Használati útmutató GE Profile PGS968SEPSS

GE sütő Profile PGS968SEPSS

Olvassa el alább 📖 a magyar nyelvű használati útmutatót GE Profile PGS968SEPSS (96 oldal) a sütő kategóriában. Ezt az útmutatót 5 ember találta hasznosnak és 2 felhasználó értékelte átlagosan 4.5 csillagra

Oldal 1/96
6DIHW\,QVWUXFWLRQV            ²
2SHUDWLQJ,QVWUXFWLRQV
%DNLQJRU5RDVWLQJ                  
%URLOLQJ%URLOLQJ*XLGH              
&ORFNDQG7LPHU                     
&RQWURO/RFNRXW                     
&RQYHFWLRQ                       ²
&RRNZDUH                            
2YHQ                             ²
3UREH
3URRILQJ
6DEEDWK)HDWXUH                    
6HOI&OHDQLQJ                     
6SHFLDO)HDWXUHV                 ²
6XUIDFH%XUQHUV                    
7KHUPRVWDW                          
7LPHG%DNLQJ5RDVWLQJ            
:DUPLQJ
&DUHDQG&OHDQLQJ
$OXPLQXP)RLO               
%XUQHU$VVHPEO\                    
%XUQHU*UDWHVDQG
9HQW*ULOOH                           
&RQWURO3DQHO                        
'RRU                                
)ORRU                                
*ODVV&RRNWRS                   
.QREV                               
/LIW2II2YHQ'RRU                   
/LJKW%XOEV                          
3DFNDJLQJ7DSH                      
3DLQWHG6XUIDFHV                     
5DFNV                               
6WDLQOHVV6WHHO6XUIDFHV             
6WRUDJH'UDZHU                     
9HQW
7URXEOHVKRRWLQJ7LSV       ²
$FFHVVRULHV                      
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW                  
2ZQHUVKLS5HJLVWUDWLRQ
IRU&XVWRPHUVLQ
&DQDGDRQO\                 
:DUUDQW\IRU&XVWRPHUV
LQ&DQDGD                           
:DUUDQW\IRU&XVWRPHUV
LQWKH86$                         
*($SSOLDQFHVFRP
-*6
3*6
2ZQHU·V0DQXDO
*(
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHOBBBBBBBBBBBBBB
6HULDO BBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHO
EHKLQGWKHRSHQRYHQGRRU
RQWKHORZHUOHIWFRUQHURIWKH
UDQJHIUDPH
5DQJHV
*DV6OLGH,Q
3ULQWHGLQWKH8QLWHG6WDWHV
,Q&DQDGD
ZZZ*($SSOLDQFHVFD
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
³ 'RQRWVWRUHRUXVHJDVROLQHRURWKHU
IODPPDEOHYDSRUVDQGOLTXLGVLQWKH
YLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
³ 'RQRWLQVWDOOWKLVSURGXFWZLWKDLUFXUWDLQ
KRRGRURWKHUUDQJHKRRGWKDWEORZV
DLUGRZQRQWKHFRRNWRS$LUIORZPD\
LQWHUIHUHZLWKRSHUDWLRQRIJDVEXUQHUV
UHVXOWLQJLQILUHRUH[SORVLRQKD]DUG
³ 
:+$772'2,)<28
60(//*$6
 'RQRWWU\WROLJKWDQ\DSSOLDQFH
 'RQRWWRXFKDQ\HOHFWULFDOVZLWFKGR
QRWXVHDQ\SKRQHLQ\RXUEXLOGLQJ
 ,PPHGLDWHO\FDOO\RXUJDVVXSSOLHU
IURPDQHLJKERU·VSKRQH)ROORZWKH
JDVVXSSOLHU·VLQVWUXFWLRQV
 ,I\RXFDQQRWUHDFK\RXUJDVVXSSOLHU
FDOOWKHILUHGHSDUWPHQW
³ ,QVWDOODWLRQDQGVHUYLFHPXVWEH
SHUIRUPHGE\DTXDOLILHGLQVWDOOHUVHUYLFH
DJHQF\RUWKHJDVVXSSOLHU
:$51,1*,IWKHLQIRUPDWLRQLQ
WKLVPDQXDOLVQRWIROORZHGH[DFWO\DILUH
RUH[SORVLRQPD\UHVXOWFDXVLQJSURSHUW\
GDPDJHSHUVRQDOLQMXU\RUGHDWK
,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWRSXEOLVKDOLVWRI
VXEVWDQFHVNQRZQWRWKHVWDWHWRFDXVHELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQGUHTXLUHVEXVLQHVVHVWRZDUQ
FXVWRPHUVRISRWHQWLDOH[SRVXUHWRVXFKVXEVWDQFHV
*DVDSSOLDQFHVFDQFDXVHPLQRUH[SRVXUHWRIRXURIWKHVHVXEVWDQFHVQDPHO\EHQ]HQHFDUERQPRQR[LGH
IRUPDOGHK\GHDQGVRRWFDXVHGSULPDULO\E\WKHLQFRPSOHWHFRPEXVWLRQRIQDWXUDOJDVRU/3IXHOV3URSHUO\DGMXVWHG
EXUQHUVLQGLFDWHGE\DEOXLVKUDWKHUWKDQD\HOORZIODPHZLOOPLQLPL]HLQFRPSOHWHFRPEXVWLRQ([SRVXUHWRWKHVH
VXEVWDQFHVFDQEHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
7KHILEHUJODVVLQVXODWLRQLQVHOIFOHDQRYHQVJLYHVRIIDYHU\VPDOODPRXQWRIFDUERQPRQR[LGHGXULQJWKHFOHDQLQJF\FOH
([SRVXUHFDQEHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
:$51,1*
)RU\RXUVDIHW\WKHLQIRUPDWLRQLQWKLVPDQXDOPXVWEHIROORZHGWRPLQLPL]HWKHULVNRIILUHRUH[SORVLRQHOHFWULFVKRFNRU
WRSUHYHQWSURSHUW\GDPDJHSHUVRQDOLQMXU\RUORVVRIOLIH
*($SSOLDQFHVFRP
$17,7,3'(9,&(
7RUHGXFHWKHULVNRIWLSSLQJWKH
UDQJHWKHUDQJHPXVWEHVHFXUHG
E\DSURSHUO\LQVWDOOHGDQWLWLS
EUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV
VKLSSHGZLWKWKHEUDFNHWIRU
FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJ
WRLQVWDOO
)RU)UHHVWDQGLQJDQG6OLGH,Q
5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHG
DQGHQJDJHGSURSHUO\ORRN
XQGHUQHDWKWKHUDQJHWRVHHWKDW
WKHUHDUOHYHOLQJOHJLVHQJDJHG
LQWKHEUDFNHW2QVRPHPRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEH
UHPRYHGIRUHDV\LQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGHWKH
UDQJHIRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRU
RUZDOODQGVOLGHWKHUDQJHEDFNVRWKHUHDUOHYHOLQJOHJLVXQGHUWKHDQWLWLS
EUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
)RU'URS,Q5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH
IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH
UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU
WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO
WRUHFHLYHRQHDWQRFRVWLQ&DQDGDFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRPLQ
&DQDGD*($SSOLDQFHVFD
A child or adult can tip the range and be killed.
Verify the anti-tip bracket has been properly installed
and engaged.
Ensure the anti-tip bracket is re-engaged when the range
is moved.
Do not operate the range without the anti-tip bracket in
place and engaged.
Failure to follow these instructions can result in death or
serious burns to children or adults.
Tip-Over Hazard
WARNING
Rear Wall
Oven
Anti-Tip
Bracket
Countertop or
Wood Block
)UHHVWDQGLQJDQG6OLGH,Q5DQJHV
'URS,Q5DQJHV
$QWL7LS
%UDFNHW
/HYHOLQJ/HJ
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
8VHWKLVDSSOLDQFHRQO\IRULWVLQWHQGHGSXUSRVH
DVGHVFULEHGLQWKLV2ZQHU·V0DQXDO
%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHG
DQGJURXQGHGE\DTXDOLILHGWHFKQLFLDQLQ
DFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
%HIRUHSHUIRUPLQJDQ\VHUYLFHGLVFRQQHFW
WKHUDQJHSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRU
VZLWFKLQJRIIWKHFLUFXLWEUHDNHU
+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKH
FLUFXLWEUHDNHURUIXVH0DUNLWIRUHDV\UHIHUHQFH
'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOGQRW
EHOHIWDORQHRUXQDWWHQGHGLQDQDUHDZKHUHDQ
DSSOLDQFHLVLQXVH7KH\VKRXOGQHYHUEHDOORZHG
WRVLWRUVWDQGRQDQ\SDUWRIWKHDSSOLDQFH
+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKH
UDQJHJDVVKXWRIIYDOYHDQGKRZWRVKXWLWRIILI
QHFHVVDU\
+DYH\RXUUDQJHLQVWDOOHGDQGSURSHUO\
JURXQGHGE\DTXDOLILHGLQVWDOOHULQDFFRUGDQFH
ZLWKWKH,QVWDOODWLRQ,QVWUXFWLRQV$Q\
DGMXVWPHQWDQGVHUYLFHVKRXOGEHSHUIRUPHG
RQO\E\TXDOLILHGJDVUDQJHLQVWDOOHUVRUVHUYLFH
WHFKQLFLDQV
/RFDWHWKHUDQJHRXWRINLWFKHQWUDIILFSDWK
DQGRXWRIGUDIW\ORFDWLRQVWRSUHYHQWSRRUDLU
FLUFXODWLRQ
%HVXUHDOOSDFNDJLQJPDWHULDOVDUHUHPRYHG
IURPWKHUDQJHEHIRUHRSHUDWLQJLWWRSUHYHQW
ILUHRUVPRNHGDPDJHVKRXOGWKHSDFNDJLQJ
PDWHULDOLJQLWH
'RQRWOHDYHFKLOGUHQDORQHRUXQDWWHQGHG
ZKHUHDUDQJHLVKRWRULQRSHUDWLRQ7KH\FRXOG
EHVHULRXVO\EXUQHG
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI
\RXUUDQJHXQOHVVLWLVVSHFLILFDOO\UHFRPPHQGHG
LQWKLVPDQXDO$OORWKHUVHUYLFHVKRXOGEH
UHIHUUHGWRDTXDOLILHGWHFKQLFLDQ
%HVXUH\RXUUDQJHLVFRUUHFWO\DGMXVWHGE\D
TXDOLILHGVHUYLFHWHFKQLFLDQRULQVWDOOHUIRUWKH
W\SHRIJDVQDWXUDORU/3WKDWLVWREHXVHG<RXU
UDQJHFDQEHFRQYHUWHGIRUXVHZLWKHLWKHUW\SH
RIJDV6HHWKH,QVWDOODWLRQ,QVWUXFWLRQVSDFNHG
ZLWKWKHUDQJH
3OXJ\RXUUDQJHLQWRDYROWJURXQGHGRXWOHW
RQO\'RQRWUHPRYHWKHURXQGJURXQGLQJSURQJ
IURPWKHSOXJ,ILQGRXEWDERXWWKHJURXQGLQJ
RIWKHKRPHHOHFWULFDOV\VWHPLWLV\RXU
SHUVRQDOUHVSRQVLELOLW\DQGREOLJDWLRQWRKDYH
DQXQJURXQGHGRXWOHWUHSODFHGZLWKDSURSHUO\
JURXQGHGWKUHHSURQJRXWOHWLQDFFRUGDQFHZLWK
WKH1DWLRQDO(OHFWULFDO&RGH86'RQRWXVHDQ
H[WHQVLRQFRUGZLWKWKLVDSSOLDQFH
:$51,1*7KHVHDGMXVWPHQWVPXVW
EHPDGHE\DTXDOLILHGVHUYLFHWHFKQLFLDQLQ
DFFRUGDQFHZLWKWKHPDQXIDFWXUHV
LQVWUXFWLRQVDQGDOOFRGHVDQGUHTXLUHPHQWV
RIWKHDXWKRULW\KDYLQJMXULVGLFWLRQ)DLOXUHWR
IROORZWKHVHLQVWUXFWLRQVFRXOGUHVXOWLQ
VHULRXVLQMXU\RUSURSHUW\GDPDJH7KH
TXDOLILHGDJHQF\SHUIRUPLQJWKLVZRUN
DVVXPHVUHVSRQVLELOLW\IRUWKHFRQYHUVLRQ
.HHSWKHKRRGDQGJUHDVHILOWHUVFOHDQWR
PDLQWDLQJRRGYHQWLQJDQGWRDYRLGJUHDVHILUHV
7HDFKFKLOGUHQQRWWRSOD\ZLWKWKHFRQWUROVRU
DQ\RWKHUSDUWRIWKHUDQJH
$OZD\VNHHSGLVKWRZHOVGLVKFORWKVSRWKROGHUV
DQGRWKHUOLQHQVDVDIHGLVWDQFHIURP\RXU
UDQJH
:KHQXVLQJHOHFWULFDODSSOLDQFHVEDVLFVDIHW\SUHFDXWLRQVVKRXOGEHIROORZHGLQFOXGLQJWKHIROORZLQJ
6$)(7<35(&$87,216
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
685)$&(%851(56
8VHSURSHUSDQVL]DYRLGSDQVWKDWDUHXQVWDEOHRUHDVLO\WLSSHG6HOHFWFRRNZDUHKDYLQJIODWERWWRPV
ODUJHHQRXJKWRFRYHUEXUQHUJUDWHV7RDYRLGVSLOORYHUVPDNHVXUHFRRNZDUHLVODUJHHQRXJKWRFRQWDLQ
WKHIRRGSURSHUO\7KLVZLOOERWKVDYHFOHDQLQJWLPHDQGSUHYHQWKD]DUGRXVDFFXPXODWLRQVRIIRRGVLQFH
KHDY\VSDWWHULQJRUVSLOORYHUVOHIWRQUDQJHFDQLJQLWH8VHSDQVZLWKKDQGOHVWKDWFDQEHHDVLO\JUDVSHG
DQGUHPDLQFRRO
$OZD\VXVHWKH/,7( SRVLWLRQZKHQLJQLWLQJWKHWRS
EXUQHUVDQGPDNHVXUHWKHEXUQHUVKDYHLJQLWHG
1HYHUOHDYHWKHVXUIDFHEXUQHUVXQDWWHQGHGDW
KLJKIODPHVHWWLQJV%RLORYHUVFDXVHVPRNLQJDQG
JUHDV\VSLOORYHUVWKDWPD\FDWFKRQILUH
$GMXVWWKHWRSEXUQHUIODPHVL]HVRLWGRHVQRW
H[WHQGEH\RQGWKHHGJHRIWKHFRRNZDUH([FHVVLYH
IODPHLVKD]DUGRXV
8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRW
KROGHUVRQKRWVXUIDFHVPD\UHVXOWLQEXUQVIURP
VWHDP'RQRWOHWSRWKROGHUVFRPHQHDURSHQ
IODPHVZKHQOLIWLQJFRRNZDUH'RQRWXVHDWRZHORU
RWKHUEXON\FORWKLQSODFHRIDSRWKROGHU
:KHQXVLQJJODVVFRRNZDUHPDNHVXUHLWLV
GHVLJQHGIRUWRSRIUDQJHFRRNLQJ
7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWXUQFRRNZDUH
KDQGOHVWRZDUGWKHVLGHRUEDFNRIWKHUDQJH
ZLWKRXWH[WHQGLQJRYHUDGMDFHQWEXUQHUV
&DUHIXOO\ZDWFKIRRGVEHLQJIULHGDWDKLJKIODPH
VHWWLQJ
$OZD\VKHDWIDWVORZO\DQGZDWFKDVLWKHDWV
'RQRWOHDYHDQ\LWHPVRQWKHFRRNWRS7KHKRWDLU
IURPWKHYHQWPD\LJQLWHIODPPDEOHLWHPVDQGZLOO
LQFUHDVHSUHVVXUHLQFORVHGFRQWDLQHUVZKLFKPD\
FDXVHWKHPWREXUVW
,IDFRPELQDWLRQRIRLOVRUIDWVZLOOEHXVHGLQIU\LQJ
VWLUWRJHWKHUEHIRUHKHDWLQJRUDVIDWVPHOWVORZO\
8VHDGHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWR
SUHYHQWRYHUKHDWLQJIDWEH\RQGWKHVPRNLQJSRLQW
'RQRWRSHUDWHWKHEXUQHUZLWKRXWDOOEXUQHUSDUWV
LQSODFH
8VHWKHOHDVWSRVVLEOHDPRXQWRIIDWIRUHIIHFWLYH
VKDOORZRUGHHSIDWIU\LQJ)LOOLQJWKHSDQWRRIXOORI
IDWFDQFDXVHVSLOORYHUVZKHQIRRGLVDGGHG
:KHQSUHSDULQJIODPLQJIRRGVXQGHUWKHKRRGWXUQ
WKHIDQRQ
'RQRWXVHDZRNRQWKHFRRNLQJVXUIDFHLIWKH
ZRNKDVDURXQGPHWDOULQJWKDWLVSODFHGRYHUWKH
EXUQHUJUDWHWRVXSSRUWWKHZRN7KLVULQJDFWVDVD
KHDWWUDSZKLFKPD\GDPDJHWKHEXUQHUJUDWHDQG
EXUQHUKHDG$OVRLWPD\FDXVHWKHEXUQHUWRZRUN
LPSURSHUO\7KLVPD\FDXVHDFDUERQPRQR[LGH
OHYHODERYHWKDWDOORZHGE\FXUUHQWVWDQGDUGV
UHVXOWLQJLQDKHDOWKKD]DUG
)RRGVIRUIU\LQJVKRXOGEHDVGU\DVSRVVLEOH)URVW
RQIUR]HQIRRGVRUPRLVWXUHRQIUHVKIRRGVFDQ
FDXVHKRWIDWWREXEEOHXSDQGRYHUWKHVLGHVRIWKH
SDQ
1HYHUWU\WRPRYHDSDQRIKRWIDWHVSHFLDOO\D
GHHSIDWIU\HU:DLWXQWLOWKHIDWLVFRRO
'RQRWOHDYHSODVWLFLWHPVRQWKHFRRNWRWKH\
PD\PHOWLIOHIWWRRFORVHWRWKHYHQW
.HHSDOOSODVWLFVDZD\IURPWKHVXUIDFHEXUQHUV
7RDYRLGWKHSRVVLELOLW\RIDEXUQDOZD\VEHFHUWDLQ
WKDWWKHFRQWUROVIRUDOOEXUQHUVDUHDWWKH2))
SRVLWLRQDQGDOOJUDWHVDUHFRROEHIRUHDWWHPSWLQJ
WRUHPRYHWKHP
,IUDQJHLVORFDWHGQHDUDZLQGRZGRQRWKDQJORQJ
FXUWDLQVWKDWFRXOGEORZRYHUWKHVXUIDFHEXUQHUV
DQGFUHDWHDILUHKD]DUG
,I\RXVPHOOJDVWXUQRIIWKHJDVWRWKHUDQJHDQG
FDOODTXDOLILHGVHUYLFHWHFKQLFLDQ1HYHUXVHDQ
RSHQIODPHWRORFDWHDOHDN
$OZD\VWXUQWKHVXUIDFHEXUQHUFRQWUROVRIIEHIRUH
UHPRYLQJFRRNZDUH
'RQRWXVHDOXPLQXPIRLOWRFRYHUWKHJUDWHVRU
OLQHDQ\SDUWRIWKHFRRNWRS'RLQJVRPD\UHVXOW
LQFDUERQPRQR[LGHSRLVRQLQJRYHUKHDWLQJRIWKH
FRRNWRSVXUIDFHVRUDSRWHQWLDOILUHKD]DUG
:$51,1*
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
6$9(7+(6(,16758&7,216
'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHURURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEH
XVHGLQRUDURXQGDQ\SDUWRIWKHRYHQ5HVLGXHIURPRYHQFOHDQHUVZLOOGDPDJHWKHLQVLGHRIWKHRYHQZKHQWKH
VHOIFOHDQF\FOHLVXVHG
'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR
UXEGDPDJHRUPRYHWKHJDVNHW
%HIRUHVHOIFOHDQLQJWKHRYHQUHPRYHVKLQ\VLOYHU
FRORUHGRYHQUDFNVRQVRPHPRGHOVDQGDOORWKHU
FRRNZDUH
%HVXUHWRZLSHXSH[FHVVVSLOODJHEHIRUHVWDUWLQJWKH
VHOIFOHDQLQJRSHUDWLRQ
,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQ
RIIDQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHG
E\DTXDOLILHGWHFKQLFLDQ
&OHDQRQO\SDUWVOLVWHGLQWKLV2ZQHV0DQXDO
6(/)&/($1,1*29(1
'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV
3UHVVXUHFRXOGEXLOGXSDQGWKHFRQWDLQHUFRXOG
EXUVWFDXVLQJDQLQMXU\
.HHSWKHRYHQYHQWXQREVWUXFWHG
.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS
3ODFHWKHRYHQUDFNLQWKHGHVLUHGSRVLWLRQZKLOH
WKHRYHQLVFRRO,IUDFNVPXVWEHKDQGOHGZKHQ
KRWGRQRWOHWSRWKROGHUFRQWDFWWKHKHDWLQJ
HOHPHQWV
:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKH
RYHQIROORZWKHPDQXIDFWXUHVGLUHFWLRQV
3XOOLQJRXWWKHUDFNWRWKHVWRSORFNLVD
FRQYHQLHQFHLQOLIWLQJKHDY\IRRGV,WLVDOVRD
SUHFDXWLRQDJDLQVWEXUQVIURPWRXFKLQJKRW
VXUIDFHVRIWKHGRRURURYHQZDOOV
'RQRWXVHWKHRYHQWRGU\QHZVSDSHUV,I
RYHUKHDWHGWKH\FDQFDWFKRQILUH
'RQRWXVHWKHRYHQIRUDVWRUDJHDUHD,WHPV
VWRUHGLQDQRYHQFDQLJQLWH
'RQRWOHDYHSDSHUSURGXFWVFRRNLQJXWHQVLOVRU
IRRGLQWKHRYHQZKHQQRWLQXVH
0DNHVXUHDEURLOHUSDQLVLQSODFHFRUUHFWO\WR
UHGXFHWKHSRVVLELOLW\RIJUHDVHILUHV
,I\RXVKRXOGKDYHDJUHDVHILUHLQDEURLOHUSDQ
SUHVVWKH SDGDQGNHHSWKHRYHQ&/($52))
GRRUFORVHGWRFRQWDLQILUHXQWLOLWEXUQVRXW
6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQGRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVH
EXUQVWRKDQGVIDFHDQGRUH\HV
:$51,1*
29(1
&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQ,17(51$/WHPSHUDWXUHRI)
&
DQGSRXOWU\WRDW
OHDVWDQ,17(51$/WHPSHUDWXUHRI)
&
&RRNLQJWRWKHVHWHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQH
LOOQHVV
&22.0($7$1'328/75<7+2528*+/<«
:$51,1*
1(9(5FRYHUDQ\
VORWVKROHVRUSDVVDJHVLQWKHRYHQERWWRP
RUFRYHUDQHQWLUHUDFNZLWKPDWHULDOVVXFK
DVDOXPLQXPIRLO'RLQJVREORFNVDLUIORZ
WKURXJKWKHRYHQDQGPD\FDXVHFDUERQ
PRQR[LGHSRLVRQLQJ$OXPLQXPIRLOOLQLQJV
PD\DOVRWUDSKHDWFDXVLQJDILUHKD]DUG
*($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
+RZWR/LJKWD*DV6XUIDFH%XUQHU
3XVKWKHFRQWURONQRELQDQGWXUQLWWRWKH/,7(
SRVLWLRQ
<RXZLOOKHDUDOLWWOH QRLVWKHVRXQGRIFOLFNLQJ
WKHHOHFWULFVSDUNLJQLWLQJWKHEXUQHU
$IWHUWKHIODPHOLJKWVWXUQWKHNQREWRDGMXVW
WKHIODPHVL]H,IWKHNQREVWD\VDW LWZLOO/,7(
FRQWLQXHWRFOLFN
:KHQRQHEXUQHULVWXUQHGWR/,7( DOOWKH
EXUQHUVVSDUN'RQRWDWWHPSWWRGLVDVVHPEOH
RUFOHDQDURXQGDQ\EXUQHUZKLOHDQRWKHU
EXUQHULVRQ$QHOHFWULFVKRFNPD\UHVXOW
ZKLFKFRXOGFDXVH\RXWRNQRFNRYHUKRW
FRRNZDUH
3XVKWKHFRQWURONQRELQDQGWXUQ
LWWRWKH/,7(SRVLWLRQ
+RZWR6HOHFW)ODPH6L]H
)RUVDIHKDQGOLQJRIFRRNZDUHQHYHUOHWWKH
IODPHVH[WHQGXSWKHVLGHVRIWKHFRRNZDUH
:DWFKWKHIODPHQRWWKHNQREDV\RXUHGXFH
KHDW7KHIODPHVL]HRQDJDVEXUQHUVKRXOG
PDWFKWKHFRRNZDUH\RXDUHXVLQJ
$Q\IODPHODUJHUWKDQWKHERWWRPRIWKH
FRRNZDUHLVZDVWHGDQGRQO\VHUYHVWRKHDW
WKHKDQGOH
,Q&DVHRI3RZHU)DLOXUH
,QFDVHRIDSRZHUIDLOXUH\RXFDQOLJKWWKHJDV
VXUIDFHEXUQHUVRQ\RXUUDQJHZLWKDPDWFK
+ROGDOLWPDWFKWRWKHEXUQHUWKHQSXVKLQDQG
WXUQWKHFRQWURONQREWRWKH/,7(SRVLWLRQ8VH
H[WUHPHFDXWLRQZKHQOLJKWLQJEXUQHUVWKLVZD\
6XUIDFHEXUQHUVLQXVHZKHQDQHOHFWULFDOSRZHU
IDLOXUHRFFXUVZLOOFRQWLQXHWRRSHUDWHQRUPDOO\
%HIRUH/LJKWLQJD*DV%XUQHU
0DNHVXUHDOOJUDWHVRQWKHUDQJHDUHLQSODFH
EHIRUHXVLQJDQ\EXUQHU
$IWHU/LJKWLQJD*DV%XUQHU
'RQRWRSHUDWHWKHEXUQHUIRUDQH[WHQGHG
SHULRGRIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH
7KHILQLVKRQWKHJUDWHPD\FKLSZLWKRXW
FRRNZDUHWRDEVRUEWKHKHDW
%HVXUHWKHEXUQHUVDQGJUDWHVDUHFRRO
EHIRUH\RXSODFH\RXUKDQGDSRWKROGHU
FOHDQLQJFORWKVRURWKHUPDWHULDOVRQWKHP
6HDOHG*DV%XUQHUV
7KHVPDOOHUEXUQHUULJKWUHDUSRVLWLRQZLOOJLYH
WKHEHVWVLPPHUUHVXOWVIRUGHOLFDWHIRRGVVXFK
DVVDXFHVRUIRRGVZKLFKQHHGWRFRRNRYHUORZ
KHDWIRUDORQJWLPH,WFDQEHWXUQHGGRZQWRD
YHU\ORZVHWWLQJ
7KHODUJHVWEXUQHUVDUHKLJKHUSRZHUHGWKDQ
WKHRWKHUVDQGZLOOEULQJOLTXLGVWRDERLO
TXLFNHU
8VLQJWKHJDVVXUIDFHEXUQHUV
:RN7KLV:D\
:HUHFRPPHQGWKDW\RXXVHDLQFK
FPRUVPDOOHUIODWERWWRPHGZRN0DNH
VXUHWKHZRNERWWRPVLWVIODWRQWKHJUDWH7KH\
DUHDYDLODEOHDW\RXUORFDOUHWDLOVWRUH
2QO\DIODWERWWRPHGZRNVKRXOGEHXVHG
'RQRWXVHDIODWERWWRPHGZRNRQDVXSSRUW
ULQJ3ODFLQJWKHULQJRYHUWKHEXUQHURUJUDWH
PD\FDXVHWKHEXUQHUWRZRUNLPSURSHUO\
UHVXOWLQJLQFDUERQPRQR[LGHOHYHOVDERYH
DOORZDEOHVWDQGDUGV7KLVFRXOGEHGDQJHURXV
WR\RXUKHDOWK
8VHDIODWERWWRPHGZRN
6WRYH7RS*ULOOV
'RQRWXVHVWRYHWRSJULOOVRQ\RXUVHDOHGJDV
EXUQHUV,I\RXXVHWKHVWRYHWRSJULOORQWKH
VHDOHGJDVEXUQHULWZLOOFDXVHLQFRPSOHWH
FRPEXVWLRQDQGFDQUHVXOWLQH[SRVXUHWR
FDUERQPRQR[LGHOHYHOVDERYHDOORZDEOH
FXUUHQWVWDQGDUGV
7KLVFDQEHKD]DUGRXVWR\RXUKHDOWK
7RSRI5DQJH&RRNZDUH
$OXPLQXP 0HGLXPZHLJKWFRRNZDUHLV
UHFRPPHQGHGEHFDXVHLWKHDWVTXLFNO\
DQGHYHQO\0RVWIRRGVEURZQHYHQO\LQDQ
DOXPLQXPVNLOOHW8VHVDXFHSDQVZLWKWLJKW
ILWWLQJOLGVZKHQFRRNLQJZLWKPLQLPXP
DPRXQWVRIZDWHU
&DVW,URQ,IKHDWHGVORZO\PRVWVNLOOHWVZLOO
JLYHVDWLVIDFWRU\UHVXOWV
(QDPHOZDUH8QGHUVRPHFRQGLWLRQVWKH
HQDPHORIVRPHFRRNZDUHPD\PHOW)ROORZ
FRRNZDUHPDQXIDFWXUHVUHFRPPHQGDWLRQV
IRUFRRNLQJPHWKRGV
*ODVV7KHUHDUHWZRW\SHVRIJODVVFRRNZDU
WKRVHIRURYHQXVHRQO\DQGWKRVHIRUWRSRI
UDQJHFRRNLQJVDXFHSDQVFRIIHHDQGWHDSRWV
*ODVVFRQGXFWVKHDWYHU\VORZO\
+HDWSURRI*ODVV&HUDPLF&DQEHXVHGIRU
HLWKHUVXUIDFHRURYHQFRRNLQJ,WFRQGXFWV
KHDWYHU\VORZO\DQGFRROVYHU\VORZO\&KHFN
FRRNZDUHPDQXIDFWXUHVGLUHFWLRQVWREHVXUH
LWFDQEHXVHGRQJDVUDQJHV
6WDLQOHVV6WHHO7KLVPHWDODORQHKDVSRRU
KHDWLQJSURSHUWLHVDQGLVXVXDOO\FRPELQHG
ZLWKFRSSHUDOXPLQXPRURWKHUPHWDOVIRU
LPSURYHGKHDWGLVWULEXWLRQ&RPELQDWLRQPHWDO
VNLOOHWVXVXDOO\ZRUNVDWLVIDFWRULO\LIWKH\DUH
XVHGZLWKPHGLXPKHDWDVWKHPDQXIDFWXUHU
UHFRPPHQGV
*($SSOLDQFHVFRP

7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHVXSSRUWVWKH\ZLOOVWRSEHIRUH
FRPLQJFRPSOHWHO\RXWDQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
UDFNRXWXQWLOLWVWRSV
7KHEDNHEXUQHULVXQGHUWKHRYHQIORRU'RQRW
SODFHIRRGVRQWKHRYHQERWWRPIRUFRRNLQJ
7RUHPRYHDUDFNSXOOLWWRZDUG\RXWLOWWKH
IURQWHQGXSDQGSXOOLWRXW
7RUHSODFHSODFHWKHHQGRIWKHUDFNVWRS
ORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQGSXVK
WKHUDFNLQ
&$87,21:KHQ\RXDUHXVLQJ
WKHUDFNLQWKHORZHVWSRVLWLRQ$\RXZLOOQHHG
WRXVHFDXWLRQZKHQSXOOLQJWKHUDFNRXW:H
UHFRPPHQGWKDW\RXSXOOWKHUDFNRXWVHYHUDO
LQFKHVDQGWKHQXVLQJWZRSRWKROGHUVSXOOWKH
UDFNRXWE\KROGLQJWKHVLGHVRILW7KHUDFNLV
ORZDQG\RXFRXOGEHEXUQHGLI\RXSODFH\RXU
KDQGLQWKHPLGGOHRIWKHUDFNDQGSXOODOOWKH
ZD\RXW%HYHU\FDUHIXOQRWWREXUQ\RXUKDQG
RQWKHGRRUZKHQXVLQJWKHUDFNLQWKHORZHVW
SRVLWLRQ$
7KHRYHQKDVUDFNSRVLWLRQV
+RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ
7RXFKWKH SDG%$.(
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH SDG67$57
&KHFNIRRGIRUGRQHQHVVDWPLQLPXPWLPH
RQUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFKWKH SDGZKHQFRRNLQJ&/($52))
LVFRPSOHWH
127($FRROLQJIDQZLOODXWRPDWLFDOO\WXUQRQ
DQGRIIWRFRROLQWHUQDOSDUWV7KLVLVQRUPDO
DQGWKHIDQPD\FRQWLQXHWRUXQHYHQDIWHUWKH
RYHQLQWXUQHGRII
,IEDNLQJIRXUFDNHOD\HUVDWWKHVDPHWLPHSODFH
WZROD\HUVRQUDFN%DQGWZROD\HUVRQUDFN'
6WDJJHUSDQVRQWKHUDFNVRRQHLVQRWGLUHFWO\
DERYHWKHRWKHU
*($SSOLDQFHVFRP
7\SHRI)RRG 5DFN
  3RVLWLRQ
 )UR]HQSLHVRQFRRNLHVKHHW &RU'
 $QJHOIRRGFDNH $
 %XQGWRUSRXQGFDNHV %RU&
 %LVFXLWVPXIILQVEURZQLHV &RU'
 FRRNLHVFXSFDNHV
 OD\HUFDNHVSLHV
 &DVVHUROHV &RU'
 7XUNH\ $

3UHKHDWLQJDQG3DQ3ODFHPHQW
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW
3UHKHDWLQJLVQHFHVVDU\IRUJRRGUHVXOWVZKHQ
EDNLQJFDNHVFRRNLHVSDVWU\DQGEUHDGV
7RSUHKHDWVHWWKHRYHQDWWKHFRUUHFW
WHPSHUDWXUH7KHFRQWUROZLOOEHHSZKHQWKH
RYHQLVSUHKHDWHGDQGWKHGLVSOD\ZLOOVKRZ
\RXUVHWWHPSHUDWXUH7KHSUHKHDWWLPHZLOO
YDU\GHSHQGLQJRQWKHWHPSHUDWXUHVHWWLQJ
%DNLQJUHVXOWVZLOOEHEHWWHULIEDNLQJSDQVDUH
FHQWHUHGLQWKHRYHQDVPXFK
DVSRVVLEOH,IEDNLQJZLWKPRUHWKDQRQHSDQ
SODFHWKHSDQVVRHDFKKDVDWOHDVW
µ FP WRøµFPRIDLUVSDFHDURXQG
LW
'RQRWSODFHIRRGVRUSL]]DVWRQH
GLUHFWO\RQWKHRYHQIORRU
2YHQ0RLVWXUH
$V\RXURYHQKHDWVXSWKHWHPSHUDWXUH
FKDQJHRIWKHDLULQWKHRYHQPD\FDXVHZDWHU
GURSOHWVWRIRUPRQWKHGRRUJODVV7KHVH
GURSOHWVDUHKDUPOHVVDQGZLOOHYDSRUDWHDVWKH
RYHQFRQWLQXHVWR
KHDWXS
8VLQJWKHRYHQ
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQ
ERWWRPV7KHIRLOZLOOWUDSKHDWEHORZDQG
XSVHWWKHSHUIRUPDQFHRIWKHRYHQ)RLO
FDQPHOWDQGSHUPDQHQWO\GDPDJHWKH
RYHQERWWRP'DPDJHIURPLPSURSHUXVHRI
DOXPLQXPIRLOLVQRWFRYHUHGE\WKHSURGXFW
ZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJ
DVKHHWRQDORZHUUDFNVHYHUDOLQFKHV
EHORZWKHIRRG'RQRWXVHPRUHIRLOWKDQ
QHFHVVDU\DQGQHYHUHQWLUHO\FRYHUDQRYHQ
UDFNZLWKDOXPLQXPIRLO.HHSIRLODWOHDVW
µIURPRYHQZDOOVWRSUHYHQWSRRUKHDW
FLUFXODWLRQ

3RZHU2XWDJH
&$87,21'RQRWPDNHDQ\
DWWHPSWWRRSHUDWHWKHHOHFWULFLJQLWLRQRYHQ
GXULQJDQHOHFWULFDOSRZHUIDLOXUH
7KHRYHQRUEURLOHUFDQQRWEHOLWGXULQJDSRZHU
IDLOXUH*DVZLOOQRWIORZXQOHVVWKHJORZEDULV
KRW
,IWKHRYHQLVLQXVHZKHQDSRZHUIDLOXUH
RFFXUVWKHRYHQEXUQHUVKXWVRIIDQGFDQQRWEH
UHOLWXQWLOSRZHULVUHVWRUHG7KLVLVEHFDXVHWKH
IORZRIJDVLVDXWRPDWLFDOO\VWRSSHGDQGZLOOQRW
UHVXPHZKHQSRZHULVUHVWRUHGXQWLOWKHJORZ
EDUKDVUHDFKHGRSHUDWLQJWHPSHUDWXUH
2YHQ9HQW
<RXURYHQLVYHQWHGWKURXJKRQHYHQWORFDWHG
WRZDUGWKHUHDURIWKHUDQJH'RQRWEORFNWKLV
YHQWZKHQFRRNLQJLQWKHRYHLWLVLPSRUWDQW
WKDWWKHIORZRIKRWDLUIURPWKHRYHQDQGIUHVK
DLUWRWKHRYHQEXUQHUEHXQLQWHUUXSWHG$YRLG
WRXFKLQJWKHYHQWRSHQLQJVRUQHDUE\VXUIDFHV
GXULQJRYHQRUEURLOHURSHUDWLRWKH\PD\
EHFRPHKRW
+DQGOHVRISRWVDQGSDQVRQWKHFRRNWRS
PD\EHFRPHKRWLIOHIWWRRFORVHWRWKHYHQW
'RQRWOHDYHSODVWLFLWHPVRQWKHFRRNWRS³
WKH\PD\PHOWLIOHIWWRRFORVHWRWKHYHQW
'RQRWOHDYHDQ\LWHPVRQWKHFRRNWRS7KH
KRWDLUIURPWKHYHQWPD\LJQLWHIODPPDEOH
LWHPVDQGZLOOLQFUHDVHSUHVVXUHLQFORVHG
FRQWDLQHUVZKLFKPD\FDXVHWKHPWREXUVW
0HWDOLWHPVZLOOEHFRPHYHU\KRWLIWKH\DUH
OHIWRQWKHFRRNWRSDQGFRXOGFDXVHEXUQV
*($SSOLDQFHVFRP

  4XDQWLW\DQG 5DFN )LUVW6LGH 6HFRQG6LGH
 )RRG RU7KLFNQHVV 3RVLWLRQ 7LPHPLQ 7LPHPLQ &RPPHQWV
 *URXQG%HHI µ WRµ '   6SDFHHYHQO\
  FPWRFPWKLFN
%HHI6WHDNV
 5DUH µWRµ )   6WHDNVOHVVWKDQ µFP
 0HGLXP FPWRFPWKLFN (   WKLFNDUHGLIILFXOWWRFRRN
 :HOO'RQH
WRøOEVNJWRNJ
 (   UDUH6ODVKIDW
 
 5DUH µFPWKLFN (  
 0HGLXP
WRøOEVNJWRNJ
 (  
 :HOO'RQH '  
&KLFNHQ ZKROHFXWXS &   %UXVKHDFKVLGHZLWKPHOWHG
 
WRøOEVNJWRNJ
  EXWWHU
  VSOLWOHQJWKZLVH %URLOVNLQVLGHGRZQILUVW
  %UHDVW &  
%DNHU\3URGXFW 
 %UHDGWRDVW WRVOLFHV )   6SDFHHYHQO\3ODFH
 (QJOLVK0XIILQ VSOLW )  (QJOLVKPXIILQVFXWVLGHXS
  DQGEUXVKZLWKEXWWHU
  LIGHVLUHG
/REVWHU7DLOV ² & ² 'RQRW &XWWKURXJKEDFNRIVKHOO
  WXUQ 6SUHDGRSHQ
  RYHU %UXVKZLWKPHOWHGEXWWHUEHIRUH
  EURLOLQJDQGDIWHUKDOIRI
  EURLOLQJWLPH
)LVK)LOOHWV OE
NJ
µWRµ (   +DQGOHDQGWXUQYHU\FDUHIXOO\
  >FPWRFP@WKLFN %UXVKZLWKOHPRQEXWWHUEHIRUH
  DQGGXULQJFRRNLQJLIGHVLUHG
 6DOPRQ
 6WHDNV µ>FP@WKLFN (   7XUQFDUHIXOO\
 )LOOHWV 
µWR µ (  'RQRWWXUQVNLQVLGHGRZQ
  >FPWRFP@WKLFN
 +DP6OLFHV µFPWKLFN '  
 SUHFRRNHG µ FPWKLFN '  
3RUN&KRSV 
µ>FP@WKLFN '   6ODVKIDW
 :HOO'RQH µ>FP@WKLFNDERXW '  
  OENJ
/DPE&KRSV
 0HGLXP

µ
>FP@WKLFNDERXW
 (   6ODVKIDW
 :HOO'RQH WRR]JWRJ ( 
 0HGLXP 
øµ>
FP@
WKLFN ( 
 :HOO'RQH DERXWOE
NJ
(  
8VLQJWKHRYHQ
%URLOLQJ*XLGH
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUH
DQG\RXUSUHIHUHQFHRI
GRQHQHVVZLOODIIHFWEURLOLQJ
WLPHV7KLVJXLGHLVEDVHG
RQPHDWVDWUHIULJHUDWRU
WHPSHUDWXUH
7KH86'HSDUWPHQWRI
$JULFXOWXUHVD\V´5DUHEHHI
LVSRSXODUEXW\RXVKRXOG
NQRZWKDWFRRNLQJLWWRRQO\
)&PHDQVVRPHIRRG
SRLVRQLQJRUJDQLVPVPD\
VXUYLYHµ6RXUFH6DIH)RRG%RRN
<RXU.LWFKHQ*XLGH86'$5HY
-XQH
+RZWR6HWWKH2YHQIRU%URLOLQJ
,03257$177RDYRLGSRVVLEOHEXUQVSODFHWKH
UDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKH
RYHQRQ
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQGHVLJQHGIRUEURLOLQJ
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
7KHRYHQGRRU EHFORVHGGXULQJPXVW
EURLOLQJ
7RXFKWKH SDGRQFHIRU%52,/+,/2
+,%URLO
7RFKDQJHWR/2%URLO %52,/+,WRXFKWKH
/2SDGDJDLQ
8VH WRFRRNIRRGVVXFKDVSRXOWU\RU/2%URLO
WKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXWRYHU
EURZQLQJWKHP
7RXFKWKH SDG67$57
:KHQEURLOLQJLVILQLVKHGWRXFKWKH&/($5
2))SDG
6HUYHWKHIRRGLPPHGLDWHO\DQGOHDYHWKHSDQ
RXWVLGHWKHRYHQWRFRROGXULQJWKHPHDOIRU
HDVLHVWFOHDQLQJ
127(%URLOZLOOQRWZRUNLIWKHWHPSHUDWXUH
SUREHLVSOXJJHGLQ
7R6HWWKH&ORFN
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKHDXWRPDWLFRYHQWLPLQJIXQFWLRQVWRZRUN
SURSHUO\7KHWLPHRIGD\FDQQRWEHFKDQJHG
GXULQJDWLPHGEDNLQJRUVHOIFOHDQLQJF\FOH
7RXFKWKH SDG&/2&.
7RXFKWKHQXPEHUSDGV
7RXFKWKH SDG67$57
0DNHVXUHWKHFORFNLVVHWWRWKH
FRUUHFWWLPHRIGD\
7R6HWWKH7LPHU
7RXFKWKH SDG.,7&+(17,0(5212))
7RXFKWKHQXPEHUSDGVXQWLOWKHDPRXQW
RIWLPH\RXZDQWVKRZVLQWKHGLVSOD\)RU
H[DPSOHWRVHWKRXUVDQGPLQXWHV
WRXFKDQG LQWKDWRUGHU,I\RX
PDNHDPLVWDNHWRXFKWKH.,7&+(1
7,0(5212))SDGDQGEHJLQDJDLQ
7RXFKWKH SDG67$57
$IWHUWRXFKLQJWKH SDG6(7GLVDSSHDUV67$57
WKLVWHOOV\RXWKHWLPHLVFRXQWLQJGRZQ
DOWKRXJKWKHGLVSOD\GRHVQRWFKDQJHXQWLORQH
PLQXWHKDVSDVVHG6HFRQGVZLOOQRWEHVKRZQ
LQWKHGLVSOD\XQWLOWKHODVWPLQXWHLVFRXQWLQJ
GRZQ
:KHQWKHWLPHUUHDFKHV WKHFRQWURO
ZLOOEHHSWLPHVIROORZHGE\RQHEHHS
HYHU\VHFRQGVXQWLOWKH.,7&+(17,0(5
212))SDGLVWRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOHGE\
IROORZLQJWKHVWHSVLQWKH6SHFLDOIHDWXUHVRI
\RXURYHQFRQWUROVHFWLRQXQGHU7RQHVDWWKH
(QGRID7LPHG&\FOH
7KHWLPHULVDPLQXWHWLPHURQO\
7KHWLPHUGRHVQRWFRQWURORYHQ
RSHUDWLRQV7KHPD[LPXPVHWWLQJ
RQWKHWLPHULVKRXUVDQG
PLQXWHV
7R5HVHWWKH7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH.,7&+(1
7,0(5212))SDGWKHQWRXFKWKHQXPEHU
SDGVXQWLOWKHWLPH\RXZDQWDSSHDUVLQWKH
GLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\
FORFNGHOD\VWDUWRUFRRNLQJWLPHDUHLQWKH
GLVSOD\UHFDOOWKHUHPDLQLQJWLPHE\WRXFKLQJ
WKH SDGDQGWKHQ.,7&+(17,0(5212))
WRXFKLQJWKHQXPEHUSDGVWRHQWHUWKHQHZ
WLPH\RXZDQW
7R&DQFHOWKH7LPHU
7RXFKWKH SDGWZLFH.,7&+(17,0(5212))

<RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKH
WRXFKSDGVVRWKH\FDQQRWEHDFWLYDWHGZKHQ
SUHVVHG
7RORFNXQORFNWKHFRQWUROV
7RXFKWKHDQGSDGVDWWKHVDPHWLPH
IRUVHFRQGVXQWLOWKHGLVSOD\VKRZV/2&
21
7RXQORFNWKHFRQWUROWRXFKWKHDQG
SDGVDWWKHVDPHWLPHIRUVHFRQGVXQWLO
WKHGLVSOD\VKRZV/2&2))
:KHQWKLVIHDWXUHLVRQDQGWKHWRXFKSDGVDUH
WRXFKHGWKHFRQWUROZLOOEHHSDQGWKHGLVSOD\
ZLOOVKRZ/2&21
7KHFRQWUROORFNRXWPRGHDIIHFWVDOOWRXFK
SDGV1RWRXFKSDGVZLOOZRUNZKHQWKLV
IHDWXUHLVDFWLYDWHG
7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\
DIWHUDSRZHUIDLOXUH
&RQWURO/RFNRXW
8VLQJWKHFORFNWLPHUDQGFRQWUROORFNRXW*($SSOLDQFHVFRP

8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHVRQVRPHPRGHOV
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUVKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDWWKHRYHQ
OLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRN
IRUDVHOHFWHGOHQJWKRIWLPH$WWKHHQG
RIWKHFRRNLQJWLPHWKHRYHQZLOOWXUQRII
DXWRPDWLFDOO\
7RXFKWKH SDG%$.(
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH SDG&22.,1*7,0(
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWK
RIWKHFRRNLQJWLPH
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
EDNLQJWLPH7KHRYHQWHPSHUDWXUHDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
GLVSOD\HG
7RXFKWKH  SDG67$57
7KHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)>&@DQGWKH
FRRNLQJWLPH7KHGLVSOD\VWDUWVFKDQJLQJRQFH
WKHWHPSHUDWXUHUHDFKHV)&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXWRII
DXWRPDWLFDOO\XQOHVVWKH:$50IHDWXUHZDV
VHW6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJ
VHFWLRQ
7RXFKWKH  SDGWRFOHDUWKHGLVSOD\&/($52))
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
<RXFDQVHWWKHRYHQFRQWUROWRGHOD\VWDUWWKH
RYHQFRRNIRUDVSHFLILFOHQJWKRIWLPHDQG
WKHQWXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH SDG%$.(
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH SDG&22.,1*7,0(
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWK
RIWKHFRRNLQJWLPH
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
EDNLQJWLPH
7RXFKWKH SDG'(/$<67$57
8VLQJWKHQXPEHUSDGVHQWHUWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
7RXFKWKH SDG67$57
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJDQGGRQRWWRXFKWKH67$57
SDGDIWHUHQWHULQJWKHEDNLQJWHPSHUDWXUH
,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RXKDYH
VHWWRXFKWKH  SDGWRFKHFNWKH'(/$<67$57
VWDUWWLPH\RXKDYHVHWRUWRXFKWKH&22.,1*
7,0(SDGWRFKHFNWKHOHQJWKRIFRRNLQJWLPH
\RXKDYHVHW
:KHQWKHRYHQWXUQVRQDWWKHWLPHRIGD\\RX
KDYHVHWWKHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)>&@DQGWKH
FRRNLQJLWPH7KHGLVSOD\VWDUWVFKDQJLQJRQFH
WKHWHPSHUDWXUHUHDFKHV)&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXWRII
DXWRPDWLFDOO\XQOHVVWKH:$50IHDWXUHZDV
VHW6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJ
VHFWLRQ
7RXFKWKH  SDGWRFOHDUWKHGLVSOD\&/($52))

8VLQJWKHFRQYHFWLRQRYHQ
$GDSWLQJ5HFLSHV«
<RXFDQXVH\RXUIDYRULWHUHFLSHVLQWKH
FRQYHFWLRQRYHQ
:KHQFRQYHFWLRQEDNLQJWKH$XWR5HFLSH
&RQYHUVLRQIHDWXUHDXWRPDWLFDOO\UHGXFHV
WKHVHWUHJXODUEDNLQJWHPSHUDWXUHE\WKH
UHFRPPHQGHG)&6HH$XWR5HFLSH
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHVVHFWLRQ

8VHSDQVL]HUHFRPPHQGHG

6RPHSDFNDJHLQVWUXFWLRQVIRUIUR]HQ
FDVVHUROHVRUPDLQGLVKHVKDYHEHHQ
GHYHORSHGXVLQJFRPPHUFLDOFRQYHFWLRQ
RYHQV)RUEHVWUHVXOWVLQWKLVRYHQSUHKHDW
WKHRYHQDQGXVHWKHWHPSHUDWXUHRQWKH
SDFNDJH
&RQYHFWLRQ)DQ
,QDFRQYHFWLRQRYHQDIDQFLUFXODWHVKRWDLU
RYHUXQGHUDQGDURXQGWKHIRRG
7KLVFLUFXODWLQJKRWDLULVHYHQO\GLVWULEXWHG
WKURXJKRXWWKHRYHQFDYLW\$VDUHVXOW
IRRGVDUHHYHQO\FRRNHGDQGEURZQHG³
RIWHQLQOHVVWLPHZLWKFRQYHFWLRQKHDW
127(7KHFRQYHFWLRQIDQZLOOF\FOHRQDQGRII
ZKLOHFRRNLQJWREHVWGLVWULEXWHKRWDLULQWKH
RYHQ
7KHFRQYHFWLRQRYHQIDQVKXWVRIIZKHQWKH
RYHQGRRULVRSHQHG
%HFDXVHKHDWHGDLULVFLUFXODWHGHYHQO\
WKURXJKRXWWKHRYHQIRRGVFDQEHEDNHGZLWK
H[FHOOHQWUHVXOWVXVLQJPXOWLSOHUDFNV
0XOWLUDFNEDNLQJPD\LQFUHDVHFRRNWLPHV
VOLJKWO\IRUVRPHIRRGVEXWWKHRYHUDOOUHVXOWLV
WLPHVDYHG&RRNLHVPXIILQVELVFXLWVDQGRWKHU
TXLFNEUHDGVJLYHJRRGUHVXOWVZLWKPXOWLUDFN
EDNLQJ
:KHQEDNLQJRQUDFNVSODFHRQHUDFNLQWKH
IRXUWK'SRVLWLRQRQHLQWKHILIWK(SRVLWLRQDQG
RQHLQWKHVL[WK)SRVLWLRQ,ISDQVZLOOQRWILWXVH
UDFNSRVLWLRQV%'DQG)
0XOWL5DFN&RQYHFWLRQ%DNLQJ
0XOWLUDFNSRVLWLRQ
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG
:KHQFRQYHFWLRQEDNLQJZLWKRQO\UDFN
XVHWKHUDFNSRVLWLRQVUHFRPPHQGHGLQWKH
8VLQJWKHRYHQVHFWLRQ

,GHDOIRUHYHQO\EURZQHGEDNHGIRRGV
FRRNHGRQUDFNDQGIRUODUJHIRRGV
$GGLWLRQDOO\VRPHWLPHVDYLQJVPD\EH
QRWLFHG

*RRGUHVXOWVZLWKFRRNLHVELVFXLWVPXIILQV
EURZQLHVFXSFDNHVFUHDPSXIIVVZHHWUROOV
DQJHOIRRGFDNHDQGEUHDG
5DFN&RQYHFWLRQ%DNLQJ
7RXFKWKH&219(&7,21%$.(08/7,
5$&.RU&219(&7,2152$67 SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH SDG67$57
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFK
WKH&219(&7,21%$.(08/7,5$&.RU
&219(&7,2152$67SDGDQGWKHQWKH
QXPEHUSDGVWRVHWWKHQHZWHPSHUDWXUH
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)&ZLOOEH
GLVSOD\HG:KHQRYHQUHDFKHVWKHWHPSHUDWXUH
\RXVHWEHHSVZLOOVRXQG
7RXFK&/($52))SDGZKHQILQLVKHG
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRU
LVRSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXPD\KHDUWKHRYHQFOLFNLQJGXULQJ
EDNLQJ7KLVLVQRUPDO
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ%DNLQJRU5RDVWLQJ
&RQYHFWLRQ5RDVW
*RRGIRUODUJHWHQGHUFXWVRIPHDW
XQFRYHUHG
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG0HDWDQG
SRXOWU\DUHEURZQHGRQDOOVLGHVDVLIWKH\ZHUH
FRRNHGRQDURWLVVHULH7KHKHDWHGDLUVHDOVLQ
MXLFHVTXLFNO\IRUDPRLVWDQGWHQGHUSURGXFW
ZKLOHDWWKHVDPHWLPHFUHDWLQJDULFKJROGHQ
EURZQH[WHULRU
:KHQ\RXDUHFRQYHFWLRQURDVWLQJLWLV
LPSRUWDQWWKDW\RXXVHDEURLOHUSDQDQG
JULGGHVLJQHGIRUEURLOLQJIRUEHVWFRQYHFWLRQ
URDVWLQJUHVXOWV7KHSDQLVXVHGWRFDWFK
JUHDVHVSLOOVDQGWKHJULGLVXVHGWRSUHYHQW
JUHDVHVSDWWHUV
3ODFHWKHRYHQUDFNLQWKHSRVLWLRQWKDW
FHQWHUVWKHIRRGEHWZHHQWKHWRSDQG
ERWWRPRIWKHRYHQ
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFN
WRVHHLI\RXUFRRNZDUHOHDYHVURRPIRUDLU
FLUFXODWLRQLQWKHRYHQ,I\RXDUHEDNLQJZLWK
VHYHUDOSDQVOHDYHVSDFHEHWZHHQWKHP$OVR
EHVXUHWKHSDQVGRQRWWRXFKHDFKRWKHURU
WKHZDOOVRIWKHRYHQ
3DSHUDQG3ODVWLF
+HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUV
WKDWDUHUHFRPPHQGHGIRUXVHLQUHJXODU
EDNLQJFDQDOVREHXVHGIRUFRQYHFWLRQEDNLQJ
EXWVKRXOGQRWEHXVHGDWWHPSHUDWXUHVKLJKHU
WKDQWKHWHPSHUDWXUHUHFRPPHQGHGE\WKH
FRRNZDUHPDQXIDFWXUHU3ODVWLFFRRNZDUH
WKDWLVKHDWUHVLVWDQWWRWHPSHUDWXUHVRI)
&FDQDOVREHXVHG
0HWDODQG*ODVV
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQ+RZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
:KHQEDNLQJFRRNLHV\RXZLOO
JHWWKHEHVWUHVXOWVLI\RXXVH
DIODWFRRNLHVKHHWLQVWHDGRI
DSDQZLWKORZVLGHV

*($SSOLDQFHVFRP

8VLQJWKHWLPHGIHDWXUHVIRUFRQYHFWLRQFRRNLQJ
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKHVHIHDWXUHV7KHIDQZLOOVWRSZKHQWKHGRRULVRSHQHGEXWWKHKHDWZLOOQRWWXUQRII
127()RRGVWKDWVSRLOHDVLOVXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD
%HVXUHWKDWWKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRNIRUD
VHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKHFRRNLQJ
WLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\

7RXFKWKH&219(&7,21%$.(08/7,
5$&. &219(&7,2152$67RU SDG
7
RXFK
WKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7
RXFK
WKH SDG&22.,1*7,0(
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RXPD\
QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRIWKH
FRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH7KH
RYHQWHPSHUDWXUHWKDW\RXVHWDQGWKH
FRRNLQJWLPHWKDW\RXHQWHUHGZLOOEHLQWKH
GLVSOD\
7RXFKWKH SDG67$57
7KHGLVSOD\ZLOOVKRZWKHFKDQJLQJWHPSHUDWXUH
VWDUWLQJDW)
>&@
DQGWKHFRRNLQJWLPH
7KHGLVSOD\VWDUWVFKDQJLQJRQFHWKHWHPSHUDWXUH
UHDFKHV)
&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXWRII
DXWRPDWLFDOO\XQOHVVWKH:$50
IHDWXUHZDV
VHW6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJ
VHFWLRQ
7RXFKWKH SDGWRFOHDUWKH&/($52))
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKHRYHQ
WXUQVRIIDXWRPDWLFDOO\IRRGOHIWLQWKHRYHQ
ZLOOFRQWLQXHFRRNLQJDIWHUWKHRYHQWXUQVRII

+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
<RXFDQVHWWKHRYHQFRQWUROWRGHOD\VWDUWWKH
RYHQFRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQ
WXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\

7RXFKWKH&219(&7,21%$.(08/7,
5$&.RU&219(&7,2152$67 SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH SDG&22.,1*7,0(
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RXPD\
QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRIWKH
FRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
FRRNLQJWLPH
7RXFKWKH SDG'(/$<67$57
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQGVWDUW
FRRNLQJ
,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RXKDYHVHW
WRXFKWKH SDGWRFKHFNWKHVWDUW'(/$<67$57
WLPH\RXKDYHVHWRUWRXFKWKH&22.,1*7,0(
SDGWRFKHFNWKHOHQJWKRIFRRNLQJWLPH\RXKDYH
VHW
7RXFKWKH SDG67$57
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUHXVLQJ
WLPHGEDNLQJRUURDVWLQJDQGGRQRWWRXFKWKH
67$57SDGDIWHUHQWHULQJWKHEDNLQJRUURDVWLQJ
WHPSHUDWXUH
:KHQWKHRYHQWXUQVRQDWWKHWLPHRIGD\\RX
KDYHVHWWKHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)
>&@
DQGWKH
FRRNLQJWLPH7KHGLVSOD\VWDUWVFKDQJLQJRQFH
WKHWHPSHUDWXUHUHDFKHV)
&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXWRII
DXWRPDWLFDOO\XQOHVVWKH:$50
IHDWXUHZDV
VHW6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJ
VHFWLRQ
7RXFKWKH SDGWRFOHDUWKH&/($52))
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRGIURP
WKHRYHQ5HPHPEHUHYHQWKRXJKWKHRYHQ
VKXWVRIIDXWRPDWLFDOO\IRRGOHIWLQWKHRYHQ
ZLOOFRQWLQXHFRRNLQJDIWHUWKHRYHQWXUQVRII
*($SSOLDQFHVFRP

8VLQJWKHFRQYHFWLRQRYHQ
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ5RDVWLQJZKHQ8VLQJWKH3UREH
7KHGLVSOD\ZLOOIODVK DQGWKHRYHQ352%(
FRQWUROZLOOVLJQDOLIWKHSUREHLVLQVHUWHGLQWR
WKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGSUHVVHGWKH SDG67$57
3ODFHWKHRYHQUDFNLQWKHSRVLWLRQWKDW
FHQWHUVWKHIRRGEHWZHHQWKHWRSDQG
ERWWRPRIWKHRYHQ,QVHUWWKHSUREHLQWR
WKHPHDW
3OXJWKHSUREHLQWRWKHRXWOHWLQWKHRYHQ
0DNHVXUHLWLVSXVKHGDOOWKHZD\LQ&ORVH
WKHRYHQGRRU
7RXFKWKH SDG&219(&7,2152$67
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH SDG352%(
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
LQWHUQDOPHDWWHPSHUDWXUH
7RXFKWKH SDG67$57
:KHQWKHRYHQVWDUWVWRKHDWWKHZRUG ZLOO/2
EHLQWKHGLVSOD\
$IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHPHDWUHDFKHV
)&WKHFKDQJLQJLQWHUQDOWHPSHUDWXUH
ZLOOEHVKRZQLQWKHGLVSOD\
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKH
PHDWUHDFKHVWKHQXPEHU\RXKDYHVHW
WKHSUREHDQGWKHRYHQWXUQRIIDQGWKH
RYHQFRQWUROVLJQDOV7RVWRSWKHVLJQDO
WRXFKWKH SDG8VHKRWSDGV&/($52))
WRUHPRYHWKHSUREHIURPWKHIRRG'RQRW
XVHWRQJVWRSXOORQLW³WKH\PLJKW
GDPDJHLW
&$87,217RSUHYHQWSRVVLEOH
EXUQVGRQRWXQSOXJWKHSUREHIURPWKHRYHQ
RXWOHWXQWLOWKHRYHQKDVFRROHG'RQRWVWRUH
WKHSUREHLQWKHRYHQ
127(
,IWKHSUREHLVUHPRYHGIURPWKHIRRGEHIRUH
WKHILQDOWHPSHUDWXUHLVUHDFKHGDWRQHZLOO
VRXQGDQGWKHGLVSOD\ZLOOIODVKXQWLOWKH
SUREHLVUHPRYHGIURPWKHRYHQ
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLV
IHDWXUH7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXFDQXVHWKHNLWFKHQWLPHUHYHQWKRXJK
\RXFDQQRWXVHWLPHGRYHQRSHUDWLRQV
)RUEHVWUHVXOWVZKHQURDVWLQJ
ODUJHWXUNH\VDQGURDVWVZH
UHFRPPHQGXVLQJWKHSUREH
LQFOXGHGLQWKHFRQYHFWLRQRYHQ
7RFKDQJHWKHRYHQWHPSHUDWXUH
GXULQJWKH&RQYHFWLRQ5RDVWF\FOH
WRXFKWKH&219(&7,2152$67
SDGDQGWKHQWRXFKWKHQXPEHU
SDGVWRVHWWKHQHZGHVLUHG
WHPSHUDWXUH
&RQYHFWLRQ5RDVWLQJ*XLGH
  0LQXWHV/E
0HDWV 0LQXWHVNJ 2YHQ7HPS ,QWHUQDO7HPS
 &%HHI 5LE%RQHOHVV5LE 5DUH ²² )& )
 7RS6LUORLQ 0HGLXP ²² )& )&
 WROEV>NJWRNJ@ :HOO ²² )& )&
 %HHI7HQGHUORLQ 5DUH ²² )& )&
 0HGLXP ²² )& )&
 )&3RUN %RQH,Q%RQHOHVVWROEV ²² )& 
 >NJWRNJ@
 &KRSVµWRµ FKRSV
²²WRWDO
 )& )&
 >FPWRFP@WKLFN FKRSV
²²WRWDO
 )& )&
  FKRSV
²²WRWDO
 )& )&
+DP &DQQHG%XWW6KDQNWROEV ²² )& )&
 >NJWRNJ@IXOO\FRRNHG
& )&/DPE %RQH,Q%RQHOHVVWROEV 0HGLXP ²² )
 >NJWRNJ@ :HOO ²² )& )&
6HDIRRG )LVK:KROHWROEV>NJWRNJ@ 
²²WRWDO
 )&
 /REVWHU7DLOVWRR]>JWRJ@HDFK
²²WRWDO
 )&
3RXOWU\ :KROH&KLFNHQøWRøOEV ²² )&
²)²&

>NJWRNJ@
 &RUQLVK+HQV8QVWXIIHGWRøOEV  ² )&
²)²&
 >NJWRNJ@  ²WRWDO
 6WXIIHGWRøOEV ² )&
²)²&

>NJWRNJ@
 
²WRWDO
 'XFNOLQJWROEV>NJWRNJ@  ²² )&
²)²&
 7XUNH\:KROH
 8QVWXIIHGWROEV>NJWRNJ@ ²² )&
²)²&
 8QVWXIIHGWROEV>NJWRNJ@ ²² )&
²)²&
 7XUNH\%UHDVWWROEV>NJWRNJ@ ²² )& )&
6WXIIHGELUGVJHQHUDOO\UHTXLUH²PLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWRSUHYHQW
RYHUEURZQLQJDQGGU\LQJRIVNLQ
7KH86'HSDUWPHQWRI$JULFXOWXUHVD\V´5DUHEHHILVSRSXODUEXW\RXVKRXOGNQRZWKDWFRRNLQJLWWRRQO\)&PHDQV
VRPHIRRGSRLVRQLQJRUJDQLVPVPD\VXUYLYHµ6RXUFH6DIH)RRG%RRN<RXU.LWFKHQ*XLGH86'$5HY-XQH
7KHSURRILQJIHDWXUHPDLQWDLQVDZDUPHQYLURQPHQWXVHIXOIRUULVLQJ\HDVWOHDYHQHGSURGXFWV
+RZWR6HWWKH2YHQ)RU3URRILQJ
3ODFHWKHFRYHUHGGRXJKLQDGLVKLQWKH
RYHQRQUDFN%RU&
127()RUEHVWUHVXOWVFRYHUWKHGRXJKZLWKD
FORWKRUZLWKJUHDVHGSODVWLFZUDSWKHSODVWLF
PD\QHHGWREHDQFKRUHGXQGHUQHDWKWKH
FRQWDLQHUVRWKHRYHQIDQZLOOQRWEORZLWRII
7RXFKWKH  SDGDQGWKHQWKH3522)
67$57SDG
7KHGLVSOD\ZLOOUHDG  SURRI3U)
7KHRYHQLQWHULRUOLJKWWXUQVRQDQGUHPDLQVRQ
GXULQJSURRILQJ
7KHSURRILQJIHDWXUHDXWRPDWLFDOO\SURYLGHVWKH
RSWLPXPWHPSHUDWXUHIRUWKHSURRILQJSURFHVV
DQGWKHUHIRUHGRHVQRWKDYHDWHPSHUDWXUH
DGMXVWPHQW
6HWWKH  IRUWKH.,7&+(17,0(5212))
PLQLPXPSURRIWLPH
:KHQSURRILQJLVILQLVKHGWRXFKWKH
&/($52))SDG
7RDYRLGORZHULQJWKHRYHQWHPSHUDWXUHDQG
OHQJWKHQLQJSURRILQJWLPHGRQRWRSHQWKH
RYHQGRRUXQQHFHVVDULO\
&KHFNEUHDGSURGXFWVHDUO\WRDYRLGRYHU
SURRILQJ
127(
'RQRWXVHWKHSURRILQJPRGHIRUZDUPLQJ
IRRGRUNHHSLQJIRRGKRW7KHSURRILQJRYHQ
WHPSHUDWXUHLVQRWKRWHQRXJKWRKROGIRRGV
DWVDIHWHPSHUDWXUHV8VHWKH IHDWXUH:$50
WRNHHSIRRGZDUP
3URRILQJZLOOQRWRSHUDWHZKHQRYHQLVDERYH
)&´+27µZLOOVKRZLQWKHGLVSOD\
+RZWR6HWWKH2YHQ)RU:DUPLQJ
7KH:$50IHDWXUHNHHSVFRRNHG
IRRGVKRW
7KLVIHDWXUHLVQRWGHVLJQHGWRUHKHDWFROGIRRG
7RXVHWKH IHDWXUHWRXFKWKH:$50 :$50
SDGDQGWKHQWKH SDG67$57
7RXVHWKH:$50IHDWXUHDIWHU7LPHG%DNLQJRU
5RDVWLQJIROORZWKHVHVWHSV
7RXFKWKHPRGHRIFRRNLQJWKDW
\RXZDQWWRXVH%$.(
&219(&7,21%$.(08/7,5$&.RU
&219(&7,2152$67
7RXFKWKHQXPEHUSDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH SDG&22.,1*7,0(
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
7RXFKWKH SDG:$50
7RXFKWKH SDG67$57
7R&ULVS6WDOH,WHPV
3ODFHIRRGLQORZVLGHGGLVKHVRUSDQV
)RUEHVWUHVXOWVSODFHWKHIRRGLWHPVLQD
VLQJOHOD\HU'RQRWVWDFN
/HDYHWKHPXQFRYHUHG
&KHFNFULVSQHVVDIWHU²PLQXWHV
$GGWLPHDVQHHGHG
,03257$17127(6
)RRGVKRXOGEHNHSWKRWLQLWVFRRNLQJ
FRQWDLQHURUWUDQVIHUUHGWRDKHDWVDIH
VHUYLQJGLVK
)RUPRLVWIRRGVFRYHUWKHPZLWKDQ
RYHQVDIHOLGRUDOXPLQXPIRLO
)ULHGRUFULVSIRRGVGRQRWQHHGWREH
FRYHUHGEXWFDQEHFRPHWRRGU\LIZDUPHG
IRUWRRORQJ
5HSHDWHGRSHQLQJRIWKHGRRUDOORZVWKHKRW
DLUWRHVFDSHDQGWKHIRRGWRFRRO
$OORZH[WUDWLPHIRUWKHWHPSHUDWXUHLQVLGH
WKHRYHQWRVWDELOL]HDIWHUDGGLQJLWHPV
:LWKODUJHORDGVLWPD\EHQHFHVVDU\WR
FRYHUVRPHRIWKHFRRNHGIRRGLWHPV
5HPRYHVHUYLQJVSRRQVHWFEHIRUHSODFLQJ
FRQWDLQHUVLQWKHRYHQ
'RQRWXVHSODVWLFFRQWDLQHUVOLGVRUSODVWLF
ZUDS
&$87,213ODVWLFFRQWDLQHUVOLGV
RUSODVWLFZUDSZLOOPHOWLISODFHGLQWKHRYHQ
0HOWHGSODVWLFPD\QRWEHUHPRYDEOHDQGLVQRW
FRYHUHGXQGHU\RXUZDUUDQW\

8VLQJWKHSURRILQJDQGZDUPLQJIHDWXUHV*($SSOLDQFHVFRP

$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH
PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²GHJUHHV)²GHJUHHV&
127(7KLVDGMXVWPHQWZLOORQO\DIIHFWEDNLQJDQGURDVWLQJWHPSHUDWXUHVLWZLOOQRWDIIHFWEURLOLQJRUVHOIFOHDQLQJ
WHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH DQG SDGVDW%52,/+,/2 %$.(
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH SDG$WZRGLJLWQXPEHU%$.(
VKRZVLQWKHGLVSOD\
7RXFK%$.(DJDLQWRDOWHUQDWHEHWZHHQ
LQFUHDVLQJDQGGHFUHDVLQJWKHRYHQ
WHPSHUDWXUH
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WR)&KRWWHURU)&
FRROHU7RXFKWKHQXPEHUSDGVWKHVDPH
ZD\\RXUHDGWKHP)RUH[DPSOHWR
FKDQJHWKHRYHQWHPSHUDWXUH)&
WRXFKDQG
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH SDGWRJREDFNWRWKH67$57
WLPHRIGD\GLVSOD\8VH\RXURYHQDV\RX
ZRXOGQRUPDOO\
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDW
FRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
86IHGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHU
KDQGFRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV
)RUEHVWUHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO

7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
%HIRUHD&OHDQ&\FOH
:HUHFRPPHQGYHQWLQJ\RXUNLWFKHQZLWKDQ
RSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRUKRRG
GXULQJWKHILUVWVHOIFOHDQF\FOH
5HPRYHUDFNVEURLOHUSDQEURLOHUJULGSUREH
DOOFRRNZDUHDQGDQ\DOXPLQXPIRLOIURPWKH
RYHQ
7KHVKLQ\VLOYHUFRORUHGRYHQUDFNVRQVRPH
PRGHOVFDQEHVHOIFOHDQHGEXWWKH\ZLOO
GDUNHQORVHWKHLUOXVWHUDQGEHFRPHKDUGWR
VOLGH
6RLORQWKHIURQWIUDPHRIWKHUDQJHDQGRXWVLGH
WKHJDVNHWRQWKHGRRUZLOOQHHGWREHFOHDQHG
E\KDQG&OHDQWKHVHDUHDVZLWKKRWZDWHU
VRDSILOOHGRUSODVWLFVFRXULQJSDGVRUFOHDQVHUV
VXFKDV6RIW6FUXE
5LQVHZHOOZLWKFOHDQZDWHU
DQGGU\
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVVPDWHULDO
RIWKHRYHQGRRUJDVNHWFDQQRWZLWKVWDQG
DEUDVLRQ,WLVHVVHQWLDOIRUWKHJDVNHWWRUHPDLQ
LQWDFW,I\RXQRWLFHLWEHFRPLQJZRUQRUIUD\HG
UHSODFHLW
:LSHXSDQ\KHDY\VSLOORYHUVRQWKHRYHQ
ERWWRP
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQSODFH
DQGWKHRYHQOLJKWLVRII
,03257$17 7KHKHDOWKRIVRPHELUGVLV
H[WUHPHO\VHQVLWLYHWRWKHIXPHVJLYHQRII
GXULQJWKHVHOIFOHDQLQJF\FOHRIDQ\UDQJH
0RYHELUGVWRDQRWKHUZHOOYHQWLODWHGURRP
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
+RZWR6HWWKH2YHQIRU&OHDQLQJ
7RXFKWKH SDG6(/)&/($167'/2:
RQFHIRUDKRXUFOHDQWLPHRUWZLFHIRUD
KRXUFOHDQWLPH
$KRXUVHOIFOHDQWLPHLVUHFRPPHQGHG
IRUXVHZKHQFOHDQLQJVPDOOFRQWDLQHG
VSLOOV$VHOIFOHDQWLPHRIKRXUVRUORQJHU
LVUHFRPPHQGHGIRUDGLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUVLV
QHHGHGXVHWKHQXPEHU SDGVDQGHQWHU
WKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJRQ
KRZGLUW\\RXURYHQLV
7RXFKWKH SDG67$57
7KHGRRUORFNVDXWRPDWLFDOO\7KHGLVSOD\
ZLOOVKRZWKHFOHDQWLPHUHPDLQLQJ,WZLOO
QRWEHSRVVLEOHWRRSHQWKHRYHQGRRU
XQWLOWKHWHPSHUDWXUHGURSVEHORZWKHORFN
WHPSHUDWXUHDQGWKH OLJKWJRHVRII/2&.('
:KHQWKH/2&.('OLJKWJRHVRII\RXZLOOEH
DEOHWRRSHQWKHGRRU
7KHZRUG ZLOOIODVKDQGWKHRYHQ/2&.('
FRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQF\FOH
DQGIRUJHWWRFORVHWKHRYHQGRRU
7RVWRSDFOHDQF\FOHWRXFKWKH&/($5
2)) /2&.('SDG:KHQWKH OLJKWJRHVRII
LQGLFDWLQJWKHRYHQKDVFRROHGEHORZWKH
ORFNLQJWHPSHUDWXUH\RXZLOOEHDEOHWRRSHQ
WKHGRRU
8VLQJWKHVHOIFOHDQLQJRYHQ*($SSOLDQFHVFRP

8VLQJWKHVHOIFOHDQLQJRYHQ
$IWHUD&OHDQ&\FOH
<RXPD\QRWLFHVRPHZKLWHDVKLQWKHRYHQ
:LSHLWXSZLWKDGDPSFORWKDIWHUWKHRYHQ
FRROV
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWKD
VRDSILOOHGRUSODVWLFVFRXULQJSDGDQGULQVH
WKRURXJKO\ZLWKDYLQHJDUDQGZDWHUPL[WXUH
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW
FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQF\FOH
UHSHDWWKHF\FOH
<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLOWKH
RYHQLVFRROHQRXJKIRUWKHGRRUWRXQORFN
:KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQ
WRXFKWKH SDGWRGLVSOD\WKHWLPHRI&/2&.
GD\7RUHWXUQWRWKHFOHDQFRXQWGRZQWRXFK
WKH SDG6(/)&/($167'/2:
,IWKHUDFNVEHFRPHKDUGWRVOLGHDSSO\D
VPDOODPRXQWRIFRRNLQJRLOWRDSDSHUWRZHO
DQGZLSHWKHHGJHVRIWKHRYHQUDFNVZLWK
WKHSDSHUWRZHO
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVPXVWEHVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
+RZWR'HOD\WKH6WDUWRI&OHDQLQJ
7RXFKWKH SDG6(/)&/($167'/2:
RQFHIRUDKRXUFOHDQWLPHRUWZLFHIRUD
KRXUFOHDQWLPH
$KRXUVHOIFOHDQWLPHLVUHFRPPHQGHG
IRUXVHZKHQFOHDQLQJVPDOOFRQWDLQHG
VSLOOV$VHOIFOHDQWLPHRIKRXUVRUORQJHU
LVUHFRPPHQGHGIRUDGLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUVLV
QHHGHGXVHWKHQXPEHUSDGVDQGHQWHU
WKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUVDQGKRXUVGHSHQGLQJRQ
KRZGLUW\\RXURYHQLV
7RXFKWKH SDG'(/$<67$57
8VLQJWKHQXPEHUSDGVHQWHUWKHWLPHRI
GD\\RXZDQWWKHFOHDQF\FOHWRVWDUW
7RXFKWKH SDG67$57
7KHGRRUORFNVDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZWKHVWDUWWLPH,WZLOOQRWEHSRVVLEOHWR
RSHQWKHRYHQGRRUXQWLOWKHWHPSHUDWXUH
GURSVEHORZWKHORFNWHPSHUDWXUHDQGWKH
/2&.('OLJKWJRHVRII
:KHQWKH OLJKWJRHVRII\RXZLOOEH/2&.('
DEOHWRRSHQWKHGRRU

<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURV
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH SDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU67$57
IDLOXUHH[FHSWIRUWKH6DEEDWKIHDWXUHZKLFKZLOOKDYHWREHUHVHW
+RXU6KXWGRZQ
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYH
WKHRYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\
WXUQRIIWKHRYHQDIWHUKRXUVGXULQJEDNLQJ
IXQFWLRQVRUDIWHUKRXUVGXULQJDEURLO
IXQFWLRQ
,I\RXZLVKWRWXUQ  WKLVIHDWXUHIROORZWKH2))
VWHSVEHORZ
7RXFKWKH DQG SDGVDW%52,/+,/2 %$.(
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH SDGXQWLOQRVKGQ'(/$<67$57
QRVKXWRIIDSSHDUVLQWKHGLVSOD\
7RXFKWKH SDGWRDFWLYDWHWKHQR67$57
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
)DKUHQKHLWRU&HOVLXV7HPSHUDWXUH6HOHFWLRQ
<RXURYHQFRQWUROLVVHWWRXVHWKH)DKUHQKHLW
WHPSHUDWXUHVHOHFWLRQVEXW\RXPD\FKDQJHWKLV
WRXVHWKH&HOVLXVVHOHFWLRQV
7RXFKWKH DQG SDGV%52,/+,/2 %$.(
DWWKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH DQG&22.,1*7,0( %52,/+,
/2SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ )DKUHQKHLW)
7RXFKWKH DQG&22.,1*7,0( %52,/+,
/2SDGVDJDLQDWWKHVDPHWLPH7KH
GLVSOD\ZLOOVKRZ &HOVLXV&
7RXFKWKH SDG67$57
7RQHVDWWKH(QGRID7LPHG&\FOH
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH SDGLVWRXFKHG7KLV&/($52))
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOHG
7RFDQFHOWKHVHFRQGEHHS
7RXFKWKH DQG SDGVDW%52,/+,/2 %$.(
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH SDG.,7&+(17,0(5212))
7KHGLVSOD\VKRZV FRQWLQXRXV&21%((3
EHHS7RXFKWKH.,7&+(17,0(5212))
SDGDJDLQ7KHGLVSOD\VKRZV 7KLV%((3
FDQFHOVWKHRQHEHHSHYHU\VHFRQGV
7RXFKWKH SDG67$57
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO*($SSOLDQFHVFRP

6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKH DQG SDGVDW%52,/+,/2 %$.(
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH SDGRQFH7KHGLVSOD\&/2&.
ZLOOVKRZ ,IWKLVLVWKHFKRLFH\RXKU
ZDQWWRXFKWKH SDG67$57
7RXFKWKH SDGDJDLQWRFKDQJHWRWKH&/2&.
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZ  ,IWKLVLVWKHFKRLFH\RXZDQWWRXFKKU
WKH  SDG67$57
7RXFKWKH SDGDJDLQWREODFNRXWWKH&/2&.
FORFNGLVSOD\7KHGLVSOD\ZLOOVKRZ  ,IWKLV2))
LVWKHFKRLFH\RXZDQWWRXFKWKH SDG67$57
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ

8VLQJ$XWR5HFLSH&RQYHUVLRQ
:KHQXVLQJFRQYHFWLRQEDNHWKH$XWR5HFLSH
&RQYHUVLRQIHDWXUHZLOODXWRPDWLFDOO\FRQYHUW
HQWHUHGUHJXODUEDNLQJWHPSHUDWXUHVWR
FRQYHFWLRQEDNLQJWHPSHUDWXUHV
7KHGLVSOD\ZLOOVKRZWKHDFWXDOFRQYHUWHG
UHGXFHGWHPSHUDWXUH)RUH[DPSOHLI\RX
HQWHUDUHJXODUUHFLSHWHPSHUDWXUHRI)
&DQGWRXFKWKH SDGWKHGLVSOD\67$57
ZLOOVKRZ DQGWKHFRQYHUWHGWHPSHUDWXUH&21
RI)&
127(7KLVIHDWXUHRQO\FRQYHUWVFRRNLQJ
WHPSHUDWXUHVQRWFRRNLQJWLPHV
7RWXUQRIIWKLVIHDWXUH
7RXFKWKH DQG SDGVDW%52,/+,/2 %$.(
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&219(&7,21%$.(08/7,
5$&. &2121SDG7KHGLVSOD\ZLOOVKRZ 
7RXFKWKH&219(&7,21%$.(08/7,
5$&.SDGDJDLQ7KHGLVSOD\ZLOOVKRZ
&212))
7RXFKWKH SDG67$57
7RWXUQRQWKLVIHDWXUHUHSHDWVWHSV²DERYH
EXWWRXFKWKH SDGZKHQ LVLQ67$57 &2121
WKHGLVSOD\
*($SSOLDQFHVFRP

8VLQJWKH6DEEDWK)HDWXUH
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\VRQVRPHPRGHOV
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU
'HOD\6WDUWFRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\ZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HHWKH2YHQ/LJKW
5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKH DQG%52,/+,/2
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\
WKH DQG SDGVZHUHQRW%52,/+,/2 %$.(
WRXFKHGDWWKHVDPHWLPH7RXFKWKH&/($5
2))SDGDQGEHJLQDJDLQ
7DSWKH SDGXQWLO'(/$<67$57 6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH SDGDQG ZLOODSSHDULQWKH67$57 
GLVSOD\
7RXFKWKH SDG1RVLJQDOZLOOEHJLYHQ%$.(
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUHEHWZHHQ)&DQG)
&1RVLJQDORUWHPSHUDWXUHZLOOEHJLYHQ
7RXFKWKH SDG67$57
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWH ZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJ WKDWWKHRYHQLVEDNLQJ
URDVWLQJ,I GRHVWDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH SDG%$.(
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH SDG67$57
127(7KH&/($52)) &22.,1*7,0(DQG SDGVZLOO
IXQFWLRQGXULQJWKH6DEEDWKIHDWXUH
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ²,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROG WKHERWK %52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\
WKH DQG SDGVZHUHQRW%52,/+,/2 %$.(
WRXFKHGDWWKHVDPHWLPH7RXFKWKH&/($5
2))SDGDQGEHJLQDJDLQ
7DSWKH SDGXQWLO'(/$<67$57 6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH SDGDQG ZLOODSSHDULQWKH67$57 
GLVSOD\
7RXFKWKH SDG&22.,1*7,0(
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWHDQG
KRXUVDQGPLQXWHV7KHFRRNLQJWLPHWKDW
\RXHQWHUHGZLOOEHGLVSOD\HG
7RXFKWKH SDG67$57
7RXFKWKH SDG1RVLJQDOZLOOEHJLYHQ%$.(
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH1RVLJQDORUWHPSHUDWXUHZLOOEH
JLYHQ
7RXFKWKH SDG67$57
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWH ZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJWKDWWKHRYHQLV
EDNLQJ
URDVWLQJ
,I GRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH SDG%$.(
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH SDG67$57
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOOFKDQJH
IURP WR DQG ZLOODSSHDULQGLFDWLQJWKDW
WKHRYHQKDVWXUQHG EXWLVVWLOOVHWLQ6DEEDWK2))
5HPRYHWKHFRRNHGIRRG
+RZWR([LWWKH6DEEDWK)HDWXUH
7RXFKWKH SDG&/($52))
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\
SHULRGRIDSSUR[LPDWHO\VHFRQGVWR
PLQXWHXQWLORQO\ LVLQWKHGLVSOD\
7RXFKDQGKROG WKH DQGERWK %52,/+,/2
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7DSWKH SDGXQWLO'(/$<67$57 VKGQRUQR
VKGQDSSHDUVLQWKHGLVSOD\
&KRRVH LQGLFDWLQJWKDWWKHRYHQZLOOVKGQ
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUVRUQR
VKGQLQGLFDWLQJWKDWWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUV
7RXFKWKH67$57SDGZKHQWKHRSWLRQWKDW\RX
ZDQWLVLQWKHGLVSOD\VKGQRUQRVKGQ
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZV WKHRYHQLV
EDNLQJURDVWLQJ
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZV WKHRYHQLV
EDNLQJURDVWLQJ

%HVXUHDOOFRQWUROVDUHRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
&RQWURO.QREV
7KHFRQWURONQREVPD\EHUHPRYHGIRUHDVLHU
FOHDQLQJ
0DNHVXUHWKHNQREVDUHLQWKH2))SRVLWLRQV
DQGSXOOWKHPVWUDLJKWRIIWKHVWHPVIRU
FOHDQLQJ
7KHNQREVFDQEHFOHDQHGLQDGLVKZDVKHURU
WKH\PD\DOVREHZDVKHGZLWKVRDSDQGZDWHU
0DNHVXUHWKHLQVLGHVRIWKHNQREVDUHGU\
EHIRUHUHSODFLQJ
5HSODFHWKHNQREVLQWKH SRVLWLRQWR2))
HQVXUHSURSHUSODFHPHQW
:$51,1*,I\RXUUDQJHLVUHPRYHGIRUFOHDQLQJVHUYLFLQJRUDQ\UHDVRQEH
VXUHWKHDQWLWLSGHYLFHLVUHHQJDJHGSURSHUO\ZKHQWKHUDQJHLVUHSODFHG)DLOXUHWRWDNH
WKLVSUHFDXWLRQFRXOGUHVXOWLQWLSSLQJRIWKHUDQJHDQGFDXVHLQMXU\
%XUQHU$VVHPEO\
7KHEXUQHUDVVHPEOLHVVKRXOGEHZDVKHG
UHJXODUO\DQGRIFRXUVHDIWHUVSLOORYHUV
7XUQDOOFRQWUROVRIIEHIRUHUHPRYLQJEXUQHU
SDUWV
7KHEXUQHUJUDWHVEXUQHUKHDGVDQGEXUQHU
FDSVFDQEHUHPRYHGIRUHDV\FOHDQLQJ
7KHHOHFWURGHRIWKHVSDUNLJQLWHULVH[SRVHG
EH\RQGWKHVXUIDFHRIWKHEXUQHUEDVH:KHQ
FOHDQLQJWKHFRRNWRSEHFDUHIXOQRWWRVQDJWKH
HOHFWURGHRIWKHVSDUNLJQLWHUZLWK\RXUFOHDQLQJ
FORWK'DPDJHWRWKHLJQLWHUFRXOGRFFXU
7RDYRLGVQDJJLQJDFORWKRQWKHVSDUN
LJQLWHUOHDYHWKHEXUQHUKHDGVLQSODFHZKHQ
FOHDQLQJWKHFRRNWRS
%HFDUHIXOQRWWRSXVKLQDQ\FRRNWRSFRQWUROV
ZKLOHFOHDQLQJWKHFRRNWRS$VOLJKWHOHFWULFDO
VKRFNPLJKWUHVXOWZKLFKFRXOGFDXVH\RXWR
NQRFNRYHUKRWFRRNZDUH
:DVKEXUQHUSDUWVZLWKDQDOOSXUSRVHQRQ
DEUDVLYHFOHDQHUDQGZDUPZDWHU6RDN
VWXEERUQVRLO'U\WKHPZLWKDFORWK³GRQRW
UHDVVHPEOHZKLOHZHW
7RUHDVVHPEOHUHSODFHWKHEXUQHUKHDGILUVW
WKHQWKHEXUQHUFDSDQGILQDOO\WKHEXUQHU
JUDWH%HVXUHWKHSLQVLQWKHEXUQHUKHDGDUH
SURSHUO\ORFDWHGLQWKHEXUQHUEDVHKROHV
&$87,21
'212723(5$7(7+(%851(5
:,7+287$//%851(53$576
,13/$&(
(OHFWURGH
%XUQHUFDS
%XUQHUKHDG
%XUQHUEDVH
*UDWH
+RZWR5HPRYH3URWHFWLYH6KLSSLQJ)LOPDQG3DFNDJLQJ7DSH
&DUHIXOO\JUDVSDFRUQHURIWKHSURWHFWLYH
VKLSSLQJILOPZLWK\RXUILQJHUVDQGVORZO\SHHO
LWIURPWKHDSSOLDQFHVXUIDFH'RQRWXVHDQ\
VKDUSLWHPVWRUHPRYHWKHILOP5HPRYHDOORI
WKHILOPEHIRUHXVLQJWKHDSSOLDQFHIRUWKHILUVW
WLPH
7RDVVXUHQRGDPDJHLVGRQHWRWKH
ILQLVKRIWKHSURGXFWWKHVDIHVWZD\WRUHPRYH
WKHDGKHVLYHIURPSDFNDJLQJWDSHRQQHZ
DSSOLDQFHVLVDQDSSOLFDWLRQRIDKRXVHKROG
OLTXLGGLVKZDVKLQJGHWHUJHQW$SSO\ZLWKDVRIW
FORWKDQGDOORZWRVRDN
127(7KHDGKHVLYHPXVWEHUHPRYHGIURPDOO
SDUWV,WFDQQRWEHUHPRYHGLILWLVEDNHGRQ
&DUHDQGFOHDQLQJRIWKHUDQJH*($SSOLDQFHVFRP
$OORYHQUDFNVPD\EHFOHDQHGE\KDQGZLWKDQ
DEUDVLYHFOHDQHURUVWHHOZRRO$IWHUFOHDQLQJ
ULQVHWKHUDFNVZLWKFOHDQZDWHUDQGGU\ZLWK
DFOHDQFORWK*UD\SRUFHODLQFRDWHGRYHQ
UDFNVPD\UHPDLQLQWKHRYHQGXULQJWKHVHOI
FOHDQLQJ
F\FOHZLWKRXWEHLQJGDPDJHG7KHVKLQ\VLOYHU
FRORUHGRYHQUDFNVPD\UHPDLQLQWKHRYHQ
GXULQJWKHVHOIFOHDQLQJF\FOHEXWWKH\ZLOOORVH
WKHLUOXVWHUDQGEHFRPHKDUGWRVOLGH
,WZLOOEHQHFHVVDU\WRJUHDVHDOORYHQUDFNVLGH
HGJHVZLWKDOLJKWFRDWLQJRIYHJHWDEOHRLODIWHU
FOHDQLQJWKHPE\KDQGRULQWKHRYHQ7KLVZLOO
KHOSPDLQWDLQWKHHDVHRIVOLGLQJWKHUDFNVLQ
DQGRXWRIWKHRYHQ
2YHQ5DFNV
2YHQUDFN

&DUHDQGFOHDQLQJRIWKHUDQJH
%XUQHU*UDWHVDQG9HQW*ULOOH
3RUFHODLQHQDPHOEXUQHUJUDWHVDQGWKHYHQW
JULOOHVKRXOGEHZDVKHGUHJXODUO\DQGRIFRXUVH
DIWHUVSLOORYHUV
7KHJUDWHVPD\EHZDVKHGHLWKHULQWKH
GLVKZDVKHURU\RXPD\ZDVKWKHPLQKRW
VRDS\ZDWHUDQGULQVHZLWKFOHDQZDWHU<RX
PD\DOVRXVHDEUDVLYHFOHDQHUVDQGVFRXULQJ
SDGVWRFOHDQEXUQHUJUDWHVDQGWKHYHQWJULOOH
'U\WKHJUDWHVDQGJULOOHZLWKDFORWK³GRWSXW
WKHPEDFNRQWKHFRRNWRSZHW
7RJHWULGRIEXUQHGRQIRRGSODFHWKHJUDWHV
DQGJULOOHLQDFRYHUHGFRQWDLQHU$GGFXS
P/DPPRQLDDQGOHWWKHPVRDNVHYHUDO
KRXUVRURYHUQLJKW:DVKULQVHZHOODQGGU\
$OWKRXJKWKH\·UHGXUDEOHWKHJUDWHVDQGJULOOH
ZLOOJUDGXDOO\ORVHWKHLUVKLQHUHJDUGOHVVRIWKH
EHVWFDUH\RXFDQJLYHWKHP7KLVLVGXHWRWKHLU
FRQWLQXDOH[SRVXUHWRKLJKWHPSHUDWXUHV
'RQRWRSHUDWHDEXUQHUIRUDQH[WHQGHGSHULRG
RIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH7KH
ILQLVKRQWKHJUDWHPD\FKLSZLWKRXWFRRNZDUH
WRDEVRUEWKHKHDW
$IWHUFOHDQLQJUHSODFHWKHFHQWHUYHQWJULOOH
ILUVW5HSODFHWKHVLGHJUDWHVVRWKDWWKHFHQWHU
H[WHQVLRQVDUHRULHQWHGWRZDUGWKHFHQWHURI
WKHFRRNWRS7KHUHDUFHQWHUH[WHQVLRQVVKRXOG
VOLJKWO\RYHUODSWKHYHQWJULOOH0DNHVXUHWKH
JUDWHVDUHSRVLWLRQHGVHFXUHO\RYHUWKHEXUQHUV
DQGWKDWWKH\DUHVWDEOHDQGOHYHO
5XEEHU*UDWH)HHW
)RUVWDELOLW\\RXUFRRNWRSKDVUXEEHUIHHWRQ
WKHEXUQHUJUDWHV,IDQ\RIWKHVHUXEEHUIHHW
VKRXOGEHFRPHGDPDJHGRUORVWUHSODFHWKHP
LPPHGLDWHO\
7RRUGHUUHSODFHPHQWUXEEHUJUDWHIHHWSOHDVH
FDOORXUWROOIUHHQXPEHU
1DWLRQDO3DUWV
&HQWHU              86
 &DQDGD
*($SSOLDQFHVFRP
5XEEHU*UDWH)HHW       :%7
6WRUDJH'UDZHU5HPRYDO
7RUHPRYHWKHGUDZHU
3XOOWKHGUDZHURXWXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUXQWLOWKHVWRSV
FOHDUWKHJXLGHV
5HPRYHWKHGUDZHU
7RUHSODFHWKHGUDZHU
3ODFHWKHGUDZHUUDLOVRQWKHJXLGHV
3XVKWKHGUDZHUEDFNXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUDQGSXVKEDFN
XQWLOWKHVWRSVFOHDUWKHJXLGHV
/RZHUWKHIURQWRIWKHGUDZHUDQGSXVK
EDFNXQWLOLWFORVHV
6WRSJXLGH
5DLO

*($SSOLDQFHVFRP
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7RUHPRYHWKHFRYHU
+ROGDKDQGXQGHUWKHFRYHUVRLWGRHVQ·W
IDOOZKHQUHOHDVHG:LWKILQJHUVRIWKH
VDPHKDQGILUPO\SXVKEDFNWKHZLUH
FRYHUKROGHU/LIWRIIWKHFRYHU
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKH
FRYHU
5HSODFHEXOEZLWKDZDWWDSSOLDQFH
EXOE
7RUHSODFHWKHFRYHU
3ODFHLWLQWRJURRYHRIWKHOLJKWUHFHSWDFOH
3XOOZLUHIRUZDUGWR
WKHFHQWHURIWKHFRYHUXQWLOLWVQDSVLQWR
SODFH
&RQQHFWHOHFWULFDOSRZHUWRWKHUDQJH
:LUHFRYHUKROGHU
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
:$51,1*6+2&.25%851
+$=$5'%HIRUHUHSODFLQJRYHQOLJKWEXOE
GLVFRQQHFWWKHHOHFWULFDOSRZHUWRWKHUDQJH
DWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO
)DLOXUHWRGRVRPD\UHVXOWLQHOHFWULFVKRFN
RUEXUQ
&$87,21%851+$=$5'7KH
JODVVFRYHUDQGEXOEVKRXOGEHUHPRYHG
ZKHQFRRO7RXFKLQJKRWJODVVZLWKEDUH
KDQGVRUDGDPSFORWKFDQFDXVHEXUQV
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWKDORJHQEXOEQRW
WRH[FHHGZDWWV5HSODFHWKHEXOEZLWK
WKHVDPHW\SHRIEXOEWKDWZDVUHPRYHG
<RXUPRGHOZLOOKDYHRQHRIWKHWZRW\SHV
VKRZQRQWKHOHIW7RGHWHUPLQHWKH
FRUUHFWUHSODFHPHQWEXOEFKHFNWKHEXOE
WHUPLQDOV%XOEVZLWKVWUDLJKWSLQ
WHUPLQDOVDUH*EXOEV%XOEVZLWK
ORRSHGWHUPLQDOVDUH*EXOEV'RQRW
LQWHUFKDQJH%HVXUHWKHUHSODFHPHQW
EXOELVUDWHGYROWVRUYROWV127
YROWV
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEIURPLWVSDFNDJLQJ'RQRWWRXFKWKH
EXOEZLWKEDUHILQJHUV2LOIURPVNLQZLOO
GDPDJHWKHEXOEDQGVKRUWHQLWVOLIH
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVVFRYHU
FORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQ
FOHDQWKHJODVVFRYHUIUHTXHQWO\XVLQJD
ZHWFORWK7KLVVKRXOGEHGRQHZKHQWKH
RYHQLVFRPSOHWHO\FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHUDQJH
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
8VH
JORYHVRU
FORWK
5HFHSWDFOH
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
RQVRPHPRGHOV
RQVRPHPRGHOV

&DUHDQGFOHDQLQJRIWKHUDQJH
'RQRWUXERUFOHDQWKHGRRUJDVNHW³
LWKDVDQH[WUHPHO\ORZUHVLVWDQFHWR
DEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJZRUQ
IUD\HGRUGDPDJHGLQDQ\ZD\RULILW
KDVEHFRPHGLVSODFHGRQWKHGRRU\RX
VKRXOGKDYHLWUHSODFHG
7RFOHDQWKHLQVLGHRIWKHGRRU

%HFDXVHWKHDUHDLQVLGHWKHJDVNHWLV
FOHDQHGGXULQJWKHVHOIFOHDQF\FOH\RXGR
QRWQHHGWRFOHDQWKLVE\KDQG

7KHDUHDRXWVLGHWKHJDVNHWDQGWKHGRRU
OLQHUFDQEHFOHDQHGZLWKDVRDSILOOHG
RUSODVWLFVFRXULQJSDGKRWZDWHUDQG
GHWHUJHQW5LQVHZHOOZLWKDYLQHJDUDQG
ZDWHUVROXWLRQ
7RFOHDQWKHRXWVLGHRIWKHGRRU

8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKH
WRSVLGHVDQGIURQWRIWKHRYHQGRRU5LQVH
ZHOO<RXPD\DOVRXVHDJODVVFOHDQHUWR
FOHDQWKHJODVVRQWKHRXWVLGHRIWKHGRRU
'RQRWOHWZDWHUGULSLQWRWKHYHQWRSHQLQJV

,IDQ\VWDLQRQWKHGRRUYHQWWULPLV
SHUVLVWHQWXVHDVRIWDEUDVLYHFOHDQHUDQGD
VSRQJHVFUXEEHUIRUEHVWUHVXOWV

6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJ
DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOG
EHZLSHGXSLPPHGLDWHO\:KHQVXUIDFHLV
FRROFOHDQDQGULQVH

'RQRWXVHRYHQFOHDQHUVFOHDQLQJSRZGHUV
RUKDUVKDEUDVLYHVRQWKHRXWVLGHRIWKH
GRRU
/LIW2II2YHQ'RRU
&OHDQLQJWKH2YHQ'RRU
7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQ
UHPRYLQJDQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRRO
VXFKDVDVPDOOIODWEODGHVFUHZGULYHU
PD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKH
WRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQ
ZKLFKLVKDOIZD\EHWZHHQWKHEURLOVWRS
SRVLWLRQDQGIXOO\FORVHG
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUPLV
FOHDURIWKHVORW
7RUHSODFHWKHGRRU
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKH
WRS
:LWKWKHGRRUDW
WKHVDPHDQJOH
DVWKHUHPRYDO
SRVLWLRQVHDWWKH
LQGHQWDWLRQRIWKH
KLQJHDUPLQWRWKH
ERWWRPHGJHRIWKHKLQJH
VORW7KHQRWFKLQWKH
KLQJHDUPPXVWEHIXOO\
VHDWHGLQWRWKHERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRW
IXOO\RSHQWKHLQGHQWDWLRQLVQRWVHDWHG
FRUUHFWO\LQWKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQW
IUDPHRIWKHRYHQFDYLW\WRWKHORFNHG
SRVLWLRQ
&ORVHWKHRYHQGRRU
+LQJHORFN
5HPRYDOSRVLWLRQ
+LQJHORFN
6ORW
3XVKKLQJHORFNVXSWRORFN
3XOOKLQJHORFNVGRZQWRXQORFN
,QGHQWDWLRQ
%RWWRP
HGJHRI
VORW
+LQJHDUP
+LQJH
DUP

3DLQWHG6XUIDFHV
3DLQWHGVXUIDFHVLQFOXGHWKHWRSDQGVLGHVRI
WKHGRRUDQGWKHGUDZHUIURQW&OHDQWKHVHZLWK
VRDSDQGZDWHURUDYLQHJDUDQGZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVFOHDQLQJ
SRZGHUVVWHHOZRRORUKDUVKDEUDVLYHVRQDQ\
SDLQWHGVXUIDFH
6WDLQOHVV6WHHO6XUIDFHVRQVRPHPRGHOV
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFKWKH
VXUIDFH
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVHZDUP
VXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHURU
SROLVK$OZD\VZLSHWKHVXUIDFHLQWKHGLUHFWLRQ
RIWKHJUDLQ)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO
DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH
ORFDWLRQRIDGHDOHURU0DEH3DUWV6WRUHQHDUHVW
\RXSOHDVHFDOORXUWROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU86
 &DQDGD
*($SSOLDQFHVFRP
2YHQ9HQW
7KHRYHQLVYHQWHGWKURXJKDQRSHQLQJLQWKH
FRRNWRSXQGHUWKHJULOOH
1HYHUFRYHUWKHRSHQLQJZLWKDOXPLQXPIRLORU
DQ\RWKHUPDWHULDO7KLVZRXOGSUHYHQWWKHRYHQ
YHQWIURPZRUNLQJSURSHUO\
&RQWURO3DQHO
,IGHVLUHGWKHWRXFKSDGVPD\EHWXUQHGRII
EHIRUHFOHDQLQJ
6HHWKH&RQWURO/RFNRXWVHFWLRQ
&OHDQXSVSODWWHUVZLWKDGDPSFORWK
<RXPD\DOVRXVHDJODVVFOHDQHU
5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU
'RQRWXVHDEUDVLYHVRIDQ\NLQG
7XUQRQWKHWRXFKSDGVDIWHUFOHDQLQJ
5HPRYDEOH2YHQ)ORRU
7RUHPRYHWKHRYHQIORRUIRUHDVLHUFOHDQLQJ
5HPRYHWKHRYHQGRRUXVLQJWKH
LQVWUXFWLRQVLQWKH/LIW2II2YHQ'RRU
VHFWLRQ
*UDVSRYHQIORRUDWWKHUHDUILQJHUVORWVRQ
HDFKVLGHOLIWLWXSSXVKLWEDFNDQGSXOOLW
RXW
&OHDQWKHRYHQIORRUZLWKZDUPVRDS\
ZDWHU
,03257$17$OZD\VUHSODFHWKHUHPRYDEOH
IORRUEHIRUHWKHQH[WXVH
2YHQIORRU
&HQWHUYHQW
*($SSOLDQFHVFRP
&OHDQLQJWKHJODVVFRRNWRS

$OORZWKHFRRNWRSWRFRRO

5HPRYHWKHEXUQHUJUDWHVDQGYHQW
JULOOH

8VHDVLQJOHHGJHUD]RUEODGHVFUDSHU
DWDSSUR[LPDWHO\DDQJOHDJDLQVW
WKHJODVVVXUIDFHDQGVFUDSHWKHVRLO,W
ZLOOEHQHFHVVDU\WRDSSO\SUHVVXUHWR
WKHUD]RUVFUDSHULQRUGHUWRUHPRYH
WKHUHVLGXH

$IWHUVFUDSLQJZLWKWKHUD]RUVFUDSHU
VSUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD8VHD
&(5$0$%5<7(FOHDQLQJSDGIRU&HUDPLF
&RRNWRSVWRUHPRYHDQ\UHPDLQLQJ
UHVLGXH

)RUDGGLWLRQDOSURWHFWLRQDIWHUDOO
UHVLGXHKDVEHHQUHPRYHGSROLVKWKH
HQWLUHVXUIDFHZLWK&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHU
DQGDSDSHUWRZHO
%XUQHG2Q5HVLGXH
&$87,21'$0$*(WR\RXU
JODVVVXUIDFHPD\RFFXULI\RXXVHVFUXE
SDGVRWKHUWKDQWKHSDGLQFOXGHGZLWK\RXU
FRRNWRS

$OORZWKHFRRNWRSWRFRRO

5HPRYHWKHEXUQHUJUDWHVDQGYHQW
JULOOH

6SUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHURQWKHHQWLUH
EXUQHGUHVLGXHDUHD

8VLQJD&(5$0$%5<7(FOHDQLQJSDGIRU
&HUDPLF&RRNWRSVUXEWKHUHVLGXH
DUHDDSSO\LQJSUHVVXUHDVQHHGHG

,IDQ\UHVLGXHUHPDLQVUHSHDWWKHVWHSV
OLVWHGDERYHDVQHHGHG

)RUDGGLWLRQDOSURWHFWLRQDIWHUDOOUHVLGXH
KDVEHHQUHPRYHGSROLVKWKHHQWLUH
VXUIDFHZLWK&(5$0$%5<7(&HUDPLF
&RRNWRS&OHDQHUDQGDSDSHUWRZHO
7KH&(5$0$%5<7(&HUDPLF
&RRNWRS6FUDSHUDQGDOO
UHFRPPHQGHGVXSSOLHVDUH
DYDLODEOHWKURXJKRXU3DUWV&HQWHU
6HHLQVWUXFWLRQVXQGHU´7R2UGHU
3DUWVµVHFWLRQRQQH[WSDJH
127('RQRWXVHDGXOORUQLFNHG
EODGH
+HDY\%XUQHG2Q5HVLGXH
8VHD&(5$0$%5<7(&OHDQLQJ
3DGIRU&HUDPLF&RRNWRSV
1RUPDO'DLO\8VH&OHDQLQJ
21/<XVH&(5$0$%5<7(&HUDPLF&RRNWRS
&OHDQHURQWKHJODVVFRRNWRS2WKHUFUHDPV
PD\QRWEHDVHIIHFWLYH
7RPDLQWDLQDQGSURWHFWWKHVXUIDFHRI\RXU
JODVVFRRNWRSIROORZWKHVHVWHSV

%HIRUHXVLQJWKHFRRNWRSIRUWKHILUVWWLPH
FOHDQLWZLWK&(5$0$%5<7(&HUDPLF
&RRNWRS&OHDQHU7KLVKHOSVSURWHFWWKH
WRSDQGPDNHVFOHDQXSHDVLHU

'DLO\XVHRI&(5$0$%5<7(&HUDPLF
&RRNWRS&OHDQHUZLOOKHOSNHHSWKH
FRRNWRSORRNLQJQHZ

5HPRYHWKHEXUQHUJUDWHVDQGYHQW
JULOOH

6KDNHWKHFOHDQLQJFUHDPZHOO$SSO\D
IHZGURSVRI&(5$0$%5<7(&HUDPLF
&RRNWRS&OHDQHUGLUHFWO\WRWKHFRRNWRS
8VHDSDSHUWRZHORU&(5$0$%5<7(
FOHDQLQJSDGIRU&HUDPLF&RRNWRSVWRFOHDQ
WKHHQWLUHFRRNWRSVXUIDFH

8VHDGU\FORWKRUSDSHUWRZHOWR
UHPRYHDOOFOHDQLQJUHVLGXH1RQHHGWR
ULQVH
127(,WLVYHU\LPSRUWDQWWKDW\RX'2127KHDW
WKHFRRNWRSXQWLOLWKDVEHHQFOHDQHGWKRURXJKO\
&OHDQ\RXUFRRNWRSDIWHUHDFK
VSLOO8VH&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHU

%HJLQE\ORFNLQJWKHFRRNWRS
VHHWKH&RQWURO/RFNRXWVHFWLRQ
&RQWURO/RFNRXW
)RU&DQDGLDQPRGHOVXVHD0DEHDSSURYHGHTXLYDOHQWZKHQ&(5$0$%5<7( SURGXFWVDUHQRWDYDLODEOH&RQWDFW0DEH
5HSODFHPHQW3DUWVWRRUGHUUHSODFHPHQWFOHDQLQJSURGXFWV

7RRUGHU&(5$0$%5<7(&HUDPLF
&RRNWRS&OHDQHUDQGWKHFRRNWRSVFUDSHU
RU0DEHDSSURYHGHTXLYDOHQWSURGXFWLQ
&DQDGDSOHDVHFDOORXUWROOIUHHQXPEHU
1DWLRQDO3DUWV
&HQWHU              86
 &DQDGD
*($SSOLDQFHVFRP
&(5$0$%5<7(&HUDPLF
&RRNWRS&OHDQHU            :;;
&(5$0$%5<7(&HUDPLF
&RRNWRS6FUDSHU           :;;
.LW                           :%;
.LWLQFOXGHVFUHDPDQGFRRNWRSVFUDSHU
&(5$0$%5<7(
&OHDQLQJ3DGVIRU
&HUDPLF&RRNWRSV        :;;
 7XUQRIIDOOVXUIDFHXQLWVDQGZLWKDQRYHQ
PLWWUHPRYHKRWSDQVDQGJUDWHV
 :HDULQJDQRYHQPLWW
D8VHDVLQJOHHGJHUD]RUEODGHVFUDSHU
&(5$0$%5<7(&HUDPLF&RRNWRS
6FUDSHUWRPRYHWKHVSLOOWRDFRRO
DUHDRQWKHFRRNWRS
E5HPRYHWKHVSLOOZLWKSDSHUWRZHOV
 $Q\UHPDLQLQJVSLOORYHUVKRXOGEHOHIWXQWLO
WKHVXUIDFHRIWKHFRRNWRSKDVFRROHG
 'RWXVHWKHVXUIDFHXQLWVDJDLQXQWLODOO
RIWKHUHVLGXHKDVEHHQFRPSOHWHO\
UHPRYHG
127(,ISLWWLQJRULQGHQWDWLRQLQWKHJODVV
VXUIDFHKDVDOUHDG\RFFXUUHGWKHFRRNWRS
JODVVZLOOKDYHWREHUHSODFHG,QWKLVFDVH
VHUYLFHZLOOEHQHFHVVDU\
'DPDJHIURP6XJDU\6SLOOVDQG0HOWHG3ODVWLF
6XJDU\VSLOORYHUVVXFKDV
MHOOLHVIXGJHFDQG\V\UXSV
RUPHOWHGSODVWLFVFDQFDXVH
SLWWLQJRIWKHVXUIDFHRI
\RXUFRRNWRSQRWFRYHUHG
E\WKHZDUUDQW\XQOHVVWKH
VSLOOLVUHPRYHGZKLOHVWLOO
KRW6SHFLDOFDUHVKRXOGEH
WDNHQZKHQUHPRYLQJKRW
VXEVWDQFHV
%HVXUHWRXVHDQHZVKDUS
UD]RUVFUDSHU
'RQRWXVHDGXOORUQLFNHG
EODGH
7R2UGHU3DUWV
)RU&DQDGLDQPRGHOVXVHD0DEHDSSURYHGHTXLYDOHQWZKHQ&(5$0$%5<7( SURGXFWVDUHQRWDYDLODEOH
&RQWDFW0DEH5HSODFHPHQW3DUWVWRRUGHUUHSODFHPHQWFOHDQLQJSURGXFWV
*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH *($SSOLDQFHVFRP
%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
%XUQHUVKDYH\HOORZRU 7KHFRPEXVWLRQTXDOLW\RI  8VHWKHLOOXVWUDWLRQVEHORZWRGHWHUPLQHLI\RXUEXUQHU
\HOORZWLSSHGIODPHV EXUQHUIODPHVQHHGVWREH  IODPHVDUHQRUPDO,IEXUQHUIODPHVORRNOLNH$ FDOOIRU
GHWHUPLQHGYLVXDOO\  VHUYLFH1RUPDOEXUQHUIODPHVVKRXOGORRNOLNH% RU&
 GHSHQGLQJRQWKHW\SHRIJDV\RXXVH:LWK/3JDVVRPH
 \HOORZWLSSLQJRQRXWHUFRQHVLVQRUPDO
 
   $²<HOORZIODPHV %²<HOORZWLSV &²6RIWEOXHIODPHV
 &DOOIRUVHUYLFH 1RUPDOIRUQDWXUDORQRXWHUFRQHV
  1RUPDOIRU/3JDV JDV
&RQWURONQREVZLOOQRWWXUQ
 .QRELVQ·WSXVKHGGRZQ  7RWXUQIURPWKH  SRVLWLRQSXVKWKHNQRELQDQGWKHQWXUQ2))
%XUQHUVGR 3OXJRQUDQJHLVQRW  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
QRWOLJKW FRPSOHWHO\LQVHUWHGLQWKH  JURXQGHGRXWOHW
HOHFWULFDORXWOHW
*DVVXSSO\QRWFRQQHFWHG  6HHWKH,QVWDOODWLRQ,QVWUXFWLRQVWKDWFDPHZLWK\RXUUDQJH
RUWXUQHGRQ 
$IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHU
 WULSSHG
%XUQHUSDUWVQRWUHSODFHG  6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJH VHFWLRQ
 FRUUHFWO\
&RQWURO/RFNRXWIHDWXUH  ,I/2&21DSSHDUVLQWKHGLVSOD\WKHRYHQFRQWUROLVORFNHG7XUQ
LVDFWLYDWHG  WKLVIHDWXUHRIIWRXVHWKHRYHQ6HHWKH&RQWURO/RFNRXWVHFWLRQ
7LFNLQJVRXQGRIVSDUN &RQWURONQRELVVWLOO  7XUQWKHNQRERXWRIWKH/,7( SRVLWLRQWRWKHGHVLUHGVHWWLQJ
LJQLWHUSHUVLVWVDIWHU LQWKH/,7(SRVLWLRQ 
EXUQHUOLJKWV  7XUQWKHEXUQHURIIDQGUHOLJKW,IWLFNLQJLVVWLOOSUHVHQWFDOOIRUVHUYLFH
%XUQHUIODPHVYHU\ ,PSURSHUDLUWRJDVUDWLR  ,IUDQJHLVFRQQHFWHGWR/3JDVFKHFNDOOVWHSVLQWKH
ODUJHRU\HOORZ  ,QVWDOODWLRQ,QVWUXFWLRQVWKDWFDPHZLWK\RXUUDQJH
2YHQOLJKWGRHV /LJKWEXOELVORRVHRUGHIHFWLYH  7LJKWHQRUUHSODFHWKHEXOE
QRWZRUN 6ZLWFKRSHUDWLQJ  &DOOIRUVHUYLFH
OLJKWLVEURNHQ
2YHQZLOOQRWZRUN 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW  JURXQGHGRXWOHW
$IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHRYHQVHFWLRQ


3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
)RRGGRHVQRWEDNH 2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH VHFWLRQ8VLQJWKHRYHQ
RUURDVWSURSHUO\ 5DFNSRVLWLRQLVLQFRUUHFW  6HHWKH VHFWLRQ8VLQJWKHRYHQ
 RUWKHUDFNLVQRWOHYHO
,QFRUUHFWFRRNZDUHRU  6HHWKH VHFWLRQ8VLQJWKHRYHQ
FRRNZDUHRILPSURSHU
 VL]HEHLQJXVHG
2YHQWKHUPRVWDWQHHGV  6HHWKH$GMXVWWKHRYHQWKHUPRVWDW²'RLW\RXUVHOI
 VHFWLRQDGMXVWPHQW
)RRGGRHVQRW %52,/+,/2 2YHQFRQWUROVLPSURSHUO\VHW  0DNHVXUH\RXWRXFKWKH SDG
EURLOSURSHUO\ ,PSURSHUUDFNSRVLWLRQ  6HHWKH%URLOLQJ*XLGH
EHLQJXVHG
&RRNZDUHQRWVXLWHG  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
IRUEURLOLQJ
7KHSUREHLVSOXJJHGLQWRWKH  8QSOXJDQGUHPRYHWKHSUREHIURPWKHRYHQ
RXWOHWLQWKHRYHQ
,QVRPHDUHDVWKHSRZHU  3UHKHDWWKHEURLOHOHPHQWIRUPLQXWHV
YROWDJHPD\EHORZ
 %URLOIRUWKHORQJHVWSHULRGRIWLPHUHFRPPHQGHGLQ
 WKH%URLOLQJ*XLGH
2YHQWHPSHUDWXUH 2YHQWKHUPRVWDW  6HHWKH$GMXVWWKHRYHQWKHUPRVWDW²'RLW\RXUVHOI
WRRKRWRUWRRFROG QHHGVDGMXVWPHQW  VHFWLRQ
2YHQGRRULVFURRNHG 7KHGRRULVRXWRISRVLWLRQ  %HFDXVHWKHRYHQGRRULVUHPRYDEOHLWVRPHWLPHVJHWVRXW
 RISRVLWLRQGXULQJLQVWDOODWLRQ5HPRYHDQGUHSODFHWKHRYHQGRRU
 6HHWKH/LIW2II2YHQ'RRUVHFWLRQ
6WRUDJHGUDZHU 5HDUGUDZHUVXSSRUWLV  5HSRVLWLRQWKHGUDZHU6HHWKH LQVWUXFWLRQV6WRUDJH'UDZHU5HPRYDO
LVFURRNHG RQWRSRIWKHJXLGHUDLO  LQWKH&DUHDQGFOHDQLQJRI\RXUUDQJHVHFWLRQ
6WRUDJHGUDZHU 3RZHUFRUGPD\EH  5HSRVLWLRQWKHGUDZHUDQGSRZHUFRUG6HHWKH6WRUDJH'UDZHU
ZRWFORVH REVWUXFWLQJGUDZHU 5HPRYDOLQVWUXFWLRQVLQWKH VHFWLRQ&DUHDQGFOHDQLQJRI\RXUUDQJH
LQWKHORZHUEDFN 
RIWKHUDQJH
 5HDUGUDZHUVXSSRUWLV  5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU 5HPRYDO
 RQWRSRIWKHJXLGHUDLO  LQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRI \RXUUDQJHVHFWLRQ
*($SSOLDQFHVFRP
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
&ORFNDQGWLPHUGR 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
QRWZRUN LQVHUWHGLQWKHHOHFWULFDORXWOHW  JURXQGHGRXWOHW
$IXVHLQ\RXUKRPH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
PD\EHEORZQRUWKH 
FLUFXLWEUHDNHUWULSSHG
 VHFWLRQ2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHFORFNDQGWLPHU
2YHQZLOOQRWVHOIFOHDQ 7KHRYHQWHPSHUDWXUHLV  $OORZWKHUDQJHWRFRRODQGUHVHWWKHFRQWUROV
WRRKLJKWRVHWDVHOIFOHDQ 
RSHUDWLRQ
2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH VHFWLRQ8VLQJWKHVHOIFOHDQLQJRYHQ
7KHSUREHLVSOXJJHGLQWR  5HPRYHWKHSUREHIURPWKHRYHQ
WKHRXWOHWLQWKHRYHQ
´&UDFNOLQJµRU 7KLVLVWKHVRXQGRIWKH  7KLVLVQRUPDO
´SRSSLQJµVRXQG PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJDQG
FOHDQLQJIXQFWLRQV
([FHVVLYHVPRNLQJ ([FHVVLYHVRLO  7RXFKWKH&/($52))SDG2SHQWKHZLQGRZVWRULGWKHURRP
GXULQJDFOHDQF\FOH  RIVPRNH:DLWXQWLOWKH OLJKWJRHVRII:LSHXSWKHH[FHVV/2&.('
 VRLODQGUHVHWWKHFOHDQF\FOH
2YHQGRRUZLOOQRW 2YHQWRRKRW  $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
RSHQDIWHUDFOHDQF\FOH
2YHQQRWFOHDQDIWHUD 2YHQFRQWUROVQRWSURSHUO\VHW  6HHWKH VHFWLRQ8VLQJWKHVHOIFOHDQLQJRYHQ
FOHDQF\FOH 2YHQZDVKHDYLO\VRLOHG  &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQF\FOH+HDYLO\VRLOHG
 RYHQVPD\QHHGWRVHOIFOHDQDJDLQRUIRUDORQJHUSHULRGRIWLPH
´/2&.('µIODVKHV 7KHVHOIFOHDQF\FOHKDVEHHQ  &ORVHWKHRYHQGRRU
LQWKHGLVSOD\ VHOHFWHGEXWWKHGRRULVQRW 
FORVHG
´/2&.('µOLJKWLV &/($52)) 7KHRYHQGRRULVORFNHG  7RXFKWKH SDG$OORZWKHRYHQWRFRRO
RQZKHQ\RXZDQW EHFDXVHWKHWHPSHUDWXUH
WRFRRN LQVLGHWKHRYHQKDVQRW
GURSSHGEHORZWKH
ORFNLQJWHPSHUDWXUH
´)³µDQGDQXPEHU &/($52)) <RXKDYHDIXQFWLRQHUURUFRGH  7RXFKWKH SDG3XWWKHRYHQEDFNLQWRRSHUDWLRQ
RUOHWWHUIODVK,IWKHIXQFWLRQFRGHUHSHDWV  'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUDWOHDVWVHFRQGVDQG
LQWKHGLVSOD\
 WKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQHUURUFRGHUHSHDWVFDOOIRUVHUYLFH

%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
&RQWUROVLJQDOVDIWHU %$.( <RXIRUJRWWRHQWHUD  7RXFKWKH SDGDQGGHVLUHGWHPSHUDWXUHRU
HQWHULQJFRRNLQJWLPH EDNHWHPSHUDWXUHRU  WKH SDGDQGGHVLUHGFOHDQWLPH6(/)&/($167'/2:
RUVWDUWWLPH FOHDQLQJWLPH
'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
 EHEORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
7KHFORFNLVLQWKH  6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
EODFNRXWPRGH
'LVSOD\IODVKHV 3RZHUIDLOXUH  5HVHWWKHFORFN
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUH  7KH%52,/+,/2DQG%$.(SDGVPXVWEHWRXFKHGDW
GLVSOD\WRVKRZ´6)µ QRWWRXFKHGSURSHUO\  WKHVDPHWLPHDQGKHOGIRUVHFRQGV
´3UREHµDSSHDUVLQ 7KLVLVUHPLQGLQJ\RXWR  (QWHUDSUREHWHPSHUDWXUH
WKHGLVSOD\ HQWHUDSUREHWHPSHUDWXUH
DIWHUSOXJJLQJLQWKHSUREH
3RZHURXWDJH 3RZHURXWDJHRUVXUJH  5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
FORFNIODVKHV  LWE\WRXFKLQJWKH SDGVHWWLQJWKHFORFN&/($52))
 DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
6WHDPIURPWKHYHQW :KHQXVLQJWKHFRQYHFWLRQ  7KLVLVQRUPDO
IHDWXUHLWLVQRUPDOWRVHH
 VWHDPFRPLQJRXWRIWKHRYHQ
 YHQW$VWKHQXPEHURIUDFNV
 RUDPRXQWRIIRRGEHLQJ
 FRRNHGLQFUHDVHVWKHDPRXQW
 RIYLVLEOHVWHDPZLOOLQFUHDVH
´%XUQLQJµRU´RLO\µ 7KLVLVQRUPDOLQDQHZRYHQ  7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUDPLQLPXP
RGRUHPLWWLQJIURP DQGZLOOGLVDSSHDULQWLPH  RIKRXUV6HHWKH VHFWLRQ8VLQJWKHVHOIFOHDQLQJRYHQ
WKHYHQW 
6WURQJRGRU $QRGRUIURPWKHLQVXODWLRQ  7KLVLVWHPSRUDU\
DURXQGWKHLQVLGHRIWKHRYHQ
 LVQRUPDOIRUWKHILUVWIHZWLPHV
 WKHRYHQLVXVHG
)DQQRLVH $FRROLQJIDQRUDFRQYHFWLRQ  7KLVLVQRUPDO7KHFRROLQJIDQZLOOWXUQRIIDQG
IDQGHSHQGLQJRQWKH  RQWRFRROLQWHUQDOSDUWV,WPD\UXQDIWHUWKHRYHQLV
 7KHFRQYHFWLRQIDQZLOOF\FOHRQDQGRIIIXQFWLRQ\RXDUHXVLQJPD\  WXUQHG2))
DXWRPDWLFDOO\WXUQRQDQGRII  XQWLOWKHIXQFWLRQLVRYHURUWKHGRRULVRSHQHG
*($SSOLDQFHVFRP

%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
6FUDWFKHVPD\DSSHDU ,QFRUUHFWFOHDQLQJ  6FUDWFKHVDUHQRWUHPRYDEOH7LQ\VFUDWFKHVZLOO
DVFUDFNVRQFRRNWRS PHWKRGVEHLQJXVHG  EHFRPHOHVVYLVLEOHLQWLPHDVDUHVXOWRIFOHDQLQJ
JODVVVXUIDFH&RRNZDUHZLWKURXJKERWWRPV  7RDYRLGVFUDWFKHVXVHWKHUHFRPPHQGHGFOHDQLQJ
EHLQJXVHGRUFRDUVHSDUWLFOHV  SURFHGXUHV0DNHVXUHERWWRPVRIFRRNZDUHDUHFOHDQ
VDOWRUVDQGZHUHEHWZHHQ  EHIRUHXVHDQGXVHFRRNZDUHZLWKVPRRWKERWWRPV
WKHFRRNZDUHDQGWKHVXUIDFH
RIWKHFRRNWRS
&RRNZDUHKDVEHHQVOLG
DFURVVWKHFRRNWRSVXUIDFH
$UHDVRIGLVFRORUDWLRQ )RRGVSLOORYHUVQRWFOHDQHG  6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
RQWKHJODVVFRRNWRS EHIRUHQH[WXVH
VXUIDFH
+RWVXUIDFHRQDPRGHO  7KLVLVQRUPDO7KHVXUIDFHPD\DSSHDUGLVFRORUHGZLWKDOLJKW
 FRORUHGFRRNWRSZKHQLWLVKRW7KLVLVWHPSRUDU\DQGZLOOGLVDSSHDU
 DVWKHJODVVFRROV
3ODVWLFPHOWHG +RWFRRNWRSFDPHLQWR  6HHWKH*ODVVVXUIDFH²SRWHQWLDOIRUSHUPDQHQW
WRWKHJODVVFRRNWRS FRQWDFWZLWKSODVWLFSODFHG  GDPDJHVHFWLRQLQWKH&OHDQLQJWKHJODVVFRRNWRS
VXUIDFH RQWKHKRWFRRNWRS  VXUIDFHVHFWLRQ
3LWWLQJRULQGHQWDWLRQ +RWVXJDUPL[WXUHVSLOOHG  &DOODTXDOLILHGWHFKQLFLDQIRUUHSODFHPHQW
RIWKHFRRNWRS RQWKHFRRNWRS

OWNERSHIP REGISTRATION
P.O. BOX 1780
MISSISSAUGA, ONTARIO
L4Y 4G1
(FOR CANADIAN CONSUMERS ONLY)
Please place in envelope and mail to:
Veuillez mettre dans une enveloppe et envoyez à :

$FFHVVRULHV*($SSOLDQFHVFRP
/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW 86RUZZZ*($SSOLDQFHVFRP ZZZ
*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGDGXULQJQRUPDO
EXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHV
EDFRQFKRSVDQGVRPXFKPRUH7KHSDQEHORZFDWFKHVWKHH[FHVVIDWVDQGRLOV
 *HQXLQH*(3DUW
 (DV\7R&OHDQ
 2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
6PDOO /DUJH ;/
3DUW :%; :%; :%;
'LPHQVLRQV µ:[µ+[µ' µ:[µ+[µ' µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
7RSODFH\RXURUGHUFDOO 86 &DQDGDRUPDLOWKLVIRUPWR 
,QWKH86 ,Q&DQDGD*(3DUWV32%R[0HPSKLV71 *(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
%URLOHU3DQ2UGHU)RUP
4XDQWLW\ BBBBBBBBBBBBBBBBBBBB  3DUW1XPEHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBB  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBB  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHUBBBBBBBBBBBBBBBBBBB  %UDQGBBBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  6WDWH BBBBBBBBBBB  =LS&RGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB 0RQH\2UGHUBBBBBB
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
6XUIDFH(OHPHQWVDQG'ULS3DQV*UDWHV 6XUIDFH%XUQHU+HDGVDQG&DSV
2YHQ(OHPHQWV /LJKW%XOEV
.QREV
2YHQ5DFNV
:;;*&6 :;; :;; 30;
&HUDPLF&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
RU


$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWUHV
RUDQDXWKRUL]HG&XVWRPHU&DUHWHFKQLFLDQ7RVFKHGXOHVHUYLFH
YLVLWXVRQOLQHDWZZZ*($SSOLDQFHVFDRUFDOO
3OHDVHKDYHVHULDOQXPEHUDQGPRGHOQXPEHU
DYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\KDUGHQHG
VSLOOVRIVXJDU\PDWHULDOVRUPHOWHGSODVWLFWKDWDUHQRW
FOHDQHGDFFRUGLQJWRWKHGLUHFWLRQVLQWKH2ZQHV0DQXDO
'DPDJHWRWKHJODVVFRRNWRSFDXVHGE\XVHRIFOHDQHUV
RWKHUWKDQWKHUHFRPPHQGHGFOHDQLQJFUHDPV
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW0DEH:LOO1RW&RYHU
)RU7KH3HULRG2I 0DEH:LOO5HSODFH
2QH<HDU$Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJ
)URPWKHGDWHRIWKH WKLV 0DEHZLOODOVRSURYLGH DOOODERUDQGLQKRPHOLPLWHGRQH\HDUZDUUDQW\ IUHHRIFKDUJH
RULJLQDOSXUFKDVH VHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
)LYH<HDUV $UHSODFHPHQWJODVVFRRNWRS LILWVKRXOGFUDFNGXHWRWKHUPDOVKRFNGLVFRORUFUDFNDWWKH
)URPWKHGDWHRIWKH UXEEHUVHDOEHWZHHQWKHJODVVFRRNWRSDQGWKHSRUFHODLQHGJHRULIWKHSDWWHUQZHDUVRII
RULJLQDOSXUFKDVH$UHSODFHPHQWUDGLDQWVXUIDFHXQLWLILWVKRXOGEXUQRXW
 'XULQJWKLV \RXZLOOEHUHVSRQVLEOHIRUDQ\ODERURUOLPLWHGDGGLWLRQDOIRXU\HDUZDUUDQW\
 UHODWHGVHUYLFH
*(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQ&DQDGD
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDO
SXUFKDVHGDWHLVQHHGHG
WRREWDLQVHUYLFHXQGHUWKH
ZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVH
DUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGLQ&DQDGD
IRUKRPHXVHZLWKLQ&DQDGD,QKRPHZDUUDQW\VHUYLFHZLOOEHSURYLGHGLQDUHDVZKHUHLWLVDYDLODEOHDQGGHHPHG
UHDVRQDEOHE\0DEHWRSURYLGH
6RPHSURYLQFHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVVRWKHDERYHH[FOXVLRQ
PD\QRWDSSO\WR\RX7KLVZDUUDQW\JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURP
SURYLQFHWRSURYLQFH7RNQRZZKDW\RXUOHJDOULJKWVDUHLQ\RXUSURYLQFHFRQVXOW\RXUORFDORUSURYLQFLDOFRQVXPHUDIIDLUV
RIILFH
:DUUDQWRU0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH,QWKH86*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHV0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH,Q&DQDGDZZZ*($SSOLDQFHVFD
6FKHGXOH6HUYLFH,QWKH86*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW\RXU
FRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
,Q&DQDGDFDOO
5HDO/LIH'HVLJQ6WXGLR,QWKH86*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSSURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\SHRSOHRI
DOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQGPHQWDODELOLWLHV
DQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQLGHDVIRUSHRSOHZLWK
GLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''*($&
,Q&DQDGDFRQWDFW 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
([WHQGHG:DUUDQWLHV,QWKH86*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\LVVWLOO
LQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV*(&RQVXPHU+RPH
6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV,Q&DQDGDFDOO
3DUWVDQG$FFHVVRULHV ,QWKH86*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV9,6$
0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\FDXVH
XQVDIHRSHUDWLRQ
&XVWRPHUVLQ VKRXOGFRQVXOWWKH\HOORZSDJHVIRUWKHQHDUHVW0DEHVHUYLFHFHQWHURUFDOO&DQDGD
&RQWDFW8V  ,QWKH86*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOVLQFOXGLQJ
\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
,Q&DQDGDZZZ*($SSOLDQFHVFDRUZULWHWR'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWHU<RXU$SSOLDQFH,QWKH86*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH²DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO
LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO,Q&DQDGDZZZ*($SSOLDQFHVFD

,QVWUXFWLRQVGHVpFXULWp      ²
0RGHG·HPSORL
$XWRQHWWR\DJH                 
%DWWHULHGHFXLVLQH                   
%UOHXUVGHVXUIDFH               
&RQYH[LRQ                       ²
&XLVLQHUHWU{WLU
DYHFODPLQXWHULH                   
&XLVLQHURXU{WLU                    
)HUPHQWDWLRQ                       
)RQFWLRQGX6DEEDWK            
)RQFWLRQVVSpFLDOHV             ²
)RXU                             ²
*ULOOHUJXLGHSRXUJULOOHU            
+RUORJHHWPLQXWHULH                
/RFNRXWYHUURXLOODJH
GHVFRQWU{OHV                        
5pFKDXIIHU                          
6RQGH
7KHUPRVWDW                         
(QWUHWLHQHWQHWWR\DJH
$PSRXOHV                          
$VVHPEODJHGXEUOHXU            
%RXWRQV                            
eYHQW                               
*ULOOHV                              
*ULOOHVGXEUOHXU
HWJULOOHFHQWUDOH                    
3DQQHDXGHFRQWU{OH               
3DSLHUG·DOXPLQLXP           
3ODQFKHUGHIRXU                    
3RUWH                               
3RUWHGXIRXUUHWLUDEOH              
5XEDQHPEDOODJH                
6XUIDFHGHFXLVVRQGHYHUUH    
6XUIDFHVG·DFLHULQR[\GDEOH       
6XUIDFHVSHLQWHV                   
7LURLUGHUDQJHPHQW                
&RQVHLOVGHGpSDQQDJH   ²
$FFHVVRLUHV
6RXWLHQDXFRQVRPPDWHXU
*DUDQWLH                           
6RXWLHQDXFRQVRPPDWHXU         
ZZZHOHFWURPHQDJHUVJHFD
-*6
3*6
0DQXHOGX
SURSULpWDLUH
*(
eFULYH]LFLOHVQXPpURV
GHPRGqOHHWGHVpULH
1GHPRGqOHBBBBBBBBBB
1GHVpULH BBBBBBBBBBB
&HVQXPpURVVHWURXYHQW
VXUO·pWLTXHWWHGHUULqUHODSRUWH
G·RXYHUWXUHGXIRXUGDQV
OHFRLQLQIpULHXUJDXFKH
HGXFKkVVLVGHFXLVLQLqUH
&XLVLQLqUHV
$XJD]FRXOLVVDQWHV
,PSULPpDX[eWDWV8QLV
,1)250$7,21'(6e&85,7e,03257$17(
/,6(=7287(6/(6,16758&7,216$9$17/·87,/,6$7,21
³ 1HUDQJH]SDVHWQ·XWLOLVH]SDVG·HVVHQFHRXG·DXWUHVYDSHXUV
HWOLTXLGHVLQIODPPDEOHVSUqVGHFHWDSSDUHLOpOHFWURPpQDJHU
RXDXWUH
³ 1HSDVLQVWDOOHUFHSURGXLWVLO·RQXWLOLVHXQHKRWWHjULGHDX
G·DLURXXQHKRWWHGHFXLVLQLqUHVRXIIODQWO·DLUDXGHVVXV
GHODVXUIDFHGHFXLVVRQ/HGpELWG·DLUSHXWQXLUHDX
IRQFWLRQQHPHQWGHVEUOHXUVjJD]HWUHSUpVHQWHXQULVTXH
G·LQFHQGLHRXG·H[SORVLRQ
³ 
&(48·,/)$87)$,5(6,9286'e7(&7(=
81(2'(85'(*$=
1·HVVD\H]SDVG·DOOXPHUXQTXHOFRQTXHDSSDUHLO
pOHFWURPpQDJHU
1HWRXFKH]DXFXQFRPPXWDWHXUpOHFWULTXHQ·XWLOLVH]
SDVOHWpOpSKRQHGHYRWUHEkWLPHQW
$SSHOH]LPPpGLDWHPHQWYRWUHIRXUQLVVHXUGHJD]
GXWpOpSKRQHG·XQYRLVLQ6XLYH]OHVLQVWUXFWLRQV
GXIRXUQLVVHXUGHJD]
6LYRXVQHSRXYH]SDVUHMRLQGUHYRWUHIRXUQLVVHXUGHJD]
DSSHOH]OHVHUYLFHG·LQFHQGLH
³ /·LQVWDOODWLRQHWO·HQWUHWLHQGRLYHQWrWUHHIIHFWXpVSDUXQ
LQVWDOODWHXUTXDOLILpXQHDJHQFHGHVHUYLFHRXOHIRXUQLVVHXU
GHJD]
$9(57,66(0(17 6LO·LQIRUPDWLRQFRQWHQXH
GDQVFHVLQVWUXFWLRQVQ·HVWSDVVXLYLHH[DFWHPHQWLO
SRXUUDLW\DYRLUXQLQFHQGLHRXXQHH[SORVLRQFDXVDQWGHV
GRPPDJHVjODSURSULpWpGHVEOHVVXUHVSHUVRQQHOOHVRXOD
PRUW
 ZZZHOHFWURPHQDJHUVJHFD
$9,6'(6e&85,7e,03257$17
/DORLGHOD&DOLIRUQLH¶6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW·H[LJHTXHOH*RXYHUQHXUGHOD&DOLIRUQLHSXEOLHXQHOLVWH
GHVVXEVWDQFHVTXLGHO·DYLVGHO·eWDWSHXYHQWFDXVHUGHVDQRPDOLHVFRQJpQLWDOHVRXDXWUHVSUREOqPHVGHUHSURGXFWLRQHW
H[LJHDXVVLGHVHQWUHSULVHVTX·HOOHVDYLVHQWOHVFOLHQWVGHVGDQJHUVDVVRFLpVjO·H[SRVLWLRQSRVVLEOHjGHWHOOHVVXEVWDQFHV
/HVDSSDUHLOVDXJD]SHXYHQWFDXVHUXQHH[SRVLWLRQPLQHXUHjTXDWUHGHFHVVXEVWDQFHVVRLWOHEHQ]qQHOHPRQR[\GHGH
FDUERQHOHIRUPDOGpK\GHHWODVXLHUpVXOWDQWSULQFLSDOHPHQWG·XQHFRPEXVWLRQLQFRPSOqWHGHVFDUEXUDQWVGH3/RXGX
JD]QDWXUHO'HVEUOHXUVDMXVWpVFRUUHFWHPHQWXQHIODPPHEOHXHSOXW{WTXHMDXQHUpGXLURQWODFRPEXVWLRQLQFRPSOqWH
H[SRVLWLRQjFHVVXEVWDQFHVSHXWrWUHUpGXLWHSDUXQHDpUDWLRQJUkFHjXQHIHQrWUHRXYHUWHRXSDUO·XWLOLVDWLRQG·XQ
YHQWLODWHXURXG·XQHKRWWH
LVRODQWGHILEUHGHYHUUHGHVIRXUVDXWRQHWWR\DQWVpPHWXQHWUqVSHWLWHTXDQWLWpGHPRQR[\GHGHFDUERQHGXUDQWOHF\FOH
GHQHWWR\DJH/·H[SRVLWLRQSHXWrWUHUpGXLWHHQDpUDQWJUkFHjXQHIHQrWUHRXYHUWHRXSDUO·XWLOLVDWLRQG·XQYHQWLODWHXURX
XQHKRWWH
$9(57,66(0(17
3RXUYRWUHVpFXULWpYRXVGHYH]VXLYUHO·LQIRUPDWLRQFRQWHQXHGDQVFHPDQXHOSRXUUpGXLUHOHVULVTXHV
LQFHQGLHHWG·H[SORVLRQGHFKRFpOHFWULTXHRXSRXUpYLWHUWRXWGRPPDJHPDWpULHOGHVEOHVVXUHVRXODPRUW
',6326,7,)$17,%$6&8/(0(17
3RXUpYLWHUOHEDVFXOHPHQW
DFFLGHQWHOGHODFXLVLQLqUHIL[H]OD
HQLQVWDOODQWGHODIDoRQDSSURSULpH
OHGLVSRVLWLIDQWLEDVFXOHPHQW$YDQW
GHO·LQVWDOOHUFRQVXOWH]OHVGLUHFWLYHV
LQVWDOODWLRQIRXUQLHVDYHFOH
GLVSRVLWLI
3RXUOHVFXLVLQLqUHVDPRYLEOHVRX
HQFDVWUpHV
3RXUOHVFXLVLQLqUHVDPRYLEOHVRX
HQFDVWUpHV
3RXUYpULILHUTXHOHGLVSRVLWLI
HVWLQVWDOOpHWV·HQFOHQFKH
FRUUHFWHPHQWYpULILH]VRXVODFXLVLQLqUHTXHOHSLHGGHPLVHjQLYHDXDUULqUHHVWLQVpUp
GDQVOHVXSSRUW6XUFHUWDLQVPRGqOHVOHWLURLUGHUDQJHPHQWRXOHFRXSGHSLHGSHXYHQW
rWUHUHWLUpVSRXUIDFLOLWHULQVSHFWLRQ6LO·LQVSHFWLRQYLVXHOOHHVWSDVSRVVLEOHIDLWHV
JOLVVHUODFXLVLQLqUHYHUVO·DYDQWSRXUFRQILUPHUTXHOHGLVSRVLWLIDQWLEDVFXOHPHQWHVW
VROLGHPHQWIL[pDXVRORXDXPXUSXLVIDLWHVJOLVVHUODFXLVLQLqUHGDQVVRQHPSODFHPHQW
GHVRUWHTXHOHSLHGGHPLVHjQLYHDXDUULqUHVHWURXYHVRXVOHGLVSRVLWLIDQWLEDVFXOHPHQW
6LSRXUXQHUDLVRQRXXQHDXWUHODFXLVLQLqUHHVWpORLJQpHGXPXUUHFRPPHQFH]
WRXMRXUVFHWWHSURFpGXUHSRXUYpULILHUTXHODFXLVLQLqUHHVWFRUUHFWHPHQWPDLQWHQXHSDU
OHGLVSRVLWLIDQWLEDVFXOHPHQW
1·HQOHYH]MDPDLVFRPSOqWHPHQWOHVSLHGVGHPLVHjQLYHDXODFXLVLQLqUHQHVHUDLWDORUV
SDVFRUUHFWHPHQWSURWpJpHGXEDVFXOHPHQW
3RXUOHVFXLVLQLqUHVjSRVHU
3RXUYpULILHUVLOHGLVSRVLWLIHVWLQVWDOOpHWHQFOHQFKpFRUUHFWHPHQWIDLWHVJOLVVHUOD
FXLVLQLqUHYHUVO·DYDQWSRXUFRQILUPHUTXHOHGLVSRVLWLIDQWLEDVFXOHPHQWHVWVROLGHPHQW
IL[pjO·DUULqUHGHODFXLVLQLqUHSXLVUHIDLWHVJOLVVHUODFXLVLQLqUHGDQVVRQHPSODFHPHQW
DILQTXHOHGLVSRVLWLIDQWLEDVFXOHPHQWJOLVVHMXVWHVRXVOHFRPSWRLURXOHEORFGHERLVIL[p
DXPXUGXIRQG
6LYRXVQ·DYH]SDVUHoXXQGLVSRVLWLIDQWLEDVFXOHPHQWDYHFYRWUHDSSDUHLODSSHOH]DX
SRXUHQREWHQLUXQVDQVIUDLV3RXUREWHQLUOHVGLUHFWLYHVG·LQVWDOODWLRQGX
GLVSRVLWLIYLVLWH]QRWUHVLWH:HEZZZHOHFWURPHQDJHUVJHFD
Un enfant ou un adulte peut faire basculer la cuisinière
et de blesser mortellement.
Un enfant ou un adulte peut faire basculer la cuisinière
et de blesser mortellement.
Assurez de bien réenclencher le dispositif antibasculement
après avoir déplacer la cuisinière.
Ne faites pas fonctionner la cuisinière sans avoir installer
et enclencher le dispositif antibasculement.
Le non-respect de ces règles peut entraîner la mort ou de graves brûlures.
Risque de basculement
AVERTISSEMENT
Mur arrière
Four
Dispositif
antibasculement
Comptoir or
bloc de bois
&XLVLQLqUHVDPRYLEOHV
RXHQFDVWUpHV
&XLVLQLqUHVjSRVHU
'LVSRVLWLI
DQWLEDVFXOHPHQW
3LHGGHPLVH
jQLYHDX
,1)250$7,21'(6e&85,7e,03257$17(
/,6(=7287(6/(6,16758&7,216$9$17/·87,/,6$7,21
$9(57,66(0(17
8WLOLVH]FHWDSSDUHLOVHXOHPHQWSRXUO·XVDJH
DXTXHOLOHVWGHVWLQpVHORQFHPDQXHOGX
SURSULpWDLUH
$VVXUH]YRXVTXHYRWUHDSSDUHLOVRLWELHQLQVWDOOp
HWPLVjODWHUUHSDUXQWHFKQLFLHQTXDOLILp
FRQIRUPpPHQWDX[LQVWUXFWLRQVG·LQVWDOODWLRQ
IRXUQLHV
$YDQWG·HIIHFWXHUWRXWVHUYLFHFRXSH]OH
FRXUDQWjODFXLVLQLqUHGDQVOHWDEOHDXGH
GLVWULEXWLRQUpVLGHQWLHOHQUHWLUDQWOHIXVLEOHRX
HQFRXSDQWOHGLVMRQFWHXU
'HPDQGH]jLQVWDOODWHXUGHYRXVPRQWUHU
O·HPSODFHPHQWGXGLVMRQFWHXURXGXIXVLEOH
0DUTXH]OHSRXUDYRLUXQHUpIpUHQFHIDFLOH
1HODLVVH]SDVOHVHQIDQWVVHXOV³OHVHQIDQWV
QHGRLYHQWSDVrWUHODLVVpVVHXOVHWVDQV
VXUYHLOODQFHGDQVXQHQGURLWRXQDSSDUHLO
pOHFWURPpQDJHUHVWXWLOLVp2QQHGRLWMDPDLV
OHXUSHUPHWWUHGHV·DVVHRLURXGHVHWHQLU
GHERXWVXUTXHOTXHSDUWLHTXHFHVRLWGH
O·DSSDUHLO
'HPDQGH]jLQVWDOODWHXUGHYRXVPRQWUHU
O·HPSODFHPHQWGXURELQHWG·DUUrWGXJD]GHOD
FXLVLQLqUHHWFRPPHQWOHIHUPHUDXEHVRLQ
)DLWHVLQVWDOOHUYRWUHFXLVLQLqUHHWIDLWHVODPHWWUH
jODWHUUHFRUUHFWHPHQWSDUXQLQVWDOODWHXU
TXDOLILpFRQIRUPpPHQWDX[LQVWUXFWLRQV
LQVWDOODWLRQ7RXWDMXVWHPHQWHWHQWUHWLHQ
GRLYHQWrWUHHIIHFWXpVVHXOHPHQWSDUGHV
LQVWDOODWHXUVGHFXLVLQLqUHVDXJD]RXGHV
WHFKQLFLHQVGHVHUYLFHTXDOLILpV
3ODFH]ODFXLVLQLqUHGDQVXQHQGURLWjO·pFDUW
GHODFLUFXODWLRQGDQVODFXLVLQHHWjO·pFDUWGHV
FRXUDQWVG·DLUSRXUpYLWHUG·DYRLUXQHPDXYDLVH
FLUFXODWLRQG·DLU
$VVXUH]YRXVTXHWRXWOHPDWpULHOG·HPEDOODJH
VRLWUHWLUpGHODFXLVLQLqUHDYDQWGHO·XWLOLVHUSRXU
pYLWHUWRXWLQFHQGLHRXGRPPDJHFDXVpSDUOD
IXPpHVL
OHPDWpULHOG·HPEDOODJHV·HQIODPPH
1HODLVVH]SDVOHVHQIDQWVVHXOVRXVDQV
VXSHUYLVLRQORUVTX·XQHFXLVLQLqUHHVWFKDXGHRX
DOOXPpH,OVSRXUUDLHQWrWUHJUDYHPHQWEUOpV
1·HVVD\H]SDVGHUpSDUHURXGHUHPSODFHUXQH
TXHOFRQTXHSLqFHGHYRWUHFXLVLQLqUHjPRLQV
TXHFHODQHVRLWUHFRPPDQGpVSpFLILTXHPHQW
GDQVFHPDQXHO7RXWDXWUHHQWUHWLHQGRLWrWUH
HIIHFWXpSDUXQWHFKQLFLHQTXDOLILp
$VVXUH]YRXVTXHYRWUHFXLVLQLqUHVRLWDMXVWpH
FRUUHFWHPHQWSDUXQWHFKQLFLHQGHVHUYLFH
TXDOLILpRXSDUXQLQVWDOODWHXUSRXUOHW\SHGH
JD]QDWXUHORX3/XWLOLVp9RWUHFXLVLQLqUHSHXW
rWUHFRQYHUWLHSRXUO·XQRXO·DXWUHW\SHGHJD]
5HSRUWH]YRXVDX[LQVWUXFWLRQVG·LQVWDOODWLRQ
HPEDOOpHVDYHFODFXLVLQLqUH
%UDQFKH]YRWUHFXLVLQLqUHVHXOHPHQWGDQVXQH
SULVHPXUDOHGHYROWVDYHFPLVHjODWHUUH
1HUHWLUH]SDVODEURFKHGHPLVHjODWHUUHURQGH
GHODILFKH6LYRXVQ·rWHVSDVFHUWDLQGHODPLVH
jODWHUUHGXV\VWqPHpOHFWULTXHUpVLGHQWLHOYRXV
rWHVUHVSRQVDEOHHWGDQVREOLJDWLRQGHIDLUH
UHPSODFHUODSULVHTXLQ·HVWSDVPLVHjODWHUUH
SDUXQHSULVHjWURLVEURFKHVPLVHjODWHUUH
FRQIRUPpPHQWDX&RGHQDWLRQDOGHO·pOHFWULFLWp
1·XWLOLVH]SDVGHUDOORQJHDYHFFHWDSSDUHLO
$9(57,66(0(17
FHVDMXVWHPHQWVGRLYHQWrWUHHIIHFWXpVSDUXQ
WHFKQLFLHQGHVHUYLFHTXDOLILpFRQIRUPpPHQW
DX[LQVWUXFWLRQVGXIDEULFDQWHWjWRXVOHV
FRGHVHWH[LJHQFHVGHO·DXWRULWpUHVSRQVDEOH
/HQRQUHVSHFWGHFHVLQVWUXFWLRQVSHXW
PHQHUjGHJUDYHVEOHVVXUHVRXjGHV
GRPPDJHVPDWpULHOV/·DJHQFHTXDOLILpH
HIIHFWXDQWFHWUDYDLODVVXPHODUHVSRQVDELOLWp
GHODFRQYHUVLRQ
*DUGH]OHVILOWUHVGHJUDLVVHHWODKRWWHSURSUHV
SRXUPDLQWHQLUXQHERQQHYHQWLODWLRQHWpYLWHU
OHVIHX[GHJUDLVVH
(QVHLJQH]DX[HQIDQWVjQHSDVMRXHUDYHFOHV
FRPPDQGHVRXDYHFWRXWHDXWUHSLqFHGHOD
FXLVLQLqUH
*DUGH]WRXMRXUVOHVVHUYLHWWHVOHVOLQJHVj
YDLVVHOOHOHVSRLJQpHVHWDXWUHOLQJHGHPDLVRQj
GLVWDQFHGHYRWUHFXLVLQLqUH
/RUVTXHYRXVXWLOLVH]XQDSSDUHLOpOHFWULTXHYRXVGHYH]WRXMRXUVVXLYUHGHVSUpFDXWLRQVGHEDVH
\FRPSULVFHTXLVXLW
35e&$87,216'(6e&85,7e
ZZZHOHFWURPHQDJHUVJHFD
*DUGH]WRXMRXUVOHVXVWHQVLOHVGHERLVHWGHSODVWLTXH
HWOHVDOLPHQWVHQERvWHjGLVWDQFHGHYRWUHFXLVLQLqUH
*DUGH]WRXMRXUVOHVUHYrWHPHQWVPXUDX[
FRPEXVWLEOHVOHVULGHDX[RXOHVWHQWXUHVjGLVWDQFH
GHYRWUHFXLVLQLqUH
1HQHWWR\H]SDVODFXLVLQLqUHDYHFGHVOLTXLGHVGH
QHWWR\DJHLQIODPPDEOHVRXYRODWLOHV
$SUqVXQHXWLOLVDWLRQSURORQJpHGHODFXLVLQLqUHOH
SODQFKHUSHXWGHYHQLUWUqVFKDXGHWGHQRPEUHX[
UHYrWHPHQWVGHSODQFKHUSRXUUDLHQWQHSDVUpVLVWHUj
FHW\SHG·XWLOLVDWLRQ1·LQVWDOOH]MDPDLVGHFXLVLQLqUHVXU
GHVFDUUHDX[GHYLQ\OHRXGXOLQROpXPTXLSRXUUDLWQH
SDVUpVLVWHUjFHW\SHG·XWLOLVDWLRQ1HO·LQVWDOOH]MDPDLV
GLUHFWHPHQWVXUOHWDSLVGHFXLVLQH
eYLWH]G·pJUDWLJQHUODVXUIDFHGHFXLVVRQYLWUpHDYHF
GHVLQVWUXPHQWVWUDQFKDQWVRXDYHFGHVEDJXHVHW
DXWUHVELMRX[
1HODLVVH]SHUVRQQHJULPSHUVHWHQLUGHERXWRXVH
VXVSHQGUHVXUODSRUWHGXIRXUOHWLURLUGHUDQJHPHQW
RXODVXUIDFHGHFXLVVRQ&HODSRXUUDLWHQGRPPDJHU
ODFXLVLQLqUHHWPrPHODIDLUHEDVFXOHUSURYRTXDQWGH
JUDYHVEOHVVXUHV
0,6((1*$5'(OHVDUWLFOHVTXL
SRXUUDLHQWDWWLUHUOHVHQIDQWVQHGRLYHQWSDVrWUH
UDQJpVGDQVOHVDUPRLUHVDXGHVVXVGHODFXLVLQLqUH
RXVXUOHGRVVHUHWG·XQHFXLVLQLqUH³OHVHQIDQWVTXL
JULPSHQWVXUODFXLVLQLqUHSRXUDWWHLQGUHOHVDUWLFOHV
SRXUUDLHQWrWUHJUDYHPHQWEOHVVpV

3RXUYRWUHVpFXULWpQ·XWLOLVH]MDPDLVYRWUHDSSDUHLO
pOHFWURPpQDJHUSRXUUpFKDXIIHUHWFKDXIIHUOD
SLqFH

'HODUJHVpJUDWLJQXUHVRXFKRFVVXUOHVSRUWHVGH
YHUUHSHXYHQWFDVVHURXIDLUHpFODWHUODYLWUH

1HQHWWR\H]SDVODFXLVLQLqUHSHQGDQWTHOOH
IRQFWLRQQH
1HSRUWH]MDPDLVGHYrWHPHQWVDPSOHVRXWRPEDQWV
ORUVTXHYRXVXWLOLVH]O·DSSDUHLO$WWHQWLRQHQYRXV
pWLUDQWSRXUDWWHLQGUHOHVDUWLFOHVUDQJpVGDQV
OHVDUPRLUHVDXGHVVXVGHODFXLVLQLqUH8QWLVVX
LQIODPPDEOHSRXUUDLWV·HQIODPPHUDXFRQWDFWGHV
IODPPHVRXGHVVXUIDFHVFKDXGHVGXIRXUHWSRXUUDLW
SURYRTXHUGHJUDYHVEOHVVXUHV
1HUDQJH]SDVGHPDWpULDX[LQIODPPDEOHVGDQVOH
IRXUOHWLURLUGHUDQJHPHQWGHODFXLVLQLqUHRXSUqV
XQHVXUIDFHGHFXLVVRQ
1HUDQJH]SDVHWQ·XWLOLVH]SDVGHPDWpULDX[
FRPEXVWLEOHVG·HVVHQFHRXG·DXWUHVYDSHXUV
HWOLTXLGHVLQIODPPDEOHVSUqVGHFHWDSSDUHLO
pOHFWURPpQDJHUQLG·DXFXQDXWUH
1HODLVVH]SDVODJUDLVVHGHFXLVVRQRXDXWUHV
PDWLqUHVLQIODPPDEOHVV·DFFXPXOHUVXURXSUqVGHOD
FXLVLQLqUH
1·XWLOLVH]SDVG·HDXVXUOHVIHX[GHJUDLVVH1H
VDLVLVVH]MDPDLVXQHFDVVHUROHHQIODPPHeWHLJQH]
OHVFRPPDQGHVeWHLJQH]XQIHXVXUXQEUOHXUHQ
VXUIDFHHQFRXYUDQWHQWLqUHPHQWODFDVVHUROHDYHF
XQFRXYHUFOHELHQDMXVWpXQHSODTXHjELVFXLWRX
XQSODWHDXSODW8WLOLVH]XQH[WLQFWHXUG·LQFHQGLHj
PRXVVHRXXQHSRXGUHFKLPLTXHWRXWXVDJH
/DJUDLVVHHQIODPPHVjO·H[WpULHXUG·XQHFDVVHUROH
V·pWHLQWHQODFRXYUDQWGHELFDUERQDWHGHVRGLXP
RXVLSRVVLEOHHQXWLOLVDQWXQH[WLQFWHXUG·LQFHQGLHj
PRXVVHRXjSRXGUHFKLPLTXHWRXWXVDJH
/HVIODPPHVGDQVOHIRXUSHXYHQWrWUHpWHLQWHV
HQWLqUHPHQWHQIHUPDQWODSRUWHGXIRXUHWHQ
IHUPDQWODFRPPDQGHRXHQXWLOLVDQWXQH[WLQFWHXU
LQFHQGLHjPRXVVHRXjSRXGUHFKLPLTXHWRXW
XVDJH
/DLVVH]OHVJULOOHVGHEUOHXUHWDXWUHVVXUIDFHV
UHIURLGLUDYDQWGHOHVWRXFKHURXGHOHVODLVVHUjXQ
HQGURLWROHVHQIDQWVSHXYHQWOHVDWWHLQGUH
1HEORTXH]MDPDLVOHVpYHQWVRXYHUWXUHVG·DLUGH
ODFXLVLQLqUH,OVRIIUHQWXQHHQWUpHHWXQHVRUWLH
DLUQpFHVVDLUHVSRXUTXHODFXLVLQLqUHIRQFWLRQQH
FRUUHFWHPHQWDYHFODERQQHFRPEXVWLRQ/HV
RXYHUWXUHVG·DLUVHWURXYHQWjO·DUULqUHGHODVXUIDFHGH
FXLVVRQGDQVOHKDXWHWOHEDVGHODSRUWHGXIRXUHW
DXEDVGHODFXLVLQLqUHVRXVOHWLURLUGHUDQJHPHQWRX
OHSDQQHDXFRXSGHSLHG
1HVRXOHYH]SDVODVXUIDFHGHFXLVVRQ6RXOHYHUOD
VXUIDFHGHFXLVVRQSHXWHQGRPPDJHUODFXLVLQLqUHRX
FDXVHUXQPDXYDLVIRQFWLRQQHPHQW
35e&$87,216'(6e&85,7e
$9(57,66(0(17Q·XWLOLVH]
-$0$,6FHWDSSDUHLOSRXUUpFKDXIIHURX
FKDXIIHUODSLqFH&HFLSRXUUDLWPHQHUjXQ
HPSRLVRQQHPHQWDXPRQR[\GHGHFDUERQHHW
XQHVXUFKDXIIHGHODVXUIDFHGHFXLVVRQRXGX
IRXU
,1)250$7,21'(6e&85,7e,03257$17(
/,6(=7287(6/(6,16758&7,216$9$17/·87,/,6$7,21
8WLOLVH]WRXMRXUVODSRVLWLRQ HQDOOXPDQWOHVEUOHXUV/,7(
VXSpULHXUVHWDVVXUH]YRXVTXHOHVEUOHXUVVRLHQW
DOOXPpV
1HODLVVH]MDPDLVOHVEUOHXUVGHVXUIDFHVDQVVXSHUYLVLRQ
jGHVUpJODJHVGHWHPSpUDWXUHpOHYpH/HVGpERUGHPHQWV
SDUERXLOORQQHPHQWSHXYHQWSURYRTXHUGHODIXPpHHWOHV
GpYHUVHPHQWVJUDLVVHX[SHXYHQWV·HQIODPPHU
$MXVWH]ODWDLOOHGHODIODPPHGXEUOHXUVXSpULHXUSRXU
TX·HOOHQHGpSDVVHSDVOHERUGGHODFDVVHUROH8QH
IODPPHH[FHVVLYHHVWGDQJHUHXVH
8WLOLVH]VHXOHPHQWGHVSRLJQpHVGHFXLVLQHVqFKHV³OHV
SRLJQpHVKXPLGHVVXUOHVVXUIDFHVFKDXGHVSHXYHQW
SURYRTXHUGHVEUOXUHVGHYDSHXU1HODLVVH]SDVOHV
SRLJQpHVGHFXLVLQHSUqVGHIODPPHVQXHVORUVTXHYRXV
VRXOHYH]ODFDVVHUROH1·XWLOLVH]SDVGHVHUYLHWWHQLDXWUH
FKLIIRQRXWLVVXpSDLVSRXUUHPSODFHUXQHSRLJQpHGH
FXLVLQH
/RUVTXHYRXVXWLOLVH]XQHFDVVHUROHGHYHUUHDVVXUH]
YRXVTX·HOOHVRLWFRQoXHSRXUOHGHVVXVGHODFXLVLQLqUH
3RXUUpGXLUHODSRVVLELOLWpGHEUOXUHVLQIODPPDWLRQGH
PDWpULDX[LQIODPPDEOHVHWOHVGpYHUVHPHQWVWRXUQH]OHV
SRLJQpHVGHVFDVVHUROHVYHUVOHF{WpRXYHUVDUULqUHGHOD
FXLVLQLqUHVDQVUHFRXYULUOHVEUOHXUVDGMDFHQWV
6XUYHLOOH]DWWHQWLYHPHQWOHVDOLPHQWVIULWVjXQUpJODJHGH
IODPPHVpOHYpHV
)DLWHVWRXMRXUVFKDXIIHUODJUDLVVHOHQWHPHQWHWVXUYHLOOH]
ODWDQGLVTHOOHFKDXIIH
1HODLVVH]DXFXQDUWLFOHVXUODVXUIDFHGHFXLVVRQ
DLUFKDXGGHO·pYHQWSRXUUDLWHQIODPPHUOHVDUWLFOHV
LQIODPPDEOHVHWDXJPHQWHUDODSUHVVLRQGDQVGHV
FRQWHQDQWVIHUPpVFHTXLSRXUUDLWOHVIDLUHpFODWHU
6LYRXVXWLOLVH]HQVHPEOHGHVKXLOHVRXGHVJUDLVVHVSRXU
ODIULWXUHEUDVVH]OHVDYDQWGHUpFKDXIIHURXWDQGLVTXH
OHVJUDLVVHVIRQGHQWOHQWHPHQW
8WLOLVH]XQWKHUPRPqWUHjIULWXUHVLSRVVLEOHSRXUpYLWHU
WRXWHVXUFKDXIIHGHJUDLVVHDXGHOjGXSRLQWGHIXPpH
1HIDLWHVSDVIRQFWLRQQHUOHEUOHXUVDQVTXHWRXWHVOHV
SLqFHVGXEUOHXUVRLHQWHQSODFH
8WLOLVH]OHPRLQVSRVVLEOHGHJUDLVVHSRXUXQHIULWXUH
HIILFDFHSHXSURIRQGHRXjJUDQGHIULWXUH7URSUHPSOLUOD
FDVVHUROHGHJUDLVVHSHXWSURYRTXHUGHVGpYHUVHPHQWV
ORUVGHO·DMRXWG·DOLPHQWV
/RUVTXHYRXVSUpSDUH]GHVPHWVIODPEpVVRXVODKRWWH
PHWWH]OHYHQWLODWHXUHQPDUFKH
XWLOLVH]SDVGHZRNVXUODVXUIDFHGHFXLVVRQVLOHZRN
DXQDQQHDXURQGGHPpWDOSODFpVXUODJULOOHGXEUOHXU
SRXUVXSSRUWHUOHZRN&HWDQQHDXDJLWFRPPHSLqJHj
FKDOHXUFHTXLSRXUUDLWHQGRPPDJHUODJULOOHHWODWrWH
GXEUOHXU&HODSRXUUDLWDXVVLSURYRTXHUXQPDXYDLV
IRQFWLRQQHPHQWGXEUOHXU&HODSRXUUDLWDXVVLFUpHUXQ
QLYHDXGHPRQR[\GHGHFDUERQHDXGHVVXVGHVQRUPHV
SHUPLVHVDFWXHOOHPHQWPHQDQWGRQFjXQGDQJHUSRXU
ODVDQWp
/HVDOLPHQWVjIULUHGRLYHQWrWUHDXVVLVHFVTXHSRVVLEOH
/HJLYUHVXUOHVDOLPHQWVVXUJHOpVRXO·KXPLGLWpVXUOHV
DOLPHQWVIUDLVSHXYHQWFUpHUGHVEXOOHVGHJUDLVVHTXL
SHXYHQWPRQWHUVXUOHVF{WpVGHVFDVVHUROHV
HVVD\H]MDPDLVGHGpSODFHUXQHFDVVHUROHGHJUDLVVH
FKDXGHWRXWSDUWLFXOLqUHPHQWXQHIULWHXVH$WWHQGH]TXH
ODJUDLVVHUHIURLGLVVH
1HODLVVH]SDVG·DUWLFOHVGHSODVWLTXHVXUODVXUIDFHGH
FXLVVRLOVSHXYHQWIRQGUHV·LOVVRQWWURSSUqVGHpYHQW
*DUGH]WRXVOHVSODVWLTXHVORLQGHVEUOHXUVGHVXUIDFH
3RXUpYLWHUODSRVVLELOLWpG·XQHEUOXUHVR\H]WRXMRXUV
FHUWDLQTXHOHVFRPPDQGHVGHWRXVOHVEUOHXUVVRQWHQ
SRVLWLRQ2))DUUrWHWTXHWRXWHVOHVJULOOHVVRQWUHIURLGLHV
DYDQWHVVD\HUGHOHVUHWLUHU
6LODFXLVLQLqUHVHWURXYHSUqVXQHIHQrWUHQHVXVSHQGH]
SDVGHORQJVULGHDX[TXLSRXUUDLHQWWRXFKHUOHVEUOHXUV
GHVXUIDFHVHWFUpHUXQGDQJHULQFHQGLH
6LYRXVGpWHFWH]XQHRGHXUGHJD]FRXSH]OHJD]jOD
FXLVLQLqUHHWDSSHOH]XQWHFKQLFLHQTXDOLILp1·XWLOLVH]MDPDLV
XQHIODPPHQXHSRXUWURXYHUXQHIXLWH
eWHLJQH]WRXMRXUVOHVFRQWU{OHVGHEUOHXUGHVXUIDFH
DYDQWGHUHWLUHUOHVFDVVHUROHV
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUUHMLOODVFXDOTXLHU
SDUWHGHODFRFLQD6LVHKDFHHVWRVHSRGUiSURGXFLU
HQYHQHQDPLHQWRFRQPRQy[LGRGHFDUERQR
VREUHFDOHQWDPLHQWRGHODVVXSHUILFLHVGHODFRFLQDRXQ
SRVLEOHULHVJRGHLQFHQGLR
%5Ó/(856'(685)$&(
8WLOLVH]ODERQQHWDLOOHGHFDVVHUROH³pYLWH]OHVFDVVHUROHVLQVWDEOHVRXTXLEDVFXOHQWIDFLOHPHQW&KRLVLVVH]XQHEDWWHULH
GHFXLVLQHjIRQGSODWDVVH]ODUJHSRXUFRXYULUOHVJULOOHVGXEUOHXU3RXUpYLWHUOHVGpYHUVHPHQWVDVVXUH]YRXVTXH
ODFDVVHUROHVRLWDVVH]JUDQGHSRXUELHQFRQWHQLUOHVDOLPHQWV&HFLIHUDJDJQHUGXWHPSVGHQHWWR\DJHHWpYLWHUDOHV
DFFXPXODWLRQVGDQJHUHXVHVDOLPHQWVSXLVTXHOHVpFODERXVVXUHVLPSRUWDQWHVRXOHVGpYHUVHPHQWVODLVVpVVXUOD
FXLVLQLqUHSHXYHQWHQIODPPHU8WLOLVH]GHVFDVVHUROHVDX[SRLJQpHVIDFLOHVjVDLVLUTXLUHVWHQWIUDvFKHV
$9(57,66(0(17
/,6(=$77(17,9(0(17(7&21)250(=9286&(6,1)250$7,216'(6e&85,7e
&216(59(=&(6,16758&7,216
 ZZZHOHFWURPHQDJHUVJHFD
1HFKDXIIH]SDVOHVFRQWHQDQWVDOLPHQWVTXLQHVRQW
SDVRXYHUWV/DSUHVVLRQSRXUUDLWV·DFFXPXOHUHWOH
FRQWHQDQWSRXUUDLWpFODWHUSURYRTXDQWXQHEOHVVXUH
*DUGH]O·pYHQWGXIRXUH[HPSWGHWRXWHREVWUXFWLRQ
*DUGH]OHIRXUOLEUHGHWRXWHDFFXPXODWLRQGHJUDLVVH
3ODFH]ODJULOOHGXIRXUjODSRVLWLRQYRXOXHORUVTXHTXH
OHIRXUHVWIURLG6LOHVJULOOHVGRLYHQWrWUHPDQLSXOpHV
ORUVTX·HOOHVVRQWFKDXGHVQHODLVVH]SDVOHVSRLJQpHVGH
FXLVLQHHQWUHUHQFRQWDFWDYHFOHVpOpPHQWVFKDXIIDQWV
(QXWLOLVDQWOHVVDFVGHFXLVVRQRXGHU{WLVVDJHGDQVOH
IRXUVXLYH]OHVGLUHFWLYHVGXIDEULFDQW
6RUWLUODJULOOHMXVTX·DXYHUURXGHEXWpHHVWSUDWLTXHSRXU
VRXOHYHUOHVDOLPHQWVORXUGV&·HVWDXVVLXQHSUpFDXWLRQ
FRQWUHOHVEUOXUHVSRXYDQWrWUHSURYRTXpHVHQWRXFKDQW
OHVVXUIDFHVFKDXGHVGHODSRUWHRXOHVSDURLVGXIRXU
XWLOLVH]SDVOHIRXUSRXUVpFKHUOHVMRXUQDX[6·LOV
VXUFKDXIIHQWLOVSHXYHQWV·HQIODPPHU
XWLOLVH]SDVOHIRXUFRPPHHVSDFHGHUDQJHPHQW/HV
DUWLFOHVUDQJpVGDQVXQIRXUSHXYHQWHQIODPPHU
1HODLVVH]SDVGHSURGXLWVHQSDSLHUXVWHQVLOHVGHFXLVVRQRX
DOLPHQWVGDQVOHIRXUORUVTX·LOQ·HVWSDVXWLOLVp
$VVXUH]YRXVTXHXQHOqFKHIULWHVRLWFRUUHFWHPHQWHQ
SODFHSRXUUpGXLUHODSRVVLELOLWpLQFHQGLHVGHJUDLVVH
6LYRXVDYH]XQIHXGHJUDLVVHGDQVXQHOqFKHIULWH
DSSX\H]VXUODWRXFKH&/($52))DQQXODWLRQDUUrWHW
JDUGH]ODSRUWHGXIRXUIHUPpHSRXUFRQWHQLULQFHQGLH
MXVTX·jFHTLOpWHLJQH
/RUVTXHYRXVRXYUH]ODSRUWHGXIRXUUHVWH]jO·pFDUWGHODFXLVLQLqUH'HO·DLUFKDXGRXGHODYDSHXUpFKDSSDQWSHXW
SURYRTXHUGHVEUOXUHVDX[PDLQVDXYLVDJHHWRXDX[\HX[
$9(57,66(0(17
)285
)DLWHVELHQFXLUHODYLDQGHHWODYRODLOOODYLDQGHGRLWDYRLUXQHWHPSpUDWXUH,17(51(GH&)HWODYRODLOOHXQH
WHPSpUDWXUH,17(51(GH&)3UpSDUHUODQRXUULWXUHjFHVWHPSpUDWXUHVSURWqJHQRUPDOHPHQWFRQWUHOHVPDODGLHV
DOLPHQWDLUHV
)$,7(6%,(1&8,5(/$9,$1'((7/$92/$,//(«
$9(57,66(0(171(FRXYUH]
-$0$,6DXFXQHIHQWHWURXRXSDVVDJHGDQVOHEDV
GXIRXUHWQHUHFRXYUH]SDVFRPSOqWHPHQWODJULOOH
XQPDWpULDXFRPPHOHSDSLHUDOXPLQLXP&HFL
EORTXHUDLWOHGpELWG·DLUGDQVOHIRXUHWSRXUUDLWFDXVHU
XQHPSRLVRQQHPHQWDXPRQR[\GHGHFDUERQH
/HVGRXEOXUHVGHSDSLHUDOXPLQLXPSRXUUDLHQW
DXVVLHPSULVRQQHUODFKDOHXUPHQDQWjXQGDQJHU
LQFHQGLH
XWLOLVH]SDVGHQHWWR\DQWGHIRXU,OQHIDXWMDPDLVXWLOLVHUGHQHWWR\DQWGHIRXUFRPPHUFLDOQLGHUHYrWHPHQWSURWHFWHXU
GHGRXEOXUHGHIRXUGHTXHOTXHW\SHTXHFHVRLWDXWRXUXQHTXHOFRQTXHVHFWLRQGXIRXU/HVUpVLGXVGHQHWWR\DQWVGHIRXU
HQGRPPDJHURQWO·LQWpULHXUGXIRXUORUVG·XQF\FOHDXWRQHWWR\DJH
1HQHWWR\H]SDVOHMRLQWGHSRUWH/HMRLQWGHSRUWHHVW
HVVHQWLHODXPDLQWLHQGHpWDQFKpLWp,OQHIDXWSDV
IURWWHUQLHQGRPPDJHUQLGpSODFHUOHMRLQW
$YDQWDXWRQHWWR\DJHUHWLUH]OHVJULOOHVGXIRXU
EULOODQWHVGHFRXOHXUDUJHQWpHVXUFHUWDLQVPRGqOHVHW
WRXVOHVXVWHQVLOHV
$VVXUH]YRXVG·HVVX\HUWRXWGpYHUVHPHQWH[FHVVLI
DYDQWGHODQFHUO·DXWRQHWWR\DJH
LO\DGpIDLOODQFHHQPRGHG·DXWRQHWWR\DJHpWHLJQH]
OHIRXUHWFRXSH]OHFRXUDQW)DLWHVOHUpSDUHUSDUXQ
WHFKQLFLHQTXDOLILp
1HWWR\H]VHXOHPHQWOHVSLqFHVLQGLTXpHVGDQV
FHPDQXHOGXSURSULpWDLUH
)285$8721(772<$17
'DQVFHPDQXHOOHVIRQFWLRQVHWO·DSSDUHQFHSRXUUDLHQWGLIIpUHUGHYRWUHPRGqOH
&RPPHQWDOOXPHUXQEUOHXUGHVXUIDFHDXJD]
(QIRQFH]OHERXWRQGHFRPPDQGHHWWRXUQH]OH
HQSRVLWLRQ/,7(
9RXVHQWHQGUH]XQSHWLWGpFOLF³OHVRQGH
pWLQFHOOHpOHFWULTXHTXLDOOXPHOHEUOHXU
8QHIRLVODIODPPHDOOXPpHWRXUQH]OHERXWRQ
SRXUDMXVWHUODWDLOOHGHODIODPPH6LOHERXWRQ
UHVWHj LOFRQWLQXHUDjFOLTXHU/,7(
/RUVTX·XQEUOHXUSDVVHj WRXVOHVEUOHXUV/,7(
pPHWWHQWXQGpFOLFHVVD\H]SDVGHGpPRQWHU
XQEUOHXURXGHQHWWR\HUDXWRXUG·XQEUOHXU
WDQGLVTX·XQDXWUHEUOHXUHVWDOOXPp8QFKRF
pOHFWULTXHSRXUUDLWHQGpFRXOHUFHTXLYRXVIHUDLW
SHXWrWUHUHQYHUVHUGHVFDVVHUROHVFKDXGHV
(QIRQFH]OHERXWRQGHFRQWU{OH
HWWRXUQH]OHjODSRVLWLRQ©/,7(ª
&RPPHQWFKRLVLUODWDLOOHGHODIODPPH
3RXUXQHPDQLSXODWLRQVDQVGDQJHUGHV
FDVVHUROHVQHODLVVH]MDPDLVOHVIODPPHVPRQWHU
OHORQJGHVF{WpVGHVFDVVHUROHV
6XUYHLOOH]ODIODPPHQRQSDVOHERXWRQHQ
UpGXLVDQWODFKDOHXU/DWDLOOHGHODIODPPH
XQEUOHXUDXJD]GRLWFRQYHQLUDXW\SHGH
FDVVHUROHXWLOLVpH
7RXWHIODPPHSOXVODUJHTXHOHEDVGHOD
FDVVHUROHHVWSHUGXHHWQHVHUWTX·jFKDXIIHUOD
SRLJQpH
'DQVOHVFDVGHSDQQHGHFRXUDQW
'DQVOHFDVG·XQHSDQQHGHFRXUDQWYRXV
SRXYH]DOOXPHUOHVEUOHXUVGHODVXUIDFHDXJD]
GHYRWUHFXLVLQLqUHDYHFXQHDOOXPHWWH7HQH]
XQHDOOXPHWWHDOOXPpHSUqVGXEUOHXUSXLV
HQIRQFH]HWWRXUQH]OHERXWRQGHFRQWU{OHjOD
SRVLWLRQ/,7($WWHQWLRQWRXWSDUWLFXOLqUHPHQW
ORUVTXHYRXVDOOXPH]OHVEUOHXUVGHFHWWH
PDQLqUH
/HVEUOHXUVGHVXUIDFHXWLOLVpVSHQGDQWXQH
SDQQHG·pOHFWULFLWpFRQWLQXHURQWjIRQFWLRQQHU
QRUPDOHPHQW
$YDQWG·DOOXPHUXQEUOHXUDXJD]
$VVXUH]YRXVTXHWRXWHVOHVJULOOHVGHOD
FXLVLQLqUHVRLHQWHQSODFHDYDQWG·XWLOLVHUXQ
EUOHXU
$SUqVDYRLUDOOXPpXQEUOHXUDXJD]
1HIDLWHVSDVIRQFWLRQQHUOHEUOHXU
ORQJWHPSVVDQVFDVVHUROHVXUODJULOOH/H
ILQLSRXUUDLWV·pFDLOOHUVDQVFDVVHUROHSRXU
DEVRUEHUODFKDOHXU
$VVXUH]YRXVTXHOHVEUOHXUVHWOHVJULOOHV
VRLHQWUHIURLGLVDYDQWG·\PHWWUHODPDLQXQH
SRLJQpHGHFXLVLQHGHVFKLIIRQVGHQHWWR\DJH
RXDXWUHVPDWpULDX[
%UOHXUVDXJD]VFHOOpV
/HSOXVSHWLWEUOHXUSRVLWLRQGURLWHDUULqUH
SURGXLUDOHVPHLOOHXUVUpVXOWDWVGHPLMRWDJH
SRXUOHVDOLPHQWVGpOLFDWVFRPPHOHVVDXFHVRX
OHVDOLPHQWVTXLRQWEHVRLQGHFXLUHjIHXGRX[
SHQGDQWXQFHUWDLQWHPSV9RXVSRXYH]UpGXLUH
VDFKDOHXUjXQQLYHDXWUqVEDV
/HVEUOHXUVSOXVODUJHVVRQWDOLPHQWpVjXQ
QLYHDXSOXVpOHYpTXHOHVDXWUHVHWIHURQWERXLOOLU
OHVOLTXLGHVSOXVUDSLGHPHQW
8WLOLVDWLRQGHVEUOHXUVGHVXUIDFHDXJD]
 ZZZHOHFWURPHQDJHUVJHFD
8WLOLVDWLRQGXZRN
1RXVUHFRPPDQGRQVG·XWLOLVHUXQZRNGH
FPSRRXPRLQVjIRQGSODW$VVXUH]
YRXVTXHOHIRQGGXZRNVRLWjSODWVXUODJULOOH
,OVVRQWGLVSRQLEOHVFKH]YRWUHTXLQFDLOOLHUORFDO
6HXOXQZRNjIRQGSODWGRLWrWUHXWLOLVp
1·XWLOLVH]SDVGHZRNjIRQGSODWVXU
XQDQQHDXGHVXSSRUW3ODFHUO·DQQHDXVXUOH
EUOHXURXODJULOOHSRXUUDLWSURYRTXHUXQPDXYDLV
IRQFWLRQQHPHQWGXEUOHXUPHQDQWjGHVQLYHDX[
GHPRQR[\GHGHFDUERQHDXGHVVXVGHVQRUPHV
SHUPLVHV&HFLSRXUUDLWrWUHGDQJHUHX[SRXUYRWUH
VDQWp
8WLOLVH]XQZRNjIRQGSODW
*ULOOHGHGHVVXVGHFXLVLQLqUH
1·XWLOLVH]SDVGHJULOOHVGHGHVVXVGHFXLVLQLqUH
VXUYRVEUOHXUVDXJD]VFHOOpV6LYRXVXWLOLVH]
ODJULOOHGHGHVVXVGHFXLVLQLqUHVXUOHEUOHXU
DXJD]VFHOOpFHODSURYRTXHUDXQHFRPEXVWLRQ
LQFRPSOqWHHWGRQFSRXUUDLWPHQHUjXQH
H[SRVLWLRQjGHVQLYHDX[GHPRQR[\GHGH
FDUERQHGpSDVVDQWOHVQRUPHVDGPLVVLEOHV
DFWXHOOHV
&HFLSHXWrWUHGDQJHUHX[SRXUYRWUHVDQWp
%DWWHULHGHFXLVLQHVXUODFXLVLQLqUH
$OXPLQLXPXQHEDWWHULHGHFXLVLQHGHSRLGV
PR\HQHVWUHFRPPDQGpHFDUHOOHFKDXIIH
UDSLGHPHQWHWXQLIRUPpPHQW/DSOXSDUWGHV
DOLPHQWVEUXQLVVHQWXQLIRUPpPHQWGDQVXQH
SRrOHjIULUHG·DOXPLQLXP8WLOLVH]GHVSRrORQV
jFRXYHUFOHVKHUPpWLTXHVHQFXLVLQDQWDYHFGH
SHWLWHVTXDQWLWpVG·HDX
)RQWHVLHOOHVFKDXIIHQWOHQWHPHQWODSOXSDUW
GHVSRrOHVjIULUHSUpVHQWHQWGHVUpVXOWDWV
VDWLVIDLVDQWV
)HUpPDLOOp VRXVFHUWDLQHVFRQGLWLRQV
pPDLOGHFHUWDLQHVEDWWHULHVGHFXLVLQH
SRXUUDLWIRQGUH6XLYH]OHVUHFRPPDQGDWLRQV
GXIDEULFDQWGHEDWWHULHGHFXLVLQHSRXUOHV
PpWKRGHVGHFXLVVRQ
9HUUH LO\DGHX[W\SHVGHEDWWHULHVGHFXLVLQH
GHYHUUH³FHOOHVSRXUOHIRXUVHXOHPHQWHWFHOOHV
SRXUODFXLVVRQVXUODFXLVLQLqUHSRrORQVFDIpHW
WKp/HYHUUHFRQGXLWODFKDOHXUWUqVOHQWHPHQW
&pUDPLTXHGHYHUUHUpVLVWDQWHjODFKDOHXU
VHUWjODFXLVVRQGHVXUIDFHRXDXIRXU(OOH
FRQGXLWODFKDOHXUWUqVOHQWHPHQWHWVHUHIURLGLW
WUqVOHQWHPHQW9pULILH]OHVGLUHFWLYHVGX
IDEULFDQWGHODEDWWHULHGHFXLVLQHSRXUrWUH
FHUWDLQTX·HOOHSXLVVHrWUHXWLOLVpHDYHFOHV
FXLVLQLqUHVDXJD]
$FLHULQR[\GDEOH FHPpWDOVHXODGH
PDXYDLVHVSURSULpWpVSRXUODFKDOHXUHW
HVWQRUPDOHPHQWFRPELQpDYHFOHFXLYUH
DOXPLQLXPRXG·DXWUHVPpWDX[SRXUDPpOLRUHU
ODUpSDUWLWLRQGHFKDOHXU/HVSRrOHVjIULUH
jFRPELQDLVRQGHPpWDX[IRQFWLRQQHQW
QRUPDOHPHQWGHPDQLqUHVDWLVIDLVDQWHVL
HOOHVVRQWXWLOLVpHVjIHXPR\HQVHORQOHV
UHFRPPDQGDWLRQVGXIDEULFDQW

7RXFKH%$.(FXLVVRQ
(QIRQFH]SRXUFKRLVLUODIRQFWLRQGHFXLVVRQ
7RXFKH%52,/+,/2JULOOHUjKDXWHEDVVH
WHPSpUDWXUH
(QIRQFH]SRXUFKRLVLUODIRQFWLRQ¶JULOOH
7RXFKH&219(&7,21%$.(08/7,5$&.
FXLVVRQ
SDU
FRQYH[LRQPXOWLJULOOH

(QIRQFH]SRXUFKRLVLUODFXLVVRQDYHFODIRQFWLRQ
FRQYH[LRQ
7RXFKH&219(&7,2152$67U{WLUSDUFRQYH[LRQ
(QIRQFH]SRXUFKRLVLUGHU{WLUDYHFODIRQFWLRQGH
FRQYH[LRQ
7RXFKH3522)IHUPHQWDWLRQ
(QIRQFH]SRXUFKRLVLUXQHQYLURQQHPHQWFKDXGXWLOH
SRXUOHVSURGXLWVjOHYXUH
7RXFKH67$57GpPDUUHU
'RLWrWUHHQIRQFpHSRXUGpPDUUHUWRXWHIRQFWLRQGH
FXLVLQHRXGHQHWWR\DJH
$IILFKDJH
$IILFKHO·KHXUHODWHPSpUDWXUHGXIRXUVLOHIRXUHVW
HQPRGHGHFXLVVRQJULOODGHRXDXWRQHWWR\DJHHW
OHVKHXUHVUpJOpHVGHODPLQXWHULHRXGHVRSpUDWLRQV
DXWRPDWLTXHVGXIRXU
6L©)²ªHWXQQRPEUHRXXQHOHWWUHFOLJQRWHQWVXU
DIILFKDJHHWVXUOHVVLJQDX[GHFRQWU{OHGXIRXUFHFL
LQGLTXHXQFRGHG·HUUHXUGHIRQFWLRQ(QIRQFH]ODWRXFKH
&/($52))DQQXODWLRQDUUrW/DLVVH]OHIRXUUHIURLGLU
SHQGDQWXQHKHXUH5HPHWWH]OHIRXUHQPDUFKH6LOHFRGH
HUUHXUGHIRQFWLRQVHUpSqWHFRXSH]OHFRXUDQWGXIRXUHW
DSSHOH]SRXUOHIDLUHUpSDUHU
6LYRWUHIRXUpWDLWUpJOpjXQHRSpUDWLRQGXIRXUjPLQXWHULH
HWV·LO\DHXXQHSDQQHGHFRXUDQWKRUORJHHWWRXWHVOHV
IRQFWLRQVSURJUDPPpHVGRLYHQWrWUHUpLQLWLDOLVpV
/·KHXUHFOLJQRWHUDVXUO·DIILFKDJHDSUqVXQHSDQQH
GHFRXUDQW
7RXFKH6(/)&/($167'/2:
DXWRQHWWR\DJHVWGEDV
(QIRQFH]SRXUFKRLVLUODIRQFWLRQDXWRQHWWR\DJH
5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
DXWRQHWWR\DQW
7RXFKH29(1/,*+7212))OXPLqUHGHIRXU
PDUFKHDUUrW
(QIRQFH]SRXUPHWWUHHQPDUFKHRXpWHLQGUH
ODOXPLqUHGXIRXU
7RXFKH'(/$<67$57GpPDUUDJHUHWDUGp
8WLOLVH]DYHFOHVWRXFKHV&22.,1*7,0(
WHPSVGHFXLVVRQRX6(/)&/($167'/2:
DXWRQHWWR\DJHVWGEDVSRXUUpJOHUOHIRXUDILQTX·LO
GpPDUUHHWDUUrWHDXWRPDWLTXHPHQWjXQPRPHQW
SUpDODEOHPHQWFKRLVL
7RXFKH&22.,1*7,0(WHPSVGHFXLVVRQ
(QIRQFH]FHWWHWRXFKHSXLVXWLOLVH]OHVWRXFKHV
QXPpULTXHVSRXUUpJOHUOHWHPSVYRXOXSRXUSUpSDUHUOHV
DOLPHQWV/HIRXUV·pWHLQGUDjODILQGXWHPSVGHFXLVVRQ
7RXFKH&/($52))DQQXODWLRQDUUrW
(QIRQFH]SRXUDQQXOHU7287(6OHVRSpUDWLRQVGX
IRXUVDXIO·KRUORJHODPLQXWHULHHWOHYHUURXLOODJHGHV
FRQWU{OHV
7RXFKH&/2&.KRUORJH
(QIRQFH]DYDQWGHUpJOHUO·KRUORJH
7RXFKHVQXPpULTXHV
8WLOLVH]OHVSRXUUpJOHUWRXWHIRQFWLRQH[LJHDQWGHV
FKLIIUHVFRPPHSRXUKHXUHVXUO·KRUORJHODPLQXWHULH
ODWHPSpUDWXUHGXIRXUODWHPSpUDWXUHLQWHUQHGHV
DOLPHQWVO·KHXUHGHGpPDUUDJHHWODGXUpHG·RSpUDWLRQ
SRXUODFXLVVRQjPLQXWHULHHWO·DXWRQHWWR\DJH
7RXFKH.,7&+(17,0(5212))PLQXWHULH
GHFXLVLQHPDUFKHDUUrW
(QIRQFH]SRXUFKRLVLUODIRQFWLRQGHPLQXWHULH
7RXFKH352%(VRQGH
(QIRQFH]ORUVTXHYRXVXWLOLVH]ODVRQGHSRXUSUpSDUHU
OHVDOLPHQWV
7RXFKH:$50UpFKDXIIHU
(QIRQFH]SRXUJDUGHUOHVDOLPHQWVSUpSDUpVFKDXGV
5HSRUWH]YRXVjODVHFWLRQ&RPPHQWUpJOHUOHIRXU
SRXUUpFKDXIIHU
&21752//2&.287
YHUURXLOODJHGHVFRQWU{OHV
/HYHUURXLOODJHGHVFRQWU{OHVHVWHW(QIRQFH]HW
JDUGH]HQIRQFpHVOHVWRXFKHVHWHQPrPHWHPSV
SHQGDQWVHFRQGHV
8WLOLVH]OHVFRQWU{OHVGXIRXU
'DQVFHPDQXHOOHVIRQFWLRQVHWO·DSSDUHQFHSRXUUDLHQWGLIIpUHUGHYRWUHPRGqOH
)RQFWLRQVHWUpJODJHVGHVFRQWU{OHVGXIRXUGHO·KRUORJHHWGHODPLQXWHULH
/HVIRQFWLRQVHWO·DSSDUHQFHSRXUUDLHQWYDULHU

8WLOLVHUOHIRXU ZZZHOHFWURPHQDJHUVJHFD
3RXUpYLWHUWRXWHEUOXUHSRVVLEOHSODFH]OHVJULOOHVjODSRVLWLRQYRXOXHDYDQWGHPHWWUHOHIRXUHQPDUFKH
$YDQWGHFRPPHQFHU«
/HVJULOOHVRQWGHVEXWpHVGRQFORUVTHOOHVVRQW
SODFpHVFRUUHFWHPHQWHOOHVEORTXHQWDYDQWGH
VRUWLUFRPSOqWHPHQWHWQHVHSHQFKHURQWSDV
(QSODoDQWHWUHWLUDQWOHVFDVVHUROHVVRUWH]OD
JULOOHMXVTX·jFHTX·HOOHEORTXH
/·pOpPHQWFKDXIIDQWVHWURXYHVRXVOHSODQFKHU
GXIRXU1HSODFH]SDVDOLPHQWVVXUODSDUWLH
LQIpULHXUH
GXIRXUSRXUOHVSUpSDUHU
3RXUUHWLUHUXQHJULOOHWLUH]ODYHUVYRXV
SHQFKH]DYDQWYHUVOHKDXWHWVRUWH]
3RXUUHSODFHUSODFH]OHERXWGHODJULOOH
YHUURXVDUUrWVXUOHVXSSRUWSHQFKH]DYDQW
YHUVOHKDXWHWSRXVVH]SRXUODIDLUHHQWUHU
0,6((1*$5'(ORUVTXH
YRXVXWLOLVH]ODJULOOHjODSRVLWLRQODSOXV
EDVVH$IDLWHVDWWHQWLRQORUVTXHYRXVODVRUWH]
1RXVYRXVUHFRPPDQGRQVGHVRUWLUODJULOOHGH
SOXVLHXUVSRXFHVHWHQVXLWHG·XWLOLVHUGHX[
SRLJQpHVGHFXLVLQHSRXUVRUWLUODJULOOHHQOD
WHQDQWSDUOHVF{WpV/DJULOOHHVWEDVVHHWYRXV
SRXYH]YRXVEUOHUVLYRXVPHWWH]ODPDLQDX
PLOLHXHWODVRUWH]HQWLqUHPHQW$WWHQWLRQGHQH
SDVYRXVEUOHUODPDLQVXUODSRUWHHQXWLOLVDQW
ODJULOOHjODSRVLWLRQODSOXVEDVVH$
/HIRXUSRVVqGHSRVLWLRQVGHJULOOH
&RPPHQWUpJOHUOHIRXUSRXUFXLVLQHURXU{WLU
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUODWHPSpUDWXUHYRXOXH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
9pULILH]VLOHVDOLPHQWVVRQWSUrWVDXWHPSV
PLQLPXPGHODUHFHWWH)DLWHVFXLUHSOXV
ORQJWHPSVDXEHVRLQ
(QIRQFH]ODWRXFKH&/($52))
DQQXODWLRQDUUrWjODILQGHODFXLVVRQ
5(0$548(XQYHQWLODWHXUGHUHIURLGLVVHPHQW
VHPHWHQPDUFKHHWV·pWHLQWDXWRPDWLTXHPHQW
SRXUUHIURLGLUOHVSLqFHVLQWHUQHV&HFLHVW
QRUPDOHWOHYHQWLODWHXUSRXUUDLWFRQWLQXHUj
IRQFWLRQQHUPrPHDSUqVTXHOHIRXUVRLWpWHLQW
6LYRXVSUpSDUH]TXDWUHpWDJHVGHJkWHDXjOD
IRLVSODFH]HQGHX[VXUODJULOOH%HWGHX[VXU
ODJULOOH'5pSDUWLVVH]OHVPRXOHVVXUODJULOOH
SRXUTDXFXQG·HQWUHHX[QHVRLWGLUHFWHPHQW
DXGHVVXVGHO·DXWUH
7\SHG·DOLPHQW 3RVLWLRQ
  GHJULOOH
 7DUWHVVXUJHOpHVVXUXQHSODTXHjELVFXLWV &RX'
 *kWHDXGHVDQJHV $
 *kWHDXVDYDULQRXTXDWUHTXDUWV %RX&
 %LVFXLWVVHFVPXIILQVEURZQLHVELVFXLWV &RX'
 SHWLWVJkWHDX[JkWHDX[pWDJpVWDUWHV
 &DVVHUROHV &RX'
 'LQGH $
8WLOLVHUOHIRXU

3UpFKDXIIDJHHWSODFHPHQWGHVPRXOHV
3UpFKDXIIH]OHIRXUVLODUHFHWWHLQGLTXH,OHVW
QpFHVVDLUHGHSUpFKDXIIHUSRXUGHPHLOOHXUV
UpVXOWDWVORUVGHODSUpSDUDWLRQGHJkWHDX[GH
ELVFXLWVVHFVGHSkWLVVHULHVHWGHSDLQ
3RXUSUpFKDXIIHUUpJOH]OHIRXUjODERQQH
WHPSpUDWXUH/HFRQWU{OHIHUDHQWHQGUHXQELS
ORUVTXHOHIRXUHVWSUpFKDXIIpHWDIILFKDJH
LQGLTXHUDODWHPSpUDWXUHFKRLVLH/HWHPSV
GHSUpFKDXIIDJHYDULHUDVHORQOHUpJODJHGH
WHPSpUDWXUH
/HVUpVXOWDWVVHURQWPHLOOHXUVVLOHVPRXOHVVRQW
HQWUpVGDQVOHIRXUDXWDQWTXHSRVVLEOH6LYRXV
SUpSDUH]SOXVXQPRXOHSODFH]OHVSRXUTX·LOV
DLHQWDXPRLQVFPjFPSRjøSR
DLUDXWRXUHX[
1HSODFH]SDVG·DOLPHQWV
GLUHFWHPHQWGDQVOHIRQGGXIRXU
+XPLGLWpGXIRXU
7DQGLVTXHYRWUHIRXUVHUpFKDXIIH
OHFKDQJHPHQWGHWHPSpUDWXUHGHDLUGX
IRXUSHXWIRUPHUGHVJRXWWHOHWWHVG·HDX
VXUOHYHUUHGHODSRUWH&HVJRXWWHOHWWHV
QHVRQWSDVGDQJHUHXVHVHWV·pYDSRUHQW
WDQGLVTXHOHIRXUFRQWLQXHjVHUpFKDXIIHU
3DSLHUDOXPLQLXP
1·XWLOLVH]SDVGHSDSLHUDOXPLQLXPSRXU
FRXYULUOHIRQGGXIRXU/HSDSLHUG·DOXPLQLXP
SLqJHODFKDOHXUHWQXLWjODSHUIRUPDQFHGX
IRXU/HSDSLHUSHXWIRQGUHHWHQGRPPDJHU
GHPDQLqUHSHUPDQHQWHOHIRQGGXIRXU7RXW
GRPPDJHSDUXQHXWLOLVDWLRQLQFRUUHFWHGH
SDSLHUDOXPLQLXPQ·HVWSDVFRXYHUWSDUOD
JDUDQWLHGXSURGXLW
/HSDSLHUG·DOXPLQLXPSHXWrWUHXWLOLVpSRXU
UHFXHLOOLUOHVUHQYHUVHPHQWVHQSODoDQWXQH
IHXLOOHVXUXQHJULOOHLQIpULHXUHjSOXVLHXUV
FHQWLPqWUHVVRXVOHVDOLPHQWVXWLOLVH]SDVSOXV
GHSDSLHUTXHQpFHVVDLUHHWQHFRXYUH]MDPDLV
FRPSOqWHPHQWXQHJULOOHGHIRXUGHSDSLHU
G·DOXPLQLXP*DUGH]OHSDSLHUjDXPRLQV
FPGHVSDURLVGXIRXUSRXUpYLWHUXQH
PDXYDLVHFLUFXODWLRQGHODFKDOHXU

 ZZZHOHFWURPHQDJHUVJHFD
3DQQHGHFRXUDQW
0,6((1*$5'(Q·HVVD\H]
SDVGHIDLUHIRQFWLRQQHUOHIRXUjDOOXPDJH
pOHFWULTXHGXUDQWXQHSDQQHG·pOHFWULFLWp
/HIRXURXOHJULOQHSHXWrWUHDOOXPpGXUDQW
XQHSDQQHGHFRXUDQW/HJD]QHFLUFXOHUDSDV
jPRLQVTXHODEDUUHjLQFDQGHVFHQFHQHVRLW
FKDXGH
6LOHIRXUHVWHQPDUFKHORUVTXHODSDQQH
FRPPHQFHOHEUOHXUGXIRXUVHIHUPHHWQH
SHXWSDVrWUHUDOOXPpDYDQWTXHOHFRXUDQWQH
VRLWUpWDEOL/DFLUFXODWLRQGHJD]HVWDUUrWpH
DXWRPDWLTXHPHQWHWQHUHSUHQGUDSDVDYDQW
TXHOHFRXUDQWQHVRLWUpWDEOLHWTXHODEDUUHj
LQFDQGHVFHQFHDLWDWWHLQWODWHPSpUDWXUHGH
IRQFWLRQQHPHQW
eYHQWGHIRXU
9RWUHIRXUHVWYHQWLOpjWUDYHUVXQpYHQWTXLVH
WURXYHYHUVO·DUULqUHGHODFXLVLQLqUH1HEORTXH]
SDVFHWpYHQWHQFXLVLQDQWGDQVOHIRXU,OHVW
LPSRUWDQWTXHOHFRXUDQWG·DLUFKDXGGXIRXU
HWO·DLUIUDLVGXEUOHXUGXIRXUFLUFXOHVDQV
LQWHUUXSWLRQeYLWH]GHWRXFKHUOHVRXYHUWXUHV
G·pYHQWRXOHVVXUIDFHVDYRLVLQDQWHVWDQGLV
TXHOHIRXURXOHJULOHVWDOOXPpFDULOV
SRXUUDLHQWrWUHFKDXGV
/HVSRLJQpHVGHVFDVVHUROHVVXUODVXUIDFH
GHFXLVVRQSHXYHQWGHYHQLUFKDXGHVVLRQOHV
ODLVVHWURSSUqVGHO·pYHQW
1HODLVVH]SDVG·DUWLFOHVGHSODVWLTXHVXU
ODVXUIDFHGHFXLVVRQLOVSHXYHQWIRQGUH
V·LOVVRQWWURSSUqVGHO·pYHQW
1HODLVVH]DXFXQDUWLFOHVXUODVXUIDFH
GHFXLVVRQ/·DLUFKDXGGHO·pYHQWSRXUUDLW
HQIODPPHUOHVDUWLFOHVLQIODPPDEOHVHW
DXJPHQWHUDODSUHVVLRQGDQVGHVFRQWHQDQWV
IHUPpVFHTXLSRXUUDLWOHVIDLUHpFODWHU
/HVDUWLFOHVGHPpWDOGHYLHQQHQWWUqVFKDXGV
V·LOVVRQWODLVVpVVXUODVXUIDFHGHFXLVVRQHWLOV
SHXYHQWSURYRTXHUGHVEUOXUHV

8WLOLVDWLRQGXIRXU
&RPPHQWUpJOHUOHIRXUjJULOOHU
,03257$17SRXUpYLWHUOHVEUOXUHVSRVVLEOHV
SODFH]OHVWDEOHWWHVjODSRVLWLRQYRXOXHDYDQW
DOOXPHUOHIRXU
'pSRVH]ODYLDQGHRXOHSRLVVRQVXU
XQHJULOOHG·XQHOqFKHIULWHFRQoXHSRXUOD
JULOODGH
6XLYH]OHVSRVLWLRQVGHJULOOHVVXJJpUpHV
GDQVOH*XLGHSRXUJULOOHU
/DSRUWHGXIRXUGRLWrWUHIHUPpHSHQGDQW
TXHOHVDOLPHQWVJULOOHQW
(QIRQFH]ODWRXFKH%52,/+,/2JULOOHUj
KDXWHEDVVHWHPSpUDWXUHXQHIRLVSRXU
+,%URLOJULOOHUjKDXWHWHPSpUDWXUH

3RXUSDVVHUj/2%URLOJULOOHUjEDVVH
WHPSpUDWXUHHQIRQFH]ODWRXFKH
%52,/+,/2JULOOHUjKDXWHEDVVH
WHPSpUDWXUHjQRXYHDX

8WLOLVH]/2%URLOJULOOHUjEDVVHWHPSpUDWXUH
SRXUELHQSUpSDUHUGHVDOLPHQWVWHOVTXH
YRODLOOHVRXFRXSHVpSDLVVHVVDQVWURSEUXQLU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$SUqVDYRLUJULOOpHQIRQFH]ODWRXFKH&/($5
2))DQQXODWLRQDUUrW
6HUYH]LPPpGLDWHPHQWOHVDOLPHQWVHWODLVVH]
UHIURLGLUODOqFKHIULWHjH[WpULHXUGXIRXUGXUDQWOH
UHSDVSRXUIDFLOLWHUOHQHWWR\DJH
5(0$548(
JULOOHUQHIRQFWLRQQHSDVVLODVRQGH
GHWHPSpUDWXUHHVWEUDQFKpH
/DWDLOOHOHSRLGV
O·pSDLVVHXUODWHPSpUDWXUH
GHGpPDUUDJHHWYRWUH
SUpIpUHQFHGHFXLVVRQ
DIIHFWHURQWOHWHPSV
GHSUpSDUDWLRQ
&HJXLGHHVWpWDEOL
jSDUWLUGHYLDQGHV
jODWHPSpUDWXUH
GXUpIULJpUDWHXU
/HPLQLVWqUHGHO·DJULFXOWXUH
GHVe8DIILUPHTXH©OHE±XI
VDLJQDQWHVWSRSXODLUHPDLVYRXV
GHYULH]YRXVUDSSHOHUTXHGHOH
SUpSDUHUjVHXOHPHQW&
)VLJQLILHTXHFHUWDLQVRUJDQLVPHV
G·HPSRLVRQQHPHQWDOLPHQWDLUH
SRXUUDLHQWVXUYLYUHª6RXUFH
6DIH)RRG%RRN<RXU.LWFKHQ
*XLGH86'$UpYHQMXLQ
  4XDQWLWpHWRX 3RVLWLRQ 3UHPLHUF{Wp 6HFRQGF{Wp
 $OLPHQW pSDLVVHXU JULOOH 7HPSVPLQ 7HPSVPLQ &RPPHQWDLUHV
 %±XIKDFKp
FPjFP
SRjSRpSDLVVHXU
 '   (VSDFH]XQLIRUPpPHQW
 6WHDNVGHE±XI
 6DLJQDQW
FPjFP
SRjSRpSDLVVHXU
 )  
/HVVWHDNVGHPRLQVGHFP
SR
 SRLQW
NJjNJjøOEV
 (  
pSDLVVRQWGLIILFLOHVSRXUSUpSDUHU
 %LHQFXLW (  
VDLJQDQW
  ,QFLVH]OHJUDV
 6DLJQDQW FP SRpSDLVVHXU (  
 SRLQW
NJjNJjøOEV
 (  
 %LHQFXLW '  
3RXOHW FRPSOHWGpFRXSp &   %URVVH]FKDTXHF{WpGHEHXUUH
 
NJjNJjøOEV
   IRQGX*ULOOHUSHDXYHUV
  VpSDUpHQORQJXHXU OHEDVG·DERUG
  3RLWULQH &  
3URGXLWGHERXODQJHULH
 
 3DLQJULOOp jWUDQFKHV )   (VSDFH]XQLIRUPpPHQW
0XIILQDQJODLV VpSDUp ) ² 3ODFH]OHVPXIILQVDQJODLVFRXSpV
  YHUVOHKDXWHWEDGLJHRQQH]
  GHEHXUUHVLGpVLUp
4XHXHVGH j & ² 1HSDV &RXSH]jWUDYHUVODFRTXLOOH
KRPDUG UHWRXUQHU 2XYUH]
  %DGLJHRQQH]GHEHXUUHIRQGX
  DYDQWGHJULOOHUHWDSUqVODPRLWLp
  GHODFXLVVRQ
 )LOHWVGHSRLVVRQ
NJOEFPjFP
 (   0DQLSXOH]HWWRXUQH]WUqV
   SRj
 SR pSDLVVHXU  GpOLFDWHPHQW%DGLJHRQQH]
  GHEHXUUHFLWURQQpDYDQW
  HWGXUDQWODFXLVVRQVLGpVLUp
 6DXPRQ
 6WHDNV FP pSDLVVHXU (   7RXUQH]DYHFVRLQ SR
 )LOHWV FPjFP (  1HWRXUQH]SDVDYHFODSHDX
   SRj
SRpSDLVVHXU  YHUVOHEDV
7UDQFKHVGHMDPERQ
 FPSRpSDLVVHXU '  
 SUpFXLW FP SRpSDLVVHXU '  
&{WHOHWWHVGHSRUF FP
SRpSDLVVHXU '   ,QFLVH]OHJUDV
 %LHQFXLW
FPSRpSDLVVHXU
' 
 
HQYLURQNJOE
&{WHOHWWHVG·DJQHDX
 SRLQW FPSRpSDLVVHXU (   ,QFLVH]OHJUDV
 %LHQFXLW
HQYLURQJjJjR]
 ( 
 SRLQW FPøSRpSDLVVHXU ( 
 %LHQFXLW HQYLURQNJOE (  
*XLGHSRXUJULOOHU
8WLOLVHUO·KRUORJHODPLQXWHULHHW
OHYHUURXLOODJHGHVFRQWU{OHV ZZZHOHFWURPHQDJHUVJHFD
3RXUUpJOHUO·KRUORJH
/·KRUORJHGRLWrWUHUpJOpHjODERQQHKHXUHSRXU
TXHOHVIRQFWLRQVGHPLQXWHULHDXWRPDWLTXH
GXIRXUIRQFWLRQQHQWFRUUHFWHPHQWKHXUHQH
SHXWSDVrWUHFKDQJpHGXUDQWXQHFXLVVRQj
PLQXWHULHRXXQF\FOHG·DXWRQHWWR\DJH
(QIRQFH]ODWRXFKH&/2&.KRUORJH
(QIRQFH]OHVWRXFKHVQXPpULTXHV
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$VVXUH]YRXVTXHO·KRUORJHVRLW
UpJOpHjODERQQHKHXUH
3RXUUpJOHUODPLQXWHULH
(QIRQFH]ODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrW
(QIRQFH]OHVWRXFKHVQXPpULTXHVMXVTX·j
FHTXHOHWHPSVYRXOXV·DIILFKH3DU
H[HPSOHSRXUUpJOHUKHXUHVHW
PLQXWHVHQIRQFH]OHVWRXFKHVHW
GDQVFHWRUGUH6LYRXVIDLWHVXQHHUUHXU
HQIRQFH]ODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrW
HWUHFRPPHQFH]
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$SUqVDYRLUHQIRQFpODWRXFKH67$57
GpPDUUHU6(7UpJOHUGLVSDUDvWFHTXL
YRXVLQGLTXHTXHOHFRPSWHjUHERXUV
HVWFRPPHQFpELHQTXHDIILFKDJHQH
FKDQJHTDSUqVXQHPLQXWH/HVVHFRQGHV
DSSDUDvWURQWSDVDYDQWODGHUQLqUHPLQXWHGX
FRPSWHjUHERXUV
/RUVTXHODPLQXWHULHDWWHLQW
OHFRQWU{OHIHUDHQWHQGUHELSVVXLYLVG·XQ
ELSWRXWHVOHVVHFRQGHVMXVTX·jFHTXH
YRXVHQIRQFLH]ODWRXFKH.,7&+(17,0(5
212))PLQXWHULHGHFXLVLQHPDUFKH
DUUrW
/DWRQDOLWpGHVHFRQGHVSHXWrWUHDQQXOpH
HQVXLYDQWOHVpWDSHVGHVIRQFWLRQVVSpFLDOHV
GHODVHFWLRQGHFRQWU{OHGHYRWUHIRXUVRXV
7RQDOLWpVjODILQXQF\FOHDYHFODPLQXWHULH
/DPLQXWHULHFRPSWHOHVPLQXWHV
VHXOHPHQW
(OOHQHFRQWU{OHSDVOHVRSpUDWLRQV
GXIRXU/HUpJODJHPD[LPXP
GHODPLQXWHULHHVWGHKHXUHV
HWPLQXWHV
3RXUUpLQLWLDOLVHUODPLQXWHULH
6LDIILFKDJHLQGLTXHHQFRUHOHWHPSVUHVWDQW
YRXVSRXYH]OHFKDQJHUHQHQIRQoDQWODWRXFKH
.,7&+(17,0(5212))PLQXWHULHGHFXLVLQH
PDUFKHDUUrWSXLVOHVWRXFKHVQXPpULTXHV
MXVTX·jFHTXHO·KHXUHYRXOXHV·DIILFKH
6LOHWHPSVUHVWDQWHVWSDVDIILFKpKRUORJH
GpPDUUDJHUHWDUGpRXWHPSVGHFXLVVRQQH
VRQWSDVDIILFKpVUDSSHOH]OHWHPSVUHVWDQW
HQHQIRQoDQWODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrWHWHQ
HQIRQoDQWHQVXLWHOHVWRXFKHVQXPpULTXHVSRXU
HQWUHUOHQRXYHDXWHPSVYRXOX
3RXUDQQXOHUODPLQXWHULH
(QIRQFH]ODWRXFKH.,7&+(17,0(5212))
PLQXWHULHGHFXLVLQHPDUFKHDUUrWGHX[IRLV
9RWUHFRQWU{OHYRXVSHUPHWGHYHUURXLOOHUOHV
WRXFKHVSRXUTX·HOOHVQHSXLVVHQWSDVrWUH
DFWLYpHVHQOHVHQIRQoDQW
3RXUYHUURXLOOHUGpYHUURXLOOHUOHVFRQWU{OHV
(QIRQFH]OHVWRXFKHVHWHQPrPH
WHPSVSHQGDQWVHFRQGHVMXVTjFHTXH
DIILFKDJHLQGLTXH/2&21YHUURXHQ
SODFH
3RXUGpYHUURXLOOHUOHFRQWU{OHHQIRQFH]OHV
WRXFKHVHWHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTjFHTXHO·DIILFKDJH
LQGLTXH/2&2))YHUURXHQOHYp
/RUVTXHFHWWHIRQFWLRQHVWDFWLYpHHWORUVTXH
YRXVHQIRQFH]OHVWRXFKHVOHFRQWU{OHIHUD
HQWHQGUHXQELSVRQRUHHWO·DIILFKDJHLQGLTXHUD
/2&21YHUURXHQSODFH
/HPRGHGHYHUURXLOODJHGHVFRQWU{OHV
DIIHFWHWRXWHVOHVWRXFKHV$XFXQHWRXFKH
QHIRQFWLRQQHUDORUVTXHFHWWHIRQFWLRQHVW
DFWLYpH
/·DMXVWHPHQWVHUDFRQVHUYpHQPpPRLUH
DSUqVXQHSDQQHG·pOHFWULFLWp
/RFNRXWYHUURXLOODJHGHVFRQWU{OHV


8WLOLVDWLRQGHVIRQFWLRQVSRXUFXLVLQHUHWU{WLUDYHFODPLQXWHULH
VXUFHUWDLQHVPRGqOHV
5(0$548(OHVDOLPHQWVTXLVHJkWHQWIDFLOHPHQW³FRPPHOHODLWOHVRHXIVOHSRLVVRQODIDUFHODYRODLOOHHWOHSRUF³
QHGHYUDLHQWSDVUHVWHUVRUWLVSHQGDQWSOXVG·XQHKHXUHDYDQWRXDSUqVODFXLVVRQ/DWHPSpUDWXUHDPELDQWHIDYRULVH
ODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV$VVXUH]YRXVTXHODOXPLqUHGXIRXUVRLWpWHLQWHFDUODFKDOHXUGHO·DPSRXOH
IDYRULVHUDODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV
&RPPHQWUpJOHUXQGpPDUUDJHLPPpGLDWHWXQDUUrWDXWRPDWLTXH
/HIRXUDOOXPHUDLPPpGLDWHPHQWHWIHUDFXLUH
SHQGDQWXQHGXUpHFKRLVLHODILQGXWHPSVGH
FXLVVRQOHIRXUpWHLQGUDDXWRPDWLTXHPHQW
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODWHPSpUDWXUHYRXOXH
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSV
GHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUH
DMRXWHUGXWHPSVGHFXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHV
HWHQWUH]ODGXUpHGHFXLVVRQYRXOXH/D
WHPSpUDWXUHGXIRXUHWOHWHPSVGH
FXLVVRQHQWUpVVHURQWDIILFKpV
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/·DIILFKDJHLQGLTXHUDOHFKDQJHPHQW
GHWHPSpUDWXUHHQFRPPHQoDQWj
&>)@HWOHWHPSVGHFXLVVRQ
/·DIILFKDJHFRPPHQFHUDjFKDQJHU
ORUVTXHODWHPSpUDWXUHDWWHLQW&
)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQW
OHWHPSVSURJUDPPpSXLVV·DUUrWHUD
DXWRPDWLTXHPHQWjPRLQVTXHODIRQFWLRQ
:$50UpFKDXIIHUQ·DLWpWpDFWLYpH5HSRUWH]
YRXVjODVHFWLRQ&RPPHQWUpJOHUOHIRXUSRXU
UpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUO·DIILFKDJH
&RPPHQWUpJOHUXQGpPDUUDJHUHWDUGpHWXQDUUrWDXWRPDWLTXH
9RXVSRXYH]UpJOHUOHFRQWU{OHGXIRXUSRXU
UHWDUGHUOHGpPDUUDJHGXIRXUFXLUHSHQGDQW
XQFHUWDLQWHPSVSUpFLVSXLVV·pWHLQGUH
DXWRPDWLTXHPHQW
$VVXUH]YRXVTXHKRUORJHPRQWUHODERQQH
KHXUH
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODWHPSpUDWXUHYRXOXH
(QIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUH
DMRXWHUGXWHPSVGHFXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODGXUpHGHFXLVVRQYRXOXH
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGp
8WLOLVH]OHVWRXFKHVQXPpULTXHVHQWUH]
KHXUHjODTXHOOHYRXVGpVLUH]TXHOHIRXU
V·DOOXPHHWFRPPHQFHODFXLVVRQ
(QIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(XQHWRQDOLWpVHIHUDHQWHQGUH
VLYRXVXWLOLVH]ODFXLVVRQjPLQXWHULHHWQH
WRXFKH]SDVODWRXFKH DSUqV67$57GpPDUUHU
DYRLUHQWUpODWHPSpUDWXUHGHFXLVVRQ
6LYRXVGpVLUH]YpULILHUOHVKHXUHVUpJOpHV
HQIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGpSRXUYpULILHUO·KHXUHGHGpPDUUDJH
UpJOpRXHQIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQSRXUYpULILHUODGXUpHGH
FXLVVRQUpJOpH
/RUVTXHOHIRXUV·DOOXPHjO·KHXUHUpJOpH
DIILFKDJHLQGLTXHUDOHFKDQJHPHQWGH
WHPSpUDWXUHHQFRPPHQoDQWj&
>)@HWOHWHPSVGHFXLVVRQDIILFKDJH
FRPPHQFHUDjFKDQJHUORUVTXHODWHPSpUDWXUH
DWWHLQW&)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQWOHWHPSV
SURJUDPPpSXLVV·DUUrWHUDDXWRPDWLTXHPHQW
jPRLQVTXHODIRQFWLRQ:$50UpFKDXIIHU
DLWpWpDFWLYpH5HSRUWH]YRXVjODVHFWLRQ
&RPPHQWUpJOHUOHIRXUSRXUUpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUO·DIILFKDJH
8WLOLVHUGHVVRQGHVDXWUHVTXHFHOOHIRXUQLH
DYHFFHSURGXLWSRXUUDLWHQGRPPDJHUODVRQGH
RXOHFRQWU{OHGXIRXU
8WLOLVH]OHVSRLJQpHVGHODVRQGHHWGHODILFKH
HQOHVLQVpUDQWHWOHVUHWLUDQWGHVDOLPHQWVHWGH
ODSULVH
3RXUpYLWHUG·HQGRPPDJHUODVRQGH
XWLOLVH]SDVGHSLQFHVSRXUWLUHUOHFkEOH
HQOHUHWLUDQW
3RXUpYLWHUGHEULVHUODVRQGHDVVXUH]
YRXVTXHOHVDOLPHQWVVRQWELHQGpJHOpV
DYDQWGHO·LQVpUHU
3RXUpYLWHUOHVEUOXUHVSRVVLEOHV
QHGpEUDQFKH]SDVODVRQGHGHODSULVH
DYDQWTXHOHIRXUQHVRLWUHIURLGL
1HODLVVH]MDPDLVODVRQGHjO·LQWpULHXUGX
IRXUGXUDQWXQF\FOHG·DXWRQHWWR\DJH
1HUDQJH]SDVODVRQGHGDQVOHIRXU
,QVpUH]ODVRQGHGDQVO·DOLPHQW
%UDQFKH]ODVRQGHGDQVODSULVHGXIRXU
$VVXUH]YRXVGHODSRXVVHUHQWLqUHPHQW
)HUPH]ODSRUWHGXIRXU$VVXUH]YRXVTXH
OHFkEOHGHODVRQGHQHWRXFKHSDV
pOpPHQWGXJULO
(QIRQFH]ODWRXFKH352%(VRQGH
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHLQWpULHXUHGpVLUpH
SRXUOHVDOLPHQWVRXODYLDQGH/D
WHPSpUDWXUHLQWHUQHPD[LPXPGH
DOLPHQWTXHYRXVSRXYH]UpJOHUHVWGH
&)
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHYRXOXHGXIRXU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/·DIILFKDJHFOLJQRWHUDVLODVRQGHHVWLQVpUpH
GDQVODSULVHHWVLYRXVDYH]SDVUpJOpGH
WHPSpUDWXUHGHVRQGHHWHQIRQFpODWRXFKH
67$57GpPDUUHU
/RUVTXHODWHPSpUDWXUHLQWHUQHGHO·DOLPHQW
DWWHLQW&)ODWHPSpUDWXUHLQWHUQH
FKDQJHDQWHDIILFKHUD
/RUVTXHODWHPSpUDWXUHLQWHUQHGHV
DOLPHQWVDWWHLQWOHFKLIIUHUpJOpODVRQGHHW
OHIRXUpWHLJQHQWHWOHFRQWU{OHGXIRXU
pPHWXQVLJQDO3RXUDUUrWHUOHVLJQDO
HQIRQFH]ODWRXFKH&/($52))
DQQXODWLRQDUUrW8WLOLVH]GHVSRLJQpHV
FKDXGHVSRXUUHWLUHUODVRQGHGHV
DOLPHQWV1·XWLOLVH]SDVGHSLQFHVSRXUOD
UHWLUHUFDUFHODSRXUUDLWOHVHQGRPPDJHU
3RXUFKDQJHUODWHPSpUDWXUHGXIRXUGXUDQWOH
F\FOH5{WLUHQIRQFH]ODWRXFKH%$.(FXLVVRQHW
HQVXLWHOHVWRXFKHVQXPpULTXHVSRXUUpJOHUOD
QRXYHOOHWHPSpUDWXUH
6LODVRQGHHVWUHWLUpHGHDOLPHQWDYDQW
TXHODWHPSpUDWXUHILQDOHQHVRLWDWWHLQWH
YRXVHQWHQGUH]XQHWRQDOLWpHWDIILFKDJH
FOLJQRWHUDMXVTjFHTXHODVRQGHVRLWUHWLUpH
GXIRXU
9RXVSRXYH]XWLOLVHUODPLQXWHULHPrPHVL
YRXVQHSRXYH]SDVXWLOLVHUOHVRSpUDWLRQVGX
IRXUjPLQXWHULHHQXWLOLVDQWODVRQGH

8WLOLVHUODVRQGH ZZZHOHFWURPHQDJHUVJHFD
3RXUGHQRPEUHX[DOLPHQWVWRXWSDUWLFXOLqUHPHQWOHVU{WLVHWODYRODLOOHODWHPSpUDWXUHLQWHUQHGHVDOLPHQWVHVWOHPHLOOHXUPR\HQGH
VDYRLUV·LOVVRQWSUrWV/DVRQGHGHWHPSpUDWXUHSHUPHWGHQHSOXVWHQWHUGHGHYLQHUVLOHVDOLPHQWVU{WLVVRQWELHQFXLWV
/DVRQGHGHWHPSpUDWXUHSRVVqGH
XQFDSWHXUUHVVHPEODQWjXQH
EURFKHWWHjXQHH[WUpPLWpHWXQH
ILFKHjO·DXWUHF·HVWFHTXLSpQqWUH
GDQVODSULVHGXIRXU
$SUqVDYRLUSUpSDUpODYLDQGHHWO·DYRLUSODFpH
VXUXQHJULOOHGDQVXQHOqFKHIULWHFRQoXHSRXU
ODJULOODJHVXLYH]OHVpWDSHVFLGHVVRXVSRXU
ELHQSRVLWLRQQHUODVRQGH
,QVpUH]HQWLqUHPHQWODVRQGHGDQVODYLDQGH
(OOHQHGHYUDLWSDVWRXFKHURVOHJUDVRXOH
FDUWLODJH
3RXUOHVU{WLVVDQVRVLQVpUH]ODVRQGHGDQV
ODSDUWLHD\DQWOHSOXVGHFKDLUGXU{WL3RXUOH
MDPERQRXO·DJQHDXjRVLQVpUH]ODVRQGHDX
FHQWUHGXPXVFOHODUJHOHSOXVEDV
,QVpUH]ODVRQGHDXFHQWUHGHSODWVWHOVTXHSDLQ
GHYLDQGHRXPHWVHQFRFRWWH
,QVpUH]ODVRQGHGDQVODSDUWLHD\DQWOHSOXVGH
FKDLUGHO·LQWpULHXUGHODFXLVVHGXGHVVRXVHW
SDUDOOqOHjODFXLVVHG·XQHGLQGHFRPSOqWH
&RPPHQWUpJOHUOHIRXUSRXUU{WLUHQXWLOLVDQWODVRQGH
)LFKH
3RLJQpHV
&kEOH
6RQGH

3XLVTXHO·DLUUpFKDXIIpFLUFXOHXQLIRUPpPHQW
GDQVOHIRXUOHVDOLPHQWVSHXYHQWrWUHSUpSDUpV
DYHFH[FHOOHQWVUpVXOWDWVHQXWLOLVDQWSOXVLHXUV
JULOOHV
/DFXLVVRQjSOXVLHXUVJULOOHVSHXWDXJPHQWHU
XQSHXOHWHPSVGHFXLVVRQSRXUFHUWDLQV
DOLPHQWVPDLVGDQVO·HQVHPEOHHOOHUpGXLWOH
WHPSV/HVELVFXLWVOHVPXIILQVOHVELVFXLWV
VHFVHWDXWUHVSDLQVUDSLGHVGRQQHQWGHERQV
UpVXOWDWVDYHFODFXLVVRQjSOXVLHXUVJULOOHV
(QFXLVLQDQWDYHFJULOOHVSODFH]HQXQH
GDQVODTXDWULqPHSRVLWLRQ'XQHGDQVOD
FLQTXLqPHSRVLWLRQ(HWXQHGDQVODVL[LqPH
SRVLWLRQ)6LOHVFDVVHUROHVQ·HQWUHQWSDV
XWLOLVH]OHVSRVLWLRQV%'HW)GHVJULOOHV
8WLOLVHUOHIRXUjFRQYH[LRQ
$GDSWDWLRQGHVUHFHWWHV«
9RXVSRXYH]XWLOLVHUYRVUHFHWWHVSUpIpUpHV
GDQVOHIRXUjFRQYH[LRQ
3RXUFHWWHFXLVVRQODIRQFWLRQGHFRQYHUVLRQ
$XWR5HFLSHUpGXLWDXWRPDWLTXHPHQWOD
WHPSpUDWXUHGHFXLVVRQUpJXOLqUHSDUOD
WHPSpUDWXUHUHFRPPDQGpHGH&)
5HSRUWH]YRXVjOD&RQYHUVLRQ$XWR5HFLSH
GHODVHFWLRQGH)RQFWLRQV6SpFLDOHV
8WLOLVH]ODWDLOOHGHFDVVHUROH
UHFRPPDQGpH
&HUWDLQHVLQVWUXFWLRQVG·HPEDOODJH
DOLPHQWVHQFRFRWWHVXUJHOpVRXGHSODWV
SULQFLSDX[RQWpWpGpYHORSSpHVHQXWLOLVDQW
OHVIRXUVjFRQYH[LRQFRPPHUFLDX[
3RXUGHPHLOOHXUVUpVXOWDWVGDQVFHIRXU
SUpFKDXIIH]OHHWXWLOLVH]ODWHPSpUDWXUH
VXUHPEDOODJH
9HQWLODWHXUGHFRQYH[LRQ
'DQVXQIRXUjFRQYH[LRQLO\DXQ
YHQWLODWHXUTXLIDLWFLUFXOHUO·DLUFKDXG
DXGHVVXVVRXVHWDXWRXUGHVDOLPHQWV
&HWDLUFKDXGHVWUpSDUWLXQLIRUPpPHQW
GDQVO·HQVHPEOHGHODFDYLWpGXIRXU
$LQVLOHVDOLPHQWVFXLVHQWHWEUXQLVVHQW
XQLIRUPpPHQW³VRXYHQWHQPRLQVGH
WHPSVDYHFODFKDOHXUGHFRQYH[LRQ
5(0$548(XQYHQWLODWHXUGHFRQYH[LRQ
V·DOOXPHHWV·pWHLQWSHQGDQWODFXLVVRQSRXU
PLHX[UpSDUWLUDLUFKDXGGDQVOHIRXU
/HYHQWLODWHXUGXIRXUjFRQYH[LRQV·pWHLQW
ORUVTXHODSRUWHGXIRXUHVWRXYHUWH
&XLVVRQjFRQYH[LRQjPXOWLJULOOHV
3RVLWLRQjPXOWLJULOOHV
/HYHQWLODWHXUGHFRQYH[LRQIDLWFLUFXOHU
XQLIRUPpPHQWDLUUpFKDXIIpDXGHVVXV
HWDXWRXUGHVDOLPHQWV
3RXUODFXLVVRQjFRQYH[LRQDYHFXQH
VHXOHJULOOHXWLOLVH]OHVSRVLWLRQVGHVJULOOHV
UHFRPPDQGpHVGDQVODVHFWLRQ8WLOLVDWLRQGX
IRXU
,GpDOSRXUEUXQLUXQLIRUPpPHQWOHV
DOLPHQWVFXLWVVXUJULOOHHWSRXUOHVODUJHV
DOLPHQWV9RXVSRXYH]UHPDUTXHUDXVVL
XQHFHUWDLQHUpGXFWLRQGHWHPSV
%RQVUpVXOWDWVSRXUOHVELVFXLWVVHFVOHV
ELVFXLWVOHVPXIILQVOHVEURZQLHVOHVSHWLWV
JkWHDX[OHVFKRX[jODFUqPHOHVEULRFKHVOH
JkWHDXGHVDQJHVHWOHSDLQ
&XLVVRQjFRQYH[LRQjJULOOH

8WLOLVHUOHVIRQFWLRQVjPLQXWHULHSRXUODFXLVVRQjFRQYH[LRQ
9RXVHQWHQGUH]XQYHQWLODWHXUHQFXLVLQDQWDYHFFHVIRQFWLRQV/HYHQWLODWHXUV·DUUrWHVLODSRUWHHVWRXYHUWH
PDLVODFKDOHXUFRQWLQXHUD
5(0$548(OHVDOLPHQWVTXLVHJkWHQWIDFLOHPHQFRPPHOHODLWOHVRHXIVOHSRLVVRQODIDUFHODYRODLOOHHWOHSRUF³
QHGHYUDLHQWSDVUHVWHUVRUWLVSHQGDQWSOXVG·XQHKHXUHDYDQWRXDSUqVODFXLVVRQ/DWHPSpUDWXUHDPELDQWHIDYRULVH
ODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV$VVXUH]YRXVTXHODOXPLqUHGXIRXUVRLWpWHLQWHFDUODFKDOHXUGHO·DPSRXOH
IDYRULVHUDODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV
&RPPHQWUpJOHUXQGpPDUUDJHLPPpGLDWHWXQDUUrWDXWRPDWLTXH
/HIRXUDOOXPHUDLPPpGLDWHPHQWHWIHUDFXLUH
SHQGDQWXQHGXUpHFKRLVLHODILQGXWHPSVGH
FXLVVRQOHIRXUpWHLQGUDDXWRPDWLTXHPHQW
$VVXUH]YRXVTXHKRUORJHPRQWUHODERQQH
KHXUH

(QIRQFH]ODWRXFKH&219(&7,21%$.(
08/7,5$&.FXLVVRQFRQYH[LRQPXOWL
JULOOHRX&219(&7,2152$67U{WLU
FRQYH[LRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
ODWHPSpUDWXUHYRXOXHGXIRXU
(QIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUHDMRXWHU
GXWHPSVGHFXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUODGXUpHGHFXLVVRQYRXOXH/HWHPSV
GHFXLVVRQPLQLPXPTXHYRXVSRXYH]UpJOHU
HVWGHPLQXWH/DWHPSpUDWXUHGXIRXUTXH
YRXVUpJOH]HWOHWHPSVGHFXLVVRQHQWUpV
V·DIILFKHURQW
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/·DIILFKDJHLQGLTXHUDOHFKDQJHPHQWGH
WHPSpUDWXUHHQFRPPHQoDQWj&>)@
HWOHWHPSVGHFXLVVRQDIILFKDJHFRPPHQFHUD
jFKDQJHUORUVTXHODWHPSpUDWXUHDWWHLQW&
)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQWOHWHPSV
SURJUDPPpSXLVV·DUUrWHUDDXWRPDWLTXHPHQWj
PRLQVTXHODIRQFWLRQ:$50UpFKDXIIHUQHVRLW
UpJOpH
5HSRUWH]YRXVjODVHFWLRQ&RPPHQWUpJOHUOHIRXU
SRXUUpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUO·DIILFKDJHDXEHVRLQ
5HWLUH]OHVDOLPHQWVGXIRXU5DSSHOH]YRXV
TXHELHQTXHOHIRXUV·pWHLJQH
DXWRPDWLTXHPHQWOHVDOLPHQWVTXLUHVWHQW
GDQVOHIRXUFRQWLQXHURQWjFXLUHDSUqVTXH
OHIRXUVRLWpWHLQW
28

 ZZZHOHFWURPHQDJHUVJHFD
&RPPHQWUpJOHUXQGpPDUUDJHUHWDUGpHWXQDUUrWDXWRPDWLTXH
9RXVSRXYH]UpJOHUOHFRQWU{OHGXIRXUSRXU
UHWDUGHUOHGpPDUUDJHGXIRXUFXLUHSHQGDQWXQ
WHPSVSUpFLVSXLVV·pWHLQGUHDXWRPDWLTXHPHQW
$VVXUH]YRXVTXHO·KRUORJHPRQWUHODERQQH
KHXUH

(QIRQFH]ODWRXFKH&219(&7,21%$.(
08/7,5$&.FXLVVRQFRQYH[LRQPXOWL
JULOOHRX&219(&7,2152$67U{WLU
FRQYH[LRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
ODWHPSpUDWXUHYRXOXHGXIRXU
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSV
GHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUHDMRXWHU
GXWHPSVGHFXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUOHWHPSVGHFXLVVRQYRXOX
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGp
8WLOLVH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
KHXUHjODTXHOOHYRXVGpVLUH]TXHOHIRXU
V·DOOXPHHWFRPPHQFHODFXLVVRQ
6LYRXVGpVLUH]YpULILHUOHVKHXUHVUpJOpHV
HQIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGpSRXUYpULILHUO·KHXUHGHGpPDUUDJHUpJOp
RXHQIRQFH]ODWRXFKH&22.,1*7,0(WHPSVGH
FXLVVRQSRXUYpULILHUODGXUpHGHFXLVVRQUpJOpH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(XQHWRQDOLWpVHIHUDHQWHQGUHVLYRXV
XWLOLVH]ODFXLVVRQjPLQXWHULHHWQHWRXFKH]SDV
ODWRXFKH67$57GpPDUUHUDSUqVDYRLUHQWUpOD
WHPSpUDWXUHSRXUFXLUHRXU{WLU
/RUVTXHOHIRXUDOOXPHjO·KHXUHUpJOpH
DIILFKDJHLQGLTXHUDOHFKDQJHPHQWGH
WHPSpUDWXUHHQFRPPHQoDQWj&)
HWOHWHPSVGHFXLVVRQ/·DIILFKDJHFRPPHQFHUDj
FKDQJHUORUVTXHODWHPSpUDWXUHDWWHLQGUD
&)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQWODGXUpH
SURJUDPPpHSXLVDUUrWHUDDXWRPDWLTXHPHQWj
PRLQVTXHODIRQFWLRQ QHVRLW:$50UpFKDXIIHU
UpJOpH5HSRUWH]YRXVjODVHFWLRQ&RPPHQWUpJOHU
OHIRXUSRXUUpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUDIILFKDJHDXEHVRLQ
5HWLUH]OHVDOLPHQWVGXIRXU5DSSHOH]YRXV
TXHELHQTXHOHIRXUV·pWHLJQH
DXWRPDWLTXHPHQWOHVDOLPHQWVTXLUHVWHQW
GDQVOHIRXUFRQWLQXHURQWjFXLUHDSUqVTXH
OHIRXUVRLWpWHLQW
28

8WLOLVHUOHIRXUjFRQYH[LRQ
&RPPHQWUpJOHUOHIRXUSRXUU{WLUjFRQYH[LRQHQXWLOLVDQWO
/HPRW FOLJQRWHUDVXUDIILFKDJH352%(VRQGH
HWOHFRQWU{OHGXIRXULQGLTXHUDVLODVRQGHHVW
LQVpUpHGDQVODSULVHHWVLYRXVDYH]SDVUpJOp
GHWHPSpUDWXUHGHVRQGHHWHQIRQFpODWRXFKH
67$57GpPDUUHU
3ODFH]ODJULOOHGXIRXUjODSRVLWLRQTXL
FHQWUHOHVDOLPHQWVHQWUHOHGHVVXVHWOH
EDVGXIRXU,QVpUH]ODVRQGHGDQVOD
YLDQGH
%UDQFKH]ODVRQGHGDQVODSULVHGXIRXU
$VVXUH]YRXVGHODSRXVVHUHQWLqUHPHQW
)HUPH]ODSRUWHGXIRXU
(QIRQFH]ODWRXFKH&219(&7,2152$67
U{WLUFRQYH[LRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHYRXOXHGXIRXU
(QIRQFH]ODWRXFKH352%(VRQGH
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHLQWpULHXUHGpVLUpH
SRXUODYLDQGH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/RUVTXHOHIRXUFRPPHQFHjFKDXIIHUOHPRW
/2EDVVHV·DIILFKH
/RUVTXHODWHPSpUDWXUHLQWHUQHGHODYLDQGH
DWWHLQW&)ODWHPSpUDWXUHLQWHUQH
FKDQJHDQWHDIILFKHUD
/RUVTXHODWHPSpUDWXUHLQWHUQH
GHODYLDQGHDWWHLQWOHFKLIIUHUpJO
VRQGHHWOHIRXUV·pWHLJQHQWHW
OHFRQWU{OHGXIRXUpPHWXQVLJQDO3R
DUUrWHUOHVLJQDOHQIRQFH]ODWRXFKH
&/($52))DQQXODWLRQDUUrW8WLOLVH]G
SRLJQpHVSRXUUHWLUHUODVRQGHGHV
DOLPHQWV1·XWLOLVH]SDVGHSLQFHVSRX
UHWLUHUFDUFHODSRXUUDLWO·HQGRPPDJ
0,6((1*$5'(
SRXUpYLWHUOHVEUOXUHVSRVVLEOHVQH
GpEUDQFKH]SDVODVRQGHGHODSULVHDYDQ
OHIRXUQ·DLWUHIURLGL1HUDQJH]SDVODVR
GDQVOHIRXU
5(0$548(
6LODVRQGHHVWUHWLUpHGHO·DOLPHQWD
TXHODWHPSpUDWXUHILQDOHQHVRLWDWW
YRXVHQWHQGUH]XQHWRQDOLWpHWO·DIILF
FOLJQRWHUDMXVTX·jFHTXHODVRQGHVRLW
GXIRXU
9RXVHQWHQGUH]XQYHQWLODWHXUSHQGDQ
FXLVVRQDYHFFHWWHIRQFWLRQ/HYHQWLO
DUUrWHVLODSRUWHHVWRXYHUWHPDLV
FKDOHXUFRQWLQXHUD
9RXVSRXYH]XWLOLVHUODPLQXWHULHGHF
PrPHVLYRXVQHSRXYH]SDVXWLOLVHUOHV
RSpUDWLRQVGXIRXUjPLQXWHULH
3RXUGHPHLOOHXUVUpVXOWDWVHQ
SUpSDUDQWGHJURVVHVGLQGHV
HWU{WLVQRXVUHFRPPDQGRQV
G·XWLOLVHUODVRQGHLQFOXVHGDQVOH
IRXUjFRQYH[LRQ
3RXUFKDQJHUODWHPSpUDWXUHGX
IRXUGXUDQWOHF\FOH5{WLUHQIRQFH]
ODWRXFKH&219(&7,2152$67
U{WLUFRQYH[LRQHWHQVXLWHOHV
WRXFKHVQXPpULTXHVSRXUUpJOHUOD
QRXYHOOHWHPSpUDWXUH
*XLGHSRXUU{WLUjFRQYH[LRQ
9LDQGHV  0LQXWHVNJOE 7HPSGXIRXU 7HPSLQWHUQH
%±XI &{WHVF{WHVGpVRVVpHV 6DLJQDQW ²² &) &)
 +DXWGHVXUORQJH SRLQW ²² &) &)
 NJjNJ>jOEV@ %LHQFXLW ²² &) &)
 )LOHWGHE±XI 6DLJQDQW ²² &) &)
 SRLQW ²² &) &)
3RUF $YHFRVVDQVRVNJjNJ>jOEV@  ²² &) &)
 &{WHOHWWHVFPjFP F{WHOHWWHV
²²WRWDO
 &) &)
 jSRpSDLVVHXU F{WHOHWWHV
²²WRWDO
 &) &)
  F{WHOHWWHV
²²WRWDO
 &) &)
 -DPERQ
(QERvWHVRFMDUUHWNJjNJ>jOEV@HQWLqUHPHQWFXLW
  ²² &) &)
$JQHDX $YHFRVVDQVRV SRLQW ²² &) &)
 NJjNJ>jOEV@ %LHQFXLW ²² &) &)
)UXLWGH 3RLVVRQHQWLHUNJjNJ>jOEV@
²²WRWDO
 &)
PHU 4XHXHVGHKRPDUGJjJFKDFXQH>jR]@
²²WRWDO
 &)
9RODLOOH 3RXOHWHQWLHUNJjNJ>
øj
øOEV@ ²² &)
²&²)

3RXOHWVGH&RUQRXDLOOHVVDQVIDUFHNJjNJ>j
øOEV@
²²WRWDO
 &)
²&²)
 )DUFLVNJjNJ>j
ø OEV@
²²WRWDO
 &)
²&²)
 &DQDUGNJjNJ>jOEV@ ²² &)
²&²)
 'LQGHHQWLqUH
 6DQVIDUFHNJjNJ>jOEV@ ²² &)
²&²)
 6DQVIDUFHNJjNJ>jOEV@  ²² &)
²&²)
 3RLWULQHGHGLQGHNJjNJ>jOEV@  ²² &) &)
/HVYRODLOOHVIDUFLHVH[LJHQWQRUPDOHPHQWGHjPLQXWHVGHSOXVGHFXLVVRQ3URWpJH]OHVFXLVVHVHW
DOXPLQLXPSRXUpYLWHUTX·HOOHVQHEUXQLVVHQWWURSHWTXHODSHDXVqFKH
/HPLQLVWqUHGHO·DJULFXOWXUHGHVe8DIILUPHTXH©OHE±XIVDLJQDQWHVWSRSXODLUHPDLVYRXVGHYULH]YR
GHOHSUpSDUHUjVHXOHPHQW&)VLJQLILHTXHFHUWDLQVRUJDQLVPHVG·HPSRLVRQQHPHQWDOLPHQWDLUHSRX
6DIH)RRG%RRN<RXU.LWFKHQ*XLGH86'$UpYHQMXLQ
8WLOLVHUOHVIRQFWLRQVGHIHUPHQWDWLRQ
HWGHUpFKDXIIHPHQW ZZZHOHFWURPHQDJHUVJHFD
/DIRQFWLRQGHIHUPHQWDWLRQFRQVHUYHXQHQYLURQQHPHQWFKDXGXWLOHSRXUTXHOHVSURG
&RPPHQWUpJOHUOHIRXUSRXUODIHUPHQWDWLRQ
3ODFH]ODSkWHFRXYHUWHGDQVXQSODWGDQVOH
IRXUVXUODWDEOHWWH%RX&
5(0$548(SRXUGHPHLOOHXUVUpVXOWDWVFRXYUH]
ODSkWHG·XQWLVVXRXG·XQHSHOOLFXOHGHSODVWLTXH
JUDLVVpHOHSODVWLTXHGHYUDSHXWrWUHrWUHDQFUp
VRXVOHFRQWHQDQWSRXUTXHOHYHQWLODWHXUGXIRXU
QHOHUHWLUHSDV
(QIRQFH]ODWRXFKH3522)IHUPHQWDWLRQ
SXLVODWRXFKH67$57GpPDUUHU
DIILFKDJHLQGLTXHU3U)SURRIRX
IHUPHQWDWLRQ
/DOXPLqUHGXIRXUDOOXPHHWUHVWHDOOXPpH
GXUDQWODIHUPHQWDWLRQ
/DIRQFWLRQGHIHUPHQWDWLRQIRXUQLW
DXWRPDWLTXHPHQWODWHPSpUDWXUHRSWLPDOHSRXU
ODIHUPHQWDWLRQHWDGRQFDXFXQDMXVWHPHQWGH
WHPSpUDWXUH
5pJOH].,7&+(17,0(5212))PLQXWHULHGH
FXLVLQHPDUFKHDUUrWSRXUOHWHPSVGH
IHUPHQWDWLRQPLQLPXP
ODILQGHODIHUPHQWDWLRQHQIRQFH]
WRXFKH&/($52))DQQXODWLRQDUUrW
3RXUpYLWHUGHUpGXLUHODWHPSpUDWXUH
SURORQJHUOHWHPSVGHIHUPHQWDWLRQ
SDVLQXWLOHPHQWODSRUWHGXIRXU
9pULILH]OHVSDLQVW{WSRXUpYLWHUWRXW
VXUIHUPHQWDWLRQ
5(0$548(
1·XWLOLVH]SDVOHPRGHGHIHUPHQWDWLRQ
UpFKDXIIHUOHVDOLPHQWVRXOHVJDUGHUF
WHPSpUDWXUHGXIRXUSRXUODIHUPHQWDW
SDVDVVH]FKDXGHSRXUFRQVHUYHUOHVDO
jGHVWHPSpUDWXUHVVDQVGDQJHU8WLOLV
IRQFWLRQ SRXUJDUGHUOHV:$50UpFKDXIIHU
DOLPHQWVFKDXGV
/DIHUPHQWDWLRQQHIRQFWLRQQHUDSDVOR
IRXUGpSDVVH&)©+27ªFKDXG
DIILFKHUD
&RPPHQWUpJOHUOHIRXUSRXUUpFKDXIIHU
/DIRQFWLRQ JDUGHOHVDOLPHQWV:$50UpFKDXIIHU
FXLWVFKDXGV
&HWWHIRQFWLRQHVWSDVFRQoXHSRXUUpFKDXIIHU
OHVDOLPHQWVIURLGV
3RXUXWLOLVHUODIRQFWLRQ:$50UpFKDXIIHU
HQIRQFH]ODWRXFKH HWHQVXLWH:$50UpFKDXIIHU
ODWRXFKH67$57GpPDUUHU
3RXUXWLOLVHUODIRQFWLRQ:$50UpFKDXIIHUDSUqV
DYRLUFXLWRXURWLDYHFODPLQXWHULHVXLYH]FHV
pWDSHV
(QIRQFH]OHPRGHGHFXLVVRQYRXOX
%$.(
>FXLVVRQ@

&219(&7,21%$.(08/7,
5$&.>FXLVVRQFRQYH[LRQPXOWLJULOOH@
RX
&219(&7,2152$67>U{WLUFRQYH[LRQ@
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
ODWHPSpUDWXUHGXIRXU
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSV
GHFXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUODGXUpHGHFXLVVRQYRXOXH
(QIRQFH]ODWRXFKH:$50UpFKDXIIHU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
3RXUUHQGUHOHVDUWLFOHVUDVVLVFURXVWLOODQWV
3ODFH]OHVDOLPHQWVGDQVGHVFDVVHUROHVRX
SODWVjF{WpVEDV
3RXUGHPHLOOHXUVUpVXOWDWVSODFH]OHVDOLPHQWV
HQXQVHXOQLYHDXHPSLOH]SDV
/DLVVH]OHVGpFRXYHUWV
9pULILH]DSUqVjPLQXWHVV·LOVVRQW
FURXVWLOODQWV$MRXWH]GXWHPSVDXEH
127(6,03257$17(6
/HVDOLPHQWVGRLYHQWUHVWHUFKDXGVGD
FRQWHQDQWGHFXLVVRQRXWUDQVIpUpVjX
VHUYLFHFRQYHQDQWDX[DOLPHQWVFKDXGV
3RXUOHVDOLPHQWVWHQGUHVFRXYUH]OHV
FRXYHUFOHDOODQWDXIRXURXG·XQSDSLHU
DOXPLQLXP
/HVDOLPHQWVIULWVRXFURXVWLOODQWVQ
EHVRLQG·rWUHFRXYHUWVPDLVSHXYHQWV
LOVVRQWUpFKDXIIpVWURSORQJWHPSV
2XYULUODSRUWHjUpSpWLWLRQSHUPHWj
GHV·pFKDSSHUHWDX[DOLPHQWVGHVHUHI
3UpYR\H]GXWHPSVVXSSOpPHQWDLUHSRXUT
ODWHPSpUDWXUHjO·LQWpULHXUGXIRXUVH
DSUqVDYRLUDM
RXWpGHVDUWLFOHV
$YHFGHJURVVHVFKDUJHVLOIDXGUDSHX
FRXYULUFHUWDLQVGHVDOLPHQWVFXLWV
5HWLUH]OHVFXLOOqUHVGHVHUYLFHHW
SODFHUOHVFRQWHQDQWVGDQVOHIRXU
XWLOLVH]SDVGHFRQWHQDQWVFRXYHU
SODVWLTXHRXGHSHOOLFXOHGHSODVWL
0,6((1*$5'(
OHVFRQWHQDQWVFRXYHUFOHVGHSODVWL
ODSHOOLFXOHGHSODVWLTXHIRQGHURQWV
GDQVOHIRXU/HSODVWLTXHIRQGXSRXUUD
SRXYRLUrWUHUHWLUpHWQ·HVWSDVFRXY
YRWUHJDUDQWLH


$MXVWH]OHWKHUPRVWDWGXIRXU³)DLWHVOHYRXVPrPH
9RXVSRXYH]GpFRXYULUTXHYRWUHQRXYHDXIRXUSUpSDUHOHVDOLPHQWVGLIIpUHPPHQWGHFHOXL
QRXYHDXIRXUSHQGDQWTXHOTXHVVHPDLQHVSRXUYRXVIDPLOLDULVH]DYHFOXL6LYRXVFUR\H]TX
FKDXGRXWURSIURLGYRXVSRXYH]DMXVWHUYRXVPrPHOHWKHUPRVWDW
1·XWLOLVH]SDVGHWKHUPRPqWUHVFRPPHFHX[TX·RQWURXYHGDQVOHVpSLFHULHVSRXUYpULILHUO
YRWUHIRXU&HVWKHUPRPqWUHVSHXYHQWYDULHUGHjGHJUpV&jGHJUpV)
5(0$548(FHWDMXVWHPHQWDIIHFWHUDTXHOHVWHPSpUDWXUHVSRXUFXLUHHWU{WLUHWQRQ
DXWRQHWWR\DJH/·DMXVWHPHQWVHUDFRQVHUYpHQPpPRLUHDSUqVXQHSDQQHG·pOHFWULFLWp
3RXUDMXVWHUOHWKHUPRVWDW
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH 8Q%$.(FXLVVRQ
QRPEUHjGHX[FKLIIUHVV·DIILFKHUD
(QIRQFH]%$.(FXLVVRQjQRXYHDXSRXU
DOWHUQHUHQWUHDXJPHQWHUHWUpGXLUHOD
WHPSpUDWXUHGXIRXU
/DWHPSpUDWXUHGXIRXUSHXWV·DMXVWHU
MXVTX·j&)SOXVFKDXGRX²
&)SOXVIURLG(QIRQFH]OHV
WRXFKHVQXPpULTXHVGHODPrPHIDoRQ
TXHYRXVOHVOLVH]3DUH[HPSOHSRXU
FKDQJHUODWHPSpUDWXUHGXIRXUGH&
)HQIRQFH]HW
$SUqVDMXVWHPHQWHQIRQFH]ODWRXFKH
67$57GpPDUUHUSRXUUHYHQLUjO·DIILFKH
GHO·KHXUH8WLOLVH]YRWUHIRXUQRUPDOHPHQW
/HW\SHGHPDUJDULQHDIIHFWHUDODSHUIRUPDQFHGHFXLVVRQ
/DSOXSDUWGHVUHFHWWHVRQWpWpGpYHORSSpHVDYHFGHVSURGXLWVjIRUWHWHQHXUHQJUDVFRPPHOHEHXUUHRXODPDUJDULQH
GHJUDV6LYRXVUpGXLVH]OHJUDVODUHFHWWHQHSURGXLUDSDVQpFHVVDLUHPHQWOHVPrPHVUpVXOWDWVTX·DYHFXQ
SURGXLWjSOXVIRUWHWHQHXUHQJUDV
'HVSUREOqPHVGHUHFHWWHSHXYHQWDSSDUDvWUHVLOHVJkWHDX[OHVWDUWHVOHVSkWLVVHULHVOHVELVFXLWVRXOHVERQERQVVRQW
IDEULTXpHVGHFHVSURGXLWV0RLQVLO\DGHPDWLqUHJUDVVHGDQVXQSURGXLWSOXVODGLIIpUHQFHVHUDUHPDUTXDEOH
/HVQRUPHVIpGpUDOHVGHVe8H[LJHQWTXHOHVSURGXLWVSRUWDQWODPHQWLRQPDUJDULQH·FRQWLHQQHQWDXPRLQVGHPDWLqUH
JUDVVHSDUSRLGV/HVSURGXLWVjWDUWLQHUjIDLEOHWHQHXUHQJUDVFRQWLHQQHQWPRLQVGHJUDVHWSOXVG·HDX/HFRQWHQXpOHYp
KXPLGLWpGHFHVSURGXLWVjWDUWLQHUDIIHFWHODWH[WXUHHWODVDYHXUGHVSURGXLWVGHERXODQJHULHHWGHSkWLVVHULH3RXUGHPHLOOHXUV
UpVXOWDWVDYHFYRVDQFLHQQHVUHFHWWHSUpIpUpHVXWLOLVH]GHODPDUJDULQHGXEHXUUHGHVEkWRQQHWVjWDUWLQHUFRQWHQDQWDXPRLQV
KXLOHYpJpWDOH
8WLOLVHUOHIRXUDXWRQHWWR\DQW ZZZHOHFWURPHQDJHUVJHFD
/DSRUWHGXIRXUGRLWrWUHIHUPpHHWWRXVOHVFRQWU{OHVUpJOpVFRUUHFWHPHQWSRXUTXHOHVF\FOHVIRQFWLRQQHQW
FRUUHFWHPHQW
$YDQWXQF\FOHGHQHWWR\DJH
$9(57,66(0(17

1RXV
UHFRPPDQGRQVG·DpUHUYRWUHFXLVLQHDYHF
XQHIHQrWUHRXYHUWHRXHQXWLOLVDQWXQ
YHQWLODWHXURXODKRWWHGXUDQWOHSUHPLHUF\FOH
DXWRQHWWR\DJH
5HWLUH]OHVJULOOHVOqFKHIULWHVRQGHWRXWHV
FDVVHUROHVHWWRXWSDSLHUDOXPLQLXPGXIRXU
/HVJULOOHVEULOODQWHVGHFRXOHXUDUJHQWpH
VXUFHUWDLQVPRGqOHVSHXYHQWrWUHQHWWR\pHV
SHQGDQWDXWRQHWWR\DJHPDLVOHXUFRXOHXU
IRQFHUDHOOHVSHUGURQWOHXUEULOODQWHW
GHYLHQGURQWGXUHVjIDLUHJOLVVHU
/HVVDOHWpVVXUOHFDGUHDYDQWGHODFXLVLQLqUH
HWO·H[WpULHXUGXMRLQWGHODSRUWHGRLYHQWrWUH
QHWWR\pHVjODPDLQ1HWWR\H]FHVHQGURLWVj
HDXFKDXGHDYHFXQWDPSRQjUpFXUHUGH
SODVWLTXHRXUHPSOLGHVDYRQRXGHVQHWWR\DQWV
WHOVTXH6RIW6FUXE5LQFH]ELHQjHDXSURSUH
HWDVVpFKH]
1HQHWWR\H]SDVOHMRLQW/HPDWpULDXGHILEUHV
GHYHUUHGXMRLQWGHODSRUWHGXIRXUQHUpVLVWH
SDVjO·DEUDVLRQ,OHVWHVVHQWLHOTXHOHMRLQWUHVWH
LQWDFW6LYRXVUHPDUTXH]TLOGHYLHQWXVpRX
V·HIILORFKHUHPSODFH]OH
(VVX\H]WRXWGpYHUVHPHQWORXUGDXIRQGGX
IRXU
$VVXUH]YRXVTXHOHFRXYHUFOHGHO·DPSRXOHGX
IRXUHVWHQSODFHHWTXHODOXPLqUHHVWpWHLQWH
,03257$17 ODVDQWpGHFHUWDLQVRLVHDX[HVW
H[WUrPHPHQWVHQVLEOHDX[IXPpHVGpJDJpHV
GXUDQWOHF\FOHG·DXWRQHWWR\DJHGHWRXWH
FXLVLQLqUH'pSODFH]OHVRLVHDX[HWPHWWH]OHV
GDQVXQHSLqFHELHQDpUpH
(VVX\H]WRXWHDFFXPXODWLRQ
GHVDOHWpVXUOHIRQGGXIRXU
&RPPHQWUpJOHUOHIRXUSRXUOHQHWWR\DJH
(QIRQFH]ODWRXFKH6(/)&/($167'/2:
DXWRQHWWR\DJHVWGEDVXQHIRLVSRXU
XQHGXUpHGHQHWWR\DJHGHKHXUHVRX
GHX[IRLVSRXUXQHGXUpHGHKHXUHV
8QHGXUpHG·DXWRQHWWR\DJHGH
KHXUHVHVWUHFRPPDQGpHORUVTXHOHV
GpYHUVHPHQWVVRQWSHWLWVHWFRQWHQXV
8QHGXUpHG·DXWRQHWWR\DJHGHKHXUHV
RXSOXVHVWUHFRPPDQGpHSRXUXQIRXU
SOXVVDOH
LOIDXWXQHSpULRGHDXWUHTXHKHXUHVRX
KHXUHVXWLOLVH]OHVWRXFKHVQXPpULTXHV
HWHQWUH]ODGXUpHGHQHWWR\DJHYRXOXH
9RXVSRXYH]FKDQJHUODSpULRGHjWRXWHDXWUH
HQWUHHWKHXUHVVHORQODVDOHWpGXIRXU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/DSRUWHVHYHUURXLOOHDXWRPDWLTXHPHQW
/·DIILFKDJHLQGLTXHUDOHWHPSVGHQHWWR\DJH
UHVWDQW,OQHVHUDSDVSRVVLEOHRXYULUODSRUWH
GXIRXUDYDQWTXHODWHPSpUDWXUHQHWRPEH
VRXVODWHPSpUDWXUHGHYHUURXLOODJHHWDYDQW
TXHOHYR\DQW QHV·pWHLJQH/2&.('YHUURXLOOp
/RUVTXHOHYR\DQW V·pWHLQW/2&.('YHUURXLOOp
YRXVSRXUUH]RXYULUODSRUWH
/HPRW/2&.('YHUURXLOOpFOLJQRWHUDHWOH
FRQWU{OHGXIRXUVLJQDOHUDVLYRXVUpJOH]OH
F\FOHGHQHWWR\HUHWVLYRXVRXEOLH]GHIHUPHU
ODSRUWHGXIRXU
3RXUDUUrWHUXQF\FOHGHQHWWR\DJHHQIRQFH]
ODWRXFKH&/($52))DQQXODWLRQDUUrW
/RUVTXHOHYR\DQW/2&.('YHUURXLOOp
V·pWHLQWLQGLTXDQWTXHODWHPSpUDWXUHGX
IRXUHVWSDVVpHVRXVODWHPSpUDWXUHGH
YHUURXLOODJHYRXVSRXUUH]RXYULUODSRUWH


8WLOLVHUOHIRXUDXWRQHWWR\DQW
$SUqVXQF\FOHGHQHWWR\DJH
9RXVUHPDUTXHUH]SHXWrWUHXQSHXGHFHQGUH
EODQFKHGDQVOHIRXU(VVX\H]ODDYHFXQ
FKLIIRQKXPLGHDSUqVTXHOHIRXUUHIURLGLVVH
6LGHVSRLQWVEODQFVUHVWHQWUHWLUH]OHVDYHFXQ
WDPSRQjUpFXUHUGHSODVWLTXHRXUHPSOLGH
VDYRQHWULQFH]ELHQDYHFXQPpODQJHG·HDXHW
GHYLQDLJUH
&HVGpS{WVVRQWQRUPDOHPHQWXQUpVLGXGHVHO
TXLQHSHXWrWUHUHWLUpSDUOHF\FOHGHQHWWR\DJH
6LOHIRXUHVWSDVSURSUHDSUqVXQF\FOHGH
QHWWR\DJHUpSpWH]OHF\FOH
9RXVQHSRXYH]SDVUpJOHUOHIRXUSRXUOD
FXLVVRQDYDQWTLOQHVRLWDVVH]IURLGSRXU
TXHODSRUWHVHGpYHUURXLOOH
3HQGDQWO·DXWRQHWWR\DJHGXIRXUYRXV
SRXYH]HQIRQFH]ODWRXFKH&/2&.KRUORJH
SRXUDIILFKHUO·KHXUH3RXUUHYHQLUDXFRPSWH
jUHERXUVGXQHWWR\DJHHQIRQFH]ODWRXFKH
6(/)&/($167'/2:DXWRQHWWR\DJHVWG
EDV
6LOHVJULOOHVGHYLHQQHQWGLIILFLOHVjJOLVVHU
DSSOLTXH]XQHSHWLWHTXDQWLWpKXLOHGH
FXLVVRQVXUXQHVVXLHWRXWHWHVVX\H]OHV
ERUGVGHVJULOOHVDYHFHVVXLHWRXW
/DSRUWHGXIRXUGRLWrWUHIHUPpHHWWRXVOHVFRQWU{OHVUpJOpVFRUUHFWHPHQWSRXUTXHOHF\FOHIRQFWLRQQH
FRUUHFWHPHQW
&RPPHQWUHWDUGHUOHGpEXWGXQHWWR\DJH
(QIRQFH]ODWRXFKH6(/)&/($167'/2:
DXWRQHWWR\DJHVWGEDVXQHIRLVSRXU
XQHGXUpHGHQHWWR\DJHGHKHXUHVRX
GHX[IRLVSRXUXQHGXUpHGHKHXUHV
8QHGXUpHG·DXWRQHWWR\DJHGH
KHXUHVHVWUHFRPPDQGpHORUVTXHOHV
GpYHUVHPHQWVVRQWSHWLWVHWFRQWHQXV
8QHGXUpHG·DXWRQHWWR\DJHGHKHXUHV
RXSOXVHVWUHFRPPDQGpHSRXUXQIRXU
SOXVVDOH
LOIDXWXQHSpULRGHDXWUHTXHKHXUHVRX
KHXUHVXWLOLVH]OHVWRXFKHVQXPpULTXHV
HWHQWUH]ODGXUpHGHQHWWR\DJHYRXOXH
9RXVSRXYH]FKDQJHUODSpULRGHjWRXWHDXWUH
HQWUHHWKHXUHVVHORQODVDOHWpGXIRXU
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGp
8WLOLVH]OHVWRXFKHVQXPpULTXHVHQWUH]
KHXUHjODTXHOOHYRXVGpVLUH]TXHOHF\FOH
GHQHWWR\DJHFRPPHQFH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/DSRUWHVHYHUURXLOOHDXWRPDWLTXHPHQW
/·DIILFKDJHLQGLTXHUDO·KHXUHGXGpEXWGXF\FOH
,OQHVHUDSDVSRVVLEOHG·RXYULUODSRUWHGXIRXU
DYDQWTXHODWHPSpUDWXUHQHWRPEHVRXVOD
WHPSpUDWXUHGHYHUURXLOODJHHWDYDQWTXHOH
YR\DQW QHV·pWHLJQH/2&.('YHUURXLOOp
/RUVTXHOHYR\DQW V·pWHLQW/2&.('YHUURXLOOp
YRXVSRXUUH]RXYULUODSRUWH

)RQFWLRQVVSpFLDOHVGHYRWUHFRQWU{OHGHIRXU ZZZHOHFWURPHQDJHUVJHFD
9RWUHQRXYHDXFRQWU{OHWDFWLOHDDXWUHVIRQFWLRQV9RLFLOHVIRQFWLRQVHWFRPPHQWOHVDFWLYHU
/HVPRGHVGHIRQFWLRQVVSpFLDOHVSHXYHQWrWUHDFWLYpHVVHXOHPHQWORUVTXHO·DIILFKDJHSUpVHQWHKHXUH(OOHVUHVWHQWHQ
PpPRLUHMXVTjFHTXHOHVpWDSHVVRLHQWUpSpWpHV
/RUVTXHDIILFKDJHPRQWUHYRWUHFKRL[HQIRQFH]ODWRXFKH67$57GpPDUUHU/HVIRQFWLRQVVSpFLDOHVUHVWHQWHQPpPRLUH
DSUqVXQHSDQQHGHFRXUDQWVDXIODIRQFWLRQGX6DEEDWKTXLGRLWrWUHUpLQLWLDOLVpH
$UUrWGHKHXUHV
$YHFFHWWHIRQFWLRQVLYRXVRXEOLH]HWODLVVH]
OHIRXUHQPDUFKHOHFRQWU{OHpWHLQGUD
DXWRPDWLTXHPHQWDSUqVKHXUHVGXUDQWOHV
IRQFWLRQVGHFXLVVRQRXDSUqVKHXUHVGXUDQW
XQHIRQFWLRQGHJULO
6LYRXVGpVLUH]GpVDFWLYHUFHWWHIRQFWLRQVXLYH]
FHVpWDSHV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGpMXVTjFHTXHQR
VKGQDXFXQDUUrWV·DIILFKH
(QIRQFH]ODWRXFKH67$57GpPDUUHUSRXU
DFWLYHU¶DXFXQDUUrW·HWODLVVHUOHFRQWU{OHj
FHPRGHGHIRQFWLRQVSpFLDOH
6pOHFWLRQGHWHPSpUDWXUHHQ)DKUHQKHLWRXHQ&HOVLXV
9RWUHFRQWU{OHGHIRXUHVWUpJOpSRXUXWLOLVHUGHV
VpOHFWLRQVGHWHPSpUDWXUH)DKUHQKHLWPDLV
YRXVSRXYH]OHVFKDQJHUHQVpOHFWLRQV&HOVLXV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]OHVWRXFKHV&22.,1*7,0(
WHPSVGHFXLVVRQ %52,/+,/2JULOOHUHW
jKDXWHEDVVHWHPSpUDWXUHHQPrPH
WHPSV/·DIILFKDJHLQGLTXHUD))DKUHQKHLW
(QIRQFH]OHVWRXFKHV&22.,1*7,0(
WHPSVGHFXLVVRQ %52,/+,/2JULOOHUHW
jKDXWHEDVVHWHPSpUDWXUHHQPrPH
WHPSVjQRXYHDX/·DIILFKDJHLQGLTXHUD&
&HOVLXV
(QIRQFH]ODWRXFKH67$57GpPDUUHU
7RQDOLWpVGHILQGHF\FOHjPLQXWHULH
ODILQG·XQF\FOHjPLQXWHULHYRXVHQWHQGH]
ELSVFRXUWVVXLYLVG·XQDXWUHDX[VHFRQGHV
MXVTX·jFHTXHYRXVHQIRQFLH]ODWRXFKH&/($5
2))DQQXODWLRQDUUrW&HELSFRQWLQXGH
VHFRQGHVSHXWrWUHDQQXOp
3RXUDQQXOHUOHELSGHVHFRQGHV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUH
HW HQPrPHWHPSV%$.(FXLVVRQ
SHQGDQWVHFRQGHVMXVTjFHTXH
DIILFKDJHLQGLTXH6)
(QIRQFH]ODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrW
/·DIILFKDJHLQGLTXH&21%((3ELS
FRQWLQX(QIRQFH] .,7&+(1ODWRXFKH
7,0(5212))PLQXWHULHGHFXLVLQH
PDUFKHDUUrWjQRXYHDXDIILFKDJH
LQGLTXHUD &HFLDQQXOHOHELS%((3ELS
DX[VHFRQGHV
(QIRQFH]ODWRXFKH67$57GpPDUUHU

)RQFWLRQVVSpFLDOHVGHYRWUHFRQWU{OHGHIRXU
KHXUHVKHXUHVRXHIIDFHUO·KRUORJH
9RWUHFRQWU{OHHVWUpJOpSRXUXWLOLVHUXQH
KRUORJHGHKHXUHV
6LYRXVSUpIpUH]XQHKRUORJHGHKHXUHVRX
XQDUUrWG·DIILFKDJHVXLYH]FHVpWDSHV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH XQH&/2&.KRUORJH
IRLVDIILFKDJHLQGLTXHUDKUKHXUHV
6LHVWOHFKRL[TXHYRXVGpVLUH]HQIRQFH]
ODWRXFKH67$57GpPDUUHU
(QIRQFH]ODWRXFKH&/2&.KRUORJH
jQRXYHDXSRXUSDVVHUjO·KRUORJHGH
KHXUHVDIILFKDJHLQGLTXHUDKUKHXUHV
6LHVWOHFKRL[TXHYRXVGpVLUH]HQIRQFH]OD
WRXFKH67$57GpPDUUHU
(QIRQFH]ODWRXFKH jQRXYHDX&/2&.KRUORJH
SRXUHIIDFHUO·DIILFKDJH/·DIILFKDJHLQGLTXHUD
2))DUUrW6LF·HVWOHFKRL[TXHYRXVGpVLUH]
HQIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(VLKRUORJHHVWHQPRGHDUUrW
YRXVQHSRXUUH]SDVXWLOLVHUODIRQFWLRQ'HOD\
6WDUWGpPDUUDJHUHWDUGp

8WLOLVHUODFRQYHUVLRQ$XWR5HFLSH
3RXUODFXLVVRQjFRQYH[LRQODIRQFWLRQ
GHFRQYHUVLRQ$XWR5HFLSHFRQYHUWLUD
DXWRPDWLTXHPHQWOHVWHPSpUDWXUHVGHFXLVVRQ
UpJXOLqUHVSDUODWHPSpUDWXUHGHFXLVVRQj
FRQYH[LRQ
/·DIILFKDJHLQGLTXHUDODWHPSpUDWXUHFRQYHUWLH
UpGXLWHDFWXHOOH3DUH[HPSOHVLYRXVHQWUH]
XQHWHPSpUDWXUHGHUHFHWWHUpJXOLqUHGH
&)HWVLYRXVHQIRQFH]ODWRXFKH
67$57GpPDUUHUO·DIILFKDJHLQGLTXH&21HWOD
WHPSpUDWXUHFRQYHUWLHHVWGH&)
5(0$548(FHWWHIRQFWLRQQHFRQYHUWLWTXH
OHVWHPSpUDWXUHVGHFXLVVRQQRQOHVGXUpHVGH
FXLVVRQ
3RXUDUUrWHUFHWWHIRQFWLRQ
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUH %$.(HW
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHDIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH&219(&7,21%$.(
08/7,5$&.FXLVVRQFRQYH[LRQPXOWL
JULOOH/·DIILFKDJHLQGLTXHUD&2121
FRQWLQXHQPDUFKH(QIRQFH]ODWRXFKH
&219(&7,21%$.(08/7,5$&.
FXLVVRQFRQYH[LRQPXOWLJULOOH
/·DIILFKDJHLQGLTXHUD&212))DUUrW
FRQWLQX
(QIRQFH]ODWRXFKH67$57GpPDUUHU
3RXUDFWLYHUFHWWHIRQFWLRQUpSpWH]OHVpWDSHV
jSUpFpGHQWHVPDLVHQIRQFH]ODWRXFKH
67$57GpPDUUHUORUVTXH&2121FRQWLQXHQ
PDUFKHV·DIILFKH
 ZZZHOHFWURPHQDJHUVJHFD

8WLOLVHUODIRQFWLRQ6DEEDWK
&RQoXHSRXUOH6DEEDWKHWOHV*UDQGHV)rWHVMXLYHVVXUFHUWDLQHVPRGqOHV
/DIRQFWLRQ6DEEDWKSHXWVHUYLUVHXOHPHQWVRXVFXLUHU{WLU(OOHQHSHXWVHUYLUSRXUODFRQYH[LRQJULODXWRQHWWR\DJH
RXGpPDUUDJHUHWDUGp
5(0$548(ODOXPLqUHGXIRXUDOOXPHDXWRPDWLTXHPHQWORUVTXHODSRUWHV·RXYUHHWV·pWHLQWORUVTHOOHVHIHUPHDPSRXOHSHXWrWUH
UHWLUpH5HSRUWH]YRXVjODVHFWLRQ5HPSODFHUODOXPLqUHGXIRXU6XUOHVPRGqOHVjFRPPXWDWHXUVXUOHSDQQHDX
GHFRQWU{OHODOXPLqUHGXIRXUSHXWrWUHDOOXPpHHWODLVVpHDOOXPpH
&RPPHQWUpJOHUOHIRXUSRXUFXLVLQHURXU{WLUGHPDQLqUHUpJXOLqUH
$VVXUH]YRXVTXHKRUORJHPRQWUHODERQQHKHXUHHW
TXHOHIRXUHVWpWHLQW
(QIRQFH]HWWHQH]HQIRQFpHVOHVWRXFKHV%52,/
+,/2JULOOHUjKDXWHEDVVHWHPSpUDWXUHHW
%$.(FXLVVRQHQPrPHWHPSVMXVTjFHTXH
DIILFKDJHLQGLTXH6)
5(0$548(VLEDNHFXLVVRQRXEURLOJULOOHU
V·DIILFKHOHVWRXFKHV%52,/+,/2JULOOHUj
KDXWHEDVVHWHPSpUDWXUH %$.(FXLVVRQHW 
RQWSDVpWpHQIRQFpHVHQPrPHWHPSV
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWHWUHFRPPHQFH]
(QIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGp 6$EE$W+MXVTX·jFHTXH DIILFKH
(QIRQFH]ODWRXFKH HW67$57GpPDUUHU
V·DIILFKH
(QIRQFH]ODWRXFKH $XFXQ%$.(FXLVVRQ
VLJQDOGRQQp
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]OD
WHPSpUDWXUHYRXOXHHQWUH&HW&
)HW)$XFXQVLJQDORXWHPSpUDWXUH
DIILFKp
(QIRQFH]ODWRXFKH67$57GpPDUUHU

$SUqVXQHSpULRGHGHGpODLDOpDWRLUH
HQYLURQVHFRQGHVjPLQXWH
V·DIILFKHUDLQGLTXDQWTXHOHIRXUHVWjFXLUH
U{WLU6L QHDIILFKHSDVFRPPHQFH]j
QRXYHDXjO·pWDSH
3RXUDMXVWHUODWHPSpUDWXUHGXIRXUHQIRQFH]
ODWRXFKH HWHQWUH]ODQRXYHOOH%$.(FXLVVRQ
WHPSpUDWXUHXWLOLVDQWOHVWRXFKHVQXPpULTXHVHW
HQIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(OHVWRXFKHV&/($52))DQQXODWLRQ
DUUrWHW&22.,1*7,0(WHPSVGHFXLVVRQ
IRQFWLRQQHURQWGXUDQWODIRQFWLRQ6DEEDWK
/RUVTXHO·DIILFKDJHLQGLTXH
OHIRXUHVWUpJOpj6DEEDWK
/RUVTXHO·DIILFKDJHLQGLTXHOH
IRXUHVWUpJOpjFXLUHU{WLU
&RPPHQWUpJOHUFXLUHU{WLUjPLQXWHULH²GpPDUUDJHLPPpGLDWHWDUUrW
DXWRPDWLTXH
$VVXUH]YRXVTXHKRUORJHPRQWUHODERQQHKHXUHHW
TXHOHIRXUHVWpWHLQW
(QIRQFH]HWWHQH]HQIRQFpHVOHVWRXFKHV%52,/
+,/2JULOOHUjKDXWHEDVVHWHPSpUDWXUHHW
%$.(FXLVVRQHQPrPHWHPSVMXVTX·jFHTXH
DIILFKDJHLQGLTXH6)
5(0$548(VLEDNHFXLVVRQRXEURLOJULOOHU
V·DIILFKHOHVWRXFKHV%52,/+,/2JULOOHUj
KDXWHEDVVHWHPSpUDWXUH %$.(FXLVVRQHW 
RQWSDVpWpHQIRQFpHVHQPrPHWHPSV
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWHWUHFRPPHQFH]
(QIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGp 6$EE$W+MXVTX·jFHTXH V·DIILFKH
(QIRQFH]ODWRXFKH67$57GpPDUUHUHW
V·DIILFKH
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSVGH
FXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUFKRLVLU
ODGXUpHGHFXLVVRQYRXOXHHQWUHPLQXWHHW
KHXUHVHWPLQXWHV/HWHPSVGHFXLVVRQ
HQWUpV·DIILFKHUD
(QIRQFH]ODWRXFKH67$57GpPDUUHU
(QIRQFH]ODWRXFKH $XFXQ%$.(FXLVVRQ
VLJQDOGRQQp

8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]OD
WHPSpUDWXUHYRXOXH$XFXQVLJQDORX
WHPSpUDWXUHDIILFKp
(QIRQFH]ODWRXFKH67$57GpPDUUHU

$SUqVXQHSpULRGHGHGpODLDOpDWRLUH
HQYLURQVHFRQGHVjPLQXWH
V·DIILFKHUDLQGLTXDQWTXHOHIRXUHVWjFXLUH
U{WLU6LQHV·DIILFKHSDVFRPPHQFH]j
QRXYHDXjO·pWDSH
3RXUDMXVWHUODWHPSpUDWXUHGXIRXUHQIRQFH]
ODWRXFKH HWHQWUH]ODQRXYHOOH%$.(FXLVVRQ
WHPSpUDWXUHXWLOLVDQWOHVWRXFKHVQXPpULTXHVHW
HQIRQFH]ODWRXFKH67$57GpPDUUHU
ODILQGHODFXLVVRQDIILFKDJHFKDQJHUDGH

j
HWDSSDUDvWUDLQGLTXDQWTXHOHIRXUHVWpWHLQW
PDLVHQFRUHUpJOpj6DEEDWK5HWLUH]OHVDOLPHQWV
/RUVTXHO·DIILFKDJHLQGLTXH
OHIRXUHVWUpJOpj6DEEDWK
/RUVTXHO·DIILFKDJHLQGLTXHOH
IRXUHVWUpJOpjFXLUHU{WLU

&RPPHQWTXLWWHUODIRQFWLRQ6DEEDWK
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrW
6LOHIRXUIRQFWLRQQHDWWHQGH]SHQGDQWXQH
SpULRGHGHGpODLDOpDWRLUHG·HQYLURQ
VHFRQGHVjPLQXWHMXVTjFHTXHVHXOHPHQW

V·DIILFKH
(QIRQFH]HWWHQH]HQIRQFpHVOHVWRXFKHV%52,/
+,/2JULOOHUjKDXWHEDVVHWHPSpUDWXUHHW
%$.(FXLVVRQHQPrPHWHPSVMXVTX·jFHTXH
DIILFKDJHLQGLTXH6)
(QIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGp VKGQDUUrWMXVTX·jFHTXH RX
QRVKGQDXFXQDUUrWV·DIILFKH
&KRLVLVVH] LQGLTXDQWTXHOHIRXUVKGQ
V·pWHLQGUDDXWRPDWLTXHPHQWDSUqVKHXUHV
RX LQGLTXDQWTXHOHIRXUQRVKGQDXFXQDUUrW
QHV·pWHLQGUDSDVDXWRPDWLTXHPHQWDSUqV
KHXUHV
(QIRQFH]ODWRXFKH ORUVTXH67$57GpPDUUHU
RSWLRQTXHYRXVGpVLUH]V·DIILFKHVKGQRX
QRVKGQ
5(0$548(V·LO\DXQHSDQQHGHFRXUDQWWDQGLV
TXHOHIRXUHVWVRXVODIRQFWLRQ6DEEDWKOHIRXU
V·pWHLQGUDDXWRPDWLTXHPHQWHWUHVWHUDpWHLQWPrPH
DXUHWRXUGXFRXUDQW/HFRQWU{OHGXIRXUGRLWrWUH
UpLQLWLDOLVp
 ZZZHOHFWURPHQDJHUVJHFD

(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH
$VVXUH]YRXVTXHWRXVOHVFRQWU{OHVVRQWpWHLQWVHWTXHWRXWHVOHVVXUIDFHVVRQWIUDvFKHVDYDQWGHQHWWR\HUWRXWHSDUWLHGH
ODFXLVLQLqUH
%RXWRQVGHFRQWU{OH
/HVERXWRQVGHFRQWU{OHVHUHWLUHQWSRXUIDFLOLWHU
OHQHWWR\DJH
$YDQWGHUHWLUHUOHVERXWRQVSRXUOHQHWWR\DJH
YHXLOOH]QRWHUTXHOHVERXWRQVVRQWHQSRVLWLRQ
2))DUUrW
(QUHPSODoDQWOHVERXWRQVYpULILH]ODSRVLWLRQ
2))DUUrWSRXUDVVXUHUOHERQSODFHPHQW
/DYH]OHVERXWRQVGDQVGHO·HDXHWGXVDYRQRX
GXYLQDLJUHHWGHHDXFKDXGHPDLVQHODLVVH]
SDVWUHPSHU
$9(57,66(0(17VLYRWUHFXLVLQLqUHHVWUHWLUpHSRXUOHQHWWR\DJH
HQWUHWLHQRXSRXUWRXWHDXWUHUDLVRQDVVXUH]YRXVTXHOHGLVSRVLWLIDQWLEDVFXOHPHQW
HVWUpHQJDJpFRUUHFWHPHQWORUVTXHODFXLVLQLqUHHVWUHSODFpH6LQRQODFXLVLQLqUH
SRXUUDLWEDVFXOHUHWLOSRXUUDLW\DYRLUGHVEOHVVXUHV
$VVHPEODJHVGHEUOHXUV
/HVDVVHPEODJHVGHEUOHXUVGRLYHQWrWUH
ODYpVUpJXOLqUHPHQWHWELHQVUDSUqVWRXW
GpYHUVHPHQW
eWHLJQH]WRXVOHVFRQWU{OHVDYDQWGHUHWLUHUOHV
SLqFHVGXEUOHXU
/HVJULOOHVGXEUOHXUOHVWrWHVHWOHVERXFKRQV
GXEUOHXUVHUHWLUHQWSRXUIDFLOLWHUOHQHWWR\DJH
/·pOHFWURGHGHDOOXPHXUG·pWLQFHOOHHVWH[SRVpH
DXGHOjGHODVXUIDFHGHODEDVHGXEUOHXU
(QQHWWR\DQWODVXUIDFHGHFXLVVRQDWWHQWLRQ
GHQHSDVSUHQGUHO·pOHFWURGHGHDOOXPHU
DYHFYRWUHFKLIIRQGHQHWWR\DJH&HODSRXUUDLW
SURYRTXHUGHVGRPPDJHVjDOOXPHXU3RXU
pYLWHUGHFRLQFHUXQFKLIIRQVXUO·DOOXPHXU
pWLQFHOOHODLVVH]OHVWrWHVGXEUOHXUHQSODFH
HQQHWWR\DQWODVXUIDFHGHFXLVVRQ
$WWHQWLRQGHQHSDVSRXVVHUOHVFRQWU{OHVGH
ODVXUIDFHGHFXLVVRQHQQHWWR\DQWODVXUIDFH
8QFKRFpOHFWULTXHSRXUUDLWHQGpFRXOHUFHTXL
YRXVIHUDLWSHXWrWUHUHQYHUVHUGHVFDVVHUROHV
FKDXGHV
/DYH]OHVSLqFHVGXEUOHXUDYHFXQQHWWR\DQW
QRQDEUDVLIWRXWXVDJHHWGHHDXFKDXGH
)DLWHVWUHPSHUOHVVDOHWpVUHEHOOHV(VVX\H]OHV
DYHFXQFKLIIRQ³QHUHPRQWH]SDVDYHFGHV
SLqFHVKXPLGHV
3RXUUHPRQWHUUHSODFH]G·DERUGODWrWHGX
EUOHXUSXLVOHERXFKRQGXEUOHXUHWHQILQOD
JULOOH$VVXUH]YRXVTXHOHVEURFKHVGHODWrWH
VRLHQWELHQSODFpHVGDQVOHVWURXVGHODEDVHGX
EUOHXU
0,6((1
*$5'(
1()$,7(63$6)21&7,211(5/(
%5Ó/(856$1648(7287(6/(6
3,Ê&(662,(17(13/$&(
eOHFWURGH
%RXFKRQGX
EUOHXU
7rWHGXEUOHXU
%DVHGXEUOHXU
*ULOOH
&RPPHQWUHWLUHUODSHOOLFXOHG·H[SpGLWLRQGHSURWHFWLRQHWOHUXEDQG·HPEDOODJH
$JULSSH]DYHFVRLQXQFRLQGHODSHOOLFXOH
H[SpGLWLRQGHSURWHFWLRQDYHFYRVGRLJWVHW
UHWLUH]ODOHQWHPHQWGHODVXUIDFHGHDSSDUHLO
1·XWLOLVH]SDVG·REMHWWUDQFKDQWSRXUO·HQOHYHU
5HWLUH]WRXWHODSHOOLFXOHDYDQWG·XWLOLVHU
DSSDUHLOSRXUODSUHPLqUHIRLV
3RXUV·DVVXUHUTX·LOQ·\DLWSDVGHGRPPDJHV
DXILQLGXSURGXLWOHPHLOOHXUPR\HQGHUHWLUHU
DGKpVLIGXUXEDQG·HPEDOODJHGXQRXYHO
DSSDUHLOHVWG·DSSOLTXHUGXGpWHUJHQWOLTXLGH
SRXUODYHUODYDLVVHOOH$SSOLTXH]DYHFXQ
FKLIIRQVRXSOHHWODLVVH]WUHPSHU
5(0$548(O·DGKpVLIGRLWrWUHUHWLUpGHWRXWHV
OHVSLqFHV,OQHSHXWO·rWUHLOHVWFXLWHQSODFH
*ULOOHVGXEUOHXUHWJULOOHFHQWUDOH
/HVJULOOHVGXEUOHXUHQpPDLOGHSRUFHODLQHHWOD
JULOOHG·pYHQWGRLYHQWrWUHODYpHVUpJXOLqUHPHQWHW
ELHQVUDSUqVWRXWGpYHUVHPHQW
/HVJULOOHVVHODYHQWVRLWGDQVOHODYHYDLVVHOOHVRLW
GDQVGHO·HDXVDYRQQHXVHSXLVULQFpHVjHDXSURSUH
9RXVSRXYH]DXVVLXWLOLVHUGHVQHWWR\DQWVDEUDVLIVHW
GHVWDPSRQVjUpFXUHUSRXUQHWWR\HUOHVJULOOHVGX
EUOHXUHWODJULOOHG·pYHQW(VVX\H]OHVJULOOHVDYHF
XQFKLIIRQ³QHOHVUHSODFH]SDVVXUXQHVXUIDFHGH
FXLVVRQVLHOOHVVRQWKXPLGHV
3RXUUHWLUHUOHVDOLPHQWVFXLWVSODFH]OHVGDQVXQ
FRQWHQDQWFRXYHUW$MRXWH]P/GHWDVVH
DPPRQLDTXHHWODLVVH]WUHPSHUSHQGDQWSOXVLHXUV
KHXUHVRXSRXU
ODQXLW/DYH]ULQFH]HWDVVpFKH]ELHQ
%LHQTXHOHVJULOOHVVRLHQWGXUDEOHVHOOHVSHUGURQWOHXU
pFODWJUDGXHOOHPHQWSHXLPSRUWHOHXUHQWUHWLHQ&HFL
HVWFDXVpSDUOHXUH[SRVLWLRQFRQWLQXHjGHKDXWHV
WHPSpUDWXUHV
1HIDLWHVSDVIRQFWLRQQHUOHEUOHXUSHQGDQW
ORQJWHPSVVDQVTX·LOQ·\DLWXQHFDVVHUROHVXUOD
JULOOH/HILQLSRXUUDLWpFDLOOHUVDQVFDVVHUROHSRXU
DEVRUEHUODFKDOHXU
$SUqVOHQHWWR\DJHUHSODFH]G·DERUGODJULOOHG·pYHQW
FHQWUDO5HSODFH]OHVJULOOHVODWpUDOHVSRXUTXHOHV
UDOORQJHVFHQWUDOHVVRLHQWRULHQWpHVYHUVOHFHQWUH
GHODVXUIDFHGHFXLVVRQ/HVUDOORQJHVFHQWUDOHV
DUULqUHGRLYHQWFKHYDXFKHUXQSHXODJULOOHpYHQW
$VVXUH]YRXVTXHOHVJULOOHVVRLHQWELHQSODFpHVVXU
OHVEUOHXUVHWTHOOHVVRLHQWVWDEOHVHWjQLYHDX
3LHGVGHJULOOHGHFDRXWFKRXF
3RXUODVWDELOLWpOHVSLHGVGXEUOHXUGHYRWUHVXUIDFH
GHFXLVVRQVRQWUHFRXYHUWVGHFDRXWFKRXF6LFHV
SLHGVVRQWHQGRPPDJpVRXSHUGXVUHPSODFH]OHV
LPPpGLDWHPHQW
3RXUFRPPDQGHUGHVSLHGVGHJULOOHGHFDRXWFKRXF
GHUHFKDQJHYHXLOOH]DSSHOHUQRWUHQXPpURVDQV
IUDLV
&HQWUHQDWLRQDOGHSLqFHV
3LHGVGHJULOOHHQFDRXWFKRXF:%7
 ZZZHOHFWURPHQDJHUVJHFD

5HWUDLWGXWLURLUGHUDQJHPHQW
3RXUUHWLUHUOHWLURLU
7LUH]OHWLURLUDXVVLORLQTXHSRVVLEOH
6RXOHYH]O·DYDQWGXWLURLUMXVTX·jFHTXHOHV
EXWpHVGpSDVVHQWOHVJXLGHV
5HWLUH]OHWLURLU
3RXUUHSODFHUOHWLURLU
3ODFH]OHVUDLOVGXWLURLUVXUOHVJXLGHV
3RXVVH]OHWLURLUDXVVLORLQTXHSRVVLEOH
6RXOHYH]O·DYDQWGXWLURLUHWSRXVVH]
MXVTX·jFHTXHOHVEXWpHVGpSDVVHQWOHV
JXLGHV
$EDLVVH]O·DYDQWGXWLURLUHWSRXVVH]
MXVTX·jFHTLOIHUPH
*XLGHDUUrW
5DLO
7RXWHVOHVJULOOHVGHIRXUVHQHWWRLHQWjODPDLQ
DYHFXQQHWWR\HXUDEUDVLIRXXQHODLQHG·DFLHU
$SUqVOHQHWWR\DJHULQFH]OHVJULOOHVDYHF
GHO·HDXSURSUHHWDVVpFKH]DYHFXQFKLIIRQ
SURSUH/HVJULOOHVUHYrWXHVGHSRUFHODLQHJULVH
SHXYHQWUHVWHUGDQVOHIRXUGXUDQWOHF\FOH
DXWRQHWWR\DJHSRXUpYLWHUOHVGRPPDJHV
/HVJULOOHVEULOODQWHVGHFRXOHXUDUJHQWpH
SHXYHQWUHVWHUGDQVOHIRXUGXUDQWOHF\FOH
DXWRQHWWR\DJHPDLVHOOHVSHUGURQWOHXUpFODW
HWGHYLHQGURQWGLIILFLOHVjJOLVVHU
,OIDXGUDJUDLVVHUOHVERUGVGHVF{WpVGHVJULOOHV
DYHFXQHOpJqUHFRXFKHG·KXLOHYpJpWDOHDSUqV
OHQHWWR\DJHjODPDLQRXGDQVOHIRXU&HFL
DLGHUDjJOLVVHUIDFLOHPHQWOHVJULOOHVGDQVOH
IRXU
*ULOOHVGHIRXU
*ULOOHGHIRXU

(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH
5HPSODFHUOHVDPSRXOHVGHIRXUVXUFHUWDLQVPRGqOHV
$VVXUH]YRXVGHODLVVHUOHFRXYHUFOHHW
DPSRXOHUHIURLGLUFRPSOqWHPHQW
3RXUUHWLUHUOHFRXYHUFOH
3ODFH]ODPDLQVRXVOHFRXYHUFOHSRXUTX·LO
QHWRPEHSDVORUVTXHYRXVO·DXUH]OLEpUp
$YHFOHVGRLJWVGHODPrPHPDLQSRXVVH]
IHUPHPHQWOHILOPpWDOOLTXHGHPDLQWLHQGX
FRXYHUFOHYHUVDUULqUH5HWLUH]OH
FRXYHUFOH
1HUHWLUH]SDVOHVYLVSRXUUHWLUHUOHFRXYHUFOH
5HPSODFH]O·DPSRXOHDYHFXQHDPSRXOH
GHPRGqOHSRXUDSSDUHLOpOHFWURPpQDJHU
GHZDWWV
3RXUUHSODFHUOHFRXYHUFOH
3ODFH]OHGDQVODUDLQXUHGHODGRXLOOH7LUH]
OHILOPpWDOOLTXHYHUVOHFHQWUHGXFRXYHUFOH
MXVTX·jHQWHQGUHOHGpFOLFLQGLTXDQWTXHOH
V\VWqPHHVWHQFOHQFKp
5HEUDQFKH]OHFRXUDQWpOHFWULTXHDX
FXLVLQLqUH
)LOPpWDOOLTXHGHPDLQWLHQGX
FRXYHUFOH
5HPSODFHUOHVDPSRXOHVGHIRXUVXUFHUWDLQVPRGqOHV
$9(57,66(0(17
5,648(
'(&+2&e/(&75,48(28'(%5Ó/85(6
$YDQWGHUHPSODFHUO·DPSRXOHGXIRXU
FRXSH]O·DOLPHQWDWLRQpOHFWULTXHDXFXLVLQLqUH
HQHQOHYDQWOHIXVLEOHRXHQGpFOHQFKDQW
OHGLVMRQFWHXUDXSDQQHDXGHGLVWULEXWLRQ
SULQFLSDO6LQRQYRXVSRXUULH]VXELUXQFKRF
pOHFWULTXHRXGHVEUOXUHV
0,6((1*$5'(
5,648(
'(%/85(6(QOHYH]OHFDSRWHQYHUUHHW
DPSRXOHDSUqVTX·LOVDLHQWUHIURLGL9RXV
SRXUULH]YRXVEUOHUVLYRXVWRXFKH]DXYHUUH
FKDXGjPDLQQXHRXDYHFXQFKLIIRQKXPLGH
(QOqYHPHQW
7RXUQH]OHFRXYHUFOHHQYHUUHGDQVOHVHQV
RSSRVpjFHOXLGHVDLJXLOOHVG·XQHPRQWUH
GHWRXUMXVTjFHTXHOHVWDTXHWVGX
FRXYHUFOHGHYHUUHFRUUHVSRQGHQWDX[
HQFRFKHVGHODGRXLOOH9RXVDXUH]XQH
PHLOOHXUHSULVHVLYRXVSRUWH]GHVJDQWVGH
ODWH[
3RUWH]GHVJDQWVRXXWLOLVH]XQFKLIIRQ
SURSUHHWUHWLUH]O·DPSRXOHHQWLUDQWSRXU
ODVRUWLU
5HPSODFHPHQW
8WLOLVH]XQHQRXYHOOHDPSRXOHjKDORJqQH
GHYROWVVDQVGpSDVVHUZDWWV
5HPSODFH]DPSRXOHJULOOpHSDUXQHDXWUH
GXPrPHW\SHTXHFHOOHTXHYRXVDYH]
HQOHYpHXQGHVGHX[W\SHVG·DPSRXOH
FLFRQWUHHVWXWLOLVpVXUYRWUHPRGqOH3RXU
FRQQDvWUHDPSRXOHGHUHFKDQJHTX·LO
YRXVIDXWH[DPLQH]OHVERUQHVGH
DPSRXOH/·DPSRXOHTXLSRVVqGHGHX[
EURFKHVGURLWHVHVWXQHDPSRXOH*
WDQGLVTXHFHOOHGRQWOHVERUQHVVRQWHQ
IRUPHGHERXFOHHVWXQHDPSRXOH*
,OQHIDXWSDVOHVLQWHUFKDQJHU$VVXUH]YRXV
TXHDPSRXOHGHUHFKDQJHHVWGH9RX
9HW121GH9
$YHFGHVJDQWVRXjO·DLGHXQOLQJHVHF
HQOHYH]DPSRXOHGHVRQHPEDOODJH1H
WRXFKH]MDPDLVO·DPSRXOHjPDLQVQXHV
/HVpEXPGHODSHDXFDXVHUDGHV
GRPPDJHVjO·DPSRXOHHWHQUpGXLUDOD
GXUpHGHYLHXWLOH
3RXVVH]O·DPSRXOHWRXWGURLWGDQVOH
UpFHSWDFOHMXVTX·DXIRQG
3ODFH]OHVODQJXHWWHVGXFRXYHUFOHGH
YHUUHGDQVOHVUDLQXUHVGHODGRXLOOH
7RXUQH]OHFRXYHUFOHGHYHUUHG·XQTXDUW
GHWRXUGDQVOHVHQVGHVDLJXLOOHV
XQHPRQWUH
3RXUYRLUSOXVFODLUjLQWpULHXUGXIRXU
QHWWR\H]IUpTXHPPHQWOHFRXYHUFOH
HQYHUUHjO·DLGHXQOLQJHKXPLGH
1HOHQHWWR\H]TXHTXDQGOHIRXUHVW
FRPSOqWHPHQWIURLG
5HEUDQFKH]OHFRXUDQWpOHFWULTXHDX
FXLVLQLqUH
$PSRXO
H
*
'RXLOOH
/DQJXHWWH
&RXYHUFOHGHSURWHFWLRQHQYHUUH
5pFHSWDFOH
8WLOLVH]GHV
JDQWVRXXQ
OLQJH
5pFHSWDFOH
$PSRXO
H*
'RXLOOH
/DQJXHWWH
&RXYHUFOHGHSURWHFWLRQHQYHUUH
5pFHSWDFOH
VXUFHUWDLQVPRGqOHV
VXUFHUWDLQVPRGqOHV
 ZZZHOHFWURPHQDJHUVJHFD
1HIURWWH]SDVHWQHQHWWR\H]SDV
OHMRLQWGHSRUWHFDULODXQHUpVLVWDQFH
H[WUrPHPHQWIDLEOHjO·DEUDVLRQ
6LYRXVUHPDUTXH]TX·LOGHYLHQWXVp
V·HIILORFKHHVWHQGRPPDJpGHTXHOTXH
IDoRQRXDpWpGpSODFpVXUODSRUWH
YRXVGHYULH]OHUHPSODFHU
3RXUQHWWR\HUO·LQWpULHXUGHODSRUWH

3XLVTXHODVHFWLRQjO·LQWpULHXUGXMRLQWVHQHWWRLH
GXUDQWOHF\FOHG·DXWRQHWWR\DJHDXFXQEHVRLQGH
OHQHWWR\HUjODPDLQ

/DVHFWLRQjO·H[WpULHXUGXMRLQWHWODGRXEOXUHGH
SRUWHVHQHWWRLHQWDYHFXQWDPSRQjUpFXUHUGH
SODVWLTXHRXUHPSOLGHVDYRQGHO·HDXFKDXGHHW
GXGpWHUJHQW5LQFH]ELHQDYHFXQHVROXWLRQGH
YLQDLJUHHWG·HDX
3RXUQHWWR\HUO·H[WpULHXUGHODSRUWH

8WLOLVH]GXVDYRQHWGHO·HDXSRXUELHQODYHU
OHGHVVXVOHVF{WpVHWO·DYDQWGHODSRUWHGX
IRXU5LQFH]ELHQ9RXVSRXYH]DXVVLXWLOLVHUXQ
QHWWR\DQWSRXUOHYHUUHSRXUQHWWR\HUOHYHUUHj
H[WpULHXUGHODSRUWH1HODLVVH]SDVO·HDXFRXOHU
GDQVOHVRXYHUWXUHVGHVpYHQWV

6LGHVWDFKHVVXUODJDUQLWXUHG·pYHQWGHODSRUWH
UHVWHQWXWLOLVH]XQQHWWR\DQWGRX[DEUDVLIHWXQ
UDFORLUpSRQJHSRXUGHPHLOOHXUVUpVXOWDWV

/HVPDULQDGHVOHVMXVGHIUXLWVOHVVDXFHV
WRPDWHVHWOHVSURGXLWVSRXUDUURVHUFRQWHQDQW
GHVDFLGHVSHXYHQWSURYRTXHUXQHGpFRORUDWLRQ
HWGRLYHQWrWUHHVVX\pVLPPpGLDWHPHQW/RUVTXH
ODVXUIDFHHVWIURLGHQHWWR\H]HWULQFH]

1·XWLOLVH]SDVGHQHWWR\DQWGHIRXUGHSRXGUHVGH
QHWWR\DJHRXG·DEUDVLIVIRUWVVXUO·H[WpULHXUGHOD
SRUWH
5HWUDLWGHODSRUWHGXIRXU
1HWWR\DJHGHODSRUWHGXIRXU
/DSRUWHHVWWUqVORXUGH$WWHQWLRQHQUHWLUDQW
HWVRXOHYDQWODSRUWH
1HVRXOHYH]SDVODSRUWHSDUODSRLJQpH
3RXUUHWLUHUODSRUWH
2XYUH]HQWLqUHPHQWODSRUWH
3RXVVH]OHVYHUURXVGHODFKDUQLqUHYHUVOH
EDVYHUVOHFDGUHGHSRUWHMXVTX·jODSRVLWLRQ
GpYHUURXLOOpH8QRXWLOFRPPHXQSHWLW
WRXUQHYLVjODPHSODWHSRXUUDLWrWUHQpFHVVDLUH
$JULSSH]IHUPHPHQWOHVGHX[F{WpVGHODSRUWH
VXUOHGHVVXV
)HUPH]ODSRUWHjODSRVLWLRQGHUHWUDLWGHOD
SRUWHVRLWjPRLWLpFKHPLQHQWUHODSRVLWLRQ
DUUrWGHJULOHWODSRVLWLRQHQWLqUHPHQW
RXYHUWH
6RXOHYH]ODSRUWHYHUVOHKDXWMXVTj
FHTXHOHEUDVGHFKDUQLqUHVRLWGpJDJpGHOD
IHQWH
3RXUUHSODFHUODSRUWH
$JULSSH]IHUPHPHQWOHVGHX[F{WpVGHODSRUWH
VXUOHGHVVXV
$YHFODSRUWHDXPrPHDQJOHTXH
ODSRVLWLRQGHUHWUDLWSODFH]O·HQIRQFHPHQW
GXEUDVGHFKDUQLqUHGDQVOHERUGLQIpULHXUGH
ODIHQWHGHODFKDUQLqUH/·HQFRFKHGXEUDVGH
FKDUQLqUHGRLWrWUHELHQLQVWDOOpHGDQVOHEDVGH
ODIHQWH
2XYUH]HQWLqUHPHQWODSRUWH6LODSRUWHQH
V·RXYUHSDVHQWLqUHPHQWO·HQIRQFHPHQWQH
V·LQVWDOOHSDVFRUUHFWHPHQWGDQVOHERUG
LQIpULHXUGHODIHQWH
3RXVVH]OHYHUURXGHODFKDUQLqUHYHUVOHKDXW
FRQWUHOHFDGUHDYDQWGHODFDYLWpGXIRXUHQ
SRVLWLRQYHUURXLOOpH
)HUPH]ODSRUWHGXIRXU
3RVLWLRQGHUHWUDLW
9HUURXGHFKDUQLqUH
)HQWH
7LUH]OHVYHUURXVGHODFKDUQLqUH
YHUVOHEDVSRXUGpYHUURXLOOHU
(QIRQFHPHQW
%RUG
LQIpULHXUGH
ODIHQWH
%UDVGHFKDUQLqUH
9HUURXGH
FKDUQLqUH
3RXVVH]OHVYHUURXVGHODFKDUQLqUH
YHUVOHKDXWSRXUYHUURXLOOHU
%UDVGH
FKDUQLqUH


3DQQHDXGHFRQWU{OH
6LYRXVOHGpVLUH]YRXVSRXYH]GpVDFWLYHUOHV
WRXFKHVWDFWLOHVDYDQWOHQHWWR\DJH
5HSRUWH]YRXVjODVHFWLRQ9HUURXLOODJHGHV
FRQWU{OHV
(VVX\H]OHVpFODERXVVXUHVDYHFXQFKLIIRQ
KXPLGH
9RXVSRXYH]DXVVLXWLOLVHUXQQHWWR\DQWSRXUOH
YHUUH
5HWLUH]OHVVDOHWpVSOXVLPSRUWDQWHVDYHFGH
HDXWLqGHVDYRQQHXVH1·XWLOLVH]DXFXQDEUDVLI
GHTXHOTXHW\SHTXHFHVRLW
5pDFWLYH]OHVWRXFKHVWDFWLOHVDSUqVOH
QHWWR\DJH
(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH
6XUIDFHVG·DFLHULQR[\GDEOHVXUFHUWDLQHVPRGqOHV
XWLOLVH]SDVGHWDPSRQVGHODLQHG·DFLHU
LOVSRXUUDLHQWUD\HUODVXUIDFH
3RXUQHWWR\HUODVXUIDFHHQDFLHULQR[\GDEOH
XWLOLVH]GHO·HDXFKDXGHVDYRQQHX[RXXQSURGXLW
QHWWR\DQWRXFLUHjDFLHULQR[\GDEOH(VVX\H]
WRXMRXUVODVXUIDFHGDQVOHVHQVGXJUDLQ6XLYH]
OHVLQVWUXFWLRQVGXSURGXLWQHWWR\DQWSRXUQHWWR\HU
ODVXUIDFHHQDFLHULQR[\GDEOH
3RXUVDYRLUFRPPHQWDFKHWHUOHSURGXLWQHWWR\DQW
RXOHFLUHSRXUDSSDUHLOVpOHFWURPpQDJHUVHQ
DFLHULQR[\GDEOHRXSRXUWURXYHUXQGpWDLOODQWRX
XQPDJDVLQGHSLqFHV0DEHSUqVGHFKH]YRXV
YHXLOOH]DSSHOHUQRWUHQXPpURVDQVIUDLV
&HQWUHQDWLRQDOGHSLqFHV 
ZZZHOHFWURPHQDJHUVJHFD
eYHQWGHIRXU
/·pYHQWHVWYHQWLOpJUkFHjXQHRXYHUWXUHGDQV
ODVXUIDFHGHFXLVVRQVRXVODJULOOH
1HFRXYUH]MDPDLVO·RXYHUWXUHGHSDSLHU
DOXPLQLXPQLG·DXFXQDXWUHPDWpULDX&HFL
HPSrFKHUDLWOHERQIRQFWLRQQHPHQWGHO·pYHQW
GXIRXU
eYHQWFHQWUDO
6XUIDFHVSHLQWHV
/HVVXUIDFHVSHLQWHVLQFOXHQWOHGHVVXVHWOHV
F{WpVGHODSRUWHHWO·DYDQWGXWLURLU1HWWR\H]
OHVDYHFGXVDYRQHWGHO·HDXRXXQHVROXWLRQGH
YLQDLJUHHWG·HDX
1·XWLOLVH]SDVGHQHWWR\DQWGHIRXUFRPPHUFLDO
GHSRXGUHVGHQHWWR\DJHRXG·DEUDVLIVIRUWVVXU
DXFXQHVXUIDFHSHLQWH
)RQGGHIRXUDPRYLEOH
3RXUUHWLUHUOHIRQGGXIRXUHWIDFLOLWHU
OHQHWWR\DJH
5HWLUH]ODSRUWHGXIRXUHQVXLYDQWOHV
LQVWUXFWLRQVGHODVHFWLRQ5HWUDLWGHOD
SRUWHGXIRXU
$JULSSH]OHIRQGGXIRXUSDUOHVIHQWHV
DUULqUHVGHFKDTXHF{WpVRXOHYH]OH
SRXVVH]OHYHUVO·DUULqUHHWVRUWH]OH
1HWWR\H]OHIRQGGXIRXUjO·HDXFKDXGH
VDYRQQHXVH
,03257$17 UHSODFH]WRXMRXUVOHIRQGGHIRXU
DPRYLEOHDYDQWGHO·XWLOLVHUjQRXYHDX
)RQGGXIRXU
1HWWR\DJHGHODVXUIDFHGHFXLVVRQYLWUpH ZZZHOHFWURPHQDJHUVJHFD
/DLVVH]ODVXUIDFHUHIURLGLU
5HWLUH]OHVJULOOHVGXEUOHXUHWODJULOOHpYHQW
8WLOLVH]XQJUDWWRLUjODPHGHUDVRLUjXQVHXO
ERUGjXQDQJOHG·HQYLURQGHJUpVFRQWUHOD
VXUIDFHGHYHUUHHWJUDWWH]ODVDOHWp,OIDXGUD
SHXWrWUHDSSOLTXHUGHODSUHVVLRQVXUOH
JUDWWRLUSRXUUHWLUHUOHVUpVLGXV
$SUqVDYRLUJUDWWpGpSRVH]TXHOTXHVJRXWWHV
GHQHWWR\DQWGHVXUIDFHGHFXLVVRQGH
FpUDPLTXH&(5$0$%5<7(VXUWRXWHOD
VXUIDFHDX[UpVLGXVEUOpV8WLOLVH]XQWDPSRQ
GHQHWWR\DJHGHVXUIDFHGHFXLVVRQGH
FpUDPLTXH&(5$0$%5<7(SRXUUHWLUHUWRXW
UHVWHGHUpVLGXV
3RXUXQHSURWHFWLRQVXSSOpPHQWDLUHDSUqV
DYRLUUHWLUpOHVUpVLGXVSROLVVH]WRXWHODVXUIDFH
DYHFOHQHWWR\DQWGHVXUIDFHGHFXLVVRQGH
FpUDPLTXH&(5$0$%5<7(HWXQHVVXLHWRXW
5pVLGXVEUOpV
0,6((1*$5'(
YRWUHVXUIDFHGHYHUUHSRXUUDLWrWUH
(1'200$*e(VLYRXVXWLOLVH]GHVWDPSRQVj
UpFXUHUDXWUHTXHFHOXLLQFOXVDYHFYRWUHXQLWp
/DLVVH]ODVXUIDFHUHIURLGLU
5HWLUH]OHVJULOOHVGXEUOHXUHWODJULOOHG·pYHQW
$SSOLTXH]TXHOTXHVJRXWWHVGH&(5$0$
%5<7(VXUWRXWHODVXUIDFHGHUpVLGXVEUOpV
8WLOLVH]XQWDPSRQGHQHWWR\DJHGHVXUIDFHGH
FXLVVRQGHFpUDPLTXH&(5$0$%5<7(SRXU
IURWWHUODVHFWLRQHQDSSOLTXDQWGHODIRUFH
DXEHVRLQ
LOUHVWHGHVUpVLGXVUpSpWH]OHVpWDSHV
LQGLTXpHVSUpFpGHPPHQWDXEHVRLQ
3RXUXQHSURWHFWLRQVXSSOpPHQWDLUHDSUqV
DYRLUUHWLUpOHVUpVLGXVSROLVVH]WRXWHODVXUIDFH
DYHFOHQHWWR\DQWGHVXUIDFHGHFXLVVRQGH
FpUDPLTXH&(5$0$%5<7(HWXQHVVXLHWRXW
/HJUDWWRLUGHVXUIDFHGH
FpUDPLTXH&(5$0$%5<7(

HW
WRXWHVIRXUQLWXUHVUHFRPPDQGpHV
VRQWGLVSRQLEOHVDXSUqVGX
FHQWUHGHSLqFHV&RQVXOWH]OHV
LQVWUXFWLRQVGHODVHFWLRQ¶3RXU
FRPPDQGHUOHVSLqFHV·GHODSDJH
VXLYDQWH
5(0$548(Q·XWLOLVH]SDVGH
ODPHpEUpFKpHRXpPRXVVpH
5pVLGXVEUOpVLPSRUWDQWV
8WLOLVH]XQWDPSRQGHQHWWR\DJH
GHVXUIDFHGHFXLVVRQGH
FpUDPLTXH&(5$0$%5<7( 
1HWWR\DJHTXRWLGLHQQRUPDO
8WLOLVH]6(8/(0(17OHQHWWR\DQWGHVXUIDFHGH
FXLVVRQGHFpUDPLTXH&(5$0$%5<7(VXUOD
VXUIDFHGHFXLVVRQGHYHUUH'·DXWUHVFUqPHV
SRXUUDLHQWQHSDVrWUHHIILFDFHV
3RXUPDLQWHQLUHWSURWpJHUODVXUIDFHGHYHUUH
VXLYH]FHVpWDSHV
$YDQWXWLOLVHUODVXUIDFHGHFXLVVRQSRXUOD
SUHPLqUHIRLVQHWWR\H]ODDYHFXQQHWWR\DQWGH
VXUIDFHGHFXLVVRQGHFpUDPLTXH&(5$0$
%5<7(&HFLDLGHjSURWpJHUOHGHVVXVHW
IDFLOLWHOHQHWWR\DJH
6LYRXVXWLOLVH]FHSURGXLWFKDTXHMRXUYRWUH
VXUIDFHGHFXLVVRQFRQVHUYHUDVDEHOOH
DSSDUHQFH
5HWLUH]OHVJULOOHVGXEUOHXUHWODJULOOHG·pYHQW
6HFRXH]ELHQODFUqPHGHQHWWR\DJH$SSOLTXH]
TXHOTXHVJRXWWHVGH&(5$0$%5<7(
GLUHFWHPHQWVXUODVXUIDFHGHFXLVVRQ
8WLOLVH]XQHVVXLHWRXWRXXQWDPSRQGH
QHWWR\DJHGHVXUIDFHGHFXLVVRQGHFpUDPLTXH
&(5$0$%5<7(SRXUQHWWR\HUWRXWHOD
VXUIDFHGHFXLVVRQ
8WLOLVH]XQFKLIIRQVHFRXXQHVVXLHWRXWSRXU
UHWLUHUWRXVOHVUpVLGXVGHQHWWR\DJH$XFXQ
EHVRLQGHULQFHU
5(0$548(LOHVWWUqVLPSRUWDQWGH1(3$6FKDXIIHU
ODVXUIDFHGHFXLVVRQDYDQWTX·HOOHQHVRLWELHQ
QHWWR\pH
1HWWR\H]YRWUHVXUIDFHGHFXLVVRQ
DSUqVFKDTXHGpYHUVHPHQW
8WLOLVH]OHQHWWR\DQWGHVXUIDFH
GHFXLVVRQGHFpUDPLTXH&(5$0$
%5<7(
&RPPHQFH]SDUYHUURXLOOHUODVXUIDFHGH
FXLVVRQHWFRQVXOWH]ODVHFWLRQ9HUURXLOODJHGHV
FRQWU{OHV
/RFNRXWYHUURXLOODJHGHVFRQWU{OHV

3RXUOHVPRGqOHVFDQDGLHQVXWLOLVH]XQPRGqOHpTXLYDOHQWDSSURXYpHSDU0DEHORUVTXHOHVSURGXLWV&(5$0$%5<7( QHVRQW
SDVGLVSRQLEOHV&RQWDFWH]0DEH5HSODFHPHQW3DUWVSRXUFRPPDQGHUGHVSURGXLWVGHQHWWR\DJHGHUHFKDQJH

 eWHLJQH]WRXWHVOHVXQLWpVGHVXUIDFHHW
DYHFGHVJDQWVGHFXLVLQLHUUHWLUH]OHV
FDVVHUROHVFKDXGHVHWOHVJULOOHV
 3RUWH]GHVJDQWVGHFXLVLQLHU
D8WLOLVH]XQJUDWWRLUjODPHGHUDVRLUj
XQVHXOERUGJUDWWRLUGHVXUIDFHGH
FXLVVRQGHFpUDPLTXH&(5$0$
%5<7(SRXUGpSODFHUOHGpYHUVHPHQW
YHUVXQHQGURLWIUDLVVXUOHVXUIDFH
E5HWLUH]OHGpYHUVHPHQWDYHF
XQHVVXLHWRXW
 9RXVSRXYH]ODLVVHUOHUHVWHMXVTX·jFHTXH
ODVXUIDFHUHIURLGLVVH
 XWLOLVH]SDVOHVXQLWpVGHVXUIDFH
jQRXYHDXDYDQWDYRLUUHWLUpWRXVOHV
UpVLGXV
5(0$548(V·LO\DGpMjGHVSLTUHVRXXQ
HQIRQFHPHQWGHODVXUIDFHGHYHUUHLOIDXGUD
UHPSODFHUOHYHUUHGHODVXUIDFH'DQVFHFDVLO
IDXGUDXQHUpSDUDWLRQ
'RPPDJHVGHGpYHUVHPHQWVVXFUpVHWGHSODVWLTXHIRQGX
/HVGpYHUVHPHQWVVXFUpV
WHOVTXHJHOpHVIXGJH
ERQERQVVLURSVRXOHV
SODVWLTXHVIRQGXVSHXYHQW
SLTXHUODVXUIDFHGHFXLVVRQ
QRQFRXYHUWHSDVODJDUDQWLH
jPRLQVTXHYRXVQHSXLVVLH]
OHVUHWLUHUWDQGLVTX·LOVVRQW
HQFRUHFKDXGV$WWHQWLRQ
HQUHWLUDQWOHVVXEVWDQFHV
FKDXGHV
$VVXUH]YRXVG·XWLOLVHU
XQJUDWWRLUjODPHGHUDVRLU
QHXIHWWUDQFKDQW
XWLOLVH]SDVGHODPH
pPRXVVpHRXpEUpFKpH
3RXUFRPPDQGHUOHQHWWR\DQWGHVXUIDFHGH
FXLVVRQGHFpUDPLTXH&(5$0$%5<7(HWOH
JUDWWRLUGHVXUIDFHGHFXLVVRQYHXLOOH]DSSHOHU
QRWUHQXPpURVDQVIUDLV
&HQWUHQDWLRQDOGHSLqFHV     
ZZZHOHFWURPHQDJHUVJHFD
&(5$0$%5<7(QHWWR\DQW
GHVXUIDFHGHFXLVVRQ
GHFpUDPLTXH               :;;
&(5$0$%5<7( JUDWWRLU
GHVXUIDFHGHFXLVVRQGH
FpUDPLTXH                   :;;
7URXVVH                       :%;
ODWURXVVHLQFOXWODFUqPHHWOHJUDWWRLUGH
VXUIDFHGHFXLVVRQ
&(5$0$%5<7( WDPSRQV
GHQHWWR\DJHGHVXUIDFH
GHFXLVVRQGHFpUDPLTXH     :;;
3RXUFRPPDQGHUOHVSLqFHV
6XUIDFHGHYHUUH³SRVVLELOLWpGHGRPPDJHVSHUPDQHQWV
3RXUOHVPRGqOHVFDQDGLHQVXWLOLVH]XQPRGqOHpTXLYDOHQWDSSURXYpHSDU0DEHORUVTXHOHVSURGXLWV&(5$0$%5<7( QHVRQW
SDVGLVSRQLEOHV&RQWDFWH]0DEH5HSODFHPHQW3DUWVSRXUFRPPDQGHUGHVSURGXLWVGHQHWWR\DJHGHUHFKDQJH
$YDQWG·DSSHOHUOHVHUYLFH ZZZHOHFWURPHQDJHUVJHFD
&RQVHLOVGHGpSDQQDJH
*DJQHUGXWHPSVHWGHO·DUJHQW5pYLVH]OHVWDEOHDX[GHV
SDJHVVXLYDQWHVG·DERUGHWYRXVQ·DXUH]SHXWrWUHSDV
EHVRLQG·DSSHOHUOHVHUYLFH
3UREOqPH &DXVHVSRVVLEOHV $FWLRQ
/HVIODPPHVGHVEUOHXUV /DTXDOLWpGHFRPEXVWLRQ  8WLOLVH]OHVLOOXVWUDWLRQVSOXVEDVSRXUGpWHUPLQHUVLOHVIODPPHV
VRQWMDXQHVRXOHXUV GHVIODPPHVGXEUOHXUGRLW  GHYRVEUOHXUVVRQWQRUPDOHV6LOHVIODPPHVUHVVHPEOHQWj$
H[WUpPLWpVVRQWMDXQHV rWUHGpWHUPLQpHYLVXHOOHPHQW  DSSHOH]OHVHUYLFH/HVIODPPHVQRUPDOHVGHYUDLHQWUHVVHPEOHU
 j%RX&VHORQOHW\SHGHJD]XWLOLVp$YHFOHJD]3/LOHVWQRUPDO
 TXHOHVF{QHVH[WpULHXUVDIILFKHQWGHVH[WUpPLWpVMDXQHV
 
 
)ODPPHVMDXQHV %²²([WUpPLWpVMDXQHV )ODPPHVEOHXSkOH
 $SSHOH]OHVHUYLFH VXUOHVF{QHVH[WpULHXUV 1RUPDOSRXUOHJD]
  1RUPDOSRXUOHJD]3/ QDWXUHO
%RXWRQVGHFRQWU{OH 2))DUUrW /HERXWRQQ·HVWSDVHQIRQFp  3RXUPHWWUHjODSRVLWLRQ HQIRQFH]OHERXWRQSXLV
QHWRXUQHQWSDV  WRXUQH]
/HVEUOHXUVQH /DILFKHVXUODFXLVLQLqUH  $VVXUH]YRXVTXHODILFKHHVWEUDQFKpHGDQVXQHSULVHVRXV
DOOXPHQWSDV Q·HVWSDVLQVpUpHHQWLqUHPHQW  WHQVLRQFRUUHFWHPHQWPLVHjODWHUUH
GDQVODSULVHpOHFWULTXH
/·DOLPHQWDWLRQHQJD]Q·HVWSDV  5HSRUWH]YRXVDX[LQVWUXFWLRQVLQVWDOODWLRQIRXUQLHVDYHF
EUDQFKpHRXHQPDUFKH  ODFXLVLQLqUH
8QIXVLEOHSRXUUDLWrWUH  5HPSODFH]OHIXVLEOHRXUpLQLWLDOLVH]OHGLVMRQFWHXU
JULOOpRXOHGLVMRQFWHXUDpWp
GpFOHQFKp
 /HVSLqFHVGXEUOHXUQHVRQW  &RQVXOWH]ODVHFWLRQ(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH
 SDVUHSODFpHVFRUUHFWHPHQW
/DIRQFWLRQGH  6L/2&21YHUURXHQSODFHDIILFKHOHFRQWU{OHGXIRXUHVW
9HUURXLOODJHGHV  YHUURXLOOpeWHLJQH]FHWWHIRQFWLRQSRXUXWLOLVHUOHIRXU
FRQWU{OHVHVWDFWLYpH  5HSRUWH]YRXVjODVHFWLRQ9HUURXLOODJHGHVFRQWU{OHV
/HVRQGHGpFOLFGH /,7( /HERXWRQGHFRQWU{OHHVW  7RXUQH]OHERXWRQKRUVGHODSRVLWLRQ DXUpJODJHGpVLUp
DOOXPHXUFRQWLQXHPrPH /,7( HQFRUHHQSRVLWLRQ  
DSUqVTXHOHEUOHXU  eWHLJQH]OHEUOHXUHWUDOOXPH]OH6LOHVRQGHGpFOLF
VRLWDOOXPp  VHSRXUVXLWDSSHOH]OHVHUYLFH
)ODPPHVGXEUOHXUWUqV 0DXYDLVUDSSRUWG·DLUjJD]  6LODFXLVLQLqUHHVWEUDQFKpHDXJD]3/YpULILH]WRXWHVOHV
ODUJHVRXMDXQHV  pWDSHVGDQVOHV,QVWUXFWLRQVG·LQVWDOODWLRQIRXUQLHVDYHFYRWUH
 FXLVLQLqUH
/DOXPLqUHGXIRXU /·DPSRXOHHVWGHVVHUUpHRX  5HVVHUUH]RXUHPSODFH]O·DPSRXOH
QHIRQFWLRQQHSDV GpIHFWXHXVH
/HFRPPXWDWHXUGHODOXPLqUH  $SSHOH]OHVHUYLFH
HVWEULVp
/HIRXUQHIRQFWLRQQHSDV /DILFKHQ·HVWSDVHQWLqUHPHQW  $VVXUH]YRXVTXHODILFKHHVWEUDQFKpHGDQVXQHSULVHVRXV
LQVpUpHGDQVODSULVHGHFRXUDQW  WHQVLRQELHQPLVHjODWHUUH
8QIXVLEOHSRXUUDLWrWUHJULOOp  5HPSODFH]OHIXVLEOHRXUpLQLWLDOLVH]OHGLVMRQFWHXU
RXOHGLVMRQFWHXUDpWpGpFOHQFKp
/HVFRQWU{OHVGXIRXUVRQW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
PDOUpJOpV


$YDQWG·DSSHOHUOHVHUYLFH
&RQVHLOVGHGpSDQQDJH
3UREOqPH &DXVHVSRVVLEOHV $FWLRQ
/HVDOLPHQWVQHFXLVHQW /HVFRQWU{OHVGXIRXUVRQW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
RXQHU{WLVVHQWSDV PDOUpJOpV
 /DSRVLWLRQGHODFOD\HWWHHVW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
 LQFRUUHFWHRXODFOD\HWWHQ·HVWSDV
jQLYHDX
 2QXWLOLVHODPDXYDLVHWDLOOH  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
GHFDVVHUROH
/HWKHUPRVWDWGXIRXU  5HSRUWH]YRXVjODVHFWLRQ$MXVWHUOHWKHUPRVWDWGXIRXU²
GRLWrWUHDMXVWp )DLWHVOHYRXVPrPH
/HVDOLPHQWVQHJULOOHQW %52,/+,/2 /HVFRQWU{OHVGXIRXUVRQW  $VVXUH]YRXVHQIRQFHUODWRXFKH
SDVFRUUHFWHPHQW PDOUpJOpV JULOOHUjKDXWHEDVVHWHPSpUDWXUH
 /DPDXYDLVHSRVLWLRQGHFOD\HWWH  5HSRUWH]YRXVDX*XLGHSRXUJULOOHU
HVWXWLOLVpH
%DWWHULHGHFXLVLQHQHFRQYLHQWSDV  3RXUREWHQLUGHERQVUpVXOWDWVXWLOLVH]XQXVWHQVLOH
SRXUJULOOHU  GHFXLVLQHFRQoXSRXUODJULOODGH
/DVRQGHHVWEUDQFKpHGDQV  'pEUDQFKH]HWUHWLUH]ODVRQGHGXIRXU
ODSULVHGXIRXU
FHUWDLQVHQGURLWVOHFRXUDQW  3UpFKDXIIH]O·pOpPHQWGXJULOSHQGDQWPLQXWHV
WHQVLRQSHXWrWUHIDLEOH  *ULOOH]SHQGDQWSOXVORQJWHPSVTXHODSpULRGHUHFRPPDQGpH
 GDQVOH*XLGHSRXUJULOOHU
/DWHPSpUDWXUHGXIRXUHVW
 /HWKHUPRVWDWGXIRXUGRLW  5HSRUWH]YRXVjODVHFWLRQ$MXVWHUOHWKHUPRVWDWGXIRXU²
WURSFKDXGHRXWURSIURLGH
 rWUHDMXVWp )DLWHVOHYRXVPrPH
/DSRUWHGXIRXUHVWWRUGXH
 /DSRUWHHVWKRUVGHSRVLWLRQ  3XLVTXHODSRUWHGHIRXUVHUHWLUHHOOHVHGpSODFHSDUIRLVGXUDQW
 O·LQVWDOODWLRQ5HWLUH]HWUHSODFH]ODSRUWHGXIRXU5HSRUWH]YRXV
  jODVHFWLRQ5HWUDLWGHODSRUWHGXIRXU
/HWLURLUGHUDQJHPHQW /HVXSSRUWGXWLURLUDUULqUH  5HSODFH]OHWLURLU&RQVXOWH]OHVLQVWUXFWLRQVGH5HWUDLW
HVWWRUGX UHSRVHVXUOHGHVVXVGXUDLOJXLGH  GXWLURLUGHUDQJHPHQWGDQVODVHFWLRQ(QWUHWLHQHWQHWWR\DJH
GHODFXLVLQLqUH
/HWLURLUGHUDQJHPHQW /HFRUGRQSHXWREVWUXHUOHWLURLU  5HSODFH]OHWLURLUHWOHFRUGRQ&RQVXOWH]OHVLQVWUXFWLRQV
QHVHIHUPHSDV GDQVODSDUWLHLQIpULHXUHDUULqUH  GH5HWUDLWGXWLURLUGHUDQJHPHQWGDQVODVHFWLRQ(QWUHWLHQHW
GHODFXLVLQLqUH QHWWR\DJHGHODFXLVLQLqUH
/HVXSSRUWGXWLURLUDUULqUH  5HSODFH]OHWLURLU&RQVXOWH]OHVLQVWUXFWLRQVGH5HWUDLW
 UHSRVHVXUOHGHVVXVGXUDLOJXLGH  GXWLURLUGHUDQJHPHQWGDQVODVHFWLRQ(QWUHWLHQHWQHWWR\DJH
GHODFXLVLQLqUH

Termékspecifikációk

Márka: GE
Kategória: sütő
Modell: Profile PGS968SEPSS

Szüksége van segítségre?

Ha segítségre van szüksége GE Profile PGS968SEPSS, tegyen fel kérdést alább, és más felhasználók válaszolnak Önnek




Útmutatók sütő GE

Útmutatók sütő

Legújabb útmutatók sütő