Brandt BDVDP9X3 User manual

EN INSTRUCTION MANUAL
FR MANUEL D’UTILISATION
NL GEBRUIKERSHANDLEIDING
ES MANUAL DE USO
CZ NÁVOD K OBSLUZE
SK NÁVOD NA OBSLUHU
TR KULLANIM KILAVUZU
IT MANUALE D’USO
BDVDP9X3
9"
9"
9" PORTABLE
PORTABLE
PORTABLE DVD
DVD
DVD PLAYER
PLAYER
PLAYER WITH
WITH
WITH TWO
TWO
TWO MASTER
MASTER
MASTER SCREENS
SCREENS
SCREENS
LECTEUR
LECTEUR
LECTEUR DVD
DVD
DVD PORTABLE
PORTABLE
PORTABLE -
-
-2
2
2 ECRANS
ECRANS
ECRANS PRINCIPAUX
PRINCIPAUX
PRINCIPAUX DE
DE
DE 22,8
22,8
22,8 CM
CM
CM
9"BREEDBEELD
9"BREEDBEELD
9"BREEDBEELD PORTABLE
PORTABLE
PORTABLE DVD
DVD
DVD SPELER
SPELER
SPELER -
-
-TWIN
TWIN
TWIN SCREEN
SCREEN
SCREEN
DVD
DVD
DVD PORTATIL
PORTATIL
PORTATIL 9"
9"
9" PANORAMICO
PANORAMICO
PANORAMICO -
-
- DOBLE
DOBLE
DOBLE PANTALLA
PANTALLA
PANTALLA
LETTORE
LETTORE
LETTORE DVD
DVD
DVD PORTATILE
PORTATILE
PORTATILE CON
CON
CON SCHERMO
SCHERMO
SCHERMO WIDESCREEN
WIDESCREEN
WIDESCREEN 9"
9"
9" -
-
- DOPPIA
DOPPIA
DOPPIA
IMMAGINE
IMMAGINE
IMMAGINE



Downloaded from www.vandenborre.be


KEdEd^
KEdEd^
KEdEd^
tZE/E'^
tZE/E'^
tZE/E'^

ϯ
ϯ
ϯ
/DWKZdEd
/DWKZdEd
/DWKZdEd ^&dz
^&dz
^&dz /E^dZhd/KE^
/E^dZhd/KE^
/E^dZhd/KE^

ϯ
ϯ
ϯ
W<'
W<'
W<' KEdEd
KEdEd
KEdEd

ϳ
ϳ
ϳ
/Ed/&/d/KE
/Ed/&/d/KE
/Ed/&/d/KE K&
K&
K& KEdZK>^
KEdZK>^
KEdZK>^

ϴ
ϴ
ϴ
'dd/E'
'dd/E'
'dd/E' ^dZd
^dZd
^dZd

ϭ
ϭ
ϭϭ
ϭ
ϭ
/
/
/E^d>>/E'
E^d>>/E'
E^d>>/E' s
s
s W
W
W>zZ^
>zZ^
>zZ^ dK
dK
dK 

Z
Z
Z ^
^
^d^
d^
d^

ϭ
ϭ
ϭϭ
ϭ
ϭ


KEEd/E'
KEEd/E'
KEEd/E' W
W
WKtZ
KtZ
KtZ

ϭ
ϭ
ϭϯ
ϯ
ϯ


,Z'/E'
,Z'/E'
,Z'/E' d,
d,
d, /
/
/EKZWKZd
EKZWKZd
EKZWKZd 

ddZz
ddZz
ddZz K&
K&
K& d,
d,
d, s
s
s W>zZ
W>zZ
W>zZ

ϭ
ϭ
ϭϰ
ϰ
ϰ
KWZd/KE
KWZd/KE
KWZd/KE

ϭϰ
ϭϰ
ϭϰ
W>z/E'
W>z/E'
W>z/E' 

ss
ss
ss

ϭϰ
ϭϰ
ϭϰ
W>z/E'
W>z/E'
W>z/E' E
E
E h/K
h/K
h/K 



DWϯ
DWϯ
DWϯ /^
/^
/^

ϭ
ϭ
ϭ
W>z/E'
W>z/E'
W>z/E' 

:W'
:W'
:W' /^
/^
/^

ϭϴ
ϭϴ
ϭϴ
/'/d>
/'/d>
/'/d> Z
Z
Z E
E
E h^
h^
h^ W>z
W>z
W>z

ϭϵ
ϭϵ
ϭϵ
^dhW
^dhW
^dhW DEh
DEh
DEh

ϭϵ
ϭϵ
ϭϵ
'
'
'EZ>
EZ>
EZ> K
K
KWZd/KE
WZd/KE
WZd/KE

ϭϵ
ϭϵ
ϭϵ
'
'
'EZ>
EZ>
EZ> ^
^
^dhW
dhW
dhW W
W
W'
'
'ϭϵ
ϭϵ
ϭϵ


h/K
h/K
h/K ^
^
^dhW
dhW
dhW W
W
W'
'
'

ϮϮ
ϮϮ
ϮϮ
s
s
s/K
/K
/K Y
Y
Yh>/dz
h>/dz
h>/dz ^
^
^dhW
dhW
dhW

Ϯ
Ϯ
Ϯϯ
ϯ
ϯ
W
W
WZ&ZE
Z&ZE
Z&ZE W
W
W'
'
' ;
;
;^^/>
^^/>
^^/> t,E
t,E
t,E EK
EK
EK /^
/^
/^ /^
/^
/^ /E^Zd
/E^Zd
/E^ZdͿ
Ϳ
Ϳ

Ϯ
Ϯ
Ϯϰ
ϰ
ϰ
W
W
W^^tKZ
^^tKZ
^^tKZ ^
^
^dhW
dhW
dhW W
W
W'
'
'

Ϯ
Ϯ
Ϯ
^W/&/d/KE^
^W/&/d/KE^
^W/&/d/KE^

Ϯ
Ϯ
Ϯϳ
ϳ
ϳ
>E/E'
>E/E'
>E/E' E
E
E D/EdEE
D/EdEE
D/EdEE

Ϯ
Ϯ
Ϯϳ
ϳ
ϳ
dZKh>^,KKd/E'
dZKh>^,KKd/E'
dZKh>^,KKd/E'

Ϯ
Ϯ
Ϯϴ
ϴ
ϴ
Downloaded from www.vandenborre.be


tZE/E'^
tZE/E'^
tZE/E'^
dŚŝƐ ĂƉƉůŝĂŶĐĞ ŝƐ ŝŶƚĞŶĚĞĚ ĨŽƌ ĚŽŵĞƐƚŝĐ ŚŽƵƐĞŚŽůĚ ƵƐĞ ŽŶůLJ ĂŶĚ ƐŚŽƵůĚ
ŶŽƚ ďĞ ƵƐĞĚ ĨŽƌ ĂŶLJ ŽƚŚĞƌ ƉƵƌƉŽƐĞ Žƌ ŝŶ ĂŶLJ ŽƚŚĞƌ ĂƉƉůŝĐĂƚŝŽŶ ƐƵĐŚ ĂƐ
ĨŽƌ ŶŽŶͲĚŽŵĞƐƚŝĐ ƵƐĞ Žƌ ŝŶ Ă ĐŽŵŵĞƌĐŝĂů ĞŶǀŝƌŽŶŵĞŶƚ
WƌŝŽƌ ƚŽ ĐůĞĂŶŝŶŐ Žƌ ŽƚŚĞƌ ŵĂŝŶƚĞŶĂŶĐĞ ƚŚĞ ĂƉƉůŝĂŶĐĞ ŵƵƐƚ ďĞ
ĚŝƐĐŽŶŶĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ƐƵƉƉůLJ ŵĂŝŶƐ
dŚĞ ǀĞŶƚŝůĂƚŝŽŶ ƐŚŽƵůĚ ŶŽƚ ďĞ ŝŵƉĞĚĞĚ ďLJ ĐŽǀĞƌŝŶŐ ƚŚĞ ǀĞŶƚŝůĂƚŝŽŶ
ŽƉĞŶŝŶŐƐ ǁŝƚŚ ŝƚĞŵƐ ƐƵĐŚ ĂƐ ŶĞǁƐƉĂƉĞƌƐ ƚĂďůĞͲĐůŽƚŚƐ ĐƵƌƚĂŝŶƐ ĞƚĐ
EŽ ŶĂŬĞĚ ĨůĂŵĞ ƐŽƵƌĐĞƐ ƐƵĐŚ ĂƐ ůŝŐŚƚĞĚ ĐĂŶĚůĞƐ ƐŚŽƵůĚ ďĞ ƉůĂĐĞĚ ŽŶ
ƚŚĞ ĂƉƉĂƌĂƚƵƐ
dŚĞ ĂƉƉĂƌĂƚƵƐ ƐŚĂůů ŶŽƚ ďĞ ĞdžƉŽƐĞĚ ƚŽ ĚƌŝƉƉŝŶŐ Žƌ ƐƉůĂƐŚŝŶŐ ĂŶĚ ƚŚĂƚ
ŶŽ ŽďũĞĐƚƐ ĨŝůůĞĚ ǁŝƚŚ ůŝ ƵŝĚƐ ƐƵĐŚ ĂƐ ǀĂƐĞƐ ƐŚĂůů ďĞ ƉůĂĐĞĚ ŽŶ ƚŚĞ
ĂƉƉĂƌĂƚƵƐ
sĞŶƚŝůĂƚŝŽŶ
ůůŽǁ Ăƚ ůĞĂƐƚ Ă ϭϬ Đŵ ŐĂƉ Ăůů ĂƌŽƵŶĚ ƚŚĞ ƉƌŽĚƵĐƚ


dŚŝƐ
dŚŝƐ
dŚŝƐ ĂƉƉĂƌĂƚƵƐ
ĂƉƉĂƌĂƚƵƐ
ĂƉƉĂƌĂƚƵƐ ŝƐ
ŝƐ
ŝƐ ŶŽƚ
ŶŽƚ
ŶŽƚ ƐƵŝƚĂďůĞ
ƐƵŝƚĂďůĞ
ƐƵŝƚĂďůĞ ĨŽƌ
ĨŽƌ
ĨŽƌ ƵƐĞ
ƵƐĞ
ƵƐĞ ŝŶ
ŝŶ
ŝŶ Ă
Ă
ĂƚƌŽƉŝĐĂů
ƚƌŽƉŝĐĂů
ƚƌŽƉŝĐĂů ĐůŝŵĂƚĞ
ĐůŝŵĂƚĞ
ĐůŝŵĂƚĞ
EĞǀĞƌ ƚŚƌŽǁ ďĂƚƚĞƌŝĞƐ ŽŶ Ă ĨŝƌĞ ĂŶŐĞƌ ŽĨ ĞdžƉůŽƐŝŽŶ
hd/KE
ĂŶŐĞƌ ŽĨ ĞdžƉůŽƐŝŽŶ ŝĨ ďĂƚƚĞƌLJ ŝƐ ŝŶĐŽƌƌĞĐƚůLJ ƌĞƉůĂĐĞĚ ZĞƉůĂĐĞ ŽŶůLJ
ǁŝƚŚ ƚŚĞ ƐĂŵĞ Žƌ Ğ ƵŝǀĂůĞŶƚ ƚLJƉĞ
/DWKZdEd
/DWKZdEd
/DWKZdEd ^&dz
^&dz
^&dz /E^dZhd/KE^
/E^dZhd/KE^
/E^dZhd/KE^
dŚŝƐ Ğ ƵŝƉŵĞŶƚ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŽƉĞƌĂƚĞ ĨƌŽŵ Ă ϭϬϬͲϮϰϬ sŽůƚ
ϱϬϲϬ,nj  ŵĂŝŶƐ ƐƵƉƉůLJ KƚŚĞƌ ƉŽǁĞƌ ƐŽƵƌĐĞƐ ŵĂLJ ĚĂŵĂŐĞ ŝƚ
ŚĞĐŬ ƚŚĂƚ ƚŚĞ ǀŽůƚĂŐĞ ŵĂƌŬĞĚ ŽŶ ƚŚĞ ƌĂƚŝŶŐ ƉůĂƚĞ ŽŶ ƚŚĞ ƉŽǁĞƌ
ĂĚĂƉƚĞƌ ŝƐ ƚŚĞ ƐĂŵĞ ĂƐ LJŽƵƌ ŵĂŝŶƐ ƐƵƉƉůLJ
/Ĩ ƚŚĞ ƉŽǁĞƌ ĂĚĂƉƚĞƌ ďĞĐŽŵĞƐ ĚĂŵĂŐĞĚ ŝƚ ƐŚŽƵůĚ ďĞ ƌĞƉůĂĐĞĚ ǁŝƚŚ ĂŶ
ĂĚĂƉƚĞƌ ŽĨ ƚŚĞ ƐĂŵĞ ƚLJƉĞ ĂŶĚ ƌĂƚŝŶŐ ƚŽ ĂǀŽŝĚ Ă ŚĂnjĂƌĚ
Downloaded from www.vandenborre.be


/Ĩ ƚŚĞ ŝŶĐŽƌƉŽƌĂƚĞĚ ďĂƚƚĞƌLJ ƐƚĂƌƚƐ ƚŽ ůĞĂŬ Žƌ ďĞĐŽŵĞƐ ƚŽŽ ŚŽƚ ĚƵƌŝŶŐ
ŽƉĞƌĂƚŝŽŶ Žƌ ĐŚĂƌŐŝŶŐ ƉůĞĂƐĞ ƐƚŽƉ ŽƉĞƌĂƚŝŽŶ ŝŵŵĞĚŝĂƚĞůLJ ĂŶĚ ĚŝƐƉŽƐĞ
ŽĨ ƚŚĞ ƵŶŝƚ
Ž ŶŽƚ ĞdžƉŽƐĞ ƚŚĞ s ƉůĂLJĞƌ ƚŽ ĞdžĐĞƐƐŝǀĞ ŚĞĂƚ ƐƵĐŚ ĂƐ ƐƚƌŽŶŐ
ƐƵŶƐŚŝŶĞ ĨŝƌĞ Žƌ ƚŚĞ ůŝŬĞ ĂƐ ƚŚŝƐ ƐƚƌŽŶŐ ƐƵŶƐŚŝŶĞ ĐĂŶ ĐŽŶƚƌŝďƵƚĞ ƚŽ ĂŶ
ŽǀĞƌŚĞĂƚŝŶŐ ŽĨ ƚŚĞ ďĂƚƚĞƌLJ ĂŶĚ ĐĂŶ ĚĂŵĂŐĞ ƚŚĞ ƵŶŝƚ
^LJŵďŽůƐ
^LJŵďŽůƐ
^LJŵďŽůƐ
dŚŝƐ Ğ ƵŝƉŵĞŶƚ ŝƐ ĚŽƵďůĞ ŝŶƐƵůĂƚĞĚ ĂŶĚ ĂŶ ĞĂƌƚŚ ĐŽŶŶĞĐƚŝŽŶ ŝƐ
ŶŽƚ ƌĞ ƵŝƌĞĚ
ĂŶŐĞƌŽƵƐ ǀŽůƚĂŐĞ ĐŽŶƐƚŝƚƵƚŝŶŐ Ă ƌŝƐŬ ŽĨ ĞůĞĐƚƌŝĐ ƐŚŽĐŬ ŝƐ
ƉƌĞƐĞŶƚ ŝŶƐŝĚĞ ƚŚŝƐ Ğ ƵŝƉŵĞŶƚ
dŚŝƐ ŵĂƌŬ ŝƐ ĂƉƉůŝĞĚ ƚŽ ƐŚŽǁ ƚŚĞ Ğ ƵŝƉŵĞŶƚ ĐŽŶĨŽƌŵƐ ƚŽ
ƵƌŽƉĞĂŶ ƐĂĨĞƚLJ ĂŶĚ ĞůĞĐƚƌŽŵĂŐŶĞƚŝĐ ĐŽŵƉĂƚŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ
dŚĞƌĞ ĂƌĞ ŝŵƉŽƌƚĂŶƚ ŽƉĞƌĂƚŝŶŐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŝŶƐƚƌƵĐƚŝŽŶƐ
ŝŶ ƚŚĞ ůŝƚĞƌĂƚƵƌĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ƚŚŝƐ Ğ ƵŝƉŵĞŶƚ
ĂƚƚĞƌLJ
ĂƚƚĞƌLJ
ĂƚƚĞƌLJ ŚĂŶĚůŝŶŐ
ŚĂŶĚůŝŶŐ
ŚĂŶĚůŝŶŐ ĂŶĚ
ĂŶĚ
ĂŶĚ ƵƐĂŐĞ
ƵƐĂŐĞ
ƵƐĂŐĞ
ZĞŵŽƚĞ
ZĞŵŽƚĞ
ZĞŵŽƚĞ ĐŽŶƚƌŽů
ĐŽŶƚƌŽů
ĐŽŶƚƌŽů ďĂƚƚĞƌLJ
ďĂƚƚĞƌLJ
ďĂƚƚĞƌLJ
dŚĞ ďĂƚƚĞƌLJ ƐŚŽƵůĚ ŽŶůLJ ďĞ ƌĞƉůĂĐĞĚ ďLJ ĂĚƵůƚƐ Ž ŶŽƚ ĂůůŽǁ ĐŚŝůĚƌĞŶ ƚŽ ƵƐĞ
ƚŚĞ ƌĞŵŽƚĞ ĐŽŶƚƌŽů ƵŶůĞƐƐ ƚŚĞ ďĂƚƚĞƌLJ ĐŽǀĞƌ ŝƐ ĂƚƚĂĐŚĞĚ
dŚĞ ďĂƚƚĞƌLJ ƚLJƉĞ ƵƐĞĚ ŝŶ ƚŚĞ ƌĞŵŽƚĞ ŝƐ ŽŶĞ ZϮϬϮϱ ϯs >ŝƚŚŝƵŵ
ďĂƚƚĞƌLJ ǁŚŝĐŚ ŝƐ ĂĐĐĞƐƐŝďůĞ ĂŶĚ ĐĂŶ ďĞ ƌĞƉůĂĐĞĚ
ZĞŵŽǀĞ ƚŚĞ ďĂƚƚĞƌLJ ŚŽůĚĞƌ ůŽĐĂƚĞĚ ŽŶ ƚŚĞ ďŽƚƚŽŵ ŽĨ ƚŚĞ
ƌĞŵŽƚĞ ĐŽŶƚƌŽů ƚŽ ƌĞŵŽǀĞ ƚŚĞ ďĂƚƚĞƌLJ
Downloaded from www.vandenborre.be


/ŶĐŽƌƉŽƌĂƚĞĚ
/ŶĐŽƌƉŽƌĂƚĞĚ
/ŶĐŽƌƉŽƌĂƚĞĚ ĂƚƚĞƌLJ
ĂƚƚĞƌLJ
ĂƚƚĞƌLJ
dŚĞ ďĂƚƚĞƌLJ ƚLJƉĞ ƵƐĞĚ ŝŶ ƚŚĞ ƵŶŝƚ ŝƐ ŽŶĞ ůŝƚŚŝƵŵ ďĂƚƚĞƌLJ dŚĞ ďĂƚƚĞƌLJ ŝƐ ŝŶͲ
ĐŽŽƉĞƌĂƚĞĚ ĂŶĚ ŝƐ ŶŽƚ ƌĞĂĚŝůLJ ĂĐĐĞƐƐŝďůĞ
dŚĞ ďĂƚƚĞƌLJ ŵƵƐƚ ďĞ ĚŝƐƉŽƐĞĚ ŽĨ Ăƚ LJŽƵƌ ůŽĐĂů ƌĞĐLJĐůŝŶŐ ƉŽŝŶƚ
/ŶƐƚĂůůŝŶŐ
/ŶƐƚĂůůŝŶŐ
/ŶƐƚĂůůŝŶŐ ZĞŵŽƚĞ
ZĞŵŽƚĞ
ZĞŵŽƚĞ ŽŶƚƌŽů
ŽŶƚƌŽů
ŽŶƚƌŽů ĂƚƚĞƌLJ
ĂƚƚĞƌLJ
ĂƚƚĞƌLJ
WƵƐŚ ĂŶĚ ƉƵůů ƚŽ ƐůŝĚĞ ŽƵƚ ƚŚĞ ďĂƚƚĞƌLJ ŚŽůĚĞƌ
ĨƌŽŵ ƚŚĞ ƌĞŵŽƚĞ ĐŽŶƚƌŽů ĂŶĚ ŝŶƐĞƌƚ ŽŶĞ ϯs ZϮϬϮϱ ůŝƚŚŝƵŵ
ďĂƚƚĞƌLJ ŝŶ ƚŚĞ ďĂƚƚĞƌLJ ŚŽůĚĞƌ ǁŝƚŚ ƚŚĞ ƉƌŝŶƚ ĨĂĐĞ ƵƉ ƚŚĞŶ
ƌĞƉůĂĐĞ ƚŚĞ ďĂƚƚĞƌLJ ŚŽůĚĞƌ
tZE/E'
tZE/E'
tZE/E'
dŽ
dŽ
dŽ ƐĂǀĞ
ƐĂǀĞ
ƐĂǀĞ ƉŽǁĞƌ
ƉŽǁĞƌ
ƉŽǁĞƌ ƐǁŝƚĐŚ ŽĨĨ ŵĂŝŶƐ ƉŽǁĞƌ Žƌ ƉƵůů ŽƵƚ ƚŚĞ ƉŽǁĞƌ ĂĚĂƉƚĞƌ ƉůƵŐ
ǁŚĞŶ LJŽƵ ĂƌĞ ŶŽƚ ƵƐŝŶŐ ƚŚĞ ĂƉƉĂƌĂƚƵƐ
EĞǀĞƌ ŽƉĞƌĂƚĞ ƚŚĞ ĂƉƉĂƌĂƚƵƐ ĂŶĚ ƚƌLJ ƚŽ ǀŝĞǁ ǀŝĚĞŽ ǁŚŝůĞ ĚƌŝǀŝŶŐ Ă ǀĞŚŝĐůĞ
dŽ ƉƌĞǀĞŶƚ ŝŶũƵƌLJ ƚŚŝƐ ĂƉƉĂƌĂƚƵƐ ŵƵƐƚ ďĞ ƐĞĐƵƌĞůLJ ĂƚƚĂĐŚĞĚ ƚŽ ƚŚĞ ĐĂƌ ƐĞĂƚƐ
ĂƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶ ŝŶƐƚƌƵĐƚŝŽŶƐ
ůĂƐƐ
ůĂƐƐ
ůĂƐƐ ϭ
ϭ
ϭůĂƐĞƌ
ůĂƐĞƌ
ůĂƐĞƌ ƉƌŽĚƵĐƚ
ƉƌŽĚƵĐƚ
ƉƌŽĚƵĐƚ
dŚŝƐ ƉƌŽĚƵĐƚ ĐŽŶƚĂŝŶƐ Ă ůŽǁ ƉŽǁĞƌ ůĂƐĞƌ ĚĞǀŝĐĞ /ŶǀŝƐŝďůĞ ůĂƐĞƌ
ƌĂĚŝĂƚŝŽŶ ǁŚĞŶ ƚŚĞ ĞŶĐůŽƐƵƌĞ ŝƐ ŽƉĞŶĞĚ ĂŶĚ ŝŶƚĞƌůŽĐŬƐ ĂƌĞ
ĚĞĨĞĂƚĞĚ
ǀŽŝĚ ĞdžƉŽƐƵƌĞ ƚŽ ďĞĂŵ
dŚŝƐ ĚŝŐŝƚĂů ǀŝĚĞŽ ĚŝƐĐ ƉůĂLJĞƌ ĞŵƉůŽLJƐ Ă ůĂƐĞƌ ƐLJƐƚĞŵ hƐĞ ŽĨ ĐŽŶƚƌŽůƐ
ĂĚũƵƐƚŵĞŶƚƐ Žƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƉƌŽĐĞĚƵƌĞƐ ŽƚŚĞƌ ƚŚĂŶ ƚŚŽƐĞ ƐƉĞĐŝĨŝĞĚ
ŚĞƌĞŝŶ ŵĂLJ ƌĞƐƵůƚ ŝŶ ŚĂnjĂƌĚŽƵƐ ƌĂĚŝĂƚŝŽŶ džƉŽƐƵƌĞ
Downloaded from www.vandenborre.be


dŽ ƉƌĞǀĞŶƚ ĚŝƌĞĐƚ ĞdžƉŽƐƵƌĞ ƚŽ ůĂƐĞƌ ďĞĂŵ ĚŽ ŶŽƚ ŽƉĞŶ ƚŚĞ ĞŶĐůŽƐƵƌĞ
EĞǀĞƌ ƐƚĂƌĞ ĚŝƌĞĐƚůLJ ŝŶƚŽ ƚŚĞ ůĂƐĞƌ ďĞĂŵ
Ž ŶŽƚ ŝŶƐƚĂůů ƚŚŝƐ ƉƌŽĚƵĐƚ ŝŶ Ă ĐŽŶĨŝŶĞĚ ƐƉĂĐĞ ƐƵĐŚ ĂƐ à Ŭ ĐĂƐĞ Žƌ ƐŝŵŝůĂƌ
ƵŶŝƚ
EŽƚĞƐ
EŽƚĞƐ
EŽƚĞƐ ŽŶ
ŽŶ
ŽŶ ŽƉLJƌŝŐŚƚƐ
ŽƉLJƌŝŐŚƚƐ
ŽƉLJƌŝŐŚƚƐ
z/ƚ ŝƐ ĨŽƌďŝĚĚĞŶ ďLJ ůĂǁ ƚŽ ĐŽƉLJ ďƌŽĂĚĐĂƐƚ ƐŚŽǁ ďƌŽĂĚĐĂƐƚ ǀŝĂ ĐĂďůĞ
ƉůĂLJ ŝŶ ƉƵďůŝĐ Žƌ ƌĞŶƚ ĐŽƉLJƌŝŐŚƚĞĚ ŵĂƚĞƌŝĂů ǁŝƚŚŽƵƚ ƉĞƌŵŝƐƐŝŽŶ
zdŚŝƐ ƉƌŽĚƵĐƚ ĨĞĂƚƵƌĞƐ ƚŚĞ ĐŽƉLJ ƉƌŽƚĞĐƚŝŽŶ ĨƵŶĐƚŝŽŶ ĚĞǀĞůŽƉĞĚ ďLJ
DĂĐƌŽǀŝƐŝŽŶ ŽƉLJ ƉƌŽƚĞĐƚŝŽŶ ƐŝŐŶĂůƐ ĂƌĞ ƌĞĐŽƌĚĞĚ ŽŶ ƐŽŵĞ ĚŝƐĐƐ tŚĞŶ
ƌĞĐŽƌĚŝŶŐ ĂŶĚ ƉůĂLJŝŶŐ ƚŚĞ ƉŝĐƚƵƌĞƐ ŽĨ ƚŚĞƐĞ ĚŝƐĐƐ ƉŝĐƚƵƌĞ ŶŽŝƐĞ ǁŝůů ĂƉƉĞĂƌ
dŚŝƐ ƉƌŽĚƵĐƚ ŝŶĐŽƌƉŽƌĂƚĞƐ ĐŽƉLJƌŝŐŚƚ ƉƌŽƚĞĐƚŝŽŶ ƚĞĐŚŶŽůŽŐLJ ƚŚĂƚ ŝƐ
ƉƌŽƚĞĐƚĞĚ ďLJ ŵĞƚŚŽĚ ĐůĂŝŵƐ ŽĨ ĐĞƌƚĂŝŶ h^ WĂƚĞŶƚƐ ĂŶĚ ŽƚŚĞƌ ŝŶƚĞůůĞĐƚƵĂů
ƉƌŽƉĞƌƚLJ ƌŝŐŚƚƐ ŽǁŶĞĚ ďLJ DĂĐƌŽǀŝƐŝŽŶ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ƌŝŐŚƚƐ
ŽǁŶĞƌƐ hƐĞ ŽĨ ƚŚŝƐ ĐŽƉLJƌŝŐŚƚ ƉƌŽƚĞĐƚŝŽŶ ƚĞĐŚŶŽůŽŐLJ ŵƵƐƚ ďĞ ĂƵƚŚŽƌŝƐĞĚ
ďLJ DĂĐƌŽǀŝƐŝŽŶ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ŝƐ ŝŶƚĞŶĚĞĚ ĨŽƌ ŚŽŵĞ ĂŶĚ ŽƚŚĞƌ ůŝŵŝƚĞĚ
ǀŝĞǁŝŶŐ ƵƐĞƐ ŽŶůLJ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĂƵƚŚŽƌŝƐĞĚ ďLJ DĂĐƌŽǀŝƐŝŽŶ
ŽƌƉŽƌĂƚŝŽŶ ZĞǀĞƌƐĞ ĞŶŐŝŶĞĞƌŝŶŐ Žƌ ĚŝƐĂƐƐĞŵďůLJ ŝƐ ƉƌŽŚŝďŝƚĞĚ
ZĞŐŝŽŶ
ZĞŐŝŽŶ
ZĞŐŝŽŶ ŽĚĞ
ŽĚĞ
ŽĚĞ
dŚŝƐ s ƉůĂLJĞƌ ŝƐ ĚĞƐŝŐŶĞĚ ĂŶĚ ŵĂŶƵĨĂĐƚƵƌĞĚ ĨŽƌ ƉůĂLJ ŽĨ ƌĞŐŝŽŶ
ϮĞŶĐŽĚĞĚ s ƐŽĨƚǁĂƌĞ
EŽƚĞƐ
EŽƚĞƐ
EŽƚĞƐ ŽŶ
ŽŶ
ŽŶ ŝƐĐƐ
ŝƐĐƐ
ŝƐĐƐ
,ĂŶĚůŝŶŐ
,ĂŶĚůŝŶŐ
,ĂŶĚůŝŶŐ ŝƐĐƐ
ŝƐĐƐ
ŝƐĐƐ
Ž ŶŽƚ ƚŽƵĐŚ ƚŚĞ ƉůĂLJ ƐŝĚĞ ŽĨ ƚŚĞ ĚŝƐĐ ,ŽůĚ ƚŚĞ ĚŝƐĐ ďLJ ƚŚĞ ĞĚŐĞƐ ƐŽ ƚŚĂƚ
ĨŝŶŐĞƌƉƌŝŶƚƐ ĚŽ ŶŽƚ ŐĞƚ ŽŶ ƚŚĞ ƐƵƌĨĂĐĞ EĞǀĞƌ ƐƚŝĐŬ ƉĂƉĞƌ Žƌ ƚĂƉĞ ŽŶ ƚŚĞ ĚŝƐĐ
Downloaded from www.vandenborre.be


^ƚŽƌŝŶŐ
^ƚŽƌŝŶŐ
^ƚŽƌŝŶŐ ŝƐĐƐ
ŝƐĐƐ
ŝƐĐƐ
ĨƚĞƌ ƉůĂLJŝŶŐ ƐƚŽƌĞ ƚŚĞ ĚŝƐĐ ŝŶ ŝƚƐ ĐĂƐĞ Ž ŶŽƚ ĞdžƉŽƐĞ ƚŚĞ ĚŝƐĐ ƚŽ ĚŝƌĞĐƚ
ƐƵŶůŝŐŚƚ Žƌ ƐŽƵƌĐĞ ŽĨ ŚĞĂƚ ĂŶĚ ŶĞǀĞƌ ůĞĂǀĞ ŝƚ ŝŶ Ă ƉĂƌŬĞĚ ĐĂƌ ĞdžƉŽƐĞĚ ƚŽ ĚŝƌĞĐƚ
ƐƵŶůŝŐŚƚ
ůĞĂŶŝŶŐ
ůĞĂŶŝŶŐ
ůĞĂŶŝŶŐ ŝƐĐƐ
ŝƐĐƐ
ŝƐĐƐ
&ŝŶŐĞƌƉƌŝŶƚƐ ĂŶĚ ĚƵƐƚ ŽŶ ƚŚĞ ĚŝƐĐ ĐĂŶ ĐĂƵƐĞ ƉŽŽƌ ƉŝĐƚƵƌĞ ƵĂůŝƚLJ ĂŶĚ ƐŽƵŶĚ
ĚŝƐƚŽƌƚŝŽŶ ĞĨŽƌĞ ƉůĂLJŝŶŐ ĐůĞĂŶ ƚŚĞ ĚŝƐĐ ǁŝƚŚ Ă ĐůĞĂŶ ĐůŽƚŚ tŝƉĞ ƚŚĞ ĚŝƐĐ
ĨƌŽŵ ƚŚĞ ĐĞŶƚƌĞ ŽƵƚ
Ž ŶŽƚ ƵƐĞ ƐƚƌŽŶŐ ƐŽůǀĞŶƚƐ ƐƵĐŚ ĂƐ ĂůĐŽŚŽů ďĞŶnjŝŶĞ ƚŚŝŶŶĞƌ ĐŽŵŵĞƌĐŝĂůůLJ
ĂǀĂŝůĂďůĞ ĐůĞĂŶĞƌƐ Žƌ ĂŶƚŝͲƐƚĂƚŝĐ ƐƉƌĂLJ ŝŶƚĞŶĚĞĚ ĨŽƌ ŽůĚĞƌ ǀŝŶLJů ƌĞĐŽƌĚƐ
W<'
W<'
W<' KEdEd
KEdEd
KEdEd
Ϯdž WŽƌƚĂďůĞ s WůĂLJĞƌ
ϭdž  ƉŽǁĞƌ ĂĚĂƉƚĞƌ
ϭdž Ăƌ ĂĚĂƉƚĞƌ
Ϯdž Ăƌ ƐĞĂƚ ƐƚƌĂƉ
Ϯdž Ăƌ ďƌĂĐŬĞƚ
Ϯdž ZĞŵŽƚĞ ĐŽŶƚƌŽů ŝŶĐů ĂƚƚĞƌLJ
Ϯdž ĂƌƉŚŽŶĞ
ϭdž  ĐĂďůĞ
ϭdž ĂƌƌLJŝŶŐ ďĂŐ
Downloaded from www.vandenborre.be


/Ed/&/d/KE
/Ed/&/d/KE
/Ed/&/d/KE K&
K&
K& KEdZK>^
KEdZK>^
KEdZK>^
hŶŝƚ
hŶŝƚ
hŶŝƚ
ϭ ^D^
^D^
^D^D
D
DD
D
D ƐůŽƚ
Ϯ KEK&&
KEK&&
KEK&& ƐǁŝƚĐŚ
ϯ ĂƌƉŚŽŶĞ ƐŽĐŬĞƚ
ϰ s
s
s Khd
Khd
Khd ũĂĐŬ
ϱ Ky/>
Ky/>
Ky/> ƐŽĐŬĞƚ
ϲ h^
h^
h^ ƉŽƌƚ
ϳ 

 Khd
Khd
Khd ũĂĐŬ
ϴ 

 /E
/E
/E ϵ
ϵ
ϵͲϭϮ
ͲϭϮ
ͲϭϮs
s
sũĂĐŬ
ϵ EdZ
EdZ
EdZ
ϭϬ 


ϭϭ ^KhZ
^KhZ
^KhZ
Downloaded from www.vandenborre.be


,ĞĂĚƉŚŽŶĞƐ /ŶƐĞƌƚ Ă ƐƚĂŶĚĂƌĚ ϯϱŵŵ ŚĞĂĚƉŚŽŶĞ ŝŶƚŽ ƚŚĞ ŚĞĂĚƉŚŽŶĞ
ƐŽĐŬĞƚ dŚĞ ƐƉĞĂŬĞƌƐ ǁŝůů ďĞ ŵƵƚĞĚ
,W,KE sK>hD tZE/E'
ĞĐƚ ŚĞĂĚƉŚŽŶĞƐ ǁŝƚŚ ǀŽůƵŵĞ ƐĞƚ ůŽǁ ĂŶĚ ŝŶĐƌĞĂƐĞ ŝƚ ŝĨ ƌĞ ƵŝƌĞĚ
WƌŽůŽŶŐĞĚ ůŝƐƚĞŶŝŶŐ ƚŚƌŽƵŐŚ ƐŽŵĞ ŚĞĂĚƉŚŽŶĞƐ Ăƚ ŚŝŐŚ ǀŽůƵŵĞ ƐĞƚƚŝŶŐƐ
ĐĂŶ ƌĞƐƵůƚ ŝŶ ŚĞĂƌŝŶŐ ĚĂŵĂŐĞ
ĂƌƉŚŽŶĞƐ Žƌ ŚĞĂĚƉŚŽŶĞƐ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ EϱϬϯϯϮͲϭ  EϱϬϯϯϮͲϮ ƚŽ
ĞŶƐƵƌĞ ĐŽŶƚŝŶƵĞĚ ƉƌŽƚĞĐƚŝŽŶ ĨƌŽŵ ĞdžĐĞƐƐŝǀĞ ƐŽƵŶĚ ƉƌĞƐƐƵƌĞ
ƚ ĨƵůů ƉŽǁĞƌ ƉƌŽůŽŶŐĞĚ ůŝƐƚĞŶŝŶŐ ƚŽ ƚŚĞ ƉůĂLJĞƌ ĐĂŶ ĚĂŵĂŐĞ
ƚŚĞ ĞĂƌ ŽĨ ƚŚĞ ƵƐĞƌ
:$51,1*
:$51,1*
:$51,1* 7R SURWHFW \RXU KHDULQJ LW LV LPSRUWDQW WKDW DQ\
KHDGSKRQHV RU HDUSKRQHV XVHG LQ FRQMXQFWLRQ ZLWK WKLV
SURGXFW DUH FRPSOLDQW ZLWK UHQFK 'HFUHH RI 
1RYHPEHU  LPSOHPHQWLQJ $UWLFOH / 7KLV
HQVXUHV WKDW WKH VRXQG OHYHO GRHV QRW H[FHHG  G%
63/ 7KH SURORQJHG OLVWHQLQJ DW KLJK YROXPH IRU PRUH
WKDQ ILYH KRXUV D ZHHN FDQ GDPDJH \RXU KHDULQJ
Downloaded from www.vandenborre.be


ZĞŵŽƚĞ
ZĞŵŽƚĞ
ZĞŵŽƚĞ ŽŶƚƌŽů
ŽŶƚƌŽů
ŽŶƚƌŽů
ϭ ^KhZ
^KhZ
^KhZ
xdŽ ƐǁŝƚĐŚ ĂŵŽŶŐ s ĐĂƌĚ
ĂŶĚ h^
Ϯ Dhd
Dhd
Dhd
ϯ ϬͲϵ
ϬͲϵ
ϬͲϵ ŶƵŵĞƌŝĐ ďƵƚƚŽŶ
ϰ /^W>z
/^W>z
/^W>z
xdŽ ĚŝƐƉůĂLJ ƚŚĞ ƉůĂLJ ƚŝŵĞ ĂŶĚ
ƐƚĂƚƵƐ ŝŶĨŽƌŵĂƚŝŽŶ
ϱ ϭϬн
ϭϬн
ϭϬн
xdŽ ƐĞůĞĐƚ Ă ƚƌĂĐŬ ŐƌĞĂƚĞƌ ƚŚĂŶ
Žƌ Ğ ƵĂů ƚŽ ϭϬ ĨŝƌƐƚ ƉƌĞƐƐ ϭϬн
ĂŶĚ ƚŚĞŶ ƉƌĞƐƐ Ă ŶƵŵĞƌŝĐ
ďƵƚƚŽŶ
ϲ DEhW
DEhW
DEhW
xdŽ ƌĞƚƵƌŶ ƚŽ s ƌŽŽƚ ŵĞŶƵ
xdŽ ƐǁŝƚĐŚ W ŽŶŽĨĨ ;sͿ
ϳ h/K
h/K
h/K
xdŽ ƐĞůĞĐƚ ĂŶ ĂƵĚŝŽ ůĂŶŐƵĂŐĞ
;sͿ
xdŽ ƐĞůĞĐƚ ĂŶ ĂƵĚŝŽ ĐŚĂŶŶĞů
;DWϯ  sͿ
ϴ
Downloaded from www.vandenborre.be


ϵ
ϭϬ DK
DK
DK
xdŽ ĂĐĐĞƐƐ ƚŽ ǀŝĚĞŽ ƐĞƚƵƉ ƉĂŐĞ
ϭϭ sK>н
sK>н
sK>н
ϭϮ
ϭϯ
ϭϰ
ϭϱ
ϭϲ ^dW
^dW
^dW
ϭϳ ^Z,
^Z,
^Z,
x
x
xdŽŐŽƚŽĂƚƌĂĐŬƚŝƚůĞŽƌ
ĐŚĂƉƚĞƌ LJŽƵ ǁĂŶƚ
ϭϴ ^hd/d>
^hd/d>
^hd/d>
xdŽ ƐĞůĞĐƚ Ă ƐƵďƚŝƚůĞ ůĂŶŐƵĂŐĞ
;sͿ
ϭϵ E'>
E'>
E'>
xdŽ ƐĞůĞĐƚ Ă s ǀŝĞǁŝŶŐ ĂŶŐůĞ
ŝĨ ĂǀĂŝůĂďůĞ
ϮϬ d/d>
d/d>
d/d>
xdŽ ƌĞƚƵƌŶ ƚŽ s ƚŝƚůĞ ŵĞŶƵ
Ϯϭ EdZ
EdZ
EdZ
ϮϮ ^dhW
^dhW
^dhW
Ϯϯ sK>Ͳ
sK>Ͳ
sK>Ͳ
Ϯϰ ZWd
ZWd
ZWd
Ϯϱ ^>Kt
^>Kt
^>Kt
Ϯϲ WZK'ZD
WZK'ZD
WZK'ZD
Ϯϳ KKD
KKD
KKD
'dd/E'
'dd/E'
'dd/E' ^dZd
^dZd
^dZd
/ŶƐƚĂůůŝŶŐ
/ŶƐƚĂůůŝŶŐ
/ŶƐƚĂůůŝŶŐ s
s
s WůĂLJĞƌƐ
WůĂLJĞƌƐ
WůĂLJĞƌƐ ƚŽ
ƚŽ
ƚŽ Ăƌ
Ăƌ
Ăƌ ^ĞĂƚƐ
^ĞĂƚƐ
^ĞĂƚƐ
hƐĞ ƚŚĞ ƐƵƉƉůŝĞĚ ƐƚƌĂƉƐ Žƌ ďƌĂĐŬĞƚ ƚŽ ŝŶƐƚĂůů ƚŚĞ s ƉůĂLJĞƌƐ ŽŶ ƚŚĞ ďĂĐŬ
ŽĨ ƚŚĞ ǀĞŚŝĐůĞƐ ŚĞĂĚƌĞƐƚƐ
hƐĞ ^ƚƌĂƉƐ
ϭ ^ůŝĚĞ ƚŚĞ ƐƵƉƉŽƌƚ ƐƚƌĂƉƐ ƚŚƌŽƵŐŚ ƚŚĞ ƐůŽƚ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƚŚĞ ƉůĂLJĞƌƐ
Ϯ WůĂĐĞ ƚŚĞ ƐƚƌĂƉƐ ĂƌŽƵŶĚ ƚŚĞ ŚĞĂĚƌĞƐƚ ŽĨ ƚŚĞ ĐĂƌ ĨƌŽŶƚ ƐĞĂƚƐ
ϯ ĞŶƚƌĞ ƚŚĞ ƉůĂLJĞƌƐ ƚŚĞŶ ďƵĐŬůĞ ƚŚĞ ƐƚƌĂƉ ƐĞĐƵƌĞůLJ
Downloaded from www.vandenborre.be


hƐĞ ƌĂĐŬĞƚ
ϭ ^ĐƌĞǁ ƚŚĞ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ďƌĂĐŬĞƚ ŽŶ ŽŶĞ s ƉůĂLJĞƌ ďLJ ĂůŝŐŶŝŶŐ ƚŚĞ
ƐƵƉƉŽƌƚ ďŽůƚ ƚŽ ƚŚĞ ƐĐƌĞǁ ŚŽůĞ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƚŚĞ ƉůĂLJĞƌ
Ϯ hŶƐĐƌĞǁ ϰ ƐĐƌĞǁƐ ŽŶ ƚŚĞ ŚŽƌŝnjŽŶƚĂů ďĂƌ ŽĨ ƚŚĞ ďƌĂĐŬĞƚ
ϯ ƚƚĂĐŚ ƚŚĞ ŚŽƌŝnjŽŶƚĂů ďĂƌ ƚŽ ƚŚĞ ŵĞƚĂů ƉŝŶƐ ŽĨ
ƚŚĞ ŚĞĂĚƌĞƐƚ ƚŚĞŶ ƐĞĐƵƌĞ ƚŚĞ ŚŽƌŝnjŽŶƚĂů ďĂƌ
ǁŝƚŚ ϰ ƐĐƌĞǁƐ
Downloaded from www.vandenborre.be


ϰ ƚƚĂĐŚ ƚŚĞ s ƉůĂLJĞƌ ǁŝƚŚ ƐƵƉƉŽƌƚ ƚŽ ƚŚĞ ŚŽƌŝnjŽŶƚĂů ďĂƌ ƵŶƚŝů Ă ĐůŝĐŬ ŝƐ
ŚĞĂƌĚ
ϱ dŽ ĚĞƚĂĐŚ ƚŚĞ ƉůĂLJĞƌ ĨƌŽŵ ƚŚĞ ƐƵƉƉŽƌƚ ďĂƌ ƉƌĞƐƐ ƚŚĞ ƌĞůĞĂƐĞ ďƵƚƚŽŶƐ
ŽŶ ďŽƚŚ ƐŝĚĞƐ ŽĨ ƚŚĞ ƐƵƉƉŽƌƚ
ŽŶŶĞĐƚŝŶŐ
ŽŶŶĞĐƚŝŶŐ
ŽŶŶĞĐƚŝŶŐ WŽǁĞƌ
WŽǁĞƌ
WŽǁĞƌ
dŽ ĐŽŶŶĞĐƚ ƉŽǁĞƌ ĨƌŽŵ ŝŶƐŝĚĞ Ă ĐĂƌ ĐŽŶŶĞĐƚ ƚŚĞ ƐƵƉƉůŝĞĚ ĐĂƌ ĂĚĂƉƚĞƌ ƚŽ
ƚŚĞ 

 /E
/E
/E ϵͲϭϮs
ϵͲϭϮs
ϵͲϭϮs ũĂĐŬ ŽĨ ƚŚĞ ƵŶŝƚ
dŽ ĐŽŶŶĞĐƚ ƉŽǁĞƌ ĨƌŽŵ ŚŽƵƐĞŚŽůĚ ƉŽǁĞƌ ƐŽƵƌĐĞƐ ĐŽŶŶĞĐƚ ƚŚĞ ƐƵƉƉůŝĞĚ
ƉŽǁĞƌ ĂĚĂƉƚĞƌ ƚŽ ƚŚĞ 

 /E
/E
/E ϵͲϭϮs
ϵͲϭϮs
ϵͲϭϮs ũĂĐŬ ŽĨ ƚŚĞ ƵŶŝƚ ĂŶĚ ƚŽ ƚŚĞ ŵĂŝŶƐ ƐŽĐŬĞƚ
ĂƵƚŝŽŶ
ĂƵƚŝŽŶ
ĂƵƚŝŽŶ
Downloaded from www.vandenborre.be


tŚĞŶ LJŽƵ ƵŶƉůƵŐ ƚŚĞ ĂĚĂƉƚĞƌ ĂůǁĂLJƐ ƉƵůů ƚŚĞ ƉůƵŐ ĨƌŽŵ ƚŚĞ ŵĂŝŶƐ ƐŽĐŬĞƚ
EĞǀĞƌ ƉƵůů ƚŚĞ ĐŽƌĚ
hƐĞ ƚŚĞ ƐƵƉƉůŝĞĚ  ĐĂďůĞ ƚŽ ĐŽŶŶĞĐƚ ƚŚĞ 

 Khd
Khd
Khd ũĂĐŬ ŽŶ ŽŶĞ ƉůĂLJĞƌ ƚŽ
ƚŚĞ 

 /E
/E
/E ϵͲϭϮs
ϵͲϭϮs
ϵͲϭϮs ũĂĐŬ ŽŶ ĂŶŽƚŚĞƌ ƉůĂLJĞƌ
ŚĂƌŐŝŶŐ
ŚĂƌŐŝŶŐ
ŚĂƌŐŝŶŐ ƚŚĞ
ƚŚĞ
ƚŚĞ /ŶĐŽƌƉŽƌĂƚĞĚ
/ŶĐŽƌƉŽƌĂƚĞĚ
/ŶĐŽƌƉŽƌĂƚĞĚ ĂƚƚĞƌLJ
ĂƚƚĞƌLJ
ĂƚƚĞƌLJ ŽĨ
ŽĨ
ŽĨ ƚŚĞ
ƚŚĞ
ƚŚĞ s
s
s ƉůĂLJĞƌ
ƉůĂLJĞƌ
ƉůĂLJĞƌ
dŚĞ s ƉůĂLJĞƌ ŚĂƐ ĂŶ ŝŶĐŽƌƉŽƌĂƚĞĚ ďĂƚƚĞƌLJ ƚŽ ĐŚĂƌŐĞ ƚŚĞ ďĂƚƚĞƌLJ
ĐŽŶŶĞĐƚ ƚŚĞ ƐƵƉƉůŝĞĚ ƉŽǁĞƌ ĂĚĂƉƚĞƌ ĐĂďůĞ ƚŽ ƚŚĞ 

 /E
/E
/E ϵͲϭϮs
ϵͲϭϮs
ϵͲϭϮs ũĂĐŬ dŚĞ
ƌĞĚ ĐŚĂƌŐĞ ŝŶĚŝĐĂƚŽƌ ůŝŐŚƚ ǁŝůů ďĞ ŝůůƵŵŝŶĂƚĞĚ tŚĞŶ ƚŚĞ ďĂƚƚĞƌLJ ŝƐ ĨƵůůLJ
ĐŚĂƌŐĞĚ ƚŚĞ ƌĞĚ ĐŚĂƌŐĞ ŝŶĚŝĐĂƚŽƌ ůŝŐŚƚ ǁŝůů ƚƵƌŶ ŐƌĞĞŶ
EKd
EKd
EKd /ƚ ƚĂŬĞƐ ĂƉƉƌŽdž ϰ ŚŽƵƌƐ ƚŽ ĨƵůůLJ ĐŚĂƌŐĞ ƚŚĞ ďĂƚƚĞƌLJ dŚĞ ĨƵůůLJ
ĐŚĂƌŐĞĚ ďĂƚƚĞƌLJ ĐĂŶ ůĂƐƚ ĂƉƉƌŽdž Ϯ ŚŽƵƌƐ
KWZd/KE
KWZd/KE
KWZd/KE
W>z/E'
W>z/E'
W>z/E' 

s
s
ss
s
s
 ^ůŝĚĞ ƚŚĞ KWE
KWE
KWE ƐǁŝƚĐŚ Ăƚ ƚŚĞ ƐŝĚĞ ŽĨ ƚŚĞ ƉůĂLJĞƌ ƚŽ KE
KE
KE ƚŽ ƚƵƌŶ ƚŚĞ
ƉůĂLJĞƌ ŽŶ
dŚĞ ƉŽǁĞƌ ŝŶĚŝĐĂƚŽƌ ůŝŐŚƚ ǁŝůů ďĞ ŝůůƵŵŝŶĂƚĞĚ
 ^ůŝĚĞ KWE
KWE
KWE ŽŶ ƚŚĞ ƚŽƉ ŽĨ ƚŚĞ ƉůĂLJĞƌ ƚŽ ŽƉĞŶ ƚŚĞ ĚŝƐĐ ƚƌĂLJ ĂŶĚ ŝŶƐĞƌƚ
LJŽƵƌ ĐŚŽƐĞŶ ĚŝƐĐ ŝŶ ƚŚĞ ƚƌĂLJ ǁŝƚŚ ƚŚĞ ůĂďĞů ƐŝĚĞ ĨĂĐŝŶŐ ƵƉ
 ůŽƐĞ ƚŚĞ ƚƌĂLJ
WůĂLJ ƐƚĂƌƚƐ ĂƵƚŽŵĂƚŝĐĂůůLJ
DŽǀŝŶŐ ƚŽ ĂŶŽƚŚĞƌ ,WdZdZ<s
tŚĞŶ Ă ƚŝƚůĞ ŽŶ Ă ĚŝƐĐ ŚĂƐ ŵŽƌĞ ƚŚĂŶ ŽŶĞ ĐŚĂƉƚĞƌ Žƌ Ă ĚŝƐĐ ŚĂƐ ŵŽƌĞ ƚŚĂŶ
ŽŶĞ ƚƌĂĐŬ LJŽƵ ĐĂŶ ŵŽǀĞ ƚŽ ĂŶŽƚŚĞƌ ĐŚĂƉƚĞƌƚƌĂĐŬ ĂƐ ĨŽůůŽǁƐ
ϭ WƌĞƐƐ Žƌ ďƌŝĞĨůLJ ĚƵƌŝŶŐ ƉůĂLJ ƚŽ ƐĞůĞĐƚ ƚŚĞ ŶĞdžƚ Žƌ ƉƌĞǀŝŽƵƐ
ĐŚĂƉƚĞƌƚƌĂĐŬ
Ϯ dŽ ŐŽ ĚŝƌĞĐƚůLJ ƚŽ ĂŶLJ ĐŚĂƉƚĞƌ  ƚƌĂĐŬ ĚƵƌŝŶŐ s ƉůĂLJďĂĐŬ ŝŶƉƵƚ ƚŚĞ
ĐŚĂƉƚĞƌƚƌĂĐŬ ŶƵŵďĞƌ
Downloaded from www.vandenborre.be


ZĞƉĞĂƚ
zŽƵ ĐĂŶ ƉůĂLJ Ă ƚŝƚůĞĐŚĂƉƚĞƌĂůů ƚŚĞ ƚƌĂĐŬƐ ŽŶ Ă ĚŝƐĐ ƌĞƉĞĂƚĞĚůLJ
WƌĞƐƐ ZWd
ZWd
ZWd ŽŶ ƚŚĞ ƌĞŵŽƚĞ ĚƵƌŝŶŐ ƉůĂLJ ƚŽ ƐĞůĞĐƚ Ă ĚĞƐŝƌĞĚ ƌĞƉĞĂƚ ŵŽĚĞ
ZĞƉĞĂƚ
ZĞƉĞĂƚ
ZĞƉĞĂƚ ĐŚĂƉƚĞƌ
ĐŚĂƉƚĞƌ
ĐŚĂƉƚĞƌ 

 ƚŝƚůĞ
ƚŝƚůĞ
ƚŝƚůĞ 

Ăůů
Ăůů
Ăůů;ĨŽƌsͿ
,WdZ ƌĞƉĞĂƚ ƚŚĞ ĐƵƌƌĞŶƚ ĐŚĂƉƚĞƌ
d/d> ƌĞƉĞĂƚ ƚŚĞ ĐƵƌƌĞŶƚ ƚŝƚůĞ
>> ƌĞƉĞĂƚ Ăůů ƚŚĞ ƚƌĂĐŬƐ ŽŶ Ă ĚŝƐĐ
ZĞƉĞĂƚ
ZĞƉĞĂƚ
ZĞƉĞĂƚ ƚƌĂĐŬ
ƚƌĂĐŬ
ƚƌĂĐŬ 

Ăůů
Ăůů
Ăůů;ĨŽƌsͿ
dZ< ƌĞƉĞĂƚ ƚŚĞ ĐƵƌƌĞŶƚ ƚƌĂĐŬ
>> ƌĞƉĞĂƚ Ăůů ƚŚĞ ƚƌĂĐŬƐ ŽŶ Ă ĚŝƐĐ
ŽŽŵ
zŽƵ ĐĂŶ njŽŽŵ ŝŶ ĨŽƌ ǀŝĚĞŽ ŝŵĂŐĞƐ
WƌĞƐƐ KKD
KKD
KKD ŽŶ ƚŚĞ ƌĞŵŽƚĞ ƌĞƉĞĂƚĞĚůLJ ƚŽ ĐŚĂŶŐĞ ƚŚĞ ƐŝnjĞ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ
ƐĞ ƵĞŶĐĞ
Ϯy ƐŝnjĞ ї ϯy ƐŝnjĞ ї ϰy ƐŝnjĞ ї ϭϮƐŝnjĞ ї ϭϯƐŝnjĞї ϭϰƐŝnjĞ їŶŽƌŵĂů ƐŝnjĞ
DĞŶƵ
WƌĞƐƐ DEh
DEh
DEh /Ĩ ƚŚĞ ĐƵƌƌĞŶƚ ƚŝƚůĞ ŚĂƐ Ă ŵĞŶƵ ƚŚĞ ŵĞŶƵ ĂƉƉĞĂƌƐ ŽŶ ƚŚĞ
ƐĐƌĞĞŶ
^ĞůĞĐƚŝŶŐ ƚŚĞ ƵĚŝŽ >ĂŶŐƵĂŐĞ
&Žƌ sƐ ƚŚĂƚ ĐŽŶƚĂŝŶ ƚǁŽ Žƌ ŵŽƌĞ ĂƵĚŝŽ ůĂŶŐƵĂŐĞƐ ĚƵƌŝŶŐ ƉůĂLJ ƉƌĞƐƐ
h/K
h/K
h/K ŽŶ ƚŚĞ ƌĞŵŽƚĞ ƌĞƉĞĂƚĞĚůLJ ƵŶƚŝů ƚŚĞ ĚĞƐŝƌĞĚ ůĂŶŐƵĂŐĞ ŝƐ ƐĞůĞĐƚĞĚ
&Žƌ s ƌĞƉĞĂƚĞĚůLJ ƉƌĞƐƐ h/K
h/K
h/K ƚŽ ƐĞůĞĐƚ ƚŚĞ ĚĞƐŝƌĞĚ ĂƵĚŝŽ ŵŽĚĞ
^ĞůĞĐƚŝŶŐ ƚŚĞ ^ƵďƚŝƚůĞ >ĂŶŐƵĂŐĞ
&Žƌ sƐ ƚŚĂƚ ĐŽŶƚĂŝŶ ƚǁŽ Žƌ ŵŽƌĞ ƐƵďƚŝƚůĞ ůĂŶŐƵĂŐĞƐ ĚƵƌŝŶŐ ƉůĂLJ ƉƌĞƐƐ
^h
^h
^hd/d>
d/d>
d/d> ŽŶ ƚŚĞ ƌĞŵŽƚĞ ƌĞƉĞĂƚĞĚůLJ ƵŶƚŝů ƚŚĞ ĚĞƐŝƌĞĚ ůĂŶŐƵĂŐĞ ŝƐ ƐĞůĞĐƚĞĚ
ĂŵĞƌĂ ŶŐůĞ
/Ĩ ƚŚĞ ĚŝƐĐ ĐŽŶƚĂŝŶƐ ƐĐĞŶĞƐ ƌĞĐŽƌĚĞĚ Ăƚ ĚŝĨĨĞƌĞŶƚ ĐĂŵĞƌĂ ĂŶŐůĞƐ LJŽƵ ĐĂŶ
Downloaded from www.vandenborre.be


ĐŚĂŶŐĞ ƚŽ Ă ĚŝĨĨĞƌĞŶƚ ĐĂŵĞƌĂ ĂŶŐůĞ ĚƵƌŝŶŐ ƉůĂLJďĂĐŬ WƌĞƐƐ E'>
E'>
E'>
ƌĞƉĞĂƚĞĚůLJ ĚƵƌŝŶŐ ƉůĂLJ ƚŽ ƐĞůĞĐƚ Ă ĚĞƐŝƌĞĚ ĂŶŐůĞ EŽƚĞ ƚŚĂƚ ƚŚĞ ŶƵŵďĞƌ ŽĨ
ƚŚĞ ĐƵƌƌĞŶƚ ĂŶŐůĞ ĂƉƉĞĂƌƐ ŽŶ ƐĐƌĞĞŶ
dŝƚůĞ
WƌĞƐƐ d/d>
d/d>
d/d> ƚŚĞŶ ƚŚĞ s ŵĞŶƵ Žƌ ƚŝƚůĞƐ ĂǀĂŝůĂďůĞ ŽŶ ƚŚĞ ĚŝƐĐ ǁŝůů ďĞ
ĚŝƐƉůĂLJĞĚ dŚĞŶ LJŽƵ ĐĂŶ ƵƐĞ ĂŶĚ EdZ
EdZ
EdZ ƚŽ ƐĞůĞĐƚ ƉƌŽŐƌĂŵƐ
W
ƵƌŝŶŐ s ƉůĂLJďĂĐŬ ƉƌĞƐƐ DEh
DEh
DEhW
W
W ŽŶ ƚŚĞ ƌĞŵŽƚĞ ƚŽ ƚƵƌŶ ƚŚĞ ƵŶŝƚ ŽŶ
Žƌ ŽĨĨ
DƵůƚŝ ^ƉĞĞĚ ^ůŽǁ DŽƚŝŽŶ WůĂLJďĂĐŬ
ZĞƉĞĂƚĞĚůLJ ƉƌĞƐƐ ^>Kt
^>Kt
^>Kt ƚŽ ƐĞůĞĐƚ ƚŚĞ ĚĞƐŝƌĞĚ ƐůŽǁ ŵŽƚŝŽŶ ƉůĂLJďĂĐŬ ƐƉĞĞĚ
^ůŽǁ ŵŽƚŝŽŶ ƉůĂLJďĂĐŬ ŚĂƐ ĨŽƵƌ ƐƉĞĞĚƐ ϭϮ ϭϰ ϭϴ ĂŶĚ ϭϭϲ
^ƚĞƉ
WƌĞƐƐ ^dW
^dW
^dW ƚŽ ƉůĂLJ ƚŚĞ ĚŝƐĐ ĨƌĂŵĞ ďLJ ĨƌĂŵĞ
WƌŽŐƌĂŵ WůĂLJ
ϭ WƌĞƐƐ WZK'ZD
WZK'ZD
WZK'ZD ŽŶ ƚŚĞ ƌĞŵŽƚĞ ƚŚĞ ƉƌŽŐƌĂŵ ŵĞŶƵ ǁŝůů ĂƉƉĞĂƌ
Ϯ hƐĞ ƚŚĞ ŶƵŵĞƌŝĐ ŬĞLJƉĂĚ ƚŽ ŝŶƉƵƚ ƚŚĞ ƚŝƚůĞƐ ƚƌĂĐŬƐ Žƌ ĐŚĂƉƚĞƌƐ
ϯ DŽǀĞ ƚŚĞ ĐƵƌƐŽƌ ďLJ ƉƌĞƐƐŝŶŐ ƚŽ ƐĞůĞĐƚ W>z ĂŶĚ ƉƌĞƐƐ EdZ
EdZ
EdZ
ϰ dŽ ƌĞƐƵŵĞ ŶŽƌŵĂů ƉůĂLJ ĨƌŽŵ ƉƌŽŐƌĂŵŵĞĚ ƉůĂLJ ƉƌĞƐƐ WZK'ZD
WZK'ZD
WZK'ZD ĂŶĚ
ƐĞůĞĐƚ >Z ŽŶ ƚŚĞ ƉƌŽŐƌĂŵ ŵĞŶƵ
W>z/E'
W>z/E'
W>z/E' E
E
E h/K
h/K
h/K 



DWϯ
DWϯ
DWϯ /^
/^
/^
ƵĚŝŽ
ƵĚŝŽ
ƵĚŝŽ 


KŶĐĞ ĂŶ ƵĚŝŽ  ŝƐ ŝŶƐĞƌƚĞĚ ŝƚ ǁŝůů ďĞ ƉůĂLJĞĚ ĂƵƚŽŵĂƚŝĐĂůůLJ /ƚƐ ƉůĂLJ
ŝŶĨŽƌŵĂƚŝŽŶ ǁŝůů ďĞ ƐŚŽǁŶ
tŚĞŶ LJŽƵ ƉƌĞƐƐ /^W>z
/^W>z
/^W>z ƌĞƉĞĂƚĞĚůLJ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŝŵĞ ǁŝůů ďĞ ĚŝƐƉůĂLJĞĚ
^/E'> ZD/E ;ĐƵƌƌĞŶƚ ƚƌĂĐŬͿ dKd> >W^ dKd> ZD/E ;ůů
dƌĂĐŬƐͿ ^/E'> >W^
WƌĞƐƐ Žƌ ƚŽ ŵŽǀĞ ƚŽ ƚŚĞ ŶĞdžƚ  ƉƌĞǀŝŽƵƐ ƚƌĂĐŬ
Downloaded from www.vandenborre.be


WƌĞƐƐ Žƌ ƌĞƉĞĂƚĞĚůLJ ƚŽ ƉůĂLJ ;ƐĞĂƌĐŚͿ ƚŚĞ ĐƵƌƌĞŶƚ ƚƌĂĐŬ Ăƚ ĚŝĨĨĞƌĞŶƚ
ƐƉĞĞĚƐ ĞĂĐŚ ƉƌĞƐƐ ǁŝůů ƐĞůĞĐƚ Ϯy ϰy ϴy ϭϲy ϯϮy Žƌ ďĂĐŬ ƚŽ ƉůĂLJ ƚŚĞ
ƐŽƵŶĚ ǁŝůů ďĞ ŵƵƚĞĚ Žƌ ĚŝƐƚŽƌƚĞĚ ĚƵƌŝŶŐ ƐĞĂƌĐŚ ƉƌĞƐƐ ƚŽ ƌĞƚƵƌŶ ƚŽ
ŶŽƌŵĂů ƉůĂLJ ĨƌŽŵ ĂŶLJ ƐĞůĞĐƚĞĚ ƐƉĞĞĚ
DWϯ
DWϯ
DWϯ
ϭ WƌĞƐƐŸŽƌ źƚŽ ƐĞůĞĐƚ Ă ĨŽůĚĞƌ ŝĨ ĂǀĂŝůĂďůĞ ĂŶĚ ƉƌĞƐƐ EdZ
EdZ
EdZ ƚŽ ĐŚĞĐŬ ƚŚĞ
ĨŽůĚĞƌ ĐŽŶƚĞŶƚƐ
Ϯ WƌĞƐƐ ŸŽƌ źƚŽ ƐĞůĞĐƚ Ă ƚƌĂĐŬ ƚŚĞŶ ƉƌĞƐƐ  WůĂLJ ƐƚĂƌƚƐ
WĂƵƐĞ
ϭ WƌĞƐƐ ĚƵƌŝŶŐ ƉůĂLJ
Ϯ dŽ ƌĞƚƵƌŶ ƚŽ ƉůĂLJ ƉƌĞƐƐ ĂŐĂŝŶ
DŽǀŝŶŐ ƚŽ Ă ĞƐŝƌĞĚ dƌĂĐŬ
WƌĞƐƐ  ŸĂŶĚ źĚƵƌŝŶŐ ƉůĂLJ ƚŽ ƐĞůĞĐƚ ƚŚĞ ƚƌĂĐŬ LJŽƵ ǁĂŶƚ ƚŽ ƉůĂLJ ĂŶĚ
ƚŚĞŶ ƉƌĞƐƐ EdZ
EdZ
EdZ ƚŽ ƉůĂLJ
zŽƵ ĐĂŶ ƉůĂLJ ĂŶLJ ƚƌĂĐŬ ďLJ ŝŶƉƵƚƚŝŶŐ ŝƚƐ ŶƵŵďĞƌ ƚŚĞŶ ƉƌĞƐƐ ƚŽ ƉůĂLJ ŝƚ
ZĞƉĞĂƚ
&Žƌ ĂƵĚŝŽ  ŽŶůLJ ǁŚĞŶ ZWd
ZWd
ZWd ŝƐ ƉƌĞƐƐĞĚ ƚŚĞ ƌĞƉĞĂƚ ŵŽĚĞ ŝĐŽŶ ĂƉƉĞĂƌƐ
ŽŶ ƚŚĞ ƐĐƌĞĞŶ
dƌĂĐŬ
dƌĂĐŬ
dƌĂĐŬ ƌĞƉĞĂƚƐ ƚŚĞ ĐƵƌƌĞŶƚ ƚƌĂĐŬ
ůů
ůů
ůů ƌĞƉĞĂƚƐ Ăůů ƚŚĞ ƚƌĂĐŬƐ ŽŶ Ă ĚŝƐĐ
KĨĨ
KĨĨ
KĨĨ ŶŽƌŵĂů ƉůĂLJ
&Žƌ DWϯ ƌĞƉĞĂƚĞĚůLJ ƉƌĞƐƐ ZWd
ZWd
ZWd ƚŽ ƐĞůĞĐƚ ƚŚĞ ĚĞƐŝƌĞĚ ŵŽĚĞ ŝŶ ƚŚĞ
ĨŽůůŽǁŝŶŐ ŵŽĚĞƐ
^,h&&>
^,h&&>
^,h&&>ї
ї
їZEKD
ZEKD
ZEKDї
ї
ї^/E'>
^/E'>
^/E'>ї
ї
їZWd
ZWd
ZWd KE
KE
KEї
ї
їZWd
ZWd
ZWd &K>
&K>
&K>Z
Z
Zї
ї
ї&K>Z
&K>Z
&K>Z
ĚũƵƐƚŝŶŐ
ĚũƵƐƚŝŶŐ
ĚũƵƐƚŝŶŐ sŽůƵŵĞ
sŽůƵŵĞ
sŽůƵŵĞ
WƌĞƐƐ sK>н
sK>н
sK>нͲ
Ͳ
ͲƚŽ ŝŶĐƌĞĂƐĞ Žƌ ĚĞĐƌĞĂƐĞ ƚŚĞ ǀŽůƵŵĞ ůĞǀĞů
Downloaded from www.vandenborre.be


W>z/E'
W>z/E'
W>z/E' 

:W'
:W'
:W' /^
/^
/^
sŝĞǁŝŶŐ Ă :W' ŝƐĐ
ϭ /ŶƐĞƌƚ Ă :W' ĚŝƐĐ ĂŶĚ ĐůŽƐĞ ƚŚĞ ƚƌĂLJ dŚĞ ĨŝůĞ ŵĞŶƵ ĂƉƉĞĂƌƐ ŽŶ ƚŚĞ
ĚŝƐƉůĂLJ
Ϯ hƐĞ ƚŽ ŚŝŐŚůŝŐŚƚ ƚŚĞ ĨŝůĞ LJŽƵ ǁĂŶƚ ƚŽ ƉůĂLJ ĂŶĚ ƉƌĞƐƐ EdZ
EdZ
EdZ Žƌ 
^ůŝĚĞ ƐŚŽǁ ƐƚĂƌƚƐ ĨƌŽŵ ƚŚĞ ƐĞůĞĐƚĞĚ ĨŝůĞ
ϯ ƵƌŝŶŐ ƉůĂLJŝŶŐ :W' ĚŝƐĐ WƌĞƐƐ ƚŽ ŵŽǀĞ ƚŽ ƚŚĞ ŶĞdžƚ ƉŝĐƚƵƌĞ ƉƌĞƐƐ
ƚŽ ƌĞƚƵƌŶ ƚŽ ƉƌĞǀŝŽƵƐ ƉŝĐƚƵƌĞ ĂŶĚ ƉƌĞƐƐ DEh
DEh
DEh ƚŽ ĞŶƚĞƌ ƚŚĞ ĨŽůĚĞƌ
ŵĞŶƵ
ϰ WƌĞƐƐ /^W>z
/^W>z
/^W>z ŽŶ ƚŚĞ ƌĞŵŽƚĞ ƚŽ ƐŚŽǁ ƚŚĞ ĨŝůĞ ŶƵŵďĞƌ ĂŶĚ ƚŚĞ ƚŽƚĂů
ŶƵŵďĞƌ ŽĨ ĨŝůĞƐ ŽŶ ƐĐƌĞĞŶ
^ůŝĚĞ ^ŚŽǁ
dŚĞƌĞ ĂƌĞ ϭϲ ǁŝƉĞ ŵŽĚĞƐ ĨŽƌ ƐůŝĚĞ ƐŚŽǁ
zŽƵ ĐĂŶ ƌĞƉĞĂƚĞĚůLJ ƉƌĞƐƐ WZK'ZD
WZK'ZD
WZK'ZD ŽŶ ƚŚĞ ƌĞŵŽƚĞ ƚŽ ƐĞůĞĐƚ ƚŚĞ ĚĞƐŝƌĞĚ
ƐůŝĚĞ ƐŚŽǁ ŵŽĚĞ
^ƚŝůů WŝĐƚƵƌĞ
ϭ WƌĞƐƐ ĚƵƌŝŶŐ ƐůŝĚĞ ƐŚŽǁ dŚĞ ƉůĂLJĞƌ ǁŝůů ŶŽǁ ŐŽ ŝŶƚŽ Wh^ ŵŽĚĞ
Ϯ dŽ ƌĞƚƵƌŶ ƚŽ ƚŚĞ ƐůŝĚĞ ƐŚŽǁ ƉƌĞƐƐ ĂŐĂŝŶ
ŽŽŵ
ϭ WƌĞƐƐ KKD
KKD
KKD ŽŶ ƚŚĞ ƌĞŵŽƚĞ
Ϯ WƌĞƐƐ Žƌ ƌĞƉĞĂƚĞĚůLJ ƚŽ njŽŽŵ ŝŶ ĂŶĚ ŽƵƚ
ϯ tŚĞŶ ƚŚĞ ƉŝĐƚƵƌĞ ŝƐ ĞŶůĂƌŐĞĚ ƉƌĞƐƐ ƚŽ ƉĂŶ ƚŚƌŽƵŐŚ ŝƚ
ϰ WƌĞƐƐ KKD
KKD
KKD ĂŐĂŝŶ ƚŽ Ğdžŝƚ
dŽ ƌŽƚĂƚĞ Ă ƉŝĐƚƵƌĞ
WƌĞƐƐ ĚƵƌŝŶŐ ƉůĂLJ ƚŽ ƌŽƚĂƚĞ ƚŚĞ ƉŝĐƚƵƌĞ ĐůŽĐŬǁŝƐĞ Žƌ
ĐŽƵŶƚĞƌͲĐůŽĐŬǁŝƐĞ Žƌ ŚĂǀĞ ĂŶ ŝŶǀĞƌƚ Žƌ ŵŝƌƌŽƌ ƉŝĐƚƵƌĞ
Downloaded from www.vandenborre.be


/'/d>
/'/d>
/'/d> Z
Z
Z E
E
E h^
h^
h^ W>z
W>z
W>z
ŝŐŝƚĂů ĐĂƌĚƐ ;^DDD^ ĐĂƌĚͿ ĂŶĚ h^ ǁŝƚŚ ŵƉϯΘƉŝĐƚƵƌĞƐ ;ũƉŐͿ ŵĂLJ
ďĞ ƉůĂLJĞĚ ĂŶĚ ĚŝƐƉůĂLJĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ƵŶŝƚ ŝŐŝƚĂů ĐĂƌĚƐ ŵĂLJ ďĞ ĚŝƌĞĐƚůLJ
ŝŶƐĞƌƚĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ĐĂƌĚ ƌĞĂĚĞƌ ƐůŽƚ dŚĞ h^ ƐŽĐŬĞƚ ĐĂŶ ďĞ ƵƐĞĚ ƚŽ
ƐƵƉƉůLJ ƐŝŐŶĂůƐ ƚŽ ƚŚĞ ƵŶŝƚ ĨƌŽŵ h^ ƐŽƵƌĐĞƐ
ϭ ^ǁŝƚĐŚ ƚŚĞ ƵŶŝƚ ŽŶ
Ϯ /ŶƐĞƌƚ Ă h^ ĐĂďůĞ ;ŶŽƚ ƐƵƉƉůŝĞĚͿ ŝŶƚŽ ƚŚĞ h^ ƉŽƌƚ Žƌ Ă ĐĂƌĚ ŝŶƚŽ ƚŚĞ
ĐĂƌĚ ƌĞĂĚĞƌ ƐůŽƚ ŽŶ ƚŚĞ ƐŝĚĞ ŽĨ ƚŚĞ ƵŶŝƚ
ϯ WƌĞƐƐ ^KhZ
^KhZ
^KhZ ĂŶĚ ƚŚĞŶ ƉƌĞƐƐ ƚŽ ŚŝŐŚůŝŐŚƚ DĞĚŝĂ
ϰ WƌĞƐƐ EdZ
EdZ
EdZ ƚǁŝĐĞ ĂŶĚ ƚŚĞ ƵŶŝƚ ǁŽƵůĚ ĂƵƚŽŵĂƚŝĐĂůůLJ ĚĞƚĞĐƚ ƚŚĞ
h^Z
ϱ /Ĩ h^Z ŝƐ ƐĞůĞĐƚĞĚ ƚŚĞ ƵŶŝƚ ǁŝůů ďĞŐŝŶ ƚŽ ƌĞĂĚ ƚŚĞ ĐĂƌĚ Žƌ h^
ĐŽŶŶĞĐƚĞĚ ƚŽ ŝƚ
^dhW
^dhW
^dhW DEh
DEh
DEh
'ĞŶĞƌĂů
'ĞŶĞƌĂů
'ĞŶĞƌĂů KƉĞƌĂƚŝŽŶ
KƉĞƌĂƚŝŽŶ
KƉĞƌĂƚŝŽŶ
ϭ WƌĞƐƐ ^dhW
^dhW
^dhW ƚŽ ĞŶƚĞƌ ƚŚĞ ƐĞƚƵƉ ŵĞŶƵ
Ϯ WƌĞƐƐ ƚŽ ĞŶƚĞƌ ƚŚĞ ƐƵďŵĞŶƵ Žƌ ƌĞƚƵƌŶ ƚŽ ƚŚĞ ƉƌĞǀŝŽƵƐ ŵĞŶƵ
ϯ WƌĞƐƐ Ÿź ƚŽ ŚŝŐŚůŝŐŚƚ ƚŚĞ ĚĞƐŝƌĞĚ ŵĞŶƵ
ϰ WƌĞƐƐ ƚŽ ĞŶƚĞƌ ƚŚĞ ŶĞdžƚ ůĞǀĞů ŽĨ ƐƵďŵĞŶƵ Žƌ ĐŽŶĨŝƌŵ LJŽƵƌ ƐĞůĞĐƚŝŽŶ
ϱ dŽ Ğdžŝƚ ĨƌŽŵ ƚŚĞ ŵĞŶƵ ƉƌĞƐƐ ^dhW
^dhW
^dhW ĂŐĂŝŶ dŚĞ ƐĞƚƚŝŶŐƐ ǁŝůů ďĞ ƐƚŽƌĞĚ
ŝŶ ƚŚĞ ƉůĂLJĞƌƐ ŵĞŵŽƌLJ
'ĞŶĞƌĂů
'ĞŶĞƌĂů
'ĞŶĞƌĂů ^ĞƚƵƉ
^ĞƚƵƉ
^ĞƚƵƉ WĂŐĞ
WĂŐĞ
WĂŐĞ
dŚĞ ŽƉƚŝŽŶƐ ŝŶĐůƵĚĞĚ ŝŶ 'ĞŶĞƌĂů ^ĞƚƵƉ ƉĂŐĞ ĂƌĞ ds /^W>z E'>
DZ< K^ >E'h' >K^ Wd/KE^ ĂŶĚ ^ZE ^sZ
Downloaded from www.vandenborre.be


ϭ WƌĞƐƐ ^dhW
^dhW
^dhW ƚŽ ĞŶƚĞƌ ƚŚĞ ƐĞƚƵƉ ŵĞŶƵ
Ϯ WƌĞƐƐ ƚŽ ƐĞůĞĐƚ 'EZ> ^dhW W'
ds /^W>z
^Ğƚ ƚŚĞ ĂƐƉĞĐƚ ƌĂƚŝŽ ŽĨ ƚŚĞ s WůĂLJĞƌ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ds LJŽƵ ŚĂǀĞ
ĐŽŶŶĞĐƚĞĚ
ϭ WƌĞƐƐ ŸźƌĞƉĞĂƚĞĚůLJ ƚŽ ŚŝŐŚůŝŐŚƚ ds /^W>z
Ϯ ŶƚĞƌ ŝƚƐ ƐƵďŵĞŶƵ ďLJ ƉƌĞƐƐŝŶŐ 
ϯ WƌĞƐƐ ŸźƌĞƉĞĂƚĞĚůLJ ƚŽ ŚŝŐŚůŝŐŚƚ ƚŚĞ ƐĞůĞĐƚĞĚ ŝƚĞŵ
ϰ WƌĞƐƐ ƚŽ ĐŽŶĨŝƌŵ
ϰϯ
ϰϯ
ϰϯ WE^E
WE^E
WE^E
ї /Ĩ LJŽƵ ŚĂǀĞ Ă ŶŽƌŵĂů ds ĂŶĚ ǁĂŶƚ ďŽƚŚ ƐŝĚĞƐ ŽĨ ƚŚĞ ƉŝĐƚƵƌĞ ƚŽ ďĞ
ƚƌŝŵŵĞĚ Žƌ ĨŽƌŵĂƚƚĞĚ ƚŽ Ĩŝƚ LJŽƵƌ ds ƐĐƌĞĞŶ
ϰϯ
ϰϯ
ϰϯ >
>
>ddZKy
ddZKy
ddZKy
ї /Ĩ LJŽƵ ŚĂǀĞ Ă ŶŽƌŵĂů ds ĂŶĚ ƐĞůĞĐƚ ƚŚĞ ŝƚĞŵ Ă ǁŝĚĞ ƉŝĐƚƵƌĞ ǁŝƚŚ ďůĂĐŬ
ďĂŶĚƐ ŽŶ ƚŚĞ ƵƉƉĞƌ ĂŶĚ ůŽǁĞƌ ƉŽƌƚŝŽŶƐ ŽĨ ƚŚĞ ds ƐĐƌĞĞŶ ǁŝůů ďĞ ĚŝƐƉůĂLJĞĚ
Downloaded from www.vandenborre.be