600RWRUHQWHLOH*PE+ $VSHUJ6WXWWJDUW*HUPDQ\ SKRQH ID[ HPDLOLQIR#VPRULJLQDOJHUPDQ\FRP KWWSZZZVPRULJLQDOJHUPDQ\FRP $OOHHQVWU'$VSHUJ SM Motorenteile Don‘t be irritated. Don‘t buy imitated. Check the Authenticity of your SM Engine Parts! 9pri¿e] l¶authenticitp de vos Pièces Originales SM! For your safety, we have provided our packings with forgery-proof labels. Please check the authenticity of your SM engine parts in the order described below. Pour votre sécurité, nos produitssont munis d¶étiTuettes infalsi¿ables. 9euille] véri¿er l¶authenticité de vos Pièces Originales SM dans l¶ordre décrit cidessous. In order to complete the authenticity check, please enter the 16-digit code on our homepage by selecting the menu item “Security”. You will automatically be informed about the authenticity. Product suitable for: Mercedes Benz M REF REF.: EF 8610720000 – 6 Exhau Exhaust au valve QTY.: 6 pcss 05.01.2013 Each packing is provided with a hologram label. At the bottom of the hologram, you will ¿nd a 16-digit code. In the right side of the hologram, you will ¿nd the last three digits of this code. They have to be identical. SM Motorenteile Gm GmbH / Stuttgart / Germany info@sm-original-ger [email protected] erm 8610720000 – 6 www.sm-original-germany.com sm-original-germany.com/sicherheit/trustseal Chaque emballage SM est muni d’une étiquette hologramme. Dans le bas de l’hologramme, vous trouverez un code de 16 symboles. Dans la partie droite de l’hologramme, vous trouverez les trois derniers symboles de ce code. Ces trois symboles doivent être identiques. 3our complpter la Ypri¿cation d’authenticité, veuillez entrer le code de 16 chiffres sur notre site Web sous la rubrique „Sécurité“. On vous informera automatiquement sur l’authenticité. SM MOTORENTEILE GMBH · Alleenstraße 70 · 71679 Asperg · Germany · Phone +49 7141 2047- 0 Fax +49 7141 2047-16 · [email protected] · www.sm-original-germany.com SM Motorenteile Don‘t be irritated. Don‘t buy imitated. £9eri¿Tue la autenticidad de sus repuestos de motor de SM! ɍɛɟɞɢɬɟɫɶ ɜ ɩɨɞɥɢɧɧɨɫɬɢ ȼɚɲɢɯ ɞɟɬɚɥɟɣ ɞɜɢɝɚɬɟɥɹ SM! ! Para su seguridad de ahora en adelante sus paTuetes vendrin con una etiTueta infalible. Por favor sírvase comprobar la autenticidad de sus repuestos de motor de SM a través de los siguientes pasos: Ⱦɥɹ ȼɚɲɟɣ ɛɟɡɨɩɚɫɧɨɫɬɢ ɧɚɲɚ ɭɩɚɤɨɜɤɚ ɫɧɚɛɠɟɧɚ ɷɬɢɤɟɬɤɨɣ ɫ ɡɚɳɢɬɨɣ ɨɬ ɩɨɞɞɟɥɤɢ. .ɉɨɠɚɥɭɣɫɬɚ, ɩɪɨɜɟɪɶɬɟ ɩɨɞɥɢɧɧɨɫɬɶ ȼɚɲɢɯ ɞɟɬɚɥɟɣ ɞɜɢɝɚɬɟɥɹ SM ɜ ɧɢɠɟɨɩɢɫɚɧɧɨɣ ɩɨɫɥɟɞɨɜɚɬɟɥɶɧɨɫɬɢ. SM . SM : Cada paquete tiene una etiqueta, en la cual se encuentra un holograma. En la parte inferior del holograma se encuentra un código de dieciséis dígitos. Al lado derecho del holograma están los tres últimos dígitos de este código. Estos tres dígitos tienen que ser idénticos. Ʉɚɠɞɚɹ ɧɚɲɚ ɭɩɚɤɨɜɤɚ ɫɧɚɛɠɟɧɚ ɷɬɢɤɟɬɤɨɣ ɫ ɝɨɥɨɝɪɚɦɦɨɣ. ȼ ɧɢɠɧɟɣ ɱɚɫɬɢ ɝɨɥɨɝɪɚɦɦɵ ȼɵ ɧɚɣɞɺɬɟ 16-ɡɧɚɱɧɵɣ ɤɨɞ. ɋɩɪɚɜɚ ɜ ɝɨɥɨɝɪɚɦɦɟ ȼɵ ɨɛɧɚɪɭɠɢɬɟ ɬɪɢ ɩɨɫɥɟɞɧɢɟ ɡɧɚɤɚ ɷɬɨɝɨ ɤɨɞɚ. Ɉɧɢ ɞɨɥɠɧɵ ɛɵɬɶ ɢɞɟɧɬɢɱɧɵ. SM . . 16 . . 16 Para ¿nalizar la prueba de autenticidad, introduzca los dieciséis dígitos en nuestra página web. El sistema de seguridad se encuentra en la barra de menú, bajo la opción “seguridad”. Usted será informado de manera inmediata sobre la autenticidad del producto. ɑɬɨɛɵ ɡɚɜɟɪɲɢɬɶ ɩɪɨɜɟɪɤɭ ɩɨɞɥɢɧɧɨɫɬɢ, ɩɨɠɚɥɭɣɫɬɚ, ɜɜɟɞɢɬɟ 16-ɡɧɚɱɧɵɣ ɤɨɞ ɧɚ ɧɚɲɭ ɢɧɬɟɪɧɟɬɫɬɪɚɧɢɰɭ ɜ ɪɚɡɞɟɥɟ ɦɟɧɸ ©Ȼɟɡɨɩɚɫɧɨɫɬɶª. ȼɵ ɛɭɞɟɬɟ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɩɪɨɢɧɮɨɪɦɢɪɨɜɚɧɵ ɨ ɩɨɞɥɢɧɧɨɫɬɢ ɞɟɬɚɥɢ. SM 16 MENU .Security . SM SM MOTORENTEILE GMBH · Alleenstraße 70 · 71679 Asperg · Germany · Phone +49 7141 2047- 0 Fax +49 7141 2047-16 · [email protected] · www.sm-original-germany.com Don't be irritated Don't buy imitated Imitation secured packing supplied by us for all products. Simply to be checked with a lens key from us. Visible text: ORIGINAL- SM Product box Lens key + Ask your dealer or importer ! Visible text: OIE SUPPLIER SINCE 1973 www.sm-original-germany.com .2/%(1.2/%(15,1*(=</,1'(5%8&+6(1$66(0%/,(6 3,672163,67215,1*6&</,1'(5/,1(56$66(0%/,(6 3,67216-(8;'(6(*0(176&+(0,6(6(16(0%/(6 3,6721(6-8(*26'(6(*0(1726&$0,6$6.,76(48,326 ,QKDOWVYHU]HLFKQLV 7DEOHRIFRQWHQWV 7DEOHGHVPDWLqUHV ËQGLFH 6HLWH 3DJH 3DJH 3iJLQD ,,9 9 9, $QOHLWXQJ]XP.DWDORJ +RZWRXVHWKHFDWDORJXH 0RGHG¶HPSORLGXFDWDORJXH (PSOHRGHOFDWiORJR ,QKDOWVYHU]HLFKQLVQDFK+HUVWHOOHUQ 7DEOHRIFRQWHQWVLQRUGHURIPDQXIDFWXUHUV ,QGH[SDUQRPVGHFRQVWUXFWHXUV ,QGLFHSRUIDEULFDQWH :LFKWLJHU+LQZHLV ,PSRUWDQWQRWLFH 1RWHLPSRUWDQWH 1RWDLPSRUWDQWH 9HUJOHLFKVQXPPHUQ/LVWH &URVVUHIHUHQFHOLVW /LVWHG¶pTXLYDOHQFHV /LVWDGHLQWHUFDPELRV 0DKOHÆ60 0DKOHÆ60 0DKOHÆ60 0DKOHÆ60 9HUJOHLFKVQXPPHUQ/LVWH &URVVUHIHUHQFHOLVW /LVWHG¶pTXLYDOHQFHV /LVWDGHLQWHUFDPELRV .6Æ60 .6Æ60 .6Æ60 .6Æ60 9HUJOHLFKVQXPPHUQ/LVWH &URVVUHIHUHQFHOLVW /LVWHG¶pTXLYDOHQFHV /LVWDGHLQWHUFDPELRV 9HUJOHLFKVQXPPHUQ/LVWH &URVVUHIHUHQFHOLVW /LVWHG¶pTXLYDOHQFHV /LVWDGHLQWHUFDPELRV )HGHUDO0RJXOÆ60 )HGHUDO0RJXOÆ60 )HGHUDO0RJXOÆ60 )HGHUDO0RJXOÆ60 6RQVWLJHÆ60 0LVFHOODQHRXVÆ60 'LYHUVÆ60 2WURÆ60 $QOHLWXQJ]XP.DWDORJ +RZWRXVHWKHFDWDORJXH 0RGHG¶HPSORLGXFDWDORJXH (PSOHRGHOFDWiORJR 02'(/(1*,1( <($5 &</ 605HI PP 605HI 6&$1,$ (QJ' (QJ'6 /6/%6/6 /6/%6/6 FFP N:36 ; 7 ཱི ུ ཱ ི 605HI 605HI &U )H (;&U ཱུ 57 ྲྀ ཷ $ / + & ) [)3 ླྀ ཹེ 7\S0RWRU)DKU]HXJGHWDLOV 0DNHHQJLQHYHKLFOHGHWDLOV 0DUTXHPRWHXUGHVFULSWLRQV 7LSRPRWRUGHWDOOH ཱ %DXMDKUPDQXIDFWXULQJ\HDUDQQpHGHFRQVWUXFWLRQDxRGHFRQVWUXFFLyQ ི 1HQQGXUFKPHVVHUPPQRPLQDOGLDPHWHUPPGLDPqWUHQRPLQDOPPGLiPHWURQRPLQDOPP =\OLQGHU$Q]DKOQXPEHURIF\OLQGHUVQRPEUHGHF\OLQGUHVQ~PHURGHFLOLQGURV 9 90RWRU9HQJLQHPRWHXUHQ9PRWRU9 ཱི .+ .RPSUHVVLRQVK|KHFRPSUHVVLRQKHLJKWKDXWHXUG¶D[HDOWXUDGHFRPSUHVLyQ %h hEHUK|KXQJGRPHG{PHFDEH]DVREUHHOHYDGD 97 9HQWLOWDVFKHQWLHIHYDOYHUHFHVVGHSWKSURIRQGHXUGpJDJHPHQWGHVRXSDSHSURIXQGLGDG EROVDGHYiOYXOD 07 0XOGHQWLHIHFDYLW\FDYLWpSURIXQLGDGGHFDYLGDG */ *HVDPWOlQJHWRWDOOHQJWKORQJXHXUWRWDOHORQJLWXGWRWDO $$ $XJHQDEVWDQGGLVWDQFHEHWZHHQERVVHVGLVWDQFHHQWUHERVVDJHV 0 0XOGHQGXUFKPHVVHUFRPEXVWLRQFKDPEHUGLDPHWHUGLDPqWUHGHFKDPEUHGHFRPEXVWLRQ GLiPHWURGHFDYLGDG 09 0XOGHQYHUVDW]FRPEXVWLRQFDYLW\RIIVHWFKDPEUHGHFRPEXVWLRQGpVD[pHFiPDUDGHVSOD]DGD ུ .ROEHQERO]HQGXUFKPHVVHU[*HVDPWOlQJHSLQRXWVLGHGLDPHWHU[WRWDOOHQJWK GLDPqWUHH[WpULHXUGHO¶D[H[ORQJXHXUWRWDOHGLiPHWURH[WHULRUGHOEXOyQ[ORQJLWXGWRWDO 7 7UDSH]SOHXHONH\VWRQHFRQURGELHOOHWUDSp]RwGDOHELHODWUDSHFLDO 6 6FKUXPSI.OHPPSOHXHOVKULQNILWFODPSW\SHFRQQHFWLQJURGPRQWDJHVHUUpGHO¶D[H EXOyQILMRHQSLHGHELHOD 1% 1DEHQEXFKVHSLQERVVEXVKLQJSDVVDJHG¶D[HEDJXpFDVTXLOORSDUDHOERVDMH )% )RUPERO]HQSURILOHGSLQD[HGHIRUPHEXOyQGHIRUPD ཱུ 60.ROEHQULQJQXPPHUQ60SLVWRQULQJUHIUpIpUHQFHVHJPHQW60UHIHUHQFLDMXHJRGHVHJPHQWRV60 .ROEHQULQJVSH]LILNDWLRQSLVWRQULQJVSHFLILFDWLRQVSpFLILFDWLRQGHVVHJPHQWVHVSHFLILFDFLyQGHVHJPHQWRV .ROEHQULQJTXHUVFKQLWWHXQG%HVFKLFKWXQJHQDXI6HLWH1UOOO &URVVVHFWLRQRISLVWRQULQJVDQGFRDWLQJVVXUIDFHWUHDWPHQWRQSDJHQR,,, 6HFWLRQVGHVVHJPHQWVHWW\SHVGHUHYrWHPHQWWUDLWHPHQWGHVXUIDFHSDJH,,, 6HFFLyQWUDQVYHUVDOGHMXHJRVGHVHJPHQWRV\UHYHVWLPLHQWRVHQSiJLQD,,, , $QOHLWXQJ]XP.DWDORJ +RZWRXVHWKHFDWDORJXH 0RGHG¶HPSORLGXFDWDORJXH (PSOHRGHOFDWiORJR 02'(/(1*,1( <($5 &</ 605HI PP 605HI 6&$1,$ (QJ' (QJ'6 /6/%6/6 /6/%6/6 FFP N:36 ; 7 ཱི ུ ཱ ི 605HI 605HI &U )H (;&U ཱུ 57 ྲྀ ཷ $ / + & ) [)3 ླྀ ཹེ ྲྀ 60.ROEHQQXPPHU60SLVWRQUHIQXPpURGHUpIpUHQFH60GXSLVWRQUHIHUHQFLDGHOSLVWyQ60 .ROEHQVSH]LILNDWLRQSLVWRQVSHFLILFDWLRQVSpFLILFDWLRQGHSLVWRQHVSHFLILFDFLyQGHSLVWyQ 57 5LQJWUlJHUULQJFDUULHUSRUWHVHJPHQWFRQLQVHUWR '57 'RSSHOULQJWUlJHUGRXEOHULQJFDUULHUGRXEOHSRUWHVHJPHQWFRQLQVHUWRGREOH .. .KONDQDOFRROLQJFKDQQHOFDQDOGHUHIURLGLVVHPHQWFDQDOGHUHIULJHUDFLyQ +$ +DUWDQRGLVLHUXQJKDUGDQRGL]HGSLVWRQFURZQWrWHHQGXUFLHSDUR[\GDWLRQpOHFWURO\WLTXHFRQFDEH]D DQRGL]DGD 36. 3HQGHOVFKDIWNROEHQ$UWLFXODWHGSLVWRQ3LVWRQDUWLFXOp3LVWyQGHYiVWDJRSHQGXODU $. $XVVSDUXQJ.KO|OVSULW]GVHUHFHVVIRURLOFRROLQJQR]]HOGpJDJHPHQWSRXUJLFOHXUG¶KXLOHGH UHIURLGLVVHPHQWHVFRWDGXUDSDUDWREHUDGHLQ\HFFLyQGHODFHLWHGHUHIULJHUDFLyQ ཷ=\OLQGHUGXUFKPHVVHUF\OLQGHUGLDPHWHUGLDPqWUHGXF\OLQGUHGLiPHWURGHOFLOLQGUR ླྀ 60=\OLQGHU%FKVHQQXPPHU60UHIIRUF\OLQGHUOLQHUQXPpURGHUpIpUHQFHF\OLQGUHV60 UHIHUHQFLDGHOFLOLQGUR60 =\OLQGHUPDHPHDVXUHPHQWRIF\OLQGHUOLQHUVPHVXUHVGHVF\OLQGUHVPHGLGDVGHFLOLQGURV $ (LQSDVVGXUFKPHVVHUILWWLQJGLDPHWHUGLDPqWUHG¶DMXVWDJHGLiPHWURGHDMXVWH / *HVDPWOlQJHWRWDOOHQJWKORQJXHXUWRWDOHORQJLWXGWRWDO + %XQGK|KHFROODUKHLJKWKDXWHXUFROOHUHWWHDOWXUDFROODU & %XQGGXUFKPHVVHUFROODUGLDPHWHUGLDPqWUHFROOHUHWWHGLiPHWURFROODU ) )HXHUVFKXW]UDQGK|KHILUHSURWHFWLRQULPKDXWHXUGXFRUGRQVXSpULHXUDOWXUDSDUHGGHIXHJR 6HPL 9RUJHGUHKWVHPLILQLVKHGFKHPLVHVpPEDXFKpHVGLiPHWURLQWHULRUVHPLDFDEDGR ཹ 60$VVHPEOLHQXPPHU60UHIIRUDVVHPEOLHVQXPpURGHUpIpUHQFHHQVHPEOHV60 UHIHUHQFLDGHFRQMXQWR60 ེ 60=\OLQGHU'LFKWXQJVVDW]60&\OLQGHUOLQGHUVHDOVHW60MRLQWVGHFKHPLVH60-XHJRGHMXQWDVGHFLOLQGUR (3 &DRXWFKRXF&DRXWFKRXF&DRXWFKRXF&DXFKR 9LWRQ9LWRQ9LWRQ9LWyQ )3 7 7RPEDN7RPEDN7RPEDN7XPEDJD ,, .ROEHQULQJTXHUVFKQLWWH &URVVVHFWLRQVRISLVWRQULQJV 6HFWLRQVGHVVHJPHQWV 6HFFLyQWUDQVYHUVDOGHORVVHJPHQWRV *UDILN 60UHI %DXDUWHQ 7\SHV 5HFKWHFNULQJ UHFWDQJXODUULQJ 0LQXWHQULQJ WDSHUIDFHGULQJ (LQVHLWLJHU7UDSH]ULQJ KDOINH\VWRQHULQJ 'RSSHOWUDSH]ULQJ NH\VWRQHULQJ 'RSSHOWUDSH]ULQJLQ0LQXWHQDXVIKUXQJ WDSHUIDFHGNH\VWRQHULQJ 1DVHQULQJ QDSLHUULQJ 1DVHQ0LQXWHQULQJ WDSHUIDFHGQDSLHUULQJ gOVFKOLW]ULQJ VORWWHGRLOFRQWUROULQJ gOVFKOLW]ULQJPLW6FKODXFKIHGHU VORWWHGRLOFRQWUROULQJZLWKORDGHGFRLOVSULQJ 'DFKIDVHQULQJ EHYHOOHGHGJHRLOFRQWUROULQJ 'DFKIDVHQ6FKODXFKIHGHUULQJ EHYHOOHGHGJHRLOFRQWUROULQJZLWKORDGHGFRLOVSULQJ *OHLFKIDVHQULQJ GRXEOHEHYHOOHGRLOFRQWUROULQJ *OHLFKIDVHQ6FKODXFKIHGHUULQJ GRXEOHEHYHOOHGRLOFRQWUROULQJZLWKORDGHGFRLOVSULQJ 3& WHLOLJHUgOULQJ VWHHOUDLORLOFRQWUROULQJPXOWLSLHFH 6SHF 5LQJDXVIKUXQJHQ 5LQJIHDWXUH ,) 5LQJPLW,QQHQIDVH 5LQJZLWKLQWHUQDOEHYHOWRS ,)8 5LQJPLW,QQHQIDVHXQWHQ 5LQJZLWKLQWHUQDOEHYHOERWWRP ,: 5LQJPLW,QQHQZLQNHO 5LQJZLWKLQWHUQDOVWHSWRS ,:8 5LQJPLW,QQHQZLQNHOXQWHQ 5LQJZLWKLQWHUQDOVWHSERWWRP $1 5LQJPLWhEHUJDQJ]X0LQXWHQULQJ 5LQJZLWKJURZQMXQFWLRQWRWDSHULQJ (; (; (; 8PUHFKQXQJVWDEHOOHGHU.ROEHQULQJK|KHQYRQ=ROOLQ0LOOLPHWHU &RQYHUVLRQWDEOHRISLVWRQULQJKHLJKWIURPLQFKHVWRPLOOLPHWHU 7DEOHDXGHFRQYHUVLRQGHKDXWHXUGXVHJPHQWGHSRXFHVHQPLOOLPqWUHV 7DEODGHFRQYHUVLyQDOWXUDGHOVHJPHQWRGHSXOJDGDHQPLOtPHWURV PP PP PP PP PP PP PP PP ,,, %HVFKLFKWXQJHQXQG2EHUIOlFKHQEHKDQGOXQJHQ &RDWLQJVDQGVXUIDFHWUHDWPHQW 7\SHVGHUHYrWHPHQWHWWUDLWHPHQWGHVXUIDFH 5HYHVWLPLHQWR\WUDWDPLHQWRGHODVXSHUILFLH &U &&/ 0R 39' 1LW $OO 3 )H 2, 7L 6 /DXIIOlFKHYHUFKURPW SHULSKHU\FKURPHSODWHG IDFHSRUWDQWHFKURPpH VXSHUILFLHGHURGDGXUDFURPDGD /DXIIOlFKH&KURP.HUDPLNEHVFKLFKWHW SHULSKHU\FKURPHFHUDPLFSODWHG IDFHSRUWDQWHUHYrWXHFKURPpHFpUDPLTXH VXSHUILFLHGHURGDGXUDFURPRFHUiPLFD /DXIIOlFKHPRO\EGlQEHVFKLFKWHW SHULSKHU\PRO\EGHQXPSODWHG IDFHSRUWDQWHUHYrWXHDYHFPRO\EGqQH FDUDGHWUDEDMRPROLEGHQR SK\VLNDOLVFKH*DVSKDVHQDEVFKHLGXQJ SK\VLFDOYDSRXUGHSRVLWLRQ GpS{WSK\VLTXHHQSKDVHYDSHXU GHSRVLFLyQItVLFDGHYDSRU QLWULHUW QLWULWHG QLWUp QLWUDGR DOOVHLWLJYHUFKURPW DOOVLGHVFKURPHSODWHG WRXWHVOHVVXUIDFHVFKURPpHV WRGDVXSHUILFLHFURPDGD SKRVSKDWLHUW SKRVSKDWHG SKRVSKDWH IRVIDWDGR IHUURR[\GLHUW IHUUR[LGHG IHUURR[\GH R[LGDFLyQIHUURVD )HGHUEHWWYHUFKURPW LQWHULRURIRLOULQJFKURPHSODWHG UHVVRUWVSLURwGDOGXUDFOHXUFKURPp LQWHULRUGHVHJPHQWRGHHQJUDVHFURPDGR 7LWDQ/DXIIOlFKH SHULSKHU\WLWDQSODWHG IDFHSRUWDQWHWLWDQ VXSHUILFLHGHURGDGXUDGHWLWDQLR 6RQGHUZHUNVWRII VSHFLDOPDWHULDO PDWpULDXVSpFLDO PDWHULDOHVSHFLDO 6WDKO VWHHO DFLHU DFHUR ,9 ,QKDOWVYHU]HLFKQLVQDFK+HUVWHOOHU 7DEOHRIFRQWHQWVLQRUGHURIPDQXIDFWXUHUV ,QGH[SDUQRPVGHFRQVWUXFWHXUV ËQGLFHSRUIDEULFDQWH 7\SH $LU&RPSUHVVRU $OID5RPHR $OID5RPHR'LHVHO $52'LHVHO $XGL $XGL'LHVHO $YLD'DHZRR'LHVHO %HGIRUG %HGIRUG'LHVHO %/0& %/0&'LHVHO %0: %0:'LHVHO &DWHUSLOODU &KHU\ &KHYUROHW &KHYUROHW'LHVHO &KU\VOHU &KU\VOHU'LHVHO &LWURsQ &LWURsQ'LHVHO &XPPLQV 'DFLD 'DFLD'LHVHO 'DHZRR 'DHZRR'LHVHO '$) 'DLKDWVX 'RQJ)HQJ 'HXW]Æ.+' )$3)DPRV )LDW )LDW'LHVHO )RUG )RUG'LHVHO )RUGVRQ *DUGQHU *$:ROJD *$±:ROJD'LHVHO +DW] +LQR +RQGD +RQGD'LHVHO +\XQGDL +\XQGDL'LHVHO ,)$ 3DJH 7\SH ,+& ,VX]X ,VX]X'LHVHO ,YHFRVHH)LDW'LHVHO -DJXDU'LHVHO -RKQ'HHUH .DPD] .+' .,$ .,$'LHVHO .RPDWVX /DGD /DGD'LHVHO /DPERUJKLQL'LHVHO /DQFLD /DQFLD'LHVHO /DQG5RYHU /DQG5RYHU'LHVHO /H\ODQG /LVWHU /RPEDUGLQL 0DFN 0$1 0D]GD 0D]GD'LHVHO 0HUFHGHV%HQ] 0HUFHGHV%HQ]'LHVHO 0LQL 0LQL'LHVHO 0LQVNHU076 0LWVXELVKL 0LWVXELVKL'LHVHO 0RVNYLFK 0:0 1HZ+ROODQG 1LVVDQ 1LVVDQ'LHVHO 2SHO 2SHO'LHVHO 3HJDVR 3HUNLQV 3HURGXD 3HWWHU 3HXJHRW 3HXJHRW'LHVHO 9 3DJH 7\SH 3RUVFKH 3URWRQ 5DED 5HQDXOW 5HQDXOW'LHVHO 5HQDXOW7UXFNÆ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|WHU6RUJIDOW]XVDPPHQJHVWHOOWXQGNRQWUROOLHUW :LUKDIWHQQLFKWIUGLH)ROJHQHWZDLJHU,UUWPHUXQGEHKDOWHQXQVWHFKQLVFKHbQGHUXQJHQYRU 'LHLP.DWDORJDXIJHIKUWHQ2ULJLQDOQXPPHUQGLHQHQOHGLJOLFK]X9HUJOHLFKV]ZHFNHQ 'LHLP.DWDORJDXIJHIKUWHQ7HLOHZHUGHQQDFKXQVHUHQ9HUSDFNXQJVHLQKHLWHQDXVJHOLHIHUW'LHMHZHLOLJHQ 9HUSDFNXQJVHLQKHLWHQHQWQHKPHQ6LHELWWHDXVXQVHUHUDNWXHOOHQ3UHLVOLVWH $XIWUlJHZHUGHQDXIGHU*UXQGODJHXQVHUHUÄ$OOJHPHLQHQ*HVFKlIWVEHGLQJXQJHQ³DQJHQRPPHQ 60DQGWKH60ORJRDUHUHJLVWHUHGWUDGHPDUNVRI600RWRUHQWHLOH*PE+$VSHUJ*HUPDQ\ $OOLWHPVOLVWHGLQWKLVFDWDORJXHKDYHEHHQFKHFNHGYHU\FDUHIXOO\1HYHUWKHOHVVZHDUHQRWOLDEOHIRUDQ\ PLVWDNHDQGUHVHUYHXVWKHULJKWWRPDNHWHFKQLFDOFKDQJHV 7KHRULJLQDOSDUWUHIHUHQFHVOLVWHGLQWKLVFDWDORJXHDUHRQO\IRULGHQWLILFDWLRQ 7KHLWHPVOLVWHGLQWKLVFDWDORJXHZLOOEHGHOLYHUHGLQRXUSDFNLQJXQLWV 7KHVH\RXZLOOILQGLQRXUFXUUHQWSULFHOLVW 2UGHUVDUHVXEMHFWWRRXUFRPPRQGHOLYHU\WHUPV 60HWVRQORJRVRQWGHVPDUTXHVGpSRVpHVGHODVRFLpWp600RWRUHQWHLOH*PE+ $VSHUJ$OOHPDJQH 7RXWHVOHVLQIRUPDWLRQVGHFHFDWDORJXHRQWpWppWDEOLHVHWFRQWU{OpHVDYHFOHVSOXVJUDQGVVRLQV1RXVQH QRXVSRUWRQVSDVJDUDQWVGHVFRQVpTXHQFHVGµpYHQWXHOOHVHUUHXUVHWQRXVQRXVUpVHUYRQVOHGURLW G¶pYHQWXHOOHVPRGLILFDWLRQVWHFKQLTXHV /HVQXPpURVGHUpIpUHQFHLQGLTXpVGDQVFHFDWDORJXHQHVHUYHQWTXHG¶pTXLYDOHQFH /HVSLqFHVGHQRWUHFDWDORJXHVHURQWOLYUpHVVHORQQRVXQLWpVGHFRQGLWLRQQHPHQWPHQWLRQQpHVGDQVOHWDULI HQYLJXHXU /HVFRPPDQGHVVHURQWHQUHJLVWUpHVVHORQQRVFRQGLWLRQVJpQpUDOHVGHYHQWH 60\HOORJRWLSRGH60VRQPDUFDVFRPHUFLDOHVUHJLVWUDGDVGH600RWRUHQWHLOH*PE+$VSHUJ$OHPDQLD 7RGDODLQIRUPDFLyQGHSRVLWDGDHQHVWHFDWiORJRKDVLGRUHYLVDGDFRQHOPD\RUFXLGDGR\FRQWUROSRVLEOH 6LQHPEDUJRQRQRVKDFHPRVUHVSRQVDEOHVGHFXDOTXLHUHUURU\QRVUHVHUYDPRVHOGHUHFKRGH PRGLILFDFLRQHVWpFQLFDV /DVUHIHUHQFLDVRULJLQDOHVTXHILJXUDQHQHVWHFDWiORJRVLUYHQVRORSDUDSURSyVLWRVGHFRPSDUDFLyQ\RLGHQWLILFDFLyQ /DVSLH]DVTXHILJXUDQHQHOFDWiORJRVRQVXPLQLVWUDGDVHQQXHVWUDVXQLGDGHVGHHPEDODMHFX\DUHIHUHQFLD VHHQFXHQWUDHQQXHVWUDOLVWDGHSUHFLRV /RVSHGLGRVVHUHJLVWUDQGHDFXHUGRFRQQXHVWUDVFRQGLFLRQHVJHQHUDOHVGHYHQWD\HVWiQVXMHWRVD QXHVWURVSOD]RVGHHQWUHJDFRPXQHV 9,