Candy FCE825VX Manuale utente

Marca: Candy

Modello: FCE825VX

Tipo: Manuale utente

Questo manuale è adatto anche per

FCE825VX/E

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

29(16

86(5,16758&7,216

)251,

,6758=,21,3(5/¶862

+25126(03275$%/(6

,16758&&,21(6'(862

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

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

29(1

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

)2856(1&$675$%/(6

127,&('¶(03/2,(7'¶,167$//$7,21

)25126

0$18$/'(,16758d®(6'(87,/,=$d2

3,(.$51,.,'2=$%8'2:<

,16758.-$2%6à8*,

7528%<

1È92'.2%6/8=(

ɎɍɊɇɂ

ɂɇɋɌɊɍɄɐɂɂɁȺɉɈɌɊȿȻɂɌȿɅə

1$92',/2=$8325$%2

9(ý1$0(16.(9*5$'1(3(ý,&(



&217(1872

,QGLFD]LRQL'L6LFXUH]]D

$YYHUWHQ]H*HQHUDOL

'LFKLDUD]LRQH'L&RQIRUPLWj

,QIRUPD]LRQL6XOOD6LFXUH]]D

,QVWDOOD]LRQH

,QVHULPHQWR'HO0RELOH

,PSRUWDQWH

$OODFFLDPHQWR(OHWWULFR

'RWD]LRQH'HO)RUQRVHFRQGR0RGHOOR

&RQVÕJOÕ8WLOL

*ULJOLH)RUQR6LVWHPD'L$UUHVWR

/D&RWWXUD$O*UÕOO

6HFRQGR0RGHOOR/HG9LVLRQ

  7HPSÕ'L&RWWXUD

  3XOL]LD(0DQXWHQ]LRQH

 /D)XQ]LRQH $48$&7,9$

3XOÕ]ÕD(0DQXWHQ]ÕRQH

  6HUYL]LR$VVLVWHQ]D&OLHQWL

&RQWDPÕQXWÕ

8VR'HO&RQWDPLQXWL

8VR'HO7HPSRUL]]DWRUH

5HJROD]LRQH2UD

7LPHU(OHWWURQLFR$6ILRUDPHQWR

,VWUX]LRQL3HU/¶XVR

7DEHOOD7HPSL'L&RWWXUD

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

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

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

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

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

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

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

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











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

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

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

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

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

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

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

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

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



,1+28'623*$9(

9(,/,*+(,'692256&+5,)7(1

$OJHPHQH$DQZLM]LQJHQ

/HHV'H]H+DQGOHLGLQJ$DQGDFKWLJ

9HLOLJKHÕGVYRRUVFKULIWHQ

,QVWDOODWLH

,QERXZ9DQ'H2YHQ

%HODQJULMN

(OHNWULVFKH$DQVOXLWLQJ

8LWUXVWÕQJ9DQ'H2YHQ$IKDQNHOLMN9DQ+HW0RGHO

1XWWLJH7LSV

9HLOLJKHLGVV\VWHHP9RRU'H5RRVWHUV

*ULOOHUHQ

'H8FRRN0RGHOOHQ

$IKDQNHOLMN9DQ0RGHOXVHH

=HOIUHLQLJHQGH2YHQZDQGHQ

$TXDFWLYDIXQFWLH

6FKRRQPDNHQ(Q2QGHUKRXG

6HUYÕFH'LHQVW

.RRNZHNNHU

*HEUXLN9DQ'H.RRNZHNNHU

*HEUXLN9DQ'H7ÕPHU0HW8LWVFKDNHOIXQFWLH

'H-XLVWH7LMG,QVWHOOHQ

(OHNWURQLVFKH3URJUDPPDV*HEUXLNHQ

,QVWUXFWLHV9RRU+HW*HEUXLN9DQ'H2YHQ

%DNWLMGHQ(QWHPSHUDWXUHQ9RRU*HYHQWLOHHUGH2YHQ





Ǥ











































&217(176

6DIHW\,QVWUXFWLRQV

*HQHUDO:DUQLQJV

'HFODUDWLRQ2I&RPSOLDQFH

6DIHW\+LQWV

,QVWDOODWLRQ

)LWWLQJ7KH2YHQ,QWR7KH.LWFKHQ8QLW

,PSRUWDQW

&RQQHFWLQJ7R7KH3RZHU6XSSO\

2YHQ(TXLSPHQWDFFRUGLQJ7R7KH0RGHO

8VHIXO7LSV

6KHOI6DIHW\6\VWHP

*ULOOLQJ

7KH8&RRN0RGHOV

86HH

6HOIFOHDQLQJ2YHQ:LWK&DWDO\WLF

$48$&7,9$)XQFWLRQ

&OHDQLQJ$QG0DLQWHQDQFH

6HUYLFH&HQWUH

7LPHU

8VLQJ7KH0LQXWH7LPHU

8VLQJ7KH(QG2I&RRNLQJ7LPHU

6HWWLQJ7KH&RUUHFW7LPH

8VH2I7KH(OHFWURQLF3URJUDPPHU

2SHUDWLQJ,QVWUXFWLRQV

7DEOHV2I&RRNLQJ7LPHV

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

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















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

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

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

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

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

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

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

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

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

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

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

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

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

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



,1+$/769(5=(,&+1,6

6,&+(5+(,769256&+5,)7(1

$OOJHPHLQH+LQZHLVH

.RQIRUPLWlWVHUNOlUXQJ

6LFKHUKHLWVKÕQZHLVH

,QVWDOODWLRQ

(LQEDX,Q'HQ6FKUDQN

:LFKWLJ

(OHNWULVFKHU$QVFKOX

2IHQDXVVWDWWXQJMH1DFK0RGHOO

(LQLJH1W]OLFKH+LQZHLVH

.LSSJHVLFKHUWH*LWWHUURVWH

*ULOOHQ

7KH8BFRRN0RGHOV

%HOHXFKWXQJVV\VWHP8VHH-H1DFK0RGHOO

.DWDO\WLVFKHV6HOEVWUHLQLJXQJVVHW

$TXDFWLYD)XQNWLRQ

5HLQLJXQJ8QG:DUWXQJ

7HFKQLVFKHU.XQGHQGLHQVW

0LQXWHQ]lKOHU

0LQXWHQ]lKOHU

%HQXW]XQJ'HV7LPHUV)U%DFN]HLWHQGH

(LQVWHOOXQJ'HU5LFKWLJHQ8KU]HLW

7RXFK7LPHU

%HGLHQXQJVDQOHLWXQJ

*DU]HLWHQ

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

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

Ǥ









































6200$,5(

&216(,/6'(6e&85,7e

,QVWUXFWLRQV*HQHUDOHV

'HFODUDWLRQ'H&RQIRUPLWp

&RQVLJQHV'H6HFXULWH

,QVWDOODWLRQ

0LVH(Q3ODFH'X)RXU'DQV6RQ0HXEOH

,PSRUWDQW

$OLPHQWDWLRQ(OHFWULTXH

,PSRUWDQW

(TXLSHPHQW'X)RXU(TXLSHPHQW'LIIHUHQW6HORQ/H7\SH'H)RXU

&RQVLJQHV8WLOHV

*ULOOHV'X)RXU1RXYHDX6\VWqPH'¶DUUrW

/D&XÕVVRQ$X*ULO

6HORQ0RGqOH/H3DFN8FRRN

6HORQ0RGqOH8VHH

)RXU$XWRQHWWR\DQW3DU&DWDO\VH

)RQFWLRQ$TXDFWLYD

&RQVHLOV'H1HWWR\DJH(W'¶HQWUHWLHQ

$VVLVWDQFH7HFKQLTXH

0LQXWHXU

8WLOLVDWLRQ'X0LQXWHXU6RQRUH

8WLOLVDWLRQ'X0ÕQXWHXU&RXSHFLUFXLW

5HJODJH'H/KHXUH

+RUORJH¬&RPPDQGH6HQVLWLYH

,QVWUXFWLRQV3RXU/¶XWLOLVDWLRQ

7HPSV'H&XLVVRQ





Ǥ

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

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

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

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

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

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



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



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

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

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

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

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



















&217(1,'2

,QVWUXFFÕRQHV3DUD8Q8VR6HJXUR

,QVWUXFFLRQHV*HQHUDOHV

'HFODUDFLyQ'H&RQIRUPLGDG

,QIRUPDFLyQ6REUH6HJXULGDG

,QVWDODFLyQ

,QWURGXFFLyQ'HO0XHEOH

,PSRUWDQWH

&RQH[LyQ(OpFWULFD

(TXLSDPLHQWR'HO+RUQR6HJ~Q(O0RGHOR

&RQVHMRVÒWLOHV

5HMLOODV+RUQR6LVWHPD'H6XMHFLyQ

/D&RFFÕyQ$O*ULOO

/RV0RGHORV8FRRN

6HJQ0RGHORV8VHH

+RUQR$XWROÕPSLDQWH&DWDOtWLFR

)XQFLyQ$TXDFWLYD

/LPSLH]D<0DQWHQLPLHQWR

$VLVWHQFÕD7pFQLFD

0ÕQXWHUR

8VR'HO0ÕQXWHUR

8VR'HO7HPSRUL]DGRU

$MXVWH'H/D+RUD

7HPSRUL]DGRU7iFWLO

,QVWUXFFLRQHV'H8VR

7DEODV'H7LHPSRV'H&RFFLyQ

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

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



ǤǤ











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

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

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

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

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

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

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

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

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

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

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

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

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

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



&217(Ò'2

,16758d®(6'(6(*85$1d$

,QGLFDo}HV'H&DUiFWHU*HUDO

'HFODUDomR'H&RQIRUPLGDGH

,QIRUPDomR6REUH6HJXUDQoD

,QVWDODomR

0RQWDJHP'R)RUQR

,PSRUWDQWH

/LJDomR'R)RUQR¬5HGH'H$OLPHQWDomR'H(QHUJLD

(TXLSDPHQWR'R)RUQRGH$FRUGR&RP0RGHOR

6XJHVW}HVÒWHLV

6LVWHPD'H6HJXUDQoD'DV3UDWHOHLUDV

*UHOKDU

2V0RGHOVXFRRN

'H$FRUGR&RP20RGHOR8VHH

)RUQR$XWROLPSDQWH&RP5HYHVWLPHQWR&DWDOLWLFR

)XQomRGHOLPSH]DIiFLO³$48$&7,9$´

/LPSH]D(0DQXWHQomR

$VVLVWrQFÕD7pFQLFD

&RQGLo}HV'H*DUDQWLD

7LPHU

8WLOL]DomR'R&RQWD0ÕQXWRV

8WLOL]DomR'R3URJUDPDGRU'H)LP'H&R]HGXUD

$FHUWDU25HOyJÕR

5HOyJLRWLPHU3RU7RTXH

,QVWUXo}HV'H2SHUDomR

7DEHODV'H7HPSRV'H&R]HGXUD







































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

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



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

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

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



63,675(ĝ&,











































,16758.&-(%(=3,(&=(ē67:$

:VND] ZNL2J OQHyy

'HNODUDFMD=JRGQR FLĞ

8ZDJD

,QVWDODFMD

2VDG]HQLH8U DG]HQLD:2EXGRZLHĪ

3RG F]HQLH(OHNWU\F]QHáą

:\SRVD HQLH3LHNDUQLNDĪ

8ĪWHF]QH:VND]yZNL

3LHF]HQLH=*ULOOHP

0RGHOH8&22.

=DOH]QLH2G0RGHOX86((

.DWDOLW\F]Q\3LHNDUQLN6DPRRF]\V]F]DMąF\6LĊ

)XQNFMD$TXDFWLYD

&]\V]F]HQLH,.RQVHUZDFMD

6HUZLV7HFKQLF]Q\

5HJXODWRU&]DVRZ\

.RU]\VWDQLH=0LQXWQLND

.RU]\VWDQLH=:\áąF]QLND.RĔFD3LHF]HQLD

8VWDZLDQLH=HJDUD

=HJDU'RW\NRZ\

,QVWUXNFMH8Ī\WNRZDQLD

7DEHOD&]DVyZ:\SLHNX

2%6$+

%(=3(ý12671Ë32.<1<

9ãHREHFQi8SR]RUQČQt

3URKOiãHQt26KRGČ

%H]SHþQRVWQt7LS\

,QVWDODFH

9HVWDYČQt7URXE\'R.XFK\ĖVNp/LQN\

'ĤOHåLWp

3ĜLSRMHQt.(OHNWULFNp6tWL

9\EDYHQt7URXE\3RGOH0RGHOX

8åLWHþQp7LS\

%H]SHþQRVWQt6\VWpP5RãWX

*ULORYiQt

8FRRN0RGHO\

3RGOH0RGHOX/HG9LVLRQ

6DPRþLãWČQt7URXE\3RPRFt.DWDO\WLFNp9ORåN\

)XQNFH$TXDFWLYD

ýLãWČQt$ÒGUåED

6HUYLVQt6WĜHGLVNR

ýDVRPČĜLþ

3RXåLWt0LQXWN\

3RXåLWtýDVRYDþH8NRQþHQt9DĜHQt

1DVWDYHQt6SUiYQpKRýDVX

9\XåLWtýDVX'RW\NRYp2YOiGiQt3URJUDPPHU3URJUDPRYiQt

3RN\Q\.3RXåLWt

7DEXON\ýDVĤ3ĜtSUDY\



















































96(%,1$









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

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

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

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

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

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

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

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

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

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

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

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

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

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















9DUQRVWQD1DYRGÕOD

6SORãQD2SR]RUÕOD

,]MDYD26NODGQRVWÕ

9DUQRVWQÕ1DSRWNÕ

1DPHVWLWHY,Q3ULNOMXþLWHY

9JUDGQMD3HþLFH9.XKLQMVNL1L]

3RPHPEQÕ1DSRWNÕ

3ULNOMXþLWHY3HþLFH1D(OHNWULþQR2PUHåMH

2SUHPD3HþLFH RGYLVQR2G0RGHOD

.RUÕVWQÕ1DVYHWÕ

1HNDM.RUÕVWQÕK1DVYHWRY

äDU

0RGHOÕ8FRRN

2GYLVQR2G0RGHOD8VHH

ýLãþHQMH,Q9]GUåHYDQMH3HþLFH

)XQNFLMD$TXDFWLYD

ýLãþHQMH,Q9]GUåHYDQMH3HþLFH

6HUYLVLUDQMH

1DVWDYOMDQMH

8SRUDEDâWHYFD0ÕQXWNXKÕQMVNH8UH

1DVWDYOMDQMH7UDMDQMD3HþHQMD

1DVWDYOMDQMH7RþQHJDýDVD

8SRUDED3URJUDPVNH8UH

)XQNFLMH

5D]SUHGHOQLFHýDVRY3HþHQMD



ɋɔȾɔɊɀȺɇɂȿ

ɌȿɏɇɂɄȺɇȺȻȿɁɈɉȺɋɇɈɋɌ

Ɉɛɳɢɦɟɪɤɢɡɚɛɟɡɨɩɚɫɧɨɫɬ

Ⱦɟɤɥɚɪɚɰɢɹɡɚɫɴɨɬɜɟɬɫɬɜɢɟ

ɋɴɜɟɬɢɡɚɛɟɡɨɩɚɫɧɨɫɬ

Ɇɨɧɬɚɠ

Ɇɨɧɬɢɪɚɧɟɧɚɮɭɪɧɚɬɚɜɤɭɯɧɹɬɚ

ȼɚɠɧɨ

ɋɜɴɪɡɜɚɧɟɤɴɦɡɚɯɪɚɧɜɚɧɟɬɨ

Ɉɛɨɪɭɞɜɚɧɟɧɚɮɭɪɧɚɬɚɜɡɚɜɢɫɢɦɨɫɬɨɬɦɨɞɟɥɚ

ɉɨɥɟɡɧɢɫɴɜɟɬɢ

ɋɢɫɬɟɦɚɡɚɛɟɡɨɩɚɫɧɨɫɬɧɚɪɚɮɬɨɜɟɬɟ

Ƚɪɢɥ

8&RRNɆɨɞɟɥɢ

86HH

ɋɚɦɨɩɨɱɢɫɬɜɚɳɚɫɟɮɭɪɧɚɫɤɚɬɚɥɢɬɢɱɧɢɩɚɧɟɥɢ

$48$&7,9$ɮɭɧɤɰɢɹ

ɉɨɱɢɫɬɜɚɧɟɢɩɨɞɞɪɴɠɤɚ

ɋɟɪɜɢɡɟɧɰɟɧɬɴɪ

Ɍɚɣɦɟɪ

ɂɡɩɨɥɡɜɚɧɟɧɚɬɚɣɦɟɪɚ

ɂɡɩɨɥɡɜɚɧɟɧɚɬɚɣɦɟɪɚɡɚɤɪɚɣɧɚɝɨɬɜɟɧɟɬɨ

ɂɡɩɨɥɡɜɚɧɟɧɚɟɥɟɤɬɪɨɧɧɢɹɩɪɨɝɪɚɦɚɬɨɪ

ɇɚɫɬɪɨɣɤɚɧɚɬɨɱɧɨɬɨɜɪɟɦɟ

ɂɧɫɬɪɭɤɰɢɢɡɚɪɚɛɨɬɚ

Ɍɚɛɥɢɰɢɧɚɜɪɟɦɟɧɚɬɚɡɚɝɨɬɜɟɧɟ

ȻȽ







Ǥ



Ǥ

































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



,1',&$=,21,',6,&85(==$

,7

$77(1=,21(ODSSDUHFFKLRHOHSDUWLDFFHVVLELOLGLYHQWDQRFDOGHGXUDQWHOXVR3UHVWDUHDWWHQ]LRQHD

QRQWRFFDUHOHSDUWLFDOGH

$77(1=,21(OHSDUWLDFFHVVLELOLSRVVRQRGLYHQWDUHPROWRFDOGHTXDQGRVLXWLOL]]DLOIRUQR,EDPELQL

GHYRQRHVVHUHWHQXWLDGLVWDQ]DGLVLFXUH]]D

/DSSDUHFFKLRSXzHVVHUHXVDWRGDEDPELQLGDJOLDQQLLQVXHSHUVRQHFRQULGRWWHFDSDFLWjILVLFKH

VHQVRULDOLRPHQWDOLRVHQ]DHVSHULHQ]DHFRQRVFHQ]DGHOSURGRWWRVHVXSHUYLVLRQDWHRGDQGRORUR

LVWUX]LRQLULJXDUGRDOIXQ]LRQDPHQWRGHOODSSDUHFFKLRLQPDQLHUDVLFXUDHFRVFHQWHGHOULVFKLRSRVVLELOH

,EDPELQLQRQGRYUHEEHURJLRFDUHFRQODSSDUHFFKLR

/DSXOL]LDHODPDQXWHQ]LRQHQRQGRYUHEEHURHVVHUHIDWWHGDEDPELQLVHQ]DVXSHUYLVLRQH

'XUDQWHO¶XVRO¶DSSDUHFFKLRGLYHQWDPROWRFDOGR6LGRYUHEEHIDUHDWWHQ]LRQHDQRQWRFFDUHJOLHOHPHQWL

ULVFDOGDQWLDOO¶LQWHUQRGHOIRUQR

$77(1=,21(/HSDUWLDFFHVVLELOLSRVVRQRGLYHQWDUHPROWRFDOGHGXUDQWHO¶XVR,EDPELQLGRYUHEEHUR

HVVHUHWHQXWLDGLVWDQ]D

1RQXVDUHSHUODSXOL]LDPDWHULDOLUXYLGLDEUDVLYLRUDVFKLHWWLPHWDOOLFLDIILODWLSHUSXOLUHOHSRUWHGLYHWURGHO

IRUQRGDWRFKHSRVVRQRJUDIILDUHODVXSHUILFLHHFDXVDUHODIUDQWXPD]LRQHGHOYHWUR

6SHJQHUHLOIRUQRSULPDGLULPXRYHUHORVFKHUPRGLSURWH]LRQHHGRSRODSXOL]LDULPRQWDUORVHFRQGROH

LVWUX]LRQL

8VDUHVRORODVRQGDWHUPLFDUDFFRPDQGDWDSHUTXHVWRIRUQR

1RQXWLOL]]DUHXQSXOLWRUHDYDSRUH

&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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VLGDQQHJJLDGHYHHVVHUHVRVWLWXLWRFRQXQFDYRRXQRVSHFLDOHIDVFLRGL

FDYLGLVSRQLELOHSUHVVRLOSURGXWWRUHRFRQWDWWDQGRLOUHSDUWRDVVLVWHQ]DDOFOLHQWH

,OFDYRGLDOLPHQWD]LRQHGHYHHVVHUHGLWLSR+99)

,OPDQFDWRULVSHWWRGLTXDQWRLQGLFDWRVRSUDSXzFRPSURPHWWHUHODVLFXUH]]DGHOOHOHWWURGRPHVWLFRH

UHQGHUHQXOODODJDUDQ]LD

4XDOVLDVLPDWHULDOHIXRULXVFLWRLQHFFHVVRGHYHHVVHUHWROWRSULPDGHOODSXOL]LD

'XUDQWHLOSURFHVVRGLSXOL]LDSLUROLWLFROHVXSHUILFLSRVVRQRVXUULVFDOGDUVLSLGHOQRUPDOHPDQWHQHUH

VHPSUHLEDPELQLDGLVWDQ]DGLVLFXUH]]D

/¶HOHWWURGRPHVWLFRQRQGHYHHVVHUHLQVWDOODWRGLHWURDXQDSRUWDDVFRSRRUQDPHQWDOHSHUHYLWDUQHLO

VXUULVFDOGDPHQWR

4XDQGRVLSRVL]LRQDXQRVFDIIDOHDOO¶LQWHUQRDFFHUWDUVLFKHLOEORFFRVLDULYROWRYHUVRO¶DOWRHQHOODSDUWH

SRVWHULRUHGHOODJXLGD

/RVFDIIDOHGHYHHVVHUHLQVHULWRFRPSOHWDPHQWHQHOODJXLGD

$99(57(1=$1RQFRSULUHOHSDUHWLGHOIRUQRFRQIRJOLGLDOOXPLQLRRSURWH]LRQLPRQRXVRGLVSRQLELOLLQ

FRPPHUFLR,IRJOLGLDOOXPLQLRROHDOWUHSURWH]LRQLVHDGLUHWWRFRQWDWWRFRQORVPDOWRFDOGRULVFKLDQRGL

IRQGHUVLHGLGDQQHJJLDUHORVPDOWRLQWHUQRVWHVVR

$99(57(1=$1RQWRJOLHUHPDLODJXDUQL]LRQHGHOODSRUWDGHOIRUQR

$99(57(1=(*(1(5$/,

9LULQJUD]LDPRSHUDYHUVFHOWRXQRGHLQRVWULSURGRWWLSHURWWHQHUHGDTXHVWRHOHWWURGRPHVWLFROHPLJOLRULSUHVWD]LRQLFRQVLJOLDPRGL

/HJJHUHDWWHQWDPHQWHOHDYYHUWHQ]HFRQWHQXWHQHOSUHVHQWHOLEUHWWR

&RQVHUYDUHFRQFXUDTXHVWROLEUHWWRSHURJQLXOWHULRUHFRQVXOWD]LRQH

'XUDQWHO¶XVRLOIRUQRGLYHQWDFDOGRIDUHDWWHQ]LRQHDQRQWRFFDUHJOLHOHPHQWLULVFDOGDQWLDOO¶LQWHUQRGHOIRUQR

$OODSULPDDFFHQVLRQH GHOIRUQRSXz VYLOXSSDUVLIXPRGL RGRUHDFUHFDXVDWR GDOSULPRULVFDOGDPHQWR GHOFROODQWHGHL SDQQHOOLG¶LVRODPHQWR

DYYROJHQWLLOIRUQR6LWUDWWDGLXQIHQRPHQRDVVROXWDPHQWHQRUPDOHHLQFDVRVLYHULILFDVVHRFFRUUHDWWHQGHUHODFHVVD]LRQHGHOIXPRSULPDGL

LQWURGXUUHOHYLYDQGH

,OIRUQRqSHUVXDQDWXUDXQDSSDUHFFKLRFKHGLYHQWDFDOGRLQPRGRSDUWLFRODUHLQFRUULVSRQGHQ]DGHOFULVWDOORSRUWD

'LFKLDUD]LRQH GL FRQIRUPLWj TXHVWR DSSDUDFFKLR QHOOH SDUWL

SURJHWWDWH SHU YHQLUH D FRQWDWWR FRQ FLEL q FRQIRUPH FRQ OH

UHJRODPHQWD]LRQLHVSUHVVHQHOOHGLUHWWLYH((&

$SSRQHQGRODPDUFDWXUDVXTXHVWRSURGRWWRGLFKLDULDPRVRWWR

ODQRVWUDUHVSRQVDELOLWjGLRWWHPSHUDUHDWXWWLLUHTXLVLWLUHODWLYLDOOD

WXWHOD GL  VLFXUH]]D VDOXWH H DPELHQWH  SUHYLVWL GDOOD OHJLVOD]LRQH

HXURSHDLQHVVHUHSHUTXHVWRSURGRWWR

,QVHULUHODVSLQDLQXQDSUHVDGLFRUUHQWHPXQLWDGLXQWHU]RFRQWDWWR

FRUULVSRQGHQWHDOODSUHVDGLWHUUDFKHGHYHHVVHUHFROOHJDWDLQPRGR

HIILFLHQWH

3HU L PRGHOOL VSURYYLVWL GL VSLQD PRQWDUH VXO FDYR XQD VSLQD

QRUPDOL]]DWDFKHVLDLQJUDGRGLVRSSRUWDUHLOFDULFRLQGLFDWRLQWDUJD,O

FRQGXWWRUHGLPHVVDDWHUUDHFRQWUDGGLVWLQWRGDLFRORULJLDOORYHUGH

7DOHRSHUD]LRQHGRYUjHVVHUHHVHJXLWDGDSHUVRQDOHSURIHVVLRQDO

PHQWHTXDOLILFDWR

,QFDVRGLLQFRPSDWLELOLWjWUDODSUHVDHODVSLQDGHOO¶DSSDUHFFKLRIDUH

VRVWLWXLUHODSUHVDFRQDOWUDGLWLSRDGDWWRGDSHUVRQDOHSURIHVVLRQDO

PHQWHTXDOLILFDWR6LSXzHIIHWWXDUHDQFKHO¶DOODFFLDPHQWRDOODUHWH

LQWHUSRQHQGRWUDO¶DSSDUHFFKLRH ODUHWHXQLQWHUUXWWRUH RPQLSRODUH

GLPHQVLRQDWRDOFDULFRHULVSRQGHQWHDOOHQRUPHLQYLJRUH,OFDYRGL

WHUUDJLDOORYHUGHQRQGHYHHVVHUHLQWHUURWWRGDOO¶LQWHUUXWWRUH/DSUHVD

RO¶LQWHUUXWWRUH RPQLSRODUHXVDWL SHUO¶DOODFFLDPHQWR GHYRQRHVVHUH

IDFLOPHQWHDFFHVVLELOLDGHOHWWURGRPHVWLFRLQVWDOODWR

,PSRUWDQWH LQ IDVH GL LQVWDOOD]LRQH SRVL]LRQDUH LO FDYR GL

DOLPHQWD]LRQH LQ PRGR FKH LQ QHVVXQ SXQWR VL UDJJLXQJDQR

WHPSHUDWXUHVXSHULRULGL&DOODWHPSHUDWXUDDPELHQWH

/¶DSSDUHFFKLRqFRQIRUPHDLUHTXLVLWLGLVLFXUH]]DSUHYLVWLGDJOLLVWLWXWL

QRUPDWLYL/DVLFXUH]]DHOHWWULFDGLTXHVWRDSSDUHFFKLRqDVVLFXUDWD

VROWDQWRTXDQGRORVWHVVRqFRUUHWWDPHQWHFROOHJDWRDGXQHIILFDFH

LPSLDQWR GL PHVVD D WHUUD FRPH SUHYLVWR GDOOH YLJHQWL QRUPH GL

VLFXUH]]DHOHWWULFDLQFDVRGLGXEELRULFKLHGHUHXQFRQWUROORDFFXUDWR

GHOO¶LPSLDQWRGDSDUWHGLSHUVRQDOHSURIHVVLRQDOPHQWHTXDOLILFDWR

,PSRUWDQWH OD GLWWD FRVWUXWWULFH UHVWD VROOHYDWD GD RJQL

UHVSRQVDELOLWjSHUHYHQWXDOLGDQQLDSHUVRQHRFRVHGHULYDQWL

GDOPDQFDWRDOODFFLDPHQWRGHOODOLQHDGLWHUUD

$77(1=,21(ODWHQVLRQHHODIUHTXHQ]DGLDOLPHQWD]LRQHVRQR

LQGLFDWHLQWDUJDPDWULFROD ILJXUDLQXOWLPDSDJLQD 9HULILFDUH

FKHOD SRUWDWDHOHWWULFD GHOO¶LPSLDQWR HGHOOH SUHVHGL FRUUHQWH

VLDQRDGHJXDWHDOODSRWHQ]DPDVVLPDGHOO¶DSSDUHFFKLRLQGLFDWH

LQ WDUJD ,Q FDVR GL GXEELR ULYROJHUVL DG XQD SHUVRQD

SURIHVVLRQDOPHQWHTXDOLILFDWD

$//$&&,$0(172(/(775,&2

,7

',&+,$5$=,21(',&21)250,7¬

,1)250$=,21,68//$6,&85(==$

4XHVWRDSSDUHFFKLRGRYUjHVVHUHGHVWLQDWRVRORDOO¶XVRSHULOTXDOHq

VWDWRHVSUHVVDPHQWHFRQFHSLWRHFLRqSHUODFRWWXUDGLDOLPHQWL

2JQL DOWUR XVR DG HVHPSLR ULVFDOGDPHQWR DPELHQWH q GD

FRQVLGHUDUVL LPSURSULR H TXLQGL SHULFRORVR ,O FRVWUXWWRUH QRQ SXz

HVVHUHFRQVLGHUDWRUHVSRQVDELOHSHUHYHQWXDOLGDQQLGHULYDQWLGDXVL

LPSURSULHUURQHLHGLUUDJLRQHYROL

/¶XVRGLXQTXDOVLDVLDSSDUHFFKLRHOHWWULFRFRPSRUWD

O¶RVVHUYDQ]DGLDOFXQHUHJROHIRQGDPHQWDOL

,QSDUWLFRODUH

QRQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHUVWDFFDUHODVSLQDGDOODSUHVDGL

FRUUHQWH

QRQWRFFDUHO¶DSSDUHFFKLRFRQPDQLRSLHGLEDJQDWLRXPLGL

QRQXVDUHO¶DSSDUHFFKLRDSLHGLQXGL

LQ JHQHUDOH q VFRQVLJOLDELOH O¶XVR GL DGDWWDWRUL SUHVH PXOWLSOH H

SUROXQJKH

,QFDVRGLJXDVWRHRGLFDWWLYRIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLR

VSHJQHUORHQRQPDQRPHWWHUOR

,QFDVRGLGDQQHJJLDPHQWRGHOFDYRSURYYHGHUHWHPSHVWLYDPHQWH

DOODVXDVRVWLWX]LRQHVHFRQGROHVHJXHQGLLQGLFD]LRQL

DSULUH LO FRSHUFKLR PRUVHWWLHUD WRJOLHUH LO FDYR GL DOLPHQWD]LRQH H

VRVWLWXLUOR FRQ XQR FRUULVSRQGHQWH WLSR +55) +99)

+99)HDGHJXDWRDOODSRUWDWDGHOO¶DSSDUHFFKLR

7DOH RSHUD]LRQH GRYUj HVVHUH HVHJXLWD GD SHUVRQDOH

SURIHVVLRQDOPHQWH TXDOLILFDWR ,O FRQGXWWRUH GL WHUUD JLDOORYHUGH

GHYHREEOLJDWRULDPHQWHHVVHUHSLOXQJRGLFLUFDPPULVSHWWRDL

FRQGXWWRULGLOLQHD

3HU O¶HYHQWXDOH ULSDUD]LRQH ULYROJHUVL VRODPHQWH DG XQ FHQWUR GL

DVVLVWHQ]D WHFQLFD DXWRUL]]DWR H ULFKLHGHUH O¶XWLOL]]R GL ULFDPEL

RULJLQDOL

,OPDQFDWRULVSHWWRGLTXDQWRVRSUDSXzFRPSURPHWWHUHODVLFXUH]]D

GHOO¶DSSDUHFFKLR

1RQULYHVWLUHOHSDUHWLGHOIRUQRFRQIRJOLGDOOXPLQLRGDFXFLQDR

IRJOL PRQRXVR FRPPHUFLDOL SHUFKH SRWUHEEHUR IRQGHUVL D

FRQWDWWR FRQ OH VXSHUILFL LQ VPDOWR FDOGR H GDQQHJJLDUH OH

VXSHUILFLLQVPDOWRDOOLQWHUQRGHOIRUQR

,167$//$=,21(

/¶LQVWDOOD]LRQH q D FDULFR GHOO¶DFTXLUHQWH H OD &DVD &RVWUXWWULFH q

HVRQHUDWD GD TXHVWR VHUYL]LR JOL HYHQWXDOL LQWHUYHQWL ULFKLHVWL DOOD

&DVD&RVWUXWWULFHFKHGLSHQGRQRGDXQDHUUDWDLQVWDOOD]LRQHQRQVRQR

FRPSUHVLQHOODJDUDQ]LD

/¶LQVWDOOD]LRQH GHYH HVVHUH HIIHWWXDWD VHFRQGR OH LVWUX]LRQL GD

SHUVRQDOHSURIHVVLRQDOPHQWHTXDOLILFDWR8QDHUUDWDLQVWDOOD]LRQHSXz

FDXVDUHGDQQLD SHUVRQHDQLPDOLR FRVHQHLFRQIURQWL GHLTXDOLLO

FRVWUXWWRUHQRQSXzHVVHUHFRQVLGHUDWRUHVSRQVDELOH

3HUJDUDQWLUHXQEXRQIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLRGDLQFDVVRq

QHFHVVDULRFKHLOPRELOHVLDGLFDUDWWHULVWLFKHDGDWWH,SDQQHOOLGHL

PRELOLDGLDFHQWLLOIRUQRGRYUDQQRHVVHUHLQPDWHULDOHUHVLVWHQWHDO

FDORUH,QSDUWLFRODUHQHOFDVRGLPRELOLLQOHJQRLPSLDOOLFFLDWROHFROOH

GRYUDQQR HVVHUH UHVLVWHQWL DOOD WHPSHUDWXUD GL & PDWHULDOL

SODVWLFLRFROODQWLQRQUHVLVWHQWLDTXHVWDWHPSHUDWXUDVRQRFDXVDGL

GHIRUPD]LRQLRVFROODWXUH,QFRQIRUPLWjDOOHQRUPHGLVLFXUH]]DXQD

YROWDLQFDVVDWRO¶DSSDUHFFKLRQRQGHEERQRHVVHUHSRVVLELOLHYHQWXDOL

FRQWDWWL FRQ OH SDUWL HOHWWULFKH 7XWWH OH SDUWL FKH DVVLFXUDQR OD

SURWH]LRQHGHEERQRHVVHUHILVVDWHLQPRGRWDOHGDQRQSRWHUHVVHUH

WROWDVHQ]DO¶DLXWRGLTXDOFKHXWHQVLOH

3HU JDUDQWLUH XQD EXRQD DUHD]LRQH q QHFHVVDULR HOLPLQDUH OD

SDUHWHSRVWHULRUHGHOYDQRLQROWUHLOSLDQDOHGLDSSRJJLRGHYH

DYHUHXQDOXFHSRVWHULRUHGLDOPHQRPP

3ULPDGLXWLOL]]DUHJOLDFFHVVRULGHOIRUQRSHUODSULPDYROWDq

QHFHVVDULRSXOLUOL3HUTXHVWDRSHUD]LRQHVLFRQVLJOLDGLXWLOL]]DUH

XQD VSXJQD 6XFFHVVLYDPHQWH ULVFLDFTXDUH HG DVFLXJDUH JOL

DFFHVVRUL

/DJULJOLDVHPSOLFHVHUYHGDVXSSRUWRSHUWHJOLHSLURILOHVWDPSLSHUL

GROFL

/D JULJOLD SRUWDSLDWWR VHUYH LQ

SDUWLFRODUH SHU OH JULJOLDWH GL FDUQH

SRLFKpVRVWLHQHDQFKHODOHFFDUGDFKH

UDFFRJOLHLJUDVVLFKHFRODQR

*UD]LH DL ORUR SURILOL VSHFLDOL OH JULJOLH

UHVWDQR VHPSUH LQ RUL]]RQWDOH DQFKH

TXDQGRYHQJRQRHVWUDWWHYHUVROHVWHUQR

1RQFpQHVVXQULVFKLRTXLQGLFKHLWHJDPLVFLYROLQRRVLULEDOWLQR

'27$=,21('(/)2512VHFRQGRPRGHOOR

,16(5,0(172'(/02%,/(

,QVHULUHO¶DSSDUHFFKLRQHOYDQRGHOPRELOHVRWWRSLDQRRLQFRORQQD,O

ILVVDJJLRVLHVHJXHFRQ YLWLDWWUDYHUVRLIRULGHOODFRUQLFH YLVLELOL

DSUHQGRODSRUWDYHGHUHXOWLPDSDJLQD3HUFRQVHQWLUHODPLJOLRUH

DHUD]LRQHGHOPRELOHLIRUQLGHYRQRHVVHUHLQFDVVDWLULVSHWWDQGROH

PLVXUHHOHGLVWDQ]HLQGLFDWHQHOODILJXUDLQXOWLPDSDJLQD

1RWDSHULIRUQLGDDEELQDPHQWRFRQSLDQRFRWWXUDqLQGLVSHQVDELOH

ULVSHWWDUH OH LVWUX]LRQL FRQWHQXWH QHO OLEUHWWR DOOHJDWR DOO¶

DSSDUHFFKLDWXUDGDDEELQDUH

,03257$17(

9DQWDJJLGHOVLVWHPD

9LVLELOLWjIRUQRRWWLPDOH

'XUDWDSUROXQJDWDQHOWHPSR

&RQVXPR HQHUJHWLFR

HVWUHPDPHPHQWH

EDVVRGHLWUDGL]LRQDOLVLVWHPL

GLLOOXPLQD]LRQHIRUQL

(OHYDWRUHQGLPHQWR

'HVLJQKLJKWHFK

³$SSDUHFFKLRFRQOXFH/('ELDQFDGLFODVVH0VHFRQGROD,(&

$  $ HTXLYDOHQWH D (1    $  $ 

PDVVLPDSRWHQ]DRWWLFDHPHVVD QPX:1RQRVVHUYDUHGLUHWWDPHQWHFRQ

VWUXPHQWLRWWLFL´

,7

&216,*/,87,/,

*5,*/,()25126,67(0$',$55(672

,O IRUQR q GRWDWR GL XQ QXRYR VLVWHPD GL

DUUHVWRJULJOLH4XHVWRVLVWHPDFRQVHQWH

GLHVWUDUUHOHJULJOLHTXDVLFRPSOHWDPHQWH

VHQ]D FKH TXHVWH IXRULHVFDQR GDO IRUQR

PDQWHQHQGROH SHUIHWWDPHQWH LQ SLDQR

FRQVHQWHQGR GL YHULILFDUH H PHVFRODUH LO

FLER FRQ OD PDVVLPD WUDQTXLOOLWj H

VLFXUH]]D

/$&27785$$/*5,//

4XHVWRWLSRGLFRWWXUDFRQVHQWHODGRUDWXUDUDSLGDGHLFLEL$TXHVWR

VFRSR FRQVLJOLDPR GL LQVHULUH OD JULJOLD JHQHUDOPHQWH QHO  R 

ULSLDQRVHFRQGROHGLPHQVLRQLGHLFLEL)LJSDJ4XDVLWXWWHOH

FDUQL SRVVRQR HVVHUH FRWWH DO JULOO IDQQR HFFH]LRQH DOFXQH FDUQL

PDJUHGLVHOYDJJLQDHGLSROSHWWRQL/DFDUQHHGLOSHVFHGDFXFLQDUH

DOJULOOYDQQROHJJHUPHQWHXQWLFRQROLR

6(&21'202'(//2

(¶ XQ VLVWHPD FKH VL VRVWLWXLVFH DOO¶LOOXPLQD]LRQH FRQ WUDGL]LRQDOL

ODPSDGLQHDGLQFDQGHVFHQ]DQHOODFRQWURSRUWDGHOIRUQRFRPSOHWDPHQWH

LQYHWURWHPSUDWRVRQRVWDWLLQVHULWL  /HG GLDOWLVVLPDTXDOLWjDOXFH

ELDQFDFKHLOOXPLQDQRO¶LQWHUQRGHOIRUQRFRQXQDOXFHGLIIXVDSHUPHWWHQGR

XQDYLVLRQHGHOODFRWWXUDVHQ]DRPEUHVXSLOLYHOOL

,OGHVLJQFUHDWRSHULOVXSSRUWRGHL/HGUHJDODXQHOHJDQWHHIIHWWRKLJK

WHFK

)2512$87238/(17(&$7$/,7,&2

6SHFLDOL SDQQHOOL DXWRSXOHQWL ULFRSHUWL GD XQR VPDOWR D VWUXWWXUD

PLFURSRURVD RIIHUWL FRPH DFFHVVRUL RS]LRQDOL SHU WXWWL L PRGHOOL

HOLPLQDQRODSXOL]LDPDQXDOHGHOIRUQR

,JUDVVLSURLHWWDWLVXOOHSDUHWLGXUDQWHODFRWWXUDYHQJRQRGHFRPSRVWL

GDOOR VPDOWR PHGLDQWH XQ SURFHVVR FDWDOLWLFR GL RVVLGD]LRQH H

WUDVIRUPDWLLQSURGRWWLJDVVRVL

6FKL]]LHFFHVVLYLGLJUDVVRSRVVRQRRVWUXLUHLSRULHTXLQGLLPSHGLUH

O¶DXWRSXOL]LD7DOHFDUDWWHULVWLFDSXzHVVHUHULSULVWLQDWDPHGLDQWHXQ

ULVFDOGDPHQWRSHUFLUFDPLQXWLGHOIRUQRYXRWRLPSRVWDQGROD

PDQRSRODIRUQRLQFRUULVSRQGHQ]DGHOODPDVVLPDWHPSHUDWXUD

1RQ XVDUH SURGRWWL DEUDVLYL SDJOLHWWH PHWDOOLFKH RJJHWWL DSSXQWLWL

SDQQLUXYLGL SURGRWWL FKLPLFLR GHWHUVLYL FKHSRVVRQR GDQQHJJLDUH

LUULPHGLDELOPHQWHORVPDOWR

6LFRQVLJOLDLQROWUHGLXWLOL]]DUHSHQWROHDERUGLDOWLQHOFDVRGLFRWWXUHGL

YLYDQGHSDUWLFRODUPHQWHJUDVVHDUURVWLHFFHGLXVDUHODOHFFDUGD

TXDQGRVLHVHJXHODFRWWXUDDOJULOO

4XDORUD SHU SDUWLFRODUL FRQGL]LRQL GL VSRUFR QRQ IRVVH VXIILFLHQWH

O¶D]LRQHSUHFHGHQWHVLFRQVLJOLDGLLQWHUYHQLUHDVSRUWDQGRLJUDVVLFRQ

XQSDQQRPRUELGRRGXQDVSXJQDLQXPLGLWLFRQDFTXDFDOGD

/D SRURVLWj GHOOR VPDOWR q IRQGDPHQWDOH SHU JDUDQWLUH O¶D]LRQH

DXWRSXOHQWH

1%7XWWLLSDQQHOOLDXWRSXOHQWLLQFRPPHUFLRKDQQRXQ¶HIILFDFLDGL

UHQGLPHQWRGLFLUFDRUHGLIXQ]LRQDPHQWRIRUQR'RSRWDOHOLPLWHL

SDQQHOOLGRYUHEEHURHVVHUHVRVWLWXLWL

3HUHVWUDUUHOHJULJOLHqVXIILFLHQWHFRPHLQGLFDWRVXOGLVHJQRDO]DUOH

SUHQGHQGROHGDOODSDUWHDQWHULRUHHWLUDUOH

7XWWLLIRUQLVRQRGRWDWLGLIXQ]LRQH

SHUPHWWHQGRXQDJHVWLRQHGHOODGLVWULEX]LRQHGLXPLGLWjH

WHPSHUDWXUD5LGXFHODSHUGLWDGHJOLDOLPHQWLILQRDO

GRQDQGR PRUELGH]]D H IUDJUDQ]D DOOH SLHWDQ]H 8QD

FRWWXUDFRVLGHOLFDWDqLQGLFDWDVRSUDWXWWRSHULOSDQHHOD

SDVWLFFHULD

,IRUQLVRQRGRWDWLGLFRQWUROORHOHWWURQLFRGHOODYHQWLOD]LRQH

GLFRWWXUDEUHYHWWDWR9DULR)DQLOVLVWHPDFDPELDDXWRPDWLFDPHQWHOD

YHORFLWj GHOOD YHQWROD GHO PXOWLIXQ]LRQH SHU RWWLPL]]DUH OH FRUUHQWL

GDULD H OD WHPSHUDWXUD LQWHUQD GHOOD FDYLWj PHQWUH LO IRUQR VWD

FXFLQDQGR

6HFRQGRPRGHOORSDFFKHWWRGLIXQ]LRQL

GHOVLVWHPD

5LGXFH LO WHPSR GL SUHULVFDOGDPHQWR GHL IRUQL VRQR

VXIILFLHQWLVRORPLQXWLSHUUDJJLXQJHUHL&

/DQXRYDSRUWD´:,'('225´KDXQDPSLDVXSHUILFLHLQYHWURFKH

DVVLFXUDXQDSLIDFLOHSXOL]LDHXQPLJOLRULVRODPHQWRWHUPLFR

2IIUHODSRVVLELOLWjGLSHUVRQDOL]]DUHLOOLYHOORHOLQWHQVLWjJU

GL JULJOLDWXUD ILQR DO  LQ SL ULVSHWWR DG XQ IRUQR

PXOWLIXQ]LRQHWUDGL]LRQDOH

3L]]DVHWpOLGpDOHSHUODFRWWXUDGHOOH

SL]]H ,O VHW GHYH HVVHUH XWLOL]]DWR LQ

DEELQDPHQWRDOODIXQ]LRQH3L]]D

/D JULJOLD SLDWWD GD FRPELQDUH FRQ OD

OHFFDUGD SHU WXWWL L WLSL GL JULJOLDWH 8QD

SUHVLQDqIRUQLWDSHUSHUPHWWHUHGLHVWUDUUH

O¶LQVLHPHGDOIRUQRVHQ]DVFRWWDUVL

1RQODVFLDUHPDLODSUHVLQDQHOIRUQR

*OLDFFHVVRULGHYRQRHVVHUHWROWLGDOIRUQRVHQRQYHQJRQRXWLOL]]DWL

/DOHFFDUGDVHUYHDUDFFRJOLHUHLJUDVVLFKHFRODQRGXUDQWHODFRWWXUDFRQLOJULOO'HYHHVVHUHXWLOL]]DWDVRODPHQWHFRQLO

JULOOLOJLUDUURVWRRLOWXUERJLUDUURVWRVHFRQGRLOPRGHOOR

$WWHQ]LRQHLQWXWWLJOLDOWULPRGLGLFRWWXUDODOHFFDUGDGHYHHVVHUHWROWDGDOIRUQR

1RQXVDUHPDLODOHFFDUGDSHUFXRFHUHJOLDUURVWLSHUFKpQHULVXOWHUHEEHXQHFFHVVLYRVYLOXSSRGLIXPRHYDSRULHLO

IRUQRVLVSRUFKHUHEEHLQXOWLPHQWH

5,02=,21((38/,=,$'(//(*5,*/,(

6YLWDUHLQVHQVRDQWLRUDULRLGDGL]LJULQDWL

5LPXRYHUHOHJULJOLHWLUDQGROHYHUVRVHVWHVVL

3XOLUHOHJULJOLHODYDQGROHLQODYDVWRYLJOLHRFRQXQD

VSXJQDEDJQDWDHDVFLXJDQGROHVXELWRGRSR

'RSRDYHUSXOLWROHJULJOLHLQVWDOODUOHQXRYDPHQWH

)LVVDUHLGDGL]LJULQDWL

*ULJOLHDILORODWHUDOH

*ULJOLDODWHUDOHVHLQFOXVD

6(59,=,2$66,67(1=$&/,(17,

&(57,),&$72',*$5$1=,$&219(1=,21$/(FRVDIDUH"

,O6XRSURGRWWRqJDUDQWLWRDOOHFRQGL]LRQLHQHLWHUPLQLULSRUWDWLVXO

FHUWLILFDWRLQVHULWRQHOSURGRWWRHGLQEDVHDOOHSUHYLVLRQLGHOGHFUHWR

OHJLVODWLYRQRQFKpGHOGHFUHWROHJLVODWLYRVHWWHPEUHQ

SHUXQSHULRGRGLPHVLGHFRUUHQWLGDOODGDWDGLFRQVHJQDGHO

EHQH

&RVuFRPHULSRUWDWRQHLWHVWLGHL'HFUHWL/HJLVODWLYLFLWDWLLOFHUWLILFDWRGL

JDUDQ]LDGRYUjHVVHUHGD/HLFRQVHUYDWRGHELWDPHQWHFRPSLODWRSHU

HVVHUHPRVWUDWRDO6HUYL]LR$VVLVWHQ]D7HFQLFD$XWRUL]]DWRLQFDVRGL

QHFHVVLWjXQLWDPHQWHDGXQGRFXPHQWRILVFDOPHQWHYDOLGRULODVFLDWR

GDOULYHQGLWRUHDOPRPHQWRGHOO¶DFTXLVWREROODGLFRQVHJQDIDWWXUD

VFRQWULQR ILVFDOH DOWUR VXO TXDOH VLDQR LQGLFDWL LO QRPLQDWLYR GHO

ULYHQGLWRUHODGDWDGLFRQVHJQDJOLHVWUHPLLGHQWLILFDWLYLGHOSURGRWWR

HGLOSUH]]RGLFHVVLRQH5HVWDSXUHLQWHVRFKHVDOYRSURYDFRQWUDULD

SRLFKpVLSUHVXPHFKHLGLIHWWLGLFRQIRUPLWjFKHVLPDQLIHVWDQRHQWUR

VHLPHVLGDOODFRQVHJQDGHOEHQHHVLVWHVVHURJLjDWDOHGDWDDPHQR

FKHWDOHLSRWHVLVLDLQFRPSDWLELOHFRQODQDWXUDGHOEHQHRFRQODQDWXUD

GHOGLIHWWRGLFRQIRUPLWjLO6HUYL]LRGL$VVLVWHQ]D7HFQLFD$XWRUL]]DWR

*LDVYHULILFDWRLOGLULWWRDOO¶LQWHUYHQWRORHIIHWWXHUjVHQ]DDGGHELWDUHLO

GLULWWRILVVRGLLQWHUYHQWRDGRPLFLOLRODPDQRGRSHUDHGLULFDPEL3HU

FRQWUR QHO VXFFHVVLYR SHULRGR GL GLFLRWWR PHVL GL YLJHQ]D GHOOD

4XHVWR DSSDUHFFKLR q FRQWUDVVHJQDWR LQ

FRQIRUPLWjDOOD'LUHWWLYDHXURSHD(8VXOOH

DSSDUHFFKLDWXUH HOHWWULFKH HG HOHWWURQLFKH

:((( , :((( FRQWHQJRQR VLD OH VRVWDQ]H

LQTXLQDQWLFKHSRVVRQRSURYRFDUHFRQVHJXHQ]H

QHJDWLYH VXOODPELHQWH FKH FRPSRQHQWL GL EDVH

FKHSRVVRQRHVVHUHULXWLOL]]DWLÊLPSRUWDQWHFKHL

:((( VLDQR VRJJHWWL D UDWWDPHQWL VSHFLILFL SHU 

ULPXRYHUHHVPDOWLUHFRUUHWWDPHQWHWXWWLJOLLQTXLQDQWLHUHFXSHUDUH

HULFLFODUHWXWWLLPDWHULDOL

,VLQJROLSRVVRQRJLRFDUHXQUXRORLPSRUWDQWHQHOODVVLFXUDUHFKHL

:((( QRQ GLYHQWLQR XQ SUREOHPD DPELHQWDOH q HVVHQ]LDOH

VHJXLUHDOFXQHUHJROHGLEDVH

,:(((QRQGHYRQRHVVHUHWUDWWDWLFRPHULILXWLGRPHVWLFL

,:(((GHYRQRHVVHUHSRUWDWLDLSXQWLGLUDFFROWDDSSRVLWLJHVWLWL

GDOFRPXQHRGDVRFLHWjUHJLVWUDWH,QPROWL3DHVLSHUL:(((

JUDQGLSRWUHEEHHVVHUHSUHVHQWHODUDFFROWDGRPHVWLFD

 4XDQGR VL DFTXLVWD XQ QXRYR DSSDUHFFKLR TXHOOR YHFFKLR

SRWUHEEH HVVHUH UHVWLWXLWR DO ULYHQGLWRUH FKH GHYH DFTXLVLUOR

JUDWXLWDPHQWHVXEDVHVLQJRODVHPSUHFKHODSSDUHFFKLRVLDGHO

WLSRHTXLYDOHQWHHDEELDOHVWHVVHIXQ]LRQLGLTXHOORDFTXLVWDWR

5,63$50,$5((5,63(77$5(/$0%,(17(

2YHSRVVLELOHHYLWDUHGLSUHULVFDOGDUHLOIRUQRHFHUFDUHVHPSUHGL

ULHPSLUOR$SULUHODSRUWDGHOIRUQRTXDQWRQHFHVVDULRSHUFKpYL

VRQR GLVSHUVLRQL GL FDORUH RJQL YROWD FKH YLHQH DSHUWD 3HU

ULVSDUPLDUHPROWDHQHUJLDVDUjVXIILFLHQWHVSHJQHUHLOIRUQRGDL

DLPLQXWLSULPDGHOOD¿QHGHO WHPSRGLFRWWXUDSLDQL¿FDWRH

VHUYLUVL GHO FDORUH FKH LO IRUQR FRQWLQXD D JHQHUDUH 7HQHUH OH

JXDUQL]LRQLSXOLWHHLQRUGLQHSHUHYLWDUHHYHQWXDOLGLVSHUVLRQLGL

HQHUJLD6HVLGLVSRQHGLXQFRQWUDWWRGLHQHUJLDHOHWWULFDDWDULIID

RUDULD LO SURJUDPPD ³FRWWXUD ULWDUGDWD´ UHQGHUj SL VHPSOLFH LO

ULVSDUPLRVSRVWDQGR O¶DYYLR GHOSURJUDPPD QHJOL RUDULD WDULIID

ULGRWWD

,7

38/,=,$(0$187(1=,21(

3HUODSXOL]LDGHLYHWULGHOODSRUWDGHOIRUQRQRQXWLOL]]DUHPDWHULDOL

DEUDVLYLUDVFKLHWWLRRJJHWWL FKHSRVVRQRJUDIILDUHODVXSHUILFLH GHO

YHWUR3XOLUHOHVXSHUILFLLQDFFLDLRLQR[HVPDOWDWHFRQDFTXDWLHSLGDH

VDSRQH RSSXUH FRQ DSSRVLWL SURGRWWL LQ FRPPHUFLR HYLWDQGR

DVVROXWDPHQWH O¶XVR GL SROYHUL DEUDVLYH FKH GDQQHJJHUHEEHUR OH

VXSHUILFLHOHSDUWLHVWHWLFKH

/DSXOL]LDGHOIRUQRqPROWRLPSRUWDQWHHGHYHHVVHUHHIIHWWXDWDRJQL

YROWDFKHTXHVWRYLHQHXVDWR,QIDWWLVXOOHSDUHWLVLGHSRVLWDQRJUDVVL

VFLROWLGXUDQWHODFRWWXUDFKHSRWUHEEHURDOODVXFFHVVLYDDFFHQVLRQH

SURGXUUH RGRUL VJUDGHYROL FKH QXRFHUHEEHUR DO EXRQ HVLWR GHOOD

FRWWXUD3HUODSXOL]LDXVDUHDFTXDFDOGDHGHWHUVLYRVFLDFTXDQGR

DFFXUDWDPHQWH

3HUHOLPLQDUHTXHVWRIDVWLGLRVRLQWHUYHQWRVXWXWWLLPRGHOOLSRVVRQR

HVVHUHLQVHULWLSDQQHOOLDXWRSXOHQWLRIIHUWLFRPHDFFHVVRULRS]LRQDOL

YHGHUHDSSRVLWRSDUDJUDIR©)2512$87238/(17(&$7$/,7,&2ª

8VDUHGHWHUVLYLHSDJOLHWWHG¶DFFLDLRSHUOHJULJOLHLQR[/DSXOL]LDGHOOH

VXSHUILFL LQ FULVWDOOR WHPSHUDWR GHYH HVVHUH HVHJXLWD TXDQGR OH

VXSHUILFLVRQRIUHGGH(YHQWXDOLURWWXUHGRYXWHDOODQRQRVVHUYDQ]DGL

TXHVWDUHJRODHOHPHQWDUHQRQULHQWUDQRQHLWHUPLQLGLJDUDQ]LD

/DODPSDGDIRUQRSXzHVVHUHVRVWLWXLWDGLVLQVHUHQGRHOHWWULFDPHQWH

O¶DSSDUHFFKLRHVYLWDQGRO¶DPSROODFKHODUDFFKLXGHVRVWLWXHQGROD

ODPSDGD QRQ IXQ]LRQDQWH FRQ XQD DQDORJD UHVLVWHQWH DOOH DOWH

WHPSHUDWXUH

JDUDQ]LDVDUjLQYHFHRQHUHGHOFRQVXPDWRUHFKHLQWHQGDIUXLUHGHL

ULPHGLDFFRUGDWLGDOODJDUDQ]LDVWHVVDSURYDUHO¶HVLVWHQ]DGHOGLIHWWRGL

FRQIRUPLWjGHOEHQHVLQGDOPRPHQWRGHOODFRQVHJQDQHOFDVRLQFXLLO

FRQVXPDWRUHQRQIRVVHLQJUDGRGLIRUQLUHGHWWDSURYDQRQSRWUDQQR

HVVHUH DSSOLFDWH OH FRQGL]LRQL GL JDUDQ]LD SUHYLVWH H SHUWDQWR LO

6HUYL]LRGL$VVLVWHQ]D7HFQLFD$XWRUL]]DWR*LDVHIIHWWXHUjO¶LQWHUYHQWR

DGGHELWDQGRDOFRQVXPDWRUHWXWWLLFRVWL

UHODWLYL

(67(16,21('(//$*$5$1=,$),12$$11,FRPH"

/H ULFRUGLDPR LQROWUH FKH VXOOR VWHVVR FHUWLILFDWR GL JDUDQ]LD

FRQYHQ]LRQDOH/HLWURYHUjOHLQIRUPD]LRQLHGLGRFXPHQWLQHFHVVDUL

SHUSUROXQJDUHODJDUDQ]LDGHOO¶DSSDUHFFKLRVLQRDDQQLHFRVuLQ

FDVRGLJXDVWRQRQSDJDUHLOGLULWWRILVVRGLLQWHUYHQWRDGRPLFLOLROD

PDQRGRSHUDHGLULFDPEL

3HUTXDOVLDVLLQIRUPD]LRQHQHFHVVLWDVVH/DSUHJKLDPRULYROJHUVLDO

QXPHURWHOHIRQLFRGHO6HUYL]LR&OLHQWL

$120$/,((0$/)81=,21$0(17,DFKLULYROJHUVL"

3HU TXDOVLDVL QHFHVVLWj LO FHQWUR DVVLVWHQ]D DXWRUL]]DWR q D 6XD

FRPSOHWDGLVSRVL]LRQHSHUIRUQLU/HLFKLDULPHQWLQHFHVVDULFRPXQTXH

TXDORUDLO6XRSURGRWWRSUHVHQWLDQRPDOLHRPDOIXQ]LRQDPHQWLSULPD

GL ULYROJHUVL DO 6HUYL]LR $VVLVWHQ]D $XWRUL]]DWR FRQVLJOLDPR

YLYDPHQWHGLHIIHWWXDUHLFRQWUROOLLQGLFDWLVRSUD

8162/2180(527(/()21,&23(5277(1(5($66,67(1=$

4XDORUD LO SUREOHPD GRYHVVH SHUVLVWHUH FRPSRQHQGR LO ³1XPHUR

8WLOH´ VRWWR LQGLFDWR VDUj PHVVR LQ FRQWDWWR GLUHWWDPHQWH FRQ LO

6HUYL]LR$VVLVWHQ]D7HFQLFD$XWRUL]]DWRFKHRSHUDQHOOD6XD]RQDGL

UHVLGHQ]D$WWHQ]LRQH OD FKLDPDWD q D SDJDPHQWR LO FRVWR YHUUj

FRPXQLFDWR WUDPLWH PHVVDJJLR YRFDOH GDO 6HUYL]LR FOLHQWL

GHOO¶RSHUDWRUH WHOHIRQLFR XWLOL]]DWR 'HWWDJOL VRQR SUHVHQWL VXO VLWR

LQWHUQHWZZZFDQG\JURXSFRP

0$75,&2/$'(/352'2772'RYHVL

WURYD"

(¶ LQGLVSHQVDELOH FKH FRPXQLFKL DO

6HUYL]LR$VVLVWHQ]D7HFQLFD$XWRUL]]DWROD

VLJODGHOSURGRWWRHGLOQXPHURGLPDWULFROD

FDUDWWHULFKHLQL]LDQRFRQODFLIUDFKH

WURYHUj VXO FHUWLILFDWR GL JDUDQ]LD RSSXUH VXOOD WDUJD PDWULFROD GHO

SURGRWWRILJXUDLQXOWLPDSDJLQD,QTXHVWRPRGR/HLSRWUjFRQWULEXLUH

DGHYLWDUHWUDVIHUWHLQXWLOLGHOWHFQLFRULVSDUPLDQGRROWUHWXWWRLUHODWLYL

FRVWL

/D SURFHGXUD ³$48$&7,9$´ XWLOL]]D LO YDSRUH SHU IDFLOLWDUH OD

ULPR]LRQHGDOIRUQRGHOJUDVVRHGHLSH]]LGLFLERULPDVWL

,QVHULUHPOGLDFTXDGLVWLOODWDRSRWDELOHQHOFRQWHQLWRUHGHOO¶

$48$&7,9$VXOIRQGRGHOIRUQR

,PSRVWDUHODIXQ]LRQHGHOIRUQRVX6WDWLFR

RVX5LVFDOGDPHQWR

GDOEDVVR

,PSRVWDUHODWHPSHUDWXUDVXOOLFRQD$48$&7,9$

/DVFLDUIXQ]LRQDUHOHOHWWURGRPHVWLFRSHUPLQXWL

'LVDWWLYDUHODPDFFKLQDHODVFLDUHFKHVLUDIIUHGGL

8QDYROWDFKHOHOHWWURGRPHVWLFRVLqUDIIUHGGDWRSXOLUHODVXSHUILFH

LQWHUQDGHOIRUQRFRQXQRVWUDFFLR

$WWHQ]LRQH

$VVLFXUDUVLFKHOHOHWWURGRPHVWLFRVLDIUHGGRSULPDGLWRFFDUORFqLO

ULVFKLRGLVFRWWDUVL

8WLOL]]DUHDFTXDGLVWLOODWDRSRWDELOH

/$)81=,21($48$&7,9$

PO

3HUVHOH]LRQDUHLOWHPSRSUHVFHOWRUXRWDUH

OD PDQRSROD GL XQ JLUR FRPSOHWR TXLQGL

ULWRUQDUH FRQ O¶LQGLFH QHOOD SRVL]LRQH

FRUULVSRQGHQWHDOWHPSRGHVLGHUDWR$OOR

VFDGHUH GHO WHPSR HQWUHUj LQ D]LRQH OD

VXRQHULDSHUDOFXQLVHFRQGL

&RQ TXHVWR PHFFDQLVPR q SRVVLELOH

SURJUDPPDUH OD GXUDWD HVSUHVVD LQ PLQXWL

GHOOD FRWWXUD H TXLQGL OR VSHJQLPHQWR

DXWRPDWLFR GHO IRUQR DO WHUPLQH GHO WHPSR

GHVLGHUDWRPD[PLQXWL

$OOR VFDGHUH GHO WHPSR SUHVFHOWR OD

PDQRSROD UDJJLXQJHUj OD SRVL]LRQH GL

VXRQHULD2LQFRUULVSRQGHQ]DGHOODTXDOHLO

IRUQRVLVSHJQHDXWRPDWLFDPHQWH

,O IRUQR SXz HVVHUH DFFHVR VROR

LPSRVWDQGR XQ WHPSR GL FRWWXUD R JLUDQGR OD PDQRSROD LQ

SRVL]LRQH

862'(/&217$0,187, 862'(/7(0325,==$725(

3UHPHUHLOWDVWRFHQWUDOH

,PSRVWDORUDFRQLWDVWL

/DVFLDUHLWDVWL

$77(1=,21(ODSULPDRSHUD]LRQHGDHVHJXLUHGRSRO¶LQVWDOOD]LRQHRGRSRXQDLQWHUUX]LRQHGLFRUUHQWH

WDOLVLWXD]LRQLVLULFRQRVFRQRSHUFKqVXOGLVSD\ODPSHJJLDO¶RUD

qODUHJROD]LRQHGHOO¶RUDFRPHGL

VHJXLWRGHVFULWWR

7,0(5(/(77521,&2$6),25$0(172

5(*2/$=,21(25$

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

&217$0,187,

%/2&&2

%$0%,12

)81=,21(

&20(6,$77,9$ &20(6,63(*1( &26$)$ $&26$6(59(

&217$0,187,

'85$7$

&27785$

),1(

&27785$

3UHPHUHLOWDVWRFHQWUDOH

YROWD

3UHPHUHLWDVWL

SHUUHJRODUHODGXUDWD

/DVFLDUHLWDVWL

$OWHUPLQHGHOODGXUDWD

LPSRVWDWDODIXQ]LRQHVL

VSHJQHGDVRODHGDYYLVD

FRQXQVHJQDOHVRQRURLO

VHJQDOHVRQRURVLIHUPDGD

VRORSHUIHUPDUORVXELWR

SUHPHUHLOWDVWR6(/(&7

'DXQVHJQDOHVRQRURDO

WHUPLQHGLXQWHPSR

VWDELOLWR

'XUDQWHLOIXQ]LRQDPHQWR

LOGLVSOD\YLVXDOL]]DLO

WHPSRULPDQHQWH

3HUPHWWHGLXWLOL]]DUHLO

SURJUDPPDWRUHGHOIRUQR

FRPHXQDVYHJOLDSXz

HVVHUHXVDWRFRQIRUQR

IXQ]LRQDQWHRVSHQWR

3UHPHUHLOWDVWRFHQWUDOH

YROWH

3UHPHUHLWDVWL

SHUUHJRODUHODGXUDWD

/DVFLDUHLWDVWL

6HOH]LRQDUHODIXQ]LRQH

GLFRWWXUDFRQOD

PDQRSRODFRPPXWDWRUH

$OWHUPLQHGHOODGXUDWD

LPSRVWDWDLOIRUQRVLVSHJQH

GDVRORVHGHYHHVVHUH

IHUPDWRSULPDVLGHYH

SRUWDUHODPDQRSROD

FRPPXWDWRUHLQSRVL]LRQH

2RSSXUHSRUWDUHDOD

GXUDWDGHOODFRWWXUD

WDVWL6(/(&7H

3HUPHWWHGLLPSRVWDUHOD

GXUDWDGHOODFRWWXUDGHO

FLERLQVHULWRQHOIRUQR

3HUYLVXDOL]]DUHLOWHPSR

ULPDQHQWHSUHPHUHLO

WDVWR6(/(&7

3HUPRGLILFDUHLOWHPSR

ULPDQHQWHSUHPHUHLO

WDVWR6(/(&7

3HULQWHUURPSHUHLOVHJQDOH

SUHPHUHXQWDVWRTXDOVLDVL

3UHPHUHLOWDVWRFHQWUDOH

SHUWRUQDUHDOODIXQ]LRQH

RURORJLR

3UHPHUHLOWDVWRFHQWUDOH

YROWH

3UHPHUHLWDVWL

SHUUHJRODUHO¶RUDGLILQH

FRWWXUD

/DVFLDUHLWDVWL

6HOH]LRQDUHODIXQ]LRQH

GLFRWWXUDFRQOD

PDQRSRODFRPPXWDWRUH

$OO¶RUDLPSRVWDWDLOIRUQR

VLVSHJQHGDVRORVHGHYH

HVVHUHIHUPDWRSULPD

qQHFHVVDULRSRUWDUHOD

PDQRSRODFRPPXWDWRUH

LQSRVL]LRQH2

3HUPHWWHGL

PHPRUL]]DUHO¶RUDGLILQH

FRWWXUD

3HUYLVXDOL]]DUHO¶RUD

SURJUDPPDWDSUHPHUHLO

WDVWRFHQWUDOHYROWH

3HUPRGLILFDUHO¶RUD

SURJUDPPDWDSUHPHUHL

WDVWL6(/(&7

7LSLFDPHQWH VL XWLOL]]D TXHVWD

IXQ]LRQH FRQ OD IXQ]LRQH '85$7$

&27785$±DG HVHPSLR LO FLER

GHVLGHUDWR GHYH FXRFHUH SHU 

PLQXWLHGHVLGHURFKHVLDSURQWRSHUOH

RUHLQWDOFDVR

$OWHUPLQHGHOODGXUDWD LPSRVWDWDLO

IRUQR VL  VSHJQH DXWRPDWLFDPHQWH 

HGDYYLVDFRQXQVHJQDOHVRQRUR

6HOH]LRQDUH OD IXQ]LRQH GL FRWWXUD

GHVLGHUDWD ,PSRVWDUH OD GXUDWD

FRWWXUD D  PLQXWL  

,PSRVWDUH OD ILQH FRWWXUD DOOH RUH

/DFRWWXUDDYUj

DXWRPDWLFDPHQWHLQL]LRDOOH

 PHQR  PLQXWL DOO¶RUD

LPSRVWDWD FRPH ILQH FRWWXUD LO

IRUQRVLVSHJQHDXWRPDWLFDPHQWH

$77(1=,21(LPSRVWDQGRVROROD

ILQH FRWWXUD H QRQ OD GXUDWD GHOOD

FRWWXUD LO IRUQR VL DFFHQGHUj

VXELWRHVLVSHJQHUjDOO¶RUDGLILQH

FRWWXUDLPSRVWDWD

7HQHUHSUHPXWRSHU

VHFRQGLLOWDVWR'D

TXHVWRPRPHQWROR

VFKHUPRYLVXDOL]]D

DOWHUQDWLYDPHQWH³6723´

HLOWHPSRSUHLPSRVWDWR

7HQHUHSUHPXWRSHU

VHFRQGLLOWDVWR'D

TXHVWRPRPHQWRWXWOHOH

IXQ]LRQLVRQRULDELOLWDWH



VHOHFW

,7

,6758=,21,3(5/¶862

,7

$FFHQGHODOXFHLQWHUQD

6FRQJHODPHQWR

4XHVWDSRVL]LRQHSHUPHWWHGLIDUFLUFRODUHO¶DULDDWHPSHUDWXUDDPELHQWHLQWRUQRDOFLER

VXUJHODWRIDFHQGRORFRVuVFRQJHODUHLQSRFKLPLQXWLVHQ]DPRGLILFDUHRGDOWHUDUHLO

FRQWHQXWRSURWHLFR

&RQYH]LRQHQDWXUDOH

6RQRLQIXQ]LRQHOHUHVLVWHQ]HVXSHULRUHHLQIHULRUH

ÊODFRWWXUDWUDGL]LRQDOHRWWLPDSHUDUURVWLUHFRVFLRWWLVHOYDJJLQDLGHDOHSHUELVFRWWL

PHOHDOIRUQRHSHUUHQGHUHLFLELPROWRFURFFDQWL

)RUQRYHQWLODWR

/¶DULDFDOGDYLHQHULSDUWLWDVXLGLYHUVLULSLDQLqO¶LGHDOHSHUFXRFHUHFRQWHPSRUDQHDPHQW

HGLYHUVLWLSLGLFLERFDUQHSHVFHVHQ]DPLVFHODUHVDSRULHRGRUL&RWWXUDGHOLFDWD

LQGLFDWDSHUSDQGL6SDJQDWRUWH0DUJKHULWDSDVWDVIRJOLDHFF

6XRODYHQWLODWD

$GDWWDSHUFRWWXUHGHOLFDWHWRUWHVRXIIOq

*ULJOLDWXUDWUDGL]LRQDOHDSRUWDFKLXVD

,QTXHVWDSRVL]LRQHYLHQHLQVHULWDODUHVLVWHQ]DGHOJULOO2WWLPDQHOODFRWWXUDGLFDUQLGL

PHGLHHSLFFRORVSHVVRUHVDOVLFFHFRVWLQHEDFRQ

785%2*5,//DOXWLOL]]RGHOWXUERJULOOULFKLHGHODSRUWDFKLXVD

8WLOL]]DQGRODYHQWLOD]LRQHHODUHVLVWHQ]DFLHORFRQWHPSRUDQHDPHQWH

6LFXRFLRQRSHUIHWWDPHQWHJUDQGLSH]]LGLFLERFRPHDUURVWLSROODPHHFF0HWWHWHOD

JULJOLDDPHWjGHOIRUQRHSRVL]LRQHODOHFFDUGDVRWWRGLHVVDSHUUDFFRJOLHUHLJUDVVL

$VVLFXUDWHYLFKHLOFLERQRQVLDWURSSRYLFLQRDOJULOO*LUDWHODFDUQHDPHWjFRWWXUD

*ULOOSLJLUDUURVWR

,QVHULPHQWRUHVLVWHQ]DJULOOHPRWRULQRJLUDUURVWR

6HUYHSHUHIIHWWXDUHFRWWXUHDOORVSLHGR

)XQ]LRQHSL]]D

,OFDORUHDYYROJHQWHLQTXHVWDIXQ]LRQHULFUHDXQDPELHQWHVLPLOHDTXHOOR

GHLIRUQLDOHJQDGLSL]]HULD

3URJUDPPDGLSURYDVHFRQGR&(1(/(&(1XWLOL]]DWRSHUODGHILQL]LRQHGHOODFODVVHHQHUJHWLFD

0DQRSROD

FRPPXWDWRUH

7HPSHUDWXUD

SURSRVWD

HUHJROD]LRQH

7\SH$

0DQRSROD

WHUPRVWDWR

)81=,21(

/LYHOOR

·

/LYHOOR

·

6SULQWHU

4XHVWDSRVL]LRQHSHUPHWWHXQSUHULVFDOGDPHQWR UDSLGRGHOIRUQR8QD YROWDLPSRVWDWD

TXHVWD IXQ]LRQH FRQVHQWH XQLPPHGLDWR ULVFDOGDPHQWR GHO IRUQR DG HV  PLQXWL SHU

UDJJLXQJHUH&ODWHPSHUDWXUDGHVLGHUDWDSXzHVVHUHLPSRVWDWDWUDPLWHODSSRVLWD

PDQRSROD,OWHUPLQHGHOODIDVHGLSUHULVFDOGDPHQWRqLQGLFDWRWUDPLWHODVSLDGHOWHUPRVWDWR

&FKHVLVSHJQH8QDYROWDFRQFOXVDTXHVWDIDVHqSRVVLELOHVHOH]LRQDUHODIXQ]LRQHGL

FRWWXUDGHVLGHUDWDHGLQVHULUHOHSLHWDQ]HGDFXFLQDUH3UHVWDUHDWWHQ]LRQHDQRQLQVHULUH

DOLPHQWLQHOIRUQRGXUDQWHODIDVHGLSUHULVFDOGDPHQWRULVFKLHUHEEHURGLVXELUHGDQQL

62)7&22.D

6RIWFRRNqODIXQ]LRQHLGHDOHSHUODSDVWLFFHULDHGLOSDQH*UD]LHDOODYHORFLWjULGRWWD

GHOODYHQWRODTXHVWDIXQ]LRQHDXPHQWDOXPLGLWjSUHVHQWHDOOLQWHUQRGHOIRUQR8QD

PDJJLRUHXPLGLWjFUHDOHFRQGL]LRQLGLFRWWXUDLGHDOLSHUTXHJOLDOLPHQWLFKHKDQQR

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

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

683(5*5,//LOIRUQRKDGXHSRVL]LRQL

*ULOO*ULOO:*ULOO6XSHU:

/LYHOOR

·

D68$/&81,02'(//,)XQ]LRQHFRQ9$5,2)$19DQR)DQpOHVFOXVLYRVLVWHPDGLIXQ]LRQDPHQWRVYLOXSSDWRGD&DQG\SHURWWLPL]]DUHL

ULVXOWDWLGLFRWWXUDODJHVWLRQHGHOODWHPSHUDWXUDHODJHVWLRQHGHOOXPLGLWj,OVLVWHPD9DULR)DQPRGLILFDDXWRPDWLFDPHQWHODYHORFLWjGL

URWD]LRQHGHOODYHQWRODSHUWXWWHOHFRWWXUHLQPXOWLIXQ]LRQH4XHVWRVLVWHPDVLDWWLYDDXWRPDWLFDPHQWHWXWWHOHYROWHFKHYLHQHVHOH]LRQDWDXQD

IXQ]LRQHDOOLQWHUQRGHOODUHDWUDWWHJJLDWDVXOSDQQHOORGLFRQWUROOR

/DIXQ]LRQH³&22./,*+7´FRQVHQWHGLFXFLQDUHLQPRGROHJJHURULGXFHQGROXWLOL]]RGHL

JUDVVL *UD]LH DG XQD FRPELQD]LRQH GHO JULOO H GHOOD YHQWROD DVVRFLDWH DG XQ FLFOR GL

SXOVD]LRQH GHOODULD q SRVVLELOH FRQVHUYDUH OXPLGLWj GHL FLEL JULJOLDUH OD VXSHUILFLH H

JDUDQWLUHXQDFRWWXUDUDSLGDGHOOHSLHWDQ]HXWLOL]]DQGRSRFKLFRQGLPHQWLVHQ]DULQXQFLDUHDO

VDSRUH

ÊSDUWLFRODUPHQWH LQGLFDWD SHUYHUGXUH IULWWDWH H FDUQL ,O FLFOR GLDULD SXOVDWD PDQWLHQH

OXPLGLWj GHL FLEL QH FRQVHUYD OH SURSULHWj QXWULWLYH H JDUDQWLVFH XQD FRWWXUD UDSLGD H

RPRJHQHD

3URYDWHWXWWHOHYRVWUHULFHWWHULGXFHQGRODTXDQWLWjGLFRQGLPHQWRFKHGLVROLWRXWLOL]]DWHH

SURYDWHODOHJJHUH]]DGLTXHVWDQXRYDIXQ]LRQH

7$%(//$7(03,',&27785$

,WHPSLVXJJHULWLQHOOHVHJXHQWLWDEHOOHVRQRLQGLFDWLYLLQIDWWLSRVVRQRYDULDUHVHFRQGRODTXDOLWjODIUHVFKH]]DODGLPHQVLRQHHORVSHVVRUHGHJOL

DOLPHQWLHVHFRQGRLOYRVWURJXVWR/DVFLDUHVHPSUHULSRVDUHSHUDOFXQLPLQXWLSULPDGLVHUYLUHSHUFKpWXWWLJOLDOLPHQWLFRQWLQXDQRDFXRFHUHGRSR

DYHUOLWROWLGDOIRUQR

&216,*/,287,/(3HUQRQUHQGHUHOHVXSHUILFLWURSSRVHFFKHq

FRQVLJOLDWRDEEDVVDUHODWHPSHUDWXUDHDOOXQJDUHLWHPSLGLFRWWXUD

3RVL]LRQHULSLDQL









,7

)RUQRHOHWWULFRVWDWLFR )RUQRHOHWWULFRYHQWLODWR



3DVWD

















3LHWDQ]D

4XDQWLWj

5LSLDQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

5LSLDQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

2VVHUYD]LRQL

,QVHULUHOHODVDJQHQHOIRUQRIUHGGR

3UHSDUDWHODSDVWDDIRUPDGLSDJQRWWDH

LQFLGHUH FRQ XQ FROWHOOR XQD FURFH VXOOD

SDUWH VXSHULRUH GHOOD IRUPD /DVFLDUH

OLHYLWDUHDWHPSHUDWXUDDPELHQWHDOPHQR

RUHXQJHUH OD OHFFDUGD HSRVL]LRQDWH OD

IRUPDEHQHDOFHQWURGHOODVWHVVD

3UHULVFDOGDWH SHU PLQ LO IRUQR H

SUHSDUDWH OH SL]]H QHOOD OHFFDUGD

VPDOWDWD FRQ SRPRGRUL PR]]DUHOOD H

SURVFLXWWRROLRVDOHRULJDQR

'LVSRQHWHYRODXYHQWQHOODOHFFDUGD

HFXRFHWH

3UHULVFDOGDWHSHUPLQXQJHUHODWHJOLD

GHO IRUQR GLVSRUUH OH  IRFDFFH ROLDWH H

VDODWHSULPDGLLQIRUQDUHODVFLDUHOLHYLWDUH

DWHPSHUDWXUDDPELHQWHSHUDOPHQRRUH

'LVSRUUHODFDUQHLQXQDWHJOLD3LUH[D

ERUGRDOWRFRQVDOHSHSH9ROWDUHD

PHWjFRWWXUD

&XRFHUHFRPHVRSUD

,QVHULUHLFDQQHOORQLQHOIRUQRIUHGGR

/DVDJQH

&DQQHOORQL

3DVWDDOIRUQR

3DVWHVDODWH

3DQH

3L]]H

3DVWDVIRJOLD

9RODXYHQW

6XUJHODWL

)RFDFFLD

Q

&DUQH

7XWWHOHFDUQLSRVVRQRHVVHUHFRWWHLQUHFLSLHQWHFRQERUGREDVVRRERUGRDOWR

ÊFRQVLJOLDELOHFRSULUHLOUHFLSLHQWHDERUGREDVVRFRQXQFRSHUFKLRSHUHYLWDUHGLVSRUFDUHLOIRUQRFRQVFKL]]LGHOFRQGLPHQWR

/HFDUQLFRSHUWHULVXOWDQRSLPRUELGHHVXFFRVHPHQWUHTXHOOHVFRSHUWHULVXOWDQRSLFURFFDQWL

,WHPSLLQGLFDWLYDOJRQRSHUFRWWXUHFRQUHFLSLHQWHFRSHUWRRVFRSHUWR

5RDVWEHHI

LQWHUR

$UURVWRGLPDLDOH

DUURWRODWR

$UURVWRGLYLWHOOR

DUURWRODWR

$UURVWRGLPDQ]R

ILOHWWR

.J

.J

.J

.J

GLSDVWD

.J

Q

JU

GLSDVWDFDG

.J

.J

.J

·

·

·



SUHULVF

·

·

·











·

·

·

·

SUHULVF

·

·

·











·

·

·

·



·

·

·

·



,QVHULUHODSDVWDDOIRUQRQHOIRUQRIUHGGR

5,&(77(&216,*/,$7(

0XIILQGLYHUGXUH

,QJUHGLHQWL

JGL]XFFKLQH

JGLSDWDWHSDVWDJLDOOD

JGLSDWDWHDPHULFDQD

7DJOLDUHOH]XFFKLQHHLSHSHURQLDGDGLQLHOHVVDUHTXDOFKHPLQXWROHSDWDWH

8QDYROWDWDJOLDWHOHYHUGXUHVDOWDUOHPLQXWLLQSDGHOODFRQROLRH[WUDYHUJLQHGL

ROLYDSDSULNDVDOHHSHSH

8QDYROWDOHVVDWHOHSDWDWHVFKLDFFLDUOHHDJJLXQJHUOHDOOHDOWUHYHUGXUHHDOOD

SURYROD WDJOLDWD D SH]]HWWL 1HO IUDWWHPSR SUHSDUDUH XQ PL[ GL SDQJUDWWDWR H

3DUPLJLDQRHDJJLXQJHUQHODPHWjDOOHYHUGXUH

,QIDULQDUHJOLVWDPSLQLPRQRGRVHHULHPSLUOLILQRDOORUORULFRSULUOLFRQODOWUD

PHWj GHO FRPSRVWR GL SDQJUDWWDWR H 3DUPLJLDQR DJJLXQJHUH XQ SR GL ROLR

H[WUDYHUJLQHHFXRFHUHFRQODIXQ]LRQH&22./,*+7DSHUPLQXWL

ILQRDOUDJJLXQJLPHQWRGLXQDEHOODGRUDWXUD

)ULWWDWDDXWXQQDOHDOIRUQR

,QJUHGLHQWL

XRYD

ILRULGL]XFFKLQD

7DJOLDUHOD]XFFDDIHWWHHPHWWHUODVXXQDWHJOLDGDIRUQRLQIRUQDUHDJUDGL

SHUPLQXWLFLUFD8QDYROWDFRWWDVFKLDFFLDUHODSROSDFRQODIRUFKHWWD

6EDWWHUHOHXRYDHXQLUYLODSDWDWDOHVVDWDHOD]XFFDVFKLDFFLDWDDJJLXQJHUHLO

ODWWH LO 3DUPLJLDQR OD FXUFXPD VDOH H SHSH $PDOJDPDUH EHQH WXWWL JOL

LQJUHGLHQWLHDJJLXQJHUHSHUXOWLPRLILRULGL]XFFKLQDJLjSXOLWLHWDJOLDWLD

SH]]HWWLQL

9HUVDUHLOFRPSRVWRQHOORVWDPSRHFXRFHUHLQIRUQRFRQODIXQ]LRQH&22.

/,*+7DSHUPLQXWL

SHSHURQHURVVR

SHSHURQHJLDOOR

JGLSURYROD

FXFFKLDLQRGLSDSULND

JGL3DUPLJLDQR

JGLSDQJUDWWDWR

SDWDWDOHVVDWD

IHWWLQDGL]XFFDOHVVDWD

JGL3DUPLJLDQR

&XUFXPD

FXFFKLDLGLODWWH

7$%(//$7(03,',&27785$

,7

3ROODPH&RQLJOLR

)RUQRHOHWWULFRVWDWLFR )RUQRHOHWWULFRYHQWLODWR

3LHWDQ]D

4XDQWLWj

5LSLDQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

7HPSR

GLFRWWXUD

LQPLQXWL

7HPSH

UDWXUD

IRUQR

2VVHUYD]LRQL

6LVWHPDUHOD IDUDRQD LQWHJOLD 3LUH[ R

FHUDPLFDDERUGRDOWRFRQGLWDFRQDURPL

QDWXUDOLHSRFKLVVLPRROLR

&RPHSHUODIDUDRQD

0HWWHWHLSH]]LGLXJXDOLGLPHQVLRQLQHOOD

OHFFDUGD VPDOWDWD FRQGLWH FRQ DURPL

QDWXUDOL6HQHFHVVDULRYROWDWHLSH]]L

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

,QWHJOLDSHUWRUWH3UHULVFSHU

PLQ

'LVSRQHWHLILQRFFKLWDJOLDWLLQSDUWLH

FRSHUWLLQWHJOLDGL3LUH[FRQEXUURHVDOH

H SRVVLELOPHQWH FRQ OD SDUWH LQWHUQD

YHUVRO¶DOWR

$IIHWWDWHOH]XFFKLQHHFXRFHWHLQWHJOLD

3LUH[FRSHUWHFRQEXUURHVDOH

7DJOLDWH OH SDWDWH LQ SDUWL XJXDOL H

FXRFHWHOH FRSHUWH FRQ ROLR VDOH H

RULJDQRRURVPDULQRLQWHJOLD3LUH[

7DJOLDWHOHFDURWHDIHWWLQHFRSULWHOHH

FXRFHWHOHLQWHJOLD3LUH[

,QVHULUHLOSDQHFDUUqVXOODJULJOLDVXSSRUWR

'RSR OD  FRWWXUD FDSRYROJHUH ILQR D

FRWWXUDXOWLPDWD

,QVHULUH L WRDVWV VXOOD JULJOLD VXSSRUWR

OHFFDUGDGRSR OD SULPD EUXQLWXUD

FDSRYROJHUHLWRDVWVILQRDEUXQLWXUDXOWLPDWD

7DJOLDUHOHVDOVLFFLHDPHWjHGLVSRUOHVXOOD

JULJOLDFRQODSDUWHLQWHUQDYHUVRO¶DOWR$PHWj

FRWWXUDFDSRYROJHUHOHVDOVLFFLHILQRDFRWWXUD

XOWLPDWD$YYHUWHQ]D RJQL WDQWR FRQWUROODWH

YLVLYDPHQWHO¶XQLIRUPLWjGLFRWWXUD1HOFDVR

GL GLVXQLIRUPLWj  LQWHUFDPELDUH TXHOOH FRWWH

FRQTXHOOHPHQRFRWWH

'LVSRUUHOHIHWWHEHQHVRWWRO¶D]LRQHGHOJULOO

HYROWDUOHGXHYROWH

&RQGLWHFRQDURPLQDWXUDOLHYROWDWHOHRJQL

WDQWR

/DFRWWXUDFRQLOJULOOGHYHHVVHUHHVHJXLWDSRQHQGRLOFLERVRWWRLOJULOOHOHWWULFR$WWHQ]LRQHGXUDQWHLOIXQ]LRQDPHQWRLOJULOOGLYHQWDGLFRORUHURVVRYLYR/D

OHFFDUGDGHYHHVVHUHLQVHULWDVRWWRODJULJOLDSHUUDFFRJOLHUHLVXJKL

5LSLDQR

)DUDRQD

3ROOR

&RQLJOLRDSH]]L

.J

.J

.J



·



·



·

·

·

·





7RUWDFDFDR

6FDWROD











'ROFL7RUWH

7RUWDPDUJKHULWD

7RUWDGLFDURWH

7RUWDFURVWDWD

DOELFRFFD

JU

















·

·

·





9HUGXUD

)LQRFFKL

=XFFKLQH

3DWDWH

&DURWH

JU







·



·

·









·

·

·



&RWWXUDDJULOO

3DQHFDUUq

WRVWDWR

7RDVWVIDUFLWL

6DOVLFFLH

&RVWDWHGLPDQ]R

&RVFLHGLSROOR

IHWWH



Q.J

Q.J









SUHULVF

SUHULVF



SUHULVF



SUHULVF



SUHULVF

*ULOO *ULOO

SUHULVF



SUHULVF



SUHULVF



SUHULVF



SUHULVF

)LVK



&XRFHUHOHWURWHFRSHUWHFRQROLRVDOHH

FLSROOHLQWHJOLD3LUH[

&XRFHUHLOVDOPRQHQRQFRSHUWRLQWHJOLD

3LUH[FRQVDOHSHSHHROLR

&XRFHWHODVRJOLRODFRQVDOHHXQ

FXFFKLDLRG¶ROLR

&XRFHUHLQUHFLSLHQWHFRSHUWROHRUDWHFRQ

ROLRHVDOH

7URWD

3HVFL

6DOPRQH

6RJOLROD

2UDWD

LQWHUH.J

JDIHWWH

FPVS

)LOHWWL.J

LQWHUH

·

·

·

· 



·

·

·



&XRFHUHODIUXWWDLQWHJOLDGL3LUH[RFHUDPLFD

QRQFRSHUWD/DVFLDUHUDIIUHGGDUHLQIRUQR

&RPHVRSUD

)UXWWD

0HOHLQWHUH

3HUH

3HVFKH

.J



·





·



6$)(7<,16758&7,216

*%

*(1(5$/:$51,1*6

7KDQN\RXIRUFKRRVLQJRQHRIRXUSURGXFWV7RJHWWKHPRVWRXWRI\RXURYHQZHUHFRPPHQGWKDW\RX

5HDGWKHQRWHVLQWKLVPDQXDOFDUHIXOO\WKH\FRQWDLQLPSRUWDQWLQVWUXFWLRQVRQKRZWRLQVWDOOXVHDQGVHUYLFHWKLVRYHQVDIHO\

.HHSWKLVERRNOHWLQDVDIHSODFHIRUHDV\IXWXUHUHIHUHQFH

$OODFFHVVLEOHSDUWVDUHKRWZKHQWKHDSSOLDQFHLVLQRSHUDWLRQWDNHFDUHWRQRWWRXFKWKHVHHOHPHQWV

:KHQWKHRYHQLVILUVWVZLWFKHGRQLWPD\JLYHRXWDFULGVPHOOLQJIXPHV7KLVLVEHFDXVHWKHERQGLQJDJHQWIRULQVXODWLQJSDQHOVDURXQGWKHRYHQKDV

EHHQKHDWHGXSIRUWKHILUVWWLPH

7KLVLVDFRPSOHWHO\QRUPDOLILWGRHVRFFXU\RXPHUHO\KDYHWRZDLWIRUWKHIXPHVWRFOHDUEHIRUHSXWWLQJWKHIRRGLQWRWKHRYHQ

$QRYHQE\LWVYHU\QDWXUHEHFRPHVYHU\KRW(VSHFLDOO\WKHJODVVRIWKHRYHQGRRU

7KLVDSSOLDQFHLVPDUNHGDFFRUGLQJWRWKH(XURSHDQGLUHFWLYH(8RQ:DVWH(OHFWULFDODQG(OHFWURQLF(TXLSPHQW:(((

:(((FRQWDLQVERWKSROOXWLQJVXEVWDQFHVZKLFKFDQFDXVHQHJDWLYHFRQVHTXHQFHVIRUWKHHQYLURQPHQWDQGEDVLFFRPSRQHQWV

ZKLFKFDQEHUHXVHG,WLVLPSRUWDQWWRKDYH:(((VXEMHFWHGWRVSHFLILFWUHDWPHQWVLQRUGHUWRUHPRYHDQGGLVSRVHSURSHUO\DOO

SROOXWDQWVDQGUHFRYHUDQGUHF\FOHDOOPDWHULDOV,QGLYLGXDOVFDQSOD\DQLPSRUWDQWUROHLQHQVXULQJWKDW:(((GRHVQRWEHFRPHDQ

HQYLURQPHQWDOLVVXHLWLVHVVHQWLDOWRIROORZVRPHEDVLFUXOHV

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

:(((VKDOOEHKDQGHGRYHUWRWKHUHOHYDQWFROOHFWLRQSRLQWVPDQDJHGE\WKHPXQLFLSDOLW\RUE\UHJLVWHUHGFRPSDQLHV,QPDQ\FRXQWULHVIRU

ODUJH:(((KRPHFROOHFWLRQFRXOGEHSUHVHQW

:KHQ\RXEX\DQHZDSSOLDQFHWKHROGRQHPD\EHUHWXUQHGWRWKHUHWDLOHUZKRKDVWRFROOHFWLWIUHHRIFKDUJHRQDRQHWRRQHEDVLVDVORQJDV

WKHHTXLSPHQWLVRIHTXLYDOHQWW\SHDQGKDVWKHVDPHIXQFWLRQVDVWKHVXSSOLHGHTXLSPHQW

(1(5*<6$9,1*$1'5(63(&7,1*7+((19,5210(17

:KHUHSRVVLEOHDYRLGSUHKHDWLQJWKHRYHQDQGDOZD\VWU\WRILOOLW2SHQWKHRYHQGRRUDVLQIUHTXHQWO\DVSRVVLEOHEHFDXVHKHDWIURPWKHFDYLW\

GLVSHUVHVHYHU\WLPHLWLVRSHQHG)RUDVLJQLILFDQWHQHUJ\VDYLQJVZLWFKRIIWKHRYHQEHWZHHQDQGPLQXWHVEHIRUHWKHSODQQHGHQGRIWKH

FRRNLQJWLPHDQGXVHWKHUHVLGXDOKHDWWKDWWKHRYHQFRQWLQXHVWRJHQHUDWH.HHSWKHVHDOVFOHDQDQGLQRUGHUWRDYRLGDQ\KHDWGLVSHUVDORXWVLGH

RIWKHFDYLW\,I\RXKDYHDQHOHFWULFFRQWUDFWZLWKDQKRXUO\WDULIIWKHGHOD\HGFRRNLQJSURJUDPPHPDNHVHQHUJ\VDYLQJPRUHVLPSOHPRYLQJ

WKHFRRNLQJSURFHVVWRVWDUWDWWKHUHGXFHGWDULIIWLPHVORW

:$51,1*WKHDSSOLDQFHDQGDFFHVVLEOHSDUWVEHFRPHKRWGXULQJXVH%HFDUHIXOQRWWRWRXFKDQ\KRWSDUWV

:$51,1*WKHDFFHVVLEOHSDUWVFDQEHFRPHKRWZKHQWKHRYHQLVLQXVH&KLOGUHQPXVWEHNHSWDWDVDIHGLVWDQFH

:$51,1*HQVXUHWKDWWKHDSSOLDQFHLVVZLWFKHGRIIEHIRUHUHSODFLQJWKHEXOEWRDYRLGWKHSRVVLELOLW\RIHOHFWULFVKRFNV

:$51,1*EHIRUHLQLWLDWLQJWKHDXWRPDWLFFOHDQLQJF\FOH

&OHDQWKHRYHQGRRU

5HPRYHODUJHRUFRDUVHIRRGUHVLGXHVIURPWKHLQVLGHRIWKHRYHQXVLQJDGDPSVSRQJH'RQRWXVHGHWHUJHQWV

5HPRYHDOODFFHVVRULHVDQGWKHVOLGLQJUDFNNLWZKHUHSUHVHQW

'RQRWSODFHWHDWRZHOV

,QRYHQVZLWKPHDWSUREHLWLVQHFHVVDU\EHIRUHPDNLQJWKHFOHDQLQJF\FOHFORVHWKHKROHZLWKWKHQXWSURYLGHG$OZD\VFORVH

WKHKROHZLWKWKHQXWZKHQWKHPHDWSUREHLVQRWXVHG

&KLOGUHQXQGHUPXVWEHNHSWDWDVDIHGLVWDQFHIURPWKHDSSOLDQFHLIQRWFRQWLQXRXVO\VXSHUYLVHG

&KLOGUHQPXVWQRWSOD\ZLWKWKHDSSOLDQFH7KHDSSOLDQFHFDQEHXVHGE\WKRVHDJHGRURYHUDQGE\WKRVHZLWKOLPLWHG

SK\VLFDOVHQVRULDORUPHQWDOFDSDFLWLHVZLWKRXWH[SHULHQFHRUNQRZOHGJHRIWKHSURGXFWRQO\LIVXSHUYLVHGRUSURYLGHGZLWK

LQVWUXFWLRQDVWRWKHRSHUDWLRQRIWKHDSSOLDQFHLQDVDIHZD\ZLWKDZDUHQHVVRIWKHSRVVLEOHULVNV

&OHDQLQJDQGPDLQWHQDQFHVKRXOGQRWEHFDUULHGRXWE\XQVXSHUYLVHGFKLOGUHQ

'RQRWXVHURXJKRUDEUDVLYHPDWHULDOVRUVKDUSPHWDOVFUDSHUVWRFOHDQWKHRYHQGRRUJODVVHVDVWKH\FDQVFUDWFKWKH

VXUIDFHDQGFDXVHWKHJODVVWRVKDWWHU

7KHRYHQPXVWEHVZLWFKHGRIIEHIRUHUHPRYLQJWKHUHPRYDEOHSDUWVDQGDIWHUFOHDQLQJUHDVVHPEOHWKHPDFFRUGLQJWKH

LQVWUXFWLRQV

2QO\XVHWKHPHDWSUREHUHFRPPHQGHGIRUWKLVRYHQ

'RQRWXVHDVWHDPFOHDQHUIRUFOHDQLQJRSHUDWLRQV

&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 FRORXU 7KLV RSHUDWLRQ VKRXOG EH FDUULHG RXW E\ D 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SRZHUFDEOHLVGDPDJHGLWPXVWEHVXEVWLWXWHGZLWKDFDEOHRUVSHFLDOEXQGOHDYDLODEOHIURPWKHPDQXIDFWXUHURUE\

FRQWDFWLQJWKHFXVWRPHUVHUYLFHGHSDUWPHQW

7KHW\SHRISRZHUFDEOHPXVWEH+99)

)DLOXUHWRFRPSO\ZLWKWKHDERYHFDQFRPSURPLVHWKHVDIHW\RIWKHDSSOLDQFHDQGLQYDOLGDWHWKHJXDUDQWHH

$Q\H[FHVVRIVSLOOHGPDWHULDOVKRXOGEHUHPRYHGEHIRUHFOHDQLQJ

'XULQJWKHS\URO\WLFFOHDQLQJSURFHVVVXUIDFHVFDQKHDWXSPRUHWKDQXVXDOFKLOGUHQPXVWWKHUHIRUHEHNHSWDWDVDIH

GLVWDQFH

7KHDSSOLDQFHPXVWQRWEHLQVWDOOHGEHKLQGDGHFRUDWLYHGRRULQRUGHUWRDYRLGRYHUKHDWLQJ

:KHQ\RXSODFHWKHVKHOILQVLGHPDNHVXUHWKDWWKHVWRSLVGLUHFWHGXSZDUGVDQGLQWKHEDFNRIWKHFDYLW\

7KHVKHOIPXVWEHLQVHUWHGFRPSOHWHO\LQWRWKHFDYLW\

:$51,1*'RQRWOLQHWKHRYHQZDOOVZLWKDOXPLQXPIRLORUVLQJOHXVHSURWHFWLRQDYDLODEOHIURPVWRUHV$OXPLQXP

IRLORUDQ\RWKHUSURWHFWLRQLQGLUHFWFRQWDFWZLWKWKHKRWHQDPHOULVNPHOWLQJDQGGHWHULRUDWLQJWKHHQDPHORIWKH

LQVLGHV

:$51,1*1HYHUUHPRYHWKHRYHQGRRUVHDO

3OXJLQWRWKHSRZHUVXSSO\(QVXUHILUVWWKDWWKHUHLVDWKLUGFRQWDFWWKDW

DFWVDVHDUWKLQJIRUWKHRYHQ7KHRYHQPXVWEHSURSHUO\HDUWKHG

,IWKHPRGHORIRYHQLVQRWILWWHGZLWKDSOXJILWDVWDQGDUGSOXJWRWKH

SRZHUFDEOH,WPXVWEHDEOHWREHDUWKHSRZHUVXSSO\LQGLFDWHGRQWKH

VSHFLILFDWLRQVSODWH7KHHDUWKLQJFDEOHLV\HOORZJUHHQ7KHSOXJPXVW

EHILWWHGE\DSURSHUO\TXDOLILHGSHUVRQ,IWKHVRFNHWDQGWKHSOXJDUH

LQFRPSDWLEOH WKH VRFNHW PXVW EH FKDQJHG E\ D SURSHUO\ TXDOLILHG

SHUVRQ$SURSHUO\TXDOLILHG SHUVRQ PXVWDOVRHQVXUHWKDWWKHSRZHU

&211(&7,1*727+(32:(56833/<

*%

6$)(7<+,176

7KHRYHQPXVWEHXVHGRQO\IRUWKHSXUSRVHIRUZKLFKLWZDVGHVLJQHGLW

PXVWRQO\ EH XVHG IRU FRRNLQJIRRG$Q\ RWKHU XVH HJ DV D IRUP RI

KHDWLQJLVDQLPSURSHUXVHRIWKHRYHQDQGLVWKHUHIRUHGDQJHURXV

7KHPDQXIDFWXUHUVFDQQRWEHKHOGUHVSRQVLEOHIRUDQ\GDPDJHFDXVHG

E\LPSURSHULQFRUUHFWRUXQUHDVRQDEOHXVH:KHQXVLQJDQ\HOHFWULFDO

DSSOLDQFH\RXPXVWIROORZDIHZEDVLFUXOHV

±'RQRWSXOORQWKHSRZHUFDEOHWRUHPRYHWKHSOXJIURPWKHVRFNHW

±'RQRWWRXFKWKHRYHQZLWKZHWRUGDPSKDQGVRUIHHW

±'RQRWXVHWKHRYHQXQOHVV\RXDUHZHDULQJVRPHWKLQJRQ\RXUIHHW

±,W LV QRWJHQHUDOO\ DJRRG LGHD WR XVH DGDSWHUVPXOWLSOH VRFNHWV IRU

VHYHUDOSOXJVDQGFDEOHH[WHQVLRQV

±,IWKHRYHQEUHDNVGRZQRUGHYHORSVDIDXOWVZLWFKLWRIIDWWKHPDLQVDQG

GRQRWWRXFKLW

,IWKHFDEOHLVDWDOOGDPDJHGLWPXVWEHUHSODFHGSURPSWO\

:KHQUHSODFLQJWKHFDEOHIROORZWKHVHLQVWUXFWLRQV5HPRYHWKHSRZHU

FDEOHDQGUHSODFHLWZLWKRQHRIWKH+55)+99)+99)W\SH

7KHFDEOHPXVWEHDEOHWREHDUWKHHOHFWULFDOFXUUHQWUHTXLUHGE\WKHRYHQ

&DEOHUHSODFHPHQWPXVWEHFDUULHGRXWE\SURSHUO\TXDOLILHGWHFKQLFLDQV

7KHHDUWKLQJFDEOH\HOORZJUHHQPXVWEHPPORQJHUWKDQWKHSRZHU

FDEOH

8VH RQO\ DQ DSSURYHG VHUYLFH FHQWUH IRU UHSDLUV DQG HQVXUH WKDW RQO\

RULJLQDOSDUWVDUHXVHG,IWKHDERYHLQVWUXFWLRQVDUHQRWDGKHUHGWRWKH

PDQXIDFWXUHUVFDQQRWJXDUDQWHHWKHVDIHW\RIWKHRYHQ

'R QRW OLQH WKH RYHQ ZDOOV ZLWK DOXPLQLXP IRLO RU VLQJOHXVH

SURWHFWLRQ DYDLODEOH IURP VWRUHV $OXPLQLXP IRLO RU DQ\ RWKHU

SURWHFWLRQLQGLUHFWFRQWDFWZLWKWKHKRWHQDPHOULVNVPHOWLQJDQG

GHWHULRUDWLQJWKHHQDPHORIWKHLQVLGHV

,167$//$7,21

,QVWDOODWLRQLVWKHFXVWRPHU¶VUHVSRQVLELOLW\7KHPDQXIDFWXUHUVKDYHQR

REOLJDWLRQWRFDUU\WKLVRXW,IWKHDVVLVWDQFHRIWKHPDQXIDFWXUHULVUHTXLUHG

WRUHFWLI\IDXOWVDULVLQJIURPLQFRUUHFWLQVWDOODWLRQWKLVDVVLVWDQFHLVQRW

FRYHUHGE\WKHJXDUDQWHH

7KHLQVWDOODWLRQLQVWUXFWLRQVIRUSURIHVVLRQDOO\TXDOLILHGSHUVRQDOPXVWEH

IROORZHG ,QFRUUHFW LQVWDOODWLRQ PD\ FDXVH KDUP RU LQMXU\ WR SHRSOH

DQLPDOVRUEHORQJLQJV7KHPDQXIDFWXUHUFDQQRWEHKHOGUHVSRQVLEOHIRU

VXFKKDUPRULQMXU\

,IWKHRYHQLVWRZRUNSURSHUO\WKHNLWFKHQKRXVLQJPXVWEHVXLWDEOH7KH

SDQHOVRIWKHNLWFKHQXQLWWKDWDUHQH[WWRWKHRYHQPXVWEHPDGHRIDKHDW

UHVLVWDQWPDWHULDO(QVXUHWKDWWKHJOXHVRIXQLWVPDGHRIYHQHHUHGZRRG

FDQ ZLWKVWDQG WHPSHUDWXUHV RI DW OHDVW  & 3ODVWLFV RU JOXHV WKDW

FDQQRWZLWKVWDQGVXFKWHPSHUDWXUHVZLOOPHOWDQGGHIRUPWKHXQLW2QFH

WKHRYHQKDVEHHQORGJHGLQVLGHWKHXQLWWKHHOHFWULFDOSDUWVPXVWEH

FRPSOHWHO\LQVXODWHG7KLVLVDOHJDOVDIHW\UHTXLUHPHQW$OOJXDUGVPXVWEH

ILUPO\IL[HGLQWRSODFHVRWKDWLWLVLPSRVVLEOHWRUHPRYHWKHPZLWKRXWXVLQJ

VSHFLDOWRROV

5HPRYHWKHEDFNRIWKHNLWFKHQXQLWWRHQVXUHDQDGHTXDWHFXUUHQWRI

DLUFLUFXODWHVDURXQGWKHRYHQ7KHKREPXVWKDYHDUHDUJDSRIDW

OHDVWPP

,WLVQHFHVVDU\WRGRDQLQLWLDOFOHDQLQJRIWKHHTXLSPHQWEHIRUHWKH

ILUVWXVHRIHDFKRIWKHP:DVKWKHPZLWKDVSRQJH5LQVHDQGGU\

RII

29(1(48,30(17DFFRUGLQJWRWKHPRGHO

),77,1*7+(29(1,1727+(.,7&+(181,7

)LWWKHRYHQLQWRWKHVSDFHSURYLGHGLQWKHNLWFKHQXQLWLWPD\EHILWWHG

XQGHUQHDWKDZRUNWRSRULQWRDQXSULJKWFXSERDUG)L[WKHRYHQLQSRVLWLRQ

E\VFUHZLQJLQWRSODFHXVLQJWKHIRXUIL[LQJKROHVLQWKHIUDPH)LJRQODVW

SDJH

7RORFDWHWKHIL[LQJKROHVRSHQWKHRYHQGRRUDQGORRNLQVLGH7RDOORZ

DGHTXDWHYHQWLODWLRQWKHPHDVXUHPHQWVDQGGLVWDQFHVLQGLFDWHGLQWKH

GLDJUDPRQODVWSDJHPXVWEHDGKHUHGWRZKHQIL[LQJWKHRYHQ

1RWH )RU RYHQV WKDW DUH FRPELQHG ZLWK D KRE XQLW WKH LQVWUXFWLRQV

FRQWDLQHGLQWKHPDQXDOIRUWKHKREXQLWPXVWEHIROORZHG

,03257$17

7KHVLPSOHVKHOIFDQWDNHPRXOGVDQG

GLVKHV

7KH WUD\ KROGHU VKHOI LV HVSHFLDOO\

JRRGIRUJULOOLQJWKLQJV8VHLWZLWKWKH

GULSWUD\

7KH VSHFLDO SURILOH RI WKH VKHOYHV

PHDQVWKH\VWD\KRUL]RQWDOHYHQZKHQ

SXOOHGULJKWRXW7KHUHLVQRULVNRIDGLVK

VOLGLQJRUVSLOOLQJ

7KH GULS WUD\ FDWFKHV WKH MXLFHV IURP

JULOOHGIRRGV,WLVRQO\XVHGZLWKWKH*ULOO

5RWLVVHULHRU)DQ$VVLVWHG*ULOOUHPRYH

LW IURP WKH RYHQ IRU RWKHU FRRNLQJ

PHWKRGV

1HYHUXVHWKHGULSWUD\DVDURDVWLQJWUD\DVWKLVFUHDWHVVPRNHDQGIDW

ZLOOVSDWWHU\RXURYHQPDNLQJLWGLUW\

7KHSL]]DVHWLVGHVLJQHGIRUSL]]DFRRNLQJ

,Q RUGHU WR REWDLQ WKH EHVW UHVXOWV WKH VHW

PXVWEHXVHGWRJHWKHUZLWK3L]]DIXQFWLRQ

7KHWUD\KROGHU

7KHWUD\KROGHUVKHOILVLGHDOIRUJULOOLQJ

8VHLWLQFRQMXQFWLRQZLWKWKHGULSWUD\$

KDQGOHLVLQFOXGHGWRDVVLVWLQPRYLQJWKH

ERWKDFFHVVRULHVVDIHO\'RQROHDYHWKH

KDQGOHLQVLGHWKHRYHQ

FDEOHVFDQFDUU\WKHFXUUHQWUHTXLUHGWRRSHUDWHWKHRYHQ

$Q212))VZLWFKPD\DOVREHFRQQHFWHGWRWKHSRZHUVXSSO\7KH

FRQQHFWLRQVPXVWWDNHDFFRXQWRIWKHFXUUHQWVXSSOLHGDQGPXVWFRPSO\

ZLWKFXUUHQWOHJDOUHTXLUHPHQWV7KH\HOORZJUHHQHDUWKLQJFDEOHPXVW

QRWEHJRYHUQHGE\WKH212))VZLWFK7KHVRFNHWRUWKH212))

VZLWFK XVHG IRU FRQQHFWLQJ WR WKH SRZHU VXSSO\ PXVW EH HDVLO\

DFFHVVLEOHZKHQWKHRYHQKDVEHHQLQVWDOOHG

,PSRUWDQW'XULQJLQVWDOODWLRQSRVLWLRQWKHSRZHUFDEOHLQVXFKDZD\

WKDWLWZLOOQRWEHVXEMHFWHGWRWHPSHUDWXUHVRIDERYH&DWDQ\SRLQW

7KHRYHQFRPSOLHVZLWKVDIHW\VWDQGDUGVVHWE\WKHUHJXODWRU\ERGLHV

7KH RYHQ LV VDIH WR XVH RQO\ LI LW KDV EHHQ DGHTXDWHO\ HDUWKHG LQ

FRPSOLDQFHZLWKFXUUHQWOHJDOUHTXLUHPHQWVRQZLULQJVDIHW\<RXPXVW

HQVXUHWKDWWKHRYHQKDVEHHQDGHTXDWHO\HDUWKHG

7KHPDQXIDFWXUHUVFDQQRWEH KHOGUHVSRQVLEOHIRUDQ\ KDUPRU

LQMXU\ WR SHUVRQV DQLPDOV RU EHORQJLQJV FDXVHG E\ IDLOXUH WR

SURSHUO\HDUWKWKHRYHQ

:$51,1*WKHYROWDJHDQGWKHVXSSO\IUHTXHQF\DUHVKRZHGRQ

WKHUDWLQJSODWHILJRQODVWSDJH

7KH FDEOLQJ DQG ZLULQJ V\VWHP PXVW EH DEOH WR EHDU WKH PD[LPXP

HOHFWULF SRZHU UHTXLUHG E\ WKH RYHQ 7KLV LV LQGLFDWHG RQ WKH

VSHFLILFDWLRQVSODWH,I\RXDUHLQDQ\GRXEWDWDOOXVHWKHVHUYLFHVRID

SURIHVVLRQDOO\TXDOLILHGSHUVRQ

5HPRYHWKHNQXUOHGQXWVE\WXUQLQJWKHPFRXQWHUFORFNZLVH

5HPRYHWKHZLUHUDFNVE\SXOOLQJWKHPWRZDUGV\RXUVHOI

7RFOHDQWKHZLUHUDFNVHLWKHUSXWWKHPLQWKHGLVKZDVKHURUXVHD

ZHWVSRQJHHQVXULQJWKDWWKH\DUHGULHGDIWHUZDUGV

$IWHUWKHFOHDQLQJSURFHVVLQVWDOOWKHZLUHUDFNVLQUHYHUVHRUGHU

5HSODFHWKHNQXUOHGQXWV

5HPRYLQJDQGFOHDQLQJZLUHUDFNV

7KHSDUWVRIWKLVDSSOLDQFHWKDWPD\FRPHLQWRFRQWDFWZLWKIRRGVWXIIV

FRPSO\ZLWKWKHSURYLVLRQVRI((&'LUHFWLYH

%\SODFLQJWKHPDUNRQWKLVSURGXFWZHDUHFRQILUPLQJFRPSOLDQFH

WRDOOUHOHYDQW(XURSHDQVDIHW\KHDOWKDQGHQYLURQPHQWDOUHTXLUHPHQWV

ZKLFKDUHDSSOLFDEOHLQOHJLVODWLRQIRUWKLVSURGXFW

:KHQ \RX KDYH XQSDFNHG WKH RYHQ PDNH VXUH WKDW LW KDV QRW EHHQ

GDPDJHGLQDQ\ZD\,I\RXKDYHDQ\GRXEWVDWDOOGRQRWXVHLWFRQWDFWD

SURIHVVLRQDOO\TXDOLILHGSHUVRQ.HHSSDFNLQJPDWHULDOVVXFKDVSODVWLF

EDJVSRO\VW\UHQHRUQDLOVRXWRIWKHUHDFKRIFKLOGUHQEHFDXVHWKH\DUH

GDQJHURXVIRUFKLOGUHQ

'(&/$5$7,212)&203/,$1&(

/DWHUDOZLUHJULGV

/DWHUDOZLUHJULGLILQFOXGHG

$OORYHQVIHDWXUHWKHIXQFWLRQ

7KLVDOORZVDPDQDJHPHQWRIWKHGLVWULEXWLRQRIPRLVWXUH

DQGWHPSHUDWXUH,WUHGXFHVWKHORVVRIKXPLGLW\RIWKH

ZKLFKJXDUDQWHHVWKHIRRGUHPDLQVWHQGHUDQGWDVWHV

EHWWHU 7KLV D GHOLFDWH FRRNLQJ LV UHFRPPHQGHG IRU WKH

EDNLQJRIWKHEUHDGDQGSDVWU\

2YHQVKDYHDQHOHFWURQLFFRQWURORIWKHIDQVSHHGFDOOHG

DQGSDWHQWHG9$5,2)$1'XULQJWKHFRRNLQJWKLVV\VWHPFKDQJHV

DXWRPDWLFDOO\WKHVSHHGRIWKHIDQLQPXOWLIXQFWLRQPRGHLQRUGHUWR

RSWLPL]HWKHDLUIORZDQGWKHLQWHUQDOWHPSHUDWXUHLQWKHFDYLW\RIWKH

RYHQ

*%

86()8/7,36

6+(/)6$)(7<6<67(0

7KH RYHQ IHDWXUHV D QHZ VKHOI VDIHW\

V\VWHP

7KLV DOORZV \RX WR SXOO RXW WKH RYHQ

VKHOYHV ZKHQ LQVSHFWLQJ WKH IRRG

ZLWKRXW GDQJHU RI IRRG VSLOODJHV RU

VKHOYHV IDOOLQJ DFFLGHQWDOO\ RXW RI WKH

RYHQ

7RUHPRYHWKHVKHOYHVSXOORXWDQGOLIW

*5,//,1*

*ULOOLQJPDNHVLWSRVVLEOHWRJLYHIRRGDULFKEURZQFRORXUTXLFNO\

)RU EURZQLQJ ZH UHFRPPHQGWKDW \RX LQVHUW WKHJULOO RQWR WKH

IRXUWKOHYHOGHSHQGLQJRQWKHSURSRUWLRQVRIWKHIRRGVHHILJ

SDJH

$OPRVWDOOIRRGFDQEHFRRNHGXQGHUWKHJULOOH[FHSWIRUYHU\OHDQ

JDPHDQGPHDWUROOV

0HDWDQGILVKWKDWDUHJRLQJWREHJULOOHGVKRXOGILUVWEHOLJKWO\

GRXVHGZLWKRLO

7KH02'(/6

,WUHGXFHVWKHWLPHRISUHKHDWLQJRIRYHQVRQO\PLQXWHV

WRUHDFKGHJUHHV&HOVLXV

6RPHRYHQVDUHHTXLSSHGZLWKWKHQHZGRRUM:,'('225ZKLFK

KDV D ELJJHU ZLQGRZ DUHD WKLV DOORZV EHWWHU PDLQWHQDQFH DQG D

LPSURYHGWKHUPDOLQVXODWLRQ

,W JLYHV WKH SRVVLELOLW\ RI VHWWLQJ OHYHO DQG LQWHQVLW\ RI

JULOOLQJXSWRPRUHSRZHULQFRPSDULVRQZLWKD

WUDGLWLRQDOPXOWLIXQFWLRQRYHQ

$GYDQWDJHV

6\VWHPEHVLGHVSURYLGLQJH[FHOOHQWLOOXPLQDWLRQLQVLGHWKH

RYHQ ODVWV ORQJHU WKDQ WKH WUDGLWLRQDO OLJKW EXOE LWV HDVLHU DQG WR

PDLQWDLQDQGPRVWRIDOOVDYHVHQHUJ\

2SWLPXPYLHZ

/RQJOLIHLOOXPLQDWLRQ

9HU\ORZHQHUJ\FRQVXPSWLRQLQ

FRPSDULVRQZLWKWKHWUDGLWLRQDO

LOOXPLQDWLRQ+LJK

³$SSOLDQFHZLWK ZKLWHOLJKW /('RI WKH 0&ODVV DFFRUGLQJWR ,(&

$$HTXLYDOHQWWR(1

$$WKHPD[LPXPOLJKWSRZHUHPLWWHG

OQP

X:

1RWREVHUYHGGLUHFWO\ZLWKRSWLFDOLQVWUXPHQWV³

$FFRUGLQJWRWKHPRGHO

,VDQLOOXPLQDWLRQV\VWHPZKLFKUHSODFHVWKHWUDGLWLRQDO©OLJKWEXOEª

/('OLJKWVDUHLQWHJUDWHGZLWKLQWKHGRRU7KHVHSURGXFHZKLWHKLJK

TXDOLW\LOOXPLQDWLRQZKLFKHQDEOHVWRYLHZWKHLQVLGHRIWKHRYHQZLWK

FODULW\ZLWKRXWDQ\VKDGRZVRQDOOWKHVKHOYHV

6(/)&/($1,1*29(1:,7+&$7$/<7,&

6SHFLDOVHOIFOHDQLQJSDQHOVFRYHUHGLQDPLFURSRURXVFRDWLQJDUH

DYDLODEOHDVRSWLRQDOH[WUDVIRUDOOPRGHOV,IWKH\DUHILWWHGWKHRYHQ

QRORQJHUQHHGVWREHFOHDQHGE\KDQG

7KHIDWWKDWLVVSODWWHUHGRQWRWKHVLGHVRIWKHRYHQGXULQJURDVWLQJLV

HOLPLQDWHGE\WKHPLFURSRURXVFRDWLQJZKLFKEUHDNVWKHIDWGRZQE\

FDWDO\VLVDQGWUDQVIRUPVLWLQWRJDV

([FHVVLYHVSODWWHULQJPD\QHYHUWKHOHVVEORFNWKHSRUHVDQGWKHUHIRUH

KLQGHUVHOIFOHDQLQJ7KHVHOIFOHDQLQJFDSDFLW\PD\EHUHVWRUHGE\

VZLWFKLQJRQWKHHPSW\RYHQWRPD[LPXPIRUDERXWPLQXWHV

'RQRWXVHDEUDVLYHSURGXFWVPHWDOFOHDQLQJZDGVVKDUSREMHFWV

URXJK FORWKV RU FKHPLFDO SURGXFWV DQG GHWHUJHQWV WKDW PD\

SHUPDQHQWO\GDPDJHWKHFDWDO\WLFOLQLQJ

,WLVDJRRGLGHDWRXVHGHHSURDVWLQJWUD\VWRURDVWIDWW\IRRGVVXFKDV

MRLQWVRIPHDWHWFDQGWRSXWDWUD\XQGHUQHDWKWKHJULOOWRFDWFKVXUSOXV

IDW,IWKHZDOOVRIWKHRYHQDUHVRWKLFNO\FRDWHGLQJUHDVHWKDWWKH

FDWDO\WLFOLQLQJLVQRORQJHUHIIHFWLYHUHPRYHVXUSOXVJUHDVHZLWKDVRIW

FORWKRUVSRQJHVRDNHGLQKRWZDWHU

7KHOLQLQJPXVWEHSRURXVIRUVHOIFOHDQLQJWREHHIIHFWLYH

1%$OOFDWDO\WLFOLQLQJVFXUUHQWO\RQWKHPDUNHWKDYHDZRUNLQJOLIHRI

DERXWKRXUV7KH\VKRXOGWKHUHIRUHEHUHSODFHGDIWHUDERXW

KRXUV

$48$&7,9$)81&7,21

7KH$TXDFWLYDSURFHGXUHXVHVVWHDPWRKHOSUHPRYHUHPDLQLQJIDW

DQGIRRGSDUWLFOHVIURPWKHRYHQ

3RXUPORIZDWHULQWRWKH$TXDFWLYDFRQWDLQHUDWWKHERWWRPRI

WKHRYHQ

6HWWKHRYHQIXQFWLRQWR6WDWLFRU%RWWRPKHDWHU

6HWWKHWHPSHUDWXUHWRWKH$TXDFWLYDLFRQ

$OORZWKHSURJUDPWRRSHUDWHIRUPLQXWHV

$IWHUPLQXWHVVZLWFKRIIWKHSURJUDPDQGDOORZWKHRYHQWRFRRO

GRZQ

:KHQWKHDSSOLDQFHLVFRROFOHDQWKHLQQHUVXUIDFHVRIWKHRYHQ

ZLWKDFORWK

:DUQLQJ

0DNHVXUHWKDWWKHDSSOLDQFHLVFRROEHIRUH\RXWRXFKLW

&DUHPXVWEHWDNHQZLWKDOOKRWVXUIDFHVDVWKHUHLVDULVNRIEXUQV

8VHGLVWLOOHGRUGULQNDEOHZDWHU

PO

&/($1,1*$1'0$,17(1$1&(

1HYHUXVHDEUDVLYHFOHDQHUVZLUHZRRORUVKDUSREMHFWVWRFOHDQWKH

JODVVRYHQGRRU

&OHDQWKHVWDLQOHVVVWHHODQGHQDPHOOHGVXUIDFHVZLWKZDUP VRDS\

ZDWHU RU ZLWK VXLWDEOH EUDQG SURGXFWV2Q QR DFFRXQW XVH DEUDVLYH

SRZGHUVWKDWPD\GDPDJHVXUIDFHVDQGUXLQWKHRYHQ¶VDSSHDUDQFH,W

LVYHU\LPSRUWDQWWRFOHDQWKHRYHQHDFKWLPHWKDWLWLVXVHG0HOWHGIDWLV

GHSRVLWHGRQWKHVLGHVRIWKHRYHQGXULQJFRRNLQJ7KHQH[WWLPHWKH

RYHQLVXVHGWKLVIDWFRXOGFDXVHXQSOHDVDQWRGRXUVDQGPLJKWHYHQ

MHRSDUGLVHWKHVXFFHVVRIWKHFRRNLQJ8VHKRWZDWHUDQGGHWHUJHQWWR

FOHDQULQVHRXWWKRURXJKO\

7RPDNHWKLVFKRUHXQQHFHVVDU\DOOPRGHOVFDQEHOLQHGZLWKFDWDO\WLF

VHOIFOHDQLQJSDQHOVWKHVHDUHVXSSOLHGDVDQRSWLRQDOH[WUDVHHWKH

VHFWLRQ6(/)&/($1,1*29(1:,7+&$7$/<7,&/,1,1*

VWDLQOHVVVWHHOJULOOV

7KHJODVVVXUIDFHVDVWKHWRSRYHQGRRUDQGZDUPLQJFRPSDUWPHQW

GRRUPXVWEHFOHDQHGZKHQWKH\DUHFROG'DPDJHWKDWRFFXUVWRWKHP

EHFDXVHWKLVUXOHZDVQRWDGKHUHGWRDUHQRWFRYHUHGE\WKHJXDUDQWHH

7RUHSODFHWKHLQWHULRUOLJKW

VZLWFKRIIWKHPDLQVSRZHUVXSSO\DQGXQVFUHZEXOE5HSODFHZLWKDQ

LGHQWLFDOEXOEWKDWFDQZLWKVWDQGYHU\KLJKWHPSHUDWXUHV

7KLVIXQFWLRQLVW\SLFDOO\XVHGZLWK

³FRRNLQJWLPH´IXQFWLRQ

)RUH[DPSOHLIWKHGLVKKDVWREH

FRRNHGIRUPLQXWHVDQGQHHGV

WREHUHDG\E\VLPSO\VHOHFW

WKH UHTXLUHG  IXQFWLRQ VHW WKH

FRRNLQJWLPHWRPLQXWHVDQGWKH

HQGRIFRRNLQJWLPHWR

$WWKHHQGRIWKHFRRNLQJVHWWLPH

WKH RYHQ ZLOO VZLWFK RII

DXWRPDWLFDOO\DQGDQDXGLEOHDODUP

ZLOOULQJ

&RRNLQJZLOOVWDUWDXWRPDWLFDOO\DW

PLQXVPLQVDQG

ZLOOFRQWLQXHXQWLOWKHSUHVHWHQG

RIFRRNLQJWLPH ZKHQ WKH RYHQ

ZLOO VZLWFK LWVHOI RII DXWRPDWLFDOO\

:$51,1*

,IWKH(1'RIFRRNLQJLVVHOHFWHG

ZLWKRXW VHWWLQJ WKH OHQJWK RI

FRRNLQJWLPHWKHRYHQZLOOVWDUW

FRRNLQJLPPHGLDWHO\DQGLWZLOO

VWRSDWWKH(1'RIFRRNLQJWLPH

VHW

*%

6(59,&(&(175(

%HIRUHFDOOLQJWKH6HUYLFH&HQWUH

,IWKHRYHQLVQRWZRUNLQJZHUHFRPPHQGWKDW

\RXFKHFNWKDWWKHRYHQLVSURSHUO\SOXJJHGLQWRWKHSRZHUVXSSO\

,IWKHFDXVHRIWKHIDXOWFDQQRWEHGHWHFWHG

GLVFRQQHFWWKHRYHQIURPWKHPDLQVGRQRWWRXFKWKHRYHQDQGFDOOWKH

DIWHUVDOHVVHUYLFH

%HIRUHFDOOLQJWKH6HUYLFH&HQWUHUHPHPEHUWRPDNHDQRWHRIWKH

VHULDOQXPEHURQWKHVSHFLILFDWLRQVSODWHVHHILJ2QODVWSDJH

7KHRYHQLVVXSSOLHGZLWKDJXDUDQWHHFHUWLILFDWHWKDWHQVXUHVWKDWLW

ZLOOEHUHSDLUHGIUHHRIFKDUJHE\WKH6HUYLFH&HQWUH

86(2)728&+&21752/&/2&.352*5$00(5

:$51,1*WKHILUVWRSHUDWLRQWR

FDUU\RXWDIWHUWKHRYHQKDVEHHQ

LQVWDOOHG RU IROORZLQJ WKH

LQWHUUXSWLRQRISRZHUVXSSO\WKLV

LV UHFRJQL]DEOH WKH GLVSOD\

SXOVDWLQJ DQG VKRZLQJ

  LV

VHWWLQJ WKH FRUUHFW WLPH 7KLV LV

DFKLHYHGDVIROORZV

6(77,1*7+(&255(&77,0(

7R VHW WKH FRRNLQJ WLPH WXUQ GLDO RQH

FRPSOHWHUHYROXWLRQDQGWKHQSRVLWLRQWKH

LQGH[WRWKHUHTXLUHGWLPH:KHQWKHWLPH

KDVODSVHGWKHVLJQDOZLOOULQJIRUDIHZ

VHFRQGV

86,1*7+(0,187(7,0(5

7,0(5

86,1*7+((1'2)&22.,1*7,0(5

7KLVFRQWUROHQDEOHVWRVHWWKHGHVLUHGFRRNLQJ

WLPHPD[PLQWKHRYHQZLOODXWRPDWLFDOO\

VZLWFKRIIDWWKHHQGRIWKHVHWWLPH

7KH WLPHU ZLOO FRXQW GRZQ IURP WKH VHW WLPH

UHWXUQ WR WKH 2 SRVLWLRQ DQG VZLWFK RII

DXWRPDWLFDOO\

)RU QRUPDO XVH RI RYHQ VHW WKH WLPHU WR WKH     

SRVLWLRQ

7RVHWWKHRYHQHQVXUHWKHWLPHULVQRWRQWKH2

SRVLWLRQ

3XVKWKHFHQWUDOEXWWRQ

6HWWLPHZLWKEXWWRQV

5HOHDVHDOOEXWWRQV

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

)81&7,21

+2:72$&7,9$7(,7

+2:726:,7&+,72))

:+$7,7'2(6 :+$7,7,6)25

.(</2&.

0,187(

0,1'(5

&22.,1*

7,0(

(1'2)

&22.,1*

&KLOG /RFN IXQFWLRQ LV

DFWLYDWHGE\WRXFKLQJ6HW

IRUDPLQLPXPRIVHFRQGV

)URPWKLVPRPHQWRQDOORWKHU

IXQFWLRQ DUH ORFNHG DQG WKH

GLVSOD\ ZLOO IODVK 6723 DQG

SUHVHWWLPHLQWHUPLWWHQWO\

&KLOG /RFN IXQFWLRQ LV

GHDFWLYDWHG E\ WRXFKLQJ

WRXFKSDG6HWDJDLQIRUD

PLQLPXPRIVHFRQGV)URP

WKLV PRPHQW RQ DOO IXQFWLRQV

DUHVHOHFWDEOHDJDLQ

3XVKWKHFHQWUDOEXWWRQ

WLPHV

3UHVVWKHEXWWRQV

WRVHWWKHUHTXLUHGWLPH

5HOHDVHDOOWKHEXWWRQV

:KHQWKHVHWWLPHDVHODSVHG

DQDXGLEOHDODUPLVDFWLYDWHG

WKLVDODUPZLOOVWRSRQLWVRZQ

KRZHYHU LW  FDQ EH VWRSSHG

LPPHGLDWHO\ E\SUHVVLQJWKH

EXWWRQ6(/(&7

6RXQGVDQDODUPDWWKHHQGRI

WKHVHWWLPH

'XULQJWKHSURFHVVWKH

GLVSOD\VKRZVWKHUHPDLQLQJ

WLPH

$OORZVWRXVHWKHRYHQDVDODUP

FORFNFRXOG EH DFWLYDWHG HLWKHU

ZLWK RSHUDWLQJ WKH RYHQ RU ZLWK

RXWRSHUDWLQJWKHRYHQ

3XVKWKHFHQWUDOEXWWRQWLPHV

3UHVVWKHEXWWRQV  RU WR

VHW WKH OHQJKW RI FRRNLQJ

UHTXLUHG

5HOHDVHDOOEXWWRQV

6HWWKHFRRNLQJIXQFWLRQ ZLWK

WKHRYHQIXQFWLRQVHOHFWRU

:KHQ WKH WLPH LV HODSVHG WKH

RYHQ ZLOO VZLWFK RII

DXWRPDWLFDOO\

6KRXOG\RXZLVKWRVWRSFRRNLQJ

HDUOLHU HLWKHU WXUQ WKH IXQFWLRQ

VHOHFWRUWRRUVHWWLPHWR

6(/(&7DQGEXWWRQV

 ,W DOORZV WR SUHVHW WKH FRRNLQJ

WLPH UHTXLUHG IRU WKH UHFLSH

FKRVHQ

7RFKHFNKRZORQJLVOHIWWRUXQ

SUHVVWKH6(/(&7EXWWRQ7LPHV

7R DOWHUFKDQJH WKH SUHVHW WLPH

SUHVV 6(/(&7 DQG    

EXWWRQV

3XVK DQ\ EXWWRQ WR VWRS

WKHVLJQDO3XVKWKHFHQWUDO

EXWWRQWRUHWXUQWRWKHFORFN

IXQFWLRQ

$WWKHWLPHVHWWKHRYHQ

ZLOO VZLWFK RII 7R VZLWFK

RIIPDQXDOO\WXUQWKHRYHQ

IXQFWLRQ VHOHFWRU WR

SRVLWLRQ2

(QDEOHV\RXWRVHWWKHHQGRI

FRRNLQJWLPH

7RFKHFNWKHSUHVHWWLPHSXVK

WKHFHQWUDOEXWWRQWLPHV

7RPRGLI\WKHSUHVHWWLPH

SUHVVEXWWRQV6(/(&7

3XVK WKH FHQWUDO EXWWRQ 

WLPHV 3UHVV WKH EXWWRQV  

WRVHWWKHWLPHDWZKLFK\RX

ZLVK WKH RYHQ WR VZLWFK RII

5HOHDVH WKH EXWWRQV

6HWWKHFRRNLQJIXQFWLRQZLWK

WKHRYHQIXQFWLRQVHOHFWRU



VHOHFW

*%

7HVWHGLQDFFRUGDQFHZLWKWKH&(1(/(&(1XVHGIRUGHILQLWLRQRIHQHUJ\FODVV

23(5$7,1*,16758&7,216

7KH&22./,*+7IXQFWLRQDOORZV\RXWRFRRNLQDKHDOWKLHUZD\E\UHGXFLQJWKHDPRXQWRIIDWRU

RLOUHTXLUHG 7KDQNVWRWKHXVHRIWKHJULOODQGIDQFRPELQHGZLWKDSXOVDWLQJF\FOHRIDLULWZLOO

UHWDLQWKHPRLVWXUHFRQWHQWRIWKHIRRGJULOOLQJWKHVXUIDFHDQGXVLQJDVKRUWHUFRRNLQJWLPH

ZLWKRXWFRPSURPLVLQJRQWDVWH

,WLVSDUWLFXODUO\VXLWDEOHIRUFRRNLQJPHDWURDVWHGYHJHWDEOHVDQGRPHOHWWHV7KHF\FOHRISXOVHG

DLUNHHSV WKH KXPLGLW\ LQVLGH WKHRYHQ DQG WKH PRLVWXUH FRQWHQW RI WKH IRRG SUHVHUYLQJ WKH

QXWULWLRQDOYDOXHVDQGHQVXULQJDUDSLGXQLIRUPFRRNLQJSURFHVV

7U\DOO\RXU UHFLSHV DQGUHGXFHWKH DPRXQW RIGUHVVLQJ\RXXVXDOO\ XVH DQGH[SHULHQFHWKH

OLJKWQHVVRIWKLVQHZIXQFWLRQ

7$%/(62)&22.,1*7,0(6

7KHRYHUDOOVXJJHVWHGFRRNLQJWLPHVVHWRXWEHORZDUHLQWHQGHGDVDURXJKJXLGHRQO\7KH\PD\LQIDFWYDU\DFFRUGLQJWRWKHTXDOLW\WKHIUHVKQHVV

WKHVL]HDQGWKHWKLFNQHVVRIWKHIRRGFRRNHGDQGRIFRXUVHFRRNLQJWLPHLVDOVRSDUWO\DPDWWHURIWDVWH/HWWKHIRRGVWDQGIRUDIHZPLQXWHVEHIRUH

VHUYLQJEHFDXVHWKHLQJUHGLHQWVFRQWLQXHFRRNLQJDIWHUWKH\KDYHEHHQUHPRYHGIURPWKHRYHQ

+$1'<7,3/RZHUWKHWHPSHUDWXUHVRDVWRDYRLGWKHVXUIDFHRIWKH

IRRGEHFRPLQJKDUGDQGGU\

6KHOISRVLWLRQ









*%

6WDWLFHOHFWULFRYHQ

(OHFWULFIDQRYHQ



3DVWD

















)RRG

4XDQWLW\

6KHOI

7LPH

RIFRRNLQJ

LQPLQXWHV

2YHQ

WHPSH

UDWXUH

6KHOI

7LPH

RIFRRNLQJ

LQPLQXWHV

2YHQ

WHPSH

UDWXUH

5HPDUNV

3XWWKHODVDJQHLQWRDQXQKHDWHGRYHQ

3XWWKHRYHQEDNHGSDVWDLQWRDQ

XQKHDWHGRYHQ

)RUPWKHGRXJKLQWRDORDIDQGPDNHD

FURVVZLWKDNQLIHRQWRSRIWKHGRXJK

OHDYHWKHGRXJKWWRULVHIRUDWOHDVW

KRXUV*UHDVHWKHEDNLQJWLQDQGSXWWKH

GRXJKLQWKHPLGGOHRILW

:DUP WKH RYHQ IRU  PLQXWHV DQG

SODFHWKHSL]]DVRQWKHJUHDVHGEDNLQJ

WUD\ *DUQLVK WKHP ZLWK WRPDWRHV

PR]]DUHOODKDPRLOVDOWDQGRULJDQR

3ODFHYRODXYHQWVLQWKHRYHQDQG

EDNH

:DUPWKHRYHQIRUPLQXWHVJUHDVH

WKHEDNLQJWUD\VHDVRQWKHIRFDFFLD

ZLWKRLODQGVDOWDQGOHDYHWKHPWRULVHDW

URRPWHPSHUDWXUHIRUDWOHDVWKRXUV

EHIRUHSXWWLQJWKHPLQWKHRYHQ

3XWWKHPHDWLQWRDGHHS3\UH[GLVKDQG

VHDVRQZLWKVDOWDQGSHSSHUWXUQWKH

PHDWKDOIZD\WKURXJKFRRNLQJ

&RRNWKHPHDWLQDFRYHUHG3\UH[GLVK

ZLWKKHUEVVSLFHRLODQGEXWWHU

&RRNDVLQGLFDWHGDERYH

&RRNDVLQGLFDWHGDERYH

/DVDJQH

&DQQHOORQL

2YHQEDNHG

SDVWD

%DNLQJQRWFDNHV

%UHDG

3L]]D

3DVWU\IUR]HQ

YRODXYHQWV

)RFDFFLD

Q

0HDW

$OOPHDWVFDQEHURDVWHGLQVKDOORZRUGHHSURDVWLQJWUD\V

,WLVDGYLVDEOHWRFRYHUWKHVKDOORZWUD\VWRDYRLGVSODWWHULQJWKHVLGHVRIWKHRYHQZLWKJUHDVH

7KHURDVWLQJWLPHVDUHWKHVDPHZKHWKHUWKHPHDWKDVEHHQFRYHUHGXSRUQRW

:KROHMRLQWRI

EHHI

-RLQWRI

GHERQHG

-RLQWRI

GHERQHGYHDO

-RLQWRI

ILOOHWRIEHHI

.J

.J

.J

.J

GLSDVWD

.J

Q

JURI

GRXJKHDFK

.J

.J

.J

·

·

·





SUHKHDWLQJ

·

·

·











·

·

·

·



SUHKHDWLQJ

·

·

·











·

·

·

·



·

·

·

·



3XWWKHFDQQHOORQLLQWRDQXQKHDWHGRYHQ

^h''^dZ/W^

9HJHWDEOH0XIILQV

,QJUHGLHQWV

JRIFRXUJHWWHV

JRISRWDWRHV

JRIVZHHWSRWDWRHV

&XWWKHFRXUJHWWHVDQGSHSSHUVDQGGLFHWKHSRWDWRHVERLOIRUDIHZPLQXWHVRQ

KREWRS&XWDQGVWLUIU\WKHRWKHUYHJHWDEOHVIRUPLQXWHVLQDSDQZLWKROLYHRLO

DQGSDSULNDVDOWDQGSHSSHU

2QFHWKHSRWDWRHVDUHERLOHGPDVKDQGDGGWRWKHRWKHUYHJHWDEOHVDQGFKRSSHG

SURYRORQH

,QWKHPHDQWLPHSUHSDUHDPL[WXUHRIEUHDGFUXPEVDQGSDUPHVDQFKHHVHPL[KDOI

RILWLQWRWKHYHJHWDEOHV

)ORXUWKHPXIILQPROGVDQGILOOWRWKHEULPSXWWKHUHPDLQLQJRIEUHDGDQGFKHHVH

PL[WXUHRQWKHWRSDQGDGGDOLWWOHROLYHRLO%DNHLQWKHRYHQZLWKWKH&22.

/,*+7 IXQFWLRQ DW  GHJUHHV IRU  PLQXWHV XQWLO WKH\ DUH EHDXWLIXOO\

JROGHQLQFRORXU

$XWXPQ%DNHG)ULWWDWD

,QJUHGLHQWV

HJJV

FRXUJHWWHIORZHUV

ERLOHGSRWDWR

&XWDQGERLOSRWDWR&XWWKHSXPSNLQLQWRVOLFHVDQGSODFHRQDEDNLQJVKHHW

SXWLQWRWKHRYHQDWGHJUHHVIRUDSSUR[LPDWHO\PLQXWHV

2QFHFRRNHGPDVKZLWKDIRUN

%HDWWKHHJJVDQGDGGWKHERLOHGSRWDWRDQGWKHFUXVKHGSXPSNLQPLONSDUPHVDQ

FKHHVHWXUPHULFVDOWDQGSHSSHU

0L[DOOWKHLQJUHGLHQWVWRJHWKHUDQGDGGWKHFRXUJHWWHIORZHUVHQVXUHWKDWWKH\

DUHFOHDQHGDQGFXWLQWRVPDOOSLHFHV

3RXUWKHPL[WXUHLQWRWKHWLQDQGEDNHZLWKWKH&22./,*+7IXQFWLRQLQWKH

RYHQSUHKHDWHGDWIRUPLQXWHV

UHGSHSSHU

\HOORZSHSSHU

JRISURYRORQHFKHHVH

WHDVSRRQSDSULND

JRISDUPHVDQFKHHVH

JRIEUHDGFUXPEV

VOLFHRIERLOHGSXPSNLQ

JRISDUPHVDQFKHHVH

WXUPHULF

WDEOHVSRRQVRIPLON

7$%/(62)&22.,1*7,0(6

*%

5DEELWVDQG3RXOWU\

6WDWLFHOHFWULFRYHQ

(OHFWULFIDQRYHQ

)RRG

4XDQWLW\

6KHOI

7LPH

RIFRRNLQJ

LQPLQXWHV

2YHQ

WHPSH

UDWXUH

7LPH

RIFRRNLQJ

LQPLQXWHV

2YHQ

WHPSH

UDWXUH

5HPDUNV

3ODFHWKHJXLQHDIRZOLQDGHHS3\UH[RU

SRWWHU\ GLVK ZLWK YHU\ OLWWOH RLO DQG

VHDVRQZLWKKHUEVDQGVSLFHV

)ROORZ WKH SURFHGXUH IRU FRRNLQJ WKH

JXLQHDIRZO

3XWDOOWKHSLHFHVRIWKHVDPHVL]HLQWKH

JOD]HGWUD\6HDVRQZLWKKHUEVDQGVSLFHV

7XUQWKHSLHFHVDVDQGZKHQUHTXLUHG

8VHDWLQWKDWLVFPGHHS3UHKHDWIRU

PLQV

8VHDWLQWKDWLVFPGHHS3UHKHDWIRU

PLQV

8VHDWLQWKDWLVFPGHHS3UHKHDWIRU

PLQV

8VHDWLQWKDWLVFPGHHS3UHKHDWIRU

PLQV

&XW WKH IHQQHO LQWR IRXU SLHFHV DGG

EXWWHUVDOWDQGSRWDWRHVLIUHTXLUHGDQG

SODFHLQD3\UH[IDFHXS&RYHUWKHGLVK

6OLFHWKHFRXUJHWWHVSODFHLQD3\UH[

GLVKDQGDGGEXWWHUDQGVDOW

&XW WKH SRWDWRHV LQWR HTXDO SDUWV DQG

SODFHLQD 3\UH[ GLVK 6HDVRQ ZLWKVDOW

RULJDQRDQGURVHPDU\&RRNLQRLO

6OLFHWKHFDUURWVSODFHLQD3\UH[GLVKDQG

FRRN

/D\WKHEUHDGRQWKHJULOOWUD\:KHQRQH

VLGH RI WKH EUHDG KDV EHHQ WRDVWHG WXUQ

RYHUDQGWRDVWWKHRWKHUVLGH5HPHPEHU

NHHSWKHWRDVWZDUPDWWKHERWWRPRIWKH

RYHQXQWLO\RXDUHUHDG\WRVHUYHLW

/D\WKHEUHDGRQWKHJULOOWUD\:KHQRQH

VLGHRIWKHVDQGZLFKKDVEHHQWRDVWHGWXUQ

RYHUDQGWRDVWWKHRWKHUVLGH

&XWWKHVDXVDJHVLQKDOIDQGOD\WKHPIDFH

GRZQRQWKHJULOO+DOIZD\WKURXJKJULOOLQJ

WXUQWKHPRYHU(YHU\VRRIWHQFKHFNWKDW

WKH\DUHEHLQJFRRNHGHTXDOO\DOORYHU,I

WKLVLVQRWKDSSHQLQJWXUQDQG UHSRVLWLRQ

WKHRQHVEHLQJFRRNHGHWKHUOHVVRUPRUH

WKDQWKHRWKHUV

0DNHVXUHWKDWWKHULEVRIEHHIDUHH[SRVHG

WRWKHIXOOHIIHFWRQWKHPDLQJULOO

7XUQWKHPRYHUWZLFHGXULQJJULOOLQJ

3ODFHWKHIRRGWREHJULOOHGXQGHUQHDWKWKHLQIUDUHGJULOO:DUQLQJ:KHQWKHJULOOLVRQLWWDNHVRQDEULJKWUHGFRORXU3ODFHWKHWUD\XQGHUQHDWKWKHJULOOWR

FROOHFWMXLFHVDQGIDWIURPWKHIRRGEHLQJJULOOHG

6KHOI

*XLQHDIRZO

&KLFNHQ

5DEELWSLHFHV

.J

.J

.J



·



·



·

·

·

·





&RFRQXWFDNH

EDNHGLQDWLQ











&DNHV

6SRQJHFDNH

&DUURWFDNH

EDNHGLQDWLQ

$SULFRWSLH

JU

















·

·

·





9HJHWDEOH

)HQQHO

&RXUJHWWHV

3RWDWRHV

&DUURWV

JU







·



·

·









·

·

·



*ULOOLQJ

6TXDUHVRI

EUHDGIRU

WRDVWLQJ

7RDVWHG

VDQGZLFKHV

6DXVDJHV

5LEVRIEHHI

&KLFNHQOHJV

SLHFHV



Q.J

Q.J











WRKHDWXS

JULOO



WRKHDWXS

JULOO



WRKHDWXS

JULOO

WR

KHDWXSJULOO

WR

KHDWXSJULOO

*ULOO *ULOO



WRKHDWXS

JULOO



WRKHDWXS

JULOO



WRKHDWXS

JULOO

WR

KHDWXSJULOO

WR

KHDWXSJULOO

)LVK



&RYHUWKHWURXWZLWKVDOWRLODQGRQLRQV

DQGFRRNLQD3\UH[GLVK

&RRNWKHVDOPRQLQDQRSHQ3\UH[GLVK

ZLWKVDOWSHSSHUDQGRLO

&RRNWKHVROHZLWKVDOWDQGDVSRRQIXO

RIRLO

&RRN WKH EUHDP LQ RLO DQG VDOW LQ D

FRYHUHGGLVK

7URXW

)LVK

6DOPRQ

6ROH

%UHDP

ZKROHWURXW

RU.J

J

FPVOLFH

.J

ZKROHRQHV

·

·

·

· 



·

·

·



%DNHWKHIUXLWLQDQRSHQ3\UH[RUHDUWKHQ

ZDUHGLVK/HDYHLWWRFRROLQVLGHWKHRYHQ

)ROORZSURFHGXUHDERYH

)UXLW

:KROHDSSOHV

3HDUV

3HDFKHV

.J



·





·



,16758&&,21(63$5$818626(*852

(6

,16758&&,21(6*(1(5$/(6

/HDJUDGHFHPRVTXHKD\DHOHJLGRXQRGHQXHVWURVSURGXFWRV3DUDREWHQHUGHHVWHHOHFWURGRPpVWLFRODVPHMRUHVSUHVWDFLRQHVDFRQVHMDPRV

/HHUDWHQWDPHQWHODVDGYHUWHQFLDVFRQWHQLGDVHQHOSUHVHQWHPDQXDO

&RQVHUYDUFRQFXLGDGRHVWHPDQXDOSDUDFXDOTXLHUFRQVXOWDSRVWHULRU

&XDQGRHODSDUDWRHVWjHQIXQFLRQDPHQWRWRGRVVXVHOHPHQWRVDVVHVVLEOHVHVWDQFDOLHQWHV3RUHOORWHQJDFXLGDGRGHQRWRFDUHVWRVHOHPHQWRV

'XUDQWHODSULPHUDSXHVWDHQIXQFLRQDPLHQWRGHOKRUQRSXHGHSURGXFLUVHXQKXPRGHRORUDFUHFDXVDGRSRUHOSULPHUFDOHQWDPLHQWRGHOSHJDPHQWR

GHORVSDQHOHVGHDLVODPLHQWRTXHHQYXHOYHQHOKRUQR6HWUDWDGHXQIHQyPHQRDEVROXWDPHQWHQRUPDO\HQFDVRGHYHULILFDUVHHVSUHFLVRHVSHUDU

DODH[WLQFLyQGHOKXPRDQWHVGHLQWURGXFLUORVDOLPHQWRV

3RUVXQDWXUDOH]DHOKRUQRHVXQDSDUDWRTXHVHFDOLHQWDGHPRGRSDUWLFXODUHOFULVWDOGHODSXHUWD

(VWHDSDUDWRHVWiHWLTXHWDGRFRQIRUPHDOD'LUHFWLYDHXURSHD(8VREUHUHVLGXRVGHDSDUDWRVHOpFWULFRV\HOHFWUyQLFRV

5$((/D5$((FRQWLHQHWDQWRVXVWDQFLDVFRQWDPLQDQWHVTXHSXHGHQJHQHUDUFRQVHFXHQFLDVQHJDWLYDVSDUDHOPHGLRDPELHQWHFRPR

FRPSRQHQWHVEiVLFRVTXHSXHGHQUHXWLOL]DUVH(VLPSRUWDQWHVRPHWHUORV5$((DWUDWDPLHQWRVHVSHFtILFRVFRQHOILQGHUHWLUDU\HOLPLQDU

FRUUHFWDPHQWHWRGRVORVFRQWDPLQDQWHV\UHFLFODUWRGRVORVPDWHULDOHV/RVXVXDULRVSXHGHQGHVHPSHxDUXQDIXQFLyQLPSRUWDQWHSDUD

JDUDQWL]DUTXHORV5$((QRUHSUHVHQWHQXQSUREOHPDDPELHQWDOHVHVHQFLDOTXHVHVLJDQDOJXQDVUHJODV

/RV5$((QRVHGHEHQWUDWDUFRPRUHVLGXRVGRPpVWLFRV

 /RV 5$(( VH GHEHQ GHSRVLWDU HQ ORV SXQWRV GH UHFROHFFLyQ FRUUHVSRQGLHQWHV JHVWLRQDGRV SRU OD PXQLFLSDOLGDG R SRU HPSUHVDV

UHJLVWUDGDV(QPXFKRVSDtVHVSDUDORV5$((GHJUDQWDPDxRSXHGHH[LVWLUODUHFROHFFLyQGRPLFLOLDULD

&XDQGRFRPSUHXQQXHYRDSDUDWRHODQWHULRUGHEHGHYROYHUVHDOYHQGHGRUTXHORGHEHUHFROHFWDUJUDWXLWDPHQWHGHPDQHUDLQGLYLGXDO

VLHPSUHTXHHOHTXLSRVHDGHXQWLSRHTXLYDOHQWH\TXHWHQJDODVPLVPDVIXQFLRQHVTXHHOHTXLSRHQWUHJDGR

$+255$5<5(63(7$5(/0(',2$0%,(17(

&XDQGRHVSRVLEOHHYLWDUHOSUHFDOHQWDPLHQWRGHOKRUQR\HYLWDUKDFHUORIXQFLRQDUYDFtR$EULUODSXHUWDGHOKRUQR~QLFDPHQWHFXDQGRHVQHFHVDULR

SRUTXHKD\GHVSHUGLFLyQGHFDORUFDGDYH]TXHVHDEUH3DUDXQDKRUURGHHQHUJtDVLJQLILFDWLYRDSDJDUHOKRUQRHQWUH\PLQXWRVDQWHVGHOILQDO

SUHYLVWRGHODFRFFLyQ\XVDUHOFDORUTXHHOKRUQRVLJXHJHQHUDQGR0DQWHQHUODVMXQWDVOLPSLDV\HQEXHQHVWDGRSDUDHYLWDUFXDOTXLHUGHSHUGLFLyQGH

HQHUJtD6LWLHQHXQFRQWUDWRHOpFWULFRFRQXQDWDULIDGHKRUDVYDOOHVHOSURJUDPDFRFFLyQGLIHULGDSXHGHSHUPLWLUOHDKRUUDUHQHUJtDGHVSOD]DQGRHO

SULQFLSLRGHOSURJUDPDDXQDIUDQMDKRUDULDFRQWDULIDUHGXFLGD

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

WRFDUORVHOHPHQWRVFDOHIDFWRUHV

$'9(57(1&,$/DVSDUWHVDFFHVLEOHVSXHGHQHVWDUPX\FDOLHQWHVFXDQGRVHXWLOL]DHOKRUQR/RVQLxRVGHEHQ

PDQWHQHUVHDXQDGLVWDQFLDVHJXUD

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

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

VREUHHOXVRGHODSDUDWRGHIRUPDVHJXUD\GHOFRQRFLPLHQWRGHORVULHVJRVTXHFRPSRUWD

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

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

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

LQWHULRUGHOKRUQR

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

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

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

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

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

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

&RQHFWHXQHQFKXIHHQHOFDEOHTXHWUDQVSRUWDODWHQVLyQODFRUULHQWH\ODFDUJDLQGLFDGDVHQODHWLTXHWD\TXHWLHQHHO

FRQWDFWRGHPDVD/DWRPDGHFRUULHQWHGHEHDGHFXDUVHDODFDUJDLQGLFDGDHQODHWLTXHWD\GLVSRQHUGHXQFRQWDFWRGH

PDVDFRQHFWDGR\RSHUDWLYR(OFRQGXFWRUGHWLHUUDHVGHFRORUDPDULOORYHUGRVR(VWDRSHUDFLyQGHEHUHDOL]DUODXQ

SURIHVLRQDOGHELGDPHQWHFXDOLILFDGR6LODWRPDGHFRUULHQWHHVLQFRPSDWLEOHFRQHOHQFKXIHGHOHOHFWURGRPpVWLFRSLGD

DXQHOHFWULFLVWDSURIHVLRQDOTXHVXVWLWX\DODWRPDSRURWUDDGHFXDGD(OHQFKXIH\ODWRPDGHEHQFXPSOLUODVQRUPDV

DFWXDOHVGHOSDtVGRQGHVHLQVWDODHOHOHFWURGRPpVWLFR(QODFRQH[LyQFRQODIXHQWHGHDOLPHQWDFLyQWDPELpQSXHGH

XWLOL]DUVHXQFRQWDFWRURPQLSRODUHQWUHODIXHQWH\HOHOHFWURGRPpVWLFR(VWHGHEHVRSRUWDUODFDUJDFRQHFWDGDPi[LPD\

FXPSOLUODOHJLVODFLyQYLJHQWH(OFRQWDFWRUQRGHEHLQWHUUXPSLUHOFDEOHGHWLHUUDGHFRORUDPDULOORYHUGRVR/DWRPDGH

FRUULHQWHRHOFRQWDFWRURPQLSRODUHPSOHDGRVGHEHQHVWDUIiFLOPHQWHDFFHVLEOHVFXDQGRVHLQVWDODHOHOHFWURGRPpVWLFR

/DGHVFRQH[LyQSXHGHUHDOL]DUVHPHGLDQWHHOHQFKXIHDFFHVLEOHRPHGLDQWHODLQFRUSRUDFLyQGHXQLQWHUUXSWRUHQHO

FDEOHDGRILMRFRQDUUHJORDODVQRUPDWLYDVGHFDEOHDGR

6LHOFDEOHGHDOLPHQWDFLyQHVWiGDxDGRGHEHVXVWLWXLUVHSRUXQFDEOHRXQKD]GHFDEOHVHVSHFLDOFRPHUFLDOL]DGRSRU

HOIDEULFDQWHWDPELpQSXHGHSRQHUVHHQFRQWDFWRFRQHOGHSDUWDPHQWRGHDWHQFLyQDOFOLHQWH

(OFDEOHGHDOLPHQWDFLyQGHEHVHUGHWLSR+99)

(OLQFXPSOLPLHQWRGHORDQWHULRUSXHGHSRQHUHQSHOLJURODVHJXULGDGGHOHOHFWURGRPpVWLFR\DQXODUODJDUDQWtD

&XDOTXLHUYHUWLGRGHPDWHULDOH[FHVLYRGHEHHOLPLQDUVHDQWHGHODOLPSLH]D

'XUDQWHOD OLPSLH]DSLUROtWLFD ODVVXSHUILFLHV SXHGHQFDOHQWDUVH PiVGH ORKDELWXDO SRUORTXH ORVQLxRV GHEHQ

PDQWHQHUVHDXQDGLVWDQFLDGHVHJXULGDG

(OHOHFWURGRPpVWLFRQRGHEHLQVWDODUVHGHWUiVGHXQDSXHUWDGHFRUDWLYDSDUDHYLWDUTXHVHFDOLHQWHHQH[FHVR

&XDQGRFRORTXHODEDQGHMDLQWHULRUDVHJ~UHVHGHGLULJLUHOWRSHKDFLDDUULEDHQODSDUWHWUDVHUDGHODFDYLGDG

/DEDQGHMDGHEHLQWURGXFLUVHSRUFRPSOHWRHQODFDYLGDG

$'9(57(1&,$1RIRUUHODVSDUHGHVGHOKRUQRFRQSDSHOGHDOXPLQLRQLXWLOLFHODVSURWHFFLRQHVGHVHFKDEOHVTXHVH

HQFXHQWUDQGLVSRQLEOHVHQORVFRPHUFLRV(OSDSHOGHDOXPLQLRRFXDOTXLHURWUDSURWHFFLyQTXHHQWUHHQFRQWDFWRGLUHFWR

FRQHOHVPDOWHFDOLHQWHSXHGHGHUUHWLUVH\GDxDUHOHVPDOWHGHOLQWHULRU

$'9(57(1&,$1XQFDTXLWHODMXQWDGHHVWDQTXHLGDGGHODSXHUWDGHOKRUQR

(6

(QFKXIH OD FODYLMD HQ XQD EDVH SURYLVWD GH XQ WHUFHU FRQWDFWR

FRUUHVSRQGLHQWH D OD WRPD GH WLHUUD OD FXDO GHEHUi FRQHFWDUVH

FRUUHFWDPHQWH

(QORVPRGHORVGHVSURYLVWRVGHFODYLMDPRQWHXQDFODYLMDHVWiQGDUHQ

HO FDEOH FDSD] GH VRSRUWDU OD FDUJD LQGLFDGD HQ OD SODFD GH

FDUDFWHUtVWLFDV (O KLOR GH WLHUUD HV GH FRORU DPDULOORYHUGH (VWD

RSHUDFLyQGHEHUiUHDOL]DUODXQWpFQLFRHVSHFLDOL]DGR

(QFDVRGHTXHODEDVH\ODFODYLMDGHODSDUDWRVHDQLQFRPSDWLEOHV

KDJD TXH XQ WpFQLFR HVSHFLDOL]DGR OH FDPELH OD EDVH SRU RWUD

DGHFXDGD

7DPELpQSXHGHHIHFWXDUODFRQH[LyQDODUHGLQWHUFDODQGRHQWUHHO

DSDUDWR\ODUHGXQLQWHUUXSWRURPQLSRODUSUHSDUDGRSDUDODFDUJD\

FRQDUUHJORDODVQRUPDVYLJHQWHV(OKLORGHWLHUUDDPDULOORYHUGHQR

GHEHTXHGDULQWHUUXPSLGRSRUHOLQWHUUXSWRU

/DEDVHRHOLQWHUUXSWRURPQLSRODUXWLOL]DGRVSDUDODFRQH[LyQGHEHQ

HVWDU VLWXDGRV HQ XQ OXJDU IiFLOPHQWH DFFHVLEOH \ FHUFD GHO

HOHFWURGRPpVWLFRLQVWDODGR

,PSRUWDQWH HQ OD IDVH GH LQVWDODFLyQ FRORTXH HO FDEOH GH

DOLPHQWDFLyQ GH PDQHUD TXH HQ QLQJ~Q SXQWR DOFDQFH XQD

WHPSHUDWXUDVXSHULRUDORV&DWHPSHUDWXUDDPELHQWH

(O DSDUDWR FXPSOH ORV UHTXLVLWRV GH VHJXULGDG SUHYLVWRV SRU ORV

LQVWLWXWRVQRUPDWLYRV6yORVHJDUDQWL]DODVHJXULGDGHOpFWULFDGHHVWH

DSDUDWRVLKDVLGRFRQHFWDGRFRUUHFWDPHQWHDXQDLQVWDODFLyQGHWRPD

GHWLHUUDHILFD]FRQDUUHJORDORGLVSXHVWRHQODVQRUPDVYLJHQWHVGH

VHJXULGDGHOpFWULFDHQFDVRGHGXGDH[LMDXQFRQWUROH[KDXVWLYRGH

ODLQVWDODFLyQSRUSDUWHGHXQWpFQLFRHVSHFLDOL]DGR(OIDEULFDQWH

GHFOLQDWRGDUHVSRQVDELOLGDGSRUORVSRVLEOHVGDxRVFDXVDGRVSRUOD

IDOWDGHFRQH[LyQDWLHUUDGHODLQVWDODFLyQ

,PSRUWDQWHHOIDEULFDQWHTXHGDH[HQWRGHFXDOTXLHUUHVSRQVDELOLGDG

SRUORVSRVLEOHVGDxRVSHUVRQDOHVRPDWHULDOHVFDXVDGRVSRUODIDOWD

GHFRQH[LyQDWLHUUD

$7(1&,Ï1 /D WHQVLyQ \ IUHFXHQFLD GH DOLPHQWDFLyQ HVWiQ

LQGLFDGDVHQODWDUMHWDGHPDWUtFXODHQOD~OWLPDSiJLQD

&RPSUXHEHTXHODFDSDFLGDGHOpFWULFDGHODLQVWDODFLyQGHODVEDVHV

VHDQDGHFXDGDVSDUDODSRWHQFLDPi[LPDGHODSDUDWRLQGLFDGDHQOD

SODFD GH FDUDFWHUtVWLFDV (Q FDVR GH GXGD GLUtMDVH D XQ WpFQLFR

FXDOLILFDGR

&21(;,Ï1(/e&75,&$

,1)250$&,Ï162%5(6(*85,'$'

(VWHDSDUDWRGHEHUiGHVWLQDUVH~QLFDPHQWHDOXVRSDUDHOFXDOKDVLGR

HVSHFLDOPHQWHFRQFHELGRHVGHFLUSDUDODFRFFLyQGHDOLPHQWRV

&XDOTXLHU RWUR XVR SRU HMHPSOR FDOHQWDPLHQWR D WHPSHUDWXUD

DPELHQWHGHEHFRQVLGHUDUVHLPSURSLR\SRUORWDQWRSHOLJURVR

(O IDEULFDQWH GHFOLQD WRGD UHVSRQVDELOLGDG SRU ORV SRVLEOHV GDxRV

FDXVDGRVSRUHOXVRLPSURSLRHUUyQHRHLUUDFLRQDOGHODSDUDWR

(O XVR GH FXDOTXLHU DSDUDWR HOpFWULFR FRPSRUWD OD REVHUYDFLyQ GH

DOJXQDVUHJODVIXQGDPHQWDOHV(QSDUWLFXODU

²1RWLUHGHOFDEOHGHDOLPHQWDFLyQSDUDGHVHQFKXIDUHODSDUDWR

²1RWRTXHHODSDUDWRFRQODVPDQRVRORVSLHVK~PHGRVRPRMDGRV

²1RXWLOLFHHODSDUDWRVLQROOHYDFDO]DGR

²1RXWLOLFHDGDSWDGRUHVODGURQHVQLDODUJDGRUHV

²(QFDVRGHDYHUtDRGHPDOIXQFLRQDPLHQWRGHODSDUDWRDSiJXHOR\

QRORPDQLSXOH

(Q FDVR GH GHWHULRUR GHO FDEOH VXVWLW~\DOR LQPHGLDWDPHQWH FRQ

DUUHJORDODVVLJXLHQWHVLQGLFDFLRQHV

²VDTXHHOFDEOHGHDOLPHQWDFLyQ\VXVWLW~\DORSRUXQRWLSR+55)

+99)+99)\DGHFXDGRDODSRWHQFLDGHODSDUDWR

²HVWDRSHUDFLyQGHEHUiUHDOL]DUODXQWpFQLFRHVSHFLDOL]DGR(OKLORGH

WLHUUDDPDULOORYHUGHGHEHVHUREOLJDWRULDPHQWHPPPiVODUJRTXH

ORVFRQGXFWRUHVGHOtQHD

(QFDVRGHTXHHODSDUDWRSUHFLVHVHUUHSDUDGRGLUtMDVH~QLFDPHQWHD

XQFHQWURGHDVLVWHQFLDWpFQLFDDXWRUL]DGR\H[LMDSLH]DVGHUHFDPELR

RULJLQDOHV

1RREVHUYDUWRGRORPHQFLRQDGRSXHGHFRPSURPHWHUODVHJXULGDGGHO

DSDUDWR

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

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

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

HVPDOWHGHOLQWHULRU

,167$/$&,Ï1

/D LQVWDODFLyQ FRUUH D FDUJR GHO FRPSUDGRU \ HO )DEULFDQWH TXHGD

H[HQWR GH HVWH VHUYLFLR HYHQWXDOHV LQWHUYHQFLRQHV UHTXHULGDV D OD

&DVD &RQVWUXFWRUD TXH GHSHQGDQ GH XQD LQVWDODFLyQ LQFRUUHQWD QR

HVWiQLQFOXLGDVHQOD*DUDQWLD

/DLQVWDODFLyQGHEHVHUHIHFWXDGDVHJ~QODVLQVWUXFFLRQHVSRUSHUVRQDO

SURIHVLRQDOPHQWHFXDOLILFDGR8QDLQVWDODFLyQHUUyQHDSXHGHFDXVDU

GDxRVDSHUVRQDVDQLPDOHVRFRVDVGHORVFXDOHVHOIDEULFDQWHQR

SXHGHVHUFRQVLGHUDGRUHVSRQVDEOH

3DUDJDUDQWL]DUXQFRUUHFWRIXQFLRQDPLHQWRGHODSDUDWRHQFDVWUDEOHHV

QHFHVDULR TXH HO PXHEOH WHQJD ODV FDUDFWHUtVWLFDV DGHFXDGDV /RV

SDQHOHV GH ORV PXHEOHV DG\DFHQWHV DO KRUQR GHEHUiQ VHU GH XQ

PDWHULDO UHVLVWHQWH DO FDORU (Q HO FDVR GH ORV PXHEOHV GH PDGHUD

FKDSDGDHOHQFRODGRGHEHUiUHVLVWLUXQDWHPSHUDWXUDGH&ORV

PDWHULDOHV SOiVWLFRV R HQFRODGRV TXH QR UHVLVWDQ HVWD WHPSHUDWXUD

SXHGHQGHIRUPDUVHRGHVSHJDUVH

'H DFXHUGR FRQ ODV QRUPDV GH VHJXULGDG XQD YH] HPSRWUDGR HO

DSDUDWRQRGHEHQH[LVWLUFRQWDFWRVFRQODVSLH]DVHOpFWULFDV7RGDVODV

SLH]DVSURWHFWRUDVGHEHQILMDUVHGHPDQHUDTXHQRSXHGDQVDFDUVHVLQ

ODD\XGDGHXQXWHQVLOLR

3DUDJDUDQWL]DUXQDEXHQDYHQWLODFLyQGHEHHOLPLQDUVHODSDUHG

SRVWHULRUGHOKXHFR\HOSDQHOGHDSR\RGHEHWHQHUXQDDSHUWXUD

PtQLPDGHPP

(VQHFHVDULROLPSLDUHOHTXLSDPLHQWRGHOKRUQRDQWHVGHVXSULPHU

XVR/LPSLHFRQXQDHVSRQMD\VpTXHOR

/DUHMLOODVLPSOHVLUYHGHVRSRUWHSDUDORVPROGHV\ODVIXHQWHV

/DUHMLOODSDUDVRVWHQHUODVIXHQWHVVLUYHPiVHVSHFLDOPHQWHSDUD

(48,3$0,(172'(/+2512VHJ~QHOPRGHOR

,1752'8&&,Ï1'(/08(%/(

,QWURGX]FD HO DSDUDWR HQ HO KXHFR GHO PXHEOH EDMR HQFLPHUD R HQ

FROXPQD(OKRUQRVHILMDLQWURGXFLHQGRWRUQLOORVHQORVDJXMHURVGHO

PDUFRYLVLEOHVDODEULUODSXHUWD

&RQHOREMHWRGHSHUPLWLUXQDPHMRUYHQWLODFLyQGHOPXHEOHHPSRWUHHO

KRUQRUHVSHWDQGRODVPHGLGDV\ODVGLVWDQFLDVLQGLFDGDVHQOD~OWLPD

SiJLQD

1RWD3DUDORVKRUQRVTXHGHEDQDFRSODUVHDXQDHQFLPHUDUHVXOWD

LQGLVSHQVDEOH UHVSHWDU ODV LQVWUXFFLRQHV FRQWHQLGDV HQ HO PDQXDO

DGMXQWRDODSDUDWRDDFRSODU

,03257$17(

FRORFDUODVSDUULOODGDV'HEHXWLOL]DUVH

MXQWRFRQODEDQGHMDTXHUHFRJHHOMXJR

GHFRFFLyQJUDVHUD

*UDFLDVDVXSHUILOHVSHFLDOODVUHMLOODV

SHUPDQHFHQ HQ KRUL]RQWDO KDVWD HO

WRSH 1R KD\ QLQJ~Q ULHVJR GH

GHVOL]DPLHQWRRGHGHVERUGDPLHQWRGH

ODIXHQWH

/DJUDVHUDVLUYHSDUDUHFRJHUHOMXJRGH

ODV SDUULOODGDV 6yOR VH GHEH XWLOL]DU HQ

PRGR*ULOO$VDGRUR7XUERJULOO VHJ~QHO

PRGHOR3DUDORVRWURVPRGRVGHFRFFLyQ

UHWtUHODGHOKRUQR

1RXWLOLFHQXQFDODJUDVHUDFRPRIXHQWHSDUDDVDU(OORSURYRFDUtD

HPDQDFLyQGHKXPRVVDOSLFDGXUDVGHJUDVD \ XQHQVXFLDPLHQWR

UiSLGR

(O6HWSDUD3L]]DHVLGHDOSDUDFRFLQDU

SL]]DV(OVHWGHEHXWLOL]DUVHGHIRUPD

FRPELQDGDFRQODIXQFLyQ3L]]D

/DEDQGHMDGHOKRUQR

/DEDQGHMDGHOKRUQRHVLGHDOSDUDDVDU

ÒVHORMXQWRFRQODEDQGHMDGHJRWHR8Q

SRPR R PDQLYHOD YLHQH LQFOXLGR SDUD

D\XGDU D PRYHU ORV DFFHVRULRV GH

PDQHUD VHJXUD 1R GHMH HVWH SRPR R

PDQLYHODGHQWURGHOKRUQR

'XUDQWHODXWLOL]DFLyQGHOKRUQRORVDFFHVRULRVTXHQRXWLOLFH

GHEHQVHUUHWLUDGRVGHOPLVPR

(VWHDSDUDWRHQODVSDUWHVGHVWLQDGDVDHVWDUHQFRQWDFWRFRQORV

DOLPHQWRVFXPSOHOD'LUHFWLYD&((

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

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

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

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

'(&/$5$&,Ï1'(&21)250,'$'

/DWHUDOHVGHDODPEUHV

5HMLOODGHODODPEUHODWHUDOVLHVWi

LQFOXLGR

La pagina si sta caricando...

Candy FCE825VX Manuale utente

Marca: Candy

Modello: FCE825VX

Tipo: Manuale utente

Questo manuale è adatto anche per

FCE825VX/E

Scarica PDF

rapporto

Candy FCE825VX Manuale utente

Questo manuale è adatto anche per

Candy FCE825VX Manuale utente

Documenti correlati

Altri documenti