Hoover HH64B3C Manuale utente

Tipo
Manuale utente

Questo manuale è adatto anche per

&$1'< +229(5 *5283 65/ 9LD 3ULYDWD (GHQ )XPDJDOOL  %UXJKHULR 0LODQR ,WDO\
+2%6
86(5 ,16758&7,216
*%
3,$1,&27785$
,6758=,21,'¶862(',,167$//$=,21(
,7
9$51e'(6.<
1$92'328ä,7Ď
&=

,1',&(
,7
,6758=,21,',6,&85(==$
$YYHUWHQ]HJHQHUDOL
6DOYDJXDUGLDGHOODPELHQWH
,QVWDOOD]LRQH
&ROOHJDPHQWRHOHWWULFR
&RQVLJOLVXLUHFLSLHQWLGLFRWWXUDSHULOSLDQR
8VR
3XOL]LDHPDQXWHQ]LRQH
5LVROX]LRQHGHOSUREOHPD
0DQXWHQ]LRQHDJJLXQWLYD
 


    
 

 
 
  
 
2%6$+
&=
%(=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$/:$51,1*6
%\ SODFLQJ WKH PDUN RQ WKLV DSSOLDQFH ZH DUH DVVXULQJ
FRPSOLDQFH WR DOO (XURSHDQ 6DIHW\ +HDOWK DQG (QYLURQPHQW
UHTXLUHPHQWVZKLFKDUHDSSOLFDEOHIRUWKLVSURGXFWFDWHJRU\
3527(&7,212)7+((19,5210(17
7KLVDSSOLDQFHLVPDUNHGDFFRUGLQJWR(XURSHDQ
'LUHFWLYH (8 RQ :DVWH (OHFWULFDO DQG
(OHFWURQLF(TXLSPHQW:(((
:((( FRQWDLQV ERWK SROOXWLQJ VXEVWDQFHV ZKLFK
FDQ FDXVH QHJDWLYH FRQVHTXHQFHV IRU WKH
HQYLURQPHQWDQGEDVLFFRPSRQHQWVZKLFKFDQEH
UHXVHG,WLVLPSRUWDQWWRKDYH:(((VXEMHFWHGWR
VSHFLILFWUHDWPHQWVLQRUGHUWRUHPRYHDQGGLVSRVH
SURSHUO\ DOOSROOXWDQWVDQGUHFRYHU DQG UHF\FOHDOO
PDWHULDOV
,QGLYLGXDOVFDQSOD\DQLPSRUWDQWUROHLQHQVXULQJWKDWWKH:(((
GRHVQRWEHFRPHDQHQYLURQPHQWDOLVVXHLWLVHVVHQWLDOWRIROORZ
VRPHEDVLFUXOHV
:(((VKDOOQRWEHWKUHDWHQHGDVKRXVHKROGZDVWH
 :((( VKDOOEH KDQGOHG RYHUWR WKH UHOHYDQW FROOHFWLRQ SRLQWV
PDQDJHGE\WKHPXQLFLSDOLW\RUE\UHJLVWHUHGFRPSDQLHV,QPDQ\
&RXQWULHVIRUODUJH:(((KRPHFROOHFWLRQFRXOGEHSUHVHQW
,QPDQ\&RXQWULHVZKHQ\RXEX\DQHZDSSOLDQFHWKHROGRQH
PD\EHUHWXUQHGWRWKHUHWDLOHUZKRKDVWRFROOHFWLWIUHHRIFKDUJHRQ
D RQHWRRQH EDVLV DV ORQJ DV WKH DSSOLDQFH LV RI HTXLYDOHQW
W\SRORJ\DQGKDVWKHVDPHIXQFWLRQVDVWKHVXSSOLHGRQH
,167$//$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
$SSOLDQFHFDQEHLQVWDOOHGLQD%XLOWLQIXUQLWXUHLQ³6WDQGDUG´RU³)OXVK´
PRGH
PP
PP
PP
PP


PP


0LQPP
6WDQGDUGLQVWDOODWLRQ
SHULPHWHU
1RWH,QQHUSHULPHWHUGLPHQVLRQVDUHVDPHZLWKVWDQGDUGLQVWDOODWLRQ
PPFPKRE


PP


PPFPKRE


6ORWGHSWKPP
)OXVKLQVWDOODWLRQ
SHULPHWHU
:RUNWRSWKLFNQHVVVKRXOGEHEHWZHHQDQGPP
,IWKHERWWRPSDUWRIWKHKRELVDGMDFHQWWRDQDUHDQRUPDOO\DFFHVVLEOH
IRUKDQGOLQJRUFOHDQLQJRSHUDWLRQVDVHSDUDWRULWPXVWEHSXWPP
EHORZWKHERWWRPSDUWRIWKHKRE
PLQPP
:KHQLQVWDOOLQJDQRYHQXQGHUWKHKREVHSDUDWRUPXVWQRWEHSXWDQG
WKHPLQLPXPGLVWDQFHEHWZHHQWKHERWWRPSDUWRIWKHKREDQGWKH
RYHQPXVWQRWEHORZHUWKDQPP'RQRWLQVWDOOQRWFRROHGRYHQ
XQGHU WKLV KRE DQG LQVWDOO WKH RYHQ IROORZLQJ LWV RZQ LQVWDOODWLRQ
UHTXLUHPHQWV

PP
PLQ
*%

)/86+,167$//$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$IWHU6DOHV
6HUYLFHRUDTXDOLILHGWHFKQLFLDQ
,IWKHKRELVILWWHGZLWKSRZHUVXSSO\FRUGWKLVVKDOOEHFRQQHFWHGRQO\
WRDSRZHUVXSSO\RI9EHWZHHQSKDVHDQGQHXWUDO
,WLVKRZHYHUSRVVLEOHWRFRQQHFWWKHKREWR
7KUHH3KDVH9
7KUHH3KDVH91
7RSURFHHGWRWKHQHZFRQQHFWLRQSOHDVHIROORZEHORZLQVWUXFWLRQV
%HIRUH PDNLQJ WKH FRQQHFWLRQ PDNH VXUH WKDW WKH LQVWDOODWLRQ LV
SURWHFWHGE\DVXLWDEOHIXVHDQGWKDWLWLVILWWHGZLWKZLUHVRIDODUJH
HQRXJKVHFWLRQWRVXSSO\WKHDSSOLDQFHQRUPDOO\
7XUQRYHUWKHKREJODVVVLGHDJDLQVWWKHZRUNLQJWRSWDNLQJFDUHWR
SURWHFWWKHJODVV
2SHQWKHFRYHULQWKHIROORZLQJVHTXHQFH

XQVFUHZWKHFDEOHFODPS
ILQGWKHWZRWDEVORFDWHGRQWKHVLGHV
 SXW WKH EODGH RI D IODW VFUHZGULYHU LQ IURQW RI HDFK WDE H
SXVKLQDQGSUHVV
UHPRYHWKHFRYHU
7RUHOHDVHWKHSRZHUVXSSO\FRUG
5HPRYHWKHVFUHZVUHWDLQLQJWKHWHUPLQDOEORFNZKLFK
FRQWDLQVWKHVKXQWEDUVDQGWKHFRQGXFWRUVRIWKHVXSSO\FRUG
3XOORXWWKHVXSSO\FRUG
2SHUDWLRQVWREHFDUULHGRXWWRPDNHDQHZFRQQHFWLRQ
 &KRRVH WKH SRZHU VXSSO\ FDEOH LQ DFFRUGDQFH ZLWK WKH
UHFRPPHQGDWLRQVLQWKHWDEOH
3DVVWKHSRZHUVXSSO\FDEOHLQWRWKHFODPS
6WULSWKHHQGRIHDFKFRQGXFWRURIWKHVXSSO\FRUGRQDPPOHQJWK
E\ WDNLQJ LQ DFFRXQW WKH UHTXHVWHG OHQJWK RI WKH FRUG IRU WKH
FRQQHFWLRQWRWKHWHUPLQDOEORFN
$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
1
1HXWUDO 7
(DUWK
0RQRSKDVH

9a
7ZR
SKDVHV

9a
7KUHH
SKDVHV

9a 7KUHH
SKDVHV

91a
3K 3KDVH
&RQQHFWLRQWRWKHWHUPLQDOVRQWKH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
a
&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21D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
21
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 LVGLVSOD\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
R
 &EWKHRU\YDOXHWKLVFRQGLWLRQZLOOEHVKRZQLQWKHDVVRFLDWHG
GLVSOD\E\PHDQVRIDQ³+´
R
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
3

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 $FWLRQ
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
,IHUURUKDVRFFXUUHGGLVFRQQHFWHGDQGFRQQHFWDJDLQWKHFRRNWRSWRWKHSRZHUVXSSO\,IHUURU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
$FFHUWDUVLFKHLOPRELOHQHOTXDOHYHUUjLQVHULWROHOHWWURGRPHVWLFRH
WXWWLJOLDOWULDUUHGLQHOOHYLFLQDQ]HVLDQRGLXQPDWHULDOHLQJUDGRGL
UHVLVWHUHDWHPSHUDWXUHHOHYDWHPLQLPR&
,QROWUHWXWWLLODPLQDWLGHFRUDWLYLGHYRQRHVVHUHILVVDWLFRQFROODDGDOWD
UHVLVWHQ]D
/HOHWWURGRPHVWLFRSXzHVVHUHLQVWDOODWRLQXQPRELOHDGLQFDVVRLQ
PRGDOLWjVWDQGDUGRDILOR
PP
PP
PP
PP


PP


0LQPP
3HULPHWURSHU
LQVWDOOD]LRQHDILOR
1RWD /H GLPHQVLRQL GHO SHULPHWUR LQWHUQR VRQR OH VWHVVH
GHOOLQVWDOOD]LRQHVWDQGDUG
PPFPKRE


PP


PPFPKRE


3URIRQGLWjLQFDYRPP
3HULPHWURSHU
LQVWDOOD]LRQHDILOR
/RVSHVVRUHGHOSLDQRGLODYRURGHYHHVVHUHFRPSUHVRWUDHPP
6H OD SDUWH LQIHULRUH GHO SLDQR GL FRWWXUD q DGLDFHQWH DG XQDUHD
QRUPDOPHQWHDFFHVVLELOHGXUDQWHODFRWWXUDRODSXOL]LDLQVHULUHXQ
VHSDUDWRUHPPVRWWRDOODEDVHGHOSLDQRGLFRWWXUD
PLQPP
,167$//$=,21(
4XDQGRVLLQVWDOODXQIRUQRDOGLVRWWRGHOSLDQRGLFRWWXUDQRQq
QHFHVVDULRLQVHULUHXQVHSDUDWRUHHODGLVWDQ]DPLQLPDWUDODSDUWH
LQIHULRUHGHOSLDQRGLFRWWXUDHGLOIRUQRQRQGHYHHVVHUHLQIHULRUHD
PP1RQPRQWDUHXQIRUQRQRQUDIIUHGGDWRDOGLVRWWRGLTXHVWR
SLDQRGLFRWWXUDHLQVWDOODUHLOIRUQRVHJXHQGRLUHODWLYLUHTXLVLWLGL
PRQWDJJLR

PP
PLQ
,7
,7
,167$//$=,21($),/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(
1
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
a
&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
3

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
$VVLVWHQ]D
,7
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
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\&(QDWHQWR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

PP
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
 .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$&Ë
35232-.$
1
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
a
.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
&=
  • 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

Hoover HH64B3C Manuale utente

Tipo
Manuale utente
Questo manuale è adatto anche per