Use and Maintenance Manual
162 Pages
Preview
Page 1
IT EN DE FR Û Manuale d’uso e manutenzione Û Use and maintenance manual Û Gebrauchs- und Wartungshandbuch Û Mode d’emploi et d‘entretien Û Manual de uso y mantenimiento Û Use and maintenance manual - US Market
starlight pro
ES US
6RPPDULR ,QWURGX]LRQH 3UHPHVVD 'HVFUL]LRQHGHOO¶DSSDUHFFKLR 'HVWLQD]LRQHG¶XVR 3UHVFUL]LRQLGLVLFXUH]]D 'DWLGLLGHQWL¿FD]LRQH 'DWLDQDJUD¿FL 7DUJDGLLGHQWL¿FD]LRQHVWD]LRQHGLULFDULFD 7DUJDLGHQWL¿FD]LRQHPDQLSROR6WDUOLJKWSUR &ROODXGR &ROODXGRGHOO¶DSSDUHFFKLR &RQVHJQD &RQVHJQDGHOO¶DSSDUHFFKLR /LVWDPDWHULDOHLQGRWD]LRQHVWDQGDUG ,QVWDOOD]LRQH 3UHVFUL]LRQLGLVLFXUH]]DQHOODIDVHGLLQVWDOOD]LRQH 'HVFUL]LRQHGHLFRPDQGLHGHOOHVHJQDOD]LRQL $OODFFLDPHQWRGHOO¶DSSDUHFFKLR %DWWHULD %DWWHULDQXRYD3ULPDULFDULFD 6HJQDOD]LRQHEDWWHULDEDVVD 6HJQDOD]LRQHEDWWHULDVFDULFD 6HJQDOD]LRQHEDWWHULDJXDVWD 6RVWLWX]LRQHEDWWHULD 3UHVFUL]LRQLGLVLFXUH]]DEDWWHULD 8VR &ROOHJDPHQWRGHJOLDFFHVVRUL 3UHVFUL]LRQLGLVLFXUH]]DLQIDVHG¶XVR ,VWUX]LRQLG¶XVR 0LVXUD]LRQHGHOO¶LQWHQVLWjOXPLQRVD 3URWH]LRQHGLVLFXUH]]D 6WD]LRQHGLULFDULFDOHGJLDOOREDWWHUDFFHVR 3XOL]LDGLVLQIH]LRQHVWHULOL]]D]LRQH 3XOL]LDHGLVLQIH]LRQHLQYROXFURVWD]LRQHGLULFDULFD 3XOL]LDHGLVLQIH]LRQHPDQLSROR6WDUOLJKWSUR 3URFHGXUHGLVWHULOL]]D]LRQH 3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHGHOOD¿EUDRWWLFD 3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHSURWH]LRQHRWWLFD 0RGDOLWjHSUHFDX]LRQLSHUORVPDOWLPHQWR 6LPEROL 6ROX]LRQHLQFRQYHQLHQWL 'DWLWHFQLFL /(',QIRUPD]LRQLVXOODUDGLD]LRQHHPHVVD &RPSDWLELOLWjHOHWWURPDJQHWLFD(1 *DUDQ]LD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
,QWURGX]LRQH 3UHPHVVD /HJJHUHDWWHQWDPHQWHTXHVWRPDQXDOHSULPDGLSURFHGHUHDOOHRSHUD]LRQLGLLQVWDOOD]LRQH XWLOL]]RPDQXWHQ]LRQHRDOWULLQWHUYHQWLVXOO¶DSSDUHFFKLR 7HQHUHVHPSUHDSRUWDWDGLPDQRLOSUHVHQWHPDQXDOH ,PSRUWDQWH3HUHYLWDUHGDQQLDSHUVRQHRFRVHOHJJHUHFRQSDUWLFRODUHDWWHQ]LRQHWXWWLLSDUDJUD¿ ³3UHVFUL]LRQLGLVLFXUH]]D´SUHVHQWLQHOPDQXDOH6HFRQGRLOJUDGRGLJUDYLWjOHSUHVFUL]LRQLGL VLFXUH]]DVRQRFODVVL¿FDWHFRQOHVHJXHQWLLQGLFD]LRQL ! 3(5,&2/2 ULIHULWRVHPSUHDGDQQLDSHUVRQH ! $77(1=,21( ULIHULWRDSRVVLELOLGDQQLDFRVH /RVFRSRGHOSUHVHQWHPDQXDOHqGLSRUWDUHDFRQRVFHQ]DGHOO¶RSHUDWRUHOHSUHVFUL]LRQLGL VLFXUH]]DOHSURFHGXUHG¶LQVWDOOD]LRQHOHLVWUX]LRQLSHUXQFRUUHWWRXWLOL]]RHPDQXWHQ]LRQH GHOO¶DSSDUHFFKLR 3HUQHVVXQPRWLYRO¶XWHQWHqDXWRUL]]DWRDOODPDQRPLVVLRQHGHOO¶DSSDUHFFKLR 3HURJQLDQRPDOLDULVFRQWUDWDULYROJHUVLDXQ&HQWURGL$VVLVWHQ]D0HFWURQ 4XDOVLDVLWHQWDWLYRGLPDQRPLVVLRQHPRGL¿FDGDSDUWHGHOO¶XWLOL]]DWRUHRGDSHUVRQDOHQRQ DXWRUL]]DWRLQYDOLGHUjODJDUDQ]LDHVROOHYHUjOD'LWWD&RVWUXWWULFHGDOULVSRQGHUHSHURJQLHYHQWXDOH GDQQRDSHUVRQHRDFRVH /HLQIRUPD]LRQLHGLOOXVWUD]LRQLGHOSUHVHQWHPDQXDOHVRQRDJJLRUQDWHDOODGDWDGLHGL]LRQH ULSRUWDWDQHOO¶XOWLPDSDJLQD /D0(&7521qLPSHJQDWDQHOFRQWLQXRDJJLRUQDPHQWRGHLSURSULSURGRWWLFRQSRVVLELOLPRGL¿FKH DFRPSRQHQWLGHOO¶DSSDUHFFKLR1HOFDVRVLULVFRQWULQRGLVFRUGDQ]HWUDTXDQWRGHVFULWWRQHO SUHVHQWHPDQXDOHHO¶DSSDUHFFKLDWXUDLQ9VSRVVHVVRFKLHGHUHFKLDULPHQWLDO9RVWUR5LYHQGLWRUH RDO6HUYL]LR3RVW9HQGLWDGHOOD0(&7521 6LYLHWDO¶XWLOL]]RGHOSUHVHQWHPDQXDOHSHUVFRSLGLYHUVLGDTXHOOLVWUHWWDPHQWHOHJDWL DOO¶LQVWDOOD]LRQHDOO¶XWLOL]]RHDOODPDQXWHQ]LRQHGHOO¶DSSDUHFFKLR
'HVFUL]LRQHGHOO¶DSSDUHFFKLR /D6WDUOLJKWSURqXQDSSDUHFFKLRSHUSROLPHUL]]DUHLFRPSRVLWLIRWRLQGXUHQWL&RPHVRUJHQWH OXPLQRVDYLHQHXWLOL]]DWRXQGLRGROHGPRQRFURPDWLFRDGDOWLVVLPDHI¿FLHQ]DFRQOXQJKH]]DG¶RQGD GRPLQDQWHWUDQPHQP 3HUWDQWRFRQWUDULDPHQWHDOOHODPSDGHDORJHQHWUDGL]LRQDOLWXWWDODOXFHHPHVVDGDOOD6WDUOLJKWSUR qXWLOHSHUO¶DWWLYD]LRQHGHOIRWRLQL]LDWRUHFDQIRURTXLQRQH&LzSHUPHWWHGLRWWHQHUHRWWLPLULVXOWDWLGL SROLPHUL]]D]LRQHFRQSRWHQ]HQHWWDPHQWHLQIHULRULHVHQ]DHPLVVLRQLGLFDORUH /DOXFHHPHVVDGDOGLRGRYLHQHLQROWUHIRFDOL]]DWDVXOOD¿EUDRWWLFDPHGLDQWHXQHOHPHQWRRWWLFR FRQIRUPDDSSRVLWDPHQWHVWXGLDWD /¶DSSDUHFFKLRqFRVWLWXLWRGDXQDVWD]LRQHGLULFDULFDHGDXQPDQLSRORDOLPHQWDWRGDXQDEDWWHULD DOOLWLRLRQHULFDULFDELOH /D6WDUOLJKWSURSHUPHWWHGLRSHUDUHFRQGXHPRGDOLWjGLHPLVVLRQH (PLVVLRQHDGLQWHQVLWjFRVWDQWH)$67 GXUDWDGHOFLFORVHFRQGL (PLVVLRQHDGLQWHQVLWjJUDGXDOH6/2:5,6( GXUDWDGHOFLFORVHFRQGL
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
'HVWLQD]LRQHG¶XVR 3ROLPHUL]]D]LRQHGLPDWHULDOLGHQWDOLIRWRLQGXUHQWLFRQIRWRLQL]LDWRUHDWWLYDELOHQHOODEDQGDGL OXQJKH]]DG¶RQGDFRPSUHVDWUDQPFRQSLFFRVWUHWWRDQP 6HEEHQHODPDJJLRUSDUWHGHLFRPSRVLWLVLDWWLYDQRLQTXHVWRLQWHUYDOORGLOXQJKH]]HG¶RQGDLQFDVR GLLQFHUWH]]DIDUHULIHULPHQWRDLGDWLWHFQLFLGHOFRPSRVLWR /¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRLQVWXGLRRDPEXODWRULRRGRQWRLDWULFRGRYHQRQVLDSUHVHQWH DWPRVIHUDLQ¿DPPDELOH PLVFHOHDQHVWHWLFKHRVVLJHQRHWF
3UHVFUL]LRQLGLVLFXUH]]D /D0HFWURQGHFOLQDRJQLUHVSRQVDELOLWjSHUGDQQLGLUHWWLRLQGLUHWWLDSHUVRQHRFRVHQHLVHJXHQWL FDVL /¶DSSDUHFFKLRQRQqLPSLHJDWRVHFRQGRODGHVWLQD]LRQHG¶XVRSHUFXLqSUHYLVWR /¶DSSDUHFFKLRQRQqXWLOL]]DWRFRQIRUPHPHQWHDWXWWHOHLVWUX]LRQLHSUHVFUL]LRQLGHVFULWWHQHO SUHVHQWHPDQXDOH /¶LPSLDQWRHOHWWULFRGHLORFDOLLQFXLqXWLOL]]DWRO¶DSSDUHFFKLRQRQqFRQIRUPHDOOHQRUPHYLJHQWL HDOOHUHODWLYHSUHVFUL]LRQL /HRSHUD]LRQLGLDVVHPEODJJLRHVWHQVLRQLUHJROD]LRQLPRGL¿FKHHULSDUD]LRQLVRQRHIIHWWXDWH GDSHUVRQDOHQRQDXWRUL]]DWRGD0HFWURQ /HFRQGL]LRQLDPELHQWDOLGLFRQVHUYD]LRQHHGLPPDJD]]LQDPHQWRGHOGLVSRVLWLYRQRQVRQR FRQIRUPLDOOHSUHVFUL]LRQLLQGLFDWHQHOODVH]GDWLWHFQLFL ! $77(1=,21(1RQqDPPHVVDQHVVXQDPRGL¿FDGLTXHVWRDSSDUHFKLR ! $77(1=,21(/¶LPSLDQWRHOHWWULFRGHLORFDOLLQFXLqXWLOL]]DWRO¶DSSDUHFFKLRGHYHHVVHUH FRQIRUPHDOOHQRUPHYLJHQWLHDOOHUHODWLYHSUHVFUL]LRQL ! 3(5,&2/23HUVRQDOHTXDOL¿FDWRHVSHFLDOL]]DWR /¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHGDSHUVRQDOHVSHFLDOL]]DWRHG RSSRUWXQDPHQWHDGGHVWUDWR/¶LPSLHJRGHOO¶DSSDUHFFKLRQRQSURGXFHHIIHWWLFROODWHUDOLVHXWLOL]]DWR FRUUHWWDPHQWH ! 3(5,&2/2'HVWLQD]LRQHG¶XVR ,PSLHJDUHO¶DSSDUHFFKLRHVFOXVLYDPHQWHSHUODGHVWLQD]LRQHGµXVRSHUFXLqSUHYLVWR YHGHUH SDUDJUDIR³´ /¶LQRVVHUYDQ]DGLTXHVWDSUHVFUL]LRQHSXzSURYRFDUHJUDYLOHVLRQLDOSD]LHQWH DOO¶RSHUDWRUHHGDQQLJXDVWLDOGLVSRVLWLYR ! 3(5,&2/2&RQWURLQGLFD]LRQL 1RQXWLOL]]DUHO¶DSSDUHFFKLRVXSD]LHQWLSRUWDWRULGLVWLPRODWRULFDUGLDFL 3DFHPDNHU RDOWUL GLVSRVLWLYLHOHWWURQLFLLPSLDQWDELOL4XHVWDSUHVFUL]LRQHYDOHDQFKHSHUO¶RSHUDWRUH ! 3(5,&2/2'LUH]LRQDUHLOIDVFLRGLOXFHGLUHWWDPHQWHVXOPDWHULDOHGDSROLPHUL]]DUH 1RQVRWWRSRUUHODJHQJLYDRDOWULWHVVXWLPROOLDOIDVFLRGLOXFH HYHQWXDOPHQWHVFKHUPDUH DGHJXDWDPHQWHTXHVWHSDUWL /¶HIIHWWRGHOODOXFHYDOLPLWDWRDOODFDYLWjRUDOHVXOVHWWRUHGD VRWWRSRUUHDOWUDWWDPHQWRFOLQLFR ! 3(5,&2/21RQRULHQWDUHPDLLOIDVFLROXPLQRVRLQGLUH]LRQHGHJOLRFFKL /¶HIIHWWRGHOODOXFHYDOLPLWDWRDOODFDYLWjRUDOHVXOVHWWRUHGDVRWWRSRUUHDOWUDWWDPHQWRFOLQLFR ! 3(5,&2/2&RQWURLQGLFD]LRQL 1RQLPSLHJDUHO¶DSSDUHFFKLRLQSD]LHQWLFRQDQDPQHVLSRVLWLYDDOOHVWLPROD]LRQLOXPLQRVHSHU HVHPSLRQHOODRUWLFDULDVRODUHHRQHOOHSRU¿ULHHWFRFKHVLDQRLQFRUVRGLWUDWWDPHQWRFRQIDUPDFL IRWRVHQVLELOL]]DQWL,QWXWWLLFDVLGLSRVVLELOHULVFKLRFRQVXOWDUHLOPHGLFRVSHFLDOLVWD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
! 3(5,&2/2&RQWURLQGLFD]LRQL $GRWWDUHULJLGHPLVXUHGLVLFXUH]]DSHULSD]LHQWLVRWWRSRVWLDLQWHUYHQWLFKLUXUJLFLGLFDWDUDWWDH TXLQGLSDUWLFRODUPHQWHVHQVLELOLDOODOXFH DGHVHPSLRRFFKLDOLGLSURWH]LRQHFKH¿OWULQRODOXFHEOX ! 3(5,&2/2&RQWURLQGLFD]LRQL 3D]LHQWLODFXLDQDPQHVLPRVWUDSDWRORJLHGHOODUHWLQDGHYRQRSUHYHQWLYDPHQWHFRQVXOWDUHO¶RFXOLVWD SHUULFHYHUHO¶DXWRUL]]D]LRQHDOWUDWWDPHQWRFRQOD6WDUOLJKWSUR ! 3(5,&2/23XOL]LDGLVLQIH]LRQHVWHULOL]]D]LRQHGHLSURGRWWLQXRYLRULSDUDWL 3ULPDGHOWUDWWDPHQWRWXWWLLSURGRWWLQXRYLRULSDUDWLGHYRQRHVVHUHSXOLWLGLVLQIHWWDWLHVH DXWRFODYDELOLVWHULOL]]DWLVHJXHQGRVFUXSRORVDPHQWHOHLVWUX]LRQLULSRUWDWHDOFDSLWROR³´ ! 3(5,&2/2&RQWUROORGHOOHLQIH]LRQL 3HUODPDVVLPDVLFXUH]]DGHOSD]LHQWHHGHOO¶RSHUDWRUHSULPDGLRJQLWUDWWDPHQWRSXOLUH GLVLQIHWWDUHHVWHULOL]]DUHOD¿EUDRWWLFDHODSURWH]LRQHRWWLFD6HJXLUHVFUXSRORVDPHQWHOHLVWUX]LRQL ULSRUWDWHDOFDSLWROR³´ ! 3(5,&2/28WLOL]]DUHHVFOXVLYDPHQWHDFFHVVRULHULFDPELRULJLQDOL0HFWURQ ! 3(5,&2/2&RQWUROORGHOORVWDWRGHOGLVSRVLWLYRSULPDGHOWUDWWDPHQWR 3ULPDGLRJQLWUDWWDPHQWRFRQWUROODUHVHPSUHLOSHUIHWWRIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLRH O¶HI¿FLHQ]DGHJOLDFFHVVRUL1HOFDVRLQFXLVLULVFRQWUDVVHURDQRPDOLHGLIXQ]LRQDPHQWRQRQ HVHJXLUHLOWUDWWDPHQWR5LYROJHUVLDOODDVVLVWHQ]DWHFQLFDDXWRUL]]DWDVHOHDQRPDOLHULJXDUGDQR O¶DSSDUHFFKLR ! 3(5,&2/21RQLQVWDOODUHO¶DSSDUHFFKLRLQOXRJKLGRYHHVLVWHLOULVFKLRGLHVSORVLRQL /¶DSSDUHFFKLRQRQSXzRSHUDUHLQDPELHQWLGRYHVRQRSUHVHQWLDWPRVIHUHLQ¿DPPDELOL PLVFHOH DQHVWHWLFKHRVVLJHQRHWF ! 3(5,&2/21RQXWLOL]]DUHODVWD]LRQHGLULFDULFDSHUULFDULFDUHDOWUHWLSRORJLHGLEDWWHULHR DSSDUHFFKLFRQEDWWHULDULFDULFDELOH ! $77(1=,21(5LFDULFDUHODEDWWHULDXWLOL]]DQGRHVFOXVLYDPHQWHODVWD]LRQHGLULFDULFD 0HFWURQ )LJ5LI$ 1RQWHQWDUHODULFDULFDFRQFDULFDEDWWHULHJHQHULFL3HULFRORGL HVSORVLRQLHGLLQFHQGLR
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
'DWLGLLGHQWL¿FD]LRQH 'DWLDQDJUD¿FL 8QDHVDWWDGHVFUL]LRQHGHOPRGHOORHGHOQXPHURGLVHULHGHOO¶DSSDUHFFKLRIDFLOLWHUjULVSRVWHUDSLGH HGHI¿FDFLGDSDUWHGHOQRVWUR6HUYL]LR3RVW9HQGLWD 5LIHULUHVHPSUHTXHVWLGDWLRJQLYROWDFKHVLFRQWDWWDXQFHQWURGL$VVLVWHQ]DWHFQLFD0HFWURQ
7DUJDGLLGHQWL¿FD]LRQHVWD]LRQHGLULFDULFD 2JQLVWD]LRQHGLULFDULFDqIRUQLWDGLXQDWDUJDLGHQWL¿FDWLYD )LJ QHOODTXDOHVRQRULSRUWDWHOH FDUDWWHULVWLFKHWHFQLFKHHLOQXPHURGLVHULH/DWDUJDGLLGHQWL¿FD]LRQHqSRVWDVRWWRO¶DSSDUHFFKLR ,UHVWDQWLGDWLVRQRLQVHULWLLQTXHVWRPDQXDOH YHGHUHVH]LRQH³´
)LJ
7DUJDLGHQWL¿FD]LRQHPDQLSROR6WDUOLJKWSUR ,OQXPHURGLVHULHGHOPDQLSROR6WDUOLJKWSURqLQFLVRVXOJXVFLRYLFLQRDOODJKLHUDSRVWHULRUHLQ DFFLDLR )LJ5LI$
$
)LJ
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
&ROODXGR &ROODXGRGHOO¶DSSDUHFFKLR 7XWWLJOLDSSDUHFFKLSURGRWWLGDOOD0(&7521VRQRULJRURVDPHQWHFRQWUROODWLHFROODXGDWLLQRJQL FRPSRQHQWH 'XUDQWHWDOHFROODXGRLFRPSRQHQWLVRQRVRWWRSRVWLDGXQDVHULHGLFLFOLGLODYRUR ,QTXHVWDIDVHVRQRHYLGHQ]LDWLHYHQWXDOLPDOIXQ]LRQDPHQWLGRYXWLDFRPSRQHQWLGLIHWWRVL 4XHVWDSURFHGXUDJDUDQWLVFHXQSURGRWWRIXQ]LRQDQWHHGDI¿GDELOHLQWXWWLLVXRLFRPSRQHQWL
&RQVHJQD &RQVHJQDGHOO¶DSSDUHFFKLR /¶LPEDOORGHOO¶DSSDUHFFKLRWHPHLIRUWLXUWLLQTXDQWRFRQWLHQHFRPSRQHQWLHOHWWURQLFL4XLQGLVLDLO WUDVSRUWRFKHORVWRFFDJJLRGHYHHVVHUHHIIHWWXDWRFRQSDUWLFRODULFDXWHOH 7XWWRLOPDWHULDOHVSHGLWRGDOOD0(&7521qVWDWRFRQWUROODWRDOO¶DWWRGHOODVSHGL]LRQH /¶DSSDUHFFKLRYLHQHFRQVHJQDWRRSSRUWXQDPHQWHSURWHWWRHGLPEDOODWR $OULFHYLPHQWRGHOO¶DSSDUHFFKLRFRQWUROODUHHYHQWXDOLGDQQLVXELWLGXUDQWHLOWUDVSRUWRHLQFDVR DIIHUPDWLYRVSRUJHUHUHFODPRDOWUDVSRUWDWRUH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
/LVWDPDWHULDOHLQGRWD]LRQHVWDQGDUG
6WD]LRQHGLULFDULFD6WDUOLJKWSUR )LJ5LI$ 0DQLSROR6WDUOLJKWSURFRQEDWWHULDULFDULFDELOHOLWLRLRQH )LJ5LI% )LEUDRWWLFD )LJ5LI& 3URWH]LRQHRWWLFD )LJ5LI' &DYRGLDOLPHQWD]LRQHHOHWWULFDSHUVWD]LRQHGLULFDULFD )LJ5LI(
IT
7DOHGRWD]LRQHSXzYDULDUHLQFDVRGLFDPSDJQHSURPR]LRQDOL
'
&
%
$
(
)LJ VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
,QVWDOOD]LRQH 3UHVFUL]LRQLGLVLFXUH]]DQHOODIDVHGLLQVWDOOD]LRQH ! 3(5,&2/2/¶LPSLDQWRHOHWWULFRGHLORFDOLLQFXLYLHQHLQVWDOODWRHXWLOL]]DWRO¶DSSDUHFFKLRGHYH HVVHUHFRQIRUPHDOOHQRUPHYLJHQWLHDOOHUHODWLYHSUHVFUL]LRQLGLVLFXUH]]DHOHWWULFD ! 3(5,&2/21RQLQVWDOODUHO¶DSSDUHFFKLRLQOXRJKLGRYHHVLVWHLOULVFKLRGLHVSORVLRQL /¶DSSDUHFFKLRQRQSXzRSHUDUHLQDUHHGRYHVRQRSUHVHQWLDWPRVIHUHLQ¿DPPDELOL PLVFHOH DQHVWHWLFKHRVVLJHQRHWF ! 3(5,&2/2,QVWDOODUHO¶DSSDUHFFKLRLQOXRJRSURWHWWRGDXUWLRGDDFFLGHQWDOLVSUX]]LG¶DFTXDR OLTXLGL ! 3(5,&2/21RQLQVWDOODUHO¶DSSDUHFFKLRVRSUDRYLFLQRDIRQWLGLFDORUH3UHYHGHUH QHOO¶LQVWDOOD]LRQHXQDDGHJXDWDFLUFROD]LRQHG¶DULDDWWRUQRDOO¶DSSDUHFFKLR ! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOODVWD]LRQHGLULFDULFDFRQRJJHWWL PHWDOOLFL )LJ5LI% QHWRFFDUHFRQOHPDQLTXDQGRO¶DSSDUHFFKLRqDFFHVR ! $77(1=,21(/¶DSSDUHFFKLRqWUDVSRUWDELOHPDGHYHHVVHUHPDQHJJLDWRFRQFXUDTXDQGR YLHQHVSRVWDWR ! $77(1=,21(1RQHVSRUUHO¶DSSDUHFFKLRDOODOXFHGLUHWWDGHOVROHRDIRQWLGLOXFH89
'HVFUL]LRQHGHLFRPDQGLHGHOOH VHJQDOD]LRQL 'HVFUL]LRQHFRPDQGL )LJ 5LI$ /HGYHUGHSRZHU )XQ]LRQH ,QGLFDFKHODVWD]LRQHGLULFDULFDq DOLPHQWDWD '
5LI% /HGEDWWHU )XQ]LRQH 9HUGH,QGLFDFKHODEDWWHULDGHOOD6WDUOLJKW SURqLQIDVHGLULFDULFD *LDOOR,QGLFDFKHODEDWWHULDGHOOD6WDUOLJKW SURqJXDVWD 5LI& /HGWHVW )XQ]LRQH 9HUGH,QGLFDLQWHQVLWjOXPLQRVDLGRQHDSHU WHUDSLDHI¿FDFH *LDOOR,QGLFDLQWHQVLWjOXPLQRVD LQVXI¿FLHQWH 5LI'
)LJ $
3XOVDQWHGLDWWLYD]LRQHHGLLQWHUUX]LRQH HPLVVLRQHOXPLQRVD )XQ]LRQH $YYLDRLQWHUURPSHXQFLFORGL SROLPHUL]]D]LRQH
% & VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
'HVFUL]LRQHVHJQDOD]LRQLVWD]LRQHGLULFDULFD 7DEHOOD /HGYHUGH 3RZHU
/HG%DWWHU 9HUGH*LDOOR
3RVL]LRQH 6WDUOLJKWSURQHOOD VWD]LRQHGLULFDULFD
)XQ]LRQH
$FFHVR
6SHQWR
6SHQWR
1RQLQVHULWD
6WD]LRQHGLULFDULFDDOLPHQWDWD
$FFHVR
$FFHVR
6SHQWR
,QVHULWD
%DWWHULDLQIDVHGLULFDULFD
$FFHVR
6SHQWR
6SHQWR
,QVHULWD
)DVHGLULFDULFDFRQFOXVD %DWWHULDFDULFD
$FFHVR
6SHQWR
$FFHVR
,QVHULWD
%DWWHULDJXDVWD
$FFHVR
6SHQWR
$FFHVR
1RQLQVHULWD
IT
&RQWDWWLHOHWWULFL6WD]LRQHGLULFDULFDLQ FRUWRFLUFXLWR
! $77(1=,21(1RQPDQRPHWWHUHLFRQWDWWLHOHWWULFLGHOODVWD]LRQHGLULFDULFD /DVWD]LRQHGLULFDULFDULFRQRVFHORVWDWRGHOODEDWWHULD6HGRSRDOFXQLFLFOLGLHVSRVL]LRQHOD EDWWHULDQRQpVXI¿FLHQWHPHQWHVFDULFDULSRQHQGRLOPDQLSRORQHOODVWD]LRQHGLULFDULFDLOOHGYHUGH EDWWHUQRQVLDFFHQGH&LzqQRUPDOH
'HVFUL]LRQHVHJQDOD]LRQLDFXVWLFKHPDQLSROR 7DEHOOD )XQ]LRQH
&RPDQGRSXOVDQWH
6HJQDOHDFXVWLFR
3ROLPHUL]]D]LRQH)$67
3XOVDQWHSUHPXWR EUHYHPHQWH
EHHSDOO¶LQL]LRGHOO¶HVSRVL]LRQH EHHSDOWHUPLQHGHOO¶HVSRVL]LRQHVHF
3ROLPHUL]]D]LRQH6/2: 5,6(
3XOVDQWHSUHPXWRSHUDOPHQR VHF
EHHSDOO¶LQL]LRHEHHSWUDVFRUVLLVHFRQGL EHHSGRSRVHFGLHVSRVL]LRQH EHHSDOWHUPLQHGHOO¶HVSRVL]LRQHVHF
,QWHUUX]LRQHFLFORGL HVSRVL]LRQH
3XOVDQWHSUHPXWR EUHYHPHQWHGXUDQWH O¶HVSRVL]LRQH
EHHS
6HJQDOD]LRQHEDWWHULD EDVVD/¶HQHUJLDUHVLGXD qVXI¿FLHQWHSHUHVHJXLUH FLFOL 6HJQDOD]LRQHEDWWHULD VFDULFD
EHHSDOOD¿QHGHOFLFORGLHVSRVL]LRQH
3XOVDQWHSUHPXWRSHU SROLPHUL]]D]LRQH)$67R 6/2:5,6(
6HJQDOD]LRQHLQWHUYHQWR SURWH]LRQHWHUPLFD
EHHS1HVVXQDHPLVVLRQHGLOXFH EHHSGXUDQWHLOFLFORGLHVSRVL]LRQHH LQWHUUX]LRQHGHOIXQ]LRQDPHQWR
$OODFFLDPHQWRGHOO¶DSSDUHFFKLR 3HUUHQGHUHRSHUDWLYRO¶DSSDUHFFKLRqQHFHVVDULR 3RVL]LRQDUHODVWD]LRQHGLULFDULFDVXXQDVXSHU¿FLHSLDQD ,QVHULUHLOFDYRGLDOLPHQWD]LRQHHQHUJLDHOHWWULFD )LJ5LI( QHOODFRQQHVVLRQHSRVWDVXO UHWURGHOO¶DSSDUHFFKLR )LJ5LI$ HTXLQGLQHOODSUHVDDPXUR/HGYHUGHSRZHUDFFHVR )LJ5LI$ ! $77(1=,21(9HUL¿FDUHFKHODWHQVLRQHHIUHTXHQ]DGHOODOLQHDGLDOLPHQWD]LRQHHOHWWULFD FRUULVSRQGDDLYDORULLQGLFDWLVXOODWDUJDGLLGHQWL¿FD]LRQHSRVWDVRWWRODVWD]LRQHGLULFDULFD ! 3(5,&2/29HUL¿FDUHSHULRGLFDPHQWHO¶LQWHJULWjGHOFDYRGLDOLPHQWD]LRQHHOHWWULFD6RVWLWXLUOR TXDQGRULVXOWDGDQQHJJLDWRFRQULFDPELRRULJLQDOH0HFWURQ
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
%
$
)LJ
%DWWHULD /D6WDUOLJKWSURqDOLPHQWDWDGDXQDEDWWHULDOLWLRLRQHULFDULFDELOHJLjLQVHULWDDOO¶LQWHUQRGHO PDQLSRORVHQ]DHIIHWWRPHPRULD /D6WDUOLJKWSURqGRWDWDGLGXHPLFURSURFHVVRULFKHFRQWLQXDPHQWHFRQWUROODQRHPDQWHQJRQR LSDUDPHWULRWWLPDOLGLFDULFDHVFDULFDGHOODEDWWHULD3HUWDQWRLOPDQLSRORSXzHVVHUHLQVHULWRH PDQWHQXWRQHOODVWD]LRQHGLULFDULFDDOOD¿QHGLRJQLWUDWWDPHQWRTXDOXQTXHVLDORVWDWRGLFDULFD GHOODEDWWHULD
%DWWHULDQXRYD3ULPDULFDULFD 127$/DEDWWHULDGHOOD6WDUOLJKWSURqIRUQLWDSDU]LDOPHQWHFDULFD 3HUFDULFDUHFRPSOHWDPHQWHODEDWWHULD ,QVHULUHLOPDQLSRORGHQWURODVHGHGHOODVWD]LRQHGLULFDULFD )LJ5LI% ,OOHGYHUGHEDWWHUVL DFFHQGH )LJ5LI% /DIDVHGLULFDULFDqFRQFOXVDTXDQGRLOOHGYHUGHEDWWHUVLVSHJQH
6HJQDOD]LRQHEDWWHULDEDVVD 4XDQGRGRSRXQXVRIUHTXHQWHGHOOD6WDUOLJKWSURODFDULFDGHOODEDWWHULDVFHQGHDOOLYHOORPLQLPR LOPLFURSURFHVVRUHFRQVHQWHGLHVHJXLUHDQFRUDHVSRVL]LRQL )$67R6/2:5,6( VHQ]DOD QHFHVVLWjGLULFDULFDUHODEDWWHULD /RVWDWRGLEDWWHULDEDVVDYLHQHVHJQDODWRDOOD¿QHGLFLDVFXQRGHLFLFOLFRQEHHS 7HUPLQDWLLFLFOLLOPDQLSRORYDLQFRQGL]LRQHGLEDWWHULDVFDULFD YHGHUHSDUDJUDIR³´ 5LSRUUHOD6WDUOLJKWSURQHOODVWD]LRQHGLULFDULFD
6HJQDOD]LRQHEDWWHULDVFDULFD /DEDWWHULDGHOOD6WDUOLJKWSURqVFDULFDTXDQGRSUHPHQGRLOSXOVDQWHQRQF¶pHPLVVLRQHGLOXFHH FRQWHPSRUDQHDPHQWHpHPHVVRXQVHJQDOHDFXVWLFR EHHS 0HWWHUHLQULFDULFDODEDWWHULD ,QVHULUHLOPDQLSRORGHQWURODVHGHGHOODVWD]LRQHGLULFDULFD )LJ5LI% ,OOHGYHUGHEDWWHUVL DFFHQGH )LJ5LI% /DIDVHGLULFDULFDqFRQFOXVDTXDQGRLOOHGYHUGHEDWWHUVLVSHJQH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6HJQDOD]LRQHEDWWHULDJXDVWD /¶DFFHQVLRQHGHOOHGJLDOOREDWWHU FKHFN SRVL]LRQDWRVXOODVWD]LRQHGLULFDULFDLQGLFDXQJXDVWR QHOODEDWWHULD )LJ5LI% 127$4XHVWDFRQGL]LRQHGLJXDVWRGLVDELOLWDLOIXQ]LRQDPHQWRGHOODVWD]LRQHGLULFDULFD3HU ULSULVWLQDUHODFRUUHWWDRSHUDWLYLWjGHOODVWD]LRQHGLULFDULFD 5LPXRYHUHLOPDQLSRORGDOODVWD]LRQHGLULFDULFD 7RJOLHUHSHUDOFXQLLVWDQWLO¶DOLPHQWD]LRQHHOHWWULFDDOODVWD]LRQHGLULFDULFD 6WDFFDUHLOFDYRGL UHWH 7XWWLLOHGVSHQWL $OLPHQWDUHQXRYDPHQWHODVWD]LRQHGLULFDULFD/HGYHUGHSRZHUDFFHVR
6RVWLWX]LRQHEDWWHULD 3HUVRVWLWXLUHODEDWWHULDJXDVWDFRQWDWWDUHLOVHUYL]LRSRVWYHQGLWD0HFWURQ
3UHVFUL]LRQLGLVLFXUH]]DEDWWHULD /DEDWWHULDSXzFDXVDUHGDQQLDGRJJHWWLHRSURYRFDUHOHVLRQLSHUVRQDOLTXDOLEUXFLDWXUHVH PDWHULDOLFRQGXWWRULFRPHJLRLHOOLFKLDYLRFROODQLQHDJUDQLYHQJRQRDFRQWDWWRFRQLWHUPLQDOL HVSRVWL,OPDWHULDOHFRQGXWWRUHSXzFKLXGHUHXQFLUFXLWRHOHWWULFR FRUWRFLUFXLWR HGLYHQLUHPROWR FDOGR3UHQGHUHO¶DELWXGLQHGLPDQHJJLDUHFRQFXUDO¶DSSDUHFFKLRLQVSHFLDOPRGRTXDQGRTXHVWR YLHQHULSRVWRLQXQDWDVFDLQXQDERUVDRLQXQDOWURFRQWHQLWRUHFRQRJJHWWLPHWDOOLFLDOVXRLQWHUQR ! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOPDQLSRORFRQRJJHWWL PHWDOOLFLROLTXLGL )LJ5LI$5LI% ! 3(5,&2/21RQODVFLDUHDOODSRUWDWDGHLEDPELQLODEDWWHULD ! $77(1=,21(8WLOL]]DUHVROWDQWREDWWHULHRULJLQDOL0HFWURQ 3HUVRVWLWXLUHODEDWWHULDJXDVWDFRQWDWWDUHLOVHUYL]LRSRVWYHQGLWD0HFWURQ ! $77(1=,21(5LFDULFDUHODEDWWHULDXWLOL]]DQGRHVFOXVLYDPHQWHODVWD]LRQHGLULFDULFD 0HFWURQ )LJ5LI$ 1RQWHQWDUHODULFDULFDFRQFDULFDEDWWHULHJHQHULFL3HULFRORGL HVSORVLRQLHGLLQFHQGLR ! $77(1=,21(/DEDWWHULDGHYHHVVHUHULFLFODWDRVPDOWLWDLQPRGRDSSURSULDWRVHFRQGR OHQRUPHGLOHJJHLQYLJRUH/DEDWWHULDQRQGHYHHVVHUHJHWWDWDLQVLHPHDLUL¿XWLFLWWDGLQL /¶XWHQWHpUHVSRQVDELOHSHULGDQQLDUUHFDWLLQFDVRGLVPDOWLPHQWRLPSURSULRGHOODEDWWHULD ! $77(1=,21(1RQXWLOL]]DUHODEDWWHULDSHUVFRSLGLYHUVLGDTXHOOLSUHVFULWWL ! $77(1=,21(1RQDSULUHIRUDUHRVFKLDFFLDUHODEDWWHULDFRQWLHQHVRVWDQ]HWRVVLFKH ! $77(1=,21(1RQEUXFLDUHRHVSRUUHODEDWWHULDDGDOWHWHPSHUDWXUHULVFKLRGL HVSORVLRQH ! $77(1=,21(1RQPHWWHUHLQFRUWRFLUFXLWRLWHUPLQDOLGHOODEDWWHULDULVFKLRGLXVWLRQLHGL LQFHQGLR
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
8VR &ROOHJDPHQWRGHJOLDFFHVVRUL ! 3(5,&2/2&RQWUROORGHOORVWDWRGHOGLVSRVLWLYRSULPDGHOWUDWWDPHQWR 3ULPDGLRJQLWUDWWDPHQWRFRQWUROODUHVHPSUHLOSHUIHWWRIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLRH O¶HI¿FLHQ]DGHJOLDFFHVVRUL1HOFDVRLQFXLVLULVFRQWUDVVHURDQRPDOLHGLIXQ]LRQDPHQWRQRQ HVHJXLUHLOWUDWWDPHQWR5LYROJHUVLDOODDVVLVWHQ]DWHFQLFDDXWRUL]]DWDVHOHDQRPDOLHULJXDUGDQR O¶DSSDUHFFKLR ! 3(5,&2/2&RQWUROORGHOOHLQIH]LRQL 3HUODPDVVLPDVLFXUH]]DGHOSD]LHQWHHGHOO¶RSHUDWRUHSULPDGLRJQLWUDWWDPHQWRSXOLUH GLVLQIHWWDUHHVWHULOL]]DUHOD¿EUDRWWLFDHODSURWH]LRQHRWWLFD6HJXLUHVFUXSRORVDPHQWHOHLVWUX]LRQL ULSRUWDWHDOFDSLWROR³´
3HUSRWHUXWLOL]]DUHOD6WDUOLJKWSURqQHFHVVDULRHIIHWWXDUHLOFROOHJDPHQWRGHLVHJXHQWLDFFHVVRUL ,QVHULUHPDQXDOPHQWHOD¿EUDRWWLFDVXOPDQLSRORHVHUFLWDQGRXQDOHJJHUDSUHVVLRQHH DOO¶RFFRUUHQ]DFRQPRYLPHQWRURWDWRULR¿QFKpHVVRQRQVFDWWLLQVHGH ,QVHULUHPDQXDOPHQWHODSURWH]LRQHRWWLFDVXOOD¿EUDRWWLFD
$ %
)LJ
3UHVFUL]LRQLGLVLFXUH]]DLQIDVHG¶XVR ! 3(5,&2/21RQRULHQWDUHPDLLOIDVFLROXPLQRVRLQGLUH]LRQHGHJOLRFFKL ! 3(5,&2/23ULPDGLRJQLFLFORGLHVSRVL]LRQHYHUL¿FDUHFKHOD¿EUDRWWLFDVLD FRUUHWWDPHQWHLQVHULWDDIRQGRQHOPDQLSROR ! 3(5,&2/23ULPDGLRJQLFLFORGLHVSRVL]LRQHYHUL¿FDUHVHPSUHODSUHVHQ]DGHOOD SURWH]LRQHRWWLFDDOO¶HVWUHPLWj¿QDOHGHOOD¿EUDRWWLFD ! 3(5,&2/2'LUH]LRQDUHLOIDVFLRGLOXFHGLUHWWDPHQWHVXOPDWHULDOHGDSROLPHUL]]DUH 1RQVRWWRSRUUHODJHQJLYDRDOWULWHVVXWLPROOLDOIDVFLRGLOXFH HYHQWXDOPHQWHVFKHUPDUH DGHJXDWDPHQWHTXHVWHSDUWL /¶HIIHWWRGHOODOXFHYDOLPLWDWRDOODFDYLWjRUDOHVXOVHWWRUHGD VRWWRSRUUHDOWUDWWDPHQWRFOLQLFR ! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOPDQLSRORFRQRJJHWWL PHWDOOLFLROLTXLGL )LJ5LI$5LI%
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
! $77(1=,21(1HLSULPLVHFRQGLGLHVSRVL]LRQHHYLWDUHLOFRQWDWWRGHOOD¿EUDRWWLFDFRQLO PDWHULDOHGDSROLPHUL]]DUH 'HSRVLWLGLFRPSRVLWRDGHULWLHSROLPHUL]]DWLVXOODVXSHU¿FLHWHUPLQDOHGHOOD¿EUDRWWLFDGLPLQXLVFRQR ODWUDVPLVVLRQHGHOODOXFHHTXLQGLFRPSURPHWWRQROHVXFFHVVLYHSROLPHUL]]D]LRQL ! $77(1=,21(6RVWLWXLUHOD¿EUDRWWLFDGDQQHJJLDWDRQRQHI¿FLHQWHLQTXDQWRO¶LQWHQVLWj GHOODOXFHYLHQHQRWHYROPHQWHULGRWWD
,VWUX]LRQLG¶XVR /D6WDUOLJKWSURSHUPHWWHGLLPSLHJDUHWLSLGLHVSRVL]LRQH )$67WHPSRGLHVSRVL]LRQHVHFRQGLDOODPDVVLPDLQWHQVLWjGLOXFH 6/2:5,6(WHPSRGLHVSRVL]LRQHVHFRQGLFRQDXPHQWRJUDGXDOHGHOO¶LQWHQVLWjOXPLQRVD QHLSULPLVHFRQGLVLQRDOYDORUHPDVVLPR 6HOH]LRQHHVSRVL]LRQH)$67 3UHPHUHEUHYHPHQWHLOSXOVDQWHVXOPDQLSROR )LJ5LI' SHULQL]LDUHLOFLFORGLHVSRVL]LRQH )$679LHQHHPHVVRXQVHJQDOHDFXVWLFR EHHS 7UDVFRUVLVHFRQGLYLHQHHPHVVRXQVHJQDOHDFXVWLFR EHHS ,OFLFOR)$67qWHUPLQDWR 6HOH]LRQHHVSRVL]LRQH6/2:5,6( 7HQHUHSUHPXWRSHUVHFRQGLLOSXOVDQWHVXOPDQLSROR )LJ5LI' SHULQL]LDUHLOFLFORGL HVSRVL]LRQH6/2:5,6(9LHQHHPHVVRXQVHJQDOHDFXVWLFRDOODSDUWHQ]DHWUDVFRUVLL VHFRQGLXQDOWURVHJQDOHSHUFRQIHUPDLQL]LRFLFOR6/2:5,6( 7UDVFRUVLVHFRQGLYLHQHHPHVVRXQVHJQDOHDFXVWLFR EHHS 7UDVFRUVLVHFRQGLYLHQHHPHVVRXQVHJQDOHDFXVWLFR,OFLFOR6/2:5,6(qWHUPLQDWR EHHS $OWHUPLQHGHOWUDWWDPHQWRULSRUUHLOPDQLSROR6WDUOLJKWSURQHOODVWD]LRQHGLULFDULFD )LJ5LI% 127$,QWHUUX]LRQHGHOFLFOR ,OFLFORGLHVSRVL]LRQHVLDQHOODPRGDOLWj)$67FKH6/2:5,6(SXzHVVHUHLQWHUURWWDLQTXDOXQTXH LVWDQWHSUHPHQGRLOSXOVDQWHVXOPDQLSROR )LJ5LI' 127$(VSRVL]LRQLVXFFHVVLYH $OOD¿QHGLRJQLHVSRVL]LRQHqSRVVLELOHHIIHWWXDUHSLFLFOLVXFFHVVLYLD]LRQDQGRGLYROWDLQYROWDLO SXOVDQWHVXOPDQLSROR )LJ5LI' 3HUXQDYHORFHFRQVXOWD]LRQHVXOOHVHJQDOD]LRQLGLIXQ]LRQDPHQWRYHGHUHOHWDEHOOHH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
0LVXUD]LRQHGHOO¶LQWHQVLWjOXPLQRVD 3HUGHWHUPLQDUHVHO¶LQWHQVLWjOXPLQRVDqVXI¿FLHQWH $SSRJJLDUHOD¿EUDRWWLFD )LJ5LI$ LQSLDQRVHQ]DSUHPHUHGLUHWWDPHQWHVXOODVXSHU¿FLH GHOVHQVRUHGLLQWHQVLWj )LJ5LI% $FFHQGHUHODODPSDGDSUHPHQGRLOSXOVDQWH )LJ5LI& ,OOHGWHVW )LJ5LI' LQGLFKHUjLOÀXVVROXPLQRVRXWLOHPLVXUDWR 9HUGH ÀXVVROXPLQRVRLGRQHRSHUWHUDSLDHI¿FDFH *LDOOR ÀXVVROXPLQRVRLQVXI¿FLHQWH
&
$
% )LJ
'
! $77(1=,21(6HQRQYLqXQÀXVVROXPLQRVRXWLOHVXI¿FLHQWHQRQHVHJXLUHLOWUDWWDPHQWRVXO SD]LHQWHHGHIIHWWXDUHLVHJXHQWLFRQWUROOL 9HUL¿FDUHFKHOD¿EUDRWWLFDVLDFRUUHWWDPHQWHLQVHULWDVXOPDQLSROR &RQWUROODUHFKHOD¿EUDRWWLFDQRQVLDVSRUFD3XOLUHOD¿EUDRWWLFD YHGHUHSDUDJUDIR 3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHGHOOD¿EUDRWWLFD &RQWUROODUHFKHOD¿EUDRWWLFDQRQVLDGDQQHJJLDWDHYHQWXDOPHQWHVRVWLWXLUODFRQXQDQXRYD
6HTXHVWLSURYYHGLPHQWLQRQSRUWDQRDGXQPLJOLRUDPHQWRGHOOHSUHVWD]LRQLPHWWHUHO¶DSSDUHFFKLR IXRULVHUYL]LR VFROOHJDQGRORGDOODUHWHHOHWWULFD HGDFFHUWDUVLFKHQRQSRVVDYHQLUHQXRYDPHQWH PHVVRLQIXQ]LRQHLQPRGRDEXVLYR)DUHHVHJXLUHHYHQWXDOLULSDUD]LRQLVXOO¶DSSDUHFFKLRGDXQ FHQWURGLDVVLVWHQ]D0HFWURQ
3URWH]LRQHGLVLFXUH]]D 1HOFDVRGLLPSLHJKLHVWUHPDPHQWHJUDYRVLFRQSHULRGLGLHVSRVL]LRQHOXQJKLHULSHWXWLLQWHUYLHQH DXWRPDWLFDPHQWHXQDSURWH]LRQHWHUPLFD9LHQHHPHVVRXQVHJQDOHDFXVWLFR EHHS /¶LQWHUYHQWR GHOODSURWH]LRQHLQLELVFHWHPSRUDQHDPHQWHO¶XWLOL]]RGHOODODPSDGDSHUTXDOFKHPLQXWR
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6WD]LRQHGLULFDULFDOHGJLDOOREDWWHUDFFHVR ,OOHGJLDOOREDWWHU FKHFN GHOODVWD]LRQHGLULFDULFDLQGLFD %DWWHULDJXDVWD YHGHUHSDUDJUDIR &RQWDWWLVWD]LRQHGLULFDULFDLQFRUWRFLUFXLWR 1HOVHFRQGRFDVRSHUULSULVWLQDUHODFRUUHWWDRSHUDWLYLWjGHOODVWD]LRQHGLULFDULFD 7RJOLHUHO¶DOLPHQWD]LRQHHOHWWULFDDOODVWD]LRQHGLULFDULFD7XWWLLOHGVSHQWL (OLPLQDUHODFDXVDGHOFRUWRFLUFXLWR $OLPHQWDUHQXRYDPHQWHODVWD]LRQHGLULFDULFD/HGYHUGHSRZHUDFFHVR
IT
3XOL]LDGLVLQIH]LRQHVWHULOL]]D]LRQH 3XOL]LDHGLVLQIH]LRQHLQYROXFURVWD]LRQHGLULFDULFD ! 3(5,&2/26SHJQHUHODVWD]LRQHGLULFDULFD 6FROOHJDUHODVWD]LRQHGLULFDULFDGDOODSUHVDGLDOLPHQWD]LRQHHOHWWULFDSULPDGLHIIHWWXDUHJOL LQWHUYHQWLGLSXOL]LDHGLVLQIH]LRQH ! 3(5,&2/2,QYROXFURGHOODVWD]LRQHGLULFDULFDQRQqSURWHWWRFRQWURODSHQHWUD]LRQHGL OLTXLGL ! 3(5,&2/2/DVWD]LRQHGLULFDULFDQRQqVWHULOL]]DELOH ! 3(5,&2/2'XUDQWHO¶DWWLYLWjGLSXOL]LDQRQPRGL¿FDUHLFRQWDWWLHOHWWULFLSUHVHQWLQHOOD VWD]LRQHGLULFDULFD )LJ5LI% ! 3(5,&2/21RQVSUX]]DUHOLTXLGLGLUHWWDPHQWHVXOODVXDVXSHU¿FLHHVXLFRQWDWWLHOHWWULFL GHOODVWD]LRQHGLULFDULFD'RSRRJQLWUDWWDPHQWRHVHJXLUHOHVHJXHQWLRSHUD]LRQL 5LPXRYHUHLOPDQLSRORGDOODVWD]LRQHGLULFDULFD 3XOLUHODVXSHU¿FLHGHOODVWD]LRQHGLULFDULFDFRQXQSDQQRSXOLWRPRUELGRHDEDVVRULODVFLR ¿EUHLQXPLGLWRFRQXQDVROX]LRQHGHWHUJHQWH S+ HGHYHQWXDOPHQWHGLVLQIHWWDUHFRQXQD VROX]LRQHGLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWUR S+ VHJXHQGROHLVWUX]LRQLIRUQLWHGDO SURGXWWRUHGHOODVROX]LRQH $VFLXJDUHODVWD]LRQHGLULFDULFDFRQXQSDQQRSXOLWRQRQDEUDVLYRHDEDVVRULODVFLR¿EUH SULPDGLDOLPHQWDUHODVWD]LRQHGLULFDULFD$VVLFXUDUVLVRSUDWWXWWRFKHLFRQWDWWLHOHWWULFLVLDQR EHQDVFLXWWL
127$6ROX]LRQLGLVLQIHWWDQWLDEDVHG¶DFTXDFRQS+QHXWURVRQRDOWDPHQWHUDFFRPDQGDWH $OFXQHVROX]LRQLGLVLQIHWWDQWLDEDVHDOFROLFDSRVVRQRHVVHUHQRFLYHHGDQQHJJLDUHLPDWHULDOL SODVWLFL
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
3XOL]LDHGLVLQIH]LRQHPDQLSROR6WDUOLJKWSUR ! 3(5,&2/2,OPDQLSRORQRQqSURWHWWRFRQWURODSHQHWUD]LRQHGLOLTXLGL ! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOPDQLSRORFRQRJJHWWL PHWDOOLFLROLTXLGL ! 3(5,&2/2,OPDQLSRORQRQqVWHULOL]]DELOH ! 3(5,&2/21RQVSUX]]DUHOLTXLGLGLUHWWDPHQWHVXOFRQRVXOODVXSHU¿FLHHVXLFRQWDWWL HOHWWULFLGHOPDQLSROR 'RSRRJQLWUDWWDPHQWRHVHJXLUHOHVHJXHQWLRSHUD]LRQL 5LPXRYHUHOD¿EUDRWWLFDHSURWH]LRQHRWWLFDGDOPDQLSROR 3XOLUHODVXSHU¿FLHGHOPDQLSRORFRQXQSDQQRSXOLWRPRUELGRHDEDVVRULODVFLR¿EUHLQXPLGLWR FRQXQDVROX]LRQHGHWHUJHQWH S+ HGHYHQWXDOPHQWHGLVLQIHWWDUHFRQXQDVROX]LRQH GLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWUR S+ VHJXHQGROHLVWUX]LRQLIRUQLWHGDOSURGXWWRUH GHOODVROX]LRQH $VFLXJDUHLOPDQLSRORFRQXQSDQQRSXOLWRQRQDEUDVLYRHDEDVVRULODVFLR¿EUHSULPDGL XWLOL]]DUORHGLULSRUORQHOODVWD]LRQHGLULFDULFD$VVLFXUDUVLVRSUDWWXWWRFKHLFRQWDWWLHOHWWULFL VLDQREHQDVFLXWWL
127$6ROX]LRQLGLVLQIHWWDQWLDEDVHG¶DFTXDFRQS+QHXWURVRQRDOWDPHQWHUDFFRPDQGDWH $OFXQHVROX]LRQLGLVLQIHWWDQWLDEDVHDOFROLFDSRVVRQRHVVHUHQRFLYHHGDQQHJJLDUHLPDWHULDOL SODVWLFL
3URFHGXUHGLVWHULOL]]D]LRQH ! $77(1=,21((VHJXLUHODVWHULOL]]D]LRQHXWLOL]]DQGRHVFOXVLYDPHQWHDXWRFODYHDYDSRUH G¶DFTXDFRQWHPSHUDWXUDPDVVLPD&SHUPLQXWL 1RQXWLOL]]DUHQHVVXQDOWURSURFHGLPHQWRGLVWHULOL]]D]LRQH FDORUHVHFFRLUUDGLD]LRQHRVVLGRGL HWLOHQHJDVSODVPDDEDVVDWHPSHUDWXUDHWF ! 3(5,&2/2,OPDQLSRORQRQqVWHULOL]]DELOH ! 3(5,&2/2&RQWUROORGHOOHLQIH]LRQL3DUWLVWHULOL]]DELOL 3HUHYLWDUHLQIH]LRQLGDEDWWHULRGDYLUXVSXOLUHGLVLQIHWWDUHHVWHULOL]]DUHVHPSUHGRSRRJQL WUDWWDPHQWRLVHJXHQWLFRPSRQHQWL )LEUDRWWLFD 3URWH]LRQHRWWLFD 7DOLFRPSRQHQWLVRQRFRVWUXLWLFRQPDWHULDOLFKHUHVLVWRQRDXQDWHPSHUDWXUDPDVVLPDGL& SHUXQWHPSRPDVVLPRGLPLQXWL ,SURFHVVLGLVWHULOL]]D]LRQH 6$/ LQDXWRFODYHDYDSRUHGHYRQRHVVHUHHVHJXLWLFRQLSDUDPHWUL VRWWRLQGLFDWL YROWH3UHYDFXP 7HPSHUDWXUDGLVWHULOL]]D]LRQH& LQWHUYDOOR&·& 7HPSRGLVWHULOL]]D]LRQHPLQXWL 7HPSRGLDVFLXJDWXUDPLQLPDPLQXWL
7XWWHOHIDVLGLVWHULOL]]D]LRQHGHYRQRHVVHUHHVHJXLWHGDOO¶RSHUDWRUHLQFRQIRUPLWjDOOHQRUPH 81,(1,62H81,(1,62 127$3HUODGLVLQIH]LRQHQRQXWLOL]]DUHDFTXDRVVLJHQDWDPDVROWDQWRGLVLQIHWWDQWLDS+QHXWUR ULVFLDFTXDUHVHPSUHFRQDFTXDVWHULOH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
! 3(5,&2/27HUPLQDWHOHRSHUD]LRQLGLSXOL]LDSULPDGHOODVWHULOL]]D]LRQHVRWWRXQDIRQWH OXPLQRVDHGDGHJXDWDIDUHXQFRQWUROORGLWXWWLJOLRJJHWWLFRQSDUWLFRODUHDWWHQ]LRQHULYROWDDL SDUWLFRODULFKHSRWUHEEHURQDVFRQGHUHUHVLGXLGLVSRUFR ¿OHWWDWXUHFDYLWjVFDQDODWXUH HVHGHO FDVRHVHJXLUHQXRYDPHQWHLOFLFORGLSXOL]LD &RQWUROODUHLQ¿QHO¶LQWHJULWjGLTXHOOHSDUWLHGLTXHJOLHOHPHQWLFKHSRWUHEEHURHVVHUVLGHWHULRUDWL QHOO¶XVR
IT
3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHGHOOD¿EUDRWWLFD ! $77(1=,21(1RQXWLOL]]DUHVWUXPHQWLWDJOLHQWLSHUSXOLUHOD¿EUDRWWLFD
(VHJXLUHOHVHJXHQWLRSHUD]LRQL (OLPLQDUHHYHQWXDOLUHVLGXLGLFRPSRVLWLSROLPHUL]]DWLGDOODVXSHU¿FLHGHOOD¿EUDRWWLFDPHGLDQWH DOFRRO 'LVLQIHWWDUHODVXSHU¿FLHPHGLDQWHXQSDQQRLQXPLGLWRFRQXQDVROX]LRQHGHWHUJHQWH GLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWUR S+ $VFLXJDUH 6LJLOODUHOD¿EUDRWWLFDVLQJRODUPHQWHLQEXVWDPRQRXVR 6WHULOL]]DUHOD¿EUDRWWLFDLQDXWRFODYH
3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHSURWH]LRQHRWWLFD ! $77(1=,21(1RQXWLOL]]DUHVWUXPHQWLWDJOLHQWLSHUSXOLUHODSURWH]LRQHRWWLFD
(VHJXLUHOHVHJXHQWLRSHUD]LRQL 3XOLUHHGLVLQIHWWDUHODVXSHU¿FLHPHGLDQWHXQSDQQRLQXPLGLWRFRQXQDVROX]LRQH GHWHUJHQWHGLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWUR S+ $VFLXJDUH 6LJLOODUHODSURWH]LRQHRWWLFDVLQJRODUPHQWHLQEXVWDPRQRXVR 6WHULOL]]DUHODSURWH]LRQHLQDXWRFODYH
0RGDOLWjHSUHFDX]LRQLSHUORVPDOWLPHQWR
! $77(1=,21(,OGLVSRVLWLYRFRQWLHQHEDWWHULD/,7,2,21,/DEDWWHULDGHYHHVVHUH VPDOWLWDHWUDWWDWDFRPHUL¿XWRVRJJHWWRDUDFFROWDVHSDUDWD /¶DSSDUHFFKLRGHYHHVVHUHVPDOWLWRHWUDWWDWRFRPHUL¿XWRVRJJHWWRDUDFFROWDVHSDUDWD (¶IDFROWjGHOO¶DFTXLUHQWHFRQVHJQDUHO¶DSSDUHFFKLRDOOD¿QHGHOODVXDYLWDDOULYHQGLWRUHFKH IRUQLVFHQXRYDDSSDUHFFKLDWXUDSUHVVR0HFWURQ6S$VRQRDGLVSRVL]LRQHLVWUX]LRQLSHUOR VPDOWLPHQWR /¶LQRVVHUYDQ]DGHLSXQWLSUHFHGHQWLSXzFRPSRUWDUHXQDVDQ]LRQHDLVHQVLGHOODGLUHWWLYDVXL UL¿XWLGLDSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKH 5$((
! 3(5,&2/25L¿XWLRVSHGDOLHUL 7UDWWDUHFRPHUL¿XWLRVSHGDOLHULLVHJXHQWLRJJHWWL )LEUDRWWLFDTXDQGRXVXUDWDRURWWD 3URWH]LRQHRWWLFDTXDQGRXVXUDWDRURWWD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6LPEROL
!
$WWHQ]LRQHOHJJHUHOHLVWUX]LRQL SHUO¶XVR
1XPHURGLVHULH
,VWUX]LRQLSHULOIXQ]LRQDPHQWR
&RGLFHSURGRWWR
3DUWHDSSOLFDWDGLWLSR´%´LQDFFRUGR DOODQRUPDWHFQLFD(1
)DEEULFDQWH
$SSDUHFFKLRGLFODVVH,,
/LPLWLGLWHPSHUDWXUDSHUWUDVSRUWR HFRQVHUYD]LRQH
&RUUHQWHDOWHUQDWD
/LPLWLGLXPLGLWjSHUWUDVSRUWRH FRQVHUYD]LRQH
,PDWHULDOLVWHULOL]]DELOLGHYRQRHVVHUH DXWRFODYDWLHUHVLVWRQR¿QRDXQD WHPSHUDWXUDPDVVLPDGL&
/LPLWLSHUSUHVVLRQHDWPRVIHULFD SHUWUDVSRUWRHFRQVHUYD]LRQH
0DUFKLR0(7
/¶DSSDUHFFKLRHGLVXRLDFFHVVRUL QRQGHYRQRHVVHUHVPDOWLWLR WUDWWDWLFRPHUL¿XWLVROLGLXUEDQL
7.%5# %0Q &RQIRUPLWjDOOHQRUPH8/&6$ '
6LPERORGLSHULFROR 5DGLD]LRQH/('
$SSDUHFFKLRFRQIRUPHDOODGLUHWWLYD&(( LQFOXVHOHQRUPHWHFQLFKH(1H(1
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6ROX]LRQHLQFRQYHQLHQWL 6HO¶DSSDUHFFKLRVHPEUDQRQIXQ]LRQDUHFRUUHWWDPHQWHOHJJHUHQXRYDPHQWHOHLVWUX]LRQLHTXLQGL FRQWUROODUHODVHJXHQWHWDEHOOD
6,17202
/DVWD]LRQHGLULFDULFDQRQ V¶DFFHQGH QHVVXQOHGq DFFHVR
&$86$3266,%,/(
62/8=,21(
,OFDYRGLDOLPHQWD]LRQH HOHWWULFDQRQqFRUUHWWDPHQWH FROOHJDWR
&ROOHJDUHLOFDYRVLDDOOD VWD]LRQHGLULFDULFDVLDDOOD SUHVDDPXUR
,OFDYRGLDOLPHQWD]LRQH HOHWWULFDqGLIHWWRVR
6RVWLWXLUHLOFDYRGL DOLPHQWD]LRQHHOHWWULFD
/DVWD]LRQHGLULFDULFDQRQ IXQ]LRQD
5LYROJHUVLDOFHQWURGL DVVLVWHQ]DWHFQLFDDXWRUL]]DWR 0(&7521
,OOHGJLDOOREDWWHU FKHFN GHOODVWD]LRQHGLULFDULFDq DFFHVR
,FRQWDWWLGHOODVWD]LRQHGL ULFDULFDVRQRLQFRUWRFLUFXLWR
9HGHUHSDUDJUDIR³´
,OOHGJLDOOREDWWHU FKHFN GHOODVWD]LRQHGLULFDULFDq DFFHVR
%DWWHULDJXDVWD
&RQWDWWDUHLOVHUYL]LRSRVW YHQGLWD0HFWURQ9HGHUH SDUDJUDIR³´H³´
3UHPHQGRLOSXOVDQWHGHOOD 6WDUOLJKWSURQRQVLKDÀXVVR OXPLQRVRHYLHQHHPHVVRXQ VHJQDOHDFXVWLFR EHHS
%DWWHULDVFDULFD
5LFDULFDUHODEDWWHULD9HGHUH SDUDJUDIR³´
$OOD¿QHGHOFLFORGLVSRVL]LRQH YLHQHHPHVVRXQVHJQDOH DFXVWLFR EHHS
%DWWHULDEDVVD
5LFDULFDUHODEDWWHULD9HGHUH SDUDJUDIR³´
'XUDQWHLOFLFORGLHVSRVL]LRQH YLHQHHPHVVRXQVHJQDOH DFXVWLFR EHHS HDOOD¿QH GHOFLFOROD6WDUOLJKWSURQRQ SHUPHWWHSLGLHIIHWWXDUHDOWUR WUDWWDPHQWR
,QWHUYHQWRSURWH]LRQHWHUPLFD
8QDXOWHULRUHDWWLYD]LRQHq SRVVLELOHVRORGRSRLO UDIIUHGGDPHQWR
/DSROLPHUL]]D]LRQHq LQVXI¿FLHQWH
/DVXSHU¿FLHWHUPLQDOHGHOOD ¿EUDRWWLFDqVSRUFD
9HGHUHSDUDJUDIR³´
5LSRVWRLOPDQLSRORQHOOD VWD]LRQHGLULFDULFDLOOHGYHUGH EDWWHUQRQVLDFFHQGH
%DWWHULDQRQVXI¿FLHQWHPHQWH VFDULFD
9HGHUHLOSDUDJUDIR 7DEHOOD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT