Hoover HH64B3C Manuale utente

Marca: Hoover

Modello: HH64B3C

Tipo: Manuale utente

Questo manuale è adatto anche per

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

+2%6

86(5 ,16758&7,216

3,$1,&27785$

,6758=,21,'¶862(',,167$//$=,21(

9$51e'(6.<

1$92'328ä,7Ď



,1',&(

,6758=,21,',6,&85(==$

$YYHUWHQ]HJHQHUDOL

6DOYDJXDUGLDGHOODPELHQWH

,QVWDOOD]LRQH

&ROOHJDPHQWRHOHWWULFR

&RQVLJOLVXLUHFLSLHQWLGLFRWWXUDSHULOSLDQR

8VR

3XOL]LDHPDQXWHQ]LRQH

5LVROX]LRQHGHOSUREOHPD

0DQXWHQ]LRQHDJJLXQWLYD

 





    

 



  

  

  

  

2%6$+

%(=3(ý12671Ë23$7ě(1Ë

9ãHREHFQiXSR]RUQČQt

2FKUDQDåLYRWQtKRSURVWĜHGt

,QVWDODFH

(OHNWULFNpSĜLSRMHQt

 X'RSRUXþHQtRKOHGQČQiGREtSURYDUQRXGHVN

3RXåLWt

ýLãWČQtD~GUåED

ěHãHQtSUREOpPĤ

1iVOHGQiSpþH





















&217(17 *%

6$)(7<,16758&7,216

*HQHUDOZDUQLQJV

3URWHFWLRQRIWKHHQYLURQPHQW

,QVWDOODWLRQ

(OHFWULFDOFRQQHFWLRQ

+REFRRNZDUHDGYLFH

8VH

&OHDQLQJDQGPDLQWHQDQFH

3UREOHPVROYLQJ

$IWHUFDUH





















:H UHFRPPHQG \RX NHHS WKH LQVWUXFWLRQV IRU

LQVWDOODWLRQDQGXVHIRUODWHUUHIHUHQFHDQGEHIRUH

LQVWDOOLQJWKHKREQRWHLWVVHULDOQXPEHULQFDVH

\RXQHHGWRJHWKHOSIURPWKHDIWHUVDOHVVHUYLFH

:$51,1*WKHDSSOLDQFHDQGLWVDFFHVVLEOHSDUWV

EHFRPHKRWGXULQJXVH&DUHVKRXOGEHWDNHQWR

DYRLGWRXFKLQJKHDWLQJHOHPHQWV&KLOGUHQXQGHU

 \HDUV RI DJH PXVW EH NHSW DZD\ IURP WKH

DSSOLDQFH XQOHVV WKH\ DUH FRQWLQXRXVO\

VXSHUYLVHG

:$51,1*XVHRQO\KREJXDUGVGHVLJQHGE\WKH

0DQXIDFWXUHU RI WKH FRRNLQJ DSSOLDQFH RU

LQGLFDWHGE\WKH0DQXIDFWXUHURIWKHDSSOLDQFHLQ

WKHLQVWUXFWLRQVIRUXVHDVVXLWDEOHRUKREJXDUGV

LQFRUSRUDWHG LQ WKH DSSOLDQFH 7KH XVH RI

LQDSSURSULDWHJXDUGVFDQFDXVHDFFLGHQWV

:$51,1*XQDWWHQGHGFRRNLQJRQDKREZLWKIDW

RURLOFDQEHGDQJHURXVDQGPD\UHVXOWLQILUH

1(9(5 WU\ WR H[WLQJXLVK D ILUH ZLWK ZDWHU EXW

VZLWFKRIIWKHDSSOLDQFHDQGWKHQFRYHUIODPHHJ

ZLWKDOLGRUDILUHEODQNHW

:$51,1*GDQJHURIILUHGRQRWVWRUHLWHPVRQ

WKHFRRNLQJVXUIDFHV

:$51,1*LIWKHVXUIDFHLVFUDFNHGGRQRWWRXFK

WKHJODVVDQGVZLWFKRIIWKHDSSOLDQFHWRDYRLGWKH

SRVVLELOLW\RIHOHFWULFVKRFN

7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP

 \HDUV DQG DERYH DQG SHRSOH 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VKRXOGEHVXSHUYLVHG

WRHQVXUHWKDWWKH\GRQRWSOD\ZLWKWKHDSSOLDQFH

&OHDQLQJ DQG XVHU PDLQWHQDQFH VKDOO QRW EH

PDGHE\FKLOGUHQZLWKRXWVXSHUYLVLRQ

&$87,21 WKH FRRNLQJ SURFHVV PXVW EH

VXSHUYLVHG$VKRUWWHUPFRRNLQJSURFHVVKDVWR

EHVXSHUYLVHGFRQWLQXRXVO\

,WLVVWURQJO\UHFRPPHQGHGWRNHHSFKLOGUHQDZD\

IURPWKHFRRNLQJ]RQHVZKLOHWKH\DUHLQRSHUDWLRQ

RU ZKHQ WKH\ DUH VZLWFKHG RII VR ORQJ DV WKH

UHVLGXDOKHDWLQGLFDWRULVRQLQRUGHUWRSUHYHQW

WKHULVNVRIVHULRXVEXUQV

7KLVDSSOLDQFHLVQRWLQWHQGHGWREHRSHUDWHGE\

PHDQVRIDQH[WHUQDOWLPHURU VHSDUDWHUHPRWH

FRQWUROV\VWHP

,ISUHVHQWGRQRWWRVWDUHLQWRKDORJHQODPSKRE

HOHPHQWV

&RQQHFWDSOXJWRWKHVXSSO\FDEOHWKDWLVDEOHWR

EHDUWKHYROWDJHFXUUHQWDQGORDGLQGLFDWHGRQWKH

WDJDQGKDYLQJWKHHDUWKFRQWDFW7KHVRFNHWPXVW

EHVXLWDEOHIRUWKHORDGLQGLFDWHGRQWKHWDJDQG

PXVWEHKDYLQJWKHHDUWKFRQWDFWFRQQHFWHGDQG

LQRSHUDWLRQ7KHHDUWKFRQGXFWRULV\HOORZJUHHQ

LQFRORU7KLVRSHUDWLRQVKRXOGEHFDUULHGRXWE\D

6$)(7<,16758&7,216

VXLWDEO\ TXDOLILHG SURIHVVLRQDO ,Q FDVH RI

LQFRPSDWLELOLW\ EHWZHHQ WKH VRFNHW DQG WKH

DSSOLDQFH SOXJ DVN D TXDOLILHG HOHFWULFLDQ WR

VXEVWLWXWHWKHVRFNHWZLWKDQRWKHUVXLWDEOHW\SH

7KHSOXJDQGWKHVRFNHWPXVWEHFRQIRUPHGWR

WKH FXUUHQW QRUPV RI WKH LQVWDOODWLRQ FRXQWU\

&RQQHFWLRQ WR WKH SRZHU VRXUFH FDQ DOVR EH

PDGHE\SODFLQJDQRPQLSRODUEUHDNHUEHWZHHQ

WKHDSSOLDQFHDQGWKHSRZHUVRXUFHWKDWFDQEHDU

WKHPD[LPXPFRQQHFWHGORDGDQGWKDWLVLQOLQH

ZLWKFXUUHQWOHJLVODWLRQ

7KH \HOORZJUHHQ HDUWK FDEOH VKRXOG QRW EH

LQWHUUXSWHG E\ WKH EUHDNHU 7KH VRFNHW RU

RPQLSRODU EUHDNHU XVHG IRU WKH FRQQHFWLRQ

VKRXOGEHHDVLO\DFFHVVLEOHZKHQWKHDSSOLDQFHLV

LQVWDOOHG

7KHGLVFRQQHFWLRQPD\EHDFKLHYHGE\KDYLQJ

WKHSOXJDFFHVVLEOHRUE\LQFRUSRUDWLQJDVZLWFKLQ

WKH IL[HG ZLULQJ LQ DFFRUGDQFH ZLWK WKH ZLULQJ

UXOHV

,IWKHVXSSO\FRUGLVGDPDJHGLWPXVWEHUHSODFHG

E\ 0DQXIDFWXUHU LWV VHUYLFH DJHQW RU VLPLODUO\

TXDOLILHGSHRSOHLQRUGHUWRDYRLGDKD]DUG7KH

HDUWK FRQGXFWRU \HOORZJUHHQ PXVW EH ORQJHU

WKDQ  PP RQ WKH WHUPLQDO EORFN VLGH 7KH

LQWHUQDO FRQGXFWRUV VHFWLRQ VKRXOG EH

DSSURSULDWH WR WKH SRZHUDEVRUEHG E\ WKH KRE

LQGLFDWHGRQWKHWDJ7KHW\SHRISRZHUFDEOH

PXVWEH+299)

'RQRWSXWPHWDOOLFREMHFWVVXFKDVNQLYHVIRUNV

VSRRQVRUOLGVRQWKHKRE7KH\FRXOGKHDWXS

$OXPLQXP IRLO DQG SODVWLF SDQV PXVW QRW EH

SODFHGRQKHDWLQJ]RQHV

$IWHU HYHU\ XVH VRPH FOHDQLQJ RI WKH KRE LV

QHFHVVDU\ WR SUHYHQW WKH EXLOGXS RI GLUW DQG

JUHDVH,IOHIWWKLVLVUHFRRNHGZKHQWKHKRELV

XVHGDQGEXUQVJLYLQJRIIVPRNHDQGXQSOHDVDQW

VPHOOV QRW WR PHQWLRQ WKH ULVNV RI ILUH

SURSDJDWLRQ

1HYHU XVH D VWHDP RU KLJK SUHVVXUH VSUD\ WR

FOHDQWKHDSSOLDQFH

'RQRWWRXFKWKHKHDW]RQHVGXULQJRSHUDWLRQRU

IRUDZKLOHDIWHUXVH

1HYHU FRRN IRRG GLUHFWO\ RQ WKH JODVV FHUDPLF

KRE

$OZD\V XVH WKH DSSURSULDWH FRRNZDUH$OZD\V

SODFHWKHSDQLQWKHFHQWHURIWKHXQLWWKDW\RXDUH

FRRNLQJRQ

'RQRWSODFHDQ\WKLQJRQFRQWUROSDQHO

'RQRWXVHWKHKREDVDZRUNLQJVXUIDFH

'RQRWXVHWKHVXUIDFHDVDFXWWLQJERDUG

'RQRWVWRUHKHDY\LWHPVDERYHWKHKRE,IWKH\

GURSRQWRWKHKREWKH\PD\FDXVHGDPDJH

'RQRWXVHWKHKREIRUVWRUDJHRIDQ\LWHPV

'RQRWVOLGHFRRNZDUHDFURVVWKHKRE

*%

/HDYHDGLVWDQFHRIDWOHDVW

PPEHWZHHQWKHKREDQGWKH

EDFN ZDOO DQG RI DW OHDVW 

PPEHWZHHQWKHKREDQGWKH

YHUWLFDOIXUQLWXUHRUZDOOVLQWKH

ODWHUDO VLGH ,I D IXUQLWXUH LV

LQVWDOOHG DERYH WKH KRE WKH

PLQLPXP GLVWDQFH UHTXLUHG LV

PP

:KHQLQVWDOOLQJDKRRGDERYH

WKH KRE SOHDVH FRQVXOW WKH

LQVWDOODWLRQ UHTXLUHPHQWV

VSHFLILHG IRU WKH KRRG EXW LQ

DQ\FDVHWKHGLVWDQFHEHWZHHQ

WKHKREDQGWKHKRRGPXVWQRW

EHORZHUWKDQPP

  

352'8&7&2'(7

,GHQWLILFDWLRQ3ODWHORFDWHGXQGHUWKHKREVERWWRPFDVLQJ

*(1(5$/:$51,1*6

%\ SODFLQJ WKH    PDUN RQ WKLV DSSOLDQFH ZH DUH DVVXULQJ

FRPSOLDQFH WR DOO (XURSHDQ 6DIHW\ +HDOWK DQG (QYLURQPHQW

UHTXLUHPHQWVZKLFKDUHDSSOLFDEOHIRUWKLVSURGXFWFDWHJRU\

3527(&7,212)7+((19,5210(17

7KLVDSSOLDQFHLVPDUNHGDFFRUGLQJWR(XURSHDQ

'LUHFWLYH (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

UHXVHG,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WKH:(((

GRHVQRWEHFRPHDQHQYLURQPHQWDOLVVXHLWLVHVVHQWLDOWRIROORZ

VRPHEDVLFUXOHV

:(((VKDOOQRWEHWKUHDWHQHGDVKRXVHKROGZDVWH

 :((( VKDOOEH KDQGOHG RYHUWR WKH UHOHYDQW FROOHFWLRQ SRLQWV

PDQDJHGE\WKHPXQLFLSDOLW\RUE\UHJLVWHUHGFRPSDQLHV,QPDQ\

&RXQWULHVIRUODUJH:(((KRPHFROOHFWLRQFRXOGEHSUHVHQW

,QPDQ\&RXQWULHVZKHQ\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 DSSOLDQFH LV RI HTXLYDOHQW

W\SRORJ\DQGKDVWKHVDPHIXQFWLRQVDVWKHVXSSOLHGRQH

,167$//$7,21

,QVWDOOLQJDGRPHVWLFDSSOLDQFHLWLVDFRPSOLFDWHGRSHUDWLRQZKLFKLI

QRWFDUULHGRXWFRUUHFWO\FDQVHULRXVO\KDYHLPSDFWRQVDIHW\RIJRRGV

SURSHUWLHVRUSHRSOH)RUWKLVUHDVRQLWVKRXOGEHFDUULHGRXWE\D

SURIHVVLRQDOO\ TXDOLILHG SHUVRQ LQ DFFRUGDQFH ZLWK WHFKQLFDO

UHJXODWLRQV

,QWKHHYHQWWKDWWKLVDGYLFHLWLVLJQRUHGDQGLQVWDOODWLRQLVFDUULHGRXW

E\DQXQTXDOLILHGSHUVRQWKH0DQXIDFWXUHUGHFOLQHVDOOUHVSRQVLELOLW\

IRUDQ\WHFKQLFDOIDLOXUHRIWKHDSSOLDQFHZKHWKHURUQRWLWUHVXOWVLQ

GDPDJHRIJRRGVRUSURSHUWLHVRULQLQMXU\RISHRSOHRUDQLPDOV

$IWHUKDYLQJUHPRYHGWKHSDFNDJLQJSOHDVHEHVXUHWKDWWKHDSSOLDQFH

LWLVQRWGDPDJHGRWKHUZLVHFRQWDFWWKH5HWDLOHURU0DQXIDFWXUHU$IWHU

6DOHV6HUYLFH

0DNHVXUHWKDWWKHIXUQLWXUHLQZKLFKWKHDSSOLDQFHZLOOEHILWWHGDQGDOO

RWKHUIXUQLWXUHLQWKHQHDUE\DUHPDGHZLWKPDWHUL

OVZKLFKFDQZLWKVWDQGKLJKWHPSHUDWXUHVPLQ&

,QDGGLWLRQDOOGHFRUDWLYHODPLQDWHVVKRXOGEHIL[HGZLWKKLJKUHVLVWDQFH

JOXH

$SSOLDQFHFDQEHLQVWDOOHGLQD%XLOWLQIXUQLWXUHLQ³6WDQGDUG´RU³)OXVK´

PRGH

PP

PP

PP

PP





PP





0LQPP

6WDQGDUGLQVWDOODWLRQ

SHULPHWHU

1RWH,QQHUSHULPHWHUGLPHQVLRQVDUHVDPHZLWKVWDQGDUGLQVWDOODWLRQ

PPFPKRE





PP





PPFPKRE





6ORWGHSWKPP

)OXVKLQVWDOODWLRQ

SHULPHWHU

:RUNWRSWKLFNQHVVVKRXOGEHEHWZHHQDQGPP

,IWKHERWWRPSDUWRIWKHKRELVDGMDFHQWWRDQDUHDQRUPDOO\DFFHVVLEOH

IRUKDQGOLQJRUFOHDQLQJRSHUDWLRQVDVHSDUDWRULWPXVWEHSXWPP

EHORZWKHERWWRPSDUWRIWKHKRE

PLQPP

:KHQLQVWDOOLQJDQRYHQXQGHUWKHKREVHSDUDWRUPXVWQRWEHSXWDQG

WKHPLQLPXPGLVWDQFHEHWZHHQWKHERWWRPSDUWRIWKHKREDQGWKH

RYHQPXVWQRWEHORZHUWKDQPP'RQRWLQVWDOOQRWFRROHGRYHQ

XQGHU WKLV KRE DQG LQVWDOO WKH RYHQ IROORZLQJ LWV RZQ LQVWDOODWLRQ

UHTXLUHPHQWV





PLQ

*%





















































)/86+,167$//$7,21

$IWHUFKHFNLQJWKDWWKHSRVLWLRQRI

WKH KRE LV FRUUHFW ILOO WKH JDS

EHWZHHQWKHZRUNWRSDQGWKHKRE

ZLWKVLOLFRQHDGKHVLYH)ODWWHQWKH

VLOLFRQH OD\HU ZLWK D VFUDSHU RU

ZLWKZHWILQJHUGDPSHGZLWKZDWHU

DQGVRDSEHIRUHLWIRUPV

'R QRW XVH WKH KRE XQWLO WKH

VLOLFRQHOD\HULWLVFRPSOHWHO\GU\

$ZDWHUWLJKWVHDOJDVNHWLV

VXSSOLHG ZLWK WKH KRE )LW

WKHVHDOJDVNHWDURXQGWKH

ERWWRP KRE DV GHVFULEHG

DQG PDNH VXUH WKDW LW LV

SURSHUO\ILWWHGWRDYRLGDQ\

OHDNDJHLQWRWKHVXSSRUWLQJ

IXUQLWXUH

(/(&75,&$/&211(&7,21

%RWWRP

1RUPDO)L[LQJ

*HWWKHIL[LQJFOLSVIURPDFFHVVRU\EDJ

DQGVFUHZWKHPLQWRWKHSRVLWLRQVKRZQ

RQ ERWWRP ER[ 'R QRW WLJKWHQ WKH

VFUHZVWREORFNFOLSVWKH\VKRXOGPRYH

IUHHO\

,QVHUWWKHKRELQFHQWHU

SRVLWLRQRIFXWRXW

7XUQWKHFOLSVDQGWLJKWHQ

WKHPIXOO\

4XLFN)L[LQJ'HSHQGLQJRQPRGHO

*HWIRXUVSULQJVIRUPDFFHVRU\EDJDQG

VFUHZWKHPRQWRERWWRPER[DVVKRZQ

LQILJXUH

&HQWHUDQGLQVHUWWKHKRE

3UHVVWKHVLGHVRIKREXQWLOLW

LV VXSSRUWHG DURXQG LWV

HQWLUHSHULPHWHU











/$<287

$FFRUGLQJWRPRGHO



  

7,0(5

$GGLWLRQDOFRRNLQJ]RQHOHG

&RRNLQJ]RQHSURJUDPPLQJLQGLFDWRU

6HOHFWLRQRIWKH]RQH

%ULGJH

*%

,QVWDOODWLRQPXVWFRQIRUPWRWKHVWDQGDUGVGLUHFWLYHV

0DQXIDFWXUHU GHFOLQHV DOO UHVSRQVLELOLW\ IRU DQ\ GDPDJH WKDW

PLJKWEHFDXVHGE\XQVXLWDEOHRUXQUHDVRQDEOHXVH

:$51,1*0DQXIDFWXUHUFDQQRWEHKHOGUHVSRQVLEOHIRUDQ\LQFLGHQW

RULWVFRQVHTXHQFHVWKDWPD\DULVHGXULQJWKHXVHRIDQDSSOLDQFHQRW

OLQNHGWRWKHHDUWKRUOLQNHGWRDQHDUWKZKRVHFRQWLQXLW\LVGHIHFWLYH

%HIRUH DQ\ HOHFWULFDO RSHUDWLRQ SOHDVH FKHFN WKH VXSSO\ WHQVLRQ

VKRZQRQWKHHOHFWULFLW\PHWHUWKHDGMXVWPHQWRIWKHFLUFXLWEUHDNHU

WKHFRQWLQXLW\RIWKHFRQQHFWLRQWRHDUWKWRWKHLQVWDOODWLRQDQGWKDWWKH

IXVHLVVXLWDEOH

7KHHOHFWULFDOFRQQHFWLRQWRWKHLQVWDOODWLRQVKRXOGEHPDGHDFFRUGLQJ

WRWKHUDWHGSRZHURIWKH$SSOLDQFHWKLVVKRXOGEHPDGHYLDDQ2PQL

SROHFXWRXWVZLWFK

,IWKHDSSOLDQFHKDVDVRFNHWRXWOHWLWPXVWEHLQVWDOOHGVRWKDWWKH

VRFNHWRXWOHWLVDFFHVVLEOH

7KH\HOORZJUHHQZLUHRIWKHSRZHUVXSSO\FDEOHPXVWEHFRQQHFWHGWR

WKHHDUWKRIERWKSRZHUVXSSO\DQGDSSOLDQFHWHUPLQDOV

)RUDQ\TXHVWLRQVUHJDUGLQJSRZHUVXSSO\FRUGUHIHUWR$IWHU6DOHV

6HUYLFHRUDTXDOLILHGWHFKQLFLDQ

,IWKHKRELVILWWHGZLWKSRZHUVXSSO\FRUGWKLVVKDOOEHFRQQHFWHGRQO\

WRDSRZHUVXSSO\RI9EHWZHHQSKDVHDQGQHXWUDO

,WLVKRZHYHUSRVVLEOHWRFRQQHFWWKHKREWR

 7KUHH3KDVH9

 7KUHH3KDVH91

7RSURFHHGWRWKHQHZFRQQHFWLRQSOHDVHIROORZEHORZLQVWUXFWLRQV

%HIRUH PDNLQJ WKH FRQQHFWLRQ PDNH VXUH WKDW WKH LQVWDOODWLRQ LV

SURWHFWHGE\DVXLWDEOHIXVHDQGWKDWLWLVILWWHGZLWKZLUHVRIDODUJH

HQRXJKVHFWLRQWRVXSSO\WKHDSSOLDQFHQRUPDOO\

7XUQRYHUWKHKREJODVVVLGHDJDLQVWWKHZRUNLQJWRSWDNLQJFDUHWR

SURWHFWWKHJODVV

2SHQWKHFRYHULQWKHIROORZLQJVHTXHQFH



XQVFUHZWKHFDEOHFODPS

ILQGWKHWZRWDEVORFDWHGRQWKHVLGHV

 SXW WKH EODGH RI D IODW VFUHZGULYHU LQ IURQW RI HDFK WDE H

SXVKLQDQGSUHVV

UHPRYHWKHFRYHU

7RUHOHDVHWKHSRZHUVXSSO\FRUG

5HPRYHWKHVFUHZVUHWDLQLQJWKHWHUPLQDOEORFNZKLFK

FRQWDLQVWKHVKXQWEDUVDQGWKHFRQGXFWRUVRIWKHVXSSO\FRUG

3XOORXWWKHVXSSO\FRUG

2SHUDWLRQVWREHFDUULHGRXWWRPDNHDQHZFRQQHFWLRQ

 &KRRVH WKH SRZHU VXSSO\ FDEOH LQ DFFRUGDQFH ZLWK WKH

UHFRPPHQGDWLRQVLQWKHWDEOH

3DVVWKHSRZHUVXSSO\FDEOHLQWRWKHFODPS

6WULSWKHHQGRIHDFKFRQGXFWRURIWKHVXSSO\FRUGRQDPPOHQJWK

E\ WDNLQJ LQ DFFRXQW WKH UHTXHVWHG OHQJWK RI WKH FRUG IRU WKH

FRQQHFWLRQWRWKHWHUPLQDOEORFN

$FFRUGLQJWRWKHLQVWDOODWLRQDQGZLWKWKHKHOSRIVKXQWEDUVZKLFK\RX

VKRXOG KDYH UHFRYHUHG LQ WKH ILUVW RSHUDWLRQ IL[ WKH FRQGXFWRU DV

VKRZQRQWKHFKDUW

)L[WKHFRYHU

6FUHZWKHFDEOHFODPS



1HXWUDO 7



(DUWK

0RQRSKDVH







7ZR



SKDVHV







9a

7KUHH



SKDVHV







9a 7KUHH



SKDVHV







91a

3K 3KDVH



&RQQHFWLRQWRWKHWHUPLQDOVRQWKHWHUPLQDOEORFN

$77(17,21

,ILWVKRXOGEHQHFHVVDU\WRUHSODFHWKHSRZHUVXSSO\FRUGFRQQHFWWKH

ZLUHLQDFFRUGDQFHZLWKIROORZLQJFRORUVFRGHV

/$<287



/$<287



02123+$6(RU7:23+$6(69

&DEOH

+299)

&DEOH

+299)

&DEOH

+299)



[PP



[PP



[PP



[PP



[PP



[PP

7+5((3+$6(69

a

7+5((3+$6(691a

1RWHPDNHVXUHWKHWHUPLQDOERDUGVFUHZVDUHWLJKW

2SHUDWLRQVWREHFDUULHGRXWWRPDNHDQHZFRQQHFWLRQ

 &KRRVH WKH SRZHU VXSSO\ FDEOH LQ DFFRUGDQFH ZLWK WKH

UHFRPPHQGDWLRQVLQWKHWDEOH

3DVVWKHSRZHUVXSSO\FDEOHLQWRWKHFODPS

6WULSWKHHQGRIHDFKFRQGXFWRURIWKHVXSSO\

FRUGRQDPPOHQJWKE\WDNLQJLQDFFRXQW

WKH UHTXHVWHG OHQJWK RI WKH FRUG IRU WKH

FRQQHFWLRQWRWKHWHUPLQDOEORFN

$FFRUGLQJWRWKHLQVWDOODWLRQDQGZLWKWKHKHOS

RI VKXQW EDUV ZKLFK \RX VKRXOG KDYH

UHFRYHUHG LQ WKH ILUVW RSHUDWLRQ IL[ WKH

FRQGXFWRUDVVKRZQRQWKHFKDUW

)L[WKHFRYHU

6FUHZWKHFDEOHFODPS

*%

86(

6ZLWFK212))DKHDWHU]RQH

7RVZLWFK21DKHDWHU7RXFKDQ\KHDWHUV]RQHGXULQJPVHF

/RQJEHHSZLOOEHKHDUGDQGYDOXHZLOODSSHDULQWDUJHW]RQHGLJLW

LQGLFDWLQJSRZHUOHYHO

,IDQ\FRRNLQJVWDJHLVLQSRVLWLRQWKLVGLVSOD\ZLOOVZLWFK2))

DXWRPDWLFDOO\ DIWHU  VHFRQGV DQG WKH ]RQH 2)) VHTXHQFH ZLOO

VRXQG

,IWKHUHLVUHVLGXDOKHDWLQGLFDWLRQLQWKHGLVSOD\ZKLFKLV21EXWLQ

SRZHUZLOODSSHDUFKDQJLQJRYHU

,IORFNIXQFWLRQLVDFWLYH\RXFDQQRWVZLWFK21D]RQH

7RVZLWFK2))DKHDWHU7RXFKDQ\KHDWHUV]RQHGXULQJVHF

6KRUWEHHSVZLOOEHKHDUGDQGQRWKLQJRU+YDOXHZLOODSSHDULQ

WDUJHW]RQHGLJLWLIUHVLGXDOKHDWH[LVWV=RQHZLOOEH2))

+2%&22.:$5($'9,&(

8VLQJJRRGTXDOLW\FRRNZDUHLVFULWLFDOIRUVHWWLQJ

WKHEHVWSHUIRUPDQFHIURP\RXUKRE

 $OZD\VXVHJRRGTXDOLW\FRRNZDUHZLWKSHUIHFWO\IODWDQGWKLFN

EDVHVXVLQJWKLVW\SHRIFRRNZDUHZLOOSUHYHQWKRWVSRWVWKDWFDXVH

IRRG WR VWLFN 7KLFN PHWDO SRWV DQG SDQV ZLOO SURYLGH DQ HYHQ

GLVWULEXWLRQRIKHDW

 (QVXUH WKDW WKH EDVH RI WKH SRW RU SDQ LV GU\  ZKHQ ILOOLQJ 

SDQVZLWKOLTXLGRUXVLQJRQHWKDWKDVEHHQVWRUHGLQWKH UHIULJHUDWRU

HQVXUHWKDWWKHEDVHRIWKHSDQLVFRPSOHWHO\GU\EHIRUH SODFLQJ LW RQ

WKHKRE7KLVZLOOKHOSWRDYRLGVWDLQLQJWKH KRE

8VHSDQVZKRVHGLDPHWHULVZLGHHQRXJKWRFRPSOHWHO\FRYHU

WKHVXUIDFHXQLWWKHVL]HRIWKHSDQVKRXOGEHQR VPDOOHU

WKDQWKHKHDWLQJDUHD,ILWLVVOLJKWO\ZLGHUWKHHQHUJ\ZLOOEHXVHGDWLWV

PD[LPXPHIILFLHQF\

7+(&+2,&(2)&22.:$5(7KHIROORZLQJLQIRUPDWLRQZLOOKHOS

\RXWRFKRRVHFRRNZDUHZKLFKZLOOJLYHJRRGSHUIRUPDQFH

6WDLQOHVV 6WHHO  KLJKO\ UHFRPPHQGHG (VSHFLDOO\ JRRG ZLWK D

VDQGZLFKFODGEDVH7KHVDQGZLFKEDVHFRPELQHV WKH EHQHILWV RI

VWDLQOHVV VWHHO DSSHDUDQFH GXUDELOLW\ DQG VWDELOLW\ ZLWK WKH

DGYDQWDJHVRIDOXPLQLXPRUFRSSHUKHDWFRQGXFWLRQHYHQKHDW

GLVWULEXWLRQ

$OXPLQLXP  KHDY\ ZHLJKW UHFRPPHQGHG *RRG FRQGXFWLYLW\

$OXPLQLXPUHVLGXHVVRPHWLPHVDSSHDUDVVFUDWFKHVRQWKHKREEXW

FDQEHUHPRYHGLIFOHDQHGLPPHGLDWHO\

%HFDXVHRILWVORZPHOWLQJSRLQWWKLQDOXPLQLXPVKRXOGQRWEHXVHG

&DVW,URQXVDEOHEXWQRWUHFRPPHQGHG3RRUSHUIRUPDQFH0D\

VFUDWFKWKHVXUIDFH

&RSSHU%RWWRP VWRQHZDUHKHDY\ ZHLJKW UHFRPPHQGHG*RRG

SHUIRUPDQFHEXWFRSSHUPD\OHDYHUHVLGXHVZKLFKFDQDSSHDUDV

VFUDWFKHV 7KH UHVLGXHV FDQ EH UHPRYHG DV ORQJ DV WKH KRE LV

FOHDQHGLPPHGLDWHO\+RZHYHUGRQRWOHWWKHVHSRWVERLO

GU\2YHUKHDWHGPHWDOFDQERQGWRJODVVKREV$QRYHUKHDWHGFRSSHU

SRWZLOOOHDYHDUHVLGXHWKDWZLOOSHUPDQHQWO\VWDLQWKHKRE

3RUFHODLQHQDPHO*RRGSHUIRPDQFHRQO\ZLWKDWKLQ\VPRRWKIODW

EDVH

*ODVVFHUDPLFQRWUHFRPPHQGHG3RRUSHUIRUPDQFH0D\VFUDWFK

WKHVXUIDFH

6HOHFWLQJD]RQH

:KHQ]RQHLVDOUHDG\21DORZHUOLJKWLQJLQWHQVLW\IRUWKHQRWVHOHFWHG

]RQHVWKDWDUH21LVSURGXFHG

,I RQO\ RQH ]RQH LV 21 WKLV ]RQH LV DOUHDG\ VHOHFWHG E\ GHIDXOW

ZLWKRXWQHHGLQJWRVKRUWSUHVVPVHFRYHUVHOHFWLRQNH\

,QFUHDVH'HFUHDVHSRZHUOHYHO

,IDQ\FRRNLQJVWDJHLVLQSRVLWLRQWKLVGLVSOD\ZLOOVZLWFK2))

DXWRPDWLFDOO\ DIWHU  VHFRQGV DQG WKH ]RQH 2)) VHTXHQFH ZLOO

VRXQG

,IWKHUHLVUHVLGXDOKHDWLQGLFDWLRQLQWKHGLVSOD\ZKLFKLV2))+ZLOO

EHGLVSOD\HG

(YHQORFNIXQFWLRQLVDFWLYH\RXFDQVZLWFK2))D]RQH

,IRQO\RQHKHDWHULVDFWLYHDQGWKLVRQHLVVZLWFKHGRII6KRUWEHHS

ZLOOEHKHDUGLQGLFDWLQJDOOFRRNWRSLV2II

:LWKDVKRUWSUHVVRQµ¶RUµµNH\V,QFUHDVHRUGHFUHDVHSRZHULQWKH

VHOHFWHG]RQHVGLJLW3

)RU/RQJ3UHVVHVLQRUNH\VSRZHUOHYHOLQFUHDVHVGHFUHDVHV

FRQWLQXRXVO\:LWKDIDVWLQFUHDVHSRZHUVWRSVDWOHYHODQGIRUD

KLJKHUSRZHUDQRWKHUVKRUWSUHVVLVQHHGHGRQWKHNH\1REHHS

VRXQGLVKHDUGZLWKIDVWLQFUHDVHGHFUHDVH

 2QFH DUULYHG WR 3 SRZHU OHYHO SUHVVLQJ  NH\ DJDLQ GRHV QRW

FKDQJHSRZHUOHYHOWR2QFHDUULYHGWRSRZHUOHYHOSUHVVLQJNH\

DJDLQGRHVQRWFKDQJHSRZHUOHYHOWR3

:LWKD]RQH21DWSRZHUOHYHOLIWKH]RQHLVKRWZLOOEOLQN

DOWHUQDWLYHO\$IWHUVHFRQGVZLOOGLVDSSHDUDQµ+¶OHWWHUZLOODSSHDU

IL[HGRQGLVSOD\

:KHQDKHDWHULVVHOHFWHGDQGµ¶µµNH\VDUHWRXFKHGDWWKHVDPH

WLPHSRZHUOHYHOZLOOJRWRµ¶EXWKHDWHUZLOOPDLQWDLQVHOHFWHGGXULQJ

VHFRQGV,IKHDWHUZDVWHPSRUL]HGWLPHUZLOOJRWR2II7KLVDFWLRQ

FDQ RQO\ EH GHYHORSHG LQ VHYHUDO FDVHV GHSHQGLQJ WRXFK FRQWURO

FRQILJXUDWLRQ7KH IROORZLQJ H[DPSOHV DUH IRU LQIRUPDWLRQ RQO\

3HUVRQDOH[SHULHQFHVKRXOGWKHQOHW\RXDGDSWWKHVHVHWWLQJVWR\RXU

WDVWHDQGKDELWV

&KLOG/RFNRSWLRQ

7KLVDFWLRQZLOOEHGRQHZKHQµ¶µµNH\VZHUHWRXFKHGDWWKHVDPH

WLPH

7KHQDQ\WLPHZKHQDNH\ZLOOEHWRXFKHGGLVSOD\VZLOOVKRZ/

GXULQJVHFKHDWLQJUHPDLQVDWWKHVDPHVWDWH

7RGHDFWLYDWH&KLOG/RFNIROORZWKHVDPHSURFHVVH[SODLQHGEHIRUH

7KHQ6KRUWEHHSZLOOEHKHDUGDQGGLVSOD\VZLOOVKRZQOHWWHU+REZLOO

UHPDLQXQORFNHG

1RWH$QDXWRPDWLFFKLOGORFNZLOOSURGXFHLQPLQXWHVDIWHUWRWDO

6ZLWFK2))RIWKHKRE7KLVIXQFWLRQZLOOKDSSHQVDXWRPDWLFDOO\EXW

SUHYLRXVO\LVQHFHVVDU\WRSURJUDPLW6HH8VHUVHWWLQJVSRLQW

*%

7RVZLWFK21GRXEOHH[WHQVLRQULQJDVVRFLDWHGPDLQ]RQHPXVWEH

DOUHDG\21DQG,QGLFDWLQJSRZHUOHYHOPXVWEHKLJKHUWKDQ

'RXEOH]RQH21

VW6KRUW3UHVVRQH[WHQVLRQNH\6ZLWFKHV21H[WHQVLRQULQJ/('

RYHUH[WHQVLRQNH\WXUQV21LI([WHQVLRQULQJLV21

QG6KRUW3UHVVRQH[WHQVLRQNH\6ZLWFKHV2))H[WHQVLRQULQJ

6KRUWEHHSHDFKSUHVVRQH[WHQVLRQNH\

7ULSOH]RQH21

VW6KRUW3UHVVRQH[WHQVLRQNH\6ZLWFKHV21VWH[WHQVLRQULQJ

/('RYHUH[WHQVLRQNH\WXUQV21LIVWH[WHQVLRQULQJLV21OHIW/('

LQFDVHRIWULSOH]RQHPLGGOHDQGRQO\/('LQFDVHRIGRXEOH]RQHQG

6KRUW 3UHVV RQ H[WHQVLRQ NH\6ZLWFKHV 21QG H[WHQVLRQULQJ 

/('VRYHUH[WHQVLRQNH\WXUQ21LIVWDQGQGH[WHQVLRQULQJVDUH

UG 6KRUW 3UHVV RQ H[WHQVLRQ NH\ 6ZLWFKHV 2)) VW DQG QG

H[WHQVLRQULQJV

6KRUWEHHSHDFKSUHVVRQH[WHQVLRQNH\

'RXEOH7ULSOH]RQHV

%ULGJHIXQFWLRQ

7KHEULGJHFDQEHHQDEOHGRQO\ZKHQERWKKHDWHUVDUHRII2QHKHDWHU

RIWKH EULGJHKDVEHHQ VHOHFWHG WRDFWLYDWH EULGJH IXQFWLRQWRXFK

EULGJHNH\

$EHHSVRXQGVDQGWKH]RQH/('LVVZLWFKHGRQLIWKH]RQHLVHQDEOHG

%RWKEULGJHKHDWHUVZLOOEHVHOHFWHGDWWKHVDPHWLPH

2QFHWKHKHDWHUVVHOHFWHGLIWKHSRZHUOHYHOLVQRWWKHGHVLUHGSRZHU

OHYHOE\WKHNH\V

%RWKEULGJHKHDWHUGLVSOD\VZLOOVKRZVDPHSRZHUOHYHO

7KHIXQFWLRQZLOOILQLVK

,IWKHEULGJHNH\LVWRXFKHGLQVHWWLQJPRGH

,IXVHUVHOHFWVSRZHUOHYHO³´

2YHUIORZVHFXULW\

6RPHWKLQJDQREMHFWRUDOLTXLGLVSUHVVLQJDQ\NH\GXULQJPRUHWKDQ

V6KRUW%HHS/RQJEHHSHYHU\VZKLOHWKHNH\LVSUHVVHG

&RRNWRSZLOOWXUQ2II7KLVV\PEROZLOOPDLQWDLQEOLQNLQJZKLOHWKH

PDWWHUSHUVLVW

7LPHU

7LPHUIXQFWLRQFDQEHDFWLYDWHGZLWKLWVRZQNH\

6HOHFWWKH]RQHWREHWLPHG3RZHUOHYHORIWKH]RQHJUHDWHUWKDQ

6WDWLF   LVGLVSOD\HGLQWKH]RQHEHLQJWLPHGLQWKHGLJLWV

UHVHUYHGIRUWKHWLPHU

:LWKRUNH\VWLPHUWLPHFDQEHFKRVHQ1R%HHSVDWWLPH

FKDQJH

 3UHVVLQJ VLPXOWDQHRXVO\WLPHU NH\V WKHWLPHU LV FDQFHOOHG

JRHVWR

,IWLPHURUNH\VLVPDLQWDLQHGSUHVVHGGXULQJ7%'WLPHWKHUH

LVTXLFNVHWWLQJ

:KHQVHWWLQJWLPHUWLPHLWLVSRVVLEOHWRJRIURPWRZLWK

NH\DQGIURPWRZLWKNH\

0D[LPXPWLPHPLQXWHV

:KHQWKHWLPHLVHODSVHGDQGWKHKRELVEHHSLQJSUHVVDQ\NH\DQG

WKHDODUPDQGGLJLWVHTXHQFHZLOOHQG

,WLVSRVVLEOHWRDGMXVWWKHWLPHUWLPHZKLOHWKHWLPHULVSUHYLRXVO\

UXQQLQJ

3RZHURIWLPHG]RQHFDQEHPRGLILHGZLWKRXWFRQVHTXHQFHVRQWKH

WLPHUSURJUDPPLQJ

/DVWPLQXWHZLOOEHGLVSOD\HGE\VHFRQGV)RU9DULDQWVRQO\YLVLEOHLI

ZH HQWHU WKH WLPHU SURJUDPPLQJ ZKLOH WKH ODVW PLQXWH RI WKH

FRXQWGRZQ

3UHVVLQJWKH7LPHUNH\ZLWKRXWDQ\VHOHFWHG]RQHDQGZKHQQR

]RQHLVEHLQJWLPHGGRHVQRWKLQJ

3UHVVLQJWKH7LPHUNH\ZLWKRXWDQ\VHOHFWHG]RQHDQGZKHQPDQ\

]RQHVDUHEHLQJWLPHGWKHWLPHVKRZQLQWLPHGLJLWVFKDQJHVLQD

URWDWRU\ ZD\ DQG VKRZV WKH WLPH ZKRVH SRZHU GLVSOD\ KDV WKH

GHFLPDOSRLQW21

$OWHUQDWLYHO\3RZHUVDQGVLVGLVSOD\HGLQWKH]RQHEHLQJ

WLPHG

5HPDLQLQJWLPHLVGLVSOD\HGLQWKHGLJLWVUHVHUYHGIRUWKHWLPHU,I

PXOWLSOH]RQHVDUHWLPHGWKHVPDOOHVWUHPDLQLQJWLPHLVGLVSOD\HG

DQGWKHGHFLPDOSRLQWLVGLVSOD\HGLQWKHFRUUHVSRQGLQJ]RQH

5HVLGXDO+HDW,QGLFDWRU,QUDGLDQWKHDWHUV!FDOFXODWHG

7KHVDPHLQGLFDWRUVFDQEHXVHGIRU³UHVLGXDOKHDW´LQGLFDWLRQDVZHOO

$WLPHWDEOHPXVWEHGHILQHGRQWKLVSXUSRVH5HVW+HDWWLPH ISRZHU

OHYHOZRUNLQJWLPH

:KLOH D WHPSHUDWXUH RQ WKH FRRN WRS JODVV VXUIDFH LV DERYH

 &EWKHRU\YDOXHWKLVFRQGLWLRQZLOOEHVKRZQLQWKHDVVRFLDWHG

GLVSOD\E\PHDQVRIDQ³+´

7RJHQHUDWHDWHPSHUDWXUHDERYH &DKHDWLQJHOHPHQWKDVWREHLQ

RSHUDWLRQIRUFHUWDLQWLPHWKLVWLPHGHSHQGVRQWKHSRZHUOHYHO2QFH

WKLVWLPHKDVH[SLUHGWKHUHVLGXDOKHDWZDUQLQJZLOOEHVKRZQZKHQ

WKHKHDWLQJHOHPHQWLVVZLWFKHGRII

$XWRPDWLF6DIHW\2II

,I WKH SRZHU OHYHO LV QRW FKDQJHG GXULQJ D SUHVHW WLPH WKH

FRUUHVSRQGLQJKHDWHUWXUQVRIIDXWRPDWLFDOO\

7KHPD[LPXPWLPHDKHDWHUFDQVWD\RQGHSHQGVRQWKHVHOHFWHG

FRRNLQJOHYHO

3RZHUOHYHO

0D[WLPHRQKRXUV





























127( ZKLOH DQ RYHUKHDWLQJ VLWXDWLRQ VKRXOG RFFXU GXULQJ WKH

RSHUDWLRQ RI WKH KLJKHVW SRZHU OHYHOV WKH +RE FRQWURO ZLOO

DXWRPDWLFDOO\DGMXVWWKHSRZHUOHYHOLQRUGHUWRSURWHFWWKHKREIURP

RYHUKHDWLQJ

&/($1,1*$1'0$,17(1$1&(

%HIRUHFDUU\LQJRXWDQ\PDLQWHQDQFHZRUNRQWKHKREDOORZLW WR

FRROGRZQ

 2QO\ SURGXFWV FUHDPV DQG VFUDSHUV VSHFLILFDOO\ GHVLJQHG IRU 

DJODVVFHUDPLFVXUIDFHVVKRXOGEHXVHG7KH\DUHREWDLQDEOHIURP

KDUGZDUHVWRUHV

$YRLGVSLOODJHVDVDQ\WKLQJZKLFKIDOOVRQWRWKHKREVXUIDFHZLOO

TXLFNO\EXUQDQGZLOOPDNHFOHDQLQJPRUHGLIILFXOW

,WLVDGYLVDEOHWRNHHSDZD\IURPWKHKREDOOVXEVWDQFHVZKLFKDUH

OLDEOHWRPHOWVXFKDVSODVWLFLWHPVVXJDURUVXJDUEDVHGSURGXFWV

0$,17(1$1&(

3ODFHDIHZGURSVRIWKHVSHFLDOLVHGFOHDQLQJSURGXFWRQWKHKRE

VXUIDFH

5XE DQ\ VWXEERUQ VWDLQV ZLWK D VRIW FORWK RU ZLWK VOLJKWO\ GDPS

NLWFKHQSDSHU

:LSHZLWKDVRIWFORWKRUGU\NLWFKHQSDSHUXQWLOWKHVXUIDFHLVFOHDQ

,IWKHUHDUHVWLOOVRPHVWXEERUQVWDLQV

3ODFHDIHZPRUHGURSVRIVSHFLDOLVHGFOHDQLQJIOXLGRQWKHVXUIDFH

6FUDSHZLWKDVFUDSHUKROGLQJLWDWDQDQJOHRIWRWKHKREXQWLO

WKHVWDLQVGLVDSSHDU

:LSHZLWKDVRIWFORWKRUGU\NLWFKHQSDSHUXQWLOWKHVXUIDFHLVFOHDQ

5HSHDWWKHRSHUDWLRQLIQHFHVVDU\

$)(:+,176

)UHTXHQW FOHDQLQJ OHDYHV D SURWHFWLYH OD\HU ZKLFK LV HVVHQWLDO WR

SUHYHQW VFUDWFKHV DQG ZHDU 0DNH VXUH WKDW WKH VXUIDFH LV FOHDQ

EHIRUHXVLQJWKHKREDJDLQ7RUHPRYHPDUNVOHIWE\ZDWHUXVHDIHZ

GURSVRIZKLWHYLQHJDURUOHPRQMXLFH7KHQZLSHZLWKDEVRUEHQWSDSHU

DQGDIHZGURSVRIVSHFLDOLVHGFOHDQLQJIOXLG

7KHJODVVFHUDPLFVXUIDFHZLOOZLWKVWDQGVFUDSLQJIURPIODWERWWRPHG

FRRNLQJYHVVHOVKRZHYHULWLVDOZD\VEHWWHUWROLIWWKHPZKHQPRYLQJ

WKHPIURPRQH]RQHWRDQRWKHU

*%





0D[ L

$Q\FKDQJHLQWKHFRORXURIWKHJODVVFHUDPLFVXUIDFHGRHV

QRWDIIHFWLWVRSHUDWLRQRUWKHVWDELOLW\RIWKHVXUIDFH6XFK

GLVFRORUDWLRQVDUHPRVWO\DUHVXOWRIEXUQWIRRGUHVLGXHVRU

XVHRI FRRNZDUHPDGH RI PDWHULDOVVXFK DV DOXPLQLXPRU

FRSSHUWKHVHVWDLQVDUHGLIILFXOWWRUHPRYH

352%/(062/9,1*

7KHFRRNLQJ]RQHVGRQRWVLPPHURURQO\IU\JHQWO\

2QO\XVHIODWERWWRPHGSDQV,IOLJKWLVYLVLEOHEHWZHHQWKHSDQDQGWKH

KREWKH]RQHLVQRWWUDQVPLWWLQJKHDWFRUUHFWO\

7KHSDQERWWRPVKRXOGIXOO\FRYHUWKHGLDPHWHURIWKHVHOHFWHG]RQH

7KHFRRNLQJLVWRRVORZ

8QVXLWDEOHSDQVDUHEHLQJXVHG2QO\XVHIODWERWWRPHGXWHQVLOVWKDW

DUHKHDY\DQGKDYHDGLDPHWHUDWOHDVWWKHVDPH

DVWKHFRRNLQJ]RQH

6PDOOVFUDWFKHVRUDEUDVLRQVRQWKHKREVJODVVVXUIDFH

,QFRUUHFWFOHDQLQJ RU URXJKERWWRPHGSDQVDUHXVHG SDUWLFOHV OLNH

JUDLQVRIVDQGRUVDOWJHWEHWZHHQWKHKREDQGWKHERWWRPRIWKHSDQ

5HIHUWRWKH&/($1,1*VHFWLRQPDNHVXUHWKDWSDQERWWRPVDUH

FOHDQEHIRUHXVHDQGRQO\XVHVPRRWKERWWRPHGSDQV6FUDWFKHVFDQ

EHOHVVHQHGRQO\WKHFOHDQLQJLVGRQHFRUUHFWO\

0HWDOPDUNV

'R QRW VOLGH DOXPLQLXP SDQV RQ WKH KRE 5HIHU WR WKH FOHDQLQJ

UHFRPPHQGDWLRQV

<RXXVHWKHFRUUHFWPDWHULDOVEXWWKHVWDLQVSHUVLVW

8VHDUD]RUEODGHDQGIROORZWKH&/($1,1*VHFWLRQ

1%

'RQRWXVHDVSRQJHZKLFKLVWRRZHW

1HYHUXVHDNQLIHRUDVFUHZGULYHU

$VFUDSHUZLWKDUD]RUEODGHZLOOQRWGDPDJHWKHVXUIDFHDVORQJ

DVLWLVNHSWDWDQDQJOHRI

1HYHUOHDYHD VFUDSHU ZLWKDUD]RUEODGHZLWKLQWKH UHDFK RI

FKLOGUHQ

1HYHUXVHDEUDVLYHSURGXFWVRUVFRXULQJSRZGHUV

7KHPHWDOVXUURXQGWRVDIHO\FOHDQWKHPHWDOVXUURXQGZDVKZLWK

VRDSDQGZDWHUULQVHWKHQGU\ZLWKDVRIWFORWK





+HDWHUGLVSOD\ )DXOW $FWLRQ

)

)(

)8)-

)&)G



,IHUURUKDVRFFXUUHGGLVFRQQHFWHGDQGFRQQHFWDJDLQWKHFRRNWRSWRWKHSRZHUVXSSO\,IHUURUSHUVLVW

FDOODIWHUVDOHVVHUYLFH,IHUURUDSSHDUVVXGGHQO\LQDQRUPDORSHUDWLRQFDOODIWHUVDOHVVHUYLFH

7RXFKFRQWUROVRIWZDUHHUURU

:DLW XQWLO WHPSHUDWXUH JRHV GRZQ &RRNWRS ZLOO DXWRPDWLFDOO\ UHFRYHUHG ZKHQ WHPSHUDWXUH

UHDFKHVDQRUPDOYDOXH

7RXFKFRQWURO]RQHLVWRRKRW

DQG KDV WXUQHG RII DOO WKH

KHDWHUV

:DLWXQWLOWHPSHUDWXUHJRHVGRZQ,IPHVVDJHSHUVLVWZKHQWHPSHUDWXUHUHDFKHVDQHQYLURQPHQW

YDOXHFDOODIWHUVDOHVVHUYLFH

7RXFK FRQWURO WHPSHUDWXUH

VHQVRUFDQEHGDPDJHG

:DLWXQWLOWHPSHUDWXUHJRHVGRZQ,IPHVVDJHSHUVLVWZKHQWHPSHUDWXUHUHDFKHVDQHQYLURQPHQW

YDOXHFDOODIWHUVDOHVVHUYLFH

7RXFKFRQWUROWHPSHUDWXUH

VHQVRUFDQEHGDPDJHG

6HHLIFRRNWRSLVPRXQWHGFRUUHFWO\%HVXUHWKDWNH\VWRXFKFRUUHFWO\WKHJODVVVXUIDFH

([FHVVLYHVHQVLWLYLW\

RQDQ\NH\

7KLVHUURULVDNH\ERDUGDXWRFKHFN,WGLVDSSHDUVZKHQDXWRFKHFNUHWXUQWRVHFXUHYDOXH,IHUURU

SHUVLVWFDOODIWHUVDOHVHUYLFH

6HFXULW\NH\ERDUGHUURU

7KLVHUURULVDVRIWZDUHDXWRFKHFN,WGLVDSSHDUVZKHQDXWRFKHFNUHWXUQWRVHFXUHYDOXH,IHUURU

SHUVLVWFDOODIWHUVDOHVHUYLFH

6HFXULW\VRIWZDUHHUURU

7KLVHUURULVDVRIWZDUHDXWRFKHFN,WGLVDSSHDUVZKHQDXWRFKHFNUHWXUQWRVHFXUHYDOXH,IHUURU

SHUVLVWFDOODIWHUVDOHVHUYLFH

6HFXULW\VRIWZDUHHUURU

$Q\UHOD\GULYHUFDQKDYHDQ\SUREOHPQ5HPRYHFRRNWRSIURPWKHSRZHUVXSSO\ZDLWDPLQXWH

DQGVZLWFKRQDJDLQ,IHUURUSHUVLVWFDOODIWHUVDOHVHUYLFH

5HOD\VVHFXULW\HUURU

$)7(5&$5(

%HIRUH FDOOLQJ RXW D 6HUYLFH (QJLQHHU SOHDVH FKHFN WKH

IROORZLQJ

²WKDWWKHSOXJLVFRUUHFWO\LQVHUWHGDQGIXVHG

,IWKHIDXOWFDQQRWEHLGHQWLILHG VZLWFK RIIWKHDSSOLDQFH²GRQRW

WDPSHUZLWKLW²FDOOWKH$IWHUFDUH6HUYLFH&HQWUH7KHDSSOLDQFHLV

VXSSOLHG ZLWK D JXDUDQWHH FHUWLILFDWH WKDW HQVXUHV WKDW LW ZLOO EH

UHSDLUHGIUHHRIFKDUJHDWWKH6HUYLFH&HQWUH

'DUNVWDLQV

8VHDUD]RUEODGHDQGIROORZWKH&/($1,1*VHFWLRQ

/LJKWVXUIDFHVRQWKHKRE

0DUNVIURPDQDOXPLQLXPRUFRSSHUSDQEXWDOVRPLQHUDOZDWHURU

IRRGGHSRVLWVWKH\FDQEHUHPRYHGXVLQJWKHFUHDPFOHDQHU

&DUDPHOLVDWLRQRUPHOWHGSODVWLFRQWKHKRE

5HIHUWRWKH&/($1,1*VHFWLRQ

7KHKREGRHVQRWRSHUDWHRUFHUWDLQ]RQHVGRQWZRUN

7KHVKXQWVDUHQRWSRVLWLRQHGFRUUHFWO\RQWKHWHUPLQDOERDUG

+DYHDFKHFNPDGHWKDWWKHFRQQHFWLRQLVGRQHKHFRQWUROSDQHOLV

ORFNHG8QORFNWKHKRE

7KHKREGRHVQRWFXWRII

7KHFRQWUROSDQHOLVORFNHG8QORFNWKHKRE

)UHTXHQF\RIRQRIIRSHUDWLRQVIRUFRRNLQJ]RQHV

7KHRQRIIF\FOHVYDU\DFFRUGLQJWRWKHUHTXLUHGKHDWOHYHO

ORZOHYHOVKRUWRSHUDWLQJWLPH

KLJKOHYHOORQJRSHUDWLQJWLPH

7KHFRRNWRSLVQRWZRUNLQJ

&KHFN WKH FRQGLWLRQ RI WKH IXVHV  FLUFXLW EUHDNHUV DW \RXU

ORFDWLRQ&KHFNWRVHHLI\RXDUHH[SHULHQFLQJDSRZHUIDLOXUH

7KHFRRNWRSKDVWXUQHGLWVHOIRII

7KHPDLQVZLWFK212))NH\ZDVDFFLGHQWDOO\WRXFKHGRUWKHUHLV

DQ\REMHFWDERYHDQ\NH\7XUQWKHXQLWRQDJDLQZLWKRXWDQ\REMHFW

DERXWWKHNH\ERDUG(QWHU\RXUVHWWLQJVDJDLQ

'LVSOD\)DQGQXPEHUV

,I)DQGQXPEHUVDSSHDUVLQWKHGLVSOD\\RXUXQLWKDVGHWHFWHGDIDXOW

7KHIROORZLQJWDEOHOLVWDFWLRQV\RXFDQWDNHWRFRUUHFWWKHSUREOHP

*%

,7

6LFRQVLJOLDGLFRQVHUYDUHOHLVWUX]LRQLGLXVRH

PRQWDJJLRSHUULIHULPHQWRVXFFHVVLYRHSULPDGL

PRQWDUH LO SLDQR GL FRWWXUD DQQRWDUH LO VXR

QXPHUR GL VHULH SHU ULFKLHGHUH DVVLVWHQ]D DO

6HUYL]LRSRVWYHQGLWD

$99(57(1=$OHOHWWURGRPHVWLFRHOHVXHSDUWL

DFFHVVLELOL GLYHQWDQR FDOGH GXUDQWH OXVR

3UHVWDUHDWWHQ]LRQHDGHYLWDUHTXDOVLDVLFRQWDWWR

FRQ OH UHVLVWHQ]H GL ULVFDOGDPHQWR 0DQWHQHUH

ORQWDQL GDOOHOHWWURGRPHVWLFR L EDPELQL GL HWj

LQIHULRUH DJOL  DQQL D PHQR FKH QRQ VLDQR

FRQWLQXDPHQWHVXSHUYLVLRQDWL

$99(57(1=$XWLOL]]DUHXQLFDPHQWHSURWH]LRQL

SHUSLDQLGLFRWWXUDSURJHWWDWHGDOSURGXWWRUHGHOOD

FXFLQDRLQGLFDWHGDOSURGXWWRUH

GHOOHOHWWURGRPHVWLFRQHOOHLVWUX]LRQLGXVRFRPH

DGDWWH R DQFRUD SURWH]LRQL LQFRUSRUDWH

QHOOHOHWWURGRPHVWLFR/XWLOL]]RGLSURWH]LRQLQRQ

DGDWWHSXzSURYRFDUHLQFLGHQWL

$99(57(1=$ODFRWWXUDVHQ]DVRUYHJOLDQ]DVX

XQSLDQRGLFRWWXUDLQSUHVHQ]DGLJUDVVRRROLR

QHOODSHQWRODSXzHVVHUHSHULFRORVDFRQULVFKLR

GL LQFHQGL 121 FHUFDUH 0$, GL VSHJQHUH XQ

LQFHQGLR FRQ DFTXD EHQVu VSHJQHUH

OHOHWWURGRPHVWLFR H FRSULUH OD ILDPPD FRQ XQ

FRSHUFKLRRXQDFRSHUWDDQWLILDPPD

$99(57(1=$ SHULFROR GL LQFHQGLR QRQ

DSSRJJLDUHQXOODVXOOHVXSHUILFLGLFRWWXUD

$99(57(1=$VHODVXSHUILFLHqFUHSDWDQRQ

WRFFDUH OD YHWURFHUDPLFD H VSHJQHUH

OHOHWWURGRPHVWLFR SHU HYLWDUH OD SRVVLELOLWj GL

HOHWWURFX]LRQL

/HOHWWURGRPHVWLFR SXz HVVHUH XWLOL]]DWR GD

EDPELQLGLHWjVXSHULRUHDDQQLHGDSHUVRQH

FRQULGRWWHFDSDFLWjILVLFKHVHQVRULDOLRPHQWDOL

RSSXUH SULYH GL HVSHULHQ]D H FRQRVFHQ]D VH

VXSHUYLVLRQDWH R LVWUXLWH ULJXDUGR DOOXVR

GHOOHOHWWURGRPHVWLFR LQ VLFXUH]]D H VH

FRPSUHQGRQRLULVFKLFKHGHULYDQRGDOOXVRGHOOR

VWHVVR , EDPELQL GRYUHEEHUR HVVHUH

VXSHUYLVLRQDWLSHUDVVLFXUDUVLFKHQRQJLRFKLQR

FRQ OHOHWWURGRPHVWLFR /D SXOL]LD H OD

PDQXWHQ]LRQHGDSDUWHGHOOXWHQWHQRQSRVVRQR

HVVHUHHIIHWWXDWHGDEDPELQLVHQ]DVXSHUYLVLRQH

$77(1=,21(LOSURFHVVRGLFRWWXUDGHYHHVVHUH

VXSHUYLVLRQDWR8QSURFHVVRGLFRWWXUDGLEUHYH

WHUPLQHGHYHHVVHUHVXSHUYLVLRQDWRLQFRQWLQXR

6L FRQVLJOLD YLYDPHQWH GL WHQHUH L EDPELQL D

GLVWDQ]D GDOOH ]RQH GL FRWWXUD TXDQGR TXHVWH

VRQRLQIXQ]LRQHRTXDQGRVRQRVSHQWHSHUWXWWR

LO WHPSR GXUDQWH LO TXDOH OLQGLFDWRUH GL FDORUH

UHVLGXR ULPDQH DWWLYR SHU HYLWDUH LO ULVFKLR GL

XVWLRQLJUDYL

4XHVWR HOHWWURGRPHVWLFR QRQ q FRQFHSLWR SHU

IXQ]LRQDUH FRQ WHPSRUL]]DWRUL HVWHUQL R FRQ

VLVWHPLGLFRPDQGRDGLVWDQ]DVHSDUDWL

6H q SUHVHQWH QRQ JXDUGDUH GLUHWWDPHQWH JOL

HOHPHQWLULVFDOGDWLGHOODODPSDGDDORJHQD

&ROOHJDUH DO FDYR GL DOLPHQWD]LRQH XQD VSLQD

GLPHQVLRQDWD SHU OD WHQVLRQH OD FRUUHQWH H OD

SRWHQ]D LQGLFDWH QHOOD WDUJKHWWD H GRWDWD GHO

FRQWDWWR GL WHUUD /D SUHVD GHYH HVVHUH

GLPHQVLRQDWD SHU OD SRWHQ]D LQGLFDWD VXOOD

WDUJKHWWD H GHYH DYHUH LO FRQWDWWR GL WHUUD

FROOHJDWRHIXQ]LRQDQWH,OFRQGXWWRUHGLWHUUDq

JLDOORYHUGH 4XHVWD RSHUD]LRQH GHYH HVVHUH

,6758=,21,',6,&85(==$

HVHJXLWD VROR GD XQ WHFQLFR DGHJXDWDPHQWH

DGGHVWUDWR,QFDVRGLLQFRPSDWLELOLWjWUDSUHVDH

VSLQD GHOOHOHWWURGRPHVWLFR ULFKLHGHUH DG XQ

WHFQLFR VSHFLDOL]]DWR GL VRVWLWXLUH OD SUHVD FRQ

XQDOWUDGLWLSRFRPSDWLELOH/DVSLQDHODSUHVD

GHYRQRHVVHUHFRQIRUPLDOOHQRUPDWLYHDWWXDOLGHO

SDHVHGLLQVWDOOD]LRQH

,O FROOHJDPHQWR DOOD UHWH GL DOLPHQWD]LRQH SXz

HVVHUH HIIHWWXDWR DQFKH FROORFDQGR XQ

LQWHUUXWWRUH DXWRPDWLFR RQQLSRODUH WUD

OHOHWWURGRPHVWLFRHOD UHWHGLDOLPHQWD]LRQHLQ

JUDGRGLVXSSRUWDUHLOFDULFRPDVVLPRFROOHJDWR

LQOLQHDFRQODOHJLVOD]LRQHFRUUHQWH

,O FDYR GL WHUUD JLDOORYHUGH QRQ GHYH HVVHUH

LQWHUURWWRGDOOLQWHUUXWWRUHDXWRPDWLFR/DSUHVDR

OLQWHUUXWWRUHDXWRPDWLFRRQQLSRODUHXWLOL]]DWLSHULO

FROOHJDPHQWR GHYRQR HVVHUH IDFLOPHQWH

DFFHVVLELOL DO PRPHQWR GHO PRQWDJJLR

GHOOHOHWWURGRPHVWLFR

/DGLVFRQQHVVLRQHSXzHVVHUHHVHJXLWDFRQOD

VSLQDDFFHVVLELOHRDJJLXQJHQGRXQLQWHUUXWWRUH

VXOFDEODJJLRILVVRQHOULVSHWWRGHOOHQRUPDWLYH

UHODWLYHDLFDEODJJL

6HLOFDYRGLDOLPHQWD]LRQHGHOOHOHWWURGRPHVWLFR

GRYHVVHHVVHUHGDQQHJJLDWRIDUORVRVWLWXLUHGDO

SURGXWWRUHGDOVXRVHUYL]LRWHFQLFRRGDWHFQLFL

TXDOLILFDWLSHUHYLWDUHULVFKL,OFRQGXWWRUHGLWHUUD

JLDOORYHUGHGHYHHVVHUHSLOXQJRGLPPVXO

ODWRGHOODPRUVHWWLHUD/DVH]LRQHGHLFRQGXWWRUL

LQWHUQLGHYHHVVHUHDGDWWDDOODSRWHQ]DDVVRUELWD

GDO SLDQR GL FRWWXUD FRPH LQGLFDWR VXOOD

WDUJKHWWD,OFDYRGLDOLPHQWD]LRQHGHYHHVVHUHGL

WLSR+299)

1RQ DSSRJJLDUH VXO SLDQR GL FRWWXUD RJJHWWL

PHWDOOLFL FRPH FROWHOOL IRUFKHWWH FXFFKLDL R

FRSHUFKL3RWUHEEHURVFDOGDUVLHFFHVVLYDPHQWH

1RQDSSRJJLDUHVXOOH]RQHULVFDOGDQWLSHOOLFROHGL

DOOXPLQLRHSDGHOOHLQSODVWLFD

'RSRRJQLXWLOL]]RqQHFHVVDULRSXOLUHLOSLDQRGL

FRWWXUD SHU HYLWDUH ODFFXPXOR GL VSRUFL]LD H

JUDVVR 6H FL VRQR DFFXPXOL GL TXHVWR WLSR

YHQJRQR FRWWL QXRYDPHQWH TXDQGR LO SLDQR GL

FRWWXUD YLHQH DFFHVR FUHDQGR IXPR H RGRUL

VJUDGHYROL SHU QRQ SDUODUH GHO ULVFKLR GL

SURSDJD]LRQHGLLQFHQGL

1RQXWLOL]]DUHPDLXQJHWWRGLYDSRUHRDGDOWD

SUHVVLRQHSHUODSXOL]LDGHOOHOHWWURGRPHVWLFR

1RQ WRFFDUH OH ]RQH ULVFDOGDQWL GXUDQWH LO

IXQ]LRQDPHQWRRSHUXQEUHYHSHULRGRGRSROXVR

1RQ FXRFHUH PDL JOL DOLPHQWL GLUHWWDPHQWH VXO

SLDQRGLFRWWXUDLQYHWURFHUDPLFD

8WLOL]]DUHVHPSUHLUHFLSLHQWLGLFRWWXUDDGDWWL

0HWWHUHVHPSUHODSHQWRODDOFHQWURGHOJUXSSR

VXO TXDOH VL VWD HIIHWWXDQGR OD FRWWXUD 1RQ

DSSRJJLDUHQXOODVXOSDQQHOORGLFRPDQGR

0DLXWLOL]]DUHLOSLDQRGLFRWWXUDFRPHVXSHUILFLHGL

ODYRUR

0DLXWLOL]]DUHLOSLDQRGLFRWWXUDFRPHWDJOLHUH

1RQDSSRJJLDUHRJJHWWLSHVDQWLDOGLVRSUDGHO

SLDQRGLFRWWXUD6HFDGRQRVXOSLDQRSRVVRQR

GDQQHJJLDUOR

1RQ XWLOL]]DUH LO SLDQR GL FRWWXUD SHU ULSRUYL

RJJHWWL

1RQIDUHVFLYRODUHLUHFLSLHQWLVXOSLDQRGLFRWWXUD

/DVFLDUH XQD GLVWDQ]D SDUL D

DOPHQR  PP WUD LO SLDQR GL

FRWWXUDHLOPXURSRVWHULRUHHGL

DOPHQRPPWUDLOSLDQRGL

FRWWXUDHLOPRELOHYHUWLFDOHROH

SDUHWLVXOODWR4XDORUD YHQJD

LQVWDOODWR XQ SHQVLOH VRSUD LO

SLDQR FRWWXUD OD GLVWDQ]D

PLQLPD ULFKLHVWD q SDUL D 

PP

4XDQGRVLLQVWDOODXQDFDSSD

DOGLVRSUDGHOSLDQRGL

FRWWXUDFRQVXOWDUHLUHTXLVLWLGL

PRQWDJJLRVSHFLILFLSHUOD

FDSSDPDLQRJQLFDVROD

GLVWDQ]DWUDFDSSDHSLDQRGL

FRWWXUDQRQGHYHHVVHUH

LQIHULRUHDPP

  

&2',&(352'27727

7DUJKHWWDGLLGHQWLILFD]LRQHSRVWDVRWWRLOFDUWHULQIHULRUHGHOSLDQRGL

FRWWXUD

$99(57(1=(*(1(5$/,

$SSRQHQGRLOPDUFKLRVXTXHVWRHOHWWURGRPHVWLFRFRQIHUPLDPR

ODFRQIRUPLWjDWXWWLLUHTXLVLWLGLOHJJHHXURSHLGLVLFXUH]]DVDOXWHH

WXWHODDPELHQWDOHDSSOLFDELOLDTXHVWDFDWHJRULDGLSURGRWWL

6$/9$*8$5',$'(//$0%,(17(

4XHVWRHOHWWURGRPHVWLFRGLVSRQHGLFRQWUDVVHJQRDL

VHQVLGHOODGLUHWWLYDHXURSHD8(LQPDWHULDGL

ULILXWL GL DSSDUHFFKLDWXUH HOHWWULFKH HG HOHWWURQLFKH

5$((

, 5$(( FRQWHQJRQR VRVWDQ]H LQTXLQDQWL FKH

SRVVRQR FDXVDUH FRQVHJXHQ]H QHJDWLYH SHU

ODPELHQWH H L FRPSRQHQWL SULQFLSDOL FKH SRVVRQR

HVVHUH ULXWLOL]]DWL Ê LPSRUWDQWH FKH L 5$(( VLDQR

VRWWRSRVWLDWUDWWDPHQWLVSHFLILFLLQPRGRGDWRJOLHUHHVPDOWLUHLQ

PRGR FRUUHWWR JOL LQTXLQDQWL QRQFKp UHFXSHUDUH H ULFLFODUH WXWWL L

PDWHULDOL

6SHWWDDLVLQJROLLQGLYLGXLJDUDQWLUHFKHL5$((QRQGLYHQWLQRXQ

SUREOHPDDOLYHOORDPELHQWDOH(VLVWRQRDOFXQHUHJROHVSHFLILFKHGD

ULVSHWWDUH

 L5$((QRQGHYRQRHVVHUHWUDWWDWLFRPHULILXWLGRPHVWLFL

 L 5$(( GHYRQR HVVHUH DIILGDWL DJOL VSHFLDOL FHQWUL GL UDFFROWD

JHVWLWL GDL FRPXQL R GD VRFLHWj DXWRUL]]DWH ,Q PROWL VWDWL q

GLVSRQLELOHDQFKHXQVHUYL]LRGLUDFFROWDSRUWDDSRUWDSHUL5$((

,QPROWLVWDWLQHOFDVRGLDFTXLVWRGLQXRYLHOHWWURGRPHVWLFLTXHOOL

YHFFKLSRVVRQRHVVHUHDIILGDWLDOYHQGLWRUHFKHOLGHYHULWLUDUH

JUDWXLWDPHQWHLQQXPHURFRUULVSRQGHQWHDJOLHOHWWURGRPHVWLFL

DFTXLVWDWLDFRQGL]LRQHFKHLVLQJROLHOHWWURGRPHVWLFLVLDQRGLWLSR

VLPLOHHFRQOHVWHVVHIXQ]LRQLGLTXHOOLDFTXLVWDWL

,O PRQWDJJLR GL XQ HOHWWURGRPHVWLFR SXz HVVHUH XQRSHUD]LRQH

FRPSOLFDWD FKH VH QRQ YLHQH HIIHWWXDWD FRUUHWWDPHQWH SXz

PLQDFFLDUHJUDYHPHQWHODVLFXUH]]DGLSURGRWWLSURSULHWjRSHUVRQH

3HUTXHVWDUDJLRQHWDOHDWWLYLWjGHYHHVVHUHLQWUDSUHVDGDXQWHFQLFR

SURIHVVLRQDOPHQWH TXDOLILFDWR FKH OD HIIHWWXHUj LQ DFFRUGR FRQ OH

QRUPDWLYHWHFQLFKHLQYLJRUH

1HO FDVR LQ FXL TXHVWD SUHFDX]LRQH QRQ YHQJD ULVSHWWDWD H LO

PRQWDJJLRVLDHIIHWWXDWRGDXQWHFQLFRQRQTXDOLILFDWRLOSURGXWWRUH

GHFOLQDWXWWHOHUHVSRQVDELOLWjSHUJXDVWLWHFQLFLGHOOHOHWWURGRPHVWLFR

FKHSRVVDQRFDXVDUHRPHQRGDQQLDOOHFRVHRDLEHQLROHVLRQLDOOH

SHUVRQHRDJOLDQLPDOL

'RSRDYHUHWROWROLPEDOODJJLRDFFHUWDUVLFKHOHOHWWURGRPHVWLFRQRQ

VLDGDQQHJJLDWRLQFDVRFRQWUDULRFRQWDWWDUHLOULYHQGLWRUHRLOVHUYL]LR

GLDVVLVWHQ]DSRVWYHQGLWDGHOSURGXWWRUH

$FFHUWDUVLFKHLOPRELOHQHOTXDOHYHUUjLQVHULWROHOHWWURGRPHVWLFRH

WXWWLJOLDOWULDUUHGLQHOOHYLFLQDQ]HVLDQRGLXQPDWHULDOHLQJUDGRGL

UHVLVWHUHDWHPSHUDWXUHHOHYDWHPLQLPR&

,QROWUHWXWWLLODPLQDWLGHFRUDWLYLGHYRQRHVVHUHILVVDWLFRQFROODDGDOWD

UHVLVWHQ]D

/HOHWWURGRPHVWLFRSXzHVVHUHLQVWDOODWRLQXQPRELOHDGLQFDVVRLQ

PRGDOLWjVWDQGDUGRDILOR

PP

PP

PP

PP





PP





0LQPP

3HULPHWURSHU

LQVWDOOD]LRQHDILOR

1RWD /H GLPHQVLRQL GHO SHULPHWUR LQWHUQR VRQR OH VWHVVH

GHOOLQVWDOOD]LRQHVWDQGDUG

PPFPKRE





PP





PPFPKRE





3URIRQGLWjLQFDYRPP

3HULPHWURSHU

LQVWDOOD]LRQHDILOR

/RVSHVVRUHGHOSLDQRGLODYRURGHYHHVVHUHFRPSUHVRWUDHPP

6H OD SDUWH LQIHULRUH GHO SLDQR GL FRWWXUD q DGLDFHQWH DG XQDUHD

QRUPDOPHQWHDFFHVVLELOHGXUDQWHODFRWWXUDRODSXOL]LDLQVHULUHXQ

VHSDUDWRUHPPVRWWRDOODEDVHGHOSLDQRGLFRWWXUD

PLQPP

,167$//$=,21(

4XDQGRVLLQVWDOODXQIRUQRDOGLVRWWRGHOSLDQRGLFRWWXUDQRQq

QHFHVVDULRLQVHULUHXQVHSDUDWRUHHODGLVWDQ]DPLQLPDWUDODSDUWH

LQIHULRUHGHOSLDQRGLFRWWXUDHGLOIRUQRQRQGHYHHVVHUHLQIHULRUHD

PP1RQPRQWDUHXQIRUQRQRQUDIIUHGGDWRDOGLVRWWRGLTXHVWR

SLDQRGLFRWWXUDHLQVWDOODUHLOIRUQRVHJXHQGRLUHODWLYLUHTXLVLWLGL

PRQWDJJLR





PLQ

,7

,7

,167$//$=,21($),/2

'RSR DYHUH YHULILFDWR FKH OD

SRVL]LRQH GHO SLDQR GL FRWWXUD q

FRUUHWWD ULHPSLUH OR VSD]LR IUD

SLDQRGLODYRURHSLDQRGLFRWWXUD

FRQDGHVLYRVLOLFRQLFR$SSLDWWLUH

OR VWUDWR GL VLOLFRQH FRQ XQ

UDVFKLDWRUHREDJQDQGROHGLWDLQ

DFTXD H VDSRQH SULPD FKH

LQGXULVFD1RQXWLOL]]DUHLOSLDQRGL

FRWWXUDILQRDTXDQGRORVWUDWRGL

VLOLFRQH QRQ q SHUIHWWDPHQWH

DVFLXWWR

)LVVDJJLRQRUPDOH

 8WLOL]]DUH OH IDVFHWWH GL

ILVVDJJLRSUHVHQWLQHOVDFFKHWWR

GHJOLDFFHVVRULHGDYYLWDUOHQHOOD

SRVL]LRQHLQGLFDWDVXOODVFDWROD

LQIHULRUH1RQVHUUDUHOHYLWLSHU

EORFFDUH FRPSOHWDPHQWH OH

IDVFHWWH GRYUHEEHUR PXRYHUVL

OLEHUDPHQWH

,QVHULUHLOSLDQRGLFRWWXUDQHOOD

SRVL]LRQHFHQWUDOHGHOOLQWDJOLR

5XRWDUHOHIDVFHWWHHVHUUDUOH

DIRQGR

)LVVDJJLRUDSLGR$VHFRQGDGHO

PRGHOOR

3UHOHYDUHTXDWWURPROOHGDOVDFFKHWWR

DFFHVVRUL HG DYYLWDUOH VXOOD VFDWROD

LQIHULRUHFRPHLOOXVWUDWRLQILJXUD

&HQWUDUH HG LQVHULUH LO

SLDQRGLFRWWXUD

3UHPHUH LODWL GHO SLDQRGL

FRWWXUD ILQR D TXDQGR QRQ

ULVXOWDVXSSRUWDWRVXOOLQWHUR

SHULPHWUR

&2//(*$0(172(/(775,&2

',6326,=,21( ',6326,=,21( ',6326,=,21( ',6326,=,21(

',6326,=,21( ',6326,=,21( ',6326,=,21(

%*4104*;*0/&

%*4104*;*0/&

%*4104*;*0/&

%*4104*;*0/&

%*4104*;*0/&

%*4104*;*0/&

%*4104*;*0/&

,O SLDQR GL FRWWXUD YLHQH

IRUQLWRFRQXQDJXDUQL]LRQH

GL WHQXWD 0RQWDUH OD

JXDUQL]LRQH GL WHQXWD

LQWRUQR DOODSDUWH LQIHULRUH

GHO SLDQR GL FRWWXUD HG

DVVLFXUDUVLFKHVLDLQVHULWD

FRUUHWWDPHQWH SHU HYLWDUH

SHUGLWH VXL PRELOL GL

VXSSRUWRVRWWRVWDQWL

3DUWHLQIHULRUH









',6326,=,21(

$VHFRQGDGHOPRGHOOR

 

 

 7,0(5

 /(']RQDGLFRWWXUDDJJLXQWLYD

 ,QGLFDWRUHSURJUDPPL]RQDGLFRWWXUD

 6HOH]LRQHGHOOD]RQD

 %ULGJH























































,O PRQWDJJLR GHYH HVVHUH FRQIRUPH DOOH GLUHWWLYH H DJOL

VWDQGDUG ,O SURGXWWRUH GHFOLQD TXDOVLDVL UHVSRQVDELOLWj SHU

GDQQLFKHSRWUHEEHURHVVHUHFDXVDWLGDXWLOL]]RLQDSSURSULDWRR

LUUDJLRQHYROH

$99(57(1=$,O3URGXWWRUHQRQSXzHVVHUHULWHQXWRUHVSRQVDELOHGL

TXDOVLDVL LQFLGHQWH R GHOOH UHODWLYH FRQVHJXHQ]H FKH SRWHVVHUR

LQVRUJHUHGXUDQWHOXWLOL]]RGLXQHOHWWURGRPHVWLFRSULYRGLPHVVDD

WHUUDRSSXUHFROOHJDWRDGXQDWHUUDDYHQWHXQDFRQWLQXLWjGLIHWWRVD

3ULPD GL TXDOVLDVL IXQ]LRQDPHQWR HOHWWULFR FRQWUROODUH VHPSUH OD

WHQVLRQHGLDOLPHQWD]LRQHULSRUWDWDVXOFRQWDWRUHODUHJROD]LRQHGHO

VH]LRQDWRUH OD FRQWLQXLWj GHO FROOHJDPHQWR D WHUUD ULVSHWWR

DOOLPSLDQWRYHULILFDUHDQFKHFKHLOIXVLELOHVLDDSSURSULDWR

,O FROOHJDPHQWR HOHWWULFR DOOLPSLDQWR GHYH HVVHUH HIIHWWXDWR

ULVSHWWDQGR OD SRWHQ]D QRPLQDOH GHOOHOHWWURGRPHVWLFR FLz GHYH

HVVHUHHIIHWWXDWRWUDPLWHXQVH]LRQDWRUHPXOWLSRODUH

6HOHOHWWURGRPHVWLFRKDXQXVFLWDDSUHVDGHYHHVVHUHLQVWDOODWRLQ

PRGRFKHWDOHXVFLWDVLDDFFHVVLELOH

,OFDYRJLDOORYHUGHGHOFDYRGLDOLPHQWD]LRQHHOHWWULFDGHYHHVVHUH

FROOHJDWR DOOD WHUUD GHOODOLPHQWD]LRQH HOHWWULFD HG DL PRUVHWWL

GHOOHOHWWURGRPHVWLFR

3HU TXDOVLDVL GRPDQGD UHODWLYD DO FDYR GL DOLPHQWD]LRQH HOHWWULFD

ULYROJHUVL DO 6HUYL]LR GL $VVLVWHQ]D SRVWYHQGLWD R D XQ WHFQLFR

TXDOLILFDWR

6HLOSLDQRGLFRWWXUDqGRWDWRGLXQFDYRGLDOLPHQWD]LRQH

FROOHJDUORVRORDGXQDOLPHQWD]LRQHFRQWHQVLRQHGL9WUDOD

IDVHHLOQHXWUR

ÊFRPXQTXHVHPSUHSRVVLELOHFROOHJDUHLOSLDQRGLFRWWXUDD

7ULIDVH9

7ULIDVH91

3HU SURFHGHUH DO QXRYR FROOHJDPHQWR ULVSHWWDUH OH LVWUX]LRQL FKH

VHJXRQR

3ULPD GL HIIHWWXDUH LO FROOHJDPHQWR DFFHUWDUVL FKH OLPSLDQWR VLD

SURWHWWRGDXQIXVLELOHDSSURSULDWRHFKHVLDGRWDWRGLFDYLDYHQWLXQD

VH]LRQH VXIILFLHQWHPHQWH JUDQGH SHU DOLPHQWDUH QRUPDOPHQWH

OHOHWWURGRPHVWLFR

&DSRYROJHUHLOSLDQRGLFRWWXUDFRQODYHWURFHUDPLFDULYROWDYHUVRLO

SLDQRGLODYRURSUHVWDQGRDWWHQ]LRQHDSURWHJJHUHODYHWURFHUDPLFD



VYLWDUHODIDVFHWWDSHUFDYL

LQGLYLGXDUHOHGXHOLQJXHWWHVXLODWL

PHWWHUHODSXQWDGLXQFDFFLDYLWHSLDWWRGDYDQWLDOOHOLQJXHWWHH

VSLQJHUHDOOLQWHUQRHSUHPHUH

WRJOLHUHLOFRSHUFKLR

3HUVWDFFDUHLOFDYRGLDOLPHQWD]LRQHHOHWWULFD

 7RJOLHUH OH YLWL FKH ILVVDQR OD PRUVHWWLHUD FKH FRQWLHQH OH

GHULYD]LRQLHLFRQGXWWRULGHOFDYRGLDOLPHQWD]LRQH

7LUDUHYHUVROHVWHUQRLOFDYRGLDOLPHQWD]LRQH

2SHUD]LRQLGDHIIHWWXDUHSHUXQQXRYRFROOHJDPHQWR

6FHJOLHUHLOFDYRGLDOLPHQWD]LRQHLQDFFRUGRFRQOHLQGLFD]LRQL

GHOODWDEHOOD

3DVVDUHLOFDYRGLDOLPHQWD]LRQHHOHWWULFDQHOODIDVFHWWD

6SHODUHOHVWUHPLWjGLRJQLFRQGXWWRUHGHOFDYRGLDOLPHQWD]LRQH

SHUFLUFDPPWHQHQGRLQFRQVLGHUD]LRQHODOXQJKH]]DULFKLHVWD

GHOFDYRSHULOFROOHJDPHQWRDOODPRUVHWWLHUD

6HFRQGRLOWLSRGLPRQWDJJLRXWLOL]]DUHOHGHYLD]LRQLUHFXSHUDWH

QHOODSULPDRSHUD]LRQHILVVDUHLOFRQGXWWRUHFRPHLQGLFDWRVXOOD

WDEHOOD

%ORFFDUHLOFRSHUFKLR

$YYLWDUHODIDVFHWWDSHUFDYL

1RWD DFFHUWDUVL FKH OH YLWL GHOOD PRUVHWWLHUD VLDQR

FRPSOHWDPHQWHDYYLWDWH

$SULUHLOFRSHUFKLRQHOODVHJXHQWHVHTXHQ]D

2SHUD]LRQLGDHIIHWWXDUHSHUXQQXRYRFROOHJDPHQWR

6FHJOLHUHLOFDYRGLDOLPHQWD]LRQHLQDFFRUGRFRQOHLQGLFD]LRQL

GHOODWDEHOOD

3DVVDUHLOFDYRGLDOLPHQWD]LRQHHOHWWULFDQHOODIDVFHWWD

6SHODUHOHVWUHPLWjGLRJQLFRQGXWWRUHGHOFDYRGLDOLPHQWD]LRQH

SHUFLUFDPPWHQHQGRLQFRQVLGHUD]LRQHODOXQJKH]]DULFKLHVWD

GHOFDYRSHULOFROOHJDPHQWRDOODPRUVHWWLHUD

 $ VHFRQGD GHO WLSR GL PRQWDJJLR

XWLOL]]DUHOHGHYLD]LRQLUHFXSHUDWHQHOOD

SULPDRSHUD]LRQHILVVDUH LOFRQGXWWRUH

FRPHLQGLFDWRVXOODWDEHOOD

%ORFFDUHLOFRSHUFKLR

$YYLWDUHODIDVFHWWDSHUFDYL

'(5,9$=,21(



1HXWUR 7



7HUUD

3K )DVH

$77(1=,21(

QHOFDVRLQFXLIRVVHQHFHVVDULRVRVWLWXLUHLOFDYRGLDOLPHQWD]LRQH

FROOHJDUHLILOLLQDFFRUGRFRQLVHJXHQWLFRORULFRGLFL

',6326,=,21(



',6326,=,21(



0212)$6(2%,)$6(69

&DYR

+299)

&DYR

+299)

&DYR

+299)



[PP



[PP



[PP



[PP



[PP



[PP

75,)$6(9

a

75,)$6(91a

%/8

0$5521(

*,$//29(5'(

1HXWUR

)DVH

7HUUD



&ROOHJDPHQWRDLPRUVHWWLGHOODPRUVHWWLHUD

0RQRIDVH9a %LIDVH9a

7ULIDVH9a 7ULIDVH91a

,7

,7

862

&RPHDFFHQGHUHVSHJQHUHXQD]RQDGLULVFDOGDPHQWR

3HUDFFHQGHUHXQD]RQDGLULVFDOGDPHQWRWRFFDUHXQDTXDOVLDVL]RQD

GL ULVFDOGDPHQWR SHU PVHF6L VHQWLUjXQ ELS SUROXQJDWR HG LO

YDORUHYHUUj YLVXDOL]]DWR QHOODFLIUD GHOOD]RQDGLGHVWLQD]LRQH

LQGLFDQGRLOOLYHOORGLSRWHQ]D

 6H XQD TXDOVLDVL IDVH GL FRWWXUD q LQ SRVL]LRQH LO GLVSOD\VL

VSHJQH DXWRPDWLFDPHQWH GRSR  VHFRQGL H OD VHTXHQ]D GL

VSHJQLPHQWR]RQDHPHWWHXQVHJQDOHDFXVWLFR

 6HFqXQLQGLFD]LRQHGLFDORUHUHVLGXRVXOGLVSOD\DFFHVRPDFRQ

SRWHQ]DSDULDORYLHQHDFFHVRLQFRPPXWD]LRQH

 6HODIXQ]LRQHGLEORFFRqDWWLYDQRQqSRVVLELOHDFFHQGHUHXQD

]RQD

3HUVSHJQHUHXQD]RQDGLULVFDOGDPHQWRWRFFDUHXQDTXDOVLDVL]RQDGL

ULVFDOGDPHQWRSHUXQSHULRGRGLVHF6LDYYHUWLUDQQRWUHEUHYLELS

QHOODFLIUDGHOOD]RQDGLGHVWLQD]LRQHHQRQYHUUjYLVXDOL]]DWRQXOOD

RSSXUH+VHqSUHVHQWHFDORUHUHVLGXR/D]RQDVDUjVSHQWD

&216,*/,68,5(&,3,(17,',&27785$

3(5,/3,$12

/XWLOL]]R GL UHFLSLHQWL GL FRWWXUD DSSURSULDWL q GL IRQGDPHQWDOH

LPSRUWDQ]DSHURWWHQHUHOHPLJOLRULSUHVWD]LRQLGDOSLDQRGLFRWWXUD

 8WLOL]]DUHVHPSUHUHFLSLHQWLGLFRWWXUDGLEXRQDTXDOLWjFRQ

EDVL SHUIHWWDPHQWH SLDQH H VSHVVH OXWLOL]]R GL TXHVWR WLSR GL

UHFLSLHQWLGLFRWWXUDHYLWDODIRUPD]LRQHGLSXQWLSLFDOGLQHLTXDOLVL

DWWDFFDLOFLER3DGHOOHHSHQWROHVSHVVHLQPHWDOORJDUDQWLVFRQRXQD

GLVWULEX]LRQHUHJRODUHGHOFDORUH

 $FFHUWDUVL FKH OD EDVH GHOOD SHQWROD R GHOOD SDGHOOD VLD

DVFLXWWDTXDQGRVLLQWURGXFHOLTXLGRQHOOHSDGHOOHRVHQHXWLOL]]DXQD

FKHHUDVWDWDULSRVWDLQIULJRULIHURDFFHUWDUVLFKHODEDVHGHOODSDGHOOD

VLDFRPSOHWDPHQWHDVFLXWWDSULPDGLDSSRJJLDUODVXOSLDQRGLFRWWXUD

,QTXHVWRPRGRVLHYLWDGLPDFFKLDUHLOSLDQRGLFRWWXUD

 8WLOL]]DUH SHQWROH GL GLDPHWUR VXIILFLHQWHPHQWH ODUJR SHU

FRSULUHFRPSOHWDPHQWHODVXSHUILFLHOHGLPHQVLRQLGHOODSHQWROD

QRQ GHYRQR HVVHUH LQIHULRUL DOOD ]RQD GL ULVFDOGDPHQWR &RQ XQD

SHQWROD OHJJHUPHQWH SL JUDQGH OHQHUJLD YLHQH XWLOL]]DWD DOOD

PDVVLPDHIILFLHQ]D

6&(/7$'(,5(&,3,(17,',&27785$/HLQIRUPD]LRQLULSRUWDWH

TXLGLVHJXLWRIDFLOLWDQRODVFHOWDGHLUHFLSLHQWLGLFRWWXUDDGDWWLSHU

IRUQLUHSUHVWD]LRQLRWWLPDOL

$FFLDLRLQRVVLGDELOHYLYDPHQWHFRQVLJOLDWR3DUWLFRODUPHQWH

HIILFDFHVHGRWDWRGLXQDEDVHFRQVWUDWRGRSSLRSODFFDWR/DEDVH

GRSSLDDEELQDLYDQWDJJLGHOODFFLDLRLQRVVLGDELOHDVSHWWRGXUDWDH

VWDELOLWjFRQLYDQWDJJLGLDOOXPLQLRHUDPHFRQGX]LRQHGLFDORUH

GLVWULEX]LRQHXQLIRUPHGHOFDORUH

$OOXPLQLRVLFRQVLJOLDGLWLSRSHVDQWH%XRQDFRQGXWWLYLWj$YROWHL

UHVLGXLGLDOOXPLQLRVLSUHVHQWDQRFRPHJUDIILVXOSLDQRGLFRWWXUDPDVL

HOLPLQDQRVHVLSXOLVFHLPPHGLDWDPHQWHLOSLDQR

6LVFRQVLJOLDOXWLOL]]RGLDOOXPLQLRVRWWLOHDFDXVDGHOVXREDVVRSXQWR

GLIXVLRQH

*KLVD XWLOL]]DELOH PD QRQ FRQVLJOLDWD 6FDUVH SUHVWD]LRQL 3Xz

JUDIILDUHODVXSHUILFLH

7HUUDFRWWD  IRQGR LQ UDPH VL FRQVLJOLD GL WLSR SHVDQWH %XRQH

SUHVWD]LRQLPDLOUDPHSXzODVFLDUHUHVLGXLFKHVLSRVVRQRSUHVHQWDUH

FRPHJUDIIL,UHVLGXLVLSRVVRQRHOLPLQDUHVHLOSLDQRGLFRWWXUDYLHQH

SXOLWRLPPHGLDWDPHQWHÊSHUzLPSRUWDQWHQRQGLPHQWLFDUHLUHFLSLHQWL

YXRWLVXOIRUQHOORDFFHVR,OPHWDOORVXUULVFDOGDWRSXzOHJDUVLDOSLDQRGL

FRWWXUD LQ YHWURFHUDPLFD 8Q UHFLSLHQWH GL FRWWXUD LQ UDPH

VXUULVFDOGDWRODVFLDUHVLGXLFKHPDFFKLDQRSHUPDQHQWHPHQWHLOSLDQR

GLFRWWXUD

3RUFHOODQDVPDOWR %XRQH SUHVWD]LRQL VROR FRQ XQD EDVH SLDQD

VRWWLOHHOLVFLD

9HWURFHUDPLFD VFRQVLJOLDWD 6FDUVH SUHVWD]LRQL 3Xz JUDIILDUH OD

VXSHUILFLH

6HOH]LRQHGLXQD]RQD

4XDQGR XQD ]RQD q JLj DFFHVD VL RWWLHQH XQLQWHQVLWj OXPLQRVD

LQIHULRUHSHUOH]RQHVHOH]LRQDWHFKHVRQRDFFHVH

 6H XQD TXDOVLDVL IDVH GL FRWWXUDq LQ SRVL]LRQH  LOGLVSOD\ VL

VSHJQH DXWRPDWLFDPHQWH GRSR  VHFRQGL H OD VHTXHQ]D GL

VSHJQLPHQWR]RQDHPHWWHXQVHJQDOHDFXVWLFR

 6HFqXQLQGLFD]LRQHGLFDORUHUHVLGXRVXOGLVSOD\VSHQWRYHUUj

YLVXDOL]]DWR+

 6HODIXQ]LRQHGLEORFFRqDWWLYDqSRVVLELOHVSHJQHUHXQD]RQD

 6HqDWWLYDVRORXQD]RQDGLULVFDOGDPHQWRHDQFKHTXHVWDYLHQH

VSHQWDVLDYYHUWRQREUHYLELSSHULQGLFDUHFKHLOSLDQRGLFRWWXUDq

VSHQWR

3UHPHQGREUHYHPHQWHLSXOVDQWLRVLDXPHQWDRGLPLQXLVFHOD

SRWHQ]DQHOODFLIUDGHOOH]RQHVHOH]LRQDWH3

 3UHPHQGRDOXQJRLSXOVDQWLRLOOLYHOORGLSRWHQ]DDXPHQWD

GLPLQXLVFH LQ FRQWLQXR &RQ XQ DXPHQWR UDSLGR OD SRWHQ]D VL

LQWHUURPSHDOOLYHOORHSHUSRWHQ]DVXSHULRUHqQHFHVVDULRSUHPHUH

XOWHULRUPHQWH LO WDVWR  1RQ VL DWWLYD DOFXQ ELS FRQ DXPHQWR

GLPLQX]LRQHUDSLGL

 8QDYROWDUDJJLXQWRLOOLYHOORGLSRWHQ]D3SUHPHQGRQXRYDPHQWH

LOOLYHOORGLSRWHQ]DQRQFDPELDD8QDYROWDDUULYDWRDOOLYHOORGL

SRWHQ]DSUHPHQGRQXRYDPHQWHLOOLYHOORGLSRWHQ]DQRQSDVVDD

3

 &RQXQD]RQDDFFHVDDOLYHOORGLSRWHQ]DVHOD]RQDqFDOGDOR

ODPSHJJHUjDOWHUQDWLYDPHQWH'RSRVHFRQGLORVFRPSDUHHVXO

GLVSOD\YLHQHYLVXDOL]]DWDODOHWWHUD+LQFRQWLQXR

4XHVWDD]LRQHDYYLHQHTXDQGRLSXOVDQWLHVRQRSUHPXWLLQ

FRQWHPSRUDQHD

4XLQGLRJQLYROWDFKHYLHQHSUHPXWRXQSXOVDQWHLOGLVSOD\YLVXDOL]]D

/SHUGXHVHFRQGL,OULVFDOGDPHQWRULPDQHQHOOHVWHVVHFRQGL]LRQL

3HUGLVDWWLYDUHODVLFXUH]]DEDPELQLVHJXLUHORVWHVVRSURFHVVRVRSUD

LQGLFDWR4XLQGLYLHQHHPHVVRXQEUHYHELSHLOGLVSOD\YLVXDOL]]DQ,O

SLDQRGLFRWWXUDVLVEORFFD

1RWD8QDVLFXUH]]DEDPELQLDXWRPDWLFDVLDWWLYDSHUPLQXWLGRSROR

VSHJQLPHQWRFRPSOHWRGHOSLDQRGLFRWWXUD4XHVWDIXQ]LRQHVLDWWLYD

DXWRPDWLFDPHQWH PD q QHFHVVDULR SURJUDPPDUOD LQ SUHFHGHQ]D

)DUHULIHULPHQWRDOSXQWR,PSRVWD]LRQL8WHQWH

6HqDFFHVDVRORXQD]RQDTXHVWD]RQDYLHQHVHOH]LRQDWDGLGHIDXOW

VHQ]D QHFHVVLWjGL GRYHU SUHPHUH LO SXOVDQWH GL VHOH]LRQH SHUXQ

EUHYHSHULRGRPVHF

$XPHQWRGLPLQX]LRQHGHOOLYHOORGLSRWHQ]D

2S]LRQH6LFXUH]]D%DPELQL

3HUDFFHQGHUHODQHOORGLHVWHQVLRQHGRSSLROD]RQDDVVRFLDWDGHYH

HVVHUHJLjDFFHVDHOLQGLFD]LRQHGLOLYHOORGLSRWHQ]DGHYHHVVHUH

VXSHULRUHD

=RQDDGRSSLRULVFDOGDPHQWRDFFHVD

/D SULPD EUHYH SUHVVLRQH VXO SXOVDQWH GHOOHVWHQVLRQH DFFHQGH

ODQHOORGLHVWHQVLRQH,O/('VXOSXOVDQWHGLHVWHQVLRQHVLDFFHQGHVH

ODQHOORGLHVWHQVLRQHqDFFHVR

/D VHFRQGD EUHYH SUHVVLRQH VXO SXOVDQWH GHOOHVWHQVLRQH VSHJQH

ODQHOORGLHVWHQVLRQH  6LDYYHUWHXQEUHYHELSRJQLYROWDFKHVL

SUHPHLOSXOVDQWHGLHVWHQVLRQH

=RQDDWULSORULVFDOGDPHQWRDFFHVD

/D SULPD EUHYH SUHVVLRQH VXO SXOVDQWH GHOOHVWHQVLRQH DFFHQGH LO

SULPR DQHOOR GL HVWHQVLRQH  /(' VXO SXOVDQWH GL HVWHQVLRQH VL

DFFHQGH TXDQGRLO SULPR DQHOOR GL HVWHQVLRQHq DFFHVR LO /(' D

VLQLVWUDQHOFDVRGLWULSORULVFDOGDPHQWRTXHOORFHQWUDOHHOXQLFR/('

QHOFDVRGL]RQDGRSSLD

/DVHFRQGDEUHYHSUHVVLRQHVXOSXOVDQWHGHOOHVWHQVLRQHDFFHQGHLO

VHFRQGR DQHOOR GL HVWHQVLRQH  /(' VXOODQHOOR GL HVWHQVLRQH VL

DFFHQGRQRVHLOSULPRHLOVHFRQGRDQHOORGLHVWHQVLRQHVRQRDFFHVL

/DWHU]DEUHYHSUHVVLRQHVXOSXOVDQWHGHOOHVWHQVLRQHVSHJQHLOSULPR

HLOVHFRQGRDQHOORGLHVWHQVLRQH6LDYYHUWHXQEUHYHELSRJQLYROWD

FKHVLSUHPHLOSXOVDQWHGLHVWHQVLRQH

=RQHDGRSSLRWULSORULVFDOGDPHQWR

)XQ]LRQHEULGJH

/DIXQ]LRQHEULGJHSXzHVVHUHDELOLWDWDXQLFDPHQWHTXDQGRHQWUDPEH

OH]RQHGLULVFDOGDPHQWRVRQRVSHQWH8QD]RQDGLULVFDOGDPHQWRGHO

EULGJHqVWDWDVHOH]LRQDWDSHUDWWLYDUHODIXQ]LRQHEULGJHVILRUDUHLO

SXOVDQWHEULGJH

6LDYYHUWHXQELSHLO/('GHOOD]RQDVLDFFHQGHVHOD]RQDqDELOLWDWD

(QWUDPEH OH ]RQH GL ULVFDOGDPHQWR GHOOD IXQ]LRQH EULGJH VRQR

VHOH]LRQDWHFRQWHPSRUDQHDPHQWH

4XDQGR OH ]RQHGL ULVFDOGDPHQWRVRQR VHOH]LRQDWH VH LO OLYHOORGL

SRWHQ]DQRQqTXHOORGHVLGHUDWRXWLOL]]DUHLSXOVDQWLH

(QWUDPELLGLVSOD\GHOOD]RQDGLFRWWXUDFRQIXQ]LRQHEULGJHPRVWUDQR

ORVWHVVROLYHOORGLSRWHQ]D/DIXQ]LRQHILQLVFH

 6HLQPRGDOLWjLPSRVWD]LRQHYLHQHVILRUDWRLOSXOVDQWHEULGJH

 6HOXWHQWHVHOH]LRQDLOOLYHOORGLSRWHQ]D

6LFXUH]]DFRQWUROHIXRULXVFLWH

4XDOFRVDXQRJJHWWRRXQOLTXLGRVWDPDQWHQHQGRSUHPXWRXQ

TXDOVLDVLSXOVDQWHSHUSLGLVHFRQGLELSYHORFLELSOXQJR

RJQLVHFRQGLPHQWUHYLHQHSUHPXWRLOSXOVDQWH,OSLDQRGL

FRWWXUDVLVSHJQH4XHVWRVLPERORFRQWLQXDDODPSHJJLDUHSHU

WXWWRLOWHPSRLQFXLTXHVWDVLWXD]LRQHSHUVLVWH

7LPHU

/DIXQ]LRQHWLPHUSXz HVVHUHDWWLYDWDWUDPLWHLOUHODWLYRSXOVDQWHR

VILRUDQGRDOORVWHVVRWHPSRLSXOVDQWLH

,QHQWUDPELLFDVLOD]RQDGLULVFDOGDPHQWRGHYHHVVHUHVHOH]LRQDWD

HGLOUHODWLYROLYHOORGLSRWHQ]DGHYHHVVHUHVXSHULRUHD

6HOH]LRQDUHOD]RQDGDWHPSRUL]]DUH,OOLYHOORGLSRWHQ]DGHOOD]RQDq

VXSHULRUHDYLHQHYLVXDOL]]DWRILVVRQHOOD]RQDGDWHPSRUL]]DUH

QHOOHFLIUHULVHUYDWHDOWLPHU

 &RQLSXOVDQWLRqSRVVLELOHVHOH]LRQDUHLOWHPSRGHOWLPHU

2JQLYROWDFKHLOWHPSRYDULDQRQVLDYYHUWHDOFXQELS

 3UHPHQGRFRQWHPSRUDQHDPHQWHLSXOVDQWLWLPHULOWLPHUVL

D]]HUDYLVXDOL]]D]LRQH

 6HLSXOVDQWLWLPHURVRQRPDQWHQXWLSUHPXWLGXUDQWHXQ

WHPSRGDGHWHUPLQDUHVLKDXQLPSRVWD]LRQHUDSLGD

 'XUDQWHOLPSRVWD]LRQHGHOWHPSRGHOWLPHUqSRVVLELOHSDVVDUH

GDDFRQLOSXOVDQWHHGDDFRQLOSXOVDQWH

 ,OWHPSRPDVVLPRFRUULVSRQGHDPLQXWL

 4XDQGRLOWHPSRqWUDVFRUVRHLOSLDQRGLFRWWXUDHPHWWHGHLELS

SUHPHUH XQ TXDOVLDVL SXOVDQWH SHU WHUPLQDUH OD VHTXHQ]D GL

LQVHULPHQWRHODOODUPH

 ÊSRVVLELOHUHJRODUHLOWHPSRGHOWLPHUTXDQGRLOWLPHUHUDJLjLQ

IXQ]LRQH

 /DSRWHQ]DGHOOH]RQHWHPSRUL]]DWHSXzHVVHUHPRGLILFDWDVHQ]D

FRQVHJXHQ]DVXOODSURJUDPPD]LRQHGHOWLPHU

 /XOWLPRPLQXWRYHUUjYLVXDOL]]DWRLQVHFRQGLSHUDOFXQHYDULDQWL

YLVLELOH VROR DFFHGHQGR DOOD SURJUDPPD]LRQH GHO WLPHU GXUDQWH LO

FRQWRDOODURYHVFLDGHOOXOWLPRPLQXWR

 3UHPHQGR LO SXOVDQWH WLPHU VHQ]D DYHUH VHOH]LRQDWR DOFXQD

]RQDHTXDQGRQRQFLVRQR]RQHWHPSRUL]]DWHQRQDFFDGHQXOOD

 3UHPHQGR LO SXOVDQWH WLPHU VHQ]D DYHUH VHOH]LRQDWR DOFXQD

]RQD H TXDQGR PROWH VRQR VRJJHWWH D WHPSRUL]]D]LRQH LO WHPSR

YLVXDOL]]DWRQHOODFLIUDGHOWHPSRYDULDLQPRGRURWDWRULRLQGLFDQGRLO

WHPSRLOFXLGLVSOD\GLSRWHQ]DKDODYLUJRODGHFLPDOHDFFHVD

 1HOOD ]RQDVRJJHWWD D WHPSRUL]]D]LRQH YLHQH YLVXDOL]]DWRLQ

DOWHUQDQ]DSRWHQ]DVHV

,OWHPSRULPDQHQWHqYLVXDOL]]DWRQHOOHFLIUHULVHUYDWHDOWLPHU6HPROWH

]RQHVRQRWHPSRUL]]DWHLOWHPSRSLEDVVRULPDQHQWHHODYLUJROD

GHFLPDOHqYLVXDOL]]DWDQHOOD]RQDFRUULVSRQGHQWH

,QGLFDWRUHGHOFDORUHUHVLGXR

LQ]RQHGLULVFDOGDPHQWRUDGLDQWL!FDOFRODWR

*OLVWHVVLLQGLFDWRULSRVVRQRHVVHUHXWLOL]]DWLDQFKHSHUOLQGLFD]LRQH

GHOFDORUHUHVLGXRÊQHFHVVDULRVWDELOLUHXQDWDEHOODRUDULDDWDOH

SURSRVLWR7HPSRGLFDORUHULPDQHQWH )OLYHOORGLSRWHQ]DWHPSRGL

ODYRUR

4XDQGR OD WHPSHUDWXUDVXOOD VXSHUILFLHLQ YHWURUHVLQD GHOSLDQR GL

FRWWXUDqVXSHULRUHD&YDORUHWHRULFRTXHVWDFRQGL]LRQHYLHQH

YLVXDOL]]DWDVXOUHODWLYRGLVSOD\WUDPLWHODOHWWHUD+

3HU RWWHQHUH XQD WHPSHUDWXUD VXSHULRUH D & XQD ]RQD GL

ULVFDOGDPHQWRGHYHHVVHUHLQIXQ]LRQHSHUXQFHUWRSHULRGRGLWHPSR

FKHGLSHQGHGDOOLYHOORGLSRWHQ]D8QDYROWDWUDVFRUVRTXHVWRWHPSR

ODVHJQDOD]LRQHGLFDORUHUHVLGXRYLHQHYLVXDOL]]DWDTXDQGROD]RQDGL

ULVFDOGDPHQWRYLHQHVSHQWD

6SHJQLPHQWRDXWRPDWLFRGLVLFXUH]]D

6HLOOLYHOORGLSRWHQ]DQRQqYDULDWRSHUXQWHPSRSUHLPSRVWDWROD

FRUULVSRQGHQWH]RQDGLULVFDOGDPHQWRVLVSHJQHLQDXWRPDWLFR

,OWHPSRPDVVLPRGXUDQWHLOTXDOHXQD]RQDGLULVFDOGDPHQWRSXz

UHVWDUHDFFHVDGLSHQGHGDOOLYHOORGLFRWWXUDVHOH]LRQDWR

/LYHOOR

GLSRWHQ]D

7HPSRPDVVLPR

GLDWWLYD]LRQHRUH





























127$VHVLYHULILFDXQDVLWXD]LRQHGLVXUULVFDOGDPHQWRGXUDQWHLO

IXQ]LRQDPHQWRGHLPDVVLPLOLYHOOLGLSRWHQ]DLOFRPDQGRGHOSLDQRGL

FRWWXUDUHJRODDXWRPDWLFDPHQWHLOOLYHOORGLSRWHQ]DSHUSURWHJJHUHLO

SLDQRGLFRWWXUDGDLVXUULVFDOGDPHQWL

38/,=,$(0$187(1=,21(

3ULPD GL HIIHWWXDUH TXDOVLDVL DWWLYLWj GL PDQXWHQ]LRQH VXO SLDQR GL

FRWWXUDODVFLDUORUDIIUHGGDUH

 8WLOL]]DUH XQLFDPHQWH SURGRWWL SDVWH GHWHUJHQWL H UDVFKLHWWL

SURJHWWDWL VSHFLILFDWDPHQWH SHU VXSHUILFL LQ YHWURFHUDPLFD 6RQR

UHSHULELOLQRUPDOPHQWHLQFRPPHUFLR

(YLWDUHVJRFFLRODPHQWLLQTXDQWRTXDOVLDVLVRVWDQ]DFKHFDGHVXOOD

VXSHUILFLH GHOSLDQR GLFRWWXUD EUXFLD UDSLGDPHQWH H QH UHQGH SL

GLIILFLOHODSXOL]LD

6LFRQVLJOLDGLWHQHUHORQWDQRGDOSLDQRGLFRWWXUDWXWWHOHVRVWDQ]H

FKHSRVVRQRVFLRJOLHUVLTXDOLRJJHWWLLQSODVWLFD]XFFKHURRSURGRWWLD

EDVHGL]XFFKHUR

0$187(1=,21(

9HUVDUHDOFXQHJRFFHGHOGHWHUJHQWHVSHFLILFRVXOODVXSHUILFLHGHO

SLDQRGLFRWWXUD

6IUHJDUHOHHYHQWXDOLPDFFKLHSLSHUVLVWHQWLFRQXQSDQQRPRUELGR

RFDUWDGDFXFLQDOHJJHUPHQWHLQXPLGLWD

$VFLXJDUHFRQXQSDQQRPRUELGRRFDUWDGDFXFLQDDVFLXWWDILQRDOOD

FRPSOHWDSXOL]LDGHOODVXSHUILFLH

6HFLVRQRDQFRUDPDFFKLHSHUVLVWHQWL

9HUVDUHDOWUHJRFFHGLGHWHUJHQWHVSHFLILFRVXOODVXSHUILFLHGHOSLDQR

GLFRWWXUD

5DVFKLDUHXWLOL]]DQGRXQUDVFKLHWWRPDQWHQHQGRORDGXQDQJRORGL

 ULVSHWWR DO SLDQR GL FRWWXUD ILQR D TXDQGR OD PDFFKLD QRQ

VFRPSDUH

$VFLXJDUHFRQXQSDQQRPRUELGRRFDUWDGDFXFLQDDVFLXWWDILQRDOOD

FRPSOHWDSXOL]LDGHOODVXSHUILFLH

5LSHWHUHORSHUD]LRQHVHQHFHVVDULR

,7





0D[L

4XDOVLDVL YDULD]LRQH GL FRORUH GHOOD VXSHUILFLH LQ

YHWURFHUDPLFDQRQLQIOXHQ]DLOUHODWLYRIXQ]LRQDPHQWRROD

VWDELOLWj GHOOD VXSHUILFLH 7DOL VFRORULPHQWL VRQR

SULQFLSDOPHQWH GRYXWL D UHVLGXL GL DOLPHQWL FRPEXVWL R

GDOOXWLOL]]R GL UHFLSLHQWL GL FRWWXUD LQ PDWHULDOL TXDOL

DOOXPLQLRRUDPHTXHVWLWLSLGLPDFFKLHVRQRGLIILFLOLGD

HOLPLQDUH

$/&81,68**(5,0(17,

8QDSXOL]LDIUHTXHQWHODVFLDXQRVWUDWRSURWHWWLYRFKHqIRQGDPHQWDOH

SHUHYLWDUHJUDIILHXVXUD3ULPDGLXWLOL]]DUHQXRYDPHQWHLOSLDQRGL

FRWWXUDDFFHUWDUVLFKHODVXSHUILFLHVLDSXOLWD3HUWRJOLHUHVHJQLODVFLDWL

GDOODFTXDXWLOL]]DUHDOFXQHJRFFHGLDFHWRGLYLQRELDQFRRGLVXFFRGL

OLPRQH 4XLQGL DVFLXJDUH FRQFDUWD DVVRUEHQWHH DOFXQHJRFFH GL

GHWHUJHQWHVSHFLILFR

/DVXSHUILFLHLQYHWURFHUDPLFDUHVLVWHDLJUDIILFDXVDWLGDUHFLSLHQWLGL

FRWWXUDDIRQGRSLDWWRWXWWDYLDVLFRQVLJOLDVHPSUHGLVROOHYDUOLTXDQGR

VLVSRVWDQRGDXQD]RQDDOODOWUD

1%

1RQXWLOL]]DUHPDLXQDVSXJQDWURSSREDJQDWD

1RQXWLOL]]DUHPDLXQFROWHOORRXQFDFFLDYLWH

8QUDVFKLHWWRFRQODPHWWDQRQGDQQHJJLDODVXSHUILFLHDSDWWR

FKHYHQJDPDQWHQXWRDGXQDQJRORGL

1RQ ODVFLDUH PDL XQ UDVFKLHWWR FRQ ODPHWWD DOOD SRUWDWD GHL

EDPELQL

1RQXWLOL]]DUHPDLSURGRWWLDEUDVLYLRGHWHUJHQWLLQSROYHUH

&RUQLFHPHWDOOLFDSHUSXOLUHLQ PRGR VLFXUR OD FRUQLFHPHWDOOLFD

ODYDUHFRQDFTXDHVDSRQHULVFLDFTXDUHHTXLQGLDVFLXJDUHFRQXQ

SDQQRPRUELGR

5,62/8=,21('(/352%/(0$

/H]RQHGLFRWWXUDQRQFXRFLRQRDIXRFROHQWRRSSXUHIULJJRQR

VRORDEDVVDWHPSHUDWXUD

8WLOL]]DUHVRORUHFLSLHQWLGLFRWWXUDDIRQGRSLDWWR6HWUDLOUHFLSLHQWHGL

FRWWXUDHGLOSLDQRGLFRWWXUDVLLQWUDYHGHGHOORVSD]LROD]RQDQRQVWD

WUDVPHWWHQGRFRUUHWWDPHQWHLOFDORUH

,O IRQGR GHO UHFLSLHQWH GL FRWWXUD GHYH FRSULUH FRPSOHWDPHQWH LO

GLDPHWURGHOOD]RQDVHOH]LRQDWD

/DFRWWXUDqWURSSROHQWD

6L VWDQQR XWLOL]]DQGR UHFLSLHQWL GL FRWWXUD LQDGDWWL 8WLOL]]DUH VROR

UHFLSLHQWL D IRQGR SLDWWR SHVDQWL HG DYHQWL XQ GLDPHWUR FKH

FRUULVSRQGDDOPHQRDOOD]RQDGLFRWWXUD

3LFFROL JUDIILR DEUDVLRQL VXOOD VXSHUILFLH LQ YHWURFHUDPLFD GHO

SLDQRGLFRWWXUD

3XOL]LDQRQFRUUHWWDRXWLOL]]RGLUHFLSLHQWLGLFRWWXUDDIRQGRUXYLGR

SDUWLFHOOHVLPLOLDJUDQHOOLGLVDEELDRVDOHWUDLOSLDQRGLFRWWXUDHLOIRQGR

GHOUHFLSLHQWH)DUHULIHULPHQWRDOODVH]LRQH38/,=,$DFFHUWDUVLFKH

LUHFLSLHQWLVLDQRSXOLWLSULPDGH OOXVRHXWLOL]]DUHVRORUHFLSLHQWL

GLFRWWXUDDIRQGROLVFLR,JUDIILVLSRVVRQRULGXUUHVRORVHODSXOL]LD

*UDIILPHWDOOLFL

1RQIDUH VFLYRODUHLUHFLSLHQWL GLFRWWXUDVXO SLDQR GLFRWWXUD )DUH

ULIHULPHQWRDLVXJJHULPHQWLSHUODSXOL]LD

6LXWLOL]]DQRLPDWHULDOLDSSRVLWLPDOHPDFFKLHVRQRDQFRUDSUHVHQWL

8WLOL]]DUH XQD ODPHWWD H VHJXLUH TXDQWR LQGLFDWR QHOOD VH]LRQH

38/,=,$

0DFFKLHVFXUH

8WLOL]]DUH XQD ODPHWWD H VHJXLUH TXDQWR LQGLFDWR QHOOD VH]LRQH

38/,=,$

6XSHUILFLFKLDUHVXOSLDQRGLFRWWXUD

6HJQLODVFLDWLGDUHFLSLHQWLLQDOOXPLQLRRUDPHPDDQFKHGHSRVLWLGL

PLQHUDOLDFTXDRDOLPHQWLSRVVRQRHVVHUHULSXOLWLXWLOL]]DQGRODSDVWD

GHWHUJHQWH

)RUPD]LRQHGLFDUDPHOORRSODVWLFDIXVDVXOSLDQRGLFRWWXUD

)DUHULIHULPHQWRDOODVH]LRQH38/,=,$

,OSLDQRGLFRWWXUDQRQIXQ]LRQDRDOFXQH]RQHQRQIXQ]LRQDQR

/HGHYLD]LRQLQRQVRQRSRVL]LRQDWHFRUUHWWDPHQWHVXOODPRUVHWWLHUD

9HULILFDUHVHLOFROOHJDPHQWRqFRUUHWWRHVHLOSDQQHOORGLFRPDQGRq

EORFFDWR6EORFFDUHLOSLDQRGLFRWWXUD

,OSLDQRGLFRWWXUDQRQVLEORFFD

,OSDQQHOORFRPDQGLqEORFFDWR6EORFFDUHLOSLDQRGLFRWWXUD

)UHTXHQ]D GHOOH RSHUD]LRQL GL DFFHQVLRQHVSHJQLPHQWR GHOOH

]RQHGLFRWWXUD

,O FLFOL GLDFFHQVLRQHVSHJQLPHQWR YDULDQRD VHFRQGD GHOOLYHOOR GL

FDORUHULFKLHVWR

OLYHOOREDVVRWHPSRGLIXQ]LRQDPHQWREUHYH

OLYHOORDOWRWHPSRGLIXQ]LRQDPHQWROXQJR

,OSLDQRGLFRWWXUDQRQIXQ]LRQD

&RQWUROODUH OH FRQGL]LRQL GHL IXVLELOL  LQWHUUXWWRUL DXWRPDWLFL

GHOODELWD]LRQH9HULILFDUHVHVLWUDWWDGLXQDPDQFDWDDOLPHQWD]LRQH

,OSLDQRGLFRWWXUDVLqVSHQWR

/LQWHUUXWWRUHSULQFLSDOHSXOVDQWHDFFHQVLRQHVSHJQLPHQWRqVWDWR

VILRUDWRLQYRORQWDULDPHQWHRFLVRQRRJJHWWLVXXQTXDOVLDVLSXOVDQWH

5LDFFHQGHUHOHOHWWURGRPHVWLFRVHQ]DDSSRJJLDUHQXOODVXLSXOVDQWL

,QVHULUHQXRYDPHQWHOHLPSRVWD]LRQL

'LVSOD\FRQ)HQXPHUL

6HODOHWWHUD)HGHLQXPHULFRPSDLRQRVXOGLVSOD\OHOHWWURGRPHVWLFR

KDULOHYDWRXQDQRPDOLD/DVHJXHQWHWDEHOODHOHQFDLSURYYHGLPHQWL

FRUUHWWLYLFKHVLSRVVRQRDGRWWDUHSHUFRUUHJJHUHLOSUREOHPDYLHQH

HIIHWWXDWDFRUUHWWDPHQWH

0$187(1=,21($**,817,9$

3ULPDGLULYROJHUVLDGXQWHFQLFRGHOO$VVLVWHQ]DFRQWUROODUH

TXDQWRVHJXH

²FKHODVSLQDVLDLQVHULWDFRUUHWWDPHQWHHGRWDWDGLIXVLELOL

6HQRQqSRVVLELOHLGHQWLILFDUHLOJXDVWRVSHJQHUHOHOHWWURGRPHVWLFR

²QRQPDQRPHWWHUOR²HFKLDPDUHLO&HQWURGL$VVLVWHQ]D7HFQLFD

SRVWYHQGLWD /HOHWWURGRPHVWLFR q IRUQLWR FRQ XQ FHUWLILFDWR GL

JDUDQ]LDFKH JDUDQWLVFH ODULSDUD]LRQH JUDWXLWDSUHVVRLO&HQWUR GL

$VVLVWHQ]D

,7

)

)(

)8)-

)&)G

6HVLqYHULILFDWRXQHUURUHVFROOHJDUHHULFROOHJDUHLOSLDQRGLFRWWXUDDOODOLPHQWD]LRQHHOHWWULFD6H

OHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD6HXQHUURUHVLYHULILFDLPSURYYLVDPHQWHGXUDQWHLO

QRUPDOHIXQ]LRQDPHQWRFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD

(UURUHVRIWZDUHFRPDQGR

VILRUDPHQWR

$WWHQGHUHFKHODWHPSHUDWXUDVFHQGD,OSLDQRGLFRWWXUDVLULSULVWLQDDXWRPDWLFDPHQWHTXDQGROD

WHPSHUDWXUDUDJJLXQJHXQYDORUHQRUPDOH

/D]RQDFRPDQGLDVILRUDPHQWR

qWURSSRFDOGDHGKDVSHQWR

WXWWHOH]RQHGLULVFDOGDPHQWR

$WWHQGHUHFKHODWHPSHUDWXUDVFHQGD6HLOPHVVDJJLRSHUVLVWHTXDQGRODWHPSHUDWXUDUDJJLXQJHTXHOOD

DPELHQWDOHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD

$WWHQGHUHFKHODWHPSHUDWXUDVFHQGD6HLOPHVVDJJLRSHUVLVWHTXDQGRODWHPSHUDWXUDUDJJLXQJHTXHOOD

DPELHQWDOHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD

,OVHQVRUHWHPSHUDWXUDGL

FRPDQGRDVILRUDPHQWRSXz

HVVHUHGDQQHJJLDWR

9HULILFDUHFKHLOSLDQRGLFRWWXUDVLDPRQWDWRFRUUHWWDPHQWH$FFHUWDUVLFKHLSXOVDQWLWRFFKLQR

FRUUHWWDPHQWHODVXSHUILFLHLQYHWURUHVLQD

3XOVDQWHHFFHVVLYDPHQWH

VHQVLELOH

4XHVWRHUURUHqXQFRQWUROORDXWRPDWLFRGHOODWDVWLHUD6FRPSDUHTXDQGRLOFRQWUROORDXWRPDWLFRULWRUQDDG

XQYDORUHGLVLFXUH]]D6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD

(UURUHVLFXUH]]DWDVWLHUD

4XHVWRHUURUHqXQFRQWUROORDXWRPDWLFRGHOVRIWZDUH6FRPSDUHTXDQGRLOFRQWUROORDXWRPDWLFRULWRUQDDG

XQYDORUHGLVLFXUH]]D6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD

(UURUHVLFXUH]]DWDVWLHUD

4XHVWRHUURUHqXQFRQWUROORDXWRPDWLFRGHOVRIWZDUH6FRPSDUHTXDQGRLOFRQWUROORDXWRPDWLFRULWRUQDDG

XQYDORUHGLVLFXUH]]D6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD

(UURUHVLFXUH]]DWDVWLHUD

4XDOVLDVLGULYHUGHLUHOqSXzSUHVHQWDUHGHLSUREOHPL7RJOLHUHLOSLDQRGLFRWWXUDGDOODOLPHQWD]LRQH

DWWHQGHUHXQPLQXWRHULDFFHQGHUH6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD

(UURUHGLVLFXUH]]DUHOq

$QRPDOLD $]LRQH

'LVSOD\GHOOD]RQD

GLULVFDOGDPHQWR

,OVHQVRUHWHPSHUDWXUDGL

FRPDQGRDVILRUDPHQWRSXz

HVVHUHGDQQHJJLDWR

'RSRUXþXMHPH YiP DE\VWH VL XFKRYDOL SRN\Q\

SURLQVWDODFLDSRXåLWtSURSR]GČMãtSRWĜHEXDSĜHG

LQVWDODFtYDUQpGHVN\VLSR]QDPHQHMWHMHMtVpULRYp

þtVOR SUR SĜtSDG åH E\VWH SRWĜHERYDOL SRPRF

SRSURGHMQtKRVHUYLVX

832=251ċ1Ë6SRWĜHELþDMHKRSĜtVWXSQpþiVWL

VHEČKHPSRXåtYiQt]DKĜtYDMtQDY\VRNRXWHSORWX

'iYHMWHSR]RUDE\VWHVHQHGRWNOLWRSQêFKþOiQNĤ

'ČWL GR  OHW YČNX PXVHMt EêW PLPR GRVDK

VSRWĜHELþH SRNXG QHMVRX SRG QHXVWiOêP

GRKOHGHP

832=251ċ1Ë 3RXåtYHMWH SRX]H RFKUDQQRX

]iEUDQX YDUQp GHVN\ QDYUåHQRX YêUREFHP

YDUQpKR VSRWĜHELþH QHER ]iEUDQX NWHURX

YêUREFHVSRWĜHELþHR]QDþtYQiYRGXNSRXåLWt]D

YKRGQRX QHER ]iEUDQX ]DEXGRYDQRX GR

VSRWĜHELþH 3RXåLWt QHYKRGQêFK RFKUDQQêFK

]iEUDQPĤåH]SĤVRELWQHKRG\

832=251ċ1Ë 9DĜHQt EH] GR]RUX QD YDUQp

GHVFH V WXNHP QHER ROHMHP PĤåH EêW

QHEH]SHþQp D ]SĤVRELW SRåiU 1LNG\ VH

QHSRNRXãHMWH XKDVLW SRåiU YRGRX Y\SQČWH

VSRWĜHELþ D SRWRP ]DNU\MWH SODPHQ QDSĜ

SRNOLþNRXQHERSURWLSRåiUQtGHNRX

832=251ċ1Ë 1HEH]SHþt SRåiUX QD YDUQpP

SRYUFKXQLFQHVNODGXMWH

832=251ċ1Ë3RNXG MH SRYUFK SUDVNOê

QHGRWêNHMWH VH VNOD D VSRWĜHELþ Y\SQČWH DE\

QHGRãORN~UD]XHOHNWULFNêPSURXGHP

7HQWRVSRWĜHELþVPČMtSRXåtYDWGČWLVWDUãtOHWD

RVRE\VHVQtåHQêPLI\]LFNêPLVP\VORYêPLQHER

GXãHYQtPL VFKRSQRVWPL QHER EH] SDWĜLþQêFK

]NXãHQRVWtD]QDORVWtSRNXGMVRXSRGGRKOHGHP

RVRE\RGSRYČGQp]DMHMLFKEH]SHþQRVWSĜtSDGQČ

E\O\SRXþHQpREH]SHþQpPSRXåtYiQtVSRWĜHELþH

DUR]XPČMtPRåQêPQHEH]SHþtP'ČWLE\PČO\EêW

GRKOHGHPDE\VH]DMLVWLORåHVLVHVSRWĜHELþHP

QHEXGRXKUiW'ČWLQHVPČMtEH]GR]RUXGRVSČOêFK

VSRWĜHELþþLVWLWDQLSURYiGČWþLQQRVWL~GUåE\

32=259DĜHQtPXVtSUREtKDWSRGGRKOHGHP1D

NUiWNêSURFHVYDĜHQtMHQXWQpGRKOtåHWQHXVWiOH

'ĤUD]QČ GRSRUXþXMHPH DE\ VH GČWL

QHSĜLEOLåRYDO\NYDUQêP]yQiPYGREČNG\MVRXY

SURYR]X QHER MVRX Y\SQXWp DOH LQGLNiWRU

]E\WNRYpKR WHSOD VYtWt DE\ VH ]DEUiQLOR UL]LNX

YiåQêFKSRSiOHQLQ

7HQWRVSRWĜHELþQHQtXUþHQNSRXåtYiQtSRPRFt

H[WHUQtKR þDVRYDþH QHER VDPRVWDWQpKR

GiONRYpKRRYOiGiQt

-HOLMLPLYDUQiGHVNDY\EDYHQDQHGtYHMWHVHSR

GHOãtGREXQDSUYN\YDUQpGHVN\VKDORJHQRYêPL

åiURYNDPL

3ĜLSRMWH]iVWUþNX N QDSiMHFtPXNDEHOXNWHUê MH

VFKRSHQY\GUåHWQDSČWtSURXGD]iWČåXYHGHQp

QD ãWtWNX D NWHUê MH RSDWĜHQ X]HPĖRYDFtP

NRQWDNWHP=iVXYNDPXVtEêWYKRGQiSUR]DWtåHQt

XYHGHQpQDãWtWNXDPXVtPtW]DSRMHQêDIXQNþQt

X]HPĖRYDFt NRQWDNW 8]HPĖRYDFt YRGLþ Pi

%(=3(ý12671Ë23$7ě(1Ë

&=

åOXWR]HOHQRXEDUYX7XWRRSHUDFLE\PČOSURYiGČW

RGERUQtN V YKRGQRX NYDOLILNDFt 9 SĜtSDGČ

QHVOXþLWHOQRVWL PH]L ]iVXYNRX D ]iVWUþNRX

VSRWĜHELþĤSRåiGHMWHNYDOLILNRYDQpKRHOHNWULNiĜH

DE\ ]iVXYNX QDKUDGLO MLQêP YKRGQêP W\SHP

=iVWUþND L ]iVXYND PXVHMt RGSRYtGDW SODWQêP

QRUPiP]HPČLQVWDODFH

3ĜLSRMHQtNQDSiMHFtPX]GURMLO]HSURYpVWWDNpWDN

åH PH]L VSRWĜHELþHP D ]GURMHP HQHUJLH NWHUê

]YOiGQHPD[LPiOQtSĜLSRMHQRX]iWČåDNWHUêMHY

VRXODGX VH VWiYDMtFtPL SUiYQtPL SĜHGSLV\ MH

XPtVWČQRPQLSROiUQtY\StQDþ

äOXWR]HOHQê X]HPĖRYDFt NDEHO E\ QHPČO EêW

SĜHUXãHQY\StQDþHP=iVXYNDQHERRPQLSROiUQt

Y\StQDþ SRXåtYDQê SUR SĜLSRMHQt E\ PČO EêW SĜL

LQVWDODFLVSRWĜHELþHVQDGQRSĜtVWXSQê

2GSRMHQt O]H ]DMLVWLW SĜtVWXSQRX ]iVWUþNRX QHER

]DþOHQČQtP VStQDþH Y SHYQpP ]DSRMHQt Y

VRXODGXVSUDYLGO\HOHNWURLQVWDODFH

-HOLQDSiMHFtNDEHOSRãNR]HQPXVtMHMY\PČQLW

YêUREFHMHKRDXWRUL]RYDQêVHUYLVQHERSRGREQČ

NYDOLILNRYDQp RVRE\ DE\ QHGRãOR NH Y]QLNX

QHEH]SHþQêFK VLWXDFt =HPQtFt YRGLþ

åOXWR]HOHQê PXVt EêW QD VWUDQČ VYRUNRYQLFH

GHOãt QHå  PP 9QLWĜQt þiVW YRGLþĤ E\ PČOD

RGSRYtGDW YêNRQX DEVRUERYDQpPX YDUQRX

GHVNRX XYHGHQR QD ãWtWNX 7\S QDSiMHFtKR

NDEHOXPXVtEêW+299)

1D YDUQRX GHVNX QHSRNOiGHMWH åiGQp NRYRYp

SĜHGPČW\MDNRQRåHYLGOLþN\OåtFHQHERSRNOLþN\

0RKO\E\VH]DKĜiWQDYHOPLY\VRNRXWHSORWX

1D]yQ\RKĜHYXVHQHVPČMtXPLVĢRYDWKOLQtNRYp

IyOLHDQLSODVWRYpQiGRE\

3RNDåGpPSRXåLWtMHQXWQpYDUQRXGHVNXY\þLVWLW

DE\VH]DEUiQLORKURPDGČQtQHþLVWRWDPDVWQRW\

3RNXG VH W\WR QHþLVWRW\ D PDVWQRWD QD YDUQp

GHVFHSRQHFKDMtMVRXSĜLMHMtPSRXåtYiQt]QRYX

]DKĜtYiQ\ D VSDORYiQ\ ]D Y]QLNX NRXĜH D

QHSĜtMHPQêFK ]iSDFKĤ QHPOXYČ R UL]LNX ãtĜHQt

SRåiUX

.þLãWČQtVSRWĜHELþHQLNG\QHSRXåtYHMWHSiUXDQL

Y\VRNRWODNêSRVWĜLN

1HGRWêNHMWHVHWHSHOQêFK]yQEČKHPSURYR]XD

SRQČMDNRXGREXSRSRXåLWt

-tGORQHSĜLSUDYXMWHQLNG\SĜtPRQD

VNORNHUDPLFNpYDUQpGHVFH

9åG\SRXåtYHMWHRGSRYtGDMtFtQiGREt

1iGREXYåG\XPtVWČWHGRVWĜHGXMHGQRWN\QD

NWHUpYDĜtWH1LFQHSRNOiGHMWHQDRYOiGDFtSDQHO

9DUQRXGHVNXQHSRXåtYHMWHMDNRSUDFRYQt

SORFKX

3RYUFKGHVN\QHSRXåtYHMWHMDNRNUiMHFtSUNpQNR

1DGYDUQRXGHVNRXQHXNOiGHMWHWČåNpSĜHGPČW\

3RNXGE\QDGHVN\VSDGO\PRKO\E\]SĤVRELW

MHMtSRãNR]HQt

1DYDUQRXGHVNXQHRGNOiGHMWHåiGQpSĜHGPČW\

1iGREtSRYDUQpGHVFHQHSRVXQXMWH

1HFKWHPH]LYDUQRXGHVNRXD

]DGQtVWČQRXPH]HUXQHMPpQČ

PPDPH]LYDUQRXGHVNRXD

YHUWLNiOQtP QiE\WNHP QHER

VWČQDPL QD ERþQt VWUDQČ

QHMPpQČPP3RNXGMHQDG

YDUQRX GHVNRX LQVWDORYiQ

QiE\WHNSRåDGRYDQi

PLQLPiOQt Y]GiOHQRVW MH 

PP

3ĜLLQVWDODFLRGVDYDþHSDUQDG

YDUQRXGHVNXVH ĜLćWH

SRåDGDYN\ QDLQVWDODFL

RGVDYDþH SDU DOH Y åiGQpP

SĜtSDGČ QHVPt EêW Y]GiOHQRVW

PH]LYDUQRXGHVNRX D

RGVDYDþHPSDUNUDWãtQHå

PP

  

.Ï'352'8.787

,GHQWLILNDþQtãWtWHNXPtVWČQêSRGVSRGQtPNU\WHPYDUQpGHVN\

8PtVWČQtP]QDþN\&(QDWHQWRVSRWĜHELþMVPHSRWYUGLOLVKRGX

VH YãHPL SĜtVOXãQêPL HYURSVNêPL SRåDGDYN\ QD EH]SHþQRVW

RFKUDQX ]GUDYt D åLYRWQtKR SURVWĜHGt NWHUp VH Y]WDKXMt QD WXWR

NDWHJRULLYêURENĤ

2&+5$1$ä,9271Ë+235267ě('Ë

7HQWR VSRWĜHELþ MH R]QDþHQ Y VRXODGXV HYURSVNRX

VPČUQLFt (8 R OLNYLGDFL HOHNWULFNpKR D

HOHNWURQLFNpKR]DĜt]HQt:(((

:(((REVDKXMH]QHþLãĢXMtFtOiWN\NWHUpPRKRXPtW

QHJDWLYQt GRSDG QD åLYRWQt SURVWĜHGt D ]iNODGQt

VRXþiVWN\NWHUpO]H]QRYXSRXåtW-HQXWQpSURYpVW

VSHFLiOQt ]SUDFRYiQt :((( DE\ VH RGVWUDQLO\ D

VSUiYQČ ]OLNYLGRYDO\ YãHFKQ\ ]QHþLãĢXMtFt OiWN\ D

]tVNDO\D]UHF\NORYDO\YãHFKQ\PDWHULiO\

-HGQRWOLYFLPRKRXKUiWGĤOHåLWRXUROLSĜL]DMLãĢRYiQtWRKRDE\VH

:(((QHVWDODSĜtWČåtSURåLYRWQtSURVWĜHGt-HQH]E\WQpGRGUåRYDW

QČNROLN]iNODGQtFKSUDYLGHO

 :(((VHQHVPtOLNYLGRYDWMDNRGRPRYQtRGSDG

 :(((VHPXVtSĜHGDWQDSĜtVOXãQpVEČUQpPtVWRSRGVSUiYRX

REFH QHER DXWRUL]RYDQêFK VSROHþQRVWt 9 PQRKD ]HPtFK MH

]DYHGHQRGEČU:(((YGRPiFQRVWHFK

9PQRKD]HPtFKO]HSĜL]DNRXSHQtQRYpKRVSRWĜHELþHYUiWLWVWDUê

VSRWĜHELþSURGHMFLNWHUêMHSRYLQHQMHMRGHEUDWEH]SODWQČNXV]D

NXVSRNXGMHVSRWĜHELþREGREQpKRW\SXDPiVWHMQRXIXQNFLMDNR

GRGDQêVSRWĜHELþ

,QVWDODFH GRPiFtKR VSRWĜHELþH PĤåH EêW NRPSOLNRYDQi RSHUDFH

NWHUi SRNXG QHQt SURYHGHQD VSUiYQČ PĤåH YiåQČ RYOLYQLW

EH]SHþQRVW]ERåtPDMHWNXþLRVRE=WRKRWRGĤYRGXMLPXVtSURYiGČW

RGERUQČNYDOLILNRYDQiRVREDYVRXODGXVWHFKQLFNêPLSĜHGSLV\

9SĜtSDGČåHE\VHWDWRGRSRUXþHQtLJQRURYDODDLQVWDODFLSURYHGOD

QHNYDOLILNRYDQi RVRED YêUREFH RGPtWi YHãNHURX RGSRYČGQRVW ]D

SĜtSDGQpWHFKQLFNpVHOKiQtVSRWĜHELþHEH]RKOHGXQDWR]GDPiQHER

QHPi]DQiVOHGHNSRãNR]HQt]ERåtþLPDMHWNXQHER]UDQČQtRVREþL

]YtĜDW

3R RGVWUDQČQt REDOX VH XMLVWČWH åH VSRWĜHELþ QHQt SRãNR]HQ 9

RSDþQpP SĜtSDGČ VH REUDĢWH QD RGGČOHQt SRSURGHMQtFK VOXåHE

SURGHMFHQHERYêUREFH

8MLVWČWHVHåHQiE\WHNGRNWHUpKRVHVSRWĜHELþLQVWDOXMHDYHãNHUê

SĜLOHKOê QiE\WHN MH Y\UREHQ ] PDWHULiOĤ NWHUp RGROiYDMt Y\VRNêP

WHSORWiPPLQ&

.URPČ WRKR E\ PČO\ EêW YãHFKQ\ GHNRUDWLYQt ODPLQiW\ XSHYQČQ\

SRPRFtWHSHOQČRGROQpKROHSLGOD

6SRWĜHELþ O]H QDLQVWDORYDW GR YHVWDYČQpKR QiE\WNX Y UHåLPX

Ä6WDQGDUG³QHERÄ)OXVK³

PP

PP

PP

PP





PP





0LQPP

,QVWDODþQtREYRGY

SĜtSDGČLQVWDODFHÄ)OXVK³

3R]QiPND9QLWĜQtREYRGRYpUR]PČU\MVRXVKRGQpVHVWDQGDUGQt

LQVWDODFt

PPFPKRE





PP





PPFPKRE





+ORXENDRWYRUXPP

,QVWDODþQtREYRGY

SĜtSDGČLQVWDODFHÄ)OXVK³

3UDFRYQtGHVNDPXVtPtWWORXãĢNXPP

6RXVHGtOLVSRGQtþiVWYDUQpGHVN\VREODVWtNWHUiMHEČåQČSĜtVWXSQi

SURPDQLSXODFLQHERþLãWČQtMHQXWQpXPtVWLWSRGVSRGQtþiVWYDUQp

GHVN\RGGČORYDþRWORXãĢFHPP

PLQPP

,167$/$&(

3ĜL LQVWDODFL WURXE\ SRG YDUQRX GHVNX QHO]H RGGČORYDþ SRXåtW D

PLQLPiOQt Y]GiOHQRVW PH]L VSRGQt þiVWt YDUQp GHVN\ D WURXERX

QHVPtEêWNUDWãtQHåPP1HLQVWDOXMWHSRGWXWRYDUQRXGHVNX

WURXEX EH] FKOD]HQt 7URXEX QDLQVWDOXMWH SRGOH MHMtFK YODVWQtFK

SRåDGDYNĤQDLQVWDODFL





PLQ

9â(2%(&1È832=251ċ1Ë

&=

,167$/$&()/86+

3R]NRQWURORYiQtVSUiYQpSRORK\

YDUQpGHVN\Y\SOĖWHPH]HU\PH]L

SUDFRYQtGHVNRXDYDUQRXGHVNRX

VLOLNRQRYêPOHSLGOHP

6LOLNRQRYRX YUVWYX ]DURYQHMWH

ãNUDENRX QHER PRNUêP SUVWHP

QDPRþHQêPGR YRG\ VPêGOHP

QHå]DWYUGQH

9DUQRX GHVNX QHSRXåtYHMWH

GRNXG QHEXGH VLOLNRQRYi YUVWYD

]FHODVXFKi

1RUPiOQtXSHYQČQt

9\MPČWHXSHYĖRYDFtVYRUN\]H

ViþNX V SĜtVOXãHQVWYtP D

]DãURXEXMWH MH GR SRORK\

]REUD]HQp YH VSRGQt VWUDQČ

1HXWDKXMWHãURXE\YH

VYRUNiFK PČO\ E\ VH YROQČ

SRK\ERYDW

 8PtVWČWH YDUQRX GHVNX GR

VWĜHGXYêĜH]X

 2WiþHMWH VYRUNDPL D ]FHOD MH

XWiKQČWH

5\FKOpXSHYQČQt9]iYLVORVWLQD

PRGHOX

9\MPČWHþW\ĜLSUXåLQ\]HViþNXV

SĜtVOXãHQVWYtPD ]DãURXEXMWHMH

GR VSRGQt VWUDQ\ MDN MH

]REUD]HQRQDREUi]NX

=DURYQHMWH D YORåWH

YDUQRXGHVNX

6WODþXMWH VWUDQ\ YDUQp

GHVN\ GRNXG QHEXGH

GHVND SR FHOpP REYRGX

SRGORåHQD

(/(.75,&.e3ě,32-(1Ë

8632ěÈ'È1Ë 8632ěÈ'È1Ë 8632ěÈ'È1Ë 8632ěÈ'È1Ë

8632ěÈ'È1Ë 8632ěÈ'È1Ë 8632ěÈ'È1Ë

8632ěÈ'È1Ë

8632ěÈ'È1Ë

8632ěÈ'È1Ë

8632ěÈ'È1Ë

8632ěÈ'È1Ë

8632ěÈ'È1Ë

8632ěÈ'È1Ë

9RGČRGROQp WČVQČQt MH

GRGiYiQRVYDUQRX

GHVNRX 1DPRQWXMWH

WČVQČQt QD VSRGQt VWUDQX

GOHSRSLVXDXMLVWČWHVLåH

MH VSUiYQČ XSHYQČQR

DE\VWHVHY\KQXOL~QLNXGR

QRVQpKRQiE\WNX

6SRGQtVWUDQD









8632ěÈ'È1Ë

9]iYLVORVWLQDPRGHOX

 Ä³

 Ä³

 ý$629$ý

 .RQWURONDSĜtGDYQpYDUQp]yQ\

 .RQWURONDSURJUDPRYiQtYDUQp]yQ\

 9êEČU]yQ\

 0ĤVWHN

&=























































Ä,QVWDODFH PXVt RGSRYtGDW QRUPiP D VPČUQLFtP³ 9êUREFH

QHRGSRYtGi]DåiGQpãNRG\NWHUpE\O\]SĤVREHQpQHYKRGQêP

QHERQHSĜLPČĜHQêPSRXåLWtP

9$529È1Ë9êUREFHQH]RGSRYtGi]DåiGQpQHKRG\]SĤVREHQpSĜL

SRXåtYiQt VSRWĜHELþH NWHUê QHQt X]HPQČQ QHER QHQt X]HPQČQ

VSUiYQČDQL]DQiVOHGN\WDNRYêFKQHKRG

3ĜHGNDåGRXHOHNWULFNRXRSHUDFt]NRQWUROXMWHQDSiMHFtQDSČWtNWHUpMH

XYHGHQp QD HOHNWURPČUX QDVWDYHQt MLVWLþH NRQWLQXLWX X]HPQČQt

]DĜt]HQtDYKRGQRVWSRMLVWN\

(OHNWULFNp SĜLSRMHQt N ]DĜt]HQt MH QXWQp SURYpVW SRGOH MPHQRYLWpKR

YêNRQXVSRWĜHELþH7RVHSURYHGHSĜHVY\StQDþVRWYRU\

3RNXGMHVSRWĜHELþY\EDYHQ]iVXYNRXPXVtEêWQDLQVWDORYiQWDNDE\

E\OD]iVXYNDSĜtVWXSQi

äOXWê]HOHQêYRGLþQDSiMHFtKRNDEHOXPXVtEêWSĜLSRMHQNX]HPQČQt

QDSiMHFtKR]GURMHDSyOĤ]DĜt]HQt

-DNpNROLGRWD]\WêNDMtFtVHQDSiMHFtKRNDEHOXVPČĜXMWHQDSRSURGHMQt

VHUYLVQHERNYDOLILNRYDQpKRWHFKQLND

3RNXG MH YDUQi GHVND QDSiMHQD QDSiMHFtP NDEHOHP PĤåH EêW

SĜLSRMHQSRX]HNQDSiMHFtPXQDSČWt9PH]LIi]tDVWĜHGHP

9DUQRXGHVNXMHYãDNPRåQpSĜLSRMLWN

7ĜLIi]H9

7ĜLIi]H91

&KFHWHOL SĜHMtW N QRYpKR SĜLSRMHQt SRVWXSXMWH SRGOH QiVOHGXMtFtFK

SRN\QĤ

3ĜHG SĜLSRMHQtP VH XMLVWČWH åH MH ]DĜt]HQt FKUiQČQR YKRGQRX

SRMLVWNRX D åH MH RSDWĜHQR YRGLþL GRVWDWHþQČ YHONpKR SUĤĜH]X SUR

QRUPiOQtQDSiMHQtVSRWĜHELþH

2WRþWHYDUQRXGHVNXVNOHQČQRXVWUDQRXSURWLSUDFRYQtSORãHDGEHMWH

QDRFKUDQXVNOD



 RGãURXEXMWHNDEHORYRXVYRUNXÄ³

 QDMGČWHGYDMD]êþN\XPtVWČQpSRVWUDQiFK

 SRORåWHþHSHOSORFKpKRãURXERYiNXSĜHGNDåGêMD]êþHNÄ³

DÄ³]DWODþWHDVWLVNQČWH

 RGHMPČWHNU\W

8YROQČQtQDSiMHFtKRNDEHOX

 9\MPČWHãURXE\NWHUpGUåtVYRUNRYQLFLNWHUiREVDKXMH

]NUDWRYDFtW\þHDYRGLþHQDSiMHFtKRNDEHOX

 9\WiKQČWHQDSiMHFtNDEHO

2SHUDFHQH]E\WQpNY\WYRĜHQtQRYpKRSĜLSRMHQt

 =YROWHQDSiMHFtNDEHOYVRXODGXVGRSRUXþHQtPLXYHGHQêPL

YWDEXOFH

 1DSiMHFtNDEHOSĜHWiKQČWHGRVYRUN\

 6ORXSQČWHNRQHFNDåGpKRYRGLþHQDSiMHFtKRNDEHOXQD

GpOFHPPSĜLþHPåSĜLKOpGQHWHNSRåDGRYDQpGpOFHNDEHOX

SURSĜLSRMHQtNHVYRUNRYQLFL

 9]iYLVORVWLQD]DĜt]HQtXSHYQČWHSRPRFt]NUDWRYDFtFKW\þt

NWHUpE\VWHPČOLPtW]SUYQtKRNURNXYRGLþSRGOHREUi]NX

 8SHYQČWHNU\W

 =DãURXEXMWHNDEHORYRXVYRUNX

2WHYĜHWHNU\WYQiVOHGXMtFtPSRĜDGt

3R]QiPND8MLVWČWHVHåHMVRXãURXE\VYRUNRYQLFHWČVQČ

XWDåHQp

2SHUDFHQH]E\WQpNY\WYRĜHQtQRYpKRSĜLSRMHQt

 =YROWHQDSiMHFtNDEHOYVRXODGXVGRSRUXþHQtPLXYHGHQêPL

YWDEXOFH

 1DSiMHFtNDEHOSĜHWiKQČWHGRVYRUN\

 6ORXSQČWHNRQHFNDåGpKRYRGLþHQDSiMHFtKRNDEHOXQD

GpOFHPPSĜLþHPåSĜLKOpGQHWHN

SRåDGRYDQpGpOFHNDEHOXSURSĜLSRMHQt

NHVYRUNRYQLFL

 9]iYLVORVWLQD]DĜt]HQtXSHYQČWH

SRPRFt]NUDWRYDFtFKW\þtNWHUpE\VWH

PČOLPtW]SUYQtKRNURNXYRGLþSRGOH

REUi]NX

 8SHYQČWHNU\W

 =DãURXEXMWHNDEHORYRXVYRUNX

=.5$&29$&Ë

35232-.$



6WĜHG 7



=HPQČQt

3K )i]H

832=251ċ1Ë

%XGHOL QXWQp Y\PČQLW QDSiMHFt NDEHO ]DSRMWH GUiW\ SRGOH

QiVOHGXMtFtFKEDUHYNyGĤ

8632ěÈ'È1Ë



8632ěÈ'È1Ë



-('1$)È=(QHER'9ċ)È=(9

.DEHO

+299)

.DEHO

+299)

.DEHO

+299)



[PP



[PP



[PP



[PP



[PP



[PP

7ě,)È=(9

a

7ě,)È=(91a

02'5È

+1ċ'È

ä/872=(/(1é

6WĜHGQt

)i]RYê

=HPQLFt



3ĜLSRMHQtNHVYRUNiPQDVYRUNRYQLFL

-HGQDIi]H9a 'YČIi]H9a

7ĜLIi]H9a 7ĜLIi]H91a

&=

La pagina sta caricando ...

Hoover HH64B3C Manuale utente

Marca: Hoover

Modello: HH64B3C

Tipo: Manuale utente

Questo manuale è adatto anche per

Scarica il pdf

rapporto

Hoover HH64B3C Manuale utente

Questo manuale è adatto anche per

Hoover HH64B3C Manuale utente

Documenti correlati

Altri documenti