,QVWDOOLQJ DQG 2SHUDWLQJ ,QVWUXFWLRQV
cod. 1592002022 rel.4.0 20/11/00
;7 *% U GRF
;7& ;7& ;7& ;7& ;7' ;7' ;75 ;75
WKH GLIIHUHQFH EHWZHHQ PHDVXUHPHQW RI WKH
SUREH DQG 6HW 3RLQW
28& 2XWSXW FRQQHFWLRQV
GHSHQGHQW
LQGHSHQGHQW VHOHFW LI WKH 6(7 GHSHQGV
RQ 6(7 VR 6HW 6(76(7 RU LI 6(7
LV LQGHSHQGHQW IURP 6(7
6& $FWLRQ W\SH RXWSXW
6& LQYHUVH
DFWLRQ KHDWLQJ 6& GLUHFW DFWLRQ FRROLQJ
6& $FWLRQ W\SH RXWSXW
6& LQYHUVH DFWLRQ
KHDWLQJ 6& GLUHFW DFWLRQ FRROLQJ
6R 5HOD\ VWDWXV ZLWK IDXOW\ SUREH
6R
RSHQ 6R FORVHG
6R 5HOD\ VWDWXV ZLWK IDXOW\ SUREH
6R
RSHQ 6R FORVHG
+GG +DOI GLJLW GLVSOD\
+GG 2)) +GG 21
WKH ULJKW KDQG GLJLW FDQ EH VHW WR UHDG RXW RQO\
RURUWRUHDG RXW DOO YDOXHV IURP WR
(J LI
+GG
WKH GLVSOD\HG YDOXHV FRXOG EH
LI
+GG
WKH GLVSOD\HG YDOXHV FRXOG EH
U(6 'HFLPDO SRLQW 212))
QR GHFLPDO SRLQW
ZLWK G S VHOHFW WKH UHVROXWLRQ RI WKH FRQ
WUROOHU ZLWK GHFLPDO SRLQW RU ZLWKRXW GHFLPDO
SRLQW
127(
RQ DOO PRGHOV LI D XQLW LV FKDQJHG
IURP ³ZLWKRXW GHFLPDO SRLQW´ LQWR ³ZLWK GHFLPDO
SRLQW´ DOO SDUDPHWHUV YDOXHV H[SUHVVHG LQ GH
JUHHV
6(7 6(7 +< +< /6 86
/6 86 $/8 $// /&, 8&, /$2 8$2
23E
ZLOO DXWRPDWLFDOO\ EH
GLYLGHG E\ 7R
UHVWRUH WKH ULJKW EHKDYLRXU
PXOWLSOLH E\
WKH DERYH SDUDPHWHUV
127(
WKH GHFLPDO SRLQW VHOHFWLRQ LV QRW
DYDLODEOH RQ PRGHOV ZLWK WKHUPRFRXSOH LQSXW
&) 7HPSHUDWXUH PHDVXUHPHQW XQLW
&HO
VLXV )DKUHQKHLW
$/& 6HW SRLQW DODUPV FRQILJXUDWLRQ
UH
IHUUHG WR VHW SRLQW DEVROXWH GHWHUPLQHV LI
DODUPV DUH UHODWLYH WR VHW SRLQW RU UHIHUUHG WR
DEVROXWH YDOXHV
6$2 $QDORJ RXWSXW VDIHW\ ZLWK SUREH IDXOW
RQO\ IRU PRGHOV ZLWK DQDORJ RXWSXW
GH
WHUPLQHV ZKDW VWDWH WKH DQDORJ RXWSXW VKRXOG
DVVXPH ZKHQ WKH SUREH LV IDXOW\
6$2 DQDORJ RXWSXW P$ RU 9GF
6$2 DQDORJ RXWSXW P$ RU 9GF
2Q) 6ZLWKFKLQJ 212)) HQDEOLQJ IURP NH\
ERDUG
GLVDEOHG HQDEOHG ,W SHUPLWV
WKH VZLWKFKLQJ 212)) RI WKH LQVWUXPHQW E\
SUHVVLQJ WKH 6(7 NH\ IRU PRUH WKDQ V
3WE 3DUDPHWHUV WDEOH
UHDG RQO\ IRU IDFWRU\ XVH
U(/6RIWZDUH UHOHDVH
UHDG RQO\
,167$//$7,21 $1' 02817
,1*
,QVWUXPHQWV
;7& ;7& ;7&
;7&
DUH SDQHO PRXQWHG LQ D [ PP KROH DQG IL[HG
XVLQJ WKH VSHFLDO EUDFNHW VXSSOLHG
,QVWUXPHQWV
;7' ;7'
VKDOO EH PRXQWHG
RQ DQ RPHJD ',1 UDLO ,QVWUXPHQWV
;75
;75
DUH SDQHO PRXQWHG LQ D [ PP KROH
DQG IL[HG XVLQJ WKH VSHFLDO EUDFNHW VXSSOLHG
7KH DPELHQW WHPSHUDWXUH UDQJH DOORZHG IRU FRU
UHFW RSHUDWLRQ LV
÷
& $YRLG SODFHV VXEMHFW WR
VWURQJ YLEUDWLRQV FRUURVLYH JDVHV H[FHVVLYH GLUW
RU KXPLGLW\ /HW DLU FLUFXODWH E\ WKH FRROLQJ KROHV
(/(&75,&$/ &211(&7,216
7KH LQVWUXPHQWV DUH SURYLGHG ZLWK VFUHZ WHUPLQDO
EORFN WR FRQQHFW FDEOHV ZLWK D FURVV VHFWLRQ XS WR
PP
%HIRUH FRQQHFWLQJ FDEOHV PDNH VXUH WKH
SRZHU VXSSO\ FRPSOLHV ZLWK WKH LQVWUXPHQW¶V UH
TXLUHPHQWV 6HSDUDWH WKH LQSXW FRQQHFWLRQ FDEOHV
IURP WKH SRZHU VXSSO\ FDEOHV IURP WKH RXWSXWV
DQG WKH SRZHU FRQQHFWLRQV 'R QRW H[FHHG WKH
PD[LPXP FXUUHQW DOORZHG RQ HDFK UHOD\ LQ FDVH
RI KHDYLHU ORDGV XVH D VXLWDEOH H[WHUQDO UHOD\
3UREHV FRQQHFWLRQ
7KH 37& SUREHV VKDOO EH PRXQWHG ZLWK WKH EXOE
XSZDUGV WR SUHYHQW GDPDJHV GXH WR FDVXDO OLTXLG
LQILOWUDWLRQ
$/$50 6,*1$/6
0HVVDJH
0RGH
&DXVH 2XWSXWV
³RRR´
)ODVKLQJ
3UREHV
EUHDN RU
DEVHQFH
$ODUP RXWSXW 21 5H
OD\ RXWSXW DFFRUGLQJ WR
SDUDPHWHUV ³6R´
0HVVDJH
0RGH
&DXVH 2XWSXWV
³&&&´
)ODVKLQJ
3UREH VKRUW
FLUFXLWHG
$ODUP RXWSXW 21 5H
OD\ RXWSXW DFFRUGLQJ WR
SDUDPHWHUV ³6R´
³+$´
$OWHUQDWLQJ
ZLWK QRUPDO
GLVSOD\
0D[LPXP
WHPSHUDWXUH
DODUP
$ODUP RXWSXW 21 2WKHU
RXWSXWV XQFKDQJHG
³/$´
$OWHUQDWLQJ
ZLWK QRUPDO
GLVSOD\
0LQLPXP
WHPSHUDWXUH
DODUP
$ODUP RXWSXW 21 2WKHU
RXWSXWV XQFKDQJHG
6WDWXV RI WKH DODUP UHOD\
02'( 5(/$< 67$786
,QVWUXPHQW 2)) &ORVHG
1RUPDO RSHUDWLQJ PRGH 2SHQ
$ODUP RFFXUULQJ &ORVHG
6LOHQFLQJ EX]]HU DODUP UHOD\
RXWSXW
2QFH WKH DODUP VLJQDO LV GHWHFWHG WKH EX]]HU DQG
WKH DODUP RXWSXW FDQ EH GLVDEOHG E\ SUHVVLQJ DQ\
NH\ 7KH GLVSOD\ VLJQDO UHPDLQV DV ORQJ DV WKH
DODUP FRQGLWLRQ UHPDLQV
$ODUP UHFRYHU\
3UREH DODUPV ³
RRR
´ ³
&&&
´ VWDUW VHFRQGV DIWHU
WKH IDXOW LQ WKH SUREH WKH\ DXWRPDWLFDOO\ VWRS
VHFRQGV DIWHU WKH SUREH UHVWDUWV QRUPDO RSHUDWLRQ
&KHFN FRQQHFWLRQV EHIRUH UHSODFLQJ WKH SUREH
0D[ DQG PLQ DODUPV ³
+$
´ DQG ³
/$
´ DXWRPDWLFDOO\
VWRS DV VRRQ DV WKH YDULDEOH UHWXUQV WR QRUPDO
YDOXHV
7(&+1,&$/ '$7$
+RXVLQJ
VHOI H[WLQJXLVKLQJ $%6
&DVH ;7& ;7& ;7&
;7&
IURQWDO
[ PP GHSWK PP
;7' ;7'
',1 PRGXOHV [ PP
GHSWK PP
;75 ;75 IURQWDO [
GHSWK
PP
0RXQWLQJ ;7& ;7& ;7&
;7&
SDQHO PRXQWLQJ LQ D [ PP SDQHO FXWRXW
;7' ;7'
',1 5$,/
;75 ;75
SDQHO PRXQWLQJ LQ D [
PP SDQHO KROH
)URQWDO SURWHFWLRQ
,3
&RQQHFWLRQV
6FUHZ WHUPLQDO EORFN
≤
PP
ZLULQJ
3RZHU VXSSO\ ;7& ;7& ;7&
;7&
9DFGF +]
2SW 9DFGF
;7' ;7'
;75 ;75
9DF +] 2SW 9DFGF
3RZHU DEVRUSWLRQ
;7& ;7& ;7' ;7'
;75
9$ PD[
;7& ;7& ;75
9$ PD[
'LVSOD\
;7& ;7& ;7' ;7'
;75
GLJLWV UHG /(' PP KLJK
;7& ;7& ;75
GLJLWV UHG /('
PP KLJK
,QSXWV
DFFRUGLQJ WR WKH RUGHU 37& RU 3W RU
7KHUPRFRXSOH - . 6 RU ·P$ RU ·9
RU ·9
5HOD\ RXWSXWV /RDG
6367 RU 63'7 UHOD\
$ 9DF VHH FRQQHFWLRQV
/RDG
6367 RU 63'7 UHOD\ $ 9DF VHH
FRQQHFWLRQV
$ODUP ;7& ;7& ;7' ;75
;75
6367 UHOD\ $ 9DF
2WKHU RXWSXW ;7& ;7& ;7'
;75 ;75
EX]]HU IRU DFRXVWLFDO DODUP
'DWD VWRULQJ
RQ WKH QRQYRODWLOH PHPRU\
((3520
2SHUDWLQJ WHPSHUDWXUH
· & ·)
5HODWLYH KXPLGLW\
÷
QR FRQGHQVLQJ
6WRUDJH WHPSHUDWXUH
· & ·)
0HDVXULQJ UDQJH
DFFRUGLQJ WR WKH SUREH
&RQWUROOHU $FFXUDF\ D &
EHWWHU WKDQ
±
RI IXOO VFDOH
&211(&7,216
;7& ;7&
2SWLRQDO 77/ RXWSXW
3W
10 11 12 10 11
3UREH
¸P$
10 11 12 10 11 12
3UREH
¸9 ¸9
7KHUPRFRXSOH
/LQH
$9 $9
PTC
1 2 3 4 5 6 7 8 9
6XSSO\
9DFGF
6XSSO\ 9DFGF
FRQQHFW WR WKH WHUPLQDOV
3W ZLWK ZLUHV
WKH WHUPLQDOV DQG PXVW
EH VKRUW FLUFXLWHG
;7& ;7&
2SWLRQDO 77/ RXWSXW
$9
/LQH
/2$'
1 2 3 4 5 6 10 11
$9
/2$'
8 9
$/$50
$9
3W
10 11 12 10 11
3UREH
¸P$
10 11 12 10 11 12
3UREH
¸9 ¸9
7KHUPRFRXSOH
6XSSO\ 9DFGF
FRQQHFW WR WKH WHUPLQDOV
3W ZLWK ZLUHV
WKH WHUPLQDOV DQG PXVW
EH VKRUW FLUFXLWHG
;7'
3RZHU VXSSO\ 9DFGF
FRQQHFW WR WKH WHUPLQDOV
3W ZLWK ZLUHV
WKH WHUPLQDOV DQG PXVW EH
VKRUW FLUFXLWHG
;7'
3RZHU VXSSO\ 9DFGF
FRQQHFW WR WKH WHUPLQDOV
3W ZLWK ZLUHV
WKH WHUPLQDOV DQG PXVW EH
VKRUW FLUFXLWHG
;75 ;75
2SWLRQDO 56 DQG ¸P$ RXW
SXWV
3W ZLWK ZLUHV
WKH WHUPLQDOV DQG PXVW
EH VKRUW FLUFXLWHG
'()$8/7 6(77,1* 9$/8(6
&2' 5$1*( /HYHO 'HI
9DOXH
6HW /6·86 3U
6HW /6·86 3U
+\ 'RZQ 6F )XOO 6F 3U
+\ 'RZQ 6F )XOO 6F 3U
/6 'RZQ 6F 6HW 3U PLQ
/6 'RZQ 6F 6HW 3U PLQ
86 6HW )XOO 6F 3U PD[
86 6HW )XOO 6F 3U PD[
$/8 'RZQ 6F )XOO 6F 3U
$// 'RZQ 6F )XOO 6F 3U
$OG · PLQ 3U
G$2 · PLQ 3U
RG · VHF 3U
/&,
'HSHQGV RQ SUREH 3U YDULRXV
8&,
'HSHQGV RQ SUREH 3U YDULRXV
/$2
/RZHU $Q2XWSXW OLPLW 3U 'RZQ
6F
8$2
8SSHU $Q 2XWSXW OLPLW 3U )XOO VF
2SE 'RZQ 6F )XOO 6F 3U
$G
$G
· 3U
3E&
7F - 1L7F .
3W 7F 6
3U
$2&
3UREH 3UREHVHW 3U
6& KHDW FRROLQJ 3U
6& KHDW FRROLQJ 3U
6R RSHQ FORVHG 3U
6R RSHQ FORVHG 3U
+GG 2)) 21 3U
U(6 2)) 21 3U
&) & ) 3U
$/& UHO DEVRO 3U
6$2
P$ RU 9GF P$ RU
9GF
3U
2Q) QRWHQDEOHG HQDEOHG 3U
3WE 3U YDULRXV
U(/ 3U
ZLWK FXUUHQW RU YROWDJH LQSXW
RQO\ IRU PRGHOV ZLWK DQDORJ RXWSXW
IRU 57' RU 7KHUPRFRXSOH LQSXWV
;7& ;7&
ZLK 37& 57' RU 7KHUPRFRXSOH
- . 6 LQSXW
'L[HOO VUO =, 9LD GHOO¶,QGXVWULD
3LHYH G¶$OSDJR %/ ,7$/<
WHO ID[
(PDLO GL[HOO#GL[HOOFRP
KWWSZZZGL[HOOFRP