▼
Scroll to page 2
of
48
(.,5 (.,/ 1RWLFHG XWLOLVDWLRQ ,VWUX]LRQLSHUOಬXVR 5«IULJ«UDWHXU Réfrigérateur intégré )ULJRULIHUR Frigorifero incorporato 2 7$%/('(60$7,5(6 ,QIRUPDWLRQVGHV«FXULW« &RQVLJQHVGHV«FXULW« ,QVWDOODWLRQ %DQGHDXGHFRPPDQGH 8WLOLVDWLRQTXRWLGLHQQH &RQVHLOV (QWUHWLHQHWQHWWR\DJH '«SDQQDJH %UXLWV 'RQQ«HVWHFKQLTXHV ,QIRUPDWLRQVSRXUOHVLQVWLWXWVGHWHVW 6RXVU«VHUYHGHPRGLILFDWLRQV 9,6,7(=1275(6,7(:(%3285 2EWHQLUGHVFRQVHLOVGಬXWLOLVDWLRQGHVEURFKXUHVXQG«SDQQHXUGHV LQIRUPDWLRQVVXUOHVHUYLFHHWOHVU«SDUDWLRQV KWWSVZZZIXVWFKUHSDUDWXU ,1)250$7,216'(6&85,7 $YDQWG LQVWDOOHUHWG XWLOLVHUFHWDSSDUHLOOLVH] VRLJQHXVHPHQWOHVLQVWUXFWLRQVIRXUQLHV/HIDEULFDQWQH SRXUUD¬WUHWHQXSRXUUHVSRQVDEOHGHVEOHVVXUHVHWG«J¤WV U«VXOWDQWG XQHPDXYDLVHLQVWDOODWLRQRXXWLOLVDWLRQ &RQVHUYH]WRXMRXUVOHVLQVWUXFWLRQVGDQVXQOLHXV½UHW DFFHVVLEOHSRXUYRXV\U«I«UHUXOW«ULHXUHPHQW 6«FXULW«GHVHQIDQWVHWGHVSHUVRQQHVYXOQ«UDEOHV ವ ವ ವ ವ &HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWV¤J«VG DX PRLQVDQVHWSDUGHVSHUVRQQHVD\DQWGHVFDSDFLW«V SK\VLTXHVVHQVRULHOOHVRXPHQWDOHVU«GXLWHVRXG«QX«HV GಬH[S«ULHQFHRXGHFRQQDLVVDQFHV LOVVRQWFRUUHFWHPHQW VXUYHLOO«VRXVLGHVLQVWUXFWLRQVUHODWLYHV¢O XWLOLVDWLRQGH O DSSDUHLOHQWRXWHV«FXULW«OHXURQW«W«GRQQ«HVHWVಬLOV FRPSUHQQHQWOHVULVTXHVHQFRXUXV /HVHQIDQWVGH¢DQVSHXYHQWFKDUJHUHWG«FKDUJHU OಬDSSDUHLO¢FRQGLWLRQTXಬLOVDLHQWUH©XGHVLQVWUXFWLRQV DSSURSUL«HV &HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVSHUVRQQHVVRXIIUDQW GHKDQGLFDSVWUªVLPSRUWDQWVHWFRPSOH[HV¢FRQGLWLRQV TXಬHOOHVDLHQWUH©XGHVLQVWUXFWLRQVDSSURSUL«HV /HVHQIDQWVGHPRLQVGHDQVGRLYHQW¬WUHWHQXV¢O «FDUW GHO DSSDUHLO¢PRLQVG ¬WUHVXUYHLOO«VHQSHUPDQHQFH 3 ವ ವ ವ 1HODLVVH]SDVOHVHQIDQWVMRXHUDYHFO DSSDUHLO /HQHWWR\DJHHWO HQWUHWLHQQHGRLYHQWSDV¬WUHHIIHFWX«V SDUGHVHQIDQWVVDQVVXUYHLOODQFH 1HODLVVH]SDVOHVHPEDOODJHV¢ODSRUW«HGHVHQIDQWVHW MHWH]OHVFRQYHQDEOHPHQW 6«FXULW«J«Q«UDOH ವ ವ ವ ವ ವ ವ &HWDSSDUHLOHVWFRQ©XSRXUXQXVDJHGRPHVWLTXHHWGHV DSSOLFDWLRQV«TXLYDOHQWHVQRWDPPHQW ದ E¤WLPHQWVGHIHUPHFXLVLQHVU«VHUY«HVDX[HPSOR\«V GDQVOHVPDJDVLQVEXUHDX[HWDXWUHVOLHX[GHWUDYDLO ದ O XWLOLVDWLRQSDUOHVFOLHQWVGHVK¶WHOVPRWHOVGHV HQYLURQQHPHQWVGXW\SHFKDPEUHVGಬK¶WHVHWDXWUHV HQYLURQQHPHQWV¢FDUDFWªUHU«VLGHQWLHO 3RXU«YLWHUODFRQWDPLQDWLRQGHVDOLPHQWVUHVSHFWH]OHV LQVWUXFWLRQVVXLYDQWHV ದ QಬRXYUH]SDVODSRUWHSHQGDQWGHORQJXHVGXU«HV ದ QHWWR\H]U«JXOLªUHPHQWOHVVXUIDFHVSRXYDQW¬WUHHQ FRQWDFWDYHFOHVDOLPHQWVHWOHVV\VWªPHVGಬ«YDFXDWLRQ DFFHVVLEOHV ದ FRQVHUYH]ODYLDQGHHWOHSRLVVRQFUXVGDQVGHV U«FLSLHQWVDSSURSUL«VGDQVOHU«IULJ«UDWHXUDILQTXಬLOVQH VRLHQWSDVHQFRQWDFWRXQHFRXOHQWSDVVXUGಬDXWUHV DOLPHQWV $9(57,66(0(179HLOOH]¢FHTXHOHVRULILFHVGH YHQWLODWLRQVLWX«VGDQVO HQFHLQWHGHO DSSDUHLORXGDQVOD VWUXFWXUHLQW«JU«HQHVRLHQWSDVREVWUX«V $9(57,66(0(171ಬXWLOLVH]DXFXQGLVSRVLWLIP«FDQLTXH RXDXWUHPR\HQSRXUDFF«O«UHUOHSURFHVVXVGHG«JLYUDJH KRUPLVFHX[UHFRPPDQG«VSDUOHIDEULFDQW $9(57,66(0(171 HQGRPPDJH]SDVOHFLUFXLWGH U«IULJ«UDWLRQ $9(57,66(0(171 XWLOLVH]SDVG DSSDUHLOV«OHFWULTXHV ¢O LQW«ULHXUGHVFRPSDUWLPHQWVGHFRQVHUYDWLRQGHV DOLPHQWVGHO DSSDUHLOVDXIV LOVVRQWGXW\SHUHFRPPDQG« SDUOHIDEULFDQW 4 ವ ವ ವ ವ ವ 1HSXOY«ULVH]SDVG HDXQLGHYDSHXUSRXUQHWWR\HU O DSSDUHLO 1HWWR\H]O DSSDUHLODYHFXQFKLIIRQGRX[KXPLGH8WLOLVH] XQLTXHPHQWGHVG«WHUJHQWVQHXWUHV1 XWLOLVH]SDVGH SURGXLWVDEUDVLIVGHWDPSRQV¢U«FXUHUGHVROYDQWVQL G REMHWVP«WDOOLTXHV 6LOಬDSSDUHLOHVWYLGHSHQGDQWXQHORQJXHGXU«H«WHLJQH] OHG«JLYUH]OHQHWWR\H]OHV«FKH]OHHWODLVVH]ODSRUWH RXYHUWHSRXUHPS¬FKHUOHG«YHORSSHPHQWGHPRLVLVVXUH GDQVOಬDSSDUHLO 1HFRQVHUYH]SDVGHVXEVWDQFHVH[SORVLYHVGDQVFHW DSSDUHLOWHOOHVTXHGHVD«URVROVFRQWHQDQWXQJD] SURSXOVHXULQIODPPDEOH 6LOHF¤EOHG DOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW¬WUH UHPSODF«SDUOHIDEULFDQWVRQVHUYLFHDSUªVYHQWHDJU«« RXGHVSHUVRQQHVDX[TXDOLILFDWLRQVVLPLODLUHVDILQG «YLWHU WRXWGDQJHU &216,*1(6'(6&85,7 ,QVWDOODWLRQ $9(57,66(0(17/ DSSDUHLO GRLW¬WUHLQVWDOO«XQLTXHPHQW SDUXQSURIHVVLRQQHOTXDOLIL« ವ 5HWLUH]O LQW«JUDOLW«GHO HPEDOODJH ವ 1 LQVWDOOH]SDVHWQHEUDQFKH]SDVXQ DSSDUHLOHQGRPPDJ« ವ 3RXUGHVUDLVRQVGHV«FXULW«Q XWLOLVH] SDVO DSSDUHLODYDQWGHO DYRLULQVWDOO« GDQVODVWUXFWXUHHQFDVWU«H ವ 6XLYH]VFUXSXOHXVHPHQWOHV LQVWUXFWLRQVG LQVWDOODWLRQIRXUQLHVDYHF O DSSDUHLO ವ 6R\H]WRXMRXUVYLJLODQWVORUVTXHYRXV G«SODFH]O DSSDUHLOFDULOHVWORXUG 8WLOLVH]WRXMRXUVGHVJDQWVGHV«FXULW« HWGHVFKDXVVXUHVIHUP«HV ವ $VVXUH]YRXVTXHO DLUFLUFXOHDXWRXUGH O DSSDUHLO ವ /RUVGHODSUHPLªUHLQVWDOODWLRQRX DSUªVDYRLULQYHUV«ODSRUWHDWWHQGH] DXPRLQVKHXUHVDYDQWGHEUDQFKHU ವ ವ ವ ವ ವ ವ O DSSDUHLOVXUOHVHFWHXU&HODSHUPHW¢ O KXLOHGHUHIRXOHUGDQVOHFRPSUHVVHXU $YDQWWRXWHRS«UDWLRQVXUO DSSDUHLO SDU H[LQYHUVLRQGHODSRUWH G«EUDQFKH] ODILFKHGHODSULVHGHFRXUDQW 1 LQVWDOOH]SDVO DSSDUHLO¢SUR[LPLW« G XQUDGLDWHXUG XQHFXLVLQLªUHG XQ IRXURXG XQHWDEOHGHFXLVVRQ 1 H[SRVH]SDVO DSSDUHLO¢ODSOXLH 1 LQVWDOOH]SDVO DSSDUHLOGDQVXQ HQGURLWH[SRV«¢ODOXPLªUHGLUHFWHGX VROHLO 1 LQVWDOOH]SDVO DSSDUHLOGDQVXQH SLªFHWURSKXPLGHRXWURSIURLGH /RUVTXHYRXVG«SODFH]O DSSDUHLO YHLOOH]¢OHVRXOHYHUSDUO DYDQWSRXU «YLWHUGHUD\HUOHVRO %UDQFKHPHQW«OHFWULTXH $9(57,66(0(175LVTXH G LQFHQGLHRXG «OHFWURFXWLRQ 5 $9(57,66(0(17/RUVTXH YRXVLQVWDOOH]O DSSDUHLO DVVXUH]YRXVTXHOHF¤EOH G DOLPHQWDWLRQQ HVWSDVFRLQF« RXHQGRPPDJ« $9(57,66(0(171 XWLOLVH] SDVG DGDSWDWHXUVPXOWLSULVHVQL GHUDOORQJHV ವ /ಬDSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH ವ $VVXUH]YRXVTXHOHVSDUDPªWUHV ILJXUDQWVXUODSODTXHVLJQDO«WLTXH FRUUHVSRQGHQWDX[GRQQ«HV«OHFWULTXHV QRPLQDOHGHOಬDOLPHQWDWLRQVHFWHXU ವ 8WLOLVH]WRXMRXUVXQHSULVHGHFRXUDQW GHV«FXULW«FRUUHFWHPHQWLQVWDOO«H ವ 9HLOOH]¢QHSDVHQGRPPDJHUOHV FRPSRVDQWV«OHFWULTXHVWHOVTXHOD ILFKHVHFWHXUOHF¤EOHG DOLPHQWDWLRQRX OHFRPSUHVVHXU&RQWDFWH]OHVHUYLFH DSUªVYHQWHDJU««RXXQ«OHFWULFLHQ SRXUFKDQJHUOHVFRPSRVDQWV «OHFWULTXHV ವ /HF¤EOHG DOLPHQWDWLRQGRLWUHVWHUHQ GHVVRXVGXQLYHDXGHODILFKHVHFWHXU ವ 1HEUDQFKH]ODILFKHVHFWHXUGDQVOD SULVHVHFWHXUTX ¢ODILQGHO LQVWDOODWLRQ $VVXUH]YRXVTXHODSULVHVHFWHXUHVW DFFHVVLEOHDSUªVO LQVWDOODWLRQ ವ 1HWLUH]SDVVXUOHF¤EOHVHFWHXUSRXU G«EUDQFKHUO DSSDUHLO7LUH]WRXMRXUVVXU ODILFKHGHODSULVHVHFWHXU 8WLOLVDWLRQ $9(57,66(0(175LVTXHGH EOHVVXUHVGHEU½OXUHV G «OHFWURFXWLRQRXG LQFHQGLH / DSSDUHLOFRQWLHQWXQJD] LQIODPPDEOHO LVREXWDQH 5D XQJD] QDWXUHOD\DQWXQQLYHDX«OHY«GH FRPSDWLELOLW«HQYLURQQHPHQWDOH9HLOOH]¢ QHSDVHQGRPPDJHUOHFLUFXLWIULJRULILTXH FRQWHQDQWGHO LVREXWDQH ವ 1HPRGLILH]SDVOHVFDUDFW«ULVWLTXHVGH FHWDSSDUHLO ವ 1HSODFH]DXFXQDSSDUHLO«OHFWULTXH VRUEHWLªUHHWF GDQVO DSSDUHLOHQ O DEVHQFHG LQGLFDWLRQVGXIDEULFDQW ವ 6LOHFLUFXLWIULJRULILTXHHVWHQGRPPDJ« DVVXUH]YRXVGHO DEVHQFHGHIODPPHV HWGHVRXUFHVG LJQLWLRQGDQVODSLªFH $«UH]ODSLªFH ವ YLWH]WRXWFRQWDFWG «O«PHQWVFKDXGV DYHFOHVSDUWLHVHQSODVWLTXHGH O DSSDUHLO ವ 1HSODFH]MDPDLVGHERLVVRQV JD]HXVHVGDQVOHFRQJ«ODWHXU&HOD HQJHQGUHUDLWXQHSUHVVLRQVXUOH U«FLSLHQWGHODERLVVRQ ವ 1HVWRFNH]MDPDLVGHJD]RXGHOLTXLGH LQIODPPDEOHGDQVO DSSDUHLO ವ 1HSODFH]SDVGHSURGXLWV LQIODPPDEOHVRXG «O«PHQWVLPELE«VGH SURGXLWVLQIODPPDEOHV¢O LQW«ULHXURX¢ SUR[LPLW«GHO DSSDUHLOQLVXUFHOXLFL ವ 1HWRXFKH]SDVOHFRPSUHVVHXUQLOH FRQGHQVHXU,OVVRQWFKDXGV ವ 1HUHWLUH]SDVHWQHWRXFKH]SDVOHV «O«PHQWVGXFRPSDUWLPHQWFRQJ«ODWHXU DYHFOHVPDLQVPRXLOO«HVRXKXPLGHV ವ 1HUHFRQJHOH]MDPDLVXQDOLPHQWTXLD «W«G«FRQJHO« ವ 5HVSHFWH]OHVLQVWUXFWLRQVGHVWRFNDJH ILJXUDQWVXUO HPEDOODJHGHVDOLPHQWV VXUJHO«V ವ (PEDOOH]OHVDOLPHQWVGDQVXQ HPEDOODJHDGDSW«DXFRQWDFWDYHFGHV DOLPHQWVDYDQWGHOHVSODFHUGDQVOH FRPSDUWLPHQWFRQJ«ODWHXU FODLUDJHLQW«ULHXU $9(57,66(0(175LVTXH G «OHFWURFXWLRQ ವ &RQFHUQDQWODOHVODPSH V ¢OಬLQW«ULHXU GHFHSURGXLWHWOHVODPSHVGH UHFKDQJHYHQGXHVV«SDU«PHQW&HV ODPSHVVRQWFRQ©XHVSRXUU«VLVWHU¢ GHVFRQGLWLRQVSK\VLTXHVH[WU¬PHV GDQVOHVDSSDUHLOV«OHFWURP«QDJHUV WHOOHVTXHODWHPS«UDWXUHOHV YLEUDWLRQVOಬKXPLGLW«RXVRQWFRQ©XHV SRXUVLJQDOHUGHVLQIRUPDWLRQVVXUOH VWDWXWRS«UDWLRQQHOGHOಬDSSDUHLO(OOHV QHVRQWSDVGHVWLQ«HV¢¬WUHXWLOLV«HV GDQVG DXWUHVDSSOLFDWLRQVHWQH 6 FRQYLHQQHQWSDV¢Oಬ«FODLUDJHGHV SLªFHVGಬXQORJHPHQW (QWUHWLHQHWQHWWR\DJH $9(57,66(0(175LVTXHGH EOHVVXUHFRUSRUHOOHRXGH GRPPDJHVPDW«ULHOV ವ $YDQWWRXWHRS«UDWLRQG HQWUHWLHQ «WHLJQH]O DSSDUHLOHWG«EUDQFKH]OD ILFKHGHODSULVHVHFWHXU ವ &HWDSSDUHLOFRQWLHQWGHV K\GURFDUEXUHVGDQVVRQFLUFXLWGH U«IULJ«UDWLRQ/ HQWUHWLHQHWODUHFKDUJH GXFLUFXLWGHU«IULJ«UDWLRQGRLYHQW¬WUH HIIHFWX«VSDUXQSURIHVVLRQQHOTXDOLIL« ವ ([DPLQH]U«JXOLªUHPHQWO «FRXOHPHQW GHO DSSDUHLOHWVLQ«FHVVDLUHQHWWR\H] OH6LO RULILFHHVWERXFK«O HDX SURYHQDQWGXG«JLYUDJHV «FRXOHUDHQ EDVGHO DSSDUHLO 6HUYLFH ವ 3RXUU«SDUHUO DSSDUHLOFRQWDFWH]XQ VHUYLFHDSUªVYHQWHDJU««8WLOLVH] H[FOXVLYHPHQWGHVSLªFHVG RULJLQH ವ 9HXLOOH]QRWHUTXಬXQHDXWRU«SDUDWLRQRX XQHU«SDUDWLRQQRQSURIHVVLRQQHOOH SHXYHQWDYRLUGHVFRQV«TXHQFHVVXUOD V«FXULW«HWDQQXOHUODJDUDQWLH 0LVHDXUHEXW $9(57,66(0(175LVTXHGH EOHVVXUHRXG DVSK\[LH ವ '«EUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQ «OHFWULTXH ವ &RXSH]OHF¤EOHG DOLPHQWDWLRQHW PHWWH]OHDXUHEXW ವ 5HWLUH]ODSRUWHSRXUHPS¬FKHUOHV HQIDQWVHWOHVDQLPDX[GHV HQIHUPHU GDQVO DSSDUHLO ವ /HFLUFXLWIULJRULILTXHHWOHVPDW«ULDX[ G LVRODWLRQGHFHWDSSDUHLOSU«VHUYHQWOD FRXFKHG R]RQH ವ /DPRXVVHLVRODQWHFRQWLHQWXQJD] LQIODPPDEOH&RQWDFWH]YRWUHVHUYLFH PXQLFLSDOSRXUREWHQLUGHVLQIRUPDWLRQV VXUODPDUFKH¢VXLYUHSRXUPHWWUH O DSSDUHLODXUHEXW ವ 1 HQGRPPDJH]SDVODSDUWLHGXFLUFXLW GHU«IULJ«UDWLRQVLWX«H¢SUR[LPLW«GX FRQGHQVHXUWKHUPLTXH ,167$//$7,21 $9(57,66(0(175HSRUWH] YRXVDX[FKDSLWUHVFRQFHUQDQW ODV«FXULW« $9(57,66(0(17&RQVXOWH] OHVLQVWUXFWLRQVG LQVWDOODWLRQ SRXULQVWDOOHUYRWUHDSSDUHLO $9(57,66(0(17)L[H] OಬDSSDUHLOFRQIRUP«PHQWDX[ LQVWUXFWLRQVGಬLQVWDOODWLRQSRXU «YLWHUWRXWULVTXHGಬLQVWDELOLW«GH OಬDSSDUHLO 7 D3 D1 'LPHQVLRQV D2 W1 W3 A B H1 W2 'LPHQVLRQVKRUVWRXW{ (VSDFHUHTXLVHQVHUYLFHt + PP ' PP : PP $ PP ' PP % PP {KDXWHXUODUJHXUHWSURIRQGHXUGH OಬDSSDUHLOVDQVODSRLJQ«HQLOHVSLHGV (VSDFHUHTXLVHQVHUYLFHt + $% PP : PP tKDXWHXUODUJHXUHWSURIRQGHXUGH OಬDSSDUHLODYHFODSRLJQ«HSOXVOಬHVSDFH Q«FHVVDLUHSRXUODOLEUHFLUFXODWLRQGHOಬDLU GHUHIURLGLVVHPHQW 8 %UDQFKHPHQW«OHFWULTXH (VSDFHWRWDOUHTXLVHQVHUYLFHu + $% PP : PP ' PP uKDXWHXUODUJHXUHWSURIRQGHXUGH OಬDSSDUHLODYHFODSRLJQ«HSOXVOಬHVSDFH Q«FHVVDLUHSRXUODOLEUHFLUFXODWLRQGHOಬDLU GHUHIURLGLVVHPHQWSOXVOಬHVSDFH Q«FHVVDLUHSRXUDXWRULVHUOಬRXYHUWXUHGHOD SRUWH¢OಬDQJOHPLQLPDOSHUPHWWDQWOH UHWUDLWGHWRXVOHV«TXLSHPHQWVLQWHUQHV (PSODFHPHQW 3RXUJDUDQWLUODPHLOOHXUHIRQFWLRQQDOLW«GH OಬDSSDUHLOYRXVQHGHYH]SDVLQVWDOOHU OಬDSSDUHLO¢SUR[LPLW«GಬXQHVRXUFHGH FKDOHXU IRXUVSR¬OHVUDGLDWHXUV FXLVLQLªUHVRXSODTXHVGHFXLVVRQ QLGDQV XQOLHXH[SRV«¢ODOXPLªUHGLUHFWHGX VROHLO$VVXUH]YRXVTXHOಬDLUSHXWFLUFXOHU OLEUHPHQWDXWRXUGHOಬDUULªUHGXPHXEOH &HWDSSDUHLOGRLW¬WUHLQVWDOO«GDQVXQOLHX VHFHWELHQYHQWLO«¢OಬLQW«ULHXU ವ $YDQWGHEUDQFKHUO DSSDUHLODVVXUH] YRXVTXHODWHQVLRQHWODIU«TXHQFH LQGLTX«HVVXUODSODTXHVLJQDO«WLTXH FRUUHVSRQGHQW¢FHOOHVGXU«VHDX «OHFWULTXHGRPHVWLTXH ವ /ಬDSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH/D ILFKHGXF¤EOHG DOLPHQWDWLRQFRPSRUWH XQFRQWDFW¢FHWHIIHW6LODSULVHGH FRXUDQWQ HVWSDVPLVH¢ODWHUUH EUDQFKH]O DSSDUHLO¢XQHPLVH¢OD WHUUHV«SDU«HFRQIRUP«PHQWDX[ U«JOHPHQWDWLRQVHQYLJXHXUHQ FRQVXOWDQWXQ«OHFWULFLHQVS«FLDOLV« ವ /HIDEULFDQWG«FOLQHWRXWH UHVSRQVDELOLW«HQFDVGHQRQUHVSHFW GHVFRQVLJQHVGHV«FXULW«FLGHVVXV ವ &HWDSSDUHLOHVWFRQIRUPHDX[ GLUHFWLYHV&(( ([LJHQFHVHQPDWLªUHGH YHQWLODWLRQ /HIOX[GಬDLUVLWX«GHUULªUHOಬDSSDUHLOGRLW ¬WUHVXIILVDQW 5 cm min. 200 cm2 &HWDSSDUHLOHVWGHVWLQ«¢¬WUHXWLOLV«¢ XQHWHPS«UDWXUHDPELDQWHFRPSULVHHQWUH r&HWr& 6HXOOHUHVSHFWGHODSODJHGH WHPS«UDWXUHVVS«FLIL«HSHXW JDUDQWLUXQERQIRQFWLRQQHPHQW GHO DSSDUHLO (QFDVGHGRXWHFRQFHUQDQWOH OLHXG LQVWDOODWLRQGHO DSSDUHLO YHXLOOH]FRQWDFWHUOHYHQGHXU QRWUHVHUYLFHDSUªVYHQWHRXOH FHQWUHGHU«SDUDWLRQDJU««OH SOXVSURFKH / DSSDUHLOGRLWSRXYRLU¬WUH G«EUDQFK«GHO DOLPHQWDWLRQ «OHFWULTXH& HVWSRXUTXRLOD SULVH«OHFWULTXHGRLW¬WUH IDFLOHPHQWDFFHVVLEOHDSUªV O LQVWDOODWLRQ min. 200 cm2 $77(17,215HSRUWH]YRXV DX[LQVWUXFWLRQVUHODWLYHV¢ OಬLQVWDOODWLRQ ,QYHUVLRQGXVHQVG RXYHUWXUH GHODSRUWH 9HXLOOH]YRXVUHSRUWHUDXGRFXPHQW V«SDU«FRQWHQDQWGHVLQVWUXFWLRQVVXU O LQVWDOODWLRQHWOಬLQYHUVLRQGXVHQV GಬRXYHUWXUHGHODSRUWH 9 $77(17,21FKDTXH«WDSH GHU«YHUVLELOLW«GHODSRUWH SURW«JH]OHVROSRXU«YLWHUOHV UD\XUHVGXHVDX[PDW«ULDX[ GXUV %$1'($8'(&200$1'( 1 Functions 6 5 4 3 2 $IILFKHXU 7RXFKHG DXJPHQWDWLRQGHOD WHPS«UDWXUH 7RXFKHGHGLPLQXWLRQGHOD WHPS«UDWXUH 2. )XQFWLRQV 212)) 3RXUPRGLILHUODWRQDOLW«SU«G«ILQLHGHV WRXFKHVDSSX\H]VLPXOWDQ«PHQWVXUOD WRXFKH)XQFWLRQVHWODWRXFKHGH GLPLQXWLRQGHODWHPS«UDWXUHSHQGDQW SOXVLHXUVVHFRQGHV&HFKDQJHPHQWHVW U«YHUVLEOH $IILFKDJH A B C D G F E 0LVHHQPDUFKH %UDQFKH]ODILFKH«OHFWULTXHGH O DSSDUHLO¢ODSULVHGHFRXUDQW $SSX\H]VXUODWRXFKH212))GH O DSSDUHLOVLO DIILFKDJHHVW«WHLQW/HV LQGLFDWHXUVGHWHPS«UDWXUHLQGLTXHQWOD WHPS«UDWXUHSURJUDPP«HSDUG«IDXW $ % & ' ( ) * ,QGLFDWHXUGXPLQXWHXU )RQFWLRQ)DVW&RRO )RQFWLRQ)DVW)UHH]H ,QGLFDWHXUGHWHPS«UDWXUH 9R\DQWGಬDODUPH )RQFWLRQ&KLOG/RFN )RQFWLRQ'ULQNV&KLOO 3RXUV«OHFWLRQQHUXQHWHPS«UDWXUH GLII«UHQWHUHSRUWH]YRXVDXSDUDJUDSKH m5«JODJHGHODWHPS«UDWXUH} 6LG(0RV DIILFKHUHSRUWH]YRXVDX FKDSLWUHm'«SDQQDJH} 0LVH¢O DUU¬W $SSX\H]VXUODWRXFKH212))GH O DSSDUHLOSHQGDQWVHFRQGHV 10 / DIILFKDJHV «WHLQW '«EUDQFKH]O DSSDUHLO«OHFWULTXHPHQW 5«JODJHGHODWHPS«UDWXUH 5«JOH]ODWHPS«UDWXUHGHO DSSDUHLOHQ DSSX\DQWVXUOHVWRXFKHVGHWHPS«UDWXUH /DWHPS«UDWXUHU«JO«HUHFRPPDQG«HSDU G«IDXWHVW ವ r&GDQVOHU«IULJ«UDWHXU ವ r&GDQVOHFRQJ«ODWHXU /DSODJHGHWHPS«UDWXUHSHXWYDULHUHQWUH r&HWr&SRXUOHFRQJ«ODWHXUHW HQWUHr&HWr&SRXUOHU«IULJ«UDWHXU /HVLQGLFDWHXUVGHWHPS«UDWXUHDIILFKHQW ODWHPS«UDWXUHSURJUDPP«H /DWHPS«UDWXUHSURJUDPP«H VHUDDWWHLQWHVRXVKHXUHV $SUªVXQHFRXSXUHGHFRXUDQW ODWHPS«UDWXUHSURJUDPP«H UHVWHHQUHJLVWU«H )DVW&RRO)RQFWLRQ 6LYRXVGHYH]LQV«UHUXQHJURVVHTXDQWLW« G DOLPHQWVFKDXGVGDQVOHFRPSDUWLPHQW GXU«IULJ«UDWHXUSDUH[HPSOHDSUªVDYRLU IDLWYRVFRXUVHVQRXVFRQVHLOORQVG DFWLYHU ODIRQFWLRQ)DVW&RROSRXUUHIURLGLUSOXV UDSLGHPHQWOHVSURGXLWVWRXWHQ«YLWDQWOH U«FKDXIIHPHQWGHVDXWUHVDOLPHQWVG«M¢ SU«VHQWVGDQVOHU«IULJ«UDWHXU $SSX\H]VXUODWRXFKH)XQFWLRQV MXVTX ¢FHTXHOHV\PEROH FRUUHVSRQGDQWV DIILFKH / LQGLFDWHXU)DVW&RROFOLJQRWH $SSX\H]VXU2.SRXUFRQILUPHU / LQGLFDWHXU)DVW&RROV DIILFKH /DIRQFWLRQVಬDUU¬WHDXWRPDWLTXHPHQWDX ERXWGಬHQYLURQKHXUHV 9RXVSRXYH]G«VDFWLYHUODIRQFWLRQ )DVW&RRODYDQWVDILQDXWRPDWLTXHHQ U«S«WDQWODSURF«GXUHRXHQV«OHFWLRQQDQW XQHDXWUHWHPS«UDWXUHGXU«IULJ«UDWHXU )DVW)UHH]H)RQFWLRQ /DIRQFWLRQ)DVW)UHH]HVHUW¢HIIHFWXHU XQHSU«FRQJ«ODWLRQHWXQHFRQJ«ODWLRQ UDSLGHHQV«TXHQFHGDQVOHFRPSDUWLPHQW GXFRQJ«ODWHXU&HWWHIRQFWLRQDFF«OªUHOD FRQJ«ODWLRQGHVDOLPHQWVIUDLVHWSURWªJH HQP¬PHWHPSVOHVGHQU«HVG«M¢ HQWUHSRV«HVG XQU«FKDXIIHPHQW LQG«VLUDEOH 3RXUFRQJHOHUGHVDOLPHQWV IUDLVDFWLYH]ODIRQFWLRQ )DVW)UHH]HDXPRLQV KHXUHVDYDQWGHSODFHUOHV DOLPHQWVSRXUHIIHFWXHUXQH SU«FRQJ«ODWLRQ 3RXUDFWLYHUFHWWHIRQFWLRQDSSX\H] VXUODWRXFKH)XQFWLRQVMXVTX ¢FHTXH OHV\PEROHFRUUHVSRQGDQWV DIILFKH / LQGLFDWHXU)DVW)UHH]HFOLJQRWH $SSX\H]VXUODWRXFKH2.SRXU FRQILUPHU / LQGLFDWHXU)DVW)UHH]HV DIILFKH &HWWHIRQFWLRQV DUU¬WHDXWRPDWLTXHPHQW DXERXWGHKHXUHV 9RXVSRXYH]G«VDFWLYHUODIRQFWLRQ )DVW)UHH]HDYDQWVDILQDXWRPDWLTXHHQ U«S«WDQWODSURF«GXUHMXVTXಬ¢FHTXH OಬLQGLFDWHXU)DVW)UHH]HVಬ«WHLJQHRXHQ V«OHFWLRQQDQWXQHDXWUHWHPS«UDWXUH &KLOG/RFN)RQFWLRQ $FWLYH]ODIRQFWLRQ&KLOG/RFNSRXU YHUURXLOOHUOHVWRXFKHVHW«YLWHUWRXWH RS«UDWLRQDFFLGHQWHOOH $SSX\H]VXUODWRXFKH)XQFWLRQV MXVTXಬ¢FHTXHOHV\PEROH FRUUHVSRQGDQWVಬDIILFKH / LQGLFDWHXU&KLOG/RFNFOLJQRWH $SSX\H]VXU2.SRXUFRQILUPHU / LQGLFDWHXU&KLOG/RFNV DIILFKH 3RXUG«VDFWLYHUODIRQFWLRQ&KLOG/RFN U«S«WH]ODSURF«GXUHMXVTX ¢FHTXHOH YR\DQW&KLOG/RFNV «WHLJQH 'ULQNV&KLOO)RQFWLRQ /DIRQFWLRQ'ULQNV&KLOOGRLW¬WUHXWLOLV«H SRXUOHU«JODJHG XQHDODUPHVRQRUH¢XQH KHXUHVRXKDLW«HFHTXLHVWXWLOHSDU H[HPSOHORUVTXHO RQVRXKDLWHUHIURLGLU XQHSU«SDUDWLRQSHQGDQWXQFHUWDLQWHPSV GDQVOHFDGUHG XQHUHFHWWHGHFXLVLQH 11 (OOHHVW«JDOHPHQWXWLOHORUVTXHYRXVDYH] EHVRLQG XQUDSSHOSRXUQHSDVRXEOLHU TXHYRXVDYH]SODF«GHVERXWHLOOHVRXGHV FDQHWWHVGDQVOHFRQJ«ODWHXUSRXUOHV UHIURLGLUUDSLGHPHQW $SSX\H]VXU)XQFWLRQVMXVTXಬ¢FHTXH OHV\PEROHFRUUHVSRQGDQWVಬDIILFKH / LQGLFDWHXU'ULQNV&KLOOFOLJQRWH /HPLQXWHXULQGLTXHSHQGDQWTXHOTXHV VHFRQGHVODYDOHXUSURJUDPP«H PLQXWHV $SSX\H]VXUODWRXFKHGHU«JODJHGH ODPLQXWHULHSRXUPRGLILHUODYDOHXU SURJUDPP«H GH¢PLQXWHV $SSX\H]VXU2.SRXUFRQILUPHU / LQGLFDWHXU'ULQNV&KLOOV DIILFKH /HPLQXWHXUVHPHW¢FOLJQRWHU PLQ 8QHIRLVODGXU«HSURJUDPP«H«FRXO«H OಬLQGLFDWHXUmPLQ}FOLJQRWHHWXQVLJQDO VRQRUHUHWHQWLW$SSX\H]VXUODWRXFKH2. SRXUDUU¬WHUOHVLJQDOVRQRUHHWG«VDFWLYHU ODIRQFWLRQ 3RXUG«VDFWLYHUODIRQFWLRQU«S«WH]OD SURF«GXUHMXVTX ¢FHTXH'ULQNV&KLOO V «WHLJQH 87,/,6$7,214827,',(11( 3RVLWLRQQHPHQWGHV«WDJªUHVGH SRUWH 3RXUSHUPHWWUHODFRQVHUYDWLRQ GಬHPEDOODJHVDOLPHQWDLUHVGHGLII«UHQWHV WDLOOHVOHVEDOFRQQHWVGHODSRUWHSHXYHQW ¬WUHSODF«V¢GHVKDXWHXUVGLII«UHQWHV 6RXOHYH]GRXFHPHQWOHEDOFRQQHW MXVTXಬ¢FHTXಬLOVHG«WDFKH 5HSRVLWLRQQH]FRPPHVRXKDLW« ,OHVWSRVVLEOHGHPRGLILHUOD GXU«H¢WRXWPRPHQWHWDYDQW ODILQGXG«FRPSWHHQDSSX\DQW VXUODWRXFKHGHGLPLQXWLRQGH ODWHPS«UDWXUHHWVXUODWRXFKH G DXJPHQWDWLRQGHOD WHPS«UDWXUH $ODUPHGHSRUWHRXYHUWH 6LODSRUWHGXU«IULJ«UDWHXUUHVWHRXYHUWH SHQGDQWHQYLURQPLQXWHVOHVRQHVW DFWLY«HWOHYR\DQWGಬDODUPHFOLJQRWH / DODUPHV LQWHUURPSWGªVTXHYRXVIHUPH] ODSRUWH/RUVTXHO DODUPHVHG«FOHQFKHOH VRQSHXW¬WUHG«VDFWLY«HQDSSX\DQWVXU Q LPSRUWHTXHOOHWRXFKH 6LYRXVQಬDSSX\H]VXUDXFXQH WRXFKHOHVRQVHFRXSH DXWRPDWLTXHPHQWDSUªV HQYLURQXQHKHXUHSRXUQHSDV G«UDQJHU 12 &OD\HWWHVDPRYLEOHV /HVSDURLVGXU«IULJ«UDWHXUVRQW«TXLS«HV G XQHV«ULHGHJOLVVLªUHVDILQTXHOHV FOD\HWWHVSXLVVHQW¬WUHSRVLWLRQQ«HV FRPPHYRXVOHVRXKDLWH] FRQVHUYHUGDQVOHFRPSDUWLPHQWGH FRQJ«ODWLRQ &RQVHUYH]OHVDOLPHQWVIUDLVU«SDUWLV XQLIRUP«PHQWGDQVWRXVOHV FRPSDUWLPHQWVRXWRXVOHVEDFV &HWDSSDUHLOHVW«JDOHPHQWGRW«G XQH FOD\HWWHFRPSRV«HGHGHX[SDUWLHV/D SDUWLHDYDQWGHODFOD\HWWHSHXW¬WUH UDEDWWXHHWSODF«HVRXVODVHFRQGHSDUWLH SRXUXQHPHLOOHXUHXWLOLVDWLRQGHO HVSDFH /DTXDQWLW«PD[LPDOHG DOLPHQWVSRXYDQW ¬WUHFRQJHO«VVDQVDMRXWHUG DXWUHV DOLPHQWVIUDLVSHQGDQWKHXUHVILJXUH VXUODSODTXHVLJQDO«WLTXH «WLTXHWWHVLWX«H ¢O LQW«ULHXUGHO DSSDUHLO 3RXUUDEDWWUHODFOD\HWWH 8QHIRLVOHSURFHVVXVGHFRQJ«ODWLRQ WHUPLQ«O DSSDUHLOUHYLHQW DXWRPDWLTXHPHQWDXU«JODJHGH WHPS«UDWXUHSU«F«GHQW YRLUm)RQFWLRQ )DVW)UHH]H} 6RUWH]GRXFHPHQWODSDUWLHDYDQW )DLWHVODJOLVVHUGDQVOHUDLOLQI«ULHXU VRXVODVHFRQGHPRLWL« &RQVHUYDWLRQGHVSODWVVXUJHO«V 1 /RUVGHODPLVHHQVHUYLFHRXDSUªVXQ DUU¬WSURORQJ«HWDYDQWGಬLQWURGXLUHOHV SURGXLWVGDQVOHFRPSDUWLPHQWODLVVH] IRQFWLRQQHUOಬDSSDUHLODXPRLQVKHXUHV DYHFODIRQFWLRQ)DVW)UHH]HDOOXP«H /HVDOLPHQWVQHGRLYHQWSDV¬WUHSODF«V¢ PRLQVGHPPGHODSRUWH 2 1HPRGLILH]SDVO HPSODFHPHQW GHODFOD\HWWHHQYHUUHVLWX«H DXGHVVXVGXEDF¢O«JXPHV DILQGHJDUDQWLUXQHFLUFXODWLRQ G DLURSWLPDOH %DF¢O«JXPHV 8QEDFVS«FLDOHVWSU«VHQWGDQVODSDUWLH LQI«ULHXUHGHOಬDSSDUHLODGDSW«¢OD FRQVHUYDWLRQGHVIUXLWVHWGHVO«JXPHV $77(17,21(QFDVGH G«FRQJ«ODWLRQDFFLGHQWHOOH FDXV«HSDUXQHFRXSXUHGH FRXUDQWSDUH[HPSOHVLOD GXU«HGHODPLVHKRUVWHQVLRQ HVWVXS«ULHXUH¢ODYDOHXU LQGLTX«HVXUODSODTXH VLJQDO«WLTXHVRXVm$XWRQRPLH GHIRQFWLRQQHPHQW}OHV DOLPHQWVG«FRQJHO«VGRLYHQW ¬WUHFRQVRPP«VUDSLGHPHQW RXFXLWVLPP«GLDWHPHQWDYDQW Gಬ¬WUHUHIURLGLVSXLV UHFRQJHO«V &RQJHOHUGHVDOLPHQWVIUDLV '«FRQJ«ODWLRQ /HFRPSDUWLPHQWGXFRQJ«ODWHXUHVW SDUIDLWSRXUFRQJHOHUGHVGHQU«HVIUD°FKHV HWFRQVHUYHU¢ORQJWHUPHGHVDOLPHQWV VXUJHO«VRXFRQJHO«V $YDQWGಬ¬WUHFRQVRPP«VOHVDOLPHQWV VXUJHO«VRXFRQJHO«VSHXYHQW¬WUH G«FRQJHO«VDXU«IULJ«UDWHXURXGDQVXQ VDFKHWHQSODVWLTXHVRXVGHOಬHDXIURLGH 3RXUFRQJHOHUGHVDOLPHQWVIUDLVDFWLYH] ODIRQFWLRQ)DVW)UHH]HDXPRLQV KHXUHVDYDQWGHSODFHUOHVDOLPHQWV¢ &HWWHRS«UDWLRQG«SHQGGXWHPSV GLVSRQLEOHHWGXW\SHGಬDOLPHQWV/HVSHWLWV PRUFHDX[SHXYHQWP¬PH¬WUHFXLWV WRXMRXUVFRQJHO«V 13 &216(,/6 &RQVHLOVSRXU«FRQRPLVHU Oൄ«QHUJLH ವ 5«IULJ«UDWHXU/ಬXWLOLVDWLRQODSOXV HIILFDFHGHOಬ«QHUJLHHVWDVVXU«HGDQV ODFRQILJXUDWLRQDYHFOHVWLURLUVGDQVOD SDUWLHLQI«ULHXUHGHOಬDSSDUHLOHWOHV FOD\HWWHVU«SDUWLHVXQLIRUP«PHQW/D SRVLWLRQGHVFRPSDUWLPHQWVGHSRUWH QಬDIIHFWHSDVODFRQVRPPDWLRQ Gಬ«QHUJLH ವ YLWH]G RXYULUIU«TXHPPHQWODSRUWHHW QHODODLVVH]RXYHUWHTXHOHWHPSV Q«FHVVDLUH ವ &RQJ«ODWHXU3OXVOHU«JODJHGHOD WHPS«UDWXUHHVWEDVSOXVOD FRQVRPPDWLRQ«OHFWULTXHHVW«OHY«H ವ 5«IULJ«UDWHXU1HU«JOH]SDVXQH WHPS«UDWXUHWURS«OHY«HSRXU «FRQRPLVHUOಬ«QHUJLHVDXIVLFHODHVW UHTXLVSDUOHVFDUDFW«ULVWLTXHVGHV DOLPHQWV ವ 6LODWHPS«UDWXUHDPELDQWHHVW«OHY«H TXHOHWKHUPRVWDWHVWU«JO«VXUXQH WHPS«UDWXUHEDVVHHWTXHOಬDSSDUHLOHVW SOHLQOHFRPSUHVVHXUIRQFWLRQQHHQ U«JLPHFRQWLQXFHTXLSURYRTXHXQH IRUPDWLRQGHJLYUHRXGHJODFHVXU Oಬ«YDSRUDWHXU'DQVFHFDVU«JOH]OH WKHUPRVWDWVXUXQHWHPS«UDWXUHSOXV «OHY«HSRXUSHUPHWWUHOHG«JLYUDJH DXWRPDWLTXHHWGRQFGಬ«FRQRPLVHUGH Oಬ«QHUJLH ವ $VVXUH]XQHERQQHYHQWLODWLRQ1H FRXYUH]SDVOHVJULOOHVRXOHVRULILFHV GHYHQWLODWLRQ &RQVHLOVSRXUODFRQJ«ODWLRQ ವ $FWLYH]ODIRQFWLRQ)DVW)UHH]HDX PRLQVKHXUHVDYDQWGHSODFHUOHV DOLPHQWV¢OಬLQW«ULHXUGXFRPSDUWLPHQW GXFRQJ«ODWHXU ವ $YDQWGHFRQJHOHUHPEDOOH]HWIHUPH] OHVDOLPHQWVIUDLVGDQVSDSLHU DOXPLQLXPILOPRXVDFKHWVHQ SODVWLTXHU«FLSLHQWVKHUP«WLTXHVDYHF FRXYHUFOH ವ 3RXUXQHFRQJ«ODWLRQHWXQH G«FRQJ«ODWLRQSOXVHIILFDFHVV«SDUH] OHVDOLPHQWVHQSHWLWHVSRUWLRQV ವ ,OHVWUHFRPPDQG«GHPHWWUHGHV «WLTXHWWHVHWGHVGDWHVVXUWRXVYRV DOLPHQWVFRQJHO«V&HODSHUPHWWUD GಬLGHQWLILHUOHVDOLPHQWVHWGHVDYRLU TXDQGLOVSHXYHQW¬WUHFRQVRPP«V DYDQWOHXUG«W«ULRUDWLRQ ವ /HVDOLPHQWVGRLYHQW¬WUHIUDLVORUVTXಬLOV VRQWFRQJHO«VSRXUSU«VHUYHUOHXU TXDOLW«(QSDUWLFXOLHUOHVIUXLWVHWOHV O«JXPHVGRLYHQW¬WUHFRQJHO«VDSUªV OHXUU«FROWHSRXUSU«VHUYHUWRXVOHXUV QXWULPHQWV ವ 1HFRQJHOH]SDVGHVERXWHLOOHVRXGHV FDQHWWHVDYHFGHVOLTXLGHVHQ SDUWLFXOLHUGHVERLVVRQVFRQWHQDQWGX GLR[\GHGHFDUERQHHOOHVSRXUUDLHQW H[SORVHUSHQGDQWODFRQJ«ODWLRQ ವ 1 LQWURGXLVH]SDVG DOLPHQWVFKDXGV GDQVOHFRPSDUWLPHQWGXFRQJ«ODWHXU /DLVVH]OHVUHIURLGLU¢WHPS«UDWXUH DPELDQWHDYDQWGHOHVSODFHUGDQVOH FRPSDUWLPHQW ವ 3RXU«YLWHUG DXJPHQWHUODWHPS«UDWXUH GHVDOLPHQWVG«M¢VXUJHO«VQHSODFH] SDVG DOLPHQWVIUDLVQRQFRQJHO«V GLUHFWHPHQW¢SUR[LPLW«3ODFH]OHV DOLPHQWV¢WHPS«UDWXUHDPELDQWHGDQV ODSDUWLHGXFRPSDUWLPHQWGX FRQJ«ODWHXUR»LOQಬ\DSDVGಬDOLPHQWV FRQJHO«V ವ 1HPDQJH]SDVOHVJOD©RQVOHVJODFHV ¢O HDXRXOHVE¤WRQQHWVJODF«VGªVOHXU VRUWLHGXFRQJ«ODWHXU5LVTXHGH JHOXUH ವ 1HUHFRQJHOH]SDVGHVDOLPHQWV G«FRQJHO«V6LOHVDOLPHQWVVRQW G«FRQJHO«VFXLVH]OHVODLVVH]OHV UHIURLGLUSXLVFRQJHOH]OHV &RQVHLOVSRXUOHVWRFNDJHGHV SODWVVXUJHO«V ವ /HFRPSDUWLPHQWFRQJ«ODWHXUHVW PDUTX«GH ವ 8QERQU«JODJHGHWHPS«UDWXUHTXL JDUDQWLWODFRQVHUYDWLRQGHVSURGXLWV 14 ವ ವ ವ ವ DOLPHQWDLUHVFRQJHO«VHVWXQH WHPS«UDWXUHLQI«ULHXUHRX«JDOH¢ r& 8QU«JODJHGHWHPS«UDWXUHSOXV«OHY«¢ OಬLQW«ULHXUGHOಬDSSDUHLOSHXWHQWUD°QHU XQHGXU«HGHFRQVHUYDWLRQSOXVFRXUWH /ಬHQVHPEOHGXFRPSDUWLPHQWGX FRQJ«ODWHXUHVWDGDSW«¢OD FRQVHUYDWLRQGHSURGXLWVDOLPHQWDLUHV FRQJHO«V /DLVVH]VXIILVDPPHQWGಬHVSDFHDXWRXU GHVDOLPHQWVSRXUSHUPHWWUH¢OಬDLUGH FLUFXOHUOLEUHPHQW 3RXUXQHFRQVHUYDWLRQDG«TXDWH FRQVXOWH]Oಬ«WLTXHWWHGHOಬHPEDOODJHGHV DOLPHQWVSRXUFRQQD°WUHODGXU«HGH FRQVHUYDWLRQGHVDOLPHQWV ,OHVWLPSRUWDQWGಬHPEDOOHUOHVDOLPHQWV GHPDQLªUH¢HPS¬FKHUOಬHDX OಬKXPLGLW«RXODFRQGHQVDWLRQGH S«Q«WUHU¢OಬLQW«ULHXU ವ $VVXUH]YRXVTXHOಬHPEDOODJHQಬHVW SDVHQGRPPDJ«OHVDOLPHQWV SRXUUDLHQW¬WUHG«W«ULRU«V6L OಬHPEDOODJHHVWJRQIO«RXPRXLOO«LOQಬD SHXW¬WUHSDV«W«FRQVHUY«GDQVGHV FRQGLWLRQVRSWLPDOHVHWOD G«FRQJ«ODWLRQDSHXW¬WUHG«M¢ FRPPHQF« ವ 3RXUOLPLWHUOHSURFHVVXVGH G«FRQJ«ODWLRQDFKHWH]OHVSURGXLWV FRQJHO«V¢ODILQGHYRVFRXUVHVHW WUDQVSRUWH]OHVGDQVXQVDFLVRWKHUPH ವ 3ODFH]OHVDOLPHQWVFRQJHO«VGDQVOH FRQJ«ODWHXULPP«GLDWHPHQWDSUªV¬WUH UHYHQXGHYRVFRXUVHV ವ 6LOHVDOLPHQWVVRQWG«FRQJHO«VP¬PH SDUWLHOOHPHQWQHOHVUHFRQJHOH]SDV &RQVRPPH]OHVGªVTXHSRVVLEOH ವ 5HVSHFWH]ODGDWHGಬH[SLUDWLRQHWOHV LQIRUPDWLRQVGHFRQVHUYDWLRQVXU OಬHPEDOODJH &RQVHLOVSRXUYRVFRXUVHV $SUªVYRVFRXUVHV 'XU«HGHFRQVHUYDWLRQSRXUOHFRPSDUWLPHQWGXFRQJ«ODWHXU 7\SHGൄDOLPHQW 'XU«HGHFRQVHUYD഻ WLRQ PRLV 3DLQ )UXLWV VDXIDJUXPHV /«JXPHV 5HVWHV VDQVYLDQGH 3URGXLWVODLWLHUV %HXUUH )URPDJH¢S¤WHPROOH SH[PR]]DUHOOD )URPDJH¢S¤WHGXUH SH[SDUPHVDQFKHGGDU )UXLWVGHPHU 3RLVVRQJUDV SH[VDXPRQPDTXHUHDX 3RLVVRQPDLJUH SH[FDELOODXGOLPDQGH &UHYHWWHV 3DORXUGHVHWPRXOHVG«FRUWLTX«HV 3RLVVRQFXLW 9LDQGH 15 7\SHGൄDOLPHQW 'XU«HGHFRQVHUYD഻ WLRQ PRLV 9RODLOOH %ĕXI 3RUF $JQHDX 6DXFLVVH -DPERQ 5HVWHV DYHFYLDQGH &RQVHLOVSRXUODU«IULJ«UDWLRQ GHVDOLPHQWVIUDLV ವ 8QERQU«JODJHGHWHPS«UDWXUHTXL JDUDQWLWODFRQVHUYDWLRQGHVDOLPHQWV IUDLVHVWXQHWHPS«UDWXUHLQI«ULHXUHRX «JDOH¢r& 8QU«JODJHGHWHPS«UDWXUHSOXV«OHY«¢ OಬLQW«ULHXUGHOಬDSSDUHLOSHXWHQWUD°QHU XQHGXU«HGHFRQVHUYDWLRQSOXVFRXUWH GHVDOLPHQWV ವ &RXYUH]OHVDOLPHQWVDYHFXQ HPEDOODJHSRXUFRQVHUYHUOHXU IUD°FKHXUHWOHXUDU¶PH ವ 8WLOLVH]WRXMRXUVGHVU«FLSLHQWVIHUP«V SRXUOHVOLTXLGHVHWOHVDOLPHQWVDILQ Gಬ«YLWHUOHVVDYHXUVRXOHVRGHXUVGDQV OHFRPSDUWLPHQW ವ 3RXU«YLWHUODFRQWDPLQDWLRQFURLV«H HQWUHOHVDOLPHQWVFXLWVHWOHVDOLPHQWV FUXVFRXYUH]OHVDOLPHQWVFXLWVHW V«SDUH]OHVGHVDOLPHQWVFUXV ವ ,OHVWFRQVHLOO«GHG«FRQJHOHUOHV DOLPHQWV¢OಬLQW«ULHXUGXU«IULJ«UDWHXU ವ 1 LQV«UH]SDVG DOLPHQWVFKDXGVGDQV OಬDSSDUHLO$VVXUH]YRXVTXಬLOVRQW UHIURLGL¢WHPS«UDWXUHDPELDQWHDYDQW GHOHVLQV«UHU ವ 3RXU«YLWHUOHJDVSLOODJHGHVDOLPHQWV OHQRXYHDXVWRFNGಬDOLPHQWVGRLW WRXMRXUV¬WUHSODF«GHUULªUHOಬDQFLHQ &RQVHLOVSRXUODU«IULJ«UDWLRQ GHVDOLPHQWV ವ /HFRPSDUWLPHQWGHVDOLPHQWVIUDLVHVW FHOXLLQGLTX« VXUODSODTXH VLJQDO«WLTXH SDU ವ 9LDQGH WRXVW\SHV HQYHORSSH]OD GDQVXQHPEDOODJHDSSURSUL«HWSODFH] ODVXUO «WDJªUHHQYHUUHDXGHVVXVGX EDF¢O«JXPHV1HFRQVHUYH]ODYLDQGH TXHRXMRXUVDXSOXV ವ )UXLWVHWO«JXPHVQHWWR\H] VRLJQHXVHPHQW UHWLUH]ODWHUUH HW SODFH]OHVGDQVXQEDFVS«FLDO EDF¢ O«JXPHV ವ ,OHVWFRQVHLOO«GHQHSDVFRQVHUYHUOHV IUXLWVH[RWLTXHVWHOVTXHOHVEDQDQHV OHVPDQJXHVOHVSDSD\HVHWFGDQVOH U«IULJ«UDWHXU ವ /HVO«JXPHVWHOVTXHOHVWRPDWHVOHV SRPPHVGHWHUUHOHVRLJQRQVHWO DLOQH GRLYHQWSDV¬WUHFRQVHUY«VGDQVOH U«IULJ«UDWHXU ವ %HXUUHHWIURPDJHSODFH]OHVGDQVXQ U«FLSLHQW«WDQFKH¢O DLURX HQYHORSSH]OHVGDQVXQHIHXLOOH G DOXPLQLXPRXXQVDFKHWHQ SRO\«WK\OªQHSRXUOHVWHQLUDXWDQWTXH SRVVLEOH¢O DEULGHO DLU ವ %RXWHLOOHVIHUPH]OHVDYHFXQ ERXFKRQHWSODFH]OHVVXUOHSRUWH ERXWHLOOHVRX V LOHVWLQVWDOO« GDQVOH EDOFRQQHW¢ERXWHLOOHVGHODSRUWH ವ &RQVXOWH]WRXMRXUVODGDWHG H[SLUDWLRQ GHVSURGXLWVSRXUVDYRLUFRPELHQGH WHPSVOHVFRQVHUYHU 16 (175(7,(1(71(772<$*( $9(57,66(0(175HSRUWH] YRXVDX[FKDSLWUHVFRQFHUQDQW ODV«FXULW« 3RXUFHIDLUHXWLOLVH]ODWLJHGHQHWWR\DJH GHODJRXORWWHIRXUQLHDYHFOಬDSSDUHLO 1HWWR\DJHGHOൄLQW«ULHXU $YDQWG XWLOLVHUO DSSDUHLOSRXUODSUHPLªUH IRLVQHWWR\H]O LQW«ULHXUHWWRXVOHV DFFHVVRLUHVDYHFGHO HDXWLªGH VDYRQQHXVH SRXUVXSSULPHUWRXWHRGHXU GHQHXI SXLVV«FKH]OHVVRLJQHXVHPHQW $77(17,211 XWLOLVH]MDPDLV GHG«WHUJHQWVGHSURGXLWV DEUDVLIVGHQHWWR\DQWV¢EDVH GHFKORUHRXG KXLOHFDULOV SRXUUDLHQWHQGRPPDJHUOH UHY¬WHPHQW $77(17,21/HVSLªFHVHW DFFHVVRLUHVGHO DSSDUHLOQH GRLYHQWSDV¬WUHODY«VDXODYH YDLVVHOOH 1HWWR\DJHS«ULRGLTXH / DSSDUHLOGRLW¬WUHQHWWR\«U«JXOLªUHPHQW 1HWWR\H]O LQW«ULHXUHWOHVDFFHVVRLUHV DYHFGHO HDXWLªGHHWGXVDYRQQHXWUH 9«ULILH]U«JXOLªUHPHQWOHVMRLQWVGH SRUWHHWHVVX\H]OHVSRXUYRXVDVVXUHU TX LOVVRQWSURSUHVHWQHFRQWLHQQHQW SDVGHU«VLGXV 5LQFH]HWV«FKH]VRLJQHXVHPHQW '«JLYUDJHGXU«IULJ«UDWHXU /HJLYUHHVWDXWRPDWLTXHPHQW«OLPLQ«GH Oಬ«YDSRUDWHXUGXFRPSDUWLPHQWGX U«IULJ«UDWHXUHQXWLOLVDWLRQQRUPDOH/ HDX GHG«JLYUDJHHVWFROOHFW«HGDQVXQ U«FLSLHQWVS«FLDOVLWX«¢O DUULªUHGH O DSSDUHLODXGHVVXVGXFRPSUHVVHXU G R»HOOHV «YDSRUH ,OHVWLPSRUWDQWGHQHWWR\HUU«JXOLªUHPHQW O RULILFHG «FRXOHPHQWGHODJRXORWWH G «YDFXDWLRQGHO HDXGHG«JLYUDJHVLWX«H DXPLOLHXGXFRPSDUWLPHQWU«IULJ«UDWHXU SRXUHPS¬FKHUO HDXGHG«ERUGHUHWGH FRXOHU¢O LQW«ULHXUGHO DSSDUHLO '«JLYUDJHGXFRQJ«ODWHXU $77(17,211ಬXWLOLVH]MDPDLV GಬRXWLOVP«WDOOLTXHVWUDQFKDQWV SRXUJUDWWHUOHJLYUHGH Oಬ«YDSRUDWHXUFDUYRXV ULVTXHULH]GHOಬHQGRPPDJHU 1ಬXWLOLVH]DXFXQGLVSRVLWLI P«FDQLTXHRXPR\HQDUWLILFLHO SRXUDFF«O«UHUOHSURFHVVXVGH G«JLYUDJHKRUPLVFHX[ UHFRPPDQG«VSDUOHIDEULFDQW (QYLURQKHXUHVDYDQWOH G«JLYUDJHPHWWH]OHWKHUPRVWDW VXUXQHWHPS«UDWXUHLQI«ULHXUH DILQG DVVXUHUXQHU«VHUYHGH IURLGVXIILVDQWHHQFDV GಬLQWHUUXSWLRQGX IRQFWLRQQHPHQW 8QHFHUWDLQHTXDQWLW«GHJLYUHVHIRUPH WRXMRXUVVXUOHVFOD\HWWHVGXFRQJ«ODWHXU HWDXWRXUGXFRPSDUWLPHQWVXS«ULHXU '«JLYUH]OHFRQJ«ODWHXUORUVTXH O «SDLVVHXUGHODFRXFKHGHJLYUHHVW G HQYLURQPP WHLJQH]O DSSDUHLORXG«EUDQFKH]OD ILFKHGHODSULVHVHFWHXU 6RUWH]OHVGHQU«HVFRQJHO«HVHW FRQVHUYH]OHVGDQVXQHQGURLWIUDLV 17 $77(17,218QH «O«YDWLRQGHODWHPS«UDWXUH GHVGHQU«HVFRQJHO«HV SHQGDQWOHG«JLYUDJHSHXW U«GXLUHOHXUGXU«HGH FRQVHUYDWLRQ 1HWRXFKH]SDVOHVSURGXLWV FRQJHO«VDYHFOHVPDLQV PRXLOO«HV/HVPDLQV SHXYHQWJHOHUVXUOHV SURGXLWV /DLVVH]ODSRUWHRXYHUWH3URW«JH]OH VROGHOಬHDXGHG«JLYUDJHDYHFXQ FKLIIRQRXXQU«FLSLHQWSODW /HG«JLYUDJHSHXW¬WUHDFF«O«U«HQ SOD©DQWXQU«FLSLHQWGಬHDXFKDXGH GDQVOHFRPSDUWLPHQWGXFRQJ«ODWHXU 5HWLUH]«JDOHPHQWOHVPRUFHDX[GH JODFHDXIXUHW¢PHVXUHTXಬLOVVH G«WDFKHQWDYDQWODILQGXG«JLYUDJH 8QHIRLVOHG«JLYUDJHWHUPLQ«V«FKH] ELHQO LQW«ULHXU 0HWWH]O DSSDUHLOHQPDUFKHHWIHUPH] ODSRUWH 5«JOH]OHWKHUPRVWDWSRXUREWHQLUOH SOXVGHIURLGSRVVLEOHHWIDLWHV IRQFWLRQQHUO DSSDUHLODXPRLQV KHXUHVDYHFFHU«JODJH 9RXVSRXYH]UHPHWWUHOHVGHQU«HVGDQVOH FRPSDUWLPHQWFRQJ«ODWHXUXQLTXHPHQW¢ FHVWDGH 3«ULRGHGHQRQXWLOLVDWLRQ 6LO DSSDUHLOQ HVWSDVXWLOLV«SHQGDQWXQH ORQJXHS«ULRGHSUHQH]OHVSU«FDXWLRQV VXLYDQWHV '«EUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQ «OHFWULTXH 5HWLUH]WRXVOHVDOLPHQWV '«JLYUH]O DSSDUHLO 1HWWR\H]O DSSDUHLOHWWRXVOHV DFFHVVRLUHV /DLVVH]OHVSRUWHVRXYHUWHVSRXU«YLWHU ODIRUPDWLRQG RGHXUVG«VDJU«DEOHV '3$11$*( $9(57,66(0(175HSRUWH] YRXVDX[FKDSLWUHVFRQFHUQDQW ODV«FXULW« 4XHIDLUHVL 3UREOªPH &DXVHSRVVLEOH 6ROXWLRQ /ಬDSSDUHLOQHIRQFWLRQQHSDV /ಬDSSDUHLOHVW«WHLQW 0HWWH]OಬDSSDUHLOHQPDUFKH /DILFKHGಬDOLPHQWDWLRQQಬHVW SDVFRUUHFWHPHQWEUDQFK«H ¢ODSULVHGHFRXUDQW %UDQFKH]ODILFKHVHFWHXU VXUODSULVHGHFRXUDQW ,OQಬ\DSDVGHWHQVLRQGDQV ODSULVHGHFRXUDQW %UDQFKH]XQDXWUHDSSDUHLO VXUODSULVHGHFRXUDQW&RQಣ WDFWH]XQ«OHFWULFLHQTXDOLIL« /ಬDSSDUHLOHVWEUX\DQW /ಬDSSDUHLOQಬHVWSDVSRVLWLRQಣ Q«FRUUHFWHPHQW 9«ULILH]TXHOಬDSSDUHLOHVW VWDEOH 18 3UREOªPH &DXVHSRVVLEOH 6ROXWLRQ /HVVLJQDX[VRQRUHVRXYLಣ VXHOVVRQWDFWLY«V /HPHXEOHD«W«DOOXP«U«ಣ FHPPHQW &RQVXOWH]OHSDUDJUDSKH m$ODUPHSRUWHRXYHUWH}RX m$ODUPHKDXWHWHPS«UDWXಣ UH} /DWHPS«UDWXUH¢OಬLQW«ULHXU GHOಬDSSDUHLOHVWWURS«OHY«H &RQVXOWH]OHSDUDJUDSKH m$ODUPHSRUWHRXYHUWH}RX m$ODUPHKDXWHWHPS«UDWXಣ UH} /DSRUWHHVWODLVV«HRXYHUWH 5HIHUPH]ODSRUWH /HFRPSUHVVHXUIRQFWLRQQH HQSHUPDQHQFH /DWHPS«UDWXUHHVWPDOU«ಣ JO«H 5HSRUWH]YRXVDXFKDSLWUH m%DQGHDXGHFRPPDQGH} 7URSGಬDOLPHQWVRQW«W«LQWURಣ GXLWVVLPXOWDQ«PHQW $WWHQGH]TXHOTXHVKHXUHVHW Y«ULILH]GHQRXYHDXODWHPಣ S«UDWXUH /DWHPS«UDWXUHDPELDQWH HVWWURS«OHY«H 5HSRUWH]YRXVDXFKDSLWUH m,QVWDOODWLRQ} /HVDOLPHQWVSODF«VGDQV OಬDSSDUHLO«WDLHQWWURS FKDXGV /DLVVH]UHIURLGLUOHVDOLPHQWV ¢WHPS«UDWXUHDPELDQWH DYDQWGHOHVUDQJHU /DSRUWHQಬHVWSDVFRUUHFWHಣ PHQWIHUP«H 5HSRUWH]YRXV¢ODVHFWLRQ m)HUPHWXUHGHODSRUWH} /DIRQFWLRQ)DVW)UHH]HHVW DFWLY«H &RQVXOWH]OHSDUDJUDSKH m)RQFWLRQ)DVW)UHH]H} /DIRQFWLRQ)DVW&RROHVWDFಣ WLY«H &RQVXOWH]OHSDUDJUDSKH m)RQFWLRQ)DVW&RRO} /HFRPSUHVVHXUQHG«PDUUH SDVLPP«GLDWHPHQWDSUªV DYRLUDSSX\«VXUODWRXFKH m)DVW)UHH]H}RXm)DVWಣ &RRO}RXDSUªVDYRLUPRGLಣ IL«ODWHPS«UDWXUH /HFRPSUHVVHXUG«PDUUHDX ERXWGಬXQFHUWDLQWHPSV &ಬHVWQRUPDODXFXQHHUUHXU QಬHVWVXUYHQXH /DSRUWHHVWPDODOLJQ«HRX LQWHUIªUHDYHFOHJULOGHYHQಣ WLODWLRQ /ಬDSSDUHLOQಬHVWSDV GಬDSORPE &RQVXOWH]OHVLQVWUXFWLRQV GಬLQVWDOODWLRQ /DSRUWHHVWGLIILFLOH¢RXYULU 9RXVDYH]HVVD\«GHURXYULU ODSRUWHLPP«GLDWHPHQW DSUªVOಬDYRLUIHUP«H $WWHQGH]TXHOTXHVVHFRQಣ GHVDSUªVDYRLUIHUP«OD SRUWHSRXUODURXYULU /ಬ«FODLUDJHQHIRQFWLRQQH SDV /ಬ«FODLUDJHHVWHQPRGHYHLOಣ OH )HUPH]HWRXYUH]ODSRUWH 19 3UREOªPH &DXVHSRVVLEOH 6ROXWLRQ /ಬ«FODLUDJHHVWG«IHFWXHX[ &RQWDFWH]OHVHUYLFHDSUªV YHQWHDJU««OHSOXVSURFKH ,O\DWURSGHJLYUHHWGHJODಣ FH /DSRUWHQಬHVWSDVFRUUHFWHಣ PHQWIHUP«H 5HSRUWH]YRXV¢ODVHFWLRQ m)HUPHWXUHGHODSRUWH} /HMRLQWHVWG«IRUP«RXVDOH 5HSRUWH]YRXV¢ODVHFWLRQ m)HUPHWXUHGHODSRUWH} /HVDOLPHQWVQHVRQWSDV FRUUHFWHPHQWHPEDOO«V (PEDOOH]PLHX[OHVDOLಣ PHQWV /DWHPS«UDWXUHHVWPDOU«ಣ JO«H 5HSRUWH]YRXVDXFKDSLWUH m%DQGHDXGHFRPPDQGH} /ಬDSSDUHLOHVWFRPSOªWHPHQW FKDUJ«HWU«JO«VXUODWHPಣ S«UDWXUHODSOXVEDVVH 6«OHFWLRQQH]XQHWHPS«UDಣ WXUHSOXV«OHY«H5HSRUWH] YRXVDXFKDSLWUHm%DQGHDX GHFRPPDQGH} /DWHPS«UDWXUHU«JO«HGDQV OಬDSSDUHLOHVWWURSEDVVHHWOD WHPS«UDWXUHDPELDQWHHVW WURS«OHY«H 6«OHFWLRQQH]XQHWHPS«UDಣ WXUHSOXV«OHY«H5HSRUWH] YRXVDXFKDSLWUHm%DQGHDX GHFRPPDQGH} 'HOಬHDXVಬ«FRXOHVXUODSODಣ TXHDUULªUHGXU«IULJ«UDWHXU 3HQGDQWOHG«JLYUDJHDXWRಣ PDWLTXHOHJLYUHIRQGVXUOD SODTXHDUULªUH &ಬHVWQRUPDO 7URSGಬHDXVಬHVWFRQGHQV«H VXUODSDURLDUULªUHGXU«IULಣ J«UDWHXU /DSRUWHD«W«RXYHUWHWURS IU«TXHPPHQW 1ಬRXYUH]ODSRUWHTXಬHQFDV GHQ«FHVVLW« /DSRUWHQಬHVWSDVHQWLªUHಣ PHQWIHUP«H $VVXUH]YRXVTXHODSRUWH HVWHQWLªUHPHQWIHUP«H /HVDOLPHQWVFRQVHUY«VQH VRQWSDVHPEDOO«V (QYHORSSH]OHVDOLPHQWV GDQVXQHPEDOODJHDGDSW« DYDQWGHOHVUDQJHUGDQV OಬDSSDUHLO 'HOಬHDXVಬ«FRXOH¢OಬLQW«ULHXU GXU«IULJ«UDWHXU 'HVDOLPHQWVHPS¬FKHQW OಬHDXGHVಬ«FRXOHUGDQVOH U«VHUYRLUGಬHDX $VVXUH]YRXVTXHOHVDOLಣ PHQWVQHWRXFKHQWSDVOD SODTXHDUULªUH /DVRUWLHGಬHDXHVWREVWUX«H 1HWWR\H]ODVRUWLHGಬHDX 'HOಬHDXVಬ«FRXOHVXUOHVRO /DVRUWLHGಬHDXGHG«JLYUDJH QಬHVWSDVUDFFRUG«HDXEDF Gಬ«YDSRUDWLRQVLWX«DXGHVಣ VXVGXFRPSUHVVHXU )L[H]ODVRUWLHGHOಬHDXGH G«JLYUDJHDXSODWHDXGಬ«YDಣ SRUDWLRQ 20 3UREOªPH &DXVHSRVVLEOH 6ROXWLRQ /DWHPS«UDWXUHQHSHXWSDV ¬WUHU«JO«H /Dm)DVW)UHH]HIRQFWLRQ} RXODm)DVW&RROIRQFWLRQ} HVWDFWLY«H WHLJQH]ODm)DVW)UHHಣ ]HIRQFWLRQ}RXm)DVWಣ &RROIRQFWLRQ}PDQXHOOHಣ PHQWRXDWWHQGH]TXHOD IRQFWLRQVHU«LQLWLDOLVHDXWRಣ PDWLTXHPHQWDYDQWGHU«JOHU ODWHPS«UDWXUH5HSRUWH] YRXVDXSDUDJUDSKHm)DVWಣ )UHH]H)RQFWLRQ}RXm)DVWಣ &RRO)RQFWLRQ} /DWHPS«UDWXUH¢OಬLQW«ULHXU GHOಬDSSDUHLOHVWWURSEDVVH «OHY«H /DWHPS«UDWXUHQಬHVWSDVU«ಣ JO«HFRUUHFWHPHQW 6«OHFWLRQQH]XQHWHPS«UDಣ WXUHSOXV«OHY«HSOXVEDVVH /DSRUWHQಬHVWSDVFRUUHFWHಣ PHQWIHUP«H 5HSRUWH]YRXV¢ODVHFWLRQ m)HUPHWXUHGHODSRUWH} /DWHPS«UDWXUHGHVDOLPHQWV HVWWURS«OHY«H /DLVVH]OHVDOLPHQWVUHIURLGLU ¢WHPS«UDWXUHDPELDQWH DYDQWGHOHVFRQVHUYHU 7URSGಬDOLPHQWVRQW«W«FRQಣ VHUY«VVLPXOWDQ«PHQW &RQVHUYH]PRLQVGHSURಣ GXLWVHQP¬PHWHPSV /ಬ«SDLVVHXUGXJLYUHHVWVXಣ S«ULHXUH¢PP '«JLYUH]OಬDSSDUHLO /DSRUWHD«W«RXYHUWHVRXಣ YHQW 1ಬRXYUH]ODSRUWHTXHVLQ«ಣ FHVVDLUH /DIRQFWLRQ)DVW)UHH]HHVW DFWLY«H &RQVXOWH]OHSDUDJUDSKH m)RQFWLRQ)DVW)UHH]H} /DIRQFWLRQ)DVW&RROHVWDFಣ WLY«H &RQVXOWH]OHSDUDJUDSKH m)RQFWLRQ)DVW&RRO} &HUWDLQHVVXUIDFHVVS«FLILಣ TXHV¢OಬLQW«ULHXUGXFRPSDUಣ WLPHQWGXU«IULJ«UDWHXUVRQW SDUIRLVSOXVFKDXGHV &HW«WDWHVWQRUPDO '(02VಬDIILFKH /ಬDSSDUHLOHVWHQPRGHG«ಣ PRQVWUDWLRQ 0DLQWHQH]ODWRXFKH2.HQಣ IRQF«HSHQGDQWHQYLURQ VHFRQGHVMXVTXಬ¢FH TXಬXQORQJVLJQDOVRQRUHUHಣ WHQWLVVHHWTXHOಬDIILFKDJH Vಬ«WHLJQHSHQGDQWXQFRXUW LQVWDQW 21 3UREOªPH &DXVHSRVVLEOH 6ROXWLRQ 8QV\PEROH RX RX DSSDUD°W¢ODSODFHGHVFKLIಣ IUHVVXUOಬ«FUDQGHWHPS«UDಣ WXUH 3UREOªPHGHFDSWHXUGH WHPS«UDWXUH &RQWDFWH]OHVHUYLFHDSUªV YHQWHDJU««OHSOXVSURFKH OHV\VWªPHGHU«IULJ«UDWLRQ FRQWLQXHGHPDLQWHQLUOHVDOLಣ PHQWVDXIUDLVPDLVOHU«ಣ JODJHGHODWHPS«UDWXUH QಬHVWSDVSRVVLEOH 6LFHVFRQVHLOVQಬDSSRUWHQWSDV OHU«VXOWDWVRXKDLW«YHXLOOH] FRQVXOWHUOHVHUYLFHDSUªV YHQWHDJU««OHSOXVSURFKH 5HPSODFHPHQWGHO «FODLUDJH / DSSDUHLOHVW«TXLS«G XQ«FODLUDJH¢/(' ORQJXHGXU«H /HUHPSODFHPHQWGXGLVSRVLWLIG «FODLUDJH GRLWXQLTXHPHQW¬WUHHIIHFWX«SDUXQ WHFKQLFLHQGXVHUYLFHDSUªVYHQWH &RQWDFWH]YRWUHVHUYLFHDSUªVYHQWH DJU«« )HUPHWXUHGHODSRUWH 1HWWR\H]OHVMRLQWVGHODSRUWH 6LQ«FHVVDLUHDMXVWH]ODSRUWH &RQVXOWH]OHVLQVWUXFWLRQV G LQVWDOODWLRQ 6LQ«FHVVDLUHUHPSODFH]OHVMRLQWVGH SRUWHG«IHFWXHX[&RQWDFWH]OHVHUYLFH DSUªVYHQWHDJU«« 22 %58,76 SSSRRR! BRRR! CLICK! HISSS! BLUBB! '211(67(&+1,48(6 /HVFDUDFW«ULVWLTXHVWHFKQLTXHVILJXUHQW VXUODSODTXHVLJQDO«WLTXHDSSRV«HVXUOH F¶W«LQW«ULHXUGHOಬDSSDUHLOHWVXUOಬ«WLTXHWWH «QHUJ«WLTXH 7HQVLRQ )U«TXHQFH a9 +] ,1)250$7,2163285/(6,167,7876'(7(67 /ಬLQVWDOODWLRQHWODSU«SDUDWLRQGHOಬDSSDUHLO SRXUXQHY«ULILFDWLRQ(FR'HVLJQGRLYHQW ¬WUHFRQIRUPHV¢ODQRUPH(1/HV H[LJHQFHVGHYHQWLODWLRQOHVGLPHQVLRQV GHV«YLGHPHQWVHWOHVG«JDJHPHQWV DUULªUHPLQLPXPGRLYHQWFRUUHVSRQGUHDX[ LQGLFDWLRQVGXFKDSLWUHGHFHPDQXHO Gಬ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¢SDUWLUGHODGDWHGHOLYUDLVRQ RXGHODPLVHHQVHUYLFHDX FRQVRPPDWHXU GRFXPHQW«DXPR\HQ GಬXQHIDFWXUHGಬXQERQGHJDUDQWLHRX GಬXQMXVWLILFDWLIGಬDFKDW 1RWUHJDUDQWLH FRXYUHOHVIUDLVGHPDLQVGಬRHXYUHVHWGH G«SODFHPHQWDLQVLTXHOHVSLªFHVGH UHFKDQJH /HVFRQGLWLRQVGHJDUDQWLHQHVRQWSDV YDODEOHVHQFDVGಬLQWHUYHQWLRQGಬXQWLHUV QRQDXWRULV«GHOಬHPSORLGHSLªFHVGH UHFKDQJHQRQRULJLQDOHVGಬHUUHXUVGH PDQLHPHQWRXGಬLQVWDOODWLRQGXHV¢ OಬLQREVHUYDWLRQGXPRGHGಬHPSORLHWSRXU GHVGRPPDJHVFDXV«VSDUGHVLQIOXHQFHV H[W«ULHXUHVRXGHIRUFHPDMHXUH *$5$17,(%(',1*81*(1.81'(1',(167 )¾UMHGHV3URGXNWJHZ¦KUHQ:LUDE 9HUNDXIE]Z/LHIHUGDWXPDQGHQ (QGYHUEUDXFKHUHLQH*DUDQWLHYRQ -DKUHQ $XVZHLVGXUFK*DUDQWLHVFKHLQ )DNWXUDRGHU9HUNDXIVEHOHJ 'LH*DUDQWLHOHLVWXQJXPIDVVWGLH.RVWHQ I¾U0DWHULDO$UEHLWVXQG5HLVH]HLW 'LH*DUDQWLHOHLVWXQJHQWI¦OOWEHL 1LFKWEHDFKWXQJGHU*HEUDXFKVDQZHLVXQJ XQG%HWULHEVYRUVFKULIWHQXQVDFKJHUHFKWHU ,QVWDOODWLRQVRZLHEHL%HVFK¦GLJXQJ GXUFK¦XVVHUH(LQIO¾VVHK¸KHUH*HZDOW (LQJULIIH'ULWWHUXQG9HUZHQGXQJYRQ 1LFKW2ULJLQDO7HLOHQ &21',=,21,',*$5$1=,$6(59,=,2&/,(17(/$ 3HURJQLSURGRWWRFRQFHGLDPRXQD JDUDQ]LDGLDQQLDSDUWLUHGDOODGDWDGL FRQVHJQDRGDOODVXDPHVVDLQIXQ]LRQH )DVWDWRODGDWDGHOODIDWWXUDGHO FHUWLILFDWRGLJDUDQ]LDRGHOORVFRQWULQR GಬDFTXLVWR 1HOODJDUDQ]LDVRQRFRPSUHVH OHVSHVHGLPDQRGRSHUDGLYLDJJLRHGHO PDWHULDOH 'DOODFRSHUWXUDVRQRHVFOXVLLO ORJRUDPHQWRHGLGDQQLFDXVDWLGDDJHQWL HVWHUQLLQWHUYHQWRGLWHU]LXWLOL]]RGL ULFDPELQRQRULJLQDOLRGDOODLQRVVHUYDQ]D GHOOHSUHVFUL]LRQLGಬLVWDOOD]LRQHHG LVWUX]LRQLSHUOಬXVR (10$7,5('(3527(&7,21'(/ (19,5211(0(17 5HF\FOH]OHVPDW«ULDX[SRUWDQWOHV\PEROH '«SRVH]OHVHPEDOODJHVGDQVOHV FRQWHQHXUVSU«YXV¢FHWHIIHW&RQWULEXH] ¢ODSURWHFWLRQGHO HQYLURQQHPHQWHW¢ YRWUHV«FXULW«UHF\FOH]YRVSURGXLWV «OHFWULTXHVHW«OHFWURQLTXHV1HMHWH]SDV OHVDSSDUHLOVSRUWDQWOHV\PEROH DYHF OHVRUGXUHVP«QDJªUHV(PPHQH]XQWHO SURGXLWGDQVYRWUHFHQWUHORFDOGH UHF\FODJHRXFRQWDFWH]YRVVHUYLFHV PXQLFLSDX[ 24 3RXUOD6XLVVH 2»DOOHUDYHFOHVDSSDUHLOV XVDJ«V" 3DUWRXWR»GHVDSSDUHLOVQHXIV VRQWYHQGXVPDLVDXVVLGDQV XQFHQWUHGHFROOHFWHRXXQH HQWUHSULVHGHU«FXS«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ವ ವ ವ ವ ವ 4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDEDPELQLD SDUWLUHGDJOLDQQLHGDDGXOWLFRQOLPLWDWHFDSDFLW¢ILVLFKH VHQVRULDOLRPHQWDOLRFRQVFDUVDHVSHULHQ]DRFRQRVFHQ]D VXOO XVRGHOO DSSDUHFFKLDWXUDVRODPHQWHVHVRUYHJOLDWLRVH LVWUXLWLUHODWLYDPHQWHDOO XVRGHOO DSSDUHFFKLDWXUDHVH KDQQRFRPSUHVRLULVFKLFRLQYROWL ,EDPELQLGLHW¢FRPSUHVDWUDLHJOLDQQLSRVVRQR FDULFDUHHVFDULFDUHO DSSDUHFFKLRDFRQGL]LRQHFKHVLDQR VWDWLDGHJXDWDPHQWHLVWUXLWL 4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDSHUVRQHFRQ GLVDELOLW¢GLIIXVHHFRPSOHVVHVHGHELWDPHQWHLVWUXLWH 7HQHUHORQWDQLGDOO DSSDUHFFKLDWXUDLEDPELQLDOGLVRWWRGHL DQQLVHQRQFRVWDQWHPHQWHVXSHUYLVLRQDWL 1RQFRQVHQWLUHDLEDPELQLGLJLRFDUHFRQ O DSSDUHFFKLDWXUD 26 ವ ವ ,EDPELQLQRQGHYRQRHVHJXLUHLQWHUYHQWLGLSXOL]LDH PDQXWHQ]LRQHVXOO DSSDUHFFKLDWXUDVHQ]DHVVHUH VXSHUYLVLRQDWL 7HQHUHJOLLPEDOODJJLORQWDQRGDLEDPELQLHVPDOWLUOLLQ PRGRDGHJXDWR 6LFXUH]]DJHQHUDOH ವ ವ ವ ವ ವ ವ ವ ವ 4XHVWDDSSDUHFFKLDWXUDªGHVWLQDWDDOO XVRGRPHVWLFRH DSSOLFD]LRQLVLPLOLWUDFXL ದ &DVHGLFDPSDJQDFXFLQHGLQHJR]LXIILFLHDOWUL DPELHQWLGLODYRUR ದ &OLHQWLGLKRWHOPRWHOEHGDQGEUHDNIDVWHDOWULDPELHQWL UHVLGHQ]LDOL 3HUHYLWDUHODFRQWDPLQD]LRQHGHJOLDOLPHQWLULVSHWWDUHOH VHJXHQWLLVWUX]LRQL ದ QRQDSULUHODSRUWDSHUOXQJKLSHULRGL ದ SXOLUHUHJRODUPHQWHOHVXSHUILFLFKHSRVVRQRYHQLUHD FRQWDWWRFRQJOLDOLPHQWLHLVLVWHPLGLGUHQDJJLR DFFHVVLELOL ದ FRQVHUYDUHODFDUQHHLOSHVFHFUXGRLQFRQWHQLWRUL DGHJXDWLLQIULJRULIHURLQPRGRFKHQRQYHQJDD FRQWDWWRFRQDOWULDOLPHQWLHQRQJRFFLROLVXDOWULDOLPHQWL $99(57(1=$9HULILFDUHFKHOHDSHUWXUHGLYHQWLOD]LRQH VLDVXOO DSSDUHFFKLDWXUDFKHQHOODVWUXWWXUDGDLQFDVVR VLDQROLEHUHGDRVWUX]LRQL $99(57(1=$1RQXVDUHGLVSRVLWLYLHOHWWULFLRDOWULPH]]L DUWLILFLDOLQRQUDFFRPDQGDWLGDOSURGXWWRUHDOORVFRSRGL DFFHOHUDUHLOSURFHVVRGLVEULQDPHQWR $99(57(1=$1RQGDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWH $99(57(1=$1RQXWLOL]]DUHDSSDUHFFKLDWXUHHOHWWULFKH DOO LQWHUQRGHLFRPSDUWLGLFRQVHUYD]LRQHGHJOLDOLPHQWLDG HFFH]LRQHGLTXHOOLFRQVLJOLDWLGDOFRVWUXWWRUH 1RQQHEXOL]]DUHDFTXDQ«XWLOL]]DUHYDSRUHSHUSXOLUH O DSSDUHFFKLDWXUD 3XOLUHO DSSDUHFFKLDWXUDFRQXQSDQQRLQXPLGLWRHPRUELGR 8WLOL]]DUHVRORGHWHUJHQWLQHXWUL1RQXVDUHSURGRWWL DEUDVLYLVSXJQHWWHDEUDVLYHVROYHQWLRGRJJHWWLPHWDOOLFL 27 ವ ವ ವ 4XDQGRO DSSDUHFFKLDWXUDUHVWDYXRWDSHUXQOXQJRSHULRGR GLWHPSRVSHJQHUODVEULQDUODSXOLUODDVFLXJDUODHODVFLDUH ODSRUWDDSHUWDSHUHYLWDUHODIRUPD]LRQHGLPXIIDDOVXR LQWHUQR 1RQFRQVHUYDUHLQTXHVWDDSSDUHFFKLDWXUDVRVWDQ]H HVSORVLYHFRPHERPEROHWWHVSUD\FRQWHQHQWLXQ SURSHOOHQWHLQILDPPDELOH 6HLOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWRGHYHHVVHUH VRVWLWXLWRGDOSURGXWWRUHGDO&HQWURGL$VVLVWHQ]D $XWRUL]]DWRRGDXQDSHUVRQDTXDOLILFDWDSHUHYLWDUH VLWXD]LRQLGLSHULFROR ,6758=,21,',6,&85(==$ ,QVWDOOD]LRQH $99(57(1=$/ಬLQVWDOOD]LRQH GHOO DSSDUHFFKLDWXUDGHYH HVVHUHHVHJXLWDGDSHUVRQDOH TXDOLILFDWR ವ 5LPXRYHUHWXWWLLPDWHULDOLGL LPEDOODJJLR ವ 1RQLQVWDOODUHRXWLOL]]DUH O DSSDUHFFKLDWXUDVHªGDQQHJJLDWD ವ 1RQXVDUHO DSSDUHFFKLDWXUDSULPDGL LQVWDOODUODQHOODVWUXWWXUDDLQFDVVRGDWH OHPLVXUHGLVLFXUH]]D ವ $WWHQHUVLDOOHLVWUX]LRQLIRUQLWHLQVLHPH DOO DSSDUHFFKLDWXUD ವ 3UHVWDUHVHPSUHDWWHQ]LRQHLQIDVHGL VSRVWDPHQWRGHOO DSSDUHFFKLDWXUDGDWR FKHªSHVDQWH8VDUHVHPSUHLJXDQWL GLVLFXUH]]DHOHFDO]DWXUHDGHJXDWH ವ $VVLFXUDUVLFKHO DULDSRVVDFLUFRODUH OLEHUDPHQWHDWWRUQRDOO DSSDUHFFKLDWXUD ವ ,QIDVHGLSULPDLQVWDOOD]LRQHRGRSR DYHUJLUDWRODSRUWDDWWHQGHUHDOPHQR RUHSULPDGLFROOHJDUHO DSSDUHFFKLDWXUD DOODVRUJHQWHGLDOLPHQWD]LRQH4XHVWR VHUYHDFRQVHQWLUHDOO ROLRGLIOXLUH QXRYDPHQWHQHOFRPSUHVVRUH ವ 3ULPDGLHVHJXLUHHYHQWXDOLRSHUD]LRQL VXOO DSSDUHFFKLDWXUD DGHVHPSLR LQYHUWLUHODSRUWD WRJOLHUHODVSLQDGDOOD SUHVDGLFRUUHQWH ವ 1RQLQVWDOODUHO DSSDUHFFKLDWXUDLQ SURVVLPLW¢GLUDGLDWRULIRUQHOOLIRUQLR SLDQLGLFRWWXUD ವ 1RQHVSRUUHO DSSDUHFFKLDWXUDDOOD SLRJJLD ವ 1RQLQVWDOODUHO DSSDUHFFKLDWXUDGRYH VLDHVSRVWDDOODOXFHVRODUHGLUHWWD ವ 1RQLQVWDOODUHTXHVWDDSSDUHFFKLDWXUD LQDUHHWURSSRXPLGHRWURSSRIUHGGH ವ 4XDQGRVLVSRVWDO DSSDUHFFKLDWXUD VROOHYDUODGDOERUGRDQWHULRUHFRV®GD QRQJUDIILDUHLOSDYLPHQWR &ROOHJDPHQWRHOHWWULFR $99(57(1=$5LVFKLRGL LQFHQGLRHVFRVVDHOHWWULFD $99(57(1=$,QIDVHGL SRVL]LRQDPHQWR GHOO DSSDUHFFKLDWXUDYHULILFDUH FKHLOFDYRGLDOLPHQWD]LRQH QRQVLDLQWUDSSRODWRR GDQQHJJLDWR $99(57(1=$1RQXWLOL]]DUH SUHVHPXOWLSOHHSUROXQJKH ವ / DSSDUHFFKLDWXUDGHYHGLVSRUUHGLXQD PHVVDDWHUUD ವ 9HULILFDUHFKHLSDUDPHWULVXOOD WDUJKHWWDVLDQRFRPSDWLELOLFRQOH LQGLFD]LRQLHOHWWULFKHGHOO DOLPHQWD]LRQH 28 ವ 8WLOL]]DUHVHPSUHXQDSUHVDHOHWWULFD FRQFRQWDWWRGLSURWH]LRQH FRUUHWWDPHQWHLQVWDOODWD ವ $FFHUWDUVLGLQRQGDQQHJJLDUHL FRPSRQHQWLHOHWWULFL DGHVODVSLQDGL DOLPHQWD]LRQHLOFDYRGLDOLPHQWD]LRQH LOFRPSUHVVRUH &RQWDWWDUHLO&HQWURGL $VVLVWHQ]D$XWRUL]]DWRRXQHOHWWULFLVWD SHUVRVWLWXLUHLFRPSRQHQWLHOHWWULFL ವ ,OFDYRGLDOLPHQWD]LRQHGHYHULPDQHUH VRWWRLOOLYHOORGHOODVSLQDGL DOLPHQWD]LRQH ವ ,QVHULUHODVSLQDGLDOLPHQWD]LRQHQHOOD SUHVDVRORDOWHUPLQHGHOO LQVWDOOD]LRQH 9HULILFDUHFKHODVSLQDGLDOLPHQWD]LRQH ULPDQJDDFFHVVLELOHGRSR O LQVWDOOD]LRQH ವ 1RQWLUDUHLOFDYRGLDOLPHQWD]LRQHSHU VFROOHJDUHOಬDSSDUHFFKLDWXUD7LUDUH VHPSUHGDOODVSLQD 8WLOL]]DUH $99(57(1=$5LVFKLRGL OHVLRQLVFRWWDWXUHRVFRVVH HOHWWULFKH / DSSDUHFFKLDWXUDFRQWLHQHJDV LQILDPPDELOHLVREXWDQR 5D XQJDV QDWXUDOHFRQXQDOWROLYHOORGLFRPSDWLELOLW¢ DPELHQWDOH)DUHDWWHQ]LRQHDQRQ GDQQHJJLDUHLOFLUFXLWRUHIULJHUDQWHFKH FRQWLHQHLVREXWDQR ವ 1RQPRGLILFDUHOHVSHFLILFKHWHFQLFKH GHOO DSSDUHFFKLDWXUD ವ 1RQLQWURGXUUHDSSDUHFFKLDWXUH HOHWWULFKH DGHVJHODWLHUH QHOO DSSDUHFFKLDWXUDVHQRQ VSHFLILFDPHQWHFRQVHQWLWRGDO SURGXWWRUH ವ 1HOFDVRGLGDQQRDOFLUFXLWR UHIULJHUDQWHDVVLFXUDUVLFKHQRQVL VYLOXSSLQRILDPPHOLEHUHHVFLQWLOOHQHO ORFDOH$HUDUHEHQHO DPELHQWH ವ 1RQDSSRJJLDUHRJJHWWLLQFDQGHVFHQWL VXOOHSDUWLLQSODVWLFD GHOO DSSDUHFFKLDWXUD ವ 1RQLQWURGXUUHEHYDQGHDQDOFROLFKHQHO YDQRFRQJHODWRUH6LYHUU¢DFUHDUHXQD ವ ವ ವ ವ ವ ವ ವ SUHVVLRQHQHOFRQWHQLWRUHGHOOD EHYDQGD 1RQFRQVHUYDUHJDVHOLTXLGL LQILDPPDELOLQHOO DSSDUHFFKLDWXUD 1RQDSSRJJLDUHRWHQHUHOLTXLGLR PDWHULDOLLQILDPPDELOLQ«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ವ 3HUTXDQWRULJXDUGDODODPSDGDROH ODPSDGHDOO LQWHUQRGLTXHVWRSURGRWWRH OHODPSDGHGLULFDPELRYHQGXWH VHSDUDWDPHQWH4XHVWHODPSDGHVRQR GHVWLQDWHDUHVLVWHUHDFRQGL]LRQL ILVLFKHHVWUHPHQHJOLHOHWWURGRPHVWLFL FRPHWHPSHUDWXUDYLEUD]LRQLXPLGLW¢ RVRQRGHVWLQDWHDVHJQDODUH LQIRUPD]LRQLVXOORVWDWRRSHUDWLYR GHOO DSSDUHFFKLR1RQVRQRGHVWLQDWH DGHVVHUHXWLOL]]DWHLQDOWUHDSSOLFD]LRQL HQRQVRQRDGDWWHSHUO LOOXPLQD]LRQHGL DPELHQWLGRPHVWLFL 3XOL]LDHFXUD $99(57(1=$9LªLOULVFKLR GLIHULUVLRGDQQHJJLDUH O DSSDUHFFKLDWXUD ವ 3ULPDGLHVHJXLUHTXDOXQTXHLQWHUYHQWR GLPDQXWHQ]LRQHVSHJQHUH O DSSDUHFFKLDWXUDHGHVWUDUUHODVSLQD GDOODSUHVD 29 ವ / XQLW¢UHIULJHUDQWHGLTXHVWD DSSDUHFFKLDWXUDFRQWLHQHLGURFDUEXUL /ಬXQLW¢GHYHHVVHUHULFDULFDWDHG LVSH]LRQDWDHVFOXVLYDPHQWHGD SHUVRQDOHTXDOLILFDWR ವ &RQWUROODUHUHJRODUPHQWHORVFDULFR GHOO DSSDUHFFKLDWXUDHVHQHFHVVDULR SXOLUOR/ RVWUX]LRQHGHOORVFDULFRSX´ FDXVDUHXQGHSRVLWRGLDFTXDGL VEULQDPHQWRVXOIRQGR GHOO DSSDUHFFKLDWXUD $VVLVWHQ]D7HFQLFD ವ 3HUULSDUDUHO DSSDUHFFKLDWXUD FRQWDWWDUHXQ&HQWURGL$VVLVWHQ]D $XWRUL]]DWR8WLOL]]DUHHVFOXVLYDPHQWH ULFDPELRULJLQDOL ವ 7HQHUHSUHVHQWHFKHODULSDUD]LRQH DXWRQRPDRQRQSURIHVVLRQDOHSRVVRQR DYHUHFRQVHJXHQ]HVXOODVLFXUH]]DH SRWUHEEHURLQYDOLGDUHODJDUDQ]LD 6PDOWLPHQWR $99(57(1=$5LVFKLRGL OHVLRQLRVRIIRFDPHQWR ವ 6WDFFDUHODVSLQDGDOO DOLPHQWD]LRQH HOHWWULFD ವ 7DJOLDUHLOFDYRGLUHWHHVPDOWLUOR ವ 5LPXRYHUHODSRUWDSHUHYLWDUHFKH EDPELQLHDQLPDOLGRPHVWLFLULPDQJDQR FKLXVLDOOಬLQWHUQRGHOOಬDSSDUHFFKLDWXUD ವ ,OFLUFXLWRUHIULJHUDQWHHLPDWHULDOLGL LVRODPHQWRGLTXHVWDDSSDUHFFKLDWXUD ULVSHWWDQRO R]RQR ವ /DVFKLXPDLVRODQWHFRQWLHQHJDV LQILDPPDELOL&RQWDWWDUHOHDXWRULW¢ ORFDOLSHUULFHYHUHLQIRUPD]LRQLVXFRPH VPDOWLUHFRUUHWWDPHQWH O DSSDUHFFKLDWXUD ವ 1RQGDQQHJJLDUHLFRPSRQHQWL GHOO XQLW¢UHIULJHUDQWHFKHVLWURYDQR YLFLQRDOORVFDPELDWRUHGLFDORUH ,167$//$=,21( $99(57(1=$)DUH ULIHULPHQWRDLFDSLWROLVXOOD VLFXUH]]D $99(57(1=$3HU O LQVWDOOD]LRQHGHOO DSSDUHFFKLR IDUHULIHULPHQWRDOGRFXPHQWR GLLVWUX]LRQLSHUO LQVWDOOD]LRQH $99(57(1=$)LVVDUH O DSSDUHFFKLRVHFRQGROH LVWUX]LRQLGLLQVWDOOD]LRQHSHU HYLWDUHLOULVFKLRGLLQVWDELOLW¢ GHOO DSSDUHFFKLR 30 D3 D1 'LPHQVLRQL D2 W1 W3 A B H1 W2 'LPHQVLRQLFRPSOHVVLYH{ 6SD]LRQHFHVVDULRGXUDQWHOൄXVRt + PP : PP : PP ' PP ' PP $ PP % PP {OಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢ GHOOಬDSSDUHFFKLDWXUDVHQ]DOಬLPSXJQDWXUD HLSLHGLQL 6SD]LRQHFHVVDULRGXUDQWHOൄXVRt + $% PP tOಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢ GHOOಬDSSDUHFFKLRFRPSUHVDODPDQLJOLD SL»ORVSD]LRQHFHVVDULRSHUODOLEHUD FLUFROD]LRQHGHOOಬDULDGLUDIIUHGGDPHQWR 31 6SD]LRFRPSOHVVLYRQHFHVVDULRGXUDQWH OൄXVRu + $% PP : PP ' PP uOಬDOWH]]DODODUJKH]]DHODSURIRQGLW¢ GHOOಬDSSDUHFFKLDWXUDFRPSUHVDOD PDQLJOLDSL»ORVSD]LRQHFHVVDULRSHUOD OLEHUDFLUFROD]LRQHGHOOಬDULDGL UDIIUHGGDPHQWRSL»ORVSD]LRQHFHVVDULR SHUFRQVHQWLUHOಬDSHUWXUDGHOODSRUWDFRQ OಬDQJROD]LRQHPLQLPDFKHSHUPHWWHOD ULPR]LRQHGLWXWWHOHDSSDUHFFKLDWXUH LQWHUQH /XRJR 3HUJDUDQWLUHODPLJOLRUHIXQ]LRQDOLW¢ GHOO DSSDUHFFKLDWXUDQRQVLGRYUHEEH LQVWDOODUHO DSSDUHFFKLRQHOOHYLFLQDQ]H GHOODIRQWHGLFDORUH IRUQRVWXIH WHUPRVLIRQLIRUQHOOLRSLDQLGLFRWWXUD RLQ XQOXRJRFRQOXFHVRODUHGLUHWWD &RQWUROODUHFKHVXOUHWURGHOOಬDSSDUHFFKLR VLDJDUDQWLWDXQಬDGHJXDWDFLUFROD]LRQH GHOOಬDULD 4XHVWDDSSDUHFFKLDWXUDGHYHHVVHUH LQVWDOODWDLQXQDSRVL]LRQHLQWHUQDDVFLXWWD HEHQYHQWLODWD 4XHVWDDSSDUHFFKLDWXUDªGHVWLQDWDDG HVVHUHXWLOL]]DWDDWHPSHUDWXUHDPELHQWH FKHYDQQRGDr&Dr& ,OFRUUHWWRIXQ]LRQDPHQWR GHOO DSSDUHFFKLDWXUDSX´ HVVHUHJDUDQWLWRVRORQHO ULVSHWWRGHOOHWHPSHUDWXUH LQGLFDWH ,QFDVRGLGXEELVXOOXRJRGL LQVWDOOD]LRQH GHOO DSSDUHFFKLDWXUDFRQWDWWDUH LOYHQGLWRUHLOQRVWUR&HQWURGL $VVLVWHQ]DRLOULYHQGLWRUH DXWRUL]]DWRSL»YLFLQR 'HYHHVVHUHSRVVLELOH VFROOHJDUHO DSSDUHFFKLDWXUD GDOODUHWHHOHWWULFD(VHJXLUH SHUFL´O LQVWDOOD]LRQHIDFHQGRV® FKHODVSLQDULPDQJD IDFLOPHQWHDFFHVVLELOH &ROOHJDPHQWRHOHWWULFR ವ 3ULPDGLLQVHULUHODVSLQDYHULILFDUHFKH ODWHQVLRQHHODIUHTXHQ]DULSRUWDWH VXOODWDUJKHWWDGLLGHQWLILFD]LRQH FRUULVSRQGDQRDTXHOOHGHOO LPSLDQWR GRPHVWLFR ವ / DSSDUHFFKLDWXUDGHYHGLVSRUUHGLXQD PHVVDDWHUUD/DVSLQDGHOFDYRGL DOLPHQWD]LRQHªGRWDWDGLXQDSSRVLWR FRQWDWWR6HODSUHVDGLFRUUHQWH GHOO LPSLDQWRGRPHVWLFRQRQªFROOHJDWD DWHUUDDOODFFLDUHO DSSDUHFFKLDWXUDD XQDSUHVDGLWHUUDVHSDUDWDLQ FRQIRUPLW¢DOOHQRUPHLQYLJRUH ULYROJHQGRVLDXQHOHWWULFLVWDTXDOLILFDWR ವ ,OSURGXWWRUHGHFOLQDRJQLUHVSRQVDELOLW¢ TXDORUDOHVXGGHWWHSUHFDX]LRQLGL VLFXUH]]DQRQYHQJDQRULVSHWWDWH ವ 4XHVWDDSSDUHFFKLDWXUDªFRQIRUPH DOOHGLUHWWLYH&(( 5HTXLVLWLGLYHQWLOD]LRQH $VVLFXUDUHXQIOXVVRG DULDVXIILFLHQWH GLHWURO DSSDUHFFKLDWXUD 5 cm min. 200 cm2 min. 200 cm2 $77(1=,21(&RQVXOWDUHOH LVWUX]LRQLSHUO LQVWDOOD]LRQH 32 3RVVLELOLW¢GLLQYHUWLUHODSRUWD $77(1=,21(,QRJQLIDVHGL LQYHUVLRQHGHOODSRUWD SURWHJJHUHLOSDYLPHQWRGD JUDIILFRQXQPDWHULDOH UHVLVWHQWH )DUHULIHULPHQWRDOGRFXPHQWRVHSDUDWR FRQOHLVWUX]LRQLSHUO LQVWDOOD]LRQHH O LQYHUVLRQHGHOODSRUWD 3$11(//2'(,&20$1', 1 Functions 6 5 'LVSOD\ 7DVWR7HPSHUDWXUDSL»FDOGD 7DVWR7HPSHUDWXUDSL»IUHVFD 2. SRVVLELOHPRGLILFDUHOHLPSRVWD]LRQL DXGLRSUHGHILQLWHGHLWDVWLSUHPHQGR FRQWHPSRUDQHDPHQWHLOWDVWR)XQFWLRQVH 4 3 2 )XQFWLRQV 212)) LOWDVWRWHPSHUDWXUDSL»IUHVFDSHUSRFKL VHFRQGL/DPRGLILFDªUHYHUVLELOH 'LVSOD\ A B C D G F E $FFHQVLRQH ,QVHULUHODVSLQDQHOODSUHVDGL DOLPHQWD]LRQH 3UHPHUHLOWDVWR212)) GHOO DSSDUHFFKLDWXUDVHLOGLVSOD\ª VSHQWR*OLLQGLFDWRULGLWHPSHUDWXUD YLVXDOL]]DQRODWHPSHUDWXUDLPSRVWDWD SUHGHILQLWD 3HUVHOH]LRQDUHXQDWHPSHUDWXUDGLYHUVD IDUHULIHULPHQWRDOODVH]LRQH5HJROD]LRQH GHOODWHPSHUDWXUD $ % & ' ( ) * 6SLDWLPHU )DVW&RROIXQ]LRQH )DVW)UHH]HIXQ]LRQH ,QGLFDWRUHGHOODWHPSHUDWXUD 6SLDDOODUPH &KLOG/RFNIXQ]LRQH 'ULQNV&KLOOIXQ]LRQH 6HVXOGLVSOD\DSSDUHG(0RIDUH ULIHULPHQWRDOODVH]LRQH5LVROX]LRQHGHL SUREOHPL 6SHJQLPHQWR 3UHPHUHLOWDVWR212)) GHOO DSSDUHFFKLDWXUDSHUVHFRQGL ,OGLVSOD\VLVSHJQH 6FROOHJDUHODVSLQDGDOODSUHVDGL FRUUHQWH 33 5HJROD]LRQHGHOODWHPSHUDWXUD ,PSRVWDUHODWHPSHUDWXUD GHOO DSSDUHFFKLDWXUDSUHPHQGRLUHJRODWRUL GHOODWHPSHUDWXUD /DWHPSHUDWXUDSUHGHILQLWDFRQVLJOLDWD LPSRVWDWDª ವ r&SHULOIULJRULIHUR ವ r&SHULOFRQJHODWRUH /DJDPPDGLWHPSHUDWXUDSX´YDULDUHWUD r&Hr&SHULOFRQJHODWRUHHWUDr& Hr&SHULOIULJRULIHUR *OLLQGLFDWRULGHOODWHPSHUDWXUD YLVXDOL]]DQRODWHPSHUDWXUDLPSRVWDWD /DWHPSHUDWXUDLPSRVWDWDYHUU¢ UDJJLXQWDHQWURRUH 'RSRXQ LQWHUUX]LRQHGL FRUUHQWHODWHPSHUDWXUD LPSRVWDWDULPDQHLQPHPRULD )DVW&RROIXQ]LRQH 6HRFFRUUHLQVHULUHXQDJUDQGHTXDQWLW¢GL DOLPHQWLQHOORVFRPSDUWRIULJRULIHURSHU HVHPSLRDOULWRUQRGDOODVSHVDª FRQVLJOLDELOHDWWLYDUHODIXQ]LRQH)DVW&RRO SHUUDIIUHGGDUHSL»UDSLGDPHQWHJOL DOLPHQWLLQWURGRWWLQHOIULJRULIHURHQRQ LQWLHSLGLUHLFLELJL¢SUHVHQWLDOVXRLQWHUQR 3UHPHUH)XQFWLRQVILQFK«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¢FRQVHUYDWLGD ULVFDOGDPHQWLLQGHVLGHUDWL 3HUFRQJHODUHDOLPHQWLIUHVFKL DWWLYDUHODIXQ]LRQH)DVW)UHH]H DOPHQRRUHSULPDGL LQWURGXUOLQHOYDQRFRQJHODWRUH 3HUDWWLYDUHTXHVWDIXQ]LRQHSUHPHUHLO WDVWR)XQFWLRQVILQFK«QRQDSSDUH OಬLFRQDFRUULVSRQGHQWH /DVSLD)DVW)UHH]HODPSHJJLD 3UHPHUHLOWDVWR2.SHUFRQIHUPDUH /DVSLD)DVW)UHH]HYLHQHYLVXDOL]]DWD 4XHVWDIXQ]LRQHVLDUUHVWD DXWRPDWLFDPHQWHGRSRRUH SRVVLELOHGLVDWWLYDUHODIXQ]LRQH )DVW)UHH]HSULPDGHOODVXDILQH DXWRPDWLFDULSHWHQGRODSURFHGXUDR ILQFK«OಬLQGLFDWRUH)DVW)UHH]HVLVSHJQHR VHOH]LRQDQGRXQDGLYHUVDWHPSHUDWXUD LPSRVWDWD &KLOG/RFNIXQ]LRQH $WWLYDUHODIXQ]LRQH&KLOG/RFNSHUHYLWDUH FKHLWDVWLYHQJDQRSUHPXWL DFFLGHQWDOPHQWH 3UHPHUH)XQFWLRQVILQFK«QRQDSSDUH O LFRQDFRUULVSRQGHQWH /DVSLD&KLOG/RFNODPSHJJLD 3UHPHUH2.SHUFRQIHUPDUH /DVSLD&KLOG/RFNYLHQHYLVXDOL]]DWD 3HUGLVDWWLYDUHODIXQ]LRQH&KLOG/RFN ULSHWHUHODSURFHGXUDILQFK«ODVSLD &KLOG/RFNVLVSHJQH 'ULQNV&KLOOIXQ]LRQH /DIXQ]LRQH'ULQNV&KLOOVHUYHSHU LPSRVWDUHXQVHJQDOHDFXVWLFRLQXQ SUHFLVRPRPHQWRXWLOHSHUHVHPSLR TXDQGRXQDSLHWDQ]DULFKLHGHLO UDIIUHGGDPHQWRGLXQDOLPHQWRSHUXQ FHUWRSHULRGRGLWHPSR XWLOHDQFKHTXDQGRªQHFHVVDULRXQ SURPHPRULDSHUQRQGLPHQWLFDUHOH ERWWLJOLHROHODWWLQHVLVWHPDWHQHO FRQJHODWRUHSHUXQUDSLGRUDIIUHGGDPHQWR 3UHPHUH)XQFWLRQVILQFK«QRQDSSDUH O LFRQDFRUULVSRQGHQWH 34 /DVSLD'ULQNV&KLOOODPSHJJLD ,OWLPHUYLVXDOL]]DLOYDORUHLPSRVWDWR PLQXWL SHUDOFXQLVHFRQGL 3UHPHUHLOWDVWR5HJRODWRUHWLPHUSHU PRGLILFDUHLOYDORUHLPSRVWDWRGDD PLQXWL 3UHPHUH2.SHUFRQIHUPDUH /DVSLD'ULQNV&KLOOYLHQHYLVXDOL]]DWD ,O7LPHULQL]LDDODPSHJJLDUH PLQ $OWHUPLQHGHOFRQWRDOODURYHVFLDODVSLD ಯPLQಯODPSHJJLDHYLHQHHPHVVRXQ VHJQDOHDFXVWLFR3UHPHUH2.SHU VSHJQHUHLOVHJQDOHDFXVWLFRHSRUUHILQH DOODIXQ]LRQH 3HUWHUPLQDUHODIXQ]LRQHULSHWHUHOD SURFHGXUDILQFK«'ULQNV&KLOOVLVSHJQH SRVVLELOHPRGLILFDUHO RUDLQ TXDOVLDVLPRPHQWRGXUDQWHLO FRQWRDOODURYHVFLDHDOODILQH SUHPHQGRLOWDVWR7HPSHUDWXUD SL»IUHVFDHGLO7DVWR WHPSHUDWXUDSL»FDOGD 87,/,==24827,',$12 3RVL]LRQDPHQWRGHLULSLDQLGHOOD SRUWD 3HUFRQVHQWLUHODFRQVHUYD]LRQHGL FRQIH]LRQLSHUDOLPHQWLGLYDULHGLPHQVLRQL LULSLDQLSHUSRUWDSRVVRQRHVVHUH SRVL]LRQDWLDGDOWH]]HGLIIHUHQWL 7LUDUHJUDGXDOPHQWHLOULSLDQRILQRD FKHQRQVLOLEHUD 5LSRVL]LRQDUHFRPHQHFHVVDULR $OODUPHSRUWDDSHUWD 6HODSRUWDGHOIULJRULIHURYLHQHODVFLDWD DSHUWDSHUFLUFDPLQXWLVLDYYLDO DOODUPH DFXVWLFRHODVSLDDOODUPHODPSHJJLD / DOODUPHVLIHUPDGRSRODFKLXVXUDGHOOD SRUWD'XUDQWHO DOODUPHLOVHJQDOH DFXVWLFRSX´HVVHUHGLVDWWLYDWRSUHPHQGR TXDOVLDVLWDVWR ,QTXHVWRPRGRXQDPDJJLRUH FLUFROD]LRQHGHOO DULDVLWUDGXFH LQXQDPLQRUHXPLGLW¢GHOO DULD 35 5LSLDQLULPRYLELOL /HJXLGHSUHVHQWLVXOOHSDUHWLGHO IULJRULIHURSHUPHWWRQRGLSRVL]LRQDUHL ULSLDQLDGLYHUVHDOWH]]H / DSSDUHFFKLDWXUDªDQFKHGRWDWDGLXQ ULSLDQRFRPSRVWRGLGXHSDUWL/DPHW¢ DQWHULRUHGHOULSLDQRSX´HVVHUHFROORFDWD VRWWRDOODVHFRQGDSHUXVDUHPHJOLROR VSD]LR 3HUSLHJDUHLOULSLDQR (VWUDUUHGHOLFDWDPHQWHODPHW¢ DQWHULRUH )DUODVFRUUHUHQHOELQDULRLQIHULRUHH VRWWRDOVHFRQGRULSLDQR 1 2 3HUJDUDQWLUHXQDFRUUHWWD FLUFROD]LRQHGHOO DULDQRQ VSRVWDUHLOULSLDQRGLYHWUR SRVWRVRSUDLOFDVVHWWRGHOOH YHUGXUH &DVVHWWRSHUYHUGXUD 1HOODSDUWHLQIHULRUHGHOO DSSDUHFFKLDWXUDª SUHVHQWHXQFDVVHWWRVSHFLDOHDGDWWRDOOD FRQVHUYD]LRQHGLIUXWWDHYHUGXUD &RQJHODPHQWRGLDOLPHQWL IUHVFKL /RVFRPSDUWRFRQJHODWRUHªDGDWWRDO FRQJHODPHQWRGLDOLPHQWLIUHVFKLHDOOD FRQVHUYD]LRQHGLDOLPHQWLFRQJHODWLH VXUJHODWLDOXQJR 3HUFRQJHODUHDOLPHQWLIUHVFKLDWWLYDUHOD )XQ]LRQH)DVW)UHH]HDOPHQRRUHSULPD GLLQWURGXUOLQHOYDQRFRQJHODWRUH &RQVHUYDUHJOLDOLPHQWLIUHVFKLGLVWULEXLWL XQLIRUPHPHQWHLQWXWWLJOLVFRPSDUWLR FDVVHWWL /DTXDQWLW¢PDVVLPDGLFLERFKHSX´ HVVHUHFRQJHODWDVHQ]DOಬDJJLXQWDGLDOWUL DOLPHQWLIUHVFKLSHURUHªLQGLFDWDVXOOD WDUJKHWWD XQಬHWLFKHWWDVLWXDWDDOOಬLQWHUQR GHOOಬDSSDUHFFKLDWXUD $OWHUPLQHGHOSURFHVVRGLFRQJHODPHQWR OಬDSSDUHFFKLDWXUDULWRUQDDXWRPDWLFDPHQWH DOODSUHFHGHQWHLPSRVWD]LRQHGHOOD WHPSHUDWXUD YHGHUHODಯ)XQ]LRQH )DVW)UHH]Hರ &RQVHUYD]LRQHGLFLELFRQJHODWL $OSULPRDYYLRRGRSRXQSHULRGRGLQRQ XWLOL]]RODVFLDUHLQIXQ]LRQH OಬDSSDUHFFKLDWXUDSHUDOPHQRRUH DWWLYDQGRODIXQ]LRQH)DVW)UHH]HSULPDGL LQWURGXUUHJOLDOLPHQWL ,OFLERGHYHWURYDUVLDGXQDGLVWDQ]DGL PPGDOODSRUWD $77(1=,21(,QFDVRGL VFRQJHODPHQWRDFFLGHQWDOHDG HVHPSLRDFDXVDGL XQಬLQWHUUX]LRQHGLFRUUHQWHVH ODFRUUHQWHªULPDVWDVSHQWDSL» DOXQJRGHOYDORUHLQGLFDWRVXOOD WDUJKHWWDVRWWRಯWHPSRGL ULVDOLWDರJOLDOLPHQWLVFRQJHODWL GHYRQRHVVHUHFRQVXPDWL UDSLGDPHQWHRFRWWL LPPHGLDWDPHQWHSRL UDIIUHGGDWLHTXLQGLULFRQJHODWL 6FRQJHODPHQWR ,FLELVXUJHODWLRFRQJHODWLSULPDGLHVVHUH FRQVXPDWLSRVVRQRHVVHUHVFRQJHODWLLQ IULJRULIHURRDOO LQWHUQRGLXQVDFFKHWWRGL SODVWLFDVRWWRO DFTXDIUHGGD 4XHVWDRSHUD]LRQHGLSHQGHGDOWHPSRD GLVSRVL]LRQHHGDOWLSRGLDOLPHQWR/H SLFFROHSRU]LRQLSRVVRQRHVVHUHFXFLQDWH GLUHWWDPHQWHVHQ]DHVVHUHSULPD VFRQJHODWL 36 &216,*/,(68**(5,0(17,87,/, &RQVLJOLSHULOULVSDUPLR HQHUJHWLFR ವ )ULJRULIHUR/ಬXVRSL»HIILFLHQWH GHOOಬHQHUJLDªJDUDQWLWRGDOOD FRQILJXUD]LRQHFRQLFDVVHWWLQHOODSDUWH LQIHULRUHGHOOಬDSSDUHFFKLDWXUDHLULSLDQL GLVWULEXLWLXQLIRUPHPHQWH/DSRVL]LRQH GHJOLVFRPSDUWLVXOODSRUWDQRQLQIOXLVFH VXOFRQVXPRHQHUJHWLFR ವ 1RQDSULUHIUHTXHQWHPHQWHODSRUWDH OLPLWDUHLOSL»SRVVLELOHLWHPSLGL DSHUWXUD ವ &RQJHODWRUH3L»IUHGGDª OಬLPSRVWD]LRQHGHOODWHPSHUDWXUD PDJJLRUHªLOFRQVXPRGLHQHUJLD ವ )ULJRULIHUR1RQLPSRVWDUHXQD WHPSHUDWXUDWURSSRDOWDSHUULVSDUPLDUH HQHUJLDDPHQRFKHQRQVLDULFKLHVWD GDOOHFDUDWWHULVWLFKHGHOOಬDOLPHQWR ವ 6HODWHPSHUDWXUDDPELHQWHªHOHYDWD LOFRQWUROORGHOODWHPSHUDWXUDª LPSRVWDWRVXXQYDORUHEDVVRH OಬDSSDUHFFKLDWXUDªDSLHQRFDULFRLO FRPSUHVVRUHSX´IXQ]LRQDUHLQ PDQLHUDLQLQWHUURWWDFDXVDQGROD IRUPD]LRQHGLEULQDRGLJKLDFFLR VXOOಬHYDSRUDWRUH,QTXHVWRFDVR LPSRVWDUHLOFRQWUROORGHOODWHPSHUDWXUD VXXQDSRVL]LRQHSL»HOHYDWDSHU FRQVHQWLUHORVEULQDPHQWRDXWRPDWLFRH ULGXUUHFRV®LOFRQVXPRGLHQHUJLD ವ *DUDQWLUHXQDEXRQDYHQWLOD]LRQH1RQ FRSULUHOHJULJOLHRLIRULGLYHQWLOD]LRQH &RQVLJOLSHULOFRQJHODPHQWR ವ $WWLYDUHODIXQ]LRQH)DVW)UHH]HDOPHQR RUHSULPDGLLQVHULUHJOLDOLPHQWLQHO YDQRFRQJHODWRUH ವ 3ULPDGLFRQJHODUHDYYROJHUHHVLJLOODUH JOLDOLPHQWLIUHVFKLLQIRJOLRGLDOOXPLQLR SHOOLFRODGLSODVWLFDRVDFFKHWWL FRQWHQLWRULHUPHWLFLFRQFRSHUFKLR ವ 3HUFRQJHODUHHVFRQJHODUHLQPRGR SL»HIILFDFHVXGGLYLGHUHJOLDOLPHQWLLQ SLFFROHSRU]LRQL ವ 6LUDFFRPDQGDGLPHWWHUHHWLFKHWWHH GDWHVXWXWWLJOLDOLPHQWLVXUJHODWL 4XHVWRDLXWHU¢DLGHQWLILFDUHJOLDOLPHQWL ವ ವ ವ ವ ವ ವ HDVDSHUHTXDQGRGHYRQRHVVHUH XWLOL]]DWLSULPDGHOORURGHWHULRUDPHQWR ,OFLERGHYHHVVHUHIUHVFRTXDQGR YLHQHFRQJHODWRSHUSUHVHUYDUQHOD EXRQDTXDOLW¢6RSUDWWXWWRIUXWWDH YHUGXUDGRYUHEEHURHVVHUHFRQJHODWH GRSRLOUDFFROWRSHUSUHVHUYDUHWXWWHOH ORURVRVWDQ]HQXWULWLYH 1RQFRQJHODUHERWWLJOLHRODWWLQHFRQ OLTXLGLLQSDUWLFRODUHEHYDQGH FRQWHQHQWLDQLGULGHFDUERQLFD SRWUHEEHURHVSORGHUHGXUDQWHLO FRQJHODPHQWR 1RQPHWWHUHFLELFDOGLQHOFRQJHODWRUH 5DIIUHGGDUOLDWHPSHUDWXUDDPELHQWH SULPDGLFROORFDUOLDOO LQWHUQRGHOOR VFRPSDUWR $OILQHGLHYLWDUHJOLDXPHQWLGL WHPSHUDWXUDGLDOLPHQWLJL¢FRQJHODWL QRQPHWWHUHDOLPHQWLIUHVFKLVFRQJHODWL QHOOHLPPHGLDWHYLFLQDQ]H&ROORFDUHJOL DOLPHQWLDWHPSHUDWXUDDPELHQWHQHOOD SDUWHGHOORVFRPSDUWRGHOFRQJHODWRUH GRYHQRQFLVRQRFLELVXUJHODWL 1RQPDQJLDUHLFXEHWWLGLJKLDFFLRL JKLDFFLROLRJUDQLWHVXELWRGRSRDYHUOL WROWLGDOFRQJHODWRUH5LVFKLRGLVLQWRPL GDFRQJHODPHQWR 1RQFRQJHODUHQXRYDPHQWHLOFLER VFRQJHODWR6HLOFLERVLªVFRQJHODWR FXRFHUORUDIIUHGGDUORHSRLFRQJHODUOR &RQVLJOLSHUODFRQVHUYD]LRQHGL FLELFRQJHODWL ವ ,OYDQRFRQJHODWRUHªTXHOOR FRQWUDVVHJQDWRFRQ ವ 8QDEXRQDLPSRVWD]LRQHGHOOD WHPSHUDWXUDFKHJDUDQWLVFHOD FRQVHUYD]LRQHGHJOLDOLPHQWLFRQJHODWL ªXQDWHPSHUDWXUDLQIHULRUHRXJXDOHD r& /ಬLPSRVWD]LRQHGLXQDWHPSHUDWXUDSL» HOHYDWDDOOಬLQWHUQRGHOOಬDSSDUHFFKLDWXUD SX´SRUWDUHDXQDPLQRUHGXUDWDGL FRQVHUYD]LRQH ವ /ಬLQWHURVFRPSDUWRGHOFRQJHODWRUHª DGDWWRDOODFRQVHUYD]LRQHGLSURGRWWL DOLPHQWDULVXUJHODWL 37 ವ /DVFLDUHDEEDVWDQ]DVSD]LRLQWRUQRDO FLERSHUSHUPHWWHUHDOOಬDULDGLFLUFRODUH OLEHUDPHQWH ವ 3HUXQDFRQVHUYD]LRQHDGHJXDWDIDUH ULIHULPHQWRDOOಬHWLFKHWWDVXOODFRQIH]LRQH GHOOಬDOLPHQWRSHUYHGHUHODGXUDWDGL FRQVHUYD]LRQHGHJOLDOLPHQWL ವ LPSRUWDQWHDYYROJHUHLOFLERLQPRGR WDOHGDHYLWDUHFKHOಬDFTXDOಬXPLGLW¢R ODFRQGHQVDSHQHWULQRDOOಬLQWHUQR &RQVLJOLSHUOൄDFTXLVWR ವ ವ ವ 'RSRDYHUDFTXLVWDWRDOLPHQWL ವ $VVLFXUDUVLFKHO LPEDOODJJLRQRQVLD GDQQHJJLDWRLOFLERSRWUHEEH GHWHULRUDUVL6HODFRQIH]LRQHªJRQILD REDJQDWDSRWUHEEHQRQHVVHUHVWDWD ವ FRQVHUYDWDQHOOHFRQGL]LRQLRWWLPDOLHOR VEULQDPHQWRSRWUHEEHHVVHUHJL¢ LQL]LDWR 3HUOLPLWDUHLOSURFHVVRGL VFRQJHODPHQWRDFTXLVWDUHLSURGRWWL VXUJHODWLDOODILQHGHOODVSHVDH WUDVSRUWDUOLLQXQVDFFKHWWRWHUPLFRH LVRODWR 0HWWHWHLVXUJHODWLLPPHGLDWDPHQWHQHO FRQJHODWRUHGRSRHVVHUHWRUQDWLGDO QHJR]LR 6HLOFLERVLªVFRQJHODWRDQFKHVROR SDU]LDOPHQWHQRQFRQJHODUORGLQXRYR &RQVXPDUORLOSULPDSRVVLELOH 5LVSHWWDUHODGDWDGLVFDGHQ]DHOH LQIRUPD]LRQLGLFRQVHUYD]LRQHVXOOD FRQIH]LRQH 3HULRGRGLFRQVHUYD]LRQHSHUVFRPSDUWRFRQJHODWRUH 7LSRGLFLER 3HULRGRGLFRQVHU഻ YD]LRQH PHVL 3DQH )UXWWD DHFFH]LRQHGHJOLDJUXPL 9HUGXUH $YDQ]LVHQ]DFDUQH /DWWLFLQL %XUUR )RUPDJJLRDSDVWDPROOH DGHVPR]]DUHOOD )RUPDJJLRDSDVWDGXUD DGHVSDUPLJLDQRFKHGGDU )UXWWLGLPDUH 3HVFLJUDVVL DGHVVDOPRQHVJRPEUR 3HVFLPDJUL DGHVPHUOX]]RSODWHVVD *DPEHUHWWL 9RQJROHHFR]]HVJXVFLDWH 3HVFHFRWWR &DUQH 3ROODPH 0DQ]R 0DLDOH $JQHOOR 6DOVLFFLD 3URVFLXWWR $YDQ]LFRQFDUQH 38 &RQVLJOLSHUODUHIULJHUD]LRQH GHLFLELIUHVFKL ವ 8QDEXRQDLPSRVWD]LRQHGHOOD WHPSHUDWXUDFKHJDUDQWLVFHOD FRQVHUYD]LRQHGHJOLDOLPHQWLIUHVFKLª XQDWHPSHUDWXUDLQIHULRUHRXJXDOHD r& / LPSRVWD]LRQHGLXQDWHPSHUDWXUDSL» HOHYDWDDOO LQWHUQRGHOO DSSDUHFFKLRSX´ SRUWDUHDXQDPLQRUHGXUDWDGL FRQVHUYD]LRQHGHJOLDOLPHQWL ವ &RSULUHLOFLERFRQXQLPEDOODJJLRSHU SUHVHUYDUQHODIUHVFKH]]DHO DURPD ವ 8WLOL]]DUHVHPSUHFRQWHQLWRULFKLXVLSHU OLTXLGLHSHUDOLPHQWLSHUHYLWDUHVDSRUL RRGRULQHOORVFRPSDUWR ವ 3HUHYLWDUHODFRQWDPLQD]LRQH LQFURFLDWDWUDFLERFRWWRHFUXGRFRSULUH LOFLERFRWWRHVHSDUDUORGDTXHOOR FUXGR ವ 6LFRQVLJOLDGLVFRQJHODUHLOFLER DOO LQWHUQRGHOIULJRULIHUR ವ 1RQLQVHULUHFLERFDOGRDOO LQWHUQR GHOO DSSDUHFFKLDWXUD$VVLFXUDUVLFKHVL VLDUDIIUHGGDWRDWHPSHUDWXUDDPELHQWH SULPDGLLQVHULUOR ವ 3HUHYLWDUHORVSUHFRGLFLERODQXRYD VFRUWDGLFLERGRYUHEEHHVVHUHVHPSUH FROORFDWDGLHWURDTXHOODYHFFKLD ವ &DUQH WXWWLLWLSL GHYHHVVHUHDYYROWD LQDSSRVLWLVDFFKHWWLHFROORFDWDVXO ULSLDQRGLYHWURVRSUDLOFDVVHWWRGHOOH YHUGXUH/DFDUQHSX´HVVHUH FRQVHUYDWDDOPDVVLPRSHUJLRUQL ವ )UXWWDHYHUGXUDSXOLUHDFFXUDWDPHQWH HOLPLQDUHORVSRUFR HULSRUUH QHOOಬDSSRVLWRFDVVHWWR FDVVHWWRSHUOD YHUGXUD ವ 6LFRQVLJOLDGLQRQFRQVHUYDUHLQ IULJRULIHURLIUXWWLHVRWLFLFRPHEDQDQH PDQJKLSDSDLHHFF ವ /HYHUGXUHFRPHSRPRGRULSDWDWH FLSROOHHDJOLRQRQGHYRQRHVVHUH FRQVHUYDWHLQIULJRULIHUR ವ %XUURHIRUPDJJLRULSRUOLLQXQDSSRVLWR FRQWHQLWRUHVRWWRYXRWRRSSXUH DYYROJHUOLLQXQIRJOLRGLDOOXPLQLRRLQ XQVDFFKHWWRGLSROLHWLOHQHSHUOLPLWDUHLO SL»SRVVLELOHODSUHVHQ]DGLDULD ವ %RWWLJOLHFKLXGHUOHFRQXQWDSSRH FRQVHUYDUOHQHOULSLDQRSRUWDERWWLJOLH GHOODSRUWDR VHSUHVHQWH VXOODJULJOLD SRUWDERWWLJOLH ವ )DUHVHPSUHULIHULPHQWRDOODGDWDGL VFDGHQ]DGHLSURGRWWLSHUVDSHUHSHU TXDQWRWHPSRFRQVHUYDUOL &RQVLJOLSHUODUHIULJHUD]LRQH GHLFLEL ವ ,OFRPSDUWRDOLPHQWLIUHVFKLªTXHOOR FRQWUDVVHJQDWR VXOODWDUJKHWWDGHLGDWL FRQ 38/,=,$(&85$ $99(57(1=$)DUH ULIHULPHQWRDLFDSLWROLVXOOD VLFXUH]]D 3XOL]LDGHOO LQWHUQR 3ULPDGLXWLOL]]DUHO DSSDUHFFKLDWXUDSHUOD SULPDYROWDODYDUHO LQWHUQRHJOLDFFHVVRUL FRQDFTXDWLHSLGDHVDSRQHQHXWURSHU HOLPLQDUHLOWLSLFRRGRUHGHLSURGRWWLQXRYL TXLQGLDVFLXJDUHDFFXUDWDPHQWH $77(1=,21(1RQXVDUH GHWHUJHQWLSROYHULDEUDVLYH GHWHUJHQWLDEDVHGLFORURRG ROLRGDWRFKHSRWUHEEHUR GDQQHJJLDUHOHILQLWXUH $77(1=,21(*OLDFFHVVRULH LFRPSRQHQWL GHOOಬ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ಬDSSDUHFFKLDWXUD 6EULQDPHQWRGHOFRQJHODWRUH $77(1=,21(3HUULPXRYHUH ODEULQDGDOO HYDSRUDWRUHQRQ XVDUHXWHQVLOLPHWDOOLFLDSSXQWLWL FKHSRVVDQRGDQQHJJLDUOR 1RQXVDUHGLVSRVLWLYLPHFFDQLFL RDOWULPH]]LDUWLILFLDOLQRQ UDFFRPDQGDWLGDOSURGXWWRUH DOORVFRSRGLDFFHOHUDUHLO SURFHVVRGLVEULQDPHQWR &LUFDRUHSULPDGHOOR VEULQDPHQWRLPSRVWDUHXQD WHPSHUDWXUDSL»EDVVDSHU DFFXPXODUHXQDULVHUYDGL IUHGGRVXIILFLHQWHLQFDVRGL HYHQWXDOHLQWHUUX]LRQHGHO IXQ]LRQDPHQWR QRUPDOHFKHVXLULSLDQLGHOFRQJHODWRUH HLQWRUQRDOORVFRPSDUWRVXSHULRUHVLIRUPL FROWHPSRXQRVWUDWRGLEULQD 4XDQGRWDOHVWUDWRUDJJLXQJHXQR VSHVVRUHGLFDPPLOYDQR FRQJHODWRUHGHYHHVVHUHVEULQDWR 6SHJQHUHO DSSDUHFFKLDWXUDRHVWUDUUH ODVSLQDGHOODSUHVDDSDUHWH 5LPXRYHUHJOLDOLPHQWLFRQVHUYDWLH ULSRUOLLQXQOXRJRIUHVFR $77(1=,21(8Q LQQDO]DPHQWRGHOOD WHPSHUDWXUDGHLVXUJHODWL GXUDQWHORVEULQDPHQWRSX´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ಬDSSDUHFFKLDWXUDQRQIXQಣ ]LRQD /ಬDSSDUHFFKLDWXUDªVSHQWD $FFHQGHUHO DSSDUHFFKLDWXಣ UD /DVSLQDQRQªFROOHJDWD FRUUHWWDPHQWHDOODSUHVD HOHWWULFD &ROOHJDUHFRUUHWWDPHQWHOD VSLQDDOODSUHVDHOHWWULFD /DSUHVDHOHWWULFDQRQKD WHQVLRQH &ROOHJDUHXQಬDSSDUHFFKLDWXಣ UDHOHWWULFDGLYHUVDDOODSUHಣ VDGLDOLPHQWD]LRQH&RQWDWಣ WDUHXQHOHWWULFLVWDTXDOLILFDಣ WR /ಬDSSDUHFFKLDWXUDªUXPRURಣ VD /ಬDSSDUHFFKLDWXUDQRQª VXSSRUWDWDFRUUHWWDPHQWH &RQWUROODUHFKHO DSSDUHFಣ FKLDWXUDDEELDXQDSRVL]LRQH VWDELOH / DOODUPHDFXVWLFRRYLVLYRª DWWLYR ,OPRELOHWWRªVWDWRDFFHVRGL UHFHQWH )DUHULIHULPHQWRDOODVH]LRQH ಯ$OODUPHSRUWDDSHUWDರRಯ$Oಣ ODUPHGLDOWDWHPSHUDWXUDರ /DWHPSHUDWXUDDOO LQWHUQR GHOO DSSDUHFFKLDWXUDªWURSಣ SRDOWD )DUHULIHULPHQWRDOODVH]LRQH ಯ$OODUPHSRUWDDSHUWDರRಯ$Oಣ ODUPHGLDOWDWHPSHUDWXUDರ /DSRUWDªVWDWDODVFLDWD DSHUWD &KLXGHUHODSRUWD 41 3UREOHPD &DXVDSRVVLELOH 6ROX]LRQH ,OFRPSUHVVRUHIXQ]LRQDLQ PRGRFRQWLQXR /DWHPSHUDWXUDQRQªLPSRಣ VWDWDFRUUHWWDPHQWH )DUHULIHULPHQWRDOFDSLWROR ಯ3DQQHOORGLFRQWUROORರ 6RQRVWDWLLQWURGRWWLPROWLDOLಣ PHQWLFRQWHPSRUDQHDPHQWH $WWHQGHUHDOFXQHRUHHULಣ FRQWUROODUHODWHPSHUDWXUD /DWHPSHUDWXUDDPELHQWHª WURSSRDOWD )DUHULIHULPHQWRDOFDSLWROR ಯ,QVWDOOD]LRQHರ *OLDOLPHQWLLQWURGRWWLQHOO DSಣ SDUHFFKLDWXUDHUDQRWURSSR FDOGL 3ULPDGLLQWURGXUUHJOLDOLಣ PHQWLODVFLDUOLUDIIUHGGDUHD WHPSHUDWXUDDPELHQWH /DSRUWDQRQªFKLXVDFRUಣ UHWWDPHQWH )DUHULIHULPHQWRDOODVH]LRQH ಯ&KLXVXUDGHOODSRUWDರ /DIXQ]LRQH)DVW)UHH]Hª DWWLYD 9HGHUHODVH]LRQH)XQ]LRಣ QH)DVW)UHH]H /DIXQ]LRQH)DVW&RROªDWWLಣ YD 9HGHUHODVH]LRQH)XQ]LRಣ QH)DVW&RRO ,OFRPSUHVVRUHQRQVLDYYLD LPPHGLDWDPHQWHGRSRDYHUH SUHPXWRLOWDVWR)DVW)UHHಣ ]HR)DVW&RRORSSXUHGRಣ SRDYHUHPRGLILFDWRODWHPಣ SHUDWXUD ,OFRPSUHVVRUHVLDYYLDGRSR XQFHUWRSHULRGRGLWHPSR QRUPDOHQRQVLWUDWWDGL XQಬDQRPDOLDGLIXQ]LRQDಣ PHQWR /DSRUWDQRQªDOOLQHDWDRLQಣ WHUIHULVFHFRQODJULJOLDGL YHQWLOD]LRQH /ಬDSSDUHFFKLDWXUDQRQª SHUIHWWDPHQWHLQSLDQR )DUHULIHULPHQWRDOOHLVWUX]LRಣ QLGLLQVWDOOD]LRQH /DSRUWDQRQVLDSUHIDFLOಣ PHQWH 6LªFHUFDWRGLULDSULUHOD SRUWDVXELWRGRSRDYHUOD FKLXVD $WWHQGHUHDOFXQLVHFRQGLIUD ODFKLXVXUDGHOODSRUWDHOD VXDULDSHUWXUD /DODPSDGLQDQRQIXQ]LRQD /DODPSDGLQDªLQPRGDOLW¢ VWDQGE\ &KLXGHUHHDSULUHODSRUWD /DODPSDGLQDªGLIHWWRVD &RQWDWWDUHLO&HQWURGL$VVLಣ VWHQ]D$XWRUL]]DWRSL»YLFLಣ QR &ಬªXQDTXDQWLW¢HFFHVVLYD GLEULQDHJKLDFFLR /DSRUWDQRQªFKLXVDFRUಣ UHWWDPHQWH )DUHULIHULPHQWRDOODVH]LRQH ಯ&KLXVXUDGHOODSRUWDರ /DJXDUQL]LRQHªGHIRUPDWD RVSRUFD )DUHULIHULPHQWRDOODVH]LRQH ಯ&KLXVXUDGHOODSRUWDರ *OLDOLPHQWLQRQVRQRVWDWL DYYROWLLQPDQLHUDLGRQHD $YYROJHUHPHJOLRJOLDOLPHQಣ WL 42 3UREOHPD &DXVDSRVVLELOH 6ROX]LRQH /DWHPSHUDWXUDQRQªLPSRಣ VWDWDFRUUHWWDPHQWH )DUHULIHULPHQWRDOFDSLWROR ಯ3DQQHOORGLFRQWUROORರ / DSSDUHFFKLDWXUDªFRPSOHಣ WDPHQWHFDULFDHGªLPSRಣ VWDWDVXOODWHPSHUDWXUDSL» EDVVD ,PSRVWDUHXQDWHPSHUDWXUD VXSHULRUH)DUHULIHULPHQWR DOFDSLWRORಯ3DQQHOORGLFRQಣ WUROORರ /DWHPSHUDWXUDLPSRVWDWD QHOO DSSDUHFFKLDWXUDªWURSಣ SREDVVDHODWHPSHUDWXUD DPELHQWHªWURSSRDOWD ,PSRVWDUHXQDWHPSHUDWXUD VXSHULRUH)DUHULIHULPHQWR DOFDSLWRORಯ3DQQHOORGLFRQಣ WUROORರ 6XOODSLDVWUDSRVWHULRUHGHO IULJRULIHURVFRUUHOಬDFTXD 'XUDQWHORVEULQDPHQWRDXಣ WRPDWLFRODEULQDVLVFLRJOLH VXOSDQQHOORSRVWHULRUH &L´ªFRUUHWWR 6LªFRQGHQVDWDWURSSDDFಣ TXDVXOODSDUHWHSRVWHULRUH GHOIULJRULIHUR /DSRUWDªVWDWDDSHUWDFRQ HFFHVVLYDIUHTXHQ]D $SULUHODSRUWDVRORVHQHಣ FHVVDULR /DSRUWDQRQªVWDWDFKLXVD FRPSOHWDPHQWH &RQWUROODUHFKHODSRUWDVLD FKLXVDFRPSOHWDPHQWH ,OFLERFRQVHUYDWRQRQªVWDಣ WRDYYROWRQHOO DSSRVLWRPDಣ WHULDOH $YYROJHUHJOLDOLPHQWLLQXQ LPEDOODJJLRDGHJXDWRSULPD GLULSRUOLDOOಬLQWHUQRGHOOಬDSSDಣ UHFFKLDWXUD /ಬDFTXDVFRUUHDOOಬLQWHUQRGHO IULJRULIHUR *OLDOLPHQWLLPSHGLVFRQRDOಣ OಬDFTXDGLVFRUUHUHQHOOಬDSಣ SRVLWRFROOHWWRUH $VVLFXUDUVLFKHJOLDOLPHQWL QRQWRFFKLQRLOSDQQHOORSRಣ VWHULRUH /RVFDULFRGHOO DFTXDª RVWUXLWR 3XOLUHORVFDULFRGHOOಬDFTXD /ಬDFTXDVFRUUHVXOSDYLPHQಣ WR /RVFDULFRGHOOಬDFTXDGLVEULಣ QDPHQWRQRQªFROOHJDWRDOಣ ODYDVFKHWWDGLHYDSRUD]LRQH SRVWDDOGLVRSUDGHOFRPಣ SUHVVRUH &ROOHJDUHORVFDULFRGHOOಬDFಣ TXDGLVEULQDPHQWRDOODYDಣ VFKHWWDGLHYDSRUD]LRQH 1RQªSRVVLELOHLPSRVWDUHOD WHPSHUDWXUD /DIXQ]LRQH)DVW)UHH]HR ODIXQ]LRQH)DVW&RROªDWWLಣ YD 'LVDWWLYDUHPDQXDOPHQWHOD IXQ]LRQH)DVW)UHH]HROD IXQ]LRQH)DVW&RRORSSXUH DWWHQGHUHILQFK«ODIXQ]LRQH VLGLVDWWLYDDXWRPDWLFDPHQWH SHULPSRVWDUHODWHPSHUDWXಣ UD9HGHUHODVH]LRQHIXQಣ ]LRQH)DVW)UHH]HRIXQ]LRಣ QH)DVW&RRO 43 3UREOHPD &DXVDSRVVLELOH 6ROX]LRQH /DWHPSHUDWXUDDOOಬLQWHUQR GHOOಬDSSDUHFFKLDWXUDªWURSಣ SREDVVDWURSSRDOWD /DWHPSHUDWXUDQRQªLPSRಣ VWDWDFRUUHWWDPHQWH ,PSRVWDUHXQDWHPSHUDWXUD VXSHULRUHLQIHULRUH /DSRUWDQRQªFKLXVDFRUಣ UHWWDPHQWH )DUHULIHULPHQWRDOODVH]LRQH ಯ&KLXVXUDGHOODSRUWDರ /DWHPSHUDWXUDGHJOLDOLPHQಣ WLªWURSSRDOWD 3ULPDGLLQWURGXUUHJOLDOLಣ PHQWLODVFLDUOLUDIIUHGGDUHD WHPSHUDWXUDDPELHQWH 6RQRVWDWLLQWURGRWWLPROWLDOLಣ PHQWLFRQWHPSRUDQHDPHQWH ,QWURGXUUHPHQRDOLPHQWLSRಣ FRDOODYROWDDOORVWHVVRWHPಣ SR /RVSHVVRUHGHOODEULQDª PDJJLRUHGLPP 6EULQDUHO DSSDUHFFKLDWXUD /DSRUWDYLHQHDSHUWDIUHಣ TXHQWHPHQWH $SULUHODSRUWDVRORVHQHಣ FHVVDULR /DIXQ]LRQH)DVW)UHH]Hª DWWLYD 9HGHUHODVH]LRQH)XQ]LRಣ QH)DVW)UHH]H /DIXQ]LRQH)DVW&RROªDWWLಣ YD 9HGHUHODVH]LRQH)XQ]LRಣ QH)DVW&RRO ,QDOFXQLPRPHQWLDOFXQHVXಣ SHUILFLVSHFLILFKHDOOಬLQWHUQR GHOYDQRIULJRULIHURVRQRSL» FDOGH 6LWUDWWDGLXQRVWDWRQRUPDಣ OH '(02FRPSDUHVXOGLVSOD\ /ಬDSSDUHFFKLDWXUDªLQPRಣ GDOLW¢GLGLPRVWUD]LRQH 0DQWHQHUHSUHPXWRLOWDVWR 2.SHUFLUFDVHFRQGLILQಣ FK«QRQYLHQHHPHVVRXQ VHJQDOHVRQRURSUROXQJDWRH LOGLVSOD\VLVSHJQHSHUTXDOಣ FKHLVWDQWH 3UREOHPDDOVHQVRUHGHOOD WHPSHUDWXUD &RQWDWWDUHLO&HQWURGL$VVLಣ VWHQ]D$XWRUL]]DWRSL»YLFLQR LOVLVWHPDGLUDIIUHGGDPHQWR FRQWLQXHU¢DPDQWHQHUHJOL DOLPHQWLIUHGGLPDQRQVDU¢ SRVVLELOHUHJRODUHODWHPSHಣ UDWXUD $SSDUHLOVLPEROR R R DQ]LFK«LQXPHULVXOGLಣ VSOD\GHOODWHPSHUDWXUD 6HLOVXJJHULPHQWRQRQGDL ULVXOWDWLDXVSLFDWLFRQWDWWDUHLO &HQWURGL$VVLVWHQ]D $XWRUL]]DWRSL»YLFLQR 6RVWLWX]LRQHGHOODODPSDGLQD / DSSDUHFFKLDWXUDªGRWDWDGLXQD ODPSDGLQDLQWHUQDD/('DOXQJDGXUDWD 44 6RORDO&HQWURGL$VVLVWHQ]DªSHUPHVVR VRVWLWXLUHO LPSLDQWRG LOOXPLQD]LRQH &RQWDWWDUHXQ&HQWUR$VVLVWHQ]D DXWRUL]]DWR &KLXVXUDGHOODSRUWD 6HQHFHVVDULRUHJRODUHODSRUWD)DUH ULIHULPHQWRDOOHLVWUX]LRQLGL LQVWDOOD]LRQH 6HQHFHVVDULRVRVWLWXLUHOHJXDUQL]LRQL GLIHWWRVH&RQWDWWDUHLO&HQWUR $VVLVWHQ]D$XWRUL]]DWR 3XOLUHOHJXDUQL]LRQLGHOODSRUWD 58025, SSSRRR! BRRR! CLICK! HISSS! BLUBB! '$7,7(&1,&, ,GDWLWHFQLFLVRQRULSRUWDWLVXOODWDUJKHWWD GHLGDWLDSSOLFDWDVXOODWRHVWHUQR GHOOಬDSSDUHFFKLDWXUDHVXOOಬ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¢SDUWLUGHODGDWHGHOLYUDLVRQ RXGHODPLVHHQVHUYLFHDX FRQVRPPDWHXU GRFXPHQW«DXPR\HQ GಬXQHIDFWXUHGಬXQERQGHJDUDQWLHRX GಬXQMXVWLILFDWLIGಬDFKDW 1RWUHJDUDQWLH FRXYUHOHVIUDLVGHPDLQVGಬRHXYUHVHWGH G«SODFHPHQWDLQVLTXHOHVSLªFHVGH UHFKDQJH /HVFRQGLWLRQVGHJDUDQWLHQHVRQWSDV YDODEOHVHQFDVGಬLQWHUYHQWLRQGಬXQWLHUV QRQDXWRULV«GHOಬHPSORLGHSLªFHVGH UHFKDQJHQRQRULJLQDOHVGಬHUUHXUVGH PDQLHPHQWRXGಬLQVWDOODWLRQGXHV¢ OಬLQREVHUYDWLRQGXPRGHGಬHPSORLHWSRXU GHVGRPPDJHVFDXV«VSDUGHVLQIOXHQFHV H[W«ULHXUHVRXGHIRUFHPDMHXUH *$5$17,(%(',1*81*(1.81'(1',(167 )¾UMHGHV3URGXNWJHZ¦KUHQ:LUDE 9HUNDXIE]Z/LHIHUGDWXPDQGHQ (QGYHUEUDXFKHUHLQH*DUDQWLHYRQ -DKUHQ $XVZHLVGXUFK*DUDQWLHVFKHLQ )DNWXUDRGHU9HUNDXIVEHOHJ 'LH*DUDQWLHOHLVWXQJXPIDVVWGLH.RVWHQ I¾U0DWHULDO$UEHLWVXQG5HLVH]HLW 'LH*DUDQWLHOHLVWXQJHQWI¦OOWEHL 1LFKWEHDFKWXQJGHU*HEUDXFKVDQZHLVXQJ XQG%HWULHEVYRUVFKULIWHQXQVDFKJHUHFKWHU ,QVWDOODWLRQVRZLHEHL%HVFK¦GLJXQJ GXUFK¦XVVHUH(LQIO¾VVHK¸KHUH*HZDOW (LQJULIIH'ULWWHUXQG9HUZHQGXQJYRQ 1LFKW2ULJLQDO7HLOHQ &21',=,21,',*$5$1=,$6(59,=,2&/,(17(/$ 3HURJQLSURGRWWRFRQFHGLDPRXQD JDUDQ]LDGLDQQLDSDUWLUHGDOODGDWDGL FRQVHJQDRGDOODVXDPHVVDLQIXQ]LRQH )DVWDWRODGDWDGHOODIDWWXUDGHO FHUWLILFDWRGLJDUDQ]LDRGHOORVFRQWULQR GಬDFTXLVWR 1HOODJDUDQ]LDVRQRFRPSUHVH OHVSHVHGLPDQRGRSHUDGLYLDJJLRHGHO PDWHULDOH 'DOODFRSHUWXUDVRQRHVFOXVLLO ORJRUDPHQWRHGLGDQQLFDXVDWLGDDJHQWL HVWHUQLLQWHUYHQWRGLWHU]LXWLOL]]RGL ULFDPELQRQRULJLQDOLRGDOODLQRVVHUYDQ]D GHOOHSUHVFUL]LRQLGಬLVWDOOD]LRQHHG LVWUX]LRQLSHUOಬXVR 46 &216,'(5$=,21,68// $0%,(17( 5LFLFODUHLPDWHULDOLFRQLOVLPEROR %XWWDUHO LPEDOODJJLRQHJOLDSSRVLWL FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQDH DULFLFODUHULILXWLGHULYDQWLGD DSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKH 1RQVPDOWLUHOHDSSDUHFFKLDWXUHFKH ULSRUWDQRLOVLPEROR LQVLHPHDLQRUPDOL ULILXWLGRPHVWLFL3RUWDUHLOSURGRWWRDO SXQWRGLULFLFODJJLRSL»YLFLQRRFRQWDWWDUH LOFRPXQHGLUHVLGHQ]D 3HUOD6YL]]HUD 'RYHSRUWDUHJOLDSSDUHFFKL IXRULXVR" ,QTXDOVLDVLQHJR]LRFKHYHQGH DSSDUHFFKLQXRYLRSSXUHVL UHVWLWXLVFRQRDLFHQWULGL UDFFROWDXIILFLDOLGHOOD6(16 RSSXUHDLULFLFODWRULXIILFLDOL GHOOD6(16 /DOLVWDGHLFHQWULGLUDFFROWD XIILFLDOLGHOOD6(16ªYLVLELOH QHOVLWRZZZHUHF\FOLQJFK 47 Unsere Kundendienst-Telefonnummer: Le numéro de téléphone de notre service après-vente: Il nostro numero di telefono del servizio clientela: Our customer service telephone number: 0848 559 111 oder unter ou sur Internet oppure su Internet or in the internet www.fust.ch $