Candy FCP605X Manuale utente

Marca: Candy

Modello: FCP605X

Tipo: Manuale utente

29(16

86(5,16758&7,216

)251,

,6758=,21,3(5/862

3(û1,&(

.25,â7(1-(35,58ý1,.

+25126(03275$%/(6

,16758&&,21(6'(862

3,(.$51,.,'2=$%8'2:<

,16758.-$2%6à8*,

7528%<

1È92'.2%6/8=(

ȾɍɏɈȼɄɂ

ɊɍɄɈȼɈȾɋɌȼɈɉɈɅɖɁɈȼȺɌȿɅə

3(ý,&(

1$92',/$=$8325$%2

(,1%$8%$&.g)(1

%(',(181*6$1/(,781*

$1.$675(),5,1

.8//$1,0.,/$98=8

127,&('(03/2,(7',167$//$7,21

'(6)2856(1&$675$%/(6

29(1

*(%58,.6$$1:,-=,1*



&$1'<+229(5*528365/9LD3ULYDWD(GHQ)XPDJDOOL%UXJKHULR0LODQR,WDO\























:$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\

6DIHW\,QGLFDWLRQV

(1

6XPPDU\

6DIHW\,QVWUXFWLRQV



*HQHUDOZDUQLQJV

'HFODUDWLRQRIFRPSOLDQFH

6DIHW\KLQWV

5HFRPPHQGDWLRQV

,QVWDOODWLRQ

(OHFWULFDOFRQQHFWLRQ

2YHQHTXLSPHQW

5RWLVVHULH

86((

5HPRYLQJDQGFOHDQLQJZLUHUDFNV

$FFHVVRULHV



&OHDQLQJWKHRYHQ



%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

'HVFULSWLRQRIWKHGLVSOD\



6HUYLFHFHQWUH



(1

6DIHW\+LQWV

'HFODUDWÕRQRI&RPSOÕDQFH

&RGHSURGXLW

1XPpURGHVpULH

5HFRPPHQGDWÕRQV

,QVWDOODWLRQ

(OHFWULFDO&RQQHFWLRQ

(1

*HQHUDO:DUQLQJV

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

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

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

$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

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LQMX

U\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

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









$FFHVVRUÕHV$FFRUGLQJ7R0RGHO

:KHQWKHRYHQLVLQXVHDQ\XQXVHGDFFHVVRULHVVKRXOGEH

UHPRYHGIURPWKHRYHQ

*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

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

2YHQ(TXLSPHQW 

5HPRYLQJ$QG&OHDQLQJ:LUH5DFNV

&OHDQLQJ7KH2YHQ

(1

,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VWRQHIRU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

1RSUHKHDWLQJLVUHTXLUHGIRUURWLVVHULHFRRNLQJ

&RRNLQJZLWKWKHGRRUFORVHG

7KHHQHUJ\FRQVXPSWLRQLVOHVVWKDQWUDGLWLRQDOV\VWHP

$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

5RWLVVHULH

&/($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

VXUIDFHRIWKH JODVVZLOO

UHPDLQ,16,'(WKHGRRU



$IWHUFOHDQLQJWKHJODVVUH

DVVHPEOHWKHSDUWVLQWKH

UHYHUVHRUGHURIUHPRYDO







)RU3\URO\WLFRYHQVSOHDVH

QG UG

UHPRYHDOVR DQG JODVVHV



3LFWXUH

3LFWXUH

6HOIFOHDQLQJ2YHQ:LWK&DWDO\WLF

(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

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















 

 















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











0$;

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















 

 







'HVFULSWLRQ2I7KH'LVSOD\

%HIRUH8VLQJ7KH2YHQ)RU7KH)LUVW7LPH 8VLQJ7KH(QG2I&RRNLQJ7LPHU

(1

6HWWLQJ7KH&RUUHFW7LPH

8VH2I7RXFK&RQWURO&ORFN3URJUDPPHU

(1



VHOHFW

$77(17,217KHRYHQZLOORQO\RSHUDWHSURYLGLQJWKHFORFNLVVHW

:$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

3XVKWKHFHQWUDOEXWWRQWLPHV

6HWWLPHZLWKEXWWRQV

5HOHDVHDOOEXWWRQV

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

)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(

(1'2)

&22.,1*

&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

,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*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

 62)7&22.6RIWFRRNLVWKHIXQFWLRQIRUWKHFRQIHFWLRQHU\

DQGWKHEUHDG7KDQNVWRLWVUHGXFHGIDQVSHHGWKLVIXQFWLRQL

QFUHDVHV

RYHQLQWHUQDOGDPS7KHLQFUHDVHGGDPSFUHDWHVWKHLGHDOFRQGLWLRQVRI

FRRNLQJIRUWKRVHIRRGVWKDWQHHGWRPDLQWDLQDQHODVWLFFRQVLVWHQFH

ZKLOHWKH\DUH FRRNLQJH[FDNHVEUHDGELVFXLWVDYRLGLQJVXUIDFH

EUHDNDJHV

 7HVWHG LQ DFFRUGDQFH ZLWK WKH &(1(/(& (1  XVHG IRU

GHILQLWLRQRIHQHUJ\FODVV

%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



+RZ7R8VH7KH2YHQ

&RRNLQJ7LSV

6HUYLFH&HQWUH

(1

,QGÕFH

,QGÕFD]ÕRQÕ'Õ6ÕFXUH]]D



$YYHUWHQ]H*HQHUDOL

'LFKLDUD]LRQH'L&RQIRUPLWj

6XJJHULPHQWL6XOOD6LFXUH]]D

5DFFRPDQGD]LRQL

,QVWDOOD]LRQH

&ROOHJDPHQWL(OHWWULF

$FFHVVRUL'HO)RUQR

*LUDUURVWR

86((

5LPR]LRQH(3XOL]LD'HOOH*ULJOLH

7HFQRORJLD3URH[SU



3XOL]LD'HO)RUQR



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

'HVFUL]LRQH'HO'LVSOD\



$VVLVWHQ]D7HFQLFD



,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

',&+,$5$=,21(',&21)250,7¬

68**(5,0(17,68//$6,&85(==$

&RGHSURGXLW

1XPpURGHVpULH

5$&&20$1'$=,21,

,167$//$=,21(

&2//(*$0(17,(/(775,&,

$99(57(1=(*(1(5$/,

,7

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

'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

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

'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

,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

)$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

$&&(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

/DSLDVWUD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

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:

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



,7







)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,

,7

&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

$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

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

'(6&5,=,21('(/',63/$<















 

 















0$;











0$;

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(

,7

7,0(5(/(77521,&2$6),25$0(172

5(*2/$=,21(25$

,7

%/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

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

$77(1=,21(,OIRUQRIXQ]LRQDVRORVHLPSRVWDWRLQPRGDOLWjPDQXDOHRFRWWXUDSURJUDPPDWD



VHOHFW

&20(87,/,==$5(,/)2512

68**(5,0(17,3(5/$&27785$

$66,67(1=$7(&1,&$

,7

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FLUFRODU

H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

 62)7&22. HODIXQ]LRQHLGHDOHSHUODSDVWLFFHULDHGLOSDQH

*UD]LH DOOD YHORFLWD ULGRWWD GHOOD YHQWROD TXHVWD IXQ]LRQH DXPHQWD

OXPLGLWD SUHVHQWH DOOLQWHUQR GHO IRUQR 8QD PDJJLRUH XPLGLWD FUHD OH

FRQGL]LRQL GL FRWWXUD LGHDOL SHU TXHJOL DOLPHQWL FKH KDQQR ELVRJQR GL

PDQWHQHUHXQDFRQVLVWHQ]DHODVWLFD PHQWUH FXRFLRQRHVWRUWHSDQH

ELVFRWWLHGLFRQVHJXHQ]DSHUQRQVEULFLRODUVL

3URJUDPPDGLSURYDVHFRQGR&(1(/(&(1XWLOL]]DWRSHUOD

GHILQL]LRQHGHOODFODVVHHQHUJHWLFD

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DOOXPLQLRLQ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

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VXŃFLHQWH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



&RQWHQÕGR

,QVWUXFFÕRQHV3DUD8Q8VR6HJXUR



$GYHUWHQFLDV*HQHUDOHV

'HFODUDFÕRQ'H&XPSOÕPÕHQWR

&RQVHMRV'H6HJXUÕGDG

5HFRPHQGDFÕRQHV

,QVWDODFÕyQ

&RQH[ÕyQ(OpFWUÕFD

(TXÕSR'HO+RUQRGHSHQGH'HO0RGHOR

$VDGRUGHSHQGH'HO0RGHOR

86((GHSHQGH'HO0RGHOR

([WUDFFLyQ\OLPSLH]DGHODVJXtDVODWHUDOHV

7HFQRORJtD3URH[S¶UGHSHQGH'HO0RGHOR



/ÕPSÕH]D'HO+RUQR



$QWHV'H8WÕOÕ]DU(O+RUQR3RU3UÕPHUD9H]

8VRGHOWHPSRUÕ]DGRU

$MXVWH'H/D+RUD

7HPSRUL]DGRU7iFWLO

&yPR8WÕOÕ]DU(O+RUQR

&RQVHMRV'HFRFFLyQ

'HVFUÕSFÕyQ'H/D3DQWDOOD



6HUYLFLR7pFQLFR



(6

$'9(57(1&,$(ODSDUDWR\VXVFRPSRQHQWHVDFFHVLEOHVVHFDOLHQWDQGXUDQWHHOXVR6HGHEHWHQHU

FXLGDGRGHQRWRFDUORVHOHPHQWRVFDOHIDFWRUHV

/RVQLxRVPHQRUHVGHDxRVGHEHQSHUPDQHFHUDOHMDGRVRVXSHUYLVDGRVGHIRUPDFRQWLQXDGDSRU

XQDSHUVRQDDGXOWD

(VWHDSDUDWRSXHGHVHUXVDGRSRUQLxRVPD\RUHVGHDxRV\SHUVRQDVFRQFDSDFLGDGHVItVLFDV

VHQVRULDOHVRPHQWDOHVUHGXFLGDVRIDOWDGHH[SHULHQFLD\FRQRFLPLHQWRVLHPSUH\FXDQGRKD\DQVLGR

VXSHUYLVDGDVRLQVWUXLGDVVREUHHOXVRGHODSDUDWRGHIRUPDVHJXUD\GHOFRQRFLPLHQWRGHORVULHVJRV

TXHFRPSRUWD

/RVQLxRVQRGHEHQMXJDUFRQHODSDUDWR

/DOLPSLH]D\HOPDQWHQLPLHQWRTXHGHEHUHDOL]DUHOXVXDULRQRVHUiUHDOL]DGDSRUQLxRVVLQVXSHUYLVLyQ

'XUDQWHHOXVRVHFDOLHQWDHODSDUDWR6HGHEHWHQHUFXLGDGRGHQRWRFDUORVHOHPHQWRVFDOHIDFWRUHVGHO

LQWHULRUGHOKRUQR

$'9(57(1&,$/DVSDUWHVDFFHVLEOHVSXHGHQFDOHQWDUVHGXUDQWHHOXVR/RVQLxRVGHEHQSHUPDQHFHU

DOHMDGRV

1RXWLOL]DUOLPSLDGRUHVDEUDVLYRVRUDVFDGRUHVPHWiOLFRVDILODGRVSDUDOLPSLDUHOFULVWDOGHODSXHUWDGHO

KRUQR\DTXHSXHGHQUD\DUODVXSHUILFLHSXGLHQGRFRPSRUWDUODURWXUDGHOFULVWDO

6HGHEHDSDJDUHOKRUQRDQWHVGHUHWLUDUODSDQWDOODGHVSXpVGHODOLPSLH]DVHGHEHFRORFDUVHJ~QODV

LQVWUXFFLRQHV

8VHVRODPHQWHHOVHQVRUGHWHPSHUDWXUDUHFRPHQGDGRSDUDHVWHKRUQR

1RXWLOLFHOLPSLDGRUHVGHYDSRUSDUDODOLPSLH]DGHODSDUDWR

$'9(517(1&,$$VHJ~UHVHGHTXHHODSDUDWRHVWiDSDJDGRDQWHVGHVXVWLWXLUODOiPSDUDSDUDHYLWDUOD

SRVLELOLGDGGHXQDGHVFDUJDHOpFWULFD

/RVPHGLRVGHGHVFRQH[LyQGHEHQVHULQFRUSRUDGRVHQHOFDEOHDGRILMRHQFRQIRUPLGDGFRQODVUHJODV

GHOFDEOHDGR

ODVLQVWUXFFLRQHVLQGLFDUiQHOWLSRGHFDEOHDXWLOL]DUWHQLHQGRHQFXHQWDODWHPSHUDWXUHGHODSDUWH

SRVWHULRUGHODSDUDWR

6LHOFDEOHGHDOLPHQWDFLyQHVWiGDxDGRVHGHEHVXVWLWXLUSRUXQFDEOHRFRQMXQWRHVSHFLDOVXPLQLVWUDGR

SRUHOIDEULFDQWHRHOVHUYLFLRWpFQLFR

35(&$8&,Ï1&RQHOILQGHHYLWDUSHOLJURVGHULYDGRVGHDOWHUDFLRQHVHQHOVXPLQLVWURHQHUJpWLFRHVWH

DSDUDWR QR GHEH VHU VXPLQLVWUDGR D WUDYpV GH XQ GLVSRVLWLYR GH FRQPXWDFLyQ H[WHUQR FRPR XQ

WHPSRUL]DGRURFRQHFWDGRDXQFLUFXLWRTXHVHDHQFHQGLGR\DSDJDGRIUHFXHQWHPHQWHSRUORVVHUYLFLRV

S~EOLFRV

35(&$8&,Ï1 /DV SDUWHV DFFHVLEOHV VH SXHGHQ FDOHQWDU FRQ HO XVR GHO JULOO /RV QLxRV GHEHQ

SHUPDQHFHUDOHMDGRV

6HGHEHHOLPLQDUHOH[FHVRGHGHUUDPHVDQWHVGHODOLPSLH]D

'XUDQWHODRSHUDFLyQGHDXWROLPSLH]DSLUROtWLFDODVVXSHUILFLHVSXHGHQFDOHQWDUVHPiVGHORKDELWXDO

ORVQLxRVGHEHQSHUPDQHFHUDOHMDGRV

,16758&&,21(63$5$818626(*852

(6

(QHVWHHTXLSRODVSLH]DVTXHVHSUHYpTXHSXHGDQHVWDUHQ

FRQWDFWRFRQORVDOLPHQWRVFXPSOHQODVUHJXODFLRQHVGHOD&((

LQGLFDGDVHQODGLUHFWLYD

$OPRVWUDUHOORJRPDUFDGRHQHVWHSURGXFWRGHFODUDPRV

EDMRQXHVWUDSURSLDUHVSRQVDELOLGDGHOFXPSOLPLHQWRGHWRGRVORV

UHTXLVLWRV HXURSHRV HQ WpUPLQRV GH VHJXULGDG VDOXG \ PHGLR

DPELHQWHHVWDEOHFLGRVHQODOHJLVODFLyQGHHVWHSURGXFWR

758&26'(6(*85,'$'

(OKRUQRKDGHXWLOL]DUVH~QLFDPHQWHFRQHOILQSDUDHOTXHKDVLGR

GLVHxDGR6yORVHSXHGHXWLOL]DUSDUDFRFLQDUDOLPHQWRV2WURV

XVRFRPRSRUHMHPSORPHGLRGHFDOHIDFFLyQHVXQXVRLQGHELGR

GHOKRUQR\SRUORWDQWRHVSHOLJURVR

7RGDVODVSLH]DVDFFHVLEOHV\HOHPHQWRVGHFDOHIDFWRUHVHVWiQ

FDOLHQWHVFXDQGRHVWpHQIXQFLRQDPLHQWRHOKRUQR+DGHWHQHUVH

FXLGDGR\QRWRFDUODV

(OIDEULFDQWHQRSXHGHUHVSRQVDELOL]DUVHGHFDxRVFDXVDGRVSRU

XQXVRLQDGHFXDGRLQFRUUHFWRRQRUD]RQDEOH

&XDQGR VH XWLOLFHQ GLVSRVLWLYRV HOpFWULFRV KDQGH VHJXLUVH ODV

QRUPDVVLJXLHQWHV

1RWLUDUGHOFDEOHHOpFWULFRSDUDGHVHQFKXIDUOR

1RWRFDUHOKRUQRFRQODVPDQRVRORVSLHVK~PHGDVRPRMDGDV

1RXWLOL]DUHOKRUQRVDOYRTXHOOHYHFDO]DGRHQORVSLHV

1R VXHOH VHU UHFRPHQGDEOH OD XWLOL]DFLyQ GH DODUJDGRUHV R

ODGURQHVSDUDYDULRVHQFKXIHVRDODUJDGRUHV

 6L HO KRUQR VH HVWURSHD R WLHQH XQ IDOOR GHVHQFK~IHOR GH OD

FRUULHQWH\QRORWRTXH

6LHOFDEOHHVWiGDxDGRKDGHVXVWLWXLUVHLQPHGLDWDPHQWH

&XDQGR VH VXVWLWX\D HO FDEOH VtJDQVH ODV LQVWUXFFLRQHV

VLJXLHQWHV

([WUDHUHOFDEOH\VXVWLWXLUSRUXQRGHOWLSR+55)+99)

+99)(OFDEOHWLHQHTXHSRGHUVRSRUWDUODFDUJDHOpFWULFD

TXHUHTXLHUHHOKRUQR/DVXVWLWXFLyQGHOFDEOHWLHQHTXHKDFHUOD

XQWpFQLFRFXDOLILFDGR

(OFDEOHGHWLHUUDDPDULOORYHUGHWLHQHTXHVHUPPPiVODUJR

TXHHOFDEOHHOpFWULFR

8WLOL]DUVyORHOVHUYLFLRGHDWHQFLyQDOFOLHQWHDGHFXDGRSDUDODV

UHSDUDFLRQHV\DVHJXUDUTXHVyORVHXWLOL]DQSLH]DVRULJLQDOHV6L

QR VH VLJXHQ ODV LQVWUXFFLRQHV DQWHULRUHV ORV IDEULFDQWHV QR

SXHGHQJDUDQWL]DUODVHJXULGDGGHOKRUQR

(OKRUQRDGTXLULGRWLHQHODVFDUDFWHUtVWLFDVWpFQLFDVGHVFULWDV\

XVWHGQRSXHGHPRGLILFDUODV

-DPiVXWLOLFHXQHVSUD\GHGLIXVLyQRDSUHVLyQ SDUDOLPSLDUHO

KRUQR

1RJXDUGDUHQHOKRUQRSURGXFWRVLQIODPDEOHVSRGUtDQSUHQGHU

IXHJRVLVHDFFLRQDVHHOKRUQRDFFLGHQWDOPHQWH

1R SHUPLWLU TXH ORV QLxRV VH VLHQWHQ HQ OD SXHUWD GHO KRUQR

PHQRVD~QFXDQGRHVWpHQFHQGLGR

8WLOL]DU JXDQWHV GH KRUQR FXDQGR LQWURGX]FD R VDTXH ORV

UHFLSLHQWHVGHOKRUQR

&8,'$'2 3XHGH TXH ODV SLH]DV LQWHUQDV GHO KRUQR HVWHQ

FDOLHQWHVFXDQGRVHXWLOLFHHOJULOO0DQWHQHUDOHMDGRVDORVQLQRV

&216(-26'(&803/,0,(172

&RGHSURGXLW

1XPpURGHVpULH

,167$/$&,Ï1

1RHVREOLJDFLyQGHOIDEULFDQWHLQVWDODUHOKRUQR6LVHUHTXLHUHOD

D\XGD GHO IDEULFDQWH SDUD VXEVDQDU IDOORV GHULYDGRV GH XQD

LQVWDODFLyQLQFRUUHFWDGLFKDDVLVWHQFLDQRODFXEULUiODJDUDQWtD

+DQGHVHJXLUVHDUDMDWDEODODVLQVWUXFFLRQHVGHLQVWDODFLyQSDUD

SHUVRQDOFXDOLILFDGR8QDLQVWDODFLyQLQFRUUHFWDSXHGHSURYRFDU

GDxRVSHUVRQDOHVPDWHULDOHVRHQDQLPDOHV(OIDEULFDQWHQRVH

KDFHUHVSRQVDEOHGHHVRVSRVLEOHVGDxRV

/DFRFLQDHQODTXHVHYD\DDLQVWDODUHOKRUQRWLHQHTXHHVWDU

KHFKDGHXQPDWHULDOUHVLVWHQWHDWHPSHUDWXUDVGHDOPHQRV&

(OKRUQRVHSXHGHFRORFDUHQFLPDHQXQDFROXPQDRGHEDMRGH

XQDHQFLPHUD

$QWHVGHILMDUHOKRUQRKD\TXHDVHJXUDUXQDEXHQDYHQWLODFLyQHQ

HOKXHFRGRQGHVHYD\DDFRORFDU\TXHHODLUHQHFHVDULRSDUD

HQIULDU \ SURWHJHU ODV SLH]DV LQWHUQDV FLUFXOD VLQ SUREOHPD

5HDOL]DUODVDSHUWXUDVHVSHFLILFDGDVHQOD~OWLPDSiJLQDVHJ~QHO

WLSRGHDOWXUD

&21(;,Ï1(/e&75,&$

/$ &21(;,Ï1 (/e&75,&$ +$ '( 5($/,=$5/$ 81

&2175$7,67$$352%$'22 817e&1,&2 &21

)250$&,Ï16,0,/$5

/DLQVWDODFLyQDODTXHYDDFRQHFWDUVHHOKRUQRWLHQHTXHFXPSOLU

ORVHVWiQGDUHVYLJHQWHVHQHOSDtVGHLQVWDODFLyQ

(OIDEULFDQWHQRDVXPHUHVSRQVDELOLGDGDOJXQDVLQRVHFXPSOHOD

SUHVHQWHHVWDGLVSRVLFLyQ

/DFRQH[LyQDODUHGGHEHWHQHUWRPDGHWLHUUDRXQFRUWDFLUFXLWRV

PXOWLSRODUFRPRFRUUHVSRQGDDOSDtVGHLQVWDODFLyQ

/DLQVWDODFLyQWLHQHTXHGLVSRQHUGHORVIXVLEOHVFRUUHVSRQGLHQWHV

\ORVFDEOHVKDQGHWHQHUXQFUXFHGHVHFFLyQGHODUJRVXILFLHQWH

FRPRSDUDDOLPHQWDUHOpFWULFDPHQWHHOKRUQR

&21(;,Ï1

(O KRUQR HVWi GLVHxDGR SDUD XQD FRQH[LyQ H[FOXVLYD GH 

YROWLRV$&HQODVIDVHVRHQODIDVH\HOQHXWUR

/DFRQH[LyQWLHQHTXHKDFHUVHFRPSUREDQGRSULPHUR

HOYROWDMHLQGLFDGR

ODFRQILJXUDFLyQGHOFRUWDFLUFXLWRV

(OFDEOHFRUUHVSRQGLHQWHDODWRPDGHWLHUUDDPDULOORYHUGHGHO

KRUQRWLHQHTXHFRQHFWDUVHDODWRPDGHWLHUUDGHODLQVWDODFLyQ

$WHQFLyQ

$QWHV GH OD FRQH[LyQ HO HOHFWULFLVWD WLHQH TXH FRPSUREDU OD

FRQWLQXLGDGGHWLHUUDGHODLQVWDODFLyQ

(OIDEULFDQWHQRVHUHVSRQVDELOL]DGHLQFLGHQWHRFRQVHFXHQFLDV

GHO PLVPR TXH SXHGDQ GHULYDUVH GHO XVR GH KRUQRV TXH QR

WHQJDQWRPD GHWLHUUD R FRQHFWDGRVD XQDWRPD GH WLHUUDFRQ

FRQWLQXLGDGGHIHFWXRVD

1%5HFRUGDUTXHHOKRUQRSXHGHQHFHVLWDUHOVHUYLFLRGHDWHQFLyQ

DOFOLHQWH7DPELpQHVLPSRUWDQWHTXHHOHQFKXIHHVWpXELFDGRHQ

XQVLWLRDFFHVLEOHSDUDFRQHFWDUHOKRUQRXQDYH]TXHpVWHHVWp

FRORFDGR

&DEOHHOpFWULFR6LKD\TXHFDPELDUHOFDEOHHOpFWULFRFRQWDFWDU

FRQHOVHUYLFLRGHDWHQFLyQDOFOLHQWHRFRQDOJXLHQGHFXDOLGDGHV

VLPLODUHV

5(&20(1'$&,21(6

8QD OLPSLH]D PtQLPD GHVSXpV GH XWLOL]DU HO KRUQR D\XGDUi D

PDQWHQHUOROLPSLRGXUDQWHPiVWLHPSR

1RIRUUDUODVSDUHGHVGHOKRUQRFRQDOXPLQLRXRWUDVSURWHFFLRQHV

GLVSRQLEOHVHQWLHQGDV(ODOXPLQLRRORVSURWHFWRUHVHQFRQWDFWR

GLUHFWRFRQHOHVPDOWHFDOLHQWHSXHGHGHUUHWLUVH\GHWHULRUDUHO

HVPDOWHGHOLQWHULRU

3DUDHYLWDUXQH[FHVRGHVXFLHGDGHQHOKRUQR\TXHSXHGHQ

GHULYDUHQRORUHV\KXPRHQH[FHVRUHFRPHQGDPRVQRXWLOL]DUHO

KRUQRDWHPSHUDWXUDVPX\HOHYDGDV(VPHMRUDPSOLDUHOWLHPSR

GHFRFFLyQ\EDMDUXQSRFRODWHPSHUDWXUD

3ODFDGHLGHQWLILFDFLyQ

$GHPiVGHORVDFFHVRULRV

SURSRUFLRQDGRV FRQ HO

KRUQR VXJHULPRV XWLOL]DU

VyOR UHFLSLHQWHV \ PROGHV

UHVLVWHQWHVDWHPSHUDWXUDV

PX\HOHYDGDV

$'9(57(1&,$6*(1(5$/(6

/HHUODVLQVWUXFFLRQHVGHWDOODGDPHQWHSDUDVDFDUHOPHMRUSDUWLGRGHOKRUQR5HFRPHQGDPRVFRQVHUYDUODVLQVWUXFFLRQHVGHLQVWDODFLyQ\

XWLOL]DFLyQSDUDIXWXUDVFRQVXOWDV$QWHVGHLQVWDODUHOKRUQRDQRWHHOQ~PHURGHVHULHSRUVLQHFHVLWDVHFRQWDFWDUFRQHOVHUYLFLRGHDWHQFLyQDO

FOLHQWH

8QDYH]GHVHPEDODGRHOKRUQRDVHJXUDUVHGHTXHQRHVWiGDxDGR(QFDVRGHWHQHUGXGDVQRXWLOL]DU&RQWDFWDUFRQXQDSHUVRQDFXDOLILFDGD

&RQVHUYDUHOHPEDODMHEROVDVGHSOiVWLFRSROLHWLOHQRRFODYRVIXHUDGHODOFDQFHGHORVQLxRV\DTXHSXHGHVHUSHOLJURVRSDUDHOORV

/DFRPSDxtDQRVHKDUiUHVSRQVDEOHHQFDVRGHQRFXPSOLUODVLQVWUXFFLRQHVLQGLFDGDVHQHVWHGRFXPHQWR

$17(1&,Ï1/DVIXQFLRQHVSURSLHGDGHVRDFFHVRULRVGHOKRUQRPHQFLRQDGDVHQHVWHPDQXDOSXHGHQYDULDUGHSHQGLHQGRGHOPRGHORGH

KRUQR

(6

La pagina si sta caricando...

Candy FCP605X Manuale utente

Marca: Candy

Modello: FCP605X

Tipo: Manuale utente

Scarica PDF

rapporto

Candy FCP605X Manuale utente

Candy FCP605X Manuale utente

Documenti correlati

Altri documenti