8140134 I UK D www.serviceaprilia.com 943 ENGINE 122 1996 workshopmanual Manuale d'officina Repair Manual Reparaturhandbuch 7LSR7\SH7\SH 122 7<3( 3UHID]LRQH 3UHIDFH 9RUZRUW ,OSUHVHQWHPDQXDOHG RIILFLQDFRQWLHQHGDWLHLQIRUPD]LRQL IRQGDPHQWDOLSHUODPDQXWHQ]LRQHHJOLLQWHUYHQWLGLULSD UD]LRQHVXOPRWRUH527$;WLSR 7KLV 5HSDLU 0DQXDO FRQWDLQV HVVHQWLDO DGYLFH DQG GDWD IRU SURIHVVLRQDO PDLQWHQDQFH DQG UHSDLU RI 527$; HQJLQHW\SH 'LHVHV 5HSDUDWXU+DQGEXFK HQWKlOW GLH ZLFKWLJVWHQ +LQZHLVH XQG 'DWHQ IU GLH IDFKJHUHFKWH :DUWXQJ XQG 5HSDUDWXUGHV527$;0RWRUV7\SH ,OSUHVHQWHPDQXDOHqEDVDWRVXOORVWDWRJHQHUDOHGLFR QRVFHQ]HDOPRPHQWRGHOODSXEEOLFD]LRQH DSULOLDVSDVLULVHUYDLOGLULWWRGLDSSRUWDUHTXDOVLDVLPR GLILFDWHFQLFDDOPRWRUHLQWHVDDPLJOLRUDUORVHQ]DREEOLJR GLDJJLRUQDPHQWRGHOSUHVHQWHPDQXDOH 7KH5HSDLU0DQXDOLVEDVHGRQWKHVWDWHRINQRZOHGJHDW WKHWLPHRISXEOLFDWLRQDSULOLDVSDUHVHUYHVWKHULJKWWR PDNH WHFKQLFDO PRGLILFDWLRQV WR WKH HQJLQH LQ YLHZ RI IXUWKHUGHYHORSPHQWZLWKRXWXSGDWLQJWKLVPDQXDO 'DV 5HSDUDWXU+DQGEXFK EHILQGHW VLFK DXI GHP ]XP =HLWSXQNW GHU +HUDXVJDEH DNWXHOOHQ ,QIRUPDWLRQVVWDQG 'LH )LUPD DSULOLD VSD EHKlOW VLFK DOOH 5HFKWH YRU LP =XJH GHU :HLWHUHQWZLFNOXQJ WHFKQLVFKH bQGHUXQJ DP 0RWRUYRU]XQHKPHQRKQHJOHLFK]HLWLJGLHVHV5HSDUDWXU +DQGEXFKHQWVSUHFKHQG]XHUJlQ]HQ 7XWWLLGDWLHOHSURFHGXUHGHVFULWWLQHOSUHVHQWHPDQXDOH G RIILFLQDVRQRLOOXVWUDWLQHOPLJOLRUPRGRSRVVLELOHWXWWD YLDVLGHFOLQDRJQLUHVSRQVDELOLWj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bQGHUXQJHQ XQG ,UUWXP YRUEHKDOWHQ 1DFKGUXFN hEHUVHW]XQJHQ RGHU 9HUYLHOIl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¶ROLRULPR]LRQH )UL]LRQHULPR]LRQH ,QJUDQDJJLRGHOFRQWUDOEHURH WUDVPLVVLRQHSULPDULDULPR]LRQH *UXSSRGLDYYLDPHQWRSHGDOH ULPR]LRQHVRORVXOWLSR5; 3RPSDGHOO¶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gOSXPSHDXVEDXHQ .XSSOXQJDXVEDXHQ $XVJOHLFKVXQG3ULPlUWULHEDXVEDXHQ .LFNVWDUWHUDXVEDXHQQXU$XVIKUXQJ5; :DVVHUSXPSHDXVEDXHQ *HKlXVHKlOIWHQWUHQQHQ 6FKDOWXQJXQG*HWULHEHDXVEDXHQ .XUEHOZHOOHDXVEDXHQ 7<3( ,QWHUYHQWLGLPDQXWHQ]LRQHVXOOHVLQJROHSDUWL &DUWHUDOEHURPRWRUH 6HPLFDUWUHUODWRYRODQRULPR]LRQH HULPRQWDJJLRGHLFXVFLQHWWLDVIHUHHGHLSDUDROLR 6HPLFDUWHUODWRIUL]LRQHULPR]LRQH HULPRQWDJJLRGHLFXVFLQHWWLDVIHUHHGHLSDUDROLR $OEHURPRWRUH $OEHURPRWRUHGHWHUPLQD]LRQH GHOJLRFRDVVLDOH &RQWUDOEHURLQJUDQDJJLFRPDQGRFRQWUDOEHUR &DPELR 'HVPRGURPLFR 7UDVPLVVLRQHSULPDULDHIUL]LRQH &RSHUFKLRIUL]LRQH *UXSSRDYYLDPHQWRDSHGDOHVRORSHUPRGHOOR5; 9DOYRODGLVFDULFR5$9( QRQSUHVHQWHQHOODYHUVLRQH) &LOLQGUR 3LVWRQH ,QVHUWRFDPHUDGLFRPEXVWLRQH &RSHUFKLRWHVWDWD 9DOYRODDODPHOOH 0DQLFRWWRFDUEXUDWRUH 3RPSDGHOO ROLR 6SXUJRSRPSDGHOO ROLR 3RPSDGHOO DFTXD *UXSSRGLDFFHQVLRQH *UXSSRGLDFFHQVLRQHVLQJROLFRPSRQHQWL *UXSSRGLDFFHQVLRQHVFKHPDHOHWWULFR &HQWUDOLQDHOHWWURQLFDPRUVHWWLHUD *UXSSRGLDFFHQVLRQHULFHUFDJXDVWL &DQGHOD ,QJUDQDJJLRDYYLDPHQWR 0RWRULQRGLDYYLDPHQWRHOHWWULFR 3LJQRQHFDWHQD ,QGLYLGXDOFRPSRQHQWPDLQWHQDQFH &UDQNFDVH &UDQNFDVHKDOIPDJQHWRVLGHUHPRYDODQG UHILWWLQJRIEDOOEHDULQJVDQGRLOVHDOV &UDQNFDVHKDOIFOXWFKVLGHUHPRYDODQG UHILWWLQJRIEDOOEHDULQJVDQGRLOVHDOV &UDQNVKDIW &UDQNVKDIWGHWHUPLQDWLRQRID[LDOFOHDUDQFH %DODQFHVKDIWEDODQFHGULYHJHDUV *HDUER[ *HDUVKLIW 3ULPDU\GULYHDQGFOXWFK &OXWFKFRYHU .LFNVWDUWGULYHIRU5;PRGHORQO\ ([KDXVWYDOYH5$9(1RWRQ)YHUVLRQ &\OLQGHU 3LVWRQ &RPEXVWLRQFKDPEHULQVHUW &\OLQGHUKHDGFRYHU 7KHUPRVWDW 5HHGYDOYH &DUEXUHWRUIODQJH 2LOSXPS 2LOSXPSYHQWLQJ :DWHUSXPS ,JQLWLRQXQLW ,JQLWLRQXQLWVLQJOHFRPSRQHQWV ,JQLWLRQXQLWZLULQJGLDJUDP (OHFWURQLFER[WHUPLQDO ,JQLWLRQXQLWWURXEOHVKRRWLQJ 6SDUNSOXJ 6WDUWHUJHDU (OHFWULFVWDUWHU &KDLQVSURFNHW $UEHLWHQDQGHQHLQ]HOQHQ7HLOHQ .XUEHOJHKlXVH *HKlXVHKlOIWHPDJQHWVHLWLJ$XVXQG (LQEDXGHU.XJHOODJHUXQG:HOOHQGLFKWULQJH *HKlXVHKlOIWHNXSSOXQJVVHLWLJ$XVXQG (LQEDXGHU.XJHOODJHUXQG:HOOHQGLFKWULQJH .XUEHOZHOOH .XUEHOZHOOH$[LDOVSLHODXVPHVVHQ $XVJOHLVFKVZHOOH$XVJOHLFKVUlGHU *HWULHEH 6FKDOWXQJ 3ULPlUWULHEXQG.XSSOXQJ .XSSOXQJVGHFNHO .LFNVWDUWHUQXU$XVIKUXQJ5; $XVODVVVFKLHEHU5$9( QLFKWEHLGHU)9HUVLRQYRUKDQGHQ =\OLQGHU .ROEHQ %UHQQUDXPHLQVDW] 7KHUPRVWDW =\OLQGHUNRSIGHFNHO 9HUJDVHUVWXW]HQ gOSXPSH gOSXPSHHQWOIWHQ :DVVHUSXPSH =QGDQODJH =QGDQODJH(LQ]HOWHLOH =QGDQODJH6FKDOWSODQ 6WHXHUJHUlW$QVFKOVVH =QGDQODJH)HKOHUVXFKH =QGNHU]H 6WDUWHUJHWULHEH (OHNWURVWDUWHU .HWWHQUDG 7<3( 5LDVVHPEODJJLRPRWRUH (QJLQHUHDVVHPEO\ $OEHURPRWRUHPRQWDJJLR ,QVWDOOD]LRQHDOEHURPRWRUHFRQDWWUH]]LVSHFLDOL &DPELRPRQWDJJLR 7UDVPLVVLRQHPRQWDJJLR &RQWUDOEHURLQVWDOOD]LRQH &DUWHUPRQWDJJLR *UXSSRGLDYYLDPHQWRDSHGDOH LQVWDOOD]LRQHVRORYHUVLRQH5; 3RPSDGHOO DFTXDLQVWDOOD]LRQH 5RWLVPRFRQWUDOEHURWUDVPLVVLRQH SULPDULDHIUL]LRQHLQVWDOOD]LRQH &RSHUFKLRIUL]LRQHLQVWDOOD]LRQH )UL]LRQHUHJROD]LRQH 3LVWRQHPRQWDJJLR &LOLQGURPRQWDJJLR )ODQJLDGHOORVFDULFRPRQWDJJLR 9DOYRODDODPHOOHPRQWDJJLR 5DSSRUWRGLFRPSUHVVLRQHFRQWUROOR &RPSUHVVLRQUDWLRFKHFNLQJ *UXSSRGLDFFHQVLRQHLQVWDOOD]LRQH &KDLQVSURFNHWILWWLQJ (OHFWULFVWDUWHULQVWDOODWLRQ 3LJQRQHFDWHQDPRQWDJJLR 0RWRULQRGLDYYLDPHQWRHOHWWULFR LQVWDOOD]LRQH &UDQNVKDIWILWWLQJ &UDQNVKDIWLQVWDOODWLRQZLWKVSHFLDOWRROLQJ *HDUER[DVVHPEO\ *HDUVKLIWDVVHPEO\ %DODQFHVKDIWLQVWDOODWLRQ &UDQNFDVHDVVHPEO\ .LFNVWDUWLQVWDOODWLRQYHUVLRQ5;RQO\ :DWHUSXPSLQVWDOODWLR %DODQFHVKDIWGULYHSULPDU\GULYHDQG FOXWFKLQVWDOODWLRQ &OXWFKFRYHULQVWDOODWLRQ &OXWFKDGMXVWPHQW 3LVWRQILWWLQJ &\OLQGHUILWWLQJ ([KDXVWVRFNHWILWWLQJ 5HHGYDOYHILWWLQJ &RPSUHVVLRQUDWLRFKHFNLQJ ,JQLWLRQXQLWLQVWDOODWLRQ &KDLQVSURFNHWILWWLQJ (OHFWULFVWDUWHULQVWDOODWLRQ (QJLQHLQVWDOODWLRQ 0RWRU]XVDPPHQEDXHQ .XUEHOZHOOHHLQEDXHQ .XUEHOZHOOHHLQEDXHQPLWWHOV6SH]LDOZHUN]HXJ *HWULHEHHLQEDXHQ 6FKDOWXQJHLQEDXHQ $XVJOHLFKVZHOOHHLQEDXHQ .XUEHOJHKlXVH]XVDPPHQEDXHQ .LFNVWDUWHUHLQEDXHQQXU$XVIKUXQJ5; :DVVHUSXPSHHLQEDXHQ $XVJOHLFKVWULHE3ULPlUWULHEXQG .XSSOXQJHLQEDXHQ .XSSOXQJVGHFNHOPRQWLHUHQ .XSSOXQJHLQVWHOOHQ =\OLQGHUPRQWLHUHQ $XVSXIIVWXW]HQPRQWLHUHQ 9HQWLOWUlJHUPRQWLHUHQ 9HUGLFKWXQJNRQWUROOLHUHQ =QGDQODJHHLQEDXHQ .HWWHQUDGPRQWLHUHQ (6WDUWHUPRQWLHUHQ 0RWRUHLQEDXHQ 5$9(RSHUDWLRQFKHFNLQJQRWRQ)YHUVLRQ 5$9()XQNWLRQEHUSUIHQ EHLGHU)9HUVLRQQLFKWYRUKDQGHQ ,QGH[ ,QGH[ ,QVWDOOD]LRQHPRWRUH )XQ]LRQDPHQWR³5$9(´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s :DUQLQJ ,GHQWLILHV DQ LQVWUXFWLRQ ZKLFK LI QRW IROORZHG PD\ FDXVH LQMXU\ WR WKH ULGHU PHFKDQLFRUWKLUGSDUW\ s :DUQXQJ 1LFKWEHDFKWXQJ GHU :DUQXQJ NDQQ ]X 9HUOHW]XQJHQ GHV )DKUHUV :DUWXQJVPHFKDQLNHUV RGHU DQGHUHU GULWWHU3HUVRQHQIKUHQ n $WWHQWLRQ 'HQRWHV DQ LQVWUXFWLRQ ZKLFK LI QRW IROORZHG PD\ VHYHUHO\ GDPDJH WKH HQJLQH 1RQFRPSOLDQFH PLJKW OHDG XQGHU FHUWDLQ FRQGLWLRQV WR KHDOWK KD]DUGV n $FKWXQJ u 1RWH ,QIRUPDWLRQ XVHIXO IRU EHWWHU H[HFXWLRQ DQGXQGHUVWDQGLQJRILQVWUXFWLRQV 8QWHU $FKWXQJ VLQG EHVRQGHUH 9RUVLFKWPDQDKPH DXIJHIKUW GLH HLQJHKDOWHQ ZHUGHQ PVVHQ XP VFKZHUH%HVFKlGLJXQJHQDP0RWRU]X YHUKLQGHUQ %HL 1LFKWEHDFKWXQJ N|QQWH HVXQWHU8PVWlQGHQ3HUVRQHQVFKlGHQ IKUHQ u +LQZHLV 1W]OLFKH,QIRUPDWLRQHQXPEHVWLPPWH 9RUJlQJH HLQIDFKHU ]X JHVWDOWHQ E]Z ]XHUOlXWHUQ l 306 2EHUHU7RWSXQNW l 648,6+ 7XUEROHQ] GHV /XIW.UDIWVWRIIJHPLVFKV LP=\OLQGHUIUGLH9HUGLFKWXQJ l 30, 8QWHUHU7RWSXQNW l 5$9( (OHNWURQLVFKHV9HQWLODP$XVODVV s $YYHUWHQ]D LQGLFDXQDDYYHUWHQ]HFKHqQHFHVVDULR SUHQGHUH RQGH HYLWDUH GDQQL R OHVLRQL JUDYL DO FRQGXFHQWH DO PHFFDQLFR R D WHU]L n $WWHQ]LRQH u 1RWD LQGLFDXQDDYYHUWHQ]HFKHqQHFHVVDULR SUHQGHUHRQGHHYLWDUHVHULGDQQLDOPR WRUH/DQRQRVVHUYDQ]DGLWDOLLQGLFD]LR QL SXz FRPSRUWDUH LQ GHWHUPLQDWH FRQGL]LRQL ULVFKL SHU O LQFROXPLWj GHOOH SHUVRQH LQIRUPD]LRQHXWLOHSHUXQDPLJOLRUHHVH FX]LRQHHFRPSUHQVLRQHGHOOHLVWUX]LRQL l 306 3XQWRPRUWRVXSHULRUH l 648,6+ 7XUEROHQ]D GHOOD PLVFHOD DULDEHQ]LQD SUHVHQWHQHOFLOLQGURDOODILQHGHOODFRUVD GLFRPSUHVVLRQH l 30, 3XQWRPRUWRLQIHULRUH l 5$9( 9DOYRODHOHWWURQLFDVXOORVFDULFR l 7'& 7RS'HDG&HQWUH l 648,6+ 7XUEXOHQFHRIWKHDLUIXHOPL[WXUHLQWKH F\OLQGHU DW WKH HQG RI WKH FRPSUHVVLRQ VWURNH l %'& %RWWRP'HDG&HQWUH l 5$9( (OHFWURQLFYDOYHDWH[KDXVWHQG $YYHUWHQ]HJHQHUDOLHQRUPH GLVLFXUH]]D *HQHUDOSUHFDXWLRQVDQG VDIHW\LQIRUPDWLRQ $OOJHPHLQH9RUVLFKWVPDQDKPHQXQG 6LFKHUKHLWVEHVWLPPXQJHQ s $YYHUWHQ]D LOPRWRUH527$;qSURJJHWWDWRSHU s :DUQLQJ s :DUQXQJ O¶XVR HVFOXVLYR VX PRWRFLFOL R .DUW 2JQLGLYHUVDXWLOL]]D]LRQHQRQFRQIRUPH DG DFFRUGL OLEHUD LO FRVWUXWWRUH GD RJQL UHVSRQVDELOLWj 7KH 527$; HQJLQH LV SODQQHG VROHO\ IRU WKH XVH LQ 0RWRUELNHV SRVVLEO\.DUW$Q\DSSOLFDWLRQEHVLGHV WKDW LV QRW DV DJUHHG DQG UHOHDVHV WKH PDQXIDFWXUHURIDQ\OLDELOLW\ 'HU 0RWRU 527$; LVW QXU IU GLH 9HUZHQGXQJ LQ 0RWRUUlGHUQ HYHQWXHOO .DUW YRUJHVHKHQ -HGHU GDUEHU KLQDXVJHKHQGH (LQVDW] JLOW DOV QLFKW EHVWLPPXQJVJHPlXQGGHU+HUVWHOOHU KDIWHWQLFKWIUUHVXOWLHUHQGH6FKlGHQ 7<3( n $WWHQ]LRQH OH LQIRUPD]LRQL FRQWHQXWH QHO SUHVHQWH PDQXDOH VRQR EDVDWH VXL GDWL H VXOO¶HVSHULHQ]D GL WHFQLFL VSHFLDOL]]DWL LQFRQGL]LRQLGLODYRURQRUPDOL 4XHVWHOLQHHJXLGDVRQRXWLOLHQHFHVVD ULHPDQRQSRVVRQRVRVWLWXLUHO¶DSSUHQ GLPHQWRWHRULFRHSUDWLFR n $WWHQWLRQ ,QIRUPDWLRQ VWDWHG LQ WKLV 0DQXDO DUH EDVHG RQ GDWD DQG H[SHULHQFH RI H[SHUWVDSSOLFDEOHDWVWDQGDUGZRUNLQJ FRQGLWLRQ 7KHVH JXLGHOLQHV DUH XVHIXO DQG QHFHVVDU\ EXW WKH\ DUH QHYHU D VXEVWLWXWH IRU SURSHU WKHRUHWLFDO DQG SUDFWLFDOWUDLQLQJ n $WWHQ]LRQH OHSDUWLGLULFDPELRGHYRQRHVVHUHFRQ IRUPLDOOHVSHFLILFKHGHILQLWHGDOFRVWUXW WRUHGHOPRWRUH &Lz q JDUDQWLWR VROR GDOO¶XVR GL ULFDPEL RULJLQDOLHRDFFHVVRULDSULOLDVLYHGDOD /LVWDULFDPEL /¶XVRGLULFDPELHRDFFHVVRULQRQRULJL QDOLDSULOLDIDGHFDGHUHRJQLJDUD]LDIRU QLWDGDOODDSULOLD n $WWHQWLRQ 6SDUHSDUWVPXVWPHHWWKHUHTXLUHPHQWV GHILQHG E\ WKH HQJLQH PDQXIDFWXUHU 7KLV LV RQO\ ZDUUDQWHG E\ XVH RI *(18,1( DSULOLD VSDUH SDUWV DQG RU DFFHVVRULHV VHH 6SDUH 3DUWV OLVW ,I XVLQJ RWKHU WKDQ *(18,1( DSULOLD VSDUH SDUWV DQG RU DFFHVVRULHV DQ\ ZDUUDQW\JUDQWHGE\DSULOLDZLOOODSVH n $WWHQ]LRQH PRGLILFKH DO PRWRUH H D SDUWL DG HVVR FROOHJDWHFDUEXUDWRUHVLVWHPDGLVFDUL FRQRQDSSURYDWHGDOODDSULOLDOLEHUDQR LO FRVWUXWWRUH GD RJQL UHVSRQVDELOLWj H JDUDQ]LD n $WWHQ]LRQH SHU JDUDQWLUH ULSDUD]LRQL DSSURSULDWH q ULFKLHVWRO¶XVRGHJOLDWWUH]]LVSHFLDOLDF FHVVRULOXEULILFDQWLVLJLOODQWLHPH]]LGL ILVVDJJLRVSHFLILFDWL n $WWHQ]LRQH DWWHQHUVL DVVROXWDPHQWH DOOH FRSSLH GL VHUUDJJLRVSHFLILFDWH n $WWHQ]LRQH JOL DQHOOL GL WHQXWD OH JXDUQL]LRQL JOL DQHOOLGLVLFXUH]]DJOLDQHOOL25HLSDUD ROLRGHYRQRHVVHUHVRVWLWXLWLDGRJQLUH YLVLRQHGHOPRWRUH n $WWHQ]LRQH XWLOL]]DUHHVFOXVLYDPHQWHYLWLHGDGLSX OLWL9HULILFDUHODSUHVHQ]DGLGDQQLDOOHIL OHWWDWXUHHDOOHWHVWHGHOOHYLWL ,QFDVRGLGXEELXWLOL]]DUHGDGLHYLWLQXR YL n $WWHQWLRQ n $WWHQWLRQ 0RGLILFDWLRQVRQHQJLQHDQGFKDQJHVWR VSKHUH RI HQJLQH FDUEXUHWRU H[KDXVW V\VWHP QRW DSSURYHG E\ DSULOLD UHOHDVHVWKHPDQXIDFWXUHURIDQ\OLDELOLW\ DQGZDUUDQW\ 7R ZDUUDQW SURSHU UHSDLU XWLOLVDWLRQ RI WKH VSHFLILHG VSHFLDO WRROV IL[WXUHV OXEULFDWLQJ VHDOLQJ DQG VHFXULQJ DJHQWVLVUHTXLUHG n $FKWXQJ 'LH LP 5HSDUDWXUKDQGEXFK JHJHEHQHQ ,QIRUPDWLRQHQ EDVLHUHQ DXI 'DWHQ XQG (UIDKUXQJHQ GLH IU GHQ )DFKPDQQ XQWHUQRUPDOHQ$UEHLWVEHGLQJXQJHQDOV DQZHQGEDU JHOWHQ 'LH LP +DQGEXFK JHJHEHQHQ5LFKWOLQLHQVLQGVLQQYROOXQG QRWZHQGLJ N|QQHQ DEHU NHLQHVIDOOV IDFKJHUHFKWH WKHRUHWLVFKH XQG SUDNWLVFKH8QWHUZHLVXQJHQHUVHW]WHQ n $FKWXQJ (UVDW]WHLOH PVVHQ GHQ YRP +HUVWHOOHU IHVWJHOHJWHQ WHFKQLVFKHQ $QIRUGHUXQJHQ HQWVSUHFKHQ'LHVZLUGQXUEHL25,*,1$/ DSULOLD (UVDW]WHLOHQ XQGRGHU =XEHK|U JDUDQWLHUW VLHKH (UVDW]WHLOOLVWH %HL 1LFKWYHUZHQGXQJYRQ25,*,1$/DSULOLD (UVDW]WHLOHQ XQGRGHU =XEHK|U HUOLVFKW MHJOLFKH*HZlKUOHLVWXQJGXUFKDSULOLD n $FKWXQJ bQGHUXQJHQDP0RWRUVRZLHDP8PIHOG GHV 0RWRUV 9HUJDVHU $XVSXIIDQODJH GLHQLFKWYRQDSULOLDJHQHKPLJWZXUGHQ HQWELQGHQ GLH +HUVWHOOHUILUPD YRQ MHGHU +DIWXQJVRZLH*HZlKUOHLVWXQJ n $FKWXQJ 8PHLQHRUGQXQJVJHPlH5HSDUDWXU]X JHZlKUOHLVWHQ LVW GLH 9HUZHQGXQJ GHU YRUJHVFKULHEHQHQ 6SH]LDOZHUN]HXJH =XEHK|U6FKPLHUPLWWHO$EGLFKWPLWWHOXQG VSH]LILVFKH%HIHVWLJXQJVWHLOHQRWZHQGLJ n $WWHQWLRQ $GKHUH WR VSHFLILHG WLJKWHQLQJ WRUTXHV ZLWKRXWIDLO n $WWHQWLRQ 5HPRYHG VHDOLQJ ULQJV JDVNHWV FLUFOLSV2ULQJVDQGRLOVHDOVKDYHWREH DOZD\VUHQHZHGDWDQHQJLQHRYHUKDXO n $FKWXQJ 'LH YRUJHVFKULHEHQHQ $Q]XJVGUHKPRPHQWH VLQG XQEHGLQJW HLQ]XKDOWHQ n $WWHQWLRQ 8VHRQO\FOHDQVFUHZVDQGQXWV&KHFN WKUXVWIDFHV DQG WKUHDG IRU GDPDJH ,I GRXEWIXOXVHQHZVFUHZVDQGQXWV n $FKWXQJ $XVJHEDXWH 'LFKWULQJH 'LFKWXQJHQ 6LFKHUXQJVULQJH 25LQJH XQG :HOOHQGLFKWULQJH VLQG EHL HLQHU 0RWRUUHSDUWXULPPHU]XHUQHXHUQ n $FKWXQJ 6lPWOLFKH 6FKUDXEHQ XQG 0XWWHUQ VLQG LPPHU LQ VDXEHUHP =XVWDQG ]X YHUZHQGHQ $XIODJHIOlFKHQ XQG *HZLQGHJlQJH LPPHU DXI %HVFKlGLJXQJHQ XQWHUVXFKHQ ,P =ZHLIHOVIDOOH QHXH 6FKUDXEHQ XQG 0XWWHU YHUZHQGHQ 7<3( n $WWHQ]LRQH qIRQGDPHQWDOHSHUODGXUDWDGHOPRWRUH HSHUXQIXQ]LRQDPHQWRVHQ]DSUREOHPL VHJXLUH LO SURJUDPPD GL PDQXWHQ]LRQH VSHFLILFDWRHRVVHUYDUHJOLDOWULGDWLWHF QLFL n $WWHQ]LRQH ILVVDUHVHPSUHLOPRWRUHVXOVXSSRUWR n $WWHQ]LRQH GRSRLOULDVVHPEODJJLRGHOPRWRUHYHULIL FDUHLOILVVDJJLRGHLFRPSRQHQWLHDVVL FXUDUVL FKH LO PRWRUH IXQ]LRQL VHQ]D SUREOHPL n $WWHQ]LRQH HOLPLQDUHLPPHGLDWDPHQWHLGLIHWWLPHQR LPSRUWDQWLDOORVFRSRGLHYLWDUHJXDVWL n $WWHQ]LRQH SUHVWDUH OD PDVVLPD DWWHQ]LRQH D WXWWH OHPLVXUHGLVLFXUH]]DDGGL]LRQDOLSUHYL VWHGDOFRVWUXWWRUHGHOPRWRFLFOR n $WWHQWLRQ 'HFLVLYH IRU OLIH VSDQ DQG WURXEOHIUHH RSHUDWLRQ LV WR PHHW WKH VSHFLILHG VFKHGXOH RI PDLQWHQDQFH DQG WR REVHUYHVXQGU\WHFKQLFDOGDWD n $WWHQWLRQ $OZD\VVHFXUHHQJLQHVDIHO\RQWUHVWOH n $WWHQWLRQ $IWHU DVVHPEO\ YHULI\ FRPSRQHQWV IRU WLJKW ILW DQG FKHFN HQJLQH IRU IODZOHVV RSHUDWLRQ n $WWHQWLRQ 5HFWLI\PLQRUGHIHFWVZLWKRXWGHOD\WKXV SUHYHQWLQJHQJLQHIDLOXUH n $WWHQWLRQ 3D\ DWWHQWLRQ ZLWKRXW H[FHSWLRQ WR DOO DGGLWLRQDO VDIHW\ PHDVXUHV RI WKH ELNH PDQXIDFWXUHU n $FKWXQJ (QWVFKHLGHQG IU GLH /HEHQVGDXHU XQG VWlQGLJH(LQVDW]EHUHLWVFKDIWGHV0RWRUV LVW GLH ULFKWLJH (LQKDOWXQJ GHU YRUJHVFKULHEHQHQ :DUWXQJVLQWHUYDOOH VRZLH GLH %HDFKWXQJ GHU VRQVWLJHQ WHFKQLVFKHQ8QWHUODJHQ n $FKWXQJ $XVJHEDXWHQ 0RWRU LPPHU VWDQGVLFKHU DP0RQWDJHERFNEHIHVWLJHQ n $FKWXQJ 1DFKGHU0RQWDJHGLH7HLOHDXI)HVWVLW] XQGHLQZDQGIUHLH)XQNWLRQEHUSUIHQ $FKWXQJ%HKHEHQ 6LH DXFK NOHLQH 'HIHNWH VRIRUW 6LH YHUPHLGHQ GDGXUFK JU|HUH0RWRUDXVIlOOH n $FKWXQJ :HLWHUH 6LFKHUKHLWVEHVWLPPXQJHQ GHV 0RWRUUDGKHUVWHOOHUV VLQG XQEHGLQJW ]X EHDFKWHQ 3RVL]LRQHGHOQXPHURGLPDWULFRODGHOPRWRUH (QJLQHQXPEHUORFDWLRQ 0RWRUQXPPHU/DJH ,OQXPHURGLPDWULFRODGHOPRWRUH qLPSUHVVRVXOFDU WHU,OQXPHURGLPDWULFRODqQHFHVVDULRSHUO¶LPPDWULFROD ]LRQHGHOODPRWRSHURUGLQDUHSDUWLGLULFDPELRHLQFDVR GLULFRUVRDOODJDUDQ]LD 7KHHQJLQHQXPEHULVLPSULQWHGRQWKHFUDQNFDVH7KH HQJLQHQXPEHULVHVSHFLDOO\QHHGHGIRUELNHUHJLVWUDWLRQ ZKHQ RUGHULQJ VSDUH SDUWV DQG LQ FDVH RI D ZDUUDQW\ FODLP 'LH 0RWRUQXPPHU LVW LQ GDV .XUEHOJHKlXVH HLQJHVWDQ]W 'LHVH 1XPPHU LVW LQVEHVRQGHUH ]XU $QPHOGXQJ GHV 0RWRUUDGHV IU GLH %HVWHOOXQJ YRQ (UVDW]WHLOHQ VRZLH LP )DOOH HLQHV *DUDQWLHDQWUDJHV HUIRUGHUOLFK 7<3( 'DWLWHFQLFL 0RWRUH 7LSR $OHVDJJLRFRUVD &LOLQGUDWD &RPSUHVVLRQH ³6TXLVK´ 0LQLPRJLUL 0DVVLPRJLUL &DUEXUDQWH /XEULILFD]LRQHPRWRUH /XEULILFD]LRQHFDPELR 7HFKQLFDOGDWD WHPSLYDOYRODGL DVSLUD]LRQHODPHOODUH PPPP FPñ SRVVLELOH YDULD]LRQHQHOODYHUVLRQH PRWRUHDSRWHQ]DOLPLWDWD VHFRQGROHVSHFLILFKHGHO SDHVH PP JLULPLQ JLULPLQ EHQ]LQDVXSHUVHQ]D SLRPER',1 PLQLPRRWWDQLFR 1250H1200 DGLQLH]LRQHG¶ROLRROLR VXSHUSHUPRWRULD WHPSL /XEULILFD]LRQHD VEDWWLPHQWRROLR6$( &DPELR FDSDFLWjROLR FPñ 6LVWHPDGLUDIIUHGGDPHQWR $GDFTXDSRPSDLQWHJUDWD FLUFXLWRGLUDIIUHGGDPHQWR FKLXVR 3RUWDWDOLTXLGRGL b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b PLQDW USP 2SHQLQJWHPSDW& 0RWRUW\SH %DXDUW =ZHLWDNWPRWRU 9ROOPHPEUDQ $QVDXJVWHXHUXQJ %RKUXQJ+XE PPPP +XEUDXP FPñ 9HUGLFKWXQJ 'URVVHODXVIKUXQJHQ /lQGHUVSH]LILVFKN|QQHQ DEZHLFKHQGVHLQ 4XHWVFKNDQWHQVSDOW PP /HHUODXIGUHK]DKO 8PLQ =XOlVVLJH+|FKVWGUHK]DKO 8PLQ .UDIWVWRII 6XSHUXQYHUEOHLEW',1 PLQ2NWDQ]DKO 1250XQG 1200 0RWRUVFKPLHUXQJ 6XSHU7DNWgOPLW gOHLQVSULW]XQJ *HWULHEHVFKPLHUXQJ 7DXFKVFKPLHUXQJ0RWRU|O 6$( *HWULHEHgOPHQJH FPñ .KOV\VWHP :DVVHUNKOXQJ JHVFKORVVHQHU .KONUHLVODXIGXUFK LQWHJULHUWH:DVVHUSXPSH .KOXQJ'XUFKIOXPHQJH b PLQEHL8PLQ 7KHUPRVWDW gIIQXQJVWHPSHUDWXU& 3ULPlUXQWHUVHW]XQJ 7<3( 5DSSRUWRGLWUDVPLVVLRQH DPDUFLD D 675$'$ PDUFLD D PDUFLD D PDUFLD D PDUFLD D PDUFLD 5DSSRUWRGLWUDVPLVVLRQH DPDUFLD D &867205; PDUFLD D PDUFLD D PDUFLD D PDUFLD D PDUFLD $FFHQVLRQH $FFHQVLRQHHOHWWURQLFD&', FRQIDVDWXUDHOHWWURQLFD &DQGHOD 1*.%5(* 1*.%5(6 'LVWDQ]DHOHWWURGL PP 'LPHQVLRQHFDWHQD ´[´[PP $YYLDPHQWR 675$'$&86720 DYYLDPHQWRHOHWWULFR 5;DYYLDPHQWRDSHGDOH 3HVR &LUFDNJ 7UDQVPLVVLRQUDWLR 675$'$ 7UDQVPLVVLRQUDWLR &867205; ,JQLWLRQXQLW 6SDUNSOXJ (OHFWURGHJDS 'LPHQVLRQRIFKDLQ 6WDUWHU :HLJKW VWJHDU QGJHDU UGJHDU WKJHDU WKJHDU WKJHDU VWJHDU QGJHDU UGJHDU WKJHDU WKJHDU WKJHDU %UHDNHUOHVVFDSDFLWRU GLVFKDUJHLJQLWLRQXQLWZLWK HOHFWURQLFLJQLWLRQWLPLQJ 1*.%5(* 1*.%5(6 PP ´[´[PP 675$'$&86720 (6WDUWHU 5;NLFNVWDUW $SSUR[NJ *HWULHEHDEVWXIXQJ 675$'$ *HWULHEHDEVWXIXQJ &867205; =QGDQODJH =QGNHU]H (OHNWURGHQDEVWDQG .HWWHQGLPHQVLRQ 6WDUWHU *HZLFKW *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ .RQWDNWORVH.RQGHQVDWRU =QGDQODJHPLW HOHNWURQLVFKHU =QGYHUVWHOOXQJ 1*.%5(* 1*.%5(6 PP [[PP 675$'$&86720 (6WDUWHU 5;.LFNVWDUWHU FDNJ 7<3( 7DEHOODPDQXWHQ]LRQH &RPSRQHQWH &RQWUROOR OLYHOORROLR FDPELR 6RVWLWX]LRQH ROLRFDPELR 5HJROD]LRQH JLRFR ³VWDFFR´ IUL]LRQH 6RVWLWX]LRQH FDQGHOD 6RVWLWX]LRQH LQJUDQDJJL FRQWUDOEHUR HDQHOOL25 VXOO¶DOEHUR PRWRUH &RQWUROORWXEL ROLRH FDUEXUDQWH 3XOL]LD FDUEXUDWRUH HUHJROD]LRQH GHOPLQLPR 5LILVVDJJLR FLOLQGURH LQVHUWRFDPHUD GLFRPEXVWLRQH 6HUYLFHWDEOH $OPHQR XQDYROWD NP NP NP DOO¶DQQR [ [ [ [ [ [ 2JQL NP [ [ [ [ [ [ [ [ [ &RPSRQHQW &KHFNJHDURLO OHYHO &KDQJHJHDU RLO $GMXVWSOD\RI FOXWFKUHOHDVH 5HSODFHVSDUN SOXJ 5HSODFH EDODQFLQJ JHDUVDQG 25LQJRQ FUDQNVKDIW &KHFNRLODQG IXHOWXEHV &OHDQ FDUEXUHWRUDQG UHDGMXVWLGOLQJ 5HWLJKWHQ F\OLQGHUDQG FRPEXVWLRQ FKDPEHULQVHUW :DUWXQJVWDEHOOH NP NP NP $WOHDVW (YHU\« RQFHD NP \HDU [ [ [ [ [ [ [ ; ; [ [ [ [ [ [ %DXWHLO PLQG[ DOOH«« %HWULHEVPLWWHO NP NP NP MlKUOLFK NP *HWULHEH|O VWDQG NRQWUROOLHUHQ *HWULHEH|O ZHFKVHOQ .XSSOXQJV VSLHODP $XVUFNKHEHO HLQVWHOOHQ =QGNHU]H HUQHXHUQ $XVJOHLFKV UlGHUXQG2 5LQJDXI .XUEHOZHOOH HUQHXHUQ gOXQG %HQ]LQOHLWXQJ NRQWUROOLHUHQ 9HUJDVHU UHLQLJHQXQG /HHUODXI HLQVWHOOHQ =\OLQGHUXQG %UHQQUDXP HLQVDW] QDFK]LHKHQ [ [ [ [ [ [ [ [ [ [ 7<3( [ [ [ [ [ 7<3( $WWUH]]LVSHFLDOL 1R 6SHFLDOWRROV 1RSDUWH 'HVFUL]LRQH 3XQ]RQHGL LQVHULPHQWR 3XQ]RQHGL LQVHULPHQWR 3XQ]RQHGL LQVHULPHQWR 3XQ]RQHGL LQVHULPHQWR 0DQLFRWWR JXLGD &KLDYHIDVFLD HODVWLFD &KLDYH (VWUDWWRUH SHUFXVFLQHWWL DVIHUD *UXSSRSLDWWR HVWUDWWRUH 8VR SHULSDUDROLRGHOO¶DOEHUR GHOFDPELR SHULSDUDROLRGHOO¶DOEHUR PRWRUH SHULSDUDROLRGHOO¶DOEHUR SULPDULR SHULSDUDROLRGHOO¶DOEHUR SRPSDHGHOO¶DOEHUR GHOO DYYLDPHQWRD SHGDOH SHUO¶DOEHURSULPDULR 6SH]LDOZHUN]HXJH 3RV 3DUW1R 'HVFULSWLRQ ,QVHUWLRQSXQFK ,QVHUWLRQSXQFK ,QVHUWLRQSXQFK ,QVHUWLRQSXQFK SHUSLVWRQHGDPP *XLGHVOHHYH 3LVWRQULQJ VSDQQHU :UHQFK SHUUHJROD]LRQHJLRFR IUL]LRQH SHUFXVFLQHWWLDVIHUD SHUVHSDUDUHL VHPLFDUWHUHVWUDUUHLO YRODQRVPRQWDUHH ULPRQWDUHO¶DOEHUR PRWRUH 3LDWWR HVWUDWWRUH 0DQLFRWWRGL SURWH]LRQH 9LWHHVWUDWWRUH %UXJROD 0[ 8VH IRURLOVHDORIVKLIW VKDIW IRURLOVHDORI FUDQNVKDIW IRURLOVHDORIPDLQ VKDIW IRURLOVHDOVRISXPS VKDIWDQGNLFNVWDUW VKDIW IRUPDLQVKDIW IRUSLVWRQPP IRUFOXWFKSOD\ DGMXVWPHQW IRUEDOOEHDULQJ %DOOEHDULQJ SXOOHUVHW 3XOOHUSODWHDVV\ WRVHSDUDWH FUDQNFDVHKDOYHV H[WUDFWPDJQHWR IO\ZKHHO GLVDVVHPEO\DQG UHDVVHPEO\RI FUDQNVKDIW 3XOOHUSODWH 3URWHFWLRQVOHHYH 3XOOHUVFUHZ $OOHQVFUHZ 0[ 3RV 7HLOH1U %H]HLFKQXQJ 0RQWDJHVWHPSHO 0RQWDJHVWHPSHO 0RQWDJHVWHPSHO 0RQWDJHVWHPSHO )KUXQJVKOVH 0RQWDJHULQJ .RQWHUVFKOVVHO .XJHOODJHUDE ]LHKHU*DUQLWXU $EGUFNSODWWHNSO ]XP7UHQQHQGHU *HKlXVHKlOIWHQ DE]LHKHQGHV 0DJQHWUDGHV$XV XQG(LQEDXGHU .XUEHOZHOOH $EGUFNSODWWH 6FKXW]KOVH $XV]LHKERO]HQ =\O6FKUDXEH 0[ 7<3( 9HUZHQGXQJ IU:HOOHQGLFKWULQJ GHU6FKDOWZHOOH IU:HOOHQGLFKWULQJ GHU.XUEHOZHOOH IU:HOOHQGLFKWULQJ GHU+DXSWZHOOH IU:HOOHQGLFKWULQJH GHU3XPSHQZHOOH XQG.LFNVWDUWHUZHOOH IU+DXSWZHOOH IU.ROEHQPLW PP ]XP.XSSOXQJVVSLHO HLQVWHOOHQ IU.XJHOODJHU 7<3( *UXSSRHVWUDWWRUH SHULOFXVFLQHWWR GHOO¶DOEHURIUL]LRQH ODWRYRODQRq QHFHVVDULRO¶XVRGLXQ SLDWWRHVWUDWWRUH %XOORQH 0 0DQLFRWWR HVWUDWWRUH 'DGRHVDJRQDOH 0 *UXSSRHVWUDWWRUH SHULOFXVFLQHWWR GHOFRQWUDOEHUR ODWRYRODQRq QHFHVVDULRO¶XVR GLXQSLDWWRHVWUDWWRUH %XOORQH 0DQLFRWWR HVWUDWWRUH 'DGRHVDJRQDOH 0 'DGRD FROOHWWRHVDJRQDOH 0 *UXSSR SHUODULPR]LRQHGHOOD HVWUDWWRUH YDOYRODGLVFDULFR YDOYROD GLVFDULFR (VWUDWWRUH YDOYROD GLVFDULFR 9LWH HVDJRQDOH 0[ 'DGRHVDJRQDOH 0 *UXSSRVXSSRUWR SHUPRWRUHWLSR .LWPRQWDJJLR SHUVXSSRUWRFRPSOHWR VXSSRUWR 3XOOHUDVV\ %ROW 0 ([WUDFWRUVOHHYH +H[1XW 0 3XOOHUDVV\ %ROW ([WUDFWRUVOHHYH +H[QXW 0 &ROODUKH[QXW 0 ([KDXVWYDOYH SXOOHUDVV\ ([KDXVWYDOYH SXOOHU +H[VFUHZ 0[ +H[QXW 0 7UHVWOHDVV\ ,QVHUWNLWIRU WUHVWOH IRUEDOOEHDULQJRI FOXWFKVKDIWPDJQHWR VLGHXVHRISXOOHU SODWH QHFHVVDU\ IRUEDOOEHDULQJRI EDODQFHVKDIW PDJQHWRVLGHXVH RISXOOHUSODWH QHFHVVDU\ IRUUHPRYDORI H[KDXVWYDOYH IRUHQJLQHW\SH IRUWUHVWOHDVV\ /DJHUDXV]LHKHU NSO $XV]LHKERO]HQ 0 6SUHL]KOVH 6.0XWWHU 0 /DJHUDXV]LHKHU NSO IU.XJHOODJHUGHU 9RUJHOHJHZHOOH PDJQHWVHLWLJ 9HUZHQGXQJGHU $EGUFNSODWWH HUIRUGHUOLFK IU.XJHOODJHUGHU $XVJOHLFKVZHOOH PDJQHWVHLWLJ 9HUZHQGXQJGHU $EGUFNSODWWH HUIRUGHUOLFK $XV]LHKERO]HQ 6SUHL]KOVH 6.0XWWHU 0 %XQGPXWWHU 0 6FKLHEHUDXV]LHKHU ]XP$XV]LHKHQGHV NSO $XVODVVVFKLHEHUV 6FKLHEHUDXV]LHKHU 6N6FKUDXEH 0[ 6.0XWWHU 0 0RQWDJHERFNNSO IU0RWRU7\SH 0RQWDJHERFN IU0RQWDJHERFN DXIQDKPHVDW] 7<3( 7<3( *UXSSR DGDWWDWRUH 9LWH HVDJRQDOH 0[ 5RQGHOOD %XOORQH 'DGRHVDJRQDOH 0 'LVWDQ]LDOH 0DQLFRWWR HFFHQWULFR 6HPLDQHOOR SHUPRWRUHWLSR SHUJUXSSRHVWUDWWRUH $QHOOR SHUHVWUDWWRUH *UXSSRHVWUDWWRUH SHULOFXVFLQHWWRDVIHUD GHOO¶DOEHURPRWRUH 9LWH HVDJRQDOH 0[[ %UXJROD SHUJUXSSRHVWUDWWRUH 0[ /2&7,7( SHUSUHYHQLUHO¶XVXUD $QWLVHL]H GHOOHSDUWLPHWDOOLFKH JU 02/<.27( JUDVVRDOVLOLFRQH JU /2&7,7( FRPSRVWRSHULO ILVVDJJLRGHOOHYLWL VRVWDQ]DDEDVVDSUHVD FPñ /2&7,7( FRPSRVWRSHULO ILVVDJJLRGHOOHYLWL VRVWDQ]DDGDOWDSUHVD FPñ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lOIWH 5LQJ $E]LHKHUNSO 6.6FKUDXEH 0[[ =\O6FKUDXEH 0[ /2&7,7( $QWL6HL]H 02/<.27( /2&7,7( /2&7,7( 6,/$67,& 579 /LWKLXPVHLIHQIHWW 7<3( IU0RWRU7\SH IU$E]LHKHUNSO IU$E]LHKHU IU.XJHOODJHUGHU .XUEHOZHOOH IU$E]LHKHUNSO ]XU9HUVFKOHLYHU KLQGHUXQJDQ 0HWDOOWHLOHQ*U 6LOLNRQIHWW*U 6FKUDXEHQ VLFKHUXQJ QLHGULJIHVW FPñ 6FKUDXEHQ VLFKHUXQJKRFKIHVW *U 'LFKWPLWWHO*U *U 0H]]LGLILVVDJJLRWHQXWDHOXEULILFD]LRQH 'HVFUL]LRQH 8VR 'HVFUL]LRQH 8VR /2&7,7(1527$; ±9LWHDWHVWDVYDVDWDSHULOILVVDJJLRGHOOD URQGHOODGLEORFFDJJLRGHOFXVFLQHWWRGHO FRQWUDOEHUR9LWHDWHVWDVYDVDWDSHULO ILVVDJJLRGHOODURQGHOODGLEORFFDJJLR GHOO¶LQJUDQDJJLRSHGDOHGLDYYLDPHQWR VROR5; ±%UXJRODSHULOILVVDJJLRGHOIHUPR LQJUDQDJJLRGLLQQHVWR ±%UXJROHSHULOILVVDJJLRGHOGLVSRVLWLYRGL DYYLDPHQWRHOHWWULFR ±%UXJROHSHULOILVVDJJLRGHOODSRPSD GHOO¶ROLR ±7XWWHOHYLWL³7DSWLWH´SHULOULPRQWDJJLRGHO FDUWHUHGHOFRSHUFKLRIUL]LRQH Molykote 111 / N. ROTAX 897 161 ±6SD]LRIUDLGXHSDUDROLRGHOODSRPSD GHOO¶DFTXD ±,QJUDQDJJLGHOODWUDVPLVVLRQHGL DYYLDPHQWR LOCTITE 648 / N. ROTAX 899 788 ±'DGRHVDJRQDOHSHULOILVVDJJLRGHOYRODQR VXOO¶DOEHURPRWRUH ±7XERGHOO¶DFTXDQHOFDUWHU ±&RSHUWXUDGHOIRURSHULOGLVSRVLWLYRGL DYYLDPHQWRHOHWWULFRQHOFDUWHUVROR5; LOCTITE ANTI-SEIZE 76710 N. ROTAX 297 431 ±$OORJJLDPHQWLFXVFLQHWWLDVIHUDDOEHUR PRWRUH ±$OORJJLDPHQWLFXVFLQHWWLDVIHUD FRQWUDOEHUR ±$OORJJLDPHQWLFXVFLQHWWLDVIHUDDOEHUL LQJUDQDJJL Silastic 732 RTV / N. ROTAX 297386 ±9LWHGLFRQWDWWRSHUO¶LQGLFDWRUHGHOIROOH ±$QHOORGLWHQXWDGHOFDYRGHOO¶DFFHQVLRQH ±6XSHULILFLHGLWHQXWDGHOFRSHUFKLR GHOO¶DFFHQVLRQH Lubrificare Olio cambio ±7XWWLLFXVFLQHWWLDVIHUDLGLVFKLVLQWHUL]]DWL JOLLQJUDQDJJLOHSDUHWLFLOLQGURVHQRQ VSHFLILFDWRDOWULPHQWL ±,ERUGLGHLSDUDROLRVHQRQVSHFLILFDWR DOWULPHQWL ±2OLRPRWRUH6$(b Olio motore ±2OLRWHPSLVXSHU Ingrassare 7<3( 6HFXULQJVHDOLQJDQGOXEULFDWLRQDJHQWV 'HVFULSWLRQ 8VH 'HVFULSWLRQ 8VH /2&7,7(1527$; ±&RXQWHUVXQNVFUHZIRUDWWDFKPHQWRI UHWDLQLQJZDVKHUIRUEDODQFHVKDIWEHDULQJ ±&RXQWHUVXQNVFUHZIRUDWWDFKPHQWRI UHWDLQLQJZDVKHUIRUNLFNVWDUWLGOHJHDU 5;RQO\ ±$OOHQVFUHZIRUDWWDFKPHQWRIUDWFKHWJHDU VWRS5;RQO\ ±$OOHQVFUHZVIRUDWWDFKPHQWRIHOHFWULF VWDUWHU ±$OOHQVFUHZVIRUDWWDFKPHQWRIRLOSXPS ±$OO7DSWLWHVFUHZVIRUUHDVVHPEO\RI FUDQNFDVHDQGFOXWFKFRYHU 02/<.27(1527$; ±6SDFHEHWZHHQWKHWZRRLOVHDOVRIZDWHU SXPS ±*HDUVRIWKHVWDUWHUGULYH /2&7,7(1527$; ±+H[QXWIRUDWWDFKPHQWRIWKHIO\ZKHHORQ FUDQNVKDIW ±:DWHUVXSSO\SLSHLQFUDQNFDVH ±&RYHUWRFORVHERUHIRUHOHFWULFVWDUWHULQ FUDQNFDVH5;RQO\ /2&7,7($17,6(,=( 1527$; ±&UDQNVKDIWEDOOEHDULQJVHDWV ±%DODQFHVKDIWEDOOEHDULQJVHDWV ±*HDUVKDIWVEDOOEHDULQJVHDWV /XEULFDWH ±$OOEDOOEHDULQJVVLQWHUSODWHVJHDUV F\OLQGHUZDOOVLIQRWVSHFLILHGRWKHUZLVH ±6HDOLQJOLSVRIRLOVHDOVLIQRWVSHFLILHG RWKHUZLVH ±0RWRURLO6$(b ±6XSHUVWURNHRLO 6,/$67,&5791527$; ±&RQWDFWVFUHZIRUQHXWUDOLQGLFDWLRQ ±&DEOHJURPPHWIRULJQLWLRQFDEOH ±6HDOLQJIDFHRILJQLWLRQFRYHU *UHDVH *HDURLO (QJLQHRLO 7<3( 6LFKHUXQJV'LFKWXQG6FKPLHUPLWWHO %H]HLFKQXQJ 9HUZHQGXQJ %H]HLFKQXQJ 9HUZHQGXQJ /2&7,7(1527$; ±6HQNVFKUDXEHIU%HIHVWLJXQJGHU +DOWHVFKHLEHGHV$XVJOHLFKVZHOOHQODJHUV ±6HQNVFKUDXEHIU%HIHVWLJXQJGHU +DOWHVFKHLEHGHV .LFNVWDUWHU]ZLVFKHQUDGHVQXU5; ±,QEXVVFKUDXEHIU%HIHVWLJXQJGHV 6SHUUUDGDQVFKODJHVQXU5; ±,QEXVVFKUDXEHQIU%HIHVWLJXQJGHV( 6WDUWHUV ±,QEXVVFKUDXEHQIU%HIHVWLJXQJGHU gOSXPSH ±$OOH7DSWLWH6FKUDXEHQEHL ZLHGHUYHUZHQGHWHP*HKlXVHE]Z .XSSOXQJVGHFNHO Molykote 111 / N. ROTAX 897 161 ±5DXP]ZLVFKHQGHQEHLGHQ :HOOHQGLFKWULQJHQGHU:DVVHUSXPSH ±=DKQUlGHUGHV6WDUWHU]ZLVFKHQJHWULHEHV LOCTITE 648 / N. ROTAX 899 788 ±6HFKVNDQWPXWWHUIU%HIHVWLJXQJGHV 0DJQHWUDGHVDXIGHU.XUEHOZHOOH ±:DVVHU]XODXIURKULP*HKlXVH ±9HUVFKOXVVGHFNHO]XP9HUVFKOLHVVHQGHU (6WDUWHUERKUXQJLP*HKlXVHQXU5; LOCTITE ANTI-SEIZE 76710 N. ROTAX 297 431 ±.XUEHOZHOOHGHU5LOOHQNXJHOODJHU ±$XVJOHLFKVZHOOH6LW]HGHU 5LOOHQNXJHOODJHU ±*HWULHEHZHOOHQ6LW]HGHU5LOOHQNXJHOODJHU Silastic 732 RTV / N. ROTAX 297386 ±.RQWDNWVFKUDXEHIU/HHUODXIDQ]HLJH ±.DEHOWOOHGHU=QGDQODJH ±'LFKWIOlFKHGHV=QGHUGHFNHOV Schmieren Getriebeöl ±$OOH5LOOHQNXJHOODJHU%HODJODPHOOHQ *HWULHEHUlGHU=\OLQGHU/DXIIOlFKHVRIHUQ QLFKWDQGHUVYRUJHVFKULHEHQ ±'LFKWOLSSHQGHU:HOOHQGLFKWULQJHVRIHUQ QLFKWDQGHUVYRUJHVFKULHEHQ ±0RWRU|O6$(b Motoröl ±6XSHU7DNWgO Einfetten 7<3( &RSSLHGLVHUUDJJLRPH]]LGLILVVDJJLR 0H]]RGLILVVDJJLR 'HVFUL]LRQH 4Wj &RSSLDGL 3URGRWWRSHULO VHUU1P ILVVDJJLR )ODQJLDGHOORVFDULFR %UXJROD0[ &RSHUWXUDGLVWDFFRIUL]LRQH %UXJROD0[ %RELQDDFFHQVLRQH 9LWH³7DSWLWH´0[ 0ROODDFDPSDQDRFDPPDGL GLVLQQHVWR 9LWH³7DSWLWH´0[ ,QVHUWRFDPHUDGLFRPEXVWLRQH 9LWHHVDJRQDOH0[ *UXSSRGLVFRGLEORFFDJJLR IUL]LRQH 'HVFUL]LRQH 0H]]RGLILVVDJJLR 4Wj &RSSLDGL 3URGRWWRSHULO VHUU1P ILVVDJJLR &RSHUFKLRDFFHQVLRQH %UXJROD0[ &DQGHOD 0[ &LOLQGUR 'DGRHVDJRQDOH0 7HVWDWD %UXJROD0[ 9LWHHVDJRQDOH0[ 7DEHOODGLFRQYHUVLRQH (VWDUWHU %UXJROD0[ 8QLWj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jGLVXSHUILFLH FP SROOLFLTXDGUDWL SROOLFHTXDGUDWR FP 8QLWjGLSHVR NJ OLEEUHOE OLEEUDOE NJ 8QLWjGLPLVXUDGHOODWHPSHUDWXUD & )DKUHQKHLW )DKUHQKHLW & & ) ) &[ 8QLWjGLYROXPH FP SROOLFLFXEL SROOLFHFXER FP 8QLWj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ð 6T,QFK 6T,QFK FPð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lQJHQPDH *HKlXVH ,QEXVVFKUDXEH0[ /2&7,7( +DOWHVFKHLEHIU $XVJOHLFKVZHOOHQODJHU 6HQNVFKUDXEH0[ /2&7,7( +DOWHVFKHLEHIU.LFNVWDUWHU =ZLVFKHQUDGQXU5; 6HQNVFKUDXEH0[ /2&7,7( )OlFKHQPDH .XSSOXQJVGHFNHO ,QEXVVFKUDXEH0[ /HHUODXIDQ]HLJH .RQWDNWVFKUDXEH0 6,/$67,& 579 *HZLFKWH 0DJQHWUDG=QGDQODJH (FKVNDQWPXWWHU0[ /2&7,7( gODEODVV 0DJQHWDEODVVVFKUDXEH 0[ gOSXPSH ,QEXVVFKUDXEH0[ /2&7,7( gOSXPSHQGHFNHO ,QEXVVFKUDXEH0[ 6FKDOWZDO]H ,QEXVVFKUDXEH0[ 6FKLHEHUVWDQJHQIKUXQJ ,QEXVVFKUDXEH0[ 6SHUUUDGDQVFKODJQXU5; ,QEXVVFKUDXEH0[ /2&7,7( 6WDWRU=QGDQODJH ,QEXVVFKUDXEH0[ 7KHUPRVWDW 7DSWLWH6FKUDXEH0[ :DVVHUSXPSHQJHKlXVH 7DSWLWH6FKUDXEH0[ 'UHKPRPHQW 9HUJDVHUVWXW]HQ ,QEXVVFKUDXEH0[ 1P LQOE PP ,QFKLQ FPð 6T,QFK NJ 3RXQGVOE ,QFKLQ PP 6T,QFK FPð 3RXQGOE NJ 7HPSHUDWXU & )DKUHQKHLW )DKUHQKHLW & & ) ) &[ 5DXPPDH FPñ &X,QFK &X,QFK FPñ LQOE 1P 7<3( 5LFHUFDJXDVWL u 1RWD SHULQWHUYHQWLGLPDQXWHQ]LRQHULSDUD]LRQLHVRVWLWX]LRQLGLFRPSRQHQWLIDUHULIHULPHQWRDOOHULVSHWWLYHLVWUX]LRQLIRUQLWHQHOSUHVHQWH0DQXDOHG RIILFLQD *XDVWR ,OPRWRUHQRQSDUWHRqGLIILFLOHGDDYYLDUH ,OPRWRUHQRQIXQ]LRQDDOUHJLPHPLQLPR &DXVDSRVVLELOH (UURUHGHOO¶RSHUDWRUH /DFDQGHODQRQGjVFLQWLOODRODVFLQWLOODqLQVXIILFLHQWH &DQGHODLPEUDWWDWDEDJQDWDGDFDUEXUDQWHRFRQJOLHOHWWURGLXQLWL 'LVWDQ]DHFFHVVLYDIUDJOLHOHWWURGLGHOODFDQGHOD &DQGHODFDUDWWHULVWLFKHGLUHVLVWHQ]DDOFDORUHHUUDWH &DYRGLDFFHQVLRQHRFRQQHWWRUHGHOODFDQGHODGDQQHJJLDWR 7UDVPLVVLRQHDYYLDPHQWRGLIILFLOHGDPXRYHUHGLIHWWRVDRVSRUFD $OLPHQWD]LRQHEHQ]LQDLQVXIILFLHQWHRRVWUXLWD &RQWUROODUHO¶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¶LQVHUWRFDPHUDGLFRPEXVWLRQHGDQQHJJLDWRHDOOHQWDWR *XDUQL]LRQHEDVHFLOLQGURGLIHWWRVD &LOLQGURRLQVHUWRFDPHUDGLFRPEXVWLRQHQRQILVVDWL )DVFHHODVWLFKHFRQVXPDWHXVXUDWHRURWWH )DVFLDHODVWLFDLQFROODWD 3LVWRQHJULSSDWRRGDQQHJJLDWR 3DUHWHFLOLQGURGDQQHJJLDWD 0LQLPRUHJRODWRLQPRGRHUUDWR %ORFFDJJLRGHOO¶XJHOORGHOPLQLPRRGHOODYLWHGLUHJROD]LRQHGHOO DULD GHOPLQLPR 6HUUDUOD 6RVWLWXLUHO¶DQHOOR 6RVWLWXLUH 6HUUDUH 6RVWLWXLUH 3XOLUHRVRVWLWXLUH 6RVWLWXLUH 6RVWLWXLUH 5HJRODUHLOPLQLPR 3XOLUHLOFDUEXUDWRUH ,OSLVWRQHDULDQRQVLFKLXGHFRPSOHWDPHQWH &DUEXUDWRUHLQJROIDWR 'LVSRVLWLYRGLDFFHQVLRQHGLIHWWRVR ,PSLDQWRGLDVSLUD]LRQHQRQVLJLOODWRRVSRUFR 9DOYRODODPHOOHGLIHWWRVD 5LPHGLR 3RVL]LRQDUHLOSXOVDQWHGLDFFHQVLRQHVX³21´IDUHLOSLHQRDSULUHLOUXELQHWWRGHO FDUEXUDQWHPHWWHUHO¶LQWHUUXWWRUHGLHPHUJHQ]DVX³21´ULSLHJDUHLOFDYDOOHWWR 3XOLUHLOFDUEXUDWRUHRVRVWLWXLUHLOFDYRIOHVVLELOH 7RJOLHUHODFDQGHODHIDUJLUDUHLOPRWRUHILQRDFKHODEHQ]LQDQRQHVFHGDIRUR GHOODFDQGHODHGDOORVFDULFR&RQWUROODUHODYDOYRODDJDOOHJJLDQWHHLOUXELQHWWR GHOODEHQ]LQD &RQWUROODUHLOGLVSRVLWLYRHODFDQGHOD 3XOLUHRVRVWLWXLUHOHSDUWLSULQFLSDOL 6RVWLWXLUH 7<3( *XDVWR &DXVDSRVVLELOH 3UHVWD]LRQLGHOPRWRUHOLPLWDWHDLUHJLPLSL EDVVL 5LPHGLR ,QWHUUX]LRQHQHOO¶LPSLDQWRFDUEXUDQWH 3XOLUHO¶LPSLDQWRFDUEXUDQWHHLOFDUEXUDWRUH )LOWURDULDLQWDVDWR 3XOLUHRVRVWLWXLUHLOILOWURDULD 6LVWHPDGLVFDULFRFRQSHUGLWHRRVWUXLWR 3XOLUHRVRVWLWXLUHORVFDULFRRULILVVDUHOHIODQJLH 5DSSRUWRGLFRPSUHVVLRQHWURSSREDVVR 6LYHGDLOFDS³,OPRWRUHQRQSDUWH´ &RPDQGRDFFHQVLRQHHOHWWURQLFDGLIHWWRVR &RQWUROODUHO¶XQLWjGLDFFHQVLRQHHODIDVDWXUD 9DOYRODGLVFDULFR5$9(EORFFDWDLQSRVL]LRQHGLDSHUWXUD &RQWUROODUHLOFDYRIOHVVLELOHLOVROHQRLGHO¶XQLWjGLFRPDQGRHODYDOYRODGL VFDULFRSXOLUHODYDOYRODGLVFDULFR 3UHVWD]LRQLGHOPRWRUHLQVXIILFLHQWLDLUHJLPLSL *DOOHJJLDQWHFDUEXUDWRUHOLYHOORGHOODYDOYRODJDOOHJJLDQWHUHJRODWR 3XOLUHLOFDUEXUDWRUHUHJRODUHODYDOYRODJDOOHJJLDQWH DOWL WURSSRDOWR &RQRGLWHQXWDGHOO¶DJRGHOODYDOYRODJDOOHJJLDQWHVSRUFRRFRQVXPDWR 3XOLUHLOFDUEXUDWRUHVRVWLWXLUHO¶DJRGHOODYDOYRODJDOOHJJLDQWH 8JHOOLFDUEXUDWRUHEORFFDWLRDOOHQWDWL 3XOLUHLOFDUEXUDWRUHVHUUDUHJOLXJHOOL 9DOYRODGLVFDULFR5$9(EORFFDWDLQSRVL]LRQHGLFKLXVXUD &RQWUROODUHLOFDYRIOHVVLELOHLOVROHQRLGHO¶XQLWjGLFRPDQGRHODYDOYRODGL VFDULFRSXOLUHODYDOYRODGLVFDULFR $QWLFLSRDFFHQVLRQHHOHWWURQLFDHUUDWR &RQWUROODUHO¶DFFHQVLRQHHODIDVDWXUD %DWWLWRLQWHVWDGHOPRWRUHDSLHQRFDULFRWUDFFH &DQGHODGLWLSRVEDJOLDWR5HVLVWHQ]DDOOHWHPSHUDWXUH GLEDWWLWRVXOODFRURQDGHOSLVWRQH 0DQFDQ]DGLEHQ]LQD 6RVWLWXLUHODFDQGHOD1*.%5(*1*.%5(6 &RQWUROODUHO¶LPSLDQWRGHOODEHQ]LQDHLOFDUEXUDWRUH OLYHOORJDOOHJJLDQWHUXELQHWWREHQ]LQDVILDWRVHUEDWRLR SXOLUHWXWWRO¶LPSLDQWRGHOODEHQ]LQD 6LVWHPDGLVFDULFRRPDUPLWWDRVWUXLWLRWLSRLQVWDOODWRQRQDSSURSULDWR 3XOLUHLOVLVWHPDGLVFDULFRLQVWDOODUHXQVLVWHPDGLVFDULFRRULJLQDOH$35,/,$ (FFHVVLYDYLEUD]LRQHGHOPRWRUH 6LVWHPDGLDVSLUD]LRQHGHOO¶DULDVFDWRODILOWURILOWURRVWUXLWLRWLSR LQVWDOODWRQRQDSSURSULDWR 3XOLUHLOVLVWHPDGLDVSLUD]LRQHGHOO¶DULDLQVWDOODUHXQVLVWHPDGLDVSLUD]LRQH RULJLQDOH$35,/,$ 5DSSRUWRGLFRPSUHVVLRQHWURSSRDOWR 9HULILFDUHOR³VTXLVK´FKHGHYHHVVHUHGLPLQPPFRQILORVWDJQR YHULILFDUHODFRPSUHVVLRQHHVHQHFHVVDULRUHJRODUH 5DSSRUWRGLFRPSUHVVLRQHWURSSRDOWRGHSRVLWLGLFDUERQLRVXOOD FRURQDSLVWRQHHVXOO¶LQVHUWRFDPHUDGLFRPEXVWLRQH 3XOLUH 1XPHURGLRWWDQLGHOFDUEXUDQWHWURSSREDVVR 8VDUHEHQ]LQDVHQ]DSLRPERFRQXQQXPHURGLRWWDQLGLDOPHQR521VXOOH YHUVLRQLVHQ]DPDUPLWWDFDWDOLWLFDVRSUDWWXWWRVHGHVWLQDWHDOODFRPSHWL]LRQH q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¶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¶ROLRDFP 2OLRYHFFKLR 6RVWLWXLUH 2OLRVLQWHWLFRFRQFRHIILFLHQWHG DWWULWRLQDGHJXDWR 8VDUHROLRGHOWLSRVSHFLILFDWRROLRPRWRUH6$(RLQVWDOODUHPROOHGHOOD IUL]LRQHSLUHVLVWHQWL 5HJROD]LRQHHUUDWDGHOODOHYDGLVWDFFRRGHOODPDQRSROD 9HULILFDUHRUHJRODUHLOJLRFRGHOODOHYDGLVWDFFRHGHOODPDQRSROD 0ROOHIUL]LRQHFRQWHQVLRQHLUUHJRODUH 6RVWLWXLUH 'LVFKLVLQWHUL]]DWLRGLDFFLDLRGHIRUPDWL 6RVWLWXLUH 7DPEXURIUL]LRQHRPR]]RIUL]LRQHPROWRXVXUDWR 6RVWLWXLUH *LRFRDVVLDOHGHOO¶DOEHURIUL]LRQHHFFHVVLYR 5HJRODUHLOJLRFRDVVLDOH EDWWHUHLOFXVFLQHWWRYHUVRO LQWHUQR 7<3( 7URXEOHVKRRWLQJ u 1RWH )RUPDLQWHQDQFHDGMXVWPHQWDQGUHSODFHPHQWRIFRPSRQHQWVUHIHUWRWKHUHVSHFWLYHLQVWUXFWLRQLQWKLV5HSDLU0DQXDO 7URXEOH (QJLQHZLOOQRWVWDUWRULVKDUGWRVWDUW 3RVVLEOHFDXVH 6KRUWFRPLQJVRIRSHUDWRU 1RVSDUNLQVXIILFLHQWVSDUN 6SDUNSOXJIRXOHGZHWZLWKIXHORUEULGJLQJRIHOHFWURGHV 6SDUNSOXJHOHFWURGHJDSWRRODUJH 6SDUNSOXJZURQJKHDWUDQJH ,JQLWLRQFDEOHRUVSDUNSOXJFRQQHFWRUIDXOW\ 6WDUWHUGULYHKDUGWRPRYHGHIHFWLYHRUGLUW\ 1RRULQDGHTXDWHIXHOVXSSO\ 5HHGYDOYHIDXOW\ (OHFWULFVWDUWHUIDXOW\ :DWHULQFDUEXUHWRURUMHWVEORFNHG &KRNHFDEOHIDXOW\ :DWHULQIXHOFRQWDPLQDWHGRUWRRROG &RPSUHVVLRQWRRORZ /RRVHVSDUNSOXJ 'DPDJHGDQGORRVH2ULQJRQFRPEXVWLRQFKDPEHULQVHUWQRW WLJKWHQHG )DXOW\F\OLQGHUEDVHJDVNHW &\OLQGHURUFRPEXVWLRQFKDPEHULQVHUWQRWWLJKWHQHG 3LVWRQULQJVZRUQVXIIHULQJIDWLJXHRUEURNHQ 3LVWRQULQJVWXFN 3LVWRQVHL]HGRUGDPDJHG &\OLQGHUZDOOGDPDJHG %DGO\DGMXVWHGLGOHVSHHG %ORFNDJHRILGOHMHWRULGOHDLUVFUHZ &KRNHSLVWRQGRHVQRWFORVHFRPSOHWHO\ &DUEXUHWRUIORRGHG (QJLQHZLOOQRWLGOHVPRRWKO\ )DXOW\LJQLWLRQXQLW $LUILOWHULQWDNHER[OHDNLQJRUFRQWDPLQDWHG 5HHGYDOYHGHIHFWLYH 5HPHG\ ,JQLWLRQ21UHSOHQLVKIXHORSHQIXHOFRFNHPHUJHQF\VZLWFK21IROGXS VLGHVWDQG &KHFNLJQLWLRQXQLWHOHFWULFPHWKRGRIHOLPLQDWLRQ &OHDQRUUHQHZVSDUNSOXJ 6HWHOHFWURGHJDSWRPPRUUHQHZVSDUNSOXJ 5HQHZVSDUNSOXJ1*.%5(*1*.%5(6 5HQHZVSDUNSOXJDQGRUVSDUNSOXJFRQQHFWRU &OHDQRUUHQHZVWDUWHUGULYH &OHDQIXHOFRFNIXHOOLQHVWDQNWDQNYHQWLQJIXHOILOWHUDQGFDUEXUHWRU 5HQHZ 5HQHZ 'LVPDQWOHDQGFOHDQFDUEXUHWRU 5HQHZ &KDQJHZLWKIUHVKIXHO 7LJKWHQ 5HQHZ2ULQJ 5HQHZ 7LJKWHQ 5HQHZ &OHDQRUUHQHZ 5HQHZ 5HQHZ 5HDGMXVWLGOHVSHHG &OHDQFDUEXUHWRU &OHDQFDUEXUHWRURUUHQHZ%RZGHQFDEOH 5HPRYHVSDUNSOXJDQGVWDUWHQJLQHXQWLOIXHOGLVVLSDWHVYLDVSDUNSOXJWDSSLQJ DQGH[KDXVW&KHFNIORDWYDOYHDQGIXHOFRFN &KHFNLJQLWLRQXQLWDQGVSDUNSOXJ &OHDQRUUHQHZUHOHYDQWSDUWV 5HQHZ 7<3( 7URXEOH 3RVVLEOHFDXVH (QJLQHZLWKSRRUSHUIRUPDQFHLQWKHORZHUVSHHG ,QWHUUXSWLRQLQWKHIXHOV\VWHP UDQJH &ORJJHGDLUILOWHU ([KDXVWV\VWHPOHDNLQJRUEORFNHG &RPSUHVVLRQUDWLRWRRORZ (OHFWURQLFLJQLWLRQFRQWUROIDXOW\ ([KDXVWYDOYH5$9(VWXFNLQSRVLWLRQ³23(1´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u +LQZHLV )UGLH:DUWXQJ5HSDUDWXU(LQVWHOOXQJXQGGHQ$XVWDXVFKYRQ7HLOHQVLQGGLHHLQVFKOlJLJHQ9HUIDKUHQLQGLHVHU5HSDUDWXUDQOHLWXQJ]XEHDFKWHQ 6W|UXQJ 6\PSWRPRGHUP|JOLFKH8UVDFKHQ 0RWRUVSULQJWQLFKWRGHUQXUVFKZHUDQ %HVHLWLJXQJ %HGLHQXQJVIHKOHU =QGXQJHLQVFKDOWHQ.UDIWVWRIIDXIIOOHQ.UDIWVWRIIKDKQ|IIQHQ1RWDXVVFKDOWHU DXI21XQG6HLWHQVWlQGHUDXIJHNODSSW .HLQ=QGIXQNH=QGIXQNH]XVFKZDFK =QGDQODJH(OHNWULNEHUSUIHQ.RPSRQHQWHQWDXVFK =QGNHU]HYHUUXWQDRGHUEHUEUFNW =QGNHU]HUHLQLJHQRGHUHUQHXHUQ =QGNHU]H(OHNWURGHQDEVWDQG]XJUR (OHNWURGHQDEVWDQGPPHLQVWHOOHQE]Z=QGNHU]HHUQHXHUQ =QGNHU]H:lUPHZHUWIDOVFK =QGNHU]HDXVWDXVFKHQ1*.%5(*1*.%5(6 =QGNDEHOE]Z.HU]HQVWHFNHUGHIHNW =QGVSXOHE]Z.HU]HQVWHFNHUDXVZHFKVHOQ 6WDUWHUJHWULHEHVFKZHUJlQJLJE]ZGHIHNWRGHUYHUVFKPXW]W 6WDUWHUJHWULHEHUHLQLJHQE]ZHUQHXHUQ .HLQH.UDIWVWRII]XIXKURGHU/HLWXQJYHUVFKPXW]W .UDIWVWRIIKDKQ/HLWXQJ7DQN7DQNHQWOIWXQJ.UDIWVWRIIILOWHUXQG9HUJDVHU UHLQLJHQ 9HQWLOWUlJHU%ODWWYHQWLOGHIHNW HUQHXHUQ (6WDUWHUGHIHNW HUQHXHUQ :DVVHULP9HUJDVHUE]Z'VHQYHUVWRSIW 9HUJDVHUDXVEDXHQXQGUHLQLJHQ &KRNH6HLO]XJGHIHNW HUQHXHUQ .UDIWVWRIIHQWKlOW:DVVHU9HUXQUHLQLJXQJHQRGHULVW]XDOW )ULVFKHQ.UDIWVWRIIHLQIOOHQ 9HUGLFKWXQJ]XQLHGULJ =QGNHU]HORFNHU IHVW]LHKHQ 25LQJIU%UHQQUDXPHLQVDW]GHIHNWXQGORFNHU 25LQJHQWIHUQHQ =\OLQGHUIXGLFKWXQJGHIHNW HUQHXHUQ =\OLQGHURGHU%UHQQUDXPHLQVDW]QLFKWIHVWJH]RJHQ IHVW]LHKHQ .ROEHQULQJHYHUVFKOLHHQHUPGHWRGHUJHEURFKHQ HUQHXHUQ .ROEHQULQJHIHVWJHIUHVVHQ UHLQLJHQE]ZHUQHXHUQ .ROEHQIHVWJHIUHVVHQE]ZEHVFKlGLJW HUQHXHUQ =\OLQGHUODXIEDKQEHVFKlGLJW HUQHXHUQ 7<3( 6W|UXQJ 6\PSWRPRGHUP|JOLFKH8UVDFKHQ 0RWRUOlXIWQLFKWLP6WDQGJDV 0RWRUKDW]XZHQLJ/HLVWXQJLPXQWHUHQ 'UHK]DKOEHUHLFK 0RWRUKDW]XZHQLJ/HLVWXQJLPREHUHQ 'UHK]DKOEHUHLFK 0RWRUNOLQJHOWEHL9ROOODVWE]Z 'HWRQDWLRQVVSXUHQ.OLQJHOVSXUHQDP .ROEHQERGHQ %HVHLWLJXQJ 6WDQGJDVIDOVFKHLQJHVWHOOW 6WDQGJDVHLQVWHOOHQ /HHUODXIGVHE]Z/HHUODXI/XIWVFKUDXEHYHUVWRSIW 9HUJDVHUUHLQLJHQ &KRNH.ROEHQVFKOLHWQLFKWNRUUHNW 9HUJDVHUUHLQLJHQE]Z6HLO]XJHUQHXHUQ 9HUJDVHUEHUIOXWHW =QGNHU]HKHUDXVVFKUDXEHQXQGVWDUWHQELV.UDIWVWRIIEHU =QGNHU]HQJHZLQGHXQG$XVSXIIDXVOlXIWVRZLH1DGHOYHQWLOXQG%HQ]LQKDKQ EHUSUIHQ =QGDQODJHGHIHNW =QGDQODJHE]Z=QGNHU]HEHUSUIHQ $QVDXJILOWHU$QVDXJV\VWHPXQGLFKWE]ZYHUGUHFNW HQWVSUHFKHQGH7HLOHUHLQLJHQE]ZHUQHXHUQ 9HQWLOWUlJHU%ODWWYHQWLOHGHIHNW HUQHXHUQ .UDIWVWRII]XIXKUXQWHUEURFKHQ .UDIWVWRIIV\VWHPXQG9HUJDVHUUHLQLJHQ $QVDXJV\VWHPYHUOHJW $QVDXJV\VWHP/XIWILOWHUUHLQLJHQE]ZHUQHXHUQ $XVSXIIDQODJHXQGLFKWRGHUYHUVWRSIW $XVSXIIDQODJHUHLQLJHQE]ZHUQHXHUQ$XVSXIIIODQVFKHQDFK]LHKHQ 9HUGLFKWXQJ]XJHULQJ VLHKH0RWRUVSULQJWQLFKWRGHUQXUVFKZHUDQ (OHNWURQLVFKH=QGYHUVWHOOXQJGHIHNW =QGDQODJH=QGYHUVWHOOXQJEHUSUIHQ $XVODVVVFKLHEHU5$9(VWHFNWLQ3RVLWLRQRIIHQIHVW 6HLO]XJ6ROHQRLG6WHXHUJHUlWXQG$XVODVVVFKLHEHUEHUSUIHQVRZLH $XVODVVVFKLHEHUUHLQLJHQ 9HUJDVHUOlXIWEHU1LYHDX]XKRFKHLQJHVWHOOW 9HUJDVHUUHLQLJHQ1LYHDXHLQVWHOOHQ 'LFKWNRQXVGHU6FKZLPPHUQDGHOYHUVFKPXW]WRGHUDXVJHVFKODJHQ 9HUJDVHUUHLQLJHQ6FKZLPPHUQDGHOHUQHXHUQ 9HUJDVHUGVHQYHUVWRSIWRGHUORFNHU 9HUJDVHUUHLQLJHQXQG'VHQIHVW]LHKHQ $XVODVVVFKLHEHU5$9(VWHFNWLQJHVFKORVVHQHU3RVLWLRQIHVW $XVODVVVFKLHEHU6HLO]XJ6ROHQRLGXQG6WHXHUJHUlWEHUSUIHQVRZLH $XVODVVVFKLHEHUUHLQLJHQ (OHNWURQLVFKH=QGYHUVWHOOXQJGHIHNW =QGDQODJH=QGYHUVWHOOXQJEHUSUIHQ =QGNHU]H:lUPHZHUWIDOVFK =QGNHU]HDXVWDXVFKHQ1*.%5(* .UDIWVWRIIPDQJHO .UDIWVWRIIV\VWHPXQG9HUJDVHU6FKZLPPHUQLYHDXEHUSUIHQE]ZUHLQLJHQ %HQ]LQKDKQ7DQNHQWOIWXQJEHUSUIHQ $XVSXIIDQODJHE]Z(QGGlPSIHUYHUVWRSIWE]ZIDOVFKH$QODJHPRQWLHUW $XVSXIIDQODJHUHLQLJHQE]Z2ULJLQDO$35,/,$$XVSXIIDQODJHPRQWLHUHQ $QVDXJV\VWHP)LOWHUNDVWHQ6FKDXPVWRIIHLQVDW]YHUOHJWE]ZIDOVFKH $QVDXJV\VWHPUHLQLJHQE]Z2ULJLQDO$35,/,$$QODJHPRQWLHUHQ $QODJHPRQWLHUW 9HUGLFKWXQJ]XKRFK 4XHWVFKNDQWHQVSDOWPLQPPPLW/|W]LQQ0HWKRGHE]Z9HUGLFKWXQJ EHUSUIHQXQGULFKWLJVWHOOHQ 9HUGLFKWXQJ]XKRFKgONRKOHDQ.ROEHQERGHQXQG%UHQQUDXPHLQVDW] UHLQLJHQ 2NWDQ]DKOGHV.UDIWVWRIIV]XQLHGULJ XQYHUEOHLEWHU.UDIWVWRIIPLWPLQG52=YHUZHQGHQEHL$XVIKUXQJHQRKQH .DWDO\VDWRUVSH]LHOO5HQQEHWULHE6XSHUYHUEOHLWEHVVHUJHHLJQHW 9RU]QGXQJ]XKRFK =QGDQODJH=QGYHUVWHOOXQJDQEOLW]HQEHUSUIHQ 7<3( 6W|UXQJ 6\PSWRPRGHUP|JOLFKH8UVDFKHQ 0RWRUYLEULHUW 0RWRUEHUKLW]W 0RWRUXQWHUNKOW .XSSOXQJUXWVFKW %HVHLWLJXQJ $XVJOHLFKVWULHEIDOVFKPRQWLHUW $XVJOHLFKVZHOOHE]Z$XVJOHLFKVUlGHUEHUSUIHQXQGJHJHEHQHQIDOOV ULFKWLJVWHOOHQ $XVJOHLFKVUlGHUGHIHNW HUQHXHUQ =QGNHU]H:lUPHZHUWHIDOVFK =QGNHU]HDXVWDXVFKHQ1*.%5(*1*.%5(6 6WHXHUJHUlWGHIHNW =QGDQODJHEHUSUIHQ 9HUJDVHUEHGVXQJIDOVFK EHUSUIHQE]ZULFKWLJVWHOOHQ 9HUJDVHU6FKZLPPHUQLYHDXIDOVFK EHUSUIHQE]ZULFKWLJVWHOOHQ *HWULHEH|OgOPHQJHIDOVFK %HULFKWLJHQgOPHQJHFFP :DVVHUSXPSHE]Z:DVVHUSXPSHQDQWULHEGHIHNW EHUSUIHQXQGJHJHEHQHQIDOOVDXVWDXVFKHQ 9HUGLFKWXQJgONRKOHDQ.ROEHQERGHQXQG%UHQQUDXPHLQVDW] UHLQLJHQ 7HPSHUDWXUJHEHUGHIHNW DXVWDXVFKHQ 7KHUPRVWDWGHIHNW DXVWDXVFKHQ (LQVWHOOXQJDP$XVUFNKHEHOE]Z.XSSOXQJVKHEHOIDOVFK 6SLHODP$XVUFNKHEHOXQG.XSSOXQJVKHEHOEHUSUIHQE]ZQHXHLQVWHOOHQ .XSSOXQJVIHGHUQHUPGHW HUQHXHUQ %HODJODPHOOHQYHUVFKOLVVHQ HUQHXHUQ .XSSOXQJIDOVFKPRQWLHUW EHULFKWLJHQ *HWULHEH|O .XSSOXQJO|VWQLFKWDXV gOVWDQG]XKRFK EHULFKWLJHQgOPHQJHFFP $OWHUXQJ gOZHFKVHOQ 6\QWKHWLN|OKDWQLHGULJHUHQ5HLENRHIIL]LHQW ULFKWLJHVgOYHUZHQGHQ0RWRU|O6$(E]ZKlUWHUH.XSSOXQJVIHGHUQ YHUZHQGHQ (LQVWHOOXQJDP$XVUFNKHEHOE]Z.XSSOXQJVKHEHOIDOVFK 6SLHODP$XVUFNKHEHOXQG.XSSOXQJVKHEHOEHUSUIHQE]ZQHXHLQVWHOOHQ .XSSOXQJVIHGHUQPLWXQJOHLFKPlLJHU6SDQQXQJ HUQHXHUQ %HODJE]Z,QQHQODPHOOHQYHU]RJHQ HUQHXHUQ .XSSOXQJVNRUEE]Z0LWQHKPHUVWDUNHLQJHVFKODJHQ HUQHXHUQ ]XYLHO$[LDOVSLHOGHU9RUJHOHJHZHOOH 9RUJHOHJHZHOOHD[LDODXVGLVWDQ]LHUHQE]Z/DJHUQDFKLQQHQVFKODJHQ 7<3( 5LPR]LRQHPRWRUH u 1RWD SHUULSDUDUHOHVHJXHQWLSDUWLQRQqQH FHVVDULRULPXRYHUHLOPRWRUHGDOWHODLR l 7HVWDWD l &LOLQGURHSLVWRQH l 7HUPRVWDWR l 9DOYRODGLVFDULFR l 9DOYRODDODPHOOH l )UL]LRQH l 7UDVPLVVLRQHSULPDULD l $YYLDPHQWRDSHGDOH l 0HFFDQLVPRWUDVPLVVLRQH l 3RPSDGHOO DFTXD l 3RPSDGHOO ROLRFRQWUDVPLVVLRQH l 5RWLVPRFRQWUDOEHUR l 'LVSRVLWLYRGLDFFHQVLRQH l $YYLDPHQWRHOHWWULFRFRQWUDVPLVVLRQH s $YYHUWHQ]D SULPD GL RJQL ULSDUD]LRQH HVWUDUUH OD FKLDYHG¶DFFHQVLRQHHVFROOHJDUHLFDYL GDOOD EDWWHULD FRPLQFLDQGR GDO QHJDWL YR$WWHQ]LRQHDOWDWHQVLRQHQHOGLVSR VLWLYRGLDFFHQVLRQH (QJLQHUHPRYDO 0RWRUDXVEDXHQ u 1RWH 7KHUHLVQRQHHGWRUHPRYHWKHHQJLQH IURP WKH IUDPH WR UHSDLU WKH IROORZLQJ SDUWV l &\OLQGHUKHDG l &\OLQGHUDQGSLVWRQ l 7KHUPRVWDW l ([KDXVWYDOYH l 5HHGYDOYH l &OXWFK l 3ULPDU\GULYH l .LFNVWDUW l *HDUVKLIWPHFKDQLVP l :DWHUSXPS l 2LOSXPSZLWKGULYH l 'ULYHRIEDODQFHVKDIW l ,JQLWLRQXQLW l (OHFWULFVWDUWHUZLWKGULYH u +LQZHLV 'HU 0RWRU PXVV QLFKW DXV GHP )DKUJHVWHOO DXVJHEDXW ZHUGHQ XP GLH IROJHQGHQ7HLOHUHSDULHUHQ]XN|QQHQ l =\OLQGHUNRSI l =\OLQGHUXQG.ROEHQ l 7KHUPRVWDW l $XVODVVVFKLHEHU l 9HQWLOWUlJHU l .XSSOXQJ l 3ULPlUWULHE l .LFNVWDUWHU l 6FKDOWPHFKDQLVPXV l :DVVHUSXPSH l gOSXPSHPLW$QWULHE l $QWULHEGHU$XVJOHLFKVZHOOH l 0DJQHW]QGHU l (6WDUWHUPLW6WDUWHUJHWULHEH s :DUQLQJ %HIRUHDQ\UHSDLUZRUNZLWKGUDZLJQLWLRQ NH\DQGGHWDFKFDEOHVIURPEDWWHU\ILUVW PLQXVWHUPLQDO$WWHQWLRQ+LJKYROWDJH DWLJQLWLRQXQLW s :DUQXQJ 9RU 'XUFKIKUXQJ HLQHU 5HSDUDWXU LVW GHU =QGVFKOVVHO DE]X]LHKHQ XQG GLH %DWWHULH ]XHUVW 0LQXVOHLWXQJ DE]XNOHPPHQ9RUVLFKW+RFKVSDQQXQJ EHL=QGDQODJH 7<3( 5LPR]LRQHPRWRUH (QJLQHUHPRYDO 0RWRUDXVEDXHQ s $YYHUWHQ]D DWWHQHUVLVFUXSRORVDPHQWHDOOHQRUPHGL s :DUQLQJ s :DUQXQJ LQVWDOOD]LRQH H ULPR]LRQH SUHYLVWH GDO FRVWUXWWRUH l l l 3XOLUHLOPRWRFLFOR 6FROOHJDUHODEDWWHULD l VSHQWRLOPRWRUH 6WDFFDUHSULPDLOFDYRQHJDWLYRHGRSR TXHOOR SRVLWLYR $WWHQ]LRQH DOO¶DFLGR GHOODEDWWHULDGXUDQWHODPRYLPHQWD]LR QHSHUFKqqFRUURVLYR l 7RJOLHUH LO WDSSR PDJQHWLFR H O¶DQHOOR GL WHQXWD H VFDULFDUHO¶ROLRGHOFDPELR u 1RWD OD SRVL]LRQH GHO WDSSR PDJQHWLFR q PDUFDWD VXO FRSHUFKLR GHOOD IUL]LRQH FRQODVFULWWD³2,/287´ &OHDQPRWRUELNH 'LVFRQQHFWEDWWHU\ s :DUQLQJ s $YYHUWHQ]D VFROOHJDUHODEDWWHULDVRORGRSRDYHUH l 6WULFWO\NHHSWRLQVWDOODWLRQDQGUHPRYDO GLUHFWLYHVRIWKHELNHSURGXFHU 'LVFRQQHFWEDWWHU\RQO\ZLWKWKHLJQLWLRQ VZLWFKHGRII)LUVWGHWDFKFDEOHIURPWKH PLQXVDQG WKHQIURP WKHSOXVWHUPLQDO &DXWLRQ DW KDQGOLQJ RI EDWWHU\ DFLG FDXVWLFIOXLG 5HPRYHPDJQHWLFSOXJ ZLWKVHDOLQJULQJDQGGUDLQ JHDURLO u 1RWH 7KH ORFDWLRQ RI WKH PDJQHWLF SOXJ LV PDUNHG ZLWK 2,/ 287 RQ WKH FOXWFK FRYHU l l (LQ XQG $XVEDXKLQZHLVH GHV 0RWRUDGKHUVWHOOHUV VLQG XQEHGLQJW HLQ]XKDOWHQ 0RWRUUDGUHLQLJHQ %DWWHULHDENOHPPHQ s :DUQXQJ %DWWHULH QXU EHL DXVJHVFKDOWHWHU =QGXQJ DENOHPPHQ =XHUVW 0LQXVOHLWXQJ GDQQ 3OXVOHLWXQJ O|VHQ 9RUVLFKWEHL%DWWHULHVlXUHlW]HQG l 0DJQHWVFKUDXEH PLW 'LFKWULQJ HQWIHUQHQ XQG *HWULHEH|ODEODVVHQ u +LQZHLV 'LH0DJQHWVFKUDXEHLVWPLW2,/287 DP.XSSOXQJVGHFNHOJHNHQQ]HLFKQHW 7<3( l 7RJOLHUHODEUXJRODHO¶DQHOORGLWHQXWDHFROOHJDUHXQ WXERGHOGLDPHWURHVWHUQRGLPP 7RJOLHUH LO WDSSR GHO UDGLDWRUH H VFDULFDUH LO OLTXLGR GL UDIIUHGGDPHQWR LQ XQ FRQWHQLWRUH GHOOD FDSDFLWj GL DOPHQROLWUR l s $YYHUWHQ]D ORVFDULFRGHOO¶ROLRPRWRUHHGHOOLTXLGR GLUDIIUHGGDPHQWRRODVHPSOLFHDSHUWX UDGHOWDSSRGHOUDGLDWRUHDOOHWHPSHUD WXUH GL HVHUFL]LR SRWUHEEHUR FDXVDUH EUXFLDWXUH /DVFLDUH SULPD UDIIUHGGDUH LOPRWRUH u 1RWD l l ODSRVL]LRQHGHOODEUXJRODSHUORVFDULFR GHOOLTXLGRGLUDIIUHGGDPHQWRqPDUFDWD FRQODVFULWWD³287´VXOO DOORJJLDPHQWR 5LPXRYHUHLOVLVWHPDGLVFDULFR 6FROOHJDUHLOFDUEXUDWRUH s $YYHUWHQ]DOD EHQ]LQD q HVWUHPDPHQWH LQILDPPD ELOH HG HVSORVLYD 1RQ IXPDUH R PD QHJJLDUH FRQ ILDPPD 1RQ VFDULFDUH PDL OD EHQ]LQD Qq HIIHWWXDUH LO ULIRUQL PHQWRLQDPELHQWLQRQDULHJJLDWL l l 5HPRYH $OOHQ VFUHZ DQG VHDOLQJ ULQJ DQG DWWDFK KRVHRIPPRXWVLGHGLD 2SHQUDGLDWRUFDSDQGGUDLQFRRODQWLQWRDFRQWDLQHURI DWOHDVWOLWUHFDSDFLW\ s :DUQLQJ 'UDLQLQJRIHQJLQHRLODQGFRRODQWRUWKH PHUH RSHQLQJ RI WKH UDGLDWRU FDS DW RSHUDWLQJ WHPSHUDWXUHV FRXOG OHDG WR VFDOGLQJ/HWHQJLQHFRROGRZQILUVW u 1RWH /RFDWLRQ RI $OOHQ VFUHZ IRU GUDLQLQJ RI WKH FRRODQW LV PDUNHG ZLWK 287 RQ KRXVLQJ 5HPRYHH[KDXVWV\VWHP 'HWDFKFDUEXUHWRU s :DUQLQJ )XHO LV KLJKO\ LQIODPPDEOH DQG H[SORVLYH'RQRWVPRNHRUKDQGOHZLWK RSHQ IODPH 1HYHU GUDLQ RU UHIXHO LQ FORVHGURRPV l ,QEXVVFKUDXEH PLW 'LFKWULQJ HQWIHUQHQ 6FKODXFK PLW$XHQPPDQVWHFNHQXQGLQHLQ*HIl,QKDOW PLQ /LWHU OHLWHQ .KOHUYHUVFKOXVV |IIQHQ XQG .KOPLWWHODEODVVHQ s :DUQXQJ :HQQ 6LH EHL %HWULHEVWHPSHUDWXU .KOPLWWHO DEODVVHQ E]Z GHQ .KOHUYHUVFKOXVV |IIQHQ NDQQ HV ]X 9HUEUKXQJHQ NRPPHQ 0RWRU DENKOHQODVVHQ u +LQZHLV l l 'LH ,QEXVVFKUDXEH ]XP $EODVVHQ GHV .KOPLWWHOV LVW PLW 287 DP *HKlXVH JHNHQQ]HLFKQHW $XVSXIIDQODJHDXVEDXHQ 9HUJDVHUO|VHQ s :DUQXQJ .UDIWVWRII LVW OHLFKW HQWIODPPEDU XQG H[SORVLY1LFKWUDXFKHQRGHUPLWRIIHQHU )ODPPH KDQWLHUHQ .UDIWVWRII QLH LQ JHVFKORVVHQHQ5lXPHQHQWOHHUHQRGHU DEIOOHQ 7<3( l l l l l l l l 5LPXRYHUHLWXELGHOOLTXLGRGLUDIIUHGGDPHQWR 6FROOHJDUH L FDYL GHO JHQHUDWRUH LO WUDVPHWWLWRUH HVWHUQRHO¶LQGLFDWRUHGHOIROOH 7RJOLHUHLOFRQQHWWRUHGHOODFDQGHOD 7RJOLHUHLOFRSHUFKLRGHOODSRPSDGHOO¶ROLR 6JDQFLDUH LO FDYR IOHVVLELOH GHOOD SRPSD GHOO¶ROLR H FKLXGHUHLWXELGHOO¶ROLR 6FROOHJDUHLOFDYRIOHVVLELOHSHUODYDOYRODGLVFDULFRVXO VROHQRLGHQRQSUHVHQWHQHOODYHUVLRQH) 5LPXRYHUH LO WDSSR D YLWH GDO FRSHUFKLR IUL]LRQH H OLEHUDUHLOFDYRGHOODIUL]LRQH 7RJOLHUHLOILVVDJJLRGHOPRWRUHGDOFLOLQGURHGDFDUWHU GHOPRWRUH s $YYHUWHQ]D TXDQGRVLULPXRYHLOPRWRUHGDOWHODLR WHQHUH SUHVHQWH LO SHVR GHO PRWRUH H VRVWHQHUORGLFRQVHJXHQ]D 1HOODULPR]LRQHGHOPRWRUHVWDUHDWWHQWL D QRQ JUDIILDUVL OH PDQL H D QRQ GDQ QHJJLDUHODYHUQLFLDWXUD l l l l l l l l 5HPRYHFRRODQWKRVHV 'HWDFK JHQHUDWRU ZLULQJ WULJJHU FDEOH DQG QHXWUDO LQGLFDWLRQ 3XOORIIVSDUNSOXJFRQQHFWRU 5HPRYHRLOSXPSFRYHU 'LVHQJDJH %RZGHQ FDEOH RI RLO SXPS DQG FORVH RLO OLQHV 'LVFRQQHFW %RZGHQ FDEOH IRU H[KDXVW YDOYH RQ VROHQRLGQRWRQ)YHUVLRQ 5HPRYH VFUHZ SOXJ IURP FOXWFK FRYHU DQG GLVHQJDJHFOXWFKFDEOH 'HWDFK F\OLQGHU IDVWHQHUV WR HQJLQH DQG HQJLQH KRXVLQJ s :DUQLQJ :KHQ GHWDFKLQJ HQJLQH IURP IUDPH FRQVLGHU HQJLQH ZHLJKW DQG VXSSRUW DFFRUGLQJO\ $W HQJLQH UHPRYDO WDNH FDUHQRWWRJUD]HKDQGVDQGSDLQW l l l l l l l l l .KOZDVVHUVFKOlXFKHHQWIHUQHQ *HQHUDWRUOHLWXQJ *HEHUOHLWXQJ XQG /HHUODXIDQ]HLJH O|VHQ .HU]HQVWHFNHUDE]LHKHQ =QGNHU]HKHUDXVVFKUDXEHQ gOSXPSHQGHFNHODEVFKUDXEHQ 6HLO]XJ IU gOSXPSH DXVKlQJHQ XQG gOOHLWXQJHQ DEVFKOLHHQ 6HLO]XJ IU $XVODVVVFKLHEHU DP 6ROHQRLG DXVKlQJHQ QLFKWEHLGHU9HUVLRQ)YRUKDQGHQ 9HUVFKOXVVVFKUDXEH HQWIHUQHQ XQG .XSSOXQJVVHLO DXVKlQJHQ 0RWRUEHIHVWLJXQJHQ DP =\OLQGHU XQG 0RWRUJHKlXVH O|VHQ s :DUQXQJ %HL $EQHKPHQ GHV 0RWRUV YRP 5DKPHQ GDV (LJHQJHZLFKW GHV 0RWRUV EHUFNVLFKWLJHQ XQG GHPHQWVSUHFKHQG DEVWW]HQ%HLP$EQHKPHQGHV0RWRUV YRP 5DKPHQ DXI 9HUPHLGXQJ YRQ 6FKHUVWHOOHQDFKWHQ 7<3( 3RVL]LRQDPHQWRGHOPRWRUHVXOVXSSRUWR l 3RVL]LRQDUH LO PRWRUH SXOLWR VXO VXSSRUWR FRQ O¶DGDWWDWRUHHILVVDUORFRQOHDSSRVLWHYLWL + $WWUH]]LVSHFLDOL *UXSSRVXSSRUWR SDUW527$;Q .LWDGDWWDWRUHSHULOVXSSRUWR SDUW527$;Q u 1RWD XQNLWDGDWWDWRUHSUREDELOPHQWHHVLVWHQ WHGDOPRWRUHWLSRGHYHHVVHUHULH ODERUDWRSHUSXOLUHLOWXERGLLQJUHVVR GHOOLTXLGRGLUDIIUHGGDPHQWR6HQHFHV VDULRDJJLXQJHUHGHJOLVSHVVRUL SHU DVVLFXUDUHXQPLJOLRUVXSSRUWRGHOPRWR UH 6HWWLQJXSHQJLQHRQWUHVWOH l 6HWXSFOHDQHQJLQHRQWUHVWOH ZLWKDGDSWRU DQG VHFXUHZLWKIL[LQJVFUHZV 6SHFLDOWRRO u 1RWH + WUHVWOHDVVHPEO\ 527$;SDUWQR $GDSWRUNLWIRUWUHVWOH 527$;SDUWQR $ SRVVLEO\ H[LVWLQJ DGDSWRU NLW IURP HQJLQHW\SHKDVWREHUHZRUNHG WRFOHDQFRRODQWLQOHWSLSH,IQHFHVVDU\ DGGVKLPVIRUDQLPSURYHGVXSSRUWRI HQJLQH 0RWRUDXI0RQWDJHERFNEHUQHKPHQ l *HUHLQLJWHQ 0RWRU DXI 0RQWDJHERFN PLW $XIQDKPHVDW] VWHFNHQXQGPLW)L[LHUVFKUDXEHQ EHIHVWLJHQ 6SH]LDOZHUN]HXJ + 0RQWDJHERFN 527$;1U 0RQWDJHERFN$XIQDKPHVDW] 527$;1U u +LQZHLV *HJHEHQHQIDOOV LVW HLQ EHUHLWV YRUKDQGHQHU $XIQDKPHVDW] YRQ 0RWRUW\SH QDFK]XEHDUEHLWHQ GD GDV .KOZDVVHU=XODXIURKU YRP *HKlXVH DP $GDSWHU DQVWHKHQ NDQQ )UHLQHVDWWH$XIODJHGHV0RWRUVVLQG JHJHEHQHQIDOOV 6FKHLEHQ EHL]XOHJHQ 7<3( 60217$**,202725( 0RWRULQRGLDYYLDPHQWRHOHWWULFR ULPR]LRQH l l 6YLWDUHOHGXHEUXJROH0 5LPXRYHUHLOPRWRULQRG¶DYYLDPHQWRHOHWWULFR u 1RWD l l l l (OHFWULFVWDUWHUUHPRYDO l l 7RJOLHUHOHTXDWWUREUXJROH0 7RJOLHUHLOFRSHUFKLRWHVWDWD 7RJOLHUHHQWUDPELJOLDQHOOL25 7RJOLHUH OH FLQTXH EUXJROH 0 H OH URQGHOOH GL EORFFDJJLR 7RJOLHUH O¶LQVHUWR FDPHUD GL FRPEXVWLRQH LQVLHPH DOO DQHOOR25 8QVFUHZERWK$OOHQVFUHZV0 5HPRYHHOHFWULFVWDUWHU u 1RWH ODULPR]LRQHGHOPRWRULQRG¶DYYLDPHQWR qSRVVLELOHDQFKHFRQLOPRWRUHPRQWDWR VXOPRWRFLFOR &RSHUFKLRWHVWDWDHLQVHUWRFDPHUD GLFRPEXVWLRQHULPR]LRQH l (1*,1(',6$66(0%/< l l l l (OHNWURVWDUWHUDXVEDXHQ l l 5HPRYDO RI WKH HOHFWULF VWDUWHU LV DOVR IHDVLEOHZLWKHQJLQHLQVWDOOHGLQYHKLFOH &\OLQGHUKHDGFRYHUDQGFRPEXVWLRQFKDPEHULQVHUW UHPRYDO l 02725=(5/(*(1 5HPRYH$OOHQVFUHZV0 7DNHRIIF\OLQGHUKHDGFRYHU 7DNHRIIERWK2ULQJV 5HPRYH$OOHQVFUHZV0DQGORFNZDVKHUV 5HPRYHFRPEXVWLRQFKDPEHULQVHUWDORQJZLWK2ULQJ %HLGH,QEXVVFKUDXEHQ0O|VHQ (OHNWURVWDUWHUDEQHKPHQ u +LQZHLV 'HU(OHNWURVWDUWHUNDQQDXFKDQHLQHP QRFK DP )DKU]HXJ PRQWLHUWHQ 0RWRU DXVJHEDXWZHUGHQ =\OLQGHUNRSIGHFNHOXQG%UHQQUDXPHLQVDW] DXVEDXHQ l l l l l ,QQHQVHFKVNDQWVFKUDXEHQ0O|VHQ =\OLQGHUNRSIGHFNHODEQHKPHQ %HLGH25LQJHDEQHKPHQ 6HFKVNDQWVFKUDXEHQ0VDPW)HGHUULQJHQO|VHQ %UHQQUDXPHLQVDW]PLW25LQJDEQHKPHQ 7<3( &LOLQGURULPR]LRQH l l &\OLQGHUUHPRYDO 7RJOLHUH L TXDWWUR GDGL HVDJRQDOL 0 LQVLHPH DOOH URQGHOOH (VWUDUUHLOFLOLQGUR n $WWHQ]LRQHQRQGDQQHJJLDUHLOSLVWRQH l l l 5HPRYHKH[QXWV0DORQJZLWKZDVKHUV :LWKGUDZF\OLQGHU =\OLQGHUDXVEDXHQ l l n $WWHQWLRQ 7DNHFDUHQRWWRGDPDJHSLVWRQ l 7DNHRIIF\OLQGHUEDVHJDVNHW 6HFKVNDQWPXWWHUQ0PLW6FKHLEHQHQWIHUQHQ =\OLQGHU DEKHEHQ n $FKWXQJ l .ROEHQGDEHLQLFKWEHVFKlGLJHQ =\OLQGHUIXGLFKWXQJDEQHKPHQ 7RJOLHUHODJXDUQL]LRQHGHOODEDVHFLOLQGUR 7<3( 3LVWRQHULPR]LRQH l 3LVWRQUHPRYDO 7RJOLHUHXQRGHLGXHDQHOOLGLVLFXUH]]DGHOORVSLQRWWR XVDQGRXQDWWUH]]RDGHJXDWR u 1RWD l QRQqQHFHVVDULRWRJOLHUHHQWUDPELJOL DQHOOLGLVLFXUH]]DGHOORVSLQRWWR u 1RWH n $WWHQ]LRQH SULPD GL WRJOLHUH O¶DQHOOR GL VLFXUH]]D 6SLQJHUHIXRULORVSLQRWWRFRQXQSXQ]RQHDGDWWR l n $WWHQ]LRQH PHQWUH VL VSLQJH OR VSLQRWWR WHQHUH 7RJOLHUHLOSLVWRQHLQVLHPHDOODJDEELDDUXOOLQL l u +LQZHLV (V PVVHQ QLFKW XQEHGLQJW EHLGH 1XOOKDNHQULQJHDEJHQRPPHQZHUGHQ n $WWHQWLRQ 3ULRU WR UHPRYDO RI SLVWRQ SLQ FLUFOLS n $FKWXQJ %HYRU GHU 1XOOKDNHQULQJ DEJHQRPPHQ ZLUG GDV .XUEHOJHKlXVH PLW HLQHP VDXEHUHQ /DSSHQ DEGHFNHQ GDPLW GHU 1XOOKDNHQULQJ QLFKW LQ GDV .XUEHOJHKlXVHIDOOHQNDQQ 3XVKRXWSLVWRQSLQZLWKDVXLWDEOHSXQFK l SXVKLQJRXWSLVWRQSLQWRDYRLGEHQGLQJ WKHFRQURG l .ROEHQERO]HQPLWHLQHPJHHLJQHWHP'RUQDXVGHP .ROEHQGUFNHQ n $FKWXQJ 5HPRYHSLVWRQDORQJZLWKQHHGOHFDJH l (LQHQ GHU EHLGHQ 1XOOKDNHQULQJH PLW HLQHP JHHLJQHWHQ:HUN]HXJKHUDXVKHEHQ 7KHUHLVQRQHHGWRUHPRYHERWKSLVWRQ SLQFLUFOLSV n $WWHQWLRQ $OZD\V VXSSRUW SLVWRQ E\ KDQG ZKLOVW VHPSUH LO SLVWRQH FRQ XQD PDQR SHU HYLWDUHFKHODELHOODVLSLHJKL l .ROEHQDXVEDXHQ FRYHUFUDQNFDVH RSHQLQJZLWKDUDJ WR SUHYHQW SLVWRQ SLQ FLUFOLS IURP GURSSLQJLQWRFUDQNFDVH GHOORVSLQRWWRFRSULUHO¶DSHUWXUDGHOFDU WHU FRQ XQ SDQQR SHU HYLWDUH FKH O¶DQHOORFDGDQHOFDUWHUVWHVVR l 3ULVHRXWRQHRIWKHWZRSLVWRQSLQFLUFOLSV XVLQJD SRLQWHGWRRO 'HU .ROEHQ LVW EHLP $XVGUFNHQ GHV .ROEHQERO]HQVXQEHGLQJWPLWGHU+DQG DE]XVWW]HQ GDPLW GLH 3OHXHOVWDQJH QLFKWYHUERJHQZLUG .ROEHQPLW.ROEHQERO]HQNlILJDEQHKPHQ 7<3( *UXSSRGLDFFHQVLRQHVPRQWDJJLR ,JQLWLRQXQLWGLVDVVHPEO\ s $YYHUWHQ]D SULPD GL RJQL LQWHUYHQWR VXOO¶LPSLDQWR s :DUQLQJ %HIRUH DOO ZRUN RQ WKH HOHFWULF V\VWHP HOHWWULFRHVWUDUUHODFKLDYHGLDFFHQVLR QHHVFROOHJDUHLFDYLGHOODEDWWHULDFR PLQFLDQGR GDO FDYR QHJDWLYR $WWHQ]LRQH$OWDWHQVLRQH u 1RWD ORVPRQWDJJLRGHOJUXSSRGLDFFHQVLR QH q SRVVLELOH DQFKH FRQ LO PRWRUH PRQWDWRVXOPRWRFLFOR l l l l ,QFOLQDUHLOPRWRUHVXOVXSSRUWRLQPRGRGDSRVL]LRQDUH LOFRSHUFKLRGHOO¶DFFHQVLRQHYHUVRO¶DOWR 6YLWDUHOHVHLEUXJROH0 7RJOLHUHLOFRSHUFKLRGHOO¶DFFHQVLRQH 7RJOLHUH LO FRSHUFKLR GHOO¶LQJUDQDJJLR GHO PRWRULQR G¶DYYLDPHQWR 6YLWDUHOHGXHYLWL0 HWRJOLHUHLO³SLFNXS´HVWHUQR u 1RWD QRQ q QHFHVVDULR WRJOLHUH LO ³SLFNXS´ HVWHUQR GHL PRWRUL VHQ]D DYYLDPHQWR HOHWWULFRYHUVLRQH5; s :DUQXQJ 9RU VlPWOLFKHQ $UEHLWHQ DQ GHU HOHNWULVFKHQ $QODJH PXVV GHU =QGVFKOVVHO DEJH]RJHQ XQG GLH %DWWHULH DEJHNOHPPW VHLQ EHLP 1HJDWLYNDEHOEHJLQQHQ 9RUVLFKW+RFKVSDQQXQJ ZLWKGUDZWKHLJQLWLRQNH\DQGGHWDFKWKH EDWWHU\ FDEOHV ILUVW PLQXV WHUPLQDO $WWHQWLRQ+LJKYROWDJH u 1RWH l l l =QGDQODJHDXVEDXHQ l l l 'LVDVVHPEO\ RI LJQLWLRQ XQLW LV DOVR IHDVLEOHZLWKHQJLQHLQVWDOOHGLQYHKLFOH 7XUQHQJLQHVHWXSLQWUHVWOHZLWKLJQLWLRQFRYHURQWRS 8QVFUHZ$OOHQVFUHZV0 7DNHRIILJQLWLRQFRYHU 5HPRYHVWDUWHUJHDUFRYHU 8QVFUHZERWKVFUHZV0DQGUHPRYHH[WHUQDOSLFN XS u 1RWH ,WLVQRWDEVROXWHO\QHFHVVDU\WRUHPRYH WKH H[WHUQDO SLFNXS RQ DQ HQJLQH ZLWKRXWHOHFWULFVWDUWHU5;9HUVLRQ u +LQZHLV 'LH =QGDQODJH NDQQ VFKRQ YRUKHU LP )DKU]HXJDXVJHEDXWZHUGHQ l l l l l 0RWRU LP 0RQWDJHERFN YHUGUHKHQ VR GDVV GLH =QGHUVHLWHREHQ]XOLHJHQNRPPW ,QEXVVFKUDXEHQ0O|VHQ =QGHUGHFNHODEQHKPHQ 6WDUWHUJHWULHEHGHFNHODEQHKPHQ %HLGH 6FKUDXEHQ 0 O|VHQ XQG $XHQJHEHU DEQHKPHQ u +LQZHLV %HL GHU 0RWRUDXVIKUXQJ RKQH (OHNWURVWDUWHU$XVIKUXQJ5;PXVVGHU $XHQJHEHU QLFKW XQEHGLQJW DXVJHEDXW ZHUGHQ 7<3( l 0HWWHUHLOSLDWWRHVWUDWWRUHVXOYRODQRHILVVDUORFRQOH EUXJROH0 $WWUH]]RVSHFLDOH u 1RWD l + JUXSSRSLDWWRHVWUDWWRUH SDUW527$;Q IDUHDWWHQ]LRQHDTXDQWRVHJXH /DFDPPDGHOYRODQRGHYHHVVHUH GLUHWWDYHUVRLO³SLFNXS´HVWHUQRDVVL FXUDQGRVL FKH O¶DOEHUR PRWRUH VLD DO 306 l 1HO VLVWHPDUH SLDWWR HVWUDWWRUH DVVL FXUDUVL FKH OD SRVL]LRQH GHL SHUQL GL VXSSRUWRVLDFRUUHWWD l 3HU ILVVDUH LO SLDWWR HVWUDWWRUH XVDUH L IRULLQGLFDWLQHOODILJXUD u 1RWH l + l ,QVHULUHO HVWUHPLWjOXQJDILOHWWDWDGHOODYLWHHVWUDWWRUH QHOSLDWWRHVWUDWWRUHHWRJOLHUHLOYRODQR l $EGUFNSODWWHDXIGDV0DJQHWUDGVWHFNHQXQGPLW ,QEXVVFKUDXEHQ0EHIHVWLJHQ 6SH]LDOZHUN]HXJ SXOOHUSODWHDVV\ 527$;SDUWQR 3D\DWWHQWLRQWRWKHIROORZLQJ 7KH WULJJHU FDP RQ WKH IO\ZKHHO KDVWRSRLQWWRZDUGVH[WHUQDOSLFNXS HQVXULQJ7'&SRVLWLRQRIFUDQNVKDIW l :KHQ ILWWLQJ WKH SXOOHU SODWH HQVXUH FRUUHFWSRVLWLRQRIWKHVXSSRUWSLQV l )RU IL[LQJ WKH SXOOHU SODWH XVH KROHV VKRZQLQILJXUH l l l l l 5HPRYHKH[VFUHZ0[DQGORFNZDVKHU 3ODFHSURWHFWLRQVOHHYHRQWKUHDGRIFUDQNVKDIW 6SHFLDOWRRO SXOOHUSODWHDVV\ 527$;SDUWQR + )LWORQJHUWKUHDGHGHQGRISXOOHUVFUHZLQSXOOHUSODWH DQGSXOORIIIO\ZKHHO + $EGUFNSODWWHNSO 527$;1U u +LQZHLV )ROJHQGH3XQNWHVLQG]XEHDFKWHQ l l 7RJOLHUH OD YLWH HVDJRQDOH 0[ H OD URQGHOOD GL EORFFDJJLR 0HWWHUH LO PDQLFRWWR GL SURWH]LRQH VXOOD ILOHWWDWXUD GHOO¶DOEHURPRWRUH $WWUH]]LVSHFLDOL *UXSSRSLDWWRHVWUDWWRUH SDUW527$;Q + 6SHFLDOWRRO l l 3ODFHSXOOHUSODWHDVV\RQIO\ZKHHODQGDWWDFKZLWK $OOHQVFUHZV0 l l 'HU hEHUVWDQG GHV 0DJQHWUDGHV PXVV LQ 5LFKWXQJ $XHQJHEHU ]HLJHQGDPLWVLFKGLH.XUEHOZHOOHLQ 276WHOOXQJEHILQGHW %HLP$QVFKUDXEHQGHU$EGUFNSODWWH DXI GLH ULFKWLJH /DJH GHU $EVWW]ERO]HQDFKWHQ %HLP %HIHVWLJHQ GHU $EGUFNSODWWH VLQGGLH%RKUXQJHQDXIGHU$EELOGXQJ ]XYHUZHQGHQ 6HFKVNDQWVFKUDXEH 0[ O|VHQ XQG )HGHUULQJ DEQHKPHQ 6FKXW]NDSSH DXI GDV *HZLQGH GHU .XUEHOZHOOH VWHFNHQ 6SH]LDOZHUN]HXJ $EGUFNSODWWHNSO 527$;1U + l $XV]LHKERO]HQPLWGHPOlQJHUHQ*HZLQGHWHLOLQGLH $EGUFNSODWWH KLQKHLQVFKUDXEHQ XQG 0DJQHWUDG DE]LHKHQ 7<3( l l l l 7RJOLHUHO¶LQJUDQDJJLRGHOPRWRULQRG¶DYYLDPHQWR H ODURQGHOODGLVSLQWDVRWWRVWDQWH 6YLWDUHOHWUHEUXJROH0 7RJOLHUHORVWDWRUH LO SDVVDFDYR HLO EORFFDJJLR HVWHUQR 7RJOLHUHODOLQJXHWWDDGLVFRGDOO¶DOEHURPRWRUH 3LJQRQHFDWHQDULPR]LRQH l l 7RJOLHUHO¶DQHOORHODVWLFR 7RJOLHUHLOSLJQRQHLQVLHPHDOO¶DQHOOR25VRWWRVWDQWH u 1RWD LO SLJQRQH FDWHQD SXz HVVHUH ULPRVVR VHDFFHVVLELOHDQFKHFRQPRWRUHPRQ WDWRVXOYHLFROR l l l l 5HPRYHVWDUWHUJHDUDVV\DQGWKUXVWZDVKHUSODFHG EHQHDWK 8QVFUHZ$OOHQVFUHZV0 5HPRYH VWDWRU DVV\ DORQJ ZLWK JURPPHW DQG H[WHUQDOWULJJHU 5HPRYH:RRGUXIINH\IURPFUDQNVKDIW &KDLQVSURFNHWUHPRYDO l l 5HPRYHVQDSULQJ 5HPRYH FKDLQ VSURFNHW DORQJ ZLWK 2ULQJ SODFHG EHQHDWK u 1RWH 7KH FKDLQ VSURFNHW FDQ DOVR EH UHPRYHG LI SUDFWLFDEOH IURP WKH FRPSOHWHELNH l l l l 6WDUWHUJHWULHEH PLW GDUXQWHUOLHJHQGHU 6FKHLEH DEQHKPHQ ,QEXVVFKUDXEHQ0O|VHQ 6WDWRU PLW *XPPLWOOH XQG GLH lXHUHQ %HIHVWLJXQJVWHLOHDEQHKPHQ 6FKHLEHQIHGHUYRQGHU.XUEHOZHOOHDEQHKPHQ .HWWHQUDGDXVEDXHQ l l 6HHJHUULQJDEQHKPHQ .HWWHQUDG PLW GDUXQWHUOLHJHQGHP DEQHKPHQ 25LQJ u +LQZHLV 'DV .HWWHQUDG NDQQ IDOOV ]XJlQJOLFK DXFK DQ HLQHP QRFK DP )DKU]HXJ PRQWLHUWHQ0RWRUDEJHQRPPHQZHUGHQ 7<3( 3RPSDGHOO¶ROLRULPR]LRQH l l l *LUDUHLO VXSSRUWR GHOPRWRUHLQPRGR GDVLVWHPDUH LO PRWRUHQHOPRGRSLDGDWWR 6YLWDUHOHGXHEUXJROH0 7RJOLHUHODSRPSDGHOO¶ROLRHO¶DQHOOR5VRWWRVWDQWH LWXELGHOO¶ROLRHLOSDVVDWXEL )UL]LRQHULPR]LRQH l l 2LOSXPSUHPRYDO l l l &OXWFKUHPRYDO 6YLWDUHOHQRYHEUXJROH0 6ROOHYDUH LO FRSHUFKLR IUL]LRQH FRQ JURVVL FDFFLDYLWL IDFHQGROHYDQHLSXQWLSUHGLVSRVWL l l n $WWHQ]LRQH QRQGDQQHJJLDUHOHVXSHUILFLGLWHQXWDH 7RJOLHUHODJXDUQL]LRQH 8QVFUHZ$OOHQVFUHZV0 /LIW RII FOXWFK FRYHU XVLQJ WZR ODUJH VFUHZGULYHUV DSSOLHGDWWKHDVVLJQHGOXJV gOSXPSHDXVEDXHQ l l l l l JDVNHW l ,QEXVVFKUDXEHQ0O|VHQ .XSSOXQJVGHFNHO PLW +LOIH YRQ JURHQ 6FKUDXEHQ]LHKHUQDQGHQGDIUYRUJHVHKHQHQ6WHOOHQ (DEKHEHQ n $FKWXQJ 'LFKWIOlFKHQ EHVFKlGLJHQ 5HPRYHJDVNHW l 'HQ 0RQWDJHERFN VR YHUGUHKHQ GDVV GHU 0RWRU LQ DQJHPHVVHQHU:HLVHDXVJHULFKWHWLVW ,QEXVVFKUDXEHQ0DEVFKUDXEHQ gOSXPSH PLW GDUXQWHUOLHJHQGHP 25LQJ gOOHLWXQJHQXQG.DEHOWOOHDEQHKPHQ .XSSOXQJDXVEDXHQ n $WWHQWLRQ 'R QRW GDPDJH VHDOLQJ IDFHV DQG ODJXDUQL]LRQH l 7XUQWUHVWOHWRSRVLWLRQHQJLQH 8QVFUHZ$OOHQVFUHZV0 5HPRYH RLO SXPS DQG 25LQJ EHQHDWK RLO SLSLQJ DQGJURPPHW 'LFKWXQJDEQHKPHQ 7<3( E]Z 'LFKWXQJ QLFKW l 7RJOLHUHODIUL]LRQHGDOO¶DOEHURVHFRQGDULR u 1RWD l QRQ q QHFHVVDULR WRJOLHUH OH YLWL 0 GDOGLVFRGLEORFFDJJLRGHOODIUL]LRQH 7RJOLHUH O LQJUDQDJJLR LQWHUPHGLR SHU OD WUDVPLVVLRQH GHOODSRPSDGHOO¶DFTXD ,QJUDQDJJLRGHOFRQWUDOEHURH WUDVPLVVLRQHSULPDULDULPR]LRQH l l l 7RJOLHUHO¶DQHOORGLEORFFDJJLRGDOO¶DOEHURPRWRUH H GDOFRQWUDOEHUR 7RJOLHUH O¶LQJUDQDJJLR GL FRPDQGR GDOO¶DOEHUR PRWRUH 7RJOLHUHLGXHLQJUDQDJJLFRQWUDOEHUR FRQXQDWWUH]]R DGDWWRDGHVHPSLRXQFDFFLDYLWHDVTXDGUD u 1RWD l VRWWRO¶LQJUDQDJJLRGLFRPDQGRGHOFRQ WUDOEHURVRQRFROORFDWHGXHYLWLGHOFDU WHU :LWKGUDZFOXWFKDVVHPEO\IURPFOXWFKVKDIW u 1RWH l l 7KHUHLVQRQHHGWRUHPRYHWKHVFUHZV 0RIWKHUHWDLQLQJSODWH u +LQZHLV 'LH6HFKVNDQWVFKUDXEHQ0PVVHQ GD]XQLFKWJHO|VWZHUGHQ 5HPRYHLQWHUPHGLDWHJHDUIRUGULYHRIZDWHUSXPS l %DODQFHJHDUDQGSULPDU\GULYHUHPRYDO l l l 5HPRYHUHWDLQLQJULQJIURPFUDQNVKDIWDQGEDODQFH VKDIW 5HPRYHGULYHJHDUIURPFUDQNVKDIW 5HPRYH ERWK EDODQFH JHDUV E\ VXLWDEOH WRRO HJ RIIVHWVFUHZGULYHU u 1RWH 8QGHUWKHGULYHJHDURIWKHEDODQFHVKDIW WZRFUDQNFDVHVFUHZVDUHORFDWHG 'LHJHVDPWH.XSSOXQJVHLQKHLWYRQGHU9RUJHOHJHZHOOH DEQHKPHQ :DVVHUSXPSHQ]ZLVFKHQUDGDEQHKPHQ $XVJOHLFKVXQG3ULPlUWULHEDXVEDXHQ l l l 6HHJHUULQJ YRQ GHU .XUEHOZHOOH VRZLH YRQ GHU $XVJOHLFKVZHOOHDEQHKPHQ $QWULHEVUDGYRQGHU.XUEHOZHOOHDEQHKPHQ %HLGH $XVJOHLFKVUlGHU PLW JHHLJQHWHP :HUN]HXJ ]%:LQNHOVFKUDXEHQ]LHKHUDEQHKPHQ u +LQZHLV 8QWHUGHP=DKQUDGGHU$XVJOHLFKVZHOOH EHILQGHQ VLFK *HKlXVHYHUVFKUDXEXQJHQ 7<3( l 7RJOLHUHO¶DOEHURGHOFDPELR SRVVLELOPHQWHLQVLHPH DOODURQGHOODGLVSLQWDVXOODVRPPLWj *UXSSRGLDYYLDPHQWRSHGDOH ULPR]LRQHVRORVXOWLSR5; l l 7RJOLHUH OD PROOD GL FRPSUHVVLRQH GDOO¶DOEHUR GHO SHGDOHG¶DYYLDPHQWR 7RJOLHUH O¶DOEHUR GHO SHGDOH G¶DYYLDPHQWR LQVLHPH DOORVSHVVRUH u 1RWD l QRQqQHFHVVDULRWRJOLHUHLOIHUPRGHOO LQ JUDQDJJLRGLLQQHVWRSHUORVPRQWDJ JLRGHOSHGDOHGLDYYLDPHQWR 7RJOLHUH O LQJUDQDJJLR GL LQQHVWR O¶LQJUDQDJJLR GHO SHGDOH G¶DYYLDPHQWR LQVLHPH DOOR VSHVVRUH H DOOD PROODGHOSHGDOHG¶DYYLDPHQWR u 1RWD QRQ q QHFHVVDULR VPRQWDUH O¶LQJUDQDJ JLRGHOIROOHGDOFDUWHU l 5HPRYHVKLIWVKDIWDVV\SRVVLEO\ZLWKWKUXVWZDVKHU RQWRS .LFNVWDUWHUUHPRYDO RQ5;W\SHRQO\ l l 7DNHRIIFRPSUHVVLRQVSULQJIURPNLFNVWDUWVKDIW 5HPRYHNLFNVWDUWVKDIWDORQJZLWKVKLP u 1RWH l l .LFNVWDUWHUDXVEDXHQ QXU$XVIKUXQJ5; l l ,W LV QRW QHFHVVDU\ WR UHPRYH UDWFKHW JHDUVWRSIRUGLVDVVHPEO\RINLFNVWDUW 7KHUHLVQRQHHGWRUHPRYHLGOHJHDU IURPFUDQNFDVH 'UXFNIHGHUYRQGHU.LFNVWDUWHUZHOOHDEQHKPHQ .LFNVWDUWHUZHOOH PLW GDUDXIOLHJHQGHU $XVJOHLFKVVFKHLEHDEQHKPHQ u +LQZHLV 'HU 6SHUUUDGDQVFKODJ PXVV IU GHQ $XVEDX GHV .LFNVWDUWHUV DEJHVFKUDXEWZHUGHQ 5HPRYHUDWFKHWJHDU NLFNVWDUWJHDU DORQJZLWK VKLPDQGNLFNVWDUWVSULQJ u 1RWH 6FKDOWZHOOH NSO PLW GHQ HYHQWXHOO GDUDXIOLHJHQGHQ $XVJOHLFKVVFKHLEHQ DEQHKPHQ l QLFKW 6SHUUUDG 6WDUWHUUDG PLW $XVJOHLFKVVWHOOH XQG .LFNVWDUWHUIHGHUDXVGHP*HKlXVHKHUDXVQHKPHQ u +LQZHLV 'DV=ZLVFKHQUDGPXVVQLFKWDXVGHP *HKlXVHDXVJHEDXWZHUGHQ 7<3( 3RPSDGHOO¶DFTXDULPR]LRQH u 1RWD :DWHUSXPSUHPRYDO OD ULPR]LRQH GHOOD SRPSD GHOO¶DFTXD q QHFHVVDULD VROR LQ FDVR GL ULSDUD]LRQL DOODSRPSDVWHVVD u 1RWH l l l l 7RJOLHUHODYLWH0 7RJOLHUHO¶LQJUDQDJJLRGHOODSRPSD (VWUDUUHLOJUXSSRSRPSDXWLOL]]DQGRXQFDFFLDYLWHD VTXDGUD u 1RWD 7RJOLHUH OD EUXJROD 0 H OD OHYD LQVLHPH DOOD UHODWLYDPROODDOO¶DQHOORGLVWDQ]LDWRUHHDOODURQGHOOD u 1RWD l SHUODVHSDUD]LRQHGHLVHPLFDUWHUpDV VROXWDPHQWH QHFHVVDULR WRJOLHUH SULPD TXHVWDYLWH 5HPRYDORIWKHZDWHUSXPSZLOORQO\EH QHFHVVDU\LQFDVHRISXPSUHSDLU 5HPRYHVFUHZ0 5HPRYHSXPSJHDU :LWKGUDZ ZDWHU SXPS DVV\ E\ XVH RI DQ RIIVHW VFUHZGULYHU u 1RWH O¶HVWUD]LRQH GHOOD SRPSD SXz HVVHUH VHPSOLILFDWD JLUDQGR OD SRPSD VWHVVD YHUVRGHVWUD 6HPLFDUWHUVHSDUD]LRQH l l 5HPRYH $OOHQ VFUHZ 0 DQG LQGH[ OHYHU DORQJ ZLWKLQGH[VSULQJVSDFHUULQJDQGZDVKHU u 1RWH u +LQZHLV 'HU$XVEDXGHU:DVVHUSXPSHLVWQXULP )DOOHLKUHU5HSDUDWXUHUIRUGHUOLFK l l l )DFLOLWDWH ZLWKGUDZDO E\ WXUQLQJ ZDWHU SXPSWRWKHULJKW &UDQNFDVHKDOYHVVHSDUDWLRQ l :DVVHUSXPSHDXVEDXHQ )RUVHSDUDWLRQRIWKHFUDQNFDVHKDOYHVLW LV DEVROXWHO\ QHFHVVDU\ WR UHPRYH WKLV VFUHZILUVW 7DSWLWH6FKUDXEH0O|VHQ 3XPSHQULW]HODEQHKPHQ :DVVHUSXPSH NSO PLWWHOV :LQNHOVFKUDXEHQ]LHKHU KHUDXV]LHKHQ u +LQZHLV 'LH :DVVHUSXPSH NDQQ YRUKHU OHLFKW QDFK UHFKWV JHGUHKW ZHUGHQ XP GDV +HUDXV]LHKHQ]XHUOHLFKWHUQ *HKlXVHKlOIWHQWUHQQHQ l ,QEXVVFKUDXEH 0 O|VHQ VRZLH ,QGH[KHEHO PLW ,QGH[IHGHU6WXIHQULQJXQG6FKHLEHKHUDXVQHKPHQ u +LQZHLV =XP 7UHQQHQ GHU EHLGHQ *HKlXVHKlOIWHQ PXVV GLHVH 6FKUDXEH XQEHGLQJW]XYRUJHO|VWZHUGHQ 7<3( l 7RJOLHUHOHQRYHYLWL0GHOFDUWHU u 1RWD l ODEUXJROD0SHUORVFDULFRGHOOLTXL GRGLUDIIUHGGDPHQWRpXQDGHOOHYLWLGHO FDUWHU u 1RWH l l l 7RJOLHUHODYLWHGDOVXSSRUWR )LVVDUHLOSLDWWRHVWUDWWRUHFRQEUXJROH0 $WWUH]]LVSHFLDOL + 5HPRYHWKHFUDQNFDVHVFUHZV0 l 6SHFLDOWRRO u 1RWH u 1RWD SHULOILVVDJJLRGHOJUXSSRSLDWWRHVWUDW WRUHXVDUHLIRULFRQWUDVVHJQDWLFRQLOQX PHUR 7KH $OOHQ VFUHZ 0 IRU FRRODQW GUDLQLQJLVRQHRIWKHFUDQNFDVHVFUHZV 5HPRYHVFUHZIURPWUHVWOH $WWDFKSXOOHUSODWHZLWK$OOHQVFUHZV0 *UXSSRSLDWWRHVWUDWWRUH SDUW527$;Q l + u +LQZHLV 'LH,QEXVVFKUDXEH0]XP$EODVVHQ GHV .KOPLWWHOV *HKlXVHVFKUDXEH l l SXOOHUSODWHDVV\ 527$;SDUWQR )RU VHFXULQJ WKH SXOOHU SODWH DVVHPEO\ XVHWKHKROHVPDUNHG ,QEXVVFKUDXEHQ0O|VHQ LVW HLQH )L[LHUVFKUDXEHYRP0RQWDJHERFNHQWIHUQHQ $EGUFNSODWWHPLW,QEXVVFKUDXEHQ0EHIHVWLJHQ + $EGUFNSODWWHNSO 527$;1U 6SH]LDOZHUN]HXJ u +LQZHLV =XP %HIHVWLJHQ GHU $EGUFNSODWWH VLQG GLHPLWGHU1XPPHUJHNHQQ]HLFKQHWHQ %RKUXQJHQ]XYHUZHQGHQ 7<3( l $YYLWDUH O¶HVWUHPLWj OXQJD ILOHWWDWD GHOOD YLWH HVWUDWWRUH QHO SLDWWR HVWUDWWRUH ILQR D FKH LO VHPLFDUWHU ODWR IUL]LRQHLQL]LDDVWDFFDUVL n $WWHQ]LRQHl l l l l l l u 1RWD 'XUDQWH O¶HVWUD]LRQH GHO VHPLFDUWHU EDWWHUHVXOO¶DOEHURVHFRQGDULRFRQXQ PD]]XRORVSLQJHQGRORLQGLHWUR $VVLFXUDUVLFKHLOVHPLFDUWHUVLVROOHYL HVLVHSDULSDUDOOHODPHQWH 6H QHFHVVDULR IDFLOLWDUH OD VHSDUD]LRQH IDFHQGR OHYD FRQ XQ FDFFLDYLWHVXLSXQWLSUHGLVSRVWL 3URFHGHUHFRQFDOPDHDWWHQ]LRQH 1RQ FROSLUH PDL OD VXSHUILFLH GL WHQXWD 1RQ HVHUFLWDUH XQD SUHVVLRQH HFFHVVLYD 6H QRQ ULXVFLWH D VHSDUDUH L VHPLFDUWHU FRQWUROODWH L ULPDQHQWL GLVSRVLWLYLGLILVVDJJLR DOPRPHQWRGHOODVHSDUD]LRQHGHLVHPL FDUWHU OD URQGHOOD GL VSLQWD GHOO¶DOEHUR SULPDULRSXzULPDQHUHLQFROODWDDOO¶LQWHU QRGHOVHPLFDUWHU l 7XUQLQWKHORQJHUWKUHDGHGHQGRISXOOHUVFUHZLQWR SXOOHUSODWHXQWLOWKHFOXWFKVLGHFUDQNFDVHKDOIVWDUWVWR VHSDUDWH n $WWHQWLRQ l l l l l l l u 1RWH :KLOH SXOOLQJ RII WKH FUDQNFDVH KDOI NQRFN EDFN WKH FOXWFK VKDIW XVLQJ D PDOOHW 0DNH DEVROXWHO\ VXUH WKDW WKH FUDQNFDVHKDOIOLIWVRIISDUDOOHO ,IQHHGEHIDFLOLWDWHVHSDUDWLQJZLWKD VFUHZGULYHU DSSOLHG RQ WKH DVVLJQHG OXJV 3URFHHGVWHDG\DQGFDUHIXOO\ 1HYHUNQRFNDWVHDOLQJIDFH 'RQRWXVHH[FHVVLYHIRUFH ,I \RX GRQ W VXFFHHG ZLWK WKH VHSDUDWLRQ FKHFN IRU UHPDLQLQJ IDVWHQHUV :KHQ VHSDUDWLQJ WKH FUDQNFDVH KDOYHV WKHWKUXVWZDVKHU RIWKH PDLQVKDIWPD\ VWLFNWRWKHLQVLGHRIFUDQNFDVHKDOI l $XV]LHKERO]HQPLWGHPOlQJHUHQ*HZLQGHWHLOLQGLH $EGUFNSODWWH HLQVFKUDXEHQ ELV VLFK GLH NXSSOXQJVHLWLJH*HKlXVHKlOIWHDEKHEW n $FKWXQJ l l l l l l l :lKUHQG GHV $EGUFNHQV LVW GLH 9RUJHOHJHZHOOH PLW HLQHP 6FKRQKDPPHU]XUFN]XNORSIHQ 8QEHGLQJW GDUDXI DFKWHQ GDVV VLFK GLH*HKlXVHKlOIWHSDUDOOHODEKHEW *HJHEHQHQIDOOV PLW HLQHP 6FKUDXEHQ]LHKHU DQ GHQ GDIU YRUJHVHKHQHQ 6WHOOHQ EHLP $EGUFNHQPLWKHOIHQ /DQJVDPXQGVRUJIlOWLJDUEHLWHQ 1LHPDOV JHJHQ GLH 'LFKWIOlFKH VFKODJHQ .HLQHEHUPlLJH.UDIWDQZHQGHQ )DOOV GLH *HKlXVHKlOIWHQ QLFKW JHWUHQQW ZHUGHQ N|QQHQ DXI YHUEOHLEHQGH *HKlXVHVFKUDXEHQ SUIHQ u +LQZHLV %HLP$EKHEHQGHU*HKlXVHKlOIWHQNDQQ GLH $QODXIVFKHLEH GHU +DXSWZHOOH DXI GHU ,QQHQVHLWH GHU *HKlXVHKlOIWH NOHEHQ 7<3( 7UDVPLVVLRQHHFDPELR ULPR]LRQH l l l l l l l l l l 7RJOLHUHODJXDUQL]LRQHGHOFDUWHU (VWUDUUHLOFRQWUDOEHUR )LVVDUHLOVHPLFDUWHUODWRYRODQRVXOVXSSRUWRFRQODYLWH GLILVVDJJLRHLOGLVWDQ]LDOH (VWUDUUHHQWUDPEHOHDVWHDIRUFHOOD 7RJOLHUHODEUXJROD0HODUHODWLYDURQGHOOD 6SLQJHUHOHWUHIRUFHOOHFDPELR IXRULGDOOHJXLGHGHO GHVPRGURPLFR 6ROOHYDUHLOGHVPRGURPLFR 7RJOLHUHOHWUHIRUFHOOHFDPELR *LUDUHLOVHPLFDUWHUVXOVXSSRUWRLQSRVL]LRQHVWDQGDUG 5LPXRYHUHLOJUXSSRFDPELR u 1RWD WHQHUHEHQVDOGLO¶DOEHURSULPDULRHO¶DO EHURVHFRQGDULRHEDWWHUHFRQXQPD] ]XRORVXOO¶DOEHURSULPDULR /¶LPSDWWR VSLQJHUj HQWUDPEL JOL DOEHUL IXRULGDOODVHGHGHOFXVFLQHWWR n $WWHQ]LRQH QRQGDQQHJJLDUHLOSDUDROLRGHOO¶DOEHUR SULPDULR *HDUVKLIWDQGJHDUER[UHPRYDO l l l l l l l l l l 5HPRYHFUDQNFDVHJDVNHW :LWKGUDZEDODQFHVKDIW $WWDFK PDJQHWR VLGH FUDQNFDVH KDOI ZLWK VHFXULQJ VFUHZ DQGVSDFHURQWUHVWOH :LWKGUDZERWKVKLIWIRUNVSLQGOHV 5HPRYH$OOHQVFUHZ0DORQJZLWKZDVKHU 3XVKWKHVKLIWIRUNVRIIWKHWUDFNVRIVKLIWGUXP /LIWRXWVKLIWGUXP 5HPRYHVKLIWIRUNV 7XUQFUDQNFDVHKDOILQWUHVWOHLQWRVWDQGDUGSRVLWLRQ 5HPRYHJHDUDVVHPEO\ u 1RWH .HHSDILUPKROGRQPDLQVKDIWDQGFOXWFK VKDIW DQG WDS ZLWK PDOOHW RQ PDLQVKDIW 7KH LPSDFW ZLOO SXVK RXW ERWK VKDIW DVVHPEOLHVIURPEHDULQJVHDW n $WWHQWLRQ 'RQRWGDPDJHRLOVHDORIPDLQVKDIW 6FKDOWXQJXQG*HWULHEHDXVEDXHQ l l l l l l l l l l *HKlXVHGLFKWXQJDEQHKPHQ $XVJOHLFKVZHOOHKHUDXV]LHKHQ 0DJQHWVHLWLJH *HKlXVHKlOIWH PLW )L[LHUVFKUDXEH XQG'LVWDQ]KOVHDP0RQWDJHERFNEHIHVWLJHQ %HLGH6FKDOWVWDQJHQKHUDXV]LHKHQ ,QEXVVFKUDXEHQ0VDPW6FKHLEHO|VHQ 6FKDOWJDEHOQDXV6FKDOWQXWHQGHU6FKDOWZDO]H GUFNHQ 6FKDOWZDO]HKHUDXV]LHKHQ 6FKDOWJDEHOQKHUDXV]LHKHQ *HKlXVHKlOIWH LP 0RQWDJHERFN LQ 1RUPDOSRVLWLRQ GUHKHQ *HWULHEHDXVEDXHQ u +LQZHLV +DXSW XQG 9RUJHOHJHZHOOH PLW HLQHU +DQG IHVWKDOWHQ XQG PLW HLQHP 6FKRQKDPPHU YRQ DXHQ DXI GLH +DXSWZHOOH NORSIHQ 'DGXUFK JHKHQ EHLGH :HOOH VDPW *HWULHEHUlGHUQ DXV GHQ/DJHUVLW]HQ n $FKWXQJ :'5LQJ GHU EHVFKlGLJHQ 7<3( +DXSWZHOOH QLFKW $OEHURPRWRUHULPR]LRQH l l *LUDUH LO VHPLFDUWHU VXO VXSSRUWR LQ PRGR FKH LO ODWR DFFHQVLRQHVLDSRVL]LRQDWRLQDOWR )LVVDUHLOSLDWWRHVWUDWWRUHFRQTXDWWUREUXJROH0 $WWUH]]LVSHFLDOL u 1RWD l + &UDQNVKDIWUHPRYDO l l SHULOILVVDJJLRGHOSLDWWRHVWUDWWRUHXWL OL]]DUH L IRUL FRQWUDVVHJQDWL FRQ LO QX PHUR ,QVHULUHODYLWHHVWUDWWRUHFRQO¶HVWUHPLWjOXQJDILOHWWDWD QHOSLDWWRHVWUDWWRUHHVSLQJHUHIXRULO¶DOEHURPRWRUH 7XUQFUDQNFDVHKDOILQWUHVWOHZLWKLJQLWLRQVLGHRQWRS 6HFXUHSXOOHUSODWHZLWK$OOHQVFUHZV0 u 1RWH l u 1RWD l l LO FXVFLQHWWR SULQFLSDOH ULPDUUj R VXOO¶DOEHUR PRWRUH R VXO FDUWHU D VHFRQGDGHOODSRVL]LRQHGLWROOHUDQ]D *OLVSHVVRULVHDGHJXDWLDOODFRUUHWWD GLVWDQ]D DVVLDOH GHOO¶DOEHUR PRWRUH VRQR SRVL]LRQDWL WUD LO FXVFLQHWWR GHOO¶DOEHURPRWRUHHLOVHPLFDUWHUODWR YRODQR l l SXOOHUSODWHDVV\ 527$;SDUWQR )RUDWWDFKPHQWRISXOOHUSODWHXVHKROHV PDUNHGZLWKQXPEHU FUDQNVKDIW ZKHQ H[WUDFWLQJ LW 6XSSRUW DGHTXDWHO\ULVNRILQMXU\ u 1RWH l l 7KH PDLQ EHDULQJ ZLOO UHPDLQ HLWKHU RQ FUDQNVKDIW RU LQ FUDQNFDVH GHSHQGLQJRQSRVLWLRQRIWROHUDQFH 7KHVKLPVLIILWWHGIRUWKHFRUUHFWD[LDO GLVWDQFH RI FUDQNVKDIW DUH ORFDWHG EHWZHHQ FUDQNVKDIW EHDULQJ DQG PDJQHWRVLGHFUDQNFDVHKDOI + $EGUFNSODWWHNSO 527$;1U u +LQZHLV =XP %HIHVWLJHQ GHU $EGUFNSODWWH %RKUXQJHQ PLW HLQJHVWDQ]WHU 3RV YHUZHQGHQ l n $WWHQWLRQ 3D\ DWWHQWLRQ WR WKH ZHLJKW RI WKH *HKlXVHKlOIWHLP0RQWDJHERFNPLW=QGHUVHLWHQDFK REHQGUHKHQ $EGUFNSODWWHPLW,QEXVVFKUDXEHQ0EHIHVWLJHQ 6SH]LDOZHUN]HXJ )LWSXOOHUVFUHZZLWKWKHORQJHUWKUHDGHGHQGLQWRSXOOHU SODWHDQGSXVKRXWFUDQNVKDIW n $WWHQ]LRQH IDUHDWWHQ]LRQHDOSHVRGHOO¶DOEHURPR WRUHTXDQGRORVLHVWUDH 6RVWHQHUOR DGHJXDWDPHQWH LQ PRGR GDHYLWDUHGDQQL + 6SHFLDOWRRO *UXSSRSLDWWRHVWUDWWRUH SDUW527$;Q .XUEHOZHOOHDXVEDXHQ $XV]LHKERO]HQ PLW GHP OlQJHUHQ *HZLQGHWHLO LQ GLH $EGUFNSODWWH KLQHLQVFKUDXEHQ XQG .XUEHOZHOOH KHUDXVGUFNHQ n $FKWXQJ %HLP $EIDQJHQ GHU KHUDXVJHGUFNWHQ .XUEHOZHOOH DXI GDV (LJHQJHZLFKW DFKWHQ ,Q DQJHPHVVHQHU :HLVH DEVWW]HQ XP VR6FKlGHQ]XYHUPHLGHQ u +LQZHLV l l 'DV +DXSWODJHU NDQQ MH QDFK 7ROHUDQ]ODJHU DXI GHU .XUEHOZHOOH RGHULP*HKlXVHEOHLEHQ 'LH $XVJOHLFKVVFKHLEHQ VRZHLW YRUKDQGHQIUGLHD[LDOH'LVWDQ]GHU .XUEHOZHOOH EHILQGHQ VLFK ]ZLVFKHQ GHP.XUEHOZHOOHQKDXSWODJHUXQGGHU PDJQHWVHLWLJHQ*HKlXVHKlOIWH 7<3( ,QWHUYHQWLGLPDQXWHQ]LRQH VXOOHVLQJROHSDUWL ,QGLYLGXDOFRPSRQHQW PDLQWHQDQFH O s $YYHUWHQ]D TXDOVLDVL FRPSRQHQWH FKH SRVVD GDQ QHJJLDUHLOIXQ]LRQDPHQWRGHOPRWRUHD FDXVDGLXVXUDROWUHLOLPLWLLQGLFDWLRGL IHWWL ULOHYDWL GXUDQWH XQ FRQWUROOR GHYH HVVHUHVRVWLWXLWR n $WWHQ]LRQH ULVFKLR GL VFRWWDWXUH DO FRQWDWWR FRQ OH SDUWLURYHQWLGHOPRWRUH u 1RWD LQFDVRGLOHWWXUHGLPHQVLRQDOLFRQSUH FLVLRQHGLPPRPDJJLRUHODWHPSH UDWXUD GHOOD SDUWH LQ TXHVWLRQH GHYH HVVHUHFRPSUHVDWUDH& s :DUQLQJ $Q\ FRPSRQHQW ZLWK ZHDU LQ H[FHVV RI VSHFLILHGZHDUOLPLWVRUZLWKVKRUWFRPLQJ GHWHFWHG DW LQVSHFWLRQ ZKLFK ZLOO LPSDLU HQJLQHRSHUDWLRQKDVWREHUHQHZHG n $WWHQWLRQ 5LVNRIEXUQVZKHQKDQGOLQJKRWHQJLQH SDUWV u 1RWH :KHQWDNLQJGLPHQVLRQDOUHDGLQJVLQWKH RUGHU RI DFFXUDF\ RI PP RU HYHQ PRUHSUHFLVHWKHWHPSHUDWXUHRIWKHSDUW PXVWEHEHWZHHQ&& $UEHLWHQDQGHQHLQ]HOQHQ 7HLOHQ s :DUQXQJ +DW HLQ %DXWHLO HLQH GHU DQJHJHEHQHQ 9HUVFKOHLJUHQ]HQ EHUVFKULWWHQ RGHU ZHUGHQEHLGHURSWLVFKHQ.RQWUROOHHLQHV %DXWHLOHV0lQJHOIHVWJHVWHOOWZHOFKHGLH )XQNWLRQ GHV 0RWRUV EHHLQWUlFKWLJHQ PXVV GDV EHWURIIHQH %DXWHLO HUQHXHUW ZHUGHQ n $FKWXQJ 9HUEUHQQXQJVJHIDKU EHL +DQGKDEXQJ HUKLW]WHU0RWRUHQWHLOH u +LQZHLV :HUGHQ 0HZHUWH DXI PP RGHU JHQDXHU DQJHJHEHQ PXVV GLH %DXWHLOWHPSHUDWXU & & EHWUDJHQ 7<3( &DUWHUDOEHURPRWRUH l &UDQNFDVH 3XOLUH L VHPLFDUWHU L FXVFLQHWWL D VIHUD H WXWWH OH JXDUQL]LRQL FXVFLQHWWL FRQ XQ GHWHUJHQWH QRQ DJJUHVVLYR l 3XOLUHWXWWHOHVXSHUILFLGLWHQXWD u 1RWD IDUH DWWHQ]LRQH D QRQ GDQQHJJLDUH OH VXSHUILFLGLWHQXWDGXUDQWHOHRSHUD]LRQL GLSXOL]LD ◊&RQWUROODUHFKHQRQVLDQRSUHVHQWLVSDFFDWXUHRGDQQL GLDOWURJHQHUHVXLVHPLFDUWHU ◊&RQWUROODUHLSDVVDJJLGHOO¶ROLR GHLFXVFLQHWWLSULQFL SDOLQRQVLDQRRVWUXLWLHVHQHFHVVDULROLEHUDUOLFRQDULD FRPSUHVVD &OHDQ ERWK FUDQNFDVH KDOYHV EDOO EHDULQJV DQG DOO EHDULQJVHDOVZLWKDQRQDJJUHVVLYHFOHDQLQJORWLRQ l n $WWHQWLRQ 'RQRWXVHGHJUHDVLQJRUFROGFOHDQLQJ n $WWHQ]LRQH QRQXVDUHVJUDVVDWRULRGLOXHQWL l .XUEHOJHKlXVH DJHQWV l n $FKWXQJ =XP 5HLQLJHQ NHLQ (QWIHWWXQJVPLWWHO RGHU.DOWUHLQJHUYHUZHQGHQ &OHDQDOOVHDOLQJIDFHV u 1RWH 'RQ WGDPDJHVHDOLQJIDFHVDWFOHDQLQJ ◊&KHFN ERWK FUDQNFDVH KDOYHV IRU FUDFNV DQG RWKHU GDPDJH ◊&KHFN RLO GXFWV IRU WKH PDLQ EHDULQJV IRU IUHH SDVVDJHDQGFOHDULIQHFHVVDU\ZLWKFRPSUHVVHGDLU %HLGH*HKlXVHKlOIWHQ5LOOHQNXJHOODJHUXQGVlPWOLFKH /DJHUVWHOOHQ JUQGOLFK LQ PLOGHP /|VXQJVPLWWHO UHLQLJHQ l 'LFKWIOlFKHQUHLQLJHQ u +LQZHLV 'LFKWIOlFKHQGDEHLQLFKWEHVFKlGLJHQ ◊%HLGH*HKlXVHKlOIWHQDXI5LVVHXQG%HVFKlGLJXQJHQ SUIHQ ◊'LH 6FKPLHUERKUXQJHQ GHU +DXSWODJHU DXI IUHLHQ 'XUFKJDQJ SUIHQ XQG JHJHEHQHQIDOOV PLW 'UXFNOXIW GXUFKEODVHQ 7<3( ◊&RQWUROODUHFKHLOSHUQRGHOODYLWHGLFRQWDWWRVLPXR YDIDFLOPHQWHHFKHODPROODVLDSUHWHQVLRQDWD/ HVWUH PLWj DUURWRQGDWD GHO SHUQR QRQ GHYH HVVHUH FRQVXPDWR )LVVDUH OD YLWH GL FRQWDWWR FRQ 6,/$67,& 579 ◊$OOD VRVWLWX]LRQH GHOOD SUHVD GL DOLPHQWD]LRQH GHOO DF TXDILVVDUHFRQ/2&7,7( ◊$VVLFXUDUVLFKHLSDUDROLRQRQVLDQRFRQVXPDWLRGDQ QHJJLDWL ◊&RQWUROODUHFKHWXWWLLFXVFLQHWWLDVIHUDVLPXRYDQRVHQ ]DSUREOHPLHQRQVLDQRFRUURVL $OODVRVWLWX]LRQHGHLFXVFLQHWWLDVIHUDFRQWUROODUHO LQ WHUIHUHQ]DQHOFDUWHU ,QWHUIHUHQ]D u 1RWD + PLQPP VROROHVHGLGHLFXVFLQHWWLDVIHUDGHOGH VPRGURPLFRVRQRVFRUUHYROL ◊$VVLFXUDUVL FKH QHVVXQD GHOOH VXSHUILFL GL WHQXWD VLD GDQQHJJLDWD ◊&RQWUROODUHFKHWXWWHOHILOHWWDWXUHVLDQRLQEXRQHFRQGL ]LRQL ◊&KHFNSLQRIFRQWDFWVFUHZIRUHDV\PRYHPHQWDQG SUHWHQVLRQRIVSULQJ7KHFXSRODRIWKHSLQPXVWQRWEH ZRUQ RII 6HFXUH FRQWDFW VFUHZ ZLWK 6,/$67,& 579 ◊$W UHQHZDO RI ZDWHU LQOHW VRFNHW DSSO\ /2&7,7( ◊,QVSHFWRLOVHDOVIRUZHDUDQGGDPDJH ◊&KHFNDOOEDOOEHDULQJVIRUHDV\PRWLRQDQGSLWWLQJ$W WKHUHQHZDORIDEDOOEHDULQJFKHFNWKHSUHVVILWLQWKH FUDQNFDVH ,QWHUIHUHQFH u 1RWH + PLQPP 2QO\ WKH EDOO EHDULQJ VHDWV RI WKH VKLIW GUXPDUHDVOLGLQJILW ◊,QVSHFWHDFKVHDOLQJIDFHIRUGDPDJH ◊&KHFNDOOWKUHDGVIRUJRRGFRQGLWLRQ GHU .RQWDNWVFKUDXEH DXI ◊.RQWDNWVWLIW /HLFKWJlQJLJNHLWXQG)HGHUYRUVSDQQXQJNRQWUROOLHUHQ 'LH .XSSH DP 6WLIW GDUI QLFKW DEJHWUDJHQ VHLQ 'LH .RQWDNWVFKUDXEH LVW PLW 6,/$67,& 579 DE]XGLFKWHQ ◊)DOOV GDV :DVVHU]XODXIURKU HUQHXHUW ZLUG LVW GHU 6LW]PLW/2&7,7(HLQ]XVWUHLFKHQ ◊:HOOHQGLFKWULQJH DXI $EQW]XQJ E]Z %HVFKlGLJXQJ SUIHQ ◊$OOH5LOOHQNXJHOODJHUDXI/HLFKWJlQJLJNHLWXQG3LWWLQJV EHUSUIHQ)DOOVHLQ.XJHOODJHUDXVJHWDXVFKWZHUGHQ PXVV LVW GLH 3UHEHUGHFNXQJ LP *HKlXVH QDFK]XPHVVHQ 3UHEHUGHFNXQJ + PLQPP u +LQZHLV 1XU GLH .XJHOODJHU GHU 6FKDOWZDO]H LP *HKlXVHKDEHQ6FKLHEHVLW]H ◊6lPWOLFKH 'LFKWIOlFKHQ DXI %HVFKlGLJXQJ NRQWUROOLHUHQ ◊$OOH*HZLQGHDXIHLQZDQGIUHLHQ=XVWDQGNRQWUROOLHUHQ 7<3( 6HPLFDUWUHUODWRYRODQRULPR]LRQH HULPRQWDJJLRGHLFXVFLQHWWLDVIHUH HGHLSDUDROLR l l 3UHULVFDOGDUH LO VHPLFDUWHU D XQD WHPSHUDWXUD DSSURVVLPDWLYDGL·& 7RJOLHUHHQWUDPELLSHUQLGLULIHULPHQWR u 1RWD l SHUHYLWDUHGDQQLDOOHVXSHUILFLGLWHQXWD SRUUHLOVHPLFDUWHUVXXQDVXSHUILFLHSLD QDDGHJXDWD (VWUDUUH LO SDUDROLR H LO FXVFLQHWWR D VIHUH GHOO¶DOEHURPRWRUHXVDQGRXQSXQ]RQHDGHJXDWR u 1RWD GLHWUR DO FXVFLQHWWR D VIHUH GHOO¶DOEHUR PRWRUH VRQR FROORFDWL JOL VSHVVRUL SHU LO JLRFRDVVLDOHGHOO¶DOEHURPRWRUH ,Q FDVR GL VRVWLWX]LRQH GHO FXVFLQHWWR D VIHUDGHYHHVVHUHVRVWLWXLWRDQFKHLOSD UDROLR &UDQNFDVHKDOIPDJQHWRVLGHUHPRYDODQGUHILWWLQJ RIEDOOEHDULQJVDQGRLOVHDOV l l 3UHKHDWFUDQNFDVHKDOIWRDSSUR[& 3XOORXWERWKGRZHOSLQV u 1RWH l l l 7R SUHYHQW DQ\ GDPDJH RI WKH VHDOLQJ IDFHV SODFH FUDQNFDVH KDOI RQ VXLWDEOH SODQHVXUIDFH 3UHVV RXW RLO VHDO DQG EDOO EHDULQJ RI WKH FUDQNVKDIWXVLQJDQDSSURSULDWHSXQFK u 1RWH *HKlXVHKlOIWHPDJQHWVHLWLJ$XVXQG(LQEDXGHU .XJHOODJHUXQG:HOOHQGLFKWULQJH %HKLQGWKHEDOOEHDULQJRIWKHFUDQNVKDIW DUHSODFHGWKHVKLPVIRUD[LDOFOHDUDQFH RIWKHFUDQNVKDIW:KHQFKDQJLQJWKH EDOO EHDULQJ WKH RLO VHDO KDV WR EH UHQHZHGWRR *HKlXVHKlOIWHDXIFD&HUZlUPHQ %HLGH=\OLQGHUVWLIWHKHUDXV]LHKHQ u +LQZHLV 8PHLQH%HVFKlGLJXQJGHU'LFKWIOlFKHQ ]XYHUPHLGHQLVWGLH*HKlXVHKlOIWHDXI HLQHJHHLJQHWH3ODQIOlFKH]XOHJHQ l :HOOHQGLFKWULQJ XQG.XJHOODJHU GHU.XUEHOZHOOH PLWHLQHPJHHLJQHWHQ'RUQHDXVSUHVVHQ u +LQZHLV +LQWHU GHP .XJHOODJHU GHU .XUEHOZHOOH EHILQGHQVLFKGLH$XVJOHLFKVVFKHLEHQ IUGDV$[LDOVSLHOGHU.XUEHOZHOOH%HLP $XVWDXVFKHQ GHV .XJHOODJHUV LVW DXFK GHU:HOOHQGLFKWULQJ]XHUQHXHUQ 7<3( l 3RVL]LRQDUHLOSDUDROLRGHOO¶DOEHURPRWRUHXWLOL]]DQGRXQ SXQ]RQH $WWUH]]LVSHFLDOL u 1RWD l + l 6SHFLDOWRRO 3XQ]RQHGLLQVHULPHQWR SDUW527$;Q LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR PRWRUH YLHQHPRQWDWRLQVLHPHDOO¶DOEHURPR WRUHGRSRDYHUYHULILFDWRLOJLRFRDVVLDOH 6LYHGDLOFDSLWROR³$OEHURPRWRUHGH WHUPLQD]LRQHGHOJLRFRDVVLDOH´ (VWUDUUHLOFXVFLQHWWRDVIHUH GHOO¶DOEHURSULPDULRFRQ XQSXQ]RQHDSSURSULDWRGRSRDYHUULPRVVRLOSDUDROLR u 1RWH l l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u +LQZHLV 'DV.XJHOODJHUGHU.XUEHOZHOOH ZLUG PLWVDPW GHU .XUEHOZHOOH QDFK GHP $[LDOVSLHODXVPHVVHQHLQJHEDXW6LHKH .DSLWHO .XUEHOZHOOH $[LDOVSLHO DXVPHVVHQ l UHPRYDO SDUDROLRGXUDQWHODULPR]LRQH ,QVHULUH LO SDUDROLR GHOO¶DOEHUR SULPDULR GDOO¶LQWHUQR YHUVRO¶HVWHUQRFRQXQSXQ]RQHGLLQVHULPHQWR + l n $WWHQWLRQ 'R QRW GDPDJH VHDW RI RLO VHDO DW n $WWHQ]LRQH QRQ GDQQHJJLDUH O¶DOORJJLDPHQWR GHO l 3UHVV RLO VHDO RI WKH FUDQNVKDIW ZLWK SXQFK LQWR SRVLWLRQ 'DV.XJHOODJHU GHU+DXWSZHOOHQDFKHQWIHUQHQGHV :HOOHQGLFKWULQJHV PLWHLQHPHQWVSUHFKHQGHQ'RUQ DXVSUHVVHQ n $FKWXQJ 'HQ 6LW] GHV :HOOHQGLFKWULQJHV GDEHL QLFKWEHVFKlGLJHQ l :HOOHQGLFKWULQJ GHU +DXSWZHOOH PLW HLQHP 0RQWDJHVWHPSHOYRQLQQHQQDFKDXHQHLQSUHVVHQ 6SH]LDOZHUN]HXJ + 0RQWDJHVWHPSHO 527$;1U 7<3( l 6SLQJHUH LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR SULPDULR FRQXQSXQ]RQHDGHJXDWR u 1RWD l ODSDUWHFKLXVDGHOODJDEELDGHYHHVVHUH ULYROWDYHUVRLOSDUDROLR , FXVFLQHWWL D VIHUH GHOO¶DOEHUR VHFRQGDULR H GHO FRQWUDOEHUR SRVVRQRHVVHUHHVWUDWWLFRQO¶HVWUDWWRUH SHUFXVFLQHWWL $WWUH]]LVSHFLDOL u 1RWD l + *UXSSRSLDWWRHVWUDWWRUH SDUW527$;Q 0DQLFRWWRHVWUDWWRUH SDUW527$;Q 0DQLFRWWRHVWUDWWRUH SDUW527$;Q SRUUH OD YHFFKLD JXDUQL]LRQH GHO VHPL FDUWHUVRWWRLOSLDWWRHVWUDWWRUHSHUHYLWD UHGDQQLDOODVXSHUILFLHGLWHQXWD 3UHVVLQEDOOEHDULQJRIWKHPDLQVKDIWZLWKDVXLWDEOH SXQFK u 1RWH l 7KHFORVHGVLGHRIWKHFDJHKDVWRSRLQW WRZDUGVRLOVHDO 7KH EDOO EHDULQJV RI WKH FOXWFK VKDIW DQG EDODQFH VKDIWFDQEHSXOOHGRXWE\WKHEHDULQJH[WUDFWRU 6SHFLDOWRRO u 1RWH l + 3XOOHUSODWHDVV\ 527$;QR ([WUDFWRUVOHHYH 527$;QR ([WUDFWRUVOHHYH 527$;QR 3ODFHROGFUDQNFDVHJDVNHWXQGHUSXOOHU SODWHWRSUHYHQWDQ\GDPDJHWRVHDOLQJ IDFH .XJHOODJHU GHU +DXSWZHOOH PLW JHHLJQHWHP 0RQWDJHVWHPSHOHLQSUHVVHQ u +LQZHLV 'LHJHVFKORVVHQH6HLWHGHV.lILJVPXVV ]XP:HOOHQGLFKWULQJ]HLJHQ l 'LH .XJHOODJHU GHU 9RUJHOHJHZHOOH XQG $XVJOHLFKVZHOOHN|QQHQPLWGHP/DJHUDXV]LHKHU KHUDXVJH]RJHQZHUGHQ + $EGUFNSODWWH 527$;1U 6SH]LDOZHUN]HXJ 6SUHL]KOVH 527$;1U 6SUHL]KOVH 527$;1U u +LQZHLV $OWH *HKlXVHGLFKWXQJ XQWHU GLH $EGUFNSODWWHOHJHQXPGLH'LFKWIOlFKH QLFKW]XEHVFKlGLJHQ 7<3( l 6SLQJHUHQXRYDPHQWHHQWUDPELLFXVFLQHWWLDVIHUHQHO FDUWHUSUHULVFDOGDWR u 1RWD l ODSDUWHSRVWHULRUHGHOODJDEELDGHOFX VFLQHWWR GHYH HVVHUH ULYROWD YHUVR O¶HVWHUQR u 1RWH l l ,OFXVFLQHWWRDUXOOLQLSHUO¶LQJUDQDJJLRGHOPRWRULQRGL DYYLDPHQWR SXz HVVHUH WLUDWR IXRUL FRQ XQ HVWUDWWRUH SHUFXVFLQHWWL $WWUH]]LVSHFLDOL + *UXSSRHVWUDWWRUH FXVFLQHWWL SDUW527$;Q 3UHVV LQ DJDLQ ERWK EDOO EHDULQJV LQ SUHKHDWHG FUDQNFDVH 7KH EDFN RI WKH EHDULQJ FDJH KDV WR SRLQWWRZDUGVRXWVLGH 7KHQHHGOHEHDULQJIRUVWDUWHUJHDUFDQEHSXOOHGRXW ZLWKDEHDULQJSXOOHU 6SHFLDOWRRO l + %HDULQJSXOOHUDVV\ 527$;QR %HLGH .XJHOODJHU PLW JHHLJQHWHP 0RQWDJHVWHPSHO LQ GDVZDUPH*HKlXVHZLHGHUHLQSUHVVHQ u +LQZHLV 'LH 5FNVHLWH GHV /DJHUNlILJV PXVV QDFKDXHQ]HLJHQ l 'LH1DGHOKOVHIUGDV6WDUWHUJHWULHEHNDQQPLWGHP 1DGHOODJHUDXV]LHKHUKHUDXVJH]RJHQZHUGHQ + 1DGHOODJHUDXV]LHKHUNSO 527$;1U 6SH]LDOZHUN]HXJ 7<3( 6HPLFDUWHUODWRIUL]LRQHULPR]LRQH HULPRQWDJJLRGHLFXVFLQHWWLDVIHUHHGHLSDUDROLR l l l l l l 6HLQVWDOODWRVRORVXOODYHUVLRQH5;WRJOLHUHLOIHUPR GHOO LQJUDQDJJLRGLLQQHVWR 3UHULVFDOGDUHLOVHPLFDUWHUDGXQDWHPSHUDWXUDGL· & (VWUDUUH HQWUDPEL L SHUQL GL ULIHULPHQWR SHU LO FRSHUFKLRIUL]LRQH SHUHYLWDUHGDQQLDOOHVXSHUILFLGLWHQXWD u 1RWD SRVL]LRQDUHLOVHPLFDUWHUVXXQDVXSHUIL FLHSLDQDDGHJXDWD (VWUDUUHLOSDUDROLRGHOO¶DOEHURPRWRUH (VWUDUUH LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR PRWRUH XVDQGRXQSXQ]RQHDGHJXDWR5LPRQWDUHVHJXHQGROD VWHVVDSURFHGXUDFRQODSDUWHFKLXVDGHOODJDEELDGHO FXVFLQHWWRULYROWDYHUVRO LQWHUQR 3HUULPRQWDUHLOSDUDROLRGHOO¶DOEHURPRWRUHVSLQJHUOR QHOODVXDSRVL]LRQHGDOO¶HVWHUQRYHUVRO¶LQWHUQRFRQXQ SXQ]RQHGLLQVHULPHQWR $WWUH]]LVSHFLDOL u 1RWD + 3XQ]RQHGLLQVHULPHQWR SDUW527$;Q LOERUGRGHOSDUDROLRGHYHHVVHUHULYROWR YHUVR O¶HVWHUQR ,O SDUDROLR QRQ GHYH SRJJLDUHVXOFXVFLQHWWRDVIHUH &UDQNFDVHKDOIFOXWFKVLGHUHPRYDODQGUHILWWLQJRI EDOOEHDULQJVDQGRLOVHDOV l l l ,IILWWHGRQ5;YHUVLRQRQO\UHPRYHUDWFKHWJHDUVWRS 3UHKHDWFUDQNFDVHKDOIWR& 3XOORXWERWKGRZHOSLQVIRUWKHFOXWFKFRYHU u 1RWH l l l u 1RWH l l l 3ODFH FUDQNFDVH KDOI RQ VXLWDEOH SODQH VXUIDFH WR SUHYHQW DQ\ GDPDJH WR VHDOLQJIDFH 5HPRYHRLOVHDORIFUDQNVKDIW 3UHVV RXW EDOO EHDULQJ RI FUDQNVKDIW ZLWK VXLWDEOH SXQFK5HILWIROORZLQJWKHVDPHSURFHGXUHZLWKFORVHG VLGHRIEHDULQJFDJHSRLQWLQJLQZDUGV 7R UHILW WKH RLO VHDO RI WKH FUDQNVKDIW SUHVV LW LQ SRVLWLRQIURPRXWVLGHLQZDUGVE\LQVHUWLRQSXQFK 6SHFLDOWRRO *HKlXVHKlOIWHNXSSOXQJVVHLWLJ$XVXQG(LQEDX GHU.XJHOODJHUXQG:HOOHQGLFKWULQJH + ,QVHUWLRQSXQFK 527$;QR 7KHVHDOLQJOLSRIWKHRLOVHDOKDVWRSRLQW RXWZDUGV7KHRLOVHDOPXVWQRWUHVWRQ EDOOEHDULQJ 6SHUUUDGDQVFKODJ HYHQWXHOO HQWIHUQHQ QXU $XVIKUXQJ5; *HKlXVHDXI&HUZlUPHQ %HLGH =\OLQGHUVWLIWH IU GHQ .XSSOXQJVGHFNHO HQWIHUQHQ u +LQZHLV *HKlXVHKlOIWH DXI HLQH JHHLJQHWH 3ODQIOlFKHOHJHQXP%HVFKlGLJXQJGHU 'LFKWIOlFKHQ]XYHUPHLGHQ l l l :HOOHQGLFKWULQJGHU.XUEHOZHOOHHQWIHUQHQ .XJHOODJHU GHU .XUEHOZHOOH PLW JHHLJQHWHP 'RUQ DXVSUHVVHQ'HU(LQEDXHUIROJWDQDORJGD]XZREHLGLH JHVFKORVVHQ6HLWHGHV.lILJVQDFKLQQHQ]HLJHQPXVV :HOOHQGLFKWULQJ GHU .XUEHOZHOOH PLW HLQHP 0RQWDJHVWHPSHOYRQDXHQQDFKLQQHQHLQSUHVVHQ 6SH]LDOZHUN]HXJ + 0RQWDJHVWHPSHO 527$;1U u +LQZHLV 'LH 'LFKWOLSSH GHV :HOOHQGLFKWULQJHV PXVV QDFK DXHQ ]HLJHQ 'HU :HOOHQGLFKWULQJ GDUI NHLQHVIDOOV DP .XJHOODJHUDQVWHKHQ 7<3( l (VWUDUUHLOFXVFLQHWWRDVIHUH GHOO¶DOEHURVHFRQGDULRH GHOO¶DOEHURSULPDULR FRQXQSXQ]RQHDGHJXDWR 5LPRQWDUHVHJXHQGRODVWHVVDSURFHGXUD u 1RWD l ODSDUWHFKLXVDGHOODJDEELDGHOFXVFLQHW WRGHOO DOEHURVHFRQGDULR GHYHHVVHUH ULYROWD YHUVR O¶HVWHUQR H VXO FXVFLQHWWR GHOO¶DOEHUR SULPDULR OD SDUWH FKLXVD GHYHHVVHUHULYROWDYHUVRO¶LQWHUQR u 1RWH l l 7RJOLHUHODYLWHDWHVWDVYDVDWD0 HODURQGHOODGL EORFFDJJLR HG HVWUDUUH LO FXVFLQHWWR D VIHUH GHO FRQWUDOEHUR3HULOPRQWDJJLRGHOFXVFLQHWWRVHJXLUHOD VWHVVDSURFHGXUDILVVDQGRODYLWHDWHVWDVYDVDWD0 FRQLO/2&7,7( u 1RWD ODSDUWHFKLXVDGHOODJDEELDGHOFXVFLQHW WR D VIHUH GHYH HVVHUH ULYROWD YHUVR O¶HVWHUQR 3UHVVRXWEDOOEHDULQJRIFOXWFKVKDIWDQGPDLQVKDIW ZLWK DSSURSULDWH SXQFK 5HILW IROORZLQJ WKH VDPH SURFHGXUH l JHVFKORVVHQH 6HLWH GHV .lILJV QDFK DXHQ ]HLJHQ %HLP +DXSWZHOOHQODJHU PXVV GLH JHVFKORVVHQH 6HLWH QDFK LQQHQ]HLJHQ l 7KHFORVHGVLGHRIWKHEDOOEHDULQJFDJH KDVWRSRLQWRXWZDUGV 3UHPHUH HQWUDPEL L SHUQL GL ULIHULPHQWR QHOOD ORUR SRVL]LRQHQHOFRSHUFKLRIUL]LRQH 6HQNVFKUDXEH 0 PLW +DOWHVFKHLEH O|VHQ XQG .XJHOODJHU GHU $XVJOHLFKVZHOOH DXVSUHVVHQ 'HU (LQEDX HUIROJW DQDORJ GD]X ZREHL GLH 6HQNVFKUDXEH 0PLW/2&7,7(]XVLFKHUQLVW u +LQZHLV 'LH JHVFKORVVHQH 6HLWH GHV .XJHOODJHUNlILJV PXVV QDFK DXHQ ]HLJHQ 3UHVVERWKGRZHOSLQVLQWRSRVLWLRQLQFOXWFKFRYHU l l 'LH.XJHOODJHUGHU9RUJHOHJHZHOOH XQG+DXSWZHOOH PLW HLQHP HQWVSUHFKHQGHQ 'RUQ DXVSUHVVHQ 'HU (LQEDXHUIROJWDQDORJGD]X u +LQZHLV %HLP 9RUJHOHZHOOHQODJHU PXVV GLH 7KH FORVHG VLGH RI WKH EHDULQJ FDJH RI FOXWFK VKDIW EHDULQJ KDV WR SRLQW RXWZDUGV DQG RQ PDLQVKDIW EHDULQJ WKHFORVHGVLGHPXVWSRLQWLQZDUGV 5HPRYH FRXQWHUVXQN VFUHZ 0 DQG UHWDLQLQJ ZDVKHU DQG SUHVV RXW EDOO EHDULQJ RI WKH EDODQFH VKDIW )LW WKH EHDULQJ IROORZLQJ WKH VDPH SURFHGXUH VHFXUHFRXQWHUVXQNVFUHZ0ZLWK/2&7,7( u 1RWH l %HLGH =\OLQGHUVWLIWH IU GHQ .XSSOXQJVGHFNHO HLQSUHVVHQ 7<3( $OEHURPRWRUH l &UDQNVKDIW ,O FXVFLQHWWR D VIHUH ODWR YRODQR SRWUHEEH ULPDQHUH VXOO¶DOEHUR PRWRUH /D ULPR]LRQH GL TXHVWR FXVFLQHWWR GHYHHVVHUHHIIHWWXDWDXWLOL]]DQGRXQHVWUDWWRUH $WWUH]]LVSHFLDOL + *UXSSRHVWUDWWRUHFXVFLQHWWL SDUW527$;Q 6HPLDQHOOL SDUW527$;Q $QHOORGLFHQWUDJJLR SDUW527$;Q ◊&RQWUROODUHOHFRQGL]LRQLHO¶XVXUDGHOO¶DOEHURPRWRUH PD[PP (FFHQWULFLWj &XVFLQHWWRELHOODJLRFRUDGLDOH PD[PP PP &XVFLQHWWRELHOODJLRFRDVVLDOH /LPLWHGLXVXUD PD[PP &XVFLQHWWRVSLQRWWRJLRFRUDGLDOH PD[PP /LPLWHGLXVXUD + + + + + ,QROWUHFRQWUROODUHO¶XVXUDGHLVHJXHQWLFRPSRQHQWL ◊6HGLFXVFLQHWWL ◊6XSHUILFLHGLFRQWDWWRGHLSDUDROLR ◊6FDQDODWXUHSHUOHOLQJXHWWHDGLVFR ◊&RQLFLWjGHOVHPLDOEHURPRWRUHODWRYRODQR ◊)LOHWWDWXUDGHOVHPLDOEHURPRWRUHODWRYRODQR ◊6FDQDODWXUHGHOVHPLDOEHURPRWRUHODWRIUL]LRQH l .XUEHOZHOOH 7KH PDJQHWR VLGH EDOO EHDULQJ FRXOG UHPDLQ RQ WKH FUDQNVKDIW5HPRYHWKLVEHDULQJZLWKDSXOOHU 6SHFLDOWRRO + %HDULQJSXOOHUDVVHPEO\ 5RWD[QR 5LQJKDOYHV 5RWD[QR &HQWHULQJULQJ 5RWD[QR ◊&KHFNFUDQNVKDIWIRUFRQGLWLRQDQGZHDU PD[PP 2XWRIURXQGQHVV PD[PP &RQURGEHDULQJUDGLDOFOHDUDQFH PP &RQURGEHDULQJD[LDOFOHDUDQFH :HDUOLPLW PD[PP 3LVWRQSLQEHDULQJUDGLDOFOHDUDQFH :HDUOLPLW PD[PP + + + + + ,QDGGLWLRQFKHFNWKHIROORZLQJLWHPVIRUZHDU ◊%HDULQJVHDWV ◊&RQWDFWVXUIDFHIRURLOVHDOV ◊*URRYHVIRU:RRGUXIINH\V ◊7DSHUIRUPDJQHWRVLGHFUDQNVKDIWKDOI ◊7KUHDGRIPDJQHWRVLGHFUDQNVKDIWKDOI ◊6SOLQHVRIFOXWFKVLGHFUDQNVKDIWKDOI l %HLP$XVGUFNHQGHU.XUEHOZHOOHNDQQGDVPDJQHWVHLWLJH .XJHOODJHUDXIGHU.XUEHOZHOOHEOHLEHQ'LHVHV/DJHULVW PLWGHP/DJHUDE]LHKHUDE]X]LHKHQ 6SH]LDOZHUN]HXJ + $E]LHKHUNSO 527$;1U 5LQJKlOIWHQ 527$;1U 5LQJ 527$;1U ◊.XUEHOZHOOHDXI9HUVFKOHLSUIHQ PD[PP .XUEHOZHOOHQVFKODJ PD[PP 3OHXHOODJHU5DGLDOOXIW PP 3OHXHOODJHU$[LDOVSLHO 9HUVFKOHLJUHQ]H PD[PP .ROEHQERO]HQODJHUXQJ5DGLDOOXIW PD[PP 9HUVFKOHLJUHQ]H + + + + + :HLWHUVVLQGDXI9HUVFKOHL]XSUIHQ ◊/DJHUVLW]H ◊2EHUIOlFKHIU:HOOHQGLFKWULQJH ◊1XWHQIU6FKHLEHQIHGHUQ ◊.RQXVIOlFKHGHUPDJQHWVHLWLJHQ.XUEHOZHOOHQKlOIWH ◊*HZLQGHGHUPDJQHWVHLWLJHQ.XUEHOZHOOHQKlOIWH ◊9HU]DKQXQJGHUNXSSOXQJVVHLWLJHQ.XUEHOZHOOHQKlOIWH 7<3( l l 4XDQGRVLVRVWLWXLVFHLOJUXSSRDOEHURPRWRUHSUHPHUH LVHPLDOEHULULVSHWWDQGRODPLVXUDGLPP 3HU OD ULSDUD]LRQH GHO FXVFLQHWWR GHOOD ELHOOD VRQR GLVSRQLELOLLVHJXHQWLNLWSHUO¶DOEHURPRWRUH l l :KHQXWLOL]LQJFUDQNVKDIWUHSDLUNLWVSUHVVFUDQNVKDIW KDOYHV WR WKH GLPHQVLRQRI PP DFURVV ZHEV )RU WKH UHSDLU RI WKH FRQ URG EHDULQJ WKH IROORZLQJ FUDQNVKDIWNLWVDUHDYDLODEOH l l :HQQGHU.XUEHOZHOOHQVDW]DXVJHWDXVFKWZLUGVLQGGLH .XUEHOZHOOHQKlOIWHQ DXI GDV 0D PP ]XVDPPHQSUHVVHQ )U GLH 5HSDUDWXU GHV 3OHXHOODJHUV VLQG IROJHQGH .XUEHOZHOOHQVlW]HHUKlOWOLFK .LWDOEHUR PRWRUH Q527$; %LHOODGHOOR VSHVVRUH³$´ 8WLOL]]DELOHSHUDOEHUR PRWRUHFRQVSDOODGL VSHVVRUH³%´ &UDQNVKDIW 5RGVL]H$ $SSOLFDEOHIRUFUDQNVKDIW ZLWKZHEWKLFNQHVV% NLW527$; FRQURG 1R ³YHFFKLR´ PP PP ROG PP PP DOW PP PP ³QXRYR´ PP PPH PP 7LSLPRWRUH QHZ PP PPDQG PP HQJLQHW\SHV QHX PP PPXQG PP 0RWRUW\SHQ u 1RWD LO³YHFFKLR´NLWDOEHURPRWRUHSDUW52 7$;QSXzHVVHUHXVDWRVROR SHUDOEHULPRWRUHFRQVSDOODGHOORVSHV VRUH GL PP ,O ³QXRYR´ NLW DOEHUR PRWRUH SDUW 527$; Q q SURYYLVWR GL XQD ELHOOD D EDVVR SHVR H SXz HVVHUH XVDWR SHU WXWWL JOL DOEHUL PRWRUHGHLPRWRULWLSR u 1RWH 7KH ROG FUDQNVKDIW NLW 5RWD[ SDUW QR FDQ EH XVHG RQO\ IRU FUDQNVKDIWVZLWKDZHEWKLFNQHVVRI PP7KHQHZFUDQNVKDIWNLW5RWD[SDUW QRFRPHVZLWKOLJKWZHLJKWFRQ URGDQGPD\EHXVHGIRUDQ\FUDQNVKDIW RIWKHHQJLQHW\SHV .XUEHOZHOO 6FKDIWVWlUNH 9HUZHQGXQJ.XUEHOZHOOH HQVDW] $ PLW:DQJHQEUHLWH% 527$;1U 3OHXHOVWDQJH u +LQZHLV 'HUDOWH.XUEHOZHOOHQVDW]527$;1U GDUI QXU IU .XUEHOZHOOHQ PLW :DQJHQEUHLWH PP YHUZHQGHW ZHUGHQ 'HU QHXH .XUEHOZHOOHQVDW] 527$; 1U KDW HLQH /HLFKWSOHXHOVWDQJHXQGNDQQQXUIUDOOH .XUEHOZHOOHQ GHU 0RWRUW\SHQ YHUZHQGHWZHUGHQ 7<3( l 8QNLWSHUODULSDUD]LRQHGHOO¶DOEHURPRWRUHqFRPSRVWR GDXQDELHOODXQSHUQRGLELHOODXQFXVFLQHWWRD UXOOLQLHGXHURQGHOOHGLVSLQWD n $WWHQ]LRQHTXHVWL FRPSRQHQWL VRQR SURJHWWDWL H SUHGLVSRVWL SHU HVVHUH VRVWLWXLWL VROR LQ NLW/DULSDUD]LRQHGHOO¶DOEHURPRWRUHUL FKLHGH O¶XWLOL]]R GL DWWUH]]L VSHFLDOL H GHYHHVVHUHHIIHWWXDWDVRORSUHVVROHRI ILFLQH DXWRUL]]DWH FKH KDQQR OD QHFHV VDULDHVSHULHQ]D l $FUDQNVKDIWUHSDLUNLWFRQVLVWVRIFRQURGFUDQNSLQ QHHGOHEHDULQJ DQGWKHWZRWKUXVWZDVKHUV n $WWHQWLRQ 7KHVHFRPSRQHQWVDUHPDWFKHGDQGDUH DOORZHG WR EH FKDQJHG DV FRPSOHWH NLW RQO\ 5HSDLU RI WKH FUDQNVKDIW UHTXLUHV VSHFLDO WRROLQJ DQG RXJKW WR EH FDUULHG RXWH[FOXVLYHO\E\D5HSDLU6KRSZLWKWKH QHHGHGH[SHULHQFH l (LQ .XUEHOZHOOHQVDW] EHVWHKW DXV 3OHXHOVWDQJH 3OHXHO]DSIHQ 1DGHOODJHU XQG GLH EHLGHQ $QODXIVFKHLEHQ n $FKWXQJ 'LHVH7HLOHVLQGJHSDDUWXQGGUIHQQXU DOV 6DW] DXVJHWDXVFKW ZHUGHQ 'LH 5HSDUDWXU GHU .XUEHOZHOOH GDUI QXU LQ GHQ 9HUWUDJVZHUNVWlWWHQ HUIROJHQ GLH GLHHQWVSUHFKHQGH(UIDKUXQJKDEHQ 7<3( $OEHURPRWRUHGHWHUPLQD]LRQH GHOJLRFRDVVLDOH &UDQNVKDIWGHWHUPLQDWLRQ RID[LDOFOHDUDQFH .XUEHOZHOOH$[LDOVSLHO DXVPHVVHQ n $WWHQ]LRQH n $WWHQWLRQ n $FKWXQJ l l LQFDVRGLYHULILFDRQHOFDVRLQFXLLOFDU WHUO DOEHURPRWRUHRLFXVFLQHWWLSULQFL SDOLVLDQRVWDWLVRVWLWXLWLLOJLRFRDVVLDOH GHOO DOEHURPRWRUHGHYHUHVVHUHFRQWURO ODWRHVHQHFHVVDULRGHWHUPLQDWRQXRYD PHQWH 3UHULVFDOGDUH LO FXVFLQHWWR SULQFLSDOH ILQR D & H IDUORVFRUUHUHVXOVHPLFDUWHUODWRYRODQR 0LVXUDUH OD GLPHQVLRQH GL LQVHULPHQWR $ GHOO DOEHUR PRWRUH u 1RWD OD GLPHQVLRQH GL LQVHULPHQWR VL PLVXUD GDOO DQHOORLQWHUQRGHOFXVFLQHWWRDOOR VSDOODPHQWRGHOO DOEHURPRWRUH l l )RU YHULILFDWLRQ RU LI FUDQNFDVH FUDQNVKDIW RU PDLQ EHDULQJV KDYH EHHQ UHQHZHG WKH D[LDO FOHDUDQFH RI FUDQNVKDIWKDVWREHYHULILHGDQGLIQHHG EHQHZO\GHWHUPLQHG 3UHKHDWPDLQEHDULQJWR&DQGVOLGHRQPDJQHWR VLGHFUDQNVKDIWKDOI 7DNHILWWLQJGLPHQVLRQ$RIFUDQNVKDIW u 1RWH 7KH ILWWLQJ GLPHQVLRQ LV PHDVXUHG IURP LQQHU UDFH RI EHDULQJ WR VKRXOGHU RI FUDQNVKDIW l l =XU .RQWUROOH E]Z ZHQQ GDV .XUEHOJHKlXVH .XUEHOZHOOH RGHU GLH +DXSWODJHU HUQHXHUW ZXUGHQ LVW GDV $[LDOVSLHO GHU .XUEHOZHOOH QHX DXV]XPHVVHQ XQG JHJHEHQHQIDOOV QHX DXV]XGLVWDQ]LHUHQ +DXSWODJHU DXI & HUZlUPHQ XQG DXI GLH PDJQHWVHLWLJHQ.XUEHOZHOOHQKlOIWHDXIVFKLHEHQ 'LH(LQEDXZHLWH0D$GHU.XUEHOZHOOHHUPLWWHOQ u +LQZHLV 'LH (LQEDXZHLWH ZLUG JHPHVVHQ YRP /DJHULQQHQULQJ ]XP %XQG GHU .XUEHOZHOOH 7<3( l ,OJLRFRDVVLDOHVSHFLILFDWRGHOO DOEHURPRWRUHVLRWWLHQH SRVL]LRQDQGR GHJOL VSHVVRUL QHO VHPLFDUWHU ODWR YRODQR +PP *LRFRDVVLDOHGHOO DOEHURPRWRUH /D GLPHQVLRQH GHJOL VSHVVRUL ULFKLHVWL GHYH FRUULVSRQGHUHDTXDQWRLQGLFDWRQHOODWDYRODVHJXHQWH 'LPHQVLRQH GLLQVWDOOD]LRQH GHOO DOEHURPRWRUH$ 6SHVVRUHWRWDOH ·PP PP ·PP PP u 1RWD n $WWHQ]LRQH JOL VSHVVRUL GD PP H PP VRQRJLjGLVSRQLELOL ODSURFHGXUDLQGLFDWDSHUODGHWHUPLQD ]LRQHGHOJLRFRDVVLDOHqYDOLGDVRORVH YLHQH XWLOL]]DWD OD JXDUQL]LRQH 25,*, 1$/(527$; FRQXQRVSHVVRUHHI IHWWLYR GL PP LQ VWDWR GL FRPSUHVVLRQH l 7KH VSHFLILHG D[LDO FOHDUDQFH RI WKH FUDQNVKDIW LV DFKLHYHG E\ SODFLQJ VKLPV LQWR PDJQHWR VLGH FUDQNFDVHKDOI &UDQNVKDIWD[LDOFOHDUDQFH + PP 7KLFNQHVVRIUHTXLUHGVKLPPLQJLVDVSHUWKHIROORZLQJ WDEOH l 'DV YRUJHVFKULHEHQH .XUEHOZHOOHQ$[LDOVSLHO ZLUG GXUFK (LQOHJHQ YRQ 3DVVVFKHLEHQ LQ GLH PDJQHWVHLWLJH*HKlXVHKlOIWHHUUHLFKW $[LDOVSLHO.XUEHOZHOOH + PP 'LH *HVDPWVWlUNH GHU EHL]XOHJHQGHQ 3DVVVFKHLEHQ DQKDQGGHU7DEHOOHEHVWLPPHQ &UDQNVKDIWLQVWDOODWLRQ GLPHQVLRQ³$´ 7RWDOWKLFNQHVVRIVKLPPLQJ .XUEHOZHOOH 0D$´ *HVDPWVWlUNHGHU 3DVVVFKHLEHQ PP PP PP PP PP PP PP PP u 1RWH 6KLPV RI WKLFNQHVV PP DQG PPDUHUHDGLO\DYDLODEOH u +LQZHLV (VVLQG3DVVVFKHLEHQYRQGHU6WlUNH PPXQGPPHUKlOWOLFK n $WWHQWLRQ 7KH VWDWHG SURFHGXUH IRU GHWHUPLQDWLRQ RIWKHD[LDOFOHDUDQFHLVYDOLGRQO\LIWKH *(18,1( 527$; JDVNHW LV XVHG ZLWKDQHIIHFWLYHWKLFNQHVVRIPP PPLQWKHFRPSUHVVHGVWDWH n $FKWXQJ 'LHVH9RUJDQJVZHLVHIUGHQ$XVJOHLFK GHV $[LDOVSLHOV GHU .XUEHOZHOOH LVW QXU JOWLJ PLW GHU 25,*,1$/ 527$; *HKlXVHGLFKWXQJ ZHOFKH LQ JHSUHWHP =XVWDQG HLQH 6WlUNH YRQ PPPPDXIZHLVW 7<3( &RQWUDOEHURLQJUDQDJJLFRPDQGR FRQWUDOEHUR ◊&RQWUROODUHO XVXUDGHOFRQWUDOEHUR 6HGHFXVFLQHWWRODWRYRODQR 'LDPHWUROLPLWHGLXVXUD PLQ∅PP + 6HGHFXVFLQHWWRODWRIUL]LRQH 'LDPHWUROLPLWHGLXVXUD PLQ∅PP + ◊$VVLFXUDUVLFKHODVFDQDODWXUDGHOO DQHOORGLEORFFDJJLR QRQVLDXVXUDWDRGDQQHJJLDWD ◊&RQWUROODUHO XVXUDGHOODGHQWDWXUDLQWHUQDHGHVWHU QD GHJOLLQJUDQDJJLGLFRPDQGRGHOFRQWUDOEHUR n $WWHQ]LRQH JOLLQJUDQDJJLHJOLDQHOOL25VXOODSDUWH SRVWHULRUHGHOO LQJUDQDJJLRGHOFRQWUDO EHURVXOO DOEHURPRWRUHGHYRQRHVVHUH VRVWLWXLWLGRSRNP %DODQFHVKDIWEDODQFHGULYHJHDUV $XVJOHLVFKVZHOOH$XVJOHLFKVUlGHU ◊&KHFNEDODQFHVKDIWIRUZHDU 0DJQHWRVLGHEHDULQJVHDW :HDUOLPLWGLD PLQ∅PP ◊'LH$XVJOHLFKVZHOOHDXI9HUVFKOHLSUIHQ 0DJQHWVHLWLJHU/DJHUVLW] 9HUVFKOHLJUHQ]H PLQPP + &OXWFKVLGHEHDULQJVHDW PLQ∅PP :HDUOLPLWGLD + ◊&KHFNUHWDLQLQJULQJJURRYHIRUGDPDJHDQGZHDU ◊&KHFN LQWHUQDO DQG H[WHUQDO WRRWKLQJ RI WKH EDODQFHGULYHJHDUVIRUZHDU n $WWHQWLRQ 7KHEDODQFHJHDUVDQGWKH2ULQJVDWWKH EDFNRIEDODQFHJHDURQFUDQNVKDIWKDYH WREHUHQHZHGDIWHUNP + .XSSOXQJVVHLWLJHU/DJHUVLW] PLQPP 9HUVFKOHLJUHQ]H + ◊'LH 1XW IU GHQ 6LFKHUXQJVULQJ DXI %HVFKlGLJXQJ XQG9HUVFKOHLSUIHQ ◊'LH,QQHQYHU]DKQXQJXQG$XHQYHU]DKQXQJGHU $XVJOHLFKVUlGHUDXI9HUVFKOHLSUIHQ n $FKWXQJ 'LH $XVJOHLFKVUlGHU VRZLH GHU 25LQJ KLQWHU GHP $XVJOHLFKVUDG GHU .XUEHOZHOOH VLQG QDFK NP ]X HUQHXHUQ 7<3( &DPELR l l *HDUER[ 5LPXRYHUH LQJUDQDJJL DQHOOL HODVWLFL GL VLFXUH]]D H FXVFLQHWWL D UXOOLQL GDOO DOEHUR SULPDULR H GDOO DOEHUR VHFRQGDULR 5LPXRYHUHJOLDQHOOLHODVWLFLGLVLFXUH]]D u 1RWD SHUPH]]RGLSLQ]HVSHFLDOLFRQDUUHVWR LQ PRGR GD ULGXUUH DO PLQLPR OR VWUHVV VXJOLDQHOOLVWHVVL 5LSRUUHJOLLQJUDQDJJLQHOO RUGLQHGLPRQWDJJLRLQPRGR GDJDUDQWLUHXQFRUUHWWRULPRQWDJJLR ◊9HULILFDUHO XVXUDGHOOHVHJXHQWLSDUWL *DEELHHUXOOLQLGHLFXVFLQHWWLDUXOOLQL )LDQFKLGLWXWWLJOLLQJUDQDJJL ,QQHVWLGHJOLLQJUDQDJJLHUHODWLYHFDYH 6FDQDODWXUHGHOO DOEHURSULPDULRHGHOO DOEHURVHFRQGD ULR %XRQVFRUULPHQWRGLWXWWLJOLLQJUDQDJJLGHOO DOEHURSUL PDULRHGHOO DOEHURVHFRQGDULR 6XSHUILFLHFXVFLQHWWLGLWXWWLJOLLQJUDQDJJLIROOL 6HUUDJJLRGHOSLJQRQHFDWHQD l 5HPRYHJHDUVFLUFOLSVDQGQHHGOHEHDULQJVIURPPDLQ VKDIWDQGFOXWFKVKDIW l u 1RWH l 5HPRYHFLUFOLSVXVLQJVSHFLDOSOLHUVZLWK OLPLW VWRS WKXV ZDUUDQWLQJ WR NHHS WKH VWUHVV LQ WKH FLUFOLS WR WKH DEVROXWH PLQLPXP /D\DVLGHJHDUVFRRUGLQDWHGWRILWWLQJORFDWLRQWRHQVXUH FRUUHFWUHDVVHPEO\ *HWULHEH ◊&KHFNWKHIROORZLQJSDUWVIRUZHDU &DJHVDQGQHHGOHVRIQHHGOHEHDULQJV )ODQNVRIDOOJHDUV 'RJVDQGGRJZLQGRZVRIJHDUV 6SOLQHVRIPDLQVKDIWDQGFOXWFKVKDIW $OOVKLIWJHDUVRIPDLQVKDIWDQGFOXWFKVKDIWIRUHDV\ PRYHPHQW %HDULQJVXUIDFHRIDOOLGOLQJJHDUV 7LJKWHQLQJRIFKDLQVSURFNHW =DKQUlGHU 6LFKHUXQJVULQJH XQG 1DGHONlILJH YRQ GHU +DXSWZHOOHE]Z9RUJHOHJHZHOOHDEQHKPHQ u +LQZHLV 'LH l 6LFKHUXQJVULQJH PLWWHOV 6SH]LDO]DQJH PLW $QVFKODJ DXVEDXHQ GDPLWJHZlKUOHLVWHWLVWGDVV GLHVHQXU DXI GDV NOHLQVWH QRWZHQGLJH 0D JHGHKQWZLUG 'LH=DKQUlGHUHQWVSUHFKHQGGHU(LQEDXODJHDXIOHJHQ XPGHQULFKWLJHQ=XVDPPHQEDX]XJHZlKUOHLVWHQ ◊)ROJHQGH7HLOHDXI9HUVFKOHLSUIHQ .lILJHE]Z1DGHOQGHU1DGHOODJHU =DKQIODQNHQVlPWOLFKHU=DKQUlGHU .ODXHQE]Z.ODXHQIHQVWHUGHU*HWULHEHUlGHU .HLOZHOOHQSURILOGHU+DXSWXQG9RUJHOHJHZHOOH 6lPWOLFKH6FKDOWUlGHUDXI/HLFKWJlQJLJNHLWDXIGHU +DXSWE]Z9RUJHOHJHZHOOH /DJHUIOlFKHDQDOOHQ/RVUlGHUQ $Q]XJGHV.HWWHQUDGV 7<3( ◊6HGLFXVFLQHWWLGHOO DOEHURSULPDULRHGHOO DOEHURVHFRQ GDULR ◊%HDULQJVHDWVRIWKHPDLQDQGFOXWFKVKDIW ◊/DJHUVLW]HGHU+DXSWXQG9RUJHOHJHZHOOH 'HYLD]LRQHDPPHVVD PD[PP 3HUPLVVLEOHGHIOHFWLRQ PD[PP =XOlVVLJHU6FKODJ PD[PP /LPLWHGLXVXUD PLQ∅PP :HDUOLPLW PLQ∅PP 9HUVFKOHLJUHQ]H PLQPP /LPLWHGLXVXUD PLQ∅PP :HDUOLPLW PLQ∅PP 9HUVFKOHLJUHQ]H PLQPP /LPLWHGLXVXUD PLQ∅PP :HDUOLPLW PLQ∅PP 9HUVFKOHLJUHQ]H PLQPP u 1RWD 4XDQGR VL ULVFRQWUD XVXUD GHL ILDQFKL GHLGHQWLLULVSHWWLYLLQJUDQDJJLGHYR QRHVVHUHVRVWLWXLWL 4XDQGRVLULVFRQWUDXVXUDGHJOLLQQHVWL RGHOOHFDYHLULVSHWWLYLLQJUDQDJJLGH YRQRHVVHUHVRVWLWXLWL u 1RWH ,QFDVHRIZHDURIWKHWRRWKIODQNVWKH UHVSHFWLYH PDWLQJ JHDUV KDYH WR EH UHQHZHG ,Q FDVH RI ZHDU RI GRJV RU GRJ ZLQGRZV WKH UHVSHFWLYH PDWLQJ JHDUV KDYHWREHUHQHZHG u +LQZHLV %HL 9HUVFKOHL DQ GHQ =DKQIODQNHQ PXVV GDV MHZHLOLJH 5lGHUSDDU HUQHXHUWZHUGHQ %HL 9HUVFKOHL DQ .ODXHQ E]Z .ODXHQIHQVWHUQ PVVHQ GLH EHWURIIHQHQ LQHLQDQGHUJUHLIHQGHQ 5lGHUHUQHXHUWZHUGHQ 7<3( l 5LPRQWDJJLR GHOO DOEHUR VHFRQGDULR H GHOO DOEHUR SULPDULRLQRUGLQHLQYHUVR n $WWHQ]LRQH *OL DQHOOL HODVWLFLGL VLFXUH]]DGHYRQR HVVHUH VRVWLWXLWL GRSR RJQL VPRQWDJ JLRGHOFDPELR 3HU PRQWDUH JOL DQHOOL HODVWLFL GL VLFX UH]]DqQHFHVVDULRXVDUHXQSDLRGL SLQ]HVSHFLDOLFRQDUUHVWR 4XDQGR VL PRQWDQR JOL DQHOOL GL VLFX UH]]DVXOO DOEHURHVWHQGHUQHOHHVWUH PLWjLOPHQRSRVVLELOH 0RQWDUH JOL DQHOOL GL VLFXUH]]D FRQ LO ERUGR DUURWRQGDWR ULYROWR YHUVR LO FXVFLQHWWRDUXOOLQL 3RVL]LRQDUHOHHVWUHPLWjGHOO DQHOORGL VLFXUH]]D FHQWUDOPHQWH DOOD VFDQDOD WXUD 3ULPDGHOPRQWDJJLROXEULILFDUHWXWWLL FXVFLQHWWLDUXOOLQL 8VDUH VROR SLJQRQL FDWHQD RULJLQDOL 527$;SHUFKqDOWULPHQWLLOVHUUDJJLR GHOO DOEHURSULPDULRYHUUHEEHFRPSUR PHVVRHODJDUDQ]LDVDUHEEHQXOOD l 5HDVVHPEOH FOXWFK DQG PDLQVKDIW IROORZLQJ WKH UHYHUVHGVHTXHQFH n $WWHQWLRQ 7KHFLUFOLSVKDYHWREHUHQHZHGDIWHU HDFKGLVDVVHPEO\RIJHDUER[ 7R ILW WKH FLUFOLSV D VSHFLDO SDLU RI SOLHUVZLWKDOLPLWVWRSKDVWREHXVHG 2SHQ HQGV RI FLUFOLS RQO\ WR WKH DEVROXWHPLQLPXPZKHQILWWLQJLWRQWKH VKDIW )LW FLUFOLSV ZLWK WKH URXQGHG HGJH WRZDUGVQHHGOHEHDULQJ 3RVLWLRQ FLUFOLS HQGV FHQWULF WR VSOLQH /XEULFDWH DOO QHHGOH EHDULQJV SULRU WR LQVWDOODWLRQ 8VH RQO\ JHQXLQH 527$; FKDLQ VSURFNHWV RWKHUZLVH VHUUDWLRQ RI PDLQVKDIW ZRXOG VXIIHU DQG ZDUUDQW\ ZLOOEHYRLG l 9RUJHOHJHZHOOH XQG +DXSWZHOOH VLQG LQ XPJHNHKUWHU 5HLKHQIROJHZLHGHU]XVDPPHQEDXHQ n $FKWXQJ 'LH 6LFKHUXQJVULQJH VLQG EHL MHGHU =HUOHJXQJGHV*HWULHEHV]XHUQHXHUQ =XP 0RQWLHUHQ GHU 6LFKHUXQJVULQJH LVWHLQH6SH]LDO]DQJHPLW$QVFKODJ]X YHUZHQGHQ 'LH (QGHQ GHV 6LFKHUXQJVULQJHV QXU VR ZHLW VSUHL]HQ GDVV GHU 6LFKHUXQJVULQJ JHUDGH QRFK EHU GLH :HOOHJHVFKREHQZHUGHQNDQQ 'HQ 6LFKHUXQJVULQJ PLW VHLQHU JHUXQGHWHQ .DQWH JHJHQ GHQ 1DGHONlILJJHULFKWHWHLQEDXHQ %HLGH 6LFKHUXQJVULQJHQGHQ PLWWLJ ]XP.HLODQRUGQHQ $OOH 1DGHOODJHU YRU GHP (LQEDXHQ HLQ|OHQ 1XU 2ULJLQDO527$; .HWWHQUlGHU YHUZHQGHQ GD VRQVW GLH .HUEHYHU]DKQXQJ GHU +DXSWZHOOH ]HUVW|UW ZLUG XQG GLH *HZlKUOHLVWXQJ HUOLVFKW 7<3( 'HVPRGURPLFR *HDUVKLIW 6FKDOWXQJ ◊&RQWUROODUHO XVXUDGHOOD]RQDGLFRQWDWWRVXOODIRUFHOOD HGHOSHUQRGLWUDVFLQDPHQWRGHOOHIRUFHOOH ◊9HULILFDUHO XVXUDGHOOHJROHGHOGHVPRGURPLFR ◊$VVLFXUDUVLFKHHQWUDPELLFXVFLQHWWLDVIHUHJLULQROL EHUDPHQWHHYHULILFDUHODSUHVHQ]DGLFRUURVLRQH LOPRWRUHYHUVLRQH&XVWRPIXQ]LRQD u 1RWD FRQ VHTXHQ]D GL WUDVPLVVLRQH LQYHUVD HGqULFRQRVFLELOHGDXQDVFDQDODWXUD VXOGHVPRGURPLFR ◊&KHFN EODGH DQG HQJDJHPHQW SLQ RI WKH VKLIW IRUNVIRUZHDU ◊,QVSHFWWUDFNVRQVKLIWGUXPIRUZHDU ◊9HULI\ HDV\ VSLQQLQJ RI ERWK EDOO EHDULQJV DQG LQVSHFWIRUSLWWLQJ ◊%ODWWXQG0LWQHKPHUERO]HQGHU6FKDOWJDEHOQDXI 9HUVFKOHLSUIHQ ◊.XOLVVHQGHU6FKDOWZDO]HDXI9HUVFKOHLSUIHQ ◊%HLGH .XJHOODJHU GHU 6FKDOWZDO]H DXI /HLFKWJlQJLJNHLWE]Z3LWWLQJVSUIHQ 7KH HQJLQH YHUVLRQ &XVWRP RSHUDWHV ZLWK UHYHUVHG JHDU VKLIW VHTXHQFH DQG LV UHFRJQL]DEOH E\ D JURRYHRQWKHVKLIWGUXP u +LQZHLV 'LH 0RWRUDXVIKUXQJ &XVWRP KDW ◊,OUXOOR GHOODOHYDGHYHJLUDUHOLEHUDPHQWH ◊9HULILFDUHLOFRUUHWWRIXQ]LRQDPHQWRGHOGHQWHG DUUHVWR HGHOODUHODWLYDPROOD ◊9HULILFDUHFKHO DOEHURFDPELRQRQVLDGHIRUPDWR PD[PP 'HYLD]LRQHDPPLVVLELOH ◊9HULILFDUHFKHHQWUDPELJOLDOEHULIRUFHOOHQRQVLDQRGH IRUPDWL PD[PP 'HYLD]LRQHDPPLVVLELOH ◊7KHUROOHURIWKHLQGH[OHYHUPXVWWXUQIUHHO\ ◊&KHFNSDZO DQGSDZOVSULQJIRUSURSHURSHUDWLRQ ◊&KHFNVKLIWVKDIWIRUVWUDLJKWQHVV PD[PP 3HUPLVVLEOHGHIOHFWLRQ ◊&KHFNERWKIRUNVSLQGOHVIRUVWUDLJKWQHVV PD[PP 3HUPLVVLEOHGHIOHFWLRQ ◊'LH5ROOHGHV,QGH[KHEHOVPXVVOHLFKWGUHKEDUVHLQ ◊6FKDOWNOLQNH XQG .OLQNHQIHGHU DXI )XQNWLRQ EHUSUIHQ ◊6FKDOWZHOOHDXI6FKODJNRQWUROOLHUHQ PD[PP =XOlVVLJHU6FKODJ ◊%HLGH6FKDOWVWDQJHQDXI6FKODJNRQWUROOLHUHQ PD[PP =XOlVVLJHU6FKODJ + + u 1RWD / HVWUHPLWj GHOO¶DOEHUR OXQJR GHOOD IRU FHOOD FKH VSRUJH GDO FDUWHU VHUYH FRPH IHUPRGHOODWUDVPLVVLRQHHSRWUHEEHSLH JDUVLLQFDVRGLFDULFRHFFHVVLYRXUWR ( SRVVLELOH FRQWUROODUH OD GHYLD]LRQH UL PXRYHQGRLOFRSHUFKLRIUL]LRQHHJLUDQGR LOPDQGULQROXQJR u 1RWH + + u 1RWH 7KH HQG RI WKH ORQJ IRUN VSLQGOH SURWUXGLQJ IURP FUDQNFDVH VHUYHV DV HQGVWRSRIJHDUVKLIWDQGPLJKWEHQG LQFDVHRIH[WUHPHORDGFUDVK &KHFNLQJRIGHIOHFWLRQLVSRVVLEOHZLWK FOXWFK FRYHU UHPRYHG E\ WXUQLQJ WKH ORQJIRUNVSLQGOH HLQH XPJHNHKUWH 6FKDOWIROJH XQG LVW HUNHQQEDU GXUFK HLQH 5LOOH DQ GHU 6FKDOWZDO]H + + u +LQZHLV 'HU DXV GHP *HKlXVH KHUDXVUDJHQGH 7HLO GHU ODQJHQ 6FKDOWVWDQJHGLHQWDOV(QGDQVFKODJ GHU 6FKDOWXQJ XQG NDQQ VLFK EHL H[WUHPHU%HODVWXQJ6WXU]YHUELHJHQ (LQH 3UIXQJ GHV 6FKODJHV LVW EHL DEJHQRPPHQHP .XSSOXQJVGHFNHO GXUFK 9HUGUHKHQ GHU ODQJHQ 6FKDOWVWDQJHP|JOLFK 7<3( 7UDVPLVVLRQHSULPDULDHIUL]LRQH l 7RJOLHUH OH EUXJROH 0 WUDVYHUVDOPHQWH H VPRQWDUHODIUL]LRQH u 1RWD LOGLVFRVXSHULRUHVHUYHFRPHPROODH GHYHHVVHUHULPHVVDQHOODVWHVVDSRVL ]LRQHVXSHULRUH 3ULPDU\GULYHDQGFOXWFK l 5HPRYH WKH $OOHQ VFUHZV 0 FURVVZLVH DQG GLVDVVHPEOHFOXWFK u 1RWH 7KH WRS SODLQ SODWH DFWV DV VSULQJ HOHPHQW DQGKDVWREHUHILWWHGLQWKH VDPHWRSORFDWLRQ ,OIXQ]LRQDPHQWRGHOODIUL]LRQHSXzHVVHUHLQIOXHQ]DWRR FRPSURPHVVRGDTXDQWRVHJXH 7KHRSHUDWLRQRIWKHFOXWFKZLOOEHLQIOXHQFHGRULPSDLUHG E\WKHIROORZLQJ ◊5HJROD]LRQHGHOODOHYDIUL]LRQHVLYHGDQROHVSHFLILFKH GHOFRVWUXWWRUHGHOPRWRFLFOR ◊5HJROD]LRQH GHOOD OHYD GL GLVWDFFR IUL]LRQH WUDPLWH OD YLWHGLEORFFDJJLRVLYHGDLOFDSLWROR5HJROD]LRQHIUL ]LRQH ◊'LVFKLIUL]LRQHULYHVWLWLROLVFLLUUHJRODUL /LPLWHGLGLVWRUVLRQH PD[PP ◊'LVFKLIUL]LRQHULYHVWLWLXVXUDWL /LPLWHGLXVXUDVSHVVRUH PLQPP ◊$GMXVWPHQWRIFOXWFKKDQGOVHHVSHFLILFDWLRQVRIELNH SURGXFHU ◊$GMXVWPHQW RI WKH FOXWFK UHOHDVH OHYHU YLD WKH JUXE VFUHZ6HHFKDSWHU&OXWFKDGMXVWPHQW ◊8QHYHQOLQHGRUSODLQFOXWFKSODWHV PD[PP /LPLWRIGLVWRUWLRQ ◊:RUQOLQHGFOXWFKSODWHV PLQPP :HDUOLPLWWKLFNQHVV + + + + 3ULPlUWULHEXQG.XSSOXQJ l 6HFKVNDQWVFKUDXEHQ 0 NUHX]ZHLVH O|VHQ XQG .XSSOXQJGHPRQWLHUHQ u +LQZHLV 'LH REHUVWH ,QQHQODPHOOH GLHQW DOV )HGHUHOHPHQW XQG PXVV DQ GHU VHOEHQ 6WHOOHZLHGHUHLQJHEDXWZHUGHQ 'LH)XQNWLRQGHU.XSSOXQJZLUGEHHLQWUlFKWLJWGXUFK ◊(LQVWHOOXQJ DP .XSSOXQJVKDQGKHEHO 6LHKH $QJDEHQ GHV0RWRUUDGKHUVWHOOHUV ◊(LQVWHOOXQJ GHV *HZLQGHVWLIWHV DP $XVUFNKHEHO 6LHKH.DSLWHO.XSSOXQJHLQVWHOOHQ ◊8QHEHQH%HODJODPHOOHQE]Z,QQHQODPHOOHQ PD[PP 9HU]XJVJUHQ]H ◊9HUVFKOLVVHQH%HODJODPHOOHQ 9HUVFKOHLJUHQ]H PLQPP + + 7<3( ◊6FDQDODWXUHGLJXLGDGHOODFDPSDQDIUL]LRQHRVFDQDOD WXUHGHOPR]]RIUL]LRQH XVXUDWH PD[PP 3URIRQGLWjGLLQVHULPHQWR ◊1HOFDVRLQFXLODFDPSDQDIUL]LRQHVLLQFDVWULWUDLOPR] ]RIUL]LRQHHO DQHOORLQWHUQRGHOFXVFLQHWWR *6XSHUILFLHGLVSLQWDGHOPR]]RIUL]LRQH XVXUDWD VRVWLWXLUHLOPR]]RIUL]LRQH PD[PP /LPLWHGLXVXUD *6SLQJHUHLOFXVFLQHWWRDVIHUHGHOO DOEHURVHFRQGD ULRQHOFDUWHUSUHULVFDOGDWREDWWHQGROHJJHUPHQWH FRQXQSXQ]RQHDGDWWRVXOO DQHOORHVWHUQRGHOFX VFLQHWWR ◊$EEDVVDPHQWRGHOOHPROOHIUL]LRQH OXQJKPLQ /LPLWHGLDEEDVVDPHQWR PROODOLEHUD PP + + + u 1RWD ,QFDVRGLVRVWLWX]LRQHFDPELDUHOHVHLPROOH IUL]LRQHFRQWHPSRUDQHDPHQWH 3HUPRWRULFRQSUHVWD]LRQLHOHYDWHVRQRGL VSRQLELOL PROOH IUL]LRQH SL UHVLVWHQWL SDUW 527$;Q ◊:RUQJXLGHVORWVLQFOXWFKKRXVLQJRUZRUQVSOLQHVRI FOXWFKKXE PD[PP 'HSWKRISRXQGLQJ ◊,IFOXWFKKRXVLQJJHWVMDPPHGEHWZHHQFOXWFKKXEDQG EHDULQJLQQHUUDFH * :RUQ WKUXVW IDFH RI FOXWFK KXE 5HQHZ FOXWFK KXE PD[PP :HDUOLPLW * 7DS EDOO EHDULQJ RI FOXWFK VKDIW LQWR SUHKHDWHG FUDQNFDVHE\XVLQJDVXLWDEOHSXQFKRQRXWHUUDFH RIEHDULQJ ◊6DJJLQJRIFOXWFKVSULQJV PLQIUHHVSULQJOHQJWK /LPLWRIVSULQJVDJ PP + + + u 1RWH ,Q FDVH RI UHQHZDO H[FKDQJH DOO FOXWFKVSULQJVDWWKHVDPHWLPH )RU HQJLQHV ZLWK LQFUHDVHG SHUIRUPDQFH VWURQJHU FOXWFK VSULQJV DUHDYDLODEOH5RWD[SDUWQR ◊9HUVFKOLVVHQH )KUXQJVQXWHQ GHV .XSSOXQJVNRUEHV E]Z $XHQYHU]DKQXQJ GHV 0LWQHKPHUV PD[PP (LQVFKODJWLHIH ◊:HQQEHLP%HWlWLJHQGHU.XSSOXQJGHU.XSSOXQJVNRUE ]ZLVFKHQ 0LWQHKPHU XQG /DJHULQQHQULQJ JHNOHPPW ZLUG * 9HUVFKOLVVHQH$QODXIIOlFKHGHV0LWQHKPHUV 0LWQHKPHUHUQHXHUQ PD[PP 9HUVFKOHLJUHQ]H * 5LOOHQNXJHOODJHUGHU9RUJHOHJHZHOOHEHLZDUPHP *HKlXVHDP$XHQULQJPLWJHHLJQHWHP6WHPSHO QDFKLQQHQVFKODJHQ ◊*HVHW]WH.XSSOXQJVIHGHUQ PLQPP 9HUVFKOHLJUHQ]H + + + u +LQZHLV *HJHEHQHQIDOOV LPPHU DOOH .XSSOXQJVIHGHUQ JHPHLQVDP DXVWDXVFKHQ )U OHLVWXQJVJHVWHLJHUWH 0RWRUDXVIKUXQJHQ VLQG KlUWHUH )HGHUQ 527$; 1U HUKlOWOLFK 7<3( 9HULILFDUHLQROWUHO XVXUDGHOOHVHJXHQWLSDUWL ◊)LDQFKLGHLGHQWLGHOODFDPSDQDIUL]LRQHHGHOO LQJUD QDJJLRGLFRPDQGR 6XLPRWRULFRQDYYLDPHQWRDSHGDOHYHUVLRQH5;YH ULILFDUH DQFKH L ILDQFKL GHOO LQJUDQDJJLR GL FRPDQGR GHOO DYYLDPHQWRDSHGDOHVXOODFDPSDQDIUL]LRQH u 1RWD O LQJUDQDJJLR GL FRPDQGR H O LQJUDQDJJLR GHOOD FDPSDQD IUL]LRQH YHQJRQR IRUQLWL LQ VLHPH H SRVVRQR HVVHUH VRVWLWXLWL VROR LQ FRSSLD ◊*DEELDHUXOOLQLGHLGXHFXVFLQHWWLDUXOOLQL ◊'HQWDWXUDGHOGLVFRLQWHUQR ◊5RWWXUHGHLGLVFKLGLDWWULWR ◊5RWWXUHVHJQLRXVXUDGHLGLVFKLLQWHUQLIUL]LRQH ◊/DVIHUD GHOGLVFRGLEORFFDJJLRVLGHYHPXRYHUHOL EHUDPHQWHHQRQGHYHHVVHUHXVXUDWD l 5LPRQWDUHODIUL]LRQHLQRUGLQHLQYHUVR u 1RWD ,OGLVFRIUL]LRQHULYHVWLWRDOO HVWUHPLWjVXSH ULRUH GHYH LQFDVWUDUVL QHOOH IHVVXUH SL FRUWH $YYLWDUHOHYLWLDWHVWDHVDJRQDOH0SUL PDVHQ]DILVVDUOHHVHUUDQGROHGRSRO LQ VWDOOD]LRQHGHOODIUL]LRQH $GGLWLRQDOO\FKHFNWKHIROORZLQJSDUWVIRUZHDU ◊7RRWKIODQNVRIFOXWFKKRXVLQJDQGGULYHJHDU 2QHQJLQHZLWKDNLFNVWDUW5;YHUVLRQFKHFNIODQNV RINLFNVWDUWGULYHJHDURQFOXWFKKRXVLQJDVZHOO u 1RWH 7KH GULYH JHDU DQG JHDU RQ FOXWFK KRXVLQJDUHPDWFKHGDQGDUHDOORZHGWR EHFKDQJHGLQSDLUVRQO\ ◊&DJHDQGQHHGOHVRIWKHWZRQHHGOHEHDULQJV ◊7RRWKLQJRIWKHLQQHUSUHVVXUHSODWH ◊)ULFWLRQSODWHVIRUFUDFNV ◊,QQHUFOXWFKSODWHVIRUFUDFNVVFRUHPDUNVDQGZHDU ◊%DOO RI UHWDLQLQJ SODWH DVV\ PXVW EH IUHHO\ PRYLQJ DQGZLWKRXWDQ\ZHDU l :HLWHUVVLQGIROJHQGH7HLOHDXI9HUVFKOHL]XSUIHQ ◊=DKQIODQNHQ GHV .XSSOXQJVUDGHV XQG GHV $QWULHEVUDGHV(EHQVRVLQGEHLP.XSSOXQJVUDGGLH =DKQIODQNHQIUGHQ.LFNVWDUWHUWULHEHQXU$XVIKUXQJ5; ]XSUIHQ u +LQZHLV 'DV$QWULHEVUDGXQGGDV.XSSOXQJVUDG VLQG]XHLQDQGHUJHSDDUWXQGGUIHQQXU JHPHLQVDPDXVJHWDXVFKWZHUGHQ 5HDVVHPEOHWKHFOXWFKLQUHYHUVHGVHTXHQFH ◊.lILJXQG1DGHOQGHUEHLGHQ1DGHOODJHU ◊9HU]DKQXQJGHU6WW]WHOOHUV ◊%HODJODPHOOHQDXI5LVVHIUHLKHLW ◊,QQHQODPHOOHQ DXI5LVVHIUHLKHLWGLHVHGUIHQNHLQH 5LHIHQXQG$QODXIIDUEHQDXIZHLVHQ ◊'LH.XJHO GHU'UXFNSODWWHPXVVVLFKIUHLEHZHJHQ XQGGDUINHLQH$EQW]XQJHQ]HLJHQ u 1RWH l 7KH OLQHG FOXWFK SODWH RQ WRS VKDOO HQJDJHLQWKHVKRUWHUVORWV )LWKH[KGVFUHZV0ILUVWORRVHO\ DQG WLJKWHQ SURSHUO\ DIWHU LQVWDOODWLRQ RIFOXWFK .XSSOXQJ LQ XPJHNHKUWHU 5HLKHQIROJH ZLHGHU ]XVDPPHQEDXHQ u +LQZHLV 'LH REHUVWH %HODJODPHOOH ZLUG YHUVHW]WHLQJHEDXW 'LH 6HFKVNDQWVFKUDXEHQ 0 QXU HLQLJH*HZLQGHJlQJHKLQHLQVFKUDXEHQ 'LHVHZHUGHQHUVWQDFKGHP(LQEDXIHVW DQJH]RJHQ 7<3( &RSHUFKLRIUL]LRQH &OXWFKFRYHU .XSSOXQJVGHFNHO ◊9HULILFDUHFKHODVXSHUILFLHGLWHQXWDQRQVLDGDQQHJJLD WDHDVVLFXUDUVLFKHOHPDVFKLDWXUHVLDQRLQRUGLQH ◊$VVLFXUDUVLFKHLERUGLGLWHQXWDGHLSDUDROLRGHOO DOEHUR GHOFDPELRHGHOO DOEHURGHOO DYYLDPHQWRDSHGDOH VRORVXOPRWRUH5;QRQVLDQRXVXUDWLRGDQQHJJLDWL l 3HUPRQWDUHLSDUDROLRXVDUHXQSXQ]RQHDGHJXDWR $OEHURGHOFDPELR ◊,QVSHFW VHDOLQJ IDFH IRU GDPDJH DQG FKHFN WKDW WDSSLQJVDUHLQJRRGRUGHU ◊&KHFNVHDOLQJOLSVRIRLOVHDOVIRUVKLIWVKDIWDQGNLFN VWDUW VKDIW RQ 5; HQJLQH RQO\ IRU ZHDU DQG GDPDJH l )RUWKHILWWLQJRIRLOVHDOVXVHWKHDSSURSULDWHSXQFK 6KLIWVKDIW ◊'LFKWIOlFKH DXI %HVFKlGLJXQJHQ XQWHUVXFKHQ XQG VlPWOLFKH *HZLQGH DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ ◊'LFKWOLSSHQGHU:HOOHQGLFKWULQJHIUGLH6FKDOWZHOOH XQG GLH .LFNVWDUWHUZHOOH QXU $XVIKUXQJ 5; DXI 9HUVFKOHLE]Z%HVFKlGLJXQJHQEHUSUIHQ GHQ (LQEDX GHU :HOOHQGLFKWULQJH VLQG l )U HQWVSUHFKHQGH0RQWDJHVWHPSHO]XYHUZHQGHQ 6FKDOWZHOOH 6SHFLDOWRRO + $OEHURGHOO DYYLDPHQWRDSHGDOH $WWUH]]LVSHFLDOL 3XQ]RQHGLLQVHULPHQWR SDUW527$;Q .LFNVWDUWVKDIW 6SHFLDOWRRO ,QVHUWLRQSXQFK 5RWD[QR + ,QVHUWLRQSXQFK 5RWD[QR ◊$VVLFXUDUVLFKHODILOHWWDWXUDGHOODFDPPDGLVWDFFR VLDLQRUGLQH ◊$VVLFXUDUVL FKH OD FDPPD GL VWDFFR VL PXRYD VHQ]D SUREOHPLHFKHO DWWDFFRGHOFDYR QRQVLDURWWRRXVX UDWR ◊,QVSHFWWKUHDGRIUHOHDVHFDPDQGFKHFNWKDWLWLVLQ JRRGRUGHU ◊&KHFNUHOHDVHFDPIRUHDV\PRYHPHQWDQGFDEOHILWWLQJ IRUZHDUDQGFUDFNV $WWUH]]LVSHFLDOL +3XQ]RQHGLLQVHULPHQWR SDUW527$;Q + u 1RWD DOULPRQWDJJLRGHOODFDPPDGLVWDFFRDVVL FXUDUVLFKHO HVWUHPLWjGHOODPROODDFDPSD QD VL DSSRJJL EHQH VXOOD URQGHOOD H QRQWRFFKLODYLWHGLUHJROD]LRQH u 1RWH :KHQILWWLQJWKHUHOHDVHFDPPDNHVXUH WKDW WKH HQG RI WKH OHDI VSULQJ UHVWV QHDWO\RQZDVKHU DQGGRHVQRWWRXFK WKHDGMXVWPHQWVFUHZ 6SH]LDOZHUN]HXJ .LFNVWDUWHUZHOOH 6SH]LDOZHUN]HXJ + 0RQWDJHVWHPSHO 527$;1U + 0RQWDJHVWHPSHO 527$;1U ◊'DV*HZLQGHGHV$XVUFNWHOOHUV DXIHLQZDQGIUHLHQ =XVWDQGNRQWUROOLHUHQ ◊$XVUFNWHOOHU DXI /HLFKWJlQJLJNHLW SUIHQ XQG LP %HUHLFK GHU 6HLOHLQKlQJXQJ DXI 9HUVFKOHL XQG 5LVVHXQWHUVXFKHQ u +LQZHLV %HL GHU 0RQWDJH GHV $XVUFNWHOOHUV LVW GLH %ODWWIHGHU VR ]X SRVLWLRQLHUHQ GDVV GDV )HGHUHQGH VLFKHU DXI GHU 6FKHLEH DXIOLHJW XQG QLFKW DP *HZLQGHVWLIWDQVWHKW 7<3( *UXSSRDYYLDPHQWRDSHGDOH VRORSHUPRGHOOR5; .LFNVWDUWGULYH IRU5;PRGHORQO\ .LFNVWDUWHU QXU$XVIKUXQJ5; 9HULILFDUHO XVXUDGHLVHJXHQWLFRPSRQHQWL &KHFNWKHIROORZLQJFRPSRQHQWVIRUZHDU )ROJHQGH7HLOHDXI9HUVFKOHLSUIHQ ◊)LDQFKL GHL GHQWL GHOO LQJUDQDJJLR IROOH H GHOO LQJUD QDJJLRDYYLDPHQWRDSHGDOH ◊'HQWL GHOO LQJUDQDJJLR GL DYYLDPHQWR H GHOO LQJUD QDJJLRGLLQQHVWR ◊/ HVWUHPLWj GHOOD PROOD GHOO DYYLDPHQWR D SHGDOH GHYHEORFFDUVLVXOODSDUWHSLDWWD GHOO DOEHURGHOO DY YLDPHQWRDSHGDOH ◊7RRWKIODQNVRILGOHJHDUDQGNLFNVWDUWJHDU ◊7HHWKRIVWDUWLQJJHDUDQGUDWFKHWJHDU ◊(QGRINLFNVWDUWVSULQJPXVWEHORFNLQJRQIODWRI NLFNVWDUWVKDIW ◊=DKQIODQNHQ GHV =ZLVFKHQUDGHV XQG GHV 6WDUWHUUDGHV ◊=lKQHGHV6WDUWHUUDGHVXQG6SHUUUDGHV ◊'DV(QGHGHU6SLUDOIHGHUPXVVVLFKDQGHUIODFKHQ 6HLWHGHU.LFNVWDUWHUZHOOHEORFNLHUHQ 7<3( 9DOYRODGLVFDULFR5$9( QRQSUHVHQWHQHOODYHUVLRQH) ([KDXVWYDOYH5$9( 1RWRQ)YHUVLRQ $XVODVVVFKLHEHU5$9( QLFKWEHLGHU)9HUVLRQYRUKDQGHQ u 1RWD u 1RWH u +LQZHLV ODYDOYRODGLVFDULFRqD]LRQDWDGDXQVROH QRLGHWUDPLWHXQFDYRIOHVVLELOH ,OVROHQRLGHYLHQHDWWLYDWRLQXQGHWHUPLQDWR FDPSR GL UHJLPH GDOOD VFDWROD HOHWWURQLFD FKHULFHYHLOVHJQDOHGHOODURWD]LRQHGHOPR WRUHGDOODIUHTXHQ]DGHOFLUFXLWRSULPDULRVL YHGD LO FDSLWROR )XQ]LRQDPHQWR 5$9( FRQWUROOR l l l )DUVFLYRODUHLQGLHWURODFXIILDGLSURWH]LRQH 7RJOLHUH HQWUDPEH OH EUXJROH 0 H OH URQGHOOH GL EORFFDJJLR l 6OLGHEDFNSURWHFWLRQFDS 5HPRYHERWK$OOHQVFUHZV0DQGORFNZDVKHUV u 1RWH u 1RWD VHODYDOYRODVLPXRYHOLEHUDPHQWHHVWUDUUH GDOFLOLQGURLOJUXSSRYDOYRODGLVFDULFRLQVLH PHDOFDYRIOHVVLELOH l *LUDUHO DOORJJLDPHQWRGHOORVWHORYDOYROD GLH VFROOHJDUHLOFDYRIOHVVLELOH u 1RWD VHODYDOYRODGLVFDULFRqEORFFDWDLQSRVL]LR QH GL DSHUWXUD D FDXVD GHL UHVLGXL GHOOD FRPEXVWLRQHODYDOYRODGHYHHVVHUHVSLQWD LQGLHWUR FRQ XQ FDFFLDYLWH ILQR D TXDQGR LO FDYRIOHVVLELOHQRQVLVFROOHJD)DUHDWWHQ ]LRQHDQRQGDQQHJJLDUHODVXSHUILFLHGLWH QXWD l 7KH H[KDXVW YDOYH LV VROHQRLGRSHUDWHG YLD D %RZGHQ FDEOH 7KH VROHQRLG LV DFWLYDWHGDWDFHUWDLQVSHHGUDQJHE\WKH HOHFWURQLF ER[ ZKLFK UHFHLYHV HQJLQH VSHHG VLJQDO IURP IUHTXHQF\ RI WKH SULPDU\ FLUFXLW 6HH FKDSWHU 5$9( RSHUDWLRQFKHFNLQJ ,IWKHYDOYHLVIUHHO\PRYLQJZLWKGUDZWKH H[KDXVW YDOYH DVVHPEO\ DORQJ ZLWK %RZGHQFDEOHIURPWKHF\OLQGHU l l ,I WKH H[KDXVW YDOYH LV EORFNHG LQ WKH RSHQ SRVLWLRQ FDXVHG E\ FRPEXVWLRQ UHVLGXHV WKHQ WKH YDOYH KDV WR EH SXVKHG EDFN ZLWK D VFUHZGULYHU VR IDU WKDW WKH %RZGHQ FDEOH FDQ EH GLVHQJDJHG 7DNH FDUH QRW WR GDPDJH VHDOLQJIDFH 6FKXW]NDSSH]XUFNVFKLHEHQ %HLGH,QEXVVFKUDXEHQ0PLW)HGHUVFKHLEHQO|VHQ u +LQZHLV ,VW GHU 6FKLHEHU OHLFKWJlQJLJ NDQQ GLH JHVDPWH $XVODVVVFKLHEHUHLQKHLW VDPW 6HLO]XJ DXV GHP =\OLQGHU JH]RJHQ ZHUGHQ 7XUQ YDOYH URG KRXVLQJ E\ GHJUHHV DQG GLVHQJDJH%RZGHQFDEOH u 1RWH 'HU $XVODVVVFKLHEHU ZLUG EHU HLQHQ 6HLO]XJ GXUFK HLQHQ (OHNWURPDJQHWHQ EHWlWLJW 'HU (OHNWURPDJQHW ZLUG LQ HLQHPEHVWLPPWHQ'UHK]DKOEHUHLFKYRQ HLQHU (OHNWURQLNER[ DNWLYLHUW GLH GLH 0RWRUGUHK]DKO YRQ GHU )UHTXHQ] GHV 1LHGHUVSDQQXQJVVLJQDOV HUKlOW 6LHKH .DSLWHO5$9()XQNWLRQEHUSUIHQ l 6FKLHEHUIKUXQJ XP *UDG YHUGUHKHQ XQG 6HLO]XJDXVKlQJHQ u +LQZHLV ,VW GHU $XVODVVVFKLHEHU LQ JHVFKORVVHQHP =XVWDQG EORFNLHUW YHUXUVDFKW GXUFK 9HUEUHQQXQJVUFNVWlQGH PXVV GLHVHU PLW HLQHP 6FKUDXEHQ]LHKHU VR ZHLW KHUDXVJHGUFNW ZHUGHQ GDVV GDV 6HLO DXV GHQ 6FKLHEHU DXVJHKlQJW ZHUGHQ NDQQ 'LFKWIOlFKH GDEHL QLFKW EHVFKlGLJHQ 7<3( l l 7RJOLHUHO DOORJJLDPHQWRGHOORVWHORYDOYROD LQVLHPH DOODPROODHDOODJXDUQL]LRQH (VWUDUUHODYDOYRODGLVFDULFR FRQXQHVWUDWWRUHSHU YDOYROH $WWUH]]LVSHFLDOL + (VWUDWWRUHYDOYRODGLVFDULFR SDUW527$;Q ◊$VVLFXUDUVLFKHODJXDUQL]LRQHGHOORVWHORYDOYROD H O DQHOOR25 LQVHULWRQHOO DOORJJLDPHQWRYDOYRODQRQ VLDQRXVXUDWLRGDQQHJJLDWL u 1RWD VXO PRWRUH WLSR &XVWRP q SUHYLVWD XQDURQGHOODGLJRPPDDJJLXQWLYD ◊(OLPLQDUH L UHVLGXL GHOOD FRPEXVWLRQH GDOOD YDOYROD GL VFDULFRHGDOFRQGRWWRYDOYRODQHOFLOLQGUR ◊$VVLFXUDUVLFKHODYDOYRODGLVFDULFRQRQVLDXVXUDWDR GDQQHJJLDWD l l 5HPRYHYDOYHURGKRXVLQJDORQJZLWKVSULQJDQG JDVNHW :LWKGUDZH[KDXVWYDOYHE\YDOYHSXOOHU 6SHFLDOWRRO + ([KDXVWYDOYHSXOOHUDVV\ 5RWD[SDUWQR ◊&KHFNYDOYHVWHPVHDODQG2ULQJ ILWWHGLQYDOYH KRXVLQJIRUZHDUDQGGDPDJH u 1RWH 2Q WKH HQJLQH W\SH &XVWRP DQ DGGLWLRQDOUXEEHUZDVKHULVILWWHG ◊&OHDUH[KDXVWYDOYHDQGYDOYHGXFWLQF\OLQGHUIURP FRPEXVWLRQUHVLGXHV ◊&KHFNH[KDXVWYDOYHIRUZHDUDQGFUDFNV l l 6FKLHEHUIKUXQJ PLW )HGHU XQG 'LFKWXQJ DEQHKPHQ $XVODVVVFKLHEHU PLW GHP 6FKLHEHUDXV]LHKHU KHUDXV]LHKHQ 6SH]LDOZHUN]HXJ + 6FKLHEHUDXV]LHKHUNSO 527$;1U ◊6FKDIWGLFKWXQJ XQG 25LQJ PRQWLHUW LQ 6FKLHEHUIKUXQJ DXI 9HUVFKOHL E]Z %HVFKlGLJXQJHQSUIHQ u +LQZHLV 'HU =\OLQGHU IU GLH 0RWRUDXVIKUXQJ &XVWRP KDW ]XVlW]OLFK HLQH *XPPLVFKHLEH ◊$XVODVVVFKLHEHUXQG6FKLHEHUNDQDOLP=\OLQGHUYRQ 9HUEUHQQXQJVUFNVWlQGHQVlXEHUQ ◊$XVODVVVFKLHEHUDXI9HUVFKOHLXQG5LVVHSUIHQ 7<3( l 5LPRQWDUHVHJXHQGRO RUGLQHLQYHUVR u 1RWD 3RVL]LRQDUHFRUUHWWDPHQWHODYDOYRODGL VFDULFRQHOFLOLQGURO DWWDFFRGHOFDYR qGLUHWWRYHUVRLOEDVVRHFRQODYDO YRODFRPSOHWDPHQWHDSHUWDO HVWUHPL Wj GHOOD YDOYROD GHYH HVVHUH DOOR VWHVVROLYHOORGHOODOXFHGLVFDULFR 'RSRO LQVWDOOD]LRQHGHOO DOORJJLDPHQWR VWHORYDOYRODDVVLFXUDUVLFKHODYDOYR ODGLVFDULFRVLPXRYDOLEHUDPHQWH l 5HDVVHPEO\LQUHYHUVHGVHTXHQFH u 1RWH (QVXUH FRUUHFW SRVLWLRQ RI H[KDXVW YDOYHLQF\OLQGHUFDEOHILWWLQJSRLQWV GRZQZDUGV DQG ZLWK WKH YDOYH IXOO\ SXOOHGRSHQWKHHQGRIWKHYDOYHKDV WREHOHYHOZLWKWKHH[KDXVWSRUW 9HULI\IUHHPRYHPHQWRIH[KDXVWYDOYH DIWHUILWWLQJWKHYDOYHURGKRXVLQJ l 'HU=XVDPPHQEDXHUIROJWLQXPJHNHKUWHU5HLKHQIROJH u +LQZHLV $XI GLH (LQEDXODJH GHV $XVODVVVFKLHEHUV LP =\OLQGHU DFKWHQ GLH 6HLOKlQJXQJ ]HLJW QDFK XQWHQ E]ZLPRIIHQHQJH]RJHQHQ=XVWDQG PXVVGLH8QWHUVHLWHGHV6FKLHEHUV PLWGHP$XVSXIINDQDOSODQVHLQ 'HU $XVODVVVFKLHEHU PXVV QDFK 0RQWDJHGHU6FKLHEHUVWDQJHQIKUXQJ OHLFKWJlQJLJVHLQ 7<3( &LOLQGUR &\OLQGHU =\OLQGHU ◊5LPXRYHUHLGHSRVLWLFDOFDUHLGDOO¶DFTXDGDOO¶LQWHUFDSH GLQHGLUDIIUHGGDPHQWRVXOFLOLQGUR ◊(OLPLQDUHLUHVLGXLGHOODFRPEXVWLRQHGDOODOXFHGLVFD ULFR ◊3XOLUHHFRQWUROODUHODVFDQDODWXUDGHOO DQHOOR25 ◊$VVLFXUDUVLFKHWXWWHOHILOHWWDWXUHVLDQRLQEXRQHFRQ GL]LRQL ◊$VVLFXUDUVLFKHWXWWHOHVXSHUILFLGLWHQXWDVLDSLDQHH SXOLWH ◊9HULILFDUHO XVXUDGHOODSDUHWHFLOLQGUR ◊5HPRYH FDOFDUHRXV GHSRVLWV IURP ZDWHU MDFNHW RI F\OLQGHU ◊&OHDUH[KDXVWSRUWIURPFRPEXVWLRQGHSRVLWV ◊&OHDQDQGFKHFN2ULQJJURRYH ◊&KHFNDOOWKUHDGVIRUJRRGFRQGLWLRQ ◊(QVXUHWKDWDOOVHDOLQJIDFHVDUHFOHDQDQGSODQH ◊&KHFNF\OLQGHUZDOOIRUZHDU ◊.DONDEODJHUXQJHQ YRP =\OLQGHUZDVVHUPDQWHO HQWIHUQHQ ◊$XVODVVNDQDO YRQ 9HUEUHQQXQJVUFNVWlQGHQ UHLQLJHQ ◊25LQJ1XWUHLQLJHQXQGNRQWUROOLHUHQ ◊6lPWOLFKH *HZLQGH DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ ◊6lPWOLFKH'LFKWIOlFKHQPVVHQVDXEHUXQGSODQVHLQ ◊=\OLQGHUODXIIOlFKHDXI9HUVFKOHLSUIHQ + + &LOLQGUR$% + /LPLWHGLXVXUD + &LOLQGUR% + /LPLWHGLXVXUD + &LOLQGUR$ /LPLWHGLXVXUD ∅PP ∅PP ∅PP ∅PP ∅PP ∅PP + + &\OLQGHU$% + :HDUOLPLW + &\OLQGHU% + :HDUOLPLW + &\OLQGHU$ :HDUOLPLW ∅PP ∅ PP ∅PP ∅PP ∅PP ∅PP + + =\OLQGHU$%+ 9HUVFKOHLJUHQ]H+ =\OLQGHU%+ 9HUVFKOHLJUHQ]H+ =\OLQGHU$ 9HUVFKOHLJUHQ]H 7<3( PP PP PP PP PP PP u 1RWD ,OFRGLFHGLPHQVLRQHFLOLQGURqVWDPSLJOLD WRVXOODVXSHUILFLHGHOODEDVHFLOLQGUR /DOHWWXUDGHOGLDPHWURFLOLQGURGHYHHVVH UHHIIHWWXDWDDO306 /DSDUWHLQIHULRUHGHOODVXSHUILFLHFLOLQGUR qVRJJHWWDVROWDQWRDXQDOHJJHUDXVXUD 6HOD]RQDGHO306GHOFLOLQGURqPROWR XVXUDWDQRQVLULOHYDQRSLLOFRORUHEULO ODQWH OD UXYLGLWj H OD OHYLJDWXUD VL SXz GHVXPHUHFKHLOPRWRUHqVWDWRIDWWRIXQ ]LRQDUH FRQ FDUEXUDQWH FRQ HFFHVVLYD FRQFHQWUD]LRQHGL]ROIR 3HULULPHGLVLYHGDLOFDSLWROR3LVWRQH ◊2YDOL]]D]LRQH /LPLWHGLXVXUD PD[PP ◊*LRFRWUDSLVWRQHHSDUHWHVLYHGDLOFDSLWROR3LVWR QH + u 1RWH 7KHFRGHRIF\OLQGHUVL]HLVVWDPSHG RQIDFHRIF\OLQGHUEDVH 7KH UHDGLQJ RI WKH F\OLQGHU GLDPHWHU KDV WR EH WDNHQ LQ 7'& WRS GHDG FHQWUHUDQJH 7KH ORZHU SDUW RI WKH F\OLQGHU ZDOO LV VXEMHFWWRVOLJKWZHDURQO\ ,I WKH 7'& UDQJH RI WKH F\OLQGHU LV EDGO\ ZRUQ EULJKW FRORXU URXJK DQG KRQLQJ SDWWHUQ QRW GHWHFWDEOH DQ\PRUH LW FDQ EH DVVXPHG WKDW HQJLQHZDVUXQRQIXHOZLWKH[FHVVLYH VXOSKXUFRQFHQWUDWLRQ)RUUHPHG\ VHHFKDSWHU3LVWRQ ◊2YDOL]DWLRQ :HDUOLPLW PD[PP ◊3LVWRQWRZDOOFOHDUDQFHVHHFKDSWHU3LVWRQ + u +LQZHLV 'LH 0DJUXSSH GHV =\OLQGHUV LVW DQ GHU=\OLQGHUIXIOlFKHHLQJHVWDQ]W 'HU =\OLQGHU LVW LP 27%HUHLFK REHUHU7RWSXQNW]XPHVVHQ 'HU XQWHUH %HUHLFK GHV =\OLQGHUV XQWHUOLHJW QXU JHULQJIJLJHP 9HUVFKOHL ,VW GHU .ROEHQ LP 27%HUHLFK EHVRQGHUV YHUVFKOLVVHQ KHOOHUH )DUEH UDXK XQG NHLQH +RQVSXUHQ PHKU VLFKWEDU GUIWH GHU 0RWRU PLW VWDUN VFKZHIHOKlOWLJHP %HQ]LQ EHWULHEHQ ZRUGHQ VHLQ $EVWHOOPDQDKPHQ VLHKH .DSLWHO .ROEHQ ◊2YDOLWlW 9HUVFKOHLJUHQ]H PD[PP ◊.ROEHQODXIVSLHOVLHKH.DSLWHO.ROEHQ + 7<3( 3LVWRQH 3LVWRQ .ROEHQ ◊9HULILFDUHVHFLVRQRWUDFFHGLGHWRQD]LRQHEDWWLWRLQWH VWDVXOO DUHDGL³VTXLVK´ HDOFHQWURGHOSLVWRQH 3HULULPHGLVLYHGDLOFDSLWROR5LFHUFDJXDVWL ◊$VVLFXUDUVLFKHLOSLVWRQHQRQSUHVHQWLURWWXUHVHJQLGL SUHVVLRQHHGLJULSSDJJLR ◊&KHFNIRUWUDFHVRIGHWRQDWLRQSLQJLQJDWVTXLVKHGJH DQG FHQWUH RI SLVWRQ )RU UHPHG\ VHH FKDSWHU 7URXEOH6KRRWLQJ ◊&KHFN SLVWRQ IRU FUDFNV SUHVVXUH PDUNV DQG SLVWRQ VHL]XUH ◊.RQWUROOH DXI 'HWRQDQWLRQ.OLQJHOVSXUHQ LP 4XHWVFKNDQWHQEHUHLFK XQG LP =HQWUXP GHV .ROEHQV8UVDFKHQEHKHEXQJVLHKH )HKOHUVXFKWDEHOOH ◊.ROEHQDXI5LVVHXQG'UXFNVWHOOHQE]Z.ROEHQIUHVVHU XQWHUVXFKHQ u 1RWD OHOHJJHUHULJDWXUHSRVVRQRHVVHUHHOLPLQD WHWUDPLWHDEUDVLRQHXVDQGRWHODVPHULJOLR JUDQD ◊3XOLUHLOFLHORGHOSLVWRQHHLOODWRLQIHULRUHFRPHSXUH OHVFDQDODWXUHGHOODIDVFLDHODVWLFD u 1RWD SXOLUH DFFXUDWDPHQWH OH VFDQDODWXUH GHOO DQHOORFRQXQUDVFKLHWWRRSUHIHULELOPHQ WHFRQXQSH]]RGLYHFFKLDIDVFLDHODVWLFD u 1RWH /LJKW VFXIILQJ PDUNV FDQ EH FOHDUHG E\ DEUDVLRQZLWKHPHU\FORWK JUDLQVL]H ◊&OHDQSLVWRQFURZQDQGXQGHUVLGHDVZHOODVSLVWRQULQJ JURRYHV u 1RWH &OHDQULQJJURRYHVFDUHIXOO\E\VFUDSHU RUSUHIHUDEO\ZLWKDSLHFHRIDQROGSLVWRQ ULQJ u +LQZHLV /HLFKWH 6FKDEVWHOOHQ N|QQHQ GXUFK OHLFKWHV $EVFKOHLIHQ PLW HLQHP 6FKPLUJHOOHLQHQ .|UQXQJ EHKREHQZHUGHQ ◊.ROEHQDQ.ROEHQERGHQ2EHUXQG8QWHUVHLWHVRZLH LQGHQ5LQJQXWHQUHLQLJHQ u +LQZHLV 'LH 5LQJQXW PLW 6FKDEHU E]Z DOWHQ .ROEHQULQJYRUVLFKWLJUHLQLJHQ 7<3( ◊(IIHWWXDUHODOHWWXUDGHOGLDPHWURSLVWRQHFRQXQPLFUR PHWURDXQDGLVWDQ]DGLPPGDOERUGRLQIHULRUHGHO SLVWRQH 'LPHQVLRQL 'LDPHWUR /LPLWHGL 'LPHQVLRQL SLVWRQH SLVWRQH XVXUD DSSURSULDWHFLOLQGUR $ PLQ $R$% % PLQ %R$% 6RYUDGLPHQVLR PLQ %RFLOLQGURULOHYLJDWR QDPHQWR 6RYUDGLPHQVLR PQ FLOLQGURULOHYLJDWR QDPHQWR u 1RWD OD GLPHQVLRQH QRPLQDOH GHO SLVWRQH q LPSUHVVDVXOFLHORGHOSLVWRQH ◊7DNHUHDGLQJRISLVWRQGLDPHWHUE\PLFURPHWHUDW PPGLVWDQFHIURPERWWRPHGJHRISLVWRQ 3LVWRQVL]H $ % 2YHUVL]H 3LVWRQGLD >PP@ 2YHUVL]H u 1RWH :HDUOLPLW $SSURSULDWHF\OLQGHU >PP@ VL]H 0LQ $RU$% 0LQ %RU$% 0LQ %RUUHKRQHG F\OLQGHU 0LQ 5HKRQHGF\OLQGHU 1RPLQDO VL]H RI SLVWRQ LV LPSULQWHG RQ SLVWRQFURZQ ◊.ROEHQGXUFKPHVVHUDXI+|KHPPJHPHVVHQYRQ GHU 8QWHUNDQWH GHV .ROEHQV PLW HLQHP $XHQPLNURPHWHUPHVVHQ .ROEHQ 0DJUXSSH $ % hEHUPD hEHUPD .ROEHQ 9HUVFKOHLJUHQ]H 'D]XJHK|ULJH >PP@ >PP@ =\OLQGHU0DJUXSSH PLQ $RGHU$% PLQ %RGHU$% PLQ %RGHU QDFKJHKRQWHU =\OLQGHU PLQ QDFKJHKRQWHU =\OLQGHU u +LQZHLV 'HU 1HQQGXUFKPHVVHU GHV .ROEHQV LVW DP.ROEHQERGHQHLQJHVWHPSHOW 7<3( ◊*LRFRWUDSLVWRQHHSDUHWH *LRFRWUDSLVWRQHHSDUHWH ∅FLOLQGURPHQR∅SLVWRQH *LRFRQRPLQDOH PP·PP /LPLWHGLXVXUD PD[PP + + n $WWHQ]LRQH 4XDQGRLOOLPLWHGLXVXUDYLHQHROWUH SDVVDWR XVDUH XQ SLVWRQH VRYUDGL PHQVLRQDWR R VRVWLWXLWH FLOLQGUR H SLVWRQH $OODVRVWLWX]LRQHGHOSLVWRQHVRVWLWXL UHDVVROXWDPHQWHDQFKHLGXHDQHOOL GL VLFXUH]]D OR VSLQRWWR H OD JDEELDDUXOOLQL ◊/RVSLQRWWRGHYHDGDWWDUVLDOSLVWRQHVHQ]DFRQVLGH UHYROHJLRFR ◊$VVLFXUDUVLFKHOHVFDQDODWXUHGHJOLDQHOOLGLVLFXUH]]D QRQVLDQRXVXUDWH ◊3LVWRQWRZDOOFOHDUDQFH 3LVWRQWRZDOOFOHDUDQFH ∅ RIF\OPLQXV∅ RISLVWRQ PPPP 1RPLQDOFOHDUDQFH :HDUOLPLW PD[PP + + n $WWHQWLRQ :KHQZHDUOLPLWLVH[FHHGHGXVHDQ RYHUVL]H SLVWRQ RU H[FKDQJH F\OLQGHU DQGSLVWRQ :KHQ FKDQJLQJ D SLVWRQ DOVR UHQHZ WKH WZR FLUFOLSV WKH SLVWRQ SLQ DQGWKHQHHGOHFDJH ◊3LVWRQ SLQ PXVW ILW LQ SLVWRQ ZLWKRXW QRWLFHDEOH FOHDUDQFH ◊&KHFNFLUFOLSVJURRYHVIRUZHDU ◊.ROEHQODXIVSLHOHUPLWWHOQ .ROEHQODXIVSLHO =\OLQGHU.ROEHQ ELVPP .ROEHQODXIVSLHO 9HUVFKOHLJUHQ]H PD[PP + + n $FKWXQJ :HQQ GLH 9HUVFKOHLJUHQ]H EHUVFKULWWHQ LVW LVW HLQ hEHUPDNROEHQ ]X YHUZHQGHQ E]Z GHU =\OLQGHU PLW .ROEHQ DXV]XWDXVFKHQ :HQQGHU .ROEHQ DXVJHWDXVFKWZLUG VLQG XQEHGLQJW GLH EHLGHQ 6LFKHUXQJVULQJH .ROEHQERO]HQ XQG .ROEHQERO]HQNlILJ PLW DXV]XZHFKVHOQ ◊'HU .ROEHQERO]HQ GDUI LP .ROEHQ NHLQ PHUNOLFKHV 6SLHODXIZHLVHQ ◊5LQJQXW IU GLH 6LFKHUXQJVULQJH DXI 9HUVFKOHL SUIHQ 7<3( ◊0LVXUDUHLOJLRFRDVVLDOHGHOOHIDVFHFRQXQRVSHVVLPH WUR PD[PP /LPLWHGLXVXUD ◊0HDVXUH WKH D[LDO FOHDUDQFH RI WKH ULQJV E\ IHHOHU JDXJH PD[PP :HDUOLPLW ◊0LWHLQHU)KOHUOHKUHGDVD[LDOH6SLHOGHU5LQJHLQ GHQ5LQJQXWHQHUPLWWHOQ 9HUVFKOHLJUHQ]H PD[PP ◊'LVWDQ]D WUDOHHVWUHPLWjGHOODIDVFLDHODVWLFD 'LVWDQ]DQRPLQDOH WUD OHHVWUHPLWj ·PP /LPLWHGLXVXUD PD[PP ◊(QGJDSRISLVWRQULQJ PP 1RPLQDOHQGJDS :HDUOLPLW PD[PP ◊'DV6WRVSLHOGHU.ROEHQULQJHHUPLWWHOQ PP 6WRVSLHO 9HUVFKOHLJUHQ]H PD[PP + + u 1RWD + 3HUPLVXUDUHODGLVWDQ]DWUDOHHVWUHPLWj GLXQDIDVFLDHODVWLFDSRVL]LRQDUHODID VFLDQHOFLOLQGURXVDQGRLOSLVWRQHFRPH PH]]RGLVSLQWDHFRQWUROODUHODGLVWDQ]D FRQXQRVSHVVLPHWUR + + u 1RWH + 7RPHDVXUHWKHHQGJDSRIDSLVWRQULQJ SRVLWLRQULQJLQWKHF\OLQGHUXVLQJSLVWRQ DV SXVKHU DQG FKHFN JDS E\ IHHOHU JDXJH + + + u +LQZHLV =XP $XVPHVVHQ GHV 6WRVSLHOV PLW HLQHU )KOHUOHKUH LVW GHU .ROEHQULQJ LQ GHQ =\OLQGHU ]X VWHFNHQ XQG PLW HLQHP .ROEHQDXV]XULFKWHQ 7<3( l , SLVWRQL VRQR GLVSRQLELOL FRQ GLYHUVL WLSL GL IDVFH LGHQWLILFDWHGDLUHODWLYLQXPHULGLSDUWH *UXSSRSLVWRQH 527$;1 u 1RWD 7LSR GLIDVFLDHODVWLFD FURPDWR FURPRFHUDPLFR FURPRFHUDPLFR QXRYRWLSR )DVFLDHODVWLFD 527$;1 QHOFDVRLQFXLLOSLVWRQHFKHSUHVHQWLXVX UDHFFHVVLYDGRYXWDDIXQ]LRQDPHQWRFRQ FDUEXUDQWHGLTXDOLWjLQIHULRUHDOWRFRQWH QXWR GL ]ROIR VRQR FRQVLJOLDWL DQHOOL LQ FURPRFHUDPLFD H VL GRYUHEEH XVDUH XQ FDUEXUDQWHGLPDUFDGLYHUVD ◊9HULILFDUHO XVXUDGLHQWUDPELLSHUQLGLILVVDJJLR l 3LVWRQV DUH DYDLODEOH ZLWK GLIIHUHQW W\SH RI ULQJV GHILQHGE\WKHSDUWQR 3LVWRQDVV\ 527$;1R 7\SHRISLVWRQULQJ &KURPHFHUDPLF &KURPHFHUDPLF QHZW\SH u 1RWH &KURPLXPSODWHG 3LVWRQULQJ 527$;1R )RU D SLVWRQ ZLWK DSSDUHQW H[FHVVLYH ZHDUGXHWRRSHUDWLRQZLWKIXHORILQIHULRU TXDOLW\ KLJK VXOSKXU FRQWHQW WKH FKURPHFHUDPLFULQJVDUHUHFRPPHQGHG DQG WKH EUDQG RI IXHO RXJKW WR EH FKDQJHG ◊&KHFNERWKVHFXULQJSLQVIRUZHDU l (V VLQG .ROEHQ PLW YHUVFKLHGHQHQ 7HLOH1XPPHUQ HUKlOWOLFK GLH VLFK QXU LQ GHU 5LQJEHVWFNXQJ XQWHUVFKHLGHQ .ROEHQ NSO527$;1U .ROEHQULQJH7\SH &KURP.HUDPLN &KURP.HUDPLN ³1(8´ &KURP .ROEHQULQJ 527$;1U u +LQZHLV :R .ROEHQULQJH HLQHP VWDUNHP 9HUVFKOHL XQWHUOLHJHQ ZHJHQ VFKOHFKWHU %HQ]LQTXDOLWlW KRKHU 6FKZHIHODQWHLO VROO HLQ .ROEHQULQJ LQ &KURP.HUDPLN $XVIKUXQJ YHUZHQGHW XQG GLH .UDIWVWRIIPDUNH JHZHFKVHOW ZHUGHQ ◊%HLGHQ 6LFKHUXQJVVWLIWH IU GLH .ROEHQULQJH DXI 9HUVFKOHLEHUSUIHQ 7<3( ,QVHUWRFDPHUDGLFRPEXVWLRQH &RPEXVWLRQFKDPEHULQVHUW %UHQQUDXPHLQVDW] ◊(OLPLQDUH L UHVLGXL GHOOD FRPEXVWLRQH GDOOD FDPHUD GL FRPEXVWLRQH HLGHSRVLWLFDOFDUHLGDOODVXSHUILFLHD FRQWDWWRFRQO¶DFTXDGLUDIIUHGGDPHQWR ◊&OHDUFRPEXVWLRQFKDPEHU RIFRPEXVWLRQUHVLGXHV DQGZDWHUMDFNHWRIFDOFDUHRXVGHSRVLWV ◊%UHQQUDXP YRQ 9HUEUHQQXQJVUFNVWlQGHQ XQG :DVVHUPDQWHOYRQ.DONDEODJHUXQJHQVlXEHUQ ◊,QVSHFW FRPEXVWLRQ FKDPEHU LQVHUW IRU FUDFNV DQG FKHFNVSDUNSOXJWKUHDGIRUJRRGFRQGLWLRQ ◊%UHQQUDXPHLQVDW]DXI5LVVHXQG=QGNHU]HQJHZLQGH DXIHLQZDQGIUHLHQ=XVWDQGNRQWUROOLHUHQ ◊&KHFNVHDOLQJIDFHVIRUIODWQHVVDQGGDPDJH ◊'LFKWIOlFKHQ DXI 3ODQKHLW XQG %HVFKlGLJXQJHQ NRQWUROOLHUHQ ◊$VVLFXUDUVL FKH O LQVHUWR FDPHUD GL FRPEXVWLRQH QRQ SUHVHQWLURWWXUHHFKHODILOHWWDWXUDGHOODFDQGHODVLD LQEXRQHFRQGL]LRQL ◊$VVLFXUDUVLFKHOHVXSHUILFLGLWHQXWDVLDQRLQWHJUHHOL VFH u 1RWD OD VXSHUILFLH GL WHQXWD GHOO LQVHUWR GL FRPEXVWLRQHIRUPDXQDOHJJHUDFRQLFLWj SDUWHQGRGDXQGLDPHWURGLPP u 1RWH 7KH VHDOLQJ IDFH RI WKH FRPEXVWLRQ LQVHUW IRUPV D VOLJKW WDSHU IURP GLD PP u +LQZHLV 'LH 'LFKWIOlFKH GHV %UHQQUDXPHLQVDW]HV LVW DE PP OHLFKWNHJHOLJ 7<3( &RSHUFKLRWHVWDWD &\OLQGHUKHDGFRYHU =\OLQGHUNRSIGHFNHO ◊$VVLFXUDUVLFKHOHVXSHUILFLGLWHQXWDSHULGXHDQHOOL 25VLDQRSXOLWH ◊$VVLFXUDUVLFKHLOFRSHUFKLRWHVWDWDQRQSUHVHQWLURWWXUH ◊(QVXUHFOHDQVHDOLQJIDFHVIRUWKHWZR2ULQJV ◊&KHFNF\OLQGHUKHDGFRYHUIRUFUDFNV ◊$XI VDXEHUH 'LFKWIOlFKHQ IU GLH EHLGH 25LQJH DFKWHQ ◊=\OLQGHUNRSIGHFNHODXI5LVVHEHUSUIHQ 7HUPRVWDWR 7KHUPRVWDW u 1RWD LOWHUPRVWDWRGHYHHVVHUHFRQWUROODWRVH LOPRWRUHVLVXUULVFDOGD QRQVLUDJJLXQJHODWHPSHUDWXUDGLHVHUFL]LR GL& O XVXUDGHOODIDVFLDHODVWLFDqHFFHVVLYD ODVHGHYDOYRODSHUGH ◊(IIHWWXDUH LO FRQWUROOR GHO WHUPRVWDWR LPPHUJHQGROR LQ DFTXDFDOGD$XQDWHPSHUDWXUDGHOO DFTXDGL& LO SHUQR GHYH LQL]LDUH D VROOHYDUVL H D FLUFD & GHYHUDJJLXQJHUHODVXDFRUVDPDVVLPDGLPP u 1RWD VHQRQVLUDJJLXQJHTXHVWDHVWHQVLRQH VRVWLWXLUHLOWHUPRVWDWR ◊&RQWUROODUHLOSRUWDWHUPRVWDWRHODPROODGLFRPSUHV VLRQH u 1RWD LQ FRQGL]LRQH GL FKLXVXUD VX PRWRUH IUHGGR VROR LO E\SDVV SXz HVVHUH DSHUWR/ DSHUWXUDGHOE\SDVVEORFFDWD SURYRFKHUHEEH O RVFLOOD]LRQH GHOOD WHP SHUDWXUDPDVVLPD 7KHWKHUPRVWDWKDVWREHFKHFNHGLI WKHHQJLQHRYHUKHDWV WKHRSHUDWLQJWHPSHUDWXUHRI&ZLOO QRWEHUHDFKHG SLVWRQULQJZHDULVH[FHVVLYH YDOYHVHDWLVOHDNLQJ ◊&KHFN WKHUPRVWDW E\ GURSSLQJ LW LQWR KRW ZDWHU $W D ZDWHU WHPSHUDWXUH RI & WKH SLQ PXVW VWDUW OLIWLQJDQGDWDSSUR[&PXVWUHDFKLWVPD[VWURNH RIPP u 1RWH u 1RWH ,I WKLV H[WHQVLRQ LV QRW UHDFKHG UHQHZ WKHWKHUPRVWDW ◊&KHFN WKHUPRVWDW KROGHU DQG FRPSUHVVLRQ VSULQJ u 1RWH ,Q FORVHG FRQGLWLRQ RQ D FROG HQJLQH RQO\ WKH E\SDVV LV DOORZHG WR EH RSHQ$EORFNHGE\SDVVRSHQLQJZRXOG FDXVHIOXFWXDWLQJPD[WHPSHUDWXUHV 7KHUPRVWDW u +LQZHLV 'DV 7KHUPRVWDW PXVV EHUSUIW ZHUGHQZHQQ GHU0RWRUEHUKLW]W GLH%HWULHEVWHPSHUDWXUYRQ&QLFKW HUUHLFKWZLUG EHLEHUPlLJHP.ROEHQULQJYHUVFKOHL ◊7KHUPRVWDW LQ %HKlOWHU PLW :DVVHU OHJHQ XQG HUZlUPHQZRGXUFKVLFKGHU6WLIWKHUDXVEHZHJW%HL HLQHU:DVVHUWHPSHUDWXUYRQ&PXVVVLFKGDEHL GHU 6WLIW KHUDXVEHZHJHQ XQG HUUHLFKW EHL FD & VHLQHQ0D[LPDOKXEYRQPP u +LQZHLV :LUG GLHVHU :HUW QLFKW HUUHLFKW LVW GHU 7KHUPRVWDW]XHUQHXHUQ ◊7KHUPRVWDWDXIQDKPHXQG'UXFNIHGHUNRQWUROOLHUHQ u +LQZHLV ,Q JHVFKORVVHQHP =XVWDQG EHL NDOWHP 0RWRU GDUI QXU GHU %\SDVV6FKOLW] RIIHQVHLQ,VWGHU%\SDVV6FKOLW]YHUOHJW NRPPW HV ]X VWDUN VFKZDQNHQGHU 0D[LPDOWHPSHUDWXU 7<3( 9DOYRODDODPHOOH 5HHGYDOYH 9HQWLOWUlJHU ◊$VVLFXUDUVLFKHLOULYHVWLPHQWRLQJRPPD GHOSRUWD YDOYRODQRQVLVWLDVWDFFDQGR ◊$VVLFXUDUVLFKHOHODPHOOH QRQSUHVHQWLQRURWWXUHR GDQQL ◊/HODPHOOHGHYRQRDGHULUHDOSRUWDYDOYRODFRQXQOHJ JHURSUHFDULFR ◊&KHFNUXEEHUFRDWLQJRQYDOYHERG\IRUSHHOLQJRII ◊,QVSHFWERWKUHHGSHWDOVIRUFUDFNVDQGGDPDJH ◊7KH UHHG SHWDOV KDYH WR UHVW QHDWO\ XQGHU VOLJKW SUHWHQVLRQRQYDOYHERG\ ◊'LH *XPPLEHVFKLFKWXQJ DP 9HQWLOWUlJHU DXI $EO|VXQJEHUSUIHQ ◊%HLGH %ODWWYHQWLOH DXI HYHQWXHOOH 5LVVH RGHU %HVFKlGLJXQJHQEHUSUIHQ ◊'LH%ODWWYHQWLOHPVVHQPLWHWZDV9RUVSDQQXQJ]XU *lQ]HDP9HQWLOWUlJHUDXIOLHJHQ u 1RWD FRQWUROODUHDOODOXFH ◊$VVLFXUDUVLFKHOHEUXJROH0VLDQREHQVHUUDWH$OOD VRVWLWX]LRQH GHOOH ODPHOOH ILVVDUH OH EUXJROH 0 FRQ /2&7,7( u 1RWD XVDUHVRORODPHOOHRULJLQDOL527$; / XVRGLODPHOOHGLDOWURWLSRSHUHVDOFDU ERQLR QRQ GHWHUPLQHUj DOFXQ DXPHQWR GL SUHVWD]LRQH PD LQWHUIHULUj FRQ OD WDUDWXUD GHOFDUEXUDWRUHHDXPHQWHUjLOULVFKLRGLURW WXUD u 1RWH &KHFNE\OLJKWJDS ◊&KHFN$OOHQVFUHZV0IRUWLJKWILW$WUHQHZDORIWKH UHHG SHWDOV VHFXUH $OOHQ VFUHZV 0 ZLWK /2&7,7( u 1RWH 8VH RQO\ JHQXLQH 527$; UHHG SHWDOV 8VH RI 1RQ527$; UHHG SHWDOV HJ FDUERQ ZLOO QRW EULQJ DQ\ ULVH RI SHUIRUPDQFH EXW ZLOO LQWHUIHUH ZLWK FDUEXUHWRU FDOLEUDWLRQ DQG ZLOO LQFUHDVH GDQJHURISHWDOEUHDNDJH &DUEXUHWRUIODQJH 0DQLFRWWRFDUEXUDWRUH ◊$VVLFXUDUVLFKHLOPDQLFRWWRFDUEXUDWRUHQRQSUHVHQWL URWWXUHHFKHLOULYHVWLPHQWRLQJRPPDQRQVLDSRURVR ◊,OPDQLFRWWRFDUEXUDWRUHJRQILRDFDXVDGHOO XVRGLFDU EXUDQWH GL TXDOLWj LQIHULRUH SURYRFD XQD GLPLQX]LRQH GHOOHSUHVWD]LRQLHGHYHHVVHUHVRVWLWXLWR ◊&KHFNFDUEXUHWRUIODQJH IRUFUDFNVDQGSRURVLW\RI UXEEHUFRDWLQJ ◊$VZROOHQFDUEXUHWRUIODQJHFDXVHGE\SRRUTXDOLW\IXHO ZLOOOHDGWRSHUIRUPDQFHORVVDQGPXVWEHUHQHZHG u +LQZHLV =XU.RQWUROOHJHJHQGDV/LFKWKDOWHQ ◊'LH,QEXVVFKUDXEHQ0DXIIHVWHQ6LW]NRQWUROOLHUHQ %HL (UQHXHUXQJ GHU %ODWWYHQWLOH VLQG GLH ,QEXVVFKUDXEHQ0PLW/2&7,7(]XVLFKHUQ u +LQZHLV 1XU 2ULJLQDO527$; %ODWWYHQWLOH YHUZHQGHQ 1LFKW527$; %ODWWYHQWLOH ]% &DUERQ EULQJHQ NHLQH /HLVWXQJVVWHLJHUXQJDXHUGHPSDWGLH 9HUJDVHUEHGVXQJ QLFKW PHKU XQG GLH %UXFKJHIDKUVWHLJW 9HUJDVHUVWXW]HQ ◊9HUJDVHUVWXW]HQDXI5LVVHXQGHYHQWXHOOH3RURVLWlW GHU*XPPLEHVFKLFKWXQJSUIHQ ◊$XIJHTXROOHQH 9HUJDVHUVWXW]HQ EHL VFKOHFKWHP .UDIWVWRII EHZLUNHQ /HLVWXQJVPDQJHO XQG VLQG ]X HUVHW]HQ 7<3( 3RPSDGHOO ROLR 2LOSXPS gOSXPSH ◊$VVLFXUDUVLFKHLFRQGRWWLGLPDQGDWDHGLDVSLUD]LR QHQRQSHUGDQRHQRQVLDQRSRURVLQHLSXQWLGLFRQ QHVVLRQH 6RVWLWXLUHVHQHFHVVDULR ◊3XOLUHLOVHUEDWRLRROLRLOILOWURVHUEDWRLRROLRHLOFRQGRWWR GLDOLPHQWD]LRQHGHOO ROLR ◊6RVWLWXLUHVHPSUHODSRPSDGHOO ROLRVHGDQQHJJLDWDR LQFDVRGLSHUGLWH ◊'RSR O LQVWDOOD]LRQH GHO FDYR IOHVVLELOH GHOOD SRPSD GHOO ROLRUHJRODUHLQPRGRFKHLQSRVL]LRQHGLIROOHLVH JQLVXOODOHYDGHOODSRPSDHVXOO DOORJJLDPHQWRGHOOD SRPSDVLDOOLQHLQR ◊&KHFNSUHVVXUHDQGVXFWLRQOLQHIRUOHDNDJHDQG SRURVLW\DWFRQQHFWLRQ5HQHZDVUHTXLUHG ◊&OHDQRLOWDQNRLOWDQNILOWHUDQGRLOVXSSO\OLQH ◊$OZD\VUHQHZDQ\GDPDJHGRUOHDNLQJRLOSXPS ◊$IWHUILWWLQJWKHRLOSXPS%RZGHQFDEOHDGMXVWVRWKDWLQ LGOLQJSRVLWLRQWKHPDUNVRQSXPSOHYHU DQGSXPS KRXVLQJDOLJQ ◊'UXFNOHLWXQJ XQG 6DXJOHLWXQJ DQ GHQ $QVFKOXVVVWHOOHQ DXI 8QGLFKWKHLW E]Z 3RURVLWlW EHUSUIHQXQGJHJHEHQHQIDOOVHUQHXHUQ ◊$XI VDXEHUHQ gOWDQN gOWDQNILOWHU XQG gO]XOHLWXQJ DFKWHQ ◊(LQH GHIHNWH E]Z XQGLFKWH gOSXPSH LVW LPPHU ]X HUQHXHUQ ◊1DFK GHP (LQKlQJHQ GHV gOSXPSHQ]XJHV PXVV GLH /lQJH GHV 6HLOHV VR HLQJHVWHOOW ZHUGHQ GDVV LQ /HHUODXIVWHOOXQJ GLH 0DUNLHUXQJ DP 3XPSHQKHEHO XQG3XPSHQJHKlXVHEHUHLQVWLPPHQ 7<3( 6SXUJRSRPSDGHOO ROLR 2LOSXPSYHQWLQJ gOSXPSHHQWOIWHQ n $WWHQ]LRQH n $WWHQWLRQ n $FKWXQJ l l l l OD SRPSD GHOO ROLR H L FRQGRWWL GHYRQR HVVHUHVSXUJDWLQHLFDVLVHJXHQWL 3ULPDGLIDUSDUWLUHODPRWRSHUODSULPD YROWD 2JQL YROWD FKH LO PRWRUH KD RSHUDWR FRQLOVHUEDWRLRGHOO ROLRYXRWR 'RSRODVRVWLWX]LRQHGLFRPSRQHQWLGHO VLVWHPDGLOXEULILFD]LRQH 3HU VSXUJDUH OD SRPSD R L FRQGRWWL GHOO ROLR DSULUH OD YLWHGLVSXUJR 6SXUJDUHO ROLRILQRDFKHQRQqFRPSOHWDPHQWHSULYRGL EROOHG DULD 4XDQGRO ROLRqWRWDOPHQWHSULYRGLEROOHULFKLXGHUHOD YLWHGLVSXUJR &RQ LQ PRWRUH LQ IXQ]LRQH FRQWUROODUH LO FRUUHWWR IXQ]LRQDPHQWR GHOOD SRPSD GHOO ROLR VXO FRQGRWWR GL PDQGDWD 7KH RLO SXPS DQG RLO OLQHV KDYH WR EH YHQWHGRQIROORZLQJRFFDVLRQV %HIRUH WDNLQJ WKH ELNH LQWR RSHUDWLRQ IRUWKHILUVWWLPH (DFK WLPH WKH RLO WDQN KDV EHHQ UXQ HPSW\ $IWHU WKH UHQHZDO RI FRPSRQHQWV RI WKHOXEULFDWLRQV\VWHP l 7RYHQWWKHRLOSXPSRURLOOLQHVRSHQYHQWVFUHZ l 'UDLQRLOXQWLOLWLVFRPSOHWHO\IUHHRIDLUEXEEOHV l l :KHQWKHRLOHPHUJHVIUHHRIDLUWLJKWHQYHQWVFUHZ DJDLQ :LWKHQJLQHUXQQLQJFKHFNSURSHURSHUDWLRQRIRLOSXPS RQGHOLYHU\OLQH l l l l 'LH gOSXPSH E]Z gOOHLWXQJHQ PVVHQ LQIROJHQGHQ)lOOHQHQWOIWHWZHUGHQ 9RU GHU HUVWHQ ,QEHWULHEQDKPH GHV QHXHQ0RWRUUDGHV -HGHV 0DO ZHQQ GHU gOWDQN OHHUJHIDKUHQZXUGH :HQQ HLQ 7HLO GHV 6FKPLHUV\VWHPV HUQHXHUWZXUGH =XP(QWOIWHQGHUgOSXPSHE]ZGHUgOOHLWXQJHQLVWGLH (QWOIWHUVFKUDXEH]X|IIQHQ 'DVgODXVODXIHQODVVHQELVHVIUHLYRQ/XIWEODVHQLVW :HQQ GDV DXVODXIHQGH gO NHLQH /XIWEODVHQ PHKU HQWKlOWLVWGLH(QWOIWHUVFKUDXEHIHVW]X]LHKHQ %HLODXIHQGHP0RWRULVWGLH)XQNWLRQGHUgOSXPSHDQ GHU'UXFNOHLWXQJ]XNRQWUROOLHUHQ 7<3( 3RPSDGHOO DFTXD u 1RWD :DWHUSXPS ODSRPSDGHOO DFTXDGHYHHVVHUHFRQWUROOD WDVPRQWDWDRVRVWLWXLWDQHLVHJXHQWLFDVL 4XDQGRqQHFHVVDULRUDEERFFDUHLOOLTXLGR GLUDIIUHGGDPHQWRIUHTXHQWHPHQWH 4XDQGR HVFH OLTXLGR GL UDIIUHGGDPHQWR R ROLRFDPELRGDOIRURGHOFDUWHU (FFHVVLYRDXPHQWRGHOODWHPSHUDWXUDGHO OLTXLGRGLUDIIUHGGDPHQWR 4XDQGR VDUHEEH YDQWDJJLRVR XVDUH XQ JUXSSRSRPSDQXRYRSUHDVVHPEODWR 6ILODUHODVSLQDHODVWLFDFRQXQSXQ]RQHDGHJXDWRH WRJOLHUHODURQGHOODGLVSLQWD l 7RJOLHUHGDOO DOORJJLDPHQWRSRPSDO DOEHURGHOODSRPSD GHOO DFTXDHODJLUDQWH ◊$VVLFXUDUVLFKHO DOEHURGHOODSRPSDGHOO DFTXDQRQ SUHVHQWLWUDFFHGLXVXUDQHOOD]RQDGHLGXHSDUDROLR HVHQHFHVVDULRVRVWLWXLUH ◊$VVLFXUDUVLFKHODJLUDQWH QRQVLDGDQQHJJLDWDRGH IRUPDWDVRVWLWXLUHVHQHFHVVDULR l u 1RWD SUHFDULFDUHODVSLQDHODVWLFD SUHFHGHQ WHPHQWHDOPRPHQWRGHOO LQVWDOOD]LRQHSHU HYLWDUHGDQQLDOJLUDQWH ◊$VVLFXUDUVLFKHLGHQWLGHOSLJQRQHGHOODSRPSDGHOO DF TXDQRQVLDQRGDQQHJJLDWLHFKHLOPDWHULDOHQRQVL URPSD :DVVHUSXPSH u 1RWH 7KH ZDWHU SXPS KDV WR EH FKHFNHG WDNHQ WR SLHFHV RU FKDQJHG LQ WKH IROORZLQJFDVHV )UHTXHQW UHSOHQLVK RI FRRODQW DUH QHFHVVDU\ /HDNDJH RI FRRODQW RU JHDU RLO IURP ERUHLQFUDQNFDVH ([FHVVLYH LQFUHDVH RI FRRODQW WHPSHUDWXUH :KHQ LW ZRXOG EH DGYDQWDJHRXV WR XVHDQHZSUHDVVHPEOHGZDWHUSXPS DVV\ l .QRFNRXWGRZHO ZLWKDVXLWDEOHSXQFKDQGWDNHRII WKUXVWZDVKHU l 3XOORXWZDWHUSXPSVKDIWDORQJZLWKLPSHOOHUIURP SXPSKRXVLQJ ◊&KHFN ZDWHU SXPS VKDIW LQ WKH DUHD RI WKH WZR RLO VHDOVIRUWUDFHVRIZHDUDQGFKDQJHDVUHTXLUHG ◊&KHFNLPSHOOHUIRUGDPDJHDQGGHIRUPDWLRQUHQHZ DVUHTXLUHG u 1RWH 3UHWHQVLRQ GRZHO EHIRUH ILWWLQJLWWR SUHYHQWDQ\GDPDJHRILPSHOOHU ◊&KHFN WRRWKLQJ RI ZDWHU SXPS SLQLRQ IRU GDPDJH DQGPDWHULDOFUXPEOLQJ u +LQZHLV 'LH :DVVHUSXPSH PXVV LQ IROJHQGHQ )lOOHQ NRQWUROOLHUW E]Z ]HUOHJW E]Z JHWDXVFKWZHUGHQ 2IWPDOLJHV1DFKIOOHQYRQ.KOPLWWHO $XVWULWWYRQ.KOPLWWHOE]Z*HWULHEH|O YRQ GHU /HFNZDVVHUERKUXQJ LP *HKlXVH hEHUPlLJHU $QVWLHJ GHU .KOPLWWHOWHPSHUDWXU 9RUWHLOKDIW LVW GLH 9HUZHQGXQJ HLQHU QHXHQ EHUHLWV YRUPRQWLHUWH NSO :DVVHUSXPSH l $QWULHEVVHLWLJH 6SDQQKOVH PLW HLQHP JHHLJQHWHQ 6WXIHQGRUQKHUDXVNORSIHQXQG6FKHLEHDEQHKPHQ l :DVVHUSXPSHQZHOOH PLW /DXIUDG YRP :DVVHUSXPSHQJHKlXVHKHUDXV]LHKHQ ◊:DVVHUSXPSHQZHOOH LP /DXIEHUHLFK GHU EHLGHQ :HOOHQGLFKWULQJH DXI /DXIVSXUHQ XQWHUVXFKHQ XQG JHJHEHQHQIDOOVDXVWDXVFKHQ ◊/DXIUDG DXI %HVFKlGLJXQJ E]Z 9HUIRUPXQJ XQWHUVXFKHQXQGJHJHEHQHQIDOOVHUQHXHUQ u +LQZHLV %HLP (LQSUHVVHQ PXVV GLH 6SDQQKOVH YRUJHVSDQQW ZHUGHQ GDPLW GDV /DXIUDGQLFKWEHVFKlGLJWZLUG ◊9HU]DKQXQJ GHV 3XPSHQULW]HOV DXI %HVFKlGLJXQJ E]Z 0DWHULDODXVEUFKH EHUSUIHQ XQG JHJHEHQHQIDOOVHUQHXHUQ 7<3( ◊$VVLFXUDUVLFKHLOIRURGLVILDWRGHOO DFTXDHLOIRURGL OXEULILFD]LRQH GHOO DOEHUR SRPSD VXOO DOORJJLDPHQWR SRPSDVLDQROLEHUL ◊$VVLFXUDUVLFKHLSDUDROLRHJOLDQHOOL25GHOODSRPSD GHOO DFTXD QRQ VLDQR GDQQHJJLDWL R XVXUDWL VRVWLWXLUH VHQHFHVVDULR l ◊&KHFNZDWHUSXPSKRXVLQJIRUIUHHSDVVDJHRIZDWHU OHDNDJHERUHDQGRLOERUHIRUWKHSXPSVKDIW ◊&KHFN RLO VHDOV DQG 2ULQJV RI ZDWHU SXPS IRU GDPDJHDQGZHDUUHQHZDVUHTXLUHG l 3UHPHUH FRPSOHWDPHQWH LO SDUDROLR LQWHUQR FRQ LO SXQ]RQHGLLQVHULPHQWRLOERUGRGLWHQXWDGHYHHVVHUH ULYROWRYHUVRODJLUDQWH 6SHFLDOWRRO l $WWUH]]LVSHFLDOL l l + 3XQ]RQHGLLQVHULPHQWR SDUW527$;1 ,OSDUDROLRHVWHUQR GHYHHVVHUHSUHPXWRILQRDOOLYHOOR GHOO DOORJJLDPHQWR GHOOD SRPSD GHOO DFTXD LO ERUGR GL WHQXWDGHYHHVVHUHULYROWRYHUVRODJLUDQWH &KLXGHUHHQWUDPELLSDUDROLRH HORVSD]LRWUDLGXH SDUDROLRFRQ02/<.27( 3UHVV LQQHU RLO VHDO IXOO\ KRPH ZLWK WKH LQVHUWLRQ SXQFKWKHVHDOLQJOLSKDVWRSRLQWWRZDUGVLPSHOOHU l + ◊%HLGHP:DVVHUSXPSHQJHKlXVHDXIIUHLHQ'XUFKJDQJ GHU/HFNZDVVHUERKUXQJXQG6FKPLHUERKUXQJIU GLH3XPSHQZHOOHDFKWHQ ◊:HOOHQGLFKWULQJH XQG 25LQJH GHU :DVVHUSXPSH DXI %HVFKlGLJXQJ E]Z 9HUVFKOHL EHUSUIHQ XQG JHJHEHQHQIDOOVHUQHXHUQ l ,QVHUWLRQSXQFK 5RWD[SDUWQR 7KHRXWHURLOVHDOKDVWREHSUHVVHGIOXVKZLWKZDWHU SXPS KRXVLQJ WKH VHDOLQJ OLS KDV WR SRLQW WRZDUGV LPSHOOHU 6HDO ERWK RLO VHDOV DQG DV ZHOO DV WKH VSDFH EHWZHHQWKHWZRRLOVHDOVZLWK02/<.27( 'HU LQQHUH :'5LQJ LVW PLW GHP 0RQWDJHVWHPSHO DXI *UXQG HLQ]XSUHVVHQ 'LH 'LFKWOLSSH PXVV LQ 5LFKWXQJ/DXIUDG]HLJHQ + 6SH]LDOZHUN]HXJ l l 0RQWDJHVWHPSHO 527$;1U 'HU lXHUH :HOOHQGLFKWULQJ LVW EQGLJ PLW GHP :DVVHUSXPSHQJHKlXVHHLQ]XSUHVVHQ'HU'LFKWOLSSH PXVVLQ5LFKWXQJ/DXIUDG]HLJHQ %HLGH :HOOHQGLFKWULQJH XQG VRZLH GHQ =ZLVFKHQUDXP GHU EHLGHQ :HOOHQGLFKWULQJH PLW 02/<.27(VFKOLHHQ 7<3( *UXSSRGLDFFHQVLRQH ,JQLWLRQXQLW =QGDQODJH ,OPRWRUHq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s $YYHUWHQ]D 3ULPD GL TXDOVLDVL LQWHUYHQWR GL ULSDUD s :DUQLQJ 3ULRU WR DQ\ UHSDLU RI WKH LJQLWLRQ XQLW UHPRYH LJQLWLRQ NH\ DQG GLVFRQQHFW EDWWHU\ PLQXV WHUPLQDO ILUVW &DXWLRQ KLJKYROWDJHHTXLSPHQW s :DUQXQJ n $WWHQ]LRQH ODFHQWUDOLQDHOHWWURQLFDGLFRQWUROORQRQ n $WWHQWLRQ 7KH HOHFWURQLF ER[ PXVW QHYHU EH VXEMHFWWRSK\VLFDOLPSDFWV 9RU'XUFKIKUXQJHLQHU5HSDUWXULVWGHU =QGVFKOVVHO DE]X]LHKHQ XQG GLH %DWWHULH ]XHUVW 3OXVSRO DE]XNOHPPHQ 9RUVLFKW +RFKVSDQQXQJ EHL =QGDQODJH n $FKWXQJ 'DV 6WHXHUJHUlW GDUI NHLQHQ PHFKDQLVFKHQ 6FKOl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lW =QGVSXOH 6WDUWHUJHWULHEHNSO 6FKUDXEWULHE6WDUWHUNSO 7<3( *UXSSRGLDFFHQVLRQH VFKHPDHOHWWULFR ,JQLWLRQXQLW ZLULQJGLDJUDP =QGDQODJH 6FKDOWSODQ *HQHUDWRUHDPDJQHWH 7UDVPHWWLWRUHHVWHUQR &HQWUDOLQDHOHWWURQLFD %RELQDGLDFFHQVLRQH &DQGHOD %DWWHULD ,QWHUUXWWRUHGLVLFXUH]]DFDYDOOHWWR ,QWHUUXWWRUHGLDFFHQVLRQH 0DJQHWRJHQHUDWRU ([WHUQDOWULJJHUFRLO (OHFWURQLFER[ ,JQLWLRQFRLO 6SDUNSOXJ %DWWHU\ 6LGHVWDQGVDIHW\VZLWFK ,JQLWLRQVZLWFK 0DJQHW]QGHU*HQHUDWRU $XHQJHEHU 6WHXHUJHUlW =QGVSXOH =QGNHU]H %DWWHULH 6HLWHQVWlQGHU6LFKHUKHLWVVFKDOWHU =QGVFKDOWHU 6LPEROR :< /< < %< &RORUH ELDQFRFRQVWULVFHJLDOOH EOXFRQVWULVFHJLDOOH JLDOOR QHURJLDOOR &HQWUDOLQDHOHWWURQLFDPRUVHWWLHUD D E F VHQVRUH$ VHQVRUH% WHUUD H I J LQWHUUXWWRUHGLVLFXUH]]DFDYDOOHWWR EDWWHULD ERELQDGLDFFHQVLRQH 6\PERO :< /< < %< &RORXU :KLWHZLWK\HOORZVWULSHV %OXHZLWK\HOORZVWULSHV <HOORZ %ODFN\HOORZ (OHFWURQLFER[WHUPLQDO D E F 6HQVRU$ 6HQVRU% JURXQGLQJ H I J 6\PERO :< /< < %< )DUEH ZHLPLWJHOEHQ6WUHLIHQ EODXPLWJHOEHQ6WUHLIHQ *HOE 6FKZDU]*HOE 6WHXHUJHUlW$QVFKOVVH 6LGHVWDQGVDIHW\VZLWFK %DWWHU\ ,JQLWLRQFRLO D E F 6HQVRU$ 6HQVRU% 0DVVH H I J 6HLWHQVWl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◊&DQGHOD ◊6SDUNSOXJ ◊=QGNHU]H ◊&RQQHWWRUHFDQGHOD ◊6SDUNSOXJFRQQHFWRU ◊.HU]HQVWHFNHU ◊9HULILFDUH FKH OH FRQQHVVLRQL H L FDYL VLDQR LQ EXRQH FRQGL]LRQL ◊&KHFNFRQQHFWLRQVDQGZLULQJIRUJRRGFRQGLWLRQ ◊&KHFNUHVLVWDQFHRILJQLWLRQFRLO ◊6WHFNYHUELQGXQJHQ XQG .DEHO DXI HLQZDQGIUHLHQ =XVWDQGNRQWUROOLHUHQ ◊,JQLWLRQVZLWFKDQGVDIHW\VZLWFKIRUVLGHVWDQG ◊=QGVSXOHPLWHLQHP2KP0HWHUEHUSUIHQ ◊&RQWUROODUHODUHVLVWHQ]DGHOODERELQDGLDFFHQVLRQH ◊,QWHUUXWWRUHGLDFFHQVLRQHHLQWHUUXWWRUHGLVLFXUH]]DFD YDOOHWWR ◊(IIHWWXDUHOHWWXUHGHOODUHVLVWHQ]DVXOJUXSSRVWDWRUH ◊&RQWUROODUHLOWUDVPHWWLWRUHHVWHUQRFRQLOWHVWHUGLFLUFXL WR ◊7DNHUHDGLQJVRIUHVLVWDQFHRQVWDWRUDVV\ ◊&KHFNWULJJHUFRLOE\FLUFXLWWHVWHU ◊9HULILFDUHODUHVLVWHQ]DGHOODFHQWUDOLQDHOHWWURQLFD u 1RWD SULPD GHO FRQWUROOR VWDFFDUH L FROOHJD PHQWL (IIHWWXDUH OD OHWWXUD GHOOD UHVL VWHQ]D WUD L GXH WHUPLQDOL H DVVLFXUDUVL SHU RJQL PLVXUD]LRQH GRSR DYHU VHOH ]LRQDWR OD JDPPD DSSURSULDWD VXO WH VWHUGLDYHULPSRVWDWRLOSXQWR 7HUPLQDOL *HQHUDWRUHD PDJQHWH %RELQDGL DFFHQVLRQH << :</< %<DQLPDVWDWRUH 7HUPLQDOHDQLPD &DYRDFFHQVLRQH DQLPD 5HVLVWHQ]D D&WHPS DPELHQWH ·Ω ·Ω Ω ·Ω ·.Ω 0DJQHWR JHQHUDWRU ,JQLWLRQFRLO << :</< %<6WDWRUFRUH 7HUPLQDOFRUH ,JQLWLRQFDEOH FRUH IU GHQ ◊*HEHUPLWHLQHP2KP0HWHUEHUSUIHQ %HIRUH FKHFNLQJ XQSOXJ FRQQHFWLRQV 7DNH UHDGLQJV RI UHVLVWDQFH EHWZHHQ WZRWHUPLQDOVDQGHQVXUHWRKDYHVHWWKH ]HURSRLQWDIWHUVHOHFWLQJWKHDSSURSULDWH UDQJHRQWKHWHVWHU 7HUPLQDOV 6LFKHUKHLWVVFKDOWHU ◊6WDWRUPLWHLQHP2KP0HWHUEHUSUIHQ ◊9HULI\UHVLVWDQFHRIHOHFWURQLFER[ u 1RWH ◊=QGVFKDOWHU XQG 6HLWHQVWlQGHU 5HVLVWDQFH DW&DPELHQW WHPS Ω Ω Ω Ω .Ω ◊6WHXHUJHUlWPLWHLQHP2KP0HWHUEHUSUIHQ u +LQZHLV 9RUHLQHUhEHUSUIXQJ6WHFNYHUELQGXQJ WUHQQHQ*HPHVVHQZLUGGHUHOHNWULVFKH :LGHUVWDQG]ZLVFKHQ]ZHL0HSXQNWHQ .DEHOQ ZREHL IU MHGH 0HVVXQJ GHU HQWVSUHFKHQGH 0HEHUHLFK HLQ]XVWHOOHQ E]Z GHU 1XOOSXQNW MXVWLHUW LVW 0HSXQNWH :LGHUVWDQG EHL& 8PJHEXQJVWHPS HUDWXU 0DJQHW]QGHU << Ω *HQHUDWRU :</< Ω %<6WDWRU.HUQ Ω =QGVSXOH 3ULPlUDQVFKOXVV Ω .HUQ=QGOHLWXQJ Ω .HUQ 7<3( u 1RWD 3HULOFRQWUROORGHOODFHQWUDOLQDHOHWWURQLFDUH JRODUH LO FDPSR GL PLVXUD]LRQH VXOOR VWUX PHQWRD.ΩR.Ω 4XDQGR HIIHWWXDWH OH OHWWXUH DVVLFXUDWHYL GHOOD FRUUHWWD SRODULWj GHO FDYR GHOOR VWUX PHQWR 6HXQDRSLOHWWXUHQRQVRQRFRQIRUPLDOOH VSHFLILFKH VRVWLWXLUH OD SDUWH GLIHWWRVD GHOO DFFHQVLRQH (VLVWRQRGXHXQLWjGLFRPDQGRFRQGLYHUVL YDORUL GL FRQWUROOR VSHFLILFL SHU OD YHUVLRQH GHO PRWRUH H SHU LO SDHVH ,O FRGLFH 1,3 321'(162 1 R LO QXPHUR GL RPRORJD]LRQH 4&$ q PDUFDWR VXOO XQLWjGLFRPDQGR Unità di comando Electronic box Steuergerät u 1RWH )RUFKHFNLQJWKHHOHFWURQLFER[DGMXVW PHDVXULQJ UDQJH RQ LQVWUXPHQW WR .ΩRUWR.Ω (QVXUH SURSHU SRODULW\ RI LQVWUXPHQW FDEOHZKHQWDNLQJUHDGLQJV ,I RQH RU PRUH UHDGLQJV DUH QRW LQ DFFRUGDQFHZLWKVSHFLILFDWLRQVFKDQJH WKLVGHIHFWLYHLWHPRIWKHLJQLWLRQXQLW 2QH RI WZR HOHFWURQLF ER[HV ZLWK GLIIHUHQW FKHFN YDOXHV VSHFLILF WR HQJLQH YHUVLRQ DQG FRXQWU\ LV LQVWDOOHG 1,3321'(162 1R RU +RPRORJDWLRQ1R 4&$PDUNHGRQHQJLQHER[ Cavo strumento "nero" Instrument cable "black" Meßgerät-Kabel "schwarz" u +LQZHLV )UGLHhEHUSUIXQJGHV6WHXHUJHUlWHV LVWHLQ0HEHUHLFKYRQ.ΩRGHU.Ω DP0HJHUlWHLQ]XVWHOOHQ :HLWHUVLVWEHLMHGHU0HVVXQJDXIGLH MHZHLOLJH 3RODULWlW GHU 0HNDEHO GHV 0HJHUlWHV]XDFKWHQ (QWVSUHFKHQ HLQ RGHU PHKUHUH 0HZHUWHQLFKWGHQYRUJHVFKULHEHQHQ :HUWHQ PXVV GHU GHIHNWH 7HLO GHU =QGDQODJHDXVJHWDXVFKWZHUGHQ $XVIKUXQJV E]Z /lQGHUVSH]LILVFK ZHUGHQXQWHUVFKLHGOLFKH6WHXHUJHUlWH PLW YHUVFKLHGHQHQ 3UIZHUWHQ YHUEDXW 'LH 1,332'(162 1U E]Z+RPRORJDWLRQV1U4&$LVWDP 6WHXHUJHUlWDQJHEUDFKW 6WHXHUJHUlW 527$;1U Cavo strumento "rosso" Instrument cable "red" Meßgerät-Kabel "rot" OFRQWLQXLWj O LQGLFDWRUHGHOORVWUXPHQWRVLPXRYH ;QRQFRQWLQXLWj O LQGLFDWRUHGHOORVWUXPHQWRQRQVLPXRYH ∆O LQGLFDWRUHGHOORVWUXPHQWRSXzPXRYHUVLPDULWRUQD DLQILQLWR∞ O&RQWLQXLW\ LQVWUXPHQWSRLQWHUPRYHV ;QRFRQWLQXLW\ LQVWUXPHQWSRLQWHUGRHVQRWPRYH ∆,QVWUXPHQWSRLQWHUPD\PRYHEXWUHWXUQV WRLQILQLW\∞ ◊9HULILFDUHODFRQLFLWjHODVHGHGHOODFKLDYHGHOYROD QR ◊&RQWUROODUH L GHQWL GHOO LQJUDQDJJLR GL DYYLDPHQWR VRVWLWXLUHLOJUXSSRYRODQRVHQHFHVVDULR ◊,QVSHFWWDSHUDQGNH\ZD\RIIO\ZKHHO ◊&KHFN WRRWKLQJ RI VWDUWHU JHDU FKDQJH IO\ZKHHO DVVHPEO\DVUHTXLUHG O.RQWLQXLWlW 0HJHUlW]HLJHUEHZHJWVLFK 0HZHUWRKQH%HGHXWXQJ ;NHLQH.RQWLQXLWlW 0HJHUlW]HLJHUEHZHJWVLFKQLFKW ∆0HJHUlW]HLJHUNDQQVLFKEHZHJHQXQGJHKW DQVFKOLHHQGDXI∞]XUFN ◊.RQXVREHUIOlFKH XQG .HLOQXW GHV 0DJQHWUDGHV NRQWUROOLHUHQ ◊=lKQH GHV 6WDUWHU]DKQNUDQ]HV EHUSUIHQ XQG JHJHEHQHQIDOOV0DJQHWUDGDXVWDXVFKHQ 7<3( &DQGHOD 6SDUNSOXJ =QGNHU]H ◊5LPXRYHUH L GHSRVLWL GDOO HOHWWURGR FHQWUDOH GL PDVVD FRQXQDVSD]]RODPHWDOOLFD ◊9HULILFDUHGLFKHWLSRGLFDQGHODVLWUDWWD 1*.%5(* 7LSRGLFDQGHOD 1*.%5(6 ◊5HPRYH GHSRVLWV IURP PDVV HOHFWURGH ZLWK D ZLUH EXVK ◊9HULI\W\SHRIVSDUNSOXJ 1*.%5(* 6SDUNSOXJW\SH 1*.%5(6 ◊$EODJHUXQJHQDQGHU0DVVHXQG=HQWUDOHOHNWURQGHPLW HLQHU'UDKWEUVWHHQWIHUQHQ ◊=QGNHU]HQW\SHEHUSUIHQ 1*.%5(* =QGNHU]HQW\SH 1*.%5(6 + u 1RWD SHU JXLGD SUHYDOHQWHPHQWH QHO WUDIILFR XUEDQRqDPPHVVRDQFKHO XVRGLFDQ GHOHWLSR1*.%5 ◊&RQWUROODUHODGLVWDQ]DWUDOHSXQWLQH FRQXQRVSHV VLPHWUR 'LVWDQ]DQRPLQDOH PP /LPLWHGLXVXUD PP + + u 1RWD OD FDQGHOD GHYH HVVHUH VRVWLWXLWD RJQL NPRRJQLYROWDVHQHSUHVHQWLOD QHFHVVLWj + u 1RWH )RUULGLQJSUHGRPLQDQWO\LQXUEDQWUDIILF XVH RI VSDUN SOXJ 1*. %5 LV SHUPLWWHGWRR ◊&KHFNHOHFWURGHJDSE\IHHOHUJDXJH 1RPLQDOHOHFWURGHJDS PP PP :HDUOLPLW + u 1RWH + 7KHVSDUNSOXJKDVWREHUHQHZHGHYHU\ NPRUDVUHTXLUHG + u +LQZHLV %HL EHUZLHJHQGHP (LQVDW] GHV 0RWRUUDGHV LP 6WDGWYHUNHKU LVW GLH =QGNHU]HQW\SH1*.%5]XOlVVLJ ◊(OHNWURGHQDEVWDQGPLW)KOHUOHKUHNRQWUROOLHUHQ (OHNWURGHQDEVWDQG PP PP 9HUVFKOHLJUHQ]H + + u +LQZHLV 'LH=QGNHU]HLVWDOOHNPE]ZEHL %HGDUI]XHUQHXHUQ ,QJUDQDJJLRDYYLDPHQWR 6WDUWHUJHDU 6WDUWHUJHWULHEH ◊$VVLFXUDUVLFKHJOLLQJUDQDJJLQRQVLDQRXVXUDWL ◊/ LQJUDQDJJLRGLDYYLDPHQWRGHYHEORFFDUVLFRQSUHFL VLRQHLQXQDGLUH]LRQH ◊&KHFNERWKJHDUVIRUZHDU ◊7KHVWDUWHUJHDUKDVWRJULSH[DFWO\LQRQHGLUHFWLRQ ◊%HLGH=DKQUlGHUDXI9HUVFKOHLEHUSUIHQ ◊'DV 6WDUWHUJHWULHEH PXVV LQ HLQHU 5LFKWXQJ H[DNW HLQJUHLIHQVSHUUHQ 7<3( 0RWRULQRGLDYYLDPHQWRHOHWWULFR (OHFWULFVWDUWHU (OHNWURVWDUWHU ◊$VVLFXUDUVL FKH OD GHQWDWXUD QRQ VLD GHIRUPDWD R XVXUDWD ◊$VVLFXUDUVL FKH O DQHOOR 25 QRQ VLDGDQQHJJLDWR R XVXUDWR ◊&KHFNWRRWKLQJIRUGHIRUPDWLRQDQGZHDU ◊&KHFN2ULQJIRUZHDUDQGGDPDJH ◊'LH 9HU]DKQXQJ DXI 9HUIRUPXQJ E]Z 9HUVFKOHL NRQWUROOLHUHQ ◊25LQJ DXI $EQW]XQJ XQG %HVFKlGLJXQJ NRQWUROOLHUHQ u 1RWD ODULSDUD]LRQHGHOPRWRULQRGLDYYLDPHQ WRHOHWWULFRQRQqSUHYLVWD6HQHFHVVD ULRVRVWLWXLUHO LQWHURPRWRULQR 3LJQRQHFDWHQD ◊$VVLFXUDUVLFKHOHGHQWDWXUHHVWHUQDHLQWHUQDGHO SLJQRQHQRQVLDQRXVXUDWH u 1RWD u 1RWH VHODFDWHQDGLWUDVPLVVLRQHqXVXUDWD VLDODFDWHQDFKHLOSLJQRQHGHYRQRHV VHUHVRVWLWXLWLFRQWHPSRUDQHDPHQWH n $WWHQ]LRQHXWLOL]]DUHVRORSLJQRQLRULJLQDOL527$; LQFDVRFRQWUDULRLOVHUUDJJLRGHOO DOEHUR SULPDULRSRWUHEEHHVVHUHFRPSURPHVVR HODJDUDQ]LDQRQVDUjSLYDOLGD 5HSDLU RI WKH HOHFWULF VWDUWHU LV QRW SODQQHG ,I QHFHVVDU\ FKDQJH WKH FRPSOHWHHOHFWULFVWDUWHU u +LQZHLV (LQH 5HSDUDWXU GHV (OHNWURVWDUWHUV LVW QLFKW YRUJHVHKHQ *HJHEHQHQIDOOV LVW GHU(OHNWURVWDUWHUNSODXV]XWDXVFKHQ &KDLQVSURFNHW .HWWHQUDG ◊&KHFN RXWHU DQG LQQHU WRRWKLQJ RI VSURFNHW IRU ZHDU ◊$XHQYHU]DKQXQJ XQG ,QQHQYHU]DKQXQJ GHV .HWWHQUDGHVLVWDXI9HUVFKOHL]XEHUSUIHQ u 1RWH ,I WKH GULYH FKDLQ LV ZRUQ WKH FKDLQ DV ZHOODVWKHVSURFNHWKDYHWREHUHQHZHG DWWKHVDPHWLPH n $WWHQWLRQ 8VHJHQXLQH5RWD[FKDLQVSURFNHWVRQO\ RWKHUZLVHWKHVHUUDWLRQRQWKHPDLQVKDIW PLJKW VXIIHU DQG WKH ZDUUDQW\ ZLOO EH YRLG u +LQZHLV ,VWGLH9HU]DKQXQJIUGLH$QWULHEVNHWWH YHUVFKOLVVHQ PXVV GDV .HWWHQUDG XQG GLH $QWULHEVNHWWH JHPHLQVDP HUQHXHUW ZHUGHQ n $FKWXQJ 1XU 2ULJQDO527$; .HWWHQUlGHU YHUZHQGHQ GD VRQVW GLH .HUEHQYHU]DKQXQJ GHU +DXSWZHOOH ]HUVW|UW ZHUGHQ NDQQ XQG GLH *HZlKUOHLVWXQJHUOLVFKW 7<3( 5LDVVHPEODJJLRPRWRUH n $WWHQ]LRQH 4XDQGR VL ULSDUD LO PRWRUH VRVWLWXLUH VHPSUHOHJXDUQL]LRQLJOLDQHOOLHODVWL FLGLVLFXUH]]DJOLDQHOOL25HLSDUDR OLRULPRVVL 5LVFKLR GL EUXFLDWXUH QHO PDQHJJLDUH OHSDUWLURYHQWLGHOPRWRUH (QJLQHUHDVVHPEO\ n $WWHQWLRQ $OZD\V UHQHZ UHPRYHG JDVNHWV FLUFOLSV2ULQJVDQGRLOVHDOVDWHQJLQH UHSDLU 5LVN RI EXUQV ZKHQ KDQGOLQJ KRW HQJLQHSDUWV 0RWRU]XVDPPHQEDXHQ n $FKWXQJ $XVJHEDXWH 'LFKWXQJHQ 6HHJHU 5LQJH 25LQJH XQG :HOOHQGLFKWULQJH VLQG EHL HLQHU 0RWRUUHSDUDWXU LPPHU ]XHUQHXHUQ 9HUEUHQQXQJVJHIDKUEHL+DQGKDEXQJ HUKLW]WHU0RWRUDQWHLOH $OEHURPRWRUHPRQWDJJLR &UDQNVKDIWILWWLQJ .XUEHOZHOOHHLQEDXHQ s $YYHUWHQ]D VHLOFDUWHUO DOEHURPRWRUHRLFXVFLQHWWL s :DUQLQJ s :DUQXQJ SULQFLSDOL GHOO DOEHUR PRWRUH VRQR VWDWL VRVWLWXLWLLOJLRFRDVVLDOHGHOO DOEHURPR WRUHGHYHHVVHUHUHJRODWRQXRYDPHQWH &RQVXOWDUHLOFDSLWROR$OEHURPRWRUH GHWHUPLQD]LRQHGHOJLRFRDVVLDOH l 3UHULVFDOGDUHLOFDUWHUD·& u 1RWD VHQRQqSRVVLELOHSUHULVFDOGDUHLOFDUWHU O DOEHUR PRWRUH SXz HVVHUH LQVWDOODWR XVDQGRXQDWWUH]]RVSHFLDOH 6LYHGDLOFDSLWROR,QVWDOOD]LRQHGHOO DO EHURPRWRUHFRQDWWUH]]LVSHFLDOL l ,I WKH FUDQNFDVH WKH FUDQNVKDIW RU WKH FUDQNVKDIW PDLQ EHDULQJV KDYH EHHQ UHQHZHGWKHQWKHD[LDOFOHDUDQFHRIWKH FUDQNVKDIW KDV WR EH DGMXVWHG&RQVXOW FKDSWHU&UDQNVKDIWGHWHUPLQDWLRQRI D[LDOFOHDUDQFH 3UHKHDWFUDQNFDVHWR& u 1RWH ,IWKHUHLVQRRSSRUWXQLW\WRSUHKHDWWKH FUDQNFDVH WKH FUDQNVKDIW FDQ EH ILWWHG E\ XVLQJ D VSHFLDO WRRO 6HH FKDSWHU &UDQNVKDIW LQVWDOODWLRQ ZLWK VSHFLDO WRROLQJ l :XUGH GDV .XUEHOJHKlXVH GLH .XUEHOZHOOH RGHU GLH .XUEHOZHOOHQ +DXSODJHU HUQHXHUW LVW GDV $[LDOVSLHO GHU .XUEHOZHOOH QHX DXV]XPHVVHQ 6LHKH.DSLWHO.XUEHOZHOOH$[LDOSODQ DXVPHVVHQ 0DJQHWVHLWLJH *HKlXVHKlOIWH DXI & HUZlUPHQ u +LQZHLV ,VW GLH 0|JOLFKNHLW GDV *HKlXVH ]X HUZlUPHQ QLFKW YRUKDQGHQ NDQQ GLH .XUEHOZHOOH PLWWHOV 6SH]LDOZHUN]HXJ HLQJHEDXW ZHUGHQ 6LHKH .DSLWHO .XUEHOZHOOH HLQEDXHQ PLWWHOV 6SH]LDOZHUN]HXJ 7<3( l )LVVDUHLOVHPLFDUWHUODWRYRODQRVXOVXSSRUWRVHUUDQGR ODYLWHHLOGLVWDQ]LDOH $WWUH]]LVSHFLDOL l l l + l 6SHFLDOWRRO 6XSSRUWR SDUW527$;Q .LWDGDWWDWRUHVXSSRUWR SDUWHQ 6HQHFHVVDULRSRVL]LRQDUHJOLVSHVVRULULFKLHVWL QHO VHPLFDUWHUODWRYRODQR $SSOLFDUH/2&7,7($QWL6HL]HVXOOHVHGLGHLFXVFLQHWWL GHOO DOEHURPRWRUH 6SLQJHUHO DOEHURPRWRUHQHOFDUWHUFDOGR n $WWHQ]LRQHQRQVSLQJHUHPDLLOJUXSSRDOEHURPRWR UHQHOFDUWHUEDWWHQGRFRQXQPDUWHOOR $WWDFKPDJQHWRVLGHFUDQNFDVHKDOIRQWUHVWOHE\IL[LQJ VFUHZDQGVSDFHU l l l + l 6SH]LDOZHUN]HXJ WUHVWOH 527$;SDUWQR DGDSWRUNLWIRUWUHVWOH SDUWQR ,IQHHGEHSODFH WKH UHTXLUHGVKLPV LQWR PDJQHWR VLGHFUDQNFDVHKDOI $SSO\/2&7,7($QWL6HL]HRQEHDULQJVHDWVRI FUDQNVKDIW 3XVKFUDQNVKDIWLQWRWKHKRWFUDQNFDVH n $WWHQWLRQ 1HYHU NQRFN FUDQNVKDIW DVV\ ZLWK D KDPPHULQWRFUDQNFDVH 0DJQHWVHLWLJH *HKlXVHKlOIWH LP 0RQWDJHERFN PLW )L[LHUVFKUDXEHXQG'LVWDQ]EXFKVHEHIHVWLJHQ l l l + 0RQWDJHERFN 527$;1U $XIQDKPHVDW] 527$;1U *HJHEHQHQIDOOVGLHHUIRUGHUOLFKHQ$XVJOHLFKVVFKHLEHQ LQGLHPDJQHWVHLWLJH*HKlXVHKlOIWHOHJHQ /DJHUVLW]H GHU .XUEHOZHOOH PLW /2&7,7( $QWL6HL]H EHVWUHLFKHQ .XUEHOZHOOHLQGDVKHLH*HKlXVHVFKLHEHQ n $FKWXQJ .HLQHVIDOOV PLW HLQHP +DPPHU DXI GLH .XUEHOZHOOHNORSIHQ 7<3( ,QVWDOOD]LRQHDOEHURPRWRUH FRQDWWUH]]LVSHFLDOL l &UDQNVKDIWLQVWDOODWLRQZLWKVSHFLDOWRROLQJ l )LVVDUHLOSLDWWRHVWUDWWRUHFRQGXHEUXJROH0[ $WWUH]]LVSHFLDOL + 6SHFLDOWRRO *UXSSRSLDWWRHVWUDWWRUH SDUW527$;Q l l ,QVHULUHO DOEHURPRWRUH QHOODPDVFKLDWXUDGHOODYLWH HVWUDWWRUH JLUDQGR O DOEHUR LQ VHQVR RUDULR ILQR D TXDQGRQRQVLEORFFD l l )LWVKRUWHUWKUHDGHGHQGRISXOOHUVFUHZ FRPSOHWHO\ LQWRSXOOHUSODWH )LW FUDQNVKDIW LQWR WDSSLQJ RI SXOOHU VFUHZ E\ WXUQLQJFUDQNVKDIWFORFNZLVHXQWLOLWVWRSV $EGUFNSODWWHPLW,QEXVVFKUDXEHQ0[DQEULQJHQ + 6SH]LDOZHUN]HXJ SXOOHUSODWHDVV\ 527$;1R $EGUFNSODWWHNSO 527$;1U n $FKWXQJ 'LH,QEXVVFKUDXEHQ0[GLHQHQQXU SRVLWLRQLQJ RQO\ DQG WKHUHIRUH PXVW QRW EHWLJKWHQHG )RUIL[LQJWKHSXOOHUXWLOL]HKROHVPDUNHG ZLWKQXPEHU LOSRVL]LRQDPHQWRHTXLQGLQRQGHYRQR HVVHUHVHUUDWH 3HUILVVDUHO HVWUDWWRUHXVDUHLIRULFRQ WUDVVHJQDWLFRQLOQXPHUR ,QVHULUHFRPSOHWDPHQWHO HVWUHPLWjFRUWDILOHWWDWDGHOOD YLWHHVWUDWWRUHQHOSLDWWRHVWUDWWRUH + .XUEHOZHOOHHLQEDXHQPLWWHOV6SH]LDOZHUN]HXJ n $WWHQWLRQ 7KH $OOHQ VFUHZV 0 [ DUH IRU n $WWHQ]LRQH OHGXHEUXJROH0[VHUYRQRVRORSHU l $WWDFKSXOOHUSODWHZLWK$OOHQVFUHZV0[ ]XU /DJHIL[LHUXQJ XQG VROOHQ QLFKW IHVW DQJH]RJHQZHUGHQ =XP )L[LHUHQ GHU $EGUFNSODWWH GLH %RKUXQJHQ PLW HLQJHVWDQ]WHU 3RV YHUZHQGHQ l l $XV]LHKERO]HQ PLW GHP NU]HUHQ *HZLQGHWHLO ]XU *lQ]HLQGLH$EGUFNSODWWH KLQKHLQVFKUDXEHQ .XUEHOZHOOH ELV DXI $QVFKODJ LQ GLH *HZLQGHERKUXQJ GHU $XV]LHKERO]HQV KLQKHLQVFKUDXEHQ 7<3( l 6SLQJHUHO DOEHURPRWRUH FRPSOHWDPHQWHQHOFDUWHU JLUDQGRODYLWHHVWUDWWRUHLQVHQVRDQWLRUDULR n $WWHQ]LRQH GXUDQWHO RSHUD]LRQHGLLQVHULPHQWRWH QHUH OD ELHOOD QHOOD GLUH]LRQH GHOO DVVH FLOLQGUR u 1RWD ULPR]LRQHGHOSLDWWRHVWUDWWRUH 7RJOLHUHHQWUDPEHOHEUXJROH0[ *LUDUH OD YLWH HVWUDWWRUH LQ VHQVR RUDULRILQRDFKHLOSLDWWRHVWUDWWRUH LQL]LDDVROOHYDUVL 7HQHUHIHUPDODYLWHHVWUDWWRUHHJL UDUHO DOEHURPRWRUHLQVHQVRDQWLR UDULRULPXRYHQGRFRVuLOJUXSSRSLDWWR HVWUDWWRUHGDOPRWRUH l 3XVK LQ FUDQNVKDIW IXOO\ KRPH LQWR FUDQNFDVH E\ WXUQLQJWKHSXOOHUVFUHZDQWLFORFNZLVH n $WWHQWLRQ 'XULQJ WKLV RSHUDWLRQ NHHS KROG RI FRQ URGLQGLUHFWLRQRIF\OLQGHUD[LV u 1RWH 'HWDFKLQJRISXOOHUSODWH 5HPRYHERWK$OOHQVFUHZV0[ 7XUQ SXOOHU VFUHZ FORFNZLVH XQWLO SXOOHUSODWHVWDUWVWROLIW .HHSDJULSRISXOOHUVFUHZDQGWXUQ FUDQNVKDIW DQWLFORFNZLVH WKXV GHWDFKLQJ SXOOHU SODWH DVVHPEO\ IURP HQJLQH l $XV]LHKERO]HQJHJHQGHQ8KU]HLJHUVLQQGUHKHQELV GLH .XUEHOZHOOH ]XU *lQ]H ELV DXI $QVFKODJ LP *HKlXVHVLW]W n $FKWXQJ 'LH3OHXHOVWDQJHGDEHLPLWHLQHU+DQGLQ =\OLQGHUDFKVULFKWXQJKDOWHQ u +LQZHLV /|VHQGHV$EGUFNSODWWH %HLGH ,QEXVVFKUDXEHQ 0[ HQWIHUQHQ $XV]LHKERO]HQ LP 8KU]HLJHUVLQQ GUHKHQ ELV VLFK GLH $EGUFNSODWWH OHLFKWDEKHEW $XV]LHKERO]HQ IHVWKDOWHQ XQG .XUEHOZHOOH JHJHQ GHU 8KU]HLJHUVLQQGUHKHQVRGDVVVLFKGLH $EGUFNSODWWHNSOYRP0RWRUO|VW 7<3( &DPELRPRQWDJJLR l l l l l + *HDUVKLIWDVVHPEO\ l l l u 1RWD /DIRUFHOODDDPDUFLDGHYHHVVHUHLQ VWDOODWDFRQLOQXPHURVWDPSDWRULYROWR YHUVRO DOWR /DIRUFHOODDDPDUFLD GHYHHVVHUHLQ VWDOODWDFRQLOQXPHURVWDPSDWRULYROWR YHUVRO DOWR l 3ODFHVKLIWIRUNWKWKJHDURQJHDUSLQLRQRIFOXWFK VKDIW 3XWVKLIWIRUNQGUGJHDUDQGVKLIWIRUNVWWKJHDU RQJHDUSLQLRQRIPDLQVKDIW u 1RWH l 7KHVKLIWIRUNQGUGJHDU LVWREH LQVWDOOHG ZLWK WKH HPERVVHG 1R VKRZLQJXSZDUGV 7KHVKLIWIRUNVWWKJHDU LVWREH LQVWDOOHG ZLWK WKH HPERVVHG 1R VKRZLQJXSZDUGV )KUXQJVKOVH DXI GLH +DXSWZHOOH VWHFNHQ XP %HVFKl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l *HDUER[DVVHPEO\ 3RVL]LRQDUHLOPDQLFRWWRGLJXLGDVXOO DOEHURSULPDULR SHUHYLWDUHGLGDQQHJJLDUHLOSDUDROLR l l )KUXQJVKOVH 527$;1U $XI /DJHUVLW]H GHU +DXSW XQG 9RUJHOHJHZHOOH /2&7,7($QWL6HL]HDXIWUDJHQ 'DVNRPSOHWWH*HWULHEHSDNHWGXUFKOHLFKWHV.ORSIHQ PLW HLQHP 6FKRQKDPPHU ELV DXI $QVFKODJH LQ GLH /DJHUXQJHQ GHU PDJQHWVHLWLJHQ *HKlXVHKlOIWH HLQIKUHQ 6FKDOWXQJHLQEDXHQ l l 6FKDOWJDEHO *DQJ LQ GDV 6FKDOWUDG GHU 9RUJHOHJHZHOOHHLQOHJHQ 6FKDOWJDEHO*DQJ XQG6FKDOWJDEHO*DQJ LQGLH6FKDOWUlGHUGHU+DXSWZHOOHHLQOHJHQ u +LQZHLV 6FKDOWJDEHO *DQJ VR HLQOHJHQGDVVGLHGDUDQDQJHEUDFKWH 1UQDFKREHQ]HLJW 6FKDOWJDEHO *DQJ VR HLQOHJHQGDVVGLHGDUDQDQJHEUDFKWH 1UQDFKREHQ]HLJW 7<3( l l $SSOLFDUH ROLR SHU LQJUDQDJJL VXOOH VFDQDODWXUH GHO GHVPRGURPLFR 3RVL]LRQDUHLOGHVPRGURPLFRQHOFDUWHUHILVVDUHFRQ EUXJROD0HURQGHOOD &RSSLDGLVHUUDJJLR l l + l 3ULPDGHOO LQVWDOOD]LRQHDSSOLFDUHROLRVX JOLDOEHULGHOFDPELR 6XOO DOEHUR GHO FDPELR FRUWR LO ODWR VPXVVDWRGHYHHVVHUHULYROWRYHUVRO DOWR $VVLFXUDUVLFKHO DQHOORGLVLFXUH]]DVLD EHQ SRVL]LRQDWR VXOO DOEHUR GHO FDPELR OXQJR 1RQHVHUFLWDUHPDLXQDSUHVVLRQHHFFHV VLYDSHUO LQVHULPHQWRGHJOLDOEHULGHOFDP ELR $SSO\JHDURLOWRWUDFNVRIVKLIWGUXP l 3RVLWLRQVKLIWGUXP LQFUDQNFDVHDQGVHFXUHLWZLWK $OOHQVFUHZ0DQGZDVKHU l 7LJKWHQLQJWRUTXH 1P ,QVHULUHWXWWHOHIRUFHOOHQHOOHJXLGHGHOGHVPRGURPLFR ,QVHULUH HQWUDPEL JOL DOEHUL GHO FDPELR H ILQR DOO DUUHVWRQHOULVSHWWLYRIRURQHOVHPLFDUWHUODWRYRODQR u 1RWD l l l + 1P (QJDJHDOOWKHVKLIWIRUNVLQWUDFNVRIVKLIWGUXP ,QVHUW ERWK VKLIW VKDIWV DQG XQWLO WKH\ VWRS LQ UHVSHFWLYHERUHLQWKHPDJQHWRVLGHFUDQNFDVHKDOI u 1RWH %HIRUHILWWLQJDSSO\RLORQVKLIWVKDIWV 2Q WKH VKRUWHU VKLIW VKDIW WKH FKDPIHUHGVLGHKDVWRSRLQWXSZDUGV 2QWKHORQJHUVKLIWVKDIWHQVXUHWKDW WKHFLUFOLSVLVILWWHG 1HYHU XVH IRUFH WR SUHVV LQ VKLIW VKDIWV *HWULHEH|O DXI GLH 6FKDOWEDKQHQ GHU 6FKDOWZDO]H DXIWUDJHQ 6FKDOWZDO]H DXI GLH /DJHUVWHOOH LP *HKlXVH DXIVWHFNHQ XQG PLW ,QEXVVFKUDXEH 0 XQG 6FKHLEH EHIHVWLJHQ $Q]XJVGUHKPRPHQW l l + 1P $OOH6FKDOWJDEHOQLQGLHGD]XJHK|ULJHQ6FKDOWEDKQHQ GHU6FKDOWZDO]HHLQKlQJHQ %HLGH6FKDOWVWDQJHQXQGELVDXI$QVFKODJGXUFK GLH 6FKDOWJDEHOQ LQ GLH HQWVSUHFKHQGHQ %RKUXQJHQ GHUPDJQHWVHLWLJHQ*HKlXVHKlOIWHHLQIKUHQ u +LQZHLV %HLGH 6FKDOWVWDQJHQ YRUKHU PLW *HWULHEH|OHLQ|OHQ %HLGHUNXU]HQ6FKDOWVWDQJH PXVV GLHDQJHIDVWH6HLWHQDFKREHQ]HLJHQ %HLGHUODQJHQ6FKDOWVWDQJHGDUDXI DFKWHQ GDVV GHU 6LFKHUXQJVULQJ PRQWLHUWLVW 'LH 6FKDOWVWDQJHQ QLFKW PLW *HZDOW HLQSUHVVHQ 7<3( &RQWUDOEHURLQVWDOOD]LRQH l l $SSOLFDUH /2&7,7( $QWL6HL]H D FLDVFXQD VHGH FXVFLQHWWRGHOFRQWUDOEHUR ,QVHULUHLOFRQWUDOEHURQHOFXVFLQHWWR l l 7RJOLHUH LO EXOORQH GL ILVVDJJLR H LO GLVWDQ]LDOH GDO VXSSRUWR $SSOLFDUH /2&7,7( $QWL6HL]H D FLDVFXQD VHGH FXVFLQHWWRGHJOLDOEHUL 3RVL]LRQDUHODJXDUQL]LRQHFDUWHUVXOVHPLFDUWHUODWR YRODQR n $WWHQ]LRQHXVDUHVHPSUHJXDUQL]LRQLQXRYH u 1RWD l l $SSO\ /2&7,7( $QWL6HL]H WR HDFK EHDULQJ VHDW RI EDODQFHVKDIW ,QVHUWEDODQFHVKDIWLQWREHDULQJ &UDQNFDVHDVVHPEO\ &DUWHUPRQWDJJLR l %DODQFHVKDIWLQVWDOODWLRQ 6L SXz LQJUDVVDUH OD JXDUQL]LRQH FDUWHUSHUPDQWHQHUODLQSRVL]LRQH /D JXDUQL]LRQH FDUWHU GHYH FRPEDFLDUHFRQWXWWLLIRULGHOFDUWHU 3URFHGHUH FRQ FXUD LQ PRGR FKH LO JLXQWRQRQSUHVHQWLULVFKLGLSHUGLWH l l l 5HPRYHIL[LQJEROWDQGVSDFHUIURPWUHVWOH $SSO\/2&7,7($QWL6HL]HWRHDFKEHDULQJVHDWRIWKH VKDIWV 3ODFH FUDQNFDVH JDVNHW RQWR PDJQHWR VLGH FUDQNFDVHKDOI n $WWHQWLRQ $OZD\VXVHQHZJDVNHW u 1RWH WKHFUDQNFDVHJDVNHWPD\EHJUHDVHG WRNHHSLWLQSRVLWLRQ 7KHFUDQNFDVHJDVNHWKDVWRPDWFKDOO WKHERUHVLQWKHFUDQNFDVH :RUN FDUHIXOO\ WR ZDUUDQW D MRLQW ZLWKRXWZRUULHVRIOHDNV $XVJOHLFKVZHOOHHLQEDXHQ l l %HLGH /DJHUVLW]H GHU $XVJOHLFKVZHOOH PLW /2&7,7( $QWL6HL]HHLQVWUHLFKHQ $XVJOHLFKVZHOOHLQGHQ/DJHUVLW]KLQHLQVFKLHEHQ .XUEHOJHKlXVH]XVDPPHQEDXHQ l l l )L[LHUVFKUDXEH XQG 'LVWDQ]EFKVH YRP 0RQWDJHERFNHQWIHUQHQ $OOH /DJHUVLW]H GHU :HOOHQ PLW /2&7,7( $QWL6HL]H EHVWUHLFKHQ *HKlXVHGLFKWXQJ DXI GLH PDJQHWVHLWLJH *HKlXVHKlOIWHDXIOHJHQ n $FKWXQJ 1HXH'LFKWXQJYHUZHQGHQ u +LQZHLV 'LH *HKlXVHGLFKWXQJ NDQQ PLW )HWW HLQJHVWULFKHQ ZHUGHQ XP HLQ 9HUUXWVFKHQ]XYHUKLQGHUQ 'LH *HKlXVHGLFKWXQJ PXVV LQ JHVDPWHQ %HUHLFK PLW DOOHQ %RKUXQJHQ GHV .XUEHOJHKlXVHV EHUHLQVWLPPHQ 6RUJIlOWLJDUEHLWHQGDVRQVWXQGLFKWH 6WHOOHQ]XEHIUFKWHQVLQG 7<3( l l l l 5LVFDOGDUH LO VHPLFDUWHU ODWR IUL]LRQH D & H XQLUORDOVHPLFDUWHUODWRYRODQR )DFLOLWDUHO RSHUD]LRQHHYHQWXDOPHQWH u 1RWD EDWWHQGR FRQ XQ PD]]XROR VXJOL DS SRJJLVRVSHQVLRQHPRWRUH 1RQGDQQHJJLDUHODVXSHUILFLHGLWHQX WDGHOFRSHUFKLRIUL]LRQH 5LILVVDUHLOFDUWHUVXOVXSSRUWRDYYLWDQGRLEXOORQL $YYLWDUHLGXHVHPLFDUWHUFRQQRYHEUXJROH0 &RSSLDGLVHUUDJJLR 1P n $WWHQ]LRQH 6HUUDUH OH YLWL WUDVYHUVDOPHQWH LQL ]LDQGR JUDGXDOPHQWH GDO FHQWUR GHO FDUWHU 8VDUHXQDQHOORGLWHQXWDDJJLXQWLYR VXOODYLWHGLVFDULFRGHOOLTXLGRGLUDI IUHGGDPHQWR 7DJOLDUHOHSDUWLVSRUJHQWLGHOOHJXDU QL]LRQL FDUWHU VXO FHQWUDJJLR FLOLQGUR XVDQGRXQFROWHOORHIDFHQGRSHUzDW WHQ]LRQH D QRQ GDQQHJJLDUH OD VX SHUILFLHGLWHQXWD l l l + )DFLOLWDWH E\ WDSSLQJ ZLWK PDOOHW RQ HQJLQHVXVSHQVLRQOXJVLIQHHGHG 'RQRWGDPDJHVHDOLQJIDFHIRUFOXWFK FRYHU 5HDWWDFKFUDQNFDVHRQWUHVWOHE\IL[LQJEROWV %ROWWRJHWKHUFUDQNFDVHKDOYHVZLWK$OOHQVFUHZV0 7LJKWHQLQJWRUTXH 1P l u 1RWH + )LVVDUHODPROOD O DQHOOR ODOHYD HODURQGHOOD FRQODEUXJROD0 1P &RSSLDGLVHUUDJJLR DVVLFXUDUVLFKHODOHYD VLPXRYDOLEH u 1RWD UDPHQWH +HDWFOXWFKVLGHFUDQNFDVHKDOIWR&DQGMRLQ LWZLWKPDJQHWRVLGHFUDQNFDVHKDOI + l l n $WWHQWLRQ 7LJKWHQVFUHZVFURVVZLVHDQGJUDGXDO + VWDUWLQJDWFHQWUHRIFUDQNFDVH 8VH DQ DGGLWLRQDO VHDOLQJ ULQJ RQ FRRODQWGUDLQVFUHZ &XW RII SURWUXGLQJ SDUWV RI WKH FUDQNFDVH JDVNHWV DW F\OLQGHU FHQWHULQJ XVLQJ D NQLIH EXW ZLWKRXW GDPDJLQJVHDOLQJIDFH l $WWDFKLQGH[VSULQJVNLSULQJLQGH[OHYHUDVV\ ZDVKHUZLWK$OOHQVFUHZ0 1P 7LJKWHQLQJWRUTXH + u 1RWH 9HULI\IUHHPRYHPHQWRILQGH[OHYHUDVV\ .XSSOXQJVVHLWLJH *HKlXVHKlOIWH DXI & HUZlUPHQ XQG DXI GLH PDJQHWVHLWLJH *HKlXVHKlOIWH DXIVHW]HQ u +LQZHLV (YHQWXHOOPLW6FKRQKDPPHUOHLFKWDXI GLH0RWRUDXIKlQJXQJVSXQNWHNORSIHQ 'LFKWIOlFKH IU GHQ .XSSOXQJVGHFNHO QLFKWEHVFKlGLJHQ *HKlXVHPLW)L[LHUVFKUDXEHQZLHGHUDP0RQWDJHERFN EHIHVWLJHQ %HLGH *HKlXVHKlOIWHQ PLW ,QEXVVFKUDXEHQ 0 ]XVDPPHQVFKUDXEHQ 1P $Q]XJVGUHKPRPHQW n $FKWXQJ 'LH 6FKUDXEHQ NUHX]ZHLVH LQ GHU 0LWWHGHV*HKlXVHVEHJLQQHQGXQGLQ PHKUHUHQ6FKULWWHIHVW]LHKHQ )U GLH :DVVHUDEODXIVFKUDXEH LVW ]XVlW]OLFKHLQ'LFKWULQJ]XYHUZHQGHQ hEHUVWHKHQGH 7HLOH GHU *HKlXVHGLFKWXQJ LP %HUHLFK GHV =\OLQGHUIODQVFKHV XQG GHU =\OLQGHU]HQWULHUXQJPLWHLQHP0HVVHU HQWIHUQHQRKQHGDEHLGLH'LFKWIOlFKH ]XEHVFKlGLJHQ ,QGH[IHGHU 6WXIHQULQJ ,QGH[KHEHO XQG 6FKHLEHPLW,QEXVVFKUDXEH0 EHIHVWLJHQ 1P $Q]XJVGUHKPRPHQW u +LQZHLV )UHLH%HZHJOLFKNHLWGHV,QGH[KHEHOV NRQWUROOLHUHQ l + 7<3( l ,QVHULUH O DOEHUR GHO FDPELR SUHDVVHPEODWR QHO FDUWHU n $WWHQ]LRQH 0HWWHUHO LQJUDQDJJLRLQIROOHHDV VLFXUDUVL FKH O DOEHUR VHFRQGDULR H O DOEHUR SULPDULR VL PXRYDQR OLEHUD PHQWH ,QQHVWDUHODDPDUFLDHJLUDUHO DOEH URGHOFDPELRYHUVRVLQLVWUDHYHUVR GHVWUDILQRDFKHLOQRWWROLQRWRFFD LOULVSHWWLYRSHUQRVXOGHVPRGURPL FR ,O JLRFR GHYH HVVHUH XJXDOH VX HQWUDPELLODWL,QFDVRGLJLRFRGL YHUVRO DOHWWD GHYHHVVHUHSLHJDWD TXDQWRQHFHVVDULR l )LWSUHDVVHPEOHGVKLIWVKDIWLQWRFUDQNFDVH n $WWHQWLRQ 6HW JHDU WR QHXWUDO DQG FKHFN FOXWFK VKDIW DQG PDLQVKDIW WR PRYH IUHHO\ (QJDJH WKH UG JHDU DQG WXUQ VKLIW VKDIWWRWKHOHIWDQGWRWKHULJKWXQWLOWKH VKLIW SDZO WRXFKHV WKH UHVSHFWLYH SLQRQWKHVKLIWGUXP7KHFOHDUDQFH KDVWREHWKHVDPHRQERWKVLGHV,Q FDVHRIXQHTXDOFOHDUDQFHWKHIODS KDVWREHEHQWDFFRUGLQJO\ l 9RUPRQWLHUWH 6FKDOWZHOOH LQ GDV *HKlXVH HLQVFKLHEHQ n $FKWXQJ 'DV *HWULHEH DXI 1HXWUDO /HHUJDQJVWHOOHQXQGSUIHQREVLFK +DXSW XQG 9RUJHOHJHZHOOH IUHL GUHKHQ ,Q GHQ *DQJ VFKDOWHQ GLH 6FKDOWZHOOHQDFKOLQNVXQGQDFKUHFKWV GUHKHQ ELV GLH 6FKDOWNOLQNH GLH EHLGHQ =DSIHQ GHU 6FKDOWZDO]H EHUKUW 'DV 6SLHO PXVV LQ EHLGHQ 6HLWHQJOHLFKVHLQ,VWGLHVQLFKWGHU )DOO PXVV GLH /DVFKH LQ GLH HQWVSUHFKHQGH 5LFKWXQJ QDFKJHERJHQZHUGHQ 7<3( *UXSSRGLDYYLDPHQWRDSHGDOH LQVWDOOD]LRQHVRORYHUVLRQH5; l l l l )LVVDUHLOIHUPRGHOO LQJUDQDJJLRGLLQQHVWRFRQXQD EUXJROD0FRQ/2&7,7( + &RSSLDGLVHUUDJJLR 1P 3RVL]LRQDUH OD PROOD DYYLDPHQWR D SHGDOH O LQJUDQDJJLRDYYLDPHQWRDSHGDOH HODURQGHOOD VXOFDUWHU 6SLQJHUHO DOEHURDYYLDPHQWRDSHGDOH LQSRVL]LRQH QHOFXVFLQHWWRGHOFDUWHU u 1RWD LGXHSXQWLSLDQLVXOO DOEHURDYYLDPHQWRD SHGDOHGHYRQREORFFDUVLQHOODPROODDYYLD PHQWRDSHGDOH ,QVHULUH O LQJUDQDJJLR GL LQQHVWR SUHOXEULILFDWR VXOOH VFDQDODWXUHGHOO DOEHURDYYLDPHQWRDSHGDOHLQPRGR GDRWWHQHUHXQSUHFDULFRGHOODPROOD .LFNVWDUWLQVWDOODWLRQ YHUVLRQ5;RQO\ l l l l 6HFXUHUDWFKHWJHDUVWRSZLWK$OOHQVFUHZ0DSSO\ /2&7,7( l + 7LJKWHQLQJWRUTXH 1P 3ODFHNLFNVWDUWVSULQJNLFNVWDUWJHDUDQGZDVKHU LQWRFUDQNFDVH 3XVK NLFN VWDUW VKDIW LQWR SRVLWLRQ LQ FUDQNFDVH EHDULQJ l l u 1RWH l 7KHWZRIODWVRQWKHNLFNVWDUWVKDIWKDYH WRHQJDJHLQNLFNVWDUWVSULQJ )LWSUHRLOHGUDWFKHWJHDURQVSOLQHVRINLFNVKDIWVR WRSUHVWUHVVWKHVSULQJ 3UHVWUHVV + · l 6SHUUUDGDQVFKODJPLW,QEXVVFKUDXEH0EHIHVWLJHQ ZREHLGLH,QEXVVFKUDXEHPLW/2&7,7(]XVLFKHUQ LVW + $Q]XJVGUHKPRPHQW 1P .LFNVWDUWHUIHGHU6WDUWHUUDGXQG6FKHLEHLQGDV *HKlXVHOHJHQ .LFNVWDUWHUZHOOH LQ GLH /DJHUVWHOOH LP *HKlXVH VFKLHEHQ u +LQZHLV 'LH EHLGHQ )ODFKVWHOOHQ .LFNVWDUWHUZHOOH PVVHQ LQ .LFNVWDUWHUIHGHUHLQJUHLIHQ l u 1RWH + 3UHFDULFR · u 1RWD VHQRQqSRVVLEOHRWWHQHUHLOSUHFDULFRVSH FLILFDWRXVDUHXQDSRVL]LRQHGLLQFDVWURDO WHUQDWLYD SHUODPROODGHOO DYYLDPHQWRD SHGDOH 3HU LO SUHFDULFR GHOOD PROOD JLUDUH O DOEHUR GHOO DYYLDPHQWRDSHGDOH LQVHQVRRUDULRHLQFDVWUDUH O LQJUDQDJJLRGLLQQHVWR VXOUHODWLYRIHUPR .LFNVWDUWHUHLQEDXHQ QXU$XVIKUXQJ5; ,I WKLV VSHFLILHG SUHVWUHVV FDQQRW EH UHDFKHG XVH DOWHUQDWLYH HQJDJHPHQW SRVLWLRQ IRUNLFNVWDUWVSULQJ )RU SUHVWUHVVLQJ WKH VSULQJ WXUQ NLFN VWDUW VKDIW FORFNZLVHDQGHQJDJHUDWFKHWJHDU RQUDWFKHWJHDU VWRS GHU GLH (LQJH|OWHV 6SHUUUDG VR DXI GLH 9HU]DKQXQJ GHU .LFNVWDUWHUZHOOHVFKLHEHQGDVVHLQH9RUVSDQQXQJGHU )HGHUHUUHLFKWZLUG 9RUVSDQQXQJ + u +LQZHLV )DOOV GLHVH 9RUVSDQQXQJ QLFKW HUUHLFKW l ZLUG NDQQ GLH .LFNVWDUWHUIHGHU LQ GHU ]ZHLWHQ6WHOOXQJ HLQJHKlQJWZHUGHQ .LFNVWDUWHUZHOOH LP 8KU]HLJHUVLQQ GUHKHQ XQG 6SHUUDGDP6SHUUDGHLQKlQJHQ 7<3( l l 3RVL]LRQDUHODPROODGLFRPSUHVVLRQHHORVSHVVRUH VXOO DOEHURDYYLDPHQWRDSHGDOH u 1RWD FRQ LO PRWRUH LQVWDOODWR VXOOD PRWR DOEHUR DYYLDPHQWRDSHGDOHLQSRVL]LRQHRUL]]RQWD OHqFRQVLJOLDELOHSLHJDUHODSULPDVSLUD GHOOD PROOD GL FRPSUHVVLRQH OHJJHUPHQWH YHUVRO LQWHUQRLOFKHqXWLOHQHOO LQVWDOOD]LRQH SHUWUDWWHQHUHODPROODVXOO LQJUDQDJJLRGLLQ QHVWR )LVVDUH O LQJUDQDJJLR LQWHUPHGLR FRQ OD URQGHOOD GL VSLQWDHXQDYLWHDWHVWDVYDVDWD0 )LVVDUHODYLWHDWHVWDVYDVDWDFRQ/2&7,7( &RSSLDGLVHUUDJJLR u 1RWD + l l &RSSLDGLVHUUDJJLR + 1P :LWKWKHHQJLQHLQVWDOOHGLQWKHELNHNLFN VWDUW VKDIW LQ KRUL]RQWDO SRVLWLRQ LW LV DGYLVDEOH WR EHQG ILUVW FRLO RI FRPSUHVVLRQ VSULQJ VOLJKWO\ LQZDUGV KHOSIXODWLQVWDOODWLRQDVLWKHOSVWRUHWDLQ VSULQJRQUDWFKHWJHDU $WWDFKLQWHUPHGLDWHJHDU ZLWKWKUXVWZDVKHU DQG FRXQWHUVXQN VFUHZ 0 6HFXUH FRXQWHUVXQN VFUHZ ZLWK/2&7,7( 7LJKWHQLQJWRUTXH u 1RWH LOODWRFKLXVRGHOO LQJUDQDJJLRLQWHUPHGLR GHYHHVVHUHULYROWRYHUVRO DOWR ,QJUDVVDUH OHJJHUPHQWH JOL DQHOOL 25 GHOOD SRPSD GHOO DFTXDSUHDVVHPEODWD ,QVWDOODUH LO JUXSSR SRPSD GHOO DFTXD QHO FDUWHU H ILVVDUHFRQXQDYLWH7DSWLWH0 3ODFH FRPSUHVVLRQ VSULQJ DQG VKLP RQ NLFN VWDUW VKDIW l u 1RWH 1P 3RPSDGHOO DFTXDLQVWDOOD]LRQH l l + l l u +LQZHLV :HQQ l 1P JHVFKORVVHQH 6HLWH GHV =ZLVFKHQUDGHV PXVV QDFK REHQ ]HLJHQ :DVVHUSXPSHHLQEDXHQ 6OLJKWO\ JUHDVH 2ULQJV RI WKH SUHDVVHPEOHG ZDWHU SXPS )LWZDWHUSXPSDVVHPEO\LQWRFUDQNFDVHDQGDWWDFK ZLWK7DSWLWHVFUHZ0 + + u +LQZHLV 'LH 7KHFORVHGVLGHRIWKHLQWHUPHGLDWHJHDU KDVWRSRLQWXSZDUGV 7LJKWHQLQJWRUTXH GHU 0RWRU LP )DKUJHVWHOO HLQJHEDXW LVW VROO DOV 0RQWDJHKLOIH GLH HUVWH :LQGXQJ GHU 'UXFNIHGHU OHLFKW QDFK LQQHQ JHERJHQ ZHUGHQ GDPLW VLH QLFKWYRP6SHUUUDGDEUXWVFKW =ZLVFKHQUDGPLW+DOWHVFKHLEHXQG6HQNVFKUDXEH 0EHIHVWLJHQZREHLGLH6HQNVFKUDXEHPLW/2&7,7( ]XVLFKHUQLVW $Q]XJVGUHKPRPHQW 1P :DWHUSXPSLQVWDOODWLR 'UXFNIHGHU XQG $XVJOHLFKVVFKHLEH DXI GLH .LFNVWDUWHUZHOOHVWHFNHQ 1P l l 25LQJHGHUYRUPRQWLHUWH:DVVHUSXPSHPLWHWZDV)HWW HLQVWUHLFKHQ :DVVHUSXPSH NSO LQ GDV *HKlXVH VFKLHEHQ XQG PLW7DSWLWH6FKUDXEH0EHIHVWLJHQ $Q]XJVGUHKPRPHQW + 7<3( 1P 5RWLVPRFRQWUDOEHURWUDVPLVVLRQH SULPDULDHIUL]LRQHLQVWDOOD]LRQH l l 3RVL]LRQDUHO DQHOOR25QHOODVFDQDODWXUDGHOO DOEHUR PRWRUH 3RVL]LRQDUHO LQJUDQDJJLR FRQORVSDOODPHQWRYHUVR O HVWHUQR VXOOD GHQWDWXUD GHOO DOEHUR PRWRUH H O LQJUDQDJJLR VXO FRQWUDOEHUR FRQ OR VSDOODPHQWR YHUVRO LQWHUQR n $WWHQ]LRQH DVVLFXUDUVLFKHWXWWLLVHJQLVLDQRDO OLQHDWL u 1RWD SHU IDFLOLWDUH O LQVWDOOD]LRQH SUHULVFDO GDUHOHJJHUPHQWHJOLLQJUDQDJJLPD[ & %DODQFHVKDIWGULYHSULPDU\GULYHDQG FOXWFKLQVWDOODWLRQ l l 3ODFH2ULQJLQWRJURRYHRIFUDQNVKDIW )LWEDODQFHJHDUZLWKVKRXOGHURXWZDUGVRQWRRWKLQJ RIFUDQNVKDIWDQGILWEDODQFHJHDU RQEDODQFHVKDIW ZLWKVKRXOGHUIDFLQJLQZDUGV n $WWHQWLRQ (QVXUHDOLJQPHQWRIDOOPDUNV u 1RWH 7R HDVH WKH ILWWLQJ SUHKHDW EDODQFH JHDUVVOLJKWO\PD[& $XVJOHLFKVWULHE3ULPlUWULHEXQG .XSSOXQJHLQEDXHQ l l 25LQJLQGLH1XWGHU.XUEHOZHOOHJHEHQ $XVJOHLFKVUDG PLW GHP %XQG QDFK REHQ DXI GLH 9HU]DKQXQJGHU.XUEHOZHOOHXQGGDV$XVJOHLFKVUDG PLW GHP %XQG QDFK LQQHQ DXI GLH $XVJOHLFKVZHOOH VWHFNHQ n $FKWXQJ $OOH 0DUNLHUXQJHQ EHUHLQVWLPPHQ PVVHQ u +LQZHLV 1HXH $XVJOHLFKVUlGHU N|QQHQ OHLFKW HUZlUPW ZHUGHQ PD[ & XP GH (LQEDX]XHUOHLFKWHUQ 7<3( l l ,QVHULUH O LQJUDQDJJLR GL URWLVPR VXOOD GHQWDWXUD GHOO DOEHURPRWRUH ,QVHULUH O DQHOOR GL EORFFDJJLR QHOOD VFDQDODWXUD GHOO DOEHURPRWRUH HGHOFRQWUDOEHUR n $WWHQ]LRQH 1RQULXWLOL]]DUHPDLDQHOOLGLEORFFDJJLR XVDWL $OPRPHQWRGHOO XVRGHOO DQHOORGLEORF FDJJLRIDUHDWWHQ]LRQHDQRQDOODUJDUOR SLGHOQHFHVVDULR $VVLFXUDUVLFKHJOLDQHOOLVLDQRFRPSOH WDPHQWHLQVHULWLQHOODVFDQDODWXUD u 1RWD VHQHFHVVDULRUHJRODUHODSRVL]LRQHDV VLDOH GHOO LQJUDQDJJLR GHO FRQWUDOEHUR H GHOO LQJUDQDJJLR GHO URWLVPR EDWWHQGR OHJJHUPHQWHSHUSXOLUHODVFDQDODWXUDH LQVHULUH O DQHOOR GL EORFFDJJLR WXWWR FLz QHOOD PLVXUD SL FRQWHQXWD SRVVLELOH SHUHYLWDUHORVFKLDFFLDPHQWRHODGHIRU PD]LRQHGHOO DQHOOR25 l l )LWGULYHJHDURQWRRWKLQJRIFUDQNVKDIW ,QVHUW UHWDLQLQJ ULQJ LQWR JURRYH RI FUDQNVKDIW DQG EDODQFHVKDIW n $WWHQWLRQ 1HYHUUHILWXVHGUHWDLQLQJULQJV $WWKHILWWLQJRIWKHUHWDLQLQJULQJWDNH FDUH QRW WR RSHQ WKH ULQJ DQ\ IXUWKHU WKDQQHFHVVDU\ 9HULI\ FRPSOHWH HQJDJHPHQW RI WKH UHWDLQLQJULQJVLQWKHJURRYH u 1RWH ,I QHFHVVDU\ DGMXVW D[LDO SRVLWLRQ RI EDODQFHJHDUDQGGULYHJHDUE\FDUHIXOO\ WDSSLQJ WR FOHDQ JURRYH IRU ILWWLQJ WKH UHWDLQLQJ ULQJ KRZHYHU RQO\ WR WKH PLQLPXP H[WHQW QHFHVVDU\ WR DYRLG VTXHH]LQJDQGGHIRUPDWLRQRI2ULQJ l l $QWULHEVUDG DXI GLH 9HU]DKQXQJ GHU .XUEHOZHOOH VWHFNHQ 6HHJHU95LQJ LQ GLH 1XW GHU .XUEHOZHOOH XQG GHU $XVJOHLFKVZHOOHHLQVHW]HQ n $FKWXQJ 1LHPDOV JHEUDXFKWH 6HHJHU5LQJH ZLHGHUYHUZHQGHQ %HL GHU 0RQWDJH GHU 6HHJHU5LQJH GDUDXI DFKWHQ GDVV GLH (QGHQ QLFKW ZHLWHU JHVSUHL]W ZHUGHQ DOV HUIRUGHUOLFK 1DFK GHP (LQEDX GHU 6HHJHU5LQJH GDUDXIDFKWHQGDVVVLHYROOVWlQGLJLQ GLH1XWHLQJHUDVWHWVLQG u +LQZHLV *HJHEHQHQIDOOV PLW HLQHP HQWVSUHFKHQGHQ 'RUQ GDV $XVJOHLFKVUDG XQG GDV $QWULHEVUDG KLQXQWHUNORSIHQ ELV GLH 1XW IU GHQ 6HHJHU95LQJIUHLLVWMHGRFKQXUVRZHLW QRWZHQGLJ GD VRQVW GHU 25LQJ JHNOHPPWXQGGHIRUPLHUWZLUG 7<3( l ,QVWDOODUH LO JUXSSR IUL]LRQH SUHDVVHPEODWR VXOO DOEHURVHFRQGDULR3HULOPRQWDJJLRGHOODIUL]LRQH VLYHGDLOFDSLWROR)UL]LRQH u 1RWD l u 1RWH DVVLFXUDUVLFKHLGXHFXVFLQHWWLDUXOOLQL VLDQRLQVWDOODWLVXOO DOEHURVHFRQGDULR l l )LVVDUHWUDVYHUVDOPHQWHOHVHLYLWLDWHVWDHVDJRQDOH &RSSLDGLVHUUDJJLR u 1RWD + 1P 3RVL]LRQDUHO LQJUDQDJJLRIROOHVXOO DVVDOHHDOOLQHDUOR FRQLOVHJQRVXOFDUWHUJLUDQGRO DOEHURPRWRUH + DXIGHU9RUJHOHJHZHOOHPRQWLHUWVLQG l 1P 6HFKVNDQWVFKUDXEHQNUHX]ZHLVHIHVW]LHKHQ $Q]XJVGUHKPRPHQW :KLOVWWLJKWHQLQJWKHVFUHZVKROGFOXWFK GUXPE\KDQG 3XW LGOH JHDU RQ D[OH DQG DOLJQ ZLWK PDUN RQ FUDQNFDVHE\WXUQLQJWKHFUDQNVKDIW 'LH YRUPRQWLHUWH .XSSOXQJVHLQKHLW DXI GLH 9RUJHOHJHZHOOH VWHFNHQ .XSSOXQJ YRUPRQWLHUHQ VLHKH.DSLWHO.XSSOXQJ u +LQZHLV 'DUDXI DFKWHQ GDVV EHLGH 1DGHONlILJH 7LJKWHQWKHKH[KGVFUHZVFURVVZLVH u 1RWH GXUDQWH LO ILVVDJJLR GHOOH YLWL WHQHUH OD FDPSDQDIUL]LRQHFRQODPDQR l (QVXUHWKDWWKHWZRQHHGOHEHDULQJVDUH ILWWHGRQWKHFOXWFKVKDIW 7LJKWHQLQJWRUTXH l l )LWWKHSUHDVVHPEOHGFOXWFKDVV\RQWKHFOXWFKVKDIW )RUDVVHPEOLQJWKHFOXWFKVHHWKHFKDSWHU&OXWFK + 1P u +LQZHLV 'HQ.XSSOXQJVNRUEGDEHLPLWGHU+DQG IHVWKDOWHQ l 'DV =ZLVFKHQUDG DXI GLH =ZLVFKHQUDGDFKVH DXIVHW]HQ XQG GXUFK 'UHKHQ GHU .XUEHOZHOOH PLW GHU 0DUNLHUXQJDP*HKlXVHEHUHLQVWLPPHQODVVHQ 7<3( &RSHUFKLRIUL]LRQHLQVWDOOD]LRQH l l 3RVL]LRQDUH O DQHOOR 25 VXO FHQWUDJJLR GHOOD SRPSD GHOO ROLR )LVVDUHODSRPSDGHOO ROLRVXOFRSHUFKLRIUL]LRQHFRQ GXHEUXJROH0)LVVDUHOHYLWLFRQ/2&7,7( &RSSLDGLVHUUDJJLR 1P &OXWFKFRYHULQVWDOODWLRQ l l 7LJKWHQLQJWRUTXH + u 1RWD l LQ FDVR GL SHUGLWH GHOO DWWDFFR SRPSD GHOO ROLR VLJLOODUH XOWHULRUPHQWH FRQ 6, /$67,&579 3RVL]LRQDUHODJXDUQL]LRQHVXOFDUWHU u 1RWD DOPRPHQWRGHOPRQWDJJLRqSRVVLELOH LQJUDVVDUHODJXDUQL]LRQHSHUPDQWHQHU ODLQSRVL]LRQH u 1RWH l .XSSOXQJVGHFNHOPRQWLHUHQ 3ODFH2ULQJRQVSLJRWRIRLOSXPS $WWDFKRLOSXPS RQFOXWFKFRYHUE\$OOHQVFUHZV 06HFXUHVFUHZVZLWK/2&7,7( + l l 1P $Q]XJVGUHKPRPHQW $W OHDNDJH RI RLO SXPS ILWWLQJ VHDO DGGLWLRQDOO\ZLWK6,/$67,&579 *UHDVH PD\ EH DSSOLHG RQ JDVNHW WR NHHSLWLQSRVLWLRQZKLOHILWWLQJLW + 1P u +LQZHLV %HL8QGLFKWKHLWLVWGHUgOSXPSHQIODQVFK DP .XSSOXQJVGHFNHO ]XVlW]OLFK PLW 6,/$67,&579DE]XGLFKWHQ 3ODFHJDVNHWRQFUDQNFDVH u 1RWH 25LQJDXIGLH=HQWULHUXQJGHUgOSXPSHDXIOHJHQ gOSXPSH PLW ,QEXVVFKUDXEHQ 0 DP .XSSOXQJVGHFNHO EHIHVWLJHQ ZREHL GLH ,QEXVVFKUDXEHQPLW/2&7,7(]XVLFKHUQVLQG l 'LFKWXQJDXIGDV*HKlXVHDXIOHJHQ u +LQZHLV 'LH'LFKWXQJNDQQPLW)HWWHLQJHVWULFKHQ ZHUGHQ XP HLQ 9HUUXWVFKHQ ]X YHUKLQGHUQ 7<3( l l *LUDUHO DOEHURGHOODSRPSDGHOO ROLRLQPRGRFKHO DOHWWD VL DOOLQHL FRQ L VHJQL LPSUHVVL VXO FRSHUFKLR IUL]LRQH 3RVL]LRQDUH FRUUHWWDPHQWH LO FRSHUFKLR IUL]LRQH H ILVVDUHFRQQRYHEUXJROH0 6HUUDUHWUDVYHUVDOPHQWHD +1P n $WWHQ]LRQH $VVLFXUDUVLFKHHQWUDPELLSHUQLGLUL IHULPHQWR VLDQR QHOOD ORUR SRVL]LRQH QHOVHPLFDUWHUODWRIUL]LRQH 1RQ HVHUFLWDUH WURSSD SUHVVLRQH QHOO LQVWDOOD]LRQHGHOFRSHUFKLRIUL]LR QH 9HULILFDUHODFRUUHWWDSRVL]LRQHGHOO DO EHURGHOODSRPSDGHOO ROLRHGHOO LQ JUDQDJJLR IROOH VL YHGD LO FDSLWROR 5XRWLVPR FRQWUDOEHUR WUDVPLV VLRQHSULPDULDHIUL]LRQHLQVWDOOD ]LRQH l l 7XUQRLOSXPSVKDIWVRWKDWWKHIODWZLOODOLJQZLWKWKH FDVWPDUNVRQFOXWFKFRYHU 3ODFHFOXWFK FRYHU LQ SRVLWLRQDQG DWWDFK ZLWK $OOHQ VFUHZV0 7LJKWHQFURVVZLVHWR + 1P n $WWHQWLRQ (QVXUH WKDW ERWK GRZHO SLQV DUH LQ SRVLWLRQLQFOXWFKVLGHFUDQNFDVHKDOI 'R QRW XVH IRUFH ZKHQ ILWWLQJ FOXWFK FRYHU 9HULI\DSSURSULDWHSRVLWLRQRIRLOSXPS VKDIW DQG LGOH JHDU 6HH FKDSWHU %DODQFHVKDIWGULYH3ULPDU\GULYH DQG&OXWFKLQVWDOODWLRQ l l gOSXPSHQZHOOHVRYHUGUHKHQGDVVGLH)ODFKVWHOOH PLW GHU HLQJHJRVVHQHQ 0DUNLHUXQJ DP .XSSOXQJVGHFNHOEHUHLQVWLPPW .XSSOXQJVGHFNHODXIVHW]WHQXQGPLW,QEXVVFKUDXEHQ 0NUHX]ZHLVHIHVW]LHKHQ $Q]XJVGUHKPRPHQW n $FKWXQJ + 1P 'DUDXI DFKWHQ GDVV EHLGH =\OLQGHUVWLIWHLQGHUNXSSOXQJVVHLWLJHQ *HKlXVHKlOIWHHLQJHSUHWVLQG .XSSOXQJVGHFNHO QLFKW PLW *HZDOW DXIVHW]HQ *HJHEHQHQIDOOV LVW GLH ULFKWLJH 3RVLWLRQ GHU gOSXPSHQZHOOH XQG GHV =ZLVFKHQUDGHV VLHK .DSLWHO $XVJOHLFKVWULHE 3ULPlUWULHE XQG .XSSOXQJ HLQEDXHQ QRFKPDOV EHUSUIHQ 7<3( )UL]LRQHUHJROD]LRQH l l $WWUH]]LVSHFLDOL l + l l ODFRUVDOLEHUDVXOODOHYDGHOODFDPPDGL VWDFFRPLVXUDRUDSLGL PP 5LSRVL]LRQDUHHQWUDPEHOHYLWLGLFKLXVXUDHO DQHOOR25 l + l l ZUHQFK$) 527$;QR /RRVHQ JUXE VFUHZ 0 DQG WXUQ LQ XQWLO IHHOLQJ UHVLVWDQFH )URP WKLV SRVLWLRQ RQ WXUQ EDFN WXUQVDQGFRXQWHUORFN u 1RWH l .XSSOXQJHLQVWHOOHQ 5HPRYHERWKSOXJVFUHZVDORQJZLWK2ULQJ 6ODFNHQ0QXWXVLQJZUHQFK 6SHFLDOWRRO &KLDYH$) SDUW527$;Q 6YLWDUHODYLWHGLEORFFDJJLR0 HJLUDUODILQRDFKH QRQVLLQFRQWUDUHVLVWHQ]D 'DTXHVWRSXQWRLQSRLJLUDUHLQGLHWURGLGLJLUR HFRQWUREORFFDUH u 1RWD l &OXWFKDGMXVWPHQW 7RJOLHUHHQWUDPEHOHYLWLGLFKLXVXUDHO DQHOOR25 $OOHQWDUHLOGDGR0FRQODFKLDYH %HLGH 9HUVFKOXVVVFKUDXEHQ PLW 25LQJ KHUDXVFKUDXEHQ 0XWWHU0PLW.RQWHUVFKOVVHOORFNHUQ + 6SH]LDOZHUN]HXJ l )UHH WUDYHO RQ OHYHURI WKHUHOHDVHFDP LVQRZPRUHWKDQPP .RQWHUVFKOVVHO 527$;1U *HZLQGHVWLIW 0 ]XHUVW O|VHQ XQG GDQQ KLQHLQGUHKHQ ELV OHLFKWHU :LGHUVWDQG VSUEDU ZLUG 9RQ GLHVHU 3RVLWLRQ ZLUG 8PGUHKXQJ ]XUFNJHGUHKWXQGGDQQJHNRQWHUW u +LQZHLV 'HU /HHUZHJ IU GHQ $XVUFNWHOOHU 5HILWERWKVFUHZSOXJVDORQJZLWK2ULQJ EHWUlJWGDQDFKPHKUDOVPP l %HLGH 9HUVFKOXVVVFKUDXEHQ PLW 25LQJ ZLHGHU HLQVFKUDXEHQ 7<3( 3LVWRQHPRQWDJJLR l 3LVWRQILWWLQJ 3RVL]LRQDUHODJXDUQL]LRQHEDVHFLOLQGUR u 1RWD l ODJXDUQL]LRQHGHOFDUWHUQRQGHYHHVVH UH VSRUJHQWH Qq ULHQWUDQWH ULVSHWWR DOOD VXSHUILFLH GHOOD EDVH GHO FLOLQGUR SHU HYLWDUH SHUGLWH GL OLTXLGR GL UDIIUHGGD PHQWRQHOFDUWHU u 1RWH l l 3RVL]LRQDUHXQDQHOORGLVLFXUH]]DQHOODVFDQDODWXUD GHOSLVWRQH l l $SSOLFDUHROLRPRWRUHVXLFRQGRWWLGLOXEULILFD]LRQHSHUL FXVFLQHWWL SULQFLSDOL GHOO DOEHUR PRWRUH H DQFKH VXL FXVFLQHWWLGHOODWHVWDHGHOSLHGHGLELHOOD )DUVFLYRODUHODJDEELDDUXOOLQLQHOODELHOOD u +LQZHLV 'LH *HKlXVHGLFKWXQJ GDUI LP =\OLQGHUIXEHUHLFK NHLQHVIDOOV YRU RGHU ]XUFNVWHKHQGDVRQVW.KOPLWWHOLQGDV *HKlXVHJHODQJHQNDQQ 7KH FUDQNFDVH JDVNHW PXVW QHLWKHU SURMHFWLQWRQRUEHVHWEDFNIURPF\OLQGHU EDVHIDFHWRDYRLGOHDNLQJRIFRRODQWLQWR FUDQNFDVH )LWRQHFLUFOLSLQWRJURRYHRISLVWRQ l n $WWHQWLRQ )LWQHZFLUFOLSVRQO\ l l $SSO\HQJLQHRLOWROXEULFDWLRQGXFWVIRUFUDQNVKDIWPDLQ EHDULQJVDVZHOODVELJHQGDQGVPDOOHQGEHDULQJRI FRQURG 6OLGHQHHGOHFDJHLQWRFRQURG (LQHQ 1XOOKDNHQULQJ LQ GLH 5LQJQXW GHV .ROEHQV PRQWLHUHQ n $FKWXQJ (QVXUHWKDWRSHQHQGVRIFLUFOLSVSRLQW GRZQZDUGVR FORFNSRVLWLRQ n $WWHQ]LRQH 8VDUHVRORDQHOOLGLVLFXUH]]DQXRYL $VVLFXUDUVL FKH OH HVWUHPLWj DSHUWH GHJOLDQHOOLGLVLFXUH]]DVLDQRULYROWH YHUVRLOEDVVRSRVL]LRQHRUH 3ODFHF\OLQGHUEDVHJDVNHWLQWRSRVLWLRQ .ROEHQPRQWLHUHQ =\OLQGHUIXGLFKWXQJDXIOHJHQ l l l ,PPHU QHXH 1XOOKDNHQULQJH YHUZHQGHQ 'DUDXIDFKWHQGDVVGLHRIIHQH(QGHQ GHV 1XOOKDNHQULQJHV QDFK XQWHQ 5LFKWXQJ8KU]HLJHQ %HLGH 6FKPLHUERKUXQJHQ IU .XUEHOZHOOHQ +DXSWODJHUVRZLHXQWHUHVXQGREHUHV3OHXHOODJHUPLW 0RWRU|OVFKPLHUHQ .ROEHQERO]HQNlILJLQGDV3OHXHOVFKLHEHQ 7<3( l 0HWWHUHLOSLVWRQHVXOODELHOODHVSLQJHUHORVSLQRWWR LQSRVL]LRQH l n $WWHQ]LRQH SHU LO FRUUHWWR SRVL]LRQDPHQWR GHO SL n $WWHQ]LRQH 3HUVLFXUH]]DFRSULUHLOFDUWHUFRQXQ SDQQR SXOLWR SHU HYLWDUH FKH JOL DQHOOL GL VLFXUH]]D FDGDQR QHO FDUWHU VWHVVR 8VDUHVRORDQHOOLGLVLFXUH]]DQXRYL $VVLFXUDUVL FKH OH HVWUHPLWj GHJOL DQHOOLGLVLFXUH]]DVLDQRULYROWHYHUVRLO EDVVRSRVL]LRQHRUH 3IHLOPDUNLHUXQJ DXI GHQ .ROEHQERGHQ PXVV 5LFKWXQJ $XVODVVIODQVFK ]HLJHQ E]Z LVW VR ]X PRQWLHUHQ GDVV GLH .ROEHQULQJ 6LFKHUXQJVVWLIWHLQ5LFKWXQJ$QVDXJXQJ ]HLJHQ )LWVHFRQGFLUFOLS n $WWHQWLRQ )RUVDIHW\ VVDNHFRYHUFUDQNFDVH ZLWKDFOHDQUDJ WRSUHYHQWFLUFOLSV IURPGURSSLQJLQWRFUDQNFDVH 8VHQHZFLUFOLSVRQO\ (QVXUHWKDWHQGVRIFLUFOLSVSRLQW GRZQZDUGVR FORFNSRVLWLRQ .ROEHQDXIGDV3OHXHODXIVHW]HQXQG.ROEHQERO]HQ GXUFKVFKLHEHQ n $FKWXQJ 'LH LQ WKH SLVWRQ FURZQ KDV WR SRLQW WRZDUGV H[KDXVW IODQJH DQG WKH SLVWRQ ULQJ VHFXULQJ SLQV PXVW VKRZ WRZDUGV LQWDNH l 3RVL]LRQDUHLOVHFRQGRDQHOORGLVLFXUH]]D l n $WWHQWLRQ )RUFRUUHFWILWWLQJRIWKHSLVWRQWKHDUURZ VWRQHODIUHFFLDVXOFLHOR GHYHHVVH UHULYROWDYHUVRODIODQJLDGHOORVFDULFR HLSHUQLGLILVVDJJLRGHOODIDVFLDHODVWL FDGHYRQRHVVHUHSRVL]LRQDWLYHUVROD SUHVDGLDVSLUD]LRQH l 3XW SLVWRQ RYHU FRQ URG DQG SXVK SLVWRQ SLQ LQWR SRVLWLRQ l 'HQ]ZHLWHQ1XOOKDNHQULQJPRQWLHUHQ n $FKWXQJ 6LFKHUKHLWVKDOEHUGDV.XUEHOJHKlXVH PLW HLQHP VDXEHUHQ /DSSHQ DEGHFNHQ GDPLW GHU 1XOOKDNHQULQJ QLFKW LQ GDV .XUEHOJHKlXVH IDOOHQ NDQQ ,PPHU QHXH 1XOOKDNHQULQJH YHUZHQGHQ 'DUDXI DFKWHQ GDVV GLH RIIHQHQ (QGHQ GHV 1XOOKDNHQULQJHV QDFK XQWHQ5LFKWXQJ8KU]HLJHQ 7<3( &LOLQGURPRQWDJJLR l &\OLQGHUILWWLQJ $SSOLFDUHODFKLDYHSHUIDVFHHODVWLFKH $WWUH]]LVSHFLDOL &KLDYHSHUIDVFHHODVWLFKH SDUW527$;Q + l n $WWHQ]LRQH $VVLFXUDUVLFKHOHIDVFHHODVWLFKHVLD 3RVL]LRQDUHLOFLOLQGUR l l 5LPXRYHUHODFKLDYHSHUIDVFHHODVWLFKH )LVVDUHWUDVYHUVDOPHQWHLOFLOLQGURFRQLTXDWWURGDGL0 FRQODURQGHOOD 1P &RSSLDGLVHUUDJJLR + l + l l )LWF\OLQGHU l s :DUQLQJ 3DLURQO\SLVWRQDQGF\OLQGHURIWKHVDPH l 5HPRYHSLVWRQULQJVSDQQHU 7LJKWHQFURVVZLVHWKHQXWV0DORQJZLWKZDVKHU RQF\OLQGHUVWXGV 1P 7LJKWHQLQJWRUTXH 3ODFH2ULQJLQWRJURRYHLQF\OLQGHU 'DUDXIDFKWHQGDVV5LQJHQGHQULFKWLJ DQ GHQ 6LFKHUXQJVVWLIWHQ LQ GHQ .ROEHQQXWHQDQJHRUGQHWVLQG 7DNW 0RWRU|O DXI =\OLQGHUZDQG DXIWUDJHQ =\OLQGHUDXIVHW]HQ l l 0RQWDJHULQJHQWIHUQHQ =\OLQGHUPLW0XWWHUQ0XQG6FKHLEHQNUHX]ZHLVH IHVW]LHKHQ $Q]XJVGUHKPRPHQW 1P + l 25LQJLQGLH1XWGHV=\OLQGHUVHLQOHJHQ 3RVL]LRQDUH O DQHOOR 25 QHOOD VFDQDODWXUD GHO FLOLQGUR 0RQWDJHULQJ 527$;1U 0DJUXSSH YHUZHQGHQ 6LHKH .DSLWHO .ROEHQXQG=\OLQGHU + l + s :DUQXQJ 1XU .ROEHQ XQG =\OLQGHU PLW JOHLFKHU WROHUDQFH JURXS 6HH FKDSWHU 3LVWRQ DQG&\OLQGHU l 0RQWDJHULQJDXI]LHKHQ 6SH]LDOZHUN]HXJ n $FKWXQJ ZLWK HQGV EHVLGHV VHFXULQJ SLQ LQ JURRYH $SSO\ VWURNH HQJLQH RLO WR F\OLQGHU ZDOO s $YYHUWHQ]D DFFRSSLDUH VROR SLVWRQL H FLOLQGUL DS SDUWHQHQWLDOOHVWHVVHIDVFHGLWROOHUDQ ]D VL YHGDQR L FDSLWROR 3LVWRQH H &LOLQGUR $SSO\SLVWRQULQJVSDQQHU 6SHFLDOWRRO 3LVWRQULQJVSDQQHU 527$;QR n $WWHQWLRQ (QVXUHWKDWSLVWRQULQJVDUHDUUDQJHG QRGLVSRVWHFRQOHHVWUHPLWjDILDQFR GHOSHUQRGLILVVDJJLRQHOODVFDQDOD WXUD $SSOLFDUHROLRSHUPRWRULDWHPSLDOOD SDUHWHFLOLQGUR l =\OLQGHUPRQWLHUHQ 7<3( l )LVVDUHO LQVHUWRFDPHUDGLFRPEXVWLRQHFRQFLQTXH YLWLDWHVWDHVDJRQDOH0HURQGHOOHGLEORFFDJJLR 6HUUDUHOHYLWLWUDVYHUVDOPHQWHD u 1RWD + l 7LJKWHQVFUHZVFURVVZLVHWR 1P IDUHDWWHQ]LRQHDQRQVFKLDFFLDUHO DQHO OR25GHOO LQVHUWRFDPHUDGLFRPEXVWLR QH u 1RWH l l l l 3RVL]LRQDUH O DQHOOR 25 VXOO LQVHUWR FDPHUD GL FRPEXVWLRQH 3RVL]LRQDUHO DQHOOR25QHOODVFDQDODWXUDGHOFRSHUFKLR WHVWDWD 6HUUDUH WUDVYHUVDOPHQWH LO FRSHUFKLR WHVWDWD JLj GRWDWRGLWHUPRVWDWRFRQOHTXDWWUREUXJROH0 &RSSLDGLVHUUDJJLR u 1RWD + 1P GDGLHYLWLSHULOFLOLQGURHO LQVHUWRFDPH UDGLFRPEXVWLRQHGHYRQRHVVHUHVHUUDWL QXRYDPHQWHDPRWRUHIUHGGRGRSRLSUL PLNP )L[ FRPEXVWLRQ FKDPEHU LQVHUW ZLWK KH[ KG VFUHZV0DQGORFNZDVKHUV l l + 1P 7LJKWHQLQJWRUTXH + 1P 1XWV DQG VFUHZV IRU F\OLQGHU DQG FRPEXVWLRQ FKDPEHU LQVHUW KDYH WR EH WLJKWHQHG DJDLQ ZLWK WKH FROG HQJLQH DIWHUWKHLQLWLDONP %UHQQUDXPHLQVDW] DXIVHW]HQ XQG PLW 6HFKVNDQWVFKUDXEHQ 0 XQG )HGHUULQJHQ NUHX]ZHLVHIHVW]LHKHQ $Q]XJVGUHKPRPHQW 0DNH VXUH QRW WR VTXHH]H 2ULQJ IRU FRPEXVWLRQFKDPEHULQVHUW 3ODFH2ULQJRQWRFRPEXVWLRQFKDPEHULQVHUW 3ODFH2ULQJLQWRJURRYHRIF\OLQGHUKHDGFRYHU 7LJKWHQ F\OLQGHU KHDG FRYHU DOUHDG\ ILWWHG ZLWK WKHUPRVWDWFURVVZLVHZLWKWKH$OOHQVFUHZV0 u 1RWH l + 1P u +LQZHLV 25LQJIUGHQ%UHQQUDXPHLQVDW]GDEHL QLFKWHLQ]ZLFNHQ l l l 25LQJDXIGHQ%UHQQUDXPHLQVDW]DXIOHJHQ 25LQJLQGLH1XWGHV=\OLQGHUNRSIGHFNHOVHLQOHJHQ =\OLQGHUNRSIGHFNHO PLW EHUHLWV HLQJHEDXWHP 7KHUPRVWDW PLW ,QEXVVFKUDXEHQ 0 NUHX]ZHLVH IHVW]LHKHQ $Q]XJVGUHKPRPHQW + 1P u +LQZHLV 0XWWHUQXQG6FKUDXEHQIU=\OLQGHUXQG %UHQQUDXPHLQVDW]QDFKGHQHUVWHQ NPLQNDOWHP=XVWDQGQDFK]LHKHQ 7<3( )ODQJLDGHOORVFDULFRPRQWDJJLR l )LVVDUHODIODQJLDGHOORVFDULFRHODJXDUQL]LRQHFRQ GXHEUXJROH0 1P &RSSLDGLVHUUDJJLR ([KDXVWVRFNHWILWWLQJ l l )LVVDUH LO JUXSSR YDOYROD D ODPHOOH LQVLHPH DOOD JXDUQL]LRQHHDOPDQLFRWWRFDUEXUDWRUH HVHUUDUHOH FLQTXHEUXJROH0 WUDVYHUVDOPHQWH 1P &RSSLDGLVHUUDJJLR + l + + 9DOYRODDODPHOOHPRQWDJJLR )L[H[KDXVWVRFNHW DQGJDVNHWZLWK$OOHQVFUHZV 0 1P 7LJKWHQLQJWRUTXH $XVSXIIVWXW]HQPRQWLHUHQ 5HHGYDOYHILWWLQJ l $XVSXIIVWXW]HQ XQG'LFKWXQJPLW,QEXVVFKUDXEHQ 0IHVW]LHKHQ 1P $Q]XJVGUHKPRPHQW + 9HQWLOWUlJHUPRQWLHUHQ $WWDFKUHHGYDOYHDVVHPEO\ DORQJZLWKJDVNHWDQG FDUEXUHWRUIODQJHDQGWLJKWHQWKH$OOHQVFUHZV0 FURVVZLVH 1P 7LJKWHQLQJWRUTXH + l .RPSOHWWHQ 9HQWLOWUlJHU PLW 'LFKWXQJ XQG 9HUJDVHUVWXW]HQ LQGHQ=\OLQGHUVWHFNHQXQGPLW ,QEXVVFKUDXEHQ0NUHX]ZHLVHIHVW]LHKHQ 1P $Q]XJVGUHKPRPHQW + 7<3( 5DSSRUWRGLFRPSUHVVLRQHFRQWUROOR &RPSUHVVLRQUDWLRFKHFNLQJ 9HUGLFKWXQJNRQWUROOLHUHQ n $WWHQ]LRQH SHU XQD YHULILFD FRUUHWWD GHO UDSSRUWR GL n $WWHQWLRQ n $FKWXQJ FRPSUHVVLRQHqQHFHVVDULRFKHODFDPH UDGLFRPEXVWLRQHVLDOLEHUDGDUHVLGXLGL FRPEXVWLRQH l 3RVL]LRQDUHLOSLVWRQHDO306 u 1RWD l l GHWHUPLQDUH LO 306 SHU PH]]R GL XQ FRPSDUDWRUHRGLXQFDOLEURDFRUVRLR 8VDUHLOWXERGLYHWURFDOLEUDWRHULHPSLUHODFDPHUD GLFRPEXVWLRQHDWWUDYHUVRLOIRURGHOODFDQGHODFRQROLR SHUPRWRUHDWHPSLILQRDOODVXSHUILFLHGLWHQXWD 6HWSLVWRQWR7'&WRSGHDGFHQWUH u 1RWH l )RU SURSHUO\ DVFHUWDLQLQJ WKH FRPSUHVVLRQUDWLRLWLVQHFHVVDU\WKDWWKH FRPEXVWLRQ FKDPEHU LV IUHH RI FRPEXVWLRQUHVLGXHV l 'HWHUPLQH7'&E\GLDOJDXJHRUYHUQLHU FDOOLSHUV 8WLOL]HJDXJHJODVVDQGILOOFRPEXVWLRQFKDPEHUYLD VSDUN SOXJ KROH ZLWK VWURNH HQJLQH RLO ULJKW XS WR VHDOLQJIDFH 9RUDXVVHW]XQJ HLQHU H[DNWHQ hEHUSUIXQJGHU9HUGLFKWXQJLVWHLQYRQ 9HUEUHQQXQJVUFNVWlQGHQ IUHLHU %UHQQUDXP 'HQ.ROEHQDXI27 REHUHU7RWSXQNWVWHOOHQ u +LQZHLV 'LH276WHOOXQJNDQQPLWHLQHU0HXKU RGHU HLQHU 6FKLHEHOHKUH JHIXQGHQ ZHUGHQ l 7DNW 0RWRU|O DXV HLQHP 0HJODV GXUFK GLH =QGNHU]HQERKUXQJHQ LQ GHQ %UHQQUDXP ELV ]XU 'LFKWIOlFKHIOOHQ 7<3( l /DVFLDUHFKHO ROLRVLGHSRVLWLHIIHWWXDUHODOHWWXUDGHOOD FDSDFLWjGLULHPSLPHQWRHGHWUDUUHFPñYROXPHGHOOD ILOHWWDWXUD GHOOD FDQGHOD YROXPH FDPHUD GL FRPEXVWLRQH9F 5DSSRUWRGLFRPSUHVVLRQH &LOLQGUDWD9ROXPHFDPHUDGLFRPEXVWLRQH 9ROXPHFDPHUDGLFRPEXVWLRQH 9K9F QRPLQDOH 9F (VHPSLR &RUVD PP+ $OHVDJJLR PP' &DSDFLWjGLULHPSLPHQWR FPñFRQOD JXDUQL]LRQHGHOODEDVH GHOFLOLQGUR PP &LOLQGUDWD 'ðπ[+ ðPPðπ[PP PPñ 9ROXPHFDPHUD GLFRPEXVWLRQH9F FPñ FPñFPñ FPñ 5DSSRUWRGLFRPSUHVVLRQH FPñFPñ ! FPñ u 1RWD u 1RWD l SRLFKqQHOO¶HVHPSLRLOUDSSRUWRGLFRPSUHV VLRQHVXSHUDLOYDORUHQRPLQDOHGL q VWDWR UHWWLILFDWR D XWLOL]]DQGR XQD JXDUQL]LRQHGDPPLQYHFHGLTXHOODGD PP OHJXDUQL]LRQLEDVHFLOLQGURVRQRGLVSRQLELOL FRQVSHVVRULGLPPPPPPVL YHGDODOLVWDULFDPEL /HW RLO VHWWOH WDNH UHDGLQJ RI WKH ILOOLQJ FDSDFLW\ DQG GHGXFW FPñ YROXPH RI VSDUN SOXJ WKUHDG FRPEXVWLRQFKDPEHUYROXPH9F &RPSUHVVLRQUDWLR 'LVSODFHPHQW&RPEXVWLRQFKDPEHUYROXPH &RPEXVWLRQFKDPEHUYROXPH 9K9F QRPLQDO 9F 9HUGLFKWXQJ +XEYROXPHQ%UHQQUDXPYROXPHQ %UHQQUDXPYROXPHQ ([DPSOH 6WURNH PP+ %RUH PP' )LOOLQJFDSDFLW\ FPñ ZLWKF\OEDVHJDVNHW PP %HLVSLHO +XE PP+ =\OLQGHU PP' )OOPHQJH FPñ PLW)XGLFKWXQJ PP 'LVSODFHPHQW 'ðπ[+ ðPPðπ[PP PPñ FPñ +XEYROXPHQ 'ðπ[+ ðPPðπ[PP PPñ FPñ &RPEXVWLRQ FKDPEHUYROXPH9F FPñFPñ FPñ %UHQQUDXPYROXPHQ 9F FPñFPñ FPñ &RPSUHVVLRQUDWLR FPñFPñ ! FPñ 9HUGLFKWXQJ FPñFPñ ! FPñ u 1RWH $VLQWKLVH[DPSOHWKHFRPSUHVVLRQUDWLR LVDERYHWKHQRPLQDOYDOXHRI LWZDVFRUUHFWHGWRE\XVHRIDEDVH JDVNHWRIPPLQVWHDGRIWKHPP WKLFNRQH u +LQZHLV u 1RWH u +LQZHLV l &\OLQGHU EDVH JDVNHWV DUH DYDLODEOH LQ WKHWKLFNQHVVRIPPPPDQG PPVHHVSDUHSDUWVOLVW 7XUQ FUDQNVKDIW WR %'& ERWWRP GHDG FHQWUH WKXV GUDLQLQJWKHVWURNHHQJLQHRLOWKURXJKH[KDXVWSRUW l l 6SRVWDUHO¶DOEHURPRWRUHDO30,HVFDULFDUHO¶ROLRSHU PRWRUHDWHPSLGDOODOXFHGLVFDULFR l 0RQWDUHODFDQGHODVXOODWHVWDWD &RSSLDGLVHUUDJJLR + )LWVSDUNSOXJLQWRF\OLQGHUKHDG 7LJKWHQLQJWRUTXH 1P + 1P %HL GLHVHP %HLVSLHO LVW GLH 9HUGLFKWXQJ K|KHUDOVGHU6ROOZHUW'XUFK 9HUZHQGXQJ HLQHU PP DQVWDWW PP VWDUNHQ =\OLQGHUIXGLFKWXQJ ZLUG HLQH9HUGLFKWXQJYRQHUUHLFKW (V VLQG =\OLQGHUIXGLFKWXQJHQ LQ GHQ 6WlUNHQ PP PP XQG PP HUKlOWOLFKVLHKH(UVDW]WHLOOLVWH .XUEHOZHOOHDQGHQ87 XQWHUHU7RWSXQNWEULQJHQVR GDVVVLFKGDV7DNW0RWRU|OGXUFKGHQ$XVSXIINDQDO HQWOHHUW n $FKWXQJ gO DXIIDQJHQ XQG XPZHOWIUHXQGOLFK IULHQGO\GLVSRVDO l gODEVHW]HQODVVHQ)OOPHQJHDEOHVHQXQGXPFPñ UHGX]LHUHQ 9ROXPHQ GHV .HU]HQJHZLQGHV %UHQQUDXPYROXPHQ9F 9K9F 6ROOZHUW 9F n $WWHQWLRQ &ROOHFW RLO DQG HQVXUH HQYLURQPHQW n $WWHQ]LRQHUDFFRJOLHUH O¶ROLR H SURYYHGHUH DOOR VPDOWLPHQWRULVSHWWDQGRO¶DPELHQWH l HQWVRUJHQ l =QGNHU]HLQGHQ=\OLQGHUNRSIHLQVFKUDXEHQ $Q]XJVGUHKPRPHQW + 7<3( 1P *UXSSRGLDFFHQVLRQHLQVWDOOD]LRQH l l l l l *LUDUHLOVXSSRUWRPRWRUHLQPRGRGDSRUUHYHUVRO¶DOWR LOODWRDFFHQVLRQH ,QVHULUHODOLQJXHWWDDGLVFRQHOO¶DOEHURPRWRUH $SSOLFDUH LO 02/<.27( DJOL DOORJJLDPHQWL GHL FXVFLQHWWLHDLGHQWLGHOJUXSSRLQJUDQDJJLDYYLDPHQWR ,QVWDOODUH LO JUXSSR LQJUDQDJJL DYYLDPHQWR LQVLHPH DOODURQGHOODGLVSLQWDQHOIRURFRQFXVFLQHWWRDUXOOLQL )LVVDUHORVWDWRUHFRQOHWUHEUXJROH0QHOFDUWHU &RSSLDGLVHUUDJJLR + 1P ,JQLWLRQXQLWLQVWDOODWLRQ l l l l l =QGDQODJHHLQEDXHQ 7XUQHQJLQHLQWUHVWOHZLWKLJQLWLRQVLGHXSZDUGV ,QVHUW:RRGUXIINH\LQWRFUDQNVKDIW $SSO\02/<.27(WREHDULQJVHDWVDQGWRRWKLQJRI VWDUWHUJHDUDVV\ )LW VWDUWHU JHDU DVV\ DORQJ ZLWK WKUXVW ZDVKHU LQWR ERUHZLWKQHHGOHEHDULQJ $WWDFKVWDWRUZLWK$OOHQVFUHZV0LQFUDQNFDVH 7LJKWHQLQJWRUTXH + l l l l l 1P 0RWRU LP 0RQWDJHERFN PLW =QGHUVHLWH QDFK REHQ GUHKHQ 6FKHLEHQIHGHULQ.XUEHOZHOOHHLQVHW]WHQ /DJHUVWHOOHQXQG9HU]DKQXQJGHV6WDUWHUJHWULHEHV PLW02/<.27(EHVWUHLFKHQ 6WDUWHUJHWULHEHPLW$QODXIVFKHLEHLQGLH%RKUXQJPLW 1DGHOODJHUVFKLHEHQ 6WDWRU PLW ,QEXVVFKUDXEHQ 0 LP *HKlXVH EHIHVWLJHQ $Q]XJVGUHKPRPHQW + 7<3( 1P l l 6JUDVVDUHODSDUWHFRQLFDGHOO¶DOEHURHLOYRODQR 0RQWDUH LO YRODQR LQ FRUULVSRQGHQ]D GHOOD VFDQDODWXUDVXOO¶DOEHURHILVVDUHFRQLOGDGRHVDJRQDOH 0[ODURQGHOODGLVLFXUH]]DH/2&7,7( u 1RWD l l l QRQXVDUH/2&7,7(VXOODSDUWHFRQLFD )DUHJLUDUHLOYRODQR ILQRDO306FLUFD 3RVL]LRQDUH FRUUHWWDPHQWH LO SLDWWR HVWUDWWRUH FRQ L EXOORQL GL EORFFDJJLR VXO YRODQR H ILVVDUOR QHOOD SRVL]LRQHFRQOHWUHEUXJROH0[ $WWUH]]RSHUOD ULSDUD]LRQH l l + u 1RWH l l l l l 'RQRWXVH/2&7,7(RQWDSHU 7XUQIO\ZKHHOLQWRDSSUR[7'&SRVLWLRQ 3ODFHSXOOHUSODWH ZLWKVWRSEROWVLQFRUUHFWSRVLWLRQ RQWRIO\ZKHHODQGIL[LQSRVZLWK$OOHQVFUHZV0[ 5HSDLUWRRO *UXSSRSLDWWRHVWUDWWRUH SDUW527$;Q 6HUUDUHLOYRODQRFRQLOGDGRHVDJRQDOH0[ 'HJUHDVHWDSHURIVKDIWDQGIO\ZKHHO )LWIO\ZKHHOFRUUHVSRQGLQJWRNH\ZD\RQVKDIWDQGIL[ ZLWK KH[ QXW 0 [ ORFNZDVKHU DQG /2&7,7( + u +LQZHLV .HLQ/2&7,7(DP.RQXVYHUZHQGHQ l l 3XOOHUSODWHDVV\ 527$;QR + 1P + 7LJKWHQIO\ZKHHOZLWKWKHKH[QXW0[ 7LJKWHQLQJWRUTXH + 1P 0DJQHWUDGFDDXI276WHOOXQJGUHKHQ $EGUFNSODWWH PLWULFKWLJHU/DJHGHU$EVWW]ERO]HQ DXI GDV 0DJQHWUDG VWHFNHQ XQG LQ 3RV PLW ,QEXVVFKUDXEHQ0[EHIHVWLJHQ 5HSDUDWXUZHUN]HXJ l &RSSLDGLVHUUDJJLR .RQXV GHU .XUEHOZHOOH XQG GHV 0DJQHWUDGHV HQWIHWWHQ 0DJQHWUDG HQWVSUHFKHQG GHU .HLOQXW DXI GLH .XUEHOZHOOHVWHFNHQXQGPLW6HFKVNDQWPXWWHU0[ )HGHUULQJXQG/2&7,7(YRUPRQWLHUHQ $EGUFNSODWWHNSO 527$;1U 0DJQHWUDGPLW6HFKVNDQWPXWWHU0[IHVW]LHKHQ $Q]XJVGUHKPRPHQW + 7<3( 1P l )LVVDUHLOWUDVPHWWLWRUHHVWHUQR FRQGXHYLWL7DSWLWH 0HUHJRODUHODGLVWDQ]DDPPPP &RSSLDGLVHUUDJJLR l l l l + l 1P $SSOLFDUH 6,/$67,& 579 DO SDVVDFDYR GHOOD ERELQD H GHOOR VWDWRUH IDFHQGROR SRL VFRUUHUH QHOOD FDYLWjGHOFDUWHU 0RQWDUH LO FRSHUFKLR GHO GLVSRVLWLYR GL DYYLDPHQWR HOHWWULFR VXOO¶LQJUDQDJJLRGLDYYLDPHQWR $SSOLFDUHXQR VWUDWRVRWWLOHGL 6,/$67,& 579VXO FHQWUDJJLRGHOFRSHUFKLRDFFHQVLRQH )LVVDUHLOFRSHUFKLRDFFHQVLRQH FRQVHLYLWL0 1P &RSSLDGLVHUUDJJLR + )L[WULJJHUFRLOZLWK7DSWLWHVFUHZV0DQGVHW WULJJHUJDSWRPPPP 7LJKWHQLQJWRUTXH l l l l + 1P $SSO\ 6,/$67,& 579 WR FDEOH JURPPHW IRU ZLULQJRIWULJJHUFRLODQGVWDWRUDQGVOLGHLWLQSRVLWLRQLQ FUDQNFDVHUHFHVV 3XWHOHFWULFVWDUWHUFRYHURQVWDUWHUJHDU $SSO\DWKLQOD\HURI6,/$67,&579RQFHQWHULQJ SLQRILJQLWLRQFRYHU 6HFXUHLJQLWLRQFRYHUZLWK[0VFUHZV 7LJKWHQLQJWRUTXH 1P + l $XHQJHEHU PLW 7DSWLWH6FKUDXEHQ 0 EHIHVWLJHQ ZREHL GHU *HEHUVSDOW PP PP HLQ]XVWHOOHQLVW $Q]XJVGUHKPRPHQW l l l l + 1P *XPPLWOOHIUGLH.DEHOGHV$XHQJHEHUVXQGGHV 6WDWRUVPLW6,/$67,&579EHVWUHLFKHQXQGLQGLH $XVQHKPXQJLP*HKlXVHVFKLHEHQ 6WDUWHUJHWULHEHGHFNHO DXI GDV 6WDUWHUJHWULHEH VWHFNHQ =HQWULHUXQJIUGHQ=QGHUGHFNHOOHLFKWPLW6,/$67,& 579HLQVWUHLFKHQ =QGHUGHFNHOPLW6FKUDXEHQ0 EHIHVWLJHQ $Q]XJVGUHKPRPHQW + 7<3( 1P 3LJQRQHFDWHQDPRQWDJJLR l l l 3RVL]LRQDUHO¶25QHOODVFDQDODWXUDGHOO¶DOEHUR SULPDULR 0HWWHUHLOSLJQRQHFDWHQDVXOO¶DOEHURHSUHPHUOR FRQWURO¶25 ,QVHULUHO¶DQHOORGLEORFFDJJLRQHOODVFDQDODWXUD GHOO¶DOEHURSULPDULR n $WWHQ]LRQH$VVLFXUDUVLFKH YHQJD PRQWDWR VHPSUH XQ DQHOOR GL EORFFDJJLRQXRYR O¶DQHOORGLEORFFDJJLRVLLQVHULVFDFRP SOHWDPHQWH QHOOD VFDQDODWXUD FRQ LO ERUGRDIILODWRULYROWRYHUVRO¶HVWHUQR LO SLJQRQH FDWHQD SXz HVVHUH PRQWDWR u 1RWD DQFKHGRSRDYHULQVWDOODWRLOPRWRUHVH SRVVLELOHVXOWLSRVSHFLILFRGLPRWRFLFOR 0RWRULQRGLDYYLDPHQWRHOHWWULFR LQVWDOOD]LRQH l 0HWWHUH LO PRWRULQR GL DYYLDPHQWR HOHWWULFR LQ SRVL]LRQHQHOFDUWHUHILVVDUORFRQGXHEUXJROH0 )LVVDUHHQWUDPEHOHEUXJROHFRQ/2&7,7( 1P &RSSLDGLVHUUDJJLR u 1RWD + LO PRWRULQR GL DYYLDPHQWR HOHWWULFR SXz HVVHUHPRQWDWRDQFKHGRSRDYHULQVWDO ODWRLOPRWRUHVXOPRWRFLFOR &KDLQVSURFNHWILWWLQJ l l l 3ODFH2ULQJLQJURRYHRIPDLQVKDIW 3XWFKDLQVSURFNHW RQVKDIWDQGSXVKLWDJDLQVWWKH 2ULQJ )LWUHWDLQLQJULQJLQWRJURRYHRIPDLQVKDIW .HWWHQUDGPRQWLHUHQ l l l 25LQJLQGLH1XWGHU+DXSWZHOOHJHEHQ .HWWHQUDGDXIOHJHQXQGJHJHQGHQ25LQJGUFNHQ 6HHJHU95LQJLQGLH1XWGHU+DXSWZHOOHHLQVHW]HQ n $FKWXQJ 6LFKHUVWHOOHQGDVV LPPHU HLQ QHXHU 6HHJHU95LQJ YHUZHQGHWZLUG 'HU6HHJHU95LQJ]XU*lQ]HPLWGHU VFKDUINDQWLJHQ 6HLWH QDFK DXHQ LQ GHU1XWVLW]W n $WWHQWLRQ (QVXUHWKHIROORZLQJ $OZD\VILWDQHZUHWDLQLQJULQJ 7KHUHWDLQLQJULQJPXVWHQJDJHIXOO\LQ WKH JURRYH ZLWK WKH VKDUS HGJH SRLQWLQJRXWZDUGV u 1RWH l 3ODFHHOHFWULFVWDUWHU LQWRSRVLWLRQLQFUDQNFDVHDQG VHFXUHLWZLWK$OOHQVFUHZV06HFXUHERWK$OOHQ VFUHZVZLWK/2&7,7( 7LJKWHQLQJWRUTXH 1P + u 1RWH .HWWHQUDG NDQQ MH QDFK 0RWRUUDGDXVIKUXQJDXFKDQHLQHPDP )DKUJHVWHOO PRQWLHUWHQ 0RWRU HLQJHEDXW ZHUGHQ (6WDUWHUPRQWLHUHQ (OHFWULFVWDUWHU LQVWDOODWLRQ l u +LQZHLV 'DV &KDLQ VSURFNHW PD\ DOVR EH ILWWHG DIWHU HQJLQH LQVWDOODWLRQ LI IHDVLEOH RQ WKH UHVSHFWLYHELNHYHUVLRQ (OHFWULF VWDUWHU PD\ DOVR EH ILWWHG DIWHU HQJLQHKDVEHHQLQVWDOOHGLQWRELNH (6WDUWHU VDPW 25LQJ LQ GDV *HKlXVH HLQVHW]HQ XQG PLW ,QEXVVFKUDXEHQ 0 IHVW]LHKHQ %HLGH ,QEXVVFKUDXEHQPLW/2&7,7(VLFKHUQ $Q]XJVGUHKPRPHQW 1P + n +LQZHLV 'HU(OHNWURVWDUWHUNDQQDXFKQDFKGHP (LQEDX GHV 0RWRUV LQ GDV )DKUJHVWHOO PRQWLHUWZHUGHQ 7<3( ,QVWDOOD]LRQHPRWRUH s $YYHUWHQ]D IDUHPROWDDWWHQ]LRQHDOOHLVWUX]LRQLGLLQ VWDOOD]LRQH IRUQLWH GDO FRVWUXWWRUH GHO PRWRFLFOR (QJLQHLQVWDOODWLRQ s :DUQLQJ l l )LVVDUHODYLWHPDJQHWLFDLQVLHPHDOO¶DQHOORGLWHQXWD QHOFRSHUFKLRIUL]LRQH &RSSLDGLVHUUDJJLR l + + + 7LSRG ROLR 2OLRPRWRUH6$( FP 4XDQLWjG ROLR n $WWHQ]LRQH 1RQ DJJLXQJHUH PDL DGGLWLYL DOO¶ROLR FDPELR 4XHVW¶ROLROXEULILFDDQFKHODIUL]LRQHH JOLDGGLWLYLSRWUHEEHURFDXVDUHORVOLW WDPHQWRGHOODIUL]LRQH $VVLFXUDUVLFKHQHVVXQFRUSRHVWUD QHRHQWULGDOIRURGHOWDSSR )LWPDJQHWLFVFUHZDORQJZLWKVHDOLQJULQJLQWRFOXWFK FRYHU 7LJKWHQLQJWRUTXH 1P 7RJOLHUHLOWDSSRDYLWHHO¶DQHOOR25HUDEERFDUHFRQ ROLRFDPELR 3D\ DWWHQWLRQ WR LQVWDOODWLRQ LQVWUXFWLRQV RIELNHPDQXIDFWXUHU l + 1P 5HPRYHSOXJVFUHZDQG2ULQJDQGILOOLQJHDURLO 7\SHRIRLO 4XDQWLW\RIRLO + + PRWRURLO6$( FPñ n $WWHQWLRQ 1HYHUXVHDGGLWLYHVLQWKHJHDURLO 7KLVRLOOXEULFDWHVDOVRWKHFOXWFKDQG DGGLWLYHV FRXOG FDXVH VOLSSLQJ RI WKH FOXWFK (QVXUH WKDW QR IRUHLJQ PDWWHU HQWHUV WKURXJKSOXJKROH 0RWRUHLQEDXHQ s :DUQXQJ l 'LH (LQEDXKLQZHLVH GHV 0RWRUUDGKHUVWHOOHUV VLQG XQEHGLQJW HLQ]XKDOWHQ 0DJQHWVFKUDXEH PLW 'LFKWULQJ LQ .XSSOXQJVGHFNHO HLQVFKUDXEHQ $Q]XJVGUHKPRPHQW + 1P 9HUVFKOXVVVFKUDXEH PLW 25LQJ HQWIHUQHQ XQG *HWULHEH|OHLQIOOHQ gOVRUWH gOPHQJH n $FKWXQJ + + 0RWRU|O6$( FPñ 1LHPDOV FKHPLVFKH $GGLWLYH GHP *HWULHEH|OEHLJHEHQ'DVgOVFKPLHUW DXFK GLH .XSSOXQJ XQG $GGLWLYH N|QQHQ ]X 'XUFKUXWVFKHQ GHU .XSSOXQJIKUHQ 'DUDXI DFKWHQ GDVV NHLQ )UHPGPDWHULDOHLQGULQJW 7<3( l 3RVL]LRQDUH LO PRWRUH VXO WHODLR H ILVVDUOR VXL SXQWL SUHGLVSRVWLVXOFDUWHUHVXOFLOLQGUR l n $WWHQ]LRQHQHOODPRYLPHQWD]LRQHHQHOO¶LQVWDOOD]LR l FRQVLGHU ZHLJKW DQG ORFDWLRQ RI WKH FHQWUHRIJUDYLW\5LVNRIGDPDJHV &ROOHJDUHLWXELGHOO¶ROLR l &ROOHJDUHLOFDYRIOHVVLELOHSHUODSRPSDGHOO¶ROLR l l &RQWUROODUH LO OLYHOOR GHOO¶ROLR QHO VHUEDWRLR ROLR H DWWUDYHUVRLOWDSSROLYHOORROLR u 1RWD LOOLYHOORGHOO¶ROLRFDPELRGHYHUDJJLXQJH UHDOPHQRLOOLYHOORPHGLRGHOWDSSROLYHO ORROLR &RQQHFWRLOOLQHV (QJDJH%RZGHQFDEOHIRURLOSXPS n $WWHQWLRQ $GMXVW RLO SXPS OHYHU DFFRUGLQJ WR WKH n $WWHQ]LRQHUHJRODUH OD OHYD GHOOD SRPSD GHOO¶ROLR VHFRQGRODPDUFDWXUD6LYHGDLOFDSLWR OR³3RPSDGHOO ROLR´ l n $WWHQWLRQ 8SRQ HQJLQH KDQGOLQJ DQG LQVWDOODWLRQ QHGHOPRWRUHWHQHUHSUHVHQWLLOSHVRHG LOEDULFHQWUR3HULFRORGLGDQQL l /LIW HQJLQH RQ WR IUDPH DQG IL[ LW RQ WKH DVVLJQHG VXVSHQVLRQSRLQWVRQFUDQNFDVHDQGF\OLQGHU n $FKWXQJ %HL+DQGKDEXQJXQG(LQEDXGHV0RWRUV GHVVHQ *HZLFKW XQG 6FKZHUSXQNW EHDFKWHQ9HUOHW]XQJVJHIDKU l l PDUNLQJ6HHFKDSWHU2LOSXPS l 7KHOHYHORIJHDURLOPXVWEHDWOHDVWXS WRPLGGOHRIRLOOHYHOSOXJ gOOHLWXQJHQDQVFKOLHHQ 6HLO]XJIUgOSXPSHHLQKlQJHQ n $FKWXQJ 'HQ gOSXPSHQKHEHO HQWVSUHFKHQG GHU 0DUNLHUXQJ HLQVWHOOHQ 6LHKH .DSLWHO gOSXPSH &KHFNRLOOHYHOLQRLOWDQNDQGDWRLOOHYHOSOXJ u 1RWH 0RWRULQGHQ5DKPHQKHEHQXQGDQGHQYRUJHVHKHQHQ $XIKlQJXQJVSXQNWHQ DP *HKlXVH XQG =\OLQGHU EHIHVWLJHQ l 0RWRU|OVWDQGLPgOWDQNXQGDQGHUgOVWDQGVFKUDXEH NRQWUROOLHUHQ u +LQZHLV 'DV 1LYHDX GHV *HWULHEH|OHV PXVV PLQGHVWHQV ELV ]XU 0LWWH gOVWDQGVFKUDXEH]HLJHQ 7<3( GHU n $WWHQ]LRQH VHSRVVLELOHXWLOL]]DUHXQ XQLFDPDUFD n $WWHQWLRQ ,I SRVVLEOH XVH RQHEUDQG RI HQJLQHRLO GLROLRPRWRUH 1RQPHVFRODUHWLSLGLYHUVLRQGHHYLWD UH UHD]LRQL GDQQRVH FKH SRVVRQR UL GXUUHODFDSDFLWjOXEULILFDQWH l &ROOHJDUH LO FDYR IOHVVLELOH DOOD OHYD GL VWDFFR GHOOD IUL]LRQH u 1RWD UHJRODUHLOJLRFRQHFHVVDULRSHUODOHYD GHOOD IUL]LRQH VXOOD PDQRSROD IUL]LRQH VHJXHQGR OH VSHFLILFKH GHO FRVWUXWWR UH l l l l $YYLWDUHLOWDSSRDYLWHLQVLHPHDOO¶DQHOOR25 &ROOHJDUHLOFDYRIOHVVLELOHSHUOD³5$9(´VXOVROHQRLGH QRQSUHVHQWHQHOODYHUVLRQH) &ROOHJDUHLWXELGHOOLTXLGRGLUDIIUHGGDPHQWR 5DEERFFDUHFRQOLTXLGRGLUDIIUHGGDPHQWR n $WWHQ]LRQH 2VVHUYDUHOHVSHFLILFKHHOHTXDQWLWj GLUHIULJHUDQWHILVVDWHGDOFRVWUXWWRUH GHOPRWRFLFOR 3ULPDGLUDEERFFDUHFRQLOUHIULJH UDQWHDVVLFXUDUVLFKHLOWDSSRGLVFDUL FR GHO UHIULJHUDQWH H JOL DQHOOL GL WHQXWDVLDQRPRQWDWLVXOFDUWHU (QJDJH%RZGHQFDEOHRQFOXWFKUHOHDVHOHYHU u 1RWH l l l n $FKWXQJ 1DFK 0|JOLFKNHLW GDV JOHLFKH 0RWRU|O RQO\ 'R QRW PL[ GLIIHUHQW W\SHV RI RLO 0L[LQJ PLJKW FDXVH KDUPIXO UHDFWLRQV OHDGLQJ WR UHGXFWLRQ RI OXEULFDWLQJ FDSDELOLW\ l l YHUZHQGHQ 0LVFKHQ YRQ gOHQ NDQQ ]X VFKlGOLFKHQ FKHPLVFKHQ 5HDNWLRQHQ XQG GDPLW ]X VFKOHFKWHUHP /HLVWXQJVYHUP|JHQIKUHQ l $GMXVW WKH QHFHVVDU\ FOHDUDQFH IRU FOXWFKOHYHURQFRQWUROKDQGOHWRPDNHU V VSHFLILFDWLRQV )LWSOXJVFUHZDORQJZLWK2ULQJ (QJDJH %RZGHQ FDEOH IRU WKH 5$9( RQ WKH VROHQRLG QRWRQ)YHUVLRQ &RQQHFWFRRODQWKRVHV )LOOLQFRRODQW n $WWHQWLRQ 2EVHUYHVSHFLILFDWLRQVDQGTXDQWLW\RI FRRODQW DV VWDWHG E\ WKH PRWRUF\FOH PDQXIDFWXUHU 3ULRUWRILOOLQJZLWKFRRODQWHQVXUHWKDW WKHFRRODQWGUDLQVFUHZDQGVHDOLQJ ULQJVDUHILWWHGRQWKHFUDQNFDVH 6HLO]XJIU.XSSOXQJDP$XVUFNKHEHOHLQKlQJHQ u +LQZHLV 'DV QRWZHQGLJH 6SLHO IU GHQ .XSSOXQJVKHEHO DP /HQNHU LVW HQWSUHFKHQG GHQ $QJDEHQ GHV 0RWRUUDGKHUVWHOOHUVHLQ]XVWHOOHQ l l l l 9HUVFKOXVVVFKUDXEHPLW25LQJPRQWLHUHQ 6HLO]XJ IU5$9(EHL6ROHQRLGHLQKlQJHQEHLGHU) 9HUVLRQQLFKWYRUKDQGHQ .KOPLWWHOVFKOlXFKHDQVFKOLHVVHQ .KOPLWWHOHLQIOOHQ n $FKWXQJ .KOPLWWHO6SH]LILNDWLRQ XQG 0HQJH QDFK $QJDEHQ GHV 0RWRUUDGKHUVWHOOHUVEHDFKWHQ 9RU GHP (LQIOOHQ GHU .KOPLWWHOV SUIHQREGLH:DVVHUDEODXIVFKUDXEH VDPW 'LFKWULQJ LQ GDV *HKlXVH HLQJHVFKUDXEWLVW 7<3( l l l l l l l l 0RQWDUHLOFDUEXUDWRUHSXOLWRHFRQWUROODWR 0RQWDUHODVFDWRODGHOILOWURDULDSXOLWD $SSOLFDUH6,/$67,&579DOODJLXQWXUDGHOODVIHUD GHOOD IODQJLD GHOOR VFDULFR H LQVWDOODUH O¶LPSLDQWR GL VFDULFR 0RQWDUHODFDWHQDGLWUDVPLVVLRQH &ROOHJDUHLFDYLHOHWWULFL $ VHFRQGD GHO WLSR GL PRWRFLFOR PRQWDUH OH SDUWL VXSSOHPHQWDUL VHFRQGR TXDQWR VSHFLILFDWR GDO FRVWUXWWRUHGHOPRWRFLFOR )DUIXQ]LRQDUHLOPRWRUHILQFKqO¶ROLRQRQDEELDULHPSLWR WXWWRLOFLUFXLWRGLOXEULILFD]LRQH 6SXUJDUHODSRPSDGHOO¶ROLR6LYHGDLOFDSLWROR³6SXUJR SRPSDROLR´ n $WWHQ]LRQH GRSR DYHU IDWWR IXQ]LRQDUH LO PRWRUH FRQWUROODUHQXRYDPHQWHTXDQWRVHJXH /LYHOOR GHOO ROLR H GHO OLTXLGR GL UDIIUHGGDPHQWR UDEERFFDUH VH QHFHVVDULR )XQ]LRQDPHQWRGHOOD³5$9(´6LYHGD LO FDSLWROR ³)XQ]LRQDPHQWR 5$9( FRQWUROOR´ 3HUGLWHGDOPRWRUHHGDLFRPSRQHQWL l l l l l l l l )LWFOHDQHGDQGFKHFNHGFDUEXUHWRU )LWFOHDQHGDLUILOWHUER[ $SSO\6,/$67,&579WREDOOMRLQWRIH[KDXVWIODQJH DQGLQVWDOOWKHH[KDXVWV\VWHP )LWGULYHFKDLQ &RQQHFWHOHFWULFZLULQJ 'HSHQGLQJ RQ ELNH YHUVLRQ ILW IXUWKHU VXSSOHPHQWDU\ SDUWVDFFRUGLQJWRELNHPDQXIDFWXUHU 3HUIRUP D WULDO UXQ XQWLO RLO OLQHV DUH FRPSOHWHO\ ILOOHG ZLWKRLO 9HQWRLOSXPS6HHFKDSWHU2LOSXPSYHQWLQJ n $WWHQWLRQ $IWHU WKH WULDO UXQ YHULI\ WKH IROORZLQJ DJDLQ 2LO DQG FRRODQW OHYHO WRS XS DV UHTXLUHG 2SHUDWLRQ RI WKH 5$9( 6HH FKDSWHU 5$9(RSHUDWLRQFKHFNLQJ (QJLQH DQG LQVWDOODWLRQ IUHH RI OHDNDJH l l l l l l l l *HUHLQLJWHQXQGEHUSUIWHQ9HUJDVHUPRQWLHUHQ *HUHLQLJWHQ/XIWILOWHUNDVWHQPRQWLHUHQ 6,/$67,& 579 DXI GLH .XJHOYHUELQGXQJ GHV $XVSXII)ODQVFKHV JHEHQ XQG $XVSXIIDQODJH PRQWLHUHQ $QWULHEVNHWWHDXIOHJHQ 6lPWOLFKHHOHNWULVFKH/HLWXQJHQDQVFKOLHHQ -H QDFK 0RWRUUDGW\SH VLQG VRQVWLJH $QEDXWHLOH QDFK $QJDEHGHV0RWRUUDGKHUVWHOOHUV]XPRQWLHUHQ 3UREHODXI GXUFKIKUHQ ELV gOOHLWXQJHQ PLW gO JHIOOW VLQG gOSXPSH HQWOIWHQ 6LHKH .DSLWHO gOSXPSH HQWOIWHQ n $FKWXQJ 1DFK GHP 3UREHODXI VLQG GLH IROJHQGHQ 3XQNWH QRFKPDOV ]X EHUSUIHQ gO XQG .KOZDVVHUQLYHDX HYHQWXHOO QDFKIOOHQ )XQNWLRQ GHV 5$9( 6LHKH .DSLWHO 5$9()XQNWLRQEHUSUIHQ $XVWULWW YRQ %HWULHEVPLWWHOQ 8QGLFKWKHLW 7<3( )XQ]LRQDPHQWR³5$9(´FRQWUROOR QRQSUHVHQWHQHOODYHUVLRQH) 5$9(RSHUDWLRQFKHFNLQJ QRWRQ)YHUVLRQ 5$9()XQNWLRQEHUSUIHQ EHLGHU)9HUVLRQQLFKWYRUKDQGHQ u 1RWD u 1RWH u +LQZHLV l l l l ODYDOYRODGLVFDULFRVLDSUHWUDLH JPLQSHUO¶DXWRSXOLWXUDGHOORVWHORGHOODYDO YRODVLFKLXGHWUDLJPLQHLOSXQWRGL DWWLYD]LRQH ·JPLQDVHFRQGD GHOOHYHUVLRQLGHOPRWRUHROWUHLOSXQWRGLDWWL YD]LRQHULPDQHDSHUWD 3HUFRQWUROODUHO¶XQLWjGLFRPDQGRWRJOLHUHLOFRQQHWWRUH D YLH DFFHQGHUH LO PRWRUH H DFFHQGHUH JOL DQDEEDJOLDQWL9ROWDJJLRDJPLQWUDLFDYLYHUGH HEOX 9'&H9$&WUDLFDYLJLDOOR HEOX6HQRQYHQJRQRUDJJLXQWLTXHVWLYDORULLOJXDVWR QRQqQHOODXQLWjGLFRPDQGRPDQHOVLVWHPD 3HU FRQWUROODUH LO VROHQRLGH FRQWUROODUH FKH LO VXR SLVWRQH VL PXRYD OLEHUDPHQWH H FRQWUROODUH LO YDORUH GHOODUHVLVWHQ]DWUDLFDYLRKPV,OYROWDJJLR PLVXUDWR WUD L FDYL GHO VROHQRLGH GRYUHEEH HVVHUH GL 9 DO PLQLPR GHL JLUL GXUDQWH XQ LPSXOVR GL VROR VHFRQGR H GRSR TXHVWR LPSXOVR LQL]LDOH GRYUHEEHHVVHUHGL9'& 3XQWLGLDWWLYD]LRQH5$9(( &XVWRP ·PLQ 6WUDGD·PLQ 6SRUW3UR ·PLQ 5; ·PLQ l 7KH H[KDXVW YDOYH RSHQV EHWZHHQ DQG USP IRU VHOIFOHDQLQJ RI WKH YDOYH URG FORVHV EHWZHHQ USP DQGVZLWFKSRLQW ·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·PLQ 6WUDGD·PLQ 6SRUW3UR ·PLQ 5; ·PLQ l 'HU $XVSXIIVFKLHEHU LVW ]ZLVFKHQ XQG8PLQ]XU6HOEVWUHLQLJXQJGHU 6FKLHEHUVWDQJH RIIHQ ]ZLVFKHQ XQG6FKDOWSXQNW ·8PLQ MH QDFK 0RWRUW\SH JHVFKORVVHQ XQG GDUEHUZLHGHURIIHQ =XU .RQWUROOH GHU 6WHXHUHLQKHLW IDFK6WHFNHU DE]LHKHQ0RWRUVWDUWHQXQG$EEOHQGOLFKWHLQVFKDOWHQ 6SDQQXQJVZHUWEHL8PLQ]ZLVFKHQ.DEHOJUQ XQG EODX 9 *OHLFKVWURP XQG 9 :HFKVHOVWURP ]ZLVFKHQ .DEHO JHOE XQG EODX %HL 1LFKWHUUHLFKHQGLHVHU:HUWHOLHJWGHU)HKOHULP6\VWHP XQGQLFKWLQGHU6WHXHUHLQKHLW =XU .RQWUROOH GHV 6ROHQRLGV .ROEHQ DXI /HLFKWJlQJLJNHLW XQG :LGHUVWDQGVZHUW ]ZLVFKHQ GHQ EHLGHQ .DEHOQ RKPV SUIHQ 6SDQQXQJVZHUW JHPHVVHQ ]ZLVFKHQ .DEHOQ GHV 6ROHQRLGVEHWUlJWLP6WDQGJDVEHLHLQHP,PSXOVYRQ QXU6HNXQGH9XQGQDFKGLHVHP,PSXOV 9*OHLFKVWURP 6FKDOWSXQNWGHV5$9(( &XVWRP ·8PLQ 6WUDGD ·8PLQ 6SRUW3UR ·8PLQ 5; ·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³5$9(´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lXVH .XUEHOJHKlXVH]XDPPHQEDXHQ .XUEHOZHOOH .XUEHOZHOOHDXVEDXHQ .XUEHOZHOOHQ$[LDOVSLHODXVPHVVHQ .XUEHOZHOOHHLQEDXHQ .XUEHOZHOOHHLQEDXHQPLWWHOV6SH]LDOZHUN]HXJ ( 0 (6WDUWHUPRQWLHUHQ (OHNWURVWDUWHU (OHNWURVWDUWHUDXVEDXHQ ) 0RWRUDXI0RQWDJHERFNEHUQHKPHQ 0RWRUDXVEDXHQ 0RWRUHLQEDXHQ 0RWRU=HUOHJHQ 0RWRUQXPPHU/DJH )HKOHUVXFKH 2 * gOSXPSH gOSXPSHDXVEDXHQ gOSXPSHHQWOIWHQ 276WHOOXQJGHU.XUEHOZHOOH $ $OOJHPHLQH9RUVLFKWVPDQDKPH $Q]XJVGUHKPRPHQWH6LFKHUXQJVPLWWHO $XVJOHLFKVXQG3ULPlUWULHEDXVEDXHQ $XVJOHLFKVUlGHU $XVJOHLFKVWULHE3ULPlUWULHEXQG.XSSOXQJHLQEDXHQ $XVJOHLFKVZHOOH$XVJOHLFKVUlGHU $XVJOHLFKVZHOOHHLQEDXHQ $XVODVVVFKLHEHU $XVSXIIVWXW]HQPRQWLHUHQ % *HKlXVHKlOIWHNXSSOXQJVVHLWLJ *HKlXVHKlOIWHPDJQHWVHLWLJ *HKlXVHKlOIWHWUHQQHQ *HWULHEH *HWULHEHDXVEDXHQ *HWULHEHHLQEDXHQ . .HWWHQUDG .HWWHQUDGDXVEDXHQ .HWWHQUDGPRQWLHUHQ .LFNVWDUWHUWULHE 3 3ULPlUWULHEDXVEDXHQ 3ULPlUWULHEHLQEDXHQ 3ULPlUWULHEXQG.XSSOXQJ 5 5$9()XQNWLRQEHUSUIHQ 6 6FKDOWXQJ 6FKDOWXQJHLQEDXHQ 6FKDOWXQJXQG*HWULHEHDXVEDXHQ 6LFKHUXQJV'LFKWXQG6FKPLHUPLWWHO 6SDUNSOXJ=QGNHU]H 6SH]LDO:HUN]HXJH 6WDUWHUJHWULHEH 7 7HFKQLVFKH'DWHQ 7KHUPRVWDW 9 9HQWLOWUlJHU 9HQWLOWUlJHUPRQWLHUHQ 9HUGLFKWXQJNRQWUROOLHUHQ 9HUJDVHUVWXW]HQ 9HUJOHLFKVOLVWHIU0DHXQG*HZLFKWH : :DUWXQJVWDEHOOH :DVVHUSXPSH :DVVHUSXPSHDXVEDXHQ :DVVHUSXPSHHLQEDXHQ :LHGHUNHKUHQGH6\PEROH = =QGDQODJH =QGDQODJH(LQ]HOWHLOH =QGDQODJH)HKOHUVXFKH =QGDQODJH6FKDOWSODQ =QGDQODJHDXVEDXHQ =QGDQODJHHLQEDXHQ =QGNHU]H =\OLQGHU =\OLQGHUDXVEDXHQ =\OLQGHUPRQWLHUHQ =\OLQGHUNRSIGHFNHO =\OLQGHUNRSIGHFNHODXVEDXHQ 7<3( aprilia s.p.a. via G.Galilei, 1 30033 Noale (VE) Italy tel. +39 041.5829111 fax +39 041.5829190 www.aprilia.com www.serviceaprilia.com