2SHUDWLQJ,QVWUXFWLRQV
5HIULJHUDWRU)UHH]HU
+RXVHKROGXVH
0RGHO1R
15%1$;
15%1$:
,WDOLDQR (VSDxRO 6YHQVND 1RUVN
,WDOLDQR
/DULQJUD]LDPRSHUDYHUDFTXLVWDWRTXHVWRSURGRWWR3DQDVRQLF
/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLSULPDGLXVDUHLOSURGRWWR
&RQVHUYDUHLOSUHVHQWHPDQXDOHSHUFRQVXOWD]LRQLIXWXUH
/HLVWUX]LRQLSHUO¶LQVWDOOD]LRQHVRQRLQFOXVH
(VSDxRO
0XFKtVLPDVJUDFLDVSRUKDEHUDGTXLULGRHVWHSURGXFWRGH
3DQDVRQLF
/HDDWHQWDPHQWHHVWDVLQVWUXFFLRQHVDQWHVGHXVDUHVWH
SURGXFWR*XDUGHHVWHPDQXDOSDUDSRGHUFRQVXOWDUORHQHO
IXWXUR6HLQFOX\HQLQVWUXFFLRQHVSDUDODLQVWDODFLyQ
6YHQVND
*UDWXOHUDUWLOOGLWWLQN|SDYGHQQD3DQDVRQLFSURGXNW
/lVQRJJUDQWLJHQRPGHQQDEUXNVDQYLVQLQJI|UH
DQYlQGQLQJHQ6SDUDGHQQDEUXNVDQYLVQLQJI|UIUDPWLGDEUXN
$QYLVQLQJDURPLQVWDOODWLRQHQlULQNOXGHUDGH
1RUVN
7DNNIRUDWGXYDOJWHnNM¡SHGHWWHSURGXNWHWIUD3DQDVRQLF
/HVGLVVHLQVWUXNVMRQHQHQ¡\HI¡UGXEUXNHUSURGXNWHW
7DYDUHSnGHQQHKnQGERNHQLWLOIHOOHGXInUEUXNIRUGHQ
VHQHUH
,QVWUXNVMRQHUIRULQVWDOODVMRQPHGI¡OJHU
,QGLFH
6LJQLÀFDWRGHLVLPEROL
1RQHVHJXLUHTXHVWDRSHUD]LRQH
,QGLFDFKHO¶DSSDUHFFKLRGHYHHVVHUHSURYYLVWRGL
PHVVDDWHUUDSHUHYLWDUHVFRVVHHOHWWULFKH
(VHJXLUHVHPSUHTXHVWDRSHUD]LRQH 1RQVPRQWDUH
$99(57(1=(
,QGLFDLOULVFKLRGLLQIRUWXQLJUDYLRPRUWH
/¶DSSDUHFFKLRQRQqGHVWLQDWRDGHVVHUHXWLOL]]DWRGDEDPELQLDOGL
VRWWRGHJOLDQQLGLHWjHGDSHUVRQHFRQFDSDFLWj¿VLFKHVHQVRULDOL
RPHQWDOLULGRWWHRFRQHVSHULHQ]DHFRPSHWHQ]HLQVXI¿FLHQWL
VHQRQGLHWURVRUYHJOLDQ]DHLVWUXLWLLQPHULWRDXQXWLOL]]RVLFXUR
GHOO¶DSSDUHFFKLRHFRQVFLGHLSRVVLELOLSHULFROL,EDPELQLQRQGHYRQR
JLRFDUHFRQO¶DSSDUHFFKLR/HRSHUD]LRQLGLSXOL]LDHPDQXWHQ]LRQH
QRQGHYRQRHVVHUHVYROWHGDEDPELQLVHQ]DVXSHUYLVLRQH
1RQFRQVHUYDUHVRVWDQ]HHVSORVLYHTXDOLERPEROHWWHSHUDHURVRO
FRQSURSHOOHQWHLQÀDPPDELOHLQTXHVWRHOHWWURGRPHVWLFR
/HVRVWDQ]HLQ¿DPPDELOLFRPHLOEHQ]HQHLVROYHQWLO¶DOFROO¶HWHUH
HLOJDVGLSHWUROLROLTXHIDWWR*3/SRVVRQRFDXVDUHHVSORVLRQL
1RQXWLOL]]DUHDGDWWDWRULSHUSUHVDPXOWLSOLHQRQFROOHJDUHSLDSSDUHFFKLDOORVWHVVRDGDWWDWRUHSHUSUHVD
,QFDVRFRQWUDULRSRVVRQRYHUL¿FDUVLVXUULVFDOGDPHQWRLQFHQGLRFRUWRFLUFXLWL
1RQVWULQJHUHDQQRGDUHRSLHJDUHLOFDYRGLDOLPHQWD]LRQHHQRQDSSRJJLDUYLRJJHWWLSHVDQWL
4XHVWHRSHUD]LRQLDXPHQWDQRLOULVFKLRGLLQFHQGLRVFRVVHHOHWWULFKH6HLOFDYRGLDOLPHQWD]LRQHRODVSLQDVRQR
GDQQHJJLDWLIDUOLVRVWLWXLUHGDOSURGXWWRUHGDXQUDSSUHVHQWDQWHDXWRUL]]DWRRGDXQWHFQLFRTXDOL¿FDWRSHUHYLWDUHSHULFROL
1RQVFROOHJDUHLOIULJRULIHURWLUDQGRLOFDYRGLDOLPHQWD]LRQH
4XHVWDRSHUD]LRQHSXzGDQQHJJLDUHLOFDYRGLDOLPHQWD]LRQH,PSXJQDUHVHPSUHODVSLQDHGHVWUDUODFRQGHFLVLRQH
GDOODSUHVDHOHWWULFD
1RQDSSRJJLDUHFRQWHQLWRULG·DFTXDVXOIULJRULIHUR
/¶DFTXDSXzGDQQHJJLDUHO¶LVRODPHQWRGHLFRPSRQHQWLHOHWWULFLHFDXVDUHFRUWRFLUFXLWLLQFHQGLRVFRVVHHOHWWULFKH
1RQVSUX]]DUHJDVLQÀDPPDELOLYLFLQRDOIULJRULIHUR
&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
1RQVSUX]]DUHDFTXDDOO·LQWHUQRRDOO·HVWHUQRGHOIULJRULIHUR
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQFHQGLRVFRVVHHOHWWULFKH
1RQWRFFDUHODVSLQDGLDOLPHQWD]LRQHFRQOHPDQLEDJQDWH
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLVFRVVHHOHWWULFKH
,VWUX]LRQLGLVLFXUH]]D
5LVSHWWRGHOO·DPELHQWH
,QVWDOOD]LRQH
3DUWL
3DQQHOORFRPDQGL
,PSRVWD]LRQHGHOODWHPSHUDWXUD
8VRGHOOHIXQ]LRQLXWLOL
&RQWUROORXPLGLWjGHOORVFRPSDUWRSHUIUXWWDHYHUGXUD
3URGX]LRQHGLFXEHWWLGLJKLDFFLR
5LPR]LRQHHLQVWDOOD]LRQHGHLULSLDQL
,VWUX]LRQLSHUODFXUDHODSXOL]LD
'RPDQGLIUHTXHQWL
6SHFLÀFKHWHFQLFKH
,VWUX]LRQLGLVLFXUH]]D
,WDOLDQR
,VWUX]LRQLGLVLFXUH]]DFRQWLQXD
1RQLQVWDOODUHLOIULJRULIHURLQOXRJKLXPLGLRGRYHSRVVDHQWUDUHDFRQWDWWRFRQO·DFTXD
6HO¶LVRODPHQWRGHOOHSDUWLHOHWWULFKHqGHWHULRUDWRSRVVRQRYHUL¿FDUVLFRUWRFLUFXLWLVFRVVHHOHWWULFKHRLQFHQGL
1RQFRQVHUYDUHSURGRWWLIDUPDFHXWLFLRVHQVLELOLDOODWHPSHUDWXUDQHOIULJRULIHUR
,SURGRWWLFKHULFKLHGRQRXQDWWHQWRFRQWUROORGHOODWHPSHUDWXUDQRQGHYRQRHVVHUHFRQVHUYDWLLQIULJRULIHUR
1RQSHUPHWWHUHDLEDPELQLGLDUUDPSLFDUVLGRQGRODUVLRDSSHQGHUVLDOODSRUWDGHOIULJRULIHUR
,QFDVRFRQWUDULRSRVVRQRYHUL¿FDUVLLQIRUWXQLJUDYLHGDQQLDOIULJRULIHUR
1RQXWLOL]]DUHLOIULJRULIHURLQSUHVHQ]DGLIXPLHVSORVLYLRJDVLQÀDPPDELOL
&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
1RQFRQVHUYDUHEHQ]LQDRDOWULYDSRULHOLTXLGLLQÀDPPDELOLQHOIULJRULIHURHQRQXWLOL]]DUOLLQSURVVLPLWjGHOO·DSSDUHFFKLR
&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
$99(57(1=(
1RQXWLOL]]DUHGLVSRVLWLYLPHFFDQLFLRVWUXPHQWLGLYHUVLGD
TXHOOLFRQVLJOLDWLGDOSURGXWWRUHSHUDFFHOHUDUHORVEULQDPHQWR
7DOLRSHUD]LRQLSRWUHEEHURGDQQHJJLDUHO¶LQWHUQRGHO
IULJRULIHURRFDXVDUHHVSORVLRQL
$99(57(1=(
$OO·LQWHUQRGHJOLVFRPSDUWLSHUODFRQVHUYD]LRQHGHJOL
DOLPHQWLQRQXVDUHDSSDUHFFKLHOHWWULFLGLYHUVLGDTXHOOL
GHOWLSRFRQVLJOLDWRGDOSURGXWWRUH
&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
$99(57(1=(
1RQGDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWH
&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL
$99(57(1=(
1RQDSULUHLOFRSHUFKLRGHO/('GLLOOXPLQD]LRQH
GHOO·LQWHUQRGHOIULJRULIHUR
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLVFRVVHHOHWWULFKH
6HLO/('GLLOOXPLQD]LRQHQRQIXQ]LRQDFRUUHWWDPHQWH
IDUORVRVWLWXLUHGDOSURGXWWRUHGDXQUDSSUHVHQWDQWH
DXWRUL]]DWRRGDXQWHFQLFRTXDOL¿FDWRSHUHYLWDUHSHULFROL
1RQSURYDUHDVPRQWDUHULSDUDUHRPRGLÀFDUHGDVROLLOIULJRULIHUR
7DOLRSHUD]LRQLSRVVRQRSURYRFDUHLQIRUWXQLXVWLRQLHVFRVVHHOHWWULFKHDVpVWHVVLRDGDOWUHSHUVRQHHGDQQHJJLDUHLO
IULJRULIHUR6HO¶DSSDUHFFKLRQHFHVVLWDGLPRGL¿FKHRULSDUD]LRQLFRQVXOWDUHXQFHQWURDVVLVWHQ]DDXWRUL]]DWR
9HULÀFDUHFKHLOIULJRULIHURVLDFROOHJDWRDXQDSUHVDHOHWWULFDGRWDWDGLPHVVDDWHUUD121FROOHJDUORDXQD
SUHVDHOHWWULFDSULYDGLPHVVDDWHUUD
8QFRUWRFLUFXLWRSRWUHEEHFDXVDUHODVFRVVDHOHWWULFD
9HULÀFDUHFKHODVSLQDHLOFDYRGLDOLPHQWD]LRQHQRQ
VLDQRVFKLDFFLDWLRGDQQHJJLDWL
8QFDYRGLDOLPHQWD]LRQHRXQDVSLQDGDQQHJJLDWL
SRVVRQRFDXVDUHFRUWRFLUFXLWLLQFHQGLRVFRVVHHOHWWULFKH
6HLOFDYRGLDOLPHQWD]LRQHqGDQQHJJLDWRIDUORVRVWLWXLUH
GDOSURGXWWRUHGDXQUDSSUHVHQWDQWHDXWRUL]]DWRRGDXQ
WHFQLFRTXDOL¿FDWRSHUHYLWDUHSHULFROL
1RQWHQWDUHGLVRVWLWXLUORGDVROL
5LPXRYHUHHYHQWXDOHVSRUFL]LDRSROYHUHGDJOLVSLQRWWLGLDOLPHQWD]LRQHSULPDGLFROOHJDUHO·DSSDUHFFKLRDOODSUHVDHOHWWULFD
*OLDFFXPXOLGLSROYHUHVXOODVSLQDSRVVRQRLPSHGLUHO¶LVRODPHQWRVRSUDWWXWWRLQFRQGL]LRQLGLXPLGLWj,QFDVR
FRQWUDULRSRWUHEEHURYHUL¿FDUVLFRUWRFLUFXLWLLQFHQGLRVFRVVHHOHWWULFKH6FROOHJDUHLOFDYRGLDOLPHQWD]LRQHHSXOLUOR
FRQXQSDQQRDVFLXWWR1RQXVDUHPDLXQSDQQREDJQDWRRXPLGR
&ROOHJDUHO·DSSDUHFFKLRDOODSUHVDHOHWWULFDYHULÀFDQGRFKHLOFROOHJDPHQWRVLDVLFXUR
8QDVSLQDGLDOLPHQWD]LRQHFROOHJDWDVFRUUHWWDPHQWHSXzFDXVDUHLQFHQGLRVFRVVHHOHWWULFKH
,QVWDOODUHLOIULJRULIHURLQXQ·DUHDEHQYHQWLODWD
$XQTXDQWLWDWLYRPDJJLRUHGLUHIULJHUDQWHQHOO¶DSSDUHFFKLRGHYHFRUULVSRQGHUHXQRVSD]LRSLDPSLRLQFXLFROORFDUHLOIULJRULIHUR,Q
FDVRGLSHUGLWHGLUHIULJHUDQWHHVHO¶DSSDUHFFKLRVLWURYDLQXQRVSD]LRULVWUHWWRO¶DFFXPXORGLJDVFRPEXVWLELOLSRWUHEEHYHUL¿FDUVLFRQ
PDJJLRUHSUREDELOLWj&LzSXzFDXVDUHHVSORVLRQLRLQFHQGL'LQRUPDSHURJQL
JGLUHIULJHUDQWHqQHFHVVDULRDOPHQRPHWURFXERGL
VSD]LRQHOORFDOH,OTXDQWLWDWLYRGLUHIULJHUDQWHFRQWHQXWRQHOO¶DSSDUHFFKLRqLQGLFDWRVXOODWDUJKHWWDGHLGDWLFKHVLWURYDDOVXRLQWHUQR
,OUHIULJHUDQWHXWLOL]]DWRQHOIULJRULIHUR5DHLJDVGHOPDWHULDOHLVRODQWHFLFORSHQWDQRVRQRLQÀDPPDELOLH
ULFKLHGRQRSURFHGXUHGLVPDOWLPHQWRVSHFLDOL
3ULPDGLVPDOWLUHO¶DSSDUHFFKLRYHUL¿FDUHFKHLWXELVXOUHWURQRQVLDQRGDQQHJJLDWL(YHQWXDOLSHUGLWHGLUHIULJHUDQWHR
JDVSRVVRQRFDXVDUHLQFHQGLRHVSORVLRQL
6FROOHJDUHLOIULJRULIHURSULPDGHOODSXOL]LDHGHOODPDQXWHQ]LRQH
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLVFRVVHHOHWWULFKH
6HVLDYYHUWHRGRUHGLEUXFLDWRRLOIULJRULIHURHPHWWHIXPRVFROOHJDUHLPPHGLDWDPHQWHODVSLQDGLDOLPHQWD]LRQH
HFRQVXOWDUHXQFHQWURDVVLVWHQ]DDXWRUL]]DWR
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQFHQGLRVFRVVHHOHWWULFKH
$99(57(1=(
0DQWHQHUHOHDSHUWXUHGLYHQWLOD]LRQHGHOODVXSHUÀFLH
HVWHUQDRGHOODVWUXWWXUDLQWHUQDGHOO·DSSDUHFFKLRSULYH
GLRVWUX]LRQL
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQFHQGLRHVSORVLRQL
SHUFKpLOUHIULJHUDQWHQRQVLSXzGLVSHUGHUHLQFDVRGL
SHUGLWH
$77(1=,21(
,QGLFDLOULVFKLRGLOHVLRQLRGDQQLDRJJHWWL
1RQLQVHULUHERWWLJOLHRFRQWHQLWRULGLYHWURQHOFRQJHODWRUH
6HLOFRQWHQXWRFRQJHODLOYHWURSRWUHEEHURPSHUVLSURYRFDQGROHVLRQL
1RQWRFFDUHOHSDUHWLLQWHUQHGHOFRQJHODWRUHRJOLDOLPHQWLDOVXRLQWHUQRFRQOHPDQLEDJQDWH
/DSHOOHSRWUHEEHFRQJHODUVLHDGHULUHDOOHSDUHWLLQWHUQHRDJOLDOLPHQWL
,QFDVRGLLQWHUUX]LRQHGHOODFRUUHQWHQRQDSULUHIUHTXHQWHPHQWHLOIULJRULIHURHQRQ
LQVHULUYLQXRYLDOLPHQWL
&LzSXzSURYRFDUHO¶LQQDO]DPHQWRGHOODWHPSHUDWXUDQHOIULJRULIHURSUHJLXGLFDQGRQHO¶LJLHQH
,QROWUHSUHVWDUHDWWHQ]LRQHDOORVSD]LRWUDOHSRUWHGHOIULJRULIHURHGHOFRQJHODWRUH
VRSUDWWXWWRVHYHQJRQRDSHUWHFRQWHPSRUDQHDPHQWH
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQIRUWXQL
$SUHQGRLOIULJRULIHURSUHVWDUHDWWHQ]LRQHDQRQVFKLDFFLDUVLOHGLWDQHLSXQWLFKH
SRVVRQRSURYRFDUHOHVLRQLGDFRPSUHVVLRQH,QSDUWLFRODUHDSUHQGRODSRUWDGHO
IULJRULIHURSUHVWDUHDWWHQ]LRQHDOSRWHQ]LDOHSXQWRGLFRPSUHVVLRQHWUDOHSRUWHGHO
IULJRULIHURHGHOFRQJHODWRUH
,QFDVRFRQWUDULRSRWUHEEHURYHUL¿FDUVLLQIRUWXQL
3RWHQ]LDOLSXQWLGLFRPSUHVVLRQH
,VWUX]LRQLGLVLFXUH]]DFRQWLQXD
,WDOLDQR
5LVSHWWRGHOO·DPELHQWH
6PDOWLPHQWRGHOPDWHULDOHGLFRQIH]LRQDPHQWR
5LFLFODUHWXWWRLOPDWHULDOHSRVVLELOHDGHVFDUWRQHEXVWHGLSODVWLFDQDVWURDGHVLYRHSROLVWLURORH
DFFHUWDUVLGLVPDOWLUHLQPRGRVLFXURLOUHVWRGHOPDWHULDOHGLFRQIH]LRQDPHQWR
7HQHUHLOPDWHULDOHGLFRQIH]LRQDPHQWRORQWDQRGDOODSRUWDWDGLQHRQDWLHEDPELQLSHUHYLWDUHLQIRUWXQLRVRIIRFDPHQWR
6PDOWLPHQWRGLYHFFKLHDSSDUHFFKLDWXUH
6RORSHU8QLRQH(XURSHDH1D]LRQLFRQVLVWHPLGLUDFFROWD
HVPDOWLPHQWR
4XHVWRVLPERORVXLSURGRWWLVXOO¶LPEDOODJJLRHRVXOOHGRFXPHQWD]LRQL
RPDQXDOLDFFRPSDJQDQWLLSURGRWWLLQGLFDFKHLSURGRWWLHOHWWULFL
HOHWWURQLFLQRQGHYRQRHVVHUHEXWWDWLQHLUL¿XWLGRPHVWLFLJHQHULFL
3HUXQWUDWWDPHQWRDGHJXDWRUHFXSHURHULFLFODJJLRGLYHFFKL
SURGRWWLYLLQYLWLDPRDSRUWDUOLQHJOLDSSRVLWLSXQWLGLUDFFROWD
VHFRQGRODOHJLVOD]LRQHYLJHQWHQHOYRVWURSDHVH
&RQXQRVPDOWLPHQWRFRUUHWWRFRQWULEXLUHWHDVDOYDUH
LPSRUWDQWLULVRUVHHDGHYLWDUHLSRWHQ]LDOLHIIHWWLQHJDWLYLVXOOD
VDOXWHXPDQDHVXOO¶DPELHQWH
3HUXOWHULRULLQIRUPD]LRQLVXUDFFROWDHULFLFODJJLRYLLQYLWLDPR
DFRQWDWWDUHLOYRVWURFRPXQH
/RVPDOWLPHQWRQRQFRUUHWWRGLTXHVWLUL¿XWLSRWUHEEH
FRPSRUWDUHVDQ]LRQLLQDFFRUGRFRQODOHJLVOD]LRQHQD]LRQDOH
3HUJOLXWHQWLD]LHQGDOLQHOO·8QLRQH(XURSHD
4XDORUDVLGHVLGHULVPDOWLUHDSSDUHFFKLDWXUHHOHWWULFKHHG
HOHWWURQLFKHFRQWDWWDUHLOSURSULRULYHQGLWRUHRIRUQLWRUHSHU
XOWHULRULLQIRUPD]LRQL
,QIRUPD]LRQLVXOORVPDOWLPHQWRLQSDHVLDOGLIXRUL
GHOO·8QLRQH(XURSHD
4XHVWRVLPERORqYDOLGRVRORQHOO¶8QLRQH(XURSHD
4XDORUDVLGHVLGHULVPDOWLUHTXHVWRSURGRWWRFRQWDWWDUHOH
DXWRULWjORFDOLRLOULYHQGLWRUHHFKLHGHUHLQIRUPD]LRQLVXO
PHWRGRFRUUHWWRGLVPDOWLPHQWR
3ULPDGLVPDOWLUHLOYHFFKLRDSSDUHFFKLR
6HJXLUHOHLVWUX]LRQLSHUORVPDOWLPHQWRIRUQLWHGDOSURGXWWRUHGHOYHFFKLRDSSDUHFFKLRROHQRUPDWLYHORFDOL
SHUORVPDOWLPHQWRGHJOLHOHWWURGRPHVWLFL6HQRQGLVSRQLELOLVHJXLUHLWUHSDVVDJJLLOOXVWUDWLGLVHJXLWR
5LPXRYHUHODVSLQDGDOODSUHVDHOHWWULFD
7DJOLDUHLOFDYRGLDOLPHQWD]LRQHHVPDOWLUORFRUUHWWDPHQWHFRQODVSLQDDWWDFFDWD
)LQRDOODUDFFROWDGHOYHFFKLRDSSDUHFFKLRRDOODFRQVHJQDSUHVVRXQFHQWURGLUHFXSHURWHQHUH
O¶DSSDUHFFKLRORQWDQRGDOODSRUWDWDGHLEDPELQL
Ɣ5LPXRYHUHWXWWLLVLJLOOLGDOODSRUWDHODVFLDUHWXWWLLULSLDQLHLFDVVHWWLLQSRVL]LRQH
,QTXHVWRPRGRLEDPELQLKDQQRPHQRSUREDELOLWjGLDUUDPSLFDUVLDOO¶LQWHUQRHUHVWDUHLQWUDSSRODWL
,QVWDOOD]LRQH
4XHVWRSDUDJUDIRIRUQLVFHVSLHJD]LRQLVXFRPHLQVWDOODUHO¶DSSDUHFFKLRLQPRGRGDULGXUUHLOUXPRUHHRWWHQHUHXQ
IXQ]LRQDPHQWRDGHQHUJLDRWWLPL]]DWD
'LPHQVLRQL
/DUJKH]]D[3URIRQGLWj[$OWH]]DPP
$SHUWXUDGHOOHFRQIH]LRQHGHOO·DSSDUHFFKLR
5LPXRYHUHWXWWHOHSURWH]LRQLHLOQDVWURDGHVLYRGDOODFRQIH]LRQH
GHOO¶DSSDUHFFKLR
6FHJOLHUHLOOXRJRJLXVWRLQFXLSRVL]LRQDUOR
9HQWLOD]LRQH
3RLFKpGXUDQWHLOIXQ]LRQDPHQWRO¶DSSDUHFFKLRGLVSHUGHFDORUHq
RSSRUWXQRLQVWDOODUORLQXQDVWDQ]DDVFLXWWDHEHQYHQWLODWDFRQXQR
VSD]LRVXI¿FLHQWHQHOODSDUWHVXSHULRUHHSRVWHULRUHGHOO¶DSSDUHFFKLR
VWHVVRFRPHPRVWUDWRQHOOD¿JXUD
/RVSD]LRGLDSHUWXUDGRYUHEEHHVVHUHPDJJLRUHVHVLSHUFHSLVFRQR
UXPRULGDYLEUD]LRQH
7XWWDYLDVHqSUHVHQWHXQDSDUHWHODWHUDOPHQWHDOIULJRULIHURq
QHFHVVDULRXQRVSD]LRGLDOPHQRPPVXOODWRGHOODFHUQLHUD
DI¿QFKpORVSRUWHOORSRVVDDSULUVLDOPHQRD
7HPSHUDWXUD
/DWHPSHUDWXUDGHOO¶DPELHQWHLQÀXLVFHVXOFRQVXPRGLHQHUJLDHVXOOH
SUHVWD]LRQLGHOIULJRULIHURDGHVVXOODTXDQWLWjGLHOHWWULFLWjXWLOL]]DWD
SHUUDIIUHGGDUHRFRQJHODUHJOLDOLPHQWL
3HURWWHQHUHLULVXOWDWLPLJOLRULO¶DSSDUHFFKLRQRQGHYHSHUWDQWR
Ɣ HVVHUHHVSRVWRGLUHWWDPHQWHDOODOXFHGHOVROH
Ɣ HVVHUHLQVWDOODWRYLFLQRDUDGLDWRULIRUQHOOLRDOWUHIRQWLGLFDORUH
Ɣ HVVHUH LQVWDOODWR LQ XQ OXRJR LQ FXL OD WHPSHUDWXUD DPELHQWH QRQ
FRUULVSRQGDDOODFODVVL¿FD]LRQHFOLPDWLFDSHUODTXDOHO¶DSSDUHFFKLR
qVWDWRSURJHWWDWR3HUODFODVVL¿FD]LRQHFOLPDWLFDGHOO¶DSSDUHFFKLR
IDUHULIHULPHQWRDOSDUDJUDIRVXOOH6SHFL¿FKHWHFQLFKH
Ɣ 7HPSHUDWXUHHVWUHPHRFRQGL]LRQLDPELHQWDOLSRWUHEEHUR
FRPSURPHWWHUQHOHSUHVWD]LRQL
*OLDOLPHQWLFRQVHUYDWLSRWUHEEHURGHWHULRUDUVL
/LYHOOR
'RSRDYHUSRVL]LRQDWRDWWHQWDPHQWHO¶DSSDUHFFKLRLQPRGRGDQRQ
GDQQHJJLDUHLOSDYLPHQWRLQVWDOODUHVXXQSDYLPHQWRDOLYHOORH
VXI¿FLHQWHPHQWHUHVLVWHQWHSHUVXSSRUWDUHXQIULJRULIHURDOODVXD
PDVVLPDFDSLHQ]D
/LYHOODUHOHLUUHJRODULWjGHOSDYLPHQWRUHJRODQGRFRQLOFDFFLDYLWHLGXH
SLHGLQLDQWHULRULGHOIULJRULIHURFRPHPRVWUDWRQHOOD¿JXUD
&LzHYLWHUjYLEUD]LRQLHUXPRUH
6HO¶DSSDUHFFKLRGHYHHVVHUHSRVL]LRQDWRVXOODPRTXHWWHRVXXQ
SDYLPHQWRLQYLQLOHVLVWHPDUHXQDWDYRODVROLGDVXTXHVWLXOWLPLSULPD
GLSURFHGHUHDOO¶LQVWDOOD]LRQHGHOIULJRULIHUR&LzHYLWHUjVFRORULPHQWLGHO
SDYLPHQWRGRYXWLDOFDORUHHPHVVRGDOO¶DSSDUHFFKLR
3RUWDGHOIULJRULIHUR
/DSRVL]LRQHGHLFDUGLQLGHOODSRUWDGHOIULJRULIHURSXzHVVHUHLQYHUWLWD
GDGHVWUDDVLQLVWUDLQPRGRFKHOHSRUWHGLDSUDQRQHOODGLUH]LRQH
RSSRVWD6HWDOHPRGL¿FDIRVVHSLDGDWWDDOOHHVLJHQ]HGHOO¶DPELHQWH
LQFXLYHUUjSRVL]LRQDWRO¶DSSDUHFFKLRFRQWDWWDUHLOQRVWURFHQWUR
DVVLVWHQ]DLQGLFDWRQHOO¶RSXVFRORDOOHJDWRRYLVLWDUHLOQRVWURVLWRZHE
KWWSZZZSDQDVRQLFFRP
1RQFLDVVXPLDPRDOFXQDUHVSRQVDELOLWjQHOFDVRLQFXLLFDUGLQLYHQJDQR
LQYHUWLWLSHUVRQDOPHQWHGDOO¶XWHQWH
PPRSL
PP
RSL
PP
RSL
(QWUDPELLODWL
)LJXUD
)LJXUD
,WDOLDQR
,QVWDOOD]LRQHGHOOHJXLGHGLGLVWDQ]D
/¶DSSDUHFFKLRqGRWDWRGLGXHJXLGHGLVWDQ]LDWULFLFKHGHYRQR
HVVHUHLQVWDOODWHQHOODSDUWHLQIHULRUHGHOO¶DOORJJLDPHQWRSHUHYLWDUH
XQDHFFHVVLYDYLFLQDQ]DDOODSDUHWHÊDQFKHSRVVLELOHLQVWDOODUH
O¶DSSDUHFFKLRVHQ]DGLVWDQ]LDOLWXWWDYLDLOFRQVXPRHQHUJHWLFR
SRWUHEEHHVVHUHPDJJLRUH
,QVHULUHOHJXLGHGLGLVWDQ]DQHLIRULLQGLFDWLGDLFHUFKLQHOOD¿JXUD
OHJXLGHGLGLVWDQ]DVLWURYDQRQHOVDFFKHWWRFKHFRQWLHQHDQFKHLO
PDQXDOHHDOWULRJJHWWL
3XOL]LD
'RSRO¶LQVWDOOD]LRQHSXOLUHO¶DSSDUHFFKRFRQDFTXDFDOGD
&ROOHJDPHQWRGHOODVSLQDGLDOLPHQWD]LRQHDOODSUHVDHOHWWULFD
'RSRDYHUFROOHJDWRO¶DSSDUHFFKLRSHUXQDWWLPRDSSDULUDQQRWXWWLLVLPEROLHSRLLYDORULGLDYYLRDSSDULUDQQRFRPH&
VXOODVSLDGLLPSRVWD]LRQLGHOFRQJHODWRUHH&VXOODVSLDGLLPSRVWD]LRQLGHOIULJRULIHUR
7XWWLLWDVWLVXOSDQQHOORGLFRQWUROORVLDWWLYDQRFRQXQWRFFREDVWDSUHPHUHSHUDWWLYDUHLOSXOVDQWHFKHVLGHVLGHUDPHWWHUH
LQIXQ]LRQH
1RWH
3HULOSURFHVVRGLUDIIUHGGDPHQWRSRWUHEEHURHVVHUHQHFHVVDULWHPSLSLOXQJKLGXUDQWHLPHVLHVWLYLRTXDQGROD
WHPSHUDWXUDDPELHQWHqSLHOHYDWD
6HRFFRUUHVFROOHJDUHLOIULJRULIHURGDOODSUHVDHOHWWULFDDWWHQGHUHDOPHQRPLQXWLSULPDGLULFROOHJDUOR,QFDVR
FRQWUDULRLOFRPSUHVVRUHSRWUHEEHGDQQHJJLDUVL
6HLOIULJRULIHURQRQGHYHHVVHUHXWLOL]]DWRSHUXQOXQJRSHULRGRVFROOHJDUORGDOODUHWHHOHWWULFD
7HPSHUDWXUDDPELHQWHGHOODVWDQ]D
/DFODVVHFOLPDWLFDqULSRUWDWDVXOODWDUJKHWWDGHLGDWLGLSRWHQ]DFKHVLWURYDQHOODWRVLQLVWURGHOFRPSDUWRIULJRULIHURQHOOD
WDUJKHWWDVRQRLQGLFDWHDQFKHOHWHPSHUDWXUHDPELHQWHLQEDVHDOOHTXDOLO¶DSSDUHFFKLRSXzIXQ]LRQDUH
&ODVVHFOLPDWLFD 7HPSHUDWXUDDPELHQWHFRQVHQWLWD
61 7HPSHUDWRSUROXQJDWR GD&D&
1 7HPSHUDWR GD&D&
67 6XEWURSLFDOH GD&D&
7 7URSLFDOH GD&D&
5LVSDUPLRHQHUJHWLFR
,QVWDOODUHLOIULJRULIHURLQXQDVWDQ]DDVFLXWWDIUHVFDHEHQYHQWLODWD)DUHULIHULPHQWRDOODSDJLQDSHUGLPHQVLRQLH
VSD]LR
/DFRPELQD]LRQHGLFDVVHWWLHULSLDQLFKHULVXOWHUjPDJJLRULQYROXPHFRPSRUWHUjXQPLQRUHFRQVXPRHQHUJHWLFRGHO
IULJRULIHUR
5LPXRYHUHLFDVVHWWLVXSHULRUHHFHQWUDOHGHOFRQJHODWRUH
,QVWDOODUHLFDVVHWWLHLULSLDQLDOO¶LQWHUQRGHOIULJRULIHURQHOOHSRVL]LRQLLOOXVWUDWHQHOSDUDJUDIR³3DUWL´3
(YLWDUHGLULHPSLUHHFFHVVLYDPHQWHLOIULJRULIHURSHUFRQVHQWLUHXQDEXRQDFLUFROD]LRQHGHOO¶DULD
$SULUHOHSRUWHVROWDQWRVHQHFHVVDULRHSHULOPLQRUWHPSRSRVVLELOH
3XOLUHSHULRGLFDPHQWHOHDSHUWXUHGLYHQWLOD]LRQHDOODEDVHGHOIULJRULIHURFRQXQDVSLUDSROYHUHRDOWURVWUXPHQWRVLPLOH
4XDQGRVLLPSRVWDQROHPRGDOLWj6XSHU)UHH]H)ODVK)UHH]HR6XSHU&RROLOFRQVXPRHQHUJHWLFRqPDJJLRUH
3DUWL
&RPSDUWRIULJRULIHUR
ËSRVVLELOHLPSRVWDUHODWHPSHUDWXUDLQ
XQLQWHUYDOORFRPSUHVRWUD&H&
&LERFRWWREHYDQGH
XRYDWRUWHSURGRWWL
FDVHDUL
6FRPSDUWRFRQJHODWRUH
ËSRVVLELOHLPSRVWDUHODWHPSHUDWXUD
LQXQLQWHUYDOORFRPSUHVRWUD&H
&
&DUQHSROODPH
SHVFHVXUJHODWL
JHODWR
1RWD
ÊSRVVLELOHPRGL¿FDUHOHSRVL]LRQHGLLQVWDOOD]LRQHGHLULSLDQLGLYHWURHGHLULSLDQLGHOODSRUWD6LSUHJDWXWWDYLDGL
SUHVWDUHDWWHQ]LRQHLQTXDQWRDOLPHQWLHEHYDQGHFRQVHUYDWLSRVVRQRFDGHUHGXUDQWHO¶DSHUWXUDHODFKLXVXUDGHOODSRUWD
DVHFRQGDGHOOHSRVL]LRQLGHOULSLDQR
'XUDQWHO¶DSHUWXUDGHOODSRUWDIDUHDWWHQ]LRQHDQRQVEDWWHUHDSHUVRQHRRJJHWWLQHOOHYLFLQDQ]H
,OSRUWDXRYD+qXWLOL]]DELOHDQFKHFRPHVWDPSR
SHUFXEHWWLGLJKLDFFLR
(
,
&
'
1
1
+
-
)
*
.
/
0
2
ÊSRVVLELOHUHJRODUHO¶DOWH]]DGHLULSLDQL,VHFRQGR
OHSURSULHSUHIHUHQ]HHVHQ]DELVRJQRGLHVWUDUOL
GDOO¶DSSDUHFFKLDWXUD7LUDUHYHUVRGLVpOHGXHOHYH
SUHVHQWLDLODWLGHOULSLDQRTXLQGLDEEDVVDUOR6HVL
GHVLGHUDSRVL]LRQDUHLOULSLDQRSLLQDOWRqSRVVLELOH
HIIHWWXDUHO¶RSHUD]LRQHVHQ]DULODVFLDUHOHGXHOHYH
&
/('GLLOOXPLQD]LRQHGHOO·LQWHUQRGHOIULJRULIHUR
'3RUWDERWWLJOLH
(5LSLDQRLQYHWUR´6OLGH¶1·6WRUHµ
)&DVVHWWRUHIULJHUDWRUH
*6FRPSDUWRSHUIUXWWDHYHUGXUD
+3RUWDXRYD
,
5LSLDQLGHOODSRUWDUHJRODELOLLQDOWH]]D´)OH[/LIWµ
-5LSLDQRSHUERWWLJOLH
.&DVVHWWRGLFRQJHODPHQWRVXSHULRUH
/&DVVHWWRGLFRQJHODPHQWRFHQWUDOH
0
&DVVHWWRGLFRQJHODPHQWRLQIHULRUH
13LHGLQLUHJRODELOL
25LSLDQRERWWLJOLH
,WDOLDQR
3DQQHOORFRPDQGL
(
'
&
,
*
)
-
.
+
&
3XOVDQWHLQGLFDWRUHDOODUPH
4XDQGRODWHPSHUDWXUDLQWHUQDqWURSSRDOWDO¶LQGLFDWRUH
ODPSHJJLD
4XDQGRODSRUWDULPDQHDSHUWDWURSSRDOXQJRO¶LQGLFDWRUH
ODPSHJJLD
'
3XOVDQWHPRGDOLWj6XSHU&RRO
(
'LVSOD\GHOODWHPSHUDWXUDGHOIULJRULIHUR
4XDQGRqDWWLYDWDODPRGDOLWj6XSHU&RROYLHQHYLVXDOL]]DWR³6&´
)
3XOVDQWHGHOODWHPSHUDWXUDGHOIULJRULIHURVWDPSDWR
*
'LVSOD\GHOODWHPSHUDWXUDGHOFRQJHODWRUH
4XDQGRqDWWLYDWDODPRGDOLWj6XSHU)UHH]HYLHQHYLVXDOL]]DWR³6)´
4XDQGRqDWWLYDWDODPRGDOLWj)ODVK)UHH]HYLHQHYLVXDOL]]DWR³))´
+
3XOVDQWHGHOODWHPSHUDWXUDGHOFRQJHODWRUHVWDPSDWR
,
3XOVDQWHPRGDOLWj6XSHU)UHH]H)ODVK)UHH]H
-
3XOVDQWHPRGDOLWj(&2
.
3XOVDQWHPRGDOLWj9DFDQ]D
4XHVWDLOOXVWUD]LRQHPRVWUDFKHWXWWLLGLVSOD\HL
SXOVDQWLVRQRDFFHVL
1RWH
4XHVWRIULJRULIHURXWLOL]]DXQPLFURSURFHVVRUHSHUFRQWUROODUHODWHPSHUDWXUD/DWHPSHUDWXUDDOO¶LQWHUQRGHOIULJRULIHUR
FDPELDDVHFRQGDGLIDWWRULFRPHFDPELDPHQWLGHOODWHPSHUDWXUDDPELHQWHIUHTXHQ]DGLDSHUWXUDHFKLXVXUDGHOOHSRUWH
HTXDQWLWjGLDOLPHQWLFRQVHUYDWLDOO¶LQWHUQRHPRGRGLFRQVHUYD]LRQH
4XDQGRYLHQHLPSRVWDWDODPRGDOLWj(&2RODPRGDOLWj9DFDQ]DVLDFFHQGHO¶LQGLFDWRUHFRUULVSRQGHQWHDOODPRGDOLWj
VHOH]LRQDWD
/¶LQGLFDWRUHGHOO¶DOODUPHODPSHJJLDHDOORVWHVVRWHPSRYHUUjHPHVVRXQDOODUPHVRQRUR
/DSHOOLFRODSURWHWWLYDDQWLJUDI¿RqLQFROODWDVXOSDQQHOORFRPDQGL
/HLPSRVWD]LRQLSRWUHEEHURFDPELDUHVHVLWRFFDXQSXOVDQWHGXUDQWHODSXOL]LDGHOSDQQHOORGLFRQWUROOR
,PSRVWD]LRQHGHOODWHPSHUDWXUD
6FRPSDUWRIULJRULIHUR
(
'
&
)
3HULPSRVWDUHODWHPSHUDWXUDQHOFRPSDUWRIULJRULIHURXWLOL]]DUHLSXOVDQWL
)
WHPSHUDWXUD
LQIHULRUH WHPSHUDWXUDVXSHULRUH7RFFDUHLWDVWLSHUDWWLYDUHODYLVXDOL]]D]LRQHGHOOD
WHPSHUDWXUD
ÊSRVVLELOHLPSRVWDUHODWHPSHUDWXUDGHOFRPSDUWRIULJRULIHURGD&D&
8QDYROWDSUHPXWRXQRGHLSXOVDQWL
)
O¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
ODPSHJJHUjVXOGLVSOD\
(
8WLOL]]DUHLSXOVDQWL
)
SHULPSRVWDUHODWHPSHUDWXUDGHVLGHUDWD
7UHVHFRQGLGRSRDYHUSUHPXWRO¶XOWLPRSXOVDQWHO¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
YLHQHDUFKLYLDWDSHULOFRPSDUWRIULJRULIHUR,WDVWLVLVSHQJRQRGRSRFLUFDVHFRQGL
1RWD
TXDQGROHPRGDOLWj6XSHU&RRO)ODVK)UHH]H(&2R9DFDQ]DWHUPLQDQRRYHQJRQR
DQQXOODWHO¶XQLWjWRUQDDOO¶LPSRVWD]LRQHSUHFHGHQWH
6FRPSDUWRFRQJHODWRUH
,
*
-
.
+
3HULPSRVWDUHODWHPSHUDWXUDQHOFRPSDUWRFRQJHODWRUHXWLOL]]DUHLSXOVDQWL
+
WHPSHUDWXUDLQIHULRUH WHPSHUDWXUDVXSHULRUH7RFFDUHLWDVWLSHUDWWLYDUHODYLVXDOL]]D]LRQH
GHOODWHPSHUDWXUD
ÊSRVVLELOHLPSRVWDUHODWHPSHUDWXUDGHOFRPSDUWRFRQJHODWRUHGD&D&
8QDYROWDSUHPXWRXQRGHLSXOVDQWL
+
O¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
ODPSHJJHUjVXOGLVSOD\
*
8WLOL]]DUHLSXOVDQWL
+
SHULPSRVWDUHODWHPSHUDWXUDGHVLGHUDWD
7UHVHFRQGLGRSRDYHUSUHPXWRO¶XOWLPRSXOVDQWHO¶LPSRVWD]LRQHSLUHFHQWHGHOODWHPSHUDWXUD
YLHQHDUFKLYLDWDSHULOFRPSDUWRFRQJHODWRUH,WDVWLVLVSHQJRQRGRSRFLUFDVHFRQGL
1RWD
TXDQGROHPRGDOLWj6XSHU)UHH]H)ODVK)UHH]H(&2WHUPLQDQRRYHQJRQRDQQXOODWHO¶XQLWj
WRUQDDOO¶LPSRVWD]LRQHSUHFHGHQWH
,WDOLDQR
8VRGHOOHIXQ]LRQLXWLOL
0RGDOLWj6XSHU&RRO 8WLOL]]DUHTXHVWDLPSRVWD]LRQHGRSRODSULPDDFFHQVLRQHGHOO¶DSSDUHFFKLDWXUDSULPDGHOOD
SXOL]LDRGRSRDYHULQVHULWRXQDJUDQGHTXDQWLWjGLFLER
$WWLYD]LRQHGHOODIXQ]LRQHPRGDOLWj6XSHU&RRO
3UHPHUHLOSXOVDQWH
'
6XOGLVSOD\
(
YLHQHYLVXDOL]]DWR³6&´
6HODIXQ]LRQHQRQYLHQHGLVDWWLYDWDPDQXDOPHQWHODGLVDWWLYD]LRQHDYYHUUjDXWRPDWLFDPHQWH
GRSRFLUFDVHLRUH/DWHPSHUDWXUDGHOFRPSDUWRIULJRULIHURWRUQDDOO¶LPSRVWD]LRQHSLUHFHQWH
1RWH
1HOFRUVRGLTXHVWDPRGDOLWj
3UHPHQGRLOSXOVDQWH
'
ODPRGDOLWj6XSHU&RROYHUUjDQQXOODWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj(&2ODPRGDOLWj9DFDQ]D
6HYLHQHVHOH]LRQDWDXQDGLTXHVWHIXQ]LRQLODPRGDOLWj6XSHU&RROYHUUjDQQXOODWD
ÊSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOFRQJHODWRUH
6HEEHQHVLDSRVVLELOHDQFKHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHURODPRGDOLWj6XSHU&RRO
VDUjDQQXOODWD
(
'
&
)
0RGDOLWj6XSHU
)UHH]H
8WLOL]]DUHTXHVWDLPSRVWD]LRQHGRSRODSULPDDFFHQVLRQHGHOO¶DSSDUHFFKLDWXUDSULPDGHOOD
SXOL]LDRRUHSULPDGLLQVHULUHXQDJUDQGHTXDQWLWjGLFLER
$WWLYD]LRQHGHOODIXQ]LRQH6XSHU)UHH]H
3UHPHUHLOSXOVDQWH
,
6XOGLVSOD\
*
YLHQHYLVXDOL]]DWR³6)´
6HODPRGDOLWj6XSHU)UHH]HQRQYLHQHGLVDWWLYDWDPDQXDOPHQWHODGLVDWWLYD]LRQHDYYHUUj
DXWRPDWLFDPHQWHGRSRFLUFDGXHJLRUQL4XLQGLODWHPSHUDWXUDGHOFRPSDUWRFRQJHODWRUHWRUQDDO
YDORUHLPSRVWDWRSLGLUHFHQWH
1RWH
1HOFRUVRGLTXHVWDPRGDOLWj
3UHPHQGRLOSXOVDQWH
,
ODPRGDOLWj6XSHU)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj(&2ODPRGDOLWj9DFDQ]D
6HYLHQHVHOH]LRQDWDXQDGLTXHVWHIXQ]LRQLODPRGDOLWj6XSHU)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHUR
6HEEHQHVLDSRVVLELOHDQFKHUHJRODUHODWHPSHUDWXUDGHOFRQJHODWRUHODPRGDOLWj6XSHU
)UHH]HVDUjDQQXOODWD
,
*
-
.
+
0RGDOLWj)ODVK)UHH]H 3HUFRQJHODUHUDSLGDPHQWHLOFLERIUHVFRXWLOL]]DUHODIXQ]LRQHGHOOD0RGDOLWjGLFRQJHODPHQWR
UDSLGRFKHqDWWLYDVRORQHOFDVVHWWRGLFRQJHODPHQWRVXSHULRUHGHOFRPSDUWLPHQWRGHO
FRQJHODWRUH,QTXHVWDSDUWHGHOO¶DSSDUHFFKLRVLYHUL¿FDXQLQWHQVRVFRUULPHQWRGLDULDIUHGGD,O
FRQJHODPHQWRSLUDSLGRFRQVHQWHGLFRQVHUYDUHXQDPDJJLRUHTXDQWLWjGLYLWDPLQHPLQHUDOLH
QXWULHQWLSUHVHQWLQHJOLDOLPHQWLSHUXQSHULRGRGLWHPSRSUROXQJDWR
$WWLYD]LRQHGHOODIXQ]LRQH)ODVK)UHH]H
3UHPHUHLOSXOVDQWH
,
HWHQHUORSUHPXWRSHUDOPHQRWUHVHFRQGL6XOGLVSOD\
*
YLHQH
YLVXDOL]]DWR³))´
&RQTXHVWDLPSRVWD]LRQHLOIXQ]LRQDPHQWRGHOFRPSUHVVRUHVDUjFRQWLQXRHODWHPSHUDWXUDGHO
FRPSDUWRFRQJHODWRUHVLDEEDVVHUjLQPDQLHUDFRQVLGHUHYROH
6HODIXQ]LRQHQRQYLHQHGLVDWWLYDWDPDQXDOPHQWHSUHPHQGRLOWDVWR
,
ODGLVDWWLYD]LRQH
DYYHUUjDXWRPDWLFDPHQWHGRSRRUH/DWHPSHUDWXUDGHOFRPSDUWRFRQJHODWRUHWRUQD
DOO¶LPSRVWD]LRQHSLUHFHQWH
8WLOL]]DUHTXHVWDLPSRVWD]LRQHSHUFRQJHODUHSLFFROLTXDQWLWDWLYLGLFLER¿QRDGXHFKLORJUDPPL
QHOFDVVHWWRGLFRQJHODPHQWRVXSHULRUH4XDQGRVLFRQJHODXQDJUDQGHTXDQWLWjGLDOLPHQWLq
QHFHVVDULRDWWLYDUHO¶LPSRVWD]LRQHRUHSULPDGLSRVL]LRQDUHJOLDOLPHQWLQHOFRQJHODWRUH
1RWH
1HOFRUVRGLTXHVWDPRGDOLWj
3UHPHQGRLOSXOVDQWH
,
ODPRGDOLWj)ODVK)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj(&2ODPRGDOLWj9DFDQ]D
6HYLHQHVHOH]LRQDWDXQDGLTXHVWHIXQ]LRQLODPRGDOLWj)ODVK)UHH]HYHUUjDQQXOODWD
ÊSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHUR
4XDQGRODPRGDOLWj6XSHU&RROqDWWLYDWDQRQqSRVVLELOHVHOH]LRQDUOD
6HEEHQHVLDSRVVLELOHDQFKHUHJRODUHODWHPSHUDWXUDGHOFRQJHODWRUHODPRGDOLWj)ODVK)UHH]H
VDUjDQQXOODWD
,
*
-
.
+
0RGDOLWj(&2
,QTXHVWDPRGDOLWjO¶XQLWjGLFRQWUROORFRQVHQWHXQIXQ]LRQDPHQWRHFRQRPLFRGLFRQJHODWRUHHIULJRULIHUR
3HUDWWLYDUHODIXQ]LRQHGHOODPRGDOLWj(FRSUHPHUHLOSXOVDQWH
-
,OSXOVDQWH
-
VLLOOXPLQD&RQ
O¶DWWLYD]LRQHGLTXHVWDIXQ]LRQHO¶DSSDUHFFKLRIXQ]LRQDFRQLPSRVWD]LRQLRWWLPDOL
1RWH
1HOFRUVRGLTXHVWDPRGDOLWj
1RQqSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHURHGHOFRQJHODWRUH/DPRGDOLWj(&2YHUUj
DQQXOODWDHYHUUjLPSRVWDWDODWHPSHUDWXUDVHOH]LRQDWD
ÊSRVVLELOHVHOH]LRQDUHOHPRGDOLWj6XSHU&RRO6XSHU)UHH]HR)ODVK)UHH]H
6HXQDGLTXHVWHPRGDOLWjYLHQHVHOH]LRQDWDODPRGDOLWj(&2YHUUjDQQXOODWDHYLHQHDWWLYDWD
ODPRGDOLWjVHOH]LRQDWD
ÊSRVVLELOHVHOH]LRQDUHODPRGDOLWj9DFDQ]D
6HVHOH]LRQDWDODPRGDOLWj(&2YHUUjDQQXOODWDHYLHQHDWWLYDWDODPRGDOLWj9DFDQ]D
,
*
-
.
+
0RGDOLWj9DFDQ]D ,PSRVWDUHTXHVWDPRGDOLWjVHLOIULJRULIHURQRQYLHQHXWLOL]]DWRSHUXQSHULRGRSUROXQJDWRFRPH
DGHVHPSLRGXUDQWHXQDOXQJDYDFDQ]D
,QTXHVWDPRGDOLWjODWHPSHUDWXUDGHOIULJRULIHURYLHQHLPSRVWDWDDXWRPDWLFDPHQWHD&LO
GLVSOD\GHOODWHPSHUDWXUDGHOIULJRULIHURVLVSHJQH
3HUDWWLYDUHODIXQ]LRQHGHOODPRGDOLWj9DFDQ]DSUHPHUHLOSXOVDQWH
.
,OSXOVDQWH
.
VLLOOXPLQD
&RQO¶DWWLYD]LRQHGLTXHVWDIXQ]LRQHO¶DSSDUHFFKLRIXQ]LRQDFRQLPSRVWD]LRQLRWWLPDOL
1RWH
1HOFRUVRGLTXHVWDPRGDOLWj
3ULPDGLXWLOL]]DUHTXHVWDPRGDOLWjVYXRWDUHLOIULJRULIHURHFKLXGHUHORVSRUWHOOR
4XDQGRODPRGDOLWjqFRQFOXVDLOIULJRULIHURULSUHQGHLOIXQ]LRQDPHQWRVHFRQGROHLPSRVWD]LRQLSUHFHGHQWL
)LQRDOO¶DQQXOODPHQWRGLTXHVWDPRGDOLWjQRQqSRVVLELOHUHJRODUHODWHPSHUDWXUDGHOIULJRULIHUR
6HORVSRUWHOORqDSHUWRVLDWWLYHUjO¶DOODUPH
,
*
-
.
+
0RGDOLWjDOODUPH $OODUPHGLWHPSHUDWXUDHOHYDWD
6HODWHPSHUDWXUDLQWHUQDqWURSSRHOHYDWDYLHQHDWWLYDWRXQDOODUPHDFXVWLFRWRQH
LQWHUPLWWHQWHHLOSXOVDQWH
&
ODPSHJJLD
5LFRQRVFHUHHGLVDWWLYDUHO¶DOODUPHDFXVWLFRSUHPHQGRLOSXOVDQWH
&
1HOFDVRLQFXLODWHPSHUDWXUDLQWHUQDQRQVLDDEEDVWDQ]DEDVVDO¶DOODUPHYHUUjDWWLYDWRRJQL
RUHDFDXVDGHOSHULFRORGLGHWHULRUDPHQWRGHJOLDOLPHQWL
/¶DOODUPHVLGLVDWWLYDDXWRPDWLFDPHQWHQRQDSSHQDODWHPSHUDWXUDGHOFRQJHODWRUHVFHQGHDXQ
OLYHOORFKHQRQUDSSUHVHQWLSLXQSHULFRORSHULOGHWHULRUDPHQWRGHJOLDOLPHQWL
$OODSULPDDFFHQVLRQHGHOO¶DSSDUHFFKLDWXUDVLYHUL¿FDXQULWDUGRGLRUHQHOIXQ]LRQDPHQWR
GHOO¶DOODUPHSHUODWHPSHUDWXUDLQTXDQGRQRQYLHQHUDJJLXQWDXQDWHPSHUDWXUDDGHJXDWD
,QTXHVWRPRGRVLHYLWDXQ¶DWWLYD]LRQHQRQQHFHVVDULDGHOO¶DOODUPH
$OODUPHVSRUWHOORDSHUWRIULJRULIHUR
6HORVSRUWHOORGHOFRPSDUWRFRQJHODWRUHRGHOIULJRULIHURSHUSLGLGXHPLQXWLO¶DOODUPHDFXVWLFR
YHUUjDWWLYDWRHLOSXOVDQWH
&
ODPSHJJLD
4XDQGRORVSRUWHOORYLHQHFKLXVRO¶DOODUPHYLHQHGLVDWWLYDWRÊLQROWUHSRVVLELOHGLVDWWLYDUOR
SUHPHQGRLOSXOVDQWH
&
(
'
&
)
%ORFFRSHUOD
VLFXUH]]DGHLEDPELQL
8WLOL]]DUHTXHVWDIXQ]LRQHSHUUHJRODUHPDQXDOPHQWHOHLPSRVWD]LRQHGHOO¶DSSDUHFFKLDWXUD
3HUO¶DWWLYD]LRQHWHQHUHSUHPXWRLOSXOVDQWH
&
SHUWUHVHFRQGL9HUUjYLVXDOL]]DWR³//´VXO
GLVSOD\
(
H
*
HYHUUjHPHVVRXQVHJQDOHDFXVWLFR
9HQJRQREORFFDWLWXWWLLSXOVDQWLIDWWDHFFH]LRQHSHU
&
3HUGLVDWWLYDUHLOEORFFRGLVLFXUH]]DWHQHUHSUHPXWRLOSXOVDQWH
&
SHUWUHVHFRQGL
1RWD
³//´QRQYLHQHYLVXDOL]]DWRVHODIXQ]LRQHqDWWLYDWD7XWWDYLDSUHPHQGRTXDOVLDVLSXOVDQWH³//´
YLHQHYLVXDOL]]DWRSHUXQVHFRQGR
(
'
&
)
*
8VRGHOOHIXQ]LRQLXWLOLFRQWLQXD
,WDOLDQR
&RQWUROORXPLGLWjGHOORVFRPSDUWRSHUIUXWWDHYHUGXUD
,OFRQWHQLWRUHQHOODSDUWHLQIHULRUHGHOIULJRULIHURqGHGLFDWRDOODFRQVHUYD]LRQH
GLIUXWWDHYHUGXUD0DQWLHQHO¶XPLGLWjQHFHVVDULDHLPSHGLVFHLOVHFFDUVLGHJOL
DOLPHQWL
&RQVHUYDUHJOLDOLPHQWLLQFRQIH]LRQLDGHJXDWHLQPRGRFKHQRQYLVLDHPLVVLRQH
RSUHVDGLRGRUL,OFRQWHQLWRUHqGRWDWRGLXQUHJRODWRUHGLXPLGLWjLQWHJUDWRFKH
FRQVHQWHGLLPSRVWDUHO¶XPLGLWjLQEDVHDOODTXDQWLWjGLDOLPHQWLFRQVHUYDWL
4XDQWLWjPLQRULGLDOLPHQWL
VSLQJHUHLOFXUVRUHGLFRQWUROORYHUVRGHVWUD
4XDQWLWjPDJJLRULGLDOLPHQWL
VSLQJHUHLOFXUVRUHGLFRQWUROORYHUVRVLQLVWUD
$FTXD
,OSRUWDXRYDSXzUHDOL]]DUHFXEHWWLGLJKLDFFLR
3HURWWHQHUHFXEHWWLGLJKLDFFLRULHPSLUHGLDFTXDLOSRUWDXRYDHFROORFDUORQHOFDVVHWWRGHOFRQJHODWRUH
4XDQGRLFXEHWWLGLJKLDFFLRVRQRSURQWLHVWUDUOLGDOFDVVHWWRGHOFRQJHODWRUH
6SLQJHUHRJQLFDYLWjGHOSRUWDXRYDGDOODWRSRVWHULRUH
,FXEHWWLGLJKLDFFLRVLVWDFFKHUDQQRGDOSRUWDXRYD
)ULJRULIHUR
5LSLDQLGLYHWUR
3HUULPXRYHUHXQULSLDQR
GDOIULJRULIHURHVWUDUOR¿QR
DOSXQWRGLDUUHVWRGHOOD
JXLGD4XLQGLVROOHYDUOR
OHJJHUPHQWHGDOODSDUWH
DQWHULRUHHWLUDUORIXRUL
6FRPSDUWRGL
UDIIUHGGDPHQWRH
VFRPSDUWRSHUIUXWWDH
YHUGXUD
7LUDUHIXRULLOFDVVHWWR
¿QFKpqSRVVLELOH4XLQGL
VROOHYDUORGDOODSDUWH
DQWHULRUHHWLUDUORIXRUL
FRPSOHWDPHQWH
5LSLDQLGHOORVSRUWHOOR
3HUULPXRYHUHXQULSLDQR
VSRVWDUHLOULSLDQRVWHVVR
QHOODSRVL]LRQHSL
HOHYDWDVSLQJHUHYHUVR
O¶DOWROHOHYHWWHVLQLVWUDH
GHVWUDHTXLQGLHVWUDUUHLO
ULSLDQR
5LSLDQRGHOOHERWWLJOLH
3HUULPXRYHUHLOULSLDQR
GDOO¶DSSDUHFFKLDWXUD
VROOHYDUOR¿QFKpSRVVLELOH
HWLUDUORIXRUL
&RQJHODWRUH
,FDVVHWWLVRQRGRWDWLGLSURWH]LRQHFRQWURO¶HVWUD]LRQH3HUULPXRYHUHXQFDVVHWWRGDOO¶DSSDUHFFKLDWXUD
DSULUORVROOHYDUORQHOODSDUWHDQWHULRUHHWLUDUORIXRUL
'RSRDYHUULPRVVRLOFDVVHWWRqSRVVLELOHFRQVHUYDUHDOLPHQWLQHOORVFRPSDUWRYXRWR
3URGX]LRQHGLFXEHWWLGLJKLDFFLR
5LPR]LRQHHLQVWDOOD]LRQHGHLULSLDQL
,VWUX]LRQLSHUODFXUDHODSXOL]LD
3XOL]LDTXRWLGLDQD
3XOLUHOHSDUWLFRQXQSDQQRDVFLXWWR
3XQWLFKHVLVSRUFDQRIDFLOPHQWH
*XDUQL]LRQHGHOODSRUWD
4XDQGRVLVSRUFDODJXDUQL]LRQHVLGDQQHJJLDIDFLOPHQWH
HGqSUREDELOHXQDIXRULXVFLWDGLDULDIUHGGD
5LSLDQRGHOOHERWWLJOLH
6HFLVRQRGHJOLDFFXPXOLGLVSRUFRHOLTXLGRSXOLUH
ULPXRYHQGROLVXELWR
$FDGHQ]DDQQXDOHVWDFFDUHODVSLQDGLDOLPHQWD]LRQHGHOIULJRULIHURHULPXRYHUH
LULSLDQLSHUODSXOL]LD
3XOL]LDGHOODFDVVHWWDSHUSHOOLFRODDGHOHYDWDIUHVFKH]]D
/DFDVVHWWDSHUSHOOLFRODDGHOHYDWDIUHVFKH]]Dq¿VVDWDFRQJULIIH5LPXRYHUHODFDVVHWWDHODYDUODFRQDFTXD'RSRLO
ODYDJJLRGHOODFDVVHWWDFRQDFTXDVFRODUODHDVFLXJDUHRJQLJRFFLDGLDFTXDUHVLGXDSULPDGLFROOHJDUOD6HOHPDFFKLH
ULVXOWDQRGLI¿FLOLGDULPXRYHUHODYDUHFRQFXUDODFDVVHWWDFRQXQGHWHUJHQWHGHOLFDWRSHUFXFLQHQHXWURHXQSDQQR
PRUELGRTXLQGLULVFLDFTXDUHLOGHWHUJHQWHFRQDFTXD
3XOL]LDGHOSDQQHOORFRPDQGL
,OSDQQHOORFRPDQGLGHOIULJRULIHURqUHDOL]]DWRLQPDWHULDOHGHOLFDWR3HUSURWHJJHUHODVXDVXSHU¿FLHQRQSXOLUORFRQ
VROYHQWLFKLPLFL3XOLUORLQYHFHFRQXQSDQQRDVFLXWWRRXQSDQQRPRUELGROHJJHUPHQWHXPLGR
3XOL]LDGHOODVXSHUÀFLHHVWHUQDGHOO·DSSDUHFFKLR
3XOLUHODVXSHU¿FLHHVWHUQDGHOO¶DSSDUHFFKLRFRQXQSDQQRPRUELGROHJJHUPHQWHLPEHYXWRGLDFTXDFDOGD6HQRQq
SRVVLELOHULPXRYHUHGHOOHPDFFKLHDSSOLFDUHXQGHWHUJHQWHQHXWURSHUODSXOL]LDGLFXFLQHTXLQGLULPXRYHUORFRQXQSDQQR
PRUELGROHJJHUPHQWHLPEHYXWRGLDFTXDFDOGD(OLPLQDUHWXWWHOHJRFFHGLDFTXDUHVLGXHFRQXQSDQQRDVFLXWWR
$QQRWD]LRQLVXOODSXOL]LD
1RQSXOLUHODSDUWHLQWHUQDRHVWHUQDGHOO¶DSSDUHFFKLRFRQOHVHJXHQWLVRVWDQ]H
Ɣ GHWHUJHQWLDOFDQLQL4XHVWRWLSRGLVRVWDQ]HSXzSURYRFDUHVSDFFDWXUHGHOOHSDUWLGLSODVWLFD
Ɣ SROYHUHDEUDVLYDVDSRQHLQSROYHUHROLRIRVVLOHDFTXDFDOGDVSD]]ROHDFLGREHQ]HQHVROYHQWLRVROX]LRQLD
EDVHGLDOFRO4XHVWHVRVWDQ]HSRVVRQRGDQQHJJLDUHODYHUQLFLDWXUDGHOODVXSHU¿FLHHOHSDUWLGLSODVWLFD
$VVLFXUDUVLGLHOLPLQDUHTXDOVLDVLPDFFKLDGLROLRHGLELOHFKHSXzXJXDOPHQWHLQWDFFDUHOHSDUWLGLSODVWLFD
3DUWLFKHSRVVRQRHVVHUHODYDWHFRQDFTXD
)ULJRULIHUR &RQJHODWRUH
Ɣ 5LSLDQLGLYHWUR
Ɣ 5LSLDQLGHOORVSRUWHOOR
Ɣ 5LSLDQRSHUERWWLJOLH
Ɣ 3RUWDXRYD
Ɣ &DVVHWWRUHIULJHUDWRUH
Ɣ 6FRPSDUWRSHUIUXWWDHYHUGXUD
Ɣ 3RUWDERWWLJOLH
Ɣ 5LSLDQRERWWLJOLH
Ɣ &DVVHWWRGLFRQJHODPHQWR
VXSHULRUH
Ɣ &DVVHWWRGLFRQJHODPHQWR
FHQWUDOH
Ɣ &DVVHWWRGLFRQJHODPHQWR
LQIHULRUH
1RWD
1RQXWLOL]]DUHSURGRWWLSXOHQWLDEUDVLYLFRPHDGHVHPSLRELFDUERQDWRGLVRGDSRLFKpSRVVRQRGDQQHJJLDUHODSODVWLFD
,WDOLDQR
&RQWUROORGLPDQXWHQ]LRQH
Ɣ,OFDYRGHOO¶DOLPHQWD]LRQHqGDQQHJJLDWR"
Ɣ/DVSLQDGLDOLPHQWD]LRQHVLVXUULVFDOGD"
Ɣ/DVSLQDGLDOLPHQWD]LRQHqLQVHULWDFRPSOHWDPHQWHQHOODSUHVD"
6HLOFDYRGHOO¶DOLPHQWD]LRQHqGDQQHJJLDWRFRQVXOWDUHXQ
FHQWURDVVLVWHQ]DDXWRUL]]DWR121FHUFDUHGLVRVWLWXLUOLGDVROL
0DQFDWRXWLOL]]RSHUXQSHULRGRGLWHPSRSUROXQJDWR
6HLOIULJRULIHURQRQGHYHHVVHUHXWLOL]]DWRSHUXQOXQJRSHULRGRVFROOHJDUORGDOODUHWHHOHWWULFDHSXOLUHODVSLQDGL
DOLPHQWD]LRQHFRPHGHVFULWWRLQSUHFHGHQ]D/DVFLDUHTXLQGLOHSRUWHDSHUWHSHUJLRUQLSHUIDUHLQPRGRFKH
O¶LQWHUQRVLDVFLXJKLHGHYLWDUHODIRUPD]LRQHGLPXIIDRGLRGRULVJUDGHYROL
1RQDFFHQGHUHHVSHJQHUHULSHWXWDPHQWHO¶DSSDUHFFKLR'XUHUjSLDOXQJRVHYLHQHODVFLDWRDFFHVRGXUDQWHLO
QRUPDOHXWLOL]]R
6SRVWDUHHWUDVSRUWDUHO·DSSDUHFFKLR
/¶DSSDUHFFKLRGHYHHVVHUHWUDVSRUWDWRGDDOPHQRGXHSHUVRQH
$YYLWDUHIHUPDPHQWHLSLHGLQLUHJRODELOL
ཱ
7HQHUHLSLHGLQLUHJRODELOLGDXQODWRHJOLDQJROLGHO
IULJRULIHURGDOO¶DOWURFRPHPRVWUDWRQHOOD¿JXUD
1RWD
1RQWUDVSRUWDUHO¶DSSDUHFFKLRWHQHQGRORSHUOHSRUWH
7UDVSRUWDUHVHPSUHLOIULJRULIHURPDQWHQHQGRORQHOODVXDQRUPDOHSRVL]LRQHYHUWLFDOH
&KLXGHUHOHSRUWH¿VVDQGROH
FRQGHOQDVWURDGHVLYR
3ULPDGLVSRVWDUHRWUDVSRUWDUHO·DSSDUHFFKLR
5LPXRYHUHWXWWLJOLDOLPHQWL
ཱ 6WDFFDUHODVSLQDGLDOLPHQWD]LRQH
ི 6ROOHYDUHLOSLHGLQRUHJRODELOH
ཱི 7LUDUHRIDUVFLYRODUHYHUVRGLVpLOIULJRULIHUR
ུ
3RUUHXQSDQQRVXOO¶DQJRORVLQLVWURGHOODYDVFKHWWDGLHYDSRUD]LRQH
,QFOLQDUHLOIULJRULIHURDI¿QFKpLOSDQQRSRVVDDVVRUELUHO¶DFTXDDFFHUWDUVL
GHOO¶DVVHQ]DGLDFTXDUHVLGXD
9DVFKHWWDGLHYDSRUD]LRQH
SDUWHLQIHULRUHVXOUHWURGHOIULJRULIHUR
'RPDQGLIUHTXHQWL
6HVLKDPRWLYRGLULWHQHUHFKHLOIULJRULIHURQRQIXQ]LRQLFRUUHWWDPHQWHYHUL¿FDUHLQQDQ]LWXWWRLSXQWLVHJXHQWL
6HLOSUREOHPDSHUVLVWHVFROOHJDUHODVSLQDGLDOLPHQWD]LRQHHFRQWDWWDUHLOULYHQGLWRUHRXQFHQWURDVVLVWHQ]DDXWRUL]]DWR
3UREOHPLJHQHUDOL
,OIULJRULIHURHPHWWHXQUXPRUH
DQRPDOR
,OIULJRULIHURqVWDWRLQVWDOODWRVXXQSDYLPHQWRVROLGRHLQSLDQR"
&LVRQRVSD]LVXI¿FLHQWLLQWRUQRDOIULJRULIHUR"
4XDOFKHRJJHWWRYLEUDVXOIULJRULIHUR"
6LWUDWWDGHOQRUPDOHUXPRUHGLIXQ]LRQDPHQWRTXDQGRLOIULJRULIHURVLDYYLDR
VLDUUHVWD
6LVHQWHXQUXPRUHGRSROR
VSHJQLPHQWRGHOFRPSUHVVRUH
6LWUDWWDGLXQ¶RSHUD]LRQHQRUPDOHVSHVVRFDXVDWDGDOODFLUFROD]LRQHGLULWRUQR
GHOUHIULJHUDQWHDOFRPSUHVVRUH
6LVHQWHXQUXPRUHGRSRDYHU
DSHUWRRFKLXVRODSRUWD
6LWUDWWDGLXQ¶RSHUD]LRQHQRUPDOHFDXVDWDGDOODGLIIHUHQ]DGLSUHVVLRQH
GHOO¶DULDWUDO¶LQWHUQRHO¶HVWHUQRGHOIULJRULIHUR
6LVHQWHXQUXPRUHGLDULDRDFTXD
FKHFLUFRODGRSRDYHUDSHUWRLO
IULJRULIHUR
,OUXPRUHqFDXVDWRGDOODFLUFROD]LRQHGHOUHIULJHUDQWHQHLWXELLQWHUQL
6LVHQWHXQVLELORFRQWLQXR
,OUXPRUHVLDYYHUWHTXDQGRODYHQWRODSHUODFLUFROD]LRQHGHOO¶DULDIUHGGDqLQIXQ]LRQH
*OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHqWURSSRHOHYDWD"
,QTXHVWLFDVLODYHQWRODSHUODFLUFROD]LRQHGHOO¶DULDIUHGGDIXQ]LRQDDGDOWD
YHORFLWjHGHPHWWHXQUXPRUHPDJJLRUH
,OFRPSUHVVRUHqSLXWWRVWR
UXPRURVR
*OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHqWURSSRHOHYDWD"
,QTXHVWLFDVLLOFRPSUHVVRUHIXQ]LRQDDGDOWDYHORFLWjHGqQRUPDOHFKHVLD
SLUXPRURVR
,OFRPSUHVVRUHqLQIXQ]LRQHGD
PROWRWHPSR
4XDQGRVLFROOHJDODVSLQDGLDOLPHQWD]LRQHSHUODSULPDYROWDLOFRPSUHVVRUH
IXQ]LRQDSLDOXQJRGHOQRUPDOHSHUUDIIUHGGDUHO¶LQWHUQRGHOIULJRULIHUR¿QRD
UDJJLXQJHUHOHWHPSHUDWXUHLPSRVWDWH
ÊVWDWDLPSRVWDWDODPRGDOLWj6XSHU)UHH]HRODPRGDOLWj6XSHU&RRO"
/HSRUWHVRQRVWDWHDSHUWHHFKLXVHIUHTXHQWHPHQWH"/HSRUWHVRQR
FRPSOHWDPHQWHFKLXVH"
*OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHqHOHYDWD"
6HLOIULJRULIHURFRQWLHQHFRQWHPSRUDQHDPHQWHPROWLDOLPHQWLLOFRPSUHVVRUHGRYUj
IXQ]LRQDUHSLDOXQJR
6XOO·HVWHUQRGHOIULJRULIHURVL
IRUPDFRQGHQVD
/DIRUPD]LRQHGLFRQGHQVDqQRUPDOHTXDQGRO¶XPLGLWjGHOO¶DPELHQWHq
HOHYDWD(OLPLQDUHODFRQGHQVDFRQXQSDQQRDVFLXWWR
/·HVWHUQRGHOIULJRULIHURqFDOGR
DOWDWWR
8QDYROWDDWWLYDWRLOIULJRULIHURSRWUHEEHUHVWDUHFDOGR¿QRDTXDQGRO¶LQWHUQR
GHOORVFRPSDUWRQRQVLVLDVXI¿FLHQWHPHQWHUDIIUHGGDWR,OIULJRULIHURSRWUHEEH
ULPDQHUHFDOGRDQFKHGRSRFKHJOLVFRPSDUWLVLVRQRUDIIUHGGDWL&LzqGRYXWR
DOIXQ]LRQDPHQWRGHOWXERGLVVLSDWRUHGLFDORUHGLFXLqGRWDWRLOIULJRULIHURSHU
HYLWDUHODIRUPD]LRQHGLFRQGHQVDHQRQVLWUDWWDGLXQPDOIXQ]LRQDPHQWR
,FRPDQGLGHOSDQQHOORFRPDQGL
QRQIXQ]LRQDQR
,OIULJRULIHURqDFFHVR"
6XRQDO·DOODUPH /DSRUWDGHOIULJRULIHURqVWDWDODVFLDWDVRFFKLXVD&KLXGHUHOHSRUWH
,WDOLDQR
)ULJRULIHURHFRQJHODWRUH
,OIULJRULIHURQRQUDIIUHGGDHLO
FRQJHODWRUHQRQFRQJHOD
,OIULJRULIHURqDFFHVR"
,OIULJRULIHURQRQUDIIUHGGDHLO
FRQJHODWRUHQRQFRQJHODLQPRGR
VRGGLVIDFHQWH
/DWHPSHUDWXUDLPSRVWDWDqWURSSRDOWD"
,OIULJRULIHURqHVSRVWRDOODOXFHVRODUHGLUHWWDRVLWURYDYLFLQRDXQDSSDUHFFKLR
GLULVFDOGDPHQWR"
&LVRQRVSD]LVXI¿FLHQWLLQWRUQRDOIULJRULIHUR"
*OLDOLPHQWLVRQRHFFHVVLYDPHQWHSUHVVDWLRODWHPSHUDWXUDDPELHQWHq
HOHYDWD"
/HSRUWHVRQRVWDWHDSHUWHHFKLXVHIUHTXHQWHPHQWH"
/HSRUWHVRQRFRPSOHWDPHQWHFKLXVH"
,OIULJRULIHURqVWDWRLPSRVWDWRLQPRGDOLWj9DFDQ]D"
6HDOO¶LQWHUQRGHOIULJRULIHURYHQJRQRFROORFDWLDOLPHQWLFDOGLODWHPSHUDWXUD
DXPHQWDWHPSRUDQHDPHQWH
'XUDQWHODVWDJLRQHIUHGGDRTXDQGRODWHPSHUDWXUDDPELHQWHqEDVVDVL
SRWUHEEHDYHUHO¶LPSUHVVLRQHFKHLOIULJRULIHURQRQUDIIUHGGL
&·qGLIIHUHQ]DWUDODWHPSHUDWXUD
LPSRVWDWDHODWHPSHUDWXUD
HIIHWWLYD
6HDOO¶LQWHUQRGHOIULJRULIHURYHQJRQRFROORFDWLDOLPHQWLFDOGLODWHPSHUDWXUD
DXPHQWDWHPSRUDQHDPHQWH
*OLDOLPHQWLDOO·LQWHUQRGHO
IULJRULIHURFRQJHODQR
/DWHPSHUDWXUDLPSRVWDWDSHULOIULJRULIHURqWURSSREDVVD"
*OLDOLPHQWLVRQRVWDWLFROORFDWLQHOODSDUWHVXOIRQGRIULJRULIHUR"
/DSDUWHYLFLQRDOODSDUHWHSRVWHULRUHGHOIULJRULIHURqLOSXQWRLQFXLOD
WHPSHUDWXUDqSLIUHGGD6LFRQVLJOLDSHUWDQWRGLQRQFROORFDUYLDOLPHQWLSRLFKp
TXLSRWUHEEHURFRQJHODUHIDFLOPHQWH
1HLFDVVHWWLSRUWDIUXWWDHSRUWD
YHUGXUHVLIRUPDFRQGHQVD
/D]RQD9LWDPLQ6DIHPDQWLHQHXQHOHYDWROLYHOORGLXPLGLWjSHUFRQVHUYDUHOH
YHUGXUHIUHVFKH
(OLPLQDUHODFRQGHQVDFRQXQSDQQRDVFLXWWR
/·DSHUWXUDGHOODSRUWDGHO
FRQJHODWRUHqGLIÀFROWRVD
$YROWHO¶DSHUWXUDGHOODSRUWDqGLI¿FROWRVDVXELWRGRSRODFKLXVXUD
7DOYROWDODGLIIHUHQ]DGLSUHVVLRQHGHOO¶DULDWUDO¶LQWHUQRHO¶HVWHUQRGHO
FRQJHODWRUHSRWUHEEHUHQGHUHGLI¿FROWRVDO¶DSHUWXUD$WWHQGHUHTXDOFKHLVWDQWH
HULSURYDUHDGDSULUHODSRUWD
9LVRQRRGRULDOO·LQWHUQRGHO
IULJRULIHUR
*OLDOLPHQWLFRQXQRGRUHIRUWHVRQRVWDWLVLJLOODWLSULPDGLHVVHUHFROORFDWLQHO
IULJRULIHUR"
5LSRUUHJOLDOLPHQWLDOO¶LQWHUQRGLXQFRQWHQLWRUHVLJLOODWRHFRQVHUYDUOL
*OLRGRULSRWUHEEHURDGHULUHDOOHVXSHU¿FLLQWHUQHGHOIULJRULIHUR3XOLUHOH
VXSHU¿FLFRQXQSDQQRPRUELGRLPEHYXWRGLDFTXDWLHSLGD
4XHVWRVLPERORqXWLOL]]DWRSHUULQYLDUHJOLXWHQWLDOOHLVWUX]LRQLRDOOHEURFKXUHSHUGHOOHLQIRUPD]LRQL
LPSRUWDQWL
4XHVWRUHIULJHUDWRUHLQFRUSRUDXQÀOWURFKHqFRQVLGHUDWRXQSURGRWWRELRFLGD
,O¿OWURVWHVVRLQFRUSRUDXQDVRVWDQ]DFKHFRQWLHQHGHJOLLRQLG¶DUJHQWRFKHGLVDWWLYDLEDWWHULQHOO¶DULDDOO¶LQWHUQRGHO
UHIULJHUDWRUHHGLQLELVFHODFUHVFLWDGHLEDWWHUL
6RVWDQ]DDWWLYDIRVIDWRGLDUJHQWRVRGLRLGURJHQR]LUFRQLR
'RPDQGLIUHTXHQWLFRQWLQXD
6SHFLÀFKHWHFQLFKH
6FKHGDSURGRWWR5HJRODPHQWR8(
120('(/)251,725( 3DQDVRQLF
02'(//2
15%1$;(
15%1$:(
15%1$;%
15%1$:%
&$7(*25,$ )ULJRFRQJHODWRUH
&/$66(',()),&,(1=$(1(5*(7,&$ $
&216802$1182',(1(5*,$ N:KDQQR
92/80(87,/()5,*25,)(52 /
92/80(87,/(&21*(/$725( /
180(52',67(//(&21*(/$725( 4XDWWURVWHOOH
6&03$57,³$17,%5,1$´ )ULJRULIHUR$QWLEULQD&RQJHODWRUH$QWLEULQD
7(032',5,6$/,7$'(//$7(03(5$785$ RUH
&$3$&,7¬',&21*(/$0(172 NJRUH
&/$66(&/,0$7,&$ 617
(0,66,21,',58025($(5(2 G%
$OWUHLQIRUPD]LRQL
92/80(727$/(/25'2 /
92/80(727$/(1(772 /
',0(16,21,(67(51(
/$5*+(==$[352)21',7¬[$/7(==$
PP[PP[PP
3(621(772 ,0NJ
7(16,21(120,1$/( 99 99
)5(48(1=$120,1$/( +]
5()5,*(5$17(&$5,&$ 5DJ
$*(17((63$1'(17( &LFORSHQWDQR
1RWH
,OFRQVXPRHQHUJHWLFRDOO¶DQQRVLEDVDVXLULVXOWDWLGLSURYHVWDQGDUGSHURUHLQEDVHD(1
,OFRQVXPRGLHQHUJLDHIIHWWLYRGLSHQGHGDOPRGRLQFXLO¶DSSDUHFFKLRqXWLOL]]DWRHGDOSRVWRLQFXLqLQVWDOODWR
,OFRQVXPRHQHUJHWLFRPHQWUHqLQXVRSXzYDULDUHLQEDVHDOOXRJRLQFXLO¶XQLWjqLQVWDOODWDDOO¶LPSRVWD]LRQHGHOOD
WHPSHUDWXUDGLFLDVFXQVFRPSDUWRDWHPSHUDWXUDDPELHQWHHXPLGLWjDOODIUHTXHQ]DGLDSHUWXUDFKLXVXUDGHJOL
VSRUWHOOLDOYROXPHHDOODWHPSHUDWXUDGHJOLDOLPHQWLHDOPRGRG¶XVRGHOO¶DSSDUHFFKLR
7HPSHUDWXUDDPELHQWHFRQVHQWLWDGD&D&
$SRUWHFRPSOHWDPHQWHDSHUWH
600 mm
632.5 mm
1247 mm
1203 mm
677 mm
634 mm
(VSDxRO
&RQWHQLGRV
6LJQLÀFDGRGHORVVtPERORV
1R
,QGLFDTXHHODSDUDWRGHEHFRQHFWDUVHDWLHUUD
SDUDHYLWDUGHVFDUJDVHOpFWULFDV
$VHJ~UHVHGHKDFHUHVWR 1RGHVDUPH
$'9(57(1&,$
,QGLFDSHOLJURGHPXHUWHRGHOHVLRQHVJUDYHV
(VWHDSDUDWRSXHGHVHUXWLOL]DGRSRUQLxRVPD\RUHVGHDxRV\
SHUVRQDVFRQGLVFDSDFLGDGHVItVLFDVVHQVRULDOHVRPHQWDOHVR
IDOWDGHH[SHULHQFLDRFRQRFLPLHQWRVLHVWiQVXSHUYLVDGDVRKDQ
UHFLELGRLQVWUXFFLRQHVUHODFLRQDGDVFRQHOXVRGHODSDUDWRGHIRUPD
VHJXUD\VRQFRQVFLHQWHVGHORVULHVJRVTXHLPSOLFD/RVQLxRV
QRGHEHQMXJDUFRQHODSDUDWR/DOLPSLH]D\HOPDQWHQLPLHQWRQR
GHEHQGHMDUVHHQPDQRVGHQLxRVVLQVXSHUYLVLyQ
1RJXDUGHVXVWDQFLDVH[SORVLYDVFRPRODWDVGHDHURVRO
FRQXQSURSHOHQWHLQÁDPDEOHGHQWURGHHVWHDSDUDWR
/DVVXVWDQFLDVLQÀDPDEOHVWDOHVFRPREHQFLQDGLOX\HQWHVDOFRKRO
pWHU\JDVOLFXDGRGHOSHWUyOHR*/3SXHGHQFDXVDUH[SORVLRQHV
1RXVHXQDGDSWDGRUGHP~OWLSOHVWRPDVGHFRUULHQWHQLHQFKXIHYDULRVDSDUDWRVHQHOPLVPRDGDSWDGRUGH
WRPDVGHFRUULHQWH
(VWRSXHGHFDXVDUXQVREUHFDOHQWDPLHQWRXQLQFHQGLRRXQFRUWRFLUFXLWR
1RDSULHWHDQXGHQLGREOHHOFDEOHGHDOLPHQWDFLyQ\QRSRQJDWDPSRFRREMHWRVSHVDGRVHQFLPDGHpO
(VWRDXPHQWDHOULHVJRGHTXHVHSURGX]FDXQLQFHQGLRRGHVFDUJDHOpFWULFD6LVHGDxDHOFDEOHGHDOLPHQWDFLyQRODFODYLMDGHO
HOHFWURGRPpVWLFRHVWRVGHEHUiQVHUVXVWLWXLGRVSRUHOIDEULFDQWHVXDJHQWHGHVHUYLFLRRSRUXQDSHUVRQDFXDOL¿FDGDSDUDHYLWDUULHVJRV
1RGHVHQFKXIHHOIULJRUtÀFRWLUDQGRGHOFDEOHGHDOLPHQWDFLyQ
3XHGHGDxDUHOFDEOHGHDOLPHQWDFLyQ$JDUUHVLHPSUHODFODYLMD\WLUHGHHOOD¿UPHPHQWHSDUDGHVFRQHFWDUODGHODWRPD
1RSRQJDQLQJ~QUHFLSLHQWHGHDJXDHQFLPDGHOIULJRUtÀFR
(ODJXDSXHGHGDxDUHODLVODPLHQWRGHORVFRPSRQHQWHVHOpFWULFRV\FDXVDUXQFRUWRFLUFXLWRXQLQFHQGLRRXQDGHVFDUJDHOpFWULFD
1RURFtHJDVLQÁDPDEOHFHUFDGHOIULJRUtÀFR
(VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
1RURFtHDJXDHQHOLQWHULRUGHOIULJRUtÀFR
(VWRSXHGHFDXVDUXQLQFHQGLRRXQDGHVFDUJDHOpFWULFD
1RWRTXHODFODYLMDGHDOLPHQWDFLyQFRQODVPDQRVPRMDGDV
(VWRSXHGHFDXVDUXQDGHVFDUJDHOpFWULFD
,QVWUXFFLRQHVGHVHJXULGDG
&XLGDGRGHOPHGLRDPELHQWH
,QVWDODFLyQ
,GHQWLÀFDFLyQGHODVSLH]DV
3DQHOGHFRQWURO
$MXVWHGHODWHPSHUDWXUD
8VRGHODVIXQFLRQHVSUiFWLFDV
&RQWUROGHKXPHGDGGHFDMyQGHDOLPHQWRVIUHVFRV
&yPRKDFHUFXELWRVGHKLHOR
&yPRH[WUDHU\FRORFDUORVHVWDQWHV
,QVWUXFFLRQHVGHFXLGDGR\OLPSLH]D
3UHJXQWDVPiVIUHFXHQWHV
(VSHFLÀFDFLRQHV
,QVWUXFFLRQHVGHVHJXULGDG
(VSDxRO
,QVWUXFFLRQHVGHVHJXULGDGFRQWLQXDFLyQ
1RLQVWDOHHOIULJRUtÀFRHQXQOXJDUK~PHGRQLGRQGHSXHGDHQWUDUHQFRQWDFWRFRQHODJXD
(OGHWHULRURGHODLVODPLHQWRGHORVFRPSRQHQWHVHOpFWULFRVSXHGHFDXVDUXQFRUWRFLUFXLWRXQDGHVFDUJDHOpFWULFDR
XQLQFHQGLR
1RJXDUGHSURGXFWRVIDUPDFpXWLFRVQLRWURVSURGXFWRVVHQVLEOHVDODWHPSHUDWXUDHQHOIULJRUtÀFR
(QHOIULJRUt¿FRQRGHEHUiJXDUGDUSURGXFWRVTXHUHTXLHUHQXQHVWULFWRFRQWUROGHODWHPSHUDWXUD
1RGHMHTXHORVQLxRVVHVXEDQVHFROXPSLHQRVHFXHOJXHQGHODSXHUWDGHOIULJRUtÀFR
(VWRSRGUtDFDXVDUJUDYHVOHVLRQHVDVtFRPRGDxRVHQHOIULJRUt¿FR
1RKDJDIXQFLRQDUHOIULJRUtÀFRVLKD\JDVHVH[SORVLYRVRLQÁDPDEOHV
(VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
1RJXDUGHJDVROLQDXRWURVOtTXLGRVRYDSRUHVLQÁDPDEOHVHQHOIULJRUtÀFR\QRORVXVHWDPSRFRFHUFDGHOPLVPR
(VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
$'9(57(1&,$
1RXVHGLVSRVLWLYRVPHFiQLFRVQLRWURVPHGLRVSDUD
DFHOHUDUHOSURFHVRGHGHVFRQJHODFLyQ8VHVRODPHQWH
ORVSURFHVRVUHFRPHQGDGRVSRUHOIDEULFDQWH
(VWRSXHGHFDXVDUGDxRVHQHOLQWHULRUGHOIULJRUt¿FRR
SXHGHSURYRFDUXQDH[SORVLyQ
$'9(57(1&,$
1RXWLOLFHDSDUDWRVHOpFWULFRVGHQWURGHORVFRPSDUWLPLHQWRV
SDUDJXDUGDUDOLPHQWRVGHOHOHFWURGRPpVWLFRDPHQRVTXH
pVWRVVHDQGHOWLSRUHFRPHQGDGRSRUHOIDEULFDQWH
(VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
$'9(57(1&,$
1RGDxHHOFLUFXLWRGHOUHIULJHUDQWH
(VWRSXHGHFDXVDUXQDH[SORVLyQRXQLQFHQGLR
$'9(57(1&,$
1RDEUDODFXELHUWDGHODLOXPLQDFLyQ/('GHOLQWHULRUGHOIULJRUtÀFR
(VWRSXHGHFDXVDUXQDGHVFDUJDHOpFWULFD6LODLOXPLQDFLyQ/('QR
IXQFLRQDFRUUHFWDPHQWHGHEHUiVHUVXVWLWXLGDSRUHOIDEULFDQWHVXDJHQWH
GHVHUYLFLRRFXDOTXLHURWUDSHUVRQDFXDOL¿FDGDSDUDHYLWDUULHVJRV
1RLQWHQWHGHVDUPDUUHSDUDURPRGLÀFDUHOIULJRUtÀFRXVWHGPLVPR
6LORKDFHSXHGHUHVXOWDUKHULGRRKHULUDRWUDVSHUVRQDVVXIULHQGRTXHPDGXUDVRGHVFDUJDVHOpFWULFDVRSXHGH
GDxDUVHHOIULJRUt¿FR6LVXHOHFWURGRPpVWLFRQHFHVLWDVHUUHSDUDGRFRQVXOWHFRQVXFHQWURGHVHUYLFLRDXWRUL]DGR
$VHJ~UHVHGHTXHHOIULJRUtÀFRHVWpHQFKXIDGRDXQDWRPDGHFRUULHQWHFRQHFWDGDDWLHUUD12ORFRQHFWHDXQD
WRPDGHFRUULHQWHTXHQRHVWpFRQHFWDGDDWLHUUD
8QFRUWRFLUFXLWRSRGUtDFDXVDUXQDGHVFDUJDHOpFWULFD
$VHJ~UHVHGHTXHHOFDEOHGHDOLPHQWDFLyQ\VXFODYLMD
QRHVWpQDSODVWDGRVQLGDxDGRV
8QDFODYLMDRXQFDEOHGHDOLPHQWDFLyQGDxDGRVSXHGHQ
FDXVDUXQFRUWRFLUFXLWRXQLQFHQGLRRXQDGHVFDUJDHOpFWULFD
6LHVWiGDxDGRHOFDEOHGHDOLPHQWDFLyQpVWHGHEHUi
VHUVXVWLWXLGRSRUHOIDEULFDQWHVXDJHQWHGHVHUYLFLRR
FXDOTXLHURWUDSHUVRQDFXDOL¿FDGDSDUDHYLWDUULHVJRV
1RLQWHQWHVXVWLWXLUORXVWHGPLVPR
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
Sidan laddas...
-
1
-
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
Panasonic NRBN34AX2 Bruksanvisningar
- Typ
- Bruksanvisningar
på andra språk
Relaterade papper
Andra dokument
-
Candy KRCDJ642 Användarmanual
-
Whirlpool ARC 8140/IX Användarguide
-
Whirlpool AFG 6897 DGT WP Användarguide
-
AEG FFB61600PW Installationsguide
-
Pioneer PD-50AE Bruksanvisning
-
Omron Healthcare HBF-222T-EBK Användarmanual
-
EMS AirFlow Master Operating Instructions Manual
-
Dremel 8200 Original Instructions Manual
-
Soehnle Comfort 2-Zone Bruksanvisning
-
Soehnle COMFORT Bruksanvisning