Universalfernbedienung

HOME TECH
Universalfernbedienung
6)%$
Universalfernbedienung
%HGLHQXQJVDQOHLWXQJ
Télécommande universelle
0RGHG¶HPSORL
Telecomando universale
,VWUX]LRQLSHUO¶XVR
.203(51$66*0%+
%85*675$66(ɥ'%2&+80
ZZZNRPSHUQDVVFRP
,'1U6)%$9
SFB 10.1 A1
,1+$/769(5=(,&+1,6
:LFKWLJH6LFKHUKHLWVKLQZHLVH
*HUlWHEHUVLFKW
,QEHWULHEQDKPH
*HUlWDXVSDFNHQ/LHIHUXPIDQJSUIHQ
%DWWHULHQHLQVHW]HQ
%HGLHQHOHPHQWH
/&'$Q]HLJH
7DVWHQ
6(7836\VWHPHLQVWHOOXQJHQ
&RGH6HWXS3URJUDPPLHUXQJGHU)HUQEHGLHQXQJ
3URJUDPPLHUXQJSHU0DUNHQ&RGH6XFKH
3URJUDPPLHUXQJSHUPDQXHOOHU&RGH(LQJDEH
3URJUDPPLHUXQJSHUDXWRPDWLVFKHU&RGH6XFKH
6\VWHP6HWXS
8KU]HLWHLQVWHOOHQ
'DWXPHLQVWHOOHQ
.RQWUDVWHLQVWHOOHQ
+LQWHUJUXQGEHOHXFKWXQJ
*OREDOH/DXWVWlUNH6WXPPVFKDOWXQJHLQVWHOOHQ
%DQG'LVFJHUlWIU'LUHNWEHGLHQXQJDXVZlKOHQ
/RFN)XQNWLRQHLQVWHOOHQ
6\VWHP5HVHW
7LPHU6HWXS
6OHHS7LPHU
(UHLJQLV7LPHU
7LPHUO|VFKHQ
/HUQ6HWXS
&RGH/HUQIXQNWLRQ
0DNUR6HWXS
)DYRULWHQNDQDO
/DXWVWlUNHUHJHOXQJ
9RO³ 6WXPPVFKDOWXQJ
=XU%HGLHQXQJ
$OOH$86
5HLQLJHQXQG/DJHUXQJ
)HKOHU$EKLOIH
(QWVRUJHQ
7HFKQLVFKH'DWHQ
+LQZHLV]XU.RQIRUPLWlW
,PSRUWHXU
*DUDQWLH6HUYLFH
6(,7(
81,9(56$/)(51%(',(181*6)%$
'LHVH'RNXPHQWDWLRQLVWXUKHEHUUHFKWOLFKJHVFKW]W$OOH
5HFKWHDXFKGLHGHUIRWRPHFKDQLVFKHQ:LHGHUJDEHGHU
9HUYLHOIlOWLJXQJXQGGHU9HUEUHLWXQJPLWWHOVEHVRQGHUHU9HU
IDKUHQ]XP%HLVSLHO'DWHQYHUDUEHLWXQJ'DWHQWUlJHUXQG
'DWHQQHW]HDXFKWHLOZHLVHVRZLHLQKDOWOLFKHXQGWHFKQLVFKH
bQGHUXQJHQYRUEHKDOWHQ
/HVHQ6LHGLH%HGLHQXQJVDQOHLWXQJYRUGHUHUVWHQ9HUZHQ
GXQJDXIPHUNVDPGXUFKXQGKHEHQ6LHGLHVHIUGHQVSlWH
UHQ*HEUDXFKDXI+lQGLJHQ6LHEHL:HLWHUJDEHGHV*HUl
WHVDQ'ULWWHDXFKGLH$QOHLWXQJDXV
:LFKWLJH6LFKHUKHLWVKLQZHLVH
%HVWLPPXQJVJHPl‰H9HUZHQGXQJ
.LQGHUGUIHQGLH)HUQEHGLHQXQJQXUXQWHU$XIVLFKWYRQ(U
ZDFKVHQHQEHGLHQHQ
'LH8QLYHUVDOIHUQEHGLHQXQJNDQQPD[LPDO]HKQ)HUQEHGLH
QXQJHQHUVHW]HQ6LHNDQQQXUIU*HUlWHGHU8QWHUKDOWXQJV
HOHNWURQLNPLWHLQHP,QIUDURW(PSIlQJHUHLQJHVHW]WZHUGHQ
'LH)XQNWLRQHQGHU8QLYHUVDOIHUQEHGLHQXQJHQWVSUHFKHQLP
:HVHQWOLFKHQGHQHQGHU2ULJLQDOIHUQEHGLHQXQJHQ'LH8QL
YHUVDOIHUQEHGLHQXQJLVWIUGHQSULYDWHQ*HEUDXFKEHVWLPPW
6LHLVWQLFKWIUHLQHJHZHUEOLFKH1XW]XQJJHHLJQHW
-HGHDQGHUH9HUZHQGXQJJLOWDOVQLFKWEHVWLPPXQJVJHPl‰
)U6FKlGHQDXIJUXQGQLFKWEHVWLPPXQJVJHPl‰HU9HUZHQ
GXQJRGHUHLJHQPlFKWLJHU8PEDXWHQEHUQLPPWGHU+HUVWHO
OHUNHLQH+DIWXQJ
:DUQXQJ
(LQ:DUQKLQZHLVGLHVHU*HIDKUHQVWXIHNHQQ]HLFKQHWHLQH
P|JOLFKHJHIlKUOLFKH6LWXDWLRQ)DOOVGLHJHIlKUOLFKH6LWXDWLRQ
QLFKWYHUPLHGHQZLUGNDQQGLHV]X9HUOHW]XQJHQIKUHQ'LH
$QZHLVXQJHQLQGLHVHP:DUQKLQZHLVEHIROJHQXP9HUOHW
]XQJHQYRQ3HUVRQHQ]XYHUPHLGHQ
$FKWXQJ
(LQ:DUQKLQZHLVGLHVHU*HIDKUHQVWXIHNHQQ]HLFKQHWHLQHQP|J
OLFKHQ6DFKVFKDGHQ)DOOVGLH6LWXDWLRQQLFKWYHUPLHGHQZLUG
NDQQGLHV]X6DFKVFKlGHQIKUHQ'LH$QZHLVXQJHQLQGLH
VHP:DUQKLQZHLVEHIROJHQXP6DFKVFKlGHQ]XYHUPHLGHQ
+LQZHLV
(LQ+LQZHLVNHQQ]HLFKQHW]XVlW]OLFKH,QIRUPDWLRQHQGLHGHQ
8PJDQJPLWGHP*HUlWHUOHLFKWHUQ
:DUQXQJYRU9HUOHW]XQJVJHIDKUGXUFK
IDOVFKHQ8PJDQJPLW%DWWHULHQ
%DWWHULHQPVVHQPLWEHVRQGHUHU9RUVLFKWEHKDQGHOWZHUGHQ
%HDFKWHQ6LHIROJHQGH6LFKHUKHLWVKLQZHLVH
‡ %DWWHULHQGUIHQQLFKWLQGLH+lQGHYRQ.LQGHUQJHODQ
JHQ.LQGHUN|QQWHQ%DWWHULHQLQGHQ0XQGQHKPHQXQG
YHUVFKOXFNHQ:XUGHHLQH%DWWHULHYHUVFKOXFNWPXVVVRIRUW
PHGL]LQLVFKH+LOIHLQ$QVSUXFKJHQRPPHQZHUGHQ
‡ %DWWHULHQQLFKWLQV)HXHUZHUIHQ%DWWHULHQNHLQHQKRKHQ
7HPSHUDWXUHQDXVVHW]HQ
‡ ([SORVLRQVJHIDKU%DWWHULHQGUIHQQLFKWDXIJHODGHQZHUGHQ
‡ %DWWHULHQQLFKW|˩QHQRGHUNXU]VFKOLH‰HQ
‡ %DWWHULHVlXUHGLHDXVHLQHU%DWWHULHDXVWULWWNDQQ]X
+DXWUHL]XQJHQIKUHQ%HL+DXWNRQWDNWPLWYLHO:DVVHU
DEVSOHQ:HQQGLH)OVVLJNHLWLQGLH$XJHQJHODQJWLVW
JUQGOLFKPLW:DVVHUDXVVSOHQQLFKWUHLEHQXQGVRIRUW
HLQHQ$U]WDXIVXFKHQ
$FKWXQJ
'LH8QLYHUVDOIHUQEHGLHQXQJEHVLW]WHLQH,QIUDURWGLRGHGHU
/DVHUNODVVH%HWUDFKWHQ6LHGLHVHQLFKWPLWRSWLVFKHQ*HUl
WHQXP$XJHQYHUOHW]XQJHQ]XYHUPHLGHQ
6FKDGHQDP*HUlW
‡ 6ROOWHGDV*HUlWGHIHNWVHLQYHUVXFKHQ6LHQLFKWHVHLJHQ
VWlQGLJ]XUHSDULHUHQ.RQWDNWLHUHQ6LHLQ6FKDGHQVIlOOHQ
GHQ+HUVWHOOHURGHUGHVVHQ6HUYLFH+RWOLQHVLHKH*DUDQ
WLHNDUWH
‡ 6ROOWH)OVVLJNHLWLQGDV*HUlWJHODQJWVHLQRGHUZXUGH
HVDQGHUZHLWLJEHVFKlGLJWPXVVHVGXUFKGHQ+HUVWHOOHU
RGHUGHVVHQ6HUYLFH+RWOLQHEHUSUIWZHUGHQ6HW]HQ6LH
VLFKPLWGHP+HUVWHOOHURGHUGHVVHQ6HUYLFH+RWOLQHVLHKH
*DUDQWLHKLQZHLVHLQ9HUELQGXQJ
‡ (QWQHKPHQ6LHGLH%DWWHULHQDXVGHP%DWWHULHIDFKVREDOG
VLHYHUEUDXFKWVLQG
‡ :HQQ6LHGDV*HUlWOlQJHUH=HLWQLFKWEHQXW]HQHQWQHK
PHQ6LHGLH%DWWHULHQXP(QWODGXQJ]XYHUPHLGHQ
‡ 7DXVFKHQ6LHJJILPPHUDOOH%DWWHULHQJOHLFK]HLWLJDXV
XQGPLVFKHQ6LHQLH%DWWHULHQXQWHUVFKLHGOLFKHQ7\SV
*HUlWHEHUVLFKW
. /&'$Q]HLJH
3 7DVWH $//2))
$ *HUlWHWDVWHQ
/ 67DVWH
1 3IHLOWDVWHQ
4 7DVWH(;,7
2 7DVWHQ3³
( 7DVWH0$&52
, =L˩HUQWDVWHQ
" 7DVWHIUHLQRGHU]ZHLVWHOOLJH3URJUDPP1XPPHUQ
0 9LGHRWH[W)XQNWLRQVWDVWHQ
# %HOHXFKWXQJVWDVWH
% /DXIZHUNVWDVWHQ
& 7DVWH$9
' 6WXPPVFKDOWXQJ
) 7DVWHQ92/³
* 7DVWH0(18
+ 7DVWH2.
7DVWH)$9(3*
,QIUDURW6HQGHU(PSIlQJHU
%DWWHULHIDFKDEGHFNXQJ
+LQZHLVH
‡ 'LHKLHUEHVFKULHEHQHQ)XQNWLRQHQEH]LHKHQVLFKDXIGHQ
WKHRUHWLVFKHQ,GHDOIDOOGDVVGLH7DVWHQVWUXNWXUGHUMHZHLOL
JHQ2ULJLQDOIHUQEHGLHQXQJPLWGHUGLHVHU8QLYHUVDOIHUQEH
GLHQXQJLGHQWLVFKLVW'LHVZLUGDEHUQXULQGHQVHOWHQVWHQ
)lOOHQ]XWUH˩HQ:HQQDOVRQLFKWVlPWOLFKH)XQNWLRQHQGHU
2ULJLQDOIHUQEHGLHQXQJQDFKYROO]RJHQZHUGHQN|QQHQLVW
GLHVNHLQ0DQJHOGHU8QLYHUVDOIHUQEHGLHQXQJ
‡ $OOHLQGLHVHU$QOHLWXQJRGHUGHUEHLOLHJHQGHQ&RGHOLVWH
YHUZHQGHWHQ0DUNHQQDPHQVLQG+DQGHOV]HLFKHQGHUHQW
VSUHFKHQGHQ)LUPHQ
,QEHWULHEQDKPH
*HUlWDXVSDFNHQ/LHIHUXPIDQJSUIHQ
:DUQXQJ
+DOWHQ6LHDXFKGLH9HUSDFNXQJVIROLHQYRQ.LQGHUQIHUQ(V
EHVWHKW(UVWLFNXQJVJHIDKU
‡ 3DFNHQ6LHGDV*HUlWXQGGLH=XEHK|UWHLOHDXV
‡ hEHUSUIHQ6LHGHQ/LHIHUXPIDQJ
8QLYHUVDOIHUQEHGLHQXQJ8)%
%HGLHQXQJVDQOHLWXQJ
+HUVWHOOHUYHU]HLFKQLVPLW*HUlWHFRGHOLVWH
[9%DWWHULHQ7\S$$$/50LFUR
+LQZHLV7UDQVSRUWVFKDGHQ
6ROOWHQ6LHHLQHQ7UDQVSRUWVFKDGHQEHPHUNHQZHQGHQ6LH
VLFKDQGHQ+HUVWHOOHURGHUGHVVHQ6HUYLFH+RWOLQHVLHKH
*DUDQWLHKLQZHLVH
%DWWHULHQHLQVHW]HQ
$FKWXQJ
'LH8QLYHUVDOIHUQEHGLHQXQJGDUIQXUPLW9ROW%DWWHULHQ
*U|‰H$$$/5EHWULHEHQZHUGHQ
)KUHQ6LHGHQ%DWWHULHZHFKVHO]JLJGXUFK9RUJHQRPPHQH
(LQVWHOOXQJHQEOHLEHQFD0LQXWHODQJJHVSHLFKHUW:HQQ
LQGLHVHU=HLWNHLQHQHXHQ%DWWHULHQHLQJHOHJWZXUGHQPV
VHQVlPWOLFKH(LQVWHOOXQJHQHUQHXWGXUFKJHIKUWZHUGHQ
'LH8KU]HLWXQGGDV'DWXPJHKHQDOOHUGLQJVDXIMHGHQ)DOO
YHUORUHQ
%DWWHULHIDFKDEGHFNXQJLQ3IHLOULFKWXQJ|˩QHQ
%DWWHULHQHQWVSUHFKHQGGHU$EELOGXQJHLQVHW]HQXQG
%DWWHULHIDFKVFKOLH‰HQ
'LH/&'$Q]HLJH.LVWDNWLYLHUWVRODQJH%DWWHULHQHLQJHOHJWVLQG
'LHIROJHQGH$EELOGXQJ]HLJWGLH/&'$Q]HLJH.QDFKGHP
GLH%DWWHULHQHLQJHOHJWRGHUJHZHFKVHOWZXUGHQ
+LQZHLV
:HQQNHLQH/&'$Q]HLJH.VLFKWEDUZLUGEHUSUIHQ6LH
GLH3ROXQJGHU%DWWHULHQRGHUVHW]HQ6LHQHXH%DWWHULHQHLQ
%HGLHQHOHPHQWH
/&'$Q]HLJH
'LH/&'$Q]HLJH.LVWLQ)HOGHUHLQJHWHLOW
7H[WIHOG
+LHUZLUGGDVDNWXHOODQJHZlKOWH*HUlWDQJH]HLJW]XP%HL
VSLHO'9'799&5HWF
,QIUDURW6\PERO
%HLMHGHP7DVWHQGUXFNEHLGHPHLQ,QIUDURWVLJQDOJHVHQGHW
ZLUGOHXFKWHWGDV,QIUDURW6\PERODXI
&RGH=HLWIHOG
+LHUZLUGGHU*HUlWHFRGHGHVDNWXHOODQJHZlKOWHQ*HUlWHV
DQJH]HLJWRGHUGLH8KU]HLW%HLGHU8KU]HLWDQ]HLJHEOLQNWÅ´
LQGHU0LWWHGHU=L˩HUQ%HL=HLWDQ]HLJHLP6WXQGHQIRUPDW
ZLUGOLQNVYRQGHU8KU]HLWGDV7DJHV]HLWNU]HODQJH]HLJW
:RFKHQWDJVIHOG
+LHUN|QQHQ6LHGLHHQJO.XU]IRUPGHVDNWXHOOHQ:RFKHQWD
JHVDEOHVHQQDFKGHP6LHGDV'DWXPHLQJHJHEHQKDEHQ
021
78(
:('
7+8
)5,
6$7
681
0RQGD\
7XHVGD\
:HGQHVGD\
7KXUVGD\
)ULGD\
6DWXUGD\
6XQGD\
0RQWDJ
'LHQVWDJ
0LWWZRFK
'RQQHUVWDJ
)UHLWDJ
6DPVWDJ
6RQQWDJ
6WDQGDUGDQ]HLJH
'LH6WDQGDUGDQ]HLJHGHU/&'$Q]HLJH.EHVWHKWDXVGHQ
$QJDEHQIUGDVDNWXHOOH*HUlW]%Å79´GHP.U]HOIU
GHQ:RFKHQWDJXQGGHU8KU]HLWDQ]HLJH
7DVWHQ
+LQZHLV
$OOHKLHUEHVFKULHEHQHQ)XQNWLRQHQN|QQHQ6LHQDWUOLFK
QXUGDQQQXW]HQZHQQGLHVHYRQGHP]XVWHXHUQGHQ*HUlW
DXFKXQWHUVWW]WZHUGHQ
7DVWH $//2))3
*HUlWHLQDXVVFKDOWHQFD6HNXQGHQ
ODQJJHGUFNWKDOWHQXPDOOH*HUlWHHLQ
DXV]XVFKDOWHQ
*HUlWHWDVWHQ$
0LWGHQ*HUlWHWDVWHQZlKOHQ6LHGDV*HUlWDXVGDVEHGLHQW
ZHUGHQVROO
)HUQVHKHU
9LGHRUHFRUGHU
=XVDW]JHUlW
.DEHOHPSIlQJHU
&'6SLHOHU
$QDORJHU6DWHOOLWHQHPSIlQJHU
$XGLR9HUVWlUNHU
'9'6SLHOHU
'LJLWDOHU6DWHOOLWHQHPSIlQJHU
=XVDW]JHUlW
'LHJHQDQQWH7DVWHQ]XRUGQXQJLVWQLFKW]ZLQJHQG6LHN|QQHQ
DOVR]%DXFKGHQ&RGHIUGHQ9LGHRUHFRUGHUDXIGHP79
3ODW]DEVSHLFKHUQ
7DVWHÅ6´/
6HNXQGHQJHGUFNWKDOWHQXPGDV
6(7830HQDXI]XUXIHQ
NXU]GUFNHQXPGDV'DWXPHLQ]XEOHQGHQ
8PGHQHOHNWURQLVFKHQ3URJUDPPIKUHUGHV
=LHOJHUlWHVDXI]XUXIHQGUFNHQ6LH]XQlFKVW
NXU]GLH67DVWH/XQGGDQQGLH)$9(3*
7DVWH
8PGLHÅ3,3´)XQNWLRQ%LOGLP%LOG,KUHV
)HUQVHKJHUlWHV]XVWHXHUQGUFNHQ6LH
]XQlFKVWGLH67DVWH/JHIROJWYRQGHU
7DVWHGHU9LGHRWH[W)XQNWLRQVWDVWHQ0
3IHLOWDVWHQ1
7DVWH(;,74
,Q0HQVQDFKREHQUHFKWVXQWHQXQG
OLQNVEHZHJHQ
,P0HQHLQH(EHQH]XUFNZHFKVHOQ
7DVWHQ3³2
'HQ(PSIDQJVNDQDOZHFKVHOQ
,P'9'0RGXVVWHXHUQGLHVH7DVWHQGLH
6.,3)XQNWLRQ
7DVWH0$&52(
7DVWH0$&52(JHIROJWYRQHLQHU=L˩HUQ
WDVWH,DNWLYLHUWHLQH]XYRUDEJHVSHL
FKHUWH%HIHKOVNHWWH
=LIIHUQWDVWHQ,
3URJUDPPXQG*HUlWHFRGH
1XPPHUQHLQJHEHQ
7DVWHIUHLQ]ZHLVWHOOLJH3URJUDPP1XPPHUQ"
)U]ZHLVWHOOLJH3URJUDPP1XPPHUQMH
QDFK*HUlWHW\SHUVW7DVWH"GUFNHQ
GDQQEHUGLH=L˩HUQWDVWHQ,GLH3UR
JUDPP1XPPHUHLQJHEHQ
'XUFKHUQHXWHV'UFNHQZLUGGLH$Q]HLJH
ZLHGHUHLQVWHOOLJ
9LGHRWH[W)XQNWLRQVWDVWHQ0
,P9LGHRWH[WEHWULHEKDEHQGLH7DVWHQIROJHQGH)XQNWLRQHQ
'LH9LGHRWH[W)XQNWLRQDXIUXIHQ
$XWRPDWLVFKHU:HFKVHOEHLPHKUVHLWLJHQ
9LGHRWH[WVHLWHQDQKDOWHQ
6HLWHQGDUVWHOOXQJYHUJU|‰HUQ
7H[WXQG79%LOGEHUHLQDQGHUEOHQGHQ
'LH9LGHRWH[W)XQNWLRQEHHQGHQ
+LQZHLVH
‡ 'LH9LGHRWH[W)XQNWLRQVWHKWQXULPHXURSlLVFKHQ
790RGXV]XU9HUIJXQJXQG,KU79*HUlWPXVVHLQ9L
GHRWH[WPRGXOEHVLW]HQ
‡ 'DUEHUKLQDXVVWHXHUQGLH37DVWHQ2IROJHQGH
9LGHRWH[WIXQNWLRQHQ
3 (LQH6HLWHZHLWHUEOlWWHUQ
3³ (LQH6HLWH]XUFNEOlWWHUQ
/DXIZHUNVWDVWHQ%
'LH/DXIZHUNVWDVWHQ%VWHXHUQ*HUlWHZLH'9'&'
6SLHOHUXQG9LGHRUHNRUGHU
:LHGHUJDEHEHJLQQHQ
$63(&7
%LOGIRUPDWXPVFKDOWXQJEHL79%HGLHQXQJ
$XIQDKPH
:LHGHUJDEH$XIQDKPH6SXOHQVWRSSHQ
:LHGHUJDEHDQKDOWHQ
=XUFNVSXOHQ
9RUVSXOHQ
)DUEOLFKH0DUNLHUXQJHQGHU/DXIZHUNVWDVWHQEH]LHKHQVLFK
DXIGLH)DUEIHOGHULP9LGHRWH[WEHUGLHGLH7RSWH[W)XQNWLR
QHQJHVWHXHUWZHUGHQ
7DVWH$9&
$XIGHQ$9(LQJDQJXPVFKDOWHQ
6WXPPVFKDOWXQJ'
7RQHLQDXVVFKDOWHQ
7DVWHQ92/³)
/DXWVWlUNH9ROXPHHLQVWHOOHQ
7DVWH0(18*
'DV0HQGHVJHVWHXHUWHQ*HUlWHVDXIUXIHQ
7DVWH2.+
0LWGHU7DVWH2.EHVWlWLJHQ6LHHLQH0HQ
$XVZDKO
7DVWH)$9(3*
'UFNHQ6LHGLH7DVWH)$9(3*XP,KUH]XYRU
SURJUDPPLHUWHQ/LHEOLQJVVHQGHUDXI]XUXIHQ
6(7836\VWHPHLQVWHOOXQJHQ
,QGHQ6\VWHPHLQVWHOOXQJHQQHKPHQ6LHIROJHQGHVYRU
‡ 'LH3URJUDPPLHUXQJGHU)HUQEHGLHQXQJDXIGLH]X
VWHXHUQGHQ*HUlWH
‡ (LQVWHOOXQJYRQ8KU]HLW'DWXP'LVSOD\NRQWUDVW+LQWHU
JUXQGEHOHXFKWXQJ/DXWVWlUNH/RFN)XQNWLRQVRZLH6\VWHP
5HVHW
‡ 7LPHU(LQVWHOOXQJHQ
‡ 'DVÅ/HUQHQ´EHVWLPPWHU7DVWHQEHIHKOH
‡ $QOHJHQYRQ0DNURV
‡ )HVWOHJHQYRQ)DYRULWHQ
$XIGHUIROJHQGHQ6HLWHVHKHQ6LHHLQHhEHUVLFKWEHUGLH
0HQVWUXNWXU
&RGH6HWXS3URJUDPPLHUXQJGHU)HUQEHGLHQXQJ
3URJUDPPLHUPHWKRGHQVWHKHQIUGLH)HUQEHGLHQXQJ]XU
9HUIJXQJ3URJUDPPLHUXQJSHU0DUNHQ&RGH6XFKHSHU
DXWRPDWLVFKHU&RGH6XFKHXQGGLUHNWH&RGH(LQJDEHPDQXHOO
=XQlFKVWVROOWHQ6LHGLH0DUNHQ&RGH6XFKHYHUZHQGHQ
GDVLHGLHVFKQHOOVWH0HWKRGHGHU3URJUDPPLHUXQJGDUVWHOOW
ZHQQGHU+HUVWHOOHU,KUHV*HUlWHVLQGHU&RGH/LVWHDXIJH
IKUWLVW$OV=ZHLWHVHPSÀHKOWVLFKGLHGLUHNWH&RGH(LQJDEH
JHIROJWYRQGHUDXWRPDWLVFKHQ&RGH6XFKH
3URJUDPPLHUXQJSHU0DUNHQ&RGH6XFKH
%HLGLHVHU0HWKRGHZlKOHQ6LHGLUHNW0DUNHXQG&RGHEHU
GLH/&'$Q]HLJH.DXV
)ROJHQ6LHQDFKVWHKHQGHQ%HGLHQKLQZHLVHQXPGLH)HUQEH
GLHQXQJ]XSURJUDPPLHUHQ
'UFNHQ6LHGLH*HUlWHWDVWH$IUGDV*HUlWDXIGDV6LH
GLH)HUQEHGLHQXQJSURJUDPPLHUHQZROOHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW1HKPHQ6LH(LQJDEHQLP0HQ]JLJYRU
GHQQQDFKFD6HNXQGHQRKQH(LQJDEHZLUGGDV
0HQZLHGHUEHHQGHW
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ&2'(6(783´'UFNHQ
6LHGLH2.7DVWH+Å(17(5&2'(´HUVFKHLQWQXQLQ
GHU/&'$Q]HLJH.0LWGHQ7DVWHQ1ZlKOHQ6LH
Å%5$1'&2'(´XQGEHVWlWLJHQPLWGHU2.7DVWH+
1XQHUVFKHLQWGHUDOSKDEHWLVFKHUVWH0DUNHQQDPHDXV
GHU/LVWHGHUYRUSURJUDPPLHUWHQ*HUlWH
0LWGHQ7DVWHQ1ZlKOHQ6LHGLHYHUVFKLHGHQHQ
0DUNHQQDPHQDQ
8PGHQ=XJUL˩]XHUOHLFKWHUQN|QQHQ6LHPLWGHQ=L˩HUQ
WDVWHQ,GLUHNW]XEHVWLPPWHQ$QIDQJVEXFKVWDEHQVSULQ
JHQ
!$
!' !*
!-
!0
!3 !7
!:
%HLVSLHO0LW7DVWHVSULQJWGLH$Q]HLJH]XPÅ-´'LHHUVWH
0DUNHLVWÅ-9&´%HVLW]HQ6LH]%HLQ*HUlWGHU0DUNH
Å.HQZRRG´EOlWWHUQ6LHPLWGHU7DVWH1ZHLWHUELV
GLHVHU0DUNHQQDPHHUVFKHLQW$OOHKLHUYHUZHQGHWHQ
0DUNHQQDPHQVLQG+DQGHOV]HLFKHQGHUHQWVSUHFKHQGHQ
)LUPHQ
'LHPHLVWHQ+HUVWHOOHUYHUZHQGHQPHKUHUHXQWHUVFKLHGOLFKH
&RGHVIUGLH)HUQEHGLHQXQJ6LHPVVHQQXQKHUDXVÀQGHQ
ZHOFKHUGHUYHUIJEDUHQ&RGHVDPEHVWHQ]X,KUHP*H
UlWSDVVW5HFKWVXQWHUKDOEGHV0DUNHQQDPHQVZLUGGHU
DNWXHOOH&RGHLQGHU/&'$Q]HLJH.DQJH]HLJW
5LFKWHQ6LHGLH)HUQEHGLHQXQJDXIGDVDNWXHOOH*HUlWXQG
GUFNHQ6LHGLH7DVWHQGLHGHQ)XQNWLRQHQGLHVHV*HUl
WHVHQWVSUHFKHQXPGHQ&RGH]XWHVWHQDXVJHQRPPHQ
12.+(;,74GLH*HUlWHWDVWHQ$RGHU
GLH=L˩HUQWDVWHQ,
:HQQGLHPHLVWHQ7DVWHQIXQNWLRQLHUHQGUFNHQ6LHGLH
2.7DVWH+XPGLH(LQVWHOOXQJ]XVSHLFKHUQ,QGHU/&'
$Q]HLJH.HUVFKHLQWÅ2.´$QVFKOLH‰HQGZLUGGDV0HQ
DXWRPDWLVFKEHHQGHW
)XQNWLRQLHUHQDEHUNHLQHRGHUQXUZHQLJH7DVWHQZlKOHQ
6LHPLWGHURGHU7DVWH1GHQQlFKVWHQ&RGHDXV
XQGWHVWHQZLHGHUZLHXQWHUEHVFKULHEHQ
0LWGHU(;,77DVWH4JHODQJHQ6LHHLQH(EHQHLP0HQ
DXIZlUWV
:LHGHUKROHQ6LHGLHVH%HGLHQVFKULWWHIUDOOH*HUlWHGLH6LH
PLWGHU)HUQEHGLHQXQJVWHXHUQP|FKWHQ
3URJUDPPLHUXQJSHUPDQXHOOHU&RGH(LQJDEH
,QGLHVHP0RGXVNDQQGLH)HUQEHGLHQXQJGXUFKGLHGLUHNWH
(LQJDEHHLQHU&RGH1XPPHUSURJUDPPLHUWZHUGHQ'LH
EHQ|WLJWH&RGH1XPPHUHQWQHKPHQ6LHELWWHGHPEHLOLHJHQ
GHQ+HUVWHOOHUYHU]HLFKQLVPLW*HUlWHFRGHOLVWH)DOOVGHUQHXH
&RGHQLFKWJOWLJLVWZLUGGHU]XOHW]WSURJUDPPLHUWHJOWLJH
&RGHZLHGHUKHUJHVWHOOW
'UFNHQ6LHGLH*HUlWHWDVWH$IUGDV*HUlWDXIGDV6LH
GLH)HUQEHGLHQXQJSURJUDPPLHUHQZROOHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ&2'(6(783´'UFNHQ
6LHGLH2.7DVWH+Å(17(5&2'(´HUVFKHLQWQXQLQGHU
/&'$Q]HLJH.'UFNHQ6LH]XP$XIUXIHQGLHVHU)XQNWLRQ
GLH2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWGHUIUGDVDXVJHZlKOWH
*HUlWGHU]HLWYHUZHQGHWH&RGH1XQEOLQNWGLHHUVWH6WHOOH
GHV&RGHVXQGZDUWHWDXI,KUH&RGH(LQJDEH*HEHQ6LH
GHQQHXHQYLHUVWHOOLJHQ&RGHEHUGLH=L˩HUQWDVWHQ,
HLQ1DFK(LQJDEHGHUYLHUWHQ6WHOOHEOLQNWGHUJHVDPWH
&RGH6LHN|QQHQQXQWHVWHQREGLH8)%GDVJHZQVFKWH
*HUlWPLWGLHVHP&RGHVWHXHUQNDQQ'UFNHQ6LHVROFKH
7DVWHQGLHGHQ)XQNWLRQHQGHV*HUlWHVHQWVSUHFKHQ
EHLP79*HUlW]%352*±5HDJLHUWGDV*HUlWZLH
JHZQVFKWEHVWlWLJHQ6LHGLH&RGHHLQJDEHPLWGHU2.
7DVWH+$QGHUQIDOOVJHEHQ6LHGHQQlFKVWHQP|JOLFKHQ
&RGHDXVGHU/LVWHHLQXQGWHVWHQHUQHXW
:HQQGHUHLQJHJHEHQH&2'(JOWLJLVWZLUGGHU&RGH
JHVSHLFKHUW,QGHU/&'$Q]HLJH.HUVFKHLQWNXU]Å2.´
DQVFKOLH‰HQGZLUGGDV0HQDXWRPDWLVFKEHHQGHW%HL
HLQHP)HKOVFKODJ]HLJWGLH/&'$Q]HLJH.NXU]Å(5525´
)HKOHUDQXQGZDUWHWDXIHLQHHUQHXWH(LQJDEHGHV
&RGHV:LHGHUKROHQ6LHGDQQ6FKULWW
0LWGHU(;,77DVWH4JHODQJHQ6LHHLQH(EHQHLP0HQ
DXIZlUWV
3URJUDPPLHUXQJSHUDXWRPDWLVFKHU&RGH6XFKH
'LHVHU9RUJDQJNDQQSUR*HUlWPHKUHUH0LQXWHQGDXHUQGD
DOOH&RGHVIUGDVJHZlKOWH*HUlWGXUFKJHJDQJHQZHUGHQ
PVVHQ'HVKDOEVROOWHGLHVH0HWKRGHQXUYHUZHQGHWZHU
GHQZHQQGDV*HUlWSHU0DUNHQ&RGH6XFKHRGHUGLUHNWHU
&RGH(LQJDEHQLFKWSURJUDPPLHUWZHUGHQNDQQRGHUZHQQ
,KU*HUlWEHUKDXSWQLFKWLP+HUVWHOOHUYHU]HLFKQLVPLW*HUlWH
FRGHOLVWHDXIJHIKUWLVW
)ROJHQ6LHGHQXQWHQDXIJHIKUWHQ6FKULWWHQXPGLH3URJUDP
PLHUXQJPLWWHOVGHUDXWRPDWLVFKHQ&RGH6XFKHGXUFK]XIKUHQ
'UFNHQ6LHGLH*HUlWHWDVWH$IUGDV]XVWHXHUQGH
*HUlW]%9&5
6FKDOWHQ6LHGDV*HUlWHLQGDVPLWGHU)HUQEHGLHQXQJ
JHVWHXHUWZHUGHQVROO%HL9&5'9'&'*HUlWHQOHJHQ
6LHELWWHHLQ%DQGE]ZHLQH'LVFHLQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ&2'(6(783´'UFNHQ
6LHGLH2.7DVWH+Å(17(5&2'(´HUVFKHLQWQXQLQGHU
/&'$Q]HLJH.'UFNHQ6LHGLHRGHU7DVWH1
ELVÅ6($5&+&2'(´LQGHU/&'$Q]HLJH.DQJH]HLJW
ZLUG5LFKWHQ6LHGLH)HUQEHGLHQXQJDXIGDV*HUlWXQG
GUFNHQ6LHGDQQGLH2.7DVWH+XPGHQ0RGXVÅDXWR
PDWLVFKH&RGH6XFKH´DXI]XUXIHQ
'LH6XFKHEHJLQQW'DEHLVHQGHWGDV*HUlWQDFKHLQDQ
GHUGLH&RGH]DKOHQLQDXIVWHLJHQGHU5HLKHQIROJHDXV
'DV,QIUDURW6\PERO]HLJWGLHVDQ-HGH6XFKHVWDUWHW
PLWGHPDNWXHOOHLQJHVWHOOWHQ&RGH
:HQQGDV*HUlWUHDJLHUWLQGHPHVVLFKDEVFKDOWHW
GUFNHQ6LHVRIRUWGLH2.7DVWH+XPGHQDNWXHOOHQ
&RGHDE]XVSHLFKHUQ'LH/&'$Q]HLJH.]HLJWNXU]
Å2.´DQ
hEHUSUIHQ6LHREGHU*UR‰WHLOGHU)XQNWLRQHQ,KUHV
*HUlWVMHW]WPLWGHU)HUQEHGLHQXQJJHVWHXHUWZHUGHQ
NDQQ:HQQMDKDEHQ6LHVHKUZDKUVFKHLQOLFKGHQ
NRUUHNWHQ&RGHJHIXQGHQ)DOOVHLQLJH)XQNWLRQHQQLFKW
IXQNWLRQLHUHQN|QQHQ6LHEHJLQQHQGPLW6FKULWWGLHDX
WRPDWLVFKH&RGH6XFKHHUQHXWVWDUWHQ
5HDJLHUWGDV*HUlWDEHUQLFKWPHKUKDEHQ6LHLQ6FKULWW
ZDKUVFKHLQOLFKQLFKWVFKQHOOJHQXJGLH2.7DVWH+
JHGUFNW'UFNHQ6LHGDQQPHKUIDFKGLH(;,77DVWH4
XPGDV0HQ]XYHUODVVHQXQG]XU6WDQGDUGDQ]HLJH]X
UFN]XNHKUHQ
1XQKDOWHQ6LHGLH*HUlWHWDVWH$GHV*HUlWHVJHGUFNW
IUGDV6LHJHUDGHGHQSDVVHQGHQ&RGHVXFKHQ8QWHQ
UHFKWVLQGHU/&'$Q]HLJH.ZLUGGDEHLGHUDNWXHOOH
&RGHDQJH]HLJW0HUNHQ6LHVLFKGLHVH=DKO
'DQQJHKHQ6LHZLHLPYRUDQJHKHQGHQ.DSLWHO
Å3URJUDPPLHUXQJSHUPDQXHOOHU&RGH(LQJDEH´EH
VFKULHEHQYRUXQGSUIHQREGHU&RGHPLWGHUQlFKVW
QLHGULJHUHQ=DKOHQNRPELQDWLRQIXQNWLRQLHUW
+LQZHLVH
%HLDNWLYLHUWHU&RGH6XFKHZHUGHQDOOH7DVWHQELVDXI
2.+XQG(;,74LJQRULHUW
:HQQGLHDXWRPDWLVFKH6XFKHGDV(QGHGHU&RGH/LVWH
HUUHLFKWKDWVWRSSWVLHGRUW'LH$Q]HLJHNHKUWGDQQ]X
Å6($5&+&2'(´]XUFN
6\VWHP6HWXS
8KU]HLWHLQVWHOOHQ
'LH/&'$Q]HLJH.]HLJW,KQHQGLH8KU]HLWDQ6RVWHOOHQ6LH
VLHHLQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW/DVVHQ
6LHFD6HNXQGHQRKQH(LQJDEHYHUVWUHLFKHQYHUOlVVW
GDV*HUlWGDV0HQXQGNHKUW]XU6WDQGDUGDQ]HLJH]XUFN
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(06(783´
DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ7,0(6(783´%HVWlWL
JHQ6LHPLWGHU2.7DVWH+'LH/&'$Q]HLJH.]HLJW
MHW]WÅ7,0(´DQXQGGDV=HLWIRUPDW+5EOLQNW
0LWGHURGHU7DVWH1N|QQHQ6LHDXIGDVDQGHUH
=HLWIRUPDW+5XPVFKDOWHQ'DQQVWHKWVSlWHUEHLGHU
=HLWDQ]HLJH]XU$Q]HLJHGHU7DJHV]HLWHLQÅ$0´RGHU
Å30´YRUGHU8KU]HLWÅ$0´VWHKWIUÅ$0´ ÅDQWHPHUL
GLXP´YRUPLWWDJV8KUELV8KUÅ30´VWHKW
IUÅ30´ ÅSRVWPHULGLXP´QDFKPLWWDJV8KUELV
'UFNHQ6LHGLH2.7DVWH+]XU%HVWlWLJXQJ
-HW]WEOLQNWGLH6WXQGHQDQ]HLJH0LWGHURGHU7DVWH
1ZlKOHQ6LHGLH6WXQGHQ]DKOGHUDNWXHOOHQ8KU]HLWXQG
GUFNHQGLH2.7DVWH+
-HW]WEOLQNWGLH0LQXWHQDQ]HLJH0LWGHURGHU7DVWH
1ZlKOHQ6LHGLH0LQXWHQ]DKOGHUDNWXHOOHQ8KU]HLWXQG
GUFNHQGLH2.7DVWH+]XP6SHLFKHUQ(VHUVFKHLQWZLH
GHUGLH$Q]HLJHÅ7,0(6(783´
8PGLHVHVRGHUGLHIROJHQGHQ0HQV]XYHUODVVHQGU
FNHQ6LHVRRIWGLH(;,77DVWH4ELVGLH6WDQGDUGDQ]HLJH
LQGHU/&'$Q]HLJH.HUVFKHLQW
'DWXPHLQVWHOOHQ
'LH/&'$Q]HLJH.]HLJW,KQHQGDV'DWXPDQZHQQ6LHGLH
67DVWH/GUFNHQ6RVWHOOHQ6LHGDV'DWXPHLQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(0
6(783´DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ7,0(6(783´'UFNHQ
6LHGLH7DVWH1XPDXIÅ'$7(6(783´]XZHFKVHOQ
%HVWlWLJHQ6LHPLWGHU2.7DVWH+
,P'LVSOD\EOLQNWGLH-DKUHV]DKOÅ´0LWGHURGHU
7DVWH1N|QQHQ6LHGLH-DKUHV]DKOlQGHUQXQGPLWGHU
2.7DVWH+EHVWlWLJHQ0LWGHURGHU7DVWH1N|QQHQ
6LHGLHQXQEOLQNHQGH0RQDWV]DKOlQGHUQXQGPLWGHU2.
7DVWH+EHVWlWLJHQ1XQEOLQNWGLH7DJHVDQ]HLJHGLH6LH
DXFKZLHGHUPLWGHURGHU7DVWH1lQGHUQN|QQHQ
'UFNHQ6LH]XP6SHLFKHUQGLH2.7DVWH+(VHUVFKHLQW
ZLHGHUGLH$Q]HLJHÅ'$7(6(783´
.RQWUDVWHLQVWHOOHQ
'HQ.RQWUDVWGHV'LVSOD\VN|QQHQ6LHZLHIROJWHLQVWHOOHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(0
6(783´DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ&2175$67
6(783´XQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.EOLQNWQXQGHU.RQWUDVWZHUWGHQ
6LHPLWGHURGHU7DVWH1HLQVWHOOHQN|QQHQ
$Q]HLJHLP'LVSOD\
K|FKVWHU.RQWUDVW
QLHGULJVWHU.RQWUDVW
0LWGHU2.7DVWH+VSHLFKHUQ6LHGLHJHZQVFKWH(LQVWHO
OXQJ(VHUVFKHLQWZLHGHUGLH$Q]HLJHÅ&2175$676(783´
+LQWHUJUXQGEHOHXFKWXQJ
6LHN|QQHQHLQVWHOOHQZLHODQJHGHU+LQWHUJUXQGGHU/&'
$Q]HLJH.XQGGHU7DVWHQQDFK(QGHGHU%HGLHQXQJEH
OHXFKWHWEOHLEHQVROO%HGHQNHQ6LHGDEHLGDVVHLQHOlQJHUH
/HXFKWGDXHUGLH/HEHQVGDXHUGHU%DWWHULHQYHUULQJHUW
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(0
6(783´DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ%$&./,7
6(783´XQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.EOLQNWQXQGLH6HNXQGHQ]DKOIU
GLH1DFKOHXFKWGDXHUGLH6LHPLWGHQ7DVWHQ1
YRQELVHLQVWHOOHQN|QQHQ:lKOHQ6LHÅ´ZLUGGLH
+LQWHUJUXQGEHOHXFKWXQJJDQ]DEJHVFKDOWHW
0LWGHU2.7DVWH+VSHLFKHUQ6LHGLHJHZQVFKWH(LQVWHO
OXQJ(VHUVFKHLQWZLHGHUGLH$Q]HLJHÅ%$&./,76(783´
*OREDOH/DXWVWlUNH6WXPPVFKDOWXQJHLQVWHOOHQ
'DPLW6LHIUGLH/DXWVWlUNHUHJHOXQJXQG6WXPPVFKDOWXQJ
QLFKWLPPHUHUVWHLQH*HUlWHWDVWHGUFNHQPVVHQVSULFKWGLH
8)%IUGLHVH)XQNWLRQHQLPPHUQXUHLQHLQ]HOQHV*HUlWDQ
'LHVHV=LHOJHUlWN|QQHQ6LHIHVWOHJHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(0
6(783´DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ92/087(
6(783´XQGEHVWlWLJHQPLWGHU2.7DVWH+
'LH/&'$Q]HLJH.]HLJWÅ$//92/6(7´DQ'UFNHQ
6LHGLH2.7DVWH+GLH$Q]HLJHZHFKVHOWDXIÅ$//92/
02'(´
-HW]WGUFNHQ6LHGLH*HUlWHWDVWH$IUGDV*HUlWGDVYRQ
GHUJOREDOHQ/DXWVWlUNHUHJHOXQJJHVWHXHUWZHUGHQVROO
9HUIJWGDVDQJHJHEHQH*HUlWEHUHLQH/DXWVWlUNHUH
JHOXQJZLUGNXU]Å68&&(66´ (UIROJDQJH]HLJWXQG
GDV0HQEHHQGHW'LH/DXWVWlUNHUHJHOXQJZLUNWGDQQDE
MHW]WDXIGDVVRHEHQIHVWJHOHJWH*HUlW
9HUIJWGLHVHV*HUlWEHUNHLQHHLJHQH/DXWVWlUNHUHJH
OXQJOlVVWGLH8)%GLHVH$XVZDKOQLFKW]XXQG]HLJW
Å92/80((5525´ )HKOHUDQ$XFKGDQQZLUGGDV
0HQEHHQGHW'LH/DXWVWlUNHUHJHOXQJZLUNWGDQQZHLWHU
KLQDXIGDVELVKHULJH*HUlW
6LHN|QQHQGLHJOREDOH/DXWVWlUNHUHJHOXQJIUEHVWLPPWH
*HUlWHDXFKGHDNWLYLHUHQ
:lKOHQ6LHGD]XLP92/087(6(783PLWGHURGHU
7DVWH1GLH)XQNWLRQ02'(92/6(7DXVXQGEHVWlWL
JHQPLWGHU2.7DVWH+
-HW]WGUFNHQ6LHGLH*HUlWHWDVWH$IUGDV*HUlWGDV
YRQGHUJOREDOHQ/DXWVWlUNHUHJHOXQJDXVJHQRPPHQZHU
GHQVROO'LH/&'$Q]HLJH.]HLJWÅ68&&(66´DQXQG
GLHJOREDOH/DXWVWlUNHUHJHOXQJLVWGHDNWLYLHUWZHQQGLH
8)%LP%HWULHEVPRGXVHLQHVGHUDXVJHZlKOWHQ*HUlWH
DUEHLWHW
6LHN|QQHQGLH(LQVWHOOXQJHQLP92/087(6(783DXFK
ZLHGHUDXIKHEHQ
:lKOHQ6LHGD]XLP92/087(6(783PLWGHURGHU
7DVWH1GLH)XQNWLRQ92/087(5(6(7DXVXQGEHVWl
WLJHQPLWGHU2.7DVWH+
'LH/&'$Q]HLJH.IRUGHUW6LHPLW&21),505(6(7]XU
%HVWlWLJXQJPLWGHU2.7DVWHDXI+'UFNHQ6LHGLH2.
7DVWH+ZHQQ6LHGLH(LQVWHOOXQJHQO|VFKHQZROOHQGLH
68&&(66$Q]HLJHEHVWlWLJWGDQQGLH/|VFKXQJ2GHU
DEHU6LHGUFNHQGLH(;,77DVWH4XPGDV/|VFKHQDE]X
EUHFKHQ
%DQG'LVFJHUlWIU'LUHNWEHGLHQXQJ
DXVZlKOHQ
6LHN|QQHQHLQ%DQGRGHU'LVFJHUlWDXVZlKOHQGDV6LHPLW
GHQ/DXIZHUNVWDVWHQ%EHGLHQHQN|QQHQRKQH]XYRUDXIGLH
]XJHK|ULJH*HUlWHWDVWH$GUFNHQ]XPVVHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(0
6(783´DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ7,0(6(783´'UFNHQ
6LHGLH7DVWH1XPDXIÅ3/$<%$&.6(783´]XZHFK
VHOQ%HVWlWLJHQ6LHPLWGHU2.7DVWH+
0LWGHURGHU7DVWH1ZlKOHQ6LHQXQGDV*HUlW
DXVGDVDXIGLH8)%UHDJLHUHQVROOZHQQ6LHGLH/DXI
ZHUNVWDVWHQ%YHUZHQGHQ%HVWlWLJHQ6LHPLWGHU2.
7DVWH+
:HQQ6LHDQVWHOOHHLQHV*HUlWHVÅ2))´DXVZlKOHQXQG
PLWGHU2.7DVWH+EHVWlWLJHQVFKDOWHQ6LHGLH'LUHNWEH
GLHQXQJDXV:HQQ6LHÅ5(6(7´DXVZlKOHQXQGPLWGHU
2.7DVWH+EHVWlWLJHQDNWLYLHUHQ6LHGLHYRUSURJUDP
PLHUWH:HUNVHLQVWHOOXQJIUGLHVH)XQNWLRQ
'LH/&'$Q]HLJH.]HLJWÅ68&&(66´DQXQGGDVDXVJH
ZlKOWH*HUlWNDQQQXQGLUHNWPLWGHQ/DXIZHUNVWDVWHQ%
EHGLHQWZHUGHQ
/RFN)XQNWLRQHLQVWHOOHQ
0LWGHU/RFN)XQNWLRQN|QQHQ6LHGHQ=XJDQJ]XDOOHQ6HWXS
0HQVVSHUUHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(06(783´
DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ/2&.6(783´
XQGEHVWlWLJHQPLWGHU2.7DVWH+'LH/&'$Q]HLJH.
]HLJWGLHDNWXHOOH(LQVWHOOXQJDQ
0LWGHURGHU7DVWH1ZlKOHQ6LHQXQ]ZLVFKHQ
Å/2&.´6SHUUHDQRGHUÅ81/2&.´6SHUUHDXV
0LWGHU2.7DVWH+VSHLFKHUQ6LHGLH(LQVWHOOXQJ,PGHU
/&'$Q]HLJH.HUVFKHLQWGDQQZLHGHUÅ/2&.6(783´
6\VWHP5HVHW
hEHUGLHVH)XQNWLRQN|QQHQ6LHGLH%HOHJXQJDOOHURGHUHLQ
]HOQHU*HUlWHWDVWHQDXIKHEHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(0
6(783´DQXQGEHVWlWLJHQPLWGHU2.7DVWH+
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ6<67(05(6(7´
XQGEHVWlWLJHQPLWGHU2.7DVWH+
6LHN|QQHQQXQPLWGHURGHU7DVWH1GLHJH
ZQVFKWH)XQNWLRQDXVZlKOHQ8PGLH%HOHJXQJ&DGH
DOOHU*HUlWHWDVWHQ$VRZLHVlPWOLFKH'DWHQ]X0DFURV
7LPHUXQGJHOHUQWHQ)XQNWLRQHQ]XO|VFKHQZlKOHQ6LH
Å$//5(6(7´DXVXQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWQXQÅ&21),505(6(7´
%HVWlWLJHQ6LHGDV/|VFKHQPLWGHU2.7DVWH+'DQQ
]HLJWGLH/&'$Q]HLJH.Å68&&(665(6(7´DQ'LHJH
QDQQWHQ,QIRUPDWLRQHQVLQGQXQJHO|VFKWXQGGDV0HQ
ZLUGEHHQGHW
8PQXUGLH%HOHJXQJHLQ]HOQHU*HUlWHWDVWHQ$]XO|
VFKHQZlKOHQ6LHÅ02'(5(6(7´DXVXQGGUFNHQGLH
2.7DVWH+'LH/&'$Q]HLJH.]HLJWQXQÅ02'(´DQ
XQGIRUGHUW6LHVR]XP'UFNHQHLQHU*HUlWHWDVWH$DXI
GHUHQ%HOHJXQJ6LHO|VFKHQZROOHQ$QVFKOLH‰HQGZLUG
NXU]Å68&&(66´ (UIROJDQJH]HLJWGDQQOHVHQ6LH
ZLHGHUÅ02'(´LQGHU/&'$Q]HLJH'UFNHQ6LHQXQ
EHL%HGDUIZHLWHUH*HUlWHWDVWHQ$XPDXFKGHUHQ%HOH
JXQJ]XO|VFKHQ
2GHUDEHU6LHYHUODVVHQGDV0HQLQGHP6LHGLH(;,7
7DVWH4GUFNHQ
7LPHU6HWXS
'LH8)%ELHWHW7LPHUPRGL6OHHS7LPHUXQG(UHLJQLV7LPHU
6OHHS7LPHU
'UFNHQ6LHGLH*HUlWHWDVWH$IUGDV]XVWHXHUQGH*H
UlW]%9&5
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
'UFNHQ6LHGLHRGHU7DVWH1ELVÅ7,0(56(783´
DQJH]HLJWZLUG'UFNHQ6LHGLH2.7DVWH+Å7,0(5
6/((3´HUVFKHLQWLQGHU/&'$Q]HLJH.%HVWlWLJHQ6LH
GLH$XVZDKOGLHVHU)XQNWLRQPLWGHU2.7DVWH+
-HW]WEOLQNWXQWHQUHFKWVLQGHU/&'$Q]HLJH.GLH0L
QXWHQ]DKOGHU5HVWODXI]HLWIUGDVDXVJHZlKOWH*HUlW
6WHOOHQ6LHPLWGHURGHU7DVWH1GHQJHZQVFKWHQ
:HUWYRQELV0LQXWHQHLQ'UFNHQ6LHGLH2.7DVWH
+]XU%HVWlWLJXQJ%HLSURJUDPPLHUWHP6OHHS7LPHU]HLJW
GLH/&'$Q]HLJH.Å]]´UHFKWVQHEHQGHU=HLWDQ
3RVLWLRQLHUHQ6LHGLH)HUQEHGLHQXQJVRGDVVLKUH,QIUD
URWVLJQDOHGDVDE]XVFKDOWHQGH*HUlWHUUHLFKHQN|QQHQ
1DFK$EODXIGHUHLQJHVWHOOWHQ=HLWZLUGGLH)HUQEHGLH
QXQJGDV*HUlWDEVFKDOWHQ
:HQQ6LHMHW]WGLH67DVWH/GUFNHQZLUGXQWHQOLQNVLQ
GHU/&'$Q]HLJH.Å6/´DQJH]HLJW
(UHLJQLV7LPHU
'LH)HUQEHGLHQXQJYHUIJWEHU(UHLJQLV7LPHUEHUGLH
6LHEHVWLPPWH6HULHQYRQ7DVWHQNRPELQDWLRQHQ]XEHVWLPP
WHQ=HLWHQDXVVHQGHQODVVHQN|QQHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ7,0(56(783´
DQXQGEHVWlWLJHQPLWGHU2.7DVWH+Å7,0(56/((3´
HUVFKHLQWLQGHU/&'$Q]HLJH.0LWGHURGHU
7DVWH1ZlKOHQ6LHGHQJHZQVFKWHQ6SHLFKHUSODW]Å7,
0(56(783´ELVÅ7,0(56(783´DXVXQGEHVWlWLJHQ
PLWGHU2.7DVWH+
-HW]WEOLQNWGLH6WXQGHQ]DKOGHU8KU]HLW]XGHUGLHJH
ZQVFKWH7DVWHQNRPELQDWLRQDXVJHIKUWZHUGHQVROO6WHO
OHQ6LHPLWGHURGHU7DVWH1GLHJHZQVFKWH6WXQGH
HLQXQGGUFNHQ6LH]XU%HVWlWLJXQJGLH2.7DVWH+
-HW]WEOLQNWGLH0LQXWHQ]DKOGHU8KU]HLW]XGHUGLHJH
ZQVFKWH7DVWHQNRPELQDWLRQDXVJHIKUWZHUGHQVROO6WHO
OHQ6LHPLWGHURGHU7DVWH1GLHJHZQVFKWH0LQXWH
HLQXQGGUFNHQ6LH]XU%HVWlWLJXQJGLH2.7DVWH+
,QGHU/&'$Q]HLJH.OHVHQ6LHÅ7,0(5;.(<´;VWHKW
IUGHQJHZQVFKWHQ7LPHU'UFNHQ6LHQXQGLHJH
ZQVFKWH*HUlWHWDVWH$JHIROJWYRQGHUJHZQVFKWHQ
$EIROJHGHU7DVWHQEHIHKOH
6WDQGDUGPl‰LJZHUGHQGLH7LPHUEHIHKOHLP$EVWDQGYRQ
MH6HNXQGHJHVHQGHW'DPDQFKH*HUlWHHWZDVWUlJH
UHDJLHUHQNDQQHVVHLQGDVVGLH$EIROJHGHU7LPHUEH
IHKOH]XVFKQHOODQGDV*HUlWJHVHQGHWZHUGHQ'DQQ
KDEHQ6LHGLH0|JOLFKNHLWYRUHLQHP7DVWHQEHIHKOHLQH
3DXVHYRQ6HNXQGHQ]XSURJUDPPLHUHQ'UFNHQ
6LHGD]XJJIZLHGHUKROWGLH0$&527DVWH(8QWHQ
UHFKWV]HLJWGLH/&'$Q]HLJH.GLHDNWXHOOH3DXVHQOlQJH
LQ6HNXQGHQDQ
'UFNHQ6LHGLH67DVWH/XP,KUH(LQJDEHQ]XVSHL
FKHUQXQG]XU7LPHUhEHUVLFKW]XUFN]XNHKUHQ
*HKHQ6LHDQDORJYRUXPEHL%HGDUIDXFKGLHDQGHUHQ
7LPHU6SHLFKHUSOlW]H]XSURJUDPPLHUHQ
%HLSURJUDPPLHUWHP(UHLJQLV7LPHU]HLJWGLH/&'$Q]HLJH
.GDV7LPHU6\PEROÅ ´UHFKWVQHEHQGHU=HLWDQ
+LQZHLVH
3UR7LPHU6SHLFKHUSODW]N|QQHQPD[LPDO7DVWHQSUR
JUDPPLHUWZHUGHQ1DFK(LQJDEHGHU7DVWHZLUGGLH
$EIROJHDXWRPDWLVFKJHVSHLFKHUWXQGÅ)8//´LQGHU/&'
$Q]HLJH.DQJH]HLJW
$XFKLQGLHVHP0HQNHKUWGDV*HUlWQDFKFD6H
NXQGHQRKQH(LQJDEH]XU6WDQGDUGDQ]HLJH]XUFN
7LPHUO|VFKHQ
6RN|QQHQ6LHHLQHQSURJUDPPLHUWHQ6OHHSRGHU(UHLJQLV
7LPHUO|VFKHQ
:lKOHQ6LHGHQ7LPHUDXVGHQ6LHO|VFKHQP|FKWHQVLHKH
.DSLWHO6OHHS7LPHU(UHLJQLV7LPHUXQGGUFNHQ6LHGLH2.
7DVWH+,QGHU/&'$Q]HLJH.OHVHQ6LHÅ7,0(5&/($5´
'UFNHQ6LHGLH2.7DVWH+'LH/&'$Q]HLJH.ZHFK
VHOW]XÅ&21),50&/($5´
'UFNHQ6LHHUQHXWGLH2.7DVWH+XPGHQ7LPHU]X
O|VFKHQ'LH/&'$Q]HLJH.EHVWlWLJWGDVHUIROJUHLFKH
/|VFKHQPLWGHU$Q]HLJHÅ68&&(66´
/HUQ6HWXS
'LH8QLYHUVDOIHUQEHGLHQXQJ8)%NDQQ7DVWHQVLJQDOHHLQHU
2ULJLQDOIHUQEHGLHQXQJOHUQHQXQGVSHLFKHUQ:HQQGLH8)%
QDFKGHQEHUHLWVJHVFKLOGHUWHQ3URJUDPPLHUPHWKRGHQQLFKW
IXQNWLRQLHUWRGHUQLFKWDOOH%HIHKOHDXVIKUHQNDQQYHUVXFKHQ
6LHELWWHGLH8)%PLWKLOIHGHU2ULJLQDOIHUQEHGLHQXQJHQ
DQ]XOHUQHQ
‡ 9HUZHQGHQ6LHQHXH%DWWHULHQIUGLH8)%XQGGLH2ULJL
QDOIHUQEHGLHQXQJ
‡ +DOWHQ6LHPLQGHVWHQVHLQHQ0HWHU$EVWDQG]XDQGHUHQ
/LFKWTXHOOHQHLQ'LH/LFKWTXHOOHQN|QQHQGLH,QIUDURWhEHU
WUDJXQJVW|UHQ
‡ /HJHQ6LHGLH8)%XQGGLH2ULJLQDOIHUQEHGLHQXQJLQHL
QHP$EVWDQGYRQELVPPVR]XHLQDQGHUDXIHLQH
HEHQH8QWHUODJHGDVVGLH,QIUDURW'LRGHQDXIHLQDQGHU
JHULFKWHWVLQG
+LQZHLVH
9HUZHQGHQ6LHIROJHQGH7DVWHQQLFKWIUGLH/HUQIXQNWLRQ
DOOH*HUlWHWDVWHQ$0$&52(67DVWH/(;,74
:HQQEHLP$QOHUQHQZlKUHQGGHU$Q]HLJHYRQ
Å/($51,1*´OHUQHQDFK6HNXQGHQQRFKNHLQH7DV
WHGHU2ULJLQDO)%JHGUFNWZXUGHZLUGGDV/HUQ0HQ
EHHQGHW'LHVHU0RGXVNDQQQLFKWGXUFK'UFNHQHLQHU
7DVWHGHU8)%EHHQGHWZHUGHQ
'HU6SHLFKHUIDVVWLQVJHVDPW7DVWHQEHIHKOH:HQQ
GHU6SHLFKHUYROOLVW]HLJWGLH/&'$Q]HLJH.Å/($51
)8//´DQXQGGHU/HUQPRGXVZLUGEHHQGHW
0LWGHU(;,77DVWH4NHKUHQ6LH]XPYRULJHQ6WDWXV]X
UFN$XVQDKPHEHL$Q]HLJHYRQÅ/($51.(<´E]Z
Å/($51,1*´
&RGH/HUQIXQNWLRQ
'UFNHQ6LHGLH*HUlWHWDVWH$IUGDV*HUlWIUGDVGLH
8)%HLQHQ7DVWHQFRGHOHUQHQVROO
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHGDV0HQÅ/($51
6(783´/HUQHQDXVXQGGUFNHQGDQQGLH2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ/($516(7´'DQQ
GUFNHQ6LHGLH2.7DVWH+,QGHU/&'$Q]HLJH.HU
VFKHLQWÅ/($51.(<´7DVWHDXVZlKOHQ
'UFNHQ6LH]XHUVWGLH7DVWHDXIGHU8)%GLHDQJHOHUQW
ZHUGHQVROO,QGHU/&'$Q]HLJH.HUVFKHLQWÅ/($51,1*´
'LH8)%ZDUWHWQXQDXIGDV,QIUDURWVLJQDOGHU2ULJLQDO)%
+LQZHLV
6ROOWHGLH$Q]HLJHQLFKWDXIÅ/($51,1*´ZHFKVHOQ
KDEHQ6LHHLQH7DVWHDXVJHZlKOWIUGLHNHLQ7DVWHQFRGH
HUOHUQWZHUGHQNDQQ
5LFKWHQ6LHGLH,QIUDURWVHQVRUHQGHUEHLGHQ)HUQEHGLH
QXQJHQDXIHLQDQGHUDXV
-HW]WKDOWHQ6LHGLHJHZQVFKWH7DVWHGHU2ULJLQDO)%
JHGUFNWELVLQGHU/&'$Q]HLJH.GHU8)%Å68&&(66´
RGHUÅ/($51(5525´HUVFKHLQW
:HQQLQGHU/&'$Q]HLJH.Å68&&(66´HUVFKHLQW9RU
JDQJHUIROJUHLFKN|QQHQ6LHEHJLQQHQGPLW6FKULWW
ZHLWHUH7DVWHQDQOHUQHQ:HQQÅ/($51(5525´HUVFKHLQW
9RUJDQJQLFKWHUIROJUHLFKZLHGHUKROHQ6LHGHQ9RUJDQJ
HEHQIDOOVDE6FKULWW
8PGHQ/HUQYRUJDQJDE]XEUHFKHQ]XEHHQGHQGUFNHQ
6LHZlKUHQGGHU$Q]HLJHÅ/($516(7´VRRIWGLH(;,7
7DVWH4ELVGLH6WDQGDUGDQ]HLJHLQGHU/&'$Q]HLJH
.HUVFKHLQW:lKUHQGGHU$Q]HLJHÅ/($51.(<´E]Z
Å/($51,1*´ODVVHQ6LHHLQIDFK6HNXQGHQRKQH%H
GLHQXQJYHUVWUHLFKHQGDQQEHHQGHWGDV*HUlWGDV0HQ
6lPWOLFKHSURJUDPPLHUWHQ7DVWHQDOOHU*HUlWHO|VFKHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHGDV0HQ
Å/($516(783´DXVXQGGUFNHQGDQQGLH2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ/($516(7´
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ/($51&/($5´
*HOHUQWHVO|VFKHQXQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ&21),50&/($5´
/|VFKHQEHVWlWLJHQ
%HVWlWLJHQ6LHPLWGHU2.7DVWH+,QGHU/&'$Q]HLJH.
HUVFKHLQWÅ68&&(66´$OOHSURJUDPPLHUWHQ7DVWHQVLQG
JHO|VFKW$EVFKOLH‰HQGZLUGGDV0HQDXWRPDWLVFK
EHHQGHW
+LQZHLV
=HLJWGLH/&'$Q]HLJHÅ&21),50&/($5´DQN|QQHQ6LH
GDV/|VFKHQPLWGHU7DVWH(;,74DEEUHFKHQ
0DNUR6HWXS
0LWGHU0$.52)XQNWLRQN|QQHQELV]X7DVWHQEHIHKOHPLW
HLQHPHLQ]LJHQ7DVWHQGUXFNDXVJHIKUWZHUGHQGKPHKUHUH
]XYRUJHVSHLFKHUWH6WHXHUEHIHKOHN|QQHQPLWHLQHU0$.52
7DVWHDXVJHO|VWZHUGHQ(VVWHKHQ,KQHQ0DNURVSHLFKHU
SOlW]H]XU9HUIJXQJ
(LQ0DNURSURJUDPPLHUHQ
=XU3URJUDPPLHUXQJHLQHV0DNURVJHKHQ6LHZLHIROJWYRU
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ0$&52
6(783µXQGEHVWlWLJHQPLWGHU2.7DVWH+,P'LVSOD\
HUVFKHLQWÅ0$&526(783µ
0LWGHURGHU7DVWH1ZlKOHQ6LHGHQ]XSURJUDP
PLHUHQGHQ6SHLFKHUSODW]DXV0$&526(783XQG
EHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ0$&5267(3µ'UFNHQ
6LHQXQQDFKHLQDQGHUGLHJHZQVFKWHQ7DVWHQPD[
'LH6HTXHQ]VROOWHPLWHLQHU*HUlWHWDVWH$EHJLQQHQ
6WDQGDUGPl‰LJZHUGHQGLH0DNUREHIHKOHLP$EVWDQG
YRQMH6HNXQGHJHVHQGHW'DPDQFKH*HUlWHHWZDV
WUlJHUHDJLHUHQNDQQHVVHLQGDVVGLH$EIROJHGHU0D
NUREHIHKOH]XVFKQHOODQGDV*HUlWJHVHQGHWZHUGHQ
'DQQKDEHQ6LHGLH0|JOLFKNHLWYRUHLQHP7DVWHQEHIHKO
HLQH3DXVHYRQ6HNXQGHQ]XSURJUDPPLHUHQ
'UFNHQ6LHGD]XJJIZLHGHUKROWGLH0$&527DVWH(
8QWHQUHFKWV]HLJWGLH/&'$Q]HLJH.GLHDNWXHOOH3DX
VHQOlQJHLQ6HNXQGHQDQ
:HQQGLHPD[LPDOH$Q]DKOGHU7DVWHQEHIHKOHHUUHLFKWLVW
]HLJWGLH/&'$Q]HLJH.Å)8//´DQ
6SHLFKHUQ6LHGLH(LQJDEHPLWGHU67DVWH/,QGHU/&'
$Q]HLJH.HUVFKHLQWÅ0$&526(783µ
:HQQ6LHEHLGHU$XVZDKOGHV]XSURJUDPPLHUHQGHQ
0DNURV6FKULWWHLQHQEHUHLWVEHOHJWHQ6SHLFKHUSODW]
DXVZlKOHQZLUGGDVEHVWHKHQGH0DNUREHUVFKULHEHQ
:LHGHUKROHQ6LHGHQ9RUJDQJDE6FKULWW]XP$QOHJHQ
ZHLWHUHU0DNURV
0LWGHU(;,77DVWH4JHODQJHQ6LHHLQH(EHQHLP0HQ
DXIZlUWVDXVJHQRPPHQZlKUHQGGHU(LQJDEHGHU
7DVWHQEHIHKOH
+LQZHLVH
0D[LPDO7DVWHQEHIHKOHN|QQHQLQHLQHP0DNUR
JHVSHLFKHUWZHUGHQ1DFKGHU(LQJDEHGHV7DVWHQ
EHIHKOVHUVFKHLQWÅ)8//µLQGHU/&'$Q]HLJH.
8PGHQ0RGXVRKQH6SHLFKHUXQJ]XYHUODVVHQODVVHQ
6LHFD6HNXQGHQRKQH(LQJDEHYHUVWUHLFKHQ
,P0RGXVÅ0$&5267(3´N|QQHQ6LHQXUPLWGHU67DVWH
/]XPYRULJHQ6WDWXV]XUFNNHKUHQ
%HLVSLHO6LHP|FKWHQHLQH%HIHKOVNHWWHLQHLQHP0DNUR
VSHLFKHUQ:LUEHJLQQHQLP0RGXVÅ0$&5267(3µ
*HZQVFKWH%HIHKOVNHWWH79HLQVFKDOWHQ !3$86( !DXI
GHQ$9(LQJDQJXPVFKDOWHQ !'9'HLQVFKDOWHQ !3$86(
!'9'DEVSLHOHQ
,P0RGXVÅ0$&5267(3´JHEHQ6LHGDIUIROJHQGH7DVWHQ
EHIHKOHHLQ
!
!
3DXVHQ]HLW !
!
!
!
3DXVHQ]HLW !
0DNURDXVIKUHQ
8PHLQ]XYRUSURJUDPPLHUWHV0DNURDXV]XIKUHQJHKHQ6LH
ZLHIROJWYRU
'UFNHQ6LHGLH0$&527DVWH(
5XIHQ6LHPLWGHUHQWVSUHFKHQGHQ=L˩HUQWDVWH,GDVJH
ZQVFKWH0DNURDXI%HLVSLHO6ROO0DNURDXVJH
IKUWZHUGHQGUFNHQ6LH]XQlFKVWGLH0$&527DVWH(
´
XQGGDQQLQQHUKDOEYRQ6HNXQGHQGLH=L˩HUQWDVWHÅ
$OOH0DNURVO|VFKHQ
8PDOOH]XYRUSURJUDPPLHUWHQ0DNURV]XO|VFKHQJHKHQ
6LHZLHIROJWYRU
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ0$&52
6(783µXQGEHVWlWLJHQPLWGHU2.7DVWH+,P'LVSOD\
HUVFKHLQWÅ0$&526(783µ
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ0$&52
&/($5´DXVXQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ&21),50&/($5´
/|VFKHQEHVWlWLJHQ%HVWlWLJHQ6LHGHQ/|VFKYRUJDQJ
PLWGHU2.7DVWH+'LH/&'$Q]HLJH.]HLJWÅ68&
&(66´DQ$OOH0DNURVVLQGQXQJHO|VFKWGDV0HQZLUG
EHHQGHW
+LQZHLVH
=HLJWGLH/&'$Q]HLJH.Å&21),50&/($5´DQ
N|QQHQ6LHGDV/|VFKHQPLWGHU7DVWH(;,74DEEUHFKHQ
(LQ]HOQH0DNURVN|QQHQQLFKWJHO|VFKWVRQGHUQQXUEHU
VFKULHEHQZHUGHQ
)DYRULWHQNDQDO
+LQZHLV
0LWGLHVHU)XQNWLRQN|QQHQ6LH,KUHEHYRU]XJWHQ6HQGHUDOV
)DYRULWHQVSHLFKHUQ
)DYRULWHQSURJUDPPLHUHQ
,KUH)DYRULWHQVHQGHUVSHLFKHUQ6LHZLHIROJW
'UFNHQ6LHGLH*HUlWHWDVWH$IUGDV*HUlWIUGDV6LH
HLQHQ)DYRULWHQVSHLFKHUQZROOHQ
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW'LH$Q]HLJHÅ&2'(6(783´HUVFKHLQW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ)$9&+6(783µ
XQGEHVWlWLJHQPLWGHU2.7DVWH+,P'LVSOD\HUVFKHLQW
Å)$9&+6(783µ
0LWGHURGHU7DVWH1ZlKOHQ6LHGHQ]XSURJUDP
PLHUHQGHQ6SHLFKHUSODW]DXV)$9&+6(783XQG
EHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ)$9&+67(3µ'UFNHQ
6LHQXQQDFKHLQDQGHUGLH7DVWHQPD[]XP$XIUXI
,KUHVJHZQVFKWHQ)DYRULWHQVHQGHUV
:HQQGLHPD[LPDOH$Q]DKOGHU7DVWHQEHIHKOHHUUHLFKWLVW
]HLJWGLH/&'$Q]HLJH.Å)8//´DQ
6SHLFKHUQ6LHGLH(LQJDEHPLWGHU67DVWH/,QGHU/&'
$Q]HLJH.HUVFKHLQWÅ)$9&+6(783µ
:HQQ6LHEHLGHU$XVZDKOGHV]XSURJUDPPLHUHQGHQ
)DYRULWHQ6FKULWWHLQHQEHUHLWVEHOHJWHQ6SHLFKHUSODW]
DXVZlKOHQZLUGGHUEHVWHKHQGH)DYRULWEHUVFKULHEHQ
:LHGHUKROHQ6LHGLH6FKULWWH]XP$QOHJHQZHLWHUHU)DYR
ULWHQ
0LWGHU(;,77DVWH4JHODQJHQ6LHHLQH(EHQHLP0HQ
]XUFNDXVJHQRPPHQZlKUHQGGHU(LQJDEHGHU7DVWHQ
EHIHKOH
+LQZHLV
'LH(LQJDEHGHU.DQDOQXPPHUQNDQQMHQDFK0RGHOOXQG
0DUNHGHVJHZlKOWHQ*HUlWHVYDULLHUHQ*JIPVVHQ6LH
7DVWH"
EHLPHKUVWHOOLJHQ.DQDOQXPPHUQ]XQlFKVWGLH
GUFNHQ
)DYRULWHQDXIUXIHQ
8PHLQHQ]XYRUSURJUDPPLHUWHQ)DYRULWHQDXI]XUXIHQGU
FNHQ6LHGLH)$9(3*7DVWHJHIROJWYRQGHUHQWVSUHFKHQ
GHQ=L˩HUQWDVWHIUGHQJHZQVFKWHQ6SHLFKHUSODW]
$OOH)$9.DQlOHO|VFKHQ
8PDOOH]XYRUSURJUDPPLHUWHQ)DYRULWHQ]XO|VFKHQJHKHQ
6LHZLHIROJWYRU
+DOWHQ6LHGLH67DVWH/IUHWZDVOlQJHUDOV6HNXQGHQ
JHGUFNW
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ)$9&+6(783µ
XQGEHVWlWLJHQPLWGHU2.7DVWH+,P'LVSOD\HUVFKHLQW
Å)$9&+6(783µ
0LWGHURGHU7DVWH1ZlKOHQ6LHÅ)$9&+&/($5´
DXVXQGEHVWlWLJHQPLWGHU2.7DVWH+
,QGHU/&'$Q]HLJH.HUVFKHLQWÅ&21),50&/($5´
/|VFKHQEHVWlWLJHQ%HVWlWLJHQ6LHGHQ/|VFKYRUJDQJPLW
GHU2.7DVWH+'LH/&'$Q]HLJH.]HLJWÅ68&&(66´
DQ$OOH)DYRULWHQVLQGQXQJHO|VFKWGDV0HQZLUG
EHHQGHW
+LQZHLVH
=HLJWGLH/&'$Q]HLJH.Å&21),50&/($5´DQ
N|QQHQ6LHGDV/|VFKHQPLWGHU7DVWH(;,74DEEUHFKHQ
(LQ]HOQH)DYRULWHQN|QQHQQLFKWJHO|VFKWVRQGHUQQXU
EHUVFKULHEHQZHUGHQ
/DXWVWlUNHUHJHOXQJ
9RO³ 6WXPPVFKDOWXQJ
'UFNHQ6LHGLH7DVWHÅ92/´XPGLH/DXWVWlUNH]XHUK|KHQ
0LWGHU7DVWHÅ92/³´YHUULQJHUQ6LHVLH8PGHQ7RQVWXPP
]XVFKDOWHQGUFNHQ6LHGLH
7DVWH'(LQZHLWHUHV'U
FNHQGLHVHU7DVWHVFKDOWHWGHQ7RQZLHGHUHLQ
:HQQ6LHNHLQDQGHUHV*HUlWDOV=LHOJHUlWIUGLHJOREDOH
/DXWVWlUNHUHJHOXQJHLQJHVWHOOWKDEHQZLUGEHLP%HWlWLJHQ
GHU92/³7DVWHQ)GHU8)%VWDQGDUGPl‰LJGLH/DXWVWlU
NHUHJHOXQJGHV79*HUlWHVDQJHVSURFKHQXQG]ZDUXQDE
KlQJLJGDYRQZHOFKH*HUlWHWDVWH$]XYRUJHGUFNWZXUGH
'LHVJLOWDOOHUGLQJVQLFKWIUGLH*HUlWHÅ$03´Å'9'´
Å$6$7´XQGÅ'6$7´GDPDQGDYRQDXVJHKHQNDQQGDVV
GLHVH*HUlWHEHUHLQHHLJHQH/DXWVWlUNHUHJHOXQJYHUIJHQ
=XU%HGLHQXQJ
> 8PHLQHVGHUSURJUDPPLHUWHQ*HUlWHPLWGHU8)%EHGLH
QHQN|QQHQGUFNHQ6LH]XQlFKVWGLHHQWVSUHFKHQGH*H
UlWHWDVWH$'DQQULFKWHQ6LHGLH8)%DXIGLHVHV*HUlW
XQGGUFNHQGLHJHZQVFKWH7DVWH
> 6HW]HQ6LHGLH=L˩HUQWDVWHQ,JHQDXVRHLQZLH6LHHVPLW
GHU2ULJLQDOIHUQEHGLHQXQJWXQ%HYRU6LHHLQH]ZHLVWHOOL
7DVWH"
JH(LQJDEHPDFKHQGUFNHQ6LHJJIGLH
> 'UFNHQ6LHGLH)$9(3*7DVWHXPGHQHOHNWURQLVFKHQ
3URJUDPPIKUHUHLQHVPLWGLHVHU)XQNWLRQDXVJHVWDWWHWHQ
*HUlWHV]XVWDUWHQ
> :HQQ6LHGLH67DVWH/GUFNHQZLUGXQWHQUHFKWVLQGHU
/&'$Q]HLJH.IU6HNXQGHQGDV'DWXPHLQJHEOHQGHW
> :lKUHQG6LHHLQHGHU*HUlWHWDVWHQ$JHGUFNWKDOWHQ
ZLUGXQWHQUHFKWVLQGHU/&'$Q]HLJH.GHUIUGLHVHV
*HUlWDNWLYH&RGHHLQJHEOHQGHW
> hEHUGLH0(187DVWH*UXIHQ6LHGHQ'LDORJIUGLH(LQ
VWHOOXQJHQGHUMHZHLOLJHQ=LHOJHUlWHDXI
> 'UFNHQ6LHGLH%HOHXFKWXQJVWDVWH#XPGLH'LVSOD\
XQG7DVWHQEHOHXFKWXQJHLQE]ZDXV]XVFKDOWHQ
$OOH$86
+LQZHLVH
0LWGHU7DVWH
$//2))DOOHDXV3N|QQHQVlPWOLFKH
HLQJHVFKDOWHWHQ*HUlWHDXWRPDWLVFKDEJHVFKDOWHWZHUGHQ
'LHVH)XQNWLRQNDQQEHUHLWVDXVJHVFKDOWHWH*HUlWHZLHGHU
HLQVFKDOWHQJHUlWHDEKlQJLJ+DOWHQ6LHGD]XGLH$//2))
7DVWH3HLQLJH6HNXQGHQODQJJHGUFNW(VNDQQELV]X
6HNXQGHQGDXHUQELVDOOH*HUlWHDEJHVFKDOWHWVLQG'LHV
IXQNWLRQLHUWQXUXQWHUIROJHQGHQ%HGLQJXQJHQ
(VEHVWHKWHLQH6LFKWYHUELQGXQJ]ZLVFKHQMHGHP*HUlW
XQGGHU8)%
$XWRPDWLVFKH&RGH6XFKH0DUNHQ&RGH6XFKHXQG
0$.52)XQNWLRQVLQGQLFKWDNWLY
$OOH=LHOJHUlWHPVVHQIUHLQ$XVVFKDOWHQSHU)HUQEHGLH
QXQJJHHLJQHWVHLQ
8PDOOH*HUlWHDXWRPDWLVFKZLHGHUHLQ]XVFKDOWHQKDOWHQ6LH
3JHGUFNWELVDOOH*HUlWHHLQJH
ZLHGHUGLH7DVWH
VFKDOWHWVLQG
5HLQLJHQXQG/DJHUXQJ
$FKWXQJ
$FKWHQ6LHGDUDXIGDVVEHLGHU5HLQLJXQJNHLQH)HXFK
WLJNHLWLQGDV*HUlWJHODQJW$QGHUQIDOOVEHVWHKWGLH
*HIDKUHLQHVLUUHSDUDEOHQ6FKDGHQVIUGDV*HUlW
> 5HLQLJHQ6LHGDV*HKlXVHGHV*HUlWHVDXVVFKOLH‰OLFKPLW
HLQHPOHLFKWIHXFKWHQ7XFKXQGHLQHPPLOGHQ6SOPLWWHO
> /DJHUQ6LHGDV*HUlWDXVVFKOLH‰OLFKLQHLQHU8PJHEXQJ
GLHGHQ$QJDEHQLQGHQ7HFKQLVFKHQ'DWHQHQWVSULFKW
> 9RUGHU/DJHUXQJHQWQHKPHQ6LHGLH%DWWHULHQGDPLW
GLHVHGDV*HUlWQLFKWEHVFKlGLJHQN|QQHQVROOWHQVLH
ZlKUHQGGHU/DJHUXQJDXVODXIHQ
)HKOHU$EKLOIH
,KU*HUlWUHDJLHUWQLFKWDXIGLH8)%
> hEHUSUIHQ6LHGLH%DWWHULHQ6LHPVVHQJHQXJ
6SDQQXQJKDEHQXQGNRUUHNWHLQJHOHJWVHLQ
> +DEHQ6LH]XQlFKVWGLHULFKWLJH*HUlWHWDVWH$IUGDV
JHZQVFKWH=LHOJHUlWJHGUFNW"
> hEHUSUIHQ6LHREIUGDV=LHOJHUlWGHUULFKWLJH&RGH
HLQSURJUDPPLHUWLVWVLHKH$EVFKQLWWÅ&RGH6HWXS´
'LH8)%EHUWUlJWGLH%HIHKOHQLFKWNRUUHNW
> 'UFNHQ6LHGLHHQWVSUHFKHQGH*HUlWHWDVWH$XPGLH
8)%LQGHQNRUUHNWHQ0RGXV]XYHUVHW]HQ
> 'LH%DWWHULHQPVVHQJHQXJ6SDQQXQJKDEHQXQGNRUUHNW
HLQJHOHJWVHLQ
> 0|JOLFKHUZHLVHYHUZHQGHQ6LHHLQHQIDOVFKHQ&RGH
6WDUWHQ6LHGLH0DUNHQ&RGH6XFKHGLHDXWRPDWLVFKH
&RGHVXFKHRGHUGLHGLUHNWH&RGH(LQJDEHPDQXHOO
'LH8)%ZHFKVHOWQLFKWGLH6HQGHUDXIGHP*HUlW
> 'UFNHQ6LHGLHHQWVSUHFKHQGH*HUlWHWDVWH$XPGLH
8)%LQGHQNRUUHNWHQ0RGXV]XYHUVHW]HQ
> )DOOVGLH2ULJLQDO)%NHLQHÅ´7DVWHEHVLW]WZHFKVHOQ
6LHGLH3URJUDPPHPLWGHQ3³7DVWHQ2RGHUGHQ
=L˩HUQWDVWHQ,
> )XQNWLRQLHUWDXFKGLHVQLFKWN|QQWHGLH.LQGHUVLFKHUXQJ
GHV=LHOJHUlWHVDNWLYLHUWVHLQ
0DQFKH7DVWHQGHU8)%IXQNWLRQLHUHQQLFKWNRUUHNW
> ,KUH8)%EHVLW]WP|JOLFKHUZHLVHQLFKWDOOH)XQNWLRQHQGHU
2ULJLQDO)HUQEHGLHQXQJGHV*HUlWV
> 0|JOLFKHUZHLVHKDEHQ6LHQLFKWGHQRSWLPDOHQ&RGH
HLQSURJUDPPLHUW6XFKHQ6LHHLQHQ&RGHGHUPHKU)XQN
WLRQHQGHV=LHOJHUlWHVXQWHUVWW]W
'LH8)%UHDJLHUWQLFKWPHKUQDFKGHPHLQH7DVWHJH
GUFNWZXUGH
> 'LH%DWWHULHQPVVHQJHQXJ6SDQQXQJKDEHQXQGNRUUHNW
HLQJHOHJWVHLQ
> 5LFKWHQ6LHGLH8)%DXI,KU*HUlWDXV
'LH/&'$Q]HLJH.]HLJWQLFKWVDQ
> 'LH%DWWHULHQPVVHQJHQXJ6SDQQXQJKDEHQXQGNRUUHNW
HLQJHOHJWVHLQ
> 'HU.RQWUDVWN|QQWH]XJHULQJHLQJHVWHOOWVHLQ(UK|KHQ
6LHGLH.RQWUDVWHLQVWHOOXQJ
(QWVRUJHQ
:HUIHQ6LHGDV*HUlWNHLQHVIDOOVLQGHQQRU
PDOHQ+DXVPOO'LHVHV3URGXNWXQWHUOLHJWGHU
HXURSlLVFKHQ5LFKWOLQLH(&
8QLYHUVDOIHUQEHGLHQXQJ
‡ (QWVRUJHQ6LHGLH8QLYHUVDOIHUQEHGLHQXQJRGHU7HLOH
GDYRQEHUHLQHQ]XJHODVVHQHQ(QWVRUJXQJVEHWULHERGHU
EHU,KUHNRPPXQDOH(QWVRUJXQJVHLQULFKWXQJ
‡ %HDFKWHQ6LHGLHDNWXHOOJHOWHQGHQ9RUVFKULIWHQ6HW]HQ
6LHVLFKLP=ZHLIHOVIDOOPLW,KUHU(QWVRUJXQJVHLQULFKWXQJLQ
9HUELQGXQJ
%DWWHULHQ$NNXV
‡ %DWWHULHQ$NNXVGUIHQQLFKWLP+DXVPOOHQWVRUJWZHUGHQ
‡ %DWWHULHQN|QQHQ*LIWVWR˩HHQWKDOWHQGLHGLH8PZHOW
VFKlGLJHQ(QWVRUJHQ6LHGLH%DWWHULHQ$NNXVGHVKDOE
XQEHGLQJWHQWVSUHFKHQGGHUJHOWHQGHQJHVHW]OLFKHQ
%HVWLPPXQJHQ
‡ -HGHU9HUEUDXFKHULVWJHVHW]OLFKYHUSÁLFKWHW%DWWHULHQ
$NNXVEHLHLQHU6DPPHOVWHOOHVHLQHU*HPHLQGHVHLQHV
6WDGWWHLOVRGHULP+DQGHODE]XJHEHQ'LHVH9HUSÁLFKWXQJ
GLHQWGD]XGDVV%DWWHULHQ$NNXVHLQHUXPZHOWVFKRQHQ
GHQ(QWVRUJXQJ]XJHIKUWZHUGHQN|QQHQ
‡ *HEHQ6LH%DWWHULHQ$NNXVQXULPHQWODGHQHQ=XVWDQG
]XUFN
9HUSDFNXQJHQ
‡ )KUHQ6LHDOOH9HUSDFNXQJVPDWHULDOLHQHLQHUXP
ZHOWJHUHFKWHQ(QWVRUJXQJ]X
7HFKQLVFKH'DWHQ
6WHXHUEDUH*HUlWH
$EPHVVXQJHQ
/[%[+
[[PP
*HZLFKW
JRKQH%DWWHULHQ
,QIUDURW/('
/DVHUNODVVH
6WURPYHUVRUJXQJ
%DWWHULHQ
[97\S$$$/50LFUR
LP/LHIHUXPIDQJHQWKDOWHQ
%HWULHEVWHPSHUDWXU
/DJHUWHPSHUDWXU ²ƒ&
²ƒ&
)HXFKWLJNHLW
²NHLQH.RQGHQVDWLRQ
+LQZHLV]XU.RQIRUPLWlW
'LHVHV*HUlWHQWVSULFKWKLQVLFKWOLFKhEHUHLQVWLPPXQJPLWGHQ
JUXQGOHJHQGHQ$QIRUGHUXQJHQXQGGHQDQGHUHQUHOHYDQWHQ
9RUVFKULIWHQGHU(095LFKWOLQLH(&
,PSRUWHXU
.203(51$66*0%+
%85*675$66(
%2&+80*(50$1<
ZZZNRPSHUQDVVFRP
*DUDQWLH6HUYLFH
6LHHUKDOWHQDXIGLHVHV*HUlW-DKUH*DUDQWLHDE.DXIGD
WXP'DV*HUlWZXUGHVRUJIlOWLJSURGX]LHUWXQGYRU$QOLHIH
UXQJJHZLVVHQKDIWJHSUIW%LWWHEHZDKUHQ6LHGHQ.DVVHQ
ERQDOV1DFKZHLVIUGHQ.DXIDXI%LWWHVHW]HQ6LHVLFKLP
*DUDQWLHIDOOPLW,KUHU6HUYLFHVWHOOHWHOHIRQLVFKLQ9HUELQGXQJ
1XUVRNDQQHLQHNRVWHQORVH(LQVHQGXQJ,KUHU:DUHJHZlKU
OHLVWHWZHUGHQ
'LH*DUDQWLHOHLVWXQJJLOWQXUIU0DWHULDORGHU)DEULNDWLRQV
IHKOHUQLFKWDEHUIU7UDQVSRUWVFKlGHQ9HUVFKOHL‰WHLOHRGHU
IU%HVFKlGLJXQJHQDQ]HUEUHFKOLFKHQ7HLOHQ]%6FKDOWHU
RGHU$NNXV
'DV3URGXNWLVWOHGLJOLFKIUGHQSULYDWHQXQGQLFKWIUGHQ
JHZHUEOLFKHQ*HEUDXFKEHVWLPPW%HLPLVVEUlXFKOLFKHUXQG
XQVDFKJHPl‰HU%HKDQGOXQJ*HZDOWDQZHQGXQJXQGEHL
(LQJUL˩HQGLHQLFKWYRQXQVHUHUDXWRULVLHUWHQ6HUYLFH1LHGHU
ODVVXQJYRUJHQRPPHQZXUGHQHUOLVFKWGLH*DUDQWLH
,KUHJHVHW]OLFKHQ5HFKWHZHUGHQGXUFKGLHVH*DUDQWLHQLFKW
HLQJHVFKUlQNW
'LH*DUDQWLH]HLWZLUGGXUFKGLH*HZlKUOHLVWXQJQLFKWYHUOlQ
JHUW'LHVJLOWDXFKIUHUVHW]WHXQGUHSDULHUWH7HLOH(YHQWXHOO
VFKRQEHLP.DXIYRUKDQGHQH6FKlGHQXQG0lQJHOPVVHQ
VRIRUWQDFKGHP$XVSDFNHQJHPHOGHWZHUGHQVSlWHVWHQV
DEHU]ZHL7DJHQDFK.DXIGDWXP1DFK$EODXIGHU*DUDQWLH
]HLWDQIDOOHQGH5HSDUDWXUHQVLQGNRVWHQSÁLFKWLJ
Service Deutschland
Tel.: 0180 5772033 (0,14 EUR/Min. aus dem dt. Festnetz, Mobilfunk max.
0,42 EUR/Min.)
E-Mail: [email protected]
IAN 64327
Service Österreich
Tel.: 0820 201 222 (0,15 EUR/Min.)
E-Mail: [email protected]
IAN 64327
Service Schweiz
Tel.: 0842 665566 (0,08 CHF/Min., Mobilfunk max. 0,40 CHF/Min.)
E-Mail: [email protected]
IAN 64327
6200$,5(
3$*(
&RQVLJQHVGHVpFXULWpLPSRUWDQWHV
3UpVHQWDWLRQGHO
DSSDUHLO
0LVHHQVHUYLFH
'pEDOODJHGHO
DSSDUHLOFRQWU{OHGXFRQWHQXGHOLYUDLVRQ 0LVHHQSODFHGHVSLOHV
(OpPHQWVGHUpJODJH
(FUDQ/&'
7RXFKHV
5pJODJHVGXV\VWqPH6(783
&RGH6HWXSSURJUDPPDWLRQGHODWpOpFRPPDQGH
3URJUDPPDWLRQGHODUHFKHUFKHSDUFRGHVGHPDUTXHV
3URJUDPPDWLRQSDUVDLVLHPDQXHOOHGHVFRGHV
3URJUDPPDWLRQSDUUHFKHUFKHDXWRPDWLTXHGHVFRGHV 6\VWHPVHWXS
5pJOHUO
KHXUH
5pJODJHGHODGDWH
5pJODJHGXFRQWUDVWH
5pWURpFODLUDJH
5pJOHUOHYROXPHJOREDOODPLVHHQVRXUGLQH
6pOHFWLRQQHUO·DSSDUHLO%DQG
'LVFSRXUODFRPPDQGHGLUHFWH
5pJOHUODIRQFWLRQGHYHUURXLOODJH
6\VWHP5HVHWUpLQLWLDOLVDWLRQV\VWqPH
7LPHU6HWXS
+RUORJHPRGHYHLOOH6OHHS7LPHU
+RUORJH(YqQHPHQW
6XSSULPHUOHPLQXWHXU
6HWXSDSSUHQWLVVDJH
)RQFWLRQG
DSSUHQWLVVDJHGHVFRGHV
0DFUR6HWXS
&KDvQHVIDYRULWHV
5pJODJHGXYROXPH
9RO³ PLVHHQVRXUGLQH
8WLOLVDWLRQ
7RXV$55È7
1HWWR\DJHHWHQWUHSRVDJH
(UUHXUVUHPqGH
0LVHDXUHEXW
&DUDFWpULVWLTXHVWHFKQLTXHV
5HPDUTXHVUHODWLYHVjODFRQIRUPLWp
,PSRUWDWHXU
*DUDQWLHVHUYLFHDSUqVYHQWH
7e/e&200$1'(81,9(56(//(
6)%$
&HWWHGRFXPHQWDWLRQHVWSURWpJpHSDUOHVGURLWVG·DXWHXU
6RXVUpVHUYHGHWRXVOHVGURLWVQRWDPPHQWFHX[GHODOHF
WXUHSKRWRPpFDQLTXHODUHSURGXFWLRQHWODGL˩XVLRQSDUOH
ELDLVGHSURFpGpVSDUWLFXOLHUVSDUH[WUDLWHPHQWGHGRQQpHV
VXSSRUWVGHGRQQpHVHWUpVHDX[GHGRQQpHVPrPHHQSDU
WLHDLQVLTXHVRXVUpVHUYHGHPRGLÀFDWLRQVGXFRQWHQXHWGH
PRGLÀFDWLRQVWHFKQLTXHV
/LVH]DWWHQWLYHPHQWOHPRGHG
HPSORLDYDQWODSUHPLqUHXWLOL
VDWLRQHWFRQVHUYH]FHGHUQLHUSRXUXQHXWLOLVDWLRQXOWpULHXUH
/RUVGXWUDQVIHUWGHO
DSSDUHLOjXQHWLHUFHSHUVRQQHUHPHW
WH]OXLpJDOHPHQWOHPRGHG
HPSORL
&RQVLJQHVGHVpFXULWpLPSRUWDQWHV
8WLOLVDWLRQFRQIRUPH
/HVHQIDQWVGHYURQWXWLOLVHUODWpOpFRPPDQGHXQLTXHPHQW
VRXVODVXUYHLOODQFHG
DGXOWHV/DWpOpFRPPDQGHXQLYHUVHOOH
SHXWUHPSODFHUDXPD[LPXPGL[WpOpFRPPDQGHV(OOHHVW
VWULFWHPHQWUpVHUYpHDX[DSSDUHLOVpOHFWURQLTXHVjXVDJHSULYp
GRWpVG
XQUpFHSWHXULQIUDURXJH/HVIRQFWLRQVGHODWpOpFRP
PDQGHXQLYHUVHOOHFRUUHVSRQGHQWSRXUO
HVVHQWLHOjFHOOHVGHV
WpOpFRPPDQGHVG
RULJLQH/DWpOpFRPPDQGHXQLYHUVHOOHHVW
GHVWLQpHjXQXVDJHSULYp(OOHQ
HVWSDVDSSURSULpHSRXUXQ
XVDJHSURIHVVLRQQHO/HIDEULFDQWQ·HQGRVVHDXFXQHUHVSRQ
VDELOLWpSRXUGHVGRPPDJHVFDXVpVUpVXOWDQWG·XQHXWLOLVDWLRQ
QRQFRQIRUPHRXGHWUDQVIRUPDWLRQVSURSUHV
$YHUWLVVHPHQW
8QDYHUWLVVHPHQWGHFHQLYHDXGHGDQJHUVLJQDOHXQHVL
WXDWLRQSRWHQWLHOOHPHQWGDQJHUHXVH'HVDFFLGHQWVSHXYHQW
UpVXOWHUGHO·LQFDSDFLWpjpYLWHUODVLWXDWLRQGDQJHUHXVH9RLOj
SRXUTXRLLOHVWLPSRUWDQWGHVXLYUHOHVLQVWUXFWLRQVÀJXUDQW
GDQVFHWDYHUWLVVHPHQWSRXUpYLWHUTXHGHVSHUVRQQHVQH
VRLHQWEOHVVpHV
$WWHQWLRQ
8QDYHUWLVVHPHQWGHFHQLYHDXGHGDQJHUVLJQDOHXQGRP
PDJHPDWpULHOSRWHQWLHO6LYRXVQHSRXYH]pYLWHUOD
VLWXDWLRQGDQJHUHXVHFHODSHXWHQWUDvQHUGHVGRPPDJHV
PDWpULHOV6XLYUHOHVLQVWUXFWLRQVGDQVFHWDYHUWLVVHPHQW
SRXUpYLWHUWRXVGRPPDJHVPDWpULHOV
5HPDUTXH
8QHUHPDUTXHVLJQDOHGHVLQIRUPDWLRQVVXSSOpPHQWDLUHVTXL
IDFLOLWHQWODPDQLSXODWLRQGHO·DSSDUHLO
0LVHHQJDUGHFRQWUHOHULVTXHGHEOHVVXUHV
SDUODPDQLSXODWLRQQRQFRQIRUPHGHVSLOHV
/HVSLOHVGRLYHQWrWUHPDQLSXOpHVDYHFXQVRLQWRXWSDUWLFXOLHU
5HVSHFWH]OHVFRQVLJQHVGHVpFXULWpVVXLYDQWHV
‡ 7HQLUOHVSLOHVKRUVGHSRUWpHG·HQIDQWVHQEDVkJHULVTXH
GHPDQLSXODWLRQGDQJHUHXVHLQJHVWLRQG·XQHSLOHSDUO·HQ
IDQWHWF(QFDVG·LQJHVWLRQG·XQHSLOHFRQVXOWHUVDQVGpODL
XQPpGHFLQ
‡ 1HSDVMHWHUOHVSLOHVGDQVOHIHX1HSDVH[SRVHUOHV
SLOHVjGHVWHPSpUDWXUHVpOHYpHV
‡ 5LVTXHG
H[SORVLRQ,OHVWLQWHUGLWGHUHFKDUJHUOHVSLOHV
‡ 1HSDVRXYULUOHVSLOHVRXOHVFRXUWFLUFXLWHU
‡ /
pOHFWURO\WHTXLV
pFKDSSHG
XQHSLOHSHXWHQWUDvQHUGHV
LUULWDWLRQVFXWDQpHV(QFDVGHFRQWDFWDYHFODSHDXULQFHU
DERQGDPPHQWjO
HDX(QFDVGHFRQWDFWVXUOHV\HX[
ULQFHUDERQGDPPHQWjO
HDXHWFRQVXOWHULPPpGLDWHPHQW
XQPpGHFLQ
$WWHQWLRQ
/DWpOpFRPPDQGHXQLYHUVHOOHHVWSRXUYXHG
XQHGLRGHODVHU
LQIUDURXJHGHODFODVVH1HODUHJDUGH]SDVDYHFGHVDSSD
UHLOVRSWLTXHVSRXUpYLWHUWRXWHVEOHVVXUHVDXQLYHDXGHV\HX[
'RPPDJHVVXUO
DSSDUHLO
‡ 6LO
DSSDUHLOHVWGpIHFWXHX[Q
HVVD\H]SDVGHOHUpSDUHU
GHYRWUHSURSUHLQLWLDWLYH(QFDVGHGRPPDJHVFRQWDFWH]
OHIDEULFDQWRXVDKRWOLQHG
DVVLVWDQFHDSUqVYHQWHYRLUOD
FDUWHGHJDUDQWLH
‡ 7RXWHSpQpWUDWLRQGHOLTXLGHGDQVO
DSSDUHLORXGRPPDJH
VXUYHQXG
XQHDXWUHPDQLqUHGRLWrWUHFRQWU{OpSDUOHIDEUL
FDQWRXSDUVDKRWOLQHDSUqVYHQWH6HPHWWUHHQUDSSRUW
DYHFOHIDEULFDQWRXFRQWDFWHUVDOLJQHKRWOLQHDSUqV
YHQWHYRLUODFDUWHGHJDUDQWLH
‡ 5HWLUH]OHVSLOHVGXFRPSDUWLPHQWGqVTX·HOOHVVRQWXVpHV
‡ 6LO·DSSDUHLOUHVWHLQXWLOLVpSHQGDQWXQHSpULRGHSURORQJpH
UHWLUHUOHVSLOHVSRXUpYLWHUWRXWGpFKDUJHPHQW
‡ /HFDVpFKpDQWWRXMRXUVUHPSODFHUWRXWHVOHVSLOHVHQ
PrPHWHPSVHWQHMDPDLVPHWWUHHQVHPEOHGHVSLOHVG·XQ
W\SHGL˩pUHQW
3UpVHQWDWLRQGHO
DSSDUHLO
. pFUDQ/&'
3 WRXFKH $//2))
$ WRXFKHVDSSDUHLO
/ WRXFKH6
1 WRXFKHVjÁqFKH
4 WRXFKH(;,7
2 WRXFKHV3³
( WRXFKH0$&52
, WRXFKHVjFKL˩UH
" WRXFKHSRXUQXPpURVGHSURJUDPPHj
XQRXGHX[FKL˩UHV
0 WRXFKHVGHIRQFWLRQYLGpRWH[WH
# 7RXFKHG·pFODLUDJH
% 7RXFKHVOHFWHXU
& WRXFKH$9
' PLVHHQVRXUGLQH
) WRXFKHV92/³
* WRXFKH0(18
+ WRXFKH2.
WRXFKH)$9(3*
pPHWWHXUUpFHSWHXULQIUDURXJH
FDSRWFRPSDUWLPHQWSLOHV
5HPDUTXHV
‡ /HVIRQFWLRQVGpFULWHVLFLVHUpIqUHQWDXFDVLGpDOWKpRULTXH
RO
RUJDQLVDWLRQGHVWRXFKHVGHODWpOpFRPPDQGHG
RUL
JLQHFRQFHUQpHHVWLGHQWLTXHjFHOOHGHODWpOpFRPPDQGH
XQLYHUVHOOH&HFLQHVHSURGXLUDWRXWHIRLVTXHGDQVGHV
FDVWUqVUDUHV/
LPSRVVLELOLWpGHUHWUDFHUO
HQVHPEOHGHV
IRQFWLRQVGHODWpOpFRPPDQGHG
RULJLQHQHFRQVWLWXHGRQF
SDVXQHGpIDLOODQFHGHODWpOpFRPPDQGHXQLYHUVHOOH
‡ 7RXVOHVQRPVGHPDUTXHXWLOLVpVGDQVFHPRGHG
HPSORL
RXGDQVODOLVWHGHFRGHVMRLQWHVRQWGHVPDUTXHVFRPPHU
FLDOHVGHVVRFLpWpVFRUUHVSRQGDQWHV
0LVHHQVHUYLFH
'pEDOODJHGHO
DSSDUHLOFRQWU{OHGXFRQWHQX
GHOLYUDLVRQ
$YHUWLVVHPHQW
0DLQWHQLUOHVÀOPVG
HPEDOODJHKRUVGHSRUWpHGHVHQIDQWV
,O\DXQULVTXHG
pWRX˩HPHQW
‡ 'pEDOOH]O
DSSDUHLOHWOHVDFFHVVRLUHV
‡ &RQWU{OH]OHFRQWHQXGHOLYUDLVRQ
ODWpOpFRPPDQGHXQLYHUVHOOH8)%
OHPRGHG
HPSORL
GRVVLHUFRQVWUXFWHXUVDYHFOLVWHGHVFRGHVG
DSSDUHLO
SLOHVGH9W\SH$$$/5PLFUR
5HPDUTXHGRPPDJHVGHWUDQVSRUW
6LYRXVGHYLH]FRQVWDWHUGHVGRPPDJHVVXLWHDXWUDQVSRUW
DGUHVVH]YRXVDXIDEULFDQWRXjVDKRWOLQHG
DVVLVWDQFH
DSUqVYHQWHYRLUODFDUWHGHJDUDQWLH
0LVHHQSODFHGHVSLOHV
$WWHQWLRQ
/DWpOpFRPPDQGHXQLYHUVHOOHIRQFWLRQQHXQLTXHPHQWDYHF
GHVSLOHVGHYROWWDLOOH$$$/5
3URFpGH]UDSLGHPHQWDXFKDQJHPHQWGHSLOHV/HVUpJODJHV
TXHYRXVDYH]UpDOLVpVUHVWHQWHQPpPRLUHSHQGDQWHQYPL
QXWH6LDXFXQHSLOHQ
HVWLQVpUpHSHQGDQWFHODSVGHWHPSV
LOIDXWjQRXYHDXSURFpGHUjWRXVOHVUpJODJHV7RXWHIRLV
GDQVWRXVOHVFDVO·KHXUHHWODGDWHVRQWSHUGXHV
2XYUH]OHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHVGDQVOH
VHQVGHODÁqFKH
,QVpUH]OHVSLOHVFRPPHLQGLTXpHWIHUPH]OHFRPSDUWL
PHQWjSLOHV
/
pFUDQ/&'.HVWDFWLYpDXVVLORQJWHPSVTX
LO\DGHVSLOHV
GDQVOHFRPSDUWLPHQW/DUHSUpVHQWDWLRQFLGHVVRXVPRQWUH
O
pFUDQ/&'.DSUqVTXHOHVSLOHVDLHQWpWpLQVpUpHVRXUHP
SODFpHV
5HPDUTXH
6LDXFXQD˪FKDJHQHGHYLHQWYLVLEOHVXUO
pFUDQ/&'.
YpULÀH]ODSRODULWpGHVSLOHVRXLQVpUH]GHQRXYHOOHVSLOHV
(OpPHQWVGHUpJODJH
(FUDQ/&'
/
pFUDQ/&'.HVWRUJDQLVpHQFKDPSV
&KDPSGHWH[WH
/
DSSDUHLODFWXHOOHPHQWVpOHFWLRQQpV
D˪FKHLFLSDUH[HPSOH
'9'79RX9&5HWF
6\PEROHLQIUDURXJH
$FKDTXHIRLVTXHYRXVDSSX\H]VXUODWRXFKHXQVLJQDO
LQIUDURXJHHVWHQYR\pHWOHV\PEROHLQIUDURXJHV
DOOXPH
/·DEUpYLDWLRQGHO·KHXUHV·D˪FKHjJDXFKHGHO·KHXUHGDQV
O·D˪FKDJHGHO·KHXUHHQIRUPDWKHXUHV
&KDPSFRGHKRUORJH
$˪FKDJHGXFRGHGHO
DSSDUHLOVpOHFWLRQQpRXGHO
KHXUH
4XDQGO
KHXUHHVWD˪FKpHÅ´FOLJQRWHDXFHQWUHGHVFKL˩UHV
&KDPSMRXUGHODVHPDLQH
/HMRXUGHODVHPDLQHHQFRXUVHVWD˪FKpVRXVIRUPHG
DEUp
YLDWLRQDQJODLVDSUqVLQWURGXFWLRQGHODGDWH
021
78(
:('
7+8
)5,
6$7
681
0RQGD\
7XHVGD\
:HGQHVGD\
7KXUVGD\
)ULGD\
6DWXUGD\
6XQGD\
/XQGL
0DUGL
0HUFUHGL
-HXGL
9HQGUHGL
6DPHGL
'LPDQFKH
$IILFKDJHVWDQGDUG
/
D˪FKDJHVWDQGDUGGHO
pFUDQ/&'.VHFRPSRVHGHV
LQGLFDWLRQVSRXUO
DSSDUHLODFWXHOSDUH[79OHFRGH
DSSDUHLOHWO
KHXUH
7RXFKHV
5HPDUTXH
9RXVQHSRXYH]ELHQHQWHQGXXWLOLVHUOHVIRQFWLRQVGpFULWHV
LFLTX
jSDUWLUGXPRPHQWRFHOOHVFLVRQWVRXWHQXHVSDU
O
DSSDUHLOTXHYRXVVRXKDLWH]FRPPDQGHU
7RXFKH $//2))3
$OOXPHUpWHLQGUHO
DSSDUHLOPDLQWHQLUDS
SX\pHQYLURQVHFRQGHVSRXUODPLVHHQ
PDUFKHRXODPLVHjO
DUUrWGHVDSSDUHLOV 7RXFKHVDSSDUHLO$
6pOHFWLRQQHUO
DSSDUHLOTXHYRXVYRXOH]FRPPDQGHUDYHFFHV
WRXFKHV
7pOpYLVHXU
0DJQpWRVFRSH
$XWUHDSSDUHLO
5pFHSWHXUFkEOH
/HFWHXUGH&'
5pFHSWHXUDQDORJLTXHVDWHOOLWH
$PSOLÀFDWHXUDXGLR
/HFWHXUGH'9'
5pFHSWHXUQXPpULLTXHVDWHOOLWH
$XWUHDSSDUHLO
/·D˩HFWDWLRQGHVWRXFKHVPHQWLRQQpHQ·HVWSDVFRQWUDLJQDQWH
9RXVSRXYH]SDUFRQVpTXHQWHQUHJLVWUHUOHFRGHSRXUOHPD
JQpWRVFRSHVXUO·HPSODFHPHQWGXWpOpYLVHXU
7RXFKH6´/
DLQWHQLUHQIRQFpSHQGDQWVHFRQGHVSRXU
0
D˪FKHUOHPHQX6(783DSSX\H]EULqYH
PHQWSRXUD˪FKHUODGDWH
3RXUD˪FKHUOHJXLGHpOHFWURQLTXHGHVSUR
JUDPPHVGHO·DSSDUHLOFLEOHDSSX\H]WRXW
G·DERUGEULqYHPHQWVXUODWRXFKH6/SXLV
VXUODWRXFKH)$9(3*
3RXURSpUHUODIRQFWLRQ©3,3ªLQFUXVWUDWLRQ
G·LPDJHGHYRWUHWpOpYLVHXUDSSX\H]GDQV
XQSUHPLHUWHPSVVXUODWRXFKH6/VXLYL
GHVWRXFKHVGHIRQFWLRQ
GHODWRXFKH
YLGpRWH[WH0
7RXFKHVjIOqFKH1
'DQVOHVPHQXVGpSODFHUYHUVOHKDXWj
GURLWHYHUVOHEDVHWYHUVODJDXFKH
7RXFKH(;,74
5HYHQLUG
XQQLYHDXGDQVOHPHQX
7RXFKHV3³2
&KDQJHUGHFDQDOGHUpFHSWLRQ
(QPRGH'9'FHVWRXFKHVFRPPDQGHQWOD
WRXFKH6.,3
7RXFKH0$&52(
/DWRXFKH0$&52(VXLYLHG
XQHWRXFKH
jFKL˩UH,DFWLYHXQHFKDvQHGHFRP
PDQGHSUpDODEOHPHQWHQUHJLVWUpH
7RXFKHVFKLIIUpHV,
6DLVLUOHVQXPpURVGXSURJUDPPHHWGX
FRGHDSSDUHLO
7RXFKHSRXUQXPpURVGHSURJUDPPHjXQRXGHX[
FKLIIUHV"
'
DERUGDFWLRQQHUODWRXFKH"SRXUOHVQX
PpURVGHSURJUDPPHjGHX[FKL˩UHVVHORQ
OHW\SHG
DSSDUHLOSXLVLQWURGXLUHOHQXPp
URDYHFOHVWRXFKHVjFKL˩UH,/
D˪FKDJH
QHFRPSRUWHjQRXYHDXTX
XQVHXOFKL˩UHVL
YRXVUpDSSX\H]
7RXFKHVGHIRQFWLRQYLGpRWH[WH0
(QPRGHYLGpRWH[WHOHVWRXFKHVVHFDUDFWpULVHQWSDUOHVIRQF
WLRQVVXLYDQWHV
$SSHOGHODIRQFWLRQYLGpRWH[WH
$UUrWHUOHFKDQJHPHQWDXWRPDWLTXHHQFDV
GHSDJHVYLGpRWH[WHjSOXVLHXUVSDJHV
$JUDQGLUODUHSUpVHQWDWLRQGHODSDJH
6XSHUSRVHUOHWH[WHHWO
LPDJH79
4XLWWHUODIRQFWLRQYLGpRWH[WH
5HPDUTXHV
‡ /DIRQFWLRQYLGpRWH[WHHVWGLVSRQLEOHXQLTXHPHQWHQPRGH
79HXURSpHQHWYRWUHWpOpYLVHXUGRLWSRVVpGHUXQPRGXOH
YLGpRWH[WH
‡ '
DXWUHSDUWOHVWRXFKHV32RSqUHQWOHVIRQFWLRQV
YLGpRWH[WHVXLYDQWHV
3 SDVVHUjODSDJHVXLYDQWH
3³ SDVVHUjODSDJHSUpFpGHQWH
7RXFKHVOHFWHXU%
/HVWRXFKHVOHFWHXU%FRPPDQGHQWGHVDSSDUHLOVWHOVTXH
OHFWHXU'9'&'HWOHPDJQpWRVFRSH
$63(&7
FRPPHQFHUODOHFWXUH
F RQYHUVLRQGXIRUPDWG·LPDJHORUVGHO·RSp
UDWLRQGHOD79
HQUHJLVWUHPHQW
DUUrWHUODOHFWXUHHQUHJLVWUHPHQWDYDQFH
UDSLGH
LQWHUURPSUHODOHFWXUH
UHWRXUUDSLGH
DYDQFHUDSLGH
/HVPDUTXDJHVHQFRXOHXUGHVWRXFKHVOHFWHXUVHUDSSRUWHQW
DX[FKDPSVGHFRXOHXUGDQVOHYLGpRWH[WHSDUOHVTXHOOHVOHV
IRQFWLRQV7RSWH[WSHXYHQWrWUHFRPPDQGpHV
7RXFKH$9&
3DVVDJHjO·HQWUpH$9
PLVHHQVRXUGLQH'
DOOXPHUpWHLQGUHOHVRQ
7RXFKHV92/³)
5pJOHUOHYROXPHVRQRUH9ROXPH
7RXFKH0(18*
$˪FKHUOHPHQXGHO
DSSDUHLORSpUp
7RXFKH2.+
$YHFODWRXFKH2.YRXVFRQÀUPH]XQHVpOHFWLRQGX
PHQX
7RXFKH)$9(3*
3RXUD˪FKHUOHVFKDvQHVIDYRULWHVSUpDODEOHPHQW
SURJUDPPpHVDSSX\H]VXUODWRXFKH)$9(3*
5pJODJHVGXV\VWqPH6(783
/HVUpJODJHVGXV\VWqPHYRXVSHUPHWWHQWGHSURFpGHUDX[
RSpUDWLRQVVXLYDQWHV
‡ /DSURJUDPPDWLRQGHODWpOpFRPPDQGHVXUOHVDSSDUHLOV
jRSpUHU
‡ 5pJODJHGHO·KHXUHGHODGDWHGXFRQWUDVWHGHO·D˪FKDJH
GXUpWURpFODLUDJHGXYROXPHGHODIRQFWLRQGHYHUURXLOODJH
DLQVLTXHGHODUpLQLWLDOLVDWLRQGXV\VWqPH
‡ 5pJODJHVKRUORJHVWLPHU
‡ /
DSSUHQWLVVDJHGHFHUWDLQHVFRPPDQGHVGHWRXFKHV
‡ &UpDWLRQGHPDFURV
‡ 'pWHUPLQDWLRQGHIDYRULV
6XUODSDJHVXLYDQWHHVWSUpVHQWpHXQV\QRSWLTXHGHO
RUJDQL
VDWLRQGXPHQX
&RGH6HWXSSURJUDPPDWLRQGHODWpOpFRPPDQGH
PpWKRGHVGHSURJUDPPDWLRQVRQWGLVSRQLEOHVSRXUOD
WpOpFRPPDQGHODSURJUDPPDWLRQSDUUHFKHUFKHGHFRGHV
GHPDUTXHVSDUUHFKHUFKHDXWRPDWLTXHGHFRGHVHWVDLVLH
GLUHFWHGHFRGHVPDQXHOOH
9RXVGHYULH]WRXWG
DERUGXWLOLVHUODUHFKHUFKHGHFRGHVGH
PDUTXHVFDUHOOHHVWODPpWKRGHODSOXVUDSLGHGHSURJUDP
PDWLRQORUVTXHYRWUHDSSDUHLOÀJXUHGDQVODOLVWHGHVFRGHV
/DGHX[LqPHVROXWLRQFRQVLVWHHQODVDLVLHGLUHFWHGXFRGH
VXLYLGHODUHFKHUFKHDXWRPDWLTXHGHVFRGHV
3URJUDPPDWLRQGHODUHFKHUFKHSDUFRGHVGH
PDUTXHV
$YHFFHWWHPpWKRGHYRXVVpOHFWLRQQH]GLUHFWHPHQWODPDUTXH
HWOHFRGHSDUO
pFUDQ/&'.
6XLYH]OHVFRQVLJQHVG
RSpUDWLRQFLDSUqVSRXUSURJUDPPHU
ODWpOpFRPPDQGH
$SSX\H]VXUODWRXFKHDSSDUHLO$SRXUO
DSSDUHLOVXUOH
TXHOYRXVVRXKDLWH]SURJUDPPHUODWpOpFRPPDQGH
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV,QWURGXLVH]YRVUpJODJHVVDQVSHUWHGH
WHPSVHQH˩HWOHPHQXVHWHUPLQHVLDXFXQHDFWLRQQ
LQ
WHUYLHQWGDQVXQGpODLGHVHFRQGHV
&2'(6(783V
D˪FKHVXUO
pFUDQ/&'.$FWLRQQH]
ODWRXFKH2.+(17(5&2'(V
D˪FKHVXUO
pFUDQ
/&'.$YHFOHVWRXFKHV1VpOHFWLRQQH]%5$1'
&2'(´HWFRQÀUPH]DYHFODWRXFKH2.+
,OV
D˪FKHjSUpVHQWOHSUHPLHUQRPGHPDUTXHGDQVO
RUGUH
DOSKDEpWLTXHGHODOLVWHGHVDSSDUHLOVSUpSURJUDPPpV
6pOHFWLRQQH]OHVGL˩pUHQWVQRPVGHPDUTXHVjO
DLGHGHV
WRXFKHV1
3RXUIDFLOLWHUO
DFFqVYRXVSRXYH]GLUHFWHPHQWYRXVUHQGUH
VXUGL˩pUHQWHVLQLWLDOHVjO
DLGHGHVWRXFKHVFKL˩UpHV,
!$
!' !*
! !0
!3 !7
!:
([HPSOH$YHFODWRXFKHYRXVYRXVUHQGH]VXU-
/DSUHPLqUHPDUTXHHVW-9&6LYRXVSRVVpGH]SDU
H[HPSOHXQDSSDUHLOGHODPDUTXH.HQZRRGFRQWL
QXH]DYHFOHVWRXFKHV1MXVTX
jFHTXHOHQRPGH
FHWWHPDUTXHDSSDUDLVVH7RXVOHVQRPVGHPDUTXHV
XWLOLVpVLFLVRQWGHVPDUTXHVFRPPHUFLDOHVGHVVRFLpWpV
FRUUHVSRQGDQWHV
/DSOXSDUWGHVIDEULFDQWVXWLOLVHQWSOXVLHXUVFRGHVGLI
IpUHQWVSRXUODWpOpFRPPDQGH9RXVGHYH]jSUpVHQW
GpWHUPLQHUOHTXHOSDUPLOHVFRGHVGLVSRQLEOHVHVWOHSOXV
DSSURSULpSRXUYRWUHDSSDUHLO$GURLWHHQGHVVRXVGX
QRPGHODPDUTXHV
D˪FKHOHFRGHVXUO
pFUDQ/&'.
2ULHQWH]ODWpOpFRPPDQGHVXUO·DSSDUHLODFWXHOHWDS
SX\H]VXUOHVWRXFKHVTXLFRUUHVSRQGHQWDX[IRQFWLRQV
GHFHWDSSDUHLOSRXUWHVWHUOHFRGHjSDUW1
2.+(;,74OHVWRXFKHVG·DSSDUHLO$RXOHVWRXFKHV
FKL˩UpHV,
/RUVTXHODSOXSDUWGHVWRXFKHVIRQFWLRQQHQWDSSX\H]
VXUODWRXFKH2.+SRXUHQUHJLVWUHUOHUpJODJH2.
V
D˪FKHVXUO
pFUDQ/&'./HPHQXVHIHUPHHQVXLWHDX
WRPDWLTXHPHQW
6LDXFXQHWRXFKHQHIRQFWLRQQHRXVHXOHPHQWTXHOTXHV
XQHVVpOHFWLRQQH]OHFRGHVXLYDQWjO
DLGHGHODWRXFKH
RX1HWHVVD\H]jQRXYHDXFRPPHLQGLTXpDX
SRLQW
/DWRXFKH(;,74YRXVSHUPHWGHUHPRQWHUG
XQQLYHDX
GDQVOHPHQX
5pSpWH]FHVpWDSHVSRXUWRXVOHVDSSDUHLOVTXHYRXVVRXKDLWH]
RSpUHUDYHFODWpOpFRPPDQGH
3URJUDPPDWLRQSDUVDLVLHPDQXHOOHGHVFRGHV
'DQVFHPRGHODWpOpFRPPDQGHSHXWrWUHSURJUDPPpHSDU
ODVDLVLHGLUHFWHG
XQQXPpURGHFRGH&RQVXOWHUOHGRVVLHU
FRQVWUXFWHXUVDYHFODOLVWHGHVFRGHVG
DSSDUHLOSRXUDYRLU
OHQXPpURGHFRGHUHFKHUFKp6LOHQRXYHDXFRGHQ
HVWSDV
YDODEOHOHGHUQLHUFRGHSURJUDPPpYDOLGHVHUDUHVWDXUp
$SSX\H]VXUODWRXFKHSRXUO
DSSDUHLO$VXUOHTXHOYRXV
VRXKDLWH]SURJUDPPHUODWpOpFRPPDQGH
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV
&2'(6(783V
D˪FKHVXUO
pFUDQ/&'.$FWLRQQH]OD
WRXFKH2.+(17(5&2'(V
D˪FKHVXUO
pFUDQ/&'
.$FWLRQQHUODWRXFKH2.+SRXUDSSHOHUFHWWHIRQF
WLRQ
/
pFUDQ/&'.D˪FKHOHFRGHXWLOLVpSRXUO
DSSDUHLO
VpOHFWLRQQp$SUpVHQWF
HVWOHSUHPLHUFKL˩UHGXFRGH
TXLFOLJQRWHHWDWWHQGYRWUHVDLVLHGHFRGH,QWURGXLVH]OH
QRXYHDXFRGHjTXDWUHFKL˩UHVDYHFOHVWRXFKHVjFKL˩UH
,$SUqVODVDLVLHGXTXDWULqPHFDUDFWqUHO·HQVHPEOHGX
FRGHFOLJQRWH9RXVSRXYH]jSUpVHQWHUWHVWHUVLOD7&8
HVWHQPHVXUHGHFRPPDQGHUO·DSSDUHLOVRXKDLWpjO·DLGH
GHFHFRGH$SSX\H]VXUFHVWRXFKHVTXLFRUUHVSRQGHQW
DX[IRQFWLRQVGHO·DSSDUHLOVXUOD79SDUH[352*²
6LO·DSSDUHLOUpDJLWFRPPHYRXVOHVRXKDLWH]FRQÀUPH]
ODVDLVLHGXFRGHjO·DLGHGHODWRXFKH2.+6LQRQ
VDLVLVVH]OHSURFKDLQFRGHSRVVLEOHGHODOLVWHHWWHVWH]j
QRXYHDX
/RUVTXHOH&2'(VDLVLHVWYDOLGHOHFRGHHVWHQUHJLVWUp
2.V
D˪FKHVXUO
pFUDQ/&'./HPHQXVHIHUPHHQ
VXLWHDXWRPDWLTXHPHQW(QFDVG
pFKHFO
pFUDQ/&'.
D˪FKH(5525SDVWURXYpHWDWWHQGXQHQRXYHOOHVDLVLH
GXFRGH5pSpWH]DORUVO
pWDSH
/DWRXFKH(;,74YRXVSHUPHWGHUHPRQWHUG
XQQLYHDX
GDQVOHPHQX
3URJUDPPDWLRQSDUUHFKHUFKHDXWRPDWLTXH
GHVFRGHV
&HSURFHVVXVSHXWGXUHUSOXVLHXUVPLQXWHVSDUDSSDUHLOGDQVOD
PHVXUHRWRXVOHVFRGHVGRLYHQWrWUHEDOD\pVSRXUO
DSSDUHLO
VpOHFWLRQQp9RLOjSRXUTXRLFHWWHPpWKRGHGHYUDLWXQLTXHPHQW
rWUHXWLOLVpHORUVTXHO
DSSDUHLOQHSHXWSDVrWUHSURJUDPPp
SDUUHFKHUFKHGHFRGHVGHPDUTXHVRXSDUVDLVLHGLUHFWHGHV
FRGHVRXORUVTXHYRWUHDSSDUHLOQHÀJXUHSDVGDQVOHUpSHU
WRLUHGHVIDEULFDQWVDYHFODOLVWHGHVFRGHVDSSDUHLO
6XLYH]OHVpWDSHVPHQWLRQQpHVFLGHVVRXVSRXUSURFpGHUjOD
SURJUDPPDWLRQSDUOHELDLVGHODUHFKHUFKHDXWRPDWLTXHGHV
FRGHV
$FWLRQQHUODWRXFKHSRXUO
DSSDUHLO$jFRPPDQGHU
H[9&5
$OOXPH]O
DSSDUHLOTXHYRXVVRXKDLWH]RSpUHUjO
DLGH
GHODWpOpFRPPDQGH3RXUOHVDSSDUHLOV9&5'9'&'
YHXLOOH]LQVpUHUXQHFDVVHWWHRXXQ&'
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV
&2'(6(783V
D˪FKHVXUO
pFUDQ/&'.$FWLRQQH]OD
WRXFKH2.+(17(5&2'(V
D˪FKHVXUO
pFUDQ/&'
.$SSX\H]VXUODWRXFKHRX1MXVTX
jFHTXH
6($5&+&2'(DSSDUDLVVHVXUO
pFUDQ/&'.'LULJH]
ODWpOpFRPPDQGHYHUVO
DSSDUHLOHWDFWLRQQH]
ODWRXFKH2.+SRXUDFWLYHUOHPRGHUHFKHUFKHDXWRPD
WLTXHGHFRGH´
/DUHFKHUFKHFRPPHQFH/
DSSDUHLOHQYRLHO
XQDSUqV
O
DXWUHOHVQXPpURVGHFRGHGDQVOHVHQVFURLVVDQW/H
V\PEROHLQIUDURXJHD˪FKHFHWWHLQGLFDWLRQ&KDTXH
UHFKHUFKHFRPPHQFHDYHFOHFRGHDFWXHOOHPHQWGpÀQL
/RUVTXHO
DSSDUHLOUpDJLWLOV
DUUrWHDFWLRQQH]LPPpGLD
WHPHQWODWRXFKH2.+SRXUHQUHJLVWUHUOHFRGHHQFRXUV
/
pFUDQ/&'.D˪FKHUDSLGHPHQW2.
9pULÀH]VLODPDMRULWpGHVIRQFWLRQVGHYRWUHDSSDUHLOSHXW
rWUHH[pFXWpHDYHFODWpOpFRPPDQGH6LRXLYRXVDYH]
WUqVSUREDEOHPHQWWURXYpOHERQFRGH6LFHUWDLQHVIRQF
WLRQVQHPDUFKHQWSDVYRXVSRXYH]ODQFHUODUHFKHUFKH
DXWRPDWLTXHGHFRGHVHQFRPPHQoDQWSDUO
pWDSH
6LSDUFRQWUHO
DSSDUHLOQHUpDJLWSOXVYRXVQ
DYH]SUR
EDEOHPHQWSDVDFWLRQQpDVVH]YLWHODWRXFKH2.+j
O
pWDSH$FWLRQQH]DORUVSOXVLHXUVIRLVODWRXFKH(;,74
SRXUTXLWWHUOHPHQXHWUHSDVVHUjO
D˪FKDJHVWDQGDUG
0DLQWHQH]PDLQWHQDQWDSSX\pHODWRXFKHGHO
DSSDUHLO$
GRQWYRXVFKHUFKH]OHFRGH$GURLWHHQGHVVRXVV
D˪FKH
OHFRGHVXUO
pFUDQ/&'.1RWH]FHFKL˩UH
3XLVFRQWLQXH]FRPPHLQGLTXpDXFKDSLWUH3URJUDPPD
WLRQSDULQWURGXFWLRQPDQXHOOHGXFRGH´HWYpULÀH]VLOH
FRGHDYHFODFRPELQDLVRQGHFKL˩UHVLPPpGLDWHPHQW
LQIpULHXUHIRQFWLRQQH
5HPDUTXHV
(QFRXUVGHUHFKHUFKHGHFRGHWRXWHVOHVWRXFKHVMXVTX
j
2.+HW(;,74VRQWLJQRUpHV
/RUVTXHODUHFKHUFKHDXWRPDWLTXHDDWWHLQWODÀQGHOD
OLVWHGHVFRGHVHOOHV
\DUUrWH/
D˪FKDJHUHYLHQWDORUV
j6($5&+&2'(´
6\VWHPVHWXS
5pJOHUO
KHXUH
/
pFUDQ/&'.YRXVPRQWUHO
KHXUH9RLOjFRPPHQWODUpJOHU
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH/
pFUDQUHYLHQWj
O
D˪FKDJHVWDQGDUGVLDXFXQHDFWLRQQ
LQWHUYLHQWGDQVXQ
GpODLG
HQYLURQVHFRQGHV
$YHFODWRXFKHRX1VpOHFWLRQQH]6<67(06(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
7,0(6(783V
D˪FKHVXUO
pFUDQ/&'.&RQÀUPH]j
O
DLGHGHODWRXFKH2.+/
pFUDQ/&'.D˪FKHPDLQWH
QDQW7,0(´HWO
KHXUH+5FOLJQRWH
9RXVSRXYH]SDVVHUjXQDXWUHPRGHG
D˪FKDJHGH
O
KHXUH+5HQDJLVVDQWVXUODWRXFKHRX13OXV
WDUGVXUO·LQGLFDWLRQGHO·KHXUHSRXUO·D˪FKDJHGHO·KHXUH
GXMRXUXQ©$0ªRX©30ªÀJXUHGHYDQWO·KHXUH©$0ªUH
SUpVHQWHDORUV©$0ª ©DQWHPHULGLXPªPDWLQKUV
jKUV©30ªUHSUpVHQWH©30ª ©SRVWPHULGLXPª
O·DSUqVPLGLKUVj$FWLRQQH]ODWRXFKH2.
+SRXUYDOLGHU
/HFKL˩UHGHVKHXUHVFOLJQRWHPDLQWHQDQW$YHFODWRXFKH
RX1UpJOH]O
D˪FKDJHSRXUO
KHXUHHQFRXUVHW
FRQÀUPH]jO
DLGHGHODWRXFKH2.+
/HFKL˩UHGHVPLQXWHVFOLJQRWHPDLQWHQDQW$YHFODWRXFKH
RX1UpJOH]O
D˪FKDJHSRXUOHVPLQXWHVHQFRXUV
HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+7,0(6(783´
VHUpD˪FKHjO
pFUDQ
3RXUTXLWWHUFHPHQXRXOHVXLYDQWUpDFWLRQQH]ODWRXFKH
(;,74MXVTX
jFHTXHO
D˪FKDJHVWDQGDUWDSSDUDLVVHVXU
O
pFUDQ/&'.
5pJODJHGHODGDWH
/
pFUDQ/&'.LQGLTXHODGDWHVLYRXVDFWLRQQH]ODWRXFKH
6/5pJOH]O
KHXUHHQSURFpGDQWFRPPHVXLW
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]6<67(06(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
7,0(6(783V
D˪FKHVXUO
pFUDQ/&'.$FWLRQQH]OD
WRXFKH1SRXUSDVVHUj'$7(6(783´&RQÀUPH]
jO
DLGHGHODWRXFKH2.+
/
D˪FKDJHGHODGDWHFOLJQRWHVXUO
pFUDQ$YHF
ODWRXFKHWRXVpOHFWLRQQH]O
DQQpHHWFRQÀUPH]j
O
DLGHGHODWRXFKH2.+$YHFODWRXFKHRX1
VpOHFWLRQQH]OHQXPpURGHPRLVFOLJQRWDQWHWFRQÀUPH]j
O
DLGHGHODWRXFKH2.+&
HVWO
LQGLFDWLRQGHMRXU
TXLFOLJQRWHHQVXLWHTXHYRXVSRXYH]PRGLÀHUDYHFOD
WRXFKHRX1
$FWLRQQH]ODWRXFKH2.+SRXUHQUHJLVWUHU'$7(6(7
83´VHUpD˪FKHjO
pFUDQ
5pJODJHGXFRQWUDVWH
9RXVSRXYH]UpJOHUOHFRQWUDVWHGHO
pFUDQFRPPHGpFULW
FLDSUqV
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]6<67(06(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
$YHFODWRXFKHRX1VpOHFWLRQQH]&2175$67
6(783HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
/DYDOHXUGHFRQWUDVWHFOLJQRWHPDLQWHQDQWVXUO
pFUDQ/&'
.FRQWUDVWHUpJODEOHjO
DLGHGHVWRXFKHVHW1
$˪FKDJHVXUO
pFUDQ
FRQWUDVWHOHSOXVpOHYp
FRQWUDVWHOHSOXVIDLEOH
9RXVHQUHJLVWUH]OHUpJODJHVRXKDLWpjO
DLGHGHODWRXFKH
2.+&2175$676(783´VHUpD˪FKHjO
pFUDQ
5pWURpFODLUDJH
9RXVSRXYH]GpÀQLUSHQGDQWFRPELHQGHWHPSVO·DUULqUHSODQ
GHO·D˪FKDJH/&'.HWGHVWRXFKHVGRLWrWUHpFODLUpDSUqV
ODÀQGHO·RSpUDWLRQ1HSDVRXEOLHUWRXWHIRLVTXHFHFLUpGXLW
ODGXUpHGHYLHGHVSLOHV
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]6<67(06(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
$YHFODWRXFKHRX1VpOHFWLRQQH]%$&./,76(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
/HFKL˩UHGHVVHFRQGHVSRXUFHWWHGXUpHFOLJQRWHPDLQWH
QDQWVXUO
pFUDQ/&'.)L[HUFHWWHGXUpHHQDJLVVDQWVXU
OHVWRXFKHV1GHj(QVpOHFWLRQQDQW´OH
UpWURpFODLUDJHV
pWHLQWLPPpGLDWHPHQW
9RXVHQUHJLVWUH]OHUpJODJHVRXKDLWpjO
DLGHGHODWRXFKH
2.+%$&./,76(783´VHUpD˪FKHjO
pFUDQ
5pJOHUOHYROXPHJOREDOODPLVHHQVRXUGLQH
$ÀQTX·LOQHIDLOOHSDVV\VWpPDWLTXHPHQWDSSX\HUVXUXQH
WRXFKHGHO·DSSDUHLOSRXUSURFpGHUDXUpJODJHGXYROXPHHW
jODPLVHHQVRXUGLQHOD7&8QHV·DGUHVVHWRXMRXUVTX·jXQ
VHXODSSDUHLOSRXUFHVIRQFWLRQV,OYRXVUHYLHQWGHGpWHUPLQHU
FHWDSSDUHLOFLEOH
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHVÅ&2'(6(783´V¶D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]©6<67(0
6(783ªHWFRQÀUPH]jO·DLGHGHODWRXFKH2.+
$YHFODWRXFKHRX1VpOHFWLRQQH]©92/087(
6(783ªHWFRQÀUPH]jO·DLGHGHODWRXFKH2.+
/·pFUDQ/&'.D˪FKH©$//92/6(7ª$SSX\H]VXUOD
WRXFKH2.+O¶D˪FKDJHSDVVHHQÅ$//92/02'(´
$SSX\H]jSUpVHQWVXUODWRXFKH$SRXUO¶DSSDUHLOTXH
YRXVVRXKDLWH]RSpUHUjO¶DLGHGXUpJODJHJOREDOGXYR
OXPH
6LO·DSSDUHLOLQGLTXpGLVSRVHG·XQUpJODJHGXYROXPH
©68&&(66ª 6XFFqVV·D˪FKHEULqYHPHQWHWOHPHQX
VHIHUPH/HUpJODJHGXYROXPHDJLWDORUVGpVRUPDLVVXU
O·DSSDUHLOTXHYRXVYHQH]GHGpÀQLU
6LFHWDSSDUHLOQHGLVSRVHSDVGHVRQSURSUHGLVSRVLWLIGH
UpJODJHGXYROXPHOD7&8QHSHUPHWSDVODVpOHFWLRQHW
LQGLTXH©92/80((5525ª HUUHXU'DQVFHFDVDXVVL
OHPHQXVHIHUPH/HUpJODJHGXYROXPHFRQWLQXHDORUV
G·DJLUVXUO·DSSDUHLOSUpFpGHQW
9RXVSRXYH]DXVVLGpVDFWLYHUOHUpJODJHJOREDOGXYROXPH
SRXUFHUWDLQVDSSDUHLOV
3RXUFHIDLUHVpOHFWLRQQH]ODIRQFWLRQ02'(92/6(7
GDQV92/087(6(783jO·DLGHGHODWRXFKHRX
1HWFRQÀUPH]HQDSSX\DQWVXUODWRXFKH2.+
$SSX\H]jSUpVHQWVXUODWRXFKHG·DSSDUHLO$SRXU
O·DSSDUHLOTXLGRLWrWUHH[FOXGXUpJODJHJOREDOGX
YROXPH/·D˪FKDJH/&'.LQGLTXH´68&&(66´HWOH
UpJODJHJOREDOGXYROXPHHVWGpVDFWLYpORUVTXHOD7&8
RSqUHGDQVOHPRGHG·RSpUDWLRQGHO·XQGHVDSSDUHLOV
VpOHFWLRQQpV
9RXVSRXYH]pJDOHPHQWDQQXOHUOHVUpJODJHVRSpUpVHQ
PRGH92/087(6(783
3RXUFHIDLUHVpOHFWLRQQH]ODIRQFWLRQ92/087(5(6(7
GDQV92/087(6(783jO·DLGHGHODWRXFKHRX
1HWFRQÀUPH]HQDSSX\DQWVXUODWRXFKH2.+
(QD˪FKDQW©&21),505(6(7ªO·pFUDQ/&'.YRXVLQ
YLWHjFRQÀUPHUjO·DLGHGHODWRXFKH2.VXU+
$SSX\H]VXUODWRXFKH2.+VLYRXVVRXKDLWH]VXSSULPHU
OHVUpJODJHVO·LQGLFDWLRQ©68&&(66ªFRQÀUPHDORUVOD
VXSSUHVVLRQ9RXVSRXYH]pJDOHPHQWDSSX\HUVXUOD
WRXFKH(;,74SRXULQWHUURPSUHODVXSSUHVVLRQ
6pOHFWLRQQHUO·DSSDUHLO%DQG'LVFSRXUOD
FRPPDQGHGLUHFWH
9RXVSRXYH]VpOHFWLRQQHUXQDSSDUHLO%DQGRX'LVFTXH
YRXVSRXYH]RSpUHUDYHFOHVWRXFKHVOHFWHXU%VDQVDYRLUj
DSSX\HUVXUODWRXFKHG·DSSDUHLOFRUUHVSRQGDQWH$
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV©&2'(6(783´V·D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]©6<67(06(
783ªHWFRQÀUPH]jO·DLGHGHODWRXFKH2.+
©7,0(6(783ªV·D˪FKHVXUO·pFUDQ/&'.$SSX\H]VXU
ODWRXFKH1SRXUSDVVHUVXU©3/$<%$&.6(783ª
&RQÀUPH]jO·DLGHGHODWRXFKH2.+
$O·DLGHGHODWRXFKHRX1VpOHFWLRQQH]jSUpVHQW
O·DSSDUHLOGHYDQWUpDJLUjOD7&8ORUVTXHYRXVXWLOLVH]
OHVWRXFKHVOHFWHXU%&RQÀUPH]jO·DLGHGHODWRXFKH
2.+
6LYRXVVpOHFWLRQQH]©2))ªDXOLHXG·XQDSSDUHLOHWTXH
YRXVFRQÀUPH]HQDSSX\DQWVXUODWRXFKH2.+YRXV
GpVDFWLYH]ODFRPPDQGHGLUHFWH6LYRXVVpOHFWLRQQH]
©5(6(7ªHWFRQÀUPH]HQDSSX\DQWVXUODWRXFKH2.+
YRXVDFWLYH]OHUpJODJHSDUGpIDXWSUpSURJUDPPpSRXU
FHWWHIRQFWLRQ
/·pFUDQ/&'.D˪FKH©68&&(66ªHWO·DSSDUHLOVpOHFWLRQ
QpSHXWjSUpVHQWrWUHGLUHFWHPHQWRSpUpDYHFOHVWRXFKHV
OHFWHXU%
5pJOHUODIRQFWLRQGHYHUURXLOODJH
/DIRQFWLRQGHYHUURXLOODJHYRXVSHUPHWGHYHUURXLOOHUO·DFFqV
jWRXVOHVPHQXVGHFRQÀJXUDWLRQ
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV
$YHFODWRXFKHRX1VpOHFWLRQQH]©6<67(0
6(783ªHWFRQÀUPH]HQDSSX\DQWVXUODWRXFKH2.+
$YHFODWRXFKHRX1VpOHFWLRQQH]©/2&.6(783ª
HWFRQÀUPH]jO·DLGHGHODWRXFKH2.+/·pFUDQ/&'.
LQGLTXHOHUpJODJHDFWXHO
/DWRXFKHRX1YRXVSHUPHWGHFKRLVLUHQWUH
©/2&.ªYHUURXLOODJHDFWLYpRX©81/2&.ªYHUURXLOODJH
GpVDFWLYp
9RXVHQUHJLVWUH]OHUpJODJHHQDSSX\DQWVXUODWRXFKH
2.+/·pFUDQ/&'.D˪FKHDORUVjQRXYHDX©/2&.
6(783ª
6\VWHP5HVHWUpLQLWLDOLVDWLRQV\VWqPH
&HWWHIRQFWLRQYRXVSHUPHWGHUpLQLWLDOLVHUO·D˩HFWDWLRQGH
WRXWHVOHVWRXFKHVG·DSSDUHLORXGHFHUWDLQHVG·HQWUHHOOHV
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]6<67(06(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
$YHFODWRXFKHRX1VpOHFWLRQQH]6<67(05(
6(7HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
9RXVSRXYH]PDLQWHQDQWVpOHFWLRQQHUODIRQFWLRQVRXKDLWpH
jO·DLGHGHODWRXFKHRX13RXUVXSSULPHUO·D˩HFWD
WLRQ&DGHGHWRXWHVOHVWRXFKHVG·DSSDUHLO$DLQVLTXH
WRXWHVOHVGRQQpHVUHODWLYHVDX[0DFURV0LQXWHXUHWOHV
IRQFWLRQVDSSULVHVVpOHFWLRQQH]©$//5(6(7ªHWFRQÀUPH]
jO·DLGHGHODWRXFKH2.+
©&21),505(6(7ªV·D˪FKHjSUpVHQWVXUO·pFUDQ/&'
.&RQÀUPH]ODVXSSUHVVLRQHQDSSX\DQWVXUODWRXFKH2.
+/·pFUDQ/&'.D˪FKHDORUV©68&&(665(6(7ª/HV
LQIRUPDWLRQVFLWpHVVRQWjSUpVHQWVXSSULPpHVHWOHPHQX
HVWIHUPp
3RXUVXSSULPHUXQLTXHPHQWO·D˩HFWDWLRQGHGL˩pUHQWHV
WRXFKHVG·DSSDUHLO$VpOHFWLRQQH]©02'(5(6(7ªHW
DSSX\H]VXUODWRXFKH2.+
/·pFUDQ/&'.D˪FKHjSUpVHQW©02'(ªHWYRXVLQYLWHj
DSSX\HUVXUXQHWRXFKHG·DSSDUHLO$GRQWYRXVVRXKDLWH]
VXSSULPHUO·D˩HFWDWLRQ(QVXLWH©68&&(66ª 6XFFqV
V·D˪FKHEULqYHPHQWSXLVYRXVOLVH]jQRXYHDX©02'(ª
VXUO·pFUDQ/&'(QFDVGHEHVRLQDSSX\H]jQRXYHDX
VXUG·DXWUHVWRXFKHVG·DSSDUHLO$SRXUVXSSULPHUOHXU
D˩HFWDWLRQ
9RXVSRXYH]pJDOHPHQWTXLWWHUOHPHQXHQDSSX\DQWVXU
ODWRXFKH(;,74
7LPHU6HWXS
/DWpOpFRPPDQGHXQLYHUVHOOHHVWSRXUYXHGHPRGHV
G
KRUORJHOH6OHHS7LPHUHWO
KRUORJH(YqQHPHQW
+RUORJHPRGHYHLOOH6OHHS7LPHU
$FWLRQQHUODWRXFKHSRXUO
DSSDUHLO$jFRPPDQGHU
H[9&5
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$FWLRQQH]ODWRXFKHRX1MXVTX
jD˪FKDJHGH7,
0(56(783´$FWLRQQH]ODWRXFKH2.+7,0(56/((3´
V
D˪FKHVXUO
pFUDQ/&'.&RQÀUPH]DYHFODWRXFKH2.
+
/HWHPSVUHVWDQWHQPLQXWHVGHO
DSSDUHLOVpOHFWLRQQp
FOLJQRWHHQEDVjGURLWHGHO
pFUDQ/&'.)L[H]DYHF
ODWRXFKHRX1ODYDOHXUVRXKDLWpHHQWUHHW
PLQXWHV$FWLRQQH]ODWRXFKH2.+SRXUYDOLGHU/RUVTXH
ODPLQXWHULHVRPPHLODpWpSURJUDPPpHO·pFUDQ/&'.
D˪FKH©]]ªjGURLWHjF{WpGHO·KHXUH
3RVLWLRQQH]ODWpOpFRPPDQGHSRXUTXHOHVLJQDOLQIUD
URXJHDWWHLJQHO
DSSDUHLOjDUUrWHU$O
LVVXHGXGpODLSUp
FpGHPPHQWÀ[pODWpOpFRPPDQGHDUUrWHO
DSSDUHLO
6LYRXVDSSX\H]jSUpVHQWVXUODWRXFKH6/©6/´
V·D˪FKHHQEDVjJDXFKHGDQVO·pFUDQ/&'.
+RUORJH(YqQHPHQW
/DWpOpFRPPDQGHHVWSRXUYXVGHKRUORJHV(YqQHPHQW
SHUPHWWDQWGHGpFOHQFKHUGHVVpULHVGpÀQLHVGHFRPELQDLVRQV
GHWRXFKHVjGHVPRPHQWVGpWHUPLQpV
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]7,0(56(783HW
FRQÀUPH]jO
DLGHGHODWRXFKH2.+7,0(56/((3V
DI
ÀFKHVXUO
pFUDQ/&'.6pOHFWLRQQH]DYHFODWRXFKHRX
1O
HPSODFHPHQWPpPRLUHVRXKDLWp7,0(56(783j
7,0(56(783HWFRQÀUPH]DYHFODWRXFKH2.+
/HFKLIIUHGHVKHXUHVGHO
KRUORJHFOLJQRWHIL[DQWO
KHXUH
GHGpFOHQFKHPHQWGHODFRPELQDLVRQGHWRXFKHVYRXOXH
)L[H]O
KHXUHVRXKDLWpHDYHFODWRXFKHRX1HWYDOL
GH]DYHFODWRXFKH2.+
/HFKLIIUHGHVPLQXWHVGHO
KRUORJHFOLJQRWHIL[DQWOHV
PLQXWHVjO
KHXUHGHGpFOHQFKHPHQWGHODFRPELQDLVRQ
GHWRXFKHVYRXOXH)L[H]ODPLQXWHVRXKDLWpHDYHFOD
WRXFKHRX1HWYDOLGH]DYHFODWRXFKH2.+
6XUO
pFUDQ/&'.V
D˪FKH7,0(5;.(<´;SRXUO
KRU
ORJHVRXKDLWpH$FWLRQQH]PDLQWHQDQWODWRXFKHG
DSSD
UHLO$VRXKDLWpHVXLYLGHODVpTXHQFHVRXKDLWpHGHVFRP
PDQGHV
3DUGpIDXWOHVFRPPDQGHVPLQXWHXUVRQWHQYR\pHVjXQ
LQWHUYDOOHGHUHVSHFWLYHPHQWVHFRQGH&RPPHFHUWDLQV
DSSDUHLOVUpDJLVVHQWDYHFOHQWHXULOSHXWDUULYHUTXHOHV
FRPPDQGHVPLQXWHXUVRLHQWHQYR\pHVWURSUDSLGHPHQWj
O·DSSDUHLO9RXVDYH]DORUVODSRVVLELOLWpGHSURJUDPPHU
XQHSDXVHGHjVHFRQGHVDYDQWXQHFRPPDQGH
GHWRXFKH3RXUFHIDLUHDSSX\H]OHFDVpFKpDQWGH
PDQLqUHUpSpWpHVXUODWRXFKH0$&52((QEDVj
GURLWHO·pFUDQ/&'.D˪FKHODORQJXHXUDFWXHOOHGHV
SDXVHVHQVHFRQGHV
$FWLRQQH]ODWRXFKH/6SRXUHQUHJLVWUHUOHVGRQQpHV
HWUHWRXUQHUDXV\QRSWLTXHKRUORJH
3URFpGH]GHODPrPHPDQLqUHSRXUSURJUDPPHUSRXU
G
DXWUHVHPSODFHPHQWVPpPRLUHGHFRPPDQGHVVXU
KRUORJH
/RUVTXHODPLQXWHULHGHVpYpQHPHQWVHVWSURJUDPPpH
O·pFUDQ/&'.D˪FKHOHV\PEROHGHODPLQXWHULH©
jGURLWHjF{WpGHO·KHXUH
5HPDUTXHV
WRXFKHVPD[LPXPSHXYHQWrWUHSURJUDPPpHVSDU
HPSODFHPHQWPpPRLUHG
KRUORJH$SUqVODVDLVLHGHOD
qPHWRXFKHODVpTXHQFHVHUDDXWRPDWLTXHPHQWHQUH
JLVWUpHHWO
pFUDQ/&'.D˪FKH)8//
/
pFUDQUHSDVVHDXVVLjO
D˪FKDJHVWDQGDUGVLDXFXQH
DFWLRQQ
LQWHUYLHQWGDQVXQGpODLG
HQYLURQVHFRQGHV
6XSSULPHUOHPLQXWHXU
9RLFLFRPPHQWVXSSULPHUXQPLQXWHXUGHVRPPHLORXG·pYp
QHPHQWSURJUDPPp
6pOHFWLRQQH]OHPLQXWHXUTXHYRXVVRXKDLWH]VXSSULPHU
FIOHFKDSLWUH0LQXWHXUVRPPHLO0LQHXUpYqQHPHQWHW
DSSX\H]VXUODWRXFKH2.+©7,0(5&/($5ªV·D˪FKH
VXUO¶pFUDQ/&'.
$SSX\H]VXUODWRXFKH2.+/·pFUDQ/&'.D˪FKHj
SUpVHQW©&21),50&/($5ª
$SSX\H]jQRXYHDXVXUODWRXFKH2.+
SRXUVXSSULPHUOHPLQXWHXU/·pFUDQ/&'.FRQÀUPHTXH
ODVXSSUHVVLRQDUpXVVLHQ
D˪FKDQW©68&&(66ª
6HWXSDSSUHQWLVVDJH
/DWpOpFRPPDQGHXQLYHUVHOOHHVWHQPHVXUHG
DSSUHQGUHOHV
VLJQDX[GHWRXFKHVG
XQHWpOpFRPPDQGHG
RULJLQHHWGHOHV
HQUHJLVWUHU/RUVTXHODWpOpFRPPDQGHXQLYHUVHOOHQHIRQF
WLRQQHSDVVHORQOHVPpWKRGHVGHSURJUDPPDWLRQGpFULWHV
RXTX
HOOHQHUpXVVLWSDVjH[pFXWHUWRXWHVOHVFRPPDQGHV
HVVD\H]GHSURFpGHUjO
DSSUHQWLVVDJHjO
DLGHGHODGHV
WpOpFRPPDQGHVG
RULJLQH
‡ 8WLOLVH]GHQRXYHOOHVSLOHVSRXUODWpOpFRPPDQGHXQLYHU
VHOOHHWODWpOpFRPPDQGHG
RULJLQH
‡ 0DLQWHQH]DXPLQLPXPXQPqWUHGHGLVWDQFHDYHFOHV
DXWUHVVRXUFHVGHOXPLqUH/HVVRXUFHVGHOXPLqUHSHXYHQW
SHUWXUEHUODWUDQVPLVVLRQLQIUDURXJH
‡ 3ODFH]ODWpOpFRPPDQGHXQLYHUVHOOHHWODWpOpFRPPDQGH
G
RULJLQHjXQHGLVWDQFHGHjPPO
XQHGHO
DXWUH
VXUXQVXSSRUWSODQGHWHOOHPDQLqUHTXHOHVGLRGHVLQIUD
URXJHVRQWRULHQWpHVO
XQHYHUVO
DXWUH
5HPDUTXHV
1
XWLOLVH]SDVOHVWRXFKHVVXLYDQWHVSRXUODIRQFWLRQG
DS
SUHQWLVVDJHOHVWRXFKHV$0$&52(ODWRXFKH6/
(;,74
2QTXLWWHOHPHQXDSSUHQWLVVDJHVLDXFXQHWRXFKHGHOD
WpOpFRPPDQGHG
RULJLQHQ
HVWDFWLRQQpHSHQGDQWVH
FRQGHVORUVTXH/($51,1*´DSSUHQWLVVDJHHVWD˪FKp
2QQHSHXWSDVPHWWUHÀQjFHPRGHSDUDFWLRQQHPHQW
G
XQHWRXFKHGHODWpOpFRPPDQGHXQLYHUVHOOH
/DPpPRLUHSHXWUHJURXSHUDXWRWDOFRPPDQGHVGH
WRXFKHV/RUVTXHODPpPRLUHHVWSOHLQHO
pFUDQ/&'.
LQGLTXH/($51)8//HWOHPRGHG
DSSUHQWLVVDJHSUHQG
ÀQ
(QDFWLRQQDQWODWRXFKH(;,74RQUHWRXUQHDXVWDWXW
SUpFpGHQWVDXITXDQG/($51.(<´RX/($51,1*´HVW
D˪FKp
)RQFWLRQG
DSSUHQWLVVDJHGHVFRGHV
$FWLRQQH]ODWRXFKHGHO
DSSDUHLO$SRXUOHTXHOHVW
VRXKDLWpO
DSSUHQWLVVDJHG
XQFRGHSDUODWpOpFRPPDQGH
XQLYHUVHOOH
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]OHPHQX/($51
6(783DSSUHQGUHSXLVDSSX\H]VXUODWRXFKH2.+
/($51V
D˪FKHVXUO
pFUDQ/&'.$FWLRQQH]ODWRXFKH
2.+/
pFUDQ/&'.D˪FKH/($51.(<´VpOHFWLRQGH
ODWRXFKH
$SSX\H]WRXWG
DERUGVXUODWRXFKHGHODWpOpFRPPDQGH
XQLYHUVHOOHTXLGRLWrWUHDSSULVH/($51,1*V
D˪FKHVXU
O
pFUDQ/&'./DWpOpFRPPDQGHXQLYHUVHOOHDWWHQGjSUp
VHQWOHVLJQDOLQIUDURXJHGHODWpOpFRPPDQGHG
RULJLQH
5HPDUTXH
6L/($51,1*´QHV
D˪FKHSDVYRXVDYH]VpOHFWLRQQp
XQHWRXFKHSRXUODTXHOOHDXFXQFRGHQHSHXWrWUHDSSULV
2ULHQWH]OHVFDSWHXUVLQIUDURXJHGHVGHX[WpOpFRP
PDQGHVO
XQYHUVO
DXWUH
0DLQWHQH]jSUpVHQWHQIRQFpHODWRXFKHVRXKDLWpHGHOD
WpOpFRPPDQGHG
RULJLQHMXVTX
jFHTXHO
pFUDQ/&'.
GHODWpOpFRPPDQGHXQLYHUVHOOHLQGLTXH68&&(66RX
/($51(5525
6L68&&(66V
D˪FKHVXUO
pFUDQ/&'.UpXVVLWHGH
O
RSpUDWLRQYRXVSRXYH]HQFRPPHQoDQWSDUO
pWDSH
IDLUHO
DSSUHQWLVVDJHG
DXWUHVWRXFKHV6L/($51(5525
V
D˪FKHpFKHFGHO
RSpUDWLRQUpSpWH]pJDOHPHQWO
RSp
UDWLRQjSDUWLUGHO
pWDSH
3RXULQWHUURPSUHPHWWUHÀQDXSURFHVVXVG·DSSUHQWLV
VDJHDSSX\H]VXUODWRXFKH(;,74ORUVTXH©/($51
6(7ªV·D˪FKHMXVTX·jFHTXHO·D˪FKDJHVWDQGDUGDSSD
UDLVVHVXUO·pFUDQ/&'./RUVTXHO
pFUDQD˪FKH/($51
.(<´RX/($51,1*´RQTXLWWHFHPHQXVLDXFXQHDF
WLRQQ
LQWHUYLHQWGDQVXQGpODLGHVHFRQGHV
6XSSULPHUO·HQVHPEOHGHVWRXFKHVSURJUDPPpHVGH
WRXVOHVDSSDUHLOV
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]OHPHQX
/($516(783SXLVDSSX\H]VXUODWRXFKH2.+
/($516(7V
D˪FKHVXUO
pFUDQ/&'.
$YHFODWRXFKHRX1VpOHFWLRQQH]/($51
&/($5´H˩DFHPHQWDSSUHQWLVVDJHHWFRQÀUPH]DYHFOD
WRXFKH2.+/
pFUDQ/&'.D˪FKH&21),50&/($5´
FRQÀUPDWLRQH˩DFHPHQW
&RQÀUPH]jO
DLGHGHODWRXFKH2.+/
pFUDQ/&'.
D˪FKH68&&(667RXWHVOHVWRXFKHVSURJUDPPpHVVRQW
VXSSULPpHV3XLVRQVRUWGHFHPHQXDXWRPDWLTXHPHQW
5HPDUTXH
/RUVTXHO·pFUDQ/&'D˪FKH©&21),50&/($5ªYRXVSRXYH]
LQWHUURPSUHODVXSSUHVVLRQjO·DLGHGHODWRXFKH(;,74
0DFUR6HWXS
/DIRQFWLRQ0$&52SHUPHWG
H[pFXWHUMXVTX
jFRP
PDQGHVGHWRXFKHVHQDSSX\DQWVXUXQVHXOERXWRQFHTXL
VLJQLÀHTXHSOXVLHXUVFRPPDQGHVHQUHJLVWUpHVDXSUpDODEOH
SHXYHQWrWUHGpFOHQFKpHVjO
DLGHG
XQHWRXFKH0$&52
HPSODFHPHQWVPpPRLUHPDFURVRQWjYRWUHGLVSRVLWLRQ
3URJUDPPDWLRQG
XQHPDFUR
3URFpGHUFRPPHVXLWSRXUODSURJUDPPDWLRQG
XQHPDFUR
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]0$&526(783
HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+/
D˪FKDJH
0$&526(783´DSSDUDvWjO
pFUDQ
6pOHFWLRQQH]DYHFODWRXFKHRX1O
HPSODFHPHQW
PpPRLUHjSURJUDPPHU0$&526(783HWFRQÀU
PH]DYHFODWRXFKH2.+
0$&5267(3V
D˪FKHVXUO
pFUDQ/&'.$FWLRQQH]
PDLQWHQDQWO
XQHDSUqVO
DXWUHOHVWRXFKHVVRXKDLWpHV
PD[/DVpTXHQFHGRLWFRPPHQFHUSDUXQHWRXFKH
G
DSSDUHLO$
3DUGpIDXWOHVFRPPDQGHVPDFURVRQWHQYR\pHVjXQLQWHU
YDOOHGHUHVSHFWLYHPHQWVHFRQGH&RPPHFHUWDLQVDSSD
UHLOVUpDJLVVHQWDYHFOHQWHXULOSHXWDUULYHUTXHOHVPDFUR
FRPPDQGHVVRLHQWHQYR\pHVWURSUDSLGHPHQWjO·DSSDUHLO
9RXVDYH]DORUVODSRVVLELOLWpGHSURJUDPPHUXQHSDXVH
GHjVHFRQGHVDYDQWXQHFRPPDQGHGHWRXFKH3RXU
FHIDLUHDSSX\H]OHFDVpFKpDQWGHPDQLqUHUpSpWpHVXU
ODWRXFKH0$&52((QEDVjGURLWHO¶pFUDQ/&'.DI
ÀFKHODORQJXHXUDFWXHOOHGHVSDXVHVHQVHFRQGHV
/RUVTXHOHQRPEUHPD[LPXPGHFRPPDQGHVHVWDWWHLQW
O
pFUDQ/&'.D˪FKH)8//´
(QUHJLVWUH]ODVDLVLHHQDSSX\DQWVXUODWRXFKH6/
0$&526(783V
D˪FKHVXUO
pFUDQ/&'.
6LO
HPSODFHPHQWPpPRLUHVpOHFWLRQQpSRXUODPDFURj
SURJUDPPHUpWDSHHVWGpMjRFFXSpODPDFURGpMjHQ
SODFHVHUDH˩DFpH
5pSpWH]OHSURFHVVXVjSDUWLUGHO
pWDSHSRXUFUpHU
G
DXWUHVPDFURV
$FWLRQQH]ODWRXFKH(;,74SRXUSDVVHUDXQLYHDXGH
PHQXVXSpULHXUVDXISHQGDQWXQHLQWURGXFWLRQGHFRP
PDQGHGHWRXFKH
5HPDUTXHV
FRPPDQGHVGHWRXFKHVDXPD[LPXPSHXYHQWrWUH
HQUHJLVWUpHVGDQVXQHPDFUR$SUqVODVDLVLHGHODqPH
FRPPDQGHGHWRXFKH©)8//ªV·D˪FKHVXUO·pFUDQ/&'.
3RXUTXLWWHUFHPRGHVDQVIDLUHG
HQUHJLVWUHPHQWODLVVH]
SDVVHUXQGpODLG
HQYLURQVHFRQGHVVDQVULHQIDLUH
(QPRGH0$&5267(3YRXVSRXYH]UHWRXUQHUDX
VWDWXWSUpFpGHQWXQLTXHPHQWDYHFODWRXFKH6/
([HPSOHYRXVDLPHULH]HQUHJLVWUHUXQHFKDvQHGHFRP
PDQGHVGDQVXQHPDFUR1RXVFRPPHQoRQVHQPRGH
0$&5267(3
&KDvQHGHFRPPDQGHVVRXKDLWpH$OOXPHUOD79 !3$86(
!&RPPXWDWLRQHQHQWUpH$9 !$OOXPHUOHOHFWHXU'9' !
3$86( !/LUHOH'9'
(QPRGH0$&5267(3VDLVLVVH]OHVFRPPDQGHVGHWRXFKHV
VXLYDQWHV
!
!
7HPSVGHSDXVH !
!
!
!
7HPSVGHSDXVH !
([pFXWHUXQHPDFUR
3RXUH[pFXWHUXQHPDFURSUpDODEOHPHQWSURJUDPPpH
SURFpGH]FRPPHVXLW
$SSX\H]VXUODWRXFKH(0$&52´
$˪FKH]ODPDFURVRXKDLWpHjO·DLGHGHODWRXFKHFKLI
IUpHFRUUHVSRQGDQWH,([HPSOHVLODPDFURGRLWrWUH
H[pFXWpHDFWLRQQH]G·DERUGODWRXFKH(0$&52SXLV
ODWRXFKHjFKL˩UHÅ
´GDQVXQGpODLGHVHFRQGHV
(IIDFHPHQWGHWRXWHVOHVPDFURV
3RXUVXSSULPHUWRXWHVOHVPDFURVSURJUDPPpHVSURFpGH]
FRPPHVXLW
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH]0$&526(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
/
D˪FKDJH0$&526(783´DSSDUDvWjO
pFUDQ
$YHFODWRXFKHRX1VpOHFWLRQQH]0$&526(7
83HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
/
pFUDQ/&'.D˪FKH&21),50&/($5´FRQÀUPDWLRQ
H˩DFHPHQW/DWRXFKH2.+YRXVSHUPHWGHFRQÀUPHU
O
RSpUDWLRQGHVXSSUHVVLRQ/
pFUDQ/&'.D˪FKH68&
&(667RXWHVOHVPDFURVVRQWH˩DFpHVOHPHQXHVWWHU
PLQp
5HPDUTXHV
6LO
pFUDQ/&'.LQGLTXH&21),50&/($5YRXV
SRXYH]DQQXOHUODFRPPDQGHG
H˩DFHPHQWjO
DLGH
GHODWRXFKH(;,74
8QHPDFURGpWHUPLQpHQHSHXWSDVrWUHH˩DFpHSDUFHWWH
PpWKRGHHOOHQHSHXWrWUHTXHUHPSODFpHSDUXQHDXWUH
&KDvQHVIDYRULWHV
5HPDUTXH
&HWWHIRQFWLRQSHUPHWG
HQUHJLVWUHUYRVFKDvQHVRXYRVVWDWLRQV
IDYRULWHV
3URJUDPPDWLRQGHVFKDvQHVIDYRULWHV
9RLFLFRPPHQWIDLUHSRXUHQUHJLVWUHUYRWUHFKDvQHIDYRULWH
$SSX\H]VXUODWRXFKHSRXUO
DSSDUHLO$VXUOHTXHOYRXV
VRXKDLWH]HQUHJLVWUHUXQIDYRUL
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV&2'(6(783´V
D˪FKH
$YHFODWRXFKHRX1VpOHFWLRQQH])$9&+6(783
HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+/
D˪FKDJH
)$9&+6(783´DSSDUDvWjO
pFUDQ
6pOHFWLRQQH]DYHFODWRXFKHRX1O
HPSODFHPHQW
PpPRLUHjSURJUDPPHU)$9&+6(783HWFRQÀU
PH]DYHFODWRXFKH2.+
)$9&+67(3V
D˪FKHVXUO
pFUDQ/&'.$FWLRQQH]
PDLQWHQDQWO
XQHDSUqVO
DXWUHOHVWRXFKHVPD[SRXU
DSSHOHUODFKDvQHIDYRULWHUHFKHUFKpH
/RUVTXHOHQRPEUHPD[LPXPGHFRPPDQGHVHVWDWWHLQW
O
pFUDQ/&'.D˪FKH)8//´
(QUHJLVWUH]ODVDLVLHHQDSSX\DQWVXUODWRXFKH6/)$9
&+6(783V
D˪FKHVXUO
pFUDQ/&'.
6LO
HPSODFHPHQWPpPRLUHVpOHFWLRQQpSRXUODFKDvQH
IDYRULWHjSURJUDPPHUpWDSHHVWGpMjRFFXSpODSUR
JUDPPDWLRQGpMjHQSODFHVHUDH˩DFpH
5HIDLWHVFHVRSpUDWLRQVSRXUODSURJUDPPDWLRQG
DXWUHV
FKDvQHVIDYRULWHV
$FWLRQQH]ODWRXFKH(;,74SRXUSDVVHUDXQLYHDXGH
PHQXSUpFpGHQWVDXISHQGDQWXQHLQWURGXFWLRQGHFRP
PDQGHGHWRXFKH
5HPDUTXH
/DVDLVLHGHVQXPpURVGHFKDvQHVSHXWYDULHUVHORQOHPRGqOH
HWODPDUTXHGHO
DSSDUHLOVpOHFWLRQQp/HFDVpFKpDQWDFWLRQ
QH]G
DERUGODWRXFKH
"SRXUGHVQXPpURVGHFKDvQHj
SOXVLHXUVFKL˩UHV
$SSHOGHVFKDvQHVIDYRULWHV
3RXUO
DSSHOG
XQHFKDvQHIDYRULWHSUpDODEOHPHQWSURJUDP
PpHDFWLRQQH]ODWRXFKH)$9(3*VXLYLGHVWRXFKHVj
FKL˩UHFRUUHVSRQGDQWHVSRXUO
HPSODFHPHQWPpPRLUHUHFKHU
FKp
6XSSULPHUWRXVOHVFDQDX[)$9
3RXUVXSSULPHUWRXWHVOHVFKDvQHVIDYRULWHVSURJUDPPpHV
SURFpGH]FRPPHVXLW
0DLQWHQH]ODWRXFKH6/HQIRQFpHSHQGDQWXQSHXSOXV
GHVHFRQGHV
$YHFODWRXFKHRX1VpOHFWLRQQH])$9&+6(783
HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+/
D˪FKDJH
)$9&+6(783´DSSDUDvWjO
pFUDQ
$YHFODWRXFKHRX1VpOHFWLRQQH])$9&+&/($5
HWFRQÀUPH]jO
DLGHGHODWRXFKH2.+
/
pFUDQ/&'.D˪FKH&21),50&/($5´FRQÀUPDWLRQ
H˩DFHPHQW/DWRXFKH2.+YRXVSHUPHWGHFRQÀUPHU
O
RSpUDWLRQGHVXSSUHVVLRQ/
pFUDQ/&'.D˪FKH68&
&(667RXWHVOHVFKDvQHVSURJUDPPpHVVRQWH˩DFpHVOH
PHQXHVWWHUPLQp
5HPDUTXHV
6LO
pFUDQ/&'.LQGLTXH&21),50&/($5YRXVSRX
YH]DQQXOHUODFRPPDQGHG
H˩DFHPHQWjO
DLGHGHOD
WRXFKH(;,74
8QIDYRULGpWHUPLQpQHSHXWSDVrWUHH˩DFpSDUFHWWH
PpWKRGHLOQHSHXWrWUHTXHUHPSODFpSDUXQDXWUH
5pJODJHGXYROXPH
9RO³ PLVHHQVRXUGLQH
$SSX\H]VXUODWRXFKH92/SRXUDXJPHQWHUOHYROXPH
/DWRXFKH92/³YRXVSHUPHWGHOHUpGXLUH3RXUPHWWUHHQ
VRXUGLQHDSSX\H]VXUODWRXFKH
',OVX˪WG
DSSX\HU
jQRXYHDXVXUFHWWHWRXFKHSRXUDFWLYHUOHVRQ
6LYRXVQ·DYH]SDVUpJOpG·DXWUHDSSDUHLOHQWDQWTX·DSSDUHLO
FLEOHSRXUOHUpJODJHJOREDOGXYROXPHHQDFWLRQQDQWOHV
WRXFKHV92/³)GHOD7&8YRXVDFWLYH]SDUGpIDXWOH
UpJODJHGXYROXPHGXWpOpYLVHXUHWFHSHXLPSRUWHVXUTXHOOH
WRXFKHG·DSSDUHLO$YRXVDYH]DSSX\pSUpFpGHPPHQW&HFL
QHYDXWWRXWHIRLVSDVSRXUOHVDSSDUHLOV©$03ª©'9'ª
©$6$7ªHW©'6$7ªGDQVODPHVXUHRO·RQVXSSRVHTXHFHV
DSSDUHLOVGLVSRVHQWGHOHXUSURSUHUpJODJHGXYROXPH
8WLOLVDWLRQ
> 3RXURSpUHUO
XQGHVDSSDUHLOVSURJUDPPpVDYHFODWpOp
FRPPDQGHXQLYHUVHOOHDSSX\H]G
DERUGVXUODWRXFKH
DSSDUHLO$FRUUHVSRQGDQWH2ULHQWH]DORUVODWpOpFRP
PDQGHXQLYHUVHOOHVXUFHWDSSDUHLOHWDSSX\H]VXUOD
WRXFKHVRXKDLWpH
> 6DLVLVVH]OHVWRXFKHVFKL˩UpHV,H[DFWHPHQWFRPPHF
HVW
OHFDVVXUODWpOpFRPPDQGHG
RULJLQH$YDQWGHSURFpGHUj
WRXFKH"
XQHVDLVLHGHGHX[FKL˩UHVDSSX\H]VXUOD
> $SSX\H]VXUODWRXFKH)$9(3*SRXUODQFHUOHJXLGH
pOHFWURQLTXHGHVSURJUDPPHVG
XQDSSDUHLOpTXLSpGH
FHWWHIRQFWLRQ
> /RUVTXHYRXVDSSX\H]VXUODWRXFKH6/HQEDVjGURLWH
GDQVO·pFUDQ/&'.ODGDWHV·D˪FKHSHQGDQWVH
FRQGHV
> (QPDLQWHQDQWHQIRQFpHO
XQHGHVWRXFKHV$OHFRGHGH
O
DSSDUHLOFRQFHUQpV
D˪FKHHQEDVjGURLWHGHO
pFUDQ
/&'.
> /DWRXFKH0(18*YRXVSHUPHWG
D˪FKHUOHGLDORJXH
SRXUOHVSDUDPqWUHVGHO
DSSDUHLOFLEOHFRQFHUQp
> $SSX\H]VXUODWRXFKHG·pFODLUDJH#SRXUDFWLYHURXGp
VDFWLYHUO·pFODLUDJHGHO·pFUDQHWGHVWRXFKHV
7RXV$55È7
5HPDUTXHV
/DWRXFKH
$//2))WRXVjO
DUUrW3SHUPHWGHGpFOHQ
FKHUO
DUUrWDXWRPDWLTXHGHWRXVOHVDSSDUHLOV&HWWHIRQFWLRQ
SHXWUHPHWWUHHQPDUFKHGHVDSSDUHLOVGpMjDUUrWpVVHORQ
OHVDSSDUHLOV$FHWWHÀQPDLQWHQH]ODWRXFKH$//2))3
HQIRQFpHSHQGDQWTXHOTXHVVHFRQGHV/DPLVHKRUVVHUYLFHGH
WRXVOHVDSSDUHLOVSHXWGXUHUMXVTX·jVHFRQGHV&HFLQH
IRQFWLRQQHTX·HQUHVSHFWDQWOHVFRQGLWLRQVVXLYDQWHV
,OQ
H[LVWHDXFXQHFRQQH[LRQYLVXHOOHHQWUHWRXVOHVDSSD
UHLOVHWODWpOpFRPPDQGHXQLYHUVHOOH
/DUHFKHUFKHDXWRPDWLTXHGHVFRGHVODUHFKHUFKHGHV
FRGHVGHPDUTXHVHWODIRQFWLRQ0$&52QHVRQWSDVDF
WLYpHV
7RXVOHVDSSDUHLOVFLEOHGRLYHQWrWUHDGDSWpVSRXUXQH
PLVHKRUVVHUYLFHSDUWpOpFRPPDQGH
3RXUUHPHWWUHHQPDUFKHDXWRPDWLTXHPHQWWRXVOHVDSSD
UHLOVPDLQWHQLUHQIRQFpHODWRXFKH
3MXVTX
jPLVHHQ
PDUFKHGHWRXVOHVDSSDUHLOV
1HWWR\DJHHWHQWUHSRVDJH
$WWHQWLRQ
9HLOOH]jFHTX·DXFXQOLTXLGHQHSpQqWUHGDQVO·DSSD
UHLO6LQRQLO\DOHULVTXHGHGRPPDJHVLUUpSDUDEOHV
SRXUO·DSSDUHLO
> 1HWWR\H]OHERvWLHUGHO·DSSDUHLOH[FOXVLYHPHQWjO·DLGH
G·XQFKL˩RQOpJqUHPHQWKXPLGLÀpHWG·XQGpWHUJHQWGRX[
> (QWUHSRVH]O·DSSDUHLOXQLTXHPHQWGDQVXQHQYLURQQHPHQW
TXLFRUUHVSRQGDX[LQGLFDWLRQVPHQWLRQQpHVGDQVOHVFD
UDFWpULVWLTXHVWHFKQLTXHV
> $YDQWGHUDQJHUO·DSSDUHLOUHWLUH]OHVSLOHVDÀQTX·HOOHV
QHSXLVVHQWSDVHQGRPPDJHUO·DSSDUHLOGDQVO·pYHQWXDOLWp
G·XQHIXLWHHQFRXUVG·HQWUHSRVDJH
(UUHXUVUHPqGH
9RWUHDSSDUHLOQHUpDJLWSDVjODWpOpFRPPDQGHXQL
YHUVHOOH
> &RQWU{OH]OHVSLOHV(OOHVGRLYHQWD˪FKHUXQHWHQVLRQ
VX˪VDQWHHWrWUHLQVpUpHVFRUUHFWHPHQW
> $YH]YRXVGDQVXQSUHPLHUWHPSVDSSX\pVXUODERQQH
WRXFKHDSSDUHLO$SRXUO
DSSDUHLOFLEOHVRXKDLWp"
> 9pULÀH]VLOHERQFRGHHVWSURJUDPPpSRXUO
DSSDUHLO
FLEOHYRLUOHSDUDJUDSKH&RGHVHWXS
/DWpOpFRPPDQGHXQLYHUVHOOHQHWUDQVPHWSDVFRUUHF
WHPHQWOHVFRPPDQGHV
> $SSX\H]VXUODWRXFKHDSSDUHLOFRUUHVSRQGDQWH$SRXU
TXHODWpOpFRPPDQGHVHWURXYHGDQVOHPRGHFRUUHFW
> /HVSLOHVGRLYHQWD˪FKHUXQHWHQVLRQVX˪VDQWHHWrWUHLQ
VpUpHVFRUUHFWHPHQW
> 9RXVXWLOLVH]SHXWrWUHOHPDXYDLVFRGH/DQFH]ODUH
FKHUFKHGHVFRGHVGHPDUTXHVODUHFKHUFKHDXWRPD
WLTXHGHVFRGHVRXODVDLVLHGLUHFWHGHVFRGHVPDQXHOOH
/DWpOpFRPPDQGHQHFKDQJHSDVOHFDQDOVXUO
DSSDUHLO
> $SSX\H]VXUODWRXFKHDSSDUHLOFRUUHVSRQGDQWH$SRXU
TXHODWpOpFRPPDQGHVHWURXYHGDQVOHPRGHFRUUHFW
> 6LODWpOpFRPPDQGHG
RULJLQHQHSRVVqGHSDVGHWRXFKH
Å´FKDQJH]OHVSURJUDPPHVDYHFOHVWRXFKHV&+³
2RXOHVWRXFKHVFKL˩UpHV,
> 6LFHODQHIRQFWLRQQHSDVQRQSOXVLOVHSRXUUDLWTXHOD
VpFXULWpHQIDQWSRXUFHWDSSDUHLOVRLWDFWLYpH
&HUWDLQHVWRXFKHVGHODWpOpFRPPDQGHQHIRQFWLRQ
QHQWSDVFRUUHFWHPHQW
> ,OVHSHXWTXHYRWUHWpOpFRPPDQGHXQLYHUVHOOHQHSRVVqGH
SDVWRXWHVOHVIRQFWLRQVGHODWpOpFRPPDQGHG
RULJLQHGH
O
DSSDUHLO
> ,OVHSHXWTXHYRXVQ
D\H]SDVSURJUDPPpOHFRGHRSWL
PDO5HFKHUFKH]XQFRGHTXLVRXWLHQWSOXVGHIRQFWLRQV
GHO
DSSDUHLOFLEOH
/DWpOpFRPPDQGHQHUpDJLWSOXVDORUVTXHYRXVDYH]
DSSX\pVXUXQHWRXFKH
> /HVSLOHVGRLYHQWD˪FKHUXQHWHQVLRQVX˪VDQWHHWrWUHLQ
VpUpHVFRUUHFWHPHQW
> 2ULHQWH]ODWpOpFRPPDQGHVXUYRWUHDSSDUHLO
/
pFUDQ/&'.Q
DIILFKHULHQ
> /HVSLOHVGRLYHQWD˪FKHUXQHWHQVLRQVX˪VDQWHHWrWUHLQ
VpUpHVFRUUHFWHPHQW
> ,OVHSHXWTXHOHFRQWUDVWHVRLWWURSIDLEOH$XJPHQWH]
DORUVOHFRQWUDVWH
0LVHDXUHEXW
/HSURGXLWQHGRLWMDPDLVrWUHMHWpGDQVOD
SRXEHOOHGRPHVWLTXHQRUPDOH&HSURGXLW
HVWDVVXMHWWLjODGLUHFWLYHHXURSpHQQH
(&
7pOpFRPPDQGHXQLYHUVHOOH
‡ 0HWWH]ODWpOpFRPPDQGHXQLYHUVHOOHRXOHVpOpPHQWVGH
FHWWHGHUQLqUHDXUHEXWHQOHFRQÀDQWjXQHHQWUHSULVHGH
WUDLWHPHQWGHVGpFKHWVDJUppHRXDXVHUYLFHGHUHF\FODJH
GHYRWUHFRPPXQH
‡ 5HVSHFWH]OHVUqJOHPHQWVDFWXHOOHPHQWHQYLJXHXU(QFDV
GHGRXWHVFRQWDFWH]OHVVHUYLFHVWHFKQLTXHVGHODPDLULH
3LOHVDFFXV
‡ /HVSLOHVDFFXVQHGRLYHQWSDVrWUHMHWpVDYHFOHVRUGXUHV
PpQDJqUHV
‡ /HVSLOHVSHXYHQWFRQWHQLUGHVVXEVWDQFHVWR[LTXHVGDQ
JHUHXVHVSRXUO
HQYLURQQHPHQW/HVSLOHVDFFXVGRLYHQW
LPSpUDWLYHPHQWrWUHPLVHVDXUHEXWGDQVOHUHVSHFWGHOD
OpJLVODWLRQHQYLJXHXU
‡ &KDTXHFRQVRPPDWHXUHVWOpJDOHPHQWWHQXGHUHPHWWUH
OHVSLOHVDFFXVjXQSRLQWGHFROOHFWHGHVDFRPPXQH
GHVRQTXDUWLHURXGDQVOHFRPPHUFH&HWWHREOLJDWLRQD
SRXUREMHFWLIG
DVVXUHUODPLVHDXUHEXWpFRORJLTXHGHV
SLOHVDFFXV
‡ 1HUHMHWH]TXHGHVSLOHVDFFXPXODWHXUVjO
pWDWGpFKDUJp
(PEDOODJHV
‡ 3URFpGH]jXQHpOLPLQDWLRQGHVPDWpULDX[G
HPEDO
ODJHUHVSHFWXHXVHGHO
HQYLURQQHPHQW
&DUDFWpULVWLTXHVWHFKQLTXHV
$SSDUHLOVFRPPDQGDEOHV
'LPHQVLRQV
/[O[+
3RLGV /('LQIUDURXJH $OLPHQWDWLRQpOHFWULTXH
3LOH [[PP
JKRUVSLOHV
FODVVHODVHU
[9GHW\SH$$$
/50LFUR
7HPSpUDWXUHGHVHUYLFH ²ƒ&
7HPSpUDWXUHG·HQWUHSRVDJH ƒ&
+XPLGLWp
SDVGHFRQGHQVDWLRQ
5HPDUTXHVUHODWLYHVjODFRQIRUPLWp
/HSUpVHQWDSSDUHLODpWpFRQWU{OpHWDJUppHQFRQIRU
PLWpDYHFOHVH[LJHQFHVIRQGDPHQWDOHVHWOHVDXWUHV
UqJOHVSHUWLQHQWHVGHODGLUHFWLYH&(0
(&
,PSRUWDWHXU
.203(51$66*0%+
%85*675$66(
%2&+80*(50$1<
ZZZNRPSHUQDVVFRP
*DUDQWLHVHUYLFHDSUqVYHQWH
&HWDSSDUHLOHVWJDUDQWLDQVjSDUWLUGHODGDWHG·DFKDW
/·DSSDUHLODpWpIDEULTXpDYHFVRLQHWFRQVFLHQFLHXVHPHQW
FRQWU{OpDYDQWVDGLVWULEXWLRQ9HXLOOH]FRQVHUYHUOHWLFNHW
GHFDLVVHHQJXLVHGHSUHXYHG·DFKDW'DQVOHFDVROD
JDUDQWLHV·DSSOLTXHYHXLOOH]DSSHOHUOHVHUYLFHDSUqVYHQWH
FRQFHUQp&HWWHFRQGLWLRQGRLWrWUHUHVSHFWpHSRXUDVVXUHU
O·H[SpGLWLRQJUDWXLWHGHYRWUHPDUFKDQGLVH
/DSUHVWDWLRQGHJDUDQWLHV·DSSOLTXHXQLTXHPHQWDX[HUUHXUV
GHPDWpULDX[RXGHIDEULFDWLRQQRQSDVDX[GRPPDJHVGH
WUDQVSRUWSLqFHVG·XVXUHRXGRPPDJHVVXUOHVSLqFHVIUD
JLOHVSDUH[OHVFRPPXWDWHXUVRXDFFXV
/HSURGXLWHVWH[FOXVLYHPHQWGHVWLQpjXQXVDJHSULYpHWQRQ
FRPPHUFLDO/DJDUDQWLHHVWDQQXOpHHQFDVGHPDQLSXODWLRQ
LQFRUUHFWHHWLQDSSURSULpHG·XWLOLVDWLRQEUXWDOHHWHQFDVG·LQ
WHUYHQWLRQTXLQ·DXUDLWSDVpWpUpDOLVpHSDUQRWUHFHQWUHGH
VHUYLFHDSUqVYHQWHDJUpp
&HWWHJDUDQWLHQHFRQVWLWXHSDVXQHUHVWULFWLRQGHYRVGURLWV
OpJDX[
/DSpULRGHVRXVJDUDQWLHQ·HVWSDVSURORQJpHSDUODJDUDQWLH
R˩HUWHSDUOHIDEULFDQW&HFLYDXWpJDOHPHQWSRXUOHVSLqFHV
UHPSODFpHVHWUpSDUpHV7RXVGRPPDJHVHWGpIDXWVpYHQ
WXHOOHPHQWGpMjSUpVHQWVjO·DFKDWGRLYHQWrWUHQRWLÀpVGqVOH
GpEDOODJHDXSOXVWDUGGHX[MRXUVDSUqVODGDWHG·DFKDW
7RXWHVUpSDUDWLRQVUpDOLVpHVSUqVH[SLUDWLRQGHODSpULRGH
VRXVJDUDQWLHVRQWSD\DQWHV
6HUYLFH)UDQFH
Tel.: 0800 919270
E-Mail: [email protected]
IAN 64327
6HUYLFH6XLVVH
Tel.: 0842 665566 (0,08 CHF/Min., mobile max. 0,40 CHF/Min.)
E-Mail: [email protected]
IAN 64327
,1',&(
3$*,1$
,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
7DVWLHIXQ]LRQLDSSDUHFFKLR
0HVVDLQIXQ]LRQH
'LVLPEDOODJJLRGHOO
DSSDUHFFKLRFRQWUROOR
GHOPDWHULDOHLQGRWD]LRQH
,QVHULPHQWRGHOOHSLOH
(OHPHQWLGLFRPDQGR
'LVSOD\/&'
7DVWL
6(783,PSRVWD]LRQLGLVLVWHPD
&RGH6HWXS3URJUDPPD]LRQHGHOWHOHFRPDQGR
3URJUDPPD]LRQHSHUULFHUFDGHOFRGLFHPDUFD
3URJUDPPD]LRQHWUDPLWHLPPLVVLRQHPDQXDOHGHLFRGLFL
3URJUDPPD]LRQHSHUULFHUFDDXWRPDWLFDGHLFRGLFL
6<67(06(783
,PSRVWD]LRQHGHOO
RUD
,PSRVWD]LRQHGHOODGDWD
,PSRVWD]LRQHFRQWUDVWR
5HWURLOOXPLQD]LRQH
,PSRVWD]LRQHGHOYROXPHJOREDOH
GLVDWWLYD]LRQHGHOYROXPH
6HOH]LRQDUHDSSDUHFFKLREDQGD
GLVFRSHULOFRPDQGRGLUHWWR
,PSRVWD]LRQHGHOODIXQ]LRQH/RFN
6<67(05(6(7
7LPHU6HWXS
6OHHS7LPHU
7LPHUHYHQWL
&DQFHOOD]LRQHWLPHU
6HWXSGLDSSUHQGLPHQWR
)XQ]LRQHGLDSSUHQGLPHQWRFRGLFL
6HWXSPDFUR
&DQDOHSUHIHULWL
5HJROD]LRQHYROXPH
9RO³ GLVDWWLYD]LRQHVXRQR
8VR
7DVWR$//2))
3XOL]LDHFRQVHUYD]LRQH
*XDVWL5LVROX]LRQH
6PDOWLPHQWR
'DWLWHFQLFL
$YYLVRVXOODFRQIRUPLWj
,PSRUWDWRUH
*DUDQ]LDDVVLVWHQ]D
7(/(&20$1'281,9(56$/(6)%$
/DSUHVHQWHGRFXPHQWD]LRQHqWXWHODWDGDOGLULWWRG
DXWRUH
7XWWLLGLULWWLQRQFKpODULSURGX]LRQHIRWRPHFFDQLFDODFRSLD
HODGL˩XVLRQHWUDPLWHSURFHGLPHQWLSDUWLFRODULDGHVHODER
UD]LRQHGHLGDWLVXSSRUWRGDWLHUHWLGLGDWLDQFKHSDU]LDOH
QRQFKpOHPRGLÀFKHDLFRQWHQXWLHOHPRGLÀFKHWHFQLFKH
VRQRULVHUYDWL
/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLSHUO
XVRSULPDGHOSULPR
XWLOL]]RHFRQVHUYDUOHSHULOVXFFHVVLYRLPSLHJR,QFDVR
GLFHVVLRQHGHOO
DSSDUHFFKLRDWHU]LFRQVHJQDUHDQFKHLO
PDQXDOHGLLVWUX]LRQL
,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
8VRFRQIRUPH
,EDPELQLGHYRQRXWLOL]]DUHLOWHOHFRPDQGRVROWDQWRVRWWROD
VXSHUYLVLRQHGLDGXOWL
,OWHOHFRPDQGRXQLYHUVDOHSXzVRVWLWXLUHXQPDVVLPRGLGLHFL
WHOHFRPDQGL3XzHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHSHUDSSD
UHFFKLGLHOHWWURQLFDGLLQWUDWWHQLPHQWRFRQXQULFHYLWRUH
DLQIUDURVVL/HIXQ]LRQLGHOWHOHFRPDQGRXQLYHUVDOHFRUUL
VSRQGRQRLQHVVHQ]DDTXHOOHGHOWHOHFRPDQGRRULJLQDOH
,OWHOHFRPDQGRXQLYHUVDOHqFRQFHSLWRSHUO
XVRSULYDWR1RQ
qLGRQHRDOO
XVRFRPPHUFLDOH
2JQLDOWURWLSRGLLPSLHJRQRQqFRQIRUPHDOODGHVWLQD]LRQH
,OSURGXWWRUHQRQVLDVVXPHDOFXQDUHVSRQVDELOLWjSHULGDQQL
GHULYDQWLGDXVRQRQFRQIRUPHRGDPRGLÀFKHDSSRUWDWHDXWR
QRPDPHQWH
$YYLVR
8Q
DYYHUWHQ]DFRQWUDVVHJQDWDGDTXHVWROLYHOORGLSHULFROR
LQGLFDXQDVLWXD]LRQHSRWHQ]LDOPHQWHSHULFRORVD4XDORUD
VLDLPSRVVLELOHHYLWDUHWDOHVLWXD]LRQHSHULFRORVDHVVDSXz
GDUHOXRJRDOHVLRQL6HJXLUHOHLVWUX]LRQLFRQWHQXWHLQTXHVWD
DYYHUWHQ]DSHUHYLWDUHOHVLRQLSHUVRQDOL
$WWHQ]LRQH
8Q
DYYHUWHQ]DFRQWUDVVHJQDWDGDTXHVWROLYHOORGLSHULFROR
LQGLFDODSRVVLELOLWjGLULSRUWDUHGDQQLPDWHULDOL4XDORUDVLD
LPSRVVLELOHHYLWDUHWDOHVLWXD]LRQHSHULFRORVDHVVDSXzGDUH
OXRJRDGDQQLPDWHULDOL6HJXLUHOHLVWUX]LRQLFRQWHQXWHLQ
TXHVWDDYYHUWHQ]DSHUHYLWDUHGDQQLPDWHULDOL
$YYHUWHQ]D
8QDYYLVRFRQWUDVVHJQDXOWHULRULLQIRUPD]LRQLYROWHDIDFLOLWD
UHO
XVRGHOO
DSSDUHFFKLR
$YYLVRUHODWLYRDOSHULFRORGLOHVLRQLDFDXVD
GHOO
XVRHUURQHRGHOOHSLOH
/HSLOHGHYRQRHVVHUHWUDWWDWHFRQSDUWLFRODUHFDXWHOD
5LVSHWWDUHOHVHJXHQWLDYYHUWHQ]HGLVLFXUH]]D
‡ ,PSHGLUHDLEDPELQLGLHQWUDUHLQSRVVHVVRGHOOHSLOH
,EDPELQLSRWUHEEHURPHWWHUHLQERFFDOHSLOHHLQJRLDUOH,Q
FDVRGLLQJHVWLRQHGLXQDSLODFRQVXOWDUHLPPHGLDWDPHQWH
XQPHGLFR
‡ 1RQJHWWDUHOHSLOHQHOIXRFR1RQVRWWRSRUUHOHSLOHDG
HOHYDWHWHPSHUDWXUH
‡ 3HULFRORGLHVSORVLRQH/HSLOHQRQGHYRQRHVVHUHULFDULFD
WH
‡ 1RQDSULUHQpFRUWRFLUFXLWDUHOHSLOH
‡ /
DFLGRFKHIXRULHVFHGDOOHSLOHSXzSURYRFDUHLUULWD]LRQL
FXWDQHH,QFDVRGLFRQWDWWRFRQODSHOOHULVFLDFTXDUHFRQ
DFTXDDEERQGDQWH4XDORUDLOOLTXLGRDYHVVHUDJJLXQWRJOL
RFFKLVFLDFTXDUHDEERQGDQWHPHQWHFRQDFTXDQRQVIUH
JDUHHFRQVXOWDUHVXELWRXQPHGLFR
$WWHQ]LRQH
,OWHOHFRPDQGRXQLYHUVDOHSRVVLHGHXQGLRGRDLQIUDURVVLGHO
ODFODVVHGLODVHU1RQRVVHUYDUHFRQDSSDUHFFKLRWWLFLSHU
HYLWDUHOHVLRQLRFXODUL
'DQQLDOO
DSSDUHFFKLR
‡ 4XDORUDO
DSSDUHFFKLRIRVVHJXDVWRQRQFHUFDUHGLUL
SDUDUORDXWRQRPDPHQWH,QFDVRGLGDQQLFRQWDWWDUHLO
SURGXWWRUHRODKRWOLQHGLDVVLVWHQ]DYODVFKHGDGLJD
UDQ]LD
‡ ,QFDVRGLSHQHWUD]LRQHGLOLTXLGLDOO
LQWHUQRGHOO
DSSDUHF
FKLRRGDQQLGLDOWURJHQHUHIDUORFRQWUROODUHGDOSURGXW
WRUHRGDOODKRWOLQHGLDVVLVWHQ]D0HWWHUVLLQFRQWDWWRFRQ
LOSURGXWWRUHRFRQODUHODWLYD+RWOLQHGLDVVLVWHQ]DYHGH
UHOHLQGLFD]LRQLGLJDUDQ]LD
‡ 5LPXRYHUHOHSLOHGDOYDQRSLOHQRQDSSHQDVLVFDULFDQR
‡ ,QFDVRGLLQXWLOL]]RSUROXQJDWRGHOO
DSSDUHFFKLRULPXRYH
UHOHSLOHSHUHYLWDUQHORVFDULFDPHQWR
‡ 6RVWLWXLUHOHSLOHVHPSUHFRQWHPSRUDQHDPHQWHHXWLOL]]DUH
VHPSUHSLOHGHOORVWHVVRWLSR
7DVWLHIXQ]LRQLDSSDUHFFKLR
. 'LVSOD\/&'
3 7DVWR $//2))
$ 7DVWLGHOO
DSSDUHFFKLR
/ 7DVWR6
1 7DVWLIUHFFLD
4 7DVWR(;,7
2 7DVWL3³
( 7DVWR0$&52
, 7DVWLQXPHULFL
" 7DVWRSHUQXPHULGLSURJUDPPDDXQDRGXHFLIUH
0 7DVWLGLIXQ]LRQH9LGHRWH[W
# 7DVWRGLLOOXPLQD]LRQH
% 7DVWLXQLWjGLVFR
& 7DVWR$9
' 'LVDWWLYD]LRQHGHOO
DXGLR
) 7DVWL92/³
* 7DVWR0(18
+ 7DVWR2.
7DVWR)$9(3*
(PLWWHQWHULFHYHQWHDLQIUDURVVL
&RSHUWXUDYDQRSLOH
6XJJHULPHQWL
‡ OHIXQ]LRQLTXLGHVFULWWHVLULIHULVFRQRDXQFDVRWHRULFR
LGHDOHLQFXLODVWUXWWXUDGHLWDVWLGHLVLQJROLWHOHFRPDQGL
FRLQFLGHSHUIHWWDPHQWHFRQTXHOODGLTXHVWRWHOHFR
PDQGRXQLYHUVDOH7DOHHYHQWRqWXWWDYLDUDULVVLPRQHOOD
UHDOWj6HSHUWDQWRQRQVLSRWHVVHURULSURGXUUHWXWWHOH
IXQ]LRQLGHOWHOHFRPDQGRRULJLQDOHWDOHLPSRVVLELOLWj
QRQGHY
HVVHUHDGGHELWDWDDTXDOFKHLSRWHWLFRGLIHWWR
GHOWHOHFRPDQGRXQLYHUVDOH
‡ 7XWWLLQRPLGLPDUFKLPHQ]LRQDWLQHOSUHVHQWHPDQXDOH
RQHOO
DFFOXVDOLVWDGHLFRGLFLVRQRPDUFKLFRPPHUFLDOL
GLSURSULHWjGHOOHUHODWLYHGLWWH
0HVVDLQIXQ]LRQH
'LVLPEDOODJJLRGHOO
DSSDUHFFKLRFRQWUROOR
GHOPDWHULDOHLQGRWD]LRQH
$WWHQ]LRQH
7HQHUHIXRULGDOODSRUWDWDGHLEDPELQLDQFKHOHSHOOLFROH
GLLPEDOODJJLR3HULFRORGLVR˩RFDPHQWR
‡ 'LVLPEDOODUHO
DSSDUHFFKLRHLUHODWLYLDFFHVVRUL
‡ 9HULÀFDUHODFRPSOHWH]]DGHOPDWHULDOHLQGRWD]LRQH
7HOHFRPDQGRXQLYHUVDOH8)%
0DQXDOHGLLVWUX]LRQL
*XLGDGHOSURGXWWRUHFRQO
HOHQFRGHLFRGLFLGHJOL
DSSDUHFFKL
[SLOHWLSR$$$/5PLFUR
$YYHUWHQ]DGDQQLGDWUDVSRUWR
4XDORUDVLULOHYDVVHURGHLGDQQLGDWUDVSRUWRULYROJHUVLDO
SURGXWWRUHRDOODUHODWLYDKRWOLQHGLDVVLVWHQ]DYLQGLFD]LRQL
GLJDUDQ]LD
,QVHULPHQWRGHOOHSLOH
$WWHQ]LRQH
,OWHOHFRPDQGRXQLYHUVDOHGHY
HVVHUHDOLPHQWDWRVRORGD
SLOHGD9ROW$$$/5
1HOODVRVWLWX]LRQHGLSLOHLQVHULUHLPPHGLDWDPHQWHOHSLOH
QXRYH/HLPSRVWD]LRQLHVHJXLWHUHVWDQRPHPRUL]]DWHSHU
FLUFDPLQXWR
6HQRQVLLQVHULVFRQROHSLOHQXRYHHQWURWDOHSHULRGRGLWHP
SRWXWWHOHLPSRVWD]LRQLGRYUDQQRHVVHUHUHLQVHULWH/·RUDULRH
ODGDWDDQGUDQQRWXWWDYLDSHUGXWLLQRJQLFDVR
$SULUHLOFRSHUFKLRGHOYDQRSLOHQHOODGLUH]LRQHGHOOD
IUHFFLD
,QVHULUHOHSLOHFRPHLOOXVWUDWRLQÀJXUDHFKLXGHUHLOYDQR
SLOH
,OGLVSOD\/&'.qDWWLYDWRÀQRDTXDQGROHSLOHVRQRLQVHULWH
/DVHJXHQWHLOOXVWUD]LRQHPRVWUDLOGLVSOD\/&'.GRSRO
LQVH
ULPHQWRRODVRVWLWX]LRQHGHOOHSLOH
$YYHUWHQ]D
VHQRQqYLVLELOHDOFXQGLVSOD\/&'.FRQWUROODUHODSRODULWj
GHOOHSLOHRLQVHULUHGHOOHSLOHQXRYH
(OHPHQWLGLFRPDQGR
'LVSOD\/&'
,OGLVSOD\/&'.qVXGGLYLVRLQFDPSL
&DPSRGLWHVWR
4XLYLHQHYLVXDOL]]DWRO
DSSDUHFFKLRFRUUHQWHPHQWHVHOH]LR
QDWRDGHVHPSLR'9'799&5HFF
6LPERORDLQIUDURVVL
$RJQLSUHVVLRQHGHOWDVWRYLHQHLQYLDWRXQVHJQDOHDLQIUD
URVVLHVLDFFHQGHLOVLPEROR,QIUDURVVL
&DPSR&RGLFH2UD
4XLYLHQHYLVXDOL]]DWRLOFRGLFHGHOO
DSSDUHFFKLRVHOH]LRQDWR
FRUUHQWHPHQWHRO
RUD$OO
LQGLFD]LRQHGHOO
RUDODPSHJJLDÅ´
DOFHQWURGHLQXPHUL&RQO·LQGLFD]LRQHGHOO·RUDLQIRUPDWR
RUHDVLQLVWUDGHOO·RURORJLRYLHQHLQGLFDWDODVLJODUHODWLYD
DOO·RUD
&DPSRGHOJLRUQRGHOODVHWWLPDQD
4XLVLSXzOHJJHUHO
DEEUHYLD]LRQHLQJOHVHGHOJLRUQRGHOOD
VHWWLPDQDGRSRDYHULQVHULWRODGDWD
021
78(
:('
7+8
)5,
6$7
681
0RQGD\
7XHVGD\
:HGQHVGD\
7KXUVGD\
)ULGD\
6DWXUGD\
6XQGD\
/XQHGu
0DUWHGu
0HUFROHGu
*LRYHGu
9HQHUGu
6DEDWR
'RPHQLFD
6SLDVWDQGDUG
/DVSLDVWDQGDUGGHOGLVSOD\/&'.qFRPSRVWDGDLGDWL
UHODWLYLDOO
DSSDUHFFKLRFRUUHQWHDGHVÅ79´GDOODVLJOD
GHOJLRUQRGHOODVHWWLPDQDHGDOO
RUDULR
7DVWL
$YYHUWHQ]D
WXWWHOHIXQ]LRQLTXLGHVFULWWHSRVVRQRQDWXUDOPHQWHHVVHUH
XWLOL]]DWHVRORVHYHQJRQRVXSSRUWDWHGDOUHODWLYRDSSD
UHFFKLR
7DVWR $//2))3
$FFHQVLRQHVSHJQLPHQWRGHOO
DSSDUHFFKLR
WHQHUHSUHPXWRSHUFLUFDVHFRQGLSHUDF
FHQGHUHVSHJQHUHWXWWLJOLDSSDUHFFKL
7DVWLDSSDUHFFKL$
&RQLWDVWLDSSDUHFFKLVLVHOH]LRQDQRJOLDSSDUHFFKLFKHGH
YRQRHVVHUHD]LRQDWL
7HOHYLVRUH
9LGHRUHJLVWUDWRUH
$SSDUHFFKLRDFFHVVRULR
5LFHYLWRUHFRQFDYR
/HWWRUH&'
5LFHYLWRUHVDWHOOLWDUHDQDORJLFR
$PSOLÀFDWRUHDXGLR
/HWWRUHGL'9'
5LFHYLWRUHVDWHOOLWDUHGLJLWDOH
$SSDUHFFKLRDFFHVVRULR
/·DWWULEX]LRQHGHLWDVWLPHQ]LRQDWDQRQqREEOLJDWRULD
$GHVVXOWDVWR79qSRVVLELOHVDOYDUHDQFKHLOFRGLFHSHULO
YLGHRUHJLVWUDWRUH
7DVWRÅ6´/
7HQHUHSUHPXWRSHUVHFRQGLDOÀQH
GLULFKLDPDUHLOPHQXGL6(783SUHPHUH
EUHYHPHQWHSHUYLVXDOL]]DUHODGDWD
3HUULFKLDPDUHODJXLGDHOHWWURQLFDDLSUR
JUDPPLGHOO·DSSDUHFFKLRGLGHVWLQD]LRQH
SUHPHUHSULPDEUHYHPHQWHLOWDVWR6/H
TXLQGLLOWDVWR)$9(3*
3HUFRQWUROODUHODIXQ]LRQH´3,3µLPPDJLQH
QHOO·LPPDJLQHGHOWHOHYLVRUHSUHPHUHSULPD
GHLWDVWL
LOWDVWR6/VHJXLWRGDOWDVWR
GLIXQ]LRQH9LGHRWH[W0
7DVWLIUHFFLD1
7DVWR(;,74
3HUVSRVWDUVLLQDOWRDGHVWUDLQEDVVRH
DVLQLVWUDDOO
LQWHUQRGHLPHQX
3DVVDJJLRDOOLYHOORLQIHULRUHGHOPHQX
7DVWL3³2
&DPELRGHOFDQDOHGLULFH]LRQH
1HOODPRGDOLWj'9'TXHVWLWDVWLFRQWUROODQR
ODIXQ]LRQH6.,3
7DVWR0$&52(
7DVWR0$&52(VHJXLWRGDXQWDVWR
QXPHULFR,DWWLYDXQDFDWHQDGL
FRPDQGLSUHFHGHQWHPHQWHPHPRUL]]DWD
7DVWLQXPHULFL,
3HULPPHWWHUHQXPHULGLSURJUDPPDHGL
FRGLFLDSSDUHFFKL
7DVWRSHUQXPHULGLSURJUDPPDDXQDGXHFLIUH"
3HULQXPHULGLSURJUDPPLDGXHFLIUHLQ
EDVHDOWLSRGLDSSDUHFFKLRSUHPHUHSULPD
LOWDVWR"HTXLQGLLQVHULUHLOQXPHURGHO
SURJUDPPDWUDPLWHLWDVWLQXPHULFL,
8Q
XOWHULRUHSUHVVLRQHULSRUWHUjODYLVXDOL]
]D]LRQHDXQDFLIUD
7DVWLGLIXQ]LRQH9LGHRWH[W0
1HOODPRGDOLWj7HOHYLGHRLWDVWLKDQQROHVHJXHQWLIXQ]LRQL
5LFKLDPRGHOODIXQ]LRQH9LGHRWH[W
3 DVVDJJLRDXWRPDWLFRLQFDVRGLQRWL]LH
WHOHYLGHRVXSLSDJLQH
$XPHQWRGLPHQVLRQLGLYLVXDOL]]D]LRQHGHO
ODSDJLQD
7HVWRVRYUDSSRVWRDOO
LPPDJLQH79
7HUPLQHGHOODIXQ]LRQH9LGHRWH[W
6XJJHULPHQWL
‡ /DIXQ]LRQH9LGHRWH[WqDGLVSRVL]LRQHVRORQHOODPRGDOLWj
79HXURSHDHOD79GHYHLQROWUHSRVVHGHUHO
DSSRVLWRPR
GXORSHULO7HOHYLGHR
‡ ,QROWUHLWDVWL32FRQWUROODQROHVHJXHQWLIXQ]LRQL7H
OHYLGHR
3 VIRJOLDUHXQDSDJLQDLQDYDQWL
3³ VIRJOLDUHXQDSDJLQDDOO
LQGLHWUR
7DVWLXQLWjGLVFR%
,WDVWLXQLWjGLVFR%FRQWUROODQRDSSDUHFFKLFRPHOHWWRULGL
'9'&'HYLGHRUHJLVWUDWRUL
$63(&7
,QL]LRULSURGX]LRQH
&RPPXWD]LRQHGHOIRUPDWRLPPDJLQL
FRQO
XVRGHOOD79
5HJLVWUD]LRQH
$UUHVWRULSURGX]LRQH5HJLVWUD]LRQH
DYYROJLPHQWR
$UUHVWRULSURGX]LRQH
5LDYYROJLPHQWR
$YDQ]DPHQWR
OHPDUFDWXUHFRORUDWHGHLWDVWLXQLWjGLVFRVLULIHULVFRQRDL
FDPSLFRORUDWLQHO9LGHRWH[WWUDPLWHFXLYHQJRQRFRQWUROODWH
OHIXQ]LRQL7RSWH[W
7DVWR$9&
3DVVDJJLRDOO·LQJUHVVR$9
'LVDWWLYD]LRQHGHOYROXPH'
3HULQVHULUHGLVLQVHULUHLOYROXPH
7DVWL92/³)
5HJROD]LRQHGHOYROXPH9ROXPH
7DVWR0(18*
5LFKLDPRGHOPHQXGHOO
DSSDUHFFKLR
FRQWUROODWR
7DVWR2.+
RQLOWDVWR2.VLFRQIHUPDXQDVHOH]LRQH
&
GHOPHQX
7DVWR)$9(3*
3HUULFKLDPDUHOHHPLWWHQWLSUHIHULWHSUHFHGHQWHPHQ
WHSURJUDPPDWHSUHPHUHLOWDVWR)$9&+
6(783,PSRVWD]LRQLGLVLVWHPD
1HOOHLPSRVWD]LRQLGLVLVWHPDVLSXzHVHJXLUHTXDQWRVHJXH
‡ /DSURJUDPPD]LRQHGHOWHOHFRPDQGRSHUJOLDSSDUHFFKL
GDFRQWUROODUH
‡ ,PSRVWD]LRQHGLRUDGDWDFRQWUDVWRGHOGLVSOD\UHWURLOOX
PLQD]LRQHYROXPHIXQ]LRQH/RFNQRQFKp6\VWHP5HVHW
‡ /HLPSRVWD]LRQLGHO7LPHU
‡ /
ÅDSSUHQGLPHQWR´GLGHWHUPLQDWLFRPDQGLGHLWDVWL
‡ /DFUHD]LRQHGLPDFUR
‡ /
LPSRVWD]LRQHGHLSUHIHULWL
6XOOHSDJLQHFKHVHJXRQRqSUHVHQWHXQDSDQRUDPLFDGHOOD
VWUXWWXUDGHOPHQX
&RGH6HWXS3URJUDPPD]LRQHGHOWHOHFRPDQGR
6RQRDGLVSRVL]LRQHPHWRGLGLSURJUDPPD]LRQHSHULO
WHOHFRPDQGRSURJUDPPD]LRQHWUDPLWHULFHUFDGHOFRGLFH
PDUFDULFHUFDDXWRPDWLFDGHOFRGLFHHLPPLVVLRQHGLUHWWD
GHOFRGLFHPDQXDOH
8WLOL]]DUHSULPDODULFHUFDFRQLOFRGLFHPDUFDSRLFKpVLWUDW
WDGHOPHWRGRGLSURJUDPPD]LRQHSLUDSLGRVHO
DSSDUHF
FKLRqSUHVHQWHQHOO
HOHQFRGHLFRGLFL&RPHVHFRQGD
DOWHUQDWLYDVLFRQVLJOLDO
LPPLVVLRQHGLUHWWDGHOFRGLFHVHJXLWD
GDOODULFHUFDDXWRPDWLFDGHOFRGLFH
3URJUDPPD]LRQHSHUULFHUFDGHOFRGLFHPDUFD
&RQTXHVWRPHWRGRVHOH]LRQDUHODPDUFDGLUHWWDHLOFRGLFH
WUDPLWHLOGLVSOD\/&'.
3URFHGHUHLQEDVHDOOHVHJXHQWLLVWUX]LRQLSHUSURJUDPPDUH
LOWHOHFRPDQGR
3UHPHUHLOWDVWRGHOO
DSSDUHFFKLR$SHUO
DSSDUHFFKLR
ULVSHWWRDOTXDOHVLGHVLGHUDSURJUDPPDUHLOWHOHFRPDQGR
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL,QVHULUH
VXELWRLGDWLQHOPHQXSRLFKpLOPHQXWHUPLQDGRSR
VHFRQGLVHQ]DLPPLVVLRQLGLGDWL
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ&2'(6(783´
3UHPHUHLOWDVWR2.+Å(17(5&2'(´FRPSDUHTXLQ
GLQHOGLVSOD\/&'.&RQLWDVWL1VHOH]LRQDUH
Å%5$1'&2'(´HFRQIHUPDUHFRQLOWDVWR2.+
&RPSDULUjTXLQGLLOSULPRQRPHGLPDUFDLQRUGLQHDOID
EHWLFRQHOO
HOHQFRGHJOLDSSDUHFFKLSUHSURJUDPPDWL
&RQLWDVWL1VHOH]LRQDUHLYDULQRPLGLPDUFKH
3HUIDFLOLWDUHO
DFFHVVRqSRVVLELOHSDVVDUHGLUHWWDPHQWHDOOH
UHODWLYHOHWWHUHDOIDEHWLFKHLQL]LDOLFRQLWDVWLQXPHULFL,
!$
!' !*
! !0
!3 !7
!:
(VHPSLRFRQLOWDVWRVLDUULYDDOODÅ-´/DSULPDPDUFD
qÅ-9&´6HVLSRVVLHGHDGHVXQDSSDUHFFKLRPDUFD
Å.HQZRRG´VIRJOLDUHLQDYDQWLFRQLOWDVWR1ÀQR
DOODFRPSDUVDGHOQRPHGHOPDUFKLR7XWWLLQRPLGL
PDUFKLTXLXWLOL]]DWLVRQRPDUFKLFRPPHUFLDOLGLSURSULHWj
GHOOHULVSHWWLYHVRFLHWj
/DPDJJLRUSDUWHGHLSURGXWWRULXWLOL]]DQRYDULFRGLFL
GLYHUVLSHULOWHOHFRPDQGRËQHFHVVDULRTXLQGLVFRSULUH
TXDOHGHLFRGLFLGLVSRQLELOLVLDGDWWDPHJOLRDOSURSULR
DSSDUHFFKLR,QEDVVRDGHVWUDGHOQRPHGHOPDUFKLRYLH
QHYLVXDOL]]DWRLOFRGLFHQHOUHODWLYRGLVSOD\/&'.
'LULJHUHLOWHOHFRPDQGRYHUVRO·DSSDUHFFKLRFRUUHQWHH
SUHPHUHLWDVWLFRUULVSRQGHQWLDOOHIXQ]LRQLGLWDOHDSSD
UHFFKLRSHUFRQWUROODUHLOFRGLFHHVFOXVLLWDVWL
12.+(;,74LWDVWLGHOO·DSSDUHFFKLR$RL
WDVWLQXPHULFL,
6HODPDJJLRUDQ]DGHLWDVWLIXQ]LRQDSUHPHUHLOWDVWR2.
+SHUVDOYDUHO
LPSRVWD]LRQH1HOGLVSOD\/&'.FRP
SDUHLOPHVVDJJLRÅ2.´,QÀQHLOPHQXYLHQHWHUPLQDWR
DXWRPDWLFDPHQWH
6HIXQ]LRQDVRORXQRRSRFKLWDVWLFRQLOWDVWRR1
VHOH]LRQDUHLOFRGLFHVXFFHVVLYRHFRQWUROODUHFRPHJLj
GHVFULWWRDOSXQWR
&RQLOWDVWR(;,74VLDYDQ]DGLXQOLYHOORQHOPHQX
5LSHWHUHTXHVWLSDVVDJJLSHUWXWWLJOLDSSDUHFFKLFKHVLLQWHQ
GHFRPDQGDUHFRQLOWHOHFRPDQGR
3URJUDPPD]LRQHWUDPLWHLPPLVVLRQHPDQXDOH
GHLFRGLFL
,QTXHVWDPRGDOLWjLOWHOHFRPDQGRSXzHVVHUHSURJUDPPDWR
FRQO
LPPLVVLRQHGLUHWWDGLXQFRGLFHQXPHULFR,OQXPHURGL
FRGLFHQHFHVVDULRVLULOHYDGDOODJXLGDGHLSURGXWWRULDOOHJD
WDFRQO
HOHQFRGHLFRGLFLGHJOLDSSDUHFFKL4XDORUDLOFRGL
FHQRQIRVVHYDOLGRYHUUjULSULVWLQDWRO
XOWLPRFRGLFHYDOLGR
SURJUDPPDWR
3UHPHUHLOWDVWRGHOO
DSSDUHFFKLR$SHUO
DSSDUHFFKLR
ULVSHWWRDOTXDOHVLGHVLGHUDSURJUDPPDUHLOWHOHFRPDQGR
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ&2'(6(783´
3UHPHUHLOWDVWR2.+Å(17(5&2'(´FRPSDUHTXLQGL
QHOGLVSOD\/&'.3HUULFKLDPDUHTXHVWDIXQ]LRQHSUH
PHUHLOWDVWR2.+
1HOGLVSOD\/&'.FRPSDUHLOFRGLFHDWWXDOPHQWHXWLOL]
]DWRSHUO
DSSDUHFFKLRVHOH]LRQDWR2UDODSULPDFLIUD
GHOFRGLFHODPSHJJHUjLQDWWHVDGHOO
LPPLVVLRQHGHOFRGL
FHGDSDUWHGHOO
XWHQWH,QVHULUHLOQXRYRFRGLFHDTXDWWUR
FLIUHWUDPLWHLWDVWLQXPHULFL,$OO·LPPLVVLRQHGHOTXDUWR
FDUDWWHUHWXWWRLOFRGLFHODPSHJJLD2UDVLSXzYHULÀFDUH
VHLOWHOHFRPDQGRXQLYHUVDOHULHVFHDFRQWUROODUHO·DSSD
UHFFKLRGHVLGHUDWRFRQTXHVWRFRGLFH3UHPHUHLWDVWLFRU
ULVSRQGHQWLDOOHIXQ]LRQLGHOO·DSSDUHFFKLRLQFDVRGLDSSD
UHFFKLR79DGHV352*²6HO·DSSDUHFFKLRUHDJLVFH
FRPHGHVLGHUDWRFRQIHUPDUHO·LPPLVVLRQHGHOFRGLFHFRQLO
WDVWR2.+,QFDVRFRQWUDULRLQVHULUHLOFRGLFHVXFFHVVLYR
QHOO·HOHQFRHGHVHJXLUHXQDQXRYDSURYD
6HLO&2'(LQVHULWRqFRUUHWWRYLHQHVDOYDWR1HOGLVSOD\
/&'.FRPSDUHEUHYHPHQWHÅ2.´,QÀQHLOPHQXYLHQH
WHUPLQDWRDXWRPDWLFDPHQWH,QFDVRGLHUURUHGHOFRGLFH
LOGLVSOD\/&'.PRVWUDEUHYHPHQWHLOPHVVDJJLR(5525
HUURUHHGqQHFHVVDULRUHLQVHULUHLOFRGLFH5LSHWHUHLOSXQ
WR
&RQLOWDVWR(;,74VLDYDQ]DGLXQOLYHOORQHOPHQX
3URJUDPPD]LRQHSHUULFHUFDDXWRPDWLFDGHL
FRGLFL
4XHVWRSURFHVVRSXzGXUDUHYDULPLQXWLSHUDSSDUHFFKLR
SRLFKpYHQJRQRVFDQVLRQDWLWXWWLLFRGLFLSHUO
DSSDUHFFKLR
VHOH]LRQDWR8WLOL]]DUHSHUWDQWRTXHVWRPHWRGRVRORVH
O
DSSDUHFFKLRQRQSXzHVVHUHSURJUDPPDWLFRQODULFHUFDGHO
FRGLFHGHOODPDUFDRFRQO
LPPLVVLRQHGLUHWWDGHOFRGLFHRS
SXUHVHO
DSSDUHFFKLRQRQFRPSDUHQHOO
HOHQFRGHLSURGXWWRUL
FRQLOUHODWLYRHOHQFRGHLFRGLFLGHJOLDSSDUHFFKL
&RPSLHUHLSDVVDJJLGHVFULWWLGLVHJXLWRSHUHVHJXLUHOD
SURJUDPPD]LRQHWUDPLWHODULFHUFDDXWRPDWLFDGHOFRGLFH
3UHPHUHLOWDVWRGHOO
DSSDUHFFKLR$SHUO
DSSDUHFFKLRGD
FRQWUROODUHDGHV9&5
$FFHQGHUHO
DSSDUHFFKLRGDFRQWUROODUHFRQLOWHOHFRPDQ
GR3HUJOLDSSDUHFFKL9&5'9'&'LQVHULUHXQQDVWUR
RXQGLVFR
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ&2'(6(783´
3UHPHUHLOWDVWR2.+Å(17(5&2'(´FRPSDUHTXLQGL
QHOGLVSOD\/&'.3UHPHUHLOWDVWRR1ÀQRDOOD
FRPSDUVDGLÅ6($5&+&2'(´QHOGLVSOD\/&'.
'LULJHUHLOWHOHFRPDQGRVXOO
DSSDUHFFKLRHSUHPHUHTXLQ
GLLOWDVWR2.+SHUULFKLDPDUHODPRGDOLWjÅ5LFHUFDDXWR
PDWLFDGHOFRGLFH´
/DULFHUFDFRPLQFLD$WDOHVFRSRO
DSSDUHFFKLRLQYLD
LQXPHULGHLFRGLFLFRQVHFXWLYDPHQWHLQVHTXHQ]DFUH
VFHQWH,OVLPERORGHOO
LQIUDURVVRORLQGLFD2JQLULFHUFD
VLDYYLDFRQLOFRGLFHFRUUHQWHPHQWHLQVHULWR
6HO
DSSDUHFFKLRUHDJLVFHVSHJQHQGRVLSUHPHUHLPPH
GLDWDPHQWHLOWDVWR2.+SHUVDOYDUHLOFRGLFHFRUUHQWH
,OGLVSOD\/&'.PRVWUDEUHYHPHQWHLOPHVVDJJLR2.
&RQWUROODUHFKHVLDSRVVLELOHHVHJXLUHODPDJJLRUSDUWH
GHOOHIXQ]LRQLGHOO
DSSDUHFFKLRFRQLOWHOHFRPDQGR6Hq
SRVVLELOHVLqSUREDELOPHQWHWURYDWRLOFRGLFHFRUUHWWR6H
DOFXQHIXQ]LRQLQRQIRVVHURRSHUDWLYHVLSXzULFRPLQFLDUH
ODULFHUFDDXWRPDWLFDGHOFRGLFHDOSXQWR
6HO
DSSDUHFFKLRQRQUHDJLVFHSLSUREDELOPHQWHDOSXQ
WRQRQVLqSUHPXWRYHORFHPHQWHLOWDVWR2.+
3UHPHUHTXLQGLSLYROWHLOWDVWR(;,74SHUXVFLUHGDO
PHQXHULWRUQDUHDOODYLVXDOL]]D]LRQHVWDQGDUG
7HQHUHSUHPXWRLOWDVWRDSSDUHFFKL$GHOO
DSSDUHFFKLR
SHULOTXDOHVLFHUFDLOFRGLFHDGDWWR,QEDVVRDGHVWUD
QHOGLVSOD\/&'.YLHQHYLVXDOL]]DWRLOFRGLFHFRUUHQWH
$QQRWDUVLTXHVWRQXPHUR
3URFHGHUHTXLQGLFRPHGHVFULWWRQHOSUHFHGHQWHFDSLWROR
Å3URJUDPPD]LRQHWUDPLWHLPPLVVLRQHPDQXDOHGHLFRGLFL´
HFRQWUROODUHVHIXQ]LRQDLOFRGLFHFRQODFRPELQD]LRQHGL
QXPHULLPPHGLDWDPHQWHLQIHULRUH
6XJJHULPHQWL
&RQODULFHUFDGHLFRGLFLDWWLYDWDYHQJRQRLJQRUDWLWXWWL
LWDVWLHVFOXVL2.+HG(;,74
6HODULFHUFDDXWRPDWLFDqDUULYDWDDOODÀQHGHOO
HOHQFR
GHLFRGLFLVLIHUPHUjDWDOSXQWR,OGLVSOD\WRUQDDOODYL
VXDOL]]D]LRQHGHOPHVVDJJLRÅ6($5&+&2'(´
6<67(06(783
,PSRVWD]LRQHGHOO
RUD
,OGLVSOD\/&'.LQGLFDO
RUDULR3HULPSRVWDUORSURFHGHUH
FRPHVHJXH
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL&RPSDUHLO
PHVVDJJLRÅ&2'(6(783´6HVLDWWHQGHFLUFDVHFRQ
GLVHQ]DLQVHULUHDOFXQGDWRO
DSSDUHFFKLRHVFHGDOPHQX
HULWRUQDDOODYLVXDOL]]D]LRQHVWDQGDUG
&RQLOWDVWRR1VHOH]LRQDUHÅ6<67(06(783´
HFRQIHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ7,0(6(783´
&RQIHUPDUHFRQLOWDVWR2.+,OGLVSOD\/&'.PRVWUD
RUDÅ7,0(´HLOIRUPDWRGHOO
RUD+5ODPSHJJLD
&RQLOWDVWRR1VLSXzSDVVDUHDOO
DOWURIRUPDWR
GHOO
RUD+5,QWDOFDVRQHOO
LQGLFD]LRQHGHOO
RUDULR
GDYDQWLDHVVRFRPSDULUjODOHWWHUDÅ$P´RÅ3P´Å$P´VWD
SHUÅ$0´ ÅDQWHPHULGLHP´PDWWLQDGDOOHRUH
DOOHRUHÅ3P´VWDSHUÅ30´ ÅSRVWPHULGLHP´
SRPHULJJLRGDOOHRUHDOOHRUH3UHPHUH
LOWDVWR2.+SHUODFRQIHUPD
/DPSHJJHUjTXLQGLO
LQGLFD]LRQHGHOO
RUD&RQLOWDVWR
R1VHOH]LRQDUHO
RUDGHOO
RUDULRFRUUHQWHH
FRQIHUPDUHFRQLOWDVWR2.+
/DPSHJJHUjTXLQGLO
LQGLFD]LRQHGHLPLQXWL&RQLOWDVWR
R1VHOH]LRQDUHLPLQXWLGHOO
RUDULRFRUUHQWHHFRQIHU
PDUHFRQLOWDVWR2.+&RPSDULUjQXRYDPHQWH
LOPHVVDJJLRÅ7,0(6(783´
3HUXVFLUHGDTXHVWRPHQXRGDLVHJXHQWLSUHPHUHLOWDVWR
(;,74WDQWHYROWHÀQRDRWWHQHUHLOPHVVDJJLRVWDQGDUG
QHOGLVSOD\/&'.
,PSRVWD]LRQHGHOODGDWD
,OGLVSOD\/&'.PRVWUDODGDWDVHVLSUHPHLOWDVWR6/
3HULPSRVWDUHODGDWD
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ6<67(06(783´
HFRQIHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ7,0(6(783´
3UHPHUHLOWDVWR1SHUSDVVDUHDÅ'$7(6(783´&RQ
IHUPDUHFRQLOWDVWR2.+
1HOGLVSOD\ODPSHJJLDO
LQGLFD]LRQHGHOO
DQQRÅ´
&RQLOWDVWRR1VLSXzPRGLÀFDUHODFLIUDGHOO
DQQR
HFRQLOWDVWR2.+VLSXzFRQIHUPDUOD&RQLOWDVWR
R1VLSXzPRGLÀFDUHODFLIUDUHODWLYDDLPHVLPHQWUH
ODPSHJJLDHFRQIHUPDUHFRQLOWDVWR2.+/DPSHJJLD
TXLQGLO
LQGLFD]LRQHGHOJLRUQRFKHVLSXzPRGLÀFDUH
QXRYDPHQWHDQFKHFRQLOWDVWRR1
3HULOVDOYDWDJJLRSUHPHUHLOWDVWR2.+&RPSDULUjQXR
YDPHQWHLOPHVVDJJLRÅ'$7(6(783´
,PSRVWD]LRQHFRQWUDVWR
,OFRQWUDVWRGHOGLVSOD\SXzHVVHUHLPSRVWDWRFRPHVHJXH
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ6<67(06(783´
HFRQIHUPDUHFRQLOWDVWR2.+
&RQLOWDVWRR1VHOH]LRQDUHÅ&2175$676(783´H
FRQIHUPDUHFRQLOWDVWR2.+
1HOGLVSOD\/&'.ODPSHJJLDTXLQGLLOYDORUHGHOFRQWUD
VWRFKHVLSXzLPSRVWDUHFRQLOWDVWRR1
0HVVDJJLQHOGLVSOD\
PDVVLPRFRQWUDVWR
PLQLPRFRQWUDVWR
&RQLOWDVWR2.+PHPRUL]]DUHOHLPSRVWD]LRQLGHVLGH
UDWH&RPSDULUjQXRYDPHQWHLOPHVVDJJLRÅ&2175$67
6(783´
5HWURLOOXPLQD]LRQH
6LSXzLPSRVWDUHODGXUDWDGHOO
LOOXPLQD]LRQHGHOORVIRQGR
GHOGLVSOD\/&'.HGHLWDVWLDOWHUPLQHGHOO
LPPLVVLRQHGHL
FRPDQGL5LFRUGDUHFKHXQDGXUDWDPDJJLRUHGHOO
LOOXPLQD
]LRQHULGXFHODGXUDWDGLYLWDGHOOHSLOH
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ6<67(06(783´
HFRQIHUPDUHFRQLOWDVWR2.+
&RQLOWDVWRR1VHOH]LRQDUHÅ%$&./,76(783´
HFRQIHUPDUHFRQLOWDVWR2.+
1HOGLVSOD\/&'.ODPSHJJLDTXLQGLLOQXPHURGHLVH
FRQGLSHUODGXUDWDGHOO
LOOXPLQD]LRQHFKHVLSXzLPSRVWD
UHGDDFRQLWDVWL16HOH]LRQDQGRÅ´OD
UHWURLOOXPLQD]LRQHYLHQHGLVDWWLYDWD
&RQLOWDVWR2.+PHPRUL]]DUHOHLPSRVWD]LRQLGHVL
GHUDWH&RPSDULUjQXRYDPHQWHLOPHVVDJJLRÅ%$&./,7
6(783´
,PSRVWD]LRQHGHOYROXPHJOREDOH
GLVDWWLYD]LRQHGHOYROXPH
3HUHYLWDUHGLGRYHUVHPSUHSUHPHUHSULPDXQWDVWRGHOO·DSSD
UHFFKLRSHUODUHJROD]LRQHHODGLVDWWLYD]LRQHGHOYROXPH
LO78SHUTXHVWHIXQ]LRQLIDULIHULPHQWRVHPSUHDXQXQLFR
DSSDUHFFKLRGLVROLWRLOWHOHYLVRUH4XHVWRDSSDUHFFKLRGL
GHVWLQD]LRQHSXzHVVHUHVWDELOLWR
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL&RPSDUHLO
PHVVDJJLR´&2'(6(783µ
&RQLOWDVWRR1VHOH]LRQDUH´6<67(06(783µH
FRQIHUPDUHFRQLOWDVWR2.+
&RQLOWDVWRR1VHOH]LRQDUH´92/087(6(783µ
HFRQIHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLR´$//92/6(7µ3UH
PHUHLOWDVWR2.+LOGLVSOD\SDVVDDOPHVVDJJLR´$//
92/02'(µ
2UDSUHPHUHLOWDVWRGHOO·DSSDUHFFKLR$SHUO·DSSD
UHFFKLRFKHGHY·HVVHUHFRQWUROODWRWUDPLWHODIXQ]LRQHJOR
EDOHGLUHJROD]LRQHGHOYROXPH
6HO·DSSDUHFFKLRLQGLFDWRSRVVLHGHXQFRPDQGRGLUHJR
OD]LRQHGHOYROXPHYHUUjYLVXDOL]]DWREUHYHPHQWH´68&
&(66µ ULXVFLWRHLOPHQXYHUUjWHUPLQDWR/DUHJROD
]LRQHGHOYROXPHIXQ]LRQHUjGDVXELWRVXOO·DSSDUHFFKLR
DSSHQDLPSRVWDWR
6HTXHVWRDSSDUHFFKLRQRQGLVSRQHGLFRPDQGLSHUOD
UHJROD]LRQHGHOYROXPHLO78QRQFRQVHQWHWDOHVHOH]LRQH
HLQGLFD´92/80((5525µ HUURUH$QFKHLQWDOFDVR
LOPHQXYLHQHWHUPLQDWR/DUHJROD]LRQHGHOYROXPHFRQWL
QXHUjDIXQ]LRQDUHVXOO·DSSDUHFFKLRSUHFHGHQWH
/DUHJROD]LRQHJOREDOHGHOYROXPHSHUGHWHUPLQDWLDSSDUHF
FKLVLSXzDQFKHGLVDWWLYDUH
1HOO·LPSRVWD]LRQH92/087(6(783FRQLOWDVWRR
1VHOH]LRQDUHODIXQ]LRQH02'(92/6(7HFRQ
IHUPDUHFRQLOWDVWR2.+
2UDSUHPHUHLOWDVWRGHOO·DSSDUHFFKLR$SHUO·DSSD
UHFFKLRFKHGHY·HVVHUHHVFOXVRGDOODIXQ]LRQHJOREDOH
GLUHJROD]LRQHGHOYROXPH,OGLVSOD\/&'.PRVWUD
´68&&(66µHODUHJROD]LRQHJOREDOHGHOYROXPHYLHQH
GLVDWWLYDWDVHLO78IXQ]LRQDQHOODPRGDOLWjGLHVHUFL]LRGL
XQRGHJOLDSSDUHFFKLVHOH]LRQDWL
/HLPSRVWD]LRQLVLSRVVRQRQXRYDPHQWHULPXRYHUHQHOODYRFH
GLPHQX92/087(6(783
1HOODYRFHGLPHQX92/087(6(783FRQLOWDVWR
R1VHOH]LRQDUHODIXQ]LRQH92/087(5(6(7GD
HFRQIHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.FRQLOPHVVDJJLR&21),505(6(7FKLH
GHODFRQIHUPDFRQLOWDVWR2.VX+3UHPHUHLOWDVWR2.
+VHVLYRJOLRQRFDQFHOODUHOHLPSRVWD]LRQLLOPHVVDJJLR
´68&&(66µFRQIHUPHUjODFDQFHOOD]LRQH2SSXUHVLSXz
SUHPHUHLOWDVWR(;,74SHULQWHUURPSHUHODFDQFHOOD]LRQH
6HOH]LRQDUHDSSDUHFFKLREDQGDGLVFRSHULO
FRPDQGRGLUHWWR
6LSXzVHOH]LRQDUHXQDSSDUHFFKLREDQGDRGLVFRFKHVLSXz
XWLOL]]DUHFRQLWDVWLXQLWjGLVFR%VHQ]DGRYHUSULPDSUHPHUH
LUHODWLYLWDVWLGHOO·DSSDUHFFKLR$
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL&RPSDUH
LOPHVVDJJLR´&2'(6(783µ
&RQLOWDVWRR1VHOH]LRQDUH´6<67(06(783µH
FRQIHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ7,0(6(783´
3UHPHUHLOWDVWR1SHUSDVVDUHDÅ3/$<%$&.6(783´
&RQIHUPDUHFRQLOWDVWR2.+
&RQLOWDVWRR1VHOH]LRQDUHO·DSSDUHFFKLRFKHGHYH
UHDJLUHDOWHOHFRPDQGRXQLYHUVDOHFRQO·LPSLHJRGHLWDVWL
XQLWjGLVFR%&RQIHUPDUHFRQLOWDVWR2.+
6HOH]LRQDQGR´2))µDOSRVWRGLXQDSSDUHFFKLRHFRQ
IHUPDQGRFRQLOWDVWR2.+VLSDVVDDOFRPDQGRGLUHWWR
6HOH]LRQDQGR´5(6(7µHFRQIHUPDQGRFRQLOWDVWR2.+
VLDWWLYDO·LPSRVWD]LRQHRSHUDWLYDSUHSURJUDPPDWDSHU
TXHVWDIXQ]LRQH
,OGLVSOD\/&'.LQGLFD´68&&(66µHO·DSSDUHFFKLR
VHOH]LRQDWRSXzHVVHUHRUDFRQWUROODWRGLUHWWDPHQWHFRQL
WDVWLXQLWjGLVFR%
,PSRVWD]LRQHGHOODIXQ]LRQH/RFN
&RQODIXQ]LRQH/RFNVLSXzEORFFDUHO·DFFHVVRDWXWWLLPHQX
GL6HWXS
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RQLOWDVWRR1VHOH]LRQDUH´6<67(06(783µ
HFRQIHUPDUHFRQLOWDVWR2.+
&RQLOWDVWRR1VHOH]LRQDUH´/2&.6(783µH
FRQIHUPDUHFRQLOWDVWR2.+,OGLVSOD\/&'.LQGLFD
O·LPSRVWD]LRQHFRUUHQWH
&RQLOWDVWRR1VHOH]LRQDUHRUDVFHJOLHQGRIUD
´/2&.µEORFFRDWWLYDWRR´81/2&.µEORFFRGLVDWWLYDWR
&RQLOWDVWR2.+PHPRUL]]DUHO·LPSRVWD]LRQH1HO
GLVSOD\/&'.FRPSDUHGLQXRYRLOPHVVDJJLR´/2&.
6(783µ
6<67(05(6(7
7UDPLWHTXHVWDIXQ]LRQHVLSXzHOLPLQDUHODIXQ]LRQHGLWXWWLR
GLVLQJROLWDVWLGHOO·DSSDUHFFKLR
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ6<67(06(783´
HFRQIHUPDUHFRQLOWDVWR2.+
&RQLOWDVWRR1VHOH]LRQDUHÅ6<67(05(6(7´
HFRQIHUPDUHFRQLOWDVWR2.+
&RQLOWDVWRR1VLSXzRUDVHOH]LRQDUHODIXQ]LRQH
GHVLGHUDWD3HUFDQFHOODUHODIXQ]LRQH&RGHGLWXWWLLWDVWL
GHOO·DSSDUHFFKLR$QRQFKpWXWWLLGDWLUHODWLYLDPDFUR
WLPHUHIXQ]LRQLDSSUHVHVHOH]LRQDUH´$//5(6(7µHFRQ
IHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ&21),505(6(7´
&RQIHUPDUHODFDQFHOOD]LRQHFRQLOWDVWR2.+
4XLQGLLOGLVSOD\/&'.LQGLFD´68&&(665(6(7µ/H
LQIRUPD]LRQLLQGLFDWHYHQJRQRRUDFDQFHOODWHHLOPHQX
YLHQHWHUPLQDWR
3HUFDQFHOODUHODIXQ]LRQHGLVLQJROLWDVWLGHOO·DSSDUHFFKLR
$VHOH]LRQDUH´02'(5(6(7µHSUHPHUHLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDTXLQGLLOPHVVDJJLR´02'(µH
ODULFKLHVWDGLSUHPHUHXQWDVWRGHOO·DSSDUHFFKLR$GLFXL
VLGHVLGHUDHOLPLQDUHODIXQ]LRQH,QÀQHYLHQHEUHYHPHQWH
YLVXDOL]]DWRLOPHVVDJJLR´68&&(66µ RSHUD]LRQH
ULXVFLWDTXLQGLQHOGLVSOD\/&'FRPSDUHQXRYDPHQWHLO
PHVVDJJLR´02'(µ6HQHFHVVDULRSUHPHUHXOWHULRULWDVWL
GHOO·DSSDUHFFKLRHSHUFDQFHOODUHDQFKHTXHVWHIXQ]LRQL
$OWULPHQWLXVFLUHGDOPHQXSUHPHQGRLOWDVWR(;,74
7LPHU6HWXS
,OWHOHFRPDQGRXQLYHUVDOHR˩UHPRGDOLWjGL7LPHU
6OHHS7LPHUH7LPHUHYHQWL
6OHHS7LPHU
3UHPHUHLOWDVWRGHOO
DSSDUHFFKLR$SHUO
DSSDUHFFKLRGD
FRQWUROODUHDGHV9&5
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
3UHPHUHLOWDVWRR1ÀQRDYLVXDOL]]DUHÅ7,0(5
6(783´3UHPHUHLOWDVWR2.+Å7,0(56/((3´FRPSDUH
TXLQGLQHOGLVSOD\/&'.&RQLOWDVWR2.+FRQIHUPDUH
ODVHOH]LRQHGLTXHVWDIXQ]LRQH
,QEDVVRDGHVWUDQHOGLVSOD\/&'.ODPSHJJLDLOQXPHUR
GHLPLQXWLGHOWHPSRGLIXQ]LRQDPHQWRUHVLGXRGHOO
DSSD
UHFFKLRVHOH]LRQDWR&RQLOWDVWRR1LPSRVWDUH
LOYDORUHGHVLGHUDWRGDDPLQXWL3UHPHUHLOWDVWR2.
+SHUODFRQIHUPD&RQOR6OHHS7LPHUSURJUDPPDWRLO
GLVSOD\/&'.PRVWUD´]]µDGHVWUDDFFDQWRDOO·RUD
3RVL]LRQDUHLOWHOHFRPDQGRLQPRGRWDOHFKHLVXRLVHJQD
OLDLQIUDURVVLULHVFDQRDUDJJLXQJHUHO
DSSDUHFFKLRGD
VSHJQHUH$OWHUPLQHGHOWHPSRLPSRVWDWRLOWHOHFRPDQGR
VSHJQHUjO
DSSDUHFFKLR
3UHPHQGRRUDLOWDVWR6/LQEDVVRDVLQLVWUDQHOGLVSOD\
/&'.YLHQHPRVWUDWRLOPHVVDJJLR´6/µ
7LPHUHYHQWL
,OWHOHFRPDQGRGLVSRQHGL7LPHUHYHQWLWUDPLWHFXLVL
SRVVRQRLQYLDUHGHWHUPLQDWHVHULHGLFRPELQD]LRQLGLWDVWL
LQGHWHUPLQDWLRUDUL
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ7,0(56(783´HFRQ
IHUPDUHFRQLOWDVWR2.+Å7,0(56/((3´FRPSDUHTXLQGL
QHOGLVSOD\/&'.&RQLOWDVWRR1VHOH]LRQDUHOD
SRVL]LRQHGLPHPRULDGHVLGHUDWDGDÅ7,0(56(783´D
Å7,0(56(783´HFRQIHUPDUHFRQLOWDVWR2.+
/DPSHJJHUjTXLQGLO
LQGLFD]LRQHGHOOHRUHGHOO
RUDULRLQ
FXLVLGHVLGHUDO
HVHFX]LRQHGHOODFRPELQD]LRQHGLWDVWL
VHOH]LRQDWD&RQLOWDVWRR1LPSRVWDUHO
RUDGHVL
GHUDWDHFRQIHUPDUHFRQLOWDVWR2.+
/DPSHJJHUjTXLQGLO
LQGLFD]LRQHGHLPLQXWLGHOO
RUDULRLQ
FXLVLGHVLGHUDO
HVHFX]LRQHGHOODFRPELQD]LRQHGLWDVWL
VHOH]LRQDWD&RQLOWDVWRR1LPSRVWDUHLPLQXWLGH
VLGHUDWLHFRQIHUPDUHFRQLOWDVWR2.+
1HOGLVSOD\/&'.OHJJHUHÅ7,0(5;.(<´;LQGLFD
LO7LPHUGHVLGHUDWR3UHPHUHTXLQGLLOWDVWRGHOO
DSSD
UHFFKLR$GHVLGHUDWRVHJXLWRGDOODVHTXHQ]DGHVLGHUDWD
GHLFRPDQGLGHLWDVWL
&RPHVWDQGDUGLFRPDQGLPDFURYHQJRQRLQYLDWLDLQWHU
YDOOLGLVHFRQGR3RLFKpDOFXQLDSSDUHFFKLQRQUHDJL
VFRQRUDSLGDPHQWHSRWUHEEHVXFFHGHUHFKHODVHTXHQ]D
GHLFRPDQGLPDFURYHQJDLQYLDWDWURSSRUDSLGDPHQWH
DOO·DSSDUHFFKLR4XLQGLVLKDODSRVVLELOLWjGLSURJUDPPD
UHXQDSDXVDFRPSUHVDIUDHVHFRQGLSULPDGHOO·LQ
YLRGLXQFRPDQGRGLWDVWL6HQHFHVVDULRSUHPHUHULSHWX
WDPHQWHLOWDVWR0$&52(,QEDVVRDGHVWUDLOGLVSOD\
/&'.PRVWUDOHOXQJKH]]HGLSDXVDFRUUHQWLHVSUHVVHLQ
VHFRQGL
3UHPHUHLOWDVWR6/SHUVDOYDUHLGDWLHULWRUQDUHDOOD
SDQRUDPLFDGHO7LPHU
3URFHGHUHDQDORJDPHQWHSHUSURJUDPPDUHVHQHFHVVDULR
DQFKHOHDOWUHSRVL]LRQLGLPHPRULDGHO7LPHU
&RQXQWLPHUGHJOLHYHQWLSURJUDPPDWRLOGLVSOD\/&'.
PRVWUDLOVLPEROR7LPHU´ µLQEDVVRDGHVWUDDFFDQWR
DOO·RUD
6XJJHULPHQWL
3HURJQLSRVL]LRQHGLPHPRULDGHO7LPHUVLSRVVRQRSUR
JUDPPDUHÀQRDXQPDVVLPRGLWDVWL'RSRO
LPPLVVLR
QHGHOTXDWWRUGLFHVLPRWDVWRODVHTXHQ]DYLHQHDXWRPD
WLFDPHQWHVDOYDWDHQHOGLVSOD\/&'.YLHQHYLVXDOL]]DWR
)8//
$QFKHLQTXHVWRPHQXO
DSSDUHFFKLRULWRUQDDOODYLVXDOL]
]D]LRQHVWDQGDUGGRSRFLUFDVHFRQGLVHQ]DLPPLVVLR
QHGLGDWL
&DQFHOOD]LRQHWLPHU
3URFHGHUHLQEDVHDOOHVHJXHQWLLVWUX]LRQLSHUFDQFHOODUHXQ
RUDULRSURJUDPPDWRQHOWLPHUVOHHSRHYHQWR
6HOH]LRQDUHLOWLPHUFKHVLGHVLGHUDFDQFHOODUHYFDSLWROR
7LPHUVOHHS7LPHUHYHQWRHSUHPHUHLOWDVWR2.+1HO
GLVSOD\/&'.VLOHJJHÅ7,0(5&/($5´
3UHPHUHLOWDVWR2.+,OGLVSOD\/&'.SDVVDDÅ&21
),50&/($5´
3UHPHUHQXRYDPHQWHLOWDVWR2.+SHUFDQFHOODUHLOWLPHU
,OGLVSOD\/&'.FRQIHUPDODFDQFHOOD]LRQHULXVFLWDFRQLO
GLVSOD\Å68&&(66´
6HWXSGLDSSUHQGLPHQWR
,OWHOHFRPDQGRXQLYHUVDOHSXzDSSUHQGHUHHPHPRUL]]DUH
LVHJQDOLGHLWDVWLGLXQWHOHFRPDQGRRULJLQDOH6HLOWHOHFR
PDQGRXQLYHUVDOHQRQIXQ]LRQDRQRQULHVFHDHVHJXLUHWXWWL
LFRPDQGLVHFRQGRLPHWRGLGLSURJUDPPD]LRQHSUHFHGHQ
WHPHQWHGHVFULWWLWHQWDUHGLLVWUXLUHLOWHOHFRPDQGRXQLYHUVDOH
WUDPLWHLOWHOHFRPDQGRLRULJLQDOHL
‡ 8WLOL]]DUHSLOHQXRYHSHULOWHOHFRPDQGRXQLYHUVDOHHSHULO
WHOHFRPDQGRRULJLQDOH
‡ 0DQWHQHUHXQDGLVWDQ]DGLDOPHQRXQPHWURGDDOWUHIRQWL
OXPLQRVH/HIRQWLOXPLQRVHSRVVRQRLQWHUIHULUHFRQODWUD
VPLVVLRQHGLLQIUDURVVL
‡ &ROORFDUHLOWHOHFRPDQGRXQLYHUVDOHHTXHOORRULJLQDOHD
GLVWDQ]DGLPPO
XQRGDOO
DOWURVXXQDVXSHUÀFLH
SLDQDRULHQWDQGRLGLRGLDLQIUDURVVLO
XQRYHUVRO
DOWUR
6XJJHULPHQWL
1RQXWLOL]]DUHLVHJXHQWLWDVWLSHUODIXQ]LRQHGLDSSUHQGL
PHQWRWXWWLLWDVWLDSSDUHFFKL$0$&52(WDVWR6/
(;,74
6HGXUDQWHO
DSSUHQGLPHQWRPHQWUHYLHQHYLVXDOL]]DWRLO
PHVVDJJLRÅ/($51,1*´DSSUHQGLPHQWRQRQVLSUHPH
DOFXQWDVWRGHOWHOHFRPDQGRRULJLQDOHHQWURVHFRQGL
LOPHQXGLDSSUHQGLPHQWRYLHQHWHUPLQDWR4XHVWDPRGD
OLWjQRQSXzHVVHUHWHUPLQDWDWUDPLWHODSUHVVLRQHGLXQ
WDVWRGHOWHOHFRPDQGR
/DPHPRULDFRPSUHQGHLQWXWWRFRPDQGLGLWDVWL6H
ODPHPRULDqSLHQDLOGLVSOD\/&'.PRVWUHUjLOPHVVDJ
JLRÅ/($51)8//´HODPRGDOLWjGLDSSUHQGLPHQWRYHUUj
WHUPLQDWD
&RQLOWDVWR(;,74VLULWRUQDDOORVWDWRSUHFHGHQWHWUDQQH
FKHFRQLOPHVVDJJLRÅ/($51.(<´RÅ/($51,1*´
)XQ]LRQHGLDSSUHQGLPHQWRFRGLFL
3UHPHUHLOWDVWRGHOO
DSSDUHFFKLR$SHUO
DSSDUHFFKLRSHU
LOTXDOHVLGHVLGHUDFKHLOWHOHFRPDQGRDSSUHQGDXQFRGL
FHWDVWL
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHLOPHQXÅ/($516(
783´DSSUHQGLPHQWRHSUHPHUHTXLQGLLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ/($516(7
3UHPHUHTXLQGLLOWDVWR2.+1HOGLVSOD\/&'.
FRPSDUHÅ/($51.(<´VHOH]LRQHWDVWR
3UHPHUHSULPDVXOWHOHFRPDQGRXQLYHUVDOHLOWDVWRFKH
GHY
HVVHUHDSSUHVR1HOGLVSOD\/&'.FRPSDUHLOPHV
VDJJLRÅ/($51,1*´,OWHOHFRPDQGRXQLYHUVDOHDWWHQGH
TXLQGLLOVHJQDOHDLQIUDURVVLGHOWHOHFRPDQGRRULJLQDOH
$YYHUWHQ]D
VHLOPHVVDJJLRQRQSDVVDDÅ/($51,1*´VLqVHOH]LRQDWR
XQWDVWRSHULOTXDOHQRQqSRVVLELOHHVHJXLUHO
DSSUHQGLPHQ
WRGHOFRGLFHWDVWR
'LULJHUHLVHQVRULDLQIUDURVVLGLHQWUDPELLWHOHFRPDQGL
O
XQRYHUVRO
DOWUR
7HQHUHRUDSUHPXWRLOWDVWRGHVLGHUDWRGHOWHOHFRPDQGR
RULJLQDOHÀQRDRWWHQHUHQHOGLVSOD\/&'.GHOWHOHFR
PDQGRXQLYHUVDOHLOPHVVDJJLRÅ68&&(66´RÅ/($51
(5525´
6HQHOGLVSOD\/&'.FRPSDUHLOPHVVDJJLRÅ68&&(66´
SURFHGLPHQWRULXVFLWRDSDUWLUHGDOSXQWRVLSXzRW
WHQHUHO
DSSUHQGLPHQWRGLDOWULWDVWL6HFRPSDUHÅ/($51
(5525´SURFHGLPHQWRQRQULXVFLWRULSHWHUHLOSURFHGL
PHQWRGDOSXQWR
3HULQWHUURPSHUHWHUPLQDUHLOSURFHGLPHQWRGLDSSUHQGL
PHQWRPHQWUHDSSDUHLOPHVVDJJLRÅ/($516(7´SUHPH
UHLOWDVWR(;,74ÀQRDRWWHQHUHODFRPSDUVDGHOPHVVDJ
JLRVWDQGDUGQHOGLVSOD\/&'.'XUDQWHODFRPSDUVD
GHOPHVVDJJLRÅ/($51.(<´RÅ/($51,1*´DWWHQGHUH
VHFRQGLVHQ]DHVHJXLUHDOFXQFRPDQGRHO
DSSD
UHFFKLRWHUPLQDLOPHQX
&DQFHOOD]LRQHGLWXWWLLWDVWLSURJUDPPDWLGLWXWWLJOL
DSSDUHFFKL
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHLOPHQXÅ/($51
6(783´HSUHPHUHTXLQGLLOWDVWR2.+1HOGLVSOD\/&'
.FRPSDUHÅ/($516(7´
&RQLOWDVWRR1VHOH]LRQDUHÅ/($51&/($5´HOL
PLQD]LRQHGLTXDQWRDSSUHVRHFRQIHUPDUHFRQLOWDVWR
2.+1HOGLVSOD\/&'.FRPSDUHÅ&21),50&/($5´
FRQIHUPDGHOODFDQFHOOD]LRQH
&RQIHUPDUHFRQLOWDVWR2.+,OGLVSOD\/&'.PRVWUDLO
PHVVDJJLRÅ68&&(66µ7XWWLLWDVWLSURJUDPPDWLYHQJRQR
FDQFHOODWL,QÀQHLOPHQXYLHQHWHUPLQDWRDXWRPDWLFDPHQWH
$YYHUWHQ]D
VHLOGLVSOD\/&'PRVWUDÅ&21),50&/($5´VLSXzLQWHU
URPSHUHODFDQFHOOD]LRQHFRQLOWDVWR(;,74
6HWXSPDFUR
&RQODIXQ]LRQH0$&52VLSRVVRQRHVHJXLUHÀQRDFR
PDQGLGLWDVWLFRQXQDVHPSOLFHSUHVVLRQHGLXQWDVWRFLRqq
SRVVLELOHHVHJXLUHFRQXQWDVWRGLPDFURYDULFRPDQGLSUHFH
GHQWHPHQWHVDOYDWL6RQRDGLVSRVL]LRQHSRVL]LRQLGLPDFUR
3URJUDPPD]LRQHGLXQDPDFUR
3HUODSURJUDPPD]LRQHGLXQDPDFURSURFHGHUHFRPHVHJXH
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ0$&526(783
HFRQIHUPDUHFRQLOWDVWR2.+1HOGLVSOD\FRPSDUH
Å0$&526(783
&RQLOWDVWRR1VHOH]LRQDUHODSRVL]LRQHGL
PHPRULDGDSURJUDPPDUH0$&526(783H
FRQIHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ0$&5267(3
3UHPHUHLWDVWLGHVLGHUDWLLQVHTXHQ]DPD[/D
VHTXHQ]DGHYHFRPLQFLDUHFRQXQWDVWRDSSDUHFFKL$
&RPHVWDQGDUGLFRPDQGLPDFURYHQJRQRLQYLDWLDLQWHU
YDOOLGLVHFRQGR3RLFKpDOFXQLDSSDUHFFKLQRQUHDJL
VFRQRUDSLGDPHQWHSRWUHEEHVXFFHGHUHFKHODVHTXHQ]D
GHLFRPDQGLPDFURYHQJDLQYLDWDWURSSRUDSLGDPHQWH
DOO·DSSDUHFFKLR4XLQGLVLKDODSRVVLELOLWjGLSURJUDPPDUH
XQDSDXVDFRPSUHVDIUDHVHFRQGLSULPDGHOO·LQYLRGL
XQFRPDQGRGLWDVWL3UHPHUHHYHQWXDOPHQWHULSHWXWDPHQWH
LOWDVWR0$&52(,QEDVVRDGHVWUDLOGLVSOD\/&'.PR
VWUDOHOXQJKH]]HGLSDXVDFRUUHQWLHVSUHVVHLQVHFRQGL
8QDYROWDUDJJLXQWDODTXDQWLWjPDVVLPDGHLFRPDQGL
GLWDVWLLOGLVSOD\/&'.LQGLFDÅ)8//´
6DOYDUHO
LPPLVVLRQHFRQLOWDVWR6/,OGLVSOD\/&'.
PRVWUDLOPHVVDJJLRÅ0$&526(783
6HGXUDQWHODVHOH]LRQHGHOODPDFURGDSURJUDPPDUH
SXQWRVLVHOH]LRQDXQDSRVL]LRQHGLPHPRULDJLj
RFFXSDWDODPDFURSUHHVLVWHQWHYHUUjVRYUDVFULWWD
5LSHWHUHLOSURFHGLPHQWRGDOSXQWRSHUODFUHD]LRQH
GLXOWHULRULPDFUR
&RQLOWDVWR(;,74VLDYDQ]DGLXQOLYHOORQHOPHQXWUDQQH
GXUDQWHO
LPPLVVLRQHGHLFRPDQGLGHLWDVWL
6XJJHULPHQWL
,QXQDPDFURVLSRVVRQRPHPRUL]]DUHXQPDVVLPRGL
FRPDQGL'RSRO·LPPLVVLRQHGHOVHGLFHVLPRFRPDQGRGL
WDVWLQHOGLVSOD\/&'.FRPSDUHODVFULWWD´)8//µ
3HUXVFLUHGDOODPRGDOLWjVHQ]DVDOYDUHDWWHQGHUHFLUFD
VHFRQGLVHQ]DHVHJXLUHLPPLVVLRQL
1HOODPRGDOLWjÅ0$&5267(3´VLSXzWRUQDUHDOORVWDWR
SUHFHGHQWHVRORFRQLOWDVWR6/
(VHPSLRVLGHVLGHUDVDOYDUHXQDVHTXHQ]DGLFRPDQGLLQ
XQDPDFUR&RPLQFLDPRQHOODPRGDOLWjÅ0$&5267(3µ
6HTXHQ]DGLFRPDQGLGHVLGHUDWDDFFHQVLRQHGHOOD79 !
3$86( !SDVVDJJLRDOO·LQJUHVVR$9 !DFFHQVLRQH'9' !
3$86( !ULSURGX]LRQH'9'
1HOODPRGDOLWj0$&5267(3LQVHULUHODVHJXHQWHVHTXHQ]D
GLFRPDQGL
!
!
!
!
WHPSRGLSDXVD !
WHPSRGLSDXVD !
!
(VHFX]LRQHPDFUR
3HUHVHJXLUHXQDPDFURSUHFHGHQWHPHQWHSURJUDPPDWDSUR
FHGHUHFRPHVHJXH
3UHPHUHLOWDVWR0$&52(
&RQLOUHODWLYRWDVWRQXPHULFR,ULFKLDPDUHODPDFUR
GHVLGHUDWD(VHPSLRVHVLGHVLGHUDHVHJXLUHOD
0DFURSUHPHUHSULPDLOWDVWR0$&52(HTXLQGL
´
QHOJLURGLVHFRQGLLOWDVWRQXPHULFRÅ
&DQFHOOD]LRQHGLWXWWHOHPDFUR
3HUHOLPLQDUHWXWWHOHPDFURSUHFHGHQWHPHQWHSURJUDPPDWH
SURFHGHUHFRPHVHJXH
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ0$&526(783
HFRQIHUPDUHFRQLOWDVWR2.+1HOGLVSOD\FRPSDUH
Å0$&526(783
&RQLOWDVWRR1VHOH]LRQDUHÅ0$&52&/($5´
HFRQIHUPDUHFRQLOWDVWR2.+
1HOGLVSOD\/&'.FRPSDUHÅ&21),50&/($5´FRQ
IHUPDGHOODFDQFHOOD]LRQH&RQIHUPDUHO
HOLPLQD]LRQH
FRQLOWDVWR2.+,OGLVSOD\/&'.PRVWUDLOPHVVDJJLR
68&&(667XWWHOHPDFURYHQJRQRDQQXOODWHLOPHQX
YLHQHWHUPLQDWR
6XJJHULPHQWL
6HLOGLVSOD\/&'.PRVWUDÅ&21),50&/($5´VLSXz
LQWHUURPSHUHODFDQFHOOD]LRQHFRQLOWDVWR(;,74
1RQqSRVVLELOHFDQFHOODUHOHVLQJROHPDFURPDVRORVR
YUDVFULYHUOH
&DQDOHSUHIHULWL
$YYHUWHQ]D
FRQTXHVWDIXQ]LRQHVLSRVVRQRVDOYDUHOHHPLWWHQWLSUHIHULWH
FRPH3UHIHULWL
3URJUDPPD]LRQHGHL3UHIHULWL
/HHPLWWHQWLSUHIHULWHSRVVRQRHVVHUHPHPRUL]]DWHFRPHVHJXH
3UHPHUHLOWDVWRGHOO
DSSDUHFFKLR$SHUO
DSSDUHFFKLRSHU
LOTXDOHVLGHVLGHUDVDOYDUHXQSUHIHULWR
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RPSDUHLOPHVVDJJLRÅ&2'(6(783´
&RQLOWDVWRR1VHOH]LRQDUHÅ)$9&+6(783
HFRQIHUPDUHFRQLOWDVWR2.+1HOGLVSOD\FRPSDUH
Å)$9&+6(783
&RQLOWDVWRR1VHOH]LRQDUHODSRVL]LRQHGL
PHPRULDGDSURJUDPPDUH)$9&+6(783H
FRQIHUPDUHFRQLOWDVWR2.+
,OGLVSOD\/&'.PRVWUDLOPHVVDJJLRÅ)$9&+67(3
3UHPHUHLQVHTXHQ]DLWDVWLPD[SHUULFKLDPDUHO
HPLW
WHQWHGHVLGHUDWDSUHIHULWD
8QDYROWDUDJJLXQWDODTXDQWLWjPDVVLPDGHLFRPDQGL
GLWDVWLLOGLVSOD\/&'.LQGLFDÅ)8//´
6DOYDUHO
LPPLVVLRQHFRQLOWDVWR6/,OGLVSOD\/&'.
PRVWUDLOPHVVDJJLRÅ)$9&+6(783
6HGXUDQWHODVHOH]LRQHGHOSUHIHULWRGDSURJUDPPDUH
SXQWRVLVHOH]LRQDXQDSRVL]LRQHGLPHPRULDJLj
RFFXSDWDLOSUHIHULWRSUHHVLVWHQWHYHUUjVRYUDVFULWWR
5LSHWHUHLOSURFHGLPHQWRSHULPSRVWDUHQXRYLSUHIHULWL
&RQLOWDVWR(;,74VLUHWURFHGHGLXQOLYHOORQHOPHQX
WUDQQHGXUDQWHO
LPPLVVLRQHGHLFRPDQGLGHLWDVWL
$YYHUWHQ]D
/
LPPLVVLRQHGHLQXPHULGHLFDQDOLSXzYDULDUHDVHFRQGDGHO
PRGHOORHGHOODPDUFDGHOO
DSSDUHFFKLRVHOH]LRQDWR(YHQ
WXDOPHQWHSRWUHEEHHVVHUHQHFHVVDULRSUHPHUHSULPD
LOWDVWR
"LQFDVRGLQXPHULGLFDQDOLDSLFLIUH
5LFKLDPRGHLSUHIHULWL
3HUULFKLDPDUHXQRGHLSUHIHULWLSUHFHGHQWHPHQWHSURJUDP
PDWLSUHPHUHLOWDVWR)$9(3*VHJXLWRGDOUHODWLYRWDVWR
QXPHULFRSHUODSRVL]LRQHGLPHPRULDGHVLGHUDWD
(OLPLQD]LRQHGLWXWWLLFDQDOL)$9
3HUHOLPLQDUHWXWWLLSUHIHULWLSUHFHGHQWHPHQWHSURJUDPPDWL
SURFHGHUHFRPHVHJXH
7HQHUHSUHPXWRLOWDVWR6/SHUROWUHVHFRQGL
&RQLOWDVWRR1VHOH]LRQDUHÅ)$9&+6(783
HFRQIHUPDUHFRQLOWDVWR2.+1HOGLVSOD\FRPSDUH
Å)$9&+6(783
&RQLOWDVWRR1VHOH]LRQDUHÅ)$9&+&/($5´
HFRQIHUPDUHFRQLOWDVWR2.+
1HOGLVSOD\/&'.FRPSDUHÅ&21),50&/($5´FRQ
IHUPDGHOODFDQFHOOD]LRQH&RQIHUPDUHO
HOLPLQD]LRQH
FRQLOWDVWR2.+,OGLVSOD\/&'.PRVWUDLOPHVVDJJLR
68&&(667XWWLLSUHIHULWLYHQJRQRDQQXOODWLLOPHQXYLH
QHWHUPLQDWR
6XJJHULPHQWL
6HLOGLVSOD\/&'.PRVWUDÅ&21),50&/($5´VLSXz
LQWHUURPSHUHODFDQFHOOD]LRQHFRQLOWDVWR(;,74
1RQqSRVVLELOHFDQFHOODUHLVLQJROLSUHIHULWLPDVRORVR
YUDVFULYHUOL
5HJROD]LRQHYROXPH
9RO³ GLVDWWLYD]LRQHVXRQR
3UHPHUHLOWDVWR92/SHUDXPHQWDUHLOYROXPH&RQLOWDVWR
Å92/³´VLSXzGLPLQXLUHLOYROXPH3HUGLVDWWLYDUHLOVXRQR
'8Q
XOWHULRUHSUHVVLRQHGLTXHVWR
SUHPHUHLOWDVWR
WDVWRULDWWLYHUjLOVXRQR
6HQRQVLqLPSRVWDWRDOFXQDOWURDSSDUHFFKLRFRPHDSSD
UHFFKLRGLGHVWLQD]LRQHSHUODUHJROD]LRQHJOREDOHGHOYROX
PHDOO·D]LRQDPHQWRGHLWDVWL92/³)GHOWHOHFRPDQGR
FRPHVWDQGDUGYLHQHD]LRQDWDODUHJROD]LRQHGHOYROXPH
GHOO·DSSDUHFFKLR79LQGLSHQGHQWHPHQWHGDLWDVWLGHOO·DSSD
UHFFKLR$SUHPXWLSUHFHGHQWHPHQWH&LzWXWWDYLDQRQYDOH
SHUJOLDSSDUHFFKL´$03µ´'9'µ´$6$7µH´'6$7µSRLFKp
VLSXzSDUWLUHDQFKHGDOSUHVXSSRVWRFKHTXHVWLDSSDUHFFKL
GLVSRQJDQRGLUHJROD]LRQHDXWRQRPDGHOYROXPH
8VR
> 3HUFRPDQGDUHXQRGHJOLDSSDUHFFKLSURJUDPPDWLFRQLO
WHOHFRPDQGRXQLYHUVDOHSUHPHUHSULPDGLWXWWRLOUHODWLYR
WDVWRDSSDUHFFKL$'LULJHUHTXLQGLLOWHOHFRPDQGRXQLYHU
VDOHVXWDOHDSSDUHFFKLRHSUHPHUHLOWDVWRGHVLGHUDWR
> ,PSRVWDUHLWDVWLQXPHULFL,HVDWWDPHQWHFRPHVLIDUHEEH
FRQLOWHOHFRPDQGRRULJLQDOH3ULPDGLHVHJXLUHXQ
LPPLV
VLRQHDGXHFLIUHSUHPHUHLOWDVWR
"
> 3UHPHUHLOWDVWR)$9(3*SHUDYYLDUHODJXLGDHOHWWUR
QLFDDLSURJUDPPLSHUXQDSSDUHFFKLRSURYYLVWRGLWDOH
IXQ]LRQH
> 3UHPHQGRLOWDVWR6/LQEDVVRDGHVWUDYHUUjYLVXDOL]]DWD
ODGDWDSHUVHFRQGLQHOGLVSOD\/&'.
> 3UHPHQGRXQRGHLWDVWLDSSDUHFFKL$LQEDVVRDGHVWUD
QHOGLVSOD\/&'.YLHQHYLVXDOL]]DWRLOFRGLFHDWWLYRSHU
O
DSSDUHFFKLR
> 7UDPLWHLOWDVWR0(18*ULFKLDPDUHLOGLDORJRSHUOHLP
SRVWD]LRQLGHOULVSHWWLYRDSSDUHFFKLRGLGHVWLQD]LRQH
> 3UHPHUHLOWDVWRGLLOOXPLQD]LRQH#SHUDWWLYDUHRGLVDWWL
YDUHO·LOOXPLQD]LRQHGHOGLVSOD\HGHLWDVWL
7DVWR$//2))
6XJJHULPHQWL
&RQLOWDVWR
$//2))WXWWRVSHQWR3VLSRVVRQR
VSHJQHUHDXWRPDWLFDPHQWHWXWWLJOLDSSDUHFFKLDFFHVL
4XHVWDIXQ]LRQHSXzULDFFHQGHUHJOLDSSDUHFFKLJLjVSHQWL
DVHFRQGDGHOO
DSSDUHFFKLR7HQHUHSUHPXWRLQWDOFDVR
SHUTXDOFKHVHFRQGRLOWDVWR$//2))33RVVRQRHVVHUH
QHFHVVDULÀQRDVHFRQGLSHUORVSHJQLPHQWRGLWXWWLJOL
DSSDUHFFKL7DOHRSHUD]LRQHIXQ]LRQDVRORLQSUHVHQ]DGHOOH
VHJXHQWLFRQGL]LRQL
(VLVWHXQDFRQQHVVLRQHYLVLELOHIUDWXWWLJOLDSSDUHFFKL
HLOWHOHFRPDQGRXQLYHUVDOH
/HIXQ]LRQLGLULFHUFDDXWRPDWLFDGHOFRGLFHULFHUFDGHO
FRGLFHLQEDVHDOODPDUFDH0$&52QRQVRQRDWWLYH
7XWWLJOLDSSDUHFFKLGLDUULYRGHYRQRHVVHUHLGRQHLDOOR
VSHJQLPHQWRWUDPLWHWHOHFRPDQGR
3HUULDFFHQGHUHDXWRPDWLFDPHQWHWXWWLJOLDSSDUHFFKLWHQHUH
3ÀQRDGDFFHQGHUHWXWWL
SUHPXWRQXRYDPHQWHLOWDVWR
JOLDSSDUHFFKL
3XOL]LDHFRQVHUYD]LRQH
$WWHQ]LRQH
,PSHGLUHODSHQHWUD]LRQHGLXPLGLWjQHOO
DSSDUHFFKLR
GXUDQWHODSXOL]LD,QFDVRFRQWUDULRSRVVRQRYHULÀFDUVL
GDQQLLUUHSDUDELOLDOO
DSSDUHFFKLR
> 3XOLUHO
DOORJJLDPHQWRGHOO
DSSDUHFFKLRVRORFRQXQ
SDQQROHJJHUPHQWHXPLGRHXQGHWHUJHQWHGHOLFDWR
> &ROORFDUHO
DSSDUHFFKLRHVFOXVLYDPHQWHLQXQDPELHQWH
FRUULVSRQGHQWHDOOHLQGLFD]LRQLFRQWHQXWHQHOODVH]LRQH
'DWLWHFQLFL
> 3ULPDGHOODFRQVHUYD]LRQHULPXRYHUHOHSLOHLQPRGRGD
LPSHGLUHFKHHVVHGDQQHJJLQRO
DSSDUHFFKLRLQFDVRGL
GHWHULRUDPHQWRGHOOHVWHVVH
*XDVWL5LVROX]LRQH
/
DSSDUHFFKLRQRQUHDJLVFHDOWHOHFRPDQGRXQLYHUVDOH
> &RQWUROODUHOHSLOHËQHFHVVDULDXQDWHQVLRQHVX˪FLHQWHH
LOFRUUHWWRLQVHULPHQWRGHOOHSLOH
> 6LqSUHPXWRLOWDVWRDSSDUHFFKL$FRUUHWWRSHUO
DSSDUHF
FKLRGLGHVWLQD]LRQHGHVLGHUDWR"
> &RQWUROODUHFKHVLDVWDWRSURJUDPPDWRLOFRGLFHFRUUHWWR
SHUO
DSSDUHFFKLRGLGHVWLQD]LRQHYSDUDJUDIRÅ&RGH
6HWXS´
,OWHOHFRPDQGRXQLYHUVDOHQRQWUDVPHWWHFRUUHWWDPHQWH
LFRPDQGL
> 3UHPHUHLOUHODWLYRWDVWRDSSDUHFFKL$SHUSRUWDUHLOWHOH
FRPDQGRQHOODPRGDOLWjFRUUHWWD
> ËQHFHVVDULDXQDWHQVLRQHVX˪FLHQWHHLOFRUUHWWRLQVHUL
PHQWRGHOOHSLOH
> 3UREDELOPHQWHVLVWDXWLOL]]DQGRXQFRGLFHHUUDWR$YYLDUH
ODULFHUFDGHLFRGLFLGHOOHPDUFKHODULFHUFDDXWRPDWLFD
GHLFRGLFLRO
LPPLVVLRQHGLUHWWDGHOFRGLFHPDQXDOH
,OWHOHFRPDQGRXQLYHUVDOHQRQFDPELDO
HPLWWHQWH
VXOO
DSSDUHFFKLR
> 3UHPHUHLOUHODWLYRWDVWRDSSDUHFFKL$SHUSRUWDUHLOWHOH
FRPDQGRQHOODPRGDOLWjFRUUHWWD
> 6HLOWHOHFRPDQGRRULJLQDOHQRQSRVVLHGHWDVWLÅ´
FDPELDUHLSURJUDPPLFRQLWDVWL3³2RFRQLWDVWL
QXPHULFL,
> 6HDQFKHWDOHRS]LRQHQRQIXQ]LRQDVVHFRQWUROODUHFKH
QRQVLDDWWLYDWDODSURWH]LRQHEDPELQLSHUO
DSSDUHFFKLR
GLGHVWLQD]LRQH
$OFXQLWDVWLGHOWHOHFRPDQGRXQLYHUVDOHQRQIXQ]LRQDQR
FRUUHWWDPHQWH
> ,OWHOHFRPDQGRXQLYHUVDOHSUREDELOPHQWHQRQSRVVLHGH
WXWWHOHIXQ]LRQLGHOWHOHFRPDQGRRULJLQDOHGHOO
DSSD
UHFFKLR
> 3UREDELOPHQWHQRQqVWDWRSURJUDPPDWRLOFRGLFHRWWL
PDOH&HUFDUHXQFRGLFHFKHVXSSRUWLPDJJLRULIXQ]LRQL
GHOO
DSSDUHFFKLRGLGHVWLQD]LRQH
,OWHOHFRPDQGRXQLYHUVDOHQRQUHDJLVFHSLDVHJXLWR
GHOODSUHVVLRQHGLXQWDVWR
> ËQHFHVVDULDXQDWHQVLRQHVX˪FLHQWHHLOFRUUHWWRLQVHUL
PHQWRGHOOHSLOH
> 'LULJHUHLOWHOHFRPDQGRXQLYHUVDOHYHUVRO
DSSDUHFFKLR
,OGLVSOD\/&'.QRQPRVWUDDOFXQPHVVDJJLR
> ËQHFHVVDULDXQDWHQVLRQHVX˪FLHQWHHLOFRUUHWWRLQVHUL
PHQWRGHOOHSLOH
> ,OFRQWUDVWRSRWUHEEHHVVHUHWURSSRULGRWWR$XPHQWDUH
LOFRQWUDVWR
6PDOWLPHQWR
1RQJHWWDUHSHUDOFXQPRWLYRO
DSSDUHFFKLR
LQVLHPHDLQRUPDOLULILXWLGRPHVWLFL4XHVWR
SURGRWWRqVRJJHWWRDOODGLUHWWLYDHXURSHD
(&
7HOHFRPDQGRXQLYHUVDOH
‡ 6PDOWLUHLOWHOHFRPDQGRXQLYHUVDOHRSDUWLGLHVVRWUDPLWH
XQ
D]LHQGDDXWRUL]]DWDGLVPDOWLPHQWRRWUDPLWHO
HQWHPX
QLFLSDOHFRPSHWHQWH
‡ 5LVSHWWDUHOHSUHVFUL]LRQLDWWXDOPHQWHLQYLJRUH,QFDVRGL
GXEELPHWWHUVLLQFRQWDWWRFRQO
HQWHGLVPDOWLPHQWRFRP
SHWHQWH
3LOHDFFXPXODWRUL
‡ 3LOHHRDFFXPXODWRULQRQGHYRQRHVVHUHVPDOWLWLLQVLHPH
DLULÀXWLGRPHVWLFL
‡ /HSLOHSRVVRQRFRQWHQHUHVRVWDQ]HWRVVLFKHGDQQRVHSHU
O
DPELHQWH6PDOWLUHSHUWDQWROHSLOHJOLDFFXPXODWRULXQL
FDPHQWHLQFRQIRUPLWjDOOHOHJJLYLJHQWL
‡ 2JQLXWHQWHqREEOLJDWRSHUOHJJHDUHVWLWXLUHOHSLOHJOL
DFFXPXODWRULDXQFHQWURGLUDFFROWDFRPXQDOHORFDOH
RSUHVVRLOULYHQGLWRUH4XHVWRREEOLJRqÀQDOL]]DWRDOOR
VPDOWLPHQWRHFRORJLFRGHOOHSLOHHRGHJOLDFFXPXODWRUL
‡ 5HVWLWXLUHSLOHDFFXPXODWRULVRORVHFRPSOHWDPHQWHVFDULFKL
,PEDOODJJL
‡ 6PDOWLUHWXWWLLPDWHULDOLGHOO
LPEDOODJJLRLQPRGR
HFRORJLFDPHQWHFRQIRUPH
'DWLWHFQLFL
$SSDUHFFKLFRPDQGDELOL
'LPHQVLRQL
/[3[$
[[PP
3HVR JVHQ]DSLOH
/('DLQIUDURVVL FODVVHGLODVHU
$OLPHQWD]LRQH
3LOH
[9WLSR$$$/5PLFUR
LQFOXVHQHOODIRUQLWXUD
7HPSHUDWXUDGLHVHUFL]LR ²ƒ&
7HPSHUDWXUDGL
FRQVHUYD]LRQH ƒ&
8PLGLWj
VHQ]DFRQGHQVD
$YYLVRVXOODFRQIRUPLWj
4XHVWRDSSDUHFFKLRqFRQIRUPHDLUHTXLVLWLGL
EDVHHDOOHDOWUHQRUPHULOHYDQWLGHOODGLUHWWLYD(09
(&
,PSRUWDWRUH
.203(51$66*0%+
%85*675$66(
%2&+80*(50$1<
ZZZNRPSHUQDVVFRP
*DUDQ]LDDVVLVWHQ]D
4XHVWRDSSDUHFFKLRqJDUDQWLWRSHUWUHDQQLDSDUWLUHGDOOD
GDWDGLDFTXLVWR/
DSSDUHFFKLRqVWDWRSURGRWWRFRQFXUDH
GHELWDPHQWHFROODXGDWRSULPDGHOODFRQVHJQD&RQVHUYDUH
ORVFRQWULQRFRPHSURYDG
DFTXLVWR1HLFDVLFRQWHPSODWLGDO
ODJDUDQ]LDPHWWHUVLLQFRPXQLFD]LRQHWHOHIRQLFDPHQWHFRQ
LOFHQWURGLDVVLVWHQ]DSLYLFLQR6RORLQWDOPRGRqSRVVLELOH
JDUDQWLUHXQDVSHGL]LRQHJUDWXLWDGHOODPHUFH
/DJDUDQ]LDFRSUHVRORLGLIHWWLGHOPDWHULDOHRGLIDEEULFD
]LRQHPDQRQLGDQQLGDWUDVSRUWRGDQQLDOOHSDUWLVRJJHWWH
DXVXUDRDOOHSDUWLIUDJLOLFRPHDGHVHPSLRLQWHUUXWWRUL
RDFFXPXODWRUL
,OSURGRWWRqGHVWLQDWRHVFOXVLYDPHQWHDOO
XVRGRPHVWLFRHQRQ
DTXHOORFRPPHUFLDOH/DJDUDQ]LDGHFDGHLQFDVRGLLPSLH
JRLPSURSULRRPDQRPLVVLRQHXVRGHOODIRU]DHLQWHUYHQWL
QRQHVHJXLWLGDOODQRVWUDÀOLDOHGLDVVLVWHQ]DDXWRUL]]DWD
4XHVWDJDUDQ]LDQRQFRVWLWXLVFHDOFXQOLPLWHDLGLULWWLOHJDOL
GHOFRQVXPDWRUH
,OSHULRGRGLJDUDQ]LDQRQYLHQHSUROXQJDWRGDLQWHUYHQWLLQ
JDUDQ]LD&LzYDOHDQFKHSHUOHSDUWLVRVWLWXLWHHULSDUDWH
,GDQQLHLGLIHWWLHYHQWXDOPHQWHSUHVHQWLJLjDOO
DFTXLVWR
GHYRQRHVVHUHFRPXQLFDWLLPPHGLDWDPHQWHGRSRLOGLVLPEDO
ODJJLRHFRPXQTXHHQWURHQRQROWUHGXHJLRUQLGDOODGDWD
G
DFTXLVWR/HULSDUD]LRQLH˩HWWXDWHDOWHUPLQHGHOSHULRGRGL
YDOLGLWjGHOODJDUDQ]LDVRQRDSDJDPHQWR
Assistenza Italia
Tel.: 02 36003201
E-Mail: [email protected]
IAN 64327
Assistenza Svizzera
Tel.: 0842 665566 (0,08 CHF/Min., telefonia mobile max. 0,40 CHF/Min.)
E-Mail: [email protected]
IAN 64327
HOME TECH
LQ5HPRWH&RQWURO6)%$
Herstellerverzeichnis mit Gerätecodeliste
Register van producenten met lijst van
apparaatcodes
Index des fabricants avec liste des
codes appareil
Registro produttori con elenco codici
apparecchi
Índice de fabricantes con lista de
códigos de aparatos
Fabricantes Diretório com lista de
códigos de dispositivo
Manufacturer List with Device Code List
Producentfortegnelse med apparat-kodeliste
Valmistajahakemisto ja laitekoodiluettelo
Förteckning över tillverkare med lista
över apparatkoder
Κατάλογος κατασκευαστή με λίστα
κωδικών συσκευών
Wykaz producentów z listą kodów urządzeń
Gyártók készülékkódját tartalmazó jegyzék
Spisak proizvođača sa listom code-ova uređaja
Zoznam výrobcov s kódmi prístrojov
KOMPERNASS GMBH
%85*675$66(ɥ'%2&+80
ZZZNRPSHUQDVVFRP
,'1U6)%$9
Adresář výrobců se seznamem kódů pro přístroj
,QGH[SURGXF÷WRULFXOLVWDGHFRGXULDOH
DSDUDWHORU
1223 1225 1232
1212 1219
A.R.SYSTEMS 1223
1230
1211
ACME
1211 1226 1233
1212 1219
ACURA
1237
1210
ADC
1211 1212 1213
AUDIOSONIC
1209 1210 1214
ADMIRAL
1216 1218 1223
1215
1226 1227 1233
1211 1225 1226
ADYSON
1237
1232 1233
1224
AUSIND
1232 1233
AGASHI
1209 1210 1211
AUTOVOX
1210
AGAZI
1224 1226 1233
1238
AGB
1232 1233
AWA
1211 1212 1219 BAIRD
AIKO
1226 1233
1223 1225 1226 BANG & OLUFSEN 1209
1232 1233
1212 1213 1216
BASIC LINE
1223
AIM
1219 1223 1227
1193
AIWA
1228 1233
1212 1213 1216 BASTIDE
AKAI
1211 1226 1233
1218 1219 1223 BAUR
1218 1220 1223
1226 1227 1231 BAZIN
1226 1233
1232 1233 1238 BEKO
1065 1077 1223
1213 1223 1227
AKIBA
1237
1228
1216 1218 1223
BEON
1210 1213 1219 BEST
AKURA
1237
1223 1227 1228 BESTAR
1216 1223 1237
1232
ALARON
1211 1226 1233
BINATONE
1211 1212 1213 BLACKTRON
ALBA
1228
1218 1219 1222 BLACKWAY
1228
1223 1225 1227 BLUE SKY
1213 1223 1227
1232 1237
1228
1224
ALCYON
1228
BLUE STAR
1226 1233
ALLORGAN
1211 1226 1233
BOOTS
1216 1223
ALLSTAR
1223 1228
BPL
1211 1226 1230 BRANDT
AMPLIVISION
1003 1006 1007
1233 1237
1229
1210 1212 1213 BRINKMANN
AMSTRAD
1223
1219 1223 1227 BRIONVEGA
1209 1216 1218
1238
1223
1212
ANAM
1211 1225 1226
BRITANNIA
1212 1219
ANGLO
1232 1233
1210 1212 1219 BRUNS
ANITECH
1209
1223 1224
1217
BSR
1212 1219 1221 BTC
ANSONIC
1213 1227
1223 1236 1237 BUSH
1034 1180 1184
1229
ARC EN CIEL
1193 1212 1213
1225 1226 1232
ARCAM
1214 1216 1217
1233
1218 1219 1222
ARCAM DELTA 1211
1223 1226 1227
1216 1218 1221
ARISTONA
1228 1233
1223 1231
1210
CAPSONIC
ARTHUR MATRIN 1230
1223
CARENA
1209 1215
ASA
1222
CARREFOUR
1216 1223 1224 CASCADE
ASBERG
1212 1219 1223
1212
ASTRA
1216 1218 1223
CATHAY
1210 1211 1213 CCE
ASUKA
1233
1225 1226 1227 CENTURION
1216 1218 1223
1228 1232 1233 CENTURY
1209
1211 1216 1218 CGE
ATLANTIC
1217 1224 1237
ATORI
AUCHAN
AUDIO TON
-1-
CIMLINE
CITY
CLARIVOX
CLATRONIC
CMS
CMS HIGHTEC
CONCORDE
CONDOR
CONTEC
1212 1219 1227
1212 1219
1218
1210 1211 1212
1213 1216 1219
1223 1224 1226
1227 1233 1237
1232
1233
1212 1219
1221 1216 1219
1223 1225 1228
1232 1237
1211 1212 1219
1222 1225 1232
1229
ELBE-SHARP
ELCIT
ELECTRO TECH
ELEKTRA
ELIN
ELITE
ELMAN
ELTA
EMERSON
EMPEROR
ERRES
ESC
ETRON
1212 1219
EUROFEEL
1209 1217 1224 EURO-FEEL
1212 1216 1218 EUROLINE
1219 1223 1224 EUROMAN
1237
CS ELECTRONICS 1211 1213 1225 EUROMANN
1227 1232
1213 1227
CYBERTRON
EUROPHON
1018 1035 1066
DAEWOO
1240 1182 1192
1194 1211 1212 EXPERT
1216 1219 1223 EXQUISIT
1225 1226 1227 FENNER
1232 1233
FERGUSON
1213 1225 1227 FIDELITY
DAINICHI
1232
1210 1216 1218 FILSAI
DANSAI
1223 1225 1232 FINLANDIA
1233
FINLUX
1218 1237
DANTAX
1223
DAWA
1212 1219
DAYTRON
1214
DE GRAAF
FIRST LINE
1211 1216 1218
DECCA
1223 1226 1233
1238
FISHER
1216 1218 1223
DESMET
1223
DIAMANT
1232
DIAMOND
FLINT
1212 1216 1218 FORMENTI
DIXI
1219 1223 1233
1212 1219
DTS
1211 1217 1223 FORMENTIDUAL
1226 1233
PHOENIX
1211 1212 1217 FORTRESS
DUAL-TEC
1226
FRABA
1209 1211 1226 FRIAC
DUMONT
1233
FRONTECH
1218
DUX
1216 1218 1223 FUJITSU
DYNATRON
1223 1227 1233 FUJITSU GENERAL
ELBE
1236 1237 1238 FUNAI
CONTINENTAL
EDISON
COSMEL
CROSLEY
CROWN
-2-
1238
1209 1238
1212
1228
1211 1216 1218
1219 1223 1225
1232
1213 1216 1223
1227
1217
1212 1219 1232
1209 1223 1237
1228
1216 1218 1221
1223
1233
1212
1233
1210
1218
1228 1232 1233
1237
1210 1211 1216
1223 1225 1226
1211 1216 1217
1223 1226 1232
1233 1238
1230
1223
1212 1219
1031 1060 1218
1211 1214 1223
1225 1232
1233
1214
1209 1211 1216
1217 1218 1223
1224 1226 1233
1238
1211 1212 1216
1219 1223 1225
1226 1232 1233
1209 1211 1217
1222 1226 1233
1237
1216 1223 1227
1209 1211 1217
1218 1224 1225
1232
1232
1209
1223 1237
1237
1210 1212 1214
1215 1219 1233
1226 1233
1233
1210
1223
1223 1237
1212 1217 1219
1227
GEANT CASINO 1230
1211 1215 1216
GEC
1218 1223 1226
1233 1238
1212 1214 1217
GELOSO
1219
1212 1219
GENERAL
TECHNIC
1213 1215 1216
GENEXXA
1223 1227
1233
GIANT
1232
GOLDHAND
1223
GOLDLINE
1211 1212 1214
GOLDSTAR
1216 1217 1218
1219 1223 1225
1226 1232 1233
1234 1237
1203 1210 1212
GOODMANS
1216 1218 1219
1222 1223 1226
1231 1233 1234
1238 1240
1237
GORENJE
1213 1227
GPM
1215
GRAETZ
1211 1214 1216
GRANADA
1218 1221 1222
1223 1224 1226
1230 1233 1238
1212 1213 1218
GRANDIN
1228
1233
GRONIC
1010 1075 1200
GRUNDIG
1223 1224 1231
1237
1210 1211 1225
HALIFAX
1226 1232 1233
1211 1225 1226
HAMPTON
1232 1233
1211 1212 1216
HANSEATIC
1217 1218 1219
1223 1226 1228
1233 1236 1237
1212 1219 1223
HANTAREX
1238
1223
HANTOR
1219 1223
HARWOOD
1210 1211 1212
HCM
1219 1223 1226
1227 1228 1233
1219 1226 1233
HEMA
1232
HIGASHI
1223
HILINE
1212 1213 1216
HINARI
GALAXI
GALAXIS
GBC
1218 1219 1222
1223 1227
HISAWA
1213 1227 1228
1230
HITACHI
1058 1061 1240
1238 1211 1214
1215 1217 1222
1223 1226 1233
HORNYPHON
1216
HORNYPHONE 1223
HOSHAI
1213 1227
1211 1225 1232
HUANYU
HYGASHI
1211 1225 1226
1232 1233
HYPER
1211 1212 1217
1219 1225 1226
1232 1233
HYPSON
1210 1211 1216
1218 1223 1226
1228 1230 1233
IBERIA
1223
ICE
1210 1211 1212
1213 1216 1219
1223 1225 1226
1227 1232 1233
ICES
1225 1227 1232
IMPERIAL
1215 1216 1217
1223 1224 1237
INDIANA
1216 1218 1223
INGELEN
1215
INGERSOL
1212 1219
INNO HIT
1211 1212 1213
1216 1218 1219
1223 1224 1226
1227 1233 1234
1238
INNOVATION
1210 1212
INTERACTIVE 1237
INTERBUY
1212 1219
INTERFUNK
1209 1215 1216
1218 1221 1223
1237
INTERNATIONAL 1232
INTERVISION
1210 1211 1223
1226 1227 1228
1233 1237
IRRADIO
1212 1213 1216
1218 1219 1223
1224 1227 1234
ISUKAI
1213 1223 1227
1228
ITC
1211 1217 1226
1233
1213 1216 1223
ITS
1225 1227 1228
1232
1212 1215
ITT
1212 1218 1223
ITV
1216 1222 1227
JVC
-3-
KAISUI
1211 1212 1213
1219 1223 1225
1226 1227 1228
1232 1233
KAMOSONIC
1211
KAMP
1211 1225 1232
KAPSCH
1215
KARCHER
1211 1212 1218
1223 1228 1237
1232
KAWASHO
1214 1223 1237
KENDO
1217
KENNEDY
1233
KIC
1211 1225 1232
KINGSLEY
1223 1236 1237
KNEISSEL
1216 1223
KOLSTER
1213 1227
KONKA
1216 1218 1223
KORPEL
1209 1237
KORTING
1223
KOSMOS
1212
KOYODA
1211 1233
KTV
1232 1233
KYOTO
1237
LASAT
1212 1219
LENCO
1211 1212 1219
LENOIR
1210 1216 1218
LEYCO
1223
1234 1237 1233
LG
1195 1211 1212
1214 1216 1217
1218 1219 1223
1225 1226 1232
1218
LIESENK
LIESENKOTTER 1223
1210 1212
LIFE
1210 1212 1219
LIFETEC
1223 1227
1219
LLOYDS
1014 1055 1223
LOEWE
1236 1237 1238
1209 1216 1218
LOEWE OPTA
1214 1218 1219
LUMA
1223
1214 1216 1218
LUMATRON
1223 1226 1233
1216
LUX MAY
1211 1214 1233
LUXOR
1234
M ELECTRONIC 1211 1212 1215
1216 1218
1209 1217 1218
MAGNADYNE
1238
1211 1224 1225
MAGNAFON
1232 1238
1210 1212
MAGNUM
1210
MANDOR
1210 1211 1216
MANESTH
1218 1223 1226
1233
1216 1218 1223
1209
1216 1218 1219
1223 1225 1226
1232 1233
1233
MASUDA
MATSUI
1238 1211 1212
1214 1216 1218
1219 1222 1223
1226 1231 1233
1216 1218 1221
MEDIATOR
1223 1231
1210 1212 1223
MEDION
M-ELECTRONIC 1219 1223 1225
1226 1232 1233
MELVOX
1230
1212 1219
MEMOREX
MEMPHIS
1212 1219
1219 1223
MERCURY
METZ
1209
1210 1212
MICROMAXX
MICROSTAR
1210 1212
1224 1238
MINERVA
1216 1223
MINOKA
1209 1216 1222
MITSUBISHI
1223
1211 1224 1225
MIVAR
1232 1233 1234
1235 1236 1237
1238 1239
MOTION
1224
MTC
1232 1237
MULTI SYSTEM 1218
MULTITECH
1211 1212 1214
1217 1218 1219
1223 1225 1226
1232 1233 1237
MURPHY
1211 1225 1232
NAONIS
1214
NEC
1222 1233
NECKERMANN 1209 1211 1214
1216 1218 1220
1223 1226 1231
1233 1237
NEI
1216 1218 1223
NEUFUNK
1219 1223 1231
NEW TECH
1212 1216 1219
1223 1226 1231
NEW WORLD
1213 1227
NEWTECH
1233
NICAMAGIC
1211 1225 1232
NIKKAI
1210 1211 1213
1216 1218 1219
1222 1223 1225
1226 1227 1232
1233
1211 1224 1225
NOBLIKO
1232
MARANTZ
MARELLI
MARK
-4-
NOKIA
NORDIC
NORDMENDE
NORDVISION
NOVATRONIC
OCEANIC
OKANO
ONCEAS
ONWA
OPERA
ORBIT
ORION
ORLINE
ORSOWE
OSAKI
OSIO
OSO
OSUME
OTTO VERSAND
PAEL
PALLADIUM
PALSONIC
PANAMA
PANASONIC
PANAVISION
PATHE CINEMA
PATHE MARCONI
PAUSA
PERDIO
PERFEKT
PHILCO
PHILHARMONIC
PHILIPS
1215
1233
1209 1215 1216
1218
1223
1215 1230
1223 1237
1211
1227
1223
1216 1223
1062 1203 1212
1216 1218 1219
1223 1238
1223 1227
1238
1210 1211 1213
1223 1226 1227
1233
1234
1213 1227
1222 1227
1211 1216 1217
1218 1220 1222
1223 1226 1231
1233 1238
1211 1225 1232
1211 1220 1223
1226 1231 1233
1237
1233
1210 1211 1212
1219 1223 1225
1226 1232 1233
1004 1013 1020
1024 1026 1044
1050 1057 1073
1185 1198 1215
1223 1238
1223
1211 1217 1225
1230 1232 1236
1237
1229
1212 1219
1223 1232
1223
1209 1217 1223
1224 1237
1211 1226 1233
1002 1005 1009
1012 1016 1019
1021 1022 1023
1029 1033 1036
1037 1038 1041
1042 1045 1052
1059 1069 1076
1231 1221 1223
1181 1186 1187
PHOENIX
PHONOLA
PIONEER
PLANTRON
PLAYSONIC
POPPY
PRANDONIPRINCE
PRECISION
PRIMA
PROFEX
PROFI-TRONIC
PROLINE
PROSONIC
1188 1189 1190
1191 1196 1197
1209 1211 1216
1217 1218
1209 1216 1218
1223 1225 1232
1237
1209 1216 1218
1221 1223 1225
1231 1232
1215 1216 1218
1223 1237
1210 1216 1219
1223
1226 1233
1212 1219
1214 1224 1238
1211 1226 1233
1212 1215 1219
1212 1219
1216 1223
1216 1221 1223
1211 1218 1223
1225 1232 1233
1237
PROTECH
1210 1211 1212
1216 1217 1218
1233
PROVISION
1218 1223 1240
PYE
1216 1218 1221
1223 1231
PYMI
1212 1219
QUANDRA VISION 1230
1210 1211 1216
QUELLE
1217 1218 1220
1222 1223 1226
1233 1234
1222
QUESTA
1223 1227
RADIALVA
1216 1218 1221
RADIOLA
1223 1231 1233
RADIOMARELLI 1209 1223 1238
RADIOSHACK 1223
1216 1219 1223
RADIOTONE
1237
1223
RECOR
1223
REDSTAR
1223
REFLEX
1216 1218 1223
REVOX
1237
1210 1214 1215
REX
1209 1236 1237
RFT
1232
RHAPSODY
1216 1218 1223
R-LINE
1193 1210 1212
ROADSTAR
1213 1219 1227
1209
ROBOTRON
1232 1233
ROWA
-5-
1237
1209
1006 1060 1068
1172 1209 1215
1238
1210 1211 1212
SAISHO
1219 1226 1233
1238
1214 1215 1217
SALORA
1234 1238
1224 1238
SAMBERS
1039 1043 1056
SAMSUNG
1063 1070 1237
1234 1201 1210
1211 1212 1216
1218 1219 1223
1225 1226 1231
1232 1233
1211 1225 1226
SANDRA
1232 1233
1216 1223
SANSUI
1049 1211 1217
SANYO
1219 1222 1225
1226 1232 1233
1236 1237
1218 1221 1223
SBR
1231
SCHAUBLORENTZ 1215
SCHNEIDER
1211 1213 1216
1217 1218 1221
1223 1226 1227
1231 1233
SEG
1210 1211 1217
1218 1219 1222
1223 1225 1226
1232 1233
SEI
1220 1223 1238
SEI-SINUDYNE 1209 1215 1238
SELECO
1214 1215 1217
SENCORA
1212 1219
SENTRA
1219 1227
SERINO
1232
SHARP
1017 1028 1048
1051 1072 1222
1238
SIAREM
1209 1217 1223
1238
SIERRA
1216 1221 1223
1231
SIESTA
1237
SILVA
1225 1232
SILVER
1222
SILVERCREST 1270 1271 1273
1274 1275 1276
1277 1278 1279
1280 1281 1282
1283 1295 1296
1297 1298 1299
1300 1301 1303
ROYAL LUX
RTF
SABA
1306 1308 1309
1310 1290 1291
1292 1293 1294
SINGER
1209 1217 1230
SINUDYNE
1209 1217 1218
1220 1223 1238
SKANTIC
1215
SOLAVOX
1215
SONITRON
1226 1233 1237
SONOKO
1210 1211 1212
1216 1218 1219
1223 1226 1228
1233
SONOLOR
1215 1220 1230
SONTEC
1216 1218 1223
1237
SONY
1000 1001 1008
1011 1015 1025
1030 1040 1054
1071 1199 1202
1212 1220 1222
SOUND & VISION 1213 1227
SOUNDWAVE
1216 1218 1223
STANDARD
1211 1212 1213
1216 1219 1223
1226 1227 1233
STAR LITE
1219 1223
STARLIGHT
1218
STENWAY
1227 1228
STERN
1214 1215
STRATO
1219 1223
STYLANDIA
1233
SUNKAI
1212 1227
SUNSTAR
1219 1223
SUNWOOD
1212 1216 1219
1223
SUPERLA
1211 1225 1232
1233 1238
SUPERTECH
1219 1223 1225
1231 1232
SUPRA
1212 1219
SUSUMU
1213
SUTRON
1212 1219
SYDNEY
1211 1225 1226
1232 1233
SYSLINE
1218
SYTONG
1225 1232
TANDY
1211 1213 1215
1226 1227 1233
TARGA
1273 1274 1275
1276 1277 1278
1302 1304 1305
1307 1284 1285
1286 1287 1288
1289
TASHIKO
1211 1214 1222
1225 1226 1232
1233
TATUNG
1193 1211 1216
-6-
1218 1223 1226
1233 1238
1204 1205 1206
TCM
1207 1208 1210
1212 1241 1242
1243 1244 1245
1246 1247 1248
1249 1250 1251
1252 1253 1254
1255 1256 1257
1258 1259 1260
1261 1262 1263
1264 1265 1266
1267 1268
1223 1233
TEAC
1211 1212 1217
TEC
1219 1226 1233
1233
TEDELEX
1229
TELEAVIA
1223 1226 1227
TELECOR
1233
TELEFUNKEN 1216 1223
1223 1227
TELEGAZI
TELEMEISTER 1223
1223
TELESONIC
1223
TELESTAR
1212 1218 1219
TELETECH
1223
1211 1222 1226
TELETON
1233
1225 1232
TELEVIDEON
1230
TELEVISO
1212 1213 1216
TENSAI
1219 1223 1226
1227 1233
1216
TESMET
1210 1212
TEVION
1211 1219 1226
TEXET
1232 1233
1003 1006 1032
THOMSON
1060 1067 1172
1211 1216 1223
1229
1218 1223 1240
THORN
1216 1223 1226
TOKAI
1233
1211 1225 1232
TOKYO
1228
TOMASHI
1027 1046 1047
TOSHIBA
1053 1064 1074
1090 1233 1183
1193 1203 1222
1215 1217 1233
TOWADA
1233
TRAKTON
TRANS CONTINENS 1223 1226 1233
TRANTEC
1232
TRIDENT
1226 1233 1238
TRISTAR
1227
TRIUMPH
1223 1231 1238
UHER
1215 1216 1223
1224 1237
ULTRAVOX
1209 1211 1217
1223 1225 1232
UNIC LINE
1223
UNITED
1218
UNIVERSUM
1210 1216 1217
1218 1220 1222
1223 1224 1226
1233 1234 1237
UNIVOX
1223
VESTEL
1214 1215 1216
1217 1218 1223
1226 1233
VEXA
1212 1218 1219
1223
VICTOR
1216
VIDEOLOGIC
1232
VIDEOLO1211 1213 1225
GIQUE
1226 1227 1232
1233
VIDEOSYSTEM 1216 1223
VIDEOTECHNIC 1225 1226 1232
1233
VISIOLA
1211 1225 1232
VISION
1216 1223 1233
VORTEC
1216 1218 1223
VOXSON
1209 1214 1215
1216 1223 1224
WALTHAM
1211 1223 1226
1233
WATSON
1216 1218 1223
1227
WATT RADIO
1211 1217 1225
1232
WEGA
1209 1222 1223
WEGAVOX
1219
WELTBLICK
1216 1218 1223
1233
WESTON
1217
WHITE WES1211 1218 1223
TINGHOUSE
1225 1232
WINDSTAR
1228
XRYPTON
1223
YAMISHI
1223 1226 1227
1228 1233
YOKAN
1223
YOKO
1210 1211 1212
1213 1216 1218
1219 1223 1226
1227 1232 1233
1237
YORX
1213 1227
ZANUSSI
1214 1226 1233
-7-
Digital TV
Philips
Samsung
Sony
HT Projector
Mitsubishi
Panasonic
Philips
Sanyo
Sharp
Sony
Toshiba
1170
1161
1167
1160
1162
1158 1159
1169
LCD TV
Bush
Daewoo
Denver
Goodmans
Hitachi
JVC
LG
1131
1108
1130
Toshiba
Viewsonic
1101
1106
1096
1123
1089
1132
1081 1084 1094
1095 1098 1105
1110 1111 1114
1118 1126 1136
1168
1133
1091 1102 1112
1078 1079
1080 1082 1083
1087 1093 1097
1104 1113 1116
1121
1092 1103 1109
1115 1119 1120
1122 1127 1128
1085 1086 1088
1107 1117
1099 1100 1124
1125 1129
LCD TV/Radio
Tuner Combo
Philips
1078
Matsui
Panasonic
Philips
Samsung
Sharp
Sony
Plasma TV
LG
Philips
Samsung
Toshiba
1136
1142
1135
1153
Plasma TV Monitor
LCD Projection TV
Sharp
Sony
Toshiba
Samsung
1141 1146 1149
1151
1150
Pioneer
1173 1176 1178
1177
1174 1175 1179
Plasma Display
Hitachi
1139 1144
Panasonic
1137 1147
Philips
1134 1152
Daewoo
Hitachi
JVC
LG
Philips
Thomson
1138
1154
1155
1140 1148
1143 1156
1145 1157
Projection TV
Hitachi
LG
Pioneer
Samsung
Telefunken
1171
1164 1168
1163
1166
1165
TV/Tuner
Philips
1079
2049 2175
2139
2153
2015 2023 2050
2152
2013 2040 2146
2025 2050 2051
2122 2124 2130
2147 2151
CAMBRIDGE AUDIO 2149
2154
CENTREX
2149
CGV
2144
CLASSIC
2151
CLATRONIC
2147
CONIA
2150
C-TECH
2003 2029 2032
CYBERHOME
2046
2030 2109 2115
DAEWOO
2127
2070
DANSAI
2005 2026
DAYTEK
2151
DEC
2061 2063 2068
DENON
2151 2153
DENVER
AIWA
AKAI
AKURA
ALBA
BEST BUY
BRANDT
BUSH
-8-
2148
2149 2150
2042 2159
2148
2150
2152
2149
2045
2157
2148
2149
2054
GLOBAL SOLUTIONS 2150
GLOBAL SPHERE 2150
2017
GOLDSTAR
2056 2151 2154
GOODMANS
2148
GRAETZ
2048 2143 2154
GRUNDIG
2151
H&B
2149 2150
HAAZ
2152
HIMAX
2012 2058 2145
HITACHI
2148 2152 2168
2181
2140 2145
INNOVATION
2020 2052 2118
JVC
2119 2146 2160
2047 2067 2171
KENWOOD
2151
KINGAVON
2148
KISS
2151
KODA
2152
KXD
2150
LAWSON
2151
LENCO
2017 2024 2031
LG
2126 2169
2140
LIFE
2140 2145 2189
LIFETEC
2150
LIMIT
2055
LOEWE
2150
LOGICLAB
2154
LUXOR
2146 2151 2155
MAGNAVOX
2145
MAGNUM
2060 2064 2065
MARANTZ
2142
2040 2071
MATSUI
2140 2145 2189
MEDION
2138
METZ
2149
MICO
2140 2145
MICROMAXX
2146
MICROMEDIA
2140 2145
MICROSTAR
2151 2152
MIZUDA
2148
MONYKA
2001 2144 2163
MUSTEK
2149
MX ONDA
2154
NAIKO
2148
NEUFUNK
DENZEL
DIAMOND
DK DIGITAL
DUAL
DVX
EASY HOME
ECLIPSE
ELTA
ELTAX
ENZER
FINLUX
GERICOM
2147
2141 2146 2155
2151
2069 2122
2140
2151
2150
2014 2016 2039
2111 2117 2131
2162 2166 2167
2176
2000 2006 2027
PHILIPS
2034 2037 2043
2060 2108 2125
2142 2146 2155
2158
2007 2008 2011
PIONEER
2035 2057 2138
2172
2154
PROLINE
2151
PROVISION
2148
RAITE
2153
REDSTAR
2150
REOC
2066 2151
ROADSTAR
2147 2154
ROWA
2013 2040
SABA
2150
SABAKI
2012 2019 2112
SAMSUNG
2114 2116 2165
2149 2150
SANSUI
2036 2044 2123
SANYO
2161 2170
2001
SCANMAGIC
2140
SCHNEIDER
SCIENTIFIC LABS 2150
SCOTT
2021
SEG
2015 2033 2148
2150
SHARP
2038 2113 2120
SIGMATEK
2152
SILVA
2153
SILVERCREST 2183 2184 2186
2185 2195 2196
2205 2218 2219
2222 2223 2224
2225 2226 2227
2228
SINGER
2149 2150
SKYMASTER
2033 2144 2150
SKYWORTH
2153
SM ELECTRONIC 2150
SONY
2004 2009 2010
2018 2022 2028
2041 2110 2156
2164 2173 2174
SOUNDMASTER 2150
SOUNDMAX
2150
STANDARD
2150
NU-TEC
ONKYO
ORAVA
ORION
ORITRON
P&B
PACIFIC
PANASONIC
-9-
2150
2151
2150
2150
2185 2186 2197
2198 2199 2200
2201 2202 2203
2204 2206 2207
2208 2209 2210
2211 2212 2213
2214 2215 2216
2217 2220 2221
2193 2194
2132 2134 2135
TCM
2136 2137 2140
2145 2177 2178
2179 2180 2187
2188 2189 2190
2191 2192
2062 2138 2147
TEAC
2150
2153
TEC
2140 2145 2150
TEVION
2189
2013 2128
THOMSON
2148 2153
TOKAI
2002 2121 2129
TOSHIBA
2146 2155
2152
TRUVISION
WHARTFEDALE 2149 2150
2150
XLOGIC
2154
YAKUMO
2053 2154 2182
YAMADA
2148
YAMAKAWA
2001
YUKAI
2146 2155
ZENITH
STAR CLUSTER
STARMEDIA
SUPERVISION
SYNN
TARGA
DVD Recorder
JVC
LG
Panasonic
Philips
Samsung
Sony
TCM
Toshiba
Yukai
SAT/DVD
Humax
DVD-DVR
Panasonic
Philips
Pioneer
Samsung
Toshiba
Blu-Ray
BLACK DIAMOND
BOMAN
BRIGMTON
CONYONES
DENON
DIKOM
ERRES
INSIGNIA
INTEGRA
KAOSHO
KRIESLER
LG
LYOTRON
MAGNAVOX
MARANTZ
MITSUBISHI
MKC
NAD
OLEVIA
ONKYO
OPPO
PANASONIC
PHILIPS
PIONEER
RADIOLA
SAMSUNG
SBR
SHARP
SONY
SYLVANIA
2085 2086 2087 VIORE
2088
VIZIO
2095
YAMAHA
2081 2090 2092
2079 2080 2089
2091 2093 2094
2075 2099 2107 ADELSOUND
2072 2073 2074 ADYSON
2076 2077 2078 AIWA
2082 2083 2084
2133
2096 2097 2098 AKAI
AKIBA
2100
AKURA
ALBA
2059
AMBASSADOR
AMSTRAD
- 10 -
2081 2090
2101 2105
2102 2103 2104
2106
2096
2013 2022
2081
2929 2678
2924
2236
2721
2924
2229 2240 2248
2234
2727
2912
2230
2912
2229
2239 2241
2025
2059 2561
2247
2238
2234
2244
2232 2249
2233 2242
2227 2243
2924
2228
2924
2235
2231 2250
2229
2245
2246
2237
3041
3046
3040 3044 3045
3082 3086 3087
3088
3043 3045 3087
3046 3093
3045 3046 3087
3093
3040 3043 3046
3047 3088 3089
3090 3093
3043 3090
3040 3046 3047
ANITECH
ANSONIC
ASA
ASUKA
AUDIOSONIC
AUDIOTON
BAIRD
BASIC LINE
BAUR
BESTAR
BLACK PANTHER LINE
BLAUPUNKT
BLUE SKY
BONDSTEC
BRANDT
BUSH
CASIO
CATHAY
CATRON
CGE
CIMLINE
CLATRONIC
CONDOR
CROWN
DAEWOO
DANSAI
DANTAX
DAYTRON
DE GRAAF
DECCA
DENKO
DIAMANT
DUAL
DUMONT
ELBE
ELCATECH
ELSAY
ELTA
EMERSON
ESC
ETZUKO
EUROPHON
3086
3046 3093
3041
3044 3091 3092
3040 3044 3046
3086 3091 3092
3093
3047
3043
3040 3045 3047
3086 3087 3089
3043 3046 3047
3088 3089 3090
3093
3092
3043 3045 3047
3089 3090
3047 3089
FERGUSON
FIDELITY
FINLANDIA
FINLUX
FIRST LINE
FIRSTLINE
FISHER
FLINT
FORMENTI/
PHOENIX
FROTECH
FUJITSU
FUNAI
GALAXY
GBC
GEC
GELOSO
GENERAL
3029 3042 3092 GENERAL
TECHNIC
3044
3043 3046 3090 GOLDHAND
GOLDSTAR
3045
3040 3046 3047
3064 3074 3082 GOODMANS
3088 3089 3093
3040
3047
GRAETZ
3043 3090
3040 3045 3086 GRANADA
3087
3046 3088 3093 GRANDIN
3043 3046 3090
3043 3047 3089
3090
3043 3046 3047 GRUNDIG
3089 3090 3093
3028 3043 3047 HANSEATIC
3050 3056 3073
3075 3089 3090 HANTOR
3046 3047 3093 HARWOOD
HCM
3088
HINARI
3047 3089
3092
3040 3045 3086 HISAWA
HITACHI
3087 3092
3046
3044
3040 3045 3047 HYPSON
3087 3092
3040 3086 3092 IMPEGO
IMPERIAL
3047
INGERSOL
3046
INNO HIT
3046
3046 3047 3093
3046
3043 3047 3089 INNOVATION
INTERBUY
3046 3093
INTERFUNK
3043
- 11 -
3040 3045 3087
3040 3046 3086
3040 3092
3040 3086 3087
3092
3088 3091 3093
3044 3046
3043
3088
3092
3043 3090
3040 3086
3040 3086
3040 3086
3043 3090 3093
3092
3093
3043 3090
3029 3088
3046 3093
3040 3044 3086
3091
3040 3043 3044
3046 3047 3085
3086 3089 3090
3091 3093
3045 3087
3040 3042 3044
3092
3040 3043 3044
3046 3047 3086
3089 3090 3091
3093
3042 3081 3092
3093
3044 3047 3091
3092
3043
3046
3046 3093
3041 3045 3046
3047 3088 3093
3088
3021 3040 3041
3045 3065 3086
3087 3092
3046 3047 3088
3093
3043 3090
3040 3086
3041
3043 3046 3047
3089 3090 3092
3093
3029 3088 3094
3044 3046 3091
3092
INTERVISION
3040 3044 3047
3086
IRRADIO
3044 3046 3091
3093
ITT
3045 3087
ITV
3043 3044 3047
3089 3091
JVC
3009 3027 3045
3061 3062 3087
KAISUI
3046 3093
KARCHER
3092
KENDO
3044 3046 3088
3089 3090
KENWOOD
3045 3087
KORPEL
3046 3093
KYOTO
3046
LENCO
3089
LEYCO
3046 3093
LG
3013 3019 3040
3044 3057 3060
3076 3086 3091
LIFETEC
3029 3088 3094
LOEWE
3029
LOEWE OPTA
3041 3042 3044
3091 3092
LOGIK
3041 3046 3093
LUMATRON
3047 3089
LUXOR
3046
M ELECTRONIC 3086
MAGNUM
3094
MANESTH
3046 3093
MARANTZ
3042 3092
MARK
3047
MATSUI
3040 3041 3044
3088 3091
MEDIATOR
3092
MEDION
3029 3088 3094
M-ELECTRONIC 3040 3044
MEMOREX
3040 3044 3086
3091
MEMPHIS
3046 3093
METZ
3029 3042
MICROMAXX
3029 3088 3094
MICROSTAR
3029 3088 3094
MIGROS
3040 3086
MITSUBISHI
3086 3092
MULTITECH
3040 3043 3046
3086 3090 3092
3093
MURPHY
3040 3086
NATIONAL
3029
NEC
3045 3087
NECKERMANN 3042 3045 3087
3092
3092
NEI
3040 3046 3093
NESCO
3043 3046 3047
NIKKAI
3090
3045 3047 3087
NOKIA
3045 3087
3040 3045 3086
3087
3046 3047 3088
OKANO
3041 3064 3085
ORION
3088
3040 3086
ORSON
3040 3044 3046
OSAKI
3086 3091 3093
OTTO VERSAND 3092
3041 3042 3044
PALLADIUM
3045 3046 3087
3091 3093
3002 3007 3010
PANASONIC
3011 3016 3017
3025 3029 3033
3052 3059 3079
PATHE CINEMA 3041
PATHE MARCONI 3045 3087
3040 3086
PERDIO
3046
PHILCO
3006 3008 3014
PHILIPS
3022 3024 3026
3030 3034 3035
3042 3049 3067
3068 3069 3070
3071 3072 3077
3078 3092
3092
PHONOLA
3092
PIONEER
3043 3047 3089
PORTLAND
3090
3040 3086
PRINZ
3093
PROFEX
3040 3086
PROLINE
3040 3047 3088
PROSONIC
3006 3092
PYE
3042 3086 3092
QUELLE
3044 3046
RADIALVA
3092
RADIOLA
3045 3087
REX
3043 3046 3090
RFT
3092
3044 3046 3047
ROADSTAR
3082 3089 3091
3093
ROYAL
3046
3045 3087
SABA
3041 3088 3093
SAISHO
3000 3032 3048
SAMSUNG
3053 3055 3058
3083 3094
3045 3046 3090
SAMURAI
3087
SANSUI
3041
SANWA
3066
SANYO
3047
SAVILLE
3092
SBR
3040 3045 3086
SCHAUB LONORDMENDE
OCEANIC
- 12 -
RENZ
SCHNEIEDER
3087
3040 3044 3046
3047 3086 3088
3089 3090 3091
3092 3093
SEG
3046 3047 3093
SEI-SINUDYNE 3041 3092
SELECO
3043 3044 3045
3087
SENTRA
3043 3046 3090
SENTRON
3046 3093
SHARP
3001 3020 3054
SHINTOM
3046 3093
SHIVAKI
3044 3091
SHORAI
3041
SIEMENS
3042 3044 3091
SILVA
3044 3091
SILVER
3047
SILVERCREST 3102 3103 3104
3106
SINUDYNE
3041 3092
SOLAVOX
3090
SOLOVOX
3043
SONNECLAIR
3046
SONOKO
3047 3089
SONTEC
3044 3091
SONY
3003 3004 3005
3018 3031 3036
3051 3080 3084
SOUNDWAVE
3044
STANDARD
3047 3089
STARLITE
3044
STERN
3047
SUNKAI
3088
SUNSTAR
3040 3086
SUNTRONIC
3040 3086
SUNWOOD
3046 3093
SUPRA
3044
SYMPHONIC
3040 3046
TAISHO
3041 3088
TANDBERG
3047
TARGA
3105 3104
TASHIKO
3040 3044 3086
TATUNG
3040 3045 3082
3086 3087 3092
TCM
3029 3037 3038
3039 3088 3094
3095 3096 3097
3098 3099 3100
3101
TEAC
3040 3045 3047
TEC
3043 3046 3047
3090
TECHNICS
3029
TELEAVIA
3045 3087
TELEFUNKEN 3045 3087
TELETECH
3046 3047
TENOSAL
3046 3093
TENSAI
3040 3041 3044
3046 3086 3091
3093
TEVION
3029 3088 3094
THOMSON
3012 3045 3087
THORN
3044 3045 3087
TOKAI
3044 3045 3046
3091 3093
TONSAI
3093
TOSHIBA
3015 3023 3045
3063 3074 3085
3087 3092
TOWADA
3046 3093
TOWIKA
3046 3093
TVA
3043 3090
UHER
3044 3091
ULTRAVOX
3047
UNITED QUICK 3047 3089
STAR
UNIVERSUM
3040 3042 3044
3086 3091 3092
VIDEON
3029 3088
WELTBLICK
3091
WETBLICK
3044
YAMISHI
3046 3093
YOKAN
3046 3093
YOKO
3043 3044 3046
3090 3091 3093
ABC
ALCATEL
ARCON
AXIS
CABLETIME
4025
4023 4024
4000
4000
4001 4002 4019
4021
CLYDE CABLE- 4003
VISION
COMCRYPT
4026
CRYPTOVISION 4004
FIDELITY
4000
FILMNET
4026
FILMNET
4005 4020
CABLECRYPT
FILMNET COM- 4005
CRYPT
FINLUX
4007
FOXTEL
4028
FRANCE TELECOM 4022 4027
FREEBOX
4029
GEC
4003
GENERAL INT- 4018 4025
RUMENT
GOODING
4006
GRUNDIG
4000 4006
HIRSCHMANN 4007
ITT NOKIA
4007
JERROLD
4008 4014 4016
4018 4025
- 13 -
JVC
MACAB
MASPRO
MATSUI
MINERVA
MNET
M-NET
MOVIE TIME
MR ZAPP
MULTICHOICE
NOKIA
NOOS
PALLADIUM
PHILIPS
PIONEER
PVP STEREO
VISUAL MATRIX
SAGEM
SAT
SCIENTIFIC ATLANTA
STARCOM
TELE 1
TELEPIU
TORX
UNITED CABLE
UNIVERSUM
VIDEOWAY
VISIOPASS
WITTENBERG
DTV Setup Box
Panasonic
Satellite
AB SAT
ABSAT
AGS
AKAI
ALBA
ALDES
ALLSAT
ALLSONIC
ALLTECH
ALPHA
ALTAI
AMITRONICA
AMPERE
AMSTRAD
4006
4027
4006
4006
4006
4026
4020
4013
4027
4026
4007
4027
4006
4006 4015 4022
4027
4000 4009 4010
4016
4027
4000
4011 4012
4025
4005 4020 4026
4020 4026
4025
4016
4006 4007
4017
4007 4022 4027
4000
5001
5161
5189 5190 5199
5189
5093 5122
5051 5052 5053
5054 5081 5095
5131 5144 5190
5053 5054 5055
5126 5131
5056 5075 5093
5112 5121 5122
5054 5060 5126
5182
5147 5190
5122
5133
5190
5058 5133 5177
5057 5094 5010
5125 5129 5133
5149 5151 5155
5162 5177 5183
5190 5194 5195
5190
5054 5060 5123
5126 5182 5190
5051 5054 5121
ANTTRON
5144
5051
APOLLO
5058 5059 5076
ARCON
5153 5177
5057 5122
ARMSTRONG
5134
ASA
5093 5122
ASAT
5190
ASLF
5064 5127
AST
5154 5189
ASTACOM
5104
ASTON
5057 5061 5062
ASTRA
5063 5087 5115
5130 5138 5186
5190
5054 5055 5060
ASTRO
5067 5119 5144
5148 5180 5181
5182 5183 5186
5054 5075 5144
AUDIO TON
5193
AURORA
5017 5193
AUSTAR
5133
AVALON
5189
AXIEL
5060 5063 5071
AXIS
5132 5138 5182
5059
BARCOM
BEST
5059 5060 5182
BLAUPUNKT
5067 5119 5180
BLUE SKY
5190 5195
BOCA
5057 5087 5142
5150 5177 5190
BOSTON
5177 5189
BRAIN WAVE
5069 5128 5153
BRANDT
5099
BROADCAST
5068 5130
BROCO
5138 5190
BSKYB
5010 5162
BT
5189
BT SATELLITE 5099 5154
BUBU SAT
5190
BUSH
5052 5056 5070
5081 5095 5112
5121 5131
BVV
5153
CAMBRIDGE
5150 5183
CANAL SATELLITE 5163 5181
CANAL+
5097 5181
CHANNEL MASTER 5053 5131
CHAPARRAL
5090
CHEROKEE
5189 5199
CHESS
5103 5179 5185
5190
CITYCOM
5052 5072 5017
ANGLO
ANKARO
- 14 -
5159 5176 5186 ELSAT
ELTA
5191
CLATRONIC
5069 5128
CLEMENSEMANON
5083
KAMPHUS
EMME ESSE
CNT
5055
COLOMBIA
ENGEL
5177
COLUMBUS
EP SAT
5078
COMAG
EURIEULT
5177
COMMANDER 5123
EUROCRYPT
COMMLINK
EURODEC
5054 5126
COMTEC
EUROPA
5126 5132
COMTECH
5071
CONDOR
5060 5182 5186 EUROPHON
CONNEXIONS 5066 5133 5182 EUROSAT
CONRAD
5141 5142 5176 EUROSKY
5177 5182 5183
5186
CONRAD ELEC- 5186 5190
EUROSPACE
TRONIC
EUROSTAR
CONTEC
5071 5072 5132
EUTELSAT
5142
COSAT
EUTRA
5075
CROWN
EXATOR
5057
CYBERMAXX
FENNER
5108
DAERYUNG
5066
DAEWOO
FERGUSON
5002 5190
DANSAT
5056 5112 5121
D-BOX
5166
DDC
FIDELITY
5053 5131
DECCA
FINLANDIA
5073
DELEGA
FINLUX
5053
DEW
5071 5132
DIAMOND
FINNSAT
5074
DIGIALITY
FLAIR MATE
5186
DIGIPRO
FOXTEL
5196
DISCOVERER 5179 5185
FRACARRO
DISCOVERY
FRANCE SA5189
DISEQC
TELLITE/TV
5189
DISKXPRESS
FREECOM
5059
DISTRATEL
5195
DISTRISAT
FREESAT
5122
DITRISTRAD
FTE
5075
DNR
5153
DNT
5066 5093 5122 FTEMAXIMAL
FUBA
5133
DONG WOO
5086
DRAKE
5076
DSTV
5193
DUNE
5182
DYNASAT
FUGIONKYO
5188
ECHOSTAR
5066 5103 5133 GALAXI
5163 5165 5190 GALAXIS
5199
EINHELL
5051 5054 5057
5125 5126 5177
5183 5190
ELAP
5189 5190
GALAXISAT
ELEKTA
5055
GARDINER
- 15 -
5151 5190
5051 5060 5075
5093 5122 5182
5051
5060 5070 5083
5165 5182 5188
5190
5052
5178 5194 5195
5115
5106
5122 5123 5142
5183 5186
5177 5186
5057
5057 5060 5176
5177 5182 5183
5186
5077
5057 5167 5176
5186 5188 5191
5190
5147
5051 5054 5144
5179 5182 5185
5190
5052 5056 5070
5106 5049 5112
5121 5145
5125 5149 5183
5052 5115
5052 5061 5080
5115 5136 5141
5071 5106
5190
5017 5193 5198
5095 5165
5078
5051 5082 5180
5183
5147 5194
5058 5084 5142
5150
5182 5190
5051 5059 5060
5062 5066 5067
5078 5080 5093
5115 5133 5176
5180 5182
5196
5059
5054 5060 5063
5071 5075 5081
5101 5017 5126
5132 5138 5164
5176 5182 5193
5127
5191
GMI
GOLDBOX
GOLDSTAR
GOODING
GOODMANS
GRANADA
GRANDIN
GROTHUSEN
GRUNDIG
5057
5163 5181
5082
5184
5052 5081
5061 5115
5113 5178
5051 5082
5052 5054 5067
5070 5094 5105
5010 5029 5031
5032 5034 5043
5118 5119 5129
5156 5158 5162
5180 5183 5184
5193 5195
5121
5089 5143 5185
5177 5186
JOHANSSON
JOK
JSR
JVC
KAMM
KATHREIN
KATHREIN EUROSTAR
KEY WEST
KLAP
KONIG
5051 5069 5086 KOSMOS
5128
KR
HANURI
5055
KREISELMEYER
HASE & IGEL
5153
K-SAT
HAUPPAUGE
5025 5044
KYOSTAR
HELIOCOM
5058 5186
HELIUM
L&S ELECTRONIC
5186
HINARI
5053 5121 5131 LASAT
HIRSCHMANN 5067 5083 5030
5119 5133 5134
5135 5137 5141
5180 5182 5183 LEMON
5186 5189 5194 LENCO
HISAWA
5069 5128
HITACHI
5052 5070
HNE
5177
HOUSTION
LENG
5123
HOUSTON
LENNOX
5075
HUMAX
5100 5009 5017 LENSON
5024 5026 5229 LEXUS
HUTH
5054 5057 5068 LG
5069 5071 5075 LIFE
5083 5123 5126 LIFESAT
5128 5130 5132
5142 5177 5186
5197
HYPSON
LIFETEC
5178
ID DIGITAL
5017
IMEX
LION
5178
IMPERIAL
LORENZEN
5081 5095
INGELEN
5194
INNOVATION
5060 5089 5101 LORRAINE
LUPUS
5103 5108
INTERNATIONAL 5177
LUXOR
INTERSTAR
5196
INTERTRONIC 5057
LYONNAISE
INTERVISION
5075 5146 5186 M&B
ITT NOKIA
5052 5061 5070 M&B1
ITT/NOKIA
5115 5134 5141 MACAB
G-SAT
HANSEATIC
HANSEL &
GRETEL
HANTOR
- 16 -
5166
5069 5128
5152 5154 5189
5075
5184
5190
5067 5072 5084
5090 5093 5003
5008 5012 5021
5022 5023 5026
5119 5122 5137
5144 5148 5159
5169 5176 5180
5189 5190 5191
5199
5176
5177
5189
5186
5082 5083 5084
5137
5054 5144 5147
5067 5119 5180
5190
5051 5144 5177
5177 5182
5055 5060 5085
5086 5087 5132
5150 5176 5177
5179 5182 5186
5153
5051 5082 5088
5123 5138 5153
5176 5182 5186
5190
5069
5075
5079 5183
5122
5082
5101
5060 5089 5101
5103 5108 5143
5177 5179 5182
5185 5190
5060 5089 5101
5103 5108
5077
5123 5153 5155
5177 5186
5082
5060 5182
5061 5115 5129
5141 5166 5183
5106
5143
5185
5106
MANATA
5154 5177 5178
5189 5190
MANHATTAN
5052 5055 5070
5075 5154 5189
MARANTZ
5093
MASCOM
5055 5137
MASPRO
5052 5070 5090
5114 5119 5147
5153 5156 5180
5184 5190
MATSUI
5099 5119 5131
5154 5180 5184
5189
MAX
5186
MB
5089 5143 5185
MEDIABOX
5163 5181
MEDIAMARKT 5057
MEDIASAT
5063 5138 5163
5181 5183
MEDION
5060 5089 5101
5103 5108 5177
5182 5190
MEDISON
5190
MEGA
5093 5122
MELECTRONIC 5191
METRONIC
5051 5054 5055
5059 5113 5126
5144 5159 5178
5190 5191 5195
METZ
5067 5119 5180
MICRO
5183 5186 5190
MICRO ELECT- 5190
RONIC
MICRO TECH- 5077 5138 5190
NOLOGY
MICROMAXX
5060 5089 5101
5103 5108 5182
MICROSTAR
5060 5089 5101
5103 5108
MICROTEC
5190
MINERVA
5067 5184
MITSUBISHI
5052 5067 5099
MITSUMI
5087
MORGAN SYDNEY 5107
MORGAN‘S
5057 5087 5093
5122 5142 5150
5177 5190
MOTOROLA
5192
MULTICHOICE 5105 5193
MULTISTAR
5084 5086
MULTITEC
5103 5179
MURATTO
5065 5082 5127
MYSAT
5190
NAVEX
5069 5128
NEC
5091 5120
NETWORK
5121
NEUHAUS
5063 5075 5079
5123 5138 5142
5153 5183 5186
5190
5153 5190
5102
5197
5057 5190
5052 5061 5070
5015 5019 5033
5115 5134 5141
5166 5170 5175
NOMEX
5109
NORDMENDE
5051 5052 5053
5055 5106 5128
5131 5145
NOVA
5193
NOVIS
5069 5128
OCEANIC
5074 5077
OCTAGON
5051 5054 5071
5123 5132 5144
OKANO
5057 5083 5084
ONDIGITAL
5116 5117 5124
OPTEX
5072 5075
OPTUS
5181 5193 5197
ORBIT
5064
ORBITECH
5051 5139 5140
5142 5179 5181
5183
ORIGO
5077
OSAT
5054 5129
OTTO VERSAND 5067
PACE
5052 5056 5067
5070 5081 5094
5010 5040 5047
5112 5121 5124
5157 5162 5189
5199
PACIFIC
5074
PACKSAT
5189
PALCOM
5053 5062 5078
5079 5131
PALLADIUM
5057 5183 5184
PALSAT
5179 5183
PALTEC
5062
PANASAT
5187 5193
PANASONIC
5052 5070 5094
5010 5162
PANDA
5052 5056 5112
5115 5180 5186
PATRIOT
5177 5189
PHILIPS
5052 5070 5093
5039 5041 5116
5117 5119 5121
5122 5123 5142
5144 5154 5156
5158 5159 5163
5169 5180 5181
5184 5189 5191
PHOENIX
5071 5081 5121
5132
PHONOTREND 5052 5054 5075
NEUSAT
NEXT WAVE
NEXTWAVE
NIKKO
NOKIA
- 17 -
PIONEER
POLSAT
POLYTRON
PREDKI
PREISNER
PREMIER
PREMIERE
PRIESNER
PROFI
PROFILE
PROMAX
PROSAT
PROSONIC
PROTEK
PROVISION
PYE
QUADRAL
QUELLE
QUIERO
RADIOLA
RADIX
RAINBOW
RED STAR
REDIFFUSION
REDPOINT
REDSTAR
RFT
ROADSTAR
ROCH
ROVER
RUEFACH
SABA
SABRE
SAGEM
SAKURA
SALORA
SAMSUNG
SAT
SAT CRUISER
SAT PARTNER
5083 5126 5164
5163 5181
5106
5072
5069 5128
5133 5142 5150
5177
5181
5075 5097 5017
5163 5181
5057
5088
5189
5052
5053 5054 5081
5095 5126 5131
5146
5155
5074
5055
5184
5053 5054 5060
5126 5131 5142
5146 5154 5182
5189 5199
5067 5125 5176
5186
5106
5093 5122
5066 5011 5018
5037 5133 5147
5168 5171 5174
5194
5054 5144 5147
5182
5091
5063 5138
5060
5054 5093 5122
5123 5126 5139
5190
5178
5146 5182 5190
5088
5055 5070 5077
5095 5121 5145
5152 5153 5154
5176 5186 5189
5195
5052
5106 5160
5071 5081 5132
5061 5091 5115
5051 5006 5007
5016 5028
5053 5064 5065
5127 5149 5183
5197
5183
SAT TEAM
SATCOM
5190
5068 5089 5130
5143 5185 5186
SATEC
5070 5121 5190
SATELCO
5182
SATFORD
5068 5130
SATLINE
5146
SATMASTER
5068 5130
SATPARTNER
5051 5054 5055
5069 5082 5083
5128
SATPLUS
5179
SCHACKE
5144
SCHNEIDER
5060 5101 5103
5108 5158 5179
5189
SCHWAIGER
5072 5074 5089
5100 5102 5121
5142 5143 5177
5179 5185 5186
5195
SCS
5176
SEDEA ELECTRON 5177 5196
SEEMANN
5057 5063 5066
5138
SEG
5051 5060 5069
5089 5128 5143
5155 5182 5185
SELECO
5075 5165
SEPTIMO
5195
SERVI SAT
5178 5190
SIEMENS
5067 5119 5150
5180
SILVA
5082
SILVERCREST 5222 5223 5224
5225 5226 5227
5228 5230
SKANTIN
5190
SKARDIN
5063 5138
SKINSAT
5183
SKR
5190
SKY
5192
SKY DIGITAL
5094
SKYMASTER
5054 5089 5103
5004 5020 5126
5143 5146 5167
5179 5185 5190
SKYMAX
5093 5122
SKYSAT
5179 5183 5185
5186 5190
SKYVISION
5075
SL
5153 5177
SM ELECTRONIC 5179 5190
SMART
5176 5177 5190
5194
SONY
5094 5181
SR
5057 5087 5177
STARLAND
5103 5190
STARRING
5069 5128
- 18 -
START TRAK
STRONG
5051
5051 5054 5060
5082 5095 5182
5193 5196
STVI
5178
SUMIDA
5057
SUNNY SOUND 5182
SUNSAT
5138 5190
SUNSTAR
5057 5087 5177
5182
SUPER SAT
5188
SUPERMAX
5197
SYSTEC
5177
TANDBERG
5106
TANDY
5054
TANTEC
5052 5070 5078
5079
TARGA
5221
TATUNG
5073
TCM
5060 5089 5101
5103 5108 5205
5206 5207 5208
5209 5210 5211
5212 5213 5214
5215 5216 5217
5218 5219 5220
TECHNILAND
5068 5130
TECHNISAT
5066 5079 5000
5013 5014 5027
5111 5122 5139
5140 5172 5173
5179 5181 5183
TECHNOLOGY 5193
TECHNOSAT
5197
TECHNOWELT 5177 5186 5195
TECO
5057 5087
TELANOR
5053
TELASAT
5089 5143 5176
5185 5186
TELECIEL
5144
TELECOM
5190
TELEDIREKT
5121
TELEFUNKEN 5051 5070 5099
5154 5189
TELEKA
5054 5057 5066
5133 5137 5144
5153 5156 5183
5186
TELEMASTER 5055
TELEMAX
5085
TELESAT
5089 5143 5185
5183
TELESTAR
5079 5179 5181
5193
5167
TELETECH
5052 5107 5177
TELEVES
5183
5075
TELEWIRE
5197
TEMPO
TEVION
THOMSON
THORENS
THORN
TIOKO
TOKAI
TONNA
TPS
TRIAD
TRIASAT
TRIAX
TURNSAT
TVONICS
TWINNER
UEC
UHER
UNIDEN
UNISAT
UNITOR
UNIVERSUM
VARIOSAT
VARIOSTAT
VECTOR
VEGA
VENTANA
VESTEL
VIA DIGITAL
VIASAT
VISIONIC
VISIOSAT
VIVA
VIVANCO
VIVID
VORTEC
VTECH
V-TECH
WELA
WELLTECH
WETEKOM
WEVASAT
WEWA
WINERSAT
- 19 -
5060 5089 5101
5103 5108 5190
5052 5096 5099
5106 5035 5038
5042 5045 5046
5048 5145 5176
5181 5186 5189
5190
5074
5052 5056 5070
5072 5177
5122
5052 5068 5075
5130 5183 5190
5098
5064 5065 5082
5127
5080 5136 5183
5067 5079 5136
5176 5177 5183
5190
5190
5049
5107 5177 5178
5190
5193 5198
5179
5092 5149
5057 5071 5122
5132 5177
5059 5069
5067 5119 5134
5149 5155 5176
5180 5184 5186
5119 5180
5067
5077
5182
5093 5122
5155
5096
5199
5196
5069 5075 5103
5104 5152 5189
5190
5123
5110
5198
5051 5124
5065 5191
5064 5127 5152
5159
5142
5179
5179 5183 5185
5052
5052
5069 5128
WINTERGARTEN 5126
WISI
5052 5064 5065
5066 5067 5119
5127 5133 5142
5152 5180 5183
5186
5055
WOORISAT
5128
WORLD
5189
WORLDSAT
5182
XRYPTON
5190 5199
XSAT
5153
ZAUNKONIG
5055 5059 5060
ZEHNDER
5065 5084 5036
5127 5155 5159
5176 5182 5191
5192
ZENITH
5017
ZINWELL
5054 5144
ZODIAC
SAT/DVD
Humax
5050
SAT-DVR
BSkyB
Humax
Pace
Zehnder
5203
5200
5204
5202
Satellite Receiver
/Recorder
5005
Humax
5201
Kathrein
HP
HTS
HUGHES
HUGHES NETWORKSYSTEMS
HUMAX
HUSH
IBUYPOWER
JVC
LINKSYS
MEDIA CENTER
PC
MICROSOFT
MIND
NIVEUS MEDIA
NORTHGATE
PANASONIC
PC
PHILIPS
PROSCAN
RCA
6006
6003
6011
6000
6000
6006
6006
6003 6011
6006
6006
6006
6006
6006
6006
6009 6015
6019
6000 6011 6013
6004
6001 6004 6007
6011
6008 6009 6014
REPLAYTV
6008 6009
SONIC BLUE
6005 6006
SONY
6006
STACK 9
6006
SYSTEMAX
TAGAR SYSTEMS 6006
6016 6017 6018
TCM
6000 6005 6010
TIVO
6011
6002 6006
TOSHIBA
6006
TOUCH
6007
ULTIMATETV
6006
VIEWSONIC
6006
VOODOO
6006
ZT GROUP
Digital Network
Recorder
6012
Sony
ADCOM
AIWA
DVR
ARCAM
6006
BUSH
ABS
6006
CARRERA
ALIENWARE
CYBERPOWER 6006
DENON
6006
DELL
DUAL
6000 6004 6007 ELTA
DIRECTV
6011
EMERSON
FISHER
DISH NETWORK 6003
6003
DISHPRO
GOLDSTAR
6003
GRUNDIG
ECHOSTAR
6003
EXPRESSVU
HARMAN/KARDON
6006
HITACHI
GATEWAY
6003
INNOVIATION
GOI
6006
JVC
HEWLETT
KENWOOD
PACKARD
LG
HOWARD COM- 6006
LIFETEC
PUTERS
- 20 -
7001
7002
7008
7003
7004
7015 7019
7001
7009
7001
7005
7004
7008
7006
7001
7009
7007
7005
7004
7009
LINN
MAGNUM
MARANTZ
MATSUI
MEDION
MEMOREX
MERIDIAN
MICROMAXX
MICROMAEGA
MICROSTAR
MISSION
NAIM
ONKYO
PANASONIC
PHILIPS
PHILIPS CD-V
PIONEER
PROTON
QUAD
REALISTIC
ROTEL
SABA
SAE
SAMSUNG
SANSUI
SCHNEIDER
SILVERCREST
SONY
TANDBERG
TCM
TEAC
TECHNICS
TELEFUNKEN
TEVION
THOMSON
UNIVERSUM
VICTOR
VICTOR
RESEARCH
YAMAHA
$PSOL¿HU
Bush
Denon
Goodmans
Grundig
Kenwood
Linn
Marantz
Meridian
Micromega
Naim
Philips
7008
7009
7008 7018 7021
7008
7009
7001
7008
7009
7008
7009
7008
7008
7000
7003
7008 7016
7000
7014 7020
7008
7008
7001
7008 7022
7001
7008
7010
7008
7008
7026 7027 7028
7029
7011
7008
7009 7023 7024
7025
7012
7017
7001
7009
7001
7008
7007
7004
Pioneer
Quad
Rotel
Silvercrest
Sony
Teac
Technics
Thorens
Yamaha
8000 8004 8007
8017 8020 8025
8000
8065
8119
8001 8010 8011
8014 8044
8015 8022 8027
8002 8008 8016
8000
8003 8013 8018
8019 8021 8026
LCD TV/Radio
Tuner Combo
Philips
8090
Receiver
Pioneer
Yamaha
8043
8018
5HFHLYHU$PSOL¿HU
Yamaha
8013
Receiver/Tuner
Aiwa
8084 8112
Akai
8036
Denon
8062 8072 8073
8074 8076 8077
8078 8079 8080
8082 8083
DK Digital
8097
Eltax
8095
GoldStar
8035
Goodmans
8036
Grundig
8033 8034 8035
Harman/Kardon 8031 8033
Hitachi
8106
JVC
7013
8064 8075 8098
Kenwood
8056 8067 8109
LG
8035 8107
Marantz
8033 8034 8052
8070 8085 8086
8000
8087 8089
8006 8028 8029 Micromega
8033
Mitsubishi
8030 8062
8036
Okano
8023
8036
Onkyo
8000
8032 8088
Panasonic
8012
8061 8100 8104
8000
8105 8113
8000 8005 8009 Philips
8033 8052 8060
8024 8052
8096
Pioneer
8000
8043 8045 8047
8000
8053 8055 8066
8000
8092 8093 8110
Revox
8000
8033
- 21 -
Rotel
Samsung
Sansui
Sanyo
Sharp
Sony
TCM
Teac
Technics
Thomson
Thorens
Universum
Yamaha
8065
8103
8033
8034 8099 8108
8081
8037 8039 8040
8041 8044 8046
8058 8059 8094
8102
8114 8115 8116
8117 8118
8031
8050 8051 8061
8057 8069 8071
8033
8035 8036
8013 8038 8042
8048 8049 8054
8063 8068
Tuner
Mustek
Philips
Pioneer
Sony
Yamaha
8101
8090 8091
8092 8093
8111
8003
TV/Tuner
Philips
8091
- 22 -
- 23 -
- 24 -