aprilia rotax 122

8140134 I

UK

D

www.serviceaprilia.com

943

ENGINE 122

1996

workshopmanual

Manuale d'officina Repair Manual Reparaturhandbuch 7LSR 7\SH 7\SH

122

7<3(

3UHID]LRQH

3UHIDFH

9RUZRUW

,O SUHVHQWH PDQXDOH G RIILFLQD FRQWLHQH GDWL H LQIRUPD]LRQL IRQGDPHQWDOL SHU OD PDQXWHQ]LRQH H JOL LQWHUYHQWL GL ULSD UD]LRQH VXO PRWRUH 527$; WLSR

7KLV 5HSDLU 0DQXDO FRQWDLQV HVVHQWLDO DGYLFH DQG GDWD IRU SURIHVVLRQDO PDLQWHQDQFH DQG UHSDLU RI 527$; HQJLQH W\SH

'LHVHV 5HSDUDWXU +DQGEXFK HQWKlOW GLH ZLFKWLJVWHQ +LQZHLVH XQG 'DWHQ I U GLH IDFKJHUHFKWH :DUWXQJ XQG 5HSDUDWXU GHV 527$; 0RWRUV 7\SH

,O SUHVHQWH PDQXDOH q EDVDWR VXOOR VWDWR JHQHUDOH GL FR QRVFHQ]H DO PRPHQWR GHOOD SXEEOLFD]LRQH DSULOLD V S D VL ULVHUYD LO GLULWWR GL DSSRUWDUH TXDOVLDVL PR GLILFD WHFQLFD DO PRWRUH LQWHVD D PLJOLRUDUOR VHQ]D REEOLJR GL DJJLRUQDPHQWR GHO SUHVHQWH PDQXDOH

7KH 5HSDLU 0DQXDO LV EDVHG RQ WKH VWDWH RI NQRZOHGJH DW WKH WLPH RI SXEOLFDWLRQ DSULOLD VSD UHVHUYHV WKH ULJKW WR PDNH WHFKQLFDO PRGLILFDWLRQV WR WKH HQJLQH LQ YLHZ RI IXUWKHU GHYHORSPHQW ZLWKRXW XSGDWLQJ WKLV PDQXDO

'DV 5HSDUDWXU +DQGEXFK EHILQGHW VLFK DXI GHP ]XP =HLWSXQNW GHU +HUDXVJDEH DNWXHOOHQ ,QIRUPDWLRQVVWDQG 'LH )LUPD DSULOLD V S D EHKlOW VLFK DOOH 5HFKWH YRU LP =XJH GHU :HLWHUHQWZLFNOXQJ WHFKQLVFKH bQGHUXQJ DP 0RWRU YRU]XQHKPHQ RKQH JOHLFK]HLWLJ GLHVHV 5HSDUDWXU +DQGEXFK HQWVSUHFKHQG ]X HUJlQ]HQ

7XWWL L GDWL H OH SURFHGXUH GHVFULWWL QHO SUHVHQWH PDQXDOH G RIILFLQD VRQR LOOXVWUDWL QHO PLJOLRU PRGR SRVVLELOH WXWWD YLD VL GHFOLQD RJQL UHVSRQVDELOLWj

7XWWL L GLULWWL FRPSUHVH PRGLILFKH WHFQLFKH HG HYHQWXDOL HU URUL VRQR ULVHUYDWL 5LVWDPSH WUDGX]LRQL R FRSLH SDU]LDOL R LQWHJUDOL VRQR SHUPHVVH VROR SUHYLD DXWRUL]]D]LRQH VFULWWD GHOOD

DSULOLD V S D YLD * *DOLOHL 1RDOH 9( ,WDOLD 7HO )D[

$OO GDWD DQG SURFHGXUHV LQ WKLV 5HSDLU 0DQXDO DUH GHVFULEHG WR WKH EHVW RI RXU NQRZOHGJH KRZHYHU H[FOXGLQJ DQ\ OLDELOLW\

:H UHVHUYH DOO ULJKWV LQFOXGLQJ WHFKQLFDO PRGLILFDWLRQ DQG SRVVLELOLW\ RI HUURUV 5HSULQWLQJ WUDQVODWLRQ RU FRSLHV LQ ZKROH RU LQ SDUW DXWKRUL]HG RQO\ DIWHU ZULWWHQ SHUPLVVLRQ E\

DSULOLD V S D YLD * *DOLOHL 1RDOH 9( ,WDOLD 7HO )D[

$OOH $QJDEHQ XQG 9RUJDQJVZHLVHQ LQ GLHVHP 5HSDUDWXUKDQGEXFK ZXUGHQ QDFK EHVWHP :LVVHQ XQG *HZLVVHQ MHGRFK XQWHU $XVVFKOXVV MHJOLFKHU +DIWXQJ HUVWHOOW

$OOH 5HFKWH VRZLH WHFKQLVFKH bQGHUXQJHQ XQG ,UUWXP YRUEHKDOWHQ 1DFKGUXFN hEHUVHW]XQJHQ RGHU 9HUYLHOIlOWLJXQJHQ DXFK DXV]XJVZHLVH QXU PLW VFKULIWOLFKHU *HQHKPLJXQJ GXUFK

DSULOLD V S D YLD * *DOLOHL 1RDOH 9( ,WDOLD 7HO )D[

7<3(

,1',&( '(, &$3,72/,

SDJLQD

,QIRUPD]LRQL LPSRUWDQWL

7$%/( 2) &217(176

SDJH

,PSRUWDQW LQIRUPDWLRQ

6LPEROL ULFRUUHQWL $YYHUWHQ]H JHQHUDOL H QRUPH GL VLFXUH]]D 3RVL]LRQH GHO QXPHUR GL PDWULFROD GHO PRWRUH 'DWL WHFQLFL 7DEHOOD PDQXWHQ]LRQH $WWUH]]L VSHFLDOL 6SH]LDOZHUN]HXJH 0H]]L GL ILVVDJJLR WHQXWD H OXEULILFD]LRQH &RSSLH GL VHUUDJJLR PH]]L GL ILVVDJJLR 7DEHOOD GL FRQYHUVLRQH 5LFHUFD JXDVWL

5LPR]LRQH PRWRUH 5LPR]LRQH PRWRUH 3RVL]LRQDPHQWR GHO PRWRUH VXO VXSSRUWR

6PRQWDJJLR PRWRUH 0RWRULQR GL DYYLDPHQWR HOHWWULFR ULPR]LRQH &RSHUFKLR WHVWDWD H LQVHUWR FDPHUD GL FRPEXVWLRQH ULPR]LRQH &LOLQGUR ULPR]LRQH 3LVWRQH ULPR]LRQH *UXSSR GL DFFHQVLRQH VPRQWDJJLR 3LJQRQH FDWHQD ULPR]LRQH 3RPSD GHOO¶ROLR ULPR]LRQH )UL]LRQH ULPR]LRQH ,QJUDQDJJLR GHO FRQWUDOEHUR H WUDVPLVVLRQH SULPDULD ULPR]LRQH *UXSSR GL DYYLDPHQWR SHGDOH ULPR]LRQH VROR VXO WLSR 5;

3RPSD GHOO¶DFTXD ULPR]LRQH 6HPLFDUWHU VHSDUD]LRQH 7UDVPLVVLRQH H FDPELR ULPR]LRQH $OEHUR PRWRUH ULPR]LRQH

5HSHDWLQJ V\PEROV *HQHUDO SUHFDXWLRQV DQG VDIHW\ LQIRUPDWLRQ (QJLQH QXPEHU ORFDWLRQ 7HFKQLFDO GDWD 6HUYLFH WDEOH 6SHFLDO WRROV 6HFXULQJ VHDOLQJ DQG OXEULFDWLRQ DJHQWV 7LJKWHQLQJ WRUTXHV VHFXULQJ DJHQW &RQYHUVLRQ WDEOH 7URXEOH VKRRWLQJ

(QJLQH UHPRYDO (QJLQH UHPRYDO 6HWWLQJ XS HQJLQH RQ WUHVWOH

(QJLQH GLVDVVHPEO\ (OHFWULF VWDUWHU UHPRYDO &\OLQGHU KHDG FRYHU DQG FRPEXVWLRQ FKDPEHU LQVHUW UHPRYDO &\OLQGHU UHPRYDO 3LVWRQ UHPRYDO ,JQLWLRQ XQLW GLVDVVHPEO\ &KDLQ VSURFNHW UHPRYDO 2LO SXPS UHPRYDO &OXWFK UHPRYDO %DODQFH JHDU DQG SULPDU\ GULYH UHPRYDO .LFN VWDUWHU UHPRYDO RQ 5; W\SH RQO\

:DWHU SXPS UHPRYDO &UDQNFDVH KDOYHV VHSDUDWLRQ *HDU VKLIW DQG JHDU ER[ UHPRYDO &UDQNVKDIW UHPRYDO

,1+$/769(5=(,&+1,6

6HLWH

:LFKWLJH ,QIRUPDWLRQHQ :LHGHUNHKUHQGH 6\PEROH $OOJHPHLQH 9RUVLFKWVPD QDKPHQ XQG 6LFKHUKHLWVEHVWLPPXQJHQ 0RWRUQXPPHU /DJH 7HFKQLVFKH 'DWHQ :DUWXQJVWDEHOOH 6SH]LDOZHUN]HXJH 6LFKHUXQJV 'LFKW XQG 6FKPLHUPLWWHO $Q]XJVGUHKPRPHQWH 6LFKHUXQJVPLWWHO 9HUJOHLFKVOLVWH I U 0D H XQG *HZLFKWH )HKOHUVXFKH

0RWRU DXVEDXHQ 0RWRU DXVEDXHQ 0RWRU DXI 0RQWDJHERFN EHUQHKPHQ

0RWRU ]HUOHJHQ (OHNWURVWDUWHU DXVEDXHQ =\OLQGHUNRSIGHFNHO XQG %UHQQUDXPHLQVDW] DXVEDXHQ =\OLQGHU DXVEDXHQ .ROEHQ DXVEDXHQ = QGDQODJH DXVEDXHQ .HWWHQUDG DXVEDXHQ gOSXPSH DXVEDXHQ .XSSOXQJ DXVEDXHQ $XVJOHLFKV XQG 3ULPlUWULHE DXVEDXHQ .LFNVWDUWHU DXVEDXHQ QXU $XVI KUXQJ 5;

:DVVHUSXPSH DXVEDXHQ *HKlXVHKlOIWHQ WUHQQHQ 6FKDOWXQJ XQG *HWULHEH DXVEDXHQ .XUEHOZHOOH DXVEDXHQ

7<3(

,QWHUYHQWL GL PDQXWHQ]LRQH VXOOH VLQJROH SDUWL &DUWHU DOEHUR PRWRUH 6HPLFDUWUHU ODWR YRODQR ULPR]LRQH H ULPRQWDJJLR GHL FXVFLQHWWL D VIHUH H GHL SDUDROLR 6HPLFDUWHU ODWR IUL]LRQH ULPR]LRQH H ULPRQWDJJLR GHL FXVFLQHWWL D VIHUH H GHL SDUDROLR $OEHUR PRWRUH $OEHUR PRWRUH GHWHUPLQD]LRQH GHO JLRFR DVVLDOH &RQWUDOEHUR LQJUDQDJJL FRPDQGR FRQWUDOEHUR &DPELR 'HVPRGURPLFR 7UDVPLVVLRQH SULPDULD H IUL]LRQH &RSHUFKLR IUL]LRQH *UXSSR DYYLDPHQWR D SHGDOH VROR SHU PRGHOOR 5;

9DOYROD GL VFDULFR 5$9(

QRQ SUHVHQWH QHOOD YHUVLRQH )

&LOLQGUR 3LVWRQH ,QVHUWR FDPHUD GL FRPEXVWLRQH &RSHUFKLR WHVWDWD 9DOYROD D ODPHOOH 0DQLFRWWR FDUEXUDWRUH 3RPSD GHOO ROLR 6SXUJR SRPSD GHOO ROLR 3RPSD GHOO DFTXD *UXSSR GL DFFHQVLRQH *UXSSR GL DFFHQVLRQH VLQJROL FRPSRQHQWL *UXSSR GL DFFHQVLRQH VFKHPD HOHWWULFR &HQWUDOLQD HOHWWURQLFD PRUVHWWLHUD *UXSSR GL DFFHQVLRQH ULFHUFD JXDVWL &DQGHOD ,QJUDQDJJLR DYYLDPHQWR 0RWRULQR GL DYYLDPHQWR HOHWWULFR 3LJQRQH FDWHQD

,QGLYLGXDO FRPSRQHQW PDLQWHQDQFH &UDQNFDVH &UDQNFDVH KDOI PDJQHWR VLGH UHPRYDO DQG UHILWWLQJ RI EDOO EHDULQJV DQG RLO VHDOV &UDQNFDVH KDOI FOXWFK VLGH UHPRYDO DQG UHILWWLQJ RI EDOO EHDULQJV DQG RLO VHDOV &UDQNVKDIW &UDQNVKDIW GHWHUPLQDWLRQ RI D[LDO FOHDUDQFH %DODQFH VKDIW EDODQFH GULYH JHDUV *HDUER[ *HDU VKLIW 3ULPDU\ GULYH DQG FOXWFK &OXWFK FRYHU .LFN VWDUW GULYH IRU 5; PRGHO RQO\

([KDXVW YDOYH 5$9( 1RW RQ ) YHUVLRQ

&\OLQGHU 3LVWRQ &RPEXVWLRQ FKDPEHU LQVHUW &\OLQGHU KHDG FRYHU 7KHUPRVWDW 5HHG YDOYH &DUEXUHWRU IODQJH 2LO SXPS 2LO SXPS YHQWLQJ :DWHU SXPS ,JQLWLRQ XQLW ,JQLWLRQ XQLW VLQJOH FRPSRQHQWV ,JQLWLRQ XQLW ZLULQJ GLDJUDP (OHFWURQLF ER[ WHUPLQDO ,JQLWLRQ XQLW WURXEOH VKRRWLQJ 6SDUN SOXJ 6WDUWHU JHDU (OHFWULF VWDUWHU &KDLQ VSURFNHW

$UEHLWHQ DQ GHQ HLQ]HOQHQ 7HLOHQ .XUEHOJHKlXVH *HKlXVHKlOIWH PDJQHWVHLWLJ $XV XQG (LQEDX GHU .XJHOODJHU XQG :HOOHQGLFKWULQJH *HKlXVHKlOIWH NXSSOXQJVVHLWLJ $XV XQG (LQEDX GHU .XJHOODJHU XQG :HOOHQGLFKWULQJH .XUEHOZHOOH .XUEHOZHOOH $[LDOVSLHO DXVPHVVHQ $XVJOHLVFKVZHOOH $XVJOHLFKVUlGHU *HWULHEH 6FKDOWXQJ 3ULPlUWULHE XQG .XSSOXQJ .XSSOXQJVGHFNHO .LFNVWDUWHU QXU $XVI KUXQJ 5;

$XVODVVVFKLHEHU 5$9(

QLFKW EHL GHU ) 9HUVLRQ YRUKDQGHQ

=\OLQGHU .ROEHQ %UHQQUDXPHLQVDW] 7KHUPRVWDW =\OLQGHUNRSIGHFNHO 9HUJDVHUVWXW]HQ gOSXPSH gOSXPSH HQWO IWHQ :DVVHUSXPSH = QGDQODJH = QGDQODJH (LQ]HOWHLOH = QGDQODJH 6FKDOWSODQ 6WHXHUJHUlW $QVFKO VVH = QGDQODJH )HKOHUVXFKH = QGNHU]H 6WDUWHUJHWULHEH (OHNWURVWDUWHU .HWWHQUDG

7<3(

5LDVVHPEODJJLR PRWRUH

(QJLQH UHDVVHPEO\

$OEHUR PRWRUH PRQWDJJLR ,QVWDOOD]LRQH DOEHUR PRWRUH FRQ DWWUH]]L VSHFLDOL &DPELR PRQWDJJLR 7UDVPLVVLRQH PRQWDJJLR &RQWUDOEHUR LQVWDOOD]LRQH &DUWHU PRQWDJJLR *UXSSR GL DYYLDPHQWR D SHGDOH LQVWDOOD]LRQH VROR YHUVLRQH 5;

3RPSD GHOO DFTXD LQVWDOOD]LRQH 5RWLVPR FRQWUDOEHUR WUDVPLVVLRQH SULPDULD H IUL]LRQH LQVWDOOD]LRQH &RSHUFKLR IUL]LRQH LQVWDOOD]LRQH )UL]LRQH UHJROD]LRQH 3LVWRQH PRQWDJJLR &LOLQGUR PRQWDJJLR )ODQJLD GHOOR VFDULFR PRQWDJJLR 9DOYROD D ODPHOOH PRQWDJJLR 5DSSRUWR GL FRPSUHVVLRQH FRQWUROOR &RPSUHVVLRQ UDWLR FKHFNLQJ *UXSSR GL DFFHQVLRQH LQVWDOOD]LRQH &KDLQ VSURFNHW ILWWLQJ (OHFWULF VWDUWHU LQVWDOODWLRQ 3LJQRQH FDWHQD PRQWDJJLR 0RWRULQR GL DYYLDPHQWR HOHWWULFR LQVWDOOD]LRQH

&UDQNVKDIW ILWWLQJ &UDQNVKDIW LQVWDOODWLRQ ZLWK VSHFLDO WRROLQJ *HDU ER[ DVVHPEO\ *HDU VKLIW DVVHPEO\ %DODQFH VKDIW LQVWDOODWLRQ &UDQNFDVH DVVHPEO\ .LFN VWDUW LQVWDOODWLRQ YHUVLRQ 5; RQO\

:DWHU SXPS LQVWDOODWLR %DODQFH VKDIW GULYH SULPDU\ GULYH DQG FOXWFK LQVWDOODWLRQ &OXWFK FRYHU LQVWDOODWLRQ &OXWFK DGMXVWPHQW 3LVWRQ ILWWLQJ &\OLQGHU ILWWLQJ ([KDXVW VRFNHW ILWWLQJ 5HHG YDOYH ILWWLQJ &RPSUHVVLRQ UDWLR FKHFNLQJ ,JQLWLRQ XQLW LQVWDOODWLRQ &KDLQ VSURFNHW ILWWLQJ (OHFWULF VWDUWHU LQVWDOODWLRQ

(QJLQH LQVWDOODWLRQ

0RWRU ]XVDPPHQEDXHQ .XUEHOZHOOH HLQEDXHQ .XUEHOZHOOH HLQEDXHQ PLWWHOV 6SH]LDOZHUN]HXJ *HWULHEH HLQEDXHQ 6FKDOWXQJ HLQEDXHQ $XVJOHLFKVZHOOH HLQEDXHQ .XUEHOJHKlXVH ]XVDPPHQEDXHQ .LFNVWDUWHU HLQEDXHQ QXU $XVI KUXQJ 5;

:DVVHUSXPSH HLQEDXHQ $XVJOHLFKVWULHE 3ULPlUWULHE XQG .XSSOXQJ HLQEDXHQ .XSSOXQJVGHFNHO PRQWLHUHQ .XSSOXQJ HLQVWHOOHQ =\OLQGHU PRQWLHUHQ $XVSXIIVWXW]HQ PRQWLHUHQ 9HQWLOWUlJHU PRQWLHUHQ 9HUGLFKWXQJ NRQWUROOLHUHQ = QGDQODJH HLQEDXHQ .HWWHQUDG PRQWLHUHQ ( 6WDUWHU PRQWLHUHQ

0RWRU HLQEDXHQ

5$9( RSHUDWLRQ FKHFNLQJ QRW RQ ) YHUVLRQ

5$9( )XQNWLRQ EHUSU IHQ EHL GHU ) 9HUVLRQ QLFKW YRUKDQGHQ

,QGH[

,QGH[

,QVWDOOD]LRQH PRWRUH )XQ]LRQDPHQWR ³5$9(´ FRQWUROOR QRQ SUHVHQWH QHOOD YHUVLRQH )

,QGLFH DOIDEHWLFR

7<3(

,QIRUPD]LRQL LPSRUWDQWL

,PSRUWDQW LQIRUPDWLRQ

:LFKWLJH ,QIRUPDWLRQHQ

6LPEROL ULFRUUHQWL

5HSHDWLQJ V\PEROV

:LHGHUNHKUHQGH 6\PEROH

3UHVWDUH OD PDVVLPD DWWHQ]LRQH DL VHJXHQWL VLPEROL SUH VHQWL LQ WXWWR LO PDQXDOH DWWL D IRUQLUH LQIRUPD]LRQL SDUWLFR ODUL

3D\ DWWHQWLRQ ZLWKRXW IDLO WR WKH IROORZLQJ V\PEROV WKURXJKRXW WKH 0DQXDO HPSKDVL]LQJ SDUWLFXODU LQIRUPDWLRQ

'LHVHV 5HSDUDWXUKDQGEXFK EHWRQW JHZLVVH ,QIRUPDWLRQHQ GXUFK IROJHQGH :RUWH XQG 6\PEROH GLH XQEHGLQJW EHDFKWHW ZHUGHQ P VVHQ

s :DUQLQJ

,GHQWLILHV DQ LQVWUXFWLRQ ZKLFK LI QRW IROORZHG PD\ FDXVH LQMXU\ WR WKH ULGHU PHFKDQLF RU WKLUG SDUW\

s :DUQXQJ

1LFKWEHDFKWXQJ GHU :DUQXQJ NDQQ ]X 9HUOHW]XQJHQ GHV )DKUHUV :DUWXQJVPHFKDQLNHUV RGHU DQGHUHU GULWWHU 3HUVRQHQ I KUHQ

n $WWHQWLRQ

'HQRWHV DQ LQVWUXFWLRQ ZKLFK LI QRW IROORZHG PD\ VHYHUHO\ GDPDJH WKH HQJLQH 1RQ FRPSOLDQFH PLJKW OHDG XQGHU FHUWDLQ FRQGLWLRQV WR KHDOWK KD]DUGV

n $FKWXQJ

u 1RWH

,QIRUPDWLRQ XVHIXO IRU EHWWHU H[HFXWLRQ DQG XQGHUVWDQGLQJ RI LQVWUXFWLRQV

8QWHU $FKWXQJ VLQG EHVRQGHUH 9RUVLFKWPD QDKPH DXIJHI KUW GLH HLQJHKDOWHQ ZHUGHQ P VVHQ XP VFKZHUH %HVFKlGLJXQJHQ DP 0RWRU ]X YHUKLQGHUQ %HL 1LFKWEHDFKWXQJ N|QQWH HV XQWHU 8PVWlQGHQ 3HUVRQHQVFKlGHQ I KUHQ

u +LQZHLV

1 W]OLFKH ,QIRUPDWLRQHQ XP EHVWLPPWH 9RUJlQJH HLQIDFKHU ]X JHVWDOWHQ E]Z ]X HUOlXWHUQ

l 3 0 6

2EHUHU 7RWSXQNW

l 648,6+

7XUEROHQ] GHV /XIW .UDIWVWRIIJHPLVFKV LP =\OLQGHU I U GLH 9HUGLFKWXQJ

l 3 0 ,

8QWHUHU 7RWSXQNW

l 5$9(

(OHNWURQLVFKHV 9HQWLO DP $XVODVV

s $YYHUWHQ]D LQGLFD XQD DYYHUWHQ]H FKH q QHFHVVDULR

SUHQGHUH RQGH HYLWDUH GDQQL R OHVLRQL JUDYL DO FRQGXFHQWH DO PHFFDQLFR R D WHU]L

n $WWHQ]LRQH

u 1RWD

LQGLFD XQD DYYHUWHQ]H FKH q QHFHVVDULR SUHQGHUH RQGH HYLWDUH VHUL GDQQL DO PR WRUH /D QRQ RVVHUYDQ]D GL WDOL LQGLFD]LR QL SXz FRPSRUWDUH LQ GHWHUPLQDWH FRQGL]LRQL ULVFKL SHU O LQFROXPLWj GHOOH SHUVRQH LQIRUPD]LRQH XWLOH SHU XQD PLJOLRUH HVH FX]LRQH H FRPSUHQVLRQH GHOOH LVWUX]LRQL

l 3 0 6

3XQWR PRUWR VXSHULRUH

l 648,6+

7XUEROHQ]D GHOOD PLVFHOD DULD EHQ]LQD SUHVHQWH QHO FLOLQGUR DOOD ILQH GHOOD FRUVD GL FRPSUHVVLRQH

l 3 0 ,

3XQWR PRUWR LQIHULRUH

l 5$9(

9DOYROD HOHWWURQLFD VXOOR VFDULFR

l 7 ' &

7RS 'HDG &HQWUH

l 648,6+

7XUEXOHQFH RI WKH DLU IXHO PL[WXUH LQ WKH F\OLQGHU DW WKH HQG RI WKH FRPSUHVVLRQ VWURNH

l % ' &

%RWWRP 'HDG &HQWUH

l 5$9(

(OHFWURQLF YDOYH DW H[KDXVW HQG

$YYHUWHQ]H JHQHUDOL H QRUPH GL VLFXUH]]D

*HQHUDO SUHFDXWLRQV DQG VDIHW\ LQIRUPDWLRQ

$OOJHPHLQH 9RUVLFKWVPD QDKPHQ XQG 6LFKHUKHLWVEHVWLPPXQJHQ

s $YYHUWHQ]D LO PRWRUH 527$; q SURJJHWWDWR SHU

s :DUQLQJ

s :DUQXQJ

O¶XVR HVFOXVLYR VX PRWRFLFOL R .DUW

2JQL GLYHUVD XWLOL]]D]LRQH QRQ FRQIRUPH DG DFFRUGL OLEHUD LO FRVWUXWWRUH GD RJQL UHVSRQVDELOLWj

7KH 527$; HQJLQH LV SODQQHG VROHO\ IRU WKH XVH LQ 0RWRUELNHV SRVVLEO\ .DUW $Q\ DSSOLFDWLRQ EHVLGHV WKDW LV QRW DV DJUHHG DQG UHOHDVHV WKH PDQXIDFWXUHU RI DQ\ OLDELOLW\

'HU 0RWRU 527$; LVW QXU I U GLH 9HUZHQGXQJ LQ 0RWRUUlGHUQ HYHQWXHOO .DUW YRUJHVHKHQ -HGHU GDU EHU KLQDXVJHKHQGH (LQVDW] JLOW DOV QLFKW EHVWLPPXQJVJHPl XQG GHU +HUVWHOOHU KDIWHW QLFKW I U UHVXOWLHUHQGH 6FKlGHQ

7<3(

n $WWHQ]LRQH

OH LQIRUPD]LRQL FRQWHQXWH QHO SUHVHQWH PDQXDOH VRQR EDVDWH VXL GDWL H VXOO¶HVSHULHQ]D GL WHFQLFL VSHFLDOL]]DWL LQ FRQGL]LRQL GL ODYRUR QRUPDOL 4XHVWH OLQHH JXLGD VRQR XWLOL H QHFHVVD ULH PD QRQ SRVVRQR VRVWLWXLUH O¶DSSUHQ GLPHQWR WHRULFR H SUDWLFR

n $WWHQWLRQ

,QIRUPDWLRQ VWDWHG LQ WKLV 0DQXDO DUH EDVHG RQ GDWD DQG H[SHULHQFH RI H[SHUWV DSSOLFDEOH DW VWDQGDUG ZRUNLQJ FRQGLWLRQ 7KHVH JXLGHOLQHV DUH XVHIXO DQG QHFHVVDU\ EXW WKH\ DUH QHYHU D VXEVWLWXWH IRU SURSHU WKHRUHWLFDO DQG SUDFWLFDO WUDLQLQJ

n $WWHQ]LRQH

OH SDUWL GL ULFDPELR GHYRQR HVVHUH FRQ IRUPL DOOH VSHFLILFKH GHILQLWH GDO FRVWUXW WRUH GHO PRWRUH &Lz q JDUDQWLWR VROR GDOO¶XVR GL ULFDPEL RULJLQDOL H R DFFHVVRUL DSULOLD VL YHGD OD /LVWD ULFDPEL

/¶XVR GL ULFDPEL H R DFFHVVRUL QRQ RULJL QDOL DSULOLD ID GHFDGHUH RJQL JDUD]LD IRU QLWD GDOOD DSULOLD

n $WWHQWLRQ

6SDUH SDUWV PXVW PHHW WKH UHTXLUHPHQWV 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\ JUDQWHG E\ DSULOLD ZLOO ODSVH

n $WWHQ]LRQH

PRGLILFKH DO PRWRUH H D SDUWL DG HVVR FROOHJDWH FDUEXUDWRUH VLVWHPD GL VFDUL FR QRQ DSSURYDWH GDOOD DSULOLD OLEHUDQR LO FRVWUXWWRUH GD RJQL UHVSRQVDELOLWj H JDUDQ]LD

n $WWHQ]LRQH

SHU JDUDQWLUH ULSDUD]LRQL DSSURSULDWH q ULFKLHVWR O¶XVR GHJOL DWWUH]]L VSHFLDOL DF FHVVRUL OXEULILFDQWL VLJLOODQWL H PH]]L GL ILVVDJJLR VSHFLILFDWL

n $WWHQ]LRQH

DWWHQHUVL DVVROXWDPHQWH DOOH FRSSLH GL VHUUDJJLR VSHFLILFDWH

n $WWHQ]LRQH

JOL DQHOOL GL WHQXWD OH JXDUQL]LRQL JOL DQHOOL GL VLFXUH]]D JOL DQHOOL 25 H L SDUD ROLR GHYRQR HVVHUH VRVWLWXLWL DG RJQL UH YLVLRQH GHO PRWRUH

n $WWHQ]LRQH

XWLOL]]DUH HVFOXVLYDPHQWH YLWL H GDGL SX OLWL 9HULILFDUH OD SUHVHQ]D GL GDQQL DOOH IL OHWWDWXUH H DOOH WHVWH GHOOH YLWL ,Q FDVR GL GXEEL XWLOL]]DUH GDGL H YLWL QXR YL

n $WWHQWLRQ

n $WWHQWLRQ

0RGLILFDWLRQV RQ HQJLQH DQG FKDQJHV WR VSKHUH RI HQJLQH FDUEXUHWRU H[KDXVW V\VWHP QRW DSSURYHG E\ DSULOLD UHOHDVHV WKH PDQXIDFWXUHU RI DQ\ OLDELOLW\ DQG ZDUUDQW\ 7R ZDUUDQW SURSHU UHSDLU XWLOLVDWLRQ RI WKH VSHFLILHG VSHFLDO WRROV IL[WXUHV OXEULFDWLQJ VHDOLQJ DQG VHFXULQJ DJHQWV LV UHTXLUHG

n $FKWXQJ

'LH LP 5HSDUDWXUKDQGEXFK JHJHEHQHQ ,QIRUPDWLRQHQ EDVLHUHQ DXI 'DWHQ XQG (UIDKUXQJHQ GLH I U GHQ )DFKPDQQ XQWHU QRUPDOHQ $UEHLWVEHGLQJXQJHQ DOV DQZHQGEDU JHOWHQ 'LH LP +DQGEXFK JHJHEHQHQ 5LFKWOLQLHQ VLQG VLQQYROO XQG QRWZHQGLJ N|QQHQ DEHU NHLQHVIDOOV IDFKJHUHFKWH WKHRUHWLVFKH XQG SUDNWLVFKH 8QWHUZHLVXQJHQ HUVHW]WHQ

n $FKWXQJ

(UVDW]WHLOH P VVHQ GHQ YRP +HUVWHOOHU IHVWJHOHJWHQ WHFKQLVFKHQ $QIRUGHUXQJHQ HQWVSUHFKHQ 'LHV ZLUG QXU EHL 25,*,1$/ DSULOLD (UVDW]WHLOHQ XQG RGHU =XEHK|U JDUDQWLHUW VLHKH (UVDW]WHLOOLVWH %HL 1LFKWYHUZHQGXQJ YRQ 25,*,1$/ DSULOLD (UVDW]WHLOHQ XQG RGHU =XEHK|U HUOLVFKW MHJOLFKH *HZlKUOHLVWXQJ GXUFK DSULOLD

n $FKWXQJ

bQGHUXQJHQ DP 0RWRU VRZLH DP 8PIHOG GHV 0RWRUV 9HUJDVHU $XVSXIIDQODJH

GLH QLFKW YRQ DSULOLD JHQHKPLJW ZXUGHQ HQWELQGHQ GLH +HUVWHOOHUILUPD YRQ MHGHU +DIWXQJ VRZLH *HZlKUOHLVWXQJ

n $FKWXQJ

8P HLQH RUGQXQJVJHPl H 5HSDUDWXU ]X JHZlKUOHLVWHQ LVW GLH 9HUZHQGXQJ GHU YRUJHVFKULHEHQHQ 6SH]LDOZHUN]HXJH =XEHK|U 6FKPLHUPLWWHO $EGLFKWPLWWHO XQG VSH]LILVFKH %HIHVWLJXQJVWHLOH QRWZHQGLJ

n $WWHQWLRQ

$GKHUH WR VSHFLILHG WLJKWHQLQJ WRUTXHV ZLWKRXW IDLO

n $WWHQWLRQ

5HPRYHG VHDOLQJ ULQJV JDVNHWV FLUFOLSV 2 ULQJV DQG RLO VHDOV KDYH WR EH DOZD\V UHQHZHG DW DQ HQJLQH RYHUKDXO

n $FKWXQJ

'LH YRUJHVFKULHEHQHQ $Q]XJVGUHKPRPHQWH VLQG XQEHGLQJW HLQ]XKDOWHQ

n $WWHQWLRQ

8VH RQO\ FOHDQ VFUHZV DQG QXWV &KHFN WKUXVWIDFHV DQG WKUHDG IRU GDPDJH ,I GRXEWIXO XVH QHZ VFUHZV DQG QXWV

n $FKWXQJ

$XVJHEDXWH 'LFKWULQJH 'LFKWXQJHQ 6LFKHUXQJVULQJH 2 5LQJH XQG :HOOHQGLFKWULQJH VLQG EHL HLQHU 0RWRUUHSDUWXU LPPHU ]X HUQHXHUQ

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

q IRQGDPHQWDOH SHU OD GXUDWD GHO PRWRUH H SHU XQ IXQ]LRQDPHQWR VHQ]D SUREOHPL VHJXLUH LO SURJUDPPD GL PDQXWHQ]LRQH VSHFLILFDWR H RVVHUYDUH JOL DOWUL GDWL WHF QLFL

n $WWHQ]LRQH

ILVVDUH VHPSUH LO PRWRUH VXO VXSSRUWR

n $WWHQ]LRQH

GRSR LO ULDVVHPEODJJLR GHO PRWRUH YHULIL FDUH LO ILVVDJJLR GHL FRPSRQHQWL H DVVL FXUDUVL FKH LO PRWRUH IXQ]LRQL VHQ]D SUREOHPL

n $WWHQ]LRQH

HOLPLQDUH LPPHGLDWDPHQWH L GLIHWWL PHQR LPSRUWDQWL DOOR VFRSR GL HYLWDUH JXDVWL

n $WWHQ]LRQH

SUHVWDUH OD PDVVLPD DWWHQ]LRQH D WXWWH OH PLVXUH GL VLFXUH]]D DGGL]LRQDOL SUHYL VWH GDO FRVWUXWWRUH GHO PRWRFLFOR

n $WWHQWLRQ

'HFLVLYH IRU OLIH VSDQ DQG WURXEOH IUHH RSHUDWLRQ LV WR PHHW WKH VSHFLILHG VFKHGXOH RI PDLQWHQDQFH DQG WR REVHUYH VXQGU\ WHFKQLFDO GDWD

n $WWHQWLRQ

$OZD\V VHFXUH HQJLQH VDIHO\ RQ WUHVWOH

n $WWHQWLRQ

$IWHU DVVHPEO\ YHULI\ FRPSRQHQWV IRU WLJKW ILW DQG FKHFN HQJLQH IRU IODZOHVV RSHUDWLRQ

n $WWHQWLRQ

5HFWLI\ PLQRU GHIHFWV ZLWKRXW GHOD\ WKXV SUHYHQWLQJ HQJLQH IDLOXUH

n $WWHQWLRQ

3D\ DWWHQWLRQ ZLWKRXW H[FHSWLRQ WR DOO DGGLWLRQDO VDIHW\ PHDVXUHV RI WKH ELNH PDQXIDFWXUHU

n $FKWXQJ

(QWVFKHLGHQG I U GLH /HEHQVGDXHU XQG VWlQGLJH (LQVDW]EHUHLWVFKDIW GHV 0RWRUV LVW GLH ULFKWLJH (LQKDOWXQJ GHU YRUJHVFKULHEHQHQ :DUWXQJVLQWHUYDOOH VRZLH GLH %HDFKWXQJ GHU VRQVWLJHQ WHFKQLVFKHQ 8QWHUODJHQ

n $FKWXQJ

$XVJHEDXWHQ 0RWRU LPPHU VWDQGVLFKHU DP 0RQWDJHERFN EHIHVWLJHQ

n $FKWXQJ

1DFK GHU 0RQWDJH GLH 7HLOH DXI )HVWVLW] XQG HLQZDQGIUHLH )XQNWLRQ EHUSU IHQ $FKWXQJ %HKHEHQ 6LH DXFK NOHLQH 'HIHNWH VRIRUW 6LH YHUPHLGHQ GDGXUFK JU| HUH 0RWRUDXVIlOOH

n $FKWXQJ

:HLWHUH 6LFKHUKHLWVEHVWLPPXQJHQ GHV 0RWRUUDGKHUVWHOOHUV VLQG XQEHGLQJW ]X EHDFKWHQ

3RVL]LRQH GHO QXPHUR GL PDWULFROD GHO PRWRUH

(QJLQH QXPEHU ORFDWLRQ

0RWRUQXPPHU /DJH

,O QXPHUR GL PDWULFROD GHO PRWRUH q LPSUHVVR VXO FDU WHU ,O QXPHUR GL PDWULFROD q QHFHVVDULR SHU O¶LPPDWULFROD ]LRQH GHOOD PRWR SHU RUGLQDUH SDUWL GL ULFDPELR H LQ FDVR GL ULFRUVR DOOD JDUDQ]LD

7KH HQJLQH QXPEHU LV LPSULQWHG RQ WKH FUDQNFDVH 7KH HQJLQH QXPEHU LV HVSHFLDOO\ QHHGHG IRU ELNH UHJLVWUDWLRQ 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 I U GLH %HVWHOOXQJ YRQ (UVDW]WHLOHQ VRZLH LP )DOOH HLQHV *DUDQWLHDQWUDJHV HUIRUGHUOLFK

7<3(

'DWL WHFQLFL 0RWRUH 7LSR $OHVDJJLR FRUVD &LOLQGUDWD &RPSUHVVLRQH

³6TXLVK´ 0LQLPR JLUL 0DVVLPR JLUL &DUEXUDQWH

/XEULILFD]LRQH PRWRUH /XEULILFD]LRQH FDPELR

7HFKQLFDO GDWD

WHPSL YDOYROD GL DVSLUD]LRQH ODPHOODUH PP PP FPñ SRVVLELOH YDULD]LRQH QHOOD YHUVLRQH PRWRUH D SRWHQ]D OLPLWDWD VHFRQGR OH VSHFLILFKH GHO SDHVH

PP JLUL PLQ JLUL PLQ EHQ]LQD VXSHU VHQ]D SLRPER ',1 PLQLPR RWWDQLFR 1 2 5 0 H 1 2 0 0

DG LQLH]LRQH G¶ROLR ROLR VXSHU SHU PRWRUL D WHPSL /XEULILFD]LRQH D VEDWWLPHQWR ROLR 6$(

&DPELR FDSDFLWj ROLR FPñ 6LVWHPD GL UDIIUHGGDPHQWR $G DFTXD SRPSD LQWHJUDWD FLUFXLWR GL UDIIUHGGDPHQWR FKLXVR 3RUWDWD OLTXLGR GL b PLQ UDIIUHGGDPHQWR D JLUL PLQ 7HUPRVWDWR 7HPSHUDWXUD GL DSHUWXUD & 5DSSRUWR GL WUDVPLVVLRQH SULPDULD

7HFKQLVFKH 'DWHQ

(QJLQH W\SH

(QJLQH GHVLJQ %RUH VWURNH 'LVSODFHPHQW &RPSUHVVLRQ

VWURNH UHHG YDOYH LQOHW PP PP FX FP SRVVLEOH GHYLDWLRQ RQ UHJLRQDO FXUEHG HQJLQH YHUVLRQ PP U S P U S P 3UHPLXP JDVROLQH XQOHDGHG ',1 0LQ 521 021 2LO LQMHFWLRQ VXSHU VWURNH RLO 6SODVK OXEULFDWLRQ RLO 6$(

6TXLVK JDS ,GOLQJ U S P 0D[ DOORZHG U S P )XHO (QJLQH OXEULFDWLRQ *HDU OXEULFDWLRQ *HDU ER[ RLO FDSDFLW\ &RROLQJ V\VWHP &RROLQJ IORZ UDWH 7KHUPRVWDW 3ULPDU\ GULYH UDWLR

FX FP :DWHU FRROHG LQWHJUDWHG ZDWHU SXPS FORVHG FRROLQJ FLUFXLW b PLQ DW U S P 2SHQLQJ WHPS DW &

0RWRUW\SH %DXDUW

=ZHLWDNWPRWRU 9ROOPHPEUDQ $QVDXJVWHXHUXQJ %RKUXQJ +XE PP PP +XEUDXP FPñ 9HUGLFKWXQJ

'URVVHODXVI KUXQJHQ /lQGHUVSH]LILVFK N|QQHQ DEZHLFKHQG VHLQ 4XHWVFKNDQWHQVSDOW PP /HHUODXIGUHK]DKO 8 PLQ =XOlVVLJH +|FKVWGUHK]DKO 8 PLQ .UDIWVWRII 6XSHU XQYHUEOHLEW ',1 PLQ 2NWDQ]DKO 1 2 5 0 XQG 1 2 0 0

0RWRUVFKPLHUXQJ 6XSHU 7DNW gO PLW gOHLQVSULW]XQJ *HWULHEHVFKPLHUXQJ 7DXFKVFKPLHUXQJ 0RWRU|O 6$( *HWULHEH gOPHQJH FPñ . KOV\VWHP :DVVHUN KOXQJ JHVFKORVVHQHU . KONUHLVODXI GXUFK LQWHJULHUWH :DVVHUSXPSH . KOXQJ 'XUFKIOX PHQJH b PLQ EHL 8 PLQ 7KHUPRVWDW gIIQXQJVWHPSHUDWXU & 3ULPlUXQWHUVHW]XQJ

7<3(

5DSSRUWR GL WUDVPLVVLRQH D PDUFLD D 675$'$ PDUFLD D PDUFLD

D PDUFLD D PDUFLD D PDUFLD 5DSSRUWR GL WUDVPLVVLRQH D PDUFLD D &86720 5; PDUFLD D PDUFLD D PDUFLD D PDUFLD D PDUFLD $FFHQVLRQH $FFHQVLRQH HOHWWURQLFD &', FRQ IDVDWXUD HOHWWURQLFD &DQGHOD 1*. %5 (* 1*. %5 (6

'LVWDQ]D HOHWWURGL PP 'LPHQVLRQH FDWHQD ´ [ ´ [ PP $YYLDPHQWR 675$'$ &86720 DYYLDPHQWR HOHWWULFR 5; DYYLDPHQWR D SHGDOH 3HVR &LUFD NJ

7UDQVPLVVLRQ UDWLR 675$'$

7UDQVPLVVLRQ UDWLR &86720 5;

,JQLWLRQ XQLW 6SDUN SOXJ (OHFWURGH JDS 'LPHQVLRQ RI FKDLQ 6WDUWHU :HLJKW

VW JHDU QG JHDU UG JHDU WK JHDU WK JHDU WK JHDU VW JHDU QG JHDU UG JHDU WK JHDU WK JHDU WK JHDU %UHDNHUOHVV FDSDFLWRU GLVFKDUJH LJQLWLRQ XQLW ZLWK HOHFWURQLF LJQLWLRQ WLPLQJ 1*. %5 (* 1*. %5 (6

PP ´ [ ´ [ PP 675$'$ &86720 ( 6WDUWHU 5; NLFNVWDUW $SSUR[ NJ

*HWULHEHDEVWXIXQJ 675$'$

*HWULHEHDEVWXIXQJ &86720 5;

= QGDQODJH

= QGNHU]H (OHNWURGHQDEVWDQG .HWWHQGLPHQVLRQ 6WDUWHU *HZLFKW

*DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ *DQJ .RQWDNWORVH .RQGHQVDWRU = QGDQODJH PLW HOHNWURQLVFKHU = QGYHUVWHOOXQJ 1*. %5 (* 1*. %5 (6

PP [ [ PP 675$'$ &86720 ( 6WDUWHU 5; .LFNVWDUWHU FD NJ

7<3(

7DEHOOD PDQXWHQ]LRQH &RPSRQHQWH

&RQWUROOR OLYHOOR ROLR FDPELR 6RVWLWX]LRQH ROLR FDPELR 5HJROD]LRQH JLRFR ³VWDFFR´ IUL]LRQH 6RVWLWX]LRQH FDQGHOD 6RVWLWX]LRQH LQJUDQDJJL FRQWUDOEHUR H DQHOOL 25 VXOO¶DOEHUR PRWRUH

&RQWUROOR WXEL ROLR H FDUEXUDQWH 3XOL]LD FDUEXUDWRUH H UHJROD]LRQH GHO PLQLPR 5LILVVDJJLR FLOLQGUR H LQVHUWR FDPHUD GL FRPEXVWLRQH

6HUYLFH WDEOH

$OPHQR XQD YROWD NP NP NP DOO¶DQQR

[ [ [

[

[

[

2JQL

NP

[

[

[

[ [

[

[

[ [

&RPSRQHQW

&KHFN JHDU RLO OHYHO &KDQJH JHDU RLO $GMXVW SOD\ RI FOXWFK UHOHDVH 5HSODFH VSDUN SOXJ 5HSODFH EDODQFLQJ JHDUV DQG 2 5LQJ RQ FUDQNVKDIW

&KHFN RLO DQG IXHO WXEHV &OHDQ FDUEXUHWRU DQG UHDGMXVW LGOLQJ 5HWLJKWHQ F\OLQGHU DQG FRPEXVWLRQ FKDPEHU LQVHUW

:DUWXQJVWDEHOOH

NP NP NP

$W OHDVW (YHU\ « RQFH D NP \HDU

[ [ [

[

[

[

[

;

;

[

[

[

[

[

[

%DXWHLO PLQG [ DOOH «« %HWULHEVPLWWHO NP NP NP MlKUOLFK NP

*HWULHEH|O VWDQG NRQWUROOLHUHQ *HWULHEH|O ZHFKVHOQ .XSSOXQJV VSLHO DP $XVU FNKHEHO

HLQVWHOOHQ = QGNHU]H HUQHXHUQ $XVJOHLFKV UlGHU XQG 2 5LQJ DXI .XUEHOZHOOH HUQHXHUQ

gO XQG %HQ]LQOHLWXQJ NRQWUROOLHUHQ 9HUJDVHU UHLQLJHQ XQG /HHUODXI HLQVWHOOHQ =\OLQGHU XQG %UHQQUDXP HLQVDW] QDFK]LHKHQ

[ [ [

[

[

[

[

[

[

[

7<3(

[

[

[

[

[

7<3(

$WWUH]]L VSHFLDOL 1R

6SHFLDO WRROV

1R SDUWH 'HVFUL]LRQH 3XQ]RQH GL LQVHULPHQWR 3XQ]RQH GL LQVHULPHQWR 3XQ]RQH GL LQVHULPHQWR 3XQ]RQH GL LQVHULPHQWR 0DQLFRWWR JXLGD &KLDYH IDVFLD HODVWLFD &KLDYH (VWUDWWRUH SHU FXVFLQHWWL D VIHUD *UXSSR SLDWWR HVWUDWWRUH

8VR SHU L SDUDROLR GHOO¶DOEHUR GHO FDPELR SHU L SDUDROLR GHOO¶DOEHUR PRWRUH SHU L SDUDROLR GHOO¶DOEHUR SULPDULR SHU L SDUDROLR GHOO¶DOEHUR SRPSD H GHOO¶DOEHUR GHOO DYYLDPHQWR D SHGDOH SHU O¶DOEHUR SULPDULR

6SH]LDOZHUN]HXJH

3RV

3DUW 1R

'HVFULSWLRQ ,QVHUWLRQ SXQFK

,QVHUWLRQ SXQFK

,QVHUWLRQ SXQFK

,QVHUWLRQ SXQFK

SHU SLVWRQH GD PP

*XLGH VOHHYH 3LVWRQ ULQJ VSDQQHU :UHQFK

SHU UHJROD]LRQH JLRFR IUL]LRQH SHU FXVFLQHWWL D VIHUD

SHU VHSDUDUH L VHPLFDUWHU HVWUDUUH LO YRODQR VPRQWDUH H ULPRQWDUH O¶DOEHUR PRWRUH

3LDWWR HVWUDWWRUH 0DQLFRWWR GL SURWH]LRQH 9LWH HVWUDWWRUH %UXJROD 0 [

8VH IRU RLO VHDO RI VKLIW VKDIW IRU RLO VHDO RI FUDQNVKDIW IRU RLO VHDO RI PDLQ VKDIW IRU RLO VHDOV RI SXPS VKDIW DQG NLFN VWDUW VKDIW IRU PDLQ VKDIW IRU SLVWRQ PP IRU FOXWFK SOD\ DGMXVWPHQW IRU EDOO EHDULQJ

%DOO EHDULQJ SXOOHU VHW 3XOOHU SODWH DVV\ WR VHSDUDWH FUDQNFDVH KDOYHV H[WUDFW PDJQHWR IO\ZKHHO GLVDVVHPEO\ DQG UHDVVHPEO\ RI FUDQNVKDIW 3XOOHU SODWH 3URWHFWLRQ VOHHYH 3XOOHU VFUHZ $OOHQ VFUHZ 0 [

3RV

7HLOH 1U

%H]HLFKQXQJ 0RQWDJHVWHPSHO

0RQWDJHVWHPSHO

0RQWDJHVWHPSHO

0RQWDJHVWHPSHO

) KUXQJVK OVH 0RQWDJHULQJ

.RQWHUVFKO VVHO

.XJHOODJHUDE ]LHKHU *DUQLWXU $EGU FNSODWWH NSO ]XP 7UHQQHQ GHU *HKlXVHKlOIWHQ DE]LHKHQ GHV 0DJQHWUDGHV $XV XQG (LQEDX GHU .XUEHOZHOOH $EGU FNSODWWH 6FKXW]K OVH $XV]LHKERO]HQ =\O 6FKUDXEH 0 [

7<3(

9HUZHQGXQJ I U :HOOHQGLFKWULQJ GHU 6FKDOWZHOOH I U :HOOHQGLFKWULQJ GHU .XUEHOZHOOH I U :HOOHQGLFKWULQJ GHU +DXSWZHOOH I U :HOOHQGLFKWULQJH GHU 3XPSHQZHOOH XQG .LFNVWDUWHUZHOOH I U +DXSWZHOOH I U .ROEHQ PLW PP ]XP .XSSOXQJVVSLHO HLQVWHOOHQ I U .XJHOODJHU

7<3(

*UXSSR HVWUDWWRUH SHU LO FXVFLQHWWR GHOO¶DOEHUR IUL]LRQH ODWR YRODQR q QHFHVVDULR O¶XVR GL XQ SLDWWR HVWUDWWRUH %XOORQH 0 0DQLFRWWR HVWUDWWRUH 'DGR HVDJRQDOH 0 *UXSSR HVWUDWWRUH SHU LO FXVFLQHWWR GHO FRQWUDOEHUR ODWR YRODQR q QHFHVVDULR O¶XVR GL XQ SLDWWR HVWUDWWRUH

%XOORQH 0DQLFRWWR HVWUDWWRUH 'DGR HVDJRQDOH 0 'DGR D FROOHWWR HVDJRQDOH 0 *UXSSR SHU OD ULPR]LRQH GHOOD HVWUDWWRUH YDOYROD GL VFDULFR YDOYROD GL VFDULFR (VWUDWWRUH YDOYROD GL VFDULFR 9LWH HVDJRQDOH 0 [ 'DGR HVDJRQDOH 0 *UXSSR VXSSRUWR SHU PRWRUH WLSR .LW PRQWDJJLR SHU VXSSRUWR FRPSOHWR VXSSRUWR

3XOOHU DVV\

%ROW 0 ([WUDFWRU VOHHYH +H[ 1XW 0 3XOOHU DVV\

%ROW ([WUDFWRU VOHHYH +H[ QXW 0 &ROODU KH[ QXW 0 ([KDXVW YDOYH SXOOHU DVV\ ([KDXVW YDOYH SXOOHU +H[ VFUHZ 0 [ +H[ QXW 0 7UHVWOH DVV\ ,QVHUW NLW IRU WUHVWOH

IRU EDOO EHDULQJ RI FOXWFK VKDIW PDJQHWR VLGH XVH RI SXOOHU SODWH QHFHVVDU\

IRU EDOO EHDULQJ RI EDODQFH VKDIW PDJQHWR VLGH XVH RI SXOOHU SODWH QHFHVVDU\

IRU UHPRYDO RI H[KDXVW YDOYH

IRU HQJLQH W\SH IRU WUHVWOH DVV\

/DJHUDXV]LHKHU NSO

$XV]LHKERO]HQ 0 6SUHL]K OVH 6. 0XWWHU 0 /DJHUDXV]LHKHU NSO

I U .XJHOODJHU GHU 9RUJHOHJHZHOOH PDJQHWVHLWLJ

9HUZHQGXQJ GHU $EGU FNSODWWH HUIRUGHUOLFK

I U .XJHOODJHU GHU $XVJOHLFKVZHOOH PDJQHWVHLWLJ

9HUZHQGXQJ GHU $EGU FNSODWWH HUIRUGHUOLFK

$XV]LHKERO]HQ 6SUHL]K OVH 6. 0XWWHU 0 %XQGPXWWHU 0 6FKLHEHUDXV]LHKHU ]XP $XV]LHKHQ GHV NSO $XVODVVVFKLHEHUV 6FKLHEHUDXV]LHKHU 6N 6FKUDXEH 0 [ 6. 0XWWHU 0 0RQWDJHERFN NSO I U 0RWRU 7\SH 0RQWDJHERFN I U 0RQWDJHERFN DXIQDKPHVDW]

7<3(

7<3(

*UXSSR DGDWWDWRUH 9LWH HVDJRQDOH 0 [ 5RQGHOOD %XOORQH 'DGR HVDJRQDOH 0 'LVWDQ]LDOH

0DQLFRWWR HFFHQWULFR 6HPLDQHOOR

SHU PRWRUH WLSR

SHU JUXSSR HVWUDWWRUH

$QHOOR SHU HVWUDWWRUH *UXSSR HVWUDWWRUH SHU LO FXVFLQHWWR D VIHUD GHOO¶DOEHUR PRWRUH 9LWH HVDJRQDOH 0 [ [ %UXJROD SHU JUXSSR HVWUDWWRUH 0 [

/2&7,7( SHU SUHYHQLUH O¶XVXUD $QWL VHL]H GHOOH SDUWL PHWDOOLFKH JU

02/<.27( JUDVVR DO VLOLFRQH JU

/2&7,7( FRPSRVWR SHU LO ILVVDJJLR GHOOH YLWL VRVWDQ]D D EDVVD SUHVD FPñ

/2&7,7( FRPSRVWR SHU LO ILVVDJJLR GHOOH YLWL VRVWDQ]D DG DOWD SUHVD FPñ

6,/$67,& &RPSRVWR VLJLOODQWH 579 JU

*UDVVR DO OLWLR JU

$GDSWRU DVV\ +H[ VFUHZ 0 [ :DVKHU %ROW +H[ QXW 0 6SDFHU IRU HQJLQH W\SH

(FFHQWULF VOHHYH 5LQJ KDOI IRU SXOOHU DVV\

5LQJ IRU SXOOHU 3XOOHU DVV\ IRU EDOO EHDULQJ RI FUDQNVKDIW +H[ VFUHZ 0 [ [ $OOHQ VFUHZ IRU SXOOHU DVV\ 0 [

/2&7,7( WR SUHYHQW PHWDO $QWL 6HL]H JDOOLQJ *U

02/<.27( VLOLFRQH JUHDVH *U

/2&7,7( VFUHZ VHFXULQJ FRPSRXQG ORZ VWUHQJWK ERQG F F

/2&7,7( 6FUHZ VHFXULQJ FRPSRXQG KLJK VWUHQJWK ERQG F F

6,/$67,& VHDOLQJ FRPSRXQG 579 *U

/LWKLXP EDVHG JU

JUHDVH

$GDSWHU NSO 6N 6FKUDXEH 0 [ 6FKHLEH $XIQDKPHERO]HQ 6. 0XWWHU 0 'LVWDQ]K OVH

([]HQWHUK OVH 5LQJKlOIWH

5LQJ $E]LHKHU NSO

6. 6FKUDXEH 0 [ [ =\O 6FKUDXEH 0 [ /2&7,7( $QWL 6HL]H

02/<.27( /2&7,7(

/2&7,7(

6,/$67,& 579 /LWKLXPVHLIHQIHWW

7<3(

I U 0RWRU 7\SH

I U $E]LHKHU NSO

I U $E]LHKHU I U .XJHOODJHU GHU .XUEHOZHOOH

I U $E]LHKHU NSO

]XU 9HUVFKOHL YHU KLQGHUXQJ DQ 0HWDOOWHLOHQ *U

6LOLNRQIHWW *U

6FKUDXEHQ VLFKHUXQJ QLHGULJIHVW FPñ

6FKUDXEHQ VLFKHUXQJ KRFKIHVW *U

'LFKWPLWWHO *U

*U

0H]]L GL ILVVDJJLR WHQXWD H OXEULILFD]LRQH 'HVFUL]LRQH

8VR

'HVFUL]LRQH

8VR

/2&7,7( 1 527$;

± 9LWH D WHVWD VYDVDWD SHU LO ILVVDJJLR GHOOD URQGHOOD GL EORFFDJJLR GHO FXVFLQHWWR GHO FRQWUDOEHUR 9LWH D WHVWD VYDVDWD SHU LO ILVVDJJLR GHOOD URQGHOOD GL EORFFDJJLR GHOO¶LQJUDQDJJLR SHGDOH GL DYYLDPHQWR VROR 5;

± %UXJROD SHU LO ILVVDJJLR GHO IHUPR LQJUDQDJJLR GL LQQHVWR ± %UXJROH SHU LO ILVVDJJLR GHO GLVSRVLWLYR GL DYYLDPHQWR HOHWWULFR ± %UXJROH SHU LO ILVVDJJLR GHOOD SRPSD GHOO¶ROLR ± 7XWWH OH YLWL ³7DSWLWH´ SHU LO ULPRQWDJJLR GHO FDUWHU H GHO FRSHUFKLR IUL]LRQH

Molykote 111 / N. ROTAX 897 161

± 6SD]LR IUD L GXH SDUDROLR GHOOD SRPSD GHOO¶DFTXD ± ,QJUDQDJJL GHOOD WUDVPLVVLRQH GL DYYLDPHQWR

LOCTITE 648 / N. ROTAX 899 788

± 'DGR HVDJRQDOH SHU LO ILVVDJJLR GHO YRODQR VXOO¶DOEHUR PRWRUH ± 7XER GHOO¶DFTXD QHO FDUWHU ± &RSHUWXUD GHO IRUR SHU LO GLVSRVLWLYR GL DYYLDPHQWR HOHWWULFR QHO FDUWHU VROR 5;

LOCTITE ANTI-SEIZE 76710 N. ROTAX 297 431

± $OORJJLDPHQWL FXVFLQHWWL D VIHUD DOEHUR PRWRUH ± $OORJJLDPHQWL FXVFLQHWWL D VIHUD FRQWUDOEHUR ± $OORJJLDPHQWL FXVFLQHWWL D VIHUD DOEHUL LQJUDQDJJL

Silastic 732 RTV / N. ROTAX 297386

± 9LWH GL FRQWDWWR SHU O¶LQGLFDWRUH GHO IROOH ± $QHOOR GL WHQXWD GHO FDYR GHOO¶DFFHQVLRQH ± 6XSHULILFLH GL WHQXWD GHO FRSHUFKLR GHOO¶DFFHQVLRQH

Lubrificare

Olio cambio

± 7XWWL L FXVFLQHWWL D VIHUD L GLVFKL VLQWHUL]]DWL JOL LQJUDQDJJL OH SDUHWL FLOLQGUR VH QRQ VSHFLILFDWR DOWULPHQWL ± , ERUGL GHL SDUDROLR VH QRQ VSHFLILFDWR DOWULPHQWL ± 2OLR PRWRUH 6$( b

Olio motore

± 2OLR WHPSL VXSHU

Ingrassare

7<3(

6HFXULQJ VHDOLQJ DQG OXEULFDWLRQ DJHQWV 'HVFULSWLRQ

8VH

'HVFULSWLRQ

8VH

/2&7,7( 1 527$;

± &RXQWHUVXQN VFUHZ IRU DWWDFKPHQW RI UHWDLQLQJ ZDVKHU IRU EDODQFH VKDIW EHDULQJ ± &RXQWHUVXQN VFUHZ IRU DWWDFKPHQW RI UHWDLQLQJ ZDVKHU IRU NLFN VWDUW LGOH JHDU 5; RQO\

± $OOHQ VFUHZ IRU DWWDFKPHQW RI UDWFKHW JHDU VWRS 5; RQO\

± $OOHQ VFUHZV IRU DWWDFKPHQW RI HOHFWULF VWDUWHU ± $OOHQ VFUHZV IRU DWWDFKPHQW RI RLO SXPS ± $OO 7DSWLWH VFUHZV IRU UHDVVHPEO\ RI FUDQNFDVH DQG FOXWFK FRYHU

02/<.27( 1 527$;

± 6SDFH EHWZHHQ WKH WZR RLO VHDOV RI ZDWHU SXPS ± *HDUV RI WKH VWDUWHU GULYH

/2&7,7( 1 527$;

± +H[ QXW IRU DWWDFKPHQW RI WKH IO\ZKHHO RQ FUDQNVKDIW ± :DWHU VXSSO\ SLSH LQ FUDQNFDVH ± &RYHU WR FORVH ERUH IRU HOHFWULF VWDUWHU LQ FUDQNFDVH 5; RQO\

/2&7,7( $17, 6(,=( 1 527$;

± &UDQNVKDIW EDOO EHDULQJ VHDWV ± %DODQFH VKDIW EDOO EHDULQJ VHDWV ± *HDU VKDIWV EDOO EHDULQJ VHDWV

/XEULFDWH

± $OO EDOO EHDULQJV VLQWHU SODWHV JHDUV F\OLQGHU ZDOOV LI QRW VSHFLILHG RWKHUZLVH ± 6HDOLQJ OLSV RI RLO VHDOV LI QRW VSHFLILHG RWKHUZLVH ± 0RWRU RLO 6$( b ± 6XSHU VWURNH RLO

6,/$67,& 579 1 527$; ± &RQWDFW VFUHZ IRU QHXWUDO LQGLFDWLRQ ± &DEOH JURPPHW IRU LJQLWLRQ FDEOH ± 6HDOLQJ IDFH RI LJQLWLRQ FRYHU

*UHDVH *HDU RLO (QJLQH RLO

7<3(

6LFKHUXQJV 'LFKW XQG 6FKPLHUPLWWHO %H]HLFKQXQJ

9HUZHQGXQJ

%H]HLFKQXQJ

9HUZHQGXQJ

/2&7,7( 1 527$;

± 6HQNVFKUDXEH I U %HIHVWLJXQJ GHU +DOWHVFKHLEH GHV $XVJOHLFKVZHOOHQODJHUV ± 6HQNVFKUDXEH I U %HIHVWLJXQJ GHU +DOWHVFKHLEH GHV .LFNVWDUWHU]ZLVFKHQUDGHV QXU 5;

± ,QEXVVFKUDXEH I U %HIHVWLJXQJ GHV 6SHUUUDGDQVFKODJHV QXU 5;

± ,QEXVVFKUDXEHQ I U %HIHVWLJXQJ GHV ( 6WDUWHUV ± ,QEXVVFKUDXEHQ I U %HIHVWLJXQJ GHU gOSXPSH ± $OOH 7DSWLWH 6FKUDXEHQ EHL ZLHGHUYHUZHQGHWHP *HKlXVH E]Z .XSSOXQJVGHFNHO

Molykote 111 / N. ROTAX 897 161

± 5DXP ]ZLVFKHQ GHQ EHLGHQ :HOOHQGLFKWULQJHQ GHU :DVVHUSXPSH ± =DKQUlGHU GHV 6WDUWHU]ZLVFKHQJHWULHEHV

LOCTITE 648 / N. ROTAX 899 788

± 6HFKVNDQWPXWWHU I U %HIHVWLJXQJ GHV 0DJQHWUDGHV DXI GHU .XUEHOZHOOH ± :DVVHU]XODXIURKU LP *HKlXVH ± 9HUVFKOXVVGHFNHO ]XP 9HUVFKOLHVVHQ GHU ( 6WDUWHUERKUXQJ LP *HKlXVH QXU 5;

LOCTITE ANTI-SEIZE 76710 N. ROTAX 297 431

± .XUEHOZHOOH GHU 5LOOHQNXJHOODJHU ± $XVJOHLFKVZHOOH 6LW]H GHU 5LOOHQNXJHOODJHU ± *HWULHEHZHOOHQ 6LW]H GHU 5LOOHQNXJHOODJHU

Silastic 732 RTV / N. ROTAX 297386

± .RQWDNWVFKUDXEH I U /HHUODXIDQ]HLJH ± .DEHOW OOH GHU = QGDQODJH ± 'LFKWIOlFKH GHV = QGHUGHFNHOV

Schmieren

Getriebeöl

± $OOH 5LOOHQNXJHOODJHU %HODJODPHOOHQ *HWULHEHUlGHU =\OLQGHU /DXIIOlFKH VRIHUQ QLFKW DQGHUV YRUJHVFKULHEHQ ± 'LFKWOLSSHQ GHU :HOOHQGLFKWULQJH VRIHUQ QLFKW DQGHUV YRUJHVFKULHEHQ ± 0RWRU|O 6$( b

Motoröl

± 6XSHU 7DNW gO

Einfetten

7<3(

&RSSLH GL VHUUDJJLR PH]]L GL ILVVDJJLR 0H]]R GL ILVVDJJLR

'HVFUL]LRQH

4Wj

&RSSLD GL 3URGRWWR SHU LO VHUU 1P

ILVVDJJLR

)ODQJLD GHOOR VFDULFR

%UXJROD 0 [

&RSHUWXUD GLVWDFFR IUL]LRQH

%UXJROD 0 [

%RELQD DFFHQVLRQH

9LWH ³7DSWLWH´ 0 [

0ROOD D FDPSDQD R FDPPD GL GLVLQQHVWR

9LWH ³7DSWLWH´ 0 [

,QVHUWR FDPHUD GL FRPEXVWLRQH 9LWH HVDJRQDOH 0 [ *UXSSR GLVFR GL EORFFDJJLR IUL]LRQH

'HVFUL]LRQH

0H]]R GL ILVVDJJLR

4Wj

&RSSLD GL 3URGRWWR SHU LO VHUU 1P

ILVVDJJLR

&RSHUFKLR DFFHQVLRQH

%UXJROD 0 [

&DQGHOD

0 [

&LOLQGUR

'DGR HVDJRQDOH 0

7HVWDWD

%UXJROD 0 [

9LWH HVDJRQDOH 0 [

7DEHOOD GL FRQYHUVLRQH

( VWDUWHU

%UXJROD 0 [

8QLWj GL OXQJKH]]D

&DUWHU

%UXJROD 0 [

/2&7,7(

5RQGHOOD GL EORFFDJJLR SHU FRQWUDOEHUR

9LWH D WHVWD VYDVDWD 0 [

/2&7,7(

5RQGHOOD GL EORFFDJJLR SHU LQJUDQDJJLR IROOH SHGDOH DYYLDPHQWR VROR 5;

9LWH D WHVWD VYDVDWD 0 [

/2&7,7(

&RSHUFKLR IUL]LRQH

%UXJROD 0 [

,QGLFDWRUH IROOH

9LWH GL FRQWDWWR 0

6,/$67,& 579

9RODQR PDJQHWH DFFHQVLRQH

'DGR HVDJRQDOH 0 [

/2&7,7(

6FDULFR ROLR

7DSSR GL VFDULFR PDJQHWLFR 0 [

3RPSD ROLR

%UXJROD 0 [

/2&7,7(

&RSHUFKLR SRPSD ROLR

%UXJROD 0 [

*UXSSR GHVPRGURPLFR

%UXJROD 0 [

*XLGD VWHOR YDOYROD

%UXJROD 0 [

)HUPR GHOO LQJUDQDJJLR GL GL LQQHVWR VROR 5;

%UXJROD 0 [

/2&7,7(

*UXSSR VWDWRUH VLVWHPD GL DFFHQVLRQH

%UXJROD 0 [

7HUPRVWDWR

9LWH 7DSWLWH 0 [

$OORJJLDPHQWR SRPSD DFTXD

9LWH 7DSWLWH 0 [

0DQLFRWWR FDUEXUDWRUH

%UXJROD 0 [

PP SROOLFL LQ

SROOLFH LQ PP

8QLWj GL VXSHUILFLH FP SROOLFL TXDGUDWL

SROOLFH TXDGUDWR FP

8QLWj GL SHVR NJ OLEEUH OE

OLEEUD OE NJ

8QLWj GL PLVXUD GHOOD WHPSHUDWXUD & )DKUHQKHLW

)DKUHQKHLW &

& )

) & [

8QLWj GL YROXPH FP SROOLFL FXEL

SROOLFH FXER FP

8QLWj GL FRSSLD 1P OLEEUH SHU SROOLFH

OLEEUD SHU SROOLFH 1P

7<3(

7LJKWHQLQJ WRUTXHV VHFXULQJ DJHQW 'HVFULSWLRQ

)DVWHQHU

&RQYHUVLRQ WDEOH 4W\

([KDXVW VRFNHW &OXWFK UHOHDVH FRYHU 7ULJJHU FRLO LJQLWLRQ V\VWHP

/HDI VSULQJ DQG RU 5HOHDVH FDP &RPEXVWLRQ FKDPEHU LQVHUW 5HWDLQLQJ SODWH DVV\ FOXWFK ( VWDUWHU &UDQNFDVH 5HWDLQLQJ ZDVKHU IRU EDODQFH VKDIW 5HWDLQLQJ ZDVKHU IRU NLFNVWDUWHU LGOH JHDU 5; RQO\

&OXWFK FRYHU 1HXWUDO LQGLFDWLRQ

$OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ 7DSWLWH VFUHZ 0 [ 7DSWLWH VFUHZ 0 [ +H[ VFUHZ 0 [ +H[ VFUHZ 0 [ $OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ &RXQWHUVXQN VFUHZ 0 [ &RXQWHUVXQN VFUHZ 0 [ $OOHQ VFUHZ 0 [ &RQWDFW VFUHZ 0

0DJQHWR IO\ZKHHO LJQLWLRQ

2LO GUDLQ

+H[ QXW 0 [ 0DJQHWLF GUDLQ SOXJ 0 [ $OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ 7DSWLWH VFUHZ 0 [ 7DSWLWH VFUHZ 0 [ $OOHQ VFUHZ 0 [ $OOHQ VFUHZ 0 [ 0 [ +H[ QXW 0 $OOHQ VFUHZ 0 [

2LO SXPS 2LO SXPS FRYHU 6KLIW GUXP DVV\ 9DOYH URG JXLGH 5DWFKHW JHDU VWRS 5; RQO\

6WDWRU DVV\ LJQLWLRQ V\VWHP

7KHUPRVWDW :DWHU SXPS KRXVLQJ &DUEXUHWRU PDQLIROG ,JQLWLRQ FRYHU 6SDUN SOXJ &\OLQGHU &\OLQGHU KHDG

7LJKWHQLQJ 6HFXULQJ WRUTXH >1P@ DJHQW

/2&7,7(

/2&7,7(

8QLWV RI OHQJWK PP LQFK LQ

LQFK LQ PP

8QLWV RI DUHD FPรฐ 6T ,QFK

6T ,QFK FPรฐ

8QLWV RI ZHLJKW NJ 3RXQGV OE

3RXQG OE NJ

8QLWV RI WHPSHUDWXUH ย & ย )DKUHQKHLW

ย )DKUHQKHLW ย &

/2&7,7(

ย & ย )

ย ) ย & [

8QLWV RI YROXPH

6,/$67,& 579 /2&7,7(

/2&7,7(

/2&7,7(

FFP &X ,QFK

&X ,QFK FFP

8QLWV RI WRUTXH 1P LQ OE

LQ OE 1P

7<3(

$Q]XJVGUHKPRPHQWH 6LFKHUXQJVPLWWHO $Q]X]LHKHQGHV 7HLO %H]HLFKQXQJ

6FKUDXEH

$Q]DKO

$Q]XJV GUHK PRPHQW >1P@

6LFKHUXQJV PLWWHO

$Q]X]LHKHQGHV 7HLO %H]HLFKQXQJ

6FKUDXEH

$Q]D KO

$Q]XJV GUHK PRPHQW >1P@

6LFKHUXQJV PLWWHO

$XVSXIIIODQVFK

,QEXVVFKUDXEH 0 [

=ย QGHUGHFNHO

,QEXVVFKUDXEH 0 [

$XVUย FNGHFNHO

,QEXVVFKUDXEH 0 [

=ย QGNHU]H

0 [

$Xย HQJHEHU =ย QGDQODJH

7DSWLWH 6FKUDXEH 0 [

=\OLQGHU

6HFKVNDQWPXWWHU 0

%ODWWIHGHU E]Z $XVUย FNWHOOHU

7DSWLWH 6FKUDXEH 0 [

=\OLQGHUNRSI

,QEXVVFKUDXEH 0 [

%UHQQUDXPHLQVDW]

6HFKVNDQWVFKUDXEH 0 [

'UXFNSODWWH .XSSOXQJ

6HFKVNDQWVFKUDXEH 0 [

9HUJOHLFKVOLVWH Iย U 0Dย H XQG *HZLFKWH

( 6WDUWHU

,QEXVVFKUDXEH 0 [

/lQJHQPDย H

*HKlXVH

,QEXVVFKUDXEH 0 [

/2&7,7(

+DOWHVFKHLEH Iย U $XVJOHLFKVZHOOHQODJHU

6HQNVFKUDXEH 0 [

/2&7,7(

+DOWHVFKHLEH Iย U .LFNVWDUWHU =ZLVFKHQUDG QXU 5;

6HQNVFKUDXEH 0 [

/2&7,7(

)OlFKHQPDย H

.XSSOXQJVGHFNHO

,QEXVVFKUDXEH 0 [

/HHUODXIDQ]HLJH

.RQWDNWVFKUDXEH 0

6,/$67,& 579

*HZLFKWH

0DJQHWUDG =ย QGDQODJH

(FKVNDQWPXWWHU 0 [

/2&7,7(

gODEODVV

0DJQHWDEODVVVFKUDXEH 0 [

gOSXPSH

,QEXVVFKUDXEH 0 [

/2&7,7(

gOSXPSHQGHFNHO

,QEXVVFKUDXEH 0 [

6FKDOWZDO]H

,QEXVVFKUDXEH 0 [

6FKLHEHUVWDQJHQIย KUXQJ

,QEXVVFKUDXEH 0 [

6SHUUUDGDQVFKODJ QXU 5;

,QEXVVFKUDXEH 0 [

/2&7,7(

6WDWRU =ย QGDQODJH

,QEXVVFKUDXEH 0 [

7KHUPRVWDW

7DSWLWH 6FKUDXEH 0 [

:DVVHUSXPSHQJHKlXVH

7DSWLWH 6FKUDXEH 0 [

'UHKPRPHQW

9HUJDVHUVWXW]HQ

,QEXVVFKUDXEH 0 [

1P LQ OE

PP ,QFK LQ

FPรฐ 6T ,QFK

NJ 3RXQGV OE

,QFK LQ PP

6T ,QFK FPรฐ

3RXQG OE NJ

7HPSHUDWXU ย & ย )DKUHQKHLW

ย )DKUHQKHLW ย &

ย & ย )

ย ) ย & [

5DXPPDย H FPรฑ &X ,QFK

&X ,QFK FPรฑ

LQ OE 1P

7<3(

5LFHUFD JXDVWL u 1RWD

SHU LQWHUYHQWL GL PDQXWHQ]LRQH ULSDUD]LRQL H VRVWLWX]LRQL GL FRPSRQHQWL IDUH ULIHULPHQWR DOOH ULVSHWWLYH LVWUX]LRQL IRUQLWH QHO SUHVHQWH 0DQXDOH G RIILFLQD

*XDVWR ,O PRWRUH QRQ SDUWH R q GLIILFLOH GD DYYLDUH

,O PRWRUH QRQ IXQ]LRQD DO UHJLPH PLQLPR

&DXVD SRVVLELOH (UURUH GHOO¶RSHUDWRUH /D FDQGHOD QRQ Gj VFLQWLOOD R OD VFLQWLOOD q LQVXIILFLHQWH &DQGHOD LPEUDWWDWD EDJQDWD GD FDUEXUDQWH R FRQ JOL HOHWWURGL XQLWL 'LVWDQ]D HFFHVVLYD IUD JOL HOHWWURGL GHOOD FDQGHOD &DQGHOD FDUDWWHULVWLFKH GL UHVLVWHQ]D DO FDORUH HUUDWH &DYR GL DFFHQVLRQH R FRQQHWWRUH GHOOD FDQGHOD GDQQHJJLDWR 7UDVPLVVLRQH DYYLDPHQWR GLIILFLOH GD PXRYHUH GLIHWWRVD R VSRUFD $OLPHQWD]LRQH EHQ]LQD LQVXIILFLHQWH R RVWUXLWD

&RQWUROODUH O¶LPSLDQWR GL DFFHQVLRQH H OD SDUWH HOHWWULFD SHU HOLPLQD]LRQH

3XOLUH R VRVWLWXLUH OD FDQGHOD 5HJRODUH OD GLVWDQ]D VXL PP R VRVWLWXLUH OD FDQGHOD 6RVWLWXLUH OD FDQGHOD 1*. %5 (* 1*. %5 (6

6RVWLWXLUH OD FDQGHOD H R LO FRQQHWWRUH 3XOLUH R VRVWLWXLUH OD WUDVPLVVLRQH DYYLDPHQWR 3XOLUH LO UXELQHWWR GHOOD EHQ]LQD L WXEL LO VHUEDWRLR OR VILDWR GHO VHUEDWRLR LO ILOWUR GHOOD EHQ]LQD H LO FDUEXUDWRUH

9DOYROD D ODPHOOH GDQQHJJLDWD 0RWRULQR GL DYYLDPHQWR GLIHWWRVR $FTXD QHO FDUEXUDWRUH R XJHOOL RVWUXLWL &DYR DULD GLIHWWRVR $FTXD QHOOD EHQ]LQD EHQ]LQD FRQWDPLQDWD R WURSSR YHFFKLD

6RVWLWXLUH 6RVWLWXLUH 6PRQWDUH H SXOLUH LO FDUEXUDWRUH 6RVWLWXLUH 6RVWLWXLUH FRQ EHQ]LQD QXRYD

&RPSUHVVLRQH WURSSR EDVVD &DQGHOD DOOHQWDWD $QHOOR 25 GHOO¶LQVHUWR FDPHUD GL FRPEXVWLRQH GDQQHJJLDWR H DOOHQWDWR *XDUQL]LRQH EDVH FLOLQGUR GLIHWWRVD &LOLQGUR R LQVHUWR FDPHUD GL FRPEXVWLRQH QRQ ILVVDWL )DVFH HODVWLFKH FRQVXPDWH XVXUDWH R URWWH )DVFLD HODVWLFD LQFROODWD 3LVWRQH JULSSDWR R GDQQHJJLDWR 3DUHWH FLOLQGUR GDQQHJJLDWD 0LQLPR UHJRODWR LQ PRGR HUUDWR %ORFFDJJLR GHOO¶XJHOOR GHO PLQLPR R GHOOD YLWH GL UHJROD]LRQH GHOO DULD GHO PLQLPR

6HUUDUOD 6RVWLWXLUH O¶DQHOOR 6RVWLWXLUH 6HUUDUH 6RVWLWXLUH 3XOLUH R VRVWLWXLUH 6RVWLWXLUH 6RVWLWXLUH 5HJRODUH LO PLQLPR 3XOLUH LO FDUEXUDWRUH

,O SLVWRQH DULD QRQ VL FKLXGH FRPSOHWDPHQWH &DUEXUDWRUH LQJROIDWR 'LVSRVLWLYR GL DFFHQVLRQH GLIHWWRVR ,PSLDQWR GL DVSLUD]LRQH QRQ VLJLOODWR R VSRUFR 9DOYROD ODPHOOH GLIHWWRVD

5LPHGLR 3RVL]LRQDUH LO SXOVDQWH GL DFFHQVLRQH VX ³21´ IDUH LO SLHQR DSULUH LO UXELQHWWR GHO FDUEXUDQWH PHWWHUH O¶LQWHUUXWWRUH GL HPHUJHQ]D VX ³21´ ULSLHJDUH LO FDYDOOHWWR

3XOLUH LO FDUEXUDWRUH R VRVWLWXLUH LO FDYR IOHVVLELOH 7RJOLHUH OD FDQGHOD H IDU JLUDUH LO PRWRUH ILQR D FKH OD EHQ]LQD QRQ HVFH GD IRUR GHOOD FDQGHOD H GDOOR VFDULFR &RQWUROODUH OD YDOYROD D JDOOHJJLDQWH H LO UXELQHWWR GHOOD EHQ]LQD &RQWUROODUH LO GLVSRVLWLYR H OD FDQGHOD 3XOLUH R VRVWLWXLUH OH SDUWL SULQFLSDOL 6RVWLWXLUH

7<3(

*XDVWR

&DXVD SRVVLELOH

3UHVWD]LRQL GHO PRWRUH OLPLWDWH DL UHJLPL SL EDVVL

5LPHGLR

,QWHUUX]LRQH QHOO¶LPSLDQWR FDUEXUDQWH

3XOLUH O¶LPSLDQWR FDUEXUDQWH H LO FDUEXUDWRUH

)LOWUR DULD LQWDVDWR

3XOLUH R VRVWLWXLUH LO ILOWUR DULD

6LVWHPD GL VFDULFR FRQ SHUGLWH R RVWUXLWR

3XOLUH R VRVWLWXLUH OR VFDULFR R ULILVVDUH OH IODQJLH

5DSSRUWR GL FRPSUHVVLRQH WURSSR EDVVR

6L YHGD LO FDS ³,O PRWRUH QRQ SDUWH´

&RPDQGR DFFHQVLRQH HOHWWURQLFD GLIHWWRVR

&RQWUROODUH O¶XQLWj GL DFFHQVLRQH H OD IDVDWXUD

9DOYROD GL VFDULFR 5$9( EORFFDWD LQ SRVL]LRQH GL DSHUWXUD

&RQWUROODUH LO FDYR IOHVVLELOH LO VROHQRLGH O¶XQLWj GL FRPDQGR H OD YDOYROD GL VFDULFR SXOLUH OD YDOYROD GL VFDULFR

3UHVWD]LRQL GHO PRWRUH LQVXIILFLHQWL DL UHJLPL SL *DOOHJJLDQWH FDUEXUDWRUH OLYHOOR GHOOD YDOYROD JDOOHJJLDQWH UHJRODWR 3XOLUH LO FDUEXUDWRUH UHJRODUH OD YDOYROD JDOOHJJLDQWH DOWL WURSSR DOWR &RQR GL WHQXWD GHOO¶DJR GHOOD YDOYROD JDOOHJJLDQWH VSRUFR R FRQVXPDWR 3XOLUH LO FDUEXUDWRUH VRVWLWXLUH O¶DJR GHOOD YDOYROD JDOOHJJLDQWH 8JHOOL FDUEXUDWRUH EORFFDWL R DOOHQWDWL

3XOLUH LO FDUEXUDWRUH VHUUDUH JOL XJHOOL

9DOYROD GL VFDULFR 5$9( EORFFDWD LQ SRVL]LRQH GL FKLXVXUD

&RQWUROODUH LO FDYR IOHVVLELOH LO VROHQRLGH O¶XQLWj GL FRPDQGR H OD YDOYROD GL VFDULFR SXOLUH OD YDOYROD GL VFDULFR

$QWLFLSR DFFHQVLRQH HOHWWURQLFD HUUDWR

&RQWUROODUH O¶DFFHQVLRQH H OD IDVDWXUD

%DWWLWR LQ WHVWD GHO PRWRUH D SLHQR FDULFR WUDFFH &DQGHOD GL WLSR VEDJOLDWR 5HVLVWHQ]D DOOH WHPSHUDWXUH

GL EDWWLWR VXOOD FRURQD GHO SLVWRQH 0DQFDQ]D GL EHQ]LQD

6RVWLWXLUH OD FDQGHOD 1*. %5 (* 1*. %5 (6

&RQWUROODUH O¶LPSLDQWR GHOOD EHQ]LQD H LO FDUEXUDWRUH OLYHOOR JDOOHJJLDQWH UXELQHWWR EHQ]LQD VILDWR VHUEDWRLR

SXOLUH WXWWR O¶LPSLDQWR GHOOD EHQ]LQD

6LVWHPD GL VFDULFR R PDUPLWWD RVWUXLWL R WLSR LQVWDOODWR QRQ DSSURSULDWR 3XOLUH LO VLVWHPD GL VFDULFR LQVWDOODUH XQ VLVWHPD GL VFDULFR RULJLQDOH $35,/,$

(FFHVVLYD YLEUD]LRQH GHO PRWRUH

6LVWHPD GL DVSLUD]LRQH GHOO¶DULD VFDWROD ILOWUR ILOWUR RVWUXLWL R WLSR LQVWDOODWR QRQ DSSURSULDWR

3XOLUH LO VLVWHPD GL DVSLUD]LRQH GHOO¶DULD LQVWDOODUH XQ VLVWHPD GL DVSLUD]LRQH RULJLQDOH $35,/,$

5DSSRUWR GL FRPSUHVVLRQH WURSSR DOWR

9HULILFDUH OR ³VTXLVK´ FKH GHYH HVVHUH GL PLQ PP FRQ ILOR VWDJQR

YHULILFDUH OD FRPSUHVVLRQH H VH QHFHVVDULR UHJRODUH

5DSSRUWR GL FRPSUHVVLRQH WURSSR DOWR GHSRVLWL GL FDUERQLR VXOOD FRURQD SLVWRQH H VXOO¶LQVHUWR FDPHUD GL FRPEXVWLRQH

3XOLUH

1XPHUR GL RWWDQL GHO FDUEXUDQWH WURSSR EDVVR

8VDUH EHQ]LQD VHQ]D SLRPER FRQ XQ QXPHUR GL RWWDQL GL DOPHQR 521 VXOOH YHUVLRQL VHQ]D PDUPLWWD FDWDOLWLFD VRSUDWWXWWR VH GHVWLQDWH DOOD FRPSHWL]LRQH

q SUHIHULELOH XWLOL]]DUH EHQ]LQD FRQ SLRPER

$QWLFLSR DFFHQVLRQH HFFHVVLYR

&RQWUROODUH LO GLVSRVLWLYR GL DFFHQVLRQH H YHULILFDUH OD IDVDWXUD FRQ XQD OXFH VWURERVFRSLFD

,QVWDOOD]LRQH QRQ FRUUHWWD GHO URWLVPR FRQWUDOEHUR

&RQWUROODUH LO FRQWUDOEHUR H JOL LQJUDQDJJL FRQWUDOEHUR UHJRODUH VH QHFHVVDULR

,QJUDQDJJL FRQWUDOEHUR GDQQHJJLDWL

6RVWLWXLUH

7<3(

*XDVWR

&DXVD SRVVLELOH

6XUULVFDOGDPHQWR GHO PRWRUH

7HPSHUDWXUD GL HVHUFL]LR WURSSR EDVVD /D IUL]LRQH VOLWWD

5LPHGLR

7LSR GL FDQGHOD R UHVLVWHQ]D DO FDORUH GHOOD FDQGHOD HUUDWL

6RVWLWXLUH OD FDQGHOD 1*. %5 (* 1*. %5 (6

'LVSRVLWLYR GL FRPDQGR GHOO DFFHQVLRQH GLIHWWRVR

&RQWUROODUH LO GLVSRVLWLYR GL DFFHQVLRQH

&DOLEUDWXUD VFRUUHWWD GHO FDUEXUDWRUH

9HULILFDUH R PRGLILFDUH

/LYHOOR GHOOD YDOYROD JDOOHJJLDQWH HUUDWR

9HULILFDUH R PRGLILFDUH

/LYHOOR ROLR FDPELR LQVXIILFLHQWH

3RUWDUH LO OLYHOOR ROLR D FP

3RPSD GHOO¶DFTXD R WUDVPLVVLRQH GHOOD SRPSD GLIHWWRVL

,VSH]LRQDUH H VRVWLWXLUH VH QHFHVVDULR

&RPSUHVVLRQH HUUDWD GHSRVLWL GL FDUERQLR QHOOD FDPHUD GL FRPEXVWLRQH

3XOLUH

6HQVRUH WHPSHUDWXUD GLIHWWRVR

6RVWLWXLUH

7HUPRVWDWR GLIHWWRVR

6RVWLWXLUH

5HJROD]LRQH HUUDWD GHOOD OHYD GL VWDFFR R GHOOD PDQRSROD

9HULILFDUH LO JLRFR QHOOD OHYD GL VWDFFR GHOOD IUL]LRQH H OD PDQRSROD UHJRODUH VH QHFHVVDULR

0ROOH GHOOD IUL]LRQH XVXUDWH

6RVWLWXLUH

'LVFKL VLQWHUL]]DWL FRQVXPDWL

6RVWLWXLUH

,PSLDQWR IUL]LRQH GLIHWWRVR

5HJRODUH

2OLR FDPELR

/D IUL]LRQH QRQ VWDFFD

/LYHOOR ROLR WURSSR DOWR

5LGXUUH LO OLYHOOR GHOO¶ROLR D FP

2OLR YHFFKLR

6RVWLWXLUH

2OLR VLQWHWLFR FRQ FRHIILFLHQWH G DWWULWR LQDGHJXDWR

8VDUH ROLR GHO WLSR VSHFLILFDWR ROLR PRWRUH 6$( R LQVWDOODUH PROOH GHOOD IUL]LRQH SL UHVLVWHQWL

5HJROD]LRQH HUUDWD GHOOD OHYD GL VWDFFR R GHOOD PDQRSROD

9HULILFDUH R UHJRODUH LO JLRFR GHOOD OHYD GL VWDFFR H GHOOD PDQRSROD

0ROOH IUL]LRQH FRQ WHQVLRQH LUUHJRODUH

6RVWLWXLUH

'LVFKL VLQWHUL]]DWL R GL DFFLDLR GHIRUPDWL

6RVWLWXLUH

7DPEXUR IUL]LRQH R PR]]R IUL]LRQH PROWR XVXUDWR

6RVWLWXLUH

*LRFR DVVLDOH GHOO¶DOEHUR IUL]LRQH HFFHVVLYR

5HJRODUH LO JLRFR DVVLDOH EDWWHUH LO FXVFLQHWWR YHUVR O LQWHUQR

7<3(

7URXEOH VKRRWLQJ u 1RWH

)RU PDLQWHQDQFH DGMXVWPHQW DQG UHSODFHPHQW RI FRPSRQHQWV UHIHU WR WKH UHVSHFWLYH LQVWUXFWLRQ LQ WKLV 5HSDLU 0DQXDO

7URXEOH (QJLQH ZLOO QRW VWDUW RU LV KDUG WR VWDUW

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

(QJLQH ZLOO QRW LGOH VPRRWKO\

)DXOW\ LJQLWLRQ XQLW $LU ILOWHU LQWDNH ER[ OHDNLQJ RU FRQWDPLQDWHG 5HHG YDOYH GHIHFWLYH

5HPHG\ ,JQLWLRQ 21 UHSOHQLVK IXHO RSHQ IXHO FRFN HPHUJHQF\ VZLWFK 21 IROG XS VLGH VWDQG &KHFN LJQLWLRQ XQLW HOHFWULF PHWKRG RI HOLPLQDWLRQ

&OHDQ RU UHQHZ VSDUN SOXJ 6HW HOHFWURGH JDS WR PP RU UHQHZ VSDUN SOXJ 5HQHZ VSDUN SOXJ 1*. %5 (* 1*. %5 (6

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

7<3(

7URXEOH 3RVVLEOH FDXVH (QJLQH ZLWK SRRU SHUIRUPDQFH LQ WKH ORZHU VSHHG ,QWHUUXSWLRQ LQ WKH IXHO V\VWHP UDQJH &ORJJHG DLU ILOWHU ([KDXVW V\VWHP OHDNLQJ RU EORFNHG &RPSUHVVLRQ UDWLR WRR ORZ (OHFWURQLF LJQLWLRQ FRQWURO IDXOW\ ([KDXVW YDOYH 5$9( VWXFN LQ SRVLWLRQ ³23(1´

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

)DXOW\ FRQWURO XQLW RI LJQLWLRQ V\VWHP &KHFN LJQLWLRQ XQLW ,QFRUUHFW FDUEXUHWRU FDOLEUDWLRQ 9HULI\ RU UHFWLI\ :URQJ OHYHO RI IORDW YDOYH 9HULI\ RU UHFWLI\ ,QDGHTXDWH JHDU RLO OHYHO 5HFWLI\ WR F F RLO 'HIHFWV RQ ZDWHU SXPS RU ZDWHU SXPS GULYH ,QVSHFW DQG UHQHZ DV UHTXLUHG ,QFRUUHFW FRPSUHVVLRQ FDUERQ GHSRVLWV LQ FRPEXVWLRQ FKDPEHU &OHDQLQJ

7<3(

7URXEOH 2SHUDWLQJ WHPSHUDWXUH RI HQJLQH WRR ORZ 6OLSSLQJ FOXWFK

&OXWFK ZRQ W GLVHQJDJH

3RVVLEOH FDXVH )DXOW\ WHPSHUDWXUH VHQVRU 7KHUPRVWDW GHIHFWLYH :URQJ DGMXVWPHQW RI UHOHDVH OHYHU RU FOXWFK KDQGOH &OXWFK VSULQJV VXIIHULQJ IDWLJXH :RUQ VLQWHU SODWHV 6KRUWFRPLQJV RQ FOXWFK LQVWDOODWLRQ *HDU RLO 2LO OHYHO WRR KLJK $JLQJ 6\QWKHWLF RLO ZLWK LQDGHTXDWH IULFWLRQ FRHIILFLHQW :URQJ DGMXVWPHQW RI UHOHDVH OHYHU RU FOXWFK KDQGOH &OXWFK VSULQJV RI XQHYHQ VWUHVV 'LVWRUWLRQ RI VLQWHU RU VWHHO SODWHV &OXWFK GUXP RU FOXWFK KXE EDGO\ ZRUQ 7RR PXFK D[LDO FOHDUDQFH RI FOXWFK VKDIW

5HPHG\ 5HQHZ 5HQHZ 9HULI\ FOHDUDQFH RQ FOXWFK UHOHDVH OHYHU DQG FOXWFK KDQGOH UHDGMXVW DV UHTXLUHG 5HQHZ 5HQHZ 5HFWLI\ 5HGXFH WR F F RLO 5HQHZ 8VH RLO DV VSHFLILHG 0RWRU RLO 6$( RU ILW VWURQJHU FOXWFK VSULQJV 9HULI\ RU UHDGMXVW FOHDUDQFH RQ UHOHDVH OHYHU DQG FOXWFK KDQGOH 5HQHZ 5HQHZ 5HQHZ 9HULI\ RU UHDGMXVW FOHDUDQFH RQ UHOHDVH OHYHU DQG FOXWFK KDQGOH

7<3(

)HKOHUVXFKH u +LQZHLV

) U GLH :DUWXQJ 5HSDUDWXU (LQVWHOOXQJ XQG GHQ $XVWDXVFK YRQ 7HLOHQ VLQG GLH HLQVFKOlJLJHQ 9HUIDKUHQ LQ GLHVHU 5HSDUDWXUDQOHLWXQJ ]X EHDFKWHQ 6W|UXQJ

6\PSWRP RGHU P|JOLFKH 8UVDFKHQ

0RWRU VSULQJW QLFKW RGHU QXU VFKZHU DQ

%HVHLWLJXQJ

%HGLHQXQJVIHKOHU

= QGXQJ HLQVFKDOWHQ .UDIWVWRII DXII OOHQ .UDIWVWRIIKDKQ |IIQHQ 1RWDXVVFKDOWHU DXI 21 XQG 6HLWHQVWlQGHU DXIJHNODSSW

.HLQ = QGIXQNH = QGIXQNH ]X VFKZDFK

= QGDQODJH (OHNWULN EHUSU IHQ .RPSRQHQWHQWDXVFK

= QGNHU]H YHUUX W QD RGHU EHUEU FNW

= QGNHU]H UHLQLJHQ RGHU HUQHXHUQ

= QGNHU]H (OHNWURGHQDEVWDQG ]X JUR

(OHNWURGHQDEVWDQG PP HLQVWHOOHQ E]Z = QGNHU]H HUQHXHUQ

= QGNHU]H :lUPHZHUW IDOVFK

= QGNHU]H DXVWDXVFKHQ 1*. %5 (* 1*. %5 (6

= QGNDEHO E]Z .HU]HQVWHFNHU GHIHNW

= QGVSXOH E]Z .HU]HQVWHFNHU DXVZHFKVHOQ

6WDUWHUJHWULHEH VFKZHUJlQJLJ E]Z GHIHNW RGHU YHUVFKPXW]W

6WDUWHUJHWULHEH UHLQLJHQ E]Z HUQHXHUQ

.HLQH .UDIWVWRII]XIXKU RGHU /HLWXQJ YHUVFKPXW]W

.UDIWVWRIIKDKQ /HLWXQJ 7DQN 7DQNHQWO IWXQJ .UDIWVWRIIILOWHU XQG 9HUJDVHU UHLQLJHQ

9HQWLOWUlJHU %ODWWYHQWLO GHIHNW

HUQHXHUQ

( 6WDUWHU GHIHNW

HUQHXHUQ

:DVVHU LP 9HUJDVHU E]Z ' VHQ YHUVWRSIW

9HUJDVHU DXVEDXHQ XQG UHLQLJHQ

&KRNH 6HLO]XJ GHIHNW

HUQHXHUQ

.UDIWVWRII HQWKlOW :DVVHU 9HUXQUHLQLJXQJHQ RGHU LVW ]X DOW

)ULVFKHQ .UDIWVWRII HLQI OOHQ

9HUGLFKWXQJ ]X QLHGULJ

= QGNHU]H ORFNHU

IHVW]LHKHQ

2 5LQJ I U %UHQQUDXPHLQVDW] GHIHNW XQG ORFNHU

2 5LQJ HQWIHUQHQ

=\OLQGHUIX GLFKWXQJ GHIHNW

HUQHXHUQ

=\OLQGHU RGHU %UHQQUDXPHLQVDW] QLFKW IHVWJH]RJHQ

IHVW]LHKHQ

.ROEHQULQJH YHUVFKOLH HQ HUP GHW RGHU JHEURFKHQ

HUQHXHUQ

.ROEHQULQJH IHVWJHIUHVVHQ

UHLQLJHQ E]Z HUQHXHUQ

.ROEHQ IHVWJHIUHVVHQ E]Z EHVFKlGLJW

HUQHXHUQ

=\OLQGHUODXIEDKQ EHVFKlGLJW

HUQHXHUQ

7<3(

6W|UXQJ

6\PSWRP RGHU P|JOLFKH 8UVDFKHQ

0RWRU OlXIW QLFKW LP 6WDQGJDV

0RWRU KDW ]X ZHQLJ /HLVWXQJ LP XQWHUHQ 'UHK]DKOEHUHLFK

0RWRU KDW ]X ZHQLJ /HLVWXQJ LP REHUHQ 'UHK]DKOEHUHLFK

0RWRU NOLQJHOW EHL 9ROOODVW E]Z 'HWRQDWLRQVVSXUHQ .OLQJHO VSXUHQ DP .ROEHQERGHQ

%HVHLWLJXQJ

6WDQGJDV IDOVFK HLQJHVWHOOW

6WDQGJDV HLQVWHOOHQ

/HHUODXIG VH E]Z /HHUODXI /XIWVFKUDXEH YHUVWRSIW

9HUJDVHU UHLQLJHQ

&KRNH .ROEHQ VFKOLH W QLFKW NRUUHNW

9HUJDVHU UHLQLJHQ E]Z 6HLO]XJ HUQHXHUQ

9HUJDVHU EHUIOXWHW

= QGNHU]H KHUDXV VFKUDXEHQ XQG VWDUWHQ ELV .UDIWVWRII EHU = QGNHU]HQJHZLQGH XQG $XVSXII DXVOlXIW VRZLH 1DGHOYHQWLO XQG %HQ]LQKDKQ EHUSU IHQ

= QGDQODJH GHIHNW

= QGDQODJH E]Z = QGNHU]H EHUSU IHQ

$QVDXJILOWHU $QVDXJV\VWHP XQGLFKW E]Z YHUGUHFNW

HQWVSUHFKHQGH 7HLOH UHLQLJHQ E]Z HUQHXHUQ

9HQWLOWUlJHU %ODWWYHQWLOH GHIHNW

HUQHXHUQ

.UDIWVWRII]XIXKU XQWHUEURFKHQ

.UDIWVWRIIV\VWHP XQG 9HUJDVHU UHLQLJHQ

$QVDXJV\VWHP YHUOHJW

$QVDXJV\VWHP /XIWILOWHU UHLQLJHQ E]Z HUQHXHUQ

$XVSXIIDQODJH XQGLFKW RGHU YHUVWRSIW

$XVSXIIDQODJH UHLQLJHQ E]Z HUQHXHUQ $XVSXIIIODQVFKH QDFK]LHKHQ

9HUGLFKWXQJ ]X JHULQJ

VLHKH 0RWRU VSULQJW QLFKW RGHU QXU VFKZHU DQ

(OHNWURQLVFKH = QGYHUVWHOOXQJ GHIHNW

= QGDQODJH = QGYHUVWHOOXQJ EHUSU IHQ

$XVODVVVFKLHEHU 5$9( VWHFNW LQ 3RVLWLRQ RIIHQ IHVW

6HLO]XJ 6ROHQRLG 6WHXHUJHUlW XQG $XVODVVVFKLHEHU EHUSU IHQ VRZLH $XVODVVVFKLHEHU UHLQLJHQ

9HUJDVHU OlXIW EHU 1LYHDX ]X KRFK HLQJHVWHOOW

9HUJDVHU UHLQLJHQ 1LYHDX HLQVWHOOHQ

'LFKWNRQXV GHU 6FKZLPPHUQDGHO YHUVFKPXW]W RGHU DXVJHVFKODJHQ

9HUJDVHU UHLQLJHQ 6FKZLPPHUQDGHO HUQHXHUQ

9HUJDVHUG VHQ YHUVWRSIW RGHU ORFNHU

9HUJDVHU UHLQLJHQ XQG ' VHQ IHVW]LHKHQ

$XVODVVVFKLHEHU 5$9( VWHFNW LQ JHVFKORVVHQHU 3RVLWLRQ IHVW

$XVODVVVFKLHEHU 6HLO]XJ 6ROHQRLG XQG 6WHXHUJHUlW EHUSU IHQ VRZLH $XVODVVVFKLHEHU UHLQLJHQ

(OHNWURQLVFKH = QGYHUVWHOOXQJ GHIHNW

= QGDQODJH = QGYHUVWHOOXQJ EHUSU IHQ

= QGNHU]H :lUPHZHUW IDOVFK

= QGNHU]H DXVWDXVFKHQ 1*. %5 (*

.UDIWVWRIIPDQJHO

.UDIWVWRIIV\VWHP XQG 9HUJDVHU 6FKZLPPHUQLYHDX EHUSU IHQ E]Z UHLQLJHQ %HQ]LQKDKQ 7DQNHQWO IWXQJ EHUSU IHQ

$XVSXIIDQODJH E]Z (QGGlPSIHU YHUVWRSIW E]Z IDOVFKH $QODJH PRQWLHUW $XVSXIIDQODJH UHLQLJHQ E]Z 2ULJLQDO $35,/,$ $XVSXIIDQODJH PRQWLHUHQ $QVDXJV\VWHP )LOWHUNDVWHQ 6FKDXPVWRIIHLQVDW] YHUOHJW E]Z IDOVFKH $QVDXJV\VWHP UHLQLJHQ E]Z 2ULJLQDO $35,/,$ $QODJH PRQWLHUHQ $QODJH PRQWLHUW 9HUGLFKWXQJ ]X KRFK

4XHWVFKNDQWHQVSDOW PLQ PP PLW /|W]LQQ 0HWKRGH E]Z 9HUGLFKWXQJ EHUSU IHQ XQG ULFKWLJVWHOOHQ

9HUGLFKWXQJ ]X KRFK gONRKOH DQ .ROEHQERGHQ XQG %UHQQUDXPHLQVDW] UHLQLJHQ

2NWDQ]DKO GHV .UDIWVWRIIV ]X QLHGULJ

XQYHUEOHLEWHU .UDIWVWRII PLW PLQG 52= YHUZHQGHQ EHL $XVI KUXQJHQ RKQH .DWDO\VDWRU VSH]LHOO 5HQQEHWULHE 6XSHU YHUEOHLW EHVVHU JHHLJQHW

9RU] QGXQJ ]X KRFK

= QGDQODJH = QGYHUVWHOOXQJ DQEOLW]HQ EHUSU IHQ

7<3(

6W|UXQJ

6\PSWRP RGHU P|JOLFKH 8UVDFKHQ

0RWRU YLEULHUW

0RWRU EHUKLW]W

0RWRU XQWHUN KOW .XSSOXQJ UXWVFKW

%HVHLWLJXQJ

$XVJOHLFKVWULHE IDOVFK PRQWLHUW

$XVJOHLFKVZHOOH E]Z $XVJOHLFKVUlGHU EHUSU IHQ XQG JHJHEHQHQIDOOV ULFKWLJVWHOOHQ

$XVJOHLFKVUlGHU GHIHNW

HUQHXHUQ

= QGNHU]H :lUPHZHUWH IDOVFK

= QGNHU]H DXVWDXVFKHQ 1*. %5 (* 1*. %5 (6

6WHXHUJHUlW GHIHNW

= QGDQODJH EHUSU IHQ

9HUJDVHUEHG VXQJ IDOVFK

EHUSU IHQ E]Z ULFKWLJVWHOOHQ

9HUJDVHU 6FKZLPPHUQLYHDX IDOVFK

EHUSU IHQ E]Z ULFKWLJVWHOOHQ

*HWULHEH|O gOPHQJH IDOVFK

%HULFKWLJHQ gOPHQJH FFP

:DVVHUSXPSH E]Z :DVVHUSXPSHQDQWULHE GHIHNW

EHUSU IHQ XQG JHJHEHQHQIDOOV DXVWDXVFKHQ

9HUGLFKWXQJ gONRKOH DQ .ROEHQERGHQ XQG %UHQQUDXPHLQVDW]

UHLQLJHQ

7HPSHUDWXUJHEHU GHIHNW

DXVWDXVFKHQ

7KHUPRVWDW GHIHNW

DXVWDXVFKHQ

(LQVWHOOXQJ DP $XVU FNKHEHO E]Z .XSSOXQJVKHEHO IDOVFK

6SLHO DP $XVU FNKHEHO XQG .XSSOXQJVKHEHO EHUSU IHQ E]Z QHX HLQVWHOOHQ

.XSSOXQJVIHGHUQ HUP GHW

HUQHXHUQ

%HODJODPHOOHQ YHUVFKOLVVHQ

HUQHXHUQ

.XSSOXQJ IDOVFK PRQWLHUW

EHULFKWLJHQ

*HWULHEH|O

.XSSOXQJ O|VW QLFKW DXV

gOVWDQG ]X KRFK

EHULFKWLJHQ gOPHQJH FFP

$OWHUXQJ

gO ZHFKVHOQ

6\QWKHWLN|O KDW QLHGULJHUHQ 5HLENRHIIL]LHQW

ULFKWLJHV gO YHUZHQGHQ 0RWRU|O 6$( E]Z KlUWHUH .XSSOXQJVIHGHUQ YHUZHQGHQ

(LQVWHOOXQJ DP $XVU FNKHEHO E]Z .XSSOXQJVKHEHO IDOVFK

6SLHO DP $XVU FNKHEHO XQG .XSSOXQJVKHEHO EHUSU IHQ E]Z QHX HLQVWHOOHQ

.XSSOXQJVIHGHUQ PLW XQJOHLFKPl LJHU 6SDQQXQJ

HUQHXHUQ

%HODJ E]Z ,QQHQODPHOOHQ YHU]RJHQ

HUQHXHUQ

.XSSOXQJVNRUE E]Z 0LWQHKPHU VWDUN HLQJHVFKODJHQ

HUQHXHUQ

]X YLHO $[LDOVSLHO GHU 9RUJHOHJHZHOOH

9RUJHOHJHZHOOH D[LDO DXVGLVWDQ]LHUHQ E]Z /DJHU QDFK LQQHQ VFKODJHQ

7<3(

5LPR]LRQH PRWRUH u 1RWD

SHU ULSDUDUH OH VHJXHQWL SDUWL QRQ q QH FHVVDULR ULPXRYHUH LO PRWRUH GDO WHODLR l 7HVWDWD l &LOLQGUR H SLVWRQH l 7HUPRVWDWR l 9DOYROD GL VFDULFR l 9DOYROD D ODPHOOH l )UL]LRQH l 7UDVPLVVLRQH SULPDULD l $YYLDPHQWR D SHGDOH l 0HFFDQLVPR WUDVPLVVLRQH l 3RPSD GHOO DFTXD l 3RPSD GHOO ROLR FRQ WUDVPLVVLRQH l 5RWLVPR FRQWUDOEHUR l 'LVSRVLWLYR GL DFFHQVLRQH l $YYLDPHQWR HOHWWULFR FRQ WUDVPLVVLRQH

s $YYHUWHQ]D SULPD GL RJQL ULSDUD]LRQH HVWUDUUH OD

FKLDYH G¶DFFHQVLRQH H VFROOHJDUH L FDYL GDOOD EDWWHULD FRPLQFLDQGR GDO QHJDWL YR $WWHQ]LRQH DOWD WHQVLRQH QHO GLVSR VLWLYR GL DFFHQVLRQH

(QJLQH UHPRYDO

0RWRU DXVEDXHQ

u 1RWH

7KHUH LV QR QHHG WR UHPRYH WKH HQJLQH IURP WKH IUDPH WR UHSDLU WKH IROORZLQJ SDUWV l &\OLQGHU KHDG l &\OLQGHU DQG SLVWRQ l 7KHUPRVWDW l ([KDXVW YDOYH l 5HHG YDOYH l &OXWFK l 3ULPDU\ GULYH l .LFN VWDUW l *HDU VKLIW PHFKDQLVP l :DWHU SXPS l 2LO SXPS ZLWK GULYH l 'ULYH RI EDODQFH VKDIW l ,JQLWLRQ XQLW l (OHFWULF VWDUWHU ZLWK GULYH

u +LQZHLV

'HU 0RWRU PXVV QLFKW DXV GHP )DKUJHVWHOO DXVJHEDXW ZHUGHQ XP GLH IROJHQGHQ 7HLOH UHSDULHUHQ ]X N|QQHQ l =\OLQGHUNRSI l =\OLQGHU XQG .ROEHQ l 7KHUPRVWDW l $XVODVVVFKLHEHU l 9HQWLOWUlJHU l .XSSOXQJ l 3ULPlUWULHE l .LFNVWDUWHU l 6FKDOWPHFKDQLVPXV l :DVVHUSXPSH l gOSXPSH PLW $QWULHE l $QWULHE GHU $XVJOHLFKVZHOOH l 0DJQHW] QGHU l ( 6WDUWHU PLW 6WDUWHUJHWULHEH

s :DUQLQJ

%HIRUH DQ\ UHSDLU ZRUN ZLWKGUDZ LJQLWLRQ NH\ DQG GHWDFK FDEOHV IURP EDWWHU\ ILUVW PLQXV WHUPLQDO $WWHQWLRQ +LJK YROWDJH DW LJQLWLRQ XQLW

s :DUQXQJ

9RU 'XUFKI KUXQJ HLQHU 5HSDUDWXU LVW GHU = QGVFKO VVHO DE]X]LHKHQ XQG GLH %DWWHULH ]XHUVW 0LQXVOHLWXQJ

DE]XNOHPPHQ 9RUVLFKW +RFKVSDQQXQJ EHL = QGDQODJH

7<3(

5LPR]LRQH PRWRUH

(QJLQH UHPRYDO

0RWRU DXVEDXHQ

s $YYHUWHQ]D DWWHQHUVL VFUXSRORVDPHQWH DOOH QRUPH GL

s :DUQLQJ

s :DUQXQJ

LQVWDOOD]LRQH H ULPR]LRQH SUHYLVWH GDO FRVWUXWWRUH

l l l

3XOLUH LO PRWRFLFOR 6FROOHJDUH OD EDWWHULD

l

VSHQWR LO PRWRUH 6WDFFDUH SULPD LO FDYR QHJDWLYR H GRSR TXHOOR SRVLWLYR $WWHQ]LRQH DOO¶DFLGR GHOOD EDWWHULD GXUDQWH OD PRYLPHQWD]LR QH SHUFKq q FRUURVLYR

l

7RJOLHUH LO WDSSR PDJQHWLFR H O¶DQHOOR GL WHQXWD H VFDULFDUH O¶ROLR GHO FDPELR u 1RWD

OD SRVL]LRQH GHO WDSSR PDJQHWLFR q PDUFDWD VXO FRSHUFKLR GHOOD IUL]LRQH FRQ OD VFULWWD ³2,/ 287´

&OHDQ PRWRUELNH 'LVFRQQHFW EDWWHU\ s :DUQLQJ

s $YYHUWHQ]D VFROOHJDUH OD EDWWHULD VROR GRSR DYHUH

l

6WULFWO\ NHHS WR LQVWDOODWLRQ DQG UHPRYDO GLUHFWLYHV RI WKH ELNH SURGXFHU

'LVFRQQHFW EDWWHU\ RQO\ ZLWK WKH LJQLWLRQ VZLWFKHG RII )LUVW GHWDFK FDEOH IURP WKH PLQXV DQG WKHQ IURP WKH SOXV WHUPLQDO &DXWLRQ DW KDQGOLQJ RI EDWWHU\ DFLG FDXVWLF IOXLG

5HPRYH PDJQHWLF SOXJ ZLWK VHDOLQJ ULQJ DQG GUDLQ JHDU RLO 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

0RWRUUDG UHLQLJHQ %DWWHULH DENOHPPHQ s :DUQXQJ %DWWHULH

QXU EHL DXVJHVFKDOWHWHU = QGXQJ DENOHPPHQ =XHUVW 0LQXVOHLWXQJ GDQQ 3OXVOHLWXQJ O|VHQ 9RUVLFKW EHL %DWWHULHVlXUH lW]HQG

l

0DJQHWVFKUDXEH PLW 'LFKWULQJ HQWIHUQHQ XQG *HWULHEH|O DEODVVHQ u +LQZHLV

'LH 0DJQHWVFKUDXEH LVW PLW 2,/ 287 DP .XSSOXQJVGHFNHO JHNHQQ]HLFKQHW

7<3(

l

7RJOLHUH OD EUXJROD H O¶DQHOOR GL WHQXWD H FROOHJDUH XQ WXER GHO GLDPHWUR HVWHUQR GL PP 7RJOLHUH LO WDSSR GHO UDGLDWRUH H VFDULFDUH LO OLTXLGR GL UDIIUHGGDPHQWR LQ XQ FRQWHQLWRUH GHOOD FDSDFLWj GL DOPHQR OLWUR

l

s $YYHUWHQ]D OR VFDULFR GHOO¶ROLR PRWRUH H GHO OLTXLGR

GL UDIIUHGGDPHQWR R OD VHPSOLFH DSHUWX UD GHO WDSSR GHO UDGLDWRUH DOOH WHPSHUD WXUH GL HVHUFL]LR SRWUHEEHUR FDXVDUH EUXFLDWXUH /DVFLDUH SULPD UDIIUHGGDUH LO PRWRUH

u 1RWD

l l

OD SRVL]LRQH GHOOD EUXJROD SHU OR VFDULFR GHO OLTXLGR GL UDIIUHGGDPHQWR q PDUFDWD FRQ OD VFULWWD ³287´ VXOO DOORJJLDPHQWR

5LPXRYHUH LO VLVWHPD GL VFDULFR 6FROOHJDUH LO FDUEXUDWRUH s $YYHUWHQ]D OD 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 PHQWR LQ DPELHQWL QRQ DULHJJLDWL

l l

5HPRYH $OOHQ VFUHZ DQG VHDOLQJ ULQJ DQG DWWDFK KRVH RI PP RXWVLGH GLD 2SHQ UDGLDWRU FDS DQG GUDLQ FRRODQW LQWR D FRQWDLQHU RI DW OHDVW OLWUH FDSDFLW\ s :DUQLQJ

'UDLQLQJ RI HQJLQH RLO DQG FRRODQW RU WKH PHUH RSHQLQJ RI WKH UDGLDWRU FDS DW RSHUDWLQJ WHPSHUDWXUHV FRXOG OHDG WR VFDOGLQJ /HW HQJLQH FRRO GRZQ ILUVW

u 1RWH

/RFDWLRQ RI $OOHQ VFUHZ IRU GUDLQLQJ RI WKH FRRODQW LV PDUNHG ZLWK 287 RQ KRXVLQJ

5HPRYH H[KDXVW V\VWHP 'HWDFK FDUEXUHWRU s :DUQLQJ

)XHO LV KLJKO\ LQIODPPDEOH DQG H[SORVLYH 'R QRW VPRNH RU KDQGOH ZLWK RSHQ IODPH 1HYHU GUDLQ RU UHIXHO LQ FORVHG URRPV

l

,QEXVVFKUDXEH PLW 'LFKWULQJ HQWIHUQHQ 6FKODXFK PLW $X HQ PP DQVWHFNHQ XQG LQ HLQ *HIl ,QKDOW PLQ /LWHU OHLWHQ . KOHUYHUVFKOXVV |IIQHQ XQG . KOPLWWHO DEODVVHQ s :DUQXQJ :HQQ

6LH EHL %HWULHEVWHPSHUDWXU . KOPLWWHO DEODVVHQ E]Z GHQ . KOHUYHUVFKOXVV |IIQHQ NDQQ HV ]X 9HUEU KXQJHQ NRPPHQ 0RWRU DEN KOHQ ODVVHQ

u +LQZHLV

l l

'LH ,QEXVVFKUDXEH ]XP $EODVVHQ GHV . KOPLWWHOV LVW PLW 287 DP *HKlXVH JHNHQQ]HLFKQHW

$XVSXIIDQODJH DXVEDXHQ 9HUJDVHU O|VHQ s :DUQXQJ .UDIWVWRII LVW OHLFKW HQWIODPPEDU XQG

H[SORVLY 1LFKW UDXFKHQ RGHU PLW RIIHQHU )ODPPH KDQWLHUHQ .UDIWVWRII QLH LQ JHVFKORVVHQHQ 5lXPHQ HQWOHHUHQ RGHU DEI OOHQ

7<3(

l l l l l l l l

5LPXRYHUH L WXEL GHO OLTXLGR GL UDIIUHGGDPHQWR 6FROOHJDUH L FDYL GHO JHQHUDWRUH LO WUDVPHWWLWRUH HVWHUQR H O¶LQGLFDWRUH GHO IROOH 7RJOLHUH LO FRQQHWWRUH GHOOD FDQGHOD 7RJOLHUH LO FRSHUFKLR GHOOD SRPSD GHOO¶ROLR 6JDQFLDUH LO FDYR IOHVVLELOH GHOOD SRPSD GHOO¶ROLR H FKLXGHUH L WXEL GHOO¶ROLR 6FROOHJDUH LO FDYR IOHVVLELOH SHU OD YDOYROD GL VFDULFR VXO VROHQRLGH QRQ SUHVHQWH QHOOD YHUVLRQH )

5LPXRYHUH LO WDSSR D YLWH GDO FRSHUFKLR IUL]LRQH H OLEHUDUH LO FDYR GHOOD IUL]LRQH 7RJOLHUH LO ILVVDJJLR GHO PRWRUH GDO FLOLQGUR H GD FDUWHU GHO PRWRUH s $YYHUWHQ]D TXDQGR VL ULPXRYH LO PRWRUH GDO WHODLR

WHQHUH SUHVHQWH LO SHVR GHO PRWRUH H VRVWHQHUOR GL FRQVHJXHQ]D 1HOOD ULPR]LRQH GHO PRWRUH VWDUH DWWHQWL D QRQ JUDIILDUVL OH PDQL H D QRQ GDQ QHJJLDUH OD YHUQLFLDWXUD

l l l l l l l l

5HPRYH FRRODQW KRVHV 'HWDFK JHQHUDWRU ZLULQJ WULJJHU FDEOH DQG QHXWUDO LQGLFDWLRQ 3XOO RII VSDUN SOXJ FRQQHFWRU 5HPRYH RLO SXPS FRYHU 'LVHQJDJH %RZGHQ FDEOH RI RLO SXPS DQG FORVH RLO OLQHV 'LVFRQQHFW %RZGHQ FDEOH IRU H[KDXVW YDOYH RQ VROHQRLG QRW RQ ) YHUVLRQ

5HPRYH VFUHZ SOXJ IURP FOXWFK FRYHU DQG GLVHQJDJH FOXWFK FDEOH '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 FDUH QRW WR JUD]H KDQGV DQG SDLQW

l l l l l l l l l

. KOZDVVHUVFKOlXFKH HQWIHUQHQ *HQHUDWRUOHLWXQJ *HEHUOHLWXQJ XQG /HHUODXIDQ]HLJH O|VHQ .HU]HQVWHFNHU DE]LHKHQ = QGNHU]H KHUDXVVFKUDXEHQ gOSXPSHQGHFNHO DEVFKUDXEHQ 6HLO]XJ I U gOSXPSH DXVKlQJHQ XQG gOOHLWXQJHQ DEVFKOLH HQ 6HLO]XJ I U $XVODVVVFKLHEHU DP 6ROHQRLG DXVKlQJHQ QLFKW EHL GHU 9HUVLRQ ) 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 EHU FNVLFKWLJHQ XQG GHPHQWVSUHFKHQG DEVW W]HQ %HLP $EQHKPHQ GHV 0RWRUV YRP 5DKPHQ DXI 9HUPHLGXQJ YRQ 6FKHUVWHOOHQ DFKWHQ

7<3(

3RVL]LRQDPHQWR GHO PRWRUH VXO VXSSRUWR l

3RVL]LRQDUH LO PRWRUH SXOLWR VXO VXSSRUWR FRQ O¶DGDWWDWRUH H ILVVDUOR FRQ OH DSSRVLWH YLWL

+

$WWUH]]L VSHFLDOL *UXSSR VXSSRUWR SDUW 527$; Q .LW DGDWWDWRUH SHU LO VXSSRUWR SDUW 527$; Q u 1RWD

XQ NLW DGDWWDWRUH SUREDELOPHQWH HVLVWHQ WH GDO PRWRUH WLSR GHYH HVVHUH ULH ODERUDWR SHU SXOLUH LO WXER GL LQJUHVVR GHO OLTXLGR GL UDIIUHGGDPHQWR 6H QHFHV VDULR DJJLXQJHUH GHJOL VSHVVRUL SHU DVVLFXUDUH XQ PLJOLRU VXSSRUWR GHO PRWR UH

6HWWLQJ XS HQJLQH RQ WUHVWOH l

6HW XS FOHDQ HQJLQH RQ WUHVWOH ZLWK DGDSWRU DQG VHFXUH ZLWK IL[LQJ VFUHZV 6SHFLDO WRRO

u 1RWH

+

WUHVWOH DVVHPEO\ 527$; SDUW QR $GDSWRU NLW IRU WUHVWOH 527$; SDUW QR $ SRVVLEO\ H[LVWLQJ DGDSWRU NLW IURP HQJLQH W\SH KDV WR EH UHZRUNHG WR FOHDQ FRRODQW LQOHW SLSH ,I QHFHVVDU\ DGG VKLPV IRU DQ LPSURYHG VXSSRUW RI HQJLQH

0RWRU DXI 0RQWDJHERFN EHUQHKPHQ l

*HUHLQLJWHQ 0RWRU DXI 0RQWDJHERFN PLW $XIQDKPHVDW] VWHFNHQ XQG PLW )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 ) U HLQH VDWWH $XIODJH GHV 0RWRUV VLQG JHJHEHQHQIDOOV 6FKHLEHQ

EHL]XOHJHQ

7<3(

60217$**,2 02725( 0RWRULQR GL DYYLDPHQWR HOHWWULFR ULPR]LRQH l l

6YLWDUH OH GXH EUXJROH 0 5LPXRYHUH LO PRWRULQR G¶DYYLDPHQWR HOHWWULFR u 1RWD

l l l l

(OHFWULF VWDUWHU UHPRYDO l l

7RJOLHUH OH TXDWWUR EUXJROH 0 7RJOLHUH LO FRSHUFKLR WHVWDWD 7RJOLHUH HQWUDPEL JOL DQHOOL 25 7RJOLHUH OH FLQTXH EUXJROH 0 H OH URQGHOOH GL EORFFDJJLR 7RJOLHUH O¶LQVHUWR FDPHUD GL FRPEXVWLRQH LQVLHPH DOO

DQHOOR 25

8QVFUHZ ERWK $OOHQ VFUHZV 0 5HPRYH HOHFWULF VWDUWHU u 1RWH

OD ULPR]LRQH GHO PRWRULQR G¶DYYLDPHQWR q SRVVLELOH DQFKH FRQ LO PRWRUH PRQWDWR VXO PRWRFLFOR

&RSHUFKLR WHVWDWD H LQVHUWR FDPHUD GL FRPEXVWLRQH ULPR]LRQH l

(1*,1( ',6$66(0%/<

l l l l

(OHNWURVWDUWHU DXVEDXHQ l l

5HPRYDO RI WKH HOHFWULF VWDUWHU LV DOVR IHDVLEOH ZLWK HQJLQH LQVWDOOHG LQ YHKLFOH

&\OLQGHU KHDG FRYHU DQG FRPEXVWLRQ FKDPEHU LQVHUW UHPRYDO l

02725 =(5/(*(1

5HPRYH $OOHQ VFUHZV 0 7DNH RII F\OLQGHU KHDG FRYHU 7DNH RII ERWK 2 ULQJV 5HPRYH $OOHQ VFUHZV 0 DQG ORFN ZDVKHUV 5HPRYH FRPEXVWLRQ FKDPEHU LQVHUW DORQJ ZLWK 2 ULQJ

%HLGH ,QEXVVFKUDXEHQ 0 O|VHQ (OHNWURVWDUWHU DEQHKPHQ u +LQZHLV

'HU (OHNWURVWDUWHU NDQQ DXFK DQ HLQHP QRFK DP )DKU]HXJ PRQWLHUWHQ 0RWRU DXVJHEDXW ZHUGHQ

=\OLQGHUNRSIGHFNHO XQG %UHQQUDXPHLQVDW] DXVEDXHQ l l l l l

,QQHQVHFKVNDQWVFKUDXEHQ 0 O|VHQ =\OLQGHUNRSIGHFNHO DEQHKPHQ %HLGH 2 5LQJH DEQHKPHQ 6HFKVNDQWVFKUDXEHQ 0 VDPW )HGHUULQJHQ O|VHQ %UHQQUDXPHLQVDW] PLW 2 5LQJ DEQHKPHQ

7<3(

&LOLQGUR ULPR]LRQH l l

&\OLQGHU UHPRYDO

7RJOLHUH L TXDWWUR GDGL HVDJRQDOL 0 LQVLHPH DOOH URQGHOOH (VWUDUUH LO FLOLQGUR n $WWHQ]LRQH QRQ GDQQHJJLDUH LO SLVWRQH

l

l l

5HPRYH KH[ QXWV 0 DORQJ ZLWK ZDVKHUV :LWKGUDZ F\OLQGHU

=\OLQGHU DXVEDXHQ l l

n $WWHQWLRQ 7DNH FDUH QRW WR GDPDJH SLVWRQ l

7DNH RII F\OLQGHU EDVH JDVNHW

6HFKVNDQWPXWWHUQ 0 PLW 6FKHLEHQ HQWIHUQHQ =\OLQGHU DEKHEHQ n $FKWXQJ

l

.ROEHQ GDEHL QLFKW EHVFKlGLJHQ

=\OLQGHUIXÂ&#x2030;GLFKWXQJ DEQHKPHQ

7RJOLHUH OD JXDUQL]LRQH GHOOD EDVH FLOLQGUR

7<3(

3LVWRQH ULPR]LRQH l

3LVWRQ UHPRYDO

7RJOLHUH XQR GHL GXH DQHOOL GL VLFXUH]]D GHOOR VSLQRWWR XVDQGR XQ DWWUH]]R DGHJXDWR u 1RWD

l

QRQ q QHFHVVDULR WRJOLHUH HQWUDPEL JOL DQHOOL GL VLFXUH]]D GHOOR VSLQRWWR

u 1RWH

n $WWHQ]LRQH SULPD GL WRJOLHUH O¶DQHOOR GL VLFXUH]]D

6SLQJHUH IXRUL OR VSLQRWWR FRQ XQ SXQ]RQH DGDWWR

l

n $WWHQ]LRQH PHQWUH VL VSLQJH OR VSLQRWWR WHQHUH

7RJOLHUH LO SLVWRQH LQVLHPH DOOD JDEELD D UXOOLQL

l

u +LQZHLV

(V P VVHQ QLFKW XQEHGLQJW EHLGH 1XOOKDNHQULQJH DEJHQRPPHQ ZHUGHQ

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 .XUEHOJHKlXVH IDOOHQ NDQQ

3XVK RXW SLVWRQ SLQ ZLWK D VXLWDEOH SXQFK l

SXVKLQJ RXW SLVWRQ SLQ WR DYRLG EHQGLQJ WKH FRQ URG

l

.ROEHQERO]HQ PLW HLQHP JHHLJQHWHP 'RUQ DXV GHP .ROEHQ GU FNHQ n $FKWXQJ

5HPRYH SLVWRQ DORQJ ZLWK QHHGOH FDJH l

(LQHQ GHU EHLGHQ 1XOOKDNHQULQJH PLW HLQHP JHHLJQHWHQ :HUN]HXJ KHUDXVKHEHQ

7KHUH LV QR QHHG WR UHPRYH ERWK SLVWRQ SLQ FLUFOLSV

n $WWHQWLRQ $OZD\V VXSSRUW SLVWRQ E\ KDQG ZKLOVW

VHPSUH LO SLVWRQH FRQ XQD PDQR SHU HYLWDUH FKH OD ELHOOD VL SLHJKL

l

.ROEHQ DXVEDXHQ

FRYHU FUDQNFDVH RSHQLQJ ZLWK D UDJ WR SUHYHQW SLVWRQ SLQ FLUFOLS IURP GURSSLQJ LQWR FUDQNFDVH

GHOOR VSLQRWWR FRSULUH O¶DSHUWXUD GHO FDU WHU FRQ XQ SDQQR SHU HYLWDUH FKH O¶DQHOOR FDGD QHO FDUWHU VWHVVR

l

3ULVH RXW RQH RI WKH WZR SLVWRQ SLQ FLUFOLSV XVLQJ D SRLQWHG WRRO

'HU .ROEHQ LVW EHLP $XVGU FNHQ GHV .ROEHQERO]HQV XQEHGLQJW PLW GHU +DQG DE]XVW W]HQ GDPLW GLH 3OHXHOVWDQJH QLFKW YHUERJHQ ZLUG

.ROEHQ PLW .ROEHQERO]HQNlILJ DEQHKPHQ

7<3(

*UXSSR GL DFFHQVLRQH VPRQWDJJLR

,JQLWLRQ XQLW GLVDVVHPEO\

s $YYHUWHQ]D SULPD GL RJQL LQWHUYHQWR VXOO¶LPSLDQWR

s :DUQLQJ %HIRUH DOO ZRUN RQ WKH HOHFWULF V\VWHP

HOHWWULFR HVWUDUUH OD FKLDYH GL DFFHQVLR QH H VFROOHJDUH L FDYL GHOOD EDWWHULD FR PLQFLDQGR GDO FDYR QHJDWLYR

$WWHQ]LRQH $OWD WHQVLRQH

u 1RWD

OR VPRQWDJJLR GHO JUXSSR GL DFFHQVLR QH q SRVVLELOH DQFKH FRQ LO PRWRUH PRQWDWR VXO PRWRFLFOR

l l l l

,QFOLQDUH LO PRWRUH VXO VXSSRUWR LQ PRGR GD SRVL]LRQDUH LO FRSHUFKLR GHOO¶DFFHQVLRQH YHUVR O¶DOWR 6YLWDUH OH VHL EUXJROH 0 7RJOLHUH LO FRSHUFKLR GHOO¶DFFHQVLRQH 7RJOLHUH LO FRSHUFKLR GHOO¶LQJUDQDJJLR GHO PRWRULQR G¶DYYLDPHQWR 6YLWDUH OH GXH YLWL 0 H WRJOLHUH LO ³SLFN XS´ HVWHUQR

u 1RWD

QRQ q QHFHVVDULR WRJOLHUH LO ³SLFN XS´ HVWHUQR GHL PRWRUL VHQ]D DYYLDPHQWR HOHWWULFR YHUVLRQH 5;

s :DUQXQJ 9RU

VlPWOLFKHQ $UEHLWHQ DQ GHU HOHNWULVFKHQ $QODJH PXVV GHU = QGVFKO VVHO DEJH]RJHQ XQG GLH %DWWHULH DEJHNOHPPW VHLQ EHLP 1HJDWLYNDEHO EHJLQQHQ

9RUVLFKW +RFKVSDQQXQJ

ZLWKGUDZ WKH LJQLWLRQ NH\ DQG GHWDFK WKH EDWWHU\ FDEOHV ILUVW PLQXV WHUPLQDO

$WWHQWLRQ +LJK YROWDJH

u 1RWH

l l

l

= QGDQODJH DXVEDXHQ

l l l

'LVDVVHPEO\ RI LJQLWLRQ XQLW LV DOVR IHDVLEOH ZLWK HQJLQH LQVWDOOHG LQ YHKLFOH

7XUQ HQJLQH VHW XS LQ WUHVWOH ZLWK LJQLWLRQ FRYHU RQ WRS 8QVFUHZ $OOHQ VFUHZV 0 7DNH RII LJQLWLRQ FRYHU 5HPRYH VWDUWHU JHDU FRYHU 8QVFUHZ ERWK VFUHZV 0 DQG UHPRYH H[WHUQDO SLFN XS u 1RWH

,W LV QRW DEVROXWHO\ QHFHVVDU\ WR UHPRYH WKH H[WHUQDO SLFN XS RQ DQ HQJLQH ZLWKRXW HOHFWULF VWDUWHU 5; 9HUVLRQ

u +LQZHLV 'LH = QGDQODJH NDQQ VFKRQ YRUKHU LP

)DKU]HXJ DXVJHEDXW ZHUGHQ

l l l l l

0RWRU LP 0RQWDJHERFN YHUGUHKHQ VR GDVV GLH = QGHUVHLWH REHQ ]X OLHJHQ NRPPW ,QEXVVFKUDXEHQ 0 O|VHQ = QGHUGHFNHO DEQHKPHQ 6WDUWHUJHWULHEHGHFNHO DEQHKPHQ %HLGH 6FKUDXEHQ 0 O|VHQ XQG $X HQJHEHU DEQHKPHQ u +LQZHLV %HL

GHU 0RWRUDXVI KUXQJ RKQH (OHNWURVWDUWHU $XVI KUXQJ 5; PXVV GHU $X HQJHEHU QLFKW XQEHGLQJW DXVJHEDXW ZHUGHQ

7<3(

l

0HWWHUH LO SLDWWR HVWUDWWRUH VXO YRODQR H ILVVDUOR FRQ OH EUXJROH 0 $WWUH]]R VSHFLDOH u 1RWD

l

+ JUXSSR SLDWWR HVWUDWWRUH SDUW 527$; Q

IDUH DWWHQ]LRQH D TXDQWR VHJXH /D FDPPD GHO YRODQR GHYH HVVHUH GLUHWWD YHUVR LO ³SLFN XS´ HVWHUQR DVVL FXUDQGRVL FKH O¶DOEHUR PRWRUH VLD DO 3 0 6 l 1HO VLVWHPDUH SLDWWR HVWUDWWRUH DVVL FXUDUVL FKH OD SRVL]LRQH GHL SHUQL GL VXSSRUWR VLD FRUUHWWD l 3HU ILVVDUH LO SLDWWR HVWUDWWRUH XVDUH L IRUL LQGLFDWL QHOOD ILJXUD

u 1RWH

l

+

l

,QVHULUH O HVWUHPLWj OXQJD ILOHWWDWD GHOOD YLWH HVWUDWWRUH QHO SLDWWR HVWUDWWRUH H WRJOLHUH LO YRODQR

l

$EGU FNSODWWH DXI GDV 0DJQHWUDG VWHFNHQ XQG PLW ,QEXVVFKUDXEHQ 0 EHIHVWLJHQ 6SH]LDOZHUN]HXJ

SXOOHU SODWH DVV\ 527$; SDUW QR

3D\ DWWHQWLRQ WR WKH IROORZLQJ 7KH WULJJHU FDP RQ WKH IO\ZKHHO KDV WR SRLQW WRZDUGV H[WHUQDO SLFN XS HQVXULQJ 7'& SRVLWLRQ RI FUDQNVKDIW l :KHQ ILWWLQJ WKH SXOOHU SODWH HQVXUH FRUUHFW SRVLWLRQ RI WKH VXSSRUW SLQV l )RU IL[LQJ WKH SXOOHU SODWH XVH KROHV VKRZQ LQ ILJXUH

l

l

l

l

l

5HPRYH KH[ VFUHZ 0 [ DQG ORFN ZDVKHU 3ODFH SURWHFWLRQ VOHHYH RQ WKUHDG RI FUDQNVKDIW 6SHFLDO WRRO SXOOHU SODWH DVV\ 527$; SDUW QR

+

)LW ORQJHU WKUHDGHG HQG RI SXOOHU VFUHZ LQ SXOOHU SODWH DQG SXOO RII IO\ZKHHO

+ $EGU FNSODWWH NSO 527$; 1U

u +LQZHLV )ROJHQGH 3XQNWH VLQG ]X EHDFKWHQ

l

l

7RJOLHUH OD YLWH HVDJRQDOH 0 [ H OD URQGHOOD GL EORFFDJJLR 0HWWHUH LO PDQLFRWWR GL SURWH]LRQH VXOOD ILOHWWDWXUD GHOO¶DOEHUR PRWRUH $WWUH]]L VSHFLDOL *UXSSR SLDWWR HVWUDWWRUH SDUW 527$; Q

+

6SHFLDO WRRO

l

l

3ODFH SXOOHU SODWH DVV\ RQ IO\ZKHHO DQG DWWDFK ZLWK $OOHQ VFUHZV 0

l l

'HU hEHUVWDQG GHV 0DJQHWUDGHV PXVV LQ 5LFKWXQJ $X HQJHEHU ]HLJHQ GDPLW VLFK GLH .XUEHOZHOOH LQ 27 6WHOOXQJ EHILQGHW %HLP $QVFKUDXEHQ GHU $EGU FNSODWWH DXI GLH ULFKWLJH /DJH GHU $EVW W]ERO]HQ DFKWHQ %HLP %HIHVWLJHQ GHU $EGU FNSODWWH VLQG GLH %RKUXQJHQ DXI GHU $EELOGXQJ ]X YHUZHQGHQ

6HFKVNDQWVFKUDXEH 0 [ O|VHQ XQG )HGHUULQJ DEQHKPHQ 6FKXW]NDSSH DXI GDV *HZLQGH GHU .XUEHOZHOOH VWHFNHQ 6SH]LDOZHUN]HXJ $EGU FNSODWWH NSO 527$; 1U

+

l

$XV]LHKERO]HQ PLW GHP OlQJHUHQ *HZLQGHWHLO LQ GLH $EGU FNSODWWH KLQKHLQVFKUDXEHQ XQG 0DJQHWUDG DE]LHKHQ

7<3(

l l l l

7RJOLHUH O¶LQJUDQDJJLR GHO PRWRULQR G¶DYYLDPHQWR H OD URQGHOOD GL VSLQWD VRWWRVWDQWH 6YLWDUH OH WUH EUXJROH 0 7RJOLHUH OR VWDWRUH LO SDVVDFDYR H LO EORFFDJJLR HVWHUQR 7RJOLHUH OD OLQJXHWWD D GLVFR GDOO¶DOEHUR PRWRUH

3LJQRQH FDWHQD ULPR]LRQH l l

7RJOLHUH O¶DQHOOR HODVWLFR 7RJOLHUH LO SLJQRQH LQVLHPH DOO¶DQHOOR 25 VRWWRVWDQWH u 1RWD

LO SLJQRQH FDWHQD SXz HVVHUH ULPRVVR VH DFFHVVLELOH DQFKH FRQ PRWRUH PRQ WDWR VXO YHLFROR

l l l l

5HPRYH VWDUWHU JHDU DVV\ DQG WKUXVW ZDVKHU SODFHG EHQHDWK 8QVFUHZ $OOHQ VFUHZV 0 5HPRYH VWDWRU DVV\ DORQJ ZLWK JURPPHW DQG H[WHUQDO WULJJHU 5HPRYH :RRGUXII NH\ IURP FUDQNVKDIW

&KDLQ VSURFNHW UHPRYDO l l

5HPRYH VQDS ULQJ 5HPRYH FKDLQ VSURFNHW DORQJ ZLWK 2 ULQJ SODFHG EHQHDWK u 1RWH

7KH FKDLQ VSURFNHW FDQ DOVR EH UHPRYHG LI SUDFWLFDEOH IURP WKH FRPSOHWH ELNH

l l l l

6WDUWHUJHWULHEH PLW GDUXQWHUOLHJHQGHU 6FKHLEH DEQHKPHQ ,QEXVVFKUDXEHQ 0 O|VHQ 6WDWRU PLW *XPPLW OOH XQG GLH lX HUHQ %HIHVWLJXQJVWHLOH DEQHKPHQ 6FKHLEHQIHGHU YRQ GHU .XUEHOZHOOH DEQHKPHQ

.HWWHQUDG DXVEDXHQ l l

6HHJHUULQJ DEQHKPHQ .HWWHQUDG PLW GDUXQWHUOLHJHQGHP DEQHKPHQ

2 5LQJ

u +LQZHLV 'DV .HWWHQUDG NDQQ IDOOV ]XJlQJOLFK

DXFK DQ HLQHP QRFK DP )DKU]HXJ PRQWLHUWHQ 0RWRU DEJHQRPPHQ ZHUGHQ

7<3(

3RPSD GHOO¶ROLR ULPR]LRQH l l l

*LUDUH LO VXSSRUWR GHO PRWRUH LQ PRGR GD VLVWHPDUH LO PRWRUH QHO PRGR SL DGDWWR 6YLWDUH OH GXH EUXJROH 0 7RJOLHUH OD SRPSD GHOO¶ROLR H O¶DQHOOR 5 VRWWRVWDQWH L WXEL GHOO¶ROLR H LO SDVVDWXEL

)UL]LRQH ULPR]LRQH l l

2LO SXPS UHPRYDO l l l

&OXWFK UHPRYDO

6YLWDUH OH QRYH EUXJROH 0 6ROOHYDUH LO FRSHUFKLR IUL]LRQH FRQ JURVVL FDFFLDYLWL IDFHQGR OHYD QHL SXQWL SUHGLVSRVWL

l l

n $WWHQ]LRQH QRQ GDQQHJJLDUH OH VXSHUILFL GL WHQXWD H

7RJOLHUH OD JXDUQL]LRQH

8QVFUHZ $OOHQ VFUHZV 0 /LIW RII FOXWFK FRYHU XVLQJ WZR ODUJH VFUHZ GULYHUV DSSOLHG DW WKH DVVLJQHG OXJV

gOSXPSH DXVEDXHQ l l l

l l

JDVNHW

l

,QEXVVFKUDXEHQ 0 O|VHQ .XSSOXQJVGHFNHO PLW +LOIH YRQ JUR HQ 6FKUDXEHQ]LHKHUQ DQ GHQ GDI U YRUJHVHKHQHQ 6WHOOHQ (DEKHEHQ n $FKWXQJ 'LFKWIOlFKHQ

EHVFKlGLJHQ

5HPRYH JDVNHW l

'HQ 0RQWDJHERFN VR YHUGUHKHQ GDVV GHU 0RWRU LQ DQJHPHVVHQHU :HLVH DXVJHULFKWHW LVW ,QEXVVFKUDXEHQ 0 DEVFKUDXEHQ gOSXPSH PLW GDUXQWHUOLHJHQGHP 2 5LQJ gOOHLWXQJHQ XQG .DEHOW OOH DEQHKPHQ

.XSSOXQJ DXVEDXHQ

n $WWHQWLRQ 'R QRW GDPDJH VHDOLQJ IDFHV DQG

OD JXDUQL]LRQH

l

7XUQ WUHVWOH WR SRVLWLRQ HQJLQH 8QVFUHZ $OOHQ VFUHZV 0 5HPRYH RLO SXPS DQG 2 5LQJ EHQHDWK RLO SLSLQJ DQG JURPPHW

'LFKWXQJ DEQHKPHQ

7<3(

E]Z

'LFKWXQJ

QLFKW

l

7RJOLHUH OD IUL]LRQH GDOO¶DOEHUR VHFRQGDULR u 1RWD

l

QRQ q QHFHVVDULR WRJOLHUH OH YLWL 0 GDO GLVFR GL EORFFDJJLR GHOOD IUL]LRQH

7RJOLHUH O LQJUDQDJJLR LQWHUPHGLR SHU OD WUDVPLVVLRQH GHOOD SRPSD GHOO¶DFTXD

,QJUDQDJJLR GHO FRQWUDOEHUR H WUDVPLVVLRQH SULPDULD ULPR]LRQH l l l

7RJOLHUH O¶DQHOOR GL EORFFDJJLR GDOO¶DOEHUR PRWRUH H GDO FRQWUDOEHUR 7RJOLHUH O¶LQJUDQDJJLR GL FRPDQGR GDOO¶DOEHUR PRWRUH

7RJOLHUH L GXH LQJUDQDJJL FRQWUDOEHUR FRQ XQ DWWUH]]R DGDWWR DG HVHPSLR XQ FDFFLDYLWH D VTXDGUD

u 1RWD

l

VRWWR O¶LQJUDQDJJLR GL FRPDQGR GHO FRQ WUDOEHUR VRQR FROORFDWH GXH YLWL GHO FDU WHU

:LWKGUDZ FOXWFK DVVHPEO\ IURP FOXWFK VKDIW u 1RWH

l

l

7KHUH LV QR QHHG WR UHPRYH WKH VFUHZV 0 RI WKH UHWDLQLQJ SODWH

u +LQZHLV 'LH 6HFKVNDQWVFKUDXEHQ 0 P VVHQ

GD]X QLFKW JHO|VW ZHUGHQ

5HPRYH LQWHUPHGLDWH JHDU IRU GULYH RI ZDWHU SXPS l

%DODQFH JHDU DQG SULPDU\ GULYH UHPRYDO l l l

5HPRYH UHWDLQLQJ ULQJ IURP FUDQNVKDIW DQG EDODQFH VKDIW 5HPRYH GULYH JHDU IURP FUDQNVKDIW 5HPRYH ERWK EDODQFH JHDUV E\ VXLWDEOH WRRO H J RIIVHW VFUHZ GULYHU

u 1RWH

8QGHU WKH GULYH JHDU RI WKH EDODQFH VKDIW WZR FUDQNFDVH VFUHZV DUH ORFDWHG

'LH JHVDPWH .XSSOXQJVHLQKHLW YRQ GHU 9RUJHOHJHZHOOH DEQHKPHQ

:DVVHUSXPSHQ]ZLVFKHQUDG DEQHKPHQ

$XVJOHLFKV XQG 3ULPlUWULHE DXVEDXHQ l l l

6HHJHUULQJ YRQ GHU .XUEHOZHOOH VRZLH YRQ GHU $XVJOHLFKVZHOOH DEQHKPHQ $QWULHEVUDG YRQ GHU .XUEHOZHOOH DEQHKPHQ %HLGH $XVJOHLFKVUlGHU PLW JHHLJQHWHP :HUN]HXJ ] % :LQNHOVFKUDXEHQ]LHKHU DEQHKPHQ u +LQZHLV 8QWHU GHP =DKQUDG GHU $XVJOHLFKVZHOOH

EHILQGHQ VLFK *HKlXVHYHUVFKUDXEXQJHQ

7<3(

l

7RJOLHUH O¶DOEHUR GHO FDPELR SRVVLELOPHQWH LQVLHPH DOOD URQGHOOD GL VSLQWD VXOOD VRPPLWj

*UXSSR GL DYYLDPHQWR SHGDOH ULPR]LRQH VROR VXO WLSR 5;

l l

7RJOLHUH OD PROOD GL FRPSUHVVLRQH GDOO¶DOEHUR GHO SHGDOH G¶DYYLDPHQWR 7RJOLHUH O¶DOEHUR GHO SHGDOH G¶DYYLDPHQWR LQVLHPH DOOR VSHVVRUH u 1RWD

l

QRQ q QHFHVVDULR WRJOLHUH LO IHUPR GHOO LQ JUDQDJJLR GL LQQHVWR SHU OR VPRQWDJ JLR GHO SHGDOH GL DYYLDPHQWR

7RJOLHUH O LQJUDQDJJLR GL LQQHVWR O¶LQJUDQDJJLR GHO SHGDOH G¶DYYLDPHQWR LQVLHPH DOOR VSHVVRUH H DOOD PROOD GHO SHGDOH G¶DYYLDPHQWR u 1RWD

QRQ q QHFHVVDULR VPRQWDUH O¶LQJUDQDJ JLR GHO IROOH GDO FDUWHU

l

5HPRYH VKLIW VKDIW DVV\ SRVVLEO\ ZLWK WKUXVW ZDVKHU RQ WRS

.LFN VWDUWHU UHPRYDO RQ 5; W\SH RQO\

l l

7DNH RII FRPSUHVVLRQ VSULQJ IURP NLFN VWDUW VKDIW 5HPRYH NLFN VWDUW VKDIW DORQJ ZLWK VKLP u 1RWH

l

l

.LFNVWDUWHU DXVEDXHQ QXU $XVI KUXQJ 5;

l l

,W LV QRW QHFHVVDU\ WR UHPRYH UDWFKHW JHDU VWRS IRU GLVDVVHPEO\ RI NLFN VWDUW

7KHUH LV QR QHHG WR UHPRYH LGOH JHDU

IURP FUDQNFDVH

'UXFNIHGHU YRQ GHU .LFNVWDUWHUZHOOH DEQHKPHQ

.LFNVWDUWHUZHOOH PLW GDUDXIOLHJHQGHU $XVJOHLFKVVFKHLEH DEQHKPHQ u +LQZHLV 'HU 6SHUUUDGDQVFKODJ PXVV I U GHQ

$XVEDX GHV .LFNVWDUWHUV DEJHVFKUDXEW ZHUGHQ

5HPRYH UDWFKHW JHDU NLFN VWDUW JHDU DORQJ ZLWK VKLP DQG NLFN VWDUW VSULQJ u 1RWH

6FKDOWZHOOH NSO PLW GHQ HYHQWXHOO GDUDXIOLHJHQGHQ $XVJOHLFKVVFKHLEHQ DEQHKPHQ

l

QLFKW

6SHUUUDG 6WDUWHUUDG PLW $XVJOHLFKVVWHOOH XQG .LFNVWDUWHUIHGHU DXV GHP *HKlXVH KHUDXVQHKPHQ u +LQZHLV 'DV =ZLVFKHQUDG PXVV QLFKW DXV GHP

*HKlXVH DXVJHEDXW ZHUGHQ

7<3(

3RPSD GHOO¶DFTXD ULPR]LRQH u 1RWD

:DWHU SXPS UHPRYDO

OD ULPR]LRQH GHOOD SRPSD GHOO¶DFTXD q QHFHVVDULD VROR LQ FDVR GL ULSDUD]LRQL DOOD SRPSD VWHVVD

u 1RWH

l l l l

7RJOLHUH OD YLWH 0 7RJOLHUH O¶LQJUDQDJJLR GHOOD SRPSD (VWUDUUH LO JUXSSR SRPSD XWLOL]]DQGR XQ FDFFLDYLWH D VTXDGUD u 1RWD

7RJOLHUH OD EUXJROD 0 H OD OHYD LQVLHPH DOOD UHODWLYD PROOD DOO¶DQHOOR GLVWDQ]LDWRUH H DOOD URQGHOOD u 1RWD

l

SHU OD VHSDUD]LRQH GHL VHPLFDUWHU p DV VROXWDPHQWH QHFHVVDULR WRJOLHUH SULPD TXHVWD YLWH

5HPRYDO RI WKH ZDWHU SXPS ZLOO RQO\ EH QHFHVVDU\ LQ FDVH RI SXPS UHSDLU

5HPRYH VFUHZ 0 5HPRYH SXPS JHDU :LWKGUDZ ZDWHU SXPS DVV\ E\ XVH RI DQ RIIVHW VFUHZ GULYHU u 1RWH

O¶HVWUD]LRQH GHOOD SRPSD SXz HVVHUH VHPSOLILFDWD JLUDQGR OD SRPSD VWHVVD YHUVR GHVWUD

6HPLFDUWHU VHSDUD]LRQH l

l

5HPRYH $OOHQ VFUHZ 0 DQG LQGH[ OHYHU DORQJ ZLWK LQGH[ VSULQJ VSDFHU ULQJ DQG ZDVKHU u 1RWH

u +LQZHLV 'HU $XVEDX GHU :DVVHUSXPSH LVW QXU LP

)DOOH LKUHU 5HSDUDWXU HUIRUGHUOLFK

l l l

)DFLOLWDWH ZLWKGUDZDO E\ WXUQLQJ ZDWHU SXPS WR WKH ULJKW

&UDQNFDVH KDOYHV VHSDUDWLRQ l

:DVVHUSXPSH DXVEDXHQ

)RU VHSDUDWLRQ RI WKH FUDQNFDVH KDOYHV LW LV DEVROXWHO\ QHFHVVDU\ WR UHPRYH WKLV VFUHZ ILUVW

7DSWLWH 6FKUDXEH 0 O|VHQ 3XPSHQULW]HO DEQHKPHQ :DVVHUSXPSH NSO PLWWHOV :LQNHOVFKUDXEHQ]LHKHU KHUDXV]LHKHQ u +LQZHLV 'LH :DVVHUSXPSH NDQQ YRUKHU OHLFKW

QDFK UHFKWV JHGUHKW ZHUGHQ XP GDV +HUDXV]LHKHQ ]X HUOHLFKWHUQ

*HKlXVHKlOIWHQ WUHQQHQ l

,QEXVVFKUDXEH 0 O|VHQ VRZLH ,QGH[KHEHO PLW ,QGH[IHGHU 6WXIHQULQJ XQG 6FKHLEH KHUDXVQHKPHQ u +LQZHLV =XP

7UHQQHQ GHU EHLGHQ *HKlXVHKlOIWHQ PXVV GLHVH 6FKUDXEH XQEHGLQJW ]XYRU JHO|VW ZHUGHQ

7<3(

l

7RJOLHUH OH QRYH YLWL 0 GHO FDUWHU u 1RWD

l

OD EUXJROD 0 SHU OR VFDULFR GHO OLTXL GR GL UDIIUHGGDPHQWR p XQD GHOOH YLWL GHO FDUWHU

u 1RWH

l l l

7RJOLHUH OD YLWH GDO VXSSRUWR )LVVDUH LO SLDWWR HVWUDWWRUH FRQ EUXJROH 0 $WWUH]]L VSHFLDOL

+

5HPRYH WKH FUDQNFDVH VFUHZV 0

l

6SHFLDO WRRO

u 1RWH u 1RWD

SHU LO ILVVDJJLR GHO JUXSSR SLDWWR HVWUDW WRUH XVDUH L IRUL FRQWUDVVHJQDWL FRQ LO QX PHUR

7KH $OOHQ VFUHZ 0 IRU FRRODQW GUDLQLQJ LV RQH RI WKH FUDQNFDVH VFUHZV

5HPRYH VFUHZ IURP WUHVWOH $WWDFK SXOOHU SODWH ZLWK $OOHQ VFUHZV 0

*UXSSR SLDWWR HVWUDWWRUH SDUW 527$; Q

l

+

u +LQZHLV 'LH ,QEXVVFKUDXEH 0 ]XP $EODVVHQ

GHV . KOPLWWHOV *HKlXVHVFKUDXEH

l l

SXOOHU SODWH DVV\ 527$; SDUW QR

)RU VHFXULQJ WKH SXOOHU SODWH DVVHPEO\ XVH WKH KROHV PDUNHG

,QEXVVFKUDXEHQ 0 O|VHQ LVW

HLQH

)L[LHUVFKUDXEH YRP 0RQWDJHERFN HQWIHUQHQ $EGU FNSODWWH PLW ,QEXVVFKUDXEHQ 0 EHIHVWLJHQ

+ $EGU FNSODWWH NSO 527$; 1U

6SH]LDOZHUN]HXJ

u +LQZHLV =XP %HIHVWLJHQ GHU $EGU FNSODWWH VLQG

GLH PLW GHU 1XPPHU JHNHQQ]HLFKQHWHQ %RKUXQJHQ ]X YHUZHQGHQ

7<3(

l

$YYLWDUH O¶HVWUHPLWj OXQJD ILOHWWDWD GHOOD YLWH HVWUDWWRUH QHO SLDWWR HVWUDWWRUH ILQR D FKH LO VHPLFDUWHU ODWR IUL]LRQH LQL]LD D VWDFFDUVL n $WWHQ]LRQH l

l

l

l l

l

l

u 1RWD

'XUDQWH O¶HVWUD]LRQH GHO VHPLFDUWHU EDWWHUH VXOO¶DOEHUR VHFRQGDULR FRQ XQ PD]]XROR VSLQJHQGROR LQGLHWUR $VVLFXUDUVL FKH LO VHPLFDUWHU VL VROOHYL H VL VHSDUL SDUDOOHODPHQWH 6H QHFHVVDULR IDFLOLWDUH OD VHSDUD]LRQH IDFHQGR OHYD FRQ XQ FDFFLDYLWH VXL SXQWL SUHGLVSRVWL 3URFHGHUH FRQ FDOPD H DWWHQ]LRQH 1RQ FROSLUH PDL OD VXSHUILFLH GL WHQXWD 1RQ HVHUFLWDUH XQD SUHVVLRQH HFFHVVLYD 6H QRQ ULXVFLWH D VHSDUDUH L VHPLFDUWHU FRQWUROODWH L ULPDQHQWL GLVSRVLWLYL GL ILVVDJJLR

DO PRPHQWR GHOOD VHSDUD]LRQH GHL VHPL FDUWHU OD URQGHOOD GL VSLQWD GHOO¶DOEHUR SULPDULR SXz ULPDQHUH LQFROODWD DOO¶LQWHU QR GHO VHPLFDUWHU

l

7XUQ LQ WKH ORQJHU WKUHDGHG HQG RI SXOOHU VFUHZ LQWR SXOOHU SODWH XQWLO WKH FOXWFK VLGH FUDQNFDVH KDOI VWDUWV WR 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 FUDQNFDVH KDOI OLIWV RII SDUDOOHO ,I QHHG EH IDFLOLWDWH VHSDUDWLQJ ZLWK D VFUHZGULYHU DSSOLHG RQ WKH DVVLJQHG OXJV 3URFHHG VWHDG\ DQG FDUHIXOO\ 1HYHU NQRFN DW VHDOLQJ IDFH 'R QRW XVH H[FHVVLYH IRUFH ,I \RX GRQ W VXFFHHG ZLWK WKH VHSDUDWLRQ FKHFN IRU UHPDLQLQJ IDVWHQHUV

:KHQ VHSDUDWLQJ WKH FUDQNFDVH KDOYHV WKH WKUXVW ZDVKHU RI WKH PDLQVKDIW PD\ VWLFN WR WKH LQVLGH RI FUDQNFDVH KDOI

l

$XV]LHKERO]HQ PLW GHP OlQJHUHQ *HZLQGHWHLO LQ GLH $EGU FNSODWWH HLQVFKUDXEHQ ELV VLFK GLH NXSSOXQJVHLWLJH *HKlXVHKlOIWH DEKHEW n $FKWXQJ

l

l

l

l l

l l

:lKUHQG GHV $EGU FNHQV LVW GLH 9RUJHOHJHZHOOH PLW HLQHP 6FKRQKDPPHU ]XU FN]XNORSIHQ 8QEHGLQJW GDUDXI DFKWHQ GDVV VLFK GLH *HKlXVHKlOIWH SDUDOOHO DEKHEW *HJHEHQHQIDOOV PLW HLQHP 6FKUDXEHQ]LHKHU DQ GHQ GDI U YRUJHVHKHQHQ 6WHOOHQ EHLP $EGU FNHQ PLWKHOIHQ /DQJVDP XQG VRUJIlOWLJ DUEHLWHQ 1LHPDOV JHJHQ GLH 'LFKWIOlFKH VFKODJHQ .HLQH EHUPl LJH .UDIW DQZHQGHQ )DOOV GLH *HKlXVHKlOIWHQ QLFKW JHWUHQQW ZHUGHQ N|QQHQ DXI YHUEOHLEHQGH *HKlXVHVFKUDXEHQ SU IHQ

u +LQZHLV %HLP $EKHEHQ GHU *HKlXVHKlOIWHQ NDQQ

GLH $QODXIVFKHLEH GHU +DXSWZHOOH DXI GHU ,QQHQVHLWH GHU *HKlXVHKlOIWH NOHEHQ

7<3(

7UDVPLVVLRQH H FDPELR ULPR]LRQH l l l l l l l l l l

7RJOLHUH OD JXDUQL]LRQH GHO FDUWHU (VWUDUUH LO FRQWUDOEHUR )LVVDUH LO VHPLFDUWHU ODWR YRODQR VXO VXSSRUWR FRQ OD YLWH GL ILVVDJJLR H LO GLVWDQ]LDOH (VWUDUUH HQWUDPEH OH DVWH D IRUFHOOD 7RJOLHUH OD EUXJROD 0 H OD UHODWLYD URQGHOOD 6SLQJHUH OH WUH IRUFHOOH FDPELR IXRUL GDOOH JXLGH GHO GHVPRGURPLFR 6ROOHYDUH LO GHVPRGURPLFR 7RJOLHUH OH WUH IRUFHOOH FDPELR *LUDUH LO VHPLFDUWHU VXO VXSSRUWR LQ SRVL]LRQH VWDQGDUG 5LPXRYHUH LO JUXSSR FDPELR u 1RWD

WHQHUH EHQ VDOGL O¶DOEHUR SULPDULR H O¶DO EHUR VHFRQGDULR H EDWWHUH FRQ XQ PD] ]XROR VXOO¶DOEHUR SULPDULR /¶LPSDWWR VSLQJHUj HQWUDPEL JOL DOEHUL IXRUL GDOOD VHGH GHO FXVFLQHWWR

n $WWHQ]LRQH QRQ GDQQHJJLDUH LO SDUDROLR GHOO¶DOEHUR

SULPDULR

*HDU VKLIW DQG JHDU ER[ UHPRYDO l l l l l l l l l l

5HPRYH FUDQNFDVH JDVNHW :LWKGUDZ EDODQFH VKDIW $WWDFK PDJQHWR VLGH FUDQNFDVH KDOI ZLWK VHFXULQJ VFUHZ DQG VSDFHU RQ WUHVWOH :LWKGUDZ ERWK VKLIW IRUN VSLQGOHV 5HPRYH $OOHQ VFUHZ 0 DORQJ ZLWK ZDVKHU 3XVK WKH VKLIW IRUNV RII WKH WUDFNV RI VKLIW GUXP /LIW RXW VKLIW GUXP 5HPRYH VKLIW IRUNV 7XUQ FUDQNFDVH KDOI LQ WUHVWOH LQWR VWDQGDUG SRVLWLRQ 5HPRYH JHDU DVVHPEO\ u 1RWH

.HHS D ILUP KROG RQ PDLQVKDIW DQG FOXWFK VKDIW DQG WDS ZLWK PDOOHW RQ PDLQVKDIW 7KH LPSDFW ZLOO SXVK RXW ERWK VKDIW DVVHPEOLHV IURP EHDULQJ VHDW

n $WWHQWLRQ 'R QRW GDPDJH RLO VHDO RI PDLQVKDIW

6FKDOWXQJ XQG *HWULHEH DXVEDXHQ l l l l l l l l l l

*HKlXVHGLFKWXQJ DEQHKPHQ $XVJOHLFKVZHOOH KHUDXV]LHKHQ 0DJQHWVHLWLJH *HKlXVHKlOIWH PLW )L[LHUVFKUDXEH XQG 'LVWDQ]K OVH DP 0RQWDJHERFN EHIHVWLJHQ %HLGH 6FKDOWVWDQJHQ KHUDXV]LHKHQ ,QEXVVFKUDXEHQ 0 VDPW 6FKHLEH O|VHQ 6FKDOWJDEHOQ DXV 6FKDOWQXWHQ GHU 6FKDOWZDO]H GU FNHQ 6FKDOWZDO]H KHUDXV]LHKHQ 6FKDOWJDEHOQ KHUDXV]LHKHQ *HKlXVHKlOIWH LP 0RQWDJHERFN LQ 1RUPDOSRVLWLRQ GUHKHQ *HWULHEH DXVEDXHQ u +LQZHLV +DXSW XQG 9RUJHOHJHZHOOH PLW HLQHU

+DQG IHVWKDOWHQ XQG PLW HLQHP 6FKRQKDPPHU YRQ DX HQ DXI GLH +DXSWZHOOH NORSIHQ 'DGXUFK JHKHQ EHLGH :HOOH VDPW *HWULHEHUlGHUQ DXV GHQ /DJHUVLW]HQ

n $FKWXQJ :' 5LQJ

GHU EHVFKlGLJHQ

7<3(

+DXSWZHOOH

QLFKW

$OEHUR PRWRUH ULPR]LRQH l l

*LUDUH LO VHPLFDUWHU VXO VXSSRUWR LQ PRGR FKH LO ODWR DFFHQVLRQH VLD SRVL]LRQDWR LQ DOWR )LVVDUH LO SLDWWR HVWUDWWRUH FRQ TXDWWUR EUXJROH 0 $WWUH]]L VSHFLDOL u 1RWD

l

+

&UDQNVKDIW UHPRYDO l l

SHU LO ILVVDJJLR GHO SLDWWR HVWUDWWRUH XWL OL]]DUH L IRUL FRQWUDVVHJQDWL FRQ LO QX PHUR

,QVHULUH OD YLWH HVWUDWWRUH FRQ O¶HVWUHPLWj OXQJD ILOHWWDWD QHO SLDWWR HVWUDWWRUH H VSLQJHUH IXRUL O¶DOEHUR PRWRUH

7XUQ FUDQNFDVH KDOI LQ WUHVWOH ZLWK LJQLWLRQ VLGH RQ WRS 6HFXUH SXOOHU SODWH ZLWK $OOHQ VFUHZV 0

u 1RWH

l

u 1RWD

l

l

LO FXVFLQHWWR SULQFLSDOH ULPDUUj R VXOO¶DOEHUR PRWRUH R VXO FDUWHU D VHFRQGD GHOOD SRVL]LRQH GL WROOHUDQ]D *OL VSHVVRUL VH DGHJXDWL DOOD FRUUHWWD GLVWDQ]D DVVLDOH GHOO¶DOEHUR PRWRUH VRQR SRVL]LRQDWL WUD LO FXVFLQHWWR GHOO¶DOEHUR PRWRUH H LO VHPLFDUWHU ODWR YRODQR

l l

SXOOHU SODWH DVV\ 527$; SDUW QR

)RU DWWDFKPHQW RI SXOOHU SODWH XVH KROHV PDUNHG ZLWK QXPEHU

FUDQNVKDIW ZKHQ H[WUDFWLQJ LW 6XSSRUW DGHTXDWHO\ ULVN RI LQMXU\

u 1RWH

l

l

7KH PDLQ EHDULQJ ZLOO UHPDLQ HLWKHU RQ FUDQNVKDIW RU LQ FUDQNFDVH GHSHQGLQJ RQ SRVLWLRQ RI WROHUDQFH 7KH VKLPV LI ILWWHG IRU WKH FRUUHFW D[LDO GLVWDQFH RI FUDQNVKDIW DUH ORFDWHG EHWZHHQ FUDQNVKDIW EHDULQJ DQG PDJQHWR VLGH FUDQNFDVH KDOI

+ $EGU FNSODWWH NSO 527$; 1U

u +LQZHLV =XP

%HIHVWLJHQ GHU $EGU FNSODWWH %RKUXQJHQ PLW HLQJHVWDQ]WHU 3RV YHUZHQGHQ

l

n $WWHQWLRQ 3D\ DWWHQWLRQ WR WKH ZHLJKW RI WKH

*HKlXVHKlOIWH LP 0RQWDJHERFN PLW = QGHUVHLWH QDFK REHQ GUHKHQ $EGU FNSODWWH PLW ,QEXVVFKUDXEHQ 0 EHIHVWLJHQ 6SH]LDOZHUN]HXJ

)LW SXOOHU VFUHZ ZLWK WKH ORQJHU WKUHDGHG HQG LQWR SXOOHU SODWH DQG SXVK RXW FUDQNVKDIW

n $WWHQ]LRQH IDUH DWWHQ]LRQH DO SHVR GHOO¶DOEHUR PR

WRUH TXDQGR OR VL HVWUDH 6RVWHQHUOR DGHJXDWDPHQWH LQ PRGR GD HYLWDUH GDQQL

+

6SHFLDO WRRO

*UXSSR SLDWWR HVWUDWWRUH SDUW 527$; Q

.XUEHOZHOOH DXVEDXHQ

$XV]LHKERO]HQ PLW GHP OlQJHUHQ *HZLQGHWHLO LQ GLH $EGU FNSODWWH KLQHLQVFKUDXEHQ XQG .XUEHOZHOOH KHUDXVGU FNHQ n $FKWXQJ %HLP $EIDQJHQ GHU KHUDXVJHGU FNWHQ

.XUEHOZHOOH DXI GDV (LJHQJHZLFKW DFKWHQ ,Q DQJHPHVVHQHU :HLVH DEVW W]HQ XP VR 6FKlGHQ ]X YHUPHLGHQ

u +LQZHLV

l

l

'DV +DXSWODJHU NDQQ MH QDFK 7ROHUDQ]ODJHU DXI GHU .XUEHOZHOOH RGHU LP *HKlXVH EOHLEHQ 'LH $XVJOHLFKVVFKHLEHQ VRZHLW YRUKDQGHQ I U GLH D[LDOH 'LVWDQ] GHU .XUEHOZHOOH EHILQGHQ VLFK ]ZLVFKHQ GHP .XUEHOZHOOHQKDXSWODJHU XQG GHU PDJQHWVHLWLJHQ *HKlXVHKlOIWH

7<3(

,QWHUYHQWL GL PDQXWHQ]LRQH VXOOH VLQJROH SDUWL

,QGLYLGXDO FRPSRQHQW PDLQWHQDQFH

O

s $YYHUWHQ]D TXDOVLDVL FRPSRQHQWH FKH SRVVD GDQ

QHJJLDUH LO IXQ]LRQDPHQWR GHO PRWRUH D FDXVD GL XVXUD ROWUH L OLPLWL LQGLFDWL R GL IHWWL ULOHYDWL GXUDQWH XQ FRQWUROOR GHYH HVVHUH VRVWLWXLWR

n $WWHQ]LRQH

ULVFKLR GL VFRWWDWXUH DO FRQWDWWR FRQ OH SDUWL URYHQWL GHO PRWRUH

u 1RWD

LQ FDVR GL OHWWXUH GLPHQVLRQDOL FRQ SUH FLVLRQH GL PP R PDJJLRUH OD WHPSH UDWXUD GHOOD SDUWH LQ TXHVWLRQH GHYH HVVHUH FRPSUHVD WUD H &

s :DUQLQJ

$Q\ FRPSRQHQW ZLWK ZHDU LQ H[FHVV RI VSHFLILHG ZHDU OLPLWV RU ZLWK VKRUWFRPLQJ GHWHFWHG DW LQVSHFWLRQ ZKLFK ZLOO LPSDLU HQJLQH RSHUDWLRQ KDV WR EH UHQHZHG

n $WWHQWLRQ

5LVN RI EXUQV ZKHQ KDQGOLQJ KRW HQJLQH SDUWV

u 1RWH

:KHQ WDNLQJ GLPHQVLRQDO UHDGLQJV LQ WKH RUGHU RI DFFXUDF\ RI PP RU HYHQ PRUH SUHFLVH WKH WHPSHUDWXUH RI WKH SDUW PXVW EH EHWZHHQ & &

$UEHLWHQ DQ GHQ HLQ]HOQHQ 7HLOHQ s :DUQXQJ

+DW HLQ %DXWHLO HLQH GHU DQJHJHEHQHQ 9HUVFKOHL JUHQ]HQ EHUVFKULWWHQ RGHU ZHUGHQ EHL GHU RSWLVFKHQ .RQWUROOH HLQHV %DXWHLOHV 0lQJHO IHVWJHVWHOOW ZHOFKH GLH )XQNWLRQ GHV 0RWRUV EHHLQWUlFKWLJHQ PXVV GDV EHWURIIHQH %DXWHLO HUQHXHUW ZHUGHQ

n $FKWXQJ

9HUEUHQQXQJVJHIDKU EHL +DQGKDEXQJ HUKLW]WHU 0RWRUHQWHLOH

u +LQZHLV

:HUGHQ 0H ZHUWH DXI PP RGHU JHQDXHU DQJHJHEHQ PXVV GLH %DXWHLOWHPSHUDWXU & & EHWUDJHQ

7<3(

&DUWHU DOEHUR PRWRUH l

&UDQNFDVH

3XOLUH L VHPLFDUWHU L FXVFLQHWWL D VIHUD H WXWWH OH JXDUQL]LRQL FXVFLQHWWL FRQ XQ GHWHUJHQWH QRQ DJJUHVVLYR

l

3XOLUH WXWWH OH VXSHUILFL GL WHQXWD u 1RWD

IDUH DWWHQ]LRQH D QRQ GDQQHJJLDUH OH VXSHUILFL GL WHQXWD GXUDQWH OH RSHUD]LRQL GL SXOL]LD

◊&RQWUROODUH FKH QRQ VLDQR SUHVHQWL VSDFFDWXUH R GDQQL GL DOWUR JHQHUH VXL VHPLFDUWHU ◊&RQWUROODUH L SDVVDJJL GHOO¶ROLR GHL FXVFLQHWWL SULQFL SDOL QRQ VLDQR RVWUXLWL H VH QHFHVVDULR OLEHUDUOL FRQ DULD FRPSUHVVD

&OHDQ ERWK FUDQNFDVH KDOYHV EDOO EHDULQJV DQG DOO EHDULQJ VHDOV ZLWK D QRQ DJJUHVVLYH FOHDQLQJ ORWLRQ

l

n $WWHQWLRQ 'R QRW XVH GHJUHDVLQJ RU FROG FOHDQLQJ

n $WWHQ]LRQH QRQ XVDUH VJUDVVDWRUL R GLOXHQWL l

.XUEHOJHKlXVH

DJHQWV

l

n $FKWXQJ =XP 5HLQLJHQ NHLQ (QWIHWWXQJVPLWWHO

RGHU .DOWUHLQJHU YHUZHQGHQ

&OHDQ DOO VHDOLQJ IDFHV u 1RWH

'RQ W GDPDJH VHDOLQJ IDFHV DW FOHDQLQJ

◊&KHFN ERWK FUDQNFDVH KDOYHV IRU FUDFNV DQG RWKHU GDPDJH ◊&KHFN RLO GXFWV IRU WKH PDLQ EHDULQJV IRU IUHH SDVVDJH DQG FOHDU LI QHFHVVDU\ ZLWK FRPSUHVVHG DLU

%HLGH *HKlXVHKlOIWHQ 5LOOHQNXJHOODJHU XQG VlPWOLFKH /DJHUVWHOOHQ JU QGOLFK LQ PLOGHP /|VXQJVPLWWHO UHLQLJHQ

l

'LFKWIOlFKHQ UHLQLJHQ u +LQZHLV 'LFKWIOlFKHQ GDEHL QLFKW EHVFKlGLJHQ

◊%HLGH *HKlXVHKlOIWHQ DXI 5LVVH XQG %HVFKlGLJXQJHQ SU IHQ ◊'LH 6FKPLHUERKUXQJHQ GHU +DXSWODJHU DXI IUHLHQ 'XUFKJDQJ SU IHQ XQG JHJHEHQHQIDOOV PLW 'UXFNOXIW GXUFKEODVHQ

7<3(

◊&RQWUROODUH FKH LO SHUQR GHOOD YLWH GL FRQWDWWR VL PXR YD IDFLOPHQWH H FKH OD PROOD VLD SUHWHQVLRQDWD / 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 TXD ILVVDUH FRQ /2&7,7( ◊$VVLFXUDUVL FKH L SDUDROLR QRQ VLDQR FRQVXPDWL R GDQ QHJJLDWL ◊&RQWUROODUH FKH WXWWL L FXVFLQHWWL D VIHUD VL PXRYDQR VHQ ]D SUREOHPL H QRQ VLDQR FRUURVL $OOD VRVWLWX]LRQH GHL FXVFLQHWWL D VIHUD FRQWUROODUH O LQ WHUIHUHQ]D QHO FDUWHU

,QWHUIHUHQ]D u 1RWD

+

PLQ PP

VROR OH VHGL GHL FXVFLQHWWL D VIHUD GHO GH VPRGURPLFR VRQR VFRUUHYROL

◊$VVLFXUDUVL FKH QHVVXQD GHOOH VXSHUILFL GL WHQXWD VLD GDQQHJJLDWD ◊&RQWUROODUH FKH WXWWH OH ILOHWWDWXUH VLDQR LQ EXRQH FRQGL ]LRQL

◊&KHFN SLQ RI FRQWDFW VFUHZ IRU HDV\ PRYHPHQW DQG SUHWHQVLRQ RI VSULQJ 7KH FXSROD RI WKH SLQ PXVW QRW EH ZRUQ RII 6HFXUH FRQWDFW VFUHZ ZLWK 6,/$67,& 579 ◊$W UHQHZDO RI ZDWHU LQOHW VRFNHW DSSO\ /2&7,7(

◊,QVSHFW RLO VHDOV IRU ZHDU DQG GDPDJH ◊&KHFN DOO EDOO EHDULQJV IRU HDV\ PRWLRQ DQG SLWWLQJ $W WKH UHQHZDO RI D EDOO EHDULQJ FKHFN WKH SUHVV ILW LQ WKH FUDQNFDVH

,QWHUIHUHQFH u 1RWH

+

PLQ PP

2QO\ WKH EDOO EHDULQJ VHDWV RI WKH VKLIW GUXP DUH D VOLGLQJ ILW

◊,QVSHFW HDFK VHDOLQJ IDFH IRU GDPDJH ◊&KHFN DOO WKUHDGV IRU JRRG FRQGLWLRQ

GHU .RQWDNWVFKUDXEH DXI ◊.RQWDNWVWLIW /HLFKWJlQJLJNHLW XQG )HGHUYRUVSDQQXQJ NRQWUROOLHUHQ '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 $EQ W]XQJ E]Z %HVFKlGLJXQJ SU IHQ ◊$OOH 5LOOHQNXJHOODJHU DXI /HLFKWJlQJLJNHLW XQG 3LWWLQJV EHUSU IHQ )DOOV HLQ .XJHOODJHU DXVJHWDXVFKW ZHUGHQ PXVV LVW GLH 3UH EHUGHFNXQJ LP *HKlXVH QDFK]XPHVVHQ 3UH EHUGHFNXQJ

+ PLQ PP

u +LQZHLV 1XU GLH .XJHOODJHU GHU 6FKDOWZDO]H LP

*HKlXVH KDEHQ 6FKLHEHVLW]H

◊6lPWOLFKH 'LFKWIOlFKHQ DXI %HVFKlGLJXQJ NRQWUROOLHUHQ ◊$OOH *HZLQGH DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ

7<3(

6HPLFDUWUHU ODWR YRODQR ULPR]LRQH H ULPRQWDJJLR GHL FXVFLQHWWL D VIHUH H GHL SDUDROLR l l

3UHULVFDOGDUH LO VHPLFDUWHU D XQD WHPSHUDWXUD DSSURVVLPDWLYD GL · & 7RJOLHUH HQWUDPEL L SHUQL GL ULIHULPHQWR u 1RWD

l

SHU HYLWDUH GDQQL DOOH VXSHUILFL GL WHQXWD SRUUH LO VHPLFDUWHU VX XQD VXSHUILFLH SLD QD DGHJXDWD

(VWUDUUH LO SDUDROLR H LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR PRWRUH XVDQGR XQ SXQ]RQH DGHJXDWR u 1RWD

GLHWUR DO FXVFLQHWWR D VIHUH GHOO¶DOEHUR PRWRUH VRQR FROORFDWL JOL VSHVVRUL SHU LO JLRFR DVVLDOH GHOO¶DOEHUR PRWRUH ,Q FDVR GL VRVWLWX]LRQH GHO FXVFLQHWWR D VIHUD GHYH HVVHUH VRVWLWXLWR DQFKH LO SD UDROLR

&UDQNFDVH KDOI PDJQHWR VLGH UHPRYDO DQG UHILWWLQJ RI EDOO EHDULQJV DQG RLO VHDOV l l

3UHKHDW FUDQNFDVH KDOI WR DSSUR[ & 3XOO RXW ERWK GRZHO SLQV u 1RWH

l

l l

7R SUHYHQW DQ\ GDPDJH RI WKH VHDOLQJ IDFHV SODFH FUDQNFDVH KDOI RQ VXLWDEOH SODQH VXUIDFH

3UHVV RXW RLO VHDO DQG EDOO EHDULQJ RI WKH FUDQNVKDIW XVLQJ DQ DSSURSULDWH SXQFK u 1RWH

*HKlXVHKlOIWH PDJQHWVHLWLJ $XV XQG (LQEDX GHU .XJHOODJHU XQG :HOOHQGLFKWULQJH

%HKLQG WKH EDOO EHDULQJ RI WKH FUDQNVKDIW DUH SODFHG WKH VKLPV IRU D[LDO FOHDUDQFH RI WKH FUDQNVKDIW :KHQ FKDQJLQJ WKH EDOO EHDULQJ WKH RLO VHDO KDV WR EH UHQHZHG WRR

*HKlXVHKlOIWH DXI FD & HUZlUPHQ %HLGH =\OLQGHUVWLIWH KHUDXV]LHKHQ u +LQZHLV 8P HLQH %HVFKlGLJXQJ GHU 'LFKWIOlFKHQ

]X YHUPHLGHQ LVW GLH *HKlXVHKlOIWH DXI HLQH JHHLJQHWH 3ODQIOlFKH ]X OHJHQ

l

:HOOHQGLFKWULQJ XQG .XJHOODJHU GHU .XUEHOZHOOH PLW HLQHP JHHLJQHWHQ 'RUQ H DXVSUHVVHQ u +LQZHLV +LQWHU GHP .XJHOODJHU GHU .XUEHOZHOOH

EHILQGHQ VLFK GLH $XVJOHLFKVVFKHLEHQ I U GDV $[LDOVSLHO GHU .XUEHOZHOOH %HLP $XVWDXVFKHQ GHV .XJHOODJHUV LVW DXFK GHU :HOOHQGLFKWULQJ ]X HUQHXHUQ

7<3(

l

3RVL]LRQDUH LO SDUDROLR GHOO¶DOEHUR PRWRUH XWLOL]]DQGR XQ SXQ]RQH $WWUH]]L VSHFLDOL u 1RWD

l

+

l

6SHFLDO WRRO

3XQ]RQH GL LQVHULPHQWR SDUW 527$; Q

LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR PRWRUH YLHQH PRQWDWR LQVLHPH DOO¶DOEHUR PR WRUH GRSR DYHU YHULILFDWR LO JLRFR DVVLDOH 6L YHGD LO FDSLWROR ³$OEHUR PRWRUH GH WHUPLQD]LRQH GHO JLRFR DVVLDOH´

(VWUDUUH LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR SULPDULR FRQ XQ SXQ]RQH DSSURSULDWR GRSR DYHU ULPRVVR LO SDUDROLR

u 1RWH

l

l

$WWUH]]L VSHFLDOL

+

3XQ]RQH GL LQVHULPHQWR SDUW 527$; Q

7KH EDOO EHDULQJ RI FUDQNVKDIW LV ILWWHG DORQJ ZLWK FUDQNVKDIW DIWHU YHULILFDWLRQ RI WKH D[LDO FOHDUDQFH 6HH FKDSWHU &UDQNVKDIW GHWHUPLQDWLRQ RI D[LDO FOHDUDQFH

3XVK RXW EDOO EHDULQJ RI WKH PDLQVKDIW ZLWK WKH DSSURSULDWH SXQFK DIWHU UHPRYDO RI WKH RLO VHDO

3UHVV LQ RLO VHDO RI WKH PDLQVKDIW IURP LQVLGH RXWZDUGV XVLQJ WKH LQVHUWLRQ SXQFK 6SHFLDO WRRO

+

,QVHUWLRQ SXQFK 527$; QR

:HOOHQGLFKWULQJ GHU .XUEHOZHOOH 0RQWDJHVWHPSHO HLQSUHVVHQ 6SH]LDOZHUN]HXJ

,QVHUWLRQ SXQFK 527$; QR

PLW

HLQHP

+ 0RQWDJHVWHPSHO 527$; 1U

u +LQZHLV 'DV .XJHOODJHU GHU .XUEHOZHOOH ZLUG

PLWVDPW GHU .XUEHOZHOOH QDFK GHP $[LDOVSLHO DXVPHVVHQ HLQJHEDXW 6LHKH .DSLWHO .XUEHOZHOOH $[LDOVSLHO DXVPHVVHQ

l

UHPRYDO

SDUDROLR GXUDQWH OD ULPR]LRQH

,QVHULUH LO SDUDROLR GHOO¶DOEHUR SULPDULR GDOO¶LQWHUQR YHUVR O¶HVWHUQR FRQ XQ SXQ]RQH GL LQVHULPHQWR

+

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 +DXWSZHOOH QDFK HQWIHUQHQ GHV :HOOHQGLFKWULQJHV PLW HLQHP HQWVSUHFKHQGHQ 'RUQ DXVSUHVVHQ n $FKWXQJ 'HQ 6LW] GHV :HOOHQGLFKWULQJHV GDEHL

QLFKW EHVFKlGLJHQ

l

:HOOHQGLFKWULQJ GHU +DXSWZHOOH PLW HLQHP 0RQWDJHVWHPSHO YRQ LQQHQ QDFK DXÂ&#x2030;HQ HLQSUHVVHQ 6SH]LDOZHUN]HXJ

+ 0RQWDJHVWHPSHO 527$; 1U

7<3(

l

6SLQJHUH LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR SULPDULR FRQ XQ SXQ]RQH DGHJXDWR u 1RWD

l

OD SDUWH FKLXVD GHOOD JDEELD GHYH HVVHUH ULYROWD YHUVR LO SDUDROLR

, FXVFLQHWWL D VIHUH GHOO¶DOEHUR VHFRQGDULR H GHO FRQWUDOEHUR SRVVRQR HVVHUH HVWUDWWL FRQ O¶HVWUDWWRUH SHU FXVFLQHWWL $WWUH]]L VSHFLDOL

u 1RWD

l

+

*UXSSR SLDWWR HVWUDWWRUH SDUW 527$; Q 0DQLFRWWR HVWUDWWRUH SDUW 527$; Q 0DQLFRWWR HVWUDWWRUH SDUW 527$; Q

SRUUH OD YHFFKLD JXDUQL]LRQH GHO VHPL FDUWHU VRWWR LO SLDWWR HVWUDWWRUH SHU HYLWD UH GDQQL DOOD VXSHUILFLH GL WHQXWD

3UHVV LQ EDOO EHDULQJ RI WKH PDLQVKDIW ZLWK D VXLWDEOH SXQFK u 1RWH

l

7KH FORVHG VLGH RI WKH FDJH KDV WR SRLQW WRZDUGV RLO VHDO

7KH EDOO EHDULQJV RI WKH FOXWFK VKDIW DQG EDODQFH VKDIW FDQ EH SXOOHG RXW E\ WKH EHDULQJ H[WUDFWRU 6SHFLDO WRRO

u 1RWH

l

+

3XOOHU SODWH DVV\ 527$; QR ([WUDFWRU VOHHYH 527$; QR ([WUDFWRU VOHHYH 527$; QR

3ODFH ROG FUDQNFDVH JDVNHW XQGHU SXOOHU SODWH WR SUHYHQW DQ\ GDPDJH WR VHDOLQJ IDFH

.XJHOODJHU GHU +DXSWZHOOH PLW JHHLJQHWHP 0RQWDJHVWHPSHO HLQSUHVVHQ u +LQZHLV 'LH JHVFKORVVHQH 6HLWH GHV .lILJV PXVV

]XP :HOOHQGLFKWULQJ ]HLJHQ

l

'LH .XJHOODJHU GHU 9RUJHOHJHZHOOH XQG $XVJOHLFKVZHOOH N|QQHQ PLW GHP /DJHUDXV]LHKHU KHUDXVJH]RJHQ ZHUGHQ

+ $EGU FNSODWWH 527$; 1U

6SH]LDOZHUN]HXJ

6SUHL]K OVH 527$; 1U 6SUHL]K OVH 527$; 1U

u +LQZHLV $OWH

*HKlXVHGLFKWXQJ XQWHU GLH $EGU FNSODWWH OHJHQ XP GLH 'LFKWIOlFKH QLFKW ]X EHVFKlGLJHQ

7<3(

l

6SLQJHUH QXRYDPHQWH HQWUDPEL L FXVFLQHWWL D VIHUH QHO FDUWHU SUHULVFDOGDWR u 1RWD

l

OD SDUWH SRVWHULRUH GHOOD JDEELD GHO FX VFLQHWWR GHYH HVVHUH ULYROWD YHUVR O¶HVWHUQR

u 1RWH

l l

,O FXVFLQHWWR D UXOOLQL SHU O¶LQJUDQDJJLR GHO PRWRULQR GL DYYLDPHQWR SXz HVVHUH WLUDWR IXRUL FRQ XQ HVWUDWWRUH SHU FXVFLQHWWL $WWUH]]L VSHFLDOL

+

*UXSSR HVWUDWWRUH FXVFLQHWWL SDUW 527$; Q

3UHVV LQ DJDLQ ERWK EDOO EHDULQJV LQ SUHKHDWHG FUDQNFDVH 7KH EDFN RI WKH EHDULQJ FDJH KDV WR SRLQW WRZDUGV RXWVLGH

7KH QHHGOH EHDULQJ IRU VWDUWHU JHDU FDQ EH SXOOHG RXW ZLWK D EHDULQJ SXOOHU 6SHFLDO WRRO

l

+

%HDULQJ SXOOHU DVV\ 527$; QR

%HLGH .XJHOODJHU PLW JHHLJQHWHP 0RQWDJHVWHPSHO LQ GDV ZDUPH *HKlXVH ZLHGHU HLQSUHVVHQ u +LQZHLV 'LH 5 FNVHLWH GHV /DJHUNlILJV PXVV

QDFK DX HQ ]HLJHQ

l

'LH 1DGHOK OVH I U GDV 6WDUWHUJHWULHEH NDQQ PLW GHP 1DGHOODJHUDXV]LHKHU KHUDXVJH]RJHQ ZHUGHQ

+ 1DGHOODJHUDXV]LHKHU NSO 527$; 1U

6SH]LDOZHUN]HXJ

7<3(

6HPLFDUWHU ODWR IUL]LRQH ULPR]LRQH H ULPRQWDJJLR GHL FXVFLQHWWL D VIHUH H GHL SDUDROLR l l l

l l

l

6H LQVWDOODWR VROR VXOOD YHUVLRQH 5; WRJOLHUH LO IHUPR GHOO LQJUDQDJJLR GL LQQHVWR 3UHULVFDOGDUH LO VHPLFDUWHU DG XQD WHPSHUDWXUD GL · & (VWUDUUH HQWUDPEL L SHUQL GL ULIHULPHQWR SHU LO FRSHUFKLR IUL]LRQH SHU HYLWDUH GDQQL DOOH VXSHUILFL GL WHQXWD u 1RWD SRVL]LRQDUH LO VHPLFDUWHU VX XQD VXSHUIL FLH SLDQD DGHJXDWD (VWUDUUH LO SDUDROLR GHOO¶DOEHUR PRWRUH (VWUDUUH LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR PRWRUH XVDQGR XQ SXQ]RQH DGHJXDWR 5LPRQWDUH VHJXHQGR OD VWHVVD SURFHGXUD FRQ OD SDUWH FKLXVD GHOOD JDEELD GHO FXVFLQHWWR ULYROWD YHUVR O LQWHUQR 3HU ULPRQWDUH LO SDUDROLR GHOO¶DOEHUR PRWRUH VSLQJHUOR QHOOD VXD SRVL]LRQH GDOO¶HVWHUQR YHUVR O¶LQWHUQR FRQ XQ SXQ]RQH GL LQVHULPHQWR $WWUH]]L VSHFLDOL u 1RWD

+

3XQ]RQH GL LQVHULPHQWR SDUW 527$; Q LO ERUGR GHO SDUDROLR GHYH HVVHUH ULYROWR YHUVR O¶HVWHUQR ,O SDUDROLR QRQ GHYH SRJJLDUH VXO FXVFLQHWWR D VIHUH

&UDQNFDVH KDOI FOXWFK VLGH UHPRYDO DQG UHILWWLQJ RI EDOO EHDULQJV DQG RLO VHDOV l l l

,I ILWWHG RQ 5; YHUVLRQ RQO\ UHPRYH UDWFKHW JHDU VWRS

3UHKHDW FUDQNFDVH KDOI WR & 3XOO RXW ERWK GRZHO SLQV IRU WKH FOXWFK FRYHU u 1RWH

l l

l

u 1RWH

l l l

3ODFH FUDQNFDVH KDOI RQ VXLWDEOH SODQH VXUIDFH WR SUHYHQW DQ\ GDPDJH WR VHDOLQJ IDFH

5HPRYH RLO VHDO RI FUDQNVKDIW 3UHVV RXW EDOO EHDULQJ RI FUDQNVKDIW ZLWK VXLWDEOH SXQFK 5HILW IROORZLQJ WKH VDPH SURFHGXUH ZLWK FORVHG VLGH RI EHDULQJ FDJH SRLQWLQJ LQZDUGV 7R UHILW WKH RLO VHDO RI WKH FUDQNVKDIW SUHVV LW LQ SRVLWLRQ IURP RXWVLGH LQZDUGV E\ LQVHUWLRQ SXQFK 6SHFLDO WRRO

*HKlXVHKlOIWH NXSSOXQJVVHLWLJ $XV XQG (LQEDX GHU .XJHOODJHU XQG :HOOHQGLFKWULQJH

+

,QVHUWLRQ SXQFK 527$; QR

7KH VHDOLQJ OLS RI WKH RLO VHDO KDV WR SRLQW RXWZDUGV 7KH RLO VHDO PXVW QRW UHVW RQ EDOO EHDULQJ

6SHUUUDGDQVFKODJ HYHQWXHOO HQWIHUQHQ QXU $XVI KUXQJ 5;

*HKlXVH DXI & HUZlUPHQ %HLGH =\OLQGHUVWLIWH I U GHQ .XSSOXQJVGHFNHO HQWIHUQHQ u +LQZHLV *HKlXVHKlOIWH

DXI HLQH JHHLJQHWH 3ODQIOlFKH OHJHQ XP %HVFKlGLJXQJ GHU 'LFKWIOlFKHQ ]X YHUPHLGHQ

l l

l

:HOOHQGLFKWULQJ GHU .XUEHOZHOOH HQWIHUQHQ .XJHOODJHU GHU .XUEHOZHOOH PLW JHHLJQHWHP 'RUQ DXVSUHVVHQ 'HU (LQEDX HUIROJW DQDORJ GD]X ZREHL GLH JHVFKORVVHQ 6HLWH GHV .lILJV QDFK LQQHQ ]HLJHQ PXVV :HOOHQGLFKWULQJ GHU .XUEHOZHOOH PLW HLQHP 0RQWDJHVWHPSHO YRQ DX HQ QDFK LQQHQ HLQSUHVVHQ 6SH]LDOZHUN]HXJ

+ 0RQWDJHVWHPSHO 527$; 1U

u +LQZHLV 'LH 'LFKWOLSSH GHV :HOOHQGLFKWULQJHV

PXVV QDFK DX HQ ]HLJHQ 'HU :HOOHQGLFKWULQJ GDUI NHLQHVIDOOV DP .XJHOODJHU DQVWHKHQ

7<3(

l

(VWUDUUH LO FXVFLQHWWR D VIHUH GHOO¶DOEHUR VHFRQGDULR H GHOO¶DOEHUR SULPDULR FRQ XQ SXQ]RQH DGHJXDWR 5LPRQWDUH VHJXHQGR OD VWHVVD SURFHGXUD u 1RWD

l

OD SDUWH FKLXVD GHOOD JDEELD GHO FXVFLQHW WR GHOO DOEHUR VHFRQGDULR GHYH HVVHUH ULYROWD YHUVR O¶HVWHUQR H VXO FXVFLQHWWR GHOO¶DOEHUR SULPDULR OD SDUWH FKLXVD GHYH HVVHUH ULYROWD YHUVR O¶LQWHUQR

u 1RWH

l l

7RJOLHUH OD YLWH D WHVWD VYDVDWD 0 H OD URQGHOOD GL EORFFDJJLR HG HVWUDUUH LO FXVFLQHWWR D VIHUH GHO FRQWUDOEHUR 3HU LO PRQWDJJLR GHO FXVFLQHWWR VHJXLUH OD VWHVVD SURFHGXUD ILVVDQGR OD YLWH D WHVWD VYDVDWD 0 FRQ LO /2&7,7( u 1RWD

OD SDUWH FKLXVD GHOOD JDEELD GHO FXVFLQHW WR D VIHUH GHYH HVVHUH ULYROWD YHUVR O¶HVWHUQR

3UHVV RXW EDOO EHDULQJ RI FOXWFK VKDIW DQG PDLQVKDIW

ZLWK DSSURSULDWH SXQFK 5HILW IROORZLQJ WKH VDPH SURFHGXUH

l

JHVFKORVVHQH 6HLWH GHV .lILJV QDFK DX HQ ]HLJHQ %HLP +DXSWZHOOHQODJHU

PXVV GLH JHVFKORVVHQH 6HLWH QDFK LQQHQ ]HLJHQ

l

7KH FORVHG VLGH RI WKH EDOO EHDULQJ FDJH KDV WR SRLQW RXWZDUGV

3UHPHUH HQWUDPEL L SHUQL GL ULIHULPHQWR QHOOD ORUR SRVL]LRQH QHO FRSHUFKLR IUL]LRQH

6HQNVFKUDXEH 0 PLW +DOWHVFKHLEH O|VHQ XQG .XJHOODJHU GHU $XVJOHLFKVZHOOH DXVSUHVVHQ 'HU (LQEDX HUIROJW DQDORJ GD]X ZREHL GLH 6HQNVFKUDXEH 0 PLW /2&7,7( ]X VLFKHUQ LVW u +LQZHLV 'LH

JHVFKORVVHQH 6HLWH GHV .XJHOODJHUNlILJV PXVV QDFK DX HQ ]HLJHQ

3UHVV ERWK GRZHO SLQV LQWR SRVLWLRQ LQ FOXWFK FRYHU l

l

'LH .XJHOODJHU GHU 9RUJHOHJHZHOOH XQG +DXSWZHOOH

PLW HLQHP HQWVSUHFKHQGHQ 'RUQ DXVSUHVVHQ 'HU (LQEDX HUIROJW DQDORJ GD]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

WKH FORVHG VLGH PXVW SRLQW LQZDUGV

5HPRYH FRXQWHUVXQN VFUHZ 0 DQG UHWDLQLQJ ZDVKHU DQG SUHVV RXW EDOO EHDULQJ RI WKH EDODQFH VKDIW )LW WKH EHDULQJ IROORZLQJ WKH VDPH SURFHGXUH VHFXUH FRXQWHUVXQN VFUHZ 0 ZLWK /2&7,7( u 1RWH

l

%HLGH =\OLQGHUVWLIWH I U GHQ .XSSOXQJVGHFNHO HLQSUHVVHQ

7<3(

$OEHUR PRWRUH l

&UDQNVKDIW

,O FXVFLQHWWR D VIHUH ODWR YRODQR SRWUHEEH ULPDQHUH VXOO¶DOEHUR PRWRUH /D ULPR]LRQH GL TXHVWR FXVFLQHWWR GHYH HVVHUH HIIHWWXDWD XWLOL]]DQGR XQ HVWUDWWRUH $WWUH]]L VSHFLDOL

+

*UXSSR HVWUDWWRUH FXVFLQHWWL SDUW 527$; Q 6HPLDQHOOL SDUW 527$; Q $QHOOR GL FHQWUDJJLR SDUW 527$; Q

◊&RQWUROODUH OH FRQGL]LRQL H O¶XVXUD GHOO¶DOEHUR PRWRUH PD[ PP (FFHQWULFLWj &XVFLQHWWR ELHOOD JLRFR UDGLDOH PD[ PP PP &XVFLQHWWR ELHOOD JLRFR DVVLDOH /LPLWH GL XVXUD PD[ PP &XVFLQHWWR VSLQRWWR JLRFR UDGLDOH PD[ PP /LPLWH GL XVXUD

+

+ +

+ +

,QROWUH FRQWUROODUH O¶XVXUD GHL VHJXHQWL FRPSRQHQWL ◊6HGL FXVFLQHWWL ◊6XSHUILFLH GL FRQWDWWR GHL SDUDROLR ◊6FDQDODWXUH SHU OH OLQJXHWWH D GLVFR ◊&RQLFLWj GHO VHPLDOEHUR PRWRUH ODWR YRODQR ◊)LOHWWDWXUD GHO VHPLDOEHUR PRWRUH ODWR YRODQR ◊6FDQDODWXUH GHO VHPLDOEHUR PRWRUH ODWR IUL]LRQH

l

.XUEHOZHOOH

7KH PDJQHWR VLGH EDOO EHDULQJ FRXOG UHPDLQ RQ WKH FUDQNVKDIW 5HPRYH WKLV EHDULQJ ZLWK D SXOOHU 6SHFLDO WRRO

+

%HDULQJ SXOOHU DVVHPEO\ 5RWD[ QR 5LQJ KDOYHV 5RWD[ QR &HQWHULQJ ULQJ 5RWD[ QR

◊&KHFN FUDQNVKDIW IRU FRQGLWLRQ DQG ZHDU PD[ PP 2XW RI URXQGQHVV PD[ PP &RQ URG EHDULQJ UDGLDO FOHDUDQFH PP &RQ URG EHDULQJ D[LDO FOHDUDQFH :HDU OLPLW PD[ PP 3LVWRQ SLQ EHDULQJ UDGLDO FOHDUDQFH :HDU OLPLW PD[ PP

+

+ +

+ +

,Q DGGLWLRQ FKHFN WKH IROORZLQJ LWHPV IRU ZHDU ◊%HDULQJ VHDWV ◊&RQWDFW VXUIDFH IRU RLO VHDOV ◊*URRYHV IRU :RRGUXII NH\V ◊7DSHU IRU PDJQHWR VLGH FUDQNVKDIW KDOI ◊7KUHDG RI PDJQHWR VLGH FUDQNVKDIW KDOI ◊6SOLQHV RI FOXWFK VLGH FUDQNVKDIW KDOI

l

%HLP $XVGU FNHQ GHU .XUEHOZHOOH NDQQ GDV PDJQHWVHLWLJH .XJHOODJHU DXI GHU .XUEHOZHOOH EOHLEHQ 'LHVHV /DJHU LVW PLW GHP /DJHUDE]LHKHU DE]X]LHKHQ 6SH]LDOZHUN]HXJ

+ $E]LHKHU NSO 527$; 1U

5LQJKlOIWHQ 527$; 1U 5LQJ 527$; 1U

◊.XUEHOZHOOH DXI 9HUVFKOHL SU IHQ PD[ PP .XUEHOZHOOHQVFKODJ PD[ PP 3OHXHOODJHU 5DGLDOOXIW PP 3OHXHOODJHU $[LDOVSLHO 9HUVFKOHL JUHQ]H PD[ PP .ROEHQERO]HQODJHUXQJ 5DGLDOOXIW PD[ PP 9HUVFKOHL JUHQ]H

+ + + + +

:HLWHUV VLQG DXI 9HUVFKOHL ]X SU IHQ ◊/DJHUVLW]H ◊2EHUIOlFKH I U :HOOHQGLFKWULQJH ◊1XWHQ I U 6FKHLEHQIHGHUQ ◊.RQXVIOlFKH GHU PDJQHWVHLWLJHQ .XUEHOZHOOHQKlOIWH ◊*HZLQGH GHU PDJQHWVHLWLJHQ .XUEHOZHOOHQKlOIWH ◊9HU]DKQXQJ GHU NXSSOXQJVVHLWLJHQ .XUEHOZHOOHQKlOIWH

7<3(

l l

4XDQGR VL VRVWLWXLVFH LO JUXSSR DOEHUR PRWRUH SUHPHUH L VHPLDOEHUL ULVSHWWDQGR OD PLVXUD GL PP 3HU OD ULSDUD]LRQH GHO FXVFLQHWWR GHOOD ELHOOD VRQR GLVSRQLELOL L VHJXHQWL NLW SHU O¶DOEHUR PRWRUH

l

l

:KHQ XWLOL]LQJ FUDQNVKDIW UHSDLU NLWV SUHVV FUDQNVKDIW KDOYHV WR WKH GLPHQVLRQ RI PP DFURVV ZHEV )RU WKH UHSDLU RI WKH FRQ URG EHDULQJ WKH IROORZLQJ FUDQNVKDIW NLWV DUH DYDLODEOH

l

l

:HQQ GHU .XUEHOZHOOHQVDW] DXVJHWDXVFKW ZLUG VLQG GLH .XUEHOZHOOHQKlOIWHQ DXI GDV 0D PP ]XVDPPHQSUHVVHQ ) U GLH 5HSDUDWXU GHV 3OHXHOODJHUV VLQG IROJHQGH .XUEHOZHOOHQVlW]H HUKlOWOLFK

.LW DOEHUR PRWRUH Q 527$;

%LHOOD GHOOR VSHVVRUH ³$´

8WLOL]]DELOH SHU DOEHUR PRWRUH FRQ VSDOOD GL VSHVVRUH ³%´

&UDQNVKDIW 5RG VL]H $ $SSOLFDEOH IRU FUDQNVKDIW ZLWK ZHE WKLFNQHVV % NLW 527$; FRQ URG 1R

³YHFFKLR´

PP

PP

ROG

PP

PP

DOW

PP

PP

³QXRYR´

PP

PP H PP 7LSL PRWRUH

QHZ

PP

PP DQG PP HQJLQH W\SHV

QHX

PP

PP XQG PP 0RWRUW\SHQ

u 1RWD

LO ³YHFFKLR´ NLW DOEHUR PRWRUH SDUW 52 7$; Q SXz HVVHUH XVDWR VROR SHU DOEHUL PRWRUH FRQ VSDOOD GHOOR VSHV VRUH GL PP ,O ³QXRYR´ NLW DOEHUR PRWRUH SDUW 527$; Q q SURYYLVWR GL XQD ELHOOD D EDVVR SHVR H SXz HVVHUH XVDWR SHU WXWWL JOL DOEHUL PRWRUH GHL PRWRUL WLSR

u 1RWH

7KH ROG FUDQNVKDIW NLW 5RWD[ SDUW QR

FDQ EH XVHG RQO\ IRU FUDQNVKDIWV ZLWK D ZHE WKLFNQHVV RI PP 7KH QHZ FUDQNVKDIW NLW 5RWD[ SDUW QR FRPHV ZLWK OLJKWZHLJKW FRQ URG DQG PD\ EH XVHG IRU DQ\ FUDQNVKDIW RI WKH HQJLQH W\SHV

.XUEHOZHOO 6FKDIWVWlUNH 9HUZHQGXQJ .XUEHOZHOOH HQVDW] $ PLW :DQJHQEUHLWH % 527$; 1U 3OHXHOVWDQJH

u +LQZHLV 'HU DOWH .XUEHOZHOOHQVDW] 527$; 1U

GDUI QXU I U .XUEHOZHOOHQ PLW :DQJHQEUHLWH PP YHUZHQGHW ZHUGHQ 'HU QHXH .XUEHOZHOOHQVDW] 527$; 1U KDW HLQH /HLFKWSOHXHOVWDQJH XQG NDQQ QXU I U DOOH .XUEHOZHOOHQ GHU 0RWRUW\SHQ YHUZHQGHW ZHUGHQ

7<3(

l

8Q NLW SHU OD ULSDUD]LRQH GHOO¶DOEHUR PRWRUH q FRPSRVWR GD XQD ELHOOD XQ SHUQR GL ELHOOD XQ FXVFLQHWWR D UXOOLQL H GXH URQGHOOH GL VSLQWD n $WWHQ]LRQH TXHVWL FRPSRQHQWL VRQR SURJHWWDWL H

SUHGLVSRVWL SHU HVVHUH VRVWLWXLWL VROR LQ NLW /D ULSDUD]LRQH GHOO¶DOEHUR PRWRUH UL FKLHGH O¶XWLOL]]R GL DWWUH]]L VSHFLDOL H GHYH HVVHUH HIIHWWXDWD VROR SUHVVR OH RI ILFLQH DXWRUL]]DWH FKH KDQQR OD QHFHV VDULD HVSHULHQ]D

l

$ FUDQNVKDIW UHSDLU NLW FRQVLVWV RI FRQ URG FUDQN SLQ QHHGOH EHDULQJ DQG WKH WZR WKUXVW ZDVKHUV n $WWHQWLRQ 7KHVH FRPSRQHQWV DUH PDWFKHG DQG DUH

DOORZHG WR EH FKDQJHG DV FRPSOHWH NLW RQO\ 5HSDLU RI WKH FUDQNVKDIW UHTXLUHV VSHFLDO WRROLQJ DQG RXJKW WR EH FDUULHG RXW H[FOXVLYHO\ E\ D 5HSDLU 6KRS ZLWK WKH QHHGHG H[SHULHQFH

l

(LQ .XUEHOZHOOHQVDW] EHVWHKW DXV 3OHXHOVWDQJH 3OHXHO]DSIHQ 1DGHOODJHU XQG GLH EHLGHQ $QODXIVFKHLEHQ n $FKWXQJ 'LHVH 7HLOH VLQG JHSDDUW XQG G UIHQ QXU

DOV 6DW] DXVJHWDXVFKW ZHUGHQ 'LH 5HSDUDWXU GHU .XUEHOZHOOH GDUI QXU LQ GHQ 9HUWUDJVZHUNVWlWWHQ HUIROJHQ GLH GLH HQWVSUHFKHQGH (UIDKUXQJ KDEHQ

7<3(

$OEHUR PRWRUH GHWHUPLQD]LRQH GHO JLRFR DVVLDOH

&UDQNVKDIW GHWHUPLQDWLRQ RI D[LDO FOHDUDQFH

.XUEHOZHOOH $[LDOVSLHO DXVPHVVHQ

n $WWHQ]LRQH

n $WWHQWLRQ

n $FKWXQJ

l l

LQ FDVR GL YHULILFD R QHO FDVR LQ FXL LO FDU WHU O DOEHUR PRWRUH R L FXVFLQHWWL SULQFL SDOL VLDQR VWDWL VRVWLWXLWL LO JLRFR DVVLDOH GHOO DOEHUR PRWRUH GHYHU HVVHUH FRQWURO ODWR H VH QHFHVVDULR GHWHUPLQDWR QXRYD PHQWH

3UHULVFDOGDUH LO FXVFLQHWWR SULQFLSDOH ILQR D & H IDUOR VFRUUHUH VXO VHPLFDUWHU ODWR YRODQR 0LVXUDUH OD GLPHQVLRQH GL LQVHULPHQWR $ GHOO DOEHUR PRWRUH u 1RWD

OD GLPHQVLRQH GL LQVHULPHQWR VL PLVXUD GDOO DQHOOR LQWHUQR GHO FXVFLQHWWR DOOR VSDOODPHQWR GHOO DOEHUR PRWRUH

l l

)RU YHULILFDWLRQ RU LI FUDQNFDVH FUDQNVKDIW RU PDLQ EHDULQJV KDYH EHHQ UHQHZHG WKH D[LDO FOHDUDQFH RI FUDQNVKDIW KDV WR EH YHULILHG DQG LI QHHG EH QHZO\ GHWHUPLQHG

3UHKHDW PDLQ EHDULQJ WR & DQG VOLGH RQ PDJQHWR VLGH FUDQNVKDIW KDOI 7DNH ILWWLQJ GLPHQVLRQ $ RI FUDQNVKDIW 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 .XUEHOZHOOHQKlOIWH DXIVFKLHEHQ 'LH (LQEDXZHLWH 0D $ GHU .XUEHOZHOOH HUPLWWHOQ u +LQZHLV 'LH (LQEDXZHLWH ZLUG JHPHVVHQ YRP

/DJHULQQHQULQJ ]XP %XQG GHU .XUEHOZHOOH

7<3(

l

,O JLRFR DVVLDOH VSHFLILFDWR GHOO DOEHUR PRWRUH VL RWWLHQH SRVL]LRQDQGR GHJOL VSHVVRUL QHO VHPLFDUWHU ODWR YRODQR

+ PP

*LRFR DVVLDOH GHOO DOEHUR PRWRUH

/D GLPHQVLRQH GHJOL VSHVVRUL ULFKLHVWL GHYH FRUULVSRQGHUH D TXDQWR LQGLFDWR QHOOD WDYROD VHJXHQWH 'LPHQVLRQH GL LQVWDOOD]LRQH GHOO DOEHUR PRWRUH $

6SHVVRUH WRWDOH

· PP

PP

· PP

PP

u 1RWD n $WWHQ]LRQH

JOL VSHVVRUL GD PP H PP VRQR JLj GLVSRQLELOL OD SURFHGXUD LQGLFDWD SHU OD GHWHUPLQD ]LRQH GHO JLRFR DVVLDOH q YDOLGD VROR VH YLHQH XWLOL]]DWD OD JXDUQL]LRQH 25,*, 1$/( 527$; FRQ XQR VSHVVRUH HI IHWWLYR GL PP LQ VWDWR GL FRPSUHVVLRQH

l

7KH VSHFLILHG D[LDO FOHDUDQFH RI WKH FUDQNVKDIW LV DFKLHYHG E\ SODFLQJ VKLPV LQWR PDJQHWR VLGH FUDQNFDVH KDOI &UDQNVKDIW D[LDO FOHDUDQFH

+ PP

7KLFNQHVV RI UHTXLUHG VKLPPLQJ LV DV SHU WKH IROORZLQJ WDEOH

l

'DV YRUJHVFKULHEHQH .XUEHOZHOOHQ $[LDOVSLHO ZLUG GXUFK (LQOHJHQ YRQ 3DVVVFKHLEHQ LQ GLH PDJQHWVHLWLJH *HKlXVHKlOIWH HUUHLFKW $[LDOVSLHO .XUEHOZHOOH

+ PP

'LH *HVDPWVWlUNH GHU EHL]XOHJHQGHQ 3DVVVFKHLEHQ DQKDQG GHU 7DEHOOH EHVWLPPHQ

&UDQNVKDIW LQVWDOODWLRQ GLPHQVLRQ ³$´

7RWDO WKLFNQHVV RI VKLPPLQJ

.XUEHOZHOOH 0D $´

*HVDPWVWlUNH GHU 3DVVVFKHLEHQ

PP

PP

PP

PP

PP

PP

PP

PP

u 1RWH

6KLPV RI WKLFNQHVV PP DQG PP DUH UHDGLO\ DYDLODEOH

u +LQZHLV

(V VLQG 3DVVVFKHLEHQ YRQ GHU 6WlUNH PP XQG PP HUKlOWOLFK

n $WWHQWLRQ

7KH VWDWHG SURFHGXUH IRU GHWHUPLQDWLRQ RI WKH D[LDO FOHDUDQFH LV YDOLG RQO\ LI WKH *(18,1( 527$; JDVNHW LV XVHG ZLWK DQ HIIHFWLYH WKLFNQHVV RI PP PP LQ WKH FRPSUHVVHG VWDWH

n $FKWXQJ

'LHVH 9RUJDQJVZHLVH I U GHQ $XVJOHLFK GHV $[LDOVSLHOV GHU .XUEHOZHOOH LVW QXU J OWLJ PLW GHU 25,*,1$/ 527$; *HKlXVHGLFKWXQJ ZHOFKH LQ JHSUH WHP =XVWDQG HLQH 6WlUNH YRQ PP PP DXIZHLVW

7<3(

&RQWUDOEHUR LQJUDQDJJL FRPDQGR FRQWUDOEHUR ◊&RQWUROODUH O XVXUD GHO FRQWUDOEHUR 6HGH FXVFLQHWWR ODWR YRODQR 'LDPHWUR OLPLWH GL XVXUD PLQ ∅ PP

+

6HGH FXVFLQHWWR ODWR IUL]LRQH 'LDPHWUR OLPLWH GL XVXUD PLQ ∅ PP

+

◊$VVLFXUDUVL FKH OD VFDQDODWXUD GHOO DQHOOR GL EORFFDJJLR QRQ VLD XVXUDWD R GDQQHJJLDWD ◊&RQWUROODUH O XVXUD GHOOD GHQWDWXUD LQWHUQD HG HVWHU QD GHJOL LQJUDQDJJL GL FRPDQGR GHO FRQWUDOEHUR n $WWHQ]LRQH JOL LQJUDQDJJL H JOL DQHOOL 25 VXOOD SDUWH

SRVWHULRUH GHOO LQJUDQDJJLR GHO FRQWUDO EHUR VXOO DOEHUR PRWRUH GHYRQR HVVHUH VRVWLWXLWL GRSR NP

%DODQFH VKDIW EDODQFH GULYH JHDUV

$XVJOHLVFKVZHOOH $XVJOHLFKVUlGHU

◊&KHFN EDODQFH VKDIW IRU ZHDU 0DJQHWR VLGH EHDULQJ VHDW :HDU OLPLW GLD PLQ ∅ PP

◊'LH $XVJOHLFKVZHOOH DXI 9HUVFKOHL SU IHQ 0DJQHWVHLWLJHU /DJHUVLW] 9HUVFKOHL JUHQ]H PLQ PP

+

&OXWFK VLGH EHDULQJ VHDW PLQ ∅ PP :HDU OLPLW GLD

+

◊&KHFN UHWDLQLQJ ULQJ JURRYH IRU GDPDJH DQG ZHDU ◊&KHFN LQWHUQDO DQG H[WHUQDO WRRWKLQJ RI WKH EDODQFH GULYH JHDUV IRU ZHDU n $WWHQWLRQ 7KH EDODQFH JHDUV DQG WKH 2 ULQJV DW WKH

EDFN RI EDODQFH JHDU RQ FUDQNVKDIW KDYH WR EH UHQHZHG DIWHU NP

+

.XSSOXQJVVHLWLJHU /DJHUVLW] PLQ PP 9HUVFKOHL JUHQ]H

+

◊'LH 1XW I U GHQ 6LFKHUXQJVULQJ DXI %HVFKlGLJXQJ XQG 9HUVFKOHL SU IHQ ◊'LH ,QQHQYHU]DKQXQJ XQG $X HQYHU]DKQXQJ GHU $XVJOHLFKVUlGHU DXI 9HUVFKOHL SU IHQ n $FKWXQJ

'LH $XVJOHLFKVUlGHU VRZLH GHU 2 5LQJ 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 5LPXRYHUH JOL DQHOOL HODVWLFL GL VLFXUH]]D u 1RWD SHU PH]]R GL SLQ]H VSHFLDOL FRQ DUUHVWR LQ PRGR GD ULGXUUH DO PLQLPR OR VWUHVV VXJOL DQHOOL VWHVVL 5LSRUUH JOL LQJUDQDJJL QHOO RUGLQH GL PRQWDJJLR LQ PRGR GD JDUDQWLUH XQ FRUUHWWR ULPRQWDJJLR

◊9HULILFDUH O XVXUD GHOOH VHJXHQWL SDUWL *DEELH H UXOOLQL GHL FXVFLQHWWL D UXOOLQL )LDQFKL GL WXWWL JOL LQJUDQDJJL ,QQHVWL GHJOL LQJUDQDJJL H UHODWLYH FDYH 6FDQDODWXUH GHOO DOEHUR SULPDULR H GHOO DOEHUR VHFRQGD ULR %XRQ VFRUULPHQWR GL WXWWL JOL LQJUDQDJJL GHOO DOEHUR SUL PDULR H GHOO DOEHUR VHFRQGDULR 6XSHUILFLH FXVFLQHWWL GL WXWWL JOL LQJUDQDJJL IROOL

6HUUDJJLR GHO SLJQRQH FDWHQD

l

5HPRYH JHDUV FLUFOLSV DQG QHHGOH EHDULQJV IURP PDLQ VKDIW DQG FOXWFK VKDIW

l

u 1RWH

l

5HPRYH FLUFOLSV XVLQJ VSHFLDO SOLHUV ZLWK OLPLW VWRS WKXV ZDUUDQWLQJ WR NHHS WKH VWUHVV LQ WKH FLUFOLS WR WKH DEVROXWH PLQLPXP /D\ DVLGH JHDUV FRRUGLQDWHG WR ILWWLQJ ORFDWLRQ WR HQVXUH FRUUHFW UHDVVHPEO\

*HWULHEH

◊&KHFN WKH IROORZLQJ SDUWV IRU ZHDU &DJHV DQG QHHGOHV RI QHHGOH EHDULQJV )ODQNV RI DOO JHDUV 'RJV DQG GRJ ZLQGRZV RI JHDUV 6SOLQHV RI PDLQ VKDIW DQG FOXWFK VKDIW $OO VKLIW JHDUV RI PDLQ VKDIW DQG FOXWFK VKDIW IRU HDV\ PRYHPHQW %HDULQJ VXUIDFH RI DOO LGOLQJ JHDUV

7LJKWHQLQJ RI FKDLQ VSURFNHW

=DKQUlGHU 6LFKHUXQJVULQJH XQG 1DGHONlILJH YRQ GHU +DXSWZHOOH E]Z 9RUJHOHJHZHOOH DEQHKPHQ u +LQZHLV 'LH

l

6LFKHUXQJVULQJH PLWWHOV 6SH]LDO]DQJH PLW $QVFKODJ DXVEDXHQ GDPLW JHZlKUOHLVWHW LVW GDVV GLHVH QXU DXI GDV NOHLQVWH QRWZHQGLJH 0D JHGHKQW ZLUG 'LH =DKQUlGHU HQWVSUHFKHQG GHU (LQEDXODJH DXIOHJHQ XP GHQ ULFKWLJHQ =XVDPPHQEDX ]X JHZlKUOHLVWHQ

◊)ROJHQGH 7HLOH DXI 9HUVFKOHL SU IHQ .lILJH E]Z 1DGHOQ GHU 1DGHOODJHU =DKQIODQNHQ VlPWOLFKHU =DKQUlGHU .ODXHQ E]Z .ODXHQIHQVWHU GHU *HWULHEHUlGHU .HLOZHOOHQSURILO GHU +DXSW XQG 9RUJHOHJHZHOOH 6lPWOLFKH 6FKDOWUlGHU DXI /HLFKWJlQJLJNHLW DXI GHU +DXSW E]Z 9RUJHOHJHZHOOH /DJHUIOlFKH DQ DOOHQ /RVUlGHUQ

$Q]XJ GHV .HWWHQUDGV

7<3(

◊6HGL FXVFLQHWWL GHOO DOEHUR SULPDULR H GHOO DOEHUR VHFRQ GDULR

◊%HDULQJ VHDWV RI WKH PDLQ DQG FOXWFK VKDIW

◊ /DJHUVLW]H GHU +DXSW XQG 9RUJHOHJHZHOOH

'HYLD]LRQH DPPHVVD

PD[ PP

3HUPLVVLEOH GHIOHFWLRQ

PD[ PP

=XOlVVLJHU 6FKODJ

PD[ PP

/LPLWH GL XVXUD

PLQ ∅ PP

:HDU OLPLW

PLQ ∅ PP

9HUVFKOHL JUHQ]H

PLQ PP

/LPLWH GL XVXUD

PLQ ∅ PP

:HDU OLPLW

PLQ ∅ PP

9HUVFKOHL JUHQ]H

PLQ PP

/LPLWH GL XVXUD

PLQ ∅ PP

:HDU OLPLW

PLQ ∅ PP

9HUVFKOHL JUHQ]H

PLQ PP

u 1RWD

4XDQGR VL ULVFRQWUD XVXUD GHL ILDQFKL GHL GHQWL L ULVSHWWLYL LQJUDQDJJL GHYR QR HVVHUH VRVWLWXLWL 4XDQGR VL ULVFRQWUD XVXUD GHJOL LQQHVWL R GHOOH FDYH L ULVSHWWLYL LQJUDQDJJL GH YRQR HVVHUH VRVWLWXLWL

u 1RWH

,Q FDVH RI ZHDU RI WKH WRRWK IODQNV WKH UHVSHFWLYH PDWLQJ JHDUV KDYH WR EH UHQHZHG ,Q FDVH RI ZHDU RI GRJV RU GRJ ZLQGRZV WKH UHVSHFWLYH PDWLQJ JHDUV KDYH WR EH UHQHZHG

u +LQZHLV

%HL 9HUVFKOHL DQ GHQ =DKQIODQNHQ PXVV GDV MHZHLOLJH 5lGHUSDDU HUQHXHUW ZHUGHQ %HL 9HUVFKOHL DQ .ODXHQ E]Z .ODXHQIHQVWHUQ P VVHQ GLH EHWURIIHQHQ LQHLQDQGHUJUHLIHQGHQ 5lGHU HUQHXHUW ZHUGHQ

7<3(

l

5LPRQWDJJLR GHOO DOEHUR VHFRQGDULR H GHOO DOEHUR SULPDULR LQ RUGLQH LQYHUVR

n $WWHQ]LRQH

*OL DQHOOL HODVWLFL GL VLFXUH]]D GHYRQR HVVHUH VRVWLWXLWL GRSR RJQL VPRQWDJ JLR GHO FDPELR 3HU PRQWDUH JOL DQHOOL HODVWLFL GL VLFX UH]]D q QHFHVVDULR XVDUH XQ SDLR GL SLQ]H VSHFLDOL FRQ DUUHVWR 4XDQGR VL PRQWDQR JOL DQHOOL GL VLFX UH]]D VXOO DOEHUR HVWHQGHUQH OH HVWUH PLWj LO PHQR SRVVLELOH 0RQWDUH JOL DQHOOL GL VLFXUH]]D FRQ LO ERUGR DUURWRQGDWR ULYROWR YHUVR LO FXVFLQHWWR D UXOOLQL 3RVL]LRQDUH OH HVWUHPLWj GHOO DQHOOR GL VLFXUH]]D FHQWUDOPHQWH DOOD VFDQDOD WXUD 3ULPD GHO PRQWDJJLR OXEULILFDUH WXWWL L FXVFLQHWWL D UXOOLQL 8VDUH VROR SLJQRQL FDWHQD RULJLQDOL 527$; SHUFKq DOWULPHQWL LO VHUUDJJLR GHOO DOEHUR SULPDULR YHUUHEEH FRPSUR PHVVR H OD JDUDQ]LD VDUHEEH QXOOD

l

5HDVVHPEOH FOXWFK DQG PDLQVKDIW IROORZLQJ WKH UHYHUVHG VHTXHQFH

n $WWHQWLRQ

7KH FLUFOLSV KDYH WR EH UHQHZHG DIWHU HDFK GLVDVVHPEO\ RI JHDUER[ 7R ILW WKH FLUFOLSV D VSHFLDO SDLU RI SOLHUV ZLWK D OLPLW VWRS KDV WR EH XVHG 2SHQ HQGV RI FLUFOLS RQO\ WR WKH DEVROXWH PLQLPXP ZKHQ ILWWLQJ LW RQ WKH VKDIW )LW FLUFOLSV ZLWK WKH URXQGHG HGJH WRZDUGV QHHGOH EHDULQJ 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\ ZLOO EH YRLG

l

9RUJHOHJHZHOOH XQG +DXSWZHOOH VLQG LQ XPJHNHKUWHU 5HLKHQIROJH ZLHGHU ]XVDPPHQEDXHQ

n $FKWXQJ

'LH 6LFKHUXQJVULQJH VLQG EHL MHGHU =HUOHJXQJ GHV *HWULHEHV ]X HUQHXHUQ =XP 0RQWLHUHQ GHU 6LFKHUXQJVULQJH LVW HLQH 6SH]LDO]DQJH PLW $QVFKODJ ]X YHUZHQGHQ 'LH (QGHQ GHV 6LFKHUXQJVULQJHV QXU VR ZHLW VSUHL]HQ GDVV GHU 6LFKHUXQJVULQJ JHUDGH QRFK EHU GLH :HOOH JHVFKREHQ ZHUGHQ NDQQ 'HQ 6LFKHUXQJVULQJ PLW VHLQHU JHUXQGHWHQ .DQWH JHJHQ GHQ 1DGHONlILJ JHULFKWHW HLQEDXHQ %HLGH 6LFKHUXQJVULQJHQGHQ PLWWLJ ]XP .HLO DQRUGQHQ $OOH 1DGHOODJHU YRU GHP (LQEDXHQ HLQ|OHQ 1XU 2ULJLQDO 527$; .HWWHQUlGHU YHUZHQGHQ GD VRQVW GLH .HUEHYHU]DKQXQJ GHU +DXSWZHOOH ]HUVW|UW ZLUG XQG GLH *HZlKUOHLVWXQJ HUOLVFKW

7<3(

'HVPRGURPLFR

*HDU VKLIW

6FKDOWXQJ

◊&RQWUROODUH O XVXUD GHOOD ]RQD GL FRQWDWWR VXOOD IRUFHOOD H GHO SHUQR GL WUDVFLQDPHQWR GHOOH IRUFHOOH ◊9HULILFDUH O XVXUD GHOOH JROH GHO GHVPRGURPLFR ◊$VVLFXUDUVL FKH HQWUDPEL L FXVFLQHWWL D VIHUH JLULQR OL EHUDPHQWH H YHULILFDUH OD SUHVHQ]D GL FRUURVLRQH LO PRWRUH YHUVLRQH &XVWRP IXQ]LRQD u 1RWD FRQ VHTXHQ]D GL WUDVPLVVLRQH LQYHUVD HG q ULFRQRVFLELOH GD XQD VFDQDODWXUD VXO GHVPRGURPLFR

◊&KHFN EODGH DQG HQJDJHPHQW SLQ RI WKH VKLIW IRUNV IRU ZHDU ◊,QVSHFW WUDFNV RQ VKLIW GUXP IRU ZHDU ◊9HULI\ HDV\ VSLQQLQJ RI ERWK EDOO EHDULQJV DQG LQVSHFW IRU SLWWLQJ

◊%ODWW XQG 0LWQHKPHUERO]HQ GHU 6FKDOWJDEHOQ DXI 9HUVFKOHL SU IHQ ◊.XOLVVHQ GHU 6FKDOWZDO]H DXI 9HUVFKOHL SU IHQ ◊%HLGH .XJHOODJHU GHU 6FKDOWZDO]H DXI /HLFKWJlQJLJNHLW E]Z 3LWWLQJV SU IHQ

7KH HQJLQH YHUVLRQ &XVWRP RSHUDWHV ZLWK UHYHUVHG JHDU VKLIW VHTXHQFH DQG LV UHFRJQL]DEOH E\ D JURRYH RQ WKH VKLIW GUXP

u +LQZHLV 'LH 0RWRUDXVI KUXQJ &XVWRP KDW

◊,O UXOOR GHOOD OHYD GHYH JLUDUH OLEHUDPHQWH ◊9HULILFDUH LO FRUUHWWR IXQ]LRQDPHQWR GHO GHQWH G DUUHVWR

H GHOOD UHODWLYD PROOD ◊9HULILFDUH FKH O DOEHUR FDPELR QRQ VLD GHIRUPDWR PD[ PP 'HYLD]LRQH DPPLVVLELOH ◊9HULILFDUH FKH HQWUDPEL JOL DOEHUL IRUFHOOH QRQ VLDQR GH IRUPDWL PD[ PP 'HYLD]LRQH DPPLVVLELOH

◊7KH UROOHU RI WKH LQGH[ OHYHU PXVW WXUQ IUHHO\ ◊&KHFN SDZO DQG SDZO VSULQJ IRU SURSHU RSHUDWLRQ ◊&KHFN VKLIW VKDIW IRU VWUDLJKWQHVV PD[ PP 3HUPLVVLEOH GHIOHFWLRQ ◊&KHFN ERWK IRUN VSLQGOHV IRU VWUDLJKWQHVV PD[ PP 3HUPLVVLEOH GHIOHFWLRQ

◊'LH 5ROOH GHV ,QGH[KHEHOV PXVV OHLFKW GUHKEDU VHLQ ◊6FKDOWNOLQNH XQG .OLQNHQIHGHU DXI )XQNWLRQ EHUSU IHQ ◊6FKDOWZHOOH DXI 6FKODJ NRQWUROOLHUHQ PD[ PP =XOlVVLJHU 6FKODJ ◊%HLGH 6FKDOWVWDQJHQ DXI 6FKODJ NRQWUROOLHUHQ PD[ PP =XOlVVLJHU 6FKODJ

+

+

u 1RWD / HVWUHPLWj GHOO¶DOEHUR OXQJR GHOOD IRU

FHOOD FKH VSRUJH GDO FDUWHU VHUYH FRPH IHUPR GHOOD WUDVPLVVLRQH H SRWUHEEH SLH JDUVL LQ FDVR GL FDULFR HFFHVVLYR XUWR

( SRVVLELOH FRQWUROODUH OD GHYLD]LRQH UL PXRYHQGR LO FRSHUFKLR IUL]LRQH H JLUDQGR LO PDQGULQR OXQJR

u 1RWH

+ +

u 1RWH

7KH HQG RI WKH ORQJ IRUN VSLQGOH

SURWUXGLQJ IURP FUDQNFDVH VHUYHV DV HQG VWRS RI JHDU VKLIW DQG PLJKW EHQG LQ FDVH RI H[WUHPH ORDG FUDVK

&KHFNLQJ RI GHIOHFWLRQ LV SRVVLEOH ZLWK FOXWFK FRYHU UHPRYHG E\ WXUQLQJ WKH ORQJ IRUN VSLQGOH

HLQH XPJHNHKUWH 6FKDOWIROJH XQG LVW HUNHQQEDU GXUFK HLQH 5LOOH DQ GHU 6FKDOWZDO]H

+ +

u +LQZHLV

'HU DXV GHP *HKlXVH KHUDXVUDJHQGH 7HLO GHU ODQJHQ 6FKDOWVWDQJH GLHQW DOV (QGDQVFKODJ GHU 6FKDOWXQJ XQG NDQQ VLFK EHL H[WUHPHU %HODVWXQJ 6WXU] YHUELHJHQ (LQH 3U IXQJ GHV 6FKODJHV LVW EHL DEJHQRPPHQHP .XSSOXQJVGHFNHO GXUFK 9HUGUHKHQ GHU ODQJHQ 6FKDOWVWDQJH P|JOLFK

7<3(

7UDVPLVVLRQH SULPDULD H IUL]LRQH l

7RJOLHUH OH EUXJROH 0 WUDVYHUVDOPHQWH H VPRQWDUH OD IUL]LRQH u 1RWD

LO GLVFR VXSHULRUH VHUYH FRPH PROOD H GHYH HVVHUH ULPHVVD QHOOD VWHVVD SRVL ]LRQH VXSHULRUH

3ULPDU\ GULYH DQG FOXWFK l

5HPRYH WKH $OOHQ VFUHZV 0 FURVVZLVH DQG GLVDVVHPEOH FOXWFK u 1RWH

7KH WRS SODLQ SODWH DFWV DV VSULQJ HOHPHQW DQG KDV WR EH UHILWWHG LQ WKH VDPH WRS ORFDWLRQ

,O IXQ]LRQDPHQWR GHOOD IUL]LRQH SXz HVVHUH LQIOXHQ]DWR R FRPSURPHVVR GD TXDQWR VHJXH

7KH RSHUDWLRQ RI WKH FOXWFK ZLOO EH LQIOXHQFHG RU LPSDLUHG E\ WKH IROORZLQJ

◊5HJROD]LRQH GHOOD OHYD IUL]LRQH VL YHGDQR OH VSHFLILFKH GHO FRVWUXWWRUH GHO PRWRFLFOR ◊5HJROD]LRQH GHOOD OHYD GL GLVWDFFR IUL]LRQH WUDPLWH OD YLWH GL EORFFDJJLR VL YHGD LO FDSLWROR 5HJROD]LRQH IUL ]LRQH ◊'LVFKL IUL]LRQH ULYHVWLWL R OLVFL LUUHJRODUL /LPLWH GL GLVWRUVLRQH PD[ PP ◊'LVFKL IUL]LRQH ULYHVWLWL XVXUDWL /LPLWH GL XVXUD VSHVVRUH PLQ PP

◊$GMXVWPHQW RI FOXWFK KDQGO VHH VSHFLILFDWLRQV RI ELNH SURGXFHU ◊$GMXVWPHQW RI WKH FOXWFK UHOHDVH OHYHU YLD WKH JUXE VFUHZ 6HH FKDSWHU &OXWFK DGMXVWPHQW ◊8QHYHQ OLQHG RU SODLQ FOXWFK SODWHV PD[ PP /LPLW RI GLVWRUWLRQ ◊:RUQ OLQHG FOXWFK SODWHV PLQ PP :HDU OLPLW WKLFNQHVV

+

+

+ +

3ULPlUWULHE XQG .XSSOXQJ l

6HFKVNDQWVFKUDXEHQ 0 NUHX]ZHLVH O|VHQ XQG .XSSOXQJ GHPRQWLHUHQ u +LQZHLV 'LH REHUVWH ,QQHQODPHOOH GLHQW DOV

)HGHUHOHPHQW XQG PXVV DQ GHU VHOEHQ 6WHOOH ZLHGHU HLQJHEDXW ZHUGHQ

'LH )XQNWLRQ GHU .XSSOXQJ ZLUG EHHLQWUlFKWLJW GXUFK ◊(LQVWHOOXQJ DP .XSSOXQJVKDQGKHEHO 6LHKH $QJDEHQ GHV 0RWRUUDGKHUVWHOOHUV ◊(LQVWHOOXQJ GHV *HZLQGHVWLIWHV DP $XVU FNKHEHO 6LHKH .DSLWHO .XSSOXQJ HLQVWHOOHQ ◊8QHEHQH %HODJODPHOOHQ E]Z ,QQHQODPHOOHQ PD[ PP 9HU]XJVJUHQ]H ◊9HUVFKOLVVHQH %HODJODPHOOHQ 9HUVFKOHL JUHQ]H PLQ PP

+ +

7<3(

◊6FDQDODWXUH GL JXLGD GHOOD FDPSDQD IUL]LRQH R VFDQDOD WXUH GHO PR]]R IUL]LRQH XVXUDWH PD[ PP

3URIRQGLWj GL LQVHULPHQWR ◊1HO FDVR LQ FXL OD FDPSDQD IUL]LRQH VL LQFDVWUL WUD LO PR] ]R IUL]LRQH H O DQHOOR LQWHUQR GHO FXVFLQHWWR * 6XSHUILFLH GL VSLQWD GHO PR]]R IUL]LRQH XVXUDWD VRVWLWXLUH LO PR]]R IUL]LRQH PD[ PP /LPLWH GL XVXUD * 6SLQJHUH LO FXVFLQHWWR D VIHUH GHOO DOEHUR VHFRQGD ULR QHO FDUWHU SUHULVFDOGDWR EDWWHQGR OHJJHUPHQWH FRQ XQ SXQ]RQH DGDWWR VXOO DQHOOR HVWHUQR GHO FX VFLQHWWR ◊$EEDVVDPHQWR GHOOH PROOH IUL]LRQH OXQJK PLQ

/LPLWH GL DEEDVVDPHQWR PROOD OLEHUD PP

+

+

+

u 1RWD ,Q FDVR GL VRVWLWX]LRQH FDPELDUH OH VHL PROOH

IUL]LRQH FRQWHPSRUDQHDPHQWH 3HU PRWRUL FRQ SUHVWD]LRQL HOHYDWH VRQR GL VSRQLELOL PROOH IUL]LRQH SL UHVLVWHQWL SDUW 527$; Q

◊:RUQ JXLGH VORWV LQ FOXWFK KRXVLQJ RU ZRUQ VSOLQHV RI FOXWFK KXE PD[ PP

'HSWK RI SRXQGLQJ ◊,I FOXWFK KRXVLQJ JHWV MDPPHG EHWZHHQ FOXWFK KXE DQG EHDULQJ LQQHU UDFH * :RUQ WKUXVW IDFH RI FOXWFK KXE 5HQHZ FOXWFK KXE PD[ PP :HDU OLPLW * 7DS EDOO EHDULQJ RI FOXWFK VKDIW LQWR SUHKHDWHG FUDQNFDVH E\ XVLQJ D VXLWDEOH SXQFK RQ RXWHU UDFH RI EHDULQJ ◊6DJJLQJ RI FOXWFK VSULQJV PLQ IUHH VSULQJ OHQJWK

/LPLW RI VSULQJ VDJ PP

+

+

+

u 1RWH

,Q FDVH RI UHQHZDO H[FKDQJH DOO FOXWFK VSULQJV DW WKH VDPH WLPH )RU HQJLQHV ZLWK LQFUHDVHG SHUIRUPDQFH VWURQJHU FOXWFK VSULQJV DUH DYDLODEOH 5RWD[ SDUW QR

◊9HUVFKOLVVHQH ) KUXQJVQXWHQ

GHV .XSSOXQJVNRUEHV E]Z $X HQYHU]DKQXQJ GHV 0LWQHKPHUV PD[ PP

(LQVFKODJWLHIH ◊:HQQ EHLP %HWlWLJHQ GHU .XSSOXQJ GHU .XSSOXQJVNRUE ]ZLVFKHQ 0LWQHKPHU XQG /DJHULQQHQULQJ JHNOHPPW ZLUG * 9HUVFKOLVVHQH $QODXIIOlFKH GHV 0LWQHKPHUV 0LWQHKPHU HUQHXHUQ PD[ PP 9HUVFKOHL JUHQ]H * 5LOOHQNXJHOODJHU GHU 9RUJHOHJHZHOOH EHL ZDUPHP *HKlXVH DP $X HQULQJ PLW JHHLJQHWHP 6WHPSHO QDFK LQQHQ VFKODJHQ ◊*HVHW]WH .XSSOXQJVIHGHUQ PLQ PP

9HUVFKOHL JUHQ]H

+

+

+

u +LQZHLV

*HJHEHQHQIDOOV LPPHU DOOH .XSSOXQJVIHGHUQ JHPHLQVDP DXVWDXVFKHQ ) U OHLVWXQJVJHVWHLJHUWH 0RWRUDXVI KUXQJHQ VLQG KlUWHUH )HGHUQ 527$; 1U

HUKlOWOLFK

7<3(

9HULILFDUH LQROWUH O XVXUD GHOOH VHJXHQWL SDUWL ◊)LDQFKL GHL GHQWL GHOOD FDPSDQD IUL]LRQH H GHOO LQJUD QDJJLR GL FRPDQGR 6XL PRWRUL FRQ DYYLDPHQWR D SHGDOH YHUVLRQH 5; YH ULILFDUH DQFKH L ILDQFKL GHOO LQJUDQDJJLR GL FRPDQGR GHOO DYYLDPHQWR D SHGDOH VXOOD FDPSDQD IUL]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 ◊*DEELD H UXOOLQL GHL GXH FXVFLQHWWL D UXOOLQL ◊'HQWDWXUD GHO GLVFR LQWHUQR ◊5RWWXUH GHL GLVFKL GL DWWULWR ◊5RWWXUH VHJQL R XVXUD GHL GLVFKL LQWHUQL IUL]LRQH ◊/D VIHUD GHO GLVFR GL EORFFDJJLR VL GHYH PXRYHUH OL EHUDPHQWH H QRQ GHYH HVVHUH XVXUDWD l

5LPRQWDUH OD IUL]LRQH LQ RUGLQH LQYHUVR u 1RWD ,O GLVFR IUL]LRQH ULYHVWLWR DOO HVWUHPLWj VXSH ULRUH GHYH LQFDVWUDUVL QHOOH IHVVXUH SL FRUWH $YYLWDUH OH YLWL D WHVWD HVDJRQDOH 0 SUL PD VHQ]D ILVVDUOH H VHUUDQGROH GRSR O LQ VWDOOD]LRQH GHOOD IUL]LRQH

$GGLWLRQDOO\ FKHFN WKH IROORZLQJ SDUWV IRU ZHDU ◊7RRWK IODQNV RI FOXWFK KRXVLQJ DQG GULYH JHDU 2Q HQJLQH ZLWK D NLFN VWDUW 5; YHUVLRQ FKHFN IODQNV RI NLFN VWDUW GULYH JHDU RQ FOXWFK KRXVLQJ DV ZHOO u 1RWH

7KH GULYH JHDU DQG JHDU RQ FOXWFK KRXVLQJ DUH PDWFKHG DQG DUH DOORZHG WR EH FKDQJHG LQ SDLUV RQO\

◊&DJH DQG QHHGOHV RI WKH WZR QHHGOH EHDULQJV ◊7RRWKLQJ RI WKH LQQHU SUHVVXUH SODWH ◊)ULFWLRQ SODWHV IRU FUDFNV ◊,QQHU FOXWFK SODWHV IRU FUDFNV VFRUH PDUNV DQG ZHDU ◊%DOO RI UHWDLQLQJ SODWH DVV\ PXVW EH IUHHO\ PRYLQJ DQG ZLWKRXW DQ\ ZHDU l

:HLWHUV VLQG IROJHQGH 7HLOH DXI 9HUVFKOHL ]X SU IHQ ◊=DKQIODQNHQ GHV .XSSOXQJVUDGHV XQG GHV $QWULHEVUDGHV (EHQVR VLQG EHLP .XSSOXQJVUDG GLH =DKQIODQNHQ I U GHQ .LFNVWDUWHUWULHEH QXU $XVI KUXQJ 5;

]X SU IHQ u +LQZHLV 'DV $QWULHEVUDG XQG GDV .XSSOXQJVUDG

VLQG ]XHLQDQGHU JHSDDUW XQG G UIHQ QXU JHPHLQVDP DXVJHWDXVFKW ZHUGHQ

5HDVVHPEOH WKH FOXWFK LQ UHYHUVHG VHTXHQFH

◊.lILJ XQG 1DGHOQ GHU EHLGHQ 1DGHOODJHU ◊9HU]DKQXQJ GHU 6W W]WHOOHUV ◊%HODJODPHOOHQ DXI 5LVVHIUHLKHLW ◊,QQHQODPHOOHQ DXI 5LVVHIUHLKHLW GLHVH G UIHQ NHLQH 5LHIHQ XQG $QODXIIDUEHQ DXIZHLVHQ ◊'LH .XJHO GHU 'UXFNSODWWH PXVV VLFK IUHL EHZHJHQ XQG GDUI NHLQH $EQ W]XQJHQ ]HLJHQ

u 1RWH

l

7KH OLQHG FOXWFK SODWH RQ WRS VKDOO HQJDJH LQ WKH VKRUWHU VORWV )LW KH[ KG VFUHZV 0 ILUVW ORRVHO\ DQG WLJKWHQ SURSHUO\ DIWHU LQVWDOODWLRQ RI FOXWFK

.XSSOXQJ LQ XPJHNHKUWHU 5HLKHQIROJH ZLHGHU ]XVDPPHQEDXHQ u +LQZHLV 'LH REHUVWH %HODJODPHOOH ZLUG YHUVHW]W HLQJHEDXW 'LH 6HFKVNDQWVFKUDXEHQ 0 QXU HLQLJH *HZLQGHJlQJH KLQHLQVFKUDXEHQ 'LHVH ZHUGHQ HUVW QDFK GHP (LQEDX IHVW DQJH]RJHQ

7<3(

&RSHUFKLR IUL]LRQH

&OXWFK FRYHU

.XSSOXQJVGHFNHO

◊9HULILFDUH FKH OD VXSHUILFLH GL WHQXWD QRQ VLD GDQQHJJLD WD H DVVLFXUDUVL FKH OH PDVFKLDWXUH VLDQR LQ RUGLQH ◊$VVLFXUDUVL FKH L ERUGL GL WHQXWD GHL SDUDROLR GHOO DOEHUR GHO FDPELR H GHOO DOEHUR GHOO DYYLDPHQWR D SHGDOH VROR VXO PRWRUH 5; QRQ VLDQR XVXUDWL R GDQQHJJLDWL l 3HU PRQWDUH L SDUDROLR XVDUH XQ SXQ]RQH DGHJXDWR $OEHUR GHO FDPELR

◊,QVSHFW VHDOLQJ IDFH IRU GDPDJH DQG FKHFN WKDW WDSSLQJV DUH LQ JRRG RUGHU ◊&KHFN VHDOLQJ OLSV RI RLO VHDOV IRU VKLIW VKDIW DQG NLFN VWDUW VKDIW RQ 5; HQJLQH RQO\ IRU ZHDU DQG GDPDJH l )RU WKH ILWWLQJ RI RLO VHDOV XVH WKH DSSURSULDWH SXQFK 6KLIW VKDIW

◊'LFKWIOlFKH DXI %HVFKlGLJXQJHQ XQWHUVXFKHQ XQG VlPWOLFKH *HZLQGH DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ ◊'LFKWOLSSHQ GHU :HOOHQGLFKWULQJH I U GLH 6FKDOWZHOOH XQG GLH .LFNVWDUWHUZHOOH QXU $XVI KUXQJ 5; DXI 9HUVFKOHL E]Z %HVFKlGLJXQJHQ EHUSU IHQ GHQ (LQEDX GHU :HOOHQGLFKWULQJH VLQG l ) U HQWVSUHFKHQGH 0RQWDJHVWHPSHO ]X YHUZHQGHQ 6FKDOWZHOOH

6SHFLDO WRRO

+

$OEHUR GHOO DYYLDPHQWR D SHGDOH $WWUH]]L VSHFLDOL 3XQ]RQH GL LQVHULPHQWR SDUW 527$; Q

.LFN VWDUW VKDIW 6SHFLDO WRRO

,QVHUWLRQ SXQFK 5RWD[ QR

+

,QVHUWLRQ SXQFK 5RWD[ QR

◊$VVLFXUDUVL FKH OD ILOHWWDWXUD GHOOD FDPPD GL VWDFFR VLD LQ RUGLQH ◊$VVLFXUDUVL FKH OD FDPPD GL VWDFFR VL PXRYD VHQ]D SUREOHPL H FKH O DWWDFFR GHO FDYR QRQ VLD URWWR R XVX UDWR

◊,QVSHFW WKUHDG RI UHOHDVH FDP DQG FKHFN WKDW LW LV LQ JRRG RUGHU ◊&KHFN UHOHDVH FDP IRU HDV\ PRYHPHQW DQG FDEOH ILWWLQJ IRU ZHDU DQG FUDFNV

$WWUH]]L VSHFLDOL

+ 3XQ]RQH GL LQVHULPHQWR SDUW 527$; Q +

u 1RWD DO ULPRQWDJJLR GHOOD FDPPD GL VWDFFR DVVL

FXUDUVL FKH O HVWUHPLWj GHOOD PROOD D FDPSD QD VL DSSRJJL EHQH VXOOD URQGHOOD H QRQ WRFFKL OD YLWH GL UHJROD]LRQH

u 1RWH

:KHQ ILWWLQJ WKH UHOHDVH FDP PDNH VXUH WKDW WKH HQG RI WKH OHDI VSULQJ UHVWV QHDWO\ RQ ZDVKHU DQG GRHV QRW WRXFK WKH DGMXVWPHQW VFUHZ

6SH]LDOZHUN]HXJ .LFNVWDUWHUZHOOH 6SH]LDOZHUN]HXJ

+ 0RQWDJHVWHPSHO 527$; 1U + 0RQWDJHVWHPSHO 527$; 1U

◊'DV *HZLQGH GHV $XVU FNWHOOHUV DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ ◊$XVU FNWHOOHU DXI /HLFKWJlQJLJNHLW SU IHQ XQG LP %HUHLFK GHU 6HLOHLQKlQJXQJ DXI 9HUVFKOHL XQG 5LVVH XQWHUVXFKHQ u +LQZHLV %HL GHU 0RQWDJH GHV $XVU FNWHOOHUV LVW

GLH %ODWWIHGHU VR ]X SRVLWLRQLHUHQ GDVV GDV )HGHUHQGH VLFKHU DXI GHU 6FKHLEH DXIOLHJW XQG QLFKW DP *HZLQGHVWLIW DQVWHKW

7<3(

*UXSSR DYYLDPHQWR D SHGDOH VROR SHU PRGHOOR 5;

.LFN VWDUW GULYH IRU 5; PRGHO RQO\

.LFNVWDUWHU QXU $XVI KUXQJ 5;

9HULILFDUH O XVXUD GHL VHJXHQWL FRPSRQHQWL

&KHFN WKH IROORZLQJ FRPSRQHQWV IRU ZHDU

)ROJHQGH 7HLOH DXI 9HUVFKOHL SU IHQ

◊)LDQFKL GHL GHQWL GHOO LQJUDQDJJLR IROOH H GHOO LQJUD QDJJLR DYYLDPHQWR D SHGDOH ◊'HQWL GHOO LQJUDQDJJLR GL DYYLDPHQWR H GHOO LQJUD QDJJLR GL LQQHVWR ◊/ HVWUHPLWj GHOOD PROOD GHOO DYYLDPHQWR D SHGDOH GHYH EORFFDUVL VXOOD SDUWH SLDWWD GHOO DOEHUR GHOO DY YLDPHQWR D SHGDOH

◊7RRWK IODQNV RI LGOH JHDU DQG NLFN VWDUW JHDU ◊7HHWK RI VWDUWLQJ JHDU DQG UDWFKHW JHDU ◊(QG RI NLFN VWDUW VSULQJ PXVW EH ORFNLQJ RQ IODW RI NLFN VWDUW VKDIW

◊=DKQIODQNHQ GHV =ZLVFKHQUDGHV XQG GHV 6WDUWHUUDGHV ◊=lKQH GHV 6WDUWHUUDGHV XQG 6SHUUUDGHV ◊'DV (QGH GHU 6SLUDOIHGHU PXVV VLFK DQ GHU IODFKHQ 6HLWH GHU .LFNVWDUWHUZHOOH EORFNLHUHQ

7<3(

9DOYROD GL VFDULFR 5$9(

QRQ SUHVHQWH QHOOD YHUVLRQH )

([KDXVW YDOYH 5$9(

1RW RQ ) YHUVLRQ

$XVODVVVFKLHEHU 5$9(

QLFKW EHL GHU ) 9HUVLRQ YRUKDQGHQ

u 1RWD

u 1RWH

u +LQZHLV

OD YDOYROD GL VFDULFR q D]LRQDWD GD XQ VROH QRLGH WUDPLWH XQ FDYR IOHVVLELOH ,O VROHQRLGH YLHQH DWWLYDWR LQ XQ GHWHUPLQDWR FDPSR GL UHJLPH GDOOD VFDWROD HOHWWURQLFD FKH ULFHYH LO VHJQDOH GHOOD URWD]LRQH GHO PR WRUH GDOOD IUHTXHQ]D GHO FLUFXLWR SULPDULR VL YHGD LO FDSLWROR )XQ]LRQDPHQWR 5$9( FRQWUROOR

l l l

)DU VFLYRODUH LQGLHWUR OD FXIILD GL SURWH]LRQH 7RJOLHUH HQWUDPEH OH EUXJROH 0 H OH URQGHOOH GL EORFFDJJLR

l

6OLGH EDFN SURWHFWLRQ FDS 5HPRYH ERWK $OOHQ VFUHZV 0 DQG ORFNZDVKHUV u 1RWH

u 1RWD VH OD YDOYROD VL PXRYH OLEHUDPHQWH HVWUDUUH

GDO FLOLQGUR LO JUXSSR YDOYROD GL VFDULFR LQVLH PH DO FDYR IOHVVLELOH

l

*LUDUH O DOORJJLDPHQWR GHOOR VWHOR YDOYROD GL H VFROOHJDUH LO FDYR IOHVVLELOH u 1RWD VH OD YDOYROD GL VFDULFR q EORFFDWD LQ SRVL]LR

QH GL DSHUWXUD D FDXVD GHL UHVLGXL GHOOD FRPEXVWLRQH OD YDOYROD GHYH HVVHUH VSLQWD LQGLHWUR FRQ XQ FDFFLDYLWH ILQR D TXDQGR LO FDYR IOHVVLELOH QRQ VL VFROOHJD )DUH DWWHQ ]LRQH D QRQ GDQQHJJLDUH OD VXSHUILFLH GL WH QXWD

l

7KH H[KDXVW YDOYH LV VROHQRLG RSHUDWHG YLD D %RZGHQ FDEOH 7KH VROHQRLG LV DFWLYDWHG DW D FHUWDLQ VSHHG UDQJH E\ WKH HOHFWURQLF ER[ ZKLFK UHFHLYHV HQJLQH VSHHG VLJQDO IURP IUHTXHQF\ RI WKH SULPDU\ FLUFXLW 6HH FKDSWHU 5$9( RSHUDWLRQ FKHFNLQJ

,I WKH YDOYH LV IUHHO\ PRYLQJ ZLWKGUDZ WKH H[KDXVW YDOYH DVVHPEO\ DORQJ ZLWK %RZGHQ FDEOH IURP WKH F\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 VHDOLQJ IDFH

6FKXW]NDSSH ]XU FNVFKLHEHQ %HLGH ,QEXVVFKUDXEHQ 0 PLW )HGHUVFKHLEHQ O|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 %RZGHQ FDEOH u 1RWH

'HU $XVODVVVFKLHEHU ZLUG EHU HLQHQ 6HLO]XJ GXUFK HLQHQ (OHNWURPDJQHWHQ EHWlWLJW 'HU (OHNWURPDJQHW ZLUG LQ HLQHP EHVWLPPWHQ 'UHK]DKOEHUHLFK YRQ HLQHU (OHNWURQLNER[ DNWLYLHUW GLH GLH 0RWRUGUHK]DKO YRQ GHU )UHTXHQ] GHV 1LHGHUVSDQQXQJVVLJQDOV HUKlOW 6LHKH .DSLWHO 5$9( )XQNWLRQ EHUSU IHQ

l

6FKLHEHUI KUXQJ XP *UDG YHUGUHKHQ XQG 6HLO]XJ DXVKlQJHQ u +LQZHLV ,VW

GHU $XVODVVVFKLHEHU LQ JHVFKORVVHQHP =XVWDQG EORFNLHUW YHUXUVDFKW GXUFK 9HUEUHQQXQJVU FNVWlQGH PXVV GLHVHU PLW HLQHP 6FKUDXEHQ]LHKHU VR ZHLW KHUDXVJHGU FNW ZHUGHQ GDVV GDV 6HLO DXV GHQ 6FKLHEHU DXVJHKlQJW ZHUGHQ NDQQ 'LFKWIOlFKH GDEHL QLFKW EHVFKlGLJHQ

7<3(

l l

7RJOLHUH O DOORJJLDPHQWR GHOOR VWHOR YDOYROD LQVLHPH DOOD PROOD H DOOD JXDUQL]LRQH (VWUDUUH OD YDOYROD GL VFDULFR FRQ XQ HVWUDWWRUH SHU YDOYROH $WWUH]]L VSHFLDOL

+

(VWUDWWRUH YDOYROD GL VFDULFR SDUW 527$; Q

◊$VVLFXUDUVL FKH OD JXDUQL]LRQH GHOOR VWHOR YDOYROD H O DQHOOR 25 LQVHULWR QHOO DOORJJLDPHQWR YDOYROD QRQ VLDQR XVXUDWL R GDQQHJJLDWL u 1RWD

VXO PRWRUH WLSR &XVWRP q SUHYLVWD XQD URQGHOOD GL JRPPD DJJLXQWLYD

◊(OLPLQDUH L UHVLGXL GHOOD FRPEXVWLRQH GDOOD YDOYROD GL VFDULFR H GDO FRQGRWWR YDOYROD QHO FLOLQGUR ◊$VVLFXUDUVL FKH OD YDOYROD GL VFDULFR QRQ VLD XVXUDWD R GDQQHJJLDWD

l l

5HPRYH YDOYH URG KRXVLQJ DORQJ ZLWK VSULQJ DQG JDVNHW :LWKGUDZ H[KDXVW YDOYH E\ YDOYH SXOOHU 6SHFLDO WRRO

+

([KDXVW YDOYH SXOOHU DVV\ 5RWD[ SDUW QR

◊&KHFN YDOYH VWHP VHDO DQG 2 ULQJ ILWWHG LQ YDOYH KRXVLQJ IRU ZHDU DQG GDPDJH u 1RWH

2Q WKH HQJLQH W\SH &XVWRP DQ DGGLWLRQDO UXEEHU ZDVKHU LV ILWWHG

◊&OHDU H[KDXVW YDOYH DQG YDOYH GXFW LQ F\OLQGHU IURP FRPEXVWLRQ UHVLGXHV ◊&KHFN H[KDXVW YDOYH IRU ZHDU DQG FUDFNV

l l

6FKLHEHUI KUXQJ PLW )HGHU XQG 'LFKWXQJ DEQHKPHQ $XVODVVVFKLHEHU PLW GHP 6FKLHEHUDXV]LHKHU KHUDXV]LHKHQ 6SH]LDOZHUN]HXJ

+ 6FKLHEHUDXV]LHKHU NSO 527$; 1U

◊6FKDIWGLFKWXQJ XQG 2 5LQJ PRQWLHUW LQ 6FKLHEHUI KUXQJ

DXI 9HUVFKOHL E]Z %HVFKlGLJXQJHQ SU IHQ u +LQZHLV 'HU =\OLQGHU I U GLH 0RWRUDXVI KUXQJ

&XVWRP KDW ]XVlW]OLFK HLQH *XPPLVFKHLEH

◊$XVODVVVFKLHEHU XQG 6FKLHEHUNDQDO LP =\OLQGHU YRQ 9HUEUHQQXQJVU FNVWlQGHQ VlXEHUQ ◊$XVODVVVFKLHEHU DXI 9HUVFKOHL XQG 5LVVH SU IHQ

7<3(

l

5LPRQWDUH VHJXHQGR O RUGLQH LQYHUVR u 1RWD

3RVL]LRQDUH FRUUHWWDPHQWH OD YDOYROD GL VFDULFR QHO FLOLQGUR O DWWDFFR GHO FDYR

q GLUHWWR YHUVR LO EDVVR H FRQ OD YDO YROD FRPSOHWDPHQWH DSHUWD O HVWUHPL Wj GHOOD YDOYROD GHYH HVVHUH DOOR VWHVVR OLYHOOR GHOOD OXFH GL VFDULFR 'RSR O LQVWDOOD]LRQH GHOO DOORJJLDPHQWR VWHOR YDOYROD DVVLFXUDUVL FKH OD YDOYR OD GL VFDULFR VL PXRYD OLEHUDPHQWH

l

5HDVVHPEO\ LQ UHYHUVHG VHTXHQFH u 1RWH

(QVXUH FRUUHFW SRVLWLRQ RI H[KDXVW YDOYH LQ F\OLQGHU FDEOH ILWWLQJ SRLQWV GRZQZDUGV DQG ZLWK WKH YDOYH IXOO\ SXOOHG RSHQ WKH HQG RI WKH YDOYH KDV WR EH OHYHO ZLWK WKH H[KDXVW SRUW 9HULI\ IUHH PRYHPHQW RI H[KDXVW YDOYH DIWHU ILWWLQJ WKH YDOYH URG KRXVLQJ

l

'HU =XVDPPHQEDX HUIROJW LQ XPJHNHKUWHU 5HLKHQIROJH u +LQZHLV

$XI GLH (LQEDXODJH GHV $XVODVVVFKLHEHUV LP =\OLQGHU DFKWHQ GLH 6HLOKlQJXQJ ]HLJW QDFK XQWHQ E]Z LP RIIHQHQ JH]RJHQHQ =XVWDQG PXVV GLH 8QWHUVHLWH GHV 6FKLHEHUV PLW GHP $XVSXIINDQDO SODQ VHLQ 'HU $XVODVVVFKLHEHU PXVV QDFK 0RQWDJH GHU 6FKLHEHUVWDQJHQI KUXQJ OHLFKWJlQJLJ VHLQ

7<3(

&LOLQGUR

&\OLQGHU

=\OLQGHU

◊5LPXRYHUH L GHSRVLWL FDOFDUHL GDOO¶DFTXD GDOO¶LQWHUFDSH GLQH GL UDIIUHGGDPHQWR VXO FLOLQGUR ◊(OLPLQDUH L UHVLGXL GHOOD FRPEXVWLRQH GDOOD OXFH GL VFD ULFR ◊3XOLUH H FRQWUROODUH OD VFDQDODWXUD GHOO DQHOOR 25 ◊$VVLFXUDUVL FKH WXWWH OH ILOHWWDWXUH VLDQR LQ EXRQH FRQ GL]LRQL ◊$VVLFXUDUVL FKH WXWWH OH VXSHUILFL GL WHQXWD VLD SLDQH H SXOLWH ◊9HULILFDUH O XVXUD GHOOD SDUHWH FLOLQGUR

◊5HPRYH FDOFDUHRXV GHSRVLWV IURP ZDWHU MDFNHW RI F\OLQGHU ◊&OHDU H[KDXVW SRUW IURP FRPEXVWLRQ GHSRVLWV ◊&OHDQ DQG FKHFN 2 ULQJ JURRYH ◊&KHFN DOO WKUHDGV IRU JRRG FRQGLWLRQ ◊(QVXUH WKDW DOO VHDOLQJ IDFHV DUH FOHDQ DQG SODQH ◊&KHFN F\OLQGHU ZDOO IRU ZHDU

◊.DONDEODJHUXQJHQ YRP =\OLQGHUZDVVHUPDQWHO HQWIHUQHQ ◊$XVODVVNDQDO YRQ 9HUEUHQQXQJVU FNVWlQGHQ UHLQLJHQ ◊2 5LQJ 1XW UHLQLJHQ XQG NRQWUROOLHUHQ ◊6lPWOLFKH *HZLQGH DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ ◊6lPWOLFKH 'LFKWIOlFKHQ P VVHQ VDXEHU XQG SODQ VHLQ ◊=\OLQGHUODXIIOlFKH DXI 9HUVFKOHL SU IHQ

+ + &LOLQGUR $% + /LPLWH GL XVXUD + &LOLQGUR % + /LPLWH GL XVXUD +

&LOLQGUR $ /LPLWH GL XVXUD

∅ PP ∅ PP ∅ PP ∅ PP ∅ PP ∅ PP

+ + &\OLQGHU $% + :HDU OLPLW + &\OLQGHU % + :HDU OLPLW +

&\OLQGHU $ :HDU OLPLW

∅ PP ∅ PP ∅ PP ∅ PP ∅ PP ∅ PP

+ + =\OLQGHU $% + 9HUVFKOHL JUHQ]H + =\OLQGHU % + 9HUVFKOHL JUHQ]H +

=\OLQGHU $ 9HUVFKOHL JUHQ]H

7<3(

PP PP PP PP PP PP

u 1RWD

,O FRGLFH GLPHQVLRQH FLOLQGUR q VWDPSLJOLD WR VXOOD VXSHUILFLH GHOOD EDVH FLOLQGUR /D OHWWXUD GHO GLDPHWUR FLOLQGUR GHYH HVVH UH HIIHWWXDWD DO 306 /D SDUWH LQIHULRUH GHOOD VXSHUILFLH FLOLQGUR q VRJJHWWD VROWDQWR D XQD OHJJHUD XVXUD 6H OD ]RQD GHO 306 GHO FLOLQGUR q PROWR XVXUDWD QRQ VL ULOHYDQR SL LO FRORUH EULO ODQWH OD UXYLGLWj H OD OHYLJDWXUD VL SXz GHVXPHUH FKH LO PRWRUH q VWDWR IDWWR IXQ ]LRQDUH FRQ FDUEXUDQWH FRQ HFFHVVLYD FRQFHQWUD]LRQH GL ]ROIR 3HU L ULPHGL VL YHGD LO FDSLWROR 3LVWRQH

◊2YDOL]]D]LRQH /LPLWH GL XVXUD PD[ PP ◊*LRFR WUD SLVWRQH H SDUHWH VL YHGD LO FDSLWROR 3LVWR QH

+

u 1RWH

7KH FRGH RI F\OLQGHU VL]H LV VWDPSHG RQ IDFH RI F\OLQGHU EDVH 7KH UHDGLQJ RI WKH F\OLQGHU GLDPHWHU KDV WR EH WDNHQ LQ 7'& WRS GHDG FHQWUH UDQJH 7KH ORZHU SDUW RI WKH F\OLQGHU ZDOO LV VXEMHFW WR VOLJKW ZHDU RQO\ ,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 HQJLQH ZDV UXQ RQ IXHO ZLWK H[FHVVLYH VXOSKXU FRQFHQWUDWLRQ )RU UHPHG\ VHH FKDSWHU 3LVWRQ

◊2YDOL]DWLRQ :HDU OLPLW PD[ PP ◊3LVWRQ WR ZDOO FOHDUDQFH VHH FKDSWHU 3LVWRQ

+

u +LQZHLV

'LH 0D JUXSSH GHV =\OLQGHUV LVW DQ GHU =\OLQGHUIX IOlFKH HLQJHVWDQ]W 'HU =\OLQGHU LVW LP 27 %HUHLFK REHUHU 7RWSXQNW ]X PHVVHQ 'HU XQWHUH %HUHLFK GHV =\OLQGHUV XQWHUOLHJW QXU JHULQJI JLJHP 9HUVFKOHL ,VW GHU .ROEHQ LP 27 %HUHLFK EHVRQGHUV YHUVFKOLVVHQ KHOOHUH )DUEH UDXK XQG NHLQH +RQVSXUHQ PHKU VLFKWEDU G UIWH GHU 0RWRU PLW VWDUN VFKZHIHOKlOWLJHP %HQ]LQ EHWULHEHQ ZRUGHQ VHLQ $EVWHOOPD QDKPHQ VLHKH .DSLWHO .ROEHQ

◊2YDOLWlW 9HUVFKOHL JUHQ]H PD[ PP ◊.ROEHQODXIVSLHO VLHKH .DSLWHO .ROEHQ

+

7<3(

3LVWRQH

3LVWRQ

.ROEHQ

â&#x2014;&#x160;9HULILFDUH VH FL VRQR WUDFFH GL GHWRQD]LRQH EDWWLWR LQ WH VWD VXOO DUHD GL ³VTXLVK´ H DO FHQWUR GHO SLVWRQH 3HU L ULPHGL VL YHGD LO FDSLWROR 5LFHUFD JXDVWL â&#x2014;&#x160;$VVLFXUDUVL FKH LO SLVWRQH QRQ SUHVHQWL URWWXUH VHJQL GL SUHVVLRQH H GL JULSSDJJLR

â&#x2014;&#x160;&KHFN IRU WUDFHV RI GHWRQDWLRQ SLQJLQJ DW VTXLVK HGJH DQG FHQWUH RI SLVWRQ )RU UHPHG\ VHH FKDSWHU 7URXEOH 6KRRWLQJ â&#x2014;&#x160;&KHFN SLVWRQ IRU FUDFNV SUHVVXUH PDUNV DQG SLVWRQ VHL]XUH

â&#x2014;&#x160;.RQWUROOH DXI 'HWRQDQWLRQ .OLQJHOVSXUHQ LP 4XHWVFKNDQWHQEHUHLFK XQG LP =HQWUXP GHV .ROEHQV 8UVDFKHQEHKHEXQJVLHKH )HKOHUVXFKWDEHOOH â&#x2014;&#x160;.ROEHQ DXI 5LVVH XQG 'UXFNVWHOOHQ E]Z .ROEHQIUHVVHU XQWHUVXFKHQ

u 1RWD

OH OHJJHUH ULJDWXUH SRVVRQR HVVHUH HOLPLQD WH WUDPLWH DEUDVLRQH XVDQGR WHOD VPHULJOLR JUDQD

â&#x2014;&#x160;3XOLUH LO FLHOR GHO SLVWRQH H LO ODWR LQIHULRUH FRPH SXUH OH VFDQDODWXUH GHOOD IDVFLD HODVWLFD u 1RWD

SXOLUH DFFXUDWDPHQWH OH VFDQDODWXUH GHOO DQHOOR FRQ XQ UDVFKLHWWR R SUHIHULELOPHQ WH FRQ XQ SH]]R GL YHFFKLD IDVFLD HODVWLFD

u 1RWH

/LJKW VFXIILQJ PDUNV FDQ EH FOHDUHG E\ DEUDVLRQ ZLWK HPHU\ FORWK JUDLQ VL]H

â&#x2014;&#x160;&OHDQ SLVWRQ FURZQ DQG XQGHUVLGH DV ZHOO DV SLVWRQ ULQJ JURRYHV u 1RWH

&OHDQ ULQJ JURRYHV FDUHIXOO\ E\ VFUDSHU RU SUHIHUDEO\ ZLWK D SLHFH RI DQ ROG SLVWRQ ULQJ

u +LQZHLV /HLFKWH 6FKDEVWHOOHQ N|QQHQ GXUFK

OHLFKWHV $EVFKOHLIHQ PLW HLQHP 6FKPLUJHOOHLQHQ .|UQXQJ

EHKREHQ ZHUGHQ

â&#x2014;&#x160;.ROEHQ DQ .ROEHQERGHQ 2EHU XQG 8QWHUVHLWH VRZLH LQ GHQ 5LQJQXWHQ UHLQLJHQ u +LQZHLV 'LH 5LQJQXW PLW 6FKDEHU E]Z DOWHQ

.ROEHQULQJ YRUVLFKWLJ UHLQLJHQ

7<3(

â&#x2014;&#x160;(IIHWWXDUH OD OHWWXUD GHO GLDPHWUR SLVWRQH FRQ XQ PLFUR PHWUR D XQD GLVWDQ]D GL PP GDO ERUGR LQIHULRUH GHO SLVWRQH 'LPHQVLRQL 'LDPHWUR /LPLWH GL 'LPHQVLRQL SLVWRQH SLVWRQH XVXUD DSSURSULDWH FLOLQGUR $

PLQ $ R $% %

PLQ % R $% 6RYUDGLPHQVLR PLQ % R FLOLQGUR ULOHYLJDWR QDPHQWR 6RYUDGLPHQVLR PQ FLOLQGUR ULOHYLJDWR QDPHQWR u 1RWD

OD GLPHQVLRQH QRPLQDOH GHO SLVWRQH q LPSUHVVD VXO FLHOR GHO SLVWRQH

â&#x2014;&#x160;7DNH UHDGLQJ RI SLVWRQ GLDPHWHU E\ PLFURPHWHU DW PP GLVWDQFH IURP ERWWRP HGJH RI SLVWRQ 3LVWRQ VL]H $ % 2YHUVL]H

3LVWRQ GLD >PP@

2YHUVL]H

u 1RWH

:HDU OLPLW $SSURSULDWH F\OLQGHU >PP@ VL]H 0LQ $ RU $% 0LQ % RU $% 0LQ % RU UHKRQHG F\OLQGHU 0LQ 5HKRQHG F\OLQGHU

1RPLQDO VL]H RI SLVWRQ LV LPSULQWHG RQ SLVWRQ FURZQ

â&#x2014;&#x160;.ROEHQGXUFKPHVVHU DXI +|KH PP JHPHVVHQ YRQ GHU 8QWHUNDQWH GHV .ROEHQV PLW HLQHP $XÂ&#x2030;HQPLNURPHWHU PHVVHQ .ROEHQ 0DÂ&#x2030;JUXSSH $ % hEHUPDÂ&#x2030; hEHUPDÂ&#x2030;

.ROEHQ 9HUVFKOHLÂ&#x2030;JUHQ]H 'D]XJHK|ULJH >PP@ >PP@ =\OLQGHU 0DÂ&#x2030;JUXSSH

PLQ $ RGHU $%

PLQ % RGHU $%

PLQ % RGHU QDFKJHKRQWHU =\OLQGHU

PLQ QDFKJHKRQWHU =\OLQGHU

u +LQZHLV 'HU 1HQQGXUFKPHVVHU GHV .ROEHQV LVW

DP .ROEHQERGHQ HLQJHVWHPSHOW

7<3(

◊*LRFR WUD SLVWRQH H SDUHWH *LRFR WUD SLVWRQH H SDUHWH ∅ FLOLQGUR PHQR ∅ SLVWRQH *LRFR QRPLQDOH PP · PP /LPLWH GL XVXUD PD[ PP

+ +

n $WWHQ]LRQH

4XDQGR LO OLPLWH GL XVXUD YLHQH ROWUH SDVVDWR XVDUH XQ SLVWRQH VRYUDGL PHQVLRQDWR R VRVWLWXLWH FLOLQGUR H SLVWRQH $OOD VRVWLWX]LRQH GHO SLVWRQH VRVWLWXL UH DVVROXWDPHQWH DQFKH L GXH DQHOOL GL VLFXUH]]D OR VSLQRWWR H OD JDEELD D UXOOLQL

◊/R VSLQRWWR GHYH DGDWWDUVL DO SLVWRQH VHQ]D FRQVLGH UHYROH JLRFR ◊$VVLFXUDUVL FKH OH VFDQDODWXUH GHJOL DQHOOL GL VLFXUH]]D QRQ VLDQR XVXUDWH

◊3LVWRQ WR ZDOO FOHDUDQFH 3LVWRQ WR ZDOO FOHDUDQFH ∅ RI F\O PLQXV ∅ RI SLVWRQ PP PP 1RPLQDO FOHDUDQFH :HDU OLPLW PD[ PP

+

+

n $WWHQWLRQ :KHQ ZHDU OLPLW LV H[FHHGHG XVH DQ

RYHUVL]H SLVWRQ RU H[FKDQJH F\OLQGHU DQG SLVWRQ :KHQ FKDQJLQJ D SLVWRQ DOVR UHQHZ WKH WZR FLUFOLSV WKH SLVWRQ SLQ DQG WKH QHHGOH FDJH

◊3LVWRQ SLQ PXVW ILW LQ SLVWRQ ZLWKRXW QRWLFHDEOH FOHDUDQFH ◊&KHFN FLUFOLSV JURRYHV IRU ZHDU

◊.ROEHQODXIVSLHO HUPLWWHOQ .ROEHQODXIVSLHO =\OLQGHU .ROEHQ ELV PP .ROEHQODXIVSLHO 9HUVFKOHL JUHQ]H PD[ PP

+ +

n $FKWXQJ

:HQQ GLH 9HUVFKOHL JUHQ]H EHUVFKULWWHQ LVW LVW HLQ hEHUPD NROEHQ ]X YHUZHQGHQ E]Z GHU =\OLQGHU PLW .ROEHQ DXV]XWDXVFKHQ :HQQ GHU .ROEHQ DXVJHWDXVFKW ZLUG VLQG XQEHGLQJW GLH EHLGHQ 6LFKHUXQJVULQJH .ROEHQERO]HQ XQG .ROEHQERO]HQNlILJ PLW DXV]XZHFKVHOQ

◊'HU .ROEHQERO]HQ GDUI LP .ROEHQ NHLQ PHUNOLFKHV 6SLHO DXIZHLVHQ ◊5LQJQXW I U GLH 6LFKHUXQJVULQJH DXI 9HUVFKOHL SU IHQ

7<3(

◊0LVXUDUH LO JLRFR DVVLDOH GHOOH IDVFH FRQ XQR VSHVVLPH WUR PD[ PP /LPLWH GL XVXUD

◊0HDVXUH WKH D[LDO FOHDUDQFH RI WKH ULQJV E\ IHHOHU JDXJH PD[ PP :HDU OLPLW

◊0LW HLQHU ) KOHUOHKUH GDV D[LDOH 6SLHO GHU 5LQJH LQ GHQ 5LQJQXWHQ HUPLWWHOQ 9HUVFKOHL JUHQ]H PD[ PP

◊'LVWDQ]D WUD OH HVWUHPLWj GHOOD IDVFLD HODVWLFD 'LVWDQ]D QRPLQDOH WUD OH HVWUHPLWj · PP /LPLWH GL XVXUD PD[ PP

◊(QG JDS RI SLVWRQ ULQJ PP 1RPLQDO HQG JDS :HDU OLPLW PD[ PP

◊'DV 6WR VSLHO GHU .ROEHQULQJH HUPLWWHOQ PP 6WR VSLHO 9HUVFKOHL JUHQ]H PD[ PP

+

+

u 1RWD

+

3HU PLVXUDUH OD GLVWDQ]D WUD OH HVWUHPLWj GL XQD IDVFLD HODVWLFD SRVL]LRQDUH OD ID VFLD QHO FLOLQGUR XVDQGR LO SLVWRQH FRPH PH]]R GL VSLQWD H FRQWUROODUH OD GLVWDQ]D FRQ XQR VSHVVLPHWUR

+

+

u 1RWH

+

7R PHDVXUH WKH HQG JDS RI D SLVWRQ ULQJ SRVLWLRQ ULQJ LQ WKH F\OLQGHU XVLQJ SLVWRQ DV SXVKHU DQG FKHFN JDS E\ IHHOHU JDXJH

+

+

+

u +LQZHLV =XP $XVPHVVHQ GHV 6WR VSLHOV PLW

HLQHU ) KOHUOHKUH LVW GHU .ROEHQULQJ LQ GHQ =\OLQGHU ]X VWHFNHQ XQG PLW HLQHP .ROEHQ DXV]XULFKWHQ

7<3(

l

, SLVWRQL VRQR GLVSRQLELOL FRQ GLYHUVL WLSL GL IDVFH LGHQWLILFDWH GDL UHODWLYL QXPHUL GL SDUWH *UXSSR SLVWRQH 527$; 1

u 1RWD

7LSR GL IDVFLD HODVWLFD FURPDWR FURPRFHUDPLFR FURPRFHUDPLFR QXRYR WLSR

)DVFLD HODVWLFD 527$; 1

QHO FDVR LQ FXL LO SLVWRQH FKH SUHVHQWL XVX UD HFFHVVLYD GRYXWD D IXQ]LRQDPHQWR FRQ FDUEXUDQWH GL TXDOLWj LQIHULRUH DOWR FRQWH QXWR GL ]ROIR VRQR FRQVLJOLDWL DQHOOL LQ FURPRFHUDPLFD H VL GRYUHEEH XVDUH XQ FDUEXUDQWH GL PDUFD GLYHUVD

◊9HULILFDUH O XVXUD GL HQWUDPEL L SHUQL GL ILVVDJJLR

l

3LVWRQV DUH DYDLODEOH ZLWK GLIIHUHQW W\SH RI ULQJV GHILQHG E\ WKH SDUW QR 3LVWRQ DVV\ 527$; 1R

7\SH RI SLVWRQ ULQJ

&KURPH FHUDPLF

&KURPH FHUDPLF QHZ W\SH

u 1RWH

&KURPLXP SODWHG

3LVWRQ ULQJ 527$; 1R

)RU D SLVWRQ ZLWK DSSDUHQW H[FHVVLYH ZHDU GXH WR RSHUDWLRQ ZLWK IXHO RI LQIHULRU TXDOLW\ KLJK VXOSKXU FRQWHQW WKH FKURPH FHUDPLF ULQJV DUH UHFRPPHQGHG DQG WKH EUDQG RI IXHO RXJKW WR EH FKDQJHG

◊&KHFN ERWK VHFXULQJ SLQV IRU ZHDU

l

(V VLQG .ROEHQ PLW YHUVFKLHGHQHQ 7HLOH 1XPPHUQ HUKlOWOLFK GLH VLFK QXU LQ GHU 5LQJEHVW FNXQJ XQWHUVFKHLGHQ .ROEHQ NSO 527$; 1U

.ROEHQULQJH 7\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 $XVI KUXQJ YHUZHQGHW XQG GLH .UDIWVWRIIPDUNH JHZHFKVHOW ZHUGHQ

◊%HLGHQ 6LFKHUXQJVVWLIWH I U GLH .ROEHQULQJH DXI 9HUVFKOHL EHUSU IHQ

7<3(

,QVHUWR FDPHUD GL FRPEXVWLRQH

&RPEXVWLRQ FKDPEHU LQVHUW

%UHQQUDXPHLQVDW]

◊(OLPLQDUH L UHVLGXL GHOOD FRPEXVWLRQH GDOOD FDPHUD GL FRPEXVWLRQH H L GHSRVLWL FDOFDUHL GDOOD VXSHUILFLH D FRQWDWWR FRQ O¶DFTXD GL UDIIUHGGDPHQWR

◊&OHDU FRPEXVWLRQ FKDPEHU RI FRPEXVWLRQ UHVLGXHV DQG ZDWHU MDFNHW RI FDOFDUHRXV GHSRVLWV

◊%UHQQUDXP YRQ 9HUEUHQQXQJVU FNVWlQGHQ XQG :DVVHUPDQWHO YRQ .DONDEODJHUXQJHQ VlXEHUQ

◊,QVSHFW FRPEXVWLRQ FKDPEHU LQVHUW IRU FUDFNV DQG FKHFN VSDUN SOXJ WKUHDG IRU JRRG FRQGLWLRQ

◊%UHQQUDXPHLQVDW] DXI 5LVVH XQG = QGNHU]HQJHZLQGH DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ

◊&KHFN VHDOLQJ IDFHV IRU IODWQHVV DQG GDPDJH

◊'LFKWIOlFKHQ DXI 3ODQKHLW XQG %HVFKlGLJXQJHQ NRQWUROOLHUHQ

◊$VVLFXUDUVL FKH O LQVHUWR FDPHUD GL FRPEXVWLRQH QRQ SUHVHQWL URWWXUH H FKH OD ILOHWWDWXUD GHOOD FDQGHOD VLD LQ EXRQH FRQGL]LRQL ◊$VVLFXUDUVL FKH OH VXSHUILFL GL WHQXWD VLDQR LQWHJUH H OL VFH u 1RWD

OD VXSHUILFLH GL WHQXWD GHOO LQVHUWR GL FRPEXVWLRQH IRUPD XQD OHJJHUD FRQLFLWj SDUWHQGR GD XQ GLDPHWUR GL PP

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 OHLFKW NHJHOLJ

7<3(

&RSHUFKLR WHVWDWD

&\OLQGHU KHDG FRYHU

=\OLQGHUNRSIGHFNHO

◊$VVLFXUDUVL FKH OH VXSHUILFL GL WHQXWD SHU L GXH DQHOOL 25 VLDQR SXOLWH ◊$VVLFXUDUVL FKH LO FRSHUFKLR WHVWDWD QRQ SUHVHQWL URWWXUH

◊(QVXUH FOHDQ VHDOLQJ IDFHV IRU WKH WZR 2 ULQJV ◊&KHFN F\OLQGHU KHDG FRYHU IRU FUDFNV

◊$XI VDXEHUH 'LFKWIOlFKHQ I U GLH EHLGH 2 5LQJH DFKWHQ ◊=\OLQGHUNRSIGHFNHO DXI 5LVVH EHUSU IHQ

7HUPRVWDWR

7KHUPRVWDW

u 1RWD LO WHUPRVWDWR GHYH HVVHUH FRQWUROODWR VH

LO PRWRUH VL VXUULVFDOGD QRQ VL UDJJLXQJH OD WHPSHUDWXUD GL HVHUFL]LR GL & O XVXUD GHOOD IDVFLD HODVWLFD q HFFHVVLYD OD VHGH YDOYROD SHUGH ◊(IIHWWXDUH LO FRQWUROOR GHO WHUPRVWDWR LPPHUJHQGROR LQ DFTXD FDOGD $ XQD WHPSHUDWXUD GHOO DFTXD GL & LO SHUQR GHYH LQL]LDUH D VROOHYDUVL H D FLUFD & GHYH UDJJLXQJHUH OD VXD FRUVD PDVVLPD GL PP u 1RWD

VH QRQ VL UDJJLXQJH TXHVWD HVWHQVLRQH VRVWLWXLUH LO WHUPRVWDWR

◊&RQWUROODUH LO SRUWDWHUPRVWDWR H OD PROOD GL FRPSUHV VLRQH u 1RWD

LQ FRQGL]LRQH GL FKLXVXUD VX PRWRUH IUHGGR VROR LO E\ SDVV SXz HVVHUH DSHUWR / DSHUWXUD GHO E\ SDVV EORFFDWD SURYRFKHUHEEH O RVFLOOD]LRQH GHOOD WHP SHUDWXUD PDVVLPD

7KH WKHUPRVWDW KDV WR EH FKHFNHG LI WKH HQJLQH RYHUKHDWV WKH RSHUDWLQJ WHPSHUDWXUH RI & ZLOO QRW EH UHDFKHG SLVWRQ ULQJ ZHDU LV H[FHVVLYH YDOYH VHDW LV OHDNLQJ ◊&KHFN WKHUPRVWDW E\ GURSSLQJ LW LQWR KRW ZDWHU $W D ZDWHU WHPSHUDWXUH RI & WKH SLQ PXVW VWDUW OLIWLQJ DQG DW DSSUR[ & PXVW UHDFK LWV PD[ VWURNH RI PP u 1RWH

u 1RWH

,I WKLV H[WHQVLRQ LV QRW UHDFKHG UHQHZ WKH WKHUPRVWDW

◊&KHFN WKHUPRVWDW KROGHU DQG FRPSUHVVLRQ VSULQJ

u 1RWH

,Q FORVHG FRQGLWLRQ RQ D FROG HQJLQH

RQO\ WKH E\ SDVV LV DOORZHG WR EH RSHQ $ EORFNHG E\ SDVV RSHQLQJ ZRXOG FDXVH IOXFWXDWLQJ PD[ WHPSHUDWXUHV

7KHUPRVWDW u +LQZHLV 'DV 7KHUPRVWDW PXVV EHUSU IW

ZHUGHQ ZHQQ GHU 0RWRU EHUKLW]W GLH %HWULHEVWHPSHUDWXU YRQ & QLFKW HUUHLFKW ZLUG EHL EHUPl LJHP .ROEHQULQJYHUVFKOHL ◊7KHUPRVWDW LQ %HKlOWHU PLW :DVVHU OHJHQ XQG HUZlUPHQ ZRGXUFK VLFK GHU 6WLIW KHUDXVEHZHJW %HL HLQHU :DVVHUWHPSHUDWXU YRQ & PXVV VLFK GDEHL GHU 6WLIW KHUDXVEHZHJHQ XQG HUUHLFKW EHL FD & VHLQHQ 0D[LPDOKXE YRQ PP u +LQZHLV :LUG GLHVHU :HUW QLFKW HUUHLFKW LVW GHU

7KHUPRVWDW ]X HUQHXHUQ

◊7KHUPRVWDWDXIQDKPH XQG 'UXFNIHGHU NRQWUROOLHUHQ u +LQZHLV ,Q JHVFKORVVHQHP =XVWDQG EHL NDOWHP

0RWRU GDUI QXU GHU %\SDVV 6FKOLW] RIIHQ VHLQ ,VW GHU %\SDVV 6FKOLW] YHUOHJW NRPPW HV ]X VWDUN VFKZDQNHQGHU 0D[LPDOWHPSHUDWXU

7<3(

9DOYROD D ODPHOOH

5HHG YDOYH

9HQWLOWUlJHU

◊$VVLFXUDUVL FKH LO ULYHVWLPHQWR LQ JRPPD GHO SRUWD YDOYROD QRQ VL VWLD VWDFFDQGR ◊$VVLFXUDUVL FKH OH ODPHOOH QRQ SUHVHQWLQR URWWXUH R GDQQL ◊/H ODPHOOH GHYRQR DGHULUH DO SRUWDYDOYROD FRQ XQ OHJ JHUR SUHFDULFR

◊&KHFN UXEEHU FRDWLQJ RQ YDOYH ERG\ IRU SHHOLQJ RII ◊,QVSHFW ERWK UHHG SHWDOV IRU FUDFNV DQG GDPDJH ◊7KH UHHG SHWDOV KDYH WR UHVW QHDWO\ XQGHU VOLJKW SUHWHQVLRQ RQ YDOYH ERG\

◊'LH *XPPLEHVFKLFKWXQJ DP 9HQWLOWUlJHU DXI $EO|VXQJ EHUSU IHQ ◊%HLGH %ODWWYHQWLOH DXI HYHQWXHOOH 5LVVH RGHU %HVFKlGLJXQJHQ EHUSU IHQ ◊'LH %ODWWYHQWLOH P VVHQ PLW HWZDV 9RUVSDQQXQJ ]XU *lQ]H DP 9HQWLOWUlJHU DXIOLHJHQ

u 1RWD

FRQWUROODUH DOOD OXFH

◊$VVLFXUDUVL FKH OH EUXJROH 0 VLDQR EHQ VHUUDWH $OOD VRVWLWX]LRQH GHOOH ODPHOOH ILVVDUH OH EUXJROH 0 FRQ /2&7,7( u 1RWD XVDUH VROR ODPHOOH RULJLQDOL 527$;

/ XVR GL ODPHOOH GL DOWUR WLSR SHU HV DO FDU ERQLR QRQ GHWHUPLQHUj DOFXQ DXPHQWR GL SUHVWD]LRQH PD LQWHUIHULUj FRQ OD WDUDWXUD GHO FDUEXUDWRUH H DXPHQWHUj LO ULVFKLR GL URW WXUD

u 1RWH

&KHFN E\ OLJKW JDS

◊&KHFN $OOHQ VFUHZV 0 IRU WLJKW ILW $W UHQHZDO RI WKH UHHG SHWDOV VHFXUH $OOHQ VFUHZV 0 ZLWK /2&7,7(

u 1RWH

8VH RQO\ JHQXLQH 527$; UHHG SHWDOV 8VH RI 1RQ 527$; UHHG SHWDOV H J FDUERQ ZLOO QRW EULQJ DQ\ ULVH RI SHUIRUPDQFH EXW ZLOO LQWHUIHUH ZLWK FDUEXUHWRU FDOLEUDWLRQ DQG ZLOO LQFUHDVH GDQJHU RI SHWDO EUHDNDJH

&DUEXUHWRU IODQJH

0DQLFRWWR FDUEXUDWRUH ◊$VVLFXUDUVL FKH LO PDQLFRWWR FDUEXUDWRUH QRQ SUHVHQWL URWWXUH H FKH LO ULYHVWLPHQWR LQ JRPPD QRQ VLD SRURVR ◊,O PDQLFRWWR FDUEXUDWRUH JRQILR D FDXVD GHOO XVR GL FDU EXUDQWH GL TXDOLWj LQIHULRUH SURYRFD XQD GLPLQX]LRQH GHOOH SUHVWD]LRQL H GHYH HVVHUH VRVWLWXLWR

◊&KHFN FDUEXUHWRU IODQJH IRU FUDFNV DQG SRURVLW\ RI UXEEHU FRDWLQJ ◊$ VZROOHQ FDUEXUHWRU IODQJH FDXVHG E\ SRRU TXDOLW\ IXHO ZLOO OHDG WR SHUIRUPDQFH ORVV DQG PXVW EH UHQHZHG

u +LQZHLV =XU .RQWUROOH JHJHQ GDV /LFKW KDOWHQ

◊'LH ,QEXVVFKUDXEHQ 0 DXI IHVWHQ 6LW] NRQWUROOLHUHQ %HL (UQHXHUXQJ GHU %ODWWYHQWLOH VLQG GLH ,QEXVVFKUDXEHQ 0 PLW /2&7,7( ]X VLFKHUQ u +LQZHLV 1XU

2ULJLQDO 527$; %ODWWYHQWLOH YHUZHQGHQ 1LFKW 527$; %ODWWYHQWLOH ] % &DUERQ

EULQJHQ NHLQH /HLVWXQJVVWHLJHUXQJ DX HUGHP SD W GLH 9HUJDVHUEHG VXQJ QLFKW PHKU XQG GLH %UXFKJHIDKU VWHLJW

9HUJDVHUVWXW]HQ ◊9HUJDVHUVWXW]HQ DXI 5LVVH XQG HYHQWXHOOH 3RURVLWlW GHU *XPPLEHVFKLFKWXQJ SU IHQ ◊$XIJHTXROOHQH 9HUJDVHUVWXW]HQ EHL VFKOHFKWHP .UDIWVWRII EHZLUNHQ /HLVWXQJVPDQJHO XQG VLQG ]X HUVHW]HQ

7<3(

3RPSD GHOO ROLR

2LO SXPS

gOSXPSH

◊$VVLFXUDUVL FKH L FRQGRWWL GL PDQGDWD H GL DVSLUD]LR QH QRQ SHUGDQR H QRQ VLDQR SRURVL QHL SXQWL GL FRQ QHVVLRQH 6RVWLWXLUH VH QHFHVVDULR ◊3XOLUH LO VHUEDWRLR ROLR LO ILOWUR VHUEDWRLR ROLR H LO FRQGRWWR GL DOLPHQWD]LRQH GHOO ROLR ◊6RVWLWXLUH VHPSUH OD SRPSD GHOO ROLR VH GDQQHJJLDWD R LQ FDVR GL SHUGLWH ◊'RSR O LQVWDOOD]LRQH GHO FDYR IOHVVLELOH GHOOD SRPSD GHOO ROLR UHJRODUH LQ PRGR FKH LQ SRVL]LRQH GL IROOH L VH JQL VXOOD OHYD GHOOD SRPSD H VXOO DOORJJLDPHQWR GHOOD SRPSD VL DOOLQHLQR

◊&KHFN SUHVVXUH DQG VXFWLRQ OLQH IRU OHDNDJH DQG SRURVLW\ DW FRQQHFWLRQ 5HQHZ DV UHTXLUHG ◊&OHDQ RLO WDQN RLO WDQN ILOWHU DQG RLO VXSSO\ OLQH ◊$OZD\V UHQHZ DQ\ GDPDJHG RU OHDNLQJ RLO SXPS ◊$IWHU ILWWLQJ WKH RLO SXPS %RZGHQ FDEOH DGMXVW VR WKDW LQ LGOLQJ SRVLWLRQ WKH PDUNV RQ SXPS OHYHU DQG SXPS KRXVLQJ DOLJQ

◊'UXFNOHLWXQJ XQG 6DXJOHLWXQJ DQ GHQ $QVFKOXVVVWHOOHQ DXI 8QGLFKWKHLW E]Z 3RURVLWlW EHUSU IHQ XQG JHJHEHQHQIDOOV HUQHXHUQ ◊$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 XQG 3XPSHQJHKlXVH EHUHLQVWLPPHQ

7<3(

6SXUJR SRPSD GHOO ROLR

2LO SXPS YHQWLQJ

gOSXPSH HQWO IWHQ

n $WWHQ]LRQH

n $WWHQWLRQ

n $FKWXQJ

l

l

l

l

OD SRPSD GHOO ROLR H L FRQGRWWL GHYRQR HVVHUH VSXUJDWL QHL FDVL VHJXHQWL 3ULPD GL IDU SDUWLUH OD PRWR SHU OD SULPD YROWD 2JQL YROWD FKH LO PRWRUH KD RSHUDWR FRQ LO VHUEDWRLR GHOO ROLR YXRWR 'RSR OD VRVWLWX]LRQH GL FRPSRQHQWL GHO VLVWHPD GL OXEULILFD]LRQH

3HU VSXUJDUH OD SRPSD R L FRQGRWWL GHOO ROLR DSULUH OD YLWH GL VSXUJR 6SXUJDUH O ROLR ILQR D FKH QRQ q FRPSOHWDPHQWH SULYR GL EROOH G DULD 4XDQGR O ROLR q WRWDOPHQWH SULYR GL EROOH ULFKLXGHUH OD YLWH GL VSXUJR &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 YHQWHG RQ IROORZLQJ RFFDVLRQV %HIRUH WDNLQJ WKH ELNH LQWR RSHUDWLRQ IRU WKH ILUVW WLPH (DFK WLPH WKH RLO WDQN KDV EHHQ UXQ HPSW\ $IWHU WKH UHQHZDO RI FRPSRQHQWV RI WKH OXEULFDWLRQ V\VWHP

l

7R YHQW WKH RLO SXPS RU RLO OLQHV RSHQ YHQW VFUHZ

l

'UDLQ RLO XQWLO LW LV FRPSOHWHO\ IUHH RI DLU EXEEOHV

l

l

:KHQ WKH RLO HPHUJHV IUHH RI DLU WLJKWHQ YHQW VFUHZ DJDLQ :LWK HQJLQH UXQQLQJ FKHFN SURSHU RSHUDWLRQ RI RLO SXPS RQ GHOLYHU\ OLQH

l

l l

l

'LH gOSXPSH E]Z gOOHLWXQJHQ P VVHQ LQ IROJHQGHQ )lOOHQ HQWO IWHW ZHUGHQ 9RU GHU HUVWHQ ,QEHWULHEQDKPH GHV QHXHQ 0RWRUUDGHV -HGHV 0DO ZHQQ GHU gOWDQN OHHUJHIDKUHQ ZXUGH :HQQ HLQ 7HLO GHV 6FKPLHUV\VWHPV HUQHXHUW ZXUGH

=XP (QWO IWHQ GHU gOSXPSH E]Z GHU gOOHLWXQJHQ LVW GLH (QWO IWHUVFKUDXEH ]X |IIQHQ 'DV gO DXVODXIHQ ODVVHQ ELV HV IUHL YRQ /XIWEODVHQ LVW :HQQ GDV DXVODXIHQGH gO NHLQH /XIWEODVHQ PHKU HQWKlOW LVW GLH (QWO IWHUVFKUDXEH IHVW]X]LHKHQ %HL ODXIHQGHP 0RWRU LVW GLH )XQNWLRQ GHU gOSXPSH DQ GHU 'UXFNOHLWXQJ ]X NRQWUROOLHUHQ

7<3(

3RPSD GHOO DFTXD u 1RWD

:DWHU SXPS

OD SRPSD GHOO DFTXD GHYH HVVHUH FRQWUROOD WD VPRQWDWD R VRVWLWXLWD QHL VHJXHQWL FDVL 4XDQGR q QHFHVVDULR UDEERFFDUH LO OLTXLGR GL UDIIUHGGDPHQWR IUHTXHQWHPHQWH 4XDQGR HVFH OLTXLGR GL UDIIUHGGDPHQWR R ROLR FDPELR GDO IRUR GHO FDUWHU (FFHVVLYR DXPHQWR GHOOD WHPSHUDWXUD GHO OLTXLGR GL UDIIUHGGDPHQWR 4XDQGR VDUHEEH YDQWDJJLRVR XVDUH XQ JUXSSR SRPSD QXRYR SUHDVVHPEODWR

6ILODUH OD VSLQD HODVWLFD FRQ XQ SXQ]RQH DGHJXDWR H WRJOLHUH OD URQGHOOD GL VSLQWD l 7RJOLHUH GDOO DOORJJLDPHQWR SRPSD O DOEHUR GHOOD SRPSD GHOO DFTXD H OD JLUDQWH ◊$VVLFXUDUVL FKH O DOEHUR GHOOD SRPSD GHOO DFTXD QRQ SUHVHQWL WUDFFH GL XVXUD QHOOD ]RQD GHL GXH SDUDROLR H VH QHFHVVDULR VRVWLWXLUH ◊$VVLFXUDUVL FKH OD JLUDQWH QRQ VLD GDQQHJJLDWD R GH IRUPDWD VRVWLWXLUH VH QHFHVVDULR l

u 1RWD

SUHFDULFDUH OD VSLQD HODVWLFD SUHFHGHQ WHPHQWH DO PRPHQWR GHOO LQVWDOOD]LRQH SHU HYLWDUH GDQQL DO JLUDQWH

◊$VVLFXUDUVL FKH L GHQWL GHO SLJQRQH GHOOD SRPSD GHOO DF TXD QRQ VLDQR GDQQHJJLDWL H FKH LO PDWHULDOH QRQ VL URPSD

:DVVHUSXPSH

u 1RWH

7KH ZDWHU SXPS KDV WR EH FKHFNHG WDNHQ WR SLHFHV RU FKDQJHG LQ WKH IROORZLQJ FDVHV )UHTXHQW UHSOHQLVK RI FRRODQW DUH QHFHVVDU\ /HDNDJH RI FRRODQW RU JHDU RLO IURP ERUH LQ FUDQNFDVH ([FHVVLYH LQFUHDVH RI FRRODQW WHPSHUDWXUH :KHQ LW ZRXOG EH DGYDQWDJHRXV WR XVH D QHZ SUHDVVHPEOHG ZDWHU SXPS DVV\ l .QRFN RXW GRZHO ZLWK D VXLWDEOH SXQFK DQG WDNH RII WKUXVW ZDVKHU l 3XOO RXW ZDWHU SXPS VKDIW DORQJ ZLWK LPSHOOHU IURP SXPS KRXVLQJ ◊&KHFN ZDWHU SXPS VKDIW LQ WKH DUHD RI WKH WZR RLO VHDOV IRU WUDFHV RI ZHDU DQG FKDQJH DV UHTXLUHG ◊&KHFN LPSHOOHU IRU GDPDJH DQG GHIRUPDWLRQ UHQHZ DV UHTXLUHG u 1RWH

3UH WHQVLRQ GRZHO EHIRUH ILWWLQJ LW WR SUHYHQW DQ\ GDPDJH RI LPSHOOHU

◊&KHFN WRRWKLQJ RI ZDWHU SXPS SLQLRQ IRU GDPDJH DQG PDWHULDO FUXPEOLQJ

u +LQZHLV 'LH :DVVHUSXPSH PXVV LQ IROJHQGHQ

)lOOHQ NRQWUROOLHUW E]Z ]HUOHJW E]Z JHWDXVFKW ZHUGHQ 2IWPDOLJHV 1DFKI OOHQ YRQ . KOPLWWHO $XVWULWW YRQ . KOPLWWHO E]Z *HWULHEH|O YRQ GHU /HFNZDVVHUERKUXQJ LP *HKlXVH hEHUPl LJHU $QVWLHJ GHU . KOPLWWHOWHPSHUDWXU 9RUWHLOKDIW LVW GLH 9HUZHQGXQJ HLQHU QHXHQ EHUHLWV YRUPRQWLHUWH NSO :DVVHUSXPSH l $QWULHEVVHLWLJH 6SDQQK OVH PLW HLQHP JHHLJQHWHQ 6WXIHQGRUQ KHUDXVNORSIHQ XQG 6FKHLEH DEQHKPHQ l :DVVHUSXPSHQZHOOH PLW /DXIUDG YRP :DVVHUSXPSHQJHKlXVH KHUDXV]LHKHQ ◊:DVVHUSXPSHQZHOOH LP /DXIEHUHLFK GHU EHLGHQ :HOOHQGLFKWULQJH DXI /DXIVSXUHQ XQWHUVXFKHQ XQG JHJHEHQHQIDOOV DXVWDXVFKHQ ◊/DXIUDG DXI %HVFKlGLJXQJ E]Z 9HUIRUPXQJ XQWHUVXFKHQ XQG JHJHEHQHQIDOOV HUQHXHUQ u +LQZHLV %HLP (LQSUHVVHQ PXVV GLH 6SDQQK OVH

YRUJHVSDQQW ZHUGHQ GDPLW GDV /DXIUDG QLFKW EHVFKlGLJW ZLUG ◊9HU]DKQXQJ GHV 3XPSHQULW]HOV DXI %HVFKlGLJXQJ E]Z 0DWHULDODXVEU FKH EHUSU IHQ XQG JHJHEHQHQIDOOV HUQHXHUQ

7<3(

◊$VVLFXUDUVL FKH LO IRUR GL VILDWR GHOO DFTXD H LO IRUR GL OXEULILFD]LRQH GHOO DOEHUR SRPSD VXOO DOORJJLDPHQWR SRPSD VLDQR OLEHUL ◊$VVLFXUDUVL FKH L SDUDROLR H JOL DQHOOL 25 GHOOD SRPSD GHOO DFTXD QRQ VLDQR GDQQHJJLDWL R XVXUDWL VRVWLWXLUH VH QHFHVVDULR l

◊&KHFN ZDWHU SXPS KRXVLQJ IRU IUHH SDVVDJH RI ZDWHU OHDNDJH ERUH DQG RLO ERUH IRU WKH SXPS VKDIW ◊&KHFN RLO VHDOV DQG 2 ULQJV RI ZDWHU SXPS IRU GDPDJH DQG ZHDU UHQHZ DV UHTXLUHG l

3UHPHUH FRPSOHWDPHQWH LO SDUDROLR LQWHUQR FRQ LO SXQ]RQH GL LQVHULPHQWR LO ERUGR GL WHQXWD GHYH HVVHUH ULYROWR YHUVR OD JLUDQWH

6SHFLDO WRRO l

$WWUH]]L VSHFLDOL l

l

+

3XQ]RQH GL LQVHULPHQWR SDUW 527$; 1 ,O SDUDROLR HVWHUQR GHYH HVVHUH SUHPXWR ILQR DO OLYHOOR GHOO DOORJJLDPHQWR GHOOD SRPSD GHOO DFTXD LO ERUGR GL WHQXWD GHYH HVVHUH ULYROWR YHUVR OD JLUDQWH &KLXGHUH HQWUDPEL L SDUDROLR H H OR VSD]LR WUD L GXH SDUDROLR FRQ 02/<.27(

3UHVV LQQHU RLO VHDO IXOO\ KRPH ZLWK WKH LQVHUWLRQ SXQFK WKH VHDOLQJ OLS KDV WR SRLQW WRZDUGV LPSHOOHU

l

+

◊%HL GHP :DVVHUSXPSHQJHKlXVH DXI IUHLHQ 'XUFKJDQJ GHU /HFNZDVVHUERKUXQJ XQG 6FKPLHUERKUXQJ I U GLH 3XPSHQZHOOH DFKWHQ ◊:HOOHQGLFKWULQJH XQG 2 5LQJH GHU :DVVHUSXPSH DXI %HVFKlGLJXQJ E]Z 9HUVFKOHL EHUSU IHQ XQG JHJHEHQHQIDOOV HUQHXHUQ l

,QVHUWLRQ SXQFK 5RWD[ SDUW QR

7KH RXWHU RLO VHDO KDV WR EH SUHVVHG IOXVK ZLWK ZDWHU SXPS KRXVLQJ WKH VHDOLQJ OLS KDV WR SRLQW WRZDUGV LPSHOOHU 6HDO ERWK RLO VHDOV DQG DV ZHOO DV WKH VSDFH EHWZHHQ WKH WZR RLO VHDOV ZLWK 02/<.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 lX HUH :HOOHQGLFKWULQJ LVW E QGLJ PLW GHP :DVVHUSXPSHQJHKlXVH HLQ]XSUHVVHQ 'HU 'LFKWOLSSH PXVV LQ 5LFKWXQJ /DXIUDG ]HLJHQ %HLGH :HOOHQGLFKWULQJH XQG VRZLH GHQ =ZLVFKHQUDXP GHU EHLGHQ :HOOHQGLFKWULQJH PLW 02/<.27( VFKOLH HQ

7<3(

*UXSSR GL DFFHQVLRQH

,JQLWLRQ XQLW

= QGDQODJH

,O PRWRUH q GRWDWR GL XQ GLVSRVLWLYR GL DFFHQVLRQH HOHWWUR QLFR &', FRQ FRPDQGR HOHWWURQLFR GHOOD IDVDWXUD GL DF FHQVLRQH H XQ JHQHUDWRUH &$ LQWHJUDWR D IDVL / DFFHQVLRQH QRQ GHYH HVVHUH UHJRODWD H QRQ QHFHVVLWD GL PDQXWHQ]LRQH DOFXQD

7KH HQJLQH LV HTXLSSHG ZLWK D EUHDNHUOHVV FDSDFLWRU GLVFKDUJH LJQLWLRQ XQLW ZLWK HOHFWURQLF FRQWURO RI LJQLWLRQ WLPLQJ DQG DQ LQWHJUDWHG SKDVH $& JHQHUDWRU 7KH LJQLWLRQ XQLW QHHGV QR DGMXVWPHQW DQG LV FRPSOHWHO\ IUHH RI PDLQWHQDQFH

'LH = QGDQODJH LVW HLQH NRQWDNWORVH +RFKVSDQQXQJV .RQGHQVDWRU = QGDQODJH PLW HOHNWURQLVFKHU = QGYHUVWHOOXQJ XQG HLQHP 3KDVHQ :HFKVHOVWURPJHQHUDWRU 'LH = QGDQODJH HUIRUGHUW NHLQH (LQVWHOOXQJ XQG LVW ZDUWXQJVIUHL

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 KLJK YROWDJH HTXLSPHQW

s :DUQXQJ

n $WWHQ]LRQH OD FHQWUDOLQD HOHWWURQLFD GL FRQWUROOR QRQ

n $WWHQWLRQ

7KH HOHFWURQLF ER[ PXVW QHYHU EH VXEMHFW WR SK\VLFDO LPSDFWV

9RU 'XUFKI KUXQJ HLQHU 5HSDUWXU LVW GHU = QGVFKO VVHO DE]X]LHKHQ XQG GLH %DWWHULH ]XHUVW 3OXVSRO DE]XNOHPPHQ 9RUVLFKW +RFKVSDQQXQJ EHL = QGDQODJH

n $FKWXQJ

'DV 6WHXHUJHUlW GDUI NHLQHQ PHFKDQLVFKHQ 6FKOlJHQ DXVJHVHW]W ZHUGHQ

]LRQH VXOO DFFHQVLRQH HVWUDUUH OD FKLDYH H VFROOHJDUH OD EDWWHULD SULPD LO SROR QH JDWLYR $WWHQ]LRQH DOWD WHQVLRQH

GHYH PDL HVVHUH VRJJHWWD D XUWL

7<3(

*UXSSR GL DFFHQVLRQH VLQJROL FRPSRQHQWL

*UXSSR VWDWRUH *UXSSR YRODQR PDJQHWH 7UDVPHWWLWRUH HVWHUQR &HQWUDOLQD HOHWWURQLFD %RELQD GL DFFHQVLRQH *UXSSR LQJUDQDJJLR DFFHQVLRQH

0RWRULQR DYYLDPHQWR HOHWWULFR

,JQLWLRQ XQLW VLQJOH FRPSRQHQWV

= QGDQODJH (LQ]HOWHLOH

6WDWRU DVV\ 0DJQHWR IO\ZKHHO DVV\ 7ULJJHU FRLO (OHFWURQLF ER[ ,JQLWLRQ FRLO 6WDUWHU JHDU DVV\

(OHFWULF VWDUWHU DVV\

6WDWRU 0DJQHWUDG $X HQJHEHU 6WHXHUJHUlW = QGVSXOH 6WDUWHUJHWULHEH NSO

6FKUDXEWULHE 6WDUWHU NSO

7<3(

*UXSSR GL DFFHQVLRQH VFKHPD HOHWWULFR

,JQLWLRQ XQLW ZLULQJ GLDJUDP

= QGDQODJH 6FKDOWSODQ

*HQHUDWRUH D PDJQHWH 7UDVPHWWLWRUH HVWHUQR &HQWUDOLQD HOHWWURQLFD %RELQD GL DFFHQVLRQH &DQGHOD %DWWHULD

,QWHUUXWWRUH GL VLFXUH]]D FDYDOOHWWR ,QWHUUXWWRUH GL DFFHQVLRQH

0DJQHWR JHQHUDWRU ([WHUQDO WULJJHU FRLO (OHFWURQLF ER[ ,JQLWLRQ FRLO 6SDUN SOXJ %DWWHU\

6LGH VWDQG VDIHW\ VZLWFK ,JQLWLRQ VZLWFK

0DJQHW] QGHU *HQHUDWRU $X HQJHEHU 6WHXHUJHUlW = QGVSXOH = QGNHU]H %DWWHULH

6HLWHQVWlQGHU 6LFKHUKHLWVVFKDOWHU = QGVFKDOWHU

6LPEROR :< /< < %<

&RORUH ELDQFR FRQ VWULVFH JLDOOH EOX FRQ VWULVFH JLDOOH JLDOOR QHUR JLDOOR

&HQWUDOLQD HOHWWURQLFD PRUVHWWLHUD D E F

VHQVRUH $ VHQVRUH % WHUUD

H I J

LQWHUUXWWRUH GL VLFXUH]]D FDYDOOHWWR EDWWHULD ERELQD GL DFFHQVLRQH

6\PERO :< /< < %<

&RORXU :KLWH ZLWK \HOORZ VWULSHV %OXH ZLWK \HOORZ VWULSHV <HOORZ %ODFN \HOORZ

(OHFWURQLF ER[ WHUPLQDO D E F

6HQVRU $ 6HQVRU % JURXQGLQJ

H I J

6\PERO :< /< < %<

)DUEH ZHL PLW JHOEHQ 6WUHLIHQ EODX PLW JHOEHQ 6WUHLIHQ *HOE 6FKZDU] *HOE

6WHXHUJHUlW $QVFKO VVH 6LGH VWDQG VDIHW\ VZLWFK %DWWHU\ ,JQLWLRQ FRLO

D E F

6HQVRU $ 6HQVRU % 0DVVH

H I J

6HLWHQVWlQGHU 6LFKHUKHLWVVFKDOWHU %DWWHULH = QGVSXOH

7<3(

*UXSSR GL DFFHQVLRQH ULFHUFD JXDVWL

,JQLWLRQ XQLW WURXEOH VKRRWLQJ

= QGDQODJH )HKOHUVXFKH

6H LO GLVSRVLWLYR GL DFFHQVLRQH QRQ JHQHUD OD VFLQWLOOD GL DFFHQVLRQH R QHO FDVR LQ FXL PDOIXQ]LRQDPHQWL GHO PRWR UH VLDQR FDXVDWL GDOO DFFHQVLRQH FRQWUROODUH L VHJXHQWL FRPSRQHQWL QHOOD VHTXHQ]D LQGLFDWD R WURYDUH LO JXDVWR SHU HOLPLQD]LRQH

,I WKH LJQLWLRQ XQLW ZLOO QRW JHQHUDWH WKH LJQLWLRQ VSDUN RU LQ FDVH RI LQGLFDWLRQV WKDW PDOIXQFWLRQV RI HQJLQH DUH FDXVHG E\ WKH LJQLWLRQ XQLW YHULI\ WKH IROORZLQJ FRPSRQHQWV LQ WKH VWDWHG VHTXHQFH RU WUDFH HUURU E\ PHWKRG RI HOLPLQDWLRQ

/LHIHUW GLH = QGDQODJH NHLQHQ = QGIXQNHQ RGHU OLHJHQ $Q]HLFKHQ YRU GDVV )HKOIXQNWLRQHQ GHV 0RWRUV YRQ GHU = QGDQODJH YHUXUVDFKW ZHUGHQ P VVHQ IROJHQGH 7HLOH LQ GHU DQJHJHEHQHQ 5HLKHQIROJH EHUSU IW E]Z GXUFK $XVWDXVFKHQ GHU 7HLOH GLH )XQNWLRQ HUPLWWHOW ZHUGHQ

◊&DQGHOD

◊6SDUN SOXJ

◊= QGNHU]H

◊&RQQHWWRUH FDQGHOD

◊6SDUN SOXJ FRQQHFWRU

◊.HU]HQVWHFNHU

◊9HULILFDUH FKH OH FRQQHVVLRQL H L FDYL VLDQR LQ EXRQH FRQGL]LRQL

◊&KHFN FRQQHFWLRQV DQG ZLULQJ IRU JRRG FRQGLWLRQ ◊&KHFN UHVLVWDQFH RI LJQLWLRQ FRLO

◊6WHFNYHUELQGXQJHQ XQG .DEHO DXI HLQZDQGIUHLHQ =XVWDQG NRQWUROOLHUHQ

◊,JQLWLRQ VZLWFK DQG VDIHW\ VZLWFK IRU VLGH VWDQG

◊= QGVSXOH PLW HLQHP 2KP 0HWHU EHUSU IHQ

◊&RQWUROODUH OD UHVLVWHQ]D GHOOD ERELQD GL DFFHQVLRQH ◊,QWHUUXWWRUH GL DFFHQVLRQH H LQWHUUXWWRUH GL VLFXUH]]D FD YDOOHWWR ◊(IIHWWXDUH OHWWXUH GHOOD UHVLVWHQ]D VXO JUXSSR VWDWRUH ◊&RQWUROODUH LO WUDVPHWWLWRUH HVWHUQR FRQ LO WHVWHU GL FLUFXL WR

◊7DNH UHDGLQJV RI UHVLVWDQFH RQ VWDWRU DVV\ ◊&KHFN WULJJHU FRLO E\ FLUFXLW WHVWHU

◊9HULILFDUH OD UHVLVWHQ]D GHOOD FHQWUDOLQD HOHWWURQLFD 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 VWHU GL DYHU LPSRVWDWR LO SXQWR

7HUPLQDOL *HQHUDWRUH D PDJQHWH %RELQD GL DFFHQVLRQH

< < :< /< %< DQLPD VWDWRUH 7HUPLQDOH DQLPD &DYR DFFHQVLRQH DQLPD

5HVLVWHQ]D D & WHPS DPELHQWH

· Ω · Ω Ω · Ω · .Ω

0DJQHWR JHQHUDWRU ,JQLWLRQ FRLO

< < :< /< %< 6WDWRU FRUH 7HUPLQDO FRUH ,JQLWLRQ FDEOH FRUH

I U

GHQ

◊*HEHU PLW HLQHP 2KP 0HWHU EHUSU IHQ

%HIRUH FKHFNLQJ XQSOXJ FRQQHFWLRQV 7DNH UHDGLQJV RI UHVLVWDQFH EHWZHHQ WZR WHUPLQDOV DQG HQVXUH WR KDYH VHW WKH ]HUR SRLQW DIWHU VHOHFWLQJ WKH DSSURSULDWH UDQJH RQ WKH WHVWHU

7HUPLQDOV

6LFKHUKHLWVVFKDOWHU

◊6WDWRU PLW HLQHP 2KP 0HWHU EHUSU IHQ

◊9HULI\ UHVLVWDQFH RI HOHFWURQLF ER[ u 1RWH

◊= QGVFKDOWHU XQG 6HLWHQVWlQGHU

5HVLVWDQFH DW & DPELHQW WHPS

Ω Ω Ω Ω .Ω

◊6WHXHUJHUlW PLW HLQHP 2KP 0HWHU EHUSU IHQ u +LQZHLV

9RU HLQHU hEHUSU IXQJ 6WHFNYHUELQGXQJ WUHQQHQ *HPHVVHQ ZLUG GHU HOHNWULVFKH :LGHUVWDQG ]ZLVFKHQ ]ZHL 0H SXQNWHQ .DEHOQ ZREHL I U MHGH 0HVVXQJ GHU HQWVSUHFKHQGH 0H EHUHLFK HLQ]XVWHOOHQ E]Z GHU 1XOOSXQNW MXVWLHUW LVW

0H SXQNWH

:LGHUVWDQG EHL & 8PJHEXQJVWHPS HUDWXU

0DJQHW] QGHU < < Ω *HQHUDWRU :< /< Ω %< 6WDWRU .HUQ Ω = QGVSXOH 3ULPlUDQVFKOXVV Ω .HUQ = QGOHLWXQJ Ω .HUQ

7<3(

u 1RWD 3HU LO FRQWUROOR GHOOD FHQWUDOLQD HOHWWURQLFD UH

JRODUH LO FDPSR GL PLVXUD]LRQH VXOOR VWUX PHQWR D .Ω R .Ω 4XDQGR HIIHWWXDWH OH OHWWXUH DVVLFXUDWHYL GHOOD FRUUHWWD SRODULWj GHO FDYR GHOOR VWUX PHQWR 6H XQD R SL OHWWXUH QRQ VRQR FRQIRUPL DOOH VSHFLILFKH VRVWLWXLUH OD SDUWH GLIHWWRVD GHOO DFFHQVLRQH (VLVWRQR GXH XQLWj GL FRPDQGR FRQ GLYHUVL 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 XQLWj GL FRPDQGR Unità di comando Electronic box Steuergerät

u 1RWH

)RU FKHFNLQJ WKH HOHFWURQLF ER[ DGMXVW PHDVXULQJ UDQJH RQ LQVWUXPHQW WR .Ω RU WR .Ω (QVXUH SURSHU SRODULW\ RI LQVWUXPHQW FDEOH ZKHQ WDNLQJ UHDGLQJV ,I RQH RU PRUH UHDGLQJV DUH QRW LQ DFFRUGDQFH ZLWK VSHFLILFDWLRQV FKDQJH WKLV GHIHFWLYH LWHP RI WKH LJQLWLRQ XQLW 2QH RI WZR HOHFWURQLF ER[HV ZLWK GLIIHUHQW FKHFN YDOXHV VSHFLILF WR HQJLQH YHUVLRQ DQG FRXQWU\ LV LQVWDOOHG 1,3321'(162 1R RU +RPRORJDWLRQ 1R 4&$ PDUNHG RQ HQJLQH ER[

Cavo strumento "nero" Instrument cable "black" Meßgerät-Kabel "schwarz"

u +LQZHLV

) U GLH hEHUSU IXQJ GHV 6WHXHUJHUlWHV LVW HLQ 0H EHUHLFK YRQ .Ω RGHU .Ω DP 0H JHUlW HLQ]XVWHOOHQ :HLWHUV LVW EHL MHGHU 0HVVXQJ DXI GLH MHZHLOLJH 3RODULWlW GHU 0H NDEHO GHV 0H JHUlWHV ]X DFKWHQ (QWVSUHFKHQ HLQ RGHU PHKUHUH 0H ZHUWH QLFKW GHQ YRUJHVFKULHEHQHQ :HUWHQ PXVV GHU GHIHNWH 7HLO GHU = QGDQODJH DXVJHWDXVFKW ZHUGHQ $XVI KUXQJV E]Z /lQGHUVSH]LILVFK ZHUGHQ XQWHUVFKLHGOLFKH 6WHXHUJHUlWH PLW YHUVFKLHGHQHQ 3U IZHUWHQ YHUEDXW 'LH 1,332'(162 1U E]Z +RPRORJDWLRQV 1U 4&$ LVW DP 6WHXHUJHUlW DQJHEUDFKW

6WHXHUJHUlW 527$; 1U

Cavo strumento "rosso" Instrument cable "red" Meßgerät-Kabel "rot"

O FRQWLQXLWj O LQGLFDWRUH GHOOR VWUXPHQWR VL PXRYH

; QRQ FRQWLQXLWj O LQGLFDWRUH GHOOR VWUXPHQWR QRQ VL PXRYH

∆ O LQGLFDWRUH GHOOR VWUXPHQWR SXz PXRYHUVL PD ULWRUQD D LQ ILQLWR ∞

O &RQWLQXLW\ LQVWUXPHQW SRLQWHU PRYHV

; QR FRQWLQXLW\ LQVWUXPHQW SRLQWHU GRHV QRW PRYH

∆ ,QVWUXPHQW SRLQWHU PD\ PRYH EXW UHWXUQV WR LQILQLW\ ∞

◊9HULILFDUH OD FRQLFLWj H OD VHGH GHOOD FKLDYH GHO YROD QR ◊&RQWUROODUH L GHQWL GHOO LQJUDQDJJLR GL DYYLDPHQWR VRVWLWXLUH LO JUXSSR YRODQR VH QHFHVVDULR

◊,QVSHFW WDSHU DQG NH\ZD\ RI IO\ZKHHO ◊&KHFN WRRWKLQJ RI VWDUWHU JHDU FKDQJH IO\ZKHHO DVVHPEO\ DV UHTXLUHG

O .RQWLQXLWlW 0H JHUlW]HLJHU EHZHJW VLFK 0H ZHUW RKQH %HGHXWXQJ

; NHLQH .RQWLQXLWlW 0H JHUlW]HLJHU EHZHJW VLFK QLFKW

∆ 0H JHUlW]HLJHU NDQQ VLFK EHZHJHQ XQG JHKW DQVFKOLH HQG DXI ∞ ]XU FN ◊.RQXVREHUIOlFKH XQG .HLOQXW GHV 0DJQHWUDGHV NRQWUROOLHUHQ ◊=lKQH GHV 6WDUWHU]DKQNUDQ]HV EHUSU IHQ XQG JHJHEHQHQIDOOV 0DJQHWUDG DXVWDXVFKHQ

7<3(

&DQGHOD

6SDUN SOXJ

= QGNHU]H

◊5LPXRYHUH L GHSRVLWL GDOO HOHWWURGR FHQWUDOH GL PDVVD FRQ XQD VSD]]ROD PHWDOOLFD ◊9HULILFDUH GL FKH WLSR GL FDQGHOD VL WUDWWD 1*. %5 (* 7LSR GL FDQGHOD 1*. %5 (6

◊5HPRYH GHSRVLWV IURP PDVV HOHFWURGH ZLWK D ZLUH EXVK ◊9HULI\ W\SH RI VSDUN SOXJ 1*. %5 (* 6SDUN SOXJ W\SH 1*. %5 (6

◊$EODJHUXQJHQ DQ GHU 0DVVH XQG =HQWUDOHOHNWURQGH PLW HLQHU 'UDKWE UVWH HQWIHUQHQ ◊= QGNHU]HQW\SH EHUSU IHQ 1*. %5 (* = QGNHU]HQW\SH 1*. %5 (6

+

u 1RWD

SHU JXLGD SUHYDOHQWHPHQWH QHO WUDIILFR XUEDQR q DPPHVVR DQFKH O XVR GL FDQ GHOH WLSR 1*. %5

◊&RQWUROODUH OD GLVWDQ]D WUD OH SXQWLQH FRQ XQR VSHV VLPHWUR 'LVWDQ]D QRPLQDOH PP /LPLWH GL XVXUD PP

+ +

u 1RWD

OD FDQGHOD GHYH HVVHUH VRVWLWXLWD RJQL NP R RJQL YROWD VH QH SUHVHQWL OD QHFHVVLWj

+

u 1RWH

)RU ULGLQJ SUHGRPLQDQWO\ LQ XUEDQ WUDIILF XVH RI VSDUN SOXJ 1*. %5 LV SHUPLWWHG WRR

◊&KHFN HOHFWURGH JDS E\ IHHOHU JDXJH 1RPLQDO HOHFWURGH JDS PP PP :HDU OLPLW

+

u 1RWH

+

7KH VSDUN SOXJ KDV WR EH UHQHZHG HYHU\ NP RU DV UHTXLUHG

+

u +LQZHLV %HL

EHUZLHJHQGHP (LQVDW] GHV 0RWRUUDGHV LP 6WDGWYHUNHKU LVW GLH = QGNHU]HQW\SH 1*. %5 ]XOlVVLJ

◊(OHNWURGHQDEVWDQG PLW ) KOHUOHKUH NRQWUROOLHUHQ (OHNWURGHQDEVWDQG PP PP 9HUVFKOHL JUHQ]H

+ +

u +LQZHLV 'LH = QGNHU]H LVW DOOH NP E]Z EHL

%HGDUI ]X HUQHXHUQ

,QJUDQDJJLR DYYLDPHQWR

6WDUWHU JHDU

6WDUWHUJHWULHEH

◊$VVLFXUDUVL FKH JOL LQJUDQDJJL QRQ VLDQR XVXUDWL ◊/ LQJUDQDJJLR GL DYYLDPHQWR GHYH EORFFDUVL FRQ SUHFL VLRQH LQ XQD GLUH]LRQH

◊&KHFN ERWK JHDUV IRU ZHDU ◊7KH VWDUWHU JHDU KDV WR JULS H[DFWO\ LQ RQH GLUHFWLRQ

◊%HLGH =DKQUlGHU DXI 9HUVFKOHL EHUSU IHQ ◊'DV 6WDUWHUJHWULHEH PXVV LQ HLQHU 5LFKWXQJ H[DNW HLQJUHLIHQ VSHUUHQ

7<3(

0RWRULQR GL DYYLDPHQWR HOHWWULFR

(OHFWULF VWDUWHU

(OHNWURVWDUWHU

◊$VVLFXUDUVL FKH OD GHQWDWXUD QRQ VLD GHIRUPDWD R XVXUDWD ◊$VVLFXUDUVL FKH O DQHOOR 25 QRQ VLD GDQQHJJLDWR R XVXUDWR

◊&KHFN WRRWKLQJ IRU GHIRUPDWLRQ DQG ZHDU ◊&KHFN 2 ULQJ IRU ZHDU DQG GDPDJH

◊'LH 9HU]DKQXQJ DXI 9HUIRUPXQJ E]Z 9HUVFKOHL NRQWUROOLHUHQ ◊2 5LQJ DXI $EQ W]XQJ XQG %HVFKlGLJXQJ NRQWUROOLHUHQ

u 1RWD

OD ULSDUD]LRQH GHO PRWRULQR GL DYYLDPHQ WR HOHWWULFR QRQ q SUHYLVWD 6H QHFHVVD ULR VRVWLWXLUH O LQWHUR PRWRULQR

3LJQRQH FDWHQD ◊$VVLFXUDUVL FKH OH GHQWDWXUH HVWHUQD H LQWHUQD GHO SLJQRQH QRQ VLDQR XVXUDWH u 1RWD

u 1RWH

VH OD FDWHQD GL WUDVPLVVLRQH q XVXUDWD VLD OD FDWHQD FKH LO SLJQRQH GHYRQR HV VHUH VRVWLWXLWL FRQWHPSRUDQHDPHQWH

n $WWHQ]LRQH XWLOL]]DUH VROR SLJQRQL RULJLQDOL 527$;

LQ FDVR FRQWUDULR LO VHUUDJJLR GHOO DOEHUR SULPDULR SRWUHEEH HVVHUH FRPSURPHVVR H OD JDUDQ]LD QRQ VDUj SL YDOLGD

5HSDLU RI WKH HOHFWULF VWDUWHU LV QRW SODQQHG ,I QHFHVVDU\ FKDQJH WKH FRPSOHWH HOHFWULF VWDUWHU

u +LQZHLV (LQH 5HSDUDWXU GHV (OHNWURVWDUWHUV LVW

QLFKW YRUJHVHKHQ *HJHEHQHQIDOOV LVW GHU (OHNWURVWDUWHU NSO DXV]XWDXVFKHQ

&KDLQ VSURFNHW

.HWWHQUDG

◊&KHFN RXWHU DQG LQQHU WRRWKLQJ RI VSURFNHW IRU ZHDU

◊$X HQYHU]DKQXQJ XQG ,QQHQYHU]DKQXQJ GHV .HWWHQUDGHV LVW DXI 9HUVFKOHL ]X EHUSU IHQ

u 1RWH

,I WKH GULYH FKDLQ LV ZRUQ WKH FKDLQ DV ZHOO DV WKH VSURFNHW KDYH WR EH UHQHZHG DW WKH VDPH WLPH

n $WWHQWLRQ 8VH JHQXLQH 5RWD[ FKDLQ VSURFNHWV RQO\

RWKHUZLVH WKH VHUUDWLRQ RQ WKH PDLQVKDIW PLJKW VXIIHU DQG WKH ZDUUDQW\ ZLOO EH YRLG

u +LQZHLV ,VW GLH 9HU]DKQXQJ I U GLH $QWULHEVNHWWH

YHUVFKOLVVHQ PXVV GDV .HWWHQUDG XQG GLH $QWULHEVNHWWH JHPHLQVDP HUQHXHUW ZHUGHQ

n $FKWXQJ 1XU

2ULJQDO 527$; .HWWHQUlGHU YHUZHQGHQ GD VRQVW GLH .HUEHQYHU]DKQXQJ GHU +DXSWZHOOH ]HUVW|UW ZHUGHQ NDQQ XQG GLH *HZlKUOHLVWXQJ HUOLVFKW

7<3(

5LDVVHPEODJJLR PRWRUH n $WWHQ]LRQH

4XDQGR VL ULSDUD LO PRWRUH VRVWLWXLUH VHPSUH OH JXDUQL]LRQL JOL DQHOOL HODVWL FL GL VLFXUH]]D JOL DQHOOL 25 H L SDUDR OLR ULPRVVL 5LVFKLR GL EUXFLDWXUH QHO PDQHJJLDUH OH SDUWL URYHQWL GHO PRWRUH

(QJLQH UHDVVHPEO\ n $WWHQWLRQ

$OZD\V UHQHZ UHPRYHG JDVNHWV FLUFOLSV 2 ULQJV DQG RLO VHDOV DW HQJLQH UHSDLU 5LVN RI EXUQV ZKHQ KDQGOLQJ KRW HQJLQH SDUWV

0RWRU ]XVDPPHQEDXHQ n $FKWXQJ

$XVJHEDXWH 'LFKWXQJHQ 6HHJHU 5LQJH 2 5LQJH XQG :HOOHQGLFKWULQJH VLQG EHL HLQHU 0RWRUUHSDUDWXU LPPHU ]X HUQHXHUQ 9HUEUHQQXQJVJHIDKU EHL +DQGKDEXQJ HUKLW]WHU 0RWRUDQWHLOH

$OEHUR PRWRUH PRQWDJJLR

&UDQNVKDIW ILWWLQJ

.XUEHOZHOOH HLQEDXHQ

s $YYHUWHQ]D VH LO FDUWHU O DOEHUR PRWRUH R L FXVFLQHWWL

s :DUQLQJ

s :DUQXQJ

SULQFLSDOL GHOO DOEHUR PRWRUH VRQR VWDWL VRVWLWXLWL LO JLRFR DVVLDOH GHOO DOEHUR PR WRUH GHYH HVVHUH UHJRODWR QXRYDPHQWH &RQVXOWDUH LO FDSLWROR $OEHUR PRWRUH GHWHUPLQD]LRQH GHO JLRFR DVVLDOH

l

3UHULVFDOGDUH LO FDUWHU D · & u 1RWD

VH QRQ q SRVVLELOH SUHULVFDOGDUH LO FDUWHU O DOEHUR PRWRUH SXz HVVHUH LQVWDOODWR XVDQGR XQ DWWUH]]R VSHFLDOH 6L YHGD LO FDSLWROR ,QVWDOOD]LRQH GHOO DO EHUR PRWRUH FRQ DWWUH]]L VSHFLDOL

l

,I WKH FUDQNFDVH WKH FUDQNVKDIW RU WKH FUDQNVKDIW PDLQ EHDULQJV KDYH EHHQ UHQHZHG WKHQ WKH D[LDO FOHDUDQFH RI WKH FUDQNVKDIW KDV WR EH DGMXVWHG &RQVXOW FKDSWHU &UDQNVKDIW GHWHUPLQDWLRQ RI D[LDO FOHDUDQFH

3UHKHDW FUDQNFDVH WR & u 1RWH

,I WKHUH LV QR RSSRUWXQLW\ WR SUHKHDW WKH 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

)LVVDUH LO VHPLFDUWHU ODWR YRODQR VXO VXSSRUWR VHUUDQGR OD YLWH H LO GLVWDQ]LDOH $WWUH]]L VSHFLDOL

l l l

+

l

6SHFLDO WRRO

6XSSRUWR SDUW 527$; Q .LW DGDWWDWRUH VXSSRUWR SDUWH Q

6H QHFHVVDULR SRVL]LRQDUH JOL VSHVVRUL ULFKLHVWL QHO VHPLFDUWHU ODWR YRODQR $SSOLFDUH /2&7,7( $QWL 6HL]H VXOOH VHGL GHL FXVFLQHWWL GHOO DOEHUR PRWRUH 6SLQJHUH O DOEHUR PRWRUH QHO FDUWHU FDOGR n $WWHQ]LRQH QRQ VSLQJHUH PDL LO JUXSSR DOEHUR PRWR

UH QHO FDUWHU EDWWHQGR FRQ XQ PDUWHOOR

$WWDFK PDJQHWR VLGH FUDQNFDVH KDOI RQ WUHVWOH E\ IL[LQJ VFUHZ DQG VSDFHU

l l l

+

l

6SH]LDOZHUN]HXJ

WUHVWOH 527$; SDUW QR DGDSWRU NLW IRU WUHVWOH SDUW QR

,I QHHG EH SODFH WKH UHTXLUHG VKLPV LQWR PDJQHWR VLGH FUDQNFDVH KDOI $SSO\ /2&7,7( $QWL 6HL]H RQ EHDULQJ VHDWV RI FUDQNVKDIW 3XVK FUDQNVKDIW LQWR WKH KRW FUDQNFDVH n $WWHQWLRQ 1HYHU NQRFN FUDQNVKDIW DVV\ ZLWK D

KDPPHU LQWR FUDQNFDVH

0DJQHWVHLWLJH *HKlXVHKlOIWH LP 0RQWDJHERFN PLW )L[LHUVFKUDXEH XQG 'LVWDQ]EXFKVH EHIHVWLJHQ

l l l

+

0RQWDJHERFN 527$; 1U $XIQDKPHVDW] 527$; 1U

*HJHEHQHQIDOOV GLH HUIRUGHUOLFKHQ $XVJOHLFKVVFKHLEHQ LQ GLH PDJQHWVHLWLJH *HKlXVHKlOIWH OHJHQ /DJHUVLW]H GHU .XUEHOZHOOH PLW /2&7,7( $QWL 6HL]H EHVWUHLFKHQ .XUEHOZHOOH LQ GDV KHLÂ&#x2030;H *HKlXVH VFKLHEHQ n $FKWXQJ .HLQHVIDOOV PLW HLQHP +DPPHU DXI GLH

.XUEHOZHOOH NORSIHQ

7<3(

,QVWDOOD]LRQH DOEHUR PRWRUH FRQ DWWUH]]L VSHFLDOL l

&UDQNVKDIW LQVWDOODWLRQ ZLWK VSHFLDO WRROLQJ l

)LVVDUH LO SLDWWR HVWUDWWRUH FRQ GXH EUXJROH 0 [ $WWUH]]L VSHFLDOL

+

6SHFLDO WRRO

*UXSSR SLDWWR HVWUDWWRUH SDUW 527$; Q

l

l

,QVHULUH O DOEHUR PRWRUH QHOOD PDVFKLDWXUD GHOOD YLWH HVWUDWWRUH JLUDQGR O DOEHUR LQ VHQVR RUDULR ILQR D TXDQGR QRQ VL EORFFD

l

l

)LW VKRUWHU WKUHDGHG HQG RI SXOOHU VFUHZ FRPSOHWHO\ LQWR SXOOHU SODWH )LW FUDQNVKDIW LQWR WDSSLQJ RI SXOOHU VFUHZ E\ WXUQLQJ FUDQNVKDIW FORFNZLVH XQWLO LW VWRSV

$EGU FNSODWWH PLW ,QEXVVFKUDXEHQ 0 [ DQEULQJHQ

+

6SH]LDOZHUN]HXJ

SXOOHU SODWH DVV\ 527$; 1R

$EGU FNSODWWH NSO 527$; 1U

n $FKWXQJ 'LH ,QEXVVFKUDXEHQ 0 [ GLHQHQ QXU

SRVLWLRQLQJ RQO\ DQG WKHUHIRUH PXVW QRW EH WLJKWHQHG )RU IL[LQJ WKH SXOOHU XWLOL]H KROHV PDUNHG ZLWK QXPEHU

LO SRVL]LRQDPHQWR H TXLQGL QRQ GHYRQR HVVHUH VHUUDWH 3HU ILVVDUH O HVWUDWWRUH XVDUH L IRUL FRQ WUDVVHJQDWL FRQ LO QXPHUR

,QVHULUH FRPSOHWDPHQWH O HVWUHPLWj FRUWD ILOHWWDWD GHOOD YLWH HVWUDWWRUH QHO SLDWWR HVWUDWWRUH

+

.XUEHOZHOOH HLQEDXHQ PLWWHOV 6SH]LDOZHUN]HXJ

n $WWHQWLRQ 7KH $OOHQ VFUHZV 0 [ DUH IRU

n $WWHQ]LRQH OH GXH EUXJROH 0 [ VHUYRQR VROR SHU

l

$WWDFK SXOOHU SODWH ZLWK $OOHQ VFUHZV 0 [

]XU /DJHIL[LHUXQJ XQG VROOHQ QLFKW IHVW DQJH]RJHQ ZHUGHQ =XP )L[LHUHQ GHU $EGU FNSODWWH GLH %RKUXQJHQ PLW HLQJHVWDQ]WHU 3RV YHUZHQGHQ

l l

$XV]LHKERO]HQ PLW GHP N U]HUHQ *HZLQGHWHLO ]XU *lQ]H LQ GLH $EGU FNSODWWH KLQKHLQVFKUDXEHQ .XUEHOZHOOH ELV DXI $QVFKODJ LQ GLH *HZLQGHERKUXQJ GHU $XV]LHKERO]HQV

KLQKHLQVFKUDXEHQ

7<3(

l

6SLQJHUH O DOEHUR PRWRUH FRPSOHWDPHQWH QHO FDUWHU JLUDQGR OD YLWH HVWUDWWRUH LQ VHQVR DQWLRUDULR n $WWHQ]LRQH GXUDQWH O RSHUD]LRQH GL LQVHULPHQWR WH

QHUH OD ELHOOD QHOOD GLUH]LRQH GHOO DVVH FLOLQGUR

u 1RWD

ULPR]LRQH GHO SLDWWR HVWUDWWRUH 7RJOLHUH HQWUDPEH OH EUXJROH 0 [ *LUDUH OD YLWH HVWUDWWRUH LQ VHQVR RUDULR ILQR D FKH LO SLDWWR HVWUDWWRUH LQL]LD D VROOHYDUVL 7HQHUH IHUPD OD YLWH HVWUDWWRUH H JL UDUH O DOEHUR PRWRUH LQ VHQVR DQWLR UDULR ULPXRYHQGR FRVu LO JUXSSR SLDWWR HVWUDWWRUH GDO PRWRUH

l

3XVK LQ FUDQNVKDIW IXOO\ KRPH LQWR FUDQNFDVH E\ WXUQLQJ WKH SXOOHU VFUHZ DQWL FORFNZLVH n $WWHQWLRQ 'XULQJ WKLV RSHUDWLRQ NHHS KROG RI FRQ

URG LQ GLUHFWLRQ RI F\OLQGHU D[LV

u 1RWH

'HWDFKLQJ RI SXOOHU SODWH 5HPRYH ERWK $OOHQ VFUHZV 0 [ 7XUQ SXOOHU VFUHZ FORFNZLVH XQWLO SXOOHU SODWH VWDUWV WR OLIW .HHS D JULS RI SXOOHU VFUHZ DQG WXUQ FUDQNVKDIW DQWL FORFNZLVH WKXV GHWDFKLQJ SXOOHU SODWH DVVHPEO\ IURP HQJLQH

l

$XV]LHKERO]HQ JHJHQ GHQ 8KU]HLJHUVLQQ GUHKHQ ELV GLH .XUEHOZHOOH ]XU *lQ]H ELV DXI $QVFKODJ LP *HKlXVH VLW]W n $FKWXQJ 'LH 3OHXHOVWDQJH GDEHL PLW HLQHU +DQG LQ

=\OLQGHUDFKVULFKWXQJ KDOWHQ

u +LQZHLV /|VHQ GHV $EGU FNSODWWH

%HLGH ,QEXVVFKUDXEHQ 0 [ HQWIHUQHQ $XV]LHKERO]HQ LP 8KU]HLJHUVLQQ GUHKHQ ELV VLFK GLH $EGU FNSODWWH OHLFKW DEKHEW $XV]LHKERO]HQ IHVWKDOWHQ XQG .XUEHOZHOOH

JHJHQ GHU 8KU]HLJHUVLQQ GUHKHQ VRGDVV VLFK GLH $EGU FNSODWWH NSO YRP 0RWRU O|VW

7<3(

&DPELR PRQWDJJLR l

l

l

l l

+

*HDU VKLIW DVVHPEO\

l

l

l

u 1RWD

/D IRUFHOOD D D PDUFLD GHYH HVVHUH LQ VWDOODWD FRQ LO QXPHUR VWDPSDWR ULYROWR YHUVR O DOWR /D IRUFHOOD D D PDUFLD GHYH HVVHUH LQ VWDOODWD FRQ LO QXPHUR VWDPSDWR ULYROWR YHUVR O DOWR

l

3ODFH VKLIW IRUN WK WK JHDU RQ JHDU SLQLRQ RI FOXWFK VKDIW 3XW VKLIW IRUN QG UG JHDU DQG VKLIW IRUN VW WK JHDU RQ JHDU SLQLRQ RI PDLQ VKDIW u 1RWH

l

7KH VKLIW IRUN QG UG JHDU LV WR EH LQVWDOOHG ZLWK WKH HPERVVHG 1R VKRZLQJ XSZDUGV 7KH VKLIW IRUN VW WK JHDU LV WR EH LQVWDOOHG ZLWK WKH HPERVVHG 1R VKRZLQJ XSZDUGV

) KUXQJVK OVH DXI GLH +DXSWZHOOH VWHFNHQ XP %HVFKlGLJXQJ GHV :' 5LQJHV ]X YHUPHLGHQ

+

6SH]LDOZHUN]HXJ

JXLGH VOHHYH 527$; 1R

$SSO\ /2&7,7( $QWL 6HL]H RQ EHDULQJ VHDWV RI PDLQ DQG FOXWFK VKDIW )LW WKH FRPSOHWH JHDU VHW LQWR EHDULQJV LQ PDJQHWR VLGH FUDQNFDVH KDOI E\ OLJKWO\ WDSSLQJ ZLWK D PDOOHW

7UDVPLVVLRQH PRQWDJJLR

3RVL]LRQDUH OD IRUFHOOD D D PDUFLD VXO SLJQRQH LQJUDQDJJLR GHOO DOEHUR VHFRQGDULR 3RVL]LRQDUH OD IRUFHOOD D D PDUFLD H OD IRUFHOOD D D PDUFLD VXO SLJQRQH LQJUDQDJJLR GHOO DOEHUR SULPDULR

*HWULHEH HLQEDXHQ

3XW JXLGH VOHHYH RQ PDLQVKDIW WR SUHYHQW GDPDJH RI RLO VHDO 6SHFLDO WRRO

+

0DQLFRWWR GL JXLGD SDUW 527$; Q $SSOLFDUH /2&7,7( $QWL 6HL]H VXOOH VHGL GHL FXVFLQHWWL GHOO DOEHUR SULPDULR H VHFRQGDULR ,QVHULUH LO JUXSSR LQJUDQDJJL FRPSOHWR QHL FXVFLQHWWL GHO VHPLFDUWHU ODWR YRODQR EDWWHQGR OHJJHUPHQWH FRQ XQ PD]]XROR $WWUH]]L VSHFLDOL

l

*HDU ER[ DVVHPEO\

3RVL]LRQDUH LO PDQLFRWWR GL JXLGD VXOO DOEHUR SULPDULR SHU HYLWDUH GL GDQQHJJLDUH LO SDUDROLR

l l

) KUXQJVK OVH 527$; 1U $XI /DJHUVLW]H GHU +DXSW XQG 9RUJHOHJHZHOOH /2&7,7( $QWL 6HL]H DXIWUDJHQ 'DV NRPSOHWWH *HWULHEHSDNHW GXUFK OHLFKWHV .ORSIHQ PLW HLQHP 6FKRQKDPPHU ELV DXI $QVFKODJH LQ GLH /DJHUXQJHQ GHU PDJQHWVHLWLJHQ *HKlXVHKlOIWH HLQI KUHQ

6FKDOWXQJ HLQEDXHQ l l

6FKDOWJDEHO *DQJ LQ GDV 6FKDOWUDG GHU 9RUJHOHJHZHOOH HLQOHJHQ 6FKDOWJDEHO *DQJ XQG 6FKDOWJDEHO *DQJ LQ GLH 6FKDOWUlGHU GHU +DXSWZHOOH HLQOHJHQ u +LQZHLV

6FKDOWJDEHO *DQJ VR HLQOHJHQ GDVV GLH GDUDQ DQJHEUDFKWH 1U QDFK REHQ ]HLJW 6FKDOWJDEHO *DQJ VR HLQOHJHQ GDVV GLH GDUDQ DQJHEUDFKWH 1U QDFK REHQ ]HLJW

7<3(

l

l

$SSOLFDUH ROLR SHU LQJUDQDJJL VXOOH VFDQDODWXUH GHO GHVPRGURPLFR 3RVL]LRQDUH LO GHVPRGURPLFR QHO FDUWHU H ILVVDUH FRQ EUXJROD 0 H URQGHOOD &RSSLD GL VHUUDJJLR

l

l

+

l

3ULPD GHOO LQVWDOOD]LRQH DSSOLFDUH ROLR VX JOL DOEHUL GHO FDPELR 6XOO DOEHUR GHO FDPELR FRUWR LO ODWR VPXVVDWR GHYH HVVHUH ULYROWR YHUVR O DOWR $VVLFXUDUVL FKH O DQHOOR GL VLFXUH]]D VLD EHQ SRVL]LRQDWR VXOO DOEHUR GHO FDPELR OXQJR 1RQ HVHUFLWDUH PDL XQD SUHVVLRQH HFFHV VLYD SHU O LQVHULPHQWR GHJOL DOEHUL GHO FDP ELR

$SSO\ JHDU RLO WR WUDFNV RI VKLIW GUXP

l

3RVLWLRQ VKLIW GUXP LQ FUDQNFDVH DQG VHFXUH LW ZLWK $OOHQ VFUHZ 0 DQG ZDVKHU

l

7LJKWHQLQJ WRUTXH

1P

,QVHULUH WXWWH OH IRUFHOOH QHOOH JXLGH GHO GHVPRGURPLFR

,QVHULUH HQWUDPEL JOL DOEHUL GHO FDPELR H ILQR DOO DUUHVWR QHO ULVSHWWLYR IRUR QHO VHPLFDUWHU ODWR YRODQR

u 1RWD

l

l l

+

1P

(QJDJH DOO WKH VKLIW IRUNV LQ WUDFNV RI VKLIW GUXP ,QVHUW ERWK VKLIW VKDIWV DQG XQWLO WKH\ VWRS LQ UHVSHFWLYH ERUH LQ WKH PDJQHWR VLGH FUDQNFDVH KDOI

u 1RWH

%HIRUH ILWWLQJ DSSO\ RLO RQ VKLIW VKDIWV 2Q WKH VKRUWHU VKLIW VKDIW WKH FKDPIHUHG VLGH KDV WR SRLQW XSZDUGV 2Q WKH ORQJHU VKLIW VKDIW HQVXUH WKDW WKH FLUFOLSV LV ILWWHG 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

$OOH 6FKDOWJDEHOQ LQ GLH GD]XJHK|ULJHQ 6FKDOWEDKQHQ GHU 6FKDOWZDO]H HLQKlQJHQ %HLGH 6FKDOWVWDQJHQ XQG ELV DXI $QVFKODJ GXUFK GLH 6FKDOWJDEHOQ LQ GLH HQWVSUHFKHQGHQ %RKUXQJHQ GHU PDJQHWVHLWLJHQ *HKlXVHKlOIWH HLQI KUHQ

u +LQZHLV

%HLGH 6FKDOWVWDQJHQ YRUKHU PLW *HWULHEH|O HLQ|OHQ %HL GHU NXU]HQ 6FKDOWVWDQJH PXVV GLH DQJHIDVWH 6HLWH QDFK REHQ ]HLJHQ %HL GHU ODQJHQ 6FKDOWVWDQJH GDUDXI DFKWHQ GDVV GHU 6LFKHUXQJVULQJ PRQWLHUW LVW 'LH 6FKDOWVWDQJHQ QLFKW PLW *HZDOW HLQSUHVVHQ

7<3(

&RQWUDOEHUR LQVWDOOD]LRQH l l

$SSOLFDUH /2&7,7( $QWL 6HL]H D FLDVFXQD VHGH FXVFLQHWWR GHO FRQWUDOEHUR ,QVHULUH LO FRQWUDOEHUR QHO FXVFLQHWWR

l l

7RJOLHUH LO EXOORQH GL ILVVDJJLR H LO GLVWDQ]LDOH GDO VXSSRUWR $SSOLFDUH /2&7,7( $QWL 6HL]H D FLDVFXQD VHGH FXVFLQHWWR GHJOL DOEHUL 3RVL]LRQDUH OD JXDUQL]LRQH FDUWHU VXO VHPLFDUWHU ODWR YRODQR n $WWHQ]LRQH XVDUH VHPSUH JXDUQL]LRQL QXRYH u 1RWD

l l

$SSO\ /2&7,7( $QWL 6HL]H WR HDFK EHDULQJ VHDW RI EDODQFH VKDIW ,QVHUW EDODQFH VKDIW LQWR EHDULQJ

&UDQNFDVH DVVHPEO\

&DUWHU PRQWDJJLR l

%DODQFH VKDIW LQVWDOODWLRQ

6L SXz LQJUDVVDUH OD JXDUQL]LRQH FDUWHU SHU PDQWHQHUOD LQ SRVL]LRQH /D JXDUQL]LRQH FDUWHU GHYH FRPEDFLDUH FRQ WXWWL L IRUL GHO FDUWHU 3URFHGHUH FRQ FXUD LQ PRGR FKH LO JLXQWR QRQ SUHVHQWL ULVFKL GL SHUGLWH

l l l

5HPRYH IL[LQJ EROW DQG VSDFHU IURP WUHVWOH $SSO\ /2&7,7( $QWL 6HL]H WR HDFK EHDULQJ VHDW RI WKH VKDIWV 3ODFH FUDQNFDVH JDVNHW RQWR PDJQHWR VLGH FUDQNFDVH KDOI n $WWHQWLRQ $OZD\V XVH QHZ JDVNHW u 1RWH

WKH FUDQNFDVH JDVNHW PD\ EH JUHDVHG WR NHHS LW LQ SRVLWLRQ 7KH FUDQNFDVH JDVNHW KDV WR PDWFK DOO WKH ERUHV LQ WKH FUDQNFDVH :RUN FDUHIXOO\ WR ZDUUDQW D MRLQW ZLWKRXW ZRUULHV RI OHDNV

$XVJOHLFKVZHOOH HLQEDXHQ l l

%HLGH /DJHUVLW]H GHU $XVJOHLFKVZHOOH PLW /2&7,7( $QWL 6HL]H HLQVWUHLFKHQ $XVJOHLFKVZHOOH LQ GHQ /DJHUVLW] KLQHLQVFKLHEHQ

.XUEHOJHKlXVH ]XVDPPHQEDXHQ l l l

)L[LHUVFKUDXEH XQG 'LVWDQ]E FKVH YRP 0RQWDJHERFN HQWIHUQHQ $OOH /DJHUVLW]H GHU :HOOHQ PLW /2&7,7( $QWL 6HL]H EHVWUHLFKHQ *HKlXVHGLFKWXQJ DXI GLH PDJQHWVHLWLJH *HKlXVHKlOIWH DXIOHJHQ n $FKWXQJ 1HXH 'LFKWXQJ YHUZHQGHQ u +LQZHLV

'LH *HKlXVHGLFKWXQJ NDQQ PLW )HWW HLQJHVWULFKHQ ZHUGHQ XP HLQ 9HUUXWVFKHQ ]X YHUKLQGHUQ 'LH *HKlXVHGLFKWXQJ PXVV LQ JHVDPWHQ %HUHLFK PLW DOOHQ %RKUXQJHQ GHV .XUEHOJHKlXVHV EHUHLQVWLPPHQ 6RUJIlOWLJ DUEHLWHQ GD VRQVW XQGLFKWH 6WHOOHQ ]X EHI UFKWHQ VLQG

7<3(

l

l l

l

5LVFDOGDUH LO VHPLFDUWHU ODWR IUL]LRQH D & H XQLUOR DO VHPLFDUWHU ODWR YRODQR )DFLOLWDUH O RSHUD]LRQH HYHQWXDOPHQWH u 1RWD EDWWHQGR FRQ XQ PD]]XROR VXJOL DS SRJJL VRVSHQVLRQH PRWRUH 1RQ GDQQHJJLDUH OD VXSHUILFLH GL WHQX WD GHO FRSHUFKLR IUL]LRQH 5LILVVDUH LO FDUWHU VXO VXSSRUWR DYYLWDQGR L EXOORQL $YYLWDUH L GXH VHPLFDUWHU FRQ QRYH EUXJROH 0 &RSSLD GL VHUUDJJLR 1P n $WWHQ]LRQH 6HUUDUH OH YLWL WUDVYHUVDOPHQWH LQL ]LDQGR JUDGXDOPHQWH GDO FHQWUR GHO FDUWHU 8VDUH XQ DQHOOR GL WHQXWD DJJLXQWLYR VXOOD YLWH GL VFDULFR GHO OLTXLGR GL UDI IUHGGDPHQWR 7DJOLDUH OH SDUWL VSRUJHQWL GHOOH JXDU QL]LRQL FDUWHU VXO FHQWUDJJLR FLOLQGUR XVDQGR XQ FROWHOOR H IDFHQGR SHUz DW WHQ]LRQH D QRQ GDQQHJJLDUH OD VX SHUILFLH GL WHQXWD

l

l l

+

)DFLOLWDWH E\ WDSSLQJ ZLWK PDOOHW RQ HQJLQH VXVSHQVLRQ OXJV LI QHHGHG 'R QRW GDPDJH VHDOLQJ IDFH IRU FOXWFK FRYHU 5HDWWDFK FUDQNFDVH RQ WUHVWOH E\ IL[LQJ EROWV %ROW WRJHWKHU FUDQNFDVH KDOYHV ZLWK $OOHQ VFUHZV 0 7LJKWHQLQJ WRUTXH 1P

l

u 1RWH

+

)LVVDUH OD PROOD O DQHOOR OD OHYD H OD URQGHOOD FRQ OD EUXJROD 0

1P &RSSLD GL VHUUDJJLR DVVLFXUDUVL FKH OD OHYD VL PXRYD OLEH u 1RWD UDPHQWH

+HDW FOXWFK VLGH FUDQNFDVH KDOI WR & DQG MRLQ LW ZLWK PDJQHWR VLGH FUDQNFDVH KDOI

+

l l

n $WWHQWLRQ 7LJKWHQ VFUHZV FURVVZLVH DQG JUDGXDO

+

VWDUWLQJ DW FHQWUH RI FUDQNFDVH 8VH DQ DGGLWLRQDO VHDOLQJ ULQJ RQ FRRODQW GUDLQ VFUHZ &XW RII SURWUXGLQJ SDUWV RI WKH FUDQNFDVH JDVNHWV DW F\OLQGHU FHQWHULQJ XVLQJ D NQLIH EXW ZLWKRXW GDPDJLQJ VHDOLQJ IDFH

l

$WWDFK LQGH[ VSULQJ VNLS ULQJ LQGH[ OHYHU DVV\ ZDVKHU ZLWK $OOHQ VFUHZ 0

1P 7LJKWHQLQJ WRUTXH

+

u 1RWH

9HULI\ IUHH PRYHPHQW RI LQGH[ OHYHU DVV\

.XSSOXQJVVHLWLJH *HKlXVHKlOIWH DXI & HUZlUPHQ XQG DXI GLH PDJQHWVHLWLJH *HKlXVHKlOIWH DXIVHW]HQ u +LQZHLV (YHQWXHOO PLW 6FKRQKDPPHU OHLFKW DXI GLH 0RWRUDXIKlQJXQJVSXQNWH NORSIHQ 'LFKWIOlFKH I U GHQ .XSSOXQJVGHFNHO QLFKW EHVFKlGLJHQ *HKlXVH PLW )L[LHUVFKUDXEHQ ZLHGHU DP 0RQWDJHERFN EHIHVWLJHQ %HLGH *HKlXVHKlOIWHQ PLW ,QEXVVFKUDXEHQ 0 ]XVDPPHQVFKUDXEHQ 1P $Q]XJVGUHKPRPHQW n $FKWXQJ 'LH 6FKUDXEHQ NUHX]ZHLVH LQ GHU 0LWWH GHV *HKlXVHV EHJLQQHQG XQG LQ PHKUHUHQ 6FKULWWH IHVW]LHKHQ ) U GLH :DVVHUDEODXIVFKUDXEH LVW ]XVlW]OLFK HLQ 'LFKWULQJ ]X YHUZHQGHQ hEHUVWHKHQGH 7HLOH GHU *HKlXVHGLFKWXQJ LP %HUHLFK GHV =\OLQGHUIODQVFKHV XQG GHU =\OLQGHU]HQWULHUXQJ PLW HLQHP 0HVVHU HQWIHUQHQ RKQH GDEHL GLH 'LFKWIOlFKH ]X EHVFKlGLJHQ ,QGH[IHGHU 6WXIHQULQJ ,QGH[KHEHO XQG 6FKHLEH PLW ,QEXVVFKUDXEH 0 EHIHVWLJHQ 1P $Q]XJVGUHKPRPHQW u +LQZHLV )UHLH %HZHJOLFKNHLW GHV ,QGH[KHEHOV NRQWUROOLHUHQ

l

+

7<3(

l

,QVHULUH O DOEHUR GHO FDPELR SUHDVVHPEODWR QHO FDUWHU n $WWHQ]LRQH 0HWWHUH O LQJUDQDJJLR LQ IROOH H DV VLFXUDUVL FKH O DOEHUR VHFRQGDULR H O DOEHUR SULPDULR VL PXRYDQR OLEHUD PHQWH ,QQHVWDUH OD D PDUFLD H JLUDUH O DOEH UR GHO FDPELR YHUVR VLQLVWUD H YHUVR GHVWUD ILQR D FKH LO QRWWROLQR WRFFD LO ULVSHWWLYR SHUQR VXO GHVPRGURPL FR ,O JLRFR GHYH HVVHUH XJXDOH VX HQWUDPEL L ODWL ,Q FDVR GL JLRFR GL YHUVR O DOHWWD GHYH HVVHUH SLHJDWD TXDQWR QHFHVVDULR

l

)LW SUHDVVHPEOHG VKLIW VKDIW LQWR FUDQNFDVH n $WWHQWLRQ 6HW JHDU WR QHXWUDO DQG FKHFN

FOXWFK VKDIW DQG PDLQVKDIW WR PRYH IUHHO\ (QJDJH WKH UG JHDU DQG WXUQ VKLIW VKDIW WR WKH OHIW DQG WR WKH ULJKW XQWLO WKH VKLIW SDZO WRXFKHV WKH UHVSHFWLYH SLQ RQ WKH VKLIW GUXP 7KH FOHDUDQFH KDV WR EH WKH VDPH RQ ERWK VLGHV ,Q FDVH RI XQHTXDO FOHDUDQFH WKH IODS KDV WR EH EHQW DFFRUGLQJO\

l

9RUPRQWLHUWH 6FKDOWZHOOH LQ GDV *HKlXVH HLQVFKLHEHQ n $FKWXQJ

'DV *HWULHEH DXI 1HXWUDO /HHUJDQJ VWHOOHQ XQG SU IHQ RE VLFK +DXSW XQG 9RUJHOHJHZHOOH IUHL GUHKHQ ,Q GHQ *DQJ VFKDOWHQ GLH 6FKDOWZHOOH QDFK OLQNV XQG QDFK UHFKWV GUHKHQ ELV GLH 6FKDOWNOLQNH GLH EHLGHQ =DSIHQ GHU 6FKDOWZDO]H EHU KUW 'DV 6SLHO PXVV LQ EHLGHQ 6HLWHQ JOHLFK VHLQ ,VW GLHV QLFKW GHU )DOO PXVV GLH /DVFKH LQ GLH HQWVSUHFKHQGH 5LFKWXQJ QDFKJHERJHQ ZHUGHQ

7<3(

*UXSSR GL DYYLDPHQWR D SHGDOH LQVWDOOD]LRQH VROR YHUVLRQH 5;

l

l

l

l

)LVVDUH LO IHUPR GHOO LQJUDQDJJLR GL LQQHVWR FRQ XQD EUXJROD 0 FRQ /2&7,7(

+

&RSSLD GL VHUUDJJLR 1P 3RVL]LRQDUH OD PROOD DYYLDPHQWR D SHGDOH O LQJUDQDJJLR DYYLDPHQWR D SHGDOH H OD URQGHOOD VXO FDUWHU 6SLQJHUH O DOEHUR DYYLDPHQWR D SHGDOH LQ SRVL]LRQH QHO FXVFLQHWWR GHO FDUWHU u 1RWD L GXH SXQWL SLDQL VXOO DOEHUR DYYLDPHQWR D SHGDOH GHYRQR EORFFDUVL QHOOD PROOD DYYLD PHQWR D SHGDOH ,QVHULUH O LQJUDQDJJLR GL LQQHVWR SUHOXEULILFDWR VXOOH VFDQDODWXUH GHOO DOEHUR DYYLDPHQWR D SHGDOH LQ PRGR GD RWWHQHUH XQ SUHFDULFR GHOOD PROOD

.LFN VWDUW LQVWDOODWLRQ YHUVLRQ 5; RQO\

l

l l

l

6HFXUH UDWFKHW JHDU VWRS ZLWK $OOHQ VFUHZ 0 DSSO\ /2&7,7(

l

+

7LJKWHQLQJ WRUTXH 1P 3ODFH NLFN VWDUW VSULQJ NLFN VWDUW JHDU DQG ZDVKHU LQWR FUDQNFDVH 3XVK NLFN VWDUW VKDIW LQWR SRVLWLRQ LQ FUDQNFDVH EHDULQJ

l l

u 1RWH l

7KH WZR IODWV RQ WKH NLFN VWDUW VKDIW KDYH WR HQJDJH LQ NLFN VWDUW VSULQJ )LW SUH RLOHG UDWFKHW JHDU RQ VSOLQHV RI NLFN VKDIW VR WR SUHVWUHVV WKH VSULQJ 3UHVWUHVV

+

·

l

6SHUUUDGDQVFKODJ PLW ,QEXVVFKUDXEH 0 EHIHVWLJHQ ZREHL GLH ,QEXVVFKUDXEH PLW /2&7,7( ]X VLFKHUQ LVW

+

$Q]XJVGUHKPRPHQW 1P .LFNVWDUWHUIHGHU 6WDUWHUUDG XQG 6FKHLEH LQ GDV *HKlXVH OHJHQ .LFNVWDUWHUZHOOH LQ GLH /DJHUVWHOOH LP *HKlXVH VFKLHEHQ u +LQZHLV 'LH

EHLGHQ )ODFKVWHOOHQ .LFNVWDUWHUZHOOH P VVHQ LQ .LFNVWDUWHUIHGHU HLQJUHLIHQ

l

u 1RWH

+

3UHFDULFR · u 1RWD VH QRQ q SRVVLEOH RWWHQHUH LO SUHFDULFR VSH FLILFDWR XVDUH XQD SRVL]LRQH GL LQFDVWUR DO WHUQDWLYD SHU OD PROOD GHOO DYYLDPHQWR D SHGDOH 3HU LO SUHFDULFR GHOOD PROOD JLUDUH O DOEHUR GHOO DYYLDPHQWR D SHGDOH LQ VHQVR RUDULR H LQFDVWUDUH O LQJUDQDJJLR GL LQQHVWR VXO UHODWLYR IHUPR

.LFNVWDUWHU HLQEDXHQ QXU $XVI KUXQJ 5;

,I WKLV VSHFLILHG SUHVWUHVV FDQQRW EH UHDFKHG XVH DOWHUQDWLYH HQJDJHPHQW SRVLWLRQ IRU NLFN VWDUW VSULQJ )RU SUHVWUHVVLQJ WKH VSULQJ WXUQ NLFN VWDUW VKDIW FORFNZLVH DQG HQJDJH UDWFKHW JHDU RQ UDWFKHW JHDU VWRS

GHU GLH

(LQJH|OWHV 6SHUUUDG VR DXI GLH 9HU]DKQXQJ GHU .LFNVWDUWHUZHOOH VFKLHEHQ GDVV HLQH 9RUVSDQQXQJ GHU )HGHU HUUHLFKW ZLUG 9RUVSDQQXQJ

+

u +LQZHLV )DOOV GLHVH 9RUVSDQQXQJ QLFKW HUUHLFKW

l

ZLUG NDQQ GLH .LFNVWDUWHUIHGHU LQ GHU ]ZHLWHQ 6WHOOXQJ HLQJHKlQJW ZHUGHQ .LFNVWDUWHUZHOOH LP 8KU]HLJHUVLQQ GUHKHQ XQG 6SHUUDG DP 6SHUUDG HLQKlQJHQ

7<3(

l

l

3RVL]LRQDUH OD PROOD GL FRPSUHVVLRQH H OR VSHVVRUH VXOO DOEHUR DYYLDPHQWR D SHGDOH u 1RWD FRQ LO PRWRUH LQVWDOODWR VXOOD PRWR DOEHUR DYYLDPHQWR D SHGDOH LQ SRVL]LRQH RUL]]RQWD OH q FRQVLJOLDELOH SLHJDUH OD SULPD VSLUD GHOOD PROOD GL FRPSUHVVLRQH OHJJHUPHQWH YHUVR O LQWHUQR LO FKH q XWLOH QHOO LQVWDOOD]LRQH SHU WUDWWHQHUH OD PROOD VXOO LQJUDQDJJLR GL LQ QHVWR )LVVDUH O LQJUDQDJJLR LQWHUPHGLR FRQ OD URQGHOOD GL VSLQWD H XQD YLWH D WHVWD VYDVDWD 0 )LVVDUH OD YLWH D WHVWD VYDVDWD FRQ /2&7,7( &RSSLD GL VHUUDJJLR u 1RWD

+

l

l

&RSSLD GL VHUUDJJLR

+

1P

:LWK WKH HQJLQH LQVWDOOHG LQ WKH ELNH NLFN VWDUW VKDIW LQ KRUL]RQWDO SRVLWLRQ LW LV DGYLVDEOH WR EHQG ILUVW FRLO RI FRPSUHVVLRQ VSULQJ VOLJKWO\ LQZDUGV KHOSIXO DW LQVWDOODWLRQ DV LW KHOSV WR UHWDLQ VSULQJ RQ UDWFKHW JHDU $WWDFK LQWHUPHGLDWH JHDU ZLWK WKUXVW ZDVKHU DQG FRXQWHUVXQN VFUHZ 0 6HFXUH FRXQWHUVXQN VFUHZ ZLWK /2&7,7( 7LJKWHQLQJ WRUTXH u 1RWH

LO ODWR FKLXVR GHOO LQJUDQDJJLR LQWHUPHGLR GHYH HVVHUH ULYROWR YHUVR O DOWR

,QJUDVVDUH OHJJHUPHQWH JOL DQHOOL 25 GHOOD SRPSD GHOO DFTXD SUHDVVHPEODWD ,QVWDOODUH LO JUXSSR SRPSD GHOO DFTXD QHO FDUWHU H ILVVDUH FRQ XQD YLWH 7DSWLWH 0

3ODFH FRPSUHVVLRQ VSULQJ DQG VKLP RQ NLFN VWDUW VKDIW

l

u 1RWH

1P

3RPSD GHOO DFTXD LQVWDOOD]LRQH l

l

+

l l

u +LQZHLV :HQQ

l

1P

JHVFKORVVHQH 6HLWH GHV =ZLVFKHQUDGHV PXVV QDFK REHQ ]HLJHQ

:DVVHUSXPSH HLQEDXHQ

6OLJKWO\ JUHDVH 2 ULQJV RI WKH SUHDVVHPEOHG ZDWHU SXPS )LW ZDWHU SXPS DVVHPEO\ LQWR FUDQNFDVH DQG DWWDFK ZLWK 7DSWLWH VFUHZ 0

+

+

u +LQZHLV 'LH

7KH FORVHG VLGH RI WKH LQWHUPHGLDWH JHDU KDV WR SRLQW XSZDUGV

7LJKWHQLQJ WRUTXH

GHU 0RWRU LP )DKUJHVWHOO HLQJHEDXW LVW VROO DOV 0RQWDJHKLOIH GLH HUVWH :LQGXQJ GHU 'UXFNIHGHU OHLFKW QDFK LQQHQ JHERJHQ ZHUGHQ GDPLW VLH QLFKW YRP 6SHUUUDG DEUXWVFKW =ZLVFKHQUDG PLW +DOWHVFKHLEH XQG 6HQNVFKUDXEH 0 EHIHVWLJHQ ZREHL GLH 6HQNVFKUDXEH PLW /2&7,7( ]X VLFKHUQ LVW $Q]XJVGUHKPRPHQW

1P

:DWHU SXPS LQVWDOODWLR

'UXFNIHGHU XQG $XVJOHLFKVVFKHLEH DXI GLH .LFNVWDUWHUZHOOH VWHFNHQ

1P

l l

2 5LQJH GHU YRUPRQWLHUWH :DVVHUSXPSH PLW HWZDV )HWW HLQVWUHLFKHQ :DVVHUSXPSH NSO LQ GDV *HKlXVH VFKLHEHQ XQG PLW 7DSWLWH 6FKUDXEH 0 EHIHVWLJHQ $Q]XJVGUHKPRPHQW

+

7<3(

1P

5RWLVPR FRQWUDOEHUR WUDVPLVVLRQH SULPDULD H IUL]LRQH LQVWDOOD]LRQH l

l

3RVL]LRQDUH O DQHOOR 25 QHOOD VFDQDODWXUD GHOO DOEHUR PRWRUH 3RVL]LRQDUH O LQJUDQDJJLR FRQ OR VSDOODPHQWR YHUVR O HVWHUQR VXOOD GHQWDWXUD GHOO DOEHUR PRWRUH H O LQJUDQDJJLR VXO FRQWUDOEHUR FRQ OR VSDOODPHQWR YHUVR O LQWHUQR n $WWHQ]LRQH DVVLFXUDUVL FKH WXWWL L VHJQL VLDQR DO

OLQHDWL

u 1RWD

SHU IDFLOLWDUH O LQVWDOOD]LRQH SUHULVFDO GDUH OHJJHUPHQWH JOL LQJUDQDJJL PD[ &

%DODQFH VKDIW GULYH SULPDU\ GULYH DQG FOXWFK LQVWDOODWLRQ l l

3ODFH 2 ULQJ LQWR JURRYH RI FUDQNVKDIW )LW EDODQFH JHDU ZLWK VKRXOGHU RXWZDUGV RQ WRRWKLQJ RI FUDQNVKDIW DQG ILW EDODQFH JHDU RQ EDODQFH VKDIW ZLWK VKRXOGHU IDFLQJ LQZDUGV n $WWHQWLRQ (QVXUH DOLJQPHQW RI DOO PDUNV u 1RWH

7R HDVH WKH ILWWLQJ SUHKHDW EDODQFH JHDUV VOLJKWO\ PD[ &

$XVJOHLFKVWULHE 3ULPlUWULHE XQG .XSSOXQJ HLQEDXHQ l l

2 5LQJ LQ GLH 1XW GHU .XUEHOZHOOH JHEHQ $XVJOHLFKVUDG PLW GHP %XQG QDFK REHQ DXI GLH 9HU]DKQXQJ GHU .XUEHOZHOOH XQG GDV $XVJOHLFKVUDG PLW GHP %XQG QDFK LQQHQ DXI GLH $XVJOHLFKVZHOOH VWHFNHQ n $FKWXQJ $OOH

0DUNLHUXQJHQ EHUHLQVWLPPHQ

P VVHQ

u +LQZHLV 1HXH $XVJOHLFKVUlGHU N|QQHQ OHLFKW

HUZlUPW ZHUGHQ PD[ & XP GH (LQEDX ]X HUOHLFKWHUQ

7<3(

l l

,QVHULUH O LQJUDQDJJLR GL URWLVPR VXOOD GHQWDWXUD GHOO DOEHUR PRWRUH ,QVHULUH O DQHOOR GL EORFFDJJLR QHOOD VFDQDODWXUD GHOO DOEHUR PRWRUH H GHO FRQWUDOEHUR

n $WWHQ]LRQH 1RQ ULXWLOL]]DUH PDL DQHOOL GL EORFFDJJLR

XVDWL $O PRPHQWR GHOO XVR GHOO DQHOOR GL EORF FDJJLR IDUH DWWHQ]LRQH D QRQ DOODUJDUOR SL GHO QHFHVVDULR $VVLFXUDUVL FKH JOL DQHOOL VLDQR FRPSOH WDPHQWH LQVHULWL QHOOD VFDQDODWXUD

u 1RWD

VH QHFHVVDULR UHJRODUH OD SRVL]LRQH DV VLDOH GHOO LQJUDQDJJLR GHO FRQWUDOEHUR H GHOO LQJUDQDJJLR GHO URWLVPR EDWWHQGR OHJJHUPHQWH SHU SXOLUH OD VFDQDODWXUD H LQVHULUH O DQHOOR GL EORFFDJJLR WXWWR FLz QHOOD PLVXUD SL FRQWHQXWD SRVVLELOH SHU HYLWDUH OR VFKLDFFLDPHQWR H OD GHIRU PD]LRQH GHOO DQHOOR 25

l l

)LW GULYH JHDU RQ WRRWKLQJ RI FUDQNVKDIW ,QVHUW UHWDLQLQJ ULQJ LQWR JURRYH RI FUDQNVKDIW DQG EDODQFH VKDIW

n $WWHQWLRQ

1HYHU UHILW XVHG UHWDLQLQJ ULQJV $W WKH ILWWLQJ RI WKH UHWDLQLQJ ULQJ WDNH FDUH QRW WR RSHQ WKH ULQJ DQ\ IXUWKHU WKDQ QHFHVVDU\ 9HULI\ FRPSOHWH HQJDJHPHQW RI WKH UHWDLQLQJ ULQJV LQ WKH JURRYH

u 1RWH

,I QHFHVVDU\ DGMXVW D[LDO SRVLWLRQ RI EDODQFH JHDU DQG GULYH JHDU E\ FDUHIXOO\ WDSSLQJ WR FOHDQ JURRYH IRU ILWWLQJ WKH UHWDLQLQJ ULQJ KRZHYHU RQO\ WR WKH PLQLPXP H[WHQW QHFHVVDU\ WR DYRLG VTXHH]LQJ DQG GHIRUPDWLRQ RI 2 ULQJ

l l

$QWULHEVUDG DXI GLH 9HU]DKQXQJ GHU .XUEHOZHOOH VWHFNHQ 6HHJHU 9 5LQJ LQ GLH 1XW GHU .XUEHOZHOOH XQG GHU $XVJOHLFKVZHOOH HLQVHW]HQ

n $FKWXQJ

1LHPDOV JHEUDXFKWH 6HHJHU 5LQJH ZLHGHUYHUZHQGHQ %HL GHU 0RQWDJH GHU 6HHJHU 5LQJH GDUDXI DFKWHQ GDVV GLH (QGHQ QLFKW ZHLWHU JHVSUHL]W ZHUGHQ DOV HUIRUGHUOLFK 1DFK GHP (LQEDX GHU 6HHJHU 5LQJH GDUDXI DFKWHQ GDVV VLH YROOVWlQGLJ LQ GLH 1XW HLQJHUDVWHW VLQG

u +LQZHLV

*HJHEHQHQIDOOV PLW HLQHP HQWVSUHFKHQGHQ 'RUQ GDV $XVJOHLFKVUDG XQG GDV $QWULHEVUDG KLQXQWHUNORSIHQ ELV GLH 1XW I U GHQ 6HHJHU 9 5LQJ IUHL LVW MHGRFK QXU VRZHLW QRWZHQGLJ GD VRQVW GHU 2 5LQJ JHNOHPPW XQG GHIRUPLHUW ZLUG

7<3(

l

,QVWDOODUH LO JUXSSR IUL]LRQH SUHDVVHPEODWR VXOO DOEHUR VHFRQGDULR 3HU LO PRQWDJJLR GHOOD IUL]LRQH VL YHGD LO FDSLWROR )UL]LRQH u 1RWD

l

u 1RWH

DVVLFXUDUVL FKH L GXH FXVFLQHWWL D UXOOLQL VLDQR LQVWDOODWL VXOO DOEHUR VHFRQGDULR l

l

)LVVDUH WUDVYHUVDOPHQWH OH VHL YLWL D WHVWD HVDJRQDOH &RSSLD GL VHUUDJJLR u 1RWD

+

1P

3RVL]LRQDUH O LQJUDQDJJLR IROOH VXOO DVVDOH H DOOLQHDUOR FRQ LO VHJQR VXO FDUWHU JLUDQGR O DOEHUR PRWRUH

+

DXI GHU 9RUJHOHJHZHOOH PRQWLHUW VLQG

l

1P

6HFKVNDQWVFKUDXEHQ NUHX]ZHLVH IHVW]LHKHQ $Q]XJVGUHKPRPHQW

:KLOVW WLJKWHQLQJ WKH VFUHZV KROG FOXWFK GUXP E\ KDQG

3XW LGOH JHDU RQ D[OH DQG DOLJQ ZLWK PDUN RQ FUDQNFDVH E\ WXUQLQJ WKH FUDQNVKDIW

'LH YRUPRQWLHUWH .XSSOXQJVHLQKHLW DXI GLH 9RUJHOHJHZHOOH VWHFNHQ .XSSOXQJ YRUPRQWLHUHQ VLHKH .DSLWHO .XSSOXQJ u +LQZHLV 'DUDXI DFKWHQ GDVV EHLGH 1DGHONlILJH

7LJKWHQ WKH KH[ KG VFUHZV FURVVZLVH

u 1RWH

GXUDQWH LO ILVVDJJLR GHOOH YLWL WHQHUH OD FDPSDQD IUL]LRQH FRQ OD PDQR

l

(QVXUH WKDW WKH WZR QHHGOH EHDULQJV DUH ILWWHG RQ WKH FOXWFK VKDIW

7LJKWHQLQJ WRUTXH

l l

)LW WKH SUHDVVHPEOHG FOXWFK DVV\ RQ WKH FOXWFK VKDIW )RU DVVHPEOLQJ WKH FOXWFKVHH WKH FKDSWHU &OXWFK

+

1P

u +LQZHLV 'HQ .XSSOXQJVNRUE GDEHL PLW GHU +DQG

IHVWKDOWHQ

l

'DV =ZLVFKHQUDG DXI GLH =ZLVFKHQUDGDFKVH DXIVHW]HQ XQG GXUFK 'UHKHQ GHU .XUEHOZHOOH PLW GHU 0DUNLHUXQJ DP *HKlXVH EHUHLQVWLPPHQ ODVVHQ

7<3(

&RSHUFKLR IUL]LRQH LQVWDOOD]LRQH l

l

3RVL]LRQDUH O DQHOOR 25 VXO FHQWUDJJLR GHOOD SRPSD GHOO ROLR )LVVDUH OD SRPSD GHOO ROLR VXO FRSHUFKLR IUL]LRQH FRQ GXH EUXJROH 0 )LVVDUH OH YLWL FRQ /2&7,7( &RSSLD GL VHUUDJJLR 1P

&OXWFK FRYHU LQVWDOODWLRQ l l

7LJKWHQLQJ WRUTXH

+

u 1RWD

l

LQ FDVR GL SHUGLWH GHOO DWWDFFR SRPSD GHOO ROLR VLJLOODUH XOWHULRUPHQWH FRQ 6, /$67,& 579

3RVL]LRQDUH OD JXDUQL]LRQH VXO FDUWHU u 1RWD

DO PRPHQWR GHO PRQWDJJLR q SRVVLELOH LQJUDVVDUH OD JXDUQL]LRQH SHU PDQWHQHU OD LQ SRVL]LRQH

u 1RWH

l

.XSSOXQJVGHFNHO PRQWLHUHQ

3ODFH 2 ULQJ RQ VSLJRW RI RLO SXPS $WWDFK RLO SXPS RQ FOXWFK FRYHU E\ $OOHQ VFUHZV 0 6HFXUH VFUHZV ZLWK /2&7,7(

+

l l

1P

$Q]XJVGUHKPRPHQW

$W OHDNDJH RI RLO SXPS ILWWLQJ VHDO DGGLWLRQDOO\ ZLWK 6,/$67,& 579

*UHDVH PD\ EH DSSOLHG RQ JDVNHW WR NHHS LW LQ SRVLWLRQ ZKLOH ILWWLQJ LW

+

1P

u +LQZHLV %HL 8QGLFKWKHLW LVW GHU gOSXPSHQIODQVFK

DP .XSSOXQJVGHFNHO ]XVlW]OLFK PLW 6,/$67,& 579 DE]XGLFKWHQ

3ODFH JDVNHW RQ FUDQNFDVH u 1RWH

2 5LQJ DXI GLH =HQWULHUXQJ GHU gOSXPSH DXIOHJHQ gOSXPSH PLW ,QEXVVFKUDXEHQ 0 DP .XSSOXQJVGHFNHO EHIHVWLJHQ ZREHL GLH ,QEXVVFKUDXEHQ PLW /2&7,7( ]X VLFKHUQ VLQG

l

'LFKWXQJ DXI GDV *HKlXVH DXIOHJHQ u +LQZHLV 'LH 'LFKWXQJ NDQQ PLW )HWW HLQJHVWULFKHQ

ZHUGHQ XP HLQ 9HUUXWVFKHQ ]X YHUKLQGHUQ

7<3(

l

l

*LUDUH O DOEHUR GHOOD SRPSD GHOO ROLR LQ PRGR FKH O DOHWWD VL DOOLQHL FRQ L VHJQL LPSUHVVL VXO FRSHUFKLR IUL]LRQH 3RVL]LRQDUH FRUUHWWDPHQWH LO FRSHUFKLR IUL]LRQH H ILVVDUH FRQ QRYH EUXJROH 0 6HUUDUH WUDVYHUVDOPHQWH D

+ 1P

n $WWHQ]LRQH $VVLFXUDUVL FKH HQWUDPEL L SHUQL GL UL

IHULPHQWR VLDQR QHOOD ORUR SRVL]LRQH QHO VHPLFDUWHU ODWR IUL]LRQH 1RQ HVHUFLWDUH WURSSD SUHVVLRQH QHOO LQVWDOOD]LRQH GHO FRSHUFKLR IUL]LR QH 9HULILFDUH OD FRUUHWWD SRVL]LRQH GHOO DO EHUR GHOOD SRPSD GHOO ROLR H GHOO LQ JUDQDJJLR IROOH VL YHGD LO FDSLWROR 5XRWLVPR FRQWUDOEHUR WUDVPLV VLRQH SULPDULD H IUL]LRQH LQVWDOOD ]LRQH

l l

7XUQ RLO SXPS VKDIW VR WKDW WKH IODW ZLOO DOLJQ ZLWK WKH FDVW PDUNV RQ FOXWFK FRYHU 3ODFH FOXWFK FRYHU LQ SRVLWLRQ DQG DWWDFK ZLWK $OOHQ VFUHZV 0 7LJKWHQ FURVVZLVH WR

+

1P

n $WWHQWLRQ (QVXUH WKDW ERWK GRZHO SLQV DUH LQ

SRVLWLRQ LQ FOXWFK VLGH FUDQNFDVH KDOI 'R QRW XVH IRUFH ZKHQ ILWWLQJ FOXWFK FRYHU 9HULI\ DSSURSULDWH SRVLWLRQ RI RLO SXPS VKDIW DQG LGOH JHDU 6HH FKDSWHU %DODQFH VKDIW GULYH 3ULPDU\ GULYH DQG &OXWFK LQVWDOODWLRQ

l

l

gOSXPSHQZHOOH VR YHUGUHKHQ GDVV GLH )ODFKVWHOOH PLW GHU HLQJHJRVVHQHQ 0DUNLHUXQJ DP .XSSOXQJVGHFNHO EHUHLQVWLPPW .XSSOXQJVGHFNHO DXIVHW]WHQ XQG PLW ,QEXVVFKUDXEHQ 0 NUHX]ZHLVH IHVW]LHKHQ $Q]XJVGUHKPRPHQW n $FKWXQJ

+

1P

'DUDXI DFKWHQ GDVV EHLGH =\OLQGHUVWLIWH LQ GHU NXSSOXQJVVHLWLJHQ *HKlXVHKlOIWH HLQJHSUH W VLQG .XSSOXQJVGHFNHO QLFKW PLW *HZDOW DXIVHW]HQ *HJHEHQHQIDOOV LVW GLH ULFKWLJH 3RVLWLRQ GHU gOSXPSHQZHOOH XQG GHV =ZLVFKHQUDGHV VLHK .DSLWHO $XVJOHLFKVWULHE 3ULPlUWULHE XQG .XSSOXQJ HLQEDXHQ QRFKPDOV EHUSU IHQ

7<3(

)UL]LRQH UHJROD]LRQH l l

$WWUH]]L VSHFLDOL

l

+

l l

OD FRUVD OLEHUD VXOOD OHYD GHOOD FDPPD GL VWDFFR PLVXUD RUD SL GL PP

5LSRVL]LRQDUH HQWUDPEH OH YLWL GL FKLXVXUD H O DQHOOR 25

l

+

l l

ZUHQFK $ ) 527$; QR

/RRVHQ JUXE VFUHZ 0 DQG WXUQ LQ XQWLO IHHOLQJ UHVLVWDQFH )URP WKLV SRVLWLRQ RQ WXUQ EDFN WXUQV DQG FRXQWHUORFN u 1RWH

l

.XSSOXQJ HLQVWHOOHQ

5HPRYH ERWK SOXJ VFUHZV DORQJ ZLWK 2 ULQJ 6ODFNHQ 0 QXW XVLQJ ZUHQFK 6SHFLDO WRRO

&KLDYH $ ) SDUW 527$; Q

6YLWDUH OD YLWH GL EORFFDJJLR 0 H JLUDUOD ILQR D FKH QRQ VL LQFRQWUD UHVLVWHQ]D 'D TXHVWR SXQWR LQ SRL JLUDUH LQGLHWUR GL GL JLUR H FRQWUREORFFDUH u 1RWD

l

&OXWFK DGMXVWPHQW

7RJOLHUH HQWUDPEH OH YLWL GL FKLXVXUD H O DQHOOR 25 $OOHQWDUH LO GDGR 0 FRQ OD FKLDYH

%HLGH 9HUVFKOXVVVFKUDXEHQ PLW 2 5LQJ KHUDXVFKUDXEHQ 0XWWHU 0 PLW .RQWHUVFKO VVHO ORFNHUQ

+

6SH]LDOZHUN]HXJ l

)UHH WUDYHO RQ OHYHU RI WKH UHOHDVH FDP LV QRZ PRUH WKDQ PP

.RQWHUVFKO VVHO 527$; 1U

*HZLQGHVWLIW 0 ]XHUVW O|VHQ XQG GDQQ KLQHLQGUHKHQ ELV OHLFKWHU :LGHUVWDQG VS UEDU ZLUG 9RQ GLHVHU 3RVLWLRQ ZLUG 8PGUHKXQJ ]XU FNJHGUHKW XQG GDQQ JHNRQWHUW u +LQZHLV 'HU /HHUZHJ I U GHQ $XVU FNWHOOHU

5HILW ERWK VFUHZ SOXJV DORQJ ZLWK 2 ULQJ

EHWUlJW GDQDFK PHKU DOV PP

l

%HLGH 9HUVFKOXVVVFKUDXEHQ PLW 2 5LQJ ZLHGHU HLQVFKUDXEHQ

7<3(

3LVWRQH PRQWDJJLR l

3LVWRQ ILWWLQJ

3RVL]LRQDUH OD JXDUQL]LRQH EDVH FLOLQGUR u 1RWD

l

OD JXDUQL]LRQH GHO FDUWHU QRQ GHYH HVVH UH VSRUJHQWH Qq ULHQWUDQWH ULVSHWWR DOOD VXSHUILFLH GHOOD EDVH GHO FLOLQGUR SHU HYLWDUH SHUGLWH GL OLTXLGR GL UDIIUHGGD PHQWR QHO FDUWHU

u 1RWH

l l

3RVL]LRQDUH XQ DQHOOR GL VLFXUH]]D QHOOD VFDQDODWXUD GHO SLVWRQH

l

l

$SSOLFDUH ROLR PRWRUH VXL FRQGRWWL GL OXEULILFD]LRQH SHU L FXVFLQHWWL SULQFLSDOL GHOO DOEHUR PRWRUH H DQFKH VXL FXVFLQHWWL GHOOD WHVWD H GHO SLHGH GL ELHOOD )DU VFLYRODUH OD JDEELD D UXOOLQL QHOOD ELHOOD

u +LQZHLV 'LH

*HKlXVHGLFKWXQJ GDUI LP =\OLQGHUIX EHUHLFK NHLQHVIDOOV YRU RGHU ]XU FNVWHKHQ GD VRQVW . KOPLWWHO LQ GDV *HKlXVH JHODQJHQ NDQQ

7KH FUDQNFDVH JDVNHW PXVW QHLWKHU SURMHFW LQWR QRU EH VHW EDFN IURP F\OLQGHU EDVH IDFH WR DYRLG OHDNLQJ RI FRRODQW LQWR FUDQNFDVH

)LW RQH FLUFOLS LQWR JURRYH RI SLVWRQ

l

n $WWHQWLRQ )LW QHZ FLUFOLSV RQO\

l

l

$SSO\ HQJLQH RLO WR OXEULFDWLRQ GXFWV IRU FUDQNVKDIW PDLQ EHDULQJV DV ZHOO DV ELJ HQG DQG VPDOO HQG EHDULQJ RI FRQ URG 6OLGH QHHGOH FDJH LQWR FRQ URG

(LQHQ 1XOOKDNHQULQJ LQ GLH 5LQJQXW GHV .ROEHQV PRQWLHUHQ n $FKWXQJ

(QVXUH WKDW RSHQ HQGV RI FLUFOLSV SRLQW GRZQZDUGV R FORFN SRVLWLRQ

n $WWHQ]LRQH 8VDUH VROR DQHOOL GL VLFXUH]]D QXRYL

$VVLFXUDUVL FKH OH HVWUHPLWj DSHUWH GHJOL DQHOOL GL VLFXUH]]D VLDQR ULYROWH YHUVR LO EDVVR SRVL]LRQH RUH

3ODFH F\OLQGHU EDVH JDVNHW LQWR SRVLWLRQ

.ROEHQ PRQWLHUHQ =\OLQGHUIX GLFKWXQJ DXIOHJHQ

l

l

l

,PPHU QHXH 1XOOKDNHQULQJH YHUZHQGHQ 'DUDXI DFKWHQ GDVV GLH RIIHQH (QGHQ GHV 1XOOKDNHQULQJHV QDFK XQWHQ 5LFKWXQJ 8KU ]HLJHQ

%HLGH 6FKPLHUERKUXQJHQ I U .XUEHOZHOOHQ +DXSWODJHU VRZLH XQWHUHV XQG REHUHV 3OHXHOODJHU PLW 0RWRU|O VFKPLHUHQ .ROEHQERO]HQNlILJ LQ GDV 3OHXHO VFKLHEHQ

7<3(

l

0HWWHUH LO SLVWRQH VXOOD ELHOOD H VSLQJHUH OR VSLQRWWR LQ SRVL]LRQH

l

n $WWHQ]LRQH SHU LO FRUUHWWR SRVL]LRQDPHQWR GHO SL

n $WWHQ]LRQH Â&#x2021; 3HU VLFXUH]]D FRSULUH LO FDUWHU FRQ XQ

SDQQR SXOLWR SHU HYLWDUH FKH JOL DQHOOL GL VLFXUH]]D FDGDQR QHO FDUWHU VWHVVR Â&#x2021; 8VDUH VROR DQHOOL GL VLFXUH]]D QXRYL Â&#x2021; $VVLFXUDUVL FKH OH HVWUHPLWj GHJOL DQHOOL GL VLFXUH]]D VLDQR ULYROWH YHUVR LO EDVVR SRVL]LRQH RUH

3IHLOPDUNLHUXQJ DXI GHQ .ROEHQERGHQ PXVV 5LFKWXQJ $XVODVVIODQVFK ]HLJHQ E]Z LVW VR ]X PRQWLHUHQ GDVV GLH .ROEHQULQJ 6LFKHUXQJVVWLIWH LQ 5LFKWXQJ $QVDXJXQJ ]HLJHQ

)LW VHFRQG FLUFOLS n $WWHQWLRQ Â&#x2021; )RU VDIHW\ V VDNH FRYHU FUDQNFDVH

ZLWK D FOHDQ UDJ WR SUHYHQW FLUFOLSV IURP GURSSLQJ LQWR FUDQNFDVH Â&#x2021; 8VH QHZ FLUFOLSV RQO\ Â&#x2021; (QVXUH WKDW HQGV RI FLUFOLSV SRLQW GRZQZDUGV R FORFN SRVLWLRQ

.ROEHQ DXI GDV 3OHXHO DXIVHW]HQ XQG .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]LRQDUH LO VHFRQGR DQHOOR GL VLFXUH]]D

l

n $WWHQWLRQ )RU FRUUHFW ILWWLQJ RI WKH SLVWRQ WKH DUURZ

VWRQH OD IUHFFLD VXO FLHOR GHYH HVVH UH ULYROWD YHUVR OD IODQJLD GHOOR VFDULFR H L SHUQL GL ILVVDJJLR GHOOD IDVFLD HODVWL FD GHYRQR HVVHUH SRVL]LRQDWL YHUVR OD SUHVD GL DVSLUD]LRQH

l

3XW SLVWRQ RYHU FRQ URG DQG SXVK SLVWRQ SLQ LQWR SRVLWLRQ

l

'HQ ]ZHLWHQ 1XOOKDNHQULQJ PRQWLHUHQ n $FKWXQJ

Â&#x2021; 6LFKHUKHLWVKDOEHU GDV .XUEHOJHKlXVH PLW HLQHP VDXEHUHQ /DSSHQ

DEGHFNHQ GDPLW GHU 1XOOKDNHQULQJ QLFKW LQ GDV .XUEHOJHKlXVH IDOOHQ NDQQ Â&#x2021; ,PPHU QHXH 1XOOKDNHQULQJH YHUZHQGHQ Â&#x2021; 'DUDXI DFKWHQ GDVV GLH RIIHQHQ (QGHQ GHV 1XOOKDNHQULQJHV QDFK XQWHQ 5LFKWXQJ 8KU ]HLJHQ

7<3(

&LOLQGUR PRQWDJJLR l

&\OLQGHU ILWWLQJ

$SSOLFDUH OD FKLDYH SHU IDVFH HODVWLFKH $WWUH]]L VSHFLDOL &KLDYH SHU IDVFH HODVWLFKH SDUW 527$; Q

+

l

n $WWHQ]LRQH Â&#x2021; $VVLFXUDUVL FKH OH IDVFH HODVWLFKH VLD

3RVL]LRQDUH LO FLOLQGUR

l l

5LPXRYHUH OD FKLDYH SHU IDVFH HODVWLFKH )LVVDUH WUDVYHUVDOPHQWH LO FLOLQGUR FRQ L TXDWWUR GDGL 0 FRQ OD URQGHOOD 1P &RSSLD GL VHUUDJJLR

+

l

+

l

l

)LW F\OLQGHU

l

s :DUQLQJ 3DLU RQO\ SLVWRQ DQG F\OLQGHU RI WKH VDPH

l

5HPRYH SLVWRQ ULQJ VSDQQHU 7LJKWHQ FURVVZLVH WKH QXWV 0 DORQJ ZLWK ZDVKHU RQ F\OLQGHU VWXGV 1P 7LJKWHQLQJ WRUTXH 3ODFH 2 ULQJ LQWR JURRYH LQ F\OLQGHU

Â&#x2021; 'DUDXI DFKWHQ GDVV 5LQJHQGHQ ULFKWLJ DQ GHQ 6LFKHUXQJVVWLIWHQ LQ GHQ .ROEHQQXWHQ DQJHRUGQHW VLQG Â&#x2021; 7DNW 0RWRU|O DXI =\OLQGHUZDQG DXIWUDJHQ

=\OLQGHU DXIVHW]HQ

l l

0RQWDJHULQJ HQWIHUQHQ =\OLQGHU PLW 0XWWHUQ 0 XQG 6FKHLEHQ NUHX]ZHLVH IHVW]LHKHQ $Q]XJVGUHKPRPHQW 1P

+

l

2 5LQJ LQ GLH 1XW GHV =\OLQGHUV HLQOHJHQ

3RVL]LRQDUH O DQHOOR 25 QHOOD VFDQDODWXUD GHO FLOLQGUR

0RQWDJHULQJ 527$; 1U

0DÂ&#x2030;JUXSSH YHUZHQGHQ 6LHKH .DSLWHO .ROEHQ XQG =\OLQGHU

+

l

+

s :DUQXQJ 1XU .ROEHQ XQG =\OLQGHU PLW JOHLFKHU

WROHUDQFH JURXS 6HH FKDSWHU 3LVWRQ DQG &\OLQGHU

l

0RQWDJHULQJ DXI]LHKHQ 6SH]LDOZHUN]HXJ n $FKWXQJ

ZLWK HQGV EHVLGHV VHFXULQJ SLQ LQ JURRYH Â&#x2021; $SSO\ VWURNH HQJLQH RLO WR F\OLQGHU ZDOO

s $YYHUWHQ]D DFFRSSLDUH VROR SLVWRQL H FLOLQGUL DS

SDUWHQHQWL DOOH VWHVVH IDVFH GL WROOHUDQ ]D VL YHGDQR L FDSLWROR 3LVWRQH H &LOLQGUR

$SSO\ SLVWRQ ULQJ VSDQQHU 6SHFLDO WRRO 3LVWRQ ULQJ VSDQQHU 527$; QR n $WWHQWLRQ Â&#x2021; (QVXUH WKDW SLVWRQ ULQJV DUH DUUDQJHG

QR GLVSRVWH FRQ OH HVWUHPLWj D ILDQFR GHO SHUQR GL ILVVDJJLR QHOOD VFDQDOD WXUD Â&#x2021; $SSOLFDUH ROLR SHU PRWRUL D WHPSL DOOD SDUHWH FLOLQGUR

l

=\OLQGHU PRQWLHUHQ

7<3(

l

)LVVDUH O LQVHUWR FDPHUD GL FRPEXVWLRQH FRQ FLQTXH YLWL D WHVWD HVDJRQDOH 0 H URQGHOOH GL EORFFDJJLR 6HUUDUH OH YLWL WUDVYHUVDOPHQWH D u 1RWD

+

l

7LJKWHQ VFUHZV FURVVZLVH WR

1P

IDUH DWWHQ]LRQH D QRQ VFKLDFFLDUH O DQHO OR 25 GHOO LQVHUWR FDPHUD GL FRPEXVWLR QH

u 1RWH

l l

l

l

3RVL]LRQDUH O DQHOOR 25 VXOO LQVHUWR FDPHUD GL FRPEXVWLRQH 3RVL]LRQDUH O DQHOOR 25 QHOOD VFDQDODWXUD GHO FRSHUFKLR WHVWDWD 6HUUDUH WUDVYHUVDOPHQWH LO FRSHUFKLR WHVWDWD JLj GRWDWR GL WHUPRVWDWR FRQ OH TXDWWUR EUXJROH 0 &RSSLD GL VHUUDJJLR u 1RWD

+

1P

GDGL H YLWL SHU LO FLOLQGUR H O LQVHUWR FDPH UD GL FRPEXVWLRQH GHYRQR HVVHUH VHUUDWL QXRYDPHQWH D PRWRUH IUHGGR GRSR L SUL PL NP

)L[ FRPEXVWLRQ FKDPEHU LQVHUW ZLWK KH[ KG VFUHZV 0 DQG ORFNZDVKHUV

l l

+ 1P

7LJKWHQLQJ WRUTXH

+

1P

1XWV DQG VFUHZV IRU F\OLQGHU DQG FRPEXVWLRQ FKDPEHU LQVHUW KDYH WR EH WLJKWHQHG DJDLQ ZLWK WKH FROG HQJLQH DIWHU WKH LQLWLDO NP

%UHQQUDXPHLQVDW] DXIVHW]HQ XQG PLW 6HFKVNDQWVFKUDXEHQ 0 XQG )HGHUULQJHQ NUHX]ZHLVH IHVW]LHKHQ $Q]XJVGUHKPRPHQW

0DNH VXUH QRW WR VTXHH]H 2 ULQJ IRU FRPEXVWLRQ FKDPEHU LQVHUW

3ODFH 2 ULQJ RQWR FRPEXVWLRQ FKDPEHU LQVHUW 3ODFH 2 ULQJ LQWR JURRYH RI F\OLQGHU KHDG FRYHU 7LJKWHQ F\OLQGHU KHDG FRYHU DOUHDG\ ILWWHG ZLWK WKHUPRVWDW FURVVZLVH ZLWK WKH $OOHQ VFUHZV 0

u 1RWH

l

+

1P

u +LQZHLV 2 5LQJ I U GHQ %UHQQUDXPHLQVDW] GDEHL

QLFKW HLQ]ZLFNHQ

l l l

2 5LQJ DXI GHQ %UHQQUDXPHLQVDW] DXIOHJHQ 2 5LQJ LQ GLH 1XW GHV =\OLQGHUNRSIGHFNHOV HLQOHJHQ =\OLQGHUNRSIGHFNHO PLW EHUHLWV HLQJHEDXWHP 7KHUPRVWDW PLW ,QEXVVFKUDXEHQ 0 NUHX]ZHLVH IHVW]LHKHQ $Q]XJVGUHKPRPHQW

+

1P

u +LQZHLV 0XWWHUQ XQG 6FKUDXEHQ I U =\OLQGHU XQG

%UHQQUDXPHLQVDW] QDFK GHQ HUVWHQ NP LQ NDOWHP =XVWDQG QDFK]LHKHQ

7<3(

)ODQJLD GHOOR VFDULFR PRQWDJJLR l

)LVVDUH OD IODQJLD GHOOR VFDULFR H OD JXDUQL]LRQH FRQ GXH EUXJROH 0 1P &RSSLD GL VHUUDJJLR

([KDXVW VRFNHW ILWWLQJ l

l

)LVVDUH LO JUXSSR YDOYROD D ODPHOOH LQVLHPH DOOD JXDUQL]LRQH H DO PDQLFRWWR FDUEXUDWRUH H VHUUDUH OH FLQTXH EUXJROH 0 WUDVYHUVDOPHQWH 1P &RSSLD GL VHUUDJJLR

+

l

+

+

9DOYROD D ODPHOOH PRQWDJJLR

)L[ H[KDXVW VRFNHW DQG JDVNHW ZLWK $OOHQ VFUHZV 0 1P 7LJKWHQLQJ WRUTXH

$XVSXIIVWXW]HQ PRQWLHUHQ

5HHG YDOYH ILWWLQJ l

$XVSXIIVWXW]HQ XQG 'LFKWXQJ PLW ,QEXVVFKUDXEHQ 0 IHVW]LHKHQ 1P $Q]XJVGUHKPRPHQW

+

9HQWLOWUlJHU PRQWLHUHQ

$WWDFK UHHG YDOYH DVVHPEO\ DORQJ ZLWK JDVNHW DQG FDUEXUHWRU IODQJH DQG WLJKWHQ WKH $OOHQ VFUHZV 0 FURVVZLVH 1P 7LJKWHQLQJ WRUTXH

+

l

.RPSOHWWHQ 9HQWLOWUlJHU PLW 'LFKWXQJ XQG 9HUJDVHUVWXW]HQ LQ GHQ =\OLQGHU VWHFNHQ XQG PLW ,QEXVVFKUDXEHQ 0 NUHX]ZHLVH IHVW]LHKHQ 1P $Q]XJVGUHKPRPHQW

+

7<3(

5DSSRUWR GL FRPSUHVVLRQH FRQWUROOR

&RPSUHVVLRQ UDWLR FKHFNLQJ

9HUGLFKWXQJ NRQWUROOLHUHQ

n $WWHQ]LRQH SHU XQD YHULILFD FRUUHWWD GHO UDSSRUWR GL

n $WWHQWLRQ

n $FKWXQJ

FRPSUHVVLRQH q QHFHVVDULR FKH OD FDPH UD GL FRPEXVWLRQH VLD OLEHUD GD UHVLGXL GL FRPEXVWLRQH

l

3RVL]LRQDUH LO SLVWRQH DO 3 0 6 u 1RWD

l

l

GHWHUPLQDUH LO 3 0 6 SHU PH]]R GL XQ FRPSDUDWRUH R GL XQ FDOLEUR D FRUVRLR

8VDUH LO WXER GL YHWUR FDOLEUDWR H ULHPSLUH OD FDPHUD GL FRPEXVWLRQH DWWUDYHUVR LO IRUR GHOOD FDQGHOD FRQ ROLR SHU PRWRUH D WHPSL ILQR DOOD VXSHUILFLH GL WHQXWD

6HW SLVWRQ WR 7'& WRS GHDG FHQWUH

u 1RWH

l

)RU SURSHUO\ DVFHUWDLQLQJ WKH FRPSUHVVLRQ UDWLR LW LV QHFHVVDU\ WKDW WKH FRPEXVWLRQ FKDPEHU LV IUHH RI FRPEXVWLRQ UHVLGXHV

l

'HWHUPLQH 7'& E\ GLDO JDXJH RU YHUQLHU FDOOLSHUV

8WLOL]H JDXJH JODVV DQG ILOO FRPEXVWLRQ FKDPEHU YLD VSDUN SOXJ KROH ZLWK VWURNH HQJLQH RLO ULJKW XS WR VHDOLQJ IDFH

9RUDXVVHW]XQJ HLQHU H[DNWHQ hEHUSU IXQJ GHU 9HUGLFKWXQJ LVW HLQ YRQ 9HUEUHQQXQJVU FNVWlQGHQ IUHLHU %UHQQUDXP

'HQ .ROEHQ DXI 27 REHUHU 7RWSXQNW VWHOOHQ u +LQZHLV 'LH 27 6WHOOXQJ NDQQ PLW HLQHU 0H XKU

RGHU HLQHU 6FKLHEHOHKUH JHIXQGHQ ZHUGHQ

l

7DNW 0RWRU|O DXV HLQHP 0H JODV GXUFK GLH = QGNHU]HQERKUXQJHQ LQ GHQ %UHQQUDXP ELV ]XU 'LFKWIOlFKH I OOHQ

7<3(

l

/DVFLDUH FKH O ROLR VL GHSRVLWL HIIHWWXDUH OD OHWWXUD GHOOD FDSDFLWj GL ULHPSLPHQWR H GHWUDUUH FPñ YROXPH GHOOD ILOHWWDWXUD GHOOD FDQGHOD YROXPH FDPHUD GL FRPEXVWLRQH 9F

5DSSRUWR GL FRPSUHVVLRQH &LOLQGUDWD 9ROXPH FDPHUD GL FRPEXVWLRQH 9ROXPH FDPHUD GL FRPEXVWLRQH 9K 9F QRPLQDOH

9F (VHPSLR &RUVD PP +

$OHVDJJLR PP '

&DSDFLWj GL ULHPSLPHQWR FPñ FRQ OD JXDUQL]LRQH GHOOD EDVH GHO FLOLQGUR PP &LOLQGUDWD

'ðπ [ + ð PPðπ [ PP

PPñ

9ROXPH FDPHUD GL FRPEXVWLRQH 9F

FPñ

FPñ FPñ

FPñ

5DSSRUWR GL FRPSUHVVLRQH FPñ FPñ !

FPñ u 1RWD

u 1RWD

l

SRLFKq QHOO¶HVHPSLR LO UDSSRUWR GL FRPSUHV VLRQH VXSHUD LO YDORUH QRPLQDOH GL q VWDWR UHWWLILFDWR D XWLOL]]DQGR XQD JXDUQL]LRQH GD PP LQYHFH GL TXHOOD GD PP OH JXDUQL]LRQL EDVH FLOLQGUR VRQR GLVSRQLELOL FRQ VSHVVRUL GL PP PP PP VL YHGD OD OLVWD ULFDPEL

/HW RLO VHWWOH WDNH UHDGLQJ RI WKH ILOOLQJ FDSDFLW\ DQG GHGXFW FPñ YROXPH RI VSDUN SOXJ WKUHDG

FRPEXVWLRQ FKDPEHU YROXPH 9F &RPSUHVVLRQ UDWLR 'LVSODFHPHQW &RPEXVWLRQ FKDPEHU YROXPH &RPEXVWLRQ FKDPEHU YROXPH 9K 9F QRPLQDO

9F

9HUGLFKWXQJ +XEYROXPHQ %UHQQUDXPYROXPHQ %UHQQUDXPYROXPHQ

([DPSOH 6WURNH PP +

%RUH PP '

)LOOLQJ FDSDFLW\ FPñ ZLWK F\O EDVH JDVNHW PP

%HLVSLHO +XE PP +

=\OLQGHU PP '

) OOPHQJH FPñ PLW )X GLFKWXQJ PP

'LVSODFHPHQW 'ð π [ + ð PPð π [ PP

PPñ FPñ

+XEYROXPHQ 'ð π[+ ð PPð π [ PP

PPñ FPñ

&RPEXVWLRQ FKDPEHU YROXPH 9F FPñ FPñ FPñ

%UHQQUDXPYROXPHQ 9F FPñ FPñ FPñ

&RPSUHVVLRQ UDWLR FPñ FPñ !

FPñ

9HUGLFKWXQJ FPñ FPñ !

FPñ

u 1RWH

$V LQ WKLV H[DPSOH WKH FRPSUHVVLRQ UDWLR LV DERYH WKH QRPLQDO YDOXH RI LW ZDV FRUUHFWHG WR E\ XVH RI D EDVH JDVNHW RI PP LQVWHDG RI WKH PP WKLFN RQH

u +LQZHLV

u 1RWH

u +LQZHLV

l

&\OLQGHU EDVH JDVNHWV DUH DYDLODEOH LQ WKH WKLFNQHVV RI PP PP DQG PP VHH VSDUH SDUWV OLVW

7XUQ FUDQNVKDIW WR %'& ERWWRP GHDG FHQWUH WKXV GUDLQLQJ WKH VWURNH HQJLQH RLO WKURXJK H[KDXVW SRUW

l

l

6SRVWDUH O¶DOEHUR PRWRUH DO 3 0 , H VFDULFDUH O¶ROLR SHU PRWRUH D WHPSL GDOOD OXFH GL VFDULFR

l

0RQWDUH OD FDQGHOD VXOOD WHVWDWD &RSSLD GL VHUUDJJLR

+

)LW VSDUN SOXJ LQWR F\OLQGHU KHDG 7LJKWHQLQJ WRUTXH

1P

+

1P

%HL GLHVHP %HLVSLHO LVW GLH 9HUGLFKWXQJ K|KHU DOV GHU 6ROOZHUW 'XUFK 9HUZHQGXQJ HLQHU PP DQVWDWW PP VWDUNHQ =\OLQGHUIX GLFKWXQJ ZLUG HLQH 9HUGLFKWXQJ YRQ HUUHLFKW

(V VLQG =\OLQGHUIX GLFKWXQJHQ LQ GHQ 6WlUNHQ PP PP XQG PP HUKlOWOLFK VLHKH (UVDW]WHLOOLVWH

.XUEHOZHOOH DQ GHQ 87 XQWHUHU 7RWSXQNW EULQJHQ VR GDVV VLFK GDV 7DNW 0RWRU|O GXUFK GHQ $XVSXIINDQDO HQWOHHUW n $FKWXQJ gO DXIIDQJHQ XQG XPZHOWIUHXQGOLFK

IULHQGO\ GLVSRVDO

l

gO DEVHW]HQ ODVVHQ ) OOPHQJH DEOHVHQ XQG XP FPñ UHGX]LHUHQ 9ROXPHQ GHV .HU]HQJHZLQGHV

%UHQQUDXPYROXPHQ 9F

9K 9F 6ROOZHUW

9F

n $WWHQWLRQ &ROOHFW RLO DQG HQVXUH HQYLURQPHQW

n $WWHQ]LRQH UDFFRJOLHUH O¶ROLR H SURYYHGHUH DOOR

VPDOWLPHQWR ULVSHWWDQGR O¶DPELHQWH

l

HQWVRUJHQ

l

= QGNHU]H LQ GHQ =\OLQGHUNRSI HLQVFKUDXEHQ $Q]XJVGUHKPRPHQW

+

7<3(

1P

*UXSSR GL DFFHQVLRQH LQVWDOOD]LRQH l l l

l l

*LUDUH LO VXSSRUWR PRWRUH LQ PRGR GD SRUUH YHUVR O¶DOWR LO ODWR DFFHQVLRQH ,QVHULUH OD OLQJXHWWD D GLVFR QHOO¶DOEHUR PRWRUH $SSOLFDUH LO 02/<.27( DJOL DOORJJLDPHQWL GHL FXVFLQHWWL H DL GHQWL GHO JUXSSR LQJUDQDJJL DYYLDPHQWR

,QVWDOODUH LO JUXSSR LQJUDQDJJL DYYLDPHQWR LQVLHPH DOOD URQGHOOD GL VSLQWD QHO IRUR FRQ FXVFLQHWWR D UXOOLQL )LVVDUH OR VWDWRUH FRQ OH WUH EUXJROH 0 QHO FDUWHU &RSSLD GL VHUUDJJLR

+

1P

,JQLWLRQ XQLW LQVWDOODWLRQ l l l l l

= QGDQODJH HLQEDXHQ

7XUQ HQJLQH LQ WUHVWOH ZLWK LJQLWLRQ VLGH XSZDUGV ,QVHUW :RRGUXII NH\ LQWR FUDQNVKDIW $SSO\ 02/<.27( WR EHDULQJ VHDWV DQG WRRWKLQJ RI VWDUWHU JHDU DVV\ )LW VWDUWHU JHDU DVV\ DORQJ ZLWK WKUXVW ZDVKHU LQWR ERUH ZLWK QHHGOH EHDULQJ $WWDFK VWDWRU ZLWK $OOHQ VFUHZV 0 LQ FUDQNFDVH 7LJKWHQLQJ WRUTXH

+

l l l l l

1P

0RWRU LP 0RQWDJHERFN PLW = QGHUVHLWH QDFK REHQ GUHKHQ 6FKHLEHQIHGHU LQ .XUEHOZHOOH HLQVHW]WHQ /DJHUVWHOOHQ XQG 9HU]DKQXQJ GHV 6WDUWHUJHWULHEHV PLW 02/<.27( EHVWUHLFKHQ 6WDUWHUJHWULHEH PLW $QODXIVFKHLEH LQ GLH %RKUXQJ PLW 1DGHOODJHU VFKLHEHQ 6WDWRU PLW ,QEXVVFKUDXEHQ 0 LP *HKlXVH EHIHVWLJHQ $Q]XJVGUHKPRPHQW

+

7<3(

1P

l l

6JUDVVDUH OD SDUWH FRQLFD GHOO¶DOEHUR H LO YRODQR 0RQWDUH LO YRODQR LQ FRUULVSRQGHQ]D GHOOD VFDQDODWXUD VXOO¶DOEHUR H ILVVDUH FRQ LO GDGR HVDJRQDOH 0 [ OD URQGHOOD GL VLFXUH]]D H /2&7,7( u 1RWD

l l

l

QRQ XVDUH /2&7,7( VXOOD SDUWH FRQLFD

)DUH JLUDUH LO YRODQR ILQR DO 3 0 6 FLUFD 3RVL]LRQDUH FRUUHWWDPHQWH LO SLDWWR HVWUDWWRUH FRQ L EXOORQL GL EORFFDJJLR VXO YRODQR H ILVVDUOR QHOOD SRVL]LRQH FRQ OH WUH EUXJROH 0 [ $WWUH]]R SHU OD ULSDUD]LRQH

l

l

+

u 1RWH l l

l

l l

'R QRW XVH /2&7,7( RQ WDSHU

7XUQ IO\ZKHHO LQWR DSSUR[ 7'& SRVLWLRQ 3ODFH SXOOHU SODWH ZLWK VWRS EROWV LQ FRUUHFW SRVLWLRQ RQWR IO\ZKHHO DQG IL[ LQ SRV ZLWK $OOHQ VFUHZV 0 [

5HSDLU WRRO

*UXSSR SLDWWR HVWUDWWRUH SDUW 527$; Q

6HUUDUH LO YRODQR FRQ LO GDGR HVDJRQDOH 0 [

'HJUHDVH WDSHU RI VKDIW DQG IO\ZKHHO )LW IO\ZKHHO FRUUHVSRQGLQJ WR NH\ZD\ RQ VKDIW DQG IL[ ZLWK KH[ QXW 0 [ ORFNZDVKHU DQG /2&7,7(

+

u +LQZHLV .HLQ /2&7,7( DP .RQXV YHUZHQGHQ l l

3XOOHU SODWH DVV\ 527$; QR

+

1P

+

7LJKWHQ IO\ZKHHO ZLWK WKH KH[ QXW 0 [

7LJKWHQLQJ WRUTXH

+

1P

0DJQHWUDG FD DXI 27 6WHOOXQJ GUHKHQ $EGU FNSODWWH PLW ULFKWLJHU /DJH GHU $EVW W]ERO]HQ DXI GDV 0DJQHWUDG VWHFNHQ XQG LQ 3RV PLW ,QEXVVFKUDXEHQ 0 [ EHIHVWLJHQ 5HSDUDWXUZHUN]HXJ

l

&RSSLD GL VHUUDJJLR

.RQXV GHU .XUEHOZHOOH XQG GHV 0DJQHWUDGHV HQWIHWWHQ 0DJQHWUDG HQWVSUHFKHQG GHU .HLOQXW DXI GLH .XUEHOZHOOH VWHFNHQ XQG PLW 6HFKVNDQWPXWWHU 0 [ )HGHUULQJ XQG /2&7,7( YRUPRQWLHUHQ

$EGU FNSODWWH NSO 527$; 1U

0DJQHWUDG PLW 6HFKVNDQWPXWWHU 0 [ IHVW]LHKHQ $Q]XJVGUHKPRPHQW

+

7<3(

1P

l

)LVVDUH LO WUDVPHWWLWRUH HVWHUQR FRQ GXH YLWL 7DSWLWH

0 H UHJRODUH OD GLVWDQ]D D PP PP &RSSLD GL VHUUDJJLR

l

l

l

l

+

l

1P

$SSOLFDUH 6,/$67,& 579 DO SDVVDFDYR GHOOD ERELQD H GHOOR VWDWRUH IDFHQGROR SRL VFRUUHUH QHOOD FDYLWj GHO FDUWHU 0RQWDUH LO FRSHUFKLR GHO GLVSRVLWLYR GL DYYLDPHQWR HOHWWULFR VXOO¶LQJUDQDJJLR GL DYYLDPHQWR $SSOLFDUH XQR VWUDWR VRWWLOH GL 6,/$67,& 579 VXO FHQWUDJJLR GHO FRSHUFKLR DFFHQVLRQH )LVVDUH LO FRSHUFKLR DFFHQVLRQH FRQ VHL YLWL 0

1P &RSSLD GL VHUUDJJLR

+

)L[ WULJJHU FRLO ZLWK 7DSWLWH VFUHZV 0 DQG VHW WULJJHU JDS WR PP PP 7LJKWHQLQJ WRUTXH

l

l l

l

+

1P

$SSO\ 6,/$67,& 579 WR FDEOH JURPPHW IRU ZLULQJ RI WULJJHU FRLO DQG VWDWRU DQG VOLGH LW LQ SRVLWLRQ LQ FUDQNFDVH UHFHVV 3XW HOHFWULF VWDUWHU FRYHU RQ VWDUWHU JHDU $SSO\ D WKLQ OD\HU RI 6,/$67,& 579 RQ FHQWHULQJ SLQ RI LJQLWLRQ FRYHU 6HFXUH LJQLWLRQ FRYHU ZLWK [ 0 VFUHZV

7LJKWHQLQJ WRUTXH 1P

+

l

$X HQJHEHU PLW 7DSWLWH 6FKUDXEHQ 0 EHIHVWLJHQ ZREHL GHU *HEHUVSDOW PP PP HLQ]XVWHOOHQ LVW $Q]XJVGUHKPRPHQW

l

l l l

+

1P

*XPPLW OOH I U GLH .DEHO GHV $X HQJHEHUV XQG GHV 6WDWRUV PLW 6,/$67,& 579 EHVWUHLFKHQ XQG LQ GLH $XVQHKPXQJ LP *HKlXVH VFKLHEHQ 6WDUWHUJHWULHEHGHFNHO DXI GDV 6WDUWHUJHWULHEH VWHFNHQ =HQWULHUXQJ I U GHQ = QGHUGHFNHO OHLFKW PLW 6,/$67,& 579 HLQVWUHLFKHQ = QGHUGHFNHO PLW 6FKUDXEHQ 0 EHIHVWLJHQ $Q]XJVGUHKPRPHQW

+

7<3(

1P

3LJQRQH FDWHQD PRQWDJJLR l l l

3RVL]LRQDUH O¶25 QHOOD VFDQDODWXUD GHOO¶DOEHUR SULPDULR 0HWWHUH LO SLJQRQH FDWHQD VXOO¶DOEHUR H SUHPHUOR FRQWUR O¶25 ,QVHULUH O¶DQHOOR GL EORFFDJJLR QHOOD VFDQDODWXUD GHOO¶DOEHUR SULPDULR n $WWHQ]LRQH $VVLFXUDUVL FKH YHQJD PRQWDWR VHPSUH XQ DQHOOR GL EORFFDJJLR QXRYR O¶DQHOOR GL EORFFDJJLR VL LQVHULVFD FRP SOHWDPHQWH QHOOD VFDQDODWXUD FRQ LO ERUGR DIILODWR ULYROWR YHUVR O¶HVWHUQR LO SLJQRQH FDWHQD SXz HVVHUH PRQWDWR u 1RWD DQFKH GRSR DYHU LQVWDOODWR LO PRWRUH VH SRVVLELOH VXO WLSR VSHFLILFR GL PRWRFLFOR

0RWRULQR GL DYYLDPHQWR HOHWWULFR LQVWDOOD]LRQH l

0HWWHUH LO PRWRULQR GL DYYLDPHQWR HOHWWULFR LQ SRVL]LRQH QHO FDUWHU H ILVVDUOR FRQ GXH EUXJROH 0 )LVVDUH HQWUDPEH OH EUXJROH FRQ /2&7,7( 1P &RSSLD GL VHUUDJJLR u 1RWD

+

LO PRWRULQR GL DYYLDPHQWR HOHWWULFR SXz HVVHUH PRQWDWR DQFKH GRSR DYHU LQVWDO ODWR LO PRWRUH VXO PRWRFLFOR

&KDLQ VSURFNHW ILWWLQJ l l

l

3ODFH 2 ULQJ LQ JURRYH RI PDLQVKDIW 3XW FKDLQ VSURFNHW RQ VKDIW DQG SXVK LW DJDLQVW WKH 2 ULQJ )LW UHWDLQLQJ ULQJ LQWR JURRYH RI PDLQVKDIW

.HWWHQUDG PRQWLHUHQ l l l

2 5LQJ LQ GLH 1XW GHU +DXSWZHOOH JHEHQ .HWWHQUDG DXIOHJHQ XQG JHJHQ GHQ 2 5LQJ GU FNHQ 6HHJHU 9 5LQJ LQ GLH 1XW GHU +DXSWZHOOH HLQVHW]HQ n $FKWXQJ 6LFKHUVWHOOHQ GDVV

LPPHU HLQ QHXHU 6HHJHU 9 5LQJ YHUZHQGHW ZLUG 'HU 6HHJHU 9 5LQJ ]XU *lQ]H PLW GHU VFKDUINDQWLJHQ 6HLWH QDFK DX HQ LQ GHU 1XW VLW]W

n $WWHQWLRQ (QVXUH WKH IROORZLQJ

$OZD\V ILW D QHZ UHWDLQLQJ ULQJ 7KH UHWDLQLQJ ULQJ PXVW HQJDJH IXOO\ LQ WKH JURRYH ZLWK WKH VKDUS HGJH SRLQWLQJ RXWZDUGV

u 1RWH

l

3ODFH HOHFWULF VWDUWHU LQWR SRVLWLRQ LQ FUDQNFDVH DQG VHFXUH LW ZLWK $OOHQ VFUHZV 0 6HFXUH ERWK $OOHQ VFUHZV ZLWK /2&7,7( 7LJKWHQLQJ WRUTXH 1P

+

u 1RWH

.HWWHQUDG NDQQ MH QDFK 0RWRUUDGDXVI KUXQJ DXFK DQ HLQHP DP )DKUJHVWHOO PRQWLHUWHQ 0RWRU HLQJHEDXW ZHUGHQ

( 6WDUWHU PRQWLHUHQ

(OHFWULF VWDUWHU LQVWDOODWLRQ l

u +LQZHLV 'DV

&KDLQ VSURFNHW PD\ DOVR EH ILWWHG DIWHU HQJLQH LQVWDOODWLRQ LI IHDVLEOH RQ WKH UHVSHFWLYH ELNH YHUVLRQ

(OHFWULF VWDUWHU PD\ DOVR EH ILWWHG DIWHU HQJLQH KDV EHHQ LQVWDOOHG LQWR ELNH

( 6WDUWHU VDPW 2 5LQJ LQ GDV *HKlXVH HLQVHW]HQ XQG PLW ,QEXVVFKUDXEHQ 0 IHVW]LHKHQ %HLGH ,QEXVVFKUDXEHQ PLW /2&7,7( VLFKHUQ $Q]XJVGUHKPRPHQW 1P

+

n +LQZHLV

'HU (OHNWURVWDUWHU NDQQ DXFK QDFK GHP (LQEDX GHV 0RWRUV LQ GDV )DKUJHVWHOO PRQWLHUW ZHUGHQ

7<3(

,QVWDOOD]LRQH PRWRUH s $YYHUWHQ]D IDUH PROWD DWWHQ]LRQH DOOH LVWUX]LRQL GL LQ

VWDOOD]LRQH IRUQLWH GDO FRVWUXWWRUH GHO PRWRFLFOR

(QJLQH LQVWDOODWLRQ s :DUQLQJ

l l

)LVVDUH OD YLWH PDJQHWLFD LQVLHPH DOO¶DQHOOR GL WHQXWD QHO FRSHUFKLR IUL]LRQH &RSSLD GL VHUUDJJLR

l

+

+ +

7LSR G ROLR 2OLR PRWRUH 6$( FP 4XDQLWj G ROLR n $WWHQ]LRQH 1RQ DJJLXQJHUH PDL DGGLWLYL DOO¶ROLR FDPELR 4XHVW¶ROLR OXEULILFD DQFKH OD IUL]LRQH H JOL DGGLWLYL SRWUHEEHUR FDXVDUH OR VOLW WDPHQWR GHOOD IUL]LRQH $VVLFXUDUVL FKH QHVVXQ FRUSR HVWUD QHR HQWUL GDO IRUR GHO WDSSR

)LW PDJQHWLF VFUHZ DORQJ ZLWK VHDOLQJ ULQJ LQWR FOXWFK FRYHU 7LJKWHQLQJ WRUTXH

1P

7RJOLHUH LO WDSSR D YLWH H O¶DQHOOR 25 H UDEERFDUH FRQ ROLR FDPELR

3D\ DWWHQWLRQ WR LQVWDOODWLRQ LQVWUXFWLRQV RI ELNH PDQXIDFWXUHU

l

+

1P

5HPRYH SOXJ VFUHZ DQG 2 ULQJ DQG ILOO LQ JHDU RLO 7\SH RI RLO 4XDQWLW\ RI RLO

+ +

PRWRURLO 6$( FPñ

n $WWHQWLRQ 1HYHU XVH DGGLWLYHV LQ WKH JHDU RLO

7KLV RLO OXEULFDWHV DOVR WKH FOXWFK DQG DGGLWLYHV FRXOG FDXVH VOLSSLQJ RI WKH FOXWFK (QVXUH WKDW QR IRUHLJQ PDWWHU HQWHUV WKURXJK SOXJ KROH

0RWRU HLQEDXHQ s :DUQXQJ

l

'LH (LQEDXKLQZHLVH GHV 0RWRUUDGKHUVWHOOHUV VLQG XQEHGLQJW HLQ]XKDOWHQ

0DJQHWVFKUDXEH PLW 'LFKWULQJ LQ .XSSOXQJVGHFNHO HLQVFKUDXEHQ $Q]XJVGUHKPRPHQW

+

1P

9HUVFKOXVVVFKUDXEH PLW 2 5LQJ HQWIHUQHQ XQG *HWULHEH|O HLQI OOHQ gOVRUWH gOPHQJH n $FKWXQJ

+ +

0RWRU|O 6$( FPñ

1LHPDOV FKHPLVFKH $GGLWLYH GHP *HWULHEH|O EHLJHEHQ 'DV gO VFKPLHUW DXFK GLH .XSSOXQJ XQG $GGLWLYH N|QQHQ ]X 'XUFKUXWVFKHQ GHU .XSSOXQJ I KUHQ 'DUDXI DFKWHQ GDVV NHLQ )UHPGPDWHULDO HLQGULQJW

7<3(

l

3RVL]LRQDUH LO PRWRUH VXO WHODLR H ILVVDUOR VXL SXQWL SUHGLVSRVWL VXO FDUWHU H VXO FLOLQGUR

l

n $WWHQ]LRQH QHOOD PRYLPHQWD]LRQH H QHOO¶LQVWDOOD]LR

l

FRQVLGHU ZHLJKW DQG ORFDWLRQ RI WKH FHQWUH RI JUDYLW\ 5LVN RI GDPDJHV

&ROOHJDUH L WXEL GHOO¶ROLR

l

&ROOHJDUH LO FDYR IOHVVLELOH SHU OD SRPSD GHOO¶ROLR

l

l

&RQWUROODUH LO OLYHOOR GHOO¶ROLR QHO VHUEDWRLR ROLR H DWWUDYHUVR LO WDSSR OLYHOOR ROLR u 1RWD

LO OLYHOOR GHOO¶ROLR FDPELR GHYH UDJJLXQJH UH DOPHQR LO OLYHOOR PHGLR GHO WDSSR OLYHO OR ROLR

&RQQHFW RLO OLQHV (QJDJH %RZGHQ FDEOH IRU RLO SXPS n $WWHQWLRQ $GMXVW RLO SXPS OHYHU DFFRUGLQJ WR WKH

n $WWHQ]LRQH UHJRODUH OD OHYD GHOOD SRPSD GHOO¶ROLR

VHFRQGR OD PDUFDWXUD 6L YHGD LO FDSLWR OR ³3RPSD GHOO ROLR´

l

n $WWHQWLRQ 8SRQ HQJLQH KDQGOLQJ DQG LQVWDOODWLRQ

QH GHO PRWRUH WHQHUH SUHVHQWL LO SHVR HG LO EDULFHQWUR 3HULFROR GL GDQQL

l

/LIW HQJLQH RQ WR IUDPH DQG IL[ LW RQ WKH DVVLJQHG VXVSHQVLRQ SRLQWV RQ FUDQNFDVH DQG F\OLQGHU

n $FKWXQJ %HL +DQGKDEXQJ XQG (LQEDX GHV 0RWRUV

GHVVHQ *HZLFKW XQG 6FKZHUSXQNW EHDFKWHQ 9HUOHW]XQJVJHIDKU

l l

PDUNLQJ 6HH FKDSWHU 2LO SXPS

l

7KH OHYHO RI JHDU RLO PXVW EH DW OHDVW XS WR PLGGOH RI RLO OHYHO SOXJ

gOOHLWXQJHQ DQVFKOLH HQ 6HLO]XJ I U gOSXPSH HLQKlQJHQ n $FKWXQJ 'HQ gOSXPSHQKHEHO HQWVSUHFKHQG GHU

0DUNLHUXQJ HLQVWHOOHQ 6LHKH .DSLWHO gOSXPSH

&KHFN RLO OHYHO LQ RLO WDQN DQG DW RLO OHYHO SOXJ u 1RWH

0RWRU LQ GHQ 5DKPHQ KHEHQ XQG DQ GHQ YRUJHVHKHQHQ $XIKlQJXQJVSXQNWHQ DP *HKlXVH XQG =\OLQGHU EHIHVWLJHQ

l

0RWRU|OVWDQG LP gOWDQN XQG DQ GHU gOVWDQGVFKUDXEH NRQWUROOLHUHQ u +LQZHLV 'DV 1LYHDX GHV *HWULHEH|OHV PXVV

PLQGHVWHQV ELV ]XU 0LWWH gOVWDQGVFKUDXEH ]HLJHQ

7<3(

GHU

n $WWHQ]LRQH VH SRVVLELOH XWLOL]]DUH XQ XQLFD PDUFD

n $WWHQWLRQ ,I SRVVLEOH XVH RQH EUDQG RI HQJLQH RLO

GL ROLR PRWRUH 1RQ PHVFRODUH WLSL GLYHUVL RQGH HYLWD UH UHD]LRQL GDQQRVH FKH SRVVRQR UL GXUUH OD FDSDFLWj OXEULILFDQWH

l

&ROOHJDUH LO FDYR IOHVVLELOH DOOD OHYD GL VWDFFR GHOOD IUL]LRQH u 1RWD

UHJRODUH LO JLRFR QHFHVVDULR SHU OD OHYD GHOOD IUL]LRQH VXOOD PDQRSROD IUL]LRQH VHJXHQGR OH VSHFLILFKH GHO FRVWUXWWR UH

l

l l l

$YYLWDUH LO WDSSR D YLWH LQVLHPH DOO¶DQHOOR 25 &ROOHJDUH LO FDYR IOHVVLELOH SHU OD ³5$9(´ VXO VROHQRLGH QRQ SUHVHQWH QHOOD YHUVLRQH )

&ROOHJDUH L WXEL GHO OLTXLGR GL UDIIUHGGDPHQWR 5DEERFFDUH FRQ OLTXLGR GL UDIIUHGGDPHQWR n $WWHQ]LRQH 2VVHUYDUH OH VSHFLILFKH H OH TXDQWLWj

GL UHIULJHUDQWH ILVVDWH GDO FRVWUXWWRUH GHO PRWRFLFOR 3ULPD GL UDEERFFDUH FRQ LO UHIULJH UDQWH DVVLFXUDUVL FKH LO WDSSR GL VFDUL FR GHO UHIULJHUDQWH H JOL DQHOOL GL WHQXWD VLDQR PRQWDWL VXO FDUWHU

(QJDJH %RZGHQ FDEOH RQ FOXWFK UHOHDVH OHYHU 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|JHQ I KUHQ

l

$GMXVW WKH QHFHVVDU\ FOHDUDQFH IRU FOXWFK OHYHU RQ FRQWURO KDQGOH WR PDNHU V VSHFLILFDWLRQV

)LW SOXJ VFUHZ DORQJ ZLWK 2 ULQJ (QJDJH %RZGHQ FDEOH IRU WKH 5$9( RQ WKH VROHQRLG QRW RQ ) YHUVLRQ

&RQQHFW FRRODQW KRVHV )LOO LQ FRRODQW n $WWHQWLRQ 2EVHUYH VSHFLILFDWLRQV DQG TXDQWLW\ RI

FRRODQW DV VWDWHG E\ WKH PRWRUF\FOH PDQXIDFWXUHU 3ULRU WR ILOOLQJ ZLWK FRRODQW HQVXUH WKDW WKH FRRODQW GUDLQ VFUHZ DQG VHDOLQJ ULQJV DUH ILWWHG RQ WKH FUDQNFDVH

6HLO]XJ I U .XSSOXQJ DP $XVU FNKHEHO HLQKlQJHQ u +LQZHLV 'DV

QRWZHQGLJH 6SLHO I U GHQ .XSSOXQJVKHEHO DP /HQNHU LVW HQWSUHFKHQG GHQ $QJDEHQ GHV 0RWRUUDGKHUVWHOOHUV HLQ]XVWHOOHQ

l l l l

9HUVFKOXVVVFKUDXEH PLW 2 5LQJ PRQWLHUHQ 6HLO]XJ I U 5$9( EHL 6ROHQRLG HLQKlQJHQ EHL GHU ) 9HUVLRQ QLFKW YRUKDQGHQ

. KOPLWWHOVFKOlXFKH DQVFKOLHVVHQ . KOPLWWHO HLQI OOHQ n $FKWXQJ

. KOPLWWHO 6SH]LILNDWLRQ XQG 0HQJH QDFK $QJDEHQ GHV 0RWRUUDGKHUVWHOOHUV EHDFKWHQ 9RU GHP (LQI OOHQ GHU . KOPLWWHOV SU IHQ RE GLH :DVVHUDEODXIVFKUDXEH VDPW 'LFKWULQJ LQ GDV *HKlXVH HLQJHVFKUDXEW LVW

7<3(

l l l

l l l

l

l

0RQWDUH LO FDUEXUDWRUH SXOLWR H FRQWUROODWR 0RQWDUH OD VFDWROD GHO ILOWUR DULD SXOLWD $SSOLFDUH 6,/$67,& 579 DOOD JLXQWXUD GHOOD VIHUD GHOOD IODQJLD GHOOR VFDULFR H LQVWDOODUH O¶LPSLDQWR GL VFDULFR 0RQWDUH OD FDWHQD GL WUDVPLVVLRQH &ROOHJDUH L FDYL HOHWWULFL $ VHFRQGD GHO WLSR GL PRWRFLFOR PRQWDUH OH SDUWL VXSSOHPHQWDUL VHFRQGR TXDQWR VSHFLILFDWR GDO FRVWUXWWRUH GHO PRWRFLFOR )DU IXQ]LRQDUH LO PRWRUH ILQFKq O¶ROLR QRQ DEELD ULHPSLWR WXWWR LO FLUFXLWR GL OXEULILFD]LRQH 6SXUJDUH OD SRPSD GHOO¶ROLR 6L YHGD LO FDSLWROR ³6SXUJR SRPSD ROLR´ n $WWHQ]LRQH GRSR DYHU IDWWR IXQ]LRQDUH LO PRWRUH

FRQWUROODUH QXRYDPHQWH TXDQWR VHJXH /LYHOOR GHOO ROLR H GHO OLTXLGR GL UDIIUHGGDPHQWR UDEERFFDUH VH QHFHVVDULR )XQ]LRQDPHQWR GHOOD ³5$9(´ 6L YHGD LO FDSLWROR ³)XQ]LRQDPHQWR 5$9( FRQWUROOR´ 3HUGLWH GDO PRWRUH H GDL FRPSRQHQWL

l l l

l l l

l

l

)LW FOHDQHG DQG FKHFNHG FDUEXUHWRU )LW FOHDQHG DLU ILOWHU ER[ $SSO\ 6,/$67,& 579 WR EDOO MRLQW RI H[KDXVW IODQJH DQG LQVWDOO WKH H[KDXVW V\VWHP )LW GULYH FKDLQ &RQQHFW HOHFWULF ZLULQJ 'HSHQGLQJ RQ ELNH YHUVLRQ ILW IXUWKHU VXSSOHPHQWDU\ SDUWV DFFRUGLQJ WR ELNH PDQXIDFWXUHU 3HUIRUP D WULDO UXQ XQWLO RLO OLQHV DUH FRPSOHWHO\ ILOOHG ZLWK RLO 9HQW RLO SXPS 6HH FKDSWHU 2LO SXPS YHQWLQJ 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( RSHUDWLRQ FKHFNLQJ (QJLQH DQG LQVWDOODWLRQ IUHH RI OHDNDJH

l l l

l l l

l

l

*HUHLQLJWHQ XQG EHUSU IWHQ 9HUJDVHU PRQWLHUHQ *HUHLQLJWHQ /XIWILOWHUNDVWHQ PRQWLHUHQ 6,/$67,& 579 DXI GLH .XJHOYHUELQGXQJ GHV $XVSXII )ODQVFKHV JHEHQ XQG $XVSXIIDQODJH PRQWLHUHQ $QWULHEVNHWWH DXIOHJHQ 6lPWOLFKH HOHNWULVFKH /HLWXQJHQ DQVFKOLH HQ -H QDFK 0RWRUUDGW\SH VLQG VRQVWLJH $QEDXWHLOH QDFK $QJDEH GHV 0RWRUUDGKHUVWHOOHUV ]X PRQWLHUHQ 3UREHODXI GXUFKI KUHQ ELV gOOHLWXQJHQ PLW gO JHI OOW VLQG gOSXPSH HQWO IWHQ 6LHKH .DSLWHO gOSXPSH HQWO IWHQ n $FKWXQJ

1DFK GHP 3UREHODXI VLQG GLH IROJHQGHQ 3XQNWH QRFKPDOV ]X EHUSU IHQ gO XQG . KOZDVVHUQLYHDX HYHQWXHOO QDFKI OOHQ )XQNWLRQ GHV 5$9( 6LHKH .DSLWHO 5$9( )XQNWLRQ EHUSU IHQ $XVWULWW YRQ %HWULHEVPLWWHOQ 8QGLFKWKHLW

7<3(

)XQ]LRQDPHQWR ³5$9(´ FRQWUROOR QRQ SUHVHQWH QHOOD YHUVLRQH )

5$9( RSHUDWLRQ FKHFNLQJ QRW RQ ) YHUVLRQ

5$9( )XQNWLRQ EHUSU IHQ EHL GHU ) 9HUVLRQ QLFKW YRUKDQGHQ

u 1RWD

u 1RWH

u +LQZHLV

l

l

l

l

OD YDOYROD GL VFDULFR VL DSUH WUD L H J PLQ SHU O¶DXWR SXOLWXUD GHOOR VWHOR GHOOD YDO YROD VL FKLXGH WUD L J PLQ H LO SXQWR GL DWWLYD]LRQH · J PLQ D VHFRQGD GHOOH YHUVLRQL GHO PRWRUH ROWUH LO SXQWR GL DWWL YD]LRQH ULPDQH DSHUWD 3HU FRQWUROODUH O¶XQLWj GL FRPDQGR WRJOLHUH LO FRQQHWWRUH D YLH DFFHQGHUH LO PRWRUH H DFFHQGHUH JOL DQDEEDJOLDQWL 9ROWDJJLR D J PLQ WUD L FDYL YHUGH H EOX 9' & H 9$ & WUD L FDYL JLDOOR H EOX 6H QRQ YHQJRQR UDJJLXQWL TXHVWL YDORUL LO JXDVWR QRQ q QHOOD XQLWj GL FRPDQGR PD QHO VLVWHPD 3HU FRQWUROODUH LO VROHQRLGH FRQWUROODUH FKH LO VXR SLVWRQH VL PXRYD OLEHUDPHQWH H FRQWUROODUH LO YDORUH GHOOD UHVLVWHQ]D WUD L FDYL RKPV ,O YROWDJJLR 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 GRYUHEEH HVVHUH GL 9 ' &

3XQWL GL DWWLYD]LRQH 5$9( ( &XVWRP · PLQ 6WUDGD · PLQ 6SRUW 3UR · PLQ 5; · PLQ

l

7KH H[KDXVW YDOYH RSHQV EHWZHHQ DQG U S P IRU VHOI FOHDQLQJ RI WKH YDOYH URG FORVHV EHWZHHQ U S P DQG VZLWFK SRLQW ·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

6ZLWFK SRLQW 5$9( ( &XVWRP · PLQ 6WUDGD · PLQ 6SRUW 3UR · PLQ 5; · PLQ

l

'HU $XVSXIIVFKLHEHU LVW ]ZLVFKHQ XQG 8 PLQ ]XU 6HOEVWUHLQLJXQJ GHU 6FKLHEHUVWDQJH RIIHQ ]ZLVFKHQ XQG 6FKDOWSXQNW · 8 PLQ MH QDFK 0RWRUW\SH JHVFKORVVHQ XQG GDU EHU ZLHGHU RIIHQ =XU .RQWUROOH GHU 6WHXHUHLQKHLW IDFK 6WHFNHU DE]LHKHQ 0RWRU VWDUWHQ XQG $EEOHQGOLFKW HLQVFKDOWHQ 6SDQQXQJVZHUW EHL 8 PLQ ]ZLVFKHQ .DEHO JU Q XQG EODX 9 *OHLFKVWURP XQG 9 :HFKVHOVWURP ]ZLVFKHQ .DEHO JHOE XQG EODX %HL 1LFKWHUUHLFKHQ GLHVHU :HUWH OLHJW GHU )HKOHU LP 6\VWHP XQG QLFKW LQ GHU 6WHXHUHLQKHLW =XU .RQWUROOH GHV 6ROHQRLGV .ROEHQ DXI /HLFKWJlQJLJNHLW XQG :LGHUVWDQGVZHUW ]ZLVFKHQ GHQ EHLGHQ .DEHOQ RKPV SU IHQ 6SDQQXQJVZHUW JHPHVVHQ ]ZLVFKHQ .DEHOQ GHV 6ROHQRLGV EHWUlJW LP 6WDQGJDV EHL HLQHP ,PSXOV YRQ QXU 6HNXQGH 9 XQG QDFK GLHVHP ,PSXOV 9 *OHLFKVWURP

6FKDOWSXQNW GHV 5$9( ( &XVWRP · 8 PLQ 6WUDGD · 8 PLQ 6SRUW 3UR · 8 PLQ 5; · 8 PLQ

7<3(

,1',&( $/)$%(7,&2 $ $OEHUR PRWRUH $OEHUR PRWRUH GHWHUPLQD]LRQH GHO JLRFR DVVLDOH $OEHUR PRWRUH PRQWDJJLR $OEHUR PRWRUH ULPR]LRQH $WWUH]]L VSHFLDOL $YYHUWHQ]H JHQHUDOL H QRUPH GL VLFXUH]]D

& &DPELR &DPELR PRQWDJJLR &DPELR ULPR]LRQH &DQGHOD &DUWHU &DUWHU PRQWDJJLR &LOLQGUR &LOLQGUR PRQWDJJLR &LOLQGUR ULPR]LRQH &RQWUDOEHUR LQVWDOOD]LRQH &RQWUDOEHUR LQJUDQDJJL GL FRPDQGR GHO FRQWUDOEHUR &RSHUFKLR IUL]LRQH &RSHUFKLR IUL]LRQH LQVWDOOD]LRQH &RSHUFKLR WHVWDWD &RSHUFKLR WHVWDWD &RSSLH GL VHUUDJJLR PH]]L GL ILVVDJJLR

)

5

)ODQJLD GHOOR VFDULFR PRQWDJJLR )UL]LRQH )UL]LRQH LQVWDOOD]LRQH )UL]LRQH UHJROD]LRQH )UL]LRQH ULPR]LRQH )XQ]LRQDPHQWR ³5$9(´ FRQWUROOR

5DSSRUWR GL FRPSUHVVLRQH FRQWUROOR 5LFHUFD JXDVWL 5LPR]LRQH PRWRUH 5RWLVPR DYLYDPHQWR D SHGDOH 5RWLVPR FRQWUDOEHUR LQVWDOOD]LRQH

* *LRFR WUD SLVWRQH H SDUHWH

, ,QJUDQDJJL GHO FRQWUDOEHUR H WUDVPLVVLRQH SULPDULD ULPR ]LRQH ,QJUDQDJJL GL FRPDQGR GHO FRQWUDOEHUR ,QJUDQDJJLR GL DYYLDPHQWR ,QVHUWR FDPHUD GL FRPEXVWLRQH ,QVHUWR FDPHUD GL FRPEXVWLRQH ULPR]LRQH ,QVWDOOD]LRQH DOEHUR PRWRUH FRQ DWWUH]]L VSHFLDOL ,QVWDOOD]LRQH PRWRUH

0 0DQLFRWWR FDUEXUDWRUH 0H]]L GL ILVVDJJLR WHQXWD H OXEULILFD]LRQH

1 1XPHUR PDWULFROD PRWRUH FROORFD]LRQH

3

' 'DWL WHFQLFL 'LVSRVLWLYR GL DFFHQVLRQH 'LVSRVLWLYR GL DFFHQVLRQH LQVWDOOD]LRQH 'LVSRVLWLYR GL DFFHQVLRQH ULFHUFD JXDVWL 'LVSRVLWLYR GL DFFHQVLRQH VFKHPD HOHWWULFR 'LVSRVLWLYR GL DFFHQVLRQH VLQJROL FRPSRQHQWL 'LVSRVLWLYR GL DYYLDPHQWR D SHGDOH LQVWDOOD]LRQH 'LVSRVLWLYR GL DYYLDPHQWR D SHGDOH ULPR]LRQH 'LVSRVLWLYR GL DYYLDPHQWR HOHWWULFR 'LVSRVLWLYR GL DYYLDPHQWR HOHWWULFR LQVWDOOD]LRQH 'LVSRVLWLYR GL DYYLDPHQWR HOHWWULFR ULPR]LRQH 'LVSRVLWLYR GL GL DFFHQVLRQH VPRQWDJJLR

6 6HPLFDUWHU ODWR IUL]LRQH 6HPLFDUWHU ODWR YRODQR 6HPLFDUWHU VHSDUD]LRQH 6LPEROL ULFRUUHQWL 60217$**,2 02725(

7 7DEHOOD GL FRQYHUVLRQH 7DEHOOD GL PDQXWHQ]LRQH 7HUPRVWDWR 7UDVPLVVLRQH 7UDVPLVVLRQH PRQWDJJLR 7UDVPLVVLRQH H FDPELR ULPR]LRQH 7UDVPLVVLRQH SULPDULD LQVWDOOD]LRQH 7UDVPLVVLRQH SULPDULD ULPR]LRQH 7UDVPLVVLRQH SULPDULD H IUL]LRQH

9 9DOYROD D ODPHOOH 9DOYROD D ODPHOOH PRQWDJJLR 9DOYROD GL VFDULFR

3LJQRQH FDWHQD 3LJQRQH FDWHQD PRQWDJJLR 3LJQRQH FDWHQD ULPR]LRQH 3LVWRQH 3LVWRQH PRQWDJJLR 3LVWRQH ULPR]LRQH 3RPSD GHOO DFTXD 3RPSD GHOO DFTXD LQVWDOOD]LRQH 3RPSD GHOO DFTXD ULPR]LRQH 3RPSD GHOO ROLR 3RPSD GHOO ROLR ULPR]LRQH 3RPSD GHOO ROLR VSXUJR 3RVL]LRQDPHQWR GHO PRWRUH VXO VXSSRUWR

7<3(

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

(

3

(OHFWULF VWDUWHU (OHFWULF VWDUWHU UHPRYDO (OHFWULF VWDUWHU LQVWDOODWLRQ (1*,1( ',6$66(0%/< (QJLQH LQVWDOODWLRQ (QJLQH QXPEHU ORFDWLRQ (QJLQH UHPRYDO ([KDXVW VRFNHW ILWWLQJ ([KDXVW YDOYH

3LVWRQ 3LVWRQ ILWWLQJ 3LVWRQ UHPRYDO 3LVWRQ WR ZDOO FOHDUDQFH 3ULPDU\ GULYH LQVWDOODWLRQ 3ULPDU\ GULYH UHPRYDO 3ULPDU\ GULYH DQG FOXWFK

*

5$9( RSHUDWLRQ FKHFNLQJ 5HHG YDOYH 5HHG YDOYH ILWWLQJ 5HSHDWLQJ V\PEROV

*HDU ER[ *HDU ER[ DVVHPEO\ *HDU ER[ UHPRYDO *HDU VKLIW *HDU VKLIW DVVHPEO\ *HDU VKLIW DQG JHDU ER[ UHPRYDO *HQHUDO SUHFDXWLRQV DQG VDIHW\ LQIRUPDWLRQ , ,JQLWLRQ XQLW ,JQLWLRQ XQLW GLVDVVHPEO\ ,JQLWLRQ XQLW LQVWDOODWLRQ ,JQLWLRQ XQLW VLQJOH FRPSRQHQWV ,JQLWLRQ XQLW WURXEOH VKRRWLQJ ,JQLWLRQ XQLW ZLULQJ GLDJUDP . .LFN VWDUW GULYH .LFN VWDUWHU LQVWDOODWLRQ .LFN VWDUWHU UHPRYDO 2

5

6 6HFXULQJ VHDOLQJ DQG OXEULFDWLRQ DJHQWV 6HUYLFH WDEOH 6HWWLQJ XS HQJLQH RQ WUHVWOH 6SDUN SOXJ 6SHFLDO WRROV 6WDUWHU JHDU 7 7HFKQLFDO GDWD 7KHUPRVWDW 7LJKWHQLQJ WRUTXHV VHFXULQJ DJHQW 7URXEOH VKRRWLQJ : :DWHU SXPS :DWHU SXPS LQVWDOODWLRQ :DWHU SXPS UHPRYDO

2LO SXPS 2LO SXPS UHPRYDO 2LO SXPS YHQWLQJ

7<3(

,1'(;

%UHQQUDXPHLQVDW] %UHQQUDXPHLQVDW] DXVEDXHQ

.LFNVWDUWHU DXVEDXHQ .LFNVWDUWHU HLQEDXHQ .ROEHQ .ROEHQ DXVEDXHQ .ROEHQ PRQWLHUHQ .ROEHQODXIVSLHO HUPLWWHOQ .XSSOXQJ .XSSOXQJ DXVEDXHQ .XSSOXQJ HLQEDXHQ .XSSOXQJ HLQVWHOOHQ .XSSOXQJVGHFNHO .XSSOXQJVGHFNHO PRQWLHUHQ .XUEHJHKlXVH .XUEHOJHKlXVH ]XDPPHQEDXHQ .XUEHOZHOOH .XUEHOZHOOH DXVEDXHQ .XUEHOZHOOHQ $[LDOVSLHO DXVPHVVHQ .XUEHOZHOOH HLQEDXHQ .XUEHOZHOOH HLQEDXHQ PLWWHOV 6SH]LDOZHUN]HXJ

(

0

( 6WDUWHU PRQWLHUHQ (OHNWURVWDUWHU (OHNWURVWDUWHU DXVEDXHQ )

0RWRU DXI 0RQWDJHERFN EHUQHKPHQ 0RWRU DXVEDXHQ 0RWRU HLQEDXHQ 0RWRU =HUOHJHQ 0RWRUQXPPHU /DJH

)HKOHUVXFKH

2

*

gOSXPSH gOSXPSH DXVEDXHQ gOSXPSH HQWO IWHQ 27 6WHOOXQJ GHU .XUEHOZHOOH

$ $OOJHPHLQH 9RUVLFKWVPD QDKPH $Q]XJVGUHKPRPHQWH 6LFKHUXQJVPLWWHO $XVJOHLFKV XQG 3ULPlUWULHE DXVEDXHQ $XVJOHLFKVUlGHU $XVJOHLFKVWULHE 3ULPlUWULHE XQG .XSSOXQJ HLQEDXHQ $XVJOHLFKVZHOOH $XVJOHLFKVUlGHU $XVJOHLFKVZHOOH HLQEDXHQ $XVODVVVFKLHEHU $XVSXIIVWXW]HQ PRQWLHUHQ %

*HKlXVHKlOIWH NXSSOXQJVVHLWLJ *HKlXVHKlOIWH PDJQHWVHLWLJ *HKlXVHKlOIWH WUHQQHQ *HWULHEH *HWULHEH DXVEDXHQ *HWULHEH HLQEDXHQ . .HWWHQUDG .HWWHQUDG DXVEDXHQ .HWWHQUDG PRQWLHUHQ .LFNVWDUWHUWULHE

3 3ULPlUWULHE DXVEDXHQ 3ULPlUWULHE HLQEDXHQ 3ULPlUWULHE XQG .XSSOXQJ 5 5$9( )XQNWLRQ EHUSU IHQ

6 6FKDOWXQJ 6FKDOWXQJ HLQEDXHQ 6FKDOWXQJ XQG *HWULHEH DXVEDXHQ 6LFKHUXQJV 'LFKW XQG 6FKPLHUPLWWHO 6SDUN SOXJ = QGNHU]H

6SH]LDO :HUN]HXJH 6WDUWHUJHWULHEH 7 7HFKQLVFKH 'DWHQ 7KHUPRVWDW 9 9HQWLOWUlJHU 9HQWLOWUlJHU PRQWLHUHQ 9HUGLFKWXQJ NRQWUROOLHUHQ 9HUJDVHUVWXW]HQ 9HUJOHLFKVOLVWH I U 0D H XQG *HZLFKWH : :DUWXQJVWDEHOOH :DVVHUSXPSH :DVVHUSXPSH DXVEDXHQ :DVVHUSXPSH HLQEDXHQ :LHGHUNHKUHQGH 6\PEROH = = QGDQODJH = QGDQODJH (LQ]HOWHLOH = QGDQODJH )HKOHUVXFKH = QGDQODJH 6FKDOWSODQ = QGDQODJH DXVEDXHQ = QGDQODJH HLQEDXHQ = QGNHU]H =\OLQGHU =\OLQGHU DXVEDXHQ =\OLQGHU PRQWLHUHQ =\OLQGHUNRSIGHFNHO =\OLQGHUNRSIGHFNHO DXVEDXHQ

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