ABQINDUSTRIAL PCX8-DL Precision Material Thickness Gauges User Guide

June 27, 2024
ABQINDUSTRIAL

PCX8-DL Precision Material Thickness Gauges

“`html

Specifications:

Product Usage Instructions:

1. Initial Setup

Before using the product, ensure that all components are
included and in good condition. Refer to the user manual for
specific setup instructions.

2. Powering On/Off

Press the power button to turn the device on. To power off,
press and hold the power button until the device shuts down.

3. Functionality Overview

This product is designed for [mention specific purpose].
Familiarize yourself with the different functions and features by
referring to the user manual.

4. Maintenance and Care

Regularly clean the product with a soft, dry cloth. Avoid using
harsh chemicals or abrasive materials that may damage the product’s
surface.

5. Troubleshooting

If you encounter any issues while using the product, refer to
the troubleshooting section of the user manual. Contact customer
support if problems persist.

Frequently Asked Questions (FAQ):

Q: How do I contact customer support?

A: You can reach out to our customer support team by calling +1
281-516-9292 or sending an email to info@abqindustrial.net. For
urgent matters, use the eFax number +1 866-234-0451.

Q: What is the warranty period for this product?

A: The warranty information can be found in the user manual or
on our website at https://www.abqindustrial.net/warranty.

Q: Can I use this product for outdoor purposes?

A: This product is intended for indoor use only. Using it
outdoors may void the warranty and expose the product to
environmental damage.

“`

Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net
8VHUXLGHHQ
‘DNRWD3&;’/ 3UHFLVLRQ0DWHULDO7KLFNQHVV
DXJHV
XLGHG
XWLOLVDWLRQIU
‘DNRWD3&;’/ -DXJHG
pSDLVVHXUGHPDWpULDXGHSUpFLVLRQ
HEUDXFKVDQOHLWXQJGH
‘DNRWD3&;’/ 3Ul]LVLRQV0DWHULDOGLFNHQPHVVJHUlWH
XtDGHOXVXDULRHV
‘DNRWD3&;’/ 0HGLGRUGHHVSHVRUGHPDWHULDOHVGHSUHFLVLyQ
HEUXLNHUVKDQGOHLGLQJQO
‘DNRWD3&;’/ 3UHFLVLHPDWHULDDOGLNWHPHWHU
]K
‘DNRWD3&;’/
MS
‘DNRWD3&;’/ Y
Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net

Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net
8VHUXLGH
‘DNRWD3&;’/
3UHFLVLRQ0DWHULDO7KLFNQHVV
DXJH
Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net

&217(176 DXJH2YHUYLHZ %R[&RQWHQWV 8VLQJWKHDXJH HWWLQJ6WDUWHGLQFOXGLQJ’LVSODRGHV 6HWWLQJ/LPLWV &DOLEUDWLRQ0HWKRGV &DOLEUDWLQJ<RXUDXJH 3,1/RFN 7DNLQJD5HDGLQJ ‘/RJ 5HYLHZLQJ’/RJ’DWD 0HQX6WUXFWXUH 0HQX6WUXFWXUH ‘RZQORDGLQJ’DWD 8SJUDGLQJ<RXU*DXJH 6SDUHV $FFHVVRULHV :DUUDQW6WDWHPHQW 7HFKQLFDO6SHFLILFDWLRQ /HJDO1RWLFHV 5HJXODWRU,QIRUPDWLRQ $SSHQGL[3UHSDULQJ7KH7HVW6XUIDFH
3E +J

)RUWKHDYRLGDQFHRIGRXEWSOHDVHUHIHUWRWKHRULJLQDO(QJOLVKODQJXDJHYHUVLRQ DXJH’LPHQVLRQV[[PP[[ZLWKRXWWUDQVGXFHU DXJH:HLJKWJR]LQFOXGLQJEDWWHULHVZLWKRXWWUDQVGXFHU $0DWHULDO6DIHW’DWD6KHHWIRUWKHXOWUDVRQLFFRXSODQWVXSSOLHGZLWKWKH’DNRWD3&;’/DQGDYDLODEOHDVDQ DFFHVVRULVDYDLODEOHWRGRZQORDGYLDRXUZHEVLWH KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI

(OFRPHWHU/LPLWHG $OOULJKWVUHVHUYHG1RSDUWRIWKLVGRFXPHQWPDEHUHSURGXFHGWUDQVPLWWHGWUDQVFULEHG VWRUHGLQDUHWULHYDOVVWHPRURWKHUZLVHRUWUDQVODWHGLQWRDQODQJXDJHLQDQIRUPRUEDQPHDQVHOHFWURQLF PHFKDQLFDOPDJQHWLFRSWLFDOPDQXDORURWKHUZLVHZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI(OFRPHWHU/LPLWHG

HQ

ZZZGDNRWDQGWFRP

$8(29(59,(:

/(‘,QGLFDWRUV5HGOHIWUHHQULJKW /&”LVSOD 6RIWNHV 2Q2II.H 7UDQVGXFHU&RQQHFWLRQ3RLQW 86%’DWD2XWSXW6RFNHWEHORZFRYHU %DWWHU&RPSDUWPHQWóWXUQRSHQFORVH :ULVW6WUDS&RQQHFWLRQ
%2;&217(176 ‘DNRWD3UHFLVLRQ0DWHULDO7KLFNQHVV
DXJH 8OWUDVRQLF&RXSODQWPOIOR] [$$%DWWHULHV 3URWHFWLYH&DVH 7UDQVLW&DVH :ULVW+DUQHVV [6FUHHQ3URWHFWRU 86%&DEOH &DOLEUDWLRQ&HUWLILFDWH 8VHU*XLGH
ZZZGDNRWDQGWFRP

HQ

86,17+($8*(

D 3RZHU%DWWHULHV

LQFOXGLQJEDWWHUOLIHLQGLFDWRU

S

E %OXHWRRWK2Q
UHQRWSDLUHGUHHQSDLUHG

F /LPLWV2QZLWK/LPLWV,QGH[

R

1XPEHU5HGOLPLWH[FHHGHG

G 0HDVXUHPHQW0RGH

,(,QWHUIDFH(FKR(((FKR(FKR

Q

3/$63ODVWLF0RGH

H &DOLEUDWLRQ0HWKRG

I &DOLEUDWLRQ6RXQG9HORFLW

P

J ‘/RJ7SH6HTXHQWLDO

O

K 5HDGLQJ6WDELOLW,QGLFDWRU

L 0HDVXUHPHQW8QLWVPP,QFK

M 0HQX6RIWNH

N ‘LVSOD6RIWNH

O ‘/RJ6RIWNH

P 6DYH&XUUHQW5HDGLQJ9DOXH

Q 5HDGLQJ9DOXH
+LJKUHVROXWLRQPP

R 8VHU6HOHFWDEOH6WDWLVWLFV
0D[LPXPRI

S ‘/RJ1DPHZKHQLQ’/RJ

T ‘DWH 7LPH
ZKHQHQDEOHGDQGQRWLQ’/RJ

U 3RZHU86%

V 6FDQ0RGH2Q
LFRQÀDVKHVGXULQJDVFDQ

W 6WDUW6WRS6FDQ
ZKHQLQ6FDQ0RGH

X %6FDQ

Y &HOO5HIHUHQFH
ZKHQLQJULGEDWFKLQJ

Z 5HDGLQJ2XWVLGH&DOLEUDWLRQ :DUQLQJ2Q

[ %DWFK7SH
*ULGLQFUHPHQWGLUHFWLRQDFURVV

5HDGLQJ9DOXH
/RZUHVROXWLRQPP

HQ

D E F G H I J K L M N
T U G H I V L W
X Y Z
[

ZZZGDNRWDQGWFRP

(77,167$57(‘
),77,1*7+(%$77(5,(6 (DFKJDXJHLVVXSSOLHGZLWK[$$DONDOLQH EDWWHULHV

7RLQVHUWRUUHSODFHWKHEDWWHULHV /LIWWKHODWFKRQWKHEDWWHUFRPSDUWPHQW
FRYHUDQGURWDWHDQWLFORFNZLVHWRUHPRYH WKHFRYHU ,QVHUWEDWWHULHVWDNLQJFDUHWRHQVXUH FRUUHFWSRODULW 5HILWWKHFRYHUDQGURWDWHWKHODWFKFORFNZLVHWRFORVH

7KHEDWWHUFRQGLWLRQLVLQGLFDWHGEDVPEROLQWKHWRSULJKWRIWKH GLVSOD
)XOOVPEROJUHHQ EDWWHULHVDWIXOOFDSDFLW (PSWVPEROUHGIODVKLQJ EDWWHULHVDWORZHVW
VXVWDLQDEOHOHYHO

&211(&7,1*$
75$16’8&(5 $OLJQWKHUHGGRWRQWKH
WUDQVGXFHUSOXJZLWKWKHUHGGRW RQWKHEDVHRIWKHJDXJH 3XVKWKHWUDQVGXFHULQWRWKH JDXJHHQVXULQJWKDWWKH FRQQHFWRULVIXOOHQJDJHG

$OOVLQJOHHOHPHQWGHODOLQH WUDQVGXFHUVZKLFKFDQEHFRQQHFWHG GLUHFWOWRWKHEDVHRID’DNRWD3&;JDXJH VHH6HFWLRQµ7UDQVGXFHUV¶RQ SDJHHQDUHµLQWHOOLJHQW¶WUDQVGXFHUV

7KHWUDQVGXFHUIUHTXHQFDQGGLDPHWHUZLOOEHLGHQWLILHG DXWRPDWLFDOOEWKHJDXJHDQGWKHXVHUZLOOEHSURPSWHGWRVHOHFW WKHWSHRIGHODOLQHDWWDFKHGLIDQ

‘HWDLOVRIWKHWUDQVGXFHUFRQQHFWHGFDQEHYLHZHGDWDQWLPHYLD 0HQX$ERXW7UDQVGXFHU,QIRUPDWLRQ

ZZZGDNRWDQGWFRP

HQ

(77,167$57(‘FRQWLQXHG $WUDQVGXFHUDGDSWRULVDYDLODEOHZKLFKHQDEOHVRWKHU’DNRWD1’7 µQRQLQWHOOLJHQW¶VLQJOHHOHPHQWGHODOLQHWUDQVGXFHUVDQGRWKHU PDQXIDFWXUHUV¶WUDQVGXFHUVWREHXVHGZLWKWKH’DNRWD3&;SURGXFW UDQJHVHH6HFWLRQµ7UDQVGXFHU$GDSWRU¶RQSDJHHQ
6(/(&7,1<285/$18$( 3UHVVDQGKROGWKH212))EXWWRQXQWLOWKH’DNRWD1’7ORJR
LVGLVSODHG 3UHVV0HQX6HWXS/DQJXDJHDQGVHOHFWRXUODQJXDJHXVLQJ
WKHÏÐVRIWNHV )ROORZWKHRQVFUHHQPHQXV
7RDFFHVVWKHODQJXDJHPHQXZKHQLQDIRUHLJQODQJXDJH 6ZLWFKWKHJDXJH2)) 3UHVVDQGKROGWKHOHIWVRIWNHDQGVZLWFKWKHJDXJH21 6HOHFWRXUODQJXDJHXVLQJWKHÏÐVRIWNHV
6&5((16(77,1
6 $QXPEHURIVFUHHQVHWWLQJVFDQEHGHILQHGEWKHXVHUYLD 0HQX6HWXS6FUHHQ6HWWLQJVLQFOXGLQJ
y 6FUHHQ%ULJKWQHVV7KLVFDQEHVHWWRµ0DQXDO¶RUµ$XWR¶WKH EULJKWQHVVLVDGMXVWHGDXWRPDWLFDOOXVLQJWKHJDXJH¶VDPELHQW OLJKWVHQVRU y 6FUHHQ7LPHRXW7KHGLVSODZLOOGLPLILQDFWLYHIRUPRUHWKDQ VHFRQGVDQGZLOOJRµEODFN¶LILQDFWLYHIRUWKHSHULRGGHILQHG 3UHVVDQNHRUWDSWKHJDXJHWRDZDNHQLW7KHJDXJHFDQ DOVREHVHWWRVZLWFKRIIDXWRPDWLFDOODIWHUDXVHUGHILQHG SHULRGRILQDFWLYLWYLD0HQX6HWXSDXJH$XWR2II7KH GHIDXOWVHWWLQJLVPLQXWHV
6(77,1
837+(5($’,1’,63/$< 7KHFRORXU/&’GLVSODLVVSOLWLQWRWZRKDOYHV7RS’LVSODDQG %RWWRP’LVSOD7KHXVHUFDQGHILQHZKDWLQIRUPDWLRQLVGLVSODHG LQHDFKKDOILQFOXGLQJ5HDGLQJV6HOHFWHG6WDWLVWLFV5XQ&KDUW%DU UDSK5HDGLQJV ‘LIIHUHQWLDODDQG%6FDQ

D1RWDYDLODEOHLQµ6FDQ0RGH¶VHH6HFWLRQµ7DNLQJD5HDGLQJLQ6FDQ0RGH¶RQSDJHHQ

HQ

ZZZGDNRWDQGWFRP

(77,167$57(‘FRQWLQXHG
7RVHWXSWKHGLVSOD 3UHVV’LVSOD6HWXS’LVSOD7RS’LVSOD RU%RWWRP’LVSODDVUHTXLUHG 8VHWKHÏÐVRIWNHVWRKLJKOLJKWWKH UHTXLUHGRSWLRQDQGSUHVVµ6HOHFW¶

5HDGLQJV

,Iµ1RQH¶LVVHOHFWHGIRURQHKDOIDQGµ5HDGLQJV¶ µ5XQ&KDUW¶RUµ%6FDQ¶IRUWKHRWKHUKDOIWKH UHDGLQJVUXQFKDUWRU%6FDQZLOOILOOWKHZKROH VFUHHQ,IDQRWKHUFRPELQDWLRQRIRSWLRQVLV VHOHFWHGWKHGDWDZLOOEHVKRZQLQWKHWRSRU ERWWRPGLVSODDVVSHFLILHG

6HOHFWHG6WDWLVWLFV

y 1RQH1RLQIRUPDWLRQLVGLVSODHG

y 5HDGLQJV7KHUHDGLQJYDOXHLV

GLVSODHG

y 6HOHFWHG6WDWLVWLFV8SWRVWDWLVWLFDO

YDOXHVFDQEHGLVSODHGDVGHILQHGE

WKHXVHUYLD’LVSOD6WDWLVWLFV6HOHFW

6WDWLVWLFV6HOHFWIURP

1XPEHURI5HDGLQJV0HDQ/RZHVW

5HDGLQJ+LJKHVW5HDGLQJ6WDQGDUG

‘HYLDWLRQ/RZ/LPLW9DOXH1XPEHU

%HORZ/RZ/LPLW+LJK/LPLW9DOXH

1XPEHU$ERYH+LJK/LPLW5DQJH

1RPLQDO9DOXH

y 5XQ&KDUW$OLQHWUHQGJUDSKRIWKHODVW

PHDVXUHPHQWVZKLFKLVXSGDWHG

DXWRPDWLFDOODIWHUHDFKUHDGLQJ

y %DU*UDSK$QDQDORJXHUHSUHVHQWDWLRQ

RIWKHFXUUHQWPHDVXUHPHQWYDOXH

WRJHWKHUZLWKWKHKLJKHVW+LORZHVW/R

DQGDYHUDJH;UHDGLQJ7KHJUDSKLV

XSGDWHGDXWRPDWLFDOOZKHQHDFK

UHDGLQJLVWDNHQ y 5HDGLQJV ‘LIIHUHQWLDOD7KHODVW

UHDGLQJLVGLVSODHGWRJHWKHUZLWKWKH

YDULDWLRQIURPWKHQRPLQDOYDOXHVHWYLD

0HQX/LPLW0HPRULHV&UHDWH/LPLW

0HPRU6HW1RPLQDO

5XQ&KDUW %DU*UDSK 5HDGLQJV ‘LHUHQWLDO

D1RWDYDLODEOHLQµ6FDQ0RGH¶VHH6HFWLRQµ7DNLQJD5HDGLQJLQ6FDQ0RGH¶RQSDJHHQ
ZZZGDNRWDQGWFRP

HQ

(77,167$57(‘FRQWLQXHG
y %6FDQ3URYLGHVDWLPHEDVHGFURVVVHFWLRQDOYLHZRIWKH PDWHULDOEHLQJWHVWHG5HDGLQJVWDNHQVDYHGUHDGLQJVWKH KLJKHVW+LORZHVW/RDQGDYHUDJH;UHDGLQJWRJHWKHUZLWK XSSHUDQGRUORZHUOLPLWYDOXHVLIVHWDQGHQDEOHGDUH GLVSODHG
%6FDQ
7KHPDWHULDOWKLFNQHVVLVLOOXVWUDWHG EJUHDQGUHGVKDGHGDUHDVUHGLI UHDGLQJVDUHRXWVLGHOLPLWVLIVHWDQG HQDEOHG5HDGLQJVZKLFKDUHVDYHG LQWRWKHJDXJHRU’/RJPHPRUDUH GLVSODHGDVZKLWHRUUHGYHUWLFDO EDUVUHGLIUHDGLQJVDUHRXWVLGHOLPLWV LIVHWDQGHQDEOHG
7KH%6FDQYHUWLFDOVFDOHFDQHLWKHUEHVHWWR
$XWR
RUWKHXVHU FDQVHWWKHVFDOHPRVWDSSURSULDWHIRUWKHWKLFNQHVVRIWKH PDWHULDOXQGHUWHVW
:KHQWKHµ6WDUW’HSWK¶DQGµ0D[‘HSWK¶DUHERWKVHWWR
$XWR
WKHVFDOLQJLVGHWHUPLQHGEWKHPLQLPXPDQGPD[LPXP UHDGLQJVWDNHQ
7RVHWWKH%6FDQUHVROXWLRQ 3UHVV’LVSOD6HWXS’LVSOD%6FDQ6FDOLQJ%6FDQ6WDUW
RUµ%6FDQ’HSWK¶DVUHTXLUHG 8VHWKHÏÐVRIWNHVWRVHOHFWµ$XWR¶DQGSUHVVµ2N¶RU
DOWHUQDWLYHOXVHWKHÏÐVRIWNHVWRVHWWKHUHTXLUHG YDOXHSUHVVLQJWKHÎVRIWNHWRPRYHWRWKHQH[WGLJLW DQGSUHVVµ6HW¶ 5HSHDW6WHSIRUµ%6FDQ’HSWK¶RUµ%6FDQ6WDUW¶DV UHTXLUHG
7 KHGHIDXOWVHWWLQJLVµ%6FDQ6WDUW¶ µ%6FDQ’HSWK¶ µ$XWR¶

HQ

ZZZGDNRWDQGWFRP

(77,1 67$57(‘FRQWLQXHG
6(/(&7,1* 7+( 0($685(0(17 02′( 7KUHHPHDVXUHPHQWPRGHVDUHDYDLODEOHIRUVHOHFWLRQµ,QWHUIDFH (FKR¶µ(FKR(FK¶DQGµ3ODVWLF0RGH¶6HH7DEOH0HDVXUHPHQW 0RGHVIRUIXUWKHULQIRUPDWLRQ

7$%/(0($685(0(17 02′(6

0HDVXUHPHQW 0RGH

,FRQ

‘HVFULSWLRQ

,QWHUIDFH(FKR ,(

7KHWRWDOWKLFNQHVVIURPWKHWRSRIDQFRDWLQJ WKURXJKWRWKHPDWHULDOGHQVLWERXQGDUWSLFDOO WKHEDFNZDOOLVPHDVXUHG6XLWDEOHIRU PHDVXUHPHQWRIPDWHULDOVEHWZHHQPPDQG PPWREWKLFN

(FKR(FKR ((
3ODVWLF 0RGH3/$6

,GHDOIRUPHDVXULQJWKLQPDWHULDOVWKHPDWHULDO WKLFNQHVVIURPWKHWRSVXUIDFHRIWKHPDWHULDOWR WKHPDWHULDOGHQVLWERXQGDUWSLFDOOWKHEDFN ZDOOLVPHDVXUHG6XLWDEOHIRUPHDVXUHPHQWRI PDWHULDOVEHWZHHQPPDQGPP WREWKLFN
3/$6 6SHFLILFDOOXVHGIRUPHDVXULQJYHUWKLQSODVWLFV EHWZHHQPPDQGPPWRE WKLFN$JUDSKLWHGHODOLQHLVUHTXLUHGZKHQXVLQJ WKLVPRGHVHH6HFWLRQµ’HOD/LQHV¶RQSDJH HQ

1RWH7KHJDXJHVKRXOGEHUHFDOLEUDWHGZKHQWKHPHDVXUHPHQWPRGHLVFKDQJHG VHH6HFWLRQµ&DOLEUDWLQJRXU*DXJH¶RQSDJHHQ7KHFDOLEUDWLRQLFRQZLOO IODVKLQWHUPLWWHQWOWRLQGLFDWHWKDWUHFDOLEUDWLRQLVUHTXLUHG

7RVHOHFWWKHPHDVXUHPHQWPRGHSUHVV 0HQX6HWXS5HDGLQJ0HDVXUHPHQW0RGH

6(/(&7,1* 7+( 0($685(0(17 81,76 ‘DNRWD3&;JDXJHVFDQGLVSODUHDGLQJVLQPPRULQFKHV7R VHOHFWWKHPHDVXUHPHQWXQLWVSUHVV0HQX6HWXS8QLWV

E7KLFNQHVVUDQJHLVGHSHQGHQWRQWKHPDWHULDOEHLQJPHDVXUHGDQGWKHWUDQVGXFHUXVHG
ZZZGDNRWDQGWFRP

HQ

(77,167$57(‘FRQWLQXHG 6(/(&7,1*7+(0($685(0(175$7( 5(62/87,21 7KUHHXVHUVHOHFWDEOHPHDVXUHPHQWUHSHWLWLRQUDWHVDUHDYDLODEOH DQG+]WKHJDXJHZLOOWDNHRUUHDGLQJVSHUVHFRQG GHSHQGLQJRQWKHUDWHVHOHFWHG
7RVHOHFWWKHUHDGLQJUDWHSUHVV0HQX6HWXS5HDGLQJ5HDGLQJ5DWH :KHQLQµ6FDQ0RGH¶VHH6HFWLRQµ7DNLQJD5HDGLQJLQ6FDQ 0RGH¶RQSDJHHQWKHUHDGLQJUDWHLVVHWDW+] UHDGLQJVSHUVHFRQG
7KHJDXJHKDVDXVHUVHOHFWDEOHUHDGLQJUHVROXWLRQRIPP µ/RZ¶RUPPµ+LJK¶ZKLFKJLYHVPRUHSUHFLVHUHDGLQJV ZKHQPHDVXULQJRQWKLQQHUPDWHULDOV
7RVHOHFWWKHUHVROXWLRQSUHVV0HQX6HWXS5HDGLQJ5HVROXWLRQDQG VHOHFWµ/RZ¶RUµ+LJK¶DVUHTXLUHG

6(77,1*/,0,76
/LPLWVDUHDFFHSWDEOHWROHUDQFHOHYHOVDVGHILQHGEWKHXVHU DOORZLQJWKHXVHUWRFRPSDUHUHDGLQJVWRSUHGHILQHGYDOXHV7KH 3&;’/FDQVWRUHXSWRSUHSURJUDPPHGOLPLWV

/LPLWVFDQEHFUHDWHGRQWKHJDXJHRUYLD3&XVLQJ’DN0DVWHU70 DQGVDYHGLQWRWKHJDXJHPHPRUIRUIXWXUHVHOHFWLRQ8VLQJ ‘DN0DVWHU70VDYHGOLPLWVFDQEHWUDQVIHUUHGWRRWKHU3&;’/ JDXJHV

(DFK/LPLWFDQFRQVLVWRIDQRPLQDORUWDUJHWYDOXH[UHTXLUHGIRU
5HDGLQJV ‘LIIHUHQWLDO
DORZDQGRUKLJKOLPLWYDOXH

/LPLWVFDQHLWKHUEHFUHDWHGIRULQGLYLGXDOUHDGLQJVRUZKHQDQHZ ‘/RJLVRSHQHGVHH6HFWLRQVDQG’LIIHUHQW’/RJVFDQ KDYHGLIIHUHQWOLPLWYDOXHV

:KHQFUHDWHGOLPLWVDUHVWRUHGLQWKHJDXJHOLPLWPHPRUDQGDUH DYDLODEOHIRUIXWXUHVHOHFWLRQVHH6HFWLRQ

6DYHGOLPLWVFDQEHUHQDPHGDQGWKHYDOXHVFDQEHDPHQGHGDW DQWLPHVHH6HFWLRQVDQG

HQ

ZZZGDNRWDQGWFRP

6(77,1/,0,76FRQWLQXHG
&5($7,1
/,0,76)25,1′,9,’8$/5($’,16 3UHVV0HQX/LPLW0HPRULHV&UHDWH/LPLW0HPRU6HW8SSHU
/LPLWRUµ6HW/RZHU/LPLW¶ 8VHWKHÏÐVRIWNHVWRVHWWKHUHTXLUHGYDOXHDQGSUHVVµ6HW¶ ,IUHTXLUHGUHSHDW6WHSIRUµ6HW/RZHU/LPLW¶RUµ6HW8SSHU
/LPLW¶DQGµ6HW1RPLQDO¶ :KHQDOOYDOXHVKDYHEHHQVHWXVHWKHÏÐVRIWNHVWR
KLJKOLJKWµ6DYH/LPLW0HPRUQ¶DQGSUHVVµ6HOHFW¶WRVDYH
/LPLWVDUHVSHFLILFWRWKHPHDVXUHPHQWPRGHLQXVHZKHQFUHDWHG
&5($7,1
/,0,76)25$1(:’/RJ 3UHVV’/RJ1HZ’/RJ’/RJ/LPLWV&UHDWH/LPLW0HPRU 6HW8SSHU/LPLWRUµ6HW/RZHU/LPLW¶ 8VHWKHÏÐVRIWNHVWRVHWWKHUHTXLUHGYDOXHDQGSUHVVµ6HW¶ ,IUHTXLUHGUHSHDW6WHSIRUµ6HW/RZHU/LPLW¶RUµ6HW8SSHU
/LPLW¶DQGµ6HW1RPLQDO¶ :KHQDOOYDOXHVKDYHEHHQVHWXVHWKHÏÐVRIWNHVWR KLJKOLJKWµ6DYH/LPLW0HPRUQ¶DQGSUHVVµ6HOHFW¶WRVDYH
/LPLWVDUHVSHFLILFWRWKHPHDVXUHPHQWPRGHLQXVHZKHQFUHDWHG ‘/RJOLPLWVFDQEHYLHZHGDWDQWLPHYLD’/RJ5HYLHZ’/RJ’/RJ
,QIRUPDWLRQ
6(/(&7,1*6$9(‘/,0,76 3UHVV0HQX/LPLW0HPRULHV6HOHFW/LPLW0HPRURUZKHQLQ
‘/RJSUHVV’/RJ1HZ’/RJ’/RJ/LPLWV6HOHFW/LPLW 0HPRU 8VHWKHÏÐVRIWNHVWRKLJKOLJKWWKHOLPLWPHPRUUHTXLUHG DQGSUHVVµ6HOHFW¶
2QOWKHOLPLWVVSHFLILFWRWKHPHDVXUHPHQWPRGHLQXVHDUHDYDLODEOHIRU VHOHFWLRQ
‘/RJOLPLWVFDQEHYLHZHGDWDQWLPHYLD’/RJ5HYLHZ’/RJ’/RJ ,QIRUPDWLRQ
:KHQDOLPLWPHPRULVLQXVHLVGLVSODHGWRWKHULJKWRIWKH PHDVXUHPHQWVFUHHQZKHUHQ WKHOLPLWLQGH[QXPEHU

ZZZGDNRWDQGWFRP

HQ

6(77,1/,0,76FRQWLQXHG ,IDPHDVXUHPHQWLVWDNHQZKLFKIDOOV RXWVLGHVHWOLPLWVWKHDSSURSULDWHOLPLW LFRQWKHUHDGLQJYDOXHDQGWKHUHDGLQJ GLIIHUHQWLDOLIHQDEOHGWXUQUHGWKHUHG /(‘IODVKHVDQGWKHDODUPEHHSV
5(1$0,1
/,0,76 3UHVV0HQX/LPLW0HPRULHV(GLW/LPLW0HPRU5HQDPH/LPLW
0HPRU 8VHWKHÏÐVRIWNHVWRKLJKOLJKWWKHOLPLWPHPRUWREH
UHQDPHGDQGSUHVVµ6HOHFW¶ 8VHWKHÍÎVRIWNHVWRUHQDPHWKHOLPLWPHPRU 6HOHFWµ2N¶WRVDYHWKHFKDQJHVRUµ(VFDSH¶WRH[LWDQG
GLVUHJDUGDQDPHQGPHQWVPDGH
$0(1’,1*/,0,76 3UHVV0HQX/LPLW0HPRULHV(GLW/LPLW0HPRU$PHQG/LPLW
0HPRU 8VHWKHÏÐVRIWNHVWRKLJKOLJKWWKHOLPLWPHPRUWREH
DPHQGHGDQGSUHVVµ6HOHFW¶ 8VHWKHÏÐVRIWNHVWRKLJKOLJKWµ6HW8SSHU/LPLW¶RUµ6HW
/RZHU/LPLW¶DQGSUHVVµ6HOHFW¶ 8VHWKHÏÐVRIWNHVWRVHWWKHUHTXLUHGYDOXHDQGSUHVVµ6HW¶ ,IUHTXLUHGUHSHDW6WHSVIRUµ6HW/RZHU/LPLW¶RUµ6HW8SSHU
/LPLW¶DQGµ6HW1RPLQDO¶ :KHQDOOYDOXHVKDYHEHHQDPHQGHGDVUHTXLUHGXVHWKHÏÐ
VRIWNHVWRK LJKOLJKWµ6DYH/LPLW0HPRUQ¶DQGSUHVVµ6HOHFW¶WR VDYHWKHFKDQJHV

HQ

ZZZGDNRWDQGWFRP

&$/,%5$7,21 0(7+2’6
,QRUGHUIRUWKHJDXJHWRPDNHDFFXUDWHPHDVXUHPHQWVLWPXVWEHVHW WRWKHFRUUHFWVRXQGYHORFLWIRUWKHPDWHULDOEHLQJPHDVXUHG

‘LIIHUHQWWSHVRIPDWHULDOKDYHGLIIHUHQWVRXQGYHORFLWLHV)RU H[DPSOHWKHYHORFLWRIVRXQGWKURXJKVWHHOLVPV DSSUR[LPDWHOLQVDQGWKHYHORFLWRIVRXQGWKURXJK DOXPLQLXPLVPVDSSUR[LPDWHOLQV

6HWWLQJWKHFDOLEUDWLRQLVFUXFLDOIRUWKHJDXJHWRIXQFWLRQFRUUHFWO7KH FDOLEUDWLRQSURFHGXUHVKRXOGEHSHUIRUPHGZKHQWKHPHDVXUHPHQW PRGHWUDQVGXFHUDQGRUPDWHULDOWSHLVFKDQJHG

$FKRLFHRIFDOLEUDWLRQPHWKRGVLVDYDLODEOHVHH7DEOH&DOLEUDWLRQ 0HWKRGV7RVHOHFWWKHFDOLEUDWLRQPHWKRGSUHVV0HQX&DOLEUDWLRQ&DO 0HWKRG

&DOLEUDWLRQ 0HWKRG

7$%/(&$/,%5$7,21 0(7+2’6 ,FRQ ‘HVFULSWLRQ

3RLQW

7KLVLVWKHVLPSOHVWDQGPRVWFRPPRQOXVHG FDOLEUDWLRQSURFHGXUH$UHDGLQJLVWDNHQDQG DGMXVWHGRQDQXQFRDWHGVDPSOHSLHFHRIWHVW PDWHULDORIDNQRZQWKLFNQHVV2QFHWKH WKLFNQHVVKDVEHHQHQWHUHGDQGFRQILUPHGWKH GHULYHGVRXQGYHORFLWLVGLVSODHG

3RLQW
0DWHULDOF 9HORFLWF

7KLVPHWKRGDOORZVIRUJUHDWHUDFFXUDFRYHU VPDOOUDQJHV5HDGLQJVDUHWDNHQDQGDGMXVWHG RQWZRXQFRDWHGVDPSOHSLHFHVRIWHVWPDWHULDORI WZRGLIIHUHQWDQGNQRZQWKLFNQHVVHV2QFHWKH VHFRQGWKLFNQHVVKDVEHHQHQWHUHGDQG FRQILUPHGWKHGHULYHGVRXQGYHORFLWLVGLVSODHG
&DOLEUDWLRQXVLQJWKHVRXQGYHORFLWRIDPDWHULDO VHOHFWHGIURPDSUHGHILQHGOLVWRIPDWHULDOV VWRUHGLQWKHJDXJH
&DOLEUDWLRQXVLQJWKHNQRZQVRXQGYHORFLWRIWKH PDWHULDOXQGHUWHVW

)DFWRU &DOLEUDWLRQ

&DOLEUDWLRQXVLQJWKHGHIDXOWIDFWRUFDOLEUDWLRQRI WKHVWDQGDUGVRXQGYHORFLWIRUVWHHOPV DSSUR[LPDWHOLQV

Fµ0DWHULDO¶DQGµ9HORFLW¶FDOLEUDWLRQPHWKRGVDUHXVHIXOZKHQXQFRDWHGVDPSOHWHVWSLHFHVDUHQRW DYDLODEOH

ZZZGDNRWDQGWFRP

HQ

&$/,%5$7,1<285$8(
86,1
32,17&$/,%5$7,21 7KLVSURFHGXUHUHTXLUHVDQXQFRDWHGVDPSOHSLHFHRIWKHPDWHULDO EHLQJPHDVXUHGWKHH[DFWWKLFNQHVVRIZKLFKLVNQRZQIURPKDYLQJ EHHQPHDVXUHGEVRPHRWKHUPHDQVRUDFDOLEUDWLRQVWDQGDUGVHH 6HFWLRQµ&DOLEUDWLRQ6WDQGDUGV¶RQSDJHHQ
3OXJWKHWUDQVGXFHULQWRWKHJDXJHHQVXULQJWKDWWKHFRQQHFWRULV IXOOHQJDJHG
7KHZHDUIDFHRIWKHWUDQVGXFHUVKRXOGEHFOHDQDQGIUHHRIDQGHEULV
3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ 3UHVV0HQX&DOLEUDWLRQ&DO0HWKRGDQGVHOHFWµ3RLQW¶
,Iµ3RLQW¶LVDOUHDGVHOHFWHGWKHFDOLEUDWLRQPHWKRGFXUUHQWOVHOHFWHGLV LQGLFDWHGEWKHLFRQWRWKHULJKWRIWKHGLVSODVLPSOSUHVV 0HQX&DOLEUDWLRQ&DOLEUDWH
:KHQSURPSWHGDSSOFRXSODQWWRWKHXQFRDWHGVDPSOHRU FDOLEUDWLRQVWDQGDUG
3UHVVWKHWUDQVGXFHURQWRWKHXQFRDWHGVDPSOHRUFDOLEUDWLRQ VWDQGDUGPDNLQJVXUHLWLVIODWDJDLQVWWKHVXUIDFH
7KHGLVSODZLOOVKRZDWKLFNQHVVYDOXHZKLFKLVFRQVWDQWOXSGDWLQJ7KH VWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKHVWDELOLWEDUWRWKHULJKWRIWKH GLVSOD$YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH
5HPRYHWKHWUDQVGXFHUIURPWKHXQFRDWHGVDPSOHRUFDOLEUDWLRQ VWDQGDUG7KHODVWUHDGLQJLVKHOGRQVFUHHQ,IQRW UHSUHVHQWDWLYHUHSHDW6WHSV
([FHVVLYHXVHRIFRXSODQWFDQUHVXOWLQDGLVWRUWHGUHDGLQJZKHQWKH WUDQVGXFHULVUHPRYHGIURPWKHVXUIDFH
3UHVVµ$GMXVW¶DQGXVLQJWKHÏÐVRIWNHVDGMXVWWKHUHDGLQJWR WKHNQRZQWKLFNQHVVYDOXHIROORZHGEµ6HW¶WRVHWWKHYDOXH
3UHVVLQJµ(VFDSH¶DWDQWLPHZLOOH[LWWKHFDOLEUDWLRQSURFHGXUHZLWKRXW FDOLEUDWLQJWKHJDXJH
7KHGHULYHGVRXQGYHORFLWZLOOEHGLVSODHGWRWKHULJKWRIWKHGLVSOD
EHORZWKHFDOLEUDWLRQPHWKRGLFRQ
1RWH2QHSRLQWFDOLEUDWLRQPXVWEHSHUIRUPHGRQPDWHULDOZLWKWKHSDLQWRU FRDWLQJUHPRYHG)DLOXUHWRUHPRYHWKHSDLQWRUFRDWLQJSULRUWR FDOLEUDWLRQZLOOUHVXOWLQLQDFFXUDWHUHDGLQJV

HQ

ZZZGDNRWDQGWFRP

&$/,%5$7,1<285$8(FRQWLQXHG
86,1
32,17&$/,%5$7,21 7KLVSURFHGXUHUHTXLUHVWZRXQFRDWHGVDPSOHSLHFHVRIGLIIHUHQW NQRZQWKLFNQHVVHVIURPKDYLQJEHHQPHDVXUHGEVRPHRWKHU PHDQVRIWKHPDWHULDOXQGHUWHVWZKLFKDUHUHSUHVHQWDWLYHRIWKH UDQJHEHLQJPHDVXUHGRUWZRFDOLEUDWLRQVWDQGDUGVVHH6HFWLRQ µ&DOLEUDWLRQ6WDQGDUGV¶RQSDJHHQ
3OXJWKHWUDQVGXFHULQWRWKHJDXJHHQVXULQJWKDWWKHFRQQHFWRULV IXOOHQJDJHG
7KHZHDUIDFHRIWKHWUDQVGXFHUVKRXOGEHFOHDQDQGIUHHRIDQGHEULV
3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ 3UHVV0HQX&DOLEUDWLRQ&DO0HWKRGDQGVHOHFWµ3RLQW¶
,Iµ3RLQW¶LVDOUHDGVHOHFWHGWKHFDOLEUDWLRQPHWKRGFXUUHQWOVHOHFWHGLV LQGLFDWHGEWKHLFRQWRWKHULJKWRIWKHGLVSODVLPSOSUHVV 0HQX&DOLEUDWLRQ&DOLEUDWH
:KHQSURPSWHGDSSOFRXSODQWWRWKHILUVWXQFRDWHGVDPSOHRU FDOLEUDWLRQVWDQGDUG
3UHVVWKHWUDQVGXFHURQWRWKHXQFRDWHGVDPSOHRUFDOLEUDWLRQ VWDQGDUGPDNLQJVXUHLWLVIODWDJDLQVWWKHVXUIDFH
7KHGLVSODZLOOVKRZDWKLFNQHVVYDOXHZKLFKLVFRQVWDQWOXSGDWLQJ7KH VWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKHVWDELOLWEDUWRWKHULJKWRIWKH GLVSOD$YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH
5HPRYHWKHWUDQVGXFHUIURPWKHXQFRDWHGVDPSOHRUFDOLEUDWLRQ VWDQGDUG7KHODVWUHDGLQJLVKHOGRQVFUHHQ,IQRW UHSUHVHQWDWLYHUHSHDW6WHSV
([FHVVLYHXVHRIFRXSODQWFDQUHVXOWLQDGLVWRUWHGUHDGLQJZKHQWKH WUDQVGXFHULVUHPRYHGIURPWKHVXUIDFH
3UHVVµ$GMXVW¶DQGXVLQJWKHÏÐVRIWNHVDGMXVWWKHUHDGLQJWR WKHNQRZQWKLFNQHVVYDOXHIROORZHGEµ6HW¶WRVHWWKHYDOXH
5HSHDW6WHSVXVLQJWKHVHFRQGXQFRDWHGVDPSOHRU FDOLEUDWLRQVWDQGDUG
3UHVVLQJµ(VFDSH¶DWDQWLPHZLOOH[LWWKHFDOLEUDWLRQSURFHGXUHZLWKRXW FDOLEUDWLQJWKHJDXJH
7KHGHULYHGVRXQGYHORFLWZLOOEHGLVSODHGWRWKHULJKWRIWKHGLVSOD
EHORZWKHFDOLEUDWLRQPHWKRGLFRQ
1RWH7ZRSRLQWFDOLEUDWLRQPXVWEHSHUIRUPHGRQPDWHULDOZLWKWKHSDLQWRU FRDWLQJUHPRYHG)DLOXUHWRUHPRYHWKHSDLQWRUFRDWLQJSULRUWR FDOLEUDWLRQZLOOUHVXOWLQLQDFFXUDWHUHDGLQJV

ZZZGDNRWDQGWFRP

HQ

&$/,%5$7,1<285$8(FRQWLQXHG
86,1
0$7(5,$/&$/,%5$7,21 7KHJDXJHLVFDOLEUDWHGXVLQJWKHNQRZQVRXQGYHORFLWRID PDWHULDODVVHOHFWHGEWKHXVHUIURPDSUHGHILQHGOLVWVWRUHGLQWKH JDXJH7KLVFDOLEUDWLRQPHWKRGLVXVHIXOLIXQFRDWHGVDPSOHWHVW SLHFHVRINQRZQWKLFNQHVVHVDUHQRWDYDLODEOH
3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ 3UHVV0HQX&DOLEUDWLRQ&DO0HWKRGDQGVHOHFWµ0DWHULDO¶
,Iµ0DWHULDO¶LVDOUHDGVHOHFWHGWKHFDOLEUDWLRQPHWKRGFXUUHQWOVHOHFWHG LVLQGLFDWHGEWKHLFRQWRWKHULJKWRIWKHGLVSODVLPSOSUHVV 0HQX&DOLEUDWLRQ&DOLEUDWH
8VHWKHÏÐVRIWNHVWRKLJKOLJKWWKHUHTXLUHGPDWHULDOIROORZHG Eµ6HOHFW¶
3UHVVLQJµ(VFDSH¶DWDQWLPHZLOOH[LWWKHFDOLEUDWLRQSURFHGXUHZLWKRXW FDOLEUDWLQJWKHJDXJH
7KHVRXQGYHORFLWRIWKHPDWHULDOVHOHFWHGZLOOEHGLVSODHGWRWKHULJKW RIWKHGLVSODEHORZWKHFDOLEUDWLRQPHWKRGLFRQ
86,1*9(/2&,7<&$/,%5$7,21 7RFDOLEUDWHWKHJDXJHXVLQJWKLVPHWKRGWKHXVHUPXVWNQRZWKH VRXQGYHORFLWRIWKHWHVWPDWHULDO7KLVFDOLEUDWLRQPHWKRGLVXVHIXO LIXQFRDWHGVDPSOHWHVWSLHFHVRINQRZQWKLFNQHVVHVDUHQRW DYDLODEOH
3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ 3UHVV0HQX&DOLEUDWLRQ&DO0HWKRGDQGVHOHFWµ9HORFLW¶
,Iµ9HORFLW¶LVDOUHDGVHOHFWHGWKHFDOLEUDWLRQPHWKRGFXUUHQWOVHOHFWHG LVLQGLFDWHGEWKHLFRQWRWKHULJKWRIWKHGLVSODVLPSOSUHVV 0HQX&DOLEUDWLRQ&DOLEUDWH
(QWHUWKHNQRZQVRXQGYHORFLWXVLQJWKHÏÐVRIWNHVWR VHOHFWWRDQGWKHÎVRIWNHWRPRYHWRWKHQH[WGLJLW IROORZHGEµ6HW¶WRXVHWKHYDOXHHQWHUHG
3UHVVLQJµ(VFDSH¶DWDQWLPHZLOOH[LWWKHFDOLEUDWLRQSURFHGXUHZLWKRXW FDOLEUDWLQJWKHJDXJH
7KHVRXQGYHORFLWHQWHUHGZLOOEHGLVSODHGWRWKHULJKWRIWKHGLVSOD EHORZWKHFDOLEUDWLRQPHWKRGLFRQ

HQ

ZZZGDNRWDQGWFRP

&$/,%5$7,1 <285 $8(FRQWLQXHG
86,1
)$&725< &$/,%5$7,21 3UHVV0HQX&DOLEUDWLRQ)DFWRU&DOLEUDWLRQWRUHVWRUHWKHGHIDXOW IDFWRUFDOLEUDWLRQVHWWLQJRIWKHVWDQGDUGVRXQGYHORFLWIRUVWHHO PVDSSUR[LPDWHOLQV
7(67 &$/,%5$7,21 7KLVIHDWXUHDOORZVWKHXVHUWRWHVWWKHFDOLEUDWLRQEWDNLQJDUHDGLQJ RQDQXQFRDWHGVDPSOHRIPDWHULDORINQRZQWKLFNQHVVZLWKRXWWKH UHDGLQJEHLQJVDYHG
7RWHVWWKHFDOLEUDWLRQ 3UHVV0HQX&DOLEUDWLRQ7HVW
&DOLEUDWLRQ :KHQSURPSWHGDSSOFRXSODQWWR
WKHXQFRDWHGVDPSOH 3UHVVWKHWUDQVGXFHURQWRWKH
XQFRDWHGVDPSOHPDNLQJVXUHLWLV IODWDJDLQVWWKHVXUIDFH
7KHGLVSODZLOOVKRZDWKLFNQHVVYDOXHZKLFKLVFRQVWDQWOXSGDWLQJ7KH VWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKHVWDELOLWEDUWRWKHULJKWRIWKH GLVSOD$YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH
5HPRYHWKHWUDQVGXFHUIURPWKHXQFRDWHGVDPSOH7KHODVW UHDGLQJLVKHOGRQVFUHHQ,IQRWUHSUHVHQWDWLYHUHSHDW 6WHSV
([FHVVLYHXVHRIFRXSODQWFDQUHVXOWLQDGLVWRUWHGUHDGLQJZKHQWKH WUDQVGXFHULVUHPRYHGIURPWKHVXUIDFH
3UHVVµ9DOLGDWH¶WRUHWDLQWKHH[LVWLQJFDOLEUDWLRQEXWUHIUHVKWKH DVVRFLDWHGWLPHDQGGDWHRIFDOLEUDWLRQWRWKHFXUUHQWWLPHDQG GDWHµ&DO¶WRUHFDOLEUDWHWKHJDXJHRUµ2N¶WRH[LWWKHWHVW FDOLEUDWLRQSURFHGXUH
&$/,%5$7,21 &+(&. :KHQHQDEOHGWKLVIHDWXUHZDUQVWKHXVHUDVUHDGLQJVDUHWDNHQRI DQZKLFKDUHRXWVLGHWKHYDOXHVDWZKLFKWKHJDXJHZDVLQLWLDOO FDOLEUDWHG
:KHQDUHDGLQJLVRUPRUHEHORZWKHORZHUFDOLEUDWLRQYDOXHRU H[FHHGVDERYHWKHKLJKHUFDOLEUDWLRQYDOXHWKHDODUPVRXQGV WKHUHG/(‘IODVKHVDQGWKHFDOLEUDWLRQLFRQWXUQVUHG

ZZZGDNRWDQGWFRP

HQ

&$/,%5$7,1<285$8(FRQWLQXHG
7RHQDEOHDQGGLVDEOHFDOLEUDWLRQFKHFN 3UHVV0HQX&DOLEUDWLRQ 8VHWKHÏÐVRIWNHVWRKLJKOLJKW
µ&DOLEUDWLRQ&KHFN¶DQGSUHVV µ6HOHFW¶ 7RGLVDEOHSUHVVµ6HOHFW¶DJDLQWR XQFKHFNWKHµ&DOLEUDWLRQ&KHFN¶ UDGLREXWWRQ
/2&.,1
7+(&$/,%5$7,21 8VLQJWKHµ3,1/RFN¶IHDWXUHWKHFDOLEUDWLRQVHWWLQJVFDQEHµORFNHG¶ SUHYHQWLQJWKHXVHUIURPPDNLQJDQFKDQJHVWRWKHFDOLEUDWLRQ ZLWKRXWILUVWGLVDEOLQJ3,1ORFN
8VHUVFDQVWLOOWHVWWKHFDOLEUDWLRQYLD0HQX&DOLEUDWLRQ7HVW &DOLEUDWLRQZKHQµ3,1/RFN¶LVHQDEOHGEXWDUHXQDEOHWRYDOLGDWHRU UHFDOLEUDWHWKHJDXJH
)RUPRUHLQIRUPDWLRQRQµ3,1/RFN¶VHH6HFWLRQµ3,1/RFN¶RQ SDJHHQ
&$/,%5$7,210(025,(6 8SWRWKUHHFDOLEUDWLRQVFDQEHVDYHGLQWKHJDXJHPHPRU2QFH VDYHGWKHXVHUFDQVHOHFWWKHFDOLEUDWLRQPHPRUZLWKRXWWKHQHHG WRUHFDOLEUDWHWKHJDXJH
7RVDYHDFDOLEUDWLRQLQWRPHPRU 3UHVV0HQX&DOLEUDWLRQ&DO0HPRUQZKHUHQ RU 8VHWKHÏÐVRIWNHVWRKLJKOLJKWµ&DO0HWKRG¶WKHQSUHVV
µ6HOHFW¶ 8VHWKHÏÐVRIWNHVWRKLJKOLJKWWKHUHTXLUHGFDOLEUDWLRQ
PHWKRGDQGIROORZWKHRQVFUHHQLQVWUXFWLRQVWRFDOLEUDWHWKH JDXJH 7KHFDOLEUDWLRQZLOOEHVWRUHGLQWKHJDXJHPHPRUDV&DO 0HPRUQZKHUHQ RU

HQ

ZZZGDNRWDQGWFRP

&$/,%5$7,1 <285 $8*(FRQWLQXHG
7RUHQDPHDFDOLEUDWLRQPHPRUSUHVV0HQX&DOLEUDWLRQ&DO 0HPRUQ5HQDPH&DO0HPRUQ
7RYLHZWKHFDOLEUDWLRQPHPRUGDWDSUHVV0HQX&DOLEUDWLRQ&DO 0HPRUQ9LHZ&DOLEUDWLRQ’DWD
3,1 /2&. 7KHµ3,1/RFN¶IHDWXUHSUHYHQWVWKHXVHUIURPDFFLGHQWDOODGMXVWLQJ WKHJDXJHVHWWLQJV

7RVHWD3,1FRGH 3UHVV0HQX6HWXS3,1/RFN 6HWWKHIRXUGLJLW3,1FRGHXVLQJWKH
ÏÐVRIWNHVWRVHOHFWWRDQGWKH ÎVRIWNHWRPRYHWRWKHQH[WGLJLWG 3UHVVµ2N¶WRVHWµ(VFDSH¶WRFDQFHO RUµ$GMXVW¶WRDPHQGWKH3,1FRGH

:KHQHQDEOHGWKHIROORZLQJIHDWXUHVDUHGLVDEOHGDQGFDQQRWEH DGMXVWHG

0HQX/LPLW0HPRULHV&UHDWH/LPLW0HPRUHQX6HWXS5HDGLQJ0HDVXUHPHQW0RGH

0HQX/LPLW0HPRULHV(GLW/LPLW0HPRU ‘/RJ1HZ’/RJ’/RJ0HDVXUHPHQW0RGH

0HQX&DOLEUDWLRQ&DOLEUDWH

‘/RJ1HZ’/RJ’/RJ&DOLEUDWLRQ

0HQX&DOLEUDWLRQ&DO0HWKRG

‘/RJ1HZ’/RJ’/RJ/LPLWV&UHDWH/LPLW0HPRU

0HQX&DOLEUDWLRQ&DO0HPRU

‘/RJ(GLW’/RJ’HOHWH’/RJ

0HQX&DOLEUDWLRQ)DFWRU&DOLEUDWLRQ

‘/RJ’HOHWHG5HDGLQJ

0HQX5HVHW

7RXQORFNWKH3,1FRGH 3UHVV0HQX6HWXS3,1/RFN (QWHUWKHIRXUGLJLW3,1FRGHXVLQJWKHÏÐVRIWNHVWRVHOHFW
WRDQGWKHÎVRIWNHWRPRYHWRWKHQH[WGLJLWG 3UHVVµ2N¶RUµ(VFDSH¶WRFDQFHO

1RWH6KRXOGWKHXVHUIRUJHWRUORVHWKH3,1FRGHLWFDQEHGLVDEOHGYLD ‘DN0DVWHU708VLQJWKH86%FDEOHVXSSOLHGVLPSOFRQQHFWWKHJDXJHWR D3&ZLWK’DN0DVWHU70YHUVLRQRUKLJKHULQVWDOOHGDQGVHOHFW (GLW&OHDU3,1

G7KHÎVRIWNHZLOODSSHDUZKHQWKHILUVWµ;¶LVFKDQJHGWRDQXPEHU
ZZZGDNRWDQGWFRP

HQ

7$.,1$5($’,1
%()25(<2867$57 3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ &RQQHFWDWUDQVGXFHUWRWKHJDXJH
$OOVLQJOHHOHPHQWGHODOLQHWUDQVGXFHUVZKLFKFDQEHFRQQHFWHGGLUHFWOWR WKHEDVHRID’DNRWD3&;JDXJHVHH6HFWLRQµ7UDQVGXFHUV¶RQSDJH HQDUHµLQWHOOLJHQW¶WUDQVGXFHUVDQGZLOOEHLGHQWLILHGDXWRPDWLFDOOEWKH JDXJH,IXVLQJRWKHU’DNRWD1’7µQRQLQWHOOLJHQW¶VLQJOHHOHPHQWGHODOLQH WUDQVGXFHUVRURWKHUPDQXIDFWXUHUV¶WUDQVGXFHUVDWUDQVGXFHUDGDSWRULV UHTXLUHGVHH6HFWLRQµ7UDQVGXFHU$GDSWRU¶RQSDJHHQ
6HOHFWWKHPHDVXUHPHQWPRGHVHH6HFWLRQRQSDJHHQ
,IXVLQJ3ODVWLF0RGH3/$6DJUDSKLWHGHODOLQHPXVWEHILWWHGWRWKH WUDQVGXFHUDVVWDQGDUGDFUOLFGHODOLQHVVXSSOLHGZLWKHDFKWUDQVGXFHU DUHQRWVXLWDEOHUDSKLWHGHODOLQHVDUHDYDLODEOHWRSXUFKDVHDV RSWLRQDODFFHVVRULHVVHH6HFWLRQµ’HOD/LQHV¶RQSDJHHQ
&DOLEUDWHWKHJDXJHVHH6HFWLRQRQSDJHHQ 3UHSDUHWKHWHVWVXUIDFHVHH$SSHQGL[RQSDJHHQ
7$.,1
$5($’,1*,167$1’$5’02′( $SSODVPDOODPRXQWRIFRXSODQWWRWKHWHVWVXUIDFH 3UHVVWKHWUDQVGXFHULQWRWKHFRXSODQWPDNLQJVXUHLWLVIODW
DJDLQVWWKHVXUIDFH
0RGHUDWHSUHVVXUHRQWKHWRSRIWKHWUDQVGXFHUXVLQJWKHWKXPERULQGH[ ILQJHULVVXIILFLHQWLWLVRQOQHFHVVDUWRNHHSWKHWUDQVGXFHUVWDWLRQDU DQGVHDWHGIODWDJDLQVWWKHVXUIDFHRIWKHPDWHULDO
7KHGLVSODZLOOVKRZDYDOXHZKLFKLVFRQVWDQWOXSGDWLQJ 7KHJDXJHZLOOWDNHRUUHDGLQJVSHUVHFRQGDVVHOHFWHG EWKHXVHUYLD0HQX6HWXS5HDGLQJ5HDGLQJ5DWH
7KHVWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKHVWDELOLWEDUWRWKHULJKWRI WKHGLVSOD$YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH,IWKHVWDELOLW LQGLFDWRUKDVIHZHUWKDQEDUVVKRZLQJRUWKHQXPEHUVRQWKHGLVSOD VHHPHUUDWLFPDNHVXUHWKHUHLVDQDGHTXDWHILOPRIFRXSODQWEHQHDWKWKH WUDQVGXFHUDQGWKDWWKHWUDQVGXFHULVVHDWHGIODWDJDLQVWWKHPDWHULDO,I WKHFRQGLWLRQSHUVLVWVLWPDEHQHFHVVDUWRVHOHFWDGLIIHUHQWWUDQVGXFHU VL]HRUIUHTXHQFIRUWKHPDWHULDOEHLQJPHDVXUHG
3UHVVµ6DYH¶WRVWRUHWKHFXUUHQWUHDGLQJLQWKHJDXJHRU’/RJ PHPRUDQGUHPRYHWKHWUDQVGXFHUIURPWKHVXUIDFH

HQ

ZZZGDNRWDQGWFRP

7$.,1$5($’,1FRQWLQXHG
7$.,1$5($’,1,16&$102′( 6FDQPRGHDOORZVPHDVXUHPHQWVWREHWDNHQRYHUDODUJHVXUIDFH EVOLGLQJWKHWUDQVGXFHUDFURVVWKHDUHDXQGHUWHVW7KHJDXJH WDNHVUHDGLQJVDWDUDWHRI+]UHDGLQJVSHUVHFRQGDQGDW WKHHQGRIHDFKVFDQWKHDYHUDJHORZHVWDQGKLJKHVWUHDGLQJVDUH GLVSODHGDQGFDQEHVDYHGLQWKHJDXJHRU’/RJPHPRU
(QDEOHµ6FDQ0RGH¶YLD0HQX6HWXS5HDGLQJ6FDQ0RGH $SSODVPDOODPRXQWRIFRXSODQWWRWKHWHVWVXUIDFH 3UHVVWKHWUDQVGXFHULQWRWKHFRXSODQWPDNLQJVXUHLWLVIODW
DJDLQVWWKHVXUIDFH
0RGHUDWHSUHVVXUHRQWKHWRSRIWKHWUDQVGXFHUXVLQJWKHWKXPERULQGH[ ILQJHULVVXIILFLHQWLWLVRQOQHFHVVDUWRNHHSWKHWUDQVGXFHUVWDWLRQDU DQGVHDWHGIODWDJDLQVWWKHVXUIDFHRIWKHPDWHULDO
3UHVVµ6WDUW¶WREHJLQWKHVFDQDQGVOLGHWKHWUDQVGXFHURYHU WKHWHVWVXUIDFH
7KHGLVSODZLOOVKRZDYDOXHZKLFKLVFRQVWDQWOXSGDWLQJ
7KHVWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKHVWDELOLWEDUWRWKHULJKWRI WKHGLVSOD$YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH,IWKHVWDELOLW LQGLFDWRUKDVIHZHUWKDQEDUVVKRZLQJRUWKHQXPEHUVRQWKHGLVSOD VHHPHUUDWLFPDNHVXUHWKHUHLVDQDGHTXDWHILOPRIFRXSODQWEHQHDWKWKH WUDQVGXFHUDQGWKDWWKHWUDQVGXFHULVVHDWHGIODWDJDLQVWWKHPDWHULDO,I WKHFRQGLWLRQSHUVLVWVLWPDEHQHFHVVDUWRVHOHFWDGLIIHUHQWWUDQVGXFHU VL]HRUIUHTXHQFIRUWKHPDWHULDOEHLQJPHDVXUHG
3UHVVµ6WRS¶WRVWRSWDNLQJUHDGLQJVDQGFRPSOHWHWKHVFDQ
,IWKHVFDQLVLQWHUUXSWHGGXHWRODFNRIFRXSODQWEHQHDWKWKHWUDQVGXFHU IRUH[DPSOHWKHVFDQLVSDXVHGXQWLODJRRGVLJQDOLVUHFHLYHGRUµ6WRS¶LV SUHVVHG
7KHVFDQQHGORZHVWDYHUDJHDQGKLJKHVWUHDGLQJZLOOEH GLVSODHGRQVFUHHQ3UHVVµ6DYH¶WRVWRUHWKHVFDQQHG UHDGLQJVLQWRWKHJDXJHRU’/RJPHPRU3UHVVµ&OHDU¶WR GLVUHJDUGWKHODVWVFDQDQGVWDUWDJDLQ
5HPRYHWKHWUDQVGXFHUIURPWKHVXUIDFH

ZZZGDNRWDQGWFRP

HQ

‘/2
7KH3&;’/FDQVWRUHUHDGLQJVLQXSWR’/RJV 7KHIROORZLQJ’/RJIXQFWLRQVDUHDYDLODEOH
y ‘/RJ1HZ’/RJ&UHDWHVDQHZVHTXHQWLDORUJULG’/RJ VHH6HFWLRQµ&UHDWLQJD1HZ’/RJ¶
y ‘/RJ1HZ’/RJ)L[HG’/RJ6L]H3UHGHILQHWKHQXPEHU RIUHDGLQJVZKLFKDUHVWRUHGLQD’/RJ7KHJDXJHZLOOQRWLI WKHXVHUZKHQD’/RJLVFRPSOHWHDQGDVNLIDQRWKHU’/RJLV WREHRSHQHG7KHVH’/RJVDUHWKHQOLQNHGZKHQWUDQVIHUUHG WR’DN0DVWHU707KLVIHDWXUHLVRQODYDLODEOHLQVHTXHQWLDO ‘/RJVHH6HFWLRQµ&UHDWLQJD1HZ’/RJ¶
y ‘/RJ2SHQ([LVWLQJ’/RJ2SHQDQH[LVWLQJEDWFK y ‘/RJ5HYLHZ’/RJ5HYLHZWKHUHDGLQJVVWDWLVWLFVEDWFK
LQIRUPDWLRQFDOLEUDWLRQLQIRUPDWLRQOLPLWLQIRUPDWLRQDQGD JUDSKRIDOOUHDGLQJVVHH6HFWLRQµ5HYLHZLQJ’/RJ’DWD¶ RQSDJHHQ y ‘/RJ&RS’/RJ&RSD’/RJLQFOXGLQJWKH’/RJKHDGHU LQIRUPDWLRQFDOLEUDWLRQDQGOLPLWLQIRUPDWLRQ y ‘/RJ(GLW’/RJ5HQDPH’/RJ5HQDPHDQH[LVWLQJ ‘/RJ y ‘/RJ(GLW’/RJ&OHDU’/RJ&OHDUDOOUHDGLQJVZLWKLQD ‘/RJEXWOHDYLQJDOO’/RJKHDGHULQIRUPDWLRQ y ‘/RJ(GLW’/RJ’HOHWH’/RJ’HOHWHDVLQJOH’/RJRUDOO ‘/RJVHQWLUHOIURPWKHJDXJH y ‘/RJV’HOHWHG5HDGLQJ’HOHWH:LWKRXW7DJ’HOHWHWKHODVW UHDGLQJHQWLUHO y ‘/RJV’HOHWHG5HDGLQJ’HOHWH:LWK7DJ’HOHWHWKHODVW UHDGLQJEXWPDUNLWDVGHOHWHGLQWKH’/RJPHPRU
&5($7,1
$1(:’/2 8VHUVFDQFUHDWHDVHTXHQWLDO’/RJRUDJULG’/RJ
y 6HTXHQWLDO’/RJOLVWEDVHGVWRUDJHRIUHDGLQJV y
ULG’/RJUHDGLQJVDUHWDNHQDQGVWRUHGLQDJULGWDEOH
IRUPDW7KHXVHUGHILQHVWKHQXPEHURIURZVDQGFROXPQVDQG WKHGLUHFWLRQLQZKLFKUHDGLQJVDUHWDNHQDQGVWRUHG

HQ

ZZZGDNRWDQGWFRP

‘/2*FRQWLQXHG
7RFUHDWHDQHZVHTXHQWLDO’/RJ 3UHVV’/RJ1HZ’/RJ’/RJ7SH 8VHWKHÏÐVRINHVWRKLJKOLJKWµ6HTXHQWLDO¶DQGSUHVV
µ6HOHFW¶

7RFUHDWHDQHZJULG’/RJ 3UHVV’/RJ1HZ’/RJ’/RJ7SH 8VHWKHÏÐVRINHVWRKLJKOLJKWµ*ULG¶DQGSUHVVµ6HOHFW¶ 8VHWKHÏÐVRINHVWRKLJKOLJKWµ,QFUHPHQW’LUHFWLRQ¶DQG
SUHVVµ6HOHFW¶WRWRJJOHEHWZHHQDFURVVFROXPQVÎRUGRZQ URZVÐ 8VHWKHÏÐVRIWNHVWRKLJKOLJKWµ1XPEHU2I5RZV¶SUHVV µ6HOHFW¶WKHQXVHWKHÏÐVRIWNHVWRHQWHUWKHQXPEHURIURZV
UHTXLUHGDQGSUHVVµ2N¶ 8VHWKHÏÐVRIWNHVWRKLJKOLJKWµ1XPEHU2I&ROXPQV¶SUHVV
µ6HOHFW¶WKHQXVHWKHÏÐVRIWNHVWRHQWHUWKHQXPEHURI
FROXPQVUHTXLUHGDQGSUHVVµ2N¶
7KHPD[LPXPQXPEHURIFROXPQVDYDLODEOHLVGHSHQGHQWRQWKHQXPEHU
RIURZVVHOHFWHGDQGYLFHYHUVD

)RUH[DPSOH

Î

D ,QFUHPHQW’LUHFWLRQ $FURVV 1XPEHU2I5RZV 1XPEHU2I&ROXPQV 7KHILUVWUHDGLQJZLOOEHVDYHGLQFHOO$WKH
VHFRQG$WKHWKLUG$WKHIRXUWK%DQGVR RQ
E ,QFUHPHQW’LUHFWLRQ ‘RZQ 1XPEHU2I5RZV 1XPEHU2I&ROXPQV 7KHILUVWUHDGLQJZLOOEHVDYHGLQFHOO$WKH
VHFRQG%WKHWKLUG&WKHIRXUWK$DQG VRRQ

$ $ $ % % % & & &
Ð
$ $ $ % % % & & &

7KH’/RJVHWWLQJVDUHVDYHGLQWKH’/RJ KHDGHUDQGFDQEHYLHZHGDWDQWLPHYLD ‘/RJ5HYLHZ’/RJ’/RJ,QIRUPDWLRQ

ZZZGDNRWDQGWFRP

HQ

‘/2FRQWLQXHG
7KHJULGWDEOHLVDWHPSODWHRIWKH PHDVXUHPHQWDUHDDQGZKHUHHDFK UHDGLQJLVWREHWDNHQ,IIRUDQUHDVRQD UHDGLQJFDQQRWEHWDNHQLQDSDUWLFXODU ORFDWLRQGXHWRDVWHHOJLUGHUIRUH[DPSOH WKHµ2EVW¶VRIWNHFDQEHXVHG:KHQWKH WUDQVGXFHULVUHPRYHGIURPWKHVXUIDFH WKHµ6DYH¶VRIWNHFKDQJHVWRµ2EVW¶ 3UHVVLQJµ2EVW¶UHFRUGVWKDWDUHDGLQJ FRXOGQRWEHWDNHQ
1RWH7KHQXPEHURIUHDGLQJVZLWKLQWKH’/RJLQFOXGHVWKRVHUHFRUGHGDV µ2EVW¶KRZHYHUµ2EVW¶UHDGLQJVDUHQRWLQFOXGHGLQVWDWLVWLFVFDOFXODWLRQV
5(9,(:,1
’/2*’$7$
‘/RJ67$7,67,&6’/RJ5HYLHZ’/RJ6WDWLVWLFV ‘LVSODVVWDWLVWLFDOLQIRUPDWLRQIRUWKH’/RJLQFOXGLQJ
y 1XPEHURIUHDGLQJVLQWKH’/RJQ y $YHUDJHUHDGLQJIRUWKH’/RJ; y /RZHVWUHDGLQJLQWKH’/RJ/R y +LJKHVWUHDGLQJLQWKH’/RJ+L y 1RPLQDOYDOXH[ y 5DQJHWKHGLIIHUHQFH
EHWZHHQWKHKLJKHVWDQGORZHVW UHDGLQJLQWKH’/RJ y 6WDQGDUG’HYLDWLRQi y /RZOLPLWYDOXHLIVHWDQGWKHQXPEHURIUHDGLQJV EHORZWKHORZOLPLW y +LJKOLPLWYDOXHLIVHWDQGWKHQXPEHURIUHDGLQJV DERYHWKHKLJKOLPLW

HQ

ZZZGDNRWDQGWFRP

5(9,(:,1’/2’$7$FRQWLQXHG
‘/25($’,16’/RJ5HYLHZ’/RJ5HDGLQJV ‘LVSODVWKHUHDGLQJYDOXHWRJHWKHU ZLWKGDWHDQGWLPHVWDPSIRUHDFK LQGLYLGXDOUHDGLQJLQWKH’/RJDQGWKH FHOOUHIHUHQFH$%HWFZKHUHWKH PHDVXUHPHQWZDVWDNHQIRUJULGWSH ‘/RJV
3UHVVWKHÏÐVRIWNHVWRVFUROO WKURXJKWKHUHDGLQJVDQGÎWRPRYHWR WKHQH[WLQIRUPDWLRQVFUHHQ

5HDGLQJVRXWVLGHDQHQDEOHGOLPLWVIRU WKH’/RJDUHGLVSODHGLQUHGZLWKWKH DSSURSULDWHOLPLWLFRQWRWKHOHIWRIWKH UHDGLQJLIWKHUHDGLQJLVEHORZWKH ORZOLPLWDQGLIDERYHWKHKLJKOLPLW

‘/2*5$3+’/RJ5HYLHZ’/RJ’/RJUDSK $OORZVWKHXVHUVWRYLHZWKHUHDGLQJVZLWKLQ WKH’/RJDVDFROXPQEDUJUDSK8SWR ILYHKRUL]RQWDOD[HVDVGLVSODHG UHSUHVHQWLQJGLIIHUHQWYDOXHVVWDWLVWLFVDV IROORZV

y +LJKHVWUHDGLQJLQWKH’/RJH+L y /RZHVWUHDGLQJLQWKH’/RJH/R y $YHUDJHUHDGLQJIRUWKH’/RJH; y /RZ/LPLWZKHQVHWDQGHQDEOHG y +LJK/LPLWZKHQVHWDQGHQDEOHG
,IOLPLWVZHUHQRWVHWDQGHQDEOHGWKHUHDGLQJVDUHGLVSODHGDV ZKLWHYHUWLFDOEDUV,IOLPLWVZHUHVHWDQGHQDEOHGUHDGLQJVDUH GLVSODHGDVZKLWHEDUVLIZLWKLQVHWOLPLWVRUUHGLIRXWVLGHVHWOLPLWV

,IWKHUHDUHPRUHUHDGLQJVLQWKH’/RJWKDQFDQEHGLVSODHGRQD

VLQJOHVFUHHQPXOWLSOHUHDGLQJVZLOOEHFRPELQHGLQWRRQHEDU

6KRXOGDVLQJOHUHDGLQJZLWKLQWKHµFRPELQHGEDU¶EHRXWVLGHVHW

OLPLWVWKHZKROHEDUZLOOEHUHG
H)RU’/RJVRIPRUHWKDQRQHUHDGLQJ

ZZZGDNRWDQGWFRP

HQ

5(9,(:,1’/2’$7$FRQWLQXHG
3UHVVLQJWKHµ=RRP¶VRIWNHDOORZV HDFKLQGLYLGXDOUHDGLQJWREHGLVSODHG WKHUHEVKRZLQJWKHLQGLYLGXDOUHDGLQJV RXWVLGHWKHVHWOLPLWV
:KHQ]RRPHGLQWKHJUDSKZLOODOZDV GLVSODWKHILUVWUHDGLQJV3UHVVLQJ WKHÍVRIWNHZLOOGLVSODWKHODVW UHDGLQJVLQWKH’/RJ
6XEVHTXHQWSUHVVHVRIWKHÍVRIWNHZLOO VFUROOEDFNZDUGVSUHVVLQJWKHÎVRIWNH ZLOOVFUROOIRUZDUGVWKURXJKWKHUHDGLQJV UHDGLQJVDWDWLPH
3UHVVLQJWKHµ=RRP¶VRIWNHUHWXUQVWR WKHRULJLQDORYHUYLHZJUDSKRIDOOUHDGLQJV LQWKH’/RJ
3UHVVLQJWKHµ%DFN¶VRIWNHUHWXUQVWKHJDXJHWRWKH’/RJ5HYLHZ ‘/RJPHQX

HQ

ZZZGDNRWDQGWFRP

HQ

ZZZGDNRWDQGWFRP

&UHDWH/LPLW0HPRU /LPLW0HPRUQQ
6HW8SSHU/LPLW 6HW/RZHU/LPLW 6HW1RPLQDO 5HQDPH/LPLW0HPRUQQ 6DYH/LPLW0HPRUQQ
(GLW/LPLW0HPRU $PHQG/LPLW0HPRU 5HQDPH/LPLW0HPRU ‘HOHWH/LPLW0HPRU

7RS’LVSOD

1RQH

6HOHFWHG6WDWLVWLFV

5HDGLQJV

%6FDQ

5XQ&KDUW

%DU*UDSK 5HDGLQJV ‘LIIHUHQWLDO

%RWWRP’LVSOD

1RQH

6HOHFWHG6WDWLVWLFV

5HDGLQJV

%6FDQ

5XQ&KDUW

%DU*UDSK

5HDGLQJV ‘LIIHUHQWLDO

%6FDQ6FDOLQJ %6FDQ6WDUW %6FDQ’HSWK

6HOHFW6WDWLVWLFV

1XPEHURI5HDGLQJV

0HDQ

/RZHVW5HDGLQJ

+LJKHVW5HDGLQJ

6WDQGDUG’HYLDWLRQ

/RZ/LPLW9DOXH

1XPEHU%HORZ/RZ/LPLW

+LJK/LPLW9DOXH

1XPEHU$ERYH+LJK/LPLW

5DQJH

1RPLQDO9DOXH

/LPLW0HPRULHV 6HOHFW/LPLW0HPRU &UHDWH/LPLW0HPRU (GLW/LPLW0HPRU
6HWXS’LVSOD 7RS’LVSOD %RWWRP’LVSOD %6FDQ6FDOLQJ
6WDWLVWLFV &OHDU6WDWLVWLFV 9LHZ6HOHFWHG 9LHZ$OO 6HOHFW6WDWLVWLFV

0HQX ‘HOHWH/DVW5HDGLQJ &DOLEUDWLRQ 6HWXS /LPLW0HPRULHV %OXHWRRWK $ERXW 5HVHW (PHUJHQF/LJKW
‘LVSOD &OHDU6WDWLVWLFV 6HWXS’LVSOD ‘/RJ*UDSK 6WDWLVWLFV ‘LVSOD,QIRUPDWLRQ
‘/RJ 0HPRU)UHH[[[ 1HZ’/RJ 2SHQ([LVWLQJ%DWFK ([LW’/RJ (GLW’/RJ &RS’/RJ 5HYLHZ’/RJ ‘HOHWHG5HDGLQJ

ZKHUHQQ /LPLWVLQGH[QXPEHU

&DOLEUDWLRQ

&DOLEUDWH

&DO0HWKRG

&DO0HPRUQ

)DFWRU&DOLEUDWLRQ

7HVW&DOLEUDWLRQ

&DOLEUDWLRQ&KHFN

6HWXS

5HDGLQJ

8QLWV

/DQJXDJH

7LPHDQG’DWH

%HHS9ROXPH

6FUHHQ6HWWLQJV

*DXJH$XWR2II

3,1/RFN

%OXHWRRWK

(QDEOH%OXHWRRWK

%OXHWRRWK,'[[[[[[[[[

%OXHWRRWK&RGH

[[[[[

$ERXW *DXJH,QIRUPDWLRQ 7UDQVGXFHU,QIRUPDWLRQ &RQWDFW /HJDO

1HZ’/RJ 2SHQ’/RJQ 5HQDPH’/RJ ‘/RJ0HDVXUHPHQW0RGH ‘/RJ&DOLEUDWLRQ ‘/RJ/LPLWV ‘/RJ7SH )L[HG’/RJ6L]H
(GLW’ORJ 5HQDPH’/RJ &OHDU’/RJ ‘HOHWHG/RJ
5HYLHZ’/RJ 6WDWLVWLFV ‘/RJ,QIRUPDWLRQ &DOLEUDWLRQ,QIRUPDWLRQ /LPLW,QIRUPDWLRQ 5HDGLQJV ‘/RJ*UDSK
‘HOHWH5HDGLQJ ‘HOHWH:LWK7DJ ‘HOHWH:LWKRXW7DJ

&DO0HWKRG 9HORFLW 0DWHULDO

3RLQW

3RLQW

&DO0HPRUQ 6HOHFW &DOLEUDWH &DO0HWKRG 7HVW&DOLEUDWLRQ 5HQDPH&DO0HPRUQ 9LHZ&DOLEUDWLRQ’DWD &OHDU&DO0HPRUQ

5HDGLQJ

0HDVXUHPHQW0RGH

6FDQ0RGH

5HDGLQJ5DWH

5HVROXWLRQ

8QLWV

PP

,QFK

7LPHDQG’DWH

6HW7LPH

6HW’DWH

6HW)RUPDW

‘LVSOD7LPHDQG’DWH

6FUHHQ6HWWLQJV

6FUHHQ%ULJKWQHVV

6FUHHQ7LPHRXW

2SHQLQJ6FUHHQ

/HJDO /HJDO1RWLFHV 5HJXODWRU

‘/RJ&DOLEUDWLRQ

&DOLEUDWH

&DO0HWKRG

8VH&DO0HPRU

8VH&DO0HPRU

8VH&DO0HPRU

‘/RJ/LPLWV 6HOHFW/LPLW0HPRU &UHDWH/LPLW0HPRU

‘/RJ7SH

6HTXHQWLDO

*ULG

0HDVXUHPHQW0RGH ,QWHUIDFH(FKR,(

(FKR(FKR((

3ODVWLF0RGH3/$6

5HDGLQJ5DWH

+]

+]

+]

5HVROXWLRQ /RZ

+LJK

&DO0HWKRG 9HORFLW

0DWHULDO

3RLQW

3RLQW

&UHDWH/LPLW0HPRU /LPLW0HPRUQQ
6HW8SSHU/LPLW 6HW/RZHU/LPLW 6HW1RPLQDO 5HQDPH/LPLW0HPRUQQ 6DYH/LPLW0HPRUQQ

*ULG’/RJ6HWWLQJV

,QFUHPHQW’LUHFWLRQ

1XPEHU2I5RZV

1XPEHU2I&ROXPQV

0(186758&785(

‘2:1/2$’,1’$7$
8VLQJ’DN0DVWHU70DYDLODEOHDVDIUHHGRZQORDGDW ZZZGDNRWDQGWFRPJDXJHVFDQWUDQVPLWUHDGLQJVWRD3&IRU DUFKLYLQJDQGUHSRUWJHQHUDWLRQ’DWDFDQEHWUDQVIHUUHGYLD86%RU %OXHWRRWK)RUPRUHLQIRUPDWLRQRQ’DN0DVWHU70YLVLW ZZZGDNRWDQGWFRP
83
5$’,1<285$8( DXJHILUPZDUHFDQEHXSJUDGHGWRWKHODWHVWYHUVLRQEWKHXVHU YLD’DN0DVWHU70DVLWEHFRPHVDYDLODEOH’DN0DVWHU70ZLOOLQIRUP WKHXVHURIDQXSGDWHVZKHQWKHJDXJHLVFRQQHFWHGWRWKH3&ZLWK DQLQWHUQHWFRQQHFWLRQ
63$5(6 $&&(6625,(6
75$16’8&(56 7KHWUDQVGXFHUVOLVWHGDUHFRPSDWLEOHZLWKWKH’DNRWD3&;SURGXFW UDQJH
7KHDUHPLFURGRWWKHWUDQVGXFHUFDEOHLVQRWSHUPDQHQWOIL[HGWRWKH WUDQVGXFHUKHDGDQGFDQEHUHSODFHGULJKWDQJOHVLQJOHHOHPHQWGHOD OLQHµLQWHOOLJHQW¶WUDQVGXFHUV:KHQFRQQHFWHGWKHWUDQVGXFHUIUHTXHQF DQGGLDPHWHUZLOOEHLGHQWLILHGDXWRPDWLFDOOEWKHJDXJHDQGWKHXVHU ZLOOEHSURPSWHGWRVHOHFWWKHWSHRIGHODOLQHDWWDFKHGLIDQ
‘HWDLOVRIWKHWUDQVGXFHUFRQQHFWHGFDQEHYLHZHGDWDQWLPHYLD 0HQX$ERXW7UDQVGXFHU,QIRUPDWLRQ

HQ

ZZZGDNRWDQGWFRP

63$5(6 $&&(6625,(6FRQWLQXHG
:KHQFKRRVLQJDWUDQVGXFHUWKHIUHTXHQFGLDPHWHUDQGPDWHULDO XQGHUWHVWVKRXOGEHFRQVLGHUHG

3DUW1XPEHU
7;&0&0 7;&0&0

)UHTXHQF ‘LDPHWHU

0+]

0+]

6XLWDEOHIRU0HDVXULQJ

73

6

$

7

9

9

9

9

9

9

9

9

.H 73 7KLQ3ODVWLFV*UDSKLWHGHODOLQHUHTXLUHG $ $OXPLQLXP

6 6WHHO 7 7LWDQLXP

2WKHUWUDQVGXFHUVDUHDYDLODEOHZKLFKFDQEHFRQQHFWHGWR’DNRWD 3&;JDXJHVXVLQJDWUDQVGXFHUDGDSWRUVHH6HFWLRQ µ7UDQVGXFHU$GDSWRU¶RQSDJHHQ)RUDFRPSOHWHOLVWRI WUDQVGXFHUVYLVLWHOFRPHWHUQGWFRP

‘(/$</,1(6 $YDLODEOHWRSXUFKDVHDVRSWLRQDODFFHVVRULHVPPDQGPP DFUOLFGHODOLQHVDUHVXLWDEOHIRUPHDVXULQJRQVWHHODOXPLQLXP DQGWLWDQLXP

,IPHDVXULQJRQWKLQSODVWLFVXVLQJ3ODVWLF0RGH3/$6DJUDSKLWH GHODOLQHPXVWEHXVHG

‘HVFULSWLRQ $FUOLF’HOD/LQH’LD[PP $FUOLF’HOD/LQH’LD[PP *UDSKLWH’HOD/LQH’LD[

6DOHV3DUW1XPEHU 7 7 7

ZZZGDNRWDQGWFRP

HQ

63$5(6 $&&(6625,(6FRQWLQXHG
&$/,%5$7,2167$1’$5’6 $YDLODEOHDVDVHWRULQGLYLGXDOODOORZLQJ XVHUVWRVHOHFWWKHPRVWDSSURSULDWH WKLFNQHVVHVIRUWKHLUDSSOLFDWLRQ ‘DNRWD1’7FDOLEUDWLRQVWDQGDUGVDUH PDQXIDFWXUHGIURPVWHHOIWRD WROHUDQFHRIRIWKHQRPLQDO WKLFNQHVV

&DOLEUDWLRQVWDQGDUGVHWVDQGLQGLYLGXDO VWDQGDUGVDUHVXSSOLHGFRPSOHWHZLWK FDOLEUDWLRQFHUWLILFDWH

‘HVFULSWLRQ

6DOHV3DUW1XPEHU

&DOLEUDWLRQ6WDQGDUG6HW

7&$/67’6(7

1RPLQDO7KLFNQHVVPPJ
&RPSULVLQJRIQRPLQDOWKLFNQHVVHV PP

JFRPSOHWHZLWKKROGHU DQGFDOLEUDWLRQFHUWLILFDWH

&DOLEUDWLRQ6WDQGDUG+ROGHU
IRUWKLFNQHVVHVXSWRPPJ

7&$/67’+/’

1RWH’DNRWD1’7UHFRPPHQGVWKDW&DOLEUDWLRQ6WDQGDUGVDUHZUDSSHGLQDQWL FRUURVLRQILOPZKHQQRWLQXVH

,1′,9,’8$/&$/,%5$7,2167$1’$5’6

3DUW1XPEHU

1RPLQDO 7KLFNQHVV PP LQFKJ

3DUW1XPEHU

1RPLQDO 7KLFNQHVV PP LQFKJ

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

I&DOLEUDWLRQVWDQGDUGVPDQXIDFWXUHGLQRWKHUPDWHULDOVDUHDYDLODEOHRQUHTXHVW&RQWDFW’DNRWD1’7IRU IXUWKHULQIRUPDWLRQ
J ,PSHULDOYDOXHVIRULQIRUPDWLRQSXUSRVHVRQO&DOLEUDWLRQVWDQGDUGVDUHPDQXIDFWXUHGDQGPHDVXUHGLQ PLOOLPHWUHV

HQ

ZZZGDNRWDQGWFRP

63$5(6 $&&(6625,(6FRQWLQXHG
8/75$621,& &283/$17 )RUWKHJDXJHWRZRUNFRUUHFWOWKHUHPXVWEHQRDLUJDSEHWZHHQ WKHWUDQVGXFHUDQGWKHVXUIDFHRIWKHPDWHULDOEHLQJPHDVXUHG7KLV LVDFKLHYHGEXVLQJDFRXSODQW

$POIOR]ERWWOHRIFRXSODQWLVVXSSOLHGDVVWDQGDUGZLWKHDFK JDXJHRWKHUVL]HVDUHDYDLODEOHWRSXUFKDVHVHSDUDWHO

‘HVFULSWLRQ 8OWUDVRQLF&RXSODQWPOIOR] 8OWUDVRQLF&RXSODQWPOIOR] 8OWUDVRQLF&RXSODQWPOIOR] 8OWUDVRQLF&RXSODQWO86*DOORQ

6DOHV3DUW1XPEHU 7 7 7 7

75$16’8&(5 $’$3725 7KLVDGDSWRUDOORZVVLQJOHHOHPHQW µQRQLQWHOOLJHQW¶WUDQVGXFHUVIURP ‘DNRWD1’7VHH6HFWLRQ µ7UDQVGXFHUV¶RQSDJHHQDQGRWKHU PDQXIDFWXUHUV¶WUDQVGXFHUVZLWK/HPR FRQQHFWRUVWREHXVHGZLWKWKH’DNRWD 3&;SURGXFWUDQJH

6LPSOSOXJWKHDGDSWRULQWRWKHWUDQVGXFHUFRQQHFWLRQSRLQWDWWKH EDVHRIWKHJDXJHWRFRQQHFWDQµQRQLQWHOOLJHQW¶VLQJOHHOHPHQW WUDQVGXFHUDQGIROORZWKHRQVFUHHQLQVWUXFWLRQV

‘HVFULSWLRQ 6LQJOH(OHPHQW7UDQVGXFHU$GDSWRU

6DOHV3DUW1XPEHU 7

:$55$17< 67$7(0(17 ‘DNRWD3&;JDXJHVDUHVXSSOLHGZLWKDPRQWKZDUUDQWDJDLQVW PDQXIDFWXULQJGHIHFWVH[FOXGLQJFRQWDPLQDWLRQDQGZHDU
7UDQVGXFHUVDUHVXSSOLHGZLWKDGDZDUUDQW

ZZZGDNRWDQGWFRP

HQ

7(&+1,&$/63(&,),&$7,21

0RGHO

3&;’/

7KLFNQHVV 5DQJHE

,QWHUIDFH(FKR (FKR(FKR 3ODVWLF0RGH

PP PP PP

$FFXUDF 5HVROXWLRQ 0HDVXUHPHQW 5DWH

RUPPZKLFKHYHULVWKHJUHDWHU RUZKLFKHYHULVWKHJUHDWHU
PPRUPPVZLWFKDEOH
+]UHDGLQJVSHUVHFRQG +]UHDGLQJVSHUVHFRQG +]UHDGLQJVSHUVHFRQG

*DXJH0HPRU

UHDGLQJVLQXSWR’/RJV

2SHUDWLQJ 7HPSHUDWXUH

WR&WR)

3RZHU6XSSO

[$$EDWWHULHV

%DWWHU/LIHK

$ONDOLQH$SSUR[LPDWHOKRXUV /LWKLXP$SSUR[LPDWHOKRXUV

*DXJH:HLJKW

JR]LQFOXGLQJEDWWHULHVZLWKRXWWUDQVGXFHU

*DXJH ‘LPHQVLRQV

[[PP[[ZLWKRXWWUDQVGXFHU

&DQEHXVHGLQDFFRUGDQFHZLWK(1(1

E7KLFNQHVVUDQJHLVGHSHQGHQWRQWKHPDWHULDOEHLQJPHDVXUHGDQGWKHWUDQVGXFHUXVHG K:KHQLQFRQWLQXRXVUHDGLQJPRGHDWDUHDGLQJUDWHRI+]5HFKDUJHDEOHEDWWHULHVPDGLIIHU

HQ

ZZZGDNRWDQGWFRP

/($/127,&(6 5(8/$725<,1)250$7,21

‘HFODUDWLRQRI&RQIRUPLW&(

(8 (0&’LUHFWLYH

(8 5HVWULFWLRQRIWKH8VHRI&HUWDLQ+D]DUGRXV6XEVWDQFHVLQ(OHFWULFDODQG

(OHFWURQLF(TXLSPHQW5R+6’LUHFWLYH

7KH&(‘HFODUDWLRQRI&RQIRUPLWLVDYDLODEOHWRGRZQORDGYLD

KWWSVGRZQORDGVGDNRWDQGWFRPGHFODUDWLRQBRIB&RQIRUPLW(QJOLVK’R&B3&;SGI

‘HFODUDWLRQRI&RQIRUPLW8.&$

6,1R 5DGLR(TXLSPHQW5HJXODWLRQV

6,1R (OHFWURPDJQHWLF&RPSDWLELOLW5HJXODWLRQV

6,1R 5HVWULFWLRQRIWKH8VHRI&HUWDLQ+D]DUGRXV6XEVWDQFHVLQ(OHFWULFDODQG

(OHFWURQLF(TXLSPHQW5R+65HJXODWLRQV

7KH8.&$’HFODUDWLRQRI&RQIRUPLWLVDYDLODEOHWRGRZQORDGYLD

KWWSVGRZQORDGVGDNRWDQGWFRPGHFODUDWLRQBRIB&RQIRUPLW(QJOLVK’R&B3&;’/B8.&$

7KH’DNRWD3&;’/PHHWVWKH5DGLRDQG7HOHFRPPXQLFDWLRQV7HUPLQDO(TXLSPHQW’LUHFWLYH

7KH86%LVIRUGDWDWUDQVIHURQODQGLVQRWWREHFRQQHFWHGWRWKHPDLQVYLDD86%PDLQVDGDSWHU

7KH$&0$FRPSOLDQFHPDUNFDQEHDFFHVVHGYLD0HQX$ERXW/HJDO5HJXODWRU

7KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQVWKLV GHYLFHPDQRWFDXVHKDUPIXOLQWHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQLQWHUIHUHQFHUHFHLYHGLQFOXGLQJ LQWHUIHUHQFHWKDWPDFDXVHXQGHVLUHGRSHUDWLRQ

7KHLWHNLPDUNLWVRUGLQDQFHQXPEHUWKH)&&,’DQG%OXHWRRWK6,4’,’FDQEHDFFHVVHGYLD 0HQX$ERXW/HJDO5HJXODWRU

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

5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD

,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU

&RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG

&RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS

7RVDWLVI)&&5)([SRVXUHUHTXLUHPHQWVIRUPRELOHDQGEDVHVWDWLRQWUDQVPLVVLRQGHYLFHVDVHSDUDWLRQ GLVWDQFHRIFPRUPRUHVKRXOGEHPDLQWDLQHGEHWZHHQWKHDQWHQQDRIWKLVGHYLFHDQGSHUVRQVGXULQJ RSHUDWLRQ7RHQVXUHFRPSOLDQFHRSHUDWLRQDWFORVHUWKDQWKLVGLVWDQFHLVQRWUHFRPPHQGHG7KHDQWHQQDV XVHGIRUWKLVWUDQVPLWWHUPXVWQRWEHFRORFDWHGRURSHUDWLQJLQFRQMXQFWLRQZLWKDQRWKHUDQWHQQDRUWUDQVPLWWHU

0RGLILFDWLRQVQRWH[SUHVVODSSURYHGE(OFRPHWHU/LPLWHGFRXOGYRLGWKHXVHU
VDXWKRULWWRRSHUDWHWKH HTXLSPHQWXQGHU)&&UXOHV

7KLVGHYLFHFRPSOLHVZLWK,QGXVWU&DQDGDOLFHQVHH[HPSW566VWDQGDUGV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJ WZRFRQGLWLRQVWKLVGHYLFHPDQRWFDXVHLQWHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQLQWHUIHUHQFH LQFOXGLQJLQWHUIHUHQFHWKDWPDFDXVHXQGHVLUHGRSHUDWLRQRIWKHGHYLFH

8QGHU,QGXVWU&DQDGDUHJXODWLRQVWKLVUDGLRWUDQVPLWWHUPDRQORSHUDWHXVLQJDQDQWHQQDRIDWSHDQG PD[LPXPRUOHVVHUJDLQDSSURYHGIRUWKHWUDQVPLWWHUE,QGXVWU&DQDGD7RUHGXFHSRWHQWLDOUDGLRLQWHUIHUHQFH WRRWKHUXVHUVWKHDQWHQQDWSHDQGLWVJDLQVKRXOGEHVRFKRVHQWKDWWKHHTXLYDOHQWLVRWURSLFDOOUDGLDWHGSRZHU HLUSLVQRWPRUHWKDQWKDWQHFHVVDUIRUVXFFHVVIXOFRPPXQLFDWLRQ

7KLV&ODVV%GLJLWDODSSDUDWXVFRPSOLHVZLWK&DQDGLDQ,&(6

‘DN0DVWHU70

5

LVDWUDGHPDUNRI(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP
LVDUHJLVWHUHGWUDGHPDUNRI(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8 8QLWHG.LQJGRP
DUHWUDGHPDUNVRZQHGE%OXHWRRWK6,*,QFDQGOLFHQVHGWR(OFRPHWHU/LPLWHG

$OORWKHUWUDGHPDUNVDFNQRZOHGJHG

ZZZGDNRWDQGWFRP

HQ

$33(1’,;35(3$5,1*7+(7(67685)$&(
7KHVKDSHDQGURXJKQHVVRIWKHWHVWVXUIDFHDUHRISDUDPRXQW LPSRUWDQFHZKHQFDUULQJRXWXOWUDVRQLFWKLFNQHVVWHVWLQJ5RXJK XQHYHQVXUIDFHVPDOLPLWWKHSHQHWUDWLRQRIXOWUDVRXQGWKURXJKWKH PDWHULDODQGUHVXOWLQXQVWDEOHDQGWKHUHIRUHXQUHOLDEOH PHDVXUHPHQWV
7KHVXUIDFHEHLQJPHDVXUHGVKRXOGEHFOHDQDQGIUHHRIDQVPDOO SDUWLFOHVUXVWRUVFDOH7KHSUHVHQFHRIVXFKREVWUXFWLRQVZLOO SUHYHQWWKHWUDQVGXFHUIURPVHDWLQJSURSHUODJDLQVWWKHVXUIDFH
2IWHQDZLUHEUXVKRUVFUDSHUZLOOEHKHOSIXOLQFOHDQLQJVXUIDFHV,Q PRUHH[WUHPHFDVHVDURWDUVDQGHURUJULQGLQJZKHHOVPDEH XVHGWKRXJKFDUHPXVWEHWDNHQWRSUHYHQWVXUIDFHJRXJLQJZKLFK ZLOOLQKLELWSURSHUWUDQVGXFHUFRXSOLQJ
([WUHPHOURXJKVXUIDFHVVXFKDVWKHSHEEOHOLNHILQLVKRIVRPH FDVWLURQZLOOSURYHPRVWGLIILFXOWWRPHDVXUH7KHVHNLQGVRI VXUIDFHVDFWRQWKHVRXQGEHDPOLNHIURVWHGJODVVDFWVRQOLJKWWKH EHDPEHFRPHVGLIIXVHGDQGVFDWWHUHGLQDOOGLUHFWLRQV
,QDGGLWLRQWRSRVLQJREVWDFOHVWRPHDVXUHPHQWURXJKVXUIDFHV FRQWULEXWHWRH[FHVVLYHZHDURIWKHWUDQVGXFHUSDUWLFXODUOLQ VLWXDWLRQVZKHUHWKHWUDQVGXFHULVµVFUXEEHG¶DORQJWKHVXUIDFH

HQ

ZZZGDNRWDQGWFRP

ZZZGDNRWDQGWFRP

HQ

70$,VVXH7H[WZLWKFRYHU

*XLGHG
XWLOLVDWLRQ
‘DNRWD3&;’/
-DXJHG
pSDLVVHXUGHPDWpULDXGHSUpFLVLRQ
ZZZGDNRWDQGWFRP

6200$,5( 3UpVHQWDWLRQJpQpUDOH &ROLVDJH 8WLOLVHUODMDXJH 3UHPLqUHVGpPDUFKHVFRPSULVPRGHVG
DIILFKDJH ‘pILQLUGHVOLPLWHV 0pWKRGHVGHFDOLEUDWLRQ &DOLEUHUODMDXJH %ORFDJH3,1 3UHQGUHXQHPHVXUH 3UHQGUHGHVPHVXUHVSDU’/RJ 9LVXDOLVHUOHVGRQQpHVG
XQ’/RJ 6WUXFWXUHGXPHQX 6WUXFWXUHGXPHQX 7UDQVIpUHUOHVGRQQpHV $FWXDOLVHUYRWUHMDXJH 3LqFHVGpWDFKpHVHWDFFHVVRLUHV ‘pFODUDWLRQGHJDUDQWLH &DUDFWpULVWLTXHVWHFKQLTXHV 0HQWLRQVOpJDOHVHWUqJOHPHQWDLUHV $QQH[H3UpSDUHUODVXUIDFHjWHVWHU
3E +J

(QFDVGHGRXWHPHUFLGHYRXVUpIpUHUjODYHUVLRQRULJLQDOHHQ$QJODLVGXSUpVHQWPDQXHO ‘LPHQVLRQVGHODMDXJH[[PP[[VDQVVRQGH 3RLGVGHODMDXJHJR]DYHFSLOHVVDQVVRQGH 9RXVSRXYH]WpOpFKDUJHUOD)LFKHGH’RQQpHV6pFXULWpGXJHOFRXSODQWXOWUDVRQLTXHOLYUpDYHFO
‘DNRWD 3&;’/VXUQRWUHVLWH,QWHUQHW KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI

(OFRPHWHU/LPLWHG 7RXVGURLWVUpVHUYpV$XFXQHSDUWLHGHFHGRFXPHQWQHSHXWrWUHUHSURGXLWHWUDQVPLVH WUDQVFULWH VWRFNpH GDQV XQ VVWqPH GRFXPHQWDLUH RX DXWUH RX WUDGXLWH GDQV TXHOTXH ODQJXH TXH FH VRLW VRXV TXHOTXHIRUPHTXHFHVRLWRXSDUQ
LPSRUWHTXHOPRHQpOHFWURQLTXHPpFDQLTXHPDJQpWLTXHRSWLTXHPDQXHORX DXWUHVDQVODSHUPLVVLRQpFULWHSUpDODEOHG¶(OFRPHWHU/LPLWHG

IU

ZZZGDNRWDQGWFRP

35e6(17$7,21*e1e5$/(

,QGLFDWHXUV/(‘5RXJHJDXFKH9HUWGURLWH (FUDQ/&’ 7RXFKHV 7RXFKHPDUFKH$UUrW 3RLQWGHFRQQH[LRQGHODVRQGH 6RUWLHGHGRQQpHV86%VRXVOHFDSRW &RPSDUWLPHQWSLOHVWRXUQH]óGHWRXUSRXURXYULUIHUPHU )L[DWLRQGUDJRQQH
&2/,6$(
-DXJHG
pSDLVVHXUGHPDWpULDXGHSUpFLVLRQ’DNRWD )ODFRQGHJHOGHFRXSODJHXOWUDVRQLTXHPOIOR] [SLOHV$$ (WXLGHSURWHFWLRQ 9DOLVHGHWUDQVSRUW ‘UDJRQQH [3URWHFWLRQG
pFUDQ &kEOH86% &HUWLILFDWGHFDOLEUDWLRQ
XLGHG
XWLOLVDWLRQ

ZZZGDNRWDQGWFRP

IU

87,/,6(5/$-$8*(

D $XWRQRPLH3LOHV
,QGLFDWHXUGHGXUpHGHYLHGHVSLOHV
S
E %OXHWRRWKDFWLYpH
*ULVQRQDSSDLUp9HUWDSSDLUp

F /LPLWHVDFWLYpHVDYHFQXPpUR

R

G
LQGLFHGHOLPLWH5RXJHOLPLWH

GpSDVVpH

G 0RGHGHPHVXUH
,((FKR,QWHUIDFH((eFKReFKR

Q

3/$60RGH3ODVWLTXH

H 0pWKRGHGHFDOLEUDWLRQ

I &DOLEUDWLRQYLWHVVHGH SURSDJDWLRQGXVRQ

P O

J 7SHGH’/RJ6pTXHQWLHO

K 7pPRLQGHVWDELOLWpGHODPHVXUH

L 8QLWpVGHPHVXUHPP,QFK

M 7RXFKH0HQX

N 7RXFKH$FKD

O 7RXFKH’/RJ

P 6DXYHJDUGHGHODPHVXUHHQ FRXUV

Q 9DOHXUOXH
+DXWHUpVROXWLRQPP

R 6WDWLVWLTXHVDXFKRL[GH O
XWLOLVDWHXUPD[LPXP
S 1RPGX’/RJ(QPRGH’/RJ

T ‘DWHHWKHXUH
6LDFWLYpHWSDVHQPRGH’/RJ

U $OLPHQWDWLRQ86%

V 0RGH6FDQDFWLYp
/
LF{QHFOLJQRWHSHQGDQWOHVFDQ

W ‘pSDUW6WRS6FDQHQPRGH6FDQ

X 6FDQ%

Y 5pIpUHQFHFHOOXOH
(QPRGH’/RWSDUJULOOH
Z $YHUWLVVHPHQW
0HVXUHKRUV FDOLEUDWLRQ
DFWLYp

[ 7SHGH’/RW*ULOOH’LUHFWLRQ
LQFUpPHQWWUDQVYHUVDO
9DOHXUOXH%DVVHUpVROXWLRQ
PP

IU

D E F G H I J K L M N
T U G H I V L W
X Y Z
[

ZZZGDNRWDQGWFRP

35(0,Ê5(6’e0$5&+(6
0,6((13/$&(‘(63,/(6 &KDTXHMDXJHHVWOLYUpHDYHFSLOHV$OFDOLQH$$
3RXULQVpUHURXUHPSODFHUOHVSLOHV 6RXOHYH]OHYHUURXGXFRPSDUWLPHQWSLOHV
HWWRXUQH]OHGDQVOHVHQVLQYHUVHGHV DLJXLOOHVG
XQHPRQWUHSRXUUHWLUHUOH FRXYHUFOH ,QVpUH]OHVGHX[SLOHVHQUHVSHFWDQWOD SRODULWp 5HSODFH]OHFRXYHUFOHHWWRXUQH]OHYHUURXGDQVOHVHQVGHV DLJXLOOHVG
XQHPRQWUHSRXUOHIHUPHU
/HQLYHDXGHYLHGHVSLOHVHVWLQGLTXpSDUXQVPEROHGDQVOHFRLQ HQKDXWjGURLWHGHO
pFUDQ
6PEROHSOHLQYHUWHFDSDFLWpGHVSLOHVRSWLPDOH 6PEROHYLGHURXJHFOLJQRWDQW QLYHDXGHVSLOHV
LQVXIILVDQW
&211(&7(581(621′( 75$16’8&7(85
$OLJQH]OHSRLQWURXJHVLWXpVXUOH FRQQHFWHXUGHODVRQGHDYHFFHOXL VLWXpVXUODEDVHGHODMDXJH
,QVpUH]ODVRQGHGDQVODMDXJHHQ SRXVVDQWYpULILH]TXHOHFRQQHFWHXU HVWHQWLqUHPHQWHQJDJp
7RXVOHVVRQGHVPRQRFRPSRVDQWDYHFOLJQHjUHWDUGSRXYDQWrWUH GLUHFWHPHQWFRQQHFWpVVXUXQHMDXJH’DNRWD3&;YRLU6HFWLRQ
7UDQVGXFWHXUV
HQSDJHIUVRQWGHVVRQGHV
LQWHOOLJHQWV

/DIUpTXHQFHHWOHGLDPqWUHGXVRQGHVRQWDXWRPDWLTXHPHQW LGHQWLILpVSDUODMDXJHO
XWLOLVDWHXUHVWSULpGHVpOHFWLRQQHUOHWSHGH OLJQHjUHWDUGFRQQHFWpOHFDVpFKpDQW
9RXVSRXYH]YpULILHUjWRXWPRPHQWOHWSHGHVRQGHFRQQHFWpGDQV 0HQX$X6XMHW’H,QIRUPDWLRQVRQGH

ZZZGDNRWDQGWFRP

IU

35(0,Ê5(6’e0$5&+(6VXLWH
,OH[LVWHXQDGDSWDWHXUSHUPHWWDQWGHFRQQHFWHUOHVDXWUHV WUDQVGXFWHXUV’DNRWD1’7GLWV
QRQLQWHOOLJHQWV
OHVWUDQVGXFWHXUV PRQRFRPSRVDQWVDYHFOLJQHjUHWDUGHWOHVWUDQVGXFWHXUVG
DXWUHV IDEULFDQWVVXUOHVDSSDUHLOVGHODJDPPH’DNRWD3&;YRLU 6HFWLRQ
$GDSWDWHXUSRXUWUDQVGXFWHXU
HQSDJHIU

6(/(&7,21′(/$/$1*8( $SSXH]HWPDLQWHQH]ODWRXFKH0$5&+($55(7MXVTX
jFH
TXHOHORJR’DNRWD1’7DSSDUDLVVH $SSXH]VXU0HQX,QLWLDOLVHU/DQJXHSXLVVpOHFWLRQQH]ODODQJXH
GHYRWUHFKRL[jO
DLGHGHVWRXFKHVÏÐ 6XLYH]OHVPHQXVjO
pFUDQ

3RXUFKDQJHUGHODQJXHORUVTXHO
DSSDUHLOHVWFRQILJXUpGDQVXQH ODQJXHpWUDQJqUH (WHLJQH]ODMDXJH $SSXH]HWPDLQWHQH]ODWRXFKHGHJDXFKHSXLVDOOXPH]ODMDXJH 6pOHFWLRQQH]ODODQJXHGHYRWUHFKRL[jO
DLGHGHVWRXFKHVÏÐ

&21),*85(5/
(&5$1 9RXVSRXYH]GpILQLUXQFHUWDLQQRPEUHGHSDUDPqWUHVGDQV 0HQX,QLWLDOLVHU5pJODJHVpFUDQHWQRWDPPHQW

y %ULOODQFHGHO
pFUDQLOH[LVWHXQUpJODJH
0DQXHO
RX
$XWR
OD OXPLQRVLWpHVWJpUpHDXWRPDWLTXHPHQWSDUOHFDSWHXUGH OXPLqUHDPELDQWHLQWpJUpjODMDXJH y 7HPSVpFUDQGpSDVVpO
LQWHQVLWpGHO
pFUDQGLPLQXHV
LOQ
HVW SDVXWLOLVpSHQGDQWVHFRQGHVHWGHYLHQW
QRLU
DXERXWG
XQH SpULRGHGpWHUPLQpH3RXU
UpYHLOOHU
O
pFUDQDSSXH]VXU Q
LPSRUWHTXHOOHWRXFKHRXWDSRWH]GRXFHPHQWO
LQVWUXPHQW 9RXVSRXYH]pJDOHPHQWSURJUDPPHUXQDUUrWDXWRPDWLTXHDX ERXWG
XQHGXUpHGpWHUPLQpHVDQVDFWLYLWpGDQV7HPSVpFUDQ GpSDVVp0HQX,QLWLDOLVHU([WLQFWLRQDXWRMDXJH3DUGpIDXW FHWWHGXUpHHVWIL[pHjPLQXWHV

&21),*85(5/
(&5$10(685( /
pFUDQFRXOHXU/&’HVWGLYLVpHQGHX[SDUWLHVPRLWLpVXSpULHXUHHW PRLWLpLQIpULHXUH/
XWLOLVDWHXUSHXWFKRLVLUOHVLQIRUPDWLRQVjDIILFKHU GDQVFKDTXHPRLWLpG
pFUDQSDUPLPHVXUHVVWDWLVWLTXHVVpOHFWLRQQpHV JUDSKLTXHGHVpTXHQFHKLVWRJUDPPHPHVXUHV GLIIpUHQWLHODHWVFDQ%

D1RQGLVSRQLEOHHQ
0RGH6FDQ
YRLU6HFWLRQµ3UHQGUHXQHPHVXUHHQPRGH6FDQ¶HQSDJHIU

IU

ZZZGDNRWDQGWFRP

35(0,Ê5(6’e0$5&+(6VXLWH
3RXUFRQILJXUHUO
pFUDQ $SSXH]VXU$IILFKD&RQILJXUDWLRQ
pFUDQ(FUDQKDXWRX(FUDQEDVVHORQOHFDV 6pOHFWLRQQH]O
RSWLRQVRXKDLWpHjO
DLGHGHV
WRXFKHVÏÐHWDSSXH]VXU
6pOHFW¶

0HVXUHV

6LYRXVVpOHFWLRQQH] $XFXQ
SRXUO
XQGHVGHPL pFUDQVHW
0HVXUHV

*UDSKH
RX
6FDQ%
SRXU O
DXWUHPRLWLpOHVPHVXUHVOHJUDSKHRX6FDQ% RFFXSHURQWODWRWDOLWpGHO
pFUDQ’DQVWRXVOHV DXWUHVFDVOHVGRQQpHVVHURQWDIILFKpHVGDQVOD PRLWLpVXSpULHXUHRXLQIpULHXUHVHORQYRWUHVpOHFWLRQ

6WDWLVWLTXHVVpOHFWLRQQpHV

y $XFXQSDVG
DIILFKDJHG
LQIRUPDWLRQV

y 0HVXUHVDIILFKDJHGHODYDOHXUOXH

y 6WDWLVWLTXHVVpOHFWLRQQpHVLOHVW

SRVVLEOHG
DIILFKHUXQPD[LPXPGH SDUDPqWUHVVWDWLVWLTXHVFKRLVLVSDU

*UDSKH

O
XWLOLVDWHXUGDQV$IILFKD6WDWLVWLTXHV

6pOHFWLRQQHU6WDWV/HVSDUDPqWUHV

GLVSRQLEOHVVRQW

1 RPEUHGHPHVXUHVPRHQQHYDOHXUPLQL

YDOHXUPD[LpFDUWWSHYDOHXUOLPLWHEDVVH

QRPEUHGHPHVXUHVLQIpULHXUHVjODOLPLWH

EDVVHYDOHXUOLPLWHKDXWHQRPEUHGH

PHVXUHVVXSpULHXUHVjODOLPLWHKDXWHSODJH

*UDSKHEDUUH

YDOHXUQRPLQDOH

y *UDSKHFRXUEHGHWHQGDQFHGHV

GHUQLqUHVYDOHXUVDXWRPDWLTXHPHQWPLVH

jMRXUDSUqVFKDTXHPHVXUH

y %DUUDSKUDSKHEDUUH

UHSUpVHQWDWLRQDQDORJLTXHGHODPHVXUH

HQFRXUVHWGHODYDOHXUPD[L+LPLQL

/RHWPRHQQH;/HJUDSKLTXHHVW DXWRPDWLTXHPHQWPLVjMRXUDSUqV

0HVXUHV GLpUHQWLHO

FKDTXHPHVXUH

y 0HVXUHV GLIIpUHQWLHODO
DIILFKDJH

P RQWUHVLPXOWDQpPHQWODGHUQLqUH

P HVXUHHWVRQpFDUWSDUUDSSRUWjOD

Y DOHXUQRPLQDOHGpILQLHGDQV0HQX

0pPRLUHVGH/LPLWHV&UpHU0pPRLUH

/LPLWH)L[HUYDO1RP

D1RQGLVSRQLEOHHQ
0RGH6FDQ
YRLU6HFWLRQµ3UHQGUHXQHPHVXUHHQPRGH6FDQ¶HQSDJHIU

ZZZGDNRWDQGWFRP

IU

35(0,Ê5(6’e0$5&+(6VXLWH
y 6FDQ%/DIRQFWLRQ6FDQ%RIIUHXQHYXHHQFRXSHGX PDWpULDXEDVpHVXUOHWHPSV/HVPHVXUHVSULVHVOHVYDOHXUV HQUHJLVWUpHVODYDOHXUPD[L+LPLQL/RHWPRHQQH; DLQVLTXHOHVOLPLWHVEDVVHHWKDXWHVLDFWLYpHVVRQWDIILFKpHV jO
pFUDQ
6FDQ%
/
pSDLVVHXUGHPDWpULDXHVW UHSUpVHQWpHSDUGHV]RQHVJULVHVHW URXJHVOHV]RQHVURXJHVGpVLJQHQW OHVPHVXUHVKRUVOLPLWHVVLGpILQLHV HWDFWLYpHV/HVPHVXUHV HQUHJLVWUpHVGDQVODMDXJHRXOH ‘/RJV
DIILFKHQWVRXVIRUPHGH EDUUHVYHUWLFDOHVEODQFKHVRXURXJHV OHVEDUUHVURXJHVGpVLJQHQWOHV YDOHXUVKRUVOLPLWHVVLGpILQLHVHW DFWLYpHV
/
pFKHOOHYHUWLFDOHGH6FDQ%SHXWrWUHUpJOpHVXU
$XWR
RX GpILQLHSDUO
XWLOLVDWHXUGHPDQLqUHDSSURSULpHHQIRQFWLRQGH O
pSDLVVHXUGHUHYrWHPHQWPHVXUpH
/RUVTXHOHVIRQFWLRQVµSURIRQGHXUGHGpSDUW
HWµSURIRQGHXU PD[L
VRQWWRXWHVOHVGHX[UpJOpHVVXU
$XWR
O
pFKHOOHHVW GpILQLHSDUOHVYDOHXUVPLQLHWPD[LUHOHYpHV
3RXUGpILQLUODUpVROXWLRQGX6FDQ% $SSXH]VXU$IILFKD&RQILJXUDWLRQpFUDQ6FDQ%
eFKHOOH6FDQ%’pSDUWRXµ6FDQ%3URIRQGHXU¶VHORQOHFDV 6pOHFWLRQQH]ODPHQWLRQ
$XWR
jO
DLGHGHVWRXFKHVÏÐ
SXLVDSSXH]VXUµ2N¶9RXVSRXYH]DXVVLXWLOLVHUOHV IOrFKHVÏÐSRXUIL[HUODYDOHXUVRXKDLWpHDSSXH]VXUÎ SRXUSDVVHUDXFKLIIUHVXLYDQWSXLVVXUµ)L[HU¶ 5pSpWH]O
pWDSHSRXUOD
6FDQ%3URIRQGHXU
RX
6FDQ% ‘pSDUW
VHORQOHFDV
/ HUpJODJHSDUGpIDXWHVWOHVXLYDQW
6FDQ%’pSDUW

6FDQ% 3URIRQGHXU
$XWR

IU

ZZZGDNRWDQGWFRP

35(0,Ê5(6 ‘e0$5&+(6VXLWH
6(/(&7,211(5 /( 02′( ‘( 0(685( ,OH[LVWHWURLVPRGHVGHPHVXUHDXFKRL[µ(FKR,QWHUIDFH¶ µeFKReFKR¶HWµ0RGH3ODVWLTXH¶9RLU7DEOHDX
0RGHVGH PHVXUH
SRXUHQVDYRLUSOXV

0RGHGH PHVXUH

7$%/($802′(6 ‘( 0(685( ,F{QH ‘HVFULSWLRQ

(FKR,QWHUIDFH ,(

0HVXUHGHO
pSDLVVHXUWRWDOHGXPDWpULDXGHOD VXUIDFHGXUHYrWHPHQWjODOLPLWHGHGHQVLWpGX PDWpULDXJpQpUDOHPHQWO
DXWUHIDFH&HPRGHHVW DGDSWpjODPHVXUHGHPDWpULDX[GRQWO
pSDLVVHXUHVW FRPSULVHHQWUHPPHWPPDE

eFKReFKR ((
0RGH 3ODVWLTXH
3/$6

,GpDOSRXUODPHVXUHGHPDWpULDX[ILQVFHPRGH SHUPHWGHPHVXUHUO
pSDLVVHXUGHODVXUIDFH VXSpULHXUHGXPDWpULDXMXVTX
jODOLPLWHGHGHQVLWp GXPDWpULDXHQJpQpUDOODSDURLDUULqUH$GDSWpj ODPHVXUHG
pSDLVVHXUGHPDWpULDX[HQWUHPP HWPPHW E
3/$6 7SLTXHPHQWXWLOLVpSRXUPHVXUHUO
pSDLVVHXUGH SODVWLTXHVWUqVILQVFRPSULVHHQWUHPPHW PPDE8QHOLJQHjUHWDUG*UDSKLWH HVWUHTXLVHSRXUFHPRGH9RLU6HFWLRQ
/LJQHVjUHWDUG
HQSDJHIU

1RWHLOHVWQpFHVVDLUHGHUHFDOLEUHUODMDXJHjFKDTXHIRLVTXHYRXVFKDQJH] GHPRGHGHPHVXUHYRLU6HFWLRQ
&DOLEUHUODMDXJH
HQSDJHIU/H VPE{OH
&DOLEUDWLRQ
FOLJQRWHSpULRGLTXHPHQWSRXUVLJQDOHUTX
LOIDXW UHFDOLEUHUODMDXJH

3RXUVpOHFWLRQQHUOHPRGHGHPHVXUHDSSXH]VXU 0HQX,QLWLDOLVHU/HFWXUH0RGHGHPHVXUH

6(/(&7,211(5/
81,7( ‘( 0(685( /HVMDXJHV’DNRWD3&;DIILFKHQWOHVPHVXUHVHQPPRXLQFKHV 3RXUVpOHFWLRQQHUO
XQLWpGHPHVXUHDSSXH]VXU 0HQX,QLWLDOLVHU8QLWpV

E/DSODJHG
pSDLVVHXUGpSHQGGXPDWpULDXPHVXUpHWGHODVRQGHXWLOLVpH
ZZZGDNRWDQGWFRP

IU

35(0,Ê5(6’e0$5&+(6VXLWH
6(/(&7,211(5/$)5(48(1&(‘(0(685( /$ 5(62/87,21 /
XWLOLVDWHXUSHXWFKRLVLUHQWUHWURLVIUpTXHQFHGHUpSpWLWLRQGHPHVXUH HW+]/DMDXJHSUHQGUDDORUVRXPHVXUHVSDUVHFRQGH VHORQODIUpTXHQFHFKRLVLH

3RXUVpOHFWLRQQHUODIUpTXHQFHGHPHVXUHDSSXH]VXU0HQX ,QLWLDOLVHU/HFWXUH9LWHVVHOHFWXUH(Q
PRGH6FDQ
YRLU6HFWLRQ
3UHQGUHXQHPHVXUHHQPRGH6FDQ
HQSDJHIUODIUpTXHQFHGH PHVXUHHVWIL[pHj+]PHVXUHVSDUVHFRQGH

,OHVWSRVVLEOHGHFKRLVLUODUpVROXWLRQGHPHVXUHGHODMDXJHHQWUH PP

%DV
RXPPµ+DXW¶SRXUREWHQLUXQHSOXV JUDQGHSUpFLVLRQVXUPDWpULDX[ILQV

3RXUVpOHFWLRQQHUODUpVROXWLRQGHPHVXUHDSSXH]VXU0HQX ,QLWLDOLVHU/HFWXUH5pVROXWLRQHWFKRLVLVVH] %DV
RX
+DXW
VHORQOHFDV ‘e),1,5′(6/,0,7(6
/HVOLPLWHVUHSUpVHQWHQWGHVQLYHDX[GHWROpUDQFHDFFHSWDEOH GpWHUPLQpVSDUO
XWLOLVDWHXUHOOHVSHUPHWWHQWGHFRPSDUHUOHVUpVXOWDWV jGHVYDOHXUVSUpGpILQLHV/HPRGqOH3&;’/SHUPHWGHVWRFNHUXQ WRWDOGHOLPLWHVSUpGpILQLHV

/HVOLPLWHVSHXYHQWrWUHFUppHVGLUHFWHPHQWGDQVODMDXJHRXYLDXQ3& pTXLSpGXORJLFLHO’DN0DVWHU70SXLVHQUHJLVWUpHVGDQVODPpPRLUHGHOD MDXJHSRXUXWLOLVDWLRQXOWpULHXUH6LYRXVXWLOLVH]’DN0DVWHU70YRXVSRXYH] WUDQVIpUHUOHVOLPLWHVFUppHVYHUVG
DXWUHVMDXJHV

&KDTXHOLPLWHSHXWrWUHFRQVWLWXpHG
XQHYDOHXUQRPLQDOHFLEOH[ UHTXLVHSRXUODIRQFWLRQ
0HVXUHV ‘LIIpUHQWLHO
G
XQHYDOHXUOLPLWH EDVVHHWRXKDXWH

,OHVWSRVVLEOHGHFUpHUGHVOLPLWHVSRXUGHVPHVXUHVLQGLYLGXHOOHVRX jO
RXYHUWXUHG
XQQRXYHDX’/RJYRLU6HFWLRQHW’HV’/RJV GLIIpUHQWVSHXYHQWDYRLUGHVOLPLWHVGLIIpUHQWHV

8QHIRLVFUppHVOHVOLPLWHVVRQWHQUHJLVWUpHVGDQVO
HVSDFHPpPRLUH
/LPLWHV
GHODMDXJHSRXUXQHXWLOLVDWLRQXOWpULHXUHYRLU6HFWLRQ

/HVOLPLWHVVDXYHJDUGpHVSHXYHQWrWUHUHQRPPpHVHWOHVYDOHXUV PRGLILpHVjWRXWPRPHQWYRLU6HFWLRQVHW

IU

ZZZGDNRWDQGWFRP

‘e),1,5′(6/,0,7(6VXLWH
&5e(5′(6/,0,7(63285′(69$/(856,1’,9,’8(//(6 $SSXH]VXU0HQX0pPRLUHVGH/LPLWHV&UpHU0pPRLUH
/LPLWH)L[HUOLPKDXWHRXµ)L[HUOLP%DVVH¶VHORQOHFDV ,QGLTXH]ODYDOHXUVRXKDLWpHjO
DLGHGHVWRXFKHVÏÐHWDSSXH] VXUµ)L[HU¶ 6LQpFHVVDLUHUpSpWH]O
pWDSHSRXU
)L[HUOLP%DVVH
RX
)L[HU
OLP+DXWH
HW
)L[HUYDO1RP
$SUqVDYRLUGpILQLWRXWHVOHVYDOHXUVXWLOLVH]OHVWRXFKHVÏÐSRXU
PHWWUHODPHQWLRQ
(QUHJLVWUHU0pPRLUH/LPLWHQ
HQVXUEULOODQFH SXLVDSSXH]VXU
6pOHFW¶SRXUFRQILUPHU /HVOLPLWHVVRQWVSpFLILTXHVDXPRGHGHPHVXUHHQFRXUVORUV
GHODFUpDWLRQ
&5e(5′(6/,0,7(63285811289($8’/2 $SSXH]VXU’/RJ1RXYHDX’/RJ/LPLWHVGX’/RJ&UpHU
0pPRLUH/LPLWH)L[HUOLPKDXWHRX
)L[HUOLP%DVVH
VHORQOHFDV ,QGLTXH]ODYDOHXUVRXKDLWpHjO
DLGHGHVWRXFKHVÏÐHWDSSXH] VXUµ)L[HU¶ 6LQpFHVVDLUHUpSpWH]O
pWDSHSRXU
)L[HUOLP%DVVH
RX
)L[HU
OLP+DXWH
HW
)L[HUYDO1RP
$SUqVDYRLUGpILQLWRXWHVOHVYDOHXUVXWLOLVH]OHVWRXFKHVÏÐSRXU
PHWWUHODPHQWLRQ
(QUHJLVWUHU0pPRLUH/LPLWHQ
HQVXUEULOODQFH SXLVDSSXH]VXU
6pOHFW¶SRXUFRQILUPHU
/HVOLPLWHVVRQWVSpFLILTXHVDXPRGHGHPHVXUHHQFRXUVORUVGHOD FUpDWLRQ
9RXVSRXYH]UHYRLUOHVOLPLWHVGXO’/RJjWRXWPRPHQWGDQV ‘/RJ5pYLVHUOH’ORJ,QIRUPDWLRQVVXUOH’/RJ
6(/(&7,211(5/(6/,0,7(6(15(
,675((6 $SSXH]VXU0HQX0pPRLUHVGH/LPLWHV6pOHFWLRQQHU0pPRLUH
/LPLWHRXHQPRGH’/RJDSSXH]VXU’/RJ1RXYHDX ‘/RJ/LPLWHVGX’/RJ6pOHFWLRQQHU0pPRLUH/LPLWH $O
DLGHGHVWRXFKHVÏÐFKRLVLVVH]ODPpPRLUHGHOLPLWH VRXKDLWpHSXLVDSSXH]VXUµ6pOHFW¶
6HXOHVOHVOLPLWHVVSpFLILTXHVDXPRGHGHPHVXUHHQFRXUVSHXYHQWrWUH V pOHFWLRQQpHV
9RXVSRXYH]UHYRLUOHVOLPLWHVGX’/RJjWRXWPRPHQWGDQV ‘ /RJ5pYLVHUOH’/RJ,QIRUPDWLRQVVXUOH’/RJ
/RUVTX
XQHOLPLWHPpPRULVpHHVWHQFRXUVG
XWLOLVDWLRQDSSDUDLWj GURLWHGHO
pFUDQ0HVXUHQ QXPpURG
LQGLFHGHOLPLWH

ZZZGDNRWDQGWFRP

IU

‘e),1,5′(6/,0,7(6VXLWH 6LXQHPHVXUHHVWHQGHKRUVGHVOLPLWHV GpILQLHVO
LF{QHGHOLPLWHDSSURSULpHOD YDOHXUPHVXUpHHWODYDOHXUGLIIpUHQWLHOOH VLDFWLYpHYLUHQWDXURXJH
5(1200(5/(6/,0,7(6 $SSXH]VXU0HQX0pPRLUHVGH/LPLWHV(GLWHU0pPRLUH
/LPLWH5HQRPPHU0pPRLUH/LPLWH 8WLOLVH]OHVWRXFKHVÏÐSRXUFKRLVLUODPpPRLUHGHOLPLWHj
PRGLILHUSXLVDSSXH]VXUµ6pOHFW¶ 5HQRPPH]ODPpPRLUHGHOLPLWHjO
DLGHGHVWRXFKHVÍÎ $SSXH]VXU
2N
SRXUHQUHJLVWUHUOHVFKDQJHPHQWVRXVXU

(FKDS
SRXUTXLWWHUHWLJQRUHUOHVPRGLILFDWLRQVHIIHFWXpHV
02’,),(5/(6/,0,7(6 $SSXH]VXU0HQX0pPRLUHVGH/LPLWHV(GLWHU0pPRLUH
/LPLWH&RUULJHU0pPRLUH/LPLWH $O
DLGHGHVWRXFKHVÏÐFKRLVLVVH]ODPpPRLUHGHOLPLWHj
PRGLILHUSXLVDSSXH]VXUµ6pOHFW¶ 8WLOLVH]OHVWRXFKHVÏÐSRXUFKRLVLU
)L[HUOLPKDXWH
RX
)L[HU
OLPEDVVH
SXLVDSSXH]VXUµ6pOHFW¶ ,QGLTXH]ODYDOHXUVRXKDLWpHjO
DLGHGHVWRXFKHVÏÐHW
DSSXH]VXUµ)L[HU¶ /HFDVpFKpDQWUpSpWH]OHVpWDSHVSRXU
)L[HUOLPEDVVH

RX
)L[HUOLPKDXWH
HW
)L[HUYDO1RP
$SUqVDYRLUIDLWOHVPRGLILFDWLRQVVRXKDLWpHVXWLOLVH]OHV
WRXFKHVÏÐSRXUPHWWUHODPHQWLRQ
(QUHJLVWUHU0pPRLUH /LPLWHQ
HQVXUEULOODQFHSXLVDSSXH]VXU
6pOHFW¶SRXU HQUHJLVWUHUOHVFKDQJHPHQWV

IU

ZZZGDNRWDQGWFRP

0e7+2′(6 ‘( &$/,%5$7,21
3RXUJDUDQWLUGHVPHVXUHVFRUUHFWHVLOIDXWGpILQLUODYLWHVVHGH SURSDJDWLRQGXVRQDGDSWpHDXPDWpULDXjPHVXUHU

&KDTXHWSHGHPDWpULDXDXQHYLWHVVHGHSURSDJDWLRQGXVRQTXLOXL HVWSURSUH3DUH[HPSOHODYLWHVVHGHSURSDJDWLRQGXVRQGDQVO
DFLHU HVWGHPVHQYLURQLQVHWFHOOHGHO
DOXPLQLXPGH PVHQYLURQLQV

,OHVWHVVHQWLHOGHFDOLEUHUODMDXJHSRXUHQJDUDQWLUOHERQ IRQFWLRQQHPHQW/DSURFpGXUHGHFDOLEUDWLRQGRLWrWUHUpDOLVpHj FKDTXHFKDQJHPHQWGHPRGHGHPHVXUHGHVRQGHHWRXGHPDWpULDX

,OH[LVWHGLIIpUHQWHVPpWKRGHVGHFDOLEUDWLRQHQIRQFWLRQGXPRGHGH PHVXUHFKRLVL9RLU7DEOHDX0pWKRGHVGHFDOLEUDWLRQ3RXUFKRLVLU ODPpWKRGHGHFDOLEUDWLRQDSSXH]VXU0HQX&DOLEUDWLRQ0pWKRGH&DO

7$%/($80(7+2′(6 ‘( &$/,%5$7,21

0pWKRGHGH FDOLEUDWLRQ

,F{QH ‘HVFULSWLRQ

3RLQW

&
HVWODPpWKRGHGHFDOLEUDWLRQODSOXVVLPSOHHWOD SOXVFRXUDPPHQWXWLOLVpH,OIDXWSUHQGUHHWDMXVWHUOD PHVXUHVXUXQpFKDQWLOORQGXPDWpULDXQRQUHYrWXHW G
pSDLVVHXUFRQQXH8QHIRLVO
pSDLVVHXUHQWUpHHW FRQILUPpHODYLWHVVHGHSURSDJDWLRQVRQRUH DVVRFLpHV
DIILFKH

3RLQW

&HWWHPpWKRGHRIIUHXQHSUpFLVLRQDFFUXHVXUOHV SODJHVUHVWUHLQWHV(OOHFRQVLVWHjSUHQGUHHWDMXVWHU OHVPHVXUHVVXUGHX[pFKDQWLOORQVGXPDWpULDXj WHVWHUG
pSDLVVHXUFRQQXHHWQRQUHYrWXV8QHIRLV ODGHX[LqPHpSDLVVHXUHQWUpHHWFRQILUPpHOD YLWHVVHGHSURSDJDWLRQVRQRUHDVVRFLpHV
DIILFKH

0DWHULDXF

0pWKRGHGHFDOLEUDWLRQEDVpHVXUODYLWHVVHGH SURSDJDWLRQGXVRQGDQVOHPDWpULDX/DYLWHVVHHVW VpOHFWLRQQpHGDQVXQHOLVWHSUppWDEOLHPpPRULVpH GDQVODMDXJH

9pORFLWpF

3HUPHWGHFDOLEUHUODMDXJHHQIRQFWLRQGHODYLWHVVH GHSURSDJDWLRQGXVRQGDQVOHPDWpULDXFRQVLGpUp ORUVTXHFHOOHFLHVWFRQQXH

&DOLEUDWLRQ XVLQH

3DUDPqWUHVGHFDOLEUDWLRQSDUGpIDXWGpILQLVHQXVLQH HWEDVpVVXUODYLWHVVHGHSURSDJDWLRQGXVRQGDQV O
DFLHUPVHQYLURQLQV

F/HVPpWKRGHVµ0DWHULDX¶HWµ9pORFLWp¶VRQWSDUWLFXOLqUHPHQWXWLOHVTXDQGLOHVWLPSRVVLEOHGHVHSURFXUHUXQ pFKDQWLOORQGXPDWpULDXQRQUHYrWX

ZZZGDNRWDQGWFRP

IU

&$/,%5(5/$-$8*(
5($/,6(581(&$/,%5$7,21(132,17 3RXUFHWWHSURFpGXUHYRXVDYH]EHVRLQG¶XQpFKDQWLOORQGXPDWpULDXj PHVXUHUGRQWYRXVFRQQDLVVH]O¶pSDLVVHXUH[DFWHSRXUO¶DYRLU PHVXUpHjO¶DLGHG¶XQHDXWUHPpWKRGHRXG
XQHFDOHpWDORQYRLU 6HFWLRQ
&DOHVpWDORQ
HQSDJHIU
%UDQFKH]ODVRQGHVXUODMDXJHHWYpULILH]TX
HOOHHVW FRUUHFWHPHQWFRQQHFWpH
( QOHYH]OHVGpEULVpYHQWXHOVGHODVXUIDFHGHODVRQGHHWYpULILH]VD SURSUHWp
$OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW $SSXH]VXU0HQX&DOLEUDWLRQ0pWKRGH&DOHWVpOHFWLRQQH]

3RLQW

6LODPpWKRGH
3RLQW
HVWGpMjVpOHFWLRQQpHODPpWKRGHGHFDOLEUDWLRQ HQFRXUVHVWLQGLTXpHSDUOHVPE{OHjGURLWHGHO
pFUDQGDQVFHFDV DSSXH]VLPSOHPHQWVXU0HQX&DOLEUDWLRQ&DOLEUHU
/RUVTXHO
LQVWUXPHQWYRXVOHGHPDQGHDSSOLTXH]GXFRXSODQWVXU O
pFKDQWLOORQQRQUHYrWXRXODFDOHpWDORQ
3ODFH]ODVRQGHVXUO¶pFKDQWLOORQRXODFDOHHQYRXVDVVXUDQW TX¶LOUHSRVHELHQjSODWVXUODVXUIDFH
/
pFUDQDIILFKHXQHYDOHXUG
pSDLVVHXUTXLFKDQJHFRQVWDPPHQW/D VWDELOLWpGHODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGHVWDELOLWpVLWXpjGURLWH GHO
pFUDQ/DPHVXUHHVWFRQVLGpUpHVWDEOHjSDUWLUGHEDUUHVRXSOXV
5HWLUH]ODVRQGHGHO
pFKDQWLOORQRXGHODFDOHpWDORQ/D GHUQLqUHYDOHXUUHVWHjO
pFUDQ6LHOOHQ
HVWSDVUHSUpVHQWDWLYH UpSpWH]OHVpWDSHV
8QHTXDQWLWpH[FHVVLYHGHFRXSODQWSHXWHQWUDLQHUXQHPHVXUHHUURQpH ORUVTXHYRXVUHWLUH]ODVRQGHGHODVXUIDFH
$SSXH]VXU
$MXVWHU
HWUpJOH]ODYDOHXUVXUO
pSDLVVHXUFRQQXHj O
DLGHGHVWRXFKHVÏÐSXLVDSSXH]VXUµ)L[HU¶SRXUFRQILUPHUOD YDOHXU
9RXVSRXYH]DQQXOHUHWTXLWWHUODSURFpGXUHGHFDOLEUDWLRQjWRXWPRPHQW HQDSSXDQWVXUODWRXFKH
(FKDS

/DYLWHVVHGHSURSDJDWLRQVRQRUHDVVRFLpHV
DIILFKHjGURLWHGHO
pFUDQ
VRXVOHVPE{OHFRUUHVSRQGDQWjODPpWKRGHGHFDOLEUDWLRQ
1RWHSRXUFDOLEUHUHQXQSRLQWLOHVWQpFHVVDLUHGHUHWLUHUOHUHYrWHPHQWRXOD SHLQWXUHGHO
pFKDQWLOORQFKRLVL6LFHODQ
HVWSDVFRUUHFWHPHQWUpDOLVp DYDQWGHFDOLEUHUODMDXJHOHVPHVXUHVVHURQWLPSUpFLVHV

IU

ZZZGDNRWDQGWFRP

&$/,%5(5/$-$8*(VXLWH
5($/,6(581(&$/,%5$7,21(132,176 3RXUFHWWHSURFpGXUHYRXVDYH]EHVRLQGHGHX[pFKDQWLOORQVGX PDWpULDXjWHVWHUGRQWYRXVFRQQDLVVH]O¶pSDLVVHXUH[DFWHSRXUO¶DYRLU PHVXUpHjO¶DLGHG¶XQHDXWUHPpWKRGHRXGHGHX[FDOHVpWDORQ UHSUpVHQWDWLYHVGHODSODJHjPHVXUHUYRLU6HFWLRQ
&DOHVpWDORQ
HQSDJHIU
%UDQFKH]ODVRQGHVXUODMDXJHHWYpULILH]TX
HOOHHVW FRUUHFWHPHQWFRQQHFWpH
(QOHYH]OHVGpEULVpYHQWXHOVGHODVXUIDFHGHODVRQGHHWYpULILH]VD SURSUHWp
$OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW $SSXH]VXU0HQX&DOLEUDWLRQ0pWKRGH&DOHWVpOHFWLRQQH]

3RLQW

6LODPpWKRGH
3RLQW
HVWGpMjVpOHFWLRQQpHODPpWKRGHGHFDOLEUDWLRQ HQFRXUVHVWLQGLTXpHSDUOHVPE{OHjGURLWHGHO
pFUDQGDQVFHFDV DSSXH]VLPSOHPHQWVXU0HQX&DOLEUDWLRQ&DOLEUHU
/RUVTXHO
LQVWUXPHQWYRXVOHGHPDQGHDSSOLTXH]GXFRXSODQWVXU OHSUHPLHUpFKDQWLOORQQRQUHYrWXRXODSUHPLqUHFDOHpWDORQ
3ODFH]ODVRQGHVXUO¶pFKDQWLOORQRXODFDOHHQYRXVDVVXUDQW TX¶LOUHSRVHELHQjSODWVXUODVXUIDFH
/
pFUDQDIILFKHXQHYDOHXUG
pSDLVVHXUTXLFKDQJHFRQVWDPPHQW/D VWDELOLWpGHODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGHVWDELOLWpVLWXpjGURLWH GHO
pFUDQ/DPHVXUHHVWFRQVLGpUpHVWDEOHjSDUWLUGHEDUUHVRXSOXV
5HWLUH]ODVRQGHGHO
pFKDQWLOORQRXGHODFDOHpWDORQ/D GHUQLqUHYDOHXUUHVWHjO
pFUDQ6LHOOHQ
HVWSDVUHSUpVHQWDWLYH UpSpWH]OHVpWDSHV
8QHTXDQWLWpH[FHVVLYHGHFRXSODQWSHXWHQWUDLQHUXQHPHVXUHHUURQpH ORUVTXHYRXVUHWLUH]ODVRQGHGHODVXUIDFH
$SSXH]VXU
$MXVWHU
HWUpJOH]ODYDOHXUVXUO
pSDLVVHXUFRQQXHj O
DLGHGHVWRXFKHVÏÐSXLVDSSXH]VXUµ)L[HU¶SRXUFRQILUPHUOD YDOHXU
5pSpWH]OHVpWDSHVSRXUOHGHX[LqPHpFKDQWLOORQRXFDOH pWDORQ
9RXVSRXYH]DQQXOHUHWTXLWWHUODSURFpGXUHGHFDOLEUDWLRQjWRXWPRPHQW HQDSSXDQWVXUODWRXFKH
(FKDS

/DYLWHVVHGHSURSDJDWLRQVRQRUHDVVRFLpHV
DIILFKHjGURLWHGHO
pFUDQ
VRXVOHVPE{OHFRUUHVSRQGDQWjODPpWKRGHGHFDOLEUDWLRQ
1RWHSRXUFDOLEUHUHQGHX[SRLQWVLOHVWQpFHVVDLUHGHUHWLUHUOHUHYrWHPHQWRX ODSHLQWXUHGHO
pFKDQWLOORQFKRLVL6LFHODQ
HVWSDVFRUUHFWHPHQWUpDOLVp DYDQWGHFDOLEUHUODMDXJHOHVPHVXUHVVHURQWLPSUpFLVHV

ZZZGDNRWDQGWFRP

IU

&$/,%5(5/$-$8*(VXLWH
5($/,6(581(&$/,%5$7,21$3$57,5’8
0$7(5,$8

&HWWHPpWKRGHGHFDOLEUDWLRQHVWEDVpHVXUXQHYLWHVVHGH SURSDJDWLRQGXVRQGDQVOHPDWpULDXFRQQXHHWVpOHFWLRQQpHGDQV XQHOLVWHSUppWDEOLHPpPRULVpHGDQVODMDXJH&HWWHPpWKRGHGH FDOLEUDWLRQHVWSDUWLFXOLqUHPHQWXWLOHTXDQGLOHVWLPSRVVLEOHGHVH SURFXUHUXQpFKDQWLOORQGXPDWpULDXQRQUHYrWX

$OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW
$SSXH]VXU0HQX&DOLEUDWLRQ0pWKRGH&DOHWVpOHFWLRQQH]

0DWpULDX

6LODPpWKRGH
0DWpULDX
HVWGpMjVpOHFWLRQQpHODPpWKRGHGHFDOLEUDWLRQ HQFRXUVHVWLQGLTXpHSDUOHVPE{OHjGURLWHGHO
pFUDQGDQVFHFDV DSSXH]VLPSOHPHQWVXU0HQX&DOLEUDWLRQ&DOLEUHU
6pOHFWLRQQH]OHPDWpULDXDSSURSULpjO
DLGHGHVWRXFKHVÏÐ SXLVDSSXH]VXUµ6pOHFW¶SRXUFRQILUPHU
9RXVSRXYH]DQQXOHUHWTXLWWHUODSURFpGXUHGHFDOLEUDWLRQjWRXW PRPHQWHQDSSXDQWVXUODWRXFKH
(FKDS

/DYLWHVVHGHSURSDJDWLRQVRQRUHDVVRFLpHV
DIILFKHjGURLWHGHO
pFUDQ VRXVOHVPE{OHFRUUHVSRQGDQWjODPpWKRGHGHFDOLEUDWLRQ

5($/,6(581(&$/,%5$7,21%$6((685/$
9e/2&,7e

3RXUFHWWHSURFpGXUHYRXVGHYH]FRQQDLWUHODYLWHVVHGH SURSDJDWLRQGXVRQGDQVOHPDWpULDXjPHVXUHU&HWWHPpWKRGHGH FDOLEUDWLRQHVWXWLOHTXDQGLOHVWLPSRVVLEOHGHVHSURFXUHUXQ pFKDQWLOORQGXPDWpULDXG
pSDLVVHXUFRQQXH

$OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW

$SSXH]VXU0HQX&DOLEUDWLRQ0pWKRGH&DOHWVpOHFWLRQQH]

9pORFLWp

6LODPpWKRGH
9pORFLWp
HVWGpMjVpOHFWLRQQpHODPpWKRGHGHFDOLEUDWLRQ HQFRXUVHVWLQGLTXpHSDUOHVPE{OHjGURLWHGHO
pFUDQGDQVFHFDV DSSXH]VLPSOHPHQWVXU0HQX&DOLEUDWLRQ&DOLEUHU

(QWUH]ODYpORFLWpFRUUHVSRQGDQWHVpOHFWLRQQH]OHVFKLIIUHVGH jjO
DLGHGHVWRXFKHVÏÐHWXWLOLVH]ODWRXFKHÎSRXU

SDVVHUDXFKLIIUHVXLYDQW$SSXH]VXUµ)L[HU¶SRXUFRQILUPHUOD

YDOHXUHQWUpH

9RXVSRXYH]DQQXOHUHWTXLWWHUODSURFpGXUHGHFDOLEUDWLRQjWRXWPRPHQW HQDSSXDQWVXUODWRXFKH
(FKDS

/DYLWHVVHGXVRQUHQVHLJQpHVHUDDIILFKpHjODGURLWHGHO
pFUDQVRXV O
LF{QHGHPpWKRGHGHFDOLEUDWLRQ

IU

ZZZGDNRWDQGWFRP

&$/,%5(5 /$ -$8*(VXLWH
87,/,6(5 /$ &$/,%5$7,21 86,1( $SSXH]VXU0HQX&DOLEUDWLRQ&DOLEUDWLRQXVLQHSRXUUHVWDXUHUOHV SDUDPqWUHVGHFDOLEUDWLRQSDUGpIDXWEDVpVVXUODYLWHVVHGH SURSDJDWLRQGXVRQGDQVO
DFLHUPVHQYLURQLQV
9(5,),(5 /$ &$/,%5$7,21 &HWWHIRQFWLRQSHUPHWGHYpULILHUODFDOLEUDWLRQHWGHSUHQGUHXQH PHVXUHVXUXQpFKDQWLOORQGXPDWpULDXQRQUHYrWXFHWWHPHVXUH WHVWQ
HVWSDVHQUHJLVWUpHGDQVODMDXJH
3RXUYpULILHUODFDOLEUDWLRQ $SSXH]VXU0HQX&DOLEUDWLRQ
7HVWHUOD&DOLEUDWLRQ /RUVTXHO
LQVWUXPHQWYRXVOH
GHPDQGHDSSOLTXH]GXFRXSODQWVXU O
pFKDQWLOORQQRQUHYrWX 3ODFH]ODVRQGHVXUO¶pFKDQWLOORQHQ YRXVDVVXUDQWTX
HOOHUHSRVHELHQj SODWVXUODVXUIDFH
/
pFUDQDIILFKHXQHYDOHXUG
pSDLVVHXUTXLFKDQJHFRQVWDPPHQW/D VWDELOLWpGHODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGHVWDELOLWpVLWXpjGURLWH GHO
pFUDQ/DPHVXUHHVWFRQVLGpUpHVWDEOHjSDUWLUGHEDUUHVRXSOXV
5HWLUH]ODVRQGHGHO
pFKDQWLOORQRXGHODFDOHpWDORQ/D GHUQLqUHYDOHXUUHVWHjO
pFUDQ6LHOOHQ
HVWSDVUHSUpVHQWDWLYH UpSpWH]OHVpWDSHV
8QHTXDQWLWpH[FHVVLYHGHFRXSODQWSHXWHQWUDLQHUXQHPHVXUHHUURQpH ORUVTXHYRXVUHWLUH]ODVRQGHGHODVXUIDFH
$SSXH]VXU
9DOLGp
SRXUUHWHQLUODFDOLEUDWLRQH[LVWDQWHHW UDIUDLFKLUODGDWHHWKHXUHDVVRFLpHVSDUUDSSRUWDX[GRQQpHV DFWXHOOHVDSSXH]VXU
&DO
SRXUUHFDOLEUHUODMDXJHRXVXU
2N
SRXUTXLWWHUODSURFpGXUHGHFDOLEUDWLRQ
9(5528,//(5 /$ &$/,%5$7,21 8QHIRLVDFWLYpHFHWWHIRQFWLRQYHUURXLOOHODFDOLEUDWLRQLOHVW LPSRVVLEOHGHODPRGLILHUVDQVGpVDFWLYHUODIRQFWLRQ
9RXVSRXYH]WRXMRXUVYpULILHUODFDOLEUDWLRQGDQV 0HQX&DOLEUDWLRQ7HVWHUOD&DOLEUDWLRQPrPHVLODIRQFWLRQ
9HUURXLOODJH&DO
HVWDFWLYpHHQUHYDQFKHYRXVQHSRXUUH]SDV YDOLGHURXUHFDOLEUHUODMDXJH

ZZZGDNRWDQGWFRP

IU

&$/,%5(5/$-$8*(VXLWH
3RXUDFWLYHUGpVDFWLYHUODIRQFWLRQ
9HUURXLOODJH&DO
$SSXH]VXU0HQX&DOLEUDWLRQ 6pOHFWLRQQH]ODPHQWLRQ
9HUURXLOODJH
&DO
jO
DLGHGHVWRXFKHVÏÐHW DSSXH]VXUµ6pOHFW¶SRXUFRQILUPHU 3RXUGpVDFWLYHUODIRQFWLRQDSSXH] GHQRXYHDXVXU
6pOHFW
SRXU GpFRFKHUODFDVH
9HUURXLOODJH&DO

9(5528,//(5/$&$/,%5$7,21 ,OHVWSRVVLEOHGHYHUURXLOOHUOHVUpJODJHVGHFDOLEUDWLRQjO
DLGHGHOD IRQFWLRQ
%ORFDJH3,1
O
XWLOLVDWHXUQHSHXWDORUVSDVPRGLILHUOD FDOLEUDWLRQVDQVGpVDFWLYHUOH
%ORFDJH3,1
DXSUpDODEOH
6LOH
%ORFDJH3,1
HVWDFWLYpLOHVWWRXMRXUVSRVVLEOHGHWHVWHUOD FDOLEUDWLRQGDQV0HQX&DOLEUDWLRQ7HVWHUOD&DOLEUDWLRQPDLVYRXV QHSRXYH]SDVYDOLGHURXUHFDOLEUHUODMDXJH
3RXUSOXVG
LQIRUPDWLRQVVXUOH
%ORFDJH3,1
YRLU6HFWLRQ
%ORFDJH3,1
HQSDJHIU
0(02,5(6&$/,%5$7,21 9RXVSRXYH]PpPRULVHUWURLVFDOLEUDWLRQVGDQVODMDXJH8QHIRLV HQUHJLVWUpHVLOYRXVVXIILWGHOHVVpOHFWLRQQHUGDQVODPpPRLUHGHOD MDXJHVDQVDYRLUEHVRLQGHUHFDOLEUHUO
LQVWUXPHQW
3RXUHQUHJLVWUHUXQHFDOLEUDWLRQGDQVODPpPRLUH $SSXH]VXU0HQX&DOLEUDWLRQ0pPRLUH&DOQRQ RX 6pOHFWLRQQH]ODPHQWLRQ
0pWKRGH&DO
jO
DLGHGHVWRXFKHV
ÏÐHWDSSXH]VXUµ6pOHFW¶SRXUFRQILUPHU 6pOHFWLRQQH]ODPpWKRGHGHFDOLEUDWLRQVRXKDLWpHjO
DLGHGHV
WRXFKHVÏÐHWVXLYH]OHVLQVWUXFWLRQVjO
pFUDQSRXUFDOLEUHUOD MDXJH /DFDOLEUDWLRQVHUDHQUHJLVWUpHGDQVODPpPRLUHGHODMDXJH VRXVODIRUPH0pPRLUH&DOQRQ RX

IU

ZZZGDNRWDQGWFRP

&$/,%5(5 /$ -$8*(VXLWH
3RXUUHQRPPHUXQPRGqOHGHFDOLEUDWLRQDSSXH]VXU 0HQX&DOLEUDWLRQ0pPRLUH&DOQ5HQRPPHU0pPRLUH&DOQ

3RXUYLVXDOLVHUOHVGRQQpHVGHFDOLEUDWLRQPpPRULVpHVDSSXH]VXU 0HQX&DOLEUDWLRQ0pPRLUH&DOQ9RLUOHVGRQQpHVGH&DOLEUDWLRQ
%/2&$*( 3,1
/DIRQFWLRQ
%ORFDJH3,1
pYLWHGHPRGLILHULQYRORQWDLUHPHQWOHV UpJODJHVGHO
LQVWUXPHQW

3RXUGpILQLUXQFRGH3,1 $SSXH]VXU0HQX,QLWLDOLVHU
%ORFDJH3,1 (QWUH]XQFRGHjFKLIIUHVVpOHFWLRQQH] OHVFKLIIUHVGHjjO
DLGHGHVWRXFKHV ÏÐHWXWLOLVH]ODWRXFKHÎSRXUSDVVHU DXFKLIIUHVXLYDQWG $SSXH]VXU
2N
SRXUFRQILUPHU
(FKDS
SRXUDQQXOHURX
$MXVWHU
SRXU PRGLILHUOHFRGH3,1

8QHIRLVOHFRGHDFWLYpYRXVQHSRXYH]SOXVPRGLILHUOHVIRQFWLRQV VXLYDQWHV

0HQX0pPRLUHVGH/LPLWHV&UpHU0pPRLUH/LPLWH 0HQX,QLWLDOLVHU/HFWXUH0RGHGHPHVXUH

0HQX0pPRLUHVGH/LPLWHV(GLWHU0pPRLUH/LPLWH ‘/RJ1RXYHDX’ORJ0RGHGHPHVXUHGX’ /RJ

0HQX&DOLEUDWLRQ&DOLEUHU

‘/RJ1RXYHDX’/RJ&DOLEUDWLRQGX’/RJ

0HQX&DOLEUDWLRQ0pWKRGH&DO

1RXYHDX’/RJ/LPLWHVGX’/RJ&UpHU

0HQX&DOLEUDWLRQ0pPRLUH&DO

0 pPRLUH/LPLWH

0HQX&DOLEUDWLRQ&DOLEUDWLRQXVLQH

‘/RJ(GLWHUOH’/RJ6XSSULPHUOH’/RJ

0HQX5p,QLWLDOLVHU

‘/RJ0HVXUHHIIDFpH

3RXUGpYHUURXLOOHUOHFRGH3,1 $SSXH]VXU0HQX,QLWLDOLVHU%ORFDJH3,1 (QWUH]OHFRGHjFKLIIUHVVpOHFWLRQQH]OHVFKLIIUHVGHjj
O
DLGHGHVWRXFKHVÏÐHWXWLOLVH]ODWRXFKHÎSRXUSDVVHUDX FKLIIUHVXLYDQWG $SSXH]VXU
2N
SRXUFRQILUPHURX
(FKDS
SRXUDQQXOHU
1RWHVLYRXVRXEOLH]RXSHUGH]OHFRGH3,1YRXVSRXYH]OHGpVDFWLYHUjO
DLGHGX ORJLFLHO’DN0DVWHU70&RQQHFWH]ODMDXJHjXQ3&pTXLSpGXORJLFLHO ‘DN0DVWHU70YHUVLRQRXVXSpULHXUHjO
DLGHGXFkEOH86%IRXUQL VpOHFWLRQQH](GLWHU(IIDFHU3,1

G/DWRXFKHÎDSSDUDLWORUVTXHOHSUHPLHUµ;¶HVWFKDQJpHQQRPEUH
ZZZGDNRWDQGWFRP

IU

35(1’5(81(0(685(
$9$17′(&200(1&(5 $OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW %UDQFKH]ODVRQGHVXUODMDXJH
7RXVOHVWUDQVGXFWHXUVPRQRFRPSRVDQWDYHFOLJQHjUHWDUGSRXYDQWrWUH GLUHFWHPHQWFRQQHFWpVVXUXQHMDXJH’DNRWD3&;YRLU6HFWLRQ
7UDQVGXFWHXUV
HQSDJHIUVRQWGHVWUDQVGXFWHXUV
LQWHOOLJHQWV
DXWRPDWLTXHPHQWLGHQWLILpVSDUODMDXJH6LYRXVXWLOLVH]G
DXWUHV WUDQVGXFWHXUV(OFRPHWHUPRQRFRPSRVDQWDYHFOLJQHjUHWDUG
QRQ LQWHOOLJHQWV
RXGHVWUDQVGXFWHXUVG
DXWUHVIDEULFDQWVXQDGDSWDWHXUHVW QpFHVVDLUHYRLU6HFWLRQ
$GDSWDWHXUSRXUWUDQVGXFWHXU
HQSDJHIU
6pOHFWLRQQH]OHPRGHGHPHVXUHYRLU6HFWLRQHQSDJHIU
6LYRXVXWLOLVH]OHPRGH3ODVWLTXH3/$6XQHOLJQHjUHWDUGHQJUDSKLWH GRLWrWUHDMRXWpHDXWUDQVGXFWHXUFDUOHVOLJQHVjUHWDUGHQDFUOLTXHQH VRQWSDVDGDSWpHV/HVOLJQHVjUHWDUGVRQWGLVSRQLEOHVjODYHQWHFRPPH DFFHVVRLUHVRSWLRQQHOVYRLU6HFWLRQ
/LJQHVjUHWDUGSDJHIU
&DOLEUH]ODMDXJHYRLU6HFWLRQHQSDJHIU 3UpSDUH]ODVXUIDFHjWHVWHUYRLU$QQH[HHQSDJHIU
35(1’5(81(0(685((102′(67$1’$5’ $SSOLTXH]XQHSHWLWHTXDQWLWpGHFRXSODQWVXUODVXUIDFHjWHVWHU 3ODFH]ODVRQGHVXUO¶pFKDQWLOORQHQYRXVDVVXUDQWTX
HOOH
UHSRVHELHQjSODWVXUODVXUIDFH
$SSXH]OpJqUHPHQWVXUOHGHVVXVGHODVRQGHDYHFOHSRXFHRXO
LQGH[ VLPSOHPHQWSRXUOHPDLQWHQLUHQSRVLWLRQVWDEOHVXUODVXUIDFH
/
pFUDQLQGLTXHXQHYDOHXUTXLFKDQJHFRQVWDPPHQW/DMDXJH SUHQGRXPHVXUHVSDUVHFRQGHVHORQODIUpTXHQFH VpOHFWLRQQpHGDQV0HQX,QLWLDOLVHU/HFWXUH9LWHVVHOHFWXUH
/DVWDELOLWpGHODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGHVWDELOLWpDIILFKpj O
pFUDQ3RXUTXHODPHVXUHVRLWYDODEOHOHWpPRLQGRLWDIILFKHUDXPRLQV EDUUHV6LOHWpPRLQDIILFKHPRLQVGHEDUUHVRXVLODYDOHXUjO
pFUDQHVW LQFRQVWDQWHYpULILH]TXHODTXDQWLWpGHFRXSODQWDSSOLTXpHHVWVXIILVDQWH HWTXHODVRQGHUHSRVHGHPDQLqUHVWDEOHVXUOHPDWpULDX6LOHSUREOqPH SHUVLVWHLOSHXWrWUHQpFHVVDLUHGHFKRLVLUXQHDXWUHVRQGHWDLOOHRX IUpTXHQFHDGDSWpDXPDWpULDXjPHVXUHU
37ODGHUQLqUHPHVXUHUHVWHDIILFKpHjO
pFUDQXQHIRLVOH WUDQVGXFWHXUUHWLUpGHODVXUIDFH
37
$SSXH]VXU
(QUHJ
SRXUHQUHJLVWUHUODPHVXUH DFWXHOOHGDQVODPpPRLUHGHODMDXJHRXGX’/RJDYDQWGH UHWLUHUOHWUDQVGXFWHXUGHODVXUIDFH

IU

ZZZGDNRWDQGWFRP

35(1’5(81(0(685(VXLWH
35(1’5(81(0(685((102′(6&$1 /HPRGH6FDQSHUPHWGHEDODHUGHODUJHVVXUIDFHVHQIDLVDQW JOLVVHUODVRQGHVXUOD]RQHjWHVWHU/DMDXJHSUHQGGHVPHVXUHVj XQHIUpTXHQFHGH+]PHVXUHVSDUVHFRQGHjODILQGH FKDTXHSKDVHGHVFDQOHVYDOHXUVPLQLHWPD[LV
DIILFKHQWHW SHXYHQWrWUHHQUHJLVWUpHVGDQVODPpPRLUHGHODMDXJHRXGX’/RJ
$FWLYH]OHPRGH6FDQGDQV0HQX,QLWLDOLVHU/HFWXUH0RGH6FDQ $SSOLTXH]XQHSHWLWHTXDQWLWpGHFRXSODQWVXUODVXUIDFHjWHVWHU 3ODFH]ODVRQGHVXUO¶pFKDQWLOORQHQYRXVDVVXUDQWTX
HOOH
UHSRVHELHQjSODWVXUODVXUIDFH
$SSXH]OpJqUHPHQWVXUOHGHVVXVGHODVRQGHDYHFOHSRXFHRXO
LQGH[ VLPSOHPHQWSRXUOHPDLQWHQLUHQSRVLWLRQVWDEOHVXUODVXUIDFH
$SSXH]VXU
‘pSDUW
SRXUGpPDUUHUOHPRGHVFDQHWIDLWHV JOLVVHUODVRQGHVXUODVXUIDFHjWHVWHU
/
pFUDQLQGLTXHXQHYDOHXUTXLFKDQJHFRQVWDPPHQW
/DVWDELOLWpGHODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGHVWDELOLWpDIILFKpj O
pFUDQ3RXUTXHODPHVXUHVRLWYDODEOHOHWpPRLQGRLWDIILFKHUDXPRLQV EDUUHV6LOHWpPRLQDIILFKHPRLQVGHEDUUHVRXVLODYDOHXUjO
pFUDQHVW LQFRQVWDQWHYpULILH]TXHODTXDQWLWpGHFRXSODQWDSSOLTXpHHVWVXIILVDQWH HWTXHODVRQGHUHSRVHGHPDQLqUHVWDEOHVXUOHPDWpULDX6LOHSUREOqPH SHUVLVWHLOSHXWrWUHQpFHVVDLUHGHFKRLVLUXQHDXWUHVRQGHWDLOOHRX IUpTXHQFHDGDSWpHDXPDWpULDXjPHVXUHU
$SSXH]VXU
6WRS
SRXUDUUrWHUODSULVHGHPHVXUHHWWHUPLQHU ODSKDVHGHVFDQ
6LODSKDVHGHVFDQHVWLQWHUURPSXHHQUDLVRQG
XQPDQTXHGHFRXSODQW SDUH[HPSOHOHVFDQHVWPLVHQSDXVHMXVTX
jUpFHSWLRQG
XQVLJQDOGH TXDOLWpRXMXVTX
jFHYRXVDSSXLH]VXU
6WRS

/HVYDOHXUVPLQLPRHQQHHWPD[LREWHQXHVORUVGXVFDQ V
DIILFKHQWjO
pFUDQDSSXH]VXU
(QUHJ
SRXUHQUHJLVWUHUOHV PHVXUHVVFDQQpHVGDQVODPpPRLUHGHODMDXJHRXGX’/RJ $SSXH]VXU
(IIDFHU
SRXULJQRUHUOHVFDQUpDOLVpHWHQGpEXWHU XQQRXYHDX
5HWLUH]ODVRQGHGHODVXUIDFH

ZZZGDNRWDQGWFRP

IU

35(1’5(‘(60(685(63$5’/2*
/H3&;’/SHUPHWG
HQUHJLVWUHUPHVXUHVGDQVXQPD[LPXP GH’/RJV/HVIRQFWLRQV’/RJVXLYDQWHVVRQWjYRWUHGLVSRVLWLRQ

y ‘/RJ1RXYHDX’/RJSHUPHWGHFUpHUXQQRXYHDX’/RJ VpTXHQWLHORXVRXVIRUPHGHJULOOHYRLV6HFWLRQ
&UpHUXQ QRXYHDX’/RJ

y ‘/RJV1RXYHDX’/RJV7DLOOHGH’/RJVIL[HSHUPHWGHSUp GpILQLUOHQRPEUHGHPHVXUHVTXHYRXVVRXKDLWH]HQUHJLVWUHUGDQV XQ’/RJV/DMDXJHYRXVSUpYLHQWORUVTXHOH’/RJVHVWFRPSOHWHW YRXVGHPDQGHVLYRXVVRXKDLWH]HQRXYULUXQQRXYHDX&HV ‘/RJVVRQWHQVXLWHOLpVSRXUrWUHWUDQVIpUpVYHUV’DN0DVWHU70 &HWWHIRQFWLRQHVWXQLTXHPHQWGLVSRQLEOHDYHFOHV’/RJ VpTXHQWLHOVYRLU6HFWLRQ
&UpHUXQQRXYHDX’/RJ

y ‘/RJ2XYULUOH’/RJH[LVWDQWSHUPHWG
RXYULUXQ’/RJ H[LVWDQW
y ‘/RJ5pYLVHUOH’/RJ3HUPHWGHYLVXDOLVHUOHVPHVXUHVOHV VWDWLVWLTXHVOHVLQIRUPDWLRQVVXUOH’/RJOD&DOLEUDWLRQRXOHV /LPLWHVHWOHJUDSKLTXHGHO
HQVHPEOHGHVPHVXUHVYRLU6HFWLRQ
5HYRLUOHVGRQQpHVG
XQ’/RJ
HQSDJHIU
y ‘/RJ&RSLHUOH’/RJ3HUPHWGHFRSLHUXQ’/RJDLQVLTXHOHV LQIRUPDWLRQVUHODWLYHVDX’/RJjOD&DOLEUDWLRQHWDX[/LPLWHV
y ‘/RJ(GLWHUOH’/RJ5HQRPPHUOH’/RJSHUPHWGH UHQRPPHUXQ’/RJH[LVWDQW
y ‘/RJ(GLWHUOH’/RJ(IIDFHUOH’/RJSHUPHWG
HIIDFHUWRXWHV OHVPHVXUHVG
XQ’/RJWRXWHQFRQVHUYDQWOHVLQIRUPDWLRQG
HQ WrWH
y ‘/RJ(GLWHUOH’/RJ6XSSULPHUOH’/RJSHUPHWGH VXSSULPHUXQO’/RJXQLTXHRXO
HQVHPEOHGHV’/RJVGHODMDXJH
y ‘/RJ0HVXUHHIIDFpH6XSSUVDQV0pPSHUPHWGHVXSSULPHU FRPSOqWHPHQWODGHUQLqUHPHVXUH
y ‘/RJ0HVXUHHIIDFpH6XSSUDYHF0pPSHUPHWG
HIIDFHUOD GHUQLqUHPHVXUHHWGHODLVVHUXQHWUDFHGHODVXSSUHVVLRQGDQVOD PpPRLUHGHODMDXJH

&5e(5811289($8’/2* ,OHVWSRVVLEOHGHFUpHUGHV’/RJVpTXHQWLHOVRXVRXVIRUPHGHJULOOH

y ‘/RJVpTXHQWLHOHQUHJLVWUHPHQWGHVGRQQpHVVRXVIRUPHGHOLVWH

y ‘/RJJULOOHHQUHJLVWUHPHQWGHVGRQQpHVVRXVIRUPHGHJULOOHWDEOHDX

/
XWLOLVDWHXUSHXWGpILQLUOHQRPEUHGHOLJQHVHWGHFRORQQHVDLQVLTXHOH

VHQVGHSULVHHWG
HQUHJLVWUHPHQWGHVPHVXUHV

IU

ZZZGDNRWDQGWFRP

35(1’5(‘(60(685(63$5/2*VXLWH
3RXUFUpHUXQQRXYHDX’/RJVpTXHQWLHO $SSXH]VXU’/RJ1RXYHDX’/RJ7SHGH’/RJ 6pOHFWLRQQH]ODPHQWLRQ
VpTXHQWLHO
jO
DLGHGHVWRXFKHVÏÐ
HWDSSXH]VXUµ6pOHFW¶SRXUFRQILUPHU

3RXUFUpHUXQQRXYHDX’/RJ
*ULOOH

$SSXH]VXU’/RJ1RXYHDX’/RJ7SHGH’/RJ 6pOHFWLRQQH]ODPHQWLRQ
*ULOOH
jO
DLGHGHVWRXFKHVÏÐHW

DSSXH]VXUµ6pOHFW¶SRXUFRQILUPHU

6pOHFWLRQQH]ODPHQWLRQ
‘LUHFWLRQLQFUpPHQW
jO
DLGHGHV WRXFKHVÏÐHWDSSXH]VXUµ6pOHFW¶SRXUFRFKHUO
RSWLRQ
7UDQVYHUVDO
ÎRX
EDV
Ð

&KRLVLVVH]ODPHQWLRQ
1EUHGHOLJQHV
jO
DLGHGHVWRXFKHV ÏÐDSSXH]VXUµ6pOHFW¶SXLVXWLOLVH]OHVWRXFKHVÏÐSRXU

HQWUHUOHQRPEUHGHOLJQHVVRXKDLWpDSSXH]VXUµ2N¶

&KRLVLVVH]ODPHQWLRQ
1EUHGHFRORQQHV
jO
DLGHGHVWRXFKHV ÏÐDSSXH]VXUµ6pOHFW¶SXLVXWLOLVH]OHVWRXFKHVÏÐSRXU

HQWUHUOHQRPEUHGHFRORQQHVVRXKDLWpDSSXH]VXUµ2N¶

/HQRPEUHPD[LPXPGHFRORQQHVGpSHQGGXQRPEUHGHOLJQHVHWYLFH YHUVD

Î
([HPSOH

$ $ $

D ‘LUHFWLRQLQFUpPHQW WUDQVYHUVDO

1RPEUHGHOLJQHV

% % %

1RPEUHGHFRORQQHV

/DSUHPLqUHPHVXUHVHUDHQUHJLVWUpHGDQV ODFDVH$ODGHX[LqPHHQ$ODWURLVLqPH

& & &

HQ$ODTXDWULqPHHQ%HWF«

Ð

E ‘LUHFWLRQLQFUpPHQW EDV 1RPEUHGHOLJQHV 1RPEUHGHFRORQQHV /DSUHPLqUHPHVXUHVHUDHQUHJLVWUpHGDQV
ODFDVH$ODGHX[LqPHHQ%ODWURLVLqPH HQ&ODTXDWULqPHHQ$HWF«

$ $ $ % % % & & &

/HVSDUDPqWUHVGX’/RJVRQWHQUHJLVWUpVGDQVO
HQWrWHHWSHXYHQW

rWUHFRQVXOWpVjWRXWPRPHQWGDQV’/RJ5pYLVHUOH

‘/RJ,QIRUPDWLRQVVXUOH’/RJ

ZZZGDNRWDQGWFRP

IU

35(1’5(‘(60(685(63$5’/2VXLWH
/DJULOOHRXOHWDEOHDXHVWXQH UHSUpVHQWDWLRQGHOD]RQHGHWHVWHWGHV SRLQWVGHPHVXUHjSUHQGUH6LSRXUXQH UDLVRQTXHOFRQTXHLOHVWLPSRVVLEOHGH SUHQGUHXQHPHVXUHjXQHQGURLWGRQQp jFDXVHG
XQHSRXWUHHQDFLHUSDU H[HPSOHYRXVSRXYH]XWLOLVHUODWRXFKH
2EVW
8QHIRLVODVRQGHUHWLUpHGHOD VXUIDFHODWRXFKH
(QUHJ
VHWUDQVIRUPH HQ
2EVW
$SSXH]VXU
2EVW
SRXU VLJQDOHUTX
LOpWDLWLPSRVVLEOHGHSUHQGUH XQHPHVXUHjFHWHQGURLW
1RWHOHQRPEUHGHPHVXUHjO
LQWpULHXUG
XQ’/RJWLHQWFRPSWHGHVPHVXUHV
2EVW
HQUHYDQFKHHOOHVQHIRQWSDVSDUWLHGHVFDOFXOVVWDWLVWLTXHV
9,68$/,6(5/(6’211e(6’
81’/2

67$7,67,48(6’8’/2*’/RJ5pYLVHUOH ‘/RJ6WDWLVWLTXHV $IILFKHOHVGRQQpHVVWDWLVWLTXHVGXORWHWQRWDPPHQW
y 1RPEUHGHPHVXUHVGX’/RJQ y 9DOHXUPRHQQHGX’/RJ; y 9DOHXUPLQLGX’/RJ/R y 9DOHXUPD[LGX’/RJ+L y 9DOHXUQRPLQDOH[ y 3ODJHLOV
DJLWGHODGLIIpUHQFH
HQWUHOHVYDOHXUVPD[LHWPLQLGX ‘/RJ y (FDUWWSHi y 9DOHXUOLPLWHEDVVHVLGpILQLHHWQRPEUHGHPHVXUHV LQIpULHXUHVjFHWWHOLPLWHEDVVH y 9DOHXUOLPLWHKDXWHVLGpILQLHHWQRPEUHGHPHVXUHV VXSpULHXUHVjFHWWHOLPLWHKDXWH

IU

ZZZGDNRWDQGWFRP

9,68$/,6(5/(6’211e(6’
81’/2VXLWH
0(685(6’8’/2
’/RJ5pYLVHUOH’/RJ0HVXUHV $IILFKHO
HQVHPEOHGHVPHVXUHV LQGLYLGXHOOHVDFFRPSDJQpHVGHODGDWH GHO
KHXUHHWGHODUpIpUHQFHGHO
HQGURLW $%HWF«RODPHVXUHDpWpSULVH SRXUOHV’/RJVHQJULOOH
8WLOLVH]OHVWRXFKHVÏÐSRXUIDLUHGpILOHU OHVPHVXUHVHWODWRXFKHÎSRXUSDVVHU jO
pFUDQVXLYDQW

/HVPHVXUHVHQGHKRUVGHVOLPLWHVGpILQLHV SRXUOH’/RJDSSDUDLVVHQWHQURXJH DFFRPSDJQpHVGXVPE{OHOLPLWH FRUUHVSRQGDQWjJDXFKHVLOD PHVXUHHVWLQIpULHXUHjODOLPLWHEDVVHRX VLHOOHHVWVXSpULHXUHjODOLPLWHKDXWH

5$3+,48(‘8’/2’/RJ5pYLVHUOH’/RJ*UDSKLTXH ‘/RJ 3HUPHWGHYLVXDOLVHUOHVPHVXUHVGX’/RJVRXVIRUPHG
KLVWRJUDPPHV /
pFUDQDIILFKHXQPD[LPXPGHD[HVKRUL]RQWDX[UHSUpVHQWDQWOHV GLIIpUHQWHVYDOHXUVVWDWLVWLTXHVGHODPDQLqUHVXLYDQWH
y 9DOHXUODSOXVKDXWHGX’/RJH+L y 9DOHXUODSOXVEDVVHGX’/RJH/R y 0RHQQHGX’/RJH; y /LPLWHEDVVHVLGpILQLHHWDFWLYpH y /LPLWHKDXWHVLGpILQLHHWDFWLYpH
6LDXFXQHOLPLWHQ
DpWpGpILQLHRXDFWLYpH OHVPHVXUHVDSSDUDLVVHQWVRXVIRUPHGH EDUUHVYHUWLFDOHVEODQFKHV6LGHVOLPLWHV VRQWpWpGpILQLHVHWDFWLYpHVOHVPHVXUHVVRQWUHSUpVHQWpHVSDUGHV EDUUHVEODQFKHVVLFRQIRUPHVDX[OLPLWHVRXURXJHVVLHOOHVOHV GpSDVVHQW

6LOHQRPEUHGHPHVXUHVGpSDVVHODFDSDFLWpG
DIILFKDJHGHO
pFUDQ

OHVPHVXUHVPXOWLSOHVVRQWUHJURXSpHVDXVHLQG
XQHPrPHEDUUH6L

O
XQHGHVPHVXUHVGHOD
EDUUHFRPELQpH
HVWKRUVOLPLWHVODEDUUHVHUD

HQWLqUHPHQWURXJH

H3RXUOHV’/RJVFRQWHQDQWSOXVG
XQHPHVXUH

ZZZGDNRWDQGWFRP

IU

9,68$/,6(5/(6’211e(6’
81’/2*VXLWH
$SSXH]VXUODWRXFKH
=RRP
SRXU DIILFKHUOHVPHVXUHVLQGLYLGXHOOHVHWYRLU DLQVLFHOOHVTXLVRQWKRUVOLPLWHV
/RUVTXHYRXV]RRPH]OHJUDSKLTXH DIILFKHWRXMRXUVOHVSUHPLqUHV PHVXUHV$SSXH]VXUÍSRXUDIILFKHU OHVGHUQLqUHVPHVXUHVGX’/RJ
$SSXH]SOXVLHXUVIRLVVXUODWRXFKHÍ SRXUIDLUHGpILOHUOHVPHVXUHVHQDUULqUH RXVXUODWRXFKHÎSRXUXQGpILOHPHQW DYDQWSDUVpULHGHPHVXUHVjFKDTXH IRLV
$SSXH]VXUODWRXFKH
=RRP
SRXU UHYHQLUjODYXHG
HQVHPEOHGXJUDSKLTXH FRQWHQDQWO
HQVHPEOHGHVPHVXUHV
$SSXH]VXUODWRXFKH
5HWRXU
EDFNSRXUUHYHQLUDXPHQX ‘/RJ5pYLVHUOH’/RJ

IU

ZZZGDNRWDQGWFRP

IU

ZZZGDNRWDQGWFRP

&UpHU0pPRLUH/LPLWH 0pPRLUH/LPLWHQQ
)L[HUOLPKDXWH )L[HUOLPEDVVH )L[HUYDO1RP 5HQRPPHU0pPRLUH/LPLWHQQ (QUHJLVWUHU0pPRLUH/LPLWHQQ

(GLWHU0pPRLUH/LPLWH &RUULJHU0pPRLUH/LPLWH 5HQRPPHU0pPRLUH/LPLWH (IIDFHU0pPRLUH/LPLWH

(FUDQKDXW

$XFXQ

6WDWLVWLTXHVVpOHFWLRQQpHV

0HVXUHV

6FDQ%

*UDSKH

*UDSKHEDUUH

0HVXUHV GLIIpUHQWLHO

(FUDQEDV $XFXQ 6WDWLVWLTXHVVpOHFWLRQQpHV 0HVXUHV

6FDQ%

*UDSKH

*UDSKHEDUUH

0HVXUHV GLIIpUHQWLHO

6FDQ%eFKHOOH 6FDQ%’pSDUW 6FDQ%3URIRQGHXU

6pOHFWLRQQHU6WDWV

1RPEUHGHPHVXUHV

0RHQQH

0HVODSOXVEDVVH

0HV/D3OXV+DXWH

(FDUW7SH

9DOHXUOLPLWHEDVVH

1EUHHQGHVVRXVOLPLWHEDVVH

9DOHXUOLPLWHKDXWH

1EUHDXGHVVXVOLPLWHKDXWH

3ODJHGHPHVXUHV

9DOHXUQRPLQDOH

0pPRLUHVGH/LPLWHV 6pOHFWLRQQHU0pPRLUH/LPLWH &UpHU0pPRLUH/LPLWH (GLWHU0pPRLUH/LPLWH
&RQILJXUDWLRQpFUDQ (FUDQKDXW (FUDQEDV 6FDQ%eFKHOOH
6WDWLVWLTXHV 6XSSULPHU6WDWV 9RLUVpOHFWLRQ 7RXWYRLU 6pOHFWLRQQHU6WDWV

0HQX 6XSSUGHUQLqUHPHVXUH &DOLEUDWLRQ ,QLWLDOLVHU 0pPRLUHVGH/LPLWHV %OXHWRRWK $X6XMHW’H 5p,QLWLDOLVHU (FODLUDJHG
XUJHQFH
$IILFKD 6XSSULPHU6WDWV &RQILJXUDWLRQpFUDQ *UDSKLTXH’/RJ 6WDWLVWLTXHV ,QIRUPDWLRQpFUDQ
‘/RJ 0pPRLUH’LVSR[[[ 1RXYHDX’/RJ 2XYULUOH’/RJH[LVWDQW 6RUWLUGX’/RJ (GLWHUOH’/RJ &RSLHUOH’/RJ 5pYLVHUOH’/RJ 0HVXUHHIIDFpH

RQQ QXPpURG
LQGLFHGHOD/LPLWH

&DOLEUDWLRQ

&DOLEUHU

0pWKRGH&DO

0pPRLUH&DOQ

&DOLEUDWLRQXVLQH

7HVWHUOD&DOLEUDWLRQ

9pULILHUOD&DOLEUDWLRQ

,QLWLDOLVHU

/HFWXUH

8QLWpV

/DQJXH

+HXUHHW’DWH

9ROXPHELS

5pJODJHVpFUDQ

([WLQFWLRQDXWRMDXJH

%ORFDJH3,1

%OXHWRRWK

$XWRULVHU%OXHWRRWK

,’%OXHWRRWK[[[[[[[[[

&RGH%OXHWRRWK

[[[[[

$X6XMHW’H ,QIRUPDWLRQ-DXJH ,QIRUPDWLRQVRQGH &RQWDFW /pJDO

1RXYHDX’/RJ 2XYULUOH’/RJQ 5HQRPPHUOH’/RJ 0RGHGHPHVXUHGX’/RJ &DOLEUDWLRQGX’/RJ /LPLWHVGX’/RJ 7SHGH’/RJ 7DLOOHGH’/RJIL[H
(GLWHUOH’/RJ 5HQRPPHUOH’/RJ (IIDFHUOH’/RJ 6XSSULPHUOH’/RJ
5pYLVHUOH’/RJ 6WDWLVWLTXHV ,QIRUPDWLRQVVXUOH’/RJ ,QIRUPDWLRQFDOLEUDWLRQ ,QIRUPDWLRQOLPLWH 0HVXUHV *UDSKLTXH’/RJ
0HVXUHHIIDFpH 6XSSUDYHF0pP 6XSSUVDQV0pP

0pWKRGH&DO

9pORFLWp

0DWpULDX

3RLQW

3RLQW

0pPRLUH&DOQ 6pOHFW &DOLEUHU 0pWKRGH&DO 7HVWHUOD&DOLEUDWLRQ 5HQRPPHU0pPRLUH&DOQ 9RLUOHVGRQQpHVGH&DOLEUDWLRQ (IIDFHU0pPRLUH&DOQ

/HFWXUH

0RGHGHPHVXUH

0RGH6FDQ

9LWHVVHOHFWXUH

5pVROXWLRQ

8QLWpV

PP

,QFK

+HXUHHW’DWH

)L[HUO
KHXUH

)L[HUODGDWH

)L[HUOHIRUPDW

$IILFKHUKHXUH GDWH

5pJODJHVpFUDQ

%ULOODQFHGHO
pFUDQ

7HPSVpFUDQGpSDVVp

2XYHUWXUHGHO
pFUDQ

/pJDO ,QIRUPDWLRQV/pJDOHV 5qJOHPHQWDWLRQ

&DOLEUDWLRQGX’/RJ

&DOLEUHU

0pWKRGH&DO 8WLOLVHUPpPRLUH&DO

8WLOLVHUPpPRLUH&DO

8WLOLVHUPpPRLUH&DO

/LPLWHVGX’/RJ 6pOHFWLRQQHU0pPRLUH/LPLWH &UpHU0pPRLUH/LPLWH

7SHGH’/RJ

6pTXHQWLHO

*ULG

0RGHGHPHVXUH (FKR,QWHUIDFH,(

eFKReFKR((

0RGH3ODVWLTXH3/$6

9LWHVVHOHFWXUH

+]

+]

+]

5pVROXWLRQ

%DV

+DXW

0pWKRGH&DO

9pORFLWp

0DWpULDX

3RLQW

3RLQW

&UpHU0pPRLUH/LPLWH 0pPRLUH/LPLWHQQ
)L[HUOLPKDXWH )L[HUOLPEDVVH )L[HUYDO1RP 5HQRPPHU0pPRLUH/LPLWHQQ (QUHJLVWUHU0pPRLUH/LPLWHQQ

3DUDPqWUHVGX’/RJJULOOH

‘LUHFWLRQLQFUpPHQW

1EUHGHOLJQHV

1EUHGHFRORQQHV

6758&785(’80(18

75$16)e5(5/(6’211e(6
UkFHDXORJLFLHO’DN0DVWHU70WpOpFKDUJHDEOHJUDWXLWHPHQWVXU ZZZGDNRWDQGWFRPYRXVSRXYH]WUDQVIpUHUOHVGRQQpHVGHYRWUH MDXJHYHUVXQ3&jGHVILQVG
DUFKLYDJHHWGHFUpDWLRQGHUDSSRUWV ,OHVWSRVVLEOHGHWUDQVIpUHUOHVGRQQpHVSDU86%RX%OXHWRRWK 3RXUHQVDYRLUSOXVVXUOHORJLFLHO’DN0DVWHU70YLVLWH]QRWUHVLWH ZZZGDNRWDQGWFRP
$&78$/,6(59275(-$8
(
9RXVSRXYH]DFWXDOLVHUOHORJLFLHOLQWHUQHGHYRWUHMDXJHDYHFOD GHUQLqUHYHUVLRQGLVSRQLEOHYLD’DN0DVWHU70’DN0DVWHU70YRXV LQIRUPHGqVTX
XQHPLVHjMRXUHVWGLVSRQLEOHORUVTXHYRWUHMDXJHHVW FRQQHFWpHjXQ3&pTXLSpG
XQHFRQQH[LRQ,QWHUQHW
3,Ê&(6’e7$&+e(6(7$&&(662,5(6
621′(6 /HVWUDQVGXFWHXUVOLVWpVVRQWFRPSDWLEOHVDYHFOHVDSSDUHLOVGHOD JDPPH’DNRWD3&;
,OH[LVWHGHVWUDQVGXFWHXUVVFHOOpVSRWWHGjDQJOHGURLWPRQR FRPSRVDQWDYHFOLJQHjUHWDUG
LQWHOOLJHQWV
©0LFURGRWªVLJQLILHTXH OHFkEOHGXWUDQVGXFWHXUQ
HVWSDVIL[pGHPDQLqUHSHUPDQHQWHjOD WrWHGHPHVXUHHWSHXWrWUHUHPSODFp8QHIRLVFRQQHFWpODMDXJH LGHQWLILHDXWRPDWLTXHPHQWODIUpTXHQFHHWOHGLDPqWUHGXWUDQVGXFWHXU /
XWLOLVDWHXUHVWSULpGHVpOHFWLRQQHUOHWSHGHOLJQHjUHWDUGXWLOLVpOH FDVpFKpDQW
9RXVSRXYH]YpULILHUjWRXWPRPHQWOHWSHGHVRQGHFRQQHFWpGDQV 0HQX$X6XMHW’H,QIRUPDWLRQVRQGH

IU

ZZZGDNRWDQGWFRP

3,Ê&(6’e7$&+e(6(7$&&(662,5(6VXLWH
3RXUFKRLVLUYRWUHVRQGHYRXVGHYH]WHQLUFRPSWHGHODIUpTXHQFH GXGLDPqWUHHWGXPDWpULDXjWHVWHU

&RGHDUWLFOH
7;&0&0 7;&0&0

)UpTXHQFH ‘LDPqWUH

0+]

0+]

$GDSWpjODPHVXUHGH

73

6

$

7

9

9

9

9

9

9

9

9

/pJHQGH 73 3ODVWLTXHV¿QV/LJQHjUHWDUG*UDSKLWHUHTXLVH $ $OXPLQLXP

6 $FLHU 7 7LWDQH

,OH[LVWHG
DXWUHVVRQGHVXWLOLVDEOHVDYHFOHVMDXJHV’DNRWD3&;YLD XQDGDSWDWHXUYRLU6HFWLRQ
$GDSWDWHXUSRXUVRQGHV
HQSDJH IU3RXUODOLVWHFRPSOqWHGHVRQGHVGLVSRQLEOHVYLVLWH]QRWUHVLWH GDNRWDQGWFRP

/,*1(6$5(7$5’ (OOHVVRQWGLVSRQLEOHVHQRSWLRQGHVOLJQHVjUHWDUG$FUOLTXHGH PPHWPPDGDSWpHVDX[PHVXUHVVXUDFLHUDOXPLQLXPHWWLWDQH

6LYRXVPHVXUH]GHVSODVWLTXHVILQVHQ0RGH3ODVWLTXH3/$6 YRXVGHYH]XWLOLVHUXQHOLJQHjUHWDUG*UDSKLWH

‘HVFULSWLRQ /LJQHjUHWDUG$FUOLTXH’LD[PP /LJQHjUHWDUG$FUOLTXH’LD[PP /LJQHjUHWDUG*UDSKLWH’LD[

&RGHDUWLFOH 7 7 7

ZZZGDNRWDQGWFRP

IU

3,Ê&(6’e7$&+e(6(7$&&(662,5(6VXLWH
&$/(6(7$/21 ‘LVSRQLEOHVHQMHXRXLQGLYLGXHOOHPHQW HOOHVSHUPHWWHQWjO
XWLOLVDWHXUGHFKRLVLU O
pSDLVVHXUDGDSWpHjVRQDSSOLFDWLRQ/HV FDOHVpWDORQ’DNRWD1’7VRQWIDEULTXpHV HQDFLHUIDYHFXQHWROpUDQFHGH SDUUDSSRUWjO
pSDLVVHXUQRPLQDOH

/HVMHX[GHFDOHVpWDORQHWOHVFDOHVLQGLYLGXHOOHVVRQWOLYUpV FRPSOHWVDYHFFHUWLILFDWGHFDOLEUDWLRQ

‘HVFULSWLRQ

&RGHDUWLFOH

-HXGHFDOHVpWDORQVWDQGDUG

7&$/67’6(7

(SDLVVHXUQRPLQDOHPPJ
&RPSUHQDQWOHVpSDLVVHXUVQRPLQDOHV PP

JFRPSOHW

DYHFVXSSRUWHWFHUWLILFDWGHFDOLEUDWLRQ

6XSSRUWGHFDOHpWDORQ
SRXUOHVpSDLVVHXUVMXVTX
jPPJ

7&$/67’+/’

1RWH’DNRWD1’7UHFRPPDQGHTX
HQGHKRUVGHOHXUXWLOLVDWLRQOHVFDOHV pWDORQVVRLHQWHQYHORSSpHVGDQVXQILOPDQWLFRUURVLRQ

&RGHDUWLFOH

&$/(6(7$/21,1′,9,’8(//(6

(SDLVVHXU QRPLQDOH PP LQFKJ

&RGHDUWLFOH

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

(SDLVVHXU QRPLQDOH PP LQFKJ

I’
DXWUHVFDOHVpWDORQIDEULTXpHVGDQVXQPDWpULDXGLIIpUHQWVRQWGLVSRQLEOHVVXUGHPDQGH&RQWDFWH] ‘DNRWD1’7SRXUSOXVG
LQIRUPDWLRQV
J /HVYDOHXUVLPSpULDOHVVRQWGRQQpHVjWLWUHLQGLFDWLIXQLTXHPHQW/HVFDOHVpWDORQVRQWIDEULTXpHVHW PHVXUpHVHQPLOOLPqWUHV

IU

ZZZGDNRWDQGWFRP

3,Ê&(6 ‘e7$&+e(6 (7 $&&(662,5(6VXLWH
(/ ‘( &283/$( 3285 8/75$6216 3RXUJDUDQWLUOHERQIRQFWLRQQHPHQWGHODMDXJHLOQHGRLWSDV DYRLUG
DLUHQWUHODVRQGHHWODVXUIDFHGXPDWpULDXjPHVXUHU3RXU FHODXWLOLVH]GXJHOGHFRXSODJH
8QIODFRQGHPOIOR]GHFRXSODQWHVWOLYUpHQVWDQGDUGDYHF FKDTXHMDXJHG
DXWUHVFRQWHQDQFHVVRQWGLVSRQLEOHVHQRSWLRQ

‘HVFULSWLRQ

&RGHDUWLFOH

*HOGHFRXSODJHSRXUXOWUDVRQVPOIOR] 7

*HOGHFRXSODJHSRXUXOWUDVRQVPOIOR] 7

*HOGHFRXSODJHSRXUXOWUDVRQVPOIOR] 7

*HOGHFRXSODJHSRXUXOWUDVRQV

7

O86*DOORQ

$’$37$7(85 3285 621′(6 &HWDGDSWDWHXUSHUPHWG
XWLOLVHUGHV WUDQVGXFWHXUVPRQRFRPSRVDQWHW
QRQ LQWHOOLJHQWV
GHODJDPPH’DNRWD1’7 YRLU6HFWLRQ
7UDQVGXFWHXUV
HQSDJH IUDLQVLTXHGHVWUDQVGXFWHXUVDYHF FRQQHFWHXUV/HPRG
DXWUHVIDEULFDQWVDYHF OHVDSSDUHLOVGHODJDPPH’DNRWD3&;

,OVXIILWGHEUDQFKHUO
DGDSWDWHXUVXUODSULVHGXWUDQVGXFWHXUjODEDVHGH ODMDXJHHWGHFRQQHFWHUQ
LPSRUWHTXHOWUDQVGXFWHXU
QRQLQWHOOLJHQW
PRQRFRPSRVDQW6XLYH]HQVXLWHOHVLQVWUXFWLRQVDIILFKpHVjO
pFUDQ

‘HVFULSWLRQ

&RGHDUWLFOH

$GDSWDWHXUSRXUWUDQVGXFWHXUPRQRFRPSRVDQW 7

‘e&/$5$7,21 ‘( *$5$17,( /HVMDXJHVEpQpILFLHQWG
XQHJDUDQWLHGHPRLVFRQWUHWRXWGpIDXW GHIDEULFDWLRQKRUVFRQWDPLQDWLRQHWXVXUH
/HVWUDQVGXFWHXUVVRQWJDUDQWLVMRXUV

ZZZGDNRWDQGWFRP

IU

&$5$&7e5,67,48(67(&+1,48(6

3ODJH G
pSDLVVHXUE

(FKR,QWHUIDFH eFKReFKR 0RGH3ODVWLTXH

PP PP PP

3UpFLVLRQ

RXPPVHORQOHPHLOOHXUGHVFDV RXVHORQOHPHLOOHXUGHVFDV

5pVROXWLRQ

PPRXPPDXFKRL[

)UpTXHQFHGH PHVXUH

+]PHVXUHVSDUVHFRQGH +]PHVXUHVSDUVHFRQGH +]PHVXUHVSDUVHFRQGH

&DSDFLWp PpPRLUH
7HPSpUDWXUH G
XWLOLVDWLRQ $OLPHQWDWLRQ

PHVXUHVGDQVXQ PD[LPXPGH ‘/RJV
j&j)
[SLOHV$$

$XWRQRPLHGHV SLOHVK

3LOHVDOFDOLQHV(QYLURQKHXUHV 3LOHV/LWKLXP(QYLURQKHXUHV

3RLGVGHOD MDXJH

JR]DYHFSLOHVVDQVVRQGH

‘LPHQVLRQVGH ODMDXJH

[[PP[[VDQVVRQGH

3HXWrWUHXWLOLVpFRQIRUPpPHQWj(1(1

E/DSODJHG
pSDLVVHXUGpSHQGGXPDWpULDXPHVXUpHWGHODVRQGHXWLOLVpH K(QPRGHPHVXUHFRQWLQXjXQHFDGHQFHGH+]DYHFGHVSLOHVDOFDOLQHV/DGXUpHSHXWYDULHUDYHFGHV
SLOHVUHFKDUJHDEOHV

IU

ZZZGDNRWDQGWFRP

0(17,216/e$/(6(75Ê/(0(17$,5(6

‘pFODUDWLRQGH&RQIRUPLWp

/
‘DNRWD3&;UpSRQGVDX[H[LJHQFHVGHV’LUHFWLYHV8(VXLYDQWHV

(8 ‘LUHFWLYHFRPSDWLELOLWppOHFWURPDJQpWLTXHV

(8 ‘LUHFWLYHUHODWLYHjODOLPLWDWLRQGHO
XWLOLVDWLRQGHFHUWDLQHVVXEVWDQFHVGDQJHUHXVHVGDQVOHV pTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV5R+6

/HV’DNRWD3&;’/VRQWFRQIRUPHVjOD’LUHFWLYHVXUOHV(TXLSHPHQWV5DGLRHW7HUPLQDX[GH

7pOpFRPPXQLFDWLRQ

9RXVSRXYH]WpOpFKDUJHUOD’pFODUDWLRQGH&RQIRUPLWpVXU

KWWSVGRZQORDGVGDNRWDQGWFRPGHFODUDWLRQBRIB&RQIRUPLW)UHQFK’R&B3&;’/SGI

/DSULVH86%HVWXQLTXHPHQWGHVWLQpHDXWUDQVIHUWGHVGRQQpHVHWQHGRLWSDVrWUHEUDQFKpHVXUOHVHFWHXU

YLDXQDGDSWDWHXU86%6HFWHXU

/DPDUTXHGHFRQIRUPLWp$&0$HVWDFFHVVLEOHGDQV0HQX$X6XMHW’H/pJDO5pJOHPHQWDWLRQ

&HWDSSDUHLOHVWFRQIRUPHDODSDUWLHGHVQRUPHV)&&6RQXWLOLVDWLRQHVWVXMHWWHDX[GHX[FRQGLWLRQV

VXLYDQWHV&HWDSSDUHLOQHGRLWSDVJpQpUHUG
LQWHUIpUHQFHVHWFHWDSSDUHLOGRLWDFFHSWHUWRXWH

LQWHUIpUHQFHUHoXHGRQWOHVLQWHUIpUHQFHVTXLSRXUUDLHQWFDXVHUXQIRQFWLRQQHPHQWLQGpVLUp

/DPDUTXH*LWHNLVRQQXPpURGHGpFUHWHWO
LGHQWLILFDWLRQ,’)&&SHXWrWUHFRQVXOWpHYLD0HQX$X6XMHW ‘H/pJDO5pJOHPHQWDWLRQ

127(FHWDSSDUHLODpWpWHVWpHWDpWpGpFODUpFRQIRUPHDX[OLPLWHVLPSRVpHVSRXUXQDSSDUHLOQXPpULTXH

GH&ODVVH%FRQIRUPpPHQWjOD3DUWLHGHVUqJOHPHQWVGHOD)&&&HVOLPLWHVVRQWFRQoXHVSRXUIRXUQLU

XQHSURWHFWLRQUDLVRQQDEOHFRQWUHOHVLQWHUIpUHQFHVQXLVLEOHVGDQVXQHLQVWDOODWLRQUpVLGHQWLHOOH&HW

pTXLSHPHQWJpQqUHXWLOLVHHWSHXWpPHWWUHGHVIUpTXHQFHVUDGLRHWV
LOQ
HVWSDVLQVWDOOpHWXWLOLVp

FRQIRUPpPHQWDX[LQVWUXFWLRQVSHXWFDXVHUGHVLQWHUIpUHQFHVQXLVLEOHVDX[FRPPXQLFDWLRQVUDGLR

&HSHQGDQWLOQ
H[LVWHDXFXQHJDUDQWLHTXHGHVLQWHUIpUHQFHVQHVHSURGXLURQWSDVGDQVXQHLQVWDOODWLRQ

GRQQpH6LFHWpTXLSHPHQWSURYRTXHGHVLQWHUIpUHQFHVQXLVLEOHVjODUpFHSWLRQUDGLRRXGHWpOpYLVLRQFHTXL

SHXWrWUHGpWHUPLQpHQPHWWDQWO
pTXLSHPHQWKRUVWHQVLRQO
XWLOLVDWHXUHVWHQFRXUDJpjHVVDHUGHFRUULJHU

O
LQWHUIpUHQFHSDUXQHRXSOXVLHXUVGHVPHVXUHVVXLYDQWHV

5pRULHQWH]RXGpSODFH]O
DQWHQQHUpFHSWULFH

$XJPHQWH]ODGLVWDQFHHQWUHO
DSSDUHLOHWOHUpFHSWHXU

%UDQFKH]O
DSSDUHLOGDQVXQHSULVHVXUXQFLUFXLWGLIIpUHQWGHFHOXLDXTXHOOHUpFHSWHXUHVWFRQQHFWp

&RQVXOWH]YRWUHUHYHQGHXURXXQWHFKQLFLHQUDGLR79H[SpULPHQWp

3RXUVDWLVIDLUHDX[H[LJHQFHVGHOD)&&UHODWLYHVjO
H[SRVLWLRQDX[UDGLRIUpTXHQFHV5)SRXUOHVDSSDUHLOV

GHWUDQVPLVVLRQPRELOHVHWOHVVWDWLRQVGHEDVHLOIDXWJDUGHUXQHGLVWDQFHGHVpSDUDWLRQGHFPRXSOXV

HQWUHO
DQWHQQHGHFHWDSSDUHLOHWOHVSHUVRQQHVSHQGDQWO
XWLOLVDWLRQ3RXUJDUDQWLUODFRQIRUPLWpQRXV

GpFRQVHLOORQVG
XWLOLVHUO
DSSDUHLOjXQHGLVWDQFHLQIpULHXUHjFHOOHFL/DRXOHVDQWHQQHVXWLOLVpHVSRXUFHW

pPHWWHXUQHGRLYHQWSDVrWUHLQVWDOOpHVRXXWLOLVpHVHQFRQMRQFWLRQDYHFG
DXWUHVDQWHQQHVRXpPHWWHXUV

/HVPRGLILFDWLRQVQRQH[SUHVVpPHQWDSSURXYpHVSDU(OFRPHWHU/LPLWHGSHXYHQWDQQXOHUO
DXWRULVDWLRQGH

O
XWLOLVDWHXUG
XWLOLVHUFHWDSSDUHLOVHORQOHVUqJOHVGHOD)&&

/HSUpVHQWDSSDUHLOHVWFRQIRUPHDX[&15G
,QGXVWULH&DQDGDDSSOLFDEOHVDX[DSSDUHLOVUDGLRH[HPSWVGH OLFHQFH/
H[SORLWDWLRQHVWDXWRULVpHDX[GHX[FRQGLWLRQVVXLYDQWHVO
DSSDUHLOQHGRLWSDVSURGXLUHGH

EURXLOODJHHWO
XWLOLVDWHXUGHO
DSSDUHLOGRLWDFFHSWHUWRXWEURXLOODJHUDGLRpOHFWULTXHVXELPrPHVLOHEURXLOODJH

HVWVXVFHSWLEOHG
HQFRPSURPHWWUHOHIRQFWLRQQHPHQW

&RQIRUPpPHQWjODUpJOHPHQWDWLRQG
,QGXVWULH&DQDGDOHSUpVHQWpPHWWHXUUDGLRSHXWIRQFWLRQQHUDYHFXQH

DQWHQQHG
XQWSHHWG
XQJDLQPD[LPDORXLQIpULHXUDSSURXYpSRXUO
pPHWWHXUSDU,QGXVWULH&DQDGD’DQV

OHEXWGHUpGXLUHOHVULVTXHVGHEURXLOODJHUDGLRpOHFWULTXHjO
LQWHQWLRQGHVDXWUHVXWLOLVDWHXUVLOIDXWFKRLVLUOH

WSHG
DQWHQQHHWVRQJDLQGHVRUWHTXHODSXLVVDQFHLVRWURSHUDRQQpHpTXLYDOHQWHSLUHQHGpSDVVH

SDVO
LQWHQVLWpQpFHVVDLUHjO
pWDEOLVVHPHQWG
XQHFRPPXQLFDWLRQVDWLVIDLVDQWH

&HWDSSDUHLOQXPpULTXHGHODFODVVH%HVWFRQIRUPHjODQRUPH10%GX&DQDGD ‘DN0DVWHU70 HVWXQHPDUTXHGpSRVpHGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8

5RDXPH8QL

5 HVWXQHPDUTXHGpSRVpHGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8

5RDXPH8QL

HVWXQHPDUTXHGpWHQXHSDU%OXHWRRWK6,*,QFHWGRQ
WO
DXWRULVDWLRQG
XWLOLVDWLRQjpWp

GRQQpHj(OFRPHWHU/LPLWHG

7RXWHVOHVDXWUHVPDUTXHVVRQWUHFRQQXHV

‘DNRWD1’7HVWXQHPDUTXHG
(OFRPHWHU

ZZZGDNRWDQGWFRP

IU

$11(;(35e3$5(5/$685)$&(¬7(67(5
/DIRUPHHWODUXJRVLWpGHODVXUIDFHRQWXQHLPSRUWDQFH SUpSRQGpUDQWHHQPDWLqUHGHPHVXUHG
pSDLVVHXUSDUXOWUDVRQV/HV VXUIDFHVUXJXHXVHVHWLUUpJXOLqUHVSHXYHQWSDUIRLVJrQHUOD SpQpWUDWLRQGHVXOWUDVRQVGDQVOHPDWpULDXHWSURYRTXHUGHV PHVXUHVLQVWDEOHVHWQRQILDEOHV
/DVXUIDFHjPHVXUHUGRLWrWUHQHWWRpHHWGpEDUUDVVpHGHVSHWLWHV SDUWLFXOHVGHURXLOOHHWGHFDODPLQH/DSUpVHQFHGHWHOVGpEULV HPSrFKHOHWUDQVGXFWHXUGHUHSRVHUGHPDQLqUHVWDEOHVXUOD VXUIDFHGHWHVW
‘DQVODSOXSDUWGHVFDVXQHEURVVHPpWDOOLTXHVRXXQHUDFOHWWH VXIILVHQWjQHWWRHUODVXUIDFH’DQVGHVFDVSOXVH[WUrPHVLOSHXW rWUHQpFHVVDLUHG
XWLOLVHUXQHSRQoHXVHURWDWLYHRXGHVPHXOHV DEUDVLYHVLOIDXWDORUVIDLUHDWWHQWLRQjQHSDVFUHXVHUODVXUIDFH SRXUQHSDVJrQHUOHSRVLWLRQQHPHQWGHODVRQGH
/HVVXUIDFHVWUqVUXJXHXVHVDYHFXQHILQLWLRQJUDQXOHXVHFRPPHOD IRQWHVRQWOHVSOXVGLIILFLOHVjPHVXUHU&HVVXUIDFHVDJLVVHQWVXUOH UDRQVRQRUHFRPPHXQHYLWUHHQYHUUHGpSROLVXUXQUDRQ OXPLQHX[HOOHVOHGLIIXVHQWHWOHGLVSHUVHQWGDQVWRXWHVOHV GLUHFWLRQV
(QSOXVG
rWUHXQREVWDFOHjODPHVXUHOHVVXUIDFHVUXJXHXVHV XVHQWpQRUPpPHQWODVXUIDFHGHVVRQGHVQRWDPPHQWORUVTXH FHOOHFLHVWµIURWWpH
VXUODVXUIDFH

IU

ZZZGDNRWDQGWFRP

ZZZGDNRWDQGWFRP

IU

70$1XPpUR7H[WHDYHFFRXYHUWXUH1

*HEUDXFKVDQOHLWXQJ
‘DNRWD3&;’/
3Ul]LVLRQV0DWHULDOGLFNHQPHVVJHUlWH
ZZZGDNRWDQGWFRP

,1+$/7 HUlWHEHUEOLFN 3DFNXQJVLQKDOW 9HUZHQGXQJGHV0HVVJHUlWV (UVWH6FKULWWHHLQVFKOLHOLFK$Q]HLJHPRGL UHQ]ZHUWHIHVWOHJHQ .DOLEULHUPHWKRGHQ .DOLEULHUHQ,KUHV0HVVJHUlWV =XJDQJVVSHUUHPLW3,1&RGH (UIDVVHQHLQHV0HVVZHUWV $UEHLWHQPLW’/RJ $Q]HLJHQYRQ’/RJGDWHQ 0HQVWUXNWXU 0HQVWUXNWXU ‘DWHQGRZQORDG 8SJUDGHLKUHV0HVVJHUlWV (UVDW]WHLOHXQG=XEHK|U *DUDQWLH 7HFKQLVFKH’DWHQ 5HFKWOLFKH+LQZHLVHXQGEHK|UGOLFKH,QIRUPDWLRQHQ $QKDQJ9RUEHUHLWHQGHU3UIIOlFKH
3E +J

%H]LHKHQ6LHVLFKLP=ZHLIHOVIDOOELWWHDXIGLHHQJOLVFKVSUDFKLJH9HUVLRQ HUlWHDEPHVVXQJHQ[[PP[[RKQH0HVVNRSI HUlWHJHZLFKWJR]PLW%DWWHULHQRKQH0HVVNRSI (LQ0DWHULDOVLFKHUKHLWVGDWHQEODWWIUGDVPLWGHP’DNRWD3&;’/JHOLHIHUWHXQGDOV=XEHK|UHUKlOWOLFKH .RSSHOPLWWHOVWHKWDXIXQVHUHU:HEVLWH]XP’RZQORDGEHUHLW KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI

(OFRPHWHU /LPLWHG 6lPWOLFKH 5HFKWH YRUEHKDOWHQ .HLQ 7HLO GLHVHV ‘RNXPHQWV GDUI RKQH GLH YRUKHULJH VFKULIWOLFKH*HQHKPLJXQJGHU(OFRPHWHU/LPLWHGLQMHGZHGHU)RUPRGHUDXIMHGZHGH$UWUHSURGX]LHUWEHUWUDJHQ WUDQVNULELHUWJHVSHLFKHUWLQHLQHP$EUXIVVWHPRGHUDXIVRQVWLJH:HLVHRGHULQMHGZHGH6SUDFKHHOHNWURQLVFK PHFKDQLVFKPDJQHWLVFKRSWLVFKPDQXHOORGHUDXIVRQVWLJH:HLVHEHUVHW]WZHUGHQ

GH

ZZZGDNRWDQGWFRP

*(5b7(h%(5%/,&.

/(‘$Q]HLJHQ5RWOLQNVUQUHFKWV /&”LVSOD 6RIWWDVWHQ (LQ$XV7DVWH 0HVVNRSIDQVFKOXVV 86%’DWHQDXVJDQJVEXFKVHXQWHU$EGHFNXQJ %DWWHULHIDFKó’UHKXQJ]XPgIIQHQ6FKOLHHQ $XIQDKPHIU+DQGVFKODXIH
3$&.81
6,1+$/7 ‘DNRWD3Ul]LVLRQV0DWHULDOGLFNHQPHVVJHUlW 8OWUDVFKDOO.RSSHOPLWWHOPOIOR])ODVFKH $$%DWWHULHQ 6FKXW]HWXL 7UDQVSRUWNRIIHU +DQGVFKODXIH [%LOGVFKLUPVFKXW] 86%.DEHO .DOLEULHU]HUWLILNDW *HEUDXFKVDQOHLWXQJ
ZZZGDNRWDQGWFRP

GH

9(5:(1’81'(60(66(5b76

D (QHUJLHYHUVRUJXQJ%DWWHULHQ

PLW%DWWHULHODGXQJVDQ]HLJH

S

E %OXHWRRWK$1UDXQLFKW
JHNRSSHOW
UQJHNRSSHOW

F *UHQ]ZHUWH$QPLW

R

*UHQ]ZHUWLQGH[QXPPHU5RW

*UHQ]ZHUWEHUVFKULWWHQ

G 0HVVPRGXV

Q

,(,QWHUIDFH(FKR(((FKR(FKR

3/$6.XQVWVWR0RGXV

H .DOLEULHUPHWKRGH

P

I .DOLEULHUXQJ

O

6FKDOOJHVFKZLQGLJNHLW

J ‘/RJWS)RUWODXIHQG

K 0HVVZHUWVWDELOLWlWVDQ]HLJH

L 0DHLQKHLWHQPP,QFK=ROO

M 0HQ6RIWWDVWH

N ‘LVSOD6RIWWDVWH

O ‘/RJ6RIWWDVWH

P $NWXHOOHQ0HVVZHUWVSHLFKHUQ

Q 0HVVZHUW
KRKH$XÀ|VXQJPP

R %HQXW]HUZlKOEDUH6WDWLVWLN
PD[LPDO

S ‘/RJQDPHLP’/RJ

T ‘DWXPXQG8KU]HLWZHQQ
DNWLYLHUWXQGQLFKWLP’/RJ

U 6WURPYHUVRUJXQJ86%

V 6FDQPRGXV$16PEROEOLQNW
ZlKUHQGGHV6FDQQHQV

W 6FDQ6WDUW6WRSSLP6FDQPRGXV

X %6FDQ

Y =HOOHQUHIHUHQ]LP’/RJPRGXV

Z :DUQXQJZHQQ0HVVZHUW DXHUKDOE.DOLEULHUXQJ$1

[ ‘/RJWS*LWWHUUDVWHU
$QVWLHJVULFKWXQJ

0HVVZHUWQLHGULJH$XÀ|VXQJ
PP

GH

D E F G H I J K L M N
T U G H I V L W
X Y Z
[

ZZZGDNRWDQGWFRP

(567(6&+5,77(
(,1/(*(1′(5%$77(5,(1 -HGHV0HVVJHUlWZLUGPLW$$$ONDOLEDWWHULHQ JHOLHIHUW

/HJHQ6LHGLH%DWWHULHQZLHIROJWHLQ ‘LH9HUULHJHOXQJDP%DWWHULHIDFKGHFNHO
DQKHEHQXQG]XP$EQHKPHQGHV’HFNHOV HQWJHJHQGHP8KU]HLJHUVLQQGUHKHQ /HJHQ6LH%DWWHULHQHLQXQGDFKWHQ6LH GDEHLDXIGLHULFKWLJH3RODULWlW %ULQJHQ6LHGHQ’HFNHOZLHGHUDQXQGGUHKHQ6LHGLH9HUULHJHOXQJ ]XP9HUVFKOLHHQLP8KU]HLJHUVLQQ

‘HU%DWWHULH]XVWDQGZLUGGXUFKHLQ6PEROREHQUHFKWVLP ‘LVSODDQJH]HLJW
9 ROO6PEROJUQ %DWWHULHQYROOVWlQGLJJHODGHQ /HHU6PEROURWEOLQNHQG PLQLPDOHU/DGH]XVWDQGIU
)XQNWLRQVIlKLJNHLW
$16&+/,(66(1(,1(6
0(66.23)6 5LFKWHQ6LHGHQURWHQ3XQNWGHV
0HVVNRSIVWHFNHUVDPURWHQ3XQNW GHV0HVVJHUlWHVDXV 6WHFNHQ6LHGHQ0HVVNRSILQGDV 0HVVJHUlWHLQXQGYHUJHZLVVHUQ 6LHVLFKGDVVGHU$QVFKOXVV YROOVWlQGLJHLQJHIKUWLVW

$OOH(LQHOHPHQW0HVVN|SIHPLW 9HU]|JHUXQJVOHLWXQJGLHGLUHNW XQWHQDQHLQHP’DNRWD3&;0HVVJHUlW DQJHVFKORVVHQZHUGHQN|QQHQVLHKH $EVFKQLWW
0HVVN|SIH
DXI6HLWH GHVLQG
LQWHOOLJHQWH
0HVVN|SIH

‘LH0HVVNRSIIUHTXHQ]XQGGHU0HVVNRSIGXUFKPHVVHUZHUGHQ DXWRPDWLVFKYRP0HVVJHUlWHUNDQQWXQGGHU$QZHQGHUZLUG DXIJHIRUGHUWGHQ9HU]|JHUXQJVOHLWXQJVWSIDOOVYRUKDQGHQDQ]XJHEHQ

‘HWDLOVGHVDQJHVFKORVVHQHQ0HVVNRSIVN|QQHQMHGHU]HLWPLW 0HQ,QIRV6RQGHQ,QIRUPDWLRQDQJH]HLJWZHUGHQ

ZZZGDNRWDQGWFRP

GH

(567(6&+5,77()RUWVHW]XQJ
(VLVWHLQ0HVVNRSIDGDSWHUHUKlOWOLFKGHUGLH9HUZHQGXQJYRQ
QLFKW LQWHOOLJHQWHQ
(LQHOHPHQW0HVVN|SIHQPLW9HU]|JHUXQJVOHLWXQJXQGYRQ 0HVVN|SIHQDQGHUHU+HUVWHOOHUPLWGHU’DNRWD3&;3URGXNWUHLKH HUP|JOLFKWVLHKH$EVFKQLWW
0HVVNRSIDGDSWHU
DXI6HLWHGH

$86:$+/,+5(5635$&+( +DOWHQ6LHGLH(,1$867DVWHJHGUFNWELVGDV’DNRWD1’7
/RJRDQJH]HLJWZLUG ‘UFNHQ6LH0HQ(LQVWHOOXQJHQ6SUDFKHXQGZlKOHQ6LH,KUH
6SUDFKHPLWKLOIHGHU6RIWWDVWHQÏÐDXV )ROJHQ6LHGHQ%LOGVFKLUPPHQV

=XJULIIDXIGDV6SUDFKPHQEHL9HUZHQGXQJHLQHU)UHPGVSUDFKH 6FKDOWHQ6LHGDV0HVVJHUlW$86 +DOWHQ6LHGLHOLQNH6RIWWDVWHJHGUFNWXQGVFKDOWHQ6LHGDV
0HVVJHUlW(,1 :lKOHQ6LH,KUH6SUDFKHPLWKLOIHGHU6RIWWDVWHQÏÐDXV

%,/’6&+,50(,167(//81*(1 8QWHUDQGHUHPVLQGGLHIROJHQGHQ%LOGVFKLUPHLQVWHOOXQJHQYRP %HQXW]HUEHU0HQ(LQVWHOOXQJHQ%LOGVFKLUPHLQVWHOOXQJHQHLQVWHOOEDU

y %LOGVFKLUPKHOOLJNHLW’LHVH2SWLRQLVWHLQVWHOOEDUDXI
0DQXHOO
RGHU
$XWR
GLH+HOOLJNHLWZLUGDXWRPDWLVFKXQWHU9HUZHQGXQJ GHV8PJHEXQJVOLFKWVHQVRUVGHV0HVVJHUlWVDQJHSDVVW y %LOGVFKLUPDEVFKDOWDXWRPDWLN’LH$Q]HLJHZLUGQDFKPHKU DOV6HNXQGHQ,QDNWLYLWlWYHUGXQNHOWXQGQDFKGHU IHVWJHOHJWHQ,QDNWLYLWlWVGDXHU
VFKZDU] ‘UFNHQ6LH]XP (LQVFKDOWHQGHV*HUlWVHLQHEHOLHELJH7DVWHRGHUWLSSHQ6LHHV DQ’DV0HVVJHUlWNDQQEHU0HQ(LQVWHOOXQJHQ$XWRPDW $EVFKDOWXQJDXFKVRHLQJHVWHOOWZHUGHQGDVVHVQDFKHLQHU EHQXW]HUGHILQLHUWHQ=HLWGDXHUGHU,QDNWLYLWlWDEVFKDOWHW’LH 6WDQGDUGHLQVWHOOXQJLVW0LQXWHQ

(,15,&+7(1′(50(66:(57$1=(,*( ‘LH/&’)DUEDQ]HLJHLVWLQ]ZHL+lOIWHQXQWHUWHLOWGLHREHUHXQG XQWHUH$Q]HLJH’HU$QZHQGHUNDQQIHVWOHJHQZHOFKH’DWHQLQ MHGHU+lOIWHDQJH]HLJWZHUGHQXQWHUDQGHUHP0HVVZHUWHJHZlKOWH 6WDWLVWLNHQ9HUODXIVGLDJUDPP%DONHQGLDJUDPP0HVVZHUWHXQG ‘LIIHUHQ]DXQG%%LOG

D,Pµ6FDQ0RGXV¶QLFKWYHUIJEDUVLHKH$EVFKQLWWµ0HVVZHUWHUIDVVXQJLP6FDQ0RGXV¶DXI6HLWHGH

GH

ZZZGDNRWDQGWFRP

(567(6&+5,77()RUWVHW]XQJ
(LQULFKWHQGHU$Q]HLJH ‘UFNHQ6LH’LVSOD(LQVWHOOXQJHQ’LVSOD
2EHUH’LVSODKlOIWH8QWHUH’LVSODKlOIWH 0DUNLHUHQ6LHGLHJHZQVFKWH2SWLRQ
PLWKLOIHGHUÏÐ6RIWWDVWHQXQGGUFNHQ 6LHµ:lKOHQ¶

0HVVZHUWH

:HQQIUHLQH+lOIWH
.HLQH
XQGIUGLHDQGHUH +lOIWH
0HVVZHUWH

0HVVZHUWH ‘LDJUDPP
RGHU
%6FDQ
JHZlKOWZLUGIOOHQGLH 0HVVZHUWHE]ZGDV9HUODXIVGLDJUDPPRGHU GDV%%LOGGHQJHVDPWHQ%LOGVFKLUP%HL $XVZDKOHLQHUEHOLHELJHQDQGHUHQ.RPELQDWLRQ YRQ2SWLRQHQZHUGHQGLH’DWHQZLHIHVWJHOHJW LQGHUREHUHQRGHUXQWHUHQ$Q]HLJHDQJH]HLJW

$XVJHZlKOWH6WDWLVWLN

y .HLQH(VZHUGHQNHLQH’DWHQDQJH]HLJW y 0HVVZHUWH’HU0HVVZHUWZLUGDQJH]HLJW

0HVVZHUWH ‘LDJUDPP

y $XVJHZlKOWH6WDWLVWLN%LV]X6WDWLVWLNZHUWH

N|QQHQDQJH]HLJWZHUGHQZLHYRP%HQXW]HU

EHU’LVSOD6WDWLVWLN6WDWLVWLN$XVZlKOHQ

GHILQLHUW9HUIJEDUH2SWLRQHQ

$ Q]DKOGHU0HVVZHUWH0 LWWHOZHUWQLHGULJVWHU

0HVVZHUWK |FKVWHU0HVVZHUW

6WDQGDUGDEZHLFKXQJXQWHUHU* UHQ]ZHUW$Q]DKO

XQWHUXQWHUHPUHQ]ZHUWREHUHUUHQ]ZHUW$ Q]DKO EHUREHUHP*UHQ]ZHUW% HUHLFK1HQQZHUW

0HVVZHUWH

%DONHQJUD¿N

y 0HVVZHUWH ‘LDJUDPP(LQ 7UHQGOLQLHQGLDJUDPPGHUOHW]WHQ 0HVVXQJHQGDVEHLMHGHU0HVVXQJ DXWRPDWLVFKDNWXDOLVLHUWZLUG
y 0HVVZHUWH %DONHQJUDILN(LQHDQDORJH ‘DUVWHOOXQJGHVDNWXHOOHQ0HVVZHUWV ]XVDPPHQPLWGHPK|FKVWHQ+LQLHGULJVWHQ /RXQGGXUFKVFKQLWWOLFKHQ;0HVVZHUW’DV 0HVVZHUWH $EZHLFKXQJ ‘LDJUDPPZLUGEHLP(UIDVVHQMHGHV 0HVVZHUWVDXWRPDWLVFKDNWXDOLVLHUW
y 0HVVZHUWH $EZHLFKXQJD’HUOHW]WH 0HVVZHUWZLUG]XVDPPHQPLWGHU $EZHLFKXQJYRP1RPLQDOZHUWDQJH]HLJW /HW]WHUHUZLUGHLQJHVWHOOWEHU0HQ
UHQ]ZHUWVSHLFKHUUHQ]Z6SHLFKHU HUVWHOOHQ(LQVW1RPLQDOZHUW

D,Pµ6FDQ0RGXV¶QLFKWYHUIJEDUVLHKH$EVFKQLWWµ0HVVZHUWHUIDVVXQJLP6FDQ0RGXV¶DXI6HLWHGH

ZZZGDNRWDQGWFRP

GH

(567(6&+5,77()RUWVHW]XQJ
y %6FDQ’LH%%LOGDQ]HLJHELHWHWHLQH]HLWEDVLHUWH6LFKWGHV 4XHUVFKQLWWVGHVJHSUIWHQ0DWHULDOV(UIDVVWH0HVVZHUWH JHVSHLFKHUWH0HVVZHUWHK|FKVWHU+LQLHGULJVWHU/RXQG GXUFKVFKQLWWOLFKHU;0HVVZHUWPLWREHUHPXQGRGHUXQWHUHP *UHQ]ZHUWVRIHUQHLQJHVWHOOWXQGDNWLYLHUWZHUGHQDQJH]HLJW

‘LH0DWHULDOGLFNHZLUGGXUFKJUDX XQGURWVFKDWWLHUWH%HUHLFKH YLVXDOLVLHUWURWZHQQ0HVVZHUWH DXHUKDOEGHUUHQ]ZHUWHOLHJHQ VRIHUQHLQJHVWHOOWXQGDNWLYLHUW,P 0HVVJHUlWRGHULP’/RJVSHLFKHU DEJHOHJWH0HVVZHUWHZHUGHQDOV ZHLHRGHUURWHYHUWLNDOH%DONHQ DQJH]HLJWURWZHQQ0HVVZHUWH DXHUKDOEGHUUHQ]ZHUWHOLHJHQ VRIHUQHLQJHVWHOOWXQGDNWLYLHUW

%6FDQ

‘LHYHUWLNDOH6NDODIUGDV%%LOGNDQQHQWZHGHUDXI
$XWR
HLQJHVWHOOWZHUGHQRGHUGHU$QZHQGHUNDQQGLHDPEHVWHQIU GLH’LFNHGHVJHSUIWHQ0DWHULDOVJHHLJQHWH’LFNHIHVWOHJHQ

:HQQ
6WDUW’LFNH
XQG
0D[‘LFNH
DXI
$XWR
HLQJHVWHOOWVLQG ZLUGGLH6NDODGLHHUIDVVWHQPLQLPDOHQXQGPD[LPDOHQ 0HVVZHUWHEHVWLPPW

(LQVWHOOHQGHU%%LOG$XIO|VXQJ ‘UFNHQ6LH’LVSOD(LQVWHOOXQJHQ’LVSOD%6FDQ
6NDOLHUXQJ%6FDQ$QIDQJE]Zµ%6FDQ’LFNH¶ 9HUZHQGHQ6LHGLH6RIWWDVWHQÏÐXPµ$XWR¶]XZlKOHQ
XQGGUFNHQ6LHµ2N¶$OWHUQDWLYGD]XN|QQHQ6LHPLWKLOIH GHU6RIWWDVWHQÏÐGHQJHZQVFKWHQ:HUWHLQVWHOOHQXQG GDEHLPLWKLOIHGHU6RIWWDVWHÎ]XUQlFKVWHQ=LIIHU XPVFKDOWHQXQGGDQQµ:HLWHU¶GUFNHQ
:LHGHUKROHQ6LH6FKULWWIUµ%6FDQ’LFNH¶E]Zµ%6FDQ $QIDQJ¶
‘ LH6WDQGDUGHLQVWHOOXQJLVWµ%6FDQ$QIDQJ¶ µ%6FDQ’LFNH¶ µ$XWR¶

GH

ZZZGDNRWDQGWFRP

(567( 6&+5,77()RUWVHW]XQJ
$86:$+/ ‘(6 0(6602’86 (VVWHKHQGUHL0HVVPRGL]XU:DKOµ,QWHUIDFH(FKR¶µ(FKR(FKR¶ XQGµ.XQVWVWRII0RGXV¶6LHKH7DEHOOH0HVVPRGLIUZHLWHUH ,QIRUPDWLRQHQ
7$%(//(0(6602’,

0HVVPRGXV 6PERO %HVFKUHLEXQJ

,QWHUIDFH(FKR ,(

(VZLUGGLHHVDPWGLFNHYRQGHU2EHUIOlFKH HLQHUHWZDLJHQ%HVFKLFKWXQJELV]XU 0DWHULDOGLFNHQJUHQ]OLQLHLQGHU5HJHOGLH 5FNZDQGJHPHVVHQHHLJQHWIUGLH 0HVVXQJYRQ0DWHULDOLHQPLWHLQHU’LFNH ]ZLVFKHQPPXQGPPELVE

(FKR(FKR ((

,GHDO]XP0HVVHQGQQHU0DWHULDOLHQHVZLUG GLH0DWHULDOGLFNHYRQGHU0DWHULDOREHUIOlFKHELV ]XU0DWHULDOGLFKWHQJUHQ]IOlFKHLQGHU5HJHOGLH 5FNZDQGJHPHVVHQ*HHLJQHWIUGLH 0HVVXQJYRQ0DWHULDOLHQPLWHLQHU’LFNH ]ZLVFKHQPPXQGPP ELVE

.XQVWVWRII 0RGXV3/$6

3/$6

:LUGVSH]LHOO]XP0HVVHQVHKUGQQHU .XQVWVWRIIHPLWHLQHU’LFNHYRQPPELV PPELVEYHUZHQGHW)UGLHVHQ 0RGXVLVWHLQH*UDSKLW9HU]|JHUXQJVOHLWXQJ HUIRUGHUOLFKVLHKH$EVFKQLWW µ9HU]|JHUXQJVOHLWXQJHQ¶DXI6HLWHGH

+LQZHLV’DV*HUlWVROOWHEHLPbQGHUQGHV0HVVPRGXVQHXNDOLEULHUWZHUGHQ VLHKH$EVFKQLWW
.DOLEULHUHQ,KUHV0HVVJHUlWV
DXI6HLWHGH’DV .DOLEULHUVPEROEOLQNWXPDQ]X]HLJHQGDVVHLQH1HXNDOLEULHUXQJ HUIRUGHUOLFKLVW

‘UFNHQ6LH]XU$XVZDKOGHV0HVVPRGXV 0HQ(LQVWHOOXQJHQ0HVVZHUW0HVVPRGXV
$86:$+/ ‘(5 0$66(,1+(,7(1 ‘DNRWD3&;0HVVJHUlWHN|QQHQGLH0HVVZHUWHLQPPRGHU=ROO DQ]HLJHQ’UFNHQ6LH]XU$XVZDKOGHU0DHLQKHLWHQ 0HQ(LQVWHOOXQJHQ(LQKHLWHQ

E’HU’LFNHQEHUHLFKLVWDEKlQJLJYRPJHPHVVHQHQ0DWHULDOXQGGHPYHUZHQGHWHQ0HVVNRSI
ZZZGDNRWDQGWFRP

GH

(567(6&+5,77()RUWVHW]XQJ
$86:$+/'(50(665$7(81’$8)/g681* (VVWHKHQGUHLYRP%HQXW]HUZlKOEDUH0HVVUDWHQ]XU9HUIJXQJ XQG+]MHQDFKJHZlKOWHU0HVVUDWHHUIDVVWGDV0HVVJHUlW RGHU0HVVZHUWHSUR6HNXQGH

‘UFNHQ6LH]XU$XVZDKOGHU0HVVUDWH0HQ(LQVWHOOXQJHQ 0HVVJHVFKZLQGLJNHLW,P
6FDQ0RGXV
VLHKH$EVFKQLWW
0HVVZHUWHUIDVVXQJLP6FDQ0RGXV
DXI6HLWHGHLVWGLH 0HVVUDWHDXI+]0HVVZHUWHSUR6HNXQGHIHVWJHOHJW

‘LH0HVVJHUlWHKDEHQHLQHEHQXW]HUZlKOEDUH0HVVDXIO|VXQJYRQ PPµ1LHGULJ¶RGHUPPµ+RFK¶IUJHQDXHUH :HUWHEHL0HVVXQJHQDXIGQQHQ0DWHULDOLHQ

‘UFNHQ6LH]XU$XVZDKOGHU0HVVDXIO|VXQJ 0HQ(LQVWHOOXQJHQ0HVVZHUW$XIO|VXQJXQGZlKOHQ6LHQDFK %HGDUIµ1LHGULJ¶RGHUµ+RFK¶
5(1=:(57()(67/((13&;’/
UHQ]ZHUWHVLQGDN]HSWDEOHYRP$QZHQGHUGHILQLHUWH7ROHUDQ]HQ XQGHUP|JOLFKHQGHQ9HUJOHLFKYRQ0HVVZHUWHQPLWYRUGHILQLHUWHQ :HUWHQ’DV3&;’/NDQQELV]XYRUSURJUDPPLHUWH UHQ]ZHUWHVSHLFKHUQ

UHQ]ZHUWHN|QQHQDP0HVVJHUlWRGHUEHUHLQHQ3&XQG ‘DN0DVWHU70HUVWHOOWXQG]XUVSlWHUHQ$XVZDKOLP0HVVJHUlWVSHLFKHU DEJHOHJWZHUGHQHVSHLFKHUWH*UHQ]ZHUWHN|QQHQPLW’DN0DVWHU70 DXIDQGHUH3&;’/0HVVJHUlWHEHUWUDJHQZHUGHQ

-HGHU*UHQ]ZHUWEHVWHKWDXVHLQHP1HQQE]Z6ROOZHUW[ HUIRUGHUOLFKIU
0HVVZHUWHXQG’LIIHUHQ] HLQHPXQWHUHQ XQGRGHUHLQHPREHUHQ0HVVZHUW

UHQ]ZHUWHN|QQHQIULQGLYLGXHOOH0HVVZHUWHRGHUEHLPgIIQHQHLQHV ‘/RJHUVWHOOWZHUGHQVLHKH$EVFKQLWWXQG8QWHUVFKLHGOLFKH ‘/RJVN|QQHQXQWHUVFKLHGOLFKHUHQ]ZHUWHYHUZHQGHQ

(UVWHOOWHUHQ]ZHUWHZHUGHQLPUHQ]ZHUWVSHLFKHUGHV0HVVJHUlWV DEJHOHJWXQGVWHKHQ]XUVSlWHUHQ$XVZDKOEHUHLWVLHKH$EVFKQLWW

HVSHLFKHUWHUHQ]ZHUWHN|QQHQXPEHQDQQWXQGGLH:HUWHN|QQHQ MHGHU]HLWJHlQGHUWZHUGHQVLHKH$EVFKQLWWXQG

GH

ZZZGDNRWDQGWFRP

5(1=:(57()(67/((1)RUWVHW]XQJ
(567(//(19215(1=:(57(1)h5,1’,9,’8(//( 0(66:(57(
‘UFNHQ6LH0HQ
UHQ]ZHUWVSHLFKHUUHQ]Z6SHLFKHU HUVWHOOHQ2EHUHUUHQ]ZHUWE]Z8QWHUHUUHQ]ZHUW
6WHOOHQ6LHGHQJHZQVFKWHQ:HUWPLWKLOIHGHUÏÐ6RIWWDVWHQHLQ XQGGUFNHQ6LHµ:HLWHU¶
:LHGHUKROHQ6LHHUIRUGHUOLFKHQIDOOV6FKULWWIUµ8QWHUHU
UHQ]ZHUW¶RGHUµ2EHUHUUHQ]ZHUW¶XQGµ(LQVW1RPLQDOZHUW¶
:HQQDOOH:HUWHHLQJHVWHOOWVLQGPDUNLHUHQ6LHPLWKLOIHGHUÏÐ 6RIWWDVWHQµ
UHQ]Z6SHLFKHUVSHLFKHUQQ¶XQGGUFNHQµ:lKOHQ¶ ]XP6SHLFKHUQ
*UHQ]ZHUWHVLQGIUGHQ0HVVPRGXVVSH]LILVFKGHUEHLLKUHU(UVWHOOXQJ YHUZHQGHWZXUGH

(567(//(19215(1=:(57(1)h5(,11(8(6’/2 ‘UFNHQ6LH’/RJ1HXHV’/RJ’/RJUHQ]ZHUWHUHQ]Z
6SHLFKHUHUVWHOOHQ2EHUHUUHQ]ZHUWE]Zµ8QWHUHUUHQ]ZHUW¶ 6WHOOHQ6LHGHQJHZQVFKWHQ:HUWPLWKLOIHGHUÏÐ6RIWWDVWHQHLQ
XQGGUFNHQ6LHµ:HLWHU¶ :LHGHUKROHQ6LHHUIRUGHUOLFKHQIDOOV6FKULWWIUµ8QWHUHU
UHQ]ZHUW¶RGHUµ2EHUHUUHQ]ZHUW¶XQGµ(LQVW1RPLQDOZHUW¶ :HQQDOOH:HUWHHLQJHVWHOOWVLQGPDUNLHUHQ6LHPLWKLOIHGHUÏÐ
6RIWWDVWHQµUHQ]Z6SHLFKHUVSHLFKHUQQ¶XQGGUFNHQµ:lKOHQ¶ ]XP6SHLFKHUQ
UHQ]ZHUWHVLQGIUGHQ0HVVPRGXVVSH]LILVFKGHUEHLLKUHU(UVWHOOXQJ YHUZHQGHWZXUGH
‘/RJJUHQ]ZHUWHN|QQHQMHGHU]HLWEHU’/RJ%HWUDFKWH’/RJ’/RJ ,QIRUPDWLRQDQJH]HLJWZHUGHQ

$86:$+/(63(,&+(57(55(1=:(57( ‘UFNHQ6LH0HQUHQ]ZHUWVSHLFKHUUHQ]Z6SHLFKHUZlKOHQ
E]ZLP/RVEHWULHE’/RJ1HXHV’/RJ’/RJ UHQ]ZHUWHUHQ]Z6SHLFKHUZlKOHQ 0DUNLHUHQ6LHPLWKLOIHGHUÏÐ6RIWWDVWHQGHQEHQ|WLJWHQ UHQ]ZHUWVSHLFKHUXQGGUFNHQ6LHµ:lKOHQ¶
(VVLQGQXUGLHIUGHQYHUZHQGHWHQ0HVVPRGXVVSH]LILVFKHQ
UHQ]ZHUWH ZlKOEDU
‘/RJJUHQ]ZHUWHN|QQHQMHGHU]HLWEHU’/RJ%HWUDFKWH’/RJ’/RJ ,QIRUPDWLRQDQJH]HLJWZHUGHQ

:HQQHLQUHQ]ZHUWVSHLFKHULQHEUDXFKLVWZLUGUHFKWVLQGHU

0HVVZHUWDQ]HLJHDQJH]HLJWZREHL
Q
IUGLH,QGH[QXPPHUGHV

*UHQ]ZHUWVVWHKW

ZZZGDNRWDQGWFRP

GH

5(1=:(57()(67/((1)RUWVHW]XQJ :HQQHLQ0HVVZHUWDXHUKDOEGHU IHVWJHOHJWHQUHQ]ZHUWHOLHJWZHUGHQGDV HQWVSUHFKHQGHUHQ]ZHUWVPEROGHU 0HVVZHUWXQGGLH0HVVZHUWDEZHLFKXQJIDOOV DNWLYLHUWURWDQJH]HLJW
80%(1(11(19215(1=:(57(1 ‘UFNHQ6LH0HQUHQ]ZHUWVSHLFKHUUHQ]Z6SHLFKHU
EHDUEHLWHQ
UHQ]Z6SHLFKHUXPEHQHQQHQ 0DUNLHUHQ6LHPLWKLOIHGHUÏÐ6RIWWDVWHQGHQUHQ]ZHUWVSHLFKHU
GHUXPEHQDQQWZHUGHQVROOXQGGUFNHQ6LHµ:lKOHQ¶ 9HUZHQGHQ6LHÍÎ]XP8PEHQHQQHQGHV
UHQ]ZHUWVSHLFKHUV :lKOHQ6LHµ2N¶XPGLHbQGHUXQJHQ]XVSHLFKHUQRGHU
µ(VFDSH¶XPGHQ9RUJDQJ]XEHHQGHQXQGHWZDLJHbQGHUXQJHQ ]XYHUZHUIHQ
b1′(519215(1=:(57(1 ‘UFNHQ6LH0HQUHQ]ZHUWVSHLFKHUUHQ]Z6SHLFKHU
EHDUEHLWHQ
UHQ]Z6SHLFKHUlQGHUQ 0DUNLHUHQ6LHPLWKLOIHGHUÏÐ6RIWWDVWHQGHQ
UHQ]ZHUWVSHLFKHUGHUJHlQGHUWZHUGHQVROOXQGGUFNHQ6LH µ:lKOHQ¶ 0DUNLHUHQ6LHPLWKLOIHGHUÏÐ6RIWWDVWHQµ2EHUHUUHQ]ZHUW¶ RGHUµ8QWHUHUUHQ]ZHUW¶XQGGUFNHQ6LHµ:lKOHQ¶ 6WHOOHQ6LHGHQJHZQVFKWHQ:HUWPLWKLOIHGHUÏÐ6RIWWDVWHQHLQ XQGGUFNHQ6LHµ:HLWHU¶ :LHGHUKROJHQ6LHHUIRUGHUOLFKHQIDOOV6FKULWWIUµ8QWHUHU UHQ]ZHUW¶RGHUµ2EHUHUUHQ]ZHUW¶XQGµ(LQVW1RPLQDOZHUW¶ :HQQDOOH:HUWHQDFK%HGDUIJHlQGHUWZXUGHQPDUNLHUHQ6LH PLWKLOIHGHUÏÐ6RIWWDVWHQµUHQ]Z6SHLFKHUVSHLFKHUQQ¶XQG GUFNHQ]XP6SHLFKHUQGHUbQGHUXQJHQµ:lKOHQ¶

GH

ZZZGDNRWDQGWFRP

.$/,%5,(50(7+2′(1)RUWVHW]XQJ
‘DV0HVVJHUlWPXVV]XUJHQDXHQ0HVVXQJDXIGLHNRUUHNWH 6FKDOOJHVFKZLQGLJNHLWIUGDVJHPHVVHQH0DWHULDOHLQJHVWHOOWZHUGHQ

8QWHUVFKLHGOLFKH0DWHULDOVRUWHQZHLVHQXQWHUVFKLHGOLFKH 6FKDOOJHVFKZLQGLJNHLWHQDXI%HLVSLHOVZHLVHEHWUlJWGLH 6FKDOOJHVFKZLQGLJNHLWLQ6WDKOPVFD=ROOVXQGLQ $OXPLQLXPPVFD=ROOV

‘LHULFKWLJH.DOLEULHUXQJLVWDXVVFKODJJHEHQGIUGLHRUGQXQJVJHPlH )XQNWLRQGHV0HVVJHUlWV’LH.DOLEULHUXQJVROOWHEHLPbQGHUQGHV 0HVVPRGXVGHV0HVVNRSIVXQGRGHUGHU0DWHULDOVRUWHYRUJHQRPPHQ ZHUGHQ

$EKlQJLJYRPJHZlKOWHQ0HVVPRGXVLVWHLQH$XVZDKOYRQ .DOLEULHUPHWKRGHQZlKOEDUVLHKH7DEHOOH.DOLEULHUPHWKRGHQ ‘UFNHQ6LH]XU$XVZDKOGHU.DOLEULHUPHWKRGH0HQ.DOLEULHUXQJ .DOLEULHUPHWKRGH

7$%(//(.$/,%5,(50(7+2′(1

.DOLEULHU PHWKRGH

6PERO %HVFKUHLEXQJ

3XQNW .DOLEULHUXQJ

‘LHVLVWGDVHLQIDFKVWHXQGDPKlXILJVWHQYHUZHQGHWH .DOLEULHUYHUIDKUHQ(VZLUGDXIHLQHUXQEHVFKLFKWHWHQ 0DWHULDOSUREHPLWEHNDQQWHU’LFNHHLQ0HVVZHUW HUIDVVWXQGDQJHSDVVW1DFKGHPGLH’LFNH HLQJHJHEHQXQGEHVWlWLJWZXUGHZLUGGLHDEJHOHLWHWH 6FKDOOJHVFKZLQGLJNHLWDQJH]HLJW

3XQNW .DOLEULHUXQJ

‘LHVH0HWKRGHUHVXOWLHUWLQK|KHUHU*HQDXLJNHLWEHU NOHLQH%HUHLFKH0HVVZHUWHZHUGHQDQ]ZHL XQEHVFKLFKWHWHQ0DWHULDOSUREHQPLWXQWHUVFKLHGOLFKHU XQGEHNDQQWHU’LFNHHUIDVVW1DFKGHPGLH]ZHLWH ‘LFNHHLQJHJHEHQXQGEHVWlWLJWZXUGHZLUGGLH DEJHOHLWHWH6FKDOOJHVFKZLQGLJNHLWDQJH]HLJW

0DWHULDOF 6FKDOOJH VFKZLQGLJNHLWF

=XP.DOLEULHUHQZLUGGLH6FKDOOJHVFKZLQGLJNHLWHLQHV 0DWHULDOVYHUZHQGHWGDVDXVHLQHUYRUGHILQLHUWHQLP 0HVVJHUlWJHVSHLFKHUWHQ/LVWHYRQ0DWHULDOLHQ JHZlKOWZLUG
=XP.DOLEULHUHQZLUGGLHEHNDQQWH6FKDOOJHVFKZLQGLJNHLW GHV]XPHVVHQGHQ0DWHULDOVYHUZHQGHW

:HUNV NDOLEULHUXQJ

=XP.DOLEULHUHQZLUGGLHZHUNVHLWLJH6WDQGDUGNDOLEULHUXQJ GHU6WDQGDUGVFKDOOJHVFKZLQGLJNHLWIU6WDKOYRQPV FD=ROOVYHUZHQGHW

F’LH0DWHULDOXQG6FKDOOJHVFKZLQGLJNHLW.DOLEULHUPHWKRGHQVLQGKLOIUHLFKZHQQNHLQHXQEHVFKLFKWHWHQ 0DWHULDOSUREHQYHUIJEDUVLQG

ZZZGDNRWDQGWFRP

GH

.$/,%5,(5(1,+5(60(66(5b76
9(5:(1’81
'(5381.7.$/,%5,(581* ‘LHVH9HUIDKUHQVZHLVHHUIRUGHUWGLH0HVVXQJHLQHUXQEHVFKLFKWHWHQ 0DWHULDOSUREHGHUHQJHQDXH’LFNHEHNDQQWLVWDQKDQGHLQHUDQGHUHQ 0HVVPHWKRGHHUPLWWHOWRGHUHLQHV.DOLEULHUVWDQGDUGVVLHKH $EVFKQLWW
.DOLEULHUVWDQGDUGV
DXI6HLWHGH
6WHFNHQ6LHGHQ0HVVNRSILQGDV0HVVJHUlWHLQXQGYHUJHZLVVHUQ 6LHVLFKGDVVGHU$QVFKOXVVYROOVWlQGLJHLQJHIKUWLVW
‘LH.RQWDNWIOlFKHGHV0HVVNRSIVVROOWHVDXEHUXQGIUHLYRQ5FNVWlQGHQVHLQ
‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlWHLQ]XVFKDOWHQ ‘UFNHQ6LH0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGHXQGZlKOHQ6LH
µ3XQNW.DOLEULHUXQJ¶
:HQQµ3XQNW.DOLEULHUXQJ¶EHUHLWVJHZlKOWLVWGLHJHJHQZlUWLJJHZlKOWH .DOLEULHUPHWKRGHZLUGGXUFKHLQ6PEROUHFKWVLP’LVSODDQJH]HLJW GUFNHQ6LHHLQIDFK0HQ.DOLEULHUXQJ.DOLEULHUHQ
7UDJHQ6LH.RSSHOPLWWHODXIGLHXQEHVFKLFKWHWH0DWHULDOSUREHE]Z GHQ.DOLEULHUVWDQGDUGDXIZHQQ6LHGD]XDXIJHIRUGHUWZHUGHQ
‘UFNHQ6LHGHQ0HVVNRSIDXIGLHXQEHVFKLFKWHWH0DWHULDOSUREHE]Z GHQ.DOLEULHUVWDQGDUGXQGDFKWHQ6LHGDUDXIGDVVHUIODFKDXIOLHJW
‘DV’LVSOD]HLJWHLQHQ’LFNHQZHUWGHUNRQWLQXLHUOLFKDNWXDOLVLHUWZLUG ‘LH6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP’LVSODYRP6WDELOLWlWVEDONHQ DQJH]HLJW(LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlWYRQPLQGHVWHQV
1HKPHQ6LHGHQ0HVVNRSIYRQGHUXQEHVFKLFKWHWHQ 0DWHULDOSUREHE]ZYRP.DOLEULHUVWDQGDUGDE’HUOHW]WH 0HVVZHUWZLUGDXIGHP%LOGVFKLUPJHKDOWHQ:LHGHUKROHQ6LHGLH 6FKULWWHZHQQHUQLFKWUHSUlVHQWDWLYLVW
=XYLHO.RSSHOPLWWHONDQQEHLP$EKHEHQGHV0HVVNRSIVYRQGHU 2EHUIOlFKHHLQH6W|UXQJGHU0HVVXQJEHZLUNHQ
‘UFNHQ6LHµ:HLWHU¶VWHOOHQ6LHGHQ0HVVZHUWPLWKLOIHGHU 6RIWWDVWHQÏÐDXIGLHEHNDQQWH’LFNHHLQXQGGUFNHQ6LHGDQQ µ:HLWHU¶XPGHQ:HUW]XEHUQHKPHQ
‘XUFK’UFNHQYRQµ(VFDSH¶NDQQGHU.DOLEULHUYRUJDQJMHGHU]HLW DEJHEURFKHQZHUGHQRKQHGDV0HVVJHUlW]XNDOLEULHUHQ
‘LHDEJHOHLWHWH6FKDOOJHVFKZLQGLJNHLWZLUGUHFKWVLP’LVSODXQWHUGHP
6PEROIUGLH.DOLEULHUPHWKRGHDQJH]HLJW
+LQZHLV’LH3XQNW.DOLEULHUXQJPXVVDXI0DWHULDOGXUFKJHIKUWZHUGHQYRQ GHPGHU)DUEDQVWULFKE]ZGLH%HVFKLFKWXQJHQWIHUQWZXUGH:HQQGHU )DUEDQVWULFKE]ZGLH%HVFKLFKWXQJYRUGHP.DOLEULHUHQQLFKWHQWIHUQW ZLUGUHVXOWLHUWGLHVLQXQJHQDXHQ0HVVZHUWHQ

GH

ZZZGDNRWDQGWFRP

.$/,%5,(5(1,+5(60(66(5b76)RUWVHW]XQJ
9(5:(1’81
'(5381.7.$/,%5,(581* ‘LHVHV9HUIDKUHQHUIRUGHUWGLH0HVVXQJYRQ]ZHLXQEHVFKLFKWHWHQ 0DWHULDOSUREHQGHV]XSUIHQGHQ0DWHULDOVPLWXQWHUVFKLHGOLFKHUEHNDQQWHU ‘LFNHGLHGHQ]XPHVVHQGHQ%HUHLFKUHSUlVHQWLHUHQE]ZYRQ]ZHL .DOLEULHUVWDQGDUGVVLHKH$EVFKQLWW
.DOLEULHUVWDQGDUGV
DXI6HLWHGH

6WHFNHQ6LHGHQ0HVVNRSILQGDV0HVVJHUlWHLQXQGYHUJHZLVVHUQ 6LHVLFKGDVVGHU$QVFKOXVVYROOVWlQGLJHLQJHIKUWLVW
‘LH.RQWDNWIOlFKHGHV0HVVNRSIVVROOWHVDXEHUXQGIUHLYRQ5FNVWlQGHQVHLQ
‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlW HLQ]XVFKDOWHQ
‘UFNHQ6LH0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGHXQGZlKOHQ6LH µ3XQNW.DOLEULHUXQJ¶
:HQQµ3XQNW.DOLEULHUXQJ¶EHUHLWVJHZlKOWLVWGLHJHJHQZlUWLJJHZlKOWH .DOLEULHUPHWKRGHZLUGGXUFKHLQ6PEROUHFKWVLP’LVSODDQJH]HLJW GUFNHQ6LHHLQIDFK0HQ.DOLEULHUXQJ.DOLEULHUHQ
7UDJHQ6LH.RSSHOPLWWHODXIGLHHUVWHXQEHVFKLFKWHWH 0DWHULDOSUREHE]ZGHQ.DOLEULHUVWDQGDUGDXIZHQQ6LHGD]X DXIJHIRUGHUWZHUGHQ
‘UFNHQ6LHGHQ0HVVNRSIDXIGLHXQEHVFKLFKWHWH0DWHULDOSUREHE]Z GHQ.DOLEULHUVWDQGDUGXQGDFKWHQ6LHGDUDXIGDVVHUIODFKDXIOLHJW
‘DV’LVSOD]HLJWHLQHQ’LFNHQZHUWGHUNRQWLQXLHUOLFKDNWXDOLVLHUWZLUG ‘LH6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP’LVSODYRP6WDELOLWlWVEDONHQ DQJH]HLJW(LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlWYRQPLQGHVWHQV
1HKPHQ6LHGHQ0HVVNRSIYRQGHUXQEHVFKLFKWHWHQ 0DWHULDOSUREHE]ZYRP.DOLEULHUVWDQGDUGDE’HUOHW]WH 0HVVZHUWZLUGDXIGHP%LOGVFKLUPJHKDOWHQ:LHGHUKROHQ6LHGLH 6FKULWWHZHQQHUQLFKWUHSUlVHQWDWLYLVW
=XYLHO.RSSHOPLWWHONDQQEHLP$EKHEHQGHV0HVVNRSIVYRQGHU 2EHUIOlFKHHLQH6W|UXQJGHU0HVVXQJEHZLUNHQ
‘UFNHQ6LHµ:HLWHU¶VWHOOHQ6LHGHQ0HVVZHUWPLWKLOIHGHU 6RIWWDVWHQÏÐDXIGLHEHNDQQWH’LFNHHLQXQGGUFNHQ6LHGDQQ µ:HLWHU¶XPGHQ:HUW]XEHUQHKPHQ
:LHGHUKROHQ6LHGLH6FKULWWHDQGHU]ZHLWHQXQEHVFKLFKWHWHQ 0DWHULDOSUREHE]ZDP.DOLEULHUVWDQGDUG
‘XUFK’UFNHQYRQµ(VFDSH¶NDQQGHU.DOLEULHUYRUJDQJMHGHU]HLW DEJHEURFKHQZHUGHQRKQHGDV0HVVJHUlW]XNDOLEULHUHQ
‘LHDEJHOHLWHWH6FKDOOJHVFKZLQGLJNHLWZLUGUHFKWVLP’LVSODXQWHUGHP
6PEROIUGLH.DOLEULHUPHWKRGHDQJH]HLJW

+LQZHLV’LH3XQNW.DOLEULHUXQJPXVVDXI0DWHULDOGXUFKJHIKUWZHUGHQYRQ GHPGHU)DUEDQVWULFKE]ZGLH%HVFKLFKWXQJHQWIHUQWZXUGH:HQQGHU )DUEDQVWULFKE]ZGLH%HVFKLFKWXQJYRUGHP.DOLEULHUHQQLFKWHQWIHUQW ZLUGUHVXOWLHUWGLHVLQXQJHQDXHQ0HVVZHUWHQ

ZZZGDNRWDQGWFRP

GH

.$/,%5,(5(1,+5(60(66(5b76)RUWVHW]XQJ
9(5:(1’81
'(50$7(5,$/.$/,%5,(581 ‘DV0HVVJHUlWZLUGXQWHU9HUZHQGXQJGHUEHNDQQWHQ 6FKDOOJHVFKZLQGLJNHLWHLQHVYRP%HQXW]HUJHZlKOWHQ0DWHULDOVNDOLEULHUW ‘LH0DWHULDOLHQVLQGLPHUlWPLWLKUHQ6FKDOOJHVFKZLQGLJNHLWHQKLQWHUOHJW ‘LHVH.DOLEULHUPHWKRGHLVWKLOIUHLFKZHQQNHLQH0DWHULDOSUREHQPLW EHNDQQWHU’LFNHYHUIJEDUVLQG

‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlW
HLQ]XVFKDOWHQ
‘UFNHQ6LH0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGHXQGZlKOHQ6LH µ0DWHULDO¶
:HQQµ0DWHULDO¶EHUHLWVJHZlKOWLVWGLHJHJHQZlUWLJJHZlKOWH .DOLEULHUPHWKRGHZLUGGXUFKHLQ6PEROUHFKWVLP’LVSODDQJH]HLJW GUFNHQ6LHHLQIDFK0HQ.DOLEULHUXQJ.DOLEULHUHQ
0DUNLHUHQ6LHGDVEHQ|WLJWH0DWHULDOPLWKLOIHGHU6RIWWDVWHQÏÐ XQGGUFNHQ6LHGDQQµ:lKOHQ¶
‘XUFK’UFNHQYRQµ(VFDSH¶NDQQGHU.DOLEULHUYRUJDQJMHGHU]HLW DEJHEURFKHQZHUGHQRKQHGDV0HVVJHUlW]XNDOLEULHUHQ
‘LH6FKDOOJHVFKZLQGLJNHLWGHVJHZlKOWHQ0DWHULDOVZLUGUHFKWVLP ‘LVSODXQWHUGHP6PEROIUGLH.DOLEULHUPHWKRGHDQJH]HLJW

9(5:(1’81'(5 (6&+:,1’,.(,76.$/,%5,(581
=XP.DOLEULHUHQGHV0HVVJHUlWVPLWGLHVHU0HWKRGHPXVVGLH 6FKDOOJHVFKZLQGLJNHLWGHV]XSUIHQGHQ0DWHULDOVEHNDQQWVHLQ’LHVH .DOLEULHUPHWKRGHLVWKLOIUHLFKZHQQNHLQH0DWHULDOSUREHQPLW EHNDQQWHU’LFNHYHUIJEDUVLQG

‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlW

HLQ]XVFKDOWHQ

‘UFNHQ6LH0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGHXQGZlKOHQ6LH

µ6FKDOOJHVFKZLQGLJNHLW¶

:HQQµ6FKDOOJHVFKZLQGLJNHLW¶EHUHLWVJHZlKOWLVWGLHJHJHQZlUWLJ

JHZlKOWH.DOLEULHUPHWKRGHZLUGGXUFKHLQ6PEROUHFKWVLP’LVSOD

DQJH]HLJWGUFNHQ6LHHLQIDFK0HQ.DOLEULHUXQJ.DOLEULHUHQ

*HEHQ6LHGLHEHNDQQWH6FKDOOJHVFKZLQGLJNHLWPLWKLOIHGHU 6RIWWDVWHQÏÐHLQXPELV]XZlKOHQXQGJHKHQ6LHGDQQ

PLWKLOIHGHU6RIWWDVWHÎ]XUQlFKVWHQ=LIIHUZHLWHU’UFNHQ6LH

GDQQµ:HLWHU¶XPGHQHLQJHJHEHQHQ:HUW]XYHUZHQGHQ

‘XUFK’UFNHQYRQµ(VFDSH¶NDQQGHU.DOLEULHUYRUJDQJMHGHU]HLW

DEJHEURFKHQZHUGHQRKQHGDV0HVVJHUlW]XNDOLEULHUHQ

‘LHHLQJHJHEHQH6FKDOOJHVFKZLQGLJNHLWZLUGUHFKWVLP’LVSODXQWHUGHP

6PEROIUGLH.DOLEULHUPHWKRGHDQJH]HLJW

GH

ZZZGDNRWDQGWFRP

.$/,%5,(5(1 ,+5(6 0(66(5b76)RUWVHW]XQJ
9(5:(1’81
‘(5 :(5.6.$/,%5,(581* ‘UFNHQ6LH0HQ.DOLEULHUXQJ:HUNVNDOLEULHUXQJXPGLHZHUNVHLWLJH 6WDQGDUGNDOLEULHUHLQVWHOOXQJGHU6WDQGDUGVFKDOOJHVFKZLQGLJNHLWIU 6WDKOYRQPVFD=ROOVZLHGHUKHU]XVWHOOHQ

7(67(1 ‘(5 .$/,%5,(581* ‘LHVH)XQNWLRQHUP|JOLFKWGHP%HQXW]HUGLH.DOLEULHUXQJGXUFKGDV (UIDVVHQHLQHV0HVVZHUWVDQHLQHUXQEHVFKLFKWHWHQ0DWHULDOSUREHPLW EHNDQQWHU’LFNH]XPHVVHQRKQHGHQ0HVVZHUW]XVSHLFKHUQ

‘LH.DOLEULHUXQJZLUGZLHIROJWJHWHVWHW ‘UFNHQ6LH0HQ.DOLEULHUXQJ7HVW
.DOLEULHUXQJ 7UDJHQ6LH.RSSHOPLWWHODXIGLH
XQEHVFKLFKWHWH0DWHULDOSUREHDXI ZHQQ6LHGD]XDXIJHIRUGHUWZHUGHQ ‘UFNHQ6LHGHQ0HVVNRSIDXIGLH XQEHVFKLFKWHWH0DWHULDOSUREHXQG DFKWHQ6LHGDUDXIGDVVHUIODFKDXIOLHJW
‘DV’LVSOD]HLJWHLQHQ’LFNHQZHUWGHUNRQWLQXLHUOLFKDNWXDOLVLHUWZLUG ‘LH6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP’LVSODYRP6WDELOLWlWVEDONHQ DQJH]HLJW(LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlWYRQPLQGHVWHQV
1HKPHQ6LHGHQ0HVVNRSIYRQGHUXQEHVFKLFKWHWHQ 0DWHULDOSUREHDE’HUOHW]WH0HVVZHUWZLUGDXIGHP%LOGVFKLUP JHKDOWHQ:LHGHUKROHQ6LH6FKULWWZHQQHUQLFKW UHSUlVHQWDWLYLVW
=XYLHO.RSSHOPLWWHONDQQEHLP$EKHEHQGHV0HVVNRSIVYRQGHU 2EHUIOlFKHHLQH6W|UXQJGHU0HVVXQJEHZLUNHQ
‘UFNHQ6LH
3UIHQ
XPGLHH[LVWLHUHQGH.DOLEULHUXQJEHL]XEHKDOWHQ DEHUGHQLKU]XJHRUGQHWHQ=HLWXQG’DWXPVYHUPHUNDXIGLHDNWXHOOH =HLWXQGGDVDNWXHOOH’DWXPHLQ]XVWHOOHQGUFNHQ6LH
&DO
XPGDV 0HVVJHUlWQHX]XNDOLEULHUHQGUFNHQ6LH
2.
XPGHQ .DOLEULHUXQJVWHVW]XEHHQGHQ

.$/,%5,(581635h)81 :HQQDNWLYLHUWZDUQWGLHVH)XQNWLRQGHQ%HQXW]HUEHLP(UIDVVHQYRQ 0HVVZHUWHQZHQQGLHVHDXHUKDOEGHU:HUWHOLHJHQEHLGHQHQGDV 0HVVJHUlWXUVSUQJOLFKNDOLEULHUWZXUGH

:HQQHLQ0HVVZHUWRGHUPHKUXQWHUGHPXQWHUHQ.DOLEULHUZHUWRGHU EHUGHPREHUHQ.DOLEULHUZHUWOLHJWHUW|QWGDVDNXVWLVFKH:DUQVLJQDO GLHURWH/(‘EOLQNWXQGGDV.DOLEULHUVPEROZLUGURWDQJH]HLJW

ZZZGDNRWDQGWFRP

GH

.$/,%5,(5(1,+5(60(66*(5b76)RUWVHW]XQJ
‘LH.DOLEULHUXQJVSUIXQJZLUGZLHIROJW DNWLYLHUWXQGGHDNWLYLHUW ‘UFNHQ6LH0HQ.DOLEULHUXQJ 0DUNLHUHQ6LH
.DOLEULHUXQJSUIHQ

PLWKLOIHGHU6RIWDVWHQÏÐXQG GUFNHQ6LH
:lKOHQ
‘UFNHQ6LHµ:lKOHQ¶QRFKPDOVXP GLH2SWLRQVVFKDOWIOlFKHµ.DOLEULHUXQJ SUIHQ¶]XGHDNWLYLHUHQ
63(55(1′(5.$/,%5,(581* ‘LH.DOLEULHUHLQVWHOOXQJHQN|QQHQPLWKLOIHGHU)XQNWLRQ
3,16SHUUH

JHVSHUUW
ZHUGHQVRGDVVGLH.DOLEULHUXQJHUVWQDFKGHP ‘HDNWLYLHUHQGHU3,16SHUUHJHlQGHUWZHUGHQNDQQ
:HQQµ3,16SHUUH¶DNWLYLHUWLVWNDQQGLH.DOLEULHUXQJZHLWHUEHU 0HQ.DOLEULHUXQJ.DOLEULHUXQJWHVWHQJHWHVWHWZHUGHQGDV 0HVVJHUlWNDQQMHGRFKQLFKWJHSUIWRGHUQHXNDOLEULHUWZHUGHQ
:HLWHUH,QIRUPDWLRQHQ]XU3,16SHUUHILQGHQ6LHLQ$EVFKQLWW
=XJDQJVVSHUUHPLW3,1FRGH
DXI6HLWHGH
.$/,%5,(581*663(,&+(5 ,P6SHLFKHUGHV0HVVJHUlWVN|QQHQELV]XGUHL.DOLEULHUXQJHQ JHVSHLFKHUWZHUGHQ1DFKGHPVLHHLQPDOJHVSHLFKHUWVLQGNDQQGHU %HQXW]HUGHQ.DOLEULHUXQJVVSHLFKHUZlKOHQRKQHGDV0HVVJHUlW HUVWQHXNDOLEULHUHQ]XPVVHQ
6SHLFKHUQHLQHU.DOLEULHUXQJ ‘UFNHQ6LH0HQ.DOLEULHUXQJ.DOLEULHUVSHLFKHUQ Q RGHU 0DUNLHUHQ6LH
.DOLEULHUPHWKRGH
PLWKLOIHGHU6RIWWDVWHQÏÐ
XQGGUFNHQ6LHGDQQµ:lKOHQ¶ 0DUNLHUHQ6LHGLHJHZQVFKWH.DOLEULHUPHWKRGHPLWKLOIHGHU
6RIWWDVWHÏÐXQGIROJHQ6LH]XP.DOLEULHUHQGHV0HVVJHUlWV GHQ$QOHLWXQJHQDXIGHP%LOGVFKLUP ‘LH.DOLEULHUXQJZLUGLP6SHLFKHUGHV0HVVJHUlWVDOV .DOLEULHUVSHLFKHUQDEJHOHJWZREHLQ RGHU

GH

ZZZGDNRWDQGWFRP

.$/,%5,(5(1 ,+5(6 0(66(5b76)RUWVHW]XQJ
‘UFNHQ6LH]XP8PEHQHQQHQHLQHV.DOLEULHUVSHLFKHUV0HQ .DOLEULHUXQJ.DOLEULHUVSHLFKHUQ8PEHQHQQHQ.DOLEULHUVSHLFKHUQ
‘UFNHQ6LH]XU$Q]HLJHGHU.DOLEULHUVSHLFKHUGDWHQ 0HQ.DOLEULHUXQJ.DOLEULHUVSHLFKHUQ.DOLEULHUGDWHQDQ]HLJHQ =8
$1*663(55( 0,7 3,1&2′( ‘LH)XQNWLRQµ3,16SHUUH¶YHUKLQGHUWGDVYHUVHKHQWOLFKHbQGHUQGHU 0HVVJHUlWHLQVWHOOXQJHQGXUFKGHQ%HQXW]HU

)HVWOHJHQGHV3,1&RGHV ‘UFNHQ6LHGLH0HQ6RIWWDVWHXQG
ZlKOHQ6LH(LQVWHOOXQJ=XJDQJVVSHUUH PLW3,1&RGH 6WHOOHQ6LHGHQYLHUVWHOOLJHQ3,1&RGH]XU $XVZDKOYRQELVPLWKLOIHGHU6RIWWDVWHQ ÏÐXQGPLWKLOIHGHU6RIWWDVWHÎ]XP 9HUVFKLHEHQGHV&XUVRUVYRQGHUHUVWHQ ]XUYLHUWHQ6WHOOHHLQG ‘UFNHQ6LHµ2.¶]XP%HVWlWLJHQµ$EEU¶]XP$EEUHFKHQRGHU µbQGHUQ¶]XPbQGHUQGHV3,1&RGHV

:HQQDNWLYLHUWZLUG)ROJHQGHVDQJH]HLJWXQGNDQQQLFKWYHUlQGHUWZHUGHQ

0HQUHQ]ZHUWVSHLFKHUUHQ]Z6SHLFKHUHUVWHOOHQ ‘/RJ1HXHV’/RJ’/RJ0HVVPRGXV 0HQUHQ]ZHUWVSHLFKHUUHQ]Z6SHLFKHUEHDUEHLWHQ ‘/RJ1HXHV’/RJ’/RJ.DOLEULHUXQJ

0HQ.DOLEULHUXQJ.DOLEULHUHQ

‘/RJ1HXHV’/RJUHQ]ZHUWHUHQ]ZHUW HUVWHOOHQ

0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGH

‘/RJ%HDUEHLWH’/RJ’/RJ/|VFKHQ

0HQ.DOLEULHUXQJ.DOLEULHUVSHLFKHU 0HQ.DOLEULHUXQJ:HUNVNDOLEULHUXQJ

‘/RJ/|VFKH/RVLQKDOW 0HQ5HVHW

0HQ(LQVWHOOXQJHQ0HVVZHUW0HVVPRGXV

)UHLJHEHQGHV3,1&RGHV ‘UFNHQ6LHGLH0HQ6RIWWDVWHXQGZlKOHQ6LH(LQVWHOOXQJ
=XJDQJVVSHUUHPLW3,1&RGH *HEHQ6LHGHQYLHUVWHOOLJHQ3,1&RGH]XU$XVZDKOYRQELV
PLWKLOIHGHU6RIWWDVWHQÏÐXQGPLWKLOIHGHU6RIWWDVWHÎ]XP 9HUVFKLHEHQGHV&XUVRUVYRQGHUHUVWHQ]XUYLHUWHQ6WHOOHHLQG ‘UFNHQ6LHµ2N¶RGHUµ$EEU¶XPGHQ9RUJDQJDE]XEUHFKHQ

+LQZHLV)DOOVGHU3,1&RGHYHUJHVVHQRGHUYHUORUHQZXUGHNDQQHUPLW ‘DN0DVWHU70GHDNWLYLHUWZHUGHQ6FKOLHHQ6LHGDV0HVVJHUlWPLWGHP PLWJHOLHIHUWHQ86%.DEHODQHLQHQ3&DQDXIGHP’DN0DVWHU709HUVLRQ RGHUK|KHULQVWDOOLHUWLVWXQGZlKOHQ6LH(GLW&OHDU3,1

G’LH6RIWWDVWHÎHUVFKHLQWZHQQGDVHUVWHµ;¶GXUFKHLQH=LIIHUHUVHW]WZLUG
ZZZGDNRWDQGWFRP

GH

(5)$66(1(,1(60(66:(576
%(9256,(%(,11(1 ‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlWHLQ]XVFKDOWHQ 6FKOLHHQ6LHHLQHQ0HVVNRSIDP0HVVJHUlWDQ
$OOH(LQHOHPHQW0HVVN|SIHPLW9HU]|JHUXQJVOHLWXQJGLHGLUHNWXQWHQDQ HLQHP’DNRWD3&;0HVVJHUlWDQJHVFKORVVHQZHUGHQN|QQHQVLHKH $EVFKQLWW
0HVVN|SIH
DXI6HLWHGHVLQG
LQWHOOLJHQWH
0HVVN|SIH GLHDXWRPDWLVFKYRP0HVVJHUlWHUNDQQWZHUGHQ=XU9HUZHQGXQJYRQ
QLFKWLQWHOOLJHQWHQ
‘DNRWD1’7(LQHOHPHQW0HVVN|SIHQPLW 9HU]|JHUXQJVOHLWXQJRGHU0HVVN|SIHQDQGHUHU+HUVWHOOHULVWHLQ 0HVVNRSIDGDSWHUHUIRUGHUOLFKVLHKH$EVFKQLWW
0HVVNRSIDGDSWHU
DXI 6HLWHGH
:lKOHQ6LHGLH0HVVPHWKRGHVLHKH$EVFKQLWWDXI6HLWHGH
%HL9HUZHQGXQJGHV.XQVWVWRII0RGXV3/$6PXVVHLQH
UDSKLW 9HU]|JHUXQJVOHLWXQJDP0HVVNRSIDQJHEUDFKWZHUGHQGDGLHPLWMHGHP 0HVVNRSIJHOLHIHUWH$FUO6WDQGDUGYHU]|JHUXQJVOHLWXQJQLFKWJHHLJQHW LVWUDSKLW9HU]|JHUXQJVOHLWXQJHQVLQGDOVRSWLRQDOHV=XEHK|UHUKlOWOLFK VLHKH$EVFKQLWW
9HU]|JHUXQJVOHLWXQJHQ
DXI6HLWHGH
.DOLEULHUHQ6LHGDV0HVVJHUlWVLHKH$EVFKQLWWDXI6HLWHGH %HUHLWHQ6LHGLH3UIIOlFKHYRUVLHKH$QKDQJDXI6HLWHGH
0(66:(57(5)$6681
,067$1’$5’02’86 7UDJHQ6LHHLQHJHULQJH0HQJH.RSSHOPLWWHODXIGLH3UIIOlFKHDXI ‘UFNHQ6LHGHQ0HVVNRSILQGDV.RSSHOPLWWHOXQGDFKWHQ6LH
GDUDXIGDVVHUIODFKDXIOLHJW
(LQPlLJHUPLWGHP’DXPHQRGHU=HLJHILQJHUREHQDXIGHQ0HVVNRSI DXVJHEWHU’UXFNLVWDXVUHLFKHQG(VLVWOHGLJOLFKHUIRUGHUOLFKGHQ 0HVVNRSIIODFKLQ3RVLWLRQDXIGHU0DWHULDOREHUIOlFKH]XKDOWHQ
‘DV’LVSOD]HLJWHLQHQ:HUWGHUNRQWLQXLHUOLFKDNWXDOLVLHUWZLUG ‘DV0HVVJHUlWHUIDVVWHQWVSUHFKHQGGHUEHU0HQ(LQVWHOOXQJHQ 0HVVZHUW0HVVJHVFKZLQGLJNHLWJHWURIIHQHQ$XVZDKOGHV %HQXW]HUVRGHU0HVVZHUWHSUR6HNXQGH
‘LH6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP’LVSODYRP6WDELOLWlWVEDONHQ DQJH]HLJW(LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlWYRQPLQGHVWHQV :HQQZHQLJHUDOVIQI%DONHQDQJH]HLJWZHUGHQRGHUGLH=DKOHQZHUWHDXI GHP’LVSODIHKOHUKDIWHUVFKHLQHQYHUJHZLVVHUQ6LHVLFKGDVVHLQ DXVUHLFKHQGHU.RSSHOPLWWHOILOPXQWHUGHP0HVVNRSIYRUKDQGHQLVWXQG GHU0HVVNRSIIODFKDP0DWHULDODQOLHJW)DOOVGLHVHU=XVWDQGDQGDXHUW PXVVXQWHU8PVWlQGHQHLQDQGHUHU0HVVNRSI*U|HRGHU)UHTXHQ]IU GDV]XPHVVHQGH0DWHULDOJHZlKOWZHUGHQ
‘UFNHQ6LH
6LFKHUQ
XPGHQDNWXHOOHQ0HVVZHUWLP0HVVJHUlW RGHULP’/RJVSHLFKHUDE]XOHJHQXQGKHEHQ6LHGHQ0HVVNRSI YRQGHU2EHUIOlFKHDE

GH

ZZZGDNRWDQGWFRP

(5)$66(1(,1(60(66:(576)RUWVHW]XQJ
0(66:(57(5)$6681,06&$102’86 ‘HU6FDQPRGXVHUP|JOLFKWGDV(UIDVVHQYRQ0HVVZHUWHQDXI JURHQ)OlFKHQLQGHPGHU0HVVNRSIEHUGHQ]XSUIHQGHQ %HUHLFKJH]RJHQZLUG’DVHUlWHUIDVVW0HVVZHUWHPLWHLQHU )UHTXHQ]YRQ+]0HVVZHUWHSUR6HNXQGHXQGDP(QGH MHGHV6FDQYRUJDQJVZHUGHQGHUGXUFKVFKQLWWOLFKHQLHGULJVWHXQG K|FKVWH0HVVZHUWDQJH]HLJWXQGN|QQHQLP0HVVJHUlWRGHU ‘/RJVSHLFKHUDEJHOHJWZHUGHQ
$NWLYLHUHQ6LHµ6FDQ0RGXV¶EHU0HQ(LQVWHOOXQJHQ 0HVVZHUW6FDQ0RGXV
7UDJHQ6LHHLQHJHULQJH0HQJH.RSSHOPLWWHODXIGLH3UIIOlFKHDXI ‘UFNHQ6LHGHQ0HVVNRSILQGDV.RSSHOPLWWHOXQGDFKWHQ6LH
GDUDXIGDVVHUIODFKDXIOLHJW
(LQPlLJHUPLWGHP’DXPHQRGHU=HLJHILQJHUREHQDXIGHQ0HVVNRSI DXVJHEWHU’UXFNLVWDXVUHLFKHQG(VLVWOHGLJOLFKHUIRUGHUOLFKGHQ 0HVVNRSIIODFKLQ3RVLWLRQDXIGHU0DWHULDOREHUIOlFKH]XKDOWHQ
‘UFNHQ6LHµ6WDUW¶XPGHQ6FDQYRUJDQJ]XEHJLQQHQXQG IDKUHQ6LHPLWGHP0HVVNRSIEHUGLH3UIIOlFKH
‘DV’LVSOD]HLJWHLQHQ:HUWGHUNRQWLQXLHUOLFKDNWXDOLVLHUWZLUG
‘LH6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP’LVSODYRP6WDELOLWlWVEDONHQ DQJH]HLJW(LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlWYRQPLQGHVWHQV :HQQZHQLJHUDOVIQI%DONHQDQJH]HLJWZHUGHQRGHUGLH=DKOHQZHUWHDXI GHP’LVSODIHKOHUKDIWHUVFKHLQHQYHUJHZLVVHUQ6LHVLFKGDVVHLQ DXVUHLFKHQGHU.RSSHOPLWWHOILOPXQWHUGHP0HVVNRSIYRUKDQGHQLVWXQG GHU0HVVNRSIIODFKDP0DWHULDODQOLHJW)DOOVGLHVHU=XVWDQGDQGDXHUW PXVVXQWHU8PVWlQGHQHLQDQGHUHU0HVVNRSI*U|HRGHU)UHTXHQ]IU GDV]XPHVVHQGH0DWHULDOJHZlKOWZHUGHQ
‘UFNHQ6LHµ6WRSS¶XPGDV(UIDVVHQYRQ0HVVZHUWHQ]X EHHQGHQXQGGHQ6FDQYRUJDQJDE]XVFKOLHHQ
:HQQGHU6FDQYRUJDQJXQWHUEURFKHQZLUGZHLO]XP%HLVSLHO]XZHQLJ .RSSHOPLWWHOXQWHUGHP0HVVNRSIYRUKDQGHQLVWZLUGGHU6FDQYRUJDQJ DQJHKDOWHQELVHLQJXWHV6LJQDOHPSIDQJHQRGHUµ6WRSS¶JHGUFNWZLUG
‘HUQLHGULJVWHGXUFKVFKQLWWOLFKHXQGK|FKVWHJHVFDQQWH 0HVVZHUWZLUGDXIGHP%LOGVFKLUPDQJH]HLJW’UFNHQ6LH µ6LFKHUQ¶XPGLHJHVFDQQWHQ0HVVZHUWHLP0HVVJHUlWRGHU ‘/RJVSHLFKHUDE]XOHJHQ’UFNHQ6LHµ/|VFK¶XPGHQ OHW]WHQ6FDQ]XYHUZHUIHQXQGQHX]XVWDUWHQ
1HKPHQ6LHGHQ0HVVNRSIYRQGHU2EHUIOlFKHDE

ZZZGDNRWDQGWFRP

GH

$5%(,7(10,7’/2*
‘DV3&;’/NDQQ0HVVZHUWHLQELV]X’/RJV VSHLFKHUQ’LHIROJHQGHQ’/RJIXQNWLRQHQVWHKHQ]XU9HUIJXQJ

y ‘/RJ1HXHV’/RJ(UVWHOOWHLQQHXHV6HTXHQ]RGHU5DVWHUORV VLHKH$EVFKQLWWµ(UVWHOOHQHLQHVQHXHQ’/RJ¶
y ‘/RJ1HXHV’/RJ)HVWH’/RJJU|H’LHQW]XP 9RUGHILQLHUHQGHU$Q]DKOYRQ0HVVZHUWHQGLHLQHLQHP’/RJ JHVSHLFKHUWZHUGHQ’DV0HVVJHUlWPHOGHWGHP%HQXW]HUZHQQ GDV’/RJDEJHVFKORVVHQLVWXQGIUDJWREHLQDQGHUHV’/RJ JH|IIQHWZHUGHQVROO’LHVH’/RJVZHUGHQEHLGHUhEHUWUDJXQJ ]X’DN0DVWHU70PLWHLQDQGHUYHUNQSIW’LHVH)XQNWLRQLVWQXU EHLP$UEHLWHQPLW6HTXHQ]ORVHQYHUIJEDUVLHKH$EVFKQLWW
(UVWHOOHQHLQHVQHXHQ’/RJV

y ‘/RJVgIIQHYRUKDQGHQHV’/RJV’LHQW]XPgIIQHQHLQHV YRUKDQGHQHQ/RVHV
y ‘/RJV%HWUDFKWH’/RJVhEHUSUIHQGHU0HVVZHUWH 6WDWLVWLNHQ’/RJGDWHQ.DOLEULHUGDWHQUHQ]ZHUWGDWHQXQG HLQHVUDIHQDOOHU0HVVZHUWHVLHKH$EVFKQLWW
$Q]HLJHQYRQ ‘/RJGDWHQ
DXI6HLWHGH
y ‘/RJ.RSLHUH’/RJ.RSLHUWHLQ’/RJHLQVFKOLHOLFKGHU ‘/JNRSIGDWHQ.DOLEULHUXQGUHQ]ZHUWGDWHQ
y ‘/RJ%HDUEHLWH’/RJ’/RJXPEHQHQQHQ’LHQW]XP 8PEHQHQQHQHLQHVYRUKDQGHQHQ’/RJ
y ‘/RJ%HDUEHLWH’/RJ/|VFKH’/RJLQKDOW/|VFKWDOOH 0HVVZHUWHLQHLQHP’/RJDEHUQLFKWGLH/RVNRSIGDWHQ
y ‘/RJ%HDUEHLWH’/RJ’/RJ/|VFKHQ/|VFKWHLQ’/RJRGHU DOOH’/RJVYROOVWlQGLJDXVGHP0HVVJHUlW
y ‘/RJ/|VFKH’/RJLQKDOW/|VFKHQRKQH$Q]HLJH/|VFKW GHQOHW]WHQ0HVVZHUWYROOVWlQGLJ
y ‘/RJ/|VFKH’/RJLQKDOW/|VFKHQPLW$Q]HLJH/|VFKWGHQ OHW]WHQ0HVVZHUWXQGPDUNLHUWLKQLP’/RJVSHLFKHUDOVJHO|VFKW
(567(//(1(,1(61(8(1’/2
%HQXW]HUN|QQHQHLQ6HTXHQ]ORVRGHUHLQ5DVWHUORVHUVWHOOHQ

y 6HTXHQ]’/RJ0HVVZHUWHZHUGHQOLVWHQI|UPLJJHVSHLFKHUW y 5DVWHU’/RJ0HVVZHUWHZHUGHQHUIDVVWXQGLQHLQHP5DVWHU
E]Z7DEHOOHQIRUPDWJHVSHLFKHUW’HU%HQXW]HUGHILQLHUWHLQH $Q]DKOYRQ=HLOHQXQG6SDOWHQVRZLHGLH5LFKWXQJLQGHUGLH 0HVVGDWHQHUIDVVWXQGJHVSHLFKHUWZHUGHQ

GH

ZZZGDNRWDQGWFRP

$5%(,7(10,7’/2*)RUWVHW]XQJ
(UVWHOOHQHLQHVQHXHQ6HTXHQ]’/RJ ‘UFNHQ6LH’/RJ1HXHV’/RJ’/RJ7S 0DUNLHUHQ6LHµ)RUWODXIHQG¶PLWKLOIHGHU6RIWWDVWHQÏÐXQG
GUFNHQ6LHµ:lKOHQ¶

(UVWHOOHQHLQHVQHXHQ5DVWHUORVHV ‘UFNHQ6LH/RV1HXHV/RV/RV7S 0DUNLHUHQ6LHµ*LWWHUUDVWHU¶PLWKLOIHGHU6RIWWDVWHQÏÐXQG
GUFNHQ6LHµ:lKOHQ¶ 0DUNLHUHQ6LHµ%HZHJXQJVULFKWXQJ¶PLWKLOIHGHU6RIWWDVWHQÏÐ
XQGGUFNHQ6LHµ:lKOHQ¶XPXP]XVFKDOWHQ]ZLVFKHQEHU 6SDOWHQKLQZHJÎXQGLQ=HLOHQQDFKXQWHQÐ 0DUNLHUHQ6LHµ=DKOGHU=HLOHQ¶PLWKLOIHGHU6RIWWDVWHQÏÐ GUFNHQ6LHµ:lKOHQ¶JHEHQ6LHGLHPLWKLOIHGHU6RIWWDVWHQÏÐ GLHEHQ|WLJWH$Q]DKOYRQ=HLOHQHLQXQGGUFNHQ6LHGDQQµ2N¶ 0DUNLHUHQ6LHµ=DKOGHU6SDOWHQ¶PLWKLOIHGHU6RIWWDVWHQÏÐ GUFNHQ6LHµ:lKOHQ¶JHEHQ6LHGLHPLWKLOIHGHU6RIWWDVWHQÏÐ GLHEHQ|WLJWH$Q]DKOYRQ6SDOWHQHLQXQGGUFNHQ6LHGDQQµ2N¶
‘LHPD[LPDOYHUIJEDUH$Q]DKOYRQ6SDOWHQKlQJWYRQGHUJHZlKOWHQ $Q]DKOYRQ=HLOHQDEXQGXPJHNHKUW

%HLVSLHO
D %HZHJXQJVULFKWXQJ 4XHU $Q]DKO=HLOHQ $Q]DKO6SDOWHQ ‘HUHUVWH0HVVZHUWZLUGLQ=HOOH$GHU
]ZHLWHLQ$GHUGULWWHLQ$GHUYLHUWHLQ% JHVSHLFKHUWXVZ
E %HZHJXQJVULFKWXQJ $EZlUWV $Q]DKO=HLOHQ $Q]DKO6SDOWHQ ‘HUHUVWH0HVVZHUWZLUGLQ=HOOH$GHU
]ZHLWHLQ%GHUGULWWHLQ&GHUYLHUWHLQ$ JHVSHLFKHUWXVZ

Î
$ $ $ % % % & & &
Ð
$ $ $ % % % & & &

‘LH’/RJHLQVWHOOXQJHQZHUGHQLP’/RJNRSIJHVSHLFKHUWXQG

N|QQHQMHGHU]HLWPLW’/RJ%HWUDFKWH’/RJ’/RJ,QIRUPDWLRQ

DQJH]HLJWZHUGHQ

ZZZGDNRWDQGWFRP

GH

$5%(,7(10,7’/2)RUWVHW]XQJ
‘DV5DVWHUE]ZGLH7DEHOOHUHSUlVHQWLHUW GLH]XPHVVHQGH)OlFKHVRZLHGLH 3RVLWLRQDQGHUMHGHU0HVVZHUWHUIDVVW ZHUGHQVROO:HQQDQHLQHUEHVWLPPWHQ 3RVLWLRQDXVLUJHQGZHOFKHQ
UQGHQ]XP %HLVSLHOZHJHQHLQHV6WDKOWUlJHUVNHLQ 0HVVZHUWHUIDVVWZHUGHQNDQQNDQQGLH 6RIWWDVWH
+UGH
YHUZHQGHWZHUGHQ%HLP $EKHEHQGHV0HVVNRSIVYRQGHU 2EHUIOlFKHlQGHUWVLFKGLH6RIWWDVWH µ6LFKHUQ¶]X
+UGH
‘XUFK’UFNHQYRQ
+UGH
ZLUGDXIJH]HLFKQHWGDVVNHLQ 0HVVZHUWHUIDVVWZHUGHQNRQQWH
+LQZHLV’LH$Q]DKOGHU0HVVZHUWHLP’/RJEHLQKDOWHWGLHDOV
+UGH
DXIJH]HLFKQHWHQ0HVVZHUWH
+UGH
0HVVZHUWHZHUGHQMHGRFKQLFKWLQ GLHVWDWLVWLVFKHQ%HUHFKQXQJHQHLQEH]RJHQ
$1=(,(1921’/2’$7(1
‘/267$7,67,.(1’/RJ%HWUDFKWH’/RJ6WDWLVWLN =HLJWGLHIROJHQGHQ6WDWLVWLNGDWHQIUGDV’/RJDQ
y $Q]DKOGHU0HVVZHUWHLP’/RJQ y ‘XUFKVFKQLWWOLFKHU0HVVZHUWIU GDV’/RJ; y 1LHGULJVWHU0HVVZHUWLP’/RJ/R y +|FKVWHU0HVVZHUWLP’/RJ+L y 1HQQZHUW[ y %HUHLFKGLH’LIIHUHQ] ]ZLVFKHQGHPK|FKVWHQXQG QLHGULJVWHQ0HVVZHUWLP’/RJ y 6WDQGDUGDEZHLFKXQJi y 8QWHUHU
UHQ]ZHUWVRIHUQIHVWJHOHJWXQGGLH$Q]DKOGHU 0HVVZHUWHGLHXQWHUGHPXQWHUHQUHQ]ZHUWOLHJHQ y 2EHUHUUHQ]ZHUWVRIHUQIHVWJHOHJWXQGGLH$Q]DKOGHU 0HVVZHUWHGLHEHUGHPREHUHQ*UHQ]ZHUWOLHJHQ

GH

ZZZGDNRWDQGWFRP

$1=(,(1921’/2’$7(1)RUWVHW]XQJ
‘/2*0(66:(57(‘/RJ%HWUDFKWH’/RJ0HVVZHUWH
=HLJWGHQ0HVVZHUW]XVDPPHQPLWGHU’DWXPV XQG=HLWVLJQDWXUIUMHGHQ0HVVZHUWLP’/RJ VRZLHGLH=HOOHQUHIHUHQ]$%XVZEHLGHU GHU0HVVZHUWHUIDVVWZXUGHQXUIU 5DVWHU’/RJDQ
‘UFNHQ6LHGLHÏÐ6RIWWDVWHQXPGLH 0HVVZHUWH]XGXUFKODXIHQXQGÎXP]XP QlFKVWHQ%LOGVFKLUP]XJHKHQ

0HVVZHUWHGLHDXHUKDOEHWZDLJHUIUGDV ‘/RJDNWLYLHUWHUUHQ]ZHUWHOLHJHQZHUGHQ ]XVDPPHQPLWGHPHQWVSUHFKHQGHQ UHQ]ZHUWVPEROOLQNVQHEHQGHP0HVVZHUWURW DQJH]HLJWZHQQGHU0HVVZHUWXQWHUGHP UHQ]ZHUWOLHJWXQGZHQQHUEHUGHP UHQ]ZHUWOLHJW
‘/2’,$5$00 ‘/RJ%HWUDFKWH’/RJ’/RJ*UDILN
(UP|JOLFKWGDV%HWUDFKWHQGHULP’/RJ HQWKDOWHQHQ0HVVZHUWHLQ)RUPHLQHV 6lXOHQGLDJUDPPV(VZHUGHQELV]XIQI KRUL]RQWDOH$FKVHQDQJH]HLJWGLHGLHIROJHQGHQ :HUWH6WDWLVWLNHQUHSUlVHQWLHUHQ

y +|FKVWHU0HVVZHUWLP’/RJH+L y 1LHGULJVWHU0HVVZHUWLP’/RJH/R y ‘XUFKVFKQLWWOLFKHU0HVVZHUWIUGDV’/RJH; y 8QWHUHUUHQ]ZHUWVRIHUQIHVWJHOHJWXQGDNWLYLHUW y 2EHUHUUHQ]ZHUWVRIHUQIHVWJHOHJWXQGDNWLYLHUW

:HQQNHLQHUHQ]ZHUWHIHVWJHOHJWXQGDNWLYLHUWZXUGHQZHUGHQGLH 0HVVZHUWHDOVZHLHYHUWLNDOH%DONHQDQJH]HLJW:HQQUHQ]ZHUWHIHVWJHOHJW XQGDNWLYLHUWZXUGHQZHUGHQLQQHUKDOEGHUUHQ]ZHUWHOLHJHQGH0HVVZHUWH DOVZHLH%DONHQXQGDXHUKDOEGHUUHQ]ZHUWHOLHJHQGH0HVVZHUWHDOVURWH %DONHQDQJH]HLJW

:HQQGDV’/RJPHKU0HVVZHUWHHQWKlOWDOVDXIHLQHP%LOGVFKLUPDQJH]HLJW ZHUGHQN|QQHQZHUGHQPHKUHUH0HVVZHUWHLQHLQHP%DONHQ ]XVDPPHQJHIDVVW)DOOVHLQHLQ]HOQHU0HVVZHUWLQQHUKDOEGHV
]XVDPPHQJHIDVVWHQ%DONHQV
DXHUKDOEGHUIHVWJHOHJWHQ*UHQ]ZHUWHOLHJW ZLUGGHUJHVDPWH%DONHQURWDQJH]HLJW

H)U’/RJPLWPHKUDOVHLQHP0HVVZHUW
ZZZGDNRWDQGWFRP

GH

$1=(,(1921’/2’$7(1)RUWVHW]XQJ
‘XUFK’UFNHQGHU6RIWWDVWH
=RRP
NDQQMHGHUHLQ]HOQH0HVVZHUWDQJH]HLJW ZHUGHQZREHLGLHHLQ]HOQHQDXHUKDOE GHUIHVWJHOHJWHQ*UHQ]ZHUWHOLHJHQGHQ 0HVVZHUWHHUNHQQEDUVLQG
%HLP(LQ]RRPHQ]HLJWGDV’LDJUDPP LPPHUGLHHUVWHQ0HVVZHUWH’XUFK ‘UFNHQGHUÍ6RIWWDVWHZHUGHQGLH OHW]WHQ0HVVZHUWHLP’/RJ DQJH]HLJW
‘XUFKZLHGHUKROWHV’UFNHQGHUÍ 6RIWWDVWHZHUGHQGLH0HVVZHUWH UFNZlUWVGXUFKODXIHQXQGGXUFK ‘UFNHQGHUÎ6RIWWDVWHZHUGHQVLH MHZHLOVXP0HVVZHUWHYRUZlUWV GXUFKODXIHQ
‘XUFK’UFNHQGHU6RIWWDVWH
=RRP
ZLUGZLHGHU]XP XUVSUQJOLFKHQhEHUVLFKWVGLDJUDPPXPJHVFKDOWHWGDVDOOH 0HVVZHUWHLP’/RJ]HLJW
‘XUFK’UFNHQGHU6RIWWDVWH
=XUFN
ZLUGGDV0HQ’/RJ %HWUDFKWH’/RJDQJH]HLJW

GH

ZZZGDNRWDQGWFRP

GH

ZZZGDNRWDQGWFRP

UHQ]Z6SHLFKHUHUVWHOOHQ UHQ]Z6SHLFKHUQQ
2EHUHUUHQ]ZHUW 8QWHUHUUHQ]ZHUW (LQVW1RPLQDOZHUW UHQ]Z6SHLFKHUXPEHQHQQHQQQ UHQ]Z6SHLFKHUVSHLFKHUQQQ
UHQ]Z6SHLFKHUEHDUEHLWHQ UHQ]Z6SHLFKHUlQGHUQ UHQ]Z6SHLFKHUXPEHQHQQHQ UHQ]Z6SHLFKHUO|VFKHQ

2EHUH’LVSODKlOIWH .HLQH $XVJHZlKOWH6WDWLVWLN

0HVVZHUWH

%6FDQ

0HVVZHUWH ‘LDJUDPP

0HVVZHUWH %DONHQJUDILN

0HVVZHUW $EZHLFKXQJ

8QWHUH’LVSODKlOIWH

.HLQH

$XVJHZlKOWH6WDWLVWLN

0HVVZHUWH

%6FDQ

0HVVZHUWH ‘LDJUDPP

0HVVZHUWH %DONHQJUDILN

0HVVZHUW $EZHLFKXQJ

%6FDQ6NDOLHUXQJ %6FDQ$QIDQJ %6FDQ’LFNH

6WDWLVWLN$XVZlKOHQ

$Q]DKOGHU0HVVXQJHQ

0LWWHOZHUW

.OHLQVWHU0HVVZHUW

+|FKVWHU0HVVZHUW

6WDQGDUGDEZHLFKXQJ 8QWHUHUUHQ]ZHUW $Q]DKOUHQ]ZHUW 2EHUHUUHQ]ZHUW $Q]DKO!UHQ]ZHUW %HUHLFK 1HQQZHUW

UHQ]ZHUWVSHLFKHU UHQ]Z6SHLFKHUZlKOHQ UHQ]Z6SHLFKHUHUVWHOOHQ UHQ]Z6SHLFKHUEHDUEHLWHQ
(LQVWHOOXQJHQ’LVSOD 2EHUH’LVSODKlOIWH 8QWHUH’LVSODKlOIWH %6FDQ6NDOLHUXQJ
6WDWLVWLN 6WDWLVWLN/|VFKHQ 6WDWLVWLN$Q]HLJHQ =HLJH$OOH:HUWH 6WDWLVWLN$XVZlKOHQ

0HQ /HW]WHQ0HVVZHUWO|VFKHQ” .DOLEULHUXQJ (LQVWHOOXQJHQ UHQ]ZHUWVSHLFKHU %OXHWRRWK ,QIRV 5HVHW 1RWOHXFKWH
‘LVSOD 6WDWLVWLN/|VFKHQ (LQVWHOOXQJHQ’LVSOD ‘/RJ
UDILN 6WDWLVWLN ‘LVSOD,QIRUPDWLRQ
‘/RJ )UHLHU6SHLFKHU[[[ 1HXHV’/RJ gIIQHYRUKDQGHQHV’/RJ ‘/RJ0RGXVYHUODVVHQ %HDUEHLWH’/RJ .RSLHUH’/RJ %HWUDFKWH’/RJ /|VFKH/RVLQKDOW

ZREHL
QQ
IUGLH,QGH[QXPPHUGHV*UHQ]ZHUWHVWHKW

.DOLEULHUXQJ

.DOLEULHUHQ

.DOLEULHUPHWKRGH

.DOLEULHUVSHLFKHUQ

:HUNVNDOLEULHUXQJ

.DOLEULHUXQJWHVWHQ

.DOL

Read User Manual Online (PDF format)

Read User Manual Online (PDF format)  >>

Download This Manual (PDF format)

Download this manual  >>

ABQINDUSTRIAL User Manuals

Related Manuals