1. Home
  2. Neff
  3. Neff T48BD1AN0/07 User Manual

Neff T48BD1AN0/07 N 70 Venting cooktop

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Other Documents
Main documentSpecificationQuestions and answersRelateds Products
T48BD1AN0/07 photo

User Manual

This is the main product document for model T48BD1AN0/07.

The file format is pdf, 32 pages, you can download this manual here .

background
*9001347343*  

Ú ,QVWDOODWLRQLQVWUXFWLRQV
× 0RQWHULQJVYHMOHGQLQJ
Ý $VHQQXVRKMH
ê 0RQWHULQJVYHLOHGQLQJ
ó 0RQWHULQJVDQYLVQLQJ
background

background

%













&
PLQ
PLQ
background

$ PLQ

$
$


PLQ
D E
background

F
background

G

D
PP

background

E
PP


background

F
FOLFN
background

7

background

background

991a
99/1a91a
991a
*
<
%.
%1
*1<(
%8
/
1
/
/
1
1
%.
*
<
%1
*1<(
/
/
/
1
%8
%.
*
<
%1
*1<(
/
/
1
%8
background

D
E
%
% %!
F
background


background

D

E F
background


991a
%1
%.
%8
*<
*1<(
99/1a
91a
%1
%.
%8
*<
*1<(
991a
%1
%.
%8
*<
*1<(
*1<(
%8
%.
%1
*<
991a
%1
%.
%8
*<
*1<(
*1<(
%8
%.
%1
*<
991a
%1
%.
%8
*<
*1<(
*1<(
%8
%.
*<
%1
%1
%.
%8
*<
*1<(
91a
background

en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
:HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
7KHPDQXIDFWXUHUVKDOODVVXPHQROLDELOLW\IRUPDOIXQFWLRQVRU
GDPDJHUHVXOWLQJIURPLQFRUUHFWHOHFWULFDOZLULQJ
3RZHUFDEOH7KLVPD\DOUHDG\EHFRQQHFWHGWRWKH
FRQQHFWLRQER[RQWKHKRERULVVXSSOLHGZLWKWKHDSSOLDQFH
,WPXVWRQO\EHLQVWDOOHGE\DQDXWKRULVHGH[SHUWRUE\DTXDOLILHG
PHPEHURIWKHDIWHUVDOHVVHUYLFHWHDP7KHUHTXLUHGFRQQHFWLRQ
GDWD FDQ EH IRXQG RQ WKH W\SH SODWH DQG LQ WKH FRQQHFWLRQ GLDJUDP
8VHRQO\WKHFDEOHWKDWLVVXSSOLHGZLWKWKHDSSOLDQFHRULV
SURYLGHGE\WHFKQLFDODIWHUVDOHVVHUYLFH
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
)RU WKH LQVWDOODWLRQ REVHUYH WKH FXUUHQWO\ YDOLG EXLOGLQJ UHJXODWLRQV
DQGWKHUHJXODWLRQVRIWKHORFDOHOHFWULFLW\DQGJDVVXSSOLHUV
:KHQ FRQYH\LQJ WKH H[KDXVW DLU RIILFLDO DQG OHJDO UHJXODWLRQV HJ
VWDWHEXLOGLQJUHJXODWLRQVPXVWEHIROORZHG
'DQJHURIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVWKDWDUHGUDZQEDFNLQ
$OZD\VHQVXUHDGHTXDWHIUHVKDLULQWKHURRPLIWKHDSSOLDQFHLV
EHLQJRSHUDWHGLQH[KDXVWDLUPRGHDWWKHVDPHWLPHDVURRPDLU
GHSHQGHQWKHDWSURGXFLQJDSSOLDQFHLVEHLQJRSHUDWHG
5RRPDLUGHSHQGHQWKHDWSURGXFLQJDSSOLDQFHVHJJDVRLO
ZRRGRUFRDORSHUDWHGKHDWHUVFRQWLQXRXVIORZKHDWHUVRUZDWHU
KHDWHUVREWDLQFRPEXVWLRQDLUIURPWKHURRPLQZKLFKWKH\DUH
LQVWDOOHGDQGGLVFKDUJHWKHH[KDXVWJDVHVLQWRWKHRSHQDLU
WKURXJKDQH[KDXVWJDVV\VWHPHJDFKLPQH\
,Q FRPELQDWLRQ ZLWK DQ DFWLYDWHG YDSRXU H[WUDFWRU KRRG URRP DLU LV
H[WUDFWHGIURPWKHNLWFKHQDQGQHLJKERXULQJURRPVDSDUWLDO
YDFXXPLVSURGXFHGLIQRWHQRXJKIUHVKDLULVVXSSOLHG7R[LF
JDVHVIURPWKHFKLPQH\RUWKHH[WUDFWLRQVKDIWDUHVXFNHGEDFN
LQWRWKHOLYLQJVSDFH
■ $GHTXDWHLQFRPLQJDLUPXVWWKHUHIRUHDOZD\VEHHQVXUHG
■ $QLQFRPLQJH[KDXVWDLUZDOOER[DORQHZLOOQRWHQVXUH
FRPSOLDQFHZLWKWKHOLPLW
6DIHRSHUDWLRQLVSRVVLEOHRQO\ZKHQWKHSDUWLDOYDFXXPLQWKH
SODFHZKHUHWKHKHDWSURGXFLQJDSSOLDQFHLVLQVWDOOHGGRHVQRW
H[FHHG3DPEDU7KLVFDQEHDFKLHYHGZKHQWKHDLU
QHHGHGIRUFRPEXVWLRQLVDEOHWRHQWHUWKURXJKRSHQLQJVWKDW
FDQQRWEHVHDOHGIRUH[DPSOHLQGRRUVZLQGRZVLQFRPLQJ
H[KDXVWDLUZDOOER[HVRUE\RWKHUWHFKQLFDOPHDQV
,Q DQ\ FDVH FRQVXOW \RXU UHVSRQVLEOH 0DVWHU &KLPQH\ 6ZHHS +H
LVDEOHWRDVVHVVWKHKRXVHVHQWLUHYHQWLODWLRQVHWXSDQGZLOO
VXJJHVWWKHVXLWDEOHYHQWLODWLRQPHDVXUHVWR\RX
8QUHVWULFWHGRSHUDWLRQLVSRVVLEOHLIWKHYDSRXUH[WUDFWRUKRRGLV
RSHUDWHGH[FOXVLYHO\LQWKHFLUFXODWLQJDLUPRGH
5LVNRIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVEHLQJGUDZQEDFNLQ:KHQ
LQVWDOOLQJ D YHQWLODWLRQ V\VWHP LQ DQ RSHQIOXHG ERLOHU WKH HOHFWULFLW\
VXSSO\WRWKHYHQWLODWLRQV\VWHPPXVWEHSURYLGHGZLWKDVXLWDEOH
VDIHW\VZLWFK
5LVNRIILUH
*UHDVHGHSRVLWVLQWKHJUHDVHILOWHUPD\FDWFKILUH1HYHUZRUN
ZLWKQDNHGIODPHVFORVHWRWKHDSSOLDQFHHJIODPEpLQJ'RQRW
LQVWDOO WKH DSSOLDQFH QHDU D KHDWSURGXFLQJ DSSOLDQFH IRU VROLG IXHO
HJZRRGRUFRDOXQOHVVDFORVHGQRQUHPRYDEOHFRYHULV
DYDLODEOH7KHUHPXVWEHQRIO\LQJVSDUNV
5LVNRILQMXU\
■ &KDQJHVWRWKHHOHFWULFDORUPHFKDQLFDODVVHPEO\DUH
GDQJHURXVDQGPD\OHDGWRPDOIXQFWLRQV'RQRWPDNHDQ\
FKDQJHVWRWKHHOHFWULFDORUPHFKDQLFDODVVHPEO\
5LVNRILQMXU\
■ 3DUWVWKDWDUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUS
HGJHV:HDUSURWHFWLYHJORYHV
5LVNRILQMXU\
■ 7KHDSSOLDQFHLVKHDY\7RPRYHWKHDSSOLDQFH SHRSOHDUH
UHTXLUHG8VHRQO\VXLWDEOHWRROVDQGHTXLSPHQW
5LVNRILQMXU\
■ 7KHUHLVDULVNRILQMXU\ZKLOHWKHIDQLVURWDWLQJ'RQRWVZLWFK
WKH DSSOLDQFH RQ XQWLO LW KDV EHHQ LQVWDOOHG 1HYHU UHDFK LQWR WKH
DLUH[WUDFWLRQRSHQLQJRQWKHUHDURIWKHDSSOLDQFHZKLOHLWLVLQ
RSHUDWLRQ
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
'RQRWLQVWDOOWKLVDSSOLDQFHRQERDWVRULQYHKLFOHV
+REIODWKRUL]RQWDOVWDEOH)ROORZWKHKREPDQXIDFWXUHUV
LQVWUXFWLRQV
,IWKHWKLFNQHVVRIWKHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGGRHV
QRWFRPSO\ZLWKWKHVSHFLILFDWLRQVUHLQIRUFHWKHZRUNWRSXVLQJD
ILUHDQGZDWHUUHVLVWDQWPDWHULDOXQWLOLWUHDFKHVWKHPLQLPXP
WKLFNQHVV2WKHUZLVHVXIILFLHQWVWDELOLW\FDQQRWEHJXDUDQWHHG
1RWHV
■ 7KHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGVKRXOGEHDEOHWR
ZLWKVWDQGORDGVRIDSSUR[ NJ
■ $GDSWDWLRQVWRWKHZRUNVXUIDFHPXVWEHFDUULHGRXWE\D
VSHFLDOLVWVHUYLFHSURYLGHULQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
GLDJUDP7KHFXWHGJHPXVWEHQHDWDQGSUHFLVHEHFDXVHWKH
HGJHLVYLVLEOHRQWKHVXUIDFH&OHDQWKHFXWHGJHVZLWKD
VXLWDEOHFOHDQLQJDJHQWDQGGHJUHDVHWKHP
*HQHUDOLQIRUPDWLRQ
7KHVXUIDFHVRIWKHDSSOLDQFHDUHHDVLO\GDPDJHG$YRLG
GDPDJLQJWKHPGXULQJLQVWDOODWLRQ
([KDXVWDLUPRGH
1RWH 7KHH[KDXVWDLUPXVWQRWEHFRQYH\HGLQWRDIXQFWLRQLQJ
VPRNHRUH[KDXVWJDVIOXHRULQWRDVKDIWWKDWLVXVHGWRYHQWLODWH
URRPVLQZKLFKKHDWLQJDSSOLDQFHVDUHLQVWDOOHG
,IWKHH[KDXVWDLULVWREHFRQYH\HGLQWRDQRQIXQFWLRQLQJVPRNH
RUH[KDXVWJDVIOXH\RXPXVWREWDLQWKHFRQVHQWRIWKHKHDWLQJ
HQJLQHHUUHVSRQVLEOH
([KDXVWGXFW
1RWH 7KHDSSOLDQFHPDQXIDFWXUHUGRHVQRWSURYLGHDQ\ZDUUDQW\
IRUIDXOWVDWWULEXWDEOHWRWKHSLSHVHFWLRQ
■ 7KH DSSOLDQFH DFKLHYHV LWV RSWLPXP SHUIRUPDQFH E\ PHDQV RI D
VKRUWVWUDLJKWH[KDXVWDLUSLSHDQGDVODUJHDSLSHGLDPHWHUDV
SRVVLEOH
■ $V D UHVXOW RI ORQJ URXJK H[KDXVW DLU SLSHV PDQ\ SLSH EHQGV RU
SLSHGLDPHWHUVWKDWDUHVPDOOHUWKDQPPWKHRSWLPXP
H[WUDFWLRQSHUIRUPDQFHLVQRWDFKLHYHGDQGIDQQRLVHLV
LQFUHDVHG
■ 7KH SLSHV RU KRVHV IRU OD\LQJ WKH H[KDXVW DLU OLQH PXVW FRQVLVW RI
QRQFRPEXVWLEOHPDWHULDO
■ ,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF
ZDOOER[VKRXOGEHXVHG
5LVNRIGDPDJHIURPUHWXUQLQJFRQGHQVDWH,QVWDOOWKHH[KDXVW
GXFWLQVXFKDZD\WKDWLWIDOOVDZD\IURPWKHDSSOLDQFHVOLJKWO\
VORSH
5RXQGSLSHV
$QLQVLGHGLDPHWHURI PPLVUHFRPPHQGHG
)ODWGXFWV
7KHLQVLGHFURVVVHFWLRQPXVWEHWKHVDPHDVWKHGLDPHWHURIWKH
URXQGSLSHV
GLDPPFDFP
■ )ODWGXFWVVKRXOGQRWKDYHDQ\VKDUSEHQGV
■ 8VHVHDOLQJVWULSVIRUGLIIHUHQWSLSHGLDPHWHUV
background

&LUFXODWLQJDLUPRGH
1RWH 7KHDSSOLDQFHPXVWRQO\EHRSHUDWHGZKHQLWLVVHFXUHO\
LQVWDOOHGDQGWKHSLSHZRUNLVFRQQHFWHG
(OHFWULFDOFRQQHFWLRQ
7KHUHTXLUHGFRQQHFWLRQLQIRUPDWLRQLVRQWKHDSSOLDQFHV
LGHQWLILFDWLRQSODWH
7KLVDSSOLDQFHFRPSOLHVZLWKWKH(&LQWHUIHUHQFHVXSSUHVVLRQ
UHJXODWLRQV
2QO\DOLFHQVHGSURIHVVLRQDOPD\FRQQHFWWKHDSSOLDQFH7KH
DSSOLDQFHPXVWEHLQVWDOOHGLQDFFRUGDQFHZLWKWKHPRVWUHFHQW
,((,QVWLWXWHRI(OHFWULFDO(QJLQHHUVJXLGHOLQHV7KHDSSOLDQFH
PD\EHGDPDJHGLILWLVQRWFRQQHFWHGFRUUHFWO\
0DNH VXUH WKDW WKH YROWDJH RI WKH SRZHU VXSSO\ PDWFKHV WKH YDOXH
VSHFLILHGRQWKHUDWLQJSODWH
0DNH VXUH WKDW WKH SRZHU VXSSO\ LV SURSHUO\ HDUWKHG WKDW WKH IXVH
SURWHFWLRQLVVXIILFLHQWDQGWKHFDEOHZLULQJV\VWHPLQWKHEXLOGLQJ
LV VXIILFLHQWO\ GLPHQVLRQHG IRU WKH HOHFWULFDO SRZHU RI WKH DSSOLDQFH
&RPSO\ZLWKWKHIROORZLQJZKHQLQVWDOOLQJWKHSRZHUFDEOH
■ (QVXUHWKDWWKHFDEOHLVQRWSLQFKHGRUFUXVKHG
■ .HHSWKHFDEOHDZD\IURPVKDUSHGJHV
■ (QVXUHWKDWWKHFDEOHLVQRWLQFRQWDFWZLWKWKHPHWDOFDVLQJRQ
WKHXQGHUVLGHRIWKHDSSOLDQFHDVWKLVEHFRPHVKRW
&KHFNWKHKRXVHKROGZLULQJEHIRUHFRQQHFWLQJWKHDSSOLDQFH
(QVXUHWKDWWKHUHLVVXIILFLHQWIXVHSURWHFWLRQIRUWKHKRXVHKROG
ZLULQJ 7KH YROWDJH DQG IUHTXHQF\ RI WKH DSSOLDQFH PXVW PDWFK WKH
HOHFWULFDOZLULQJVHHUDWLQJSODWH
7KHDSSOLDQFHFRUUHVSRQGVWRSURWHFWLRQFODVV,DQGPXVWRQO\EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
7KHZLULQJPXVWKDYHDQDOOSROHLVRODWLQJVZLWFKZLWKDFRQWDFW
JDSRIDWOHDVW PP7KLVPXVWVWLOOEHDFFHVVLEOHRQFHWKH
DSSOLDQFHKDVEHHQLQVWDOOHG
2QO\DTXDOLILHGHOHFWULFLDQPD\LQVWDOORUUHSODFHWKHSRZHUFDEOH
WDNLQJWKHUHOHYDQWUHJXODWLRQVLQWRDFFRXQW
:KHQUHSODFLQJWKHSRZHUFDEOHWKHDSSOLDQFHPD\QHHGWREH
WXUQHGRYHU,QWKLVFDVHUHPRYHWKHILOWHUFRYHUDQGWDNHRXWWKH
FRQWDLQHUDQGWKHPHWDOJUHDVHILOWHU'RLQJWKLVZLOOSUHYHQWWKHVH
FRPSRQHQWVIURPIDOOLQJRXW
,IWKLVDSSOLDQFHVSRZHUFDEOHLVGDPDJHGLWPXVWEHUHSODFHG
ZLWKD+99)SRZHUFDEOH
3UHSDULQJIRULQVWDOODWLRQ
$SSOLDQFHGLPHQVLRQVDQGVDIHW\FOHDUDQFHV
■ 7DNHLQWRDFFRXQWWKHDSSOLDQFHGLPHQVLRQVIRUDLUUHFLUFXODWLRQ
PRGH )LJ $
■ 7DNHLQWRDFFRXQWWKHDSSOLDQFHGLPHQVLRQVIRUDLUH[WUDFWLRQ
PRGH )LJ %
■ 0DNHVXUHWKDWRQFHLWLVLQVWDOOHGWKHUHZLOOEHDGHTXDWH
DFFHVVWRWKHDSSOLDQFHIRUUHSODFLQJWKHDFWLYDWHGFKDUFRDO
ILOWHU HPSW\LQJ WKH RYHUIORZ UHVHUYRLU DQG UHPRYLQJ WKH KRXVLQJ
FRYHU )LJ &
■ &RPSO\ZLWKWKHVDIHW\FOHDUDQFHV )LJ &
&KHFNLQJWKHILWWHGXQLW
■ 7KHILWWHGXQLWPXVWEHOHYHODQGKDYHVXIILFLHQWORDGEHDULQJ
FDSDFLW\
■ 7KHPD[ZHLJKWRIWKHDSSOLDQFHLVDSSUR[ NJ
■ 7KHILWWHGXQLWPXVWEHKHDWUHVLVWDQWXSWR&
■ 7KHILWWHGXQLWPXVWVWLOOEHVWXUG\DIWHUWKHFXWRXWVKDYHEHHQ
PDGH
■ 8VHVXLWDEOHVXSSRUWLQJVWUXFWXUDOPHDVXUHVEHQHDWKWKH
ZRUNWRS HVSHFLDOO\ LI WKH ZRUNWRS LV QRW YHU\ WKLFN WR HQVXUH WKDW
LWLVERWKUREXVWDQGFDSDEOHRIEHDULQJWKHUHTXLUHGORDG7DNH
LQWRDFFRXQWWKHZHLJKWRIWKHDSSOLDQFHDQGDQ\DGGLWLRQDO
ORDGV7KHUHLQIRUFLQJPDWHULDOXVHGPXVWEHKHDWDQGPRLVWXUH
UHVLVWDQW
■ 7KHGHSWKRIWKHGUDZHUVXQGHUWKHDSSOLDQFHPXVWEHDGDSWHG
GHSHQGLQJRQWKHSLSHVDQGWKHGHSWKRIWKHZRUNWRS7KHWRS
GUDZHUPXVWEHUHPRYHGDQGFDQQRWEHXVHG
■ 7KH FOHDUDQFH EHWZHHQ WKH VXUIDFH RI WKH ZRUNWRS DQG WKH XSSHU
DUHDRIWKHGUDZHUPXVWEH PP
■ 'RQRWLQVWDOORYHQVUHIULJHUDWRUVGLVKZDVKHUVZDVKLQJ
PDFKLQHVRURWKHUDSSOLDQFHVXQGHUQHDWKWKHDSSOLDQFH
1RWH &KHFNWKDWWKHDSSOLDQFHLVOHYHORQFHLWKDVEHHQLQVWDOOHG
LQWKHLQVWDOODWLRQRSHQLQJ
3UHSDULQJWKHXQLWV
 0DNHWKHFXWRXWLQWKHZRUNWRSDVVKRZQLQWKHLQVWDOODWLRQ
GUDZLQJ )LJ 
1RWH 7KHDQJOHEHWZHHQWKHFXWVXUIDFHDQGWKHZRUNWRSPXVW
EH  7KH FXWRXW HGJHV DW WKH VLGHV PXVW EH IODW)RU ODPLQDWH
ZRUNWRSV LW PD\ EH QHFHVVDU\ WR VHFXUH VWULSV DW WKH VLGHV LQ WKH
FXWRXW
 7RHQVXUHWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\WKHKREPXVWEH
VXIILFLHQWO\YHQWLODWHG7RGRWKLVPDNHDQDLURXWOHWZLWKD
PLQLPXPFURVVVHFWLRQRI FPòLQWKHEDVHXQLW
 &RPSO\ZLWKWKHPLQLPXPFOHDUDQFHVZKHQLQVWDOOLQJRYHUD
GUDZHU )LJ &
 5HPRYH WKH WRS GUDZHU DQG DWWDFK VXLWDEOH IDFLQJ WR WKH NLWFKHQ
XQLW
3UHSDULQJ WKH XQLW DQG DSSOLDQFH IRU XVH ZLWK DLU UHFLUFXODWLRQ
PRGH
0DNLQJDFXWRXWLQWKHXQLW
 0DNHDQDLURXWOHWLQWKHXQLWVWRHNLFN
1RWH 7KHDLURXWOHWPXVWKDYHDPLQLPXPFURVVVHFWLRQRI
DSSUR[LPDWHO\  FPò0DNHWKHRXWOHWRSHQLQJLQWKHEDVH
SDQHO DV ODUJH DV SRVVLEOH LQ RUGHU WR NHHS GUDXJKWV DQG QRLVH WR
DPLQLPXP
 5HPRYHWKHXQLWVEDFNSDQHO
 ,IQHFHVVDU\UHPRYHWKHXSSHUVWULSLQWKHXQLWVEDFNSDQHO
 2QWKHUHDUHGJHRIWKHFXWRXWLQWKHZRUNWRSGHWHUPLQHWKH
FHQWUH SRLQW DQG PDUN WKLV DQG WKH WZR OLQHV YHUWLFDOO\ GRZQZDUGV
RQWKHERWWRPRIWKHXQLW )LJ D
 &RUUHFWO\ SRVLWLRQ WKH IL[LQJ SODWH DJDLQVW WKH FHQWUH OLQHV RQ WKH
ERWWRPRIWKHXQLW )LJ E
 ,IGUDZHUVDUHILWWHG&ORVHWKHERWWRPGUDZHUIXOO\,IWKHIL[LQJ
SODWH GLVDSSHDUV WRR IDU XQGHUQHDWK WKH GUDZHU PRYH LW WRZDUGV
WKH UHDU RI WKH XQLW 8VH WKH PDUNLQJV RQ WKH IL[LQJ SODWH WR DOLJQ
LWSDUDOOHOWRWKHFHQWUHOLQH )LJ F
1RWHV
■ ,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH XQLW
LVWRRVPDOOWRVFUHZWKHIL[LQJSODWHWRWKHERWWRPRIWKHXQLW
WXUQ WKH IL[LQJ SODWH  DQG VFUHZ LW WR WKH ERWWRP RI WKH XQLW
IURPEHORZ )LJ E%HIRUH\RXGRWKLVDOLJQWKHIL[LQJSODWH
RQWKHXQLWERWWRPIURPDERYHWRHVWDEOLVKZKHUHLWVKRXOGEH
SRVLWLRQHG )LJ F
■ &KRRVH WKH PRVW DSSURSULDWH H[WHQVLRQ EDVHG RQ WKH SRVLWLRQ
RIWKHIL[LQJSODWH
■ ,IWKHIL[LQJSODWHFDQQRWEHSXVKHGEDFNIDUHQRXJKXVH
VKDOORZHUGUDZHUV
 ,IQHFHVVDU\XVHWKHIL[LQJSODWHWRPDUNRXWDQGPDNHWKHFXW
RXWLQWKHXQLWERWWRP )LJ G
 $IWHUPDNLQJWKHFXWRXWUHPRYHDQ\VKDYLQJV
1RWH 6HDOFXWVXUIDFHVZLWKKHDWUHVLVWDQWDQGZDWHUSURRI
PDWHULDO
6HFXUHO\VFUHZLQJRQWKHIL[LQJSODWHDQGFOLSSLQJRQWKH
GLIIXVRU
 ,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH XQLW LV
VXIILFLHQWXVHSODVWLFVFUHZVWRVHFXUHWKHIL[LQJSODWHWRWKH
ORZHUIODWGXFWEHQGIURPDERYH )LJ D
1RWH ,IQHFHVVDU\WXUQWKHORZHUIODWGXFWEHQGVRWKDWWKHDLU
RXWOHWLVRQWKHRSSRVLWHVLGH
 8VHZRRGHQVFUHZVWRVHFXUHWKHIL[LQJSODWHWRWKHERWWRPRI
WKHXQLWIURPDERYH )LJ D
1RWH ,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH
XQLW LV WRR VPDOO WR VFUHZ WKH IL[LQJ SODWH WR WKH ERWWRP RI WKH XQLW
WXUQWKHIL[LQJSODWHDQGVFUHZLWWRWKHERWWRPRIWKHXQLW
IURPEHORZ )LJ E
 &OLSWKHGLIIXVRUVHFXUHO\WRWKHORZHUIODWGXFWEHQG )LJ F
)LWWLQJWKHXSSHUIODWGXFWEHQG
 ,IUHTXLUHGFKRRVHWKHH[WHQVLRQEDVHGRQWKHSRVLWLRQRIWKH
IL[LQJSODWHDQGWKHXQLWGHSWK7KHORQJHUWKHH[WHQVLRQWKH
GHHSHU WKH GUDZHU FDQ EH 8VH IRXU SODVWLF VFUHZV WR VHFXUH WKH
H[WHQVLRQWRWKHKREVRXWOHWRSHQLQJ )LJ 
 6FUHZWKHXSSHUIODWGXFWHOERZVHFXUHO\WRWKHKREVRXWOHW
RSHQLQJRUWKHH[WHQVLRQ
background

3UHSDULQJWKHXQLWDQGDSSOLDQFHIRUXVHZLWKDLUH[WUDFWLRQ
PRGH
 8VHIRXUSODVWLFVFUHZVWRVHFXUHWKHUHGXFLQJFRQQHFWRURUIODW
GXFWHOERZWRWKHKREVRXWOHWRSHQLQJRUWKHH[WHQVLRQ )LJ 
1RWH ,IQHFHVVDU\VFUHZWKHDSSURSULDWHH[WHQVLRQWRWKHKRE
0HDVXUHWKHSHUPLWWHGGHSWK7RIWKHGUDZHU²PDNHVXUH\RX
OHDYH D FOHDUDQFH RI  PP IURP WKH H[KDXVW DLU SLSH 7KH GHSWK
RIWKHGUDZHUPD\YDU\GHSHQGLQJRQWKHH[WHQVLRQXVHG
)LJ 
 'HSHQGLQJRQWKHDLUH[WUDFWLRQV\VWHPFRQILJXUDWLRQPDNHD
FXWRXWLQWKHUHDUSDQHORIWKHXQLWIRUWKHH[KDXVWDLUSLSH
UHPRYH WKH UHDU SDQHO RI WKH XQLW RU PDNH D FXWRXW LQ WKH ERWWRP
RIWKHXQLW
 $IWHUPDNLQJWKHFXWRXWUHPRYHDQ\VKDYLQJV
1RWH 6HDOFXWVXUIDFHVZLWKKHDWUHVLVWDQWDQGZDWHUSURRI
PDWHULDO
3UHSDULQJIRUWKHHOHFWULFDOFRQQHFWLRQZRUN
1RWH 5HIHUWRWKH (OHFWULFDOFRQQHFWLRQVHFWLRQLQWKH *HQHUDO
LQIRUPDWLRQFKDSWHU
2Q DSSOLDQFHV WKDW GR QRW KDYH D SUHLQVWDOOHG FDEOH LQVHUW
WKHPDLQVFDEOHLQWRWKHVRFNHW
 7XUQ WKH KRE RYHU DQG SXW LW GRZQ RQ WKH EDVH RI WKH SDFNDJLQJ
DFORWKRUDQRWKHUVXUIDFHLQRUGHUWRSUHYHQWVFUDWFKHV
 8VHDVFUHZGULYHUWROLIWXSWKHVRFNHWVFRYHU )LJ 
 8QGRWKHIDVWHQLQJVFUHZDQGXVHDVFUHZGULYHUWROLIWWKHKRVH
FODPS )LJ 
 2QO\ FRQQHFW WR WKH PDLQV VRFNHW DV VKRZQ LQ WKH ILJXUH )LJ 
%1%URZQ
%8%OXH
*1<(<HOORZDQGJUHHQ
%.%ODFN
*<*UH\
1RWHV
■ ,IUHTXLUHGILWWKHFRSSHUEULGJHVSURYLGHGDVVKRZQLQWKH
FLUFXLWGLDJUDP
■ (QVXUHWKDWWKHVFUHZVRQWKHPDLQVVRFNHWDUHVFUHZHGLQ
WLJKWO\DIWHUWKHFDEOHVKDYHEHHQFRQQHFWHG
■ )RU D 1a1a FRQQHFWLRQ WKH OLYH ZLUH / JUH\ FRUUHVSRQGV
WRWKHIDQPRWRU
 8VHWKHKRVHFODPSWRVHFXUHWKHPDLQVFDEOHDQGWLJKWHQWKH
IDVWHQLQJVFUHZ )LJ 
 &ORVHWKHFRYHURQWKHVRFNHW
1RWH $UUDQJH WKH FDEOHV LQ WKH FHQWUDO DUHD RI WKH PDLQV VRFNHW
LQRUGHUWRIDFLOLWDWHWKHIDVWHQLQJ
1RWH ,I D ORQJHU SRZHU FRUG LV UHTXLUHG SOHDVH FRQWDFW DIWHUVDOHV
VHUYLFH&RQQHFWLQJFDEOHVXSWR PORQJDUHDYDLODEOH
,QVWDOOLQJWKHDSSOLDQFH
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
: 5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
: 5LVNRILQMXU\
3DUWVWKDWDUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUS
HGJHV:HDUSURWHFWLYHJORYHV
,QVWDOOLQJWKHKRE
 $WWDFKWKHPRXQWLQJUDLOV )LJ D
)RU VWRQH ZRUNWRSV JOXH WKH UDLOV WR GR WKLV XVH D KHDWUHVLVWDQW
DGKHVLYHVXLWDEOHIRUJOXLQJPHWDODQGVWRQH
 ,QVHUWWKHDSSOLDQFHLQWRWKHFXWRXWLQWKHZRUNWRS )LJ E
 $WWDFKWKHUHWDLQLQJFOLSVVXSSOLHGDQGWLJKWHQWKHPFDUHIXOO\
$OLJQWKHFRRNLQJVXUIDFHZLWKWKHZRUNLQJVXUIDFHXVLQJWKH
UHWDLQLQJFOLSV )LJ F
1RWH 'RQRWXVHDQHOHFWULFVFUHZGULYHU
&RQQHFWLQJWKHDSSOLDQFH
1RWHV
■ )RUDLUH[WUDFWLRQPRGHDEDFNSUHVVXUHIODSZLWKDPD[LPXP
RSHQLQJSUHVVXUHRI 3DVKRXOGEHLQVWDOOHG,IDEDFN
SUHVVXUHIODSLVQRWLQFOXGHGZLWKWKHDSSOLDQFHRQHFDQEH
RUGHUHGIURPDVSHFLDOLVWUHWDLOHU
■ ,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF
ZDOOER[VKRXOGEHXVHG
&RQQHFWLQJWKHDLUH[WUDFWRU
 $WWDFKWKHH[KDXVWDLUSLSHWRWKHIODWGXFWEHQGRUWKHUHGXFLQJ
FRQQHFWRU )LJ 
 &RQQHFWLWWRWKHH[KDXVWDLURSHQLQJ
 8VHVXLWDEOHPHDQVWRVHDOWKHMRLQWV
(VWDEOLVKLQJWKHFRQQHFWLRQIRUWKHFLUFXODWHGDLU
 &OLS RU LI QHFHVVDU\ VFUHZ WKH ILOWHU PRGXOH VHFXUHO\ WR WKH ORZHU
IODWGXFWEHQG )LJ D
1RWH ,IQHFHVVDU\WXUQWKHILOWHUPRGXOHWRDOORZWKHGUDZHUIRU
WKH DFWLYDWHG FKDUFRDO ILOWHU WR EH RSHQHG IURP WKH RSSRVLWH VLGH
 &OLSWKHIOH[LEOHFRQQHFWLQJHOHPHQWVHFXUHO\WRWKHXSSHUIODW
GXFWEHQG
 8VH WKH IOH[LEOH FRQQHFWLQJ HOHPHQW WR FRQQHFW WKH ILOWHU PRGXOH
WRWKHXSSHUIODWGXFWEHQG
1RWH ,IQHFHVVDU\ILWH[WHQVLRQVEHWZHHQWKHILOWHUPRGXOHDQG
WKHIOH[LEOHFRQQHFWLQJHOHPHQW
 2SHQ DOO RI WKH ORFNV RQ WKH GUDZHU 2SHQ WKH GUDZHU )LJ E
 ,QVHUWWKHDFWLYDWHGFKDUFRDOILOWHU )LJ F
 &ORVHWKHGUDZHU
 &ORVHDOORIWKHORFNVRQWKHGUDZHU
(VWDEOLVKLQJDFRQQHFWLRQWRWKHPDLQV
■ 9ROWDJH6HHWKHUDWLQJSODWH
■ 2QO\FRQQHFWDVVKRZQLQWKHFLUFXLWGLDJUDP )LJ 
%1%URZQ
%8%OXH
*1<(*UHHQDQG\HOORZ
%.%ODFN
*<*UH\
■ 'HSHQGLQJRQWKHW\SHRIFRQQHFWLRQWKHDUUDQJHPHQWRIWKH
IHUUXOHWHUPLQDOVVXSSOLHGE\WKHIDFWRU\PD\QHHGWREH
FKDQJHG7RGRWKLVWKHIHUUXOHWHUPLQDOVPD\QHHGWREH
VKRUWHQHG DQG WKH LQVXODWLRQ UHPRYHG LQ RUGHU WR LQVHUW D IHUUXOH
WHUPLQDOWKDWFRQQHFWVWZRFDEOHV
1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I
—…‹‹
“‹†‚„ RU “ DSSHDUV RQ WKH DSSOLDQFHV GLVSOD\ WKH DSSOLDQFH LV
QRWFRQQHFWHGFRUUHFWO\'LVFRQQHFWLWIURPWKHSRZHUVXSSO\DQG
FKHFNWKHSRZHUFRUGFRQQHFWLRQ
6ZLWFKLQJ WKH GLVSOD\ WR DLU H[WUDFWLRQ PRGH RU DLU
UHFLUFXODWLRQPRGH
)RUDLUH[WUDFWLRQPRGHDQGDLUUHFLUFXODWLRQPRGHLIQHFHVVDU\
VZLWFKWKHHOHFWURQLFFRQWUROXQLWVGLVSOD\DFFRUGLQJO\WRWKHEDVLF
VHWWLQJV
7RGRWKLVUHIHUWRWKH %DVLFVHWWLQJVVHFWLRQLQWKHLQVWUXFWLRQ
PDQXDO
5HPRYLQJWKHDSSOLDQFH
 'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
m 5LVNRIHOHFWULFVKRFN
:KHQGLVFRQQHFWLQJWKHKREIURPWKHSRZHUVXSSO\WKH
WHUPLQDOVPD\FDXVHUHYHUVHYROWDJH7KHHOHFWULFDOFRQQHFWLRQ
PXVWRQO\EHFDUULHGRXWE\DOLFHQVHGH[SHUW
 5HPRYHWKHH[KDXVWDLUGXFWRUGLVFRQQHFWWKHDLUUHFLUFXODWLRQ
FRQQHFWLRQV
 3XVKRXWWKHDSSOLDQFHIURPEHORZ
&DXWLRQ
'DPDJHWRWKHDSSOLDQFH 'RQRWSULVHRXWWKHDSSOLDQFHIURP
DERYH
background

da
×
0RQWHULQJVYHMOHGQLQJ
: 9LJWLJHVLNNHUKHGVDQYLVQLQJHU
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHP'HWHUHQ
IRUXGVWQLQJIRUDWDSSDUDWHWNDQEHWMHQHVVLNNHUWRJNRUUHNW
2SEHYDUEUXJVRJPRQWDJHYHMOHGQLQJHQWLOVHQHUHEUXJHOOHUWLO
NRPPHQGHHMHUHDIDSSDUDWHW
6LNNHUKHGHQXQGHUEUXJHUNXQVLNUHWKYLVHPKWWHQHUEOHYHW
PRQWHUHWNRUUHNWLKWPRQWHULQJVYHMOHGQLQJHQ,QVWDOODW¡UHQKDU
DQVYDUHWIRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
3URGXFHQWHQKIWHULNNHIRUIHMOYHGGULIWHQRJHYHQWXHOOHVNDGHU
VRPVN\OGHVIRUNHUWHOHNWULVNLQVWDOODWLRQ
1HWNDEHO 'HW HU HYHQWXHOW DOOHUHGH WLOVOXWWHW L NRJHVHNWLRQHQV
WLOVOXWQLQJVERNVHOOHUHUOHYHUHWVDPPHQPHGDSSDUDWHW
1HWNDEOHW Pn NXQ LQVWDOOHUHV DI HQ DXWRULVHUHW HOHNWULNHU KKY DI HQ
NYDOLILFHUHWNXQGHVHUYLFHPHGDUEHMGHU'HNUYHGH
WLOVOXWQLQJVGDWDHUDQJLYHWSnW\SHVNLOWHW
.XQGHWQHWNDEHOVRPHUOHYHUHWVDPPHQPHGDSSDUDWHWHOOHUHU
OHYHUHWDINXQGHVHUYLFHPnDQYHQGHV
,QGHQGHUJHQQHPI¡UHVQRJHWDUEHMGHVNDOVWU¡PIRUV\QLQJHQ
DIEU\GHV
7LOLQVWDOODWLRQHQVNDOGHDNWXHOWJ\OGLJHE\JJHIRUVNULIWHURJ
IRUVNULIWHUQHIUDGHORNDOHVWU¡PRJJDVIRUV\QLQJVVHOVNDEHU
I¡OJHV
9HGDIOHGQLQJDIXGVXJQLQJVOXIWVNDOP\QGLJKHGVRJ
ORYJLYQLQJVIRUVNULIWHU IHNV QDWLRQDOH E\JJHIRUVNULIWHU RYHUKROGHV
/LYVIDUH
5HWXUVXJQLQJDIIRUEUQGLQJVJDVVHUNDQPHGI¡UHIRUJLIWQLQJ
6¡UJDOWLGIRUWLOVWUNNHOLJOXIWWLOI¡UVHOQnUHPKWWHQDQYHQGHV
PHGDIWUNVIXQNWLRQHQLVDPPHUXPVRPHWLOGVWHGKYLV
OXIWWLOI¡UVHOVNHUIUDLQGHOXIWHQ
,OGVWHGHU KYLV OXIWWLOI¡UVHO VNHU IUD LQGHOXIWHQ IHNV JDV ROLH WU
HOOHUNXOI\UHGHYDUPHDSSDUDWHUJHQQHPVWU¡PQLQJVYDQGYDUPHUH
YDQGYDUPHUH KHQWHU GHUHV IRUEUQGLQJVOXIW IUD RSVWLOOLQJVUXPPHW
RJ I¡UHU U¡JJDVVHQ XG JHQQHP HQ U¡JJDVNDQDOIHNV VNRUVWHQ WLO
GHWIUL
(QWQGWHPKWWHWUNNHULQGHOXIWXGDIN¡NNHQHWRJWLOVW¡GHQGH
UXP+YLVOXIWWLOI¡UVOHQHUXWLOVWUNNHOLJRSVWnUGHUHWXQGHUWU\N
'HUYHGNDQJLIWLJHJDVVHUIUDVNRUVWHQHQHOOHUDIWUNVNDQDOHQ
EOLYHVXJHWWLOEDJHRJLQGLEHERHOVHVUXPPHQH
■ 'HUIRUVNDOGHUDOWLGYUHHQWLOVWUNNHOLJVWRUOXIWWLOI¡UVHO
■ (QPXUNDVVHWLOOXIWWLOI¡UVHODIWUNVOXIWDOHQHVLNUHULNNHDW
JUQVHYUGLHQRYHUKROGHV
5LVLNRIULGULIWHUNXQPXOLJQnUXQGHUWU\NNHWLUXPPHWKYRU
LOGVWHGHWHURSVWLOOHWLNNHRYHUVNULGHU3DPEDU'HWWHNDQ
VLNUHV YHG DW GHQ OXIW GHU NUYHV WLO IRUEUQGLQJHQ NDQ VWU¡PPH
LQGJHQQHPnEQLQJHUVRPLNNHNDQOXNNHVIHNVLG¡UHYLQGXHU
LJHQQHPHQPXUNDVVHWLOOXIWWLOI¡UVHODIWUNVOXIWHOOHUYHGDQGUH
WHNQLVNHIRUDQVWDOWQLQJHU
6S¡UJXQGHUDOOHRPVWQGLJKHGHUGHQDIVYDUVKDYHQGH
VNRUVWHQVIHMHUPHVWHUWLOUnGV9HGNRPPHQGHNDQEHG¡PPH
KXVHWVVDPOHGHYHQWLODWLRQVVLWXDWLRQRJIRUVOnHQSDVVHQGH
YHQWLODWLRQVIRUDQVWDOWQLQJ
%HQ\WWHVHPKWWHQXGHOXNNHQGHLFLUNXODWLRQVGULIWNDQGHQ
EHQ\WWHVXGHQLQGVNUQNQLQJHU
/LYVIDUH
5HWXUVXJQLQJDIIRUEUQGLQJVJDVNDQPHGI¡UHIRUJLIWQLQJ9HG
LQVWDOODWLRQ DI YHQWLODWLRQ YHG HW LOGVWHG VRP IRUEUXJHU UXPOXIW VNDO
YHQWLODWLRQHQIRUV\QHVPHGHQHJQHWVLNNHUKHGVDIEU\GHU
%UDQGIDUH
)HGWDIOHMULQJHU L IHGWILOWUHW NDQ EOLYH DQWQGW 'HU Pn LNNH DUEHMGHV
YHGnEHQLOGIHNVIODPEHULQJLQUKHGHQDIHPKWWHQ
(PKWWHQPnNXQLQVWDOOHUHVLQUKHGHQDIHWLOGVWHGWLOIDVW
EUQGVHOIHNVWUHOOHUNXOKYLVGHUIRUHILQGHVHQOXNNHWLNNH
DIWDJHOLJDIGNQLQJ'HUPnLNNHNXQQHIRUHNRPPHJQLVWHU
)DUHIRUWLOVNDGHNRPVW
■ QGULQJHULGHQHOHNWULVNHHOOHUPHNDQLVNHNRQVWUXNWLRQHU
IDUOLJHRJNDQPHGI¡UHIHMOIXQNWLRQHU)RUHWDJLNNHQGULQJHUL
GHQHOHNWULVNHHOOHUPHNDQLVNHNRQVWUXNWLRQ
)DUHIRUWLOVNDGHNRPVW
■ .RPSRQHQWHUVRPHUIULWWLOJQJHOLJHXQGHUPRQWDJHQNDQ
KDYHVNDUSHNDQWHU%UXJEHVN\WWHOVHVKDQGVNHU
)DUHIRUWLOVNDGHNRPVW
■ (PKWWHQHUWXQJ'HUNUYHV SHUVRQHUIRUDWIO\WWH
HPKWWHQ$QYHQGNXQHJQHGHKMOSHPLGOHU
)DUHIRUWLOVNDGHNRPVW
■ 5RWHUHQGHYHQWLODWRUHUXGJ¡UHQULVLNRIRUWLOVNDGHNRPVW7QG
NXQIRUDSSDUDWHWQnUGHWHULQGE\JJHW6WLNDOGULJKnQGHQLQGL
DIWUNVnEQLQJHQSnDSSDUDWHWVEDJVLGHXQGHULJDQJYUHQGH
GULIW
)DUHIRUNYOQLQJ
(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU
PHGHPEDOODJHPDWHULDOH
'HWWHDSSDUDWHULNNHEHUHJQHWWLOLQGE\JQLQJLEnGHHOOHUL
N¡UHW¡MHU
%RUGSODGHSODQYDQGUHWVWDELO)¡OJERUGSODGHIDEULNDQWHQV
DQYLVQLQJHU
+YLVW\NNHOVHQDIGHQERUGSODGHVRPNRJHVHNWLRQHQVNDO
LQGE\JJHVLLNNHRSI\OGHUNUDYHQHVNDOERUGSODGHQIRUVWUNHV
PHGHWLOGRJYDQGIDVWPDWHULDOHVnGHQRSQnUGHQDQEHIDOHGH
PLQLPXPW\NNHOVH,PRGVDWIDOGHUVWDELOLWHWHQLNNHWLOVWUNNHOLJ
$QYLVQLQJHU
■ %RUGSODGHQKYRUNRJHWRSSHQHULQGE\JJHWVNDONXQQHWnOH
EHODVWQLQJHUSnRSWLOFDNJ
■ 7LOSDVQLQJHQ DI DUEHMGVIODGHQ VNDO XGI¡UHV DI HQ VSHFLDOIDJPDQG
LKW LQGE\JQLQJVWHJQLQJHQ 6QLWNDQWHUQH VNDO YUH XGI¡UW NODUW RJ
SUFLVWIRUGLNDQWHUQHHUV\QOLJHSnRYHUIODGHQ6QLWNDQWHUQH
VNDOUHQVHVRJDIIHGWHVPHGHWHJQHWUHQJ¡ULQJVPLGGHO
*HQHUHOOHDQYLVQLQJHU
$SSDUDWHWVRYHUIODGHUHUVDUWH8QGJnEHVNDGLJHOVHUXQGHU
LQVWDOODWLRQVDUEHMGHW
'ULIWPHGDIWUNVIXQNWLRQ
%HPUN $IWUNVOXIWHQPnLNNHOHGHVXGLVNRUVWHQHVRP
DQYHQGHVWLODIOHGQLQJDIU¡JJDVHOOHULVNDNWHVRPEUXJHVWLO
DIOHGQLQJDIOXIWIUDUXPKYRUGHUHULQVWDOOHUHWLOGVWHGHUWLOIDVW
EUQGVHO
+YLVDIWUNVOXIWHQOHGHVLQGLHQQHGODJWVNRUVWHQWLOU¡JJDVVNDO
LQVWDOODWLRQHQJRGNHQGHVDIGHQDQVYDUVKDYHQGH
VNRUVWHQVIHMHUPHVWHU
$IWUNVOHGQLQJ
%HPUN 3URGXFHQWHQDIDSSDUDWHWSnWDJHUVLJLNNHDQVYDUHWIRU
PDQJOHUYHGUHNODPDWLRQHUKYLVnUVDJVN\OGHVU¡UI¡ULQJHQ
■ $SSDUDWHW RSQnU GHQ RSWLPDOH \GHOVH PHG HW NRUW OLJH DIWUNVU¡U
RJVnVWRUU¡UGLDPHWHUVRPPXOLJW
■ 9HGODQJHUXDIWUNVU¡UPDQJHU¡UE¡MQLQJHUHOOHUYHGHQ
U¡UGLDPHWHUXQGHUPPRSQnVGHQRSWLPDOH
XGVXJQLQJVHIIHNW LNNH RJ VW¡MHQ IUD YHQWLODWRUHQ EOLYHU NUDIWLJHUH
■ 5¡UHOOHUVODQJHUGHUDQYHQGHVWLODIWUNVOHGQLQJHQVNDOYUH
XGI¡UWDILNNHEUQGEDUHPDWHULDOHU
■ +YLV DIWUNVOXIWHQ OHGHV JHQQHP HQ \GHUYJ E¡U GHU DQYHQGHV
HQWHOHVNRSPXUNDVVH
)DUHIRUEHVNDGLJHOVHVRPI¡OJHDIWLOEDJHO¡EDINRQGHQVYDQG
$IWUNVNDQDOHQIUDHPKWWHQVNDOLQVWDOOHUHVPHGHWVYDJWIDOG
IDOG
5XQGHNDQDOHU
'HUDQEHIDOHVHQLQGYHQGLJGLDPHWHUSnPP
)ODGNDQDOHU
'HWLQGYHQGLJHWYUVQLWVNDOVYDUHWLOGHUXQGHNDQDOHUVGLDPHWHU
PPVYDUHUWLOFDFP
■ )ODGNDQDOHUE¡ULNNHKDYHVNDUSHNQN
■ 9HGDIYLJHQGHNDQDOGLDPHWUHVNDOGHUDQYHQGHV
WWQLQJVVWULPOHU
background

5HFLUNXODWLRQVGULIW
%HPUN $SSDUDWHWPnNXQDQYHQGHVQnUGHWHUIDVWLQVWDOOHUHW
RJPHGWLOVOXWWHWU¡UV\VWHP
(OHNWULVNWLOVOXWQLQJ
'HNUYHGHWLOVOXWQLQJVGDWDHUDQJLYHWSnDSSDUDWHWVW\SHVNLOW
'HQQHHPKWWHHULRYHUHQVVWHPPHOVHPHGJOGHQGH()
EHVWHPPHOVHURPUDGLRVW¡MGPSQLQJ
$SSDUDWHWPnNXQWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG$SSDUDWHW
VNDO LQVWDOOHUHV L KHQKROG WLO GH Q\HVWH ,((UHWQLQJVOLQMHU ,QVWLWXWLRQ
RI(OHFWULFDO(QJLQHHUV+YLVDSSDUDWHWWLOVOXWWHVIRUNHUWNDQGHW
EOLYHEHVNDGLJHW
.RQWUROOHUDWVSQGLQJHQLGHWDNWXHOOHVWU¡PIRUV\QLQJVQHW
VWHPPHURYHUHQVPHGGHQDQJLYQHYUGLSnW\SHVNLOWHW
.RQWUROOHUDWVWU¡PIRUV\QLQJVQHWWHWHUNRUUHNWIRUEXQGHWPHGMRUG
RJDWE\JQLQJHQVDIVLNULQJVDPWNDEHORJOHGQLQJVV\VWHPHU
WLOVWUNNHOLJWGLPHQVLRQHUHWWLODSSDUDWHWVHOHNWULVNHHIIHNW
9HGXGOJQLQJHQDIWLOVOXWQLQJVNDEOHWVNDOI¡OJHQGHSXQNWHU
RYHUKROGHV
■ .DEOHWPnLNNHNRPPHLNOHPPH
■ .DEOHWPnLNNHNRPPHLEHU¡ULQJPHGVNDUSHNDQWHU
■ .DEOHWPnLNNHNRPPHLEHU¡ULQJPHGPHWDONDELQHWWHWSn
DSSDUDWHWVXQGHUVLGHIRUGLGHWEOLYHUPHJHWYDUPW
.RQWUROOHUGHQHOHNWULVNHLQVWDOODWLRQLKXVHWLQGHQDSSDUDWHW
WLOVOXWWHV'HUVNDOYUHHQHJQHWDIVLNULQJLKXVHWVLQVWDOODWLRQ
$SSDUDWHWVVSQGLQJRJIUHNYHQVVNDOVWHPPHRYHUHQVPHGGHQ
HOHNWULVNHLQVWDOODWLRQVHW\SHVNLOW
$SSDUDWHWHUNODVVLILFHUHWLEHVN\WWHOVHVNODVVH,RJPnNXQ
DQYHQGHVPHGHQVLNNHUKHGVMRUGIRUELQGHOVH
'HUVNDOLQGJnHQDOSROHWDIEU\GHUPHGPLQGVWPP
NRQWDNWDIVWDQGLLQVWDOODWLRQHQ$IEU\GHUHQVNDOYUHWLOJQJHOLJ
HIWHULQGE\JQLQJHQ
(QHYWIO\WQLQJHOOHUXGVNLIWQLQJDIWLOVOXWQLQJVOHGQLQJHQPnNXQ
XGI¡UHVDIHQIDJXGGDQQHWHOHNWULNHULKHQKROGWLOGHJOGHQGH
IRUVNULIWHU
9HGXGVNLIWQLQJDIQHWWLOVOXWQLQJVOHGQLQJHQNDQGHWYUH
Q¡GYHQGLJW DW YHQGH DSSDUDWHW RP 7DJ L Vn IDOG ILOWHUGNVOHW DI RJ
EHKROGHUHQPHGPHWDOIHGWILOWUHWXG'HUYHGIRUKLQGUHVDWGLVVH
NRPSRQHQWHUIDOGHUXG
+YLVDSSDUDWHWVQHWWLOVOXWQLQJVOHGQLQJEHVNDGLJHVVNDOGHQ
XGVNLIWHVPHGHQWLOVOXWQLQJVOHGQLQJW\SH+99)
)RUEHUHGHLQVWDOODWLRQ
$SSDUDWHWVPnORJVLNNHUKHGVDIVWDQGH
■ 9URSPUNVRPSnDSSDUDWHWVPnOYHGUHFLUNXODWLRQVGULIW
ILJ $
■ 9URSPUNVRPSnDSSDUDWHWVPnOYHGGULIWPHGDIWUN
ILJ %
■ 6¡UJIRUDWGHUHIWHULQVWDOODWLRQHQHUWLOVWUNNHOLJIULDGJDQJWLO
DSSDUDWHWWLOVNLIWDIDNWLYWNXOILOWHUW¡PQLQJDIRYHUO¡EVEHKROGHU
RJDIPRQWDJHDINDELQHWDIGNQLQJ ILJ &
■ 2YHUKROGVLNNHUKHGVDIVWDQGHQH ILJ &
.RQWURODIN¡NNHQHOHPHQWHW
■ .¡NNHQHOHPHQWHWVNDOYUHMXVWHUHWLYDWHURJKDYHHQ
WLOVWUNNHOLJEUHHYQH
■ $SSDUDWHWYHMHUPDNVLPDOWFD NJ
■ ,QGE\JQLQJVVNDEHWVNDOYUHWHPSHUDWXUEHVWDQGLJWRSWLO&
■ 'HWVNDOVLNUHVDWLQGE\JQLQJVVNDEHWVWDGLJHUVWDELOWHIWHUDW
XGVNULQJHUQHHUXGI¡UW
■ ,VU YHG W\QGH ERUGSODGHU VNDO EUHHYQHQ RJ VWDELOLWHWHQ VLNUHV
YHGKMOSDIHJQHGHXQGHUNRQVWUXNWLRQHU$SSDUDWHWVYJW
LQNOXVLYHHNVWUDEHODVWQLQJHUVNDOPHGUHJQHV'HWDQYHQGWH
IRUVWUNQLQJVPDWHULDOHVNDOYUHYDUPHRJIXJWEHVWDQGLJW
■ 6NXIIHUQHVG\EGHXQGHUDSSDUDWHWVNDOWLOSDVVHVDIKQJLJWDI
U¡UI¡ULQJHQRJERUGSODGHQVW\NNHOVH'HQ¡YHUVWHVNXIIHVNDO
IMHUQHVRJNDQLNNHEHQ\WWHV
■ $IVWDQGHQPHOOHPERUGSODGHQVRYHUVLGHRJVNXIIHPRGXOHWV
RYHUNDQWVNDOYUH PP
■ 'HUPnLNNHLQGE\JJHVRYQHN¡OHIU\VHVNDEH
RSYDVNHPDVNLQHUYDVNHPDVNLQHUHOOHUDQGUHDSSDUDWHU
QHGHQXQGHU
%HPUN (IWHU LQVWDOODWLRQHQ VNDO GHW NRQWUROOHUHV DW DSSDUDWHW HU
SODQWSODFHUHWLLQGE\JQLQJVnEQLQJHQ
)RUEHUHGHLQGE\JQLQJVVNDE
 /DYHQXGVNULQJLERUGSODGHQLKWPRQWDJHWHJQLQJHQ ILJ 
%HPUN 6QLWIODGHUQHVNDOYUHYLQNHOUHWWHLIRUKROGWLO
ERUGSODGHQ8GVNULQJVNDQWHUQHVVLGHUVNDOYUHSODQH9HG
ERUGSODGHUPHGIOHUHODJVNDOGHUHYHQWXHOWEHIVWLJHVOLVWHUSn
VLGHQDIXGVNULQJHQ
 .RJHVHNWLRQHQVNDOYUHWLOVWUNNHOLJWYHQWLOHUHWLPRGVDWIDOG
NDQ GHW LNNH JDUDQWHUHV DW DSSDUDWHW IXQJHUHU NRUUHNW +HUWLO VNDO
GHUODYHVHQYHQWLODWLRQVnEQLQJLXQGHUVNDEHWPHGHWDUHDOSn
PLQLPXP FPò
 2YHUKROGPLQLPXPDIVWDQGHQHYHGLQGE\JQLQJRYHUHQVNXIIH
ILJ &
 )MHUQGHQ¡YHUVWHVNXIIHRJDQEULQJHWSDVVHQGHSDQHOSn
LQGE\JQLQJVVNDEHW
)RUEHUHGHN¡NNHQVNDERJDSSDUDWWLOUHFLUNXODWLRQVGULIW
8GVNULQJLN¡NNHQVNDE
 'HUVNDOHWDEOHUHVHQOXIWnEQLQJLN¡NNHQVNDEHWVVRNNHO
%HPUN /XIWnEQLQJHQVNDOKDYHHWPLQLPXPDUHDOSn
FD  FPò /XIWnEQLQJHQ L VRNNHOSDQHOHW VNDO YUH Vn VWRU VRP
PXOLJWIRUDWUHGXFHUHWUNRJVW¡MPHVWPXOLJW
 )MHUQN¡NNHQVNDEHWVEDJYJ
 )MHUQRPQ¡GYHQGLJWGHQ¡YHUVWHOLVWHSnN¡NNHQVNDEHWV
EDJYJ
 )DVWOJPLGWHUSXQNWHWSnERUGSODGHXGVNULQJHQVEDJNDQWRJ
PDUNHUPLGWHUSXQNWHWRJGHWROLQMHUORGUHWQHGHQXQGHUSn
N¡NNHQVNDEHWVEXQG ILJ D
 ,QGMXVWHUILNVHULQJVSODGHQSnN¡NNHQVNDEHWVEXQGLKHQKROGWLO
PLGWHUOLQMHQ ILJ E
 9HG VNXIIHU /XN GHQ XQGHUVWH VNXIIH KHOW +YLV ILNVHULQJVSODGHQ
IRUVYLQGHUIRUODQJWLQGXQGHUVNXIIHQVNDOILNVHULQJVSODGHQ
IRUVN\GHVLUHWQLQJDIN¡NNHQVNDEHWVEDJVLGH,QGMXVWHU
ILNVHULQJVSODGHQSDUDOOHOWODQJVPHGPLGWHUOLQMHQYHGKMOSDI
PDUNHULQJHUQHLSODGHQ ILJ F
$QYLVQLQJHU
■ +YLVDIVWDQGHQPHOOHPVNXIIHQRJN¡NNHQVNDEHWVEXQGHUIRU
OLOOHWLODWILNVHULQJVSODGHQNDQVNUXHVIDVWVNDO
ILNVHULQJVSODGHQGUHMHVRJVNUXHVSnVNDEVEXQGHQ
QHGHIUD ILJ E,QGMXVWHUIRULQGHQILNVHULQJVSODGHQSn
N¡NNHQVNDEHWVEXQGRSSHIUDIRUDWIDVWOJJH
ILNVHULQJVSODGHQVNRUUHNWHSRVLWLRQ ILJ F
■ 9OJHWSDVVHQGHIRUOQJHUVW\NNHWLOUHFLUNXODWLRQVNDQDOHQ
DIKQJLJWDIILNVHULQJVSODGHQVSODFHULQJ
■ +YLV ILNVHULQJVSODGHQ LNNH NDQ IO\WWHV WLOVWUNNHOLJ ODQJW EDJXG
VNDOGHUDQYHQGHVVNXIIHUPHGHQPLQGUHG\EGH
 0DUNHUHYHQWXHOWXGVNULQJHQVRPULGVSnVNDEVEXQGHQYHG
KMOSDIILNVHULQJVSODGHQLQGHQXGVNULQJHQODYHV ILJ G
 )MHUQDOOHVSnQHUQnUXGVNULQJHQHUIUGLJ
%HPUN 6QLWIODGHUQHVNDOIRUVHJOHVYDUPHEHVWDQGLJWRJ
YDQGWW
6NUXILNVHULQJVSODGHQIDVWRJNOLSVGLIIXVRUHQSn
 6NUXILNVHULQJVSODGHQIDVWRSSHIUDSnGHQQHGHUVWH
IODGNDQDOE¡MQLQJ PHG ILUH NXQVWVWRIVNUXHU KYLV DIVWDQGHQ PHOOHP
VNXIIHRJVNDEHWVEXQGHUVWRUQRN ILJ D
%HPUN 'UHM RP Q¡GYHQGLJW GHQ QHGHUVWH IODGNDQDOE¡MQLQJ Vn
OXIWDIWUNNHWEHILQGHUVLJSnGHQPRGVDWWHVLGH
 6NUXILNVHULQJVSODGHQIDVWRSSHIUDSnEXQGHQDIN¡NNHQVNDEHW
PHGWUVNUXHU ILJ D
%HPUN +YLVDIVWDQGHQPHOOHPVNXIIHQRJN¡NNHQVNDEHWV
EXQGHUIRUOLOOHWLODWILNVHULQJVSODGHQNDQVNUXHVIDVWVNDO
ILNVHULQJVSODGHQGUHMHVRJVNUXHVSnVNDEVEXQGHQ
QHGHIUD ILJ E
 .OLSVGLIIXVRUHQIDVWSnGHQQHGHUVWHIODGNDQDOE¡MQLQJ ILJ F
0RQWDJHDI¡YHUVWHIODGNDQDOE¡MQLQJ
 9OJRPQ¡GYHQGLJWHWIRUOQJHUVW\NNHDIKQJLJWDI
ILNVHULQJVSODGHQVSODFHULQJRJN¡NNHQVNDEHWVG\EGH-R
OQJHUHIRUOQJHUVW\NNHWHUGHVWRG\EHUHNDQVNXIIHQYUH
6NUXIRUOQJHUVW\NNHWIDVWSnNRJHVHNWLRQHQVDIWUNVnEQLQJ
PHGILUHNXQVWVWRIVNUXHU ILJ 
 6NUXGHQ¡YHUVWHIODGNDQDOE¡MQLQJIDVWSnNRJHVHNWLRQHQV
DIWUNVnEQLQJHOOHUSnIRUOQJHUVW\NNHWPHGILUH
NXQVWVWRIVNUXHU
background

)RUEHUHGHN¡NNHQVNDERJDSSDUDWWLOGULIWPHGDIWUN
 6NUXUHGXNWLRQVVWXGVHQHOOHUIODGNDQDOE¡MQLQJHQIDVWSn
NRJHVHNWLRQHQV DIWUNVnEQLQJ HOOHU Sn IRUOQJHUVW\NNHW PHG ILUH
NXQVWVWRIVNUXHU ILJ 
%HPUN 2PQ¡GYHQGLJWVNDOGHUVNUXHVHWSDVVHQGH
IRUOQJHUVW\NNHIDVWSnNRJHVHNWLRQHQ8GPnOGHQWLOODGWH
VNXIIHG\EGH ' RJ RYHUKROG  PP DIVWDQG WLO U¡UHW WLO DIWUNVOXIW
$IKQJLJW DI GHQ DQYHQGWH IRUOQJHU NDQ VNXIIHG\EGHQ YDULHUH
ILJ 
 $IKQJLJWDIDIWUNVNDQDOHQVNRQILJXUDWLRQVNDOGHUIRUHWDJHV
HQ XGVNULQJ L N¡NNHQVNDEHWV EDJYJ HOOHU EXQG HOOHU VNDEHWV
EDJYJVNDOIMHUQHV
 )MHUQDOOHVSnQHUQnUXGVNULQJHQHUIUGLJ
%HPUN 6QLWIODGHUQHVNDOIRUVHJOHVYDUPHEHVWDQGLJWRJ
YDQGWW
)RUEHUHGHHOHNWULVNWLOVOXWQLQJ
%HPUN )¡OJDQYLVQLQJHUQHLDIVQLWWHW (OHNWULVNWLOVOXWQLQJL
NDSLWOHW *HQHUHOOHRSO\VQLQJHU
9HG DSSDUDWHU XGHQ IRULQVWDOOHUHW NDEHO VNDO QHWNDEOHW I¡UHV
LQGLWLOVOXWQLQJVGnVHQ
 9HQG NRJHWRSSHQ RP RJ OJ GHQ Sn EXQGHQ DI HPEDOODJHQ Sn
HW NOGH HOOHU DQGHQ IRUP IRU RYHUIODGH KYRU HQ LNNH EOLYHU ULGVHW
 /¡IWWLOVOXWQLQJVGnVHQVGNVHOYHGKMOSDIHQVNUXHWUNNHU
ILJ 
 6NUX EHIVWLJHOVHVVNUXHQ XG RJ O¡IW VSQGHEnQGHW YHG KMOS DI
HQVNUXHWUNNHU ILJ 
 0nNXQWLOVOXWWHVWLOVOXWQLQJVGnVHQLKWWHJQLQJHQ ILJ 
%1EUXQ
%8EOn
*1<(*XORJJU¡Q
%.VRUW
*<JUn
$QYLVQLQJHU
■ 0RQWHURPQ¡GYHQGLJWGHPHGI¡OJHQGHNREEHU
NRUWVOXWQLQJVE¡MOHULKWWLOVOXWQLQJVWHJQLQJHQ
■ 6¡UJIRUDWVSQGHVNUXHUQHLWLOVOXWQLQJVGnVHQIDVWWLOQnU
NDEOHUQHHUWLOVOXWWHW
■ 9HGHQ1a1aWLOVOXWQLQJVYDUHUIDVH/JUnWLO
YHQWLODWRUPRWRUHQ
 )DVWJ¡UQHWNDEOHWPHGVSQGHEnQGHWRJVSQG
EHIVWLJHOVHVVNUXHQWLO ILJ 
 /XNWLOVOXWQLQJVGnVHQVGNVHO
%HPUN 3ODFHUNDEOHUQHLPLGWHURPUnGHWDIWLOVOXWQLQJVGnVHQ
IRUDWOHWWHOXNQLQJHQ
%HPUN .RQWDNWNXQGHVHUYLFHKYLVGHUHUEUXJIRUHQOQJHUH
QHWWLOVOXWQLQJVOHGQLQJ'HUILQGHVWLOVOXWQLQJVOHGQLQJHUPHG
OQJGHURSWLO P
0RQWHULQJDIHPKWWH
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
: )DUHIRUHOHNWULVNVW¡G
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
7LOVOXWQLQJVNDEOHWNDQEOLYHEHVNDGLJHW6¡UJIRUDW
WLOVOXWQLQJVNDEOHWLNNHInUNQNHOOHUNRPPHULNOHPPHXQGHU
LQVWDOODWLRQHQ
: )DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUVRPHUIULWWLOJQJHOLJHXQGHUPRQWDJHQNDQKDYH
VNDUSHNDQWHU%UXJEHVN\WWHOVHVKDQGVNHU
,VWQLQJDINRJHWRS
 3ODFHUEHIVWLJHOVHVVNLQQHUQH ILJ D
9HGERUGSODGHUDIVWHQVNDOVNLQQHUQHOLPHVSnDQYHQGHW
YDUPHEHVWDQGLJW NOEHVWRI VRP HU EHUHJQHW WLO OLPQLQJ DI PHWDO
RJVWHQ
 6WDSSDUDWHWQHGLXGVNULQJHQLERUGSODGHQ ILJ E
 $QEULQJGHOHYHUHGHEHIVWLJHOVHVNOHPPHURJVSQGGHP
IRUVLJWLJWWLO,QGMXVWHUNRJHWRSSHQSODQWLIRUKROGWLOERUGSODGHQ
PHGEHIVWLJHOVHVNOHPPHUQH ILJ F
%HPUN 'HUPnLNNHDQYHQGHVHOHNWULVNVNUXHWUNNHU
7LOVOXWQLQJDIDSSDUDW
$QYLVQLQJHU
■ 9HGGULIWPHGDIWUNE¡UGHULQGE\JJHVHQNRQWUDNODSPHGHW
PDNVLPDOWnEQLQJVWU\NSn 3D+YLVGHULNNHI¡OJHUHQ
NRQWUDNODSPHGDSSDUDWHWNDQGHQN¡EHVYLDIRUKDQGOHUHQ
■ +YLV DIWUNVOXIWHQ OHGHV JHQQHP HQ \GHUYJ E¡U GHU DQYHQGHV
HQWHOHVNRSPXUNDVVH
(WDEOHULQJDIIRUELQGHOVHWLODIWUNVU¡UHW
 )DVWJ¡UDIWUNVU¡UHWSnIODGNDQDOE¡MQLQJHQHOOHUSn
UHGXNWLRQVVWXGVHQ ILJ 
 )RUELQGDIWUNVU¡UHWPHGDIWUNVnEQLQJHQ
 7WVDPOLQJHUQHPHGHJQHWPDWHULDOH
(WDEOHULQJDIDIWUNWLOUHFLUNXODWLRQ
 .OLSVILOWHUPRGXOHWIDVWSnGHQQHGHUVWHIODGNDQDOE¡MQLQJHOOHU
VNUXGHWRPQ¡GYHQGLJWSn ILJ D
%HPUN 'UHMRPQ¡GYHQGLJWILOWHUPRGXOHWVnVNXIIHQWLOGHW
DNWLYHNXOILOWHUNDQnEQHVIUDGHQPRGVDWWHVLGH
 .OLSVGHWE¡MHOLJHIRUELQGHOVHVVW\NNHIDVWSnGHQ¡YHUVWH
IODGNDQDOE¡MQLQJ
 )RUELQGILOWHUPRGXOHWRJGHQ¡YHUVWHIODGNDQDOE¡MQLQJPHGGHW
E¡MHOLJHIRUELQGHOVHVVW\NNH
%HPUN 0RQWHURPQ¡GYHQGLJWIRUOQJHUVW\NNHWPHOOHP
ILOWHUPRGXOHWRJGHWE¡MHOLJHIRUELQGHOVHVVW\NNH
 cEQDOOHOXNNHPHNDQLVPHUSnVNXIIHQcEQVNXIIHQ ILJ E
 6WGHWDNWLYHNXOILOWHUSnSODGV ILJ F
 /XNVNXIIHQ
 /XNDOOHOXNNHPHNDQLVPHUSnVNXIIHQ
(WDEOHULQJDIVWU¡PWLOI¡UVHO
■ 6SQGLQJ6HW\SHVNLOW
■ 0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW ILJ 
%1EUXQ
%8EOn
*1<(JXORJJU¡Q
%.VRUW
*<JUn
■ $IKQJLJWDIWLOVOXWQLQJVPnGHQVNDOSODFHULQJHQDI
OHGQLQJVPXIIHUQHVRPHUOHYHUHWIUDIDEULNNHQVVLGHHYW
QGUHV+HUWLOVNDOOHGQLQJHUQHHYHQWXHOWDINRUWHVRJ
LVROHULQJHQIMHUQHVIRUDWNXQQHSODFHUHHQOHGQLQJVPXIIHGHU
IRUELQGHUWRNDEOHU
%HPUN .RQWUROOHURPDSSDUDWHWHUNODUWLOGULIW+YLV
—…‹‹
“‹†‚„ HOOHU “YLVHVLDSSDUDWHWVLQGLNDWRUHUGHWLNNHWLOVOXWWHW
NRUUHNW$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHWRJNRQWUROOHU
VWU¡PNDEOHWVWLOVOXWQLQJ
2PVWLOOLQJDILQGLNDWRUWLOGULIWPHGDIWUNHOOHU
UHFLUNXODWLRQ
9HGGULIWPHGDIWUNHOOHUPHGUHFLUNXODWLRQVNDOLQGLNDWRUHQIRU
GHQHOHNWURQLVNHVW\ULQJHYHQWXHOWRPVWLOOHVWLOVYDUHQGHL
JUXQGLQGVWLOOLQJHUQH
6HYHGU¡UHQGHGHWWHNDSLWOHW *UXQGLQGVWLOOLQJHUL
EUXJVYHMOHGQLQJHQ
'HPRQWHULQJDIHPKWWH
 $IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHW
m )DUHIRUHOHNWULVNVW¡G
'HUNDQVWDGLJYUHVWU¡PSnNRJHVHNWLRQHQVNOHPPHUQnUGH
DIEU\GHVIUDVWU¡PQHWWHW'HQHOHNWULVNHWLOVOXWQLQJPnNXQ
XGI¡UHVDIHQDXWRULVHUHWHOHNWULNHU
 )MHUQDIWUNVNDQDOHQHOOHUUHFLUNXODWLRQVIRUELQGHOVHUQH
 7U\NDSSDUDWHWRSQHGHIUD
3DVSn
%HVNDGLJHOVHDIDSSDUDWHW $SSDUDWHWPnLNNHO¡IWHVPHGHW
YUNW¡MRSSHIUD
background

fi
Ý
$VHQQXVRKMH
: 7lUNHLWlWXUYDRKMHLWD
/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
(OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
9DOPLVWDMDHLYDVWDDNl\WW|KlLUL|LVWlWDLPDKGROOLVLVWDYDXULRLVWD
MRWNDMRKWXYDWYLUKHHOOLVHVWlVlKN|DVHQQXNVHVWD
9HUNNRMRKWRYHUNNRMRKWRRQPDKGROOLVHVWLOLLWHWW\MR
NHLWWRWDVRQ OLLWlQWlNRWHORRQ WDL VH WRLPLWHWDDQ ODLWWHHQ PXNDQD
MDVHQVDDDVHQWDDYDLQDVLDQPXNDLVHQNRXOXWXNVHQVDDQXW
DVHQWDMDWDLKXROWROLLNNHHQHGXVWDMD7DUYLWWDYDWOLLWlQWlWLHGRW
O|\W\YlWW\\SSLNLOYHVWlMDOLLWlQWlNXYDVWD
.l\WlYDLQODLWWHHQPXNDQDWRLPLWHWWXDWDLWHNQLVHQKXROWRSDOYHOXQ
WRLPLWWDPDDMRKWRD
-RNDLVHQKXROWRWRLPHQSLWHHQ\KWH\GHVVlRQODLWWHHVWDNDWNDLVWDYD
YLUWD
$VHQQHWWDHVVDWXOHHQRXGDWWDDYRLPDVVDROHYLD
UDNHQQXVPllUl\NVLlMDSDLNDOOLVHQVlKN|MDNDDVXODLWRNVHQ
PllUl\NVLl
3RLVWRLOPDQMRKWDPLVHVVDRQQRXGDWHWWDYDYLUDQRPDLVWHQ
VllG|NVLlMDODNLVllWHLVLlPllUl\NVLlHVLPHUNLNVL
UDNHQQXVODLQVllGlQW|
+HQJHQYDDUD
7DNDLVLQYLUWDDYDWSRLVWRLOPDNDDVXWYRLYDWDLKHXWWDDP\UN\W\NVHQ
+XROHKGLDLQDULLWWlYlVWlWXORLOPDVWDMRVODLWHWWDNl\WHWllQ
SRLVWRLOPDNl\W|VVl\KGHVVlKXRQHLOPDDWDUYLWVHYDQWXOLVLMDQ
NDQVVD
+XRQHLOPDDWDUYLWVHYDWWXOLVLMDWHVLPNDDVX|OM\SXXWDL
KLLOLNl\WW|LVHWOlPPLW\VODLWWHHWOlSLYLUWDXVNXXPHQQLQ
YHGHQNXXPHQQLQRWWDYDWSROWWRLOPDQKXRQHWLODVWDMDMRKWDYDW
SRLVWRLOPDQSRLVWRLOPDODLWWHHQHVLPVDYXWRUYHQNDXWWDXORV
7XXOHWLQLPHHNHLWWL|VWlMDVHQYLHUHLVLVWlKXRQHLVWDLOPDDWlPl
RQNRUYDWWDYDULLWWlYlOOlWXORLOPDOODPXXWRLQV\QW\\DOLSDLQH
0\UN\OOLVHW NDDVXW LPH\W\LVLYlW WDNDLVLQ KXRQHLVLLQ VDYXWRUYHVWD WDL
SRLVWRLOPDNDQDYDVWD
■ 6LNVLRQKXROHKGLWWDYDDLQDULLWWlYlVWlWXORLOPDVWD
■ 6HLQllQDVHQQHWWXWXORLOPDSRLVWRLOPDODDWLNNRHL\NVLQWDNDD
UDMDDUYRLVVDS\V\PLVWl
7XUYDOOLVXXVV\LVWlHLKXRQHHVVDMRKRQWXXOHWLQRQDVHQQHWWX
YDOOLWVHYD DOLSDLQH VDD ROOD NRUNHDPSL NXLQ 3D  PEDU 7lPl
VDDYXWHWDDQMRVDYDWWDYLVWDMDVXOMHWWDYLVWDDXNRLVWDNXWHQRYLVWD
LNNXQRLVWDWXORLOPDSRLVWRLOPDVHLQlDXNRLVWDWDLPXLVWDWHNQLVLVWl
WRLPHQSLWHLVWlMRKWXHQSDODPLVLOPDQWLODOOHSllVHHYLUWDDPDDQ
NRUYDXVLOPDD
7XXOHWWLPHQDVHQWDPLVWDVXXQQLWHOWDHVVDRQN\V\WWlYlQHXYRD
SDLNDOOLVHOWDQXRKRRMDOWDKlQS\VW\\DUYLRLPDDQWDORQWXXOHWXVWD
NRVNHYDQNRNRQDLVUDWNDLVXQMDVXRVLWWHOHPDDQVRSLYDWWXXOHWXVWD
NRVNHYDWWRLPHQSLWHHW
0LNlOLWXXOHWLQWDNl\WHWllQYDLQNLHUWRLOPDNl\W|VVlNl\WW|RQ
PDKGROOLVWDLOPDQUDMRLWXNVLD
+HQJHQYDDUD
7DNDLVLQYLUWDDYDWSRLVWRLOPDNDDVXWYRLYDWDLKHXWWDDP\UN\W\NVHQ
.XQWXXOHWLQDVHQQHWDDQWLODDQMRVVDRQKXRQHLOPDDNl\WWlYl
WXOLVLMDWXXOHWWLPHQYLUUDQV\|WW||QRQDVHQQHWWDYDDVLDQPXNDLQHQ
WXUYDN\WNLQ
3DORYDDUD
5DVYDVXRGDWWLPHHQNHUllQW\Q\WUDVYDYRLV\WW\lWXOHHQbOlSLGl
DYRWXOWDOLHVLWXXOHWWLPHQOlKHLV\\GHVVlHVLPlOlOLHNLWlUXRNLD
/LHVLWXXOHWWLPHQVDDDVHQWDDNLLQWHLOOlSROWWRDLQHLOODWRLPLYLHQ
HVLPSXXWDLKLLOLOlPPLWWHLVWHQOLHVLHQ\OlSXROHOOHYDLQNXQOLHVL
RQYDUXVWHWWXVXOMHWXOODNLLQWHlOOlNDQQHOOD.LSLQ|LWlHLVDD
PXRGRVWXD
/RXNNDDQWXPLVYDDUD
■ 6lKN|WRLPLVHQWDLPHNDDQLVHQUDNHQWHHQPXXWRNVHWRYDW
YDDUDOOLVLDMDYRLYDWDLKHXWWDDYLUKHWRLPLQWRMDbOlWHHPXXWRNVLD
VlKN|WRLPLVLLQWDLPHNDDQLVLLQUDNHQWHLVLLQ
/RXNNDDQWXPLVYDDUD
■ 5DNHQQHRVDWMRLKLQSllVHWDVHQQXNVHQDLNDQDNlVLNVLYRLYDW
ROODWHUlYlUHXQDLVLD.l\WlVXRMDNlVLQHLWl
/RXNNDDQWXPLVYDDUD
■ /DLWHRQSDLQDYD/DLWWHHQVLLUWlPLVHHQWDUYLWDDQ KHQNLO|l
.l\WlYDLQWDUNRLWXNVHHQVRSLYLDDSXYlOLQHLWl
/RXNNDDQWXPLVYDDUD
■ 3\|ULYlWWXXOHWWLPHQVLLYHWDLKHXWWDYDWORXNNDDQWXPLVYDDUDQ
.\WNHODLWHSllOOHYDLQNXQVHRQDVHQQHWWXSDLNDOOHHQbOlYLH
NlWWlVL ODLWWHHQ WDNDVLYXOOD ROHYDDQ LOPDQSRLVWRDXNNRRQ NXQ ODLWH
RQN\WNHWW\SllOOH
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
bOlDVHQQDWlWlODLWHWWDYHQHHVHHQWDLDXWRRQ
.HLWWRWDVRWDVDLQHQYDDNDVXRUDYDNDD1RXGDWDNHLWWRWDVRQ
YDOPLVWDMDQRKMHLWD
-RVW\|WDVRQSDNVXXVMRKRQNHLWWRWDVRDVHQQHWDDQHLYDVWDD
PllUl\NVLlYDKYLVWDW\|WDVRDWXOHQMDYHGHQNHVWlYlOOl
PDWHULDDOLOODNXQQHVVXRVLWHOWXYlKLPPlLVSDNVXXVRQVDDYXWHWWX
0XXWRLQOXMXXVHLROHULLWWlYl
+XRPDXWXNVLD
■ 7\|WDVRQMRKRQNHLWWRWDVRDVHQQHWDDQSLWllNHVWllQ NJQ
NXRUPLWXVWD
■ 7\|WDVRQSLQQDQVRYLWXNVHWRQWHHWHWWlYlDPPDWWLDVHQWDMDOOD
DVHQQXVSLLUXVWXVWHQ PXNDDQ /HLNNDXVUHXQDQ SLWll ROOD SXKGDV
MDWlVPlOOLQHQNRVNDUHXQDQlN\\\OlSLQQDOOD3XKGLVWD
OHLNNDXVUHXQDWVRYHOWXYDOODSXKGLVWXVDLQHHOODMDSRLVWDQLLVWl
UDVYD
<OHLVHWRKMHHW
/DLWWHHQSLQQDWYDKLQJRLWWXYDWKHOSRVWL9DURYDKLQJRLWWDPDVWD
SLQWRMDDVHQQXNVHQ\KWH\GHVVl
7RLPLQWDKRUPLLQOLLWHWW\Ql
+XRPDXWXV 3RLVWRLOPDDHLVDDMRKWDDWRLPLQQDVVDROHYDDQ
VDYXNDQDYDDQWDLLOPDQYDLKWRKRUPLLQHLNlKRUPLLQMRNDRQ
WDUNRLWHWWXWXOLVLMRMHQVLMRLWXVKXRQHLGHQLOPDQYDLKWRRQ
0LNlOLSRLVWRLOPDMRKGHWDDQVDYXNDQDYDDQWDLLOPDQYDLKWRKRUPLLQ
MRNDHLROHNl\W|VVlRQVLLKHQVDDWDYDOXSDSDLNDOOLVHOWD
QXRKRRMDOWD
3RLVWRLOPDSXWNL
+XRPDXWXV /DLWWHHQYDOPLVWDMDHLYDVWDDSXWNLVWDMRKWXYLVWD
UHNODPDDWLRLVWD
■ /DLWWHHQWHKRRQSDUKDLPPLOODDQNXQDVHQQHWDDQO\K\WVXRUD
KDONDLVLMDOWDDQPDKGROOLVLPPDQVXXULSRLVWRLOPDSXWNL
■ 3RLVWRLOPDQYLUWDXVRQSDUKDLPPLOODDQMDllQLWDVR
DOKDLVLPPLOODDQMRVYlOWHWllQNl\WWlPlVWlSLWNLlURVRLVLD
SRLVWRLOPDSXWNLDNDDULSXWNLDWDLKDONDLVLMDOWDDQSLHQHPSLlNXLQ
PPSXWNLD
■ 3RLVWRLOPDQ MRKWDPLVHHQ Nl\WHWW\MHQ SXWNLHQ MD OHWNXMHQ RQ ROWDYD
SDODPDWWRPDVWDPDWHULDDOLVWD
■ -RVSRLVWRLOPDMRKGHWDDQXORVXONRVHLQlQOlSLWXOHHNl\WWll
WHOHVNRRSSLOLLWRVWD
3DOXXNRVWHXGHQDLKHXWWDPDYDXULRLWXPLVYDDUD$VHQQDODLWWHHVWD
OlKWHYlSRLVWRLOPDNDQDYDKLHPDQNDOWHYDNVLNDOWHYXXV
3\|U|SXWNHW
6XRVLWXVSXWNLHQVLVlKDONDLVLMDNVLRQ PP
/DDNHDWNDQDYDW
6LVlSRLNNLOHLNNDXNVHQRQYDVWDWWDYDS\|U|SXWNLHQKDONDLVLMDD
PPQFP
■ /DDNHLVVDNDQDYLVVDHLVDLVLROODM\UNNLlNllQW|Ml
■ .l\WlWLLYLVW\VQDXKDDMRVSXWNLHQKDONDLVLMDWRYDWNRROWDDQ
SRLNNHDYDW
background

.LHUWRLOPDNl\WW|
+XRPDXWXV /DLWHWWDVDDNl\WWllYDLQNLLQWHlVWLDVHQQHWWXQDMD
SXWNLOLLWHWW\Ql
6lKN|OLLWlQWl
7DUYLWWDYDWOLLWlQWlWLHGRWO|\W\YlWODLWWHHVVDROHYDVWDW\\SSLNLOYHVWl
/DLWHRQUDGLRKlLUL|VXRMDWWX(8PllUl\VWHQPXNDLVHVWL
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDVHQWDMD/DLWHRQDVHQQHWWDYD
XXVLPSLHQ,((VllG|VWHQ,QVWLWXWLRQRI(OHFWULFDO(QJLQHHUV
PXNDDQ-RVOLLWlQWlWHKGllQYllULQODLWHYRLYDXULRLWXD
9DUPLVWD HWWl VlKN|YHUNRQ MlQQLWH YDVWDD W\\SSLNLOYHVVl PDLQLWWXD
MlQQLWHWWl
9DUPLVWD HWWl VlKN|YHUNNR RQ PDDGRLWHWWX DVLDQPXNDLVHVWL MD HWWl
VHNlVXODNHHWWlUDNHQQXNVHQNDDSHOLHQMDMRKWRMHQPLWRLWXNVHW
RYDWODLWWHHQWHKROOHULLWWlYlW
2WDOLLWlQWlNDDSHOLQVLMRLWXNVHVVDKXRPLRRQVHXUDDYDWVHLNDW
■ bOlMlWlNDDSHOLDSXULVWXNVLLQWDLSllVWlVLWlKDQNDXWXPDDQ
■ 3LGlNDDSHOLSRLVVDWHUlYLHQUHXQRMHQOlKHOWl
■ bOlSllVWlNDDSHOLDNRVNHWXNVLLQODLWWHHQDODVLYXOODROHYDQ
PHWDOOLNRWHORQNDQVVDNRVNDVHNXXPHQHH
7DUNDVWDHQQHQODLWWHHQDVHQWDPLVWDWDORYHUNRVVDROHYD
VXODNHNRNR9DUPLVWDHWWlWDORQVlKN|YHUNRQVXODNHNRNRRQ
RLNHD/DLWWHHQMlQQLWWHHQMDWDDMXXGHQSLWllROOD\KWHQHYlLQHQ
WDORQVlKN|YHUNRQNDQVVDNVW\\SSLNLOSL
/DLWWHHQVXRMDOXRNNDRQ,MDVHQNl\WW|RQVDOOLWWXYDLQ
PDDGRLWXVOLLWlQQlQNDQVVD
$VHQQXNVHHQ WDUYLWDDQ MRNDQDSDLQHQ NDWNDLVLQ MRQND NRVNHWWLPLHQ
DYDXWXPLVYlOLRQYlKLQWllQPP7lKlQSLWllSllVWlNlVLNVL
P\|VDVHQQXNVHQMlONHHQ
/LLWlQWlMRKGRQPXXWWDPLQHQWDLYDLKWRRQVDOOLWWXDYDLQ
DPPDWWLPDLVHOOHVlKN|DVHQWDMDOOHMRQNDRQQRXGDWHWWDYD
DVLDQRPDLVLDPllUl\NVLl
9HUNNROLLWlQQlQYDLKGRQ\KWH\GHVVlVDDWHWDDQODLWHMRXWXD
NllQWlPllQ\PSlUL,UURWDVLLQlWDSDXNVHVVDVXRGDWLQNDQVLMDRWD
VlLOL|MDPHWDOOLQHQUDVYDVXRGDWLQSRLVSDLNRLOWDDQ1lLQHVWlW
UDNHQQHRVLHQSXWRDPLVHQ
-RVODLWWHHQYHUNNROLLWlQWlMRKWRYLRLWWXXVHQWLODOOHWXOHHYDLKWDD
W\\SLQ+99)
$VHQQXNVHQDONXYDOPLVWHOXW
/DLWHPLWDWMDWXUYDOOLVXXVHWlLV\\GHW
■ 2WDKXRPLRRQNLHUWRLOPDNl\W|QODLWHPLWDW NXYD $
■ 2WDKXRPLRRQSRLVWRLOPDNl\W|QODLWHPLWDW NXYD %
■ 9DUPLVWDDVHQQXNVHQMlONHHQULLWWlYlNlVLNVLSllV\ODLWWHHVHHQ
DNWLLYLKLLOLVXRGDWWLPHQYDLKWRD\OLYXRWRVlLOL|QW\KMHQQ\VWlMD
NRWHORQVXRMXNVHQLUURWXVWDYDUWHQ NXYD &
■ 1RXGDWDWXUYDOOLVXXVHWlLV\\NVLl NXYD &
7DUNLVWDNDOXVWH
■ .DOXVWHHQRQROWDYDYDDNDVXRUDVVDMDULLWWlYlQNDQWRN\N\LQHQ
■ /DLWWHHQPDNVLPLSDLQRRQQRLQ NJ
■ .HLWWL|NDOXVWHHQSLWllNHVWllOlPS|lDLQD&HHQDVWL
■ .DOXVWHHQYDNDXGHQSLWllROODWDDWWXP\|VDVHQQXVDXNRQ
YDOPLVWDPLVHQMlONHHQ
■ (ULW\LVHVWLRKXLGHQW\|WDVRMHQNDQWDYXXVMDYDNDXVRQ
YDUPLVWHWWDYDWDUNRLWXNVHHQVRSLYLOODDOXVWDUDNHQWHLOOD2WD
KXRPLRRQODLWWHHQSDLQRMDOLVlNXRUPLWXV.l\WHW\Q
YDKYLNHPDWHULDDOLQSLWllROODNXXPXXWWDMDNRVWHXWWDNHVWlYll
■ 3XWNLVWDMDW\|WDVRQV\Y\\GHVWlULLSSXHQRQODLWWHHQDODSXROHOOD
ROHYLHQ YHWRODDWLNRLGHQ V\Y\\WWl PXXWHWWDYD <OLQ YHWRODDWLNNR RQ
SRLVWHWWDYDHLNlVLWlYRLGDNl\WWll
■ 7\|WDVRQ\OlSLQQDQMDYHWRODDWLNRQ\OlRVDQYlOLVHQHWlLV\\GHQ
SLWllROOD PP
■ bOlDVHQQDDODSXROHOOHXXQLDN\OPlODLWHWWDDVWLDQSHVXNRQHWWD
S\\NLQSHVXNRQHWWDWDLPXLWDODLWWHLWD
+XRPDXWXV 7DUNDVWDODLWWHHQRLNHDDVHQWRYDVWDNXQVHRQ
SDLNDOODDQDVHQQXVDXNRVVD
.DOXVWHHQYDOPLVWHOX
 9DOPLVWDDVHQQXVDXNNRW\|WDVRRQDVHQQXVSLLUURNVHQPXNDDQ
NXYD 
+XRPDXWXV /HLNNXXSLQQDQ NXOPDQ W\|WDVRRQ QlKGHQ SLWll ROOD
 6LYXLOOD ROHYLHQ DVHQQXVDXNRQ UHXQRMHQ SLWll ROOD WDVDLVHW
-RVW\|WDVRRQPRQLNHUURNVLQHQNLLQQLWlWDUYLWWDHVVDDXNRQ
VLYXLKLQOLVWDW
 -RWWDODLWWHHQRLNHDWRLPLQWDYRLGDDQWDDWDNHLWWRWDVRDRQ
WXXOHWHWWDYDDVLDQPXNDLVHVWL7HHVLWlYDUWHQDODNDDSSLLQ
LOPDQSRLVWRDXNNRMRQNDSRLNNLOHLNNDXVRQYlKLQWllQ FPò
 1RXGDWDYlKLPPlLVHWlLV\\NVLlNXQDVHQQXVWHKGllQ
YHWRODDWLNRQ\OlSXROHOOH NXYD &
 3RLVWD \OLQ YHWRODDWLNNR MD NLLQQLWl NDOXVWHHVHHQ YDVWDDYD VRSLYD
YHUKRXV
.DOXVWHHQMDODLWWHHQYDOPLVWHOXNLHUWRLOPDNl\WW|lYDUWHQ
.DOXVWHDXNRQYDOPLVWDPLQHQ
 7HHNDOXVWHHQVRNNHOLOLVWDDQLOPDQSRLVWRDXNNR
+XRPDXWXV 6XXQQLWWHOHLOPDQSRLVWRDXNROOHYlKLQWllQ
Q  FPòQSRLNNLOHLNNDXV7HHVRNNHOLSDQHHOLLQ
PDKGROOLVLPPDQVXXULSRLVWRDXNNRMRWWDYHWRMDNl\QWLllQL
S\V\YlWSLHQLQl
 3RLVWDNDOXVWHHQWDNDVHLQl
 3RLVWDWDUYLWWDHVVDNDOXVWHHQWDNDVHLQlQ\OlOLVWD
 0llULWlW\|WDVRQDXNRQWDNDUHXQDVVDNHVNLNRKWDMDSLLUUlVHMD
PROHPPDWYLLYDWS\VW\VXRUDDQDODVSlLQNDOXVWHHQSRKMDDQ
NXYD D
 6XRULVWDNLLQQLW\VOHY\NDOXVWHHQSRKMDDQNHVNLOLQMDDQ NXYD E
 -RVNDOXVWHHVVDRQYHWRODDWLNRWVXOMHDOLQYHWRODDWLNNR
NRNRQDDQ -RV NLLQQLW\VOHY\ NDWRDD OLLDQ SLWNlOOH YHWRODDWLNRQ DOOH
VLLUUlVLWlNDOXVWHHQWDNDVLYXQVXXQWDDQ6XRULVWDNLLQQLW\VOHY\
VLLQl ROHYLHQ PHUNLQW|MHQ DYXOOD VDPDQVXXQWDLVHVWL NHVNLOLQMDDQ
NXYD F
+XRPDXWXNVLD
■ -RVYHWRODDWLNRQMDNDOXVWHHQSRKMDQYlOLQHQHWlLV\\VRQOLLDQ
SLHQLNLLQQLW\VOHY\QNLLQQLWWlPLVHNVLUXXYHLOODNDOXVWHHQ
SRKMDDQNllQQlNLLQQLW\VOHY\lMDNLLQQLWlDOKDDOWDSlLQ
UXXYHLOODNDOXVWHHQSRKMDDQ NXYD E6XRULVWDNLLQQLW\VOHY\
HQVLQ\OKllOWlSlLQNDOXVWHHQSRKMDDQMRWWDYRLWPllULWWll
NLLQQLW\VOHY\QRLNHDQVLMDLQQLQ NXYD F
■ 9DOLWVHNLLQQLW\VOHY\QVLMDLQQLVWDULLSSXHQYDVWDDYD
MDWNRNDSSDOH
■ -RVNLLQQLW\VOHY\lHLVDDW\|QQHWW\lWDUSHHNVLSDOMRQ
WDDNVHSlLQNl\WlYHWRODDWLNNRDMRQNDV\Y\\VRQSLHQHPSL
 3LLUUl WDUYLWWDHVVD NLLQQLW\VOHY\Q DYXOOD DXNNR NDOXVWHHQ SRKMDDQ
MDWHHDXNNR NXYD G
 3RLVWDODVWXWDXNRQWHNHPLVHQMlONHHQ
+XRPDXWXV .lVLWWHOHOHLNNXXSLQQDWNXXPXXWWDNHVWlYLNVLMD
YHGHQSLWlYLNVL
.LLQQLWlNLLQQLW\VOHY\UXXYHLOODMDNLLQQLWlGLIIXXVRUL
SDLNDOOHHQ
 -RVHWlLV\\VYHWRODDWLNRQMDNDOXVWHHQSRKMDQYlOLOOlRQULLWWlYl
NLLQQLWlNLLQQLW\VOHY\PXRYLUXXYHLOOD\OKllOWlSlLQODDNHDQ
NDQDYDQDOHPSDDQNDDULRVDDQ NXYD D
+XRPDXWXV .llQQlWDUYLWWDHVVDODDNHDQNDQDYDQNDDULRVDD
MRWWDLOPDQXORVWXORDXNNRRQYDVWDNNDLVHOODVLYXOOD
 .LLQQLWlNLLQQLW\VOHY\SXXUXXYHLOOD\OKllOWlSlLQNDOXVWHHQ
SRKMDDQ NXYD D
+XRPDXWXV -RVYHWRODDWLNRQMDNDOXVWHHQSRKMDQYlOLQHQ
HWlLV\\VRQOLLDQSLHQLNLLQQLW\VOHY\QNLLQQLWWlPLVHNVLUXXYHLOOD
NDOXVWHHQSRKMDDQNllQQlNLLQQLW\VOHY\lMDNLLQQLWl
DOKDDOWDSlLQUXXYHLOODNDOXVWHHQSRKMDDQ NXYD E
 .LLQQLWlGLIIXXVRULODDNHDQNDQDYDQDOHPSDDQNDDULRVDDQ
NXYD F
/DDNHDQNDQDYDQ\OHPPlQNDDULRVDQDVHQQXV
 9DOLWVHWDUYLWWDHVVDMDWNRNDSSDOHNLLQQLW\VOHY\QSDLNDVWDMD
NDOXVWHHQV\Y\\GHVWlULLSSXHQ0LWlSLGHPSLMDWNRNDSSDOHVLWl
V\YHPSLYRLODDWLNNRROOD.LLQQLWlMDWNRNDSSDOHQHOMlOOl
PXRYLUXXYLOODNHLWWRWDVRQSRLVWRDXNNRRQ NXYD 
 .LLQQLWlODDNHDQNDQDYDQ\OHPSLNDDULRVDNHLWWRWDVRQ
SRLVWRDXNNRRQWDLMDWNRNDSSDOHHVHHQ
.DOXVWHHQMDODLWWHHQYDOPLVWHOXSRLVWRLOPDNl\WW|lYDUWHQ
 .LLQQLWlVXSLVWXVNDSSDOHWDLODDNHDQNDQDYDQNDDULRVDQHOMlOOl
PXRYLUXXYLOODNHLWWRWDVRQSRLVWRDXNNRRQWDLMDWNRNDSSDOHHVHHQ
NXYD 
+XRPDXWXV .LLQQLWlWDUYLWWDHVVDMDWNRNDSSDOHUXXYHLOOD
NHLWWRWDVRRQ 0LWWDD YHWRODDWLNRQ VDOOLWWX V\Y\\V 6 QRXGDWD WlOO|LQ
 PPHWlLV\\WWlSRLVWRSXWNHHQ9HWRODDWLNRQV\Y\\VYRL
YDLKGHOODNl\WHW\VWlMDWNRNDSSDOHHVWDULLSSXHQ NXYD 
 7HHSRLVWRLOPDQODLWHNRNRRQSDQRVWDULLSSXHQSRLVWRLOPDSXWNHOOH
DXNNRNDOXVWHHQWDNDVHLQllQSRLVWDWDNDVHLQlWDLWHHDXNNR
NDOXVWHHQSRKMDDQ
 3RLVWDODVWXWDXNRQWHNHPLVHQMlONHHQ
+XRPDXWXV .lVLWWHOHOHLNNXXSLQQDWNXXPXXWWDNHVWlYLNVLMD
YHGHQSLWlYLNVL
background

6lKN|OLLWlQQlQYDOPLVWHOX
+XRPDXWXV 1RXGDWD NDSSDOHHVVD 6lKN|OLLWlQWl OXYXVVD <OHLVLl
RKMHLWDROHYLDRKMHLWD
-RVODLWWHHVVDHLROHYDOPLLNVLDVHQQHWWXDMRKWRDYLH
YHUNNRMRKWROLLWlQWlUDVLDDQ
 .llQQlNHLWWRWDVR\O|VDODLVLQMDDVHWDVHSDNNDXNVHQSRKMDQ
SllOOHOLLQDOOHWDLPXXOOHSLQQDOOHMRWWDYlOWlWQDDUPXXQWXPLVHQ
 1RVWDOLLWlQWlUDVLDQNDQWWDUXXYLPHLVVHOLQDYXOOD NXYD 
 ,UURWDNLLQQLW\VUXXYLMDQRVWDNLULVWLQWlUXXYLPHLVVHOLQDYXOOD
NXYD 
 /LLWlOLLWlQWlUDVLDDQYDLQNXYDQRVRLWWDPDOODWDYDOOD NXYD 
%1UXVNHD
%8VLQLQHQ
*1<(YLKUHlMDNHOWDLQHQ
%.PXVWD
*<KDUPDD
+XRPDXWXNVLD
■ $VHQQDWDUYLWWDHVVDPXNDQDWRLPLWHWXWNXSDULOLLWWLPHW
OLLWlQWlNXYDQPXNDDQ
■ 9DUPLVWDHWWlOLLWlQWlUDVLDVVDROHYDWUXXYLNLULVWHWllQVHQ
MlONHHQNXQMRKGRWRQOLLWHWW\
■ /LLWlQQlQ1a1a\KWH\GHVVlYDVWDDYDLKH/KDUPDD
WXXOHWLQPRRWWRULD
 .LLQQLWlYHUNNRMRKWRNLULVWLPHOOlMDNLULVWlNLLQQLW\VUXXYL NXYD 
 6XOMHOLLWlQWlUDVLDQNDQVL
+XRPDXWXV 6LMRLWDMRKGRWOLLWlQWlUDVLDQNHVNHOOHMRWWD
VXONHPLQHQRQKHOSRPSDD
+XRPDXWXV -RVWDUYLWVHWSLGHPPlQYHUNNROLLWlQWlMRKGRQRWD
\KWH\VKXROWRSDOYHOXXQ.l\WHWWlYLVVlRQOLLWlQWlMRKWRMDDLQD
 PVDDNND
/DLWWHHQDVHQWDPLQHQ
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
: 6lKN|LVNXQYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW/LLWlQWlMRKWRYRLYDXULRLWXD9DUPLVWDHWWl
OLLWlQWlMRKWRHLWDLYXM\UNlOOHPXWNDOOHWDLMllSXULVWXNVLLQ
DVHQQXNVHQDLNDQD
: /RXNNDDQWXPLVYDDUD
5DNHQQHRVDW MRLKLQ SllVHW DVHQQXNVHQ DLNDQD NlVLNVL YRLYDW ROOD
WHUlYlUHXQDLVLD.l\WlVXRMDNlVLQHLWl
.HLWWRWDVRQDVHQQXV
 $VHQQDNDQQDWLQNLVNRW NXYD D
-RVW\|WDVRRQNLYHlOLLPDDNLVNRWNl\WlNXXPXXWWDNHVWlYll
PHWDOOLQMDNLYHQOLLPDDPLVHHQVRYHOWXYDDOLLPDD
 $VHWDODLWHSDLNDOOHHQW\|WDVRQDXNNRRQ NXYD E
 .LLQQLWlPXNDQDWRLPLWHWXWNLLQQLNNHHWSDLNRLOOHHQMDNLULVWl
YDURYDVWL.RKGLVWDNHLWWRWDVRNLLQQLNNHLGHQDYXOODVDPDDQ
WDVRRQW\|WDVRQNDQVVD NXYD F
+XRPDXWXV bOlNl\WlVlKN|WRLPLVWDUXXYLQYllQQLQWl
/LLWlODLWH
+XRPDXWXNVLD
■ +RUPLOLLWlQWlNl\W|VVlSLWllROODDVHQQHWWXQDWDNDLVNXOlSSl
MRQNDVXXULQDYDXWXPLVSDLQHRQ 3D-RVODLWWHHQPXNDQDHL
WXOHWDNDLVNXOlSSllVHYRLGDDQKDQNNLDDODQOLLNNHHVWl
■ -RVSRLVWRLOPDMRKGHWDDQXORVXONRVHLQlQOlSLWXOHHNl\WWll
WHOHVNRRSSLOLLWRVWD
3RLVWRLOPDOLLWlQWl
 .LLQQLWlSRLVWRLOPDSXWNLODDNHDQNDQDYDQNDDULRVDDQWDL
VXSLVWXVNDSSDOHHVHHQ NXYD 
 7HHOLLWlQWlSRLVWRLOPDDXNNRRQ
 7LLYLVWlOLLWRVNRKGDWVRSLYDDPHQHWHOPllNl\WWlHQ
.LHUWRLOPDOLLWlQWl
 .LLQQLWlVXRGDWLQPRGXXOLODDNHDQNDQDYDQNDDULRVDDQ
NLLQQLNNHLOOlWDLUXXYHLOOD NXYD D
+XRPDXWXV .llQQlWDUYLWWDHVVDVXRGDWLQPRGXXOLDMRWWD
DNWLLYLKLLOLVXRGDWWLPHQ ODDWLNRQ VDD DYDWWXD YDVWDNNDLVHOWD VLYXOWD
 .LLQQLWlMRXVWDYDOLLWlQWlHOHPHQWWLODDNHDQNDQDYDQ\OHPSllQ
NDDULRVDDQ
 <KGLVWlVXRGDWLQPRGXXOLMDODDNHDQNDQDYDQ\OHPSLNDDULRVD
MRXVWDYDQOLLWlQWlHOHPHQWLQDYXOOD
+XRPDXWXV $VHQQDWDUYLWWDHVVDMDWNRNDSSDOHHW
VXRGDWLQPRGXXOLQMDMRXVWDYDQOLLWlQWlHOHPHQWLQYlOLLQ
 $YDDODDWLNRQNDLNNLOXNLWVLPHW$YDDODDWLNNR NXYD E
 $VHWDDNWLLYLKLLOLVXRGDWLQSDLNDOOHHQ NXYD F
 6XOMHODDWLNNR
 6XOMHODDWLNRQNDLNNLOXNLWVLPHW
/DLWWHHQOLLWWlPLQHQVlKN|YHUNNRRQ
■ -lQQLWHNVW\\SSLNLOSL
■ /LLWlYDLQOLLWlQWlNDDYLRQPXNDDQ NXYD 
%1UXVNHD
%8VLQLQHQ
*1<(YLKUHlMDNHOWDLQHQ
%.PXVWD
*<KDUPDD
■ /LLWlQWlW\\SLVWlULLSSXHQVDDWHWDDQWHKWDDOWDWRLPLWHWWXMHQ
MRKGLQKRONNLHQVLMDLQWLDMRXWXDPXXWWDPDDQ-RKWLPLDRQWlWl
YDUWHQPDKGROOLVHVWLO\KHQQHWWlYlMDHULVWHSRLVWHWWDYDMRWWD
YRLGDDQDVHQWDDNDNVLMRKWRD\KGLVWlYlMRKGLQKRONNL
+XRPDXWXV 7DUNDVWD ODLWWHHQ Nl\WW|YDOPLXV MRV ODLWWHHQ Ql\WW||Q
LOPHVW\\
—…‹‹ “‹†‚„ WDL “ ODLWH HL ROH RLNHLQ OLLWHWW\ ,UURWD ODLWH
VlKN|YHUNRVWDMDWDUNDVWDYLUWDMRKGRQOLLWlQWl
1l\W|QPXXWWDPLQHQSRLVWRLOPDNl\WW||QWDL
NLHUWRLOPDNl\WW||QVRSLYDNVL
3RLVWRLOPDNl\WW|lMDNLHUWRLOPDNl\WW|lYDUWHQRQHOHNWURQLVHQ
RKMDXNVHQQl\WW|lPXXWHWWDYDSHUXVDVHWXNVLVVDYDVWDDYDVWL
2WDVLWlYDUWHQKXRPLRRQNl\WW|RKMHHQOXNX 3HUXVDVHWXNVHW
/DLWWHHQLUURWWDPLQHQ
 ,UURWDODLWHVlKN|YHUNRVWD
m 6lKN|LVNXQYDDUD
.XQNHLWWRWDVRLUURWHWDDQVlKN|YHUNRVWDOLLWWLPLLQYRLMllGl
MlQQLWH6lKN|OLLWlQQlQVDDWHKGlYDLQDPPDWWLDVHQWDMD
 3RLVWDSRLVWRLOPDNDQDYDWDLNLHUWRLOPDOLLWlQQlW
 3DLQDODLWHLUWLDOKDDOWDSlLQ
+XRPLR
/DLWHYDXULRW bOlQRVWDODLWHWWD\OKllOWlSlLQ
background

no
ê
0RQWHULQJVYHLOHGQLQJ
: 9LNWLJHVLNNHUKHWVDQYLVQLQJHU
/HV GHQQH EUXNVDQYLVQLQJHQ Q¡\H 'HW HU HQ IRUXWVHWQLQJ IRU DW GX
VNDO NXQQH EUXNH DSSDUDWHW Sn HQ VLNNHU RJ ULNWLJ PnWH 7D YDUH Sn
EUXNVRJPRQWHULQJVDQYLVQLQJHQVOLNDWGXNDQEUXNHGHQLJMHQ
VHQHUHHOOHUJLGHQYLGHUHWLOHYHQWXHOOHNRPPHQGHHLHUHDY
DSSDUDWHW
6LNNHUKHWHQXQGHUEUXNHQHUNXQJDUDQWHUWGHUVRPPRQWHULQJHQ
IRUHWDVIRUVNULIWVPHVVLJLKHQKROGWLOPRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
3URGXVHQWHQRYHUWDULNNHDQVYDUIRUGULIWVIHLOHOOHUPXOLJHVNDGHU
JUXQQHWPDQJHOIXOOHOHNWULVNLQVWDOODVMRQ
6WU¡POHGQLQJ'HQQHHUPXOLJHQVDOOHUHGHNREOHWWLO
WLONREOLQJVERNVHQIRUSODWHWRSSHQHOOHUGHQI¡OJHUPHG
DSSDUDWHW RJ Pn GD NXQ LQVWDOOHUHV DY HQ HOHNWULNHU HOOHU NYDOLILVHUW
SHUVRQHOO IUD NXQGHVHUYLFH 'H Q¡GYHQGLJH WLONREOLQJVGDWDHQH VWnU
RSSJLWWSnW\SHVNLOWHWRJLNREOLQJVVNMHPDHW
%UXN NXQ GHQ OHGQLQJHQ VRP I¡OJHU PHG DSSDUDWHW HOOHU HQ OHGQLQJ
OHYHUWDYWHNQLVNNXQGHVHUYLFH
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
)RULQVWDOODVMRQHQPnGHWWDVKHQV\QWLOGHDNWXHOOHJ\OGLJH
E\JJHIRUVNULIWHURJIRUVNULIWHQHIUDVWU¡PRJJDVVIRUV\QLQJHQSn
VWHGHW
7DKHQV\QWLOORYHURJIRUVNULIWHUIHNVE\JQLQJVORYHQYHG
DYOHGQLQJDYDYOXIWHQ
/LYVIDUH
7LOEDNHVXJGHIRUEUHQQLQJVJDVVHUNDQI¡UHWLOIRUJLIWQLQJ
6¡UJDOOWLGIRUQRNWLOI¡UVHOVOXIWQnUDSSDUDWHWVNDOEUXNHVL
XWOXIWLQJVGULIWVDPWLGLJPHGHWURPOXIWDYKHQJLJLOGVWHG
,OGVWHGHUVRPHUDYKHQJLJDYURPOXIWIHNVYDUPHDSSDUDWHUVRP
GULYHVPHGJDVVROMHHOOHUNXOOYDUPWYDQQVEHUHGHUHEUXNHU
IRUEUHQQLQJVOXIWHQIUDRSSVWLOOLQJVURPPHWRJOHGHUDYJDVVHQH
JMHQQRPHWDYJDVVDQOHJJIHNVSLSHLGHWIUL
,IRUELQGHOVHPHGHQLQQNREOHWYHQWLODWRUWUHNNHVGHWURPOXIWIUD
NM¡NNHQHWRJURPPHQHYHGVLGHQDY²XWHQWLOVWUHNNHOLJ
WLOI¡UVHOVOXIWRSSVWnUHWXQGHUWU\NN*LIWLJHJDVVHUIUDSLSHHOOHU
DYWUHNNVVMDNWVXJHVWLOEDNHWLORSSKROGVURPPHQH
■ 'HWPnGHUIRUDOOWLGV¡UJHVIRUWLOVWUHNNHOLJWLOI¡UVHOVOXIW
■ %DUHHQPXUNDVVHIRUWLOI¡UVHOVXWEOnVQLQJVOXIWHULNNH
WLOVWUHNNHOLJIRUnVLNUHDWJUHQVHYHUGLHQRYHUKROGHV
6LNNHUGULIWHUEDUHGDPXOLJGHUVRPXQGHUWU\NNHWLURPPHWKYRU
LOGVWHGHWHUSODVVHUWLNNHRYHUVNULGHU3DPEDU'HWWHNDQ
RSSQnVGHUVRPIRUEUHQQLQJVOXIWHQNDQVWU¡PPHJMHQQRP
nSQLQJHUVRPLNNHNDQOXNNHVVRPIHNVLG¡UHUYLQGXHUL
IRUELQGHOVHPHGHQPXUNDVVHIRUWLOI¡UVHOVXWEOnVQLQJVOXIWHOOHU
YHGKMHOSDYDQGUHWHNQLVNHWLOWDN
'XE¡ULDOOHIDOOUnGI¡UHGHJPHGVNRUVWHLQVIHLHUHQVRPNDQ
EHG¡PPH KXVHWV WLOI¡UVHOVOXIW RJ DYWUHNNVOXIW RJ IRUHVOnU SDVVHQGH
WLOWDNIRUYHQWLODVMRQHQ
+YLVYHQWLODWRUHQXWHOXNNHQGHEHQ\WWHVLVLUNXODVMRQVGULIWNDQGHQ
EUXNHVXWHQEHJUHQVQLQJHU
/LYVIDUH
7LOEDNHVXJGHIRUEUHQQLQJVJDVVHUNDQI¡UHWLOIRUJLIWQLQJ9HG
LQVWDOODVMRQDYYHQWLODWRUPHGHWURPOXIWDYKHQJLJLOGVWHGPn
VWU¡PWLOI¡UVHOHQWLOYHQWLODWRUHQXWVW\UHVPHGHQHJQHW
VLNNHUKHWVNREOLQJ
%UDQQIDUH
)HWWDYOHLULQJHU L IHWWILOWHUHW NDQ DQWHQQHV $UEHLG DOGUL L QUKHWHQ DY
DSSDUDWHW PHG nSHQ IODPPH IHNV IODPEHULQJ $SSDUDWHW Pn NXQ
LQVWDOOHUHVRYHUHQNRPI\UIRUIDVWHI\ULQJVPLGOHUIHNVWUHHOOHU
NXOOGHUVRPGHWILQQHVHWOXNNHWGHNVHOVRPLNNHNDQWDVDY'HW
PnLNNHIRUHNRPPHJQLVWVSUDQJ
)DUHIRUVNDGH
■ (QGULQJHUSnHOHNWULVNHHOOHUPHNDQLVNHNRPSRQHQWHUHUIDUOLJH
RJNDQI¡UHWLOIHLOIXQNVMRQ*MHQQRPI¡ULQJHQHQGULQJHUSn
HOHNWULVNHHOOHUPHNDQLVNHNRPSRQHQWHU
)DUHIRUVNDGH
■ 'HOHUVRPHUWLOJMHQJHOLJHXQGHUPRQWHULQJNDQKDVNDUSH
NDQWHU%UXNYHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
)DUHIRUSHUVRQVNDGHU
■ $SSDUDWHWHUWXQJW'HWNUHYHV SHUVRQHUQnUDSSDUDWHWVNDO
IO\WWHV%UXNEDUHHJQHGHKMHOSHPLGOHU
)DUHIRUSHUVRQVNDGHU
■ 5RWHUHQGH YLIWHU NDQ IRUnUVDNH SHUVRQVNDGHU $SSDUDWHW Pn NXQ
VOnVSnLPRQWHUWWLOVWDQG*ULSDOGULLQQLDYWUHNNVnSQLQJHQSn
EDNVLGHQDYDSSDUDWHWPHQVDSSDUDWHWJnU
)DUHIRUNYHOQLQJ
(PEDOODVMHPDWHULDOHWHUIDUOLJIRUEDUQ%DUQPnDOGULInOHNHPHG
HPEDOODVMHQ
'HWWHDSSDUDWHWPnLNNHE\JJHVLQQLEnWHUHOOHUELOHU
%HQNHSODWHIODWYDQQUHWWRJVWDELO)¡OJLQVWUXNVMRQHQHIUD
SURGXVHQWHQDYNRNHWRSSHQ
'HUVRPEHQNHSODWHQVRPNRNHWRSSHQLQVWDOOHUHVLLNNHRSSI\OOHU
NUDYHQHWLOW\NNHOVHPnGHQIRUVWHUNHVPHGHWEUDQQRJ
YDQQEHVWDQGLJ PDWHULDOH VOLN DW GHQ DQEHIDOWH PLQLPXPVW\NNHOVHQ
RSSQnV(OOHUVEOLULNNHVWDELOLWHWHQJRGQRN
0HUNQDGHU
■ %HQNHSODWHQVRPNRNHWRSSHQVNDOLQVWDOOHUHVLVNDOWnOHHQ
EHODVWQLQJSnFDNJ
■ 7LOSDVQLQJHUDYDUEHLGVRYHUIODWHQPnXWI¡UHVDYHQVSHVLDOLVHUW
VHUYLFHPDQQLKHQKROGWLOPRQWHULQJVWHJQLQJHULVDPVYDUPHG
LQQE\JJLQJVVNLVVHQH6QLWWNDQWHQPnYUHUHQWRJQ¡\DNWLJ
WLOVNnUHWGDNDQWHQHUV\QOLJSnRYHUIODWHQ5HQJM¡URJDYIHWW
VQLWWNDQWHQHPHGHWHJQHWUHQJM¡ULQJVPLGGHO
*HQHUHOOHYHLOHGQLQJHU
2YHUIODWHQ DY DSSDUDWHW HU ¡PILQWOLJ 9HG LQVWDOODVMRQHQ Pn VNDGHU
XQQJnV
8WOXIWLQJVGULIW
0HUN $YWUHNNVOXIWHQPnLNNHOHGHVLJMHQQRPHQU¡\NHOOHU
DYJDVVNDQDOVRPHULGULIWKHOOHULNNHLJMHQQRPHQVMDNWVRP
EUXNHVWLOYHQWLODVMRQDYI\ULQJVURP
'HUVRPDYWUHNNVOXIWHQVNDOI¡UHVLJMHQQRPHQU¡\NHOOHU
DYJDVVNDQDO VRP LNNH HU L EUXN Pn GHW I¡UVW LQQKHQWHV WLOODWHOVH IUD
EUDQQYHVHQHW
8WOXIWLQJVU¡U
0HUN 3URGXVHQWHQDYDSSDUDWHWKDULNNHJDUDQWLDQVYDUYHG
UHNODPDVMRQHUVRPVN\OGHVU¡UOHQJGHQ
■ $SSDUDWHW QnU RSWLPDO \WHOVH GHUVRP DYWUHNNVU¡UHW HU NRUW RJ UHWW
RJU¡UHWKDUVW¡UVWPXOLJGLDPHWHU
■ 0HGODQJHRJXMHYQHDYWUHNNVU¡URJPDQJHE¡\HUHOOHU
U¡UGLDPHWHUHPLQGUHHQQPPRSSQnVGHWLNNHRSWLPDOW
DYWUHNNRJYLIWHVW¡\HQEOLUK¡\HUH
■ 5¡UHQHHOOHUVODQJHQHVRPEUXNHVWLODYWUHNNVNDQDOHQPnLNNH
YUHDYEUHQQEDUWPDWHULDOH
■ 'HUVRPDYWUHNNVOXIWHQOHGHVJMHQQRP\WWHUYHJJHQE¡UGHW
EUXNHVHQWHOHVNRSLVNYHJJERNV
)DUHIRUVNDGHSnNRQGHQVUHWXUO¡SHW8WOXIWLQJVNDQDOHQIUD
DSSDUDWHWPnLQVWDOOHUHVPHGHWVYDNWIDOOIDOO
5XQGU¡U
'HWDQEHIDOHVHQLQQYHQGLJGLDPHWHUSn PP
)ODWNDQDOHU
'HWLQQYHQGLJHWYHUUVQLWWHWPnWLOVYDUHUXQGU¡UHQHVGLDPHWHU
PPFDFP
■ )ODWNDQDOHUE¡ULNNHKDVNDUSHYHQGLQJHU
■ 6HWWLQQWHWQLQJVVWULSHUYHGDYYLNHQGHU¡UGLDPHWHUH
6LUNXODVMRQVGULIW
0HUN $SSDUDWHWPnEDUHEUXNHVQnUGHWHURUGHQWOLJLQVWDOOHUWRJ
NREOHWWLOU¡UHQH
background

(OHNWULVNWLONRSOLQJ
'HQ¡GYHQGLJHWLONREOLQJVGDWDHQHVWnURSSI¡UWSnDSSDUDWHWV
W\SHVNLOW
'HWWHDSSDUDWHWWLOVYDUHU(8EHVWHPPHOVHQHRPIMHUQLQJDY
UDGLRVW¡\
$SSDUDWHWPnEDUHWLONREOHVDYHQJRGNMHQWIDJSHUVRQ$SSDUDWHW
PnLQVWDOOHUHVLKHQKROGWLOGHQ\HVWH,((UHWQLQJVOLQMHQH
,QVWLWXWLRQRI(OHFWULFDO(QJLQHHUV$SSDUDWHWNDQEOL¡GHODJWYHG
IHLOWLONREOLQJ
)RUYLVVGHJRPDWVSHQQLQJVYHUGLHQIRUVWU¡PQHWWHWVWHPPHU
RYHUHQVPHGGHQYHUGLHQVRPVWnUDQJLWWSnW\SHVNLOWHW
3nVHDWVWU¡PQHWWHWHUIRUVNULIWVPHVVLJMRUGHWRJDWVLNULQJHQHRJ
NDEHORJOHGQLQJVV\VWHPHWLE\JQLQJHQHUWLOVWUHNNHOLJ
GLPHQVMRQHUWIRUDSSDUDWHWVHOHNWULVNHHIIHNW
1nUGXOHJJHUWLONREOLQJVNDEHOHQPnGXYUHREVSnI¡OJHQGH
SXQNWHU
■ ,NNHNOHPNDEHOHQHOOHUODGHQJQLVVHPRWQRH
■ +ROGNDEHOHQXQQDVNDUSHNDQWHU
■ ,NNHODNDEHOHQNRPPHQUPHWDOOKXVHWSnXQGHUVLGHQDY
DSSDUDWHW'HWEOLUVYUWYDUPW
)¡UDSSDUDWHWNREOHVWLOPnGHQHOHNWULVNHLQVWDOODVMRQHQLKXVHW
NRQWUROOHUHV6¡UJIRUDWGHWHUHQHJQHWVLNULQJLGHQHOHNWULVNH
LQVWDOODVMRQHQ L KXVHW $SSDUDWHWV VSHQQLQJ RJ IUHNYHQV Pn YUH L
VDPVYDUPHGGHQHOHNWULVNHLQVWDOODVMRQHQVHW\SHVNLOW
$SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVH,RJPnEDUH
NREOHVWLOHQMRUGHWVWLNNRQWDNW
'HWVNDOLQQJnHQIOHUSROHWVNLOOHEU\WHUPHGPLQVWPP
NRQWDNWDYVWDQGLLQVWDOODVMRQHQ'HQQHPnYUHWLOJMHQJHOLJHWWHU
LQQE\JJLQJHQ
0RQWHULQJHOOHUXWVNLIWLQJDYWLONREOLQJVOHGQLQJPnEDUHIRUHWDVDY
HOHNWULNHURJDOOHJMHOGHQGHUHJOHURJIRUVNULIWHUPnI¡OJHV
1nUVWU¡POHGQLQJHQVNDOE\WWHVPnDSSDUDWHWPXOLJHQVVQXV'D
PnGXWDDYILOWHUGHNVHOHWRJWDXWEHKROGHUHQRJPHWDOOIHWWILOWHUHW
6OLNXQQJnUGXDWNRPSRQHQWHUIDOOHUXW
'HUVRP VWU¡POHGQLQJHQ WLO DSSDUDWHW KDU InWW VNDGH Pn GHQ VNLIWHV
XWPHGHQVSHVLHOOWLONREOLQJVOHGQLQJDYW\SH+99)
)RUEHUHGHLQVWDOODVMRQHQ
$SSDUDWGLPHQVMRQHURJVLNNHUKHWVDYVWDQGHU
■ )¡OJDSSDUDWHWVGLPHQVMRQHUIRURPOXIWVGULIW ELOGH $
■ )¡OJDSSDUDWHWVGLPHQVMRQHUIRUVLUNXODVMRQVGULIW ELOGH %
■ 3nVHDWDSSDUDWHWHUOHWWQRNWLOJMHQJHOLJIRUVNLIWHDY
DNWLYNXOOILOWHUW¡PPLQJDYRYHUO¡SVEHKROGHUHQRJGHPRQWHULQJ
DYKXVGHNVHOHWHWWHUDWGHWHUPRQWHUW ELOGH &
■ 6¡UJIRUDWVLNNHUKHWVDYVWDQGHQHRYHUKROGHV ELOGH &
.RQWUROOHULQQE\JJLQJVPRGXOHQ
■ ,QQE\JJLQJVPRGXOHQPnYUHLQQUHWWHWYDQQUHWWRJKD
WLOVWUHNNHOLJEUHHYQH
■ $SSDUDWHWVPDNVYHNWHUFD  NJ
■ ,QQE\JJLQJVPRGXOHQPnWnOHWHPSHUDWXUHUSnLQQWLO &
■ ,QQE\JJLQJVPRGXOHQPnYUHVWDELORJVnHWWHU
XWVNMULQJVDUEHLGHW
■ %UHHYQHQRJVWDELOLWHWHQWLODUEHLGVSODWHQVLNUHVPHGHJQHGH
XQGHUNRQVWUXNVMRQHUVSHVLHOWKYLVDUEHLGVSODWHQHUW\QQ7D
KHQV\QWLODSSDUDWHWVYHNWLQNOXGHUWODVW'HWDQYHQGWH
IRUVWHUNQLQJVPDWHULDOHWPnYUHYDUPHRJIXNWEHVWDQGLJ
■ $YKHQJLJ DY U¡UV\VWHPHW RJ G\EGHQ Sn EHQNHSODWHQ Pn G\EGHQ
SnVNXIIHQHXQGHUDSSDUDWHWWLOSDVVHV'HQ¡YHUVWHVNXIIHQPn
IMHUQHVRJNDQLNNHEUXNHV
■ $YVWDQGHQPHOORPRYHUIODWHQWLOEHQNHSODWHQRJGHQ¡YUHGHOHQ
DYVNXIIHQPnYUH PP
■ 'HWVNDOLNNHE\JJHVLQQVWHNHRYQHUNM¡OHDSSDUDWHU
RSSYDVNPDVNLQHUYDVNHPDVNLQHUHOOHUDQGUHDSSDUDWHUXQGHU
NRNHWRSSHQ
0HUN .RQWUROOHUI¡UVWHWWHULQVWDOODVMRQDWDSSDUDWHWVWnUMHYQWL
LQQE\JJLQJVnSQLQJHQ
.ODUJM¡UHLQQE\JJLQJVPRGXOHU
 /DJHWVQLWWLEHQNHSODWHQLKHQKROGWLOLQQE\JJLQJVVNLVVHQ
ELOGH 
0HUN 'HWPnYUHYLQNHOSnVQLWWIODWHQLIRUKROGWLO
EHQNHSODWHQ 8WVNMULQJVNDQWHQH Sn VLGHQH Pn YUH SODQH 9HG
EHQNHSODWHU VRP EHVWnU DY IOHUH ODJ Pn GHW HYHQWXHOW IHVWHV OLVWHU
SnVLGHQHLXWVNMULQJHQ
 )RUnVLNUHDWDSSDUDWHWIXQJHUHUNRUUHNWPnNRNHWRSSHQYUH
WLOVWUHNNHOLJYHQWLOHUW/DJHWOXIWXWO¡SLXQGHUVNDSHWPHGHW
WYHUUVQLWWSnPLQVW FPò
 9HG PRQWHULQJ RYHU HQ VNXII Pn GX RYHUKROGH PLQVWHDYVWDQGHQH
ELOGH &
 )MHUQGHQ¡YHUVWHVNXIIHQRJPRQWHUHQHJQHWGHNVHOSn
NM¡NNHQHOHPHQWHW
.ODUJM¡UHNM¡NNHQHOHPHQWRJDSSDUDWIRURPOXIWVGULIW
/DJHHQXWVNMULQJLNM¡NNHQHOHPHQWHW
 /DJHWOXIWXWVOLSSLVRNNHOOLVWHQSnNM¡NNHQHOHPHQWHW
0HUN /XIWXWVOLSSHWPnPLQVWKDHWWYHUUVQLWWSnFD  FPò
8WVOLSSVnSQLQJHQLVRNNHOGHNVHOHWPnYUHVnVWRUVRPPXOLJ
VOLNDWWUHNNRJVW¡\KROGHVSnHWODYWQLYn
 )MHUQGHQEDNUHYHJJHQWLONM¡NNHQHOHPHQWHW
 )MHUQGHQ¡YUHOLVWHQSnGHQEDNUHYHJJHQWLONM¡NNHQHOHPHQWHW
YHGEHKRY
 )LQQPLGWSXQNWHWSnGHQEDNUHNDQWHQWLOXWVNMULQJHQL
EHQNHSODWHQRJPDUNHUGHUHWWHUPLGWSXQNWHWRJGHWROLQMHQH
ORGGUHWWQHGRYHUSnEXQQHQDYNM¡NNHQHOHPHQWHW ELOGH D
 3RVLVMRQHUILNVHULQJVSODWHQSnEXQQHQDYNM¡NNHQHOHPHQWHWL
KHQKROGWLOPLGWOLQMHQH ELOGH E
 )RUVNXIIHU/XNNGHQQHGHUVWHVNXIIHQKHOW+YLV
ILNVHULQJVSODWHQIRUVYLQQHUIRUODQJWEDNXQGHUVNXIIHQPn
ILNVHULQJVSODWHQVN\YHVLUHWQLQJDYEDNVLGHQDY
NM¡NNHQHOHPHQWHW-XVWHUSRVLVMRQHQWLOILNVHULQJVSODWHQYHG
KMHOSDYPDUNHULQJHQHVOLNDWGHQHUSDUDOOHOOPHGPLGWOLQMHQ
ELOGH F
0HUNQDGHU
■ +YLVDYVWDQGHQPHOORPVNXIIHQRJNM¡NNHQHOHPHQWEXQQHQHU
IRUOLWHQIRUnVNUXIDVWILNVHULQJVSODWHQSn
NM¡NNHQHOHPHQWEXQQHQPnGXVQXILNVHULQJVSODWHQRJ
VNUX GHQ IDVW Sn NM¡NNHQHOHPHQWEXQQHQ QHGHQIUD ELOGH E
-XVWHUSODVVHULQJHQWLOILNVHULQJVSODWHQI¡UVWRYHQIUDSn
NM¡NNHQHOHPHQWEXQQHQIRUnILQQHULNWLJSRVLVMRQ ELOGH F
■ 'XPnYHOJHULNWLJIRUOHQJHOVHDYKHQJLJDYSRVLVMRQHQWLO
ILNVHULQJVSODWHQ
■ +YLVILNVHULQJVSODWHQLNNHNDQVN\YHVODQJWQRNEDNRYHUPn
GXEUXNHVNXIIHUPHGOLWHQG\EGH
 %UXNILNVHULQJVSODWHQWLOnPHUNHXWVNMULQJHQL
NM¡NNHQHOHPHQWEXQQHQYHGEHKRY ELOGH G
 )MHUQVSRQHWWHUXWVNMULQJHU
0HUN 6QLWWIODWHQHPnJM¡UHVYDUPHEHVWDQGLJHRJYDQQWHWWH
6NUXIDVWILNVHULQJVSODWHQRJIHVWGLIIXVRUHQPHGIHVWHNOLSV
 +YLVDYVWDQGHQPHOORPVNXIIHQRJNM¡NNHQHOHPHQWEXQQHQHU
VWRUQRNVNDOGXVNUXIDVWILNVHULQJVSODWHQPHGSODVWVNUXHU
RYHQIUDSnGHQQHGUHIODWNDQDOEXHQ ELOGH D
0HUN 9HGEHKRYNDQGXVQXGHQQHGUHIODWNDQDOEXHQVOLNDW
OXIWXWVOLSSHWOLJJHUSnPRWVDWWVLGH
 6NUXIDVWILNVHULQJVSODWHQPHGWUHVNUXHURYHQIUDSn
NM¡NNHQHOHPHQWEXQQHQ ELOGH D
0HUN +YLVDYVWDQGHQPHOORPVNXIIHQRJ
NM¡NNHQHOHPHQWEXQQHQ HU IRU OLWHQ IRU n VNUX IDVW ILNVHULQJVSODWHQ
Sn NM¡NNHQHOHPHQWEXQQHQ Pn GX VQX ILNVHULQJVSODWHQ  RJ
VNUXGHQIDVWSnNM¡NNHQHOHPHQWEXQQHQQHGHQIUD ELOGH E
 )HVWGLIIXVRUHQSnGHQQHGUHIODWNDQDOEXHQPHGIHVWHNOLSV
ELOGH F
0RQWHUHGHQ¡YUHIODWNDQDOEXHQ
 9HG EHKRY NDQ GX YHOJH IRUOHQJHOVHQ DYKHQJLJ DY SRVLVMRQHQ WLO
ILNVHULQJVSODWHQRJNM¡NNHQHOHPHQWG\EGHQ-ROHQJUH
IRUOHQJHOVHQHUMRG\SHUHNDQVNXIIHQYUH6NUXIDVW
IRUOHQJHOVHQSnXWVOLSSVnSQLQJHQWLONRNHWRSSHQPHGILUH
SODVWVNUXHU ELOGH 
 6NUXIDVWGHQ¡YUHIODWNDQDOEXHQSnXWVOLSSVnSQLQJHQWLO
NRNHWRSSHQHOOHUSnIRUOHQJHOVHQ
background

.ODUJM¡UHNM¡NNHQHOHPHQWRJDSSDUDWIRUVLUNXODVMRQVGULIW
 5HGXNVMRQVVWXVVHQHOOHUIODWNDQDOEXHQPnVNUXVIDVWPHGILUH
SODVWVNUXHU Sn XWVOLSSVnSQLQJHQ WLO NRNHWRSSHQ HOOHU IRUOHQJHOVHQ
ELOGH 
0HUN 9HG EHKRY NDQ GX VNUX IDVW HQ WLOVYDUHQGH IRUOHQJHOVH Sn
NRNHWRSSHQ0nOWLOODWWG\EGH'IRUVNXIIHQRJV¡UJIRUDWGHWHU
 PP DYVWDQG WLO DYWUHNNVU¡UHW $YKHQJLJ DY KYLONHQ IRUOHQJHOVH
GXEUXNHUNDQGXYDULHUHG\EGHQSnVNXIIHQ ELOGH 
 $YKHQJLJDYDYWUHNNVNRQILJXUDVMRQHQIRUDYWUHNNVU¡UHWPnGHW
ODJHVHQXWVNMULQJLGHQEDNUHNM¡NNHQHOHPHQWYHJJHQHOOHUL
EXQQHQDYNM¡NNHQHOHPHQWHWHOOHUGHQEDNUH
NM¡NNHQHOHPHQWYHJJHQIMHUQHV
 )MHUQVSRQHWWHUXWVNMULQJHU
0HUN 6QLWWIODWHQH Pn IRUVHJOHV VOL DW GH EOLU YDUPHEHVWDQGLJH RJ
YDQQWHWWH
.ODUJM¡UGHQHOHNWULVNHWLONREOLQJHQ
0HUN )¡OJDYVQLWWHW (OHNWULVNWLONREOLQJLNDSLWWHOHW *HQHUHOOH
RSSO\VQLQJHU
3nDSSDUDWHUXWHQIRUKnQGVLQVWDOOHUWNDEHOVNDO
VWU¡PNDEHOHQI¡UHVLQQLVWLNNRQWDNWHQ
 6QXNRNHWRSSHQRJSODVVHUGHQLHVNHQSnHWNOHGHHOOHUHQ
DQQHQRYHUIODWHIRUnXQQJnULSHU
 /¡IWRSSGHNVHOHWWLOVWLNNRQWDNWHQYHGKMHOSDYHQVNUXWUHNNHU
ELOGH 
 /¡VQHIHVWHVNUXHQRJO¡IWRSSVODQJHNOHPPHQPHGHQ
VNUXWUHNNHU ELOGH 
 7LONREOLQJWLOVWLNNRQWDNWHQPnNXQVNMHLKHQKROGWLOILJXU
ELOGH 
%1EUXQ
%8EOn
*1<(JXORJJU¡QQ
%.VYDUW
*<JUn
0HUNQDGHU
■ 0RQWHUGHYHGODJWHNREEHUVWURSSHQHLKHQKROGWLO
NREOLQJVVNMHPDHWYHGEHKRY
■ 6¡UJIRUDWVNUXHQHSnVWLNNRQWDNWHQWUHNNHVWLOHWWHUDW
NDEOHQHHUNREOHWWLO
■ 3nNRQWDNWHUDYW\SHQ1a1aVYDUHUIDVHQ/*UH\WLO
YHQWLODWRUPRWRUHQ
 )HVWVWU¡PNDEHOHQPHGHQVODQJHNOHPPHRJWUHNNWLO
IHVWHVNUXHQ ELOGH 
 /XNNGHNVHOHWWLOVWLNNRQWDNWHQ
0HUN 3ODVVHUNDEOHQHLPLGWUHGHODYVWLNNRQWDNWHQVOLNDWGHQ
EOLUOHWWHUHnOXNNH
0HUN +YLVGXWUHQJHUHQOHQJUHVWU¡POHGQLQJNRQWDNW
NXQGHVHUYLFH 'HW ILQQHV VWU¡POHGQLQJHU PHG LQQWLO  P OHQJGH
0RQWHULQJDYDSSDUDWHW
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
: )DUHIRUHOHNWULVNVW¡W
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU6WU¡PNDEHOHQ
NDQEOLVNDGHW6WU¡PNDEHOHQPnLNNHNQHNNHVHOOHUNOHPPHVLQQ
XQGHULQVWDOODVMRQHQ
: )DUHIRUVNDGH
'HOHUVRPHUWLOJMHQJHOLJHXQGHUPRQWHULQJNDQKDVNDUSHNDQWHU
%UXNYHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
0RQWHUHNRNHWRSS
 6HWWSnIHVWHVNLQQHU ELOGH D
9HGEHQNHSODWHUDYVWHLQOLPHVVNLQQHQHIDVWEUXN
YDUPHEHVWDQGLJOLPVRPHUHJQHWWLOOLPLQJDYPHWDOORJVWHLQ
 6HWWDSSDUDWHWLQQLXWVNMULQJHQLEHQNHSODWHQ ELOGH E
 0RQWHUGHPHGI¡OJHQGHIHVWHNOHPPHQHRJVWUDPIRUVLNWLJ
-XVWHU NRNHWRSSHQ PHG IHVWHNOHPPHQH VOLN DW GHQ HU L IOXNW PHG
EHQNHSODWHQ ELOGH F
0HUN ,NNHEUXNHOHNWULVNVNUXWUHNNHU
.REOHWLODSSDUDWHW
0HUNQDGHU
■ 9HG VLUNXODVMRQVGULIW E¡U GHW PRQWHUHV HQ WLOEDNHVODJVYHQWLO PHG
HWPDNVLPDOWnSQLQJVWU\NNSn 3D'HUVRPGHWLNNHI¡OJHUHQ
WLOEDNHVODJVYHQWLOPHGDSSDUDWHWNDQGHQNM¡SHVKRVHQ
IRUKDQGOHU
■ 'HUVRPDYWUHNNVOXIWHQOHGHVJMHQQRP\WWHUYHJJHQE¡UGHW
EUXNHVHQWHOHVNRSLVNYHJJERNV
/DJHDYOXIWVIRUELQGHOVH
 $YOXIWVU¡UHWIHVWHVWLOIODWNDQDOEXHQHOOHUUHGXNVMRQVVWXVVHQ
ELOGH 
 /DJIRUELQGHOVHWLODYWUHNNVnSQLQJHQ
 7HWWLJMHQIRUELQGHOVHVSXQNWHQHSnHJQHWYLV
/DJHVLUNXODVMRQVIRUELQGHOVH
 )LOWHUPRGXOHQPnIHVWHVPHGNOLSVSnGHQQHGUHIODWNDQDOEXHQ
HOOHUVNUXVIDVWYHGEHKRY ELOGH D
0HUN 9HGEHKRYNDQILOWHUPRGXOHQVQXVVOLNDWVNXIIHQIRU
DNWLYNXOOILOWHUHWNDQnSQHVIUDPRWVDWWVLGH
 )HVWGHQIOHNVLEOHIRUELQGHOVHVGHOHQSnGHQ¡YUHIODWNDQDOEXHQ
PHGNOLSV
 .REOHVDPPHQILOWHUPRGXOHQRJGHQ¡YUHIODWNDQDOEXHQPHG
GHQIOHNVLEOHIRUELQGHOVHVGHOHQ
0HUN 9HGEHKRYNDQGXPRQWHUHIRUOHQJHOVHUPHOORP
ILOWHUPRGXOHQRJGHQIOHNVLEOHIRUELQGHOVHVGHOHQ
 cSQHDOOHOXNNHHOHPHQWHQHSnVNXIIHQcSQHVNXIIHQ
ELOGH E
 6HWWLQQDNWLYNXOOILOWHU ELOGH F
 /XNNVNXIIHQ
 /XNNDOOHOXNNHHOHPHQWHQHSnVNXIIHQ
.REOHWLOVWU¡PPHQ
■ 6SHQQLQJ6HW\SHVNLOW
■ 7LONREOLQJ Pn XWI¡UHV L VDPVYDU PHG NREOLQJVVNMHPD ELOGH 
%1EUXQ
%8EOn
*1<(JXORJJU¡QQ
%.VYDUW
*<JUn
■ $YKHQJLJDYWLONREOLQJVW\SHPnHYHQWXHOWSODVVHULQJHQDY
HQGHK\OVHQHVRPI¡OJHUPHGIUDIDEULNNHQHQGUHV)RUnVHWWH
LQQHQHQGHK\OVHVRPIRUELQGHUWRNDEOHUPnOHGHUQHRP
Q¡GYHQGLJIRUNRUWHVRJLVRODVMRQHQIMHUQHV
0HUN .RQWUROOHURPDSSDUDWHWHUNODUWWLOEUXN9LVHV
—…‹‹
“‹†‚„ HOOHU “LDSSDUDWHWVGLVSOD\HUGHWLNNHULNWLJWLONREOHW
.REOHDSSDUDWHWIUDVWU¡PPHQRJNRQWUROOHUDWVWU¡POHGQLQJHQHU
ULNWLJNREOHWWLO
6WLOOHLQQGLVSOD\HWSnVLUNXODVMRQVGULIWHOOHU
RPOXIWVGULIW
9HGEHKRYNDQGLVSOD\HWIRUGHQHOHNWURQLVNHVW\ULQJHQVWLOOHVRP
IRUVLUNXODVMRQVGULIWRJRPOXIWVGULIWLJUXQQLQQVWLOOLQJHQH
'DPnGXVHNDSLWWHOHW *UXQQLQQVWLOOLQJHULEUXNVDQYLVQLQJHQ
'HPRQWHULQJDYDSSDUDWHW
 .REOHDSSDUDWHWIUDVWU¡PQHWWHW
m )DUHIRUVWU¡PVW¡W
1nUGXNREOHUSODWHWRSSHQIUDVWU¡PQHWWHWNDQNOHPPHQH
IRUWVDWWYUHVSHQQLQJVI¡UHQGH(OLQVWDOODVMRQHQPnNXQ
XWI¡UHVDYIDJIRON
 )MHUQDYWUHNNVNDQDOHQHOOHUO¡VQHRPOXIWVIRUELQGHOVHQH
 6N\YXWDSSDUDWHWQHGHQIUD
2EV
6NDGHUSnDSSDUDWHW $SSDUDWHWPnLNNHOLUNHVXWRYHQIUD
background

sv
ó
0RQWHULQJVDQYLVQLQJ
: 9LNWLJDVlNHUKHWVDQYLVQLQJDU
/lV EUXNVDQYLVQLQJHQ QRJJUDQW 'HW lU YLNWLJW I|U DWW GX VND NXQQD
DQYlQGDHQKHWHQVlNHUWRFKSnUlWWVlWW6SDUDEUXNVRFK
PRQWHULQJVDQYLVQLQJHQI|UIUDPWLGDEUXNRFKHYHQWXHOOD
NRPPDQGHlJDUH
(QVlNHUDQYlQGQLQJNDQEDUDJDUDQWHUDVRPVSLVIOlNWHQ
PRQWHUDVSnIDFNPlVVLJWVlWWRFKLHQOLJKHWPHG
PRQWHULQJVDQYLVQLQJHQ ,QVWDOODW|UHQ DQVYDUDU I|U HQ IHOIUL IXQNWLRQ
SnSODWVHQ
2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
7LOOYHUNDUHQ WDU LQJHW DQVYDU I|U GULIWVW|UQLQJDU HOOHU HY VNDGRU VRP
EHURUSnIHODNWLJHOLQVWDOODWLRQ
6ODGGHQGHQNDQDQWLQJHQUHGDQYDUDDQVOXWHQWLOOKlOOHQV
NRSSOLQJVGRVDHOOHUVnPHGI|OMHUGHQHQKHWHQRFKGnInUEDUD
EHK|ULJ HOHNWULNHU UHVS VHUYLFHWHNQLNHU LQVWDOOHUD GHQ 'X KLWWDU GH
DQVOXWQLQJVXSSJLIWHUGXEHK|YHUSnW\SVN\OWHQRFK
NRSSOLQJVVFKHPDW
$QYlQGEDUDGHQVODGGVRPPHGI|OMHUHQKHWHQHOOHUVRPVHUYLFH
OHYHUHUDW
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UDUEHWHQDYDOODVODJ
*lOODQGHE\JJUHJOHURFKORNDODI|UHVNULIWHUEHWUlIIDQGHJDVRFKHO
PnVWHI|OMDVLVDPEDQGPHGPRQWHULQJHQ
)|OM JlOODQGH I|UHVNULIWHU RFK ODJDU WH[ E\JJQRUP I|U HYDNXHULQJ
/LYVIDUD
)|UEUlQQLQJVJDVHUVRPVXJVWLOOEDNDNDQRUVDNDI|UJLIWQLQJ
6|UMDOOWLGI|UHQJRGOXIWWLOOI|UVHORPHQKHWHQN|UVLIUnQOXIWVGULIWL
QlUKHWHQDYHQHOGVWDGVRPXWQ\WWMDULQRPKXVOXIWHQ
(OGVWlGHU VRP lU EHURHQGH DY UXPVOXIW WH[ YlUPHDSSDUDWHU VRP
GULYVPHGJDVROMDYHGHOOHUNROJHQRPVWU|PQLQJVDSSDUDWHU
YDUPYDWWHQEHUHGDUHWDUVLQI|UEUlQQLQJVOXIWXUGHWXWU\PPHGlU
HQKHWHQlULQVWDOOHUDGRFKOHGHUXWDYJDVHUQDLGHWIULDYLDHQ
DYJDVDQOlJJQLQJWH[VNRUVWHQ
1lUHQN|NVIOlNWlULJnQJGUDVUXPVOXIWHQIUnQN|NHWRFK
LQWLOOLJJDQGHUXPRPWLOOUlFNOLJWLOOXIWVDNQDVXSSVWnUXQGHUWU\FN
*LIWLJD JDVHU VXJV Gn WLOOEDND IUnQ VNRUVWHQHQ HOOHU XWORSSVVFKDNWHW
RFKLQLERVWDGHQVUXP
■ 'lUI|UPnVWHPDQVHWLOODWWGHWILQQVWLOOUlFNOLJWPHGWLOOXIW
■ (QEDUWHWWYHQWLODWLRQVJDOOHUI|UWLOOIUnQOXIWVlNHUVWlOOHULQWHDWW
JUlQVYlUGHQDXSSUlWWKnOOV
6lNHUGULIWlUP|MOLJHQGDVWRPXQGHUWU\FNHWLGHWUXPGlU
HOGVWDGHQEHILQQHUVLJLQWH|YHUVNULGHU3DPEDU'HWWD
XSSQnUGXJHQRPDWWOnWDGHQOXIWVRPNUlYVI|UI|UEUlQQLQJHQ
VWU|PPD WLOO JHQRP |SSQLQJDU VRP LQWH JnU DWW VWlQJD WH[ G|UUDU
I|QVWHUJHQRPYHQWLODWLRQVJDOOHUI|UWLOOXIWIUnQOXIWHOOHUPHGKMlOS
DYDQGUDWHNQLVNDnWJlUGHU
5nGJ|ULYDUMHHQVNLOWIDOOPHGORNDOWDQVYDULJVRWDUHVRPNDQ
EHG|PD KXVHWV YHQWLODWLRQVV\VWHP L VLQ KHOKHW RFK I|UHVOn OlPSOLJD
nWJlUGHUI|UYHQWLODWLRQHQ
2PN|NVIOlNWHQN|UVHQEDUWPHGFLUNXODWLRQVGULIWNDQGHQ
DQYlQGDVXWDQEHJUlQVQLQJDU
/LYVIDUD
5|NJDVHUVRPJnULUHWXUNDQJHI|UJLIWQLQJ)OlNWHQV
VWU|PPDWQLQJPnVWHKDHQVlUVNLOGVlNHUKHWVEU\WDUHYLG
IOlNWLQVWDOODWLRQLXWU\PPHQPHGHOGVWlGHUVRPGUDUUXPVOXIW
%UDQGULVN
$YODJULQJDU L IHWWILOWUHW NDQ DQWlQGDV $QYlQG DOGULJ |SSHQ HOGVOnJD
LQlUKHWHQDYHQKHWHQWH[IODPEHULQJ3URGXNWHQInUHQGDVW
PRQWHUDVLQlUKHWHQDYHOGVWDGI|UIDVWDEUlQVOHQWH[WUlHOOHU
NRORPHOGVWDGHQKDUHWWVOXWHWHMDYWDJEDUWORFN'HQInULQWHJH
LIUnQVLJJQLVWRU
5LVNI|USHUVRQVNDGRU
■ bQGULQJDUSnGHHOHNWULVNDHOOHUPHNDQLVNDNRQVWUXNWLRQHUQDlU
IDUOLJDRFKNDQOHGDWLOOIHOIXQNWLRQbQGUDDOGULJGHHOHNWULVND
HOOHUPHNDQLVNDNRQVWUXNWLRQHUQD
5LVNI|USHUVRQVNDGRU
■ 'XNRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU
$QYlQGDOOWLGVN\GGVKDQGVNDU
6NDGHULVN
■ (QKHWHQlUWXQJ'HWNUlYVWYnSHUVRQHUI|UDWWIO\WWDHQKHWHQ
$QYlQGHQGDVWKlUI|UDYVHGGDKMlOSPHGHO
5LVNI|USHUVRQVNDGRU
■ 5LVNI|USHUVRQVNDGRUSJDURWHUDQGHIOlNW6OnLQWHSnHQKHWHQ
I|UUlQGHQlULQE\JJG6WUlFNGLJDOGULJLQL
HYDNXHULQJV|SSQLQJHQSnEDNVLGDQDYHQKHWHQQlUGHQlU
LJnQJ
.YlYQLQJVULVN
)|USDFNQLQJVPDWHULDOlUIDUOLJWI|UEDUQ/nWDOGULJEDUQOHNDPHG
I|USDFNQLQJVPDWHULDOHW
(QKHWHQlULQWHDYVHGGI|ULQE\JJQDGSnEnWDUHOOHULIRUGRQ
%lQNVNLYDSODQYnJUlWVWDELO)|OMLQVWUXNWLRQHUQDIUnQ
ElQNVNLYDQVWLOOYHUNDUH
bU ElQNVNLYDQ GX VND PRQWHUD KlOOHQ L LQWH WLOOUlFNOLJW WMRFN I|UVWlUN
GHQPHGEUDQGVlNHUWRFKYDWWHQWnOLJWPDWHULDOVnDWWGXXSSQnU
UHNRPPHQGHUDGPLQLPLWMRFNOHN$QQDUVJHUGHQLQWHWLOOUlFNOLJ
VWDELOLWHW
$QYLVQLQJ
■ %lQNVNLYDQ GX VND PRQWHUD KlOOHQ L VND NODUD EHODVWQLQJDU Sn FD
 NJ
■ $QSDVVQLQJDUDYElQNVNLYDQHQOLJWLQE\JJQDGVULWQLQJHQNUlYHU
VSHFLDOLVWKDQWYHUNDUH8UWDJVNDQWHUQDPnVWHYDUDUHQDRFK
H[DNWDHIWHUVRPNDQWHQV\QVRYDQSn5HQJ|URFKIHWWDDY
XUWDJVNDQWHUQDPHGOlPSOLJWUHQJ|ULQJVPHGHO
$OOPlQQDDQYLVQLQJDU
+|OMHWlUNlQVOLJW8QGYLNDWWVNDGDGHWYLGLQVWDOODWLRQHQ
)UnQOXIWVGULIW
$QYLVQLQJ (YDNXHULQJHQInUYDUNHQJnYLDEHILQWOLJU|NHOOHU
VNRUVWHQVJnQJLEUXNHOOHUYLDYHQWLODWLRQVNDQDOIUnQXWU\PPHPHG
HOGVWDG
(YDNXHULQJYLDU|NHOOHUVNRUVWHQVJnQJVRPLQWHlULEUXNNUlYHU
VRWQLQJVJRGNlQQDQGH
)UnQOXIWVOHGQLQJ
$QYLVQLQJ 7LOOYHUNDUHQDYHQKHWHQWDULQJHWDQVYDUI|USUREOHP
VRPEHURUSnU|UGUDJQLQJHQ
■ (QKHWHQ JHU RSWLPDO HIIHNW PHG NRUW UDN HYDNXHULQJ PHG VW|UVWD
P|MOLJDU|UGLDPHWHU
■ /nQJ JURY HYDNXHULQJ PnQJD U|UE|MDU HOOHU U|UGLDPHWUDU XQGHU
PPJHULQWHRSWLPDOWXWVXJRFKIOlNWOMXGHWEOLUGHVVXWRP
K|JUH
■ (YDNXHULQJVU|URFKVODQJDUInULQWHYDUDDYEUlQQEDUWPDWHULDO
■ 6ND HYDNXHULQJHQ Jn JHQRP \WWHUYlJJ DQYlQG DQVOXWQLQJVOnGD
PRWPXU
6NDGHULVN YLG NRQGHQVnWHUIO|GH )UnQOXIWVNDQDOHQ LQVWDOOHUDV QnJRW
VOXWWDQGHIDOO
5XQGU|U
9LUHNRPPHQGHUDULQQHUPP
3ODQNDQDOHU
,QYlQGLJWWYlUVQLWWVNDPRWVYDUDUXQGU|UV
PPFDFP
■ 3ODQNDQDOHUQDInULQWHKDVNDUSDK|UQ
■ $QYlQGU|UWHMSYLGDYYLNDQGHU|U
&LUNXODWLRQVGULIW
$QYLVQLQJ (QKHWHQNUlYHUIDVWLQVWDOODWLRQRFKDQVOXWHQ
U|UGUDJQLQJ
(OHNWULVNDQVOXWQLQJ
'X KLWWDU GH DQVOXWQLQJVXSSJLIWHU GX EHK|YHU Sn HQKHWHQV W\SVN\OW
'HQKlUHQKHWHQlUDYVW|UGHQOLJW(8VEHVWlPPHOVHUI|U
UDGLRDYVW|UQLQJ
'HW lU EDUD EHK|ULJ HOHNWULNHU VRP InU HODQVOXWD HQKHWHQ (QKHWHQ
NUlYHULQVWDOODWLRQLHQOLJKHWPHGGHVHQDVWH,((ULNWOLQMHUQD
,QVWLWXWLRQRI(OHFWULFDO(QJLQHHUV)HODQVOXWQLQJNDQVNDGD
HQKHWHQ
background

6HWLOOVnDWWQlWVSlQQLQJHQPDWFKDUGHWYlUGHVRPVWnUSn
W\SVN\OWHQ
6H WLOO Vn DWW HOQlWHW lU UlWW MRUGDW RFK DWW KXVHWV DYVlNULQJ VODGGDU
RFKOHGQLQJDUlUGLPHQVLRQHUDGHI|UHQKHWHQVHIIHNW
7lQNSnI|OMDQGHQlUGXGUDUVODGGHQ
■ VHWLOOVnDWWGXLQWHNOlPPHUHOOHUYLNHUVODGGHQ
■ VHWLOOVnDWWVODGGHQLQWHJnU|YHUYDVVDNDQWHU
■ 6HWLOOVnDWWVODGGHQLQWHlULNRQWDNWPHGPHWDOOK|OMHWSn
HQKHWHQVXQGHUVLGDHIWHUVRPGHWEOLUYDUPW
.RQWUROOHUDDYVlNULQJDUQDLQQDQGXDQVOXWHUHQKHWHQ.RQWUROOHUD
DWWDYVlNULQJHQUlFNHUWLOOI|ULQVWDOODWLRQHQ(QKHWHQVVSlQQLQJ
RFKIUHNYHQVPnVWHPDWFKDHOLQVWDOODWLRQHQVHW\SVN\OWHQ
(QKHWHQKDUVN\GGVNODVV,RFKVNDKDMRUGDGHODQVOXWQLQJ
,QVWDOODWLRQHQNUlYHUDOOSROLJEU\WDUHPHGEU\WDYVWnQGSnPLQVW
PP'HWPnVWHJnDWWNRPPDnWGHQlYHQHIWHULQE\JJQDG
'HWlUEDUDEHK|ULJHOHNWULNHUVRPInULQVWDOOHUDXWWDJHOOHUE\WD
VODGGHQOLJWJlOODQGHI|UHVNULIWHU
'XPnVWHHYYULGDHQKHWHQI|UDWWE\WDVODGGHQ7DLVnIDOODY
ILOWHUVN\GGHWRFKWDERUWPHWDOOILOWHURFKEHKnOODUH'nUDPODU
NRPSRQHQWHUQDLQWHXW
7UDVLJ VODGG WLOO HQKHWHQ NUlYHU E\WH PHG VODGG DY W\S +99)
)|UEHUHGDLQVWDOODWLRQHQ
(QKHWHQVPnWWRFKVlNHUKHWVDYVWnQG
■ +nOOHQKHWVPnWWHQI|UFLUNXODWLRQVGULIW ELOG $
■ +nOOHQKHWVPnWWHQI|UHYDNXHULQJ ELOG %
■ 6HWLOOVnDWWGHWJnUDWWNRPPDnWI|UDWWE\WDDNWLYDNROILOWHU
W|PPD EUlGGQLQJVEHKnOODUHQ RFK WD DY IOlNWNnSRUQD Sn HQKHWHQ
HIWHULQVWDOODWLRQHQ ELOG &
■ +nOOVlNHUKHWVDYVWnQGHQ ELOG &
.RQWUROOHUDP|EHOVWRPPHQ
■ ,QE\JJQDGVVWRPPHQVNDOOYDUDYnJUlWLQMXVWHUDGRFKKD
WLOOUlFNOLJElULJKHW
■ (QKHWHQVPD[YLNWlUFD NJ
■ 6WRPPHQPnVWHWnODWHPSHUDWXUHUSnXSSWLOO&
■ 6WRPPHQVNDYDUDVWDELOlYHQHIWHUDWWGXJMRUWXUWDJHQ
■ bUElQNVNLYRUQDWXQQDVHWLOOVnDWWXQGHUE\JJQDGHQJHU
ElULJKHWRFKVWDELOLWHW7DPHGHQKHWHQVYLNWLQNOEHODVWQLQJHQ
SnHQKHWHQLEHUlNQLQJDUQD)|UVWlUNQLQJVPDWHULDOHWVNDYDUD
YlUPHRFKIXNWWnOLJW
■ 'XPnVWHDQSDVVDOnGGMXSHWXQGHUHQKHWHQWLOOU|UGUDJQLQJRFK
ElQNVNLYVGMXS'XPnVWHWDERUW|YHUVWDOnGDQGHQJnULQWHDWW
DQYlQGD
■ $YVWnQGHWPHOODQElQNVNLYDRFKOnG|YHUGHOVNDYDUD PP
■ ,QJHQXQGHUOLJJDQGHLQE\JJQDGDYXJQDUN\ODUGLVNPDVNLQ
RYHQWLOHUDGHXJQDUHOOHUDQGUDHQKHWHU
$QYLVQLQJ .RQWUROOHUDDWWHQKHWHQlULYnJHIWHUDWWGXLQVWDOOHUDW
GHQLXUWDJHW
)|UEHUHGDVWRPPDUQD
 *|UXUWDJHQLElQNVNLYDQHQOLJWPRQWHULQJVVNLVVHQ ELOG 
$QYLVQLQJ .DQWYLQNHOQPRWElQNVNLYDQVNDYDUD
8UWDJVNDQWHUQDPnVWHYDUDMlPQDSnVLGRUQD)lVWHYOLVWHUSn
VLGNDQWHUQDLXUWDJHWSnElQNVNLYRUDYVDQGZLFKPDWHULDO
 +lOOHQNUlYHUDQJLYHQYHQWLODWLRQI|UDWWHQKHWHQVNDIXQJHUD
RUGHQWOLJW*|UHQHYDNXHULQJLXQGHUVNnSHWPHGPLQLPLDUHDSn
 FPò
 +nOOPLQLPLDYVWnQGHQYLGLQE\JJQDG|YHUOnGD ELOG &
 7DERUW|YHUVWDOnGDQRFKVlWWSnHQPDWFKDQGHSDQHOSn
VWRPPHQ
)|UEHUHGDVWRPPHRFKHQKHWI|UFLUNXODWLRQVGULIW
*|UDVWRPXUWDJ
 *|UHQHYDNXHULQJLVWRPPHQVVRFNHOOLVW
$QYLVQLQJ (YDNXHULQJHQVNDKDHQWYlUVQLWWVDUHDRPPLQ
FD  FPò*|UHYDNXHULQJHQLVRFNHOIURQWHQVnVWRUVRP
P|MOLJWVnDWWGXKnOOHUQHGOXIWGUDJRFKOMXGQLYn
 7DERUWVWRPU\JJHQ
 7DERUW|YUHOLVWHQSnVWRPU\JJHQRPGHWEHK|YV
 0lWXSSPLWWSXQNWHQLEDNNDQWDYElQNVNLYVXUWDJHWRFKI|U|YHU
GHQRFKGHEnGDOLQMHUQDORGUlWWQHGnWSnVWRPERWWHQ ELOG D
 5LNWDXSSIlVWSOnWHQPRWPLWWOLQMHQSnVWRPERWWHQ ELOG E
 /nGRU VWlQJ QHGHUVWD OnGDQ KHOW )|UVYLQQHU IlVWSOnWHQ I|U OnQJW
XQGHUOnGDQVNMXWGHQPRWVWRPU\JJHQ5LNWDIlVWSOnWHQ
SDUDOOHOOWPHGPLWWOLQMHQPHGKMlOSDYPDUNHULQJDUQD ELOG F
$QYLVQLQJ
■ bU DYVWnQGHW PHOODQ OnGD RFK VWRPERWWHQ I|U OLWHW I|U DWW VNUXYD
IDVWIlVWSOnWHQLVWRPERWWHQYULGIlVWSOnWHQRFKVNUXYD
IDVWGHQXQGHULIUnQLVWRPERWWHQ ELOG E5LNWDI|UVWLQ
IlVWSOnWHQRYDQLIUnQSnVWRPERWWHQVnDWWIlVWSOnWHQKDPQDU
UlWW ELOG F
■ $QYlQGPDWFKDQGHI|UOlQJQLQJEHURHQGHSnIlVWSOnWHQVOlJH
■ *nUGHWLQWHVNMXWDEDNIlVWSOnWHQWLOOUlFNOLJWDQYlQGNRUWDUH
OnGRU
 0DUNHUDRFKJ|UXUWDJLVWRPERWWHQPKDIlVWSOnWHQRPGHW
EHK|YV ELOG G
 7DERUWVSnQHQHIWHUXUWDJQLQJHQ
$QYLVQLQJ )|UVHJODNDQWHUQDYlUPHEHVWlQGLJWRFKYDWWHQWlWW
6NUXYDIDVWIlVWSOnWHQRFKVQlSSIDVWVSULGDUHQ
 6NUXYDIDVWIlVWSOnWHQPHGSODVWVNUXYRYDQLIUnQLQHGUH
SODQNDQDOE|MHQRPGHWILQQVWLOOUlFNOLJWDYVWnQGPHOODQOnGDRFK
VWRPERWWHQ ELOG D
$QYLVQLQJ 9ULGQHGUHSODQNDQDOE|MHQVnDWWHYDNXHULQJHQ
KDPQDUSnPRWVDWWVLGDRPGHWEHK|YV
 6NUXYDIDVWIlVWSOnWHQPHGWUlVNUXYRYDQLIUnQLVWRPERWWHQ
ELOG D
$QYLVQLQJ bU DYVWnQGHW PHOODQ OnGD RFK VWRPERWWHQ I|U OLWHW I|U
DWWVNUXYDIDVWIlVWSOnWHQLVWRPERWWHQYULGIlVWSOnWHQRFK
VNUXYDIDVWGHQXQGHULIUnQLVWRPERWWHQ ELOG E
 6QlSSIDVWVSULGDUHQLQHGUHSODQNDQDOE|MHQ ELOG F
0RQWHUD|YUHSODQNDQDOE|MHQ
 $QYlQGI|UOlQJQLQJRPGHWEHK|YVEHURHQGHSnIlVWSOnWHQV
OlJHRFKVWRPGMXSHW-XOlQJUHI|UOlQJQLQJGHVWRGMXSDUHNDQ
OnGDQYDUD6NUXYDIDVWI|UOlQJQLQJHQPHGSODVWVNUXYDUL
KlOO|SSQLQJHQ ELOG 
 6NUXYDIDVW|YUHSODQNDQDOE|MHQLKlOO|SSQLQJHQHOOHU
I|UOlQJQLQJHQ
)|UEHUHGDVWRPPHRFKHQKHWI|UHYDNXHULQJ
 6NUXYD IDVW |YHUJnQJHQ HOOHU SODQNDQDOE|MHQ PHG SODVWVNUXYDU
LKlOO|SSQLQJHOOHUI|UOlQJQLQJ ELOG 
$QYLVQLQJ 6NUXYDIDVWPDWFKDQGHKlOOI|UOlQJQLQJRPGHW
EHK|YV0lWXSSWLOOnWHWOnGGMXS7VnDWWGHWEOLUPPDYVWnQG
WLOOHYDNXHULQJHQ/nGGMXSHWNDQYDULHUDEHURHQGHSnDQYlQG
I|UOlQJQLQJ ELOG 
 *|UHWWXUWDJEDNWLOOLVWRPPHQWDERUWVWRPU\JJHQHOOHUJ|UHWW
XUWDJLVWRPERWWHQEHURHQGHSnHYDNXHULQJVNRQILJXUDWLRQHQ
 7DERUWVSnQHQHIWHUXUWDJQLQJHQ
$QYLVQLQJ )|UVHJODNDQWHUQDYlUPHEHVWlQGLJWRFKYDWWHQWlWW
)|UEHUHGDHODQVOXWQLQJHQ
$QYLVQLQJ )|OMDYVQLWWHW (ODQVOXWQLQJLNDS $OOPlQQD
DQYLVQLQJDU
(QKHWHUXWDQI|UPRQWHUDGVODGGI|ULQVODGGHQL
NRSSOLQJVGRVDQ
 9lQGKlOOHQRFKOlJJGHQSnERWWHQDYI|USDFNQLQJHQHQ
KDQGGXNHOOHUDQQDQ\WDVnDWWGHQLQWHEOLUUHSDG
 /\IWORFNHWWLOONRSSOLQJVGRVDQPHGPHMVHO ELOG 
 /RVVDIlVWVNUXYHQRFKO\IWVODQJNOlPPDQPHGPHMVHO ELOG 
 $QVOXWDOOWLGVRPELOGHQSnNRSSOLQJVGRVDQDQJHU ELOG 
%1EUXQ
%8EOn
*1<(JXOJU|Q
%.VYDUW
*<JUn
$QYLVQLQJ
■ 0RQWHUDGHPHGI|OMDQGHNRSSDUE\JOLQJDUQDHQOLJW
NRSSOLQJVVFKHPDWRPGHWEHK|YV
■ 6H WLOO Vn DWW VNUXYDUQD L NRSSOLQJVGRVDQ lU RUGHQWOLJW nWGUDJQD
HIWHUVODGGDQVOXWQLQJHQ
■ 9LG1a1aDQVOXWQLQJJnUIDV/JUnWLOOIOlNWPRWRUQ
 )lVW VODGGHQ PHG VODQJNOlPPDQ RFK GUD nW IlVWVNUXYHQ ELOG 
 6lWWSnORFNHWWLOONRSSOLQJVGRVDQ
$QYLVQLQJ 3ODFHUDVODGGHQPLWWLNRSSOLQJVGRVDQVnJnUGHW
OlWWDUHDWWVWlQJD
$QYLVQLQJ %HK|YHUGXOlQJUHVODGGNRQWDNWDVHUYLFH'HWILQQV
XSSWLOOPOnQJDVODGGDU
background

0RQWHUDHQKHWHQ
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
: 5LVNI|UHOVW|WDU
'HWILQQVNRPSRQHQWHULQXWLHQKHWHQVRPKDUYDVVDNDQWHU
$QVOXWQLQJVNDEHOQNDQVNDGDV$QVOXWQLQJVNDEHOQInULQWHYLNDV
HOOHUNOlPPDVYLGLQVWDOODWLRQHQ
: 5LVNI|USHUVRQVNDGRU
'XNRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU
$QYlQGDOOWLGVN\GGVKDQGVNDU
6lWWDLKlOOHQ
 6lWWGLWIlVWVNHQRUQD ELOG D
/LPPD IDVW VNHQRUQD Sn VWHQElQNVNLYRU DQYlQG YlUPHWnOLJW OLP
I|UPHWDOORFKVWHQ
 6lWWLHQKHWHQLElQNVNLYVXUWDJHW ELOG E
 )lVWGHPHGI|OMDQGHIlVWNODPUDUQDRFKGUDnWI|UVLNWLJW5LNWDLQ
KlOOHQMlPQWPRWElQNVNLYDQPHGIlVWNODPUDUQD ELOG F
$QYLVQLQJ $QYlQGLQWHVNUXYGUDJDUH
$QVOXWHQKHWHQ
$QYLVQLQJDU
■ 0RQWHUDEDFNVSMlOOPHGPD[|SSQLQJVWU\FNSn 3DYLG
HYDNXHULQJ )|OMHU GHW LQWH PHG QnJRW EDFNVSMlOO WLOO HQKHWHQ N|S
KRVGLQnWHUI|UVlOMDUH
■ 6ND HYDNXHULQJHQ Jn JHQRP \WWHUYlJJ DQYlQG DQVOXWQLQJVOnGD
PRWPXU
$QVOXWDHYDNXHULQJHQ
 )lVW HYDNXHULQJHQ Sn SODQNDQDOE|MHQ HOOHU |YHUJnQJHQ ELOG 
 .RSSODLKRSPHGHYDNXHULQJV|SSQLQJHQ
 7lWDDQVOXWQLQJDUQDSnOlPSOLJWVlWW
&LUNXODWLRQVGULIW
 6QlSS IDVW ILOWHUPRGXOHQ L QHGUH SODQNDQDOE|MHQ HOOHU VNUXYD IDVW
RPGHWEHK|YV ELOG D
$QYLVQLQJ 9ULGILOWHUPRGXOHQRPGHWEHK|YVVnDWWOnGDQI|U
GHWDNWLYDNROILOWUHWJnUDWW|SSQDIUnQPRWVWnHQGHVLGD
 6QlSSIDVWIOH[NRSSOLQJHQL|YUHSODQNDQDOE|MHQ
 .RSSODLKRSILOWHUPRGXOHQRFK|YUHSODQNDQDOE|MHQPHG
IOH[NRSSOLQJHQ
$QYLVQLQJ 0RQWHUDI|UOlQJQLQJDUPHOODQILOWHUPRGXORFK
IOH[NRSSOLQJRPGHWEHK|YV
 gSSQDDOODVSMlOOSnOnGDQgSSQDOnGDQ ELOG E
 6lWWLDNWLYWNROILOWHU ELOG F
 6WlQJOnGDQ
 6WlQJDOODVSMlOOSnOnGDQ
(ODQVOXWHQKHWHQ
■ 6SlQQLQJVHW\SVN\OWHQ
■ $QVOXWDOOWLGVRPNRSSOLQJVVFKHPDWDQJHU ELOG 
%1EUXQ
%8EOn
*1<(JXOJU|Q
%.VYDUW
*<JUn
■ bQGUDIDEULNVOHGDUlQGK\OVRUQDVnDWWGHPDWFKDU
DQVOXWQLQJVW\SHQRPGHWEHK|YV'XPnVWHHYHQWXHOOWNRUWD
OHGDUQDRFKWDERUWLVROHULQJHQI|UDWWVlWWDLOHGDUlQGK\OVRUQD
VRPNRSSODULKRSOHGDUQD
$QYLVQLQJ .RQWUROOHUD DWW HQKHWHQ lU UHGR DWW DQYlQGD InU GX XSS
—…‹‹ “‹†‚„ HOOHU “SnHQKHWHQVGLVSOD\VnlUGHQLQWHUlWW
DQVOXWHQ *|U HQKHWHQ VWU|PO|V RFK NRQWUROOHUD VODGGDQVOXWQLQJHQ
6WlOODRPGLVSOD\HQWLOOHYDNXHULQJHOOHU
FLUNXODWLRQVGULIW
6OnRPGLVSOD\HQWLOOHOHNWURQLNHQI|UHYDNXHULQJHOOHU
FLUNXODWLRQVGULIWLJUXQGLQVWlOOQLQJDUQDRPGHWEHK|YV
)|OMNDS *UXQGLQVWlOOQLQJDULEUXNVDQYLVQLQJHQ
'HPRQWHUDHQKHWHQ
 *|UHQKHWHQVWU|PO|V
m 5LVNI|UHOHNWULVNVW|W
3OLQWDUQDNDQJHUHWXUVSlQQLQJRPGXORVVDUKlOOHQV
HODQVOXWQLQJ'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUJ|UD
HODQVOXWQLQJHQ
 7D ERUW HYDNXHULQJVNDQDOHQ HOOHU ORVVD FLUNXODWLRQVNRSSOLQJDUQD
 7U\FNXWHQKHWHQXQGHULIUnQ
2EV
5LVNI|UHQKHWVVNDGRU /\IWLQWHXUHQKHWHQRYDQLIUnQ
background
background

Specifications

Indexed Terms: Integrated Ventilation

Neff T48BD1AN0/07 Questions and Answers

Find answers or ask new question.
Questions and Answers

Related Products

Product Neff T48BD1AN0 01 image
Neff T48BD1AN0/01 N 70 Venting cooktop
2020-05-25 3 docs
Product Neff T48BD1AN0 01 image
Neff T48BD1AN0/01 N 70 Venting cooktop
2020-05-25 3 docs
Product Neff T58BT6BN0 01 image
Neff T58BT6BN0/01 TBT 586B N Venting cooktop
2020-05-19 1 docs
Product Neff T48BD1AN0 01 image
Neff T48BD1AN0/01 N 70 Venting cooktop
2020-05-25 3 docs
Product Neff T58BT6BN0 01 image
Neff T58BT6BN0/01 TBT 586B N Venting cooktop
2020-05-19 1 docs