Instruktionsbok PHILIPS 227E3LHSU

[. . . ] (/ ZZZSKLOLSVFRPZHOFRPH 69 %UXNVDQYLVQLQJ . XQGVHUYLFH RFK JDUDQWLIUÏJRU )HOVÜNQLQJ RFK ÏWHUNRPPDQGH IUÏJRU , QQHKÏOOVIÜUWHFNQLQJ 9LNWLJW 6ÍNHUKHWVÏWJÍUGHU RFK XQGHUKÏOO 1RWDWLRQHU $Y\WWULQJ DY SURGXNWHQ RFK IÜUSDFNQLQJVPDWHULDOHW , QVWÍOOQLQJ DY PRQLWRUQ , QVWDOODWLRQ +DQWHULQJ DY PRQLWRUQ %RUWWDJQLQJ DY EDVWVWÍOOQLQJHQ RFK EDVHQ %LOGRSWLPHULQJ 6PDUW, PDJH /LWH 6PDUW&RQWUDVW 3KLOLSV 6PDUW&RQWURO /LWH 3RZHU6HQVRU¬ 7HNQLVND VSHFLILNDWLRQHU 8SSOÜVQLQJ RFK IÜUKDQGVLQVWÍOOGD OÍJHQ (IIHNWVW\UQLQJ 5HJOHU RFK IÜUHVNULIWHU . XQGVHUYLFH RFK JDUDQWLIUÏJRU 3KLOLSV SROLF\ IÜU SL[HOGHIHNWHU SÏ SODWWD PRQLWRUHU . XQGVWÜG RFK JDUDQWLIUÏJRU )HOVÜNQLQJ RFK ÏWHUNRPPDQGH IUÏJRU )HOVÜNQLQJ 6PDUW&RQWURO /LWH )$4 $OOPÍQQD IUÏJRU 9LNWLJW 9LNWLJW 'HQQD HOHNWURQLVND EUXNVDQYLVQLQJ ÍU DYVHGG IÜU DOOD VRP DQYÍQGHU HQ 3KLOLSV PRQLWRU 7D GLJ WLG DWW OÍVD LJHQRP PDQXDOHQ LQQDQ GX DQYÍQGHU PRQLWRUQ 'HQ LQQHKÏOOHU YLNWLJW LQIRUPDWLRQ RFK QRWHULQJDU EHWUÍIIDQGH KDQWHULQJ DY GLQ PRQLWRU 3KLOLSV JDUDQWL JÍOOHU XQGHU IÜUXWVÍWWQLQJ DWW SURGXNWHQ KDU KDQWHUDWV SÏ UÍWW VÍWW IÜU GHW DYVHGGD ÍQGDPÏOHW L ÜYHUHQVVWÍPPHOVH PHG EUXNVDQYLVQLQJHQ RFK YLG XSSYLVDQGH DY RULJLQDOIDNWXUDQ HOOHU NÜSHNYLWWRW VRP YLVDU NÜSGDWXP VÍOMDUHQV QDPQ VDPW SURGXNWHQV PRGHOO RFK WLOOYHUNQLQJVQXPPHU 8WVÍWW LQWH PRQLWRUQ IÜU VWDUND YLEUDWLRQHU HOOHU VWÜWDU XQGHU GULIWHQ 6OÏ LQWH SÏ HOOHU WDSSD ELOGVNÍUPHQ XQGHU DQYÍQGQLQJ HOOHU IÜUIO\WWQLQJ 6ÍNHUKHWVÏWJÍUGHU RFK XQGHUKÏOO 9DUQLQJDU $WW DQYÍQGD DQGUD NRQWUROOHU MXVWHULQJDU HOOHU WLOOYÍJDJÏQJVVÍWW ÍQ GH VRP EHVNULYV L GHWWD GRNXPHQW NDQ OHGD WLOO DWW GX XWVÍWWV IÜU HOHNWULVND RFKHOOHU PHNDQLVND ULVNHU /ÍV RFK IÜOM GHVVD DQYLVQLQJDU QÍU GX DQVOXWHU RFK DQYÍQGHU GDWRUPRQLWRUQ $QYÍQGQLQJ 8WVÍWW LQWH ELOGVNÍUPHQ IÜU GLUHNW VROOMXV HOOHU YÍUPHNÍOORU VRP VSLVDU HWF $YOÍJVQD DOOD IÜUHPÏO VRP VNXOOH NXQQD IDOOD LQ JHQRP YHQWLODWLRQVÜSSQLQJDUQD HOOHU IÜUKLQGUD DYN\OQLQJHQ DY ELOGVNÍUPHQV HOHNWURQLN %ORFNHUD LQWH YHQWLODWLRQVÜSSQLQJDUQD L KÜOMHW 1ÍU GX VÍWWHU ELOGVNÍUPHQ SÏ SODWV VH WLOO DWW HONDEHOQ RFK HOXWWDJHW ÍU OÍWW ÏWNRPOLJD 2P GX VWÍQJHU DY ELOGVNÍUPHQ JHQRP DWW NRSSOD XU HONDEHOQ HOOHU '&NDEHOQ YÍQWD VHNXQGHU LQQDQ GX NRSSODU LQ HONDEHOQ HOOHU '&NDEHOQ $QYÍQG DOOWLG HQ JRGNÍQG HONDEHO VRP WLOOKDQGDKÏOOLWV DY 3KLOLSV 2P HONDEHOQ VDNQDV NRQWDNWD GHW ORNDOD VHUYLFHFHQWUHW 9ÍQG GLJ WLOO . XQGYÏUG NRQVXPHQWLQIRUDPWLRQVFHQWHU 8QGHUKÏOO )ÜU DWW VN\GGD GLQ PRQLWRU PRW HYHQWXHOOD VNDGRU XWVÍWW LQWH /&'SDQHOHQ IÜU ÜYHUGULYHW WU\FN 1ÍU GX IO\WWDU SÏ ELOGVNÍUPHQ WD WDJ L UDPHQ /\IW LQWH ELOGVNÍUPHQ JHQRP DWW SODFHUD KDQGHQ HOOHU ILQJUDUQD SÏ /&'SDQHOHQ . RSSOD XU ELOGVNÍUPHQ RP GX LQWH NRPPHU DWW DQYÍQGD GHQ XQGHU HQ OÍQJUH WLGVSHULRG . RSSOD XU ELOGVNÍUPHQ RP GX EHKÜYHU UHQJÜUD GHQ PHG HQ OÍWW IXNWDG WUDVD 6NÍUPHQ NDQ WRUNDV PHG HQ WRUU WUDVD QÍU GHQ ÍU DYVWÍQJG 'X VND GRFN DOGULJ DQYÍQGD RUJDQLVND OÜVQLQJVPHGHO VRP DONRKRO HOOHU DPPRQLDNEDVHUDGH ÍPQHQ IÜU DWW JÜUD UHQ ELOGVNÍUPHQ 8QGYLN HOHNWULVND VWÜWDU RFK SHUPDQHQWD VNDGRU SÏ HQKHWHQ JHQRP DWW LQWH XWVÍWWD GHQ IÜU GDPP UHJQ YDWWHQ HOOHU HQ P\FNHW IXNWLJ PLOMÜ 2P ELOGVNÍUPHQ EOLU YÏW WRUND DY GHQ PHG HQ WRUU WUDVD VÏ VQDUW VRP PÜMOLJW 2P IUÍPPDQGH ÍPQHQ HOOHU YDWWHQ WUÍQJHU LQ L ELOGVNÍUPHQ PÏVWH GX RPHGHOEDUW VWÍQJD DY GHQ RFK NRSSOD XU GHQ IUÏQ HOXWWDJHW $YOÍJVQD VHGDQ GHW IUÍPPDQGH ÍPQHW HOOHU YDWWQHW RFK VNLFND ELOGVNÍUPHQ WLOO HWW VHUYLFHFHQWHU )ÜUYDUD LQWH HOOHU DQYÍQG PRQLWRUQ SÏ SODWVHU VRP H[SRQHUDV IÜU KHWWD GLUHNW VROOMXV HOOHU H[WUHP N\OD )ÜU DWW ELOGVNÍUPHQ VND IXQJHUD VÏ EUD VRP PÜMOLJW RFK XQGHU VÏ OÏQJ WLG VRP PÜMOLJW EÜU GHQ DQYÍQGDV SÏ SODWVHU VRP VWÍPPHU PHG IÜOMDQGH WHPSHUDWXU RFK IXNWLJKHWVRPUÏGHQ 7HPSHUDWXU q& ) /XIWIXNWLJKHW q UHODWLY OXIWIXNWLJKHW 9LNWLJW 9, . 7, *7 $NWLYHUD DOOWLG HQ UÜUOLJ VNÍUPVOÍFNDUH QÍU GX OÍPQDU VNÍUPHQ XWDQ XSSVLNW $NWLYHUD DOOWLG HWW UHJHOEXQGHW VNÍUPXSSGDWHULQJVSURJUDP RP /&' ELOGVNÍUPHQ NRPPHU DWW YLVD RIÜUÍQGHUOLJW RFK VWDWLVNW LQQHKÏOO 2DYEUXWHQ YLVQLQJ DY VWLOOELOGHU HOOHU VWDWLVND ELOGHU ÜYHU HQ OÍQJUH WLG NDQ RUVDND kLQEUÍQQLQJDUy RFNVÏ NÍQGD VRP kHIWHUELOGHUy HOOHU kVSÜNELOGHUy SÏ VNÍUPHQ k, QEUÍQQLQJy kHIWHUELOGy HOOHU kVSÜNELOGy ÍU YÍONÍQGD IHQRPHQ LQRP /&'VNÍUPWHNQLN , GH IOHVWD IDOO NRPPHU kLQEUÍQQLQJDUy kHIWHUELOGHUy HOOHU kVSÜNELOGHUy DWW JUDGYLV IÜUVYLQQD PHG WLGHQ HIWHU GHW DWW VWUÜPPHQ VODJLWV DY 1RWDWLRQHU , IÜOMDQGH DYVQLWW EHVNULYV GH QRWDWLRQHU VRP DQYÍQGV L GHWWD GRNXPHQW 3ÏSHNDQGHQ )ÜUVLNWLJKHW RFK 9DUQLQJDU , KHOD GHQQD EUXNVDQYLVQLQJ NDQ WH[WVW\FNHQ ÏWIÜOMDV DY HQ LNRQ RFK YDUD VNULYQD PHG IHWVWLO HOOHU NXUVLYW 'HVVD EORFN LQQHKÏOOHU DQWHFNQLQJDU XSSPDQLQJDU WLOO IÜUVLNWLJKHW RFK YDUQLQJDU 'H DQYÍQGV SÏ IÜOMDQGH VÍWW 2EV 'HQQD LNRQ PDUNHUDU YLNWLJ LQIRUPDWLRQ RFK WLSV VRP NDQ KMÍOSD GLJ DWW DQYÍQGD GDWRUV\VWHPHW SÏ HWW EÍWWUH VÍWW )ÜUVLNWLJKHW 'HQQD LNRQ PDUNHUDU LQIRUPDWLRQ VRP WDODU RP IÜU GLJ KXU GX VND XQGYLND SRWHQWLHOOD ULVNHU IÜU PDVNLQYDUDQ HOOHU IÜUOXVW DY GDWD 9DUQLQJ 'HQQD LNRQ PDUNHUDU ULVN IÜU NURSSVVNDGD RFK LQIRUPHUDU GLJ RP KXU GX VND XQGYLND SUREOHPHW (Q GHO YDUQLQJDU NDQ YLVDV L DQQDW IRUPDW RFK VDNQD LNRQ , VÏGDQD IDOO ÍU GHQ VSHFLILND YLVQLQJHQ DY YDUQLQJHQ EHP\QGLJDG DY ODJVWLIWDQGH P\QGLJKHWHU 9DUQLQJ $OOYDUOLJ kLQEUÍQQLQJy kHIWHUELOGy HOOHU kVSÜNELOGy NRPPHU LQWH DWW IÜUVYLQQD RFK NDQ LQWH UHSDUHUDV 2YDQ QÍPQGD VNDGD WÍFNV LQWH DY JDUDQWLQ 6HUYLFH +ÜOMHW IÏU EDUD ÜSSQDV DY NYDOLILFHUDG VHUYLFHSHUVRQDO 2P EHKRY XSSVWÏU DY QÏJRQ GRNXPHQWDWLRQ IÜU UHSDUDWLRQ HOOHU LQWHJUHULQJ NRQWDNWD YÏUW ORNDOD VHUYLFHFHQWHU 6H NDSLWOHW RP kNRQVXPHQWLQIRUDPWLRQVFHQWHUy )ÜU WUDQVSRUWLQIRUPDWLRQ VH k7HNQLVND VSHFLILNDWLRQHUy /ÍPQD LQWH ELOGVNÍUPHQ L HQ ELO HOOHU EDJDJHOXFND L GLUHNW VROOMXV 2EV 9ÍQG GLJ WLOO HQ VHUYLFHWHNQLNHU RP ELOGVNÍUPHQ LQWH IXQJHUDU QRUPDOW HOOHU RP GX LQWH ÍU VÍNHU SÏ KXU GX VND JÏ YLGDUH QÍU GX KDU IÜOMW DQYÍQGDUDQYLVQLQJDUQD L GHQQD KDQGERN 9LNWLJW $Y\WWULQJ DY SURGXNWHQ RFK IÜUSDFNQLQJVPDWHULDOHW :DVWH (OHFWULFDO DQG (OHFWURQLF (TXLSPHQW :((( 'LUHNWLYHW IÜU KDQWHULQJ DY HOHNWULVNW RFK HOHNWURQLVNW DYIDOO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lOOQLQJ DY PRQLWRUQ , QVWÍOOQLQJ DY PRQLWRUQ , QVWDOODWLRQ )ÜUSDFNQLQJVLQQHKÏOO ZZZSKLOLSVFRPZHOFRPH 5HJLVWHU \RXU SURGXFW DQG JHW VXSSRUW DW , QVWDOOHUD EDVVWÍOOQLQJHQ 3ODFHUD PRQLWRUQ ULNWDG QHGÏW SÏ HQ PMXN \WD IÜU DWW XQGYLND DWW VNÍUPHQ UHSDV HOOHU VNDGDV ( 6WDUW +ÏOO PRQLWRUQV EDVVWÍOOQLQJ PHG EÏGD KÍQGHUQD RFK IÍVW GHQ L EDVSHODUHQ  )ÍVW IÜUVLNWLJW EDVHQ L EDVSHODUHQ WLOOV KDNDUQD OÏVHU IDVW EDVHQ  $QYÍQG GLQD ILQJUDU IÜU DWW GUD ÏW VNUXYHQ VRP ÍU SODFHUDG SÏ XQGHUVLGDQ DY EDVHQ RFK IÍVW IDVW EDVHQ L SHODUHQ 4XLFN /MXGNDEHO WLOOYDO 9*$ WLOOYDO '9, WLOOYDO , QVWlOOQLQJ DY PRQLWRUQ $QVOXWD WLOO 3&Q 0RGHOO (/ 0RGHOO (/3+ 6 5 4 5 9Í[HOVWUÜPLQJÏQJ 9*$LQJÏQJ '9, 'LQJÏQJ . HQVLQJWRQ DQWLVWÜOGOÏV 0RGHOO (/+ 9Í[HOVWUÜPLQJÏQJ 9*$LQJÏQJ '9, 'LQJÏQJ +'0, LQJÏQJ +'0, OMXGXWJÏQJ . HQVLQJWRQ DQWLVWÜOGOÏV 6 5 5 7 $QVOXWQLQJ WLOO GDWRU $QVOXW VWUÜPNDEHOQ RUGHQWOLJW SÏ EDNVLGDQ DY VNÍUPHQ 6 6WÍQJ DY GDWRUQ RFK ORVVD GHVV QÍWNDEHO $QVOXW PRQLWRUQV VLJQDONDEHO WLOO YLGHRNRQWDNWHQ SÏ GDWRUQV EDNVLGD $QVOXW QÍWNDEODUQD IUÏQ GDWRUQ RFK PRQLWRUQ WLOO HWW QÍUEHOÍJHW YÍJJXWDJ 9Í[HOVWUÜPLQJÏQJ 9*$LQJÏQJ '9, 'LQJÏQJ +'0, LQJÏQJ /MXGLQJÏQJ /MXGXWJÏQJ . HQVLQJWRQ DQWLVWÜOGOÏV 6OÏ SÏ GDWRUQ RFK PRQLWRUQ 2P PRQLWRUQ YLVDU HQ ELOG VÏ ÍU LQVWDOODWLRQHQ NODU , QVWlOOQLQJ DY PRQLWRUQ +DQWHULQJ DY PRQLWRUQ 0RGHOO (/+ 6OÏ SÏ HOOHU VWÍQJD DY ELOGVNÍU PHQ ÀSSQD 26'PHQ\Q ³WHUJÏ WLOO IÜUHJÏHQGH 26'QLYÏ 3URGXNWEHVNULYQLQJ IUDPVLGDQ 0RGHOO (/ -XVWHUD KÜJWDODUYRO\PHQ -XVWHUD 26'PHQ\Q %\WD NÍOOD IÜU LQJÏQJVVLJQDOHQ 6PDUW, PDJH /LWH 'HW ILQQV WUH OÍJHQ DWW YÍOMD PHOODQ 6WDQGDUG , QWHUQHW RFK *DPH VSHO 0RGHOO (/3+ 6OÏ SÏ HOOHU VWÍQJD DY ELOGVNÍU PHQ ÀSSQD 26'PHQ\Q ³WHUJÏ WLOO IÜUHJÏHQGH 26'QLYÏ %\W WLOO IRUPDW -XVWHUD 26'PHQ\Q %\WD NÍOOD IÜU LQJÏQJVVLJQDOHQ 6PDUW, PDJH /LWH 'HW ILQQV WUH OÍJHQ DWW YÍOMD PHOODQ 6WDQGDUG , QWHUQHW RFK *DPH VSHO 6OÏ SÏ HOOHU VWÍQJD DY ELOGVNÍU PHQ ÀSSQD 26'PHQ\Q ³WHUJÏ WLOO IÜUHJÏHQGH 26'QLYÏ 6WÍOO LQ VHQVRUQLYÏQ IÜU EDN JUXQGVOMXVHWV DXWRPDWLVND NRQ WUROO -XVWHUD 26'PHQ\Q %\WD NÍOOD IÜU LQJÏQJVVLJQDOHQ 6PDUW, PDJH /LWH 'HW ILQQV WUH OÍJHQ DWW YÍOMD PHOODQ 6WDQGDUG , QWHUQHW RFK *DPH VSHO , QVWlOOQLQJ DY PRQLWRUQ %HVNULYQLQJ DY ELOGVNÍUPVPHQ\Q 9DG ÍU 2Q6FUHHQ 'LVSOD\ 26'YLVQLQJ SÏ VNÍUPHQ" 26'PHQ\Q ÍU HQ IXQNWLRQ VRP ILQQV KRV DOOD 3KLOLSV /&'ELOGVNÍUPDU 0HG KMÍOS DY 26'V\VWHPHW NDQ DQYÍQGDUHQ MXVWHUD VNÍUPHJHQVNDSHUQD HOOHU YÍOMD IXQNWLRQHU KRV ELOGVNÍUPHQ GLUHNW SÏ VNÍUPHQ (Q DQYÍQGDUYÍQOLJ 26'VNÍUP YLVDV KÍU QHGDQ 0RGHOO (/ , QSXW *UXQGOÍJJDQGH RFK HQNHO LQVWUXNWLRQ DY NRQWUROONQDSSDUQD , 26'PHQ\Q VRP YLVDV NDQ G\ WU\FND SÏ NQDSSDUQD L IUDPNDQW SÏ VNÍUPHQ IÜU DWW IO\WWD PDUNÜUHQ RFK WU\FN SÏ 2. [. . . ] *6 PDUN UHTXLUHPHQW SU(1 /RZ )UHTXHQF\ (OHFWULF DQG 0DJQHWLF ILHOGV IRU 9LVXDO 'LVSOD\ 035, , 035 /RZ )UHTXHQF\ (OHFWULF DQG 0DJQHWLF ILHOGV 7&2 &(57, ), (' 5HTXLUHPHQW IRU (QYLURQPHQW /DEHOLQJ RI (UJRQRPLFV (QHUJ\ (FRORJ\ DQG (PLVVLRQ 7&2 6ZHGLVK &RQIHGHUDWLRQ RI 3URIHVVLRQDO (PSOR\HHV IRU 7&2 YHUVLRQV v v v v 5HJOHU RFK I|UHVNULIWHU (QHUJ\ 6WDU 'HFODUDWLRQ ZZZHQHUJ\VWDUJRY $V DQ (1(5*< 67$5 3DUWQHU ZH KDYH GHWHUPLQHG WKDW WKLV SURGXFW PHHWV WKH (1(5*< 67$5 JXLGHOLQHV IRU HQHUJ\ HIILFLHQF\ 1RWH :H UHFRPPHQG \RX VZLWFK RII WKH PRQLWRU ZKHQ LW LV QRW LQ XVH IRU D ORQJ WLPH )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ )&& 1RWLFH 86 2QO\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v v v 5HRULHQW RU UHORFDWH WKH UHFHLYLQJ DQWHQQD , QFUHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQG UHFHLYHU &RQQHFW WKH HTXLSPHQW LQWR DQ RXWOHW RQ D FLUFXLW GLIIHUHQW IURP WKDW WR ZKLFK WKH UHFHLYHU LV FRQQHFWHG &RQVXOW WKH GHDOHU RU DQ H[SHULHQFHG UDGLR79 WHFKQLFLDQ IRU KHOS &KDQJHV RU PRGLILFDWLRQV QRW H[SUHVVO\ DSSURYHG E\ WKH SDUW\ UHVSRQVLEOH IRU FRPSOLDQFH FRXOG YRLG WKH XVHUj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 WKLV GHYLFH PD\ QRW FDXVH KDUP IXO LQWHUIHUHQFH DQG  WKLV GHYLFH PXVW DFFHSW DQ\ LQWHUIHUHQFH UHFHLYHG LQFOXGLQJ LQWHUIHUHQFH WKDW PD\ FDXVH XQGHVLUHG RSHUDWLRQ &RPPLVVLRQ )HGHUDOH GH OD &RPPXQLFDWLRQ )&& 'HFODUDWLRQ &HW ÑTXLSHPHQW D ÑWÑ WHVWÑ HW GÑFODUÑ FRQIRUPH DX[OLPLWHV GHV DSSDUHLOV QXPÑULTXHV GH FODVV %DX[ WHUPHV GH OjDUWLFOH 'HV UÔJOHV GH OD )&& &HV OLPLWHV VRQW FRQ£XHV GH ID£RQ Î IRXULU XQH SURWHFWLRQ UDLVRQQDEOH FRQWUH OHV LQWHUIÑUHQFHV QXLVLEOHV GDQV OH FDGUH GjXQH LQVWDOODWLRQ UÑVLGHQWLHOOH &(7 DSSDUHLO SURGXLW XWLOLVH HW SHXW ÑPHWWUH GHV K\SHUIUÑTXHQFHV TXL VL OjDSSDUHLO QjHVW SDV LQVWDOOÑ HW XWLOLVÑ VHORQ OHV FRQVLJQHV GRQQÑHV SHXYHQW FDXVHU GHV LQWHUIÑUHQFHV QXLVLEOHV DX[ FRPPXQLFDWLRQV UDGLR v 5HJOHU RFK I|UHVNULIWHU &HSHQGDQW ULHQ QH SHXW JDUDQWLU OjDEVHQFH GjLQWHUIÑUHQFHV GDQV OH FDGUH GjXQH LQVWDOODWLRQ SDUWLFXOLÔUH 6L FHW DSSDUHLO HVW OD FDXVH GjLQWHUIÑUHQFHV QXLVLEOHV SRXU OD UÑFHSWLRQ GHV VLJQDX[ GH UDGLR RX GH WÑOÑYLVLRQ FH TXL SHXW ÒWUH GÑFHOÑ HQ IHUPDQW OjÑTXLSHPHQW SXLV HQ OH UHPHWWDQW HQ IRQFWLRQ OjXWLOLVDWHXU SRXUUDLW HVVD\HU GH FRUULJHU OD VLWXDWLRQ HQ SUHQDQW OHV PHVXUHV VXLYDQWHV v v v v 5ÑRULHQWHU RX GÑSODFHU O DQWHQQH GH UÑFHSWLRQ $XJPHQWHU OD GLVWDQFH HQWUH O ÑTXLSHPHQW HW OH UÑFHSWHXU %UDQFKHU O ÑTXLSHPHQW VXU XQ DXWUH FLUFXLW TXH FHOXL XWLOLVÑ SDU OH UÑFHSWHXU 'HPDQGHU O DLGH GX PDUFKDQG RX G XQ WHFKQLFLHQ FKHYURQQÑ HQ UDGLRWÑOÑYLVLRQ 7RXWHV PRGLILFDWLRQV QjD\DQW SDV UH£X OjDSSUREDWLRQ GHV VHUYLFHV FRPSÑWHQWV HQ PDWLÔUH GH FRQIRUPLWÑ HVW VXVFHSWLEOH GjLQWHUGLUH Î OjXWLOLVDWHXU OjXVDJH GX SUÑVHQW ÑTXLSHPHQW 1jXWLOLVHU TXH GHV FÌEOHV 5) DUPÑV SRXU OHV FRQQHFWLRQV DYHF GHV RUGLQDWHXUV RX SÑULSKÑULTXHV &(7 $33$5(, / 180(5, 48( '( /$ &/$66( % 5(63(&7( 7287(6 /(6 (;, *(1&(6 '8 5(*/(0(17 685 /( 0$7(5, (/ %528, //(85 '8 &$1$'$ (1 &RPSOLDQFH &]HFK 5HSXEOLF 2QO\ 3ROLVK &HQWHU IRU 7HVWLQJ DQG &HUWLILFDWLRQ 1RWLFH 7KH HTXLSPHQW VKRXOG GUDZ SRZHU IURP D VRFNHW ZLWK DQ DWWDFKHG SURWHFWLRQ FLUFXLW D WKUHHSURQJ VRFNHW $OO HTXLSPHQW WKDW ZRUNV WRJHWKHU FRPSXWHU PRQLWRU SULQWHU DQG VR RQ VKRXOG KDYH WKH VDPH SRZHU VXSSO\ VRXUFH 7KH SKDVLQJ FRQGXFWRU RI WKH URRPjV HOHFWULFDO LQVWDOODWLRQ VKRXOG KDYH D UHVHUYH VKRUWFLUFXLW SURWHFWLRQ GHYLFH LQ WKH IRUP RI D IXVH ZLWK D QRPLQDO YDOXH QR ODUJHU WKDQ DPSHUHV $ 7R FRPSOHWHO\ VZLWFK RII WKH HTXLSPHQW WKH SRZHU VXSSO\ FDEOH PXVW EH UHPRYHG IURP WKH SRZHU VXSSO\ VRFNHW ZKLFK VKRXOG EH ORFDWHG QHDU WKH HTXLSPHQW DQG HDVLO\ DFFHVVLEOH $ SURWHFWLRQ PDUN % FRQILUPV WKDW WKH HTXLSPHQW LV LQ FRPSOLDQFH ZLWK WKH SURWHFWLRQ XVDJH UHTXLUHPHQWV RI VWDQGDUGV 317 DQG 31( 5HJOHU RFK I|UHVNULIWHU 1RUWK (XURSH 1RUGLF &RXQWULHV , QIRUPDWLRQ 3ODFHULQJ9HQWLODWLRQ 9$51, 1* )À56±. 5$ ', * 20 $77 +898'%5<7$5( 2&+ 877$* ±5 /±7³7. 20/, *$ 1±5 '8 67±//(5 ', 1 8758671, 1* 3³3/$76 3ODFHULQJ9HQWLODWLRQ $'9$56(/ 65* 9(' 3/$&(5, 1*(1 )25 $7 1(7 /('1, 1*(16 67, . 2* 67, . . 217$. 7 (5 1(07 7, /*1*(/, *( 3DLNND, OPDQNLHUWR 9$52, 786 6, -2, 7$ /$, 7( 6, 7(1 (77± 9(5. . 2-2+72 92, '$$1 7$59, 77$(66$ +(/3267, , 5 5277$$ 3, 6725$6, $67$ 3ODVVHULQJ9HQWLODVMRQ $'9$56(/ 1³5 '(77( 8767<5(7 3/$66(5(6 0³ '8 3$66( 3³ $7 . 217$. 7(1( )25 6707, / )56(/ (5 /(77( ³ 1³ %60, 1RWLFH 7DLZDQ 2QO\ (UJRQRPLH +LQZHLV QXU 'HXWVFKODQG 'HU YRQ XQV JHOLHIHUWH )DUEPRQLWRU HQWVSULFKW GHQ LQ GHU 9HURUGQXQJ âEHU GHQ 6FKXW] YRU 6FKÍGHQ GXUFK 5ÜQWJHQVWUDKOHQ IHVWJHOHJWHQ 9RUVFKULIWHQ $XI GHU 5âFNZDQG GHV *HUÍWHV EHILQGHW VLFK HLQ $XINOHEHU GHU DXI GLH 8QEHGHQNOLFKNHLW GHU , QEHWULHEQDKPH KLQZHLVW GD GLH 9RUVFKULIWHQ âEHU GLH %DXDUW YRQ 6WÜUVWUDKOHUQ QDFK $QODJH , , , i $EV GHU 5ÜQWJHQYHURUGQXQJ HUIâOOW VLQG 'DPLW , KU 0RQLWRU LPPHU GHQ LQ GHU =XODVVXQJ JHIRUGHUWHQ :HUWHQ HQWVSULFKW LVW GDUDXI ]X DFKWHQ GD 5HSDUDWXUHQ QXU GXUFK )DFKSHUVRQDO GXUFKJHIâKUW ZHUGHQ QXU RULJLQDO(UVDW]WHLOH YHUZHQGHW ZHUGHQ EHL (UVDW] GHU %LOGUÜKUH QXU HLQH EDXDUWJOHLFKH HLQJHEDXW ZLUG $XV HUJRQRPLVFKHQ *UâQGHQ ZLUG HPSIRKOHQ GLH *UXQGIDUEHQ %ODX XQG 5RW QLFKW DXI GXQNOHP 8QWHUJUXQG ]X YHUZHQGHQ VFKOHFKWH /HVEDUNHLW XQG HUKÜKWH $XJHQEHODVWXQJ EHL ]X JHULQJHP =HLFKHQNRQWUDVW ZÍUHQ GLH )ROJH 'HU DUEHLWVSODW]EH]RJHQH 6FKDOOGUXFNSHJHO QDFK ', 1 EHWUÍJW G% $ RGHU ZHQLJHU $&+781* %(, 0 $8)67(//(1 ', (6(6 *(5±7(6 '$5$8) $&+7(1 '$ 1(7=67(&. (5 81' 1(7=. $%(/$16&+/8 /(, &+7 =8*±1*/, &+ 6, 1' 5HJOHU RFK I|UHVNULIWHU &KLQD 5R+6 7KH 3HRSOHjV 5HSXEOLF RI &KLQD UHOHDVHG D UHJXODWLRQ FDOOHG 0DQDJHPHQW 0HWKRGV IRU &RQWUROOLQJ 3ROOXWLRQ E\ (OHFWURQLF , QIRUPDWLRQ 3URGXFWV RU FRPPRQO\ UHIHUUHG WR DV &KLQD 5R+6 $OO SURGXFWV LQFOXGLQJ &57 DQG 0RQLWRU ZKLFK DUH SURGXFHG DQG VROG IRU &KLQD PDUNHW KDYH WR PHHW &KLQD 5R+6 UHTXHVW . XQGVHUYLFH RFK JDUDQWLIUnJRU . XQGVHUYLFH RFK JDUDQWLIUÏJRU 3KLOLSV SROLF\ IÜU SL[HOGHIHNWHU SÏ SODWWD PRQLWRUHU 3KLOLSV VWUÍYDU HIWHU DWW OHYHUHUD SURGXNWHU DY KÜJVWD NYDOLWHW 9L DQYÍQGHU QÏJUD DY LQGXVWULQV PHVW DYDQFHUDGH WLOOYHUNQLQJVSURFHVVHU RFK SUDNWLVHUDU HQ VWULNW NYDOLWHWVNRQWUROO 3L[HO HOOHU VXESL[HOGHIHNWHU SÏ GH 7)7SDQHOHU VRP DQYÍQGV SÏ SODWWD VNÍUPDU ÍU GRFN LEODQG RXQGYLNOLJD , QJHQ WLOOYHUNDUH NDQ JDUDQWHUD DWW DOOD VNÍUPDU NRPPHU DWW YDUD IULD IUÏQ SL[HOGHIHNWHU PHQ 3KLOLSV JDUDQWHUDU DWW YDUMH PRQLWRU PHG HWW RDFFHSWDEHOW DQWDO GHIHNWHU NRPPHU DWW UHSDUHUDV HOOHU E\WDV XW XQGHU JDUDQWLSHULRGHQ , GHWWD PHGGHODQGH IÜUNODUDV GH ROLND W\SHUQD DY SL[HOGHIHNWHU RFK DFFHSWDEOD GHIHNWQLYÏHU IÜU YDUMH W\S GHILQLHUDV )ÜU DWW JDUDQWLUHSDUDWLRQ HOOHU E\WH VND NRPPD L IUÏJD PÏVWH DQWDOHW SL[HOGHIHNWHU SÏ HQ 7)7VNÍUP ÜYHUVNULGD GHVVD DFFHSWDEOD QLYÏHU 7LOO H[HPSHO IÏU LQWH IOHU ÍQ DY VXESL[ODUQD SÏ HQ PRQLWRU YDUD GHIHNWD 8WÜYHU GHW VWÍOOHU 3KLOLSV ÍQQX KÜJUH NYDOLWHWVNUDY SÏ YLVVD W\SHU HOOHU NRPELQDWLRQHU DY SL[HOGHIHNWHU VRP ÍU PHUD PÍUNEDUD ÍQ DQGUD 'HQQD SROLF\ JÍOOHU ÜYHU KHOD YÍUOGHQ VXESL[ODU VXESL[ODU VXESL[ODU DY WÍQGD RFK VOÍFNWD VXESL[ODU ELOGDU WLOOVDPPDQV SL[ODU PHG DQGUD IÍUJHU 7\SHU DY SL[HOGHIHNWHU 3L[HO RFK VXESL[HOGHIHNWHU IUDPWUÍGHU SÏ VNÍUPHQ SÏ ROLND VÍWW 'HW ILQQV WYÏ NDWHJRULHU DY SL[HOGHIHNWHU RFK IOHUD W\SHU DY VXESL[HOGHIHNWHU L YDUMH NDWHJRUL )HODNWLJW OMXVD SXQNWHU /MXVD SXQNWHU XSSWUÍGHU GÏ SL[ODU HOOHU VXESL[ODU DOOWLG ÍU WÍQGD HOOHU kSÏy 'YV HQ OMXV SXQNW ÍU HQ VXESL[HO VRP IUDPWUÍGHU SÏ VNÍUPHQ QÍU ELOGVNÍUPHQ YLVDU HQ PÜUN ELOG )ÜOMDQGH W\SHU DY IHODNWLJW OMXVD SXQNWHU IÜUHNRPPHU (Q VXESL[HO VRP O\VHU UÜG JUÜQ HOOHU EOÏ 7YÏ DQJUÍQVDQGH VXESL[ODU VRP O\VHU 5ÜG %OÏ 3XUSXU 5ÜG *UÜQ *XO *UÜQ %OÏ &\DQ OMXVEOÏ SL[ODU 3L[ODU RFK VXESL[ODU (Q SL[HO HOOHU HWW ELOGHOHPHQW EHVWÏU DY WUH VXESL[ODU L GH SULPÍUD IÍUJHUQD UÜG JUÜQ RFK EOÏ 0ÏQJD SL[ODU WLOOVDPPDQV IRUPDU HQ ELOG 1ÍU DOOD VXESL[ODU L HQ SL[HO WÍQGV ELOGDU GH WUH IÍUJDGH VXESL[ODUQD WLOOVDPPDQV HQ YLW SL[HO 1ÍU DOOD ÍU VOÍFNWD ELOGDU GH WUH IÍUJDGH VXESL[ODUQD WLOOVDPPDQV HQ VYDUW SL[HO $QGUD NRPELQDWLRQHU 7UH WÍQGD DQJUÍQVDQGH VXESL[ODU JHU HQ YLW SL[HO . XQGVHUYLFH RFK JDUDQWLIUnJRU 2EV (Q UÜG HOOHU EOÏ OMXV SXQNW PÏVWH YDUD PHU ÍQ SURFHQW OMXVDUH ÍQ GH NULQJOLJJDQGH SXQNWHUQD PHGDQ HQ JUÜQ OMXV SXQNW ÍU SURFHQW OMXVDUH ÍQ SXQNWHUQD LQWLOO )HODNWLJW VYDUWD SXQNWHU 6YDUWD SXQNWHU XSSWUÍGHU GÏ SL[ODU HOOHU VXESL[ODU DOOWLG ÍU VOÍFNWD HOOHU kDYy 'YV HQ VYDUW SXQNW ÍU HQ VXESL[HO VRP IUDPWUÍGHU SÏ VNÍUPHQ QÍU ELOGVNÍUPHQ YLVDU HQ OMXV ELOG )ÜOMDQGH W\SHU DY IHODNWLJW VYDUWD SXQNWHU IÜUHNRPPHU $YVWÏQGHW PHOODQ SL[HOGHIHNWHU (IWHUVRP SL[HO RFK VXESL[HOGHIHNWHU DY VDPPD W\S VRP OLJJHU QÍUD YDUDQGUD NDQ YDUD PHUD VWÜUDQGH KDU 3KLOLSV ÍYHQ VSHFLILFHUDW WROHUDQVHU IÜU DYVWÏQGHW PHOODQ SL[HOGHIHNWHU 7ROHUDQVHU IÜU SL[HOGHIHNWHU )ÜU DWW XQGHU JDUDQWLWLGHQ YDUD EHUÍWWLJDG WLOO UHSDUDWLRQ HOOHU XWE\WH EHURHQGH SÏ SL[HOGHIHNWHU VÏ PÏVWH HQ 7)7SDQHO L HQ SODWW 3KLOLSVELOGVNÍUP KD SL[HO HOOHU VXESL[HOGHIHNWHU VRP ÜYHUVNULGHU WROHUDQVHUQD L IÜOMDQGH WDEHOOHU /-86381. 76'()(. 7(5 WÍQG VXESL[HO LQWLOOLJJDQGH WÍQGD VXESL[ODU LQWLOOLJJDQGH WÍQGD VXESL[ODU HQ YLW SL[HO $YVWÏQG PHOODQ WYÏ OMXVSXQNWVGHIHNWHU 7RWDOD DQWDOHW OMXVSXQNWVGHIHNWHU DY DOOD W\SHU 69$57381. 76'()(. 7(5 PÜUN VXESL[HO LQWLOOLJJDQGH PÜUND VXESL[ODU LQWLOOLJJDQGH PÜUND VXESL[ODU $YVWÏQG PHOODQ WYÏ VYDUWSXQNWVGHIHNWHU 7RWDOD DQWDOHW VYDUWSXQNWVGHIHNWHU DY DOOD W\SHU 727$/$ $17$/(7 381. 7'()(. 7(5 7RWDOD DQWDOHW VYDUW HOOHU OMXVSXQNWVGHIHNWHU DY DOOD W\SHU 2EV HOOHU QÍUOLJJDQGH VXESL[HOGHIHNWHU SXQNWGHIHNW $&&(37$%(/ 1, 9³ !PP $&&(37$%(/ 1, 9³ HOOHU IÍUUH HOOHU IÍUUH !PP HOOHU IÍUUH $&&(37$%(/ 1, 9³ HOOHU IÍUUH 'HQQD PRQLWRU ÍU , 62 NRPSDWLEHO , 62 (UJRQRPLVND NUDY DQDO\V RFK LV DQG WHVWPHWRGHU IÜU UHJHOHIWHUOHYQDG IÜU HOHNWURQLVND YLVXHOOD ELOGVNÍUPDU . XQGVHUYLFH RFK JDUDQWLIUnJRU . XQGVWÜG RFK JDUDQWLIUÏJRU )ÜU LQIRUPDWLRQ RP JDUDQWWÍFNQLQJ RFK \WWHUOLJDUH VXSSRUWNUDY VRP JÍOOHU IÜU GLQ UHJLRQ EHVÜN ZZZ SKLOLSVFRPVXSSRUW ZHEEVLGD IÜU GHWDOMHU 'X NDQ RFNVÏ NRQWDNWD GLQ ORNDOD 3KLOLSV NXQGWMÍQVW SÏ QXPPHU OLVWDGH QHGDQ . RQWDNWLQIRUPDWLRQ IÜU GHQ YÍVWHXURSHLVND UHJLRQHQ /DQG $6& . XQGWMÍQVWQXPPHU *HUPDQ\ 8QLWHG . LQJGRP , UHODQG 6SDLQ )LQODQG )UDQFH *UHHFH , WDO\ 1HWKHUODQGV 'HQPDUN 1RUZD\ 6ZHGHQ 3RODQG $XVWULD %HOJLXP /X[HPERXUJ 3RUWXJDO 6ZLW]HUODQG 6LHPHQV , 6 , QYHF 6FRWODQG , QYHF 6FRWODQG (DWVD 6SDLQ $QRYR $QRYR $OOPDQ +HOODV $QRYR ( &DUH $QRYR $QRYR $QRYR =ROWHU 6LHPHQV , 6 ( &DUH ( &DUH (DWVD 6SDLQ $QRYR 3ULV ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ /RFDO FDOO WDULII ¼ )UHH RI FKDUJH ¼ ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII . XQGVHUYLFH RFK JDUDQWLIUnJRU . RQWDNWLQIRUPDWLRQ IÜU &(175$/$ 2&+ À675$ (8523(, 6. $ UHJLRQHQ /DQG %HODUXV %XOJDULD &URDWLD (VWRQLD /DWYLD /LWKXDQLD 5RPDQLD 6HUELD 0RQWHQHJUR 6ORYHQLD 8NUDLQH 5XVVLD 6ORYDNLD 7XUNH\ &]HFK 5HS +XQJDU\ 6YDUVWMÍQVW 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ $6& , %$ /$1 6HUYLFH 5HQRSURP )8-, 768 k6HUYLFH1HW /9y /WG 8$% 6HUYLFHQHW %OXH 5LGJH , QWO . LP 7HF GRR 3& +DQG &RPHO 7RSD]6HUYLFH &RPSDQ\ &36 &((( 3DUWQHUV 'DWDODQ 6HUYLFH 7HFKSUR $VXSSRUW 6HUZDUH 3URIL 6HUYLFH . XQGWMÍQVWQXPPHU  IRU UHSDLU  IRU VDOHV . RQWDNWLQIRUPDWLRQ IÜU /$7, 1$0(5, . $16. $ UHJLRQHQ /DQG 6YDUVWMÍQVW %UD]LO $UJHQWLQD 9HUPRQW . XQGWMÍQVWQXPPHU . RQWDNWLQIRUPDWLRQ IÜU . LQD . LQD . XQGWMÍQVWQXPPHU . RQWDNWLQIRUPDWLRQ IÜU 125'$0(5, . $ /DQG 86$ &DQDGD 6YDUVWMÍQVW 726 6XSHUFRP $6& 7HOHSODQ 6XSHUFRP . XQGWMÍQVWQXPPHU   . XQGVHUYLFH RFK JDUDQWLIUnJRU . RQWDNWLQIRUPDWLRQ IÜU $30($ UHJLRQHQ /DQG 6YDUVWMÍQVW $6& $XVWUDOLD 1HZ =HDODQG +RQJ . RQJ 0DFDX , QGLD , QGRQHVLD 6RXWK . RUHD 0DOD\VLD 3DNLVWDQ 6LQJDSRUH 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 3&&: 7HOHVHUYLFHV 7DLZDQ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ $*26 1(7:25. 37< /7' 9LVXDO *URXS /WG 6PDUW 3L[HOV 7HFKQRORJ\ /WG 5(', 1*721 , 1', $ /7' 37 *DGLQJVDUL HOHNWURQLND 3ULPD 3&6 2QH . RUHD /WG $IWHU 0DUNHW 6ROXWLRQV &( 6GQ %KG 3KLOLSV &RQVXPHU 6HUYLFH . XQGWMÍQVWQXPPHU +RQJ . RQJ7HO 0DFDX7HO  7HO 606 3+, /, 36 WR 7HO  3KLOLSV (OHFWURQLFV 6LQJDSRUH 3WH /WG 3KLOLSV &RQVXPHU &DUH  &HQWHU )(7(&&2 7DLZDQ 7KDLODQG 6RXWK $IULFD 8QLWHG $UDE (PLUDWHV , VUDHO 9LHWQDP 3KLOLSSLQHV 6UL /DQND %DQJODGHVK 1HSDO &DPERGLD $[LV &RPSXWHU 6\VWHP &R /WG  6\OYDUD 7HFKQRORJLHV 3W\ /WG $/ 6+$+' &20387(5 //& (DVWURQLFV /7' )37 6HUYLFH , QIRUPDWLF &RPSDQ\ /WG *OHH (OHFWURQLFV , QF QR GLVWULEXWRU DQGRU VHUYLFH SURYLGHU FXUUHQWO\ 'LVWULEXWRU &RPSXWHU 6RXUFH /WG ZDUUDQW\ EX\RXW 'LVWULEXWRU 6\DNDU &R /WG ZDUUDQW\ EX\RXW 'LVWULEXWRU 1HDW 7HFKQRORJ\ 3WH /WG 6LQJDSRUH ZDUUDQW\ EX\RXW +R &KL 0LQK &LW\ 'DQDQJ &LW\ &DQ WKR 3URYLQFH  WR  WR )HOV|NQLQJ RFK nWHUNRPPDQGH IUnJRU )HOVÜNQLQJ RFK ÏWHUNRPPDQGH IUÏJRU )HOVÜNQLQJ 'HQ KÍU VLGDQ EHKDQGODU SUREOHP VRP NDQ ÏWJÍUGDV DY DQYÍQGDUHQ 2P SUREOHPHQ NYDUVWÏU QÍU GHVVD OÜVQLQJDU SUÜYDWV NRQWDNWD HQ UHSUHVHQWDQW KRV 3KLOLSV NXQGVHUYLFH 9DQOLJD SUREOHP , QJHQ ELOG VWUÜPO\VGLRGHQ ÍU LQWH WÍQG v v . RQWUROOHUD DWW QÍWVODGGHQ ÍU DQVOXWHQ WLOO YÍJJXWWDJHW RFK ELOGVNÍUPHQ 6H IÜUVW WLOO DWW VWUÜPEU\WDUHQ SÏ ELOGVNÍUPHQV IUDPVLGD ÍU L OÍJH 2)) $9 7U\FN GHQ VHGDQ WLOO OÍJH 21 3³ )ÜUVÍNUD GLJ RP DWW GDWRUQ ÍU DYVWÍQJG . RQWUROOHUD DWW VLJQDONDEHOQ ÍU RUGHQWOLJW DQVOXWHQ WLOO GDWRUQ 6H WLOO DWW LQJHW DY VWLIWHQ L DQVOXWQLQJVÍQGHQ DY ELOGVNÍUPVNDEHOQ ÍU EÜMGD 2P GH ÍU GHW UHSDUHUD HOOHU E\W XW NDEHOQ (QHUJLVSDUIXQNWLRQHQ NDQVNH ÍU DNWLYHUDG WLOOIUHGVVWÍOODQGH NDQ GX PDQXHOOW MXVWHUD YLD 26'PHQ\Q 2EV $XWRIXQNWLRQHQ ÍU LQWH WLOOÍPSOLJ L '9, GLJLWDOW OÍJH GÏ GHQ LQWH EHKÜYV 6\QOLJD WHFNHQ SÏ UÜN HOOHU JQLVWRU v v v *ÜU LQJHQ IHOVÜNQLQJ . RSSOD RPHGHOEDUW XU PRQLWRUQ IUÏQ HOXWWDJHW DY VÍNHUKHWVVNÍO . RQWDNWD RPHGHOEDUW 3KLOLSV NXQGVHUYLFHUHSUHVHQWDQW %LOGSUREOHP %LOGHQ ÍU LQWH FHQWUHUDG v -XVWHUD ELOGHQV SRVLWLRQ PHG KMÍOS DY k$XWRyIXQNWLRQHQ L ELOGVNÍUPVPHQ\QV 0DLQ &RQWUROV KXYXGNRQWUROOHU -XVWHUD ELOGHQV SRVLWLRQ PHG KMÍOS DY 3KDVH &ORFN )DVNORFND L 6HWXS , QVWÍOOQLQJDU L ELOGVNÍUPVPHQ\QV +XYXGNRQWUROOHU 'HW JÍOOHU HQGDVW L 9*$OÍJH , QJHQ ELOG VWUÜPO\VGLRGHQ O\VHU YLWW v v v v %LOGHQ YLEUHUDU SÏ ELOGVNÍUPHQ v . RQWUROOHUD DWW VLJQDONDEHOQ ÍU RUGHQWOLJW DQVOXWHQ WLOO GDWRUQV JUDILNNRUW 9HUWLNDOW IOLPPHU IÜUHNRPPHU v %LOGVNÍUPHQ YLVDU PHGGHODQGHW $WWHQWLRQ &KHFN FDEOH FRQQHFWLRQ v -XVWHUD ELOGHQ PHG KMÍOS DY k$XWRy IXQNWLRQHQ L ELOGVNÍUPVPHQ\QV 0DLQ &RQWUROV KXYXGNRQWUROOHU 7D ERUW GH YHUWLNDOD VWDSODUQD PHG KMÍOS DY 3KDVH &ORFN )DVNORFND L 6HWXS , QVWÍOOQLQJDU L ELOGVNÍUPVPHQ\QV +XYXGNRQWUROOHU 'HW JÍOOHU HQGDVW L 9*$ OÍJH v . RQWUROOHUD DWW ELOGVNÍUPVNDEHOQ ÍU RUGHQWOLJW DQVOXWHQ WLOO GDWRUQ 6H RFNVÏ VQDEELQVWÍOOQLQJVJXLGHQ 6H HIWHU RP GHW ILQQV EÜMGD VWLIW L ELOGVNÍUPVNDEHOQ )ÜUVÍNUD GLJ RP DWW GDWRUQ ÍU DYVWÍQJG $XWRIXQNWLRQHQ ÍU HQGDVW WLOOÍPSOLJ L 9*$DQDORJW OÍJH 2P UHVXOWDWHW LQWH ÍU v v v v +RULVRQWHOOW IOLPPHU IÜUHNRPPHU $872NQDSSHQ IXQJHUDU LQWH )HOV|NQLQJ RFK nWHUNRPPDQGH IUnJRU v -XVWHUD ELOGHQ PHG KMÍOS DY k$XWRy IXQNWLRQHQ L ELOGVNÍUPVPHQ\QV 0DLQ &RQWUROV KXYXGNRQWUROOHU 7D ERUW GH YHUWLNDOD VWDSODUQD PHG KMÍOS DY 3KDVH &ORFN )DVNORFND L 6HWXS , QVWÍOOQLQJDU L ELOGVNÍUPVPHQ\QV +XYXGNRQWUROOHU 'HW JÍOOHU HQGDVW L 9*$ OÍJH k6WUÜPO\VGLRGHQy O\VHU VÏ VWDUNW DWW GHW ÍU LUULWHUDQGH v -XVWHUD kVWUÜPO\VGLRGHQVy VW\UND L VWUÜPO\VGLRGHQV LQVWÍOOQLQJDU XQGHU ELOGVNÍUPVPHQ\QV KXYXGNRQWUROOHU v )ÜU \WWHUOLJDUH KMÍOS VH OLVWDQ ÜYHU NRQVXPHQWLQIRUPDWLRQVFHQWHU RFK NRQWDNWD HQ UHSUHVHQWDQW YLG 3KLOLSV NXQGVHUYLFH %LOGHQ ÍU VXGGLJ RVNDUS HOOHU IÜU PÜUN v -XVWHUD NRQWUDVW RFK OMXVVW\UND L ELOGVNÍUPVPHQ\Q (Q kHIWHUELOGykLQEUÍQG ELOGy HOOHU kVSÜNELOGy OLJJHU NYDU QÍU VWUÜPPHQ VODJLWV DY v 2DYEUXWHQ YLVQLQJ DY VWLOOELOGHU HOOHU VWDWLVND ELOGHU ÜYHU HQ OÍQJUH WLG NDQ RUVDND kLQEUÍQQLQJDUy RFNVÏ NÍQGD VRP kHIWHUELOGHUy HOOHU kVSÜNELOGHUy SÏ VNÍUPHQ k, QEUÍQQLQJy kHIWHUELOGy HOOHU kVSÜNELOGy ÍU YÍONÍQGD IHQRPHQ LQRP /&'VNÍUPWHNQLN , GH IOHVWD IDOO NRPPHU kLQEUÍQQLQJDUy kHIWHUELOGHUy HOOHU kVSÜNELOGHUy DWW JUDGYLV IÜUVYLQQD PHG WLGHQ HIWHU GHW DWW VWUÜPPHQ VODJLWV DY $NWLYHUD DOOWLG HQ UÜUOLJ VNÍUPVOÍFNDUH QÍU GX OÍPQDU VNÍUPHQ XWDQ XSSVLNW $NWLYHUD DOOWLG HWW UHJHOEXQGHW VNÍUPXSSGDWHULQJVSURJUDP RP /&' ELOGVNÍUPHQ NRPPHU DWW YLVD RIÜUÍQGHUOLJW RFK VWDWLVNW LQQHKÏOO $OOYDUOLJ kLQEUÍQQLQJy kHIWHUELOGy HOOHU kVSÜNELOGy NRPPHU LQWH DWW IÜUVYLQQD RFK NDQ LQWH UHSDUHUDV 2YDQ QÍPQGD VNDGD WÍFNV LQWH DY JDUDQWLQ 6WÍOO LQ GDWRUQV XSSOÜVQLQJ WLOO VDPPD OÍJH VRP ELOGVNÍUPHQV UHNRPPHQGHUDGH QDWXUOLJD XSSOÜVQLQJ 6PDUW&RQWURO /LWH )$4 4 1ÍU MDJ E\WWH XW ELOGVNÍUPHQ PRW HQ DQQDQ EOHY 6PDUW&RQWURO /LWH RDQYÍQGEDUW9DG VND MDJ JÜUD" 6YDU 6WDUWD RP GDWRUQ RFK VH RP 6PDUW&RQWURO /LWH IXQJHUDU $QQDUV PÏVWH GX WD ERUW RFK RPLQVWDOOHUD 6PDUW&RQWURO /LWH IÜU DWW VH WLOO DWW UÍWW GULYUXWLQ LQVWDOOHUDWV 4 6PDUW&RQWURO /LWHIXQNWLRQHUQD IXQJHUDGH EUD WLGLJDUH PHQ QX IXQJHUDU GH LQWH OÍQJUH9DG NDQ MDJ JÜUD" 6YDU 2P IÜOMDQGH ÏWJÍUGHU XWIÜUGHV NDQVNH ELOGVNÍUPHQV GULYUXWLQ PÏVWH RPLQVWDOOHUDV v %\W YLGHRJUDILNDGDSWHU v v v v v 8SSGDWHUD YLGHRGULYUXWLQHQ $NWLYLWHWHU SÏ RSHUDWLYV\VWHPHW WH[ VHUYLFH SDFN HOOHU SDWFK . ÜU :LQGRZV 8SSGDWHULQJ RFK XSSGDWHUDG ELOGVNÍUPV RFKHOOHU YLGHRGULYUXWLQ :LQGRZV VWDUWDGHV PHG ELOGVNÍUPHQ DY HOOHU IUÏQNRSSODG 7D UHGD SÏ VYDUHW JHQRP DWW KÜJHUNOLFND SÏ 0\ &RPSXWHU 0LQ GDWRU RFK VHGDQ NOLFND SÏ 3URSHUWLHV (JHQVNDSHU !'HYLFH 0DQDJHU (QKHWVKDQWHUDUHQ 2P k3OXJ DQG 3OD\ 0RQLWRUy 3OXJ DQG 3OD\ELOGVNÍUP YLVDV XQGHU 0RQLWRU ELOGVNÍUP NUÍYV RPLQVWDOODWLRQ $YLQVWDOOHUD 6PDUW&RQWURO /LWH RFK LQVWDOOHUD RP GHW v v v %LOGHQ ÍU IÜUYUÍQJG7H[WHQ ÍU VXGGLJ v *UÜQD UÜGD EOÏD PÜUND RFK YLWD SULFNDU V\QV SÏ ELOGVNÍUPHQ v 'H NYDUYDUDQGH SULFNDUQD ÍU HQ YDQOLJ HJHQVNDS KRV GH IO\WDQGH NULVWDOOHU VRP DQYÍQGV L GDJHQV WHNQLN 6H SL[HOSROLF\Q IÜU PHU GHWDOMHUDG LQIRUPDWLRQ v )HOV|NQLQJ RFK nWHUNRPPDQGH IUnJRU 4 1ÍU MDJ NOLFNDU SÏ 6PDUW&RQWURO /LWH IOLNHQ HIWHU LQVWDOODWLRQ DY 6PDUW&RQWURO /LWH YLVDV LQJHW HIWHU HWW WDJ HOOHU VÏ YLVDV HWW IHOPHGGHODQGH9DG KDU KÍQW" 6YDU . DQVNH JUDILNDGDSWHUQ ÍU LQNRPSDWLEHO PHG 6PDUW&RQWURO /LWH 2P JUDILNDGDSWHUQ NRPPHU IUÏQ HWW DY GH RYDQVWÏHQGH PÍUNHQD IÜUVÜN DWW ODGGD QHG GHQ VHQDVWH GULYUXWLQHQ IÜU JUDILNDGDSWHUQ IUÏQ IÜUHWDJHWV ZHEESODWV , QVWDOOHUD GULYUXWLQHQ 7D ERUW 6PDUW&RQWURO /LWH RFK RPLQVWDOOHUD GHW 2P GHW IRUWIDUDQGH LQWH IXQJHUDU VWÜGV W\YÍUU LQWH JUDILNDGDSWHUQ %HVÜN 3KLOLSV ZHEEVLGD RFK NRQWUROOHUD RP GHW ILQQV HQ XSSGDWHULQJ DY 6PDUW&RQWURO /LWH GULYUXWLQHQ WLOOJÍQJOLJ 4 1ÍU MDJ NOLFNDU SÏ 3URGXFW , QIRUPDWLRQ 3URGXNWLQIRUPDWLRQ YLVDV EDUD HQ GHO LQIRUPDWLRQ9DG KDU KÍQW" 6YDU . DQVNH GULYUXWLQHQ IÜU JUDILNNRUWHWV DGDSWHU LQWH ÍU GHQ VHQDVWH YHUVLRQHQ VRP JHU IXOOW VWÜG IÜU ''&&, JUÍQVVQLWWHW )ÜUVÜN DWW ODGGD QHG GHQ VHQDVWH GULYUXWLQHQ IÜU JUDILNNRUWHW IUÏQ IÜUHWDJHWV ZHEESODWV , QVWDOOHUD GULYUXWLQHQ 7D ERUW 6PDUW&RQWURO /LWH RFK LQVWDOOHUD RP GHW HQ JÏQJ WLOO $WWHQWLRQ IÜU HQ QRPLQHOO DYJLIW QÍU ÍJDQGHVNDS EHNUÍIWDWV /ÍJJ PÍUNH WLOO DWW GHQQD DNWLYLWHW LQWH WÍFNV DY GH VWDQGDUGPÍVVLJD JDUDQWLYLOONRUHQ $OOPÍQQD IUÏJRU 4 9DG VND MDJ JÜUD RP PHGGHODQGHW k&DQQRW GLVSOD\ WKLV YLGHR PRGHy . DQ LQWH YLVD GHW KÍU YLGHROÍJHW YLVDV YLG LQVWDOODWLRQ DY ELOGVNÍUPHQ" 6YDU 5HNRPPHQGHUDG XSSOÜVQLQJ IÜU GHQ KÍU ELOGVNÍUPHQ [ YLG +] v . RSSOD LIUÏQ DOOD NDEODU RFK DQVOXW VHGDQ GDWRUQ WLOO GHQ WLGLJDUH DQYÍQGD ELOGVNÍUPHQ v , :LQGRZV 6WDUW 0HQX :LQGRZV VWDUWPHQ\ YÍOM 6HWWLQJV&RQWURO 3DQHO , QVWÍOOQLQJDU. RQWUROOSDQHO , &RQWURO 3DQHO :LQGRZ NRQWUROOSDQHOHQ YÍOM 'LVSOD\ ELOGVNÍUPVLNRQHQ , 'LVSOD\ &RQWURO 3DQHO ELOGVNÍUPHQV NRQWUROOSDQHO YÍOM IOLNHQ k6HWWLQJVy , QVWÍOOQLQJDU , LQVWÍOOQLQJVIOLNHQ L ER[HQ PÍUNW kGHVNWRS DUHDy VNULYERUGVRPUÏGH IO\WWD VNMXWUHJODJHW WLOO [ ELOGSXQNWHU ÀSSQD k$GYDQFHG 3URSHUWLHVy $YDQFHUDGH HJHQVNDSHU RFK VWÍOO LQ XSSGDWHULQJVIUHNYHQVHQ WLOO +] RFK NOLFND VHGDQ SÏ 2. 6WDUWD RP GDWRUQ RFK XSSUHSD VWHJ RFK IÜU DWW EHNUÍIWD DWW GDWRUQ ÍU LQVWÍOOG SÏ [ YLG +] 6WÍQJ DY GDWRUQ NRSSOD LIUÏQ GHQ JDPOD ELOGVNÍUPHQ RFK ÏWHUDQVOXW GLQ 3KLOLSV /&' ELOGVNÍUP 6WDUWD ELOGVNÍUPHQ RFK VWDUWD VHGDQ GDWRUQ v 7KHIW PRGH HQDEOHG v 4 -DJ KDU JOÜPW 3, 1QXPUHW IÜU GHQ 7KHIW 'HWHUUHQFH VWÜOGIÜUHE\JJDQGH IXQNWLRQHQ9DG NDQ MDJ JÜUD" 6YDU 3KLOLSV VHUYLFHFHQWHU KDU UÍWW DWW EH RP JLOWLJ OHJLWLPDWLRQ RFK DXNWRULVDWLRQ IÜU DWW NXQQD IDVWVWÍOOD ÍJDUVNDS DY ELOGVNÍUPHQ 1RWHUD DWW DQWLVWÜOGIXQNWLRQHQ HUEMXGV VRP HWW EHNYÍPW JUDWLVDOWHUQDWLY +HOD DQVYDUHW IÜU KDQWHULQJ DY 3, 1 QXPPHU OLJJHU KRV GHQ LQGLYLGXHOOD DQYÍQGDUH HOOHU GHW IÜUHWDJ VRP VWÍOOHU LQ GHW 2P 3, 1QXPUHW JOÜPV ERUW NDQ 3KLOLSV VHUYLFHFHQWHU ÏWHUVWÍOOD GHW v v 4 9DG ÍU GHQ UHNRPPHQGHUDGH XSSGDWHULQJVIUHNYHQVHQ IÜU /&' ELOGVNÍUPHQ" 6YDU 'HQ UHNRPPHQGHUDGH XSSGDWHULQJVIUHNYHQVHQ IÜU /&' ELOGVNÍUPDU ÍU +] 2P VWÜUQLQJDU IÜUHNRPPHU SÏ VNÍUPHQ VWÍOO RP LQVWÍOOQLQJHQ WLOO +] IÜU DWW VH RP GHW IÏU VWÜUQLQJDUQD DWW IÜUVYLQQD )HOV|NQLQJ RFK nWHUNRPPDQGH IUnJRU 4 9DG ÍU LQI RFK LFPILOHUQD SÏ FGURP VNLYDQ" +XU LQVWDOOHUDU MDJ GULYUXWLQHUQD LQI DQG LFP" 6YDU 'HWWD ÍU ELOGVNÍUPHQV GULYUXWLQHU )ÜOM LQVWUXNWLRQHUQD SÏ ELOGVNÍUPHQ IÜU LQVWDOODWLRQ DY GULYUXWLQHUQD 'DWRUQ NDQ NRPPD DWW IUÏJD HIWHU GULYUXWLQHUQD LQI RFK LFPILOHU HOOHU HQ GULYUXWLQVVNLYD QÍU ELOGVNÍUPHQ IÜUVW LQVWDOOHUDV )ÜOM LQVWUXNWLRQHUQD IÜU LVÍWWQLQJ DY IÜUSDFNQLQJHQV PHGIÜOMDQGH FGURP VNLYD 'ULYUXWLQHU IÜU ELOGVNÍUPHQ LQI RFK LFPILOHU LQVWDOOHUDV DXWRPDWLVNW 4 +XU MXVWHUDU MDJ XSSOÜVQLQJHQ" 6YDU 9LGHRNRUWHWGHQ JUDILVND GULYUXWLQHQ RFK ELOGVNÍUPHQ DYJÜU WLOOVDPPDQV GH WLOOJÍQJOLJD XSSOÜVQLQJDUQD ÀQVNDG XSSOÜVQLQJ NDQ YÍOMDV XQGHU :LQGRZV NRQWUROOSDQHO PHG 'LVSOD\ SURSHUWLHV (JHQVNDSHU IÜU ELOGVNÍUP 4 9DG KÍQGHU RP MDJ WDSSDU ERUW PLJ QÍU MDJ JÜU ELOGVNÍUPVMXVWHULQJDU YLD 26' PHQ\Q" 6YDU 7U\FN SÏ 2. RFK YÍOM VHGDQ j5HVHW ³WHUVWÍOOj IÜU DWW ÏWHUVWÍOOD GH XUVSUXQJOLJD IDEULNVLQVWÍOOQLQJDUQD 4 ±U /&'VNÍUPHQ PRWVWÏQGVNUDIWLJ PRW UHSRU" 6YDU *HQHUHOOW VHWW UHNRPPHQGHUDV GHW DWW ELOGVNÍUPHQ LQWH XWVÍWWV IÜU ÜYHUGULYQD VWÜWDU RFK DWW GHQ VN\GGDV IUÏQ VSHWVLJD HOOHU WUXEELJD IÜUHPÏO 9LG KDQWHULQJ DY ELOGVNÍUPHQ YDU QRJD PHG DWW LQWH XWVÍWWD SDQHOHQ IÜU WU\FN HOOHU YÏOG 'HW NDQ SÏYHUND JDUDQWLYLOONRUHQ 4 +XU UHQJÜU MDJ /&'\WDQ" 6YDU $QYÍQG HQ UHQ PMXN WUDVD YLG QRUPDO UHQJÜULQJ )ÜU QRJJUDQQ UHQJÜULQJ DQYÍQG LVRSURS\ODONRKRO $QYÍQG LQJD DQGUD OÜVQLQJVPHGHO WH[ HW\ODONRKRO HWDQRO DFHWRQ KH[DQ RVY 4 . DQ MDJ ÍQGUD SÏ ELOGVNÍUPHQV IÍUJLQVWÍOOQLQJDU" 6YDU -D GX NDQ ÍQGUD SÏ IÍUJLQVWÍOOQLQJDUQD YLD ELOGVNÍUPVPHQ\Q JHQRP IÜOMDQGH SURFHGXU v 7U\FN SÏ k2. y NQDSSHQ IÜU DWW YLVD 26' PHQ\Q 2Q 6FUHHQ 'LVSOD\YLVQLQJ SÏ VNÍUPHQ v 7U\FN SÏ k'RZQ $UURZy 3LO QHG IÜU DWW YÍOMD DOWHUQDWLYHW k&RORUy )ÍUJ WU\FN VHGDQ SÏ k2. y IÜU DWW JÏ LQ L IÍUJLQVWÍOOQLQJHQ 'HW ILQQV WUH LQVWÍOOQLQJDU HQOLJW QHGDQ &RORU 7HPSHUDWXUH )ÍUJWHPSHUDWXU 9LG LQVWÍOOQLQJDU L . RPUÏGHW YHUNDU SDQHOHQ kYDUPy PHG HQ UÜGYLW IÍUJWRQ PHGDQ . [. . . ] ÍU YLWD 4 . DQ ELOGVNÍUPHQ DQVOXWDV WLOO YLONHQ GDWRU DUEHWVVWDWLRQ HOOHU 0DF VRP KHOVW" 6YDU -D $OOD 3KLOLSV /&'ELOGVNÍUPDU ÍU IXOOW NRPSDWLEOD PHG VWDQGDUGGDWRUHU 0DF RFK DUEHWVVWDWLRQHU (Q NDEHODGDSWHU NDQVNH EHKÜYV IÜU DQVOXWQLQJ DY ELOGVNÍUPHQ WLOO HWW 0DFV\VWHP . RQWDNWD HQ 3KLOLSVÏWHUIÜUVÍOMDUH IÜU \WWHUOLJDUH LQIRUPDWLRQ )HOV|NQLQJ RFK nWHUNRPPDQGH IUnJRU 4 ±U 3KLOLSV /&'ELOGVNÍUPDU SOXJ DQG SOD\" 6YDU -D ELOGVNÍUPDUQD ÍU SOXJ DQG SOD\ NRPSDWLEOD PHG :LQGRZV 9LVWD;317 0DF 26; RFK /LQX[ 4 9DG LQQHEÍU IDVWEUÍQG ELOG IRVIRULQEUÍQQLQJ HIWHUELOG HOOHU VSÜNELOG SÏ HQ /&'SDQHO" 6YDU 2DYEUXWHQ YLVQLQJ DY VWLOOELOGHU ÜYHU HQ OÍQJUH SHULRG NDQ RUVDND kLQEUÍQQLQJy kHIWHUELOGy HOOHU kVSÜNELOGy SÏ ELOGVNÍUPHQ k, QEUÍQQLQJy kHIWHUELOGy HOOHU kVSÜNELOGy ÍU YÍONÍQGD IHQRPHQ LQRP /&'VNÍUPWHNQLN , GH IOHVWD IDOO NRPPHU kLQEUÍQQLQJDUy kHIWHUELOGHUy HOOHU kVSÜNELOGHUy DWW JUDGYLV IÜUVYLQQD PHG WLGHQ HIWHU GHW DWW VWUÜPPHQ VODJLWV DY $NWLYHUD DOOWLG HQ UÜUOLJ VNÍUPVOÍFNDUH QÍU GX OÍPQDU VNÍUPHQ XWDQ XSSVLNW $NWLYHUD DOOWLG HWW UHJHOEXQGHW VNÍUPXSSGDWHULQJVSURJUDP RP /&'ELOGVNÍUPHQ NRPPHU DWW YLVD RIÜUÍQGHUOLJW RFK VWDWLVNW LQQHKÏOO 9DUQLQJ $OOYDUOLJ kLQEUÍQQLQJy kHIWHUELOGy HOOHU yVSÜNELOGy NRPPHU LQWH DWW IÜUVYLQQD RFK NDQ LQWH UHSDUHUDV 2YDQ QÍPQGD VNDGD WÍFNV LQWH DY JDUDQWLQ 4 9DUIÜU YLVDU LQWH ELOGVNÍUPHQ VNDUS WH[W RFK YDUIÜU YLVDU GHQ WHFNHQ PHG WDJJLJD NDQWHU" 6YDU 'LQ /&'ELOGVNÍUP IXQJHUDU EÍVW YLG GHVV ÍNWD XSSOÜVQLQJ SÏ [ YLG +] )ÜU EÍVWD YLVQLQJ DQYÍQG GHQQD XSSOÜVQLQJ ¨ . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19$OOD UÍWWLJKHWHU UHVHUYHUDGH 3KLOLSV RFK 3KLOLSV 6KLHOG (PEOHP ÍU UHJLVWUHUDGH YDUXPÍUNHQ WLOOKÜUDQGH . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 RFK GH DQYÍQGV XQGHU OLYHQV IUÏQ . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 6SHFLILNDWLRQHU NDQ NRPPD DWW ÍQGUDV XWDQ YLGDUH PHGGHODQGH 9HUVLRQ 0(7 [. . . ]