▼
Scroll to page 2
of
56
*.76,32 )5 ,7 7DEOHGHFXLVVRQ 3LDQRFRWWXUD 1RWLFHG XWLOLVDWLRQ ,VWUX]LRQLSHUOಬXVR Get the most out of your appliance For quick access to manuals, how-to guides, support and more through our photo registration visit electrolux.com/register ZZZHOHFWUROX[FRP 7$%/('(60$7,5(6 ,1)250$7,216'(6&85,7 &216,*1(6'(6&85,7 ,167$//$7,21 '(6&5,37,21'(/ $33$5(,/ 87,/,6$7,214827,',(11( =21('(&8,6621,1'8&7,21)/(;,%/( &216(,/6 (175(7,(1(71(772<$*( (1&$6' $120$/,('()21&7,211(0(17 &$5$&75,67,48(67(&+1,48(6 5(1'(0(171(5*7,48( *$5$17,( 12863(162169286 0HUFLG DYRLUFKRLVLFHSURGXLW(OHFWUROX[$YHFFHSURGXLWYRXVE«Q«ILFLH]GH GL]DLQHVG DQQ«HVG H[S«ULHQFHSURIHVVLRQQHOOHHWG LQQRYDWLRQ,QJ«QLHX[HW «O«JDQWLOD«W«FRQ©XVXUPHVXUHSRXUYRXV*U¤FH¢FHWDSSDUHLOYRXVVDYH] TXHFKDTXHXWLOLVDWLRQYRXVDSSRUWHUDVDWLVIDFWLRQ %LHQYHQXHFKH](OHFWUROX[ 9LVLWH]QRWUHVLWH,QWHUQHWSRXU 2EWHQLUGHVFRQVHLOVG XWLOLVDWLRQGHVEURFKXUHVGHO DLGHGHVLQIRUPDWLRQV ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH (QUHJLVWUH]YRWUHSURGXLWSRXUREWHQLUXQPHLOOHXUVHUYLFH ZZZUHJLVWHUHOHFWUROX[FRP $FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHG RULJLQHSRXU YRWUHDSSDUHLO ZZZHOHFWUROX[FRPVKRS 6(59,&($3569(17( 8WLOLVH]WRXMRXUVGHVSLªFHVG RULJLQH $YDQWGHFRQWDFWHUOHVHUYLFHDSUªVYHQWHDVVXUH]YRXVGHGLVSRVHUGHV LQIRUPDWLRQVVXLYDQWHV0RGªOH31&QXP«URGHV«ULH 9RXVWURXYHUH]FHVLQIRUPDWLRQVVXUODSODTXHVLJQDO«WLTXH $YHUWLVVHPHQW&RQVLJQHVGHV«FXULW« ,QIRUPDWLRQVJ«Q«UDOHVHWFRQVHLOV ,QIRUPDWLRQVHQPDWLªUHGHSURWHFWLRQGHO HQYLURQQHPHQW 6RXVU«VHUYHGHPRGLILFDWLRQV ,1)250$7,216'(6&85,7 $YDQWG LQVWDOOHUHWG XWLOLVHUFHWDSSDUHLOOLVH] VRLJQHXVHPHQWOHVLQVWUXFWLRQVIRXUQLHV/HIDEULFDQWQH )5$1$,6 SRXUUD¬WUHWHQXSRXUUHVSRQVDEOHGHVEOHVVXUHVHW G«J¤WVU«VXOWDQWG XQHPDXYDLVHLQVWDOODWLRQRX XWLOLVDWLRQ&RQVHUYH]WRXMRXUVOHVLQVWUXFWLRQVGDQVXQ OLHXV½UHWDFFHVVLEOHSRXUYRXV\U«I«UHUXOW«ULHXUHPHQW 6«FXULW«GHVHQIDQWVHWGHVSHUVRQQHV YXOQ«UDEOHV ವ ವ ವ ವ ವ ವ ವ ವ &HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWVGHSOXV GHDQVDLQVLTXHGHVSHUVRQQHVGRQWOHVFDSDFLW«V SK\VLTXHVVHQVRULHOOHVHWPHQWDOHVVRQWU«GXLWHVRX GRQWOHVFRQQDLVVDQFHVHWO H[S«ULHQFHVRQW LQVXIILVDQWHV¢FRQGLWLRQG ¬WUHVXUYHLOO«VRXG DYRLU UH©XGHVLQVWUXFWLRQVFRQFHUQDQWO XWLOLVDWLRQV«FXULV«H GHO DSSDUHLOHWGHFRPSUHQGUHOHVULVTXHVHQFRXUXV /HVHQIDQWVHQWUHHWDQVHWOHVSHUVRQQHVD\DQWXQ KDQGLFDSWUªVLPSRUWDQWHWFRPSOH[HGRLYHQW¬WUH WHQXV¢O «FDUW¢PRLQVG ¬WUHVXUYHLOO«VHQ SHUPDQHQFH /HVHQIDQWVGHPRLQVGHDQVGRLYHQW¬WUHWHQXV¢ O «FDUW¢PRLQVG ¬WUHVXUYHLOO«VHQSHUPDQHQFH 1HODLVVH]SDVOHVHQIDQWVMRXHUDYHFO DSSDUHLO 1HODLVVH]SDVOHVHPEDOODJHV¢ODSRUW«HGHVHQIDQWV HWMHWH]OHVFRQYHQDEOHPHQW 7HQH]OHVHQIDQWVHWOHVDQLPDX[«ORLJQ«VGH O DSSDUHLOORUVTX LOHVWHQFRXUVGHIRQFWLRQQHPHQWRX ORUVTX LOUHIURLGLW/HVSDUWLHVDFFHVVLEOHVVRQW FKDXGHV 6LO DSSDUHLOHVW«TXLS«G XQGLVSRVLWLIGHV«FXULW« HQIDQWVQRXVYRXVUHFRPPDQGRQVGHO DFWLYHU /HVHQIDQWVQHGRLYHQWSDVQHWWR\HUQLHQWUHSUHQGUH XQHRS«UDWLRQGHPDLQWHQDQFHVXUO DSSDUHLOVDQV VXUYHLOODQFH 6«FXULW«J«Q«UDOH ವ $9(57,66(0(17/ DSSDUHLOHWVHVSDUWLHV DFFHVVLEOHVGHYLHQQHQWFKDXGVSHQGDQWVRQ ZZZHOHFWUROX[FRP ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ IRQFWLRQQHPHQW9HLOOH]¢QHSDVWRXFKHUOHV«O«PHQWV FKDXIIDQWV 1HIDLWHVSDVIRQFWLRQQHUO DSSDUHLODYHFXQPLQXWHXU H[WHUQHRXXQV\VWªPHGHFRPPDQGH¢GLVWDQFH $9(57,66(0(17,OSHXW¬WUHGDQJHUHX[GHODLVVHU FKDXIIHUGHODJUDLVVHRXGHO KXLOHVDQVVXUYHLOODQFH VXUXQHWDEOHGHFXLVVRQFDUFHODSRXUUDLWSURYRTXHU XQLQFHQGLH 1 HVVD\H]-$0$,6G «WHLQGUHXQIHXDYHFGHO HDX WHLJQH]O DSSDUHLOSXLVFRXYUH]OHVIODPPHVSDU H[HPSOHDYHFXQFRXYHUFOHRXXQHFRXYHUWXUH LJQLIXJH $77(17,217RXWHFXLVVRQGRLW¬WUHVXUYHLOO«H8QH FXLVVRQFRXUWHGRLW¬WUHVXUYHLOO«HHQSHUPDQHQFH $9(57,66(0(175LVTXHG LQFHQGLH1 HQWUHSRVH] ULHQVXUOHVVXUIDFHVGHFXLVVRQ 1HSRVH]SDVG REMHWVP«WDOOLTXHVWHOVTXHFRXWHDX[ IRXUFKHWWHVFXLOOªUHVRXFRXYHUFOHVVXUODWDEOHGH FXLVVRQFDULOVSRXUUDLHQWFKDXIIHU 1 XWLOLVH]SDVGHQHWWR\HXUYDSHXUSRXUQHWWR\HU O DSSDUHLO $SUªVXWLOLVDWLRQ«WHLJQH]WRXMRXUVOD]RQHGHFXLVVRQ ¢O DLGHGHODPDQHWWHGHFRPPDQGHFRUUHVSRQGDQWH HWQHYRXVILH]SDV¢ODG«WHFWLRQGHVU«FLSLHQWV 6LODVXUIDFHYLWURF«UDPLTXHHQYHUUHHVWILVVXU«H «WHLJQH]O DSSDUHLOHWG«EUDQFKH]OH6LO DSSDUHLOHVW EUDQFK«¢O DOLPHQWDWLRQVHFWHXUGLUHFWHPHQWHQ XWLOLVDQWXQHER°WHGHMRQFWLRQUHWLUH]OHIXVLEOHSRXU G«FRQQHFWHUO DSSDUHLOGHO DOLPHQWDWLRQVHFWHXU'DQV WRXVOHVFDVFRQWDFWH]OHVHUYLFHDSUªVYHQWHDJU«« 6LOHF¤EOHG DOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW¬WUH UHPSODF«SDUOHIDEULFDQWXQVHUYLFHGHPDLQWHQDQFH DJU««RXXQWHFKQLFLHQTXDOLIL«DILQG «YLWHUWRXW GDQJHU $9(57,66(0(178WLOLVH]XQLTXHPHQWOHV GLVSRVLWLIVGHSURWHFWLRQSRXUWDEOHGHFXLVVRQFRQ©XV RXLQGLTX«VFRPPHDGDSW«VSDUOHIDEULFDQWGH )5$1$,6 O DSSDUHLOGHFXLVVRQGDQVOHVLQVWUXFWLRQVG XWLOLVDWLRQ RXOHVGLVSRVLWLIVGHSURWHFWLRQSRXUWDEOHGHFXLVVRQ LQW«JU«V¢O DSSDUHLO/ XWLOLVDWLRQGHGLVSRVLWLIVGH SURWHFWLRQQRQDGDSW«VSHXWHQWUD°QHUGHVDFFLGHQWV &216,*1(6'(6&85,7 ,QVWDOODWLRQ $9(57,66(0(17 / DSSDUHLOGRLW¬WUHLQVWDOO« XQLTXHPHQWSDUXQ SURIHVVLRQQHOTXDOLIL« $9(57,66(0(17 5LVTXHGHEOHVVXUH FRUSRUHOOHRXGHGRPPDJHV PDW«ULHOV ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ 5HWLUH]O LQW«JUDOLW«GHO HPEDOODJH 1 LQVWDOOH]SDVHWQHEUDQFKH]SDVXQ DSSDUHLOHQGRPPDJ« 6XLYH]VFUXSXOHXVHPHQWOHV LQVWUXFWLRQVG LQVWDOODWLRQIRXUQLHV DYHFO DSSDUHLO 5HVSHFWH]O HVSDFHPHQWPLQLPDO UHTXLVSDUUDSSRUWDX[DXWUHV DSSDUHLOVHW«O«PHQWV 6R\H]WRXMRXUVYLJLODQWVORUVTXHYRXV G«SODFH]O DSSDUHLOFDULOHVWORXUG 8WLOLVH]WRXMRXUVGHVJDQWVGHV«FXULW« HWGHVFKDXVVXUHVIHUP«HV ,VROH]OHVVXUIDFHVG«FRXS«HV¢O DLGH G XQPDW«ULDXG «WDQFK«LW«SRXU«YLWHU TXHODPRLVLVVXUHQHSURYRTXHGH JRQIOHPHQWV 3URW«JH]ODSDUWLHLQI«ULHXUHGH O DSSDUHLOGHODYDSHXUHWGH O KXPLGLW« 1 LQVWDOOH]SDVO DSSDUHLOSUªVG XQH SRUWHRXVRXVXQHIHQ¬WUH/HV U«FLSLHQWVFKDXGVULVTXHUDLHQWGH WRPEHUGHO DSSDUHLOORUVGHO RXYHUWXUH GHFHOOHVFL &KDTXHDSSDUHLOHVWGRW«GH YHQWLODWHXUVGHUHIURLGLVVHPHQWGDQV OHIRQG 6LO DSSDUHLOHVWLQVWDOO«DXGHVVXV G XQWLURLU ದ 1HUDQJH]SDVGHIHXLOOHVQLGH SHWLWVERXWVGHSDSLHUTXL SRXUUDLHQW¬WUHDVSLU«VHW HQGRPPDJHUOHVYHQWLODWHXUVGH ವ UHIURLGLVVHPHQWRXOHV\VWªPHGH UHIURLGLVVHPHQW ದ /DLVVH]XQHGLVWDQFHG DXPRLQV FPHQWUHOHIRQGGHO DSSDUHLOHW OHVREMHWVUDQJ«VGDQVOHWLURLU 5HWLUH]OHVSDQQHDX[GHV«SDUDWLRQ LQVWDOO«VGDQVOHPHXEOHVRXV O DSSDUHLO %UDQFKHPHQW«OHFWULTXH $9(57,66(0(17 5LVTXHG LQFHQGLHRX G «OHFWURFXWLRQ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ / HQVHPEOHGHVEUDQFKHPHQWV «OHFWULTXHVGRLW¬WUHHIIHFWX«SDUXQ WHFKQLFLHQTXDOLIL« / DSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH $YDQWWRXWHLQWHUYHQWLRQDVVXUH] YRXVTXHO DSSDUHLOHVWG«EUDQFK« 9«ULILH]TXHOHVSDUDPªWUHVILJXUDQW VXUODSODTXHVLJQDO«WLTXH FRUUHVSRQGHQWDX[GRQQ«HV «OHFWULTXHVGHYRWUHU«VHDX $VVXUH]YRXVTXHO DSSDUHLOHVWELHQ LQVWDOO«8QF¤EOHG DOLPHQWDWLRQO¤FKH HWLQDSSURSUL«RXXQHILFKHVL SU«VHQWHQRQVHUU«HSHXYHQW¬WUH¢ O RULJLQHG XQHVXUFKDXIIHGHVERUQHV 8WLOLVH]OHF¤EOHG DOLPHQWDWLRQ «OHFWULTXHDSSURSUL« 1HODLVVH]SDVOHF¤EOHG DOLPHQWDWLRQ V HPP¬OHU $VVXUH]YRXVTX XQHSURWHFWLRQDQWL «OHFWURFXWLRQHVWLQVWDOO«H 8WLOLVH]XQFROOLHUDQWLWUDFWLRQVXUOH F¤EOH $VVXUH]YRXVTXHOHF¤EOH G DOLPHQWDWLRQRXODILFKHVLSU«VHQWH Q HQWUHQWSDVHQFRQWDFWDYHFOHV VXUIDFHVEU½ODQWHVGHO DSSDUHLORXOHV U«FLSLHQWVEU½ODQWVORUVTXHYRXV EUDQFKH]O DSSDUHLO¢GHVSULVHV «OHFWULTXHVVLWX«HV¢SUR[LPLW« 1 XWLOLVH]SDVG DGDSWDWHXUV PXOWLSULVHVQLGHUDOORQJHV ZZZHOHFWUROX[FRP ವ ವ ವ ವ ವ ವ ವ 9HLOOH]¢QHSDVHQGRPPDJHUODILFKH VHFWHXUVLSU«VHQWHQLOHF¤EOH G DOLPHQWDWLRQ&RQWDFWH]QRWUH VHUYLFHDSUªVYHQWHDJU««RXXQ «OHFWULFLHQSRXUUHPSODFHUOHF¤EOH G DOLPHQWDWLRQV LOHVWHQGRPPDJ« /DSURWHFWLRQFRQWUHOHVFKRFVGHV SDUWLHVVRXVWHQVLRQHWLVRO«HVGRLW ¬WUHIL[«HGHWHOOHPDQLªUHTX HOOHQH SHXWSDV¬WUHHQOHY«HVDQVRXWLOV 1HEUDQFKH]ODILFKHG DOLPHQWDWLRQ¢ ODSULVHGHFRXUDQWTX ¢ODILQGH O LQVWDOODWLRQ$VVXUH]YRXVTXHOD SULVHGHFRXUDQWHVWDFFHVVLEOHXQH IRLVO DSSDUHLOLQVWDOO« 6LODSULVHGHFRXUDQWHVWO¤FKHQH EUDQFKH]SDVODILFKHG DOLPHQWDWLRQ VHFWHXU 1HWLUH]MDPDLVVXUOHF¤EOH G DOLPHQWDWLRQSRXUG«EUDQFKHU O DSSDUHLO7LUH]WRXMRXUVVXUODILFKH 1 XWLOLVH]TXHGHVV\VWªPHV G LVRODWLRQDSSURSUL«VGHVFRXSH FLUFXLWVGHVIXVLEOHVOHVIXVLEOHV¢ YLVVHUGRLYHQW¬WUHUHWLU«VGXVXSSRUW XQGLVMRQFWHXUGLII«UHQWLHOHWGHV FRQWDFWHXUV / LQVWDOODWLRQ«OHFWULTXHGRLW¬WUH «TXLS«HG XQGLVSRVLWLIG LVROHPHQW¢ FRXSXUHRPQLSRODLUH/HGLVSRVLWLI G LVROHPHQWGRLWSU«VHQWHUXQH GLVWDQFHG RXYHUWXUHGHVFRQWDFWV G DXPRLQVPP 8WLOLVDWLRQ $9(57,66(0(17 5LVTXHGHEOHVVXUHVGH EU½OXUHVRXG «OHFWURFXWLRQ ವ ವ ವ ವ ವ ವ ವ $YDQWODSUHPLªUHXWLOLVDWLRQUHWLUH] OHVHPEDOODJHVOHV«WLTXHWWHVHWOHV ILOPVGHSURWHFWLRQVLSU«VHQWV &HWDSSDUHLOHVWH[FOXVLYHPHQW GHVWLQ«¢XQHXWLOLVDWLRQGRPHVWLTXH 1HPRGLILH]SDVOHVFDUDFW«ULVWLTXHV GHFHWDSSDUHLO $VVXUH]YRXVTXHOHVRULILFHVGH YHQWLODWLRQQHVRQWSDVERXFK«V 1HODLVVH]MDPDLVO DSSDUHLOVDQV VXUYHLOODQFHSHQGDQWVRQ IRQFWLRQQHPHQW WHLJQH]OHV]RQHVGHFXLVVRQDSUªV FKDTXHXWLOLVDWLRQ 1HYRXVILH]SDVXQLTXHPHQWDX G«WHFWHXUGHU«FLSLHQW ವ ವ ವ ವ ವ ವ 1HSRVH]SDVGHFRXYHUWVRXGH FRXYHUFOHVVXUOHV]RQHVGHFXLVVRQ (OOHVVRQWFKDXGHV 1 XWLOLVH]MDPDLVFHWDSSDUHLODYHFOHV PDLQVPRXLOO«HVRXORUVTX LOHVWHQ FRQWDFWDYHFGHO HDX 1 XWLOLVH]MDPDLVO DSSDUHLOFRPPH SODQGHWUDYDLORXFRPPHSODQGH VWRFNDJH 6LODVXUIDFHGHO DSSDUHLOSU«VHQWH GHVI¬OXUHVG«EUDQFKH] LPP«GLDWHPHQWO DSSDUHLOSRXU«YLWHU WRXWULVTXHG «OHFWURFXWLRQ /HVSRUWHXUVGHSDFHPDNHUVGRLYHQW UHVWHU¢XQHGLVWDQFHPLQLPDOHGH FPGHV]RQHVGHFXLVVRQ¢ LQGXFWLRQORUVTXHO DSSDUHLOHVWHQ FRXUVGHIRQFWLRQQHPHQW /RUVTXHYRXVYHUVH]XQDOLPHQWGDQV GHO KXLOHFKDXGHHOOHSHXW «FODERXVVHU $9(57,66(0(17 5LVTXHG LQFHQGLHHW G H[SORVLRQ ವ ವ ವ ವ /HVJUDLVVHVHWO KXLOHFKDXGHV SHXYHQWG«JDJHUGHVYDSHXUV LQIODPPDEOHV7HQH]OHVIODPPHVRX OHVREMHWVFKDXGV«ORLJQ«VGHV JUDLVVHVHWGHO KXLOHORUVTXHYRXV YRXVHQVHUYH]SRXUFXLVLQHU /HVYDSHXUVG«JDJ«HVSDUO KXLOHWUªV FKDXGHSHXYHQWSURYRTXHUXQH FRPEXVWLRQVSRQWDQ«H / KXLOHTXLDVHUYLFRQWLHQWGHVUHVWHV G DOLPHQWVSRXYDQWSURYRTXHUXQ LQFHQGLH¢WHPS«UDWXUHSOXVIDLEOHTXH O KXLOHQ D\DQWMDPDLVVHUYL 1HSODFH]SDVGHSURGXLWV LQIODPPDEOHVRXG «O«PHQWVLPELE«V GHSURGXLWVLQIODPPDEOHV¢O LQW«ULHXU RX¢SUR[LPLW«GHO DSSDUHLOQLVXU FHOXLFL $9(57,66(0(17 5LVTXHG HQGRPPDJHPHQW GHO DSSDUHLO ವ ವ ವ 1HODLVVH]SDVGHU«FLSLHQWVFKDXGV VXUOHEDQGHDXGHFRPPDQGH 1HSRVH]SDVGHFRXYHUFOHGH FDVVHUROHFKDXGVXUODVXUIDFHHQ YHUUHGHODWDEOHGHFXLVVRQ 1HODLVVH]SDVOHFRQWHQXGHV U«FLSLHQWVGHFXLVVRQV «YDSRUHU FRPSOªWHPHQW )5$1$,6 ವ ವ ವ ವ ವ 3UHQH]VRLQGHQHSDVODLVVHUWRPEHU G REMHWVRXGHU«FLSLHQWVVXUO DSSDUHLO 6DVXUIDFHULVTXHG ¬WUH HQGRPPDJ«H 1HIDLWHVMDPDLVIRQFWLRQQHUOHV]RQHV GHFXLVVRQDYHFGHVU«FLSLHQWVGH FXLVVRQYLGHVRXVDQVDXFXQU«FLSLHQW GHFXLVVRQ 1HSODFH]MDPDLVGHSDSLHUDOXPLQLXP VXUO DSSDUHLO 1 XWLOLVH]SDVGHU«FLSLHQWVHQIRQWH RXHQDOXPLQLXPQLGHU«FLSLHQWVGRQW OHIRQGHVWHQGRPPDJ«HWUXJXHX[ ,OVULVTXHUDLHQWGHUD\HUOHYHUUHRXOD VXUIDFHYLWURF«UDPLTXH6RXOHYH] WRXMRXUVFHVREMHWVORUVTXHYRXV GHYH]OHVG«SODFHUVXUODVXUIDFHGH FXLVVRQ &HWDSSDUHLOHVWH[FOXVLYHPHQW GHVWLQ«¢XQXVDJHFXOLQDLUH1H O XWLOLVH]SDVSRXUGHVXVDJHVDXWUHV TXHFHOXLSRXUOHTXHOLOD«W«FRQ©X¢ GHVILQVGHFKDXIIDJHSDUH[HPSOH ವ ವ 0DLQWHQDQFH ವ ವ ವ ವ 1HWWR\H]U«JXOLªUHPHQWO DSSDUHLODILQ GHPDLQWHQLUOHUHY¬WHPHQWHQERQ «WDW WHLJQH]O DSSDUHLOHWODLVVH]OH UHIURLGLUDYDQWGHOHQHWWR\HU '«EUDQFKH]OಬDSSDUHLOGH O DOLPHQWDWLRQ«OHFWULTXHDYDQWWRXWH RS«UDWLRQGHPDLQWHQDQFH 3RXUU«SDUHUO DSSDUHLOFRQWDFWH]XQ VHUYLFHDSUªVYHQWHDJU«« 8WLOLVH]H[FOXVLYHPHQWGHVSLªFHV G RULJLQH 0LVHDXUHEXW $9(57,66(0(17 5LVTXHGHEOHVVXUHRX G DVSK\[LH ವ (QWUHWLHQHWQHWWR\DJH ವ 1HSXOY«ULVH]SDVG HDXQLGHYDSHXU SRXUQHWWR\HUO DSSDUHLO 1HWWR\H]O DSSDUHLODYHFXQFKLIIRQ GRX[KXPLGH8WLOLVH]XQLTXHPHQWGHV SURGXLWVGHODYDJHQHXWUHV1 XWLOLVH] SDVGHSURGXLWVDEUDVLIVGHWDPSRQV ¢U«FXUHUGHVROYDQWVQLG REMHWV P«WDOOLTXHV ವ ವ &RQWDFWH]YRWUHVHUYLFHPXQLFLSDO SRXUREWHQLUGHVLQIRUPDWLRQVVXUOD PDUFKH¢VXLYUHSRXUPHWWUHO DSSDUHLO DXUHEXW '«EUDQFKH]O DSSDUHLOGH O DOLPHQWDWLRQ«OHFWULTXH &RXSH]OHF¤EOHG DOLPHQWDWLRQDXUDV GHO DSSDUHLOHWPHWWH]OHDXUHEXW ,167$//$7,21 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« $YDQWO LQVWDOODWLRQ $YDQWG LQVWDOOHUODWDEOHGHFXLVVRQ QRWH]OHVLQIRUPDWLRQVGHODSODTXH VLJQDO«WLTXHFLGHVVRXV/DSODTXH VLJQDO«WLTXHVHWURXYHDXEDVGHODWDEOH GHFXLVVRQ 1XP«URGHV«ULH TX DSUªVDYRLU«W«LQVWDOO«HVGDQVGHV PHXEOHVHWVXUGHVSODQVGHWUDYDLO KRPRORJX«VHWDGDSW«V 6LO DSSDUHLOHVWLQVWDOO«GDQVXQPHXEOH GRQWOHPDW«ULDXHVWLQIODPPDEOH UHVSHFWH]LPS«UDWLYHPHQWOHVGLUHFWLYHV HQPDWLªUHGHSURWHFWLRQFRQWUHOHV LQFHQGLHVGHODQRUPH1,16(9 DLQVLTXHOHVUªJOHPHQWVGLFW«VSDU O $VVRFLDWLRQGHV«WDEOLVVHPHQWV FDQWRQDX[G DVVXUDQFHLQFHQGLH &¤EOHG DOLPHQWDWLRQ 7DEOHVGHFXLVVRQLQW«JU«HV ವ /HVWDEOHVGHFXLVVRQHQFDVWUDEOHVQH SHXYHQW¬WUHPLVHVHQIRQFWLRQQHPHQW ವ /DWDEOHGHFXLVVRQHVWIRXUQLHDYHF XQF¤EOHG DOLPHQWDWLRQ 3RXUUHPSODFHUOHF¤EOH G DOLPHQWDWLRQHQGRPPDJ«XWLOLVH]OH ZZZHOHFWUROX[FRP W\SHGHF¤EOHVXLYDQW+99) TXLGRLWVXSSRUWHUXQHWHPS«UDWXUH PLQLPDOHGHr&&RQWDFWH]YRWUH VHUYLFHDSUªVYHQWH %UDQFKHPHQW«OHFWULTXH ,QVWDOOH]ODWDEOHGHFXLVVRQHQOH UDFFRUGDQW¢XQHOLJQHGHFRXUDQWPXQLH G XQHSULVH«OHFWULTXH(QO DEVHQFHGH SULVH«OHFWULTXHO LQVWDOODWLRQ«OHFWULTXH GRPHVWLTXHGRLW¬WUHSRXUYXHG XQ GLVSRVLWLIG LVROHPHQWD\DQWXQH RXYHUWXUHPLQLPDOHGHPPHQWUHOHV FRQWDFWVSRXUSHUPHWWUHXQHFRXSXUH RPQLSRODLUHVLPXOWDQ«HGHO DOLPHQWDWLRQ VHFWHXUFRQIRUP«PHQW¢ODQRUPH1,1 6(9 /RUVTXHYRXVG«FRXSH]OHMRLQW DMRXWH]TXHOTXHVPLOOLPªWUHVGH ORQJXHXU 5DVVHPEOH]OHVGHX[H[WU«PLW«VGX MRLQW 0RQWDJH min. 500mm min. 50mm ,QVWDOODWLRQGXMRLQW ,QVWDOODWLRQLQW«JU«H 1HWWR\H]OHVUDLQXUHVGXSODQGH WUDYDLO '«FRXSH]OHMRLQWGH[PPIRXUQL HQEDQGHV/HVEDQGHVGRLYHQW ¬WUHGHODP¬PHORQJXHXUTXHOHV UDLQXUHV '«FRXSH]OHVH[WU«PLW«VGHVEDQGHV HQDQJOHGHr(OOHVGRLYHQW V DGDSWHUSU«FLV«PHQWDX[FRLQVGHV UDLQXUHV )L[H]OHVEDQGHVVXUOHVUDLQXUHV 1ಬ«WLUH]SDVOHVEDQGHV)DLWHVHQ VRUWHTXHOHVH[WU«PLW«VGHVEDQGHV QHVHFKHYDXFKHQWSDV 6LYRXVPRQWH]ODWDEOHGHFXLVVRQ ERXFKH]O HVSDFHUHVWDQWHQWUHOD YLWURF«UDPLTXHHWOHSODQGHWUDYDLODYHF GXVLOLFRQH9HLOOH]¢FHTXHOHVLOLFRQH QHV LQILOWUHSDVVRXVODYLWURF«UDPLTXH 6LO DSSDUHLOHVWLQVWDOO«DX GHVVXVG XQWLURLUOD YHQWLODWLRQGHODWDEOHGH FXLVVRQSHXWFKDXIIHUOHV «O«PHQWVUDQJ«VGDQVOH WLURLUGXUDQWODFXLVVRQ ,167$//$7,21683(5326( 510 700 60 44 550 486 min. 55 490+1 680+1 max R5 ,QVWDOODWLRQGXMRLQW ,QVWDOODWLRQVXSHUSRV«H 1HWWR\H]OD]RQHGHG«FRXSHGXSODQ GHWUDYDLO 3ODFH]OHMRLQWGH[PPIRXUQLVXU OHERUGLQI«ULHXUGHODWDEOHGH FXLVVRQOHORQJGXERUGH[WHUQHGHOD VXUIDFHYLWURF«UDPLTXH1 «WLUH]SDV OHMRLQW$VVXUH]YRXVTXHOHV H[WU«PLW«VGXMRLQWVHWURXYHQWDX PLOLHXG XQERUGODW«UDOGHODWDEOHGH FXLVVRQ 24 280 min. 1500 min. min. 12 60 min. 28 )5$1$,6 ,167$//$7,21,17*5( 510 700 60 28 280 49 550 486 min. 55 490+1 min. 28 mm 680+1 max R5 R10 min. 1500 8 13 490+1 516+1 R5 13 680+1 706+1 min. 28 min. min. 12 60 '(6&5,37,21'(/ $33$5(,/ 'HVFULSWLRQGHODWDEOHGHFXLVVRQ 3 =RQHGHFXLVVRQ¢LQGXFWLRQ %DQGHDXGHFRPPDQGH =RQHGHFXLVVRQ¢LQGXFWLRQIOH[LEOH FRPSRV«HGHTXDWUHVHFWLRQV 1 1 2 'HVFULSWLRQGXEDQGHDXGHFRPPDQGH 6 5 7 4 3 8 2 1 9 10 11 3RXUDIILFKHUOHEDQGHDXGHFRPPDQGHHWODSRVLWLRQGHV]RQHVDOOXPH]O DSSDUHLOHQ DSSX\DQWVXU /HVWRXFKHVVHQVLWLYHVSHUPHWWHQWGHIDLUHIRQFWLRQQHUO DSSDUHLO/HVDIILFKDJHVOHV YR\DQWVHWOHVVLJQDX[VRQRUHVLQGLTXHQWOHVIRQFWLRQVDFWLY«HV ZZZHOHFWUROX[FRP )RQFWLRQ 7RX഻ FKH VHQVL഻ WLYH &RPPHQWDLUH 0$5&+($557 3RXUDOOXPHUHW«WHLQGUHODWDEOHGHFXLVಣ VRQ +REt+RRG 3RXUDFWLYHUHWG«VDFWLYHUOHPRGHPDQXHO GHODIRQFWLRQ 3DXVH 3RXUDFWLYHUHWG«VDFWLYHUODIRQFWLRQ 3RXUDXJPHQWHURXGLPLQXHUODGXU«H 3RXUU«JOHUODIRQFWLRQ0LQXWHXU $IILFKDJHGXPLQXWHXU 3RXULQGLTXHUODGXU«HHQPLQXWHV )OH[L%ULGJH 3RXUSDUFRXULUOHVWURLVPRGHVGHODIRQFಣ WLRQ 3RZHU6OLGH 3RXUDFWLYHUHWG«VDFWLYHUODIRQFWLRQ %DQGHDXGHV«OHFWLRQ 3RXUV«OHFWLRQQHUXQQLYHDXGHFXLVVRQ 3RZHU%RRVW 3RXUDFWLYHUODIRQFWLRQ 9HUURXLOODJH'LVSRVLWLI GHV«FXULW«HQIDQWV 3RXUYHUURXLOOHURXG«YHUURXLOOHUOHEDQಣ GHDXGHFRPPDQGH 2SWL+HDW&RQWURO9R\DQW GHFKDOHXUU«VLGXHOOH¢WURLV QLYHDX[ $9(57,66(0(17 ,O\DULVTXHGH EU½OXUHVSDUODFKDOHXU U«VLGXHOOH/HVYR\DQWV LQGLTXHQWOHQLYHDXGH FKDOHXUU«VLGXHOOHGHV]RQHV GHFXLVVRQTXHYRXVXWLOLVH] DFWXHOOHPHQW/HVYR\DQWV GHV]RQHVYRLVLQHVSHXYHQW «JDOHPHQWV DOOXPHUP¬PH VLYRXVQHOHVXWLOLVH]SDV 87,/,6$7,214827,',(11( $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« /HV]RQHVGHFXLVVRQ¢LQGXFWLRQ J«QªUHQWODFKDOHXUQ«FHVVDLUH GLUHFWHPHQWVXUOHIRQGGHVU«FLSLHQWVGH FXLVVRQ/DYLWURF«UDPLTXHHVWFKDXII«H SDUODFKDOHXUGHVU«FLSLHQWV /RUVTXHODWDEOHGHFXLVVRQHVW«WHLQWH OHVYR\DQWVVRQWWRXMRXUVYLVLEOHV8QH IRLVODWDEOHGHFXLVVRQDVVH]IURLGHLOV GLVSDUDLVVHQW )5$1$,6 $FWLYDWLRQHWG«VDFWLYDWLRQ $SSX\H]VXU SHQGDQWVHFRQGHSRXU DFWLYHURXG«VDFWLYHUODWDEOHGHFXLVVRQ /HVEDQGHDX[GHV«OHFWLRQV DOOXPHQW ORUVTXHYRXVDOOXPH]ODWDEOHGHFXLVVRQ HWV «WHLJQHQWORUVTXHYRXV«WHLJQH]OD WDEOHGHFXLVVRQ /RUVTXHODWDEOHGHFXLVVRQHVW«WHLQWH VHXOHODWRXFKHVHQVLWLYH 8WLOLVDWLRQGHV]RQHVGH FXLVVRQ $77(17,21 1HSRVH]SDVGHU«FLSLHQWV FKDXGVVXUOHEDQGHDXGH FRPPDQGH,OVSHXYHQW HQGRPPDJHUOHV FRPSRVDQWV«OHFWURQLTXHV HVWYLVLEOH $UU¬WDXWRPDWLTXH &HWWHIRQFWLRQDUU¬WHODWDEOHGH FXLVVRQDXWRPDWLTXHPHQWVL ವ YRXVQ DYH]SODF«DXFXQU«FLSLHQWVXU ODWDEOHGHFXLVVRQSHQGDQW VHFRQGHV ವ YRXVQHU«JOH]SDVOHQLYHDXGH FXLVVRQGDQVOHVVHFRQGHVDSUªV DYRLUSRV«OHU«FLSLHQW ವ YRXVDYH]UHQYHUV«TXHOTXHFKRVHRX SODF«XQREMHWVXUOHEDQGHDXGH FRPPDQGHSHQGDQWSOXVGH VHFRQGHVXQHFDVVHUROHXQ WRUFKRQ/RUVTXHYRXVHQWHQGH]OH VLJQDOVRQRUHODWDEOHGHFXLVVRQ V «WHLQW5HWLUH]O REMHWGXEDQGHDXGH FRPPDQGHRXQHWWR\H]FHOXLFL ವ ODWDEOHGHFXLVVRQVXUFKDXIIHSDUH[ ORUVTX XQU«FLSLHQWFKDXIIH¢YLGH /DLVVH]UHIURLGLUOD]RQHGHFXLVVRQ DYDQWGHU«XWLOLVHUODWDEOHGHFXLVVRQ ವ YRXVQHG«VDFWLYH]SDVOD]RQHGH FXLVVRQRXQHPRGLILH]SDVOHQLYHDX GHFXLVVRQ$SUªVXQFHUWDLQWHPSVOD WDEOHGHFXLVVRQV «WHLQW /DUHODWLRQHQWUHOHQLYHDXGHFXLVVRQ HWODGXU«HDSUªVODTXHOOHODWDEOHGH FXLVVRQV «WHLQW 1LYHDXGHFXLV഻ VRQ /DWDEOHGHFXLV഻ VRQV «WHLQWDX ERXWGH KHXUHV KHXUHV KHXUHV KHXUHV 3RVH]OHU«FLSLHQWDXFHQWUHGHOD]RQH GHFXLVVRQVRXKDLW«H/HV]RQHVGH FXLVVRQ¢LQGXFWLRQV DGDSWHQW DXWRPDWLTXHPHQWDXGLDPªWUHGXIRQGGX U«FLSLHQWXWLOLV« 8QHIRLVOHU«FLSLHQWG«WHFW«OHQLYHDXGH FXLVVRQV DIILFKH /HQLYHDXGHFXLVVRQ 3RXUU«JOHURXFKDQJHUOHQLYHDXGH FXLVVRQG XQH]RQHGHFXLVVRQWRXFKH] OHU«JODJHVRXKDLW«VXUOHEDQGHDXGH V«OHFWLRQRXIDLWHVJOLVVHUYRWUHGRLJWOH ORQJGXEDQGHDXGHV«OHFWLRQ /RUVTXHYRXVSODFH]XQU«FLSLHQWVXUOD ]RQHHWTXHYRXVV«OHFWLRQQH]XQQLYHDX GHFXLVVRQFHOXLFLUHVWHLQFKDQJ« SHQGDQWOHVVHFRQGHVTXLVXLYHQWOH UHWUDLWGXU«FLSLHQW/HEDQGHDXGH V«OHFWLRQFOLJQRWHGXUDQWODVHFRQGH ZZZHOHFWUROX[FRP PRLWL«GXWHPSV6LYRXVUHSRVH]OH U«FLSLHQWVXUOD]RQHGHFXLVVRQGXUDQW FHODSVGHWHPSVOHQLYHDXGHFXLVVRQ HVWU«DFWLY«'DQVOHFDVFRQWUDLUHOD ]RQHGHFXLVVRQVHG«VDFWLYH $SSX\H]VXU SRXUDFWLYHUODIRQFWLRQ VXUOD]RQHGHFXLVVRQ /DIRQFWLRQVHG«VDFWLYH DXWRPDWLTXHPHQW 3RXUFRQQD°WUHOHVYDOHXUV GHGXU«HPD[LPDOHV UHSRUWH]YRXVDXFKDSLWUH m&DUDFW«ULVWLTXHV WHFKQLTXHV} )RQFWLRQ*HVWLRQQDLUHGH SXLVVDQFH ವ ವ ವ ವ ವ ವ ವ ವ 'HV]RQHVGHFXLVVRQVRQW UHJURXS«HVHQIRQFWLRQGH O HPSODFHPHQWHWGXQRPEUHGH SKDVHVGHODWDEOHGHFXLVVRQ 5HSRUWH]YRXV¢O LOOXVWUDWLRQ &KDTXHSKDVHGLVSRVHG XQHFKDUJH «OHFWULTXHPD[LPDOHGH: /DIRQFWLRQU«SDUWLWODSXLVVDQFHHQWUH OHV]RQHVGHFXLVVRQUDFFRUG«HV¢OD P¬PHSKDVH /DIRQFWLRQV DFWLYHORUVTXHODFKDUJH «OHFWULTXHWRWDOHGHV]RQHVGHFXLVVRQ UDFFRUG«HV¢XQHSKDVHVLPSOH G«SDVVH: /DIRQFWLRQGLPLQXHODSXLVVDQFHGHV DXWUHV]RQHVGHFXLVVRQUDFFRUG«HV¢ ODP¬PHSKDVH 3RXUOHV]RQHVGHFXLVVRQ¢ SXLVVDQFHU«GXLWHOHEDQGHDXGH FRPPDQGHLQGLTXHOHVSOXVKDXWV QLYHDX[GHFXLVVRQSRVVLEOHV 6LXQQLYHDXGHFKDOHXUVXS«ULHXU Q HVWSDVGLVSRQLEOHFRPPHQFH]SDU U«GXLUHOHQLYHDXGHVDXWUHV]RQHVGH FXLVVRQ / DFWLYDWLRQGHODIRQFWLRQG«SHQGGH ODWDLOOHHWGXQRPEUHGHU«FLSLHQWV 0LQXWHXU 0LQXWHXUG«JUHVVLI 8WLOLVH]FHWWHIRQFWLRQSRXUU«JOHUOD GXU«HGHIRQFWLRQQHPHQWG XQH]RQHGH FXLVVRQXQLTXHPHQWSRXUXQHVHVVLRQ 6«OHFWLRQQH]G DERUGOHQLYHDXGH FXLVVRQGHOD]RQHGHFXLVVRQSXLV U«JOH]ODIRQFWLRQ $SSX\H]VXU SRXUDFWLYHUOD IRQFWLRQRXPRGLILHUODGXU«H /HVFKLIIUHVGXPLQXWHXU HW OHVYR\DQWV V DOOXPHQW 6LOHPLQXWHXUQ HVWSDVU«JO« HW V «WHLJQHQWDXERXWGHVHFRQGHV $SSX\H]VXU RX SRXUU«JOHUOD GXU«HPLQXWHV $XERXWGHVHFRQGHVOHG«FRPSWH G«PDUUHDXWRPDWLTXHPHQW/HVYR\DQWV HW V «WHLJQHQW /RUVTXHODGXU«HV HVW«FRXO«HXQVLJQDO VRQRUHUHWHQWLWHW FOLJQRWH3RXU «WHLQGUHOHVLJQDODSSX\H]VXU 3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU /HVYR\DQWV HW $SSX\H]VXUODWRXFKH 3RZHU%RRVW &HWWHIRQFWLRQGRQQHSOXVGHSXLVVDQFH ¢OD]RQHGHFXLVVRQ¢LQGXFWLRQ DSSURSUL«HHQIRQFWLRQGHODWDLOOHGX U«FLSLHQW/DIRQFWLRQSHXW¬WUHDFWLY«H SRXUXQHGXU«HOLPLW«HXQLTXHPHQW V DOOXPHQW RX SRXU V DIILFKH9RXVSRXYH] TXH «JDOHPHQWU«JOHUOHQLYHDXGHFXLVVRQ VXU8QVLJQDOVRQRUHUHWHQWLWDORUVHW OHPLQXWHXUHVWDQQXO« 0LQXWHULHLQG«SHQGDQWH 9RXVSRXYH]XWLOLVHUFHWWHIRQFWLRQ ORUVTXHODWDEOHGHFXLVVRQHVWDOOXP«H )5$1$,6 PDLVTXHOHV]RQHVGHFXLVVRQVRQW «WHLQWHV 3ODFH]XQU«FLSLHQWVXUXQH]RQHGH FXLVVRQSRXUYRLUOHV\PEROH $SSX\H]VXU IRQFWLRQ SRXUDFWLYHUOD $SSX\H]VXUODWRXFKH RX SRXU U«JOHUODGXU«H /DIRQFWLRQG«PDUUHDXWRPDWLTXHPHQWDX ERXWGHVHFRQGHV /RUVTXHODIRQFWLRQHVWU«JO«HYRXV SRXYH]UHWLUHUOHU«FLSLHQW /RUVTXHODGXU«HV HVW«FRXO«HXQVLJQDO VRQRUHUHWHQWLWHW VXU FOLJQRWH$SSX\H] SRXUDUU¬WHUOHVLJQDOVRQRUH 3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU /HVYR\DQWV HW $SSX\H]VXUODWRXFKH TXH V DOOXPHQW RX SRXU V DIILFKH &HWWHIRQFWLRQHVWVDQVHIIHW VXUOHIRQFWLRQQHPHQWGHV ]RQHVGHFXLVVRQ 3DXVH &HWWHIRQFWLRQV«OHFWLRQQHOHQLYHDXGH FXLVVRQOHSOXVEDVSRXUWRXWHVOHV]RQHV GHFXLVVRQDFWLY«HV /RUVTXHODIRQFWLRQHVWDFWLY«HOHV V\PEROHV XWLOLV«V RX SHXYHQW¬WUH $SSX\H]VXU SRXUDFWLYHUODIRQFWLRQ /HQLYHDXGHFXLVVRQSDVVH¢ 3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU ODWRXFKH /HQLYHDXGHFXLVVRQ SU«F«GHQWV DOOXPH 9HUURXLOODJH 9RXVSRXYH]YHUURXLOOHUOHEDQGHDXGH FRPPDQGHSHQGDQWTXHOH IRQFWLRQQHPHQWGHODWDEOHGHFXLVVRQ 9RXV«YLWHUH]DLQVLXQHPRGLILFDWLRQ DFFLGHQWHOOHGXU«JODJHGXQLYHDXGH FXLVVRQ 5«JOH]G DERUGOHQLYHDXGHFXLVVRQ $SSX\H]VXU SRXUDFWLYHUODIRQFWLRQ 3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU ODWRXFKH /RUVTXHYRXV«WHLJQH]OD WDEOHGHFXLVVRQFHWWH IRQFWLRQHVW«JDOHPHQW G«VDFWLY«H 'LVSRVLWLIGHV«FXULW« HQIDQWV &HWWHIRQFWLRQSHUPHWG «YLWHUXQH XWLOLVDWLRQLQYRORQWDLUHGHODWDEOHGH FXLVVRQ &RPPHQFH]SDUDOOXPHUODWDEOHGH FXLVVRQHWQHV«OHFWLRQQH]DXFXQQLYHDX GHFXLVVRQ $SSX\H]VXU MXVTX ¢FHTX XQVLJQDO VRQRUHUHWHQWLVVHHWTXHOHYR\DQW V DOOXPHSRXUDFWLYHUODIRQFWLRQ /HVEDQGHDX[GHV«OHFWLRQ GLVSDUDLVVHQWWHLJQH]ODWDEOHGH FXLVVRQ /RUVTXHYRXV«WHLJQH]OD WDEOHGHFXLVVRQODIRQFWLRQ HVWGHWRXMRXUVDFWLY«H 3RXUG«VDFWLYHUODIRQFWLRQOHWHPSV G XQHFXLVVRQDOOXPH]ODWDEOHGH FXLVVRQHQDSSX\DQWVXU V DOOXPH $SSX\H]VXU MXVTX ¢FHTXHOHVLJQDO VRQRUHUHWHQWLVVHHWTXHOHYR\DQW V «WHLJQH/HEDQGHDXGHV«OHFWLRQ DSSDUD°W5«JOH]OHQLYHDXGHFXLVVRQ GDQVOHVVHFRQGHVTXLVXLYHQW9RXV SRXYH]IDLUHIRQFWLRQQHUODWDEOHGH FXLVVRQ/RUVTXHYRXV«WHLJQH]ODWDEOH GHFXLVVRQDYHF WRXMRXUVDFWLY«H ODIRQFWLRQHVWGH 3RXUG«VDFWLYHUODIRQFWLRQGHID©RQ SHUPDQHQWHDOOXPH]ODWDEOHGH FXLVVRQHWQHV«OHFWLRQQH]DXFXQQLYHDX GHFXLVVRQ$SSX\H]VXU MXVTX ¢FH TX XQVLJQDOVRQRUHUHWHQWLVVHHWTXHOH YR\DQWV DOOXPH/HVEDQGHDX[GH V«OHFWLRQDSSDUDLVVHQWWHLJQH]ODWDEOH GHFXLVVRQ ZZZHOHFWUROX[FRP 2II6RXQG&RQWURO $FWLYDWLRQHWG«VDFWLYDWLRQGHV VLJQDX[VRQRUHV 6XUODSOXSDUWGHVKRWWHVOH V\VWªPHGHFRPPDQGH¢ GLVWDQFHHVWG«VDFWLY«SDU G«IDXW$FWLYH]OHDYDQW G XWLOLVHUFHWWHIRQFWLRQ3RXU SOXVG LQIRUPDWLRQVUHSRUWH] YRXVDXPDQXHOG XWLOLVDWLRQ GHODKRWWH WHLJQH]G DERUGODWDEOHGHFXLVVRQ $SSX\H]VXU SHQGDQWVHFRQGHV SRXUDFWLYHUODIRQFWLRQ / DIILFKDJHV DOOXPHSXLVV «WHLQW $SSX\H]VXU RX SHQGDQWVHFRQGHV V DOOXPH $SSX\H]VXUODWRXFKH GX PLQXWHXUSRXUFKRLVLUO XQHGHV RSWLRQVVXLYDQWHV ವ OHVVLJQDX[VRQRUHVVRQW G«VDFWLY«V OHVVLJQDX[VRQRUHVVRQW DFWLY«V 3RXUFRQILUPHUOHU«JODJHDWWHQGH] TXHODWDEOHGHFXLVVRQV «WHLJQH DXWRPDWLTXHPHQW ವ /RUVTXHFHWWHIRQFWLRQHVWU«JO«HVXU O DSSDUHLO«PHWGHVVLJQDX[VRQRUHV XQLTXHPHQWORUVTXH ವ ವ ವ ವ YRXVDSSX\H]VXU 0LQXWHULHLQG«SHQGDQWHVHWHUPLQH 0LQXWHXUG«JUHVVLIVHWHUPLQH YRXVSRVH]XQREMHWVXUOHEDQGHDX GHFRPPDQGH +REt+RRG ,OV DJLWG XQHIRQFWLRQDXWRPDWLTXHGH SRLQWHSHUPHWWDQWGHUHOLHUODWDEOHGH FXLVVRQ¢XQHKRWWHVS«FLDOH/DWDEOHGH FXLVVRQHWODKRWWHGLVSRVHQWWRXWHVOHV GHX[G XQFRPPXQLFDWHXUGHVLJQDO LQIUDURXJH/DYLWHVVHGXYHQWLODWHXUHVW G«ILQLHDXWRPDWLTXHPHQWHQVHEDVDQW VXUOHU«JODJHGXPRGHHWGHOD WHPS«UDWXUHGXU«FLSLHQWOHSOXVFKDXG VHWURXYDQWVXUODWDEOHGHFXLVVRQ9RXV SRXYH]«JDOHPHQWDFWLYHUOHYHQWLODWHXU PDQXHOOHPHQWGHSXLVODWDEOHGH FXLVVRQ $FWLYDWLRQDXWRPDWLTXHGHODIRQFWLRQ 3RXUDFWLYHUDXWRPDWLTXHPHQWOD IRQFWLRQU«JOH]OHPRGHDXWRPDWLTXHVXU ++3DUG«IDXWODWDEOHGHFXLVVRQ HVWU«JO«HVXU+/DKRWWHU«DJLWGªV TXHYRXVDOOXPH]ODWDEOHGHFXLVVRQ/D WDEOHGHFXLVVRQG«WHFWH DXWRPDWLTXHPHQWODWHPS«UDWXUHGX U«FLSLHQWHWDMXVWHODYLWHVVHGX YHQWLODWHXU $FWLYDWLRQGHO «FODLUDJH 9RXVSRXYH]U«JOHUODWDEOHGHFXLVVRQ SRXUDFWLYHUDXWRPDWLTXHPHQWO «FODLUDJH GªVTXHODWDEOHGHFXLVVRQHVWDOOXP«H 3RXUFHIDLUHU«JOH]OHPRGH DXWRPDWLTXHVXU++ / «FODLUDJHGHODKRWWH V «WHLQWPLQXWHVDSUªV DYRLU«WHLQWODWDEOHGH FXLVVRQ 0RGHVDXWRPDWLTXHV FODL഻ )DLUH UDJH ERXLO഻ DXWR഻ OLU PDWL഻ TXH 0RGH+ '«Vಣ '«VDFWLಣ '«VDFWLಣ DFWLY« Y« Y« 0RGH+ $FWLಣ Y« '«VDFWLಣ '«VDFWLಣ Y« Y« 0RGH + $FWLಣ Y« 9LWHVVH 9LWHVVH GXYHQWLಣ GXYHQWLಣ ODWHXU ODWHXU 0RGH+ $FWLಣ Y« '«VDFWLಣ 9LWHVVH Y« GXYHQWLಣ ODWHXU )DLUH IULUH )5$1$,6 FODL഻ )DLUH UDJH ERXLO഻ DXWR഻ OLU PDWL഻ TXH 0RGH+ $FWLಣ Y« 9LWHVVH 9LWHVVH GXYHQWLಣ GXYHQWLಣ ODWHXU ODWHXU 0RGH+ $FWLಣ Y« 9LWHVVH 9LWHVVH GXYHQWLಣ GXYHQWLಣ ODWHXU ODWHXU 0RGH+ $FWLಣ Y« 9LWHVVH 9LWHVVH GXYHQWLಣ GXYHQWLಣ ODWHXU ODWHXU )DLUH IULUH /DWDEOHGHFXLVVRQG«WHFWHOHSURFHVVXV G «EXOOLWLRQHWV«OHFWLRQQHODYLWHVVHGXYHQಣ WLODWHXUHQIRQFWLRQGXPRGHDXWRPDWLTXH /DWDEOHGHFXLVVRQG«WHFWHOHSURFHVVXV GHIULWXUHHWV«OHFWLRQQHODYLWHVVHGXYHQWLಣ ODWHXUHQIRQFWLRQGXPRGHDXWRPDWLTXH &HPRGHDFWLYHOHYHQWLODWHXUHWO «FODLUDಣ JHVDQVWHQLUFRPSWHVXUODWHPS«UDWXUH 0RGLILFDWLRQGXPRGH DXWRPDWLTXH WHLJQH]O DSSDUHLO $SSX\H]VXU SHQGDQWVHFRQGHV / DIILFKDJHV DOOXPHSXLVV «WHLQW $SSX\H]VXU SHQGDQWVHFRQGHV $SSX\H]SOXVLHXUVIRLVVXU MXVTX ¢ FHTXH V DIILFKH $SSX\H]VXUODWRXFKH GX PLQXWHXUSRXUV«OHFWLRQQHUXQPRGH DXWRPDWLTXH /RUVTXHODFXLVVRQHVWWHUPLQ«HHWTXH YRXVG«VDFWLYH]ODWDEOHGHFXLVVRQOH YHQWLODWHXUGHODKRWWHSHXWFRQWLQXHUGH IRQFWLRQQHUSHQGDQWXQFHUWDLQWHPSV$X ERXWG XQPRPHQWOHV\VWªPHG«VDFWLYH DXWRPDWLTXHPHQWOHYHQWLODWHXUHWYRXV HPS¬FKHGHO DFWLYHUDFFLGHQWHOOHPHQW GXUDQWOHVVHFRQGHVTXLVXLYHQW 3RXUIDLUHIRQFWLRQQHU GLUHFWHPHQWODKRWWH G«VDFWLYH]OHPRGH DXWRPDWLTXHGHODIRQFWLRQ VXUOHEDQGHDXGH FRPPDQGHGHODKRWWH $FWLYDWLRQPDQXHOOHGHOD YLWHVVHGXYHQWLODWHXU 9RXVSRXYH]«JDOHPHQWDFWLYHUOH YHQWLODWHXUPDQXHOOHPHQWGHSXLVODWDEOH GHFXLVVRQ $SSX\H]VXUODWRXFKH ORUVTXHODWDEOH GHFXLVVRQHVWDOOXP«H &HODG«VDFWLYHOHIRQFWLRQQHPHQW DXWRPDWLTXHGHODIRQFWLRQHWYRXV SHUPHWGHPRGLILHUPDQXHOOHPHQWOD YLWHVVHGXYHQWLODWHXU (QDSSX\DQWVXUODWRXFKH ODYLWHVVH GXYHQWLODWHXUHVWDXJPHQW«HG XQSDOLHU /RUVTXHYRXVDWWHLJQH]XQQLYHDX LQWHQVLIHWTXHYRXVDSSX\H]VXUOD WRXFKH ¢QRXYHDXODYLWHVVHGX YHQWLODWHXUUHYLHQW¢G«VDFWLYDQWDLQVL OHYHQWLODWHXUGHODKRWWH3RXUU«DFWLYHU OHYHQWLODWHXU¢YLWHVVHDSSX\H]VXUOD WRXFKH 3RXUDFWLYHUOH IRQFWLRQQHPHQWDXWRPDWLTXH GHODIRQFWLRQ«WHLJQH]SXLV UDOOXPH]ODWDEOHGHFXLVVRQ =21('(&8,6621,1'8&7,21)/(;,%/( $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« )RQFWLRQ)OH[L%ULGJH /D]RQHGHFXLVVRQ¢LQGXFWLRQIOH[LEOH HVWFRPSRV«HGHTXDWUHVHFWLRQV/HV VHFWLRQVSHXYHQW¬WUHDVVRFL«HVHQGHX[ ]RQHVGHFXLVVRQGHWDLOOHGLII«UHQWHRX HQXQHVHXOHJUDQGH]RQHGHFXLVVRQ /HVFRQWRXUVGHV]RQHVIRQFWLRQQDQW HQVHPEOHDYHFFHPRGHV «FODLUHQW,OV VRQWUHOL«VSDUGHVOLJQHV«FODLU«HVSOXV FRXUWHV&KRLVLVVH]ODFRPELQDLVRQGH VHFWLRQVHQV«OHFWLRQQDQWOHPRGHOHSOXV ZZZHOHFWUROX[FRP DGDSW«¢ODWDLOOHGXU«FLSLHQWTXHYRXV VRXKDLWH]XWLOLVHU7URLVPRGHVVRQW SURSRV«V6WDQGDUGV DFWLYH DXWRPDWLTXHPHQWORUVTXHYRXVDOOXPH] ODWDEOHGHFXLVVRQ%LJ%ULGJHHW0D[ %ULGJH 3ODFH]O XVWHQVLOHDYHFXQIRQGGHSOXV GHPPGHGLDPªWUHDXFHQWUHHQWUH GHX[VHFWLRQV 3RXUU«JOHUOHQLYHDXGH FXLVVRQXWLOLVH]GHX[ EDQGHDX[GHV«OHFWLRQGX F¶W«JDXFKH %DVFXOHPHQWHQWUHOHVPRGHV 3RXUEDVFXOHUHQWUHOHVPRGHVXWLOLVH]OD WRXFKHVHQVLWLYH > 160 mm 0RGHVWDQGDUG)OH[L%ULGJH /RUVTXHYRXVEDVFXOH]HQWUH OHVPRGHVOHQLYHDXGH FXLVVRQUHYLHQW¢ 'LDPªWUHHWSRVLWLRQGHO XVWHQVLOH &HPRGHV DFWLYHORUVTXHYRXVDOOXPH] ODWDEOHGHFXLVVRQ,OUHOLHOHVVHFWLRQV HQGHX[]RQHVGHFXLVVRQGLVWLQFWHV/HV FRQWRXUVGHV]RQHVIRQFWLRQQDQW HQVHPEOHDYHFFHPRGHV «FODLUHQW,OV VRQWUHOL«VSDUGHVOLJQHV«FODLU«HVSOXV FRXUWHV9RXVSRXYH]U«JOHUV«SDU«PHQW OHQLYHDXGHFXLVVRQGHFKDTXH]RQH 8WLOLVH]GHX[EDQGHDX[GHV«OHFWLRQGX F¶W«JDXFKH &KRLVLVVH]OHPRGHTXLFRUUHVSRQGDX[ GLPHQVLRQVHW¢ODIRUPHGHO XVWHQVLOH / XVWHQVLOHGRLWUHFRXYULUOHSOXVSRVVLEOH OD]RQHV«OHFWLRQQ«H3ODFH]O XVWHQVLOH DXFHQWUHGHOD]RQHV«OHFWLRQQ«H 3ODFH]O XVWHQVLOHDYHFXQIRQGGHPRLQV GHPPGHGLDPªWUHDXFHQWUHVXU XQHVHXOHVHFWLRQ %RQQHSRVLWLRQGXU«FLSLHQW 0DXYDLVHSRVLWLRQGXU«FLSLHQW 100-160mm )5$1$,6 )OH[L%ULGJH0RGH%LJ %ULGJH 0DXYDLVHSRVLWLRQGXU«FLSLHQW 3RXUDFWLYHUFHPRGHDSSX\H] MXVTX ¢FHTXHOHYR\DQWGHPRGH FRUUHVSRQGDQW V DOOXPH&HPRGH UHOLHWURLVVHFWLRQVDUULªUHHQXQHVHXOH ]RQHGHFXLVVRQ/DVHFWLRQDYDQWQ HVW SDVUHOL«HHWIRQFWLRQQHFRPPHXQH]RQH GHFXLVVRQV«SDU«H9RXVSRXYH]U«JOHU OHQLYHDXGHFXLVVRQV«SDU«PHQWSRXU FKDTXH]RQH8WLOLVH]OHVGHX[EDQGHDX[ GHV«OHFWLRQGHJDXFKH )OH[L%ULGJH0RGH0D[ %ULGJH 3RXUDFWLYHUFHPRGHDSSX\H] MXVTX ¢FHTXHOHYR\DQWGHPRGH FRUUHVSRQGDQW V DOOXPH&HPRGH IXVLRQQHWRXWHVOHVVHFWLRQVHQXQHVHXOH ]RQHGHFXLVVRQ3RXUU«JOHUOHQLYHDX GHFXLVVRQXWLOLVH]XQGHVGHX[ EDQGHDX[GHV«OHFWLRQGHJDXFKH %RQQHSRVLWLRQGXU«FLSLHQW 3RXUXWLOLVHUFHPRGHYRXVGHYH]SODFHU O XVWHQVLOHVXUOHVWURLVVHFWLRQV IXVLRQQ«HV6LYRXVXWLOLVH]XQU«FLSLHQW SOXVSHWLWTXHOHVGHX[VHFWLRQVOH EDQGHDXGHV«OHFWLRQFOLJQRWHHWOD]RQH V «WHLQWDXERXWGHPLQXWHV %RQQHSRVLWLRQGXU«FLSLHQW 3RXUXWLOLVHUFHPRGHYRXVGHYH]SODFHU O XVWHQVLOHVXUOHVTXDWUHVHFWLRQV IXVLRQQ«HV6LYRXVXWLOLVH]XQU«FLSLHQW SOXVSHWLWTXHOHVWURLVVHFWLRQVOH EDQGHDXGHV«OHFWLRQFOLJQRWHHWOD]RQH V «WHLQWDXERXWGHPLQXWHV ZZZHOHFWUROX[FRP 1 XWLOLVH]TX XQVHXOU«FLSLHQW ORUVTXHYRXVXWLOLVH]FHWWH IRQFWLRQ 6LYRXVVRXKDLWH]FKDQJHUOH QLYHDXGHFXLVVRQVRXOHYH] OHU«FLSLHQWHWSRVH]OHVXU XQH]RQHGLII«UHQWH)DLUH JOLVVHUOHU«FLSLHQWVXUOD ]RQHGHFXLVVRQSHXWUD\HU HWG«FRORUHUODVXUIDFH 0DXYDLVHSRVLWLRQGXU«FLSLHQW ,QIRUPDWLRQVJ«Q«UDOHV ವ ವ SRVLWLRQDYDQW V DOOXPHVXUOH EDQGHDXGHFRPPDQGH/HQLYHDXGH FXLVVRQSDUG«IDXWV DIILFKHVXUOH 3RZHU6OLGH &HWWHIRQFWLRQYRXVSHUPHWGHU«JOHUOD WHPS«UDWXUHHQG«SOD©DQWO XVWHQVLOH¢XQ DXWUHHQGURLWGHOD]RQHGHFXLVVRQ¢ LQGXFWLRQ &HWWHIRQFWLRQGLYLVHOD]RQHGHFXLVVRQ ¢LQGXFWLRQHQWURLV]RQHVD\DQWFKDFXQH XQQLYHDXGHFXLVVRQGLII«UHQW/DWDEOH GHFXLVVRQG«WHFWHODSRVLWLRQGX U«FLSLHQWHWDMXVWHOHQLYHDXGHFXLVVRQ HQIRQFWLRQGHVDSRVLWLRQ9RXVSRXYH] SODFHUOHU«FLSLHQW¢O DYDQWDXPLOLHXRX ¢O DUULªUH6LYRXVSRVH]OHU«FLSLHQW¢ O DYDQWOHQLYHDXGHFXLVVRQOHSOXV«OHY« HVWV«OHFWLRQQ«3RXUOHGLPLQXHU G«SODFH]OHU«FLSLHQWYHUVOHPLOLHXRX O DUULªUH /HIRQGGHO XVWHQVLOHGRLWSU«VHQWHU XQGLDPªWUHPLQLPDOGHPPSRXU FHWWHIRQFWLRQ 6LYRXVSODFH]XQU«FLSLHQWHQ ವ EDQGHDXGHV«OHFWLRQ 6LYRXVSODFH]XQU«FLSLHQWHQ SRVLWLRQFHQWUDOH V DOOXPHVXUOH EDQGHDXGHFRPPDQGH/HQLYHDXGH FXLVVRQSDUG«IDXWV DIILFKHVXUOH ವ EDQGHDXGHV«OHFWLRQ 6LYRXVSODFH]XQU«FLSLHQWHQ SRVLWLRQDUULªUH V DOOXPHVXUOH EDQGHDXGHFRPPDQGH/HQLYHDXGH FXLVVRQSDUG«IDXWV DIILFKHVXUOH EDQGHDXGHV«OHFWLRQ )5$1$,6 ವ 3RXUFKDQJHUOHQLYHDXGHFXLVVRQ SDUG«IDXWXWLOLVH]OHEDQGHDXGH V«OHFWLRQDYDQWJDXFKH9RXVSRXYH] PRGLILHUOHQLYHDXGHFXLVVRQSDU G«IDXWXQLTXHPHQWVLODIRQFWLRQHVW DFWLY«H9RXVSRXYH]FKDQJHUOHV QLYHDX[GHFXLVVRQV«SDU«PHQWSRXU FKDTXHSRVLWLRQ/DWDEOHGHFXLVVRQ VHVRXYLHQGUDGHVQLYHDX[GHFXLVVRQ ODSURFKDLQHIRLVTXHYRXVDFWLYHUH] FHWWHIRQFWLRQ $SSX\H]VXU SRXUDFWLYHUODIRQFWLRQ /HYR\DQWV DOOXPHHWOHQLYHDXGH FXLVVRQSDUG«IDXWV DIILFKHVXUOH EDQGHDXGHV«OHFWLRQ 3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU ODWRXFKH &216(,/6 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« 5«FLSLHQWV 6XUOHV]RQHVGHFXLVVRQ¢ LQGXFWLRQXQFKDPS «OHFWURPDJQ«WLTXHSXLVVDQW FKDXIIHOHVU«FLSLHQWVWUªV UDSLGHPHQW 8WLOLVH]GHVU«FLSLHQWV DGDSW«VDX[]RQHVGH FXLVVRQ¢LQGXFWLRQ 0DW«ULDX[GHVU«FLSLHQWV ವ DGDSW«VIRQWHDFLHUDFLHU«PDLOO« DFLHULQR[\GDEOHIRQGPXOWLFRXFKH KRPRORJX«SDUOHIDEULFDQW ವ LQDGDSW«VDOXPLQLXPFXLYUHODLWRQ YHUUHF«UDPLTXHSRUFHODLQH /HVSODWVGHFXLVVRQFRQYLHQQHQW SRXUO LQGXFWLRQVL ವ ವ XQHSHWLWHTXDQWLW«G HDXFRQWHQXH GDQVXQU«FLSLHQWFKDXIIHGDQVXQ EUHIODSVGHWHPSVVXUXQH]RQHGH FXLVVRQU«JO«HVXUOHQLYHDXGH FXLVVRQPD[LPDO XQDLPDQWDGKªUHDXIRQGGX U«FLSLHQW /HIRQGGHO XVWHQVLOHGH FXLVVRQGRLW¬WUHDXVVLSODW HW«SDLVTXHSRVVLEOH $VVXUH]YRXVTXHOHIRQGGX U«FLSLHQWHVWSURSUHDYDQWGH OHSODFHUVXUODVXUIDFHGHOD WDEOHGHFXLVVRQ 'LPHQVLRQVGHO XVWHQVLOH /HV]RQHVGHFXLVVRQ¢LQGXFWLRQ V DGDSWHQWDXWRPDWLTXHPHQWDXGLDPªWUH GXIRQGGXU«FLSLHQWXWLOLV« / HIILFDFLW«GHOD]RQHGHFXLVVRQHVWOL«H DXGLDPªWUHGXU«FLSLHQW8QU«FLSLHQW SOXVSHWLWTXHOHGLDPªWUHPLQLPDO UHFRPPDQG«QHUH©RLWTX XQHSHWLWH SDUWLHGHODSXLVVDQFHJ«Q«U«HSDUOD ]RQHGHFXLVVRQ 5HSRUWH]YRXVDXFKDSLWUH m&DUDFW«ULVWLTXHV WHFKQLTXHV} %UXLWVSHQGDQWOH IRQFWLRQQHPHQW 6LYRXVHQWHQGH] ವ XQFUDTXHPHQWOHU«FLSLHQWHVW FRPSRV«GHGLII«UHQWVPDW«ULDX[ FRQFHSWLRQmVDQGZLFK} ವ XQVLIIOHPHQWYRXVXWLOLVH]XQH]RQH GHFXLVVRQDYHFXQQLYHDXGH SXLVVDQFH«OHY«HWOHU«FLSLHQWHVW FRPSRV«GHGLII«UHQWVPDW«ULDX[ FRQFHSWLRQmVDQGZLFK} ವ XQERXUGRQQHPHQWYRXVXWLOLVH]XQ QLYHDXGHSXLVVDQFH«OHY« ವ XQFOLTXHWLVXQHFRPPXWDWLRQ «OHFWULTXHVHSURGXLW ವ XQVLIIOHPHQWXQERXUGRQQHPHQWOH YHQWLODWHXUIRQFWLRQQH &HVEUXLWVVRQWQRUPDX[HW Q LQGLTXHQWSDVXQHDQRPDOLHGH O DSSDUHLO NR7LPHU0LQXWHXU«FR 3RXUU«DOLVHUGHV«FRQRPLHVG «QHUJLH OD]RQHGHFXLVVRQVHG«VDFWLYH DXWRPDWLTXHPHQWDYDQWOHVLJQDOGX PLQXWHXU/DGLII«UHQFHGHWHPSVGH ZZZHOHFWUROX[FRP IRQFWLRQQHPHQWG«SHQGGXQLYHDXHWGH ODGXU«HGHFXLVVRQ ([HPSOHVGHFXLVVRQ /HUDSSRUWHQWUHOHQLYHDXGHFXLVVRQHW ODFRQVRPPDWLRQ«QHUJ«WLTXHGHOD]RQH GHFXLVVRQQ HVWSDVOLQ«DLUH/RUVTXH YRXVDXJPHQWH]OHQLYHDXGHFXLVVRQ O DXJPHQWDWLRQ«QHUJ«WLTXHGHOD]RQHGH FXLVVRQQ HVWSDVSURSRUWLRQQHOOH&HOD VLJQLILHTXHOD]RQHGHFXLVVRQXWLOLV«H¢ XQQLYHDXGHFXLVVRQPR\HQXWLOLVH PRLQVGHODPRLWL«GHVDSXLVVDQFH /HVYDOHXUVILJXUDQWGDQVOH WDEOHDXVXLYDQWVRQWIRXUQLHV ¢WLWUHLQGLFDWLI 1LYHDXGH FXLVVRQ 8WLOLVDWLRQ 'XU«H PLQ &RQVHLOV &RQVHUYH]OHVDOLPHQWVFXLWV DXFKDXG DXEHಣ VRLQ 3ODFH]XQFRXYHUFOHVXUOH U«FLSLHQW 6DXFHKROODQGDLVHIDLUHIRQಣ GUHEHXUUHFKRFRODWJ«ODWLಣ QH 0«ODQJH]GHWHPSVHQ WHPSV 6ROLGLILHURPHOHWWHVĕXIV FRFRWWH &RXYUH]SHQGDQWODFXLVVRQ )DLUHPLMRWHUGHVSODWV¢EDಣ VHGHUL]HWGHODLWDJHU«ಣ FKDXIIHUGHVSODWVFXLVLQ«V $MRXWH]DXPRLQVGHX[IRLV SOXVGHOLTXLGHTXHGHUL] P«ODQJH]OHVDOLPHQWV¢EDಣ VHGHODLWDJH¢ODPRLWL«GX WHPSVGHFXLVVRQ &XLUH¢ODYDSHXUGHVO«JXಣ PHVGXSRLVVRQHWGHOD YLDQGH $MRXWH]TXHOTXHVFXLOOªUHV¢ VRXSHGHOLTXLGH &XLUHGHVSRPPHVGHWHUUH¢ ODYDSHXU 8WLOLVH]PD[~OG HDXSRXU JGHSRPPHVGHWHUUH &XLUHGHJUDQGHVTXDQWLW«V G DOLPHQWVGHVUDJR½WVHW GHVVRXSHV DXEHಣ )DLUHUHYHQLUHVFDORSHV FRUGRQVEOHXVGHYHDXF¶WHಣ VRLQ OHWWHVULVVROHWWHVVDXFLVVHV IRLHURX[ĕXIVFU¬SHVEHLಣ JQHWV 5HWRXUQH]¢ODPRLWL«GX WHPSV &XLVVRQ¢WHPS«UDWXUH«OHಣ Y«HGHVSRPPHVGHWHUUHULVಣ VRO«HVILOHWVVWHDNV 5HWRXUQH]¢ODPRLWL«GX WHPSV )DLUHERXLOOLUGHO HDXFXLUHGHVS¤WHVJULOOHUGHODYLDQGHJRXODVFK EĕXIEUDLV«FXLUHGHVIULWHV $MRXWH]MXVTX ¢OGHOLTXLಣ GHSOXVOHVLQJU«GLHQWV )DLUHERXLOOLUXQHJUDQGHTXDQWLW«G HDX/DIRQFWLRQ3RZHU%RRVWHVW DFWLY«H )5$1$,6 &RQVHLOVSRXU+REt+RRG /HVDXWUHVDSSDUHLOV W«O«FRPPDQG«VSHXYHQW EORTXHUOHVLJQDO1 XWLOLVH] SDVG DXWUHDSSDUHLO W«O«FRPPDQG«HQP¬PH WHPSVTXHODIRQFWLRQGHOD WDEOHGHFXLVVRQ /RUVTXHYRXVIDLWHVIRQFWLRQQHUODWDEOH GHFXLVVRQDYHFODIRQFWLRQ 3URW«JH]OHEDQGHDXGHFRPPDQGH GHODKRWWHGHVUD\RQVGLUHFWVGX VROHLO ವ 1HGLULJH]SDVGHOXPLªUHKDORJªQH VXUOHEDQGHDXGHFRPPDQGHGHOD KRWWH ವ 1HUHFRXYUH]SDVOHEDQGHDXGH FRPPDQGHGHODWDEOHGHFXLVVRQ ವ 1HEORTXH]SDVOHVLJQDOHQWUHODWDEOH GHFXLVVRQHWODKRWWHSDUH[HPSOH DYHFODPDLQODSRLJQ«HG XQ XVWHQVLOHRXXQJUDQGU«FLSLHQW 5HSRUWH]YRXV¢O LPDJH /DKRWWHVXUO LOOXVWUDWLRQHVW XQLTXHPHQWGRQQ«H¢WLWUHG H[HPSOH ವ +RWWHVGRW«HVGHODIRQFWLRQ +REt+RRG 3RXUWURXYHUODJDPPHFRPSOªWHGHV KRWWHVGRW«HVGHFHWWHIRQFWLRQ FRQVXOWH]QRWUHVLWHZHEGHVWLQ«DX[ FRQVRPPDWHXUV/HVKRWWHV(OHFWUROX[ TXLVRQWGRW«HVGHFHWWHIRQFWLRQGRLYHQW SRUWHUOHV\PEROH (175(7,(1(71(772<$*( $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« ವ / LPSULP«VXUOD]RQHGH FXLVVRQ¢LQGXFWLRQIOH[LEOH SHXWVHVDOLURXFKDQJHUGH FRXOHXUHQG«SOD©DQWOHV U«FLSLHQWV9RXVSRXYH] QHWWR\HUFHWWH]RQH QRUPDOHPHQW ,QIRUPDWLRQVJ«Q«UDOHV ವ ವ ವ ವ 1HWWR\H]ODWDEOHGHFXLVVRQDSUªV FKDTXHXWLOLVDWLRQ 8WLOLVH]WRXMRXUVXQU«FLSLHQWGRQWOH IRQGHVWSURSUH /HVUD\XUHVRXOHVWDFKHVVRPEUHV VXUODVXUIDFHQ RQWDXFXQHLQFLGHQFH VXUOHIRQFWLRQQHPHQWGHODWDEOHGH FXLVVRQ 8WLOLVH]XQQHWWR\DQWVS«FLDOHPHQW DGDSW«¢ODVXUIDFHGHODWDEOHGH FXLVVRQ 8WLOLVH]XQUDFORLUVS«FLDOSRXUODYLWUH 1HWWR\DJHGHODWDEOHGH FXLVVRQ ವ (QOHYH]LPP«GLDWHPHQWOH SODVWLTXHIRQGXOHVIHXLOOHVGH SODVWLTXHOHVXFUHHWOHVDOLPHQWV FRQWHQDQWGXVXFUHFDUODVDOHW«SHXW ZZZHOHFWUROX[FRP ವ HQGRPPDJHUODWDEOHGHFXLVVRQ 9HLOOH]¢QHSDVYRXVEU½OHU7HQH]OH UDFORLUVS«FLDOLQFOLQ«VXUODVXUIDFH YLWU«HHWIDLWHVJOLVVHUODODPHGX UDFORLUSRXUHQOHYHUOHVVDOLVVXUHV 8QHIRLVTXHODWDEOHGHFXLVVRQD VXIILVDPPHQWUHIURLGLHQOHYH] WUDFHVGHFDOFDLUHHWG HDX SURMHFWLRQVGHJUDLVVHG«FRORUDWLRQV P«WDOOLTXHVOXLVDQWHV1HWWR\H]OD ವ WDEOHGHFXLVVRQ¢O DLGHG XQFKLIIRQ KXPLGHHWG XQG«WHUJHQWQRQDEUDVLI $SUªVOHQHWWR\DJHV«FKH]ODWDEOHGH FXLVVRQ¢O DLGHG XQFKLIIRQGRX[ 3RXUUHWLUHUOHVG«FRORUDWLRQV P«WDOOLTXHVEULOODQWHVXWLOLVH]XQH VROXWLRQG HDXDGGLWLRQQ«HGHYLQDLJUH HWQHWWR\H]ODVXUIDFHYLWU«HDYHFXQ FKLIIRQ (1&$6' $120$/,('()21&7,211(0(17 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« (QFDVG DQRPDOLHGHIRQFWLRQQHPHQW 3UREOªPH &DXVHSUREDEOH 6ROXWLRQ 9RXVQHSRXYH]SDVDOOXಣ PHUODWDEOHGHFXLVVRQQL ODIDLUHIRQFWLRQQHU /DWDEOHGHFXLVVRQQ HVW SDVFRQQHFW«H¢XQHVRXUಣ FHG DOLPHQWDWLRQ«OHFWULTXH RXOHEUDQFKHPHQWHVWLQಣ FRUUHFW 9«ULILH]TXHODWDEOHGH FXLVVRQHVWFRUUHFWHPHQW EUDQFK«H¢XQHVRXUFH G DOLPHQWDWLRQ«OHFWULTXH &RQVXOWH]OHVFK«PDGH UDFFRUGHPHQW /HIXVLEOHDGLVMRQFW« 9«ULILH]TXHOHIXVLEOHHVW ELHQODFDXVHGHO DQRPDಣ OLH6LOHVIXVLEOHVGLVMRQFಣ WHQWGHPDQLªUHU«S«W«H IDLWHVDSSHO¢XQ«OHFWULಣ FLHQTXDOLIL« 9RXVQHU«JOH]SDVOHQLಣ YHDXGHFXLVVRQGDQVOHV VHFRQGHV $OOXPH]GHQRXYHDXODWDಣ EOHGHFXLVVRQHWU«JOH]OH QLYHDXGHFXLVVRQHQ PRLQVGHVHFRQGHV 9RXVDYH]DSSX\«VXUSOXಣ 1 DSSX\H]TXHVXUXQH VHXOHWRXFKHVHQVLWLYH¢OD VLHXUVWRXFKHVVHQVLWLYHV IRLV HQP¬PHWHPSV 3DXVHHVWDFWLY«H 1HWWR\H]OHEDQGHDXGH ,O\DGHO HDXRXGHVWDಣ FKHVGHJUDLVVHVXUOHEDQಣ FRPPDQGH GHDXGHFRPPDQGH 5HSRUWH]YRXVDXFKDSLWUH m8WLOLVDWLRQTXRWLGLHQQH} )5$1$,6 3UREOªPH &DXVHSUREDEOH 6ROXWLRQ 9RXVQ DUULYH]SDV¢V«OHFಣ WLRQQHUOHQLYHDXGHFXLVಣ VRQPD[LPDOGHO XQHGHV ]RQHVGHFXLVVRQ /HVDXWUHV]RQHVFRQVRPಣ PHQWG«M¢ODSXLVVDQFH PD[LPDOHGLVSRQLEOH 9RWUHWDEOHGHFXLVVRQ IRQFWLRQQHFRUUHFWHPHQW 'LPLQXH]ODSXLVVDQFHGHV DXWUHV]RQHVGHFXLVVRQ UDFFRUG«HV¢ODP¬PH SKDVH 5HSRUWH]YRXVDXFKDSLWUH m*HVWLRQQDLUHGHSXLVVDQಣ FH} 5HWLUH]O REMHWGHVWRXFKHV 8QVLJQDOVRQRUHUHWHQWLWHW 9RXVDYH]SRV«TXHOTXH ODWDEOHGHFXLVVRQV «WHLQW FKRVHVXUXQHRXSOXVLHXUV VHQVLWLYHV WRXFKHVVHQVLWLYHV 8QVLJQDOVRQRUHUHWHQWLW ORUVTXHODWDEOHGHFXLVVRQ HVW«WHLQWH /DWDEOHGHFXLVVRQ V «WHLQW 9RXVDYH]SRV«TXHOTXH FKRVHVXUODWRXFKHVHQVLಣ WLYH 5HWLUH]O REMHWGHODWRXFKH VHQVLWLYH /HYR\DQWGHFKDOHXUU«VLಣ GXHOOHQHV DOOXPHSDV /D]RQHGHFXLVVRQQ HVW SDVFKDXGHSDUFHTX HOOH Q DIRQFWLRQQ«TXHSHXGH WHPSVRXOHFDSWHXUHVW HQGRPPDJ« 6LOD]RQHGHFXLVVRQDHX DVVH]GHWHPSVSRXU FKDXIIHUIDLWHVDSSHO¢YRಣ WUHVHUYLFHDSUªVYHQWH DJU«« +REt+RRGQHIRQFWLRQQH SDV 9RXVDYH]FRXYHUWOHEDQಣ GHDXGHFRPPDQGH 5HWLUH]O REMHWGXEDQGHDX GHFRPPDQGH 9RXVXWLOLVH]XQWUªVJUDQG U«FLSLHQWTXLEORTXHOHVLಣ JQDO 8WLOLVH]XQSOXVSHWLWU«FLಣ SLHQWFKDQJH]OD]RQHGH FXLVVRQRXIDLWHVIRQFWLRQಣ QHUODKRWWHPDQXHOOHPHQW /HVWRXFKHVVHQVLWLYHV VRQWFKDXGHV /HU«FLSLHQWHVWWURSJUDQG RXYRXVO DYH]SODF«WURS SUªVGHVFRPPDQGHV 3ODFH]OHVU«FLSLHQWVGH JUDQGHWDLOOHVXUOHV]RQHV GHFXLVVRQDUULªUHVLSRVಣ VLEOH $XFXQVLJQDOVRQRUHQHVH /HVVLJQDX[VRQRUHVVRQW IDLWHQWHQGUHORUVTXHYRXV G«VDFWLY«V DSSX\H]VXUOHVWRXFKHV VHQVLWLYHVGXEDQGHDX /D]RQHGHFXLVVRQ¢LQಣ GXFWLRQIOH[LEOHQHFKDXIIH SDVOHU«FLSLHQW /HU«FLSLHQWHVWPDOSRVLಣ WLRQQ«VXUOD]RQHGHFXLVಣ VRQ¢LQGXFWLRQIOH[LEOH $FWLYH]OHVVLJQDX[VRQRಣ UHV5HSRUWH]YRXVDXFKDಣ SLWUHm8WLOLVDWLRQTXRWLGLHQಣ QH} 5HSODFH]OHU«FLSLHQWGDQV ODERQQHSRVLWLRQVXUOD]Rಣ QHGHFXLVVRQ¢LQGXFWLRQ IOH[LEOH/DSRVLWLRQGXU«ಣ FLSLHQWG«SHQGGHODIRQFಣ WLRQRXGXPRGHGHIRQFಣ WLRQQHPHQWDFWLY«V5HSRUಣ WH]YRXVDXFKDSLWUHm=Rಣ QHGHFXLVVRQ¢LQGXFWLRQ IOH[LEOH} ZZZHOHFWUROX[FRP 3UREOªPH &DXVHSUREDEOH 6ROXWLRQ /HGLDPªWUHGXIRQGGXU«ಣ FLSLHQWQHFRUUHVSRQGSDV ¢ODIRQFWLRQRXDXPRGH GHIRQFWLRQQHPHQWDFWLY«V 8WLOLVH]XQU«FLSLHQWGRQWOH IRQGHVWG XQGLDPªWUH DGDSW«¢ODIRQFWLRQRXDX PRGHGHIRQFWLRQQHPHQW DFWLY«V8WLOLVH]XQU«FLಣ SLHQWGRQWOHIRQGHVWG XQ GLDPªWUHLQI«ULHXU¢ PPVXUXQHVHXOHVHFಣ WLRQGHOD]RQHGHFXLVVRQ ¢LQGXFWLRQIOH[LEOH5HSRUಣ WH]YRXVDXFKDSLWUHm=Rಣ QHGHFXLVVRQ¢LQGXFWLRQ IOH[LEOH} 'LVSRVLWLIGHV«FXULW«HQಣ IDQWVRX9HUURXLOODJHHVW DFWLY«H 5HSRUWH]YRXVDXFKDSLWUH m8WLOLVDWLRQTXRWLGLHQQH} /HEDQGHDXGHV«OHFWLRQ FOLJQRWH ,OQ \DDXFXQU«FLSLHQWVXU OD]RQHRXOD]RQHQ HVW SDVHQWLªUHPHQWFRXYHUWH 3ODFH]XQU«FLSLHQWVXUOD ]RQHHWDVVXUH]YRXVTX LO FRXYUHHQWLªUHPHQWOD]RQH GHFXLVVRQ /HU«FLSLHQWQ HVWSDV DGDSW« 8WLOLVH]GHVU«FLSLHQWV DGDSW«V5HSRUWH]YRXVDX FKDSLWUHm&RQVHLOV} /HGLDPªWUHGXIRQGGXU«ಣ FLSLHQWGHFXLVVRQHVWWURS SHWLWSRXUOD]RQHGHFXLVಣ VRQ 8WLOLVH]XQU«FLSLHQWGHGLಣ PHQVLRQVDSSURSUL«HV5Hಣ SRUWH]YRXVDXFKDSLWUH m&DUDFW«ULVWLTXHVWHFKQLಣ TXHV} )OH[L%ULGJHHVWDFWLY«H 8QHRXSOXVLHXUVVHFWLRQV GXPRGHGHIRQFWLRQQHಣ PHQWHQFRXUVQHVRQWSDV FRXYHUWHVSDUOHU«FLSLHQW 3ODFH]OHU«FLSLHQWVXUOH ERQQRPEUHGHVHFWLRQVGX PRGHGHIRQFWLRQQHPHQW HQFRXUVRXFKDQJH]OH PRGHGHIRQFWLRQQHPHQW 5HSRUWH]YRXVDXFKDSLWUH m=RQHGHFXLVVRQ¢LQGXFಣ WLRQIOH[LEOH} 3RZHU6OLGHHVWDFWLY«H 'HX[U«FLSLHQWVVRQWSRV«V VXUOD]RQHGHFXLVVRQ¢ LQGXFWLRQIOH[LEOH 1 XWLOLVH]TX XQVHXOU«FLಣ SLHQW5HSRUWH]YRXVDX FKDSLWUHm=RQHGHFXLVVRQ ¢LQGXFWLRQIOH[LEOH} V DOOXPH V DOOXPH )5$1$,6 3UREOªPH HWXQFKLIIUHV DIILFKHQW &DXVHSUREDEOH 6ROXWLRQ 8QHHUUHXUV HVWSURGXLWH GDQVODWDEOHGHFXLVVRQ WHLJQH]ODWDEOHGHFXLVಣ VRQHWUDOOXPH]ODDXERXW GHVHFRQGHV6L V DIಣ ILFKH¢QRXYHDXG«EUDQಣ FKH]ODWDEOHGHFXLVVRQGH ODSULVH«OHFWULTXH$XERXW GHVHFRQGHVUHEUDQಣ FKH]ODWDEOHGHFXLVVRQ 6LOHSUREOªPHSHUVLVWH FRQWDFWH]OHVHUYLFHDSUªV YHQWHDJU«« 8QELSFRQVWDQWVHG«FOHQಣ /HEUDQFKHPHQW«OHFWULTXH '«EUDQFKH]O DSSDUHLOGH FKH Q HVWSDVDGDSW« O DOLPHQWDWLRQ«OHFWULTXH 'HPDQGH]¢XQ«OHFWULFLHQ TXDOLIL«GHY«ULILHUO LQVWDOODಣ WLRQ 6LYRXVQHWURXYH]SDVGH VROXWLRQ 6LYRXVQHWURXYH]SDVGHVROXWLRQDX SUREOªPHYHXLOOH]FRQWDFWHUYRWUH UHYHQGHXURXXQVHUYLFHDSUªVYHQWH DJU««9HXLOOH]OXLIRXUQLUOHVLQIRUPDWLRQV VHWURXYDQWVXUODSODTXHVLJQDO«WLTXH $VVXUH]YRXVG XWLOLVHUFRUUHFWHPHQW O DSSDUHLO(QFDVG HUUHXUGH PDQLSXODWLRQGHODSDUWGHO XWLOLVDWHXUOH G«SODFHPHQWGXWHFKQLFLHQGXVHUYLFH DSUªVYHQWHRXGXYHQGHXUSRXUUD¬WUH IDFWXU«P¬PHHQFRXUVGHJDUDQWLH/HV LQVWUXFWLRQVUHODWLYHVDXVHUYLFHDSUªV YHQWHHWDX[FRQGLWLRQVGHJDUDQWLH ILJXUHQWGDQVOHOLYUHWGHJDUDQWLH &$5$&75,67,48(67(&+1,48(6 3ODTXHVLJQDO«WLTXH 0RGªOH*.76,32 7\SH&$$$ ,QGXFWLRQN: 1XP«URGHV«ULH (/(&752/8; 31& 991+] )DEULTX«HQ$OOHPDJQH N: &DUDFW«ULVWLTXHVGHV]RQHVGHFXLVVRQ =RQHGHFXLV഻ VRQ 3XLVVDQFHQR഻ 3RZHU഻ %RRVW>:@ PLQDOHQL഻ YHDXGHFXLV഻ VRQPD[>:@ 3RZHU%RRVW GXU«HPD[L഻ PDOH>PLQ@ 'LDPªWUHGX U«FLSLHQW>PP@ $UULªUHFHQWUDOH $YDQWGURLWH ZZZHOHFWUROX[FRP =RQHGHFXLV഻ VRQ 3XLVVDQFHQR഻ 3RZHU഻ %RRVW>:@ PLQDOHQL഻ YHDXGHFXLV഻ VRQPD[>:@ =RQHGHFXLVಣ VRQ¢LQGXFWLRQ IOH[LEOH /DSXLVVDQFHGHV]RQHVGHFXLVVRQSHXW O«JªUHPHQWGLII«UHUGHVGRQQ«HVGX WDEOHDX(OOHG«SHQGGHODPDWLªUHHWGHV GLPHQVLRQVGXU«FLSLHQW 3RZHU%RRVW GXU«HPD[L഻ PDOH>PLQ@ 'LDPªWUHGX U«FLSLHQW>PP@ PLQLPXP 3RXUGHVU«VXOWDWVGHFXLVVRQRSWLPDX[ XWLOLVH]GHVU«FLSLHQWVTXLQHG«SDVVHQW SDVOHVGLDPªWUHVLQGLTX«VGDQVOH WDEOHDX 5(1'(0(171(5*7,48( ,QIRUPDWLRQVVXUOHSURGXLWFRQIRUP«PHQW¢ODQRUPH(8 YDODEOHSRXUOHPDUFK«HXURS«HQXQLTXHPHQW ,GHQWLILFDWLRQGXPRGªOH *.76,32 7\SHGHWDEOHGHFXLVVRQ 7DEOHGHFXLVಣ VRQLQW«JU«H 1RPEUHGH]RQHVGH FXLVVRQ 1RPEUHGH]RQHVGH FXLVVRQ 7HFKQRORJLHGHFKDXIIDJH ,QGXFWLRQ 'LDPªWUHGHV]RQHVGH FXLVVRQFLUFXODLUHV FP FP $UULªUHFHQWUDOH $YDQWGURLWH /RQJXHXU/HWODUJHXUO *DXFKH GHOD]RQHGHFXLVVRQ /FP OFP &RQVRPPDWLRQG «QHUJLH VHORQOD]RQHGHFXLVVRQ (&HOHFWULFFRRNLQJ $UULªUHFHQWUDOH $YDQWGURLWH :KNJ :KNJ &RQVRPPDWLRQG «QHUJLH GHOD]RQHGHFXLVVRQ (&HOHFWULFFRRNLQJ *DXFKH :KNJ &RQVRPPDWLRQG «QHUJLH GHODWDEOHGHFXLVVRQ (&HOHFWULFKRE :KNJ (1$SSDUHLOVGHFXLVVRQ GRPHVWLTXHV«OHFWULTXHV3DUWLH 7DEOHVGHFXLVVRQ0«WKRGHVGH PHVXUHGHVSHUIRUPDQFHV FRQRPLHG «QHUJLH 9RXVSRXYH]«FRQRPLVHUGHO «QHUJLHDX TXRWLGLHQHQVXLYDQWOHVFRQVHLOV VXLYDQWV )5$1$,6 ವ ವ ವ 6LYRXVIDLWHVFKDXIIHUGHO HDXQH IDLWHVFKDXIIHUTXHODTXDQWLW«GRQW YRXVDYH]U«HOOHPHQWEHVRLQ 6LSRVVLEOHFRXYUH]WRXMRXUVOHV U«FLSLHQWVGHFXLVVRQDYHFXQ FRXYHUFOHSHQGDQWODFXLVVRQ $FWLYH]WRXMRXUVOD]RQHGHFXLVVRQ DSUªVDYRLUSRV«OHU«FLSLHQWGHVVXV ವ ವ ವ 3ODFH]OHVSOXVSHWLWVU«FLSLHQWVVXU OHVSOXVSHWLWHV]RQHVGHFXLVVRQ 3RVH]GLUHFWHPHQWOHU«FLSLHQWDX FHQWUHGHOD]RQHGHFXLVVRQ 9RXVSRXYH]XWLOLVHUODFKDOHXU U«VLGXHOOHSRXUFRQVHUYHUOHVDOLPHQWV DXFKDXGRXSRXUIDLUHIRQGUH CH *$5$17,( 6HUYLFHFOLHQWªOH 3RLQWVGH6HUYLFH ,QGXVWULHVWUDVVH 0¦JHQZLO /H7U«VL 3U«YHUHQJHV 9LD9LROLQR 0DQQR 0RUJHQVWUDVVH %HUQ =¾UFKHUVWUDVVH( 6W*DOOHQ 6HHWDOVWUDVVH (PPHQEU¾FNH 6FKORVVVWUDVVH 3UDWWHOQ &RPHUFLDOVWUDVVH &KXU 3RLQWVGHYHQWHGHUHFKDQJH ,QGXVWULHVWUDVVH0¦JHQZLO7HO &RQVHLOWHFKQLTXH9HQWH %DGHQHUVWUDVVH=¾ULFK7HO *DUDQWLH1RXVRFWUR\RQVVXUFKDTXH SURGXLWDQVGHJDUDQWLH¢SDUWLUGHOD GDWHGHOLYUDLVRQRXGHODPLVHHQ VHUYLFHDXFRQVRPPDWHXUGRFXPHQW« DXPR\HQGಬXQHIDFWXUHGಬXQERQGH JDUDQWLHRXGಬXQMXVWLILFDWLIGಬDFKDW 1RWUHJDUDQWLHFRXYUHOHVIUDLVGHPDLQV GಬĕXYUHVHWGHG«SODFHPHQWDLQVLTXH OHVSLªFHVGHUHFKDQJH/HVFRQGLWLRQV GHJDUDQWLHQHVRQWSDVYDODEOHVHQFDV GಬLQWHUYHQWLRQGಬXQWLHUVQRQDXWRULV«GH OಬHPSORLGHSLªFHVGHUHFKDQJHQRQ RULJLQDOHVGಬHUUHXUVGHPDQLHPHQWRX GಬLQVWDOODWLRQGXHV¢OಬLQREVHUYDWLRQGX PRGHGಬHPSORLHWSRXUGHVGRPPDJHV FDXV«VSDUGHVLQIOXHQFHVH[W«ULHXUHVRX GHIRUFHPDMHXUH (10$7,5('(3527(&7,21'( / (19,5211(0(17 5HF\FOH]OHVPDW«ULDX[SRUWDQWOH «OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV V\PEROH '«SRVH]OHVHPEDOODJHV GDQVOHVFRQWHQHXUVSU«YXV¢FHWHIIHW &RQWULEXH]¢ODSURWHFWLRQGH O HQYLURQQHPHQWHW¢YRWUHV«FXULW« UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW SRUWDQWOHV\PEROH DYHFOHVRUGXUHV P«QDJªUHV(PPHQH]XQWHOSURGXLW GDQVYRWUHFHQWUHORFDOGHUHF\FODJHRX FRQWDFWH]YRVVHUYLFHVPXQLFLSDX[ ZZZHOHFWUROX[FRP 3RXUOD6XLVVH 2»DOOHUDYHFOHVDSSDUHLOV XVDJ«V" 3DUWRXWR»GHVDSSDUHLOV QHXIVVRQWYHQGXVPDLV DXVVLGDQVXQFHQWUHGH FROOHFWHRXXQHHQWUHSULVHGH U«FXS«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ª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ಬ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ವ ವ ವ ವ ವ ವ ವ ವ 4XHVWDDSSDUHFFKLDWXUDSX´HVVHUHXVDWDGDEDPELQL DSDUWLUHGDJOLDQQLHGDDGXOWLFRQOLPLWDWHFDSDFLW¢ ILVLFKHVHQVRULDOLRPHQWDOLRFRQVFDUVDHVSHULHQ]DR FRQRVFHQ]DVXOO XVRGHOO DSSDUHFFKLDWXUDVRODPHQWH VHVRUYHJOLDWLRVHLVWUXLWLUHODWLYDPHQWHDOO XVR GHOO DSSDUHFFKLDWXUDHVHKDQQRFRPSUHVRLULVFKL FRLQYROWL ,EDPELQLGLHW¢FRPSUHVDIUDLHJOLDQQLHOH SHUVRQHFRQGLVDELOLW¢GLIIXVHHFRPSOHVVHYDQQR WHQXWLORQWDQLDPHQRFKHQRQYLVLDXQDVXSHUYLVLRQH FRQWLQXD 7HQHUHORQWDQLLEDPELQLDOGLVRWWRGHLDQQLVHQRQ FRVWDQWHPHQWHVXSHUYLVLRQDWL 1RQFRQVHQWLUHDLEDPELQLGLJLRFDUHFRQ O DSSDUHFFKLDWXUD 7HQHUHJOLLPEDOODJJLORQWDQRGDLEDPELQLHVPDOWLUOLLQ PRGRDGHJXDWR 7HQHUHLEDPELQLHJOLDQLPDOLGRPHVWLFLORQWDQR GDOO DSSDUHFFKLDWXUDGXUDQWHLOIXQ]LRQDPHQWRR UDIIUHGGDPHQWR/HSDUWLDFFHVVLELOLVRQR LQFDQGHVFHQWL 6HO DSSDUHFFKLDWXUDKDXQGLVSRVLWLYRGLVLFXUH]]DSHU LEDPELQLVDU¢RSSRUWXQRDWWLYDUOR ,EDPELQLQRQGHYRQRHVHJXLUHLQWHUYHQWLGLSXOL]LDH PDQXWHQ]LRQHVXOO DSSDUHFFKLDWXUDVHQ]DHVVHUH VXSHUYLVLRQDWL ,7$/,$12 $YYHUWHQ]HGLVLFXUH]]DJHQHUDOL ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ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¢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ªGDQQHJJLDWRGHYH HVVHUHVRVWLWXLWRGDOSURGXWWRUHGDXQWHFQLFR ZZZHOHFWUROX[FRP ವ DXWRUL]]DWRRGDXQDSHUVRQDTXDOLILFDWDSHUHYLWDUH VLWXD]LRQLGLSHULFROR $99(57(1=$6HUYLUVLXQLFDPHQWHGLSURWH]LRQLSHULO SLDQRFRWWXUDSURJHWWDWHGDOSURGXWWRUH GHOO DSSDUHFFKLDWXUDRLQGLFDWHGDOORVWHVVRQHOOH LVWUX]LRQLG XVRDGHVHPSLRDFFHVVRULLGRQHLROH SURWH]LRQLGHOSLDQRFRWWXUDLQFRUSRUDWH QHOO DSSDUHFFKLDWXUD/ XVRLQDGHJXDWRGHOOHSURWH]LRQL SX´FDXVDUHLQFLGHQWL ,6758=,21,',6,&85(==$ ,QVWDOOD]LRQH $99(57(1=$ /ಬLQVWDOOD]LRQH GHOO DSSDUHFFKLDWXUDGHYH HVVHUHHVHJXLWDGD SHUVRQDOHTXDOLILFDWR ವ ವ $99(57(1=$ 9LªLOULVFKLRGLIHULUVLR GDQQHJJLDUH O DSSDUHFFKLDWXUD ವ ವ ವ ವ ವ ವ ವ ವ 5LPXRYHUHWXWWLLPDWHULDOLGL LPEDOODJJLR 1RQLQVWDOODUHRXWLOL]]DUH O DSSDUHFFKLDWXUDVHªGDQQHJJLDWD $WWHQHUVLDOOHLVWUX]LRQLIRUQLWHLQVLHPH DOO DSSDUHFFKLDWXUD QHFHVVDULRULVSHWWDUHODGLVWDQ]D PLQLPDGDOOHDOWUHDSSDUHFFKLDWXUH 3UHVWDUHVHPSUHDWWHQ]LRQHLQIDVHGL VSRVWDPHQWRGHOO DSSDUHFFKLDWXUD GDWRFKHªSHVDQWH8VDUHVHPSUHL JXDQWLGLVLFXUH]]DHOHFDO]DWXUH DGHJXDWH 3URWHJJHUHOHVXSHUILFLGLWDJOLRFRQ XQPDWHULDOHGLWHQXWDSHUHYLWDUHFKH O XPLGLW¢FDXVLGHLULJRQILDPHQWL 3URWHJJHUHODEDVH GHOO DSSDUHFFKLDWXUDGDYDSRUHH XPLGLW¢ 1RQLQVWDOODUHO DSSDUHFFKLDWXUD DFFDQWRDGXQDSRUWDRVRWWRXQD ILQHVWUDSHUHYLWDUHFKHSHQWROHFDOGH FDGDQRGDOO DSSDUHFFKLDWXUDTXDQGR ODSRUWDRODILQHVWUDVRQRDSHUWH ವ 2JQLDSSDUHFFKLDWXUDGLVSRQHGL YHQWROHGLUDIIUHGGDPHQWRVXOODSDUWH LQIHULRUH 6HO DSSDUHFFKLDWXUDYLHQHLQVWDOODWD VRSUDDXQFDVVHWWR ದ 1RQWHQHUHRJJHWWLGLSLFFROH GLPHQVLRQLRIRJOLGLFDUWDFKH SRWUHEEHURHVVHUHDVSLUDWLGDWR FKHSRVVRQRGDQQHJJLDUHOH YHQWROHGLUDIIUHGGDPHQWRR JXDVWDUHLOIXQ]LRQDPHQWRGHO VLVWHPDGLUDIIUHGGDPHQWR ದ 0DQWHQHUHXQDGLVWDQ]DGL DOPHQRFPIUDODSDUWHLQIHULRUH GHOO DSSDUHFFKLDWXUDHOH FRPSRQHQWLFRQVHUYDWHQHO FDVVHWWR 7RJOLHUHJOLHYHQWXDOLSDQQHOOL VHSDUDWRULLQVWDOODWLQHOPRELOHWWRVRWWR DOO DSSDUHFFKLDWXUD &ROOHJDPHQWRHOHWWULFR $99(57(1=$ 5LVFKLRGLLQFHQGLRHVFRVVD HOHWWULFD ವ ವ ವ ವ 7XWWLLFROOHJDPHQWLHOHWWULFLGHYRQR HVVHUHUHDOL]]DWLGDXQHOHWWULFLVWD TXDOLILFDWR / DSSDUHFFKLDWXUDGHYHGLVSRUUHGL XQDPHVVDDWHUUD 3ULPDGLTXDOVLDVLLQWHUYHQWRª QHFHVVDULRYHULILFDUHFKH O DSSDUHFFKLDWXUDVLDVFROOHJDWDGDOOD UHWHHOHWWULFD 9HULILFDUHFKHLSDUDPHWULVXOOD WDUJKHWWDVLDQRFRPSDWLELOLFRQOH ,7$/,$12 ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ LQGLFD]LRQLHOHWWULFKH GHOO DOLPHQWD]LRQH 9HULILFDUHFKHO DSSDUHFFKLDWXUDVLD LQVWDOODWDFRUUHWWDPHQWH / DOOHQWDPHQWRGLXQFROOHJDPHQWR HOHWWULFRRGLXQDVSLQDRYHSUHYLVWL SX´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ಬDSSDUHFFKLDWXUD7LUDUH VHPSUHGDOODVSLQD 6HUYLUVLXQLFDPHQWHGLGLVSRVLWLYLGL LVRODPHQWRDGHJXDWLLQWHUUXWWRUL DXWRPDWLFLIXVLELOLTXHOOLDWDSSR GHYRQRHVVHUHULPRVVLGDO SRUWDIXVLELOHVJDQFLDWRULSHUFRUUHQWL GLJXDVWRDWHUUDHUHOª / LPSLDQWRHOHWWULFRGHYHHVVHUH GRWDWRGLXQGLVSRVLWLYRGLLVRODPHQWR FKHFRQVHQWDGLVFROOHJDUH O DSSDUHFFKLDWXUDGDOODSUHVDGL FRUUHQWHDWXWWLLSROL,OGLVSRVLWLYRGL LVRODPHQWRGHYHDYHUHXQDODUJKH]]D GHOO DSHUWXUDGLFRQWDWWRQRQLQIHULRUH DLPP 8WLOL]]R $99(57(1=$ 5LVFKLRGLOHVLRQLXVWLRQLR VFRVVHHOHWWULFKH ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ 5LPXRYHUHWXWWLLPDWHULDOLGL LPEDOODJJLROHHWLFKHWWHHODSHOOLFROD SURWHWWLYDRYHSUHVHQWHSULPDGHO SULPRXWLOL]]R 4XHVWDDSSDUHFFKLDWXUDªVWDWD SUHYLVWDXQLFDPHQWHSHUXQXVR GRPHVWLFR 1RQPRGLILFDUHOHVSHFLILFKHWHFQLFKH GHOO DSSDUHFFKLDWXUD $FFHUWDUVLFKHOHIHVVXUHGL YHQWLOD]LRQHQRQVLDQRRVWUXLWH 1RQODVFLDUHPDLO DSSDUHFFKLDWXUD LQFXVWRGLWDGXUDQWHLOIXQ]LRQDPHQWR ,PSRVWDUHOD]RQDGLFRWWXUDVXRII GRSRRJQLXWLOL]]R 1RQIDUHDIILGDPHQWRVXOULOHYDWRUHGL SHQWROH 1RQDSSRJJLDUHSRVDWHRFRSHUFKL VXOOH]RQHGLFRWWXUD3RVVRQR GLYHQWDUHURYHQWL 1RQPHWWHUHLQIXQ]LRQH O DSSDUHFFKLDWXUDFRQOHPDQLXPLGHR TXDQGRF ªXQFRQWDWWRFRQO DFTXD 1RQXWLOL]]DUHO DSSDUHFFKLDWXUDFRPH VXSHUILFLHGLODYRURRFRPHSLDQRGL DSSRJJLR 6HODVXSHUILFLHGHOO DSSDUHFFKLDWXUD SUHVHQWDGHOOHLQFULQDWXUHVFROOHJDUH LPPHGLDWDPHQWHO DSSDUHFFKLDWXUD GDOO DOLPHQWD]LRQHSHUHYLWDUHVFRVVH HOHWWULFKH ,SRUWDWRULGLSDFHPDNHUGHYRQR PDQWHQHUHXQDGLVWDQ]DGLDOPHQR FPGDOOH]RQHGLFRWWXUDDLQGX]LRQH TXDQGRO DSSDUHFFKLDWXUDªLQ IXQ]LRQH 8QDOLPHQWRLPPHUVRQHOO ROLRPROWR FDOGRSX´SURYRFDUHGHJOLVFKL]]L $99(57(1=$ 3HULFRORGLLQFHQGLRHG HVSORVLRQL ವ *UDVVLHROLRFDOGLSRVVRQRULODVFLDUH YDSRULLQILDPPDELOL0DQWHQHUH ILDPPHRRJJHWWLFDOGLORQWDQLGD ZZZHOHFWUROX[FRP ವ ವ ವ JUDVVLHROLRTXDQGROLVLXWLOL]]DSHU FXFLQDUH ,YDSRULULODVFLDWLGDXQROLRPROWR FDOGRSRVVRQRSURYRFDUHXQD FRPEXVWLRQHVSRQWDQHD / ROLRXVDWRFKHSX´FRQWHQHUH UHVLGXLGLFLERSX´OLEHUDUHGHOOH ILDPPHDGXQDWHPSHUDWXUDLQIHULRUH ULVSHWWRDGXQROLRXWLOL]]DWRSHUOD SULPDYROWD 1RQDSSRJJLDUHRWHQHUHOLTXLGLR PDWHULDOLLQILDPPDELOLQ«RJJHWWL IDFLOPHQWHLQFHQGLDELOL VXOO DSSDUHFFKLDWXUDDOVXRLQWHUQRR QHOOHLPPHGLDWHYLFLQDQ]H 0DQXWHQ]LRQHHSXOL]LD ವ ವ ವ ವ ವ $99(57(1=$ 9LªLOULVFKLRGLGDQQHJJLDUH O DSSDUHFFKLDWXUD ವ ವ ವ ವ ವ ವ ವ ವ 1RQSRJJLDUHSHQWROHFDOGHVXO SDQQHOORGHLFRPDQGL 1RQPHWWHUHFRSHUFKLFDOGLVXOOD VXSHUILFLHLQYHWURGHOSLDQRFRWWXUD 1RQHVSRUUHDOFDORUHSHQWROHYXRWH )DUHDWWHQ]LRQHDQRQODVFLDUFDGHUH RJJHWWLRSHQWROHVXOO DSSDUHFFKLDWXUD /DVXSHUILFLHVLSRWUHEEH GDQQHJJLDUH 1RQPHWWHUHLQIXQ]LRQHOH]RQHGL FRWWXUDLQDVVHQ]DGLSHQWROHRFRQ SHQWROHYXRWH 1RQDSSRJJLDUHODSHOOLFRODGL DOOXPLQLRGLUHWWDPHQWH VXOO DSSDUHFFKLDWXUD /RVSRVWDPHQWRGLSHQWROHLQJKLVDLQ DOOXPLQLRRFRQIRQGLGDQQHJJLDWLSX´ JUDIILDUHLOYHWURRODYHWURFHUDPLFD 3HUVSRVWDUHTXHVWLRJJHWWLVROOHYDUOL VHPSUHGDOODVXSHUILFLHGLFRWWXUD / DSSDUHFFKLDWXUDªGHVWLQDWDVROR DOODFRWWXUD1RQGHYHHVVHUH XWLOL]]DWDSHUDOWULVFRSLFRPHSHU HVHPSLRLOULVFDOGDPHQWRGLXQ DPELHQWH 3XOLUHUHJRODUPHQWHO DSSDUHFFKLDWXUD SHUHYLWDUHLOGHWHULRUDPHQWRGHL PDWHULDOLFKHFRPSRQJRQROD VXSHUILFLH 'LVDWWLYDUHO DSSDUHFFKLDWXUDH ODVFLDUODUDIIUHGGDUHSULPDGL SURFHGHUHFRQODSXOL]LD 6FROOHJDUHOಬDSSDUHFFKLDWXUDGDOOD UHWHHOHWWULFDSULPDGLHVHJXLUHOH RSHUD]LRQLGLPDQXWHQ]LRQH 1RQQHEXOL]]DUHDFTXDQ«XWLOL]]DUH YDSRUHSHUSXOLUHO DSSDUHFFKLDWXUD 3XOLUHO DSSDUHFFKLDWXUDFRQXQSDQQR LQXPLGLWRHPRUELGR8WLOL]]DUHVROR GHWHUJHQWLQHXWUL1RQXVDUHSURGRWWL DEUDVLYLVSXJQHWWHDEUDVLYHVROYHQWL RGRJJHWWLPHWDOOLFL $VVLVWHQ]D7HFQLFD ವ ವ 3HUULSDUDUHO DSSDUHFFKLDWXUD FRQWDWWDUHLO&HQWURGL$VVLVWHQ]D $XWRUL]]DWR 8WLOL]]DUHHVFOXVLYDPHQWHULFDPEL RULJLQDOL 6PDOWLPHQWR $99(57(1=$ 5LVFKLRGLOHVLRQLR VRIIRFDPHQWR ವ ವ ವ 5LYROJHUVLDOO DXWRULW¢PXQLFLSDOHSHU LQIRUPD]LRQLVXFRPHVPDOWLUH FRUUHWWDPHQWHO HOHWWURGRPHVWLFR 6WDFFDUHODVSLQDGDOO DOLPHQWD]LRQH HOHWWULFD 7DJOLDUHLOFDYRHOHWWULFR GHOO DSSDUHFFKLDWXUDHVPDOWLUOR ,167$//$=,21( $99(57(1=$ )DUHULIHULPHQWRDLFDSLWROL VXOODVLFXUH]]D 3ULPDGHOO LQVWDOOD]LRQH 3ULPDGLLQVWDOODUHLOSLDQRGLFRWWXUD DQQRWDUHO LQIRUPD]LRQHULSRUWDWDGL VHJXLWRSUHVHQWHVXOODWDUJKHWWDGHLGDWL /DWDUJKHWWDGHLGDWLªDSSOLFDWDVXOODWR LQIHULRUHGHOSLDQRGLFRWWXUD ,7$/,$12 1XPHURGL VHULH 3LDQLGLFRWWXUDGDLQFDVVR 8WLOL]]DUHHVFOXVLYDPHQWHSLDQLGLFRWWXUD GDLQFDVVRVRORGRSRO LQVWDOOD]LRQHLQ LGRQHLSLDQLGLODYRURHPRELOLGDLQFDVVR FRQIRUPLDOOHQRUPH 1HOFRUVRGHOO LQVWDOOD]LRQHLQSUHVHQ]DGL PDWHULDOHFRPEXVWLELOHRVVHUYDUH VFUXSRORVDPHQWHOHQRUPDWLYH1,16(9 HOHLQGLFD]LRQLDQWLQFHQGLR GHOO $VVRFLD]LRQHGHJOLLVWLWXWLFDQWRQDOLGL DVVLFXUD]LRQHDQWLQFHQGLR &DYRGLFROOHJDPHQWR ವ ವ ,OSLDQRGLFRWWXUDªIRUQLWRFRQXQ FDYRGLFROOHJDPHQWR 3HUVRVWLWXLUHLOFDYRGLDOLPHQWD]LRQH GDQQHJJLDWRXVDUHTXHVWRWLSRGL FDYR+99)FKHVXSSRUWDXQD WHPSHUDWXUDGLr&RVXSHULRUH &RQWDWWDUHLO&HQWURGL$VVLVWHQ]D ORFDOH &ROOHJDPHQWRHOHWWULFR ,QVWDOODUHLOSLDQRGLFRWWXUDFRQXQFDYR GLDOLPHQWD]LRQHFRQFRQQHWWRUH6HQRQ F ªXQFDYRGLDOLPHQWD]LRQHFRQ FRQQHWWRUHQHOOಬLQVWDOOD]LRQHGRPHVWLFD ILVVDGHYHHVVHUHSUHYLVWRXQGLVSRVLWLYR GLVHSDUD]LRQHFRQXQಬDSHUWXUDGL FRQWDWWRGLPLQLPRPPFKHVHSDUL FRQWHPSRUDQHDPHQWHOಬDSSDUHFFKLDWXUD HWXWWLLSROLGDOODUHWHFRPHSUHYLVWR GDOODQRUPD1,16(9 )LVVDJJLRGHOODJXDUQL]LRQH ,QVWDOOD]LRQHLQDOWR 3XOLUHLOSLDQRGLODYRURDWWRUQRDOOD ]RQDGLLQFDVVR )LVVDUHLOQDVWURDGHVLYRLQGRWD]LRQH [PPDWWRUQRDOODSDUWHLQIHULRUH GHOO DSSDUHFFKLDWXUDOXQJRLOERUGR HVWHUQRGHOSLDQRLQYHWURFHUDPLFD 1RQWHQGHUOD$VVLFXUDUVLFKHOH HVWUHPLW¢GHOQDVWURDGHVLYRVL WURYLQRDOFHQWURGLXQODWRGHOSLDQR GLFRWWXUD /DVFLDUHDOFXQLTXDOFKHPLOOLPHWURGL QDVWURDGHVLYRLQSL»SULPDGL WDJOLDUH 8QLUHOHGXHHVWUHPLW¢GHOQDVWUR DGHVLYR 0RQWDJJLR min. 500mm min. 50mm )LVVDJJLRGHOODJXDUQL]LRQH ,QVWDOOD]LRQHLQWHJUDWD 3XOLUHODVFDQDODWXUDQHOSLDQRGL ODYRUR 7DJOLDUHLOQDVWURDGHVLYRLQ GRWD]LRQHLQVWULVFHGD[PP/H VWULVFHGHYRQRDYHUHODVWHVVD OXQJKH]]DGHOOHVFDQDODWXUH 7DJOLDUHOHHVWUHPLW¢GHOOHVWULVFHFRQ XQDQJRORGLr'HYRQRLQVHULUVL SHUIHWWDPHQWHQHJOLDQJROLGHOOH VFDQDODWXUH $SSOLFDUHOHVWULVFHVXOOHVFDQDODWXUH 1RQWLUDUHOHJXDUQL]LRQL1RQXQLUHOH HVWUHPLW¢GHOOHVWULVFHVXOODFRUGD 'RSRDYHUPRQWDWRLOSLDQRGLFRWWXUD VLJLOODUHORVSD]LRULPDQHQWHWUDLO YHWURFHUDPLFDHLOSLDQRGLODYRURFRQGHO VLOLFRQH$VVLFXUDUVLFKHLOVLOLFRQHQRQ SDVVLDOGLVRWWRGHOYHWURFHUDPLFD 6HO DSSDUHFFKLDWXUDYLHQH LQVWDOODWDVRSUDDXQ FDVVHWWRODYHQWLOD]LRQHGHO SLDQRFRWWXUDULVFDOGDJOL DUWLFROLDOO LQWHUQRGHO FDVVHWWRGXUDQWHLOSURFHVVR GLFRWWXUD ZZZHOHFWUROX[FRP ,167$//$=,21(,1$/72 510 700 60 24 280 44 550 486 min. 55 490 +1 680 max R5 min. 28 mm +1 min. 1500 min. 28 min. min. 12 60 ,167$//$=,21(,17(*5$7$ 510 700 60 28 280 49 550 486 min. 55 490+1 680+1 max R5 R10 min. 1500 8 13 490+1 516+1 R5 13 680+1 706+1 min. 28 min. min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ಣ UD +REt+RRG 3HUDWWLYDUHHGLVDWWLYDUHODPRGDOLW¢PDಣ QXDOHGHOODIXQ]LRQH ,QWHUURPSL 3HUDWWLYDUHHGLVDWWLYDUHODIXQ]LRQH 3HUDXPHQWDUHRULGXUUHLOWHPSR 3HULPSRVWDUHODIXQ]LRQH7LPHU 'LVSOD\WLPHU ,QGLFDLOWHPSRLQPLQXWL )OH[L%ULGJH 3HUFDPELDUHOHWUHPRGDOLW¢GHOODIXQ]LRಣ QH 3RZHU6OLGH 3HUDWWLYDUHHGLVDWWLYDUHODIXQ]LRQH %DUUDGHLFRPDQGL 3HULPSRVWDUHXQOLYHOORGLSRWHQ]D 3RZHU%RRVW 3HUDWWLYDUHODIXQ]LRQH %ORFFR'LVSRVLWLYRGL 6LFXUH]]DEDPELQL 3HUEORFFDUHVEORFFDUHLOSDQQHOORGHLFRಣ PDQGL 7DVWR VHQ഻ VRUH ZZZHOHFWUROX[FRP 2SWL+HDW&RQWUROLQGLFDWRUH GLFDORUHUHVLGXRVXOLYHOOL $99(57(1=$ ,OFDORUHUHVLGXR SX´HVVHUHFDXVDGLXVWLRQL *OLLQGLFDWRULPRVWUDQRLO OLYHOORGHOFDORUHUHVLGXRSHU OH]RQHFRWWXUDDWWXDOPHQWH LQXVR/HVSLHVLSRWUHEEHUR DFFHQGHUHDQFKHSHUOH ]RQHFRWWXUDYLFLQHDQFKH VHQRQVRQRLQXVR /H]RQHGLFRWWXUDDLQGX]LRQHJHQHUDQR LOFDORUHULFKLHVWRSHUODFRWWXUD GLUHWWDPHQWHVXOIRQGRGHOODSHQWROD,O SLDQRLQYHWURFHUDPLFDYLHQH OHJJHUPHQWHULVFDOGDWRGDOFDORUHUHVLGXR GHOOHSHQWROH 4XDQGRLOSLDQRFRWWXUDªGLVDWWLYDWRJOL LQGLFDWRULVRQRDQFRUDYLVLELOL4XDQGRLO SLDQRFRWWXUDªIUHGGRDVXIILFLHQ]D VFRPSDLRQR 87,/,==24827,',$12 $99(57(1=$ )DUHULIHULPHQWRDLFDSLWROL VXOODVLFXUH]]D $WWLYD]LRQHHGLVDWWLYD]LRQH 6ILRUDUH SHUVHFRQGRSHUDFFHQGHUH RVSHJQHUHLOSLDQRGLFRWWXUD /HEDUUHGHLFRPDQGLVLDFFHQGRQRGRSR DYHUDWWLYDWRLOSLDQRGLFRWWXUDHVL VSHQJRQRGRSRODVXDGLVDWWLYD]LRQH 4XDQGRLOSLDQRGLFRWWXUDªGLVDWWLYDWRª SRVVLELOHYHGHUHVROR 6SHJQLPHQWRDXWRPDWLFR /DIXQ]LRQHVSHJQHDXWRPDWLFDPHQWH LOSLDQRGLFRWWXUDVH ವ ವ ವ ವ QRQVLPHWWRQRWHJDPLVXOSLDQR FRWWXUDSHUVHFRQGL QRQVLLPSRVWDLOOLYHOORGLSRWHQ]DSHU VHFRQGLGRSRDYHUSRVL]LRQDWRL WHJDPL ªVWDWRYHUVDWRTXDOFRVDRDSSRJJLDWR XQRJJHWWRVXOSDQQHOORGHLFRPDQGL SHUSL»GLVHFRQGLXQWHJDPHXQR VWUDFFLR4XDQGRVLVHQWHLOVHJQDOH DFXVWLFRLOSLDQRFRWWXUDVLGLVDWWLYD 5LPXRYHUHO RJJHWWRRSXOLUHLO SDQQHOORGHLFRPDQGL ,OSLDQRGLFRWWXUDªVXUULVFDOGDWRSHU HVVHVLHVDXULVFHO DFTXDLQ HEROOL]LRQHQHOODSHQWROD/DVFLDUH UDIIUHGGDUHOD]RQDGLFRWWXUDSULPDGL XWLOL]]DUHQXRYDPHQWHLOSLDQRGL FRWWXUD ವ QRQªVWDWDVSHQWDXQD]RQDGL FRWWXUDRQRQªVWDWRPRGLILFDWRLO OLYHOORGLSRWHQ]D'RSRTXDOFKH WHPSRLOSLDQRGLFRWWXUDVLGLVDWWLYD 5DSSRUWRWUDOLYHOORGLSRWHQ]DHLO WHPSRWUDVFRUVRLOTXDOHVLVSHJQHLO SLDQRGLFRWWXUD /LYHOORGLSRWHQ]D ,OSLDQRGLFRWWXUD VLGLVDWWLYDGRSR RUH RUH RUH RUH 8WLOL]]RGHOOH]RQHGLFRWWXUD $77(1=,21( 1RQDSSRJJLDUHSHQWROH FDOGHVXOSDQQHOORGL FRPDQGR6XVVLVWHLOULVFKLR GLGDQQLDLFRPSRQHQWL HOHWWURQLFL ,7$/,$12 ವ ವ ವ ವ ವ 3RVL]LRQDUHOHSHQWROHDOFHQWURGHOOD ]RQDVHOH]LRQDWD/H]RQHGLFRWWXUDD LQGX]LRQHVLDGDWWDQRDXWRPDWLFDPHQWH DOOHGLPHQVLRQLGHOIRQGRGHOODSHQWROD 'RSRFKHODSHQWRODªVWDWDULOHYDWD O LPSRVWD]LRQHGLFDORUHVLDFFHQGH /LYHOORGLSRWHQ]D ವ ವ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¢GLTXHOWHPSR6HVLULPHWWHOD SHQWRODQHOOD]RQDGLFRWWXUDHQWUR TXHVWRLQWHUYDOORGLWHPSRO LPSRVWD]LRQH GHOFDORUHVLULDWWLYD$OWULPHQWLOD]RQDGL FRWWXUDVLGLVDWWLYD IXQ]LRQH6LVWHPD3RZHU 0DQDJHPHQW ವ /H]RQHGLFRWWXUDVRQRUDJJUXSSDWH LQEDVHDOODSRVL]LRQHHDOQXPHURGL /DIXQ]LRQHDWWLYDXQDPDJJLRUHSRWHQ]D SHUOD]RQDGLFRWWXUDDLQGX]LRQH DGHJXDWDHGLSHQGHGDOOHGLPHQVLRQLGHO WHJDPH6DU¢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ªLQ IXQ]LRQH4XHVWDIXQ]LRQHLPSHGLVFHGL PRGLILFDUHLQDYYHUWLWDPHQWHLOOLYHOORGL SRWHQ]D ,PSRVWDUHLQQDQ]LWXWWRLOOLYHOORGL SRWHQ]D SHUDWWLYDUHODIXQ]LRQH 3HUGLVDWWLYDUHODIXQ]LRQHWRFFDUH 6LSX´XWLOL]]DUHTXHVWDIXQ]LRQHTXDQGR LOSLDQRGLFRWWXUDªDWWLYRPDOH]RQHGL FRWWXUDQRQVRQRLQIXQ]LRQH 0HWWHUHXQDSHQWRODVXOOD]RQDFRWWXUD 7RFFDUH VLDFFHQGRQR8VDUH SHULPSRVWDUH 6ILRUDUH &RQWDPLQXWL SHUYHGHUHLOVLPEROR R XVDUHLVLPEROL HPHVVRXQVHJQDOHDFXVWLFRH ODPSHJJLD3HULQWHUURPSHUHLOVHJQDOH /HVSLH H 4XDQGRODIXQ]LRQHªDWWLYDªSRVVLELOH URYHVFLD/HVSLH H VFRPSDLRQR $OORVFDGHUHGHOWHPSRVWDELOLWRYLHQH 3HUGLVDWWLYDUHODIXQ]LRQHVILRUDUH 3HUGLVDWWLYDUHODIXQ]LRQHVILRUDUH /HVSLH /DIXQ]LRQHLPSRVWDWXWWHOH]RQHGL FRWWXUDLQIXQ]LRQHDOOLYHOORGLSRWHQ]D SL»EDVVR 6HLOWLPHUQRQªLPSRVWDWR H VFRPSDLRQRGRSRVHFRQGL VILRUDUH SHUDUUHVWDUHLO SHUDWWLYDUHODIXQ]LRQH 6ILRUDUH R SHULPSRVWDUHLO WHPSR /DIXQ]LRQHVLDYYLDDXWRPDWLFDPHQWH GRSRVHFRQGL 4XDQGRYLHQHLPSRVWDWDODIXQ]LRQHVDU¢ SRVVLELOHWRJOLHUHODSHQWROD 4XDQGRVLVSHJQHLOSLDQRGL FRWWXUDVLLQWHUURPSHDQFKH TXHVWDIXQ]LRQH 'LVSRVLWLYRGL6LFXUH]]D EDPELQL 4XHVWDIXQ]LRQHLPSHGLVFH O D]LRQDPHQWRDFFLGHQWDOHGHOSLDQRGL FRWWXUD $WWLYDUHFRPHSULPDFRVDLOSLDQRFRWWXUD HQRQLPSRVWDUHLOOLYHOORGLSRWHQ]D ,7$/,$12 7RFFDUH ILQRDFKHQRQYLHQHHPHVVR XQVXRQRHODVSLDVLDFFHQGHSHU DWWLYDUHODIXQ]LRQH /DEDUUDGHLFRPDQGLVFRPSDUH 'LVDWWLYDUHLOSLDQRGLFRWWXUD ವ ವ 4XDQGRVLGLVDWWLYDLOSLDQR GLFRWWXUDODIXQ]LRQHª DQFRUDDWWLYD 3HUGLVDWWLYDUHODIXQ]LRQHSHUXQD VRODRSHUD]LRQHGLFRWWXUD$WWLYDUHLO +REt+RRG SLDQRGLFRWWXUDFRQ VLDFFHQGH 7RFFDUH ILQRDFKHQRQYLHQHHPHVVR XQELSHODVSLDVLVSHJQH&RPSDUHOD EDUUDGHLFRPDQGL,PSRVWDUHLOOLYHOORGL FDORUHHQWURVHFRQGL6DU¢SRVVLELOH XVDUHLOSLDQRFRWWXUD4XDQGRVL GLVDWWLYDLOSLDQRGLFRWWXUDFRQ IXQ]LRQHªDQFRUDDWWLYD OD 3HUGLVDWWLYDUHODIXQ]LRQHLQPRGR SHUPDQHQWH$WWLYDUHLOSLDQRFRWWXUDH QRQLPSRVWDUHODSRWHQ]D7RFFDUH ILQRDFKHQRQYLHQHHPHVVRXQVXRQRH ODVSLDVLVSHJQH&RPSDUHODEDUUDGHL FRPDQGL'LVDWWLYDUHLOSLDQRGLFRWWXUD 2II6RXQG&RQWURO $WWLYD]LRQHHGLVDWWLYD]LRQHGHL VHJQDOLDFXVWLFL 'LVDWWLYDUHFRPHSULPDFRVDLOSLDQRGL FRWWXUD 6ILRUDUH SHUVHFRQGLSHUDWWLYDUH ODIXQ]LRQH ,OGLVSOD\VLDFFHQGHHVLVSHJQH 6ILRUDUHLOWDVWR R SHUVHFRQGL VLDFFHQGH 6ILRUDUH GHOWLPHUSHUHIIHWWXDUHOD VHOH]LRQHVHJXHQWH ವ LVHJQDOLDFXVWLFLVRQR VSHQWL ವ LVHJQDOLDFXVWLFLVRQRDWWLYL 3HUFRQIHUPDUHODVHOH]LRQH DWWHQGHUHILQFK«LOSLDQRGLFRWWXUD QRQVLGLVDWWLYDDXWRPDWLFDPHQWH 4XDQGRODIXQ]LRQHªLPSRVWDWDVX L VHJQDOLDFXVWLFLVDUDQQRXGLELOLVROWDQWR TXDQGR ವ VLVILRUD ವ &RQWDPLQXWLGLPLQXLVFH 7LPHUGHOFRQWRDOODURYHVFLD GLPLQXLVFH VLDSSRJJLDXQRJJHWWRVXOSDQQHOOR GHLFRPDQGL 6LWUDWWDGLXQDIXQ]LRQHDXWRPDWLFD DYDQ]DWDFKHFROOHJDLOSLDQRGLFRWWXUD DGXQDFDSSDVSHFLDOH6LDLOSLDQRGL FRWWXUDFKHODFDSSDGLVSRQJRQRGLXQ FRPXQLFDWRUHGLVHJQDOHDLQIUDURVVL/D YHORFLW¢GHOODYHQWRODYLHQHGHILQLWD DXWRPDWLFDPHQWHVXOODEDVHGHOOH LPSRVWD]LRQLGHOODPRGDOLW¢HGHOOD WHPSHUDWXUDGHOODSHQWRODSL»FDOGDVXO SLDQRGLFRWWXUDDQFKHSRVVLELOH PHWWHUHLQIXQ]LRQHODYHQWRODGDOSLDQR GLFRWWXUDPDQXDOPHQWH 3HUODPDJJLRUSDUWHGHOOD FDSSHLOVLVWHPDUHPRWRª GLVDWWLYDWRDOO RULJLQH $WWLYDUORSULPDGLXWLOL]]DUHOD IXQ]LRQH3HUPDJJLRUL LQIRUPD]LRQLIDUHULIHULPHQWR DOPDQXDOHSHUO XWHQWHGHOOD FDSSD $WWLYD]LRQHDXWRPDWLFDGHOODIXQ]LRQH 3HUDWWLYDUHDXWRPDWLFDPHQWHOD IXQ]LRQHLPSRVWDUHODPRGDOLW¢ DXWRPDWLFDGD+D+,OSLDQRGL FRWWXUDªLPSRVWDWRGDOODIDEEULFDVX+ /DFDSSDVLDWWLYDRJQLTXDOYROWDVLPHWWH LQIXQ]LRQHLOSLDQRGLFRWWXUD,OSLDQWRGL FRWWXUDULOHYDODWHPSHUDWXUDGHOOH SHQWROHDXWRPDWLFDPHQWHHUHJRODOD YHORFLW¢GHOODYHQWROD $WWLYD]LRQHGHOODOXFH DQFKHSRVVLELOHLPSRVWDUHLOSLDQRGL FRWWXUDSHUDWWLYDUHDXWRPDWLFDPHQWHOD OXFHRJQLYROWDFKHVLDFFHQGHLOSLDQRGL FRWWXUD3HUIDUORLPSRVWDUHODPRGDOLW¢ DXWRPDWLFDGD+D+ /DOXFHVXOODFDSSDVL GLVDWWLYDPLQXWLGRSROD GLVDWWLYD]LRQHGHOSLDQRGL FRWWXUD ZZZHOHFWUROX[FRP 0RGDOLW¢DXWRPDWLFKH 6ILRUDUHLOWDVWR 6ILRUDUH SHUVHFRQGL DOFXQHYROWHILQFK«VL (EROOL഻ ,OOX഻ PLQD഻ ]LRQH ]LRQH DXWR഻ PDWL഻ FD )ULWWX഻ UD 0RGDOLW¢ + 6SHQಣ 6SHQWR WR 6SHQWR 0RGDOLW¢ + ,QGDಣ 6SHQWR WD 6SHQWR 0RGDOLW¢ + ,QGDಣ 9HORFLW¢ WD YHQWROD 9HORFLW¢ YHQWROD 0RGDOLW¢ + ,QGDಣ 6SHQWR WD 9HORFLW¢ YHQWROD 0RGDOLW¢ + ,QGDಣ 9HORFLW¢ WD YHQWROD 9HORFLW¢ YHQWROD )XQ]LRQDPHQWRPDQXDOHGHOOD YHORFLW¢GHOODYHQWROD 0RGDOLW¢ + ,QGDಣ 9HORFLW¢ WD YHQWROD 9HORFLW¢ YHQWROD DQFKHSRVVLELOHPHWWHUHLQIXQ]LRQHOD YHQWRODGDOSLDQRGLFRWWXUD PDQXDOPHQWH 0RGDOLW¢ + ,QGDಣ 9HORFLW¢ WD YHQWROD 9HORFLW¢ YHQWROD 7RFFDUH TXDQGRLOSLDQRFRWWXUDª DWWLYR ,QTXHVWRPRGRVLGLVDWWLYDLO IXQ]LRQDPHQWRDXWRPDWLFRGHOODIXQ]LRQH HGªSRVVLELOHPRGLILFDUHODYHORFLW¢GHOOD YHQWRODPDQXDOPHQWH 4XDQGRVLSUHPH ODYHORFLW¢GHOOD YHQWRODDXPHQWDGLXQOLYHOOR4XDQGRVL UDJJLXQJHXQOLYHOORHOHYDWRHVLSUHPH QXRYDPHQWH ODYHORFLW¢GHOODYHQWROD YLHQHLPSRVWDWDVXOORHODYHQWRODGHOOD FDSSDVLGLVDWWLYD3HUDYYLDUH QXRYDPHQWHODYHQWRODFRQYHORFLW¢ VILRUDUH ,OSLDQRGLFRWWXUDULOHYDLOSURFHVVRGL HEROOL]LRQHHDWWLYDODYHORFLW¢GHOODYHQWROD LQEDVHDOODPRGDOLW¢DXWRPDWLFD ,OSLDQRGLFRWWXUDULOHYDLOSURFHVVRGLIULWಣ WXUDHDWWLYDODYHORFLW¢GHOODYHQWRODLQEDVH DOODPRGDOLW¢DXWRPDWLFD 0RGDOLW¢+4XHVWDPRGDOLW¢DWWLYDOD YHQWRODHODOXFHHQRQªFROOHJDWDDOODWHPಣ SHUDWXUD 0RGLILFDGHOODPRGDOLW¢ DXWRPDWLFD 'LVDWWLYDUHO DSSDUHFFKLDWXUD 6ILRUDUHLOWDVWR SHUVHFRQGL ,OGLVSOD\VLDFFHQGHHVLVSHJQH DFFHQGH 6ILRUDUH GHO7LPHUSHUVHOH]LRQDUH XQDPRGDOLW¢DXWRPDWLFD 4XDQGRVLWHUPLQDODFRWWXUDHVL GLVDWWLYDLOSLDQRGLFRWWXUDODYHQWROD GHOODFDSSDULPDQHLQIXQ]LRQHDQFRUD SHUXQSR 7UDVFRUVRTXHVWRWHPSRLO VLVWHPDGLVDWWLYDODYHQWROD DXWRPDWLFDPHQWHHGHYLWDO DWWLYD]LRQH DFFLGHQWDOHGHOODVWHVVDSHULVHFRQGL VXFFHVVLYL 3HUPHWWHUHLQIXQ]LRQHOD FDSSDGLUHWWDPHQWHGDO SDQQHOORGHOODFDSSDVWHVVD GLVDWWLYDUHODPRGDOLW¢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¢DSSOLFDELOHDOOHGLPHQVLRQLGHL WHJDPLFKHVLGHVLGHUDXVDUH(VLVWRQR WUHPRGDOLW¢6WDQGDUGVLDWWLYD DXWRPDWLFDPHQWHTXDQGRYLHQHDWWLYDWRLO SLDQRGLFRWWXUD%LJ%ULGJHH0D[ %ULGJH 3HULPSRVWDUHLOOLYHOORGL SRWHQ]DXWLOL]]DUHOHGXH EDUUHGLFRQWUROORGLVLQLVWUD ODWHUDOL 3RVL]LRQDUHOHSHQWROHDOFHQWURVXOOD ]RQDVHOH]LRQDWD 6LVWHPDUHOHSHQWROHFRQLOGLDPHWURGHO IRQGRLQIHULRUHDPPDOFHQWURVX XQDVRODVH]LRQH 100-160mm 6LVWHPDUHOHSHQWROHFRQLOGLDPHWURGHO IRQGRVXSHULRUHDPPDOFHQWURWUD GXHVH]LRQL 3DVVDJJLRGDXQDPRGDOLW¢DOO DOWUD 3HUSDVVDUHGDXQDPRGDOLW¢DOO DOWUD XWLOL]]DUHLOWDVWRVHQVRUH > 160 mm 4XDQGRVLSDVVDGDXQD PRGDOLW¢DOO DOWUDLOOLYHOORGL SRWHQ]DYLHQHUHLPSRVWDWR VX 'LDPHWURHSRVL]LRQHGHOOHSHQWROH 6FHJOLHUHODPRGDOLW¢DGHJXDWDDOOD GLPHQVLRQHHDOODIRUPDGHOOHSHQWROH/H SHQWROHGHYRQRFRSULUHOD]RQD VHOH]LRQDWDTXDQWRSL»SRVVLELOH 0RGDOLW¢VWDQGDUG )OH[L%ULGJH 4XHVWDPRGDOLW¢VLDWWLYDTXDQGRVLDWWLYD LOSLDQRGLFRWWXUD4XHVWDFROOHJDOH VH]LRQLLQGXH]RQHGLFRWWXUDVHSDUDWH, ODWLGHOOH]RQHFKHRSHUDQRLQVLHPHLQ TXHVWDPRGDOLW¢VLLOOXPLQDQRHVRQR FROOHJDWLFRQULJKHLOOXPLQDWHSL» FRUWH6DU¢SRVVLELOHLPSRVWDUHOD SRWHQ]DSHURJQL]RQDVHSDUDWDPHQWH 8WLOL]]DUHOHGXHEDUUHGLFRQWUROORODWHUDOL ZZZHOHFWUROX[FRP VLQLVWUH FRQWUROORODWHUDOLGLVLQLVWUD 3RVL]LRQHFRUUHWWDGHOOHSHQWROH 3RVL]LRQHFRUUHWWDGHOOHSHQWROH 3HUXWLOL]]DUHTXHVWDPRGDOLW¢ª QHFHVVDULRSRVL]LRQDUHOHSHQWROHVXOOH WUHVH]LRQLFROOHJDWH6HVLXWLOL]]DQR SHQWROHSL»SLFFROHULVSHWWRDOOHGXH VH]LRQLODEDUUDGLFRQWUROORODPSHJJLDH GRSRPLQXWLOD]RQDVLVSHJQH 3RVL]LRQHHUUDWDGHOOHSHQWROH 3RVL]LRQHHUUDWDGHOOHSHQWROH 0RGDOLW¢*UDQGH3RQWH )OH[L%ULGJH 3HUDWWLYDUHODPRGDOLW¢VILRUDUH ILQFK« QRQDSSDUHODVSLDGHOODPRGDOLW¢ FRUUHWWD 4XHVWDPRGDOLW¢FROOHJDWUH VH]LRQLSRVWHULRULLQXQDVROD]RQDGL FRWWXUD/DVH]LRQHDQWHULRUHQRQª FROOHJDWDHIXQ]LRQDFRPH]RQDGL FRWWXUDGLVWLQWDSRVVLELOHLPSRVWDUHLO OLYHOORGLSRWHQ]DSHUFLDVFXQD]RQD VHSDUDWDPHQWH8VDUHOHGXHEDUUHGL 0RGDOLW¢3RQWH 0DVVLPR)OH[L%ULGJH 3HUDWWLYDUHODPRGDOLW¢VILRUDUH ILQFK« QRQDSSDUHODVSLDGHOODPRGDOLW¢ FRUUHWWD 4XHVWDPRGDOLW¢FROOHJDWXWWH OHVH]LRQLLQXQDVROD]RQDGLFRWWXUD3HU FRQILJXUDUHO LPSRVWD]LRQHGLFDORUH XVDUHXQDGHOOHGXHEDUUHGLFRQWUROORGHO ODWRVLQLVWUR ,7$/,$12 GLSRWHQ]DFRUULVSRQGHQWHDOODSRVL]LRQH SRVVLELOHVLVWHPDUHODSHQWRODLQ SRVL]LRQHDQWHULRUHFHQWUDOHR SRVWHULRUH$SSRJJLDQGROHSHQWROHQHOOD ]RQDDQWHULRUHVLRWWLHQHLOOLYHOORGL SRWHQ]DSL»DOWR3HUGLPLQXLUHSRUWDUHLO WHJDPHQHOODSRVL]LRQHFHQWUDOHR SRVWHULRUH 3RVL]LRQHFRUUHWWDGHOOHSHQWROH 3HUXWLOL]]DUHTXHVWDPRGDOLW¢ª QHFHVVDULRSRVL]LRQDUHOHSHQWROHVXOOH TXDWWURVH]LRQLFROOHJDWH6HVLXWLOL]]DQR SHQWROHSL»SLFFROHULVSHWWRDOOHWUH VH]LRQLODEDUUDGLFRQWUROORODPSHJJLDH GRSRPLQXWLOD]RQDVLVSHJQH 8WLOL]]DUHVROWDQWRXQD SHQWRODTXDQGRVLXWLOL]]DOD IXQ]LRQH 3HUPRGLILFDUH O LPSRVWD]LRQHGLFDORUH VROOHYDUHLWHJDPLH SRVL]LRQDUOLVXXQD]RQD GLYHUVD)DFHQGRVFLYRODUH ODSHQWRODVLSX´JUDIILDUHH VFRORULUHODVXSHUILFLH 3RVL]LRQHHUUDWDGHOOHSHQWROH ,QIRUPD]LRQLJHQHUDOL ವ ವ PPªLOGLDPHWURPLQLPRGHO IRQGRGHOOHSHQWROHSHUTXHVWD IXQ]LRQH 4XDORUDYHQJDPHVVDODSHQWRODVXOOD SRVL]LRQHDQWHULRUH VLDFFHQGHVXO SDQQHOORGLFRQWUROOR/DEDUUDGL FRQWUROORYLVXDOL]]DO LPSRVWD]LRQHGL ವ FDORUHSUHGHILQLWD 4XDORUDYHQJDPHVVDODSHQWRODVXOOD SRVL]LRQHFHQWUDOH VLDFFHQGHVXO SDQQHOORGLFRQWUROOR/DEDUUDGL FRQWUROORYLVXDOL]]DO LPSRVWD]LRQHGL 3RZHU6OLGH 4XHVWDIXQ]LRQHSHUPHWWHGLUHJRODUHOD WHPSHUDWXUDVSRVWDQGRODSHQWRODLQXQD SRVL]LRQHGLYHUVDVXOOD]RQDGLFRWWXUDD LQGX]LRQH /DIXQ]LRQHVXGGLYLGHOD]RQDGLFRWWXUD DLQGX]LRQHLQWUH]RQHFRQOLYHOOLGL SRWHQ]DGLYHUVL,OSLDQRGLFRWWXUDULOHYD ODSRVL]LRQHGHLWHJDPLHUHJRODLOOLYHOOR ವ FDORUHSUHGHILQLWD 4XDORUDYHQJDPHVVDODSHQWRODVXOOD SRVL]LRQHSRVWHULRUH VLDFFHQGH VXOSDQQHOORGLFRQWUROOR/DEDUUDGL FRQWUROORYLVXDOL]]DO LPSRVWD]LRQHGL FDORUHSUHGHILQLWD ZZZHOHFWUROX[FRP FRQWUROORDQWHULRUHVLQLVWUD6DU¢ SRVVLELOHPRGLILFDUHO LPSRVWD]LRQHGL FDORUHSUHGHILQLWDVRORVHODIXQ]LRQH ªDWWLYDSRVVLELOHPRGLILFDUHLOLYHOOL GLSRWHQ]DSHUFLDVFXQDSRVL]LRQH VHSDUDWDPHQWH,OSLDQRGLFRWWXUD ULFRUGDOHLPSRVWD]LRQLDOODVXFFHVVLYD DWWLYD]LRQHGHOODIXQ]LRQH ವ 3HUPRGLILFDUHLOOLYHOORGLSRWHQ]D SUHGHILQLWRXWLOL]]DUHODEDUUDGL 6ILRUDUH SHUDWWLYDUHODIXQ]LRQH /DVSLDVLDFFHQGHHODEDUUDGLFRQWUROOR YLVXDOL]]DO LPSRVWD]LRQHGLFDORUH SUHGHILQLWD 3HUGLVDWWLYDUHODIXQ]LRQHVILRUDUH &216,*/,(68**(5,0(17,87,/, $99(57(1=$ )DUHULIHULPHQWRDLFDSLWROL VXOODVLFXUH]]D ,OIRQGRGHOOHSHQWROH GRYUHEEHHVVHUHLOSL» SRVVLELOHVSHVVRHSLDQR 9HULILFDUHFKHOHEDVLGHOOD SHQWRODVLDQRDVFLXWWHSULPD GLFROORFDUODVXOODVXSHUILFLH GHOSLDQRFRWWXUD 3HQWROH 3HUOH]RQHFRWWXUDD LQGX]LRQHXQIRUWHFDPSR HOHWWURPDJQHWLFRFUHDFDORUH QHOOHSHQWROHPROWR UDSLGDPHQWH 8WLOL]]DUHOH]RQHGLFRWWXUDD LQGX]LRQHFRQSHQWROH LGRQHH 0DWHULDOHGHOOHSHQWROH ವ PDWHULDOLLGRQHLJKLVDDFFLDLR DFFLDLRVPDOWDWRDFFLDLRLQR[IRQGL PXOWLVWUDWRFRQXQDPDUFDWXUD FRUUHWWDGDSDUWHGHOSURGXWWRUH ವ PDWHULDOLQRQLGRQHLDOOXPLQLR UDPHRWWRQHYHWURFHUDPLFD SRUFHOODQD 8QDSHQWRODªDGDWWDSHUXQSLDQRGL FRWWXUDDLQGX]LRQHVH ವ ವ O DFTXDUDJJLXQJHYHORFHPHQWH O HEROOL]LRQHVXXQD]RQDGLFRWWXUDD LQGX]LRQHLPSRVWDWDVXOOLYHOORGL FRWWXUDPDVVLPR XQDFDODPLWDVLDWWDFFDDOIRQGRGHOOH SHQWROH 'LPHQVLRQLGHOOHSHQWROH /H]RQHGLFRWWXUDDLQGX]LRQHVL DGDWWDQRDXWRPDWLFDPHQWHDOOH GLPHQVLRQLGHOIRQGRGHOODSHQWROD / HIILFLHQ]DGHOOD]RQDGLFRWWXUDGLSHQGH GDOGLDPHWURGHOOHSHQWROH8QDSHQWROD FRQXQGLDPHWURLQIHULRUHDOOD]RQDSL» SLFFRODULFHYHVRORXQDSDUWHGHOOD SRWHQ]DJHQHUDWDGDOOD]RQDGLFRWWXUD 9HGHUHODVH]LRQH'DWL WHFQLFL ,UXPRULGXUDQWHO XVR 6HVLDYYHUWH ವ ವ ವ ವ ವ FUHSLWLRVLVWDQQRXWLOL]]DQGRSHQWROH GLPDWHULDOLGLYHUVLFRVWUX]LRQHD VDQGZLFK ILVFKLRVLVWDQQRXWLOL]]DQGROD]RQDGL FRWWXUDDOLYHOOLGLSRWHQ]DHOHYDWLFRQ SHQWROHGLPDWHULDOLGLYHUVL FRVWUX]LRQHDVDQGZLFK URQ]LRVLVWDQQRXWLOL]]DQGROLYHOOLGL SRWHQ]DHOHYDWL VFDWWRVLYHULILFDXQ DFFHQVLRQH HOHWWULFD VLELORURQ]LRªLQIXQ]LRQHODYHQWROD ,7$/,$12 ,UXPRULGHVFULWWLVRQRQRUPDOLHQRQ VRQRLQGLFDQRXQJXDVWR GHOOൄDSSDUHFFKLDWXUD NR7LPHU7LPHU(FR 3HUULVSDUPLDUHHQHUJLDLOULVFDOGDWRUH GHOOD]RQDGLFRWWXUDVLGLVDWWLYDSULPD FKHLOWLPHUSHULOFRQWRDOODURYHVFLD HPHWWDXQVHJQDOHDFXVWLFR/D GLIIHUHQ]DQHOWHPSRGLIXQ]LRQDPHQWR GLSHQGHGDOOLYHOORGLSRWHQ]DHGDOOD GXUDWDGHOO XWLOL]]RGHOO DSSDUHFFKLDWXUD QRQªUHJRODUH/ DXPHQWRGHOOLYHOORGL SRWHQ]DQRQªSURSRU]LRQDOHDOO DXPHQWR GHOFRQVXPRGLHQHUJLD&L´VLJQLILFDFKH XQD]RQDGLFRWWXUDFRQXQOLYHOORGL SRWHQ]DPHGLRLPSLHJDPHQRGHOODPHW¢ GHOODSURSULDHQHUJLD ,GDWLULSRUWDWLLQWDEHOODVRQR SXUDPHQWHLQGLFDWLYL (VHPSLGLLPSLHJRSHUOD FRWWXUD /DFRUUHOD]LRQHWUDLOOLYHOORGLSRWHQ]DHLO FRQVXPRGLHQHUJLDGHOOD]RQDGLFRWWXUD /LYHOORGLSR഻ 8VDUHSHU WHQ]D 7HPSR 6XJJHULPHQWL PLQ 7HQHUHLQFDOGROHSLHWDQ]H FRWWH VHFRQಣ GRQHಣ FHVVLW¢ 0HWWHUHXQFRSHUFKLRVXOOD SHQWROD 6DOVDRODQGHVHVFLRJOLHUH EXUURFLRFFRODWDJHODWLQD 0HVFRODUHGLWDQWRLQWDQWR 5DVVRGDUHRPHOHWWHPRUELಣ GHXRYDVWUDSD]]DWH &XFLQDUHFRSUHQGRFRQXQ FRSHUFKLR &XRFHUHULVRHSLHWDQ]HD EDVHGLODWWHULVFDOGDUHSLHಣ WDQ]HSURQWH $JJLXQJHUHDOULVRDOPHQR XQDGRSSLDTXDQWLW¢GLOLTXLಣ GRPHVFRODUHDPHW¢GHO SURFHVVRLSUHSDUDWLDEDVH GLODWWH &XRFHUHDYDSRUHYHUGXUH SHVFHFDUQH $JJLXQJHUHXQSDLRGLFXFಣ FKLDLGLOLTXLGR &XRFHUHDOYDSRUHOHSDWDWH 8VDUHDOPD[~OGLDFTXD SHUJGLSDWDWH %ROOLUHJUDQGLTXDQWLW¢GLDOLಣ PHQWLVWXIDWLH]XSSH )LQRDOGLOLTXLGRSL»JOLLQಣ JUHGLHQWL &RWWXUDGHOLFDWDFRWROHWWH FRUGRQEOHXFRVWROHWWHSROಣ SHWWHVDOVLFFHIHJDWRURX[ XRYDIULWWHOOHNUDSIHQ VHFRQಣ GRQHಣ FHVVLW¢ *LUDUHDPHW¢WHPSR )ULWWXUDIULWWHOOHGLSDWDWH ORPEDWHELVWHFFKH *LUDUHDPHW¢WHPSR ZZZHOHFWUROX[FRP /LYHOORGLSR഻ 8VDUHSHU WHQ]D 7HPSR 6XJJHULPHQWL PLQ 3RUWDUHDHEROOL]LRQHO DFTXDFXRFHUHODSDVWDURVRODUHODFDUQHJXಣ ODVFKVWXIDWLIULJJHUHSDWDWLQH 3RUWDUHDHEROOL]LRQHJUDQGLTXDQWLW¢G DFTXD3RZHU%RRVWªDWWLYDWD &RQVLJOLHVXJJHULPHQWLSHU +REt+RRG $OWULGLVSRVLWLYLFRQWUROODWLLQ PRGDOLW¢UHPRWDSRWUHEEHUR EORFFDUHLOVHJQDOH1RQ XVDUHOHDSSDUHFFKLDWXUH FRQWUROODWHLQPRGDOLW¢ UHPRWDTXDQGRYLHQHXVDWD ODIXQ]LRQHVXOSLDQRFRWWXUD 4XDQGRVLPHWWHLQIXQ]LRQHLOSLDQRGL FRWWXUDFRQODIXQ]LRQH ವ 3URWHJJHUHLOSDQQHOORGHOODFDSSD GDOODOXFHGLUHWWDGHOVROH ವ 1RQGLULJHUHXQDOXFHDORJHQDYHUVRLO SDQQHOORGHOODFDSSD ವ 1RQFRSULUHLOSDQQHOORGLFRQWUROORGHO SLDQRFRWWXUD ವ 1RQLQWHUURPSHUHLOVHJQDOHWUDLO SLDQRGLFRWWXUDHODFDSSDDG HVHPSLRFRQODPDQRRLOPDQLFRGL XQDSHQWRODRXQDSHQWRODDOWD 9HGHUHODILJXUD /DFDSSDLQILJXUDªULSRUWDWDDWLWROR LQGLFDWLYR &DSSHGDFXFLQDFRQODIXQ]LRQH +REt+RRG 3HUVFRSULUHO LQWHUDJDPPDGLFDSSHGD FXFLQDFRPSDWLELOLFRQTXHVWDIXQ]LRQH IDUHULIHULPHQWRDOVLWRZHEGHOQRVWUR FOLHQWH/HFDSSHGDFXFLQD(OHFWUROX[ FRPSDWLELOLFRQTXHVWDIXQ]LRQHGHYRQR ULSRUWDUHLOVLPEROR 38/,=,$(&85$ $99(57(1=$ )DUHULIHULPHQWRDLFDSLWROL VXOODVLFXUH]]D ,QIRUPD]LRQLJHQHUDOL ವ 3XOLUHLOSLDQRGLFRWWXUDGRSRRJQL LPSLHJR ವ ವ ವ ವ 8VDUHVHPSUHSHQWROHFRQLOIRQGR SXOLWR ,JUDIILROHPDFFKLHVFXUHVXOOD VXSHUILFLHQRQFRPSURPHWWRQRLO IXQ]LRQDPHQWRGHOSLDQRGLFRWWXUD 8VDUHXQSURGRWWRGLSXOL]LDDGDWWR DOODVXSHUILFLHGHOSLDQRGLFRWWXUD ,OYHWURULFKLHGHO XVRGLXQUDVFKLHWWR VSHFLDOH ,7$/,$12 /DVWDPSDVXOOD]RQDGL FRWWXUDDLQGX]LRQHIOHVVLELOH SX´VSRUFDUVLRFDPELDUH FRORUHDFDXVDGHOOR VSRVWDPHQWRGHOOHSHQWROH /D]RQDSX´HVVHUHSXOLWD QRUPDOPHQWH ವ 3XOL]LDGHOSLDQRGLFRWWXUD ವ 7RJOLHUHLPPHGLDWDPHQWHSODVWLFD VFLROWDSHOOLFRODLQSODVWLFD]XFFKHUR HDOLPHQWLFRQ]XFFKHURLQFDVR FRQWUDULRODVSRUFL]LDSRWUHEEH FDXVDUHGDQQLDOSLDQRFRWWXUD $WWHQ]LRQHDHYLWDUHOHXVWLRQL $SSRJJLDUHORVSHFLDOHUDVFKLHWWR ವ VXOODVXSHUILFLHLQYHWURIRUPDQGRXQ DQJRORDFXWRHVSRVWDUHODODPDVXOOD VXSHUILFLH 4XDQGRLOSLDQRGLFRWWXUDª VXIILFLHQWHPHQWHUDIIUHGGDWRª SRVVLELOHULPXRYHUHLVHJQLGL FDOFDUHHG DFTXDOHPDFFKLHGL JUDVVRHOHPDFFKLHRSDOHVFHQWL 3XOLUHLOSLDQRGLFRWWXUDFRQXQSDQQR XPLGRHXQGHWHUJHQWHQRQDEUDVLYR $OWHUPLQHGHOODSXOL]LDDVFLXJDUHLO SLDQRGLFRWWXUDFRQXQSDQQR PRUELGR 7RJOLHUHPDFFKLHRSDOHVFHQWL XVDUHXQDVROX]LRQHGLDFTXDFRQ DFHWRHSXOLUHODVXSHUILFLHLQYHWUR FRQXQSDQQR 5,62/8=,21('(,352%/(0, $99(57(1=$ )DUHULIHULPHQWRDLFDSLWROL VXOODVLFXUH]]D &RVDIDUHVH 3UREOHPD 3RVVLELOHFDXVD 5LPHGLR 1RQªSRVVLELOHDWWLYDUHLO SLDQRGLFRWWXUDRPHWWHUOR LQIXQ]LRQH ,OSLDQRGLFRWWXUDQRQª FROOHJDWRDXQDIRQWHGLDOLಣ PHQWD]LRQHHOHWWULFDRQRQ ªFROOHJDWRFRUUHWWDPHQWH $FFHUWDUVLFKHLOSLDQRGL FRWWXUDVLDFROOHJDWRFRUUHWಣ WDPHQWHDOODUHWHHOHWWULFD )DUHULIHULPHQWRDOORVFKHಣ PDGLFROOHJDPHQWR VFDWWDWRLOIXVLELOH 9HULILFDUHFKHO LQWHUUXWWRUH GLIIHUHQ]LDOHVDOYDYLWDVLD ODFDXVDGHOPDOIXQ]LRQDಣ PHQWR1HOFDVRLQFXLLOIXಣ VLELOHFRQWLQXLDVFDWWDUHULಣ YROJHUVLDGXQHOHWWULFLVWD TXDOLILFDWR 1RQYLHQHFRQILJXUDWDO LPಣ $FFHQGHUHGLQXRYRLOSLDಣ QRGLFRWWXUDHLPSRVWDUHLO SRVWD]LRQHFDORUHSHU OLYHOORGLSRWHQ]DLQPHQR VHFRQGL GLVHFRQGL 6RQRVWDWLVILRUDWLRSL» WDVWLVHQVRUHFRQWHPSRUDಣ QHDPHQWH 6ILRUDUHXQWDVWRVHQVRUH DOODYROWD ,QWHUURPSLªDWWLYD &RQVXOWDUHODVH]LRQH8WLಣ OL]]RTXRWLGLDQR ZZZHOHFWUROX[FRP 3UREOHPD 3RVVLELOHFDXVD 5LPHGLR ,OSDQQHOORGHLFRPDQGLª EDJQDWRRSUHVHQWDPDFಣ FKLHGLXQWR 3XOLUHLOSDQQHOORGHLFRಣ PDQGL 1RQªSRVVLELOHLPSRVWDUH LOOLYHOORGLSRWHQ]DPDVVLಣ PRSHUXQDGHOOH]RQHGL FRWWXUD /HDOWUH]RQHFRQVXPDQR ODSRWHQ]DPDVVLPDGLVSRಣ QLELOH ,OSLDQRFRWWXUDIXQ]LRQDDOಣ ODSHUIH]LRQH 5LGXUUHODSRWHQ]DGHOOHDOಣ WUH]RQHGLFRWWXUDFROOHJDಣ WHDOODVWHVVDIDVH 5LPDQGLDPRDOSDUDJUDIR 6LVWHPD3RZHU0DQDJHಣ PHQW 9LHQHHPHVVRXQVHJQDOH 8QRRSL»WDVWLVHQVRUHVRಣ 5LPXRYHUHJOLRJJHWWLGDL WDVWLVHQVRUH DFXVWLFRHLOSLDQRGLFRWWXಣ QRVWDWLFRSHUWL UDVLGLVDWWLYD 9LHQHHPHVVRXQVHJQDOH DFXVWLFRTXDQGRLOSLDQRGL FRWWXUDQRQªDWWLYR ,OSLDQRGLFRWWXUDVLGLVDWWLಣ VWDWRDSSRJJLDWRXQRJಣ 5LPXRYHUHO RJJHWWRGDOWDಣ YD JHWWRVXOWDVWRVHQVRUH VWRVHQVRUH / LQGLFDWRUHGLFDORUHUHVLಣ GXRQRQVLDFFHQGH /D]RQDQRQªFDOGDSHUಣ FK«ªULPDVWDLQIXQ]LRQH VRORSHUEUHYLVVLPRWHPSR RSSXUHLOVHQVRUHªGDQಣ QHJJLDWR 6HOD]RQDKDIXQ]LRQDWR DEEDVWDQ]DDOXQJRGDHVಣ VHUHFDOGDFRQWDWWDUHLO &HQWURGL$VVLVWHQ]D$XWRಣ UL]]DWR +REt+RRGQRQIXQ]LRQD VWDWRFRSHUWRLOSDQQHOOR GHLFRPDQGL 5LPXRYHUHJOLRJJHWWLGDO SDQQHOORGHLFRPDQGL 6LXVDXQDSHQWRODPROWR DOWDFKHEORFFDLOVHJQDOH 8VDUHXQDSHQWRODSL»SLFಣ FRODFDPELDUH]RQDFRWWXಣ UDRD]LRQDUHODFDSSDPDಣ QXDOPHQWH ,WDVWLVHQVRUHVLVXUULVFDOಣ GDQR /HSHQWROHVRQRWURSSR JUDQGLRSSXUHVRQRVWDWH FROORFDWHWURSSRYLFLQRDL FRPDQGL 6HSRVVLELOHFROORFDUHOH SHQWROHJUDQGLVXOOH]RQH SRVWHULRUL $VVHQ]DGLVXRQRTXDQGR VLWRFFDQRLWDVWLVHQVRUH GHOSDQQHOOR ,VHJQDOLDFXVWLFLVRQRGLಣ VDWWLYDWL $WWLYD]LRQHGHLVHJQDOL DFXVWLFL&RQVXOWDUHODVHಣ ]LRQH8WLOL]]RTXRWLGLDQR /D]RQDGLFRWWXUDDLQGXಣ ]LRQHIOHVVLELOHQRQVFDOGD OHSHQWROH /DSHQWRODªVWDWDVLVWHPDಣ WDLQPRGRHUUDWRVXOOD]Rಣ QDGLFRWWXUDDLQGX]LRQH IOHVVLELOH 6LVWHPDUHODSHQWRODLQ PRGRDGHJXDWRVXOOD]RQD GLFRWWXUDDLQGX]LRQHIOHVಣ VLELOH/DSRVL]LRQHGHOOD SHQWRODGLSHQGHGDOODIXQಣ ]LRQHDWWLYDWDRGDOODPRಣ GDOLW¢GLIXQ]LRQDPHQWR )DUHULIHULPHQWRD=RQDGL FRWWXUDDLQGX]LRQHIOHVVLಣ ELOH ,7$/,$12 3UREOHPD 3RVVLELOHFDXVD 5LPHGLR ,OGLDPHWURGHOIRQGRGHOOD SHQWRODQRQªDGDWWRDOOD IXQ]LRQHDWWLYDWDRDOODPRಣ GDOLW¢GLIXQ]LRQDPHQWR 8WLOL]]DUHXQDSHQWRODFRQ GLDPHWURLGRQHRSHUODIXQಣ ]LRQHDWWLYDWDRODPRGDOLW¢ GLIXQ]LRQDPHQWR8WLOL]]Dಣ UHXQDSHQWRODFRQGLDPHಣ WURLQIHULRUHDPPVX XQDVLQJRODVH]LRQHGHOOD ]RQDGLFRWWXUDDLQGX]LRQH IOHVVLELOH)DUHULIHULPHQWR D=RQDGLFRWWXUDDLQGXಣ ]LRQHIOHVVLELOH 'LVSRVLWLYRGL6LFXUH]]D &RQVXOWDUHODVH]LRQH8WLಣ EDPELQLR%ORFFRIXQ]LRQD OL]]RTXRWLGLDQR /DEDUUDGHLFRPDQGLODPಣ SHJJLD 0HWWHUHOHSHQWROHVXOOD]Rಣ 1RQFLVRQRSHQWROHVXOOD ]RQDRSSXUHOD]RQDQRQª QDLQPRGRWDOHFKHFRSUDಣ QRFRPSOHWDPHQWHOD]RQD FRPSOHWDPHQWHFRSHUWD GLFRWWXUD /HSHQWROHQRQVRQRDGDWಣ WH 8WLOL]]DUHXQDSHQWROD DGDWWD)DUHULIHULPHQWRD &RQVLJOLHVXJJHULPHQWL ,OGLDPHWURGHOIRQGRGHOOD SHQWRODªWURSSRSLFFRORULಣ VSHWWRDOOD]RQD 8VDUHSHQWROHGHOOHGLPHQಣ VLRQLFRUUHWWH9HGHUHOD VH]LRQH'DWLWHFQLFL )OH[L%ULGJHªDWWLYD8QDR SL»VH]LRQLGHOODPRGDOLW¢ GLIXQ]LRQDPHQWRDWWLYD QRQVRQRFRSHUWHGDOOD SHQWROD 6LVWHPDUHODSHQWRODVXO QXPHURFRUUHWWRGLVH]LRQL GHOODPRGDOLW¢GLIXQ]LRQDಣ PHQWRDWWLYDRPRGLILFDUH ODPRGDOLW¢)DUHULIHULPHQಣ WRD=RQDGLFRWWXUDDLQಣ GX]LRQHIOHVVLELOH &RPSDUH 3RZHU6OLGHªDWWLYD'XH SHQWROHVRQRVWDWHSRVL]LRಣ QDWHVXOOD]RQDGLFRWWXUDD LQGX]LRQHIOHVVLELOH 8WLOL]]DUHVRORXQDSHQWROD )DUHULIHULPHQWRD=RQDGL FRWWXUDDLQGX]LRQHIOHVVLಣ ELOH HXQQXPHURVLDFFHQಣ GRQR & ªXQHUURUHQHOSLDQRGL FRWWXUD 6SHJQHUHHULDFFHQGHUHLO SLDQRFRWWXUDGRSRVHಣ &RPSDUH FRQGL6H VLDFFHQGH QXRYDPHQWHVFROOHJDUHLO SLDQRFRWWXUDGDOO DOLPHQWDಣ ]LRQHHOHWWULFD'RSR VHFRQGLFROOHJDUHQXRYDಣ PHQWHLOSLDQRFRWWXUD,Q FDVRGLULFRPSDUVDGHOO Dಣ QRPDOLDULYROJHUVLDXQ &HQWURGL$VVLVWHQ]D$XWRಣ UL]]DWR ZZZHOHFWUROX[FRP 3UREOHPD 3RVVLELOHFDXVD 5LPHGLR 6LVHQWHXQELSFRVWDQWH ,OFROOHJDPHQWRHOHWWULFR QRQªVWDWRHIIHWWXDWRFRUಣ UHWWDPHQWH 6FROOHJDUHLOSLDQRFRWWXUD GDOODUHWHHOHWWULFD&RQVXOಣ WDUHXQHOHWWULFLVWDTXDOLILಣ FDWRSHUFRQWUROODUHO LQVWDOಣ OD]LRQH 6HQRQªSRVVLELOHWURYDUH XQDVROX]LRQH 4XDORUDQRQVLDSRVVLELOHWURYDUHXQD VROX]LRQHDOSUREOHPDFRQWDWWDUHLO ULYHQGLWRUHRLO&HQWURGL$VVLVWHQ]D $XWRUL]]DWR)RUQLUHLGDWLULSRUWDWLVXOOD WDUJKHWWDGHLGDWL$VVLFXUDUVLGLDYHU DFFHVRLOSLDQRGLFRWWXUDFRUUHWWDPHQWH ,QFDVRGLD]LRQDPHQWRHUUDWR GHOO DSSDUHFFKLDWXUDO LQWHUYHQWRGHO WHFQLFRGHO&HQWURGL$VVLVWHQ]DRGHO ULYHQGLWRUHSRWU¢HVVHUHHIIHWWXDWRD SDJDPHQWRDQFKHGXUDQWHLOSHULRGRGL JDUDQ]LD/HLVWUX]LRQLUHODWLYHDO&HQWUR GL$VVLVWHQ]DHDOOHFRQGL]LRQLGL JDUDQ]LDVRQRFRQWHQXWHQHOOLEUHWWRGHOOD JDUDQ]LD '$7,7(&1,&, 7DUJKHWWDGHLGDWL 0RGHOOR*.76,32 7LSR&$$$ ,QGX]LRQHN: 1XPHURGLVHULH (/(&752/8; 31& 991+] 3URGRWWRLQ*HUPDQLD N: &DUDWWHULVWLFKHWHFQLFKH]RQHGLFRWWXUD =RQDGLFRWWX഻ 3RWHQ]DQRPL഻ 3RZHU%RRVW UD QDOHLPSRVWD഻ >:@ ]LRQHGLFDOR഻ UHPDVVLPD >:@ 3RZHU%RRVW GXUDWDPDVVL഻ PD>PLQ@ 'LDPHWURGHOOH SHQWROH>PP@ 3RVWHULRUHFHQಣ WUDOH $QWHULRUHGHಣ VWUD =RQDGLFRWWXUD DLQGX]LRQH IOHVVLELOH PLQLPR /DSRWHQ]DGHOOH]RQHGLFRWWXUDSX´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ಣ 6LQLVWUD W¢3GHOOD]RQDGLFRWWXಣ UD &RQVXPRGLHQHUJLDSHU ]RQDGLFRWWXUD(&HOHFಣ WULFFRRNLQJ /FP 3FP 3RVWHULRUHFHQWUDOH $QWHULRUHGHVWUD :KNJ :KNJ &RQVXPRGLHQHUJLDGHOOD 6LQLVWUD ]RQDGLFRWWXUD(&HOHFಣ WULFFRRNLQJ :KNJ &RQVXPRGLHQHUJLDGHO SLDQRGLFRWWXUD(&HOHFಣ WULFKRE :KNJ (1$SSDUHFFKLDWXUHHOHWWULFKH SHUODFRWWXUDSHUXVRGRPHVWLFR3DUWH 3LDQLGLFRWWXUD0HWRGLSHUOD PLVXUD]LRQHGHOOHSUHVWD]LRQL 5LVSDUPLRHQHUJHWLFR SRVVLELOHULVSDUPLDUHHQHUJLD TXRWLGLDQDPHQWHGXUDQWHODFRWWXUD VHJXHQGRLVXJJHULPHQWLFKHVHJXRQR ವ ವ ವ ವ ವ ವ 6HSRVVLELOHFRSULUHVHPSUHOH SHQWROHFRQLOFRSHUFKLR 3ULPDGLDWWLYDUHOD]RQDGLFRWWXUD VLVWHPDUHODSHQWROD 6LVWHPDUHOHSHQWROHSL»SLFFROHVXOOH ]RQHGLFRWWXUDSL»SLFFROH 3RVL]LRQDUHOHSHQWROHGLUHWWDPHQWHDO FHQWURGHOOD]RQDGLFRWWXUD 8WLOL]]DUHLOFDORUHUHVLGXRSHU PDQWHQHUHFDOGLLFLELRIRQGHUOL 4XDQGRVLULVFDOGDO DFTXDXWLOL]]DUH VRORODTXDQWLW¢QHFHVVDULD CH *$5$1=,$ 6HUYL]LRFOLHQWL 6HUYL]LRGRSRYHQGLWD ,QGXVWULHVWUDVVH 0¦JHQZLO /H7U«VL 3U«YHUHQJHV 9LD9LROLQR 0DQQR ZZZHOHFWUROX[FRP 6HUYL]LRGRSRYHQGLWD 0RUJHQVWUDVVH %HUQ =¾UFKHUVWUDVVH( 6W*DOOHQ 6HHWDOVWUDVVH (PPHQEU¾FNH 6FKORVVVWUDVVH 3UDWWHOQ &RPHUFLDOVWUDVVH &KXU 9HQGLWDSH]]LGLULFDPELR ,QGXVWULHVWUDVVH0¦JHQZLO7HO &RQVXOHQ]DVSHFLDOLVWLFD9HQGLWD %DGHQHUVWUDVVH=¾ULFK7HO *DUDQ]LD3HURJQLSURGRWWRFRQFHGLDPR XQDJDUDQ]LDGLDQQLDSDUWLUHGDOOD GDWDGLFRQVHJQDRGDOODVXDPHVVDLQ IXQ]LRQHIDVWDWRODGDWDGHOODIDWWXUD GHOFHUWLILFDWRGLJDUDQ]LDRGHOOR VFRQWULQRGಬDFTXLVWR1HOODJDUDQ]LDVRQR FRPSUHVHOHVSHVHGLPDQRGRSHUDGL YLDJJLRHGHOPDWHULDOH'DOODFRSHUWXUD VRQRHVFOXVLLOORJRUDPHQWRHGLGDQQL FDXVDWLGDDJHQWLHVWHUQLLQWHUYHQWRGL WHU]LXWLOL]]RGLULFDPELQRQRULJLQDOLR GDOODLQRVVHUYDQ]DGHOOHSUHVFUL]LRQL GಬLVWDOOD]LRQHHGLVWUX]LRQLSHUOಬXVR &216,'(5$=,21,68// $0%,(17( 5LFLFODUHLPDWHULDOLFRQLOVLPEROR %XWWDUHO LPEDOODJJLRQHJOLDSSRVLWL FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQD HDULFLFODUHULILXWLGHULYDQWLGD DSSDUHFFKLDWXUHHOHWWULFKHHG HOHWWURQLFKH1RQVPDOWLUHOH DSSDUHFFKLDWXUHFKHULSRUWDQRLOVLPEROR LQVLHPHDLQRUPDOLULILXWLGRPHVWLFL 3RUWDUHLOSURGRWWRDOSXQWRGLULFLFODJJLR SL»YLFLQRRFRQWDWWDUHLOFRPXQHGL UHVLGHQ]D 3HUOD6YL]]HUD 'RYHSRUWDUHJOLDSSDUHFFKL IXRULXVR" ,QTXDOVLDVLQHJR]LRFKH YHQGHDSSDUHFFKLQXRYL RSSXUHVLUHVWLWXLVFRQRDL FHQWULGLUDFFROWDXIILFLDOL GHOOD6(16RSSXUHDL ULFLFODWRULXIILFLDOLGHOOD 6(16 /DOLVWDGHLFHQWULGLUDFFROWD XIILFLDOLGHOOD6(16ªYLVLELOH QHOVLWRZZZHUHF\FOLQJFK ,7$/,$12 $ electrolux.com/shop