ARIETE 1342 User manual

&2'  5(9GHO
02'
      
'H¶/RQJKL$SSOLDQFHV6UO
'LYLVLRQH&RPPHUFLDOH$ULHWH
9LD6DQ4XLULFR
&DPSL%LVHQ]LR),
(0DLOLQIR#DULHWHQHW
,QWHUQHWZZZDULHWHQHW
0DFFKLQDGDFDIIpÀOWUR
)LOWHUFRIIHH
&DIHWLqUHÀOWUH
)LOWHUNDIIHHPDVFKLQHQ
0iTXLQDGHFDIpÀOWUR
0iTXLQDGHFDIpFRPÀOWUR
.RIÀH]HWDSSDUDDWYRRUÀOWHUNRIÀH
ȃșȥįȟȓȗįȝȝțȜȡȫȜįĴȒ
Ʌɩɯɠɝɛɫɥɛ
Questo manuale d’istruzione è fornito da trovaprezzi.it. Scopri tutte le offerte per Ariete 1342
Vintage Celeste o cerca il tuo prodotto tra le migliori offerte di Macchine da Caffè

)LJ
)LJ
)LJ )LJ
0
,
+
-
%
/
1
234567
&
$
.
'
*
(
)
)LJ )LJ


,7
$352326,72',48(6720$18$/(
$QFKHVHJOLDSSDUHFFKLVRQRVWDWLUHDOL]]DWLLQFRQIRUPLWjFRQOHVSHFL¿FKH1RUPDWLYHHXURSHH
YLJHQWLHVRQRSHUWDQWRSURWHWWLLQWXWWHOHSDUWLSRWHQ]LDOPHQWHSHULFRORVHOHJJHWHFRQDWWHQ]LRQH
TXHVWHDYYHUWHQ]HHXVDWHO¶DSSDUHFFKLRVRORSHUO¶XVRFXLqVWDWRGHVWLQDWRSHUHYLWDUHLQIRUWXQLH
GDQQL7HQHWHDSRUWDWDGLPDQRTXHVWROLEUHWWRSHUIXWXUHFRQVXOWD]LRQL4XDORUDYRJOLDWHFHGHUH
TXHVWRDSSDUHFFKLRDGDOWUHSHUVRQHULFRUGDWHYLGLLQFOXGHUHDQFKHTXHVWHLVWUX]LRQL
/HLQIRUPD]LRQLULSRUWDWHLQTXHVWRPDQXDOHVRQRPDUFDWHGDLVHJXHQWLVLPEROLFKHLQGLFDQR
3HULFRORSHULEDPELQL
3HULFRORGRYXWRDHOHWWULFLWj
3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH
$YYHUWHQ]DUHODWLYDDXVWLRQL
$WWHQ]LRQHGDQQLPDWHULDOL
86235(9,672
3RWHWHXVDUHODSSDUHFFKLRSHUSUHSDUDUHFDIIq4XHVWRDSSDUHFFKLRqVWDWRFRQFHSLWRVRORSHUXQ
XVRSULYDWRHGqTXLQGLGDFRQVLGHUDUVLLQDGHJXDWRO¶XVRSHUVFRSLFRPPHUFLDOLRLQGXVWULDOL2JQL
DOWURXWLOL]]RGHOODPDFFKLQDQRQqSUHYLVWRGDO&RVWUXWWRUHFKHVLHVLPHGDTXDOVLDVLUHVSRQVDELOLWj
SHUGDQQLGLRJQLQDWXUDJHQHUDWLGDXQLPSLHJRLPSURSULRGHOODPDFFKLQDVWHVVD/¶XVRLPSURSULR
GHWHUPLQDLQROWUHO¶DQQXOODPHQWRGLRJQLIRUPDGLJDUDQ]LD
5,6&+,5(6,'8,
/HFDUDWWHULVWLFKHFRVWUXWWLYHGHOO¶DSSDUHFFKLRRJJHWWRGHOODSUHVHQWHSXEEOLFD]LRQHQRQFRQVHQWR
QRGLSURWHJJHUHO¶XWLOL]]DWRUHGDOSRVVLELOHFRQWDWWRFRQVFKL]]LGLYDSRUHRDFTXDFDOGD
$WWHQ]LRQH
3HULFRORGLXVWLRQLFDXVDWRGDVSUX]]LRVFKL]]LGLDFTXDFDOGDRFDIIq1RQDSULUHLOFRSHUFKLR
TXDQGRO¶HURJD]LRQHqLQFRUVR
$99(57(1=(',6,&85(==$
/(**(5($77(17$0(17(/(,6758=,21,35,0$'(//·862
 /¶DSSDUHFFKLRqGHVWLQDWRVRORDGXVRGRPHVWLFRHQRQGHYHHVVHUHDGLELWRDG
XVRFRPPHUFLDOHRLQGXVWULDOH
 1RQVLDVVXPRQRUHVSRQVDELOLWjSHUXVRHUUDWRRSHULPSLHJKLGLYHUVLGDTXHOOL
SUHYLVWLGDOSUHVHQWHOLEUHWWR
 6LFRQVLJOLDGLFRQVHUYDUHJOLLPEDOOLRULJLQDOLSRLFKpO¶DVVLVWHQ]DJUDWXLWDQRQq
SUHYLVWDSHULJXDVWLFDXVDWLGDLPEDOORQRQDGHJXDWRGHOSURGRWWRDOPRPHQWR
GHOODVSHGL]LRQHDGXQ&HQWURGL$VVLVWHQ]DDXWRUL]]DWR
 /¶DSSDUHFFKLRqFRQIRUPHDOUHJRODPHQWR(&1RGHOVXL
PDWHULDOLLQFRQWDWWRFRQDOLPHQWL


,7
3HULFRORSHULEDPELQL
 /¶DSSDUHFFKLRSXzHVVHUHXVDWRGDLEDPELQLFRQXQHWjVXSHULRUHDDQQLVROR
VHVRQRVHJXLWLGDXQDSHUVRQDUHVSRQVDELOHRVHKDQQRULFHYXWROHLVWUX]LRQL
ULJXDUGDQWLO¶XWLOL]]RGHOO¶DSSDUHFFKLRLQVLFXUH]]DHGKDQQRFRPSUHVRLSHULFROL
SUHVHQWLGXUDQWHO¶XVR
 /HRSHUD]LRQLGLSXOL]LDHGLPDQXWHQ]LRQHGDSDUWHGHOO¶XWLOL]]DWRUHQRQGHYRQR
HVVHUHHIIHWWXDWHGDLEDPELQLDPHQRFKHQRQDEELDQRXQ¶HWjVXSHULRUHDDQQL
HRSHULQRVRWWRVRUYHJOLDQ]D$VVLFXUDUVLFKHLEDPELQLQRQJLRFKLQRFRQO¶DSSD
UHFFKLR
 7HQHUH VHPSUH O¶DSSDUHFFKLR HLO FDYR GL DOLPHQWD]LRQHIXRUL GDOOD SRUWDWD GL
EDPELQLFRQHWjLQIHULRUHDDQQL
 1RQODVFLDUSHQGHUHLOFDYRLQXQOXRJRGRYHSRWUHEEHHVVHUHDIIHUUDWRGDXQ
EDPELQR
 *OLHOHPHQWLGHOO¶LPEDOODJJLRQRQGHYRQRHVVHUHODVFLDWLDOODSRUWDWDGHLEDPELQL
LQTXDQWRSRWHQ]LDOLIRQWLGLSHULFROR
 $OORUFKpVLGHFLGDGLVPDOWLUHFRPHUL¿XWRTXHVWRDSSDUHFFKLRVLUDFFRPDQGDGL
UHQGHUORLQRSHUDQWHWDJOLDQGRQHLOFDYRGLDOLPHQWD]LRQH6LUDFFRPDQGDLQROWUH
GLUHQGHUHLQQRFXHTXHOOHSDUWLGHOO¶DSSDUHFFKLRVXVFHWWLELOLGLFRVWLWXLUHXQSHUL
FRORVSHFLDOPHQWHSHULEDPELQLFKHSRWUHEEHURVHUYLUVLGHOO¶DSSDUHFFKLRSHUL
SURSULJLRFKL
3HULFRORGRYXWRDHOHWWULFLWj
 /¶DSSDUHFFKLRSXzHVVHUHXVDWRGDSHUVRQHFKHKDQQRFDSDFLWj¿VLFKHVHQVR
ULDOLRPHQWDOLULGRWWHRSSXUHFRQPDQFDQ]DGLHVSHULHQ]DRGLFRQRVFHQ]DVROR
VHVRQRVHJXLWLGDXQDSHUVRQDUHVSRQVDELOHRVHKDQQRULFHYXWRHFRPSUHVROH
LVWUX]LRQLULJXDUGDQWLO¶XWLOL]]RGHOO¶DSSDUHFFKLRLQVLFXUH]]DHGKDQQRFRPSUHVR
LSHULFROLSUHVHQWLGXUDQWHO¶XVR
 3ULPD GL FROOHJDUH O¶DSSDUHFFKLR DOOD UHWH GL DOLPHQWD]LRQH FRQWUROODUH FKH OD
WHQVLRQHLQGLFDWDVXOODWDUJKHWWDSRVWDDOGLVRWWRGHOODPDFFKLQDFRUULVSRQGDD
TXHOODGHOODUHWHORFDOH
 /¶XVR GLSUROXQJKHHOHWWULFKHQRQDXWRUL]]DWH GDOIDEEULFDQWHGHOO¶DSSDUHFFKLR
SXzSURYRFDUHGDQQLHLQFLGHQWL
 3ULPD GL SURFHGHUH DOO¶RSHUD]LRQH GL ULHPSLPHQWR GHO VHUEDWRLR GHOO¶DFTXD
VFROOHJDUHO¶DSSDUHFFKLRGDOODSUHVDGLFRUUHQWH
 6H LO FDYR GL DOLPHQWD]LRQH q GDQQHJJLDWR HVVR GHYH HVVHUH VRVWLWXLWR GDO
FRVWUXWWRUHRGDOVXRVHUYL]LR$VVLVWHQ]D7HFQLFDRFRPXQTXHGDXQDSHUVRQD
FRQTXDOL¿FDVLPLODUHLQPRGRGDSUHYHQLUHRJQLULVFKLR
 1RQPHWWHUHPDLOHSDUWLVRWWRWHQVLRQHDFRQWDWWRFRQO¶DFTXDSXzJHQHUDUVLXQ
FRUWRFLUFXLWR
 7RJOLHUHODVSLQDGDOODSUHVDSULPDGLRJQLLQWHUYHQWRGLSXOL]LDRGLPDQXWHQ]LRQH
 1RQLPPHUJHUHO¶DSSDUHFFKLRLQDFTXDRDOWULOLTXLGL


,7
 1RQPHWWHUHPDLODSSDUHFFKLRYLFLQRRVRSUDXQODYDQGLQR
 1RQULPXRYHUHLOFRSHUFKLRLQIHULRUHGHOODSSDUHFFKLR1RQFLVRQRSDUWLLQWHUQH
GDXWLOL]]DUHRSXOLUH
3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH
 6FHJOLHUHXQDPELHQWHVXI¿FLHQWHPHQWHLOOXPLQDWRSXOLWRHFRQODSUHVDGLFRU
UHQWHIDFLOPHQWHDFFHVVLELOH
 (YLWDUHGLLPPHWWHUHQHOVHUEDWRLRXQDTXDQWLWjHFFHVVLYDGLDFTXD
 1RQODVFLDUHLQFXVWRGLWRO¶DSSDUHFFKLRPHQWUHqFROOHJDWRDOODUHWHHOHWWULFD
 /¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRHODVFLDWRDULSRVRVXXQDVXSHU¿FLHVWDELOH
 /¶DSSDUHFFKLR QRQGHYH HVVHUHXWLOL]]DWRVH qVWDWR IDWWRFDGHUHVHYL VRQR
VHJQLGLGDQQLYLVLELOLRVHKDSHUGLWHGLDFTXD1RQXVDUHO¶DSSDUHFFKLRVHLO
FDYRHOHWWULFRRODVSLQDULVXOWDQRGDQQHJJLDWLRVHO¶DSSDUHFFKLRVWHVVRULVXOWD
GLIHWWRVR7XWWHOHULSDUD]LRQLFRPSUHVDODVRVWLWX]LRQHGHOFDYRGLDOLPHQWD]LR
QHGHYRQRHVVHUHHVHJXLWHVRODPHQWHGDO&HQWUR$VVLVWHQ]D$ULHWHRGDWHFQLFL
DXWRUL]]DWL$ULHWHLQPRGRGDSUHYHQLUHRJQLULVFKLR
$YYHUWHQ]DUHODWLYDDXVWLRQL
 1RQDSULUHLOFRSHUFKLRTXDQGRO¶HURJD]LRQHqLQFRUVR
 $WWHQGHUHFKHODSSDUHFFKLRVLVLDUDIIUHGGDWRSULPDGLULIRUQLUHLOVHUEDWRLRFRQ
DFTXDSHULFRORGLXVWLRQLFDXVDWHGDVFKL]]LGLDFTXDRYDSRUH
 1RQODVFLDUHODFDUDIIDYXRWDVRSUDODSLDVWUDGLULVFDOGDPHQWRFRQODPDFFKLQD
LQIXQ]LRQH3HULFRORGLURWWXUDGHOODFDUDIID3HULFRORGLXVWLRQLGRYXWRDOFRQWDWWR
FRQODFDUDIID
$WWHQ]LRQHGDQQLPDWHULDOL
 &ROORFDUHODPDFFKLQDVXXQSLDQRVWDELOHGRYHQRQSRVVDHVVHUHURYHVFLDWD
 1RQXVDUHODPDFFKLQDVHQ]DDFTXDSRLFKpLQWDOHFDVRODSRPSDVLEUXFHUHE
EH
 1RQULHPSLUHPDLLOVHUEDWRLRGHOO¶DFTXDFRQDFTXDFDOGDREROOHQWH
 1RQSRVL]LRQDUHODPDFFKLQDVXVXSHU¿FLPROWRFDOGHRQHOOHYLFLQDQ]HGL¿DP
PHOLEHUHSHUHYLWDUHFKHODFDUUR]]HULDSRVVDHVVHUHGDQQHJJLDWD
 ,OFDYRQRQGHYHWRFFDUHOHSDUWLFDOGHGHOODPDFFKLQD
 1RQXWLOL]]DUHDFTXDJDVVDWDDGGL]LRQDWDGLDQLGULGHFDUERQLFD
 1RQLQWURGXUUHPDLQHO¿OWURVRVWDQ]HGLYHUVHGDOFDIIqLQSROYHUH6LSRWUHEEHUR
FDXVDUHJUDYLGDQQLDOO¶DSSDUHFFKLR
 1RQODVFLDUHODPDFFKLQDDWHPSHUDWXUDDPELHQWHLQIHULRUHD&LQTXDQWRLO
UHVLGXRG¶DFTXDQHOODFDOGDLDSRWUHEEHJKLDFFLDUHHSURYRFDUHGHLGDQQL
 1RQXVDUHO¶DSSDUHFFKLRDOO¶DSHUWR
 1RQODVFLDUHO¶DSSDUHFFKLRHVSRVWRDGDJHQWLDWPRVIHULFLSLRJJLDVROHHFF
 'RSRDYHUVWDFFDWRODVSLQDGLDOLPHQWD]LRQHHGRSRFKHOHSDUWLFDOGHVLVDUDQQR
IUHGGDWHO¶DSSDUHFFKLRGRYUjHVVHUHSXOLWRHVFOXVLYDPHQWHFRQXQSDQQRQRQ


,7
DEUDVLYRDSSHQDLQXPLGLWRDJJLXQJHQGRSRFKHJRFFHGLGHWHUJHQWLQHXWULQRQ
DJJUHVVLYLQRQXVDUHPDLVROYHQWLFKHGDQQHJJLDQRODSODVWLFD
3UHFDX]LRQLQHOOXVRGHOODFDUDIID
 8WLOL]]DUHODFDUDIIDVRORFRQTXHVWDPDFFKLQDGDFDIIq1RQXWLOL]]DUHODFDUDIID
SHUVFDOGDUHLOFDIIqVRSUDXQIRUQHOORRDOWUHIRQWLGLFDORUH1RQPHWWHUHODFDUDI
IDQHOIRUQRDPLFURRQGHSHUVFDOGDUHLOFDIIq
 /DFDUDIIDGHYHHVVHUHXWLOL]]DWDVRORFRQODSLDVWUDGLULVFDOGDPHQWRLQGRWD]LR
QHFRQODSSDUHFFKLR
 3HUHYLWDUHURWWXUHGHOODFDUDIIDVROOHYDUODFRQFDXWHOD(YLWDUHGLXUWDUHODFDUDI
IDFRQWURDOWULRJJHWWLSHULFRORGLURWWXUDGHOYHWUR'XUDQWHLOULHPSLPHQWRGHOOD
FDUDIIDFRQDFTXDHYLWDUHGLFROSLUHLOUXELQHWWR
 1RQDSSRJJLDUHODFDUDIIDYXRWDVXVXSHU¿FLFDOGH
 1RQDSSRJJLDUHODFDUDIIDFDOGDVXVXSHU¿FLIUHGGHREDJQDWH$WWHQGHUHLOUDI
IUHGGDPHQWRGHOODFDUDIIDSULPDGLODYDUODRGLDJJLXQJHUHDFTXDIUHVFD
 1RQSXOLUHODFDUDIIDFRQVSXJQHPHWDOOLFKHGHWHUVLYLDEUDVLYLRDOWULPDWHULDOL
FKHSRVVRQRJUDI¿DUHLOYHWUR
 1RQXWLOL]]DUHODFDUDIIDVHqVWDWDULVFDOGDWDDVHFFRSHUWURSSRWHPSRVRVWLWX
LUODFRQXQDOWUDFDUDIIDRULJLQDOH
&216(59$5(6(035(48(67(,6758=,21,
'(6&5,=,21('(//$33$5(&&+,2
$&DUDIID .9DQRUDFFRJOLFDYR
%,PSXJQDWXUDGHOODFDUDIID / &DYRDOLPHQWD]LRQHVSLQD
&&RSHUFKLRFDUDIID 03LDVWUDGLULVFDOGDPHQWR
'%HFFXFFLRGLHURJD]LRQH 1'LVSOD\
(6HGHGHOSRUWD¿OWUR 202'(
)6HUEDWRLRDFTXD 36(/
*,QGLFDWRUHGLOLYHOORGHOODFTXD 4$872
+)LOWURFDIIq 53XOVDQWHGLLPSRVWD]LRQHGHOOHRUH+5
, 3RUWD¿OWURULPRYLELOH 63XOVDQWHGLLPSRVWD]LRQHGHLPLQXWL0,1
- &RSHUFKLRVHUEDWRLR 73XOVDQWHHURJD]LRQHFDIIq VSHJQLPHQWR
'DWLGLLGHQWLÀFD]LRQH
1HOODWDUJKHWWDSRVWDVRWWRODEDVHGLDSSRJJLRGHOODPDFFKLQDVRQRULSRUWDWLLVHJXHQWLGDWLG¶LGHQ
WL¿FD]LRQHGHOODPDFFKLQD
 FRVWUXWWRUHHPDUFDWXUD&(
 PRGHOOR0RG
 QGLPDWULFROD61
 WHQVLRQHHOHWWULFDGLDOLPHQWD]LRQH9HIUHTXHQ]D+]
 SRWHQ]DHOHWWULFDDVVRUELWD:
 QXPHURYHUGHDVVLVWHQ]D
1HOOHHYHQWXDOLULFKLHVWHDL&HQWUL$VVLVWHQ]D$XWRUL]]DWLLQGLFDUHPRGHOORHQXPHURGLPDWULFROD


,7
,6758=,21,3(5/862
0HVVDLQIXQ]LRQH
 &RQWUROODUHFKHODWHQVLRQHGHOODUHWHGRPHVWLFDVLDXJXDOHDTXHOODLQGLFDWDVXOODWDUJKHWWDGDWL
WHFQLFLGHOO¶DSSDUHFFKLR
 5LPXRYHUHLPDWHULDOLGHOOLPEDOODJJLRGDOOLQWHUQRHGDOOHVWHUQRGHOODSSDUHFFKLR
 3RVL]LRQDUHSRLODSSDUHFFKLRVXXQDVXSHU¿FLHSLDQD3RVL]LRQDUHODSSDUHFFKLRDGXQDGLVWDQ
]DGLDOPHQRFPGDSDUHWLPRELOLRDOWULDSSDUHFFKL
$WWHQ]LRQH
3HULFRORGLGDQQLDOODVXSHU¿FLHGLDSSRJJLRGHOODSSDUHFFKLR/DWHPSHUDWXUDHOHYDWDGHOODS
SDUHFFKLRSXzSURYRFDUHSODVWL¿FD]LRQLGHOOHVXSHU¿FLGLDSSRJJLR,QVHULUHXQSDQQRRXQD
WRYDJOLHWWDIUDODSSDUHFFKLRHODVXSHU¿FLHGLDSSRJJLR
$WWHQ]LRQH
3HULFRORGLVRYUDFFDULFRGHOODOLQHDHOHWWULFD3LDSSDUHFFKLFROOHJDWLDGXQXQLFDSUHVDHOHW
WULFDSXzJHQHUDUHXQFRUWRFLUFXLWR&ROOHJDUHODSSDUHFFKLRDGXQDSUHVDHOHWWULFDOLEHUDGD
DOWULHOHWWURGRPHVWLFL
 /DYDUHODFDUDIIDLOSRUWD¿OWURULPRYLELOHHLO¿OWURFDIIqFRQDFTXDFDOGDHVDSRQH6FLDFTXDUHHG
DVFLXJDUHLFRPSRQHQWL
 3RVL]LRQDUHLOSRUWD¿OWURULPRYLELOHQHOODVXDVHGH)LJ
/DYDOYRODGLÁXVVRSRVL]LRQDWDVXOIRQGRGHOSRUWDÀOWURULPRYLELOHGHYHHVVHUHLQVHULWDQHO
IRURFHQWUDOHGHOODVHGHGHOSRUWDÀOWUR
3ULPDDFFHQVLRQH
,QFDVRGLSULPDDFFHQVLRQHRGRSRXQSHULRGRGLLQXWLOL]]RVLUDFFRPDQGDGLIDUIXRULXVFL
UHDOPHQRGXHFDUDIIHGLDFTXDGDOFLUFXLWRLGUDXOLFRGHOODFDOGDLD
 5LHPSLUHLOVHUEDWRLRFRQDFTXDQDWXUDOHIUHVFD)LJ¿QRDOOLYHOORLQGLFDWRFRQ,OOLYHOOR
HTXLYDOHDOOLYHOORPDVVLPRGLDFTXDHDOQXPHURPDVVLPRGLWD]]HGLFDIIq&KLXGHUHLO
FRSHUFKLRGHOVHUEDWRLR
1RQULHPSLUH0$,LOVHUEDWRLRROWUHLOOLYHOORPDVVLPR
3HUTXHVWRODYDJJLRQRQLQVHULUHLOÀOWURFDIIqQHOSRUWDÀOWUR
 ,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWHHOHWWULFDFKHGHYHHVVHUHGRWDWDGLPHVVDDWHUUD
 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR09HUL¿FDUHFKHODYDOYRODGLÀXVVR
VLDSRVL]LRQDWDFRUUHWWDPHQWHVXOFRSHUFKLRGHOODFDUDIID
 3UHPHUHLOSXOVDQWHGLHURJD]LRQHFDIIq   $WWHQGHUHFKHWXWWDODFTXDFRQWHQXWDQHOVHUEDWRLR
VLDVFHVDQHOODFDUDIID$WWHQGHUHPLQXWLSHUIDUUDIIUHGGDUHODSSDUHFFKLR
 5LSHWHUHORSHUD]LRQHFRQXQDVHFRQGDFDUDIIDGLDFTXD$WWHQGHUHFKHWXWWDODFTXDFRQWHQXWD
QHOVHUEDWRLRVLDVFHVDQHOODFDUDIID
$GHVVRqSRVVLELOHSUHSDUDUHODSSDUHFFKLRHGHURJDUHODYRVWUDSULPDFDUDIIDGLFDIIq
3UHSDUD]LRQHGHOODPDFFKLQD
3ULPDGLDFFHQGHUHO·DSSDUHFFKLRDFFHUWDUVLFKHYLVLDDFTXDDVXIÀFLHQ]DDOO·LQWHUQRGHO
VHUEDWRLR


,7
/HRSHUD]LRQLGLULHPSLPHQWRGLDFTXDGHYRQRHVVHUHHIIHWWXDWHFRQODVSLQDGHOFDYRGL
DOLPHQWD]LRQHHOHWWULFDVWDFFDWDGDOODSUHVDGLFRUUHQWH
 $SULUHLOFRSHUFKLRGHOVHUEDWRLR-/LQGLFDWRUHGLOLYHOOR*KDXQDVFDODJUDGXDWDGDD
RJQLQXPHURFRUULVSRQGHDOQXPHURGLWD]]HGLFDIIq5LHPSLUHODFDUDIIDFRQDFTXDQDWXUDOH
IUHVFD9HUVDUHODFTXDQHOVHUEDWRLR¿QRDOOLYHOORGHVLGHUDWRSHUWD]]HGLFDIIqHSHU
WD]]HGLFDIIq
 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR0 
$WWHQ]LRQH
1RQXWLOL]]DUHODFDUDIIDVHSUHVHQWDURWWXUHVXOYHWURRVXOPDQLFR3HULFRORGLXVWLRQLFDXVDWR
GDOFRQWDWWRFRQLOFDIIqEROOHQWHGRYXWRDOODURWWXUDGHOODFDUDIID
1RQDSSRJJLDUHDOFXQRJJHWWRVRSUDLOFRSHUFKLRTXDQGRODSSDUHFFKLRqLQIXQ]LRQH
$WWHQ]LRQH
1RQDSULUHLOFRSHUFKLRTXDQGRO¶HURJD]LRQHqLQFRUVRSHULFRORGLXVWLRQLFDXVDWRGDVSUX]]L
RVFKL]]LGLDFTXDFDOGDRFDIIq
 3RVL]LRQDUHLO¿OWURFDIIqQHOSRUWD¿OWUR'RVDUHLOFDIIqQHO¿OWUR8QDWD]]DGLFDIIqHTXLYDOHDG
XQFXFFKLDLRUDVRGLFDIIqLQSROYHUH
 $EEDVVDUHODPDQLJOLDGHO¿OWURFDIIq&KLXGHUHLOFRSHUFKLRGHOVHUEDWRLR
 ,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWHHOHWWULFDFKHGHYHHVVHUHGRWDWDGLPHVVDDWHUUD,O
GLVSOD\VLDFFHQGHHORUDULRLQL]LDDODPSHJJLDUH$0 8WLOL]]DUHLWDVWL+5H0,1
SHULPSRVWDUHORUDORFDOH3UHPHUH6(/SHUFRQIHUPDUH6HQRQYLHQHSUHPXWRDOFXQWDVWRLO
GLVSOD\VLVSHJQHGRSRVHFRQGL
 3UHPHUHLOWDVWRFDIIq SHUDYYLDUHLOFLFORGLHURJD]LRQHGHOFDIIq$WWHQGHUHODIXRULXVFLWDGHO
FDIIqQHOODFDUDIIDVLQRDOFRPSOHWDPHQWRGHOFLFORVHOH]LRQDWRQXPHURGLWD]]H
 ÊSRVVLELOHLQWHUURPSHUHOHURJD]LRQHGHOFDIIqSULPDGHOFRPSOHWDPHQWRGHOFLFORGLHURJD]LRQH
 HVWUDUUHODWD]]DYHGL)XQ]LRQHSDXVDSHUVHUYLUHLOFDIIq
 SUHPHUHLOSXOVDQWHFDIIq¿QRDTXDQGRODSSDUHFFKLRQRQHPHWWHXQEHHSHVLVSHJQHODVSLD
OXPLQRVDGHOPHGHVLPRWDVWR
8QDYROWDHIIHWWXDWRORVSHJQLPHQWRDXWRPDWLFRRGHVLGHUDWRODSLDVWUDGLULVFDOGDPHQWRLQL]LHUj
DULVFDOGDUVL
/DVFLDUHLOFRSHUFKLRVXOODFDUDIIDSHUPDQWHQHUHFDOGRLOFDIIqHSHUVHUYLUHLOFDIIqVHQ]D
SHULFRORGLVFRWWDWXUH
 3UHQGHUHODFDUDIIDWUDPLWHOLPSXJQDWXUD,QFOLQDUHOHJJHUPHQWHODFDUDIIDHYHUVDUHLOFDIIq
FDOGRLQXQDWD]]D
 3UHPHUHHULODVFLDUHLOWDVWRFDIIq SHUVSHJQHUHODSSDUHFFKLR
1RQPXRYHUHODSSDUHFFKLRTXDQGRODFDUDIIDRLOVHUEDWRLRFRQWHQJRQROLTXLGLFDOGL$WWHQ
GHUHLOFRPSOHWRUDIIUHGGDPHQWRGHOODSSDUHFFKLR
/DTXDQWLWjGLDFTXDHURJDWDQHOODFDUDIIDVDUjXQSRPHQRULVSHWWRDTXHOODYHUVDWDQHO
VHUEDWRLR8QSRGLDFTXDVDUjDVVRUELWDGDOODSROYHUHGHOFDIIqHGDOÀOWUR
,PSRVWD]LRQHGHOORUD
 3UHPHUHLOWDVWR+5SHUVHOH]LRQDUHORUD3UHPHUHHPDQWHQHUHSUHPXWRLOWDVWR+5SHULPSR
VWDUHORUDGHVLGHUDWDSLYHORFHPHQWH


,7
 3UHPHUHLOWDVWR0,1SHUVHOH]LRQDUHLPLQXWL3UHPHUHHPDQWHQHUHSUHPXWRLOWDVWR0,1SHU
LPSRVWDUHLPLQXWLGHVLGHUDWLSLYHORFHPHQWH
 4XDQGRORUDLPSRVWDWDqHVDWWDSUHPHUHLOWDVWR6(//DSSDUHFFKLRHPHWWHXQEHHS
 3HUUHLPSRVWDUHORUDSUHPHUHLOWDVWR02'(VHLYROWH¿QRDTXDQGRLOVLPEROR QRQODPSHJ
JLD3UHPHUHLOWDVWR6(//RUDULRLQL]LDDODPSHJJLDUH$GHVVRqSRVVLELOHLPSRVWDUHORUDFRPH
GHVFULWWRQHLSXQWLSUHFHGHQWL
,PSRVWD]LRQHGHOFLFORDXWRPDWLFR
3UHPHUHHWHQHUHSUHPXWRLOWDVWR$872¿QFKpVXOGLVSOD\QRQODPSHJJLDODVFULWWD352*5$00
LQVLHPHDOVLPEROR 6HJXLUHLOPHWRGRGLLPSRVWD]LRQHGHOORUDSHULPSRVWDUHRUHHPLQXWL3UH
PHUHLOWDVWR$872R6(/SHUFRQIHUPDUH/DSSDUHFFKLRHPHWWHXQEHHSHVXOGLVSOD\FRPSDUH
ORUDDWWXDOHHLOVLPERORGHOWLPHU ODSSDUHFFKLRDYYLHUjXQFLFORGLHURJD]LRQHGHOFDIIqDOORUD
LPSRVWDWD
3HUDQQXOODUHODSLDQL¿FD]LRQHHOHLPSRVWD]LRQLSUHFHGHQWHPHQWHGH¿QLWHqVXI¿FLHQWHSUHPHUH
QXRYDPHQWHLOWDVWR$872
,PSRVWD]LRQHGHOOLQWHQVLWjGHOFDIIq
/DSSDUHFFKLRKDXQDIXQ]LRQHFKHSHUPHWWHGLUHJRODUHOLQWHQVLWjGHOFDIIqSHUDGDWWDUORDLSURSUL
JXVWL
1RUPDOH 3UHPHUHLO WDVWR 02'( XQDYROWD,O VLPEROR   LQL]LD DODPSHJJLDUH
3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH4XHVWDPRGDOLWjFRUULVSRQGHDOOD
LPSRVWD]LRQHGLIDEEULFD
0HGLR 3UHPHUHLOWDVWR02'(GXHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH
3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH,OVLPEROR UHJRODOHURJD]LRQH
FRQVLGHUDQGRXQDFDUDIIDGLFDIIq4XHVWRVLWUDGXFHLQXQFDIIqSLDUR
PDWLFR
)RUWH 3UHPHUHLOWDVWR02'(WUHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH
3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH,OVLPEROR UHJRODOHURJD
]LRQHHLOWHPSRGLLQIXVLRQHFRQVLGHUDQGRXQDFDUDIIDGLFDIIq4XHVWRVL
WUDGXFHLQXQFDIIqSLIRUWH
0RGDOLWjWD]]H 3UHPHUHLOWDVWR02'(TXDWWURYROWH,OVLPEROR LQL]LDDODPSHJ
JLDUH3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH/DPRGDOLWjWD]]HSHUPHW
WHGLSUHSDUDUHLOFDIIqSHUXQPDVVLPRGLWD]]H1HOVHUEDWRLRGHOODFTXD
GHYHHVVHUHYHUVDWDVRODPHQWHXQDTXDQWLWjGLDFTXDFRUULVSRQGHQWHDO
OLYHOORGHOODFDUDIIDOOVLPEROR UHJRODDXWRPDWLFDPHQWHOHURJD
]LRQHSHURWWHQHUHLOPDVVLPRJXVWRSHUSLFFROHTXDQWLWjGLFDIIq,GHDOH
SHUXQPDVVLPRGLWD]]HGLFDIIq
6HQHO VHUEDWRLR q SUHVHQWHSL DFTXD OHURJD]LRQH QRQWHUPLQHUj
ÀQRDTXDQGRWXWWDODFTXDQRQVDUjHURJDWDQHOODFDUDIID
'RSRDYHUVHOH]LRQDWROLPSRVWD]LRQHGHVLGHUDWDSUHPHUHLOWDVWRFDIIq /DSSDUHFFKLRHPHWWH
XQEHHSHGLQL]LDOHURJD]LRQHGHOFDIIq


,7
)XQ]LRQHSDXVDSHUVHUYLUHLOFDIIq
3HUVHUYLUHLOFDIIqSULPDFKHVLDFRPSOHWDWDOHURJD]LRQHGHOFDIIqQHOODFDUDIIDEDVWDULPXRYHUHOD
FDUDIIDGDOODSLDVWUDGLULVFDOGDPHQWR
$WWHQGHUHOHURJD]LRQHGLDOPHQRWD]]HGLFDIIqSULPDGLULPXRYHUHODFDUDIID
/HURJD]LRQHVLLQWHUURPSHDXWRPDWLFDPHQWHSHUVHFRQGL3RVL]LRQDUHODFDUDIIDVXOODSLDVWUDGL
ULVFDOGDPHQWRSHUULSUHQGHUHLOFLFORGLHURJD]LRQH
$WWHQ]LRQH
3HULFRORGLXVWLRQLGRYXWHDOFRQWDWWRFRQLOFDIIqFDOGRFKHHVFHGDOEHFFXFFLRGLHURJD]LRQH
/DFDUDIIDGHYHHVVHUHSRVL]LRQDWDVXOODSLDVWUDGLULVFDOGDPHQWRHQWURVHFRQGLGDOODVXD
ULPR]LRQH
)XQ]LRQHGLDXWRVSHJQLPHQWR
6HODPDFFKLQDqDFFHVDPDQRQYLHQHXWLOL]]DWDGRSRFLUFDPLQXWLLQWHUYLHQHODIXQ]LRQHGL
DXWRVSHJQLPHQWR4XHVWDIXQ]LRQHPHWWHLQVWDQGE\ODPDFFKLQDHGLVDWWLYDWXWWHOHIXQ]LRQLGL
ULVFDOGDPHQWR
&RPHSUHSDUDUHXQDVHFRQGDFDUDIIDGLFDIIq
3UHPHUHLOWDVWRFDIIq /DPDFFKLQDVLVSHJQH5LPXRYHUHODVSLQDGDOODSUHVDGLFRUUHQWH
$WWHQ]LRQH
3HULFRORGLXVWLRQLFDXVDWHGDVFKL]]LGLDFTXDRYDSRUH$WWHQGHUHDOPHQRPLQXWLSULPDGL
ULIRUQLUHLOVHUEDWRLRFRQDFTXD$WWHQGHUHLOUDIIUHGGDPHQWRGHOOHSDUWLFDOGHGHOODSSDUHFFKLR
3ULPDGLDYYLDUHOHURJD]LRQHGHOFDIIqFRQWUROODUHFKHFLVLDDFTXDDVXIÀFLHQ]DQHOVHUEDWR
LR1RQDYYLDUHOHURJD]LRQHGHOFDIIqVHLOOLYHOORGHOODFTXDqVRWWRLOOLYHOORPLQLPR
 $SULUHLOFRSHUFKLRGHOODSSDUHFFKLR6ROOHYDUHODPDQLJOLDGHO¿OWURGHOFDIIq(VWUDUUHLO¿OWURGHO
FDIIqGDOSRUWD¿OWUR5LPXRYHUHLUHVLGXLGLFDIIqGDO¿OWUR
 5LPXRYHUHLOSRUWD¿OWURGDOODSSDUHFFKLR6FLDFTXDUHODFDUDIIDHLOSRUWD¿OWURFRQDFTXDIUHVFDH
SXOLWD5LHPSLUHLOVHUEDWRLRFRQDFTXDQDWXUDOHIUHVFD¿QRDOOLYHOORGHVLGHUDWR
 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR0
 3RVL]LRQDUHLOSRUWD¿OWURQHOODVXDVHGH)LJ3RVL]LRQDUHLO¿OWURFDIIqQHOSRUWD¿OWUR)LJ
'RVDUHLOFDIIqQHO¿OWUR8QDWD]]DGLFDIIqHTXLYDOHDGXQFXFFKLDLRUDVRGLFDIIqLQSROYHUH
 &KLXGHUHLOFRSHUFKLR,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWH
 3UHPHUHLOWDVWRFDIIq /DPDFFKLQDLQL]LDLOFLFORGLHURJD]LRQHGHOFDIIq
&216,*/,87,/,3(535(3$5$5(81%821&$))Ë
 3HURWWHQHUHXQFDIIqJXVWRVRqQHFHVVDULRPDQWHQHUHODSSDUHFFKLRSXOLWR(VHJXLUHODSXOL]LDH
ODGHFDOFL¿FD]LRQHFRQUHJRODULWjFRPHGHVFULWWRQHOSDUDJUDIR3XOL]LDGHOODSSDUHFFKLR
 8WLOL]]DUHVHPSUHDFTXDIUHVFDHSXOLWD
 &RQPDFLQDWXUHSL¿QLVLRWWHQJRQRFDIIqSLULFFKLHFRUSRVL8QDPDFLQDWXUDUHJRODUHULFKLH
GHUjSLFDIIqSHURWWHQHUHLOVROLWRJXVWRFKHVLULFDYDGDPLVFHOHPDFLQDWHSL¿QHPHQWH
 7HQHUHODSROYHUHGLFDIIqLQXQSRVWRIUHVFRHGDVFLXWWR&KLXGHUHHUPHWLFDPHQWHOHFRQIH]LRQL
DSHUWHHODVFLDUOHQHOIULJRULIHUR
 3HUXQVDSRUHRWWLPDOHDFTXLVWDUHLOFDIIqLQFKLFFKLHPDFLQDUORSULPDGHOODSUHSDUD]LRQH
 ,OFDIIqULVFDOGDWRQRQKDXQVDSRUHRWWLPDOH,OFDIIqUDJJLXQJHLOVXRPLJOLRUJXVWRVXELWRGRSR
ODSUHSDUD]LRQH


,7
 /DSUHVHQ]DGLSLFFROHJRFFHGLROLRVXOODVXSHU¿FLHGHOFDIIqSXzHVVHUHFDXVDWDGDOOXVRSUR
OXQJDWRGLPLVFHOHWRVWDWHHVHJXLUHODSXOL]LDFRQUHJRODULWj
38/,=,$'(//$33$5(&&+,2
4XHVWRDSSDUHFFKLRULFKLHGHSRFDPDQXWHQ]LRQH(VVRQRQFRQWLHQHSDUWLULSDUDELOLGDOOXWHQWH
4XDOVLDVLRSHUD]LRQHFKHULFKLHGDORVPRQWDJJLRGLSDUWLGHYHHVVHUHHVHJXLWDGDXQ&HQWURGL
$VVLVWHQ]D$XWRUL]]DWR
$WWHQ]LRQH
7XWWHOHRSHUD]LRQLGLSXOL]LDVRWWRLQGLFDWHGHYRQRHVVHUHHIIHWWXDWHDPDFFKLQDVSHQWDHFRQ
ODVSLQDHOHWWULFDVFROOHJDWDGDOODSUHVDGLFRUUHQWH
$WWHQ]LRQH
8QDPDQXWHQ]LRQHHGXQDSXOL]LDUHJRODULPDQWHQJRQRHI¿FLHQWHODPDFFKLQDSHUXQSHULRGR
PDJJLRUH1RQODYDUHPDLLFRPSRQHQWLGHOODPDFFKLQDLQODYDVWRYLJOLH1RQXWLOL]]DUHJHWWL
GLDFTXDGLUHWWD
$WWHQ]LRQH
2JQLLQWHUYHQWRYDHVHJXLWRDPDFFKLQDIUHGGD
3XOL]LDGHOÀOWURHGHOSRUWDÀOWUR
'RSRRJQLXWLOL]]RHVWUDUUHLO¿OWURGHOFDIIqGDOSRUWD¿OWUR5LPXRYHUHLUHVLGXLGLFDIIqGDO¿OWUR
6FLDFTXDUHLO¿OWURFRQDFTXDIUHVFDHSXOLWD(VWUDUUHLOSRUWD¿OWURHODYDUORFRQDFTXDFDOGDH
VDSRQH
3XOL]LDGHOODFDUDIID
$WWHQ]LRQH
3HUHYLWDUHURWWXUHGHOODFDUDIIDVROOHYDUODFRQFDXWHOD(YLWDUHGLXUWDUHODFDUDIIDFRQWURDOWUL
RJJHWWLSHULFRORGLURWWXUDGHOYHWUR'XUDQWHLOULHPSLPHQWRGHOODFDUDIIDFRQDFTXDHYLWDUH
GLFROSLUHLOUXELQHWWR
6FLDFTXDUHODFDUDIIDFRQDFTXDFDOGDHVDSRQH/DYDUHLOFRSHUFKLRGHOODFDUDIIDGDLUHVLGXLGL
FDIIqXWLOL]]DQGRXQRVSD]]ROLQR3XOLUHODFDUDIIDXVDQGRXQSDQQRXPLGRHPRUELGRSHUQRQGDQ
QHJJLDUHODVXSHU¿FLHLQYHWUR1RQXWLOL]]DUHVSXJQHPHWDOOLFKHRDOWULPDWHULDOLDEUDVLYL
3XOL]LDGHOVHUEDWRLR
6LFRQVLJOLDGLSXOLUHSHULRGLFDPHQWHO¶LQWHUQRGHOVHUEDWRLRFRQXQDVSXJQDRXQSDQQRXPLGR
3XOL]LDGHOFRUSRPDFFKLQD
$WWHQ]LRQH
3XOLUHOHSDUWL¿VVHGHOODPDFFKLQDXVDQGRXQSDQQRXPLGRQRQDEUDVLYRSHUQRQGDQQHJ
JLDUHODFDUUR]]HULD
$87238/,=,$
3XOLUHODSSDUHFFKLRDOPHQRXQDYROWDDOPHVH
6HDYHWHDFTXLVWDWRLO¿OWURSHUODFTXDYHQGXWRVHSDUDWDPHQWHULPXRYHWHORGDOVHUEDWRLRSULPD
GLHVHJXLUHLOFLFORGLSXOL]LDDXWRPDWLFD
 5LHPSLUHODFDUDIIDFRQXQDPLVFHODFRPSRVWDGDWD]]HGLDFHWRELDQFRHWD]]HGLDFTXD


,7
IUHVFDHSXOLWD9HUVDUHODPLVFHODQHOVHUEDWRLR
 3RVL]LRQDUHXQ¿OWURGLFDUWDGDWD]]HQHOSRUWD¿OWUR&KLXGHUHLOFRSHUFKLR
 3UHPHUHLOWDVWR02'(SHUFLQTXHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH3UHPHUHLOWDVWR
6(/SHUFRQIHUPDUH
 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRHPHWWHXQEHHSHGLQL]LDLOFLFORGLDXWRSXOL]LD3DUWH
GHOODPLVFHODVDUjHURJDWDQHOODFDUDIIDPHQWUHODUHVWDQWHVDUjWUDWWHQXWDQHLFLUFXLWLGHOODPDF
FKLQDSHUFLUFDPLQXWLSULPDGLHVVHUHHURJDWDFRPSOHWDPHQWHQHOODFDUDIID/LQWHURFLFORGL
SXOL]LDDXWRPDWLFDGXUHUjPLQXWL4XDQGRqWHUPLQDWRLOFLFORGLDXWRSXOL]LDODSSDUHFFKLR
HPHWWHUjLQEHHSHVLVSHJQHUjDXWRPDWLFDPHQWH
 6FLDFTXDUHODFDUDIIDFRQDFTXDIUHVFDHSXOLWD
3ULPDGLSUHSDUDUHXQFDIIqHURJDUHFDUDIIHGLVRODDFTXDQDWXUDOHIUHVFD4XHVWRSXOLUj
ODSSDUHFFKLRGDLUHVLGXLGLDFTXDHDFHWR
'(&$/&,),&$=,21(
8QDEXRQDPDQXWHQ]LRQHHGXQDUHJRODUHSXOL]LDSUHVHUYDQRHPDQWHQJRQRHI¿FLHQWHODPDFFKLQD
SHUXQSHULRGRPDJJLRUHOLPLWDQGRQRWHYROPHQWHLULVFKLGLIRUPD]LRQHGLGHSRVLWLFDOFDUHLQHOO¶DS
SDUHFFKLR6HQRQRVWDQWHFLzGRSRTXDOFKHWHPSRODIXQ]LRQHGHOO¶DSSDUHFFKLRGRYHVVHHVVHUH
FRPSURPHVVDLQVHJXLWRDOO¶XVRIUHTXHQWHGLDFTXDGXUDHPROWRFDOFDUHDVLSXzSURFHGHUHDOOD
GHFDOFL¿FD]LRQHGHOODPDFFKLQDSHUHOLPLQDUHLOPDOIXQ]LRQDPHQWR8WLOL]]DWHSHUTXHVWRVFRSR
HVFOXVLYDPHQWHLOSURGRWWRGHFDOFL¿FDQWH12&$/GL$ULHWHDEDVHGLDFLGRFLWULFR4XHVWRSURGRWWR
VLSXzUHSHULUHIDFLOPHQWHQHLFHQWULGLDVVLVWHQ]DWHFQLFD$ULHWH$ULHWHQRQVLDVVXPHDOFXQDUH
VSRQVDELOLWjSHUGDQQLDLFRPSRQHQWLLQWHUQLGHOODPDFFKLQDGDFDIIqDUUHFDWLGDOO¶XVRGLSURGRWWLQRQ
FRQIRUPLDFDXVDGHOODSUHVHQ]DGLDGGLWLYLFKLPLFL
(VHJXLUHODGHFDOFLÀFD]LRQHXQDYROWDDOPHVH6HODFTXDXWLOL]]DWDqPROWRGXUDHFDOFDUHD
HVHJXLUHODSXOL]LDRJQLGXHVHWWLPDQH
 5LHPSLUHODFDUDIIDFRQXQDPLVFHODFRPSRVWDGDWD]]DGLDFHWRELDQFRHWD]]HGLDFTXD
IUHVFDHSXOLWD
 9HUVDUHODPLVFHODQHOVHUEDWRLR
 $YYLDUHLOFLFORGLHURJD]LRQHHGDWWHQGHUHLOULHPSLPHQWRGHOODFDUDIID¿QRDOODPHWj
 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRVLVSHJQH
6HQHOODIDVHGLDWWHVDYDSRUHVHVLGRYHVVHURYHULÀFDUHSLFFROLVEXIÀGLYDSRUHLOIHQRPHQR
qGDULWHQHUVLDVVROXWDPHQWHQRUPDOH
 4XDQGRODFTXDKDWHUPLQDWRGLVFHQGHUHQHOODFDUDIIDqSRVVLELOHULPXRYHUHODFDUDIID/DVFLDUH
UDIIUHGGDUHODFTXDSHUPLQXWL
 9HUVDUHODPLVFHODFRQWHQXWDQHOODFDUDIIDQHOVHUEDWRLR&KLXGHUHLOFRSHUFKLR3RVL]LRQDUHOD
FDUDIIDVXOODSLDVWUDGLULVFDOGDPHQWR
 $YYLDUHDQFRUDXQFLFORGLHURJD]LRQHHGDWWHQGHUHLOFRPSOHWRULHPSLPHQWRGHOODFDUDIID4XDQ
GRODFTXDKDWHUPLQDWRGLVFHQGHUHQHOODFDUDIIDqSRVVLELOHULPXRYHUHODFDUDIID
 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRVLVSHJQH
 $WWHQGHUH  PLQXWL SHU IDU UDIIUHGGDUH ODSSDUHFFKLR 9HUL¿FDUH FKH LO ¿OWUR VLD LQVHULWR QHO
SRUWD¿OWUR
5LHPSLUHODFDUDIIDFRQDFTXDQDWXUDOHIUHVFDHULSHWHUHLOFLFORGLHURJD]LRQHSHUSXOLUHLFLUFXLWL
LQWHUQLGHOODSSDUHFFKLR$OOD¿QHGHOFLFORGLULVFLDFTXRSUHPHUHLOWDVWRFDIIq SHUVSHJQDUH


,7
ODSSDUHFFKLR6YXRWDUHODFDUDIID
/DYDUHODFDUDIIDLOSRUWD¿OWURULPRYLELOHHLO¿OWURFDIIqFRQDFTXDFDOGDHVDSRQH$VFLXJDUHWXWWH
OHSDUWL
4XDQGRODSSDUHFFKLRVLqUDIIUHGGDWRSXOLUHOHVWHUQRFRQXQSDQQRPRUELGR
&RPHULSRUUHODSSDUHFFKLR
 6FROOHJDUHODVSLQDGDOODSUHVDGLFRUUHQWHHOHWWULFD
 5LSRUUHODSSDUHFFKLRLQXQOXRJRIUHVFRHDVFLXWWR
1RQODVFLDUHO·DSSDUHFFKLRDULSRVRFRQODVSLQDFROOHJDWDDOODSUHVDGLFRUUHQWHHOHWWULFD
0(66$)825,6(59,=,2
,QFDVR GLPHVVD IXRULVHUYL]LRGHOOD PDFFKLQDRFFRUUH VFRQQHWWHUOD HOHWWULFDPHQWHVYXRWDUH LO
VHUEDWRLRGHOO¶DFTXDHODFDUDIID(VHJXLUHODSXOL]LDGHLFRPSRQHQWLYHGLSDUDJUDIR³3XOL]LDGHOO¶DS
SDUHFFKLR´,QFDVRGLURWWDPD]LRQHVLGRYUjSURYYHGHUHDOODVHSDUD]LRQHGHLYDULPDWHULDOLXWLOL]]DWL
QHOODFRVWUX]LRQHGHOODPDFFKLQDHSURYYHGHUHDOORURVPDOWLPHQWRLQEDVHDOODORURFRPSRVL]LRQH
HDOOHGLVSRVL]LRQLGLOHJJHYLJHQWLQHO3DHVHGLXWLOL]]R


(1
:,7+5(*$5'727+,60$18$/
(YHQLIWKHDSSOLDQFHVDUHPDGHLQFRQIRUPLW\ZLWKWKH(XURSHDQUHJXODWRU\VSHFL¿FDWLRQVLQIRUFH
DQGWKHUHIRUHDOOSRWHQWLDOO\KD]DUGRXVSDUWVDUHSURWHFWHG&DUHIXOO\UHDGWKHVHZDUQLQJVDQGXVH
WKHDSSOLDQFHRQO\IRUWKHXVHLWLVGHVLJQHGIRULQRUGHUWRSUHYHQWDFFLGHQWVDQGGDPDJH.HHSWKLV
PDQXDOFORVHE\IRUIXWXUHFRQVXOWDWLRQ,I\RXVKRXOGGHFLGHWRJLYHWKLVDSSOLDQFHWRRWKHUSHRSOH
UHPHPEHUWRDOVRLQFOXGHWKHVHLQVWUXFWLRQV
7KHLQIRUPDWLRQSURYLGHGLQWKLVPDQXDOLVPDUNHGZLWKWKHIROORZLQJV\PEROVLQGLFDWLQJ
'DQJHUIRUFKLOGUHQ
'DQJHUGXHWRHOHFWULFLW\
'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV
:DUQLQJRIEXUQV
:DUQLQJ±PDWHULDOGDPDJH
,17(1'('86(
<RXFDQXVHWKHDSSOLDQFHWRSUHSDUHFRIIHH7KLVDSSOLDQFHLVGHVLJQHGRQO\DQGVROHO\IRUSULYDWH
XVHDQGLVWKHUHIRUHWREHFRQVLGHUHGXQVXLWDEOHIRULQGXVWULDORUSURIHVVLRQDOSXUSRVHV1RRWKHU
XVHRIWKHPDFKLQHLVFRQWHPSODWHGE\WKHPDQXIDFWXUHUZKLFKLVH[HPSWIURPDQ\OLDELOLW\IRUDOO
W\SHVRIGDPDJHVFDXVHGE\LPSURSHUXVHRIWKHPDFKLQH,PSURSHUXVHDOVRUHVXOWVLQDQ\IRUP
RIZDUUDQW\EHLQJIRUIHLWHG
5(6,'8$/5,6.6
7KHFRQVWUXFWLYHFKDUDFWHULVWLFVRIWKHDSSOLDQFHFRYHUHGE\WKLVSXEOLFDWLRQGRHVQRWDOORZWR
SURWHFWWKHXVHUIURPSRVVLEOHFRQWDFWZLWKVSODVKHVRIVWHDPRUKRWZDWHU
:DUQLQJ
'DQJHURIEXUQVFDXVHGE\VSODVKHVRUVSUD\VRIKRWZDWHURUFRIIHH'RQRWRSHQWKHOLG
ZKHQWKHDSSOLDQFHLVGLVSHQVLQJ
,03257$176$)(*8$5'6
5($'7+(6(,16758&7,216&$5()8//<
 7KLVDSSOLDQFHLVGHVLJQHGRQO\IRUSULYDWHXVHDQGLVWKHUHIRUHWREHFRQVLGHUHG
XQVXLWDEOHIRUFRPPHUFLDORULQGXVWULDOSXUSRVHV
 :HGHFOLQHDQ\UHVSRQVLELOLW\UHVXOWLQJIURPPLVXVHRUDQ\XVHRWKHUWKDQWKRVH
FRYHUHGLQWKLVERRNOHW
 :HVXJJHVW \RXNHHS WKH RULJLQDO ER[DQG SDFNDJLQJ DV RXUIUHHRIFKDUJH
VHUYLFHGRHVQRWFRYHUDQ\GDPDJHUHVXOWLQJIURPLQDGHTXDWHSDFNDJLQJRIWKH
SURGXFWZKHQWKLVLVVHQWEDFNWRDQ$XWKRULVHG6HUYLFH&HQWUH
 7KHDSSOLDQFHFRPSOLHVZLWK5HJXODWLRQ(&1RRIRQ
WKHPDWHULDOVLQFRQWDFWZLWKIRRG


(1
'DQJHUIRUFKLOGUHQ
 7KHDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHG \HDUVDQGXSRQO\ LIWKH\DUH
PRQLWRUHGE\DUHVSRQVLEOHSHUVRQRULIWKH\KDYHUHFHLYHGLQVWUXFWLRQVUHJDUGLQJ
WKHDSSOLDQFHVDIHXVHDQGLIWKH\KDYHXQGHUVWRRGWKHGDQJHUVZKLFKPD\DULVH
GXULQJWKHDSSOLDQFHXVH
 &OHDQLQJDQGPDLQWHQDQFHE\WKHXVHUPXVWQRWEHFDUULHGRXWE\FKLOGUHQXQ
OHVVWKH\DUHROGHUWKDQ\HDUVDQGDUHPRQLWRUHGGXULQJWKHRSHUDWLRQ&KLOGUHQ
PXVWEHVXSHUYLVHGDWDOOWLPHVWRHQVXUHWKH\GRQRWSOD\ZLWKWKHDSSOLDQFH
 $OZD\VNHHSWKHDSSOLDQFHDQGWKHSRZHUFRUGRXWRIWKHUHDFKRIFKLOGUHQXQGHU
WKHDJHRI\HDUV
 'RQRWOHWWKHSRZHUFRUGKDQJLQDSODFHZKHUHLWFRXOGEHJUDVSHGE\DFKLOG
 'RQRWOHDYHWKHSDFNDJLQJQHDUFKLOGUHQEHFDXVHLWLVSRWHQWLDOO\GDQJHURXV
 ,QWKHHYHQWWKDWWKLVDSSOLDQFHLVWREHGLVSRVHGRILWLVVXJJHVWHGWKDWWKH
SRZHUFKRUGLVFXWRII,WLVDOVR UHFRPPHQGHGWKDWDOOSRWHQWLDOO\ GDQJHURXV
FRPSRQHQWVDUHUHQGHUHGKDUPOHVVWRSUHYHQWFKLOGUHQKXUWLQJWKHPVHOYHVZKHQ
SOD\LQJZLWKWKHDSSDUDWXV
'DQJHUGXHWRHOHFWULFLW\
 7KLVDSSOLDQFHFDQEHXVHGE\SHUVRQVZKRKDYHUHGXFHGSK\VLFDOVHQVRU\RU
PHQWDOFDSDELOLWLHVRUODFNRIH[SHULHQFHDQGNQRZOHGJHRQO\LIWKH\DUHPRQL
WRUHGE\DUHVSRQVLEOHSHUVRQRULIWKH\KDYHUHFHLYHGDQGXQGHUVWRRGLQVWUXF
WLRQVUHJDUGLQJWKHDSSOLDQFHVDIHXVHDQGLIWKH\KDYHXQGHUVWRRGWKHGDQJHUV
ZKLFKPD\DULVHGXULQJWKHDSSOLDQFHXVH
 %HIRUHFRQQHFWLQJWKHDSSOLDQFHWRWKHPDLQVFKHFNWKDWWKHYROWDJHVKRZQRQWKH
ODEHOORFDWHGXQGHUQHDWKWKHPDFKLQHFRUUHVSRQGVWRWKHYROWDJHRIWKHORFDOPDLQV
 7KHXVHRIH[WHQVLRQVQRWDSSURYHGE\WKHPDQXIDFWXUHUFDQUHVXOWLQGDPDJH
WRSURSHUW\DQGSHUVRQDOLQMXU\
 %HIRUH¿OOLQJWKHWDQNZLWKZDWHUXQSOXJWKHDSSOLDQFHIURPWKHSRZHURXWOHW
 ,IWKHSRZHUFRUGLVGDPDJHGLWPXVWEHUHSODFHGE\WKHPDQXIDFWXUHURUE\LWV
7HFKQLFDO$VVLVWDQFH6HUYLFHRUE\DVLPLODUO\TXDOL¿HGSHUVRQLQRUGHUWRDYRLG
DQ\KD]DUG
 1HYHUSXWOLYHSDUWVLQWRFRQWDFWZLWKZDWHU,WFDQFDXVHDVKRUWFLUFXLW
 5HPRYHWKHSOXJIURPWKHSRZHURXWOHWEHIRUHFOHDQLQJRUPDLQWHQDQFH
 'RQRWLPPHUVHWKHDSSOLDQFHLQZDWHURURWKHUOLTXLGV
 1HYHUSODFHWKHDSSOLDQFHQHDURURYHUDVLQN
 'RQRWUHPRYHWKHDSSOLDQFHERWWRPFRYHU7KHUHDUHQRLQWHUQDOSDUWVWRXVHRU
FOHDQ
'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV
 &KRRVHDQDGHTXDWHO\LOOXPLQDWHGDQGFOHDQURRPZLWKHDVLO\DFFHVVLEOHSRZHU
RXWOHW


(1
 $YRLGSRXULQJDQH[FHVVLYHDPRXQWRIZDWHULQWRWKHWDQN
 1HYHUOHDYHWKHDSSOLDQFHXQDWWHQGHGZKHQLWLVFRQQHFWHGWRWKHSRZHUVXSSO\
 7KHDSSOLDQFHPXVWEHXVHGDQGOHIWDWUHVWRQDVWDEOHVXUIDFH
 7KHDSSOLDQFHPXVWQRWEHXVHGLILWKDVEHHQGURSSHGLIWKHUHDUHYLVLEOHVLJQV
RIGDPDJHRUOHDNVRIZDWHU'RQRWXVHWKHDSSOLDQFHLIWKHSRZHUFRUGRUWKH
SOXJDUHGDPDJHGRULIWKHDSSOLDQFHLVIDXOW\7RSUHYHQWDQ\DFFLGHQWDOOUH
SDLUVLQFOXGLQJWKHUHSODFHPHQWRIWKHSRZHUFRUGPXVWEHFDUULHGRXWE\DQ
$XWKRULVHG6HUYLFH&HQWUHRULQDQ\FDVHE\TXDOL¿HGSHUVRQQHO
:DUQLQJRIEXUQV
 'RQRWRSHQWKHOLGZKHQWKHDSSOLDQFHLVGLVSHQVLQJ
 :DLWXQWLOWKHDSSOLDQFHKDVFRROHGEHIRUH¿OOLQJWKHWDQNZLWKZDWHUGDQJHURI
EXUQVFDXVHGE\VSODVKHVRIZDWHURUVWHDP
 'RQRWOHDYHWKHHPSW\MXJRQWKHKHDWLQJSODWHZLWKWKHPDFKLQHLQRSHUDWLRQ
'DQJHURIEUHDNLQJWKHMXJ5LVNRIEXUQVGXHWRFRQWDFWZLWKWKHMXJ
:DUQLQJ²PDWHULDOGDPDJH
 3ODFHWKHPDFKLQHRQDVWHDG\VXUIDFHZKHUHLWFDQQRWEHRYHUWXUQHG
 'RQRWXVHWKHPDFKLQHZLWKRXWZDWHUEHFDXVHLQWKLVFDVHWKHSXPSZLOOEXUQ
 1HYHU¿OOWKHZDWHUWDQNZLWKKRWRUERLOLQJZDWHU
 'RQRWSODFHWKHPDFKLQHRQYHU\KRWVXUIDFHVRUQHDURSHQÀDPHVWRSUHYHQW
WKHERG\IURPEHLQJGDPDJHG
 7KHFDEOHPXVWQRWWRXFKWKHKRWSDUWVRIWKHPDFKLQH
 'RQRWXVHVSDUNOLQJFDUERQDWHGZDWHU
 1HYHUSXWVXEVWDQFHVRWKHUWKDQFRIIHHSRZGHULQWKH¿OWHU7KLVFRXOGFDXVH
VHULRXVGDPDJH
 'RQRWOHDYHWKHPDFKLQHDWDPELHQWWHPSHUDWXUHVEHORZ&EHFDXVHWKHZD
WHUUHVLGXHLQWKHERLOHUFRXOGIUHH]HDQGFDXVHGDPDJH
 'RQRWXVHWKHDSSOLDQFHRXWGRRUV
 'RQRWH[SRVHWKHDSSOLDQFHWRDWPRVSKHULFDJHQWVUDLQVXQ«
 $IWHUGLVFRQQHFWLQJWKHSRZHUSOXJDQGDIWHUWKHKRWSDUWVKDYHFRROHGWKHDS
SOLDQFHPXVWEHFOHDQHGRQO\ZLWKDQRQDEUDVLYHFORWKVOLJKWO\PRLVWHQHGE\
DGGLQJDIHZGURSVRIPLOGQRQDJJUHVVLYHGHWHUJHQWQHYHUXVHVROYHQWVWKDW
GDPDJHSODVWLF
3UHFDXWLRQVXVLQJWKHMXJ
 8VHWKHMXJRQO\ZLWKWKLVFRIIHHPDFKLQH'RQRWXVHWKHMXJWRZDUPFRIIHHRQD
EXUQHURURWKHUKHDWVRXUFHV'RQRWSODFHWKHMXJLQWKHPLFURZDYHWRKHDWWKHFRIIHH
 7KHMXJPXVWEHXVHGRQO\ZLWKWKHKHDWLQJSODWHVXSSOLHGZLWKWKHDSSOLDQFH
 7RDYRLGEUHDNLQJWKHMXJOLIWLWJHQWO\$YRLGNQRFNLQJWKHMXJDJDLQVWRWKHURE
MHFWVGDQJHURIJODVVEUHDNDJH:KHQ¿OOLQJWKHMXJZLWKZDWHUWRDYRLGKLWWLQJ
WKHWDS
 'RQRWSODFHWKHHPSW\MXJRQKRWVXUIDFHV


(1
 'RQRWSODFHWKHKRWMXJRQZHWRUFROGVXUIDFHV:DLWIRUWKHMXJFRROLQJEHIRUH
ZDVKLQJRUDGGLQJIUHVKZDWHU
 'RQRWFOHDQWKHMXJZLWKPHWDOVFRXULQJSDGVDEUDVLYHFOHDQHUVRURWKHUPDWH
ULDOVWKDWFRXOGVFUDWFKWKHJODVV
 'RQRWXVHWKHFDUDIHLILWZDVKHDWHGGU\IRUWRRORQJUHSODFHLWZLWKDQRWKHU
RULJLQDOMXJ
6$9(7+(6(,16758&7,216)25)8785(5()(5(1&(
'(6&5,37,212)7+($33/,$1&(
$-XJ .&DEOHFRPSDUWPHQW
%&DUDIHKDQGOH / 3RZHUFRUG3OXJ
&&DUDIHOLG 0+RWSODWH
''LVSHQVLQJVSRXW 1'LVSOD\
()LOWHUKROGHUVHDW 202'(
):DWHUWDQN 36(/
*:DWHUOHYHOLQGLFDWRU 4$872
+&RIIHH¿OWHU 5%XWWRQIRUVHWWLQJWKHKRXUV+5
, 5HPRYDEOH¿OWHUKROGHU 6%XWWRQIRUVHWWLQJWKHPLQXWHV0,1
- 7DQNOLG 7&RIIHHGLVSHQVLQJEXWWRQ 2))
,GHQWLÀFDWLRQGDWD
,QWKHODEHOORFDWHGXQGHUWKHVXSSRUWEDVHRIWKHPDFKLQHWKHUHLVWKHIROORZLQJLGHQWL¿FDWLRQGDWD
RIWKHPDFKLQH
 PDQXIDFWXUHUDQG&(PDUNLQJ
 PRGHO0RG
 VHULDOQXPEHU61
 HOHFWULFDOVXSSO\YROWDJH9DQGIUHTXHQF\+]
 HOHFWULFDOSRZHUFRQVXPSWLRQ:
 DVVLVWDQFHWROOIUHHSKRQHQXPEHU
:KHQRUGHULQJDW$XWKRUL]HG6HUYLFH&HQWHUVLQGLFDWHWKHPRGHODQGVHULDOQXPEHU
,16758&7,216)2586(
6WDUWLQJWKHDSSOLDQFH
 &KHFNWKDWWKHGRPHVWLFPDLQVYROWDJHLVWKHVDPHDVWKHYROWDJHLQGLFDWHGRQWKHODEHORIWKH
GHYLFH
 5HPRYHWKHSDFNDJLQJPDWHULDOVIURPLQVLGHDQGRXWVLGHRIWKHDSSOLDQFH
 7KHQSODFHWKHXQLWRQDÀDWVXUIDFH3ODFHWKHDSSOLDQFHDWDGLVWDQFHRIDWOHDVWFPIURP
ZDOOVIXUQLWXUHRURWKHUDSSOLDQFHV
:DUQLQJ
5LVNRIGDPDJHWRWKHDSSOLDQFHVXUIDFH7KHDSSOLDQFHKLJKWHPSHUDWXUHFDQFDXVHWKH
VXSSRUWVXUIDFHVODPLQDWLRQ3ODFHDFORWKRUDPDWEHWZHHQWKHDSSOLDQFHDQGWKHVXSSRUW
LQJVXUIDFH


(1
:DUQLQJ
5LVNRISRZHUOLQH RYHUORDG0RUH DSSOLDQFHVFRQQHFWHG WRD VLQJOHHOHFWULFDORXWOHWFDQ
FDXVHDVKRUWFLUFXLW&RQQHFWWKHGHYLFHWRDQHOHFWULFDORXWOHWIUHHIURPRWKHUDSSOLDQFHV
 :DVKWKHMXJWKHUHPRYDEOH¿OWHUKROGHUDQGWKHFRIIHH¿OWHUZLWKKRWZDWHUDQGVRDS5LQVHDQG
GU\WKHFRPSRQHQWV
 3ODFHWKHUHPRYDEOH¿OWHUKROGHULQLWVVHDW)LJ
7KHÁRZYDOYHORFDWHGRQWKHERWWRPRIWKHUHPRYDEOHÀOWHUKROGHUPXVWEHLQVHUWHGLQWRWKH
FHQWUDOKROHRIWKHÀOWHUKROGHU
)LUVWVWDUWXS
,QFDVHRIÀUVWSRZHURQRUDIWHUDSHULRGRIGLVXVHLWLVUHFRPPHQGHGWRDOORZDWOHDVWWZR
MXJVRIZDWHUWRFRPHRXWIURPWKHK\GUDXOLFFLUFXLWRIWKHERLOHU
 )LOOWKHWDQNZLWKFRROWDSZDWHU)LJWRWKHOHYHOLQGLFDWHGZLWK7KHOHYHOLVHTXLYD
OHQWWRWKHPD[LPXPZDWHUOHYHODQGWKHPD[LPXPQXPEHURIFXSVRIFRIIHH&ORVHWKHWDQNOLG
1(9(5ÀOOWKHWDQNEH\RQGWKHPD[LPXPOHYHO
)RUWKLVZDVKLQJGRQRWÀWWKHFRIIHHÀOWHULQWKHÀOWHUKROGHU
 ,QVHUWWKHSOXJLQWRWKHVRFNHWZKLFKPXVWEHHDUWKHG
 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH00DNHVXUHWKDWWKHÀRZYDOYHLVFRUUHFWO\SRVL
WLRQHGRQWKHMXJOLG
 3UHVVWKHFRIIHHGLVSHQVLQJEXWWRQ :DLWXQWLODOOWKHZDWHUFRQWDLQHGLQWKHWDQNLVGURSSHG
LQWRWKHMXJ:DLWPLQXWHVWROHWWKHDSSOLDQFHFRROGRZQ
 5HSHDWZLWKDVHFRQGMXJRIZDWHU:DLWXQWLODOOWKHZDWHUFRQWDLQHGLQWKHWDQNLVGURSSHGLQWR
WKHMXJ
1RZLWLVSRVVLEOHWRSUHSDUHWKHDSSOLDQFHDQGGLVSHQVH\RXU¿UVWMXJRIFRIIHH
$SSOLDQFHSUHSDUDWLRQ
%HIRUH\RXWXUQRQWKHDSSOLDQFHPDNHVXUHWKHUHLVVXIÀFLHQWZDWHULQVLGHWKHWDQN
%HVXUHWRXQSOXJWKHDSSOLDQFHEHIRUHSRXULQJZDWHULQWRWKHWDQN
 2SHQWKHWDQNOLG-7KHOHYHOLQGLFDWRU*KDVDJUDGXDWHGVFDOHIURPWRHDFKQXPEHU
FRUUHVSRQGVWRWKHQXPEHURIFXSVRIFRIIHH)LOOWKHMXJZLWKIUHVKWDSZDWHU3RXUWKHZDWHULQWR
WKHWDQNXSWRWKHGHVLUHGOHYHOIRUHDFKFXSVRIFRIIHHDQGIRUFXSVRIFRIIHH
 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH0 
:DUQLQJ
'RQRWXVHWKHMXJLILWVKRZVFUDFNVRQWKHJODVVRURQWKHKDQGOH'DQJHURIEXUQVFDXVHG
E\WKHFRQWDFWZLWKWKHKRWFRIIHHGXHWRWKHMXJEUHDNLQJ
'RQRWSODFHDQ\REMHFWVRQWKHOLGZKHQWKHDSSOLDQFHLVLQRSHUDWLRQ
:DUQLQJ
'RQRWRSHQWKHOLGZKHQWKHDSSOLDQFHLVGLVSHQVLQJGDQJHURIEXUQVFDXVHGE\VSODVKHV
RUVSUD\VRIKRWZDWHURUFRIIHH
 3ODFHWKHFRIIHH¿OWHULQWKH¿OWHUKROGHU0HDVXUHWKHFRIIHHLQWKH¿OWHU$FXSRIFRIIHHLVHTXLYD
OHQWWRDVSRRQIXORISRZGHUFRIIHH


(1
 /RZHUWKHKDQGOHRIWKH¿OWHUFRIIHH&ORVHWKHWDQNOLG
 ,QVHUWWKHSOXJLQWRWKHVRFNHWZKLFKPXVWEHHDUWKHG7KHGLVSOD\OLJKWVXSDQGWKHWLPHVWDUWV
ÀDVKLQJ$0 8VHWKH+5DQG0,1EXWWRQVWRVHWWKHORFDOWLPH3UHVV6(/WRFRQ¿UP
,IQREXWWRQLVSUHVVHGWKHGLVSOD\WXUQVRIIDIWHUVHFRQGV
 3UHVVWKHFRIIHHEXWWRQ WRVWDUWWKHFRIIHHGLVSHQVLQJF\FOH:DLWIRUWKHRXWÀRZRIFRIIHHLQ
WKHMXJXQWLOWKHVHOHFWHGF\FOHLVFRPSOHWHGQXPEHURIFXSV
 ,7,63266,%/(7267237+(&2))((',63(16,1*%()25(7+(',63(16,1*&<&/(
,6&203/(7('
 UHPRYHWKHFXSVHH3DXVHIXQFWLRQWRVHUYHFRIIHH
 SUHVVWKHFRIIHHEXWWRQXQWLOWKHDSSOLDQFHEHHSVDQGWKHOLJKWRIWKHVDPHEXWWRQWXUQVRII
2QFHWKHSRZHULVRIIDXWRPDWLFRUGHVLUHGWKHKHDWLQJSODWHZLOOVWDUWKHDWLQJ
/HDYHWKHOLGRQWKHMXJWRNHHSWKHFRIIHHKRWDQGWRVHUYHFRIIHHZLWKRXWWKHULVNRIVFDOGLQJ
 7DNHWKHMXJE\WKHKDQGOH6OLJKWO\WLOWWKHMXJDQGSRXUWKHKRWFRIIHHLQWRDFXS
 3UHVVDQGUHOHDVHWKHFRIIHHEXWWRQ WRVZLWFKRIIWKHDSSOLDQFH
'RQRWPRYHWKHGHYLFHZKHQWKHMXJRUWDQNFRQWDLQKRWOLTXLGV:DLWIRUWKHDSSOLDQFH
FRPSOHWHFRROLQJ
7KHTXDQWLW\RIZDWHUGLVSHQVHGLQWRWKHMXJZLOOEHDOLWWOHOHVVWKDQWKDWSRXUHGLQWKHWDQN
$ELWRIZDWHUZLOOEHDEVRUEHGE\WKHFRIIHHSRZGHUDQGÀOWHU
6HWWLQJWKHWLPH
 3UHVVWKH+5EXWWRQWRVHOHFWWKHWLPH3UHVVDQGKROGWKH+5EXWWRQWRVHWWKHGHVLUHGWLPH
IDVWHU
 3UHVVWKH0,1EXWWRQWRVHOHFWWKHPLQXWHV3UHVVDQGKROGWKH0,1EXWWRQWRVHWWKHGHVLUHG
PLQXWHVIDVWHU
 :KHQWKHVHWWLPHLVFRUUHFWSUHVVWKH6(/EXWWRQ7KHDSSOLDQFHEHHSV
 7RVHWWKHWLPHSUHVVWKH02'(EXWWRQVL[WLPHVXQWLOWKHV\PERO ÀDVKHV3UHVVWKH6(/
EXWWRQ7KHWLPHEHJLQVWRÀDVK1RZLWLVSRVVLEOHWRVHWWKHWLPHDVGHVFULEHGLQWKHSUHFHGLQJ
SDUDJUDSKV
6HWWLQJWKHDXWRPDWLFF\FOH
3UHVVDQGKROGWKH$872EXWWRQXQWLO352*5$0ÀDVKHVRQWKHGLVSOD\WRJHWKHUZLWKWKHV\PERO
)ROORZWKHWLPHVHWWLQJPHWKRGWRVHWKRXUVDQGPLQXWHV3UHVVWKH$872RU6(/EXWWRQWR
FRQ¿UP7KHDSSOLDQFHEHHSVDQGWKHGLVSOD\VKRZVWKHFXUUHQWWLPHDQGWKHWLPHUV\PERO WKH
DSSOLDQFHZLOOVWDUWDFRIIHHGLVSHQVLQJF\FOHRIDWWKHVHWWLPH
7RFDQFHOWKHVFKHGXOHDQGVHWWLQJVSUHYLRXVO\GH¿QHGVLPSO\SUHVVWKH$872EXWWRQDJDLQ
6HWWLQJWKHFRIIHHLQWHQVLW\
7KHDSSOLDQFHKDVDIXQFWLRQWKDWDOORZVWRDGMXVWWKHFRIIHHVWUHQJWKWRVXLWLWWR\RXUWDVWH
1RUPDO 3UHVVWKH02'(NH\RQFH7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ¿UP
7KLVPRGHFRUUHVSRQGVWRWKHIDFWRU\VHWWLQJ
$YHUDJH 3UHVVWKH02'(NH\WZLFH7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ
¿UP7KHV\PERO UHJXODWHVWKHGLVSHQVLQJFRQVLGHULQJDMXJRIFRI
IHH7KLVUHVXOWVLQPRUHDURPDWLFFRIIHH


(1
6WURQJ 3UHVVWKH02'(EXWWRQWKUHHWLPHV7KH VWDUWVÀDVKLQJ3UHVV
6(/WRFRQ¿UP7KHV\PERO UHJXODWHVWKHGLVSHQVLQJDQGLQIXVLRQ
WLPHFRQVLGHULQJDMXJRIFRIIHH7KLVUHVXOWVLQDVWURQJHUFRIIHH
0RGHIRUFXSV 3UHVVWKH02'(EXWWRQIRXUWLPHV7KH VWDUWVÀDVKLQJ3UHVV
6(/WRFRQ¿UP7KHPRGHFXSVDOORZV\RXWRSUHSDUHFRIIHHIRUD
PD[LPXPRIFXSV,QWKHZDWHUWDQNRQO\DTXDQWLW\RIZDWHUFRUUHVSRQG
LQJWROHYHORIWKHMXJPXVWEHSRXUHG7KHV\PERO DXWRPDWLFDOO\
DGMXVWVWKHGLVSHQVLQJIRUPD[LPXPWDVWHIRUVPDOODPRXQWVRIFRIIHH
,GHDOIRUXSWRFXSVRIFRIIHH
,IWKHUHLVPRUHZDWHULQWKHWDQNWKHGLVSHQVLQJZLOOQRWHQGXQWLODOO
WKHZDWHUZLOOEHGLVSHQVHGLQWRWKHMXJ
$IWHUVHOHFWLQJWKHGHVLUHGVHWWLQJSUHVVWKHFRIIHHEXWWRQ 7KHGHYLFHEHHSVDQGVWDUWVWKH
FRIIHHGLVSHQVLQJ
3DXVHIXQFWLRQWRVHUYHFRIIHH
7RVHUYHFRIIHHEHIRUHWKHFRIIHHGLVSHQVLQJLQWKHMXJLVFRPSOHWHGMXVWUHPRYHWKHMXJIURPWKH
KHDWLQJSODWH
:DLWWKDWDWOHDVWWZRFXSVRIFRIIHHDUHGLVSHQVHGEHIRUHUHPRYLQJWKHMXJ
7KHGLVSHQVLQJVWRSVDXWRPDWLFDOO\IRUVHFRQGV3ODFHWKHMXJRQWKHKHDWLQJSODWHWRUHVXPH
GLVSHQVLQJF\FOH
:DUQLQJ
5LVNRIEXUQVIURPFRQWDFWZLWKWKHKRWFRIIHHFRPLQJRXWRIWKHGLVSHQVLQJVSRXW7KHMXJ
PXVWEHSODFHGRQWKHKHDWLQJSODWHZLWKLQVHFRQGVDIWHULWVUHPRYDO
$XWRRIIIXQFWLRQ
,IWKHPDFKLQHLVWXUQHGRQEXWQRWLQXVHWKHDXWRRIIIXQFWLRQRSHUDWHVDIWHUDERXWPLQXWHV
7KLVIXQFWLRQSXWVWKHDSSOLDQFHRQVWDQGE\DQGGLVDEOHGDOOWKHKHDWLQJIXQFWLRQV
+RZWRSUHSDUHDVHFRQGMXJRIFRIIHH
3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHWXUQVRII5HPRYHWKHSOXJIURPWKHVRFNHW
:DUQLQJ
'DQJHURIEXUQVFDXVHGE\VSODVKHVRIZDWHURUVWHDP:DLWDWOHDVWPLQXWHVEHIRUHUH¿OO
LQJWKHWDQNZLWKZDWHU:DLWIRUWKHFRROLQJRIKRWSDUWV
%HIRUHVWDUWLQJWRGLVSHQVHFRIIHHFKHFNWKDWWKHUHLVHQRXJKZDWHULQWKHWDQN'RQRWVWDUW
WKHFRIIHHGLVSHQVLQJLIWKHZDWHUOHYHOLVEHORZWKHPLQLPXPOHYHO
 2SHQWKHOLG/LIWWKHFRIIHH¿OWHUKDQGOH3XOORXWWKHFRIIHH¿OWHUIURPWKH¿OWHUKROGHU5HPRYH
WKHFRIIHHUHVLGXHVIURPWKH¿OWHU
 5HPRYHWKH¿OWHUKROGHUIURPWKHDSSOLDQFH5LQVHWKHMXJDQG¿OWHUKROGHUZLWKIUHVKFOHDQ
ZDWHU)LOOWKHWDQNZLWKFRROWDSZDWHUWRWKHGHVLUHGOHYHO
 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH0
 3ODFHWKH¿OWHUKROGHULQLWVVHDW)LJ3ODFHWKHFRIIHH¿OWHULQWKH¿OWHUKROGHU)LJ0HDVXUH
WKHFRIIHHLQWKH¿OWHU$FXSRIFRIIHHLVHTXLYDOHQWWRDVSRRQIXORISRZGHUFRIIHH
 &ORVHWKHFRYHU3OXJLQWRWKHPDLQVVRFNHW