Download HP 10-Base-T Reference Guide
Transcript
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ã +33UR&XUYH%DVH7+XE3DUW1R+3-$ ã <RXUKXELVVKLSSHGZLWKRQHRIWKHVH$&SRZHUDGDSWHUV $XVWUDOLD1HZ=HDODQG$UJHQWLQD (XURSH5XVVLD6ZLW]HUODQG'HQPDUN &KLQD -DSDQ 8QLWHG.LQJGRP+RQJ.RQJ 86&DQDGD0H[LFR7DLZDQ%UD]LO&ROXPELD ã )RXUUXEEHUIRRWSDGV ã ,QVWDOODWLRQDQG5HIHUHQFH*XLGH- ã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Ω&DWHJRU\RU673RU873FDEOHWRFRQ QHFWWRWKHKXEDQGEHVXUHWKHOHQJWKRIDQ\WZLVWHGSDLUFRQQHFWLRQ GRHVQRWH[FHHGPHWHUV 7KLVKXEFDQVHUYHDVDVWDQGDORQHUHSHDWHUIRUVPDOOQHWZRUNVFDQEH FDVFDGHGZLWKFRPSDWLEOHGHYLFHVHJ(WKHUQHWKXERUVZLWFKRUFDQ EHFRQQHFWHGWRDQHWZRUNLQWHUFRQQHFWLRQGHYLFHHJ(WKHUQHWEULGJH RUURXWHU5HIHUWR&KDSWHUIRUVDPSOHFRQILJXUDWLRQV ■ ■ 7RFRQQHFWHQGQRGHGHYLFHVHJDZRUNVWDWLRQVHUYHUEULGJHRU URXWHUWRWKH0',;SRUWVXVHVWUDLJKWWKURXJKWZLVWHGSDLUFDEOH 5HIHUWR)LJXUH 7RFDVFDGHWRDQRWKHUKXERUVZLWFKUXQVWUDLJKWWKURXJKWZLVWHGSDLU FDEOHIURPWKH0',FDVFDGHSRUWRQWKLVKXEWRDQ\0',;SRUW RQWKHRWKHUGHYLFH5HIHUWR)LJXUH 4XLFN,QVWDOODWLRQ Y KXEERRN3DJHYL7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH ■ ,IQHFHVVDU\\RXFDQDOVRFDVFDGHEHWZHHQWZRSRUWVRIWKHVDPHW\SH 0',;WR0',;RU0',WR0',XVLQJDFURVVRYHUFDEOH+RZ HYHUEHVXUHQRWWRH[FHHGWKHPD[LPXPOHQJWKEHWZHHQHQGQRGHV DVGHVFULEHGLQ&KDSWHU 9HULI\QHWZRUNFRPPXQLFDWLRQVE\HQVXULQJWKDW ■ \RXKDYHPDGHDOOWKHQHFHVVDU\FRQQHFWLRQV ■ \RXFDQDFFHVVDQ\FRQQHFWHGUHVRXUFHV ■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pFXULWp ' +LQZHLVH]XU6LFKHUKHLW ' &RQVLGHUD]LRQLVXOODVLFXUH]]D ' &RQVLGHUDFLRQHVVREUHVHJXULGDG ' 6DIHW\,QIRUPDWLRQ&KLQHVH ' 6DIHW\,QIRUPDWLRQ-DSDQHVH ' 5HJXODWRU\6WDWHPHQWV ' 'HFODUDWLRQRI&RQIRUPLW\ ' *ORVVDU\ ,QGH[ [ &RQWHQWV KXEERRN3DJH7KXUVGD\0DUFK30 &KDSWHU3URGXFW2YHUYLHZ 7KH+3-$3UR&XUYH%DVH7+XELVDQSRUWUHSHDWHU:LWKWKLV W\SHRIKXE\RXFDQFRQQHFWFRPSXWHUVDQGRWKHUGHYLFHVWRJHWKHULQD WZLVWHGSDLUFDEOHQHWZRUN7KLVKXELVFRPSOLDQWZLWKWKH,((( %DVH7VWDQGDUGDQGVXSSRUWVERWKDQG(WKHUQHWQHWZRUNV %DVLF)HDWXUHV ■ 7UDQVPLWVGDWDDW0ELWVV ■ &RQIRUPVWRWKH,(((UHSHDWHUVSHFLILFDWLRQIRU%DVH7 ■ 3URYLGHV5-%DVH7SRUWVXVLQJ0',;ZLULQJ ■ ■ ■ ■ ■ 3RUWFDQVHUYHDVDQ0',;SRUWIRUFRQQHFWLRQWRQHWZRUNGHYLFHV VXFKDVZRUNVWDWLRQVRUVHUYHUVRUDVDQ0',FDVFDGHSRUWIRU FRQQHFWLRQWRQHWZRUNGHYLFHVVXFKDVKXEVRUVZLWFKHVHOLPLQDWLQJWKH QHHGIRUFURVVRYHUFDEOHV 6XSSRUWVΩ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■ ■ ■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■ 3RZHUVRXUFH2QHRIWKHIROORZLQJH[WHUQDOSRZHUDGDSWHUV &RXQWU\ $GDSWHU31 ,QSXW6SHFV $XVWUDOLDDQGRWKHUV 9DF+] 2XWSXW6SHFV 9DFP$ (XURSHDQGRWKHUV 9DF+] 9DFP$ &KLQD 9DF+] 9DFP$ -DSDQ 9DF+] 9DF$ 8.DQGRWKHUV 9DF+] 9DFP$ 86$DQGRWKHUV 9DF+] 9DFP$ 6SHFLILFDWLRQVVKRZQRQDGDSWHUODEHO ■ ■ 7KHKXEVKRXOGEHORFDWHGLQDFRROGU\SODFHZKHUHWKHKXEYHQWKROHV DUHQRWEORFNHG 3ODFHWKHKXERXWRIGLUHFWVXQOLJKWDQGDZD\IURPKHDWVRXUFHVRUDUHDV ZLWKDKLJKDPRXQWRIHOHFWURPDJQHWLFLQWHUIHUHQFH ,QVWDOOLQJWKH6\VWHP KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH ■ ■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Ω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Ω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³6\VWHP'LDJQRVWLFV´LQ$SSHQGL[$ ,QVWDOOLQJWKH6\VWHP KXEERRN3DJH7KXUVGD\0DUFK30 &KDSWHU&RQILJXULQJWKH1HWZRUN 7KH+33UR&XUYH%DVH7+XEDOORZVJUHDWIOH[LELOLW\LQFRQILJXULQJ \RXUQHWZRUN<RXFDQXVHLWLQDVWDQGDORQHRUPXOWLSOHKXEFRQILJXUDWLRQ 6RPHRIWKHFRPPRQDSSOLFDWLRQVIRUWKLV(WKHUQHWKXEDUHGHVFULEHGLQ WKLVFKDSWHU 6WDQGDORQH 7KLVKXEFDQEHXVHGLQDVLPSOHVWDQGDORQHFRQILJXUDWLRQDVLOOXVWUDWHG EHORZ,QFRPSOLDQFHZLWK,(((VWDQGDUGVWKHPD[LPXPFDEOH GLVWDQFHEHWZHHQWKHKXEDQGDQ\ZRUNVWDWLRQLVPHWHUVIRUWZLVWHG SDLUFDEOH )LJXUH6WDQGDORQH&RQILJXUDWLRQ &RQILJXULQJWKH1HWZRUN KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH &RQQHFWLQJ0XOWLSOH+XEV <RXFDQHDVLO\FRQQHFWWRDQRWKHUKXEYLDWKH0',FDVFDGHSRUW)LJXUH VKRZVDVDPSOHFRQILJXUDWLRQ )LJXUH0XOWLSOH+XE&RQILJXUDWLRQ8VLQJWKH&DVFDGH3RUW &RQILJXULQJWKH1HWZRUN KXEERRN3DJH7KXUVGD\0DUFK30 &KDSWHU+DUGZDUH5HIHUHQFH %HIRUHFRQQHFWLQJDQ\QHWZRUNGHYLFHWRWKLVKXESOHDVHUHYLHZ&KDSWHU IRULQIRUPDWLRQRQV\VWHPLQVWDOODWLRQDQG&KDSWHUIRUDEULHIORRNDW FRPPRQQHWZRUNDUFKLWHFWXUHV7KLVFKDSWHUGHVFULEHVWKHKDUGZDUH IHDWXUHVRIWKH+33UR&XUYH%DVH7+XE)RUHDVLHUPDQDJHPHQWDQG FRQWURORIWKHKXEIDPLOLDUL]H\RXUVHOIZLWKWKHGLVSOD\LQGLFDWRUVDQG SRUWV )URQW3DQHO 7KHUHDUH5-0',;SRUWVDQG5-0',FDVFDGHSRUWRQWKHIURQW SDQHO0RUHRYHUWKHV\VWHPLQGLFDWRUVSURYLGHDVLPSOHLQWHUIDFHIRU PRQLWRULQJWKHKXE7KHIURQWSDQHOLQFOXGHVDSRZHULQGLFDWRUD VWDWLVWLFDOGLVSOD\IRUQHWZRUNWUDIILFDFROOLVLRQLQGLFDWRUDQGSRUWVWDWXV LQGLFDWRUVDVVKRZQEHORZ )LJXUH)URQW3DQHO 7KHLQGLFDWRUSDQHOVLPSOLILHVPRQLWRULQJRIYDULRXVQHWZRUNFRQGLWLRQVE\ SURYLGLQJ/('VWKDWLQGLFDWHWKHVWDWXVRIHDFKSRUWDQGWKHRYHUDOOFRQGL WLRQRIWKHKXE,WSURYLGHVDOOWKHNH\LQIRUPDWLRQUHTXLUHGWRPDQDJH\RXU QHWZRUNRQDGDLO\EDVLV7KHIROORZLQJSDJHVOLVWWKHLQGLFDWRUVDQGWKHLU IXQFWLRQV +DUGZDUH5HIHUHQFH KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH 7KHIURQWSDQHODUUD\SURYLGHVLQGLFDWRUVWKDWVKRZWKHXWLOL]DWLRQRI QHWZRUNEDQGZLGWKDQGLQGLFDWHWKHVWDWXVRISRUWFRQQHFWLRQVDVVKRZQ EHORZ )LJXUH,QGLFDWRUV 3ZU &RORU )XQFWLRQ &RQGLWLRQ *UHHQ 3RZHULQGLFDWRU ,QGLFDWLRQ 21 8QLWLVUHFHLYLQJSRZHU 2)) 3RZHULVGLVFRQQHFWHGQRSRZHUUHFHLYHG +DUGZDUH5HIHUHQFH KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH 6WDWLVWLFDO'LVSOD\IRU6\VWHP3HUIRUPDQFH 8WLOL]DWLRQ8WLOL]DWLRQ7KHVWDWLVWLFDOLQGLFDWRUVVKRZWKHSHUFHQWDJH RIYDOLGGDWDSDVVLQJWKURXJKDOOSRUWVFRPSDUHGWRRYHUDOOQHWZRUN EDQGZLGWKXSGDWHGHYHU\VHFRQGV7KHUHDUH/('VUHSUHVHQWLQJWKH SHUFHQWDJHRIQHWZRUNXWLOL]DWLRQ7KHFRUUHVSRQGLQJ/('VOLJKWXSWR VKRZWKDWWKHXWLOL]DWLRQRI/$1EDQGZLGWKKDVUHDFKHGWKLVOHYHO:KHQ DFWLYHWKHVH/('VEHKDYHOLNHDVWHUHR VHTXDOL]HUGLVSOD\ )RUH[DPSOHLIQHWZRUNXWLOL]DWLRQUHDFKHVWKH/('ODEHOHGZLOO OLJKWXS+RZHYHULIQHWZRUNXWLOL]DWLRQULVHVDERYHHJWKH /('ODEHOHGDQGDOOWKHRWKHU/('VEHIRUHLWLHDQGZLOODOVR OLJKWXSLQUDSLGVXFFHVVLRQ7KHVHLQGLFDWRUVPRQLWRUWKHVKDUHRIYDOLG QHWZRUNIUDPHVKDQGOHGE\WKHKXEZLWKLQD0ELWVEDQGZLGWK7KH\ SURYLGHDTXLFNZD\WRPRQLWRUWKHFXUUHQWWUDIILFORDGUHODWLYHWRWKH QHWZRUN VFDSDFLW\ &RO &RORU <HOORZ )XQFWLRQ ,QGLFDWHVGHWHFWLRQRIDSDFNHWFROOLVLRQ &RQGLWLRQ ,QGLFDWLRQ 21%/,1.,1* +XEKDVGHWHFWHGDFROOLVLRQFRQGLWLRQRQWKHQHWZRUN 2)) 1RFROOLVLRQVKDYHEHHQGHWHFWHG 7KHUHODWLYHUDWHRIFROOLVLRQLVLQGLFDWHGE\WKHOHYHORIEULJKWQHVVDQG EOLQNLQJRIWKH&ROLQGLFDWRU 1RWH ,IWKHKXEGLVSOD\VDKLJKFROOLVLRQUDWHFKHFNWRVHHLIDQ\RIWKHFRQQHFWHG GHYLFHVDUHPDOIXQFWLRQLQJRULIDORRSKDVEHHQIRUPHGLQ\RXUQHWZRUN FRQQHFWLRQV2WKHUZLVH\RXUQHWZRUNPD\MXVWEHRYHUORDGHGDQG\RXPD\ QHHGWRUHFRQILJXUH\RXUQHWZRUNWREDODQFHWKHWUDIILFORDG +DUGZDUH5HIHUHQFH KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH 3RUW6WDWXV'LVSOD\ /LQN$FWLYLW\ &RORU )XQFWLRQ *UHHQ ,QGLFDWHVDVXFFHVVIXOFRQQHFWLRQWRDQRWKHUKXERUHQGQRGH RQWKLVSRUW ,QGLFDWHVSDFNHWVEHLQJSDVVHGWRDSRUWRQWKHKXE &RQGLWLRQ ,QGLFDWLRQ 21 +XEGHWHFWVDFRQQHFWLRQWRDQRWKHUKXERUHQGQRGHRQWKLVSRUW 2)) +XEGRHVQRWGHWHFWDFRQQHFWLRQWRDQRWKHUKXERUHQGQRGHRQWKLVSRUW %/,1.,1* +XEGHWHFWVSDFNHWVEHLQJSDVVHGWRWKLVSRUW 3DUWLWLRQ &RORU )XQFWLRQ <HOORZ ,QGLFDWHVWKDWDSRUWZDVGLVDEOHGEHFDXVHDQH[FHVVLYH FROOLVLRQFRQGLWLRQKDVEHHQGHWHFWHGRQWKHSRUW &RQGLWLRQ ,QGLFDWLRQ 21 +XEKDVGLVDEOHGWKHSRUWEHFDXVHRIH[FHVVLYHFROOLVLRQVGHWHFWHGDWWKHSRUW 2)) +XESRUWLVHQDEOHG :KHQFRQVHFXWLYHFROOLVLRQVRFFXURQWKHFDEOHFRQQHFWHGWRDKXESRUW WKDWSRUWLVDXWRPDWLFDOO\SDUWLWLRQHGE\WKHKXE,WLVDXWRPDWLFDOO\ UHFRQQHFWHGZKHQDFROOLVLRQIUHHGDWDSDFNHWDWOHDVWELWVORQJLHD PLQLPXPVL]HOHJDOSDFNHWSDVVHVWKURXJKWKHSRUW :KHQSDUWLWLRQLQJRFFXUVWKHSRUW VFRUUHVSRQGLQJ3DUWLWLRQ/('ZLOOEH FRQWLQXDOO\OLW\HOORZOLJKW2WKHUZLVHWKLV/('VKRXOGEH2))XQOLW +DUGZDUH5HIHUHQFH KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH 5-%DVH73RUWV 7KH+33UR&XUYH%DVH7+XELQFOXGHV%DVH7SRUWVRQWKHIURQW SDQHO3RUWFDQDOVRVHUYHDVDFDVFDGHSRUW&RQQHFWWKH0',;SRUWVWR QHWZRUNGHYLFHVVXFKDVZRUNVWDWLRQVRUVHUYHUVDQGWKH0',SRUWWRD QHWZRUNLQWHUFRQQHFWLRQGHYLFHVXFKDVDQRWKHUKXERUVZLWFK5HPHPEHU WKDW\RXFDQQRWFRQQHFWWRSRUW0',;DQG3RUW0',DWWKHVDPHWLPH 1RWH 8VH&DWHJRU\RUVWUDLJKWWKURXJKWZLVWHGSDLUFDEOH673RU873IRUDOO VWDQGDUGFRQQHFWLRQV+RZHYHULI\RXPXVWFDVFDGHEHWZHHQWZRKXEVXVLQJ VLPLODUSRUWW\SHVDWERWKHQGVRIWKHFDEOHXVHDFURVVRYHUFDEOH 5HDU3DQHO 7KHUHDUSDQHORQWKHKXELQFOXGHVDSRZHUFRQQHFWRU )LJXUH5HDU3DQHO 3RZHU&RQQHFWRU &RQQHFWWKHSRZHUDGDSWHUVXSSOLHGZLWKWKHKXEWRWKLVSRZHUFRQQHFWRU &DXWLRQ 8VHRQO\WKH$&SRZHUDGDSWHUWKDWLVVXSSOLHGZLWK\RXU+33UR&XUYH %DVH7+XE8VLQJRWKHUSRZHUDGDSWHUVLQFOXGLQJWKRVHPHDQWIRU RWKHU+3QHWZRUNSURGXFWVPD\UHVXOWLQGDPDJHWRWKHHTXLSPHQW)RU WKHFRUUHFWSRZHUDGDSWHUWRXVHVHHWKHWDEOHRQSDJH +DUGZDUH5HIHUHQFH KXEERRN3DJH7KXUVGD\0DUFK30 KXEERRN3DJH7KXUVGD\0DUFK30 $SSHQGL[$7URXEOHVKRRWLQJ 'LDJQRVLQJ+XE,QGLFDWRUV 7KH+33UR&XUYH%DVH7+XEFDQEHHDVLO\PRQLWRUHGWKURXJKLWV FRPSUHKHQVLYHSDQHOLQGLFDWRUV7KLVVHFWLRQGHVFULEHVFRPPRQSUREOHPV \RXPD\HQFRXQWHUDQGSRVVLEOHVROXWLRQV 3UREOHP &DXVH 6ROXWLRQ 2QHRIWKHXVHUVRQ )DXOW\FDEOHIDXOW\FRQQHFWRU WKHQHWZRUNFDQQRW IDXOW\/$1DGDSWHUFDEOHOHQJWK FRPPXQLFDWHZLWK YLRODWLRQ DQRWKHUQHWZRUN GHYLFHWKURXJKWKH KXE 6HYHUDOSRVVLEOHVROXWLRQVDUH )LQGWKHSRUWWKDWWKHXVHULVFXUUHQWO\FRQ QHFWHGWR&KHFNWKDWWKH/LQN$FWLYLW\/(' LVRQ ,ILWLVQRWUHPRYHWKHFDEOHIURPWKHSRUW DQGFRQQHFWLWWRDQRWKHUSRUW,IWKH/('LV VWLOOQRWRQFRQQHFWLWWRDQRWKHUSRUW,IWKH /('LVVWLOOQRWRQXVHWKH³7HVW/LQN´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Ω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Ω&DWHJRU\RU673873 ,QWHUIDFHV 5-0',;SRUWV 5-0',FDVFDGHSRUW 1HWZRUN&DEOH'LVWDQFHV PHWHUVPD[LPXP 'LPHQVLRQV [[FP [[LQ :HLJKW .JOEV 3RZHU5HTXLUHPHQWV 9DF+]P$PD[ 7HPSHUDWXUH &WR&WR)2SHUDWLQJ &WR&WR)1RQ2SHUDWLQJ +XPLGLW\1RQFRQGHQVLQJ WRDW&)2SHUDWLQJ WRDW&)1RQ2SHUDWLQJ 0D[LPXP$OWLWXGH NPIW2SHUDWLQJ NPIW1RQ2SHUDWLQJ &HUWLILFDWLRQ &(0DUN (PLVVLRQV )&&&ODVV$9&&,&ODVV$&,635&ODVV$ 6DIHW\ ,(&$$(1$$ 8/ &6$62 1206&), 7h9*6 $FRXVWLF1RLVH *HUDHXVFKHPLVVLRQ/Z$ G% ILNWLYHQ$UEHLW6SODW]QDFK ',167 6SHFLILFDWLRQV & KXEERRN3DJH7KXUVGD\0DUFK30 KXEERRN3DJH7KXUVGD\0DUFK30 $SSHQGL[' 6DIHW\DQG5HJXODWRU\6WDWHPHQWV 7KLVFKDSWHUFRYHUVWKHIROORZLQJWRSLFV ■ ■ ■ ■ PRXQWLQJSUHFDXWLRQV SRZHUSUHFDXWLRQV VDIHW\DQGUHJXODWRU\VWDWHPHQWV 'HFODUDWLRQRI&RQIRUPLW\ 0RXQWLQJ3UHFDXWLRQV $PRXQWLQJNLWLVDYDLODEOHWRDOORZPRXQWLQJWKH+3 3UR&XUYH%DVH7+XELQWRDVWDQGDUGLQFKWHOFRUDFNRUHTXLSPHQW FDELQHW:KHQ\RXSXWDKXELQWRDUDFNIROORZWKHVHPRXQWLQJ SUHFDXWLRQV ■ ■ ■ ■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■ ■ ■ ■ ■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■ ■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pFXULWp 6\PEROHGHUpIpUHQFHjODGRFXPHQWDWLRQ6LOHSURGXLWHVWPDUTXpGHFHV\PEROH UHSRUWH]YRXVjODGRFXPHQWDWLRQGXSURGXLWDILQG REWHQLUGHVLQIRUPDWLRQVSOXV GpWDLOOpHV :$51,1* 'DQVODGRFXPHQWDWLRQXQ:$51,1*LQGLTXHXQGDQJHUVXVFHSWLEOHG HQWUDvQHUGHV GRPPDJHVFRUSRUHOVRXODPRUW &$87,21 8QWH[WHGHPLVHHQJDUGHLQWLWXOp&$87,21LQGLTXHXQGDQJHUVXVFHSWLEOHGH FDXVHUGHVGRPPDJHVjO pTXLSHPHQW 1HFRQWLQXH]SDVDXGHOjG XQHUXEULTXH:$51,1*RX&$87,21DYDQWG DYRLUELHQ FRPSULVOHVFRQGLWLRQVSUpVHQWDQWXQGDQJHUHWSULVOHVPHVXUHVDSSURSULpHV &HWDSSDUHLOHVWXQSURGXLWGHFODVVH,HWSRVVqGHXQHERUQHGHPLVHjOD WHUUH/DVRXUFHG DOLPHQWDWLRQSULQFLSDOHGRLWrWUHPXQLHG XQHSULVHGH WHUUHGHVpFXULWpLQVWDOOpHDX[ERUQHVGXFkEODJHG HQWUpHVXUOHFRUGRQ G DOLPHQWDWLRQRXOHFRUGRQGHUDFFRUGHPHQWIRXUQLDYHFOHSURGXLW /RUVTXHFHWWHSURWHFWLRQVHPEOHDYRLUpWpHQGRPPDJpHGpEUDQFKHUOH FRUGRQG DOLPHQWDWLRQMXVTX jFHTXHODPLVHjODWHUUHDLWpWpUpSDUpH 0LVHjODWHUUHGXFkEOHGHUpVHDXORFDO VLYRWUHUpVHDXORFDOV pWHQGVXUXQH]RQHGHVVHUYLHSDUSOXVG XQV\VWqPH GHGLVWULEXWLRQGHSXLVVDQFHDVVXUH]YRXVTXHOHVSULVHVGHWHUUHGHVpFX ULWpVRLHQWFRQYHQDEOHPHQWLQWHUFRQQHFWpHV ■ /HVFkEOHVGHUpVHDX[ORFDX[SHXYHQWRFFDVLRQQHOOHPHQWrWUHVRXPLVj GHVVXUWHQVLRQVWUDQVLWRLUHVGDQJHUHXVHVWHOOHVTXHODIRXGUHRXGHVSHU WXUEDWLRQVGDQVOHUpVHDXG DOLPHQWDWLRQSXEOLF0DQLSXOH]OHVFRP SRVDQWVPpWDOOLTXHVGXUpVHDXDYHFSUpFDXWLRQV $XFXQHSLqFHFRQWHQXHjO LQWpULHXUGHFHSURGXLWQHSHXWrWUHUpSDUpHSDU O XWLOLVDWHXU7RXWGpSDQQDJHUpJODJHHQWUHWLHQRXUpSDUDWLRQGHYUDrWUH FRQILpH[FOXVLYHPHQWjXQSHUVRQQHOTXDOLILp ■ &HWDSSDUHLOQHFRPSRUWHSDVGHFRPPXWDWHXUSULQFLSDOODPLVHVRXV WHQVLRQHVWHIIHFWXpHSDUEUDQFKHPHQWGXFRUGRQG DOLPHQWDWLRQ ' 6DIHW\DQG5HJXODWRU\6WDWHPHQWV KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH +LQZHLVH]XU6LFKHUKHLW 6\PEROIU'RNXPHQWDWLRQVYHUZHLV:HQQGDV3URGXNWPLWGLHVHP6\PEROPDUNLHUW LVWVFKODJHQ6LHELWWHLQGHU3URGXNWGRNXPHQWDWLRQQDFKXPPHKU,QIRUPDWLRQHQ EHUGDV3URGXNW]XHUKDOWHQ :$51,1* (LQH:$51,1*LQGHU'RNXPHQWDWLRQV\PEROLVLHUWHLQH*HIDKUGLH9HUOHW]XQJHQ RGHUVRJDU7RGHVIlOOHYHUXUVDFKHQNDQQ &$87,21 &$87,21LQGHU'RNXPHQWDWLRQV\PEROLVLHUWHLQH*HIDKUGLHGLV*HUlWEHVFKlGLJHQ NDQQ )DKUHQ6LHQDFKGHP+LQZHLV:$51,1*RGHU&$87,21HUVWIRUWQDFKGHP6LHGHQ *HIDKUHQ]XVWDQGYHUVWDQGHQXQGGLHHQWVSUHFKHQGHQ0DQDKPHQHUJULIIHQKDEHQ 'LHVLVWHLQ*HUlWGHU6LFKHUKHLWVNODVVH,XQGYHUIJWEHUHLQHQ VFKW]HQGHQ(UGXQJVWHUPLQDO'HU%HWULHEGHV*HUlWVHUIRUGHUWHLQH XQXQWHUEURFKHQH6LFKHUKHLWVHUGXQJYRQGHU+DXSWVWURPTXHOOH]XGHQ *HUlWHLQJDEHWHUPLQDOVGHQ1HW]NDEHOQRGHUGHPPLW6WURPEHOLHIHUWHQ 1HW]NDEHOVDW]YRUDXV6REDOG*UXQG]XU$QQDKPHEHVWHKWGDGHU6FKXW] EHHLQWUlFKWLJWZRUGHQLVWGDV1HW]NDEHODXVGHU:DQGVWHFNGRVH KHUDXV]LHKHQELVGLH(UGXQJZLHGHUKHUJHVWHOOWLVW )U/$1.DEHOHUGXQJ :HQQ,KU/$1HLQ*HELHWXPIDWGDVYRQPHKUDOVHLQHP6WURPYHUWHL OXQJVV\VWHPEHOLHIHUWZLUGPVVHQ6LHVLFKYHUJHZLVVHUQGDGLH 6LFKHUKHLWVHUGXQJHQIHVWXQWHUHLQDQGHUYHUEXQGHQVLQG ■ /$1.DEHON|QQHQJHOHJHQWOLFKJHIlKUOLFKHQhEHUJDQJVVSDQQXQJHQ DXVJHVHW]WZHUGHQEHLVSLHOVZHLVHGXUFK%OLW]RGHU6W|UXQJHQLQGHP 6WDUNVWURPQHW]GHV(OHNWUL]LWlWVZHUNV%HLGHU+DQGKDEXQJH[SRQLHUWHU 0HWDOOEHVWDQGWHLOHGHV1HW]ZHUNHV9RUVLFKWZDOWHQODVVHQ 'LHVHV*HUlWHQWKlOWLQQHQNHLQHGXUFKGHQ%HQXW]HU]XZDUWHQGHQ7HLOH :DUWXQJV$QSDVVXQJV,QVWDQGKDOWXQJVRGHU5HSDUDWXUDUEHLWHQGUIHQ QXUYRQJHVFKXOWHP%HGLHQXQJVSHUVRQDOGXUFKJHIKUWZHUGHQ ■ 'LHVHV*HUlWKDWNHLQHQ1HW]VFKDOWHUHVZLUGEHLP$QVFKOLHHQGHV 1HW]NDEHOVHLQJHVFKDOWHW 6DIHW\DQG5HJXODWRU\6WDWHPHQWV ' KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH &RQVLGHUD]LRQLVXOODVLFXUH]]D 6LPERORGLULIHULPHQWRDOODGRFXPHQWD]LRQH6HLOSURGRWWRqFRQWUDVVHJQDWRGD TXHVWRVLPERORIDUHULIHULPHQWRDOODGRFXPHQWD]LRQHVXOSURGRWWRSHUXOWHULRULLQIRU PD]LRQLVXGLHVVR :$51,1* &$87,21 /DGLFLWXUD:$51,1*GHQRWDXQSHULFRORFKHSXzFDXVDUHOHVLRQLRPRUWH /DGLFLWXUD&$87,21GHQRWDXQSHULFRORFKHSXzGDQQHJJLDUHOHDWWUH]]DWXUH 1RQSURFHGHUHROWUHXQDYYLVRGL:$51,1*RGL&$87,21SULPDGLDYHUFRPSUHVROH FRQGL]LRQLGLULVFKLRHDYHUSURYYHGXWRDOOHPLVXUHGHOFDVR 4XHVWRSURGRWWRqRPRORJDWRQHOODFODVVHGLVLFXUH]]D,HGKDXQWHUPLQDOH SURWHWWLYRGLFROOHJDPHQWRDWHUUD'HY HVVHUHLQVWDOODWRXQFROOHJDPHQWRD WHUUDGLVLFXUH]]DQRQLQWHUURPSLELOHFKHYDGDGDOODIRQWHG DOLPHQWD]LRQH SULQFLSDOHDLWHUPLQDOLG HQWUDWDDOFDYRG DOLPHQWD]LRQHRSSXUHDOVHWFDYR G DOLPHQWD]LRQHIRUQLWRFRQLOSURGRWWR2JQLTXDOYROWDYLVLDSUREDELOLWjGL GDQQHJJLDPHQWRGHOODSURWH]LRQHGLVLQVHULWHLOFDYRG DOLPHQWD]LRQHILQRD TXDQGRLOFROOHJDHQWRDWHUUDQRQVLDVWDWRULSULVWLQDWR 3HUODPHVVDDWHUUDGHLFDYL/$1 VHODYRVWUD/$1FRSUHXQ DUHDVHUYLWDGDSLGLXQVLVWHPDGLGLVWULEX]L RQHHOHWWULFDDFFHUWDWHYLFKHLFROOHJDPHQWLDWHUUDGLVLFXUH]]DVLDQREHQ FROOHJDWLIUDORUR ■ LFDYL/$1SRVVRQRRFFDVLRQDOPHQWHDQGDUHVRJJHWWLDSHULFRORVHWHQ VLRQLWUDQVLWRULHDGHVHPSLRSURYRFDWHGDODPSLRGLVWXUELQHOODJULJOLD G DOLPHQWD]LRQHGHOODVRFLHWjHOHWWULFDVLDWHFDXWLQHOWRFFDUHSDUWL HVSRVWHLQPHWDOORGHOODUHWH 1HVVXQFRPSRQHQWHGLTXHVWRSURGRWWRSXzHVVHUHULSDUDWRGDOO XWHQWH 4XDOVLDVLODYRURGLULSDUD]LRQHPHVVDDSXQWRPDQXWHQ]LRQHRDVVLVWHQ]D YDHIIHWWXDWRHVFOXVLYDPHQWHGDSHUVRQDOHVSHFLDOL]]DWR ■ 4XHVWRDSSDUDWRQRQSRVVLHGHXQFRPPXWDWRUHSULQFLSDOHVLPHWWHVFRWWR WHQVLRQHDOO LQVHULUVLLOFDYRG DOLPHQWD]LRQH ' 6DIHW\DQG5HJXODWRU\6WDWHPHQWV KXEERRN3DJH7KXUVGD\0DUFK30 +33UR&XUYH%DVH7+XE,QVWDOODWLRQDQG5HIHUHQFH &RQVLGHUDFLRQHVVREUHVHJXULGDG 6tPERORGHUHIHUHQFLDDODGRFXPHQWDFLyQ6LHOSURGXFWRYDPDUFDGRFRQHVWHVtP ERORFRQVXOWDUODGRFXPHQWDFLyQGHOSURGXFWRDILQGHREWHQHUPD\RULQIRUPDFLyQ VREUHHOSURGXFWR :$51,1* 8QD:$51,1*HQODGRFXPHQWDFLyQVHxDODXQULHVJRTXHSRGUtDUHVXOWDUHQ OHVLRQHVRODPXHUWH &$87,21 8QD&$87,21HQODGRFXPHQWDFLyQVHxDODXQULHVJRTXHSRGUtDUHVXOWDUHQDYHUtDV DOHTXLSR 1RSURVHJXLUGHVSXpVGHXQVtPERORGH:$51,1*R&$87,21KDVWDQRKDEHU HQWHQGLGRODVFRQGLFLRQHVSHOLJURVDV\KDEHUWRPDGRODVPHGLGDVDSURSLDGDV (VWHDSDUDWRVHHQPDUFDGHQWURGHODFODVH,GHVHJXULGDG\VHHQFXHQWUD SURWHJLGRSRUXQDERUQDGHSXHVWDDWLHUUD(VSUHFLVRTXHH[LVWDXQDSXHVWD DWLHUUDFRQWLQXDGHVGHODWRPDGHDOLPHQWDFLyQHOpFWULFDKDVWDODVERUQDVGH ORVFDEOHVGHHQWUDGDGHODSDUDWRHOFDEOHGHDOLPHQWDFLyQRHOMXHJRGH FDEOHGHDOLPHQWDFLyQVXPLQLVWUDGR6LH[LVWHODSUREDELOLGDGGHTXHOD SURWHFFLyQDWLHUUDKD\DVXIULGRGHVSHUIHFWRVGHVHQFKXIDUHOFDEOHGH DOLPHQWDFLyQKDVWDKDEHUVHVXEVDQDGRHOSUREOHPD 3XHVWDDWLHUUDGHOFDEOHGHODUHGORFDO/$1 6LOD/$1DEDUFDXQiUHDFX\RVXPLQLVWURHOpFWULFRSURYLHQHGHPiVGH XQDUHGGHGLVWULEXFLyQGHHOHFWULFLGDGFHUFLRUDUVHGHTXHODVSXHVWDVD WLHUUDHVWpQFRQHFWDGDVHQWUHVtGHPRGRVHJXUR ■ (VSRVLEOHTXHORVFDEOHVGHOD/$1VHYHDQVRPHWLGRVGHYH]HQFXDQGR DYROWDMHVPRPHQWiQHRVTXHHQWUDxHQSHOLJURUD\RVRDOWHUDFLRQHVHQOD UHGGHHQHUJtDHOpFWULFD0DQHMDUFRQSUHFDXFLyQORVFRPSRQHQWHVGH PHWDOGHOD/$1TXHHVWpQDOGHVFXELHUWR (VWHDSDUDWRQRFRQWLHQHSLH]DDOJXQDVXVFHSWLEOHGHUHSDUDFLyQSRUSDUWH GHOXVXDULR7RGDVODVUHSDUDFLRQHVDMXVWHVRVHUYLFLRGHPDQWHQLPLHQWR GHEHUHDOL]DUORVVRODPHQWHHOWpFQLFR ■ (VWHSURGXFWRQRWLHQHLQWHUUXSWRUGHSRWHQFLDVHDFWLYDFXDQGRVHHQFKXID HOFDEOHGHDOLPHQWDFLy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■ ■ ■ ■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Ω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ΩDQGKDVWKHVDPHSLQDVVLJQPHQWDV8737KLVFDEOHVKRXOGQRW EHFRQIXVHGZLWKWKHROGHUΩ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