQGLSULPDGLGLVLQVHULUHLOSRUWD¿OWURSHUULPXRYHUHLO

SRUWD¿OWURUXRWDUOROHQWDPHQWHGDGHVWUDYHUVRVLQLVWUDRQGHHYLWDUHVSUX]]LRVFKL]]LGLDFTXDRFDIIq

3HUWRJOLHUHLUHVLGXLGLFDIIqGDO¿OWURVSLQJHUHLOIHUPRSHULOEORFFDJJLRGHO¿OWUR3LQDYDQWLROWUHLOERUGRGHO¿OWURVWHVVR

URYHVFLDUHLOSRUWD¿OWURHVFXRWHUHGHOLFDWDPHQWH)LJ

4XDQGRODPDFFKLQDqLQSRVL]LRQHGL67$1'%<ODVSLD0VLVSHJQHUjHDFFHQGHUjSHULRGLFDPHQWHPRVWUDQGRO¶LQWHU

YHQWRGHOWHUPRVWDWRGHOODFDOGDLDFKHVHUYHDPDQWHQHUHRWWLPDOHODWHPSHUDWXUDGHOO¶DFTXDÊRSSRUWXQRVLDSHULOSULPR

FDIIqFKHSHULVXFFHVVLYLDYYLDUHO¶HURJD]LRQHGHOFDIIqVRORTXDQGRWDOHVSLDqVSHQWD

5LHPSLPHQWRGHOVHUEDWRLRG·DFTXDGXUDQWHO·XVR

6LUDFFRPDQGDGLULHPSLUHLOVHUEDWRLRSULPDFKHO¶DFTXDVLDFRPSOHWDPHQWHHVDXULWD

6SHJQHUHODPDFFKLQD6WDFFDUHODVSLQDGDOODSUHVDGLFRUUHQWH(VWUDUUHLOVHUEDWRLR5LHPSLUHLOVHUEDWRLR¿QRDOOLYHOOR

LQGLFDWR³0$;´FRQDFTXDQDWXUDOHIUHVFD3RVL]LRQDUHLOVHUEDWRLRVXOODPDFFKLQDDVVLFXUDQGRVLGLDYHUOREHQLQVHULWRH

ULDFFHQGHUH

1HOFDVRLQFXLLOVHUEDWRLRVLDULPDVWRFRPSOHWDPHQWHVHQ]DDFTXDSXzDFFDGHUHFKHO¶DULDHQWULQHOFLUFXLWRLPSHGHQGR

O¶HURJD]LRQHGHOFDIIq3HUULDWWLYDUHODPDFFKLQDRFFRUUHUjSHUWDQWRVSHQJHUODHODVFLDUODUDIIUHGGDUH3RVL]LRQDUHXQUHFL

SLHQWHVRWWRODVHGHGLDJJDQFLRGHOSRUWD¿OWURHGDFFHQGHUHODPDFFKLQDUXRWDQGRVXELWRODPDQRSROD/YHUVRODSRVL]LRQH

FDIIq

 



)DUIXRULXVFLUHDOPHQRXQDWD]]DG¶DFTXDGDOODVHGHGLDJJDQFLRGHOSRUWD¿OWURSHUULDWWLYDUHLOFLUFXLWRLGUDXOLFR,QWHUURPSHUH

O¶HURJD]LRQHULSRUWDQGRODPDQRSROD/LQSRVL]LRQHFHQWUDOHGL67$1'%<$TXHVWRSXQWRODPDFFKLQDULFRPLQFHUjD

IXQ]LRQDUHUHJRODUPHQWH

&20()$5(,/&$))Ë&21&,$/'$

,QVHULUHQHOSRUWD¿OWUR4LO¿OWURSHUFLDOGH8

 3RVL]LRQDUHODFLDOGDQHO¿OWUR)LJ

 6SLQJHUHODFLDOGDFRQOHGLWDYHUVRO¶LQWHUQR)LJ

 /DFLDOGDGHYHHVVHUHEHQFHQWUDWDHFROORFDWDDOO¶LQWHUQRGHOSRUWD¿OWUR

 $GHVVRqSRVVLELOHLQVHULUHLOSRUWD¿OWURQHOODVXDVHGH6HUUDUHEHQHLOSRUWD¿OWURDVVLFXUDQGRVLGLDYHUOREHQDJJDQFLDWR

DOODÀDQJLD)LJ

 'RSRDYHUSUHSDUDWRLOFDIIqQHOWRJOLHUHLOSRUWD¿OWURODFLDOGDSRWUHEEHULPDQHUHLQFDVWUDWDQHOODSDUWHVXSHULRUHGHOOD

PDFFKLQD3HUWRJOLHUODLQFOLQDUHLOSRUWD¿OWUR)LJODVFLDQGRFKHODFLDOGDULFDGDVXOORVWHVVR

3HUDYHUHXQFDIIqVHPSUHRWWLPRRFFRUUHDFTXLVWDUHODFLDOGDFKHSUHVHQWDLOPDUFKLRGLFRPSDWLELOLWj(6(

6HODFLDOGDQRQqEHQHLQVHULWDRLOSRUWDÀOWURQRQqEHQVHUUDWRSRWUHEEHIXRULXVFLUHTXDOFKHJRFFLDGLDFTXDGDO

SRUWDÀOWURVWHVVR

&20()$5(,/&$338&&,12

$WWHQGHUHFKHVLVSHQJDODVSLD0ODTXDOHLQGLFDFKHODFDOGDLDqJLXQWDDOODJLXVWDWHPSHUDWXUDSHUHURJDUHYDSRUH

$WWHQ]LRQH

6HQHOODIDVHGLDWWHVDYDSRUHVLGRYHVVHURYHUL¿FDUHSLFFROLVEXI¿GLYDSRUHGDOODÀDQJLDGHOSRUWD¿OWURLOIHQRPHQR

qGDULWHQHUVLDVVROXWDPHQWHQRUPDOH

5XRWDUHODPDQRSROD/VXOODSRVL]LRQHGLHURJD]LRQHYDSRUH

DYHQGRO¶DFFRUWH]]DGLSRVL]LRQDUHXQELFFKLHUHVRWWRDO

WXERYDSRUH.)LJGDSSULPDXVFLUjXQSR¶G¶DFTXDHVXELWRGRSRXQJHWWRGLYDSRUHODFXLLQWHQVLWjDXPHQWHUjHQWUR

TXDOFKHVHFRQGR

5LSRUWDUHODPDQRSROD/LQSRVL]LRQH³67$1'%<´HSRUUHVRWWRO¶DFFHVVRULRSHUVFKLXPDLOEULFFRGHOODWWHGDPRQWDUH

,PPHUJHUHDIRQGRORVWLORQHOEULFFRGHOODWWH)LJHUXRWDUHQXRYDPHQWHODPDQRSRODGLHURJD]LRQH/SURJUHVVLYD

PHQWHVXOODSRVL]LRQHYDSRUH ¿QRDGRWWHQHUHLOULVXOWDWRYROXWR'XUDQWHTXHVWHRSHUD]LRQLVLSRWUjQRWDUHFKHODVSLD

0VLVSHJQHHULDFFHQGHSHULRGLFDPHQWHLQGLFDQGRJOLLQWHUYHQWLGHOWHUPRVWDWRFKHPDQWLHQHODJLXVWDWHPSHUDWXUDGHOOD

FDOGDLDSHUO¶HURJD]LRQHGHOYDSRUH5LSRUWDUHODPDQRSROD/VX³67$1'%<´SHUWHUPLQDUHO¶HURJD]LRQHGLYDSRUH

'RSRRJQLXWLOL]]RHURJDUHLOYDSRUHSHUDOFXQLVHFRQGLSHUOLEHUDUHLOIRURGDHYHQWXDOLUHVLGXLGLODWWH3XOLUHLOWXER

YDSRUHFRQXQDVSXJQHWWD

&216,*/,87,/,3(535(3$5$5(81%821(635(662$//·,7$/,$1$

,OFDIIqPDFLQDWRQHOSRUWD¿OWURGRYUjHVVHUHSUHVVDWROHJJHUPHQWH8QFDIIqSLIRUWHRPHQRIRUWHGLSHQGHGDOJUDGRGL

PDFLQDWXUDGHOFDIIqGDOODTXDQWLWjGLHVVRLPPHVVDQHOSRUWD¿OWURHGDOODSUHVVDWXUD3RFKLVHFRQGLVRQRLOWHPSRVXI¿

FLHQWHSHUFKpLOFDIIqVFHQGDQHOOHWD]]LQH6HLOWHPSRGLHURJD]LRQHqVXSHULRUHVLJQL¿FDFKHODPDFLQDWXUDqWURSSR¿QHR

FKHODSROYHUHLPPHVVDQHOSRUWD¿OWURqVWDWDSUHVVDWDHFFHVVLYDPHQWH



38/,=,$'(//·$33$5(&&+,2

$WWHQ]LRQH

7XWWHOHRSHUD]LRQLGLSXOL]LDVRWWRLQGLFDWHGHYRQRHVVHUHHIIHWWXDWHDPDFFKLQDVSHQWDHFRQODVSLQDHOHWWULFD

VFROOHJDWDGDOODSUHVDGLFRUUHQWH

$WWHQ]LRQH

8QDPDQXWHQ]LRQHHGXQDSXOL]LDUHJRODULPDQWHQJRQRHI¿FLHQWHODPDFFKLQDSHUXQSHULRGRPDJJLRUH1RQODYDUH

PDLLFRPSRQHQWLGHOODPDFFKLQDLQODYDVWRYLJOLH1RQXWLOL]]DUHJHWWLGLDFTXDGLUHWWD

$WWHQ]LRQH

2JQLLQWHUYHQWRYDHVHJXLWRDPDFFKLQDIUHGGD

3XOL]LDGHOÀOWURFRQWHQHQWHLOPDFLQDWR

9HUL¿FDUHFKHLOIRUHOOLQRGLXVFLWDFDIIqQRQVLDRWWXUDWRHQHOFDVRULSXOLUORFRQORVSLOORLQGRWD]LRQH)LJ

$WWHQ]LRQH

0DQHJJLDUHFRQFXUDORVSLOORLQGRWD]LRQHGXUDQWHODIDVHGLSXOL]LDGHOO¶DSSDUHFFKLRSHULFRORGLIHULWD

)DUHURJDUHDFTXDEROOHQWHGDOSRUWD¿OWURFRQLO¿OWURLQVHULWRVHQ]DODSROYHUHSHUVFLRJOLHUHRULPXRYHUHHYHQWXDOLUHVLGXL

GLFDIIqRLPSXULWj6LFRQVLJOLDGLSXOLUHDFFXUDWDPHQWHLO¿OWUR6R7RJQLFLUFDPHVLXWLOL]]DQGROHSDVWLJOLHGHWHUJHQWL

&2))((&/($1GL$ULHWHUHSHULELOLSUHVVRLSXQWLYHQGLWDHGL&HQWUL$VVLVWHQ]D$XWRUL]]DWLVHJXHQGROHLVWUX]LRQLFRQWHQXWH

QHOODFRQIH]LRQHRSSXUHLQDOWHUQDWLYDXWLOL]]DQGRXQDSDVWLJOLDGLGHWHUVLYRVHPSOLFHVHQ]DDJJLXQWDGLEULOODQWDQWHRDOWUL

DGGLWLYLFKLPLFLSHUODYDVWRYLJOLHQHOVHJXHQWHPRGR

 ,QVHULUHXQDSDVWLJOLDGLGHWHUVLYRGDODYDVWRYLJOLHQHO¿OWURVHQ]DFDIIqTXDQGRODPDFFKLQDqEHQFDOGDGRSRDOPHQR

PLQXWLGLULVFDOGDPHQWR

 $JJDQFLDUHLOSRUWD¿OWURDOODPDFFKLQDHPHWWHUHXQUHFLSLHQWHVRWWRLOSRUWD¿OWUR

 5XRWDUHODPDQRSROD/YHUVRODSRVL]LRQHFDIIq

SHUDYYLDUHO¶HURJD]LRQHGHOO¶DFTXDHGHURJDUHDFTXDSHU

VHFRQGL

 ,QWHUURPSHUHO¶HURJD]LRQHHODVFLDUHDJLUHODSDVWLJOLDSHUDOPHQRPLQXWLPDQWHQHQGRLOSRUWD¿OWURLQVHULWRVXOODPDF

FKLQD

 5LSHWHUHO¶RSHUD]LRQHGLHURJD]LRQHGHOO¶DFTXDIDFHQGRIXQ]LRQDUHODSRPSDSHUFLUFDVHFRQGLHSRLODVFLDQGR

ULSRVDUHSHUDOWULVHFRQGL¿QRDGHVDXULUHGXHVHUEDWRLGLDFTXD

 5LPXRYHUHLOSRUWD¿OWURGDOODPDFFKLQDHVWUDUUHLO¿OWURHVFLDFTXDUOREHQHVRWWRO¶DFTXDFRUUHQWHGHOUXELQHWWR

 6SHJQHUHODPDFFKLQDVFROOHJDUHLOFDYRGLDOLPHQWD]LRQHGDOODSUHVDGLFRUUHQWHHSXOLUHFRQXQDVSXJQHWWDODVHGHGL

DJJDQFLRGHOSRUWD¿OWURSHUULPXRYHUHHYHQWXDOLUHVLGXLGLGHWHUVLYRGDOODGRFFLD

 5LDFFHQGHUHODPDFFKLQDDJJDQFLDUHQXRYDPHQWHLOSRUWD¿OWURHGHURJDUHDQFRUDDOPHQRWD]]HGLDFTXDSHUFRPSOH

WDUHLOULVFLDFTXR

6HODPDFFKLQDGDFDIIqYLHQHXWLOL]]DWDTXRWLGLDQDPHQWHVLFRQVLJOLDGLHIIHWWXDUHO¶RSHUD]LRQHGLSXOL]LDDOPHQRRJQLWUH

PHVL

3XOL]LDGHOODVHGHGHOSRUWDÀOWUR

&RQO¶XVRVLSXzYHUL¿FDUHQHOODVHGHGLDJJDQFLRGHOSRUWD¿OWURXQDVHGLPHQWD]LRQHGLIRQGLGLFDIIqFKHSRVVRQRHVVHUH

ULPRVVLFRQXQRVWX]]LFDGHQWLFRQXQDVSXJQHWWD)LJRSSXUHODVFLDQGRVFRUUHUHDFTXDVHQ]DSRUWD¿OWURLQVHULWR)LJ

3XOL]LDGHOWXERYDSRUH

$WWHQ]LRQH

(VHJXLUHO¶RSHUD]LRQHTXDQGRLOWXERFURPDWRqIUHGGRSHUHYLWDUHVFRWWDWXUH

6¿ODUHLOWXERYDSRUH.)LJHODYDUORFRQDFTXDFRUUHQWH/¶XJHOORSXzHVVHUHSXOLWRFRQXQSDQQRQRQDEUDVLYR0RQWD

UHLOWXERYDSRUH¿QRDOOD¿QHGHOODFRUVD6HQHFHVVDULRULSXOLUHFRQORVSLOOR:LQGRWD]LRQHLOIRUHOOLQRGLXVFLWDGHOYDSRUH

)LJ'RSRRJQLXWLOL]]RHURJDUHLOYDSRUHSHUDOFXQLVHFRQGLSHUOLEHUDUHLOIRURGDHYHQWXDOLUHVLGXL

3XOL]LDGHOVHUEDWRLR

6LFRQVLJOLDGLSXOLUHSHULRGLFDPHQWHO¶LQWHUQRGHOVHUEDWRLRFRQXQDVSXJQDRXQSDQQRXPLGR

3XOL]LDGHOODJULJOLDHGHOODYDVFDUDFFRJOLJRFFH

5LFRUGDUVLGLVYXRWDUHGLWDQWRLQWDQWRODYDVFKHWWDUDFFRJOLJRFFH,

6¿ODUHODYDVFDUDFFRJOLJRFFH,GDOODPDFFKLQD)LJVYXRWDUODHODYDUODVRWWRO¶DFTXDFRUUHQWH

/DYDUHODJULJOLD-VRWWRO¶DFTXDFRUUHQWH



3XOL]LDGHOFRUSRPDFFKLQD

$WWHQ]LRQH

3XOLUHOHSDUWL¿VVHGHOODPDFFKLQDXVDQGRXQSDQQRXPLGRQRQDEUDVLYRSHUQRQGDQQHJJLDUHODFDUUR]]HULD

'(&$/&,),&$=,21(

8QDEXRQDPDQXWHQ]LRQHHGXQDUHJRODUHSXOL]LDSUHVHUYDQRHPDQWHQJRQRHI¿FLHQWHODPDFFKLQDSHUXQSHULRGRPDJJLRUH

OLPLWDQGRQRWHYROPHQWHLULVFKLGLIRUPD]LRQHGLGHSRVLWLFDOFDUHLQHOO¶DSSDUHFFKLR6HQRQRVWDQWHFLzGRSRTXDOFKHWHPSR

ODIXQ]LRQHGHOO¶DSSDUHFFKLRGRYHVVHHVVHUHFRPSURPHVVDLQVHJXLWRDOO¶XVRIUHTXHQWHGLDFTXDGXUDHPROWRFDOFDUHD

VLSXzSURFHGHUHDOODGHFDOFL¿FD]LRQHGHOODPDFFKLQDSHUHOLPLQDUHLOPDOIXQ]LRQDPHQWR8WLOL]]DWHSHUTXHVWRVFRSRHV

FOXVLYDPHQWHLOSURGRWWRGHFDOFL¿FDQWH12&$/GL$ULHWHDEDVHGLDFLGRFLWULFR4XHVWRSURGRWWRVLSXzUHSHULUHIDFLOPHQWH

QHLFHQWULGLDVVLVWHQ]DWHFQLFD$ULHWH$ULHWHQRQVLDVVXPHDOFXQDUHVSRQVDELOLWjSHUGDQQLDLFRPSRQHQWLLQWHUQLGHOOD

PDFFKLQDGDFDIIqDUUHFDWLGDOO¶XVRGLSURGRWWLQRQFRQIRUPLDFDXVDGHOODSUHVHQ]DGLDGGLWLYLFKLPLFL,QFDVRGLQHFHVVLWj

GLXQDGHFDOFL¿FD]LRQHRVVHUYDWHOHLQGLFD]LRQLVXOIRJOLRGLLVWUX]LRQLGHOSURGRWWRGHFDOFL¿FDQWH

0(66$)825,6(59,=,2

,QFDVRGLPHVVDIXRULVHUYL]LRGHOODPDFFKLQDRFFRUUHVFRQQHWWHUOD HOHWWULFDPHQWHVYXRWDUH LOVHUEDWRLR GHOO¶DFTXDHOD

YDVFKHWWDUDFFRJOLJRFFHHULSXOLUODYHGLSDUDJUDIR³3XOL]LDGHOO¶DSSDUHFFKLR´,QFDVRGLURWWDPD]LRQHVLGRYUjSURYYHGHUH

DOODVHSDUD]LRQHGHLYDULPDWHULDOLXWLOL]]DWLQHOODFRVWUX]LRQHGHOODPDFFKLQDHSURYYHGHUHDOORURVPDOWLPHQWRLQEDVHDOOD

ORURFRPSRVL]LRQHHDOOHGLVSRVL]LRQLGLOHJJHYLJHQWLQHO3DHVHGLXWLOL]]R

*8,'$$//$62/8=,21(',$/&81,352%/(0,

,QFDVRGLDQRPDOLHGLIXQ]LRQDPHQWRVSHJQHUHLPPHGLDWDPHQWHODPDFFKLQDHV¿ODUHODVSLQDGDOODSUHVDHOHWWULFD

352%/(0, &$86( 5,0(',

/DPDFFKLQDQRQ

HURJDYDSRUH

&¶qSRFDDFTXDHODSRPSDQRQ

DVSLUD

9HUL¿FDUHFKHLOVHUEDWRLRVLDEHQLQVHULWRHFRQWUROODUHFKHLO

OLYHOORGHOO¶DFTXDQHOVHUEDWRLRVLDUHJRODUH

5LHPSLUHFRQDFTXDQDWXUDOHIUHVFD¿QRDOOLYHOORLQGLFDWR

³0$;´

)RURGLXVFLWDYDSRUHRVWUXLWR 6WDVDUHFRQORVSLOORLQGRWD]LRQHHYHQWXDOLLQFURVWD]LRQL

IRUPDWRVLQHLIRULGHOWXERYDSRUH

)XRULXVFLWDGL

FDIIqGDLERUGLGHO

SRUWD¿OWUR

3UREDELOPHQWHQHOSRUWD¿OWUR

qVWDWDLPPHVVDXQDTXDQWLWj

HFFHVVLYDGLFDIIqPDFLQDWRFKH

KDLPSHGLWRGLVWULQJHUHDIRQGRLO

SRUWD¿OWURQHOODVXDVHGH

7RJOLHUHLOSRUWD¿OWURHULSXOLUHODVHGHGLDJJDQFLRFRQXQD

VSXJQHWWD)LJ5LSHWHUHO¶RSHUD]LRQHLPPHWWHQGRQHO

¿OWURODJLXVWDTXDQWLWjGLFDIIq

6XOODJXDUQL]LRQHGHOODVHGHGL

DJJDQFLRGHOSRUWD¿OWURVRQR

ULPDVWLUHVLGXLGLFDIIqPDFLQDWR

3URYYHGHUHDULSXOLUHODJXDUQL]LRQHFRQXQRVWX]]LFDGHQWLR

FRQXQDVSXJQHWWD)LJ

,O¿OWURFRQWHQHQWHPDFLQDWRKDLO

IRUHOOLQRGLXVFLWDFDIIqRVWUXLWR

5LPXRYHUHHGLVLQVHULUHOHQWDPHQWHLOSRUWD¿OWURSHUFKpO¶HYHQ

WXDOHSUHVVLRQHUHVLGXDSRWUHEEHSURYRFDUHVSUX]]LRVFKL]]L

5LSXOLUHFRQORVSLOORLQGRWD]LRQHLOIRUHOOLQRRWWXUDWRGHO¿OWUR

'HWHUJHUHLO¿OWURXWLOL]]DQGROHSDVWLJOLH&2))((&/($1GL

$ULHWHVHJXHQGROHLVWUX]LRQLULSRUWDWHQHOODFRQIH]LRQH

&LDOGDGLIHWWRVD 5LPXRYHUHHGLVLQVHULUHOHQWDPHQWHLOSRUWD¿OWURSHUFKp

O¶HYHQWXDOHSUHVVLRQHUHVLGXDSRWUHEEHSURYRFDUHVSUX]]LR

VFKL]]L5LSXOLUHODVHGHGLDJJDQFLRFRQXQDVSXJQHWWD)LJ

6RVWLWXLUHODFLDOGDQHOSRUWD¿OWUR



352%/(0, &$86( 5,0(',

/¶HURJD]LRQHGHO

FDIIqQRQDYYLHQH

RDYYLHQHWURSSR

OHQWDPHQWH

,OGLVFRIRUDWRSUHVHQWHQHOOD

VHGHGLDJJDQFLRGHOSRUWD¿OWUR

KDLIRULRVWUXLWL

$]LRQDUHODPDFFKLQDVHQ]DSRUWD¿OWURIDFHQGRGHÀXLUHO¶DF

TXD6HO¶DFTXDFRQWLQXDDQRQXVFLUHXQLIRUPHPHQWHGDWXWWLL

IRULHVHJXLUHODSXOL]LDDQWLFDOFDUHXWLOL]]DQGRLOSURGRWWR$ULHWH

12&$/UHSHULELOHQHLFHQWULGLDVVLVWHQ]D$ULHWHVHJXHQGROH

LVWUX]LRQLULSRUWDWHQHOODFRQIH]LRQH

,O¿OWURFRQWHQHQWHPDFLQDWRKDLO

IRUHOOLQRGLXVFLWDFDIIqRVWUXLWR

5LPXRYHUHHGLVLQVHULUHOHQWDPHQWHLOSRUWD¿OWURSHUFKpO¶HYHQ

WXDOHSUHVVLRQHUHVLGXDSRWUHEEHSURYRFDUHVSUX]]LRVFKL]]L

5LSXOLUHFRQORVSLOORLQGRWD]LRQHLOIRUHOOLQRRWWXUDWRGHO¿OWUR

'HWHUJHUHLO¿OWURXWLOL]]DQGROHSDVWLJOLH&2))((&/($1GL

$ULHWHVHJXHQGROHLVWUX]LRQLULSRUWDWHQHOODFRQIH]LRQH

0LVFHODGLFDIIqPDFLQDWDWURSSR

¿QH

3URYDUHDGXWLOL]]DUHPLVFHOHGLFDIIqDJUDQDSLJURVVD

0LVFHODGLFDIIqWURSSRSUHVVDWD 3UHVVDUHLOFDIIqQHO¿OWURFRQPLQRUSUHVVLRQH

,OVHUEDWRLRQRQqEHQLQVHULWR ,QVHULUHEHQHLOVHUEDWRLRVSLQJHQGRORDIRQGR

&¶qSRFDDFTXDHODSRPSDQRQ

DVSLUD

9HUL¿FDUHFKHLOVHUEDWRLRVLDEHQLQVHULWRHFRQWUROODUHFKH

LOOLYHOORGHOO¶DFTXDQHOVHUEDWRLRVLDUHJRODUH5LHPSLUHFRQ

DFTXDQDWXUDOHIUHVFD¿QRDOOLYHOORLQGLFDWR³0$;´

&LDOGDGLIHWWRVD 5LPXRYHUHHGLVLQVHULUHOHQWDPHQWHLOSRUWD¿OWURSHUFKp

O¶HYHQWXDOHSUHVVLRQHUHVLGXDSRWUHEEHSURYRFDUHVSUX]]LR

VFKL]]L5LSXOLUHODVHGHGLDJJDQFLRFRQXQDVSXJQHWWD)LJ

6RVWLWXLUHODFLDOGDQHOSRUWD¿OWUR

5RWWXUDGHOODFLDOGD 5LPXRYHUHHGLVLQVHULUHOHQWDPHQWHLOSRUWD¿OWURSHUFKp

O¶HYHQWXDOHSUHVVLRQHUHVLGXDSRWUHEEHSURYRFDUHVSUX]]LR

VFKL]]L5LSXOLUHODVHGHGLDJJDQFLRFRQXQDVSXJQHWWD)LJ

6RVWLWXLUHODFLDOGDQHOSRUWD¿OWUR

,OFDIIqqWURSSR

DFTXRVRHIUHGGR

/DPLVFHODqVWDWDPDFLQDWD

WURSSRJURVVD

3HURWWHQHUHXQFDIIqSLFRQFHQWUDWRHSLFDOGRVLGHYH

XVDUHXQDPLVFHODSL¿QHPHQWHPDFLQDWD



:,7+5(*$5'727+,60$18$/

(YHQLIWKHDSSOLDQFHVDUHPDGHLQFRQIRUPLW\ZLWKWKH(XURSHDQUHJXODWRU\VSHFL¿FDWLRQVLQIRUFHDQGWKHUHIRUHDOOSRWHQ

WLDOO\KD]DUGRXVSDUWVDUHSURWHFWHG&DUHIXOO\UHDGWKHVHZDUQLQJVDQGXVHWKHDSSOLDQFHRQO\IRUWKHXVHLWLVGHVLJQHGIRU

LQRUGHUWRSUHYHQWDFFLGHQWVDQGGDPDJH.HHSWKLVPDQXDOFORVHE\IRUIXWXUHFRQVXOWDWLRQ,I\RXVKRXOGGHFLGHWRJLYH

WKLVDSSOLDQFHWRRWKHUSHRSOHUHPHPEHUWRDOVRLQFOXGHWKHVHLQVWUXFWLRQV

7KHLQIRUPDWLRQSURYLGHGLQWKLVPDQXDOLVPDUNHGZLWKWKHIROORZLQJV\PEROVLQGLFDWLQJ

'DQJHUIRUFKLOGUHQ

:DUQLQJRIEXUQV

'DQJHUGXHWRHOHFWULFLW\ :DUQLQJ±PDWHULDOGDPDJH

'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV

,17(1'('86(

<RXPD\XVH\RXU&DIIq0LQXHWWRWRSUHSDUHFRIIHHDQGFDSSXFFLQRV7KLVDSSOLDQFHLVGHVLJQHGRQO\IRUSULYDWHXVHDQG

LVWKHUHIRUHWREHFRQVLGHUHGXQVXLWDEOHIRUFRPPHUFLDORULQGXVWULDOSXUSRVHV

1RRWKHUXVHRIWKHPDFKLQHLVFRQWHPSODWHGE\WKHPDQXIDFWXUHUZKLFKLVH[HPSWIURPDQ\OLDELOLW\IRUDOOW\SHVRIGDPDJHV

FDXVHGE\LPSURSHUXVHRIWKHPDFKLQH,PSURSHUXVHDOVRUHVXOWVLQDQ\IRUPRIZDUUDQW\EHLQJIRUIHLWHG

5(6,'8$/5,6.6

7KHFRQVWUXFWLRQFKDUDFWHULVWLFVRIWKHDSSOLDQFHWKLVSXEOLFDWLRQUHIHUVWRGRQRWDOORZWKHXVHUWREHSURWHFWHGIURPDGLUHFW

MHWRIVWHDPRUKRWZDWHU

:DUQLQJ

'DQJHURIEXUQV±:KHQGLVSHQVLQJKRWZDWHUDQGVWHDPGRQRWGLUHFWWKHMHWVWRZDUGVRWKHUVRU\RXUVHOI+ROG

RQO\WKHSODVWLFSDUWRIWKHWXEH

8VHRQO\FRQWDLQHUVPDGHRIPDWHULDO³IRUIRRGV´

,03257$176$)(*8$5'6

5($'7+(,16758&7,216&$5()8//<%()25(86(

7KLVDSSOLDQFHLVGHVLJQHGRQO\IRUSULYDWHXVHDQGLVWKHUHIRUHWREHFRQVLGHUHG

XQVXLWDEOHIRUFRPPHUFLDORULQGXVWULDOSXUSRVHV

:HGHFOLQHDQ\UHVSRQVLELOLW\UHVXOWLQJIURPPLVXVHRUDQ\XVHRWKHUWKDQWKRVH

FRYHUHGLQWKLVERRNOHW

:HVXJJHVW\RXNHHSWKHRULJLQDOER[DVRXUIUHHRIFKDUJHVHUYLFHGRHVQRW

FRYHUWUDQVSRUWDWLRQGDPDJHGXHWRLQDGHTXDWHSDFNDJLQJRIWKHSURGXFWZKHQ

VHQWWRDQ$XWKRULVHG6HUYLFH&HQWUH

7KLVSURGXFWFRPSOLHVZLWKWKH&('LUHFWLYHDQG(0&'LUHFWLYH

((&

'DQJHUIRUFKLOGUHQ

7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP\HDUVDQGDERYHDQGSHU

VRQV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VKDOOQRWSOD\ZLWKWKHDSSOLDQFH

&OHDQLQJDQGXVHUPDLQWHQDQFHVKDOOQRWEHPDGHE\FKLOGUHQZLWKRXWVXSHUYL

VLRQ



'RQRWOHDYHWKHSDFNDJLQJQHDUFKLOGUHQEHFDXVHLWLVSRWHQWLDOO\GDQJHURXV

,QWKHHYHQWWKDWWKLVDSSOLDQFHLVWREHGLVSRVHGRILWLVVXJJHVWHGWKDWWKHSRZHU

FKRUGLVFXWRII,WLVDOVRUHFRPPHQGHGWKDWDOOSRWHQWLDOO\GDQJHURXVFRPSRQHQWV

DUHUHQGHUHGKDUPOHVVWRSUHYHQWFKLOGUHQKXUWLQJWKHPVHOYHVZKHQSOD\LQJZLWK

WKHDSSDUDWXV

'RQRWOHDYHWKHFOHDQLQJSLQZLWKLQUHDFKRIFKLOGUHQDQGSXWLWLQDVDIHSODFH

GDQJHURIVZDOORZLQJDQGLQMXU\

'DQJHUGXHWRHOHFWULFLW\

'RQRWOHDYHWKHSRZHUFRUGZLWKLQWKHUHDFKRIFKLOGUHQXQGHUWKHDJHRI\HDUV

%HIRUHFRQQHFWLQJWKHDSSOLDQFHWRWKHSRZHUVXSSO\PDNHVXUHWKDWWKHYROWDJH

LQGLFDWHGRQWKHSODWHRQWKHERWWRPRIWKHPDFKLQHFRUUHVSRQGVWRWKHORFDO

PDLQVYROWDJH

7KHXVHRIH[WHQVLRQOHDGVZKLFKKDYHQRWEHHQDXWKRULVHGE\WKHDSSOLDQFH

PDQXIDFWXUHUPD\FDXVHGDPDJHDQGDFFLGHQWV



%HIRUH¿OOLQJWKHWDQNZLWKZDWHUUHPHPEHUWRDOZD\VGLVFRQQHFWWKHDSSOLDQFHDW

WKHVRFNHW

,IWKHHOHFWULFFDEOHLVGDPDJHGLWPXVWEHUHSODFHGE\WKHPDQXIDFWXUHURULWV

7HFKQLFDO$VVLVWDQFH6HUYLFHRULQDQ\FDVHE\DSHUVRQZLWKVLPLODUTXDOL¿FD

WLRQVLQRUGHUWRDYRLGDQ\ULVN

1HYHUOHWWKHOLYHSDUWVFRPHLQWRFRQWDFWZLWKZDWHUWKLVPD\FDXVHDVKRUWFLU

FXLW

8QSOXJEHIRUHDQ\FOHDQLQJRUPDLQWHQDQFHRSHUDWLRQV

'RQRWLPPHUVHWKHDSSOLDQFHLQZDWHURURWKHUOLTXLGV

$OZD\VWXUQRIIWKHDSSOLDQFHDQGUHPRYHWKHSRZHUFDEOHSOXJIURPWKHVRFNHW

RXWOHWEHIRUH¿OOLQJWKHWDQNZLWKZDWHU

'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV

'RQRWOLIWWKHDSSOLDQFHE\JUDVSLQJLWVZDWHUWDQNRULWVWUD\EXWRQO\E\JUDVSLQJ

LWVERG\

&KRRVHDVXI¿FLHQWO\ZHOOOLWDQGFOHDQHQYLURQPHQWZLWKDQHDVLO\DFFHVVLEOH

HOHFWULFVRFNHW

$YRLGSXWWLQJH[FHVVLYHTXDQWLWLHVRIZDWHULQWRWKHWDQN

1HYHUOHDYHWKHDSSOLDQFHXQDWWHQGHGZKHQLWLVFRQQHFWHGWRWKHSRZHUVXSSO\

7KHDSSOLDQFHPXVWEHXVHGDQGUHVWHGRQDVWDEOHVXUIDFH

7KHDSSOLDQFHLVQRWWREHXVHGLILWKDVEHHQGURSSHGLIWKHUHDUHYLVLEOHVLJQRI

GDPDJHRULILWLVOHDNLQJ'RQRWXVHWKHDSSOLDQFHLIWKHSRZHUFRUGRUWKHSOXJ

DUHGDPDJHGRULIWKHDSSOLDQFHLVIDXOW\7RSUHYHQWDQ\DFFLGHQWDOOUHSDLUVLQ

FOXGLQJWKHUHSODFHPHQWRIWKHSRZHUFRUGPXVWEHFDUULHGRXWE\DQ$XWKRULVHG

6HUYLFH&HQWUHRULQDQ\FDVHE\TXDOL¿HGSHUVRQQHO



:DUQLQJRIEXUQV

1HYHUGLUHFWWKHVWHDPRUKRWZDWHUMHWWRZDUGVSDUWVRIWKHERG\KDQGOHWKH

VWHDPVSRXWZLWKFDUHULVNRIVFDOGLQJ

7KH RXWHU PHWDOOLF SDUWV RI WKH DSSOLDQFH DQG RI WKH¿OWHUKROGHU PXVW QRW EH

WRXFKHGZLWKWKHDSSOLDQFHLQRSHUDWLRQEHFDXVHLWFRXOGFDXVHEXUQV

,IZDWHUGRHVQRWFRPHRXWRIWKH¿OWHUKROGHULWPD\EHEHFDXVHWKH7KHUPR

FUHDP¿OWHULVFORJJHG,QWKLVFDVHUHPRYHDQGGLVFRQQHFWWKH¿OWHUVORZO\

EHFDXVHDQ\UHPDLQLQJSUHVVXUHFDQFDXVHVSLOODJHRUVSODVKLQJ7KHQFOHDQDV

H[SODLQHGLQWKHUHOHYDQWSDUDJUDSK

:DUQLQJ²PDWHULDOGDPDJH

3ODFHWKHPDFKLQHRQDVWDEOHVXUIDFHZKHUHLWFDQQRWEHNQRFNHGRYHU

1HYHUXVHWKHPDFKLQHZLWKRXWZDWHUEHFDXVHWKHSXPSZLOOEXUQRXW

1HYHU¿OOWKHZDWHUWDQNZLWKKRWRUERLOLQJZDWHU

'RQRWSODFHWKHPDFKLQHRQYHU\KRWVXUIDFHVRUQHDURSHQÀDPHVLQRUGHUWR

SUHYHQWGDPDJHWRWKHERG\

7KHFDEOHPXVWQRWWRXFKDQ\KRWSDUWVRIWKHPDFKLQH

'RQRWXVHVSDUNOLQJZDWHUZLWKDGGHGFDUERQGLR[LGH

1HYHUSXWVXEVWDQFHVRWKHUWKDQJURXQGFRIIHHLQWRWKH¿OWHUKROGHU7KH\FRXOG

FDXVHVHULRXVGDPDJHWRWKHDSSOLDQFH

'RQRWOHDYHWKHPDFKLQHDWDURRPWHPSHUDWXUHEHORZ&EHFDXVHWKHZDWHU

UHPDLQLQJLQWKHERLOHUFRXOGIUHH]HDQGFDXVHGDPDJH

1HYHUXVHWKHDSSOLDQFHRXWGRRUV

'RQRWH[SRVHWKHDSSOLDQFHWRDWPRVSKHULFDJHQWVUDLQVXQ«

%HIRUHFOHDQLQJWKHDSSOLDQFHDOZD\VXQSOXJLWDQGDOORZLWFRROGRZQ&OHDQRQO\

ZLWKDQRQDEUDVLYHFORWKWKDWKDVEHHQVOLJKWO\GDPSHQHGZLWKZDWHUDGGLQJD

IHZGURSVRIPLOGQRQDJJUHVVLYHGHWHUJHQWQHYHUXVHVROYHQWVWKDWGDPDJH

SODVWLF

.((37+(6(,16758&7,216,1$6$)(3/$&(

'(6&5,37,212)7+($33/,$1&(

$  7DQNFRYHU



FRIIHHGLVSHQVLQJ

%  5HPRYDEOHZDWHUWDQN



VWHDPGLVSHQVLQR

&  0DFKLQHERG\ 0  %RLOHUWHPSHUDWXUHLQGLFDWRUODPS

'  2QLQGLFDWRUODPS 1  *ULOO

(  3RZHUVXSSO\FDEOH 2  'ULSWUD\GLVNORFNLQJVFUHZ

)  2QRIIVZLWFK 3  )LOWHUKROGHUORFN

*  )ORDWVXSSRUW 4  )LOWHUKROGHU

+  )XOOGULSWUD\LQGLFDWRU 5  'ULSWUD\GLVN

,  5HPRYDEOHGULSWUD\ 6  FXSFRIIHH¿OWHU

-  5HPRYDEOHFXSJULOO 7  FXSFRIIHH¿OWHU

.  6WHDPSLSH 8  3RG¿OWHU

/  &RIIHHRUVWHDPGLVSHQVLQJNQRE 9  3RG¿OWHU

  ³67$1'%<´PDFKLQHLQVWDQGE\ : &OHDQLQJSLQ



,GHQWLÀFDWLRQGDWD

7KHIROORZLQJPDFKLQHLGHQWL¿FDWLRQGDWDDUHVKRZQRQWKHSODWHIRXQGXQGHUQHDWKWKHPDFKLQH¶VVWDQGLQJEDVH

 PDQXIDFWXUHUDQG&(PDUN

 PRGHO0RG

 VHULDOQXPEHU61

 HOHFWULFDOVXSSO\YROWDJH9DQGIUHTXHQF\+]

 DEVRUEHGHOHFWULFSRZHU:

 DVVLVWDQFHWROOIUHHQXPEHU

$OZD\VJLYHWKHPRGHODQGVHULDOQXPEHUWRWKH$XWKRULVHG6HUYLFH&HQWUHVZKHQUHTXHVWLQJDVVLVWDQFH

35(/,0,1$5<3+$6(6)2586(

6WDUWLQJWKHDSSOLDQFH

&KHFNWKDWWKHYROWDJHRIWKHGRPHVWLFQHWZRUNLVWKHVDPHDVWKDWLQGLFDWHGRQWKHWHFKQLFDOLQIRUPDWLRQSODWHRIWKHDSSOL

DQFH3ODFHWKHDSSOLDQFHRQDÀDWVXUIDFH

:DVKWKHWDQN%WKH¿UVWWLPHLWLVXVHGDQG¿OOLWZLWKFRROWDSZDWHU)LJXSWRWKHOHYHOPDUNHG³0$;´WKHQEHLQJ

FDUHIXOWRSXWLWEDFNLQWRLWVVHDWVHFXUHO\)LJ

&KHFNWKDWWKHWDQNLVSURSHUO\LQVHUWHGRWKHUZLVHWKHPDFKLQHPD\QRWGLVSHQVHFRIIHH

,QVHUWWKHSOXJLQWRWKHVRFNHWZKLFKPXVWEHHDUWKHG

6WDUWLQJWKHÀUVWWLPH

$IWHUKDYLQJ¿OOHGWKHWDQNXSZLWKFRROWDSZDWHUVWDUWWKHPDFKLQHE\SUHVVLQJWKHEXWWRQ))LJ7KHLQGLFDWRUODPS'

ZLOOWXUQRQLQGLFDWLQJWKDWWKHPDFKLQHLVRQDVZHOODVLQGLFDWRUODPS0LQGLFDWLQJWKDWWKHLQWHUQDOERLOHULVVWDUWLQJWR

KHDWXS3ODFHGDFRQWDLQHUXQGHUQHDWKWKH¿OWHUKROGHUFRQQHFWLRQÀDQJHDQGWXUQWKHNQRE/WRWKHFRIIHHSRVLWLRQ 

XQWLO\RXVHHZDWHUFRPLQJRXWRIWKH¿OWHUKROGHUVHDW)LJ

+2:720$.(&2))((

6HOHFWWKHGHVLUHG¿OWHU6IRUFXSRU7IRUFXSVDQGSXWLWLQWRWKH¿OWHUKROGHU)LJ

0HDVXUHRXWWKHFRIIHHLQWKH¿OWHUDQGOLJKWO\SUHVVZLWKWKHVSHFLDOO\SURYLGHGSUHVVHU)LJ&RPSOHWHO\¿OOWZRPHDVXUHV

IRUWZRFXSVRIFRIIHHDQG¿OORQO\RQHIRURQHFXS,QVHUWWKH¿OWHUKROGHULQWRLWVVHDW)LJ

7LJKWHQZHOOE\WXUQLQJLWIURPOHIWWRULJKWZKLOHPDNLQJVXUH\RXKDYHKRRNHGLWSURSHUO\RQWRWKHÁDQJH)LJ

:DUQLQJ

,IWRRPXFKJURXQGFRIIHHLVSXWLQVLGHWKH¿OWHUWXUQLQJWKH¿OWHUKROGHUPD\SURYHGLI¿FXOWDQGRU\RXPD\JHWOHDNV

IURPWKH¿OWHUKROGHUZKHQWKHFRIIHHLVEHLQJGLVSHQVHG

7RJHWWKH¿UVWFXSRIFRIIHHSLSLQJKRWWRRLWLVDGYLVDEOHWROHWWKH¿OWHUKROGHUKHDWXSDIHZPLQXWHVLQLWVVHDWEHIRUH

PDNLQJWKHFRIIHH7KLVZLOOQRWEHQHFHVVDU\IRUWKHFXSVRIFRIIHHWKDWIROORZ

3ODFHRQHRUWZRFXSVXQGHUWKH¿OWHUKROGHUVSRXWV)LJDQGVWDUWGLVSHQVLQJE\WXUQLQJWKHNQRE/WRWKHFRIIHH

SRVLWLRQ

7KHFRIIHHZLOOVWDUWFRPLQJRXWRIWKHVSRXWVRIWKH¿OWHUKROGHU7RVWRSLWSXWWKHNQREEDFNLQWKHFHQWUDO

VWDQGE\SRVLWLRQ7KHPD[LPXPGRVHIRURQHFXSRIHVSUHVVRLVPO

:DUQLQJ

/LNHLQSURIHVVLRQDOFRIIHHPDFKLQHVGRQRWUHPRYHWKH¿OWHUKROGHUGXULQJGLVSHQVLQJGDQJHURIEXUQV

:DUQLQJ

:DLWDERXWWHQVHFRQGVDIWHUWKHFRIIHHKDVEHHQGLVSHQVHGEHIRUHUHPRYLQJWKH¿OWHUKROGHU7RUHPRYHLWWXUQLW

VORZO\IURPULJKWWROHIWVRDVWRSUHYHQWVSODVKHVRUVSXUWVRIZDWHURUFRIIHH

7RUHPRYHWKHFRIIHHUHVLGXHIURPWKH¿OWHUSUHVVWKH¿OWHUORFN3IRUZDUGRYHUWKHHGJHRIWKH¿OWHUWXUQWKH¿OWHUKROGHU

RYHUDQGVKDNHLWJHQWO\)LJ

:KHQWKHPDFKLQHLVLQVWDQGE\WKHODPS0ZLOOWXUQRQDQGRIISHULRGLFDOO\7KLVVKRZVWKDWWKHERLOHUWKHUPRVWDWLVWULS

SLQJZKLFKVHUYHVWRNHHSWKHZDWHUWHPSHUDWXUHRSWLPXP,WLVDJRRGLGHDWRVWDUWGLVSHQVLQJWKHFRIIHHRQO\ZKHQWKLV

LQGLFDWRUODPSLVRIIDQGWKLVLVWUXHIRUERWKWKH¿UVWFXSDQGWKRVHWKDWIROORZ

)LOOLQJWKHZDWHUWDQNGXULQJXVH

%HVXUHWR¿OOWKHWDQNEHIRUHWKHZDWHULVFRPSOHWHO\XVHGXS

7XUQRIIWKHPDFKLQHXQSOXJLWIURPWKHVRFNHWRXWOHWDQG¿OOWKHWDQNXSWRWKHOHYHOPDUNHG³0$;´ZLWKFRROWDSZDWHU3XW

WKHWDQNRQWKHPDFKLQHPDNLQJVXUHLWLVLQVHUWHGVHFXUHO\DQGWXUQLWEDFNRQ

,IWKHWDQNLVOHIWFRPSOHWHO\GU\DLUPD\HQWHUWKHFLUFXLWSUHYHQWLQJFRIIHHIURPEHLQJGLVSHQVHG,WLVWKHUHIRUHQHFHVVDU\

WRWXUQWKHPDFKLQHRIIDQGOHWLWFRROGRZQLQRUGHUWRSXWLWEDFNLQVHUYLFH3ODFHDFRQWDLQHUXQGHUQHDWKWKH¿OWHUKROGHU

FRXSOLQJVHDWDQGWXUQRQWKHPDFKLQHE\LPPHGLDWHO\WXUQLQJWKHNQRE/WRWKHSRVLWLRQ 0DNHDWOHDVWRQHFXSRI



ZDWHUFRPHRXWRIWKH¿OWHUKROGHUFRXSOLQJVHDWWRSXWWKHK\GUDXOLFFLUFXLWEDFNLQVHUYLFH6WRSGLVSHQVLQJE\SXWWLQJWKH

NQRE/EDFNLQWKHFHQWUDO³67$1'%<´SRVLWLRQ$WWKLVSRLQWWKHPDFKLQHZLOOVWDUWWRZRUNUHJXODUO\DJDLQ

+2:720$.(&2))((:,7+$32'

3XWWKHSRG¿OWHU8LQVLGHWKH¿OWHUKROGHU4

 3ODFHWKHSRGLQWKH¿OWHUULQJ)LJ

 3XVKWKHSRGWRZDUGVWKHERWWRPRIWKH¿OWHUZLWK\RXU¿QJHUV)LJ

 7KHSRGPXVWEHZHOOFHQWUHGDQGSODFHGLQVLGHWKH¿OWHU

 1RZLWLVSRVVLEOHWRSXWWKH¿OWHUKROGHULQLWVVHDW7LJKWHQWKH¿OWHUKROGHUZKLOHPDNLQJVXUH\RXKDYHKRRNHGLWSURSHUO\

RQWRWKHÀDQJH)LJ

 7KHSRGFRXOGUHPDLQVWXFNLQWKHXSSHUSDUWRIWKHPDFKLQHDIWHUPDNLQJWKHFRIIHHDQGZKHQUHPRYLQJ¿OWHUKROGHU7R

UHPRYHLWWLOWWKH¿OWHUKROGHU)LJVRWKHSRGFDQIDOORQWRLW

,QRUGHUWRDOZD\VJHWDQH[FHOOHQWFXSRIFRIIHHEX\WKHSRGWKDWEHDUVWKH(6(FRPSDWLELOLW\PDUN

,IWKHSRGLVQRWLQVHUWHGZHOORULIWKHÀOWHUKROGHULVQRWWLJKWHQHGÀUPO\DIHZGURSVRIZDWHUFRXOGOHDNIURPWKH

ÀOWHUKROGHU

+2:720$.(&$338&&,12

:DLWIRUWKHLQGLFDWRUODPS0WRWXUQRII,WLQGLFDWHVWKDWWKHERLOHUKDVUHDFKHGWKHULJKWWHPSHUDWXUHIRUGLVSHQVLQJVWHDP

:DUQLQJ

:KHQZDUPLQJXS\RXUDSSOLDQFHPD\UHOHDVHVPDOOSXIIVRIVWHDPIURPWKH¿OWHUKROGHUWKLVLVSHUIHFWO\QRUPDO

7XUQWKHNQRE/WRWKHVWHDPGLVSHQVLQJSRVLWLRQ

DIWHUSODFLQJDJODVVXQGHUQHDWKWKHVWHDPSLSH.)LJ)LUVW

VRPHZDWHUZLOOFRPHRXWIROORZHGLPPHGLDWHO\E\DMHWRIVWHDPZKRVHLQWHQVLW\ZLOOLQFUHDVHZLWKLQDIHZVHFRQGV

3XWWKHNQRE/EDFNLQWKH³67$1'%<´SRVLWLRQDQGSODFHWKHSRWRIPLONWREHZKLSSHGXQGHUWKHIURWKDFFHVVRU\

3OXQJHWKHZDQGDOOWKHZD\LQWRWKHSRWRIPLON)LJDQGDJDLQWXUQWKHGLVSHQVLQJNQRE/SURJUHVVLYHO\RQWKHVWHDP

SRVLWLRQ XQWLO\RXJHWWKHUHVXOW\RXZDQW'XULQJWKHVHRSHUDWLRQV\RXPD\QRWLFHWKDWWKHZDUQLQJOLJKW0JRHVRQ

DQGRIIIURPWLPHWRWLPHLQGLFDWLQJWKDWWKHERLOHUWKHUPRVWDWLVNHHSLQJWKHZDWHUUHTXLUHGIRUWKHVWHDPVXSSO\DWWKHULJKW

WHPSHUDWXUH3XWWKHNQRE/EDFNRQ³67$1'%<´WRVWRSGLVSHQVLQJVWHDP

'LVSHQVHWKHVWHDPIRUDIHZVHFRQGVDIWHUHYHU\XVHWRIUHHWKHKROHRIDQ\PLONUHVLGXHDQGFOHDQWKHVWHDPSLSH

ZLWKDVSRQJH

86()8/7,36)252%7$,1,1*$*22',7$/,$1(635(662

7KHJURXQGFRIIHHLQWKH¿OWHUKROGHUKDVWREHSUHVVHGOLJKWO\:KHWKHUWKHFRIIHHLVVWURQJHURUZHDNHUGHSHQGVRQWKH

GHJUHHWKHFRIIHHLVJURXQGWKHTXDQWLW\SXWLQWRWKH¿OWHUKROGHUDQGWKHSUHVVLQJ-XVWDIHZVHFRQGVDUHQHHGHGIRUWKH

FRIIHHWRÀRZGRZQLQWRWKHFXSV,IWKHGLVSHQVLQJWLPHLVORQJHUWKLVPHDQVWKDWWKHFRIIHHLVJURXQGWRR¿QHRUWKDWWKH

FRIIHHSXWLQWRWKH¿OWHUKROGHUKDVEHHQSUHVVHGWRRPXFK

&/($1,1*7+($33/,$1&(

:DUQLQJ

$OOFOHDQLQJRSHUDWLRQVGHVFULEHGEHORZPXVWEHSHUIRUPHGZLWKWKHPDFKLQHRIIDQGZLWKWKHHOHFWULFSOXJGLVFRQ

QHFWHGIURPWKHVRFNHWRXWOHW

:DUQLQJ

5HJXODUPDLQWHQDQFHDQGFOHDQLQJSUHVHUYHDQGNHHSWKHPDFKLQHHI¿FLHQWIRUDORQJHUDPRXQWRIWLPH1HYHU

ZDVKPDFKLQHFRPSRQHQWVLQWKHGLVKZDVKHU'RQRWXVHGLUHFWMHWVRIZDWHU

:DUQLQJ

$OORSHUDWLRQVPXVWEHSHUIRUPHGZKHQWKHPDFKLQHLVFROG

&OHDQLQJWKHÀOWHUFRQWDLQLQJWKHJURXQGV

&KHFNWKDWWKHFRIIHHH[LWKROHLVQRWFORJJHGDQGLIVRFOHDQLWZLWKWKHSLQSURYLGHG)LJ

:DUQLQJ

+DQGOHWKHSLQSURYLGHGZLWKFDUHZKHQFOHDQLQJWKHDSSOLDQFHGDQJHURILQMXU\

'LVSHQVHERLOLQJZDWHUIURPWKH¿OWHUKROGHUZLWKWKH¿OWHULQVLGHZLWKRXWFRIIHHJURXQGVLQRUGHUWRGLVVROYHRUUHPRYH

DQ\FRIIHHUHVLGXHRULPSXULWLHV,WLVDGYLVDEOHWRWKRURXJKO\FOHDQWKH¿OWHU6RU7DERXWHYHU\PRQWKVXVLQJ$ULHWH

&2))((&/($1GHWHUJHQWWDEVZKLFKFDQEHIRXQGDWUHWDLOVWRUHVDQGWKH$XWKRULVHG6HUYLFH&HQWUHVIROORZLQJWKH

LQVWUXFWLRQVLQVLGHWKHSDFNDJH$VDQDOWHUQDWLYH\RXFDQXVHDVLPSOHGLVKZDVKHUGHWHUJHQWWDEZLWKRXWDGGHGULQVHDLG



RURWKHUFKHPLFDODGGLWLYHVDVIROORZV

 3XWDGLVKZDVKHUGHWHUJHQWWDELQWRWKH¿OWHUZLWKRXWFRIIHHZKHQWKHPDFKLQHLVKRWDIWHUKHDWLQJIRUDWOHDVW¿YH

PLQXWHV

 &RXSOHWKH¿OWHUKROGHUWRWKHPDFKLQHDQGSXWDFRQWDLQHUXQGHUQHDWKWKH¿OWHUKROGHU

 7XUQWKHNQRE/WRWKHFRIIHHSRVLWLRQ WRVWDUWGLVSHQVLQJZDWHUDQGGLVSHQVHZDWHUIRUVHFRQGV

 6WRSWKHZDWHUVXSSO\DQGOHWWKHWDEDFWIRUDWOHDVWPLQXWHVZKLOHNHHSLQJWKH¿OWHUKROGHUFRXSOHGRQWKHPDFKLQH

 5HSHDWWKHZDWHUGLVSHQVLQJRSHUDWLRQE\RSHUDWLQJWKHSXPSIRUDERXWVHFRQGVDQGWKHQOHWWLQJLWUHVWIRUDQRWKHU

VHFRQGVXQWLOWZRWDQNVRIZDWHUDUHXVHGXS

 5HPRYHWKH¿OWHUKROGHUIURPWKHPDFKLQHUHPRYHWKH¿OWHUDQGULQVHLWZHOOXQGHUUXQQLQJWDSZDWHU

 7XUQRIIWKHPDFKLQHGLVFRQQHFWWKHSRZHUFDEOHIURPWKHVRFNHWRXWOHWDQGFOHDQWKHFRXSOLQJVHDWRIWKH¿OWHUKROGHU

ZLWKDVSRQJHLQRUGHUWRUHPRYHDQ\GHWHUJHQWUHVLGXHIURPWKHVKRZHUGLVF

 7XUQWKHPDFKLQHEDFNRQFRXSOHWKH¿OWHUKROGHURQFHDJDLQDQGGLVSHQVHDWOHDVWFXSVRIZDWHUDJDLQWRFRPSOHWH

WKHULQVLQJ

,IWKHFRIIHHPDFKLQHLVXVHGGDLO\LWLVDGYLVDEOHWRFDUU\RXWWKHFOHDQLQJRSHUDWLRQDWOHDVWHYHU\WKUHHPRQWKV

&OHDQLQJWKHÀOWHUKROGHUVHDW

:LWKWLPHFRIIHHUHVLGXHPD\DFFXPXODWHRQWKH¿OWHUKROGHUVHDW,WFDQEHUHPRYHGZLWKDWRRWKSLFNDVSRQJH)LJ

RUE\OHWWLQJZDWHUUXQWKURXJKZLWKRXW¿WWLQJWKH¿OWHUKROGHU)LJ

&OHDQLQJWKHVWHDPQR]]OH

:DUQLQJ

3HUIRUPWKLVRSHUDWLRQZKHQWKHFKURPHSODWHGSLSHLVFROGVRDVWRSUHYHQWEXUQV

5HPRYHWKHVWHDPSLSH.)LJDQGZDVKLWXQGHUUXQQLQJZDWHU7KHQR]]OHFDQEHFOHDQHGZLWKDQRQDEUDVLYHFORWK

6OLSWKHVWHDPSLSHRQDQGSXVKLWDVIDUDVLWZLOOJR,IQHFHVVDU\FOHDQWKHVWHDPH[LWKROHZLWKWKHSLQ:SURYLGHG)LJ

$IWHUXVHDOZD\VOHWWKHVWHDPQR]]OHUXQIRUDIHZVHFRQGVVRWRIUHHWKHRXWOHWIURPDQ\SRVVLEOHUHVLGXH

&OHDQLQJWKHWDQN

3HULRGLFDOO\FOHDQWKHLQVLGHRIWKHWDQNZLWKDVSRQJHRUGDPSFORWK

&OHDQLQJWKHJULOODQGGULSWUD\

5HPHPEHUWRHPSW\WKHGULSWUD\IURPWLPHWRWLPH,

5HPRYHWKHGULSWUD\,IURPWKHPDFKLQH)LJHPSW\LWDQGZDVKLWXQGHUUXQQLQJZDWHU:DVKWKHJULOO-XQGHU

UXQQLQJZDWHU

&OHDQLQJWKHPDFKLQHERG\

:DUQLQJ

&OHDQWKH¿[HGSDUWVRIWKHPDFKLQHXVLQJRQO\DGDPSQRQDEUDVLYHFORWKVRDVWRQRWGDPDJHWKHERG\

'(&$/&,),&$7,21

*RRGPDLQWHQDQFHDQGUHJXODUFOHDQLQJSUHVHUYHDQGNHHSWKHPDFKLQHHI¿FLHQWIRUDORQJHUDPRXQWRIWLPHFRQVLGHUDEO\

OLPLWLQJWKHULVNVRIOLPHGHSRVLWVIRUPLQJLQVLGHWKHDSSOLDQFH+RZHYHUVKRXOG\RXUFRIIHHPDFKLQHIDLOWRZRUNSURSHUO\

DVDUHVXOWRIWKHIUHTXHQWXVHRIKDUGKLJKFDOFLXPFRQWHQWZDWHU\RXPD\SHUIRUPDGHFDOFL¿FDWLRQSURFHGXUHWRUHVWRUH

LWVRSHUDWLRQDOHI¿FLHQF\)RUWKLVSXUSRVH\RXPXVWXVHRQO\$ULHWH¶V12&$/FLWULFDFLGEDVHGGHFDOFLI\LQJSURGXFWV7KLV

SURGXFWLVHDVLO\IRXQGDWWKH$ULHWHWHFKQLFDOVHUYLFHFHQWUHV$ULHWHGRHVQRWDVVXPHDQ\UHVSRQVLELOLW\ZKDWVRHYHUIRU

GDPDJHWRFRPSRQHQWVLQVLGHWKHFRIIHHPDFKLQHFDXVHGE\WKHXVHRIQRQFRPSOLDQWSURGXFWVFRQWDLQLQJFKHPLFDODGGL

WLYHV6KRXOG\RXQHHGWRGHFDOFLI\\RXUDSSOLDQFHSOHDVHIROORZWKHLQVWUXFWLRQVZKLFKFRPHZLWKWKHGHFDOFLI\LQJSURGXFW

3877,1*2872)6(59,&(

,I\RXZDQWWRSXWWKHPDFKLQHRXWRIVHUYLFH\RXPXVWGLVFRQQHFWLWHOHFWULFDOO\HPSW\WKHZDWHUWDQNDQGGULSWUD\DQGFOHDQ

LWVHHWKHSDUDJUDSKRQ³&OHDQLQJWKHDSSOLDQFH´

,QWKHFDVHRIVFUDSSLQJ\RXPXVWVHSDUDWHWKHYDULRXVPDWHULDOVXVHGLQPDNLQJWKHPDFKLQHDQGGLVSRVHRIWKHPEDVHG

RQWKHLUFRPSRVLWLRQDQGRQWKHOHJDOSURYLVLRQVLQIRUFHLQWKHFRXQWU\RIXVH



7528%/(6+227,1*

,IWKHUHDUHSUREOHPVZLWKRSHUDWLRQLPPHGLDWHO\WXUQRIIWKHPDFKLQHDQGXQSOXJLWIURPWKHVRFNHWRXWOHW

352%/(0 &$86( 62/87,216

7KHFRIIHHPDNHU

GRHVQRWVXSSO\

VWHDP

7KHUHLVOLWWOHZDWHUDQGWKHSXPS

GRHVQRWVXFNLWXS

&KHFNWKDWWKHZDWHUOHYHOLQWKHWDQNLVFRUUHFW,IQHFHVVDU\

¿OOLWZLWKFRROWDSZDWHUXSWRWKHOHYHOPDUNHG³0$;´

6WHDPH[LWKROHLVFORJJHG 8QFORJDQ\GHSRVLWVWKDWPD\KDYHIRUPHGLQWKHKROHVRIWKH

IURWKDFFHVVRU\ZLWKWKHSLQSURYLGHG

&RIIHHRYHUÀRZLQJ

IURPWKHHGJHVRI

WKH¿OWHUULQJ

3UREDEO\DQH[FHVVDPRXQWRI

JURXQGFRIIHHKDVEHHQSODFHG

LQWKH¿OWHUULQJSUHYHQWLQJWKH

¿OWHUULQJIURPEHLQJFRUUHFWO\

WLJKWHQHGLQWRLWVKRXVLQJ

5HPRYHWKH¿OWHUKROGHUDQGFOHDQWKHFRXSOLQJVHDWZLWKD

VSRQJH)LJ5HSHDWWKHRSHUDWLRQSODFLQJWKHFRUUHFW

TXDQWLW\RIFRIIHHLQWKH¿OWHU

5HVLGXHVRIJURXQGFRIIHHKDYH

UHPDLQHGRQWKHJDVNHWRIWKH

¿OWHUKROGHUFRXSOLQJVHDW

&OHDQWKHVHDOZLWKDWRRWKSLFNRUDVSRQJH)LJ

7KHH[LWKROHRIWKH¿OWHUFRQWDL

QLQJFRIIHHJURXQGVLVFORJJHG

6ORZO\UHPRYHDQGGLVFRQQHFWWKH¿OWHUKROGHUEHFDXVHDQ\

UHPDLQLQJSUHVVXUHFRXOGFDXVHVSODVKHVRUVTXLUWV&OHDQ

WKHFORJJHG¿OWHUKROHXVLQJWKHSLQSURYLGHG&OHDQWKH

FORJJHG¿OWHUKROHZLWKDVPDOOEUXVKRUDSLQ&OHDQWKH¿OWHU

XVLQJ$ULHWH&2))((&/($1WDEVIROORZLQJWKHLQVWUXFWLRQV

SURYLGHGLQWKHSDFNDJH

)DXOW\SRG 6ORZO\UHPRYHDQGGLVFRQQHFWWKH¿OWHUKROGHUEHFDXVHDQ\

UHPDLQLQJSUHVVXUHFRXOGFDXVHVSODVKHVRUVTXLUWV&OHDQWKH

FRXSOLQJVHDWZLWKDVSRQJH)LJ5HSODFHWKHSRGLQWKH

¿OWHUKROGHU

7KHFRIIHHLVQRW

VXSSOLHGRUÀRZV

WRRVORZO\

7KHKROHVRIWKHSHUIRUDWHGGLVF

LQWKH¿OWHUKROGHUFRXSOLQJVHDW

DUHFORJJHG

7XUQRQWKHPDFKLQHZLWKRXWWKH¿OWHUKROGHUPDNLQJWKH

ZDWHUUXQ,IWKHZDWHUVWLOOGRHVQRWFRPHRXWIURPDOOWKH

KROHVHYHQO\FDUU\RXWWKHGHVFDOLQJFOHDQLQJRSHUDWLRQXVLQJ

WKH$ULHWH12&$/SURGXFWIRXQGDW$ULHWHVHUYLFHFHQWUHV

IROORZLQJWKHLQVWUXFWLRQVSURYLGHGLQWKHSDFNDJH

7KHH[LWKROHRIWKH¿OWHUFRQWDL

QLQJFRIIHHJURXQGVLVFORJJHG

6ORZO\UHPRYHDQGGLVFRQQHFWWKH¿OWHUKROGHUEHFDXVHDQ\

UHPDLQLQJSUHVVXUHFRXOGFDXVHVSODVKHVRUVTXLUWV&OHDQ

WKHFORJJHG¿OWHUKROHXVLQJWKHSLQSURYLGHG&OHDQWKH¿OWHU

XVLQJ$ULHWH&2))((&/($1WDEVIROORZLQJWKHLQVWUXFWLRQV

SURYLGHGLQWKHSDFNDJH

7KHFRIIHHEOHQGLVJURXQGWRR

¿QH

7U\XVLQJFRDUVHUFRIIHHEOHQGV

7KHFRIIHHEOHQGLVSUHVVHG

GRZQWRRPXFK

7DPSHUFRIIHHLQVLGHWKH¿OWHUXVLQJOHVVSUHVVXUH

7KHWDQNVLVQRWLQVHUWHGZHOO )LWWKHWDQNVHFXUHO\E\SXVKLQJLWDVIDUDVLWZLOOJR

7KHUHLVOLWWOHZDWHUDQGWKHSXPS

GRHVQRWVXFNLWXS

0DNHVXUHWKHWDQNLVSURSHUO\LQVHUWHGDQGFKHFNWKDWWKH

ZDWHUOHYHOLQWKHWDQNLVFRUUHFW

)LOOZLWKFRROWDSZDWHUXSWRWKHOHYHOPDUNHG³0$;´

)DXOW\SRG 6ORZO\UHPRYHDQGGLVFRQQHFWWKH¿OWHUKROGHUEHFDXVHDQ\

UHPDLQLQJSUHVVXUHFRXOGFDXVHVSODVKHVRUVTXLUWV&OHDQWKH

FRXSOLQJVHDWZLWKDVSRQJH)LJ5HSODFHWKHSRGLQWKH

¿OWHUKROGHU

%URNHQSRG 6ORZO\UHPRYHDQGGLVFRQQHFWWKH¿OWHUKROGHUEHFDXVHDQ\

UHPDLQLQJSUHVVXUHFRXOGFDXVHVSODVKHVRUVTXLUWV&OHDQWKH

FRXSOLQJVHDWZLWKDVSRQJH)LJ5HSODFHWKHSRGLQWKH

¿OWHUKROGHU

7KHFRIIHHLVWRR

ZDWHU\DQGFROG

7KHEOHQGKDVEHHQJURXQGWRR

FRDUVHO\

$PRUH¿QHO\JURXQGEOHQGPXVWEHXVHGWRREWDLQDPRUH

FRQFHQWUDWHGDQGKRWWHUFRIIHH



$352326'80$18(/

0rPHVLOHVDSSDUHLOVRQWpWpUpDOLVpVHQFRQIRUPLWpDYHFOHV1RUPHVHXURSpHQQHVVSpFL¿TXHVHQYLJXHXUHWTXHWRXWHV

OHVSLqFHVSRWHQWLHOOHPHQWGDQJHUHXVHVVRQWSURWpJpHVOLVH]DYHFDWWHQWLRQFHVDYHUWLVVHPHQWVHWQ¶XWLOLVHUO¶DSSDUHLOTXH

SRXUFHTXHLODpWpFRQoXD¿QG¶pYLWHUOHVEOHVVXUHVHWOHVGRPPDJHV*DUGHUFHOLYUHWjSRUWpGHPDLQSRXUOHVIXWXUHV

FRQVXOWDWLRQV6LYRXVGHVLUH]HQVXLWHFpGHUFHWDSSDUHLOjG¶DXWUHVSHUVRQQHVUDSSHOH]YRXVG¶LQFOXUHFHVLQVWUUXFWLRQV

/HVLQIRUPDWLRQVUHSRUWpHVGDQVFHPDQXHOVRQWPDUTXpHVGHVV\PEROHVVXLYDQWVTXLLQGLTXHQW

'DQJHUSRXUOHVHQIDQWV

$YHUWLVVHPHQWVVXUOHVEUOXUHV

'DQJHUpOHFWULTXH $WWHQWLRQGpJDWVPDWpULHOV

'DQJHUVSURYHQDQWG¶DXWUHVFDXVHV

87,/,6$7,2135e98(

9RXVSRXUUH]XWLOLVHUYRWUH&DIIq0LQXHWWRSRXUSUpSDUHUGHVFDIpVHWGHVFDSSXFFLQR/¶DSSDUHLOHVWGHVWLQpVHXOHPHQWj

XQHXWLOLVDWLRQGRPHVWLTXHHWQHGRLWHQDXFXQFDVrWUHVHUYLUjGHV¿QVFRPPHUFLDOHVRXLQGXVWULHOOHV/HFRQVWUXFWHXUQ¶D

SUpYXDXFXQDXWUHXVDJHGHO¶DSSDUHLOHWLOVHGpJDJHGHWRXWHUHVSRQVDELOLWpSRXUOHVGpJDWVGHWRXWHQDWXUHJpQpUpVG¶XQH

XWLOLVDWLRQLQDSSURSULp8QXVDJHLQDSSURSULpGpWHUPLQHUDLWpJDOHPHQWO¶DQQXODWLRQGHWRXWHIRUPHGHJDUDQWLH

5,648(65e6,'8(/6

/HVFDUDFWpULVWLTXHVGHFRQVWUXFWLRQGHO¶DSSDUHLOTXLVRQWO¶REMHWGHFHWWHSXEOLFDWLRQQHSHUPHWWHQWSDVGHSURWpJHUO¶XWLOOL

VDWHXUGXMHWGLUHFWGHYDSHXURXG¶HDXFKDXGH

$WWHQWLRQ

'DQJHUGHEUOXUH±3HQGDQWO¶pFRXOHPHQWGHO¶HDXFKDXGHHWGHODYDSHXUQHSDVGLULJHUOHMHWYHUVXQWLHUVRXYHUV

VRL1¶HPSRLJQHUOHWX\DXTXHVXUODSDUWLHHQSODVWLTXH

8WLOLVHUH[FOXVLYHPHQWGHVFRQWHQHXUVHQPDWpULDX³SRXUDOLPHQWV´

5(0$548(6,03257$17(6

/,5($77(17,9(0(17/(6,16758&7,216$9$17/·87,/,6$7,21

/¶DSSDUHLOHVWGHVWLQpVHXOHPHQWjXQHXWLOLVDWLRQGRPHVWLTXHHWQHGRLWHQDXFXQ

FDVrWUHVHUYLUjGHV¿QVFRPPHUFLDOHVRXLQGXVWULHOOHV

/HFRQVWUXFWHXUGpFOLQHWRXWHUHVSRQVDELOLWpSRXUXQHXWLOLVDWLRQHUURQpHRXSRXU

GHVHPSORLVDXWUHVTXHFHX[SUpYXVSDUFHOLYUHW

,OHVWFRQVHLOOpGHFRQVHUYHUO¶HPEDOODJHG¶RULJLQHYXTXHO¶DVVLVWDQFHJUDWXLWHQH

MRXHSDVSRXUOHVGRPPDJHVFDXVpVSDUXQHPEDOODJHGXSURGXLWQRQDGpTXDW

ORUVGHO¶H[SpGLWLRQjXQVHUYLFHDSUqVYHQWHDJUpp

&HW DSSDUHLO HVW FRQIRUPH j OD GLUHFWLYH &( HW j OD GLUHFWLYH (0&

&((

'DQJHUSRXUOHVHQIDQWV

&HWDSSDUHLOQHSHXWrWUHXWLOLVpSDUOHVHQIDQWVGHSOXVGHDQVHWSDUOHVSHU

VRQQHVD\DQWGHVFDSDFLWpVSK\VLTXHVVHQVRULHOOHVRXPHQWDOHVUpGXLWHVRX

ELHQTXLPDQTXHQWG¶H[SpULHQFHHWGHFRQQDLVVDQFHVjFRQGLWLRQG¶rWUHDFFRP

SDJQpVSDUXQDGXOWHUHVSRQVDEOHRXG¶DYRLUUHoXHWFRPSULVOHVLQVWUXFWLRQVHW

OHVGDQJHUVGpFRXODQWGHO¶XVDJHGHO¶DSSDUHLO

/HVHQIDQWVQHGRLYHQWSDVMRXHUDYHFO¶DSSDUHLO

/HVRSpUDWLRQVGHQHWWR\DJHHWG¶HQWUHWLHQGpFULWHVGDQVFHWWHQRWLFHQHGRLYHQW



SDVrWUHH[pFXWpHVSDUOHVHQIDQWVVDQVODVXSHUYLVLRQG¶XQDGXOWH



/HVpOpPHQWVGHO¶HPEDOODJHQHGRLYHQWSDVrWUHODLVVpVjODSRUWpHGHVHQIDQWV

FDULOVUHSUpVHQWHQWXQHVRXUFHGHGDQJHU

/RUVTX¶RQGpFLGHUDGHMHWHUFHWDSSDUHLOLOHVWUHFRPPDQGpGHOHPHWWUHKRUV

G¶XVDJHHQFRXSDQWOHFkEOHG¶DOLPHQWDWLRQ,OHVWpJDOHPHQWUHFRPPDQGpGH

SURWpJHUOHVSDUWLHVVXVFHSWLEOHVGHFRQVWLWXHUXQGDQJHUVSpFLDOHPHQWSRXUOHV

HQIDQWVTXLSRXUUDLHQWVHVHUYLUGHO¶DSSDUHLOSRXUMRXHU

1HSDVODLVVHUO¶pSLQJOHGHQHWWR\DJHjODSRUWpHGHVHQIDQWVHWODUDQJHUHQOLHX

VUULVTXHGHO¶DYDOHUHWGHVHEOHVVHU

'DQJHUpOHFWULTXH

1HSDVODLVVHUOHFRUGRQG¶DOLPHQWDWLRQjODSRUWpHGHVHQIDQWVD\DQWPRLQVGHDQV

$YDQWGHEUDQFKHUO¶DSSDUHLODXUpVHDXG¶DOLPHQWDWLRQFRQWU{OHUTXHODWHQVLRQ

LQGLTXpHVXUODSODTXHWWHSODFpHVRXVODPDFKLQHFRUUHVSRQGHELHQjFHOOHGX

UpVHDXORFDO

/¶XWLOLVDWLRQGHUDOORQJHVpOHFWULTXHVQRQDXWRULVpHVSDUOHIDEULFDQWGHO¶DSSDUHLO

SHXWFDXVHUGHVGRPPDJHVHWSURYRTXHUpJDOHPHQWGHVDFFLGHQWV

$YDQWG¶HIIHFWXHUO¶RSpUDWLRQGHUHPSOLVVDJHGXUpVHUYRLUG¶HDXGpEUDQFKHUO¶DS

SDUHLOGHODSULVHGHFRXUDQW

/HFRUGRQG¶DOLPHQWDWLRQHQGRPPDJpGRLWrWUHUHPSODFpSDUOHFRQVWUXFWHXURX

SDUVRQVHUYLFH$SUqVYHQWHRXGDQVWRXVOHVFDVSDUXQHSHUVRQQHD\DQWXQH

TXDOL¿FDWLRQpTXLYDOHQWHGHPDQLqUHjpYLWHUWRXVOHVULVTXHV

1HMDPDLVPHWWUHOHVSDUWLHVVRXVWHQVLRQHQFRQWDFWDYHFO¶HDXFHODSRXUUDLW

HQJHQGUHUXQFRXUWFLUFXLW

'pEUDQFKHUODSULVHGHFRXUDQWDYDQWFKDTXHLQWHUYHQWLRQGHQHWWR\DJHRXG¶HQWUHWLHQ

1HWUHPSH]SDVO¶DSSDUHLOGDQVO¶HDXQLGDQVWRXWDXWUHOLTXLGH

7RXMRXUVpWHLQGUHO¶DSSDUHLOHWGpEUDQFKHUODSULVHGXFRUGRQG¶DOLPHQWDWLRQpOHF

WULTXHDYDQWGHUHPSOLUOHUpVHUYRLUG¶HDX

'DQJHUVSURYHQDQWG·DXWUHVFDXVHV

1HSDVVRXOHYHUO¶DSSDUHLOHQOHSUHQDQWSDUOHUpVHUYRLUG¶HDXRXSDUODFXYHWWH

PDLVHQOHSUHQDQWSDUOHFRUSV

&KRLVLUXQHQGURLWDVVH]pFODLUpSURSUHHWDYHFXQHSULVHGHFRXUDQWIDFLOHPHQW

DFFHVVLEOH

(YLWHUGHYHUVHUGDQVOHUpVHUYRLUXQHTXDQWLWpH[FHVVLYHG¶HDX

1HODLVVH]SDVO¶DSSDUHLOVDQVVXUYHLOODQFHORUVTX¶LOHVWEUDQFKp

/¶DSSDUHLOGRLWrWUHXWLOLVpHWODLVVpDXUHSRVVXUXQHVXUIDFHVWDEOH

/¶DSSDUHLOQHGRLWSDVrWUHXWLOLVpVLLOHVWWRPEpV¶LOSUpVHQWHGHVVLJQHVYLVLEOHV

GHGpWpULRUDWLRQRXV¶LOSHUGGHO¶HDX1HSDVXWLOLVHUO¶DSSDUHLOVLOHFkEOHpOHF

WULTXHRXOD¿FKHVRQWHQGRPPDJpVRXVLO¶DSSDUHLOHVWGpIHFWXHX[7RXWHVOHV

UpSDUDWLRQV\FRPSULVOHUHPSODFHPHQWGXFRUGRQG¶DOLPHQWDWLRQGRLYHQWH[FOX

VLYHPHQWrWUHHIIHFWXpHVGDQVXQFHQWUHVG¶DVVLVWDQFHDSUqVYHQWH$ULHWHRXSDU



GHVWHFKQLFLHQVDJUppV$ULHWHGHIDoRQjSUpYHQLUOHVULVTXHVpYHQWXHOV

$YHUWLVVHPHQWVVXUOHVEUOXUHV

1HMDPDLVGLULJHUOHMHWGHYDSHXURXG¶HDXFKDXGHYHUVOHVSDUWLHVGXFRUSV

PDQLSXOHUDYHFSUpFDXWLRQOHWXEHYDSHXULO\DULVTXHGHEUOXUHV

1HSDVWRXFKHUOHVSDUWLHVPpWDOOLTXHVH[WpULHXUHVGHO¶DSSDUHLOHWGXSRUWH¿OWUH

ORUVTXHO¶DSSDUHLOHVWHQPDUFKHFDURQSRXUUDLWVHEUOHU

6LO¶HDXQHVRUWSDVSDUOHSRUWH¿OWUHFHODSRXUUDLWrWUHSDUFHTXHOH¿OWUH7KHU

PRFUHDPHVWERXFKp'DQVFHFDVLOIDXWGpERvWHUHWUHWLUHUOHQWHPHQWOHSRUWH

¿OWUHFDUODSUHVVLRQUHVWDQWHSRXUUDLWSURYRTXHUGHVpFODERXVVXUHVRXGHVMHWV

1HWWR\HUGRQFFRPPHLQGLTXpGDQVOHSDUDJUDSKHFRUUHVSRQGDQW

$WWHQWLRQGpJkWVPDWpULHOV

3ODFHUODPDFKLQHVXUXQSODQVWDEOHRLOQ¶\DSDVULVTXHGHODUHQYHUVHU

1HSDVXWLOLVHUODPDFKLQHVDQVHDXSRXUQHSDVJULOOHUODSRPSH

1HMDPDLVUHPSOLUOHUpVHUYRLUG¶HDXjO¶HDXFKDXGHRXERXLOODQWH

1H SDV SRVLWLRQQHU OD PDFKLQH VXU GHV VXSHU¿FLHV WUqV FKDXGHV RX SUqV GH

ÀDPPHVOLEUHVSRXUpYLWHUDLQVLTXHODFDUURVVHULHSXLVVHrWUHHQGRPPDJpH

/HFRUGRQQHGRLWSDVWRXFKHUOHVSDUWLHVFKDXGHVGHODPDFKLQH

1HSDVXWLOLVHUG¶HDXJD]HXVHDYHFDMRXWG¶DQK\GULGHFDUERQLTXH

1HMDPDLVLQWURGXLUHG¶DXWUHVVXEVWDQFHVTXHOHFDIpHQSRXGUHGDQVOHSRUWH

¿OWUH&HODSRXUUDLWHQGRPPDJHUJUDYHPHQWO¶DSSDUHLO

1HSDVVWRFNHUODPDFKLQHjXQHWHPSpUDWXUHLQIpULHXUHj&FDUO¶HDXUHVWDQWH

GDQVODFKDXGLqUHSRXUUDLWJHOHUHWSURYRTXHUGHVGpJkWV

1HSDVXWLOLVHUO¶DSSDUHLOHQSOHLQDLU

1HSDVODLVVHUO¶DSSDUHLOH[SRVpDX[DJHQWVDWPRVSKpULTXHVSOXLHVROHLOHFW

$SUqVDYRLUGpEUDQFKpODSULVHG¶DOLPHQWDWLRQHWORUVTXHOHVSDUWLHVFKDXGHVRQW

UHIURLGLO¶DSSDUHLOGRLWrWUHQHWWR\pH[FOXVLYHPHQWDYHFXQOLQJHQRQDEUDVLIj

SHLQHKXPLGHHWVHXOHPHQWTXHOTXHVJRXWWHVGHGpWHUJHQWVQHXWUHVQRQDJUHV

VLIVQHSDVXWLOLVHUGHVROYDQWVTXLGpWpULRUHQWOHSODVWLTXH

728-2856&216(59(5&(6,16758&7,216

La pagina sta caricando ...

ARIETE 1334 Minuetto Manuale utente

Marca: ARIETE

Modello: 1334 Minuetto

Tipo: Manuale utente

Scarica il pdf

rapporto

in altre lingue

français: ARIETE 1334 Minuetto Manuel utilisateur
español: ARIETE 1334 Minuetto Manual de usuario
Deutsch: ARIETE 1334 Minuetto Benutzerhandbuch
Nederlands: ARIETE 1334 Minuetto Handleiding
português: ARIETE 1334 Minuetto Manual do usuário

ARIETE 1334 Minuetto Manuale utente

ARIETE 1334 Minuetto Manuale utente

in altre lingue

Documenti correlati

Altri documenti