Panasonic NRBN34AW2 Istruzioni per l'uso

Tipo
Istruzioni per l'uso

Questo manuale è adatto anche per

2SHUDWLQJ,QVWUXFWLRQV
5HIULJHUDWRU)UHH]HU
+RXVHKROGXVH
0RGHO1R
15%1$;

15%1$:
,WDOLDQR (VSDxRO 6YHQVND 1RUVN
,WDOLDQR 
/DULQJUD]LDPRSHUDYHUDFTXLVWDWRTXHVWRSURGRWWR3DQDVRQLF
/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLSULPDGLXVDUHLOSURGRWWR
&RQVHUYDUHLOSUHVHQWHPDQXDOHSHUFRQVXOWD]LRQLIXWXUH
/HLVWUX]LRQLSHUO¶LQVWDOOD]LRQHVRQRLQFOXVH
(VSDxRO 
0XFKtVLPDVJUDFLDVSRUKDEHUDGTXLULGRHVWHSURGXFWRGH
3DQDVRQLF
/HDDWHQWDPHQWHHVWDVLQVWUXFFLRQHVDQWHVGHXVDUHVWH
SURGXFWR*XDUGHHVWHPDQXDOSDUDSRGHUFRQVXOWDUORHQHO
IXWXUR6HLQFOX\HQLQVWUXFFLRQHVSDUDODLQVWDODFLyQ
6YHQVND 
*UDWXOHUDUWLOOGLWWLQN|SDYGHQQD3DQDVRQLFSURGXNW
/lVQRJJUDQWLJHQRPGHQQDEUXNVDQYLVQLQJI|UH
DQYlQGQLQJHQ6SDUDGHQQDEUXNVDQYLVQLQJI|UIUDPWLGDEUXN
$QYLVQLQJDURPLQVWDOODWLRQHQlULQNOXGHUDGH
1RUVN 
7DNNIRUDWGXYDOJWHnNM¡SHGHWWHSURGXNWHWIUD3DQDVRQLF
/HVGLVVHLQVWUXNVMRQHQHQ¡\HI¡UGXEUXNHUSURGXNWHW
7DYDUHSnGHQQHKnQGERNHQLWLOIHOOHGXInUEUXNIRUGHQ
VHQHUH
,QVWUXNVMRQHUIRULQVWDOODVMRQPHGI¡OJHU
,QGLFH
6LJQLÀFDWRGHLVLPEROL
1RQHVHJXLUHTXHVWDRSHUD]LRQH
,QGLFDFKHO¶DSSDUHFFKLRGHYHHVVHUHSURYYLVWRGL
PHVVDDWHUUDSHUHYLWDUHVFRVVHHOHWWULFKH
(VHJXLUHVHPSUHTXHVWDRSHUD]LRQH 1RQVPRQWDUH
$99(57(1=(
,QGLFDLOULVFKLRGLLQIRUWXQLJUDYLRPRUWH
/¶DSSDUHFFKLRQRQqGHVWLQDWRDGHVVHUHXWLOL]]DWRGDEDPELQLDOGL
VRWWRGHJOLDQQLGLHWjHGDSHUVRQHFRQFDSDFLWj¿VLFKHVHQVRULDOL
RPHQWDOLULGRWWHRFRQHVSHULHQ]DHFRPSHWHQ]HLQVXI¿FLHQWL
VHQRQGLHWURVRUYHJOLDQ]DHLVWUXLWLLQPHULWRDXQXWLOL]]RVLFXUR
GHOO¶DSSDUHFFKLRHFRQVFLGHLSRVVLELOLSHULFROL,EDPELQLQRQGHYRQR
JLRFDUHFRQO¶DSSDUHFFKLR/HRSHUD]LRQLGLSXOL]LDHPDQXWHQ]LRQH
QRQGHYRQRHVVHUHVYROWHGDEDPELQLVHQ]DVXSHUYLVLRQH
1RQFRQVHUYDUHVRVWDQ]HHVSORVLYHTXDOLERPEROHWWHSHUDHURVRO
FRQSURSHOOHQWHLQÀDPPDELOHLQTXHVWRHOHWWURGRPHVWLFR
/HVRVWDQ]HLQ¿DPPDELOLFRPHLOEHQ]HQHLVROYHQWLO¶DOFROO¶HWHUH
HLOJDVGLSHWUROLROLTXHIDWWR*3/SRVVRQRFDXVDUHHVSORVLRQL
1RQXWLOL]]DUHDGDWWDWRULSHUSUHVDPXOWLSOLHQRQFROOHJDUHSLDSSDUHFFKLDOORVWHVVRDGDWWDWRUHSHUSUHVD
 ,QFDVRFRQWUDULRSRVVRQRYHUL¿FDUVLVXUULVFDOGDPHQWRLQFHQGLRFRUWRFLUFXLWL
1RQVWULQJHUHDQQRGDUHRSLHJDUHLOFDYRGLDOLPHQWD]LRQHHQRQDSSRJJLDUYLRJJHWWLSHVDQWL
 4XHVWHRSHUD]LRQLDXPHQWDQRLOULVFKLRGLLQFHQGLRVFRVVHHOHWWULFKH6HLOFDYRGLDOLPHQWD]LRQHRODVSLQDVRQR
GDQQHJJLDWLIDUOLVRVWLWXLUHGDOSURGXWWRUHGDXQUDSSUHVHQWDQWHDXWRUL]]DWRRGDXQWHFQLFRTXDOL¿FDWRSHUHYLWDUHSHULFROL
1RQVFROOHJDUHLOIULJRULIHURWLUDQGRLOFDYRGLDOLPHQWD]LRQH
 4XHVWDRSHUD]LRQHSXzGDQQHJJLDUHLOFDYRGLDOLPHQWD]LRQH,PSXJQDUHVHPSUHODVSLQDHGHVWUDUODFRQGHFLVLRQH
GDOODSUHVDHOHWWULFD
1RQDSSRJJLDUHFRQWHQLWRULG·DFTXDVXOIULJRULIHUR
 /¶DFTXDSXzGDQQHJJLDUHO¶LVRODPHQWRGHLFRPSRQHQWLHOHWWULFLHFDXVDUHFRUWRFLUFXLWLLQFHQGLRVFRVVHHOHWWULFKH
1RQVSUX]]DUHJDVLQÀDPPDELOLYLFLQRDOIULJRULIHUR
 &LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
1RQVSUX]]DUHDFTXDDOO·LQWHUQRRDOO·HVWHUQRGHOIULJRULIHUR
 ,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQFHQGLRVFRVVHHOHWWULFKH
1RQWRFFDUHODVSLQDGLDOLPHQWD]LRQHFRQOHPDQLEDJQDWH
 ,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLVFRVVHHOHWWULFKH
,VWUX]LRQLGLVLFXUH]]D
5LVSHWWRGHOO·DPELHQWH
,QVWDOOD]LRQH
3DUWL
3DQQHOORFRPDQGL
,PSRVWD]LRQHGHOODWHPSHUDWXUD
8VRGHOOHIXQ]LRQLXWLOL
&RQWUROORXPLGLWjGHOORVFRPSDUWRSHUIUXWWDHYHUGXUD

3URGX]LRQHGLFXEHWWLGLJKLDFFLR
5LPR]LRQHHLQVWDOOD]LRQHGHLULSLDQL
,VWUX]LRQLSHUODFXUDHODSXOL]LD
'RPDQGLIUHTXHQWL
6SHFLÀFKHWHFQLFKH
,VWUX]LRQLGLVLFXUH]]D
,WDOLDQR
,VWUX]LRQLGLVLFXUH]]DFRQWLQXD
1RQLQVWDOODUHLOIULJRULIHURLQOXRJKLXPLGLRGRYHSRVVDHQWUDUHDFRQWDWWRFRQO·DFTXD
 6HO¶LVRODPHQWRGHOOHSDUWLHOHWWULFKHqGHWHULRUDWRSRVVRQRYHUL¿FDUVLFRUWRFLUFXLWLVFRVVHHOHWWULFKHRLQFHQGL
1RQFRQVHUYDUHSURGRWWLIDUPDFHXWLFLRVHQVLELOLDOODWHPSHUDWXUDQHOIULJRULIHUR
 ,SURGRWWLFKHULFKLHGRQRXQDWWHQWRFRQWUROORGHOODWHPSHUDWXUDQRQGHYRQRHVVHUHFRQVHUYDWLLQIULJRULIHUR
1RQSHUPHWWHUHDLEDPELQLGLDUUDPSLFDUVLGRQGRODUVLRDSSHQGHUVLDOODSRUWDGHOIULJRULIHUR
 ,QFDVRFRQWUDULRSRVVRQRYHUL¿FDUVLLQIRUWXQLJUDYLHGDQQLDOIULJRULIHUR
1RQXWLOL]]DUHLOIULJRULIHURLQSUHVHQ]DGLIXPLHVSORVLYLRJDVLQÀDPPDELOL
 &LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
1RQFRQVHUYDUHEHQ]LQDRDOWULYDSRULHOLTXLGLLQÀDPPDELOLQHOIULJRULIHURHQRQXWLOL]]DUOLLQSURVVLPLWjGHOO·DSSDUHFFKLR
 &LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
$99(57(1=(
1RQXWLOL]]DUHGLVSRVLWLYLPHFFDQLFLRVWUXPHQWLGLYHUVLGD
TXHOOLFRQVLJOLDWLGDOSURGXWWRUHSHUDFFHOHUDUHORVEULQDPHQWR
7DOLRSHUD]LRQLSRWUHEEHURGDQQHJJLDUHO¶LQWHUQRGHO
IULJRULIHURRFDXVDUHHVSORVLRQL
$99(57(1=(
$OO·LQWHUQRGHJOLVFRPSDUWLSHUODFRQVHUYD]LRQHGHJOL
DOLPHQWLQRQXVDUHDSSDUHFFKLHOHWWULFLGLYHUVLGDTXHOOL
GHOWLSRFRQVLJOLDWRGDOSURGXWWRUH
&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
$99(57(1=(
1RQGDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWH
&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
$99(57(1=(
1RQDSULUHLOFRSHUFKLRGHO/('GLLOOXPLQD]LRQH
GHOO·LQWHUQRGHOIULJRULIHUR
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLVFRVVHHOHWWULFKH
6HLO/('GLLOOXPLQD]LRQHQRQIXQ]LRQDFRUUHWWDPHQWH
IDUORVRVWLWXLUHGDOSURGXWWRUHGDXQUDSSUHVHQWDQWH
DXWRUL]]DWRRGDXQWHFQLFRTXDOL¿FDWRSHUHYLWDUHSHULFROL
1RQSURYDUHDVPRQWDUHULSDUDUHRPRGLÀFDUHGDVROLLOIULJRULIHUR
 7DOLRSHUD]LRQLSRVVRQRSURYRFDUHLQIRUWXQLXVWLRQLHVFRVVHHOHWWULFKHDVpVWHVVLRDGDOWUHSHUVRQHHGDQQHJJLDUHLO
IULJRULIHUR6HO¶DSSDUHFFKLRQHFHVVLWDGLPRGL¿FKHRULSDUD]LRQLFRQVXOWDUHXQFHQWURDVVLVWHQ]DDXWRUL]]DWR
9HULÀFDUHFKHLOIULJRULIHURVLDFROOHJDWRDXQDSUHVDHOHWWULFDGRWDWDGLPHVVDDWHUUD121FROOHJDUORDXQD
SUHVDHOHWWULFDSULYDGLPHVVDDWHUUD
 8QFRUWRFLUFXLWRSRWUHEEHFDXVDUHODVFRVVDHOHWWULFD
9HULÀFDUHFKHODVSLQDHLOFDYRGLDOLPHQWD]LRQHQRQ
VLDQRVFKLDFFLDWLRGDQQHJJLDWL
8QFDYRGLDOLPHQWD]LRQHRXQDVSLQDGDQQHJJLDWL
SRVVRQRFDXVDUHFRUWRFLUFXLWLLQFHQGLRVFRVVHHOHWWULFKH

6HLOFDYRGLDOLPHQWD]LRQHqGDQQHJJLDWRIDUORVRVWLWXLUH
GDOSURGXWWRUHGDXQUDSSUHVHQWDQWHDXWRUL]]DWRRGDXQ
WHFQLFRTXDOL¿FDWRSHUHYLWDUHSHULFROL
1RQWHQWDUHGLVRVWLWXLUORGDVROL
5LPXRYHUHHYHQWXDOHVSRUFL]LDRSROYHUHGDJOLVSLQRWWLGLDOLPHQWD]LRQHSULPDGLFROOHJDUHO·DSSDUHFFKLRDOODSUHVDHOHWWULFD
 *OLDFFXPXOLGLSROYHUHVXOODVSLQDSRVVRQRLPSHGLUHO¶LVRODPHQWRVRSUDWWXWWRLQFRQGL]LRQLGLXPLGLWj,QFDVR
FRQWUDULRSRWUHEEHURYHUL¿FDUVLFRUWRFLUFXLWLLQFHQGLRVFRVVHHOHWWULFKH6FROOHJDUHLOFDYRGLDOLPHQWD]LRQHHSXOLUOR
FRQXQSDQQRDVFLXWWR1RQXVDUHPDLXQSDQQREDJQDWRRXPLGR
&ROOHJDUHO·DSSDUHFFKLRDOODSUHVDHOHWWULFDYHULÀFDQGRFKHLOFROOHJDPHQWRVLDVLFXUR
 8QDVSLQDGLDOLPHQWD]LRQHFROOHJDWDVFRUUHWWDPHQWHSXzFDXVDUHLQFHQGLRVFRVVHHOHWWULFKH
,QVWDOODUHLOIULJRULIHURLQXQ·DUHDEHQYHQWLODWD
 $XQTXDQWLWDWLYRPDJJLRUHGLUHIULJHUDQWHQHOO¶DSSDUHFFKLRGHYHFRUULVSRQGHUHXQRVSD]LRSLDPSLRLQFXLFROORFDUHLOIULJRULIHUR,Q
FDVRGLSHUGLWHGLUHIULJHUDQWHHVHO¶DSSDUHFFKLRVLWURYDLQXQRVSD]LRULVWUHWWRO¶DFFXPXORGLJDVFRPEXVWLELOLSRWUHEEHYHUL¿FDUVLFRQ
PDJJLRUHSUREDELOLWj&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL'LQRUPDSHURJQL
JGLUHIULJHUDQWHqQHFHVVDULRDOPHQRPHWURFXERGL
VSD]LRQHOORFDOH,OTXDQWLWDWLYRGLUHIULJHUDQWHFRQWHQXWRQHOO¶DSSDUHFFKLRqLQGLFDWRVXOODWDUJKHWWDGHLGDWLFKHVLWURYDDOVXRLQWHUQR
,OUHIULJHUDQWHXWLOL]]DWRQHOIULJRULIHUR5DHLJDVGHOPDWHULDOHLVRODQWHFLFORSHQWDQRVRQRLQÀDPPDELOLH
ULFKLHGRQRSURFHGXUHGLVPDOWLPHQWRVSHFLDOL
 3ULPDGLVPDOWLUHO¶DSSDUHFFKLRYHUL¿FDUHFKHLWXELVXOUHWURQRQVLDQRGDQQHJJLDWL(YHQWXDOLSHUGLWHGLUHIULJHUDQWHR
JDVSRVVRQRFDXVDUHLQFHQGLRHVSORVLRQL
6FROOHJDUHLOIULJRULIHURSULPDGHOODSXOL]LDHGHOODPDQXWHQ]LRQH
 ,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLVFRVVHHOHWWULFKH
6HVLDYYHUWHRGRUHGLEUXFLDWRRLOIULJRULIHURHPHWWHIXPRVFROOHJDUHLPPHGLDWDPHQWHODVSLQDGLDOLPHQWD]LRQH
HFRQVXOWDUHXQFHQWURDVVLVWHQ]DDXWRUL]]DWR
 ,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQFHQGLRVFRVVHHOHWWULFKH
$99(57(1=(
0DQWHQHUHOHDSHUWXUHGLYHQWLOD]LRQHGHOODVXSHUÀFLH
HVWHUQDRGHOODVWUXWWXUDLQWHUQDGHOO·DSSDUHFFKLRSULYH
GLRVWUX]LRQL
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQFHQGLRHVSORVLRQL
SHUFKpLOUHIULJHUDQWHQRQVLSXzGLVSHUGHUHLQFDVRGL
SHUGLWH
$77(1=,21(
,QGLFDLOULVFKLRGLOHVLRQLRGDQQLDRJJHWWL
1RQLQVHULUHERWWLJOLHRFRQWHQLWRULGLYHWURQHOFRQJHODWRUH
 6HLOFRQWHQXWRFRQJHODLOYHWURSRWUHEEHURPSHUVLSURYRFDQGROHVLRQL
1RQWRFFDUHOHSDUHWLLQWHUQHGHOFRQJHODWRUHRJOLDOLPHQWLDOVXRLQWHUQRFRQOHPDQLEDJQDWH
 /DSHOOHSRWUHEEHFRQJHODUVLHDGHULUHDOOHSDUHWLLQWHUQHRDJOLDOLPHQWL
,QFDVRGLLQWHUUX]LRQHGHOODFRUUHQWHQRQDSULUHIUHTXHQWHPHQWHLOIULJRULIHURHQRQ
LQVHULUYLQXRYLDOLPHQWL
 &LzSXzSURYRFDUHO¶LQQDO]DPHQWRGHOODWHPSHUDWXUDQHOIULJRULIHURSUHJLXGLFDQGRQHO¶LJLHQH
,QROWUHSUHVWDUHDWWHQ]LRQHDOORVSD]LRWUDOHSRUWHGHOIULJRULIHURHGHOFRQJHODWRUH
VRSUDWWXWWRVHYHQJRQRDSHUWHFRQWHPSRUDQHDPHQWH
 ,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQIRUWXQL
$SUHQGRLOIULJRULIHURSUHVWDUHDWWHQ]LRQHDQRQVFKLDFFLDUVLOHGLWDQHLSXQWLFKH
SRVVRQRSURYRFDUHOHVLRQLGDFRPSUHVVLRQH,QSDUWLFRODUHDSUHQGRODSRUWDGHO
IULJRULIHURSUHVWDUHDWWHQ]LRQHDOSRWHQ]LDOHSXQWRGLFRPSUHVVLRQHWUDOHSRUWHGHO
IULJRULIHURHGHOFRQJHODWRUH
 ,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQIRUWXQL
3RWHQ]LDOLSXQWLGLFRPSUHVVLRQH
,VWUX]LRQLGLVLFXUH]]DFRQWLQXD
,WDOLDQR
5LVSHWWRGHOO·DPELHQWH
6PDOWLPHQWRGHOPDWHULDOHGLFRQIH]LRQDPHQWR
5LFLFODUHWXWWRLOPDWHULDOHSRVVLELOHDGHVFDUWRQHEXVWHGLSODVWLFDQDVWURDGHVLYRHSROLVWLURORH
DFFHUWDUVLGLVPDOWLUHLQPRGRVLFXURLOUHVWRGHOPDWHULDOHGLFRQIH]LRQDPHQWR
7HQHUHLOPDWHULDOHGLFRQIH]LRQDPHQWRORQWDQRGDOODSRUWDWDGLQHRQDWLHEDPELQLSHUHYLWDUHLQIRUWXQLRVRIIRFDPHQWR
6PDOWLPHQWRGLYHFFKLHDSSDUHFFKLDWXUH
6RORSHU8QLRQH(XURSHDH1D]LRQLFRQVLVWHPLGLUDFFROWD
HVPDOWLPHQWR
4XHVWRVLPERORVXLSURGRWWLVXOO¶LPEDOODJJLRHRVXOOHGRFXPHQWD]LRQL
RPDQXDOLDFFRPSDJQDQWLLSURGRWWLLQGLFDFKHLSURGRWWLHOHWWULFL
HOHWWURQLFLQRQGHYRQRHVVHUHEXWWDWLQHLUL¿XWLGRPHVWLFLJHQHULFL
3HUXQWUDWWDPHQWRDGHJXDWRUHFXSHURHULFLFODJJLRGLYHFFKL
SURGRWWLYLLQYLWLDPRDSRUWDUOLQHJOLDSSRVLWLSXQWLGLUDFFROWD
VHFRQGRODOHJLVOD]LRQHYLJHQWHQHOYRVWURSDHVH
&RQXQRVPDOWLPHQWRFRUUHWWRFRQWULEXLUHWHDVDOYDUH
LPSRUWDQWLULVRUVHHDGHYLWDUHLSRWHQ]LDOLHIIHWWLQHJDWLYLVXOOD
VDOXWHXPDQDHVXOO¶DPELHQWH
3HUXOWHULRULLQIRUPD]LRQLVXUDFFROWDHULFLFODJJLRYLLQYLWLDPR
DFRQWDWWDUHLOYRVWURFRPXQH
/RVPDOWLPHQWRQRQFRUUHWWRGLTXHVWLUL¿XWLSRWUHEEH
FRPSRUWDUHVDQ]LRQLLQDFFRUGRFRQODOHJLVOD]LRQHQD]LRQDOH
3HUJOLXWHQWLD]LHQGDOLQHOO·8QLRQH(XURSHD
4XDORUDVLGHVLGHULVPDOWLUHDSSDUHFFKLDWXUHHOHWWULFKHHG
HOHWWURQLFKHFRQWDWWDUHLOSURSULRULYHQGLWRUHRIRUQLWRUHSHU
XOWHULRULLQIRUPD]LRQL
,QIRUPD]LRQLVXOORVPDOWLPHQWRLQSDHVLDOGLIXRUL
GHOO·8QLRQH(XURSHD
4XHVWRVLPERORqYDOLGRVRORQHOO¶8QLRQH(XURSHD
4XDORUDVLGHVLGHULVPDOWLUHTXHVWRSURGRWWRFRQWDWWDUHOH
DXWRULWjORFDOLRLOULYHQGLWRUHHFKLHGHUHLQIRUPD]LRQLVXO
PHWRGRFRUUHWWRGLVPDOWLPHQWR
3ULPDGLVPDOWLUHLOYHFFKLRDSSDUHFFKLR
6HJXLUHOHLVWUX]LRQLSHUORVPDOWLPHQWRIRUQLWHGDOSURGXWWRUHGHOYHFFKLRDSSDUHFFKLRROHQRUPDWLYHORFDOL
SHUORVPDOWLPHQWRGHJOLHOHWWURGRPHVWLFL6HQRQGLVSRQLELOLVHJXLUHLWUHSDVVDJJLLOOXVWUDWLGLVHJXLWR
 5LPXRYHUHODVSLQDGDOODSUHVDHOHWWULFD
 7DJOLDUHLOFDYRGLDOLPHQWD]LRQHHVPDOWLUORFRUUHWWDPHQWHFRQODVSLQDDWWDFFDWD
 )LQRDOODUDFFROWDGHOYHFFKLRDSSDUHFFKLRRDOODFRQVHJQDSUHVVRXQFHQWURGLUHFXSHURWHQHUH
O¶DSSDUHFFKLRORQWDQRGDOODSRUWDWDGHLEDPELQL
Ɣ5LPXRYHUHWXWWLLVLJLOOLGDOODSRUWDHODVFLDUHWXWWLLULSLDQLHLFDVVHWWLLQSRVL]LRQH
 ,QTXHVWRPRGRLEDPELQLKDQQRPHQRSUREDELOLWjGLDUUDPSLFDUVLDOO¶LQWHUQRHUHVWDUHLQWUDSSRODWL
,QVWDOOD]LRQH
4XHVWRSDUDJUDIRIRUQLVFHVSLHJD]LRQLVXFRPHLQVWDOODUHO¶DSSDUHFFKLRLQPRGRGDULGXUUHLOUXPRUHHRWWHQHUHXQ
IXQ]LRQDPHQWRDGHQHUJLDRWWLPL]]DWD
'LPHQVLRQL
/DUJKH]]D[3URIRQGLWj[$OWH]]DPP
$SHUWXUDGHOOHFRQIH]LRQHGHOO·DSSDUHFFKLR
5LPXRYHUHWXWWHOHSURWH]LRQLHLOQDVWURDGHVLYRGDOODFRQIH]LRQH
GHOO¶DSSDUHFFKLR
6FHJOLHUHLOOXRJRJLXVWRLQFXLSRVL]LRQDUOR
9HQWLOD]LRQH
3RLFKpGXUDQWHLOIXQ]LRQDPHQWRO¶DSSDUHFFKLRGLVSHUGHFDORUHq
RSSRUWXQRLQVWDOODUORLQXQDVWDQ]DDVFLXWWDHEHQYHQWLODWDFRQXQR
VSD]LRVXI¿FLHQWHQHOODSDUWHVXSHULRUHHSRVWHULRUHGHOO¶DSSDUHFFKLR
VWHVVRFRPHPRVWUDWRQHOOD¿JXUD
/RVSD]LRGLDSHUWXUDGRYUHEEHHVVHUHPDJJLRUHVHVLSHUFHSLVFRQR
UXPRULGDYLEUD]LRQH
7XWWDYLDVHqSUHVHQWHXQDSDUHWHODWHUDOPHQWHDOIULJRULIHURq
QHFHVVDULRXQRVSD]LRGLDOPHQRPPVXOODWRGHOODFHUQLHUD
DI¿QFKpORVSRUWHOORSRVVDDSULUVLDOPHQRD
7HPSHUDWXUD
/DWHPSHUDWXUDGHOO¶DPELHQWHLQÀXLVFHVXOFRQVXPRGLHQHUJLDHVXOOH
SUHVWD]LRQLGHOIULJRULIHURDGHVVXOODTXDQWLWjGLHOHWWULFLWjXWLOL]]DWD
SHUUDIIUHGGDUHRFRQJHODUHJOLDOLPHQWL
3HURWWHQHUHLULVXOWDWLPLJOLRULO¶DSSDUHFFKLRQRQGHYHSHUWDQWR
Ɣ HVVHUHHVSRVWRGLUHWWDPHQWHDOODOXFHGHOVROH
Ɣ HVVHUHLQVWDOODWRYLFLQRDUDGLDWRULIRUQHOOLRDOWUHIRQWLGLFDORUH
Ɣ HVVHUH LQVWDOODWR LQ XQ OXRJR LQ FXL OD WHPSHUDWXUD DPELHQWH QRQ
FRUULVSRQGDDOODFODVVL¿FD]LRQHFOLPDWLFDSHUODTXDOHO¶DSSDUHFFKLR
qVWDWRSURJHWWDWR3HUODFODVVL¿FD]LRQHFOLPDWLFDGHOO¶DSSDUHFFKLR
IDUHULIHULPHQWRDOSDUDJUDIRVXOOH6SHFL¿FKHWHFQLFKH
Ɣ 7HPSHUDWXUHHVWUHPHRFRQGL]LRQLDPELHQWDOLSRWUHEEHUR
FRPSURPHWWHUQHOHSUHVWD]LRQL
*OLDOLPHQWLFRQVHUYDWLSRWUHEEHURGHWHULRUDUVL
/LYHOOR
'RSRDYHUSRVL]LRQDWRDWWHQWDPHQWHO¶DSSDUHFFKLRLQPRGRGDQRQ
GDQQHJJLDUHLOSDYLPHQWRLQVWDOODUHVXXQSDYLPHQWRDOLYHOORH
VXI¿FLHQWHPHQWHUHVLVWHQWHSHUVXSSRUWDUHXQIULJRULIHURDOODVXD
PDVVLPDFDSLHQ]D
/LYHOODUHOHLUUHJRODULWjGHOSDYLPHQWRUHJRODQGRFRQLOFDFFLDYLWHLGXH
SLHGLQLDQWHULRULGHOIULJRULIHURFRPHPRVWUDWRQHOOD¿JXUD
&LzHYLWHUjYLEUD]LRQLHUXPRUH
6HO¶DSSDUHFFKLRGHYHHVVHUHSRVL]LRQDWRVXOODPRTXHWWHRVXXQ
SDYLPHQWRLQYLQLOHVLVWHPDUHXQDWDYRODVROLGDVXTXHVWLXOWLPLSULPD
GLSURFHGHUHDOO¶LQVWDOOD]LRQHGHOIULJRULIHUR&LzHYLWHUjVFRORULPHQWLGHO
SDYLPHQWRGRYXWLDOFDORUHHPHVVRGDOO¶DSSDUHFFKLR
3RUWDGHOIULJRULIHUR
/DSRVL]LRQHGHLFDUGLQLGHOODSRUWDGHOIULJRULIHURSXzHVVHUHLQYHUWLWD
GDGHVWUDDVLQLVWUDLQPRGRFKHOHSRUWHGLDSUDQRQHOODGLUH]LRQH
RSSRVWD6HWDOHPRGL¿FDIRVVHSLDGDWWDDOOHHVLJHQ]HGHOO¶DPELHQWH
LQFXLYHUUjSRVL]LRQDWRO¶DSSDUHFFKLRFRQWDWWDUHLOQRVWURFHQWUR
DVVLVWHQ]DLQGLFDWRQHOO¶RSXVFRORDOOHJDWRRYLVLWDUHLOQRVWURVLWRZHE
KWWSZZZSDQDVRQLFFRP
1RQFLDVVXPLDPRDOFXQDUHVSRQVDELOLWjQHOFDVRLQFXLLFDUGLQLYHQJDQR
LQYHUWLWLSHUVRQDOPHQWHGDOO¶XWHQWH
PPRSL
PP
RSL
PP
RSL
(QWUDPELLODWL
)LJXUD
)LJXUD
,WDOLDQR
,QVWDOOD]LRQHGHOOHJXLGHGLGLVWDQ]D
/¶DSSDUHFFKLRqGRWDWRGLGXHJXLGHGLVWDQ]LDWULFLFKHGHYRQR
HVVHUHLQVWDOODWHQHOODSDUWHLQIHULRUHGHOO¶DOORJJLDPHQWRSHUHYLWDUH
XQDHFFHVVLYDYLFLQDQ]DDOODSDUHWHÊDQFKHSRVVLELOHLQVWDOODUH
O¶DSSDUHFFKLRVHQ]DGLVWDQ]LDOLWXWWDYLDLOFRQVXPRHQHUJHWLFR
SRWUHEEHHVVHUHPDJJLRUH
,QVHULUHOHJXLGHGLGLVWDQ]DQHLIRULLQGLFDWLGDLFHUFKLQHOOD¿JXUD
OHJXLGHGLGLVWDQ]DVLWURYDQRQHOVDFFKHWWRFKHFRQWLHQHDQFKHLO
PDQXDOHHDOWULRJJHWWL
3XOL]LD
'RSRO¶LQVWDOOD]LRQHSXOLUHO¶DSSDUHFFKRFRQDFTXDFDOGD
&ROOHJDPHQWRGHOODVSLQDGLDOLPHQWD]LRQHDOODSUHVDHOHWWULFD
'RSRDYHUFROOHJDWRO¶DSSDUHFFKLRSHUXQDWWLPRDSSDULUDQQRWXWWLLVLPEROLHSRLLYDORULGLDYYLRDSSDULUDQQRFRPH&
VXOODVSLDGLLPSRVWD]LRQLGHOFRQJHODWRUHH&VXOODVSLDGLLPSRVWD]LRQLGHOIULJRULIHUR
7XWWLLWDVWLVXOSDQQHOORGLFRQWUROORVLDWWLYDQRFRQXQWRFFREDVWDSUHPHUHSHUDWWLYDUHLOSXOVDQWHFKHVLGHVLGHUDPHWWHUH
LQIXQ]LRQH
1RWH
 3HULOSURFHVVRGLUDIIUHGGDPHQWRSRWUHEEHURHVVHUHQHFHVVDULWHPSLSLOXQJKLGXUDQWHLPHVLHVWLYLRTXDQGROD
WHPSHUDWXUDDPELHQWHqSLHOHYDWD
 6HRFFRUUHVFROOHJDUHLOIULJRULIHURGDOODSUHVDHOHWWULFDDWWHQGHUHDOPHQRPLQXWLSULPDGLULFROOHJDUOR,QFDVR
FRQWUDULRLOFRPSUHVVRUHSRWUHEEHGDQQHJJLDUVL
 6HLOIULJRULIHURQRQGHYHHVVHUHXWLOL]]DWRSHUXQOXQJRSHULRGRVFROOHJDUORGDOODUHWHHOHWWULFD
7HPSHUDWXUDDPELHQWHGHOODVWDQ]D
/DFODVVHFOLPDWLFDqULSRUWDWDVXOODWDUJKHWWDGHLGDWLGLSRWHQ]DFKHVLWURYDQHOODWRVLQLVWURGHOFRPSDUWRIULJRULIHURQHOOD
WDUJKHWWDVRQRLQGLFDWHDQFKHOHWHPSHUDWXUHDPELHQWHLQEDVHDOOHTXDOLO¶DSSDUHFFKLRSXzIXQ]LRQDUH
&ODVVHFOLPDWLFD 7HPSHUDWXUDDPELHQWHFRQVHQWLWD
61 7HPSHUDWRSUROXQJDWR GD&D&
1 7HPSHUDWR GD&D&
67 6XEWURSLFDOH GD&D&
7 7URSLFDOH GD&D&
5LVSDUPLRHQHUJHWLFR
 ,QVWDOODUHLOIULJRULIHURLQXQDVWDQ]DDVFLXWWDIUHVFDHEHQYHQWLODWD)DUHULIHULPHQWRDOODSDJLQDSHUGLPHQVLRQLH
VSD]LR
 /DFRPELQD]LRQHGLFDVVHWWLHULSLDQLFKHULVXOWHUjPDJJLRULQYROXPHFRPSRUWHUjXQPLQRUHFRQVXPRHQHUJHWLFRGHO
IULJRULIHUR
 5LPXRYHUHLFDVVHWWLVXSHULRUHHFHQWUDOHGHOFRQJHODWRUH
 ,QVWDOODUHLFDVVHWWLHLULSLDQLDOO¶LQWHUQRGHOIULJRULIHURQHOOHSRVL]LRQLLOOXVWUDWHQHOSDUDJUDIR³3DUWL´3
 (YLWDUHGLULHPSLUHHFFHVVLYDPHQWHLOIULJRULIHURSHUFRQVHQWLUHXQDEXRQDFLUFROD]LRQHGHOO¶DULD
 $SULUHOHSRUWHVROWDQWRVHQHFHVVDULRHSHULOPLQRUWHPSRSRVVLELOH
 3XOLUHSHULRGLFDPHQWHOHDSHUWXUHGLYHQWLOD]LRQHDOODEDVHGHOIULJRULIHURFRQXQDVSLUDSROYHUHRDOWURVWUXPHQWRVLPLOH
 4XDQGRVLLPSRVWDQROHPRGDOLWj6XSHU)UHH]H)ODVK)UHH]HR6XSHU&RROLOFRQVXPRHQHUJHWLFRqPDJJLRUH
3DUWL
&RPSDUWRIULJRULIHUR
ËSRVVLELOHLPSRVWDUHODWHPSHUDWXUDLQ
XQLQWHUYDOORFRPSUHVRWUD&H&
&LERFRWWREHYDQGH
XRYDWRUWHSURGRWWL
FDVHDUL
6FRPSDUWRFRQJHODWRUH
ËSRVVLELOHLPSRVWDUHODWHPSHUDWXUD
LQXQLQWHUYDOORFRPSUHVRWUD&H
&
&DUQHSROODPH
SHVFHVXUJHODWL
JHODWR
1RWD
 ÊSRVVLELOHPRGL¿FDUHOHSRVL]LRQHGLLQVWDOOD]LRQHGHLULSLDQLGLYHWURHGHLULSLDQLGHOODSRUWD6LSUHJDWXWWDYLDGL
SUHVWDUHDWWHQ]LRQHLQTXDQWRDOLPHQWLHEHYDQGHFRQVHUYDWLSRVVRQRFDGHUHGXUDQWHO¶DSHUWXUDHODFKLXVXUDGHOODSRUWD
DVHFRQGDGHOOHSRVL]LRQLGHOULSLDQR
 'XUDQWHO¶DSHUWXUDGHOODSRUWDIDUHDWWHQ]LRQHDQRQVEDWWHUHDSHUVRQHRRJJHWWLQHOOHYLFLQDQ]H
 ,OSRUWDXRYD+qXWLOL]]DELOHDQFKHFRPHVWDPSR
SHUFXEHWWLGLJKLDFFLR
(
,
&
'
1
1
+
-
)
*
.
/
0
2
ÊSRVVLELOHUHJRODUHO¶DOWH]]DGHLULSLDQL,VHFRQGR
OHSURSULHSUHIHUHQ]HHVHQ]DELVRJQRGLHVWUDUOL
GDOO¶DSSDUHFFKLDWXUD7LUDUHYHUVRGLVpOHGXHOHYH
SUHVHQWLDLODWLGHOULSLDQRTXLQGLDEEDVVDUOR6HVL
GHVLGHUDSRVL]LRQDUHLOULSLDQRSLLQDOWRqSRVVLELOH
HIIHWWXDUHO¶RSHUD]LRQHVHQ]DULODVFLDUHOHGXHOHYH
&
/('GLLOOXPLQD]LRQHGHOO·LQWHUQRGHOIULJRULIHUR
'3RUWDERWWLJOLH
(5LSLDQRLQYHWUR´6OLGH¶1·6WRUHµ
)&DVVHWWRUHIULJHUDWRUH
*6FRPSDUWRSHUIUXWWDHYHUGXUD
+3RUWDXRYD
,
5LSLDQLGHOODSRUWDUHJRODELOLLQDOWH]]D´)OH[/LIWµ
-5LSLDQRSHUERWWLJOLH
.&DVVHWWRGLFRQJHODPHQWRVXSHULRUH
/&DVVHWWRGLFRQJHODPHQWRFHQWUDOH
0
&DVVHWWRGLFRQJHODPHQWRLQIHULRUH
13LHGLQLUHJRODELOL
25LSLDQRERWWLJOLH
,WDOLDQR
3DQQHOORFRPDQGL
(
'
&
,
*
)
-
.
+
&
3XOVDQWHLQGLFDWRUHDOODUPH
4XDQGRODWHPSHUDWXUDLQWHUQDqWURSSRDOWDO¶LQGLFDWRUH
ODPSHJJLD
4XDQGRODSRUWDULPDQHDSHUWDWURSSRDOXQJRO¶LQGLFDWRUH
ODPSHJJLD
'
3XOVDQWHPRGDOLWj6XSHU&RRO
(
'LVSOD\GHOODWHPSHUDWXUDGHOIULJRULIHUR
4XDQGRqDWWLYDWDODPRGDOLWj6XSHU&RROYLHQHYLVXDOL]]DWR³6&´
)
3XOVDQWHGHOODWHPSHUDWXUDGHOIULJRULIHURVWDPSDWR
*
'LVSOD\GHOODWHPSHUDWXUDGHOFRQJHODWRUH
4XDQGRqDWWLYDWDODPRGDOLWj6XSHU)UHH]HYLHQHYLVXDOL]]DWR³6)´
4XDQGRqDWWLYDWDODPRGDOLWj)ODVK)UHH]HYLHQHYLVXDOL]]DWR³))´
+
3XOVDQWHGHOODWHPSHUDWXUDGHOFRQJHODWRUHVWDPSDWR
,
3XOVDQWHPRGDOLWj6XSHU)UHH]H)ODVK)UHH]H
-
3XOVDQWHPRGDOLWj(&2
.
3XOVDQWHPRGDOLWj9DFDQ]D
4XHVWDLOOXVWUD]LRQHPRVWUDFKHWXWWLLGLVSOD\HL
SXOVDQWLVRQRDFFHVL
1RWH
 4XHVWRIULJRULIHURXWLOL]]DXQPLFURSURFHVVRUHSHUFRQWUROODUHODWHPSHUDWXUD/DWHPSHUDWXUDDOO¶LQWHUQRGHOIULJRULIHUR
FDPELDDVHFRQGDGLIDWWRULFRPHFDPELDPHQWLGHOODWHPSHUDWXUDDPELHQWHIUHTXHQ]DGLDSHUWXUDHFKLXVXUDGHOOHSRUWH
HTXDQWLWjGLDOLPHQWLFRQVHUYDWLDOO¶LQWHUQRHPRGRGLFRQVHUYD]LRQH
 4XDQGRYLHQHLPSRVWDWDODPRGDOLWj(&2RODPRGDOLWj9DFDQ]DVLDFFHQGHO¶LQGLFDWRUHFRUULVSRQGHQWHDOODPRGDOLWj
VHOH]LRQDWD
 /¶LQGLFDWRUHGHOO¶DOODUPHODPSHJJLDHDOORVWHVVRWHPSRYHUUjHPHVVRXQDOODUPHVRQRUR
 /DSHOOLFRODSURWHWWLYDDQWLJUDI¿RqLQFROODWDVXOSDQQHOORFRPDQGL
 /HLPSRVWD]LRQLSRWUHEEHURFDPELDUHVHVLWRFFDXQSXOVDQWHGXUDQWHODSXOL]LDGHOSDQQHOORGLFRQWUROOR

,PSRVWD]LRQHGHOODWHPSHUDWXUD
6FRPSDUWRIULJRULIHUR
(
'
&
)
 3HULPSRVWDUHODWHPSHUDWXUDQHOFRPSDUWRIULJRULIHURXWLOL]]DUHLSXOVDQWL
)
 WHPSHUDWXUD
LQIHULRUH WHPSHUDWXUDVXSHULRUH7RFFDUHLWDVWLSHUDWWLYDUHODYLVXDOL]]D]LRQHGHOOD
WHPSHUDWXUD
 ÊSRVVLELOHLPSRVWDUHODWHPSHUDWXUDGHOFRPSDUWRIULJRULIHURGD&D&
 8QDYROWDSUHPXWRXQRGHLSXOVDQWL
)
O¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
ODPSHJJHUjVXOGLVSOD\
(
8WLOL]]DUHLSXOVDQWL
)
SHULPSRVWDUHODWHPSHUDWXUDGHVLGHUDWD
7UHVHFRQGLGRSRDYHUSUHPXWRO¶XOWLPRSXOVDQWHO¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
YLHQHDUFKLYLDWDSHULOFRPSDUWRIULJRULIHUR,WDVWLVLVSHQJRQRGRSRFLUFDVHFRQGL
1RWD
 TXDQGROHPRGDOLWj6XSHU&RRO)ODVK)UHH]H(&2R9DFDQ]DWHUPLQDQRRYHQJRQR
DQQXOODWHO¶XQLWjWRUQDDOO¶LPSRVWD]LRQHSUHFHGHQWH
6FRPSDUWRFRQJHODWRUH
,
*
-
.
+
 3HULPSRVWDUHODWHPSHUDWXUDQHOFRPSDUWRFRQJHODWRUHXWLOL]]DUHLSXOVDQWL
+

WHPSHUDWXUDLQIHULRUH WHPSHUDWXUDVXSHULRUH7RFFDUHLWDVWLSHUDWWLYDUHODYLVXDOL]]D]LRQH
GHOODWHPSHUDWXUD
 ÊSRVVLELOHLPSRVWDUHODWHPSHUDWXUDGHOFRPSDUWRFRQJHODWRUHGD&D&
 8QDYROWDSUHPXWRXQRGHLSXOVDQWL
+
O¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
ODPSHJJHUjVXOGLVSOD\
*
8WLOL]]DUHLSXOVDQWL
+
SHULPSRVWDUHODWHPSHUDWXUDGHVLGHUDWD
7UHVHFRQGLGRSRDYHUSUHPXWRO¶XOWLPRSXOVDQWHO¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
YLHQHDUFKLYLDWDSHULOFRPSDUWRFRQJHODWRUH,WDVWLVLVSHQJRQRGRSRFLUFDVHFRQGL
1RWD
 TXDQGROHPRGDOLWj6XSHU)UHH]H)ODVK)UHH]H(&2WHUPLQDQRRYHQJRQRDQQXOODWHO¶XQLWj
WRUQDDOO¶LPSRVWD]LRQHSUHFHGHQWH

,WDOLDQR

8VRGHOOHIXQ]LRQLXWLOL
0RGDOLWj6XSHU&RRO  8WLOL]]DUHTXHVWDLPSRVWD]LRQHGRSRODSULPDDFFHQVLRQHGHOO¶DSSDUHFFKLDWXUDSULPDGHOOD
SXOL]LDRGRSRDYHULQVHULWRXQDJUDQGHTXDQWLWjGLFLER
$WWLYD]LRQHGHOODIXQ]LRQHPRGDOLWj6XSHU&RRO
3UHPHUHLOSXOVDQWH
'
6XOGLVSOD\
(
YLHQHYLVXDOL]]DWR³6&´
6HODIXQ]LRQHQRQYLHQHGLVDWWLYDWDPDQXDOPHQWHODGLVDWWLYD]LRQHDYYHUUjDXWRPDWLFDPHQWH
GRSRFLUFDVHLRUH/DWHPSHUDWXUDGHOFRPSDUWRIULJRULIHURWRUQDDOO¶LPSRVWD]LRQHSLUHFHQWH
1RWH
 1HOFRUVRGLTXHVWDPRGDOLWj
3UHPHQGRLOSXOVDQWH
'
ODPRGDOLWj6XSHU&RROYHUUjDQQXOODWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj(&2ODPRGDOLWj9DFDQ]D
6HYLHQHVHOH]LRQDWDXQDGLTXHVWHIXQ]LRQLODPRGDOLWj6XSHU&RROYHUUjDQQXOODWD
ÊSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOFRQJHODWRUH
6HEEHQHVLDSRVVLELOHDQFKHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHURODPRGDOLWj6XSHU&RRO
VDUjDQQXOODWD
(
'
&
)
0RGDOLWj6XSHU
)UHH]H
 8WLOL]]DUHTXHVWDLPSRVWD]LRQHGRSRODSULPDDFFHQVLRQHGHOO¶DSSDUHFFKLDWXUDSULPDGHOOD
SXOL]LDRRUHSULPDGLLQVHULUHXQDJUDQGHTXDQWLWjGLFLER
$WWLYD]LRQHGHOODIXQ]LRQH6XSHU)UHH]H
3UHPHUHLOSXOVDQWH
,
6XOGLVSOD\
*
YLHQHYLVXDOL]]DWR³6)´
6HODPRGDOLWj6XSHU)UHH]HQRQYLHQHGLVDWWLYDWDPDQXDOPHQWHODGLVDWWLYD]LRQHDYYHUUj
DXWRPDWLFDPHQWHGRSRFLUFDGXHJLRUQL4XLQGLODWHPSHUDWXUDGHOFRPSDUWRFRQJHODWRUHWRUQDDO
YDORUHLPSRVWDWRSLGLUHFHQWH
1RWH
 1HOFRUVRGLTXHVWDPRGDOLWj
3UHPHQGRLOSXOVDQWH
,
ODPRGDOLWj6XSHU)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj(&2ODPRGDOLWj9DFDQ]D
6HYLHQHVHOH]LRQDWDXQDGLTXHVWHIXQ]LRQLODPRGDOLWj6XSHU)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHUR
6HEEHQHVLDSRVVLELOHDQFKHUHJRODUHODWHPSHUDWXUDGHOFRQJHODWRUHODPRGDOLWj6XSHU
)UHH]HVDUjDQQXOODWD
,
*
-
.
+
0RGDOLWj)ODVK)UHH]H  3HUFRQJHODUHUDSLGDPHQWHLOFLERIUHVFRXWLOL]]DUHODIXQ]LRQHGHOOD0RGDOLWjGLFRQJHODPHQWR
UDSLGRFKHqDWWLYDVRORQHOFDVVHWWRGLFRQJHODPHQWRVXSHULRUHGHOFRPSDUWLPHQWRGHO
FRQJHODWRUH,QTXHVWDSDUWHGHOO¶DSSDUHFFKLRVLYHUL¿FDXQLQWHQVRVFRUULPHQWRGLDULDIUHGGD,O
FRQJHODPHQWRSLUDSLGRFRQVHQWHGLFRQVHUYDUHXQDPDJJLRUHTXDQWLWjGLYLWDPLQHPLQHUDOLH
QXWULHQWLSUHVHQWLQHJOLDOLPHQWLSHUXQSHULRGRGLWHPSRSUROXQJDWR
$WWLYD]LRQHGHOODIXQ]LRQH)ODVK)UHH]H
3UHPHUHLOSXOVDQWH
,
HWHQHUORSUHPXWRSHUDOPHQRWUHVHFRQGL6XOGLVSOD\
*
YLHQH
YLVXDOL]]DWR³))´
 &RQTXHVWDLPSRVWD]LRQHLOIXQ]LRQDPHQWRGHOFRPSUHVVRUHVDUjFRQWLQXRHODWHPSHUDWXUDGHO
FRPSDUWRFRQJHODWRUHVLDEEDVVHUjLQPDQLHUDFRQVLGHUHYROH
 6HODIXQ]LRQHQRQYLHQHGLVDWWLYDWDPDQXDOPHQWHSUHPHQGRLOWDVWR
,
ODGLVDWWLYD]LRQH
DYYHUUjDXWRPDWLFDPHQWHGRSRRUH/DWHPSHUDWXUDGHOFRPSDUWRFRQJHODWRUHWRUQD
DOO¶LPSRVWD]LRQHSLUHFHQWH
 8WLOL]]DUHTXHVWDLPSRVWD]LRQHSHUFRQJHODUHSLFFROLTXDQWLWDWLYLGLFLER¿QRDGXHFKLORJUDPPL
QHOFDVVHWWRGLFRQJHODPHQWRVXSHULRUH4XDQGRVLFRQJHODXQDJUDQGHTXDQWLWjGLDOLPHQWLq
QHFHVVDULRDWWLYDUHO¶LPSRVWD]LRQHRUHSULPDGLSRVL]LRQDUHJOLDOLPHQWLQHOFRQJHODWRUH
1RWH
 1HOFRUVRGLTXHVWDPRGDOLWj
3UHPHQGRLOSXOVDQWH
,
ODPRGDOLWj)ODVK)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj(&2ODPRGDOLWj9DFDQ]D
6HYLHQHVHOH]LRQDWDXQDGLTXHVWHIXQ]LRQLODPRGDOLWj)ODVK)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHUR
4XDQGRODPRGDOLWj6XSHU&RROqDWWLYDWDQRQqSRVVLELOHVHOH]LRQDUOD
6HEEHQHVLDSRVVLELOHDQFKHUHJRODUHODWHPSHUDWXUDGHOFRQJHODWRUHODPRGDOLWj)ODVK)UHH]H
VDUjDQQXOODWD
,
*
-
.
+

0RGDOLWj(&2
 ,QTXHVWDPRGDOLWjO¶XQLWjGLFRQWUROORFRQVHQWHXQIXQ]LRQDPHQWRHFRQRPLFRGLFRQJHODWRUHHIULJRULIHUR
3HUDWWLYDUHODIXQ]LRQHGHOODPRGDOLWj(FRSUHPHUHLOSXOVDQWH
-
,OSXOVDQWH
-
VLLOOXPLQD&RQ
O¶DWWLYD]LRQHGLTXHVWDIXQ]LRQHO¶DSSDUHFFKLRIXQ]LRQDFRQLPSRVWD]LRQLRWWLPDOL
1RWH
 1HOFRUVRGLTXHVWDPRGDOLWj
1RQqSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHURHGHOFRQJHODWRUH/DPRGDOLWj(&2YHUUj
DQQXOODWDHYHUUjLPSRVWDWDODWHPSHUDWXUDVHOH]LRQDWD
ÊSRVVLELOHVHOH]LRQDUHOHPRGDOLWj6XSHU&RRO6XSHU)UHH]HR)ODVK)UHH]H
6HXQDGLTXHVWHPRGDOLWjYLHQHVHOH]LRQDWDODPRGDOLWj(&2YHUUjDQQXOODWDHYLHQHDWWLYDWD
ODPRGDOLWjVHOH]LRQDWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj9DFDQ]D
6HVHOH]LRQDWDODPRGDOLWj(&2YHUUjDQQXOODWDHYLHQHDWWLYDWDODPRGDOLWj9DFDQ]D
,
*
-
.
+
0RGDOLWj9DFDQ]D  ,PSRVWDUHTXHVWDPRGDOLWjVHLOIULJRULIHURQRQYLHQHXWLOL]]DWRSHUXQSHULRGRSUROXQJDWRFRPH
DGHVHPSLRGXUDQWHXQDOXQJDYDFDQ]D
 ,QTXHVWDPRGDOLWjODWHPSHUDWXUDGHOIULJRULIHURYLHQHLPSRVWDWDDXWRPDWLFDPHQWHD&LO
GLVSOD\GHOODWHPSHUDWXUDGHOIULJRULIHURVLVSHJQH
3HUDWWLYDUHODIXQ]LRQHGHOODPRGDOLWj9DFDQ]DSUHPHUHLOSXOVDQWH
.
,OSXOVDQWH
.
VLLOOXPLQD
&RQO¶DWWLYD]LRQHGLTXHVWDIXQ]LRQHO¶DSSDUHFFKLRIXQ]LRQDFRQLPSRVWD]LRQLRWWLPDOL
1RWH
 1HOFRUVRGLTXHVWDPRGDOLWj
3ULPDGLXWLOL]]DUHTXHVWDPRGDOLWjVYXRWDUHLOIULJRULIHURHFKLXGHUHORVSRUWHOOR
4XDQGRODPRGDOLWjqFRQFOXVDLOIULJRULIHURULSUHQGHLOIXQ]LRQDPHQWRVHFRQGROHLPSRVWD]LRQLSUHFHGHQWL
)LQRDOO¶DQQXOODPHQWRGLTXHVWDPRGDOLWjQRQqSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHUR
6HORVSRUWHOORqDSHUWRVLDWWLYHUjO¶DOODUPH
,
*
-
.
+
0RGDOLWjDOODUPH $OODUPHGLWHPSHUDWXUDHOHYDWD
 6HODWHPSHUDWXUDLQWHUQDqWURSSRHOHYDWDYLHQHDWWLYDWRXQDOODUPHDFXVWLFRWRQH
LQWHUPLWWHQWHHLOSXOVDQWH
&
ODPSHJJLD
 5LFRQRVFHUHHGLVDWWLYDUHO¶DOODUPHDFXVWLFRSUHPHQGRLOSXOVDQWH
&
 1HOFDVRLQFXLODWHPSHUDWXUDLQWHUQDQRQVLDDEEDVWDQ]DEDVVDO¶DOODUPHYHUUjDWWLYDWRRJQL
RUHDFDXVDGHOSHULFRORGLGHWHULRUDPHQWRGHJOLDOLPHQWL
/¶DOODUPHVLGLVDWWLYDDXWRPDWLFDPHQWHQRQDSSHQDODWHPSHUDWXUDGHOFRQJHODWRUHVFHQGHDXQ
OLYHOORFKHQRQUDSSUHVHQWLSLXQSHULFRORSHULOGHWHULRUDPHQWRGHJOLDOLPHQWL
 $OODSULPDDFFHQVLRQHGHOO¶DSSDUHFFKLDWXUDVLYHUL¿FDXQULWDUGRGLRUHQHOIXQ]LRQDPHQWR
GHOO¶DOODUPHSHUODWHPSHUDWXUDLQTXDQGRQRQYLHQHUDJJLXQWDXQDWHPSHUDWXUDDGHJXDWD
,QTXHVWRPRGRVLHYLWDXQ¶DWWLYD]LRQHQRQQHFHVVDULDGHOO¶DOODUPH
$OODUPHVSRUWHOORDSHUWRIULJRULIHUR
 6HORVSRUWHOORGHOFRPSDUWRFRQJHODWRUHRGHOIULJRULIHURSHUSLGLGXHPLQXWLO¶DOODUPHDFXVWLFR
YHUUjDWWLYDWRHLOSXOVDQWH
&
ODPSHJJLD
4XDQGRORVSRUWHOORYLHQHFKLXVRO¶DOODUPHYLHQHGLVDWWLYDWRÊLQROWUHSRVVLELOHGLVDWWLYDUOR
SUHPHQGRLOSXOVDQWH
&
(
'
&
)
%ORFFRSHUOD
VLFXUH]]DGHLEDPELQL
8WLOL]]DUHTXHVWDIXQ]LRQHSHUUHJRODUHPDQXDOPHQWHOHLPSRVWD]LRQHGHOO¶DSSDUHFFKLDWXUD
3HUO¶DWWLYD]LRQHWHQHUHSUHPXWRLOSXOVDQWH
&
SHUWUHVHFRQGL9HUUjYLVXDOL]]DWR³//´VXO
GLVSOD\
(
H
*
HYHUUjHPHVVRXQVHJQDOHDFXVWLFR
9HQJRQREORFFDWLWXWWLLSXOVDQWLIDWWDHFFH]LRQHSHU
&
3HUGLVDWWLYDUHLOEORFFRGLVLFXUH]]DWHQHUHSUHPXWRLOSXOVDQWH
&
SHUWUHVHFRQGL
1RWD
 ³//´QRQYLHQHYLVXDOL]]DWRVHODIXQ]LRQHqDWWLYDWD7XWWDYLDSUHPHQGRTXDOVLDVLSXOVDQWH³//´
YLHQHYLVXDOL]]DWRSHUXQVHFRQGR
(
'
&
)
*
8VRGHOOHIXQ]LRQLXWLOLFRQWLQXD

,WDOLDQR

&RQWUROORXPLGLWjGHOORVFRPSDUWRSHUIUXWWDHYHUGXUD
 ,OFRQWHQLWRUHQHOODSDUWHLQIHULRUHGHOIULJRULIHURqGHGLFDWRDOODFRQVHUYD]LRQH
GLIUXWWDHYHUGXUD0DQWLHQHO¶XPLGLWjQHFHVVDULDHLPSHGLVFHLOVHFFDUVLGHJOL
DOLPHQWL
 &RQVHUYDUHJOLDOLPHQWLLQFRQIH]LRQLDGHJXDWHLQPRGRFKHQRQYLVLDHPLVVLRQH
RSUHVDGLRGRUL,OFRQWHQLWRUHqGRWDWRGLXQUHJRODWRUHGLXPLGLWjLQWHJUDWRFKH
FRQVHQWHGLLPSRVWDUHO¶XPLGLWjLQEDVHDOODTXDQWLWjGLDOLPHQWLFRQVHUYDWL
4XDQWLWjPLQRULGLDOLPHQWL
VSLQJHUHLOFXUVRUHGLFRQWUROORYHUVRGHVWUD
4XDQWLWjPDJJLRULGLDOLPHQWL
VSLQJHUHLOFXUVRUHGLFRQWUROORYHUVRVLQLVWUD
$FTXD
,OSRUWDXRYDSXzUHDOL]]DUHFXEHWWLGLJKLDFFLR
3HURWWHQHUHFXEHWWLGLJKLDFFLRULHPSLUHGLDFTXDLOSRUWDXRYDHFROORFDUORQHOFDVVHWWRGHOFRQJHODWRUH
4XDQGRLFXEHWWLGLJKLDFFLRVRQRSURQWLHVWUDUOLGDOFDVVHWWRGHOFRQJHODWRUH
6SLQJHUHRJQLFDYLWjGHOSRUWDXRYDGDOODWRSRVWHULRUH
,FXEHWWLGLJKLDFFLRVLVWDFFKHUDQQRGDOSRUWDXRYD
)ULJRULIHUR
5LSLDQLGLYHWUR
3HUULPXRYHUHXQULSLDQR
GDOIULJRULIHURHVWUDUOR¿QR
DOSXQWRGLDUUHVWRGHOOD
JXLGD4XLQGLVROOHYDUOR
OHJJHUPHQWHGDOODSDUWH
DQWHULRUHHWLUDUORIXRUL
6FRPSDUWRGL
UDIIUHGGDPHQWRH
VFRPSDUWRSHUIUXWWDH
YHUGXUD
7LUDUHIXRULLOFDVVHWWR
¿QFKpqSRVVLELOH4XLQGL
VROOHYDUORGDOODSDUWH
DQWHULRUHHWLUDUORIXRUL
FRPSOHWDPHQWH
5LSLDQLGHOORVSRUWHOOR
3HUULPXRYHUHXQULSLDQR
VSRVWDUHLOULSLDQRVWHVVR
QHOODSRVL]LRQHSL
HOHYDWDVSLQJHUHYHUVR
O¶DOWROHOHYHWWHVLQLVWUDH
GHVWUDHTXLQGLHVWUDUUHLO
ULSLDQR
5LSLDQRGHOOHERWWLJOLH
3HUULPXRYHUHLOULSLDQR
GDOO¶DSSDUHFFKLDWXUD
VROOHYDUOR¿QFKpSRVVLELOH
HWLUDUORIXRUL
&RQJHODWRUH
,FDVVHWWLVRQRGRWDWLGLSURWH]LRQHFRQWURO¶HVWUD]LRQH3HUULPXRYHUHXQFDVVHWWRGDOO¶DSSDUHFFKLDWXUD
DSULUORVROOHYDUORQHOODSDUWHDQWHULRUHHWLUDUORIXRUL
'RSRDYHUULPRVVRLOFDVVHWWRqSRVVLELOHFRQVHUYDUHDOLPHQWLQHOORVFRPSDUWRYXRWR
3URGX]LRQHGLFXEHWWLGLJKLDFFLR
5LPR]LRQHHLQVWDOOD]LRQHGHLULSLDQL

,VWUX]LRQLSHUODFXUDHODSXOL]LD
3XOL]LDTXRWLGLDQD
3XOLUHOHSDUWLFRQXQSDQQRDVFLXWWR
3XQWLFKHVLVSRUFDQRIDFLOPHQWH
*XDUQL]LRQHGHOODSRUWD
4XDQGRVLVSRUFDODJXDUQL]LRQHVLGDQQHJJLDIDFLOPHQWH
HGqSUREDELOHXQDIXRULXVFLWDGLDULDIUHGGD
5LSLDQRGHOOHERWWLJOLH
6HFLVRQRGHJOLDFFXPXOLGLVSRUFRHOLTXLGRSXOLUH
ULPXRYHQGROLVXELWR
$FDGHQ]DDQQXDOHVWDFFDUHODVSLQDGLDOLPHQWD]LRQHGHOIULJRULIHURHULPXRYHUH
LULSLDQLSHUODSXOL]LD
3XOL]LDGHOODFDVVHWWDSHUSHOOLFRODDGHOHYDWDIUHVFKH]]D
/DFDVVHWWDSHUSHOOLFRODDGHOHYDWDIUHVFKH]]Dq¿VVDWDFRQJULIIH5LPXRYHUHODFDVVHWWDHODYDUODFRQDFTXD'RSRLO
ODYDJJLRGHOODFDVVHWWDFRQDFTXDVFRODUODHDVFLXJDUHRJQLJRFFLDGLDFTXDUHVLGXDSULPDGLFROOHJDUOD6HOHPDFFKLH
ULVXOWDQRGLI¿FLOLGDULPXRYHUHODYDUHFRQFXUDODFDVVHWWDFRQXQGHWHUJHQWHGHOLFDWRSHUFXFLQHQHXWURHXQSDQQR
PRUELGRTXLQGLULVFLDFTXDUHLOGHWHUJHQWHFRQDFTXD
3XOL]LDGHOSDQQHOORFRPDQGL
,OSDQQHOORFRPDQGLGHOIULJRULIHURqUHDOL]]DWRLQPDWHULDOHGHOLFDWR3HUSURWHJJHUHODVXDVXSHU¿FLHQRQSXOLUORFRQ
VROYHQWLFKLPLFL3XOLUORLQYHFHFRQXQSDQQRDVFLXWWRRXQSDQQRPRUELGROHJJHUPHQWHXPLGR
3XOL]LDGHOODVXSHUÀFLHHVWHUQDGHOO·DSSDUHFFKLR
3XOLUHODVXSHU¿FLHHVWHUQDGHOO¶DSSDUHFFKLRFRQXQSDQQRPRUELGROHJJHUPHQWHLPEHYXWRGLDFTXDFDOGD6HQRQq
SRVVLELOHULPXRYHUHGHOOHPDFFKLHDSSOLFDUHXQGHWHUJHQWHQHXWURSHUODSXOL]LDGLFXFLQHTXLQGLULPXRYHUORFRQXQSDQQR
PRUELGROHJJHUPHQWHLPEHYXWRGLDFTXDFDOGD(OLPLQDUHWXWWHOHJRFFHGLDFTXDUHVLGXHFRQXQSDQQRDVFLXWWR
$QQRWD]LRQLVXOODSXOL]LD
1RQSXOLUHODSDUWHLQWHUQDRHVWHUQDGHOO¶DSSDUHFFKLRFRQOHVHJXHQWLVRVWDQ]H
Ɣ GHWHUJHQWLDOFDQLQL4XHVWRWLSRGLVRVWDQ]HSXzSURYRFDUHVSDFFDWXUHGHOOHSDUWLGLSODVWLFD
Ɣ SROYHUHDEUDVLYDVDSRQHLQSROYHUHROLRIRVVLOHDFTXDFDOGDVSD]]ROHDFLGREHQ]HQHVROYHQWLRVROX]LRQLD
EDVHGLDOFRO4XHVWHVRVWDQ]HSRVVRQRGDQQHJJLDUHODYHUQLFLDWXUDGHOODVXSHU¿FLHHOHSDUWLGLSODVWLFD
$VVLFXUDUVLGLHOLPLQDUHTXDOVLDVLPDFFKLDGLROLRHGLELOHFKHSXzXJXDOPHQWHLQWDFFDUHOHSDUWLGLSODVWLFD
3DUWLFKHSRVVRQRHVVHUHODYDWHFRQDFTXD
)ULJRULIHUR &RQJHODWRUH
Ɣ 5LSLDQLGLYHWUR
Ɣ 5LSLDQLGHOORVSRUWHOOR
Ɣ 5LSLDQRSHUERWWLJOLH
Ɣ 3RUWDXRYD
Ɣ &DVVHWWRUHIULJHUDWRUH
Ɣ 6FRPSDUWRSHUIUXWWDHYHUGXUD
Ɣ 3RUWDERWWLJOLH
Ɣ 5LSLDQRERWWLJOLH
Ɣ &DVVHWWRGLFRQJHODPHQWR
VXSHULRUH
Ɣ &DVVHWWRGLFRQJHODPHQWR
FHQWUDOH
Ɣ &DVVHWWRGLFRQJHODPHQWR
LQIHULRUH
1RWD
 1RQXWLOL]]DUHSURGRWWLSXOHQWLDEUDVLYLFRPHDGHVHPSLRELFDUERQDWRGLVRGDSRLFKpSRVVRQRGDQQHJJLDUHODSODVWLFD

,WDOLDQR

&RQWUROORGLPDQXWHQ]LRQH
Ɣ,OFDYRGHOO¶DOLPHQWD]LRQHqGDQQHJJLDWR"
Ɣ/DVSLQDGLDOLPHQWD]LRQHVLVXUULVFDOGD"
Ɣ/DVSLQDGLDOLPHQWD]LRQHqLQVHULWDFRPSOHWDPHQWHQHOODSUHVD"
6HLOFDYRGHOO¶DOLPHQWD]LRQHqGDQQHJJLDWRFRQVXOWDUHXQ
FHQWURDVVLVWHQ]DDXWRUL]]DWR121FHUFDUHGLVRVWLWXLUOLGDVROL
0DQFDWRXWLOL]]RSHUXQSHULRGRGLWHPSRSUROXQJDWR
6HLOIULJRULIHURQRQGHYHHVVHUHXWLOL]]DWRSHUXQOXQJRSHULRGRVFROOHJDUORGDOODUHWHHOHWWULFDHSXOLUHODVSLQDGL
DOLPHQWD]LRQHFRPHGHVFULWWRLQSUHFHGHQ]D/DVFLDUHTXLQGLOHSRUWHDSHUWHSHUJLRUQLSHUIDUHLQPRGRFKH
O¶LQWHUQRVLDVFLXJKLHGHYLWDUHODIRUPD]LRQHGLPXIIDRGLRGRULVJUDGHYROL
1RQDFFHQGHUHHVSHJQHUHULSHWXWDPHQWHO¶DSSDUHFFKLR'XUHUjSLDOXQJRVHYLHQHODVFLDWRDFFHVRGXUDQWHLO
QRUPDOHXWLOL]]R
6SRVWDUHHWUDVSRUWDUHO·DSSDUHFFKLR
/¶DSSDUHFFKLRGHYHHVVHUHWUDVSRUWDWRGDDOPHQRGXHSHUVRQH
$YYLWDUHIHUPDPHQWHLSLHGLQLUHJRODELOL
7HQHUHLSLHGLQLUHJRODELOLGDXQODWRHJOLDQJROLGHO
IULJRULIHURGDOO¶DOWURFRPHPRVWUDWRQHOOD¿JXUD
1RWD
 1RQWUDVSRUWDUHO¶DSSDUHFFKLRWHQHQGRORSHUOHSRUWH
7UDVSRUWDUHVHPSUHLOIULJRULIHURPDQWHQHQGRORQHOODVXDQRUPDOHSRVL]LRQHYHUWLFDOH
&KLXGHUHOHSRUWH¿VVDQGROH
FRQGHOQDVWURDGHVLYR
3ULPDGLVSRVWDUHRWUDVSRUWDUHO·DSSDUHFFKLR
5LPXRYHUHWXWWLJOLDOLPHQWL
6WDFFDUHODVSLQDGLDOLPHQWD]LRQH
6ROOHYDUHLOSLHGLQRUHJRODELOH
7LUDUHRIDUVFLYRODUHYHUVRGLVpLOIULJRULIHUR
3RUUHXQSDQQRVXOO¶DQJRORVLQLVWURGHOODYDVFKHWWDGLHYDSRUD]LRQH
,QFOLQDUHLOIULJRULIHURDI¿QFKpLOSDQQRSRVVDDVVRUELUHO¶DFTXDDFFHUWDUVL
GHOO¶DVVHQ]DGLDFTXDUHVLGXD
9DVFKHWWDGLHYDSRUD]LRQH
SDUWHLQIHULRUHVXOUHWURGHOIULJRULIHUR

'RPDQGLIUHTXHQWL
6HVLKDPRWLYRGLULWHQHUHFKHLOIULJRULIHURQRQIXQ]LRQLFRUUHWWDPHQWHYHUL¿FDUHLQQDQ]LWXWWRLSXQWLVHJXHQWL
6HLOSUREOHPDSHUVLVWHVFROOHJDUHODVSLQDGLDOLPHQWD]LRQHHFRQWDWWDUHLOULYHQGLWRUHRXQFHQWURDVVLVWHQ]DDXWRUL]]DWR
3UREOHPLJHQHUDOL
,OIULJRULIHURHPHWWHXQUXPRUH
DQRPDOR
 ,OIULJRULIHURqVWDWRLQVWDOODWRVXXQSDYLPHQWRVROLGRHLQSLDQR"
 &LVRQRVSD]LVXI¿FLHQWLLQWRUQRDOIULJRULIHUR"
 4XDOFKHRJJHWWRYLEUDVXOIULJRULIHUR"
 6LWUDWWDGHOQRUPDOHUXPRUHGLIXQ]LRQDPHQWRTXDQGRLOIULJRULIHURVLDYYLDR
VLDUUHVWD
6LVHQWHXQUXPRUHGRSROR
VSHJQLPHQWRGHOFRPSUHVVRUH
 6LWUDWWDGLXQ¶RSHUD]LRQHQRUPDOHVSHVVRFDXVDWDGDOODFLUFROD]LRQHGLULWRUQR
GHOUHIULJHUDQWHDOFRPSUHVVRUH
6LVHQWHXQUXPRUHGRSRDYHU
DSHUWRRFKLXVRODSRUWD
 6LWUDWWDGLXQ¶RSHUD]LRQHQRUPDOHFDXVDWDGDOODGLIIHUHQ]DGLSUHVVLRQH
GHOO¶DULDWUDO¶LQWHUQRHO¶HVWHUQRGHOIULJRULIHUR
6LVHQWHXQUXPRUHGLDULDRDFTXD
FKHFLUFRODGRSRDYHUDSHUWRLO
IULJRULIHUR
 ,OUXPRUHqFDXVDWRGDOODFLUFROD]LRQHGHOUHIULJHUDQWHQHLWXELLQWHUQL
6LVHQWHXQVLELORFRQWLQXR
 ,OUXPRUHVLDYYHUWHTXDQGRODYHQWRODSHUODFLUFROD]LRQHGHOO¶DULDIUHGGDqLQIXQ]LRQH
 *OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHqWURSSRHOHYDWD"
,QTXHVWLFDVLODYHQWRODSHUODFLUFROD]LRQHGHOO¶DULDIUHGGDIXQ]LRQDDGDOWD
YHORFLWjHGHPHWWHXQUXPRUHPDJJLRUH
,OFRPSUHVVRUHqSLXWWRVWR
UXPRURVR
 *OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHqWURSSRHOHYDWD"
,QTXHVWLFDVLLOFRPSUHVVRUHIXQ]LRQDDGDOWDYHORFLWjHGqQRUPDOHFKHVLD
SLUXPRURVR
,OFRPSUHVVRUHqLQIXQ]LRQHGD
PROWRWHPSR
 4XDQGRVLFROOHJDODVSLQDGLDOLPHQWD]LRQHSHUODSULPDYROWDLOFRPSUHVVRUH
IXQ]LRQDSLDOXQJRGHOQRUPDOHSHUUDIIUHGGDUHO¶LQWHUQRGHOIULJRULIHUR¿QRD
UDJJLXQJHUHOHWHPSHUDWXUHLPSRVWDWH
 ÊVWDWDLPSRVWDWDODPRGDOLWj6XSHU)UHH]HRODPRGDOLWj6XSHU&RRO"
 /HSRUWHVRQRVWDWHDSHUWHHFKLXVHIUHTXHQWHPHQWH"/HSRUWHVRQR
FRPSOHWDPHQWHFKLXVH"
 *OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHqHOHYDWD"
 6HLOIULJRULIHURFRQWLHQHFRQWHPSRUDQHDPHQWHPROWLDOLPHQWLLOFRPSUHVVRUHGRYUj
IXQ]LRQDUHSLDOXQJR
6XOO·HVWHUQRGHOIULJRULIHURVL
IRUPDFRQGHQVD
 /DIRUPD]LRQHGLFRQGHQVDqQRUPDOHTXDQGRO¶XPLGLWjGHOO¶DPELHQWHq
HOHYDWD(OLPLQDUHODFRQGHQVDFRQXQSDQQRDVFLXWWR
/·HVWHUQRGHOIULJRULIHURqFDOGR
DOWDWWR
 8QDYROWDDWWLYDWRLOIULJRULIHURSRWUHEEHUHVWDUHFDOGR¿QRDTXDQGRO¶LQWHUQR
GHOORVFRPSDUWRQRQVLVLDVXI¿FLHQWHPHQWHUDIIUHGGDWR,OIULJRULIHURSRWUHEEH
ULPDQHUHFDOGRDQFKHGRSRFKHJOLVFRPSDUWLVLVRQRUDIIUHGGDWL&LzqGRYXWR
DOIXQ]LRQDPHQWRGHOWXERGLVVLSDWRUHGLFDORUHGLFXLqGRWDWRLOIULJRULIHURSHU
HYLWDUHODIRUPD]LRQHGLFRQGHQVDHQRQVLWUDWWDGLXQPDOIXQ]LRQDPHQWR
,FRPDQGLGHOSDQQHOORFRPDQGL
QRQIXQ]LRQDQR
 ,OIULJRULIHURqDFFHVR"
6XRQDO·DOODUPH  /DSRUWDGHOIULJRULIHURqVWDWDODVFLDWDVRFFKLXVD&KLXGHUHOHSRUWH

,WDOLDQR

)ULJRULIHURHFRQJHODWRUH
,OIULJRULIHURQRQUDIIUHGGDHLO
FRQJHODWRUHQRQFRQJHOD
 ,OIULJRULIHURqDFFHVR"
,OIULJRULIHURQRQUDIIUHGGDHLO
FRQJHODWRUHQRQFRQJHODLQPRGR
VRGGLVIDFHQWH
 /DWHPSHUDWXUDLPSRVWDWDqWURSSRDOWD"
 ,OIULJRULIHURqHVSRVWRDOODOXFHVRODUHGLUHWWDRVLWURYDYLFLQRDXQDSSDUHFFKLR
GLULVFDOGDPHQWR"
 &LVRQRVSD]LVXI¿FLHQWLLQWRUQRDOIULJRULIHUR"
 *OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHq
HOHYDWD"
 /HSRUWHVRQRVWDWHDSHUWHHFKLXVHIUHTXHQWHPHQWH"
/HSRUWHVRQRFRPSOHWDPHQWHFKLXVH"
 ,OIULJRULIHURqVWDWRLPSRVWDWRLQPRGDOLWj9DFDQ]D"
 6HDOO¶LQWHUQRGHOIULJRULIHURYHQJRQRFROORFDWLDOLPHQWLFDOGLODWHPSHUDWXUD
DXPHQWDWHPSRUDQHDPHQWH
 'XUDQWHODVWDJLRQHIUHGGDRTXDQGRODWHPSHUDWXUDDPELHQWHqEDVVDVL
SRWUHEEHDYHUHO¶LPSUHVVLRQHFKHLOIULJRULIHURQRQUDIIUHGGL
&·qGLIIHUHQ]DWUDODWHPSHUDWXUD
LPSRVWDWDHODWHPSHUDWXUD
HIIHWWLYD
 6HDOO¶LQWHUQRGHOIULJRULIHURYHQJRQRFROORFDWLDOLPHQWLFDOGLODWHPSHUDWXUD
DXPHQWDWHPSRUDQHDPHQWH
*OLDOLPHQWLDOO·LQWHUQRGHO
IULJRULIHURFRQJHODQR
 /DWHPSHUDWXUDLPSRVWDWDSHULOIULJRULIHURqWURSSREDVVD"
 *OLDOLPHQWLVRQRVWDWLFROORFDWLQHOODSDUWHVXOIRQGRIULJRULIHUR"
/DSDUWHYLFLQRDOODSDUHWHSRVWHULRUHGHOIULJRULIHURqLOSXQWRLQFXLOD
WHPSHUDWXUDqSLIUHGGD6LFRQVLJOLDSHUWDQWRGLQRQFROORFDUYLDOLPHQWLSRLFKp
TXLSRWUHEEHURFRQJHODUHIDFLOPHQWH
1HLFDVVHWWLSRUWDIUXWWDHSRUWD
YHUGXUHVLIRUPDFRQGHQVD
 /D]RQD9LWDPLQ6DIHPDQWLHQHXQHOHYDWROLYHOORGLXPLGLWjSHUFRQVHUYDUHOH
YHUGXUHIUHVFKH
(OLPLQDUHODFRQGHQVDFRQXQSDQQRDVFLXWWR
/·DSHUWXUDGHOODSRUWDGHO
FRQJHODWRUHqGLIÀFROWRVD
 $YROWHO¶DSHUWXUDGHOODSRUWDqGLI¿FROWRVDVXELWRGRSRODFKLXVXUD
 7DOYROWDODGLIIHUHQ]DGLSUHVVLRQHGHOO¶DULDWUDO¶LQWHUQRHO¶HVWHUQRGHO
FRQJHODWRUHSRWUHEEHUHQGHUHGLI¿FROWRVDO¶DSHUWXUD$WWHQGHUHTXDOFKHLVWDQWH
HULSURYDUHDGDSULUHODSRUWD
9LVRQRRGRULDOO·LQWHUQRGHO
IULJRULIHUR
 *OLDOLPHQWLFRQXQRGRUHIRUWHVRQRVWDWLVLJLOODWLSULPDGLHVVHUHFROORFDWLQHO
IULJRULIHUR"
5LSRUUHJOLDOLPHQWLDOO¶LQWHUQRGLXQFRQWHQLWRUHVLJLOODWRHFRQVHUYDUOL
 *OLRGRULSRWUHEEHURDGHULUHDOOHVXSHU¿FLLQWHUQHGHOIULJRULIHUR3XOLUHOH
VXSHU¿FLFRQXQSDQQRPRUELGRLPEHYXWRGLDFTXDWLHSLGD
4XHVWRVLPERORqXWLOL]]DWRSHUULQYLDUHJOLXWHQWLDOOHLVWUX]LRQLRDOOHEURFKXUHSHUGHOOHLQIRUPD]LRQL
LPSRUWDQWL
4XHVWRUHIULJHUDWRUHLQFRUSRUDXQÀOWURFKHqFRQVLGHUDWRXQSURGRWWRELRFLGD
,O¿OWURVWHVVRLQFRUSRUDXQDVRVWDQ]DFKHFRQWLHQHGHJOLLRQLG¶DUJHQWRFKHGLVDWWLYDLEDWWHULQHOO¶DULDDOO¶LQWHUQRGHO
UHIULJHUDWRUHHGLQLELVFHODFUHVFLWDGHLEDWWHUL
6RVWDQ]DDWWLYDIRVIDWRGLDUJHQWRVRGLRLGURJHQR]LUFRQLR
'RPDQGLIUHTXHQWLFRQWLQXD

6SHFLÀFKHWHFQLFKH
6FKHGDSURGRWWR5HJRODPHQWR8(
120('(/)251,725( 3DQDVRQLF
02'(//2
15%1$;(
15%1$:(
15%1$;%
15%1$:%
&$7(*25,$ )ULJRFRQJHODWRUH
&/$66(',()),&,(1=$(1(5*(7,&$ $
&216802$1182',(1(5*,$ N:KDQQR

92/80(87,/()5,*25,)(52 /
92/80(87,/(&21*(/$725( /
180(52',67(//(&21*(/$725( 4XDWWURVWHOOH
6&03$57,³$17,%5,1$´ )ULJRULIHUR$QWLEULQD&RQJHODWRUH$QWLEULQD
7(032',5,6$/,7$'(//$7(03(5$785$ RUH
&$3$&,7¬',&21*(/$0(172 NJRUH
&/$66(&/,0$7,&$ 617

(0,66,21,',58025($(5(2 G%
$OWUHLQIRUPD]LRQL
92/80(727$/(/25'2 /
92/80(727$/(1(772 /
',0(16,21,(67(51(
/$5*+(==$[352)21',7¬[$/7(==$
PP[PP[PP
3(621(772 ,0NJ
7(16,21(120,1$/( 99 99
)5(48(1=$120,1$/( +]
5()5,*(5$17(&$5,&$ 5DJ
$*(17((63$1'(17( &LFORSHQWDQR
1RWH

 ,OFRQVXPRHQHUJHWLFRDOO¶DQQRVLEDVDVXLULVXOWDWLGLSURYHVWDQGDUGSHURUHLQEDVHD(1
,OFRQVXPRGLHQHUJLDHIIHWWLYRGLSHQGHGDOPRGRLQFXLO¶DSSDUHFFKLRqXWLOL]]DWRHGDOSRVWRLQFXLqLQVWDOODWR
,OFRQVXPRHQHUJHWLFRPHQWUHqLQXVRSXzYDULDUHLQEDVHDOOXRJRLQFXLO¶XQLWjqLQVWDOODWDDOO¶LPSRVWD]LRQHGHOOD
WHPSHUDWXUDGLFLDVFXQVFRPSDUWRDWHPSHUDWXUDDPELHQWHHXPLGLWjDOODIUHTXHQ]DGLDSHUWXUDFKLXVXUDGHJOL
VSRUWHOOLDOYROXPHHDOODWHPSHUDWXUDGHJOLDOLPHQWLHDOPRGRG¶XVRGHOO¶DSSDUHFFKLR

 7HPSHUDWXUDDPELHQWHFRQVHQWLWDGD&D&
$SRUWHFRPSOHWDPHQWHDSHUWH
600 mm
632.5 mm
1247 mm
1203 mm
677 mm
634 mm


(VSDxRO

&RQWHQLGRV
6LJQLÀFDGRGHORVVtPERORV
1R
,QGLFDTXHHODSDUDWRGHEHFRQHFWDUVHDWLHUUD
SDUDHYLWDUGHVFDUJDVHOpFWULFDV
$VHJ~UHVHGHKDFHUHVWR 1RGHVDUPH
$'9(57(1&,$
,QGLFDSHOLJURGHPXHUWHRGHOHVLRQHVJUDYHV
(VWHDSDUDWRSXHGHVHUXWLOL]DGRSRUQLxRVPD\RUHVGHDxRV\
SHUVRQDVFRQGLVFDSDFLGDGHVItVLFDVVHQVRULDOHVRPHQWDOHVR
IDOWDGHH[SHULHQFLDRFRQRFLPLHQWRVLHVWiQVXSHUYLVDGDVRKDQ
UHFLELGRLQVWUXFFLRQHVUHODFLRQDGDVFRQHOXVRGHODSDUDWRGHIRUPD
VHJXUD\VRQFRQVFLHQWHVGHORVULHVJRVTXHLPSOLFD/RVQLxRV
QRGHEHQMXJDUFRQHODSDUDWR/DOLPSLH]D\HOPDQWHQLPLHQWRQR
GHEHQGHMDUVHHQPDQRVGHQLxRVVLQVXSHUYLVLyQ
1RJXDUGHVXVWDQFLDVH[SORVLYDVFRPRODWDVGHDHURVRO
FRQXQSURSHOHQWHLQÁDPDEOHGHQWURGHHVWHDSDUDWR
/DVVXVWDQFLDVLQÀDPDEOHVWDOHVFRPREHQFLQDGLOX\HQWHVDOFRKRO
pWHU\JDVOLFXDGRGHOSHWUyOHR*/3SXHGHQFDXVDUH[SORVLRQHV
1RXVHXQDGDSWDGRUGHP~OWLSOHVWRPDVGHFRUULHQWHQLHQFKXIHYDULRVDSDUDWRVHQHOPLVPRDGDSWDGRUGH
WRPDVGHFRUULHQWH
 (VWRSXHGHFDXVDUXQVREUHFDOHQWDPLHQWRXQLQFHQGLRRXQFRUWRFLUFXLWR
1RDSULHWHDQXGHQLGREOHHOFDEOHGHDOLPHQWDFLyQ\QRSRQJDWDPSRFRREMHWRVSHVDGRVHQFLPDGHpO
 (VWRDXPHQWDHOULHVJRGHTXHVHSURGX]FDXQLQFHQGLRRGHVFDUJDHOpFWULFD6LVHGDxDHOFDEOHGHDOLPHQWDFLyQRODFODYLMDGHO
HOHFWURGRPpVWLFRHVWRVGHEHUiQVHUVXVWLWXLGRVSRUHOIDEULFDQWHVXDJHQWHGHVHUYLFLRRSRUXQDSHUVRQDFXDOL¿FDGDSDUDHYLWDUULHVJRV
1RGHVHQFKXIHHOIULJRUtÀFRWLUDQGRGHOFDEOHGHDOLPHQWDFLyQ
 3XHGHGDxDUHOFDEOHGHDOLPHQWDFLyQ$JDUUHVLHPSUHODFODYLMD\WLUHGHHOOD¿UPHPHQWHSDUDGHVFRQHFWDUODGHODWRPD
1RSRQJDQLQJ~QUHFLSLHQWHGHDJXDHQFLPDGHOIULJRUtÀFR
 (ODJXDSXHGHGDxDUHODLVODPLHQWRGHORVFRPSRQHQWHVHOpFWULFRV\FDXVDUXQFRUWRFLUFXLWRXQLQFHQGLRRXQDGHVFDUJDHOpFWULFD
1RURFtHJDVLQÁDPDEOHFHUFDGHOIULJRUtÀFR
 (VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
1RURFtHDJXDHQHOLQWHULRUGHOIULJRUtÀFR
 (VWRSXHGHFDXVDUXQLQFHQGLRRXQDGHVFDUJDHOpFWULFD
1RWRTXHODFODYLMDGHDOLPHQWDFLyQFRQODVPDQRVPRMDGDV
 (VWRSXHGHFDXVDUXQDGHVFDUJDHOpFWULFD
,QVWUXFFLRQHVGHVHJXULGDG
&XLGDGRGHOPHGLRDPELHQWH
,QVWDODFLyQ
,GHQWLÀFDFLyQGHODVSLH]DV
3DQHOGHFRQWURO
$MXVWHGHODWHPSHUDWXUD
8VRGHODVIXQFLRQHVSUiFWLFDV
&RQWUROGHKXPHGDGGHFDMyQGHDOLPHQWRVIUHVFRV

&yPRKDFHUFXELWRVGHKLHOR
&yPRH[WUDHU\FRORFDUORVHVWDQWHV
,QVWUXFFLRQHVGHFXLGDGR\OLPSLH]D
3UHJXQWDVPiVIUHFXHQWHV
(VSHFLÀFDFLRQHV
,QVWUXFFLRQHVGHVHJXULGDG
(VSDxRO

,QVWUXFFLRQHVGHVHJXULGDGFRQWLQXDFLyQ
1RLQVWDOHHOIULJRUtÀFRHQXQOXJDUK~PHGRQLGRQGHSXHGDHQWUDUHQFRQWDFWRFRQHODJXD
 (OGHWHULRURGHODLVODPLHQWRGHORVFRPSRQHQWHVHOpFWULFRVSXHGHFDXVDUXQFRUWRFLUFXLWRXQDGHVFDUJDHOpFWULFDR
XQLQFHQGLR
1RJXDUGHSURGXFWRVIDUPDFpXWLFRVQLRWURVSURGXFWRVVHQVLEOHVDODWHPSHUDWXUDHQHOIULJRUtÀFR
 (QHOIULJRUt¿FRQRGHEHUiJXDUGDUSURGXFWRVTXHUHTXLHUHQXQHVWULFWRFRQWUROGHODWHPSHUDWXUD
1RGHMHTXHORVQLxRVVHVXEDQVHFROXPSLHQRVHFXHOJXHQGHODSXHUWDGHOIULJRUtÀFR
 (VWRSRGUtDFDXVDUJUDYHVOHVLRQHVDVtFRPRGDxRVHQHOIULJRUt¿FR
1RKDJDIXQFLRQDUHOIULJRUtÀFRVLKD\JDVHVH[SORVLYRVRLQÁDPDEOHV
 (VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
1RJXDUGHJDVROLQDXRWURVOtTXLGRVRYDSRUHVLQÁDPDEOHVHQHOIULJRUtÀFR\QRORVXVHWDPSRFRFHUFDGHOPLVPR
 (VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
$'9(57(1&,$
1RXVHGLVSRVLWLYRVPHFiQLFRVQLRWURVPHGLRVSDUD
DFHOHUDUHOSURFHVRGHGHVFRQJHODFLyQ8VHVRODPHQWH
ORVSURFHVRVUHFRPHQGDGRVSRUHOIDEULFDQWH
(VWRSXHGHFDXVDUGDxRVHQHOLQWHULRUGHOIULJRUt¿FRR
SXHGHSURYRFDUXQDH[SORVLyQ
$'9(57(1&,$
1RXWLOLFHDSDUDWRVHOpFWULFRVGHQWURGHORVFRPSDUWLPLHQWRV
SDUDJXDUGDUDOLPHQWRVGHOHOHFWURGRPpVWLFRDPHQRVTXH
pVWRVVHDQGHOWLSRUHFRPHQGDGRSRUHOIDEULFDQWH
(VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
$'9(57(1&,$
1RGDxHHOFLUFXLWRGHOUHIULJHUDQWH
(VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
$'9(57(1&,$
1RDEUDODFXELHUWDGHODLOXPLQDFLyQ/('GHOLQWHULRUGHOIULJRUtÀFR
(VWRSXHGHFDXVDUXQDGHVFDUJDHOpFWULFD6LODLOXPLQDFLyQ/('QR
IXQFLRQDFRUUHFWDPHQWHGHEHUiVHUVXVWLWXLGDSRUHOIDEULFDQWHVXDJHQWH
GHVHUYLFLRRFXDOTXLHURWUDSHUVRQDFXDOL¿FDGDSDUDHYLWDUULHVJRV
1RLQWHQWHGHVDUPDUUHSDUDURPRGLÀFDUHOIULJRUtÀFRXVWHGPLVPR
 6LORKDFHSXHGHUHVXOWDUKHULGRRKHULUDRWUDVSHUVRQDVVXIULHQGRTXHPDGXUDVRGHVFDUJDVHOpFWULFDVRSXHGH
GDxDUVHHOIULJRUt¿FR6LVXHOHFWURGRPpVWLFRQHFHVLWDVHUUHSDUDGRFRQVXOWHFRQVXFHQWURGHVHUYLFLRDXWRUL]DGR
$VHJ~UHVHGHTXHHOIULJRUtÀFRHVWpHQFKXIDGRDXQDWRPDGHFRUULHQWHFRQHFWDGDDWLHUUD12ORFRQHFWHDXQD
WRPDGHFRUULHQWHTXHQRHVWpFRQHFWDGDDWLHUUD
 8QFRUWRFLUFXLWRSRGUtDFDXVDUXQDGHVFDUJDHOpFWULFD
$VHJ~UHVHGHTXHHOFDEOHGHDOLPHQWDFLyQ\VXFODYLMD
QRHVWpQDSODVWDGRVQLGDxDGRV
8QDFODYLMDRXQFDEOHGHDOLPHQWDFLyQGDxDGRVSXHGHQ
FDXVDUXQFRUWRFLUFXLWRXQLQFHQGLRRXQDGHVFDUJDHOpFWULFD
6LHVWiGDxDGRHOFDEOHGHDOLPHQWDFLyQpVWHGHEHUi
VHUVXVWLWXLGRSRUHOIDEULFDQWHVXDJHQWHGHVHUYLFLRR
FXDOTXLHURWUDSHUVRQDFXDOL¿FDGDSDUDHYLWDUULHVJRV
1RLQWHQWHVXVWLWXLUORXVWHGPLVPR
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32
  • Page 33 33
  • Page 34 34
  • Page 35 35
  • Page 36 36
  • Page 37 37
  • Page 38 38
  • Page 39 39
  • Page 40 40
  • Page 41 41
  • Page 42 42
  • Page 43 43
  • Page 44 44
  • Page 45 45
  • Page 46 46
  • Page 47 47
  • Page 48 48
  • Page 49 49
  • Page 50 50
  • Page 51 51
  • Page 52 52
  • Page 53 53
  • Page 54 54
  • Page 55 55
  • Page 56 56
  • Page 57 57
  • Page 58 58
  • Page 59 59
  • Page 60 60
  • Page 61 61
  • Page 62 62
  • Page 63 63
  • Page 64 64
  • Page 65 65
  • Page 66 66
  • Page 67 67
  • Page 68 68
  • Page 69 69
  • Page 70 70
  • Page 71 71
  • Page 72 72

Panasonic NRBN34AW2 Istruzioni per l'uso

Tipo
Istruzioni per l'uso
Questo manuale è adatto anche per