725676
126
Zoom out
Zoom in
Previous page
1/176
Next page
'(
.OLPDJ WHUl
%HQXW]HUKDQGEXFK

ZZZHOHFWUROX[FRP
6XEMHFWWRFKDQJHZLWKRXWQRWLFH
:DUQLQJ&DXWLRQ6DIHW\LQIRUPDWLRQ
*HQHUDOLQIRUPDWLRQDQGWLSV
(QYLURQPHQWDOLQIRUPDWLRQ
&86720(5&$5($1'6(59,&(
$OZD\VXVHRULJLQDOVSDUHSDUWV
:KHQFRQWDFWLQJRXU$XWKRULVHG6HUYLFH&HQWUHHQVXUHWKDW\RXKDYHWKHIROORZLQJ
GDWDDYDLODEOH0RGHO31&6HULDO1XPEHU
7KHLQIRUPDWLRQFDQEHIRXQGRQWKHUDWLQJSODWH
5HJLVWHU\RXUSURGXFWIRUEHWWHUVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
%X\$FFHVVRULHV&RQVXPDEOHVDQG2ULJLQDOVSDUHSDUWVIRU\RXUDSSOLDQFH
ZZZHOHFWUROX[FRPVKRS
9LVLWRXUZHEVLWHWR
*HWXVDJHDGYLFHEURFKXUHVWURXEOHVKRRWHUVHUYLFHLQIRUPDWLRQ
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
7KDQN\RXIRUSXUFKDVLQJDQ(OHFWUROX[DSSOLDQFH<RXಬYHFKRVHQDSURGXFWWKDWEULQJV
ZLWKLWGHFDGHVRISURIHVVLRQDOH[SHULHQFHDQGLQQRYDWLRQ,QJHQLRXVDQGVW\OLVKLW
KDVEHHQGHVLJQHGZLWK\RXLQPLQG6RZKHQHYHU\RXXVHLW\RXFDQEHVDIHLQWKH
NQRZOHGJHWKDW\RXಬOOJHWJUHDWUHVXOWVHYHU\WLPH:HOFRPHWR(OHFWUROX[
:(ಬ5(7+,1.,1*2)<28

6$)(7<,1)250$7,21

6$)(7<,16758&7,21

81,7'(6&5,37,21 

$&&(6625,(6,1&/8'(' 

,167$//$7,21,16758&7,216 

$,5&21',7,21(5)($785(6 

23(5$7,1*,16758&7,216 

&$5(&/($1,1* 

7528%/(6+227,1* 

(19,5210(17$/&21&(516 
&217(176
(1*/,6+

6$)(7<,1)250$7,21
:$51,1*
ವ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
ವ&KLOGUHQVKDOOQRWSOD\ZLWKWKHDSSOLDQFH
ವ,IWKHVXSSO\FRUGLVGDPDJHGLWPXVWEHUHSODFHG
E\WKHPDQXIDFWXUHULWVVHUYLFHDJHQWRUVLPLODUO\
TXDOLᚏHGSHUVRQVLQRUGHUWRDYRLGDKD]DUG
7KLVPDQXDOH[SODLQVWKHSURSHUXVHRI\RXUQHZDLU
FRQGLWLRQHU3OHDVHUHDGWKLVPDQXDOFDUHIXOO\EHIRUH
XVLQJWKHSURGXFW7KLVPDQXDOVKRXOGEHNHSWLQDVDIH
SODFHIRUKDQG\UHIHUHQFH
6\PERO 1RWH ([SODQDWLRQ
:$51,1*
&$87,21
&$87,21
&$87,21
7KLVV\PEROVKRZVWKDWWKLVDSSOLDQFHXVHV
DIODPPDEOHUHIULJHUDQW,IWKHUHIULJHUDQWLVOHDNHG
DQGH[SRVHGWRDQH[WHUQDOLJQLWLRQVRXUFHWKHUH
LVDULVNRIILUH
7KLVV\PEROVKRZVWKDWWKHRSHUDWLRQPDQXDO
VKRXOGEHUHDGFDUHIXOO\
7KLVV\PEROVKRZVWKDWDVHUYLFHSHUVRQQHOVKRXOG
EHKDQGOLQJWKLVHTXLSPHQWZLWKUHIHUHQFHWRWKH
LQVWDOODWLRQPDQXDO
7KLVV\PEROVKRZVWKDWLQIRUPDWLRQLVDYDLODEOHVXFK
DVWKHRSHUDWLQJPDQXDORULQVWDOODWLRQPDQXDO
&$87,21
ವ&RQWDFWDXWKRULVHGVHUYLFHWHFKQLFLDQIRUUHSDLU
RUPDLQWHQDQFHRIWKLVXQLW
ವ&RQWDFWWKHLQVWDOOHUIRULQVWDOODWLRQRIWKLVXQLW
ZZZHOHFWUROX[FRP

3RLQWWR.HHSLQ0LQG:KHQ8VLQJ<RXU
$LU&RQGLWLRQHU
&$87,21
:DUQLQJVIRUXVH
ವ'RQRWPRGLI\DQ\SDUWRIWKLVSURGXFW
ವ'RQRWLQVHUWDQ\WKLQJLQWRDQ\SDUWRIWKHXQLW
ವ(QVXUHWKHSRZHUVXSSO\XVHGKDVDQDSSURSULDWH
YROWDJHUDWLQJ2QO\XVHD9+]$
PDLQVHOHFWULFLW\VXSSO\8VHRIDSRZHUVXSSO\
ZLWKDQLPSURSHUYROWDJHUDWLQJFDQUHVXOWLQ
GDPDJHWRWKHXQLWDQSRVVLEO\ᚏUH

,PSRUWDQWQRWHV
'RQRWRSHUDWHXQLWZLWKRXWWKHDLUᚏOWHU
'RQRWRSHUDWHXQLWQHDUDQ\KHDWVRXUFHRURSHQᚏUH
'RQRWH[SRVHWKHXQLWRXWVLGHWRGLUHFWVXQOLJKWDQGUDLQ
$OZD\VVWRUHRUPRYHWKHXQLWLQDQXSULJKWSRVLWLRQ
'RQRWFRYHUWKHDSSOLDQFHZKHQLQRSHUDWLRQ
RULPPHGLDWHO\DIWHUXVH
$OZD\VGUDLQFRQGHQVDWLRQEHIRUHVWRULQJXQLW
ವ7KHDLUFRQGLWLRQHULVQRWLQWHQGHGIRUXVHE\\RXQJ
FKLOGUHQRILQᚏUPHGSHUVRQVZLWKRXWVXSHUYLVLRQ
ವ<RXQJFKLOGUHQVKRXOGEHVXSHUYLVHGWRHQVXUH
WKDWWKH\GRQRWSOD\ZLWKWKHDLUFRQGLWLRQHU
ವ7KHUHDUHORFDOFRXQFLOUXOHVUHJDUGLQJPD[LPXP
DOORZDEOHQRLVHOHYHOVHPLWWHGE\DLUFRQGLWLRQHUV
ವ,IWKHSRZHUFRUGLVWREHUHSODFHGUHSODFHPHQWZRUN
VKDOOEHSHUIRUPHGE\DXWKRULVHGSHUVRQQHORQO\
ವ,QVWDOODWLRQZRUNPXVWEHSHUIRUPHGLQDFFRUGDQFH
ZLWKWKHQDWLRQDOZLULQJVWDQGDUGVE\DXWKRULVHG
SHUVRQQHORQO\LIDSSOLFDEOH,QFRUUHFWFRQQHFWLRQ
FDQFDXVHRYHUKHDWLQJDQGᚏUH
ವ7DNHFDUHQRWWRFDWFKᚏQJHUVRQIDQZKHQDGMXVWLQJ
KRUL]RQWDOORXYUHV
ವ7KHIXVHLV9$FHUDPLFW\SH
ವ&OHDQLQJDQGXVHUPDLQWHQDQFHVKDOOQRWEHPDGH
E\FKLOGUHQZLWKRXWVXSHUYLVLRQ%HDZDUHWKDW
UHIULJHUDQWVPD\QRWFRQWDLQDQRGRXU
(1*/,6+
ವ7KLVSRZHUSOXJPXVWRQO\EHSOXJJHGLQWRDQ
DSSURSULDWHZDOOVRFNHW'RQRWXVHLQFRQMXQFWLRQ
ZLWKDQ\H[WHQVLRQFRUGV
ವ3XVKWKHSRZHUSOXJVHFXUHO\LQWRWKHVRFNHWDQG
PDNHVXUHLWLVQRWORRVH
ವ'RQRWSXOOGHIRUPRUPRGLI\WKHSRZHUVXSSO\
FRUGRULPPHUVHLWLQZDWHU3XOOLQJRUPLVXVHRI
WKHSRZHUVXSSO\FRUGFDQUHVXOWLQGDPDJHWRWKH
XQLWDQGFDXVHHOHFWULFDOVKRFN
ವ,IWKHVXSSO\FRUGLVGDPDJHGLWPXVWEHUHSODFHG
E\WKHPDQXIDFWXUHURULWVVHUYLFHDJHQWRU
DVLPLODUO\TXDOLᚏHGSHUVRQLQRUGHUWRDYRLG
DKD]DUG8VHRQO\WKHPDQXIDFWXUHUVSHFLᚏHG
SRZHUFRUGIRUUHSODFHPHQW
ವ7KLVDSSOLDQFHPXVWEHHDUWKHG7KLVDSSOLDQFH
LVHTXLSSHGZLWKDFRUGKDYLQJDQHDUWKZLUH
7KHSOXJPXVWEHSOXJJHGLQWRDQRXWOHWWKDWLV
SURSHUO\LQVWDOOHGDQGHDUWKHG'RQRWXQGHUDQ\
FLUFXPVWDQFHVFXWRUUHPRYHWKHVTXDUHHDUWKHG
SLQRQO\IRU8.IURPWKLVSOXJ
&$87,21
:DUQLQJIRUSRZHUVXSSO\FRUG
ವ$OZD\VXVHDDQWLH[SORVLYHFLUFXLWEUHDNHURU
IXVHZLWKWKHSURSHUDPSUDWLQJ'RQRWXQGHU
DQ\FLUFXPVWDQFHVXVHZLUHSLQVRURWKHUREMHFWV
LQSODFHRIDSURSHUIXVH
ವ,QWKHHYHQWRIDQ\DEQRUPDOLW\ZLWKWKHDLUFRQGLWLRQHU
HJDEXUQLQJVPHOOGRQRWSXOORXWWKHSOXJGLUHFWO\
RSHQWKHZLQGRZIRUYHQWLODWLRQᚏUVWO\WKHQWXUQWKH
XQLWRᚎDQGGLVFRQQHFWWKHSRZHUVXSSO\
Plug
Grounding tab
ZZZHOHFWUROX[FRP

8VDJHFDXWLRQV
ವ%HVXUHWRWXUQWKHXQLWRᚎDQGGLVFRQQHFWWKHSRZHU
VXSSO\FRUGEHIRUHSHUIRUPLQJDQ\PDLQWHQDQFHRU
FOHDQLQJ
ವ'RQRWSXWXQLWQHDUDQ\KHDWVRXUFHRURSHQᚏUHZKHQ
\RXUHSODFLQJWKHᚏOWHUV
ವ'RQRWVSODVKRUSRXUZDWHUGLUHFWO\RQWRWKHXQLW:DWHU
FDQFDXVHHOHFWULFDOVKRFNRUHTXLSPHQWGDPDJH
ವ'UDLQDJHVKRXOGEHSHUIRUPHGZKHQHYHUPRYLQJWKH
DLUFRQGLWLRQHU,IDQ\ZDWHUUHPDLQVLQWKHWDQNLWPD\
VSLOORXWZKLOHEHLQJPRYHG
ವ7RHQVXUHSURSHUGUDLQDJHWKHGUDLQDJHKRVHPXVW
KDYHQRNLQNVDQGPXVWQRWEHHOHYDWHGGXULQJ
GHKXPLGLᚏFDWLRQPRGH,IQRWWKHGUDLQHGZDWHUPD\
VSLOORXWLQWRWKHURRP
ವ7KHWHPSHUDWXUHDURXQGWKHGUDLQDJHKRVHPXVWQRW
EHEHORZIUHH]LQJSRLQWZKHQXVHG'UDLQHGZDWHUPD\
IUHH]HLQVLGHWKHKRVHFDXVLQJZDWHULQVLGHWKHXQLWWR
RYHUᚐRZLQWRWKHURRP
ವ'RQRWEORFNWKHH[KDXVWDLURXWOHWZLWKREVWDFOHV&RROLQJ
SHUIRUPDQFHPD\EHUHGXFHGRUVWRSFRPSOHWHO\
ವ3URYLGHDDQWLH[SORVLYHUHVLGXDOFXUUHQWGHYLFH5&'
LQRUGHUWRSURWHFWDJDLQVWHOHFWULFVKRFNLQDFFRUGDQFH
ZLWK%ULWLVK6WDQGDUGDQG:LULQJ5XOHV
ವ([SRVXUHWRGLUHFWDLUᚐRZIRUDQH[WHQGHGSHULRGRI
WLPHFRXOGEHKD]DUGRXVWR\RXUKHDOWK'RQRWH[SRVH
RFFXSDQWVSHWVRUSODQWVWRGLUHFWDLUᚐRZIRUH[WHQGHG
SHULRGVRIWLPH
ವ'RQRWXVHWKLVDLUFRQGLWLRQHUIRUQRQVSHFLᚏHGVSHFLDO
SXUSRVHVHJSUHVHUYLQJSUHFLVLRQGHYLFHVIRRGSHWV
SODQWVDQGDUWREMHFWV8VDJHLQVXFKDPDQQHUFRXOG
KDUPVXFKSURSHUW\
ವ'RQRWXVHPHDQVWRDFFHOHUDWHWKHGHIURVWLQJSURFHVV
RUWRFOHDQRWKHUWKDQWKRVHUHFRPPHQGHGE\WKH
PDQXIDFWXUHU
RQO\IRU8.
Plug
Square earthed pin
(1*/,6+
ವ7KHDSSOLDQFHVKDOOEHVWRUHGLQDURRPZLWKRXW
FRQWLQXRXVO\RSHUDWLQJLJQLWLRQVRXUFHVIRUH[DPSOH
RSHQᚐDPHVDQRSHUDWLQJJDVDSSOLDQFHRUDQ
RSHUDWLQJHOHFWULFKHDWHU
ವ'RQRWSLHUFHRUEXUQ
ವ&RPSOLDQFHZLWKQDWLRQDOJDVUHJXODWLRQVVKDOO
EHREVHUYHG
ವ.HHSYHQWLODWLRQRSHQLQJVFOHDURIREVWUXFWLRQ
ವ7KHDSSOLDQFHVKDOOEHVWRUHGLQDZHOOYHQWLODWHGDUHD
ZKHUHWKHURRPVL]HODUJHUWKDQP
:$51,1*
ವ7KRURXJKO\UHDGDOORIWKHZDUQLQJV
ವ:KHQGHIURVWLQJDQGFOHDQLQJWKHDSSOLDQFHGR
QRWXVHDQ\WRROVRWKHUWKDQWKRVHUHFRPPHQGHG
E\WKHPDQXIDFWXULQJFRPSDQ\
ವ7KHDSSOLDQFHPXVWEHSODFHGLQDQDUHDZLWKRXW
DQ\FRQWLQXRXVVRXUFHVRILJQLWLRQIRUH[DPSOH
RSHQᚐDPHVJDVRUHOHFWULFDODSSOLDQFHVLQ
RSHUDWLRQ
ವ'RQRWSXQFWXUHDQGGRQRWEXUQ
ವ5HIULJHUDQWJDVHVFDQEHRGRXUOHVV
ವ7KHDSSOLDQFHPXVWEHLQVWDOOHGXVHGDQGVWRUHG
LQDQDUHDWKDWLVJUHDWHUWKDQP
ವ7KLVDSSOLDQFHFRQWDLQVDFHUWDLQQXPEHURI
JUDPVVHHUDWLQJODEHOEDFNRIXQLWRI5
UHIULJHUDQWJDV
ವ5LVDUHIULJHUDQWJDVWKDWFRPSOLHVZLWKWKH
(XURSHDQGLUHFWLYHVRQWKHHQYLURQPHQW'RQRW
SXQFWXUHDQ\SDUWRIWKHUHIULJHUDQWFLUFXLW
ವ,IWKHDSSOLDQFHLVLQVWDOOHGRSHUDWHGRUVWRUHGLQ
DQRQYHQWLODWHGDUHDWKHURRPPXVWEHGHVLJQHG
WRSUHYHQWWKHDFFXPXODWLRQRIUHIULJHUDQWOHDNV
UHVXOWLQJLQDULVNRIᚏUHRUH[SORVLRQGXHWRLJQLWLRQ
3/($6(127(&+(&.7+(3/$7()257+(7<3(
2)5()5,*(5$17*$686(',1<285$33/,$1&(
6SHFLᚏFLQIRUPDWLRQUHJDUGLQJDSSOLDQFHVZLWK5
UHIULJHUDQWJDV
ZZZHOHFWUROX[FRP
RIWKHUHIULJHUDQWFDXVHGE\HOHFWULFKHDWHUV
VWRYHVRURWKHUVRXUFHVRILJQLWLRQ
ವ7KHDSSOLDQFHPXVWEHVWRUHGLQVXFKDZD\
DVWRSUHYHQWPHFKDQLFDOIDLOXUH
ವ,QGLYLGXDOVZKRRSHUDWHRUZRUNRQWKHUHIULJHUDQW
FLUFXLWPXVWKDYHWKHDSSURSULDWHFHUWLᚏFDWLRQ
LVVXHGE\DQDFFUHGLWHGRUJDQLVDWLRQWKDWHQVXUHV
FRPSHWHQFHLQKDQGOLQJUHIULJHUDQWVDFFRUGLQJ
WRDVSHFLᚏFHYDOXDWLRQUHFRJQL]HGE\DVVRFLDWLRQV
LQWKHLQGXVWU\
ವ5HSDLUVPXVWEHSHUIRUPHGEDVHGRQWKH
UHFRPPHQGDWLRQVIURPWKHPDQXIDFWXULQJ
FRPSDQ\0DLQWHQDQFHDQGUHSDLUVWKDWUHTXLUH
WKHDVVLVWDQFHRIRWKHUTXDOLᚏHGSHUVRQQHO
PXVWEHSHUIRUPHGXQGHUWKHVXSHUYLVLRQRI
DQLQGLYLGXDOVSHFLᚏHGLQWKHXVHRIᚐDPPDEOH
UHIULJHUDQWV
7UDQVSRUWRIHTXLSPHQWFRQWDLQLQJᅨDPPDEOH
UHIULJHUDQWV
6HHWUDQVSRUWUHJXODWLRQV
0DUNLQJRIHTXLSPHQWXVLQJVLJQV
6HHORFDOUHJXODWLRQV
'LVSRVDORIHTXLSPHQWXVLQJᅨDPPDEOHUHIULJHUDQWV
6HHQDWLRQDOUHJXODWLRQV
6WRUDJHRIHTXLSPHQWDSSOLDQFHV
7KHVWRUDJHRIHTXLSPHQWVKRXOGEHLQDFFRUGDQFHZLWK
WKHPDQXIDFWXUHUಬVLQVWUXFWLRQV
6WRUDJHRISDFNHGXQVROGHTXLSPHQW
6WRUDJHSDFNDJHSURWHFWLRQVKRXOGEHFRQVWUXFWHGVXFK
WKDWPHFKDQLFDOGDPDJHWRWKHHTXLSPHQWLQVLGHWKH
SDFNDJHZLOOQRWFDXVHDOHDNRIWKHUHIULJHUDQWFKDUJH
7KHPD[LPXPQXPEHURISLHFHVRIHTXLSPHQWSHUPLWWHG
WREHVWRUHGWRJHWKHUZLOOEHGHWHUPLQHGE\ORFDO
UHJXODWLRQV

$GGLWLRQDOLQIRUPDWLRQ
(1*/,6+

:DUQLQJGXULQJXVDJH
7RSUHYHQWLQMXU\WRWKHXVHURURWKHU
SHRSOHDQGSURSHUW\GDPDJHWKH
IROORZLQJLQVWUXFWLRQVPXVWEHIROORZHG
,QFRUUHFWRSHUDWLRQGXHWRLJQRULQJ
LQVWUXFWLRQVPD\FDXVHKDUPRUGDPDJH
7KHVHULRXVQHVVLVFODVVLᚏHGE\WKH
IROORZLQJLQGLFDWLRQV
7KLVV\PEROLQGLFDWHVWKHSRVVLELOLW\
RIGHDWKRUVHULRXVLQMXU\
:DUQLQJGXULQJXVDJH
7KLVV\PEROLQGLFDWHVWKHSRVVLELOLW\
RILQMXU\RUGDPDJHWRSURSHUW\
:$51,1*
:$51,1*
&$87,21
0HDQLQJVRIV\PEROVXVHGLQWKLVPDQXDO
DUHVKRZQEHORZ
7KLVV\PEROLQGLFDWHVQHYHU
WRGRWKLV
7KLVV\PEROLQGLFDWHVDOZD\V
GRWKLV

6$)(7<,16758&7,21

1RWHVRQ2SHUDWLRQ
ವ $OORZPLQXWHVIRUWKHFRPSUHVVRU
WRUHVWDUWFRROLQJ,I\RXWXUQWKHDLU
FRQGLWLRQHURᚎDQGLPPHGLDWHO\UHVWDUW
LWDOORZPLQXWHVIRUWKHFRPSUHVVRU
WRUHVWDUWFRROLQJ7KHUHLVDQHOHFWURQLF
GHYLFHLQWKHXQLWWKDWNHHSVWKH
FRPSUHVVRUWXUQHGRᚎIRUPLQXWHV
IRUVDIHW\
ವ ,QWKHHYHQWRIDSRZHUIDLOXUHGXULQJ
XVHDOORZPLQXWHVEHIRUHUHVWDUWLQJ
WKHXQLW$IWHUSRZHULVUHLQVWDWHGUHVWDUW
WKHDLUFRQGLWLRQHU,IWKHSRZHUZDVRᚎ
IRUOHVVWKDQIRXUPLQXWHVEHVXUHWRZDLW
DWOHDVWIRXUPLQXWHVEHIRUHUHVWDUWLQJ
WKHXQLWLI\RXUHVWDUWWKHDLUFRQGLWLRQHU
ZLWKLQIRXUPLQXWHVDSURWHFWLYHGHYLFH
LQWKHXQLWPD\FDXVHWKHFRPSUHVVRU
WRVKXWRᚎ7KLVSURWHFWLYHGHYLFHZLOO
SUHYHQWFRROLQJIRUDERXWPLQXWHV$Q\
SUHYLRXVVHWWLQJZLOOEHFDQFHOOHGDQG
WKHXQLWZLOOUHWXUQWRLWVLQLWLDOVHWWLQJ
ವ :KHQ\RXWXUQWKHXQLWRᚎLQFRROLQJ
PRGHWKHFRPSUHVVRUZLOOVKXWRᚎ
LPPHGLDWHO\DQGWKHXSSHUXQGHUIDQ
PRWRUZLOOVWRSUXQQLQJDIWHUVHFRQGV
LIRSHUDWHWKHXQLWWRIDQPRGHIURP
FRROLQJPRGHWKHFRPSUHVVRUZLOOVKXW
RᚎLPPHGLDWHO\DQGWKHXQGHUIDQPRWRU
ZLOOVWRSUXQQLQJDIWHUVHFRQGVDQGLI
RSHUDWHWKHXQLWWRKHDWLQJPRGHIURP
FRROLQJPRGHWKHFRPSUHVVRUZLOOVKXW
RᚎLPPHGLDWHO\DQGWKHXQGHUIDQPRWRU
ZLOOVWRSUXQQLQJDIWHUVHFRQGV
ವ /RZWHPSHUDWXUHRSHUDWLRQ,V\RXU
XQLWIUHH]LQJXS")UHH]LQJPD\RFFXU
ZKHQWKHXQLWLVVHWFORVHWRr&LQ
ORZDPELHQWWHPSHUDWXUHFRQGLWLRQV
HVSHFLDOO\DWQLJKW,QWKHVHFRQGLWLRQV
DIXUWKHUWHPSHUDWXUHGURSPD\FDXVHWKH
XQLWWRIUHH]H6HWWLQJWKHXQLWWRDKLJKHU
WHPSHUDWXUHZLOOSUHYHQWLWIURPIUHH]LQJ
ವ 'HKXPLGLᚏFDWLRQPRGHLQFUHDVHVURRP
WHPSHUDWXUH7KHXQLWJHQHUDWHVKHDW
GXULQJGHKXPLGLᚏFDWLRQPRGHDQGWKH
URRPWHPSHUDWXUHZLOOULVH:DUPDLU
ZLOOEHEORZQRXWIURPWKHH[KDXVWDLU
RXWOHWEXWWKLVLVQRUPDODQGGRHVQRW
LQGLFDWHDSUREOHPZLWKWKHXQLW
ವ 7KLVDLUFRQGLWLRQHUEORZVWKHZDUPDLU
JHQHUDWHGE\WKHXQLWRXWVLGHWKHURRP
YLDWKHH[KDXVWKRVHZKLOHLQFRROPRGH
,QWKHPHDQWLPHWKHVDPHDPRXQW
RIDLUZLOOHQWHUWKHURRPIURPRXWVLGH
WKURXJKDQ\RSHQLQJVRIWKHURRP
ವ $Q\SHUVRQZKRLVLQYROYHGZLWKZRUNLQJ
RQRUEUHDNLQJLQWRDUHIULJHUDQWFLUFXLW
VKRXOGKROGDFXUUHQWYDOLGFHUWLᚏFDWH
IURPDQLQGXVWU\DFFUHGLWHGDVVHVVPHQW
DXWKRULW\ZKLFKDXWKRULVHVWKHLU
FRPSHWHQFHWRKDQGOHUHIULJHUDQWV
VDIHO\LQDFFRUGDQFHZLWKDQLQGXVWU\
UHFRJQLVHGDVVHVVPHQWVSHFLᚏFDWLRQ
ವ 6HUYLFLQJVKDOORQO\EHSHUIRUPHG
DVUHFRPPHQGHGE\WKHHTXLSPHQW
PDQXIDFWXUHU0DLQWHQDQFHDQGUHSDLU
UHTXLULQJWKHDVVLVWDQFHRIRWKHUVNLOOHG
SHUVRQQHOVKDOOEHFDUULHGRXWXQGHUWKH
VXSHUYLVLRQRIWKHSHUVRQFRPSHWHQWLQ
WKHXVHRIᚐDPPDEOHUHIULJHUDQWV
ವ 7KHZRUNLQJWHPSHUDWXUHUDQJHRIWKH
DLUFRQGLWLRQHULVr&r)
XQGHUFRROLQJPRGHr&r)
XQGHUKHDWLQJPRGH
 ZZZHOHFWUROX[FRP
:DUQLQJ 0HDQLQJ
3OXJLQSRZHUSOXJSURSHUO\ 2WKHUZLVHLWPD\FDXVHHOHFWULFVKRFN
ᚏUHDQGH[SORVLRQGXHWRH[FHVVKHDW
JHQHUDWLRQ
'RQRWRSHUDWHRUVWRSWKHXQLWE\
LQVHUWLQJRUSXOOLQJRXW'LHSRZHUSOXJ
,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQGXHWRKHDWJHQHUDWLRQ
'RQRWGDPDJHRUXVHDQXQVSHFLᚏHG
SRZHUFRUG
,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQ,IWKHSRZHUFRUGLVGDPDJHG
LWPXVWEHUHSODFHGE\WKHPDQXIDFWXUHU
RUDQDXWKRULVHGVHUYLFHFHQWUHRU
DVLPLODUO\TXDOLᚏHGSHUVRQLQRUGHU
WRDYRLGDKD]DUG
'RQRWPRGLI\SRZHUFRUGOHQJWKRU
VKDUHWKHRXWOHWZLWKRWKHUDSSOLDQFHV
,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQGXHWRKHDWJHQHUDWLRQ
'RQRWRSHUDWHZLWKZHWKDQGVRULQ
GDPSHQYLURQPHQW
,WPD\FDXVHHOHFWULFVKRFN
'RQRWGLUHFWDLUᚐRZDWURRPRFFXSDQWV 7KLVFRXOGKDUP\RXUKHDOWK
$OZD\VHQVXUHHᚎHFWLYHHDUWKLQJ ,QFRUUHFWHDUWKLQJPD\FDXVHHOHFWULF
VKRFN
'RQRWDOORZZDWHUWRUXQLQWRHOHFWULF
SDUWV
,WPD\FDXVHIDLOXUHRIXQLWRUHOHFWULF
VKRFN
$OZD\VLQVWDOOFLUFXLWEUHDNHUDQG
DGHGLFDWHGSRZHUFLUFXLW
,QFRUUHFWLQVWDOODWLRQPD\FDXVHHOHFWULF
VKRFNᚏUHDQGH[SORVLRQ
8QSOXJWKHXQLWLIVWUDQJHVRXQGVVPHOO
RUVPRNHFRPHVIURPLW
,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQ
'RQRWXVHWKHVRFNHWLILWLVORRVH
RUGDPDJHG
,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQ
'RQRWRSHQWKHXQLWGXULQJRSHUDWLRQ ,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQ
.HHSᚏUHDUPVDZD\ ,WPD\FDXVHᚏUHDQGH[SORVLRQ
'RQRWXVHWKHSRZHUFRUGFORVH
WRKHDWLQJDSSOLDQFHV
,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQ
'RQRWXVHWKHSRZHUFRUGQHDU
ᚐDPPDEOHJDVRUFRPEXVWLEOHVVXFK
DVJDVROLQHEHQ]HQHWKLQQHUHWF
,WPD\FDXVHHOHFWULFVKRFNᚏUHDQG
H[SORVLRQ
9HQWLODWHURRPEHIRUHRSHUDWLQJDLU
FRQGLWLRQHULIWKHUHLVDJDVOHDNDJH
IURPDQRWKHUDSSOLDQFH
,WPD\FDXVHH[SORVLRQᚏUHH[SORVLRQ
DQGEXUQV
'RQRWGLVDVVHPEOHRUPRGLI\XQLW ,WPD\FDXVHIDLOXUHDQGHOHFWULFVKRFN
(1*/,6+
&$87,21
&DXWLRQ 0HDQLQJ
:KHQWKHDLUᚏOWHULVWREHUHPRYHG
GRQRWWRXFKWKHPHWDOSDUWVRIWKHXQLW
,WPD\FDXVHDQLQMXU\
'RQRWFOHDQWKHDLUFRQGLWLRQHUZLWK
ZDWHU
:DWHUPD\HQWHUWKHXQLWDQGGHJUDGHWKH
LQVXODWLRQ,WPD\FDXVHDQHOHFWULFVKRFN
9HQWLODWHWKHURRPZHOOZKHQXVHG
WRJHWKHUZLWKDVWRYHHWF
$QR[\JHQVKRUWDJHPD\RFFXU
:KHQWKHXQLWLVWREHFOHDQHGVZLWFK
RᚎDQGWXUQRᚎWKHFLUFXLWEUHDNHU
'RQRWFOHDQXQLWZKHQSRZHULVRQDV
LWPD\FDXVHᚏUHH[SORVLRQDQGHOHFWULF
VKRFNLWPD\FDXVHDQLQMXU\
'RQRWSODFHDSHWRUKRXVHSODQWZKHUH
LWZLOOEHH[SRVHGWRGLUHFWDLUᚐRZ
7KLVFRXOGLQMXUHWKHSHWRUSODQW
'RQRWXVHIRUVSHFLDOSXUSRVHV 'RQRWXVHWKLVDLUFRQGLWLRQHUWR
SUHVHUYHSUHFLVLRQGHYLFHVIRRGSHWV
SODQWVDQGDUWREMHFWV,WPD\FDXVH
GHWHULRUDWLRQRITXDOLW\HWF
6WRSRSHUDWLRQDQGFORVHWKHZLQGRZ
LQVWRUPRUF\FORQH
2SHUDWLRQZLWKZLQGRZVRSHQHGPD\
FDXVHZHWWLQJRILQGRRUDQGVRDNLQJ
RIKRXVHKROGIXUQLWXUH
+ROGWKHSOXJE\WKHKHDGRIWKHSRZHU
SOXJZKHQWDNLQJLWRXW
,WPD\FDXVHHOHFWULFVKRFNDQGGDPDJH
7XUQRᚎWKHPDLQSRZHUVZLWFKZKHQQRW
XVLQJWKHXQLWIRUDORQJWLPH
,WPD\FDXVHIDLOXUHRISURGXFWRUᚏUHDQG
H[SORVLRQ
'RQRWSODFHREVWDFOHVDURXQGDLULQOHWV
RULQVLGHRIDLURXWOHW
,WPD\FDXVHIDLOXUHRIDSSOLDQFH
RUDFFLGHQW
$OZD\VLQVHUWWKHᚏOWHUVVHFXUHO\
&OHDQᚏOWHURQFHHYHU\WZRZHHNV
2SHUDWLRQZLWKRXWᚏOWHUVPD\FDXVH
IDLOXUH
'RQRWXVHVWURQJGHWHUJHQWVXFK
DVZD[RUWKLQQHUXVHDVRIWFORWK
$SSHDUDQFHPD\EHGHWHULRUDWHGGXH
WRFKDQJHRISURGXFWFRORXURUVFUDWFKLQJ
RILWVVXUIDFH
'RQRWSODFHKHDY\REMHFWRQWKHSRZHU
FRUGDQGHQVXUHWKDWWKHFRUGLVQRW
FRPSUHVVHG
7KHUHLVGDQJHURIᚏUHH[SORVLRQ
RUHOHFWULFVKRFN
'RQRWGULQNZDWHUGUDLQHGIURP
DLUFRQGLWLRQHU
,WFRQWDLQVFRQWDPLQDQWVDQGFRXOGPDNH
\RXVLFN
8VHFDXWLRQZKHQXQSDFNLQJDQGLQVWDOOLQJ 6KDUSHGJHVFRXOGFDXVHLQMXU\
,IZDWHUHQWHUVWKHXQLWWXUQWKHXQLWRᚎDW
WKHSRZHURXWOHWDQGVZLWFKRᚎWKHFLUFXLW
EUHDNHU,VRODWHVXSSO\E\WDNLQJWKH
SRZHUSOXJRXWDQGFRQWDFWDTXDOLᚏHG
VHUYLFHWHFKQLFLDQ
,WFRXOGFDXVHHOHFWULFVKRFNDQGGDPDJH
 ZZZHOHFWUROX[FRP




81,7'(6&5,37,21
ವ &KHFNDOOWKHDFFHVVRULHVDUHLQFOXGHGLQWKHSDFNDJHDQGSOHDVHUHIHUWRWKHLQVWDOODWLRQ
LQVWUXFWLRQVIRUWKHLUXVDJH




5HPRWHFRQWURO
6LJQDOUHFHLYHU
&DUU\LQJKDQGOHERWKVLGHV
$LULQWDNH
5RRPDLURXWOHW
$LUH[KDXVW
3RZHUSOXJVRFNHW
&DVWRU
&RQWUROSDQHO
3RZHUFRUG
&RQWLQXRXVGUDLQRXWOHW
%RWWRPGUDLQRXWOHW
3XPSGUDLQRXWOHW

$&&(6625,(6,1&/8'('
3$576 3$5761$0( 48$17,7<
$GDSWRU$([KDXVWGXFW
$GDSWRU%ᚐDWPRXWK
'UDLQKRVH
5HPRWHFRQWURO
VHW
SF
VHW
%DWWHU\53ಯ$$$ರ9 SFV
(1*/,6+

,167$//$7,21,16758&7,216

([KDXVWLQJKRWDLU
,QWKH&RRO0RGHWKHDSSOLDQFHPXVWEH
SODFHGFORVHWRDZLQGRZRURSHQLQJVR
WKDWWKHZDUPH[KDXVWDLUFDQEHGXFWHG
RXWVLGH)LUVWSRVLWLRQXQLWRQDᚐDWᚐRRU
DQGPDNHVXUHWKHUHಬVDPLQLPXPRI
FPFOHDUDQFHDURXQGWKHXQLWDQGLV
ZLWKLQWKHYLFLQLW\RIDVLQJOHFLUFXLWRXWOHW
SRZHUVRXUFH

([WHQGHLWKHUVLGHRIWKHKRVH)LJ
DQGVFUHZWKHKRVHWRDGDSWRU$)LJ

,QVWDOOWKHDGDSWRU$LQWRWKHXQLW)LJ
)LJ

([WHQGWKHRWKHUVLGHRIWKHKRVHDQG
VFUHZLWWRDGDSWRU%)LJ
)LJ
)LJ
)LJ
/RFN
6OLGHRQWR
7KHKRVHFDQEHH[WHQGHGIURP
LWVRULJLQDOOHQJWKRIFPXSWR
FPEXWLWLVWKHEHVWWRNHHS
WKHOHQJWKWRPLQLPXPUHTXLUHG
$OVRPDNHVXUHWKDWWKHKRVHGRHV
QRWKDYHDQ\VKDUSEHQGVRUVDJV
)LJ
7KHDGDSWRU$DOUHDG\EHVFUHZHG
WRWKHKRVHIRUWKLVXQLW
)LJ

$ᚑ[WKHDGDSWRU%LQWRWKHZLQGRZ
)LJ
 ZZZHOHFWUROX[FRP

23(5$7,1*,16758&7,216
6RPHRIWKHIROORZLQJLQVWUXFWLRQV
FDQRQO\EHXVHGE\XVLQJWKH
&RQWURO3DQHO
,WLVQRWQHFHVVDU\WRXVHWKH
GUDLQDJHKRVHLQWKHಯFRROರPRGH
&RROLQJPRGH
+HDWLQJPRGHRQVRPHPRGHOV
,QWKLVPRGHWKHH[KDXVWDGDSWRUKRVH
0867EHXVHG
,QWKLVPRGHWKHH[KDXVWDGDSWRUKRVH
0867EHXVHG

8VDJHRIWKH&RQWURO3DQHO

3UHVVWKHಯPRGHರEXWWRQXQWLOWKH&RRO
PRGHLQGLFDWRULVOLW

3UHVVWKHಯIDQVSHHGರEXWWRQWR
FKRRVHWKHIDQVSHHGDFFRUGLQJ
WRWKHLOOXPLQDWLRQRIWKHIDQVSHHG
LQGLFDWRU<RXFDQFKRRVHWKH
IDQVSHHGDVIROORZLQJVHTXHQFH
ಯDXWRರൺಯKLರൺಯPHGರൺಯORZರൺಯDXWRರ

3UHVVWKHಯ
ರRUಯ ರEXWWRQWRFKRRVH
WKHWHPSHUDWXUH\RXZDQW

3UHVVWKHಯPRGHರEXWWRQXQWLOWKHಯ+HDWರ
LQGLFDWRULVOLW

3UHVVWKHಯIDQVSHHGರEXWWRQWR
FKRRVHWKHIDQVSHHGDFFRUGLQJ
WRWKHLOOXPLQDWLRQRIWKHIDQVSHHG
LQGLFDWRU<RXFDQFKRRVHWKH
IDQVSHHGDVIROORZLQJVHTXHQFH
ಯDXWRರൺಯKLರൺಯPHGರൺಯORZರൺಯDXWRರ

3UHVVWKHಯ
ರRUಯ ರEXWWRQWRFKRRVH
WKHWHPSHUDWXUH\RXZDQW

&RQQHFWHGGUDLQKRVH6HH
'UDLQDJHVHFWLRQ

$,5&21',7,21(5)($785(6

&21752/3$1(/
'LVSOD\VWHPSHUDWXUHWLPH
3RZHU212))
6OHHS
)LOWHU5HVHW
)DQ6SHHG
$GMXVW7HPSHUDWXUHRU7LPHU
0RGH6HOHFWLRQ
7LPHU
6ZLQJ
'U\PRGH
3UHVVWKHಯPRGHರEXWWRQXQWLOWKH'U\
PRGHLQGLFDWRULVOLW7KHVFUHHQGLVSOD\V
WKHURRPWHPSHUDWXUH
$WWKHVDPHWLPHWKHಯORZರIDQLQGLFDWRU
OLJKWV
1RWH
,QWKLVPRGHIDQVSHHGFDQQRW
EHVHOHFWHG
(1*/,6+
)DQPRGH
,QWKLVPRGHWKHUHLVQRQHHGWRXVHWKH
H[KDXVWKRVHRUGUDLQDJHKRVH

3UHVVWKHಯPRGHರEXWWRQXQWLO
WKH)DQPRGHLQGLFDWRULVOLW

3UHVVWKHಯ)DQVSHHGರEXWWRQ
WRFKRRVHWKHGHVLUHGIDQVSHHG

7KHIDQZLOOUXQDWWKHVHOHFWHGVSHHG
DQGWKHGLVSOD\ZLOOVKRZWKHURRP
WHPSHUDWXUH
$XWRPRGH
7LPHUPRGH
+RZWRGHOD\VWDUWXS
$OZD\VKDYHWKHH[KDXVWKRVHDWWDFKHG
LQWKLVPRGH
:KHQ\RXVHWWKHDLUFRQGLWLRQHULQ$XWR
PRGHLWZLOODXWRPDWLFDOO\VHOHFWFRROLQJ
KHDWLQJLQDSSOLFDEOHIRUFRROLQJRQO\
PRGHOVRUIDQRQO\RSHUDWLRQGHSHQGLQJ
RQZKDWWHPSHUDWXUH\RXKDYHVHOHFWHGDQG
WKHURRPWHPSHUDWXUH7KHDLUFRQGLWLRQHU
ZLOOFRQWUROURRPWHPSHUDWXUHDXWRPDWLFDOO\
URXQGWKHWHPSHUDWXUHSRLQWVHWE\\RX
8QGHU$872PRGH\RXFDQQRWVHOHFW
WKHIDQVSHHG
3UHVVWKHಯPRGHರEXWWRQXQWLOWKH
ಯ$XWRPRGHರLQGLFDWRUOLJKWV
$IWHUWKHಯ$XWRPRGHರLVVHOHFWHGWKHXQLW
ZLOOUXQDXWRPDWLFDOO\DFFRUGLQJWRWKH
DFWXDOURRPDLUWHPSHUDWXUH
7KHWLPHUIDFLOLWDWHVWKHXVHUWRGHOD\WKH
XQLWVWDUWXSRUVKXWGRZQ
3OXJLQWKHXQLWVRWKHXQLWWXUQVWRVWDQGE\
3UHVVWKHಯWLPHUರEXWWRQWKHQWKH7LPHU
LQGLFDWRUZLOOVZLWFKRQDQGWKHQXPEHU
RIKRXUVRQWKHVFUHHQZLOOVKRZಯರ
7DSRUKROGWKH83DUURZ
RUWKH'2:1
DUURZಯ
ರWRFKDQJHGHOD\VWDUWWLPHUDW
KRXULQFUHPHQWVXSWRKRXUVWKHQ
DWKRXULQFUHPHQWVXSWRKRXUV3UHVV
WKHಯWLPHUರEXWWRQDJDLQZLWKLQVHFRQGV
\RXZLOOTXLWWKHWLPHUVHWWLQJGLUHFWO\
$IWHUVHFRQGVWKHWLPHUIXQFWLRQ
LVHQDEOHGWKHGLVSOD\ZLOOVKRZWKH
WHPSHUDWXUHEDFN7KHFRQWUROZLOOFRXQW
GRZQWKHWLPHUHPDLQLQJXQWLOVWDUWXS
7KHXQLWZLOOVWDUWXSLQWKHPRGH
DVSUHYLRXVO\VHW
7RFDQFHOWKHVHWWLQJSUHVVWKHಯWLPHUರ
EXWWRQDJDLQZLOOVKRZWKHUHPDLQWLPHDQG
SUHVVWKHEXWWRQDJDLQWRTXLWWKHIXQFWLRQ
<RXFDQDOVRFDQFHOWKHVHWWLQJE\SUHVVLQJ
+RZWRGHOD\VKXWGRZQ
<RXFDQGHOD\VKXWGRZQZKHQWKHXQLW
LVRQ
3UHVVWKHಯWLPHUರEXWWRQWKHQWKH7LPHU
LQGLFDWRUZLOOVZLWFKRQDQGWKHQXPEHU
RIKRXUVRQWKHVFUHHQZLOOVKRZಯರ
7DSRUKROGWKH83DUURZಯ
ರRUWKH
'2:1DUURZಯ
ರWRFKDQJHGHOD\
VWRSWLPHUDWKRXULQFUHPHQWVXS
WRKRXUVWKHQDWKRXULQFUHPHQWV
XSWRKRXUV3UHVVWKHಯWLPHUರEXWWRQ
DJDLQZLWKLQVHFRQGV\RXZLOOTXLW
WKHWLPHUVHWWLQJGLUHFWO\
$IWHUVHFRQGVWKHWLPHUIXQFWLRQ
LVHQDEOHGWKHGLVSOD\ZLOOVKRZWKH
WHPSHUDWXUHEDFN7KHFRQWUROZLOOFRXQW
GRZQWKHWLPHUHPDLQLQJXQWLOVKXWVGRZQ
7RFDQFHOWKHVHWWLQJSUHVVWKHಯWLPHUರ
EXWWRQDJDLQZLOOVKRZWKHUHPDLQJWLPHDQG
SUHVVWKHEXWWRQDJDLQWRTXLWWKHIXQFWLRQ
<RXFDQDOVRFDQFHOWKHVHWWLQJE\SUHVVLQJ
WKHಯRQRᚎರEXWWRQ$IWHUFDQFHOWKHVHWWLQJ
WKHWLPHULQGLFDWRUZLOOVZLWFKRᚎ
)LOWHUUHVHW
6OHHSPRGH
$FWLYHWKLVIHDWXUHZLOOJLYH\RXD
FRPIRUWDEOHWHPSHUDWXUHDQGKHOS
VDYHHQHUJ\
2QO\ZKHQWKHXQLWLVLQ&RRO+HDWRUDXWR
PRGH\RXFDQSUHVVWKHಯVOHHSರEXWWRQWR
PDNHWKHXQLWUXQLQ6OHHSPRGH
1RWH3OHDVHUHIHUWRSDJHIRUWKH
GHWDLOVDERXWಯ6OHHSರPRGH
7KLVIHDWXUHLVDUHPLQGHUWRFOHDQWKH$LU
)LOWHU6HH&DUHDQG&OHDQLQJIRUPRUH
HᚑFLHQWRSHUDWLRQ
7KHᚏOWHULQGLFDWRUZLOOLOOXPLQDWHDIWHU
KRXUVRIRSHUDWLRQ7RUHVHWDIWHU
FOHDQLQJWKHᚏOWHUSUHVVWKHಯᚏOWHUUHVHWರ
EXWWRQWKHQWKHಯᚏOWHUರLQGLFDWRUZLOOJRRᚎ
r)r&IXQFWLRQ
3UHVVWKHಯ
ರDQGಯ ರEXWWRQWKHVDPH
WLPHIRUPRUHWKDQVHFRQGVWRVZLWFK
EHWZHHQGHJUHH)DKUHQKHLWDQGGHJUHHV
&HOVLXV8QGHU'U\)DQPRGH\RXFDQ
QRWVHOHFWr)r&
3UHVVWKHಯVZLQJರEXWWRQWRHQDEOHORXYHU
VZLQJIXQFWLRQWKHORXYHURQWKHWRS
SDQHOZLOOVZLQJXSDQGGRZQ
3UHVVWKLVEXWWRQDJDLQWRGLVDEOHWKH
ORXYHUVZLQJIXQFWLRQ
/RXYHU6ZLQJ)XQFWLRQ
1RWH
,QWKLVPRGHDXWRVSHHGFDQQRW
EHVHOHFWHG
WKHಯRQRᚎರEXWWRQ$IWHUFDQFHOWKHVHWWLQJ
WKHWLPHULQGLFDWRUZLOOVZLWFKRᚎ
 ZZZHOHFWUROX[FRP
8VHU
0D[P
5HPRWHFRQWURO
3RUWDEOH$&
7851,1*7+(81,721
5HPRYHWKHFRYHUDWWKHEDFNRIWKH
UHPRWHFRQWURO
,QVHUWWKHSURYLGHGEDWWHULHVFRUUHFWO\
VHHWKHLQVWUXFWLRQVLQVLGHWKHEDWWHU\
FRPSDUWPHQW
&ORVHXSWKHFRYHU
7RUHSODFHWKHROGEDWWHULHVZKLFKKDYH
EHHQXVHGXSZLWKWZRQHZ53ಯ$$$ರ
9EDWWHULHVUHSHDWWKHVWHSVDERYH
%DWWHU\,QVWDOODWLRQDQG,PSRUWDQW
,QVWUXFWLRQV
+RZWR8VHWKH5HPRWH&RQWURO

5HPRWH&RQWURO
5HPRWH&RQWUROVFUHHQ
7HPS7LPHUVHWWLQJEXWWRQ
2Q2ᚎEXWWRQ
0RGHEXWWRQ
6OHHSEXWWRQ
7LPHUEXWWRQ
6ZLQJEXWWRQ
6SHHGEXWWRQ
,IWKHUHPRWHFRQWUROXQLWLVUHSODFHGRU
GLVFDUGHGWKHEDWWHULHVPXVWEHUHPRYHG
DQGGLVSRVHGRILQDFFRUGDQFHZLWK
ORFDOOHJLVODWLRQDVWKH\GRKDUPWRWKH
HQYLURQPHQW
'RQRWPL[ROGDQGQHZEDWWHULHV
'RQRWPL[DONDOLQHVWDQGDUGFDUERQ
]LQFRUUHFKDUJHDEOHQLFNHOFDGPLXP
EDWWHULHV
'RQRWGLVSRVHRIEDWWHULHVLQᚏUH%DWWHULHV
PD\H[SORGHRUOHDN,IWKHUHPRWHFRQWURO
LVQRWXVHGIRUDORQJWLPHUHPRYHWKH
EDWWHULHVIURPWKHUHPRWHFRQWURO
7KHUHPRWHFRQWUROPXVWEHKDQGOHGZLWK
H[WUHPHFDUH'RQRWGURSLWRUH[SRVHLW
WRGLUHFWVXQOLJKWRUVRXUFHVRIKHDW
7KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH
)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKH
IROORZLQJWZRFRQGLWLRQV
7KLVGHYLFHPD\QRWFDXVHKDUPIXO
LQWHUIHUHQFHDQGWKLVGHYLFHPXVW
DFFHSWDQ\LQWHUIHUHQFHUHFHLYHG
LQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVH
XQGHVLUHGRSHUDWLRQ
3RLQWWKHUHPRWHFRQWURODWWKHORFDWLRQ
RIWKHVLJQDOUHFHLYHU7KHUHPRWHFRQWURO
PXVWEHQRPRUHWKDQIWPHWHUV
DZD\IURPWKHXQLWZLWKRXWREVWDFOHV
EHWZHHQWKHUHPRWHFRQWURODQGWKHXQLW
(1*/,6+
3OXJLQWKHXQLWWKHQSUHVVWKHಯRQRᚎರ
EXWWRQZKHQWXUQHGRQWKHXQLWZLOORSHUDWH
DVWKHODVWVHWWLQJEHIRUHVKXWGRZQ
7RVZLWFKWKHXQLWRᚎSUHVVಯRQRᚎರ
EXWWRQDJDLQWKHQUHPRYHWKHSOXJ
$OZD\VVZLWFKWKHXQLWRᚎE\SUHVVLQJWKH
ಯRQRᚎರEXWWRQDQGZDLWIRUIHZPLQXWHV
EHIRUHUHPRYLQJWKHSOXJ
3UHVVWKHಯPRGHರEXWWRQXQWLOWKHOHIWVLGH
RI/&'VFUHHQGLVSOD\VಯFRROರ
3UHVVWKHಯIDQVSHHGರEXWWRQWRFKRRVHWKH
IDQVSHHGಯDXWRರಯKLJKರಯPLGರDQGಯORZರ
3UHVVWKHಯ
ರDQGಯ ರEXWWRQWRFKRRVH
WKHWHPSHUDWXUH\RXZDQW
3UHVVWKHಯPRGHರEXWWRQXQWLOWKHOHIWVLGH
RI/&'VFUHHQGLVSOD\VಯGU\ರ
$WWKHVDPHWLPHWKHಯORZರIDQV\PERO
DSSHDUVRQWKHVFUHHQ
1RWH,QWKLVPRGHIDQVSHHGFDQQRW
EHVHOHFWHG
3UHVVWKHಯPRGHರEXWWRQXQWLOWKHOHIWVLGH
RI/&'VFUHHQGLVSOD\VಯKHDWರ
3UHVVWKHಯIDQVSHHGರEXWWRQWRFKRRVHWKH
IDQVSHHGಯDXWRರಯKLJKರಯPLGರDQGಯORZರ
3UHVVWKHಯ
ರDQGಯ ರEXWWRQWRFKRRVH
WKHWHPSHUDWXUH\RXZDQW
3UHVVWKHಯPRGHರEXWWRQXQWLOWKHXSSHU
VLGHRI/&'VFUHHQGLVSOD\VಯDXWRರ
8QGHU$872PRGH\RXFDQQRWVHOHFW
WKHIDQVSHHG
3UHVVWKHಯ
ರDQGಯ ರEXWWRQWRFKRRVH
WKHWHPSHUDWXUH\RXZDQW
:KHQWKHXQLWLVLQ&RRO+HDWRUDXWR
PRGH\RXFDQSUHVVWKHಯVOHHSರEXWWRQ
WRPDNHWKHXQLWUXQLQ6OHHSPRGH,QWKLV
PRGHWKHIDQVSHHGZLOOEHVHWDVಯDXWRರ
DXWRPDWLFDOO\ZKLFKFDQQRWEHFKDQJHG
,Q&RRO+HDWPRGHWKHVHOHFWHG
WHPSHUDWXUHZLOOLQFUHDVHGHFUHDVH
E\r&PLQXWHVDIWHUWKHPRGHLV
VHOHFWHG7KHWHPSHUDWXUHZLOOWKHQ
LQFUHDVHGHFUHDVHE\DQRWKHUr&DIWHU
DQDGGLWLRQDOPLQXWHV7KLVQHZ
WHPSHUDWXUHZLOOEHPDLQWDLQHGIRUKRXUV
EHIRUHLWUHWXUQVWRWKHRULJLQDOO\VHOHFWHG
WHPSHUDWXUH7KLVHQGVWKHಯ6OHHSರPRGH
DQGWKHXQLWZLOOVKXWGRZQDXWRPDWLFDOO\
3UHVVWKHಯPRGHರEXWWRQXQWLOWKHOHIWVLGH
RI/&'VFUHHQGLVSOD\VಯIDQರ
,QWKLVPRGH\RXFDQVHOHFWIDQVSHHG
ಯKLJKರಯPLGರRUಯORZರE\SUHVVLQJWKH)DQ
VSHHGEXWWRQDQGUHIHUULQJWRWKHGLDJUDP
1RWH,QWKLVPRGHWKHDLUH[KDXVWKRVH
GRHVQRWQHHGWREHFRQQHFWHG
&RROPRGH
'U\PRGH
+HDWPRGH)RU+HDW&RROPRGHOVRQO\
$872PRGH
6OHHSPRGH
)DQPRGH
 ZZZHOHFWUROX[FRP
7KHಯ6OHHSರPRGHSURJUDPFDQEH
FDQFHOOHGDWDQ\WLPHGXULQJRSHUDWLRQE\
SUHVVLQJWKHಯ6OHHSರಯPRGHರRUಯIDQVSHHGರ
EXWWRQ
1RWH,Q)DQRU'U\PRGH6OHHSPRGH
FDQQRWEHVHW
3UHVVWKHಯVZLQJರEXWWRQWRHQDEOHORXYHU
VZLQJIXQFWLRQDQGWKHXSSHUVLGHRI
VFUHHQZLOOGLVSOD\ಯ
ರ7KHORXYHU
RQWKHWRSSDQHOZLOOVZLQJXSDQGGRZQ
3UHVVWKLVEXWWRQDJDLQWRGLVDEOHWKH
ORXYHUVZLQJIXQFWLRQ
/RXYHU6ZLQJ)XQFWLRQ
r)r&IXQFWLRQ
7LPHUPRGH
3UHVVWKHಯ
ರDQGಯ ರEXWWRQWKHVDPH
WLPHIRUPRUHWKDQVHFRQGVWRVZLWFK
EHWZHHQGHJUHH)DKUHQKHLWDQGGHJUHHV
&HOVLXV8QGHU'U\)DQPRGH\RXFDQ
QRWVHOHFWr)r&
+RZWRGHOD\VWDUWXS
3OXJLQWKHXQLWVRWKHXQLWWXUQVWR
VWDQGE\3UHVVWKHಯWLPHUರEXWWRQWKH
VFUHHQZLOOGLVSOD\ಯWLPHUರDQGಯKರDQG
WKHಯRQರZLOOᚐDVKLQJ
7DSRUKROGWKH83DUURZಯ
ರRUWKH
'2:1DUURZಯ
ರWRFKDQJHGHOD\VWDUW
WLPHUDWKRXULQFUHPHQWVXSWR
KRXUVWKHQDWKRXULQFUHPHQWVXSWR
KRXUV$IWHUVHFRQGVWKHVHWWLQJZLOO
EHPHPRUL]HG7KHFRQWUROZLOOFRXQWGRZQ
WKHWLPHUHPDLQLQJXQWLOVWDUWXS<RXFDQ
DOVRSUHVVWKHಯWLPHUರEXWWRQDJDLQGLUHFWO\
DQGWKHಯRQರZLOOVWRSᚐDVKLQJLPPHGLDWHO\
WKHQWKHXQLWZLOOVWDUWXSLQWKHPRGHDV
SUHYLRXVO\VHW
<RXFDQVHWXSWKHPRGHDQGWKHXQLWZLOO
VWDUWXSDV\RXSUHIHUUHGDIWHUಯRQರVWRS
ᚐDVKLQJ
7RFDQFHOWKHVHWWLQJSUHVVWKHಯWLPHUರ
EXWWRQDJDLQ
(1*/,6+
127(
ವ 8QVFUHZWKHGUDLQFDSRIFRQWLQXRXV
GUDLQRXWOHW)LJ
ವ &RQQHFWRQHHQGRIWKHJDUGHQKRVH
VROGVHSDUDWHO\RUGUDLQKRVHWRWKH
GUDLQRXWOHWWKHQOHDGWKHRWKHUHQGLQWR
DGUDLQWKDWLVORZHUWKDQWKHXQLW)LJ
ವ &RQGHQVDWHPD\ᚐRZRXWDIWHUUHPRYLQJ
WKHGUDLQFDSLIWKHXQLWLVUXQQLQJLQ
&RRORU$XWRPRGH:KHQ\RXZDQW
WRUHPRYHWKHJDUGHQKRVHSUHSDUH
DGULSWUD\QRWVXSSOLHGWRFROOHFWWKH
FRQGHQVDWHIURPWKHGUDLQRXWOHW
ವ 3OHDVHEHVXUHWKDWWKHKHLJKWRIWKH
GUDLQDQGVHFWLRQRIWKHGUDLQKRVH
VKRXOGQRWEHKLJKHUWKDQWKDWRIWKH
GUDLQRXWOHWRUWKHFRQWLQRXVGUDLQDJH
PD\QRWZRUNSURSHUO\
ವ 'XULQJ&RRORU$XWRPRGHLWLV
UHFRPPHQGHGWRGLVDEOHFRQWLQXRXV
GUDLQDJHE\UHSODFLQJWKHGUDLQFDSWR
WKHGUDLQRXWOHWWRUHDFKWKHPD[LPXP
SHUIRUPDQFH
+RZWRGHOD\VKXWGRZQ
<RXFDQGHOD\VKXWGRZQZKHQWKHXQLWLV
RQ3UHVVWKHಯWLPHUರEXWWRQWKHVFUHHQ
ZLOOGLVSOD\ಯWLPHUರDQGಯKರDQGWKHಯRᚎರ
ZLOOᚐDVKLQJ
7DSRUKROGWKH83DUURZ
RUWKH'2:1
DUURZಯ
ರWRFKDQJHGHOD\VWRSWLPHUDW
KRXULQFUHPHQWVXSWRKRXUVWKHQ
DWKRXULQFUHPHQWVXSWRKRXUV$IWHU
VHFRQGVWKHVHWWLQJZLOOEHPHPRUL]HG
DQGWKHGLVSOD\ZLOOVKRZWKHWLPH
UHPDLQLQJXQWLOWKHXQLWVKXWVGRZQ<RX
FDQDOVRSUHVVWKHಯWLPHUರEXWWRQDJDLQ
GLUHFWO\DQGWKHಯRᚎರZLOOVWRSᚐDVKLQJ
LPPHGLDWHO\
7RFDQFHOWKHVHWWLQJSUHVVWKHಯWLPHUರ
EXWWRQDJDLQ
,IWKHGLVSOD\UHDGVಯ$6ರಯ&6ರDQG
ಯ(6ರWKHWHPSHUDWXUHVHQVRUKDVIDLOHG
&RQWDFW\RXU$XWKRUL]HG(OHFWUROX[
6HUYLFH&HQWHU
,IWKHGLVSOD\UHDGVಯ/ರWKHFRQGHQVHU
'&IDQPRWRUKDVIDLOHG&RQWDFW\RXU
$XWKRUL]HG(OHFWUROX[6HUYLFH&HQWHU
,IWKHGLVSOD\UHDGVಯ(ರWKHFRPPXQLFDWLRQ
EHWZHHQGLVSOD\3&%DQGPDLQFRQWURO
3&%LVIDXOW\&RQWDFW\RXU$XWKRUL]HG
(OHFWUROX[6HUYLFH&HQWHU
,IWKHGLVSOD\UHDGVಯ3ರERWWRPWUD\LV
IXOO&DUHIXOO\PRYHWKHXQLWWRDGUDLQ
ORFDWLRQUHPRYHWKHERWWRPGUDLQSOXJ
DQGOHWWKHZDWHUGUDLQDZD\5HVWDUWWKH
PDFKLQHXQWLOWKHಯ3ರV\PEROGLVDSSHDUV
,IHUURUUHSHDWVFDOOIRUVHUYLFH

)DXOWFRGH
&RQWLQXRXV'UDLQDJH
'XULQJWKH'5<PRGHRUKHDWSXPS
PRGHO\RXZLOOQHHGDJDUGHQKRVH
VROGVHSDUDWHO\RUGUDLQKRVHWRGUDLQ
WKHFRQGHQVDWHIURPWKHXQLW
)ROORZWKHVWHSVEHORZ

'UDLQDJHLQVWUXFWLRQ
Fig. 20
Drain cap
for Dry mode
Drain cap
for Heat Pump mode
Garden hose
Drain hose
Fig. 21
 ZZZHOHFWUROX[FRP
127(7RHQVXUHDOOFRQGHQVDWHUHVLGXH
KDVEHHQUHPRYHGWLOWWKHXQLWE\OLIWLQJ
LWVOLJKWO\XSZDUGVIURPWKHIURQWXQWLOQR
PRUHFRQGHQVDWHFRPHVRXWIURPWKH
GUDLQRXWOHW
(PSW\LQJWKHFRQGHQVDWHUHVLGXHLQVLGH
WKHXQLWGXULQJZLQWHUVWRUDJH
3XWDGULSWUD\QRWVXSSOLHGXQGHU
ERWWRPGUDLQRXWOHWWKHQSXOORXWWKH
GUDLQFDSWRDOORZWKHFRQGHQVDWH
WRᚐRZLQWRWKHGULSWUD\
)LJ
)LJ
Bottom
Drain Outlet
Drip cap
Drip tray
1
2
5HSODFHWKHGUDLQFDSWRWKHFRQWLQXRXV
GUDLQRXWOHWZKHQQRFRQGHQVDWHᚐRZVRXW
3XWWKHGULSWUD\XQGHUWKHERWWRPGUDLQ
RXWOHWWKHQUHPRYHWKHUXEEHUVWRSSHUIURP
WKHGUDLQRXWOHWWRDOORZWKHFRQGHQVDWHWR
ᚐRZLQWRWKHGULSWUD\,I\RXUGULSWUD\FDQಬW
KROGDOOWKHFRQGHQVDWHDQXPEHURIᚏOOV
ZLOOEHQHHGHG
5HSODFHWKHGUDLQFDSWRWKHERWWRPGUDLQ
RXWOHWZKHQQRFRQGHQVDWHᚐRZVRXW

&$5(&/($1,1*
&OHDQ\RXUDLUFRQGLWLRQHURFFDVLRQDOO\
WRNHHSLWORRNLQJQHZ%HVXUHWRXQSOXJ
WKHXQLWEHIRUHFOHDQLQJWRSUHYHQWVKRFN
RUᚏUHKD]DUGV
7KHFDELQHWDQGIURQWPD\EHGXVWHGZLWK
DQRLOIUHHFORWKRUZDVKHGZLWKDFORWK
GDPSHQHGLQDVROXWLRQRIZDUPZDWHU
DQGPLOGOLTXLGGLVKZDVKLQJGHWHUJHQW
1HYHUXVHKDUVKFOHDQHUVZD[RUSROLVK
RQWKHFDELQHWIURQW
%HVXUHWRZULQJH[FHVVZDWHUIURPWKH
FORWKEHIRUHZLSLQJDURXQGWKHFRQWUROV
([FHVVZDWHULQRUDURXQGWKHFRQWUROV
PD\FDXVHGDPDJHWRWKHDLUFRQGLWLRQHU

&OHDQLQJWKHXQLW

5HPRYHGWKHDLUᚏOWHUDVVKRZQWKH
EHORZᚏJXUH
7RNHHS\RXUDLUFRQGLWLRQHUZRUNLQJ
HᚑFLHQWO\\RXVKRXOGFOHDQWKHᚏOWHUV
HYHU\WZRZHHNVRIRSHUDWLRQ
7DNHRXWWKHXSSHUDLUᚏOWHUDQGWKH
ORZHUDLUᚏOWHU

&OHDQLQJWKHᚏOWHUV
(1*/,6+

'UDLQWKHZDWHUFROOHFWLRQWDQN
FRPSOHWHO\DQGOHDYHWKHERWWRP
GUDLQFDSDQGUXEEHUSOXJORQJWLPH
HQRXJKWRDOORZDQ\UHVLGXDOZDWHUWR
GUDLQRXW2QFHWKHWDQNLVFRPSOHWHO\
GUDLQHGDQGQRPRUHZDWHUᚐRZVRXW
UHLQVWDOOWKHUXEEHUSOXJDQGFDS

0DNHVXUHWKHᚏOWHUDQGGUDLQFDSDUH
LQSODFH

&KHFNWKHFRUGWRPDNHVXUHLWLVLQ
JRRGFRQGLWLRQZLWKRXWFUDFNVRU
GDPDJH

3ODFHQHZEDWWHULHVLQWKHUHPRWH
FRQWURO

,QVWDOOWKHDLUFRQGLWLRQHUDVGHVFULEHG
LQWKH,QVWDOODWLRQ,QVWUXFWLRQV

:DVKWKHᚏOWHUXVLQJOLTXLGGLVKZDVKLQJ
GHWHUJHQWDQGZDUPZDWHUXQGHU
r&5LQVHᚏOWHUWKRURXJKO\*HQWO\
VKDNHH[FHVVZDWHUIURPWKHᚏOWHU
%HVXUHᚏOWHULVWKRURXJKO\GU\EHIRUH
UHSODFLQJ2ULQVWHDGRIZDVKLQJ\RX
PD\YDFXXPWKHᚏOWHUFOHDQ

5HSODFHWKHᚏOWHUDIWHUWKHᚏOWHULVGU\
%HVXUHᚏOWHULVWKRURXJKO\GU\
EHIRUHUHSODFLQJ
,IWKHDLUFRQGLWLRQHUZLOOQRWEHXVHGIRU
DQH[WHQGHGSHULRGRIWLPH
%HIRUHXVLQJWKHDLUFRQGLWLRQHUDJDLQ

:LQWHU6WRUDJH

7528%/(6+227,1*
%HIRUHFDOOLQJIRUVHUYLFHUHYLHZWKLVOLVW
,WPD\VDYH\RXWLPHDQGH[SHQVH7KLV
OLVWLQFOXGHVFRPPRQRFFXUUHQFHVWKDWDUH
QRWWKHUHVXOWRIGHIHFWLYHZRUNPDQVKLSRU
PDWHULDOVLQWKLVDSSOLDQFH
$LUFRQGLWLRQHUZLOOQRWRSHUDWH
$LUIURPXQLWGRHVQRWIHHOFROG
HQRXJK
$LUFRQGLWLRQHUFRROLQJEXWURRPLV
WRRZDUP12LFHIRUPLQJRQFRROLQJ
FRLOEHKLQGGHFRUDWLYHIURQW
ವ :DOOSOXJGLVFRQQHFWHG3XVKSOXJ
ᚏUPO\LQWRZDOORXWOHW
ವ +RXVHIXVHEORZQRUFLUFXLWEUHDNHU
WULSSHG5HSODFHIXVHZLWKWLPHGHOD\
W\SHRUUHVHWFLUFXLWEUHDNHU
ವ &RQWUROLV2))7XUQ&RQWURO21DQG
VHWWRGHVLUHGVHWWLQJ
ವ )DXOWFRGH3DSSHDUVLQWKHGLVSOD\
ZLQGRZ'UDLQZDWHUDVGHVFULEHGLQ
'UDLQDJH6HFWLRQ
ವ 5RRP7HPSHUDWXUHORZHUWKDQWKHVHW
WHPSHUDWXUH&RRO0RGHRU5RRP
7HPSHUDWXUHKLJKHUWKDQWKHVHW
WHPSHUDWXUH+HDW0RGH5HVHWWKH
WHPSHUDWXUH
ವ 5RRPWHPSHUDWXUHEHORZr&
&RROLQJPD\QRWRFFXUXQWLOURRP
WHPSHUDWXUHULVHVDERYHr&
ವ 5HVHWWRDORZHUWHPSHUDWXUH
ವ &RPSUHVVRUVKXWRᚎE\FKDQJLQJ
PRGHV:DLWDSSUR[LPDWHO\PLQXWHV
DQGOLVWHQIRUFRPSUHVVRUWRUHVWDUW
ZKHQVHWLQWKH&22/PRGH
ವ 2XWGRRUWHPSHUDWXUHEHORZr&
7RGHIURVWWKHFRLOVHW)DQPRGH
ವ $LUᚏOWHUPD\EHGLUW\&OHDQᚏOWHU
5HIHUWR&DUHDQG&OHDQLQJVHFWLRQ
7RGHIURVWVHWWR)DQPRGH
ವ 7HPSHUDWXUHLVVHWWRRORZIRUQLJKWWLPH
FRROLQJ7RGHIURVWWKHFRLOVHWWR
)DQPRGH7KHQVHWWHPSHUDWXUH
WRDKLJKHUVHWWLQJ
ವ ([KDXVWGXFWQRWFRQQHFWHGRUEORFNHG
6HH([KDXVWLQJKRWDLU6HFWLRQ

5HPRYHDQGFOHDQWKHᚏOWHUDOORZLWWR
GU\FRPSOHWHO\WKHQUHLQVWDOOLW

5HPRYHWKHEDWWHULHVIURPWKHUHPRWH
FRQWURO

6WRUHWKHDLUFRQGLWLRQHULQDFRROGU\
ORFDWLRQDZD\IURPGLUHFWVXQOLJKW
H[WUHPHWHPSHUDWXUHH[FHVVLYHGXVW
DQGZHOOYHQWLODWHG
 ZZZHOHFWUROX[FRP
ವ 'LUW\DLUᚏOWHUDLUUHVWULFWHG&OHDQDLU
ᚏOWHU
ವ 2XWVLGHWHPSHUDWXUHH[WUHPHO\KRW6HW
)$1VSHHGWRDIDVWHUVHWWLQJWREULQJDLU
WKURXJKFRROLQJFRLOVPRUHIUHTXHQWO\
5RRPWRRFROG
ವ 6HWWHPSHUDWXUHWRRORZ,QFUHDVHVHW
WHPSHUDWXUH
$LUFRQGLWLRQHUFRROLQJEXWURRPLV
WRRZDUPLFHIRUPLQJRQFRROLQJFRLO
EHKLQGGHFRUDWLYHIURQW
$LUFRQGLWLRQHUWXUQVRQDQGRᔯ
UDSLGO\
ವ 'LUW\DLUᚏOWHUDLUUHVWULFWHG&OHDQDLU
ᚏOWHU5HIHUWR&DUHDQG&OHDQLQJ
VHFWLRQ
ವ 7HPSHUDWXUHLVVHWWRRKLJK6HW
WHPSHUDWXUHWRDORZHUVHWWLQJ
ವ $LUGLUHFWLRQDOORXYHUVSRVLWLRQHG
LPSURSHUO\3RVLWLRQORXYHUVIRUEHWWHU
DLUGLVWULEXWLRQ
ವ )URQWRIXQLWLVEORFNHGE\GUDSHVEOLQGV
IXUQLWXUHHWFUHVWULFWVDLUGLVWULEXWLRQ
&OHDUEORFNDJHLQIURQWRIXQLW
ವ 'RRUVZLQGRZVUHJLVWHUVHWFRSHQ
FRRODLUHVFDSHV&ORVHGRRUVZLQGRZV
UHJLVWHUVHWF

(19,5210(17$/&21&(516
5HF\FOHWKHPDWHULDOVZLWKWKHV\PERO
3XWWKHSDFNDJLQJLQDSSOLFDEOH
FRQWDLQHUVWRUHF\FOHLW+HOSSURWHFWWKH
HQYLURQPHQWDQGKXPDQKHDOWKDQGWR
UHF\FOHZDVWHRIHOHFWULFDODQGHOHFWURQLF
DSSOLDQFHV'RQRWGLVSRVHDSSOLDQFHV
PDUNHGZLWKWKHV\PERO
ZLWKWKH
KRXVHKROGZDVWH5HWXUQWKHSURGXFW
WR\RXUORFDOUHF\FOLQJIDFLOLW\RUFRQWDFW
\RXUPXQLFLSDORᚑFH
ವ 8QLWUHFHQWO\WXUQHGRQLQKRWURRP
$OORZDGGLWLRQDOWLPHWRUHPRYHಯVWRUHG
KHDWರIURPZDOOVFHLOLQJᚐRRUDQG
IXUQLWXUH
'$16.
9,71.(53',*
.81'(3/(-(2*6(59,&(
7DNIRUGLWNºEDIHW(OHFWUROX[DSSDUDW'XKDUYDOJWHWSURGXNWVRPJLYHUGLJ§UWLHUV
SURIHVVLRQHOHUIDULQJRJLQQRYDWLRQS§«QJDQJ*HQLDOWRJHOHJDQW'HWHUGHVLJQHW
PHGGLJLWDQNHUQH6§XDQVHWKYRUQ§UGXEUXJHUGHWNDQGXY¨UHVLNNHUS§DWGXI§U
IDQWDVWLVNHUHVXOWDWHUKYHUJDQJ9HONRPPHQWLO(OHFWUROX[
%UXJDOWLGRULJLQDOHUHVHUYHGHOH
6ºUJIRUDWKDYHIºOJHQGHGDWDWLOJ¨QJHOLJQ§UGXNRQWDNWHUYRUHVDXWRULVHUHGH
VHUYLFHFHQWHU0RGHO31&VHULHQXPPHU
'XᚏQGHURSO\VQLQJHUQHS§PDVNLQHQVW\SHVNLOW
5HWWLO¨QGULQJHUXGHQYDUVHOIRUEHKROGHV
)§U§GJLYQLQJEURFKXUHUIHMOᚏQGLQJVHUYLFHLQIRUPDWLRQ
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
%HVºJYRUHVZHEVWHGIRUDW
5HJLVWUHUGLWSURGXNWIRUEHGUHVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
.ºEHWLOEHKºUIRUEUXJVYDUHURJRULJLQDOHUHVHUYHGHOHWLOGLWDSSDUDW
ZZZHOHFWUROX[FRPVKRS
,1'+2/'
$GYDUVHO)RUVLJWLJ6LNNHUKHGVDQYLVQLQJHU
*HQHUHOOHRSO\VQLQJHURJJRGHU§G
0LOMºRSO\VQLQJHU

23/<61,1*(5206,..(5+(' 

$19,61,1*(59('56,..(5+(' 

(1+('6%(6.5,9(/6( 

7,/%(+5,1./8'(5(7 

,167$//$7,216,16758.7,21(5 

./,0$$1/**(76)81.7,21(5 

%(7-(1,1*69(-/('1,1* 

9('/,*(+2/'(/6(2*5(1*5,1* 

)(-/),1',1* 

0,/-+(16<1 
 ZZZHOHFWUROX[FRP

23/<61,1*(5206,..(5+('
$'9$56(/
ವ$SSDUDWHWNDQNXQEUXJHVDIEºUQIUD§URJ
RSHIWHUVDPWDISHUVRQHUPHGQHGVDWI\VLVN
VHQVRULVNHOOHUSV\NLVNIXQNWLRQVHYQHHOOHUVRP
PDQJOHUGHQQºGYHQGLJHHUIDULQJHOOHUYLGHQKYLV
GHHUXQGHURSV\QHOOHUHUEOHYHWLQVWUXHUHWLDW
EUXJHDSSDUDWHWS§HQVLNNHUP§GHVDPWIRUVW§U
GHPHGIºOJHQGHIDUHU
ವ%ºUQP§LNNHOHJHPHGDSSDUDWHW
ವ+YLVQHWOHGQLQJHQHUEHVNDGLJHWVNDOGHQ
DIVLNNHUKHGVJUXQGHXGVNLIWHVDISURGXFHQWHQ
GHQQHVVHUYLFHY¨UNVWHGHOOHUHQWHNQLNHUPHG
WLOVYDUHQGHNYDOLᚏNDWLRQHU
'HQQHYHMOHGQLQJLQGHKROGHURSO\VQLQJHURPNRUUHNW
EUXJDIGLWQ\HNOLPDDQO¨J/¨VYHMOHGQLQJHQJUXQGLJW
IºUGXEUXJHUSURGXNWHW9HMOHGQLQJHQEºURSEHYDUHVHW
VLNNHUWVWHGWLOVHQHUHUHIHUHQFH
6\PERO %HP¨UN )RUNODULQJ
$'9$56(/
%(05.
%(05.
%(05.
6\PEROHWYLVHUDWXGᚔ\UHWDQYHQGHUHWEUDQGEDUW
NºOHPLGGHO+YLVGHUO¨NNHUNºOHPLGGHORJGHW
HNVSRQHUHVIRUHQHNᚔHUQDQW¨QGHOVHVNLOGH
HUGHUULVLNRIRUEUDQG
6\PEROHWYLVHUDWEHWMHQLQJVYHMOHGQLQJHQ
VNDOO¨VHVQºMH
6\PEROHWYLVHUDWVHUYLFHSHUVRQDOHWVNDO
K§QGWHUHXGᚔ\UHWPHGKHQYLVQLQJWLO
LQᚔDOODWLRQVYHMOHGQLQJHQ
6\PEROHWYLVHUDWLQIRUPDWLRQHQHUWLOJ¨QJHOLJV§VRP
LEHWMHQLQJVYHMOHGQLQJHQHOOHULQᚔDOODWLRQVYHMOHGQLQJHQ
3$63
ವ.RQWDNWHQDXWRULVHUHWVHUYLFHWHNQLNHUIRU
UHSDUDWLRQHOOHUYHGOLJHKROGHOVHDIHQKHGHQ
ವ.RQWDNWHQPRQWºUWLOPRQWHULQJDIGHQQHHQKHG
'$16.

7LQJDWKXVNHYHGEUXJDINOLPDDQO¨JJHW
3$63
$GYDUVOHUIRUEUXJ

9LJWLJHEHP¨UNQLQJHU
(QKHGHQP§LNNHEHQ\WWHVXGHQOXIWᚏOWHUHW
(QKHGHQP§LNNHEHQ\WWHVLQ¨UKHGHQDIYDUPHNLOGHU
HOOHU§EHQLOG
(QKHGHQP§LNNHXGV¨WWHVIRUGLUHNWHVROO\VHHOOHU
UHJQXGHQGºUV
(QKHGHQVNDODOWLGRSEHYDUHVHOOHUᚐ\WWHV
LRSUHWVW§HQGHSRVLWLRQ
7LOG¨NLNNHDSSDUDWHWQ§UGHWHULEUXJHOOHU
XPLGGHOEDUWHIWHUEUXJ
7ºPDOWLGHQKHGHQIRUNRQGHQVYDQGIºUGHQVWLOOHV
WLORSEHYDULQJ
ವ.OLPDDQO¨JJHWHULNNHEHUHJQHWWLODWEOLYHEHWMHQWDI
PLQGUHEºUQHOOHUIXQNWLRQVK¨PPHGHXGHQRSV\Q
ವ0LQGUHEºUQVNDOKROGHVXQGHURSV\QIRUDWVLNUH
DWGHLNNHOHJHUPHGNOLPDDQO¨JJHW
ವ'HUᚏQGHVORNDOHEHVWHPPHOVHUYHGUºUHQGH
PDNVLPDOWWLOODGWHVWºMQLYHDXHUIRUNOLPDDQO¨J
ವ+YLVQHWOHGQLQJHQVNDOXGVNLIWHVP§XGVNLIWQLQJHQ
NXQXGIºUHVDIDXWRULVHUHGHIDJIRON
ವ0RQWHULQJVDUEHMGHWVNDOXGIºUHVLKW
6W¨UNVWUºPVUHJOHPHQWHWVEHVWHPPHOVHURJP§NXQ
XGIºUHVDIDXWRULVHUHGHIDJIRONKYLVGHWWHHUUHOHYDQW
)RUNHUWWLOVOXWQLQJNDQIºUHWLORYHURSKHGQLQJRJEUDQG
ವ3DVS§DWᚏQJUHQHLNNHEOLYHUIDQJHWDIEO¨VHUHQ
Q§UGHYDQGUHWWHVSM¨OGMXVWHUHV
ವ6LNULQJHQHU9$NHUDPLVNW\SH
ವ5HQJºULQJRJYHGOLJHKROGHOVHP§LNNHIRUHWDJHV
DIEºUQXGHQWLOV\Q9¨URSP¨UNVRPS§DW
NºOHPLGOHUP§VNHLNNHLQGHKROGHUOXJW
ವ,QJHQGHOHDIGHWWHSURGXNWP§¨QGUHV
ವ6WLNDOGULJJHQVWDQGHLQGLQRJHQGHODIHQKHGHQ
ವ.RQWUROO«UDWGHQDQYHQGWHVWUºPIRUV\QLQJKDU
NRUUHNWVS¨QGLQJ$SSDUDWHWP§NXQWLOVOXWWHVHW
O\VQHWPHG9+]$%UXJDIHQ
 ZZZHOHFWUROX[FRP
3$63
$GYDUVHOYHGUºUHQGHQHWOHGQLQJHQ
ವ'HWWHQHWVWLNP§NXQLQGV¨WWHVLHQNRUUHNW
VWLNNRQWDNW'HWP§LNNHEUXJHVVDPPHQPHG
IRUO¨QJHUOHGQLQJHUDIQRJHQDUW
ವ,QGV¨WQHWVWLNNHWNRUUHNWLVWLNNRQWDNWHQ
RJNRQWUROO«UDWGHWLNNHVLGGHUOºVW
ವ'XP§LNNHWU¨NNHLHOOHU¨QGUHQHWOHGQLQJHQHOOHU
QHGV¨QNHGHQLYDQG7U¨NRJIRUNHUWEHKDQGOLQJ
DIQHWOHGQLQJHQNDQUHVXOWHUHLEHVNDGLJHOVHDI
HQKHGHQRJHOHNWULVNVWºG
ವ+YLVQHWOHGQLQJHQEHVNDGLJHVVNDOGHQXGVNLIWHV
DISURGXFHQWHQGHQQHVVHUYLFHOHYHUDQGºU
HOOHUHQPRQWºUPHGWLOVYDUHQGHNYDOLᚏNDWLRQHU
IRUDWIRUHE\JJHDWQRJHQXGV¨WWHVIRUIDUH
1HWOHGQLQJHQP§NXQXGVNLIWHVPHGGHQOHGQLQJ
VRPSURGXFHQWHQKDUDQJLYHW
ವ$SSDUDWHWVNDOWLOVOXWWHVMRUG$SSDUDWHWHU
XGVW\UHWPHGHQQHWOHGQLQJPHGMRUG6WLNNHW
VNDOLQGV¨WWHVLHQVWLNNRQWDNWGHUHUNRUUHNW
PRQWHUHWRJMRUGHW'HWᚏUNDQWHGHEHQP§XQGHU
LQJHQRPVW¨QGLJKHGHUVN¨UHVDIHOOHUIMHUQHVIUD
VWLNNHWNXQIRU6WRUEULWDQQLHQ
Stik
Jordforbindelse
VWUºPIRUV\QLQJPHGIRUNHUWVS¨QGLQJNDQPHGIºUH
EHVNDGLJHOVHDIHQKHGHQRJULVLNRIRUEUDQG
ವ%UXJDOWLGHWUHO¨HOOHUHQVLNULQJPHGNRUUHNW
VS¨QGLQJVDQJLYHOVH'XP§XQGHULQJHQ
RPVW¨QGLJKHGHUEUXJHOHGQLQJHUVWLIWHUHOOHU
DQGUHJHQVWDQGHLVWHGHWIRUHQNRUUHNWVLNULQJ
ವ,WLOI¨OGHDIXUHJHOP¨VVLJKHGHUPHG
NOLPDDQO¨JJHWIHNVHQEU¨QGWOXJWP§GX
LNNHWU¨NNHVWLNNHWGLUHNWHXGEQYLQGXHWIRU
YHQWLODWLRQIºUVWRJVOXNGHUHIWHUIRUDSSDUDWHW
RJDIEU\GVWUºPIRUV\QLQJHQ
'$16.

$GYDUVOHURPEUXJ
ವ6ºUJIRUDWVOXNNHIRUHQKHGHQRJWDJHVWLNNHWXGDI
VWLNNRQWDNWHQIºUGHUXGIºUHVYHGOLJHKROGHOVHHOOHU
UHQJºULQJ
ವ$QEULQJLNNHHQKHGHQQ¨UYDUPHNLOGHHOOHU§EHQLOG
Q§UGXXGVNLIWHUᚏOWUHQH
ವ6SUºMWHOOHUK¨OGLNNHYDQGGLUHNWHS§HQKHGHQ9DQG
NDQJLYHHOHNWULVNVWºGHOOHUVNDGHXGVW\UHW
ವ.OLPDDQO¨JJHWVNDOWºPPHVIRUYDQGIºUGHWᚐ\WWHV
+YLVGHUHUYDQGLWDQNHQNDQGHWOºEHXGQ§U
DQO¨JJHWᚐ\WWHV
ವ)RUDWVLNUHNRUUHNWWºPQLQJP§DᚐºEVVODQJHQLNNHY¨UH
EºMHWRJP§LNNHY¨UHK¨YHWXQGHUDᚎXJWQLQJVWLOVWDQG
(OOHUVNDQGHUOºEHYDQGXGLUXPPHW
ವ7HPSHUDWXUHQUXQGWRPDᚐºEVVODQJHQP§LNNHY¨UH
XQGHUIU\VHSXQNWHWXQGHUEUXJ$ᚐºEVYDQGHWNDQIU\VH
LVODQJHQKYLONHWPHGIºUHUDWYDQGHWLHQKHGHQOºEHU
XGLUXPPHW
ವ/XIWXGEO¨VQLQJHQP§LNNHEORNHUHV.ºOHIXQNWLRQHQ
NDQEOLYHUHGXFHUHWHOOHUDIEUXGWKHOW
ವ,QVWDOO«UHQIHMOVWUºPVDIEU\GHU5&'IRUDWEHVN\WWH
PRGHOHNWULVNVWºGLRYHUHQVVWHPPHOVHPHGEULWLVN
VWDQGDUGRJUHJOHUIRUOHGQLQJVIºULQJ
ವ8GV¨WWHOVHIRUGLUHNWHOXIWVWUºPLO¨QJHUHWLGNDQY¨UH
VNDGHOLJWIRUKHOEUHGHW8QGJ§DWXGV¨WWHEHERHUHKXVG\U
HOOHUSODQWHUIRUGLUHNWHOXIWVWUºPLO¨QJHUHWLGDGJDQJHQ
ವ.OLPDDQO¨JJHWP§LNNHEUXJHVWLOLNNHVSHFLᚏFHUHGH
DQYHQGHOVHVIRUP§OIHNVWLOVLNULQJDISU¨FLVLRQVXGVW\U
PDGYDUHUKXVG\USODQWHURJNXQVWJHQVWDQGH'HWWH
NDQVNDGHGLVVHWLQJ
ವ%UXJLNNHUHGVNDEHUWLODWIUHPVN\QGHRSWºQLQJHQ
PHGPLQGUHGHHUDQEHIDOHWDISURGXFHQWHQ
ವ8GVW\UHWVNDORSEHYDUHVHWVWHGXGHQOºEHQGH
GULIWVUHODWHUHGHDQW¨QGHOVHVNLOGHUHNVHPSHOYLV
§EHQLOGDQYHQGWJDVXGVW\UHOOHUHOYDUPHU
NXQIRU
6WRUEULWDQQLHQ
Stik
Firkantet jordben
 ZZZHOHFWUROX[FRP
ವ8QGJ§VWDQVQLQJHOOHUEU¨QGLQJ
ವ1DWLRQDOHJDVEHVWHPPHOVHUVNDORYHUKROGHV
ವ9HQWLODWLRQV§EQLQJHUQHP§LNNHEORNHUHV
ವ$SSDUDWHWVNDORSEHYDUHVLHWJRGWYHQWLOHUHWRPU§GH
KYRUUXPPHWVVWºUUHOVHHUVWºUUHHQGP
$'9$56(/
ವ/¨VJUXQGLJWDOOHDGYDUVOHUQH
ವ9HGDIULPQLQJRJUHQJºULQJDIDSSDUDWHWP§
GXLNNHEUXJHDQGUHY¨UNWºMHUHQGGHPGHU
DQEHIDOHVDIIDEULNDQWHQ
ವ$SSDUDWHWVNDOSODFHUHVLHWRPU§GHXGHQ
NRQWLQXHUOLJHDQW¨QGHOVHVNLOGHUIRUHNVHPSHO
§EHQLOGJDVHOOHUHOHNWULVNHDSSDUDWHULGULIW
ವ0§LNNHSXQNWHUHVRJEU¨QGHV
ವ.ºOHPLGGHOJDVVHUNDQY¨UHOXJWIULH
ವ$SSDUDWHWVNDOLQVWDOOHUHVEUXJHVRJRSEHYDUHV
LHWRPU§GHGHUHUVWºUUHHQGP
ವ'HWWHDSSDUDWLQGHKROGHUHWYLVWDQWDOJUDP
VHP¨UNDWHQS§EDJVLGHQDIHQKHGHQDI
5NºOHPLGGHOJDV
ವ5HUHQNºOHPLGGHOJDVGHURYHUKROGHU
GHHXURS¨LVNHPLOMºGLUHNWLYHU3DVS§LNNH
DWSXQNWHUHQRJHQGHODINºOHNUHGVOºEHW
ವ+YLVDSSDUDWHWLQVWDOOHUHVEHWMHQHVHOOHU
RSEHYDUHVLHWXYHQWLOHUHWRPU§GHVNDOORNDOHW
Y¨UHXGIRUPHWWLODWIRUKLQGUHDNNXPXOHULQJDI
NºOHY¨VNHO¨NDJHGHUPHGIºUHUULVLNRIRUEUDQG
HOOHUHNVSORVLRQS§JUXQGDIW¨QGLQJDINºOHPLGOHW
IRU§UVDJHWDIHOHNWULVNHRYQHNRPIXUHUHOOHUDQGUH
DQW¨QGHOVHVNLOGHU
ವ$SSDUDWHWVNDORSEHYDUHVS§HQV§GDQP§GH
DWPHNDQLVNIHMOXQGJ§V
ವ3HUVRQHUVRPEHWMHQHUHOOHUDUEHMGHUS§
NºOHNUHGVOºEHWVNDOKDYHGHQUHOHYDQWH
%(05.6(7<3(6.,/7(7)25'(17<3(
./(0,''(/*$6'(5$19(1'(6,',1$33$5$7
6SHFLᚏNNHRSO\VQLQJHURPDSSDUDWHUPHG5
NºOHPLGGHOJDV
'$16.

$19,61,1*(59('56,..(5+('

%HP¨UNQLQJHURPGULIW
ವ /DGNRPSUHVVRUHQVW§LPLQXWWHU
IºUGHQVWDUWHUNºOLQJHQLJHQ+YLV
GXVOXNNHUIRUNOLPDDQO¨JJHWRJ
W¨QGHUIRUGHWPHGGHWVDPPHLJHQ
J§UGHUPLQXWWHUIºUNRPSUHVVRUHQ
VWDUWHUNºOLQJHQ(QHOHNWURQLVNHQKHG
FHUWLᚏFHULQJXGVWHGWDIHQDNNUHGLWHUHWRUJDQLVDWLRQ
GHUVLNUHUNRPSHWHQFHWLOK§QGWHULQJDINºOHPLGOHU
LKHQKROGWLOHQVSHFLᚏNYXUGHULQJVRPDQHUNHQGHV
DIIRUHQLQJHULEUDQFKHQ
ವ5HSDUDWLRQHUVNDOXGIºUHVS§EDJJUXQGDI
DQEHIDOLQJHUIUDIUHPVWLOOLQJVYLUNVRPKHGHQ
9HGOLJHKROGHOVHRJUHSDUDWLRQHUGHUNU¨YHUKM¨OS
IUDDQGHWNYDOLᚏFHUHWSHUVRQDOHVNDOXGIºUHVXQGHU
WLOV\QDIHQSHUVRQVRPHUHQVSHFLDOLVWLEUXJHQ
DIEU¨QGEDUHNºOHPLGOHU
7UDQVSRUWDIXGVW\ULQGHKROGHQGHEUDQGIDUOLJH
NºOHPLGOHU
6HWUDQVSRUWUHJOHU
0¨UNQLQJDIXGVW\UYHGKM¨OSDIWHJQ
6HORNDOHUHJOHU
%RUWVNDᔯHOVHDIXGVW\UVRPEUXJHUEU¨QGEDUH
NºOHPLGOHU
6HQDWLRQDOHEHVWHPPHOVHU
2SEHYDULQJDIXGVW\UDSSDUDWHU
2SEHYDULQJDIXGVW\UVNDOY¨UHLRYHUHQVVWHPPHOVH
PHGSURGXFHQWHQVDQYLVQLQJHU
/DJULQJDIHPEDOOHUHWXVROJWXGVW\U
(PEDOOHULQJVEHVN\WWHOVHVNDOXGIºUHVV§PHNDQLVN
VNDGHS§XGVW\HWLQGHQLHPEDOODJHQLNNHIºUHUWLOO¨NDJH
DIS§I\OGWNºOHPLGGHO'HWPDNVLPDOHDQWDOVW\NNHUXGVW\U
GHUP§RSEHYDUHVVDPPHQIUHPJ§UDIGHORNDOHUHJOHU

<GHUOLJHUHRSO\VQLQJHU
LHQKHGHQVºUJHUIRUDWNRPSUHVVRUHQ
IRUEOLYHUVOXNNHWLPLQXWWHU
DIVLNNHUKHGVKHQV\Q
ವ /DGGHUJ§PLQXWWHUIºUGXJHQVWDUWHU
HQKHGHQLWLOI¨OGHDIVWUºPVYLJW
XQGHUEUXJ*HQVWDUWNOLPDDQO¨JJHW
Q§UVWUºPPHQYHQGHUWLOEDJH+YLV
VWUºPPHQYDUVOXNNHWLPLQGUHHQG
 ZZZHOHFWUROX[FRP
ವ $ᚎXJWQLQJVWLOVWDQGHQºJHU
UXPWHPSHUDWXUHQ(QKHGHQJHQHUHUHU
YDUPHLDᚎXJWQLQJVWLOVWDQGRJ
UXPWHPSHUDWXUHQºJHV'HUEO¨VHV
YDUPOXIWXGDIOXIWXGEO¨VQLQJHQPHQ
GHWWHHUQRUPDOWRJHULNNHWHJQS§HW
SUREOHPPHGHQKHGHQ
ವ .OLPDDQO¨JJHWEO¨VHUGHQYDUPH
OXIWGHUJHQHUHUHVDIHQKHGHQXGDI
UXPPHWYLDHQXGEO¨VQLQJQ§UGHQ
HULDINºOLQJVWLOVWDQG,PHOOHPWLGHQ
NRPPHUGHQVDPPHP¨QJGHOXIW
LQGLUXPPHWXGHIUDJHQQHPHQKYHU
§EQLQJDIUXPPHW
ವ (QKYHUVRPDUEHMGHUPHGHOOHU§EQHU
NºOHPLGGHONUHGVOºEHWVNDOKDYHJ\OGLJW
FHUWLᚏNDWIUDHWEUDQFKHJRGNHQGWRUJDQ
PHGDXWRULVDWLRQWLOVLNNHUK§QGWHULQJDI
NºOHPLGGHOLIºOJHVSHFLᚏNDWLRQHUGHUHU
DQHUNHQGWHIRUEUDQFKHQ
ವ 6HUYLFHVNDONXQXGIºUHVLIºOJH
XGVW\UVSURGXFHQWHQVYHMOHGQLQJ
9HGOLJHKROGHOVHRJUHSDUDWLRQNU¨YHU
DVVLVWDQFHIUDIDJIRONXGGDQQHWL
EUXJHQDIEUDQGEDUWNºOHPLGGHO
ವ 'ULIWVWHPSHUDWXURPU§GHWIRU
NOLPDDQO¨JJHWHUr&r)
LDINºOLQJVWLOVWDQGr&r)
LYDUPHWLOVWDQG

$GYDUVHOXQGHUEUXJ
)ºOJHQGHDQYLVQLQJHUVNDOIºOJHVIRUDW
XQGJ§SHUVRQVNDGHS§EUXJHUHQHOOHU
DQGUHSHUVRQHUHOOHUPDWHULHOVNDGH
)RUNHUWEHWMHQLQJVRPVN\OGHVDW
DQYLVQLQJHUQHLNNHIºOJHVNDQPHGIºUH
SHUVRQVNDGHHOOHUPDWHULHOVNDGH
$OYRUOLJKHGHQHUNODVVLᚏFHUHWDI
IºOJHQGHLQGLNDWLRQHU
'HWWHV\PERODQJLYHUPXOLJKHGHQ
IRUGºGHOOHUDOYRUOLJVNDGH
$GYDUVHOXQGHUEUXJ
'HWWHV\PERODQJLYHUULVLNRIRU
SHUVRQVNDGHHOOHUPDWHULHOVNDGH
$'9$56(/
$'9$56(/
3$63
%HW\GQLQJHQDIV\PEROHUGHUDQYHQGHV
LGHQQHYHMOHGQLQJHUYLVWQHGHQIRU
'HWWHV\PERODQJLYHUDOGULJDWJºUH
GHWWH
'HWWHV\PERODQJLYHUDWGHWWHDOWLG
VNDOJºUHV
ᚏUHPLQXWWHUVNDOGXVºUJHIRUDW
YHQWHPLQGVWᚏUHPLQXWWHULQGHQGX
JHQVWDUWHUHQKHGHQ+YLVGXJHQVWDUWHU
NOLPDDQO¨JJHWLQGHQIRUᚏUHPLQXWWHU
NDQHQEHVN\WWHOVHVDQRUGQLQJL
HQKHGHQI§NRPSUHVVRUHQWLODWVOXNNH
%HVN\WWHOVHVHQKHGHQIRUKLQGUHUDW
NOLPDDQO¨JJHWNºOHULFDPLQXWWHU
(YHQWXHOOHWLGOLJHUHLQGVWLOOLQJHU
DQQXOOHUHVRJHQKHGHQYHQGHUWLOEDJH
WLOGHRSULQGHOLJHLQGVWLOOLQJHU
ವ 1§UGXVOXNNHUIRUDSSDUDWHWL
DINºOLQJVWLOVWDQGVOXNNHUNRPSUHVVRUHQ
VWUDNVRJGHQºYHUVWHQHGHUVWH
EO¨VHUPRWRUVWRSSHUPHGDWNºUHHIWHU
VHNXQGHU+YLVHQKHGHQEHWMHQHVL
EO¨VHUWLOVWDQGIUDDINºOLQJVWLOVWDQGYLO
NRPSUHVVRUHQVOXNNHºMHEOLNNHOLJWRJ
QHGHUVWHEO¨VHUPRWRUYLOVWRSSHPHG
DWNºUHHIWHUVHNXQGHU+YLVHQKHGHQ
EHWMHQHVWLORSYDUPQLQJVWLOVWDQGIUD
DINºOLQJVWLOVWDQGVOXNNHUNRPSUHVVRUHQ
VWUDNVRJQHGHUVWHEO¨VHUPRWRU
VWRSSHUPHGDWNºUHHIWHUVHNXQGHU
ವ 'ULIWYHGODYWHPSHUDWXU)U\VHUHQKHGHQ
WLO"'HUNDQRSVW§IU\VQLQJKYLV
HQKHGHQDQYHQGHVW¨WS§r&XQGHU
IRUKROGYHGODYRPJLYHOVHVWHPSHUDWXU
LV¨URPQDWWHQ8QGHUGLVVHIRUKROGNDQ
HW\GHUOLJHUHWHPSHUDWXUIDOGPHGIºUH
DWHQKHGHQIU\VHU9HGDWLQGVWLOOH
HQKHGHQWLOHQKºMHUHWHPSHUDWXU
XQGJ§VGHWDWGHQIU\VHU
'$16.
$GYDUVHO %HW\GQLQJ
6¨WVWLNNHWNRUUHNWLVWLNNRQWDNWHQ
(OOHUVNDQGHWPHGIºUHHOHNWULVNVWºGEUDQG
RJHNVSORVLRQSJDIRUKºMYDUPHGDQQHOVH
(QKHGHQP§LNNHW¨QGHVHOOHUVOXNNHV
YHGDWV¨WWHVWLNNHWLHOOHUWDJHGHWXG
'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQGRJ
HNVSORVLRQ
S§JUXQGDIYDUPHJHQHUHULQJ
%UXJLNNHHQEHVNDGLJHWHOOHULNNH
VSHFLᚏFHUHWQHWOHGQLQJ
'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQG
RJHNVSORVLRQ
+YLVQHWOHGQLQJHQHU
EHVNDGLJHWVNDOGHQXGVNLIWHVDI
SURGXFHQWHQHWDXWRULVHUHWVHUYLFHFHQWHU
HOOHUHQPRQWºUPHGWLOVYDUHQGH
NYDOLᚏNDWLRQHUIRUDWIRUHE\JJH
DWQRJHQXGV¨WWHVIRUIDUH
'XP§LNNH¨QGUHO¨QJGHQ
DIQHWOHGQLQJHQHOOHUEUXJHGHQ
LVWLNNRQWDNWHQVDPWLGLJWPHGDQGUH
DSSDUDWHU
'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQGRJ
HNVSORVLRQ
S§JUXQGDIYDUPHJHQHUHULQJ
%HWMHQLNNHDSSDUDWHWPHGY§GHK¨QGHU
HOOHULHWIXJWLJWPLOMº
)DUHIRUHOHNWULVNVWºG
8QGJ§DWXGV¨WWHSHUVRQHULUXPPHWIRU
GLUHNWHOXIWVWUºP
'HWHUVXQGKHGVVNDGHOLJW
6ºUJDOWLGIRUNRUUHNWMRUGLQJ 8NRUUHNWMRUGIRUELQGHOVHNDQPHGIºUH
HOHNWULVNVWºG
8QGJ§DWGHUOºEHUYDQGLQGLGH
HOHNWULVNHGHOH
'HWNDQPHGIºUHIXQNWLRQVIHMOHOOHU
HOHNWULVNVWºG
6ºUJDOWLGIRUDWGHUHUPRQWHUHW
HQHOWDYOHRJHQV¨UVNLOWVWUºPNUHGV
)RUNHUWLQVWDOODWLRQNDQIRU§UVDJH
HOHNWULVN
VWºGEUDQGRJHNVSORVLRQ
.REOHQKHGHQIUDKYLVGHUNRPPHU
XQGHUOLJHO\GHOXJWHHOOHUUºJIUDGHQ
'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQG
RJHNVSORVLRQ
8QGJ§DWEUXJHVWLNNRQWDNWHQKYLVGHQ
HUOºVHOOHUEHVNDGLJHW
'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQG
RJHNVSORVLRQ
(QKHGHQP§LNNH§EQHVXQGHUGULIW 'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQG
RJHNVSORVLRQ
+ROGVN\GHY§EHQS§DIVWDQG 'HWNDQPHGIºUHEUDQGRJHNVSORVLRQ
1HWOHGQLQJHQP§LNNHEUXJHVLQ¨UKHGHQ
DIYDUPHDSSDUDWHU
'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQG
RJHNVSORVLRQ
1HGOHGQLQJHQP§LNNHEUXJHV
LQ¨UKHGHQDIEU¨QGEDUJDVHOOHU
EU¨QGEDUHY¨VNHUIHNVEHQ]LQ
EHQ]HQIRUW\QGHURVY
'HWNDQPHGIºUH
HOHNWULVNVWºGEUDQG
RJHNVSORVLRQ
8GOXIWORNDOHWJRGWIºUGXEUXJHU
NOLPDDQO¨JJHWLWLOI¨OGHDIHQJDVO¨NDJH
IUDHWDQGHWDSSDUDW
'HWNDQPHGIºUHHNVSORVLRQEUDQG
RJIRUEU¨QGLQJHU
(QKHGHQP§LNNHVNLOOHVDGHOOHU¨QGUHV 'HWNDQPHGIºUHIHMOIXQNWLRQRJHOHNWULVN
VWºG
 ZZZHOHFWUROX[FRP
3$63
)RUVLJWLJ %HW\GQLQJ
5ºULNNHYHGHQKHGHQVPHWDOGHOHQ§U
OXIWᚏOWHUHWVNDOWDJHVXG
5LVLNRIRUSHUVRQVNDGH
5HQJºULNNHNOLPDDQO¨JJHWPHGYDQG 'HUNDQNRPPHYDQGLHQKHGHQGHU
QHGEU\GHULVROHULQJHQ'HWNDQIºUHWLO
HOHNWULVNVWºG
8GOXIWORNDOHWJRGWQ§UHQKHGHQEUXJHV
VDPPHQPHGEU¨QGHRYQRJOLJQHQGH
'HUNDQEOLYHLOWPDQJHOLORNDOHW
1§UHQKHGHQVNDOUHQVHV6OXNIRUGHQ
RJVOXNS§KXVHWVHOWDYOH
5HQVLNNHHQKHGHQQ§UGHQHUXQGHU
VS¨QGLQJ'HWNDQPHGIºUHEUDQG
HNVSORVLRQRJHOHNWULVNVWºGPHG
IDUHIRUSHUVRQVNDGH
3ODFHULNNHHWN¨OHG\UHOOHUHQSODQWH
KYRUGHWYLOEOLYHXGVDWIRUGLUHNWHOXIWVWUºP
'HWWHNDQVNDGHG\UHWHOOHUSODQWHQ
%UXJLNNHWLOV¨UOLJHIRUP§O .OLPDDQO¨JJHWP§LNNHEHQ\WWHVWLOEHYDUH
SU¨FLVLRQVHQKHGHUPDGN¨OHG\USODQWHU
RJNXQVWJHQVWDQGH'HWNDQPHGIºUH
IRUULQJHOVHDINYDOLWHWPY
6OXNIRUHQKHGHQRJOXNYLQGXHWLWLOI¨OGH
DINUDIWLJVWRUPHOOHUF\NORQ
+YLVHQKHGHQEHQ\WWHVPHG§EHQW
YLQGXHNDQGHWJLYHYDQGVNDGHUL
ORNDOHWRJS§KXVKROGQLQJVPºEOHU
7DJIDWLVWLNNHWQ§UGXWDJHUGHWXGDI
VWLNNRQWDNWHQ
)DUHIRUHOHNWULVNVWºGRJVNDGH
S§HQKHGHQ
6OXNS§DIEU\GHUHQWLOO\VQHWWHWQ§U
HQKHGHQLNNHVNDOEUXJHVLO¨QJHUHWLG
'HWNDQPHGIºUHIHMOLSURGXNWHOOHUEUDQG
RJHNVSORVLRQ
$QEULQJLNNHIRUKLQGULQJHURPNULQJ
OXIWLQGWDJHOOHUDIWU¨N
'HWNDQPHGIºUHIHMOLDSSDUDWHWHOOHU
XO\NNHU
6ºUJDOWLGIRUDWᚏOWUHQHVLGGHUIDVW
5HQJºUOXIWᚏOWUHHQJDQJKYHUDQGHQXJH
%UXJXGHQᚏOWUHNDQIºUHWLODWHQKHGHQ
VYLJWHU
%UXJLNNHVNUDSSHUHQJºULQJVPLGOHUVRP
YRNVHOOHUIRUW\QGHUEUXJHQEOºGNOXG
.DELQHWWHWVXGVHHQGHNDQEOLYHIRUULQJHW
S§JUXQGDIIDUYH¨QGULQJHOOHUVNUDPPHU
6WLOLNNHQRJHWWXQJWS§QHWNDEOHWRJ
VºUJIRUDWNDEOHWLNNHNRPPHULNOHPPH
(OOHUVHUGHUIDUHIRUEUDQGHNVSORVLRQ
HOOHUHOHNWULVNVWºG
'ULNLNNHYDQGGU¨QHWIUDNOLPDDQO¨JJHW 'HWLQGHKROGHUIRUXUHQHQGHVWRᚎHURJ
HUVXQGKHGVVNDGHOLJW
9¨UIRUVLJWLJYHGXGSDNQLQJRJ
PRQWHULQJ
6NDUSHNDQWHUNDQPHGIºUHSHUVRQVNDGH
+YLVGHUNRPPHUYDQGLHQKHGHQ6OXN
IRUHQKHGHQS§VWLNNRQWDNWHQRJVOXNS§
HOWDYOHQ$IEU\GIRUV\QLQJHQYHGDWWDJH
VWLNNHWXGDINRQWDNWHQRJNRQWDNWHQ
DXWRULVHUHWVHUYLFHWHNQLNHU
)DUHIRUHOHNWULVNVWºGRJVNDGHS§
HQKHGHQ
'$16.




(1+('6%(6.5,9(/6(




)MHUQEHWMHQLQJ
6LJQDOPRGWDJHU
%¨UHK§QGWDJEHJJHVLGHU
/XIWLQGWDJ
5XPOXIWXGJDQJ
/XIWXGVWºGQLQJ
1HWVWLNNRQWDNW
5XOOH
.RQWUROSDQHO
1HWOHGQLQJ
.RQWLQXHUOLJGU¨QXGOºE
1HGHUVWHGU¨QXGOºE
3XPSHGU¨QXGOºE

7,/%(+5,1./8'(5(7
'(/( 1$913'(/( 01*'(
$GDSWHU$8GVWºGQLQJVNDQDO
$GDSWHU%ᚐDGPXQG
V¨W
ವ .RQWUROO«UDWDOWWLOEHKºUHULQNOXGHUHWLSDNNHQRJVHPRQWHULQJVYHMOHGQLQJHQIRUDW
I§RSO\VQLQJHURPDQYHQGHOVHQ
$ᚐºEVVODQJH
)MHUQEHWMHQLQJ
VWN
V¨W
%DWWHUL53$$$9 VWN
 ZZZHOHFWUROX[FRP

,167$//$7,216,16758.7,21(5

8GVWºGHQGHYDUPOXIW
,$INºOLQJVWLOVWDQGVNDODSSDUDWHW
DQEULQJHVW¨WS§HWYLQGXHHOOHUHQ
§EQLQJV§GHQYDUPHXGEO¨VQLQJVOXIW
NDQOHGHVXGHQIRU$QEULQJIºUVWHQKHGHQ
S§HWM¨YQWJXOYRJVºUJIRUDWGHUHU
PLQGVWFPIULSODGVUXQGWRPHQKHGHQ
RJDWGHQHULQGHQIRUU¨NNHYLGGHDIHQ
HQNHOWIDVHWVWLNNRQWDNW

)RUO¨QJKYHUVLGHDIVODQJHQᚏJ
RJVNUXVODQJHQWLODGDSWHU$ᚏJ

,QVWDOOHUDGDSWHU$LQGLHQKHGHQᚏJ
)LJ
7U¨NLGHQDQGHQVLGHDIVODQJHQ
RJVNUXGHQS§DGDSWHUHQ%ᚏJXU
)LJ
)RUO¨QJVODQJHQVVLGH
)LJ
)LJ
6NXELQGS§
/§V
6ODQJHQNDQIRUO¨QJHVIUDVLQ
RSULQGHOLJHO¨QJGHS§FPRJ
RSWLOFPPHQGHWHUEHGVWDW
KROGHO¨QJGHQV§NRUWVRPPXOLJ
6ºUJGHVXGHQIRUDWVODQJHQLNNH
EºMHVNUDIWLJWHOOHUK¨QJHULHQ
EXH)LJXU
$GDSWHUHQ$HUDOOHUHGHVNUXHWS§
VODQJHQWLOGHQQHHQKHG
)LJ

0RQWHUDGDSWHU%S§YLQGXHW)LJXU
'$16.

%(7-(1,1*69(-/('1,1*
1RJOHDIGHIºOJHQGHLQVWUXNWLRQHU
NDQNXQEUXJHVYHGDWEUXJH
EHWMHQLQJVSDQHOHW
'HWHULNNHQºGYHQGLJWDWEUXJH
DᚐºEVVODQJHQLFRROWLOVWDQG
$INºOLQJVWLOVWDQG
2SYDUPQLQJVWLOVWDQGS§QRJOHPRGHOOHU
,GHQQHWLOVWDQG6.$/
XGEO¨VQLQJVVODQJHQEUXJHV
,GHQQHWLOVWDQG6.$/
XGEO¨VQLQJVVODQJHQEUXJHV

%UXJDIEHWMHQLQJVSDQHOHW
7U\NS§PRGHNQDSSHQLQGWLO
LQGLNDWRUHQIRUDINºOLQJVWLOVWDQGW¨QGHV
7U\NS§NQDSSHQIDQVSHHG
IRUDWY¨OJHEO¨VHUKDVWLJKHGHQ
LKHQKROGWLOEHO\VQLQJHQDI
EO¨VHUKDVWLJKHGLQGLNDWRUHQ'X
NDQY¨OJHEO¨VHUKDVWLJKHGHQYKD
IºOJHQGHVHNYHQVDXWRൺKLൺ
PHGൺORZൺDXWR
7U\NS§NQDSSHQ
HOOHU NQDSSHQ
IRUDWY¨OJHGHQºQVNHGHWHPSHUDWXU
7U\NS§PRGHNQDSSHQLQGWLO
LQGLNDWRUHQIRU+HDWW¨QGHV
7U\NS§NQDSSHQIDQVSHHG
IRUDWY¨OJHEO¨VHUKDVWLJKHGHQ
LKHQKROGWLOEHO\VQLQJHQDI
EO¨VHUKDVWLJKHGLQGLNDWRUHQ'X
NDQY¨OJHEO¨VHUKDVWLJKHGHQYKD
IºOJHQGHVHNYHQVDXWRൺKLൺ
PHGൺORZൺDXWR
7U\NS§NQDSSHQ
HOOHU NQDSSHQ
IRUDWY¨OJHGHQºQVNHGHWHPSHUDWXU
7LOVOXWWHWDᚐºEVVODQJH6HDIVQLWWHW
$IWDSQLQJ

./,0$$1/**(76)81.7,21(5

%(7-(1,1*63$1(/
1
9LVHUWHPSHUDWXUWLG
7¨QGVOXN
6OHHS'YDOH
)LOWHUQXOVWLOOLQJ
%O¨VHUKDVWLJKHG
-XVWHUWHPSHUDWXUHOOHUWLPHU
7LOVWDQGVYDOJ
7LPHU
6YLQJ
7ºUULQJ
7U\NS§PRGHNQDSSHQLQGWLO
LQGLNDWRUHQIRUWºUULQJVWLOVWDQGW¨QGHV
6N¨UPHQYLVHUUXPWHPSHUDWXUHQ
6DPWLGLJO\VHULQGLNDWRUHQIRUORZ
EO¨VHU
%HP¨UN
,GHQQHWLOVWDQGNDQ
EO¨VHUKDVWLJKHGHQLNNHY¨OJHV
%O¨VHUWLOVWDQG
,GHQQHWLOVWDQGVNDOGHULNNHEUXJHV
XGEO¨VQLQJVVODQJHHOOHUDᚐºEVVODQJH
 ZZZHOHFWUROX[FRP

7U\NS§PRGHNQDSSHQLQGWLO
LQGLNDWRUHQIRUEO¨VHUWLOVWDQGW¨QGHV

7U\NS§NQDSSHQ)DQVSHHGIRUDW
Y¨OJHGHQºQVNHGHEO¨VHUKDVWLJKHG

%O¨VHUHQNºUHUYHGGHQYDOJWHKDVWLJKHG
RJGLVSOD\HWYLVHUUXPWHPSHUDWXUHQ
)LOWHUQXOVWLOOLQJ
$XWRWLOVWDQG
7LPHUWLOVWDQG
6§GDQIRUVLQNHVRSVWDUW
6§GDQIRUVLQNHVQHGOXNQLQJ
'YDOHLQGVWLOOLQJ
6ºUJDOWLGIRUDWXGEO¨VQLQJVVODQJHQ
HUPRQWHUHWLGHQQHWLOVWDQG
1§UNOLPDDQO¨JJHWLQGVWLOOHVWLOWLOVWDQGHQ
$XWRY¨OJHVDXWRPDWLVNDINºOLQJ
RSYDUPQLQJLNNHWLOJ¨QJHOLJIRUPRGHOOHU
NXQPHGNºOLQJHOOHUEO¨VHUDOHQH
DIK¨QJLJWDIGHQYDOJWHWHPSHUDWXURJ
UXPWHPSHUDWXUHQ.OLPDDQO¨JJHWVW\UHU
DXWRPDWLVNUXPWHPSHUDWXUHQW¨WS§GHQ
WHPSHUDWXUGXKDULQGVWLOOHW
,WLOVWDQGHQ$872NDQGHULNNHY¨OJHV
EO¨VHUKDVWLJKHG
7U\NS§PRGHNQDSSHQLQGWLO
LQGLNDWRUHQIRU$XWRPRGHW¨QGHV
1§UWLOVWDQGHQ$XWRHUYDOJWYLOHQKHGHQ
NºUHDXWRPDWLVNLKHQKROGWLOGHQIDNWLVNH
UXPOXIWHPSHUDWXU
7LPHUHQJºUGHWPXOLJWIRUEUXJHUHQDW
IRUVLQNHHQKHGHQVRSVWDUWHOOHUQHGOXNQLQJ
7LOVOXWHQKHGHQV§HQKHGHQJ§ULVWDQGE\
7U\NS§NQDSSHQ7LPHUKYRUHIWHU
7LPHULQGLNDWRUHQW¨QGHURJDQWDOOHW
DIWLPHUS§VN¨UPHQYLOYLVH
7U\NHOOHUKROGS§SLO23
HOOHUSLO
1('
IRUDW¨QGUHWLPHUHQIRU
XGVNXGWVWDUWPHGWULQS§WLPHRSWLO
WLPHURJGHUHIWHUPHGWULQS§WLPHRS
WLOWLPHU7U\NS§NQDSSHQ7LPHULJHQ
LQGHQIRUVHNXQGHUKYLVGXYLODIVOXWWH
WLPHULQGVWLOOLQJHQGLUHNWH
(IWHUVHNXQGHUDNWLYHUHV
WLPHUIXQNWLRQHQRJGLVSOD\HWYLVHU
WHPSHUDWXUHQLJHQ.RQWUROOHQW¨OOHU
GHQUHVWHUHQGHWLGQHGWLORSVWDUW
(QKHGHQVWDUWHULWLOVWDQGHQVRPWLGOLJHUH
LQGVWLOOHW
)RUDWDQQXOOHUHLQGVWLOOLQJHQVNDOGX
WU\NNHS§NQDSSHQ7LPHULJHQIRUDWVH
UHVWHUHQGHWLGHOOHUWU\NS§NQDSSHQLJHQ
IRUDWDIVOXWWHIXQNWLRQHQ'XNDQRJV§
DQQXOOHUHLQGVWLOOLQJHQYHGDWWU\NNHS§
RQRᚎNQDSSHQ1§UGXKDUDQQXOOHUHW
LQGVWLOOLQJHQVOXNNHUWLPHULQGLNDWRUHQ
'XNDQIRUVLQNHQHGOXNQLQJQ§UHQKHGHQ
HUW¨QGW
7U\NS§NQDSSHQ7LPHUKYRUHIWHU
7LPHULQGLNDWRUHQW¨QGHURJDQWDOOHW
DIWLPHUS§VN¨UPHQYLOYLVH
7U\NHOOHUKROGS§SLO23
HOOHUSLO
1('
IRUDW¨QGUHWLPHUHQIRUVWRS
PHGWULQS§WLPHRSWLOWLPHU
RJGHUHIWHUPHGWULQS§WLPHRSWLO
WLPHU7U\NS§NQDSSHQ7LPHULJHQ
LQGHQIRUVHNXQGHUKYLVGXYLODIVOXWWH
WLPHULQGVWLOOLQJHQGLUHNWH
(IWHUVHNXQGHUDNWLYHUHV
WLPHUIXQNWLRQHQRJGLVSOD\HWYLVHU
WHPSHUDWXUHQLJHQ.RQWUROOHQW¨OOHU
GHQUHVWHUHQGHWLGQHGWLOQHGOXNQLQJ
)RUDWDQQXOOHUHLQGVWLOOLQJHQVNDOGX
WU\NNHS§NQDSSHQ7LPHULJHQIRUDWVH
UHVWHUHQGHWLGHOOHUWU\NS§NQDSSHQLJHQ
IRUDWDIVOXWWHIXQNWLRQHQ'XNDQRJV§
DQQXOOHUHLQGVWLOOLQJHQYHGDWWU\NNHS§
RQRᚎNQDSSHQ1§UGXKDUDQQXOOHUHW
LQGVWLOOLQJHQVOXNNHUWLPHULQGLNDWRUHQ
$NWLYHUGHQQHIXQNWLRQIRUDWI§HQ
EHKDJHOLJWHPSHUDWXURJVSDUHHQHUJL
.XQQ§UHQKHGHQHULDINºOLQJV
RSYDUPQLQJVHOOHUDXWRWLOVWDQGNDQ
GXWU\NNHS§NQDSSHQVOHHSIRUDWI§
HQKHGHQWLODWNºUHLGYDOHWLOVWDQG
%HP¨UN6HYHQOLJVWVLGHIRU
GHWDOMHURP6OHHSWLOVWDQG
'HQQHIXQNWLRQHUHQS§PLQGHOVHRPDW
UHQJºUHOXIWᚏOWHUHWVH3OHMHRJUHQJºULQJ
IRUPHUHHᚎHNWLYGULIW
,QGLNDWRUHQIRUᚏOWHUW¨QGHVHIWHU
GULIWVWLPHU)RUDWQXOVWLOOHHIWHU
UHQJºULQJDIᚏOWHUHWVNDOGXWU\NNHS§
ᚏOWHUQXOVWLOOLQJNQDSSHQV§ᚏOWHU
LQGLNDWRUHQVOXNNHU
r)r&IXQNWLRQ
7U\NS§NQDSSHQ
RJ NQDSSHQL
PHUHHQGVHNXQGHUIRUDWVNLIWHPHOOHP
JUDGHUL)DKUHQKHLWRJ&HOVLXV,WºUULQJV
EO¨VHUWLOVWDQGNDQGXLNNHY¨OJHr)r&
7U\NS§VZLQJNQDSSHQIRUDWDNWLYHUH
VYLQJHIXQNWLRQODPLQDWHWS§WRSSDQHOHW
YLOVYLQJHRSRJQHG
7U\NS§GHQQHNQDSLJHQIRUDWGHDNWLYHUH
VYLQJIXQNWLRQHQ
6YLQJIXQNWLRQ
%HP¨UN
,GHQQHWLOVWDQGNDQDXWR
KDVWLJKHGHQLNNHY¨OJHV
'$16.
%UXJHU
0DNVP
)MHUQEHWMHQLQJ
%¨UEDU$&
71'()25(1+('(1
)MHUQG¨NVOHWEDJS§IMHUQEHWMHQLQJHQ
,QGV¨WGHPHGIºOJHQGHEDWWHULHUNRUUHNW
VHLQVWUXNWLRQHUQHLQGHLEDWWHULUXPPHW
/XNG¨NVOHW
+YLVGXYLOXGVNLIWHGHJDPOHEDWWHULHU
VRPHUEUXJWRSPHGWRQ\H53
$$$9EDWWHULHUVNDOGXJHQWDJH
WULQHQHRYHQIRU
%DWWHULLQVWDOODWLRQRJYLJWLJH
LQVWUXNWLRQHU
6§GDQEUXJHVIMHUQEHWMHQLQJHQ

)MHUQEHWMHQLQJ
)MHUQEHWMHQLQJVVN¨UP
7HPS7LPHULQGVWLOOLQJVNQDS
7¨QGVOXNNQDS
)XQNWLRQVY¨OJHU
'YDOHNQDS
7LPHUNQDS
6YLQJNQDS
+DVWLJKHGVNQDS
+YLVIMHUQEHWMHQLQJHQXGVNLIWHVHOOHU
NDVVHUHVVNDOEDWWHULHUQHIMHUQHVRJ
ERUWVNDᚎHVLRYHUHQVVWHPPHOVHPHG
ORNDOORYJLYQLQJGDGHVNDGHUPLOMºHW
8QGJ§DWNRPELQHUH¨OGUHEDWWHULHU
PHGQ\H
8QGJ§DWEODQGHDONDOLQHVWDQGDUG
NXO]LQNHOOHUJHQRSODGHOLJHQLNNHO
FDGPLXPEDWWHULHU
%DWWHULHUP§LNNHVPLGHVLQGL§EHQLOG
%DWWHULHUNDQHNVSORGHUHHOOHUO¨NNH
+YLVIMHUQEHWMHQLQJHQLNNHEUXJHVL
ODQJWLGVNDOGXIMHUQHEDWWHULHUQH
IUDIMHUQEHWMHQLQJHQ
)MHUQEHWMHQLQJHQVNDOK§QGWHUHVPHG
VWRUIRUVLJWLJKHG'HQP§LNNHWDEHV
HOOHUXGV¨WWHVIRUGLUHNWHVROO\VHOOHU
YDUPHNLOGHU
'HQQHHQKHGRYHUKROGHUGHOL)&&
UHJOHUQH'ULIWHUXQGHUODJWIºOJHQGHWR
EHWLQJHOVHU
'HQQHHQKHGP§LNNHIRU§UVDJH
VNDGHOLJLQWHUIHUHQVRJGHQQH
HQKHGVNDODFFHSWHUHHQKYHUPRGWDJHW
LQWHUIHUHQVKHUXQGHULQWHUIHUHQVGHUNDQ
IRU§UVDJHXºQVNHWGULIW
3HJIMHUQEHWMHQLQJHQPRG
VLJQDOPRWWDJHUHQ)MHUQEHWMHQLQJHQ
P§LNNHY¨UHPHUHHQGPHWHUY¨N
IUDHQKHGHQXGHQEORNHULQJHUPHOOHP
IMHUQEHWMHQLQJHQRJHQKHGHQ
7LOVOXWHQKHGHQRJWU\NGHUHIWHUS§
W¨QGVOXNNQDSSHQQ§UGHQHUW¨QGW
YLODSSDUDWHWVWDUWHLGHQVLGVWHLQGVWLOOLQJ
IºUQHGOXNQLQJ
 ZZZHOHFWUROX[FRP
7U\NS§PRGHNQDSSHQLQGWLOYHQVWUH
VLGHDI/&'VN¨UPHQYLVHUFRRO
7U\NS§NQDSSHQIDQVSHHGIRUDWY¨OJH
EO¨VHUKDVWLJKHGHQDXWRKLJKPLG
RJORZ
7U\NS§NQDSSHQ
RJ IRUDWY¨OJH
GHQºQVNHGHWHPSHUDWXU
7U\NS§PRGHNQDSSHQLQGWLOYHQVWUH
VLGHDI/&'VN¨UPHQYLVHUGU\
6DPWLGLJYLVHVEO¨VHUV\PEROHWORZ
S§VN¨UPHQ
%HP¨UN,GHQQHWLOVWDQGNDQ
EO¨VHUKDVWLJKHGHQLNNHY¨OJHV
7U\NS§PRGHNQDSSHQLQGWLOYHQVWUH
VLGHDI/&'VN¨UPHQYLVHUKHDW
7U\NS§NQDSSHQIDQVSHHGIRUDW
Y¨OJHEO¨VHUKDVWLJKHGHQDXWRKLJK
PLGRJORZ
7U\NS§NQDSSHQ
RJ IRUDWY¨OJH
GHQºQVNHGHWHPSHUDWXU
7U\NS§PRGHNQDSSHQLQGWLOYHQVWUH
VLGHDI/&'VN¨UPHQYLVHUDXWR
,WLOVWDQGHQ$872NDQGXLNNHY¨OJH
EO¨VHUKDVWLJKHGHQ
7U\NS§NQDSSHQ
RJ IRUDWY¨OJH
GHQºQVNHGHWHPSHUDWXU
1§UHQKHGHQHULDINºOLQJVRSYDUPQLQJV
HOOHUDXWRWLOVWDQGNDQGXWU\NNHS§
NQDSSHQVOHHSIRUDWI§HQKHGHQWLO
DWNºUHLGYDOHWLOVWDQG,GHQQHWLOVWDQG
LQGVWLOOHVEO¨VHUKDVWLJKHGHQDXWRPDWLVN
VRPDXWRVRPLNNHNDQ¨QGUHV
,DINºOLQJVRSYDUPQLQJVWLOVWDQGºJHVGHQ
YDOJWHWHPSHUDWXUPHGr&PLQXWWHU
HIWHUDWWLOVWDQGHQY¨OJHV7HPSHUDWXUHQ
ºJHVPLQGVNHVGHUHIWHUPHG\GHUOLJHUH
r&HIWHUHQGQXPLQXWWHU'HQQHQ\H
WHPSHUDWXURSUHWKROGHVLWLPHULQGHQ
GHQYHQGHUWLOEDJHWLOGHQWHPSHUDWXU
GHURSULQGHOLJWEOHYYDOJW'HWWHDIVOXWWHU
6OHHSWLOVWDQGHQRJHQKHGHQOXNNHU
DXWRPDWLVN
7U\NS§PRGHNQDSSHQLQGWLOYHQVWUH
VLGHDI/&'VN¨UPHQYLVHUIDQ
,GHQQHWLOVWDQGNDQGXY¨OJH
EO¨VHUKDVWLJKHGHQKLJKPLG
HOOHUORZYHGDWWU\NNHS§
EO¨VHUKDVWLJKHGVNQDSSHQRJKHQYLVH
WLOGLDJUDPPHW
%HP¨UN,GHQQHWLOVWDQGEHKºYHU
OXIWXGVWºGQLQJVVODQJHQLNNHDWEOLYH
WLOVOXWWHW
$INºOLQJVWLOVWDQG
7ºUULQJ
2SYDUPQLQJVWLOVWDQGNXQWLOPRGHOOHU
PHGRSYDUPQLQJVRJDINºOLQJVWLOVWDQG
$872WLOVWDQG
'YDOHLQGVWLOOLQJ
%O¨VHUWLOVWDQG
)RUDWVOXNNHIRUDSSDUDWHWVNDOGXWU\NNH
S§W¨QGVOXNNQDSSHQLJHQRJGHUHIWHU
WDJHVWLNNHWXG
6OXNDOWLGHQKHGHQYHGDWWU\NNHS§W¨QG
VOXNNQDSSHQRJYHQWQRJOHPLQXWWHUIºU
VWLNNHWWDJHVXG
'$16.
6OHHSWLOVWDQGVSURJUDPPHWNDQ
DQQXOOHUHVS§HWYLON§UOLJWWLGVSXQNW
YHGDWWU\NNHS§NQDSSHQ6OHHSLJHQ
%HP¨UN'YDOHWLOVWDQGNDQLNNHLQGVWLOOHV
LEO¨VHUHOOHUWºUULQJVWLOVWDQG
7U\NS§VZLQJNQDSSHQIRUDWDNWLYHUH
VYLQJIXQNWLRQHQRJºYHUVWHVLGHDI
VN¨UPHQYLOYLVH
/DPLQDWHW
S§WRSSDQHOHWVYLQJHURSRJQHG
7U\NS§GHQQHNQDSLJHQIRUDWGHDNWLYHUH
VYLQJIXQNWLRQHQ
6YLQJIXQNWLRQ
r)r&IXQNWLRQ
7LPHUWLOVWDQG
7U\NVDPWLGLJS§NQDSSHQ
RJ L
PHUHHQGVHNXQGHUIRUDWVNLIWHPHOOHP
JUDGHUL)DKUHQKHLWRJ&HOVLXV,WºUULQJV
EO¨VHUWLOVWDQGNDQGXLNNHY¨OJHr)r&
6§GDQIRUVLQNHVRSVWDUW
7LOVOXWHQKHGHQV§HQKHGHQJ§ULVWDQGE\
7U\NS§NQDSSHQWLPHULQGWLOVN¨UPHQ
YLVHUWLPHURJKRJRQEOLQNHU
6§GDQIRUVLQNHVQHGOXNQLQJ
'XNDQIRUVLQNHQHGOXNQLQJQ§UHQKHGHQ
HUW¨QGW7U\NS§NQDSSHQWLPHUರLQGWLO
VN¨UPHQYLVHUWLPHURJKRJRᚎ
EOLQNHU
7U\NHOOHUKROGS§SLO23
HOOHUSLO
1('
IRUDW¨QGUHWLPHUHQIRUVWRS
PHGWULQS§WLPHRSWLOWLPHURJ
GHUHIWHUPHGWULQS§WLPHRSWLOWLPHU
(IWHUVHNXQGHUJHPPHVLQGVWLOOLQJHQ
RJGLVSOD\HWYLVHUGHQUHVWHUHQGHWLG
LQGWLOHQKHGHQOXNNHUQHG'XNDQRJV§
WU\NNHS§NQDSSHQWLPHULJHQGLUHNWH
V§VWRSSHURᚎPHGGHWVDPPHPHG
DWEOLQNH
)RUDWDQQXOOHUHLQGVWLOOLQJHQVNDOGX
WU\NNHS§NQDSSHQWLPHULJHQ
7U\NHOOHUKROGS§SLO23
HOOHUSLO
1('
IRUDW¨QGUHWLPHUHQIRU
XGVNXGWVWDUWPHGWULQS§WLPHRS
WLOWLPHURJGHUHIWHUPHGWULQS§
WLPHRSWLOWLPHU(IWHUVHNXQGHU
JHPPHVLQGVWLOOLQJHQ.RQWUROOHQW¨OOHU
GHQUHVWHUHQGHWLGQHGWLORSVWDUW'X
NDQRJV§WU\NNHS§WLPHUNQDSSHQLJHQ
GLUHNWHRJRQYLOVWRSSHPHGDWEOLQNH
PHGGHWVDPPHV§VWDUWHUHQKHGHQL
GHQWLOVWDQGVRPEOHYLQGVWLOOHWWLGOLJHUH
'XNDQLQGVWLOOHWLOVWDQGHQRJHQKHGHQ
VWDUWHURSV§GDQVRPGXKDUYDOJWHIWHU
DWRQKROGHURSPHGDWEOLQNH
)RUDWDQQXOOHUHLQGVWLOOLQJHQVNDO
GXWU\NNHS§NQDSSHQWLPHULJHQ
 ZZZHOHFWUROX[FRP
%(05.
ವ 6NUXDᚐºEVK¨WWHQDIGHWOºEHQGH
DᚐºEVKXOᚏJ
ವ 7LOVOXWGHQHQHHQGHDIKDYHVODQJHQ
V¨OJHVV¨UVNLOWHOOHUDᚐºEVVODQJHQWLO
DᚐºEVKXOOHWRJIºUGHQDQGHQHQGHLQG
LDᚐºEHWVRPHUSODFHUHWODYHUHHQG
HQKHGHQᚏJ
ವ .RQGHQVDWNDQVWUºPPHXGHIWHU
IMHUQHOVHDIDᚐºEVK¨WWHQKYLVHQKHGHQ
NºUHULDINºOLQJVHOOHUDXWRWLOVWDQG
1§UGXYLOIMHUQHKDYHVODQJHQVNDO
GXWLOEHUHGHHQGU\SEDNNHPHGIºOJHU
LNNHIRUDWRSVDPOHNRQGHQVDWHWIUD
GU¨QXGOºEHW
ವ 6ºUJIRUDWKºMGHQDIDᚐºEVVODQJHQ
RJVHNWLRQHQLDᚐºEVVODQJHQLNNHHU
KºMHUHHQGGU¨QXGOºEHWHOOHUVYLOGHQ
NRQWLQXHUOLJHGU¨QLQJPXOLJYLVLNNH
IXQJHUHUNRUUHNW
ವ ,DINºOLQJVHOOHUDXWRWLOVWDQGDQEHIDOHV
GHWDWGHDNWLYHUHNRQWLQXHUOLJ
GU¨QLQJYHGDWXGVNLIWHDᚐºEVK¨WWHQ
WLOGU¨QXGOºEHWIRUDWRSQ§GHQ
PDNVLPDOH\GHOVH
+YLVGLVSOD\HWYLVHU$6&6RJ(6HU
GHUHQIHMOLWHPSHUDWXUIºOHUHQ.RQWDNWGLW
DXWRULVHUHGH(OHFWUROX[6HUYLFH&HQWHU
+YLV/YLVHVLGLVSOD\HWHUGHUIHMOL
NRQGHQVDWRUEO¨VHUIºOHUHQ.RQWDNWGLW
DXWRULVHUHGH(OHFWUROX[6HUYLFH&HQWHU
+YLVGLVSOD\HWYLVHU(HU
NRPPXQLNDWLRQHQPHOOHPGLVSOD\3&%
RJKRYHGNRQWURO3&%GHIHNW.RQWDNWGLW
DXWRULVHUHGH(OHFWUROX[6HUYLFH&HQWHU
+YLV3YLVHVLGLVSOD\HWHU
EXQGEDNNHQIXOG)O\WIRUVLJWLJWHQKHGHQ
WLOHWDIWDSQLQJVVWHGIMHUQDᚐºEVSURSSHQ
LEXQGHQRJODGYDQGHWOºEHXG*HQVWDUW
HQKHGHQLQGWLO3V\PEROHWIRUVYLQGHU
.RQWDNWVHUYLFHKYLVIHMOHQIRUWVDWYLVHV

)HMONRGH
.RQWLQXHUOLJWDᚐºE
,75IXQNWLRQHOOHUYDUPHSXPSHPRGHO
VNDOGXEUXJHHQKDYHVODQJHV¨OJHV
V¨UVNLOWHOOHUHQDᚐºEVVODQJHWLODW
WºPPHNRQGHQVDWIUDHQKHGHQ
)ºOJGLVVHWULQ

$ᚐºEVLQVWUXNWLRQHU
7ºPQLQJDINRQGHQVDWUHVWHULQGH
LHQKHGHQXQGHUYLQWHURSEHYDULQJ
)LJ
)LJ
Fig. 20
Afløbshætte
til tør funktion
Afløbshætte til
varmepumpe
Haveslange
Afløbsslange
Fig. 21
'$16.
%(05.)RUDWVLNUHDWDOOH
NRQGHQVDWUHVWHUHUIMHUQHWVNDOG\YLSSH
HQKHGHQYHGDWOºIWHGHQOLGWRSDGIUD
IRUVLGHQLQGWLOGHULNNHNRPPHUPHUH
NRQGHQVDWXGDIGU¨QXGOºEHW
Bund
Afløbsudgang
Dryphætte
Drypbakke
6¨WDᚐºEVK¨WWHQWLOEDJHS§GHW
NRQWLQXHUOLJHGU¨QXGOºEQ§UGHU
LNNHVWUºPPHUNRQGHQVYDQGXG
6¨WGU\SEDNNHQXQGHUQHGHUVWH
GU¨QXGOºERJWDJJXPPLSURSSHQXG
DIGU¨QXGOºEHWIRUDWODGHNRQGHQVDWHW
VWUºPPHLQGLGU\SEDNNHQ+YLVGLQ
GU\SEDNNHLNNHNDQLQGHKROGHKHOH
NRQGHQVDWHWYLOGHUY¨UHEHKRYIRU
HQU¨NNHI\OGQLQJHU
6¨WDᚐºEVK¨WWHQWLOEDJHS§GHWQHGHUVWH
GU¨QXGOºEQ§UGHULNNHVWUºPPHU
NRQGHQVYDQGXG

9('/,*(+2/'(/6(2*5(1*5,1*
5HQJºUNOLPDDQO¨JJHWUHJHOP¨VVLJW
IRUDWKROGHGHWLJRGVWDQG6ºUJIRU
DWNREOHHQKHGHQIUDO\VQHWWHWIºU
UHQJºULQJHQIRUDWXQGJ§HOHNWULVN
VWºGHOOHUULVLNRIRUEUDQG
.DELQHWWHWRJIURQWHQNDQWºUUHVDIPHG
HQROLHIULNOXGHOOHUYDVNHVPHGHQNOXG
RSEOºGWLHQRSOºVQLQJDIYDUPWYDQGRJ
HWPLOGWRSYDVNHPLGGHO
%UXJDOGULJVNUDSSHUHQJºULQJVPLGOHU
YRNVHOOHUSXGVHPLGGHOS§NDELQHWWHWV
IRUVLGH
6ºUJIRUDWYULGHRYHUVN\GHQGHYDQG
DINOXGHQIºUGXWºUUHUNQDSSHUQHDI
2YHUVN\GHQGHYDQGS§HOOHUUXQGWRP
NQDSSHUQHNDQEHVNDGLJHNOLPDDQO¨JJHW

5HQJºULQJDIHQKHGHQ

)MHUQOXIWᚏOWHUHWVRPYLVW
LQHGHQVW§HQGHᚏJXU
)RUDWKROGHGLWNOLPDDQO¨JHᚎHNWLYW
EºUGXUHQJºUHᚏOWUHQHHIWHUKYHUDQGHQ
XJHVGULIW
7DJGHWºYUHRJQHGUHOXIWᚏOWHUXG

5HQJºULQJDIᚏOWUH
6¨WHQGU\SEDNNHPHGIºOJHULNNH
XQGHUQHGUHGU¨QXGOºERJWU¨NGHUHIWHU
DᚐºEVK¨WWHQXGIRUDWODGHNRQGHQVDWHW
VWUºPPHLQGLGU\SEDNNHQ
 ZZZHOHFWUROX[FRP

7ºPYDQGRSVDPOLQJVWDQNHQKHOW
RJIMHUQQHGHUVWHDᚐºEVK¨WWHRJ
JXPPLSURSO¨QJHQRNWLODWYDQGHW
NDQOºEHXG1§UWDQNHQHUKHOWWºPW

6ºUJIRUDWᚏOWHUHWRJDᚐºEVK¨WWHQ
HUS§SODGV

.RQWUROO«UOHGQLQJHQIRUDWVLNUHDW
GHQHULJRGVWDQGXGHQUHYQHUHOOHU
EHVNDGLJHOVHU

6¨WQ\HEDWWHULHULIMHUQEHWMHQLQJHQ

,QVWDOOHUNOLPDDQO¨JJHWVRPEHVNUHYHW
L,QVWDOODWLRQVYHMOHGQLQJHQ

9DVNᚏOWHUHWYHGKM¨OSDIᚐ\GHQGH
RSYDVNHPLGGHORJYDUPWYDQGXQGHU
r&6N\OᚏOWHUHWJUXQGLJW5\VW
IRUVLJWLJWRYHUVN\GHQGHYDQGDIᚏOWHUHW
6ºUJIRUDWᚏOWHUHWHUKHOWWºUWIºUGHW
V¨WWHVS§SODGV)LOWHUHWNDQRJV§
VWºYVXJHVLVWHGHWIRUDWYDVNHGHW

6¨WᚏOWHUHWWLOEDJHS§SODGVQ§UGHW
HUWºUW
6ºUJIRUDWᚏOWHUHWHUKHOWWºUWIºU
GHWV¨WWHVS§SODGV
+YLVNOLPDDQO¨JJHWLNNHVNDOEUXJHV
LHQO¨QJHUHSHULRGH
)ºUGXEUXJHUNOLPDDQO¨JJHWLJHQ

9LQWHURSEHYDULQJ

)(-/),1',1*
*HQQHPJ§OLVWHQLQGHQGXWLONDOGHU
VHUYLFH'HWNDQVSDUHGLJWLGRJ
SHQJH/LVWHQRPIDWWHUDOPLQGHOLJW
IRUHNRPPHQGHK¨QGHOVHUVRP
LNNHVN\OGHVIHMOLIRUDUEHMGQLQJ
HOOHUPDWHULDOHUS§DSSDUDWHW
.OLPDDQO¨JJHWVWDUWHULNNH
/XIWHQIUDHQKHGHQIºOHVLNNH
WLOVWU¨NNHOLJNROG
.OLPDDQO¨JJHWNºOHUPHQUXPPHW
HUIRUYDUPWാGHUGDQQHV,..(LVS§
NºOHVSROHQEDJIURQWHQ
ವ 6WLNNHWHULNNHLQGVDWLVWLNNRQWDNWHQ
6¨WVWLNNHWKHOWLQGLVWLNNRQWDNWHQ
ವ 6LNULQJHQHUVSUXQJHWHOOHUUHO¨HWS§
HOWDYOHQHUVO§HWIUD8GVNLIWVLNULQJHQ
PHGHQDIIRUVLQNHOVHVW\SHQHOOHUVO§
UHO¨HWWLOLJHQ
ವ .OLPDDQO¨JJHWHUVO§HWIUD2))
7¨QGIRUNOLPDDQO¨JJHW21RJY¨OJ
GHQºQVNHGHLQGVWLOOLQJ
ವ )HMONRGH3YLVHVLGLVSOD\HW7ºP
YDQGDINOLPDDQO¨JJHWVRPEHVNUHYHW
LDIVQLW$IWDSQLQJ
ವ 5XPWHPSHUDWXUODYHUHHQG
GHQLQGVWLOOHGHWHPSHUDWXU
DINºOLQJVWLOVWDQGHOOHUUXPWHPSHUDWXU
KºMHUHHQGGHQLQGVWLOOHGHWHPSHUDWXU
RSYDUPQLQJVWLOVWDQG,QGVWLO
WHPSHUDWXUHQLJHQ
ವ 5XPWHPSHUDWXUXQGHUr&
.OLPDDQO¨JJHWNºOHUPXOLJYLVLNNHIºU
UXPWHPSHUDWXUHQVWLJHUWLORYHUr&
ವ ,QGVWLOHQODYHUHWHPSHUDWXU
ವ .RPSUHVVRUHQHUVO§HWIUDSJD
¨QGULQJDIWLOVWDQG9HQWFDPLQXWWHU
RJO\WHIWHUDWNRPSUHVVRUHQVWDUWHU
LJHQQ§UNOLPDDQO¨JJHWHULQGVWLOOHW
WLODINºOLQJVWLOVWDQG
ವ 8GHWHPSHUDWXUXQGHUr&)RUDW
DIULPPHVSROHQVNDOGXLQGVWLOOHWLO
EO¨VHUWLOVWDQG
ವ /XIWᚏOWHUHWHUPXOLJYLVVQDYVHW5HQV
ᚏOWHUHW6HDIVQLW9HGOLJHKROGHOVH
RJUHQJºULQJ9¨OJEO¨VHUWLOVWDQGIRU
DWDIULPH
ವ 7HPSHUDWXUHQHULQGVWLOOHWIRUODYWWLO
NºOLQJRPQDWWHQ9¨OJEO¨VHUWLOVWDQG
IRUDWDIULPHVSROHQ,QGVWLOGHUHIWHUHQ
KºMHUHWHPSHUDWXU
ವ 8GEO¨VQLQJVNDQDOHQHULNNHWLOVOXWWHW
HOOHUHUEORNHUHW6HDIVQLW
8GOHGQLQJDIYDUPOXIW
RJGHULNNHOºEHUPHUHYDQGXGVNDO
JXPPLSURSSHQRJK¨WWHQPRQWHUHV
LJHQ

)MHUQRJUHQJºUᚏOWHUHWODGGHWWºUUH
KHOWRJV¨WGHWWLOEDJHS§SODGV

)MHUQEDWWHULHUQHLIMHUQEHWMHQLQJHQ

2SEHYDUNOLPDDQO¨JJHWS§HWNºOLJW
WºUWVWHGY¨NIUDGLUHNWHVROO\V
HNVWUHPHWHPSHUDWXUHURYHUGUHYHQ
VWºYRJJRGWYHQWLOHUHW
'$16.
ವ /XIWᚏOWHUHWHUVQDYVHWದOXIWVWUºPPHQ
EHJU¨QVHV5HQVOXIWᚏOWHUHW
ವ 'HQXGYHQGLJHWHPSHUDWXUHUPHJHW
YDUP,QGVWLOEO¨VHUKDVWLJKHGHQWLO
HQKºMHUHLQGVWLOOLQJIRUDWOHGHOXIW
LJHQQHPNºOHVSROHUQHKXUWLJHUH
5XPPHWHUIRUNROGW
ವ 'HQLQGVWLOOHGHWHPSHUDWXUHUIRUODY
,QGVWLOHQKºMHUHWHPSHUDWXU
.OLPDDQO¨JJHWNºOHUPHQUXPPHW
HUIRUYDUPWGHUGDQQHVLVS§
NºOHVSROHQEDJIURQWHQ
.OLPDDQO¨JJHWW¨QGHVRJVOXNNHVRIWH
ವ /XIWᚏOWHUHWHUVQDYVHWದOXIWVWUºPPHQ
EHJU¨QVHV5HQVOXIWᚏOWHUHW6H
DIVQLW9HGOLJHKROGHOVHRJUHQJºULQJ
ವ 7HPSHUDWXUHQHULQGVWLOOHWIRUKºMW
,QGVWLOHQODYHUHWHPSHUDWXU
ವ /XIWVSM¨OGHWHULQGVWLOOHWIRUNHUW-XVW«U
OXIWVSM¨OGHWIRUDWRSQ§HQEHGUH
OXIWIRUGHOLQJ
ವ )RUVLGHQDIHQKHGHQHUEORNHUHWDI
W¨SSHUSHUVLHQQHUPºEOHURVY
KYLONHWUHGXFHUHUOXIWIRUGHOLQJHQ)MHUQ
EORNHUHQGHJHQVWDQGHIRUDQHQKHGHQ
ವ 'ºUHYLQGXHUVSM¨OGRVYHU§EQHದ
GHUVOLSSHUNROGOXIWXG/XNGºUH
YLQGXHUVSM¨OGRVY

0,/-+(16<1
*HQEUXJPDWHULDOHUPHGV\PEROHW
$QEULQJHPEDOODJHPDWHULDOHWL
SDVVHQGHEHKROGHUHWLOJHQEUXJ+M¨OS
PHGDWEHVN\WWHPLOMºHWRJPHQQHVNHOLJ
VXQGKHGVDPWDWJHQEUXJHDᚎDOGDI
HOHNWULVNHRJHOHNWURQLVNHDSSDUDWHU
%RUWVNDILNNHDSSDUDWHUGHUHU
P¨UNHWPHGV\PEROHW
VDPPHQPHG
KXVKROGQLQJVDᚎDOGHW/HYHUSURGXNWHW
WLOEDJHWLOGLQORNDOHJHQEUXJVSODGVHOOHU
NRQWDNWGLQNRPPXQH
ವ 'HUEOHYW¨QGWIRUQ\OLJW¨QGWIRU
HQKHGHQLHWYDUPWORNDOH/DGGHUJ§
PHUHWLGIºUGHQRSKREHGHYDUPHIUD
Y¨JJHORIWJXOYRJPºEOHUIRUVYLQGHU
 ZZZHOHFWUROX[FRP

7859$//,68862+-((7 

7859$//,68862+-( 

/$,77((1.89$86 

/$,77((108.$1$72,0,7(7879$5867((7 

$6(11862+-((7 

,/0$672,17,/$,77((120,1$,688'(7 

.<772+-((7 

+2,72-$38+',6786 

9,$105,7<6 

<035,671682-(/8 
6,6/7
2LNHXVPXXWRNVLLQSLG¦WHW¦¦QLOPDQHULOOLVW¦LOPRLWXVWD
9DURLWXNVHWKXRPDXWXNVHWMDWXUYDOOLVXXVRKMHHW
<OHLVRKMHHWMDYLQNLW
<PS¦ULVW¸QVXRMHOXRKMHLWD
$6,$.$63$/9(/8-$+82/72
6XRVLWWHOHPPHDONXSHU¦LVWHQYDUDRVLHQN¦\WW¸¦
3LG¦VHXUDDYDWWLHGRWVDDWDYLOODRWWDHVVDVL\KWH\WW¦YDOWXXWHWWXXQKXROWROLLNNHHVHHPPH
0DOOLWXRWHQXPHURVDUMDQXPHUR
.\VHLVHWWLHGRWO¸\W\Y¦WODLWWHHQDUYRNLOYHVW¦
7XRWWHHQUHNLVWHU¸LQWLSDUHPSDDKXROWRDYDUWHQ
ZZZUHJLVWHUHOHFWUROX[FRP
2VWDDNVHVLODLWWHHVLOLV¦YDUXVWHLWDNXOXWXVRVLDMDDONXSHU¦LVL¦YDUDRVLD
ZZZHOHFWUROX[FRPVKRS
9LHUDLOHYHUNNRVLYXOODPPH
6DDGDNVHVLN¦\WW¸¸QOLLWW\YL¦QHXYRMDHVLWWHLW¦YLDQP¦¦ULW\VRKMHLWDMDKXROWRRKMHLWD
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
.LLW¦PPHWHLW¦(OHFWUROX[ODLWWHHQKDQNLQQDVWD2OHWWHYDOLQQHHWWXRWWHHQMRNDSHUXVWXX
YXRVLN\PPHQLHQDLNDQDVDDWXXQNRNHPXNVHHQMDLQQRYDDWLRRQ.HNVHOL¦VMDW\\OLN¦V
ODLWHMRNDRQVXXQQLWHOWXWHLW¦DMDWHOOHQ/DLWHWWDN¦\WW¦HVV¦QQHYRLWWHROODDLQDYDUPD
HULQRPDLVLVWDWXORNVLVWD7HUYHWXORD(OHFWUROX[LLQ
6,1813$5+$$.6(6,
6820,

7859$//,68862+-((7
9$52,786
ವ/DSVHW\OLYXRWLDDWMDKHQNLO¸WMRLOODRQI\\VLVL¦
DLVWLOOLVLDWDLKHQNLVL¦SXXWWHLWDWDLSXXWWHHOOLQHQ
NRNHPXVMDWXQWHPXVYRLYDWN¦\WW¦¦W¦W¦ODLWHWWD
MRVKHLW¦RQYDOYRWWXWDLRKMDWWXODLWWHHQWXUYDOOLVHVVD
N¦\W¸VV¦MDKH\PP¦UW¦Y¦WODLWWHHQN¦\WW¸¸QOLLWW\Y¦W
YDDUDW
ವ/DSVHWHLY¦WVDDOHLNNL¦ODLWWHHOOD
ವ-RVYLUWDMRKWRYDXULRLWXXVHQVDDYDDUDWLODQWHLGHQ
Y¦OWW¦PLVHNVLYDLKWDDYDLQYDOPLVWDMDKXROWROLLNHWDL
YDVWDDYDDPPDWWLWDLWRLQHQKHQNLO¸
7¦P¦RKMHNLUMDVLV¦OW¦¦XXGHQLOPDVWRLQWLODLWWHHQQH
RLNHDRSSLVHQN¦\W¸Q/XHQ¦P¦RKMHHWNRNRQDDQHQQHQ
NXLQDORLWDWODLWWHHQN¦\W¸Q7¦P¦RKMHNLUMDWXOHHV¦LO\WW¦¦
YDUPDVVDSDLNDVVDWXOHYLDN¦\WW¸NHUWRMDYDUWHQ
6\PEROL +XRPDXWXV 6HOLW\V
9$52,786
+820,2
+820,2
+820,2
7¦P¦V\PEROLRVRLWWDDHWW¦W¦P¦ODLWHN¦\WW¦¦
KHOSRVWLV\WW\Y¦¦N\OP¦DLQHWWD2QROHPDVVDWXOLSDORQ
YDDUDMRVN\OP¦DLQHWWDRQYXRWDQXWMDVHDOWLVWXX
XONRLVHOOHV\W\W\VO¦KWHHOOH
7¦P¦V\PEROLRVRLWWDDHWW¦KXROWRKHQNLO¸VW¸QSLW¦LVL
N¦VLWHOO¦W¦W¦ODLWWHLWDYLLWDWHQDVHQQXVRKMHLVLLQ
7¦P¦V\PEROLRVRLWWDDHWW¦N¦\WW¸RKMH
RQOXHWWDYDKXROHOOLVHVWL
7¦P¦V\PEROLRVRLWWDDHWW¦RQVDDWDYLOODWLHWRD
NXWHQN¦\WW¸RKMHWDLDVHQQXVRKMH
+820$8786
ವ-RVODLWHWDUYLWVHHNRUMDXVWDWDLKXROWRDRWD\KWH\V
YDOWXXWHWWXXQKXROWROLLNNHHVHHQ
ವ2WD\KWH\WW¦DVHQWDMDDQW¦P¦QODLWWHHQ
DVHQWDPLVHNVL
ವ/DSVHWWDLKHLNRWKHQNLO¸WHLY¦WVDDN¦\WW¦¦
LOPDVWRLQWLODLWHWWDLOPDQYDOYRQWDD
 ZZZHOHFWUROX[FRP

,OPDVWRLQWLODLWWHHQN¦\W¸QDLNDQDKXRPLRLWDYLD
VHLNNRMD
+820$8786
.¦\WW¸¦NRVNHYLDYDURLWXNVLD
ವO¦PXXWDPLW¦¦QW¦P¦QWXRWWHHQRVDD
ವO¦DVHWDPLW¦¦QHVLQHLW¦ODLWWHHVHHQ
ವ9DUPLVWDHWW¦N¦\WHW\QV¦KN¸YHUNRQM¦QQLWHDUYR
RQRLNHD.¦\W¦YDLQದ9+]$
YLUWDO¦KGHWW¦0LN¦OLYLUWDO¦KWHHQM¦QQLWHDUYRRQ
YLUKHHOOLQHQODLWHYRLYDXULRLWXDMDVHXUDXNVHQD
YRLROODWXOLSDOR

7¦UNHLW¦KXRPDXWXNVLD
O¦N¦\W¦ODLWHWWDLOPDQLOPDQVXRGDWLQWD
O¦N¦\W¦ODLWHWWDO¦PS¸O¦KWHHQWDLDYRWXOHQO¦KHOO¦
O¦DOWLVWDODLWHWWDXONRQDVXRUDOOHDXULQJRQYDOROOH
MDVDWHHOOH
6¦LO\W¦MDVLLUU¦ODLWHWWDDLQDS\VW\DVHQQRVVD
O¦SHLW¦ODLWHWWDVHQROOHVVDWRLPLQQDVVDWDL
Y¦OLWW¸P¦VWLN¦\W¸QM¦ONHHQ
3RLVWDDLQDODXKGHYHVLHQQHQODLWWHHQYDUDVWRLPLVWD
ವ3LHQL¦ODSVLDWXOHHYDOYRDHWWHLY¦WKHOHLNNLVL
LOPDVWRLQWLODLWWHHOOD
ವ2QROHPDVVDSDLNDOOLVWHQYLUDQRPDLVWHQDVHWWDPLD
LOPDVWRLQWLODLWWHLGHQVXXULPSLDVDOOLWWXMD¦¦QLWDVRMD
ವ-RVYLUWDMRKWRRQYDLKGHWWDYDYDLKGRQVDD
VXRULWWDDYDLQDPPDWWLWDLWRLQHQKHQNLO¸VW¸
ವ$VHQQXNVHQVDDVXRULWWDDYDLQDPPDWWLWDLWRLQHQ
KHQNLO¸VW¸QRXGDWWDHQPDDNRKWDLVLD
N\WNHQW¦VWDQGDUGHMDMRVROHPDVVD9LUKHHOOLQHQ
N\WNHQW¦YRLDLKHXWWDD\OLNXXPHQHPLVWDMDWXOLSDORQ
YDDUDQ
ವ9DURHWWHLY¦WVRUPHVLM¦¦SXKDOWLPHQY¦OLLQ
V¦¦W¦HVV¦VLYDDNDVXXQWDLVLDV¦OHLNN¸M¦
ವ9$VXODNHRQYDOPLVWHWWXNHUDDPLVHVWD
PDWHULDDOLVWD
ವ/DSVHWHLY¦WVDDSXKGLVWDDMD\OO¦SLW¦¦ODLWHWWDLOPDQ
YDOYRQWDD+XRPDDHWW¦N\OP¦DLQHHLY¦OWW¦P¦WW¦
WXRNVX
6820,
ವ.¦\W¦DLQDU¦M¦KG\VVXRMDWWXDNDWNDLVLQWDWDLRLNHDQ
VXXUXLVWDVXODNHWWDO¦PLVV¦¦QWDSDXNVHVVDN¦\W¦
MRKWRDSLVWLNNHLW¦WDLPXLWDHVLQHLW¦VXODNNHHQVLMDDQ
ವ0LN¦OLLOPDVWRLQWLODLWWHHVVDHVLLQW\\SRLNNHDYXXNVLD
HVLPSDODQHHQKDMXD¦O¦YHG¦SLVWRNHWWD
VXRUDDQDYDDHQVLQLNNXQDWXXOHWXVWDYDUWHQ
VDPPXWDODLWHMDN\WNHVHLUWLYHUNNRYLUUDVWD
+820$8786
9LUWDMRKWRDNRVNHYDWYDURLWXNVHW
ವ7¦P¦SLVWRNHWXOHHOLLWW¦¦DLQRDVWDDQ
DVLDQPXNDLVHHQSLVWRUDVLDDQO¦N¦\W¦MDWNRMRKWRMD
ವ3DLQDSLVWRNHK\YLQSLVWRUDVLDDQMDYDUPLVWDHWWHL
VHROHO¸\V¦OO¦
ವO¦YHG¦YLUWDMRKGRVWDPXXWDVHQPXRWRDPXXWD
WDLXSRWDVLW¦YHWHHQ9LUWDMRKGRVWDYHW¦PLQHQWDL
VHQYHQ\WW¦PLQHQVDDWWDDDLKHXWWDDODLWHYDXULRLWD
MDV¦KN¸LVNXQ
ವ9LDOOLQHQYLUWDMRKWRRQDQQHWWDYDYDOPLVWDMDQWDL
VHQKXROWRSLVWHHQWDLYDVWDDYDQS¦WHY¦QKHQNLO¸Q
YDLKGHWWDYDNVLYDDURMHQY¦OWW¦PLVHNVL.¦\W¦
NRUYDDYDQDDLQRDVWDDQYDOPLVWDMDQP¦¦ULWWHOHP¦¦
YLUWDMRKWRD
ವ/DLWHRQN\WNHWW¦Y¦PDDGRLWHWWXXQSLVWRUDVLDDQ
7¦VV¦ODLWWHHVVDRQPDDGRLWXVMRKWLPHQRPDDYDMRKWR
3LVWRNHRQOLLWHWW¦Y¦SLVWRUDVLDDQMRNDRQDVHQQHWWX
MDPDDGRLWHWWXRLNHLQO¦PLVV¦¦QWDSDXNVHVVD
OHLNNDDWDLSRLVWDSLVWRNNHHQQHOL¸QPXRWRLVWD
PDDGRLWXVQDVWDDNRVNHHYDLQ,VR%ULWDQQLDD
3LVWRNH
0DDGRLWXVQDVWD
 ZZZHOHFWUROX[FRP

.¦\WW¸¸QOLLWW\Y¦WYDURWRLPHW
ವ9DUPLVWDHWW¦ODLWHN\WNHW¦¦QSRLVS¦¦OW¦MDYLUWDMRKWR
LUURWHWDDQHQQHQKXROWRWDLSXKGLVWXVWRLPHQSLWHLW¦
ವO¦DVHWDODLWHWWDO¦KHOOHO¦PP¸QO¦KGHWW¦WDLDYRWXOWD
NXQYDLKGDWVXRGDWWLPLD
ವO¦URLVNXWDWDLNDDGDYHWW¦VXRUDDQODLWWHHOOH9HVLYRL
DLKHXWWDDV¦KN¸LVNXQWDLYDXULRLWWDDODLWHWWD
ವ7\KMHQQ\VWXOHHVXRULWWDDDLQDNXQLOPDVWRLQWLODLWHWWD
VLLUUHW¦¦Q-RVV¦LOL¸¸QM¦¦YHWW¦VHYRLURLVNXD
VLLUW¦PLVHQDLNDQD
ವ2LNHDRSSLVHQW\KMHQQ\NVHQWDNDDPLVHNVL
W\KMHQQ\VOHWNXVVDHLVDDROODY¦¦QW\PL¦HLN¦VLW¦VDD
QRVWDDNRVWHXGHQSRLVWRQDLNDQD0XXWRLQW\KMHQQHWW\
YHVLYRLURLVNXDKXRQHHVHHQ
ವ7\KMHQQ\VOHWNXQ\PS¦ULOO¦ROHYDO¦PS¸WLODHLVDDROOD
M¦¦W\PLVSLVWHWW¦DOKDLVHPSLN¦\W¸QDLNDQD7\KMHQQHWW\
YHVLYRLM¦¦W\¦OHWNXQVLV¦OO¦MROORLQODLWWHHVVDROHYD
YHVLYXRWDDKXRQHHVHHQ
ವO¦WXNLLOPDQSRLVWRDXNNRMD0XXWRLQM¦¦KG\W\VWHKRYRL
KHLNHQW\¦WDLODLWHODNDWDWRLPLPDVWD
ವ$VHQQDU¦M¦KG\VVXRMDWWXYLNDYLUWDVXRMDN\WNLQ5&'
V¦KN¸LVNXYDDUDQY¦OWW¦PLVHNVL,VRQ%ULWDQQLDQ
VWDQGDUGLHQMDMRKGRWXVV¦¦QW¸MHQPXNDLVHVWL
ವ6XRUDMDSLWN¦DLNDLQHQDOWLVWXPLQHQLOPDYLUWDXNVHOOH
YRLROODYDDUDOOLVWDWHUYH\GHOOHO¦DOWLVWDKHQNLO¸LW¦
NRWLHO¦LPL¦WDLNDVYHMDVXRUDOOHLOPDYLUWDXNVHOOHSLWN¦¦Q
ವO¦N¦\W¦W¦W¦LOPDVWRLQWLODLWHWWDP¦¦ULWW¦P¦WW¸PLLQ
HULW\LVWDUNRLWXNVLLQHVLPWDUNNXXVODLWWHLGHQWDL
HOLQWDUYLNNHLGHQV¦LO\WW¦PLVHHQNRWLHO¦LPLLQNDVYHLKLQ
MDWDLGHWHRNVLLQ0XXWRLQN\VHLVHWNRKWHHWYRLYDW
YDKLQJRLWWXD
ವO¦N¦\W¦PXLWDNXLQYDOPLVWDMDQVXRVLWWHOHPLD
VXODWXNVHQWDLSXKGLVWDPLVHQQRSHXWWDPLVNHLQRMD
ವ/DLWHWWDRQV¦LO\WHWW¦Y¦KXRQHHVVDMRVVDHLROH
MDWNXYDWRLPLVLDV\WW\PLVO¦KWHLW¦HVLPHUNLNVLDYRWXOL
N¦\W¸VV¦ROHYDNDDVXODLWHWDLV¦KN¸O¦PPLWLQ
NRVNHHYDLQ
,VR%ULWDQQLDD
3LVWRNH
1HOL¸QPXRWRLQHQ
PDDGRLWXVQDVWD
6820,
ವ(LVDDSXKNDLVWDWDLSROWWDD
ವ.DQVDOOLVLDNDDVXP¦¦U¦\NVL¦RQQRXGDWHWWDYD
ವO¦WXNLODLWWHHQLOPDQYDLKWRDXNNRMD
ವ/DLWHWWDRQV¦LO\WHWW¦Y¦K\YLQLOPDVWRLGXVVDWLODVVD
MRQNDSLQWDDODRQY¦KLQW¦¦QP
9$52,786
ವ/XHNDLNNLYDURLWXNVHWKXROHOOLVHVWL
ವO¦N¦\W¦PXLWDNXLQYDOPLVWDMDQVXRVLWWHOHPLD
W\¸NDOXMDNXQVXODWDWMDSXKGLVWDWODLWHWWD
ವ/DLWHRQVLMRLWHWWDYDDOXHHOOHMRVVDHLROHMDWNXYLD
V\W\W\VO¦KWHLW¦HVLPDYRWXOLNDDVXWDLN¦\W¸VV¦
ROHYDWV¦KN¸ODLWWHHW
ವO¦SXKNDLVH¦O¦N¦SROWD
ವ-¦¦KG\W\VNDDVXWYRLYDWROODKDMXWWRPLD
ವ/DLWHRQDVHQQHWWDYDN¦\WHWW¦Y¦MDV¦LO\WHWW¦Y¦
DOXHHOODMRQNDSLQWDDODRQ\OLP
ವ7¦P¦ODLWHVLV¦OW¦¦WLHW\QJUDPPDP¦¦U¦Q
NDWVRODLWWHHQWDNDQDROHYDOXRNLWXVWDUUD5
N\OP¦DLQHNDDVXD
ವ5RQHXURRSSDODLVWHQ\PS¦ULVW¸GLUHNWLLYLHQ
PXNDLQHQN\OP¦DLQHNDDVXO¦SXKNDLVHPLW¦¦Q
N\OP¦DLQHSLLULQRVDD
ವ-RVODLWHWWDDVHQQHWDDQN¦\WHW¦¦QWDL
YDUDVWRLGDDQWXXOHWWDPDWWRPDVVDWLODVVDKXRQH
RQVXXQQLWHOWDYDHVW¦P¦¦QM¦¦KG\W\VDLQHYXRWRMHQ
NHUW\PLQHQPLN¦YRLDLKHXWWDDWXOLSDORQWDL
U¦M¦KG\NVHQMRNDMRKWXXV¦KN¸O¦PPLWWLPLHQ
XXQLHQWDLPXLGHQV\W\W\VO¦KWHLGHQV\W\WW¦P¦VW¦
N\OP¦DLQHHVWD
ವ/DLWHRQYDUDVWRLWDYDVLWHQHWW¦PHNDDQLQHQ
YLRLWWXPLQHQHVW\\
ವ.\OP¦DLQHSLLULVV¦WRLPLYLOODWDLW\¸VNHQWHOHYLOO¦
KHQNLO¸LOO¦RQROWDYDDNNUHGLWRLGXQRUJDQLVDDWLRQ
DVLDQPXNDLQHQVHUWLᚏNDDWWLMRNDYDUPLVWDD
+820$$7$5.,67$/$,77((66$.<7(7791
.</0$,1(.$$6817<<33,.,/9(67
(ULW\LVHWWLHGRWOLLWW\HQODLWWHLVLLQMRLVVD
RQ5N\OP¦DLQHNDDVXD
 ZZZHOHFWUROX[FRP

7859$//,68862+-(

.¦\WW¸¸QOLLWW\YL¦
KXRPDXWXNVLD
ವ 2GRWDPLQXXWWLDMRWWDNRPSUHVVRUL
N¦\QQLVW¦¦M¦¦KG\W\NVHQXXGHOOHHQ
-RVLOPDVWRLQWLODLWHN\WNHW¦¦QSRLV
S¦¦OW¦MDN¦\QQLVWHW¦¦QKHWLXXGHOOHHQ
RGRWDQHOM¦PLQXXWWLDMRWWDNRPSUHVVRUL
N¦\QQLVW¦¦M¦¦KG\W\NVHQXXGHOOHHQ
/DLWWHHVVDRQHOHNWURQLQHQODLWHMRND
SLW¦¦NRPSUHVVRULQSRLVS¦¦OW¦QHOM¦Q
PLQXXWLQDMDQWXUYDOOLVXXVV\LVW¦
DPPDWWLPDLVHQM¦¦KG\W\VDLQHLGHQN¦VLWWHO\QDODQ
M¦UMHVW¸MHQWXQQLVWDPDQDUYLRLQQLQPXNDLVHVWL
ವ.RUMDXNVHWRQVXRULWHWWDYDYDOPLVWDMDQVXRVLWXVWHQ
SHUXVWHHOOD0XXQDPPDWWLKHQNLO¸VW¸QDSXD
YDDWLYDKXROWRMDNRUMDXVRQVXRULWHWWDYDKHQNLO¸Q
MROODRQP¦¦ULWHWW\S¦WHY\\VN¦VLWHOO¦V\WW\YL¦
N\OP¦DLQHLWDYDOYRQQDVVD
6\WW\YL¦N\OP¦DLQHLWDVLV¦OW¦YLHQODLWWHLGHQ
NXOMHWWDPLQHQ
.DWVRNXOMHWXVP¦¦U¦\NVHW
/DLWWHHQPHUNLQW¦PHUNHLOO¦
.DWVRSDLNDOOLVHWP¦¦U¦\NVHW
6\WW\YL¦N\OP¦DLQHLWDVLV¦OW¦YLHQODLWWHLGHQ
K¦YLWW¦PLQHQ
.DWVRNDQVDOOLVHWP¦¦U¦\NVHW
/DLWWHLGHQODLWWHLVWRMHQYDUDVWRLQWL
/DLWWHHWWXOHHYDUDVWRLGDYDOPLVWDMDQRKMHLGHQPXNDLVHVWL
3DNDWWXMHQP\\P¦WW¸P¦WODLWWHLGHQYDUDVWRLQWL
3DNNDXNVHQYDUDVWRLQWLVXRMDXVRQVXXQQLWHOWDYD
QLLQHWW¦SDNNDXNVHQVLV¦OO¦ROHYDWODLWWHHWHLY¦W
YDXULRLGXPHNDDQLVHVWLMDDLKHXWDN\OP¦DLQHHQYXRWRD
9DUDVWRLWDYLHQODLWWHLGHQHQLPP¦LVP¦¦U¦P¦¦U¦\W\\
SDLNDOOLVWHQP¦¦U¦\VWHQPXNDDQ

/LV¦WLHGRW
ವ -RVN¦\W¸QDLNDQDWDSDKWXX
V¦KN¸NDWNRVRGRWDQHOM¦PLQXXWWLD
HQQHQODLWWHHQXXGHOOHHQN¦\QQLVW¦PLVW¦
.¦\QQLVW¦LOPDVWRLQWLODLWHXXGHOOHHQ
YLUUDQXXGHOOHHQN\WNH\W\PLVHQM¦ONHHQ
-RVYLUWDROLSRLVDOOHQHOM¦PLQXXWWLD
RGRWDY¦KLQW¦¦QQHOM¦PLQXXWWLDHQQHQ
ODLWWHHQXXGHOOHHQN¦\QQLVW¦PLVW¦-RV
N¦\QQLVW¦WLOPDVWRLQWLODLWWHHQQHOM¦Q
PLQXXWLQNXOXHVVDODLWWHHQVXRMDODLWHYRL
DLKHXWWDDNRPSUHVVRULQVDPPXPLVHQ
7¦P¦VXRMDODLWHHVW¦¦M¦¦KG\W\NVHQ
6820,
SRLVWXXSRLVWRLOPDQDXNRVWDW¦P¦
RQQRUPDDOLDHLN¦VHPHUNLWVH
ODLWWHHQWRLPLQWDK¦LUL¸W¦
ವ 7¦P¦LOPDVWRLQWLODLWHSXKDOWDD
M¦¦KG\W\VWLODVVDODLWWHHQWXRWWDPDD
O¦PPLQW¦LOPDDKXRQHHVWDXORV
SRLVWROHWNXQNDXWWD6LOO¦Y¦OLQVDPD
P¦¦U¦XONRLOPDDWXOHHKXRQHHVHHQ
XONRSXROHOWDKXRQHHVVDROHYLHQ
DXNNRMHQNDXWWD
ವ -¦¦KG\W\VDLQHSLLULQSDULVVD
W\¸VNHQWHOHYLOO¦KHQNLO¸LOO¦SLW¦¦ROOD
DODQDUYLRLQWLYLUDQRPDLVHQYRLPDVVD
ROHYDWRGLVWXVMROODWRGLVWHWDDQ
S¦WHY\\VN¦VLWHOO¦N\OP¦DLQHLWD
WXUYDOOLVHVWLDODQWXQQXVWHWWXMHQ
DUYLRLQWLP¦¦ULWWHO\MHQPXNDLVHVWL
ವ +XROORQVDDVXRULWWDDDLQRDVWDDQ
YDOPLVWDMDQVXRVLWXVWHQPXNDLVHVWL
0XXQDPPDWWLKHQNLO¸VW¸QDSXDYDDWLYD
KXROWRMDNRUMDXVRQVXRULWHWWDYD
KHQNLO¸QMROODRQS¦WHY\\VN¦VLWHOO¦
V\WW\YL¦N\OP¦DLQHLWDYDOYRQQDVVD
ವ ,OPDVWRLQWLODLWWHHQN¦\WW¸O¦PS¸WLOD
DOXHRQದr&r)
DODM¦¦KG\W\VWLODr&r)
DODM¦¦KG\W\VWLOD

9DURLWXVN¦\W¸QDLNDQD
1RXGDWDVHXUDDYDVVDHVLWHWW\M¦RKMHLWD
Y¦OWW¦¦NVHVLDLKHXWWDPDVWDYDKLQNRMD
N¦\WW¦M¦OOHPXLOOHKHQNLO¸LOOHWDL
RPDLVXXGHOOH
9DKLQNRMDMDYDXULRLWDYRLVDWWXDPLN¦OL
Q¦LW¦RKMHLWDHLQRXGDWHWDMDODLWHWWD
N¦\WHW¦¦QYLUKHHOOLVHVWL
9DNDYXXVRQOXRNLWHOWXVHXUDDYLOOD
PHUNHLOO¦
7¦P¦V\PEROLLOPRLWWDD
NXROHPDQYDDUDVWDWDLYDNDYLHQ
KHQNLO¸YDKLQNRMHQYDDUDVWD
9DURLWXVN¦\W¸QDLNDQD
7¦P¦V\PEROLLOPRLWWDDKHQNLO¸WDL
RPDLVXXVYDKLQNRYDDUDVWD
9$52,786
9$52,786
+820$8786
7¦P¦QRKMHNLUMDQV\PEROLWRQNXYDWWXDOOD
7RLPHQSLWHHQVXRULWWDPLQHQ
RQDLQDNLHOOHWW\¦
7RLPHQSLWHHQVXRULWWDPLQHQ
RQDLQDSDNROOLVWD
QRLQPLQXXWLQDMDQ0DKGROOLVHW
DLNDLVHPPDWDVHWXNVHWSHUXXWHWDDQ
MDODLWWHHQO¦KW¸DVHWXNVHWSDODXWXYDW
ವ .XQVDPPXWDWODLWWHHQM¦¦KG\W\VWLODVVD
NRPSUHVVRULVDPPXXY¦OLWW¸P¦VWLMD
\O¦DODSXROHOODROHYDSXKDOOLQPRRWWRUL
S\V¦KW\\VHNXQQLQNXOXWWXDMRVODLWHWWD
N¦\WHW¦¦QSXKDOOLQWLODDQM¦¦KG\W\VWLODVWD
NRPSUHVVRULVDPPXXY¦OLWW¸P¦VWLMD
SXKDOOLQPRRWWRULS\V¦KW\\VHNXQQLQ
NXOXWWXDMDMRVODLWHWWDN¦\WHW¦¦Q
O¦PPLW\VWLODDQM¦¦KG\W\VWLODVWD
NRPSUHVVRULVDPPXXY¦OLWW¸P¦VWL
MDDODSXROHOODROHYDSXKDOOLQPRRWWRUL
S\V¦KW\\VHNXQQLQNXOXWWXD
ವ $OKDLVHQO¦PS¸WLODQN¦\WW¦PLQHQ
-¦¦W\\N¸ODLWH"/DLWHYRLM¦¦W\¦MRVODLWH
RQDVHWHWWXOLNLP¦¦ULQO¦PS¸WLODDQr&
\PS¦ULVW¸O¦PS¸WLODQROOHVVDDOKDLQHQ
HULW\LVHVWL\¸OO¦1¦LVV¦RORVXKWHLVVD
O¦PS¸WLODQODVNHPLQHQHGHOOHHQYRL
DLKHXWWDDODLWWHHQM¦¦W\PLVHQ/DLWWHHQ
M¦¦W\PLQHQYRLGDDQHVW¦¦DVHWWDPDOOD
ODLWWHHVHHQNRUNHDPSLO¦PS¸WLOD
ವ .RVWHXGHQSRLVWRWLODQRVWDDKXRQHHQ
O¦PS¸WLODD/DLWHWXRWWDDO¦PS¸¦
NRVWHXGHQSRLVWRQDLNDQDMDKXRQHHQ
O¦PS¸WLODQQRXVHH/¦PPLQW¦LOPDD
 ZZZHOHFWUROX[FRP
9DURLWXV 0HUNLW\V
/LLW¦SLVWRNHSLVWRUDVLDDQRLNHLQ 0XXWRLQYDDUDQDRQV¦KN¸LVNXWXOLSDORWDL
U¦M¦KG\VOLLDOOLVHQO¦PP¸QWXRWRQYXRNVL
O¦N¦\W¦WDLS\V¦\W¦ODLWHWWDDVHWWDPDOOD
WDLYHW¦P¦OO¦SLVWRNHWWD
0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXWXOLSDORMDU¦M¦KG\VMRKWXHQ
O¦PP¸QWXRWDQQRVWD
O¦YDKLQJRLWDWDLN¦\W¦P¦¦ULW\NVLVW¦
SRLNNHDYDDYLUWDMRKWRD
0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXWXOLSDORMDU¦M¦KG\V9LDOOLQHQ
YLUWDMRKWRRQDQQHWWDYDYDOPLVWDMDQWDL
VHQKXROWRSLVWHHQWDLYDVWDDYDQS¦WHY¦Q
KHQNLO¸QYDLKGHWWDYDNVLYDDURMHQ
Y¦OWW¦PLVHNVL
O¦PXXWDYLUWDMRKGRQSLWXXWWDWDLMDD
SLVWRUDVLDDPXLGHQODLWWHLGHQNDQVVD
0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXWXOLSDORMDU¦M¦KG\VMRKWXHQ
O¦PP¸QWXRWDQQRVWD
O¦N¦\W¦ODLWHWWDP¦ULOO¦N¦VLOO¦
WDLNRVWHDVVD\PS¦ULVW¸VV¦
6¦KN¸LVNXQYDDUD
O¦VXXQWDDLOPDYLUWDXVWDKHQNLO¸LKLQ 2OHPDVVDRQWHUYH\VYDDUD
9DUPLVWDDLQDWHKRNDVPDDGRLWXV 9LUKHHOOLQHQPDDGRLWXVYRLDLKHXWWDD
V¦KN¸LVNXQ
O¦S¦¦VW¦YHWW¦V¦KN¸RVLLQ 6HXUDXNVHQDYRLROODWRLPLQWDK¦LUL¸
MDV¦KN¸LVNX
$VHQQDDLQDNDWNDLVLQMDHULOOLQHQ
YLUUDQV\¸WW¸SLLUL
9¦¦U¦DVHQQXVYRLDLKHXWWDDV¦KN¸LVNXQ
WXOLSDORQMDU¦M¦KG\NVHQ
,UURWDODLWHV¦KN¸YHUNRVWDMRVKDYDLWVHW
SRLNNHDYLD¦¦QL¦KDMXDWDLVDYXD
0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXQWXOLSDORQMDU¦M¦KG\NVHQ
O¦N¦\W¦SLVWRNHWWDMRVVHRQO¸\V¦OO¦
WDLYDXULRLWXQXW
0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXQWXOLSDORQMDU¦M¦KG\NVHQ
O¦DYDDODLWHWWDN¦\W¸QDLNDQD 0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXQWXOLSDORQMDU¦M¦KG\NVHQ
3LG¦DPSXPDDVHHWNDXNDQD 6HXUDXNVHQDYRLROODWXOLSDORMDU¦M¦KG\V
O¦N¦\W¦YLUWDMRKWRDO¦PPLW\VODLWWHLGHQ
O¦KHOO¦
0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXQWXOLSDORQMDU¦M¦KG\NVHQ
O¦N¦\W¦YLUWDMRKWRDV\WW\YLHQNDDVXMHQ
WDLSROWWRDLQHLGHQNXWHQEHQVLLQLQ
EHQWVHHQLQRKHQQXVDLQHHQMQHO¦KHOOH
0XXWRLQVHXUDXNVHQDYRLROODWXRWWHHQ
V¦KN¸LVNXQWXOLSDORQMDU¦M¦KG\NVHQ
7XXOHWDKXRQHHQQHQLOPDVWRLQWLODLWWHHQ
N¦\WW¸¦MRVWRLVHVVDODLWWHHVVDRQ
NDDVXYXRWR
6HYRLDLKHXWWDDU¦M¦KG\NVHQWXOLSDORQ
MDSDORYDPPRMD
O¦SXUDWDLPXXWDODLWHWWD 6HXUDXNVHQDYRLROODWRLPLQWDK¦LUL¸
MDV¦KN¸LVNX
6820,
+820$8786
+XRPLR 0HUNLW\V
O¦NRVNHODLWWHHQPHWDOOLRVLLQ
LUURWWDHVVDVLLOPDQVXRGDWLQWD
6HXUDXNVHQDYRLROODYDKLQNRMD
O¦SXKGLVWDLOPDVWRLQWLODLWHWWDYHGHOO¦ 9HVLYRLS¦¦VW¦ODLWWHHQVLV¦OOHMD
YDKLQJRLWWDDHULVW\VW¦6HXUDXNVHQD
YRLROODV¦KN¸LVNX
7XXOHWDKXRQHK\YLQN¦\WW¦HVV¦VL
ODLWHWWDVDPDQDLNDLVHVWLXXQLQWDLPXXQ
YDVWDDYDQODLWWHHQNDQVVD
6HXUDXNVHQDYRLROODKDSSLYDMDXV
.\WNHODLWHSRLVWRLPLQQDVWDMDNDWNDLVH
YLUWDS¦¦YLUWDN\WNLPHVW¦HQQHQNXLQ
DORLWDWODLWWHHQSXKGLVWXNVHQ
O¦SXKGLVWDODLWHWWDYLUUDQROOHVVD
N\WNHWW\Q¦6HXUDXNVHQDYRLROODWXOLSDOR
MDV¦KN¸LVNXVHN¦KHQNLO¸YDKLQNRMD
O¦ODLWDOHPPLNNHM¦WDLNDVYHMDSDLNNDDQ
MRVVDQHDOWLVWXYDWVXRUDOOHLOPDYLUUDOOH
0XXWRLQVLLW¦YRLDLKHXWXDYDKLQNRMD
NRWLHO¦LPHOOHWDLNDVYLOOH
O¦N¦\W¦HULW\LVWDUNRLWXNVLLQ O¦N¦\W¦W¦W¦LOPDVWRLQWLODLWHWWD
WDUNNXXVODLWWHLGHQHOLQWDUYLNNHLGHQ
NRWLHO¦LPLHQNDVYLHQMDWDLGHWHRNVLHQ
V¦LO\WW¦PLVHHQ0XXWRLQVHXUDXNVHQDYRL
ROODWXRWWHHQODDGXQKHLNNHQHPLQHQMQH
/RSHWDODLWWHHQN¦\WW¸MDVXOMHLNNXQD
P\UVN\QDLNDQD
/DLWWHHQN¦\WW¸LNNXQDWDXNLYRLDLKHXWWDD
VLV¦WLODQNRVWHXGHQOLV¦¦QW\PLVHQMD
NDOXVWHLGHQOLNRDPLVHQ
3LG¦SLVWRNHWWDVHQS¦¦VW¦NXQSRLVWDW
VHQ
6HXUDXNVHQDYRLROODV¦KN¸LVNX
MDODLWWHHQYDXULRLWXPLQHQ
-RVODLWHWWDHLN¦\WHW¦SLWN¦¦QDLNDDQ
N\WNHYLUWDSRLVS¦¦YLUWDN\WNLPHVW¦
6HXUDXNVHQDYRLROODODLWWHHQ
WRLPLQWDK¦LUL¸WDLWXOLSDORMDU¦M¦KG\V
O¦DVHWDHVWHLW¦LOPDQRWWRWDL
LOPDQSRLVWRDXNNRLKLQ
6HXUDXNVHQDYRLROODODLWWHHQYLRLWWXPLQHQ
WDLRQQHWWRPXXV
.LLQQLW¦VXRGDWWLPHWDLQDNXQQROOD
SDLNDOOHHQ3XKGLVWDVXRGDWLQNDKGHQ
YLLNRQY¦OHLQ
/DLWWHHQN¦\WW¦PLQHQLOPDQVXRGDWWLPLD
YRLDLKHXWWDDVHQYDXULRLWXPLVHQ
O¦N¦\W¦YRLPDNNDLWDSXKGLVWXVDLQHLWD
NXWHQYDKDDWDLRKHQQXVDLQHLWDN¦\W¦
SHKPH¦¦OLLQDD
/DLWWHHQXONRSLQWRLKLQYRLWXOODQDDUPXMD
WDLY¦ULPXXWRNVLD
O¦ODLWDSDLQDYLDHVLQHLW¦YLUWDMRKGRQ
S¦¦OOHMDWDUNLVWDHWWHLMRKWRROH
SXULVWXNVLVVD
7XOLSDORQU¦M¦KG\NVHQWDLV¦KN¸LVNXQ
YDDUD
O¦MXRLOPDVWRLQWLODLWWHHVWDYDOXQXWWDYHWW¦ 6HRQNRQWDPLQRLWXDMDVHYRLDLKHXWWDD
VDLUDXNVLD
3XUDMDDVHQQDODLWHQRXGDWWDHQ
YDURYDLVXXWWD
7HU¦Y¦WUHXQDWYRLYDWDLKHXWWDDYDPPRMD
-RVODLWWHHQVLV¦¦QS¦¦VHHYHWW¦N\WNH
ODLWHSRLVWRLPLQQDVWDMDNDWNDLVHYLUWD
S¦¦YLUWDN\WNLPHVW¦(ULVW¦YLUUDQV\¸WW¸
RWWDPDOODSLVWRNHXORVMDRWD\KWH\V
DPPDWWLWDLWRLVHHQKXROWRWHNQLNNRRQ
6HXUDXNVHQDYRLROODV¦KN¸LVNX
MDODLWWHHQYDXULRLWXPLQHQ
 ZZZHOHFWUROX[FRP




/$,77((1.89$86




.DXNRV¦¦GLQ
6LJQDDOLQYDVWDDQRWLQ
.XOMHWXVNDKYDPROHPPLOODSXROLOOD
,OPDQRWWRDXNNR
+XRQHLOPDQDXNNR
,OPDQSRLVWR
9LUWDSLVWRNH
5XOOD
.¦\WW¸SDQHHOL
9LUWDMRKWR
-DWNXYDQW\KMHQQ\NVHQDXNNR
$ODW\KMHQQ\VDXNNR
3XPSXQW\KMHQQ\VDXNNR
ವ 7DUNLVWDHWW¦SDNNDXVVLV¦OW¦¦NDLNNLOLV¦YDUXVWHHW.DWVRRVLHQN¦\WW¸RKMHHW
DVHQQXVRKMHLVWD

/$,77((108.$1$72,0,7(7879$5867((7
26$7 26$11,0, 05
6RYLWLQ$LOPDQSRLVWRSXWNL
6RYLWLQ%OLWWH¦VXXODNH
7\KMHQQ\VOHWNX
.DXNRV¦¦GLQ
NSO
NSO
NSO
3DULVWR53ರ$$$ರ9 NSO
päälle-pois
päältä
ajastin
lepotila
kääntö
-toiminto
6820,

$6(11862+-((7

.XXPDQLOPDQSRLVWR
-+'<7<6WLODVVDODLWHWXOHHVLMRLWWDD
LNNXQDQWDLDXNRQO¦KHOOHQLLQHWW¦O¦PPLQ
SRLVWRLOPDYRLGDDQMRKWDDXORV$VHWDODLWH
HQVLQWDVDLVHOOHODWWLDOOHMDYDUPLVWDHWW¦
ODLWWHHQ\PS¦ULOO¦RQY¦KLQW¦¦QFPWLODD
MDHWW¦VHRQ\NVLSLLULVHQSLVWRUDVLDQO¦KHOO¦

3LGHQQ¦MRPSDDNXPSDDOHWNXQ
SXROWDNXYDMDNLHUU¦OHWNXNLLQQL
VRYLWWLPHHQ$NXYD

$VHQQDVRYLWLQ$ODLWWHHVHHQNXYD
.XYD

3LGHQQ¦MRPSDDNXPSDDOHWNXQSXROWDMD
NLHUU¦OHWNXNLLQQLVRYLWWLPHHQ%NXYD
.XYD
9HQ\W¦OHWNXDVHQVLYXOWD
.XYD
.XYD
/XNLWXV
/LXXWD
/HWNXDYRLGDDQSLGHQW¦¦
DONXSHU¦LVHVW¦FPQSLWXXGHVWD
MRSDFPLLQPXWWDSLWXXV
NDQQDWWDDSLW¦¦PDKGROOLVLPPDQ
O\K\HQ¦9DUPLVWDP\¸VHWWHL
OHWNXVVDROHM\UNNL¦WDLWWXPLDWDL
SDLQXPLD.XYD
6RYLWLQ$UXXYDWDDQMRW¦P¦Q
ODLWWHHQOHWNXXQ
.XYD

.LLQQLW¦DGDSWHUL%LNNXQDDQ.XYD
.XYD
 ZZZHOHFWUROX[FRP

.<772+-((7
2VDDVHXUDDYLVWDRKMHLVWD
YRLGDDQN¦\WW¦¦YDLQN¦\WW¦P¦OO¦
N¦\WW¸SDQHHOLD
7\KMHQQ\VOHWNXDHLYRLN¦\WW¦¦
M¦¦KG\W\VWLODVVDರFRROರ
-¦¦KG\W\VWLOD
/¦PPLW\VWLODMRLVVDNLQPDOOHLVVD
7¦VV¦WLODVVD78/((N¦\WW¦¦SRLVWRDXNRQ
VRYLWWLPHQOHWNXD
7¦VV¦WLODVVD78/((N¦\WW¦¦SRLVWRDXNRQ
VRYLWWLPHQOHWNXD

.¦\WW¸SDQHHOLQN¦\WW¦PLQHQ

3DLQDSDLQLNHWWDರ0RGHರWLODNXQQHV
M¦¦KG\W\VWLODQPHUNNLYDORV\WW\\

3DLQDರIDQVSHHGರSXKDOWLPHQQRSHXV
SDLQLNHWWDYDOLWDNVHVLSXKDOWLPHQ
QRSHXGHQSXKDOOLQQRSHXGHQ
LOPDLVLPHQYDODLVWXNVHQPXNDDQ
9RLWYDOLWDSXKDOWLPHQQRSHXGHQ
VHXUDDYDQM¦UMHVW\NVHQPXNDLVHVWL
ರDXWRರൺರKLರൺರPHGರൺರORZರൺರDXWRರ

3DLQDರ
ರWDLರ ರSDLQLNHWWDYDOLWDNVHVL
KDOXDPDVLO¦PS¸WLODQ

3DLQDSDLQLNHWWDರ0RGHರWLODNXQQHV
O¦PPLW\NVHQPHUNNLYDORರ+HDWರV\WW\\

3DLQDರIDQVSHHGರSXKDOWLPHQQRSHXV
SDLQLNHWWDYDOLWDNVHVLSXKDOWLPHQ
QRSHXGHQSXKDOOLQQRSHXGHQ
LOPDLVLPHQYDODLVWXNVHQPXNDDQ
9RLWYDOLWDSXKDOWLPHQQRSHXGHQ
VHXUDDYDQM¦UMHVW\NVHQPXNDLVHVWL
ರDXWRರൺರKLರൺರPHGರൺರORZರൺರDXWRರ

3DLQDರ
ರWDLರ ರSDLQLNHWWDYDOLWDNVHVL
KDOXDPDVLO¦PS¸WLODQ

/LLWHWW\W\KMHQQ\VOHWNX.DWVR
7\KMHQQ\VRVLR

,/0$672,17,/$,77((120,1$,688'(7

.<773$1((/,
1
235689 7 4
M¦¦KG\W\V
DXWR
DXWR
DXWR
SXKDOWLPHQ
QRSHXV
VXRGDWWLPHQ
QROODXV
S¦¦OOHSRLV
S¦¦OW¦
N¦¦QW¸
DMDᚔLQ
OHSRWLOD WRLPLQWR
NXULYDXV
SXKDOOLQ
O¦PPLW\V
1¦\WW¦¦O¦PS¸WLODQDMDQ
9LUWDS¦¦OOHSRLVS¦¦OW¦
/HSRWLOD
6XRGDWWLPHQQROODXV
3XKDOWLPHQQRSHXV
6¦¦G¦O¦PS¸WLODDWDLDMDVWLQWD
7LODQYDOLQWD
$MDVWLQ
.¦¦QW¸
.XLYDXV
3DLQDSDLQLNHWWDರ0RGHರWLODNXQQHV
NXLYDXVWLODQPHUNNLYDORV\WW\\1¦\WW¸
Q¦\WW¦¦KXRQHHQO¦PS¸WLODQ
6DPDOODSXKDOWLPHQPHUNNLYDORರORZರ
PDWDODV\WW\\
+XRPDD
3XKDOWLPHQQRSHXWWDHLYRL
YDOLWDW¦VV¦WLODVVD
6820,
3XKDOOLQWLOD
7¦VV¦WLODVVDHLWDUYLWVHN¦\WW¦¦
LOPDQSRLVWROHWNXDWDLW\KMHQQ\VOHWNXD

3DLQDSDLQLNHWWDರ0RGHರWLODNXQQHV
SXKDOOLQWLODQPHUNNLYDORV\WW\\

$VHWDSXKDOWLPHQQRSHXVರ)DQVSHHGರ
SDLQLNHWWDSDLQDPDOOD

3XKDOOLQWRLPLLYDOLWXOODQRSHXGHOODMD
Q¦\W¸VV¦Q¦N\\KXRQHHQO¦PS¸WLOD
$XWRPDDWWLWLOD
7¦VV¦WLODVVDLOPDQSRLVWROHWNXRQROWDYD
DLQDOLLWHWW\
.XQDVHWDWLOPDVWRLQWLODLWWHHQ
$XWRPDDWWLWLODDQVHYDOLWVHH
DXWRPDDWWLVHVWLM¦¦KG\W\NVHQO¦PPLW\NVHQ
NRVNHHYDLQM¦¦KG\WW¦YL¦PDOOHMD
WDLSXKDOWLPHQWRLPLQWDWLODQYDOLWXQ
O¦PS¸WLODQMDKXRQHHQO¦PS¸WLODQPXNDDQ
,OPDVWRLQWLODLWHV¦¦W¦¦KXRQHHQO¦PS¸WLODD
DXWRPDDWWLVHVWLDVHWWDPDVLO¦PS¸WLOD
DVHWXNVHQPXNDDQ
$872WLODVVDHLYRLGDYDOLWDSXKDOWLPHQ
QRSHXWWD
3DLQDSDLQLNHWWDರPRGHರWLODNXQQHV
DXWRPDDWWLWLODQರ$XWRPRGHರPHUNNLYDOR
V\WW\\
.XQರ$XWRPRGHರRQYDOLWWXODLWH
N¦\QQLVW\\DXWRPDDWWLVHVWLWRGHOOLVHQ
KXRQHHQO¦PS¸WLODQPXNDDQ
$MDVWLQWLOD
.¦\QQLVW¦PLVHQYLLY¦VW\WW¦PLQHQ
$MDVWLPHQDYXOODN¦\WW¦M¦QYRLYLLY\WW¦¦
ODLWWHHQN¦\QQLVW¦PLVW¦WDLVDPPXWWDPLVWD
.\WNHODLWWHHVHHQYLUWDMRWWDODLWHVLLUW\\
YDOPLXVWLODDQ
3DLQDರWLPHUರDMDVWLQSDLQLNHWWDMROORLQ
DMDVWLPHQPHUNNLYDORV\WW\\MDQ¦\W¸VV¦
Q¦N\\ರರ
1DSDXWD</182/7$ರ
ರWDL
$/$182/7$WDLSLG¦VLW¦SDLQHWWXQDರ
ರS\V¦KG\NVHQDMDVWLPHQPXXWWDPLVHNVL
WXQQLQSRUWDLQNRUNHLQWDDQWXQWLLQ
VHQM¦ONHHQWXQQLQSRUWDLQNRUNHLQWDDQ
WXQWLLQ3DLQDರWLPHUರDMDVWLQSDLQLNHWWD
XXGHOOHHQVHNXQQLQNXOXHVVDMROORLQ
SRLVWXWDMDVWLPHQDVHWXNVHVWDVXRUDDQ
$MDVWLQWRLPLQWRRWHWDDQN¦\WW¸¸QVHNXQQLQ
NXOXWWXDMDQ¦\W¸VV¦Q¦N\\WDDVO¦PS¸WLOD
2KMDLQODVNHHN¦\QQLVW\NVHHQM¦OMHOO¦
ROHYDQDMDQ
/DLWHN¦\QQLVW\\DLNDLVHPPLQDVHWHWXVVD
WLODVVD
6DPPXWXNVHQYLLY¦VW\WW¦PLQHQ
/HSRWLOD
9RLWYLLY¦VW\WW¦¦VDPPXWWDPLVWDODLWWHHQ
ROOHVVDS¦¦OO¦
3DLQDರWLPHUರDMDVWLQSDLQLNHWWDMROORLQ
DMDVWLPHQPHUNNLYDORV\WW\\MDQ¦\W¸VV¦
Q¦N\\ರರ
1DSDXWD</182/7$ರ
ರWDL
$/$182/7$WDLSLG¦VLW¦SDLQHWWXQDರ
ರS\V¦KG\NVHQDMDVWLPHQPXXWWDPLVHNVL
WXQQLQSRUWDLQNRUNHLQWDDQWXQWLLQ
VHQM¦ONHHQSRUWDLQNRUNHLQWDDQ
WXQWLLQ3DLQDರWLPHUರDMDVWLQ
SDLQLNHWWDXXGHOOHHQVHNXQQLQ
NXOXHVVDMROORLQSRLVWXWDMDVWLPHQ
DVHWXNVHVWDVXRUDDQ
$MDVWLQWRLPLQWRRWHWDDQN¦\WW¸¸Q
VHNXQQLQNXOXWWXDMDQ¦\W¸VV¦
Q¦N\\WDDVO¦PS¸WLOD2KMDLQODVNHH
VDPPXWWDPLVHHQM¦OMHOO¦ROHYDQDMDQ
-RVKDOXDWSHUXXWWDDDVHWXNVHQSDLQD
ರWLPHUರDMDVWLQSDLQLNHWWDXXGHOOHHQ
1¦\W¸VV¦Q¦N\\M¦OMHOO¦ROHYDDLND
9RLWSRLVWXDWRLPLQQRVWDSDLQDPDOOD
SDLQLNHWWDXXGHOOHHQ9RLWP\¸VSHUXXWWDD
DVHWXNVHQSDLQDPDOODರRQRᚎರSDLQLNHWWD
$MDVWLPHQPHUNNLYDORVDPPXXNXQROHW
SHUXXWWDQXWDVHWXNVHQ
$NWLLYLVHQDW¦P¦RPLQDLVXXVDQWDD
PXNDYDQO¦PS¸WLODQMDV¦¦VW¦¦HQHUJLDD
9DLQNXQODLWHRQ&RRO+HDWWDL$XWR
WLODVVDYRLWSDLQDDರVOHHSರSDLQLNHWWD
MRWWDODLWHYRLWRLPLDOHSRWLODVVD
+XRPDD/LV¦WLHWRMDOHSRWLODVWD
RQVLYXOOD
r)r&WRLPLQWR
3DLQDರ
MDರ SDLQLNHWWDVDPDQDLNDLVHVWL
\OLVHNXQQLQDMDQVLLUW\¦NVHVL)DKUHQKHLW
MD&HOVLXVDVWHLGHQY¦OLOO¦.XLYDXV
SXKDOOLQWLODVVDHLYRLGDYDOLWDr)r&
3DLQDರVZLQJರN¦¦QW¸SDLQLNHWWDNXQ
KDOXDWDNWLYRLGDV¦OHLN¸QN¦¦QW¸WRLPLQQRQ
\O¦SDQHHOLQV¦OHLNN¸N¦¦QW\\\O¸VMDDODV
9RLWN\WNH¦V¦OHLN¸QN¦¦QW¸WRLPLQQRQ
SRLVSDLQDPDOODW¦W¦SDLQLNHWWDXXGHOOHHQ
6¦OHLN¸QN¦¦QW¸WRLPLQWR
+XRPDD
$XWRPDDWWLVWDQRSHXWWDHLYRL
YDOLWDW¦VV¦WLODVVD
-RVKDOXDWSHUXXWWDDDVHWXNVHQSDLQD
ರWLPHUರDMDVWLQSDLQLNHWWDXXGHOOHHQ
1¦\W¸VV¦Q¦N\\M¦OMHOO¦ROHYDDLND9RLW
SRLVWXDWRLPLQQRVWDSDLQDPDOODSDLQLNHWWD
XXGHOOHHQ9RLWP\¸VSHUXXWWDDDVHWXNVHQ
SDLQDPDOODರRQRᚎರSDLQLNHWWD$MDVWLPHQ
PHUNNLYDORVDPPXXNXQROHWSHUXXWWDQXW
DVHWXNVHQ
 ZZZHOHFWUROX[FRP
.¦\WW¦M¦
(QLQW¦¦QP
.DXNRV¦¦GLQ
.DQQHWWDYD
LOPDVWRLQWLODLWH
/$,77((1.<7.(0,1(13//(
,UURWDNDXNRV¦¦WLPHQWDNDQDROHYDNDQVL
$VHWDPXNDQDWRLPLWHWXWSDULVWRWRLNHLQ
NDWVRSDULVWRORNHURQVLV¦OO¦ROHYDWRKMHHW
6XOMHNDQVL
9DLKGDYDQKDWSDULVWRWMRWNDRQN¦\WHWW\
ORSSXXQNDKWHHQXXWHHQ53ರ$$$ರ
9SDULVWRRQWRLVWDPDOODHGHOO¦PDLQLWXW
YDLKHHW
3DULVWRQDVHQQXVMDW¦UNH¦WRKMHHW
.DXNRV¦¦WLPHQN¦\WW¸

.DXNRV¦¦GLQ
.DXNRV¦¦WLPHQQ¦\WW¸
/¦PS¸WLODQDMDVWLPHQDVHWXVSDLQLNH
9LUWDSDLQLNH
7RLPLQWDWLODQSDLQLNH
/HSRWLODSDLQLNH
+¦O\W\VDMDVWLQ
.¦¦QW¸SDLQLNH
1RSHXVSDLQLNH
-RVNDXNRV¦¦GLQYDLKGHWDDQWDLK\O¦W¦¦Q
SDULVWRWRQSRLVWHWWDYDMDK¦YLWHWW¦Y¦
SDLNDOOLVHQODLQV¦¦G¦QQ¸QPXNDLVHVWL
NRVNDQHYDKLQJRLWWDYDW\PS¦ULVW¸¦
O¦VHNRLWDYDQKRMDMDXXVLDSDULVWRMD
O¦VHNRLWDDONDOLSDULVWRMDWDYDOOLVLD
KLLOLVLQNNLSDULVWRMDWDLODGDWWDYLD
QLNNHOLNDGPLXPSDULVWRMD
O¦K¦YLW¦SDULVWRMDSROWWDPDOOD
3DULVWRWYRLYDWU¦M¦KW¦¦WDLYXRWDD-RV
NDXNRV¦¦GLQW¦HLN¦\WHW¦SLWN¦¦QDLNDDQ
SRLVWDSDULVWRWNDXNRV¦¦WLPHVW¦
.DXNRV¦¦GLQW¦RQN¦VLWHOW¦Y¦¦¦ULPP¦LVHQ
YDURYDVWLO¦SXGRWDVLW¦WDLDOWLVWDVLW¦
VXRUDOOHDXULQJRQYDOROOHWDLO¦PP¸QO¦KWHLOOH
7¦P¦ODLWHRQ)&&V¦¦QW¸MHQRVDQ
PXNDLQHQ.¦\WW¸RQVDOOLWWXVHXUDDYLOOD
NDKGHOODHKGROOD
7¦P¦ODLWHHLVDDDLKHXWWDDKDLWDOOLVLD
K¦LUL¸LW¦MDODLWWHHQWXOHHVLHW¦¦
K¦LUL¸LW¦PXNDDQOXNLHQK¦LUL¸WMRWND
YRLYDWDLKHXWWDDHLWRLYRWWXDWRLPLQWDD
2VRLWDNDXNRV¦¦GLQVLJQDDOLQ
YDVWDDQRWWLPHQVLMDLQWLLQ.DXNRV¦¦GLQ
RQROWDYDHQLQW¦¦QPHW¦LV\\GHOO¦
ODLWWHHVWDLOPDQHVWHLW¦NDXNRV¦¦WLPHQ
MDODLWWHHQY¦OLOO¦
6XRGDWWLPHQQROODXV
7¦P¦RPLQDLVXXVRQPXLVWXWXVSXKGLVWDD
LOPDQVXRGDWLQNDWVR+RLWRMDSXKGLVWXV
ODLWWHHQWHKRNDVWDWRLPLQWDDYDUWHQ
6XRGDWWLPHQPHUNNLYDORV\WW\\
N¦\WW¸WXQQLQM¦ONHHQ-RVKDOXDW
QROODWDVXRGDWWLPHQSXKGLVWXNVHQ
M¦ONHHQSDLQDರᚏOWHUUHVHWರVXRGDWWLPHQ
QROODXVSDLQLNHWWDMROORLQVXRGDWWLPHQ
PHUNNLYDORರᚏOWHUರVDPPXX
6820,
.\WNHODLWHV¦KN¸YHUNNRRQMDSDLQDVLWWHQ
ರRQRᚎರSDLQLNHWWDNXQYLUWDN\WNHW¦¦Q
S¦¦OOHODLWHWRLPLLVDPPXWWDPLVWD
HGHOW¦Y¦VV¦DVHWXNVHVVD
.\WNHODLWHSRLVS¦¦OW¦SDLQDPDOOD
XXGHOOHHQರRQRᚎರSDLQLNHWWDMDLUURWD
VLWWHQSLVWRNHSLVWRUDVLDVWD
.\WNHODLWHDLQDSRLVS¦¦OW¦SDLQDPDOOD
ರRQRᚎರSDLQLNHWWDMDRGRWDPXXWDPD
PLQXXWWLHQQHQSLVWRNNHHQLUURWWDPLVWD
3DLQDರPRGHರWLODSDLQLNHWWDNXQQHV
/&'Q¦\W¸QYDVHPPDOODSXROHOODQ¦N\\
ರFRROರM¦¦KG\W\V
9DOLWVHರIDQVSHHGರSXKDOWLPHQQRSHXV
SDLQLNHWWDYDOLWDNVHVLSXKDOWLPHQ
QRSHXGHNVLರDXWRರರKLJKರರPLGರWDLರORZರ
3DLQDರ
ರMDರ ರSDLQLNHWWDYDOLWDNVHVL
KDOXDPDVLO¦PS¸WLODQ
3DLQDರPRGHರWLODSDLQLNHWWDNXQQHV
/&'Q¦\W¸QYDVHPPDOODSXROHOODQ¦N\\
ರGU\ರNXLYDXV
6DPDQDLNDLVHVWLರORZರPDWDODSXKDOWLPHQ
V\PEROLLOPHVW\\Q¦\W¸OOH
+XRPDD3XKDOWLPHQQRSHXWWDHLYRLYDOLWD
W¦VV¦WLODVVD
3DLQDರPRGHರWLODSDLQLNHWWDNXQQHV
/&'Q¦\W¸QYDVHPPDOODSXROHOODQ¦N\\
ರKHDWರO¦PPLW\V
9DOLWVHರIDQVSHHGರSXKDOWLPHQQRSHXV
SDLQLNHWWDYDOLWDNVHVLSXKDOWLPHQ
QRSHXGHNVLರDXWRರರKLJKರರPLGರWDLರORZರ
3DLQDರ
ರMDರ ರSDLQLNHWWDYDOLWDNVHVL
KDOXDPDVLO¦PS¸WLODQ
3DLQDರPRGHರWLODSDLQLNHWWDNXQQHV
/&'Q¦\W¸Q\O¦SXROHOODQ¦N\\ರDXWRರ
DXWRPDDWWLQHQ
$872WLODVVDHLYRLGDYDOLWDSXKDOWLPHQ
QRSHXWWD
3DLQDರ
ರMDರ ರSDLQLNHWWDYDOLWDNVHVL
KDOXDPDVLO¦PS¸WLODQ
.XQODLWHRQ&RRO+HDWWDL$XWRWLODVVD
YRLWSDLQDDರVOHHSರSDLQLNHWWDMRWWDODLWHYRL
WRLPLDOHSRWLODVVD7¦VV¦WLODVVDSXKDOWLPHQ
QRSHXVDVHWHWDDQDXWRPDDWWLVHVWLWLODDQ
ರDXWRರMRWDHLYRLPXXWWDD
-¦¦KG\W\VO¦PPLW\VWLODVVDYDOLWWX
O¦PS¸WLODQRXVHHr&YHUUDQPLQXXWLQ
S¦¦VW¦WLODQYDOLWVHPLVHVWD/¦PS¸WLOD
QRXVHHODVNHHWRLVHQr&YHUUDQNXQ
WRLVHWPLQXXWWLDRQNXOXQXW7¦P¦
XXVLO¦PS¸WLODV¦LO\WHW¦¦QWXQQLQDMDQ
3DLQDರPRGHರWLODSDLQLNHWWDNXQQHV
/&'Q¦\W¸QYDVHPPDOODSXROHOODQ¦N\\
ರIDQರSXKDOOLQ
7¦VV¦WLODVVDYRLWYDOLWDSXKDOWLPHQ
QRSHXGHNVLರKLJKರVXXULರPLGರNHVNLWDL
-¦¦KG\W\VWLOD
.XLYDXV
/¦PPLW\VWLODYDLQ+HDW&RROPDOOHLVVD
$872WLOD
/HSRWLOD
3XKDOOLQWLOD
ರORZರDOKDLQHQSDLQDPDOODSXKDOWLPHQ
QRSHXVSDLQLNHWWDMDNDWVRPDOODNDDYLRWD
+XRPDD,OPDQSRLVWROHWNXDHLWDUYLWVH
N\WNH¦W¦VV¦WLODVVD
 ZZZHOHFWUROX[FRP
HQQHQNXLQVHSDODDDOXQSHULQYDOLWWXXQ
O¦PS¸WLODDQ7¦OO¸LQರ6OHHSರOHSRWLOD
S¦¦WW\\MDODLWHVDPPXXDXWRPDDWWLVHVWL
ರ8QLWLODರRKMHOPDYRLGDDQSHUXXWWDD
PLOORLQWDKDQVDN¦\W¸QDLNDQDSDLQDPDOOD
ರ6OHHSರXQLರPRGHರWLODWDLರIDQVSHHGರ
SXKDOWLPHQQRSHXVSDLQLNHWWD
+XRPDD/HSRWLODDHLYRLDVHWWDD
SXKDOOLQWDLNXLYDXVWLODVVD
3DLQDರVZLQJರN¦¦QW¸SDLQLNHWWD
RWWDDNVHVLN¦\WW¸¸QV¦OHLN¸Q
N¦¦QW\PLVWRLPLQQRQMROORLQQ¦\W¸Q
\O¦RVDVVDQ¦N\\ರ
ರ<O¦SDQHHOLQ
V¦OHLNN¸N¦¦QW\\\O¸VMDDODV
9RLWN\WNH¦V¦OHLN¸QN¦¦QW¸WRLPLQQRQ
SRLVSDLQDPDOODW¦W¦SDLQLNHWWDXXGHOOHHQ
6¦OHLN¸QN¦¦QW¸WRLPLQWR
r)r&WRLPLQWR
$MDVWLQWLOD
3DLQDರ
ರMDರ ರSDLQLNHWWD
VDPDQDLNDLVHVWL\OLVHNXQQLQDMDQ
VLLUW\¦NVHVL)DKUHQKHLWMD&HOVLXV
DVWHLGHQY¦OLOO¦.XLYDXVSXKDOOLQWLODVVD
HLYRLGDYDOLWDr)r&
.¦\QQLVW¦PLVHQYLLY¦VW\WW¦PLQHQ
.\WNHODLWWHHVHHQYLUWDMRWWDODLWHVLLUW\\
YDOPLXVWLODDQ3DLQDರWLPHUರDMDVWLQ
SDLQLNHWWDQ¦\W¸VV¦Q¦N\\ರWLPHUರMDರKರ
MDರRQರYLONNXX
1DSDXWD</182/7$ರ
ರWDL
$/$182/7$WDLSLG¦VLW¦SDLQHWWXQDರ
ರS\V¦KG\NVHQDMDVWLPHQPXXWWDPLVHNVL
WXQQLQSRUWDLQNRUNHLQWDDQWXQWLLQ
VHQM¦ONHHQWXQQLQSRUWDLQNRUNHLQWDDQ
WXQWLLQ$VHWXVDVHWHWDDQPXLVWLLQ
VHNXQQLQNXOXWWXD2KMDLQODVNHH
N¦\QQLVW\NVHHQM¦OMHOO¦ROHYDQDMDQ
9RLWP\¸VSDLQDDರDMDVWLQರSDLQLNHWWD
XXGHOOHHQMDರRQರODNNDDY¦OLWW¸P¦VWL
YLONNXPDVWDMROORLQODLWHN¦\QQLVW\\
DLNDLVHPPLQDVHWHWXVVDWLODVVD
9RLWDVHWWDDWLODQMDODLWHN¦\QQLVW\\
KDOXDPLOODVLDVHWXNVLOODNXQರRQರRQ
ODNDQQXWYLONNXPDVWD
9RLWSHUXXWWDDDVHWXNVHQSDLQDPDOOD
XXGHOOHHQರWLPHUರDMDVWLQSDLQLNHWWD
6820,
+820,2
ವ 5XXYDDDXNLMDWNXYDQW\KMHQQ\NVHQ
DXNRQW\KMHQQ\VWXOSSDNXYD
ವ .\WNHSXXWDUKDOHWNXQP\\G¦¦Q
HULNVHHQWRLQHQS¦¦W\KMHQQ\VDXNNRRQ
MDYLHWRLQHQS¦¦YLHP¦ULLQMRND
RQDOHPSDQDNXLQODLWHNXYD
ವ /DXKGHYRLYLUUDWDW\KMHQQ\VWXOSDQ
SRLVWDPLVHQM¦ONHHQMRVODLWHWWD
N¦\WHW¦¦Q&RROWDL$XWRWLODVVD.XQ
KDOXDWSRLVWDDSXXWDUKDOHWNXQDVHWD
YDOXWXVDVWLDOLV¦YDUXVWHODXKWHHQ
NHU¦¦PLVHNVLW\KMHQQ\VDXNRVWD
ವ 9LHP¦ULQMDW\KMHQQ\VOHWNXQRVDQ
NRUNHXVHLVDDROODW\KMHQQ\VDXNNRD
NRUNHDPSLWDLMDWNXYDYHGHQSRLVWR
HLY¦OWW¦P¦WW¦WRLPLNXQQROOD
ವ -¦¦KG\W\VWDLDXWRPDDWWLWLODVVD
&RROWDL$XWRRQVXRVLWHOWDYDDSRLVWDD
MDWNXYDW\KMHQQ\VN¦\W¸VW¦DVHWWDPDOOD
W\KMHQQ\VWXOSSDW\KMHQQ\VDXNNRRQ
MRWWDVDDYXWHWDDQPDNVLPDDOLQHQ
VXRULWXVN\N\
6DPPXWXNVHQYLLY¦VW\WW¦PLQHQ
9RLWYLLY¦VW\WW¦¦VDPPXWWDPLVWDODLWWHHQ
ROOHVVDS¦¦OO¦3DLQDರWLPHUರDMDVWLQ
SDLQLNHWWDQ¦\W¸VV¦Q¦N\\ರWLPHUರMDರKರ
MDರRᚎರYLONNXX
1DSDXWD</182/7$ರ
ರWDL
$/$182/7$WDLSLG¦VLW¦SDLQHWWXQDರ
ರS\V¦KG\NVHQDMDVWLPHQPXXWWDPLVHNVL
WXQQLQSRUWDLQNRUNHLQWDDQWXQWLLQ
VHQM¦ONHHQSRUWDLQNRUNHLQWDDQWXQWLLQ
$VHWXVWDOOHQQHWDDQVHNXQQLQM¦ONHHQMD
Q¦\W¸VV¦Q¦N\\M¦OMHOO¦ROHYDDLNDNXQQHV
ODLWHVDPPXX9RLWP\¸VSDLQDDರWLPHUರ
DMDVWLQSDLQLNHWWDXXGHOOHHQMDರRᚎರ
ODNNDDYLONNXPDVWDY¦OLWW¸P¦VWL
9RLWSHUXXWWDDDVHWXNVHQSDLQDPDOOD
XXGHOOHHQರWLPHUರDMDVWLQSDLQLNHWWD
-RVQ¦\W¸VV¦Q¦N\ರ$6ರರ&6ರMDರ(6ರ
KXRQHHQO¦PS¸WLODDQWXULVVDRQYLUKH
2WD\KWH\WW¦YDOWXXWHWWXXQ(OHFWUROX[
KXROWROLLNNHHVHHQ
-RVQ¦\W¸VV¦Q¦N\ರ/ರODXKGXWWLPHQ
'&SXKDOOLQPRRWWRULVVDRQYLUKH
2WD\KWH\WW¦YDOWXXWHWWXXQ(OHFWUROX[
KXROWROLLNNHHVHHQ
-RVQ¦\W¸VV¦OXNHHರ(ರQ¦\W¸QSLLULOHY\Q
MDS¦¦RKMDXVSLLULOHY\QY¦OLQHQ\KWH\V
RQYLDOOLQHQ2WD\KWH\WW¦YDOWXXWHWWXXQ
(OHFWUROX[KXROWROLLNNHHVHHQ
-RVQ¦\W¸VV¦Q¦N\\ರ3ರDODRVDVVD
ROHYDDOXVWDRQW¦\VL6LLUU¦ODLWHYDURHQ
W\KMHQQ\VSDLNNDDQSRLVWDDODRVDQ
W\KMHQQ\VWXOSSDMDDQQDYHGHQYDOXD
SRLV.¦\QQLVW¦NRQHXXGHOOHHQNXQQHV
V\PEROLರ3ರK¦YL¦¦-RVYLUKHWRLVWXX
RWD\KWH\WW¦KXROWRRQ

9LUKHNRRGL
-DWNXYDW\KMHQQ\V
.8,9$86WDLO¦PS¸SXPSSXWLODQDLNDQD
WDUYLWVHWSXXWDUKDOHWNXQP\\G¦¦Q
HULNVHHQWDLPXXQOHWNXQODXKGHYHGHQ
SRLVWDPLVHNVLODLWWHHVWD
7RLPLVHXUDDYDVWL

7\KMHQQ\VRKMHHW
Kuva 20
Tyhjennystulppa
kuivausta varten
Tyhjennystulppa
lämpöpumpputilaa
varten
Puutarhaletku
Tyhjennysletku
Kuva 21
 ZZZHOHFWUROX[FRP
+820,2-RWWDNDLNNLODXKGHM¦¦P¦WROLVL
SRLVWHWWXNDOOLVWDODLWHWWDQRVWDPDOODVLW¦
KLHPDQ\O¸VS¦LQHGHVW¦NXQQHVODXKGH
HLHQ¦¦S¦¦VHXORVW\KMHQQ\VDXNRVWD
/DLWWHHQVLV¦OO¦ROHYLHQODXKGHM¦¦PLHQ
W\KMHQW¦PLQHQWDOYLV¦LO\W\NVHQDLNDQD
$VHWDYDOXWXVDVWLDOLV¦YDUXVWH
DODW\KMHQQ\VDXNRQDOOHMDYHG¦VLWWHQ
W\KMHQQ\VWXOSSDDMRWWDODXKGHYRLYLUUDWD
YDOXWXVDVWLDDQ
.XYD
.XYD
$ODW\KMHQQ\VDXNNR
7LSSDNRUNNL
9DOXWXVDᚔLD
1
2
9DLKGDW\KMHQQ\VWXOSSDMDWNXYDDQ
W\KMHQQ\VDXNNRRQNXQODXKGHYHWW¦
HLYLUWDDXORV
$VHWDYDOXWXVDVWLDW\KMHQQ\VDXNRQDOOH
MDLUURWDNXPLWXOSSDW\KMHQQ\VDXNRVWD
MRWWDODXKGHNXONHXWXXYDOXWXVDVWLDDQ
-RVYDOXWXVDVWLDHLS\VW\SLW¦P¦¦Q
NRNRODXKGHWWDWDUYLWDDQXVHLWDW¦\WW¸M¦
9DLKGDDODW\KMHQQ\VDXNRQW\KMHQQ\VWXOSSD
NXQODXKGHYHWW¦HLYLUWDDXORV

+2,72-$38+',6786
3XKGLVWDLOPDVWRLQWLODLWHV¦¦QQ¸OOLVHVWL
VHQK\Y¦QNXQQRQV¦LO\WW¦PLVHNVL,UURWD
ODLWWHHQSLVWRNHV¦KN¸YHUNRVWDHQQHQ
SXKGLVWXVWDV¦KN¸LVNXMHQWDLWXOLSDORQ
Y¦OWW¦PLVHNVL
.RWHORMDHWXRVDYRLGDDQS\\KNL¦S¸O\VW¦
¸OM\WW¸P¦OO¦OLLQDOODWDLSHVW¦OLLQDOODMRND
RQNRVWXWHWWXO¦PSLP¦QYHGHQMDPLHGRQ
DVWLDQSHVXDLQHHQOLXRNVHHQ
O¦NRVNDDQN¦\W¦YRLPDNNDLWD
SXKGLVWXVDLQHLWDYDKDDWDLNLLOORWXVDLQHWWD
NRWHORQHWXRVDDQ
3RLVWDOLLNDYHVLOLLQDVWDHQQHQRKMDLPLHQ
\PS¦ULOO¦ROHYDQDOXHHQS\\KNLPLVW¦
2KMDLPLLQWDLQLLGHQ\PS¦ULOOHS¦¦VV\W
OLLNDYHVLYRLYDKLQJRLWWDDLOPDVWRLQWLODLWHWWD

/DLWWHHQSXKGLVWDPLQHQ

,UURWDLOPDQVXRGDWLQDOODROHYDQNXYDQ
PXNDLVHVWL
-RWWDLOPDVWRLQWLODLWHWRLPLVLWHKRNNDDVWL
SXKGLVWDVXRGDWWLPHWNDKGHQN¦\WW¸YLLNRQ
Y¦OHLQ
,UURWD\O¦MDDODLOPDQVXRGDWLQ

6XRGDWWLPLHQSXKGLVWDPLQHQ
6820,

7\KMHQQ¦YHGHQNHUXXV¦LOL¸NRNRQDDQMD
DQQDDODW\KMHQQ\VWXOSDQMDNXPLWXOSDQ
NXLYXDWDUSHHNVLNDXDQMRWWDM¦OMHOO¦
ROHYDYHVLS¦¦VHHW\KMHQHP¦¦Q.XQ
V¦LOL¸RQW¦\VLQW\KMHQQHWW\HLN¦YHWW¦
HQ¦¦S¦¦VHXORVDVHQQDNXPLWXOSSD
MDNRUNNLWDNDLVLQSDLNRLOOHHQ

9DUPLVWDHWW¦VXRGDWWLPHQMD
W\KMHQQ\VVXRMXVRQSDLNDOODDQ

7DUNLVWDHWW¦MRKWRRQNXQQRVVD
LOPDQKDONHDPLDMDHKM¦

$VHWDXXGHWSDULVWRWNDXNRV¦¦WLPHHQ

$VHQQDLOPDVWRLQWLODLWH
DVHQQXVRKMHLGHQPXNDLVHVWL

3HVHVXRGDWLQDVWLDQSHVXDLQHHOODMD
O¦PSLP¦OO¦YHGHOO¦MRQNDO¦PS¸WLOD
RQDOOHr&+XXKWHOHVXRGDWLQ
KXROHOOLVHVWL5DYLVWDNHY\HVWL
\OLP¦¦U¦LVHQYHGHQSRLVWDPLVHNVL
VXRGDWWLPHVWD9DUPLVWDHWW¦VXRGDWLQ
RQW¦\VLQNXLYDHQQHQVHQDVHWWDPLVWD
WDNDLVLQ3HVHPLVHQVLMDDQYRLW
LPXURLGDVXRGDWWLPHQSXKWDDNVL

$VHWDVXRGDWLQWDNDLVLQNXQVHRQNXLYD
9DUPLVWDHWW¦VXRGDWLQRQW¦\VLQ
NXLYDHQQHQVHQDVHWWDPLVWD
WDNDLVLQ
-RVLOPDVWRLQWLODLWHWWDHLN¦\WHW¦SLWN¦¦Q
DLNDDQ
(QQHQNXLQN¦\W¦WLOPDVWRLQWLODLWHWWD
XXGHOOHHQ

6¦LO\W\VWDOYLNDXGHOOD

9,$105,7<6
7DUNLVWDW¦P¦OXHWWHORHQQHQNXLQRWDW
\KWH\WW¦KXROWROLLNNHHVHHQ6HYRLV¦¦VW¦¦
DLNDDMDUDKDD/XHWWHORVVDNXYDWDDQ
\OHLVL¦K¦LUL¸LW¦MRWNDHLY¦WMRKGXODLWWHHQ
YDOPLVWXVWDLPDWHULDDOLYLRLVWD
,OPDVWRLQWLODLWHHLWRLPL
/DLWWHHVWDWXOHYDLOPDHLROHULLWW¦Y¦Q
N\OP¦¦
,OPDVWRLQWLODLWHWRLPLLM¦¦KG\W\VWLODVVD
PXWWDKXRQHRQOLLDQO¦PPLQM¦¦W¦
(,PXRGRVWXM¦¦KG\W\VNLHUXNNDDQ
HWXRVDQWDDNVH
ವ 3LVWRNHHLROHSLVWRUDVLDVVD3DLQD
SLVWRNHK\YLQSLVWRUDVLDDQ
ವ 6XODNHRQSDODQXWWDLSLLULNDWNDLVLQ
ODXHQQXW9DLKGDVXODNH
VDPDQW\\SSLVHHQWDLQROODDSLLULNDWNDLVLQ
ವ 2KMDXVRQ32,6S¦¦OW¦.\WNHRKMDXV
3//(MDDVHWDKDOXDPDVLDVHWXV
ವ 9LNDNRRGL3WXOHHQ¦N\YLLQQ¦\WW¸¸Q
9HGHQW\KMHQQ\VRQNXYDWWXRVLRVVD
7\KMHQQ\V
ವ +XRQHHQO¦PS¸WLODRQDOHPSLNXLQ
DVHWHWWXO¦PS¸WLOD&RRO0RGHWDL
KXRQHHQO¦PS¸WLODRQNRUNHDPSL
NXLQDVHWHWWXO¦PS¸WLOD+HDW0RGH
1ROODDO¦PS¸WLOD
ವ +XRQHHQO¦PS¸WLODRQDOOHr&
-¦¦KG\W\VHLY¦OWW¦P¦WW¦WRLPLHQQHQ
NXLQKXRQHHQO¦PS¸WLODRQ\OLr&
ವ $VHWDDOKDLVHPSLO¦PS¸WLOD
ವ .RPSUHVVRULVDPPXXWLODDPXXWWDHVVD
2GRWDQRLQPLQXXWWLDMDNXXQWHOH
NRPSUHVVRULQN¦\QQLVW\PLVW¦NXQODLWH
RQDVHWHWWX-+'<7<6WLODDQ
ವ 8ONRO¦PS¸WLODRQDOOHr&6XODWD
N¦¦PLDVHWWDPDOOD3XKDOOLQWLOD
ವ ,OPDQVXRGDWLQYRLROODOLNDLQHQ
3XKGLVWDVXRGDWLQ.DWVRNRKWD
+RLWRMDSXKGLVWXV6XODWDDVHWWDPDOOD
3XKDOOLQWLOD
ವ /¦PS¸WLODRQDVHWHWWXOLLDQDOKDLVHNVL\¸Q
DMDNVL6XODWDN¦¦PLDVHWWDPDOOD3XKDOOLQ
WLOD$VHWDVLWWHQNRUNHDPSLO¦PS¸WLOD

,UURWDMDSXKGLVWDVXRGDWLQDQQD
VHQNXLYXDNRNRQDDQMDDVHQQD
VHXXGHOOHHQ

3RLVWDSDULVWRWNDXNRV¦¦WLPHVW¦

6¦LO\W¦LOPDVWRLQWLODLWHYLLOH¦VV¦MD
NXLYDVVDSDLNDVVDSRLVS¦LQVXRUDVWD
DXULQJRQYDORVWD¦¦ULPP¦LVHVW¦
O¦PS¸WLODVWDOLLDOOLVHVWDS¸O\VW¦
MDK\YLQLOPDVWRLGXVVDWLODVVD
 ZZZHOHFWUROX[FRP
ವ /LNDLQHQLOPDQVXRGDWLQLOPDYLUWDXV
UDMRLWHWWX3XKGLVWDLOPDQVXRGDWLQ
ವ 8ONRO¦PS¸WLODRQHULWW¦LQNRUNHD$VHWD
38+$/7,0(1QRSHXVNRUNHDPPDNVL
MRWWDLOPDDWXOHHQRSHDPSDD
M¦¦KG\W\VNLHUXNRLVWD
+XRQHRQOLLDQN\OP¦
ವ /LLDQDOKDLQHQO¦PS¸WLODDVHWXV$VHWD
NRUNHDPSLO¦PS¸WLODDVHWXV
ವ 3RLVWRSXWNHDHLROHOLLWHWW\WDLVHRQ
WXNNLXWXQXW.DWVR.XXPDQLOPDQ
SRLVWR
,OPDVWRLQWLODLWHWRLPLLM¦¦KG\W\VWLODVVD
PXWWDKXRQHRQOLLDQO¦PPLQM¦¦W¦
PXRGRVWXXM¦¦KG\W\VNLHUXNNDDQ
HWXRVDQWDDNVH
,OPDVWRLQWLODLWHN\WNH\W\\S¦¦OOHMDSRLV
S¦¦OW¦QRSHDVWL
ವ /LNDLQHQLOPDQVXRGDWLQLOPDYLUWDXV
UDMRLWHWWX3XKGLVWDLOPDQVXRGDWLQ
.DWVRNRKWD+RLWRMDSXKGLVWXV
ವ /¦PS¸WLODRQDVHWHWWXOLLDQNRUNHDNVL
$VHWDDOKDLVHPSLO¦PS¸WLOD
ವ ,OPDDVXXQWDDYDWV¦OHLN¸WRQDVHWHWWX
YLUKHHOOLVHVWL$VHWDV¦OHLN¸WSDUHPSDD
LOPDQMDNDXWXPLVWDYDUWHQ
ವ /DLWWHHQHWXRVDRQWXNLWWXQDXKRLOOD
YHUKRLOODNDOXVWHLOODMQHLOPDQ
MDNDXWXPLQHQRQUDMRLWHWWXD3RLVWD
ODLWWHHQHGHVV¦ROHYDWHVWHHW

<035,671682-(/8
.LHUU¦W¦PDWHULDDOLWMRWNDRQPHUNLWW\
PHUNLOO¦
.LHUU¦W¦SDNNDXVDVHWWDPDOODVH
DVLDQPXNDLVHHQNLHUU¦W\VDVWLDDQ
6XRMHOH\PS¦ULVW¸¦MDLKPLVWHQ
WHUYH\WW¦NLHUU¦WW¦P¦OO¦V¦KN¸
MDHOHNWURQLLNNDURPXWO¦K¦YLW¦
PHUNLOO¦PHUNLWW\M¦NRGLQNRQHLWD
NRWLWDORXVM¦WWHHQPXNDQD3DODXWDWXRWH
SDLNDOOLVHHQNLHUU¦W\VNHVNXNVHHQWDLRWD
\KWH\WW¦SDLNDOOLVHHQYLUDQRPDLVHHQ
ವ 2YHWLNNXQDWV¦¦WLPHWMQHDXNL
YLLOH¦LOPDNDUNDD6XOMHRYHW
LNNXQDWV¦¦WLPHWMQH
ವ /DLWHRQN\WNHWW\YDVWDS¦¦OOH
NXXPDVVDKXRQHHVVD$QQDODLWWHHQ
WRLPLDSLWHPS¦¦QSRLVWDDNVHVL
ರWDOOHQWXQHHQO¦PP¸QರVHLQLOW¦
NDWRVWDODWWLDOWDMDNDOXVWHLVWD
1256.
9,7(1.(53'(*
.81'(6(59,&(
7DNNIRUDWGXKDUNMºSWHWDSSDUDWIUD(OHFWUROX['XKDUYHOJWHWSURGXNWVRPKDUPHG
VHJWL§UPHGSURIHVMRQHOOHUIDULQJRJLQQRYDVMRQ*HQLDORJVWLOLJSURGXNWHWHUGHVLJQHW
PHGGHJLWDQNHQH6§XDQVHWWQ§UGXEUXNHUSURGXNWHWNDQGXIºOHGHJWU\JJS§DWGX
NRPPHUWLOI§ᚐRWWHUHVXOWDWHUKYHUJDQJ9HONRPPHQWLO(OHFWUROX[
%UXNDOOWLGRULJLQDOHUHVHUYHGHOHU
1§UGXWDUNRQWDNWPHGGHWDXWRULVHUWHVHUYLFHVHQWHUHWVºUJIRUDWGXKDUIºOJHQGH
GDWDWLOJMHQJHOLJ0RGHOO31&VHULHQXPPHU
'XᚏQQHULQIRUPDVMRQHQS§NYDOLᚏNDVMRQVPHUNHW
0HGIRUEHKROGRPHQGULQJHUXWHQYDUVHO
)§U§GRPEUXNEURVM\UHUIHLOVºNLQJRJVHUYLFHLQIRUPDVMRQ
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
*§LQQS§QHWWVWHGHWY§UWIRU§
5HJLVWUHUSURGXNWHWIRU§I§EHGUHVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
.MºSWLOEHKºUIRUEXNVYDUHURJRULJLQDOHUHVHUYHGHOHUWLODSSDUDWHW
ZZZHOHFWUROX[FRPVKRS
,11+2/'

6,..(5+(76,1)250$6-21 

6,..(5+(76,16758.6-21(5 

(1+(76%(6.5,9(/6( 

7,/%(+5,1./8'(57 

,167$//(5,1*6$19,61,1*(5 

/8)7.-/(5)81.6-21(5 

%58.6$19,61,1*(1 

3/(,(2*5(1*-5,1* 

)(,/6.,1* 

0,/-+(16<1 
$GYDUVOHU)RUVLNWLJKHWRJVLNNHUKHWVLQIRUPDVMRQ
*HQHUHOOLQIRUPDVMRQRJWLSV
0LOMºLQIRUPDVMRQ
 ZZZHOHFWUROX[FRP

6,..(5+(76,1)250$6-21
$'9$56(/
ವ'HWWHDSSDUDWHWNDQEUXNHVDYEDUQLDOGHUHQ
§URJHOGUHRJSHUVRQHUPHGQHGVDWWI\VLVN
VHQVRULVNHOOHUPHQWDOHYQHHOOHUPDQJHOS§
HUIDULQJRJNXQQVNDSKYLVGHKDUI§WWYHLOHGQLQJ
HOOHULQVWUXNVMRQRPEUXNHQDYDSSDUDWHWS§HQ
WU\JJP§WHRJIRUVW§IDUHQHLQYROYHUW
ವ%DUQP§LNNHOHNHPHGDSSDUDWHW
ವ+YLVVWUºPOHGQLQJHQHUVNDGHWP§GHQE\WWHV
XWDYSURGXVHQWHQHOOHUVHUYLFHDJHQWHQHOOHUHQ
WLOVYDUHQGHNYDOLᚏVHUWSHUVRQIRU§XQQJ§IDUH
'HQQHEUXNVDQYLVLQJHQHIRUNODUHUULNWLJEUXNDYGLQQ\H
OXIWNMºOHU/HVGHQQHEUXNVDQYLVQLQJHQQº\HIºUGXWDU
SURGXNWHWLEUXN/HJJGHQQHEUXNVDQVYLVQLQJHQS§HW
WU\JWVWHGIRUKHQGLJUHIHUDQVH
6\PERO 0HUN )RUNODULQJ
$'9$56(/
)256,.7,*+(7
)256,.7,*+(7
)256,.7,*+(7
'HWWHV\PEROHWYLVHUDWGHWWHDSSDUDWHWEUXNHUHW
EUHQQEDUWNMºOHPLGGHO+YLVNMº,HPLGGHOHWVNXOOHOHNNH
RJEOLUXWVDWWIRUHQHNᚔHUQDQWHQQLQJVNLOGHHUGHW
IDUHIRUEUDQQ
'HWWHV\PEROHWYLVHUDWGXP§OHVHEUXNVDQYLVQLQJHQ
Qº\H
'HWWHV\PEROHWYLVHUDWVHUYLFHSHUVRQHOO
P§K§QGWHUHGHWWHXWᚔ\UHULKHQKROGWLO
LQᚔDOODVMRQVK§QGERNHQ
'HWWHV\PEROHWYLVHUDWLQIRUPDVMRQHUWLOJMHQJHOLJVOLN
VRPEUXNVDQYLVQLQJHQRJLQᚔDOODVMRQVK§QGERNHQ
)256,.7,*+(7
ವ.RQWDNWDXWRULVHUWVHUYLFHWHNQLNHUIRUUHSDUDVMRQ
HOOHUYHGOLNHKROGDYGHQQHHQKHWHQ
ವ.RQWDNWLQVWDOODWºUHQIRULQVWDOODVMRQDYGHQQH
HQKHWHQ
ವ/XIWNMºOHUHQHULNNHEHUHJQHWIRUEUXNDYVP§EDUQ
HOOHUVYHNNHGHSHUVRQHUXWHQWLOV\Q
1256.

3RHQJGXP§WHQNHS§Q§UGXEUXNHUOXIWNMºOHUHQ
)256,.7,*+(7
$GYDUVOHUIRUEUXN
ವ'XVNDOLNNHPRGLᚏVHUHQRHQGHOHUDYGHWWH
SURGXNWHW
ವ'LP§LNNHLQQIºUHQRHVRPKHOVWLHQKHWHQ
ವ6ºUJIRUDWVWUºPIRUV\QLQJHQKDUULNWLJVSHQQLQJ
%UXNNXQ9+]$VWUºPIRUV\QLQJ
%UXNDYVWUºPIRUV\QLQJPHGIHLOVSHQQLQJNDQ
IºUHWLOVNDGHS§HQKHWHQRJLYHUVWHIDOOEUDQQ
ವ%UXNDOOWLGDQWLHNVSORVLYNUHWVEU\WHUHOOHUVLNULQJ
PHGULNWLJDPSHUH%UXNDOGULXQGHUQRHQ

9LNWLJHPHUNQDGHU
'XP§LNNHEUXNHHQKHWHQXWHQOXIWᚏOWHUHW
0§LNNHEUXNHVLQ¨UKHWHQDYYDUPHNLOGHHOOHU§SHQ
ᚐDPPH
0§LNNHHNVSRQHUHVXWHIRUGLUHNWHVROO\VHOOHUUHJQ
(QKHWHQP§DOOWLGODJUHVHOOHUᚐ\WWHVRSSUHLVW
'HNNLNNHDSSDUDWHWXQGHUEUXNHOOHUOLNHHWWHUEUXN
7ºPDOOWLGNRQGHQVDWIºUGXODJUHUHQKHWHQ
ವ6P§EDUQP§Y¨UHXQGHURSSV\QIRU§VºUJHIRU
DWGHLNNHOHNHUPHGOXIWNMºOHUHQ
ವ'HWᚏQQHVORNDOHUHJOHURPPDNVLPDOWWLOODWWH
VWº\QLY§HUVRPOXIWNRQGLVMRQHULQJVDQOHJJNDQDYJL
ವ+YLVVWUºPOHGQLQJHQVNDOVNLIWHVXWP§
XWVNLIWLQJVDUEHLGXWIºUHVDYDXWRULVHUWSHUVRQHOO
ವ,QVWDOODVMRQVDUEHLGP§NXQXWIºUHVLVDPVYDUPHG
QDVMRQDOHOHGQLQJVVWDQGDUGHUNXQDYDXWRULVHUW
SHUVRQHOOKYLVDNWXHOW)HLOWLONREOLQJNDQIºUHWLO
RYHURSSYDUPLQJRJEUDQQ
ವ3DVVS§DWGXLNNHWDUᚏQJUHQHS§YLIWHQQ§UGX
MXVWHUHUKRULVRQWDOHODPHOOHU
ವ6LNULQJHQHU9$NHUDPLVNW\SH
ವ5HQJMºULQJRJYHGOLNHKROGVNDOLNNHJMºUHVDYEDUQ
XWHQWLOV\Q9¨URSSPHUNVRPS§DWNMºOHPLGOHUNDQ
Y¨UHOXNWIULH
 ZZZHOHFWUROX[FRP
)256,.7,*+(7
$GYDUVHOIRUVWUºPOHGQLQJ
ವ'HWWHVWºSVOHWP§NXQVHWWHVLQQLHQHJQHW
VWLNNRQWDNW'XP§LNNHEUXNHVNMºWHOHGQLQJHU
ವ'\WWVWºSVOHWLQQLVWLNNRQWDNWHQRJS§VHDWGHQ
VLWWHUJRGWRJLNNHHUOºV
ವ'UDGHIRUPHUHOOHUPRGLᚏVHULNNHVWUºPOHGQLQJHQ
HOOHUQHGVHQNGHQLNNHLYDQQWUHNNHHOOHU
PLVEUXNHVWUºPOHGQLQJHQNDQIºUHWLOVNDGH
S§HQKHWHQRJIRU§UVDNHHOHNWULVNVWºW
ವ+YLVVWUºPOHGQLQJHQHUVNDGHWP§GHQE\WWHV
XWDYSURGXVHQWHQHOOHUVHUYLFHDJHQWHQHOOHUHQ
WLOVYDUHQGHNYDOLᚏVHUWSHUVRQIRU§XQQJ§IDUH
%UXNNXQSURGXVHQWHQVVSHVLᚏVHUWHVWUºPOHGQLQJ
IRUXWVNLIWLQJ
ವ'HWWHDSSDUDWHWP§MRUGHV'HWWHDSSDUDWHWHU
XWVW\UWPHGHQMRUGHWVWUºPOHGQLQJ6WºSVOHWP§
NREOHVWLOHQVWLNNRQWDNWVRPHUULNWLJLQVWDOOHUWRJ
MRUGHW,NNHXQGHUQRHQRPVWHQGLJKHWHUNXWWHOOHU
IMHUQGHQᚏUNDQWHGHMRUGHGHSLQQHQJMHOGHUNXQ
6WRUEULWWDQLDIUDGHWWHVWºSVOHW
RPVWHQGLJKHWZLUHSLQVHOOHUDQGUHJMHQVWDQGHU
LVWHGHWIRUHQULNWLJVLNULQJ
ವ,WLOIHOOHGHUOXIWNMºOHUHQLNNHIXQJHUHUVRPGHQVNDO
IHNVVYLGGOXNWWUHNNLNNHXWVWºSVOHWGLUHNWH
§SQHIºUVWYLQGXHWIRUYHQWLODVMRQGHUHWWHUVO§
HQKHWHQDYRJIUDNREOHVWUºPIRUV\QLQJHQ
6WºSVHO
-RUGLQJ
JMHOGHUNXQ
6WRUEULWWDQLD
6WºSVHO
)LUNDQWHWMRUGLQJVNRQWDNW
1256.

%UXNVDGYDUVOHU
ವ3§VHDWGXVO§UDYHQKHWHQRJNREOHUIUDVWUºPOHGQLQJHQ
IºUGXXWIºUHUYHGOLNHKROGHOOHUUHQJMºULQJ
ವ6HWWLNNHHQKHWHQQ¨UHQYDUPHNLOGHHOOHU§SHQLOGQ§U
GXE\WWHUᚏOWUH
ವ6SUXWHOOHUKHOOLNNHYDQQGLUHNWHLQQLHQKHWHQ9DQQ
NDQIRU§UVDNHHOHNWULVNVWºWHOOHUVNDGHS§XWVW\UHW
ವ'XP§WºPPHOXIWNMºOHUHQQ§UGHQᚐ\WWHV+YLVGXLNNH
WºPPHUWDQNHQNDQYDQQUHQQHXWXQGHUᚐ\WWLQJ
ವ)RU§VLNUHULNWLJWºPPLQJP§GXXQQJ§NQHNNHUS§
GUHQHULQJVVODQJHQRJGHQP§LNNHIRUKº\HVXQGHU
DYIXNWLJKHWVPRGXVHQ+YLVLNNHNDQGHWKHQGHDW
YDQQUHQQHUXWRJLQQLURPPHW
ವ7HPSHUDWXUHQUXQGWGUHQHULQJVVODQJHQP§LNNHY¨UH
XQGHUIU\VHSXQNWHWYHGEUXN'UHQHUWYDQQNDQIU\VH
LQQLVODQJHQQRHVRPIºUHUWLODWYDQQLHQKHWHQ
VWUºPPHURYHURJLQQLURPPHW
ವ%ORNN«ULNNHOXIWXWWDNHWPHGKLQGULQJHU
.MºOHHJHQVNDSHUNDQUHGXVHUHVHOOHUVWRSSHKHOW
ವ,QVWDOOHUHQHNVSORVLYJMHQY¨UHQGH
VWUºPIRUV\QLQJVHQKHW5&'IRU§EHVN\WWHPRWHOHNWULVN
VWºWLKHQKROGWLO%ULWLVK6WDQGDUGDQG:LULQJ5XOHV
ವ(NVSRQHULQJIRUGLUHNWHOXIWVWUºPRYHUOHQJUHWLGNDQ
Y¨UHKHOVHIDUOLJ8WVHWWLNNHEHERHUHNM¨OHG\UHOOHU
SODQWHUIRUGLUHNWHOXIWVWUºPRYHUOHQJUHWLG
ವ%UXNLNNHGHQQHOXIWNMºOHUHQIRULNNHVSHVLᚏVHUWHIRUP§O
IHNVEHYDULQJDYSUHVLVMRQVXWVW\UPDWNM¨OHG\U
SODQWHURJNXQVWJMHQVWDQGHU6OLNEUXNNDQVNDGH
VOLNHHLHQGHOHU
ವ%UXNLNNHDQGHUHPLGOHUIRU§DNVHOHUHUH
DYIURVWLQJVSURVHVVHQHOOHU§UHQJMºUHXQQWDWW
GHVRPDQEHIDOHVDYSURGXVHQWHQ
ವ$SSDUDWHWVNDORSSEHYDUHVLHWURPXWHQNRQWLQXHUOLJ
EUXNDYDQWHQQLQJVNLOGHUIRUHNVHPSHO§SQHᚐDPPHU
JDVVDSSDUDWHUHOOHUHOHNWULVNHYDUPHDSSDUDWHU
ವ'XP§LNNHVWLNNHKXOOLHOOHUEUHQQHHQKHWHQ
ವ'XP§RYHUKROGHQDVMRQDOHJDVVIRUVNULIWHU
ವ+ROGYHQWLODVMRQV§SQLQJHQHIULIRUKLQGULQJHU
 ZZZHOHFWUROX[FRP
ವ$SSDUDWHWVNDORSSEHYDUHVLHWJRGWYHQWLOHUWRPU§GH
KYRUURPVWºUUHOVHQHURYHUNYP
$'9$56(/
ವ/HVDOOHDGYDUVOHUQº\H
ವ8QGHUDYULPLQJRJUHQJMºULQJDYDSSDUDWHWP§
GXLNNHEUXNHDQGUHYHUNWº\HQQGHVRPDQEHIDOHV
DYSURGXVHQWHQ
ವ$SSDUDWHWP§SODVVHUHVLHWRPU§GHXWHQ
NRQWLQXHUOLJHDQWHQQLQJVNLOGHUIRUHNVHPSHO§SQH
ᚐDPPHUJDVVHOOHUHOHNWULVNHDSSDUDWHULEUXN
ವ0§LNNHSXQWHUHVHOOHUEUHQQHV
ವ.MºOHJDVVHUNDQY¨UHOXNWIULH
ವ$SSDUDWHWP§LQVWDOOHUHVEUXNHVRJ
ODJUHVLHWRPU§GHVRPHUVWºUUHHQQNYP
ವ'HWWHDSSDUDWHWLQQHKROGHUHWYLVVWDQWDOOJUDP
VHHWLNHWWHQS§EDNVLGHQDYHQKHWHQ5
NMºOHPLGGHOJDVV
ವ5HUHQNMºOHPLGGHOJDVVVRPRYHUKROGHUGH
HXURSHLVNHPLOMºGLUHNWLYHQH'XVNDOLNNHSXQNWHUH
QRHQGHOHUDYGHWWHSURGXNWHW
ವ+YLVDSSDUDWHWHULQVWDOOHUWLEUXNHOOHUODJUHWLHW
XYHQWLOHUWRPU§GHP§URPPHWY¨UHXWIRUPHWIRU§
IRUKLQGUHDNNXPXOHULQJDYNMºOHPLGGHOOHNNDVMHUVRP
NDQPHGIºUHIDUHIRUEUDQQHOOHUHNVSORVMRQS§JUXQQ
DYDQWHQQHOVHDYNMºOHPLGOHUIRU§UVDNHWDYHOHNWULVNH
RYQHUNRPI\UHUHOOHUDQGUHDQWHQQLQJVNLOGHU
ವ'HWWHDSSDUDWHWP§ODJUHVVOLNDWPHNDQLVNVYLNW
KLQGUHV
ವ3HUVRQHUVRPEUXNHUHOOHUDUEHLGHUPHG
NMºOHPLGGHOP§KDULNWLJVHUWLᚏVHULQJXWVWHGWDYHQ
DNNUHGLWHUWRUJDQLVDVMRQVRPVLNUHUNRPSHWDQVHL
K§QGWHULQJDYNMºOHPLGOHULKHQKROGWLOHQEHVWHPW
YXUGHULQJDQHUNMHQWDYEUDQVMHIRUHQLQJHU
0(5.6-(..0(5.(3/$7(1)25
.-/(0,''(/*$66(1620(5,%58.
,$33$5$7(7',77
6SHVLᚏNNHRSSO\VQLQJHURPDSSDUDWHUPHG5
NMºOHPLGGHOJDVV
1256.

6,..(5+(76,16758.6-21(5

'ULIWVPHUNQDGHU
ವ 9HQWPLQXWWHUVOLNDWNRPSUHVVRUHQ
NDQVWDUWHNMºOLQJHQS§Q\WW+YLVGX
VO§UDYOXIWNMºOHUHQRJXPLGGHOEDUW
VWDUWHUGHQLJMHQYHQWPLQXWWHU
VOLNDWNRPSUHVVRUHQNDQVWDUWH
NMºOLQJHQS§Q\WW'HWHUHQHOHNWURQLVN
EHVN\WWHOVHVNUHWVLHQKHWHQVRPKROGHU
NRPSUHVVRUHQVO§WWDYLPLQXWWHUDY
VLNNHUKHWVKHQV\Q
ವ5HSDUDVMRQHUP§XWIºUHVEDVHUWS§DQEHIDOLQJHU
IUDSURGXVHQWHQ9HGOLNHKROGRJUHSDUDVMRQVRP
NUHYHUKMHOSIUDDQQHWIDJOLJSHUVRQHOOVNDOXWIºUHV
XQGHUWLOV\QDYHQVRPHUNRPSHWHQWLEUXNDY
EUHQQEDUHNMºOHPLGOHU
7UDQVSRUWDYXWVW\UVRPLQQHKROGHUEUHQQEDUH
NMºOHPLGOHU
6HWUDQVSRUWUHJOHU
0HUNLQJDYXWVW\UPHGWHJQ
6HORNDOHWUDQVSRUWUHJOHU
$YKHQGLQJDYXWVW\UVRPLQQHKROGHUEUHQQEDUH
NMºOHPLGOHU
6HQDVMRQDOHIRUVNULIWHU
/DJULQJDYXWVW\UDSSDUDWHU
/DJULQJDYXWVW\UHWP§Y¨UHLKHQKROGWLOSURGXVHQWHQV
LQVWUXNVMRQHU
/DJULQJDYSDNNHWXVROJWXWVW\U
2SSEHYDULQJVSDNNHEHVN\WWHOVHVNDONRQVWUXHUHVVOLNDW
PHNDQLVNVNDGHS§XWVW\UHWLQQHLSDNNHQLNNHIRU§UVDNHU
OHNNDVMHDYNMºOHPLGGHOHW0DNVLPDOWDQWDOOGHOHUVRP
NDQODJUHVVDPPHQEHVWHPPHVDYORNDOHIRUVNULIWHU

$QGUHRSSO\VQLQJHU
ವ ,WLOIHOOHVWUºPEUXGGXQGHUEUXNYHQW
PLQXWWHUIºUGXVWDUWHUHQKHWHQS§
Q\WW1§UVWUºPPHQNRPPHUWLOEDNH
NDQGXVWDUWHOXIWNMºOHUHQS§Q\WW
+YLVVWUºPEUXGGHWYDUHUPLQGUHHQQ
ᚏUHPLQXWWHUP§GXYHQWHPLQVWᚏUH
PLQXWWHUIºUGXVWDUWHUHQKHWHQS§Q\WW
+YLVGXVWDUWHUOXIWNMºOHUHQS§Q\WWLQQHQ
ᚏUHPLQXWWHUNDQHQEHVN\WWHOVHVNUHWV
LHQKHWHQIºUHWLODWNRPSUHVVRUHQVO§V
DY'HQQHEHVN\WWHOVHVNUHWVHQKLQGUHU
 ZZZHOHFWUROX[FRP
ವ 'HQQHOXIWNMºOHUHQEO§VHUGHQYDUPH
OXIWHQVRPJHQHUHUHVDYHQKHWHQXW
DYURPPHWYLDDYWUHNNVODQJHQPHQV
GHQHULNMºOHPRGXV,PHOORPWLGHQ
VWUºPPHUOLNHP\HOXIWLQQLURPPHW
IUDXWVLGHQJMHQQRPHQKYHUOXIW§SQLQJ
LURPPHW
ವ (QKYHUSHUVRQVRPHULQYROYHUW
L§MREEHPHGHOOHUEU\WHHQ
NMºOHNUHWVP§KDHWJ\OGLJ
VHUWLᚏNDWIUDHQEUDQVMHDNNUHGLWHUW
YXUGHULQJVP\QGLJKHWVRPJLU
YHNRPPHQGHWLOODWHOVHWLOK§QGWHUH
NMºOHPLGOHUS§HQWU\JJP§WH
LVDPVYDUPHGHQDQHUNMHQW
YXUGHULQJVVSHVLᚏNDVMRQLEUDQVMHQ
ವ 6HUYLFHVNDONXQXWIºUHVLKHQKROGWLO
DQEHIDOLQJHQHWLOXWVW\UVSURGXVHQWHQ
9HGOLNHKROGRJUHSDUDVMRQVRP
NUHYHUKMHOSIUDDQQHWIDJOLJSHUVRQHOO
VNDOXWIºUHVXQGHUWLOV\QDYHQVRP
HUNRPSHWHQWLEUXNDYEUHQQEDUH
NMºOHPLGOHU
ವ $UEHLGVWHPSHUDWXURPU§GHWIRU
OXIWNMºOHUHQHUr&LNMºOHPRGXV
r&LYDUPHPRGXV

$GYDUVHOXQGHUEUXN
)RU§XQQJ§VNDGHS§EUXNHUHQHOOHU
DQGUHSHUVRQHURJVNDGHS§HLHQGRP
P§IºOJHQGHLQVWUXNVMRQHUIºOJHV
8ULNWLJEUXNIRU§UVDNHWDYDWGXLNNHIºOJHU
LQVWUXNVMRQHQHNDQIºUHWLOSHUVRQVNDGH
HOOHUDQQHQVNDGH
$OYRUOLJKHWVJUDGHQHUNODVVLᚏVHUWPHG
IºOJHQGHV\PEROHU
'HWWHV\PEROHWDQJLUPXOLJKHWHQ
IRUGºGHOOHUDOYRUOLJVNDGH
$GYDUVHOXQGHUEUXN
'HWWHV\PEROHWDQJLUPXOLJKHWHQ
IRUVNDGHHOOHUVNDGHS§HLHQGRP
$'9$56(/
$'9$56(/
)256,.7,*+(7
%HW\GQLQJHQDYV\PEROHUVRPEUXNHV
LGHQQHEUXNVDQYLVQLQJHQYLVHVQHGHQIRU
'HWWHV\PEROHWLQGLNHUHUDWGXDOGUL
P§JMºUHGHWWH
'HWWHV\PEROHWLQGLNHUHUDWGXDOOWLG
P§JMºUHGHWWH
NMºOLQJLRPWUHQWPLQXWWHU(QKYHU
WLGOLJHUHLQQVWLOOLQJEOLUNDQVHOOHUWRJ
HQKHWHQJ§UWLOEDNHWLOVWDUWLQQVWLOOLQJHQ
ವ 1§UGXVO§UDYHQKHWHQLNMºOHPRGXV
VO§UNRPSUHVVRUHQVHJDYXPLGGHOEDUW
RJGHQºYUHQHGUHPRWRUHQVWRSSHU
§NMºUHHWWHUVHNXQGHU+YLVHQKHWHQ
VNLIWHVIUDNMºOHPRGXVWLOYLIWHPRGXV
VO§VNRPSUHVVRUHQDYXPLGGHOEDUW
RJXQGHUYLIWHQVWRSSHU§NMºUHHWWHU
VHNXQGHURJKYLVGXVNLIWHUHQKHWHQ
IUDNMºOHPRGXVWLOYDUPHPRGXV
VO§VNRPSUHVVRUHQDYXPLGGHOEDUW
RJXQGHUYLIWHQVWRSSHU§NMºUHHWWHU
VHNXQGHU
ವ /DYWHPSHUDWXUGULIW*§UHQKHWHQGLQ
LVW§IU\VHU")U\VLQJNDQIRUHNRPPH
Q§UHQKHWHQHULQQVWLOWS§RPWUHQW
r&LODYHRPJLYHOVHVWHPSHUDWXUHU
V¨UOLJRPQDWWHQ8QGHUVOLNHIRUKROG
RJ\WWHUOLJHUHIDOOLWHPSHUDWXUHQNDQ
PHGIºUHDWHQKHWHQIU\VHUNHUGX
WHPSHUDWXULQQVWLOOLQJHQS§HQKHWHQ
KLQGUHUGXDWGHQIU\VHU
ವ $YIXNWLQJVPRGXVºNHU
URPWHPSHUDWXUHQ(QKHWHQJHQHUHUHU
YDUPHXQGHUDYIXNWLQJVPRGXVRJ
URPWHPSHUDWXUHQVWLJHU9DUPOXIW
EO§VHVXWIUDDYWUHNNVOXIWXWWDNHW'HWWH
HUQRUPDOWRJHULNNHHQLQGLNDVMRQS§
DWGXKDUHWSUREOHPPHGHQKHWHQ
1256.
$GYDUVHO %HW\GQLQJ
3§VHDWGXVHWWHULQQVWºSVOHWULNWLJ
(OOHUVNDQGHWIºUHWLOHOHNWULVNVWºWEUDQQ
RJHNVSORVMRQS§JUXQQDYRYHUVN\WHQGH
YDUPHSURGXNVMRQ
%UXNLNNHHOOHUVWRSSLNNHHQKHWHQYHG
§VHWWHLQQHOOHUWUHNNHXWVWºSVOHW
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQRJ
HNVSORVMRQ
S§JUXQQDYYDUPHXWYLNOLQJ
6NDGLNNHRJEUXNDOGULHQXVSHVLᚏVHUW
VWUºPOHGQLQJ
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQRJ
HNVSORVMRQ
+YLVVWUºPOHGQLQJHQHU
VNDGHWP§GHQE\WWHVXWDYSURGXVHQWHQ
HOOHUVHUYLFHDJHQWHQHOOHUHQWLOVYDUHQGH
NYDOLᚏVHUWSHUVRQIRU§XQQJ§IDUH
'XP§LNNHHQGUHOHQJGHQS§
VWUºPOHGQLQJHQHOOHUGHOHVWLNNRQWDNWHQ
PHGDQGUHDSSDUDWHU
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQRJ
HNVSORVMRQ
S§JUXQQDYYDUPHXWYLNOLQJ
'XP§LNNHEHWMHQHHQKHWHQPHGY§WH
KHQGHUHOOHULIXNWLJHRPJLYHOVHU
'HWNDQIRU§UVDNHHOHNWULVNVWºW
/XIWVWUºPPHQVNDOLNNHUHWWHVGLUHNWH
PRWGHVRPHULURPPHW
'HWWHNDQS§IºUHGHJVNDGH
6ºUJDOOWLGIRUULNWLJMRUGLQJ )HLOMRUGLQJNDQIRU§UVDNHHOHNWULVNVWºW
,NNHODYDQQVWUºPPHLQQLHOHNWULVNH
GHOHU
'HQNDQIRU§UVDNHDWHQKHWHQVYLNWHU
HOOHUDWGXEOLXWVDWWIRUHOHNWULVNVWºW
'XP§DOOWLGLQVWDOOHUHHQNUHWVEU\WHU
RJEUXNHHQGHGLNHUWVWUºPNUHWV
)HLOLQVWDOODVMRQNDQIRU§UVDNH
HOHNWULVN
VWºWEUDQQRJHNVSORVMRQ
7UHNNXWVWºSVOHWKYLVGXKºUHUXYDQOLJH
O\GHUOXNWHOOHUUº\NIUDHQKHWHQ
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQ
RJHNVSORVMRQ
%UXNLNNHVWLNNRQWDNWHQKYLVGHQ
HUOºVHOOHUVNDGHW
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQ
RJHNVSORVMRQ
(QKHWHQP§LNNH§SQHVQ§UGHQ
HULJDQJ
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQ
RJHNVSORVMRQ
+ROGVN\WHY§SHQXQQD 'HWIRU§UVDNHEUDQQRJHNVSORVMRQ
'XP§LNNHEUXNHVWUºPOHGQLQJHQ
LQ¨UKHWHQDYYDUPHDSSDUDWHU
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQ
RJHNVSORVMRQ
%UXNLNNHVWUºPOHGQLQJHQLQ¨UKHWHQDY
EUDQQIDUOLJJDVVHOOHUEUHQQEDUHVWRᚎHU
IRUHNVHPSHOEHQVLQEHQ]HQW\QQHURVY
.DQIRU§UVDNH
HOHNWULVNVWºWEUDQQ
RJHNVSORVMRQ
/XIWURPPHWIºUGXEUXNHUOXIWNMºOHUHQ
LWLOIHOOHGHWHUJDVVOHNNDVMHIUDHWDQQHW
DSSDUDW
'HWNDQIRU§UVDNHHNVSORVMRQEUDQQ
RJEUDQQVNDGHU
'XP§LNNHGHPRQWHUHHOOHUHQGUH
HQKHWHQ
'HWNDQIRU§UVDNHVYLNWRJHOHNWULVNVWºW
 ZZZHOHFWUROX[FRP
)256,.7,*+(7
)RUVLNWLJKHW %HW\GQLQJ
1§UIMHUQHUOXIWᚏOWHUHWP§GXLNNHEHUºUH
HQKHWHQVPHWDOOGHOHU
'HWWHNDQS§IºUHGHJVNDGH
'XP§LNNHUHJMºUHOXIWNMºOHUHQ
PHGYDQQ
9DQQNDQNRPPHLQQLHQKHWHQRJ
VYHNNHLVROHULQJHQ'HWNDQIRU§UVDNH
HOHNWULVNVWºW
'XP§OXIWHWURPPHWJRGWQ§UGXEUXNHU
HQKHWHQPHGHQNRPI\URVY
'XNDQRSSOHYHPDQJHRNV\JHQ
1§UGXVNDOUHQJMºUHHQKHWHQVO§GHQ
DYRJVO§DYNUHWVEU\WHUHQ
,NNHUHQJMºUHQKHWHQQ§UVWUºPPHQHU
S§GDGHWNDQIºUHWLOEUDQQHNVSORVMRQ
RJHOHNWULVNVWºW'HWWHNDQIRU§UVDNH
VNDGH
,NNHSODVVHUNM¨OHG\UHOOHULQQHSODQWHU
GHUGHEOLUXWVDWWIRUGLUHNWHOXIWVWUºP
'HWWHNDQVNDGHNM¨OHG\UHOOHUSODQWHU
0§LNNHEUXNHVIRUVSHVLHOOHIRUP§O %UXNLNNHOXIWNMºOHUHQWLOEHYDULQJD
SUHVLVMRQVXWVW\UPDWNM¨OHG\USODQWHU
RJNXQVWJMHQVWDQGHU.DQIRU§UVDNH
NYDOLWHWVIRUULQJHOVHRVY
6WRSSEUXNRJOXNNYLQGXHWLVWRUPHOOHU
V\NORQ
%UXNPHG§SQHYLQGXHUNDQ
IºUHYDQQLQQWUHQJLQJRJY§WH
KXVKROGQLQJVPºEOHU
+ROGVHOYHVWUºPVWºSVOHWQ§UGXWDUGHQXW 'HWNDQPHGIºUHHOHNWULVNVWºWRJVNDGH
6O§DYKRYHGVWUºPEU\WHUHQQ§UGXLNNH
VNDOEUXNHHQKHWHQRYHUOHQJUHWLG
'HWNDQIRU§UVDNHSURGXNWVYLNWEUDQQ
HOOHUHNVSORVMRQ
3ODVVHULNNHKLQGULQJHUUXQGWOXIWLQQWDN
HOOHULQQHLOXIWXWWDN
'HWNDQIRU§UVDNHSURGXNWVYLNWHOOHU
HQXO\NNH
3ODVVHUDOOWLGDOOWLGᚏOWUHQHVLNNHUW
5HQJMºUᚏOWUHQHDQQHQKYHUXNH
%UXNXWHQᚏOWHUHNDQIºUHWLODWHQKHWHQ
VYLNWHU
%UXNLNNHVWHUNHYDVNHPLGOHUVOLNVRP
YRNVHOOHUW\QQHUHEUXNHQP\NNOXW
8WVHHQGHWNDQIRUULQJHVS§JUXQQDY
HQGULQJDYSURGXNWIDUJHHOOHUULSHUS§
RYHUᚐDWHQ
3ODVVHULNNHWXQJHJMHQVWDQGHU
S§VWUºPOHGQLQJHQRJVºUJIRU
DWOHGQLQJHQLNNHHUXQGHUSUHVV
'HWNDQIºUHWLOIDUHIRUEUDQQHNVSORVMRQ
HOOHUHOHNWULVNVWºW
'ULNNLNNHYDQQIUDOXIWNMºOHUHQ 9DQQHWLQQHKROGHUNRQWDPLQDVMRQHU
RJNDQIºUHWLODWGXEOLUV\N
9¨UIRUVLNWLJXQGHUXWSDNNLQJ
RJLQVWDOODVMRQ
6NDUSHNDQWHUNDQVNDGHGHJ
+YLVYDQQSHQHWUHUHUHQKHWHQ
P§GXIUDNREOHVWUºPPHQRJVO§DY
NUHWVEU\WHUHQ,VROHUVWUºPIRUV\QLQJHQ
YHG§WUHNNHXWVWºSVOHWRJNRQWDNWHQ
NYDOLᚏVHUWVHUYLFHWHNQLNNHU
'HWWHNDQPHGIºUHHOHNWULVNVWºW
RJVNDGH
1256.
3
6
7
8
9
12
4 5
1011
1
2
13

(1+(76%(6.5,9(/6(
ವ .RQWUROOHUDOWWLOEHKºUHULQNOXGHUWLSDNNHQRJOHVLQVWDOOHULQJVDQYLVQLQJHQHIRUULNWLJ
EUXN




)MHUQNRQWUROO
6LJQDOPRWWDNHU
%¨UHK§QGWDNEHJJHVLGHU
/XᚑQQWDN
5RPOXIWVXWWDN
/XIWXWWDN
6WLNNRQWDNW
7ULQVHU
.RQWUROOSDQHO
6WUºPOHGQLQJ
.RQWLQXHUOLJDYOºS
%XQQGUHQHULQJVXWWDN
3XPSHGUHQHULQJVDYOºS

7,/%(+5,1./8'(57
'(/(5 '(/(1$91 .9$1780
$GDSWHU$/XIWXWWDNNDQDO
$GDSWHU%ᚐDWWXWWDN
'UHQHULQJVVODQJH
)MHUQNRQWUROO
VHWW
GHO
VHWW
%DWWHUL53$$$9 GHOHU
 ZZZHOHFWUROX[FRP

,167$//(5,1*6$19,61,1*(5

9DUPOXIWXWWDN
,NMºOHPRGXVP§DSSDUDWHWSODVVHUHV
LQ¨UKHWHQDYHWYLQGXHOOHUHQ§SQLQJ
VOLNDWYDUPOXIWNDQVOLSSHXW3ODVVHUIºUVW
HQKHWHQS§KRULVRQWDOWJXOYRJS§VHDW
GHWHUPLQVWFPNODULQJUXQGWHQKHWHQ
RJDWGHQHULQ¨UKHWHQDYHQHQNHOWNUHWV
VWUºPIRUV\QLQJ

)RUOHQJKYHUVLGHDYVODQJHQᚏJXU
RJVNUXVODQJHQS§DGDSWHU$ᚏJXU

,QVWDOOHUDGDSWHU$LHQKHWHQᚏJXU
)LJXU

)RUOHQJGHQDQGUHVLGHQDYVODQJHQ
RJVNUXGHQS§DGDSWHU%ᚏJXU
)RUOHQJVODQJHQGHQ
Figur. 1
Figur. 3
Figur. 2
/§V
6P\JS§
6ODQJHQNDQIRUOHQJHVIUDGHQ
RSSULQQHOLJHOHQJGHQS§FP
RSSWLOFPPHQGHWHU
EHJUHQVHOHQJGHQV§P\HVRP
PXOLJ3DVVRJV§S§DWVODQJHQ
LNNHKDUVNDUSHEº\QLQJHUHOOHU
DWGHQVLJHUᚏJXU
$GDSWHU$HUDOOHUHGHIHVWHWWLO
VODQJHQS§GHQQHHQKHWHQ
Figur. 6

)HVWDGDSWHU%LYLQGXHW)LJXU
Figur. 5
1256.

%58.6$19,61,1*(1
1RHQDYIºOJHQGHLQVWUXNVMRQHU
NDQNXQEUXNHVS§NRQWUROOSDQHOHW
'XWUHQJHULNNH§EUXNH
GUHQHULQJVVODQJHQLFRROPRGXV
.MºOHPRGXV
2SSYDUPLQJVPRGXVS§QRHQPRGHOOHU
,GHQQHPRGXVHQP§OXIWXWWDNDGDSWHUHQ
$//7,'EUXNHV
,GHQQHPRGXVHQP§OXIWXWWDNDGDSWHUHQ
$//7,'EUXNHV

%UXNDYNRQWUROOSDQHOHW
7U\NNPRGHNQDSSHQLQQWLO&RRO
PRGXVODPSHQWHQQHV
7U\NNIDQVSHHGNQDSSHQIRU§YHOJH
YLIWHKDVWLJKHWLKHQKROGEHO\VQLQJHQ
S§YLIWHKDVWLJKHWVLQGLNDWRUHQ
'XNDQYHOJHYLIWHKDVWLJKHWL
KHQKROGWLOIºOJHQGHVHNYHQV
DXWRൺKLൺPHGൺORZൺDXWR
7U\NN
RU NQDSSHQIRU§YHOJH
ºQVNHWWHPSHUDWXU
7U\NNPRGHNQDSSHQLQQWLO+HDW
LQGLNDWRUODPSHQWHQQHV
7U\NNIDQVSHHGNQDSSHQIRU§YHOJH
YLIWHKDVWLJKHWLKHQKROGEHO\VQLQJHQ
S§YLIWHKDVWLJKHWVLQGLNDWRUHQ
'XNDQYHOJHYLIWHKDVWLJKHWL
KHQKROGWLOIºOJHQGHVHNYHQV
DXWRൺKLൺPHGൺORZൺDXWR
7U\NN
RU NQDSSHQIRU§YHOJH
ºQVNHWWHPSHUDWXU
7LONREOHWGUHQHULQJVVODQJH6HGHO
7ºPPLQJ

/8)7.-/(5)81.6-21(5

.21752//3$1(/
1
235689 7 4
9LVHUWHPSHUDWXUWLG
6WUºP3$9
6ºYQIXQNVMRQ
)LOWHUWLOEDNHVWLOOLQJ
9LIWHKDVWLJKHW
-XVWHUWHPSHUDWXUHOOHU7LPHU
0RGXVYDOJ
7LPHU
6YLQJ
7ºUNHPRGXV
7U\NNPRGHNQDSSHQLQQWLO'U\
PRGHODPSHQWHQQHV6NMHUPHQ
YLVHUURPWHPSHUDWXUHQ
6DPWLGLJWHQQHVYLIWHODPSHQWLOORZ
0HUN
,GHQQHPRGXVHQNDQGXLNNH
YHOJHYLIWHKDVWLJKHW
 ZZZHOHFWUROX[FRP
9LIWHPRGXV
,GHQQHPRGXVHQWUHQJHUGXLNNH§EUXNH
DYWUHNNHOOHUGUHQHULQJVVODQJH

7U\NNPRGHNQDSSHQLQQWLO
YLIWHPRGXVODPSHQWHQQHV

7U\NN)DQVSHHGNQDSSHQIRU
§YHOJHºQVNHWYLIWHKDVWLJKHW

9LIWHQNMºUHUPHGGHQYDOJWH
WHPSHUDWXUHQRJVNMHUPHQ
YLVHUURPWHPSHUDWXU
)LOWHUWLOEDNHVWLOOLQJ
$XWRPRGXV
7LPHUPRGXV
6OLNIRUVLQNHUGXRSSVWDUW
6OLNIRUVLQNHUGXDYVWHQJLQJ
6ºYQPRGXV
/XIWXWWDNVVODQJHQP§DOOWLGY¨UHWLONREOHW
LGHQQHPRGXVHQ
1§UGXVWLOOHUOXIWNMºOHUHQLDXWRPRGXV
YHOJHUGHQDXWRPDWLVNNMºOLQJ
RSSYDUPLQJJMHOGHULNNHPRGHOOHUVRP
WLOE\UNXQNMºOLQJHOOHUNXQYLIWHIXQNVMRQ
DYKHQJLJDYKYLONHQWHPSHUDWXUGXKDU
YDOJWRJURPWHPSHUDWXUHQ/XIWNMºOHUHQ
NRQWUROOHUHUURPWHPSHUDWXUHQDXWRPDWLVN
UXQGWWHPSHUDWXUSXQNWHWGXKDULQQVWLOW
,$872PRGXVNDQGXLNNHYHOJH
YLIWHKDVWLJKHW
7U\NNPRGHNQDSSHQLQQWLO
$XWRPRGHODPSHQWHQQHV
(WWHUDWGXKDUYDOJW$XWRPRGH
IXQNVMRQHUHUHQKHWHQDXWRPDWLVN
LKHQKROGWLOIDNWLVNURPWHPSHUDWXU
7LPHUHQJLUGHJPXOLJKHWHQHWLO§IRUVLQNH
RSSVWDUWHOOHUDYVWHQJLQJDYHQKHWHQ
.REOHHQKHWHQWLOVWUºPVOLNDWHQKHWHQ
HULVWDQGE\PRGXV
7U\NNWLPHUNQDSSHQGHUHWWHUWHQQHV
7LPHULQGLNDWRUHQRJDQWDOOWLPHUS§
VNMHUPHQYLVHU
%HUºUHOOHUKROG233SLOHQ
HOOHU
1('SLOHQ
IRU§HQGUHIRUVLQNHWVWDUW
WLPHUPHGWLPHUVWULQQRSSWLOWLPHU
GHUHWWHUWLPHUVWULQQRSSWLOWLPHU7U\NN
WLPHUNQDSSHQS§Q\WWLQQHQVHNXQGHU
V§J§UGXGLUHNWHXWDYWLPHULQQVWLOOLQJHQH
(WWHUVHNXQGHUDNWLYHUHVWLPHU
IXQNVMRQHQRJVNMHUPHQYLVHU
WHPSHUDWXUHQS§Q\WW.RQWUROOHQWHOOHU
QHGWLGHQVRPJMHQVW§UWLORSSVWDUW
(QKHWHQVWDUWHULGHQWLGOLJHUHLQQVWLOWH
PRGXVHQ
)RU§DYEU\WHLQQVWLOOLQJHQWU\NNS§
WLPHUNQDSSHQS§Q\WWRJJMHQVW§HQGH
WLGYLVHVRJWU\NNNQDSSHQHQGDHQJDQJ
'XNDQIRUVLQNHDYVWHQJLQJQ§UHQKHWHQ
HUS§
7U\NNWLPHUNQDSSHQGHUHWWHUWHQQHV
7LPHULQGLNDWRUHQRJDQWDOOWLPHUS§
VNMHUPHQYLVHU
%HUºUHOOHUKROG233SLOHQ
HOOHU1('
SLOHQ
IRU§HQGUHIRUVLQNHWDYVWHQJLQJ
WLPHUPHGWLPHUVWULQQRSSWLOWLPHU
GHUHWWHUWLPHUVWULQQRSSWLOWLPHU7U\NN
WLPHUNQDSSHQS§Q\WWLQQHQVHNXQGHU
V§J§UGXGLUHNWHXWDYWLPHULQQVWLOOLQJHQH
(WWHUVHNXQGHUDNWLYHUHVWLPHU
IXQNVMRQHQRJVNMHUPHQYLVHU
WHPSHUDWXUHQS§Q\WW.RQWUROOHQWHOOHUQHG
WLGHQVRPJMHQVW§UWLOHQKHWHQVO§UVHJDY
)RU§DYEU\WHLQQVWLOOLQJHQWU\NNS§
WLPHUNQDSSHQS§Q\WWRJJMHQVW§HQGH
WLGYLVHVRJWU\NNNQDSSHQHQGDHQJDQJ
IRU§DYVOXWWHIXQNVMRQHQ'XNDQRJV§
DYVOXWWHLQQVWLOOLQJHQHYHG§WU\NNHS§
DYS§NQDSSHQ(WWHUDWGXKDUDYVOXWWHW
LQQVWLOOLQJHQHVO§VWLPHULQGLNDWRUHQDY
$NWLYHUHUGXGHQQHIXQNVMRQHQI§UGX
HQEHKDJHOLJWHPSHUDWXURJGXELGUDU
WLOHQHUJLVSDULQJ
.XQQ§UHQKHWHQHULPRGXVHQH&RRO+HDW
HOOHUDXWRNDQGXWU\NNHVOHHSNQDSSHQ
IRU§VHWWHHQKHWHQLVºYQIXQNVMRQPRGXV
0HUN6HVLGHIRUGHWDOMHURP6OHHS
PRGXV
'HQQHIXQNVMRQHQHUHQS§PLQQHOVHRP
§UHQJMºUHOXIWᚏOWHUHWVHYHGOLNHKROGRJ
UHQJMºULQJIRUPHUHᚎHNWLYGULIW
)LOWHULQGLNDWRUHQWHQQHVHWWHU
GULIWVWLPHU)RU§WLOEDNHVWLOOHHWWHU
§KDUHQJMRUWᚏOWHUHWWU\NNS§ᚏOWHUUHVHW
NQDSSHQV§YLOᚏOWHULQGLNDWRUHQVORNNHV
r)r&IXQNVMRQ
7U\NN
RJ NQDSSHQVDPWLGLJ
LPLQVWVHNXQGHUIRU§YHNVOHPHOORP
)DKUHQKHLWRI&HOVLXVJUDGHU,WºUN
YLIWHPRGXVNDQGXLNNHYHOJHr)r&
7U\NNVZLQJNQDSSHQIRU§DNWLYHUH
ODPHOOVYLQJIXQNVMRQGHQºYHUVWH
ODPHOOHQVYLQJHURSSRJGHQ
7U\NNS§NQDSSHQS§Q\WWIRU§GHDNWLYHUH
ODPHOOVYLQJIXQNVMRQHQ
/DPHOOVYLQJIXQNVMRQ
0HUN,GHQQHPRGXVHQNDQGXLNNH
YHOJHDXWRPDWLVNKDVWLJKHW
IRU§DYVOXWWHIXQNVMRQHQ'XNDQRJV§
DYVOXWWHLQQVWLOOLQJHQHYHG§WU\NNHS§
DYS§NQDSSHQ(WWHUDWGXKDUDYVOXWWHW
LQQVWLOOLQJHQHVO§VWLPHULQGLNDWRUHQDY
1256.
%UXNHU
0DNVP
)MHUQNRQWUROO
%¨UEDU$&
6/(1+(7(13
)MHUQEDNGHNVOHWS§IMHUQNRQWUROOHQ
6HWWLQQPHGIºOJHQGHEDWWHULHULULNWLJ
UHWQLQJVHLQVWUXNVMRQHQHS§LQQVLGHQ
DYEDWWHULURPPHW
/XNNGHNVHOHW
)RU§HUVWDWWHEUXNWHEDWWHULHUWRPPH
IRUVWUºPPHGQ\H53$$$9
EDWWHULHUJMHQWDWULQQHQHRYHQIRU
%DWWHULLQVWDOODVMRQRJYLNWLJH
LQVWUXNVMRQHU
6OLNEUXNHUGXIMHUQNRQWUROOHQ

)MHUQNRQWUROO
)MHUQNRQWUROOVNMHUP
7HPS7LPHULQQVWLOOLQJVEU\WHU
$YS§NQDSS
0RGXVNQDSS
6ºYQIXQNVMRQNQDSS
7LPHUNQDSS
6YLQJNQDSS
+DVWLJKHWNQDSS
+YLVIMHUQNRQWUROOHQVNDOHUVWDWWHWHOOHU
NDVWHVP§EDWWHULHQHIMHUQHVRJNDVWHV
LKHQKROGWLOORNDOORYJLYQLQJGDGHHU
VNDGHOLJHIRUPLOMºHW
%ODQGLNNHEUXNWHRJQ\HEDWWHULHU
%ODQGLNNHDONDOLVNHVWDQGDUGNDUERQ
VLQNHOOHURSSODGEDUHEDWWHULHUQLNNHO
NDGPLXP
.DVWLNNHEDWWHULHULEUDQQ%DWWHULHU
NDQHNVSORGHUHHOOHUOHNNH+YLV
IMHUQNRQWUROOHQEOLUOLJJHQGHOHQJHXWHQ
EUXNIMHUQEDWWHULHQHIUDIMHUQNRQWUROOHQ
)MHUQNRQWUROOHQP§K§QGWHUHV\WWHUVW
IRUVLNWLJ'XP§LNNHPLVWHGHQLEDNNHQ
HOOHUHNVSRQHUHGHQIRUVROHOOHUYDUPH
'HQQHHQKHWHQVDPVYDUHUPHGGHO
L)&&UHJOHQH%UXNIRUXWVHWWHU
IºOJHQGHWREHWLQJHOVHU
'HQQHHQKHWHQNDQLNNHIRU§UVDNH
VNDGHOLJLQWHUIHUHQVRJGHQQH
HQKHWHQP§JRGWDPRWWDWWLQWHUIHUHQV
LQNOXGHUWIRUVW\UUHOVHUVRPNDQIRU§UVDNH
XºQVNHWEUXN
3HNIMHUQNRQWUROOHUHQS§
VLJQDOPRWWDNHUHQ)MHUQNRQWUROOHQP§
LNNHY¨UHPHUHQQPHWHUIUDHQKHWHQ
XWHQKLQGULQJHUPHOORPIMHUQNRQWUROOHQ
RJHQKHWHQ
.REOHHQKHWHQWLOVWUºPGHUHWWHUWU\NN
S§DYNQDSSHQQ§UGXVO§US§HQKHWHQ
HULQQVWLOOLQJHQHGHVLVWHVRPEOHVDWWIºU
GHQEOHVO§WWDY
)RU§VO§HQKHWHQDYWU\NNS§DY
NQDSSHQS§Q\WWRJWDXWVWºSVOHW
6O§DOOWLGDYHQKHWHQPHGS§DYNQDSSHQ
RJYHQWQRHQPLQXWWHUIºUGXWDUXWVWºSVOHW
 ZZZHOHFWUROX[FRP
7U\NNPRGHNQDSSHQLQQWLOGHQYHQVWUH
VLGHQDY/&'VNMHUPHQYLVHUFRRO
7U\NNIDQVSHHGNQDSSHQIRU§YHOJH
YLIWHKDVWLJKHWHQDXWRKLJKPLG
RJORZ
7U\NN
RJ NQDSSHQIRU§YHOJH
ºQVNHWWHPSHUDWXU
7U\NNPRGHNQDSSHQLQQWLOGHQYHQVWUH
VLGHQDY/&'VNMHUPHQYLVHUWºUN
6DPWLGLJYLVHVYLIWHV\PEROHWORZ
S§VNMHUPHQ
0HUN,GHQQHPRGXVHQNDQGXLNNH
YHOJHYLIWHKDVWLJKHW
7U\NNPRGHNQDSSHQLQQWLOGHQYHQVWUH
VLGHQDY/&'VNMHUPHQYLVHUYDUPH
7U\NNIDQVSHHGNQDSSHQIRU§YHOJH
YLIWHKDVWLJKHWHQDXWRKLJKPLG
RJORZ
7U\NN
RJ NQDSSHQIRU§YHOJH
ºQVNHWWHPSHUDWXU
7U\NNPRGHNQDSSHQLQQWLOGHQYHQVWUH
VLGHQDY/&'VNMHUPHQYLVHUDXWR
,$872PRGXVNDQGXLNNHYHOJH
YLIWHKDVWLJKHW
7U\NN
RJ NQDSSHQIRU§YHOJH
WHPSHUDWXUHQGXºQVNHU
1§UHQKHWHQHULPRGXVHQH&RRO+HDW
HOOHUDXWRNDQGXWU\NNHVOHHSNQDSSHQ
IRU§VHWWHHQKHWHQLVºYQIXQNVMRQPRGXV
,GHQQHPRGXVHQHUYLIWHKDVWLJKHWHQ
DXWRPDWLVNLQQVWLOWS§DXWRRJNDQLNNH
HQGUHV
,&RRO+HDWPRGXVºNHUVHQNHU
GHQYDOJWHWHPSHUDWXUHQPHGr&
PLQXWWHUHWWHUDWPRGXVHQHUYDOJW
7HPSHUDWXUHQºNHVVHQNHVPHG
\WWHUOLJHUHr&HWWHUQ\HPLQXWWHU
'HQQ\HWHPSHUDWXUHQRSSUHWWKROGHV
LWLPHUIºUGHQWLOEDNHVWLOOHVWLOGHQ
RSSULQQHOLJHYDOJWHWHPSHUDWXUHQ'HWWH
DYVOXWWHU6OHHSPRGXVHQRJHQKHWHQ
VO§UVHJDYDXWRPDWLVN
6OHHSPRGXVSURJUDPPHWNDQDYVOXWWHV
Q§UVRPKHOVWYHG§WU\NNHNQDSSHQH
6OHHSPRGHHOOHUIDQVSHHG
0HUN,YLIWHHOOHUWºUNPRGXVNDQGXLNNH
EUXNHVºYQPRGXV
7U\NNPRGHNQDSSHQLQQWLOGHQYHQVWUH
VLGHQDY/&'VNMHUPHQYLVHUYLIWH
,GHQQHPRGXVHQNDQGXYHOJH
YLIWHKDVWLJKHWKLJKPLGHOOHUORZYHG
§WU\NNHNQDSSHQIRUYLIWHKDVWLJKHWRJ
UHIHUHWLOGLDJUDPPHW
0HUN,GHQQHPRGXVHQWUHQJHUGXLNNH
§WLONREOHOXIWXWWDNVODQJHQ
.MºOHPRGXV
7ºUNHPRGXV
2SSYDUPLQJVPRGXVJMHOGHUNXQ+HDW
&RROPRGHOOHU
$872PRGXV
6ºYQPRGXV
9LIWHPRGXV
1256.
7U\NNVZLQJNQDSSHQIRU§DNWLYHUH
ODPHOOVYLQJIXQNVMRQHQ'HWWHYLVHV
ºYHUVWS§VNMHUPHQ
/DPHOOHQ
S§WRSSDQHOHWVYLQJHURSSRJQHG
7U\NNS§NQDSSHQS§Q\WWIRU§GHDNWLYHUH
ODPHOOVYLQJIXQNVMRQHQ
/DPHOOVYLQJIXQNVMRQ
r)r&IXQNVMRQ
7LPHUPRGXV
7U\NN
RJ NQDSSHQVDPWLGLJ
LPLQVWVHNXQGHUIRU§YHNVOHPHOORP
)DKUHQKHLWRI&HOVLXVJUDGHU,WºUN
YLIWHPRGXVNDQGXLNNHYHOJHr)r&
6OLNIRUVLQNHUGXRSSVWDUW
.REOHHQKHWHQWLOVWUºPVOLNDWHQKHWHQHU
LVWDQGE\PRGXV7U\NNWLPHUNQDSSHQ
VNMHUPHQYLVHUWLPHURJKRJRQ
EOLQNHU
%HUºUHOOHUKROG233SLOHQ
HOOHU
1('SLOHQ
IRU§HQGUHIRUVLQNHWVWDUW
WLPHUPHGWLPHUVWULQQRSSWLOWLPHU
GHUHWWHUWLPHUVWULQQRSSWLOWLPHU
6OLNIRUVLQNHUGXDYVWHQJLQJ
'XNDQIRUVLQNHDYVWHQJLQJQ§UHQKHWHQ
HUS§7U\NNWLPHUNQDSSHQVNMHUPHQ
YLVHUWLPHURJKRJRᚎEOLQNHU
%HUºUHOOHUKROG233SLOHQ
HOOHU
1('SLOHQ
IRU§HQGUHIRUVLQNHW
DYVWHQJLQJWLPHUPHGWLPHUVWULQQ
RSSWLOWLPHUGHUHWWHUWLPHUVWULQQ
RSSWLOWLPHU(WWHUVHNXQGHUEOLU
LQQVWLOOLQJHQKXVNHWRJVNMHUPHQYLVHU
JMHQVW§HQGHWLGLQQWLOHQKHWHQVO§UVHJDY
'XNDQRJV§WU\NNHWLPHUNQDSSHQS§
Q\WWRJRᚎVWRSSHU§EOLQNHXPLGGHOEDUW
)RU§DYVOXWWHLQQVWLOOLQJHQWU\NNWLPHU
NQDSSHQS§Q\WW
+YLVVNMHUPHQYLVH$6&6RJ(6
KDUWHPSHUDWXUP§OHUHQVYLNWHW7DNRQWDNW
PHGGHWORNDOHDXWRULVHUWH(OHFWUROX[
6HUYLFH&HQWHU

)HLONRGH
(WWHUVHNXQGHUEOLULQQVWLOOLQJHQVDWW
LPLQQH.RQWUROOHQWHOOHUQHGWLGHQVRP
JMHQVW§UWLORSSVWDUW'XNDQRJV§WU\NNH
WLPHUNQDSSHQS§Q\WWRJRQVWRSSHU
§EOLQNHXPLGGHOEDUWGHUHWWHUVWDUWHU
HQKHWHQLGHQWLGOLJHUHLQQVWLOWHPRGXVHQ
'XNDQVWLOOHLQQPRGXVHQRJHQKHWHQ
VWDUWHURSSVRPGXIRUHWUHNNHUHWWHUDW
RQVOXWWHU§EOLQNH
)RU§DYVOXWWHLQQVWLOOLQJHQWU\NNWLPHU
NQDSSHQS§Q\WW
 ZZZHOHFWUROX[FRP
0(5.
ವ 6NUXDYGUHQHULQJVKHWWHQS§
NRQWLQXHUOLJGUHQHULQJVDYOºSᚏJXU
ವ .REOHGHQHQHHQGHQDYKDJHVODQJHQ
VHOJHVVHSDUDWWLOGUHQHULQJDYOºSHW
RJOHGGHQDQGUHHQGHQWLOHWDYOºS
VRPHUODYHUHHQQHQKHWHQᚏJXU
ವ .RQGHQVDWNDQUHQQHXWHWWHUDWGX
IMHUQHGUHQHULQJVKHWWHQKYLVHQKHWHQ
NMºUHUL&RROHOOHU$XWRPRGXV1§U
GXºQVNHU§IMHUQHKDJHVODQJHQOHJJ
WLOUHWWHIRUHQGU\SSVN§OPHGIºOJHU
LNNHIRU§VDPOHNRQGHVDWIUD
GUHQHULQJVDYOºSHW
ವ 6ºUJIRUDWKº\GHQS§DYOºSRJ
DYOºSVVODQJHQLNNHHUKº\HUHHQQ
DYOºSVUºUHWHOOHUVYLOGHQNRQWLQXHUOLJH
GUHQHULQJHQVDQQV\QOLJYLVLNNHIXQJHUH
VRPGHQVNDO
ವ ,&RROHOOHU$XWRPRGXVDQEHIDOHV
GHW§GHDNWLYHUHNRQWLQXHUOLJWºPPLQJ
YHG§VHWWHGUHQHULQJVKHWWHQWLOEDNHS§
DYOºSHWIRU§RSSQ§PDNVLPDO\WHOVH
+YLVVNMHUPHQYLVHU/KDUNRQGHQVDWRU
'&YLIWHPRWRUHQVYLNWHW7DNRQWDNWPHG
GHWORNDOHDXWRULVHUWH(OHFWUROX[6HUYLFH
&HQWHU
+YLVVNMHUPHQYLVHU(KDU
NRPPXQLNDVMRQHQPHOORP3&%
VNMHUPHQRJ3&%NRQWUROOSDQHOHWVYLNWHW
7DNRQWDNWPHGGHWORNDOHDXWRULVHUWH
(OHFWUROX[6HUYLFH&HQWHU
+YLVVNMHUPHQYLVHU3HUEXQQVN§OHQ
IXOO)O\WWHQKHWHQIRUVLNWLJWLOHWHJQHW
VWHGIRUWºPPLQJIMHUQGUHQHULQJVKHWWHQ
RJODYDQQHWUHQQHXW6WDUWPDVNLQHQS§
Q\WWLQQWLO3V\PEROHWIRUVYLQQHU+YLV
IHLOHQJMHQWDVULQJIRUVHUYLFH
.RQWLQXHUOLJWºPPLQJ
8QGHU75.PRGXVP§GXKDHQ
KDJHVODQJHVHOJHVVHSDUDWIRU
§WºPPHNRQGHVDWHWIUDHQKHWHQ
)ºOJWULQQHQHQHGHQIRU

,QVWUXNVMRQHUIRUWºPPLQJ
7ºPPLQJDYNRQGHQVDWUHVWHULQQH
LHQKHWHQXQGHUYLQWHUODJULQJ
/HJJHQGU\SSVN§OPHGIºOJHULNNH
XQGHUEXQQDYOºSHWRJGUDGHUHWWHUXW
GUHQHULQJVKHWWHQIRU§ODNRQGHVDWHW
UHQQHXWLGU\SSVN§OHQ
(UVWDWWGUHQHULQJVKHWWHQIRUNRQWLQXHUOLJ
GUHQHULQJDYOºSQ§UNRQGHQVDWLNNH
UHQQHUXW
Figur. 22
Figur. 23
Hageslange
Figur. 21
Dreneringsslange
Dreneringshette
for Tørrmodus
Dreneringshette for
Varmepumpemodus
Figur. 20
1256.
0(5.)RU§VLNUHDWDOWNRQGHQVDWUHVWHU
HUIMHUQHWNDQGXYLSSHHQKHWHQYHG
§OºIWHGHWOLWWRSSRYHUIUDIURQWHQWLO
GHWLNNHNRPPHUPHUNRQGHQVDWXW
DYGUHQHULQJVDYOºSHW
%XQQ
GUHQHULQJVXWWDN
'U\SSKHWWH
'U\SSVN§O
1
2
/HJJHQGU\SSVN§OXQGHUEXQQDYOºSHW
RJGUDGHUHWWHUDYJXPPLSOXJJHQIRU§OD
NRQGHVDWHWUHQQHXWLGU\SSVN§OHQ+YLV
GU\SSVN§OHQLNNHKDUQRNNDSDVLWHWP§
GXI\OOHGHQᚐHUHJDQJHU
(UVWDWWGUHQHULQJVKHWWHQS§EXQQDYOºSHW
Q§UNRQGHQVDWLNNHUHQQHUXW

3/(,(2*5(1*-5,1*
5HQJMºUOXIWNMºOHUHQPHGMHYQHPHOORPURP
VOLNDWGHQIRUWVHWWHU§VHXWVRPQ\3§VH
DWGXWDUXWVWºSVOHWIºUUHQJMºULQJIRU§
KLQGUHVWºWHOOHUEUDQQIDUH
6NDSHWRJIURQWHQNDQVWºYHVPHGHQ
ROMHIULNOXWHOOHUYDVNHVPHGHQNOXWIXNWHW
LHQRSSOºVQLQJDYYDUPWYDQQRJ
VN§QVRPᚐ\WHQGHRSSYDVNPLGGHO
%UXNDOGULKDUGHUHQJMºULQJVPLGOHU
YRNVHOOHUSROLVKS§IURQWNDELQHWWHW
3DVVS§§YULRYHUᚐºGLJYDQQIUD
NOXWHQIºUGXWºUNHUUXQGWNRQWUROOHQH
)RUP\HYDQQLHOOHUUXQGWNRQWUROOHQH
NDQIRU§UVDNHVNDGHS§OXIWNMºOHUHQ

5HQJMºULQJDYHQKHWHQ

)MHUQOXIWᚏOWHUHWVRPYLVWS§ᚏJXUHQ
QHGHQIRU
)RU§VºUJHIRUDWOXIWNMºOHUHQGLQDUEHLGHU
HᚎHNWLYWP§GXUHQJMºUHᚏOWUHQHDQQHQ
KYHUXNHXQGHUEUXN
7DXWGHWºYUHRJQHGUHOXIWᚏOWHUHW

5HQJMºULQJDYᚏOWUHQH

9DVNᚏOWHUHWPHGᚐ\WHQGH
RSSYDVNPLGGHOLYDUPWYDQQXQGHU
r&6N\OOᚐLWHUHWJUXQGLJ5LVW
VN§QVRPWRYHUVN\WHQGHYDQQIUDᚏOWHUHW
3§VHDWᚏOWHUHWHUKHOWWºUWIºUGXVHWWHU
GHWWLOEDNH(OOHUGXNDQVWºYVXJH
ᚏOWHUHWLVWHGHWIRU§YDVNHGHW

6HWWᚏOWHUHWWLOEDNHQ§UGHWHUWºUW
3§VHDWᚏOWHUHWHUKHOWWºUWIºU
GXVHWWHUGHWWLOEDNH
 ZZZHOHFWUROX[FRP

3§VHDWᚏOWHUHWRJGUHQHULQJVKHWWHQ
HUS§SODVV

6MHNNOHGQLQJHQIRU§S§VHDW
OHGQLQJHQIRUHULEUDVWDQGXWHQ
VSUHNNHUHOOHUVNDGH

6HWWQ\HEDWWHULHULIMHUQNRQWUROOHQ

,QVWDOOHUOXIWNMºOHUHQVRPEHVNUHYHW
LLQVWDOOHULQJVDQYLVQLQJHQH
+YLVGXLNNHVNDOEUXNHOXIWNMºOHUHQRYHU
OHQJUHWLG
)ºUGXWDUOXIWNMºOHUHQLEUXNS§Q\WW

9LQWHUODJULQJ

)(,/6.,1*
*§JMHQQRPGHQQHOLVWHQIºUGXULQJHU
HWWHUVHUYLFH'HWNDQVSDUHGHJIRUWLGRJ
XWJLIWHU'HQQHOLVWHQLQQHKROGHUYDQOLJH
KHQGHOVHUVRPLNNHHUHWUHVXOWDWDY
GHIHNWXWIºUHOVHHOOHUPDWHULDOHULGHWWH
DSSDUDWHW
/XIWNMºOHUHQYLUNHULNNH
/XIWHQIUDHQKHWHQIºOHVLNNHNMºOLJ
QRN
/XIWNMºOHUHQNMºOHUPHQURPPHWHUIRU
YDUPWLVGDQQHV,..(S§NMºOHULEEHQ
EDNGHQGHNRUDWLYHIURQWHQ
ವ 9HJJNRQWDNWHQHULNNHWLONREOHW'\WW
VWºSVOHWRUGHQWOLJLQQLVWLNNRQWDNWHQ
ವ 6LNULQJHQHOOHUNUHWVEU\WHUHQHUEUXWW
%\WWVLNULQJPHGWLGVIRUVLQNHOVHVW\SH
HOOHUWLOEDNHVWLOONUHWVEU\WHUHQ
ವ .RQWUROOHU$96O§NRQWUROO3RJYHOJ
ºQVNHWLQQVWLOOLQJ
ವ )HLONRGH3YLVHVS§VNMHUPHQ
$YOºSVYDQQEHVNULYHVL7ºPPLQJ
ವ 5RPWHPSHUDWXUODYHUHHQQLQQVWLOW
WHPSHUDWXUNMºOHPRGXVHOOHU
URPWHPSHUDWXUKº\HUHHQQHLQQVWLOW
WHPSHUDWXURSSYDUPLQJVPRGXV
7LOEDNHVWLOOWHPSHUDWXUHQ
ವ 5RPWHPSHUDWXUHQXQGHUr&
.MºOLQJNRPPHULNNHLJDQJIºU
URPWHPSHUDWXUHQRYHUVWLJHUr&
ವ 7LOEDNHVWLOOHQKHWHQPHGODYHUH
WHPSHUDWXULQQVWLOOLQJ
ವ .RPSUHVVRUVO§UVHJDYQ§UGXHQGUHU
PRGXVHU9HQWRPWUHQWPLQXWWHURJ
KºUHWWHURPNRPSUHVVRUHQVWDUWHUS§
Q\WWL&22/PRGXV
ವ 8WHQGºUVWHPSHUDWXUHQHUODYHUHHQQ
r&)RUDYULPLQJDYNMºOHULEEHQVHWW
LYLIWHPRGXV
ವ /XIWᚏOWHUHWNDQY¨UHVNLWWHQW5HQJMºU
ᚏOWHUHW+HQYLVWLOGHO3OHLHRJ
UHQJMºULQJ)RUDYULPLQJVHWWHQKHWHQ
LYLIWHPRGXV
ವ 7HPSHUDWXUHQHUVDWWIRUODYWIRUNMºOLQJ
RPQDWWHQ)RUDYULPLQJDYNMºOHULEEHQ
VHWWLYLIWHPRGXV'HUHWWHULQQVWLOO
WHPSHUDWXUHQKº\HUH
ವ /XIWXWWDNNDQDOLNNHWLONREOHWHOOHU
EORNNHUW6HGHO9DUPOXIWXWWDN

7ºPYDQQWDQNHQIXOOVWHQGLJ
RJODEXQQGUHQHULQJVKHWWHQRJ
JXPPLSOXJJHQOLJJHOHQJHQRNVOLN
DWHQKHWHQWºPPHVIRUDOWUHVWYDQQ
1§UWDQNHQHUKHOWGUHQHUWRJGHWLNNH
OHQJHUUHQQHUXWYDQQP§GXVHWWH
JXPPLSOXJJRJKHWWHWLOEDNHS§SODVV

)MHUQRJUHQJMºUᚏOWHUHWRJODGHQWºUNH
IXOOVWHQGLJRJVHWWGHQGHUHWWHUWLOEDNH

7DEDWWHULHQHXWDYIMHUQNRQWUROOHQ
/XIWNMºOHUHQNMºOHUPHQURPPHWHUIRU
YDUPWLVGDQQHVS§NMºOHULEEHQEDN
GHQGHNRUDWLYHIURQWHQ
ವ 6NLWWHQWOXIWᚏOWHUOXIWEHJUHQVHW
5HQJMºUOXIWᚏOWHU+HQYLVWLOGHO
3OHLHRJUHQJMºULQJ
ವ )RUKº\WHPSHUDWXULQQVWLOOLQJ
7LOEDNHVWLOOHQKHWHQPHGODYHUH
WHPSHUDWXULQQVWLOOLQJ
ವ 5HWQLQJVEHVWHPWHOXIWODPHOOHUHU
IHLOSODVVHUWH3RVLVMRQHUODPHOOHU
IRUEHGUHOXIWIRUGHOLQJ
ವ )RUVLGHQDYHQKHWHQHUEORNNHUWDY
JDUGLQHUSHUVLHQQHUPºEOHURVY
EHJUHQVHUOXIWIRUGHOLQJHQ)MHUQ
EORNNHULQJHUIRUDQHQKHWHQ

'XP§ODJUHOXIWNMºOHUHQS§HWNMºOLJ
WºUWVWHGXWHQGLUHNWHVROO\VHNVWUHPH
WHPSHUDWXUHUHOOHUP\HVWºY6WHGHW
P§Y¨UHJRGWYHQWLOHUW
1256.

0,/-+(16<1
*MHQYLQQPDWHULDOHUPHGV\PEROHW
/HJJHPEDOODVMHQLHJQHGH
EHKROGHUHIRUUHVLUNXOHULQJ%HVN\WW
PLOMºHWRJKHOVHQRJJMHQYLQQHOHNWULVN
RJHOHNWURQLVNDYIDOO'XP§LNNHNDVWH
DSSDUDWHUPHUNHWPHGV\PEROHW VRP
KXVKROGLQJVDYIDOO5HWXUQHUSURGXNWHWWLO
GLWWORNDOHUHVLUNXOHULQJVDQOHJJHOOHUWD
NRQWDNWPHGNRPPXQHQ
ವ 6NLWWHQWOXIWᚏOWHUOXIWEHJUHQVHW
5HQJMºUOXIWᚏOWHU
5RPPHWHUIRUNDOGW
ವ )RUODYWHPSHUDWXULQQVWLOOLQJNLQQVWLOW
WHPSHUDWXU
/XIWNMºOHUHQVO§UVHJUDVNWDYRJS§
ವ 'ºUHUYLQGXHUYHQWLOHURVYHU§SQH
NMºOLJOXIWXQQVOLSSHU6WHQJGºUHU
YLQGXHUYHQWLOHURVY
ವ (QKHWHQEOHQ\OLJVO§WWS§LHWYDUPW
URP'XP§IRUYHQWHHNVWUDWLGIRU§
IMHUQHODJUHWYDUPHIUDYHJJHUWDN
JXOYRJPºEOHU
ವ (NVWUHPKº\WHPSHUDWXUXWH6HWW
9,)7(KDVWLJKHWKº\HUHIRU§VSHHGH
RSSOXIWJMHQQRPNMºOHULEEHQHUDVNHUH
 ZZZHOHFWUROX[FRP
9,71.(53',*
.81'7-1672&+6(59,&(
7DFNI¸UDWWGXN¸SWHQ(OHFWUROX[SURGXNW'XKDUYDOWHQSURGXNWVRPI¸UPHGVLJ
§UWLRQGHQDY\UNHVHUIDUHQKHWRFKLQQRYDWLRQ*HQLDORFKHOHJDQWKDUGHQXWIRUPDWVPHG
GLJL§WDQNH6§Q¦UGX¦QDQY¦QGHUGHQNDQGXN¦QQDGLJWU\JJPHGDWWYHWDDWWGXI§U
IDQWDVWLVNDUHVXOWDWYDUMHJ§QJ9¦ONRPPHQWLOO(OHFWUROX[
9LUHNRPPHQGHUDUDWWRULJLQDOUHVHUYGHODUDQY¦QGV
+DI¸OMDQGHXSSJLIWHUWLOOKDQGVQ¦UGXNRQWDNWDUVHUYLFHDYGHOQLQJHQ
0RGHOO31&VHULHQXPPHU
,QIRUPDWLRQHQVW§US§W\SVN\OWHQ
0HGUHVHUYDWLRQI¸U¦QGULQJDU
)§DQY¦QGQLQJVU§GEURVFK\UHUIHOV¸NQLQJVKM¦OSRFKVHUYLFHLQIRUPDWLRQ
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
%HV¸NY§UZHEESODWVI¸UDWW
5HJLVWUHUDGLQSURGXNWI¸UE¦WWUHVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
.¸SDWLOOEHK¸UI¸UEUXNQLQJVYDURURFKRULJLQDOUHVHUYGHODUWLOOGLQSURGXNW
ZZZHOHFWUROX[FRPVKRS

6.(5+(76,1)250$7,21 

6.(5+(76,16758.7,21(5 

%(6.5,91,1*$9(1+(7(1 

7,//%(+5620,1*5 

,167$//$7,216$19,61,1*$5 

/8)7.21',7,21(5,1*)81.7,21(5 

%58.6$19,61,1* 

6.76(/2&+5(1*5,1* 

)(/6.1,1* 

0,/-6.<'' 
,11(+//
9DUQLQJVYLNWLJV¦NHUKHWVLQIRUPDWLRQ
$OOP¦QLQIRUPDWLRQRFKWLSV
0LOM¸LQIRUPDWLRQ
69(16.$

6.(5+(76,1)250$7,21
9$51,1*
ವ'HQQDSURGXNWNDQDQY¦QGDVDYEDUQIU§Q§UV
§OGHURFKXSS§WRFKDYSHUVRQHUPHGQHGVDWWI\VLVN
VHQVRULVNHOOHUPHQWDOI¸UP§JDVDPWSHUVRQHUPHG
EULVWDQGHHUIDUHQKHWRFKNXQVNDSRPGH¸YHUYDNDV
HOOHULQVWUXHUDVEHWU¦ᚎDQGHKXUSURGXNWHQDQY¦QGV
S§HWWV¦NHUWV¦WWRFKI¸UVW§UGHULVNHUVRP¦U
I¸UNQLSSDGHPHGDQY¦QGQLQJHQ
ವ%DUQVNDLQWHOHNDPHGSURGXNWHQ
ವ2PQ¦WVODGGHQ¦UVNDGDGP§VWHGHQE\WDV
DYWLOOYHUNDUHQWLOOYHUNDUHQVVHUYLFHUHSUHVHQWDQW
HOOHUSHUVRQHUPHGPRWVYDUDQGHXWELOGQLQJ
I¸UDWWXQGYLNDIDUD
,GHQK¦UKDQGERNHQEHVNULYVKXUGLQQ\DOXIWNRQGLWLRQHULQJ
DQY¦QGVS§U¦WWV¦WW/¦VQRJDLJHQRPKHODGHQQDKDQGERN
LQQDQSURGXNWHQDQY¦QGV'HQQDKDQGERNVNDI¸UYDUDVS§
HQV¦NHUSODWVV§DWWGHQNDQDQY¦QGDVVRPHQSUDNWLVN
UHIHUHQV
6\PERO
)¸UNODULQJ
2EVHUYHUD
9$51,1*
)56,.7,*+(7
)56,.7,*+(7
)56,.7,*+(7
'HQK¦UV\PEROHQYLVDUDWWDSSDUDWHQDQY¦QGHUHWW
EUDQGIDUOLJWN\OPHGHO2PN\OPHGOHWO¦FNHUXWRFK
XWV¦WWVI¸UHQH[WHUQDQW¦QGQLQJVN¦OODᚏQQVGHWULVN
I¸UEUDQG
'HQK¦UV\PEROHQYLVDUDWWHQEUXNVDQYLVQLQJ
VNDO¦VDVQRJJUDQW
'HQK¦UV\PEROHQYLVDUDWWVHUYLFHSHUVRQDOVND
KDQWHUDGHQK¦UXWUXᚔQLQJHQPHGK¦QYLVQLQJWLOO
LQᚔDOODWLRQVPDQXDOHQ
'HQK¦UV\PEROHQYLVDUDWWLQIRUPDWLRQVRP
EUXNVDQYLVQLQJHOOHULQᚔDOODWLRQVPDQXDOᚏQQV
WLOOJ¦QJOLJ
9$51,1*
ವ.RQWDNWDHQDXNWRULVHUDGVHUYLFHWHNQLNHUI¸U
UHSDUDWLRQRFKXQGHUK§OODYGHQQDHQKHW
ವ.RQWDNWDLQVWDOODW¸UHQI¸ULQVWDOODWLRQDYHQKHWHQ
 ZZZHOHFWUROX[FRP

3XQNWHUDWWW¦QNDS§YLGDQY¦QGQLQJDY
OXIWNRQGLWLRQHULQJHQ
9$51,1*
9DUQLQJDUXQGHUDQY¦QGQLQJ
ವ0RGLᚏHUDLQWHQ§JRQGHODYGHQK¦USURGXNWHQ
ವ6WRSSDDOGULJLQQ§JRWLQ§JRQGHODYHQKHWHQ
ವ.RQWUROOHUDDWWHOXWWDJHWVRPDQY¦QGVKDUO¦PSOLJ
P¦UNVS¦QQLQJ$QY¦QGHQGDVWHWW99
+]$HOQ¦W)HODNWLJQ¦WVS¦QQLQJNDQVNDGD
HQKHWHQRFKRUVDNDEUDQG

9LNWLJDDQP¦UNQLQJDU
$QY¦QGLQWHHQKHWHQXWDQOXIWᚏOWHU
$QY¦QGLQWHHQKHWHQQ¦UHQY¦UPHN¦OODHOOHU¸SSHQHOG
8WV¦WWLQWHHQKHWHQI¸UGLUHNWVROOMXVRFKUHJQXWRPKXV
)¸UYDUDHOOHUᚐ\WWDDOOWLGHQKHWHQLXSSU¦WWO¦JH
7¦FNLQWH¸YHUHQKHWHQQ¦UGHQ¦ULJ§QJHOOHU
RPHGHOEDUWHIWHUDQY¦QGQLQJ
7¸PDOOWLGXWNRQGHQVYDWWQHWLQQDQHQKHWHQVW¦OOVXQGDQ
ವ/XIWNRQGLWLRQHULQJHQI§ULQWHDQY¦QGDVDYEDUQ
HOOHUSV\NLVNWIXQNWLRQVKLQGUDGHXWDQWLOOV\Q
ವ6P§EDUQVNDOO¸YHUYDNDVV§DWWGHLQWHOHNHU
PHGOXIWNRQGLWLRQHULQJHQ
ವ'HWᚏQQVORNDODP\QGLJKHWVUHJOHUI¸UK¸JVWDWLOO§WQD
OMXGQLY§VRPVO¦SSVXWDYOXIWNRQGLWLRQHULQJVDSSDUDWHU
ವ2PQ¦WVODGGHQVNDE\WDVXWI§UGHQHQGDVWE\WDV
XWDYDXNWRULVHUDGSHUVRQDO
ವ,QVWDOODWLRQVDUEHWHWI§UHQGDVWXWI¸UDVDYDXNWRULVHUDG
SHUVRQDORFKHQOLJWQDWLRQHOODVWDQGDUGHUI¸U
NDEHOGUDJQLQJLI¸UHNRPPDQGHIDOO)HODNWLJ
DQVOXWQLQJNDQRUVDND¸YHUKHWWQLQJRFKEUDQG
ವ6HQRJDWLOODWWLQWHNRPPDLNRQWDNWPHGᚐ¦NWHQ
Q¦UGHKRULVRQWHOODOXIWJDOOUHQMXVWHUDV
ವ6¦NULQJHQ¦U9$NHUDPLVNW\S
ವ5HQJ¸ULQJRFKXQGHUK§OOVNDLQWHJ¸UDVDYEDUQXWDQ
WLOOV\Q%HDNWDDWWN\OPHGHOLQWHI§ULQQHK§OODOXNW
69(16.$
9$51,1*
9DUQLQJI¸UQ¦WVODGGHQ
ವ'HQQDVWLFNNRQWDNWI§UHQGDVWNRSSODVLQLHWW
O¦PSOLJWY¦JJXWWDJ$QY¦QGLQWHWLOOVDPPDQV
PHGI¸UO¦QJQLQJVVODGGDU
ವ7U\FNLQVWLFNNRQWDNWHQRUGHQWOLJWLXWWDJHWRFK
NRQWUROOHUDDWWGHQLQWHVLWWHUO¸VW
ವ7U\FNGHIRUPHUDHOOHU¦QGUDLQWHQ¦WVODGGHQRFK
V¦QNLQWHQHUGHQLYDWWHQ2YDUVDPKDQWHULQJDY
Q¦WVODGGHQNDQOHGDWLOODWWHQKHWHQVNDGDVRFK
RUVDNDHOHNWULVNDVW¸WDU
ವ2PQ¦WVODGGHQ¦UVNDGDGP§VWHGHQE\WDVXWDY
WLOOYHUNDUHQHOOHUGHQQHVVHUYLFHDJHQWHOOHUHQ
PRWVYDUDQGHNRPSHWHQWSHUVRQI¸UDWWXQGYLND
V¦NHUKHWVULVNHU$QY¦QGHQGDVWHQXWE\WHVVODGG
VRPI¸OMHUWLOOYHUNDUHQVVSHFLᚏNDWLRQHU
ವ'HQQDSURGXNWP§VWHYDUDDQVOXWHQWLOOHWWMRUGDW
HOXWWDJ'HQQDSURGXNW¦UXWUXVWDGPHGHQMRUGDG
VODGG6WLFNNRQWDNWHQP§VWHDQVOXWDVWLOOHWWXWWDJ
VRP¦URUGHQWOLJWLQVWDOOHUDWRFKMRUGDW6N¦U
XQGHULQJDRPVW¦QGLJKHWHUERUWHOOHUDYO¦JVQDGHW
I\UNDQWLJDMRUGDGHVWLIWHWHQGDVWI¸U6WRUEULWDQQLHQ
IU§QVWLFNNRQWDNWHQ
ವ$QY¦QGDOOWLGHQDQWLH[SORVLYVWU¸PEU\WDUHHOOHU
V¦NULQJPHGU¦WWDPSHUHP¦UNQLQJ$QY¦QG
LQWHXQGHUQ§JUDRPVW¦QGLJKHWHUWU§GVWLIWHOOHU
DQGUDI¸UHP§OLVW¦OOHWI¸UHQULNWLJV¦NULQJ
ವ,K¦QGHOVHDYQ§JRWRQRUPDOWPHG
OXIWNRQGLWLRQHULQJHQWH[HQEULQQDQGHOXNW
GUDLQWHXWNRQWDNWHQGLUHNWXWDQ¸SSQDI¸QVWUHW
I¸UDWWI§LQOXIWI¸UVWRFKVW¦QJVHGDQDYHQKHWHQ
RFKNRSSODERUWVWU¸PI¸UV¸UMQLQJHQ
.RQWDNW
-RUGQLQJ
 ZZZHOHFWUROX[FRP

6¦NHUKHWVI¸UHVNULIWHUYLGDQY¦QGQLQJ
ವ'XP§VWHVW¦QJDDYHQKHWHQRFKNRSSODIU§Q
Q¦WVODGGHQLQQDQXQGHUK§OOHOOHUUHQJ¸ULQJXWI¸UV
ವ3ODFHUDLQWHHQKHWHQQ¦UDQ§JRQY¦UPHN¦OODHOOHU
¸SSHQHOGQ¦UGXE\WHUᚏOWHU
ವ6W¦QNLQWHRFKK¦OOLQWHYDWWHQGLUHNWS§HQKHWHQ9DWWHQ
NDQRUVDNDHOHNWULVNDVW¸WDUHOOHUVNDGRUS§XWUXVWQLQJHQ
ವ/XIWNRQGLWLRQHULQJHQVNDDOOWLGW¸PPDVQ¦UGHQVND
ᚐ\WWDV2PGHWᚏQQVYDWWHQNYDULWDQNHQNDQGHWULQQD
XWPHGDQGHQᚐ\WWDV
ವ)¸UDWWYDUDV¦NHUS§DWWDOOWYDWWHQW¸PVXWI§U
LQWHW¸PQLQJVVODQJHQYDUDE¸MGHOOHUO\IWDVXSS
LDYIXNWQLQJVO¦JHW2PGHWWDLQWHJ¸UVNDQGHW
W¸PGDYDWWQHWULQQDXWLUXPPHW
ವ7HPSHUDWXUHQUXQWW¸PQLQJVVODQJHQI§ULQWHYDUDXQGHU
IU\VSXQNWHQYLGDQY¦QGQLQJ8WW¸PWYDWWHQNDQIU\VDL
VODQJHQRFKRUVDNDDWWYDWWHQLHQKHWHQVY¦PPDU¸YHU
RFKULQQHUXWLUXPPHW
ವ%ORFNHUDLQWHOXIWLQORSSHWHOOHUOXIWXWORSSHWPHGI¸UHP§O
.\OQLQJVI¸UP§JDQNDQPLQVNDVHOOHUXSSK¸UDKHOW
ವ6HWLOODWWGHWᚏQQVHQDQWLH[SORVLYMRUGIHOVEU\WDUHVRP
VN\GGPRWHOHNWULVNDVW¸WDULHQOLJKHWPHGEULWWLVN
VWDQGDUGRFKNDEHOGUDJQLQJVUHJOHU
ವ([SRQHULQJI¸UGLUHNWOXIWᚐ¸GHXQGHUHQO¦QJUHSHULRG
NDQYDUDIDUOLJWI¸UK¦OVDQ([SRQHUDLQWHERHQGH
KXVGMXUHOOHUY¦[WHUI¸UGLUHNWOXIWᚐ¸GHXQGHUO¦QJUH
WLGVSHULRGHU
ವ$QY¦QGLQWHGHQK¦UOXIWNRQGLWLRQHULQJHQI¸U¦QGDP§O
VRPLQWHDQJLYLWVWH[EHYDUDQGHDYSUHFLVLRQVHQKHWHU
PDWKXVGMXUY¦[WHURFKNRQVWI¸UHP§O$QY¦QGQLQJS§
HWWV§GDQWV¦WWNDQVNDGDV§GDQHJHQGRP
ವ$QY¦QGLQWHPHGHOI¸UDWWS§VN\QGD
DYIURVWQLQJVSURFHVVHQHOOHUI¸UDWWUHQJ¸UDDQGUD
¦QGHVRPUHNRPPHQGHUDVDYWLOOYHUNDUHQ
HQGDVWI¸U
6WRUEULWDQQLHQ
.RQWDNW
)\UNDQWLJWMRUGDWᚔLIW
69(16.$
ವ3URGXNWHQVNDI¸UYDUDVLHWWUXPXWDQNRQWLQXHUOLJW
IXQJHUDQGHDQW¦QGQLQJVN¦OORUWLOOH[HPSHO¸SSHQHOG
HQJDVSURGXNWHOOHUHQHOHNWULVNY¦UPDUH
ವ*¸ULQJDK§OLGHQHOOHUEU¦QQGHQ
ವYHUHQVVW¦PPHOVHPHGQDWLRQHOODJDVEHVW¦PPHOVHU
P§VWHI¸OMDV
ವ6HWLOODWWYHQWLODWLRQV¸SSQLQJDUQDLQWHEORFNHUDVHOOHU
W¦SSVLJHQ
ವ3URGXNWHQVNDI¸UYDUDVLHWWY¦OYHQWLOHUDWRPU§GHG¦U
UXPVWRUOHNHQ¦UVW¸UUH¦QP
9$51,1*
ವ/¦VDOODYDUQLQJDUQRJJUDQW
ವ9LGDYIURVWQLQJRFKUHQJ¸ULQJDYHQKHWHQDQY¦QG
LQWHDQGUDYHUNW\J¦QGHVRPUHNRPPHQGHUDVDY
WLOOYHUNDUHQ
ವ3URGXNWHQI§ULQWHSODFHUDVQ¦UDDQW¦QGQLQJVN¦OORU
WLOOH[HPSHO¸SSHQHOGJDVHOOHUHOHNWULVND
DSSDUDWHULGULIW
ವ3XQNWHUDLQWHRFKEU¦QQLQWH
ವ.\OPHGHOVJDVHUNDQYDUDOXNWIULD
ವ3URGXNWHQP§VWHLQVWDOOHUDVDQY¦QGDVRFK
I¸UYDUDVLHWWRPU§GHVRP¦UVW¸UUH¦QP
ವ'HQQDSURGXNWLQQHK§OOHUHWWYLVVWDQWDOJUDP
VHP¦UNSO§WHQS§SURGXNWHQVEDNVLGDDY5
N\OPHGHOVJDV
ವ5¦UHQN\OPHGHOVJDVVRPXSSI\OOHU
GHHXURSHLVNDPLOM¸GLUHNWLYHQ3XQNWHUDLQWHQ§JRQ
GHODYN\OPHGHOVJDVHQVNUHWV
ವ2PSURGXNWHQLQVWDOOHUDVDQY¦QGVHOOHUI¸UYDUDV
LHWWLFNHYHQWLOHUDWRPU§GHP§VWHUXPPHWXWIRUPDV
I¸UDWWI¸UKLQGUDDFNXPXOHULQJDYN\OPHGHOVO¦FNRU
VRPNDQUHVXOWHUDLULVNI¸UEUDQGHOOHUH[SORVLRQS§
JUXQGDYW¦QGQLQJDYN\OPHGLHWVRPRUVDNDWVDY
HOHNWULVNDHOHPHQWVSLVDUHOOHUDQGUDV§GDQDN¦OORU
2%6.21752//(5$05.3/7(1)57<3
$9.</0('(/6*$66206.$$191'$6
6SHFLᚏNLQIRUPDWLRQJ¦OODQGHSURGXNWHUPHG5
N\OPHGHOVJDV
 ZZZHOHFWUROX[FRP
ವ3URGXNWHQP§VWHI¸UYDUDVS§HWWV§GDQWV¦WWDWW
PHNDQLVNIHOI¸UKLQGUDV
ವ3HUVRQHUVRPODJDUN\ONUHWVHQP§VWHKD
O¦PSOLJFHUWLᚏHULQJXWI¦UGDGDYHQDFNUHGLWHUDG
RUJDQLVDWLRQVRPV¦NHUVW¦OOHUNRPSHWHQV
YLGKDQWHULQJDYN\OPHGHOHQOLJWHQVSHFLᚏN
XWY¦UGHULQJVRPHUN¦QWVDYEUDQVFKRUJDQLVDWLRQHU
ವ5HSDUDWLRQHUP§VWHXWI¸UDVEDVHUDWS§
UHNRPPHQGDWLRQHUIU§QWLOOYHUNQLQJVI¸UHWDJHW
8QGHUK§OORFKUHSDUDWLRQHUVRPNU¦YHUKM¦OSDY
DQQDQNYDOLᚏFHUDGSHUVRQDOP§VWHXWI¸UDVXQGHU
¸YHULQVHHQGHDYHQSHUVRQVRPI§UKDQWHUD
EUDQGIDUOLJDN\OPHGHO
7UDQVSRUWDYXWUXVWQLQJVRPLQQHK§OOHUEUDQGIDUOLJD
N\OPHGHO
6HWUDQVSRUWUHJOHU
0¦UNQLQJDYXWUXVWQLQJPHGWHFNHQ
6HORNDODEHVW¦PPHOVHU
.DVVHULQJDYXWUXVWQLQJPHGEUDQGIDUOLJDN\OPHGHO
6HQDWLRQHOODEHVW¦PPHOVHU
)¸UYDULQJDYXWUXVWQLQJSURGXNWHU
)¸UYDULQJDYXWUXVWQLQJVND¸YHUHQVVW¦PPDPHG
WLOOYHUNDUHQVLQVWUXNWLRQHU
)¸UYDULQJDYI¸USDFNDGRV§OGXWUXVWQLQJ
)¸UYDULQJVSDNHWHWVVN\GGE¸UNRQVWUXHUDVV§DWW
PHNDQLVNVNDGDS§XWUXVWQLQJHQLQXWLI¸USDFNQLQJHQ
LQWHRUVDNDUO¦FNDJHDYN\OPHGOHW'HWPD[LPDODDQWDOHW
GHODUDYXWUXVWQLQJHQVRPI§UI¸UYDUDVWLOOVDPPDQV
NRPPHUDWWIDVWVW¦OODVHQOLJWORNDODI¸UHVNULIWHU

<WWHUOLJDUHLQIRUPDWLRQ
69(16.$

9DUQLQJXQGHUDQY¦QGQLQJ
)¸UDWWXQGYLNDSHUVRQVNDGRUHOOHUS§
HJHQGRPP§VWHI¸OMDQGHLQVWUXNWLRQHUI¸OMDV
)HODNWLJDQY¦QGQLQJS§JUXQGDYDWW
DQYLVQLQJDULJQRUHUDWVNDQRUVDNDVNDGRU
S§SHUVRQRFKHJHQGRP
$OOYDUOLJKHWHQNODVVLᚏFHUDVHQOLJWI¸OMDQGH
LQGLNDWLRQHU
6\PEROHQLQGLNHUDUULVNI¸UG¸GVIDOO
HOOHUDOOYDUOLJVNDGD
9DUQLQJXQGHUDQY¦QGQLQJ
6\PEROHQLQGLNHUDUULVNI¸U
SHUVRQVNDGDHOOHUVNDGD
S§HJHQGRP
9$51,1*
9$51,1*
9$51,1*
,QQHE¸UGHQDYV\PEROHULGHQK¦U
KDQGERNHQYLVDVQHGDQ
6\PEROHQDQJHUDWWGHWWDDOGULJI§U
J¸UDV
6\PEROHQDQJHUDWWGHWWDDOOWLGVND
J¸UDV

6.(5+(76,16758.7,21(5

$QP¦UNQLQJDURPGULIW
ವ 'HWWDUPLQXWHUI¸UNRPSUHVVRUQ
DWWE¸UMDN\ODLJHQ2PGXVW¦QJHU
DYOXIWNRQGLWLRQHULQJHQRFKVWDUWDU
RPGHQGLUHNWWDUGHWPLQXWHUI¸U
NRPSUHVVRUQDWWE¸UMDN\ODLJHQ'HW
ᚏQQVHQHOHNWURQLVNSURGXNWLHQKHWHQ
VRPK§OOHUNRPSUHVVRUQDYVW¦QJG
LPLQXWHUI¸UV¦NHUKHWHQVVNXOO
ವ ,K¦QGHOVHDYVWU¸PDYEURWWXQGHU
DQY¦QGQLQJVNDGXO§WDGHWJ§
PLQXWHULQQDQGXVWDUWDURPHQKHWHQ
1¦UVWU¸PPHQNRPPLWWLOOEDNDVWDUWDU
GXRPOXIWNRQGLWLRQHULQJHQ2P
VWU¸PPHQYDUDYVW¦QJGXQGHUPLQGUH
¦QPLQXWHUY¦QWDLPLQVWPLQXWHU
LQQDQGXVWDUWDURPHQKHWHQ2PGX
VWDUWDURPOXIWNRQGLWLRQHULQJHQLQRP
PLQXWHUNDQHQVN\GGVDQRUGQLQJ
LHQKHWHQRUVDNDDWWNRPSUHVVRUQ
VW¦QJVDY'HQQDVN\GGVDQRUGQLQJ
I¸UKLQGUDUN\OQLQJLFDPLQXWHU
$OODWLGLJDUHLQVW¦OOQLQJDUDQQXOOHUDV
RFKHQKHWHQ§WHUJ§UWLOOXUVSUXQJOLJD
LQVW¦OOQLQJDU
ವ 1¦UGXVW¦QJHUDYHQKHWHQ
LN\OQLQJVO¦JHVW¦QJVNRPSUHVVRUQ
DYRPHGHOEDUWRFK¸YUHQHGUH
ᚐ¦NWPRWRUQVW¦QJVDYHIWHUVHNXQGHU
2PHQKHWHQJ§UWLOOᚐ¦NWO¦JHIU§Q
N\OO¦JHVW¦QJVNRPSUHVVRUQDY
RPHGHOEDUWRFKGHQQHGUHᚐ¦NWPRWRUQ
VW¦QJVDYHIWHUVHNXQGHU2P
HQKHWHQJ§UWLOOY¦UPHO¦JHIU§QN\OO¦JH
VW¦QJVNRPSUHVVRUQDYRPHGHOEDUW
RFKGHQQHGUHᚐ¦NWPRWRUQVW¦QJV
DYHIWHUVHNXQGHU
ವ 'ULIWYLGO§JWHPSHUDWXU+§OOHUHQKHWHQ
S§DWWIU\VD")U\VQLQJNDQLQWU¦ᚎDQ¦U
HQKHWHQVW¦OOVLQS§Q¦UDr&YLGO§JD
RPJLYDQGHWHPSHUDWXUI¸UK§OODQGHQ
V¦UVNLOWS§QDWWHQ8QGHUGHVVD
I¸UK§OODQGHQNDQ\WWHUOLJDUHHWW
WHPSHUDWXUIDOOJ¸UDDWWHQKHWHQIU\VHU
2PHQKHWHQVW¦OOVLQS§HQK¸JUH
WHPSHUDWXUIU\VHUGHQLQWH
ವ $YIXNWQLQJVO¦JHW¸NDUUXPVWHPSHUDWXUHQ
(QKHWHQJHQHUHUDUY¦UPHL
DYIXNWQLQJVO¦JHWRFKUXPVWHPSHUDWXUHQ
VWLJHU9DUPOXIWEO§VHVXWIU§QOXIWXWORSSHW
PHQGHWWD¦UQRUPDOWRFKDQJHULQJHW
SUREOHPPHGHQKHWHQ
ವ /XIWNRQGLWLRQHULQJHQEO§VHUGHQYDUPD
OXIWHQVRPJHQHUHUDVDYHQKHWHQ
XWDQI¸UUXPPHWYLDXWORSSVVODQJHQL
N\OO¦JHW8QGHUWLGHQNRPPHUVDPPD
P¦QJGOXIWDWWNRPPDLQLUXPPHWIU§Q
XWVLGDQJHQRPDOOD¸SSQLQJDULUXPPHW
ವ $OODVRPDUEHWDUPHGN\ONUHWVDUP§VWH
KDHWWJLOWLJWFHUWLᚏNDWIU§QHQLQGXVWULHOO
DFNUHGLWHUDGEHG¸PQLQJVP\QGLJKHW
VRPWLOO§WHUKDQWHULQJDYN\OPHGHOS§HWW
V¦NHUWV¦WWHQOLJWHQEUDQVFKJRGN¦QG
EHG¸PQLQJVVSHFLᚏNDWLRQ
ವ 6HUYLFHVNDHQGDVWXWI¸UDVHQOLJW
WLOOYHUNDUHQVUHNRPPHQGDWLRQ
8QGHUK§OORFKUHSDUDWLRQVRPNU¦YHU
KM¦OSDYDQQDQXWELOGDGSHUVRQDOVND
XWI¸UDVXQGHU¸YHULQVHHQGHDYGHQ
SHUVRQVRP¦UEHK¸ULJQ¦UGHWJ¦OOHU
DQY¦QGQLQJDYEUDQGIDUOLJDN\OPHGHO
ವ $UEHWVWHPSHUDWXURPU§GHWI¸U
OXIWNRQGLWLRQHULQJHQ¦Ur&
r)LN\OO¦JHr&r)
LY¦UPHO¦JH
 ZZZHOHFWUROX[FRP
9DUQLQJ ,QQHE¸UG
$QVOXWVWLFNNRQWDNWHQNRUUHNW 'HQNDQRUVDNDHOHNWULVNDVW¸WDUH[SORVLRQ
HOOHUEUDQGS§JUXQGDYDWWI¸UK¸JY¦UPH
DOVWUDV
$QY¦QGLQWHHQKHWHQHOOHUVW¦QJDYGHQ
JHQRPDWWV¦WWDLHOOHUGUDXWVWLFNNRQWDNWHQ
'HWNDQRUVDNDHOHNWULVNVW¸WEUDQGRFK
H[SORVLRQS§JUXQGDYY¦UPHJHQHUHULQJHQ
6NDGDLQWHRFKDQY¦QGLQWHHQ
RVSHFLᚏFHUDGQ¦WVODGG
'HWNDQRUVDNDHOHNWULVNVW¸WEUDQG
RFKH[SORVLRQ2PQ¦WVODGGHQVNDGDV
P§VWHGHQE\WDVXWDYWLOOYHUNDUHQHOOHU
HQDXNWRULVHUDGVHUYLFHYHUNVWDGHOOHUHQ
PRWVYDUDQGHNRPSHWHQWSHUVRQI¸UDWW
XQGYLNDV¦NHUKHWVULVNHU
QGUDLQWHO¦QJGHQS§Q¦WVODGGHQRFK
GHODLQWHXWWDJHWPHGDQGUDSURGXNWHU
'HWNDQRUVDNDHOHNWULVNVW¸WEUDQGRFK
H[SORVLRQS§JUXQGDYY¦UPHJHQHUHULQJHQ
$QY¦QGLQWHHQKHWHQPHGY§WDK¦QGHU
HOOHULHQIXNWLJPLOM¸
'HWNDQRUVDNDHOHNWULVNDVW¸WDU
5LNWDLQWHOXIWᚐ¸GHWPRWSHUVRQHULUXPPHW 'HWWDNDQVNDGDGLQK¦OVD
6¦NHUVW¦OODOOWLGHᚎHNWLYMRUGQLQJ )HODNWLJMRUGQLQJNDQRUVDNDHOHNWULVNVW¸W
/§WLQWHYDWWHQULQQDLQLHOHNWULVNDGHODU 'HWNDQRUVDNDIXQNWLRQVIHOHOOHU
HOHNWULVNDVW¸WDU
,QVWDOOHUDDOOWLGHQKXYXGVWU¸PEU\WDUH
RFKHQGHGLNHUDGVWU¸PNUHWV
,QNRUUHNWLQVWDOODWLRQNDQRUVDNDHOHNWULVN
VW¸WEUDQGRFKH[SORVLRQ
.RSSODIU§QHQKHWHQRPNRQVWLJDOMXG
K¸UVRPGHQOXNWDUHOOHURPGHWNRPPHU
XWU¸NIU§QGHQ
'HWNDQRUVDNDHOHNWULVNVW¸WEUDQGRFK
H[SORVLRQ
$QY¦QGLQWHXWWDJHWRPGHW¦UO¸VWHOOHU
VNDGDW
'HWNDQRUVDNDHOHNWULVNVW¸WEUDQGRFK
H[SORVLRQ
SSQDLQWHHQKHWHQXQGHUDQY¦QGQLQJ 'HWNDQRUVDNDHOHNWULVNVW¸WEUDQGRFK
H[SORVLRQ
+§OOVNMXWYDSHQERUWD 'HWNDQRUVDNDEUDQGRFKH[SORVLRQ
/§WLQWHQ¦WVODGGHQO¸SDQ¦UDDQGUD
Y¦UPHSURGXNWHU
'HWNDQRUVDNDHOHNWULVNVW¸WEUDQGRFK
H[SORVLRQ
/§WLQWHQ¦WVODGGHQO¸SDQ¦UD
O¦WWDQW¦QGOLJJDVHOOHUEU¦QQEDUD¦PQHQ
VRPEHQVLQEHQ]HQWKLQQHURVY
'HWNDQRUVDNDHOHNWULVNVW¸WEUDQGRFK
H[SORVLRQ
9HQWLOHUDUXPPHWLQQDQ
OXIWNRQGLWLRQHULQJHQDQY¦QGV
RPGHWI¸UHNRPPHUJDVO¦FNDJH
IU§QHQDQQDQSURGXNW
'HWNDQRUVDNDH[SORVLRQEUDQGRFK
EU¦QQVNDGRU
'HPRQWHUDHOOHUPRGLᚏHUDLQWHHQKHWHQ 'HWNDQRUVDNDIHOIXQNWLRQRFKHOHNWULVND
VW¸WDU
69(16.$
9$51,1*
)¸UVLNWLJKHW ,QQHE¸UG
9LGU¸ULQWHHQKHWHQVPHWDOOGHODUQ¦U
OXIWᚏOWUHWVNDOOGHPRQWHUDV
'HWNDQRUVDNDSHUVRQVNDGRU
5HQJ¸ULQWHOXIWNRQGLWLRQHULQJHQPHG
YDWWHQ
9DWWHQNDQWU¦QJDLQLHQKHWHQRFKVNDGD
LVROHULQJHQ'HWNDQRUVDNDHOHNWULVND
VW¸WDU
6HWLOODWWUXPPHW¦UY¦OYHQWLOHUDWYLG
DQY¦QGQLQJVDPWLGLJWPHGHQVSLVHOOHU
OLNQDQGH
'HWNDQDQQDUVRUVDNDV\UHEULVW
1¦UHQKHWHQVNDOOUHQJ¸UDVVW¦QJDY
HQKHWHQRFKVO§LIU§QNUHWVEU\WDUHQ
5HQJ¸ULQWHHQKHWHQQ¦UGHQ¦US§VODJHQ
HIWHUVRPGHWWDNDQRUVDNDEUDQGH[SORVLRQ
HOHNWULVNDVW¸WDURFKDQGUDSHUVRQVNDGRU
/§WLQJDKXVGMXUHOOHUY¦[WHUVW§G¦UGHW
¦UHWWGLUHNWOXIWᚐ¸GH
'HWWDNDQVNDGDKXVGMXUHWHOOHUY¦[WHQ
$QY¦QGLQWHI¸UVSHFLHOOD¦QGDP§O $QY¦QGLQWHGHQQDOXIWNRQGLWLRQHULQJI¸U
DWWEHYDUDSUHFLVLRQVDQRUGQLQJDUPDW
KXVGMXUY¦[WHURFKNRQVWI¸UHP§O'HW
NDQRUVDNDI¸UV¦PULQJDYNYDOLWHWHWF
6OXWDDQY¦QGDHQKHWHQRFKVW¦QJ
I¸QVWUHWYLGVWRUPHOOHUF\NORQ
$QY¦QGQLQJPHGI¸QVWUHQ¸SSQDNDQ
J¸UDDWWP¸EOHULQRPKXVEOLUEO¸WD
+§OOLNRQWDNWHQQ¦UGXWDUXWGHQ 'HWNDQRUVDNDHOHNWULVNVW¸WRFKDQGUD
VNDGRU
6O§LIU§QKXYXGVWU¸PEU\WDUHQQ¦U
DQO¦JJQLQJHQLQWHVNDOODQY¦QGDVXQGHU
HQO¦QJUHWLGVSHULRG
'HWNDQDQQDUVRUVDNDIXQNWLRQVIHO
EUDQGHOOHUH[SORVLRQ
3ODFHUDLQWHQ§JRQWLQJUXQWOXIWLQORSSHQ
HOOHULQXWLOXIWXWORSSHW
'HWNDQRUVDNDIXQNWLRQVIHOHOOHUDQQDQ
RO\FNVK¦QGHOVH
0RQWHUDDOOWLGᚏOWUHQNRUUHNW5HQJ¸U
ᚏOWUHWYDUDQQDQYHFND
$QY¦QGQLQJXWDQᚏOWHUNDQPHGI¸UD
IXQNWLRQVIHO
$QY¦QGLQWHVWDUNDUHQJ¸ULQJVPHGHO
V§VRPYD[HOOHUWLQQHUDQY¦QGHQPMXN
WUDVD
8WVHHQGHWNDQI¸UV¦PUDVS§JUXQG
DYI¦UJI¸U¦QGULQJDURFKUHSRU
3ODFHUDLQJDWXQJDI¸UHP§OS§Q¦WNDEHOQ
RFKVHWLOODWWGHQLQWHNRPPHULNO¦P
5LVNI¸UEUDQGH[SORVLRQHOOHUHOHNWULVND
VW¸WDUI¸UHOLJJHU
'ULFNLQWHYDWWQHWVRPVO¦SSVXWIU§Q
OXIWNRQGLWLRQHULQJHQ
'HWLQQHK§OOHUI¸URUHQLQJDURFKNDQJ¸UD
GLJVMXN
9DUI¸UVLNWLJYLGXSSDFNQLQJRFK
LQVWDOODWLRQ
9DVVDNDQWHUNDQRUVDNDSHUVRQVNDGRU
2PYDWWHQWU¦QJHULQLHQKHWHQVW¦QJ
DYHQKHWHQYLGHOXWWDJHWRFKVO§LIU§Q
NUHWVEU\WDUHQ,VROHUDIU§QHOQ¦WHWJHQRP
DWWORVVDVWLFNNRQWDNWHQRFKNRQWDNWD
VHGDQHQDXNWRULVHUDGVHUYLFHWHNQLNHU
'HWNDQDQQDUVRUVDNDHOHNWULVNDVW¸WDU
RFKDQGUDVNDGRU
 ZZZHOHFWUROX[FRP




%(6.5,91,1*$9(1+(7(1
ವ .RQWUROOHUDDWWDOODWLOOEHK¸UPHGI¸OMHULI¸USDFNQLQJHQRFKO¦VLQVWDOODWLRQVDQYLVQLQJDUQD
RPKXUGHIXQJHUDU




)M¦UUNRQWUROO
6LJQDOPRWWDJDUH
%¦UKDQGWDJE§GDVLGRUQD
/XIWLQWDJ
5XPPHWVOXIWXWVO¦SS
/XIWXWVO¦SS
6WLFNNRQWDNW
+MXO
.RQWUROOSDQHO
1¦WVODGG
.RQWLQXHUOLJWW¸PQLQJVXWORSS
1HGUHW¸PQLQJVXWORSS
7¸PQLQJVXWORSSI¸USXPSHQ

7,//%(+5620,1*5
'(/$5 1$013'(/$51$ 01*'
$GDSWHU$8WORSSVOHGQLQJ
$GDSWHU%SODWW¸SSQLQJ
7¸PQLQJVVODQJ
)M¦UUNRQWUROO
VDWV
VW
VDWV
%DWWHUL53ರ$$$ರ9 VW
69(16.$

,167$//$7,216$19,61,1*$5

8WVO¦SSDYYDUPOXIW
,&22/,1*O¦JHWP§VWHSURGXNWHQ
SODFHUDVQ¦UDHWWI¸QVWHUHOOHU¸SSQLQJ
V§DWWGHQYDUPDXWORSSVOXIWHQNDQOHGDV
XW3ODFHUDI¸UVWHQKHWHQSODQWRFKVHWLOO
DWWGHWᚏQQVPLQVWFPXWU\PPHUXQW
HQKHWHQRFKDWWGHQVW§ULQ¦UKHWHQ
DYHQVWU¸PN¦OODPHGHQNHONUHWV

)¸UO¦QJVODQJHQVE§GDVLGRU)LJRFK
VNUXYDVODQJHQWLOODGDSWHU$)LJ

,QVWDOOHUDDGDSWHU$LHQKHWHQ)LJ
)LJXU

'UDXWGHQDQGUDVLGDQDYVODQJHQRFK
VNUXYDIDVWGHQLDGDSWHU%)LJ
)LJXU
)¸UO¦QJVODQJHQVVLGD
)LJXU
)LJXU
/§V
)¸US§
6ODQJHQNDQI¸UO¦QJDVIU§QVLQ
XUVSUXQJOLJDO¦QJGS§FPWLOO
K¸JVWFPPHQGHW¦UE¦VWDWW
K§OODO¦QJGHQV§NRUWVRPP¸MOLJW
6H¦YHQWLOODWWVODQJHQLQWHKDU
Q§JUDVNDUSDE¸MDUHOOHU¦UVODN
)LJ
$GDSWHU$¦UUHGDQIDVWVNUXYDG
S§VODQJHQI¸UGHQK¦UHQKHWHQ
)LJXU

6¦WWLDGDSWHUQ%LI¸QVWUHW)LJ
Figur 5
 ZZZHOHFWUROX[FRP

%58.6$19,61,1*
9LVVDDYI¸OMDQGHLQVWUXNWLRQHU
NDQHQGDVWDQY¦QGDVPHG
NRQWUROOSDQHOHQ
.\OQLQJVO¦JH
9¦UPHO¦JHS§YLVVDPRGHOOHU
,GHWK¦UO¦JHW067(XWORSSVDGDSWHUQ
DQY¦QGDV
,GHWK¦UO¦JHW067(XWORSSVDGDSWHUQ
DQY¦QGDV

$QY¦QGDNRQWUROOSDQHOHQ
7U\FNS§ರPRGHರNQDSSHQWLOOV
NRQWUROODPSDQರ+HDWರO\VHU
7U\FNS§ರᚐ¦NWKDVWLJKHWರNQDSSHQ
I¸UDWWY¦OMDᚐ¦NWKDVWLJKHWHQOLJWKXU
ᚐ¦NWKDVWLJKHWVLQGLNDWRUQO\VHU'X
NDQY¦OMDᚐ¦NWKDVWLJKHWHQOLJWI¸OMDQGH
VHNYHQVರDXWRರൺರKLರK¸JൺರPHGರ
PHGLXPൺರORZರO§JൺರDXWRರ
7U\FNS§NQDSSHQರ
ರHOOHUರ ರI¸UDWW
Y¦OMDWHPSHUDWXU
$QVOXWHQW¸PQLQJVVODQJ6H
DYVQLWWRPW¸PQLQJ

/8)7.21',7,21(5,1*)81.7,21(5

.21752//3$1(/
9LVDUWHPSHUDWXUWLG
3$9
9LOD
)LOWHU§WHUVW¦OOQLQJ
)O¦NWKDVWLJKHW
-XVWHUDWHPSHUDWXUHQHOOHUWLPHUQ
/¦JHVY¦O
7LPHU
6Y¦QJD
0DQEHK¸YHULQWHDQY¦QGD
W¸PQLQJVVODQJHQLರN\OQLQJVರO¦JH
7U\FNS§ರO¦JHVರNQDSSHQWLOOV
LQGLNDWRUODPSDQI¸UN\OQLQJVO¦JHW¦QGV
7U\FNS§ರᚐ¦NWKDVWLJKHWರNQDSSHQ
I¸UDWWY¦OMDᚐ¦NWKDVWLJKHWHQOLJWKXU
ᚐ¦NWKDVWLJKHWVLQGLNDWRUQO\VHU'X
NDQY¦OMDᚐ¦NWKDVWLJKHWHQOLJWI¸OMDQGH
VHNYHQVರDXWRರൺರKLರK¸JൺರPHGರ
PHGLXPൺರORZರO§JൺರDXWRರ
7U\FNS§NQDSSHQರ
ರHOOHUರ ರI¸UDWW
Y¦OMDWHPSHUDWXU
7RUNQLQJ
7U\FNS§ರPRGHರNQDSSHQWLOOV
LQGLNDWRUODPSDQI¸UWRUNQLQJW¦QGV
3§VN¦UPHQYLVDVUXPVWHPSHUDWXUHQ
6DPWLGLJWW¦QGVLQGLNDWRUODPSDQI¸U
ರO§Jರᚐ¦NWKDVWLJKHW
2EVHUYHUD
,GHWK¦UO¦JHWNDQLQWH
ᚐ¦NWKDVWLJKHWHQY¦OMDV
)O¦NWO¦JH
,GHWK¦UO¦JHWEHK¸YHUGXLQWHDQY¦QGD
XWORSSVVODQJHQHOOHUW¸PQLQJVVODQJHQ
69(16.$

7U\FNS§ರO¦JHVರNQDSSHQWLOOV
LQGLNDWRUODPSDQI¸Uᚐ¦NWHQVO¦JHW¦QGV

7U\FNS§NQDSSHQರ)DQ6SHHGರ
)O¦NWKDVWLJKHWI¸UDWWVW¦OODLQ
¸QVNDGᚐ¦NWKDVWLJKHW

)O¦NWHQJ§US§YDOGKDVWLJKHWRFK
GLVSOD\HQYLVDUUXPVWHPSHUDWXUHQ
)LOWHU§WHUVW¦OOQLQJ
$XWRO¦JH
+XUPDQI¸UGU¸MHUDYVW¦QJQLQJHQ
9LORO¦JH
+DDOOWLGW¸PQLQJVVODQJHQDQVOXWHQLGHW
K¦UO¦JHW
1¦UGXVW¦OOHULQOXIWNRQGLWLRQHULQJHQ
S§$XWRO¦JHY¦OMHUGHQDXWRPDWLVNW
N\OQLQJXSSY¦UPQLQJHMWLOO¦PSOLJW
I¸UPRGHOOHUPHGHQGDVWN\OQLQJ
HOOHUGULIWPHGHQGDVWᚐ¦NWEHURHQGH
S§YLONHQWHPSHUDWXUGXKDUYDOWRFK
UXPVWHPSHUDWXUHQ/XIWNRQGLWLRQHULQJHQ
VW\UUXPVWHPSHUDWXUHQDXWRPDWLVNWUXQW
GHQWHPSHUDWXUSXQNWGXVW¦OOHULQ
,$872O¦JHWNDQGXLQWHY¦OMD
ᚐ¦NWKDVWLJKHW
7U\FNS§ರPRGHರNQDSSHQWLOOV
NRQWUROODPSDQರ$XWRPRGHರO\VHU
(IWHUರ$XWRPRGHರDXWRPDWLVNWO¦JHKDU
YDOWVNRPPHUHQKHWHQDWWJ§DXWRPDWLVNW
HQOLJWDNWXHOOUXPVWHPSHUDWXU
7LPHUO¦JH
+XUPDQI¸UGU¸MHUVWDUWHQ
0HGWLPHUQNDQDQY¦QGDUHQI¸UGU¸MD
HQKHWHQVVWDUWRFKDYVW¦QJQLQJ
6¦WWLNRQWDNWHQLY¦JJXWWDJHWV§DWW
HQKHWHQ¦ULVWDQGE\O¦JH
7U\FNS§ರWLPHUರNQDSSHQV§DWW7LPHU
LQGLNDWRUQW¦QGVRFKWLPPDUQDS§
VN¦UPHQYLVDUರರ
7U\FNS§HOOHUK§OOLQQHSLOHQI¸U833
ರHOOHU1(5ರ ರI¸UDWW¦QGUDI¸UGU¸M
VWDUWWLPHUQLVWHJRPWLPPHXSSWLOO
WLPPDUVHGDQLVWHJRPWLPPHXSS
WLOOWLPPDU7U\FNS§ರWLPHUರNQDSSHQ
LJHQLQRPVHNXQGHUI¸UDWWVW¦QJDDY
WLPHULQVW¦OOQLQJHQGLUHNW
(IWHUVHNXQGHU¦UWLPHUIXQNWLRQHQ
DNWLYHUDGRFKGLVSOD\HQYLVDU
WHPSHUDWXUHQ.RQWUROOHQU¦NQDUQHU
§WHUVW§HQGHWLGWLOOVWDUW
(QKHWHQVWDUWDULGHWO¦JHWVRPYDULQVW¦OOW
WLGLJDUH
)¸UDWWDYDNWLYHUDLQVW¦OOQLQJHQWU\FNS§
ರWLPHUರNQDSSHQLJHQV§DWW§WHUVW§HQGH
WLGYLVDVRFKWU\FNS§NQDSSHQLJHQI¸U
DWWVW¦QJDDYIXQNWLRQHQ'XNDQRFNV§
DYEU\WDLQVW¦OOQLQJHQJHQRPDWWWU\FND
S§ರS§DYರNQDSSHQ(IWHUDYDNWLYHULQJ
DYLQVW¦OOQLQJHQVW¦QJVWLPHULQGLNDWRUQDY
$YVW¦QJQLQJHQNDQI¸UGU¸MDVQ¦UHQKHWHQ
¦US§VODJHQ
7U\FNS§ರWLPHUರNQDSSHQV§DWW7LPHU
LQGLNDWRUQW¦QGVRFKWLPPDUQDS§
VN¦UPHQYLVDUರರ
7U\FNS§HOOHUK§OOLQQHSLOHQI¸U833
ರHOOHU1(5ರ ರI¸UDWW¦QGUDI¸UGU¸M
VWRSSWLPHUQLVWHJRPWLPPHXSSWLOO
WLPPDUVHGDQLVWHJRPWLPPHXSS
WLOOWLPPDU7U\FNS§ರWLPHUರNQDSSHQ
LJHQLQRPVHNXQGHUI¸UDWWVW¦QJDDY
WLPHULQVW¦OOQLQJHQGLUHNW
(IWHUVHNXQGHU¦UWLPHUIXQNWLRQHQ
DNWLYHUDGRFKGLVSOD\HQYLVDU
WHPSHUDWXUHQ.RQWUROOHQU¦NQDUQHU
§WHUVW§HQGHWLGWLOODYVW¦QJQLQJ
)¸UDWWDYDNWLYHUDLQVW¦OOQLQJHQWU\FNS§
ರWLPHUರNQDSSHQLJHQV§DWW§WHUVW§HQGH
WLGYLVDVRFKWU\FNS§NQDSSHQLJHQI¸U
DWWVW¦QJDDYIXQNWLRQHQ'XNDQRFNV§
DYEU\WDLQVW¦OOQLQJHQJHQRPDWWWU\FNDS§
ರS§DYರNQDSSHQ(IWHUDYDNWLYHULQJDY
LQVW¦OOQLQJHQVW¦QJVWLPHULQGLNDWRUQDY
$NWLYHUDGHQK¦UIXQNWLRQHQI¸UDWWI§HQ
EHKDJOLJWHPSHUDWXURFKVSDUDHQHUJL
%DUDQ¦UHQKHWHQ¦ULN\OY¦UPHHOOHU
DXWRO¦JHNDQGXWU\FNDS§ರYLORರNQDSSHQ
V§DWWHQKHWHQJ§ULYLORO¦JH
2EVHUYHUD6HVLGDQI¸UPHU
LQIRUPDWLRQRP9LORO¦JH
'HQQDIXQNWLRQ¦UHQS§PLQQHOVHRP
DWWUHQJ¸UDOXIWᚏOWUHWVH6N¸WVHORFK
UHQJ¸ULQJI¸UHᚎHNWLYDUHGULIW
,QGLNDWRUODPSDQI¸UᚏOWUHWW¦QGVHIWHU
GULIWVWLPPDU)¸UDWW§WHUVW¦OOD
HIWHUUHQJ¸ULQJDYᚏOWUHWWU\FNS§
ರᚏOWHU§WHUVW¦OOQLQJVರNQDSSHQ
V§VO¦FNVLQGLNDWRUODPSDQI¸UᚏOWUHW
9¦[ODPHOODQr)r&
7U\FNS§NQDSSHQರ
ರDQGರ ರVDPWLGLJW
LPHU¦QVHNXQGHUI¸UDWWY¦[ODPHOODQ
JUDGHU)DKUHQKHLWRFKJUDGHU&HOVLXV
8QGHU7RUNQLQJVᚐ¦NWO¦JHWNDQGXLQWH
Y¦OMDr)r&
7U\FNS§ರVY¦QJರNQDSSHQI¸UDWW
OXIWJDOOUHQS§GHQ¸YUHSDQHOHQVND
NXQQDVY¦QJDXSSRFKQHU
7U\FNS§GHQK¦UNQDSSHQLJHQI¸UDWW
VW¦QJDDYOXIWJDOOUHWVVY¦QJIXQNWLRQ
/XIWJDOOUHWVVY¦QJIXQNWLRQ
2EVHUYHUD
,GHWK¦UO¦JHWNDQLQWH
DXWRPDWLVNKDVWLJKHWY¦OMDV
 ZZZHOHFWUROX[FRP
$QY¦QGDUH
0D[P
)M¦UUNRQWUROO
%¦UEDU
OXIWNRQGLWLRQHULQJ
677$3(1+(7(1
7DERUWEDWWHULORFNHWS§IM¦UUNRQWUROOHQV
EDNVLGD
6¦WWLGHPHGI¸OMDQGHEDWWHULHUQDNRUUHNW
VHDQYLVQLQJDUQDLQXWLEDWWHULIDFNHW
6W¦QJORFNHW
)¸UDWWE\WDGHJDPODEDWWHULHUQDVRP
KDUDQY¦QWVPHGWY§Q\D53ರ$$$ರ
9EDWWHULHUXSSUHSDVWHJHQRYDQ
%DWWHULLQVWDOODWLRQRFKYLNWLJD
LQVWUXNWLRQHU
$QY¦QGDIM¦UUNRQWUROOHQ

)M¦UUNRQWUROO
6N¦UPHQI¸UIM¦UUNRQWUROO
7HPS7LPHULQVW¦OOQLQJVNQDSS
6WU¸PEU\WDUH3§$Y
9DONQDSS
9LORNQDSS
7LPHUNQDSS
6Y¦QJNQDSS
+DVWLJKHWVNQDSS
2PIM¦UUNRQWUROOHQE\WVXWHOOHUNDVVHUDV
P§VWHEDWWHULHUQDWDVERUWRFKDYVNDᚎDV
LHQOLJKHWPHGORNDOODJVWLIWQLQJHIWHUVRP
GHVNDGDUPLOM¸Q
%ODQGDLQWHJDPODRFKQ\DEDWWHULHU
%ODQGDLQWHDONDOLVNDYDQOLJDNRO]LQN
HOOHUODGGQLQJVEDUDQLFNHONDGPLXP
EDWWHULHU
.DVVHUDLQWHEDWWHULHULHOGHQ
'HNDQH[SORGHUDHOOHUE¸UMDO¦FND
2PIM¦UUNRQWUROOHQLQWHDQY¦QGVXQGHU
HQO¦QJUHWLGWDERUWEDWWHULHUQD
)M¦UUNRQWUROOHQP§VWHKDQWHUDVPHG
VW¸UVWDI¸UVLNWLJKHW6O¦SSLQWHGHQHOOHU
O§WGHQH[SRQHUDVI¸UGLUHNWVROOMXVHOOHU
Y¦UPHN¦OORU
'HQQDHQKHW¸YHUHQVVW¦PPHUPHG
GHOL)&&UHJOHUQD'ULIWHQEHURU
S§I¸OMDQGHWY§YLOONRU
'HQQDHQKHWI§ULQWHRUVDNDVNDGOLJ
VW¸UQLQJRFKGHQK¦UHQKHWHQP§VWH
DFFHSWHUDDOOPRWWDJHQVW¸UQLQJLQNOXVLYH
VW¸UQLQJDUVRPNDQRUVDNDR¸QVNDG
DQY¦QGQLQJ
5LNWDIM¦UUNRQWUROOHQPRWSODWVHQI¸U
VLJQDOPRWWDJDUHQ)M¦UUNRQWUROOHQI§U
LQWHYDUDO¦QJUH¦QPHWHUIU§QHQKHWHQ
XWDQKLQGHUPHOODQIM¦UUNRQWUROOHQRFK
HQKHWHQ
69(16.$
6¦WWLNRQWDNWHQRFKWU\FNVHGDQS§ರS§DYರ
NQDSSHQQ¦UGHQVO§VS§J§UGHQVHQDVWH
LQVW¦OOQLQJHQI¸UHDYVW¦QJQLQJLJ§QJ
)¸UDWWVW¦QJDDYHQKHWHQWU\FNS§ರS§
DYರNQDSSHQLJHQRFKGUDXUNRQWDNWHQ
6W¦QJDOOWLGDYHQKHWHQJHQRPDWWWU\FND
S§ರS§DYರNQDSSHQRFKY¦QWDQ§JUD
PLQXWHULQQDQGXGUDUXUNRQWDNWHQ
7U\FNS§ರPRGHರNQDSSHQWLOOVY¦QVWUD
VLGDQDYVN¦UPHQYLVDUರFRROರN\OD
7U\FNS§ರIDQVSHHGರNQDSSHQ
ᚐ¦NWKDVWLJKHWI¸UDWWY¦OMD
ᚐ¦NWKDVWLJKHWHQರDXWRರರKLJKರK¸J
ರPLGರPHGHORFKರORZರO§J
7U\FNS§ರ
ರRFKರ ರI¸UDWWY¦OMD
¸QVNDGWHPSHUDWXU
7U\FNS§ರPRGHರNQDSSHQWLOOVY¦QVWUD
VLGDQDYVN¦UPHQYLVDUರGU\ರWRUND
6DPWLGLJWYLVDVರORZರᚐ¦NWV\PEROS§
VN¦UPHQ
2EVHUYHUD,GHWK¦UO¦JHWNDQLQWH
ᚐ¦NWKDVWLJKHWHQY¦OMDV
7U\FNS§ರPRGHರNQDSSHQWLOOVY¦QVWUD
VLGDQDYVN¦UPHQYLVDUರKHDWರY¦UPH
7U\FNS§ರIDQVSHHGರNQDSSHQ
ᚐ¦NWKDVWLJKHWI¸UDWWY¦OMD
ᚐ¦NWKDVWLJKHWHQರDXWRರರKLJKರK¸JರPLGರ
PHGHORFKರORZರO§J
7U\FNS§ರ
ರRFKರ ರI¸UDWWY¦OMD¸QVNDG
WHPSHUDWXU
7U\FNS§ರPRGHರNQDSSHQWLOOV¸YUHVLGDQ
DYVN¦UPHQYLVDUರDXWRರ
,$872O¦JHWNDQGXLQWHY¦OMD
ᚐ¦NWKDVWLJKHW
7U\FNS§ರ
ರRFKರ ರI¸UDWWY¦OMD¸QVNDG
WHPSHUDWXU
1¦UHQKHWHQ¦ULN\OY¦UPHHOOHU
DXWRO¦JHNDQGXWU\FNDS§ರYLORರNQDSSHQ
V§DWWHQKHWHQJ§ULYLORO¦JH,GHWWDO¦JH
VW¦OOVᚐ¦NWKDVWLJKHWHQLQDXWRPDWLVNWVRP
ರDXWRರRFKNDQLQWH¦QGUDV
,.\OD9¦UPHO¦JHW¸NDUPLQVNDUYDOG
WHPSHUDWXUPHGr&PLQXWHUHIWHU
DWWO¦JHWYDOWV7HPSHUDWXUHQ¸NDU
PLQVNDUVHGDQPHG\WWHUOLJDUHr&
HIWHU\WWHUOLJDUHPLQXWHU'HQQ\D
WHPSHUDWXUHQELEHK§OOVLWLPPDULQQDQ
GHQ§WHUJ§UWLOOGHQXUVSUXQJOLJDLQVW¦OOGD
7U\FNS§ರPRGHರNQDSSHQWLOOVY¦QVWUD
VLGDQDYVN¦UPHQYLVDUರIDQರᚐ¦NW
,GHWK¦UO¦JHWNDQGXY¦OMDᚐ¦NWKDVWLJKHW
ರK¸JರರPHOODQರHOOHUರO§JರJHQRPDWW
WU\FNDS§ᚐ¦NWKDVWLJKHWVNQDSSHQRFK
UHIHUHUDWLOOGLDJUDPPHW
.\OQLQJVO¦JH
7RUNQLQJ
9¦UPHO¦JHHQGDVWI¸UPRGHOOHUPHG
Y¦UPHRFKN\OD
$872O¦JH
9LORO¦JH
)O¦NWO¦JH
2EVHUYHUD,GHWWDO¦JHEHK¸YHU
OXIWXWVO¦SSVVODQJHQLQWHDQVOXWDV
 ZZZHOHFWUROX[FRP
WHPSHUDWXUHQ'HWWDDYVOXWDUರ9LORರO¦JHW
RFKHQKHWHQVW¦QJVDYDXWRPDWLVNW
3URJUDPPHWರ9LORರO¦JHNDQDYEU\WDV
Q¦UVRPKHOVWXQGHUDQY¦QGQLQJHQ
JHQRPDWWWU\FNDS§ರ9LORರರ/¦JHVರHOOHU
ರ)O¦NWKDVWLJKHWVರNQDSSHQ
2EVHUYHUD,)O¦NWHOOHU7RUNQLQJVO¦JH
NDQLQWH9LORO¦JHVW¦OODVLQ
7U\FNS§ರVY¦QJರNQDSSHQI¸UDWWDNWLYHUD
OXIWJDOOUHQVVY¦QJIXQNWLRQ6N¦UPHQV
¸YUHVLGDNRPPHUDWWYLVDರ
ರ
/XIWJDOOUHWS§GHQ¸YUHSDQHOHQNRPPHU
DWWVY¦QJDXSSRFKQHU
7U\FNS§GHQK¦UNQDSSHQLJHQI¸UDWW
VW¦QJDDYOXIWJDOOUHWVVY¦QJIXQNWLRQ
/XIWJDOOUHWVVY¦QJIXQNWLRQ
9¦[ODPHOODQr)r&
7LPHUO¦JH
7U\FNS§NQDSSHQರ
ರRFKರ ರVDPWLGLJW
LPHU¦QVHNXQGHUI¸UDWWY¦[ODPHOODQ
JUDGHU)DKUHQKHLWRFKJUDGHU&HOVLXV
8QGHU7RUNQLQJVᚐ¦NWO¦JHWNDQGXLQWH
Y¦OMDr)r&
+XUPDQI¸UGU¸MHUVWDUWHQ
6¦WWLNRQWDNWHQLY¦JJXWWDJHWV§DWW
HQKHWHQ¦ULVWDQGE\O¦JH7U\FNS§
ರWLPHUರNQDSSHQVN¦UPHQYLVDUರWLPHUರ
RFKರKರRFKರRQರEOLQNDU
7U\FNS§HOOHUK§OOLQQHSLOHQI¸U833
ರHOOHU1(5ರ ರI¸UDWW¦QGUDI¸UGU¸M
VWDUWWLPHUQLVWHJRPWLPPHXSS
WLOOWLPPDUVHGDQLVWHJRPWLPPH
XSSWLOOWLPPDU(IWHUVHNXQGHUKDU
LQVW¦OOQLQJHQVSDUDWV.RQWUROOHQU¦NQDU
QHU§WHUVW§HQGHWLGWLOOVWDUW'XNDQRFNV§
WU\FNDS§ರWLPHUರNQDSSHQLJHQGLUHNW
V§VOXWDUರRQರDWWEOLQNDRFKHQKHWHQ
VWDUWDULGHWWLGLJDUHLQVW¦OOGDO¦JHW
'XNDQVW¦OODLQO¦JHWRFKHQKHWHQVWDUWDU
VRPGXI¸UHGUDUHIWHUDWWರRQರVOXWDWEOLQND
)¸UDWWDYEU\WDLQVW¦OOQLQJHQWU\FN
S§ರWLPHUರNQDSSHQLJHQ
+XUPDQI¸UGU¸MHUDYVW¦QJQLQJHQ
$YVW¦QJQLQJHQNDQI¸UGU¸MDVQ¦UHQKHWHQ
¦US§VODJHQ7U\FNS§ರWLPHUರNQDSSHQ
VN¦UPHQYLVDUರWLPHUರRFKರKರRFKರRᚎರ
EOLQNDU
7U\FNS§HOOHUK§OOLQQHSLOHQI¸U833
ರHOOHU1(5ರ ರI¸UDWW¦QGUDI¸UGU¸M
VWRSSWLPHUQLVWHJRPWLPPHXSS
WLOOWLPPDUVHGDQLVWHJRPWLPPH
XSSWLOOWLPPDU(IWHUVHNXQGHU
VSDUDVLQVW¦OOQLQJHQRFKGLVSOD\HQYLVDU
§WHUVW§HQGHWLGWLOOVHQKHWHQVW¦QJVDY
'XNDQRFNV§WU\FNDS§NQDSSHQರWLPHUರ
LJHQGLUHNWRFKರDYರNRPPHUDWWVOXWDDWW
EOLQNDRPHGHOEDUW
)¸UDWWDYEU\WDLQVW¦OOQLQJHQWU\FN
S§ರWLPHUರNQDSSHQLJHQ
69(16.$
2%6
ವ 6NUXYDDYW¸PQLQJVORFNHWS§GHW
NRQWLQXHUOLJDW¸PQLQJVXWORSSHW
)LJ
ವ $QVOXWHQD¦QGHQDYWU¦GVVODQJHQ
V¦OMVVHSDUDWHOOHUDYORSSVVODQJHQ
WLOOW¸PQLQJVXWORSSHWRFKOHGGHQDQGUD
¦QGHQWLOOHWWDYORSSVRP¦UO¦JUH¦Q
HQKHWHQ)LJ
ವ 2PHQKHWHQN¸UVLNDOOWHOOHU
DXWRPDWLVNWO¦JHNDQNRQGHQVYDWWHQ
VWU¸PPDXWHIWHUDWWW¸PQLQJVORFNHW
KDUWDJLWVERUW1¦UGXVNDWDERUW
WU¦GJ§UGVVODQJHQVNDGXI¸UEHUHGD
HQGURSSEULFNDPHGI¸OMHULQWHI¸U
DWWVDPODLQNRQGHQVYDWWQHWIU§Q
W¸PQLQJVXWORSSHW
ವ 9DUQRJDPHGDWWK¸MGHQRFKVHNWLRQHQ
S§W¸PQLQJVVODQJHQLQWH¦UK¸JUH
¦QGHQI¸UW¸PQLQJVXWORSSHWHOOHUV§
NDQVNHLQWHGHWIDVWDW¸PQLQJVXWORSSHW
IXQJHUDURUGHQWOLJW
ವ 8QGHUN\OQLQJVHOOHUDXWRO¦JH
UHNRPPHQGHUDVDWWVW¦QJDDYGHW
IDVWDW¸PQLQJVXWORSSHWJHQRPDWWE\WD
W¸PQLQJVORFNHWWLOOW¸PQLQJVXWORSSHW
I¸UDWWXSSQ§PD[LPDOSUHVWDQGD
2PGHWVW§Uರ$6ರರ&6ರHOOHUರ(6ರS§
GLVSOD\HQKDUHQWHPSHUDWXUVHQVRU
J§WWV¸QGHU.RQWDNWDHQDXNWRULVHUDG
(OHFWUROX[VHUYLFHYHUNVWDG
2PGHWVW§Uರ/ರS§GLVSOD\HQKDU
ᚐ¦NWPRWRUQJ§WWV¸QGHU.RQWDNWDHQ
DXNWRULVHUDG(OHFWUROX[VHUYLFHYHUNVWDG
2PGLVSOD\HQYLVDUರ(ರIXQJHUDULQWH
NRPPXQLNDWLRQHQPHOODQGLVSOD\HQ
RFKKXYXGNRQWUROOHQ.RQWDNWDHQ
DXNWRULVHUDG(OHFWUROX[VHUYLFHYHUNVWDG
2PGHWVW§Uರ3ರS§GLVSOD\HQ¦U
ERWWHQWU§JHWIXOOW)O\WWDI¸UVLNWLJWHQKHWHQ
WLOOHQSODWVG¦UGHQNDQW¸PPDVWDORVV
W¸PQLQJVSOXJJHQLERWWHQRFKO§WYDWWQHW
ULQQDXW6WDUWDRPPDVNLQHQWLOOVರ3ರ
V\PEROHQI¸UVYLQQHU5LQJHIWHUVHUYLFH
RPIHOHWNYDUVW§U

)HONRG
.RQWLQXHUOLJᚐ¸GHDYDYORSSVYDWWHQ
,725.1,1*6O¦JHWHOOHURPGXKDU
HQY¦UPHSXPSPRGHOOEHK¸YHUGXHQ
WU¦GJ§UGVVODQJV¦OMVVHSDUDWHOOHUHQ
DYORSSVVODQJI¸UDWWW¸PPDXWNRQGHQV
IU§QHQKHWHQ
)¸OMVWHJHQQHGDQ

7¸PQLQJVLQVWUXNWLRQHU
Figur 20
Tömningsplugg
för torrt läge
Tömningsplugg för
värmepumspläge
Trädgårdsslang
Dräneringsslang
Figur 21
 ZZZHOHFWUROX[FRP
2%6)¸UDWWV¦NHUVW¦OODDWWDOOW
NRQGHQVYDWWHQKDUW¸PWVXWOXWDHQKHWHQ
JHQRPDWWO\IWDGHQQ§JRWXSS§WIU§Q
IUDPVLGDQWLOOVGHWLQWHNRPPHUQ§JRW
NRQGHQVYDWWHQXUW¸PQLQJVXWORSSHW
7¸PQLQJDYNRQGHQVYDWWHQLHQKHWHQ
XQGHUYLQWHUI¸UYDULQJ
3ODFHUDHQGURSSEULFNDPHGI¸OMHUHMXQGHU
GHWQHGUHW¸PQLQJVXWORSSHWWDVHGDQERUW
W¸PQLQJVORFNHWV§DWWNRQGHQVYDWWQHWNDQ
ULQQDXWS§GURSSEULFNDQ
6¦WWS§W¸PQLQJVORFNHWS§GHWIDVWD
W¸PQLQJVXWORSSHWQ¦UNRQGHQVYDWWQHW
KDUVOXWDWULQQD
)LJXU
)LJXU
1HGUH
W¸PQLQJVXWORSS
'URSSORFN
'URSSEULFND
3ODFHUDGURSSEULFNDQXQGHUGHWQHGUH
W¸PQLQJVXWORSSHWRFKWDVHGDQDY
JXPPLSURSSHQIU§QW¸PQLQJVORFNHWI¸U
DWWNRQGHQVYDWWQHWVNDNXQQDULQQDXWS§
GURSSEULFNDQ2PGLQGURSSEULFNDLQWH
NDQWDDOOWNRQGHQVYDWWHQNRPPHUHWW
DQWDOI\OOQLQJDUDWWEHK¸YDV
6¦WWS§W¸PQLQJVORFNHWS§GHWQHGUH
W¸PQLQJVXWORSSHWQ¦UNRQGHQVYDWWQHW
KDUVOXWDWULQQD

6.76(/2&+5(1*5,1*
5HQJ¸UOXIWNRQGLWLRQHULQJHQLEODQGV§DWW
GHQIRUWV¦WWHUDWWVHXWVRPQ\'XP§VWH
NRSSODIU§QHQKHWHQI¸UHUHQJ¸ULQJI¸UDWW
I¸UKLQGUDHOVW¸WDUHOOHUEUDQG
6N§SHWRFKIURQWHQNDQGDPPDVDYPHG
HQROMHIULGXNHOOHUWY¦WWDVDYPHGHQGXN
GRSSDGLHQO¸VQLQJDYYDUPWYDWWHQRFK
PLOWᚐ\WDQGHGLVNPHGHO
$QY¦QGDOGULJUHQJ¸ULQJVPHGHOPHG
VOLSHᚎHNWYD[HOOHUSROHUPHGHOS§
VN§SHWVIURQW
9ULGXU¸YHUEOLYHWYDWWHQXUGXNHQLQQDQ
GXWRUNDUUXQWUHJODJHQYHUEOLYHW
YDWWHQLHOOHUUXQWUHJODJHQNDQVNDGD
OXIWNRQGLWLRQHULQJHQ

5HQJ¸UDHQKHWHQ

7DERUWOXIWᚏOWUHWV§VRPYLVDVS§
ELOGHQQHGDQ
)¸UDWWK§OODGLQOXIWNRQGLWLRQHULQJVDSSDUDW
HᚎHNWLYE¸UGXUHQJ¸UDᚏOWUHWYDUDQQDQ
YHFND
7DXWGHW¸YUHRFKGHWQHGUHOXIWᚏOWUHW

5HQJ¸UDᚏOWUHQ
69(16.$

7¸PYDWWHQWDQNHQKHOWRFKO§WGHWQHGUH
W¸PQLQJVORFNHWRFKJXPPLSURSSHQVLWWD
NYDUWLOOU¦FNOLJWO¦QJHV§DWWUHVWHUDQGH
YDWWHQW¸PVXW1¦UEHK§OODUHQ¦UKHOW
WRPRFKLQJHWPHUYDWWHQULQQHUXWV¦WW
WLOOEDNDJXPPLSURSSHQRFKORFNHW

6HWLOODWWᚏOWHURFKW¸PQLQJVORFNVLWWHU
RUGHQWOLJWS§SODWV

.RQWUROOHUDDWWVODGGHQ¦ULJRWWVNLFN
XWDQVSULFNRUHOOHUVNDGRU

6¦WWLQ\DEDWWHULHULIM¦UUNRQWUROOHQ

,QVWDOOHUDOXIWNRQGLWLRQHULQJHQ
HQOLJWEHVNULYQLQJHQL
LQVWDOODWLRQVDQYLVQLQJDUQD

7Y¦WWDᚏOWUHWPHGᚐ\WDQGHGLVNPHGHO
RFKYDUPWYDWWHQHMPHU¦Qr&
6N¸OMᚏOWUHWQRJD6NDNDI¸UVLNWLJWERUW
¸YHUEOLYHWYDWWHQXUᚏOWUHW.RQWUROOHUD
DWWᚏOWUHW¦UKHOWWRUUWLQQDQGXV¦WWHU
WLOOEDNDGHW,VW¦OOHWI¸UDWWWY¦WWDDY
ᚏOWUHWNDQGXGDPPVXJDGHW

6¦WWWLOOEDNDᚏOWUHWQ¦UGHWKDUWRUNDW
.RQWUROOHUDDWWᚏOWUHW¦UKHOWWRUUW
LQQDQGXV¦WWHUWLOOEDNDGHW
2POXIWNRQGLWLRQHULQJHQLQWHVND
DQY¦QGDVXQGHUHQO¦QJUHWLG
,QQDQOXIWNRQGLWLRQHULQJHQDQY¦QGVLJHQ

9LQWHUI¸UYDULQJ

)(/6.1,1*
/¦VLOLVWDQLQQDQGXULQJHUHIWHUVHUYLFH
'HWNDQVSDUDGLJWLGRFKSHQJDU'HQ
K¦UOLVWDQLQQHK§OOHUYDQOLJDIHOVRPLQWH
EHURUS§WLOOYHUNQLQJVIHOHOOHUPDWHULDOIHO
/XIWNRQGLWLRQHULQJHQIXQJHUDULQWH
/XIWHQIU§QHQKHWHQN¦QQVLQWH
WLOOU¦FNOLJWNDOO
/XIWNRQGLWLRQHULQJHQN\OHUPHQ
UXPPHW¦UI¸UYDUPW,1*(1LVELOGDV
S§N\OVSROHQEDNRPGHQGHNRUDWLYD
IURQWHQ
ವ 9¦JJNRQWDNWHQ¦ULQWHDQVOXWHQ6¦WW
LNRQWDNWHQRUGHQWOLJWLXWWDJHW
ವ (QSURSSLKXVHWNDQKDJ§WWHOOHU
V§NDQMRUGIHOVEU\WDUHQKDXWO¸VWV
%\WV¦NULQJPRWHQDYW\SHQWLGVI¸UGU¸MG
HOOHU§WHUVW¦OOKXYXGVWU¸PEU\WDUHQ
ವ .RQWUROOHQ¦U$96O§S§NRQWUROOHQRFK
VW¦OOLQ¸QVNDGLQVW¦OOQLQJ
ವ )HONRG3YLVDVS§GLVSOD\HQ
7¸PXWYDWWHQV§VRPEHVNULYV
LDYVQLWW7¸PQLQJ
ವ 5XPVWHPSHUDWXUHQ¦UO¦JUH¦QGHQ
LQVW¦OOGDWHPSHUDWXUHQ.\OQLQJVO¦JH
HOOHUUXPVWHPSHUDWXUHQ¦UK¸JUH
¦QGHQLQVW¦OOGDWHPSHUDWXUHQ
9¦UPHO¦JHWHUVW¦OOWHPSHUDWXUHQ
ವ 5XPVWHPSHUDWXUHQ¦UXQGHUr&
.\OQLQJNDQLQWHLQWU¦ᚎDI¸UU¦Q
UXPVWHPSHUDWXUHQVWLJHU¸YHUr&
ವ 6W¦OOLQHQO¦JUHWHPSHUDWXU
ವ .RPSUHVVRUQKDUVW¦QJWVDYJHQRPDWW
O¦JHQKDU¦QGUDWV9¦QWDFDPLQXWHU
RFKO\VVQDHIWHUDWWNRPSUHVVRUQVWDUWDU
RPQ¦UGHQVW¦OOVLQL&22/O¦JHW
ವ <WWHUWHPSHUDWXUHQ¦UXQGHUr&
)¸UDWWIURVWDDYVSROHQVW¦OOHUGXLQ
ᚐ¦NWO¦JH
ವ /XIWᚏOWUHWNDQYDUDVPXWVLJW5HQJ¸U
ᚏOWUHW6HDYVQLWWರ6N¸WVHORFK
UHQJ¸ULQJರ6W¦OOLQᚐ¦NWO¦JHI¸UDWW
DYIURVWD
ವ 7HPSHUDWXUHQ¦ULQVW¦OOGI¸UO§JWI¸U
N\OQLQJQDWWHWLG6W¦OOLQᚐ¦NWO¦JHI¸U
DWWDYIURVWDVSROHQ6W¦OOVHGDQLQ
WHPSHUDWXUHQS§HQK¸JUHLQVW¦OOQLQJ

7DERUWRFKUHQJ¸UᚏOWUHWO§WGHWWRUND
KHOWRFKV¦WWVHGDQWLOOEDNDGHW

7DERUWIM¦UUNRQWUROOHQVEDWWHULHU

)¸UYDUDOXIWNRQGLWLRQHULQJHQS§HWW
VYDOWWRUUWVW¦OOHLQWHLGLUHNWVROOMXV
HOOHULH[WUHPDWHPSHUDWXUHUVHWLOODWW
GHW¦UY¦OYHQWLOHUDWRFKLQWHGDPPLJW
 ZZZHOHFWUROX[FRP
ವ 6PXWVLJWOXIWᚏOWHUOXIWHQEHJU¦QVDV
5HQJ¸UOXIWᚏOWUHW
ವ 8WRPKXVWHPSHUDWXUHQ¦UH[WUHPW
YDUP6W¦OOLQᚐ¦NWKDVWLJKHWHQS§HQ
VQDEEDUHLQVW¦OOQLQJV§DWWOXIWHQJ§U
JHQRPN\OVSRODUQDRIWDUH
5XPPHW¦UI¸UNDOOW
ವ ,QVW¦OOGWHPSHUDWXU¦UI¸UO§JNDGHQ
LQVW¦OOGDWHPSHUDWXUHQ
ವ 8WORSSVNDQDOHQ¦ULQWHDQVOXWHQHOOHU
¦UEORFNHUDG6HDYVQLWW8WVO¦SS
DYYDUPOXIW
/XIWNRQGLWLRQHULQJHQN\OHUPHQ
UXPPHW¦UI¸UYDUPWLVELOGDV
S§N\OVSROHQEDNRPGHQGHNRUDWLYD
IURQWHQ
/XIWNRQGLWLRQHULQJHQVO§VS§RFK
DYVQDEEW
ವ 6PXWVLJWOXIWᚏOWHUOXIWHQEHJU¦QVDV
5HQJ¸UOXIWᚏOWUHW6HDYVQLWWರ6N¸WVHO
RFKUHQJ¸ULQJರ
ವ 7HPSHUDWXUHQ¦UI¸UK¸JWLQVW¦OOG6W¦OO
LQWHPSHUDWXUHQS§HQO¦JUHLQVW¦OOQLQJ
ವ /XIWJDOOUHQKDUULNWDWVIHODNWLJW5LNWD
OXIWJDOOUHQI¸UE¦WWUHOXIWI¸UGHOQLQJ
ವ (QKHWHQVIURQW¦UEORFNHUDGDY
ODNDQSHUVLHQQHUP¸EOHUHWF
EHJU¦QVDUOXIWI¸UGHOQLQJHQ5HQVD
ERUWEORFNHULQJHQLHQKHWHQVIURQW
ವ '¸UUDUI¸QVWHUVSM¦OOHWF¦U¸SSQD
VYDOOXIWNRPPHUXW6W¦QJG¸UUDU
I¸QVWHUVSM¦OOHWF

0,/-6.<''
WHUYLQQPDWHULDOPHGV\PEROHQ
WHUYLQQI¸USDFNQLQJHQJHQRPDWW
SODFHUDGHQLO¦PSOLJWN¦UO%LGUDWLOODWW
VN\GGDY§UPLOM¸RFKY§UK¦OVDJHQRP
DWW§WHUYLQQDDYIDOOIU§QHOHNWULVNDRFK
HOHNWURQLVNDSURGXNWHU6O¦QJLQWH
SURGXNWHUP¦UNWDPHGV\PEROHQ
PHG
KXVK§OOVDYIDOOHW/¦PQDLQSURGXNWHQ
S§Q¦UPDVWH§WHUYLQQLQJVVWDWLRQHOOHU
NRQWDNWDNRPPXQNRQWRUHW
ವ (QKHWHQKDUQ\OLJHQVDWWVLJ§QJ
LHWWYDUPWUXP9¦QWDHQVWXQGV§DWW
ರODJUDGY¦UPHರI¸UVYLQQHUIU§QY¦JJDU
JROYRFKP¸EOHU
,7$/,$12
3(16$7,3(592,
*UD]LHSHUDYHUDFTXLVWDWRXQಬDSSDUHFFKLDWXUD(OHFWUROX[$YHWHVFHOWRXQSURGRWWRFKH
KDDOOHVSDOOHGHFHQQLGLHVSHULHQ]DSURIHVVLRQDOHHLQQRYD]LRQH,QJHJQRVRHGHOHJDQWH
ªVWDWRSURJHWWDWRSHQVDQGRDYRL4XLQGLLQTXDOVLDVLPRPHQWRGHVLGHUDWHXWLOL]]DUOR
SRWHWHHVVHUFHUWLGLRWWHQHUHVHPSUHLPLJOLRULULVXOWDWL%HQYHQXWLLQ(OHFWUROX[
5LFHYHUHFRQVLJOLGಬXVRVFDULFDUHLQRVWULRSXVFROLHOLPLQDUHHYHQWXDOLDQRPDOLH
RWWHQHUHLQIRUPD]LRQLVXOOಬDVVLVWHQ]D
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
9LVLWDWHLOQRVWURVLWR:HESHU
5HJLVWUDWHLOYRVWURSURGRWWRSHUXQVHUYL]LRPLJOLRUHVX
ZZZUHJLVWHUHOHFWUROX[FRP
$FTXLVWDWHDFFHVVRULPDWHULDOLGLFRQVXPRHULFDPELRULJLQDOLSHUODYRVWUD
DSSDUHFFKLDWXUDVX
ZZZHOHFWUROX[FRPVKRS

,1)250$=,21,3(5/$6,&85(==$ 

,6758=,21,',6,&85(==$ 

'(6&5,=,21('(//ಬ81,7 

$&&(6625,)251,7,,1'27$=,21( 

,6758=,21,',,167$//$=,21( 

&$5$77(5,67,&+('(/&21',=,21$725( 

,6758=,21,3(5/ಬ862 

38/,=,$(&85$ 

*8,'$$//$5,62/8=,21('(,352%/(0, 

&216,'(5$=,21,68//ಬ$0%,(17( 
,1',&(
6(59,=,2&/,(17,(0$187(1=,21(
&RQVLJOLDPRVHPSUHSH]]LGLULFDPELRRULJLQDOL
4XDQGRVLFRQWDWWDLO&HQWURGL$VVLVWHQ]D$XWRUL]]DWRDFFHUWDUVLGLGLVSRUUHGHLVHJXHQWL
GDWL0RGHOORQXPHURGHOOಬDSSDUHFFKLR31&QXPHURGLVHULH
/HLQIRUPD]LRQLVLWURYDQRVXOODWDUJKHWWDGLLGHQWLᚏFD]LRQH
&RQULVHUYDGLPRGLᚏFKHVHQ]DSUHDYYLVR
$YYHUWHQ]D$WWHQ]LRQH,PSRUWDQWL,QIRUPD]LRQLGL6LFXUH]]D
,QIRUPD]LRQLHFRQVLJOLJHQHUDOL
,QIRUPD]LRQLVXOOಬDPELHQWH
 ZZZHOHFWUROX[FRP

,1)250$=,21,3(5/$6,&85(==$
$99(57(1=$
ವ4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDEDPELQL
DSDUWLUHGDJOLDQQLHGDDGXOWLFRQOLPLWDWHFDSDFLW¢
ᚏVLFKHVHQVRULDOLRPHQWDOLRFRQVFDUVDHVSHULHQ]D
RFRQRVFHQ]DVXOOಬXVRGHOOಬDSSDUHFFKLDWXUD
VRODPHQWHVHVRUYHJOLDWLRVHVRQRVWDWLLVWUXLWL
UHODWLYDPHQWHDOOಬXVRGHOOಬDSSDUHFFKLDWXUDHVH
KDQQRFRPSUHVRLULVFKLFRLQYROWL
ವ,EDPELQLQRQGRYUHEEHURJLRFDUHFRQOಬDSSDUHFFKLR
ವ6HLOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWRGHYH
HVVHUHVRVWLWXLWRGDOSURGXWWRUHGDXQWHFQLFR
DXWRUL]]DWRRGDXQDSHUVRQDTXDOLᚏFDWDSHU
HYLWDUHVLWXD]LRQLGLSHULFROR
4XHVWRPDQXDOHVSLHJDFRPHXVDUHLQPRGRFRUUHWWR
LOYRVWURQXRYRFRQGL]LRQDWRUH6LSUHJDGLOHJJHUH
DWWHQWDPHQWHTXHVWRPDQXDOHSULPDGLXWLOL]]DUHLO
SURGRWWR4XHVWRPDQXDOHYDFRQVHUYDWRLQXQOXRJR
VLFXURSHUXQDIDFLOHFRQVXOWD]LRQH
6LPEROR 1RWD 'HVFUL]LRQH
$99(57(1=$
$77(1=,21(
$77(1=,21(
$77(1=,21(
4XHVWRVLPERORLQGLFDFKHOಬDSSDUHFFKLDWXUDVLVHUYH
GLXQUHIULJHUDQWHLQILDPPDELOH4XDORUDYLVLDQR
SHUGLWHGLUHIULJHUDQWHRORVWHVVRVLDHVSRVWRDXQD
VRUJHQWHGLDFFHQVLRQHHVWHUQDYLªXQULVFKLRGL
LQFHQGLR
4XHVWRVLPERORLQGLFDFKHLOPDQXDOH
GLIXQ]LRQDPHQWRGRYUHEEHHVVHUHOHWWR
FRQHVWUHPDDWWHQ]LRQH
4XHVWRVLPERORLQGLFDFKHLOSHUVRQDOHGLVHUYL]LR
GRYUHEEHJHVWLUHTXHVWDVWUXPHQWD]LRQHIDFHQGR
ULIHULPHQWRDTXDQWRLQGLFDWRQHOPDQXDOHGL
LQVWDOOD]LRQH
4XHVWRVLPERORPRVWUDFKHFLVRQRLQIRUPD]LRQL
GLVSRQLELOLTXDOLDGHVHPSLRLOPDQXDOHGLLVWUX]LRQL
RLOPDQXDOHGLLQVWDOOD]LRQH
$77(1=,21(
ವ&RQWDWWDUHXQWHFQLFRDXWRUL]]DWRSHUULSDUDUHR
HVHJXLUHODPDQXWHQ]LRQHGLTXHVWDDSSDUHFFKLDWXUD
,7$/,$12

1RWHLPSRUWDQWL
1RQD]LRQDUHOಬDSSDUHFFKLDWXUDVHQ]DLOᚏOWURSHUOಬDULD
1RQD]LRQDUHOಬDSSDUHFFKLDWXUDLQSURVVLPLW¢GLIRQWL
GLFDORUHRᚏDPPHOLEHUH
1RQHVSRUUHOಬXQLW¢HVWHUQDDOODOXFHVRODUHGLUHWWD
HDOODSLRJJLD
&XVWRGLUHRVSRVWDUHOಬDSSDUHFFKLDWXUDVHPSUHLQ
SRVL]LRQHYHUWLFDOH
1RQFRSULUHOಬDSSDUHFFKLDWXUDPHQWUHªLQIXQ]LRQH
RSSXUHLPPHGLDWDPHQWHGRSROಬXVR
6FDULFDUHVHPSUHOಬDFTXDGLFRQGHQVDSULPDGLULSRUUH
OಬDSSDUHFFKLDWXUD
ವ&RQWDWWDUHXQLQVWDOODWRUHSHULQVWDOODUHTXHVWD
DSSDUHFFKLDWXUD
ವ,OFRQGL]LRQDWRUHQRQGHYHHVVHUHXWLOL]]DWR
GDEDPELQLRGDSHUVRQHLQIHUPHVHQ]DOD
VXSHUYLVLRQHGLXQDSHUVRQDUHVSRQVDELOH
ವFRQVLJOLDELOHFRQWUROODUHFKHLEDPELQLQRQ
JLRFKLQRFRQLOFRQGL]LRQDWRUH
ವ(VLVWRQRUHJROHORFDOLULVSHWWRDLOLYHOOLGLUXPRURVLW¢
PDVVLPDFRQVHQWLWDSHULFRQGL]LRQDWRUL
ವ6HLOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWRSX´
HVVHUHVRVWLWXLWRVRORGDOSHUVRQDOHDXWRUL]]DWR
ವ,ODYRULGLLQVWDOOD]LRQHSRVVRQRHVVHUHHVHJXLWL
FRQIRUPHPHQWHDJOLVWDQGDUGQD]LRQDOLYLJHQWL
GDOSHUVRQDOHDXWRUL]]DWRGRYHDSSOLFDELOL
8QFROOHJDPHQWRLQDGHJXDWRSX´SURYRFDUH
LOVXUULVFDOGDPHQWRROಬLQFHQGLR
ವ3UHVWDUHDWWHQ]LRQHDQRQLQFDVWUDUHOHGLWDQHOOD
YHQWRODGXUDQWHODUHJROD]LRQHGHLGHᚐHWWRUL
RUL]]RQWDOL
ವ,OIXVLELOHKDOHVHJXHQWLVSHFLᚏFKH9$
WLSRFHUDPLFD
ವ/HRSHUD]LRQLGLSXOL]LDHPDQXWHQ]LRQHQRQYDQQR
HVHJXLWHGDLEDPELQLVHQ]DVXSHUYLVLRQH$WWHQ]LRQH
LUHIULJHUDQWLSRWUHEEHURHVVHUHLQRGRUH
 ZZZHOHFWUROX[FRP

$VSHWWLGDULFRUGDUHTXDQGRVLXWLOL]]D
LOFRQGL]LRQDWRUH
$77(1=,21(
$YYHUWHQ]HSHUOಬXVR
ವ1RQPRGLᚏFDUHQHVVXQFRPSRQHQWHGLTXHVWR
SURGRWWR
ವ1RQLQVHULUHQXOODDOOಬLQWHUQRGHLFRPSRQHQWL
GHOOಬDSSDUHFFKLDWXUD
ವ$VVLFXUDUVLFKHODFRUUHQWHGLDOLPHQWD]LRQHDEELD
ODWHQVLRQHDGHJXDWD8WLOL]]DUHHVFOXVLYDPHQWH
XQUHWHHOHWWULFDGD9+]$
/ಬXWLOL]]RGLXQDUHWHGLDOLPHQWD]LRQHFRQXQD
WHQVLRQHLQDGHJXDWDSX´SURYRFDUHGDQQL
DOOಬDSSDUHFFKLDWXUDHSX´HVVHUHFDXVDGLLQFHQGLR
ವ8WLOL]]DUHVHPSUHXQLQWHUUXWWRUHRXQIXVLELOHDQWL
HVSORVLRQHFRQODWHQVLRQHDGHJXDWD,QQHVVXQ
FDVRXWLOL]]DUHᚏOLVSLQHRDOWULRJJHWWLDOSRVWRGHO
IXVLELOHDGHJXDWR
ವ,QFDVRGLHYHQWXDOLDQRPDOLHFROFRQGL]LRQDWRUH
DGHVHPSLRRGRUHGLEUXFLDWRQRQWLUDUHODVSLQD
DSULUHFRPHSULPDFRVDXQDᚏQHVWUDSHUJDUDQWLUH
YHQWLOD]LRQHTXLQGLVSHJQHUHOಬXQLW¢HVFROOHJDUH
OಬDOLPHQWD]LRQH
$77(1=,21(
$YYHUWHQ]DSHULOFDYRGLDOLPHQWD]LRQH
ವ&ROOHJDUHTXHVWDVSLQDGLDOLPHQWD]LRQHVROWDQWR
LQXQDSUHVDDPXURDGHJXDWD1RQXWLOL]]DUHXQD
SUROXQJD
ವ,QVHULUHVDOGDPHQWHODVSLQDGLDOLPHQWD]LRQHQHOOD
SUHVDHDVVLFXUDUVLFKHVLDSHUIHWWDPHQWHVWDELOH
ವ1RQWLUDUHGHIRUPDUHRPRGLᚏFDUHLOFDYRGL
DOLPHQWD]LRQHRLPPHUJHUORLQDFTXD7LUDQGR
RXWLOL]]DQGRLQPDQLHUDLQDGHJXDWDLOFDYR
GLDOLPHQWD]LRQHVLSRVVRQRSURYRFDUHGDQQL
DOOಬDSSDUHFFKLDWXUDHVFRVVHHOHWWULFKH
ವ,OFDYRGLDOLPHQWD]LRQHGDQQHJJLDWRGHYHHVVHUH
VRVWLWXLWRVRORGDOFRVWUXWWRUHRVXRUDSSUHVHQWDQWH
,7$/,$12

1RUPHGLVLFXUH]]D
ವ$FFHUWDUVLGLVSHJQHUHOಬDSSDUHFFKLDWXUDHVWDFFDUH
LOFDYRGLDOLPHQWD]LRQHSULPDGLHVHJXLUHJOLLQWHUYHQWL
GLPDQXWHQ]LRQHRSXOL]LD
ವ1RQPHWWHUHOಬXQLW¢YLFLQRDVRUJHQWLGLFDORUHRᚏDPPH
OLEHUHLQIDVHGLVRVWLWX]LRQHGHLᚏOWUL
ವ(YLWDUHGLVSUX]]DUHRYHUVDUHDFTXDGLUHWWDPHQWH
VXOOಬDSSDUHFFKLDWXUD/ಬDFTXDSX´FDXVDUHXQDVFRVVD
HOHWWULFDRGDQQHJJLDUHOಬHTXLSDJJLDPHQWR
ವ6FDULFDUHOಬDFTXDGDOFRQGL]LRQDWRUHRJQLYROWDFKHYLHQH
VSRVWDWR(YHQWXDOHDFTXDULPDVWDQHOVHUEDWRLRSRWUHEEH
YHQLUHULYHUVDWDYHUVROಬHVWHUQRGXUDQWHORVSRVWDPHQWR
ವ3HUJDUDQWLUHXQRVFDULFRDGHJXDWRLOWXERGLVFDULFR
QRQGHYHSUHVHQWDUHSLHJKHHQRQGHYHHVVHUH
VROOHYDWRGXUDQWHODIDVHGLGHXPLGLᚏFD]LRQH,QFDVR
FRQWUDULROಬDFTXDVFDULFDWDSRWUHEEHYHQLUHULYHUVDWD
QHOODVWDQ]D
VRORSHULO5HJQR8QLWR
6SLQD
/LQJXHWWD
GLPHVVD
DWHUUD
6SLQD
6SLQRWWRGLPHVVD
DWHUUDTXDGUDWR
SHUOಬDVVLVWHQ]DRDOWURSHUVRQDOHTXDOLᚏFDWRSHU
HYLWDUHVLWXD]LRQLGLSHULFROR3HUXQಬHYHQWXDOH
VRVWLWX]LRQHXWLOL]]DUHHVFOXVLYDPHQWHLOFDYRGL
DOLPHQWD]LRQHLQGLFDWRGDOSURGXWWRUH
ವ4XHVWDDSSDUHFFKLDWXUDGHYHHVVHUHFROOHJDWDDOOD
PHVVDDWHUUD4XHVWDDSSDUHFFKLDWXUDªGRWDWD
GLXQFDYRFRQXQᚏORGLPHVVDDWHUUD/DVSLQD
GHYHHVVHUHLQVHULWDLQXQDSUHVDDGHJXDWDPHQWH
LQVWDOODWDHFRQPHVVDDWHUUD0DLLQQHVVXQFDVR
WDJOLDUHRULPXRYHUHGDTXHVWDVSLQDORVSLQRWWR
TXDGUDWRGLPHVVDDWHUUDVRORSHULO5HJQR8QLWR
 ZZZHOHFWUROX[FRP
ವ/DWHPSHUDWXUDDWWRUQRDOWXERGLVFDULFRQRQGHYH
PDLVFHQGHUHVRWWRLOSXQWRGLFRQJHODPHQWRGXUDQWH
OಬXWLOL]]R/ಬDFTXDVFDULFDWDSRWUHEEHFRQJHODUVLQHO
WXERIDFHQGRWUDERFFDUHQHOODVWDQ]DOಬDFTXDDOOಬLQWHUQR
GHOOಬDSSDUHFFKLDWXUD
ವ1RQRVWUXLUHOಬLQJUHVVRROಬXVFLWDGHOOಬDULD,OUDᚎUHVFDPHQWR
VLSRWUHEEHULGXUUHREORFFDUVLFRPSOHWDPHQWH
ವ3UHYHGHUHXQLQWHUUXWWRUHGLFRUUHQWHUHVLGXD5&'
DQWLHVSORVLRQHSHUJDUDQWLUHODSURWH]LRQHGDOOHVFRVVH
HOHWWULFKHFRQIRUPHPHQWHDOORVWDQGDUGGHOOD*UDQ
%UHWDJQDHDOOHUHJROHGLFDEODJJLR
ವ(VSRUVLDOᚐXVVRGLUHWWRDOXQJRSRWUHEEHHVVHUH
ULVFKLRVRSHUODVDOXWH1RQHVSRUUHSHUVRQHDQLPDOL
RSLDQWHDOᚐXVVRGLUHWWRSHUXQWHPSRSUROXQJDWR
ವ1RQXWLOL]]DUHLOFRQGL]LRQDUHSHUVFRSLVSHFLDOL
QRQVSHFLᚏFDWLFRPHODFRQVHUYD]LRQHGLVWUXPHQWL
GLSUHFLVLRQHDOLPHQWLDQLPDOLHRSHUHGಬDUWH
8QXWLOL]]RGHOJHQHUHSRWUHEEHGDQQHJJLDUOL
ವ1RQXWLOL]]DUHGLVSRVLWLYLSHUDFFHOHUDUHLOSURFHVVR
GLVEULQDPHQWRRSHUSXOLUHHFFHWWRTXHOOLFRQVLJOLDWL
GDOFRVWUXWWRUH
ವ/ಬDSSDUHFFKLDWXUDYDFRQVHUYDWDQHOODVWDQ]DVHQ]D
IRQWLGLLJQL]LRQHVHPSUHDFFHVHDGHVHPSLRᚏDPPH
OLEHUHXQಬDSSDUHFFKLDWXUDDJDVLQIXQ]LRQHRSSXUH
XQULVFDOGDWRUHHOHWWULFRLQIXQ]LRQH
ವ1RQIRUDUHREUXFLDUH
ವ5LVSHWWDUHODFRQIRUPLW¢FRQOHQRUPDWLYHQD]LRQDOL
UHODWLYDPHQWHDOJDV
ವ$FFHUWDUVLFKHOHDSHUWXUHGLYHQWLOD]LRQHQRQVLDQR
RVWUXLWH
ವ/ಬDSSDUHFFKLDWXUDYDFRQVHUYDWDLQXQD]RQDEHQ
YHQWLODWDLQFDPHUHFRQXQDVXSHUᚏFLHVXSHULRUHDLP
6,35(*$',127$5(&+(&21752//$5(
/$7$5*+(77$(9(5,),&$5(,/7,32',
*$65()5,*(5$17(86$72$//ಬ,17(512
'(//ಬ$33$5(&&+,$785$
,7$/,$12
$99(57(1=$
,QIRUPD]LRQLVSHFLᚏFKHUHODWLYDPHQWHDOOH
DSSDUHFFKLDWXUHFRQJDVUHIULJHUDQWH5
ವ/HJJHUHWXWWHOHDYYHUWHQ]HQHOODORURFRPSOHWH]]D
ವ,QIDVHGLVFRQJHODPHQWRHSXOL]LD
GHOOಬDSSDUHFFKLDWXUDQRQXVDUHVWUXPHQWLGLYHUVL
GDTXHOOLFRQVLJOLDWLGDOODVRFLHW¢SURGXWWULFH
ವ/ಬDSSDUHFFKLDWXUDYDFROORFDWDLQXQಬDUUDVHQ]DIRQWL
GLDFFHQVLRQHFRQWLQXHDGHVHPSLRᚏDPPHOLEHUH
DSSDUHFFKLDWXUHDJDVRHOHWWULFKHLQIXQ]LRQH
ವ1RQIRUDUHHQRQEUXFLDUH
ವ,JDVUHIULJHUDQWLSRVVRQRHVVHUHLQRGRUH
ವ/ಬDSSDUHFFKLDWXUDGHYHHVVHUHLQVWDOODWDXVDWD
HFRQVHUYDWDLQXQD]RQDSL»JUDQGHGLP
ವ4XHVWDDSSDUHFFKLDWXUDFRQWLHQHXQGHWHUPLQDWR
QXPHURGLJUDPPLFIUODWDUJKHWWDVXOODSDUWH
SRVWHULRUHGHOOಬXQLW¢GLJDVUHIULJHUDQWH5
ವ,OJDV5ªXQJDVUHIULJHUDQWHFRQIRUPH
DOOHGLUHWWLYH(XURSHHVXOOಬDPELHQWH1RQIRUDUH
QHVVXQDSDUWHGHOFLUFXLWRUHIULJHUDQWH
ವ6HOಬDSSDUHFFKLDWXUDªLQVWDOODWDD]LRQDWD
RFRQVHUYDWDLQXQD]RQDQRQYHQWLODWDOಬDUHD
GHYHHVVHUHVWUXWWXUDWDLQPRGRWDOHGDSUHYHQLUH
OಬDFFXPXORGLSHUGLWHGLOLTXLGRUHIULJHUDQWHLOFKH
SRWUHEEHFDXVDUHULVFKLRGLLQFHQGLRRHVSORVLRQH
DFDXVDGLDFFHQVLRQHGLOLTXLGRUHIULJHUDQWH
FDXVDWRGDULVFDOGDWRULHOHWWULFLVWXIHRDOWUH
IRQWLGLDFFHQVLRQH
ವ/ಬDSSDUHFFKLDWXUDYDFRQVHUYDWDLQLQPRGRWDOH
GDHYLWDUHJXDVWLPHFFDQLFL
ವ/HSHUVRQHFKHRSHUDQRRODYRUDQRVXOFLUFXLWR
UHIULJHUDQWHGHYRQRDYHUHXQDFHUWLᚏFD]LRQH
HPHVVDGDXQಬRUJDQL]]D]LRQHDFFUHGLWDWDFKH
JDUDQWLVFHFRPSHWHQ]DLQIDVHGLJHVWLRQHGHL
OLTXLGLUHIULJHUDQWLDVHFRQGDGLXQDYDOXWD]LRQH
VSHFLᚏFDULFRQRVFLXWDGDOOHDVVRFLD]LRQLGLVHWWRUH
ವ/HULSDUD]LRQLYDQQRHVHJXLWHVXOODEDVHGHOOH
LQGLFD]LRQLIRUQLWHGDOODVRFLHW¢SURGXWWULFH
/HPDQXWHQ]LRQLHJOLLQWHUYHQWLGLULSDUD]LRQH
 ZZZHOHFWUROX[FRP
FKHULFKLHGRQROಬDVVLVWHQ]DGLDOWURSHUVRQDOH
TXDOLᚏFDWRYDQQRHVHJXLWHVRWWRDOODVXSHUYLVLRQH
GLXQDSHUVRQDFRPSHWHQWHQHOODPDQLSROD]LRQH
GLUHIULJHUDQWLLQᚏDPPDELOL
7UDVSRUWRGLVWUXPHQWD]LRQHFRQWHQHQWHUHIULJHUDQWL
LQᅧDPPDELOL
&IUOHQRUPDWLYHGLWUDVSRUWR
&RQWUDVVHJQDUHODVWUXPHQWD]LRQHFRQVLPEROL
&IUOHQRUPDWLYHORFDOL
6PDOWLPHQWRGHOODVWUXPHQWD]LRQHVHUYHQGRVL
GLUHIULJHUDQWLLQᅧDPPDELOL
&IUOHQRUPDWLYHQD]LRQDOL
&RQVHUYD]LRQHGLVWUXPHQWD]LRQHDSSDUHFFKLDWXUH
/DFRQVHUYD]LRQHGHOODVWUXPHQWD]LRQHGRYUHEEH
DYYHQLUHFRQIRUPHPHQWHDOOHLVWUX]LRQLGHOSURGXWWRUH
&RQVHUYD]LRQHGLVWUXPHQWD]LRQHLPEDOODWD
QRQYHQGXWD
/DSURWH]LRQHGHJOLLPEDOODJJLFRQVHUYD]LRQHYDUHDOL]]DWD
LQPRGRWDOHFKHLGDQQLPHFFDQLFLDOODVWUXPHQWD]LRQH
DOOಬLQWHUQRGHOODFRQIH]LRQHQRQFDXVLQRSHUGLWHDOFDULFR
GLUHIULJHUDQWH,OQXPHURPDVVLPRGLHOHPHQWLGHOOD
VWUXPHQWD]LRQHFKHSRVVRQRHVVHUHFRQVHUYDWLLQVLHPH
YHUU¢GHWHUPLQDWRGDOOHQRUPDWLYHORFDOL

,QIRUPD]LRQLDJJLXQWLYH

,6758=,21,',6,&85(==$

1RWHVXOIXQ]LRQDPHQWR
ವ $WWHQGHUHPLQXWLSHUFRQVHQWLUH
DOFRPSUHVVRUHGLULDYYLDUH
LOUDᚎUHVFDPHQWR6HVLVSHJQH
HVLULDFFHQGHLPPHGLDWDPHQWH
LOFRQGL]LRQDWRUHDWWHQGHUHPLQXWL
SHUFRQVHQWLUHDOFRPSUHVVRUHGL
ULDYYLDUHLOUDᚎUHVFDPHQWR$OOಬLQWHUQR
GHOOಬDSSDUHFFKLDWXUDªSUHYLVWRXQ
GLVSRVLWLYRHOHWWURQLFRFKHPDQWLHQH
VSHQWRLOFRPSUHVVRUHSHUPLQXWL
SHUVLFXUH]]D
ವ 1HOFDVRGLLQWHUUX]LRQHGHOODFRUUHQWH
HOHWWULFDGXUDQWHOಬXVRDWWHQGHUHPLQXWL
SULPDGLULDYYLDUHOಬDSSDUHFFKLDWXUD
8QDYROWDULSULVWLQDWDOಬDOLPHQWD]LRQH
ULDYYLDUHLOFRQGL]LRQDWRUH6HODFRUUHQWH
ªVWDWDDVVHQWHSHUPHQRGLTXDWWUR
PLQXWLYHULᚏFDUHGLDWWHQGHUHDOPHQR
TXDWWURPLQXWLSULPDGLULDYYLDUHOಬXQLW¢
4XDORUDLOFRQGL]LRQDWRUHYHQJDULDYYLDWR
SULPDGHLTXDWWURPLQXWLXQGLVSRVLWLYR
GLSURWH]LRQHDOOಬLQWHUQRGHOOಬXQLW¢
SRWUHEEHFDXVDUHORVSHJQLPHQWRGHO
FRPSUHVVRUH4XHVWRGLVSRVLWLYRGL
,7$/,$12
HODWHPSHUDWXUDDPELHQWHDXPHQWD
/ಬDULDFDOGDYLHQHVRᚑDWDIXRULGDOOಬXVFLWD
DULDPDTXHVWRªQRUPDOHHQRQLQGLFD
XQSUREOHPDGHOOಬDSSDUHFFKLDWXUD
ವ ,QPRGDOLW¢GLUDᚎUHVFDPHQWRTXHVWR
FRQGL]LRQDWRUHVRᚑDOಬDULDFDOGD
JHQHUDWDGDOOಬDSSDUHFFKLDWXUDIXRUL
GDOODVWDQ]DDWWUDYHUVRLOWXERGL
HVSXOVLRQHGHOOಬDULD1HOIUDWWHPSR
ORVWHVVRTXDQWLWDWLYRGLDULDHQWUD
QHOODVWDQ]DGDOOಬHVWHUQRGDOOHHYHQWXDOL
DSHUWXUHSUHVHQWLQHOODVWDQ]D
ವ /HHYHQWXDOLSHUVRQHFRLQYROWHDOLYHOOR
ODYRUDWLYRRGLPDQXWHQ]LRQHFRQL
FLUFXLWLUHIULJHUDQWLGRYUHEEHURHVVHUH
LQSRVVHVVRGLXQFHUWLᚏFDWRYDOLGRGD
XQಬHQWHGLYDOXWD]LRQHDFFUHGLWDWRQHO
VHWWRUHFKHQHFHUWLᚏFKLODFRPSHWHQ]D
SHUXQDJHVWLRQHVLFXUDGHLUHIULJHUDQWL
LQFRQIRUPLW¢FRQXQDVSHFLᚏFDWHFQLFD
GLYDOXWD]LRQHULFRQRVFLXWDQHOVHWWRUH
ವ *OLLQWHUYHQWLGLPDQXWHQ]LRQHYDQQR
HVHJXLWLXQLFDPHQWHLQFRQIRUPLW¢
DTXDQWRFRQVLJOLDWRGDOSURGXWWRUH
GHOODVWUXPHQWD]LRQH*OLLQWHUYHQWL
GLPDQXWHQ]LRQHHULSDUD]LRQH
FKHULFKLHGRQROಬDVVLVWHQ]DGLDOWUR
SHUVRQDOHTXDOLᚏFDWRYDQQRHVHJXLWH
VRWWRDOODVXSHUYLVLRQHGHOODSHUVRQD
FRPSHWHQWHUHODWLYDPHQWHDOOಬXVRGHL
UHIULJHUDQWLLQᚏDPPDELOL
ವ /DWHPSHUDWXUDGLIXQ]LRQDPHQWRGHO
FRQGL]LRQDWRUHªFRPSUHVDIUDL
HLr&r)VRWWRDOODPRGDOLW¢
GLUDᚎUHVFDPHQWRr&r)
LQPRGDOLW¢GLULVFDOGDPHQWR

$YYHUWHQ]HLQIDVHGLXWLOL]]R
3HUHYLWDUHOHVLRQLDOOಬXWLOL]]DWRUHRDG
DOWUHSHUVRQHRGDQQLDOOHFRVHVHJXLUH
OHLVWUX]LRQLULSRUWDWHQHOPDQXDOH
/DPDQFDWDFRQRVFHQ]DGHOOHLVWUX]LRQL
GLIXQ]LRQDPHQWRSX´FDXVDUHSHULFROL
RGDQQL
/DORURJUDYLW¢YLHQHFODVVLᚏFDWDGDOOH
VHJXHQWLLQGLFD]LRQL
4XHVWRVLPERORLQGLFDODSRVVLELOLW¢
GLPRUWHRGLJUDYLOHVLRQL
$YYHUWHQ]HLQIDVHGLXWLOL]]R
4XHVWRVLPERORLQGLFDODSRVVLELOLW¢
GLOHVLRQLᚏVLFKHRGDQQLVWUXWWXUDOL
DOODSURSULHW¢
$99(57(1=$
$99(57(1=$
$77(1=,21(
$OWULVLPEROLXVDWLLQTXHVWRPDQXDOH
4XHVWRVLPERORLQGLFDOH
RSHUD]LRQLGDHYLWDUH
4XHVWRVLPERORLQGLFDOH
RSHUD]LRQLGDHVHJXLUH
SURWH]LRQHLPSHGLU¢LOUDᚎUHVFDPHQWR
SHUFLUFDPLQXWL7XWWHOHLPSRVWD]LRQL
SUHFHGHQWLYHUUDQQRFDQFHOODWH
HOಬDSSDUHFFKLDWXUDWRUQHU¢DOOH
LPSRVWD]LRQLLQL]LDOL
ವ 4XDQGROಬXQLW¢YLHQHVSHQWDLQPRGDOLW¢
GLUDᚎUHVFDPHQWRLOFRPSUHVVRUH
VLVSHJQHU¢LPPHGLDWDPHQWHHLO
PRWRUHGHOODYHQWRODVXSHULRUH
LQIHULRUHVPHWWHU¢GLIXQ]LRQDUHGRSR
VHFRQGLVHOಬXQLW¢YLHQHXVDWDLQ
PRGDOLW¢YHQWRODGDOODPRGDOLW¢GL
UDᚎUHVFDPHQWRLOFRPSUHVVRUHVL
VSHJQHU¢LPPHGLDWDPHQWHHLOPRWRUH
VRWWRDOODYHQWRODVPHWWHU¢GLIXQ]LRQDUH
GRSRVHFRQGLVHOಬXQLW¢YLHQHXVDWDLQ
PRGDOLW¢GLULVFDOGDPHQWRLOFRPSUHVVRUH
VLVSHJQHU¢LPPHGLDWDPHQWHHLOPRWRUH
VRWWRDOODYHQWRODVPHWWHU¢GLIXQ]LRQDUH
GRSRVHFRQGL
ವ )XQ]LRQDPHQWRDEDVVDWHPSHUDWXUD
OಬDSSDUHFFKLDWXUDVLVWDFRQJHODQGR"
,OFRQJHODPHQWRVLSX´YHULᚏFDUHVH
OಬDSSDUHFFKLDWXUDYLHQHLPSRVWDWD
YLFLQRDLr&LQFRQGL]LRQLGLEDVVD
WHPSHUDWXUDDPELHQWHVSHFLDOPHQWH
GLQRWWH,QTXHVWHFRQGL]LRQLXQ
XOWHULRUHFDORGHOODWHPSHUDWXUH
SRWUHEEHSURYRFDUHLOFRQJHODPHQWR
GHOOಬDSSDUHFFKLDWXUD,PSRVWDQGR
OಬDSSDUHFFKLDWXUDVXXQDWHPSHUDWXUD
SL»DOWDVLSRWU¢HYLWDUQHLOFRQJHODPHQWR
ವ /DPRGDOLW¢GLGHXPLGLᚏFD]LRQHID
DXPHQWDUHODWHPSHUDWXUDDPELHQWH
,QPRGDOLW¢GLGHXPLGLᚏFD]LRQH
OಬDSSDUHFFKLDWXUDJHQHUDFDORUH
 ZZZHOHFWUROX[FRP
$YYHUWHQ]D 6LJQLᅧFDWR
,QVHULUHFRUUHWWDPHQWHODVSLQDQHOOD
SUHVD
,QFDVRFRQWUDULRFಬªLOSHULFRORGLVFRVVH
HOHWWULFKHLQFHQGLRHVSORVLRQLGRYXWL
DOOಬHFFHVVLYDSURGX]LRQHGLFDORUH
1RQD]LRQDUHRVSHJQHUH
OಬDSSDUHFFKLDWXUDLQVHUHQGRRHVWUDHQGR
ODVSLQDGLDOLPHQWD]LRQH
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
GDWD
ODJHQHUD]LRQHGLFDORUH
1RQGDQQHJJLDUHRXWLOL]]DUHXQFDYR
GLDOLPHQWD]LRQHQRQLGRQHR
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
6H
LOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWR
GHYHHVVHUHVRVWLWXLWRGDOIDEEULFDQWHGD
XQFHQWURGLDVVLVWHQ]DDXWRUL]]DWRRXQD
SHUVRQDTXDOLᚏFDWDSHUHYLWDUHSHULFROL
1RQPRGLᚏFDUHODOXQJKH]]DGHOFDYR
HOHWWULFRRXWLOL]]DUHSUHVHPXOWLSOH
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
GDWD
ODJHQHUD]LRQHGLFDORUH
1RQD]LRQDUHOಬXQLW¢FRQPDQLEDJQDWH
RLQXQDPELHQWHXPLGR
3X´HVVHUHFDXVDGLVFRVVHHOHWWULFKH
1RQGLULJHUHLOᚐXVVRGHOOಬDULDVXOOHSHUVRQH &L´SX´HVVHUHGDQQRVRSHUODVDOXWH
*DUDQWLUHVHPSUHXQDFRUUHWWDPHVVD
DWHUUD
/DPHVVDDWHUUDLQDGHJXDWDSX´HVVHUH
FDXVDGLVFRVVHHOHWWULFKH
1RQIDUHHQWUDUHDFTXDQHOOHSDUWL
HOHWWULFKH
3X´HVVHUHFDXVDGLGDQQL
DOOಬDSSDUHFFKLDWXUDRVFRVVHHOHWWULFKH
,QVWDOODUHVHPSUHXQGLVJLXQWRUH
HXQFLUFXLWRGHGLFDWR
8QಬLQVWDOOD]LRQHHUUDWDSRWUHEEHFDXVDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
6FROOHJDUHOಬDOLPHQWD]LRQHVH
VLSHUFHSLVFRQRUXPRULDQRPDOL
RGRULSDUWLFRODULRVHGHOIXPRHVFH
GDOOಬDSSDUHFFKLDWXUD
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
1RQFROOHJDUHODVSLQDVHªDOOHQWDWD
RGDQQHJJLDWD
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
1RQDSULUHOಬDSSDUHFFKLDWXUDGXUDQWH
LOIXQ]LRQDPHQWR
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
7HQHUHOHDUPLORQWDQH 3RWUHEEHFDXVDUHLQFHQGLRHVSORVLRQH
1RQXWLOL]]DUHLOFDYRGLDOLPHQWD]LRQH
YLFLQRDGDSSDUHFFKLGLULVFDOGDPHQWR
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
1RQODVFLDUHLOFDYRHOHWWULFRYLFLQRDJDV
LQᚏDPPDELOLRFRPEXVWLELOLTXDOLEHQ]LQD
EHQ]HQHGLOXHQWHHFF
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
VFRVVHHOHWWULFKHIXRFRHGHVSORVLRQL
$HUDUHOಬDPELHQWHSULPDGLD]LRQDUHLO
FRQGL]LRQDWRUHTXDORUDVLVLDYHULᚏFDWDXQD
IXJDGLJDVGDXQಬDOWUDDSSDUHFFKLDWXUD
3HULFRORGLLQFHQGLRHVSORVLRQH
HEUXFLDWXUH
1RQVPRQWDUHRPRGLᚏFDUH
OಬDSSDUHFFKLDWXUD
3HULFRORGLJXDVWRHVFRVVHHOHWWULFKH
,7$/,$12
$77(1=,21(
$WWHQ]LRQH 6LJQLᅧFDWR
4XDQGRRFFRUUHWRJOLHUHLOᚏOWURGHOOಬDULD
QRQWRFFDUHOHSDUWLPHWDOOLFKHGHOOಬXQLW¢
SHUQRQIHULUVL
1RQSXOLUHLOFRQGL]LRQDWRUHFRQDFTXD 6HOಬDFTXDHQWUDQHOOಬDSSDUHFFKLRSX´
GDQQHJJLDUHOಬLVRODPHQWR3HULFRORGL
VFRVVHHOHWWULFKH
$HUDUHODVWDQ]DVHOಬDSSDUHFFKLDWXUD
YLHQHXWLOL]]DWDLQVLHPHDXQIRUQHOOR
RVLPLOL
6LSRWUHEEHYHULᚏFDUHXQಬLQWHUUX]LRQH
GHOᚐXVVRGLRVVLJHQR
3ULPDGLSXOLUHOಬDSSDUHFFKLRVSHJQHUOR
HGLVDWWLYDUHLOGLVJLXQWRUH
1RQSXOLUHOಬDSSDUHFFKLRTXDQGR
OಬDOLPHQWD]LRQHªDQFRUDFROOHJDWDSHU
HYLWDUHSHULFROLGLLQFHQGLRHVSORVLRQL
HVFRVVHHOHWWULFKHROHVLRQLDOOHSHUVRQH
1RQPHWWHUHDQLPDOLGRPHVWLFLRSLDQWH
HVSRVWLDOᚐXVVRGLUHWWRGHOOಬDULD
SHUQRQDUUHFDUHORURGDQQL
1RQXWLOL]]DUHTXHVWRDSSDUHFFKLR
SHUᚏQLVSHFLDOL
1RQXWLOL]]DUHTXHVWRFRQGL]LRQDWRUH
SHUFRQVHUYDUHGLVSRVLWLYLGLSUHFLVLRQH
FLERDQLPDOLSLDQWHHRSHUHGಬDUWH
'LYHUVDPHQWHVLSRWUHEEHURSURYRFDUH
GHWHULRUDPHQWLDOLYHOORGLTXDOLW¢HFF
)HUPDUHOಬDSSDUHFFKLDWXUDHFKLXGHUH
ODᚏQHVWUDQHOFRUVRGLWHPSHVWHRFLFORQL
$]LRQDUHOಬDSSDUHFFKLRFRQOHᚏQHVWUH
DSHUWHSX´EDJQDUHJOLLQWHUQLHURYLQDUH
JOLDUUHGLGRPHVWLFL
3HUWRJOLHUHODVSLQDGDOODSUHVDDᚎHUUDUOD
GLUHWWDPHQWHVHQ]DWLUDUHLOᚏOR
'LYHUVDPHQWHVLSRVVRQRFDXVDUH
VFRVVHHOHWWULFKHRGDQQLPDWHULDOL
6SHJQHUHOಬLQWHUUXWWRUHSULQFLSDOHVH
VLSUHYHGHGLQRQXWLOL]]DUHOಬXQLW¢SHU
SUROXQJDWLSHULRGLGLWHPSR
3X´HVVHUHFDXVDGLGDQQL
DOOಬDSSDUHFFKLRRGLLQFHQGLHGHVSORVLRQL
1RQLQWHUSRUUHRVWDFROLYLFLQRDOSHUFRUVR
GLHQWUDWDHXVFLWDGHOOಬDULD
SHUQRQFDXVDUHGDQQLDOOಬDSSDUHFFKLR
RLQFLGHQWL
,QVHULUHVHPSUHFRUUHWWDPHQWHLᚏOWUL
3XOLUHLOᚏOWURRJQLGXHVHWWLPDQH
1RQD]LRQDUHOಬDSSDUHFFKLRVHQ]DᚏOWUL
SHUQRQGDQQHJJLDUOR
1RQXWLOL]]DUHGHWHUVLYLDJJUHVVLYLTXDOL
FHUDRGLOXHQWHVHUYLUVLGLXQSDQQR
PRUELGR
/ಬDVSHWWRHVWHULRUHGHOOಬDSSDUHFFKLDWXUD
SX´FDPELDUHFRORUHRULVXOWDUHJUDᚑDWR
VXOODVXSHUᚏFLH
1RQSRVL]LRQDUHRJJHWWLSHVDQWLVXOFDYR
GLDOLPHQWD]LRQHHYHULᚏFDUHFKHLOFDYR
QRQYHQJDVFKLDFFLDWR
6XVVLVWHLOULVFKLRGLLQFHQGLRHVSORVLRQH
RVFRVVDHOHWWULFD
1RQEHUHOಬDFTXDVFDULFDWDGDO
FRQGL]LRQDWRUH
&RQWLHQHDJHQWLFRQWDPLQDQWLHSRWUHEEH
IDUHPDOH
3UHVWDUHDWWHQ]LRQHGXUDQWHOHRSHUD]LRQL
GLGLVLPEDOODJJLRHLQVWDOOD]LRQH
SHUQRQIHULUVLFRQJOLVSLJROLDSSXQWLWL
4XDORUDGHOOಬDFTXDHQWULQHOOಬXQLW¢
VSHJQHUHOಬDSSDUHFFKLDWXUDGDOODSUHVD
GLFRUUHQWHROWUHFKHOಬLQWHUUXWWRUH,VRODUH
OಬDOLPHQWD]LRQHWRJOLHQGRODSUHVDH
FRQWDWWDUHXQWHFQLFRGLVHUYL]LRTXDOLᚏFDWR
'LYHUVDPHQWHVLSRVVRQRFDXVDUH
VFRVVHHOHWWULFKHHGDQQL
 ZZZHOHFWUROX[FRP




'(6&5,=,21('(//ಬ81,7
ವ &RQWUROODUHFKHWXWWLJOLDFFHVVRULVLDQRFRQWHQXWLQHOODFRQIH]LRQHHDWWHQHUVLDOOH
LVWUX]LRQLGಬLQVWDOOD]LRQHSHULOORURXVR




7HOHFRPDQGR
5LFHYLWRUHGHOVHJQDOH
0DQLJOLDSHULOWUDVSRUWR
VXHQWUDPELLODWL
$OLPHQWD]LRQHDULD
8VFLWDGHOOಬDULDGHOODVWDQ]D
6FDULFRGHOOಬDULD
3UHVDVSLQDGLDOLPHQWD]LRQH
5RWHOOHJLUHYROL
3DQQHOORGHLFRPDQGL
&DYRGLDOLPHQWD]LRQH
8VFLWDGLVFDULFRFRQWLQXR
8VFLWDGLVFDULFRSRVWHULRUH
8VFLWDGLVFDULFRGHOODSRPSD

$&&(6625,)251,7,,1'27$=,21(
&20321(17, 120,'(,&20321(17, 48$17,7
$GDWWDWRUH$7XED]LRQHGLVFDULFR
$GDWWDWRUH%ERFFDSLDWWD
7XERᚐHVVLELOHGLVFDULFR
7HOHFRPDQGR
VHW
SH]]R
VHW
%DWWHULD53ಯ$$$ರ9 SH]]L
,7$/,$12

,6758=,21,',,167$//$=,21(

$ULDFDOGDGLVFDULFR
,Q0RGDOLW¢GL5DᚎUHVFDPHQWR
OಬDSSDUHFFKLDWXUDYDFROORFDWDYLFLQR
DXQDᚏQHVWUDRDXQಬDSHUWXUDSHU
FRQVHQWLUHDOOಬDULDFDOGDGLHVSXOVLRQH
GLHVVHUHFRQYRJOLDWDYHUVROಬHVWHUQR
3ULPDGLWXWWRFROORFDUHOಬDSSDUHFFKLDWXUD
VXXQSDYLPHQWRSLDQRHDVVLFXUDUVL
FKHFLVLDQRDOPHQRFPGLGLVWDQ]D
GDHYHQWXDOLRVWDFROLROWUHDXQSUHVDGL
FRUUHQWHDFLUFXLWRVLQJRORQHOOHYLFLQDQ]H

$OOXQJDUHOಬHVWUHPLW¢RSSRVWDGHOWXER
ᚐHVVLELOH)LJHDYYLWDUHLOWXER
ᚐHVVLELOHVXOOಬDGDWWDWRUH$)LJ
,QVWDOODUHOಬDGDWWDWRUH$QHOOಬXQLW¢)LJ
)LJ

$OOXQJDUHOಬDOWUDHVWUHPLW¢GHOWXER
ᚐHVVLELOHHDYYLWDUODVXOOಬDGDWWDWRUH
%ᚏJ
)LJ
(VWHQGHUHLOODWRGHO
WXERIOHVVLELOH
)LJ
)LJ
%ORFFR
,QILODUH
/ಬDGDWWDWRUH$ªSURQWRSHUHVVHUH
DYYLWDWRVXOWXERSHUOಬXQLW¢
,OWXERᚐHVVLELOHVLSX´DOOXQJDUH
GDFPᚏQRDFPPD
ªFRQVLJOLDELOHPDQWHQHUHOD
OXQJKH]]DDOPLQLPRULFKLHVWR
$VVLFXUDUVLDQFKHFKHLOWXER
ᚐHVVLELOHQRQSUHVHQWLGHOOHSLHJKH
DJRPLWRRFXUYDWXUH)LJ
)LJ
3RVL]LRQDUHODGDWWDWRUH%VXOOD
ᚏQHVWUD)LJ
 ZZZHOHFWUROX[FRP

,6758=,21,3(5/ಬ862
$OFXQHGHOOHVHJXHQWLLVWUX]LRQL
SRVVRQRHVVHUHXVDWHVROR
VHUYHQGRVLGHO3DQQHOORGHLFRPDQGL
0RGDOLW¢GLUDᚎUHVFDPHQWR
0RGDOLW¢5LVFDOGDPHQWRVXDOFXQLPRGHOOL
,QTXHVWDPRGDOLW¢RSHUDWLYD
ª2%%/,*$725,2XWLOL]]DUH
LOWXERDGDWWDWRUHGLHVSXOVLRQH
,QTXHVWDPRGDOLW¢RSHUDWLYD
ª2%%/,*$725,2XWLOL]]DUH
LOWXERDGDWWDWRUHGLHVSXOVLRQH

8VRGHOSDQQHOORGHLFRPDQGL
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
QRQVLDFFHQGHODVSLDಯ+HDWರ
3UHPHUHLOSXOVDQWHಯIDQVSHHGರ
SHUVFHJOLHUHODYHORFLW¢GHOOD
YHQWRODDVHFRQGDGHOOಬLOOXPLQD]LRQH
GHOODVSLDGHOODYHQWROD6DU¢SRVVLELOH
VFHJOLHUHODYHORFLW¢GHOODYHQWROD
XVDQGRTXHVWDVHTXHQ]DಯDXWRರൺ
ಯDOWRರൺಯPHGLRರൺಯEDVVRರൺಯDXWRರ
3UHPHUHFRQWHPSRUDQHDPHQWHLO
SXOVDQWHಯ
ರRSSXUHಯ ರSHUVFHJOLHUH
ODWHPSHUDWXUDGHVLGHUDWD
7XERᚐHVVLELOHGLVFDULFRFRQQHVVR
&IU6H]LRQHGLVFDULFR

&$5$77(5,67,&+('(/&21',=,21$725(

3$11(//2'(,&20$1',
9LVXDOL]]DODWHPSHUDWXUDLOWHPSR
$&&(16,21(63(*1,0(172
6SHJQLPHQWR
5HVHWᚏOWUR
9HORFLW¢GHOODYHQWROD
5HJRODUHODWHPSHUDWXUDRLOWLPHU
6HOH]LRQHGHOODPRGDOLW¢
7LPHU
2VFLOOD]LRQH
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
ODVSLDGHOODPRGDOLW¢ಯ5DᚎUHVFDPHQWRರ
QRQªDFFHVD
3UHPHUHLOSXOVDQWHಯIDQVSHHGರ
SHUVFHJOLHUHODYHORFLW¢GHOOD
YHQWRODDVHFRQGDGHOOಬLOOXPLQD]LRQH
GHOODVSLDGHOODYHQWROD6DU¢SRVVLELOH
VFHJOLHUHODYHORFLW¢GHOODYHQWROD
XVDQGRTXHVWDVHTXHQ]DಯDXWRರൺ
ಯDOWRರൺಯPHGLRರൺಯEDVVRರൺಯDXWRರ
3UHPHUHFRQWHPSRUDQHDPHQWHLO
SXOVDQWHಯ
ರRSSXUHಯ ರSHUVFHJOLHUH
ODWHPSHUDWXUDGHVLGHUDWD
1RQªQHFHVVDULRXVDUHLOWXER
ᚐHVVLELOHGLVFDULFRLQPRGDOLW¢
ಯ5DᚎUHVFDPHQWRರ
0RGDOLW¢'U\
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
QRQVLDFFHQGHODVSLDGHOODPRGDOLW¢'U\
/RVFKHUPRYLVXDOL]]DODWHPSHUDWXUD
GHOODVWDQ]D
&RQWHPSRUDQHDPHQWHODVSLDYHQWROD
ಯEDVVDರVLDFFHQGH
1RWD
,QTXHVWDPRGDOLW¢QRQªSRVVLELOH
VHOH]LRQDUHODYHORFLW¢GHOODYHQWROD
,7$/,$12
0RGDOLW¢YHQWROD
,QTXHVWDPRGDOLW¢QRQªQHFHVVDULR
XWLOL]]DUHLOWXERGLHVSXOVLRQHDULD
RLOWXERGLVFDULFR

3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
QRQVLDFFHQGHODVSLDGHOODPRGDOLW¢
9HQWROD

3UHPHUHLOWDVWRಯ)DQVSHHGರSHU
LPSRVWDUHODYHORFLW¢GHOODYHQWROD
GHVLGHUDWD

/DYHQWRODIXQ]LRQDDOODYHORFLW¢
VHOH]LRQDWDHLOGLVSOD\YLVXDOL]]D
ODWHPSHUDWXUDGHOODVWDQ]D
0RGDOLW¢DXWRPDWLFD
0RGDOLW¢7LPHU
&RPHULWDUGDUHOಬDYYLR
,QTXHVWDPRGDOLW¢PDQWHQHUHVHPSUH
LOWXERGLHVSXOVLRQHGHOOಬDULDFROOHJDWR
4XDQGRVLLPSRVWDLOFRQGL]LRQDWRUH
LQPRGDOLW¢$XWROಬDSSDUHFFKLDWXUD
VHOH]LRQDDXWRPDWLFDPHQWHOHIXQ]LRQL
GLUDᚎUHVFDPHQWRULVFDOGDPHQWR
QRQDSSOLFDELOHQHLPRGHOOLVHQ]D
ULVFDOGDPHQWRRVRORODYHQWRODDVHFRQGD
GHOODWHPSHUDWXUDVHOH]LRQDWDHGHOOD
WHPSHUDWXUDDPELHQWH,OFRQGL]LRQDWRUH
FRQWUROOHU¢DXWRPDWLFDPHQWHOD
WHPSHUDWXUDDPELHQWHVHFRQGR
ODWHPSHUDWXUDLPSRVWDWD
1HOODPRGDOLW¢$872QRQªSRVVLELOH
VHOH]LRQDUHODYHORFLW¢GHOODYHQWROD
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
QRQVLDFFHQGHODVSLDಯ$XWRPRGHರ
'RSRDYHUVHOH]LRQDWRODಯ0RGDOLW¢DXWRರ
OಬXQLW¢IXQ]LRQDLQPRGRDXWRPDWLFR
DVHFRQGDGHOODWHPSHUDWXUDHᚎHWWLYD
DOOಬLQWHUQRGHOODVWDQ]D
,OWLPHUFRQVHQWHDOOಬXWHQWHGLULWDUGDUH
OಬDYYLRRORVSHJQLPHQWRGHOOಬXQLW¢
&ROOHJDUHOಬXQLW¢GLPRGRFKHSDVVL
LQVWDQGE\
3UHPHUHLOSXOVDQWHಯWLPHUರODVSLD
7LPHUVLDFFHQGHHLOQXPHURGLRUH
VXOORVFKHUPRLQGLFDODGLFLWXUDಯರ
7RFFDUHRWHQHUHSUHPXWDODIUHFFLD
68ಯ
ರRSSXUHODIUHFFLD*,8ಯ ರSHU
PRGLᚏFDUHOHLPSRVWD]LRQLGHOWLPHU
GLSDUWHQ]DULWDUGDWDDLQWHUYDOOLGLRUH
ᚏQRDRUHSRLDLQWHUYDOOLGLRUD
ᚏQRDRUH3UHPHUHQXRYDPHQWHLO
SXOVDQWHಯWLPHUರHQWURVHFRQGLVLHVFH
VXELWRGDOOಬLPSRVWD]LRQHGHOWLPHU
'RSRPLQXWLODIXQ]LRQHGHOWLPHUYLHQH
DWWLYDWDHLOGLVSOD\PRVWUDQXRYDPHQWH
&RPHULWDUGDUHORVSHJQLPHQWR
)XQ]LRQH6OHHS
6DU¢SRVVLELOHULWDUGDUHORVSHJQLPHQWR
TXDQGROಬXQLW¢ªDFFHVD
3UHPHUHLOSXOVDQWHಯWLPHUರODVSLD
7LPHUVLDFFHQGHHLOQXPHURGLRUH
VXOORVFKHUPRLQGLFDODGLFLWXUDಯರ
7RFFDUHRWHQHUHSUHPXWDODIUHFFLD
68ಯ
ರRSSXUHODIUHFFLD*,8ಯ ರSHU
PRGLᚏFDUHOHLPSRVWD]LRQLGHOWLPHUGL
SDUWHQ]DULWDUGDWDDLQWHUYDOOLGLRUH
ᚏQRDRUHSRLDLQWHUYDOOLGLRUD
ᚏQRDRUH3UHPHUHQXRYDPHQWHLO
SXOVDQWHಯWLPHUರHQWURVHFRQGLVLHVFH
VXELWRGDOOಬLPSRVWD]LRQHGHOWLPHU
'RSRPLQXWLODIXQ]LRQHGHOWLPHUYLHQH
DWWLYDWDHLOGLVSOD\PRVWUDQXRYDPHQWH
ODWHPSHUDWXUD,OFRPDQGRHVHJXLU¢
LOFRQWHJJLRDOODURYHVFLDGHOWHPSR
UHVWDQWHᚏQRDOORVSHJQLPHQWR
3HUDQQXOODUHOಬLPSRVWD]LRQHSUHPHUH
QXRYDPHQWHLOSXOVDQWHಯWLPHUರYHUU¢
YLVXDOL]]DWRLOWHPSRUHVWDQWHSUHPHUH
QXRYDPHQWHLOSXOVDQWHSHUXVFLUHGDOOD
IXQ]LRQH6DU¢LQROWUHSRVVLELOHDQQXOODUH
OಬLPSRVWD]LRQHSUHPHQGRLOSXOVDQWHಯRQ
Rᚎರ'RSRDYHUDQQXOODWROಬLPSRVWD]LRQH
ODVSLDGHOWLPHUVLVSHJQH
$WWLYDQGRTXHVWDIXQ]LRQHVDU¢SRVVLELOH
DYHUHXQDWHPSHUDWXUDFRPRGDH
ULVSDUPLDUHHQHUJLDDOWHPSRVWHVVR
6RORTXDQGROಬXQLW¢VLWURYDLQPRGDOLW¢
5DᚎUHVFDPHQWR+HDWRDXWRVDU¢
SRVVLELOHSUHPHUHLOSXOVDQWHಯVOHHSರ
SHUIDUODIXQ]LRQDUHLQPRGDOLW¢6OHHS
1RWD5LPDQGLDPRDSDJLQDSHU
XOWHULRULGHWWDJOLVXOODIXQ]LRQHಯ6OHHSರ
3UHPHUHLOSXOVDQWHಯVZLQJರSHUDWWLYDUH
ODIXQ]LRQHGLRVFLOOD]LRQHGHOGHᚐHWWRUH
LOGHᚐHWWRUHVXOSDQQHOORVXSHULRUHRVFLOOD
YHUVROಬDOWRHYHUVRLOEDVVR
3UHPHUHQXRYDPHQWHLOSXOVDQWHSHU
GLVDWWLYDUHODIXQ]LRQHGLRVFLOOD]LRQH
GHᚐHWWRUH
)XQ]LRQHRVFLOOD]LRQHGHᚐHWWRUH
1RWD
,QTXHVWDPRGDOLW¢QRQªSRVVLELOH
VHOH]LRQDUHODYHORFLW¢DXWRPDWLFD
ODWHPSHUDWXUD,OFRPDQGRHVHJXLU¢
LOFRQWHJJLRDOODURYHVFLDGHOWHPSR
UHVWDQWHᚏQRDOOಬDYYLR
/ಬXQLW¢VLDYYLHU¢QHOODPRGDOLW¢
LPSRVWDWDLQSUHFHGHQ]D
3HUDQQXOODUHOಬLPSRVWD]LRQHSUHPHUH
QXRYDPHQWHLOSXOVDQWHಯWLPHUರYHUU¢
YLVXDOL]]DWRLOWHPSRUHVWDQWHSUHPHUH
QXRYDPHQWHLOSXOVDQWHSHUXVFLUHGDOOD
IXQ]LRQH6DU¢LQROWUHSRVVLELOHDQQXOODUH
OಬLPSRVWD]LRQHSUHPHQGRLOSXOVDQWHಯRQ
Rᚎರ'RSRDYHUDQQXOODWROಬLPSRVWD]LRQH
ODVSLDGHOWLPHUVLVSHJQH
 ZZZHOHFWUROX[FRP
5HVHWᚏOWUR
4XHVWDIXQ]LRQHIXQJHGDSURPHPRULDSHU
ODSXOL]LDGHO)LOWURGHOOಬDULD&IU&XUDH
3XOL]LDSHUXQIXQ]LRQDPHQWRSL»HᚑFDFH
/DVSLDGHOᚏOWURVLLOOXPLQDGRSRRUH
GLIXQ]LRQDPHQWR3HUHVHJXLUHLOUHVHW
GRSRDYHUSXOLWRLOᚏOWURSUHPHUHLOSXOVDQWH
ಯᚏOWHUUHVHWರHODVSLDಯᚏOWHUರVLVSHJQH
)XQ]LRQHr)r&
3UHPHUHFRQWHPSRUDQHDPHQWHLOSXOVDQWH
ರHಯ ರSHUSL»GLVHFRQGLSHUSDVVDUH
IUDJUDGL)DKUHQKHLWHJUDGL&HOVLXV,Q
PRGDOLW¢'U\9HQWRODQRQªSRVVLELOH
VHOH]LRQDUHr)r&
7RJOLHUHLOFRSHUFKLRVXOODSDUWH
SRVWHULRUHGHOWHOHFRPDQGR
,QVHULUHFRUUHWWDPHQWHOHEDWWHULHIRUQLWH
LQGRWD]LRQHFIUOHLVWUX]LRQLDOOಬLQWHUQR
GHOOಬDOORJJLDPHQWRGHOOHEDWWHULH
&KLXGHUHLOFRSHUFKLR
3HUVRVWLWXLUHOHEDWWHULHYHFFKLH
FRQVXPDWHFRQGXHQXRYHEDWWHULH
53ಯ$$$ರ9ULSHWHUHLSDVVDJJL
VRSUDLQGLFDWL
,QVWDOOD]LRQHGHOODEDWWHULDHLVWUX]LRQL
LPSRUWDQWL

7HOHFRPDQGR
6FKHUPDWDWHOHFRPDQGR
3XOVDQWHGLLPSRVWD]LRQH7HPS7LPHU
3XOVDQWH2Q2ᚎ
3XOVDQWH0RGDOLW¢
3XOVDQWH6SHJQLPHQWR
&RQWDPLQXWL
3XOVDQWH2VFLOOD]LRQH
3XOVDQWH9HORFLW¢
4XDORUDOಬXQLW¢GHOWHOHFRPDQGRYHQJD
VRVWLWXLWDRVPDOWLWDVDU¢QHFHVVDULR
WRJOLHUHHULPXRYHUHOHEDWWHULHLQ
FRQIRUPLW¢FRQOHQRUPDWLYHORFDOL
GDWRFKHGDQQHJJLDQROಬDPELHQWH
1RQPLVFKLDUHEDWWHULHYHFFKLHHQXRYH
1RQPHVFRODUHEDWWHULHDOFDOLQH
VWDQGDUG]LQFRFDUERQLRRULFDULFDELOL
QLFNHOFDGPLR
1RQVPDOWLUHOHEDWWHULHQHOIXRFR/H
EDWWHULHSRWUHEEHURHVSORGHUHRSHUGHUH
OLTXLGL1HOFDVRLQFXLLOWHOHFRPDQGRQRQ
YHQJDXVDWRDOXQJRWRJOLHUHOHEDWWHULH
6DU¢QHFHVVDULRJHVWLUHLOWHOHFRPDQGR
FRQHVWUHPDFXUD1RQIDUORFDGHUH
HQRQHVSRUORDOODOXFHVRODUHGLUHWWD
RVRUJHQWLGLFDORUH
4XHVWRGLVSRVLWLYRªFRQIRUPHDOOD
6H]LRQHGHOOH1RUPDWLYH)&&
,OIXQ]LRQDPHQWRªVRJJHWWRDOOHGXH
VHJXHQWLFRQGL]LRQL
4XHVWRGLVSRVLWLYRSRWUHEEH
QRQFDXVDUHLQWHUIHUHQ]HGDQQRVH
HTXHVWRGLVSRVLWLYRGHYHDFFHWWDUH
OHHYHQWXDOLLQWHUIHUHQ]HULFHYXWH
FRPSUHVHTXHOOHFKHSRWUHEEHUR
FDXVDUHDQRPDOLHGLIXQ]LRQDPHQWR
3XQWDUHLOWHOHFRPDQGRDOULFHYLWRUH
GLVHJQDOH,OWHOHFRPDQGRQRQGHYH
WURYDUVLDSL»GLPHWULGDOOಬXQLW¢
VHQ]DRVWDFROLIUDLOWHOHFRPDQGR
VWHVVRHOಬXQLW¢
,7$/,$12
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
VXOODWRVLQLVWURGHOGLVSOD\/&'QRQ
FRPSDUHODGLFLWXUDಯKHDWರ
3UHPHUHLOSXOVDQWHಯIDQVSHHGರSHU
LPSRVWDUHODYHORFLW¢GHOODYHQWROD
VFHJOLHQGRIUDಯDXWRರಯDOWDರಯPHGLDರ
HಯEDVVDರ
3UHPHUHLOSXOVDQWHಯ
ರHಯ ರSHU
VFHJOLHUHODWHPSHUDWXUDGHVLGHUDWD
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKHVXO
ODWRVXSHULRUHGHOORVFKHUPR/&'QRQ
FRPSDUHODGLFLWXUDಯDXWRರ
,QPRGDOLW¢$872QRQªSRVVLELOH
VHOH]LRQDUHODYHORFLW¢GHOODYHQWROD
3UHPHUHLOSXOVDQWHಯ
ರHಯ ರSHU
VFHJOLHUHODWHPSHUDWXUDGHVLGHUDWD
4XDQGROಬXQLW¢VLWURYDLQPRGDOLW¢
5DᚎUHVFDPHQWR&DORUHR$XWRVDU¢
SRVVLELOHSUHPHUHLOSXOVDQWHಯVOHHSರ
0RGDOLW¢ULVFDOGDPHQWR6RORSHULPRGHOOL
FRQ5DᚎUHVFDPHQWR5LVFDOGDPHQWR
0RGDOLW¢$872
)XQ]LRQH6OHHS
&ROOHJDUHOಬXQLW¢TXLQGLSUHPHUHLO
SXOVDQWHಯRQRᚎರTXDQGRYLHQHDFFHVD
OಬXQLW¢IXQ]LRQDVHFRQGROಬXOWLPDPRGDOLW¢
LPSRVWDWDSULPDGHOORVSHJQLPHQWR
3HUVSHJQHUHOಬXQLW¢SUHPHUHQXRYDPHQWH
ಯRQRᚎರTXLQGLWRJOLHUHODSUHVD
6SHJQHUHVHPSUHOಬXQLW¢SUHPHQGR
LOSXOVDQWHಯRQRᚎರHDWWHQGHUHDOFXQL
PLQXWLSULPDGLHVWUDUUHODSUHVD
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
VXOODWRVLQLVWURGHOGLVSOD\/&'QRQ
FRPSDUHODGLFLWXUDಯ5DᚎUHVFDPHQWRರ
3UHPHUHLOSXOVDQWHಯIDQVSHHGರSHU
LPSRVWDUHODYHORFLW¢GHOODYHQWROD
VFHJOLHQGRIUDಯDXWRರಯDOWDರಯPHGLDರ
HಯEDVVDರ
3UHPHUHLOSXOVDQWHಯ
ರHಯ ರSHU
VFHJOLHUHODWHPSHUDWXUDGHVLGHUDWD
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
VXOODWRVLQLVWURGHOGLVSOD\/&'QRQ
FRPSDUHODGLFLWXUDಯGU\ರ
&RQWHPSRUDQHDPHQWHLOVLPERORYHQWROD
ಯEDVVDರFRPSDUHVXOORVFKHUPR
1RWD,QTXHVWDPRGDOLW¢QRQªSRVVLELOH
VHOH]LRQDUHODYHORFLW¢GHOODYHQWROD
3UHPHUHLOSXOVDQWHಯPRGHರᚏQRDFKH
VXOODWRVLQLVWURGHOGLVSOD\/&'QRQ
FRPSDUHODGLFLWXUDಯIDQರ
,QTXHVWDPRGDOLW¢VDU¢SRVVLELOH
VHOH]LRQDUHODYHORFLW¢GHOODYHQWRODಯDOWDರ
ಯPHGLDರRಯEDVVDರSUHPHQGRLOSXOVDQWH
YHORFLW¢9HQWRODHFRQVXOWDQGRORVFKHPD
1RWD,QTXHVWDPRGDOLW¢LOWXERᚐHVVLELOH
GLVFDULFRQRQGHYHHVVHUHFRQQHVVR
0RGDOLW¢GLUDᚎUHVFDPHQWR
0RGDOLW¢'U\
0RGDOLW¢YHQWROD
0D[P
8WHQWH &$SRUWDWLOH
7HOHFRPDQGR
$&&(16,21('(//ಬ81,7
&RPHXVDUHLOWHOHFRPDQGR
 ZZZHOHFWUROX[FRP
SHUIDUHLQPRGRFKHOಬXQLW¢IXQ]LRQLLQ
PRGDOLW¢ಯ6OHHSರ,QTXHVWDPRGDOLW¢OD
YHORFLW¢GHOODYHQWRODYLHQHLPSRVWDWD
DXWRPDWLFDPHQWHVXಯDXWRರHQRQª
SRVVLELOHPRGLᚏFDUHTXHVWDLPSRVWD]LRQH
1HOODPRGDOLW¢GL5LVFDOGDPHQWR
5DᚎUHVFDPHQWRODWHPSHUDWXUD
VHOH]LRQDWDDXPHQWHU¢GLPLQXLU¢GLr&
PLQXWLVXFFHVVLYDPHQWHGRSROD
VHOH]LRQHGHOODPRGDOLW¢/DWHPSHUDWXUD
DXPHQWDVFHQGHGLDOWULr&GRSRFLUFD
PLQXWL4XHVWDQXRYDWHPSHUDWXUD
YHUU¢PDQWHQXWDSHURUHSULPDGL
WRUQDUHDOODWHPSHUDWXUDRULJLQDULDPHQWH
VHOH]LRQDWD&L´FRQFOXGHOD
PRGDOLW¢ಯ6OHHSರHOಬXQLW¢VLVSHJQH
DXWRPDWLFDPHQWH
,OSURJUDPPDPRGDOLW¢ಯ6OHHSರSX´
HVVHUHDQQXOODWRLQTXDOVLDVLPRPHQWR
GXUDQWHLOIXQ]LRQDPHQWRSUHPHQGRLO
SXOVDQWHಯ6OHHSರಯPRGHರRಯIDQVSHHGರ
1RWD1HOODPRGDOLW¢9HQWRODR'U\QRQ
ªSRVVLELOHLPSRVWDUHODPRGDOLW¢6OHHS
3UHPHUHLOSXOVDQWHಯVZLQJರSHU
DWWLYDUHODIXQ]LRQHGLRVFLOOD]LRQHGHO
GHᚐHWWRUHHVXOODSDUWHVXSHULRUHGHOOR
VFKHUPRFRPSDULU¢ODGLFLWXUDಯ
ರ
,OGHᚐHWWRUHVXOSDQQHOORSRVWHULRUH
RVFLOODYHUVROಬDOWRRYHUVRLOEDVVR
3UHPHUHQXRYDPHQWHLOSXOVDQWHSHU
GLVDWWLYDUHODIXQ]LRQHGLRVFLOOD]LRQH
GHᚐHWWRUH
)XQ]LRQHRVFLOOD]LRQHGHᚐHWWRUH
)XQ]LRQHr)r&
0RGDOLW¢7LPHU
3UHPHUHFRQWHPSRUDQHDPHQWHLSXOVDQWL
ರHಯ ರSHUSL»GLVHFRQGLSHUSDVVDUH
IUDJUDGL)DKUHQKHLWHJUDGL&HOVLXV
,QPRGDOLW¢'U\9HQWRODQRQªSRVVLELOH
VHOH]LRQDUHr)r&
&RPHULWDUGDUHOಬDYYLR
&ROOHJDUHOಬXQLW¢GLPRGRFKHSDVVLLQ
VWDQGE\3UHPHUHLOSXOVDQWHಯWLPHUರ
VXOORVFKHUPRFRPSDUHಯWLPHUರHಯKರ
HಯRQರODPSHJJLD
7RFFDUHRWHQHUHSUHPXWDODIUHFFLD
68ಯ
ರRSSXUHODIUHFFLD*,8ಯ ರSHU
PRGLᚏFDUHOHLPSRVWD]LRQLGHOWLPHUGL
SDUWHQ]DULWDUGDWDDLQWHUYDOOLGLRUH
ᚏQRDRUHSRLDLQWHUYDOOLGLRUDᚏQR
DRUH'RSRVHFRQGLOಬLPSRVWD]LRQH
YHUU¢PHPRUL]]DWD,OFRPDQGRHVHJXLU¢
LOFRQWHJJLRDOODURYHVFLDGHOWHPSR
UHVWDQWHᚏQRDOOಬDYYLR6DU¢LQROWUH
SRVVLELOHSUHPHUHQXRYDPHQWHLO
SXOVDQWHಯWLPHUರHಯRQರVPHWWHVXELWRGL
ODPSHJJLDUHTXLQGLOಬXQLW¢VLDYYLDQHOOD
PRGDOLW¢SUHFHGHQWHPHQWHVHOH]LRQDWD
6DU¢SRVVLELOHFRQᚏJXUDUHODPRGDOLW¢
HOಬXQLW¢DYYLHU¢FRPHGHVLGHUDWRGRSR
FKHಯRQರVPHWWHGLODPSHJJLDUH
3HUDQQXOODUHOಬLPSRVWD]LRQHSUHPHUH
QXRYDPHQWHLOSXOVDQWHಯWLPHUರ
,7$/,$12
&RPHULWDUGDUHORVSHJQLPHQWR
6DU¢SRVVLELOHULWDUGDUHORVSHJQLPHQWR
TXDQGROಬXQLW¢ªDFFHVD3UHPHUHLO
SXOVDQWHಯWLPHUರVXOORVFKHUPRFRPSDUH
ಯWLPHUರHಯKರHಯRᚎರODPSHJJLD
7RFFDUHRWHQHUHSUHPXWDODIUHFFLD
68ಯ
ರRSSXUHODIUHFFLD*,8ಯ ರSHU
PRGLᚏFDUHOHLPSRVWD]LRQLGHOWLPHUGL
SDUWHQ]DULWDUGDWDDLQWHUYDOOLGLRUH
ᚏQRDRUHSRLDLQWHUYDOOLGLRUDᚏQR
DRUH'RSRVHFRQGLOಬLPSRVWD]LRQH
YHUU¢PHPRUL]]DWDHVXOGLVSOD\
FRPSDUHLOWHPSRUHVWDQWHSULPDGHOOR
VSHJQLPHQWRGHOOಬXQLW¢6DU¢SRVVLELOH
SUHPHUHQXRYDPHQWHLOSXOVDQWHಯWLPHUರ
HಯRᚎರVPHWWHVXELWRGLODPSHJJLDUH
3HUDQQXOODUHOಬLPSRVWD]LRQHSUHPHUH
QXRYDPHQWHLOSXOVDQWHಯWLPHUರ
6HVXOGLVSOD\FRPSDUHಯ$6ರಯ&6ರ
Hಯ(6ರVLJQLᚏFDFKHLOVHQVRUHGL
WHPSHUDWXUDQRQªDQGDWRDEXRQᚏQH
&RQWDWWDUHLOSURSULR&HQWURGL$VVLVWHQ]D
$XWRUL]]DWR(OHFWUROX[
6HVXOGLVSOD\FRPSDUHಯ/ರVLJQLᚏFD
FKHLOPRWRUHGHOODYHQWROD&&VLª
JXDVWDWR&RQWDWWDUHLOSURSULR&HQWUR
GL$VVLVWHQ]D$XWRUL]]DWR(OHFWUROX[
6HVXOGLVSOD\FRPSDUHODGLFLWXUDಯ(ರ
ODFRPXQLFD]LRQHIUDODVFKHGD3&%
GHOGLVSOD\HODVFKHGD3&%GLFRQWUROOR
SULQFLSDOHªJXDVWD&RQWDWWDUHLOSURSULR
&HQWURGL$VVLVWHQ]D$XWRUL]]DWR
(OHFWUROX[
6HLOGLVSOD\YLVXDOL]]Dಯ3ರVLJQLᚏFDFKH
LOYDVVRLRGLUDFFROWDªSLHQR6SRVWDUH
FRQFDXWHODOಬDSSDUHFFKLDWXUDLQXQSXQWR
GLVFDULFRGHOOಬDFTXDULPXRYHUHLOWDSSR
GLVFDULFRGDOIRQGRHVFDULFDUHOಬDFTXD
5LDYYLDUHODPDFFKLQDᚏQRDTXDQGR
DSSDUHLOVLPERORಯ3ರ6HOಬHUURUHVL
ULSHWHFRQWDWWDUHOಬDVVLVWHQ]D

&RGLFHJXDVWR
127$
ವ 6YLWDUHLOWDSSRGLVFDULFRGHOOಬXVFLWD
GLVFDULFRFRQWLQXR)LJ
ವ &ROOHJDUHXQHVWUHPLW¢GHOWXERᚐHVVLELOH
GDJLDUGLQRYHQGXWRVHSDUDWDPHQWHRLO
WXERGLVFDULFRDOOಬXVFLWDGLVFDULFRTXLQGL
FROOHJDUHODOWUDHVWUHPLW¢DXQRVFDULFR
SL»EDVVRULVSHWWRDOOಬXQLW¢)LJ
ವ 'RSRDYHUWROWRLOWDSSRGLVFDULFROD
FRQGHQVDSRWUHEEHIXRULXVFLUHVHOಬXQLW¢
IXQ]LRQDLQPRGDOLW¢GL5DᚎUHVFDPHQWR
RLQ0RGDOLW¢DXWRPDWLFD4XDQGRVL
GHVLGHUDULPXRYHUHLOWXERᚐHVVLELOH
GDJLDUGLQRSUHSDUDUHXQDYDVFKHWWD
GLUDFFROWDQRQIRUQLWDLQGRWD]LRQH
SHUUDFFRJOLHUHLFRQGHQVDWLGDOOಬXVFLWD
GLVFDULFR
ವ 9HULᚏFDUHFKHOಬDOWH]]DGHOORVFDULFR
HXQDVH]LRQHGHOWXERGLVFDULFRQRQ
VLDQRSL»GHOOಬXVFLWDGLVFDULFRRSSXUH
ORVFDULFRFRQWLQXRSRWUHEEHQRQ
IXQ]LRQDUHFRUUHWWDPHQWH
6FDULFRFRQWLQXR
1HOODPRGDOLW¢'5<RQHOPRGHOORDSRPSD
GLFDORUHSHUGUHQDUHODFTXDGLFRQGHQVD
GDOODSSDUHFFKLDWXUDªQHFHVVDULRXQWXER
GDJLDUGLQRYHQGXWRDSDUWH
$WWHQHUVLDLVHJXHQWLSDVVDJJL

,VWUX]LRQLGLVFDULFR
Tubo da giardino
Tubo flessibile
di drenaggio
Fig. 21
Fig. 20
Tappo di scarico
per Modalità
deumidificatore
Tappo di scarico per
modelli con pompa
di calore
 ZZZHOHFWUROX[FRP
127$$OᚏQHGLJDUDQWLUHFKHWXWWL
LUHVLGXLGHOODFRQGHQVDVLDQRVWDWL
ULPRVVLLQFOLQDUHOಬXQLW¢VROOHYDQGROD
OHJJHUPHQWHYHUVROಬDOWRGDOODSDUWH
DQWHULRUHᚏQRDFKHQRQFLVDUDQQR
SL»IXRULXVFLWHGLFRQGHQVD
6YXRWDUHLUHVLGXLGHOODFRQGHQVDDOOಬLQWHUQR
OಬXQLW¢GXUDQWHLOSHULRGRLQYHUQDOH
0HWWHUHXQDYDVFKHWWDGLUDFFROWDQRQ
IRUQLWDLQGRWD]LRQHVRWWRDOOಬXVFLWDGL
VFDULFRLQIHULRUHTXLQGLHVWUDUUHLOWDSSR
GLVFDULFRSHUSHUPHWWHUHDLFRQGHQVDWL
GLVFRUUHUHᚏQRDOODYDVFKHWWDGLUDFFROWD
)LJ
)LJ
8VFLWDGLVFDULFR
LQIHULRUH
&RSHUFKLRGLUDFFROWD
9DVFKHWWDGLUDFFROWD
1
2
6RVWLWXLUHLOWDSSRGLVFDULFRFKHSRUWD
DOOಬXVFLWDGLVFDULFRFRQWLQXRTXDQGRQRQ
FLVRQRSL»IXRULXVFLWHGLFRQGHQVDWL
0HWWHUHODYDVFKHWWDGLUDFFROWDVRWWR
DOOಬXVFLWDGLVFDULFRLQIHULRUHTXLQGL
WRJOLHUHLOGLVSRVLWLYRGLDUUHVWRLQJRPPD
GDOOಬXVFLWDGHOORVFDULFRSHUSHUPHWWHUHDL
FRQGHQVDWLGLVFRUUHUHᚏQRDOODYDVFKHWWD
GLUDFFROWD4XDORUDODYDVFKHWWDGL
UDFFROWDQRQULHVFDDFRQWHQHUHWXWWL
LFRQGHQVDWLVDU¢QHFHVVDULRVYXRWDUH
HULHPSLUHGLYHUVHYROWH
6RVWLWXLUHLOWDSSRGLVFDULFRFKHSRUWD
DOOಬXVFLWDGLVFDULFRLQIHULRUHTXDQGR
QRQFLVRQRSL»IXRULXVFLWHGLFRQGHQVDWL

38/,=,$(&85$
3HUPDQWHQHUHXQDVSHWWRVHPSUH
QXRYRSXOLUHUHJRODUPHQWHLO
FRQGL]LRQDWRUH3HUHYLWDUHVFRVVHR
LQFHQGLVWDFFDUHOಬDSSDUHFFKLDWXUDGDOOD
FRUUHQWHSULPDGLSURFHGHUHDOODSXOL]LD
/DVWUXWWXUDHLOSDQQHOORDQWHULRUHVL
SRVVRQRVSROYHUDUHFRQXQSDQQRSULYR
GLROLRRODYDUHFRQXQSDQQRLQXPLGLWRLQ
XQDVROX]LRQHGLDFTXDFDOGDHGHWHUVLYR
SHULSLDWWLOLTXLGRGHOLFDWR
0DLXWLOL]]DUHGHWHUJHQWLDJJUHVVLYLFHUD
ROXFLGDQWLVXOSDQQHOORDQWHULRUH
$FFHUWDUVLGLVWUL]]DUHOಬDFTXDLQHFFHVVR
GDOSDQQRSULPDGLSXOLUHLFRPDQGL
/ಬDFTXDLQHFFHVVRDOOಬLQWHUQRRDWWRUQRDL
FRPDQGLSX´GDQQHJJLDUHLOFRQGL]LRQDWRUH

3XOL]LDGHOOಬXQLW¢
7RJOLHUHLOᚏOWURGHOOಬDULDFRPHLQGLFDWR
QHOODᚏJXUDLQIHULRUH
3HUIDUHLQPRGRFKHLOFRQGL]LRQDWRUH
FRQWLQXLDIXQ]LRQDUHLQPRGRHᚑFDFH
SXOLUHLᚏOWULRJQLGXHVHWWLPDQHGL
IXQ]LRQDPHQWR
(VWUDUUHLOᚏOWURVXSHULRUHGHOOಬDULD
HLOᚏOWURLQIHULRUHGHOOಬDULD

3XOL]LDGHLᚏOWUL
ವ 'XUDQWHODPRGDOLW¢GL5DᚎUHVFDPHQWR
R$XWRFRQVLJOLDPRGLGLVDWWLYDUHOR
VFDULFRFRQWLQXRVRVWLWXHQGRLOWDSSR
GLVFDULFRVXOOಬXVFLWDGLVFDULFRDOᚏQH
GLUDJJLXQJHUHSUHVWD]LRQLRWWLPDOL
,7$/,$12
6FDULFDUHLOVHUEDWRLRGLUDFFROWD
GHOOಬDFTXDHODVFLDUHLOWDSSRGL
VFDULFRLQIHULRUHHLOWDSSRGLJRPPD
DVXᚑFLHQ]DSHUSHUPHWWHUHORVFDULFR
GHOOಬHYHQWXDOHDFTXDUHVLGXD8QD
9HULᚏFDUHFKHLOᚏOWURHLOWDSSR
GLVFDULFRVLDQRLQSRVL]LRQH
&RQWUROODUHLOFDYRSHUYHULᚏFDUHFKH
VLDLQEXRQHFRQGL]LRQLVHQ]DFUHSH
HVHQ]DGDQQL
3RVL]LRQDUHQXRYHEDWWHULHDOOಬLQWHUQR
GHOWHOHFRPDQGR
,QVWDOODUHLOFRQGL]LRQDWRUH
FRQIRUPHPHQWHDTXDQWRGHVFULWWR
QHOOH,VWUX]LRQLGLLQVWDOOD]LRQH
/DYDUHLOᚏOWURXVDQGRLOOLTXLGR
GHWHUJHQWHHDFTXDFDOGDDXQD
WHPSHUDWXUDLQIHULRUHDr&
5LVFLDFTXDUHDFFXUDWDPHQWHLOᚏOWUR
6FXRWHUHGHOLFDWDPHQWHOಬDFTXDLQ
HFFHVVRGDOᚏOWUR$VVLFXUDUVLGLDYHU
DFFXUDWDPHQWHDVFLXJDWRLOᚏOWUR
SULPDGLDSSOLFDUORGLQXRYR2SSXUH
DOSRVWRGLODYDUORSXOLUHLOᚏOWURFRQ
XQDVSLUDSROYHUH
6RVWLWXLUHLOᚏOWURXQDYROWDFKHªDVFLXWWR
$VVLFXUDUVLGLDYHUDFFXUDWDPHQWH
DVFLXJDWRLOᚏOWURSULPDGLDSSOLFDUOR
GLQXRYR
6HLOFRQGL]LRQDWRUHQRQYLHQHXVDWRSHU
PROWRWHPSR
3ULPDGLXVDUHQXRYDPHQWH
LOFRQGL]LRQDWRUH
,QXWLOL]]RSHUXQOXQJR
SHULRGRGLWHPSR

*8,'$$//$5,62/8=,21('(,352%/(0,
3ULPDGLULFKLHGHUHDVVLVWHQ]DYHGHUH
TXHVWRHOHQFR3RWU¢DLXWDUHDULVSDUPLDUH
WHPSRHGHQDUR4XHVWRHOHQFRULSRUWD
OHVLWXD]LRQLFRPXQLFKHQRQULVXOWDQR
GDXQDODYRUD]LRQHLQDGHJXDWDRGD
PDWHULDOLGLIHWWRVLLQTXHVWRDSSDUHFFKLR
,OFRQGL]LRQDWRUHQRQVLDFFHQGH
/ൄDULDFKHHVFHGDOOൄDSSDUHFFKLDWXUD
QRQªDEEDVWDQ]DIUHGGD
,OFRQGL]LRQDWRUHUDᔯUHVFDPDOD
VWDQ]DªWURSSRFDOGD6(1=$JKLDFFLR
VXOODVHUSHQWLQDGLUDᔯUHGGDPHQWR
GLHWURLOSDQQHOORDQWHULRUHGHFRUDWLYR
ವ /DVSLQDQRQªEHQLQVHULWDQHOODSUHVD
6SLQJHUHDIRQGRODVSLQDQHOODSUHVD
DPXUR
ವ VDOWDWRXQIXVLELOHGLFDVDRSSXUH
ªVFDWWDWRXQLQWHUUXWWRUH6RVWLWXLUH
LOIXVLELOHFRQXQWLSRDGDWWLYD]LRQH
ULWDUGDWDRSSXUHUHVHWWDUHOಬLQWHUUXWWRUH
ವ /DFHQWUDOLQDª63(17$$&&(1'(5(
ODFHQWUDOLQDHUHJRODUHOಬLPSRVWD]LRQH
GHVLGHUDWD
ವ &RPSDUHLOFRGLFHGLJXDVWR3VXOOD
ᚏQHVWUDGHOGLVSOD\'UHQDUHOಬDFTXD
FRPHGHVFULWWRQHOODVH]LRQH6FDULFR
ವ /DWHPSHUDWXUDDPELHQWHªLQIHULRUH
DTXHOODLPSRVWDWDPRGDOLW¢
5DᚎUHVFDPHQWRRSSXUHODWHPSHUDWXUD
DPELHQWHªVXSHULRUHDTXHOOD
LPSRVWDWDPRGDOLW¢5LVFDOGDPHQWR
5HVHWWDUHODWHPSHUDWXUD
ವ 7HPSHUDWXUDGHOODVWDQ]DLQIHULRUHDL
r&,OUDᚎUHVFDPHQWRSRWUHEEHQRQ
LQL]LDUHᚏQRDFKHODWHPSHUDWXUDQHOOD
VWDQ]DQRQVDU¢VXSHULRUHDLr&
ವ 5HVHWWDUHVXXQDWHPSHUDWXUDLQIHULRUH
ವ 6SHJQLPHQWRGHOFRPSUHVVRUH
QHOSDVVDJJLRGDXQDPRGDOLW¢
DOOಬDOWUD$WWHQGHUHFLUFDPLQXWL
HDFFHUWDUVLFKHLOFRPSUHVVRUHVL
ULDYYLLTXDQGRLPSRVWDWRLQPRGDOLW¢
5$))5(6&$0(172
ವ 7HPSHUDWXUDHVWHUQDLQIHULRUHDL
r&3HUVFRQJHODUHODVHUSHQWLQD
LPSRVWDUHOD0RGDOLW¢YHQWROD
ವ ,OᚏOWURGHOOಬDULDSRWUHEEHHVVHUH
VSRUFR3XOLUHLOᚏOWUR5LPDQGLDPR
DOSXQWR6H]LRQH3XOL]LDHFXUD
3HUVFRQJHODUHLPSRVWDUHQHOOD
PRGDOLW¢9HQWROD
YROWDFKHLOVHUEDWRLRVLªVYXRWDWR
FRPSOHWDPHQWHHQRQFಬªSL»DFTXD
UHLQVWDOODUHLOWDSSRLQJRPPDHLOWDSSR
7RJOLHUHHSXOLUHLOᚏOWURODVFLDUOR
DVFLXJDUHFRPSOHWDPHQWHTXLQGL
LQVWDOODUORGLQXRYR
(VWUDUUHOHEDWWHULHGDOWHOHFRPDQGR
&RQVHUYDUHLOFRQGL]LRQDWRUHLQXQ
OXRJRIUHVFRDVFLXWWRORQWDQRGDOOD
OXFHVRODUHGLUHWWDGDOOHWHPSHUDWXUH
HVWUHPHGDOODSROYHUHHFFHVVLYD
ROWUHFKHLQXQOXRJREHQYHQWLODWR
 ZZZHOHFWUROX[FRP
ವ 3XOLUHLOᚏOWURGHOOಬDULDDULDRVWUXLWD
3XOLUHLOᚏOWURGHOOಬDULD
ವ /DWHPSHUDWXUDHVWHUQDªHVWUHPDPHQWH
DOWD,PSRVWDUHODYHORFLW¢9(172/$VX
XQOLYHOORVXSHULRUHSHUIDUSDVVDUHOಬDULD
DWWUDYHUVROHVHUSHQWLQHSL»VSHVVR
/DVWDQ]DªWURSSRIUHGGD
ವ /DWHPSHUDWXUDLPSRVWDWDªWURSSR
EDVVD$XPHQWDUHODWHPSHUDWXUD
LPSRVWDWD
ವ /DWHPSHUDWXUDªLPSRVWDWDWURSSR
IUHGGDSHULOUDᚎUHVFDPHQWRQRWWXUQR
3HUVFRQJHODUHODVHUSHQWLQDLPSRVWDUH
LQPRGDOLW¢9HQWROD,PSRVWDUHOD
WHPSHUDWXUDVXXQDSRVL]LRQHSL»DOWD
ವ ,OWXERGLHVSXOVLRQHGHOOಬDULDQRQ
ªFROOHJDWRRªEORFFDWR9HGHUHLO
FDSLWROR(VSXOVLRQHGHOOಬDULDFDOGD
,OFRQGL]LRQDWRUHUDᔯUHVFDPDOD
VWDQ]DªWURSSRFDOGDVLVWDIRUPDQGR
GHOJKLDFFLRVXOODVHUSHQWLQDGL
UDᔯUHGGDPHQWRGLHWURLOSDQQHOOR
DQWHULRUHGHFRUDWLYR
,OFRQGL]LRQDWRUHVLDFFHQGHHVSHJQH
UDSLGDPHQWH
ವ 3XOLUHLOᚏOWURGHOOಬDULDDULDRVWUXLWD
3XOLUHLOᚏOWURGHOOಬDULD5LPDQGLDPR
DOSXQWR6H]LRQH3XOL]LDHFXUD
ವ /DWHPSHUDWXUDªLPSRVWDWDWURSSR
FDOGD,PSRVWDUHXQDWHPSHUDWXUD
LQIHULRUH
ವ ,GHᚐHWWRULGLUH]LRQDOLGHOOಬDULDVRQR
SRVL]LRQDWLLQPDQLHUDLQDGHJXDWD
3RVL]LRQDUHLGHᚐHWWRULSHUXQD
PLJOLRUHGLVWULEX]LRQHGHOOಬDULD
ವ /DSDUWHDQWHULRUHªRVWUXLWDGDWHQGH
WRYDJOLHPRELOLHFFFKHOLPLWDQR
ODGLVWULEX]LRQHGHOOಬDULD(OLPLQDUH
OಬRVWDFRORGDYDQWLDOOಬDSSDUHFFKLDWXUD
ವ 3RUWHᚏQHVWUHJULJOLHHFFDSHUWH
OಬDULDIUHVFDQRQULPDQHQHOODVWDQ]D
&KLXGHUHOHSRUWHᚏQHVWUHJULJOLHHFF
ವ /ಬDSSDUHFFKLDWXUDªVWDWD
UHFHQWHPHQWHDFFHVDLQXQDVWDQ]D
FDOGD$WWHQGHUHFKHLOಯFDORUH
DFFXPXODWRರYHQJDHOLPLQDWRGDSDUHWL
VRᚑWWRSDYLPHQWRHPRELOL

&216,'(5$=,21,68//ಬ$0%,(17(
5LFLFODUHLPDWHULDOLFRQLOVLPEROR
6PDOWLUHOಬLPEDOODJJLRQHJOLDSSRVLWL
FRQWHQLWRULSHULOULFLFODJJLR$LXWDUH
DSURWHJJHUHOಬDPELHQWHHODVDOXWH
XPDQDHDULFLFODUHULᚏXWLGHULYDQWLGD
DSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKH
1RQVPDOWLUHOHDSSDUHFFKLDWXUHFKH
ULSRUWDQRLOVLPEROR
GLQRUPDOHULᚏXWR
GRPHVWLFR3RUWDUHLOSURGRWWRDOSXQWR
GLULFLFODJJLRSL»YLFLQRRFRQWDWWDUH
LOFRPXQHGLUHVLGHQ]D
)5$1$,6
12863(162169286
6(59,&($3569(17(
0HUFLGDYRLUFKRLVLFHSURGXLW(OHFWUROX[$YHFFHSURGXLWYRXVE«Q«ᚏFLH]GHGL]DLQHV
GDQQ«HVGH[S«ULHQFHSURIHVVLRQQHOOHHWGLQQRYDWLRQ,QJ«QLHX[HW«O«JDQWLOD«W«
FRQ©XVXUPHVXUHSRXUYRXV*U¤FH¢FHWDSSDUHLOYRXVVDYH]TXHFKDTXHXWLOLVDWLRQ
YRXVDSSRUWHUDVDWLVIDFWLRQ%LHQYHQXHFKH](OHFWUROX[
8WLOLVH]WRXMRXUVGHVSLªFHVGRULJLQH
$YDQWGHFRQWDFWHUOHVHUYLFHDSUªVYHQWHDVVXUH]YRXVGHGLVSRVHUGHVLQIRUPDWLRQV
VXLYDQWHV0RGªOH31&QXP«URGHV«ULH
9RXVWURXYHUH]FHVLQIRUPDWLRQVVXUODSODTXHVLJQDO«WLTXH
6RXVU«VHUYHGHPRGLᚏFDWLRQVVDQVSU«DYLV
2EWHQLUGHVFRQVHLOVGXWLOLVDWLRQGHVEURFKXUHVGHODLGHGHVLQIRUPDWLRQV
ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH
5HQGH]YRXVVXUQRWUHVLWH,QWHUQHWSRXU
(QUHJLVWUHUYRWUHSURGXLWSRXUREWHQLUXQPHLOOHXUVHUYLFH
ZZZUHJLVWHUHOHFWUROX[FRP
$FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHGRULJLQHSRXU
YRWUHDSSDUHLO
ZZZHOHFWUROX[FRPVKRS
7$%/('(60$7,5(6

,1)250$7,216'(6&85,7 

&216,*1(6'(6&85,7 

'(6&5,37,21'(/ಬ$33$5(,/ 

$&&(662,5(6,1&/86 

,16758&7,216'ಬ,167$//$7,21 

&$5$&75,67,48(6'8&/,0$7,6(85 

127,&('ಬ87,/,6$7,21 

(175(7,(1(71(772<$*( 

&+$57('('3$11$*( 

(10$7,5('(3527(&7,21'(/ಬ(19,5211(0(17 
$YHUWLVVHPHQW$WWHQWLRQFRQVLJQHVGHV«FXULW«
,QIRUPDWLRQVJ«Q«UDOHVHWFRQVHLOV
,QIRUPDWLRQVHQPDWLªUHGHSURWHFWLRQGHOHQYLURQQHPHQW
 ZZZHOHFWUROX[FRP

,1)250$7,216'(6&85,7
$77(17,21
ವ&HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWV
GHSOXVGHDQVHWSDUGHVSHUVRQQHVD\DQWGHV
FDSDFLW«VSK\VLTXHVVHQVRULHOOHVRXPHQWDOHV
U«GXLWHVRXXQPDQTXHGH[S«ULHQFHHWGH
FRQQDLVVDQFHV¢FRQGLWLRQG¬WUHVXUYHLOO«V
RXGDYRLUUH©XGHVLQVWUXFWLRQVVXUOXWLOLVDWLRQ
GHODSSDUHLOHQWRXWHV«FXULW«HWTXHOOHV
FRPSUHQQHQWOHVGDQJHUVHQFRXUXV
ವ1HODLVVH]SDVOHVHQIDQWVMRXHUDYHFODSSDUHLO
ವ6LOHF¤EOHGDOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW
¬WUHUHPSODF«SDUOHIDEULFDQWVRQDWHOLHUGHQWUHWLHQ
RXXQWHFKQLFLHQTXDOLᚏ«DᚏQG«YLWHUWRXWGDQJHU
&HPDQXHOYRXVH[SOLTXHFRPPHQWELHQXWLOLVHUYRWUH
QRXYHDXFOLPDWLVHXU9HXLOOH]OLUHDWWHQWLYHPHQWFH
PDQXHODYDQWGXWLOLVHUOHSURGXLW&RQVHUYH]FHPDQXHO
GDQVXQHQGURLWV½USRXUSRXYRLUOHFRQVXOWHUIDFLOHPHQW
&HV\PEROHLQGLTXHTXHODSSDUHLOFRQWLHQWXQᚐXLGH
IULJRULJªQHLQᚐDPPDEOH6LOHIULJRULJªQHIXLWHWHᚔ
H[SRV«¢XQHVRXUFHGLQᚐDPPDWLRQH[WHUQHLOH[LᚔH
XQULVTXHGLQFHQGLH
&HV\PEROHLQGLTXHTXHOHPDQXHOGXWLOLVDWLRQ
GRLW¬WUHOXDWWHQWLYHPHQW
&HV\PEROHLQGLTXHTXXQHSHUVRQQHHQFKDUJH
GHOHQWUHWLHQGRLWPDQLSXOHUFHW«TXLSHPHQW
FRQIRUP«PHQWDXJXLGHGLQᚔDOODWLRQ
&HV\PEROHLQGLTXHTXHGHVLQIRUPDWLRQVVRQW
GLVSRQLEOHVGDQVOHPDQXHOGXWLOLVDWLRQRXGDQV
OHJXLGHGLQᚔDOODWLRQHQWUHDXWUHV
$77(17,21
$77(17,21
$77(17,21
$77(17,21
5HPDUTXH6\PEROH ([SOLFDWLRQ
$77(17,21
ವ/HVRS«UDWLRQVGHPDLQWHQDQFHHWOHVU«SDUDWLRQV
QHGRLYHQW¬WUHHᚎHFWX«HVTXHSDUXQWHFKQLFLHQ
GHPDLQWHQDQFHDJU««
)5$1$,6

5HPDUTXHVLPSRUWDQWHV
1XWLOLVH]MDPDLVODSSDUHLOVDQVᚏOWUH¢DLU
1HIDLWHVMDPDLVIRQFWLRQQHUODSSDUHLOSUªVGXQH
VRXUFHGHFKDOHXURXGXQHᚐDPPHQXH
1H[SRVH]SDVODSSDUHLODX[UD\RQVGLUHFWVGXVROHLO
RX¢ODSOXLH
5DQJH]RXG«SODFH]WRXMRXUVODSSDUHLOHQSRVLWLRQ
GHERXW
1HSDVFRXYULUODSSDUHLOSHQGDQWVRQIRQFWLRQQHPHQW
RXLPP«GLDWHPHQWDSUªVVRQXWLOLVDWLRQ
9LGDQJH]WRXMRXUVOHDXGHFRQGHQVDWLRQDYDQW
GHUDQJHUODSSDUHLO
ವ&RQWDFWH]XQLQVWDOODWHXUSRXUOLQVWDOODWLRQGHFHW
DSSDUHLO
ವ&HFOLPDWLVHXUQHVWSDVSU«YXSRXU¬WUHXWLOLV«SDU
GHMHXQHVHQIDQWVRXGHVSHUVRQQHVLQᚏUPHVVDQV
VXUYHLOODQFH
ವ(PS¬FKH]OHVHQIDQWVGHMRXHUDYHFOHFOLPDWLVHXU
ವ&HUWDLQHVU«JOHPHQWDWLRQVORFDOHVVDSSOLTXHQW
FRQFHUQDQWOHVQLYHDX[VRQRUHVPD[LPDX[
SRXYDQW¬WUH«PLVSDUOHVFOLPDWLVHXUV
ವ6LOHF¤EOHGDOLPHQWDWLRQGRLW¬WUHUHPSODF«LOQH
GRLW¬WUHUHPSODF«TXHSDUXQU«SDUDWHXUDJU««
ವ/LQVWDOODWLRQGRLW¬WUHHᚎHFWX«HHQDFFRUGDYHFOHV
QRUPHVQDWLRQDOHVGHF¤EODJHSDUXQWHFKQLFLHQ
DJU««XQLTXHPHQWOHFDV«FK«DQW8QPDXYDLV
EUDQFKHPHQWSHXWSURYRTXHUXQHVXUFKDXᚎHHW
XQLQFHQGLH
ವ)DLWHVDWWHQWLRQGHQHSDVWRXFKHUOHYHQWLODWHXU
DYHFOHVGRLJWVORUVTXHYRXVDMXVWH]OHVYROHWV
KRUL]RQWDX[
ವ/HIXVLEOHHQF«UDPLTXHHVWGH9HW$
ವ/HVHQIDQWVQHGRLYHQWSDVQHWWR\HUQL
HQWUHSUHQGUHGRS«UDWLRQGHPDLQWHQDQFH
VXUODSSDUHLOVDQVVXUYHLOODQFH1RWH]TXH
OHVIULJRULJªQHVSHXYHQW¬WUHVDQVRGHXU
 ZZZHOHFWUROX[FRP

3RLQW¢JDUGHUHQP«PRLUHORUVGHOXWLOLVDWLRQ
GHYRWUHFOLPDWLVHXU
$77(17,21
$YHUWLVVHPHQWVGXWLOLVDWLRQ
$77(17,21
$YHUWLVVHPHQWSRXUOHFRUGRQGDOLPHQWDWLRQ
ವ&HWWHᚏFKH«OHFWULTXHQHGRLW¬WUHEUDQFK«H
TX¢XQHSULVHPXUDOHDGDSW«H1XWLOLVH]SDV
GHUDOORQJH«OHFWULTXH
ವ(QIRQFH]ODᚏFKHDYHFSU«FDXWLRQVGDQVODSULVH
PXUDOHHWDVVXUH]YRXVTXHOOHQDSDVGHMHX
ವ1HWLUH]G«IRUPH]RXPRGLᚏH]SDVOHFRUGRQ
GDOLPHQWDWLRQHWQHOHSORQJH]MDPDLVGDQVOHDX
/HIDLWGHWLUHUVXUOHFRUGRQGDOLPHQWDWLRQRXXQH
XWLOLVDWLRQQRQFRQIRUPHSHXYHQWHQWUD°QHUGHV
G«J¤WV¢ODSSDUHLOHWSURYRTXHUXQFKRF«OHFWULTXH
ವ6LOHF¤EOHGDOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW¬WUH
UHPSODF«SDUOHIDEULFDQWVRQVHUYLFHDSUªVYHQWH
RXXQWHFKQLFLHQTXDOLᚏ«DᚏQG«YLWHUWRXWGDQJHU(Q
FDVGHUHPSODFHPHQWXWLOLVH]XQLTXHPHQWOHF¤EOH
GDOLPHQWDWLRQVS«FLᚏ«SDUOHIDEULFDQW
ವ1HPRGLᚏH]DXFXQ«O«PHQWGHFHSURGXLW
ವ1LQV«UH]DXFXQREMHWGDQVOHV«O«PHQWVGH
ODSSDUHLO
ವ$VVXUH]YRXVTXHODWHQVLRQQRPLQDOHGH
ODOLPHQWDWLRQVHFWHXUHVWDGDSW«H8WLOLVH]XQLTXHPHQW
XQHDOLPHQWDWLRQ«OHFWULTXHGH99+]
$/XWLOLVDWLRQGXQHDOLPHQWDWLRQ«OHFWULTXHD\DQW
XQHWHQVLRQQRPLQDOHLQDGDSW«HSHXWHQWUD°QHUGHV
G«J¤WVVXUODSSDUHLODLQVLTXXQLQFHQGLH
ವ8WLOLVH]WRXMRXUVXQGLVMRQFWHXUDQWLH[SORVLRQRX
GHVIXVLEOHVGXQDPS«UDJHDGDSW«1XWLOLVH]VRXV
DXFXQSU«WH[WHGHVᚏOVGHV«SLQJOHVRXGDXWUHV
REMHWV¢ODSODFHGXQIXVLEOHDGDSW«
ವ(QFDVGDQRPDOLHGXFOLPDWLVHXUSDUH[HPSOHXQH
RGHXUGHEU½O«QHOHG«EUDQFKH]SDVGLUHFWHPHQW
RXYUH]GDERUGODIHQ¬WUHSRXUYHQWLOHUSXLV«WHLJQH]
OHHWG«EUDQFKH]OHGHODOLPHQWDWLRQ«OHFWULTXH
)5$1$,6

3U«FDXWLRQVGXWLOLVDWLRQ
ವ$VVXUH]YRXVTXHODSSDUHLOHVW«WHLQWHWG«EUDQFK«
GHODSULVHVHFWHXUDYDQWGHQWUHSUHQGUHWRXWHRS«UDWLRQ
GHPDLQWHQDQFHRXGHQHWWR\DJH
ವ1HSODFH]MDPDLVODSSDUHLOSUªVGXQHVRXUFHGH
FKDOHXURXGXQHᚐDPPHQXHORUVTXHYRXVUHPSODFH]
OHVᚏOWUHV
ವ1HYHUVH]HWQ«FODERXVVH]SDVGHDXGLUHFWHPHQWVXU
ODSSDUHLO/HDXSHXWSURYRTXHUXQFKRF«OHFWULTXHRX
GHVG«J¤WV¢O«TXLSHPHQW
ವ,OHVWQ«FHVVDLUHGHYLGDQJHUOHFOLPDWLVHXUDYDQWGH
OHG«SODFHU6LOUHVWHGHOHDXGDQVOHU«VHUYRLUHOOH
ULVTXHGHVHUHQYHUVHUGXUDQWOHG«SODFHPHQW
ವ3RXUYRXVDVVXUHUTXHODYLGDQJHHVWELHQHᚎHFWX«HOH
WX\DXGHYLGDQJHQHGRLWSDV¬WUHWRUGXHWLOQHGRLWSDV
¬WUHVXU«OHY«GXUDQWOHPRGHG«VKXPLGLᚏFDWLRQ6LQRQ
OHDXYLGDQJ«HSRXUUDLWVHU«SDQGUHGDQVODSLªFH
ವ/DWHPS«UDWXUHDXWRXUGXWX\DXGHYLGDQJHQHGRLWSDV
¬WUHHQGHVVRXVGHr&HQFRXUVGXWLOLVDWLRQ/HDX
YLGDQJ«HSRXUUDLWJHOHU¢OLQW«ULHXUGXWX\DXFHTXL
SURYRTXHUDLWXQG«ERUGHPHQWGHDX¢OLQW«ULHXUGH
ODSLªFH
ವ&HWDSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH&HWDSSDUHLO
GLVSRVHGXQFRUGRQGRW«GXQᚏOGHPLVH¢OD
WHUUH/DᚏFKHGRLW¬WUHEUDQFK«HGDQVXQHSULVH
FRUUHFWHPHQWLQVWDOO«HHWPLVH¢ODWHUUH1H
FRXSH]RXUHWLUH]HQDXFXQFDVOHJRXMRQFDUU«
GHWHUUHSRXUOH58XQLTXHPHQWGHFHWWHSULVH
XQLTXHPHQWSRXU
OH5R\DXPH8QL
/DQJXHWWHGH
PLVH¢ODWHUUH
)LFKH
*RXMRQFDUU«GHWHUUH
)LFKH
 ZZZHOHFWUROX[FRP
ವ1HEORTXH]SDVODVRUWLHG«FKDSSHPHQWGHODLU/HV
SHUIRUPDQFHVGHUHIURLGLVVHPHQWSRXUUDLHQW¬WUH
U«GXLWHVRXFRPSOªWHPHQWDUU¬W«HV
ವ8WLOLVH]XQGLVSRVLWLIGLᚎ«UHQWLHOU«VLGXHODQWLH[SORVLRQ
GLVMRQFWHXUSDUPHVXUHGHSURWHFWLRQFRQWUHOHVFKRFV
«OHFWULTXHVFRQIRUP«PHQWDX[QRUPHVEULWDQQLTXHVHW
DX[U«JOHPHQWDWLRQVUHODWLYHVDX[F¤EODJHV
ವ/H[SRVLWLRQSURORQJ«HDXᚐX[GDLUGLUHFWGXFOLPDWLVHXU
SRXUUDLW¬WUHGDQJHUHX[SRXUYRWUHVDQW«1H[SRVH]
SDVOHVSHUVRQQHVOHVDQLPDX[RXOHVSODQWHVDXᚐX[
GDLUGLUHFWGHODSSDUHLOSHQGDQWXQHS«ULRGHSURORQJ«H
ವ1XWLOLVH]SDVFHFOLPDWLVHXU¢GHVᚏQVSDUWLFXOLªUHV
QRQVS«FLᚏ«HVSDUH[HPSOHSRXUHQWUHSRVHUGHV
GLVSRVLWLIVGHSU«FLVLRQGHVDOLPHQWVGHVDQLPDX[
GRPHVWLTXHVGHVSODQWHVRXGHVREMHWVGDUW8QH
WHOOHXWLOLVDWLRQSRXUUDLWOHXU¬WUHSU«MXGLFLDEOH
ವ1XWLOLVH]SDVGHPR\HQVDXWUHVTXHFHX[
UHFRPPDQG«VSDUOHIDEULFDQWSRXUDFF«O«UHU
OHSURFHVVXVGHG«JLYUDJHRXGHQHWWR\DJH
ವ/DSSDUHLOGRLW¬WUHVWRFN«GDQVXQHSLªFHVDQVVRXUFH
SRWHQWLHOOHGLQᚐDPPDWLRQSDUH[HPSOHᚐDPPHVQXHV
DSSDUHLO¢JD]RXFKDXᚎDJH«OHFWULTXHHQIRQFWLRQQHPHQW
ವ1HSDVSHUFHUQLEU½OHU
ವ/DFRQIRUPLW«DX[U«JOHPHQWDWLRQVQDWLRQDOHV
FRQFHUQDQWOHJD]GRLW¬WUHUHVSHFW«H
ವ9HLOOH]¢FHTXHOHVRULᚏFHVGHYHQWLODWLRQQHVRLHQW
SDVREVWUX«V
ವ/DSSDUHLOGRLW¬WUHHQWUHSRV«GDQVXQHSLªFHELHQ
YHQWLO«HHWGHWDLOOHVXS«ULHXUH¢P
$77(17,21
ವ/LVH]DWWHQWLYHPHQWWRXVOHVDYHUWLVVHPHQWV
ವ/RUVGXG«JLYUDJHHWGXQHWWR\DJHGHODSSDUHLO
QXWLOLVH]SDVGRXWLOVDXWUHVTXHFHX[FRQVHLOO«V
SDUOHIDEULFDQW
5(0$548(95,),(=/$3/$48(6,*1$/7,48(
3285&211$75(/(7<3('()/8,'(
)5,*25,*1(&217(18'$169275($33$5(,/
,QIRUPDWLRQVVS«FLᚏTXHVFRQFHUQDQWOHVDSSDUHLOV
FRQWHQDQWGXᚐXLGHIULJRULJªQH5
)5$1$,6
ವ/DSSDUHLOGRLW¬WUHLQVWDOO«GDQVXQHVSDFHVDQV
VRXUFHVFRQWLQXHVGLQᚐDPPDWLRQSDUH[HPSOH
GHVᚐDPPHVQXHVGHVDSSDUHLOV«OHFWULTXHV
RXIRQFWLRQQDQWDXJD]HQFRQWLQX
ವ1HSDVSHUFHUQHSDVEU½OHU
ವ/HVIULJRULJªQHVSHXYHQW¬WUHVDQVRGHXU
ವ/DSSDUHLOGRLW¬WUHLQVWDOO«XWLOLV«HWVWRFN«GDQV
XQHSLªFHGRQWODVXSHUᚏFLHHVWVXS«ULHXUH¢P
ವ&HWDSSDUHLOFRQWLHQWXQHFHUWDLQHTXDQWLW«GH
IULJRULJªQH5UHSRUWH]YRXV¢O«WLTXHWWH
VLJQDO«WLTXH¢ODUULªUHGHODSSDUHLO
ವ5HVWXQIULJRULJªQHFRQIRUPHDX[GLUHFWLYHV
HXURS«HQQHVHQPDWLªUHGHQYLURQQHPHQW1H
SHUFH]MDPDLVOHFLUFXLWGHU«IULJ«UDWLRQ
ವ6LODSSDUHLOHVWLQVWDOO«XWLOLV«RXVWRFN«GDQVXQH
]RQHQRQYHQWLO«HODSLªFHGRLW¬WUHFRQ©XHGH
VRUWH¢«YLWHUWRXWHDFFXPXODWLRQGHIULJRULJªQH
VXLWH¢GHVIXLWHVSRXYDQWHQWUD°QHUXQLQFHQGLH
RXXQHH[SORVLRQ¢FDXVHGHOLQᚐDPPDWLRQGX
IULJRULJªQHFDXV«SDUGHVFKDXᚎDJHVIRXUV
«OHFWULTXHVRXDXWUHVVRXUFHVGLQᚐDPPDWLRQ
ವ/DSSDUHLOGRLW¬WUHVWRFN«GHVRUWH¢«YLWHUWRXWH
G«IDLOODQFHP«FDQLTXH
ವ7RXWHSHUVRQQHWUDYDLOODQWRXLQWHUYHQDQWVXUXQFLUFXLW
GHᚐXLGHIULJRULJªQHGRLW¬WUHWLWXODLUHGXQFHUWLᚏFDW
YDOLGHG«OLYU«SDUXQRUJDQLVPHDFFU«GLW«TXLDXWRULVH
VDFRPS«WHQFH¢ODPDQLSXODWLRQGHVIULJRULJªQHV
FRQIRUP«PHQW¢XQH«YDOXDWLRQVS«FLᚏTXHUHFRQQXH
SDUGHVDVVRFLDWLRQVGHOLQGXVWULH
ವ/HVU«SDUDWLRQVGRLYHQW¬WUHHᚎHFWX«HVVXUODEDVH
GHVUHFRPPDQGDWLRQVGXIDEULFDQW/HVWUDYDX[
GHQWUHWLHQHWGHU«SDUDWLRQQ«FHVVLWDQWODVVLVWDQFH
GDXWUHVSHUVRQQHVTXDOLᚏ«HVGRLYHQW¬WUHHᚎHFWX«V
VRXVODVXSHUYLVLRQGHODSHUVRQQHTXDOLᚏ«HSRXU
OXWLOLVDWLRQGHᚐXLGHVIULJRULJªQHVLQᚐDPPDEOHV
7UDQVSRUWG«TXLSHPHQWVFRQWHQDQWGHVU«IULJ«UDQWV
LQᅨDPPDEOHV
9RLUOHVU«JOHPHQWDWLRQVFRQFHUQDQWOHWUDQVSRUW

,QIRUPDWLRQVVXSSO«PHQWDLUHV
 ZZZHOHFWUROX[FRP

&216,*1(6'(6&85,7

5HPDUTXHVFRQFHUQDQW
OXWLOLVDWLRQ
ವ (QPRGHUHIURLGLVVHPHQWORUVTXHYRXV
«WHLJQH]ODSSDUHLOOHFRPSUHVVHXU
VDUU¬WHLPP«GLDWHPHQWHWOHPRWHXU
GHVYHQWLODWHXUVVXS«ULHXUHWLQI«ULHXU
VDUU¬WHDXERXWGHVHFRQGHV
/RUVTXHODSSDUHLOSDVVHGXPRGH
UHIURLGLVVHPHQWDXPRGHYHQWLODWLRQ
OHFRPSUHVVHXUVDUU¬WHLPP«GLDWHPHQW
HWOHPRWHXUGXYHQWLODWHXULQI«ULHXU
VDUU¬WHDXERXWGHVHFRQGHV
/RUVTXHODSSDUHLOSDVVHGXPRGH
UHIURLGLVVHPHQWDXPRGHFKDXᚎDJH
OHFRPSUHVVHXUVDUU¬WHLPP«GLDWHPHQW
HWOHPRWHXUGXYHQWLODWHXULQI«ULHXU
VDUU¬WHDXERXWGHVHFRQGHV
ವ )RQFWLRQQHPHQWEDVVHWHPS«UDWXUH
9RWUHDSSDUHLOVHEORTXHWLO"
/DSSDUHLOSHXWVHEORTXHUORUVTXLO
HVWU«JO«¢HQYLURQr&HWTXHOD
WHPS«UDWXUHDPELDQWHHVWEDVVH
SDUWLFXOLªUHPHQWODQXLW'DQVFHFDV
XQHEDLVVHVXSSO«PHQWDLUHGHOD
WHPS«UDWXUHSHXWFDXVHUXQEORFDJH
GHODSSDUHLO8QU«JODJH¢XQH
WHPS«UDWXUHSOXV«OHY«HOHPS¬FKHUD
GHVHEORTXHU
ವ /HPRGHGHG«VKXPLGLᚏFDWLRQ
DXJPHQWHODWHPS«UDWXUHGHODSLªFH
'XUDQWOHPRGHG«VKXPLGLᚏFDWLRQ
ವ /DLVVH]PLQXWHVDXFRPSUHVVHXU
SRXUUHG«PDUUHUOHUHIURLGLVVHPHQW
6LYRXV«WHLJQH]OHFOLPDWLVHXUHWTXH
YRXVOHUDOOXPH]LPP«GLDWHPHQWDSUªV
ODLVVH]PLQXWHVDXFRPSUHVVHXUSRXU
UHG«PDUUHUOHUHIURLGLVVHPHQW/DSSDUHLO
GLVSRVHGXQGLVSRVLWLI«OHFWURQLTXHTXL
PDLQWLHQWOHFRPSUHVVHXU«WHLQWSHQGDQW
PLQXWHVSDUV«FXULW«
ವ 'DQVOHFDVGXQHSDQQHGHFRXUDQW
GXUDQWOXWLOLVDWLRQDWWHQGH]PLQXWHV
DYDQWGHUHG«PDUUHUODSSDUHLO8QHIRLV
OHFRXUDQWUHYHQXUDOOXPH]OHFOLPDWLVHXU
(QFDVGLQWHUUXSWLRQGHODOLPHQWDWLRQ
«OHFWULTXHGHPRLQVGHTXDWUHPLQXWHV
YHLOOH]¢DWWHQGUHDXPRLQVTXDWUH
PLQXWHVDYDQWGHUHG«PDUUHUODSSDUHLO
6LYRXVUHG«PDUUH]OHFOLPDWLVHXUDYDQW
TXHTXDWUHPLQXWHVVHVRLHQW«FRXO«HV
XQGLVSRVLWLIGHSURWHFWLRQGHODSSDUHLO
SHXWSURYRTXHUODUU¬WGXFRPSUHVVHXU
&HGLVSRVLWLIGHSURWHFWLRQHPS¬FKHUD
OHUHIURLGLVVHPHQWSHQGDQWHQYLURQ
PLQXWHV7RXVOHVDQFLHQVU«JODJHV
VHURQWDQQXO«VHWODSSDUHLOUHSDVVHUD
DX[U«JODJHVLQLWLDX[
0DUTXDJHGHO«TXLSHPHQWSDUGHVSDQQHDX[
9RLUOHVU«JOHPHQWDWLRQVORFDOHV
OLPLQDWLRQGHV«TXLSHPHQWVXWLOLVDQWGHVᅨXLGHV
IULJRULJªQHVLQᅨDPPDEOHV
9RLUOHVU«JOHPHQWDWLRQVQDWLRQDOHV
6WRFNDJHGHV«TXLSHPHQWVDSSDUHLOV
/HVWRFNDJHGHO«TXLSHPHQWGRLW¬WUHFRQIRUPHDX[
LQVWUXFWLRQVGXIDEULFDQW
6WRFNDJHG«TXLSHPHQWVHPEDOO«VLQYHQGXV
/DSURWHFWLRQDVVXU«HSDUOHPEDOODJHGHVWRFNDJH
GRLW¬WUHFRQ©XHGHWHOOHVRUWHTXHGHVGRPPDJHV
P«FDQLTXHV¢O«TXLSHPHQW¢OLQW«ULHXUGHOHPEDOODJH
QHSXLVVHQWSDVFDXVHUGHIXLWHVGHODFKDUJHGH
U«IULJ«UDQW/DTXDQWLW«PD[LPDOHG«TXLSHPHQWV
DXWRULV«V¢¬WUHVWRFN«VHQVHPEOHVHUDG«WHUPLQ«
SDUOHVU«JOHPHQWDWLRQVORFDOHV
)5$1$,6

$YHUWLVVHPHQWVDXFRXUV
GHOXWLOLVDWLRQ
3RXU«YLWHUOHVEOHVVXUHVFRUSRUHOOHVHW
OHVGRPPDJHVVXUODSSDUHLOVXLYH]OHV
LQVWUXFWLRQVVXLYDQWHV
8QHPDXYDLVHXWLOLVDWLRQGHODSSDUHLOHQ
UDLVRQGXQPDQTXHPHQW¢FHVLQVWUXFWLRQV
SRXUUDLWHQWUD°QHUGHVEOHVVXUHV
FRUSRUHOOHVRXHQGRPPDJHUODSSDUHLO
/HVLQVWUXFWLRQVVRQWFODVV«HVVHORQ
OHVLQGLFDWLRQVVXLYDQWHV
&HV\PEROHLQGLTXHOHULVTXH
GHPRUWRXGHEOHVVXUHJUDYH
$YHUWLVVHPHQWVDXFRXUV
GHOXWLOLVDWLRQ
&HV\PEROHLQGLTXHOHULVTXH
GHEOHVVXUHVRXGHGRPPDJH
¢ODSURSUL«W«
$77(17,21
$77(17,21
$77(17,21
&LGHVVRXVVRQWSU«VHQW«HVOHV
VLJQLᚏFDWLRQVGHVV\PEROHVXWLOLV«V
GDQVFHPDQXHO
/HV\PEROHFLFRQWUHLQGLTXHXQH
DFWLRQ¢QHMDPDLVHQWUHSUHQGUH
/HV\PEROHFLFRQWUHLQGLTXH
XQHDFWLRQTXLGRLWWRXMRXUV
¬WUHUHVSHFW«H
ODSSDUHLOJ«QªUHGHODFKDOHXUHWOD
WHPS«UDWXUHGHODSLªFHDXJPHQWH
'HODLUFKDXGHVWVRXᚒ«SDUODVRUWLH
G«FKDSSHPHQWGHODLUPDLVFHOD
HVWQRUPDOHWQHVWSDVVLJQHGXQ
SUREOªPHGHODSSDUHLO
ವ (QPRGHUHIURLGLVVHPHQWOHFOLPDWLVHXU
VRXᚒHODLUFKDXGJ«Q«U«SDUO«O«PHQW
¢OH[W«ULHXUGHODSLªFH¢ODLGHXQ
WX\DXG«FKDSSHPHQW3HQGDQWFH
WHPSVODP¬PHTXDQWLW«GDLUHQWUH
GDQVODSLªFHGHOH[W«ULHXUSDUWRXWHV
OHVRXYHUWXUHVGHODSLªFH
ವ 7RXWHSHUVRQQHWUDYDLOODQWRX
LQWHUYHQDQWVXUXQFLUFXLWGHᚐXLGH
IULJRULJªQHGRLW¬WUHWLWXODLUHGXQ
FHUWLᚏFDWYDOLGHG«OLYU«SDUXQ
RUJDQLVPHG«YDOXDWLRQDFFU«GLW«
SDUOLQGXVWULHTXLDXWRULVHVD
FRPS«WHQFH¢ODPDQLSXODWLRQ
GHVIULJRULJªQHVHQWRXWHV«FXULW«
FRQIRUP«PHQW¢XQFDKLHUGHV
FKDUJHVUHFRQQXSDUOLQGXVWULH
ವ /HQWUHWLHQQHGRLW¬WUHHᚎHFWX«TXH
FRQIRUP«PHQWDX[UHFRPPDQGDWLRQV
GXIDEULFDQWGHO«TXLSHPHQW/HV
WUDYDX[GHQWUHWLHQHWGHU«SDUDWLRQ
Q«FHVVLWDQWODVVLVWDQFHGDXWUHV
SHUVRQQHVTXDOLᚏ«HVGRLYHQW¬WUH
HᚎHFWX«VVRXVODVXSHUYLVLRQGHOD
SHUVRQQHTXDOLᚏ«HSRXUOXWLOLVDWLRQ
GHᚐXLGHVIULJRULJªQHVLQᚐDPPDEOHV
ವ /HFOLPDWLVHXUSHXWIRQFWLRQQHU¢XQH
WHPS«UDWXUHFRPSULVHHQWUHHWr&
r)HQPRGHUHIURLGLVVHPHQW
r&r)HQPRGHFKDXᚎDJH
 ZZZHOHFWUROX[FRP
$WWHQWLRQ 6LJQLᅧFDWLRQ
,QV«UH]FRUUHFWHPHQWODᚏFKH
GಬDOLPHQWDWLRQ
8QHPDXYDLVHU«SDUDWLRQSHXWSURYRTXHU
XQFKRF«OHFWULTXHXQHH[SORVLRQRX
XQLQFHQGLHHQUDLVRQGಬXQHJ«Q«UDWLRQ
H[FHVVLYHGHFKDOHXU
1HPHWWH]SDVOಬDSSDUHLOHQPDUFKHRX
¢OಬDUU¬WHQEUDQFKDQWRXG«EUDQFKDQW
ODᚏFKHGHODSULVHGHFRXUDQW
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
HQUDLVRQ
GಬXQHJ«Q«UDWLRQH[FHVVLYHGHFKDOHXU
1ಬHQGRPPDJH]RXXWLOLVH]SDVXQF¤EOH
GಬDOLPHQWDWLRQQRQVS«FLᚏTXH
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
6LOHF¤EOH
GಬDOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW
¬WUHUHPSODF«SDUOHIDEULFDQWVRQDWHOLHU
GಬHQWUHWLHQRXXQWHFKQLFLHQTXDOLᚏ«DᚏQ
Gಬ«YLWHUWRXWGDQJHU
1HPRGLᚏH]SDVODORQJXHXUGXFRUGRQ
GಬDOLPHQWDWLRQHWQHSDUWDJH]SDVODSULVH
DYHFGಬDXWUHVDSSDUHLOV
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
HQUDLVRQ
GಬXQHJ«Q«UDWLRQH[FHVVLYHGHFKDOHXU
1HIDLWHVSDVIRQFWLRQQHUOಬDSSDUHLO
DYHFOHVPDLQVPRXLOO«HVRXGDQV
XQHQYLURQQHPHQWKXPLGH
&HODSHXWSURYRTXHUXQFKRF«OHFWULTXH
1HGLULJH]SDVOHᚐX[GಬDLUVXUOHV
RFFXSDQWVGHODSLªFH
&HODSRXUUDLWQXLUH¢YRWUHVDQW«
9HLOOH]WRXMRXUV¢DYRLUXQHERQQHPLVH
¢ODWHUUH
8QPDXYDLVUDFFRUGHPHQW¢ODWHUUH
SHXWFDXVHUXQFKRF«OHFWULTXH
1HODLVVH]SDVGಬHDXVಬ«FRXOHUVXUOHV
FRPSRVDQWV«OHFWULTXHV
&HODSRXUUDLWSURYRTXHUXQHSDQQH
GHOಬDSSDUHLORXXQFKRF«OHFWULTXH
,QVWDOOH]WRXMRXUVXQGLVMRQFWHXUHWXQ
FLUFXLWGಬDOLPHQWDWLRQU«VHUY«
8QHLQVWDOODWLRQLQFRUUHFWHSHXW
HQJHQGUHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
'«EUDQFKH]OಬDSSDUHLOVLYRXVHQWHQGH]
XQEUXLW«WUDQJHVHQWH]XQHRGHXU
LQKDELWXHOOHRXYR\H]GHODIXP«HHQVRUWLU
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
1ಬXWLOLVH]SDVODSULVHVLHOOHHVW
GHVVHUU«HRXHQGRPPDJ«H
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
1ಬRXYUH]SDVOಬDSSDUHLOGXUDQWVRQ
IRQFWLRQQHPHQW
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
7HQH]OHVDUPHV¢IHX«ORLJQ«HV &HODSRXUUDLWSURYRTXHUXQHH[SORVLRQ
HWXQLQFHQGLH
1ಬXWLOLVH]SDVOHF¤EOHGಬDOLPHQWDWLRQ
SUªVGಬDSSDUHLOV«PHWWDQWGHODFKDOHXU
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
1ಬXWLOLVH]SDVOHF¤EOHGಬDOLPHQWDWLRQSUªV
GHJD]LQᚐDPPDEOHVRXGHFRPEXVWLEOHV
FRPPHGHOಬHVVHQFHGXEHQ]ªQHGHV
GLOXDQWVHWF
&HODSRXUUDLWHQWUD°QHUXQ
FKRF«OHFWULTXH
XQLQFHQGLHRXXQHH[SORVLRQ
$«UH]ODSLªFHDYDQWGHIDLUHIRQFWLRQQHU
OHFOLPDWLVHXUVLGXJD]Vಬ«FKDSSHGಬXQ
DXWUHDSSDUHLO
&HODSRXUUDLWSURYRTXHUXQHH[SORVLRQ
XQLQFHQGLHHWGHVEU½OXUHV
1HG«PRQWH]RXPRGLᚏH]SDVOಬDSSDUHLO 1HG«PRQWH]RXPRGLᚏH]SDVOಬDSSDUHLO
)5$1$,6
$77(17,21
$WWHQWLRQ 6LJQLᅧFDWLRQ
/RUVGXUHWUDLWGXᚏOWUH¢DLUQHWRXFKH]
SDVOHVSDUWLHVP«WDOOLTXHVGHOಬDSSDUHLO
&HODSHXWHQWUD°QHUGHVEOHVVXUHV
1HQHWWR\H]SDVOHFOLPDWLVHXUDYHF
GHOಬHDX
'DQVOಬDSSDUHLOHWG«JUDGHUOಬLVRODWLRQ
&HODSHXWSURYRTXHUXQFKRF«OHFWULTXH
9HLOOH]¢ELHQYHQWLOHUODSLªFHORUVTXH
YRXVXWLOLVH]OಬDSSDUHLOHQP¬PHWHPSV
TXಬXQHFXLVLQLªUHHWF
8QHS«QXULHGಬR[\JªQHSHXWVHSURGXLUH
/RUVTXHOಬDSSDUHLOGRLW¬WUHQHWWR\«
«WHLJQH]OHHWFRXSH]OHGLVMRQFWHXU
GHFRXUDQW
1HSDVQHWWR\HUOಬDSSDUHLOORUVTXHFHOXLFL
HVWVRXVWHQVLRQFDUFHODSHXWSURYRTXHU
XQLQFHQGLHXQHH[SORVLRQXQFKRF
«OHFWULTXHHWGHVEOHVVXUHV
1HSDVSODFHUXQDQLPDOGHFRPSDJQLH
RXXQHSODQWHGಬLQW«ULHXUR»FHX[FL
VHUDLHQWH[SRV«VDXᚐX[GಬDLUGLUHFW
&HODSRXUUDLWEOHVVHUOಬDQLPDO
RXHQGRPPDJHUODSODQWH
1HSDVXWLOLVHUOಬDSSDUHLO¢GHVᚏQV
VS«FLDOHV
1ಬXWLOLVH]SDVFHFOLPDWLVHXUSRXU
HQWUHSRVHUGHVGLVSRVLWLIVGHSU«FLVLRQ
GHVDOLPHQWVGHVDQLPDX[GRPHVWLTXHV
GHVSODQWHVRXGHVREMHWVGಬDUW&HOD
SRXUUDLWHQWUD°QHUXQHG«W«ULRUDWLRQ
GHOHXUTXDOLW«HWF
WHLJQH]OಬDSSDUHLOHWIHUPH]ODIHQ¬WUH
HQFDVGHWHPS¬WHRXF\FORQH
)DLUHIRQFWLRQQHUOಬDSSDUHLODYHFOHV
IHQ¬WUHVRXYHUWHVSRXUUDLWPRXLOOHU
YRWUHLQW«ULHXUHWYRWUHPRELOLHU
7HQH]ODᚏFKHGಬDOLPHQWDWLRQSDUVDW¬WH
ORUVTXHYRXVODUHWLUH]
,OH[LVWHXQULVTXHGHFKRF«OHFWULTXH
RXGHGRPPDJHV
WHLJQH]OಬLQWHUUXSWHXUSULQFLSDOORUVTXH
YRXVQಬXWLOLVH]SDVOಬDSSDUHLOSHQGDQW
S«ULRGHSURORQJ«H
&HODSHXWSURYRTXHUXQHSDQQHGH
OಬDSSDUHLORXXQLQFHQGLHHWXQHH[SORVLRQ
1HSODFH]SDVGಬREVWDFOHVDXWRXUGHV
HQWU«HVGಬDLURX¢OಬLQW«ULHXUGHODVRUWLHGಬDLU
&HODSRXUUDLWSURYRTXHUXQHSDQQH
GHOಬDSSDUHLORXXQDFFLGHQW
,QV«UH]WRXMRXUVOHᚏOWUHVROLGHPHQW
1HWWR\H]OHᚏOWUH¢DLUWRXWHVOHVGHX[
VHPDLQHV
)DLUHIRQFWLRQQHUOಬDSSDUHLOHQOಬDEVHQFH
GHᚏOWUHSHXWHQWUD°QHUXQHSDQQH
1ಬXWLOLVH]SDVGHG«WHUJHQWSXLVVDQWWHO
TXHGHODFLUHRXGXGLOXDQWXWLOLVH]XQ
FKLᚎRQGRX[
/ಬDSSDUHQFHGXSURGXLWSHXW¬WUH
G«W«ULRU«HHQUDLVRQGXFKDQJHPHQWGH
VDFRXOHXURXGHOಬDEUDVLRQGHVDVXUIDFH
1HSODFH]SDVGಬREMHWVORXUGVVXUOH
FRUGRQGಬDOLPHQWDWLRQHWDVVXUH]YRXV
TXHOHFRUGRQQಬHVWSDVFRPSULP«
,OH[LVWHXQULVTXHGಬLQFHQGLHGಬH[SORVLRQ
RXGHFKRF«OHFWULTXH
1HSDVERLUHOಬHDX«YDFX«HGX
FOLPDWLVHXU
(OOHFRQWLHQWGHVVXEVWDQFHVFRQWDPLQDQWHV
SRXYDQWYRXVUHQGUHPDODGH
)DLWHVDWWHQWLRQORUVTXHYRXVG«EDOOH]
HWLQVWDOOH]OಬDSSDUHLO
6HVERUGVFRXSDQWVSHXYHQWYRXV
EOHVVHU
6LGHOಬHDXS«QªWUHGDQVOಬDSSDUHLO
«WHLJQH]OಬDSSDUHLO¢ODSULVHGHFRXUDQW
HWFRXSH]OHFRXUDQWDXGLVMRQFWHXU
,VROH]OಬDOLPHQWDWLRQHQG«EUDQFKDQWOH
FRUGRQGಬDOLPHQWDWLRQHWFRQWDFWH]XQ
WHFKQLFLHQTXDOLᚏ«
,OH[LVWHXQULVTXHGHFKRF«OHFWULTXH
HWGHGRPPDJHV
 ZZZHOHFWUROX[FRP
3
6
7
8
9
12
4 5
1011
1
2
13

'(6&5,37,21'(/$33$5(,/
ವ 9«ULᚏH]TXHWRXVOHVDFFHVVRLUHVVRQWLQFOXVGDQVOHPEDOODJHHWUHSRUWH]YRXVDX[
LQVWUXFWLRQVGLQVWDOODWLRQSRXUVDYRLUFRPPHQWOHVXWLOLVHU




7«O«FRPPDQGH
5«FHSWHXUGXVLJQDO
3RLJQ«HGHWUDQVSRUWGHVGHX[F¶W«V
$UULY«HGDLU
6RUWLHGDLUGHODSLªFH
&RQGXLWGDLU
3ULVHGHODᚏFKHGDOLPHQWDWLRQ
5RXOHWWH
%DQGHDXGHFRPPDQGH
&RUGRQGDOLPHQWDWLRQ
6RUWLHG«YDFXDWLRQFRQWLQXH
6RUWLHG«YDFXDWLRQLQI«ULHXUH
6RUWLHG«YDFXDWLRQGHODSRPSH

$&&(662,5(6,1&/86
3,&(6 120'(6&20326$176 48$17,7
$GDSWDWHXU$FRQGXLWG«FKDSSHPHQW
$GDSWDWHXU%HPERXWSODW
7X\DXG«YDFXDWLRQ
7«O«FRPPDQGH
NLW
SLªFH
NLW
3LOH53$$$9 SLªFHV
)5$1$,6

,16758&7,216'ಬ,167$//$7,21

$LUFKDXGG«YDFXDWLRQ
(QPRGH&RROUHIURLGLVVHPHQW
ODSSDUHLOGRLW¬WUHSODF«¢SUR[LPLW«GXQH
IHQ¬WUHRXGXQHRXYHUWXUHDᚏQTXHODLU
FKDXGSXLVVH¬WUHFRQGXLWYHUVOH[W«ULHXU
3ODFH]GDERUGODSSDUHLOVXUXQVROSODW
HQYRXVDVVXUDQWTXDXFXQREVWDFOHQH
VHWURXYH¢PRLQVGHFPDXWRXUGH
ODSSDUHLOHWTXLOHVW¢SUR[LPLW«GXQH
VRXUFHGDOLPHQWDWLRQ¢FLUFXLWXQLTXH

WLUH]OXQGHVF¶W«VGXWX\DX)LJHW
YLVVH]OHWX\DX¢ODGDSWDWHXU$)LJ

,QV«UH]ODGDSWDWHXU$GDQVODSSDUHLO
)LJ
)LJ

WLUH]ODXWUHF¶W«GXWX\DXHWYLVVH]OH
¢ODGDSWDWHXU%)LJ
)LJ
WLUH]OH[WU«PLW«GXWX\DX
)LJ
)LJ
9HUURXLOOH]
2
1
,QV«UH]
/HWX\DXSHXW¬WUHDOORQJ«GH
VDORQJXHXUGRULJLQHGHFP¢
FPPDLVLOHVWSU«I«UDEOHGH
OXLGRQQHUXQHORQJXHXUPLQLPDOH
$VVXUH]YRXV«JDOHPHQWTXH
OHWX\DXQDSDVGHSOLXUHRX
GDᚎDLVVHPHQWDLJXV)LJ
/DGDSWDWHXU$HVWG«M¢YLVV«DX
WX\DXSRXUFHWDSSDUHLO
)LJ

3RVH]OಬDGDSWDWHXU%GDQVODIHQ¬WUH
)LJ
 ZZZHOHFWUROX[FRP

127,&('ಬ87,/,6$7,21
&HUWDLQHVGHVLQVWUXFWLRQVVXLYDQWHV
QHSHXYHQW¬WUHVXLYLHVTXHQ
XWLOLVDQWOHSDQQHDXGHFRPPDQGHV
,OQHVWSDVQ«FHVVDLUHGXWLOLVHU
OHWX\DXGHYLGDQJHHQPRGH
m&RRO}UHIURLGLVVHPHQW
)RQFWLRQGHUHIURLGLVVHPHQW
0RGHFKDXᚎDJHVXUFHUWDLQVPRGªOHV
'DQVFHPRGHYRXV'(9(=XWLOLVHU
ODGDSWDWHXUGXWX\DXG«FKDSSHPHQW
'DQVFHPRGHYRXV'(9(=XWLOLVHU
ODGDSWDWHXUGXWX\DXG«FKDSSHPHQW

8WLOLVDWLRQGXEDQGHDX
GHFRPPDQGHV

$SSX\H]VXUOHERXWRQm0RGH}
MXVTX¢FHTXHOHYR\DQWm&RRO}
UHIURLGLVVHPHQWVDᚑFKH

$SSX\H]VXUODWRXFKHm)DQVSHHG}
9LWHVVHGHYHQWLODWLRQSRXUV«OHFWLRQQHU
ODYLWHVVHGHYHQWLODWLRQHQIRQFWLRQ
GXYR\DQW9RXVSRXYH]V«OHFWLRQQHU
ODYLWHVVHGHYHQWLODWLRQFRPPHVXLW
mDXWR} mKL}«OHY«H mPHG}
PR\HQQH mORZ}EDVVH mDXWR}

$SSX\H]VXUODWRXFKHm
}RXm }
SRXUV«OHFWLRQQHUODWHPS«UDWXUHG«VLU«H

$SSX\H]VXUOHERXWRQm0RGH}
MXVTX¢FHTXHOHYR\DQWm+HDW}
&KDXᚎDJHVDᚑFKH

$SSX\H]VXUODWRXFKHm)DQVSHHG}
9LWHVVHGHYHQWLODWLRQSRXUV«OHFWLRQQHU
ODYLWHVVHGHYHQWLODWLRQHQIRQFWLRQ
GXYR\DQW9RXVSRXYH]V«OHFWLRQQHU
ODYLWHVVHGHYHQWLODWLRQFRPPHVXLW
mDXWR} mKL}«OHY«H mPHG}
PR\HQQH mORZ}EDVVH mDXWR}

$SSX\H]VXUODWRXFKHm
}RXm }
SRXUV«OHFWLRQQHUODWHPS«UDWXUHG«VLU«H

7X\DXGHYLGDQJHUDFFRUG«9RLUOH
SDUDJUDSKHm9LGDQJH}

&$5$&75,67,48(6'8&/,0$7,6(85

%$1'($8'(&200$1'(
1
235689 7 4
$ᚑFKDJHGHODWHPS«UDWXUHKHXUH
0LVHVRXVKRUVWHQVLRQ
6OHHSYHLOOH
5«LQLWLDOLVDWLRQᚏOWUH
9LWHVVHGXYHQWLODWHXU
5ªJOHODWHPS«UDWXUHRXODPLQXWHULH
6«OHFWLRQ0RGH
7LPHUPLQXWHULH
2VFLOODWLRQ
0RGHG«VKXPLGLᚏFDWLRQ
$SSX\H]VXUOHERXWRQm0RGH}
MXVTX¢FHTXHOHYR\DQWm'U\}
G«VKXPLGLᚏFDWLRQVDᚑFKH/«FUDQ
DᚑFKHODWHPS«UDWXUHGHODSLªFH
6LPXOWDQ«PHQWOHYR\DQWGHYHQWLODWLRQ
mORZ}VDᚑFKH
5HPDUTXH
$YHFFHPRGHODYLWHVVH
GHYHQWLODWLRQQHSHXW¬WUHV«OHFWLRQQ«H
)5$1$,6
0RGHm)DQ}YHQWLODWHXU
3RXUFHPRGHYRXVQDYH]SDVEHVRLQ
GXWX\DXG«FKDSSHPHQWQLGXWX\DXGH
YLGDQJH

$SSX\H]VXUOHERXWRQm0RGH}
MXVTX¢FHTXHOHYR\DQWm)DQ}
YHQWLODWLRQVDᚑFKH

$SSX\H]VXUOHERXWRQm)DQVSHHG}
YLWHVVHGXYHQWLODWHXUSRXUV«OHFWLRQQHU
ODYLWHVVHGXYHQWLODWHXUVRXKDLW«H

/HYHQWLODWHXUIRQFWLRQQHUD¢ODYLWHVVH
V«OHFWLRQQ«HHWODWHPS«UDWXUHGHOD
SLªFHVDᚑFKHUD
0RGHDXWRPDWLTXH
0RGH7LPHUPLQXWHULH
'Lᚎ«UHUOHG«PDUUDJH
'Lᚎ«UHUODUU¬W
0RGH9HLOOH
/DLVVH]WRXMRXUVOHWX\DXG«FKDSSHPHQW
DWWDFK«DYHFFHPRGH
/RUVTXHYRXVU«JOH]OHPRGH$XWR
SRXUOHFOLPDWLVHXULOV«OHFWLRQQHUD
DXWRPDWLTXHPHQWOHPRGHmFRROLQJ}
>UHIURLGLVVHPHQW@mKHDWLQJ}>FKDXᚎDJH@
QRQDSSOLFDEOHDX[PRGªOHV¢
UHIURLGLVVHPHQWXQLTXHPHQWRX
mIDQRQO\}YHQWLODWHXUVHXOVHORQOD
WHPS«UDWXUHTXHYRXVDYH]V«OHFWLRQQ«H
HWODWHPS«UDWXUHDPELDQWH/H
FOLPDWLVHXUFRQWU¶OHUDDXWRPDWLTXHPHQWOD
WHPS«UDWXUHDPELDQWHDX[DOHQWRXUVGHOD
WHPS«UDWXUHTXHYRXVDYH]V«OHFWLRQQ«H
(QPRGH$872YRXVQHSRXYH]SDV
V«OHFWLRQQHUODYLWHVVHGXYHQWLODWHXU
$SSX\H]VXUOHERXWRQm0RGH}
MXVTX¢FHTXHOHYR\DQWm$XWRPRGH}
PRGHDXWRPDWLTXHVDᚑFKH
8QHIRLVOHPRGHm$XWRPRGH}
V«OHFWLRQQ«ODSSDUHLOIRQFWLRQQH
DXWRPDWLTXHPHQWHQIRQFWLRQGHOD
WHPS«UDWXUHU«HOOHGHODLUDPELDQW
/DPLQXWHULHSHUPHW¢OXWLOLVDWHXUGH
GLᚎ«UHUOHG«PDUUDJHRXODUU¬WGHODSSDUHLO
%UDQFKH]ODSSDUHLODᚏQTXLOVHPHWWH
HQYHLOOH
$SSX\H]VXUODWRXFKHm7LPHU}OH
YR\DQW0LQXWHULHVDOOXPHHWOHQRPEUH
GKHXUHVm}VDᚑFKH
$SSX\H]RXPDLQWHQH]DSSX\«ODᚐªFKH
83+$87
RXODᚐªFKH'2:1%$6
SRXUPRGLᚏHUOHPLQXWHXUGHG«PDUUDJH
GLᚎ«U«GHPLQXWHV¢KHXUHSXLV¢
SDUWLUGKHXUHMXVTX¢KHXUHV$SSX\H]
GHQRXYHDXVXUODWRXFKHm7LPHU}GDQV
OHVVHFRQGHVDᚏQGHTXLWWHUGLUHFWHPHQW
OHU«JODJHGHODPLQXWHULH
9RXVSRXYH]GLᚎ«UHUODUU¬WORUVTXH
ODSSDUHLOHVWHQIRQFWLRQQHPHQW
$SSX\H]VXUODWRXFKHm7LPHU}OH
YR\DQW0LQXWHULHVDOOXPHHWOHQRPEUH
GKHXUHVm}VDᚑFKH
$SSX\H]RXPDLQWHQH]DSSX\«ODᚐªFKH
83+$87
RXODᚐªFKH'2:1%$6
SRXUPRGLᚏHUOHPLQXWHXUGDUU¬WGLᚎ«U«
GHPLQXWHV¢KHXUHVSXLV¢SDUWLU
GKHXUHMXVTX¢KHXUHV$SSX\H]GH
QRXYHDXVXUODWRXFKHm7LPHU}GDQVOHV
VHFRQGHVDᚏQGHTXLWWHUGLUHFWHPHQWOH
U«JODJHGHODPLQXWHULH
$SUªVVHFRQGHVODIRQFWLRQPLQXWHULH
HVWDFWLY«HODWHPS«UDWXUHVDᚑFKHGH
QRXYHDX/DFRPPDQGHFDOFXOHOHWHPSV
UHVWDQWMXVTX¢ODUU¬W
3RXUDQQXOHUOHU«JODJHDSSX\H]GH
QRXYHDXVXUODWRXFKHm7LPHU}SRXU
DᚑFKHUOHWHPSVUHVWDQWHWDSSX\H]XQH
QRXYHOOHIRLVSRXUTXLWWHUODIRQFWLRQ9RXV
SRXYH]«JDOHPHQWDQQXOHUOHU«JODJH
HQDSSX\DQWVXUODWRXFKH0DUFKH$UU¬W
$SUªVDQQXODWLRQGXU«JODJHOHYR\DQW
GHODPLQXWHULHV«WHLQW
(QDFWLYDQWFHWWHIRQFWLRQQDOLW«YRXV
REWLHQGUH]XQHWHPS«UDWXUHDJU«DEOHWRXW
HQ«FRQRPLVDQWGHO«QHUJLH
8QLTXHPHQWORUVTXHODSSDUHLOHVWHQ
PRGH&RRO+HDWRX$XWRDSSX\H]VXU
ODWRXFKHmVOHHS}9HLOOHSRXUTXH
ODSSDUHLOSDVVHHQPRGH9HLOOH
5HPDUTXH5HSRUWH]YRXV¢ODSDJH
SRXUHQVDYRLUSOXVVXUOHPRGHm6OHHS}
$SSX\H]VXUOHERXWRQmVZLQJ}
RVFLOODWLRQSRXUDFWLYHUODIRQFWLRQ
RVFLOODWLRQGXYROHWOHYROHWRVFLOOH
GHEDVHQKDXW
$SSX\H]GHQRXYHDXVXUFHWWHWRXFKH
SRXUDQQXOHUODIRQFWLRQRVFLOODWLRQ
)RQFWLRQ2VFLOODWLRQ
5HPDUTXH
$YHFFHPRGHODYLWHVVH
DXWRQHSHXW¬WUHV«OHFWLRQQ«H
$SUªVVHFRQGHVODIRQFWLRQPLQXWHULH
HVWDFWLY«HODWHPS«UDWXUHVDᚑFKHGH
QRXYHDX/DFRPPDQGHFDOFXOHOHWHPSV
UHVWDQWMXVTXDXG«SDUW
/DSSDUHLOG«PDUUHUDGDQVOHPRGHU«JO«
SU«F«GHPPHQW
3RXUDQQXOHUOHU«JODJHDSSX\H]GH
QRXYHDXVXUODWRXFKHm7LPHU}SRXU
DᚑFKHUOHWHPSVUHVWDQWHWDSSX\H]XQH
QRXYHOOHIRLVSRXUTXLWWHUODIRQFWLRQ9RXV
SRXYH]«JDOHPHQWDQQXOHUOHU«JODJH
HQDSSX\DQWVXUODWRXFKH0DUFKH$UU¬W
$SUªVDQQXODWLRQGXU«JODJHOHYR\DQW
GHODPLQXWHULHV«WHLQW
 ZZZHOHFWUROX[FRP
5«LQLWLDOLVDWLRQᚏOWUH
&HWWHIRQFWLRQQDOLW«YRXVUDSSHOOHGH
QHWWR\HUOHᚏOWUH¢DLUFRQVXOWH]ODSDUWLH
(QWUHWLHQHW1HWWR\DJHSRXUSOXVGHᚑFDFLW«
/HYR\DQWGXᚏOWUHVDOOXPHDSUªV
KHXUHVGHIRQFWLRQQHPHQW3RXU
U«LQLWLDOLVHU¢OLVVXHGXQHWWR\DJHGXᚏOWUH
DSSX\H]VXUODWRXFKHmᚏOWHUUHVHW}
U«LQLWLDOLVDWLRQGXᚏOWUHOHYR\DQWGX
ᚏOWUHV«WHLQW
)RQFWLRQr)r&
$SSX\H]VXUODWRXFKHm
}HWm
VLPXOWDQ«PHQWSHQGDQWSOXVGHVHFRQGHV
SRXUEDVFXOHUGHVGHJU«V)DKUHQKHLWDX[
GHJU«V&HOVLXV(QPRGH'U\)DQYRXV
QHSRXYH]SDVV«OHFWLRQQHUr)r&
2XYUH]OHFDSRW¢ODUULªUHGHOD
W«O«FRPPDQGH
,QV«UH]FRUUHFWHPHQWOHVSLOHVIRXUQLHV
UHSRUWH]YRXVDX[LQVWUXFWLRQV¢
OLQW«ULHXUGXFRPSDUWLPHQWGHVSLOHV
5HIHUPH]OHFDSRW
3RXUUHPSODFHUGHVSLOHVXV«HVSDUGHX[
SLOHV53$$$9U«S«WH]OHV«WDSHV
FLGHVVXV
,QVWDOODWLRQGHVSLOHVHWLQVWUXFWLRQV
LPSRUWDQWHV

7«O«FRPPDQGH
FUDQGHW«O«FRPPDQGH
7RXFKHGHU«JODJHWHPSPLQXWHXU
7RXFKH0DUFKH$UU¬W
7RXFKH0RGH
7RXFKH6OHHS1XLW
7RXFKH7LPHU0LQXWHULH
7RXFKH6ZLQJ2VFLOODWLRQ
7RXFKH6SHHG9LWHVVH
6LYRXVGHYH]UHPSODFHURXUHF\FOHU
ODW«O«FRPPDQGHOHVSLOHVGRLYHQW
¬WUHHQOHY«HVSXLVPLVHVDXUHEXW
FRQIRUP«PHQWDX[U«JOHPHQWDWLRQV
ORFDOHVFDUHOOHVVRQWQRFLYHVSRXU
OHQYLURQQHPHQW
1HP«ODQJH]SDVGHVSLOHVQHXYHV
HWXVDJ«HV
1HP«ODQJH]SDVGHVSLOHVDOFDOLQHV
VWDQGDUG]LQFFDUERQHHWUHFKDUJHDEOHV
QLFNHOFDGPLXP
1HMHWH]SDVOHVSLOHVDXIHX/HV
SLOHVSHXYHQWH[SORVHURXIXLU6L
ODW«O«FRPPDQGHQHVWSDVXWLOLV«H
GXUDQWORQJWHPSVUHWLUH]OHVSLOHVGHOD
W«O«FRPPDQGH
/DW«O«FRPPDQGHGRLW¬WUHPDQLSXO«H
DYHFOHSOXVJUDQGVRLQ1HODODLVVH]SDV
WRPEHURXQHOH[SRVH]SDV¢ODOXPLªUH
GLUHFWHGXVROHLORX¢XQHVRXUFHGH
FKDOHXU
&HWDSSDUHLOHVWFRQIRUPH¢ODUWLFOH
GHVU«JOHPHQWDWLRQVGHOD)&&
/XWLOLVDWLRQHVWVRXPLVDX[GHX[
FRQGLWLRQVVXLYDQWHV
&HWDSSDUHLOQHGRLWSDVFDXVHUG
LQWHUI«UHQFHVQXLVLEOHVHWFHWDSSDUHLO
GRLWDFFHSWHUWRXWHLQWHUI«UHQFHUH©XH\
FRPSULVOHVLQWHUI«UHQFHVVXVFHSWLEOHVGH
SURYRTXHUXQIRQFWLRQQHPHQWLQG«VLUDEOH
3RLQWH]ODW«O«FRPPDQGHYHUVOH
U«FHSWHXUGXVLJQDO/DW«O«FRPPDQGH
GRLWVHWURXYHU¢PRLQVGHPGH
ODSSDUHLOVDQVREVWDFOHVHQWUHOD
W«O«FRPPDQGHHWODSSDUHLO
)5$1$,6
%UDQFKH]ODSSDUHLOSXLVDSSX\H]VXU
ODWRXFKH0DUFKH$UU¬W4XDQGYRXV
DOOXPH]ODSSDUHLOFHVWOHU«JODJH
V«OHFWLRQQ«DYDQWVRQDUU¬WTXLVDFWLYH
3RXU«WHLQGUHODSSDUHLODSSX\H]GH
QRXYHDXVXUODWRXFKH0DUFKH$UU¬W
SXLVG«EUDQFKH]OH
WHLJQH]WRXMRXUVODSSDUHLOHQDSSX\DQW
VXUODWRXFKH0DUFKH$UU¬WHWSDWLHQWH]
TXHOTXHVPLQXWHVDYDQWGHOHG«EUDQFKHU
$SSX\H]VXUODWRXFKHm0RGH}MXVTX¢
FHTXHODPHQWLRQmFRRO}DSSDUDLVVH¢
JDXFKHVXUO«FUDQ/&'
$SSX\H]VXUODWRXFKHmIDQVSHHG}
YLWHVVHGHYHQWLODWLRQSRXUV«OHFWLRQQHU
ODYLWHVVHGHYHQWLODWLRQmDXWR}
mKLJK}mPLG}HWmORZ}
$SSX\H]VXUODWRXFKHm
}HWm }
SRXUV«OHFWLRQQHUODWHPS«UDWXUHG«VLU«H
$SSX\H]VXUODWRXFKHm0RGH}
MXVTX¢FHTXHODPHQWLRQmGU\}
G«VKXPLGLᚏFDWLRQDSSDUDLVVH¢JDXFKH
VXUO«FUDQ/&'
6LPXOWDQ«PHQWOHV\PEROHGHYHQWLODWLRQ
mORZ}VDᚑFKH
5HPDUTXH$YHFFHPRGHODYLWHVVH
GHYHQWLODWLRQQHSHXW¬WUHV«OHFWLRQQ«H
$SSX\H]VXUODWRXFKHm0RGH}MXVTX¢
FHTXHODPHQWLRQmKHDW}FKDXᚎDJH
DSSDUDLVVH¢JDXFKHVXUO«FUDQ/&'
$SSX\H]VXUODWRXFKHmIDQVSHHG}
YLWHVVHGHYHQWLODWLRQSRXUV«OHFWLRQQHU
ODYLWHVVHGHYHQWLODWLRQmDXWR}
mKLJK}mPLG}HWmORZ}
$SSX\H]VXUODWRXFKHm
}HWm }
SRXUV«OHFWLRQQHUODWHPS«UDWXUHG«VLU«H
$SSX\H]VXUODWRXFKHm0RGH}MXVTX¢
FHTXHODPHQWLRQmDXWR}DXWRPDWLTXH
DSSDUDLVVHHQKDXWGHO«FUDQ/&'
(QPRGH$872YRXVQHSRXYH]SDV
V«OHFWLRQQHUODYLWHVVHGXYHQWLODWHXU
$SSX\H]VXUODWRXFKHm
}HWm }
SRXUV«OHFWLRQQHUODWHPS«UDWXUHG«VLU«H
$SSX\H]VXUODWRXFKHm0RGH}MXVTX¢
FHTXHODPHQWLRQmIDQ}YHQWLODWLRQ
DSSDUDLVVH¢JDXFKHVXUO«FUDQ/&'
$YHFFHPRGHYRXVSRXYH]V«OHFWLRQQHU
ODYLWHVVHGHYHQWLODWLRQmKLJK}mPLG}
RXmORZ}HQDSSX\DQWVXUODWRXFKHGH
YLWHVVHGHYHQWLODWLRQHWHQYRXVU«I«UDQW
DXGLDJUDPPH
5HPDUTXH$YHFFHPRGHOHFRQGXLW
GDLUQDSDVEHVRLQG¬WUHUHOL«
0RGHUHIURLGLVVHPHQW
0RGHG«VKXPLGLᚏFDWLRQ
0RGHFKDXᚎDJH3RXUOHVPRGªOHV
&KDXᚎDJHHW5HIURLGLVVHPHQWXQLTXHPHQW
0RGH$872
0RGHm)DQ}YHQWLODWHXU
8WLOLVDWHXU
0D[P
7«O«FRPPDQGH
&OLPDWLVHXUPRELOH
0(775(/$33$5(,/62867(16,21
&RPPHQWXWLOLVHUODW«O«FRPPDQGH
 ZZZHOHFWUROX[FRP
/RUVTXHODSSDUHLOHVWHQPRGH&RRO
+HDWRX$XWRDSSX\H]VXUODWRXFKH
mVOHHS}9HLOOHSRXUTXHODSSDUHLO
SDVVHHQPRGH9HLOOH$YHFFHPRGH
ODYLWHVVHGHYHQWLODWLRQSDVVHUDHQ
PRGHmDXWR}DXWRPDWLTXHPHQW&HWWH
FRQᚏJXUDWLRQQHSHXW¬WUHFKDQJ«H
(QPRGH&RRO+HDWODWHPS«UDWXUH
V«OHFWLRQQ«HDXJPHQWHGLPLQXH
Gr&PLQXWHVDSUªVV«OHFWLRQGX
PRGH/DWHPS«UDWXUHDXJPHQWHUD
GLPLQXHUDHQFRUHGr&DSUªV
PLQXWHVVXSSO«PHQWDLUHV&HWWH
QRXYHOOHWHPS«UDWXUHVHUDFRQVHUY«H
SHQGDQWKHXUHVDYDQWGHUHYHQLU¢OD
WHPS«UDWXUHV«OHFWLRQQ«H¢ORULJLQH/H
PRGHm6OHHS}VHWHUPLQHHWODSSDUHLO
VDUU¬WHDXWRPDWLTXHPHQW
/HPRGHm6OHHS}SHXW¬WUHDQQXO«¢
WRXWPRPHQWHQFRXUVGHIRQFWLRQQHPHQW
HQDSSX\DQWVXUODWRXFKHm6OHHS}
m0RGH}RXmIDQVSHHG}
5HPDUTXH(QPRGH)DQYHQWLODWLRQRX
'U\G«VKXPLGLᚏFDWLRQOHPRGH9HLOOH
QHSHXW¬WUHDFWLY«
0RGH9HLOOH
$SSX\H]VXUODWRXFKHm6ZLQJ}SRXU
DFWLYHUODIRQFWLRQRVFLOODWLRQGXYROHWHW
m
}VDᚑFKHHQKDXWGHO«FUDQ
/HYROHWVXUOHSDQQHDXVXS«ULHXURVFLOOH
$SSX\H]GHQRXYHDXVXUFHWWHWRXFKH
SRXUDQQXOHUODIRQFWLRQRVFLOODWLRQ
)RQFWLRQ2VFLOODWLRQ
)RQFWLRQr)r&
0RGH7LPHUPLQXWHULH
$SSX\H]VLPXOWDQ«PHQWVXUODWRXFKH
m
}HWm }SHQGDQWSOXVGHVHFRQGHV
SRXUEDVFXOHUGHVGHJU«V)DKUHQKHLWDX[
GHJU«V&HOVLXV(QPRGH'U\)DQYRXV
QHSRXYH]SDVV«OHFWLRQQHUr)r&
'Lᚎ«UHUOHG«PDUUDJH
%UDQFKH]ODSSDUHLODᚏQTXLOVHPHWWHHQ
YHLOOH$SSX\H]VXUODWRXFKHm7LPHU}
VXUO«FUDQVDᚑFKHQWm7LPHU}HWmK}
HWmRQ}FOLJQRWH
$SSX\H]RXPDLQWHQH]DSSX\«ODᚐªFKH
83+$87
RXODᚐªFKH'2:1%$6
SRXUPRGLᚏHUOHPLQXWHXUGHG«PDUUDJH
GLᚎ«U«GHPLQXWHV¢KHXUHSXLV
¢SDUWLUGKHXUHMXVTX¢KHXUHV
$XERXWGHVHFRQGHVOHU«JODJHHVW
VDXYHJDUG«/DFRPPDQGHFDOFXOHOH
WHPSVUHVWDQWMXVTXDXG«SDUW9RXV
SRXYH]«JDOHPHQWDSSX\HUGHQRXYHDX
VXUODWRXFKHm7LPHU}GLUHFWHPHQWHW
mRQ}DUU¬WHGHFOLJQRWHULPP«GLDWHPHQW
ODSSDUHLOG«PDUUHGDQVOHPRGHU«JO«
SU«DODEOHPHQW
9RXVSRXYH]FRQᚏJXUHUOHPRGHHW
ODSSDUHLOG«PDUUHVHORQYRVSU«I«UHQFHV
XQHIRLVTXHOHYR\DQWmRQ}FHVVHGH
FOLJQRWHU
3RXUDQQXOHUOHU«JODJHDSSX\H]GH
QRXYHDXVXUODWRXFKHm7LPHU}
)5$1$,6
5(0$548(
ವ '«YLVVH]OHERXFKRQGHYLGDQJHGHOD
VRUWLHGಬ«YDFXDWLRQFRQWLQXH)LJ
ವ 5HOLH]XQHH[WU«PLW«GXWX\DXGH
MDUGLQYHQGXV«SDU«PHQW¢ODVRUWLH
Gಬ«YDFXDWLRQSXLVG«SODFH]OಬDXWUH
H[WU«PLW«¢XQQLYHDXSOXVEDVTXH
OಬDSSDUHLO)LJ
ವ 'HOHDXGHFRQGHQVDWLRQSHXWFRXOHU
DSUªVDYRLUHQOHY«OHERXFKRQGH
'Lᚎ«UHUODUU¬W
9RXVSRXYH]GLᚎ«UHUODUU¬WORUVTXH
ODSSDUHLOHVWHQIRQFWLRQQHPHQW
$SSX\H]VXUODWRXFKHm7LPHU}VXU
O«FUDQVDᚑFKHQWm7LPHU}HWmK}
HWmRᚎ}FOLJQRWH
$SSX\H]RXPDLQWHQH]DSSX\«ODᚐªFKH
83+$87
RXODᚐªFKH'2:1%$6
SRXUPRGLᚏHUOHPLQXWHXUGDUU¬WGLᚎ«U«
GHPLQXWHV¢KHXUHVSXLV¢SDUWLU
GKHXUHMXVTX¢KHXUHV$SUªV
VHFRQGHVOHU«JODJHHVWVDXYHJDUG«
HWO«FUDQDᚑFKHOHWHPSVUHVWDQWMXVTX¢
ODUU¬W9RXVSRXYH]«JDOHPHQWDSSX\HU
GHQRXYHDXVXUODWRXFKHm7LPHU}
GLUHFWHPHQWHWmRᚎ}FHVVHGHFOLJQRWHU
LPP«GLDWHPHQW
3RXUDQQXOHUOHU«JODJHDSSX\H]GH
QRXYHDXVXUODWRXFKHm7LPHU}
6LODᚑFKDJHLQGLTXHm$6}m&6}RX
m(6}OHFDSWHXUGHWHPS«UDWXUHHVW
G«IDLOODQW&RQWDFWH]YRWUHVHUYLFHDSUªV
YHQWH(OHFWUROX[DJU««
6Lm/}VDᚑFKH¢O«FUDQOHPRWHXUGX
YHQWLODWHXU&&GXFRQGHQVDWHXUHVWHQ
SDQQH&RQWDFWH]YRWUHVHUYLFHDSUªV
YHQWH(OHFWUROX[DJU««
6Lm(}VDᚑFKHODFRPPXQLFDWLRQ
HQWUHOHFLUFXLWLPSULP«GHODᚑFKDJH
HWOHFLUFXLWLPSULP«GHODFRPPDQGH
SULQFLSDOHHVWHQFDXVH&RQWDFWH]YRWUH
VHUYLFHDSUªVYHQWH(OHFWUROX[DJU««
6Lm3}VDᚑFKHOHEDFLQI«ULHXUHVW
SOHLQ'«SODFH]GRXFHPHQWODSSDUHLO
YHUVXQSRLQWGHYLGDQJHUHWLUH]OHPERXW
GHYLGDQJHLQI«ULHXUHWODLVVH]OHDX
V«FRXOHU5HG«PDUUH]ODSSDUHLOMXVTX¢
FHTXHOHV\PEROHm3}GLVSDUDLVVH6L
OHUUHXUVHSURGXLW¢QRXYHDXFRQWDFWH]
OHVHUYLFHGHG«SDQQDJH

&RGHGಬHUUHXU
9LGDQJHFRQWLQXH
3HQGDQWOHPRGH'5<G«VKXPLGLᚏFDWLRQ
RXDYHFOHPRGªOH¢SRPSHGHFKDOHXU
YRXVDXUH]EHVRLQGಬXQWX\DXGHMDUGLQ
YHQGXV«SDU«PHQWDᚏQGHYLGDQJHU
OಬHDXGHFRQGHQVDWLRQGHOಬDSSDUHLO
6XLYH]OHV«WDSHVFLGHVVRXV

,QVWUXFWLRQVGHYLGDQJH
Tuyau flexible
de jardin
Tuyau flexible
de vidange
Fig. 21
Fig. 20
Bouchon de
vidange pour
le mode Sec
Bouchon de vidange
pour le mode pompe
à chaleur
 ZZZHOHFWUROX[FRP
5(0$548(3RXUYRXVDVVXUHU
TXHWRXWHOHDXGHFRQGHQVDWLRQVHVW
«FRXO«HVHFRXH]ODSSDUHLOHQOH
VRXOHYDQWO«JªUHPHQWSDUODYDQWMXVTX¢
FHTXHWRXWHOHDXV«YDFXH
9LGHUOHDXGHFRQGHQVDWLRQU«VLGXHOOH
¢OLQW«ULHXUGHODSSDUHLODXFRXUVGX
VWRFNDJHKLYHUQDO
3ODFH]XQEDFGHU«FXS«UDWLRQ
QRQIRXUQLVRXVODVRUWLHG«YDFXDWLRQ
LQI«ULHXUHSXLVHQOHYH]OHERXFKRQ
G«YDFXDWLRQSRXUSHUPHWWUH¢OHDXGH
FRQGHQVDWLRQGHV«FRXOHUGDQVOHEDF
5HPHWWH]OHERXFKRQG«YDFXDWLRQVXUOD
VRUWLHGHYLGDQJHFRQWLQXHGªVTXHOHDX
GHFRQGHQVDWLRQQHV«FRXOHSOXV
3ODFH]OHEDFGHU«FXS«UDWLRQVRXVODVRUWLH
G«YDFXDWLRQLQI«ULHXUHSXLVHQOHYH]OH
ERXFKRQGDUU¬WHQFDRXWFKRXFGHODVRUWLH
G«YDFXDWLRQSRXUSHUPHWWUH¢OHDXGH
FRQGHQVDWLRQGHV«FRXOHUGDQVOHEDF6L
YRWUHEDFGHU«FXS«UDWLRQQHSHXWFRQWHQLU
WRXWHOHDXLOIDXGUDOHYLGHUSOXVLHXUVIRLV
5HPHWWH]OHERXFKRQG«YDFXDWLRQVXU
ODVRUWLHG«YDFXDWLRQLQI«ULHXUHGªVTXH
OHDXGHFRQGHQVDWLRQQHV«FRXOHSOXV
)LJ
)LJ
6RUWLHGH
YLGDQJH
LQI«ULHXUH
%RXFKRQ
3ODWHDXG«JRXWWDJH

(175(7,(1(71(772<$*(
1HWWR\H]U«JXOLªUHPHQWYRWUHFOLPDWLVHXU
SRXUTXLOFRQVHUYHVRQDVSHFWQHXI
9HLOOH]¢ELHQG«EUDQFKHUODSSDUHLODYDQW
GHOHQHWWR\HUDᚏQG«YLWHUWRXWULVTXHGH
FKRF«OHFWULTXHRXGLQFHQGLH
9RXVSRXYH]«OLPLQHUODSRXVVLªUHGH
OHQYHORSSHHWGHODYDQWGHODSSDUHLO
HQXWLOLVDQWXQFKLᚎRQVDQVKXLOHRXOHV
QHWWR\HUDYHFXQFKLᚎRQKXPLGLᚏ«GHDX
FKDXGHHWGHOLTXLGHYDLVVHOOHGRX[
1XWLOLVH]MDPDLVGHQHWWR\DQWVDEUDVLIV
GHFLUHRXGHOXVWUDQWVXUOHQYHORSSHGH
ODSSDUHLO

1HWWR\DJHGHODSSDUHLO

(QOHYH]OHᚏOWUH¢DLUWHOTXLQGLTX«VXU
ODᚏJXUHFLGHVVRXV
3RXUTXHYRWUHFOLPDWLVHXUIRQFWLRQQH
SDUIDLWHPHQWHWORQJWHPSVQHWWR\H]
OHVᚏOWUHVWRXWHVOHVGHX[VHPDLQHVGH
IRQFWLRQQHPHQW

1HWWR\DJHGHVᚏOWUHV
YLGDQJHVLODSSDUHLOHVWHQPRGH
&RRORX$XWR/RUVTXHYRXVVRXKDLWH]
HQOHYHUOHWX\DXGHMDUGLQSU«SDUH]XQ
EDFGHU«FXS«UDWLRQQRQIRXUQLSRXU
U«FXS«UHUOHDXGHFRQGHQVDWLRQGHOD
VRUWLHG«YDFXDWLRQ
ವ $VVXUH]YRXVTXHODKDXWHXUGHODVRUWLH
HWTXHODVHFWLRQGXWX\DXG«YDFXDWLRQ
QHVRLHQWSDVSOXVLPSRUWDQWHVTXH
FHOOHVGHODVRUWLHG«YDFXDWLRQVLQRQ
ODYLGDQJHFRQWLQXHSRXUUDLWQHSDV
IRQFWLRQQHUFRUUHFWHPHQW
ವ (QPRGH&RRORX$XWRLOHVWFRQVHLOO«
GHPS¬FKHUODYLGDQJHFRQWLQXHHQ
UHPHWWDQWOHERXFKRQGHYLGDQJHVXU
ODVRUWLHG«YDFXDWLRQDᚏQGREWHQLUGHV
SHUIRUPDQFHVRSWLPDOHV
9HLOOH]¢ELHQ«OLPLQHUOH[F«GHQW
GHDXGXFKLᚎRQTXHYRXVDOOH]XWLOLVHU
SRXUHVVX\HUOHFRQWRXUGHVWRXFKHV
/H[F«GHQWGHDXVXURXDXWRXUGHV
WRXFKHVSHXWHQGRPPDJHUOHFOLPDWLVHXU
(QOHYH]OHᚏOWUH¢DLUVXS«ULHXUHWOH
ᚏOWUH¢DLULQI«ULHXU
)5$1$,6
6LOHFOLPDWLVHXUQHVWSDVXWLOLV«SHQGDQW
XQHORQJXHS«ULRGH

5DQJHPHQWHQKLYHU

&+$57('('3$11$*(
$YDQWGHIDLUHDSSHODXVHUYLFHDSUªV
YHQWH«WXGLH]FHWWHOLVWH&HODSHXW
YRXVSHUPHWWUHG«FRQRPLVHUVXWHPSV
HWGHODUJHQW&HWWHOLVWHU«SHUWRULHOHV
SUREOªPHVFRXUDQWVTXLQHVRQWSDVOH
U«VXOWDWGHG«IDXWVGHVSLªFHVRXGHOD
IDEULFDWLRQGHFHWDSSDUHLO
/HFOLPDWLVHXUQHIRQFWLRQQHSDV
/DLUVRUWDQWGHODSSDUHLOQHVWSDV
DVVH]IURLG
ವ /DSULVHPXUDOHHVWG«EUDQFK«H
(QIRQFH]IHUPHPHQWODSULVHGDQV
DSULVHPXUDOH
ವ )XVLEOHGHOLQVWDOODWLRQGRPHVWLTXH
JULOO«RXGLVMRQFWHXUG«FOHQFK«
5HPSODFH]OHIXVLEOHSDUXQPRGªOH
WHPSRULV«RXU«LQLWLDOLVH]OHGLVMRQFWHXU
ವ /DFRPPDQGHHVWVXUm2))}
«WHLQW0HWWH]VXUm21}DOOXP«
HWV«OHFWLRQQH]OHU«JODJHVRXKDLW«
ವ /DWHPS«UDWXUHDPELDQWHHVWDXGHVVRXV
GHr&/HUHIURLGLVVHPHQWSHXWQH
SDVDYRLUOLHXWDQWTXHODWHPS«UDWXUH
DPELDQWHQHG«SDVVHSDVr&
ವ 6«OHFWLRQQH]XQHWHPS«UDWXUHSOXV
EDVVH

9HLOOH]¢FHTXHOHᚏOWUHHWOHERXFKRQ
GHYLGDQJHVRLHQWHQSODFH

9«ULᚏH]TXHOHFRUGRQGDOLPHQWDWLRQ
HVWHQERQ«WDWVDQVᚏVVXUHVQL
G«J¤WVDSSDUHQWV

0HWWH]GHQRXYHOOHVSLOHVGDQV
ODW«O«FRPPDQGH

,QVWDOOH]OHFOLPDWLVHXUVXLYDQWOHV
LQVWUXFWLRQVGLQVWDOODWLRQ
$YDQWGXWLOLVHUOHFOLPDWLVHXU¢QRXYHDX

9LGDQJH]OHU«VHUYRLUFROOHFWHXU
GHDXFRPSOªWHPHQWHWODLVVH]OHDX
U«VLGXHOOHV«FRXOHUWRWDOHPHQWHQ
HQOHYDQWOHERXFKRQGHYLGDQJH
LQI«ULHXUHWOHERXFKRQGDUU¬WHQ
FDRXWFKRXF8QHIRLVOHU«VHUYRLU
YLG«UHPHWWH]HQSODFHOHERXFKRQHQ
FDRXWFKRXFHWOHERXFKRQGHYLGDQJH

(QOHYH]OHᚏOWUHHWQHWWR\H]OH
/DLVVH]OHV«FKHUFRPSOªWHPHQWDYDQW
GHOHUHPHWWUHHQSODFH

5HWLUH]OHVSLOHVGHODW«O«FRPPDQGH

6WRFNH]OHFOLPDWLVHXUGDQVXQHQGURLW
IUDLVVHFHWYHQWLO«¢ODEULGHVUD\RQV
GXVROHLOGLUHFWGHVWHPS«UDWXUHV
H[WU¬PHVHWGHODSRXVVLªUHH[FHVVLYH

1HWWR\H]OHᚏOWUH¢ODLGHDYHFGXOLTXLGH
YDLVVHOOHHWGHOHDXFKDXGH¢PRLQV
GHr&5LQFH]VRLJQHXVHPHQWOH
ᚏOWUH6HFRXH]GRXFHPHQWOHᚏOWUHSRXU
UHWLUHUOH[F«GHQWGHDX$VVXUH]YRXV
TXHOHᚏOWUHHVWSDUIDLWHPHQWVHFDYDQW
GHOHUHPHWWUHHQSODFH9RXVSRXYH]
«JDOHPHQWDVSLUHUODVDOHW«GXᚏOWUHDX
OLHXGHOHODYHU

5HPHWWH]OHᚏOWUHHQSODFHXQHIRLVTXH
FHOXLFLHVWVHF
$VVXUH]YRXVTXHOHᚏOWUHHVW
SDUIDLWHPHQWVHFDYDQWGHOH
UHPHWWUHHQSODFH
1
2
ವ /HFRGHGHUUHXU3VDᚑFKHGDQV
ODIHQ¬WUHGDᚑFKDJH9LGDQJH]
OHDXFRPPHG«FULWGDQVOHFKDSLWUH
m9LGDQJH}
ವ 7HPS«UDWXUHGHODSLªFHSOXVEDVVH
TXHODWHPS«UDWXUHV«OHFWLRQQ«H0RGH
UHIURLGLVVHPHQWRX7HPS«UDWXUHGHOD
SLªFHSOXV«OHY«HTXHODWHPS«UDWXUH
V«OHFWLRQQ«HPRGHFKDXᚎDJH
5«LQLWLDOLVHUODWHPS«UDWXUH
 ZZZHOHFWUROX[FRP
/HFOLPDWLVHXUIRQFWLRQQHPDLVOD
SLªFHHVWWRXMRXUVWURSFKDXGHLO
Q\D3$6GHIRUPDWLRQGHJLYUHVXU
ODERELQHGHUHIURLGLVVHPHQWGHUULªUH
OHSDQQHDXG«FRUDWLI
ವ /DWHPS«UDWXUHH[W«ULHXUHHVW
LQI«ULHXUH¢r&3RXUG«JLYUHUOD
ERELQHV«OHFWLRQQH]OHPRGHm)DQ}
YHQWLODWHXU
ವ /HᚏOWUH¢DLUHVWSHXW¬WUHVDOH
1HWWR\H]OHᚏOWUH5HSRUWH]YRXVDX
FKDSLWUH(QWUHWLHQHWQHWWR\DJH3RXU
G«JLYUHUV«OHFWLRQQH]OHPRGHm)DQ}
YHQWLODWHXU
ವ )LOWUH¢DLUVDOHDLUEORTX«1HWWR\H]
OHᚏOWUH¢DLU
ವ /DWHPS«UDWXUHH[W«ULHXUHHVW
H[WU¬PHPHQWFKDXGH6«OHFWLRQQH]
XQHYLWHVVHGX9(17,/$7(85SOXV
UDSLGHSRXUDSSRUWHUSOXVGDLUGDQVOHV
ERELQHVGHUHIURLGLVVHPHQW
/DSLªFHHVWWURSIURLGH
ವ 9RXVDYH]V«OHFWLRQQ«XQHWHPS«UDWXUH
WURSEDVVH$XJPHQWH]ODWHPS«UDWXUH
ವ /DWHPS«UDWXUHV«OHFWLRQQ«HSRXUOH
UHIURLGLVVHPHQWGHQXLWHVWWURSEDVVH
3RXUG«JLYUHUODERELQHV«OHFWLRQQH]
OHPRGHm)DQ}YHQWLODWHXU3XLV
V«OHFWLRQQH]XQHWHPS«UDWXUHSOXV
«OHY«H
ವ /HFRQGXLWG«FKDSSHPHQWQHVWSDV
UDFFRUG«RXHVWEORTX«5HSRUWH]
YRXVDXSDUDJUDSKHm$LUFKDXG
G«YDFXDWLRQ}
/HFOLPDWLVHXUIRQFWLRQQHPDLVOD
SLªFHHVWWRXMRXUVWURSFKDXGH
GXJLYUHVHIRUPHVXUODERELQHGH
UHIURLGLVVHPHQWGHUULªUHOHSDQQHDX
G«FRUDWLI
/HFOLPDWLVHXUVDOOXPHSXLVV«WHLQW
UDSLGHPHQW
ವ /HVYROHWVGDLUGLUHFWLRQQHOVVRQWPDO
SRVLWLRQQ«V5HSRVLWLRQQH]OHVYROHWV
SRXUXQHPHLOOHXUHGLVWULEXWLRQGHODLU
ವ /DYDQWGHODSSDUHLOHVWEORTX«SDUGHV
ULGHDX[GHVVWRUHVGHVPHXEOHVHWF
ODGLVWULEXWLRQGDLUHVWEORTX«H5HWLUH]
OREVWUXFWLRQGHODYDQWGHODSSDUHLO
ವ 3RUWHVIHQ¬WUHVD«UDWLRQVHWF
RXYHUWHVSRLQWVG«FKDSSHPHQWGHODLU
IURLG)HUPH]OHVSRUWHVOHVIHQ¬WUHV
OHVD«UDWLRQVHWF
ವ /DSSDUHLODU«FHPPHQW«W«DOOXP«
GDQVXQHSLªFHFKDXGH/DLVVH]
XQSHXGHWHPSVSRXU«YDFXHUOD
mFKDOHXUHPPDJDVLQ«H}GDQVOHV
PXUVOHSODIRQGOHVROHWOHVPHXEOHV
ವ /HFRPSUHVVHXUV«WHLQWHQFKDQJHDQW
GHPRGH$WWHQGH]HQYLURQPLQXWHV
HW«FRXWH]VLOHFRPSUHVVHXU
UHG«PDUUHHQPRGH&22/
ವ )LOWUH¢DLUVDOHDLUEORTX«1HWWR\H]OH
ᚏOWUH¢DLU5HSRUWH]YRXVDXFKDSLWUH
(QWUHWLHQHWQHWWR\DJH
ವ /DWHPS«UDWXUHHVWWURS«OHY«H
6«OHFWLRQQH]XQHWHPS«UDWXUHSOXV
EDVVH

(10$7,5('(3527(&7,21
'(/(19,5211(0(17
5HF\FOH]OHVPDW«ULDX[SRUWDQWOHV\PEROH
'«SRVH]OHVHPEDOODJHVGDQV
OHVEDFVGHUHF\FODJHSU«YXV¢FHW
HᚎHW&RQWULEXH]¢ODSURWHFWLRQGH
OHQYLURQQHPHQWHW¢YRWUHV«FXULW«
UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW
«OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV
SRUWDQWFHV\PEROH
DYHFOHVRUGXUHV
P«QDJªUHV$SSRUWH]FHSURGXLW¢YRWUH
FHQWUHGHUHF\FODJHORFDORXFRQWDFWH]
YRWUHDGPLQLVWUDWLRQPXQLFLSDOH
)5$1$,6
1. SICHERHEITSHINWEISE .......................................................................153
2. SICHERHEITSANWEISUNGEN ..............................................................160
3. GERÄTEBESCHREIBUNG ...................................................................164
4. MITGELIEFERTES ZUBEHÖR ..............................................................164
6. FUNKTIONEN DES KLIMAGERÄTS .......................................................166
7. BEDIENUNGSANLEITUNG ...................................................................166
8. REINIGUNG UND PFLEGE .....................................................................173
9. FEHLERSUCHE .....................................................................................174






165
166
167
168
169
170
171
172
173
174
175
126


Need help? Post your question in this forum.

Forumrules


Report abuse

Libble takes abuse of its services very seriously. We're committed to dealing with such abuse according to the laws in your country of residence. When you submit a report, we'll investigate it and take the appropriate action. We'll get back to you only if we require additional details or have more information to share.

Product:

For example, Anti-Semitic content, racist content, or material that could result in a violent physical act.

For example, a credit card number, a personal identification number, or an unlisted home address. Note that email addresses and full names are not considered private information.

Forumrules

To achieve meaningful questions, we apply the following rules:

Register

Register getting emails for Electrolux EXP26U538 at:


You will receive an email to register for one or both of the options.


Get your user manual by e-mail

Enter your email address to receive the manual of Electrolux EXP26U538 in the language / languages: English, German, Danish, French, Italian, Swedish, Norwegian, Finnish as an attachment in your email.

The manual is 12,43 mb in size.

 

You will receive the manual in your email within minutes. If you have not received an email, then probably have entered the wrong email address or your mailbox is too full. In addition, it may be that your ISP may have a maximum size for emails to receive.

The manual is sent by email. Check your email

If you have not received an email with the manual within fifteen minutes, it may be that you have a entered a wrong email address or that your ISP has set a maximum size to receive email that is smaller than the size of the manual.

The email address you have provided is not correct.

Please check the email address and correct it.

Your question is posted on this page

Would you like to receive an email when new answers and questions are posted? Please enter your email address.



Info