Panasonic NR-BN31AX2-E & NRBN31AX2 de handleiding

Merk: Panasonic

Model: NR-BN31AX2-E & NRBN31AX2

Type: de handleiding

2SHUDWLQJ,QVWUXFWLRQV

5HIULJHUDWRU)UHH]HU

+RXVHKROGXVH

 0RGHO1R

15%1$;



15%1$:

(QJOLVK 

7KDQN\RXIRUSXUFKDVLQJWKLV3DQDVRQLFSURGXFW

3OHDVHUHDGWKHVHLQVWUXFWLRQVFDUHIXOO\EHIRUHXVLQJWKLV

SURGXFW3OHDVHNHHSWKLVPDQXDOIRUIXWXUHUHIHUHQFH

,QFOXGHGLQVWDOODWLRQ,QVWUXFWLRQV

'HXWVFK 

:LUGDQNHQ,KQHQIUGHQ.DXIGLHVHV3DQDVRQLF3URGXNWV

%LWWHOHVHQ6LHGLHVH$QZHLVXQJHQYRUGHU%HQXW]XQJGLHVHV

3URGXNWVVRUJIlOWLJGXUFK%LWWHEHZDKUHQ6LHGLHVH$QOHLWXQJIU

VSlWHUH%H]XJQDKPHDXI,QVWDOODWLRQVDQOHLWXQJHQWKDOWHQ

1HGHUODQGV 

+DUWHOLMNGDQNYRRUXZDDQNRRSYDQGLW3DQDVRQLFSURGXFW

/HHVGH]HDDQZLM]LQJHQDDQGDFKWLJGRRUYRRUGDWXGLWSURGXFW

LQJHEUXLNQHHPW%HZDDUGH]HKDQGOHLGLQJYRRUODWHUHQDVODJ

,QFOXVLHILQVWDOODWLHKDQGOHLGLQJ

)UDQoDLV 

1RXVYRXVUHPHUFLRQVG¶DYRLUDFKHWpXQSURGXLW3DQDVRQLF

9HXLOOH]OLUHFHPRGHG¶HPSORLDWWHQWLYHPHQWDYDQWG¶XWLOLVHUFH

SURGXLW3ULqUHGHFRQVHUYHUFHPRGHG¶HPSORLSRXUWRXWHUpIpUHQFH

XOWpULHXUH,QVWUXFWLRQVG¶LQVWDOODWLRQLQFOXVHV

(QJOLVK 'HXWVFK

1HGHUODQGV

)UDQoDLV



:KDWWKHV\PEROVPHDQ

'RQRW

,QGLFDWHVWKHDSSOLDQFHPXVWEHHDUWKHGWR

SUHYHQWHOHFWULFVKRFN

0DNHVXUH\RXGRWKLV 'RQRWWDNHDSDUW

:$51,1*

,QGLFDWHVULVNRIGHDWKRUVHULRXVLQMXU\

7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP\HDUVDQG

DERYHDQGSHUVRQVZLWKUHGXFHGSK\VLFDOVHQVRU\RUPHQWDO

FDSDELOLWLHVRUODFNRIH[SHULHQFHDQGNQRZOHGJHLIWKH\KDYHEHHQ

JLYHQVXSHUYLVLRQRULQVWUXFWLRQFRQFHUQLQJXVHRIWKHDSSOLDQFH

LQDVDIHZD\DQGXQGHUVWDQGWKHKD]DUGVLQYROYHG&KLOGUHQVKDOO

QRWSOD\ZLWKWKHDSSOLDQFH&OHDQLQJDQGXVHUPDLQWHQDQFHVKDOO

QRWEHPDGHE\FKLOGUHQZLWKRXWVXSHUYLVLRQ

'RQRWVWRUHH[SORVLYHVXEVWDQFHVVXFKDVDHURVRO

FDQVZLWKDÁDPPDEOHSURSHOODQWLQWKLVDSSOLDQFH

)ODPPDEOHVXEVWDQFHVVXFKDVEHQ]HQHWKLQQHUVDOFRKRO

HWKHUDQG/LTXLG3HWUROHXP*DV/3*FDQFDXVHH[SORVLRQV

'RQRWXVHDPXOWLSOHVRFNHWDGDSWRUDQGSOXJVHYHUDODSSOLDQFHVLQWRWKHVDPHVRFNHWDGDSWRU

 7KLVFDQFDXVHRYHUKHDWLQJ¿UHRUVKRUWFLUFXLW

'RQRWSLQFKNQRWRUEHQGWKHPDLQVOHDGRUSODFHKHDY\REMHFWVRQLW

 7KLVLQFUHDVHVWKHULVNRI¿UHRUHOHFWULFVKRFN,IWKHPDLQVOHDGRUSOXJRIWKHDSSOLDQFHLVGDPDJHGLWPXVWEH

UHSODFHGE\WKHPDQXIDFWXUHULWVVHUYLFHDJHQWRUVLPLODUO\TXDOL¿HGSHUVRQLQRUGHUWRDYRLGDKD]DUG

'RQRWXQSOXJWKHUHIULJHUDWRUE\SXOOLQJRQWKHPDLQVOHDG

 7KLVFDQGDPDJHWRWKHPDLQVOHDG$OZD\VJULSWKHPDLQVSOXJDQGSXOO¿UPO\IURPWKHVRFNHW

'RQRWSODFHDQ\ZDWHUFRQWDLQHURQWKHWRSRIWKHUHIULJHUDWRU

 :DWHUFDQGDPDJHLQVXODWLRQRIHOHFWULFDOFRPSRQHQWVDQGFDXVHVKRUWFLUFXLW¿UHRUHOHFWULFVKRFN

'RQRWVSUD\LQÁDPPDEOHJDVQHDUWKHUHIULJHUDWRU

 7KLVFDQFDXVHH[SORVLRQRU¿UH

'RQRWVSUD\ZDWHURQWRRULQWRWKHUHIULJHUDWRU

 7KLVFDQFDXVH¿UHRUHOHFWULFVKRFN

'RQRWWRXFKWKHPDLQVSOXJZLWKZHWKDQGV

 7KLVFDQFDXVHHOHFWULFVKRFN

6DIHW\LQVWUXFWLRQV

&RQWHQWV

6DIHW\LQVWUXFWLRQV

&DULQJIRUWKHHQYLURQPHQW

,QVWDOODWLRQ

3DUWV

&RQWUROSDQHO

6HWWLQJWKHWHPSHUDWXUH

8VLQJWKHKDQG\IXQFWLRQV

+XPLGLW\FRQWURORI´)UHVK&DVHµ&ULVSHU

0DNLQJLFHFXEHV

5HPRYLQJDQGDWWDFKLQJVKHOYHV

&DUHDQG&OHDQLQJLQVWUXFWLRQV

)$4V

6SHFLÀFDWLRQV



(QJOLVK



'RQRWLQVWDOOWKHUHIULJHUDWRULQDGDPSSODFHRUZKHUHLWPD\FRPHLQWRFRQWDFWZLWKZDWHU

 'HWHULRUDWHGLQVXODWLRQRIHOHFWULFDOSDUWVFDQFDXVHVKRUWFLUFXLWHOHFWULFVKRFNRU¿UH

'RQRWVWRUHSKDUPDFHXWLFDOVRURWKHUWHPSHUDWXUHVHQVLWLYHSURGXFWVLQWKHUHIULJHUDWRU

 <RXVKRXOGQRWVWRUHSURGXFWVWKDWUHTXLUHVWULFWWHPSHUDWXUHFRQWUROVLQWKHUHIULJHUDWRU

'RQRWOHWFKLOGUHQFOLPEVZLQJRUKDQJRQWKHUHIULJHUDWRUGRRU

 7KLVFDQFDXVHVHULRXVLQMXU\DVZHOODVGDPDJLQJWKHUHIULJHUDWRU

'RQRWRSHUDWHWKHUHIULJHUDWRULQWKHSUHVHQFHRIH[SORVLYHIXPHVRUÁDPPDEOHJDV

 7KLVFDQFDXVHH[SORVLRQRU¿UH

'RQRWVWRUHSHWURORURWKHUÁDPPDEOHOLTXLGVDQGYDSRXUVLQWKHUHIULJHUDWRURUXVHWKHPQHDUWKHDSSOLDQFH

 7KLVFDQFDXVHH[SORVLRQRU¿UH

:$51,1*

'RQRWXVHPHFKDQLFDOGHYLFHVRURWKHUPHDQVWRDFFHOHUDWH

WKHGHIURVWLQJSURFHVVRWKHUWKDQWKRVHUHFRPPHQGHGE\

WKHPDQXIDFWXUHU

7KLVFDQFDXVHGDPDJHWRWKHLQWHULRURIWKHUHIULJHUDWRURU

FDXVHDQH[SORVLRQ

:$51,1*

'RQRWXVHHOHFWULFDODSSOLDQFHVLQVLGHWKHIRRGVWRUDJH

FRPSDUWPHQWVRIWKHDSSOLDQFHXQOHVVWKH\DUHRIWKHW\SH

UHFRPPHQGHGE\WKHPDQXIDFWXUHU

7KLVFDQFDXVHH[SORVLRQRU¿UH

:$51,1*

'RQRWGDPDJHWKHUHIULJHUDQWFLUFXLW

7KLVFDQFDXVHH[SORVLRQRU¿UH

:$51,1*

'RQRWRSHQWKHFRYHURI/('OLJKWLQJRIIULGJHLQWHULRU

7KLVFDQFDXVHHOHFWULFVKRFN,IWKH/('OLJKWLQJGRHVQRWZRUN

FRUUHFWO\LWPXVWEHUHSODFHGE\WKHPDQXIDFWXUHULWVVHUYLFH

DJHQWRUVLPLODUO\TXDOL¿HGSHUVRQLQRUGHUWRDYRLGDKD]DUG

'RQRWWU\WRGLVDVVHPEOHUHSDLURUPRGLI\WKHUHIULJHUDWRU\RXUVHOI

 <RXPD\LQMXUH\RXUVHOI±RURWKHUV±ZLWKEXUQVRUHOHFWULFVKRFNRUGDPDJHWKHUHIULJHUDWRU,I\RXUDSSOLDQFHQHHGV

DOWHUDWLRQVRUUHSDLUSOHDVHFRQVXOWDXWKRUL]HGVHUYLFHFHQWUH

(QVXUHWKDWWKHUHIULJHUDWRULVSOXJJHGLQWRDQHDUWKHGPDLQVVRFNHW'2127SOXJLQWRDQXQHDUWKHGPDLQV

VRFNHW

 $VKRUWFLUFXLWFRXOGFDXVHDQHOHFWULFDOVKRFN

0DNHVXUHWKHPDLQVOHDGDQGSOXJDUHQRWVTXDVKHGRU

GDPDJHG

$GDPDJHGPDLQVSOXJRUOHDGFDQFDXVHVKRUWFLUFXLW¿UH

RUHOHFWULFVKRFN

,IWKHPDLQVOHDGLVGDPDJHGLWPXVWEHUHSODFHGE\

WKHPDQXIDFWXUHULWVVHUYLFHDJHQWRUVLPLODUO\TXDOL¿HG

SHUVRQVLQRUGHUWRDYRLGDKD]DUG



'RQRWDWWHPSWWRUHSODFHLW\RXUVHOI

6DIHW\LQVWUXFWLRQVFRQWLQXHG



5HPRYHDQ\GLUWRUGXVWIURPWKHPDLQVSOXJ·VSLQVEHIRUHFRQQHFWLQJWRWKHSRZHUVXSSO\

 'XVWEXLOGXSRQWKHPDLQVSOXJFDQFDXVHLQVXODWLRQIDLOXUHHVSHFLDOO\LQKXPLGFRQGLWLRQV7KLVFDQFDXVHVKRUW

FLUFXLW¿UHRUHOHFWULFVKRFN8QSOXJWKHPDLQVOHDGDQGZLSHLWZLWKDGU\FORWK1HYHUXVHDZHWRUGDPSFORWK

3OXJ\RXUDSSOLDQFHLQWRWKHVRFNHWPDNLQJVXUHWKHFRQQHFWLRQLVVHFXUH

 $ORRVHO\FRQQHFWHGPDLQVSOXJFDQFDXVH¿UHRUHOHFWULFVKRFN

,QVWDOOWKHUHIULJHUDWRULQDZHOOYHQWLODWHGDUHD

 7KHPRUHUHIULJHUDQWWKHUHLVLQDQDSSOLDQFHWKHODUJHUWKHURRPLWVKRXOGEHLQVWDOOHGLQ,IWKHUH¶VDUHIULJHUDQWÀXLG

OHDNDQGWKHDSSOLDQFHLVLQDVPDOOURRPWKHEXLOGXSRIFRPEXVWLEOHJDVHVLVPRUHOLNHO\7KLVFDQFDXVH¿UHRU

H[SORVLRQ

$VDJXLGHIRUHYHU\

gRIFRRODQW\RX¶OOQHHGDWOHDVWFXELFPHWUHRIVSDFHLQWKHURRP7KHGDWDSODWH

LQVLGHWKHDSSOLDQFHWHOOV\RXKRZPXFKUHIULJHUDQW\RXUUHIULJHUDWRUFRQWDLQV

7KHUHIULJHUDQW5DXVHGLQWKHUHIULJHUDWRUDQGWKHJDVHVLQWKHLQVXODWLRQPDWHULDOF\FORSHQWDQHDUHERWK

ÁDPPDEOH7KH\DOVRUHTXLUHVSHFLDOGLVSRVDOSURFHGXUHV

 %HIRUH\RXGLVSRVHRIWKHDSSOLDQFHPDNHVXUHQRQHRIWKHSLSHVRQWKHEDFNDUHGDPDJHG5HIULJHUDQWRUJDVOHDNV

FDQFDXVH¿UHRUH[SORVLRQ

8QSOXJWKHUHIULJHUDWRUEHIRUHFOHDQLQJDQGVHUYLFLQJ

 )DLOXUHWRGRWKLVFDQFDXVHHOHFWULFVKRFN

,I\RXVPHOOEXUQLQJRUVHHVPRNHFRPLQJIURPWKHUHIULJHUDWRUGLVFRQQHFWWKHSRZHULPPHGLDWHO\DQGSOHDVH

FRQVXOWDXWKRUL]HGVHUYLFHFHQWUH

 )DLOXUHWRGRWKLVFDQFDXVH¿UHRUHOHFWULFVKRFN

:$51,1*

.HHSYHQWLODWLRQRSHQLQJVLQWKHDSSOLDQFHHQFORVXUH

RULQWKHEXLOWLQVWUXFWXUHFOHDURIREVWUXFWLRQ

)DLOXUHWRGRWKLVFRXOGUHVXOWLQ¿UHRUH[SORVLRQEHFDXVH

UHIULJHUDQWFDQQRWGLVSHUVHLILWOHDNV

&$87,21

,QGLFDWHVULVNRILQMXU\RUGDPDJHWRSURSHUW\

'RQRWSXWJODVVERWWOHVRUFRQWDLQHUVLQWKHIUHH]HU

 :KHQWKHFRQWHQWVIUHH]HWKHJODVVPD\EUHDNDQGFDXVHLQMXU\

'RQRWWRXFKWKHLQVLGHZDOOVRIWKHIUHH]HURULWHPVVWRUHGLQWKHIUHH]HUZLWKZHWKDQGV

 <RXUVNLQFDQEHFRPHIUR]HQRQWRWKHLQWHULRUZDOORULWHPVVWRUHGLQWKHIUHH]HU

,IWKHUH·VDSRZHUFXWDYRLGRSHQLQJWKHUHIULJHUDWRUIUHTXHQWO\RUSXWWLQJXQFKLOOHG

IRRGLQLW

 7KLVFDQFDXVHWKHWHPSHUDWXUHLQWKHUHIULJHUDWRUWRULVHDQGDGYHUVHO\DIIHFWVDQLWDWLRQ

$OVREHFDUHIXORIWKHJDSEHWZHHQWKHIULGJHDQGIUHH]HUGRRUVHVSHFLDOO\LIWKH\DUH

ERWKRSHQDWWKHVDPHWLPH

 7KLVPD\FDXVHSHUVRQDOLQMXU\

:KHQRSHQLQJWKHUHIULJHUDWRUEHFDUHIXOQRWWRSLQFK\RXUÀQJHUVDWWKH´SLQFKSRLQWµ

DUHDV,QSDUWLFXODUZKHQRSHQLQJWKHIULGJHGRRUEHFDUHIXOWRDYRLGWKHSRWHQWLDO

SLQFKSRLQWEHWZHHQWKHIULGJHDQGIUHH]HUGRRUV

 7KLVFDQFDXVHSHUVRQDOLQMXU\

3RWHQWLDOSLQFKSRLQW

6DIHW\LQVWUXFWLRQVFRQWLQXHG



(QJOLVK



'LVSRVLQJRIWKHSDFNDJLQJ

3OHDVHUHF\FOHZKHUHSRVVLEOHHJFDUGERDUGSODVWLFEDJVDGKHVLYHWDSHDQGSRO\VW\UHQHDQG

PDNHVXUH\RXGLVSRVHRIDOORWKHUSDFNLQJPDWHULDOVVDIHO\

.HHSWKHSDFNDJLQJRXWRIWKHUHDFKRIEDELHVDQG\RXQJFKLOGUHQWRDYRLGLQMXU\RUVXIIRFDWLRQ

'LVSRVDORI2OG(TXLSPHQW

2QO\IRU(XURSHDQ8QLRQDQGFRXQWULHVZLWKUHF\FOLQJ

V\VWHPV

7KLVV\PERORQWKHSURGXFWVSDFNDJLQJDQGRUDFFRPSDQ\LQJ

GRFXPHQWVPHDQVWKDWXVHGHOHFWULFDODQGHOHFWURQLFSURGXFWV

PXVWQRWEHPL[HGZLWKJHQHUDOKRXVHKROGZDVWH

)RUSURSHUWUHDWPHQWUHFRYHU\DQGUHF\FOLQJRIROGSURGXFWV

SOHDVHWDNHWKHPWRDSSOLFDEOHFROOHFWLRQSRLQWVLQDFFRUGDQFH

ZLWK\RXUQDWLRQDOOHJLVODWLRQ

%\GLVSRVLQJRIWKHPFRUUHFWO\\RXZLOOKHOSWRVDYHYDOXDEOH

UHVRXUFHVDQGSUHYHQWDQ\SRWHQWLDOQHJDWLYHHIIHFWVRQKXPDQ

KHDOWKDQGWKHHQYLURQPHQW)RUPRUHLQIRUPDWLRQDERXW

FROOHFWLRQDQGUHF\FOLQJSOHDVHFRQWDFW\RXUORFDOPXQLFLSDOLW\

3HQDOWLHVPD\EHDSSOLFDEOHIRULQFRUUHFWGLVSRVDORIWKLV

ZDVWHLQDFFRUGDQFHZLWKQDWLRQDOOHJLVODWLRQ

)RUEXVLQHVVXVHUVLQWKH(XURSHDQ8QLRQ

,I\RXZLVKWRGLVFDUGHOHFWULFDODQGHOHFWURQLFHTXLSPHQW

SOHDVHFRQWDFW\RXUGHDOHURUVXSSOLHUIRUIXUWKHULQIRUPDWLRQ

,QIRUPDWLRQRQ'LVSRVDOLQRWKHU&RXQWULHVRXWVLGHWKH

(XURSHDQ8QLRQ

7KLVV\PEROLVRQO\YDOLGLQWKH(XURSHDQ8QLRQ

,I\RXZLVKWRGLVFDUGWKLVSURGXFWSOHDVHFRQWDFW\RXUORFDO

DXWKRULWLHVRUGHDOHUDQGDVNIRUWKHFRUUHFWPHWKRGRIGLVSRVDO

%HIRUHGLVSRVLQJRI\RXUROGDSSOLDQFH

3OHDVHIROORZHLWKHUWKHGLVSRVDOLQVWUXFWLRQVIURPWKHPDQXIDFWXUHURIWKHROGDSSOLDQFHRUORFDOGLVSRVDO

UHJXODWLRQVIRUWKHDSSOLDQFH:KHUHWKLVLVQRWDYDLODEOHSOHDVHIROORZWKHWKUHHVWHSLQVWUXFWLRQVEHORZ

 5HPRYHWKHPDLQVSOXJIURPWKHVRFNHW

 &XWWKHPDLQVOHDGRIIDQGVDIHO\GLVSRVHRILWZLWKWKHPDLQVSOXJVWLOODWWDFKHG

 8QWLOWKHROGDSSOLDQFHLVFROOHFWHGRU\RXWDNHLWWRD5HF\FOLQJ&HQWUHPDNHVXUHLW¶VRXWWKH

UHDFKRIVPDOOFKLOGUHQ

Ɣ5HPRYHDOOVHDOLQJPDWHULDOVIURPWKHGRRUDQGOHDYHDOOWKHVKHOYHVDQGGUDZHUVLQSODFH

 7KLVZD\FKLOGUHQDUHOHVVOLNHO\WRFOLPELQDQGEHFRPHWUDSSHG

&DULQJIRUWKHHQYLURQPHQW



,QVWDOODWLRQ

7KLVVHFWLRQH[SODLQVKRZWRLQVWDOO\RXUDSSOLDQFHIRUWKHPRVWHQHUJ\HI¿FLHQWVDIHDQGTXLHWRSHUDWLRQ

'LPHQVLRQV

:['[+PP

8QSDFNLQJ\RXUDSSOLDQFH

5HPRYHDOOSDFNDJLQJDQGWDSH

&KRRVLQJWKHULJKWORFDWLRQ

9HQWLODWLRQ

$VWKHDSSOLDQFHJLYHVRIIKHDWGXULQJRSHUDWLRQLWVKRXOGEHLQVWDOOHG

LQDZHOOYHQWLODWHGGU\URRPZLWKSOHQW\RIVSDFHDERYHDQGEHKLQGLW

DVVKRZQLQ)LJXUH

,I\RXFDQKHDULWYLEUDWLQJLWQHHGVPRUHVSDFH

+RZHYHULIWKHUHLVDZDOORQWKHVLGHRIWKHUHIULJHUDWRUDVSDFHRI

PPRUPRUHLVUHTXLUHGRQWKHKLQJHVLGHIRUWKHGRRUVWRRSHQ

RUPRUH

7HPSHUDWXUH

7KHURRPWHPSHUDWXUHDIIHFWVWKHUHIULJHUDWRU¶VHQHUJ\HI¿FLHQF\LH

KRZPXFKHOHFWULFLW\LWXVHVWRFKLOODQGIUHH]HIRRGV

)RUWKHEHVWUHVXOWVLQVWDOO\RXUUHIULJHUDWRU

Ɣ DZD\IURPGLUHFWVXQOLJKW

Ɣ DZD\IURPUDGLDWRUVFRRNHUVRURWKHUKHDWVRXUFHV

Ɣ ZKHUHWKHURRPWHPSHUDWXUHFRUUHVSRQGVWRWKHFOLPDWH

FODVVL¿FDWLRQIRUZKLFKWKHDSSOLDQFHLVGHVLJQHG5HIHUWRWKH

6SHFL¿FDWLRQV6HFWLRQIRU\RXUDSSOLDQFH¶VFOLPDWHFODVVL¿FDWLRQ

Ɣ ([WUHPHWHPSHUDWXUHVRUHQYLURQPHQWDOFRQGLWLRQVPD\KDYH

QHJDWLYHLPSDFWRQLWVSHUIRUPDQFH

 6WRUHGIRRGPD\VSRLO

/HYHO

$IWHUFDUHIXOO\SRVLWLRQLQJWKHDSSOLDQFHVRDVQRWWRGDPDJHÀRRU

VXUIDFHVLQVWDOORQDOHYHOÀRRUWKDW¶VVWURQJHQRXJKWRVXSSRUWDIXOO\

ORDGHGUHIULJHUDWRU

<RXFDQDGMXVWWKHOHYHORIWKHUHIULJHUDWRUE\VFUHZLQJRUXQVFUHZLQJ

WKHWZRDGMXVWDEOHOHJVDVVKRZQLQ)LJXUH

7KLVSUHYHQWVYLEUDWLRQDQGQRLVH

,IWKHDSSOLDQFHLVWRVWDQGRQDFDUSHWHGRUYLQ\OÀRRUSXWDVROLGERDUG

XQGHUQHDWKLW¿UVW7KLVZLOOSURWHFW\RXUÀRRUDJDLQVWSRVVLEOHFRORXU

FKDQJHGXHWRKHDWJLYHQRIIE\WKHDSSOLDQFH

5HIULJHUDWRUGRRU

7KHUHIULJHUDWRU¶VGRRUKLQJHVFDQEHVZDSSHGRYHUIURPWKHULJKWVLGH

WRWKHOHIWVRWKDWWKHGRRUVRSHQLQWKHRSSRVLWHGLUHFWLRQ,IWKLVLV

PRUHFRQYHQLHQWLQ\RXUKRPHSOHDVHFRQWDFWRXUVHUYLFHFHQWUHOLVWHG

RQWKHDWWDFKHGVKHHWRUDFFHVVWRRXU:HEVLWH

KWWSZZZSDQDVRQLFFRP

:HFRXOGQRWEHKHOGUHVSRQVLEOHLI\RXUHSODFHWKHKLQJHVE\\RXUVHOI

PPRUPRUH

PP

RUPRUH

PP

RUPRUH

%RWKVLGHV

)LJXUH

)LJXUH



(QJOLVK



,QVWDOOLQJWKHGLVWDQFHJXLGHV

7KHDSSOLDQFHLVVXSSOLHGZLWKWZRGLVWDQFHJXLGHVZKLFKVKRXOGEH

LQVWDOOHGRQWKHORZHUSDUWRIWKHKRXVLQJWRSUHYHQWIURPSXVKLQJWKH

DSSOLDQFHWRRFORVHWRWKHZDOO$SSOLDQFHPD\DOVREHLQVWDOOHGZLWKRXW

WKHVSDFHUVKRZHYHUWKLVPD\LQFUHDVHSRZHUFRQVXPSWLRQ

,QVHUWWKHGLVWDQFHJXLGHVLQWRWKHKROHVFLUFOHGLQWKH¿JXUH7KH

GLVWDQFHJXLGHVDUHLQFOXGHGLQWKHEDJWKDWFRQWDLQVWKHPDQXDODQG

RWKHULWHPV

&OHDQLQJ

$IWHULQVWDOODWLRQZLSHWKHDSSOLDQFHFOHDQZLWKZDUPZDWHU

&RQQHFWLQJWKHPDLQVSOXJWRWKHKRXVHKROGPDLQVVRFNHW

$IWHUWKHDSSOLDQFHLVSOXJJHGDOOV\PEROVZLOODSSHDUIRUDPRPHQWDQGWKHQWKHVWDUWXSYDOXHVZLOODSSHDUDV&RQ

IUHH]HUVHWWLQJLQGLFDWRUDQG&RQIULGJHVHWWLQJLQGLFDWRU

$OOEXWWRQVRQWKHFRQWUROSDQHODUHWRXFKRSHUDWHG2QO\SUHVVWRDFWLYDWHWKHEXWWRQ\RXZDQWWRRSHUDWH

1RWHV

 &RROLQJPD\WDNHORQJHULQWKHVXPPHUPRQWKVRUDWRWKHUWLPHVZKHQWKHURRPWHPSHUDWXUHLVKLJKHU

 ,I\RXQHHGWRXQSOXJWKHUHIULJHUDWRUZDLWDWOHDVWPLQXWHVEHIRUH\RXSOXJLWEDFNLQDJDLQ,IQRW\RXPLJKWGDPDJH

WKHFRPSUHVVRU

 ,I\RX¶UHQRWJRLQJWRXVHWKHUHIULJHUDWRUIRUDORQJWLPHXQSOXJLWIURPWKHPDLQV

$PELHQWURRPWHPSHUDWXUH

<RX¶OO¿QG\RXUUHIULJHUDWRU¶VFOLPDWHFODVVL¿FDWLRQRQWKHUDWLQJSODWHLQWKHOHIWVLGHRIWKHIULGJHFRPSDUWPHQW,WVKRZV

WKHURRPWHPSHUDWXUHWKHDSSOLDQFHLVGHVLJQHGWRZRUNLQ

&OLPDWHFODVVLÀFDWLRQ 3HUPLWWHGDPELHQWWHPSHUDWXUH

61 ([WHQGHG7HPSHUDWH &WR&

1 7HPSHUDWH &WR&

67 6XEWURSLFDO &WR&

7 7URSLFDO &WR&

)RUVDYLQJHQHUJ\

 ,QVWDOOWKHUHIULJHUDWRULQDGU\FRRODQGZHOOYHQWLODWHGURRP3OHDVHUHIHUWR3DJHIRUGLPHQVLRQVDQGFOHDUDQFH

 7KHFRPELQDWLRQRIGUDZHUVDQGVKHOYHVWKDWUHVXOWLQWKHODUJHVWLQYROXPHDQGWKHPRVWHI¿FLHQWXVHRIHQHUJ\IRUWKH

UHIULJHUDWRU

 5HPRYHWKHWRSDQGPLGGOHGUDZHUVRIWKHIUHH]HU

 $WWDFKWKHGUDZHUVDQGVKHOYHVLQWKHUHIULJHUDWRUWRWKHSRVLWLRQVLOOXVWUDWHGRQWKHVHFWLRQRI³3DUWV´3

 'RQRWRYHU¿OOWKHUHIULJHUDWRUWRDOORZWKHDLUWRFLUFXODWH

 2SHQWKHGRRUVRQO\ZKHQQHFHVVDU\DQGDVEULHÀ\DVSRVVLEOH

 2FFDVLRQDOO\FOHDQWKHYHQWLODWLRQRSHQLQJVDWWKHERWWRPRIWKHUHIULJHUDWRUZLWKDYDFXXPFOHDQHUHWF

 :KHQVHWWLQJWR6XSHU)UHH]H0RGH)ODVK)UHH]H0RGHRU6XSHU&RRO0RGHSRZHUFRQVXPSWLRQZLOOEHLQFUHDVHG



3DUWV

)ULGJHFRPSDUWPHQW

7KHWHPSHUDWXUHFDQEHVHWLQDUDQJH

IURP&WR&

&RRNHGIRRGGULQNV

HJJVFDNHVGDLU\

SURGXFWV

)UHH]HUFRPSDUWPHQW

7KHWHPSHUDWXUHFDQEHVHWLQDUDQJH

IURP&WR&

)UR]HQPHDWSRXOWU\

¿VK

LFHFUHDP

 7KHHJJWUD\

FDQDOVREHXVHGDVDQLFHWUD\

7KHKHLJKWRIVKHOYHV

FDQEHDGMXVWHGWR\RXU

SUHIHUHQFHVZLWKRXWKDYLQJWRWDNHWKHPRXWRIWKH

DSSOLDQFH3XOOWKHWZROHYHUVRQHLWKHUVLGHRIWKHVKHOI

WRZDUGV\RXDQGPRYHWKHVKHOIGRZQ,I\RXZLVKWR

VHWWKHVKHOIKLJKHU\RXFDQGRVRZLWKRXWUHOHDVLQJ

WKHWZROHYHUV

&/('OLJKWLQJRIIULGJHLQWHULRU

'%RWWOHUDFN

(´6OLGH¶1·6WRUHµ*ODVVVKHOI

)&KLOOFDVH

*´)UHVK&DVHµFULVSHU

+(JJWUD\

,

´)OH[/LIWµKHLJKWDGMXVWDEOHGRRUVKHOI

-%RWWOHVKHOI

.8SSHUIUHH]HGUDZHU

/0LGGOHIUHH]HGUDZHU

0%RWWRPIUHH]HGUDZHU

1$GMXVWDEOHOHJV

2%RWWOHVWRSSHU

(

)

1RWH

 <RXFDQFKDQJHWKHSRVLWLRQVZKHUHWKH*ODVVVKHOYHVDQG'RRUVKHOYHVDUHLQVWDOOHG3OHDVHXVHFDXWLRQ

KRZHYHUEHFDXVHVWRUHGIRRGDQGEHYHUDJHVFRXOGIDOORXWZKHQWKHGRRULVRSHQHGDQGFORVHGGHSHQGLQJ

RQWKHVKHOISRVLWLRQV

 :KHQRSHQLQJWKHGRRUSOHDVHWDNHFDUHWRDYRLGFROOLVLRQVZLWKSHRSOHRUREMHFWVLQWKHYLFLQLW\



(QJOLVK



(

)

 $ODUPEXWWRQLQGLFDWRU

:KHQWKHWHPSHUDWXUHLQVLGHLVWRRKLJKWKHLQGLFDWRUÀDVKHV

:KHQWKHGRRUVLVRSHQIRUDORQJWLPHWKHLQGLFDWRUÀDVKHV

 6XSHU&RRO0RGHEXWWRQ

(

 )ULGJHWHPSHUDWXUHGLVSOD\

'XULQJ6XSHU&RRO0RGH³6&´DSSHDUV

)

 )ULGJHWHPSHUDWXUHEXWWRQSULQWHG

 )UHH]HUWHPSHUDWXUHGLVSOD\

'XULQJ6XSHU)UHH]H0RGH³6)´DSSHDUV

'XULQJ)ODVK)UHH]H0RGH³))´DSSHDUV

 )UHH]HUWHPSHUDWXUHEXWWRQSULQWHG

 6XSHU)UHH]H0RGH)ODVK)UHH]H0RGHEXWWRQ

 (&20RGHEXWWRQ

 +ROLGD\0RGHEXWWRQ

7KLVLOOXVWUDWLRQVKRZVWKDWDOOWKHGLVSOD\VDQGEXWWRQV

DUHWXUQHGRQ

1RWHV

 7KLVUHIULJHUDWRUXVHVDPLFURSURFHVVRUWRFRQWUROWKHWHPSHUDWXUH7KHWHPSHUDWXUHLQVLGHWKHUHIULJHUDWRUYDULHV

GHSHQGLQJRQVXFKIDFWRUVDVFKDQJHVLQWKHURRPWHPSHUDWXUHKRZIUHTXHQWO\WKHGRRUVDUHRSHQHGDQGFORVHGDQG

KRZPXFKIRRGLVVWRUHGLQVLGHDQGKRZLWLVVWRUHG

 :KHQ(&20RGHRU+ROLGD\0RGHLVVHWWKHLQGLFDWRUFRUUHVSRQGLQJWRWKHVHOHFWHGPRGHOLJKWV

 $ODUPLQGLFDWRUZLOOÀDVKDQGDODUPZLOOEHKHDUGDWWKHVDPHWLPH

 7KHDQWLVFUDWFKSURWHFWLYH¿OPLVSDVWHGRQWKHFRQWUROSDQHO

 7KHVHWWLQJVPD\FKDQJHLI\RXWRXFKDEXWWRQZKHQFOHDQLQJWKHFRQWUROSDQHO

&RQWUROSDQHO



6HWWLQJWKHWHPSHUDWXUH

)ULGJHFRPSDUWPHQW

(

)

 7RVHWWKHWHPSHUDWXUHLQWKHIULGJHFRPSDUWPHQWXVHWKHNH\V

)

 ORZHUWHPSHUDWXUH

 KLJKHUWHPSHUDWXUH7RXFKWKHNH\VWRWXUQWKHWHPSHUDWXUHGLVSOD\RQ

 7HPSHUDWXUHLQWKHIULGJHFRPSDUWPHQWFDQEHVHWIURP&WR&

 $IWHURQHRIWKH

)

NH\VLVSUHVVHGWKHPRVWUHFHQWWHPSHUDWXUHVHWWLQJZLOOÀDVKRQWKHGLVSOD\

(



8VHWKH

)

NH\VWRVHWWKHGHVLUHGWHPSHUDWXUH

7KUHHVHFRQGVDIWHUWKHODVWNH\ZDVSUHVVHGWKHPRVWUHFHQWWHPSHUDWXUHVHWWLQJLVVWRUHG

IRUWKHIULGJHFRPSDUWPHQW7KHNH\VWXUQRIIDIWHUDSSUR[LPDWHO\VHFRQGV

1RWH

 :KHQ6XSHU&RRO0RGH)ODVK)UHH]H0RGH(&20RGHRU+ROLGD\0RGHHQGVRULV

FDQFHOOHGWKHXQLWUHWXUQVWRLWVSUHYLRXVVHWWLQJV

)UHH]HUFRPSDUWPHQW

 7RVHWWKHWHPSHUDWXUHLQWKHIUHH]HUFRPSDUWPHQWXVHWKHNH\V

 ORZHUWHPSHUDWXUH

 KLJKHUWHPSHUDWXUH7RXFKWKHNH\VWRWXUQWKHWHPSHUDWXUHGLVSOD\RQ

 7HPSHUDWXUHLQWKHIUHH]HUFRPSDUWPHQWFDQEHVHWIURP&WR&

 $IWHURQHRIWKH

NH\VLVSUHVVHGWKHPRVWUHFHQWWHPSHUDWXUHVHWWLQJZLOOÀDVKRQWKH

GLVSOD\

8VHWKH

NH\VWRVHWWKHGHVLUHGWHPSHUDWXUH7KUHHVHFRQGVDIWHUWKHODVWNH\

ZDVSUHVVHGWKHPRVWUHFHQWWHPSHUDWXUHVHWWLQJLVVWRUHGIRUWKHIUHH]HUFRPSDUWPHQW7KH

NH\VWXUQRIIDIWHUDSSUR[LPDWHO\VHFRQGV

1RWH

 :KHQ6XSHU)UHH]H0RGH)ODVK)UHH]H0RGH(&20RGHHQGVRULVFDQFHOOHGWKHXQLW

UHWXUQVWRLWVSUHYLRXVVHWWLQJV



(QJOLVK



6XSHU&RRO0RGH  8VHWKLVVHWWLQJDIWHUVZLWFKLQJRQWKHDSSOLDQFHIRUWKH¿UVWWLPHEHIRUHFOHDQLQJRUEHIRUH

LQVHUWLQJDODUJHDPRXQWRIIRRG

6ZLWFKLQJRQ6XSHU&RRO0RGHIXQFWLRQ

3UHVVWKH

NH\³6&´ZLOODSSHDURQWKHGLVSOD\

(



,IWKHIXQFWLRQLVQRWGHDFWLYDWHGPDQXDOO\LWZLOOEHGHDFWLYDWHGDXWRPDWLFDOO\DIWHUDSSUR[LPDWHO\

VL[KRXUV)ULGJHFRPSDUWPHQWWHPSHUDWXUHZLOOUHWXUQWRWKHPRVWUHFHQWVHWWLQJ

1RWHV

 'XULQJWKLVPRGH

%\SUHVVLQJWKH

NH\6XSHU&RRO0RGHZLOOEHFDQFHOOHG

(&2PRGH+ROLGD\0RGHFDQEHVHOHFWHG

,IHLWKHURIWKRVHIXQFWLRQVLVVHOHFWHG6XSHU&RRO0RGHZLOOEHFDQFHOOHG

7KHIUHH]HUWHPSHUDWXUHFDQEHDGMXVWHG

$OWKRXJKWKHIULGJHWHPSHUDWXUHFDQDOVREHDGMXVWHG6XSHU&RRO0RGHZLOOEHFDQFHOOHG

(

)

6XSHU)UHH]H0RGH  8VHWKLVVHWWLQJDIWHUVZLWFKLQJRQWKHDSSOLDQFHIRUWKH¿UVWWLPHEHIRUHFOHDQLQJRUKRXUV

EHIRUHLQVHUWLQJDODUJHDPRXQWRIIRRG

6ZLWFKLQJRQWKH6XSHU)UHH]HIXQFWLRQ

3UHVVWKH

NH\³6)´ZLOODSSHDURQWKHGLVSOD\



,IWKH6XSHU)UHH]H0RGHLVQRWGHDFWLYDWHGPDQXDOO\LWZLOOEHDXWRPDWLFDOO\VZLWFKHGRIIDIWHU

DSSUR[LPDWHO\WZRGD\V7KHQWKHWHPSHUDWXUHRIWKHIUHH]HUFRPSDUWPHQWUHWXUQVWRWKHPRVW

UHFHQWO\VHWYDOXH

1RWHV

 'XULQJWKLVPRGH

%\SUHVVLQJWKH

NH\6XSHU)UHH]H0RGHZLOOEHFDQFHOOHG

(&2PRGH+ROLGD\0RGHFDQEHVHOHFWHG

,IHLWKHURIWKRVHIXQFWLRQVLVVHOHFWHG6XSHU)UHH]H0RGHZLOOEHFDQFHOOHG

7KHIULGJHWHPSHUDWXUHFDQEHDGMXVWHG

$OWKRXJKWKHIUHH]HUWHPSHUDWXUHFDQDOVREHDGMXVWHG6XSHU)UHH]H0RGHZLOOEHFDQFHOOHG

)ODVK)UHH]H0RGH  ,QRUGHUWRTXLFNO\IUHH]HIUHVKIRRGXVHWKH)ODVK)UHH]H0RGHIXQFWLRQWKDWLVRQO\DFWLYHLQ

WKHXSSHUIUHH]HGUDZHURIWKHIUHH]HUFRPSDUWPHQW,WLQYROYHVLQWHQVLYHEORZLQJRIFRRODLULQ

WKDWSDUWRIWKHDSSOLDQFH)DVWHUIUHH]LQJZLOOUHWDLQPRUHYLWDPLQVPLQHUDOVDQGQXWULHQWVLQ

WKHIRRGIRUDORQJHUSHULRGRIWLPH

6ZLWFKLQJRQWKH)ODVKIUHH]H0RGHIXQFWLRQ

3UHVVWKH

NH\DQGKROGLWIRUDWOHDVWWKUHHVHFRQGV³))´ZLOODSSHDURQWKHGLVSOD\



 :LWKWKLVVHWWLQJWKHFRPSUHVVRUZLOORSHUDWHFRQWLQXRXVO\DQGWKHWHPSHUDWXUHLQWKHIUHH]HU

FRPSDUWPHQWZLOOGURSFRQVLGHUDEO\

 ,IWKHVHWWLQJLVQRWGHDFWLYDWHGPDQXDOO\E\SUHVVLQJWKH

NH\LWZLOOEHGHDFWLYDWHG

DXWRPDWLFDOO\DIWHUKRXUV)UHH]HUFRPSDUWPHQWWHPSHUDWXUHZLOOUHWXUQWRWKHPRVWUHFHQW

VHWWLQJ

 8VHWKLVVHWWLQJIRUIUHH]LQJVPDOOHUDPRXQWVRIIRRGXSWRWZRNLORJUDPVLQWKHXSSHUIUHH]H

GUDZHU:KHQIUHH]LQJDODUJHDPRXQWRIIRRGWKHVHWWLQJVKRXOGEHDFWLYDWHGKRXUVEHIRUH

WKHIRRGLVSODFHGLQWKHIUHH]HU

1RWHV

 'XULQJWKLVPRGH

%\SUHVVLQJWKH

NH\)ODVK)UHH]H0RGHZLOOEHFDQFHOOHG

(&2PRGH+ROLGD\0RGHFDQEHVHOHFWHG

,IHLWKHURIWKRVHIXQFWLRQVLVVHOHFWHG)ODVK)UHH]H0RGHZLOOEHFDQFHOOHG

7KHIULGJHWHPSHUDWXUHFDQEHDGMXVWHG

:KHQWKH6XSHU&RRO0RGHLVDFWLYDWHGWKLVPRGHFDQQRWEHVHOHFWHG

$OWKRXJKWKHIUHH]HUWHPSHUDWXUHFDQDOVREHDGMXVWHG)ODVK)UHH]H0RGHZLOOEHFDQFHOOHG

8VLQJWKHKDQG\IXQFWLRQV



(&20RGH

 ,QWKLVPRGHWKHFRQWUROXQLWRSHUDWHVWKHIUHH]HUDQGIULGJHHFRQRPLFDOO\

7RDFWLYDWHWKH(FR0RGHIXQFWLRQSUHVVWKH

NH\7KH

NH\OLJKWVXS:LWKWKLVIXQFWLRQDFWLYDWHGDSSOLDQFH

ZLOORSHUDWHZLWKRSWLPXPVHWWLQJV

1RWHV

 'XULQJWKLVPRGH

7KHWHPSHUDWXUHRIWKHIULGJHDQGIUHH]HUFDQQRWEHDGMXVWHG(&20RGHZLOOEHFDQFHOOHGDQG

WKHVHOHFWHGWHPSHUDWXUHZLOOEHVHW

6XSHU&RRO0RGH6XSHU)UHH]H0RGHRU)ODVK)UHH]H0RGHFDQEHVHOHFWHG

,IHLWKHUPRGHLVVHOHFWHG(&20RGHZLOOEHFDQFHOOHGDQGWKHVHOHFWHGPRGHZLOOEHFRPH

DFWLYH

+ROLGD\0RGHFDQEHVHOHFWHG

,ILWLVVHOHFWHG(&20RGHZLOOEHFDQFHOOHGDQG+ROLGD\0RGHZLOOEHFRPHDFWLYH

+ROLGD\0RGH  6HWWKLVPRGHZKHQWKHIULGJHLQQRWJRLQJWREHXVHGIRUDSURORQJHGSHULRGVXFKDVGXULQJD

ORQJYDFDWLRQ

 ,QWKLVPRGHWKHIULGJHWHPSHUDWXUHLVDXWRPDWLFDOO\VHWWR&)ULGJHWHPSHUDWXUHGLVSOD\

WXUQVRII

7RDFWLYDWHWKH+ROLGD\0RGHIXQFWLRQSUHVVWKH

NH\7KH

NH\OLJKWVXS:LWKWKLVIXQFWLRQDFWLYDWHG

DSSOLDQFHZLOORSHUDWHZLWKRSWLPXPVHWWLQJV

1RWHV

 'XULQJWKLVPRGH

%HIRUHXVLQJWKLVPRGHHPSW\RXWWKHIULGJHDQGFORVHGRRU

:KHQWKLVPRGHLVHQGHGWKHIULGJHZLOOUHVXPHRSHUDWLRQZLWKLWVSUHYLRXVVHWWLQJV

7KHIULGJHWHPSHUDWXUHFDQQRWEHDGMXVWHGXQWLOWKLVPRGHLVFDQFHOOHG

:KHQWKHGRRULVRSHQHGDODUPZLOOEHDFWLYDWHG

$ODUP0RGH +LJKWHPSHUDWXUHDODUP

 ,IWKHWHPSHUDWXUHLQVLGHWKHDSSOLDQFHLVWRRKLJKDFRXVWLFDODUPZLOOEHDFWLYDWHGLQWHUPLWWHQW

WRQHDQGWKH

NH\ZLOOÀDVK

 $FNQRZOHGJHDQGWXUQRIIWKHDFRXVWLFDODUPE\SUHVVLQJWKH

NH\

 7KHDFRXVWLFDODUPZLOOEHDFWLYDWHGHYHU\KRXUVLIWKHWHPSHUDWXUHLQWKHDSSOLDQFHLVQRW

ORZHQRXJKDQGWKHUHLVGDQJHURIIRRGVSRLODJH

7KHDODUPZLOOEHVZLWFKHGRIIDXWRPDWLFDOO\DVVRRQDVWKHWHPSHUDWXUHLQWKHIUHH]HUGURSVWR

DOHYHOWKDWQRORQJHUSUHVHQWVVSRLODJHKD]DUG

 :KHQWKHDSSOLDQFHLVVZLWFKHGRQIRUWKH¿UVWWLPHWKHUHLVDKRXUGHOD\LQWHPSHUDWXUH

DODUPRSHUDWLRQVLQFHWKHDSSOLDQFHZLOOQRWKDYHUHDFKHGWKHDGHTXDWHWHPSHUDWXUH

7KXVXQQHFHVVDU\DFWLYDWLRQRIDODUPLVSUHYHQWHG

2SHQUHIULJHUDWRUGRRUDODUP

 ,IWKHUHIULJHUDWRURUIUHH]HUFRPSDUWPHQWGRRULVRSHQIRUPRUHWKDQWZRPLQXWHVDFRXVWLF

DODUPZLOOEHDFWLYDWHGDQGWKH

NH\ZLOOÀDVK

:KHQWKHGRRULVFORVHGWKHDODUPZLOOEHGHDFWLYDWHG,WFDQDOVREHVZLWFKHGRIIE\SUHVVLQJ

WKH

NH\

(

)

&KLOGVDIHW\ORFN 8VHWKLVIXQFWLRQLI\RXGRQRWZLVKWRPDQXDOO\DGMXVWWKHDSSOLDQFHVHWWLQJV

7RDFWLYDWHSUHVVDQGKROGWKH

NH\IRUWKUHHVHFRQGV³//´ZLOODSSHDURQWKHGLVSOD\

(

DQG

DQGDODUPVZLOOVRXQG

7KLVZLOOORFNDOONH\VH[FHSW



7RGHDFWLYDWHWKHVDIHW\ORFNSUHVVWKH

NH\DQGKROGLWIRUWKUHHVHFRQGV

1RWH

 ³//´LVQRWGLVSOD\HGZKLOHWKLVIXQFWLRQLVDFWLYDWHG+RZHYHU³//´ZLOODSSHDULQDVHFRQGE\

SUHVVLQJDQ\NH\

(

)

8VLQJWKHKDQG\IXQFWLRQVFRQWLQXHG



(QJOLVK



 7KHELQDWWKHERWWRPRIWKHUHIULJHUDWRULVLQWHQGHGIRUVWRULQJIUXLWDQG

YHJHWDEOHV,WNHHSVKXPLGLW\DQGSUHYHQWVWKHIRRGIURPGU\LQJRXW

 6WRUHWKHIRRGLQVXLWDEOHSDFNDJLQJWRSUHYHQWWKHPIURPHPLWWLQJRUWDNLQJRQ

RGRUV

 7KHELQKDVLQWHJUDWHGKXPLGLW\UHJXODWRUZKLFKDOORZVVHWWLQJWKHKXPLGLW\

DFFRUGLQJWRWKHDPRXQWRIIRRGVWRUHG

6PDOOHUDPRXQWVRIIRRGSXVKWKHFRQWUROVOLGHUWRWKHULJKW

/DUJHUDPRXQWVRIIRRGSXVKWKHFRQWUROVOLGHUWRWKHOHIW

(JJWUD\FDQPDNHLFHFXEHV

7RPDNHLFHFXEHV¿OOWKHHJJWUD\ZLWKZDWHUDQGSODFHLWLQWKHIUHH]HGUDZHURIWKHIUHH]HU

:KHQLFHFXEHVDUHUHDG\WDNHRXWLWIURPWKHIUHH]HUGUDZHU

3XVKHDFKFDYLW\RIWKHHJJWUD\IURPWKHEDFNVLGH

7KHLFHFXEHVZLOOSRSRXWIURPWKHHJJWUD\

)ULGJH









*ODVVVKHOYHV

7RUHPRYHDVKHOIIURP

WKHUHIULJHUDWRUSXOOLW

RXWWRWKHSRLQWZKHQLW

LVVWRSSHGE\WKHJXLGH

7KHQOLIWLWVOLJKWO\DWWKH

IURQWSDUWDQGSXOOLWDOOWKH

ZD\RXW

&KLOOFDVHDQG´)UHVK

&DVHµFULVSHU

3XOORXWWKHFDVHDVIDU

DVLWZLOOJR7KHQOLIWWKH

IURQWSDUWDQGSXOOLWRXW

FRPSOHWHO\

'RRUVKHOYHV

7RUHPRYHDVKHOIPRYH

WKHVKHOIWRWKHKLJKHVW

SRVLWLRQSXVKWKHOHIWDQG

ULJKWOHYHUVXSDQGWKHQ

SXOOWKHVKHOIRXW

%RWWOHVKHOI

7RUHPRYHDVKHOIIURP

WKHDSSOLDQFHOLIWLWDVIDU

DVLWZLOOJRDQGSXOOLWRXW

)UHH]HU

7KHGUDZHUVDUHSURWHFWHGDJDLQVWSXOOLQJRXW7RUHPRYHDGUDZHUIURPWKHDSSOLDQFHRSHQLWWKHQ

OLIWWKHIURQWSDUWDQGSXOOLWRXW

+DYLQJUHPRYHGWKHGUDZHU\RXFDQVWRUHIRRGLQWKHHPSW\FRPSDUWPHQW

+XPLGLW\FRQWURORI´)UHVK&DVHµ&ULVSHU

5HPRYLQJDQGDWWDFKLQJVKHOYHV

0DNLQJLFHFXEHV

:DWHU



&DUHDQG&OHDQLQJLQVWUXFWLRQV

'DLO\FOHDQLQJ

:LSHUHJXODUO\ZLWKDGU\FORWK

3ODFHVWRSD\SDUWLFXODUDWWHQWLRQWR

3DUWV\RXFDQZDVKZLWKZDWHU

)ULGJH )UHH]HU

Ɣ *ODVVVKHOYHV

Ɣ 'RRUVKHOYHV

Ɣ %RWWOHVKHOI

Ɣ (JJWUD\

Ɣ &KLOOFDVH

Ɣ ³)UHVK&DVH´FULVSHU

Ɣ %RWWOHUDFN

Ɣ %RWWOHVWRSSHU

1RWH

 'RQRWXVHDEUDVLYHFOHDQHUVVXFKDV%LFDUERQDWHRI

6RGDDVWKH\FDQGDPDJHWKHSODVWLF

Ɣ 8SSHUIUHH]HGUDZHU

Ɣ 0LGGOHIUHH]HGUDZHU

Ɣ %RWWRPIUHH]HGUDZHU

'RRURSHQLQJVHDO

,IWKHVHDOJHWVGLUW\DQGGDPDJHGFROGDLULVPRUHOLNHO\

WROHDN

%RWWOHVKHOI

:LSHDZD\DQ\GLUWDQGOLTXLGEHIRUHLWEXLOGVXS

(DFK\HDUXQSOXJ\RXUUHIULJHUDWRUUHPRYHWKHVKHOYHVDQGJLYHWKHPD

WKRURXJKFOHDQ

&OHDQLQJWKHKLJKIUHVKÀOPFDVVHWWH

7KHKLJKIUHVK¿OPFDVVHWWHLV¿[HGZLWKFODZV5HPRYHWKHFDVVHWWHDQGZDVKLWZLWKZDWHU$IWHUZDVKLQJWKHFDVVHWWH

ZLWKZDWHUGUDLQLWDQGZLSHDQ\UHPDLQLQJZDWHUGURSVEHIRUHDWWDFKLQJ,IVWDLQVDUHKDUGWRUHPRYHFDUHIXOO\ZDVKWKH

FDVVHWWHZLWKDPLOGNLWFKHQGHWHUJHQWQHXWUDODQGDVRIWFORWKDQGZDVKWKHGHWHUJHQWDZD\ZLWKZDWHU

&OHDQLQJWKHFRQWUROSDQHO

7KHUHIULJHUDWRU¶VFRQWUROSDQHOLVPDGHRIGHOLFDWHPDWHULDOV7RSURWHFWLWVVXUIDFHVGRQRWFOHDQLWZLWKVROYHQWEDVHG

FKHPLFDOV6LPSO\ZLSHLWZLWKDGU\RUVOLJKWO\GDPSFORWK

&OHDQLQJWKHRXWVLGHRIWKHUHIULJHUDWRU

8VHDZDUPGDPSVRIWFORWKWRFOHDQWKHRXWVLGHRI\RXUUHIULJHUDWRU)RUPRUHVWXEERUQPDUNVXVHDPLOGNLWFKHQ

GHWHUJHQWDQGZLSHDZD\ZLWKDVRIWGDPSFORWK5HPRYHDQ\UHPDLQLQJVXUIDFHZDWHUZLWKDGU\FORWK

1RWHVIRUFOHDQLQJ

:KHQFOHDQLQJLQVLGHRURXWVLGH\RXUUHIULJHUDWRUGRQRWXVH

Ɣ DONDOLQHGHWHUJHQWVWKH\FDQFUDFNSODVWLFSDUWV

Ɣ JULQGLQJGXVWVRDSSRZGHURLOEDVHGFOHDQHUVKRWZDWHUEUXVKHVDFLGVEHQ]HQHVVROYHQWVRUDOFRKROEDVHG

VROXWLRQVDOOFDQGDPDJHWKHUHIULJHUDWRU¶VVXUIDFHVDQGSODVWLFSDUWV

0DNHVXUH\RXZLSHRIIDQ\VWDLQVIURPHGLEOHRLOVZKLFKFDQDOVRGDPDJHSODVWLFSDUWV



(QJOLVK



0DLQWHQDQFHFKHFN

Ɣ,VWKHPDLQVOHDGGDPDJHG"

Ɣ'RHVWKHPDLQVSOXJJHWKRW"

Ɣ,VWKHPDLQVSOXJ¿UPO\LQWKHPDLQVVRFNHW"

,IWKHPDLQVOHDGLVGDPDJHGSOHDVHFRQVXOWDQDXWKRUL]HGVHUYLFHFHQWUH'2127DWWHPSWWRUHSODFHWKHVHLWHPV

\RXUVHOI

([WHQGHGGLVXVH

,I\RX¶UHQRWJRLQJWRXVHWKHUHIULJHUDWRUIRUDORQJWLPHXQSOXJLWDQGFOHDQWKHPDLQVSOXJDVGHVFULEHGDERYH7KHQ

OHDYHWKHGRRUVRSHQIRUGD\V7KLVOHWVWKHLQWHULRUGU\RXWSURSHUO\DQGSUHYHQWVRGRXUDQGWKHEXLOGXSRIPRXOG

'RQRWVZLWFKWKHUHIULJHUDWRURQDQGRIIUHSHDWHGO\,WZLOOODVWORQJHULI\RXOHDYHLWVZLWFKHGRQGXULQJQRUPDOXVH

%HIRUHPRYLQJRUWUDQVSRUWLQJ\RXUUHIULJHUDWRU

཰ 5HPRYHDOOLWHPV

ཱ 8QSOXJLW

ི 5DLVHWKHDGMXVWDEOHOHJ

ཱི 3XOORUµZDON¶WKHUHIULJHUDWRUWRZDUGV\RX

ུ 3XWDFORWKRQWKHOHIWFRUQHURIWKHHYDSRUDWLRQSDQ6ODQWWKH

UHIULJHUDWRU IRUWKH FORWK WR DEVRUE ZDWHU%HVXUH WKHUH LV QR

UHPDLQLQJZDWHU

0RYLQJDQGWUDQVSRUWLQJ\RXUUHIULJHUDWRU

$WOHDVWWZRSHRSOHDUHQHHGHGWRFDUU\WKHUHIULJHUDWRUVDIHO\

཰ 7LJKWHQWKHDGMXVWDEOHOHJV

ཱ

 +ROGWKHDGMXVWDEOHOHJVDWRQHHQGDQGFRUQHUVDWWKH

 RWKHUDVVKRZQ

1RWH

 'RQRWFDUU\WKHUHIULJHUDWRUE\KROGLQJLWVGRRUV

$OZD\VWUDQVSRUWWKHUHIULJHUDWRULQLWVQRUPDOXSULJKWSRVLWLRQ

6HFXUHWKHGRRUVZLWK

DGKHVLYHWDSH

(YDSRUDWLRQSDQ

/RZHUEDFNRIWKHUHIULJHUDWRU



)$4V

,I\RXIHHOWKDWWKHUHIULJHUDWRULVQRWZRUNLQJSURSHUO\FKHFNRXWWKHIROORZLQJSRLQWV¿UVW

,IWKHWURXEOHSHUVLVWVGLVFRQQHFWWKHPDLQVSOXJDQGFRQWDFW\RXUGHDOHURUDQDXWKRUL]HGVHUYLFHFHQWUH

*HQHUDO

<RXKHDUXQXVXDOVRXQGVIURPWKH

UHIULJHUDWRU

 +DVWKHUHIULJHUDWRUEHHQLQVWDOOHGRQDVWXUG\DQGOHYHOÀRRU"

 +DYHVXI¿FLHQWFOHDUDQFHVEHHQSURYLGHGDURXQGWKHUHIULJHUDWRU"

 ,VDQ\WKLQJYLEUDWLQJRQWKHWRSRIWKHUHIULJHUDWRU"

 ,W¶VQRUPDOWRKHDUVRPHQRLVHVZKHQWKHUHIULJHUDWRUVWDUWVRUVWRSVRSHUDWLRQ

<RXKHDUDVRXQGDIWHUWKH

FRPSUHVVRUKDVVKXWGRZQ

 7KLVLVQRUPDODQGLVRIWHQFDXVHGE\UHIULJHUDQWÀRZLQJEDFNWRWKH

FRPSUHVVRU

<RXKHDUDVRXQGDIWHU\RXKDYH

RSHQHGRUFORVHGWKHGRRU

 7KLVLVQRUPDODQGLVGXHWRWKHGLIIHUHQFHLQDLUSUHVVXUHEHWZHHQWKHLQVLGH

DQGRXWVLGHRIWKHUHIULJHUDWRU

<RXKHDUWKHVRXQGRIDLURUZDWHU

ÁRZLQJDIWHU\RXKDYHRSHQHG

WKHGRRU

 7KLVLVFDXVHGE\UHIULJHUDQWÀRZLQJWKHLQWHUQDOSLSHZRUN

<RXKHDUDFRQWLQXRXVZKLQLQJ

VRXQG

 7KLVVRXQGLVKHDUGZKLOHWKHIDQIRUFLUFXODWLQJWKHFROGDLULVRSHUDWLQJ

 +DVWKHIRRGEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRPWHPSHUDWXUHKLJK"

,QFDVHVOLNHWKHVHWKHIDQIRUFLUFXODWLQJWKHFROGDLUUXQVDWKLJKVSHHGVRLW

PDNHVDORXGQRLVH

7KHFRPSUHVVRULVTXLWHORXG  +DVWKHIRRGEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRPWHPSHUDWXUHKLJK"

,QFDVHVOLNHWKHVHWKHFRPSUHVVRUUXQVKDUGVRLW¶VQRUPDOIRUWKHFRPSUHVVRU

WREHORXGHU

7KHFRPSUHVVRUKDVEHHQUXQQLQJ

IRUDORQJWLPH

 :KHQWKHPDLQVSOXJKDVEHHQFRQQHFWHGIRUWKH¿UVWWLPHWKHFRPSUHVVRU

UXQVORQJHUWKDQXVXDOLQRUGHUWRFRROGRZQWKHLQVLGHRIWKHUHIULJHUDWRUXQWLO

WKHVHWWHPSHUDWXUHVDUHUHDFKHG

 +DV6XSHU)UHH]H0RGHRU6XSHU&RRO0RGHEHHQVHW"

 +DYHWKHGRRUVEHHQRSHQHGDQGFORVHGIUHTXHQWO\"$UHWKHGRRUVFRPSOHWHO\

VKXW"

 +DYHWKHIRRGLWHPVEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRP

WHPSHUDWXUHKLJK"

 :KHQPDQ\IRRGLWHPVDUHSODFHGLQWKHUHIULJHUDWRUDWRQHWLPHWKH

FRPSUHVVRUZLOOQHHGWRUXQIRUDORQJHUSHULRG

&RQGHQVDWLRQIRUPVRQWKH

RXWVLGHRIWKHUHIULJHUDWRU

 &RQGHQVDWLRQPD\IRUPZKHQWKHKXPLGLW\LQWKHURRPLVKLJKDQGLVQRUPDO

:LSHLWRIIXVLQJDGU\FORWK

7KHRXWVLGHRIWKHUHIULJHUDWRU

IHHOVKRWWRWKHWRXFK

 $IWHUWKHSRZHURIWKHUHIULJHUDWRULVWXUQHGRQWKHUHIULJHUDWRUPD\EHFRPH

ZDUPXQWLOWKHLQWHULRURIWKHFRPSDUWPHQWLVVXI¿FLHQWO\FRROHGGRZQ7KH

UHIULJHUDWRUPD\EHFRPHZDUPHYHQDIWHUWKHFRPSDUWPHQWVKDYHEHHQFRROHG

GRZQ7KLVLVGXHWRWKHRSHUDWLRQRIWKHKHDWUDGLDWLRQSLSHHTXLSSHGRQWKH

UHIULJHUDWRUIRUWKHSXUSRVHRISUHYHQWLQJFRQGHQVDWLRQDQGLVQRWPDOIXQFWLRQ

7KHFRQWUROVRQWKHFRQWUROSDQHO

FDQQRWEHRSHUDWHG

 ,VWKHSRZHUWRWKHUHIULJHUDWRURQ"

7KHDODUPVRXQGV  7KHIULGJHGRRUKDVEHHQOHIWDMDU&ORVHWKHGRRUV



(QJOLVK



)ULGJHDQGIUHH]HU

7KHIULGJHLVQRWFKLOOLQJDQGWKH

IUHH]HULVQRWIUHH]LQJ

 ,VWKHSRZHUWRWKHUHIULJHUDWRURQ"

7KHIULGJHLVQRWFKLOOLQJDQG

WKHIUHH]HULVQRWIUHH]LQJ

VDWLVIDFWRULO\

 ,VWKHVHWWHPSHUDWXUHWRRKLJK"

 ,VWKHUHIULJHUDWRUH[SRVHGWRGLUHFWVXQOLJKWRUSRVLWLRQHGQHDUDKHDWLQJ

DSSOLDQFH"

 +DYHVXI¿FLHQWFOHDUDQFHVEHHQSURYLGHGDURXQGWKHUHIULJHUDWRU"

 +DYHWKHIRRGLWHPVEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRP

WHPSHUDWXUHKLJK"

 +DYHWKHGRRUVEHHQRSHQHGDQGFORVHGIUHTXHQWO\"

$UHWKHGRRUVFRPSOHWHO\VKXW"

 +DV+ROLGD\0RGHEHHQVHW"

 :KHQZDUPIRRGLVSXWLQVLGHWKHUHIULJHUDWRUWKHWHPSHUDWXUHZLOOULVH

WHPSRUDULO\

 'XULQJWKHFROGVHDVRQRUZKHQWKHURRPWHPSHUDWXUHLVORZLWPD\IHHODVLI

WKHUHIULJHUDWRULVQRWFKLOOLQJ

7KHUHLVDGLIIHUHQFHEHWZHHQ

WKHVHWWHPSHUDWXUHDQGDFWXDO

WHPSHUDWXUH

 :KHQZDUPIRRGLVSXWLQVLGHWKHUHIULJHUDWRUWKHWHPSHUDWXUHZLOOULVH

WHPSRUDULO\

)RRGLQWKHIULGJHIUHH]HV  ,VWKHVHWWHPSHUDWXUHIRUWKHIULGJHWRRORZ"

 +DVWKHIRRGEHHQSODFHGDWWKHEDFNRIWKHIULGJH"

7KHDUHDQHDUWKHEDFNZDOOLVZKHUHWKHWHPSHUDWXUHVDUHFROGHVWVRDYRLG

SODFLQJIRRGZKLFKPD\IUHH]HHDVLO\KHUH

&RQGHQVDWLRQIRUPVLQWKHIULGJH

DQGGUDZHUV

 &RQGHQVDWLRQPD\IRUPZKHQWKHGRRUKDVEHHQRSHQHGDQGFORVHGIUHTXHQWO\

RUZKHQLWKDVQRWEHHQVKXWFRPSOHWHO\RUZKHQWKHURRPKXPLGLW\LVKLJK

:LSHRIIWKHFRQGHQVDWLRQXVLQJDGU\FORWK

,WLVKDUGWRRSHQWKHIUHH]HUGRRU  7KHGRRULVVRPHWLPHVGLI¿FXOWWRRSHQMXVWDIWHULWKDVEHHQFORVHG

 7KHGLIIHUHQFHLQDLUSUHVVXUHEHWZHHQWKHLQVLGHDQGRXWVLGHRIWKHIUHH]HU

PD\VRPHWLPHVPDNHLWKDUGWRRSHQWKHIUHH]HUGRRU:DLWDIHZPRPHQWV

DQGWKHQWU\RSHQLQJWKHGRRU

,WVPHOOVLQVLGHWKHUHIULJHUDWRU  :HUHDQ\IRRGLWHPVZLWKVWURQJRGRXUVVHDOHGEHIRUHWKH\ZHUHSODFHGLQWKH

IULGJH"

3ODFHWKHLWHPVLQVLGHDVHDOHGFRQWDLQHUDQGVWRUHWKHP

 2GRXUVPD\VWLFNWRWKHVXUIDFHVLQVLGHWKHUHIULJHUDWRU:LSHWKHVXUIDFHV

XVLQJDVRIWFORWKZKLFKKDVEHHQGLSSHGLQOXNHZDUPZDWHU



7KLVV\PEROLVXVHGWRUHIHUXVHUVWRWKHLQVWUXFWLRQVRUOHDÀHWVIRUUHOHYDQWLQIRUPDWLRQ

7KLVUHIULJHUDWRULQFRUSRUDWHVDÀOWHUZKLFKLVFRQVLGHUHGDELRFLGDOSURGXFW

7KH¿OWHULWVHOILQFRUSRUDWHVDVXEVWDQFHFRQWDLQLQJVLOYHULRQVZKLFKGHDFWLYDWHVEDFWHULDLQWKHDLULQVLGHWKH

UHIULJHUDWRUDQGLQKLELWVEDFWHULDOJURZWK

$FWLYHVXEVWDQFH6LOYHUVRGLXPK\GURJHQ]LUFRQLXPSKRVSKDWH



6SHFLÀFDWLRQV

3URGXFWÀFKH(85HJXODWLRQ

6833/,(561$0( 3DQDVRQLF

02'(/

15%1$;(

15%1$:(

15%1$;%

15%1$:%

&$7(*25< 5HIULJHUDWRU)UHH]HU

(1(5*<()),&,(1&<&/$66 $

$118$/(1(5*<&2168037,21 N:K\HDU



1(7)5,'*(92/80( /

1(7)5((=(592/80( /

67$55$7,1*2)7+()5((=(5 )RXUVWDU

)5267)5((&203$570(176 )ULGJH1RIURVW)UHH]HU1RIURVW

7(03(5$785(5,6(7,0( KRXUV

)5((=,1*&$3$&,7< NJK

&/,0$7(&/$66 617



$,5%251($&2867,&$/12,6((0,66,216 G%

2WKHU,QIRUPDWLRQ

727$/*526692/80( /

727$/1(792/80( /

2876,'(',0(16,216

:,'7+î'(37+î+(,*+7

PP[PP[PP

1(7:(,*+7 1,5NJ

5$7('92/7$*( 99 99

5$7(')5(48(1&< +]

5()5,*(5$17&+$5*( 5DJ

%/2:,1*$*(17 &\FOR3HQWDQH

1RWHV



 7KHHQHUJ\FRQVXPSWLRQSHU\HDULVEDVHGRQWKHVWDQGDUGWHVWUHVXOWVIRUKRXUVLQDFFRUGDQFHZLWK(1

$FWXDOHQHUJ\FRQVXPSWLRQYDU\GHSHQGLQJRQKRZWKHDSSOLDQFHLVXVHGDQGZKHUHLWLVORFDWHG

7KHHQHUJ\FRQVXPSWLRQZKHQLQXVHPD\YDU\GHSHQGLQJRQZKHUHWKHXQLWLVLQVWDOOHGWKHWHPSHUDWXUHVHWWLQJRI

HDFKRIWKHFRPSDUWPHQWVWKHDPELHQWWHPSHUDWXUHDQGKXPLGLW\KRZRIWHQWKHGRRUVDUHRSHQHGFORVHGWKHYROXPH

DQGWHPSHUDWXUHRIWKHIRRGVWXIIVDQGKRZWKHDSSOLDQFHLVXVHG



 3HUPLWWHGDPELHQWWHPSHUDWXUH&WR&

:KHQWKHGRRUVDUHFRPSOHWHO\RSHQ

600 mm

632.5 mm

1247 mm

1203 mm

677 mm

634 mm





,QKDOWVYHU]HLFKQLV

6LFKHUKHLWVDQZHLVXQJHQ

+LQZHLVH]XU(QWVRUJXQJ

0RQWDJH

6FKHPDWLVFKH$QVLFKW

'LVSOD\XQG%HGLHQIHOG

(LQVWHOOHQGHU7HPSHUDWXU

9HUZHQGXQJGHU=XVDW]IXQNWLRQHQ

)HXFKWLJNHLWVNRQWUROOHGHV*HPVHIDFKV

´)UHVK&DVHµ

3URGXNWLRQYRQ(LVZUIHOQ

(QWIHUQHQXQG$QEULQJHQYRQ$EODJHQ

3ÁHJHXQG5HLQLJXQJVKLQZHLVH

)UDJHQXQG$QWZRUWHQ

7HFKQLVFKH'DWHQ

%HGHXWXQJGHU6\PEROH

%LWWHQLFKWWXQ

=HLJWDQGDVVGDV*HUlW]XU9HUKWXQJYRQ

6WURPVFKOlJHQJHHUGHWZHUGHQPXVV

8QEHGLQJWWXQ 1LFKW]HUOHJHQ

:$5181*

:HLVWDXI*HIDKUYRQ7RGRGHUHUQVWKDIWHQ9HUOHW]XQJHQ

KLQ

'LHVHV*HUlWNDQQYRQ.LQGHUQDE-DKUHQVRZLHYRQ3HUVRQHQPLW

HLQJHVFKUlQNWHQN|USHUOLFKHQVHQVRULVFKHQRGHUJHLVWLJHQ)lKLJNHLWHQ

RGHU8QHUIDKUHQKHLWXQG8QNHQQWQLVGHV*HUlWVEHQXW]WZHUGHQZHQQ

VLHXQWHU$XIVLFKWRGHU$QOHLWXQJ]XU9HUZHQGXQJGHV*HUlWVDXIVLFKHUH

$UWVWHKHQXQGGLHGDPLWYHUEXQGHQHQ*HIDKUHQYHUVWHKHQ.LQGHU

GUIHQQLFKWPLWGHP*HUlWVSLHOHQ'LH5HLQLJXQJXQG%HQXW]HUZDUWXQJ

VROOWHQQLFKWYRQ.LQGHUQRKQH$XIVLFKWGXUFKJHIKUWZHUGHQ

.HLQHH[SORVLRQVIlKLJHQ6XEVWDQ]HQZLHHWZDPLWHQW]QGOLFKHP

7UHLEPLWWHOJHIOOWH6SUKGRVHQLQGLHVHP*HUlWDXIEHZDKUHQ

%UHQQEDUH6XEVWDQ]HQZLH%HQ]RO9HUGQQHU$ONRKRO(WKHUXQG

)OVVLJJDV/3*N|QQHQ([SORVLRQHQYHUXUVDFKHQ

9HUZHQGHQ6LHNHLQH0HKUIDFK6WHFNGRVHQDGDSWHUXQGVFKOLHHQ6LHQLFKWPHKUHUH*HUlWHDQGHQVHOEHQ

6WHFNGRVHQDGDSWHUDQ

 'LHVNDQQhEHUKLW]HQ%UDQGRGHU.XU]VFKOXVVYHUXUVDFKHQ

'DV1HW]NDEHOQLFKWHLQNOHPPHQYHUNQRWHQRGHUNQLFNHQXQGDXFKNHLQHVFKZHUHQ*HJHQVWlQGHGDUDXIVWHOOHQ

 'LHVHUK|KWGLH%UDQGRGHU6WURPVFKODJJHIDKU)DOOVGDV1HW]NDEHORGHUGHU1HW]VWHFNHUGHV*HUlWVEHVFKlGLJW

ZLUGPXVVGDV7HLOYRP+HUVWHOOHUGHP.XQGHQGLHQVWYHUWUHWHURGHUHLQHUlKQOLFKTXDOL¿]LHUWHQ3HUVRQ

DXVJHZHFKVHOWZHUGHQXP*HIDKUHQ]XYHUKWHQ

'HQ.KOVFKUDQNQLFKWGXUFK=LHKHQDP1HW]NDEHOYRP6WURPQHW]WUHQQHQ

 'LHVNDQQHLQH%HVFKlGLJXQJGHV1HW]NDEHOVYHUXUVDFKHQ6WHWVGHQ6WHFNHUIDVVHQXQGNUlIWLJYRQGHU6WHFNGRVHDE]LHKHQ

.HLQH:DVVHUEHKlOWHUDXIGHQ.KOVFKUDQNVWHOOHQ

 :DVVHUNDQQGLH,VROLHUXQJYRQ(OHNWURWHLOHQEHVFKlGLJHQXQGHLQHQ.XU]VFKOXVV%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ

.HLQHEUHQQEDUHQ*DVHLQGHU1lKHGHV.KOVFKUDQNVYHUVSUKHQ

 'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ

.HLQ:DVVHUDXIRGHULQGHQ.KOVFKUDQNVSUKHQ

 'LHVNDQQHLQHQ%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ

6LFKHUKHLWVDQZHLVXQJHQ

'HXWVFK



6LFKHUKHLWVDQZHLVXQJHQ)RUWVHW]XQJ

'HQ1HW]VWHFNHUQLFKWPLWQDVVHQ+lQGHQDQIDVVHQ

 'LHVNDQQHLQHQHOHNWULVFKHQ6FKODJYHUXUVDFKHQ

,QVWDOOLHUHQ6LHGHQ.KOVFKUDQNQLFKWDQHLQHPIHXFKWHQ2UWRGHUHLQHP2UWZRHUPLW:DVVHULQ%HUKUXQJNRPPHQNDQQ

 (LQHYHUVFKOHFKWHUWH,VROLHUXQJYRQ(OHNWURWHLOHQNDQQHLQHQ.XU]VFKOXVVHOHNWULVFKHQ6FKODJRGHU%UDQGYHUXUVDFKHQ

.HLQH$U]QHLPLWWHORGHUDQGHUHWHPSHUDWXUHPSÀQGOLFKH3URGXNWHLP.KOVFKUDQNDXIEHZDKUHQ

 6LHVROOWHQNHLQH3URGXNWHLP.KOVFKUDQNODJHUQGLHVWUHQJH7HPSHUDWXUNRQWUROOHHUIRUGHUQ

/DVVHQ6LH.LQGHUQLFKWDXIGLH.KOVFKUDQNWUNOHWWHUQGDPLWVFKZLQJHQRGHUVLFKGDUDQKlQJHQ

 'LHVNDQQHUQVWKDIWH9HUOHW]XQJHQYHUXUVDFKHQXQGGHQ.KOVFKUDQNEHVFKlGLJHQ

'HQ.KOVFKUDQNQLFKWLQ*HJHQZDUWYRQH[SORVLYHQ'lPSIHQRGHUEUHQQEDUHQ*DVHQEHWUHLEHQ

 'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ

.HLQ%HQ]LQRGHUDQGHUHEUHQQEDUH)OVVLJNHLWHQXQG'lPSIHLP.KOVFKUDQNODJHUQRGHULQGHU1lKHGHV*HUlWVEHQXW]HQ

 'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ

:$5181*

.HLQHPHFKDQLVFKHQ9RUULFKWXQJHQRGHUDQGHUH0LWWHO

DXHUGHQYRP+HUVWHOOHUHPSIRKOHQHQYHUZHQGHQXPGHQ

$EWDXYRUJDQJ]XEHVFKOHXQLJHQ

'LHVNDQQHLQH%HVFKlGLJXQJGHU,QQHQWHLOHGHV.KOVFKUDQNV

YHUXUVDFKHQRGHU]XHLQHU([SORVLRQIKUHQ

:$5181*

.HLQH(OHNWURJHUlWHDXHUGHQYRP+HUVWHOOHUHPSIRKOHQHQLQ

GHQ/HEHQVPLWWHOIlFKHUQGHV*HUlWVEHQXW]HQ

'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ

:$5181*

$FKWHQ6LHGDUDXIGDVVGHU.lOWHPLWWHONUHLVQLFKWEHVFKlGLJWZLUG

'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ

:$5181*

gIIQHQ6LHQLFKWGLH$EGHFNXQJGHU/('/HXFKWHLP,QQHUHQ

GHV.KOVFKUDQNV

(VEHVWHKW6WURPVFKODJJHIDKU:HQQGLH/('/HXFKWH

QLFKWNRUUHNWDUEHLWHWPXVVVLHYRP+HUVWHOOHUGHP

.XQGHQGLHQVWYHUWUHWHURGHUHLQHUlKQOLFKTXDOL¿]LHUWHQ3HUVRQ

DXVJHZHFKVHOWZHUGHQXP*HIDKUHQ]XYHUKWHQ

9HUVXFKHQ6LHQLFKWGHQ.KOVFKUDQNVHOEVW]X]HUOHJHQ]XUHSDULHUHQRGHU]XPRGLÀ]LHUHQ

 6LHN|QQWHQVLFKVHOEVWRGHUDQGHUHPLW9HUEUHQQXQJHQRGHUHOHNWULVFKHQ6FKOlJHQYHUOHW]HQRGHUGHQ.KOVFKUDQN

EHVFKlGLJHQ)DOOV,KU*HUlWbQGHUXQJHQRGHU5HSDUDWXUHQEHQ|WLJWNRQVXOWLHUHQ6LHELWWHHLQDXWRULVLHUWHV.XQGHQ]HQWUXP

9HUJHZLVVHUQ6LHVLFKGDVVGHU.KOVFKUDQNDQHLQHJHHUGHWH1HW]VWHFNGRVHDQJHVFKORVVHQLVW1,&+7DQHLQH

QLFKWJHHUGHWH1HW]VWHFNGRVHDQVFKOLHHQ

 (LQ.XU]VFKOXVVNDQQHLQHQHOHNWULVFKHQ6FKODJYHUXUVDFKHQ

6LFKHUVWHOOHQGDVV1HW]NDEHOXQG1HW]VWHFNHUQLFKW]HUTXHWVFKWRGHU

EHVFKlGLJWZHUGHQ

(LQEHVFKlGLJWHU1HW]VWHFNHUE]ZHLQEHVFKlGLJWHV1HW]NDEHONDQQ

HLQHQ.XU]VFKOXVV%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ

)DOOVGDV1HW]NDEHOEHVFKlGLJWZLUGPXVVHVYRP+HUVWHOOHUGHP

.XQGHQGLHQVWYHUWUHWHURGHUHLQHUlKQOLFKTXDOL¿]LHUWHQ3HUVRQ

DXVJHZHFKVHOWZHUGHQXP*HIDKUHQ]XYHUKWHQ

9HUVXFKHQVLHQLFKWGDV.DEHOVHOEVWDXV]XZHFKVHOQ



6LFKHUKHLWVDQZHLVXQJHQ)RUWVHW]XQJ

'LH6WHFNHUVWLIWHYRUGHP$QVFKOLHHQDQGLH6WURPYHUVRUJXQJYRQ6FKPXW]RGHU6WDXEVlXEHUQ

 6WDXEDEODJHUXQJHQDXIGHP6WHFNHUN|QQHQEHVRQGHUVEHLIHXFKWHQ%HGLQJXQJHQHLQHQ,VRODWLRQVDXVIDOO

YHUXUVDFKHQ'LHVNDQQ]XHLQHP.XU]VFKOXVV%UDQGRGHUHOHNWULVFKHQ6FKODJIKUHQ=LHKHQ6LHGDV1HW]NDEHODE

XQGZLVFKHQ6LHHVPLWHLQHPWURFNHQHQ7XFKDE9HUZHQGHQ6LHNHLQHVIDOOVHLQQDVVHVRGHUIHXFKWHV7XFK

'DV*HUlWVRDQGLH6WHFNGRVHDQVFKOLHHQGDVVHLQZDQGIUHLHU$QVFKOXVVJHZlKUOHLVWHWLVW

 (LQORFNHUHU1HW]VWHFNHUNDQQHLQHQ%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ

'HQ.KOVFKUDQNLQJXWEHOIWHWHU8PJHEXQJLQVWDOOLHUHQ

 -HPHKU.lOWHPLWWHOLQHLQHP*HUlWYRUKDQGHQLVWGHVWRJU|HUVROOWHGHU$XIVWHOOXQJVUDXPVHLQ6ROOWH.lOWHPLWWHODXVODXIHQ

ZHQQVLFKGDV*HUlWLQHLQHPNOHLQHQ5DXPEH¿QGHWLVWGLH(QWVWHKXQJYRQEUHQQEDUHQ*DVHQZDKUVFKHLQOLFKHU'LHVNDQQ

HLQHQ%UDQGRGHUHLQH([SORVLRQYHUXUVDFKHQ$OV5LFKWOLQLHZLUGIUMHZHLOV

J.lOWHPLWWHOPLQGHVWHQVPñ5DXPEHQ|WLJW

'DV'DWHQVFKLOGLP,QQHUHQGHV*HUlWVJLEWDQZLHYLHO.lOWHPLWWHO,KU.KOVFKUDQNHQWKlOW

'DVLP.KOVFKUDQNYHUZHQGHWH.lOWHPLWWHO5DXQGGLHLP,VROLHUPDWHULDO&\FORSHQWDQHQWKDOWHQHQ*DVH

VLQGEUHQQEDU6LHHUIRUGHUQDXHUGHPVSH]LHOOH(QWVRUJXQJVYHUIDKUHQ

 9HUJHZLVVHUQ6LHVLFKYRUGHU(QWVRUJXQJGHV*HUlWVGDVVNHLQHVGHU5RKUHDXIGHU5FNVHLWHEHVFKlGLJWLVW

.lOWHPLWWHORGHU*DVOHFNVN|QQHQHLQHQ%UDQGRGHUHLQH([SORVLRQYHUXUVDFKHQ

9RUGHU5HLQLJXQJXQG:DUWXQJGHQ1HW]VWHFNHUGHV.KOVFKUDQNVDE]LHKHQ

 1LFKWEHDFKWXQJNDQQ]XHLQHPHOHNWULVFKHQ6FKODJIKUHQ

)DOOV6LHHLQHQ%UDQGJHUXFKIHVWVWHOOHQRGHU5DXFKDXVGHP.KOVFKUDQNNRPPHQVHKHQ]LHKHQ6LHVRIRUWGDV

1HW]NDEHODEXQGNRQVXOWLHUHQ6LHELWWHHLQDXWRULVLHUWHV.XQGHQ]HQWUXP

 1LFKWEHDFKWXQJNDQQ]X)HXHURGHUHLQHPHOHNWULVFKHQ6FKODJIKUHQ

:$5181*

+DOWHQ6LHGLH/IWXQJV|IIQXQJHQLP*HUlWHJHKlXVHE]Z

LQGHU(LQEDXVWUXNWXUIUHLYRQ+LQGHUQLVVHQ

1LFKWEHDFKWXQJNDQQ]X)HXHURGHU([SORVLRQIKUHQGDVLFK

GDV.lOWHPLWWHOQLFKWYHUWHLOHQNDQQZHQQHVDXVOlXIW

$&+781*

:HLVWDXIGLH*HIDKUYRQ9HUOHW]XQJHQRGHU6DFKVFKlGHQKLQ

.HLQH)ODVFKHQRGHU%HKlOWHUDXV*ODVLQGHQ*HIULHUUDXPOHJHQ

 :HQQGHU,QKDOWJHIULHUWNDQQGDV*ODVEUHFKHQXQG9HUOHW]XQJHQYHUXUVDFKHQ

%HUKUHQ6LHGLH,QQHQZlQGHGHV*HIULHUUDXPVRGHUGLHHLQJHODJHUWHQ:DUHQQLFKWPLWQDVVHQ+lQGHQ

 ,KUH+DXWNDQQDQGHU,QQHQZDQGGHV*HIULHUUDXPVRGHUGHQHLQJHODJHUWHQ:DUHQIHVWIULHUHQ

9HUPHLGHQ6LHEHLHLQHP6WURPDXVIDOOKlXÀJHVgIIQHQGHV.KOVFKUDQNVRGHUGDV

(LQODJHUQQLFKWJHNKOWHU/HEHQVPLWWHO

 'LHVNDQQ]XHLQHP$QVWLHJGHU7HPSHUDWXULP.KOVFKUDQNIKUHQXQGGLH+\JLHQH

EHHLQWUlFKWLJHQ

$FKWHQ6LHDXFKDXIGHQ6SDOW]ZLVFKHQGHU.KOUDXPXQG*HIULHUUDXPWU

EHVRQGHUVZHQQEHLGHJOHLFK]HLWLJRIIHQVLQG

 'LHVNDQQ9HUOHW]XQJHQYHUXUVDFKHQ

$FKWHQ6LHEHLPgIIQHQGHV.KOVFKUDQNVGDUDXIGDVV6LH,KUH)LQJHUQLFKWDQGHQ

´.OHPPSXQNWµ²%HUHLFKHQHLQNOHPPHQ6HLHQ6LHEHVRQGHUVYRUVLFKWLJZHQQ6LHGLH

.KOUDXPWU|IIQHQXPGHQSRWHQ]LHOOHQ.OHPPSXQNW]ZLVFKHQGHQ.KOUDXPXQG

GHQ*HIULHUUDXPWUHQ]XYHUPHLGHQ

 'LHVNDQQ9HUOHW]XQJHQYHUXUVDFKHQ

3RWHQ]LHOOHU.OHPPSXQNW

'HXWVFK



(QWVRUJXQJYRQ9HUSDFNXQJVPDWHULDO

6WHOOHQ6LHVLFKHUGDVVDOOH9HUSDFNXQJVPDWHULDOLHQZLH.DUWRQV3ODVWLNWWHQ.OHEHEDQGXQG3RO\VW\URO

XQPLWWHOEDUQDFKGHP$XVSDFNHQGHV.KOVFKUDQNHVVLFKHUHQWVRUJWZHUGHQXQGDXHUKDOEGHU5HLFKZHLWH

YRQ%DE\VXQG.OHLQNLQGHUQVLQG.LQGHUVROOWHQQLHPDOVPLWGLHVHQ7HLOHQVSLHOHQ(UVWLFNXQJVJHIDKU

$OOHHLQJHVHW]WHQ0DWHULDOLHQVLQGXPZHOWYHUWUlJOLFKXQGZLHGHUYHUZHUWEDU%LWWHKHOIHQ6LHPLW(QWVRUJHQ6LH

GLH9HUSDFNXQJXPZHOWJHUHFKWhEHUDNWXHOOH(QWVRUJXQJVZHJHLQIRUPLHUHQ6LHVLFKELWWHEHL,KUHP)DFKKlQGOHU

RGHUGHU*HPHLQGHYHUZDOWXQJ

(QWVRUJXQJYRQ$OWJHUlWHQ

1XUIUGLH(XURSlLVFKH8QLRQXQG/lQGHUPLW5HF\FOLQJV\VWHPHQ

'LHVHV6\PERODXIGHQ3URGXNWHQGHU9HUSDFNXQJXQGRGHUGHQ

%HJOHLWGRNXPHQWHQEHGHXWHWGDVVJHEUDXFKWHHOHNWULVFKHXQG

HOHNWURQLVFKH3URGXNWHQLFKWLQGHQDOOJHPHLQHQ+DXVPOOJHJHEHQ

ZHUGHQGUIHQ

%LWWHIKUHQ6LHDOWH3URGXNWH]XU%HKDQGOXQJ$XIDUEHLWXQJE]Z]XP

5HF\FOLQJJHPlGHQJHVHW]OLFKHQ%HVWLPPXQJHQGHQ]XVWlQGLJHQ

6DPPHOSXQNWHQ]X

,QGHP6LHGLHVH3URGXNWHRUGQXQJVJHPlHQWVRUJHQKHOIHQ6LHGDEHL

ZHUWYROOH5HVVRXUFHQ]XVFKW]HQXQGHYHQWXHOOHQHJDWLYH$XVZLUNXQJHQ

DXIGLHPHQVFKOLFKH*HVXQGKHLWXQGGLH8PZHOW]XYHUPHLGHQ

)UPHKU,QIRUPDWLRQHQ]X6DPPOXQJXQG5HF\FOLQJZHQGHQ6LHVLFK

ELWWHDQ,KUHQ|UWOLFKHQ$EIDOOHQWVRUJXQJVGLHQVWOHLVWHU

*HPl/DQGHVYRUVFKULIWHQN|QQHQZHJHQQLFKWRUGQXQJVJHPlHU

(QWVRUJXQJGLHVHV$EIDOOV6WUDIJHOGHUYHUKlQJWZHUGHQ

)UJHVFKlIWOLFKH%HQXW]HULQGHUHXURSlLVFKHQ8QLRQ

:HLWHUH,QIRUPDWLRQHQ]XU(QWVRUJXQJYRQHOHNWULVFKHQXQGHOHNWURQLVFKHQ

$OWJHUlWHQZHQGHQ6LHVLFKDQ,KUHQ+lQGOHURGHU=XOLHIHUHU

,QIRUPDWLRQHQ]XU(QWVRUJXQJLQ/lQGHUQDXHUKDOE

GHUHXURSlLVFKHQ8QLRQ

'LHVHV6\PEROJLOWQXULQGHUHXURSlLVFKHQ8QLRQ

,QIRUPDWLRQHQ]XURUGQXQJVJHPlHQ(QWVRUJXQJGLHVHV3URGXNWV

HUKDOWHQ6LHYRQ,KUHQORNDOHQ%HK|UGHQRGHU,KUHP+lQGOHU

%HYRU6LH,KU$OWJHUlWHQWVRUJHQ

%LWWHEHIROJHQ6LHHQWZHGHUGLH(QWVRUJXQJVDQZHLVXQJHQGHV$OWJHUlWH+HUVWHOOHUVRGHUGLH

|UWOLFKHQ(QWVRUJXQJVYRUVFKULIWHQIUGDV*HUlW6LQGGLHVHQLFKWYHUIJEDUIROJHQ6LHELWWHGHQGUHL

QDFKVWHKHQGHQ$QZHLVXQJVVFKULWWHQ

 'HQ1HW]VWHFNHUYRQGHU6WHFNGRVHDE]LHKHQ

 'DV1HW]NDEHODEVFKQHLGHQXQGPLWQRFKDQJHEUDFKWHP1HW]VWHFNHUVLFKHUHQWVRUJHQ

 9HUJHZLVVHUQ6LHVLFKGDVVGDV$OWJHUlWDXHU5HLFKZHLWHYRQ.OHLQNLQGHUQLVWELVHVDEJHKROW

RGHU]XHLQHP5HF\FOLQJ&HQWHUJHEUDFKWZLUG

Ɣ(QWIHUQHQ6LHVlPWOLFKHV'LFKWXQJVPDWHULDOYRQGHU7UXQGODVVHQ6LHDOOH5HJDOHXQG

6FKXEODGHQHLQJHVHW]W

 'LHVVROOYHUKLQGHUQGDVV.LQGHUKLQHLQNOHWWHUQXQGHLQJHVFKORVVHQZHUGHQ

+LQZHLVH]XU(QWVRUJXQJ



0RQWDJH

'LHVHU$EVFKQLWWHUNOlUWZLH6LH,KU*HUlWIU/lUPXQG(QHUJLHUHGX]LHUXQJXQGHLQHQHI¿]LHQWHQ%HWULHEDXIVWHOOHQVROOHQ

0DH

%[7[+PP

$XVSDFNHQ,KUHV*HUlWHV

(QWIHUQHQ6LHMHJOLFKH9HUSDFNXQJVPDWHULDOLHQYRP*HUlWZLH

6FKDXPDEGHFNXQJHQXQG.OHEHElQGHUGLHGDV*HUlWH]XEHK|ULQQHQXQG

DXHQVFKW]HQ

'LHULFKWLJH3ODW]DXVZDKO

/IWXQJ

'LH/XIWDQGHU5FNZDQGGHV*HUlWVHUZlUPWVLFK'LHHUZlUPWH/XIW

PXVVXQJHKLQGHUWDE]LHKHQN|QQHQ'DKHUVROOWHGDV*HUlWLQHLQHPJXW

JHOIWHWHQWURFNHQHQ5DXPPLWDXVUHLFKHQG)UHLUDXPVLHKH$EEVWHKHQ

9HUJU|HUQ6LHGHQ$EVWDQGZHQQHLQH9LEUDWLRQ]XK|UHQLVW

:HQQVLFKDOOHUGLQJVHLQH:DQGDXIGHU6HLWHGHV.KOVFKUDQNV

EH¿QGHWLVWDXIGHU6FKDUQLHUVHLWHHLQ$EVWDQGYRQPLQGHVWHQV

PPHUIRUGHUOLFKGDPLWVLFKGLH7UHQXPPLQGHVWHQV|IIQHQ

ODVVHQ

7HPSHUDWXU

'HU(QHUJLHYHUEUDXFKXQGGLHHI¿]LHQWH/HLVWXQJGHV*HUlWHVZLUG

GXUFKGLH8PJHEXQJVWHPSHUDWXUEHHLQÀXVVW

'DV*HUlWVROOWHDOVRIROJHQGHUPDHQDXIJHVWHOOWZHUGHQ

Ɣ QLFKWLQGLUHNWHU6RQQHQHLQVWUDKOXQJ

Ɣ QLFKWQHEHQ+HL]XQJHQ+HUGRGHUDQGHUHQ:lUPHTXHOOHQ

Ɣ QXUGRUWZRGLH8PJHEXQJVWHPSHUDWXUGHU.OLPDHLQVWXIXQJ

HQWVSULFKWIUGLHGDV*HUlWEHVWLPPWLVW%LWWHVFKDXHQ6LHKLHUIU

LQGHQ6SH]L¿NDWLRQVDEVFKQLWWIUGLH.OLPDHLQVWXIXQJ,KUHV*HUlWHV

Ɣ ([WUHPH7HPSHUDWXUHQRGHU8PZHOWEHGLQJXQJHQN|QQHQHLQHQ

QHJDWLYHQ(LQÀXVVDXIGLH/HLVWXQJGHV*HUlWVKDEHQ

'DULQHLQJHODJHUWH/HEHQVPLWWHON|QQHQYHUGHUEHQ

1LYHOOLHUXQJ

6WHOOHQ6LHGDV*HUlWYRUVLFKWLJVRDXIGDVVGLH%RGHQREHUÀlFKHQLFKW

EHVFKlGLJWZLUGXQGLQVWDOOLHUHQ6LHHVDXIHLQHPHEHQHQ%RGHQGHU

VWDUNJHQXJLVWHLQHQYROOEHODGHQHQ.KOVFKUDQN]XWUDJHQ

%HLXQHEHQHP%RGHQYHUVWHOOHQ6LHELWWHGLHYRUGHUHQ)HGXUFK

GUHKHQZLHLQGHU$EELOGXQJEHVFKULHEHQ

'DGXUFKZHUGHQ9LEUDWLRQHQXQGVW|UHQGH*HUlXVFKHYHUKLQGHUW

:HQQGDV*HUlWDXIHLQHP7HSSLFKRGHUHLQHQ9LQ\OERGHQJHVWHOOWZLUG

OHJHQ6LH]XHUVWHLQHIHVWH3ODWWHDXIGHQ7HSSLFKRGHU%RGHQ'LHV

YHUKLQGHUW)DUEYHUlQGHUXQJDXIJUXQGYRQ(UZlUPXQJ

.KOVFKUDQNWU

'HU7UDQVFKODJNDQQYRQGHUUHFKWHQDXIGLHOLQNH6HLWHJHZHFKVHOW

ZHUGHQVRGDVVGLH7UVLFKLQGLHHQWJHJHQJHVHW]WH5LFKWXQJ

|IIQHW:HQQ6LHGLHVZQVFKHQZHQGHQ6LHVLFKDQGHQDXIGHP

EHLJHOHJWHQ%ODWWDXIJHIKUWHQ.XQGHQGLHQVWRGHUEHVXFKHQ6LH

XQVHUH:HEVLWHXQWHU

KWWSZZZSDQDVRQLFFRP

:HQQ6LHGHQ$QVFKODJVHOEVWXPEDXHQN|QQHQZLUNHLQH

*HZlKUOHLVWXQJEHUQHKPHQ

PPRGHUPHKU

PP

RGHUPHKU

PP

RGHUPHKU

%HLGH6HLWHQ

$EELOGXQJ

$EELOGXQJ

'HXWVFK



,QVWDOOLHUHQGHU$EVWDQGVWFNH

'DV*HUlWZLUGPLW]ZHL$EVWDQGVWFNHQJHOLHIHUWGLHDPXQWHUHQ7HLO

GHV*HKlXVHVPRQWLHUWZHUGHQVROOWHQXP]XYHUKLQGHUQGDVVGDV

*HUlW]XQDKDQGLH:DQGJHVFKREHQZLUG'DV*HUlWNDQQDXFKRKQH

GLH$EVWDQGVWFNHDXIJHVWHOOWZHUGHQDOOHUGLQJVNDQQVLFKGDGXUFKGHU

(QHUJLHYHUEUDXFKHUK|KHQ

)KUHQ6LHGLH$EVWDQGVWFNHLQGLHLQGHU$EELOGXQJHLQJHNUHLVWHQ

/|FKHUHLQ'LH$EVWDQGVWFNHEH¿QGHQVLFKLQGHP%HXWHOGHUDXFK

GLH$QOHLWXQJXQGDQGHUH7HLOHHQWKlOW

5HLQLJXQJ

1DFKGHU0RQWDJHUHLQLJHQ6LHGDV*HUlWPLWZDUPHQ:DVVHU

$QVFKOLHHQGHV1HW]VWHFNHUVDQGLH1HW]VWHFNGRVH

:HQQGDV*HUlWDQJHVFKORVVHQZLUGZHUGHQHLQHQ0RPHQWODQJDOOH6\PEROHXQGGDQQGLH6WDUWZHUWHDOV&IUGLH

*HIULHUUDXPHLQVWHOOXQJXQG&IUGLH.KOUDXPHLQVWHOOXQJDQJH]HLJW

$OOH7DVWHQDP%HGLHQIHOGZHUGHQGXUFK%HUKUXQJEHGLHQW'UFNHQ6LHQXU]XP$NWLYLHUHQGLH7DVWHGLH6LH

WDWVlFKOLFKEHGLHQHQP|FKWHQ

+LQZHLVH

 ,QGHQ6RPPHUPRQDWHQRGHU]XDQGHUHQ=HLWHQLQGHQHQGLH5DXPWHPSHUDWXUK|KHULVWNDQQGHU.KOYRUJDQJOlQJHU

GDXHUQ

 :HQQ6LHGHQ.KOVFKUDQNYRP6WURPQHW]WUHQQHQPVVHQZDUWHQ6LHPLQGHVWHQV0LQXWHQEHYRU6LHLKQZLHGHU

DQVFKOLHHQ$QGHUHQIDOOVNDQQGHU.RPSUHVVRUEHVFKlGLJWZHUGHQ

 :HQQ6LHEHDEVLFKWLJHQGHQ.KOVFKUDQNOlQJHUH=HLWQLFKW]XEHQXW]HQWUHQQHQ6LHLKQYRP6WURPQHW]

8PJHEXQJVWHPSHUDWXU

'LH.OLPDNODVVH¿QGHQ6LHDXIGHP7\SHQVFKLOGDXIGHUOLQNHQ6HLWHGHV.KOVFKUDQNHV6LHJLEWGLH

8PJHEXQJVWHPSHUDWXUHQDQEHLGHQHQGDV*HUlWEHWULHEHQZHUGHQNDQQ

.OLPDNODVVH =XOlVVLJH8PJHEXQJVWHPSHUDWXU

61 VXEQRUPDOH &]X&

1 QRUPDOH &]X&

67 VXEWURSLVFKH &]X&

7 WURSLVFKH &]X&

(QHUJLHVSDUHQ

 'HQ.KOVFKUDQNLQHLQHPWURFNHQHQNKOHQXQGJXWEHOIWHWHQ5DXPLQVWDOOLHUHQ0DHXQG$EVWDQGVLHKH6HLWH

 .RPELQDWLRQYRQ6FKXEODGHQXQG%|GHQIUK|FKVWHV9ROXPHQXQGHQHUJLHVSDUHQGVWH1XW]XQJGHV*HUlWV

 (QWIHUQHQ6LHGLHREHUHQXQGPLWWOHUHQ*HIULHUIlFKHU

 6FKXEODGHQXQG%|GHQLP.KOVFKUDQNDQGHQLP$EVFKQLWW³6FKHPDWLVFKH$QVLFKW´6GDUJHVWHOOWHQ3RVLWLRQHQ

DQEULQJHQ

 'DV*HUlWQLFKWEHUIOOHQGDPLWGLH/XIW]LUNXOLHUHQNDQQ

 'DV*HUlWQXU|IIQHQZHQQHUIRUGHUOLFKXQGVRNXU]ZLHP|JOLFK

 'LH/IWXQJV|IIQXQJHQDPXQWHUHQ7HLOGHV*HUlWVPLWHLQHP6WDXEVDXJHUUHLQLJHQXVZ

 ,P6XSHU*HIULHUPRGXV6FKQHOOJHIULHUPRGXVRGHU6XSHU.KOPRGXVLVWGHU(QHUJLHYHUEUDXFKK|KHU

0RQWDJH)RUWVHW]XQJ



6FKHPDWLVFKH$QVLFKW

.KOUDXPIDFK

'LH7HPSHUDWXUNDQQLQHLQHP%HUHLFK

YRQ&ELV&HLQJHVWHOOWZHUGHQ

*HNRFKWH6SHLVHQ

*HWUlQNH

(LHU.XFKHQ

0LOFKSURGXNWH

*HIULHUIDFK

'LH7HPSHUDWXUNDQQLQHLQHP%HUHLFK

YRQ&ELV&HLQJHVWHOOW

ZHUGHQ

*HIURUHQHV)OHLVFK

*HÀJHO

)LVFK

(LV

+LQZHLV

 6LHN|QQHQGLH3RVLWLRQHQIUGLH,QVWDOODWLRQYRQ*ODVUHJDOHQXQG7UUHJDOHQYHUlQGHUQ/DVVHQ6LHMHGRFK9RUVLFKWZDOWHQ

GDMHQDFK3RVLWLRQGHU)lFKHU/HEHQVPLWWHOXQG*HWUlQNHKHUDXVIDOOHQN|QQHQZHQQGLH7UJH|IIQHWXQGJHVFKORVVHQZLUG

 9HUPHLGHQ6LH=XVDPPHQVW|HPLW3HUVRQHQRGHU2EMHNWHQLQGHU1lKHZHQQ6LHGLH7U|IIQHQ

(

)

 'HU(LHUKDOWHU

NDQQDXFKDOVHLQH(LVVFKDOH

YHUZHQGHWZHUGHQ

'LH+|KHGHU5HJDOH

OlVVWVLFKZXQVFKJHPl

HLQVWHOOHQRKQHGDVVVLHGD]XDXVGHP*HUlWHQWQRPPHQ

ZHUGHQPVVHQ=LHKHQ6LHGLH]ZHL+HEHODXIEHLGHQ

6HLWHQGHV5HJDOV]XVLFKKLQXQGEHZHJHQ6LHGDV5HJDO

QDFKXQWHQ:HQQ6LHGDV5HJDOK|KHUDQRUGQHQP|FKWHQ

N|QQHQ6LHGLHVWXQRKQHGLH]ZHL+HEHO]XO|VHQ

&

/('%HOHXFKWXQJGHV.KOVFKUDQNLQQHUHQ

')ODVFKHQKDOWHU

(´6OLGH¶1·6WRUHµ*ODVERGHQ

).KOIDFK

*´)UHVK&DVHµ*HPVHIDFK

+

(LHUKDOWHU

,

+|KHQYHUVWHOOEDUHV7UUHJDO´)OH[/LIWµ

-)ODVFKHQUHJDO

.2EHUHV*HIULHUVFKXEIDFK

/0LWWOHUHV*HIULHUVFKXEIDFK

08QWHUHV*HIULHUVFKXEIDFK

1(LQVWHOOEDUH)H

2)ODVFKHQYHUVFKOXVV

'HXWVFK



(

)

 $ODUPWDVWHDQ]HLJH

:HQQGLH,QQHQWHPSHUDWXU]XKRFKLVWEOLQNWGLH$Q]HLJH

:HQQGLH7UHQOlQJHUH=HLWJH|IIQHWEOHLEHQEOLQNWGLH$Q]HLJH

 6XSHU.KOPRGXV7DVWH

(

 .KOUDXPWHPSHUDWXUDQ]HLJH

,P6XSHU.KOPRGXVHUVFKHLQW³6&´

)

 .KOUDXPWHPSHUDWXUWDVWHJHGUXFNW

 *HIULHUIDFKWHPSHUDWXUDQ]HLJH

,P6XSHU*HIULHUPRGXVHUVFKHLQW³6)´

,P6FKQHOOJHIULHUPRGXVHUVFKHLQW³))´

 *HIULHUUDXPWHPSHUDWXUWDVWHJHGUXFNW

 7DVWHIU6XSHU*HIULHUPRGXV6FKQHOOJHIULHUPRGXV

 gNR0RGXV7DVWH

 8UODXEVPRGXV7DVWH

'LH$EELOGXQJ ]HLJW DOOH$Q]HLJHQXQG7DVWHQLP

DNWLYLHUWHQ=XVWDQG

+LQZHLVH

 'LHVHU.KOVFKUDQNYHUZHQGHWHLQHQ0LNURSUR]HVVRU]XU6WHXHUXQJGHU7HPSHUDWXU'LH7HPSHUDWXULP.KOVFKUDQN

YDULLHUWLQ$EKlQJLJNHLWYRQ)DNWRUHQZLHbQGHUXQJHQGHU5DXPWHPSHUDWXU+lX¿JNHLWGHVgIIQHQVXQG6FKOLHHQVGHU

7UHQXQG0HQJHGHULP,QQHUHQJHODJHUWHQ/HEHQVPLWWHOXQG$UWXQG:HLVHGHU/DJHUXQJ

 :HQQgNR0RGXVRGHU8UODXEVPRGXVHLQJHVWHOOWVLQGOHXFKWHWGLHGHPDXVJHZlKOWHQ0RGXVHQWVSUHFKHQGH$Q]HLJH

 'LH$ODUPDQ]HLJHOHXFKWHWXQGJOHLFK]HLWLJLVWGHU$ODUPWRQ]XK|UHQ

 'LH.UDW]VFKXW]IROLHLVWDXIGHP%HGLHQIHOGDXIJHNOHEW

 'LH(LQVWHOOXQJHQN|QQHQVLFKlQGHUQZHQQ6LHEHLP5HLQLJHQGHV%HGLHQIHOGVHLQH7DVWHEHUKUHQ

'LVSOD\XQG%HGLHQIHOG



(LQVWHOOHQGHU7HPSHUDWXU

.KOUDXPIDFK

(

)

 9HUZHQGHQ6LH]XP(LQVWHOOHQGHU7HPSHUDWXULP.KOUDXPGLH7DVWHQ

)

 QLHGULJHUH

7HPSHUDWXU K|KHUH7HPSHUDWXU%HUKUHQ6LHGLH7DVWHQXPGLH7HPSHUDWXUDQ]HLJH

HLQ]XVFKDOWHQ

 'LH7HPSHUDWXULP.KOUDXPNDQQ]ZLVFKHQ&XQG&HLQJHVWHOOWZHUGHQ

 :HQQHLQHGHU7DVWHQ

)

JHGUFNWZLUGEOLQNWGLH]XOHW]WYRUJHQRPPHQH

7HPSHUDWXUHLQVWHOOXQJDXIGHP'LVSOD\

(

6WHOOHQ6LHGLHJHZQVFKWH7HPSHUDWXUPLWGHQ

7DVWHQ

)

HLQ

'UHL6HNXQGHQQDFKGHP'UFNHQGHUOHW]WHQ7DVWHZLUGGLH]XOHW]WYRUJHQRPPHQH

7HPSHUDWXUHLQVWHOOXQJIUGHQ.KOUDXPJHVSHLFKHUW'LH7DVWHQZHUGHQQDFKHWZD

6HNXQGHQGHDNWLYLHUW

+LQZHLV

 :HQQGHU6XSHU*HIULHUPRGXV6FKQHOOJHIULHUPRGXVgNR0RGXVRGHU8UODXEVPRGXVEHHQGHW

RGHUDEJHEURFKHQZLUGNHKUWGDV*HUlW]XGHQIUKHUHQ(LQVWHOOXQJHQ]XUFN

*HIULHUIDFK

 9HUZHQGHQ6LH]XP(LQVWHOOHQGHU7HPSHUDWXULP*HIULHUUDXPGLH7DVWHQ



QLHGULJHUH

7HPSHUDWXU K|KHUH7HPSHUDWXU%HUKUHQ6LHGLH7DVWHQXPGLH7HPSHUDWXUDQ]HLJH

HLQ]XVFKDOWHQ

 'LH7HPSHUDWXULP*HIULHUUDXPNDQQ]ZLVFKHQ&XQG&HLQJHVWHOOWZHUGHQ

 :HQQHLQHGHU7DVWHQ

JHGUFNWZLUGEOLQNWGLH]XOHW]WYRUJHQRPPHQH

7HPSHUDWXUHLQVWHOOXQJDXIGHP'LVSOD\

6WHOOHQ6LHGLHJHZQVFKWH7HPSHUDWXUPLW

GHQ7DVWHQ

HLQ'UHL6HNXQGHQQDFKGHP'UFNHQGHUOHW]WHQ7DVWHZLUGGLH]XOHW]W

YRUJHQRPPHQH7HPSHUDWXUHLQVWHOOXQJIUGHQ*HIULHUUDXPJHVSHLFKHUW'LH7DVWHQZHUGHQ

QDFKHWZD6HNXQGHQGHDNWLYLHUW

+LQZHLV

 :HQQGHU6XSHU.KOPRGXV6FKQHOOJHIULHUPRGXVgNR0RGXVEHHQGHWRGHUDEJHEURFKHQ

ZLUGNHKUWGDV*HUlW]XGHQIUKHUHQ(LQVWHOOXQJHQ]XUFN

'HXWVFK



9HUZHQGXQJGHU=XVDW]IXQNWLRQHQ

6XSHU.KOPRGXV  9HUZHQGHQ6LHGLHVH(LQVWHOOXQJQDFKGHPHUVWPDOLJHQ(LQVFKDOWHQGHV*HUlWVYRUGHU

5HLQLJXQJRGHUEHYRU6LHHLQHJURH0HQJHDQ/HEHQVPLWWHOQLQGHQ.KOUDXPOHJHQ

(LQVFKDOWHQGHU6XSHU.KOPRGXVIXQNWLRQ

'UFNHQ6LHGLH7DVWH

$XIGHP'LVSOD\

(

HUVFKHLQW³6&´

)DOOVGLH)XQNWLRQQLFKWPDQXHOOGHDNWLYLHUWZLUGVRZLUGVLHQDFKHWZDVHFKV6WXQGHQ

DXWRPDWLVFKGHDNWLYLHUW'LH.KOUDXPWHPSHUDWXUNHKUW]XU]XOHW]WYRUJHQRPPHQHQ(LQVWHOOXQJ

]XUFN

+LQZHLVH

 ,QGLHVHP0RGXV

'DV'UFNHQGHU7DVWH

KHEWGHQ6XSHU.KOPRGXVDXI

gNR0RGXVXQG8UODXEVPRGXVN|QQHQDXVJHZlKOWZHUGHQ

'XUFK$XVZDKOHLQHUGLHVHU)XQNWLRQHQZLUGGHU6XSHU.KOPRGXVDEJHEURFKHQ

'LH*HIULHUUDXPWHPSHUDWXUNDQQHLQJHVWHOOWZHUGHQ

=ZDUNDQQGLH.KOVFKUDQNWHPSHUDWXUHEHQIDOOVDQJHSDVVWZHUGHQDEHUGHU6XSHU

.KOPRGXVZLUGEHHQGHW

(

)

6XSHU*HIULHUPRGXV  9HUZHQGHQ6LHGLHVH(LQVWHOOXQJQDFKGHPHUVWPDOLJHQ(LQVFKDOWHQGHV*HUlWVYRUGHU

5HLQLJXQJRGHU6WXQGHQEHYRU6LHHLQHJURH0HQJHDQ/HEHQVPLWWHOQLQGHQ*HIULHUUDXP

OHJHQ

(LQVFKDOWHQGHU6XSHU*HIULHUIXQNWLRQ

'UFNHQ6LHGLH7DVWH

$XIGHP'LVSOD\

HUVFKHLQW³6)´

)DOOVGHU6XSHU*HIULHUPRGXVQLFKWPDQXHOOGHDNWLYLHUWZLUGVRZLUGHUQDFKHWZD]ZHL

7DJHQDXWRPDWLVFKGHDNWLYLHUW'DQQNHKUWGLH7HPSHUDWXUGHV*HIULHUUDXPVDXIGHQ]XOHW]W

HLQJHVWHOOWHQ:HUW]XUFN

+LQZHLVH

 ,QGLHVHP0RGXV

'DV'UFNHQGHU7DVWH

KHEWGHQ6XSHU*HIULHUPRGXVDXI

gNR0RGXVXQG8UODXEVPRGXVN|QQHQDXVJHZlKOWZHUGHQ

'XUFK$XVZDKOHLQHUGLHVHU)XQNWLRQHQZLUGGHU6XSHU*HIULHUPRGXVDEJHEURFKHQ

'LH.KOUDXPWHPSHUDWXUNDQQHLQJHVWHOOWZHUGHQ



=ZDUNDQQGLH*HIULHUVFKUDQNWHPSHUDWXUHEHQIDOOVDQJHSDVVWZHUGHQDEHUGHU6XSHU*HIULHUPRGXV

ZLUGEHHQGHW

6FKQHOOJHIULHUPRGXV

 9HUZHQGHQ6LHGLH6FKQHOOJHIULHUPRGXVIXQNWLRQGLHQXULPREHUHQ*HIULHUVFKXEIDFKGHV

*HIULHUUDXPVDNWLYLHUEDULVWXPIULVFKH/HEHQVPLWWHOEHVRQGHUVVFKQHOOHLQ]XIULHUHQ'D]XZLUG

NDOWH/XIWPLWEHVRQGHUVYLHO.UDIWLQHLQHQ7HLOGHV*HUlWVJHEODVHQ'XUFKVFKQHOOHUHV(LQIULHUHQ

EOHLEHQPHKU9LWDPLQH0LQHUDOLHQXQG1lKUVWRIIHOlQJHULQGHQ/HEHQVPLWWHOQHUKDOWHQ

(LQVFKDOWHQGHU6FKQHOOJHIULHUPRGXVIXQNWLRQ

+DOWHQ6LHGLH7DVWH

PLQGHVWHQVGUHL6HNXQGHQODQJJHGUFNW$XIGHP'LVSOD\

HUVFKHLQW³))´

 %HLGLHVHU(LQVWHOOXQJDUEHLWHWGHU.RPSUHVVRURKQH8QWHUEUHFKXQJXQGGLH7HPSHUDWXULP

*HIULHUUDXPVLQNWVWDUNDE

 )DOOVGLH)XQNWLRQQLFKWPDQXHOOGHDNWLYLHUWZLUGGXUFK'UFNHQGHU7DVWH

VRZLUG

VLHQDFK6WXQGHQDXWRPDWLVFKGHDNWLYLHUW'LH*HIULHUUDXPWHPSHUDWXUNHKUW]XU]XOHW]W

YRUJHQRPPHQHQ(LQVWHOOXQJ]XUFN

 9HUZHQGHQ6LHGLHVH(LQVWHOOXQJXPNOHLQHUH0HQJHQDQ/HEHQVPLWWHOQELV]X]ZHL

.LORJUDPPLPREHUHQ*HIULHUVFKXEIDFKHLQ]XIULHUHQ)DOOVHLQHJU|HUH0HQJHDQ

/HEHQVPLWWHOQHLQJHIURUHQZHUGHQVROOVROOWHGLH(LQVWHOOXQJ6WXQGHQYRUGHP(LQODJHUQGHU

/HEHQVPLWWHOLP*HIULHUUDXPDNWLYLHUWZHUGHQ

+LQZHLVH

 ,QGLHVHP0RGXV

'DV'UFNHQGHU7DVWH

KHEWGHQ6FKQHOOJHIULHUPRGXVDXI

gNR0RGXVXQG8UODXEVPRGXVN|QQHQDXVJHZlKOWZHUGHQ

'XUFK$XVZDKOHLQHUGLHVHU)XQNWLRQHQZLUGGHU6FKQHOOJHIULHUPRGXVDEJHEURFKHQ

'LH.KOUDXPWHPSHUDWXUNDQQHLQJHVWHOOWZHUGHQ

:HQQGHU6XSHU.KOPRGXVDNWLYLHUWLVWNDQQGLHVHU0RGXVQLFKWDXVJHZlKOWZHUGHQ



=ZDUNDQQGLH*HIULHUVFKUDQNWHPSHUDWXUHEHQIDOOVDQJHSDVVWZHUGHQDEHUGHU6XSHU*HIULHUPRGXVZLUGEHHQGHW



gNR0RGXV

 ,QGLHVHP0RGXVEHWUHLEWGLH6WHXHUHLQKHLWGHQ.KOUDXPXQGGHQ*HIULHUUDXPDXI|NRQRPLVFKH:HLVH

'UFNHQ6LHGLH7DVWH

XPGHQgNR0RGXV]XDNWLYLHUHQ'LH7DVWH

OHXFKWHWDXI%HL$NWLYLHUXQJ

GLHVHU)XQNWLRQDUEHLWHWGDV*HUlWPLWGHQRSWLPDOHQ(LQVWHOOXQJHQ

+LQZHLVH

 ,QGLHVHP0RGXV

'LH7HPSHUDWXUYRQ.KOUDXPXQG*HIULHUUDXPNDQQQLFKWHLQJHVWHOOWZHUGHQ'HUgNR0RGXV

ZLUGDEJHEURFKHQXQGGLHDXVJHZlKOWH7HPSHUDWXUZLUGHLQJHVWHOOW

6XSHU.KOPRGXV6XSHU*HIULHUPRGXVRGHU6FKQHOOJHIULHUPRGXVN|QQHQDXVJHZlKOWZHUGHQ

%HL$XVZDKOHLQHVGLHVHU0RGLZLUGGHUgNR0RGXVDEJHEURFKHQXQGGHUDXVJHZlKOWH0RGXV

ZLUGDNWLYLHUW

'HU8UODXEVPRGXVNDQQDXVJHZlKOWZHUGHQ

%HL$XVZDKOGLHVHV0RGXVZLUGGHUgNR0RGXVDEJHEURFKHQXQGGHU8UODXEVPRGXVZLUGDNWLYLHUW

8UODXEVPRGXV  6WHOOHQ6LHGLHVHQ0RGXVHLQZHQQGHU.KOUDXPEHUOlQJHUH=HLWQLFKWYHUZHQGHWZLUGHWZD

ZlKUHQGHLQHUODQJHQ8UODXEVUHLVH

 ,,QGLHVHP0RGXVZLUGGLH.KOUDXPWHPSHUDWXUDXWRPDWLVFKDXI&HLQJHVWHOOW'DV

.KOUDXPWHPSHUDWXU'LVSOD\ZLUGDXVJHVFKDOWHW

'UFNHQ6LHGLH7DVWH

XPGHQ8UODXEVPRGXV]XDNWLYLHUHQ'LH7DVWH

OHXFKWHWDXI%HL

$NWLYLHUXQJGLHVHU)XQNWLRQDUEHLWHWGDV*HUlWPLWGHQRSWLPDOHQ(LQVWHOOXQJHQ

+LQZHLVH

 ,QGLHVHP0RGXV

/HHUHQ6LHGHQ.KOUDXPXQGVFKOLHHQ6LHGLH7UEHYRU6LHGLHVHQ0RGXVYHUZHQGHQ

:LUGGLHVHU0RGXVEHHQGHWQLPPWGHU.KOUDXPVHLQHQ%HWULHEPLWGHQELVKHULJHQ

(LQVWHOOXQJHQZLHGHUDXI

'LH.KOVFKUDQNWHPSHUDWXUNDQQQLFKWHLQJHVWHOOWZHUGHQEHYRUGLHVHU0RGXVEHHQGHWLVW

:HQQGLH7UJH|IIQHWZLUGZLUGHLQ$ODUPWRQDXVJHO|VW

$ODUPPRGXV +RFKWHPSHUDWXUDODUP

 :HQQGLH7HPSHUDWXULP*HUlW]XKRFKLVWZLUGHLQ$ODUPWRQDNWLYLHUWXQWHUEURFKHQHU7RQ

XQGGLH7DVWH

EOLQNW

 %HVWlWLJHQ6LHXQGVFKDOWHQ6LHGHQ$ODUPWRQGXUFK'UFNHQGHU7DVWH

DXV

 'HU$ODUPWRQZLUGDOOH6WXQGHQDNWLYLHUWZHQQGLH7HPSHUDWXUQLFKWQLHGULJJHQXJLVWXQGGLH

*HIDKUEHVWHKWGDVV/HEHQVPLWWHOYHUGHUEHQ

'HU$ODUPZLUGDXWRPDWLVFKDXVJHVFKDOWHWVREDOGGLH7HPSHUDWXULP*HIULHUUDXPDXIHLQHQ

:HUWVLQNWEHLGHPGLH*HIDKUGHV9HUGHUEVYRQ/HEHQVPLWWHOQQLFKWPHKUEHVWHKW

 %HLPHUVWHQ(LQVFKDOWHQGHV*HUlWVZLUGGLH$XVO|VXQJGHV7HPSHUDWXUDODUPVXP6WXQGHQ

YHU]|JHUWGDGDV*HUlWGLHULFKWLJH7HPSHUDWXUQRFKQLFKWHUUHLFKWKDW

$XIGLHVH:HLVHZLUGHLQHVLQQORVH$NWLYLHUXQJGHV$ODUPVYHUKLQGHUW

$ODUPIUJH|IIQHWH.KOVFKUDQNWU

 :HQQGLH7UYRQ.KOUDXPRGHU*HIULHUUDXPOlQJHUDOV]ZHL0LQXWHQJH|IIQHWEOHLEWZLUGHLQ

$ODUPWRQDNWLYLHUWXQGGLH7DVWH

EOLQNW

:HQQGLH7UJHVFKORVVHQZLUGZLUGGHU$ODUPGHDNWLYLHUW(UOlVVWVLFKGXUFK'UFNHQGHU

7DVWH

DXVVFKDOWHQ

(

)

.LQGHUYHUULHJHOXQJ 9HUZHQGHQ6LHGLHVH)XQNWLRQZHQQGLH*HUlWHHLQVWHOOXQJHQQLFKWPDQXHOOYHUlQGHUWZHUGHQ

VROOHQ

+DOWHQ6LH]XP$NWLYLHUHQGLH7DVWH

JHGUFNWGUHL6HNXQGHQODQJ$XIGHP'LVSOD\

(

XQG

HUVFKHLQW³//´XQGHLQ$ODUPHUW|QW

'LHVYHUULHJHOWDOOH7DVWHQPLW$XVQDKPHYRQ



+DOWHQ6LHGLH7DVWH

GUHL6HNXQGHQODQJJHGUFNWXPGLH9HUULHJHOXQJ]XGHDNWLYLHUHQ

+LQZHLV

 ³//´ZLUGQLFKWDQJH]HLJWZlKUHQGGLH)XQNWLRQDNWLYLHUWLVW$OOHUGLQJVHUVFKHLQW³//´QDFKGHP

'UFNHQHLQHUEHOLHELJHQ7DVWHLQHLQHU6HNXQGH

(

)

'HXWVFK



)HXFKWLJNHLWVNRQWUROOHGHV*HPVHIDFKV´)UHVK&DVHµ

(QWIHUQHQXQG$QEULQJHQYRQ$EODJHQ

3URGXNWLRQYRQ(LVZUIHOQ

.KOVFKUDQN









*ODVE|GHQ

8PHLQHQ%RGHQDXV

GHP.KOVFKUDQN]X

HQWIHUQHQ]LHKHQ6LHLKQ

ELV]XP$QVFKODJKHUDXV

+HEHQ6LHVLHGDQQDQ

GHU9RUGHUVHLWHOHLFKWDQ

XQG]LHKHQ6LHVLHJDQ]

KHUDXV

.KOIDFKXQG´)UHVK

&DVHµ*HPVHIDFK

=LHKHQ6LHGDV)DFKVR

ZHLWZLHP|JOLFKKHUDXV

+HEHQ6LHHVGDQQDQGHU

9RUGHUVHLWHDQXQG]LHKHQ

6LHHVJDQ]KHUDXV

7UUHJDOH

8PHLQ5HJDO]X

HQWIHUQHQEULQJHQ6LH

GDV5HJDOLQGLHK|FKVWH

3RVLWLRQVFKLHEHQ6LHGHQ

OLQNHQXQGUHFKWHQ+HEHO

QDFKREHQXQG]LHKHQ6LH

GDQQGDV5HJDOKHUDXV

)ODVFKHQUHJDO

8PHLQ5HJDODXVGHP

*HUlW]XHQWIHUQHQKHEHQ

6LHHVVRZHLWZLHP|JOLFK

DQXQG]LHKHQ6LHHV

GDQQKHUDXV

*HIULHUUDXP

'LH6FKXEIlFKHUN|QQHQQLFKWJDQ]KHUDXVJH]RJHQZHUGHQ8PHLQ6FKXEIDFKDXVGHP*HUlW]XHQWIHUQHQ

|IIQHQ6LHHVKHEHQ6LHHVGDQQDQGHU9RUGHUVHLWHDQXQG]LHKHQ6LHHVKHUDXV

1DFKGHP6LHGHQ'HFNHOHQWIHUQHQN|QQHQ6LH/HEHQVPLWWHOLPOHHUHQ)DFKHLQODJHUQ

 'HU%HKlOWHUDP%RGHQGHV.KOUDXPVGLHQW]XP8QWHUEULQJHQYRQ

2EVWXQG*HPVH(VEHZDKUWGLH)HXFKWLJNHLWXQGYHUKLQGHUWGDVVVLH

DXVWURFNQHQ

 /DJHUQ6LHGLH/HEHQVPLWWHOLQJHHLJQHWHQ9HUSDFNXQJHQXP]X

YHUKLQGHUQGDVVVLH*HUFKHDEJHEHQRGHUDXIQHKPHQ

'HU%HKlOWHUYHUIJWEHUHLQHQLQWHJULHUWHQ)HXFKWLJNHLWVUHJOHUPLWGHPGLH

/XIWIHXFKWLJNHLWHQWVSUHFKHQGGHUJHODJHUWHQ/HEHQVPLWWHOPHQJHHLQJHVWHOOW

ZHUGHQNDQQ

.OHLQHUH/HEHQVPLWWHOPHQJHQGHQ6WHXHUVFKLHEHUQDFKUHFKWVVFKLHEHQ

*U|HUH/HEHQVPLWWHOPHQJHQGHQ6WHXHUVFKLHEHUQDFKOLQNVVFKLHEHQ

:DVVHU

0LWGHP(LHUKDOWHUN|QQHQ(LVZUIHOKHUJHVWHOOWZHUGHQ

8P(LVZUIHOKHU]XVWHOOHQIOOHQ6LHGHQ(LHUKDOWHUPLW:DVVHUXQGVWHOOHQ6LHLKQLQGHQ*HIULHUUDXP

1HKPHQ6LHLKQDXVGHP*HIULHUUDXPZHQQGLH(LVZUIHOIHUWLJVLQG

'UFNHQ6LHGLHHLQ]HOQHQ$XVK|KOXQJHQGHV(LHUKDOWHUVDXIGHU5FNVHLWH

'LH(LVZUIHOZHUGHQVLFKGDQQDXVGHP(LHUKDOWHUKHUDXVO|VHQ



3ÁHJHXQG5HLQLJXQJVKLQZHLVH

7lJOLFKHV5HLQLJHQ

5HLQLJHQ6LHGLH7HLOHPLWHLQHPWURFNHQHQ7XFK

2UWHGLHOHLFKWYHUVFKPXW]WZHUGHQ

7HLOHGLHPLW:DVVHUJHUHLQLJWZHUGHQN|QQHQ

.KOVFKUDQN *HIULHUUDXP

Ɣ *ODVE|GHQ

Ɣ 7UUHJDOH

Ɣ )ODVFKHQUHJDO

Ɣ (LHUKDOWHU

Ɣ .KOIDFK

Ɣ ³)UHVK&DVH´*HPVHIDFK

Ɣ )ODVFKHQJHVWHOO

Ɣ )ODVFKHQVWRSIHQ

+LQZHLV

 9HUZHQGHQ6LHNHLQHDJUHVVLYHQ5HLQLJXQJVPLWWHO

ZLH]%1DWULXPELNDUERQDWGDGLHVHGLH

.XQVWVWRIIREHUÀlFKHEHVFKlGLJHQN|QQHQ



Ɣ 2EHUHV*HIULHUVFKXEIDFK

Ɣ 0LWWOHUHV*HIULHUVFKXEIDFK

Ɣ 8QWHUHV*HIULHUVFKXEIDFK

7UGLFKWXQJV|IIQXQJ

%HL9HUVFKPXW]XQJNDQQGLH'LFKWXQJOHLFKWEHVFKlGLJW

ZHUGHQXQGGLH.DOWOXIWNDQQHQWZHLFKHQ

)ODVFKHQKDOWHU

%HLGHU$QVDPPOXQJYRQ6FKPXW]XQG)OVVLJNHLWHQ

UHLQLJHQ6LHGLHVHVRIRUW

=LHKHQ6LHMlKUOLFKGHQ1HW]VWHFNHUXQGHQWIHUQHQ6LHGLH5HJDOH]XU

5HLQLJXQJ

5HLQLJHQGHU)ULVFKKDOWHIROLHQNDVVHWWH

'LH)ULVFKKDOWHIROLHQNDVVHWWHLVWPLW.ODXHQEHIHVWLJW(QWQHKPHQ6LHGLH.DVVHWWHXQGVSOHQ6LHVLHPLW:DVVHU7URFNQHQ

6LHGLH.DVVHWWHQDFKGHP6SOHQXQGZLVFKHQ6LHDOOHYHUEOHLEHQGHQ:DVVHUWURSIHQDEEHYRU6LHVLHZLHGHUDQEULQJHQ

:HQQVLFK6FKPXW]VFKZHUHQWIHUQHQOlVVWUHLQLJHQ6LHGLH.DVVHWWHYRUVLFKWLJPLWHLQHPPLOGHQ.FKHQVSOPLWWHO

QHXWUDOXQGHLQHPZHLFKHQ7XFKXQGVSOHQ6LHGDV6SOPLWWHOPLW:DVVHUDE

5HLQLJXQJGHV%HGLHQIHOGV

'DV%HGLHQIHOGEHVWHKWDXVVSH]LHOOHQ0DWHULDOLHQ8PGLH2EHUÀlFKHJHJHQ%HVFKlGLJXQJHQ]XVFKW]HQUHLQLJHQ6LH

HVQLFKWPLWFKHPLVFKHQ/|VXQJVPLWWHOQ6WDWWGHVVHQUHLQLJHQ6LHHVPLWHLQHPWURFNHQHQRGHUHLQHPOHLFKWIHXFKWHQ7XFK

5HLQLJXQJGHV*HUlWHJHKlXVHV

5HLQLJHQ6LHGDV*HKlXVHGHV*HUlWHVPLWHLQHPLQZDUPHQ:DVVHUJHWDXFKWHQZHLFKHQ7XFK:HQQ)OHFNHQQLFKW

HQWIHUQWZHUGHQN|QQHQYHUZHQGHQ6LHQHXWUDOH.FKHQUHLQLJXQJVPLWWHOXQGZLVFKHQ6LHHVPLWHLQHPLQZDUPHQ

:DVVHUJHWDXFKWHQVDQIWHQ7XFKDE:LVFKHQ6LHDOOH:DVVHUWURSIHQPLWHLQHPWURFNHQHQ7XFKDE

'HXWVFK



:DUWXQJVNRQWUROOH

Ɣ,VWGDV$QVFKOXVVNDEHOEHVFKlGLJW"

Ɣ:LUGGHU1HW]VWHFNHUKHL"

Ɣ,VWGHU1HW]VWHFNHUNRPSOHWWLQGHU6WHFNGRVHHLQJHVWHFNW"

:HQQGDV1HW]NDEHOEHVFKlGLJWLVWZHQGHQ6LHVLFKDQHLQDXWRULVLHUWHV.XQGHQGLHQVW]HQWUXP(UVHW]HQ6LHHV

1,&+7VHOEVW

/DQJH1LFKWEHQXW]XQJ

:HQQ6LHEHDEVLFKWLJHQGHQ.KOVFKUDQNOlQJHUH=HLWQLFKW]XEHQXW]HQWUHQQHQ6LHLKQZLHREHQEHVFKULHEHQYRP

6WURPQHW]XQGUHLQLJHQ6LHGHQ6WHFNHUZLHREHQHUOlXWHUW/DVVHQ6LHGLH7UHQ7DJHODQJJH|IIQHW'DGXUFK

NDQQGHU,QQHQUDXPYROOVWlQGLJDXVWURFNQHQXQG*HUXFKVXQG6FKLPPHOELOGXQJZLUGYRUJHEHXJW

6FKDOWHQ6LHGHQ.KOVFKUDQNKLHUIUQLFKWDE'DVNDQQGLH/HEHQVGDXHUGHV.KOVFKUDQNHVEHHLQWUlFKWLJHQ

9RUGHP7UDQVSRUWEHDFKWHQ

཰

(QWIHUQHQ6LHMHJOLFKH/HEHQVPLWWHO:DVVHUXQG(LVZUIHODXVGHP.KOVFKUDQN

ཱ =LHKHQ6LHGHQ1HW]VWHFNHU

ི +HEHQ6LHGLHYHUVWHOOEDUHQ)H/HJHQ6LHHLQH6FKXW]SODWWHDXIGHQ%RGHQ

ZHQQGLHVHUOHLFKWYHUNUDW]WZHUGHQNDQQ

ཱི =LHKHQ6LHGHQ.KOVFKUDQNDQVLFK

ུ /HJHQ6LHHLQ7XFKDXIGLHOLQNH(FNHGHV9HUGXQVWXQJVNHVVHOV

.LSSHQ6LHGHQ.KOVFKUDQNGDPLWGDV7XFKGDV:DVVHU

DXIQLPPW9HUJHZLVVHUQ6LHVLFKGDVVNHLQ:DVVHU

]XUFNEOHLEW

%HLP7UDQVSRUWEHDFKWHQ

'DV*HUlWVROOWHYRQ]ZHLRGHUPHKU3HUVRQHQJHWUDJHQZHUGHQ

཰ 6FKUDXEHQ6LHGLHYHUVWHOOEDUHQ)HUHLQ

ཱ +DOWHQ6LHGLHYHUVWHOOEDUHQ)HXQGGLH(FNHQIHVW

6LHKH$EELOGXQJ

+LQZHLV

 7UDJHQ6LHGDV*HUlWQLFKWOLHJHQGRGHUGXUFK)HVWKDOWHQGHU7U

7UDQVSRUWLHUHQ6LHGHQ.KOVFKUDQNVWHWVLQQRUPDOHUDXIUHFKWHU3RVLWLRQ

6LFKHUQ6LHGLH7UHQ

PLW.OHEHEDQG

3ÁHJHXQG5HLQLJXQJVKLQZHLVH)RUWVHW]XQJ

5HLQLJXQJVKLQZHLVH

5HLQLJHQ6LHNHLQ*HUlWHWHLOPLWGHQIROJHQGHQ6WRIIHQ

Ɣ

$ONDOLVFKHRGHUVFKZDFKDONDOLVFKH5HLQLJXQJVPLWWHO'LHVH6WRIIHN|QQHQGLH.XQVWVWRIIWHLOHSRU|VXQGEUFKLJPDFKHQ

Ɣ 5HLEHQGHU6WDXE6HLIHQSXOYHU(UG|OKHLHV:DVVHU.FKHQUHLQLJXQJVEUVWH6lXHUXQJVPLWWHO%HQ]LQ

/|VXQJVPLWWHO$ONRKROXVZ'LHVH6WRIIHN|QQHQGLHODFNLHUWH2EHUÀlFKHXQG.XQVWRIIWHLOHEHVFKlGLJHQ

6WHOOHQ6LHVLFKHUGDVVgOÀHFNHQHQWIHUQWZHUGHQ(VNDQQGLH.XQVWVWRIIWHLOHSRU|VXQGEUFKLJPDFKHQ

9HUGXQVWXQJVNHVVHO

8QWHQKLQWHQDP.KOVFKUDQN



)UDJHQXQG$QWZRUWHQ

:HQQ6LHGDV*HIKOKDEHQGDVVGHU.KOVFKUDQNQLFKWRUGQXQJVJHPlIXQNWLRQLHUWEHUSUIHQ6LH]XHUVWGLHIROJHQGHQ3XQNWH

)DOOVGLH6W|UXQJEHVWHKHQEOHLEW]LHKHQ6LHGHQ1HW]VWHFNHUDEXQGZHQGHQ6LHVLFKDQ,KUHQ)DFKKlQGOHURGHU

DXWRULVLHUWHQ6HUYLFHKlQGOHU

$OOJHPHLQHV

6LHK|UHQXQJHZ|KQOLFKH

*HUlXVFKHYRP.KOVFKUDQN

 ,VWGHU.KOVFKUDQNDXIVWDELOHPXQGHEHQHQ%RGHQLQVWDOOLHUWZRUGHQ"

 6LQGDXVUHLFKHQGH$EVWlQGHXPGHQ.KOVFKUDQNYRUKDQGHQ"

 9LEULHUHQLUJHQGZHOFKH*HJHQVWlQGHDXIGHP.KOVFKUDQN"

 'LH(U]HXJXQJYRQ*HUlXVFKHQEHLP6WDUWHQRGHU6WRSSHQGHV

.KOVFKUDQNEHWULHEVLVWQRUPDO

6LHK|UHQHLQ*HUlXVFKQDFKGHPVLFK

GHU.RPSUHVVRUDEJHVFKDOWHWKDW

 'LHVLVWQRUPDOXQGZLUGRIWGXUFKGDV]XP.RPSUHVVRU]XUFNÀLHHQGH

.lOWHPLWWHOYHUXUVDFKW

6LHK|UHQHLQ*HUlXVFKQDFKGHP

6LHGLH7UJH|IIQHWRGHU

JHVFKORVVHQKDEHQ

 'LHVLVWQRUPDOXQGLVWDXIGHQ/XIWGUXFNXQWHUVFKLHG]ZLVFKHQGHU,QQHQXQG

$XHQVHLWHGHV.KOVFKUDQNV]XUFN]XIKUHQ

6LHK|UHQGDV*HUlXVFKHLQHV/XIW

RGHU:DVVHUÁXVVHVQDFKGHP6LH

GLH7UJH|IIQHWKDEHQ

 'LHVZLUGGXUFKGDVLQGHQLQWHUQHQ5RKUOHLWXQJHQÀLHHQGH.lOWHPLWWHO

YHUXUVDFKW

6LHK|UHQHLQDQKDOWHQGHV

ZLPPHUQGHV*HUlXVFK

 'LHVHV*HUlXVFKHUW|QWZlKUHQGGHU.DOWOXIW8PZlO]OIWHUOlXIW

 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH5DXPWHPSHUDWXUKRFK"

,QGLHVHQ)lOOHQDUEHLWHWGDV*HEOlVH]XP=LUNXOLHUHQGHU.DOWOXIWPLWKRKHU

'UHK]DKOXQGHU]HXJWGDEHLHLQHWZDVODXWHUHV%HWULHEVJHUlXVFK

'HU.RPSUHVVRULVW]LHPOLFKODXW

 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH5DXPWHPSHUDWXUKRFK"

,QGLHVHQ)lOOHQDUEHLWHWGHU.RPSUHVVRUDXI+RFKWRXUHQZHVKDOEHVQRUPDO

LVWGDVVHUPHKU*HUlXVFKHHU]HXJW

'HU.RPSUHVVRUOlXIWEHUHLQHQ

ODQJHQ=HLWUDXP

 :HQQGHU1HW]VWHFNHU]XPHUVWHQ0DODQJHVFKORVVHQZRUGHQLVWOlXIWGHU

.RPSUHVVRUOlQJHUDOVJHZ|KQOLFKXPGHQ,QQHQUDXPGHV.KOVFKUDQNV

DE]XNKOHQELVGLHHLQJHVWHOOWHQ7HPSHUDWXUHQHUUHLFKWZHUGHQ

 :XUGHGHU6XSHU*HIULHUPRGXVRGHUGHU6XSHU.KOPRGXVHLQJHVWHOOW"

 6LQGGLH7UHQRIWJH|IIQHWXQGJHVFKORVVHQZRUGHQ"6LQGGLH7UHQ

YROONRPPHQJHVFKORVVHQ"

 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH5DXPWHPSHUDWXUKRFK"

 :HQQYLHOH/HEHQVPLWWHOJOHLFK]HLWLJLP.KOJHUlWHLQJHODJHUWZHUGHQPXVV

GHU.RPSUHVVRUOlQJHUODXIHQ

.RQGHQVDWLRQELOGHWVLFKDQGHU

$XHQVHLWHGHV.KOVFKUDQNV

 .RQGHQVDWLRQNDQQVLFKELOGHQZHQQGLH/XIWIHXFKWLJNHLWLP5DXPKRFKLVW'LHV

LVWGXUFKDXVQRUPDO:LVFKHQ6LHGDV.RQGHQVDWPLWHLQHPWURFNHQHQ7XFKDE

'LH$XHQVHLWHGHV.KOVFKUDQNV

IKOWVLFKKHLDQ

 1DFKGHP(LQVFKDOWHQGHV.KOVFKUDQNVZLUGGDV*HUlWP|JOLFKHUZHLVH

ZDUPELVGHU,QQHQUDXPDXVUHLFKHQGKHUXQWHUJHNKOWLVW$XFKQDFKGHP

+HUXQWHUNKOHQGHU)lFKHUNDQQVLFKGHU.KOVFKUDQNHUZlUPHQ'LHVOLHJW

DP%HWULHEGHU:lUPHOHLWXQJPLWGHUGHU.KOVFKUDQN]XU9HUPHLGXQJYRQ

.RQGHQVDWLRQDXVJHVWDWWHWLVW(VKDQGHOWVLFKQLFKWXPHLQH)HKOIXQNWLRQ

'LH7DVWHQDP%HGLHQIHOGN|QQHQ

QLFKWEHWlWLJWZHUGHQ

 ,VWGLH6WURPYHUVRUJXQJGHV.KOVFKUDQNVHLQJHVFKDOWHW"

'HU$ODUPHUW|QW  'LH.KOVFKUDQNWUZXUGHRIIHQJHODVVHQ

'HXWVFK



.KOUDXPXQG*HIULHUUDXP

'HU.KOUDXPXQGGHU

*HIULHUUDXPIXQNWLRQLHUWQLFKW

 ,VWGLH6WURPYHUVRUJXQJGHV.KOVFKUDQNVHLQJHVFKDOWHW"

'HU.KOUDXPXQGGHU

*HIULHUUDXPIXQNWLRQLHUWQLFKW

]XIULHGHQVWHOOHQG

 ,VWGLHHLQJHVWHOOWH7HPSHUDWXU]XKRFK"

 ,VWGHU.KOVFKUDQNGLUHNWHP6RQQHQOLFKWDXVJHVHW]WRGHULQGHU1lKHHLQHV

+HL]N|USHUVDXIJHVWHOOW"

 6LQGDXVUHLFKHQGH$EVWlQGHXPGHQ.KOVFKUDQNYRUKDQGHQ"

 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH

5DXPWHPSHUDWXUKRFK"

 6LQGGLH7UHQRIWJH|IIQHWXQGJHVFKORVVHQZRUGHQ"

6LQGGLH7UHQYROONRPPHQJHVFKORVVHQ"

 ,VWGHU.KOVFKUDQNDXIGHQ8UODXEVPRGXVHLQJHVWHOOWZRUGHQ"

 :HQQZDUPH6SHLVHQLQGHQ.KOVFKUDQNJHVWHOOWZHUGHQVWHLJWGLH

7HPSHUDWXUYRUEHUJHKHQG

 :lKUHQGGHUNDOWHQ-DKUHV]HLWRGHUEHLQLHGULJHU5DXPWHPSHUDWXUNDQQHV

GHQ$QVFKHLQKDEHQGDVVGHU.KOVFKUDQNQLFKWNKOW

(VEHVWHKWHLQ8QWHUVFKLHG

]ZLVFKHQGHUHLQJHVWHOOWHQXQG

GHUWDWVlFKOLFKHQ7HPSHUDWXU

 :HQQZDUPH6SHLVHQLQGHQ.KOVFKUDQNJHVWHOOWZHUGHQVWHLJWGLH

7HPSHUDWXUYRUEHUJHKHQG

/HEHQVPLWWHOLP.KOUDXP

JHIULHUHQ

 ,VWGLHHLQJHVWHOOWH7HPSHUDWXUIUGHQ.KOUDXP]XQLHGULJ"

 %H¿QGHQVLFKGLH/HEHQVPLWWHOLPKLQWHUHQ%HUHLFKGHV.KOUDXPV"

'HU%HUHLFKLQGHU1lKHGHU5FNZDQGZLUGDPNlOWHVWHQZHVKDOEKLHUNHLQH

/HEHQVPLWWHOHLQJHODJHUWZHUGHQVROOWHQGLHOHLFKWJHIULHUHQ

.RQGHQVDWLRQELOGHWVLFKLP

.KOUDXPXQGLQGHQ6FKXEODGHQ

 .RQGHQVDWLRQNDQQVLFKELOGHQZHQQGLH7URIWJH|IIQHWXQGJHVFKORVVHQZLUG

RGHUQLFKWYROOVWlQGLJJHVFKORVVHQZRUGHQLVWRGHUZHQQGLH/XIWIHXFKWLJNHLW

LP5DXPKRFKLVW:LVFKHQ6LHGDV.RQGHQVDWPLWHLQHPWURFNHQHQ7XFKDE

'LH*HIULHUUDXPWUOlVVWVLFK

VFKZHU|IIQHQ

 (VNDQQVHLQGDVVVLFKGLH7UPDQFKPDOVFKZHU|IIQHQOlVVWZHQQVLH

JHUDGHJHVFKORVVHQZXUGH

 'HU/XIWGUXFNXQWHUVFKLHG]ZLVFKHQGHP,QQHQUDXPXQGGHU$XHQVHLWHGHV

*HIULHUUDXPVNDQQPDQFKPDOGD]XIKUHQGDVVVLFKGLH*HIULHUUDXPWUQXU

VFKZHU|IIQHQOlVVW:DUWHQ6LHHLQHQ$XJHQEOLFNXQGYHUVXFKHQ6LHGDQQ

HUQHXWGLH7U]X|IIQHQ

(VULHFKWXQDQJHQHKPLP

.KOVFKUDQN

 6LQGVWDUNULHFKHQGH/HEHQVPLWWHOYRUGHU(LQODJHUXQJLP.KOUDXPYHUVLHJHOW

ZRUGHQ"

%HZDKUHQ6LHGLH/HEHQVPLWWHOLQHLQHQYHUVLHJHOWHQ%HKlOWHUDXI

 *HUFKHN|QQHQDQGHQ2EHUÀlFKHQGHV.KOVFKUDQN,QQHQUDXPVKDIWHQ

:LVFKHQ6LHGLH2EHUÀlFKHQPLWHLQHPZHLFKHQ7XFKDEGDV6LHLQ

ODXZDUPHV:DVVHUJHWDXFKWKDEHQ



'LHVHV6\PEROGLHQWGD]X$QZHQGHUIUZLFKWLJH,QIRUPDWLRQHQDQGLH%HGLHQXQJVDQOHLWXQJRGHU

%URVFKUHQ]XYHUZHLVHQ

,QGLHVHP.KOVFKUDQNLVWHLQ)LOWHUHLQJHEDXWGHUDOV%LR]LGJLOW

'HU)LOWHUVHOEVWHQWKlOWHLQH6XEVWDQ]PLW6LOEHULRQHQZHOFKHGLHLQGHU/XIWLQQHUKDOEGHV.KOVFKUDQNVHQWKDOWHQHQ

%DNWHULHQQHXWUDOLVLHUWXQGGDV%DNWHULHQZDFKVWXPKHPPW

:LUNVWRII6LOEHU1DWULXP+\GURJHQ=LUNRQLXPSKRVSKDW

)UDJHQXQG$QWZRUWHQ)RUWVHW]XQJ



7HFKQLVFKH'DWHQ

3URGXNWGDWHQEODWW(89HURUGQXQJ

1$0('(6/,()(5$17(1 3DQDVRQLF

02'(//.(1181*

15%1$;(

15%1$:(

15%1$;%

15%1$:%

.$7(*25,( .KO*HIULHUJHUlW

(1(5*,(()),=,(1=./$66( $

-b+5/,&+(5(1(5*,(9(5%5$8&+ N:K-DKU



1(772.h+/92/80(1 /

1(772*()5,(592/80(1 /

67(51(.(11=(,&+181*'(6*()5,(5)$&+6 9LHU6WHUQH

$1*$%(Ä)5267)5(,³)h5',(%(75())(1'(1)b&+(5

.KOEHUHLFK1R)URVW*HIULHUEHUHLFK1R)URVW

7(03(5$785$167,(*6=(,7 6WXQGHQ

*()5,(59(50g*(1 NJ6WXQGHQ

./,0$./$66( 617



/8)76&+$//(0,66,21(1 G%

:HLWHUH,QIRUPDWLRQHQ

*(6$07%5877292/80(1 /

*(6$071(77292/80(1 /

$866(10$66(

%5(,7([7,()([+g+(

PP[PP[PP

1(772*(:,&+7 1,5NJ

1(1163$1181* 99 99

1(11)5(48(1= +]

.h+/0,77(//$'81* 5DJ

*(%/b6(0,77(/ &\FOR3HQWDQ

+LQZHLVH



 'HU(QHUJLHYHUEUDXFKSUR-DKUEDVLHUWDXIGHQ6WDQGDUGWHVWHUJHEQLVVHQIU6WXQGHQJHPl(1

'HUWDWVlFKOLFKH(QHUJLHYHUEUDXFKZHLFKWMHQDFK9HUZHQGXQJXQG6WDQGRUWGHV*HUlWVDE

'HU(QHUJLHYHUEUDXFKEHL9HUZHQGXQJXQWHUVFKHLGHWVLFKMHQDFK$XIVWHOOXQJVRUWGHV*HUlWV7HPSHUDWXUHLQVWHOOXQJ

GHUHLQ]HOQHQ%HUHLFKH8PJHEXQJVWHPSHUDWXUXQG/XIWIHXFKWLJNHLW+lX¿JNHLWGHVgIIQHQV6FKOLHHQVGHU7UHQ

9ROXPHQXQG7HPSHUDWXUGHU/HEHQVPLWWHOXQG9HUZHQGXQJVZHLVHGHV*HUlWV



 =XOlVVLJH8PJHEXQJVWHPSHUDWXU&ELV&

%HLYROOVWlQGLJJH|IIQHWHQ7UHQ

600 mm

632.5 mm

1247 mm

1203 mm

677 mm

634 mm



'HXWVFK



,QKRXGVRSJDYH

'HEHWHNHQLVYDQGHV\PEROHQ

1LHWGRHQ

*HHIWDDQGDWKHWDSSDUDDWJHDDUGPRHWZRUGHQ

RPHHQHOHNWULVFKHVFKRNWHYRRUNRPHQ

'RHGLWYRRUDOZHO 1LHWXLWHONDDUKDOHQ

:$$56&+8:,1*

'XLGWRSJHYDDUYRRUGRRGRIHUQVWLJOHWVHO

'LWDSSDUDDWPDJZRUGHQJHEUXLNWGRRUNLQGHUHQYDQDIMDDU

HQGRRUSHUVRQHQPHWYHUPLQGHUGHOLFKDPHOLMNH]LQWXLJOLMNHRI

JHHVWHOLMNHYDDUGLJKHGHQRIJHEUHNDDQNHQQLVRIHUYDULQJDOV]H

RQGHUWRH]LFKWVWDDQRILQVWUXFWLHVKHEEHQJHNUHJHQRYHUKHWYHLOLJH

JHEUXLNYDQKHWDSSDUDDWHQ]HGHJHYDUHQNHQQHQ.LQGHUHQ

PRJHQQLHWPHWKHWDSSDUDDWVSHOHQ+HWUHLQLJHQHQRQGHUKRXG

PDJGRRUNLQGHUHQDOOHHQRQGHUWRH]LFKWZRUGHQXLWJHYRHUG

%HZDDUJHHQRQWSORIEDUHVWRIIHQ]RDOVVSXLWEXVVHQPHW

EUDQGEDDUGULMIJDVLQGH]HNRHONDVW

%UDQGEDUHRIOLFKWRQWYODPEDUHVWRIIHQ]RDOVEHQ]HHQWKLQQHUVSLULWXV

HWKHURI/3*YORHLEDDUSHWUROHXPJDV]RXGHQNXQQHQRQWSORIIHQ

*HEUXLNJHHQYHUGHHOVWHNNHUVHQVOXLWQLHWDOWHYHHODSSDUDWHQDDQRSKHW]HOIGHVWRSFRQWDFW

 'LWNDQOHLGHQWRWRYHUYHUKLWWLQJEUDQGRINRUWVOXLWLQJ

=RUJGDWKHWVWURRPVQRHUQLHWEHNQHOGRIJHNQLNWZRUGWRILQGHNQRRSUDDNWHQSODDWVHUJHHQ]ZDDUYRRUZHUSERYHQRS

 'DWYHUKRRJWKHWULVLFRRSEUDQGRIHHQHOHNWULVFKHVFKRN$OVKHWVWURRPVQRHURIGHVWHNNHUYDQGHNRHONDVWLV

EHVFKDGLJGPRHWGDWRQGHUGHHORPJHYDDUWHYHUPLMGHQYHUYDQJHQZRUGHQGRRUHHQYHUWHJHQZRRUGLJHURI

RQGHUKRXGVGLHQVWYDQGHIDEULHNRIGRRUHHQHUNHQGHUHSDUDWHXU

7UHNQRRLWDDQKHWVWURRPVQRHURPGHVWHNNHUYDQGHNRHONDVWXLWKHWVWRSFRQWDFWWHKDOHQ

 +LHUGRRUNDQKHWVWURRPVQRHUEHVFKDGLJHQ3DNDOWLMGGHVWHNNHUYDVWHQWUHNGH]HUHFKWXLWKHWVWRSFRQWDFW

3ODDWVQRRLWHHQPHWZDWHUJHYXOGHNDQRIYDDVERYHQRSGHNRHONDVW

 *HPRUVWZDWHU]RXGHLVRODWLHYDQGHHOHNWULVFKHRQGHUGHOHQNXQQHQEHVFKDGLJHQPHWDOVJHYROJNRUWVOXLWLQJHQ

JHYDDUYRRUEUDQGRIHHQHOHNWULVFKHVFKRN

6SURHLJHHQEUDQGEDDUJDVLQGHEXXUWYDQGHNRHONDVW

 'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG

6SURHLJHHQZDWHURSRILQGHNRHONDVW

 'LWNDQOHLGHQWRWEUDQGRIHHQHOHNWULVFKHVFKRN

9HLOLJKHLGVYRRUVFKULIWHQ

5HVSHFWYRRUKHWPLOLHX

,QVWDOODWLH

2QGHUGHOHQ

%HGLHQLQJVSDQHHO

,QVWHOOHQYDQGHWHPSHUDWXXU

*HEUXLNYDQGHKDQGLJHIXQFWLHV

9RFKWLJKHLGVUHJHOLQJLQGH

´)UHVK&DVHµJURHQWHODGH

,-VEORNMHVPDNHQ

/HJSODWHQYHUZLMGHUHQHQSODDWVHQ

,QVWUXFWLHVYRRURQGHUKRXGHQUHLQLJLQJ

9HHOJHVWHOGHYUDJHQ

7HFKQLVFKHJHJHYHQV

9HLOLJKHLGVYRRUVFKULIWHQ



9HLOLJKHLGVYRRUVFKULIWHQYHUYROJ

5DDNGHVWURRPVWHNNHUQRRLWPHWQDWWHKDQGHQDDQ

 'LWNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN

,QVWDOOHHUGHNRHONDVWQLHWRSHHQYRFKWLJHSODDWVRIZDDUGHNRHONDVWPHWZDWHULQDDQUDNLQJNRPW

 $DQJHWDVWHLVRODWLHYDQHOHNWULVFKHRQGHUGHOHQNDQOHLGHQWRWNRUWVOXLWLQJHOHNWULVFKHVFKRNRIEUDQG

%HZDDUJHHQPHGLFLMQHQRIDQGHUHWHPSHUDWXXUJHYRHOLJHSURGXFWHQLQGHNRHONDVW

 3URGXFWHQGLHYRRUKXQZHUNLQJHUJWHPSHUDWXXUJHYRHOLJ]LMQNXQWXEHWHUQLHWLQGHNRHONDVWEHZDUHQ

/DDWNLQGHUHQQLHWRSGHNRHONDVWNOLPPHQRIDDQGHGHXUKDQJHQ

 'LWNDQOHLGHQWRWHUQVWLJOHWVHOHYHQDOVEHVFKDGLJLQJHQDDQGHNRHONDVW

*HEUXLNGHNRHONDVWQLHWLQHHQRPJHYLQJZDDUEUDQGEDUHRIOLFKWRQWYODPEDUHJDVVHQRIGDPSHQYULMNRPHQ

 'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG

%HZDDUJHHQEHQ]LQHRIDQGHUHEUDQGEDUHYORHLVWRIIHQRIGDPSHQLQGHNRHONDVWHQJHEUXLNGHUJHOLMNHVWRIIHQ

QLHWLQGHEXXUWYDQKHWDSSDUDDW

 'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG

:$$56&+8:,1*

*HEUXLNJHHQPHFKDQLVFKHDSSDUDWHQRIDQGHUHPLGGHOHQ

RPKHWRQWGRRLSURFHVWHYHUVQHOOHQDQGHUVGDQGH

PRJHOLMNKHGHQGLHZRUGHQDDQEHYROHQGRRUGHIDEULNDQW

'LWNDQOHLGHQWRWEHVFKDGLJLQJHQDDQGHELQQHQNDQWYDQ

GHNRHONDVWRIOHLGHQWRWHHQH[SORVLH

:$$56&+8:,1*

*HEUXLNJHHQHOHNWULVFKHDSSDUDWHQLQGHYRRUUDDGODGHQDDQGH

ELQQHQNDQWYDQGHNRHONDVWWHQ]LMRSDDQJHYHQYDQGHIDEULNDQW

'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG

:$$56&+8:,1*

%HVFKDGLJKHWNRHOFLUFXLWQLHW

'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG

:$$56&+8:,1*

2SHQKHWGHNVHOYDQGH/('ODPSMHVLQKHWLQWHULHXU

YDQGHNRHONDVWQLHW

'LWNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN$OVGH/('YHUOLFKWLQJ

QLHWJRHGZHUNWPRHWXGH]HODWHQYHUYDQJHQGRRUGHIDEULNDQW

GLHQVRQGHUKRXGVGLHQVWRIHHQDQGHUGDDUWRHEHYRHJGSHUVRRQ

RPHHQJHYDDUOLMNHVLWXDWLHWHYRRUNRPHQ

3UREHHUGHNRHONDVWQLHW]HOIWHGHPRQWHUHQWHUHSDUHUHQRIDDQWHSDVVHQ

 8NXQWX]HOIRIDQGHUHQYHUZRQGHQGRRUEUDQGSOHNNHQRIHHQHOHNWULVFKHVFKRNRIGHNRHONDVWEHVFKDGLJHQ

5DDGSOHHJHHQHUNHQGVHUYLFHFHQWUXPDOVXZNRHONDVWJHUHSDUHHUGRIJHZLM]LJGPRHWZRUGHQ

=RUJGDWGHNRHONDVWDOWLMGZRUGWDDQJHVORWHQRSHHQJHDDUGVWRSFRQWDFW,1*((1*(9$/DDQVOXLWHQRSHHQ

QLHWJHDDUGVWRSFRQWDFW

 (HQNRUWVOXLWLQJNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN

=RUJGDWKHWVWURRPVQRHUHQGHVWHNNHUQLHWJHNOHPGHQ

RQEHVFKDGLJG]LMQ

(HQEHVFKDGLJGHVWHNNHURIHHQJHNQDNWVWURRPVQRHUNDQ

OHLGHQWRWNRUWVOXLWLQJEUDQGRIHHQHOHNWULVFKHVFKRN

$OVKHWVWURRPVQRHUEHVFKDGLJGLVPRHWXGLWODWHQYHUYDQJHQ

GRRUGHIDEULNDQWGLHQVRQGHUKRXGVGLHQVWRIHHQDQGHUGDDUWRH

EHYRHJGSHUVRRQRPHHQJHYDDUOLMNHVLWXDWLHWHYRRUNRPHQ

9HUYDQJKHWVQRHUQLHW]HOI

1HGHUODQGV



9HLOLJKHLGVYRRUVFKULIWHQYHUYROJ

9HUZLMGHUVWRIRIYXLOYDQGHVWHNNHUSHQQHQYRRUGDWXGHVWHNNHULQKHWVWRSFRQWDFWVWHHNW

 6WRIRIYXLORSGHVWHNNHUNDQOHLGHQWRWLVRODWLHSUREOHPHQYRRUDORQGHUYRFKWLJHRPVWDQGLJKHGHQ'LWNDQOHLGHQWRW

NRUWVOXLWLQJEUDQGRIHHQHOHNWULVFKHVFKRN7UHNGHVWURRPVWHNNHUXLWKHWVWRSFRQWDFWHQYHHJKHPVFKRRQPHWHHQ

GURJHGRHN*HEUXLNQRRLWHHQQDWWHRIYRFKWLJHGRHN

6WHHNGHVWURRPVWHNNHUVWHYLJLQKHWVWRSFRQWDFW

 (HQORV]LWWHQGHVWURRPVWHNNHUNDQOHLGHQWRWEUDQGRIHHQHOHNWULVFKHVFKRN

3ODDWVGHNRHONDVWLQHHQJRHGJHYHQWLOHHUGHUXLPWH

 +RHPHHUNRHOPLGGHOHHQDSSDUDDWEHYDWGHVWHJURWHUGHUXLPWHZDDULQXKHWDSSDUDDWPRHWSODDWVHQ$OVHU

HYHQWXHHONRHOPLGGHO]RXJDDQOHNNHQWHUZLMOKHWDSSDUDDWLQHHQNOHLQHUXLPWHVWDDWNXQQHQRQWYODPEDUHJDVVHQ

]LFKJDDQRSKRSHQ'LWNDQOHLGHQWRWEUDQGRIHHQH[SORVLH$OVULFKWOLMQJHOGWGDWHUYRRUHONHJUDPDDQNRHOPLGGHO

WHQPLQVWHNXELHNHPHWHUYULMHUXLPWHLQKHWYHUWUHNPRHW]LMQ+HWLQIRUPDWLHSODDWMHDDQGHELQQHQNDQWYDQGH

NRHONDVWYHUPHOGWKRHYHHONRHOPLGGHOXZNRHONDVWEHYDW

+HWNRHOPLGGHO5DGDWLQGH]HNRHONDVWZRUGWJHEUXLNWHQGHJDVVHQLQKHWLVRODWLHPDWHULDDOF\FORSHQWDDQ

]LMQEHLGHOLFKWRQWYODPEDDU+LHUYRRUJHOGHQRRNVSHFLDOHDIYDOSURFHGXUHV

 9

RRUGDWXGH]HNRHONDVWZHJGRHWGLHQWXWHFRQWUROHUHQRIGHOHLGLQJHQDDQGHDFKWHU]LMGHQLHWEHVFKDGLJG]LMQ

/HNNDJHYDQNRHOPLGGHORIJDVNDQOHLGHQWRWEUDQGRIHHQH[SORVLH

7UHNYRRUUHLQLJLQJVHQRQGHUKRXGVZHUN]DDPKHGHQGHVWHNNHUXLWKHWVWRSFRQWDFW

 1DODWHQKLHUYDQNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN

$OVXHHQEUDQGOXFKWUXLNWRIPHUNWGDWHUURRNXLWGHNRHONDVWNRPWWUHNGDQRQPLGGHOOLMNGHVWHNNHUXLWKHW

VWRSFRQWDFWHQQHHPFRQWDFWRSPHWHHQHUNHQGVHUYLFHFHQWUXP

 1DODWHQKLHUYDQNDQOHLGHQWRWEUDQGRIHHQHOHNWULVFKHVFKRN

:$$56&+8:,1*

=RUJGDWDOOHYHQWLODWLHVOHXYHQYDQGHNRHONDVW]HOIHQ

GHHYHQWXHOHRPERXZYULM]LMQ

1DODWHQKLHUYDQNDQOHLGHQWRWEUDQGRIHHQH[SORVLH

RPGDWNRHOPLGGHO]LFKQLHWNDQYHUVSUHLGHQDOVKHWOHNW

/(723

'XLGWRSULVLFRYDQOLFKDPHOLMNOHWVHORIPDWHULsOHVFKDGH

3ODDWVJHHQÁHVVHQRISRWWHQYDQJODVLQGHYULHVNDVW

 :DQQHHUGHLQKRXGEHYULHVWNDQKHWJODVEDUVWHQHQOHWVHOVYHURRU]DNHQ

5DDNGHELQQHQZDQGHQYDQGHYULHVNDVWRIGHGDDULQJHSODDWVWHOHYHQVPLGGHOHQQLHWPHWQDWWHKDQGHQDDQ

 8ZKXLGNDQYDVWYULH]HQDDQGHELQQHQZDQGRIDDQGHLQJHYURUHQOHYHQVPLGGHOHQLQKHWYULHVYDN

2SHQGHNRHONDVWWLMGHQVHHQVWURRPVWRULQJQLHWWHYDDNHQSODDWVHUJHHQRQJHNRHOGH

OHYHQVPLGGHOHQLQ

 +LHUGRRUNDQGHWHPSHUDWXXULQGHNRHONDVWVWLMJHQHQGLWNDQQHJDWLHYHJHYROJHQKHEEHQYRRUGH

VDQLWDLUHYRRU]LHQLQJHQ

3DVRRNRSYRRUGHRSHQLQJWXVVHQGHGHXUHQYDQGHNRHONDVWHQGHYULHVNDVWYRRUDO

DOVGLHDOOHEHLWHJHOLMNRSHQVWDDQ

 'LWNDQOHLGHQWRWSHUVRRQOLMNOHWVHO

3DVRSGDWXZYLQJHUVWLMGHQVKHWRSHQHQYDQGHNRHONDVWQLHWEHNQHOGUDNHQLQGH

DDQJHJHYHQ´NQHOSXQWHQµ=RUJYRRUDOWLMGHQVKHWRSHQHQYDQGHNRHONDVWGHXUHQYRRU

KHWYHUPLMGHQYDQKHWPRJHOLMNHNQHOSXQWWXVVHQGHNRHONDVWHQGHNRHONDVWGHXUHQ

 'LWNDQOHLGHQWRWSHUVRRQOLMNOHWVHO

0RJHOLMNNQHOSXQW



9HUZLMGHUHQYDQKHWYHUSDNNLQJVPDWHULDDO

2QPLGGHOOLMNQDGDWXGHNRHONDVWKHEWXLWJHSDNWPRHWX]RUJHQGDWDOOHYHUSDNNLQJVPDWHULDDO]RDOV

NDUWRQSODVWLF]DNNHQSODNEDQGHQSRO\VW\UHHQYHLOLJYHUZLMGHUGZRUGHQ

+RXGYHUSDNNLQJVPDWHULDOHQXLWGHEXXUWYDQEDE\VHQMRQJHNLQGHUHQRPGHNDQVRSOHWVHORIYHUVWLNNLQJWHYRRUNRPHQ

+HWRQWGRHQYDQRXGHDSSDUDWXXU

(QNHOYRRUGH(XURSHVH8QLHHQODQGHQPHWUHF\FOHV\VWHPHQ

'LWV\PERRORSGHSURGXFWHQYHUSDNNLQJHQHQRI

EHJHOHLGHQGHGRFXPHQWHQEHWHNHQWGDWJHEUXLNWHHOHNWULVFKH

HQHOHNWURQLVFKHSURGXFWHQQLHWVDPHQPRJHQZRUGHQ

ZHJJHJRRLGPHWGHUHVWYDQKHWKXLVKRXGHOLMNDIYDO

9RRUHHQMXLVWHYHUZHUNLQJKHUJHEUXLNHQUHF\FOLQJYDQRXGH

SURGXFWHQJHOLHYHGH]HLQWHOHYHUHQELMGHGHVEHWUHIIHQGH

LQOHYHUSXQWHQLQRYHUHHQVWHPPLQJPHWXZQDWLRQDOHZHWJHYLQJ

'RRU]HRSGHMXLVWHZLM]HZHJWHJRRLHQKHOSWXPHHPHWKHW

EHVSDUHQYDQNRVWEDUHKXOSEURQQHQHQYRRUNRPWXSRWHQWLsOH

QHJDWLHYHHIIHFWHQRSGHYRONVJH]RQGKHLGHQKHWPLOLHX

9RRUPHHULQIRUPDWLHRYHULQ]DPHOLQJHQUHF\FOLQJNXQWX

FRQWDFWRSQHPHQPHWXZSODDWVHOLMNHJHPHHQWH

$IKDQNHOLMNYDQXZQDWLRQDOHZHWJHYLQJNXQQHQHUERHWHV

ZRUGHQRSJHOHJGELMKHWRQMXLVWZHJJRRLHQYDQGLWVRRUWDIYDO

9RRU]DNHOLMNHJHEUXLNHUVLQGH(XURSHVH8QLH

1HHPYRRUPHHULQIRUPDWLHRYHUKHWZHJJRRLHQYDQHOHNWULVFKH

HQHOHNWURQLVFKHDSSDUDWXXUFRQWDFWRSPHWXZGHDOHU

,QIRUPDWLHRYHUKHWZHJJRRLHQYDQGLWW\SHDIYDOLQ

ODQGHQEXLWHQGH(XURSHVH8QLH

'LWV\PERROLVDOOHHQJHOGLJELQQHQGH(XURSHVH8QLH

1HHPFRQWDFWRSPHWXZSODDWVHOLMNHDXWRULWHLWHQDOVX

]LFKYDQGLWSURGXFWZLOWRQWGRHQHQYUDDJKHQQDDUGH

MXLVWHPDQLHUKLHUYRRU

$OYRUHQVXZRXGHDSSDUDDWWHYHUZLMGHUHQ

9ROJGHLQVWUXFWLHVYDQGHIDEULNDQWYRRUKHWZHJJRRLHQYDQKHWRXGHDSSDUDDWRIYROJGHSODDWVHOLMNH

UHJHOJHYLQJ:DDUGH]HLQVWUXFWLHVQLHWYRRUKDQGHQ]LMQYROJWXGHYROJHQGHGULHVWDSSHQ

 7UHNGHVWHNNHUXLWKHWVWRSFRQWDFW

 6QLMKHWVWURRPVQRHUYDQKHWDSSDUDDWDIHQJRRLKHWVQRHUPHWVWHNNHUHQDOZHJ

 =RUJGDWKHWRXGHDSSDUDDWEXLWHQEHUHLNYDQNLQGHUHQEOLMIWYRRUGDWKHWLVRSJHKDDOGRIYRRUGDW

XKHWQDDUKHWYHU]DPHOSXQWZHJEUHQJW

Ɣ

9HUZLMGHUDOOHDIGLFKWLQJVPDWHULDOHQYDQGHGHXUPDDUODDWDOOHOHJSODWHQHQODGHQRSKXQSODDWV

 2SGH]HPDQLHU]XOOHQNLQGHUHQPLQGHUVQHOLQGHNRHONDVWNOLPPHQHQEHNQHOGUDNHQ

5HVSHFWYRRUKHWPLOLHX

1HGHUODQGV



,QVWDOODWLH

'LWKRRIGVWXNEHVFKULMIWRSZHONHPDQLHUXZNRHONDVWYRRUGHPHHVWHQHUJLH]XLQLJHYHLOLJHHQVWLOOHZHUNLQJJHwQVWDOOHHUGPRHWZRUGHQ

$IPHWLQJHQ

%['[+PP

8ZNRHONDVWXLWSDNNHQ

9HUZLMGHUDOOHYHUSDNNLQJVPDWHULDOHQ

'HMXLVWHORFDWLHNLH]HQ

9HQWLODWLH

2PGDWGHNRHONDVWWLMGHQVGHZHUNLQJZDUPWHDIJHHIWPRHWGH

NRHONDVWJHSODDWVWZRUGHQLQHHQJRHGJHYHQWLOHHUGHGURJHUXLPWHPHW

YROGRHQGHUXLPWHDDQGHERYHQHQDFKWHUNDQW]RDOVLQDIEHHOGLQJ

$OVXGHNRHONDVWNXQWKRUHQWULOOHQLVHUPHHUUXLPWHQRGLJ

$OVGHNRHONDVWHFKWHUQDDVWHHQPXXUVWDDWPRHWHUDDQGH

VFKDUQLHU]LMGHHHQUXLPWHYRRU]LHQZRUGHQYDQPPRIPHHU]RGDW

GHGHXUHQRIYHUGHURSHQNXQQHQ

7HPSHUDWXXU

'HWHPSHUDWXXUYDQGHUXLPWHLVYDQLQYORHGRSKHWHQHUJLHYHUEUXLN

YDQGHNRHONDVWYRRUKHWNRHOHQHQLQYULH]HQYDQOHYHQVPLGGHOHQ

3ODDWVXZNRHONDVWYRRUGHEHVWHUHVXOWDWHQ

Ɣ XLWGHEXXUWYDQGLUHFW]RQOLFKW

Ɣ XLWGHEXXUWYDQUDGLDWRUHQIRUQXL]HQRIDQGHUHZDUPWHEURQQHQ

Ɣ

ZDDUGHRPJHYLQJVWHPSHUDWXXUFRUUHVSRQGHHUWPHWGHNOLPDDWFODVVL¿FDWLH

ZDDUYRRUGHNRHONDVWLVRQWZRUSHQ5DDGSOHHJKHWKRRIGVWXN³7HFKQLVFKH

JHJHYHQV´YRRUGHNOLPDDWFODVVL¿FDWLHYDQXZNRHONDVW

Ɣ

(HQH[WUHPHRPJHYLQJRIH[WUHPHWHPSHUDWXUHQNXQQHQGHSUHVWDWLHV

QHJDWLHIEHwQYORHGHQ

 'HEHZDDUGHHWHQVZDUHQNXQQHQEHGHUYHQ

:DWHUSDV

1DGDWXKHWWRHVWHOYRRU]LFKWLJKHEWJHSRVLWLRQHHUG]RQGHUGHYORHUWH

EHVFKDGLJHQLQVWDOOHHUWXGHNRHONDVWRSHHQYODNNHRQGHUJURQGGLH

VWHUNJHQRHJLVYRRUHHQYROJHODGHQNRHONDVW

+HWZDWHUSDVSODDWVHQYDQGHNRHONDVWEHUHLNWXPHWGHWZHH

YHUVWHOEDUHSRRWMHVDDQGHYRRUNDQW]RDOVLQDIEHHOGLQJ

'LWYRRUNRPWWULOOLQJHQHQODZDDL

/HJRSHHQWDSLMWRIYLQ\OYORHUHHUVWHHQVWHYLJHRQGHUJURQGYRRUGDWXGH

NRHONDVWGDDURSSODDWVW+LHUGRRUZRUGWXZYORHUEHGHNNLQJEHVFKHUPG

WHJHQYHUNOHXULQJHQDOVJHYROJYDQGHZDUPWHDIJLIWHYDQGHNRHONDVW

.RHONDVWGHXU

'HVFKDUQLHUHQYDQGHNRHONDVWNXQQHQYDQGHUHFKWHUNDQWQDDUGH

OLQNHUNDQWZRUGHQRPJH]HW]RGDWGHGHXUHQLQWHJHQJHVWHOGHULFKWLQJ

RSHQHQ1HHPKLHUYRRUFRQWDFWRSPHWRQ]HRQGHUKRXGVGLHQVWLQGH

ELMODJHRIJDQDDUKWWSZZZSDQDVRQLFFRP

:LM]LMQQLHWDDQVSUDNHOLMNDOVXGHVFKDUQLHUHQ]HOIRPKDQJW

PPRIPHHU

PP

RIPHHU

PP

RIPHHU

%HLGH]LMGHQ

$IEHHOGLQJ

$IEHHOGLQJ



'HDIVWDQGKRXGHUVLQVWDOOHUHQ

'LWDSSDUDDWZRUGWJHOHYHUGPHWWZHHDIVWDQGKRXGHUVGLHEHYHVWLJG

PRHWHQZRUGHQDDQGHRQGHUNDQWYDQGHEHKXL]LQJRPWHYRRUNRPHQ

GDWKHWDSSDUDDWWHGLFKWELMGHPXXUNRPWWHVWDDQ8NXQWKHW

DSSDUDDWRRN]RQGHUGHDIVWDQGKRXGHUVSODDWVHQGLWNDQHFKWHUOHLGHQ

WRWHHQKRJHUVWURRPYHUEUXLN

3ODDWVGHDIVWDQGKRXGHUVLQGHRSGHDIEHHOGLQJRPFLUNHOGH

RSHQLQJHQ'HDIVWDQGKRXGHUV]LWWHQLQGH]DNELMGHKDQGOHLGLQJHQ

DQGHUHLWHPV

5HLQLJHQ

9HHJGHNRHONDVWQDKHWSODDWVHQVFKRRQPHWZDUPZDWHU

'HVWHNNHULQKHWVWRSFRQWDFWVWHNHQ

1DGDWKHWDSSDUDDWRSGHYRHGLQJLVDDQJHVORWHQYHUVFKLMQHQDOOHV\PEROHQYRRUNRUWHGXXUZDDUQDGHRSVWDUWZDDUGHQ

YHUVFKLMQHQDOV&RSGHLQGLFDWRUYDQGHYULHVNDVWLQVWHOOLQJHQ&RSGHLQGLFDWRUYDQGHNRHONDVWLQVWHOOLQJ

$OOHWRHWVHQRSKHWEHGLHQLQJVSDQHHOIXQFWLRQHUHQYLDWLSWRHWVEHGLHQLQJ$OOHHQGUXNNHQYRRUKHWDFWLYHUHQYDQGHWRHWV

GLHXZLOWEHGLHQHQ

2SPHUNLQJHQ

 +HWNRHOHQNDQODQJHUGXUHQLQGH]RPHUPDDQGHQRIZDQQHHUGHRPJHYLQJVWHPSHUDWXXUKRJHULV

 $OVXGHVWHNNHUYDQGHNRHONDVWXLWKHWVWRSFRQWDFWPRHWWUHNNHQZDFKWXGDQPLQVWHQVPLQXWHQYRRUGDWXGH

VWHNNHUZHHULQKHWVWRSFRQWDFWVWHHNW'HNDQVEHVWDDWDQGHUVGDWGHFRPSUHVVRUYDQGHNRHONDVWEHVFKDGLJW

 7UHNGHVWURRPVWHNNHUXLWKHWVWRSFRQWDFWDOVXYDQSODQEHQWGHNRHONDVWJHUXLPHWLMGQLHWWHJHEUXLNHQ

.DPHUWHPSHUDWXXU

'HNOLPDDWNODVVHYDQGHNRHONDVWYLQGWXRSKHWW\SHSODDWMHRSGHOLQNHU]LMNDQWYDQKHWNRHOJHGHHOWH+LHURSVWDDWGH

RPJHYLQJVWHPSHUDWXXUDDQJHJHYHQZDDURSGHNRHONDVWJHEUXLNWNDQZRUGHQ

.OLPDDWNODVVH 7RHJHVWDQHRPJHYLQJVWHPSHUDWXXU

61 8LWJHEUHLG*HPDWLJG &WP&

1 *HPDWLJG &WP&

67 6XEWURSLVFK &WP&

7 7URSLVFK &WP&

9RRUHQHUJLHEHVSDULQJ

 3ODDWVGHNRHONDVWLQHHQGURJHNRHOHHQJRHGJHYHQWLOHHUGHNDPHU*DQDDUSDJLQDYRRUDIPHWLQJHQHQYULMH

UXLPWH

 'HFRPELQDWLHYDQODGHQHQOHJSODWHQZDDUGRRUGHJURRWVWHUXLPWHRQWVWDDWHQGHNRHONDVWGHPLQVWHHQHUJLHYHUEUXLNW

 9HUZLMGHUGHERYHQVWHHQPLGGHOVWHODGHQYDQGHYULH]HU

 3ODDWVGHODGHQHQOHJSODWHQLQGHNRHONDVWRSGHSODDWVHQ]RDOVDIJHEHHOGLQKHWJHGHHOWH³2QGHUGHOHQ´3

 9RRUKHWEHKRXGYDQGHOXFKWFLUFXODWLHPDJGHNRHONDVWQLHWWHYROZRUGHQJHYXOG

 2SHQGHGHXUHQDOOHHQZDQQHHUGDWQRRG]DNHOLMNLVHQ]RNRUWPRJHOLMN

 0DDNPHWGHVWRI]XLJHU]RQXHQGDQGHYHQWLODWLHRSHQLQJHQDDQGHRQGHUNDQWYDQGHNRHONDVWVFKRRQHQ]

 :DQQHHUXGHGLHSYULHVVWDQGGHVQHOOHYULHVVWDQGRIGHH[WUDNRHOVWDQGDFWLYHHUWQHHPWKHWVWURRPYHUEUXLNWRH

,QVWDOODWLHYHUYROJ

1HGHUODQGV



2QGHUGHOHQ

.RHONDVWYDN

'HWHPSHUDWXXUNDQZRUGHQLQJHVWHOG

WXVVHQGH&HQ&

*HNRRNWH

HWHQVZDUHQGUDQNHQ

HLHUHQJHEDN

]XLYHOSURGXFWHQ

'LHSYULHVYDN

'HWHPSHUDWXXUNDQZRUGHQLQJHVWHOG

WXVVHQGH&HQ&



,QJHYURUHQYOHHV

JHYRJHOWH

YLVLMV

 +HWHLHUEDNMH

NDQRRNZRUGHQJHEUXLNWDOVLMVEDNMH

8NXQWGHKRRJWHYDQGHVFKDSSHQ

QDDUZHQV

DDQSDVVHQ]RQGHUGH]HXLWKHWDSSDUDDWWHPRHWHQ

YHUZLMGHUHQ7UHNGHWZHHKHQGHOVDDQGH]LMNDQWHQ

YDQGHVFKDSQDDUXWRHHQSODDWVGHVFKDSODJHU$OV

XGHVFKDSKRJHUZLOWSODDWVHQNXQWXGLWGRHQ]RQGHU

GHWZHHKHQGHOVWHRQWJUHQGHOHQ

&

/HGODPSMHYRRUKHWYHUOLFKWHQYDQGHNRHONDVW

')OHVVHQUHN

(´6OLGH¶1·6WRUHµJOD]HQVFKDS

).RHOYDN

*´)UHVK&DVHµJURHQWHODGH

+(LHUEDNMH

,

,QGHKRRJWHYHUVWHOEDUH´)OH[/LIWµGHXUVFKDS

-)OHVVHQYDN

.%RYHQVWHGLHSYULHVODGH

/0LGGHOVWHGLHSYULHVODGH

02QGHUVWHGLHSYULHVODGH

19HUVWHOEDUHSRRWMHV

2)OHVVHQKRXGHU

2SPHUNLQJ

 8NXQWGHSRVLWLHVYDQGHJOD]HQVFKDSSHQHQGHXUVFKDSSHQYHUDQGHUHQ:HHVHFKWHUYRRU]LFKWLJRPGDWHWHQVZDUHQ

HQGUDQNHQGLH]LFKLQGHNRHONDVWEHYLQGHQDIKDQNHOLMNYDQKRHGHVFKDSSHQJHSODDWVW]LMQXLWGHNRHONDVWNXQQHQ

YDOOHQZDQQHHUGHGHXUZRUGWJHRSHQG

 /HWHUELMKHWRSHQHQYDQGHGHXURSGDWX]HQLHWWHJHQSHUVRQHQRIYRRUZHUSHQVODDWGLH]LFKLQGHEXXUWEHYLQGHQ

(

)



%HGLHQLQJVSDQHHO

(

)

 $ODUPWRHWVLQGLFDWRU

:DQQHHUGHLQWHUQHWHPSHUDWXXUWHKRRJLVNQLSSHUWGHLQGLFDWRU

:DQQHHUGHGHXUHQODQJEOLMYHQRSHQVWDDQNQLSSHUWGHLQGLFDWRU

 7RHWVYRRUGHH[WUDNRHOVWDQG

(

 :HHUJDYHNRHONDVWWHPSHUDWXXU

$OVGHH[WUDNRHOVWDQGJHDFWLYHHUGLVZRUGW³6&´ZHHUJHJHYHQ

)

 7RHWVYRRUGHNRHONDVWWHPSHUDWXXUJHGUXNW

 :HHUJDYHYULHVNDVWWHPSHUDWXXU

$OVGHGLHSYULHVVWDQGJHDFWLYHHUGLVZRUGW³6)´ZHHUJHJHYHQ

$OVGHVQHOOHYULHVVWDQGJHDFWLYHHUGLVZRUGW³))´ZHHUJHJHYHQ

 7RHWVYRRUGHYULHVNDVWWHPSHUDWXXUJHGUXNW

 7RHWVYRRUGHGLHSYULHVVWDQGVQHOOHYULHVVWDQG

 7RHWVYRRUGH(&2VWDQG

 7RHWVYRRUGHYDNDQWLHVWDQG

'H]HDIEHHOGLQJWRRQWGDWDOOH VFKHUPHQ HQ

NQRSSHQ]LMQLQJHVFKDNHOG

2SPHUNLQJHQ

 'H]HNRHONDVWLVYRRU]LHQYDQHHQPLFURSURFHVVRUYRRUKHWUHJHOHQYDQGHWHPSHUDWXXU'HWHPSHUDWXXULQGHNRHONDVW

YDULHHUWDIKDQNHOLMNYDQIDFWRUHQDOVZLM]LJLQJLQGHNDPHUWHPSHUDWXXUKRHYDDNGHGHXUHQZRUGHQJHRSHQGHQ

JHVORWHQHQKRHYHHOHWHQVZDUHQHQKRHGH]HLQGHNRHONDVW]LMQRSJHVODJHQ

 :DQQHHUGH(&2VWDQGRIGHYDNDQWLHVWDQGLQJHVWHOGLVEUDQGWGHLQGLFDWRUGLHRYHUHHQVWHPWPHWGHJHVHOHFWHHUGH

VWDQG

 $OVGHDODUPLQGLFDWRUNQLSSHUWKRRUWXWHJHOLMNHHQDODUPJHOXLG

 'HDQWLNUDVEHVFKHUPHQGHIROLHLVJHSODNWRSKHWEHGLHQLQJVSDQHHO

 'HLQVWHOOLQJHQNXQQHQZLM]LJHQDOVXWLMGHQVKHWUHLQLJHQYDQKHWEHGLHQLQJVSDQHHORSHHQNQRSGUXNW

1HGHUODQGV



,QVWHOOHQYDQGHWHPSHUDWXXU

.RHOFRPSDUWLPHQW

(

)

 *HEUXLNYRRUKHWLQVWHOOHQYDQGHWHPSHUDWXXULQKHWNRHOFRPSDUWLPHQWGHWRHWVHQELM

)

 ODJHUHWHPSHUDWXXU KRJHUHWHPSHUDWXXU5DDNGHWRHWVHQDDQRPGH

WHPSHUDWXXUZHHUJDYHLQWHVFKDNHOHQ

 8NXQWGHWHPSHUDWXXULQKHWNRHOFRPSDUWLPHQWLQVWHOOHQRSHHQWHPSHUDWXXUYDQ&WRW&

 1DGDWXRSHHQYDQGHWRHWVHQELM

)

KHEWJHGUXNWNQLSSHUWGHUHFHQWVWHWHPSHUDWXXULQVWHOOLQJ

ELM

(

*HEUXLNGHWRHWVHQELM

)

RPGHJHZHQVWHWHPSHUDWXXULQWHVWHOOHQ

'ULHVHFRQGHQQDKHWLQGUXNNHQYDQGHODDWVWHWRHWVZRUGWGHUHFHQWVWHWHPSHUDWXXULQVWHOOLQJ

YRRUKHWNRHOFRPSDUWLPHQWRSJHVODJHQ'HWRHWVHQJDDQQDRQJHYHHUVHFRQGHQXLW

2SPHUNLQJ

 :DQQHHUGHH[WUDNRHOVWDQGVQHOOHYULHVVWDQG(&2VWDQGRIYDNDQWLHVWDQGEHsLQGLJGRI

JHDQQXOHHUGZRUGWNHHUWKHWDSSDUDDWWHUXJQDDUGHYRULJHLQVWHOOLQJHQ

'LHSYULHVYDN

 *HEUXLNYRRUKHWLQVWHOOHQYDQGHWHPSHUDWXXULQKHWGLHSYULHVYDNGHWRHWVHQELM

 ODJHUHWHPSHUDWXXU KRJHUHWHPSHUDWXXU5DDNGHWRHWVHQDDQRPGH

WHPSHUDWXXUZHHUJDYHLQWHVFKDNHOHQ

 8NXQWGHWHPSHUDWXXULQKHWGLHSYULHVYDNLQVWHOOHQRSHHQWHPSHUDWXXUYDQ&WRW&

 1DGDWXRSHHQYDQGHWRHWVHQELM

KHEWJHGUXNWNQLSSHUWGHUHFHQWVWHWHPSHUDWXXULQVWHOOLQJ

ELM

*HEUXLNGHWRHWVHQELM

RPGHJHZHQVWHWHPSHUDWXXULQWHVWHOOHQ'ULHVHFRQGHQ

QDKHWLQGUXNNHQYDQGHODDWVWHWRHWVZRUGWGHUHFHQWVWHWHPSHUDWXXULQVWHOOLQJYRRUKHW

GLHSYULHVYDNRSJHVODJHQ'HWRHWVHQJDDQQDRQJHYHHUVHFRQGHQXLW

2SPHUNLQJ

 :DQQHHUGHGLHSYULHVVWDQGVQHOOHYULHVVWDQG(&2VWDQGEHsLQGLJGRIJHDQQXOHHUGZRUGW

NHHUWKHWDSSDUDDWWHUXJQDDUGHYRULJHLQVWHOOLQJHQ



*HEUXLNYDQGHKDQGLJHIXQFWLHV

([WUDNRHOVWDQG  *HEUXLNGH]HLQVWHOOLQJZDQQHHUXKHWDSSDUDDWYRRUKHWHHUVWLQVFKDNHOWYRRUXKHWJDDW

UHLQLJHQRIYRRUXHHQJURWHKRHYHHOKHLGYRHGVHORSEHUJW

'HH[WUDNRHOVWDQGLQVFKDNHOHQ

'UXNRSWRHWV

³6&´ZRUGWZHHUJHJHYHQRSKHWVFKHUP

(



$OVXGHIXQFWLHQLHWKDQGPDWLJXLWVFKDNHOWJHEHXUWGLWQDRQJHYHHU]HVXXUDXWRPDWLVFK'H

WHPSHUDWXXUYDQKHWNRHOFRPSDUWLPHQWNHHUWWHUXJQDDUGHUHFHQWVWHLQVWHOOLQJ

2SPHUNLQJHQ

 ,QGH]HVWDQG

$OVXRSWRHWV

GUXNWZRUGWGHH[WUDNRHOVWDQGXLWJHVFKDNHOG

'H(&2VWDQGHQGHYDNDQWLHVWDQGNXQQHQJHVHOHFWHHUGZRUGHQ

$OVXHHQYDQGH]HVWDQGHQVHOHFWHHUWZRUGWGHH[WUDNRHOVWDQGXLWJHVFKDNHOG

'HWHPSHUDWXXUYDQGHYULHVNDVWNDQDDQJHSDVWZRUGHQ

+RHZHOGHNRHOWHPSHUDWXXURRNNDQZRUGHQDDQJHSDVW]DOGH([WUDNRHOVWDQGZRUGHQ

JHDQQXOHHUG

(

)

'LHSYULHVVWDQG  *HEUXLNGH]HLQVWHOOLQJZDQQHHUXKHWDSSDUDDWYRRUKHWHHUVWLQVFKDNHOWYRRUXKHWJDDW

UHLQLJHQRIXXUYRRUXHHQJURWHKRHYHHOKHLGYRHGVHORSEHUJW

'HGLHSYULHVVWDQGLQVFKDNHOHQ

'UXNRSWRHWV

³6)´ZRUGWZHHUJHJHYHQRSKHWVFKHUPELM



$OVXGHGLHSYULHVVWDQGQLHWKDQGPDWLJXLWVFKDNHOWJHEHXUWGLWQDRQJHYHHUWZHHGDJHQ

DXWRPDWLVFK'HWHPSHUDWXXULQKHWGLHSYULHVYDNNHHUWYHUYROJHQVWHUXJQDDUGHUHFHQWVW

LQJHVWHOGHZDDUGH

2SPHUNLQJHQ

 ,QGH]HVWDQG

$OVXRSWRHWV

GUXNWZRUGWGHGLHSYULHVVWDQGXLWJHVFKDNHOG

'H(&2VWDQGHQGHYDNDQWLHVWDQGNXQQHQJHVHOHFWHHUGZRUGHQ

$OVXHHQYDQGH]HVWDQGHQVHOHFWHHUWZRUGWGHGLHSYULHVVWDQGXLWJHVFKDNHOG

'HWHPSHUDWXXUYDQGHNRHONDVWNDQDDQJHSDVWZRUGHQ

+RHZHOGHWHPSHUDWXXUYDQGHYULH]HURRNNDQZRUGHQDDQJHSDVW]DO'LHSYULHVVWDQGZRUGHQ

JHDQQXOHHUG

6QHOOHYULHVVWDQG  2PYHUVYRHGVHOVQHOWHNXQQHQLQYULH]HQJHEUXLNWXGHVQHOOHYULHVVWDQGGLHHQNHODFWLHILVLQ

GHERYHQVWHGLHSYULHVODGHYDQKHWGLHSYULHVYDN+LHUYRRUZRUGWHULQWHQVLHINRHOHOXFKWLQGH]H

]RQHJHEOD]HQ'RRUKHWYRHGVHOVQHOLQWHYULH]HQEOLMYHQHUJHGXUHQGHHHQODQJHUHSHULRGH

PHHUYLWDPLQHVPLQHUDOHQHQYRHGLQJVVWRIIHQEHKRXGHQLQKHWYRHGVHO

'HVQHOOHYULHVVWDQGLQVFKDNHOHQ

+RXGWRHWV

PLQVWHQVGULHVHFRQGHQLQJHGUXNW³))´ZRUGWZHHUJHJHYHQRSKHWVFKHUPELM



 %LMGH]HLQVWHOOLQJEOLMIWGHFRPSUHVVRUZHUNHQHQ]DOGHWHPSHUDWXXULQKHWGLHSYULHVYDN

DDQ]LHQOLMNGDOHQ

 $OVXGHLQVWHOOLQJQLHWKDQGPDWLJXLWVFKDNHOWGRRURSWRHWV

WHGUXNNHQZRUGWGH]H

DXWRPDWLVFKXLWJHVFKDNHOGQDXXU'HWHPSHUDWXXUYDQKHWGLHSYULHVYDNNHHUWWHUXJQDDUGH

UHFHQWVWHLQVWHOOLQJ

 *HEUXLNGH]HLQVWHOOLQJYRRUKHWLQYULH]HQYDQNOHLQHUHKRHYHHOKHGHQYRHGVHOWRWWZHH

NLORJUDPLQGHERYHQVWHGLHSYULHVODGH:DQQHHUXJURWHUHKRHYHHOKHGHQYRHGVHOZLOW

LQYULH]HQPRHWXGH]HLQVWHOOLQJXXUYRRUXKHWYRHGVHOLQGHYULHVNDVWSODDWVDFWLYHUHQ

2SPHUNLQJHQ

 ,QGH]HVWDQG

$OVXRSWRHWV

GUXNWZRUGWGHVQHOOHYULHVVWDQGXLWJHVFKDNHOG

'H(&2VWDQGHQGHYDNDQWLHVWDQGNXQQHQJHVHOHFWHHUGZRUGHQ

$OVXHHQYDQGH]HVWDQGHQVHOHFWHHUWZRUGWGHVQHOOHYULHVVWDQGXLWJHVFKDNHOG

'HWHPSHUDWXXUYDQGHNRHONDVWNDQDDQJHSDVWZRUGHQ

$OVGH([WUDNRHOVWDQGLVLQJHVFKDNHOGNDQGH]HPRGXVQLHWZRUGHQJHVHOHFWHHUG

+RHZHOGHWHPSHUDWXXUYDQGHYULH]HURRNNDQZRUGHQDDQJHSDVW]DO6QHOOHYULHVVWDQG

ZRUGHQJHDQQXOHHUG

1HGHUODQGV



(&2VWDQG

 ,QGH]HVWDQG]RUJWKHWEHGLHQLQJVHOHPHQWYRRUHHQ]XLQLJHZHUNLQJYDQGHYULHVNDVWHQGHNRHONDVW

'UXNRSWRHWV

RPGH(&2VWDQGWHDFWLYHUHQ7RHWV

OLFKWRS:DQQHHUGH]HIXQFWLHJHDFWLYHHUGLV

ZHUNWKHWDSSDUDDWPHWGHRSWLPDOHLQVWHOOLQJHQ

2SPHUNLQJHQ

 ,QGH]HVWDQG

'HWHPSHUDWXXUYDQGHNRHONDVWHQGHYULHVNDVWNDQQLHWZRUGHQDDQJHSDVW,QGDWJHYDOZRUGW

GH(&2VWDQGJHDQQXOHHUGHQZRUGWGHJHVHOHFWHHUGHWHPSHUDWXXULQJHVWHOG

8NXQWGHH[WUDNRHOVWDQGGHGLHSYULHVVWDQGRIGHVQHOOHYULHVVWDQGDFWLYHUHQ

$OVXHHQYDQGH]HVWDQGHQVHOHFWHHUWZRUGWGH(&2VWDQGJHDQQXOHHUGHQZRUGWGH

JHVHOHFWHHUGHVWDQGJHDFWLYHHUG

'HYDNDQWLHVWDQGNDQJHVHOHFWHHUGZRUGHQ

$OVXGH]HVHOHFWHHUWZRUGWGH(&2VWDQGJHDQQXOHHUGHQZRUGWGHYDNDQWLHVWDQGJHDFWLYHHUG

9DNDQWLHVWDQG  .LHVYRRUGH]HVWDQGZDQQHHUXGHNRHONDVWJHGXUHQGHHHQODQJHSHULRGHQLHW]XOWJHEUXLNHQ

]RDOVWLMGHQVHHQODQJHYDNDQWLH

 ,QGH]HVWDQGZRUGWGHWHPSHUDWXXUYDQGHNRHONDVWDXWRPDWLVFKLQJHVWHOGRS&'H

ZHHUJHJHYHQNRHONDVWWHPSHUDWXXUYHUGZLMQW

'UXNRSWRHWV

RPGHYDNDQWLHVWDQGWHDFWLYHUHQ7RHWV

OLFKWRS:DQQHHUGH]HIXQFWLH

JHDFWLYHHUGLVZHUNWKHWDSSDUDDWPHWGHRSWLPDOHLQVWHOOLQJHQ

2SPHUNLQJHQ

 ,QGH]HVWDQG

9RRUXGH]HVWDQGJHEUXLNWPRHWXGHNRHONDVWOHJHQHQGHGHXUVOXLWHQ

:DQQHHUGH]HVWDQGEHsLQGLJGZRUGWZRUGHQGHYRULJHLQVWHOOLQJHQYDQGHNRHONDVWRSQLHXZ

JHDFWLYHHUG

'HNRHOWHPSHUDWXXUNDQQLHWZRUGHQDDQJHSDVWWRWGDWGH]HPRGXVZRUGWJHDQQXOHHUG

+HWDODUPZRUGWJHDFWLYHHUGZDQQHHUGHGHXUZRUGWJHRSHQG

$ODUPVWDQG $ODUPELMHHQKRJHWHPSHUDWXXU

 $OVGHWHPSHUDWXXUELQQHQLQKHWDSSDUDDWWHKRRJLVLVHUHHQDODUPJHOXLGLQWHUPLWWHUHQGH

WRRQKRRUEDDUHQNQLSSHUWWRHWV



 8NXQWKHWDODUPJHOXLGXLWVFKDNHOHQGRRUWHGUXNNHQRSWRHWV



 +HWDODUPJHOXLGZRUGWHONHXXUJHDFWLYHHUGDOVGHWHPSHUDWXXUELQQHQLQKHWDSSDUDDW

RQYROGRHQGHODDJLVHQKHWYRHGVHONDQEHGHUYHQ

=RGUDGHWHPSHUDWXXULQGHYULHVNDVWRQGHUKHWQLYHDX]DNWZDDUYRHGVHOEHGHUIQLHWODQJHUHHQ

EHGUHLJLQJYRUPWZRUGWKHWDODUPDXWRPDWLVFKXLWJHVFKDNHOG

 :DQQHHUXKHWDSSDUDDWYRRUKHWHHUVWLQVFKDNHOWGXXUWKHWXXUYRRUGHWHPSHUDWXXUDODUPIXQFWLH

JHDFWLYHHUGZRUGWDDQJH]LHQKHWDSSDUDDWQRJQLHWGHJHVFKLNWHWHPSHUDWXXUKHHIWEHUHLNW

2SGLHPDQLHUZRUGWYRRUNRPHQGDWKHWDODUPRQQRGLJJHDFWLYHHUGZRUGW

$ODUPYRRUHHQRSHQNRHONDVWGHXU

 $OVGHGHXUYDQKHWNRHOFRPSDUWLPHQWRIKHWGLHSYULHVYDNODQJHUGDQWZHHPLQXWHQJHRSHQGLV

LVHUHHQDODUPJHOXLGLQWHUPLWWHUHQGHWRRQKRRUEDDUHQNQLSSHUWWRHWV



:DQQHHUGHGHXUJHVORWHQZRUGWZRUGWKHWDODUPXLWJHVFKDNHOG8NXQWKHWRRNXLWVFKDNHOHQ

GRRURSWRHWV

WHGUXNNHQ

(

)

.LQGHUEHYHLOLJLQJ *HEUXLNGH]HIXQFWLHDOVXGHLQVWHOOLQJHQYDQKHWDSSDUDDWQLHWKDQGPDWLJZLOWDDQSDVVHQ

2PGHIXQFWLHWHDFWLYHUHQKRXGWXWRHWV

LQJHGUXNWJHGXUHQGHGULHVHFRQGHQ³//´ZRUGW

ZHHUJHJHYHQRSKHWVFKHUPELM

(

HQ

HQHUNOLQNWHHQDODUP

$OOHWRHWVHQEHKDOYH

]LMQYHUJUHQGHOG

2PGHNLQGHUEHYHLOLJLQJXLWWHVFKDNHOHQKRXGWXWRHWV

JHGXUHQGHGULHVHFRQGHQLQJHGUXNW

2SPHUNLQJ

 ³//´ZRUGWQLHWZHHUJHJHYHQWHUZLMOGH]HIXQFWLHJHDFWLYHHUGLV³//´ZRUGWHFKWHUZHO

JHGXUHQGHHHQVHFRQGHZHHUJHJHYHQDOVXRSHHQWRHWVGUXNW

(

)

*HEUXLNYDQGHKDQGLJHIXQFWLHVYHUYROJ



9RFKWLJKHLGVUHJHOLQJLQGH´)UHVK&DVHµJURHQWHODGH

/HJSODWHQYHUZLMGHUHQHQSODDWVHQ

,-VEORNMHVPDNHQ

 'HODGHRQGHUDDQGHNRHONDVWLVEHGRHOGYRRUKHWEHZDUHQYDQJURHQWHQ

HQIUXLW+HWKDQGKDDIWGHYRFKWLJKHLGHQYRRUNRPWGDWKHWYRHGVHO

XLWGURRJW

 %HZDDUKHWYRHGVHOLQHHQJHVFKLNWHYHUSDNNLQJRPWHYHUKLQGHUHQGDW

KHWJHXUDIJHHIWRIRSQHHPW'HODGHLVXLWJHUXVWPHWHHQJHwQWHJUHHUGH

YRFKWLJKHLGVUHJHODDUZDDUPHHGHYRFKWLJKHLGDIJHVWHPGNDQZRUGHQRS

GHKRHYHHOKHLGYRHGVHO

.OHLQHUHKRHYHHOKHGHQYRHGVHOGUXNGHUHJHODDUQDDUUHFKWV

*URWHUHKRHYHHOKHGHQYRHGVHOGUXNGHUHJHODDUQDDUOLQNV

:DWHU

0HWKHWHLHUEDNMHNXQWXRRNLMVEORNMHVPDNHQ

2PLMVEORNMHVWHPDNHQYXOWXKHWHLHUEDNMHPHWZDWHUHQSODDWVWXKHWLQGHGLHSYULHVODGHYDQGHYULH]HU

:DQQHHUGHLMVEORNMHVNODDU]LMQKDDOWXKHWEDNMHXLWGHGLHSYULHVODGH

'XZDDQGHDFKWHU]LMGHRSHONHKROWHYDQKHWHLHUEDNMH

'HLMVEORNMHV]XOOHQXLWKHWHLHUEDNMHVSULQJHQ

.RHONDVW









*OD]HQOHJSODWHQ

2PHHQVFKDSXLWGH

NRHONDVWWHYHUZLMGHUHQWUHNW

XGHVFKDSQDDUEXLWHQWRW

GH]HWHJHQJHKRXGHQZRUGW

GRRUGHHLQGVWRS7LOGH

VFKDSYHUYROJHQVOLFKWRS

ODQJVGHYRRU]LMGHHQWUHN

KHPHUYROOHGLJXLW

.RHOYDNHQ´)UHVK

&DVHµJURHQWHODGH

7UHNKHWYDN]RYHUPRJHOLMN

QDDUEXLWHQ7LOYHUYROJHQV

KHWYRRUVWHGHHORSHQWUHN

GHODGHHUYROOHGLJXLW

'HXUVFKDSSHQ

2PHHQVFKDSWH

YHUZLMGHUHQEUHQJWX

KHWQDDUGHKRRJVWH

VWDQGGUXNGHOLQNHUHQ

UHFKWHUKHQGHORPKRRJHQ

WUHNKHWVFKDSHUXLW

)OHVVHQYDN

2PHHQVFKDSXLWKHW

DSSDUDDWWHYHUZLMGHUHQ

WLOWXGHVFKDS]RYHU

PRJHOLMNRSHQWUHNWX

GH]HHUYHUYROJHQVXLW

9ULHVNDVW

'HODGHV]LMQEHYHLOLJGWHJHQXLWWUHNNHQ2PHHQODGHXLWKHWDSSDUDDWWHYHUZLMGHUHQRSHQWXGHODGH

WLOWXKHWYRRUVWHGHHORSHQWUHNWXGH]HHUYHUYROJHQVXLW

1DGDWXGHODGHYHUZLMGHUGKHEWNXQWXLQKHWOHJHYDNOHYHQVPLGGHOHQEHZDUHQ

1HGHUODQGV



,QVWUXFWLHVYRRURQGHUKRXGHQUHLQLJLQJ

'DJHOLMNVUHLQLJHQ

5HJHOPDWLJPHWHHQGURJHGRHNDIYHJHQ

3OHNNHQGLHH[WUDDDQGDFKWQRGLJKHEEHQ

'HGHXUUXEEHUV

:DQQHHUGHGHXUUXEEHUVYXLOZRUGHQHQEHVFKDGLJG

UDNHQNDQNRXGHOXFKWXLWGHNRHONDVWOHNNHQ

)OHVVHQYDN

9HHJYXLOHQYORHLVWRIZHJYRRUGDWGLW]LFKRSKRRSW

7UHNppQNHHUSHUMDDUGHVWHNNHUXLWKHWVWRSFRQWDFWHQKDDOGHVFKDSSHQXLWGH

NRHONDVWRP]HJURQGLJWHUHLQLJHQ

'HKRXGHUYRRUYHUVKRXGIROLHUHLQLJHQ

'HKRXGHUYRRUYHUVKRXGIROLHLVEHYHVWLJGPHWNOHPPHQ9HUZLMGHUGHKRXGHUHQUHLQLJGH]HPHWZDWHU1DGDWXGHKRXGHU

KHHIWJHUHLQLJGPHWZDWHUODDWXKHPXLWOHNNHQHQYHHJWXGHRYHUJHEOHYHQZDWHUGUXSSHOVZHJ9HUYROJHQVPDDNWXGHKRXGHU

WHUXJYDVW$OVGHYOHNNHQPRHLOLMNWHYHUZLMGHUHQ]LMQZDVWXGHKRXGHUYRRU]LFKWLJPHWHHQPLOGUHLQLJLQJVPLGGHOQHXWUDDOHQ

HHQ]DFKWHGRHN6SRHOKHWUHLQLJLQJVPLGGHOZHJPHWZDWHU

5HLQLJHQYDQKHWEHGLHQLQJVSDQHHO

+HWFRQWUROHSDQHHOYDQGHNRHONDVWLVYDQNZHWVEDUHPDWHULDOHQJHPDDNW2PKHWRSSHUYODNQLHWWHEHVFKDGLJHQPDJKHWQLHW

PHWFKHPLVFKHRSORVPLGGHOHQJHUHLQLJGZRUGHQ5HLQLJKHWLQSODDWVGDDUYDQPHWHHQ]DFKWHGRHNGLHHHQEHHWMHYRFKWLJLV

'HEXLWHQNDQWYDQGHNRHONDVWUHLQLJHQ

5HLQLJGHEXLWHQNDQWYDQGHNRHONDVWPHWHHQ]DFKWHGRHNEHYRFKWLJGPHWZDUPZDWHU,QGLHQKHWYXLOQLHWYHUZLMGHUG

NDQZRUGHQQHHPGDQHHQPLOGUHLQLJLQJVPLGGHOHQYHHJKHWYXLOZHJPHWHHQ]DFKWHGRHNGLHEHYRFKWLJGLVPHWZDUP

ZDWHU9HHJZDWHUGUXSSHOVZHJPHWHHQGURJHGRHN

2QGHUGHOHQGLHPHWZDWHUJHUHLQLJGNXQQHQZRUGHQ

.RHONDVW 9ULHVNDVW

Ɣ *OD]HQOHJSODWHQ

Ɣ 'HXUVFKDSSHQ

Ɣ )OHVVHQYDN

Ɣ (LHUEDNMH

Ɣ .RHOYDN

Ɣ ³)UHVK&DVH´JURHQWHODGH

Ɣ )OHVVHQUHN

Ɣ )OHVVHQKRXGHU

2SPHUNLQJ

 *HEUXLNJHHQVFKXXUPLGGHOHQ]RDOVEYELFDUERQDDW

RIVRGDRPGDWGHNXQVWVWRIGHOHQEHVFKDGLJGNXQQHQ

UDNHQ

Ɣ %RYHQVWHGLHSYULHVODGH

Ɣ 0LGGHOVWHGLHSYULHVODGH

Ɣ 2QGHUVWHGLHSYULHVODGH



2SPHUNLQJHQYRRUKHWUHLQLJHQ

0DDNYRRUKHWUHLQLJHQYDQGHELQQHQHQEXLWHQNDQWYDQGHNRHONDVWJHHQJHEUXLNYDQ

Ɣ $ONDOLQHUHLQLJLQJVPLGGHOHQKLHUGRRUNXQQHQVFKHXUWMHVLQGHNXQVWVWRIRQGHUGHOHQRQWVWDDQ

Ɣ

6FKXXUSRHGHU]HHSSRHGHUUHLQLJLQJVPLGGHOHQRSROLHEDVLVKHHWZDWHUNHXNHQERUVWHOV]XXUEHQ]LQHYHUGXQQHU

RSORVPLGGHOHQRIDOFRKROKRXGHQGHPLGGHOHQ$OGH]HVXEVWDQWLHVNXQQHQGHRSSHUYODNWHHQGHNXQVWVWRIGHOHQYDQGH

NRHONDVWEHVFKDGLJHQ

=RUJGDWXDOOHNHXNHQROLHUHVWHQYHUZLMGHUW'H]HNXQQHQEDUVWMHVLQGHNXQVWVWRIGHOHQYHURRU]DNHQ

,QVWUXFWLHVYRRURQGHUKRXGHQUHLQLJLQJYHUYROJ

2QGHUKRXGVLQVSHFWLH

Ɣ,VKHWVWURRPVQRHUEHVFKDGLJG"

Ɣ:RUGWGHVWHNNHUKHHW"

Ɣ=LWGHVWHNNHUJRHGLQKHWVWRSFRQWDFW"

5DDGSOHHJHHQHUNHQGVHUYLFHFHQWUXPDOVKHWQHWVQRHUEHVFKDGLJGLV,1*((1*(9$/]HOIYHUYDQJHQ

/DQJGXULJEXLWHQJHEUXLN

7UHNGHVWHNNHUXLWKHWVWRSFRQWDFWDOVXYDQSODQEHQWGHNRHONDVWJHUXLPHWLMGQLHWWHJHEUXLNHQ/DDWGHGHXUHQ

GDDUQDJHGXUHQGHGDJHQRSHQ+LHUGRRUGURRJWGHELQQHQNDQWRSGHMXLVWHZLM]HHQZRUGHQOXFKWMHVHQ

VFKLPPHOYRUPLQJYRRUNRPHQ

=HWGHNRHONDVWQLHWKHUKDDOGHOLMNDDQHQXLW'HNRHONDVWJDDWODQJHUPHHDOVGH]HWLMGHQVQRUPDDOJHEUXLNJHZRRQ

DDQODDWVWDDQ

9HUSODDWVHQHQYHUYRHUHQYDQXZNRHONDVW

9RRUKHWYHLOLJYHUSODDWVHQYDQGHNRHONDVW]LMQWZHH

SHUVRQHQQRGLJ

཰ 'UDDLGHYHUVWHOEDUHYRHWHQDDQ

ཱ

 +RXGGHYHUVWHOEDUHYRHWHQDDQGHHQHNDQWYDVWHQGH

KRHNHQDDQGHDQGHUHNDQW]RDOVDIJHEHHOG

2SPHUNLQJ

 9HUSODDWVGHNRHONDVWQLHWGRRUKHWYDVWKRXGHQYDQGHGHXUHQ

9HUSODDWVGHNRHONDVWUHFKWRSVWDDQG

0DDNGHGHXUHQYDVW

PHWSODNEDQG

9RRUGDWXGHNRHONDVWYHUSODDWVWRIYHUYRHUG

཰ +DDOGHNRHONDVWKHOHPDDOOHHJLQFOXVLHIODGHVHG

ཱ +DDOGHVWHNNHUXLWKHWVWRSFRQWDFW

ི 9HUKRRJGHYHUVWHOEDUHYRHW

ཱི 7UHNRIµGXZ¶GHNRHONDVWQDDUXWRH

ུ /HJHHQGRHNRSGHOLQNHUKRHNYDQGHZDWHUEDN+RXGGH

NRHONDVWVFKXLQ]RGDWGHGRHNKHWZDWHUNDQDEVRUEHUHQ=RUJ

HUYRRUGDWHUJHHQZDWHURYHUEOLMIW

:DWHUEDN

RQGHUDDQDFKWHUNDQWYDQGHNRHONDVW

1HGHUODQGV



9HHOJHVWHOGHYUDJHQ

$OVXPHUNWGDWXZNRHONDVWQLHWKHOHPDDOJRHGIXQFWLRQHHUWFRQWUROHHUWXGDQHHUVWGHYROJHQGHSXQWHQ

$OVKHWSUREOHHP]LFKEOLMIWYRRUGRHQWUHNWXGHVWHNNHUXLWKHWVWRSFRQWDFWHQUDDGSOHHJWXXZOHYHUDQFLHURIHHQHUNHQGH

RQGHUKRXGVGLHQVW

$OJHPHHQ

(UNRPHQYUHHPGHJHOXLGHQXLWGH

NRHONDVW

 6WDDWGHNRHONDVWRSHHQVWHYLJHYODNNHRQGHUJURQG"

 ,VHUYROGRHQGHUXLPWHURQGRPGHNRHONDVW"

 6WDDWHULHWVWHWULOOHQERYHQRSGHNRHONDVW"

 +HWLVQRUPDDOGDWHUJHOXLGHQNOLQNHQZDQQHHUHHQYDQGHIXQFWLHVYDQGH

NRHONDVWVWDUWRIVWRSW

(UNOLQNWHHQJHOXLGQDGDWGH

FRPSUHVVRULVJHVWRSW

 'LWLVQRUPDDOYHHODOLVGLWKHWJHOXLGYDQKHWNRHOPLGGHOGDWQDDUGH

FRPSUHVVRUWRHVWURRPW

(UNOLQNWHHQJHOXLGQDGDWXGH

GHXURSHQWRIVOXLW

 'LWLVQRUPDDOGLWJHOXLGZRUGWYHURRU]DDNWGRRUKHWYHUVFKLOLQOXFKWGUXN

ELQQHQHQEXLWHQGHNRHONDVW

(UNOLQNWHHQJHOXLGYDQHHQ

OXFKWVWURRPRIVWURPHQGZDWHU

QDGDWXGHGHXURSHQW

 'LWLVKHWJHOXLGYDQKHWNRHOPLGGHOGDWGRRUGHEXL]HQLQGHNRHONDVWVWURRPW

(UNOLQNWHHQDDQKRXGHQGHKRJH

MDQNWRRQ

 'LWJHOXLGNOLQNWZDQQHHUGHYHQWLODWRUYRRUGHFLUFXODWLHYDQGHNRXGHOXFKWLQ

ZHUNLQJLV

 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUWHKRRJ"

,QGH]HVLWXDWLHVGUDDLWGHYHQWLODWRUYRRUKHWFLUFXOHUHQYDQGHNRXGHOXFKWRS

YROOHVQHOKHLGZDDUGRRUGH]HYHHOJHOXLGPDDNW

+HWJHOXLGYDQGHFRPSUHVVRU

NOLQNWHUJOXLG

 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUWHKRRJ"

,QGHUJHOLMNHJHYDOOHQZHUNWGHFRPSUHVVRULQWHQVLHIGXVLVKHWQRUPDDOGDW

GH]HPHHUJHOXLGPDDNW

'HFRPSUHVVRUEOLMIWHUJODQJ

DFKWHUHHQZHUNHQ

 :DQQHHUXGHVWURRPYRRUKHWHHUVWLQVFKDNHOWEOLMIWGHFRPSUHVVRUODQJ

DFKWHUHHQZHUNHQRPGHJHKHOHNRHONDVWWHNRHOHQWRWGDWGHLQJHVWHOGH

WHPSHUDWXUHQZRUGHQEHUHLNW

 ,VGHGLHSYULHVVWDQGRIGHH[WUDNRHOVWDQGLQJHVWHOG"

 =LMQGHGHXUHQHUJYDDNJHRSHQGHQJHVORWHQ"=LMQDOOHGHXUHQZHOJRHGGLFKW"

 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUHUJKRRJ"

 :DQQHHUHUYHHOOHYHQVPLGGHOHQJHOLMNWLMGLJLQGHNRHONDVWZRUGHQJHSODDWVW

]DOGHFRPSUHVVRUODQJDFKWHUHHQEOLMYHQZHUNHQ

(UZRUGWFRQGHQVZDWHUJHYRUPG

DDQGHEXLWHQNDQWYDQGH

NRHONDVW

 (UNDQYRFKWXLWGHOXFKWFRQGHQVHUHQZDQQHHUGHOXFKWYRFKWLJKHLGLQKHW

YHUWUHNHUJKRRJLVGLWLVYRONRPHQQRUPDDO9HHJKHWFRQGHQVYRFKWZHJPHW

HHQGURJHGRHN

'HEXLWHQNDQWYDQGHNRHONDVW

YRHOWKHHWDDQ

 1DGDWGHNRHONDVWLVDDQJH]HWNDQGHNRHONDVWZDUPDDQYRHOHQWRWGDWGH

ELQQHQNDQWYROGRHQGHJHNRHOGLV'HNRHONDVWNDQRRNZDUPZRUGHQDOVGH

ELQQHQNDQWYROGRHQGHJHNRHOGLV=RZHUNWGHUDGLDWRUOHLGLQJYDQGHNRHONDVW

WHUYRRUNRPLQJYDQFRQGHQVHQLVJHHQVWRULQJ

'HWRHWVHQRSKHW

EHGLHQLQJVSDQHHOZHUNHQQLHW

 6WDDWGHNRHONDVWDDQ"

+HWZDDUVFKXZLQJVJHOXLGLV

KRRUEDDU

 'HGHXUYDQGHNRHONDVWVWDDWRSHHQNLHU6OXLWEHLGHGHXUHQ



.RHONDVWHQYULHVNDVW

'HNRHONDVWNRHOWQLHWHQGH

YULHVNDVWYULHVWQLHW

 6WDDWGHNRHONDVWDDQ"

'HNRHONDVWNRHOWQLHWHQGH

YULHVNDVWYULHVWQLHWYROGRHQGH

 6WDDQGHWHPSHUDWXUHQWHKRRJLQJHVWHOG"

 6WDDWGHNRHONDVWLQGHYROOH]RQRIYODNELMHHQYHUZDUPLQJVDSSDUDDW"

 ,VHUYROGRHQGHUXLPWHURQGRPGHNRHONDVW"

 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUHUJKRRJ"

 =LMQGHGHXUHQHUJYDDNJHRSHQGHQJHVORWHQ"

=LMQDOOHGHXUHQJRHGGLFKW"

 6WDDWGHNRHONDVWLQGHYDNDQWLHVWDQG"

 :DQQHHUHUZDUPHHWHQVZDUHQLQGHNRHONDVWZRUGHQJHSODDWVW]DOGH

WHPSHUDWXXUWLMGHOLMNVWLMJHQ

 7LMGHQVGHZLQWHUPDDQGHQRIZDQQHHUGHNDPHUWHPSHUDWXXUODDJLVOLMNWKHW

DOVRIGHNRHONDVWQLHWNRHOW

(ULVYHUVFKLOWXVVHQGHLQJHVWHOGH

WHPSHUDWXXUHQGHIHLWHOLMNH

WHPSHUDWXXU

 :DQQHHUHUZDUPHHWHQVZDUHQLQGHNRHONDVWZRUGHQJHSODDWVW]DOGH

WHPSHUDWXXUWLMGHOLMNVWLMJHQ

'HHWHQVZDUHQLQGHNRHONDVW]LMQ

EHYURUHQ

 6WDDWGHWHPSHUDWXXUYDQGHNRHONDVWWHODDJLQJHVWHOG"

 =LMQGHHWHQVZDUHQDFKWHULQGHNRHONDVWJHSODDWVW"

,QKHWJHGHHOWHELMGHDFKWHUZDQGLVGHWHPSHUDWXXUKHWODDJVWHZDDUGRRUKHW

EHWHULVHWHQVZDUHQGLHVQHOEHYULH]HQGDDUQLHWWHSODDWVHQ

(ULVVSUDNHYDQFRQGHQVYRUPLQJ

LQGHNRHONDVWHQLQGHODGHQ

 &RQGHQVYRUPLQJWUHHGWRSZDQQHHUGHGHXUUHJHOPDWLJZRUGWJHRSHQGHQ

JHVORWHQRIZDQQHHUGHGHXUQLHWJRHGJHVORWHQLVRIZDQQHHUGHYRFKWLJKHLG

YDQGHUXLPWHWHKRRJLV9HHJKHWRYHUWROOLJHFRQGHQVYRFKWZHJPHWHHQ

GURJHGRHN

'HGHXUYDQGHYULHVNDVWJDDW

PRHLOLMNRSHQ

 1DGDWGHGHXUQHWLVJHVORWHQLVKHWVRPVPRHLOLMNGH]HPHWHHQGDDUQDZHHU

WHRSHQHQ

 +HWYHUVFKLOLQOXFKWGUXNWXVVHQGHELQQHQNDQWHQEXLWHQNDQWYDQGHYULHVNDVW

NDQKHWVRPVPRHLOLMNPDNHQGHGHXUYDQGHYULHVNDVWWHRSHQHQ:DFKW

HQNHOHRJHQEOLNNHQHQSUREHHUKHWGDQQRJPDDOV

+HWUXLNWQLHWOHNNHULQGHNRHONDVW  =LMQVWHUNUXLNHQGHHWHQVZDUHQJRHGDIJHGHNWYRRUGDW]HLQGHNRHONDVW]LMQ

JHSODDWVW"

3ODDWVGHHWHQVZDUHQLQHHQJRHGDIVOXLWEDUHEDNRP]HWHEHZDUHQ

 *HXUHQNXQQHQDDQGHELQQHQZDQGHQYDQGHNRHONDVWEOLMYHQKDQJHQ

1HHPGHELQQHQZDQGHQYDQGHNRHONDVWDIPHWHHQ]DFKWHGRHNGLHXKHEW

EHYRFKWLJGPHWODXZZDUPZDWHU

'LWV\PERROZRUGWJHEUXLNWRPJHEUXLNHUVYRRUUHOHYDQWHLQIRUPDWLHQDDUGHLQVWUXFWLHVRIIROGHUVWH

YHUZLM]HQ

,QGH]HNRHONDVWLVHHQÀOWHULQJHERXZGGLHDOVHHQELRFLGHEHVFKRXZGZRUGW

2S]LMQEHXUWLVHULQGH¿OWHUHHQVWRIJHwQWHJUHHUGGLH]LOYHULRQHQEHYDWHQGLHEDFWHULsQLQGHOXFKWLQGHNRHONDVW

GHDFWLYHHUWHQGHJURHLYDQEDFWHULsQDIUHPW

:HUN]DDPEHVWDQGGHHO]LOYHUQDWULXPZDWHUVWRI]LUNRQLXPIRVIDDW

9HHOJHVWHOGHYUDJHQYHUYROJ

1HGHUODQGV



7HFKQLVFKHJHJHYHQV

3URGXFWNDDUW(85HJHOLQJ

1$$09$1'(/(9(5$1&,(5 3DQDVRQLF

7<3($$1'8,',1*9$1'(/(9(5$1&,(5

15%1$;(

15%1$:(

15%1$;%

15%1$:%

&$7(*25,( .RHOYULHVNDVW

(1(5*,(()),&,É17,(./$66( $

-$$5/,-.6(1(5*,(9(5%58,. N:K-DDU



1(772,1+28'.2(/*('((/7( /

1(772,1+28'95,(6*('((/7( /

$$17$/67(55(1',(395,(658,07( 9LHU6WHUUHQ

9(50(/',1*Ä12)5267´9225'(

'(6%(75())(1'(58,07(

.RHOJHELHG1RIURVW'LHSYULHVUXLPWH1RIURVW

7,-'92257(03(5$788567,-*,1* 8XU

95,(69(502*(1 NJ8XU

./,0$$7./$66( 617



*(/8,'6(0,66,(9,$'(/8&+7 G%

2YHULJHLQIRUPDWLH

727$/(%5872,1+28' /

727$/(1(772,1+28' /

$)0(7,1*(1%8,7(1.$17

%5(('7([',(37([+22*7(

PP[PP[PP

1(772*(:,&+7 1,5NJ

120,1$/(63$11,1* 99 99

120,1$/()5(48(17,( +]

.2(/0,''(/98//(1 5DJ

%/$$60,''(/ &\FORSHQWDDQ

2SPHUNLQJHQ





+HWHQHUJLHYHUEUXLNSHUMDDULVJHEDVHHUGRSGHVWDQGDDUGWHVWUHVXOWDWHQJHGXUHQGHXXULQRYHUHHQVWHPPLQJPHW(1

+HWKXLGLJHHQHUJLHYHUEUXLNYDULHHUWQDDUJHODQJKHWJHEUXLNYDQDSSDUDDWHQZDDUKHW]LFKEHYLQGW

+HWHQHUJLHYHUEUXLNELMJHEUXLNNDQYDULsUHQQDDUJHODQJZDDUKHWDSSDUDDWLVJHwQVWDOOHHUGGHWHPSHUDWXXUYDQHON

YDQGHFRPSDUWLPHQWHQGHRPJHYLQJVWHPSHUDWXXUHQYRFKWLJKHLGKRHYDDNGHGHXUHQZRUGHQJHRSHQGJHVORWHQKHW

YROXPHHQGHWHPSHUDWXXUYDQGHOHYHQVPLGGHOHQHQKRHKHWDSSDUDDWZRUGWJHEUXLNW



 7RHJHVWDQHRPJHYLQJVWHPSHUDWXXU&WRW&

:DQQHHUGHGHXUHQYROOHGLJJHRSHQG]LMQ

600 mm

632.5 mm

1247 mm

1203 mm

677 mm

634 mm



)UDQoDLV



7DEOHGHVPDWLqUHV

6LJQLÀFDWLRQGHVV\PEROHV

1HSDVIDLUH

,QGLTXHTXHO¶DSSDUHLOGRLWrWUHUHOLpjODWHUUH

SRXUpYLWHUXQHGpFKDUJHpOHFWULTXH

$VVXUH]YRXVGHOHIDLUH 1HSDVGpPRQWHU

$9(57,66(0(17

6LJQDOHXQULVTXHGHPRUWRXGHEOHVVXUHJUDYH

&HWDSSDUHLOSHXWrWUHXWLOLVpSDUGHVHQIDQWVkJpVGHDQVHWSOXVHWGHV

SHUVRQQHVDX[FDSDFLWpVSK\VLTXHVVHQVRULHOOHVRXPHQWDOHVUpGXLWHV

RXPDQTXDQWG¶H[SpULHQFHHWGHFRQQDLVVDQFHVV¶LOVVRQWVXUYHLOOpVRX

RQWpWpLQIRUPpVGHODPDQLqUHG¶XWLOLVHUO¶DSSDUHLOHQWRXWHVpFXULWpHW

FRPSUHQQHQWOHVULVTXHVHQFRXUXV/HVHQIDQWVQHGRLYHQWSDVMRXHU

DYHFO¶DSSDUHLO/HQHWWR\DJHHWO¶HQWUHWLHQGHODSDUWGHO¶XWLOLVDWHXUQH

GRLYHQWSDVrWUHHIIHFWXpVSDUGHVHQIDQWVVDQVVXUYHLOODQFH

1HVWRFNH]SDVGHVXEVWDQFHVH[SORVLYHVFRPPHGHVDpURVROV

FRQWHQDQWXQJD]SURSXOVHXULQÁDPPDEOHGDQVFHWDSSDUHLO

/HVVXEVWDQFHVLQÀDPPDEOHVWHOOHVTXHOHEHQ]qQHOHVGLOXDQWV

O¶DOFRROO¶pWKHUHWOH*3/SHXYHQWSURYRTXHUGHVH[SORVLRQV

1·XWLOLVH]SDVGHSULVHPXOWLSOHHWQHEUDQFKH]SDVSOXVLHXUVDSSDUHLOVVXUOHPrPHDGDSWDWHXUGHSULVH

 &HODSRXUUDLWSURYRTXHUXQHVXUFKDXIIHXQLQFHQGLHRXXQFRXUWFLUFXLW

1HSDVSLQFHUQRXHURXWRUGUHOHFRUGRQG·DOLPHQWDWLRQHWQHSDVSODFHUXQREMHWORXUGGHVVXV

 &HODDXJPHQWHOHVULVTXHVG¶LQFHQGLHRXGHGpFKDUJHpOHFWULTXH6LOHFRUGRQpOHFWULTXHOD¿FKHpOHFWULTXHRX

O¶DSSDUHLOVRQWHQGRPPDJpVLOVGRLYHQWrWUHUHPSODFpVSDUOHIDEULFDQWXQUpSDUDWHXUDJUppRXXQHSHUVRQQHGH

TXDOL¿FDWLRQpTXLYDOHQWHSRXUpYLWHUWRXWGDQJHU

1HGpEUDQFKH]SDVOHUpIULJpUDWHXUHQWLUDQWVXUOHFRUGRQG·DOLPHQWDWLRQ

 &HODSRXUUDLWHQGRPPDJHUOHFRUGRQG¶DOLPHQWDWLRQ6DLVLVVH]WRXMRXUVOD¿FKHpOHFWULTXHHWWLUH]IHUPHPHQWKRUVGHODSULVH

1HSRVH]DXFXQUpFLSLHQWFRQWHQDQWGHO·HDXVXUOHUpIULJpUDWHXU

 /¶HDXSRXUUDLWHQGRPPDJHUO¶LVRODWLRQGHVFRPSRVDQWVpOHFWULTXHVHWSURYRTXHUXQFRXUWFLUFXLWXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH

1HYDSRULVH]MDPDLVGHJD]LQÁDPPDEOHjSUR[LPLWpGXUpIULJpUDWHXU

 ,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH

1HYDSRULVH]MDPDLVGHO·HDXjO·LQWpULHXURXjO·H[WpULHXUGXUpIULJpUDWHXU

 ,O\DXQULVTXHG¶LQFHQGLHRXGHGpFKDUJHpOHFWULTXH

&RQVLJQHVGHVpFXULWp

3URWHFWLRQGHO·HQYLURQQHPHQW

,QVWDOODWLRQ

,GHQWLÀFDWLRQGHVSLqFHV

3DQQHDXGHFRPPDQGH

5pJODJHGHODWHPSpUDWXUH

8WLOLVDWLRQGHVIRQFWLRQVSUDWLTXHV

&RQWU{OHGHO·KXPLGLWpGXEDFjOpJXPHV

´)UHVK&DVHµ

3URGXFWLRQGHJODoRQV

5HWUDLWHWÀ[DWLRQGHVpWDJqUHV

&RQVLJQHVG·HQWUHWLHQHWGHQHWWR\DJH

)RLUHDX[TXHVWLRQV

&DUDFWpULVWLTXHV

&RQVLJQHVGHVpFXULWp



&RQVLJQHVGHVpFXULWpVXLWH

1HWRXFKH]SDVODÀFKHG·DOLPHQWDWLRQpOHFWULTXHDYHFOHVPDLQVPRXLOOpHV

 9RXVSRXUULH]UHFHYRLUXQHGpFKDUJHpOHFWULTXH

1·LQVWDOOH]SDVOHUpIULJpUDWHXUGDQVXQHQGURLWKXPLGHRXGDQVOHTXHOLOSRXUUDLWHQWUHUHQFRQWDFWDYHFGHO·HDX

 /DGpWpULRUDWLRQGHO¶LVRODWLRQGHVSLqFHVpOHFWULTXHVSRXUUDLWrWUHjO¶RULJLQHG¶XQHGpFKDUJHpOHFWULTXHRXG¶XQLQFHQGLH

1HVWRFNH]SDVGHSURGXLWVSKDUPDFHXWLTXHVRXVHQVLEOHVjODWHPSpUDWXUHGDQVOHUpIULJpUDWHXU

 /HVSURGXLWVQpFHVVLWDQWXQVWULFWFRQWU{OHGHWHPSpUDWXUHQHGRLYHQWSDVrWUHVWRFNpVGDQVOHUpIULJpUDWHXU

1HODLVVH]SDVOHVHQIDQWVJULPSHUVHEDODQFHURXVHVXVSHQGUHjODSRUWHGXUpIULJpUDWHXU

 ,OVSRXUUDLHQWVHEOHVVHUJUDYHPHQWHWDXVVLHQGRPPDJHUOHUpIULJpUDWHXU

1·XWLOLVH]SDVOHUpIULJpUDWHXUHQSUpVHQFHGHYDSHXUVH[SORVLYHVRXGHJD]LQÁDPPDEOHV

 ,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH

1HVWRFNH]SDVG·HVVHQFHRXWRXWOLTXLGHLQÁDPPDEOHRXSRXYDQWGpJDJHUGHVYDSHXUVLQÁDPPDEOHVHWQHOHV

XWLOLVH]SDVSUqVGHO·DSSDUHLO

 ,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH

$9(57,66(0(17

1·XWLOLVH]SDVGHV\VWqPHPpFDQLTXHRXDXWUHPR\HQ

SRXUDFFpOpUHUOHSURFHVVXVGHGpJLYUDJH1·XWLOLVH]

TXHOHVPR\HQVUHFRPPDQGpVSDUOHIDEULFDQW

&HODSRXUUDLWHQGRPPDJHUO¶LQWpULHXUGXUpIULJpUDWHXURX

FUpHUXQULVTXHG¶H[SORVLRQ

$9(57,66(0(17

1·XWLOLVH]DXFXQDSSDUHLOODJHpOHFWULTXHGDQVOHV

FRPSDUWLPHQWVGHFRQVHUYDWLRQGHVDOLPHQWVGHO·DSSDUHLOj

O·H[FHSWLRQGHFHX[TXLVRQWUHFRPPDQGpVSDUOHIDEULFDQW

,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH

$9(57,66(0(17

9HLOOH]jQHSDVHQGRPPDJHUOHFLUFXLWGHUpIULJpUDQW

,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH

$9(57,66(0(17

1·RXYUH]SDVOHFRXYHUFOHGHO·pFODLUDJHLQWHUQHj'(/

9RXVSRXUULH]UHFHYRLUXQHGpFKDUJHpOHFWULTXH6L

O¶pFODLUDJHj'(/QHIRQFWLRQQHSDVFRUUHFWHPHQWLOGRLWrWUH

UHPSODFpSDUOHIDEULFDQWXQDJHQWDJUppRXXQHSHUVRQQH

GHTXDOL¿FDWLRQpTXLYDOHQWHSRXUpYLWHUWRXWULVTXH

1·HVVD\H]SDVGHGpPRQWHUGHUpSDUHURXGHPRGLÀHUOHUpIULJpUDWHXUYRXVPrPH

 9RXVSRXUULH]YRXVEOHVVHURXEOHVVHUXQHDXWUHSHUVRQQHSDUGHVEUOXUHVRXGHVGpFKDUJHVpOHFWULTXHVRX

HQGRPPDJHUOHUpIULJpUDWHXU6LYRWUHDSSDUHLOQpFHVVLWHXQHPRGL¿FDWLRQRXXQHUpSDUDWLRQYHXLOOH]YRXVDGUHVVHUj

XQFHQWUHGHVHUYLFHDSUqVYHQWHDJUpp

$VVXUH]YRXVTXHOHUpIULJpUDWHXUHVWEUDQFKpVXUXQHSULVHVHFWHXUUHOLpHjODWHUUH1(3$6EUDQFKHUO·DSSDUHLO

VXUXQHSULVHVHFWHXUTXLQ·HVWSDVUHOLpHjODWHUUH

 8QFRXUWFLUFXLWSRXUUDLWRFFDVLRQQHUXQHGpFKDUJHpOHFWULTXH

9HLOOH]jFHTXHODÀFKHpOHFWULTXHHWOHFRUGRQG·DOLPHQWDWLRQQH

VRLHQWSDVFRPSUHVVpVRXHQGRPPDJpV

8QH¿FKHpOHFWULTXHRXXQFRUGRQG¶DOLPHQWDWLRQHQGRPPDJpVSHXYHQW

RFFDVLRQQHUXQFRXUWFLUFXLWXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH

6LOHFRUGRQG¶DOLPHQWDWLRQHVWHQGRPPDJpLOGRLWrWUHUHPSODFpSDUOH

IDEULFDQWXQDJHQWDJUppRXXQHSHUVRQQHGHTXDOL¿FDWLRQpTXLYDOHQWH

SRXUpYLWHUWRXWULVTXH

1HWHQWH]SDVGHOHUHPSODFHUYRXVPrPH

)UDQoDLV



&RQVLJQHVGHVpFXULWpVXLWH

5HWLUH]WRXWHVVDOLVVXUHVRXSRXVVLqUHVVXVFHSWLEOHVGHVHWURXYHUVXUOHVEURFKHVGHODÀFKHpOHFWULTXHDYDQW

GHODEUDQFKHUVXUO·DOLPHQWDWLRQpOHFWULTXH

 /¶DFFXPXODWLRQGHSRXVVLqUHVXUOD¿FKHpOHFWULTXHSRXUUDLWVHWUDGXLUHSDUXQGpIDXWG¶LVRODWLRQHQSDUWLFXOLHUGDQVGHV

FRQGLWLRQVGHIRUWHKXPLGLWp&HODSHXWSURYRTXHUXQFRXUWFLUFXLWXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH'pEUDQFKH]

OHFRUGRQG¶DOLPHQWDWLRQHWHVVX\H]OHDYHFXQFKLIIRQVHF1¶XWLOLVH]MDPDLVGHFKLIIRQPRXLOOpRXKXPLGL¿p

%UDQFKH]YRWUHDSSDUHLOjODSULVHHQYRXVDVVXUDQWTXHODFRQQH[LRQHVWVpFXULVpH

 8QH¿FKHG¶DOLPHQWDWLRQpOHFWULTXHPDOEUDQFKpHSHXWrWUHjO¶RULJLQHG¶XQLQFHQGLHRXG¶XQHGpFKDUJHpOHFWULTXH

,QVWDOOH]OHUpIULJpUDWHXUGDQVXQHQGURLWELHQYHQWLOp

 3OXVODTXDQWLWpGHUpIULJpUDQWHVWLPSRUWDQWHGDQVXQDSSDUHLOSOXVODSLqFHGDQVODTXHOOHLOHVWLQVWDOOpGRLWrWUHVSDFLHXVH

(QFDVGHIXLWHGHUpIULJpUDQWVLO¶DSSDUHLOHVWGDQVXQHSHWLWHSLqFHLO\DXQULVTXHGHIRUPDWLRQGHJD]FRPEXVWLEOHV,O\D

XQULVTXHG¶LQFHQGLHRXG¶H[SORVLRQ¬WLWUHLQGLFDWLIDXPRLQVPqWUHFXEHG¶HVSDFHGDQVODSLqFHHVWQpFHVVDLUHSRXU

JGH

UpIULJpUDQW/DTXDQWLWpGHUpIULJpUDQWGDQVO¶DSSDUHLOHVWLQGLTXpHVXUODSODTXHVLJQDOpWLTXHVLWXpHjO¶LQWpULHXUGHO¶DSSDUHLO

/HUpIULJpUDQW5DXWLOLVpGDQVOHUpIULJpUDWHXUHWOHVJD]VHWURXYDQWGDQVOHPDWpULDXLVRODQWF\FORSHQWDQH

VRQWLQÁDPPDEOHV,OVQpFHVVLWHQWGHVSURFpGXUHVVSpFLÀTXHVHQFDVGHPLVHDXUHEXW

 $VVXUH]YRXVTX¶DXFXQGHVWX\DX[VLWXpVjO¶DUULqUHGHO¶DSSDUHLOQHVRQWHQGRPPDJpVDYDQWODPLVHDXUHEXW8QH

IXLWHGHUpIULJpUDQWRXGHJD]SRXUUDLWSURYRTXHUXQLQFHQGLHRXXQHH[SORVLRQ

'pEUDQFKH]OHUpIULJpUDWHXUDYDQWOHQHWWR\DJHHWO·HQWUHWLHQ

 8QPDQTXHPHQWjFHWWHFRQVLJQHSRXUUDLWFDXVHUXQHGpFKDUJHpOHFWULTXH

6LXQHRGHXUGHEUOpRXGHODIXPpHpPDQHGXUpIULJpUDWHXUGpEUDQFKH]LPPpGLDWHPHQWODÀFKHpOHFWULTXHHW

FRQWDFWH]XQFHQWUHGHVHUYLFHDSUqVYHQWHDJUpp

 8QPDQTXHPHQWjFHWWHFRQVLJQHSRXUUDLWFDXVHUXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH

$9(57,66(0(17

/HVRULÀFHVG·DpUDWLRQVLWXpVjO·LQWpULHXUGHO·DSSDUHLORX

GDQVODVWUXFWXUHLQWpJUpHQHGRLYHQWSDVrWUHREVWUXpV

6LQRQFHODSRXUUDLWFDXVHUXQLQFHQGLHRXXQHH[SORVLRQ

FDUOHUpIULJpUDQWQHSHXWSDVVHGLVSHUVHUV¶LOIXLW

$77(17,21

,QGLTXHXQULVTXHGHEOHVVXUHVRXGHGRPPDJHVPDWpULHOV

1HSODFH]SDVGHERXWHLOOHVRXGHUpFLSLHQWVHQYHUUHGDQVOHFRQJpODWHXU

 /RUVTXHOHFRQWHQXJqOHOHYHUUHSHXWVHEULVHUHWHQWUDvQHUGHVEOHVVXUHV

1HWRXFKH]SDVOHVSDURLVLQWHUQHVGXFRQJpODWHXUQLOHVSURGXLWVVWRFNpVGDQVOHFRQJpODWHXUDYHFOHVPDLQVPRXLOOpHV

 9RWUHSHDXULVTXHGHJHOHUFRQWUHOHVSDURLVLQWHUQHVRXFRQWUHOHVSURGXLWVVWRFNpVGDQVOHFRQJpODWHXU

(QFDVGHFRXSXUHG·pOHFWULFLWppYLWH]G·RXYULUIUpTXHPPHQWOHUpIULJpUDWHXURXG·\

SODFHUGHVDOLPHQWVQRQUpIULJpUpV

 &HODSRXUUDLWRFFDVLRQQHUXQHKDXVVHGHWHPSpUDWXUHGDQVOHUpIULJpUDWHXUHWQXLUHj

O¶K\JLqQH

)DLWHVpJDOHPHQWDWWHQWLRQjO·HVSDFHHQWUHOHVSRUWHVGXUpIULJpUDWHXUHWGX

FRQJpODWHXUHQSDUWLFXOLHUVLGHX[SRUWHVVRQWRXYHUWHVHQPrPHWHPSV

 &HODSRXUUDLWRFFDVLRQQHUGHVEOHVVXUHVFRUSRUHOOHV

/RUVTXHYRXVRXYUH]OHUpIULJpUDWHXUYHLOOH]jQHSDVYRXVSLQFHUOHVGRLJWVGDQVXQH

GHV´]RQHVGHSLQFHPHQWµ(QSDUWLFXOLHUORUVGHO·RXYHUWXUHGHODSRUWHGXUpIULJpUDWHXU

YHLOOH]jpYLWHUOHV]RQHVGHSLQFHPHQWSRWHQWLHOHQWUHOHVSRUWHVGXFRQJpODWHXU

 &HODSHXWRFFDVLRQQHUGHVEOHVVXUHVFRUSRUHOOHV

=RQHVGHSLQFHPHQWSRWHQWLHO



0LVHDXUHEXWGHVPDWpULDX[G·HPEDOODJH

9HXLOOH]UHF\FOH]GDQVODPHVXUHGXSRVVLEOHSH[OHFDUWRQOHVVDFVHQSODVWLTXHOHUXEDQDGKpVLIHWOH

SRO\VW\UqQHHWDVVXUH]YRXVTXHWRXVOHVDXWUHVPDWpULDX[G¶HPEDOODJHVRQWpOLPLQpVGHIDoRQVpFXULVpH

&RQVHUYH]O¶HPEDOODJHKRUVGHSRUWpHGHVEpEpVHWGHVMHXQHVHQIDQWVSRXUpYLWHUEOHVVXUHHWpWRXIIHPHQW

/·pOLPLQDWLRQGHVpTXLSHPHQWVXVDJpV

$SSOLFDEOHXQLTXHPHQWGDQVOHVSD\VPHPEUHVGHO·8QLRQ

HXURSpHQQHHWOHVSD\VGLVSRVDQWGHV\VWqPHVGHUHF\FODJH

$SSRVpVXUOHSURGXLWOXLPrPHVXUVRQHPEDOODJHRX¿JXUDQW

GDQVODGRFXPHQWDWLRQTXLO¶DFFRPSDJQHFHSLFWRJUDPPH

LQGLTXHTXHDSSDUHLOVpOHFWULTXHVHWpOHFWURQLTXHVXVDJpV

GRLYHQWrWUHVpSDUpHVGHVRUGXUHVPpQDJqUHV

$¿QGHSHUPHWWUHOHWUDLWHPHQWODYDORULVDWLRQHWOHUHF\FODJH

DGpTXDWVGHVDSSDUHLOVXVDJpVYHXLOOH]OHVSRUWHUjO¶XQGHVSRLQWVGH

FROOHFWHSUpYXVFRQIRUPpPHQWjODOpJLVODWLRQQDWLRQDOHHQYLJXHXU

(QOHVpOLPLQDQWFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU

YRXVFRQWULEXH]jpYLWHUOHJDVSLOODJHGHUHVVRXUFHVSUpFLHXVHV

DLQVLTX¶jSURWpJHUODVDQWpKXPDLQHHWO¶HQYLURQQHPHQW

3RXUGHSOXVDPSOHVUHQVHLJQHPHQWVVXUODFROOHFWHHWOHUHF\FODJH

YHXLOOH]YRXVUHQVHLJQHUDXSUqVGHVFROOHFWLYLWpVORFDOHV

/HQRQUHVSHFWGHODUpJOHPHQWDWLRQUHODWLYHjO¶pOLPLQDWLRQGHV

GpFKHWVHVWSDVVLEOHG¶XQHSHLQHG¶DPHQGH

8WLOLVDWHXUVSURIHVVLRQQHOVGHO·8QLRQHXURSpHQQH

3RXUHQVDYRLUSOXVVXUO¶pOLPLQDWLRQGHVDSSDUHLOVpOHFWULTXHV

HWpOHFWURQLTXHVFRQWDFWH]YRWUHUHYHQGHXURXIRXUQLVVHXU

,QIRUPDWLRQVVXUODPLVHDXUHEXWGHVGpFKHWVGDQV

OHVSD\VQHIDLVDQWSDVSDUWLHGHO·8QLRQHXURSpHQQH

&HV\PEROHQ¶HVWUHFRQQXTXHGDQVO¶8QLRQHXURSpHQQH

3RXUVXSSULPHUFHSURGXLWYHXLOOH]FRQWDFWHUOHVDXWRULWpVORFDOHVRX

YRWUHUHYHQGHXUD¿QGHFRQQDvWUHODSURFpGXUHG¶pOLPLQDWLRQjVXLYUH

$YDQWGHYRXVGpEDUUDVVHUGHYRWUHDQFLHQDSSDUHLO

9HXLOOH]VXLYUHOHVLQVWUXFWLRQVGHPLVHDXUHEXWGRQQpHVSDUOHIDEULFDQWGHYRWUHDQFLHQDSSDUHLORXOD

UpJOHPHQWDWLRQORFDOHHQPDWLqUHGHPLVHDXUHEXWGHFHW\SHG¶DSSDUHLO6LHOOHVQHVRQWSDVIRXUQLHV

VXLYH]OHVLQVWUXFWLRQVHQWURLVpWDSHVFLGHVVRXV

 'pEUDQFKH]OD¿FKHpOHFWULTXHGHODSULVH

 &RXSH]OHFRUGRQG¶DOLPHQWDWLRQHWMHWH]OHGHPDQLqUHDSSURSULpHHWVUHDYHFOD¿FKHpOHFWULTXH

WRXMRXUVDWWDFKpH

 $VVXUH]YRXVTXHO¶DQFLHQDSSDUHLOHVWKRUVGHSRUWpHGHVMHXQHVHQIDQWVSHQGDQWODSpULRGHGH

VWRFNDJHSUpFpGDQWVDPLVHDXUHEXWRXDYDQWVRQWUDQVSRUWYHUVXQ&HQWUHGHUHF\FODJH

Ɣ

5HWLUH]WRXWHVOHVJDUQLWXUHVG¶pWDQFKpLWpGHODSRUWHHWODLVVH]OHVpWDJqUHVHWOHVWLURLUVHQSODFH



$LQVLOHVHQIDQWVQHSRXUURQWSDVIDFLOHPHQWJULPSHUjO¶LQWpULHXUGHO¶pTXLSHPHQWHWV¶HQIHUPHU

3URWHFWLRQGHO·HQYLURQQHPHQW

)UDQoDLV



,QVWDOODWLRQ

&HWWHVHFWLRQH[SOLTXHFRPPHQWLQVWDOOHUYRWUHDSSDUHLOSRXUTX¶LOIDVVHOHPRLQVGHEUXLWSRVVLEOHHWFRQVRPPHOHPRLQVG¶pQHUJLHSRVVLEOH

'LPHQVLRQV

/[3[+PP

'pEDOODJHGHYRWUHDSSDUHLO

5HWLUH]WRXVOHVHPEDOODJHVHWWRXWHVOHVEDQGHVDGKpVLYHV

&KRL[GHO·HPSODFHPHQWDSSURSULp

9HQWLODWLRQ

6DFKDQWTXHO¶DSSDUHLOGpJDJHGHODFKDOHXUSHQGDQWVRQXWLOLVDWLRQLOGRLW

rWUHLQVWDOOpGDQVXQHSLqFHELHQYHQWLOpHHWVqFKHHWXQHVSDFHVXI¿VDQW

GRLWrWUHFRQVHUYpDXWRXUGHO¶DSSDUHLOFRPPHLQGLTXpVXUOD)LJXUH

/¶HVSDFHGRLWrWUHSOXVLPSRUWDQWVLXQEUXLWGHYLEUDWLRQHVWpPLV

&HSHQGDQWV¶LO\DXQPXUjF{WpGXUpIULJpUDWHXUXQHVSDFHPLQLPDO

GHPPHVWQpFHVVDLUHVXUOHF{WpGHODFKDUQLqUHSRXUTXHOHV

SRUWHVV¶RXYUHQWGHRXSOXV

7HPSpUDWXUH

/DFRQVRPPDWLRQG¶pQHUJLHHWO¶HI¿FDFLWpGHO¶DSSDUHLOFjGOD

TXDQWLWpG¶pQHUJLHTX¶LOXWLOLVHSRXUUHIURLGLUHWFRQJHOHUGHODQRXUULWXUH

VRQWDIIHFWpHVSDUODWHPSpUDWXUHDPELDQWH

3RXUGHVUpVXOWDWVRSWLPXPVYRWUHUpIULJpUDWHXU

Ɣ QHGRLWSDVrWUHH[SRVpjODOXPLqUHGLUHFWHGXVROHLO

Ɣ QH GRLW SDV rWUH LQVWDOOp j SUR[LPLWp GH UDGLDWHXUV FXLVLQLqUHV RX

DXWUHVVRXUFHVGHFKDOHXU

Ɣ GRLW XQLTXHPHQW rWUH LQVWDOOp GDQV XQH SLqFH GRQW OD WHPSpUDWXUH

DPELDQWHFRUUHVSRQGj

ODFODVVHFOLPDWLTXHGp¿QLHSRXUO¶DSSDUHLO

9HXLOOH]FRQVXOWHUODVHFWLRQGHV&DUDFWpULVWLTXHVSRXUFRQQDvWUHOD

FODVVHFOLPDWLTXHGHYRWUHDSSDUHLO

Ɣ /HV WHPSpUDWXUHV H[WHUQHV RX OHV FRQGLWLRQV HQYLURQQHPHQWDOHV

SHXYHQWDYRLUXQLPSDFWQpJDWLIVXUVHVSHUIRUPDQFHV

 /HVDOLPHQWVVWRFNpVULVTXHQWGHVHGpWpULRUHU

1LYHDX

$SUqVDYRLUSRVLWLRQQpO¶DSSDUHLOGHIDoRQjFHTXHOHVROQHVRLWSDV

HQGRPPDJpLQVWDOOH]OHVXUXQVROELHQKRUL]RQWDOHWDVVH]VROLGHSRXU

VXSSRUWHUOHSRLGVG¶XQUpIULJpUDWHXUSOHLQ

&RUULJH]OHVLUUpJXODULWpVGXVROHQDJLVVDQWVXUOHVGHX[SLHGVDYDQW

DMXVWDEOHVFRPPHLQGLTXpGDQVOD)LJXUH

&HODpYLWHUDOHVYLEUDWLRQVHWOHEUXLW

6LO¶DSSDUHLOHVWSODFpVXUXQHPRTXHWWHRXXQUHYrWHPHQWHQYLQ\OH

SRVH]G¶DERUGXQHSODQFKHGXUHVXUODPRTXHWWHRXVXUOHUHYrWHPHQW

&HODpYLWHUDXQHGpWpULRUDWLRQSRVVLEOHGHODFRXOHXUGXHjODFKDOHXU

3RUWHGXUpIULJpUDWHXU

,OHVWSRVVLEOHGHGpSODFHUOHVFKDUQLqUHVGHODSRUWHGXUpIULJpUDWHXU

GHODGURLWHYHUVODJDXFKHD¿QTXHODSRUWHV¶RXYUHGDQVO¶DXWUHVHQV

6LFHODHVWSOXVFRPPRGHGDQVYRWUHPDLVRQYHXLOOH]FRQWDFWHUQRWUH

VHUYLFHDSUqVYHQWHpQXPpUpVXUODIHXLOOHMRLQWHRXDFFpGH]jQRWUH

VLWH:HEKWWSZZZSDQDVRQLFFRP

1RXVQHSRXUULRQVrWUHWHQXVUHVSRQVDEOHVVLYRXVUHPSODFLH]OHV

FKDUQLqUHVSDUYRXVPrPH

PPRXSOXV

PP

RXSOXV

PP

RXSOXV

'HVGHX[F{WpV

)LJXUH

)LJXUH



0LVHHQSODFHGHVJXLGHVGHPDLQWLHQGHODGLVWDQFH

&HWDSSDUHLOHVWOLYUpDYHFGHX[JXLGHVGHPDLQWLHQGHODGLVWDQFHTXH

YRXVGHYH]LQVWDOOHUVXUODSDUWLHLQIpULHXUHGHODFDUFDVVHD¿QG¶pYLWHU

GHSODFHUO¶DSSDUHLOWURSSUqVGXPXU9RXVSRXYH]SDUDLOOHXUVLQVWDOOHU

O¶DSSDUHLOVDQVOHVFDOHVG¶HVSDFHPHQWQRWH]WRXWHIRLVTXHFHODSHXW

DXJPHQWHUODFRQVRPPDWLRQG¶pQHUJLH

,QVpUH]OHVJXLGHVGHGLVWDQFHGDQVOHVRUL¿FHVHQWRXUpVGDQVOH

VFKpPD/HVJXLGHVGHGLVWDQFHVRQWIRXUQLVGDQVOHVDFFRQWHQDQWOH

PDQXHOHWG¶DXWUHVpOpPHQWV

1HWWR\DJH

$SUqVO¶LQVWDOODWLRQQHWWR\H]O¶DSSDUHLOHQO¶HVVX\DQWjO¶HDXWLqGH

%UDQFKHPHQWGHODÀFKHG·DOLPHQWDWLRQpOHFWULTXHVXUODSULVHpOHFWULTXH

8QHIRLVO¶DSSDUHLOEUDQFKpWRXVOHVV\PEROHVV¶DI¿FKHQWXQLQVWDQWSXLVOHVYDOHXUVGHGpPDUUDJHV¶DI¿FKHQWSDU

H[HPSOH&VXUO¶LQGLFDWHXUGHUpJODJHGXFRQJpODWHXUHW&VXUFHOXLGXUpIULJpUDWHXU

7RXWHVOHVWRXFKHVGXSDQQHDXGHFRPPDQGHVRQWWDFWLOHV,OVXI¿WG¶DSSX\HUGHVVXVSRXUDFWLYHUODWRXFKHTXHYRXV

VRXKDLWH]XWLOLVHU

5HPDUTXHV

 /HUHIURLGLVVHPHQWSHXWSUHQGUHSOXVGHWHPSVHQpWpRXjG¶DXWUHVSpULRGHVRODWHPSpUDWXUHDPELDQWHHVWpOHYpH

 6LYRXVDYH]EHVRLQGHGpEUDQFKHUOHUpIULJpUDWHXUDWWHQGH]DXPRLQVPLQXWHVDYDQWGHOHUHEUDQFKHU9RXVSRXUULH]

HQGRPPDJHUOHFRPSUHVVHXU

 6LOHUpIULJpUDWHXUUHVWHLQXWLOLVpSHQGDQWORQJWHPSVGpEUDQFKH]OD¿FKHpOHFWULTXHGHODSULVHVHFWHXU

7HPSpUDWXUHGHODSLqFH

/DFODVVHFOLPDWLTXHVHWURXYHVXUODSODTXHVLJQDOpWLTXHVLWXpHVXUOHF{WpJDXFKHGXFRPSDUWLPHQWGXUpIULJpUDWHXU(OOH

LQGLTXHOHVWHPSpUDWXUHVDPELDQWHVVRXVOHVTXHOOHVO¶DSSDUHLOSHXWrWUHXWLOLVp

&ODVVHFOLPDWLTXH 7HPSpUDWXUHDPELDQWHDXWRULVpH

61 7HPSpUpHpODUJLH &j&

1 7HPSpUpH &j&

67 6XEWURSLFDOH &j&

7 7URSLFDOH &j&

3RXUpFRQRPLVHUGHO·pQHUJLH

 ,QVWDOOH]OHUpIULJpUDWHXUGDQVXQHSLqFHVqFKHIUDLFKHHWELHQYHQWLOpH9HXLOOH]YRXVUpIpUHUjODSDJHSRXUOHV

GLPHQVLRQVHWOHGpJDJHPHQW

 /DFRPELQDLVRQGHVWLURLUVHWpWDJqUHVTXLIRXUQLWOHSOXVJUDQGYROXPHHWO¶XWLOLVDWLRQG¶pQHUJLHODSOXVHI¿FLHQWHSRXUOH

UpIULJpUDWHXU

 5HWLUH]OHVWLURLUVGXKDXWHWGXPLOLHXGXUpIULJpUDWHXU

 $WWDFKH]OHVWLURLUVHWOHVpWDJqUHVDX[SRVLWLRQVLOOXVWUpHVGDQVODVHFWLRQGHV³,GHQWL¿FDWLRQGHVSLqFHV´S

 1HUHPSOLVVH]SDVWURSOHUpIULJpUDWHXUSRXUSHUPHWWUHjO¶DLUGHFLUFXOHU

 2XYUH]OHVSRUWHVVHXOHPHQWVLQpFHVVDLUHHWDXVVLEULqYHPHQWTXHSRVVLEOH

 1HWWR\H]GHWHPSVHQWHPSVOHVRUL¿FHVG¶DpUDWLRQDXIRQGGXUpIULJpUDWHXUDYHFXQDVSLUDWHXUHWF

 /DFRQVRPPDWLRQG¶pQHUJLHDXJPHQWHORUVTXHYRXVVpOHFWLRQQH]OHPRGH6XSHU)UHH]H)ODVK)UHH]HRX6XSHU&RRO

,QVWDOODWLRQVXLWH

)UDQoDLV



,GHQWLÀFDWLRQGHVSLqFHV

&RPSDUWLPHQWGXUpIULJpUDWHXU

9RXVSRXYH]UpJOHUODWHPSpUDWXUHGDQV

XQHSODJHFRPSULVHHQWUH&HW&

3ODWVFXLVLQpV

ERLVVRQV°XIV

JkWHDX[SURGXLWV

ODLWLHUV

&RPSDUWLPHQWGXFRQJpODWHXU

9RXVSRXYH]UpJOHUODWHPSpUDWXUH

GDQVXQHSODJHFRPSULVHHQWUH&

HW&

9LDQGHFRQJHOpH

YRODLOOHSRLVVRQ

FUqPHJODFpH

5HPDUTXH

 9RXVSRXYH]PRGL¿HUODSRVLWLRQG¶LQVWDOODWLRQGHVpWDJqUHVHQYHUUHHWGHVpWDJqUHVGHSRUWH6R\H]FHSHQGDQWYLJLODQW

FDUOHVDOLPHQWVHWOHVERLVVRQVSRXUUDLHQWWRPEHUORUVGHO¶RXYHUWXUHHWGHODIHUPHWXUHGHODSRUWHHQIRQFWLRQGHOD

SRVLWLRQGHVpWDJqUHV

 /RUVGHO¶RXYHUWXUHGHODSRUWHYHXLOOH]SUHQGUHJDUGHDX[FROOLVLRQVDYHFGHVSHUVRQQHVRXGHVREMHWVjSUR[LPLWp

 9RXVSRXYH]pJDOHPHQWXWLOLVHUOHFDVLHUj°XIV



FRPPHEDFjJODoRQV

9RXVSRXYH]UpJOHUODKDXWHXUGHVpWDJqUHV

VHORQ

YRVSUpIpUHQFHVVDQVOHVUHWLUHU7LUH]YHUVYRXVOHV

GHX[OHYLHUVGHSDUWHWG¶DXWUHGHO¶pWDJqUHHWDEDLVVH]

O¶pWDJqUH6LYRXVVRXKDLWH]SODFHUO¶pWDJqUHSOXVKDXW

GpSODFH]ODVDQVUHOkFKHUOHVGHX[OHYLHUV

&eFODLUDJHLQWHUQHj'(/

'&DVLHUjERXWHLOOHV

(

eWDJqUHHQYHUUH´6OLGH¶1·6WRUHµ

)%DFIUDvFKHXU

*

%DFjOpJXPHV´)UHVK&DVHµ

+&DVLHUj±XIV

,

eWDJqUHGHSRUWHUpJODEOHHQKDXWHXU´)OH[/LIWµ

-eWDJqUHjERXWHLOOHV

.7LURLUGHFRQJpODWLRQGXKDXW

/7LURLUGHFRQJpODWLRQGXPLOLHX

07LURLUGHFRQJpODWLRQGXEDV

13LHGVUpJODEOHV

2%RXFKRQGHERXWHLOOH

(

)



(

)

 %RXWRQ,QGLFDWHXUG·DODUPH

&HYR\DQWV¶DOOXPHORUVTXHODWHPSpUDWXUHLQWHUQHHVWWURSpOHYpH

&HYR\DQWFOLJQRWHORUVTXHOHVSRUWHVUHVWHQWRXYHUWHVWURS

ORQJWHPSV

 7RXFKHGXPRGH6XSHU&RRO

(

 $IÀFKHXUGHWHPSpUDWXUHGXUpIULJpUDWHXU

/RUVTXHOHPRGH6XSHU&RROHVWDFWLYpO¶LQGLFDWLRQ³6&´V¶DI¿FKH

)

 7RXFKHGHUpJODJHGHODWHPSpUDWXUHGXUpIULJpUDWHXULPSULPp

 $IÀFKHXUGHWHPSpUDWXUHGXFRQJpODWHXU

/RUVTXHOHPRGH6XSHU)UHH]HHVWDFWLYpO¶LQGLFDWLRQ³6)´V¶DI¿FKH

/RUVTXHOHPRGH)ODVK)UHH]HHVWDFWLYpO¶LQGLFDWLRQ³))´V¶DI¿FKH

 7RXFKHGHUpJODJHGHODWHPSpUDWXUHGXFRQJpODWHXULPSULPp

 7RXFKHGXPRGH6XSHU)UHH]H)ODVK)UHH]H

 7RXFKHGXPRGH(&2

 7RXFKHGXPRGH+ROLGD\

&HWWHLOOXVWUDWLRQPRQWUHWRXVOHVDI¿FKDJHVHWOHV

WRXFKHVORUVTX¶LOVVRQWDOOXPpV

5HPDUTXHV

 &HUpIULJpUDWHXUXWLOLVHXQPLFURSURFHVVHXUSRXUFRQWU{OHUODWHPSpUDWXUH/DWHPSpUDWXUHjO¶LQWpULHXUGXUpIULJpUDWHXU

YDULHHQIRQFWLRQGHGLYHUVIDFWHXUVFRPPHODWHPSpUDWXUHDPELDQWHODIUpTXHQFHG¶RXYHUWXUHHWGHIHUPHWXUHGHV

SRUWHVODTXDQWLWpG¶DOLPHQWVVWRFNpVjO¶LQWpULHXUHWODPDQLqUHGRQWLOVVRQWVWRFNpV

 /RUVTXHYRXVVpOHFWLRQQH]OHPRGH(&2RXOHPRGH+ROLGD\OHYR\DQWFRUUHVSRQGDQWV¶DOOXPH

 /HYR\DQWG¶DODUPHFOLJQRWHHWO¶DODUPHUHWHQWLW

 /H¿OPSURWHFWHXUDQWLpUDÀXUHHVWFROOpVXUOHSDQQHDXGHFRPPDQGH

 /HVUpJODJHVSHXYHQWFKDQJHUVLYRXVDSSX\H]PDOHQFRQWUHXVHPHQWVXUXQHWRXFKHHQQHWWR\DQWOHSDQQHDXGH

FRPPDQGH

3DQQHDXGHFRPPDQGH

)UDQoDLV



5pJODJHGHODWHPSpUDWXUH

&RPSDUWLPHQWGXUpIULJpUDWHXU

(

)

 3RXUUpJOHUODWHPSpUDWXUHGXUpIULJpUDWHXUXWLOLVH]OHVWRXFKHV

)

 SRXUEDLVVHUOD

WHPSpUDWXUH SRXUDXJPHQWHUODWHPSpUDWXUH$SSX\H]VXUOHVWRXFKHVSRXUDOOXPHU

O¶DI¿FKDJHGHODWHPSpUDWXUH

 9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXUpIULJpUDWHXUVXUXQHSODJHFRPSULVHHQWUH&

HW&

 $SUqVDYRLUDSSX\pVXUO¶XQHGHVWRXFKHV

)

OHGHUQLHUUpJODJHGHWHPSpUDWXUHHIIHFWXp

DSSDUDvWVXUO¶DI¿FKHXU

(

8WLOLVH]OHVWRXFKHV

)

SRXUUpJOHUODWHPSpUDWXUHGHYRWUHFKRL[

7URLVVHFRQGHVDSUqVDYRLUDSSX\pVXUO¶XQHGHVWRXFKHVOHGHUQLHUUpJODJHGHODWHPSpUDWXUH

GXUpIULJpUDWHXUHVWPpPRULVp/HVWRXFKHVV¶pWHLJQHQWDXERXWGHVHFRQGHVHQYLURQ

5HPDUTXH

 6LOHPRGH6XSHU&RRO)ODVK)UHH]H(&2RX+ROLGD\HVWGpVDFWLYpRXDQQXOpOHVUpJODJHV

LQLWLDX[GHO¶DSSDUHLOVRQWUpWDEOLV

&RPSDUWLPHQWGXFRQJpODWHXU

 3RXUUpJOHUODWHPSpUDWXUHGXFRQJpODWHXUXWLOLVH]OHVWRXFKHV



SRXUEDLVVHUOD

WHPSpUDWXUH

SRXUDXJPHQWHUODWHPSpUDWXUH$SSX\H]VXUOHVWRXFKHVSRXUDOOXPHU

O¶DI¿FKDJHGHODWHPSpUDWXUH

 9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXFRQJpODWHXUVXUXQHSODJHFRPSULVHHQWUH&

HW&

 $SUqVDYRLUDSSX\pVXUO¶XQHGHVWRXFKHV

OHGHUQLHUUpJODJHGHWHPSpUDWXUHHIIHFWXp

DSSDUDvWVXUO¶DI¿FKHXU

8WLOLVH]OHVWRXFKHV

SRXUUpJOHUODWHPSpUDWXUHGHYRWUHFKRL[

7URLVVHFRQGHVDSUqVDYRLUDSSX\pVXUO¶XQHGHVWRXFKHVOHGHUQLHUUpJODJHGHODWHPSpUDWXUH

GXFRQJpODWHXUHVWPpPRULVp/HVWRXFKHVV¶pWHLJQHQWDXERXWGHVHFRQGHVHQYLURQ

5HPDUTXH

 6LOHPRGH6XSHU)UHH]H)ODVK)UHH]HRX(&2HVWGpVDFWLYpRXDQQXOpOHVUpJODJHVLQLWLDX[

GHO¶DSSDUHLOVRQWUpWDEOLV



8WLOLVDWLRQGHVIRQFWLRQVSUDWLTXHV

0RGH6XSHU&RRO  8WLOLVH]FHUpJODJHDSUqVODPLVHHQPDUFKHLQLWLDOHGHO¶DSSDUHLODYDQWGHQHWWR\HUO¶DSSDUHLORX

DYDQWG¶\VWRFNHUXQHJUDQGHTXDQWLWpG¶DOLPHQWV

$FWLYDWLRQGXPRGH6XSHU&RRO

$SSX\H]VXUODWRXFKH

/¶LQGLFDWLRQ³6&´V¶DI¿FKHVXUO¶pFUDQ

(



6LYRXVQHGpVDFWLYH]SDVFHPRGHPDQXHOOHPHQWLOHVWDXWRPDWLTXHPHQWGpVDFWLYpDXERXW

G¶HQYLURQVL[KHXUHV/HUpJODJHGHWHPSpUDWXUHGXUpIULJpUDWHXUOHSOXVUpFHQWHVWDORUVUpWDEOL

5HPDUTXHV

 'DQVFHPRGH

$SSX\H]VXUODWRXFKH

SRXUGpVDFWLYHUOHPRGH6XSHU&RRO

9RXVSRXYH]DORUVVpOHFWLRQQHUOHPRGH(&2HWOHPRGH+ROLGD\

'qVTXHYRXVVpOHFWLRQQH]O¶XQGHFHVPRGHVOHPRGH6XSHU&RROHVWGpVDFWLYp

9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXFRQJpODWHXU

%LHQTXHODWHPSpUDWXUHGXUpIULJpUDWHXUSXLVVHpJDOHPHQWrWUHUpJOpHOHPRGH6XSHU&RROHVW

GpVDFWLYp

(

)

0RGH6XSHU)UHH]H  8WLOLVH]FHUpJODJHDSUqVODPLVHHQPDUFKHLQLWLDOHGHO¶DSSDUHLODYDQWGHQHWWR\HUO¶DSSDUHLORX

KHXUHVDYDQWG¶\VWRFNHUXQHJUDQGHTXDQWLWpG¶DOLPHQWV

$FWLYDWLRQGXPRGH6XSHU)UHH]H

$SSX\H]VXUODWRXFKH

/¶LQGLFDWLRQ³6)´DSSDUDvWVXUO¶DI¿FKHXU



6LYRXVQHGpVDFWLYH]SDVPDQXHOOHPHQWOHPRGH6XSHU)UHH]HLOHVWDXWRPDWLTXHPHQW

GpVDFWLYpDXERXWG¶HQYLURQGHX[MRXUV/HUpJODJHGHWHPSpUDWXUHGXFRQJpODWHXUOHSOXVUpFHQW

HVWDORUVUpWDEOL

5HPDUTXHV

 'DQVFHPRGH

$SSX\H]VXUODWRXFKH

SRXUGpVDFWLYHUOHPRGH6XSHU)UHH]H

9RXVSRXYH]DORUVVpOHFWLRQQHUOHPRGH(&2HWOHPRGH+ROLGD\

'qVTXHYRXVVpOHFWLRQQH]O¶XQGHFHVPRGHVOHPRGH6XSHU)UHH]HHVWGpVDFWLYp

9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXUpIULJpUDWHXU

%LHQTXHODWHPSpUDWXUHGXFRQJpODWHXUSXLVVHpJDOHPHQWrWUHUpJOpHOHPRGH6XSHU)UHH]H

HVWGpVDFWLYp

0RGH)ODVK)UHH]H  3RXUFRQJHOHUUDSLGHPHQWGHVDOLPHQWVIUDLVXWLOLVH]OHPRGH)ODVK)UHH]HTXLQ¶HVWDFWLYpTXH

GDQVOHWLURLUGHFRQJpODWLRQVXSpULHXUGXFRQJpODWHXU/RUVTXHFHPRGHHVWDFWLYpO¶DSSDUHLO

VRXIÀHFRQWLQXHOOHPHQWGHO¶DLUIURLGGDQVFHWWHSDUWLHGXFRQJpODWHXU8QHFRQJpODWLRQUDSLGH

SHUPHWGHFRQVHUYHUSOXVORQJWHPSVOHVYLWDPLQHVHWOHVPLQpUDX[GHVDOLPHQWV

$FWLYDWLRQGXPRGH)ODVK)UHH]H

$SSX\H]VXUODWRXFKH

SHQGDQWDXPRLQVWURLVVHFRQGHV/¶LQGLFDWLRQ³))´DSSDUDvWVXU

O¶DI¿FKHXU



 'DQVFHPRGHOHFRPSUHVVHXUIRQFWLRQQHGHIDoRQFRQWLQXHHWODWHPSpUDWXUHGXFRQJpODWHXU

EDLVVHFRQVLGpUDEOHPHQW

 6LYRXVQHGpVDFWLYH]SDVFHPRGHPDQXHOOHPHQWHQDSSX\DQWVXUODWRXFKH

LOHVW

DXWRPDWLTXHPHQWGpVDFWLYpDXERXWGHKHXUHV/HUpJODJHGHWHPSpUDWXUHGXFRQJpODWHXUOH

SOXVUpFHQWHVWDORUVUpWDEOL

 8WLOLVH]FHPRGHSRXUFRQJHOHUGHSHWLWHVTXDQWLWpVG¶DOLPHQWVMXVTX¶jGHX[NLORVGDQVOHWLURLU

GHFRQJpODWLRQVXSpULHXU6LYRXVFRQJHOH]GHJUDQGHVTXDQWLWpVG¶DOLPHQWVYRXVGHYH]DFWLYHU

FHPRGHKHXUHVDYDQWGHVWRFNHUOHVDOLPHQWVGDQVOHFRQJpODWHXU

5HPDUTXHV

 'DQVFHPRGH

$SSX\H]VXUODWRXFKH

SRXUGpVDFWLYHUOHPRGH)ODVK)UHH]H

9RXVSRXYH]DORUVVpOHFWLRQQHUOHPRGH(&2HWOHPRGH+ROLGD\

'qVTXHYRXVVpOHFWLRQQH]O¶XQGHFHVPRGHVOHPRGH)ODVK)UHH]HHVWGpVDFWLYp

9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXUpIULJpUDWHXU

/RUVTXHOHPRGH6XSHU&RROHVWDFWLYpFHPRGHQHSHXWSDVrWUHVpOHFWLRQQp

%LHQTXHODWHPSpUDWXUHGXFRQJpODWHXUSXLVVHpJDOHPHQWrWUHUpJOpHOHPRGH)ODVK)UHH]H

HVWGpVDFWLYp

)UDQoDLV



0RGH(&2  'DQVFHPRGHO¶XQLWpGHFRPPDQGHIDLWIRQFWLRQQHUOHUpIULJpUDWHXUHWOHFRQJpODWHXUGH

PDQLqUHpFRQRPLTXH

3RXUDFWLYHUOHPRGH(FRDSSX\H]VXUODWRXFKH

/HYR\DQWGHODWRXFKH

V¶DOOXPH

/RUVTXHFHPRGHHVWDFWLYpO¶DSSDUHLOIRQFWLRQQHGHIDoRQRSWLPDOH

5HPDUTXHV

 'DQVFHPRGH

,OQ¶HVWSDVSRVVLEOHG¶DMXVWHUODWHPSpUDWXUHGXUpIULJpUDWHXUHWGXFRQJpODWHXU/HPRGH(&2

HVWGpVDFWLYpHWODWHPSpUDWXUHVpOHFWLRQQpHHVWUpJOpH



9RXVSRXYH]VpOHFWLRQQHUOHPRGH6XSHU&RROOHPRGH6XSHU)UHH]HRXOHPRGH)ODVK)UHH]H



6LYRXVVpOHFWLRQQH]O¶XQGHFHVPRGHVOHPRGH(&2HVWDQQXOpHWOHPRGHVpOHFWLRQQpHVWDFWLYp

9RXVSRXYH]VpOHFWLRQQHUOHPRGH+ROLGD\

'DQVFHFDVOHPRGH(&2HVWDQQXOpHWOHPRGH+ROLGD\HVWDFWLYp

0RGH+ROLGD\  6pOHFWLRQQH]FHPRGHORUVTXHYRXVSUpYR\H]GHQHSDVXWLOLVHUOHUpIULJpUDWHXUSHQGDQWXQH

ORQJXHSpULRGHQRWDPPHQWORUVTXHYRXVSUHQH]GHVYDFDQFHVSURORQJpHV

 'DQVFHPRGHODWHPSpUDWXUHGXUpIULJpUDWHXUHVWDXWRPDWLTXHPHQWUpJOpHVXU&/D

WHPSpUDWXUHGXUpIULJpUDWHXUGLVSDUDvWGHO¶DI¿FKHXU

3RXUDFWLYHUOHPRGH+ROLGD\DSSX\H]VXUODWRXFKH

/HYR\DQWGHODWRXFKH

V¶DOOXPH

/RUVTXHFHPRGHHVWDFWLYpO¶DSSDUHLOIRQFWLRQQHGHIDoRQRSWLPDOH

5HPDUTXHV

 'DQVFHPRGH

$YDQWG¶XWLOLVHUFHPRGHYLGH]OHUpIULJpUDWHXUHWIHUPH]ODSRUWH

/RUVTXHFHPRGHHVWGpVDFWLYpOHIRQFWLRQQHPHQWQRUPDOGXUpIULJpUDWHXUUHSUHQG



,OQ¶HVWSDVSRVVLEOHG¶DMXVWHUODWHPSpUDWXUHGXUpIULJpUDWHXUWDQWTXHFHPRGHQ¶HVWSDVGpVDFWLYp

/¶DODUPHHVWDFWLYpHORUVTXHODSRUWHHVWRXYHUWH

0RGH$ODUP $ODUPHGHWHPSpUDWXUHpOHYpH

 6LODWHPSpUDWXUHLQWHUQHGHO¶DSSDUHLOHVWWURSpOHYpHXQHDODUPHVRQRUHVHGpFOHQFKHWRQDOLWp

LQWHUPLWWHQWHHWOHYR\DQWGHODWRXFKH

FOLJQRWH

 5HPpGLH]DXSUREOqPHHWGpVDFWLYH]O¶DODUPHVRQRUHHQDSSX\DQWVXUODWRXFKH



 /¶DODUPHVRQRUHHVWDFWLYpHWRXWHVOHVKHXUHVVLODWHPSpUDWXUHLQWHUQHHVWWURSpOHYpHHWV¶LO

H[LVWHXQULVTXHG¶DOWpUDWLRQGHVDOLPHQWV

/¶DODUPHHVWDXWRPDWLTXHPHQWGpVDFWLYpHGqVTXHOHFRQJpODWHXUDWWHLQWXQHWHPSpUDWXUHTXL

QHSUpVHQWHDXFXQULVTXHG¶DOWpUDWLRQGHVDOLPHQWV

 /RUVGHODSUHPLqUHPLVHHQVHUYLFHGHO¶DSSDUHLOO¶DODUPHQHVHGpFOHQFKHSDVDYDQWXQGpODL

GHKHXUHVD¿QGHSHUPHWWUHjO¶DSSDUHLOG¶DWWHLQGUHODWHPSpUDWXUHDGpTXDWH

&HWWHIRQFWLRQSHUPHWG¶pYLWHUXQGpFOHQFKHPHQWLQWHPSHVWLIGHO¶DODUPH

$ODUPHG·RXYHUWXUHGHODSRUWHGXUpIULJpUDWHXU

 6LODSRUWHGXUpIULJpUDWHXURXGXFRQJpODWHXUUHVWHRXYHUWHSHQGDQWSOXVGHGHX[PLQXWHVXQH

DODUPHVRQRUHVHGpFOHQFKHHWOHYR\DQWGHODWRXFKH

FOLJQRWH

/¶DODUPHFHVVHXQHIRLVODSRUWHIHUPpH,OHVWpJDOHPHQWSRVVLEOHGHGpVDFWLYHUO¶DODUPHHQ

DSSX\DQWVXUODWRXFKH



(

)

)RQFWLRQ6pFXULWpHQIDQWV

8WLOLVH]FHWWHIRQFWLRQVLYRXVQHVRXKDLWH]SDVSURFpGHUDXUpJODJHPDQXHOGHO¶DSSDUHLO

3RXUDFWLYHUFHWWHIRQFWLRQDSSX\H]VXUODWRXFKH

SHQGDQWDXPRLQVWURLVVHFRQGHV

/¶LQGLFDWLRQ³//´DSSDUDvWVXUO¶DI¿FKHXU

(

HWVXUOH

HWGHVDODUPHVUHWHQWLVVHQW

7RXWHVOHVWRXFKHVVRQWYHUURXLOOpHVjO¶H[FHSWLRQGHODWRXFKH



3RXUGpVDLYHUODIRQFWLRQ6pFXULWpHQIDQWVDSSX\H]jQRXYHDXVXUODWRXFKH

SHQGDQWDX

PRLQVWURLVVHFRQGHV

5HPDUTXH

 /¶LQGLFDWLRQ³//´Q¶HVWSDVDI¿FKpHORUVTXHFHWWHIRQFWLRQHVWDFWLYpH1pDQPRLQVO¶LQGLFDWLRQ

³//´DSSDUDvWSHQGDQWXQHVHFRQGHORUVTXHYRXVDSSX\H]VXUXQHWRXFKH

(

)



5HWUDLWHWÀ[DWLRQGHVpWDJqUHV

3URGXFWLRQGHJODoRQV

&RQWU{OHGHO·KXPLGLWpGXEDFjOpJXPHV´)UHVK&DVHµ

 /HEDFVLWXpGDQVODSDUWLHLQIpULHXUHGXUpIULJpUDWHXUSHUPHWGHVWRFNHU

GHVIUXLWVHWGHVOpJXPHV,OPDLQWLHQWXQWDX[G¶KXPLGLWpDGpTXDWD¿Q

G¶pYLWHUOHGHVVqFKHPHQWGHVDOLPHQWV

 3ODFH]OHVDOLPHQWVGDQVGHVUpFLSLHQWVRXGHVHPEDOODJHVDGDSWpVD¿Q

G¶pYLWHUTX¶LOVQHGpJDJHQWRXQHSUHQQHQWGHVRGHXUV

&HEDFGLVSRVHG¶XQUpJXODWHXUG¶KXPLGLWpTXLSHUPHWGHUpJOHUO¶KXPLGLWp

HQIRQFWLRQGHODTXDQWLWpG¶DOLPHQWVTX¶LOFRQWLHQW

3HWLWHVTXDQWLWpVG·DOLPHQWVUpJOH]OHUpJXODWHXUjGURLWH

*UDQGHVTXDQWLWpVG·DOLPHQWVUpJOH]OHUpJXODWHXUjJDXFKH

(DX

9RXVSRXYH]XWLOLVHUOHFDVLHUj°XIVSRXUREWHQLUGHVJODoRQV

3RXUFHIDLUHUHPSOLVVH]OHFDVLHUj°XIVDYHFGHO¶HDXHWSODFH]OHGDQVOHWLURLUGXFRQJpODWHXURXGDQVOHFRQJpODWHXU

GLUHFWHPHQW

/RUVTXHOHVJODoRQVVRQWSUrWVVRUWH]OHFDVLHUj°XIV

3RXVVH]VRXVFKDTXHFDYLWpGXFDVLHUj°XIV

/HVJODoRQVVHURQWpMHFWpVGXFDVLHUj°XIV

5pIULJpUDWHXU









eWDJqUHVHQYHUUH

3RXUUHWLUHUXQHpWDJqUH

GXUpIULJpUDWHXUWLUH]

GHVVXVMXVTX¶HQEXWpH

F¶HVWjGLUHMXVTX¶DX

JXLGH(QVXLWHVRXOHYH]

OpJqUHPHQWODSDUWLH

DYDQWHWGpJDJH]OD

FRPSOqWHPHQW

%DFIUDvFKHXUHWEDFj

OpJXPHV´)UHVK&DVHµ

7LUH]VXUOHFDVLHU

MXVTX¶HQEXWpH6RXOHYH]

DORUVODSDUWLHDYDQWHW

GpJDJH]FRPSOqWHPHQW

OHWLURLU

eWDJqUHVGHSRUWH

3RXUUHWLUHUXQHpWDJqUH

SODFH]ODjODSRVLWLRQOD

SOXVKDXWHSRXVVH]OHV

OHYLHUVJDXFKHHWGURLW

SXLVWLUH]O¶pWDJqUH

eWDJqUHjERXWHLOOHV

3RXUUHWLUHUXQHpWDJqUH

GHO¶DSSDUHLOVRXOHYH]OD

MXVTX¶HQEXWpHHWWLUH]

SRXUODGpJDJHU

&RQJpODWHXU

/HVWLURLUVRQWpWpFRQoXGHIDoRQjpYLWHUWRXWHH[WUDFWLRQDFFLGHQWHOOH3RXUUHWLUHUXQWLURLURXYUH]OHSXLV

VRXOHYH]ODSDUWLHDYDQWSRXUOHGpJDJHU

$SUqVDYRLUUHWLUpOHWLURLUYRXVSRXYH]VWRFNHUGHVDOLPHQWVGDQVOHFRPSDUWLPHQWYLGH

)UDQoDLV



&RQVLJQHVG·HQWUHWLHQHWGHQHWWR\DJH

1HWWR\DJHTXRWLGLHQ

(VVX\H]OHVSLqFHVDYHFXQFKLIIRQVHF

(QGURLWVTXLVHVDOLVVHQWIDFLOHPHQW

3LqFHVTXLSHXYHQWrWUHQHWWR\pHVDYHFGHO·HDX

5pIULJpUDWHXU &RQJpODWHXU

Ɣ eWDJqUHVHQYHUUH

Ɣ eWDJqUHVGHSRUWH

Ɣ eWDJqUHjERXWHLOOH

Ɣ &DVLHUj°XIV

Ɣ %DFIUDvFKHXU

Ɣ

%DFjOpJXPHV³)UHVK&DVH´

Ɣ 3RUWHERXWHLOOHV

Ɣ %RXFKRQGHERXWHLOOH

5HPDUTXH

 1¶XWLOLVH]SDVGHSURGXLWVGHQHWWR\DJHDEUDVLIV

WHOVTXHOHELFDUERQDWHGHVRXGH&HODSRXUUDLW

HQGRPPDJHUOHSODVWLTXH

Ɣ 7LURLUGHFRQJpODWLRQGX

KDXW

Ɣ 7LURLUGHFRQJpODWLRQGX

PLOLHX

Ɣ 7LURLUGHFRQJpODWLRQGXEDV

-RLQWG·RXYHUWXUHGHSRUWH

(QVHVDOLVVDQWOHMRLQWV¶DEvPHIDFLOHPHQWHWXQHIXLWH

G¶DLUIURLGHVWWUqVSUREDEOH

eWDJqUHjERXWHLOOHV

6LGHODVDOHWpHWGXOLTXLGHVRQWDFFXPXOpVHVVX\H]

LPPpGLDWHPHQW

7RXVOHVDQVGpEUDQFKH]OD¿FKHG¶DOLPHQWDWLRQHWUHWLUH]OHVpWDJqUHVSRXU

HIIHFWXHUXQQHWWR\DJHPLQXWLHX[

1HWWR\DJHGHODFDVVHWWHKDXWHIUDvFKHXU

/DFDVVHWWHKDXWHIUDvFKHXUHVW¿[pHSDUGHVSLQFHV5HWLUH]ODFDVVHWWHHWODYH]ODjO¶HDX$SUqVDYRLUODYpODFDVVHWWHjO¶HDX

pJRXWWH]ODHWHVVX\H]OHVJRXWWHVG¶HDXUHVWDQWHVDYDQWGHODUHPHWWUHHQSODFH6LOHVWDFKHVVRQWGLI¿FLOHVjHQOHYHUODYH]

VRLJQHXVHPHQWODFDVVHWWHDYHFXQGpWHUJHQWPpQDJHUGRX[QHXWUHHWXQFKLIIRQSXLVULQFH]OHGpWHUJHQWjO¶HDX

1HWWR\DJHGXSDQQHDXGHFRPPDQGH

/HSDQQHDXGHFRPPDQGHGXUpIULJpUDWHXUHVWIDEULTXpDYHFGHVPDWpULDX[VSpFLDX[3RXUSURWpJHUODVXUIDFHGHVGRPPDJHV

QHOHQHWWR\H]SDVDYHFXQVROYDQWFKLPLTXH$XOLHXGHFHODHVVX\H]OHDYHFXQFKLIIRQGRX[VHFRXOpJqUHPHQWKXPLGL¿p

1HWWR\DJHGHO·H[WpULHXUGXUpIULJpUDWHXU

1HWWR\H]ODSDUWLHH[WHUQHGHO¶DSSDUHLOjO¶DLGHG¶XQFKLIIRQGRX[KXPLGL¿pjO¶HDXFKDXGH6LFHUWDLQHVWDFKHVUpVLVWHQW

DSSOLTXH]XQSURGXLWGHQHWWR\DJHGHFXLVLQHQHXWUHSXLVHVVX\H]DYHFXQFKLIIRQGRX[KXPLGL¿pjO¶HDXFKDXGH(VVX\H]

WRXWHWUDFHG¶HDXjO¶DLGHG¶XQFKLIIRQVHF



9pULÀFDWLRQVG·XVDJH

Ɣ/HFRUGRQG¶DOLPHQWDWLRQHVWLOHQGRPPDJp"

Ɣ/D¿FKHpOHFWULTXHGHYLHQWHOOHFKDXGH"

Ɣ/D¿FKHpOHFWULTXHHVWHOOHFRPSOqWHPHQWLQVpUpHGDQVODSULVH"

6LOHFRUGRQG¶DOLPHQWDWLRQHVWHQGRPPDJpYHXLOOH]FRQVXOWHUXQUHYHQGHXUDJUpp1HUHPSODFH]3$6FHVSLqFHV

YRXVPrPH

1RQXWLOLVDWLRQSURORQJpH

6¶LOHVWSUpYXXQHORQJXHSpULRGHGHQRQXWLOLVDWLRQGHO¶DSSDUHLOGpEUDQFKH]OD¿FKHpOHFWULTXHHIIHFWXH]XQQHWWR\DJH

FRPPHGpFULWFLGHVVXV/DLVVH]ODSRUWHRXYHUWHSHQGDQWRXMRXUV&HODSHUPHWjO¶LQWpULHXUGHVpFKHUpYLWHOD

IRUPDWLRQGHPRLVLVVXUHVHWGHPDXYDLVHVRGHXUV

'HIDoRQJpQpUDOHQ¶pWHLJQH]SDVOHUpIULJpUDWHXU6DGXUpHGHYLHSRXUUDLWHQrWUHDIIHFWpH

$YDQWGHGpSODFHURXGHWUDQVSRUWHUOHUpIULJpUDWHXU

཰ 5HWLUH]WRXVOHVDOLPHQWV

ཱ 'pEUDQFKH]OH

ི 6RXOHYH]OHSLHGDMXVWDEOH

ཱི 7LUH]OHUpIULJpUDWHXUYHUVYRXV

ུ 3ODFH]XQFKLIIRQVXUOHFRLQJDXFKHGXSODWHDXG¶pYDSRUDWLRQ

,QFOLQH]OHUpIULJpUDWHXUSRXUTXHOHFKLIIRQDEVRUEHO¶HDX

$VVXUH]YRXVTX¶LOQHUHVWHSOXVDXFXQHWUDFHG¶HDX

3ODWHDXG¶pYDSRUDWLRQ

3DUWLHLQIpULHXUHjO¶DUULqUHGHO¶DSSDUHLO

'pSODFHPHQWHWWUDQVSRUWGXUpIULJpUDWHXU

/HWUDQVSRUWGHO¶DSSDUHLOQpFHVVLWHDXPRLQVGHX[SHUVRQQHV

཰ 9LVVH]OHVSLHGVDMXVWDEOHVjIRQG

ཱ 0DLQWHQH] OH SLHG DMXVWDEOH GXQH PDLQ HW OHV FRLQV GH

O¶DXWUHFRPPHGpFULW

5HPDUTXH

 1HSRUWH]SDVO¶DSSDUHLOHQOHWHQDQWSDUVHVSRUWHV

1HWUDQVSRUWH]MDPDLVOHUpIULJpUDWHXUHQSRVLWLRQFRXFKpH

6pFXULVH]OHVSRUWHV

DYHFGXUXEDQDGKpVLI

&RQVLJQHVG·HQWUHWLHQHWGHQHWWR\DJHVXLWH

5HPDUTXHVFRQFHUQDQWOHQHWWR\DJH

$XFXQHGHVVXEVWDQFHVVXLYDQWHVQHGRLWrWUHXWLOLVpHSRXUOHQHWWR\DJHGHO¶DSSDUHLO

Ɣ 3URGXLWGHODYDJHDOFDOLQGHWHOOHVVXEVWDQFHVSHXYHQWIDLUHFUDTXHOHUOHVSDUWLHVHQSODVWLTXH

Ɣ

'pWHUJHQWSXOYpULVpSRXGUHGHVDYRQKXLOHIRVVLOHHDXFKDXGHEURVVHGHFXLVLQHDFLGHEHQ]qQHGLOXDQWVRX

VROXWLRQVEDVHG·DOFRROHWF&HVVXEVWDQFHVSRXUUDLHQWHQGRPPDJHUOHVSHLQWXUHVGHVXUIDFHHWOHVSDUWLHVHQSODVWLTXH

9HLOOH]jpOLPLQH]WRXWHWDFKHG¶KXLOHGRPHVWLTXH&HODSRXUUDLWpJDOHPHQWHQGRPPDJHUOHVSLqFHVHQSODVWLTXH

)UDQoDLV



)RLUHDX[TXHVWLRQV

6LYRXVDYH]O¶LPSUHVVLRQTXHYRWUHUpIULJpUDWHXUQHIRQFWLRQQHSDVFRUUHFWHPHQWYpUL¿H]WRXWG¶DERUGOHVSRLQWVVXLYDQWV

6LOHSUREOqPHSHUVLVWHGpEUDQFKH]OD¿FKHG¶DOLPHQWDWLRQpOHFWULTXHHWFRQWDFWH]YRWUHUHYHQGHXURXXQFHQWUHGHVHUYLFH

DSUqVYHQWHDJUpp

*pQpUDO

/HUpIULJpUDWHXUpPHWGHVEUXLWV

LQKDELWXHOV

 /HUpIULJpUDWHXUHVWWLOELHQLQVWDOOpVXUXQVROVROLGHHWSODW"

 <DWLOVXI¿VDPPHQWG¶HVSDFHWRXWDXWRXUGXUpIULJpUDWHXU"

 <DWLOTXHOTXHFKRVHTXLYLEUHDXVRPPHWGXUpIULJpUDWHXU"

 &¶HVWQRUPDOG¶HQWHQGUHFHUWDLQVEUXLWVTXDQGOHUpIULJpUDWHXUVHPHWHQ

PDUFKHRXV¶DUUrWH

9RXVHQWHQGH]XQVRQDSUqV

ODPLVHKRUVVHUYLFHGX

FRPSUHVVHXU

 &HFLHVWQRUPDOHWF¶HVWVRXYHQWGDXUpIULJpUDQWFRXODQWHQVHQVLQYHUVHYHUV

OHFRPSUHVVHXU

9RXVHQWHQGH]XQVRQDSUqVDYRLU

RXYHUWRXIHUPpODSRUWH

 &HFLHVWQRUPDOHWF¶HVWGjODGLIIpUHQFHGHSUHVVLRQG¶DLUHQWUHO¶LQWpULHXUHW

O¶H[WpULHXUGXUpIULJpUDWHXU

9RXVHQWHQGH]XQVRQG·DLURX

G·HDXTXLFRXOHDSUqVDYRLURXYHUW

ODSRUWH

 &HFLHVWGDXUpIULJpUDQWFRXODQWGDQVOHVFRQGXLWHVLQWHUQHV

9RXVHQWHQGH]XQEUXLWGH

YHQWLODWLRQLPSRUWDQWHQFRQWLQX

 &HVRQVHIDLWHQWHQGUHTXDQGOHYHQWLODWHXUGHFLUFXODWLRQG¶DLUIURLGHVWHQPDUFKH

 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOHpOHYpH"

'DQVGHVVLWXDWLRQVGHFHW\SHOHYHQWLODWHXUGHFLUFXODWLRQG¶DLUIURLGWRXUQH

WUqVYLWHHWSURGXLWXQEUXLWpOHYp

/HFRPSUHVVHXUHVWDVVH]

EUX\DQW

 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOHpOHYpH"

'DQVFHVFDVOHFRPSUHVVHXUWRXUQHWUqVYLWHLOHVWGRQFQRUPDOTX¶LOVRLWSOXV

EUX\DQW

/HFRPSUHVVHXUIRQFWLRQQH

SHQGDQWORQJWHPSV

 4XDQGOD¿FKHG¶DOLPHQWDWLRQpOHFWULTXHHVWEUDQFKpHSRXUODSUHPLqUHIRLVOH

FRPSUHVVHXUIRQFWLRQQHSOXVORQJWHPSVTXHODQRUPDOHSRXUUHIURLGLUO¶LQWpULHXU

GXUpIULJpUDWHXUMXVTX¶jFHTXHOHVWHPSpUDWXUHVFKRLVLHVVRLHQWDWWHLQWHV

 /HPRGH6XSHU)UHH]HRX6XSHU&RROHVWLOUpJOp"

 /HVSRUWHVRQWHOOHVpWpIUpTXHPPHQWRXYHUWHVHWIHUPpHV"/HVSRUWHVVRQW

HOOHVELHQIHUPpHV"

 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOHpOHYpH"

 4XDQGEHDXFRXSG¶DOLPHQWVVRQWSODFpVGDQVOHUpIULJpUDWHXUHQXQHIRLVOH

FRPSUHVVHXUGRLWIRQFWLRQQHUSOXVORQJWHPSV

'HODFRQGHQVDWLRQVHIRUPHVXU

O·H[WpULHXUGXUpIULJpUDWHXU

 'HODFRQGHQVDWLRQSHXWVHIRUPHUVLODSLqFHHVWWUqVKXPLGHHWF¶HVWQRUPDO

(VVX\H]ODDYHFXQFKLIIRQVHF

/·H[WpULHXUGXUpIULJpUDWHXUHVW

FKDXGDXWRXFKHU

 $SUqVDYRLUPLVHQVHUYLFHOHUpIULJpUDWHXUFHOXLFLSHXWGHYHQLUFKDXGMXVTX¶j

FHTXHO¶LQWpULHXUGXFRPSDUWLPHQWVRLWVXI¿VDPPHQWUHIURLGL/HUpIULJpUDWHXU

SHXWGHYHQLUFKDXGPrPHXQHIRLVOHVFRPSDUWLPHQWVUHIURLGLV&HFLHVWGDX

IRQFWLRQQHPHQWGXWX\DXGHUD\RQQHPHQWWKHUPLTXHpTXLSpVXUOHUpIULJpUDWHXU

D¿QG¶HPSrFKHUODFRQGHQVDWLRQ&HQ¶HVWSDVGpIDXWGHIRQFWLRQQHPHQW

/HVFRPPDQGHVGXSDQQHDXGH

FRPPDQGHQ·RQWDXFXQHIIHW

 /HUpIULJpUDWHXUHVWLOELHQVRXVWHQVLRQ"

/·DODUPHVRQQH  /DSRUWHGXUpIULJpUDWHXUHVWHQWURXYHUWH)HUPH]OHVSRUWHV



5pIULJpUDWHXUHWFRQJpODWHXU

/HUpIULJpUDWHXUQHUHIURLGLWSDVHW

OHFRQJpODWHXUQHFRQJqOHSDV

 /HUpIULJpUDWHXUHVWLOELHQVRXVWHQVLRQ"

/HUpIULJpUDWHXUQHUHIURLGLWSDVHW

OHFRQJpODWHXUQHFRQJqOHSDVGH

PDQLqUHVDWLVIDLVDQWH

 /DWHPSpUDWXUHHVWHOOHUpJOpHWURSKDXW"

 /HUpIULJpUDWHXUHVWLOH[SRVpGLUHFWHPHQWDX[UD\RQVGXVROHLOVRXSODFpSUqV

G¶XQDSSDUHLOGHFKDXIIDJH"

 <DWLOVXI¿VDPPHQWG¶HVSDFHWRXWDXWRXUGXUpIULJpUDWHXU"

 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOH

pOHYpH"

 /HVSRUWHVRQWHOOHVpWpIUpTXHPPHQWRXYHUWHVHWIHUPpHV"

/HVSRUWHVVRQWHOOHVELHQIHUPpHV"

 /HUpIULJpUDWHXUHVWLOHQPRGH+ROLGD\"

 6LGHVDOLPHQWVFKDXGVVRQWSODFpVGDQVOHUpIULJpUDWHXUODWHPSpUDWXUHPRQWH

WHPSRUDLUHPHQW

 3HQGDQWODVDLVRQIURLGHRXTXDQGODWHPSpUDWXUHDPELDQWHHVWEDVVHRQSHXW

DYRLUO¶LPSUHVVLRQTXHOHUpIULJpUDWHXUQHUHIURLGLWSDV

,O\DXQHGLIIpUHQFHHQWUH

ODWHPSpUDWXUHFKRLVLHHWOD

WHPSpUDWXUHUpHOOH

 6LGHVDOLPHQWVFKDXGVVRQWSODFpVGDQVOHUpIULJpUDWHXUODWHPSpUDWXUHPRQWH

WHPSRUDLUHPHQW

'HVDOLPHQWVJqOHQWGDQVOH

UpIULJpUDWHXU

 /DWHPSpUDWXUHGXUpIULJpUDWHXUHVWHOOHUpJOpHWURSEDV"

 /HVDOLPHQWVRQWLOpWpSODFpVYHUVO¶DUULqUHGXUpIULJpUDWHXU"

/D]RQHVLWXpHSUqVGHODSDURLSRVWpULHXUHHVWODSOXVIURLGHHWLOYDXWPLHX[

pYLWHUG¶\SODFHUGHVDOLPHQWVTXLSRXUUDLHQWJHOHUIDFLOHPHQW

'HODFRQGHQVDWLRQVHIRUPHGDQV

OHUpIULJpUDWHXUHWOHVWLURLUV

 'HODFRQGHQVDWLRQSHXWVHIRUPHUVLODSRUWHHVWRXYHUWHHWIHUPpH

IUpTXHPPHQWRXVLODSRUWHQ¶HVWSDVELHQIHUPpHRXVLO¶KXPLGLWpGHODSLqFH

HVWpOHYpH(VVX\H]ODFRQGHQVDWLRQjO¶DLGHG¶XQFKLIIRQVHF

/DSRUWHGXFRQJpODWHXUHVWGXUH

jRXYULU

 ,OHVWSDUIRLVGLI¿FLOHG¶RXYULUODSRUWHMXVWHDSUqVTX¶HOOHDpWpIHUPpH

 /DGLIIpUHQFHGHSUHVVLRQG¶DLUHQWUHO¶LQWpULHXUHWO¶H[WpULHXUGXFRQJpODWHXU

SHXWSDUIRLVUHQGUHODSRUWHGXUHjRXYULU$WWHQGH]XQPRPHQWSXLVHVVD\H]

G¶RXYULUODSRUWH

,O\DXQHRGHXUjO·LQWpULHXUGX

UpIULJpUDWHXU

 /HVDOLPHQWVTXLVHQWHQWIRUWVRQWLOVELHQIHUPpVKHUPpWLTXHPHQWDYDQWG¶rWUH

SODFpVGDQVOHUpIULJpUDWHXU"

3ODFH]OHVSURGXLWVjO¶LQWpULHXUG¶XQFRQWHQHXUpWDQFKHHWVWRFNH]OHV

 'HVRGHXUVSHXYHQWFROOHUDX[VXUIDFHVLQWHUQHVGXUpIULJpUDWHXU(VVX\H]OHV

VXUIDFHVjO¶DLGHG¶XQFKLIIRQGRX[WUHPSpGDQVGHO¶HDXWLqGH

&HV\PEROHHVWXWLOLVpSRXUUHQYR\HUOHVXVDJHUVDX[LQVWUXFWLRQVRX¿FKHVFRQWHQDQWOHVLQIRUPDWLRQV

SHUWLQHQWHV

&HUpIULJpUDWHXUFRQWLHQWXQÀOWUHLQFRUSRUpFRQVLGpUpFRPPHXQSURGXLWELRFLGH

/H¿OWUHOXLPrPHFRPSRUWHXQHVXEVWDQFHFRQWHQDQWGHVLRQVG¶DUJHQWTXLGpVDFWLYHQWOHVEDFWpULHVGDQVO¶DLUj

O¶LQWpULHXUGXUpIULJpUDWHXUHWLQKLEHQWOHGpYHORSSHPHQWGHVEDFWpULHV

6XEVWDQFHDFWLYHSKRVSKDWHGH]LUFRQLXPK\GURJqQHVRGLXPDUJHQW

)RLUHDX[TXHVWLRQVVXLWH

)UDQoDLV



&DUDFWpULVWLTXHV

)LFKHSURGXLW5HJOHPHQWDWLRQ8(

120'(/$0$548( 3DQDVRQLF

5e)e5(1&('802'Ê/(

15%1$;(

15%1$:(

15%1$;%

15%1$:%

&$7e*25,( 5pIULJpUDWHXUFRQJpODWHXU

&/$66('¶()),&$&,7ee1(5*e7,48( $

&216200$7,21'¶e1(5*,($118(//( N:KDQ



92/80(87,/('85e)5,*e5$7(85 /

92/80(87,/('8&21*e/$7(85 /

120%5('¶e72,/(6 4XDWUHpWRLOHV

&203$57,0(176&255(6321'$176

5pIULJpUDWHXU3DVGHJLYUH&RQJpODWHXU3DVGHJLYUH

'85e('(0217e((17(03e5$785( KHXUHV

32892,5'(&21*e/$7,21 NJKHXUHV

&/$66(&/,0$7,48( 617



e0,66,216$&2867,48(6'$16/¶$,5 G%

$XWUHVLQIRUPDWLRQV

92/80(%587727$/ /

92/80(727$/1(7 /

',0(16,216(;7e5,(85(6

/$5*(85[352)21'(85[+$87(85

PP[PP[PP

32,'61(7 1,5NJ

7(16,21120,1$/( 99 99

)5e48(1&(120,1$/( +]

5e)5,*e5$17&+$5*( 5DJ

$*(17'(628))/$*( &\FORSHQWDQH

5HPDUTXHV



 /DFRQVRPPDWLRQG¶pQHUJLHDQQXHOOHHVWEDVpHVXUOHVUpVXOWDWVGXWHVWVWDQGDUGSHQGDQWKHXUHVFRQIRUPpPHQWj

ODQRUPH(1

/DFRQVRPPDWLRQG¶pQHUJLHUpHOOHYDULHVHORQODIDoRQGRQWO¶DSSDUHLOHVWXWLOLVpHWRLOHVWORFDOLVp

/DFRQVRPPDWLRQG¶pQHUJLHGXUDQWVRQXWLOLVDWLRQSHXWYDULHUVHORQO¶HQGURLWRO¶XQLWpHVWLQVWDOOpHVHORQOHUpJODJHGH

WHPSpUDWXUHGHFKDFXQGHVFRPSDUWLPHQWVVHORQODWHPSpUDWXUHDPELDQWHHWO¶KXPLGLWpVHORQODIUpTXHQFHG¶RXYHUWXUH

IHUPHWXUHGHVSRUWHVVHORQOHYROXPHHWODWHPSpUDWXUHGHVSURGXLWVDOLPHQWDLUHVHWVHORQODIDoRQGRQWO¶DSSDUHLOHVWXWLOLVp



 7HPSpUDWXUHDPELDQWHDXWRULVpH&j&

$YHFOHVSRUWHVHQWLqUHPHQWRXYHUWHV

600 mm

632.5 mm

1247 mm

1203 mm

677 mm

634 mm



¢¯¢´°¯ª¤a°³±°³¢µª°¯

:HEVLWHKWWSZZZSDQDVRQLFFRP

3XUVXDQWWRWKHGLUHFWLYH(&DUWLFOH

¢¯¢´°¯ª¤a¦´µª¯¨a¦¯µ³¦

¢¯¢´°¯ª¤a¢³¬¦µª¯¨a¶³°±¦a®£

:LQVEHUJULQJ+DPEXUJ*HUPDQ\

3DQDVRQLF&RUSRUDWLRQ

<

3ULQWHGLQ(XURSH

Panasonic NR-BN31AX2-E & NRBN31AX2 de handleiding

Merk: Panasonic

Model: NR-BN31AX2-E & NRBN31AX2

Type: de handleiding

Download PDF

rapport

in andere talen

English: Panasonic NR-BN31AX2-E & NRBN31AX2 Owner's manual
français: Panasonic NR-BN31AX2-E & NRBN31AX2 Le manuel du propriétaire
Deutsch: Panasonic NR-BN31AX2-E & NRBN31AX2 Bedienungsanleitung

Panasonic NR-BN31AX2-E & NRBN31AX2 de handleiding

Panasonic NR-BN31AX2-E & NRBN31AX2 de handleiding

in andere talen

Gerelateerde artikelen

Andere documenten