Imilab CMSXJ33B Video Doorbell User Manual

June 5, 2024
IMILAB

CMSXJ33B Video Doorbell

WARNING 7KLVSURGXFWFDQH[SRVHRXWR FKHPLFDO/HDGZKLFKLVNQRZQWRWKH VWDWHRI&DOLIRUQLDWRFDXVHFDQFHU
)RUPRUHLQIRUPDWLRQJR ZZZ3:DPLQJVFDJRY
0DQXIDFWXUHU6KDQJKDL,PLODE7HFKQRORJ&R/WG $GGUHVV5RRP$)ORRU%ORFN1R=L[LQJ5RDG 0LQKDQJ’LVWULFW6KDQJKDL&KLQD )RUIXUWKHULQIRUPDWLRQSOHDVHJRWRZZZLPLODEFRP 6XSSRUWKHOS#LPLODEFRP ZZZLPLODEKHOSFRP

,0,/$% 9LGHR’RRUEHOO6HW
8VHU0DQXDO
(1 ‘( )5 ,7 (6 5858 3/ 75 5HDGWKLVPDQXDOFDUHIXOOEHIRUHXVH DQGUHWDLQLWIRUIXWXUHUHIHUHQFH

&217(176

(QJOLVK ‘HXWVFKH )UDQ©DLV ,WDOLDQR (VSD³RO 3 3ROVNL 7¾UN©H

*HWWLQJVWDUWHG )RUYLGHRGRRUEHOO KXELQVWDOODWLRQ

,0,/$% 9LGHR’RRUEHOO

0RXQWLQJ %UDFNHW

6FUHZ+ROH r0RXQWLQJ 0LFUR86% 3RVLWLRQLQJ&DUG :HGJH &KDUJLQJ&DEOH

‘RRUEHOO ‘HWDFKLQJ
3LQ

0RXQWLQJ 6FUHZV
DQG$QFKRUV

,0,/$% 6PDUW+XE

3URGXFWRYHUYLHZ +XE

6WDWXV/(‘ 6SHDNHU

0LFUR6’ &DUG6ORW

3RZHU

5HVHW%XWWRQ

(1

9LGHR’RRUEHOO

&DPHUD/HQV
/LJKW VHQVRU /(‘5LQJ ‘RRUEHOO%XWWRQ

0RWLRQ6HQVRU 0LFURSKRQH
0LFUR86% &KDUJLQJ3RUW
6SHDNHU

6<1&%XWWRQ

6HWWLQJXSWKHVVWHP ‘RZQORDGWKHDSSDQGVHWXSWKHVVWHP
‘RZQORDGWKH,PLODE+RPH$33IURPWKHDSSVWRUHLRVGHYLFHVRU JRRJOHSOD$QGURLGGHYLFHV

6LJQXSIRUDLPLODEKRPHDFFRXQWWKHQIROORZWKHRQVFUHHQLQVWUXFWLRQVWRFRPSOHWH WKHVHWXS

(1

0RXQWLQJWKHYLGHRGRRUEHOO
)LQGD0RXQWLQJ6SRW
7DNHWKHYLGHRGRRUEHOOWRRXUIURQWGRRUDQGFKHFNWKHOLYHYLHZRQWKH$SSDWWKHVDPH WLPH)LQGDORFDWLRQZKHUHRXFDQJHWWKHGHVLUHGHOGRIYLHZ &RQVLGHUWKHEHORZIDFWRUV ,IRXZDQWWRSODFHWKHGRRUEHOOFORVHWRDVLGHZDOOPDNHVXUHWKHZDOOGRHVQWVKRZ XSLQWKHHOGRIYLHZ2WKHUZLVH,5OLJKWZLOOEHUHLHFWHGDQGQLJKWYLVLRQZLOOEHFRPH EOXUU

P
P

P
P

,IRXDUHGULOOLQJWKHPRXQWLQJKROHVIRUWKHUVWWLPHWKHUHFRPPHQGHGPRXQWLQJ KHLJKWLVPIURPWKHJURXQG 8VHWKHrPRXQWLQJZHGJHDVDVXSSOHPHQWDUPRXQWLQJEUDFNHWLIRXZLVKWRVHH PRUHRQDVSHFLFVLGH

‘RRU

9LGHR’RRUEHOO

:LWKRXWr0RXQWLQJZHGJH 2YHUORRNYHUE

‘RRU

r 9LGHR’RRUEHOO

:LWKr0RXQWLQJZHGJH 2YHUORRNYHUE

(1

3ODFHWKH6FUHZ+ROH3RVLWLRQLQJ&DUGDJDLQVWWKHZDOOWRPDUNWKHSRVLWLRQ

0RXQWWKH’RRUEHOORQ6XUIDFHV0DGH2XWRI+DUG0DWHULDOV
,IRXUHPRXQWLQJWKHGRRUEHOORQDVXUIDFHPDGHRXWRIKDUGPDWHULDOVOLNHEULFN FRQFUHWHVWXFFRGULOOKROHVWKURXJKWKH6FUHZ+ROH3RVLWLRQLQJ&DUGZLWKD PPGULOOELW ,QVHUWWKHSURYLGHGDQFKRUVDQGWKHQXVHSURYLGHGORQJVFUHZVWRVHFXUHWKH0RXQWLQJ %UDFNHWRQWKHZDOO :KDWLVUHTXLUHG3RZHU’ULOOPP’ULOO%LW0RXQWLQJ%UDFNHWr0RXQWLQJ :HGJH0RXQWLQJ6FUHZVDQG$QFKRUV

0RXQWWKH’RRUEHOORQD:RRGHQ6XUIDFH
,IRXUHPRXQWLQJWKHGRRUEHOORQDZRRGHQVXUIDFHRXGRQWQHHGWRSUHGULOOSLORW KROHV8VHWKHSURYLGHGVFUHZVWRVHFXUHWKH0RXQWLQJ%UDFNHWRQWKHZDOO7KH6FUHZ+ROH 3RVLWLRQLQJ&DUGLQGLFDWHVWKHSRVLWLRQRIWKHVFUHZKROHV:KDWLVUHTXLUHG6FUHZGULYHU 0RXQWLQJ%UDFNHWr0RXQWLQJ:HGJH0RXQWLQJ6FUHZVDQG$QFKRUV

3RZHU’ULOO QRWSURYLGHG

PP ‘ULOO%LW

0RXQWLQJ%UDFNHW

r0RXQWLQJ :HGJH

0RXQWLQJ6FUHZV DQG$QFKRUV

6FUHZGULYHU QRWSURYLGHG

0RXQWLQJ%UDFNHW

r0RXQWLQJ :HGJH

0RXQWLQJ6FUHZV DQG$QFKRUV

:DOO 0RXQWLQJ %UDFNHW
:LWKRXWr0RXQWLQJZHGJH

:DOO 0RXQWLQJ 0RXQWLQJ :HGJH %UDFNHW
:LWKr0RXQWLQJZHGJH

(1

:DOO 0RXQWLQJ %UDFNHW
:LWKRXWr0RXQWLQJZHGJH

:DOO 0RXQWLQJ 0RXQWLQJ :HGJH %UDFNHW
:LWKr0RXQWLQJZHGJH

(1

0RXQWWKH’RRUEHOO
$OLJQWKHGRRUEHOORQWKHERWWRPDQGWKHQVQDSLWRQWRS 3UHVVLWGRZQXQWLOLWFOLFNVLQWRSODFH

‘HWDFKWKH’RRUEHOO
8VHWKHGRRUEHOOGHWDFKLQJSLQSURYLGHGLIRXZLVKWRGHWDFKWKHGRRUEHOOIURPWKH 0RXQWLQJ%UDFNHW 3UHVVDQGKROGWKHKROHRQWKHWRSRIWKHGRRUEHOODQGWKHQOLIWLWVERWWRPWRWDNHLWRl :KDWLVUHTXLUHG’RRUEHOO’HWDFKLQJ3LQ

‘RRUEHOO ‘HWDFKLQJ3LQ

&KDUJLQJWKHGRRUEHOO

<RXUHDOOVHW ,IRXZDQWWRGHWDFKWKHGRRUEHOORUUHFKDUJHLWSOHDVHUHIHUWRWKHIROORZLQJVHFWLRQV
(1

986%&KDUJHU (1

([SODQDWLRQVIRU/(‘6

+XE/(‘6WDWXV
%OLQNLQJEOXH
6ROLGEOXH %OXHDQGRUDQJH LDVKHVDOWHUQDWHO %OLQNLQJRUDQJH
6ROLGRUDQJH
3UHVVDQGKROGWKHEXWWRQ IRUVHFRQGVXQWLOWKH
/(‘EOLQNVEOXH

6WDWXV :DLWLQJIRUFRQQHFWLRQ 1HWZRUNFRQQHFWLRQLVVXFFHVVIXOFRQQHFWHG 1HWZRUNFRQQHFWLRQLVIDLOXUH :DLWLQJIRUGRRUEHOOWRFRQQHFW $UPZDUHXSGDWHLVLQSURJUHVV
‘XULQJWKHUHVHWSURFHVVWKHKXEZLOOUHVWDUW

9LGHR’RRUEHOO/(‘6WDWXV

3RZHU RQRl

3UHVVDQGKROGWKHVQFEXWWRQIRUVHFRQGV XQWLOWKHEOXHOLJKWEHFRPHVWRVROLG
3UHVVDQGKROGWKHVQFEXWWRQIRUVHFRQGV XQWLOWKH/(‘EOLQNVJUHHQ

‘RRUEHOO FKDUJLQJ
3,5 GHWHFWLRQ VHQVLWLYLW DGMXVWPHQW

8VH86%WRFKDUJHWKHGRRUEHOO FRQWLQXRXVEOLQNLQJJUHHQ 6ROLGJUHHQ
2UDQJHEOLQNVRQFH
2UDQJHEOLQNVFRQWLQXRXVO

‘RRUEHOO IXQFWLRQ

3UHVVWKHGRRUEHOOEXWWRQWKHQGRRUEHOO LQGLFDWRUOLJKWZLOOEOLQNEOXH

6WDWXV <RXZLOOKHDUWKHSRZHURQPXVLF
RXZLOOKHDUWKHSRZHURlPXVLF
&KDUJLQJ )XOOFKDUJHG 3,5GHWHFWVPRWLRQ 3,5FRQWLQXHVWRGHWHFWPRWLRQ %RWKWKHRXWGRRUGRRUEHOO DQGWKHLQGRRUKXEZLOOULQJ

(1

6DIHWVWDWHPHQW
6SHFLFDWLRQV
1DPH,0,/$%9LGHR’RRUEHOO0RGHO&06;-$ 5HVROXWLRQ[$SHUWXUH) ,WHP’LPHQVLRQV[[PP3RZHU,QSXW9$ 2SHUDWLQJ7HPSHUDWXUHr&ar&)&&,’$3$&06;-$
1DPH,0,/$%’RRUEHOO+XE 0RGHO&0:% 3RZHU,QSXW9aK]$0$; ,WHP’LPHQVLRQV[[PP 2SHUDWLQJ7HPSHUDWXUHr&ar& ([SDQGDEOH0HPRULFUR6’FDUGXSWR% :LUHOHVV&RQQHFWLYLW:L)L,(((EJQ*+] )&&,’$3$&06;-%
3UHFDXWLRQV
7KHVXLWDEOHRSHUDWLRQJWHPSHUDWXUHUDQJHIRUWKLVSURGXFWLVEHWZHHQa ‘RQ
WXVHWKHSURGXFWLQDQHQYLURQPHQWZLWKWHPSHUDWXUHVDERYHRUEHORZWKH VSHFLHGUDQJH :KHQFKDUJLQJWKHRSHUDWLQJWHPSUHWXUHUDQJHIRUWKLVSURGXFWLVEHWZHHQr&ar& ‘RQ
WFKDUJHWKHSURGXFWLQDQHQYLURQPHQWZLWKWHPSHUDWXUHVDERYHRUEHORZWKH VSHFLHGUDQJH 8VLQJWKHSURGXFWLQDORZWHPSUHWXUHHQYLURQPHQWRUFKDUJLQJVWDWXVZLOODlHFWLWV VWDQGEWLPH7KHDFWXDOVWDQGEWLPHLVUHODWHGWRWKHXVHU
VHQYLURQPHQWDQGKDEELW 7RLPSURYHWKHSURGXFW
VSHUIRUPDQFHSOHDVHGRQRWSODFHWKHYLGHRGRRUEHOOOHQV IDFLQJRUQH[WWRDUHLHFWLYHVXUIDFHVXFKDVJODVVZLQGRZVGRRUVDQGZKLWHZDOOV ZKLFKZLOOFDXVHWKHLPDJHWRDSSHDURYHUOEULJKWLQDUHDVFORVHWRWKHYLGHRGRRUEHOO DQGGDUNHULQDUHDVIXUWKHUDZDRUFDXVHWKHYLGHRGRRUEHOOWRSURGXFHZKLWHLPDJHV 3OHDVHLQVWDOOWKHSURGXFWLQDUHDVZLWK:L)LUHFHSWLRQDQGWUWRSODFHWKHGHYLFH ZKHUHWKH:L)LVLJQDOLVVWURQJ,QDGGLWLRQSOHDVHNHHSWKHVHFXULWYLGHRGRRUEHOO DZDIURPPHWDOVWUXFWXUHVPLFURZDYHRYHQVRURWKHUORFDWLRQVZKHUHVLJQDOVWUHQJWK PDEHLPSDFWHG ‘RQ
WUHSODFHWKHEDWWHULQYLGHRGRRUEHOORXUVHOILIQRWSURSHUOUHSODFHGWKHUHLVD GDQJHURIH[SORVLRQ %DWWHUEDWWHUSDFNRUEDWWHULHVPXVWQRWEHH[SRVHGWRVXQOLJKWUHRUVLPLODU RYHUKHDWLQJFRQGLWLRQV 7KLVSURGXFWLVDORZSRZHUFRQVXPSWLRQYLGHRGRRUEHOOZLWKEDWWHUEXLOWLQ’RQ
WXVH 5HDO7LPH0RQLWRULQJIHDWXUHIRUORQJWLPHZKHQFKDUJLQJLQRUGHUWRDYRLGEDWWHUOLIH ORVV ‘RQRWXVHWKHGHYLFHLQWKHHQYLURQPHQWDWWRRKLJKRUWRRORZWHPSHUDWXUHQHYHU H[SRVHWKHGHYLFHXQGHUVWURQJVXQVKLQHRUWRRZHWHQYLURPHQW
(1

)&&6WDWHPHQW
&KDQJHVRUPRGLFDWLRQVQRWH[SUHVVODSSURYHGEWKHSDUWUHVSRQVLEOHIRUFRPSOLDQFH FRXOGYRLGWKHXVHU
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lDQGRQWKHXVHULVHQFRXUDJHGWRWUWR FRUUHFWWKHLQWHUIHUHQFHERQHRUPRUHRIWKHIROORZLQJPHDVXUHV 5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD ,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU &RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLlHUHQWIURPWKDWWRZKLFKWKHUHFHLYHU LVFRQQHFWHG &RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS
)&&FP6WDWHPHQW7KLVHTXLSPHQWFRPSOLHVZLWK)&&UDGLDWLRQH[SRVXUHOLPLWVVHWIRUWK IRUDQXQFRQWUROOHGHQYLURQPHQW7KLVHTXLSPHQWVKRXOGEHLQVWDOOHGDQGRSHUDWHGZLWK DPLQLPXPGLVWDQFHRIFPEHWZHHQWKHUDGLDWRU RXUERG7KLVWUDQVPLWWHUPXVWQRW EHFRORFDWHGRURSHUDWLQJLQFRQMXQFWLRQZLWKDQRWKHUDQWHQQDRUWUDQVPLWWHU
:(((,QIRUPDWLRQ
$OOSURGXFWVEHDULQJWKLVVPERODUHZDVWHHOHFWULFDODQGHOHFWURQLFHTXLSPHQW :(((DVLQGLUHFWLYH(8ZKLFKVKRXOGQRWEHPL[HGZLWKXQVRUWHG KRXVHKROGZDVWH,QVWHDGRXVKRXOGSURWHFWKXPDQKHDOWKDQGWKHHQYLURQPHQW EKDQGLQJRYHURXUZDVWHHTXLSPHQWWRDGHVLJQDWHGFROOHFWLRQSRLQWIRUWKH UHFFOLQJRIZDVWHHOHFWULFDODQGHOHFWURQLFHTXLSPHQWDSSRLQWHGEWKH JRYHUQPHQWRUORFDODXWKRULWLHV&RUUHFWGLVSRVDODQGUHFFOLQJZLOOKHOSSUHYHQWSRWHQWLDO QHJDWLYHFRQVHTXHQFHVWRWKHHQYLURQPHQWDQGKXPDQKHDOWK3OHDVHFRQWDFWWKHLQVWDOOHU RUORFDODXWKRULWLHVIRUPRUHLQIRUPDWLRQDERXWWKHORFDWLRQDVZHOODVWHUPVDQG FRQGLWLRQVRIVXFKFROOHFWLRQSRLQWV

(8’HFODUDWLRQRI&RQIRUPLW
+HUHE6KDQJKDL,PLODE7HFKQRORJ&R/WGGHFODUHVWKDWWKHUDGLRHTXLSPHQWWSH ,0,/$%9LGHR’RRUEHOOLVLQFRPSOLDQFHZLWK’LUHFWLYH(8
+HUHE6KDQJKDL,PLODE7HFKQRORJ&R/WGGHFODUHVWKDWWKHUDGLRHTXLSPHQWWSH ,,0,/$%’RRUEHOO+XELVLQFRPSOLDQFHZLWK’LUHFWLYH(8
7KHIXOOWH[WRIWKH(8GHFODUDWLRQRIFRQIRUPLWLVDYDLODEOHDWWKHIROORZLQJLQWHUQHW DGGUHVVKWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW

(1

(1

,QEHWULHEQDKPH )¾U9LGHR7¾UNOLQJHO +XE0RQWDJH

%HIHVWLJXQJVKDOWHUXQJ

r%HIHVWLJXQJVNHLO

7¾UNOLQJHO7UHQQVWLIW

,0,/$% 9LGHR7¾UNOLQJHO

6FKUDXEORFK 3RVLWLRQVNDUWH

0LFUR86% /DGHDQVFKOXVVNDEHO

9LGHR7¾UNOLQJHO

.DPHUDREMHNWLY
/LFKWVHQVRU /(‘5LQJ
7¾UNOLQJHONQRSI

%HZHJXQJVVHQVRU 0LNURSKRQ
0LFUR86% /DGHDQVFKOXVV
/DXWVSUHFKHU

6<1&7DVWH

%HIHVWLJXQJVVFKUDXEHQ ,0,/$%

XQG’¾EHO

6PDUW+XE

3URGXNW¾EHUVLFKW +XE

6WDWXV/(‘ /DXWVSUHFKHU

6’.DUWHQVFKOLW] 6WURP

(LQVWHOOHQGHV6VWHPV /DGHQ6LHGLH$SSKHUXQWHUXQGVWHOOHQ6LHGDV6VWHPHLQ
/DGHQ6LHGLH,PLODE+RPH$SSYRP$SS6WRUH,26HU¦WHRGHU RRJOH3OD$QGURLG*HU¦WHKHUXQWHU

5¾FNVHW]XQJVWDVWH

0HOGHQ6LHVLFKLQHLQHP,PLODE+RPH$FFRXQWDQXQGIROJHQ6LHGHQ%LOGVFKLUPDQ ZHLVXQJHQXPGDV(LQVWHOOHQ]XYROOHQGHQ

‘(

‘(

%HIHVWLJXQJGHU9LGHR7¾UNOLQJHO
)LQGHQ6LHHLQHQ%HIHVWLJXQJVSXQNW
1HKPHQ6LHGLH9LGHR7¾UNOLQJHO]XU9RUGHUW¾UXQGSU¾IHQ6LHJOHLFK]HLWLJGLH /LYH$QVLFKWDXIGHU$SS)LQGHQ6LHHLQHQ2UWDQGHP6LHGDVJHZ¾QVFKWH%OLFNIHOG HUKDOWHQ %HU¾FNVLFKWLJHQ6LHGLHIROJHQGHQ)DNWRUHQ :HQQ6LHGLH7¾UNOLQJHOLQGHU1¦KHGHU6HLWHQZDQGEHIHVWLJHQP¸FKWHQ YHUJHZLVVHUQ6LHVLFKGDVVGLH:DQGQLFKWLP%OLFNIHOGHUVFKHLQW$QGHUQIDOOVZLUGGDV ,QIUDURWOLFKWUHLHNWLHUWXQGGLH1DFKWVLFKWYHUVFKZLPPW

+DOWHQ6LHGLH6FKUDXEORFK3RVLWLRQVNDUWHJHJHQGLH:DQGXPGLH3RVLWLRQ]X NHQQ]HLFKQHQ

P
P

P
P

:HQQ6LHGLH%HIHVWLJXQJVO¸FKHU]XPHUVWHQ0DOERKUHQVROLHJWGLHHPSIRKOHQH %HIHVWLJXQJVK¸KHLQHLQHU+¸KHYRQ=ROOPYRP%RGHQ 9HUZHQGHQ6LHGHQr%HIHVWLJXQJVNHLODOVHLQH]XV¦W]OLFKH%HIHVWLJXQJVKDOWHUXQJ ZHQQ6LHDXIHLQHUEHVWLPPWHQ6HLWHPHKUVHKHQP¸FKWHQ

%HIHVWLJXQJGHU7¾UNOLQJHODXIHLQHUK¸O]HUQHQ2EHUL¦FKH
:HQQ6LHGLH7¾UNOLQJHODXIHLQHUK¸O]HUQHQ2EHUL¦FKHEHIHVWLJHQP¾VVHQ6LHNHLQH 9RUERKUXQJHQGXUFKI¾KUHQ9HUZHQGHQ6LHGLHEHUHLWJHVWHOOWHQ6FKUDXEHQXPGLH %HIHVWLJXQJVKDOWHUXQJDQGHU:DQG]XVLFKHUQGLH6FKUDXEORFK3RVLWLRQVNDUWHJLEWGLH 3RVLWLRQGHU6FKUDXEO¸FKHUDQ:DVZLUGEHQ¸WLJW6FKUDXEHQ]LHKHU%HIHVWLJXQJVKDOWHU XQJr%HIHVWLJXQJVNHLO%HIHVWLJXQJVVFKUDXEHQXQG’¾EHO

6FKUDXEHQ]LHKHU QLFKWHQWKDOWHQ

%HIHVWLJXQJVKDOWHUXQJ

r%HIHVWLJXQJVNHLO

%HIHVWLJXQJVVFKUDXEHQ XQG’¾EHO

7¾U

9LGHR7¾UNOLQJHO

2KQHr%HIHVWLJXQJVNHLO $XIVLFKW

r

7¾U

9LGHR7¾UNOLQJHO

0LWr%HIHVWLJXQJVNHLO $XIVLFKW

‘(

:DQG %HIHVWLJXQJVKDOWHUXQJ 2KQHr%HIHVWLJXQJVNHLO

%HIHVWLJXQJVNHLO

:DQG

%HIHVWLJXQJVKDOWHUXQJ

0LWr%HIHVWLJXQJVNHLO

‘(

%HIHVWLJXQJGHU7¾UNOLQJHODQ2EHUL¦FKHQDXVKDUWHQ0DWHULDOLHQ
:HQQ6LHGLH7¾UNOLQJHODXIHLQHU2EHUL¦FKHDXVKDUWHQ0DWHULDOLHQEHIHVWLJHQZLH] %=LHJHOVWHLQH%HWRQ*LSVERKUHQ6LH/¸FKHUGXUFKGLH6FKUDXEORFK3RVLWLRQVNDUWH PLWHLQHP%RKUHLQVDW]YRQ=ROOPP )¾KUHQ6LHGLHPLWJHOLHIHUWHQ’¾EHOHLQXQGYHUZHQGHQ6LHGDQQODQJH6FKUDXEHQ XPGLH%HIHVWLJXQJVKDOWHUXQJDQGHU:DQG]XEHIHVWLJHQ :DVZLUGEHQ¸WLJW%RKUPDVFKLQH%RKUHLQVDW]YRQ=ROOPP%HIHVWLJXQJVKDO WHUXQJr%HIHVWLJXQJVNHLO%HIHVWLJXQJVVFKUDXEHQXQG’¾EHO

%HIHVWLJXQJGHU7¾UNOLQJHO
5LFKWHQ6LHGLH7¾UNOLQJHOXQWHQDXVXQGODVVHQ6LHVLHGDQQREHQHLQVFKQDSSHQ ‘U¾FNHQ6LHVLHKHUXQWHUELVVLHHLQUDVWHW

%RKUPDVFKLQH QLFKWHQWKDOWHQ

%RKUHLQVDW]YRQ =ROOPP

%HIHVWLJXQJVKDOWHUXQJ

r%HIHVWLJXQJVNHLO

%HIHVWLJXQJVVFKUDXEHQ XQG’¾EHO

:DQG %HIHVWLJXQJVKDOWHUXQJ 2KQHr%HIHVWLJXQJVNHLO

%HIHVWLJXQJVNHLO

:DQG

%HIHVWLJXQJVKDOWHUXQJ

0LWr%HIHVWLJXQJVNHLO

‘(

6LHVLQGIHUWLJ :HQQ6LHGLH7¾UNOLQJHOHQWIHUQHQRGHUDXLDGHQP¸FKWHQOHVHQ6LHELWWHGLHIROJHQGHQ $EVFKQLWWH
‘(

(QWIHUQHQGHU7¾UNOLQJHO
9HUZHQGHQ6LHGHQPLWJHOLHIHUWHQ7¾UNOLQJHO7UHQQVWLIWZHQQ6LHGLH7¾UNOLQJHOYRQ GHU%HIHVWLJXQJVKDOWHUXQJHQWIHUQHQP¸FKWHQ ‘U¾FNHQXQGKDOWHQ6LHGDV/RFKDXIGHU2EHUVHLWHGHU7¾UNOLQJHOXQGKHEHQ6LHGDQQ LKUH8QWHUVHLWHKRFKXPVLHDE]XQHKPHQ:DVZLUGEHQ¸WLJW7¾UNOLQJHO7UHQQVWLIW

7¾UNOLQJHO7UHQQVWLIW

$XLDGHQGHU7¾UNOLQJHO

986%/DGHJHU¦W

(UNO¦UXQJGHU/(‘V

+XE/(‘6WDWXV %OLQNWEODX
‘DXHUKDIWEODX
%ODXXQG2UDQJHEOLW]HQDEZHFKVHOQG
2UDQJHEOLQNW
‘DXHUKDIWRUDQJH ‘U¾FNHQXQGKDOWHQ6LHGLH 7DVWH6HNXQGHQODQJJHGU¾FNW
ELVGLH/(‘EODXEOLQNW

6WDWXV :DUWHQDXI9HUELQGXQJVDXIEDX 1HW]YHUELQGXQJHUIROJUHLFKYHUEXQGHQ 1HW]YHUELQGXQJIHKOJHVFKODJHQ :DUWHQDXI9HUELQGXQJVDXIEDXGHU7¾UNOLQJHO (LQ)LUPZDUH8SGDWHLVWLP*DQJH
:¦KUHQGGHV5¾FNVHW]YRUJDQJVZLUGGHU+XEQHXJHVWDUWHW

9LGHR7¾UNOLQJHO/(‘6WDWXV

6WURPHLQDXV

‘U¾FNHQXQGKDOWHQ6LHGLH6QF7DVWH6HNXQGHQ ODQJJHGU¾FNWELVGDVEODXH/LFKWGDXHUKDIW OHXFKWHW
‘U¾FNHQXQGKDOWHQ6LHGLH6QF7DVWH6HNXQGHQ ODQJJHGU¾FNWELVGLH/(‘JU¾QEOLQNW

7¾UNOLQJHOZLUG JHODGHQ
3,5(UNHQQXQJ (PSQGOLFKNHLW
VHLQVWHOOXQJ
7¾UNOLQJHOIXQNWLRQ

9HUZHQGHQ6LH86%XPGLH7¾UNOLQJHO]XODGHQ EOLQNWGDXHUKDIWJU¾Q *U¾QOHXFKWHWGDXHUKDIW
2UDQJHEOLQNWHLQ0DO
2UDQJHEOLQNWDQKDOWHQG
‘U¾FNHQ6LHGHQ7¾UNOLQJHONQRSIGLH$Q]HLJHOLFKW GHU7¾UNOLQJHOZLUGGDQEODXEOLQNHQ

6WDWXV 6LHK¸UHQGLH(LQVFKDOWPXVLN
6LHK¸UHQGLH$EVFKDOWPXVLN
$XLLDGHQ 9ROOJHODGHQ 3,5HUNHQQW%HZHJXQJ 3,5HUNHQQWZHLWHU%HZHJXQJ 6RZRKOGLH$X¡HQNOLQJHOZLHDXFK GHULQQHUH+XEZHUGHQNOLQJHOQ

‘(

‘(

6LFKHUKHLWVHUNO¦UXQJ 6SH]LNDWLRQHQ

1DPH,0,/$%9LGHR7¾UNOLQJHO

$XL¸VXQJ[

2EMHNWDXVPD¡H[[PP

%HWULHEVWHPSHUDWXUr&ar&

0RGHOO&06;-$ %OHQGH) (LQJDQJVOHLVWXQJ9$ )&&,’$3$&06;-$

1DPH,0,/$%7XUNOLQJHO+XE 0RGHOO&0:% (LQJDQJVOHLVWXQJ9aK]$0$; 2EMHNWDXVPD¡H[[PP %HWULHEVWHPSHUDWXUr&ar& (UZHLWHUEDUHU6SHLFKHUSODW]0LFUR6’.DUWHELV]X% .DEHOORVH.RQQHNWLYLW¦W:L)L,(((EJQ*+] )&&,’$3$&06;-%
9RUVLFKWVPD¡QDKPHQ

‘LHJHHLJQHWH%HWULHEVWHPSHUDWXUEHUHLFKI¾UGLHVHV3URGXNWOLHJW]ZLVFKHQa 9HUZHQGHQ6LHGLHVHV3URGXNWQLFKWLQHLQHU8PJHEXQJPLW7HPSHUDWXUHQ¾EHURGHU XQWHUGHPDQJHJHEHQHQ%HUHLFK %HLP/DGHQOLHJWGHU%HWULHEVWHPSHUDWXUEHUHLFKI¾UGLHVH.DPHUDOLHJW]ZLVFKHQr& XQGr&/DGHQ6LHGLH.DPHUDQLFKWLQ8PJHEXQJHQPLW7HPSHUDWXUHQ¾EHURGHU XQWHUGHPDQJHJHEHQHQ%HUHLFK ‘LH9HUZHQGXQJGLHVHV3URGXNWVLQHLQHU8PJHEXQJPLWJHULQJHU7HPSHUDWXURGHU JHULQJHP/DGHVWDWXVZLUGVLFKDXIGHVVHQ6WDQGE=HLWDXVZLUNHQ’LHDNWXHOOH 6WDQGE=HLWK¦QJWYRQGHU8PJHEXQJXQGGHUHZRKQKHLWGHV%HQXW]HUVDE 8PGLH/HLVWXQJGHV3URGXNWV]XYHUEHVVHUQVROOWHQ6LHGLH9LGHR7¾UNOLQJHOQLFKW JHJHQ¾EHURGHUQHEHQHLQHUVSLHJHOQGHQ2EHUL¦FKHZLH]%ODVIHQVWHUQW¾UHQXQG ZHL¡HQ:¦QGHQDXIVWHOOHQGDGLHVGD]XI¾KUWGDVVGDV%LOGLQ%HUHLFKHQGLHVLFKLQ GHU1¦KHGHU9LGHR7¾UNOLQJHOEHQGHQ¾EHUP¦¡LJKHOOXQGLQZHLWHUHQWIHUQWHQ %HUHLFKHQGXQNOHUHUVFKHLQWRGHUGDVVGLH9LGHR7¾UNOLQJHOZHL¡H%LOGHUHU]HXJW %LWWHLQVWDOOLHUHQ6LHGDV3URGXNWLQ%HUHLFKHQPLW:/$1(PSIDQJXQGYHUVXFKHQ6LHGDV *HU¦WGRUW]XSODW]LHUHQZRGDV:/$16LJQDOVWDUNLVW+DOWHQ6LH]XGHPGLH6LFKHUKH LWV9LGHR7¾UNOLQJHOYRQ0HWDOOVWUXNWXUHQ0LNURZHOOHQKHUGHQRGHUDQGHUHQ6WDQGRUWHQ IHUQDQGHQHQGLH6LJQDOVW¦UNHEHHLQLXVVWZHUGHQN¸QQWH ‘HU$NNX$NNXSDNHWRGHU$NNXVG¾UIHQNHLQHP6RQQHQOLFKW)HXHURGHU¦KQOLFKHQ 0¸JOLFKNHLWHQI¾UEHUKLW]XQJDXVJHVHW]WZHUGHQ ‘HU$NNX$NNXSDNHWRGHU$NNXVG¾UIHQNHLQHP6RQQHQOLFKW)HXHURGHU¦KQOLFKHQ 0¸JOLFKNHLWHQI¾UEHUKLW]XQJDXVJHVHW]WZHUGHQ ‘LHVHV3URGXNWLVWHLQH9LGHR7¾UNOLQJHOPLWQLHGULJHP6WURPYHUEUDXFKXQG HLQJHEDXWHP$NNX9HUZHQGHQ6LHGLH(FKW]HLW¾EHUZDFKXQJVIXQNWLRQZ¦KUHQGGHV /DGHYRUJDQJVQLFKW¾EHUHLQHQO¦QJHUHQ=HLWUDXPXPHLQHQ9HUOXVWGHU$NNX/HEHQV

‘(

GDXHU]XYHUPHLGHQ 9HUZHQGHQ6LHGDVHU¦WQLFKWLQHLQHU8PJHEXQJPLW]XKRKHQRGHU]XQLHGULJHQ 7HPSHUDWXUHQVHW]HQ6LHHVQLFKWVWDUNHU6RQQHQHLQVWUDKOXQJRGHUHLQHU]XIHXFKWHQ 8PJHEXQJDXV
)&&(UNO¦UXQJ
QGHUXQJHQRGHU0RGLNDWLRQHQGLHQLFKWDXVGU¾FNOLFKYRQGHUI¾UGLH(LQKDOWXQJGHU %HVWLPPXQJHQYHUDQWZRUWOLFKHQ3DUWHLJHQHKPLJWZXUGHQN¸QQHQGLH%HUHFKWLJXQJGHV %HQXW]HUV]XP%HWULHEGHV
HU¦WVDXIKHEHQ’LHVHVHU¦WHQWVSULFKW$EVFKQLWWGHU )&&%HVWLPPXQJHQ ‘HU%HWULHEXQWHUOLHJWGHQIROJHQGHQ]ZHL%HGLQJXQJHQ ‘LHVHVHU¦WGDUINHLQHVFK¦GOLFKHQ,QWHUIHUHQ]HQYHUXUVDFKHQXQG ‘LHVHVHU¦WPXVVDOOHHPSIDQJHQHQ,QWHUIHUHQ]HQDN]HSWLHUHQHLQVFKOLH¡OLFK ,QWHUIHUHQ]HQGLHHLQHQXQHUZ¾QVFKWHQ%HWULHEYHUXUVDFKHQN¸QQHQ +LQZHLV’LHVHVHU¦WZXUGHJHWHVWHWXQGHUI¾OOWGLHUHQ]ZHUWHI¾UHLQGLJLWDOHVHU¦WGHU .ODVVH%JHP¦¡7HLOGHU)&&%HVWLPPXQJHQ’LHVHUHQ]ZHUWHELHWHQHLQHQ DQJHPHVVHQHQ6FKXW]YRUVFK¦GOLFKHQ,QWHUIHUHQ]HQLQHLQHU:RKQLQVWDOODWLRQ’LHVHV HU¦WHU]HXJWYHUZHQGHWXQGVWUDKOW5DGLRIUHTXHQ]HQHUJLHDXV:HQQHVQLFKWJHP¦¡ GHQ$QZHLVXQJHQLQVWDOOLHUWXQGYHUZHQGHWZLUGNDQQHV]XVFK¦GOLFKHQ6W¸UXQJHQGHV )XQNYHUNHKUVI¾KUHQ (VNDQQMHGRFKQLFKWJDUDQWLHUWZHUGHQGDVVEHLHLQHUEHVWLPPWHQ,QVWDOODWLRQNHLQH ,QWHUIHUHQ]HQDXIWUHWHQ:HQQGLHVHVHU¦WVFK¦GOLFKH,QWHUIHUHQ]HQEHLP5DGLRRGHU )HUQVHKHPSIDQJYHUXUVDFKWZDVGXUFK$XVXQG(LQVFKDOWHQGHVHU¦WVIHVWJHVWHOOW ZHUGHQNDQQVROOWHGHU%HQXW]HUYHUVXFKHQGLH,QWHUIHUHQ]GXUFKHLQHRGHUPHKUHUHGHU IROJHQGHQ0D¡QDKPHQ]XNRUULJLHUHQ 5LFKWHQ6LHGLH(PSIDQJVDQWHQQHHUQHXWDXVRGHUYHUVHW]HQ6LHVLH 9HUJU¸¡HUQ6LHGHQ$EVWDQG]ZLVFKHQGHPHU¦WXQG(PSI¦QJHU 6FKOLH¡HQ6LHGDVHU¦WDQHLQH6WHFNGRVHDQGHUHQ6WURPNUHLVVLFKYRQGHPGHV (PSI¦QJHUVXQWHUVFKHLGHW :HQGHQ6LHVLFKDQGHQ+¦QGOHURGHUHLQHQHUIDKUHQHQ5DGLR)HUQVHKWHFKQLNHU )&&FP(UNO¦UXQJ’LHVHVHU¦WHUI¾OOWGLH)&&UHQ]ZHUWHI¾U6WUDKOHQEHODVWXQJGLH I¾UHLQHXQNRQWUROOLHUWH8PJHEXQJIHVWJHOHJWVLQG’LHVHVHU¦WVROOWHPLWHLQHP 0LQGHVWDEVWDQGYRQFP]ZLVFKHQGHP)XQNVHQGHUXQG,KUHP.¸USHULQVWDOOLHUWXQG EHWULHEHQZHUGHQ’LHVHU6HQGHUGDUIQLFKW]XVDPPHQPLWDQGHUHQ$QWHQQHQRGHU DQGHUHQ6HQGHUQDXIJHVWHOOWRGHUEHWULHEHQZHUGHQ
:(((,QIRUPDWLRQHQ
$OOH3URGXNWHGLHGLHVHV6PEROWUDJHQVLQG(OHNWURXQG(OHNWURQLN$OWJHU¦WH :(((ZLHLQGHU5LFKWOLQLH(8GLHQLFKWPLWXQVRUWLHUWHP+DXVP¾OO YHUPLVFKWZHUGHQG¾UIHQ6WDWWGHVVHQVROOWHQ6LHGLH
HVXQGKHLWGHU0HQVFKHQ XQGGLH8PZHOWVFK¾W]HQLQGHP6LH,KUH$OWJHU¦WHEHLHLQHUYRQGHU5HJLHUXQJ RGHUGHQ¸UWOLFKHQ%HK¸UGHQEHQDQQWHQ6DPPHOVWHOOHI¾UGDV5HFFOLQJYRQ(OHNWUR XQG(OHNWURQLNDOWJHU¦WHQDEOLHIHUQ(LQHULFKWLJH(QWVRUJXQJXQG:LHGHUYHUZHUWXQJ
‘(

WU¦JWGD]XEHLP¸JOLFKHQHJDWLYH)ROJHQI¾UGLH8PZHOWXQGGLH*HVXQGKHLWGHU 0HQVFKHQ]XYHUKLQGHUQ%LWWHZHQGHQ6LHVLFKDQGHQ,QVWDOODWHXURGHUGLH¸UWOLFKHQ %HK¸UGHQXPZHLWHUH,QIRUPDWLRQHQ¾EHUGHQ6WDQGRUWVRZLHGLH%HGLQJXQJHQXQG .RQGLWLRQHQVROFKHU6DPPHOVWHOOHQ]XHUKDOWHQ
(8.RQIRUPLW¦WVHUNO¦UXQJ
+LHUPLWHUNO¦UW6KDQJKDL,PLODE7HFKQRORJ&R/WGGDVVGLH)XQNJHU¦WHYRP7Sbb ,0,/$%9LGHR7¾UNOLQJHO6LFKHUKHLWVNDPHUDGHU5LFKWOLQLH(8HQWVSUHFKHQ
+LHUPLWHUNO¦UW6KDQJKDL,PLODE7HFKQRORJ&R/WGGDVVGLH)XQNJHU¦WHYRP7S ,0,/$%7XUNOLQJHO+XEGHU5LFKWOLQLH(8HQWVSUHFKHQ
‘HUYROOVW¦QGLJH7H[WGHU(8.RQIRUPLW¦WVHUNO¦UXQJLVWXQWHUIROJHQGHU,QWHUQHWDGUHVVH DEUXIEDU KWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW

‘(

&RPPHQFHU 3RXUOLQVWDOODWLRQGXQHVRQQHWWHYLG«RHWGXQKXE

,0,/$% 6RQQHWWHYLG«R

6XSSRUWGH PRQWDJH

&DUWHGH SRVLWLRQQHPHQW GHVWURXVGHYLV

&DOHGH PRQWDJH
GHr

&¤EOHGHFKDUJH *RXSLOOHGH PLFUR86% G«WDFKHPHQW GHODVRQQHWWH

6RQQHWWHYLG«R
2EMHFWLIGH ODFDP«UD
&DSWHXU GHOXPLªUH $QQHDX'(/ %RXWRQGH VRQQHWWH

&DSWHXUGHPRXYHPHQW 0LFURSKRQH
3RUWGH FKDUJH PLFUR86%
+DXWSDUOHXU

%RXWRQGH VQFKURQLVDWLRQ

9LVHWDQFUHV +XELQWHOOLJHQW

GHPRQWDJH

,0,/$%

3U«VHQWDWLRQGXSURGXLW +XE

‘(/G«WDW +DXWSDUOHXU

)HQWHSRXU FDUWHPLFUR6’
3XLVVDQFH

%RXWRQGH U«LQLWLDOLVDWLRQ

0LVHHQSODFHGXVVWªPH 7«O«FKDUJH]ODSSOLFDWLRQHWLQVWDOOH]OHVVWªPH 7«O«FKDUJH]ODSSOLFDWLRQOPLODE¢GRPLFLOHVXUO$33VWRUH DSSDUHLOVLRVRXVXUJRRJOHSODDSSDUHLOV$QGURLG
,QVFULYH]YRXV¢XQFRPSWHLPLODEKRPHSXLVVXLYH]OHVLQVWUXFWLRQV¢O«FUDQSRXU WHUPLQHUOLQVWDOODWLRQ

)5

)5

0RQWDJHGHODVRQQHWWHYLG«R
7URXYHUXQSRLQWGH[DWLRQ
$PHQH]ODVRQQHWWHYLG«R¢YRWUHSRUWHGHQWU«HHWFRQVXOWH]HQP¬PHWHPSVODFKDJH HQGLUHFWVXUODSSOLFDWLRQ7URXYH]XQHQGURLWR»YRXVSRXYH]REWHQLUOHFKDPSGHYLVLRQ VRXKDLW« 7HQH]FRPSWHGHVIDFWHXUVFLGHVVRXVb 6LYRXVVRXKDLWH]SODFHUODVRQQHWWHSUªVGXQPXUODW«UDODVVXUH]YRXVTXHOHPXU QDSSDUD°WSDVGDQVOHFKDPSGHYLVLRQ6LQRQODOXPLªUH,5VHUDU«L«FKLHHWODYLVLRQ QRFWXUQHGHYLHQGUDLRXH

3ODFH]ODFDUWHGHSRVLWLRQQHPHQWGHVWURXVGHYLVFRQWUHOHPXUSRXUPDUTXHUODSRVLWLRQ

P
P

P
P

6LYRXVSHUFH]OHVWURXVGHPRQWDJHSRXUODSUHPLªUHIRLVODKDXWHXUGHPRQWDJH UHFRPPDQG«HHVWGHbSRbPGXVRO 8WLOLVH]ODFDOHGHPRQWDJHGHrFRPPHVXSSRUWGHPRQWDJHVXSSO«PHQWDLUHVL YRXVVRXKDLWH]YRLUGDYDQWDJHVXUXQF¶W«VS«FLTXH

3RUWH

6RQQHWWHYLG«R

6DQVFDOHGHPRQWDJHGHr YXHGXGHVVXV

3RUWH

r 6RQQHWWHYLG«R

$YHFFDOHGHPRQWDJHGHr YXHGXGHVVXV

)5

)L[H]ODVRQQHWWHVXUXQHVXUIDFHHQERLV
6LYRXVPRQWH]ODVRQQHWWHVXUXQHVXUIDFHHQERLVLOQHVWSDVQ«FHVVDLUHGHSHUFHUGHV DYDQWWURXV8WLOLVH]OHVYLVIRXUQLHVSRXU[HUOHVXSSRUWGHPRQWDJHDXPXU/DFDUWHGH SRVLWLRQQHPHQWGHVWURXVGHYLVLQGLTXHODSRVLWLRQGHVWURXVGHYLV&HTXLHVWUHTXLVb 7RXUQHYLVVXSSRUWGHPRQWDJHFDOHGHPRQWDJH¢rYLVGHPRQWDJHHWFKHYLOOHV

7RXUQHYLV QRQIRXUQL

6XSSRUWGHPRQWDJH

&DOHGH PRQWDJHGHr

9LVHWDQFUHV GHPRQWDJH

0XU 6XSSRUWGH PRQWDJH
6DQVFDOHGHPRQWDJHGHr

0XU &DOHGH 6XSSRUWGH PRQWDJH PRQWDJH
$YHFFDOHGHPRQWDJHGHr

)5

0RQWHUODVRQQHWWHVXUGHVVXUIDFHVHQPDW«ULDX[GXUV
6LYRXV[H]ODVRQQHWWHVXUXQHVXUIDFHHQPDW«ULDX[GXUVFRPPHODEULTXHOH E«WRQRXOHVWXFSHUFH]bWURXV¢WUDYHUVODFDUWHGHSRVLWLRQQHPHQWGHVWURXVGHYLV¢ ODLGHGXQHPªFKHGHSRbPP ,QV«UH]OHVDQFUDJHVIRXUQLVSXLVXWLOLVH]OHVORQJXHVYLVIRXUQLHVSRXU[HUOHVXSSRUW GHPRQWDJHDXPXU &HTXLHVWUHTXLVb3HUFHXVH«OHFWULTXHPªFKHGHbSRbPPVXSSRUWGH PRQWDJHFDOHGHPRQWDJH¢rYLVGHPRQWDJHHWDQFUHV

0RQWHUODVRQQHWWH
$OLJQH]ODVRQQHWWHVXUOHEDVSXLVHQFOHQFKH]ODVXUOHKDXW $SSXH]GHVVXVMXVTX¢FHTXLOVHPHWWHHQSODFH

3HUFHXVH«OHFWULTXH QRQIRXUQLH

0ªFKHSR bPP

6XSSRUWGH PRQWDJH

&DOHGH PRQWDJHGHr

9LVHWDQFUHV GHPRQWDJH

0XU 6XSSRUWGH PRQWDJH
6DQVFDOHGHPRQWDJHGHr

0XU &DOHGH 6XSSRUWGH PRQWDJH PRQWDJH
$YHFFDOHGHPRQWDJHGHr

)5

9RXV¬WHVSU¬W 6LYRXVVRXKDLWH]G«WDFKHUODVRQQHWWHRXODUHFKDUJHUYHXLOOH]YRXVUHSRUWHUDX[VHFWLRQV VXLYDQWHV
)5

‘«WDFKHUODVRQQHWWH
8WLOLVH]ODJRXSLOOHGHG«WDFKHPHQWGHODVRQQHWWHIRXUQLHVLYRXVVRXKDLWH]G«WDFKHU ODVRQQHWWHGXVXSSRUWGHPRQWDJH $SSXH]VXUOHWURXVLWX«VXUODSDUWLHVXS«ULHXUHGHODVRQQHWWHHWPDLQWHQH]OH HQIRQF«SXLVVRXOHYH]ODSDUWLHLQI«ULHXUHSRXUODUHWLUHU&HTXLHVWUHTXLVb*RXSLOOHGH G«WDFKHPHQWGHODVRQQHWWH

*RXSLOOHGH G«WDFKHPHQWGH
ODVRQQHWWH

&KDUJHPHQWGHODVRQQHWWH

&KDUJHXU86%b9

([SOLFDWLRQVSRXUOHV'(/

WDWGHV'(/GXKXE
%OHXFOLJQRWDQW
%OHX[H %OHXHWRUDQJHFOLJQRWHQW
HQDOWHUQDQFH 2UDQJHFOLJQRWDQW
2UDQJH[H
$SSXH]VXUOHERXWRQHWPDLQWHQH]OH HQIRQF«SHQGDQWbVHFRQGHV
MXVTX¢FHTXHOD'(/FOLJQRWHHQEOHX

WDW (QDWWHQWHGXQHFRQQH[LRQ &RQQH[LRQDXU«VHDXU«XVVLHFRQQHFW«H /DFRQQH[LRQU«VHDXHVWG«IDLOODQWH $WWHQGUHTXHODVRQQHWWHVHFRQQHFWH 8QHPLVH¢MRXUGXPLFURORJLFLHOHVWHQFRXUV
3HQGDQWOHSURFHVVXVGHU«LQLWLDOLVDWLRQOHKXEUHG«PDUUH

6WDWXWGHV'(/GHODVRQQHWWHYLG«R

0LVHHQ PDUFKH DUU¬W

$SSXH]VXUOHERXWRQGHVQFKURQLVDWLRQHW PDLQWHQH]OHHQIRQF«SHQGDQWbVHFRQGHVMXVTX¢ FHTXHODOXPLªUHEOHXHGHYLHQQH[H
$SSXH]VXUOHERXWRQGHVQFKURQLVDWLRQHW PDLQWHQH]OHHQIRQF«SHQGDQWbVHFRQGHVMXVTX¢ FHTXHOD'(/FOLJQRWHHQYHUW

&KDUJHPHQWGH ODVRQQHWWH

8WLOLVH]O86%SRXUFKDUJHUODVRQQHWWHGHQWU«HHQ FOLJQRWDQWFRQWLQXHOOHPHQWHQYHUW
9HUW[H

DMXVWHPHQWGH ODVHQVLELOLW«GH G«WHFWLRQGX3,5

2UDQJHFOLJQRWHXQHIRLV 2UDQJHFOLJQRWHHQFRQWLQX

)RQFWLRQ VRQQHWWH

$SSXH]VXUOHERXWRQGHODVRQQHWWHSXLVOH W«PRLQOXPLQHX[GHODVRQQHWWHFOLJQRWHHQEOHX

WDW
9RXVHQWHQGUH]ODPXVLTXHGH PLVHHQPDUFKH
9RXVHQWHQGUH]ODPXVLTXH GHPLVHHQWHQVLRQ
(QFRXUVGHFKDUJH
FRPSOªWHPHQWFKDUJ« 3,5G«WHFWHOHPRXYHPHQW 3,5FRQWLQXHGHG«WHFWHUOHPRXYHPHQW /DVRQQHWWHH[W«ULHXUHHWOHFRQFHQWUDWHXU LQW«ULHXUVRQQHURQWWRXVOHVGHX[

)5

)5

‘«FODUDWLRQGHV«FXULW« &DUDFW«ULVWLTXHV

1RPb,0,/$%6RQQHWWHYLG«R

5«VROXWLRQb[

‘LPHQVLRQVGHODUWLFOHb[[bPP

7HPS«UDWXUHGHIRQFWLRQQHPHQWbbr&abr&

0RGªOHb&06;-$ 2XYHUWXUHb) $OLPHQWDWLRQ«OHFWULTXHb9$ )&&,’$3$&06;-$

1RPb+XEGHVRQQHWWH,0,/$% 0RGªOHb&0:% $OLPHQWDWLRQ«OHFWULTXHb9aK]b$0$; ‘LPHQVLRQVGHODUWLFOHb[[bPP 7HPS«UDWXUHGHIRQFWLRQQHPHQWbbr&abr& 0«PRLUHH[WHQVLEOHb&DUWH0LFUR6’MXVTX¢bR &RQQHFWLYLW«VDQVOb:L)L,(((bEJQb*+] )&&,’$3$&06;-%
0LVHVHQJDUGH

/DSODJHGHWHPS«UDWXUHGHIRQFWLRQQHPHQWDSSURSUL«HSRXUFHSURGXLWHVWFRPSULVH HQWUHa1XWLOLVH]SDVOHSURGXLWGDQVXQHQYLURQQHPHQWR»OHVWHPS«UDWXUHV VRQWVXS«ULHXUHVRXLQI«ULHXUHV¢ODSODJHVS«FL«H /RUVGXFKDUJHPHQWODSODJHGHWHPS«UDWXUHGHIRQFWLRQQHPHQWGHFHSURGXLWHVW FRPSULVHHQWUHbr&HWbr&1HSDVFKDUJHUOHSURGXLWGDQVXQHQYLURQQHPHQWGRQWOHV WHPS«UDWXUHVVRQWVXS«ULHXUHVRXLQI«ULHXUHV¢ODSODJHVS«FL«H /XWLOLVDWLRQGXSURGXLWGDQVXQHQYLURQQHPHQW¢EDVVHWHPS«UDWXUHRXGDQVXQ«WDW GHFKDUJHIDLEOHDlHFWHUDVRQWHPSVGHYHLOOH/DXWRQRPLHU«HOOHHQYHLOOHG«SHQGGH OHQYLURQQHPHQWHWGHVKDELWXGHVGHOXWLOLVDWHXU 3RXUDP«OLRUHUOHVSHUIRUPDQFHVGXSURGXLWYHLOOH]¢QHSDVSODFHUOREMHFWLIGHOD VRQQHWWHYLG«RGHYDQWRX¢F¶W«GXQHVXUIDFHU«L«FKLVVDQWHWHOOHTXHOHV IHQ¬WUHVSRUWHVHQYHUUHHWOHVPXUVEODQFVFDUOLPDJHVHUDLWWURSOXPLQHXVHGDQVOHV ]RQHVSURFKHVGHODSSDUHLOSKRWRHWSOXVVRPEUH]RQHVSOXV«ORLJQ«HVRXTXHOD VRQQHWWHYLG«RSURGXLVHGHVLPDJHVEODQFKHV 9HXLOOH]LQVWDOOHUOHSURGXLWGDQVGHV]RQHVR»ODU«FHSWLRQ:L)LHVWSRVVLEOHHW HVVDH]GHSODFHUODSSDUHLOO¢R»OHVLJQDO:L)LHVWIRUW(QRXWUHYHXLOOH]«ORLJQHUOD VRQQHWWHYLG«RGHV«FXULW«GHVVWUXFWXUHVP«WDOOLTXHVGHVIRXUV¢PLFURRQGHVRXGH WRXWDXWUHHQGURLWR»ODSXLVVDQFHGXVLJQDOSRXUUDLW¬WUHDlHFW«H 1HSDVUHPSODFHUYRXVP¬PHODEDWWHULHGHODVRQQHWWHYLG«RVLHOOHQHVWSDV FRUUHFWHPHQWUHPSODF«HLOH[LVWHXQULVTXHGH[SORVLRQ /DEDWWHULHEDWWHULHRXSLOHVQHGRLWSDV¬WUHH[SRV«HDXVROHLODXIHXRX¢GHV FRQGLWLRQVVLPLODLUHVGHVXUFKDXlH &HSURGXLWHVWXQHVRQQHWWHYLG«R¢IDLEOHFRQVRPPDWLRQG«QHUJLHDYHFEDWWHULH LQW«JU«H1XWLOLVH]SDVODIRQFWLRQGHVXUYHLOODQFHHQWHPSVU«HOSHQGDQWXQHORQJXH S«ULRGHORUVGXFKDUJHPHQWDQG«YLWHUODSHUWHGHODGXU«HGHYLHGHODEDWWHULH

)5

1XWLOLVH]SDVODSSDUHLOGDQVOHQYLURQQHPHQW¢XQHWHPS«UDWXUHWURS«OHY«HRXWURS EDVVHQH[SRVH]MDPDLVODSSDUHLO¢XQIRUWHQVROHLOOHPHQWRX¢XQHQYLURQQHPHQW WURSKXPLGH
‘«FODUDWLRQGHOD)&&
/HVFKDQJHPHQWVRXPRGLFDWLRQVQRQH[SUHVV«PHQWDSSURXY«VSDUODSDUWLHUHVSRQV DEOHGHODFRQIRUPLW«SHXYHQWDQQXOHUODXWRULW«GHOXWLOLVDWHXU¢XWLOLVHUO«TXLSHPHQW&HW DSSDUHLOHVWFRQIRUPH¢ODSDUWLHbGHVUªJOHVGHOD)&& /HIRQFWLRQQHPHQWHVWVRXPLVDX[GHX[FRQGLWLRQVVXLYDQWHVb FHWDSSDUHLOQHGRLWSDVFDXVHUGLQWHUI«UHQFHVQXLVLEOHVHW FHWDSSDUHLOGRLWDFFHSWHUWRXWHVOHVLQWHUI«UHQFHVUH©XHVFRPSULVFHOOHVVXVFHSWLEOHV GHSURYRTXHUXQIRQFWLRQQHPHQWLQG«VLUDEOH 1RWHb&HW«TXLSHPHQWD«W«WHVW«HWG«FODU«FRQIRUPHDX[OLPLWHVGXQDSSDUHLO QXP«ULTXHGHFODVVH%FRQIRUP«PHQW¢ODSDUWLHbGHVUªJOHVGHOD)&&&HVOLPLWHVVRQW FRQ©XHVSRXUIRXUQLUXQHSURWHFWLRQUDLVRQQDEOHFRQWUHOHVLQWHUI«UHQFHVQXLVLEOHVGDQV XQHLQVWDOODWLRQU«VLGHQWLHOOH&HW«TXLSHPHQWJ«QªUHXWLOLVHHWSHXW«PHWWUHGHO«QHUJLH GHIU«TXHQFHUDGLRHWVLOQHVWSDVLQVWDOO«HWXWLOLV«FRQIRUP«PHQWDX[LQVWUXFWLRQVLO SHXWFDXVHUGHVLQWHUI«UHQFHVQXLVLEOHVDX[FRPPXQLFDWLRQVUDGLR &HSHQGDQWLOQDDXFXQHJDUDQWLHTXHGHVLQWHUI«UHQFHVQHVHSURGXLURQWSDVGDQVXQH LQVWDOODWLRQSDUWLFXOLªUH6LFHW«TXLSHPHQWSURYRTXHGHVLQWHUI«UHQFHVQXLVLEOHV¢OD U«FHSWLRQGHODUDGLRRXGHODW«O«YLVLRQFHTXLSHXW¬WUHG«WHUPLQ«HQ«WHLJQDQWHWHQ DOOXPDQWO«TXLSHPHQWOXWLOLVDWHXUHVWHQFRXUDJ«¢HVVDHUGHFRUULJHUOHVLQWHUI«UHQFHV SDUXQHRXSOXVLHXUVGHVPHVXUHVVXLYDQWHVb 5«RULHQWH]RXG«SODFH]ODQWHQQHGHU«FHSWLRQ $XJPHQWH]ODGLVWDQFHHQWUHO«TXLSHPHQWHWOHU«FHSWHXU &RQQHFWH]O«TXLSHPHQW¢XQHSULVHGXQFLUFXLWGLl«UHQWGHFHOXLDXTXHOOHU«FHSWHXUHVW FRQQHFW« &RQVXOWH]YRWUHUHYHQGHXURXXQWHFKQLFLHQUDGLRW«O«YLVLRQH[S«ULPHQW«SRXUREWHQLU GHODLGH ‘«FODUDWLRQ)&&bFPb&HW«TXLSHPHQWHVWFRQIRUPHDX[OLPLWHVGH[SRVLWLRQDX[ UDGLDWLRQV[«HVSDUOD)&&SRXUXQHQYLURQQHPHQWQRQFRQWU¶O«&HW«TXLSHPHQWGRLW ¬WUHLQVWDOO«HWXWLOLV«DYHFXQHGLVWDQFHPLQLPDOHGHbFPHQWUHOHUDGLDWHXUHWYRWUH FRUSV&HWUDQVPHWWHXUQHGRLWSDV¬WUHLQVWDOO«RXXWLOLV«HQFRQMRQFWLRQDYHFXQHDXWUH DQWHQQHRXXQDXWUHWUDQVPHWWHXU
,QIRUPDWLRQV'(((
7RXVOHVSURGXLWVSRUWDQWFHVPEROHVRQWGHVG«FKHWVG«TXLSHPHQWV «OHFWULTXHVHW«OHFWURQLTXHV'(((VHORQODGLUHFWLYHb8(TXLQH GRLYHQWSDV¬WUHP«ODQJ«VDX[G«FKHWVP«QDJHUVQRQWUL«V9RXVGHYH]SOXW¶W SURW«JHUODVDQW«KXPDLQHHWOHQYLURQQHPHQWHQUHPHWWDQWYRVG«FKHWV G«TXLSHPHQWV¢XQSRLQWGHFROOHFWHG«VLJQ«SRXUOHUHFFODJHGHVG«FKHWVG«TXLSH PHQWV«OHFWULTXHVHW«OHFWURQLTXHVQRPP«SDUOHJRXYHUQHPHQWRXOHVDXWRULW«V ORFDOHV8QH«OLPLQDWLRQHWXQUHFFODJHFRUUHFWVSHUPHWWURQWG«YLWHUOHVFRQV«TXHQFHV
)5

Q«JDWLYHVSRWHQWLHOOHVVXUOHQYLURQQHPHQWHWODVDQW«KXPDLQH9HXLOOH]FRQWDFWHU OLQVWDOODWHXURXOHVDXWRULW«VORFDOHVSRXUSOXVGLQIRUPDWLRQVVXUOHPSODFHPHQWHWOHV FRQGLWLRQVGHFHVSRLQWVGHFROOHFWH
‘«FODUDWLRQGHFRQIRUPLW«SRXUO8QLRQHXURS«HQQH
3DUODSU«VHQWH6KDQJKDL,PLODE7HFKQRORJ&R/WGG«FODUHTXHOHWSHG«TXLSHPHQW UDGLR,0,/$%6RQQHWWHYLG«RHVWFRQIRUPH¢ODGLUHFWLYHb8(
3DUODSU«VHQWH6KDQJKDL,PLODE7HFKQRORJ&R/WGG«FODUHTXHOHWSHG«TXLSHPHQW UDGLRLQWHOOLJHQWGX+XEGHVRQQHWWH,0,/$%HVWFRQIRUPH¢ODGLUHFWLYHb8(
/HWH[WHLQW«JUDOGHODG«FODUDWLRQ8(GHFRQIRUPLW«HVWGLVSRQLEOH¢O
DGUHVVH,QWHUQHW VXLYDQWHb KWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW

)5

,QL]LDUH 3HUO
LQVWDOOD]LRQHGHOYLGHRFLWRIRQRHGHOOKXE

6WDlDGLVVDJJLR

&XQHRGL0RQWDJJLRDr

3HUQRSHUVWDFFDUH

9LGHRFLWRIRQR

6FKHGDGLSRVL]LRQDPHQWR

&DYRGLULFDULFD LOFDPSDQHOOR

,0,/$%

GHOIRURGHOODYLWH

PLFUR86%

9LGHRFLWRIRQR
2ELHWWLYRGHOOD IRWRFDPHUD
6HQVRUHGLOXFH $QHOOR/(‘ 3XOVDQWHGHO FDPSDQHOOR

6HQVRUHGLPRYLPHQWR 0LFURIRQR
3RUWDGL5ULFDULFD PLFUR86%
$OWRSDUODQWH

3XOVDQWH6<1&

9LWLGL)LVVDJJLR

,0,/$%

H$QFRUDJJL

6PDUW+XE

3DQRUDPLFDGHO3URGRWWR +XE

/RVWDWRGHO/(‘ $OWRSDUODQWH

6ORWSHUVFKHGD 0LFUR6’
(QHUJLD

7DVWR5HVHW

&RQJXUD]LRQHGHOVLVWHPD 6FDULFDODSSHFRQJXUDLOVLVWHPD 6FDULFDO
$33,PLODE+RPHGDOO
DSSVWRUHGLVSRVLWLYLLRVRGD JRRJOHSODGLVSRVLWLYL$QGURLG
&UHDUHXQDFFRXQWKRPHLPLODETXLQGLVHJXLUHOHLVWUX]LRQLVXOORVFKHUPRSHU FRPSOHWDUHODFRQJXUD]LRQH

,7

,7

)LVVDJJLRGHOYLGHRFLWRIRQR
7URYDUHXQ3XQWRGL)LVVDJJLR
3RUWDUHLOYLGHRFLWRIRQRDOODSRUWDGLFDVDHFRQWHPSRUDQHDPHQWHFRQWUROODUHOD YLVXDOL]]D]LRQHOLYHVXOO
DSS7URYDUHXQDSRVL]LRQHLQFXLSXRLRWWHQHUHLOFDPSRYLVLYR GHVLGHUDWR &RQVLGHUDUHLVHJXHQWLIDWWRUL 6HVLGHVLGHUDSRVL]LRQDUHLOFDPSDQHOORYLFLQRDXQDSDUHWHODWHUDOHDVVLFXUDUVLFKHOD SDUHWHQRQYHQJDYLVXDOL]]DWDQHOFDPSRYLVLYR,QFDVRFRQWUDULRODOXFH,5YHUU¢ ULLHVVDHODYLVLRQHQRWWXUQDULVXOWHU¢VIRFDWD

3RVL]LRQDUHOD6FKHGDGL3RVL]LRQDPHQWRGHO)RURSHUOH9LWLFRQWURLOPXURSHU FRQWUDVVHJQDUHODSRVL]LRQH

P
P

P
P

6HVLHVHJXRQRLIRULGLVVDJJLRSHUODSULPDYROWDO
DOWH]]DGLVVDJJLRFRQVLJOLDWDª GLPGDWHUUD 8WLOL]]DUHLOFXQHRGLPRQWDJJLRDrFRPHVWDlDGLVVDJJLRVXSSOHPHQWDUHVHVL GHVLGHUDYHGHUHGLSL»VXXQODWRVSHFLFR

0RQWDUHLO&DPSDQHOORVXXQD6XSHUFLHGL/HJQR
6HVLVWDPRQWDQGRLOFDPSDQHOORVXGLXQDVXSHUFLHGLOHJQRQRQªQHFHVVDULR SUHIRUDUHLIRULSLORWD8WLOL]]DUHOHYLWLIRUQLWHSHUVVDUHOD6WDlDGL)LVVDJJLRDOODSDUHWH OD6FKHGDGL3RVL]LRQDPHQWRGHL)RULGHOOH9LWLLQGLFDODSRVL]LRQHGHLIRULGHOOHYLWL&RVDª ULFKLHVWR&DFFLDYLWH6WDlDGL)LVVDJJLR&XQHRGL0RQWDJJLRr9LWLGL)LVVDJJLRH $QFRUDJJL

&DFFLDYLWH QRQIRUQLWR

6WDlDGLVVDJJLR

&XQHRGL 0RQWDJJLRDr

9LWLGLVVDJJLR HDQFRUDJJL

3RUWD

9LGHRFLWRIRQR

r

3RUWD

9LGHRFLWRIRQR

6HQ]DFXQHRGLPRQWDJJLRDr GDOO
DOWR

&RQFXQHRGLPRQWDJJLRDr GDOO
DOWR

,7

3DUHWH 6WDlDGLVVDJJLR 6HQ]D&XQHRGLPRQWDJJLRDr

3DUHWH &XQHRGL 6WDlDGL PRQWDJJLR VVDJJLR
&RQFXQHRGL0RQWDJJLRDr

,7

0RQWDUHLO&DPSDQHOORVX6XSHUFL5HDOL]]DWHFRQ0DWHULDOL’XUL
6HVLVWDPRQWDQGRLOFDPSDQHOORVXXQDVXSHUFLHIDWWDGLPDWHULDOLGXULFRPH PDWWRQLFHPHQWRVWXFFRSUDWLFDIRULDWWUDYHUVROD6FKHGDGL3RVL]LRQDPHQWRGHL)RUL GHOOH9LWLFRQXQDSXQWDGDPP ,QVHULUHJOLDQFRUDJJLIRUQLWLTXLQGLXWLOL]]DUHOHYLWLOXQJKHLQGRWD]LRQHSHUDVVLFXUDUH OD6WDlDGLVVDJJLRDOODSDUHWH &RVDªULFKLHVWR7UDSDQR(OHWWULFR3XQWDGD7UDSDQRPP6WDlDGL)LVVDJJLR &XQHRGL0RQWDJJLRr9LWLGLVVDJJLRH$QFRUDJJL

0RQWDUHLO&DPSDQHOOR
$OOLQHDUHLOFDPSDQHOORLQEDVVRHSRLDJJDQFLDORLQDOWR 3UHPHUORQFK«QRQVFDWWDLQSRVL]LRQH

7UDSDQRHOHWWULFR QRQIRUQLWR

3XQWDGDWUDSDQRGD SROOLFLPP

6WDlDGLVVDJJLR

&XQHRGL 0RQWDJJLRDr

9LWLGLVVDJJLR HDQFRUDJJL

3DUHWH

6WDlDGLVVDJJLR

6HQ]D&XQHRGLPRQWDJJLRDr

3DUHWH &XQHRGL 6WDlDGL PRQWDJJLR VVDJJLR
&RQFXQHRGL0RQWDJJLRDr

,7

6HLDSRVWR 6HVLGHVLGHUDVWDFFDUHLOFDPSDQHOORRULFDULFDUORIDUHULIHULPHQWRDOOHVH]LRQLVHJXHQWL
,7

6WDFFDUHLOFDPSDQHOOR
8WLOL]]DUHLOSHUQRGLULPR]LRQHGHOFDPSDQHOORIRUQLWRVHVLGHVLGHUDVWDFFDUHLO FDPSDQHOORGDOODVWDlDGLVVDJJLR 3UHPHUHHWHQHUHSUHPXWRLOIRURVXOODSDUWHVXSHULRUHGHOFDPSDQHOORTXLQGL VROOHYDUHODSDUWHLQIHULRUHSHUWRJOLHUOR&RVDªULFKLHVWR3HUQRSHUVWDFFDUHLO FDPSDQHOOR

3HUQRSHUVWDFFDUH LOFDPSDQHOOR

5LFDULFDUHLOFDPSDQHOOR

&DULFDWRUH86%9

6SLHJD]LRQLSHU/(‘

6WDWRGHOO/(‘GHOOKXE
%OXODPSHJJLDQWH
%OXVVR %OXHDUDQFLRQHODPSHJJLDQR
DOWHUQDWLYDPHQWH $UDQFLRQHODPSHJJLDQWH
$UDQFLRQHVVR
7HQHUHSUHPXWRLOSXOVDQWHSHU VHFRQGLQFK«LO/(‘QRQ ODPSHJJLDLQEOX

6WDWR ,QDWWHVDGLFRQQHVVLRQH /DFRQQHVVLRQHGLUHWHªULXVFLWDFRQQHVVD /DFRQQHVVLRQHGLUHWHªIDOOLWD ,QDWWHVDFKHLOFDPSDQHOORVLFRQQHWWD ªLQFRUVRXQDJJLRUQDPHQWRGHOUPZDUH
‘XUDQWHLOSURFHVVRGLULSULVWLQRO
KXEYHUU¢ULDYYLDWR

6WDWRGHO/(‘GHOYLGHRFLWRIRQR

6WDWR

$FFHQVLRQH VSHJQLPHQWR
5LFDULFDGHO FDPSDQHOOR
5HJROD]LRQHGHOOD VHQVLELOLW¢GL
ULOHYDPHQWR3,5 )XQ]LRQHGHO FDPSDQHOOR

7LHQLSUHPXWRLOSXOVDQWHGLVLQFURQL]]D]LRQHSHU VHFRQGLQFK«ODOXFHEOXQRQGLYHQWDVVD
7HQHUHSUHPXWRLOSXOVDQWHGLVLQFURQL]]D]LRQHSHU VHFRQGLQFK«LO/(‘QRQODPSHJJLDLQYHUGH
8WLOL]]DUH86%SHUFDULFDUHLOFDPSDQHOORFKH FRQWLQXDDODPSHJJLDUHLQYHUGH 9HUGHVVR
/
DUDQFLRQHODPSHJJLDXQDYROWD
/
DUDQFLRQHODPSHJJLDFRQWLQXDPHQWH
3UHPHUHLOSXOVDQWHGHOFDPSDQHOORTXLQGLOD VSLDGHOFDPSDQHOORODPSHJJHU¢LQEOX

6HQWLUDLODPXVLFDDOO
DFFHQVLRQH
VHQWLUDLODPXVLFDGLVSHJQLPHQWR
5LFDULFD &RPSOHWDPHQWHFDULFR 3,5ULOHYDLOPRYLPHQWR ,O3,5FRQWLQXDDULOHYDUHLOPRYLPHQWR 6LDLOFDPSDQHOORHVWHUQRFKH O
KXELQWHUQRVXRQHUDQQR

,7

,7

‘LFKLDUD]LRQHGLVLFXUH]]D 6SHFLFKH

1RPH9LGHRFLWRIRQR,0,/$%

5LVROX]LRQH[

‘LPHQVLRQHSURGRWWR[[PP

7HPSHUDWXUDRSHUDWLYDr&ar&

0RGHOOR&06;-$ $SHUWXUD) ,QJUHVVRDOLPHQWD]LRQH9$ ,’)&&$3$&06;-$

1RPH+XEGHOFDPSDQHOOR,0,/$% 0RGHOOR&0:% ,QJUHVVRDOLPHQWD]LRQH9a+]$0$; ‘LPHQVLRQHSURGRWWR[[PP 7HPSHUDWXUDRSHUDWLYDr&ar& 0HPRULDHVSDQGLELOH6FKHGD0LFUR6’QRD% &RQQHWWLYLW¢ZLUHOHVV:L)L,(((EJQ*+] ,’)&&$3$&06;-%
3UHFDX]LRQL

/
LQWHUYDOORGLWHPSHUDWXUDGLIXQ]LRQDPHQWRDGDWWRSHUTXHVWRSURGRWWRªFRPSUHVRWUD a1RQXWLOL]]DUHLOSURGRWWRLQXQDPELHQWHFRQWHPSHUDWXUHVXSHULRULR LQIHULRULDOO
LQWHUYDOORVSHFLFDWR ‘XUDQWHODULFDULFDO
LQWHUYDOORGLWHPSHUDWXUDGLHVHUFL]LRSHUTXHVWRSURGRWWRª FRPSUHVRWUDr&ar&1RQFDULFDUHLOSURGRWWRLQXQDPELHQWHFRQWHPSHUDWXUH VXSHULRULRLQIHULRULDOO
LQWHUYDOORVSHFLFDWR 8WLOL]]DUHLOSURGRWWRLQXQDPELHQWHDEDVVDWHPSHUDWXUDRORVWDWRGLFDULFDLQLXLU¢VXO WHPSRGLVWDQGE,OWHPSRGLVWDQGEHlHWWLYRªFRUUHODWRDOO
DPELHQWHHDOOHDELWXGLQL GHOO
XWHQWH 3HUPLJOLRUDUHOHSUHVWD]LRQLGHOSURGRWWRQRQSRVL]LRQDUHORELHWWLYRGHOYLGHRFLWRIRQR GLIURQWHRDFFDQWRDXQDVXSHUFLHULLHWWHQWHFRPHSRUWHQHVWUHGLYHWURHSDUHWL ELDQFKHSRLFK«O
LPPDJLQHDSSDULU¢HFFHVVLYDPHQWHOXPLQRVDLQDUHHYLFLQHDO YLGHRFLWRIRQRHSL»VFXUDDOO
LQWHUQRDUHHSL»ORQWDQHRIDUV®FKHLOYLGHRFLWRIRQR SURGXFDLPPDJLQLELDQFKH ,QVWDOODUHLOSURGRWWRLQDUHHFRQULFH]LRQH:L)LHSURYDUHDSRVL]LRQDUHLOGLVSRVLWLYRLQ FXLLOVHJQDOH:L)LªIRUWH,QROWUHWHQHUHLOYLGHRFLWRIRQRGLVLFXUH]]DORQWDQRGD VWUXWWXUHPHWDOOLFKHIRUQLDPLFURRQGHRDOWULOXRJKLLQFXLODSRWHQ]DGHOVHJQDOH SRWUHEEHULVHQWLUQH 1RQVRVWLWXLUHGDVROLODEDWWHULDGHOYLGHRFLWRIRQRVHQRQYLHQHVRVWLWXLWDFRUUHWWD PHQWHF
ªLOSHULFRORGLHVSORVLRQH /DEDWWHULDSDFFREDWWHULDREDWWHULHQRQGHYHHVVHUHHVSRVWDDOODOXFHVRODUHDOIXRFR RDFRQGL]LRQLVLPLOLGLVXUULVFDOGDPHQWR 4XHVWRSURGRWWRªXQYLGHRFLWRIRQRDEDVVRFRQVXPRFRQEDWWHULDLQWHJUDWD1RQ XWLOL]]DUHODIXQ]LRQHGLPRQLWRUDJJLRLQWHPSRUHDOHSHUPROWRWHPSRGXUDQWHOD ULFDULFDDOQHGLHYLWDUHODSHUGLWDGLGXUDWDGHOODEDWWHULD

,7

1RQXWLOL]]DUHODIXQ]LRQHGLPRQLWRUDJJLRLQWHPSRUHDOHSHUPROWRWHPSRGXUDQWHOD ULFDULFDDOQHGLHYLWDUHODSHUGLWDGLGXUDWDGHOODEDWWHULD
‘LFKLDUD]LRQH)&&
&DPELDPHQWLRPRGLFKHQRQHVSUHVVDPHQWHDSSURYDWLGDOODSDUWHUHVSRQVDELOHGHOOD FRQIRUPLW¢SRWUHEEHURDQQXOODUHO
DXWRULW¢GHOO
XWHQWHDXWLOL]]DUHO
DSSDUHFFKLDWXUD 4XHVWRGLVSRVLWLYRªFRQIRUPHDOOD3DUWHGHOOH1RUPH)&& ,OIXQ]LRQDPHQWRªVRJJHWWRDOOHGXHFRQGL]LRQLVHJXHQWL bOOGLVSRVLWLYRQRQSX´FDXVDUHLQWHUIHUHQ]HGDQQRVHH bLOGLVSRVLWLYRGHYHDFFHWWDUHTXDOVLDVLLQWHUIHUHQ]DULFHYXWDLQFOXGHQGRLQWHUIHUHQ]H FKHSRWUHEEHURFDXVDUHXQFRPSRUWDPHQWRLQGHVLGHUDWR 1RWD4XHVWDDSSDUHFFKLDWXUDªVWDWDWHVWDWDHGªULVXOWDWDFRQIRUPHDLOLPLWLSHUXQ GLVSRVLWLYRGLJLWDOHGL&ODVVH%DLVHQVLGHOOD3DUWHGHOOH1RUPH)&&4XHVWLOLPLWLVRQR SURJHWWDWLSHUIRUQLUHXQDSURWH]LRQHUDJLRQHYROHFRQWUROHLQWHUIHUHQ]HGDQQRVHLQ XQ
LQVWDOOD]LRQHUHVLGHQ]LDOH4XHVWDDSSDUHFFKLDWXUDJHQHUDXWLOL]]DHSX´LUUDGLDUH HQHUJLDDUDGLRIUHTXHQ]DHVHQRQLQVWDOODWDHXWLOL]]DWDVHFRQGROHLVWUX]LRQLSX´ FDXVDUHLQWHUIHUHQ]HGDQQRVHDOOHFRPXQLFD]LRQLUDGLR 7XWWDYLDQRQYLªDOFXQDJDUDQ]LDFKHQRQVLYHULFKLQRLQWHUIHUHQ]HLQXQDSDUWLFRODUH LQVWDOOD]LRQH6HTXHVWDDSSDUHFFKLDWXUDFDXVDLQWHUIHUHQ]HGDQQRVHDOODULFH]LRQH UDGLRIRQLFDRWHOHYLVLYDFKHSRVVRQRHVVHUHGHWHUPLQDWHDFFHQGHQGRHVSHJQHQGR O
DSSDUHFFKLDWXUDO
XWHQWHªLQFRUDJJLDWRDSURYDUHDFRUUHJJHUHO
LQWHUIHUHQ]DDGRWWDQGR XQDRSL»GHOOHVHJXHQWLPLVXUH 5LRULHQWDUHRULSRVL]LRQDUHODQWHQQDGLULFH]LRQH $XPHQWDUHODVHSDUD]LRQHWUDDSSDUHFFKLDWXUDHULFHYLWRUH &RQQHWWHUHO
DSSDUHFFKLDWXUDDXQDSUHVDVXXQFLUFXLWRGLlHUHQWHGDTXHOORDOTXDOHLO ULFHYLWRUHªFRQQHVVR &RQVXOWDUHLOFRQFHVVLRQDULRRXQWHFQLFRHVSHUWRLQUDGLR79SHUDVVLVWHQ]D ‘LFKLDUD]LRQH)&&FP4XHVWDDSSDUHFFKLDWXUDªFRQIRUPHDLOLPLWLGLHVSRVL]LRQHDOOH UDGLD]LRQL)&&VWDELOLWLSHUXQDPELHQWHQRQFRQWUROODWR4XHVWDDSSDUHFFKLDWXUDGHYH HVVHUHLQVWDOODWDHXWLOL]]DWDFRQXQDGLVWDQ]DPLQLPDGLFPWUDLOUDGLDWRUHHLOFRUSR 4XHVWRWUDVPHWWLWRUHQRQGHYHHVVHUHFROORFDWRRIXQ]LRQDUHLQVLHPHDGDOWUHDQWHQQHR WUDVPHWWLWRUL
,QIRUPD]LRQLVXL5$((
7XWWLLSURGRWWLFRQWUDVVHJQDWLGDTXHVWRVLPERORVRQRULXWLGLDSSDUHFFKLDWXUH HOHWWULFKHHGHOHWWURQLFKH5$((FRPHQHOODGLUHWWLYD8(FKHQRQ GHYRQRHVVHUHVPDOWLWLFRQLULXWLGRPHVWLFLLQGLlHUHQ]LDWL,QYHFHGRYUHVWL SURWHJJHUHODVDOXWHXPDQDHO
DPELHQWHFRQVHJQDQGROHWXHDSSDUHFFKLDWXUH GLVFDUWRDXQSXQWRGLUDFFROWDGHVLJQDWRSHULOULFLFODJJLRGHOOHDSSDUHFFKLDWXUH HOHWWULFKHHGHOHWWURQLFKHGLVFDUWRQRPLQDWRGDOJRYHUQRRGDOOHDXWRULW¢ORFDOL,O
,7

FRUUHWWRVPDOWLPHQWRHULFLFODJJLRDLXWHU¢DSUHYHQLUHSRWHQ]LDOLFRQVHJXHQ]HQHJDWLYH SHUO
DPELHQWHHODVDOXWHXPDQD&RQWDWWDUHO
LQVWDOODWRUHROHDXWRULW¢ORFDOLSHU XOWHULRULLQIRUPD]LRQLVXOO
XELFD]LRQHQRQFK«VXLWHUPLQLHOHFRQGL]LRQLGLWDOLSXQWLGL UDFFROWD
‘LFKLDUD]LRQHGLFRQIRUPLW¢HXURSHD
&RQODSUHVHQWH6KDQJKDL,PLODE7HFKQRORJ&R/WGGLFKLDUDFKHLOWLSRGLDSSDUHFFKL DWXUDUDGLR9LGHRFLWRIRQR,0,/$%ªFRQIRUPHDOOD’LUHWWLYD8(
&RQODSUHVHQWH6KDQJKDL,PLODE7HFKQRORJ&R/WGGLFKLDUDFKHLOWLSRGLDSSDUHFFKL DWXUDUDGLR+XEGHOFDPSDQHOOR,0,/$%ªFRQIRUPHDOOD’LUHWWLYD8(
,OWHVWRFRPSOHWRGHOODGLFKLDUD]LRQHGLFRQIRUPLW¢8(ªGLVSRQLELOHDOVHJXHQWHLQGLUL]]R ,QWHUQHW KWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW

,7

,QWURGXFFLµQ 3DUDODLQVWDODFLµQGHYLGHRSRUWHURKXE

%DVWLGRUGHPRQWDMH

&X³DGHPRQWDMHGHr

3DVDGRUGHGHVPRQWDMH

9LGHRSRUWHUR

7DUMHWDGHSRVLFLRQDPLHQWR

&DEOHGHFDUJD GHOWLPEUH

,0,/$%

GHRULFLRVSDUDWRUQLOORV

PLFUR86%

9LGHRSRUWHUR
/HQWHVGHOD F£PDUD
6HQVRUGHOX] $QLOOR/(‘ %RWµQGHO YLGHRSRUWHUR

6HQVRUGHPRYLPLHQWR 0LFUµIRQR
3XHUWRGH FDUJD0LFUR86%
$OWDYR]

%RWµQGH VLQFURQL]DFLµQ

7RUQLOORVDQFODMHV 6PDUW+XE

GHPRQWDMH

,0,/$%

‘HVFULSFLµQGHOSURGXFWR +XE

/(‘GHHVWDGR $OWDYR]

5DQXUDSDUD WDUMHWD0LFUR6’
(QFKXIHGH DOLPHQWDFLµQ

%RWµQGHUHLQLFLR

(6

&RQJXUDFLµQGHOVLVWHPD ‘HVFDUJXHODDSOLFDFLµQDMXVWHHOVLVWHPD ‘HVFDUJXHODDSOLFDFLµQ,PLODE+RPHHQODWLHQGDGHDSOLFDFLRQHV GLVSRVLWLYRVLRVRJRRJOHSODGLVSRVLWLYRV$QGURLG
5HJ¯VWUHVHHQXQDFXHQWDGH,PLODE+RPHVLJDODVLQVWUXFFLRQHVTXHDSDUHFHQHQOD SDQWDOODSDUDFRPSOHWDUHODMXVWH
(6

0RQWDUHOYLGHRSRUWHUR
/RFDOLFHHOOXJDUGHPRQWDMH
/OHYHHOYLGHRSRUWHURDODSXHUWDGHVXFDVDDOPLVPRWLHPSRFRPSUXHEHODYLVWDHQ YLYRHQODDSOLFDFLµQ/RFDOLFHXQDXELFDFLµQGRQGHSXHGDREWHQHUHOFDPSRGHYLVLµQ GHVHDGR 7HQJDHQFXHQWDORVVLJXLHQWHVIDFWRUHV 6LTXLHUHFRORFDUHOWLPEUHFHUFDGHXQDSDUHGODWHUDODVHJ¼UHVHGHTXHODSDUHGQR DSDUH]FDHQHOFDPSRGHYLVLµQ’HORFRQWUDULRODOX]LQIUDUURMDVHUHLHMDU£ODYLVLµQ QRFWXUQDVHU£ERUURVD

&RORTXHODWDUMHWDGHSRVLFLRQDPLHQWRGHRULFLRVSDUDWRUQLOORVFRQWUDODSDUHGSDUD PDUFDUODSRVLFLµQ

P
P

P
P

/DDOWXUDGHPRQWDMHUHFRPHQGDGDSDUDSHUIRUDUORVRULFLRVGHPRQWDMHSRUSULPHUD YH]HVGHPGHVGHHOVXHOR 8WLOLFHODFX³DGHPRQWDMHGHrFRPRVRSRUWHGHPRQWDMHFRPSOHPHQWDULRVLGHVHD YHUP£VHQXQODGRGHWHUPLQDGR

0RQWDMHGHOWLPEUHHQXQDVXSHUFLHGHPDGHUD
6LYDDPRQWDUHOWLPEUHHQXQDVXSHUFLHGHPDGHUDQRQHFHVLWDU£WDODGUDUDJXMHURV SLORWRVSUHYLDPHQWH8VHORVWRUQLOORVVXPLQLVWUDGRVSDUDDVHJXUDUHOVRSRUWHGHPRQWDMH HQODSDUHG/DWDUMHWDGHSRVLFLRQDPLHQWRGHRULFLRVSDUDWRUQLOORVLQGLFDODSRVLFLµQGH ORVPLVPRV4X«VHQHFHVLWD’HVWRUQLOODGRUEDVWLGRUGHPRQWDMHFX³DGHPRQWDMHGH rWRUQLOORVDQFODMHVGHPRQWDMH

‘HVWRUQLOODGRU QRVHVXPLQLVWUD

%DVWLGRUGHPRQWDMH

&X³DGHPRQWDMH GHr

7RUQLOORVDQFODMHV GHPRQWDMH

3XHUWD

9LGHRSRUWHUR

6LQFX³DGHPRQWDMHGHr 9LVWDVXSHULRU

r

3XHUWD

9LGHRSRUWHUR

&RQFX³DGHPRQWDMHGHr 9LVWDVXSHULRU

(6

3DUHG %DVWLGRUGHPRQWDMH 6LQFX³DGHPRQWDMHGHr

3DUHG

&X³DGH %DVWLGRU PRQWDMH GHPRQWDMH

&RQFX³DGHPRQWDMHGHr

(6

0RQWDUHOWLPEUHHQVXSHUFLHVKHFKDVGHPDWHULDOHVGXURV
6LYDDPRQWDUHOWLPEUHHQXQDVXSHUFLHKHFKDGHPDWHULDOHVGXURVFRPRODGULOOR KRUPLJµQRHVWXFRSHUIRUHRULFLRVFRQODWDUMHWDGHSRVLFLRQDPLHQWRGHRULFLRVSDUD WRUQLOORVXQDEURFDGHPP 3DUDDVHJXUDUHOVRSRUWHGHPRQWDMHHQODSDUHGLQVHUWHORVDQFODMHVGHVSX«VORV WRUQLOORVODUJRVDPERVLQFOXLGRV 4X«VHQHFHVLWD7DODGURHO«FWULFREURFDGHPPEDVWLGRUGHPRQWDMHFX³D GHPRQWDMHGHrWRUQLOORVDQFODMHVGHPRQWDMH

0RQWDUHOWLPEUH
$OLQHHHOWLPEUHHQODSDUWHLQIHULRUGHVSX«VHQFDMHODSDUWHVXSHULRU 3UHVLRQHKDFLDDEDMRKDVWDTXHKDJDFOLFTXHGHHQVXOXJDU

7DODGURHO«FWULFR QRVHVXPLQLVWUD

%URFDGH PP

%DVWLGRUGHPRQWDMH

&X³DGH PRQWDMHGHr

7RUQLOORVDQFODMHV GHPRQWDMH

3DUHG %DVWLGRUGHPRQWDMH 6LQFX³DGHPRQWDMHGHr

3DUHG &X³DGH %DVWLGRUGH PRQWDMH PRQWDMH
&RQFX³DGHPRQWDMHGHr

(6

c<DHVW£OLVWR 6LTXLHUHUHWLUDUHOWLPEUHRUHFDUJDUORFRQVXOWHODVVHFFLRQHVVLJXLHQWHV
(6

5HWLUDUHOWLPEUH
3DUDUHWLUDUHOWLPEUHGHOVRSRUWHGHPRQWDMHXWLOLFHHOSDVDGRUGHGHVPRQWDMHGHO WLPEUHTXHVHVXPLQLVWUD 3UHVLRQHPDQWHQJDSUHVLRQDGRHORULFLRGHODSDUWHVXSHULRUGHOWLPEUHGHVSX«V OHYDQWHODSDUWHLQIHULRUSDUDH[WUDHUOR4X«VHQHFHVLWD3DVDGRUGHGHVPRQWDMHGHO WLPEUH

3DVDGRUGH GHVPRQWDMHGHOWLPEUH

&DUJDUHOWLPEUH

&DUJDGRU86%9

‘HVFULSFLµQGHORV/(‘

(VWDGRGHO/(‘GHOKXE

(VWDGR

3DUSDGHRD]XO

(VSHUDQGRODFRQH[LµQ

/X]MDD]XO
3DUSDGHRD]XOQDUDQMD GHPDQHUDDOWHUQD
3DUSDGHRQDUDQMD

&RQH[LµQGHODUHGFRQ«[LWRFRQHFWDGR /DFRQH[LµQGHODUHGHVW£IDOODQGR (VSHUDUDTXHHOWLPEUHVHFRQHFWH

/X]MDQDUDQMD
3UHVLRQHPDQWHQJDSUHVLRQDGRHOERWµQ GXUDQWHVHJXQGRVKDVWDTXHHO/(‘ SDUSDGHHHQFRORUD]XO

8QDDFWXDOL]DFLµQGHOUPZDUHHVW£HQFXUVR ‘XUDQWHHOSURFHVRGHUHVWDEOHFLPLHQWRHOKXEVHUHLQLFLDU£

(VWDGRVGHO/(‘GHOYLGHRSRUWHUR

(VWDGR

(QFHQGLGR $SDJDGR

3UHVLRQHPDQWHQJDSUHVLRQDGRHOERWµQGH VLQFURQL]DFLµQGXUDQWHVHJXQGRVKDVWDTXH ODOX]D]XOVHYXHOYDMD
3UHVLRQHPDQWHQJDSUHVLRQDGRHOERWµQGH VLQFURQL]DFLµQGXUDQWHVHJXQGRVKDVWDTXH ODOX]/(‘SDUSDGHHHQYHUGH

(QHVWHPRPHQWRVHHVFXFKDU£ XQDP¼VLFDGHHQFHQGLGR
(QHVWHPRPHQWRVHHVFXFKDU£ XQDP¼VLFDGHDSDJDGR

&DUJDGHO WLPEUH

$OXVDU86%SDUDFDUJDUHOWLPEUHKDEU£XQ SDUSDGHRYHUGHFRQWLQXR
9HUGHMR

&DUJDQGR &DUJDFRPSOHWDGD

$MXVWHGHOD VHQVLELOLGDGGH ODGHWHFFLµQ3,5

3DUSDGHRQDUDQMDXQDYH] 3DUSDGHRQDUDQMDGHIRUPDFRQWLQXD

3,5GHWHFWDHOPRYLPLHQWR 3,5VLJXHGHWHFWDQGRHOPRYLPLHQWR

)XQFLµQGHO WLPEUH

3UHVLRQHHOERWµQGHOYLGHRSRUWHURDFRQWLQXDFLµQ ODOX]LQGLFDGRUDGHOWLPEUHSDUSDGHDU£HQFRORUD]XO

7DQWRHOWLPEUHH[WHULRUFRPRHO KXELQWHULRUVRQDU£Q

(6

(6

‘HFODUDFLµQGHVHJXULGDG (VSHFLFDFLRQHV

1RPEUH9LGHRSRUWHUR,0,/$%

5HVROXFLµQ[

‘LPHQVLRQHVGHODUW¯FXOR[[PP

7HPSHUDWXUDGHIXQFLRQDPLHQWRr&ar&

0RGHOR&06;-$ ‘LDIUDJPD) (QWUDGDGHHQHUJ¯D9$ )&&,’$3$&06;-$

1RPEUH+XEGHOWLPEUH,0,/$% 0RGHOR&0:% (QWUDGDGHHQHUJ¯D9aK]$0; ‘LPHQVLRQHVGHODUW¯FXOR[[PP 7HPSHUDWXUDGHIXQFLRQDPLHQWRr&ar& 0HPRULDH[SDQVLEOH7DUMHWD0LFUR6’KDVWD% &RQHFWLYLGDGLQDO£PEULFD:L)L,(((EJQ*+] )&&,’$3$&06;-%
3UHFDXFLRQHV

(OUDQJRGHWHPSHUDWXUDGHIXQFLRQDPLHQWRDGHFXDGRSDUDHVWHSURGXFWRHVGHHQWUH a1RXWLOLFHHOSURGXFWRHQXQHQWRUQRFRQWHPSHUDWXUDVVXSHULRUHVR LQIHULRUHVDOUDQJRHVSHFLFDGR ‘XUDQWHODFDUJDHOUDQJRGHWHPSHUDWXUDGHIXQFLRQDPLHQWRSDUDHVWHSURGXFWRHVW£ HQWUHr&ar&1RFDUJXHHOSURGXFWRHQXQHQWRUQRFRQWHPSHUDWXUDVVXSHULRUHVR LQIHULRUHVDOUDQJRHVSHFLFDGR (OXVRGHOSURGXFWRHQXQHQWRUQRFRQEDMDVWHPSHUDWXUDVRHOHVWDGRGHFDUJD DIHFWDU£QDVXWLHPSRHQHVSHUD(OWLHPSRHQHVSHUDUHDOHVW£UHODFLRQDGRFRQHO HQWRUQRHOK£ELWDWGHOXVXDULR 3DUDPHMRUDUHOUHQGLPLHQWRGHOSURGXFWRQRFRORTXHODOHQWHGHOYLGHRSRUWHUR RULHQWDGDKDFLDVXSHUFLHVUHLHFWDQWHVRFHUFDGH«VWDVFRPRYHQWDQDVRSXHUWDVGH YLGULRSDUHGHVEODQFDVDTXHODLPDJHQDSDUHFHU£GHPDVLDGREULOODQWHHQODV£UHDV FHUFDQDVDOYLGHRSRUWHURP£VRVFXUDVHQODVP£VOHMDQDVRHVWRFDXVDU£TXHHO YLGHRSRUWHURSURGX]FDLP£JHQHVEODQFDV ,QVWDOHHOSURGXFWRHQ£UHDVFRQUHFHSFLµQGH:L)LHLQWHQWHFRORFDUHOGLVSRVLWLYR GRQGHODVH³DOGH:L)LVHDIXHUWH0DQWHQJDDGHP£VHOYLGHRSRUWHURGHVHJXULGDG DOHMDGRGHHVWUXFWXUDVPHW£OLFDVKRUQRVPLFURRQGDVXRWURVOXJDUHVGRQGHOD LQWHQVLGDGGHODVH³DOSXHGDYHUVHDIHFWDGD 1RVXVWLWXDODEDWHU¯DGHOYLGHRSRUWHURXVWHGPLVPR6LQRVHKDFHGHODPDQHUD DGHFXDGDH[LVWHSHOLJURGHH[SORVLµQ /DEDWHU¯DFRQMXQWRGHEDWHU¯DVREDWHU¯DVQRGHEHH[SRQHUVHDODOX]VRODUIXHJRR FRQGLFLRQHVGHVREUHFDOHQWDPLHQWRVLPLODUHV (VWHSURGXFWRHVXQYLGHRSRUWHURGHEDMRFRQVXPRGHHQHUJ¯DFRQXQDEDWHU¯D LQFRUSRUDGD1RXVHODIXQFLµQGH6HJXLPLHQWRHQWLHPSRUHDOGXUDQWHPXFKRWLHPSR FXDQGRHVW«FDUJDQGRODEDWHU¯DGHHVWHPRGRVHHYLWDODS«UGLGDGHYLGD¼WLOGHOD

(6

EDWHU¯D 1RXWLOLFHHOGLVSRVLWLYRHQXQDPELHQWHDXQDWHPSHUDWXUDGHPDVLDGRDOWDRGHPDVLDGR EDMDQXQFDH[SRQJDHOGLVSRVLWLYRDXQVROIXHUWHRXQDPELHQWHGHPDVLDGRK¼PHGR
)&&’HFODUDFLµQ
/RVFDPELRVRPRGLFDFLRQHVQRDSUREDGRVH[SUHVDPHQWHSRUODSDUWHUHVSRQVDEOHGH VXFXPSOLPLHQWRSRGU¯DQDQXODUODDXWRULGDGGHOXVXDULRSDUDXWLOL]DUHOHTXLSR(VWH GLVSRVLWLYRFXPSOHFRQOD3DUWHGHODV1RUPDVGHOD)&& /DRSHUDFLµQHVW£VXMHWDDODVVLJXLHQWHVGRVFRQGLFLRQHV (VWHGLVSRVLWLYRQRSRGU£FDXVDULQWHUIHUHQFLDVSHUMXGLFLDOHV (VWHGLVSRVLWLYRGHEHDFHSWDUFXDOTXLHULQWHUIHUHQFLDUHFLELGDLQFOXHQGRLQWHUIHUHQ FLDVTXHSRGU£QFDXVDUXQIXQFLRQDPLHQWRQRGHVHDGR 1RWDHVWHHTXLSRKDVLGRSUREDGRFXPSOHFRQORVO¯PLWHVSDUDHOGLVSRVLWLYRGLJLWDOGH &ODVH%GHFRQIRUPLGDGFRQOD3DUWHGHODV1RUPDVGHOD)&&(VWRVO¯PLWHVHVW£Q GLVH³DGRVSDUDSURSRUFLRQDUXQDSURWHFFLµQUD]RQDEOHFRQWUDLQWHUIHUHQFLDVSHUMXGLFLDOHV SDUDXQDLQVWDODFLµQUHVLGHQFLDO(VWHHTXLSRJHQHUDXWLOL]DSXHGHLUUDGLDUHQHUJ¯DGH UDGLRIUHFXHQFLDVLQRVHLQVWDODXWLOL]DVHJ¼QODVLQVWUXFFLRQHVSXHGHFDXVDU LQWHUIHUHQFLDVSHUMXGLFLDOHVSDUDODVFRPXQLFDFLRQHVSRUUDGLR 6LQHPEDUJRQRVHSXHGHJDUDQWL]DUTXHQRVHSURGX]FDQLQWHUIHUHQFLDVHQDOJXQD LQVWDODFLµQHQFRQFUHWR6LHVWHHTXLSRFDXVDLQWHUIHUHQFLDVSHUMXGLFLDOHVSDUDOD UHFHSFLµQGHUDGLRRWHOHYLVLµQORFXDOSXHGHGHWHUPLQDUVHDSDJDQGRHQFHQGLHQGRHO HTXLSRVHUHFRPLHQGDDOXVXDULRTXHLQWHQWHFRUUHJLUODLQWHUIHUHQFLDWRPDQGRXQDRP£V GHODVVLJXLHQWHVPHGLGDV 5HRULHQWHRFDPELHODXELFDFLµQGHODDQWHQDUHFHSWRUD $XPHQWHODVHSDUDFLµQHQWUHHOHTXLSRHOUHFHSWRU &RQHFWHHOHTXLSRDXQDWRPDGHFRUULHQWHHQXQFLUFXLWRGLIHUHQWHDOTXHHVW£FRQHFWDGR HOUHFHSWRU &RQVXOWHFRQHOGLVWULEXLGRURFRQHOW«FQLFRGHUDGLR79H[SHULPHQWDGRSDUDREWHQHUOD DXGD ‘HFODUDFLµQGHOD)&&GHFP(VWHHTXLSRFXPSOHFRQORVO¯PLWHVGHH[SRVLFLµQDOD UDGLDFLµQGHOD)&&HVWDEOHFLGRVSDUDXQHQWRUQRQRFRQWURODGR(VWHHTXLSRGHEHVHU LQVWDODGRXWLOL]DGRFRQXQDGLVWDQFLDP¯QLPDGHFPHQWUHHOUDGLDGRUVXFXHUSR (VWHWUDQVPLVRUQRGHEHVLWXDUVHQLVHUXWLOL]DGRMXQWRDQLQJXQDRWUDDQWHQDRWUDQVPLVRU
,QIRUPDFLµQVREUH5HVLGXRVGH$SDUDWRV(O«FWULFRV(OHFWUµQLFRV
7RGRVORVSURGXFWRVTXHOOHYDQHVWHV¯PERORVRQUHVLGXRVGHDSDUDWRV HO«FWULFRVHOHFWUµQLFRV:(((VHJ¼QODGLUHFWLYD8(QRGHEHQ PH]FODUVHFRQUHVLGXRVGRP«VWLFRVVLQFODVLFDU(QVXOXJDUGHEHSURWHJHUOD VDOXGKXPDQDHOPHGLRDPELHQWHGHSRVLWDQGRVXVUHVLGXRVGHDSDUDWRVHQ XQSXQWRGHUHFROHFFLµQGHVLJQDGRSDUDHOUHFLFODMHGHHTXLSRVHO«FWULFRVHOHFWUµQLFRV GHGHVHFKRGHVLJQDGRSRUHOJRELHUQRRODVDXWRULGDGHVORFDOHV/DHOLPLQDFLµQHO
(6

UHFLFODGRFRUUHFWRVDXGDU£QDSUHYHQLUSRVLEOHVFRQVHFXHQFLDVQHJDWLYDVSDUDHO PHGLRDPELHQWHODVDOXGKXPDQD3DUDREWHQHUP£VLQIRUPDFLµQVREUHODXELFDFLµQ DV¯FRPRORVW«UPLQRVFRQGLFLRQHVGHGLFKRVSXQWRVGHUHFROHFFLµQSµQJDVHHQ FRQWDFWRFRQHOLQVWDODGRURODVDXWRULGDGHVORFDOHV
‘HFODUDFLµQGHFRQIRUPLGDGGHOD8(
3RUODSUHVHQWH6KDQJKDL,PLODE7HFKQRORJ&R/WGGHFODUDTXHHOWLSRGHHTXLSRGH UDGLRGHOD9LGHRSRUWHUR,0,/$%FXPSOHFRQOD’LUHFWLYD(8
3RUODSUHVHQWH6KDQJKDL,PLODE7HFKQRORJ&R/WGGHFODUDTXHHOWLSRGHHTXLSRGH UDGLRGHO+XEGHOWLPEUH,0,/$%FXPSOHFRQOD’LUHFWLYD(8
(OWH[WRFRPSOHWRGHODGHFODUDFLµQ8(GHFRQIRUPLGDGHVW£GLVSRQLEOHHQODVLJXLHQWH GLUHFFLµQGH,QWHUQHW KWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW

(6

r

,0,/$%

0LFUR86%

0LFUR86%

,0,/$%6PDUW+XE

0LFUR6′

58

,PLODE+RPH $SS6WRUHL26 *RRJOH3OD $QGURLG
,PLODE+RPH
58

P
P

P
P

r

r

r

r

r

r

58

r

r

58

r

b

r

r

r

58

58

86%

86%

58

58

,0,/$% [ r&ar&

&06;-$ )
)&&$3$&06;-$

,0,/$% &0:*% a r&ar& 0LFUR6’ :L)L,(((EJQ )&&$3$&06;-%

a r&r& :L)L :L)L
58

)&&
)&& % )&& )&& )&&
58

:(((
:(((
6KDQJKDL,PLODE7HFKQRORJ&R/WG ,0,/$% 6KDQJKDL,PLODE7HFKQRORJ&R/WG ,0,/$% KWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW
58

5R]SRF]QLM ‘RLQVWDODFMLG]ZRQNDGRGU]ZLLNRQFHQWUDWRUDZLGHR

8FKZWPRQWDRZ

.OLQPRQWDRZr

.RHNRGÇF]DMÇF

G]ZRQHNGRGU]ZL

‘]ZRQHNGR

.DUWDSR]FMRQRZDQLD

.DEHODGXMÇF

GU]ZL,0,/$%

RWZRUµZSRGUXE

0LFUR86%

‘]ZRQHNGRGU]ZL

2ELHNWZNDPHU
&]XMQLNZLDWD ‘]ZRQHN/(‘ 3U]FLVNG]ZRQND GRGU]ZL

&]XMQLNUXFKX 0LNURIRQ
=ÇF]HDGRZDQLD 0LFUR86%
*RQLN

3U]FLVN6<1&+

UXEPRQWDRZH ,0,/$%6PDUW+XE LNRWZ
3U]HJOÇG3URGXNWX .RQFHQWUDWRU

6WDWXV/(‘ *RQLN

:HMFLHQD NDUWÛ0LFUR6’
3U]FLVN UHVWDUWX
3/

=DVLODQLH

.RQJXURZDQLHVVWHPX 3RELHU]DSOLNDFMÛLVNRQJXUXMVVWHP 3RELHU]DSOLNDFMÛOPLODE]HVNOHSX$336WRUHXU]ÇG]HQLD] VVWHPHPL26OXE*RRJOH3ODXU]ÇG]HQLD]VVWHPHP$QGURLG
=DUHMHVWUXMNRQWRGRPRZHLPLODEDQDVWÛSQLHSRVWÛSXM]JRGQLH]LQVWUXNFMDPL ZZLHWODQPLQDHNUDQLHDEXNRF]ÉNRQJXUDFMÛ
3/

0RQWDZLGHRG]ZRQNDGRGU]ZL
=QDMGPLHMVFHPRQWDX
=DELHU]G]ZRQHNGRGU]ZLZHMFLRZFKLMHGQRF]HQLHVSUDZG]DMREUD]QDZRZ DSOLNDFML=QDMGPLHMVFHZNWµUPPRQDX]VNDÉSRÇGDQHSROHZLG]HQLD :HSRGXZDJÛSRQLV]HF]QQLNL -HOLFKFHV]XPLHFLÉG]ZRQHNGRGU]ZLEOLVNRERF]QHMFLDQXSHZQLMVLÛHFLDQD QLHSRMDZLDVLÛZSROXZLG]HQLD:SU]HFLZQPUD]LHZLDWRSRGF]HUZRQH]RVWDQLH RGELWHDZLG]HQLHQRFQHVWDQLHVLÛQLHZUDQH

3U]µNDUWÛSR]FMRQRZDQLDRWZRUµZQDUXEGRFLDQDE]D]QDF]ÉLFKSRRHQLH

P
P

P
P

-HOLZLHUFLV]RWZRUPRQWDRZHSRUD]SLHUZV]]DOHFDQDZVRNRÉPRQWDXWR PRGSRGRD 8MNOLQDPRQWDRZHJRrMDNRGRGDWNRZHJRXFKZWXPRQWDRZHJRMHOLFKFHV] ZLG]LHÉZLÛFHM]RNUHORQHMVWURQ

0RQWDG]ZRQNDGRGU]ZLQDGUHZQLDQHMSRZLHU]FKQL
-HOLPRQWXMHV]G]ZRQHNGRGU]ZLQDGUHZQLDQHMSRZLHU]FKQLQLHPXVLV]ZLHUFLÉ RWZRUµZSLORWDRZFK’R]DPRFRZDQLDXFKZWXPRQWDRZHJRQDFLDQLHXM GRVWDUF]RQFKUXEDNDUWDSR]FMRQRZDQLDRWZRUµZQDUXEZVNDHLFKSRRHQLH&R MHVWSRWU]HEQHUXERNUÛWZVSRUQLNPRQWDRZNOLQPRQWDRZrUXEPRQWDRZHL NRWZ

UXERNUÛWQLHZFKRG]L ZVNDG]HVWDZX

8FKZWPRQWDRZ

.OLQPRQWDRZr

UXEPRQWDRZH LNRWZ

‘U]ZL

‘]ZRQHNGRGU]ZL

%H]NOLQDPRQWDRZHJRr :LGRN]JµU

r

‘U]ZL

‘]ZRQHNGRGU]ZL

=NOLQHPPRQWDRZPr :LGRN]JµU

3/

FLDQD 8FKZWPRQWDRZ %H]NOLQDPRQWDRZHJRr

FLDQD

.OLQ

PRQWDRZ

8FKZW PRQWDRZ

=NOLQHPPRQWDRZPr

3/

0RQWDG]ZRQNDGRGU]ZLQDSRZLHU]FKQLDFKZNRQDQFK] WZDUGFKPDWHULDµZ
-HOLG]ZRQHNPDEÉ]DPRQWRZDQQDSRZLHU]FKQLZNRQDQHM]WZDUGFK PDWHULDµZWDNLFKMDNFHJDEHWRQWQNZZLHUÉRWZRUZNDUFLHSR]FMRQRZDQLD RWZRUµZQDUXEZLHUWHPPP :µGRÇF]RQHNRWZDQDVWÛSQLHXMGRÇF]RQFKGXJLFKUXEDESU]PRFRZDÉ XFKZWPRQWDRZGRFLDQ &RMHVWSRWU]HEQH:LHUWDUNDHOHNWUF]QDZLHUWRPPXFKZWPRQWDRZNOLQ PRQWDRZrUXEPRQWDRZHLNRWZ

=DPRQWXMG]ZRQHNGRGU]ZL
:UµZQDMG]ZRQHNGRGU]ZLQDGROHDQDVWÛSQLH]DWU]DQLMJRQDJµU]H ‘RFLQLMJRD]DWU]DQLHVLÛQDVZRLPPLHMVFX

:LHUWDUND HOHNWUF]QD QLHZFKRG]LZ VNDG]HVWDZX

:LHUWRPP

8FKZWPRQWDRZ

.OLQPRQWDRZr

UXEPRQWDRZH LNRWZ

FLDQD 8FKZWPRQWDRZ %H]NOLQDPRQWDRZHJRr

FLDQD .OLQ

8FKZW

PRQWDRZ PRQWDRZ

=NOLQHPPRQWDRZPr

3/

:V]VWNRJRWRZH -HOLFKFHV]RGÇF]ÉG]ZRQHNGRGU]ZLOXEQDDGRZDÉJR]DSR]QDMVLÛ]SRQLV]PL UR]G]LDDPL
3/

2GÇF]DQLHG]ZRQNDGRGU]ZL
-HOLFKFHV]RGÇF]ÉG]ZRQHNRGXFKZWXPRQWDRZHJRXMGRÇF]RQHJRGR ]HVWDZXNRNDGRRGÇF]DQLDG]ZRQND 1DFLQLMLSU]WU]PDMRWZµUQDJµU]HG]ZRQNDDQDVWÛSQLHSRGQLHMHJRGROQÇF]ÛÉ DEJR]GMÇÉ&RMHVWSRWU]HEQH.RHNRGÇF]DMÇFG]ZRQHNGRGU]ZL

.RHNRGÇF]DMÇF G]ZRQHNGRGU]ZL

DGRZDQLHG]ZRQNDGRGU]ZL

DGRZDUND86%9

2EMDQLHQLDGRGLRG/(‘

6WDQGLRG/(‘NRQFHQWUDWRUD
0LJDQDQLHELHVNR
ZLHFLQDQLHELHVNR 1LHELHVNLLSRPDUDF]RZ
PLJDMÇQDSU]HPLDQ 0LJDQDSRPDUDF]RZR
ZLHFLQDSRPDUDF]RZR
1DFLQLMLSU]WU]PDMSU]FLVNSU]H] VHNXQGDGLRGD/(‘]DF]QLH PLJDÉQDQLHELHVNR

6WDWXV 2F]HNLZDQLHQDSRÇF]HQLH 3RÇF]HQLHVLHFLRZHSRZLRGRVLÛSRÇF]RQR $ZDULDSRÇF]HQLDVLHFLRZHJR 2F]HNLZDQLHQDSRÇF]HQLH]G]ZRQNLHPGRGU]ZL $NWXDOL]DFMDRSURJUDPRZDQLDZWUDNFLHSU]HWZDU]DQLD 3RGF]DVSURFHVXUHVHWRZDQLD NRQFHQWUDWRUXUXFKRPLVLÛSRQRZQLH

6WDWXVGLRG/(‘G]ZRQNDGRGU]ZL

:Z]DVLODQLH

1DFLQLMLSU]WU]PDMSU]FLVNVQFKURQL]DFMLSU]H] VHNXQGDQLHELHVNLHZLDWRVWDQLHVLÛFLÇJH
1DFLQLMLSU]WU]PDMSU]FLVNVQFKURQL]DFMLSU]H] VHNXQGDGLRGD/(‘]DF]QLHPLJDÉQD]LHORQR

DGRZDQLH G]ZRQNDGRGU]ZL
UHJXODFMDF]XRFL ZNUZDQLD F]XMQLND3,5

8M86%GRDGRZDQLDG]ZRQNDGRGU]ZL FLÇJHPLJDQLHQD]LHORQR ZLHFLQD]LHORQR 3RPDUDF]RZPLJDUD] 3RPDUDF]RZPLJDZVSRVµEFLÇJ

6WDWXV 8VV]V]GZLÛNZÇF]HQLD
XVV]V]GZLÛNZÇF]HQLD
DGRZDQLH :SHQLQDDGRZDQ
3,5ZNUZDUXFK 3,5QDGDOZNUZDUXFK

)XQNFMDG]ZRQND GRGU]ZL

1DFLQLMSU]FLVNG]ZRQNDGRGU]ZLSRF]P ODPSNDNRQWUROQDG]ZRQND]DF]QLHPLJDÉQD QLHELHVNR

=DG]ZRQL]DUµZQR]HZQÛWU]QG]ZRQHN GRGU]ZLMDNLZHZQÛWU]QNRQFHQWUDWRU

3/

3/

2ZLDGF]HQLHGRWF]ÇFHEH]SLHF]HVWZD 6SHFNDFMH

1D]ZD’]ZRQHNGRGU]ZL,0,/$%

5R]G]LHOF]RÉ[

5R]PLDUSU]HGPLRWX[[PP

7HPSHUDWXUDSUDFr&ar&

0RGHO&06;-$ $SHUWXUD) =DVLODF]9$ )&&,’$3$&06;-$

1D]ZD’]ZRQHNGRGU]ZL,0,/$% 0RGHO&0:% =DVLODF]9aK]$0$; 5R]PLDUSU]HGPLRWX[[PP 7HPSHUDWXUDSUDFr&ar& 5R]V]HU]DOQD3DPLÛÉ.DUWD0LFUR6’GR% 3RÇF]HQLHEH]SU]HZRGRZH:L)L,(((EJQ*+] )&&,’$3$&06;-%
URGNLRVWURQRFL

2GSRZLHGQL]DNUHVWHPSHUDWXUSUDFGODWHJRSURGXNWXZQRVLRGa1LH QDOHXZDÉSURGXNWXZURGRZLVNXRWHPSHUDWXU]HZV]HMOXEQLV]HMRGSRGDQHJR ]DNUHVX 3RGF]DVDGRZDQLD]DNUHVWHPSHUDWXUURERF]FKGODWHJRSURGXNWXZQRVLRGr&GR r&1LHQDOHDGRZDÉSURGXNWXZURGRZLVNXRWHPSHUDWXU]HSRZHMOXESRQLHM SRGDQHJR]DNUHVX 8ZDQLHSURGXNWXZURGRZLVNXRQLVNLHMWHPSHUDWXU]HOXEVWDQDGRZDQLDZSQLHQD MHJRF]DVF]XZDQLD5]HF]ZLVWF]DVF]XZDQLD]DOHRGURGRZLVNDLSU]]ZF]DMHQLD XWNRZQLND $ESRSUDZLÉG]LDDQLHSURGXNWXQLHQDOHXPLHV]F]DÉRELHNWZXG]ZRQNDZLGHR QDSU]HFLZOXERERNSRZLHU]FKQLRGELMDMÇFFKZLDWRWDNLFKMDNV]NODQHRNQDGU]ZLL ELDHFLDQFRVSRZRGXMHHREUD]EÛG]LH]EWMDVQZREV]DUDFK]QDMGXMÇFFKVLÛ EOLVNRG]ZRQNDZLGHRLFLHPQLHMV]ZREV]DUDFKEDUG]LHMRGGDORQFKOXEVSRZRGXMH HG]ZRQHNZLGHREÛG]LHJHQHURZDELDHREUD] =DLQVWDOXMSURGXNWZREV]DUDFK]RGELRUHP:L)LLVSUµEXMXPLHFLÉXU]ÇG]HQLHZ PLHMVFDFKZNWµUFKVJQD:L)LMHVWVLOQ3RQDGWRG]ZRQHNGRGU]ZL]IXQNFMÇ EH]SLHF]HVWZDQDOHWU]PDÉ]GDODRGPHWDORZFKNRQVWUXNFMLNXFKHQHN PLNURIDORZFKLLQQFKPLHMVFZNWµUFKVLDVJQDXPRHXOHFSRJRUV]HQLX 1LHZPLHQLDMDNXPXODWRUDZG]ZRQNXZLGHRVDPRG]LHOQLHQLHSUDZLGRZDZPLDQD JUR]LZEXFKHP %DWHULHSDNLHWEDWHULLOXEDNXPXODWRUQLHPRJÇEÉQDUDRQHQDG]LDDQLHSURPLHQL VRQHF]QFKRJQLDOXESRGREQFKZDUXQNµZSU]HJU]DQLD 7HQSURGXNWWRG]ZRQHNGRGU]ZLZLGHRRQLVNLP]XFLXHQHUJLL]ZEXGRZDQP DNXPXODWRUHP1LHXZDMIXQNFMLPRQLWRURZDQLDZF]DVLHU]HF]ZLVWPSU]H]GXV] F]DVSRGF]DVDGRZDQLDDEXQLNQÇÉXWUDW\ZRWQRFLEDWHULL

3/

1LHXZDMXU]ÇG]HQLDZURGRZLVNXR]EWZVRNLHMOXE]EWQLVNLHMWHPSHUDWXU]H QLJGQLHZVWDZLDMXU]ÇG]HQLDQDG]LDDQLHVLOQHJRVRFDOXE]EWZLOJRWQHJR URGRZLVND
2ZLDGF]HQLH))&
=PLDQOXEPRGNDFMHNWµUHQLH]RVWDZUDQLH]DWZLHUG]RQHSU]H]VWURQÛ RGSRZLHG]LDOQÇ]D]JRGQRÉPRJÇXQLHZDQLÉXSUDZQLHQLDXWNRZQLNDGRREVXJL XU]ÇG]HQLD7RXU]ÇG]HQLHMHVW]JRGQH]SU]HSLVDPL))&&]ÛÉ ‘]LDDQLHXU]ÇG]HQLDSRGOHJDQDVWÛSXMÇFPGZµPZDUXQNRP 8U]ÇG]HQLHWRQLHPRHSRZRGRZDÉV]NRGOLZFK]DNµFHRUD] 8U]ÇG]HQLHPXVLDNFHSWRZDÉZV]HONLHRGELHUDQH]DNµFHQLDZWP]DNµFHQLDNWµUH PRJÇSRZRGRZDÉQLHSRÇGDQHG]LDDQLH 8ZDJD1LQLHMV]HXU]ÇG]HQLH]RVWDRSU]HWHVWRZDQHLX]QDQH]D]JRGQH]RJUDQLF]HQLDPL GODXU]ÇG]HFIURZFKNODV%]JRGQLH]F]ÛFLÇSU]HSLVµZ)&&2JUDQLF]HQLDWH ]RVWDRSUDFRZDQHZFHOX]DSHZQLHQLDRGSRZLHGQLHMRFKURQSU]HGV]NRGOLZPL ]DNµFHQLDPLZLQVWDODFMDFKGRPRZFK8U]ÇG]HQLHJHQHUXMHZNRU]VWXMHLPRH HPLWRZDÉHQHUJLÛRF]ÛVWRWOLZRFLUDGLRZHMDMHOLQLH]RVWDQLH]DLQVWDORZDQHLQLH EÛG]LHXZDQH]JRGQLH]LQVWUXNFMDPLPRHSRZRGRZDÉV]NRGOLZH]DNµFHQLDZ NRPXQLNDFMLUDGLRZHM 1LHPDMHGQDNJZDUDQFMLH ]DNµFHQLDQLHZVWÇSLÇZNRQNUHWQHMLQVWDODFML-HOL XU]ÇG]HQLHSRZRGXMHV]NRGOLZH]DNµFHQLDZRGELRU]HUDGLRZPOXEWHOHZL]MQPFR PRQDVWZLHUG]LÉSRSU]H]ZÇF]HQLHLZÇF]HQLHXU]ÇG]HQLD]DFKÛFDVLÛXWNRZQLNDGR SRGMÛFLDSUµEXVXQLÛFLD]DNµFH]DSRPRFÇMHGQHJROXENLONX]SRQLV]FKURGNµZ =PLDQDNLHUXQNXOXESRRHQLDDQWHQRGELRUF]HM =ZLÛNV]HQLHRGOHJRFLSRPLÛG]XU]ÇG]HQLHPDRGELRUQLNLHP 3RGÇF]HQLHXU]ÇG]HQLDGRJQLD]GNDZLQQPREZRG]LHQLWHQGRNWµUHJRSRGÇF]RQ MHVWRGELRUQLN 6NRQVXOWRZDÉVLÛ]HVSU]HGDZFÇOXEGRZLDGF]RQPWHFKQLNLHPUDGLRZRWHOHZL]MQP ZFHOXX]VNDQLDSRPRF 2ZLDGF]HQLH)&&FP1LQLHMV]HXU]ÇG]HQLHMHVW]JRGQH]OLPLWDPLHNVSR]FMLQD SURPLHQLRZDQLH)&&RNUHORQPLGODQLHNRQWURORZDQHJRURGRZLVND8U]ÇG]HQLH SRZLQQREÉ]DLQVWDORZDQHLREVXJLZDQH]]DFKRZDQLHPPLQLPDOQHMRGOHJRFLFP SRPLÛG]SURPLHQQLNLHPDFLDHPXWNRZQLND1DGDMQLNWHQQLHPRHEÉXPLHV]F]RQ ZLQQPPLHMVFXDQLSUDFRZDÉZSRÇF]HQLX]DGQÇLQQÇDQWHQÇOXEQDGDMQLNLHP
3/

,QIRUPDFMDR:((( :V]VWNLHSURGXNWR]QDF]RQHWPVPEROHPVÇ]XWPVSU]ÛWHPHOHNWUF ]QPLHOHNWURQLF]QP:(((MDNZGUHNWZLH8(NWµUQLHSRZLQLHQ EÉPLHV]DQ]QLHSRVRUWRZDQPLRGSDGDPL]JRVSRGDUVWZGRPRZFK =DPLDVWWHJRQDOHFKURQLÉ]GURZLHOXG]NLHLURGRZLVNRQDWXUDOQH
SU]HND]XMÇF]XWVSU]ÛWGRZ]QDF]RQHJRSXQNWX]ELµUNLZFHOXUHFNOLQJX]XWHJR VSU]ÛWXHOHNWUF]QHJRLHOHNWURQLF]QHJRZ]QDF]RQHJRSU]H]U]ÇGOXEZDG]HORNDOQH 3UDZLGRZDXWOL]DFMDLUHFNOLQJSRPRJÇ]DSRELHFSRWHQFMDOQPQHJDWZQPVNXWNRP GODURGRZLVNDQDWXUDOQHJRL]GURZLDOXG]NLHJR3URVLPRNRQWDNW]SURGXFHQWHPOXE ZDG]DPLORNDOQPLDEX]VNDÉZLÛFHMLQIRUPDFMLQDWHPDWORNDOL]DFMLRUD]]DVDGL ZDUXQNµZG]LDDQLDWDNLFKSXQNWµZ]ELµUNL
‘HNODUDFMD]JRGQRFL8( 1LQLHMV]PUPD6KDQJKDL,PLODE7HFKQRORJ&R/WGRZLDGF]DHXU]ÇG]HQLH UDGLRZHWSX’]ZRQHNGRGU]ZL,0,/$%MHVW]JRGQH]GUHNWZÇ8( 1LQLHMV]P6KDQJKDL,PLODE7HFKQRORJ&R/WGRZLDGF]DHVSU]ÛWUDGLRZWSX ‘]ZRQHNGRGU]ZL,0,/$%MHVW]JRGQ]GUHNWZÇ8( 3HQWHNVWGHNODUDFML]JRGQRFL8(MHVWGRVWÛSQSRGQDVWÛSXMÇFPDGUHVHP LQWHUQHWRZP KWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW
3/

%DODUNHQ 9LGHRNDS]LOLYHXYDPRQWDML©LQ

,0,/$%9LGHR .DS=LOL

0RQWDM %UDNHWL

9LGD’HOLáL r0RQWDM .RQXPODQGUPD .DPDV
.DUW

0LFUR86% DUM.DEORVX

.DS=LOL 6¸NPH3LPL

0RQWDM9LGDODU YH$QNUDMODU

,0,/$%$NOO<XYD

U¾QHJHQHOEDN <XYD

*¾© ‘XUXP/(‘

+RSDUO¸U

0LFUR6’.DUW<XYDV

5HVHW’¾áPHVL

75

9LGHR.DS=LOL

.DPHUD/HQVL
,NVHQV¸U¾ /(‘+DONDV .DS]LOL

+DUHNHW6HQV¸U¾ 0LNURIRQ
0LNUR86% DUM*LULL
+RSDUO¸U

6(1.521ò=$6<21 ‘¾áPHVL

6LVWHPLQNXUXOPDV 8JXODPDLQGLULQYHVLVWHPLNXUXQ
,PLODE+RPH8<8/$0$6,1,XJXODPDPDáD]DVQGDQLRVFLKD]ODU YHDRRJOH3OD
GHQ$QGURLGFLKD]ODULQGLULQ

%LULPLODEHYKHVDEL©LQNDGROXQYHGDKDVRQUDNXUXOXPXWDPDPODPDNL©LQ HNUDQGDNLWDOLPDWODUL]OHLQ

75

9LGHRNDS]LOLQLQWDNOPDV
%LU0RQWDM1RNWDV%XOXQ
9LGHRNDS]LOLQL¸QNDSQ]DJ¸W¾U¾QYHDQDQGD8JXODPDGDNLFDQOJ¸U¾Q¾P¾ NRQWUROHGLQòVWHGLáLQL]J¸U¾DODQQHOGHHGHELOHFHáLQL]ELUNRQXPEXOXQ $DáGDNLIDNW¸UOHULJ¸]¸Q¾QGHEXOXQGXUXQ .DS]LOLQLDQGXYDUDDNQHUOHWLUPHNLVWLRUVDQ]GXYDUQJ¸U¾DODQQGD J¸U¾QPHGLáLQGHQHPLQROXQ$NVLWDNGLUGH,5áDQVUYHJHFHJ¸U¾¾EXODQNODU

3R]LVRQXLDUHWOHPHNL©LQ9LGD’HOLáL.RQXPODQGUPD.DUWQGXYDUDHUOHWLULQ

P
P

P
P

0RQWDMGHOLNOHULQLLONNH]D©RUVDQ]WDYVLHHGLOHQPRQWDM¾NVHNOLáLHUGHQ P
GLU %HOLUOLELUWDUDIWDGDKDID]ODVQJ¸UPHNLVWLRUVDQ]rPRQWDMNDPDVQWDPDPODF PRQWDMEUDNHWLRODUDNNXOODQQ

.DS=LOLQL$KDS<¾]HH0RQWH(GLQ
.DS]LOLQLDKDSELU¾]HHPRQWHHGLRUVDQ]¸QGHOPHSLORWGHOLNOHULD©PDQ]DJHUHN RNWXU0RQWDM%UDNHWLQLGXYDUDVDELWOHPHNL©LQYHULOHQYLGDODUNXOODQQ9LGD’HOLáL .RQXPODQGUPD.DUWYLGDGHOLNOHULQLQNRQXPXQXJ¸VWHULU*HUHNHQOHU7RUQDYLGD0RQWDM %UDNHWLr0RQWDM.DPDV0RQWDM9LGDODUYH$QNUDMODU

7RUQDYLGD YHULOPHPLWLU

0RQWDM%UDNHWL

r0RQWDM.DPDV

0RQWDM9LGDODU YH$QNUDMODU

.DS

9LGHR.DS=LOL

r0RQWDMNDPDVROPDGDQ VWWHQJ¸U¾Q¾P

.DS

r 9LGHR.DS=LOL

r0RQWDMNDPDVLOH VWWHQJ¸U¾Q¾P

75

‘XYDU

0RQWDM%UDNHWL

r0RQWDMNDPDVROPDGDQ

‘XYDU

.DPD 0RQWDM

r0RQWDMNDPDLOH

0RQWDM %UDNHWL

75

.DS=LOLQL6HUW0DO]HPHOHUGHQ<DSOP<¾]HOHUH0RQWH(GLQ
.DS]LOLQLWXáODEHWRQVYDJLELVHUWPDO]HPHOHUGHQDSOPELU¾]HHPRQWH HGLRUVDQ]PPPDWNDSXFXLOH9LGD’HOLáL.RQXPODQGUPD.DUWQGDGHOLN D©Q 9HULOHQDQNUDMODUWDNQYHDUGQGDQ0RQWDM%UDNHWLQLGXYDUDVDELWOHPHNL©LQYHULOHQ X]XQYLGDODUNXOODQQ HUHNHQOHU¾©0DWNDEPP0DWNDS8FX0RQWDM%UDNHWLr0RQWDM .DPDV0RQWDM9LGDODUYH$QNUDMODU

.DS=LOLQL%DáOD
.DS]LOLQLDOWWDKL]DODQYHVRQUD¾VWHRWXUWXQ <HULQHRWXUDQDNDGDUEDVWUQ

*¾©0DWNDE YHULOPHPLWLU

PP 0DWNDS8FX

0RQWDM%UDNHWL

r0RQWDM.DPDV

0RQWDM9LGDODU YH$QNUDMODU

‘XYDU

0RQWDM%UDNHWL

r0RQWDMNDPDVROPDGDQ

‘XYDU .DPD 0RQWDM

0RQWDM %UDNHWL

r0RQWDMNDPDLOH

75

LPGLKD]UVQ] .DS]LOLQLV¸NPHNYHDDUMHWPHNLVWLRUVDQ]O¾WIHQDDáGDNLE¸O¾POHULLQFHOHLQ
75

.DS=LOLQL$UQ
.DS]LOLQL0RQWDM%UDNHWLQGHQDUPDNLVWLRUVDQ]YHULOHQNDS]LOLDUPDSLPLQL NXOODQQ .DS]LOLQLQ¾VW¾QGHNLGHOLáHEDVQYHEDVOWXWXQYHDUGQGDQ©NDUPDNL©LQDOWNVPQ NDOGUQ*HUHNHQOHU.DS=LOL6¸NPH3LPL

.DS=LOL6¸NPH3LPL

.DS]LOLQLQDUMHGLOPHVL

986%DUM$OHWL

/(‘
OHUL©LQD©NODPDODU

<XYD/(”XUXPX
<DQSV¸QHQPDYL
6DELWPDYL 0DYLYHWXUXQFXN VUDODDQSV¸QHU <DQSV¸QHQWXUXQFX
6DELWWXUXQFX
/(‘PDYLUHQNWHDQSV¸QHQH NDGDUG¾áPHHEDVQYH VDQLHEDVOWXWXQ

‘XUXP %DáODQWL©LQEHNOHQLRU $áEDáODQWVEDDUOEDáO
$áEDáODQWVDU]DO .DS]LOLQLQEDáODQPDVEHNOHQLRU $JWD]OPJ¾QFHOOHPHVLGHYDPHGLRU
6IUODPDLOHPLQGH XYDHQLGHQEDODU

9LGHR.DS=LOL/(”XUXPX

$©PDNDSDPD
.DS=LOL DUMHGLOLRU
=LOL3,5DOJODPD KDVVDVLHWL DDUOHYL

0DYLNNDWRODQDNDGDUVHQNURQL]DVRQ G¾áPHVLQHEDVQYHVDQLHEDVOWXWXQ
/(‘HLOUHQNWHDQSV¸QHQHNDGDU VHQNURQL]DVRQG¾áPHVLQHEDVQYHVDQLH EDVOWXWXQ .DS]LOLQLV¾UHNOLHLODQSV¸QHUHNDUMHWPHN L©LQ86%
LNXOODQQ 6DELWHLO
7XUXQFXNELUNH]DQSV¸QHU
7XUXQFXNV¾UHNOLRODUDNDQSV¸QHU

=LOLOHYL

.DS]LOLG¾áPHVLQHEDVQDUGQGDQNDS]LOL J¸VWHUJHáPDYLUHQNWHDQSV¸QHFHNWLU

‘XUXP $©OP¾]LáLQLGXDFDNVQ] NDSDQPDP¾]LáLQLGXDFDNVQ] DUM2OXRU 7DPGROX +DUHNHWDOJODDQ3,5 3,5KDUHNHWDOJODPDDGHYDPHGLRU
+HPGRUWDPNDS]LOLKHPGHL© RUWDPXYDVVHV©NDUDFDNWU

75

75

*¾YHQOLNEHDQ 7HNQLN]HOOLNOHU
$G,0,/$%9LGHR.DS=LOL ¸]¾Q¾UO¾N[ U¾Q%RXWODU[[PP DOPD6FDNOár&ar&

0RGHO&06;-$

$©NON)

¾©LULL9$

)&&,’$3$&06;-$

$G,0,/$%=LO<XYDV 0RGHO&0:% ¾©LULL9aK]$0$.6 U¾Q%RXWODU[[PP DOPD6FDNOár&ar& HQLOHWLOHELOLU+DI]D0LFUR6’NDUW%
HNDGDU .DEORVX]%DáODQW:L)L,(((EJQ
+] )&&,’$3$&06;-%
QOHPOHU
%X¾U¾QL©LQXJXQ©DOPDVFDNOáDUDOáaDUDVQGDGUU¾Q¾EHOLUWLOHQ DUDOáQ¾VW¾QGHNLYHDDOWQGDNLVFDNOáDVDKLSELURUWDPGDNXOODQPDQ DUMHGHUNHQEX¾U¾Q¾Q©DOPDVFDNOáDUDOár&ar&
GLUU¾Q¾EHOLUWLOHQDUDOáQ ¾VW¾QGHNLYHDDOWQGDNLVFDNOáDVDKLSELURUWDPGDDUMHWPHLQ U¾Q¾G¾¾NVFDNONRUWDPQGDYHDDUMGXUXPXQGDNXOODQPDNEHNOHPHV¾UHVLQL HWNLOHHFHNWLUHU©HNEHNOHPHV¾UHVLNXOODQFQQRUWDPLOHLOJLOLGLU U¾Q¾QSHUIRUPDQVQDUWUPDNL©LQO¾WIHQYLGHRNDS]LOLPHUFHáLQLSHQFHUHNDSYH EHD]GXYDUJLELDQVWF¾]HOHUHEDNDFDNHNLOGHDGDEXQODUQDQQDHUOHWLUPH LQEXHNLOGHDSOPDVJ¸U¾QW¾Q¾QYLGHRNDS]LOLQHDNQDODQODUGDDUSDUODN GDKDX]DNDODQODUGDLVHGDKDNDUDQONROPDVQDDGDYLGHRNDS]LOLQLQEHD]J¸U¾QW¾ ¾UHWPHVLQHQHGHQRODFDNWU /¾WIHQ¾U¾Q¾:L)LVLQDOLQLQROGXáXDODQODUGDPRQWHHGLQYHFLKD]:L)LVLQDOLQLQ J¾©O¾ROGXáXDODQODUDHUOHWLUPHH©DOQ$UFDJ¾YHQOLNYLGHRNDS]LOLQLVLQDO J¾F¾Q¾QHWNLOHQHELOHFHáLPHWDODSODUGDQPLNURGDOJDIUQODUGDQYHDGLáHU NRQXPODUGDQX]DNWXWXQ 9LGHRNDS]LOLQGHNLSLOLNHQGLQL]GHáLWLUPHLQGRáUXHNLOGHGHáLWLULOPH]VHSDWODPD WHKOLNHVLYDUGU %DWDUDEDWDUDSDNHWLYHDEDWDUDODUJ¾QHáDQJQYHDEHQ]HULDUVQPD NRXOODUQDPDUX]NDOPDPDOGU %X¾U¾QEDWDUDHQWHJUHHGLOPLG¾¾NJ¾©W¾NHWLPOLELUYLGHRNDS]LOLGLU$N¾FDQ NDEQ¸QOHPHNL©LQDUMHGHUNHQHU©HN=DPDQOò]OHPH¸]HOOLáLQLX]XQV¾UH NXOODQPDQ &LKD]RUWDPGD©RN¾NVHNYHD©RNG¾¾NVFDNONWDNXOODQPDQFLKD]DVODJ¾©O¾ J¾QHáDOWQGDYHD©RNVODNRUWDPGDPDUX]EUDNPDQ

75

)&&%HDQ 8XPGDQVRUXPOXWDUDI©DD©N©DRQDODQPDPGHáLLNOLNOHUDGDPRGLNDVRQODU NXOODQFQQFLKD]NXOODQPDHWNLVLQLJH©HUVL]NODELOLU%XFLKD])&&.XUDOODUQQ %¸O¾P¾OHXXPOXGXU .XOODQPDDáGDNLLNLNRXODWDELGLU %XFLKD]]DUDUOJLULLPHQHGHQRODPD]YH %XFLKD]LVWHQPHHQ©DOPDDQHGHQRODELOHFHNJLULLPOHUGHGDKLOROPDN¾]HUH DOQDQKHUW¾UO¾JLULLPLNDEXOHWPHOLGLU 1RW%XFLKD]WHVWHGLOPLWLUYH)&&.XUDOODUQQ%¸O¾P¾XDUQFD6QI%GLMLWDOFLKD] VQUODUODXXPOXROGXáXWHVSLWHGLOPLWLU%XVQUODUHUOHLPDODQQGDNLNXUXOXPODUGD ]DUDUOJLULLPOHUHNDUPDNXONRUXPDVDáODPDNL©LQWDVDUODQPWU%XFLKD]UDGR IUHNDQVHQHUMLVLQL¾UHWLUNXOODQUYHDDELOLUEXQHGHQOHWDOLPDWODUDXJXQHNLOGHPRQWH HGLOPH]VHYHNXOODQOPD]VDUDGRLOHWLLPLQGH]DUDUOJLULLPHQHGHQRODELOLU %XQXQODELUOLNWH¸]HOELUNXUXOXPGDJLULLPROPDDFDáQQJDUDQWLVLRNWXU%XHNLSPDQ UDGRYHDWHOHYL]RQVLQDODOPQGD]DUDUOJLULLPHQHGHQROXUVDEXGXUXPHNLSPDQ D©SNDSDWDUDNEHOLUOHQHELOLUNXOODQFQQDDáGDNL¸QOHPOHUGHQELUYHDELUND©Q NXOODQDUDNJLULLPLG¾]HOWPHH©DOPDV¸QHULOLU $ODQWHQLQLHQLGHQ¸QOHQGLULQDGDHULQLGHáLWLULQ &LKD]YHDOFDUDVQGDNLDUPDUWUQ (NLSPDQDOFQQEDáODQGáGHYUHGHQIDUNOELUGHYUHGHNLSUL]HWDNQ <DUGPDOPDNL©LQEDLDGDX]PDQELUUDGR79WHNQLVHQLQHGDQQ )&&FP%HDQ%XFLKD]NRQWUROV¾]ELURUWDPL©LQEHOLUOHQHQ)&&UDGDVRQDPDUX] NDOPDVQUODUODXXPOXGXU%XFLKD]YHULFLDQWHQYHY¾FXGXQX]DUDVQGDPLQLPXP FPPHVDIHRODFDNHNLOGHPRQWHHGLOPHOLYH©DOWUOPDOGU%XYHULFLGLáHUDQWHQYHD YHULFLOHUOHDQDQDRODFDNHNLOGHHUOHWLULOPHPHOLYHDELUOLNWH©DOWUOPDPDOGU
75

:(((%LOJLVL %XVHPERO¾WDDQW¾P¾U¾QOHUDWNHOHNWULNOLYHHOHNWURQLNFLKD]GU $%GLUHNWLQGHNLJLEL:(((YHDUOPDPHYVHODWNODUODNDUWUO PDPDOGU%XQXQHULQHDWNFLKD]Q]K¾N½PHWYHDHUHOHWNLOLOHUWDUDIQGDQ DWDQPDWNHOHNWULNOLYHHOHNWURQLNFLKD]ODUQJHULG¸Q¾¾P¾L©LQEHOLUOHQPL
WRSODPDQRNWDVQDWHVOLPHGHUHNLQVDQVDáOáQYH©HYUHLNRUXPDOVQ]’RáUXLPKDYH JHULG¸Q¾¾P©HYUHYHLQVDQVDáOáL©LQPXKWHPHOROXPVX]VRQX©ODUQ¸QOHQPHVLQH DUGPFRODFDNWU%XW¾UWRSODPDQRNWDODUQQHULLOHK¾N¾PYHNRXOODUKDNNQGD GDKDID]ODELOJLL©LQO¾WIHQNXUXFXDGDHUHOHWNLOLOHUOHLUWLEDWNXUXQ
$%8JXQOXN%HDQ 6KDQJKDL,PLODE7HFKQRORJ&R/WGWHOVL]HNLSPDQWLSL,0,/$%9LGHR.DS=LOL
¾Q ‘LUHNWLI$%LOHXXPOXROGXáXQXEHDQHGHU 6KDQJKDL,PLODE7HFKQRORJ&R/WGWHOVL]HNLSPDQWLSL,0,/$%=LO<XYDV$% ‘LUHNWLQHXJXQROGXáXQXEHDQHGHU $%XJXQOXNEHDQQQWDPPHWQLQHDDáGDNLLQWHUQHWDGUHVLQGHQXODODELOLU KWWSVZZZLPLODEJOREDOFRPSDJHVHXGHFODUDWLRQRIFRQIRUPLW
75

3DQWRQH&RRO*UD&&0<.

7 7

7

I OO
oeNN dNN

Read User Manual Online (PDF format)

Loading......

Download This Manual (PDF format)

Download this manual  >>

IMILAB User Manuals

Related Manuals