Catfishing products 2015

Page 1

$'9$1&(' &$7),6+,1* *($5

*8,'$ 352'277, 352'8&7 *8,'(


5RGV

),5(%$// ;75(0( ! 9(57,&$/ ,03$&7

0DJDUL OD SULPD YROWD q VWDWD GXUDQWH XQD VHVVLRQH GL SHVFD DOOD FDUSD TXDQGR LQYHFH GL XQD EHOOD RYHU q DUULYDWR OXL LO JDWWRQH IDPHOLFR 2 PDJDUL q VWDWR DVFRO WDQGR L UDFFRQWL GHJOL DOWUL SHVFDWRUL ,Q RJQL FDVR D XQ FHUWR SXQWR q VDOLWD OD IHEEUH TXHOOD YR JOLD LUUHIUHQDELOH GL FRQIURQWDUVL FRQ XQ SHVFH FKH q GLYHQ WDWR XQD OHJJHQGD &RQ LO SL JURVVR SHVFH G¶DFTXD GROFH FKH SUREDELOPHQWH ULXVFLUHWH D SUHQGHUH QHOOD YLWD &RQ XQ SUHGDWRUH PROWR SDUWLFRODUH LQ JUDGR GL FDFFLDUH FRPH XQR VTXDOR R GL HVVHUH GHOLFDWR FRPH PDPPD RFD TXDQGR GL IHQGH LO SURSULR QLGR H OD SURSULD SUROH Ê TXHVWD OD PROOD FKH q VFDWWDWD WUD DOFXQL PHPEUL GHO . .DUS WHDP FKH SRFR DOOD YROWD KD SRUWDWR DOO¶LGHD GL &DWJHDU $ XQ FHUWR SXQWR OD IHEEUH GHO JDWWR QRQ WL EDVWD SL YLYHUOD OXQJR L ILXPL D XQ FHUWR SXQWR WL SUHQGH FRVu WDQWR FKH LQL]L D FKLHGHUWL FRVD SRWUHVWL IDUH SHU PLJOLRUDUWL H SHU SUHQGHUH SHVFL VHPSUH SL JURVVL $EELDPR LQL]LDWR FRQ TXDOFKH LGHD DEELDPR PR GLILFDWR GHOOH FDQQH JLj HVLVWHQWL H SRL DEELDPR LQL]LDWR D SURJHWWDUQH GL QXRYH $ TXHO SXQWR QHPPHQR FH QH VLDPR DFFRUWL PD FL HUDYDPR GHQWUR 6LDPR GLYHQWDWL GHL JURVVL JDWWL QRL VWHVVL VRUQLRQL PD SHULFRORVL LQ JUDGR GL DWWHQGH UH QHOOD QRVWUD WDQD ILQR D TXDQGR OH FRQGL]LRQL QRQ VRQR TXHOOH JLXVWH SHU LQL]LDUH OD QRVWUD VHFRQGD YLWD GL SUHGDWRUL $EELDPR VFRSHUWR FKH OD VHQVD]LRQH q VWDWD EHOOLVVLPD H YRJOLDPR FRLQYROJHUH DQFKH WXWWL YRL &L SUHQGHUHPR FXUD GL YRL FRPH PDPPD VLOXUR ID FRQ L SURSUL SLFFROL

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¶W UHDOL]H EXW ZH ZHUH GHHSO\ LQ LW :H KDYH EHFRPH ELJ FDWV RXUVHOYHV VO\ EXW GDQJHURXV DEOH WR ZDLW LQ RXU ODLU XQWLO WKH FRQGLWLRQV DUH QRW WKH ULJKW RQHV WR VWDUW RXU VHFRQG OLIH RI SUHGDWRUV :H IRXQG WKDW WKLV IHHOLQJ ZDV EHDXWLIXO DQG ZH ZDQW WR LQYROYH DOO RI \RX :H ZLOO WDNH FDUH RI \RX DV D PRWKHU FDWILVK GR ZLWK LWV RIIVSULQJ

&$7 52'6

5((/6 /,1(6 %5$,'(' $&&(6625,(6 6:,9(/6 +22.6 ),6+ ),1'(56 /8**$*( &/27+,1*

::: )$&(%22. &20 &$7),6+,1*($5

,O WHDP . .DUS KD SDVVDWR PROWH JLRUQDWH D SHVFD SHU WHVWDUH DS SLHQR L OH )LUHEDOO ([WUHPH ( TXHVWR SDUH FKH QRQ VLD GLVSLDFLXWR ORUR DIIDWWR« 4XHVWD FDQQD OD FXL D]LRQH SDUDEROLFD PD UDSLGD H SRWHQWH SHUPHWWH XQ¶D]LRQH GL SHVFD SDUWLFRODUPHQWH SLDFHYROH H UHGGLWL]LD HG q VWDWD UHDOL]]DWD FRQ PROWD FXUD SUHVWDQGR OD PDVVLPD DWWHQ]LRQH D WXWWL L SDUWLFRODUL /¶DQHOOR DSLFDOH DG HVHPSLR QRQ KD VDOGDWXUH QHOOD SDUWH VXSHULRUH SHU HYLWDUH FKH SUDWLFDQGR OD SHVFD FRQ ILOR LQ PDQR DO PR PHQWR GHOO¶DEERFFDWD H GHO VXFFHVVLYR ULODVFLR GHOOD OHQ]D SHU OD IHUUDWD TXHVW¶XOWLPD QRQ SRVVD ULPDQHUH LQ TXDOFKH PRGR LPSLJOLDWD QHO SRQWH GHOO¶DQHOOR 7UDWWDQGRVL SRL GL XQD FDQQD GHVWLQDWD D XQD SHVFD LPSHJQD WLYD q VWDWR DJJLXQWR VXO SRUWDPXOLQHOOR XQ DQHOOR GL PHWDOOR GL EORFFDJJLR VXSSOHPHQWDUH LQ PRGR FKH LO PXOLQHOOR QRQ SRVVD PXRYHUVL GL XQ VROR PLOOLPHWUR GXUDQWH LO FRPEDWWLPHQWR ,O FDOFLR LQ (9$ SHU FRQVHQWLUH XQD SUHVD VDOGD LQ WXWWL L SHULRGL GHOO¶DQQR q VWDWR FRUUHGDWR GL FURFLHUD LQ JRPPD GXUD SHU FRORUR FKH SUHIHULVFRQR FRPEDWWHUH LQ FLQWXUD

/D SHVFD LQ YHUWLFDOH QDVFH FHUWDPHQWH LQ PDUH GRYH JLj GD DQQL KD FRQTXLVWDWR QXPHURVL VHJXDFL 9HUR q FKH WDOH DSSURFFLR VL q ULYHODWR K HVWUHPDPHQWH FDWWXUDQWH DQFKH LQ DFTXH GROFL QHOOD SHVFD GHO VLOXUR VSHFLH GL TXHOOL GL JUDQGL GLPHQVLRQL 1DVFH FRVu OD 9HUWLFDO ,PSDFW LO FXL IXVWR OHJJHULVVLPR HSSXUH SRWHQWH FRPH SRFKH DOWUH FDQQH IRUQLVFH OD JLXVWD D]LRQH SHU LO SHUIHWWR FRQWUROOR GHOO¶HVFD /D FDQQD q VWDWD HTXL SDJJLDWD FRQ DQHOOL LQ 6L& SHU FRQVHQWLUH O¶XVR GL WUHFFLDWL FKH HVDOWDQR OD VHQVLELOLWj GHOO¶DWWUH]]R H PDVVLPL]]DQR OD IRU]D GL SHQHWUD]LRQH HVHU FLWDWD GXUDQWH OD IHUUDWD /¶DQHOOR DSLFDOH SULYR GL VDOGDWXUH VXOOD SDUWH VXSHULRUH JDUDQWLVFH FKH LO ILOR QRQ ULVFKL PDL GL LPSLJOLDUVL VXOOD YHWWD HYLWDQGR TXDOVLDVL ULVFKLR GL FRQVHJXHQWH URWWXUD ,Q ULVDOWR DQFKH LO SRUWD PXOLQHOOR FKH ROWUH DOOD QRUPDOH JKLHUD GL FKLXVXUD GLVSRQH GL XQD VHFRQ GD JKLHUD PHWDOOLFD SHU XQ EORFFDJJLR WRWDOH H VLFXUR ,O FDOFLR HUJRQRPLFR LQ (9$ q FRUUHGDWR GL FURFLHUD LQ JRPPD GXUD


$'9$1&(' &$7),6+,1* *($5

7KH . .DUS WHDP WHVWHG WKH )LUHEDOO ([WUHPH LQ PDQ\ ILVKLQJ WULSV WR GHVLJQ LW SURSHUO\ $QG W G IRU VRPH UHDVRQ WKH\ ZHUH QRW GLVDSSRLQWHG WR VSHQG VR PXFK WLPH GRLQJ WKDW«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¶V ZK\ DQ DGGLWLRQDO PHWDOOLF ULQJ KDV EHHQ DGGHG WR WKH UHHO VHDW WR LPSURYH VDIHW\ DQG WR DYRLG WKH UHHO WR PRYH HYHQ RQH PLOOLPHWHU 7KH (9$ VKDSHG KDQGOH JLYHV D SHUIHFW DQG ILUP JULS LQ HYHU\ VHDVRQ RI WKH \HDU DQG RQ WKH ERWWRP WKHUH LV D KDUG UXEEHU JLPEDO IRU DOO WKH SHRSOH WKDW SUHIHU WR XVH WKH ILJKWLQJ EHOW

¶ ´ P

FP

J

6L&

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

¶ ´ P

FP

J

6L&

::: &$7*($5),6+,1* &20


5RGV

,1/,1( ;75(0( ! ),*+7(5 63,1 ! 1(235(1( 52' %(/76

/D SHVFD GDOOD EDUFD q LO VXR SDOFRVFHQLFR QDWXUDOH OH HPR]LRQL IRUWL VRQR LO VXR SDQH TXRWLGLDQR H OD SLHJD D OD VXD SRVL]LRQH SUHIHUL WD (¶ OD SULPD FDQQD D ILOR LQWHUQR QHOOD JDPPD &DWJHDU LQ JUDGR GL HQWXVLDVPDUH FKL OD XVD H GL IDU LPSD]]LUH FKL GHYH VXELUH OD VXD IRU]D SHUFKp LO VXR IXVWR q FRVWUXLWR LQ XQ VROR SH]]R H VYLOXSSD XQ¶D]LRQH LPSHFFDELOH /¶DVVHQ]D GL DQHOOL SRUWD FRQ Vp XQD VHULH GL YDQWDJJL ,Q QDQ]LWXWWR OD FXUYD VRWWR VIRU]R q SULYD GL SXQWL PRUWL GRYXWL DOOH OHJDWXUH GHL SDVVDQWL LQ VHFRQGR OXRJR OD WRUVLRQH D FDULFR GHO JUH]]R q QXOOD SHUFKp OD OHQ]D FRUUH OXQJR LO VXR DVVH ORQJLWXGLQDOH FRQ LO ULVXOWDWR GL XQD UHVLVWHQ]D HQRUPH LQILQH LO ULVFKLR GL IRUPDUH JURYLJOL GL OHQ]D q SDUL D ]HUR FRQ LO FRQVHJXHQWH SLDFHUH GL SHVFDUH VHQ]D SUREOHPL 3HU VHPSOLILFDUH LO WUDVSRUWR LO UREXVWR FDOFLR q VWDFFDELOH HG q XQ FRQGHQ VDWR GL LPSRUWDQWL VSHFLILFKH WHFQLFR IXQ]LRQDOL D SDUWLUH GDOOD VHGH GHO PXOLQHOOR :HER '36 SHU DUULYDUH DOOD EDVH D FURFLHUD SDVVDQGR SHU LO ULYHVWLPHQWR LQ (9$ DG HOHYDWD GHQVLWj DUULFFKLWR GDO ORJR &DWJHDU LQFLVR DO ODVHU 8Q DWWUH]]R IDQWDVWLFR YHUDPHQWH SLDFHYROH H DIILGDELOH FDSDFH GL IRUQLUH HPR]LRQL XQLFKH

6SHFLDOH PRGHOOR D ILOR LQWHUQR FRPSDWLELOH FRQ OHQ]H PXOWLILEUH $]LRQH LPSHFFDELOH H UHVLVWHQ]D DO WRS JUD]LH DO IXVWR PRQRSH]]R ,GRQHLWj DOO¶XVR FRQ PXOLQHOOL D ERELQD ILVVD R URWDQWL 6WUXWWXUD D GXH VH]LRQL &DOFLR VWDFFDELOH FRPSOHWDPHQWH ULYHVWLWR LQ (9$ )XVWR LQ FDUERQLR $OWR 0RGXOR GL VSLFFDWD FRQLFLWj $QHOOR GL HQWUDWD GHOOD OHQ]D FRQ SDVVDQWH LQ 6L& $SLFDOH LQ 6L& 3RUWDPXOLQHOOR D YLWH LQ JUDILWH :HER '36 LQ JUDILWH H DFFLDLR %DVH D FURFLHUD FRQ SRPHOOR GD FRPEDWWLPHQWR LQ JRPPD ,Q GRWD]LRQH LO FDYHWWR SHU O¶LQVHULPHQWR GHOOD OHQ]D

6HPSOLFHPHQWH IDQWDVWLFD TXHVWD FDQQD GHGLFDWD DOOR VSLQQLQJ DO VL OOXUR ,O IXVWR q VSDYHQWRVDPHQWH VRWWLOH OHJJHUR H ELODQFLDWR 0D DO WHPSR VWHVVR IRUQLVFH OD VXIILFLHQWH SRWHQ]D SHU ULGXUUH D PLWL FRQVLJOL DQFKH GHL YHUL H SURSUL EHVWLRQL /D )LJKWHU 6SLQ GLVSRQLELOH LQ GXH YHUVLRQL H HQWUDPEH FRQ SRWHQ]D UHDOH GL JUDPPL SRVVRQR HVVHUH LPSLHJDWH WDQWR GD WHUUD TXDQWR GD EDUFD /¶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

::: )$&(%22. &20 &$7),6+,1*($5

¶ ´ P ¶ ´ P

FP FP

J J

6L& 6L&


$'9$1&(' &$7),6+,1* *($5

1(:

$SLFDOH LQ 6L& SHU OD FRPSOHWD GL VSHUVLRQH GHO FDORUH

&$9(772 ,1 '27$=,21( /,1( 7+5($'(5

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¶V ZUDSSLQJV VHFRQGO\ WKH WRUVLRQ RQ EODQN GRHV QRW H[LVW DW DOO DV WKH OLQH UXQV DORQJ WKH URG¶V D[LV ZLWK D UHVXOWLQJ KLJK VWUHQJWK ILQDOO\ WKH ULVN RI OLQH WDQJOHV LV LQH[LVWHQW DQG WKLV UDLVHV WKH XVHU¶V SOHDVXUH ,Q RUGHU WR HDVH WKH WUDQVSRUW WKH VWURQJ EXWW VHFWLRQ LV GHWDFKDEOH DQG LV D UHDO FRQFHQWUDWH RI LPSRUWDQW WHFKQLFDO DQG IXQFWLRQDO IHDWXUHV VWDUWLQJ IURP :HER '36 UHHO VHDW WR DUULYH WR UXEEHU JLPEDO EXWW JHWWLQJ WKURXJK WKH KLJK GHQVLW\ (9$ KDQGOH HQULFKHG E\ ODVHU HQJUDYHG &DWJHDU ORJR $ IDQWDVWLF URG UHDOO\ SOHDVDQW DQG UHOLDEOH DLPHG WR SURYLGH XQLTXH VHQ VDWLRQV WR WKH OXFN\ XVHU

6L& WRS JXLGH LV L UHDOO\ WKH EHVW WR GLVSHUVH KHDW /D SRUWD G¶LQJUHVVR GHOOD OHQ]D q ULYHVWLWD LQ 6L& H FRQVHQ O WH GL XVDUH XQ PXOLQHOOR D ERELQD ILVVD R XQ URWDQWH 7KH OLQH HQWU\ GRRU LV 6L& OLQHG OL G IRU D WRWDO OLQH SURWHFWLRQ DQG DOORZV WR XVH HLWKHU VSLQ QLQJ RU PXOWLSOLHU UHHO

6SHFLDO PRGHO ZLWK LQWHUQDO OLQH FRPSDWLEOH ZLWK EUDLGHG OLQHV 3HUIHFW DFWLRQ DQG WRWDO VWUHQJWK WKDQNV WR RQH SLHFH EODQN (LWKHU VSLQQLQJ DQG PXOWLSOLHU UHHO DUH DOORZHG 7ZR VHFWLRQ¶V FRQILJXUDWLRQ

2IIVHW EXWW KDQGOH FRPSOHWHO\ GUHVVHG LQ KLJK GHQVLW\ (9$ +LJK 0RGXOXV IDVW WDSHUHG FDUERQ EODQN 6L& OLQHG OLQH HQWU\ GRRU 6L& WRS JXLGH :HER '36 VFUHZ UHHO VHDW PDGH IURP JUDSKLWH DQG VWHHO *LPEDO UXEEHU EXWW FDS 6XSSOLHG ZLWK VSHFLDO ZLUH WR HDVH OLQH WKURXJK WKH URG EODQN

,O SRUWDPXOLQHOOR q FDSRYROWR H OD JXDQFLD EL PRELOH q EORFFDWD GD XQD FRQWUR YLWH LQ DFFLDLR

¶ ´ P

FP

7KH UHHO VHDW LV ILWWHG XSVLGH GRZQ DQG WKH EL PRELOH KRRG LV ORFNHG E\ D GHGLFDWHG VFUHZ

J

,QOLQH

1(235(1( 52' %(/76 /D FRQIH]LRQH FRQWLHQH PLVXUH 3LFFROD [ PP *UDQGH [ PP 7KH VHW LQFOXGHV VL]H EDQGV 6PDOO [ PP /DUJH [ PP

)DVFH HODVWL FKH LQ QHRSUHQH GLVHJQDWH SHU UL SRUUH LQ PRGR VLFXUR OH YRVWUH SUH ]LRVH FDQQH (QWUDPEH OH IDVFH SUHVHQWDQR XQD UDSLGD FKLXVXUD LQ YHOFUR SHU RIIULUH LO PDVVLPR JULS H SURWH]LRQH GXUDQWH LO WUDVSRUWR

6HW LQFOXGLQJ WZR HODVWLFDWHG QHRSUHQH URG EDQGV HVSHFLDOO\ GHVLJQHG WR VDIHO\ VWRUH \RXU YD OXDEOH URGV %RWK EDQGV IHDWXUH D TXLFN DQG HDV\ WR XVH YHOFUR SDG WR GHOLYHU WKH PD[LPXP JULS DQG SURWHFWLRQ GXULQJ WKH WUDQVSRUW

::: &$7*($5),6+,1* &20


%,* 5,9(5 %5($. /,1( 63(&,$/,67 ! %,* 5,9(5 63(&,$/ %2$ ! :(/6 ;75(0(

5RGV

Ê LQGXEELR FKH OD WHFQLFD G O %UHDN /LQH VWLD FRQTXLVWDQ GHO GR VHPSUH SL DSSDVVLRQDWL GL SHVFD DO VLOXUR /D UDJLRQH q VHPSOLFH DO PRPHQWR q OD SH VFD FKH JDUDQWLVFH SL FDWWXUH H SL JUDQGL 4XHVWD FDQQD UL SHWXWDPHQWH PHVVD DOOD SURYD FRQ SHVFL RYHU PHWUL VL SUH VHQWD HVWUHPDPHQWH UREXVWD FRQ XQ¶D]LRQH SRWHQWLVVLPD HVDOWDWD GDOOD OXQJD FDOFLDWX UD FKH SHUPHWWH GL FRPEDWWHUH LO SHVFH VIUXWWDQGR OD PLJOLRUH OHYD ,O SRUWDPXOLQHOOR GL JHQHUR VH GLPHQVLRQL q VWDWR ULQIRU]DWR DJJLXQJHQGR XQD JKLHUD VXSSOH PHQWDUH GL DOOXPLQLR SHU LO VHU UDJJLR $QFKH LO SXQWR GL JLXQ ]LRQH WUD OH GXH VH]LRQL q VWDWR ULQIRU]DWR FRQ OD PDVVLPD FXUD HG q VWDWD DJJLXQWD XQD ULOHJD WXUD LQ FDUERQLR FKH SHUPHWWH GL DYHUH OD PLJOLRUH SUHVD TXDQGR RFFRUUH VHSDUDUH OH GXH VH]LRQL

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

¶ ´ P

FP

J

6L&

1(: &RQ SLHQR PHULWR TXHVWD WHOHVFRSLFD SRUWD LO QRPH GL ; 7UHPH 1RQ WWDQWR W SHU OD WDJOLD GHL VLOXUL FDWWXUDELOL PD SHU OH PLFLGLDOL VROOHFLWD]LRQL FKH HVVD q GHVWLQDWD D VRSSRUWDUH TXDOFRVD GL YHUDPHQWH HVWUHPR /D SHVFD D IRQGR QHL ILXPL D FRUUHQWH VRVWHQXWD FRQ ]DYRUUH FKH DUULYDQR D JUDPPL ULFKLHGH DIILGDELOLWj H SRWHQ]D XQ JLRFR GD UDJD]]L SHU LO FDU ERQLR DG $OWD 5HVLVWHQ]D DYYROWR GD XQ ILODPHQWR GL FDUERQLR FKH DJLVFH FRPH XQD FDPLFLD GL IRU]D $QHOOL FRQ WHODLR D GRSSLR JDPER H VFRUUHYROL OHJDWL VX WXEHWWL LQ FDUERQLR /D JULS LQIHULRUH ULYHVWLWD LQ JRPPD WHUPLQD FRQ XQ SRPHOOR WRQGHJJLDQWH SHU O¶DSSRJJLR DOO¶LQJXLQH :LWK IXOO PHULW WKLV WHOHVFRSLF FDUULHV WKH ; 7UHPH QLFNQDPH 1RW RQO\ IIRU WKH VL]H RI WDUJHWHG FDWILVK EXW DOVR IRU WKH VKRFNLQJ UDQJH RI VWUHVV ZKLFK LW¶V GHVWLQHG WR EHDU VRPHWKLQJ UHDOO\ H[WUHPH 7KH ERWWRP ILVKLQJ LQ KHDY\ IORRG ULYHUV ZLWK OHDGV WKDW FDQ EH DV KHDY\ DV JUDPV UHTXLUHV UHOLDELOLW\ DQG VWUHQJWK QRWKLQJ VSHFLDO IRU +LJK 5HVLVWDQFH &DU ERQ UHLQIRUFHG E\ ZUDSSHG FDUERQ \DUQ ZKLFK SURWHFWV WKH EODQN IURP GHIRUPDWLRQ *XLGHV DUH EXLOW DURXQG D VWURQJ GRXEOH OHJ IUDPH DQG VOL GLQJ JXLGHV DUH ZUDSSHG RQ FDUERQ SLSHV 7KH UXEEHU KDQGOH JULS HQGV ZLWK D URXQGHG FDS WR ILW LW LQWR WKH JURLQ GXULQJ KDUG ILJKWV

P

FP

::: )$&(%22. &20 &$7),6+,1*($5

J

6L&


$'9$1&(' &$7),6+,1* *($5

/D SHVFD D %UHDN /LQH QRQ HVDXULVFH FHUWDPHQWH TXHOOH FKH VRQR OH VROX]LRQL SHU OD SHVFD GD WHUUD GHL JUDQGL VLOXUL ,Q DOFXQH VLWXD]LRQL TXDQ O GR QRQ VL KD O¶RSSRUWXQLWj GL DJJDQFLDUVL DOOD ULYD RSSRVWD R FRPXQTXH VL GHFLGH FKH TXHVWD VROX]LRQH QRQ FL SHUPHWWH GL SHVFDUH QHO PLJOLRUH GHL PRGL HQWUD LQ JLRFR OD ERD YHUR H SURSULR MROO\ FKH ULVROYH VLWXD]LRQL FRP SOLFDWH /D FDQQD 6SHFLDO %RD q QDWXUDOPHQWH SL OXQJD SHU SHUPHWWHUH XQ PLJOLRUH DQJROR GHOOD OHQ]D PHQWUH PDQWLHQH OD JLXVWD OHYD GL FRP EDWWLPHQWR $QFKH LQ TXHVWR FDVR LO IXVWR KD SDVVDWR XQ OXQJR SHULRGR GL WHVW GXUDQWH LO TXDOH LO WHDP KD FHUFDWR GL URPSHUH OD FDQQD PHWWHQGR LQ DWWR DQFKH D]LRQL YROXWDPHQWH VEDJOLDWH /¶RELHWWLYR HUD LQIDWWL TXHOOR GL WURYDUH XQ SXQWR GHEROH GD PLJOLRUDUH 0D OD %LJ 5LYHU 6SHFLDO %RD KD ULILXWDWR GL URPSHUVL

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

¶ ´ P

FP

J

::: &$7*($5),6+,1* &20

6L&


5RGV

7,7$1 &$7),6+ &$67 ! 7,7$1 &$7),6+ ),*+7 ! 7,7$1 0(*$ )25&(

&$7),6+ &$67

/D 7LWDQ &DWILVK &DVW q VLFXUDPHQWH XQ DWWUH]]R LPSUHVFLQGLELOH SHU /D 7LWDQ &DWILVK &DVW q VLFXUDPHQWH XQ DWWUH]]R LPSUHVFLQGLELOH SHU FRORUR O FKH DPDQR OR VSLQQLQJ DO JUDQGH VLOXUR FRQVHQWHQGR GL JHVWLUH HVFKH YROXPLQRVH FRQ SUHFLVLRQH H VHQVLELOLWj PLFLGLDOL ,O IXVWR LQ FDUER QLR DOWD UHVLVWHQ]D QRQ WHPH PDOWUDWWDPHQWL PHQWUH JOL DQHOOL LQ 6L& VRQR SHUIHWWDPHQWH EUDLGHG IULHQGO\ ,Q HYLGHQ]D OD OHJJHUH]]D GHOOD FDQQD VH FRPSDUDWD QRQ VROR DOOD SRWHQ]D GL ODQFLR PD DQFKH DOO¶HIIHWWLYD SRWHQ]D GL FRPEDWWLPHQWR 2JQL SDUWLFRODUH q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

&$7),6+ ),*+7

1HOOD SHVFD DO VLOXUR GD WHUUD RFFRUUH GRWDUVL GL DWWUH]]L DOWDPHQWH DIILGDELOL SRWHQWL H LQ JUDGR GL UHVLVWHUH D VKRFN FKH VDUHEEHUR OHWDOL SHU IILG FDQQH WURSSR GHEROL R PDO SURJHWWDWH /H &DWJHDU 7LWDQ &DW )LJKW VRQR GHJOL DWWUH]]L SDUWLFRODUPHQWH D]]HFFDWL H VRQR LQ JUDGR GL GLVLPSHJQDU VL HJUHJLDPHQWH QHOOH WHFQLFKH GHOOD EUHDN OLQH H GHOOD SHVFD FRQ OD ERD , IXVWL VRQR VWDWL HTXLSDJJLDWL FRQ DQHOOL LQ 6L& SHU SHUPHWWHUH XQ XVR GHL ILOL WUHFFLDWL QRQFKp GL XQ¶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

¶ ´ P ¶ ´ P

FP FP

::: )$&(%22. &20 &$7),6+,1*($5

J J

6L& 6L&

¶ ´ P

FP

J

6L&


$'9$1&(' &$7),6+,1* *($5

0(*$ )25&(

1(:

'HVWLQDWD DOOD SHVFD GD ULYD QHL ILXPL TXHVWD WHOHVFRSLFD q FRVWUXLWD LQ FDUERQLR DG $OWD 5HVLVWHQ]D PDWHULDOH FKH VL GLVWLQ JXH GDOO¶$OWR 0RGXOR SHU OD VXD FDSDFLWj GL DVVRUELUH SHVDQWL FLFOL GL VIRU]L /¶LPSRVWD]LRQH GHO UREXVWR SRUWD PXOLQHOOR D YLWH FRQ VHQWH GL VYLOXSSDUH XQD IRU]D GL OHYD QRWHYROH H DOOR VWHVVR WHP SR GL LQVHULUH O¶DWWUH]]R QHL WUDGL]LRQDOL UHJJL FDQQD YHUWLFDOL *OL DQHOOL VRQR LQ 6L& SHU GLVVLSDUH LO FDORUH JHQHUDWR QHO FRUVR GL FRPEDWWLPHQWL FKH SRVVRQR SUROXQJDUVL QHO WHPSR H KDQQR XQ WHODLR LQGHIRUPDELOH D GRSSLR JDPER /D YHWWD q LQ FDUERQLR HG q SDU]LDOPHQWH YHUQLFLDWD LQ DUDQFLR IOXR SHU DJHYRODUQH OD YLVLELOLWj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

P

FP

J

6L&

0$*1(7,& 52' &/$03 ,O 0DJQHWLF 5RG &ODPS VL DGDWWD IDFLOPHQWH D TXDOVLDVL FDQQD GD FDWILVKLQJ /D FKLX VXUD PDJQHWLFD OR EORFFD LQ PRGR IHUPR H VLFXUR DO IXVWR H GLVSRQH GL XQ ILOHWWR GD VXO ODWR SHU DOORJJLDUYL O¶DYYLVDWRUH 3Xz RVSLWDUH GXH VWDUOLWH GD PP 0DJQHWLF 5RG &ODPS WR ILW HDVLO\ HOHFWURQLF ELWH LQGL FDWRU RQ PRVW FRPPRQO\ XVHG FDWILVK URGV 7KH PDJQHW W ORFNV ILUPO\ RQ URG EODQN DQG IHDWXUHV D VWDQGDUG WK UHDG RQ WKH VLGH ,W FDQ LQFRUSRUDWH WZR PP JORZVWLFN

::: &$7*($5),6+,1* &20


5HHOV

;3/25( 6: + ! 6:$7 ;6

1(: /¶DPSLR SRPHOOR GHOOD PDQRYHOOD GLFH PROWR VXOOD YRFD]LRQH GL TXH VWR PXOLQHOOR GDOOD SRWHQ]D LQVRVSHWWDELOH LO FXL FRUSR q FRVWUXLWR LQ JUD ILWH LQGXULWD XOWHULRUPHQWH LUULJLGLWR GD GXH HOHJDQWL SLDVWUH PHWDOOLFKH ODWHUDOL &RQ XQD IRU]D IUHQDQWH GL FKLOL O¶;SORUH 6: q LQ JUDGR GL IDU VHQWLUH L PXVFROL D FKL VL GLEDWWH DOO¶DOWUR FDSR GHOOD OHQ]D VYLOXSSDQGR XQ EUDFFLR GL IHUUR FKH YHGH OD YLWWRULD VRUULGHUH D FKL VWD VXOOD EDUFD /D ERELQD LQ DOOXPLQLR GDO GLDPHWUR PROWR DPSLR q VSOHQGLGDPHQWH WUDIRUDWD SHU ULGXUQH LO SHVR HG q SURILODWD LQ 7L1 SHU OLPLWDUH O¶DWWULWR FRQ OD OHQ]D LQ XVFLWD 7XWWL L FXVFLQHWWL D VIHUH VRQR VFKHUPDWL FRQWUR OD SROYHUH H O¶XPLGLWj 7KH ZLGH KDQGOH NQRE VD\V D ORW DERXW WKH YRFDWLRQ RI WKLV SRZHUIXO DQG DWWUDFWLYH UHHO ZKRVH ERG\ LV PDGH IURP KDUGH QHG JUDSKLWH DQG IXUWKHU VWLIIHQHG DURXQG KDQGOH¶V D[LV E\ WZR VLGH VWHHO SODWHV :LWK PD[LPXP GUDJ SRZHU RI NLORV WKH ;SORUH 6: OHWV WKH FDWILVK IHHO WKH PXVFOHV GHYHORSLQJ D VWURQJ ILJKW ZKLFK DO ZD\V HQGV ZLWK D MR\IXO FHOHEUDWLRQ RQ WKH ERDW 7KH DOXPLQLXP VSRRO LV SDUWLFXODUO\ ZLGH DQG LV QLFHO\ SHUIRUDWHG WR UHGXFH LWV ZHLJKW LWV XSSHU OLS LV 7L1 OLQHG WR HDVH OLQH¶V H[LW DQG IRU SURWHFWLRQ DJDLQVW DEUDVLRQ $OO EDOO EHDULQJV DUH VKLHOGHG WR DYRLG ZDWHU DQG GXVW LQWUXVLRQ WKXV H[SDQGLQJ WKHLU OLIH VSDQ YHU\ PXFK

+ +

,O ERUGR VXSHULRUH GHOOD ERELQD q SDUWLFRODU PHQWH VRWWLOH H SURILODWR D ³9´ SHU RSSRUUH DOOD OHQ]D W LQ XVFLWD LO PLQLPR DWWULWR SRVVLELOH 9 6SRRO 'HVLJQ

$ VLQLVWUD XQ FXVFLQHWWR WUDGL]LRQDOH VRJ JHWWR WW DOOH LQJLXULH GHOOD VDOVHGLQH $ GHVWUD OD YHUVLRQH VFKHUPDWD LPSHGLVFH O¶LQJUHVVR GHJOL DJHQWL DJJUHVVLYL

7KH XSSHU OLS RI WKH VSRRO LV UHPDUNDEO\ WKLQ DQG ³9´ VKDSHG WR OLPLW WKH OLQH IULFWLRQ DV PXFK DV SRVVLEOH DOORZLQJ WR JHW ORQJHU FDVWLQJ GLVWDQFHV 9 6SRRO 'HVLJQ

2Q OHIW WKH VWDQGDUG EDOO EHDULQJV DUH RSHQ WR JHW ZDWHU DQG VDOW ZLWKLQ EDOOV 2Q ULJKW WKH VKLHOGHG YHUVLRQ LV WRWDOO\ VDIH IURP DJJUHVVLYH DJHQWV

::: )$&(%22. &20 &$7),6+,1*($5

FP ‘ PP P FP ‘ PP P 6SDUH 6SRRO + 6SDUH 6SRRO +

NJ NJ

/D VSOHQGLGD ODYRUD]LRQH GHOOD ERELQD KD LO GGRSSLR UXROR GL DEEHOOLUOD H DOOHJJHULUOD

,O YDQR IUL]LRQH q VLJLOODWR H LQFOXGH GL VFKL LQ DFFLDLR H FDUERQLR KL

7KH KROHV RQ VSRRO¶V VNLUW SOD\ WKH GRXEOH UROH WR PDNH LW OLJKWHU DQG GHILQLWHO\ QLFH

7KH GUDJ V\VWHP LV VHDOHG DQG LQFOXGH W O VWHHO DQG FDUERQ GLVNV


$'9$1&(' &$7),6+,1* *($5

,O 7UDEXFFR 6ZDW ;6 q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¶W EH IRROHG E\ WKH VPDOO VL]H RI WKH LW LV D WUXH ZLQFK

J J J J J

FP ‘ PP P FP ‘ PP P FP ‘ PP P FP ‘ PP P FP ‘ PP ± P 6SDUH 6SRRO 6SDUH 6SRRO 6SDUH 6SRRO 6SDUH 6SRRO 6SDUH 6SRRO

::: &$7*($5),6+,1* &20

NJ NJ NJ NJ NJ


5HHOV

1,752 3*

6H TXHOOR FKH FHUFDWH q XQ PXOLQHOOR GDOOH SUH VWD]LRQL HVWUHPH VH VLHWH IDQV GHO PRWWR ³4XDQGR LO JLRFR VL ID GXUR L GXUL FRPLQFLDQR D JLRFDUH´ LO 1LWUR 3* q TXHOOR FKH ID SHU YRL &RQ XQ 0D[ 'UDJ GD NJ H XQ FRUSR FRPSOHWDPHQWH LQ DOOXPLQLR FRVu FRPH LQ DOOXPLQLR VRQR PDQRYHOOD H ERELQD q LO JLXVWR FRPSOHPHQWR SHU OD SHVFD GL JURVVL VLOXUL /D VFRUUHYROH]]D GHJOL LQJUDQDJJL GL SUHFLVLRQH q LPSUHVVLRQDQWH FRVu FRPH OD SRWHQ]D VFDWHQDWD ,I \RX DUH ORRNLQJ IRU DQ H[WUHPH ILVKLQJ UHHO LI \RX DUH IDQV RI WKH PRWWR ³:KHQ WKH JRLQJ JHWV WRX JK WKH WRXJK JHW JRLQJ´ WKH 1LWUR 3* LV ZKDW \RX QHHG ,W IHDWXUHV D 0D[ 'UDJ RI NJ IXOO\ DOXPLQLXP FRQVWUXFWLRQ ERG\ URWRU VSRRO DQG KDQGOH LW LV WKH SHUIHFW PDWFK IRU D &DWJHDU URG 7KH SUHFLVLRQ JHDUV DUH VXSHU VPR RWK DQG DUH DEOH WR GHOLYHU LQFUHGLEOH SRZHU

J

FP ‘ PP ± P

::: )$&(%22. &20 &$7),6+,1*($5

NJJ


$'9$1&(' &$7),6+,1* *($5

/,1(6 %5$,'('

; 32:(5 0212 ; 3RZHU 0RQR q LO PRQRILOR GL Q\ORQ LGHDOH SHU UHDOL]]DUH WHUPLQDOL SDUWLFRODUPHQWH UHVLVWHQWL DOO¶DEUDVLRQH ULXVFHQGR D UHVLVWHUH DQFKH D ULSHWXWL VIUHJDPHQWL FRQWUR URFFH L H OHJQL VRPPHUVL 2OWUH DOOD PHVFROD SDUWLFRODUPHQWH FRPSDWWD O¶ ; 3RZHU 0RQR q ULYHVWLWR GL )OXRURFDUERQ ; 3RZHU 0RQR LV WKH SHUIHFW Q\ORQ PRQRILODPHQW WR FUHDWH VXSHU DEUDVLRQ UHVLVWDQW OHDGHUV WKDW FDQ ZLWKVWDQG VHYHUDO IULFWLRQV HYHQ DJDLQVW VXEPHUJHG URFNV DQG ZRRGV ,W O G LV EXLOW ZLWK D FRPSDFW SRO\PHU DQG VWUHQJWKHQHG ZLWK D FRDWLQJ RI )OXRURFDUERQ

P \GV P \GV P \GV

; 32:(5 %5$,'(' /,1( $OWR FDULFR GL URWWXUD H LQFUHGLELOH UHVLVWHQ]D DOO¶DEUDVLRQH VRQR GXH GHOOH FDUDW W L WHULVWLFKH SULQFLSDOL GHO &DWJHDU ; 3RZHU %UDLGHG OLQH XQ WUHFFLDWR DG DOWD YLVLELOLWj IXRUL GDOO¶DFTXD PD FKH q LQ JUDGR GL DVVXPHUH WRQDOLWj SL QHXWUH VRWWR OD VXSHUILFLH 'LVSRQLELOH LQ ERELQH GL PHWUL +LJK EUHDNLQJ VWUHQJWK DQG DPD]LQJO\ UHVLVWDQW WR DEUDVLRQ MXVW WZR RI WKH PDQ\ IHDWXUHV RI WKH &DWJHDU ; 3RZHU %UDLGHG OLQH D KLJK YLVLELOLW\ OLQH RXW IHDWXUHV RI WKH & RI WKH Z ZDWHU EXW WKDW EHFRPHV PRUH QHXWUDO FRORXUHG XQGHU WKH VXUIDFH $YDLODEOH LQ PHWHUV VSRROV WKH

P \GV 1HRQ <HOORZ P \GV 1HRQ <HOORZ P \GV 1HRQ <HOORZ

; 32:(5 %5$,'(' /($'(5 4XDQGR RFFRUUH UHDOL]]DUH L WHUPLQDOL FRQ XQ WUHFFLDWR R SL VHP D GL WHQX SOLFHPHQWH VH SUHIHULWH IDUOR SHU PDJJLRUH VLFXUH]]D GL WHQX HULDOH WD O¶; 3RZHU %UDLGHG /HDGHU q GHFLVDPHQWH LO PDWHULDOH DWWL SL JLXVWR SHU IDUOR /D WHVVLWXUD GHL VLQJROL FDSL q LQIDWWL L FRVu VHUUDWD GD UHQGHUOR SDUWLFRODUPHQWH IRUWH H UHVL VWHQWH DOO¶DEUDVLRQH :KHQ LW FRPHV WR EXLOG EUDLGHG OHDGHUV RU PRUH HDVLO\ ZKHQ \RX SUHIHU EUDLGHG WR PRQRILOD PHQW IRU EUHDNLQJ VWUHQJWK UHDVRQ WKH ; 3RZHU %UDLGHG /HDGHU LV GHILQLWHO\ WKH ULJKW EUDLGHG WR XVH 7KH ZHDYLQJ RI WKH OLQH LV VR WKLFN WR PDNH LW VR UHDOO\ VWURQJ DQG DEUDVLRQ UHVLVWDQW

P \GV P \GV P \GV

0XG %URZQ 0XG %URZQ 0XG %URZQ

::: &$7*($5),6+,1* &20


$FFHVVRULHV 39& 78%( ;;/

6+2&. $%625%(5 %($' $'

7XER LQ 39& GL TXDOLWj LGHDOH SHU HVVHUH XWLOL]]DWR VX QRGL DPL R SHU XQD PDJJLRUH UHVLVWHQ]D DOO¶DEUDVLR QH H JURYLJOL )LQLWXUD DQWLULIOHVVR

6KRFN $EVRUEHU %HDGV VRQR OR VWUXPHQWR LGHDOH SHU SURWHJJHUH L QRGL GHL WHUPLQDOL GDOO¶DEUDVLRQH H GDJOL LPSDWWL GL JURVVL SLRPEL LQ OLQHD

4XDOLW\ 39& DQWL WDQJOH WXEH LGH DO WR EH WKUHDGHG RYHU NQRWV KRRNV OW RU IRU DGGHG SURWHFWLRQ IURP DEUDVLRQ DQG WDQJOHV 1RQ JODUH ILQLVK

7KH 6KRFN $EVRUEHU %HDGV DUH MMXVW W SHUIHFW WR SURWHFW \RXU NQRWV IURP EXPSLQJ OHDGV DQG DJJUHVVLYH HQYLURQPHQW

PP

P

/,9( %$,7 67233(5

PP PP PP PP

58%%(5 /,1( 67236

5REXVWL VWRSSHUV LQ JRPPD SHU DVVLFXUD UH O¶HVFD VXOO¶DPR HVVHQ]LDOL TXDQGR VL XVDQR HVFKH YLYH ,O OLYH VWRSSHU DGHPSLH D TXHVWR FRPSLWR OLPLWDQGR L GDQQL DOO¶HVFD H DVVLFX UDQGR FKH ULPDQJD QHOOD FRUUHWWD SRVL]LRQH 5REXVW UXEEHU VWRSV IRU VHFXULQJ WKH EDLW WR WKH KRRN HVVHQWLDO ZKHQ ILVKLQJ ZLWK OLYH EDLWV 2XU VWRSSHUV FDQ GR WKH MRE ZLWKRXW KDUPLQJ WKH EDLW ILVK DQG PDNH VXUH WKH\ VWD\ SHUIHFWO\ RQ WKH KRRN

PP

728*+ /,1( 6723

*URVVL VWRSSHU LQ JRPPD PROWR UHVL *URVVL VWRSSHU LQ JRPPD PROWR UHVL VWHQWH H LQ JUDGR GL PDQWHQHUH XQD VDOGD SUHVD VXL WUHFFLDWL GL JUDQGH GLDPHWUR 7KHVH ELJ UXEEHU VWRSSHUV FDQ KROG YHU\ WLJKWO\ RQ ELJ GLDPHWHU EUDLGHG OLQHV

/LQH VWRSV GL GLPHQVLRQL JH J QHURVH SHUIHWWDPHQWH WH FDOLEUDWL SHU O¶XVR LQ DPELHQWL WL HVWUH PL H LQ FRPELQD]LRQH H D ILOL WUHFFLDWL GL JUDQGH GLD PHWUR 2IIURQR XQD SUHVD HVD VDOGLVVLPD

;/ VWRS EHDG ;;/ VWRS EHDG ;;/ VWRS EHDG

&$7),6+ 5,*

B/S: 83 kg B/S: 83 kg

7KHVH ODUJH /LQH 6WRSV DUH GLPHQVLRQHG GL IRU FDW ILVKLQJ DQG FDQ EH XVHG LQ H[WUHPH FRQGLWLRQV ZLWK ELJ GLDPHWHU OLQHV 7KH\ GHOLYHU H[WUD ILUP JULS DQG FDQ EH XVHG IRU IORDWV RU HYHQ OHDGV

B/S: 83 kg

Total Length: 170 cm

Hook Size 6/0

PP

Total Length: 100cm

Total Length: 120cm Floater

Rattling System

6+5,1. 78%( ;;/ 7XER WHUPRUHWUDLELOH GL DOWLVVL PD TXDOLWj HOHPHQWR HVVHQ]LDOH H QHOOD UHDOL]]D]LRQH GL PROWLVVLPL PL WHUPLQDOL 6L UHVWULQJH ILQR D GHOOD VXD GLPHQVLRQH RULJLQDOH H 6XSHULRU TXDOLW\ VKULQN WXEH HVVHQWLDO IRU D PXOWLWXGH RI HQG WDFNOH DSSOLFDWLRQV ,W VKULQNV GRZQ WR RI LWV RULJLQDO VL]H ZKHQ LPPHUVHG LQ ERLOLQJ ZDWHU WR IRUP D UHDOO\ QHDW SUHVHQWDWLRQ

Hook Size 6/0 Hook Size 6/0

Hook Size 6/0 Hook Size 8/0 Hook Size 8/0

PP FP

',$021' +22. 6+$53(1(5 3UDWLFLVVLPR DFFHVVRULR SHU PDQWHUHUH L YRVWUL DPL LQ SHUIHWWH FRQGL ]LRQL HYLWDQGR GL SHUGHUH OH YRVWUH SUHGH SHU XQ DPR VSXQWDWR +RRN 6KDUSHQHU LV GHVLJQHG WR SHUIHFWO\ VKDUSHQ RRN 6KDUSHQHU LV GHVLJQHG WR SHUIHFWO\ VKDUSHQ \RXU KRRNV ,W ZLOO DOORZ \RX WR UHJHQHUDWH DQG WR R VKDUSHQ WR QHHGOH ILQLVKLQJ DOO \RXU KRRNV XU KRRNV

7HUPLQDOL SHU OD SHVFD GHO VLOXUR VWUDRUGLQDULDPHQWH IRUWL H PRQWDWL FRQ DPL H DQFRUHWWH ULJRURVDPHQWH *LDSSRQHVL 6RQR DGDWWL SHU OD SHVFD D IRQGR HG LQ VRVSHQVLRQH XWLOL]]DQGR HVFKH YLYH HG DUWLILFLDOL $ VHFRQGD GHO PRGHOOR VRQR VWDWL GRWDWL GL 5DW WOLQJ FKH HPHWWH DWWLUDQWL YLEUD]LRQL R GL JDOOHJJLDQWH GD XWLOL]]DUVL SHU VROOHYDUH O¶HVFD GDO IRQGR %UDQG QHZ KLJK TXDOLW\ SUH WLHG ULJV H[SUHVVO\ GHVLJQHG WR FDWFK W WKH ELJJHVW FDWILVK ([WUHPHO\ VWURQJ WKH\¶UH ILWWHG ZLWK -DSDQHVH KRRNV RQO\ DQG ILUVW TXDOLW\ FRPSRQHQWV &DWILVK ULJV IHDWXUH HYD IORDWHU SHUIHFW WR EDODQFH GHDG EDLWV DQG UDWWOLQJ EHOOV IRU DGGHG DWWUDFWLYH QRLVH DQG YLEUDWLRQV

:: ::: : ::: )$&(%22. &20 &$7),6+,1*($5 : :: : )$ : )$ )$&(% )$ &( & ( (% %2 22. 22 2. 2. &2 & 0 &$7),6+,1*($5

OEV NJ OEV NJ OEV NJ

FP FP FP


$'9$1&(' &$7),6+,1* *($5

6ZLYHOV ; 67521* &5$1(

%% 6:,9(/ &267/2&.

; 67521* &5$1(

%5($. /,1.

1(:

; 67521* &5$1( &2$67/2&. 61$3

/D VROX]LRQH GHILQLWLYD SHU OD FUHD]LRQH GL OHQ]H EUHDN OLQH IRUWL HG DQWL JURYLJOLR ,O VHW LQFOXGH WUH UREXVWLVVLPH JLUHOOH FRQ FXVFLQHWWR D VIH UH PRQWDWH VX XQ DQHOOR LQ DFFLDLR VROLGR SHU OD PDV VLPD UHVLVWHQ]D 7KH &* %UHDN /LQN L WWKH XOWLPDWH VROXWLRQ IRU LV FUHDWLQJ VWURQJ DQG WDQJOH IUHH EUHDN OLQH ULJ V\VWHP 7KH VHW FRPSULVHV WKUHH K\SHU VWURQJ EDOO EHDULQJ VZLYHOV PRXQWHG RQ D KHDY\ GXW\ VROLG ULQJ IRU PD[LPXP VWUHQJWK

[

::: &$7*($5),6+,1* &20


0,685$ 5($/(

+RRNV 5($/ 6,=(

+,6$6+, &$7 ),6+ BN Black Nickel

Forged Ringed

$PR GHGLFDWR DOOD SHVFD GHO VL OXUR LQQHVFDQGR HVFKH YLYH R JUDQ GL ILRFFKL GL YHUPL 3UHVHQWD XQD FXUYD PROWR DFFHQWXDWD SHU XQD PLJOLRUH FRQVHUYD]LRQH GHOO¶HVFD PHQWUH OD SXQWD q DOWD H O¶DUGLJOLRQH SURQXQFLDWR 7KLV VKDSH LV DEVROXWHO\ WKH PRVW SRSXODU DQG HIIHFWLYH WR ILVK IRU HXURSHDQ FDWILVK ZLWK OLYH EDLWV %LJ VL]HG EDUE DOORZV WR ILJKW WKH ILVK IRU ORQJ WLPH ZLWKRXW DQ\ ULVN 7KH ZLGH VKDSH LV SHU IHFW WR ULJ ELJ OLYHEDLWV

+,6$6+, /,9( %$,7

$.85$ % BN Black Nickel

Forged

Ringed

Black

BK

Forged Ringed

$PR FRQ RFFKLHOOR SUHVHQ WD OD SXQWD D ODPD PHGLR EDW WXWD FKH JOL FRQIHULVFH HVWUHPD SHQHWUD]LRQH H UHVLVWHQ]D

7KH SRLQW LV H[WUHPHO\ VKDUS IRUJHG VKDQNV EODFN QLFNHO ILQLVK 5LQJHG 3HUIHFW IRU FDWILVK

6+,1.(1 67

$PR EODFN IRUJLDWR FRQ RF FKLHOOR VSHFLDOH FXUYDWXUD WRQGD DQWLVODPDWXUD SXQWD DG HOHYDWD SHQHWUD]LRQH DIILODWD FKLPLFDPHQ WH HG DUGLJOLRQH DG DOWD WHQXWD (F FH]LRQDOH SHU OD SHVFD GHL VLOXUL

TN

Tin

Forged

%ODFN QLFNHO SODWHG KRRN IRUJHG EDFN WXUQHG H\H VSH FLDO DQWL GLVJRUJLQJ URXQG EHQG FKHPLFDOO\ VKDUSHQHG KLJK SHQ HWUDWLRQ SRLQW DQG KLJK UHVLVWDQFH EDUE ([FHSWLRQDO IRU FDWILVK

Ringed

/H DQFRUHWWH 67 VRQR VXSHU ULQIRU]DWH ; 6RQR OH DQ 7KH 67 WUHEOHV DUH ; 6WURQJ DQG SHU FRUHWWH JLXVWH SHU LQVLGLDUH SHVFL GL WDJOLD GDYYHUR QRWHYROH IHFW UHSODFHPHQW KRRNV IRU LPSURYLQJ KRRNLQJ *DPER FRUWR FRQ FXUYDWXUD IRUJLDWD H SXQWD GULWWD DG DJR SRZHU RI \RXU OXUHV )HDWXUH D VKRUW VKDQN IRUJHG EHQGV DQG WKUHH VWUDLJKW QHHGOH SRLQWV

::: )$&(%22. &20 &$7),6+,1*($5

MicroBarb

3X Strong

3


$'9$1&(' &$7),6+,1* *($5

)LVK )LQGHUV

'D TXDQGR HVLVWRQR JOL HFRVFDQGDJOL O¶HVSORUD]LRQH GHOOD UHDOWj VXEDFTXHD QRQ q SL XQ SUREOHPD PD TXHJOL VWUXPHQWL VRQR GHVWLQDWL DOO¶LQVWDOOD]LRQH VXOOH EDUFKH 'D RJJL TXHO OLPLWH PDWHULDOH q YHQXWR PHQR JUD]LH DOOR VYLOXSSR GHL )LVK )LQGHU SRUWD WLOL FKH SRVVRQR HVVHUH WHQXWL LQ WDVFD SHU ULOHYDUH QRQ VROR OD SUHVHQ]D GHL SHVFL PD DQFKH LO SURILOR OD SURIRQGLWj OD FRQVLVWHQ]D GHO IRQGR H GHOOH VWUXWWXUH VRPPHUVH

6LQFH ZH KDYH WKH HFKR VRXQGHUV WKH LQ YHVWLJDWLRQ RI XQGHUZDWHU¶V ZRUOG LV QR PRUH D SUREOHP EXW WKRVH LQVWUXPHQWV DUH GHVWL QHG WR ILW RQ WR WKH ERDWV 7RGD\ VXFK PDWH ULDO OLPLW KDV EHHQ GHOHWHG WKDQNV WR SRUWDEOH )LVK )LQGHUV ZKLFK FDQ EH EURXJKW LQ WKH SRFNHW WR GHWHFW ILVK SUHVHQFH EXW DOVR WKH VKDSH WKH GHSWK WKH QDWXUH RI WKH ERWWRP DQG RI VXEPHUJHG IHDWXUHV ZKLFK DUH NQRZQ WR KROG WKH ELJJHVW ILVK

/8&.< ),6+ ),1'(5 ,26 $1'52,' :,5(/(66 0RGHOOR DO WRS GL JDPPD FKH VIUXWWD OD WHFQRORJLD :LUHOHVV SHU LQYLDUH OH LQIRUPD ]LRQL GLUHWWDPHQWH DO YRVWUR VPDUWSKRQH /R VWUXPHQWR q FRPSRVWR GDOOD VROD VRQGD FKH JDOOHJJLD H IXQ]LRQD FRQ XQD EDWWHULD ULFDULFDELOH GL 9 LQFRUSRUDWD DXWRQRPLD GL RUH HVVD VL DOLPHQWD WUDPLWH XQ FD YHWWR 86% LQ GRWD]LRQH 5DJJLR PDVVLPR GL ULFHYLPHQWR GHL GDWL q PHWUL FRQ SUR IRQGLWj PDVVLPD GL /R VWUXPHQWR ULOHYD DQFKH OD WHPSHUDWXUD GHOO¶DFTXD

7RS RI WKH UDQJH PRGHO ZKLFK WDNHV DGYDQWDJH I IURP :LUHOHVV WHFKQRORJ\ WR VHQG WKH LQIRUPDWLRQ GL UHFWO\ WR \RXU VPDUWSKRQH 7KH LQVWUXPHQW LV MXVW PDGH RI D IORDWLQJ VRXQGHU ZKLFK ZRUNV WKDQNV WR D UHFKDU JHDEOH 9 LQFRUSRUDWHG EDWWHU\ KRXUV DXWRQRP\ LW JHWV SRZHU WKURXJK D VXSSOLHG 86% FDEOH 7KH PD[LPXP UDQJH WR JHW ZLUHOHVV GDWD LV DURXQG PHWUHV ZLWK PHWUHV PD[ ZDWHU¶V GHSWK 7KLV )LVK )LQGHU DOVR UHDGV ZDWHU WHPSHUDWXUH

1(:

/8&.< ),6+ ),1'(5 :,5(/(66 HOOD YH /¶DVVHQ]D GL FDYL GLVWLQJXH TXHVWR PRGHOOR FKH VYROJH OH VWHVVH IXQ]LRQL GHOOD YHUVLRQH & E JLD :LUH &DEOH VHQ]D FROOHJDPHQWR ILVLFR IUD OD VRQGD H LO ULFHYLWRUH *UD]LH DOOD WHFQRORJLD :LUH GL OHVV OH LQIRUPD]LRQL DUULYDQR VXO GLVSOD\ FRQ XQD GLVWDQ]D RSHUDWLYD PDVVLPD GL FX PHWUL (VVR VL FRPSRQH GL XQ ULFHYLWRUH H GL XQD VRQGD JDOOHJJLDQWH FKH YD DVVLFX UDWD FRQ XQ EXRQ ILOR DG HYLWDUH FKH LO YHQWR R OD FRUUHQWH OD VSLQJDQR ORQWDQR ,O O VXR FDPSR G¶D]LRQH YHUWLFDOH q GL PHWUL ,O ULFHYLWRUH IXQ]LRQD FRQ EDWWHULH GD 9 QRQ IRUQLWH PHQWUH LO ULFHYLWRUH q GRWDWR GL EDWWHULD &5 DO /LWLR

1(:

7KH DEVHQFH RI FDEOHV LGHQWLILHV WKLV PRGHO ZKLFK SURYLGHV VDPH LQIRU PDWLRQ RI &DEOH RQH ZLWKRXW DQ\ SK\VLFDO FRQQHFWLRQ EHWZHHQ VRXQGHU DQG UHFHLYHU 7KDQNV WR :LUHOHVV WHFKQRORJ\ DOO GDWD DUULYH WR WKH GLVSOD\ ZLWK D PD[LPXP GLVWDQFH RI PHWUHV ,W LV PDGH RI D UHFHLYHU DQG D IORDWLQJ VRXQGHU ZKLFK VKRXOG G EH OLQNHG E\ D VWURQJ OLQH WR DYRLG WKDW FXUUHQW RU ZLQG SXVK VK LW DZD\ IURP ILVKLQJ DUHD 7KH VRXQGHU¶V PD[ YHUWLFDO UDQJH LV PHWUHV 7KH UHFHLYHU ZRUNV ZLWK EDWWHULHV W\SH $$$ RI 9 QRW VXSSOLHG ZKLOH WKH VRXQGHU LQFOXGHV D &5 /LWKLXP EDWWHU\

/8&.< ),6+ ),1'(5 &$%/( (¶ LO PRGHOOR EDVH GHOOD OLQHD H VL FRPSRQH GL XQD VRQGD VRQDU H GL XQ JDOOHJJLDQWH FKH OD PDQWLHQH LQ VX SHUILFLH 7UDPLWH XQ FDYR GL PHWUL LO WHUPLQDOH q FROOH JDWR DO ULFHYLWRUH FKH KD GLPHQVLRQL WDVFDELOL ,O GLVSOD\ YLVXDOL]]D XQD VHULH GL LQIRUPD]LRQL VXOO¶DPELHQWH DFTXDWL FR VRWWRVWDQWH FKH YLHQH VFDQVLRQDWR SHU UHQGHUH QRWD OD SURIRQGLWj PD[ P OD QDWXUD H FRQVLVWHQ]D GHO IRQGR SUHVHQ]D H SURIRQGLWj GL QXRWR GHL SHVFL (VVR ULFKLHGH EDWWHULH $$$ GD 9 QRQ IRUQLWH

1(:

7KLV LV WKH EDVLF PRGHO PDGH RI D VRXQGHU DQG D IORDW G GHVWLQHG WR NHHS LW RQ ZDWHU¶V HGJH $ PHWUHV ORQJ FDEOH FRQQHFWV LW WR WKH UHFHLYHU ZKRVH VL]HV DUH TXLWH KDQG\ 2Q WKH /(' GLVSOD\ LW¶V SRVVLEOH WR UHDG D QXP EHU RI LQIRUPDWLRQ DERXW WKH EHORZ DTXDWLF HQ YLURQPHQW ZKLFK LV VFDQQHG WR ILQG WKH GHSWK PD[ P WKH H[LVWHQFH DQG GHQVLW\ RI YH JHWDWLRQ SOXV RI FRXUVH ILVK SUHVHQFH DQG WKHLU VZLPPLQJ GHSWK ,W ZRUNV ZLWK IRXU 9 $$$ EDWWHULHV QRW VXSSOLHG

::: &$7*($5),6+,1* &20


/XJJDJH &ORWKLQJ 4XDQGR VWDWH SDUWHFLSDQGR D XQD VHVVLRQH GL FDWILVKLQJ DYHWH VHPSUH ELVRJQR GL XQD JUDQGH TXDQWLWj GL PDWHULDOH Ê SHU TXHVWR FKH DEELDPR PHVVR D SXQWR XQD OLQHD GL EXIIHWWHULD FKH SRV VD DLXWDUYL QHOO¶LPSUHVD GL DYHUH VHPSUH WXWWR D SRUWDWD GL PDQR H VHPSUH DFFHVVLELOH LQ TXDOVLDVL PRPHQWR , PDWHULDOL FKH DEELDPR VFHOWR SHU FRVWUXLUOD VRQR L SL VROLGL H DIILGDELOL VXO PHUFDWR LQ JUDGR GL DFFRPSDJQDUYL SHU DQQL H DQQL :KHQ \RX DUH RQ D ULYHU ILVKLQJ IRU FDWLILVK \RX DOZD\V QHHG D KXJH TXDQWLW\ RI WDFNOHV DQG DFFHVVRULHV 7KDW¶V ZK\ ZH ILQDOLVHG D QHZ OLQH RI OXJJDJH WKDW FDQ KHOS \RX LQ WKH WDVN WR DOZD\V KDYH DOO \RX WDFNOHV ZLWK \RX DQG HDV\ WR DFFHVV LQ HYHU\ PRPHQW $OO WKH PDWHULDOV ZH FKRRVH WR EXLOG RXU OXJJDJH DUH DPRQJVW WKH VWURQJHVW DQG UHOLDEOH RQ WKH PDUNHW DEOH WR VDWLVI\ \RX IRU \HDUV DQG \HDUV

48,9(5 52' *8$5'

::: )$&(%22. &20 &$7),6+,1*($5

[ [ FP

52' +2/'$//

[ [ FP


$'9$1&(' &$7),6+,1* *($5

&$55<$// 0(',80 / 0(',80

&$55<$// /$5*( &$55<$// < /$5*( *( * (

[ [ FP [ [

[ [ FP

5,* :$//(7 (7

[ [ FP

63,11,1* %$*

[ [ FP

&$7*($5 &$3 &$55<$// 60$// 60$//

[ [ FP

1( 1(: (:

,O QXRYR EHUUHWWR &DWJHDU LQ FRWRQH q XQ XQ PRGHOOR HVWLYR GRWDWR GL IRUL GL DHUD]LRQH H 'HVLJQ FRRUGLQDWR D TXHOOR GHOOD W VKLUW 7D JOLD XQLFD UHJRODELOH 7KH QHZ &DWJHDU FDS LV D VXPPHU G PRGHO PDGH IURP FRWWRQ DQG IHDWXULQJ H\HOHWV RQ WRS WR NHHS IUHVK LQVLGH 'HVLJQ FRRUGLQDWHG WR W VKLUW RQH 2QH VL]H ILWV DOO

&$7*($5 7 6+,57

1(:

3URGRWWD LQ WHVVXWR GL FRWRQH GL FRWRQH q IUHVFKLVVLPD H SDUWLFRODUPHQWH FRODUPHQWH JLR YDQH QHO GLVHJQR /DYDELOH LQ ODYD ELOH LQ ODYD WULFH D q GHFRUDWD D FRQ XQ XQ SURFHGLPHQWR DG DOWD TXDOLWj GL VWDPSD ,O ORJR &DWJHDU q HDU q R ULSUHVR DQFKH VXO GRUVR

81+22.,1* 0$7 1* 0$7 $7

[ FP

0DGH IURP FRWWRQ IDEULF LW¶V TXLWH IUHVK DQG SDUWLFXODUO\ DWWUDFWLYH :DVKDEOH DW LQ WKH KRPH PD FKLQH LW¶V GHFRUDWHG WKURX URX JK DQ KLJK TXDOLW\ SULQWLQJ QWLQJ SURFHVV $ VPDOOHU &DWJH DWJH DU ORJR LV DOVR SUHVHQW W RQ RQ EDFN VLGH

0 / ;/ ;;/

::: &$7*($5),6+,1* &20


$'9$1&(' &$7),6+,1* *($5 &DWJHDU VL ULVHUYD LO GLULWWR GL PRGLILFDUH SUH]]L H R FDUDWWHUL VWLFKH WHFQLFKH VHQ]D DOFXQ SUHDYYLVR WL 7XWWH OH OXQJKH]]H HG L SHVL VRQR DSSURVVLPDWLYL H SRVVRQR HVVHUH YDULDWL R PRGLILFDWL 'LVWULEXLWR GD 7UDEXFFR )LVKLQJ 'LIIXVLRQ 6 U O 9LD $WHQH ² =RQD &(3,0 ,QWHUSRUWR %LDQFRQHVH GL )RQWHYLYR 35 ,WDO\ 7HO U D ² )D[ ( PDLO LQIR#WUDEXFFR LW ² :HE ZZZ WUDEXFFR LW &DWJHDU UHVHUYH WKH ULJKW WR PRGLI\ SULFHV RU VSHFLILFDWLRQV ZLWKRXW SULRU QRWLFH $OO SURGXFW LQIRUPDWLRQ ZHLJKWV DQG GLPHQVLRQV DUH DSSUR[LPDWH DQG PD\ YDU\ RU EH PRGLILHG 'LVWULEXWHG E\ 7UDEXFFR )LVKLQJ 'LIIXVLRQ 6 U O 9LD $WHQH ² =RQD &(3,0 ,QWHUSRUWR %LDQFRQHVH GL )RQWHYLYR 35 ,WDO\ 7HO U D ² )D[ ( PDLO LQIR#WUDEXFFR LW ² :HE ZZZ WUDEXFFR LW

::: )$&(%22. &20 &$7),6+,1*($5 &OLFFD VX ³0L SLDFH´ H XQLVFLWL D QRL VX )DFHERRN Ê LO OXRJR LGHDOH SHU XQR VFDPELR GL RSLQLRQL H SHU FRQGLYLGHUH OH WXH LPPDJLQL &OLFFD VX ³0L SLDFH´ H XQLVFLWL D QRL VX )DFHERRN /LNH XV RQ )DFHERRN 2XU SDJH LV WKH LGHDO SODFH ZKHUH \RX FDQ VKDUH \RXU SLFWXUHV /LNH XV RQ )DFHERRN 2XU SDJH LV WKH LGHDO SODFH ZKHUH \RX FDQ VKDUH \RXU SLFWXUHV

::: &$7*($5),6+,1* &20


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.