)250 12 5(9 % DQG 3RZHU 6KLIWX 6QRZWKURZHUV 0RGHO 1R 0RGHO 1R 8S 8S DQG 3RZHU 6KLIWX 'pQHLJHXVHV j FRQYHUVLRQ 0RGqOH 1R HW VXLYDQWV 0RGqOH 1R HW VXLYDQWV 2SHUDWRU·V 0DQXDO 0DQXHO GH O·8WLOLVDWHXU
)LJXUHV (QJOLVK 0RGHO DQG VHULDO QXPEHU GHFDO )UDQoDLV 'pFDOFRPDQLH GH QXPpURV GH PRGqOH HW GH VpULH (QJOLVK /RZHU EHOW FRYHU VKRZQ IURP ERWWRP 0RXQWLQJ WDEV )ODQJH KHDG FDSVFUHZ )UDQoDLV 3URWqJH FRXUURLH LQIpULHXUH YX GH GHVVRXV 3DWWHV GH PRQWDJH %RXORQ j WrWH j FROOHUHWWH (QJOLVK $XJHU KRXVLQJ (QJLQH IUDPH ,PSHOOHU SXOOH\ ,GOHU SXOOH\ DVVHPEO\ 0RXQWLQJ VFUHZV )UDQoDLV &DUpQDJH GH OD WDULqUH &KkVV
(QJOLVK 8SSHU EHOW FRYHU &DEOH FRYHU )ODQJH KHDG FDSVFUHZ (QJOLVK )UDQoDLV 3URWqJH FRXUURLH VXSHULHXUH 3URWqJH FkEOH %RXORQ j WrWH j FROOHUHWWH 6KLIW URG %DOO MRLQW 6KLIW EUDFNHW 7UDQVPLVVLRQ OHYHU /RFNQXW -DP QXW *HDU VKLIW OHYHU 3RZHU 6KLIW VORW )UDQoDLV 7LJH GH FRQYHUVLRQ -RLQW VSKpULTXH 6XSSRUW GH FRQYHUVLRQ /HYLHU GH FRQYHUVLRQ eFURX GH EORFDJH &RQWUH pFURX /HYLHU GH FKDQJHPHQ
(QJOLVK *HDU EUDFNHW &DUULDJH EROW IODW ZDVKHU ORFNQXW :RUP JHDU &KXWH JHDU URG 0RXQWLQJ IODQJH )UDQoDLV 6XSSRUW GH O·HQJUDQDJH %RXORQ VSpFLDO URQGHOOH SODWH HW pFURX GH EORFDJH 9LV VDQV ILQ 7LJH G·HQJUHQDJH GH JRXORWWH )ODVTXH GH IL[DWLRQ (QJOLVK 'LVFKDUJH FKXWH 3ODVWLF FKXWH UHWDLQHU &KXWH UHWDLQHU SODWH &KXWH ULQJ )UDQoDLV *RXORWWH G·pMHFWLRQ &DOH GH JRXORWWH HQ SODVWLTXH 3ODTXH GH UHWHQXH GH JRXOR
(QJOLVK )ODQJH EROWV 6NLG )ODW ZDVKHUV (QJOLVK 3LSH SOXJ )UDQoDLV /RFNQXW 6LGHSODWH 2EWXUDWHXU GH WX\DX )UDQoDLV %RXORQV j FROOHUHWWH 3DWLQ 5RQGHOOHV SODWHV eFURX GH EORFDJH 3DQQHDX ODWpUDO (QJOLVK 'LSVWLFN )LOOHU KROH )XHO WDQN FDS )UDQoDLV -DXJH 2ULILFH GH UHPSOLVVDJH %RXFKRQ GX UpVHUYRLU G·HVVHQFH LY
(QJOLVK (QJOLVK $XJHU LPSHOOHU FRQWURO 7UDFWLRQ GULYH FRQWURO 6SHHG VKLIW FRQWURO ,JQLWLRQ VZLWFK 'LVFKDUJH FKXWH FRQWURO )XHO VKXW RII YDOYH +RVH FODPS )XHO OLQH )UDQoDLV 9DOYH G·DUUrW GH FDUEXUDQW &ROOLHU GH VHUUDJH 7X\DX GH FDUEXUDQW )UDQoDLV &RPPDQGH GH WDULqUH URXH KpOLFH &RPPDQGH G·HQWUDvQHPHQW GH WUDFWLRQ &RPPDQGH GH FKDQJHPHQW GH YLWHVVH &RQWDFWHXU G·DOOXPDJH &RPPDQGH GH JRXORWWH G·pMHFWLRQ
(QJOLVK 5HFRLO VWDUWHU )UDQoDLV 'pPDUUHXU j FRUGRQ (QJOLVK $[OH SLQ ,QQHU D[OH KROH 2XWHU D[OH KROH DQG ZKHHO KXE )UDQoDLV &KHYLOOH G·HVVLHX 7URX LQWpULHXU GH O·HVVLHX HW PR\HX 7URX H[WpULHXU GH O·HVVLHX YL
(QJOLVK +HDGOLJKW /RFNQXW %XWWRQ VZLWFK )UDQoDLV 3KDUH eFURX GH EORFDJH (QJOLVK ,QWHUUXSWHXU j SRXVVRLU 'UDLQ FDS )UDQoDLV %RXFKRQ GH YLGDQJH (QJOLVK 'ULYH FKDLQ )UDQoDLV &KDvQH G·HQWUDvQHPHQW (QJOLVK )HHOHU JDXJH &HQWHU RI VSULQJ )UDQoDLV &DOH G·pSDLVVHXU YLL 5HVVRUW
(QJOLVK $XJHU LPSHOOHU FDEOH RXWHU FDEOH 7UDFWLRQ FDEOH LQQHU FDEOH (QJOLVK 0RXQWLQJ EUDFNHW -DP QXW ,GOHU SXOOH\ DVVHPEO\ )ODQJH KHDG FDSVFUHZV &DSVFUHZ ORFNZDVKHU +DOI VKHDYH )UDQoDLV &kEOH GH WDULqUH URXH j KpOLFH FkEOH H[WpULHXU &kEOH GH WUDFWLRQ FkEOH LQWpULHXU 6XSSRUW GH IL[DWLRQ &RQWUH pFURX $XJHU LPSHOOHU EHOW 7UDFWLRQ EHOW 0LGGOH SXOOH\ VHFWLRQ ,GOHU SXOOH\ )UDQoDLV (QVHPEOH GH SRXOLH
(QJOLVK 7UDQVPLVVLRQ 7UDQVPLVVLRQ IUDPH )UDQoDLV 7UDQVPLVVLRQ &KkVVLV GH WUDQVPLVVLRQ (QJOLVK &DUEXUHWRU KHDWHU ER[ 0XIIOHU JXDUG 3KLOOLSV VFUHZ %RvWH GH FKDXIIDJH *DUGH GX VLOHQFLHX[ 9LV SKLOOLSV (QJOLVK )ODQJH KHDG FDSVFUHZV +H[ KHDG VFUHZ )UDQoDLV )UDQoDLV L[ 9LV j WrWH KH[DJRQDOH eWUDQJOHXU )LO GH ERXJLH %RXORQV j WrWH j FROOHUHWWH +H[ KHDG VFUHZ &KRNH NQRE 6SDUN SOXJ ZLUH )UDQoDL
µ PP (QJOLVK 3RZHU DGMXVWLQJ VFUHZ ,GOH PL[WXUH VFUHZ ,GOH VSHHG VFUHZ )UDQoDLV 9LV GH UpJODJH GH SXLVVDQFH (QULFKLVVHXU GH UDOHQWL 9LV GH UpJODJH GX UDOHQWL [
&RQWHQWV ,QWURGXFWLRQ 6DIHW\ %HIRUH 2SHUDWLQJ :KLOH 2SHUDWLQJ 0DLQWDLQLQJ 6QRZWKURZHU 6RXQG 3UHVVXUH /HYHO 6RXQG 3RZHU /HYHO 9LEUDWLRQ /HYHO 6\PERO *ORVVDU\
'$1*(5 :$51,1* DQG &$87,21 DUH VLJQDO ZRUGV XVHG WR LGHQWLI\ WKH OHYHO RI KD]DUG +RZHYHU UHJDUGOHVV RI WKH KD]DUG EH H[WUHPHO\ FDUHIXO '$1*(5 VLJQDOV DQ H[WUHPH KD]DUG WKDW ZLOO FDXVH VHULRXV LQMXU\ RU GHDWK LI WKH UHFRPPHQGHG SUHFDXWLRQV DUH QRW IROORZHG :$51,1* VLJQDOV D KD]DUG WKDW PD\ FDXVH VHULRXV LQMXU\ RU GHDWK LI WKH UHFRPPHQGHG SUHFDXWLRQV DUH QRW IROORZHG %HIRUH 2SHUDWLQJ 5HDG DQG XQGHUVWDQG WKH FRQWHQWV RI WKLV PDQXDO EHIRUH RSHUDWLQJ WKH VQRZWKURZHU %HFRPH IDPLOLDU ZLWK DOO FRQWUROV
& 2SHQ GRRUV LI HQJLQH ZLOO EH VWDUWHG LQ WKH JDUDJH EHFDXVH H[KDXVW IXPHV DUH GDQJHURXV DQG FRXOG SRVVLEO\ EH GHDGO\ 'R QRW UXQ HQJLQH LQGRRUV ' :LSH XS DQ\ VSLOOHG JDVROLQH 5HLQVWDOO JDVROLQH FRQWDLQHU FDS DQG VQRZWKURZHU IXHO WDQN FDS VHFXUHO\ EHIRUH VWDUWLQJ WKH HQJLQH :KLOH 2SHUDWLQJ 527$7,1* ,03(//(5 25 $8*(5 &$1 &87 2)) 25 ,1-85( ),1*(56 25 +$1'6 67$< %(+,1' 7+( +$1'/(6 $1' $:$< )520 ',6&+$5*( 23(1,1* :+,/( 23(5$7,1* 7+( 612:7+52:(5 .
0DLQWDLQLQJ 6QRZWKURZHU 3HUIRUP RQO\ WKRVH PDLQWHQDQFH LQVWUXFWLRQV GHVFULEHG LQ WKLV PDQXDO 6KXW HQJLQH RII EHIRUH SHUIRUPLQJ DQ\ PDLQWHQDQFH VHUYLFH RU DGMXVWPHQW $GGLWLRQDOO\ SXOO ZLUH RII VSDUN SOXJ DQG NHHS ZLUH DZD\ IURP SOXJ WR SUHYHQW DFFLGHQWDO VWDUWLQJ ,I PDMRU UHSDLUV DUH HYHU QHHGHG FRQWDFW \RXU ORFDO $XWKRUL]HG 7252 6HUYLFH 'HDOHU IRU DVVLVWDQFH JHQXLQH 7252 UHSODFHPHQW SDUWV DQG DFFHVVRULHV WR NHHS WKH 7252 DOO 7252 1(9(5 86( ´:,// ),7µ 5(3/$&(0(17 3$576 $1' $&&(6625,(6 )RU VD
%()25( 23(5$7,1* 5HDG DQG XQGHUVWDQG WKH FRQWHQWV RI WKLV PDQXDO EHIRUH RSHUDWLQJ WKH VQRZWKURZHU %HFRPH IDPLOLDU ZLWK DOO FRQWUROV DQG NQRZ KRZ WR VWRS WKH HQJLQH TXLFNO\ &$87,21 ,03523(5 86( 0$< 5(68/7 ,1 /266 2) ),1*(56 +$1'6 25 )((7 +,*+ 63((' ,03(//(5 :,7+,1 ,1&+(6 2) 23(1,1* 23(5$725·6 326,7,21 /2: 63((' $8*(5 +$6 029,1* 3,1&+ 32,17 &/26( 72 23(1,1* *%
6\PERO *ORVVDU\ 6DIHW\ DOHUW WULDQJOH ³ V\PERO ZLWKLQ WULDQJOH LQGLFDWHV D KD]DUG 'R QRW RSHQ RU UHPRYH VDIHW\ VKLHOGV ZKLOH HQJLQH LV UXQQLQJ 6DIHW\ DOHUW V\PERO 6WD\ D VDIH GLVWDQFH IURP WKH PDFKLQH 5HDG RSHUDWRU·V PDQXDO 6WD\ D VDIH GLVWDQFH IURP WKH PDFKLQH VLQJOH VWDJH VQRZWKURZHU &RQVXOW WHFKQLFDO PDQXDO IRU SURSHU VHUYLFH SURFHGXUHV 6WD\ D VDIH GLVWDQFH IURP WKH PDFKLQH WZR VWDJH VQRZWKURZHU 6KXW RII HQJLQH DQG UHPRYH NH\ EHIRUH SHUIRUPLQJ PDLQWHQDQFH RU UHSDLU ZRUN 7KURZQ RU IO\LQJ RE
6HYHULQJ RI ILQJHUV RU KDQG LPSHOOHU EODGH (OHFWULF VWDUW +RW VXUIDFHV EXUQV WR ILQJHUV RU KDQGV 0DFKLQH ORVV RI FRQWURO XSKLOO VORSH &DXVWLF OLTXLGV FKHPLFDO EXUQV WR ILQJHUV RU KDQGV 0DFKLQH ORVV RI FRQWURO GRZQKLOO VORSH 'R QRW WLS EDWWHU\ 7UDFWLRQ GULYH .HHS GU\ 6QRZWKURZHU FROOHFWRU DXJHU 0DFKLQH WUDYHO GLUHFWLRQ IRUZDUG (QJDJH 0DFKLQH WUDYHO GLUHFWLRQ UHDUZDUG 'LVHQJDJH *%
2Q VWDUW &KRNH 2II VWRS (QJLQH VSHHG 7KURWWOH )DVW 1HXWUDO 6ORZ 6QRZWKURZHU FROOHFWRU DXJHU 'HFUHDVLQJ ,QFUHDVLQJ /RFN (QJLQH VWDUW 8QORFN (QJLQH VWRS /HYHU RSHUDWLRQ 6QRZWKURZHU FKXWH GLUHFWLRQ /HYHU RSHUDWLRQ *%
3ULPHU VWDUW DLG 8QOHDGHG IXHO 3ULPHU RSHUDWLRQ &XWWLQJ RI ILQJHUV RU KDQG 7KURWWOH RSHUDWLRQ &XWWLQJ RI IRRW 3RZHU6KLIW RSHUDWLRQ %HOW URXWLQJ *%
/RRVH 3DUWV 3DUW 4W\ 8VH )ODQJH KHDG FDSVFUHZ ³ [ µ OJ /RZHU EHOW FRYHU )ODQJH KHDG FDSVFUHZ ³ [ µ OJ &DEOH FRYHU 6KLIW URG /RFNQXW³ 'LVFKDUJH FKXWH :RUP JHDU *HDU EUDFNHW &DUULDJH EROW³ [ µ OJ )ODW ZDVKHU /RFNQXW³ 6NLG )ODQJH KHDG FDSVFUHZ³ [ µ OJ )ODW ZDVKHU /RFNQXW³ .H\ 8VH LQ ,JQLWLRQ 6ZLWFK 5HJLVWUDWLRQ FDUG 8VH WR UHJLVWHU SURGXFW ZLWK IDFWRU\ 0RXQW $XJHU +RXVLQJ +RXVLQ
$VVHPEO\ 1RWH 'HWHUPLQH OHIW DQG ULJKW VLGHV RI VQRZWKURZHU E\ VWDQGLQJ LQ WKH QRUPDO RSHUDWLQJ SRVLWLRQ 1RWH ,QVHUW ERWWRP EDOO MRLQW VWXG WKURXJK ULJKW VLGH RI WUDQVPLVVLRQ OHYHU DQG VHFXUH ZLWK ORFNQXW 6KLIW LQWR QG JHDU DQG FKHFN VKLIW URG DOLJQPHQW ZLWK 3RZHU 6KLIW VORW 0RXQW $XJHU +RXVLQJ 5HPRYH IODQJH KHDG FDSVFUHZV VHFXULQJ LGOHU SXOOH\ DVVHPEO\ WR HQJLQH IUDPH 5HPRYH LGOHU SXOOH\ DVVHPEO\ $OLJQ DXJHU KRXVLQJ DQG HQJLQH IUDPH PRXQWLQJ KROHV )LJ 5RXWH L
3RVLWLRQ ZRUP JHDU LQWR EUDFNHW DOLJQ KROHV DQG LQVHUW FKXWH JHDU URG WKURXJK EUDFNHW DQG JHDU /RRVHO\ PRXQW ZRUP JHDU DQG EUDFNHW WR PRXQWLQJ IODQJH ZLWK FDUULDJH EROW IODW ZDVKHU DQG ORFNQXW 6XSSRUW WKH VFUDSHU WR EH LQFK DERYH D OHYHO VXUIDFH LI WKH VQRZWKURZHU LV WR EH XVHG RQ VPRRWK SDYHPHQW 1RWH &KHFN RSHUDWLRQ 0RYH JHDU VOLJKWO\ RXWZDUG LI ELQGLQJ LV HYLGHQW ,03257$17 &KHFN SUHVVXUH RI WLUHV EHFDXVH WKH\ DUH RYHU LQIODWHG DW WKH IDFWRU\ IRU VKLSSLQJ 7KHUHIRUH EH
RSHUDWLRQ WKHUHDIWHU XQGHU QRUPDO FRQGLWLRQV FKDQJH RLO DIWHU HYHU\ KRXUV RI RSHUDWLRQ RU DQQXDOO\ ZKLFKHYHU FRPHV ILUVW 0RYH XQLW WR D OHYHO VXUIDFH WR HQVXUH DQ DFFXUDWH RLO OHYHO UHDGLQJ &OHDQ DUHD DURXQG GLSVWLFN WR SUHYHQW IRUHLJQ PDWWHU IURP HQWHULQJ ILOOHU KROH ZKHQ GLSVWLFN LV UHPRYHG 5HPRYH GLSVWLFN IURP FUDQNFDVH )LJ 6ORZO\ SRXU 6$( : RU 6$( RLO LQWR WKH ILOOHU KROH XVLQJ WKH ILOOHU FKDUW EHORZ 7KH HQJLQH XVHV DQ\ KLJK TXDOLW\ GHWHUJHQW RLO KDYLQJ WKH $P
VWRUDJH VHDVRQV 7RUR 6WDELOL]HU &RQGLWLRQHU FOHDQV WKH HQJLQH GXULQJ RSHUDWLRQ DQG SUHYHQWV JXP OLNH YDUQLVK GHSRVLWV IURP IRUPLQJ LQ WKH HQJLQH GXULQJ SHULRGV RI VWRUDJH '2 127 86( )8(/ $'',7,9(6 27+(5 7+$1 7+26( 0$18)$&785(' )25 )8(/ 67$%,/,=$7,21 '85,1* 6725$*( 68&+ $6 7252·6 67$%,/,=(5 &21',7,21(5 25 $ 6,0,/$5 352'8&7 7252·6 67$%,/,=(5 &21',7,21(5 ,6 $ 3(752/(80 ',67,//$7( %$6(' &21',7,21(5 67$%,/,=(5 7252 '2(6 127 5(&200(1' 67$%,/,=(56 :,7+ $1 $/&2+2/ %$6( 68&+ $6 (7+$12/ 0(7+$12/ 25 ,623523
6WDUWLQJ 6WRSSLQJ (QJLQH %HIRUH 6WRSSLQJ 6WDUWLQJ (QJDJH DXJHU WR FOHDU DQ\ UHPDLQLQJ VQRZ IURP LQVLGH WKH KRXVLQJ 5XQ HQJLQH IRU D IHZ PLQXWHV WR KHOS GU\ RII DQ\ PRLVWXUH ZKLFK PD\ KDYH DFFXPXODWHG RQ HQJLQH :LWK HQJLQH UXQQLQJ SXOO UHFRLO VWDUWHU ZLWK D UDSLG FRQWLQXRXV IXOO DUP VWURNH WKUHH RU IRXU WLPHV 7KLV KHOSV SUHYHQW SRVVLEOH IUHH]H XS RI UHFRLO VWDUWHU GXH WR H[WUHPH VQRZ EORZLQJ FRQGLWLRQV ,03257$17 &KHFN DXJHU DQG LPSHOOHU WR HQVXUH WKDW ERWK SDUWV DUH QRW IUR]HQ EXW I
1RWH :KHQ SRZHU VKLIWLQJ LW PD\ EH QHFHVVDU\ WR VOLJKWO\ UDLVH KDQGOH WR DVVLVW ZKHHO PRYHPHQW 1RWH 7R VKLIW ZKHHOV PDQXDOO\ LI HQJLQH LV QRW UXQQLQJ IROORZ VWHSV DQG DQG WKHQ OLIW XS RQ KDQGOHV WR XQORFN ZKHHOV 1RWH ,I ZKHHOV GR QRW PRYH LQ GHVLUHG GLUHFWLRQ ZKHQ SRZHU VKLIWLQJ UHSHDW SURFHGXUH )UHH :KHHOLQJ 2U 6HOI SURSHOOHG 'ULYH 7KH VQRZWKURZHU FDQ EH IUHH ZKHHOHG RU HQJDJHG IRU VHOI SURSHOOHG RSHUDWLRQ 7KHUH DUH WZR KROHV LQ HDFK HQG RI WKH D[OH :KHQ D[OH SLQV DUH WKUX RXWHU D[OH KR
327(17,$/ +$=$5' 5RWDWLQJ LPSHOOHU RU DXJHU FDQ FDXVH LQMXU\ 6XSSRUW WKH DXJHU EODGHV VR WKDW WKH DXJHU LV LQFK RII WKH JURXQG 0RYH WKH VFUDSHU VR WKDW LW FRQWDFWV WKH IODW VXUIDFH DOO WKH ZD\ DFURVV WKHQ WLJKWHQ WKH WZR UHDU IODQJHG FDS VFUHZV VHFXULQJ VFUDSHU DQG VNLGV WR WKH VLGH SODWHV 7KLV WHPSRUDULO\ ORFNV WKH VFUDSHU LQ WKH SURSHU SRVLWLRQ VR WKDW WKH UHPDLQGHU RI WKH IDVWHQHUV FDQ EH WLJKWHQHG ZLWKRXW DIIHFWLQJ DGMXVWPHQW 6HFXUH WKH VFUDSHU XVLQJ FDUULDJH EROWV DQG Q\
0RYH WKH VNLGV GRZQ WR VLW IODW RQ WKH JURXQG DQG WLJKWHQ WKH IODQJH EROWV VHFXULQJ ERWK VNLGV WR WKH DXJHU VLGH SODWHV 0DLQWHQDQFH )RU *UDYHO 6XUIDFHV 327(17,$/ +$=$5' ,I \RX OHDYH WKH ZLUH RQ WKH VSDUN SOXJ VRPHRQH FRXOG VWDUW WKH HQJLQH )RU JUDYHO RU FUXVKHG URFN VXUIDFHV DGMXVW WKH VNLGV WR SUHYHQW SLFNLQJ XS URFNV 3XOO ZLUH RII VSDUN SOXJ DQG PDNH VXUH ZLUH GRHV QRW FRQWDFW SOXJ DFFLGHQWDOO\ :+$7 &$1 +$33(1 $FFLGHQWDO VWDUWLQJ RI HQJLQH FRXOG VHULRXVO\ LQMXUH \RX RU RWKHU E\VWD
2SHQ YDOYH DOORZLQJ IXHO WR IORZ LQWR GUDLQ SDQ 5HLQVWDOO IXHO OLQH DQG VHFXUH ZLWK KRVH FODPS &KHFN OHYHO RI RLO LQ JHDU ER[ 2LO PXVW EH DW SRLQW RI RYHUIORZLQJ LQ ILOOHU RSHQLQJ ,I OHYHO RI RLO LV ORZ DGG */ RU */ 6$( (3 WUDQVPLVVLRQ RLO WR WKH JHDU ER[ XQWLO SRLQW RI RYHUIORZ /XEULFDWLQJ 6QRZWKURZHU $QQXDOO\ OXEULFDWH GULYH FKDLQ ZLWK FKDLQ OXEULFDQW )LJ :LSH XS DQ\ H[FHVV RLO &KDQJLQJ &UDQNFDVH 2LO ,QLWLDOO\ FKDQJH RLO DIWHU WKH ILUVW KRXUV RI HQJLQH RS
327(17,$/ +$=$5' ,PSURSHU DGMXVWPHQW PD\ FDXVH LQMXU\ LI DXJHU LPSHOOHU WXUQV ZKHQ GLVHQJDJHG :+$7 &$1 +$33(1 5RWDWLQJ LPSHOOHU RU DXJHU FDQ FXW RII RU LQMXUH ILQJHUV RU KDQGV +2: 72 $92,' 7+( +$=$5' .HHS IDFH KDQGV IHHW DQG DQ\ RWKHU SDUW RI \RXU ERG\ RU FORWKLQJ DZD\ IURP FRQFHDOHG PRYLQJ RU URWDWLQJ SDUWV 0DNH FHUWDLQ WKDW LPSHOOHU EUDNH DUP FOHDUDQFH LV PDLQWDLQHG 'R QRW DGMXVW WKH DXJHU LPSHOOHU GULYH EHOW WRR WLJKW EHFDXVH LW PD\ FDXVH WKH DXJHU LPSHOOHU WR WXUQ ZKHQ WKH FRQWURO OH
1RWH 0DNH VXUH LGOHU SXOOH\V DUH DOLJQHG ZLWK EHOWV ZKHQ UHLQVWDOOLQJ LGOHU SXOOH\ DVVHPEO\ 5HDGMXVW EHOWV UHIHU WR $GMXVWLQJ $XJHU ,PSHOOHU 'ULYH %HOW RU $GMXVWLQJ 7UDFWLRQ 'ULYH %HOW 327(17,$/ +$=$5' ,PSURSHU DGMXVWPHQW PD\ FDXVH LQMXU\ LI DXJHU LPSHOOHU WXUQV ZKHQ GLVHQJDJHG :+$7 &$1 +$33(1 5RWDWLQJ LPSHOOHU RU DXJHU FDQ FXW RII RU LQMXUH ILQJHUV RU KDQGV +2: 72 $92,' 7+( +$=$5' .HHS IDFH KDQGV IHHW DQG DQ\ RWKHU SDUW RI \RXU ERG\ RU FORWKLQJ DZD\ IURP FRQFHDOHG PRYLQJ RU URWDWLQJ S
5HPRYH FDUEXUHWRU KHDWHU ER[ DQG PXIIOHU JXDUG 1RWH 327(17,$/ +$=$5' (QJLQH H[KDXVW FRQWDLQV FDUERQ PRQR[LGH 6NLS VWHSV DQG LI WKH HQJLQH ZLOO VWDUW DQG UXQ :+$7 &$1 +$33(1 &DUERQ PRQR[LGH LV DQ RGRUOHVV GHDGO\ SRLVRQ 3RZHU $GMXVWLQJ 6FUHZ )LJ ³&ORVH VFUHZ E\ JHQWO\ URWDWLQJ LW FORFNZLVH XQWLO D VOLJKW VHDWLQJ UHVLVWDQFH LV IHOW 1H[W URWDWH SRZHU DGMXVWLQJ VFUHZ IXOO WXUQ³ E³FRXQWHUFORFNZLVH +2: 72 $92,' 7+( +$=$5' 'R QRW UXQ HQJLQH LQGRRUV RU LQ DQ HQFORVHG DUHD
$IWHU FDUEXUHWRU LV DGMXVWHG VKXW HQJLQH RII EHIRUH UHSODFLQJ FDUEXUHWRU KHDWHU ER[ DQG PXIIOHU JXDUG 6WRUDJH )8(/ 6<67(0 35(3$5$7,21 5HLQVWDOO FKRNH NQRE RQ PRXQWLQJ SLQ $GG 7RUR 6WDELOL]HU &RQGLWLRQHU WR WKH IXHO WDQN RQH RXQFH SHU JDOORQ RI IXHO 5XQ HQJLQH IRU ILYH PLQXWHV WR GLVWULEXWH FRQGLWLRQHG IXHO WKURXJK IXHO V\VWHP 6WRS HQJLQH DOORZ LW WR FRRO DQG GUDLQ IXHO WDQN RU UXQ HQJLQH XQWLO LW VWRSV 5HVWDUW WKH HQJLQH DJDLQ DQG UXQ LW XQWLO LW VWRSV (LWKHU FK
7DEOH GHV PDWLqUHV ,QWURGXFWLRQ 6pFXULWp $YDQW G·XWLOLVHU OD GpQHLJHXVH 3HQGDQW O·XWLOLVDWLRQ (QWUHWLHQ GH OD GpQHLJHXVH 1LYHDX GH SUHVVLRQ DFRXVWLTXH 1LYHDX GH SXLVVDQFH DFRXVWLTXH 1LYHDX GH YLEUDWLRQV *ORVVDLUH GHV SLFWRJUDPPHV
FRQoRLYH IDEULTXH HW FRPPHUFLDOLVH GHV SURGXLWV VUV j OD SRLQWH GH OD WHFKQRORJLH YRXV DYH] OD UHVSRQVDELOLWp GH O·XWLOLVHU FRUUHFWHPHQW HW HQ WRXWH VpFXULWp 9RXV rWHV pJDOHPHQW UHVSRQVDEOHV G·LQVWUXLUH OHV SHUVRQQHV DX[TXHOOHV YRXV SHUPHWWUH] G·XWLOLVHU OH SURGXLW VXU O·XVDJH HQ WRXWH VpFXULWp /HV PLVHV HQ JDUGH GH FH PDQXHO LGHQWLILHQW OHV GDQJHUV SRWHQWLHOV HW FRPSUHQQHQW GHV PHVVDJHV GH VpFXULWp VSpFLILTXHV GHVWLQpV j YRXV pYLWHU HW j pYLWHU j G·DXWUHV GHV EOHVVXUHV RX PrPH OD PRUW /HV PLVHV HQ
3RUWH] GHV YrWHPHQWV G·KLYHU HW DSSURSULpV HW GHV FKDXVVXUHV TXL YRXV SHUPHWWURQW GH PDLQWHQLU YRWUH pTXLOLEUH VXU OHV VXUIDFHV JOLVVDQWHV 1H SRUWH] SDV GH YrWHPHQWV DPSOHV TXL ULVTXHQW GH V·DFFURFKHU GDQV OHV SLqFHV PRELOHV 5pJOH] OHV GHX[ SDWLQV GH IDoRQ j FH TXH OH FDUpQDJH GH OD WDULqUH QH SXLVVH SDV WRXFKHU OH JUDYLHU RX OHV FDLOORX[ $YDQW GH GpPDUUHU OH PRWHXU SODFH] OH VpOHFWHXU GH YLWHVVHV VXU 1 QHXWUH HW YpULILH] TXH OHV FRPPDQGHV GH OD WDULqUH URXH j KpOLFH HW GX V\VWqPH GH WUDFW
SUXGHPPHQW ORUVTXH YRXV GpQHLJH] XQH DOOpH GH JUDYLHUV FDU OD PDFKLQH SRXUUDLW UDPDVVHU GHV FDLOORX[ HW OHV SURMHWHU VL OHV SDWLQV QH VRQW SDV ELHQ UpJOpV HW TXH OH FDUpQDJH GH OD WDULqUH HVW WURS SUqV GX VRO 1·HIIHFWXH] DXFXQ DMXVWHPHQW ORUVTXH OH PRWHXU HVW HQ PDUFKH 1H GLULJH] MDPDLV O·pMHFWHXU YHUV HW Q·XWLOLVH] SDV OD GpQHLJHXVH j SUR[LPLWp LPPpGLDWH GH SHUVRQQHV FRQVWUXFWLRQV YLWUpHV YpKLFXOHV DXWRPRELOHV IHQrWUHV RX GpFOLYLWpV VDQV DYRLU UpJOp FRUUHFWHPHQW O·pMHFWHXU HW OH GpYLDWHXU
DFFHVVRLUHV GH OD PDUTXH 7252 DILQ GH QH SDV FRPSURPHWWUH OD TXDOLWp 7252 1·87,/,6(= -$0$,6 /(6 3,Ë&(6 '( 5(&+$1*( (7 $&&(662,5(6 ´3285 7287(6 0$548(6µ 3DU PHVXUH GH VpFXULWp QH YRXV VHUYH] TXH GHV DFFHVVRLUHV HW SLqFHV DX[LOLDLUHV UHFRPPDQGpV SDU OD VRFLpWp 7252 DILQ GH YRXV DVVXUHU TXH OD VUHWp GH OD PDFKLQH GHPHXUH JDUDQWLH 7RXW GpIDXW j FHW pJDUG SHXW V·DYpUHU GDQJHUHX[ 1LYHDX GH SUHVVLRQ DFRXVWLTXH 0RGqOH &HWWH PDFKLQH SURGXLW DX QLYHDX GH O·RUHLOOH GH O·XWLOLVDWHXU XQH SUHVVLRQ DFRXVW
$9$17 '·87,/,6(5 /$ 'e1(,*(86( /LVH] HW DVVLP,OH] OH FRQWHQX GH FH JXLGH DYDQW GH PHWWUH HQ URXWH HW GH IDLUH IRQFWLRQQHU OD PDFKLQH )DPLOLDULVH] YRXV DYHF WRXWHV OHV FRPPDQGHV HW DSSUHQH] j DUUrWHU OH PRWHXU UDSLGHPHQW $77(17,21 /·86$*( ,1&255(&7 3(87 &$86(5 /$ 3(57( '( '2,*76 0$,16 28 3,('6 9(17,/$7(85 +$87( 9,7(66( FP '( /·289(5785( 326,7,21 '( 3,/27$*( /( 32,17 '( 3,1&(0(17 02%,/( '( /$ 7$5,Ë5( 6( 75289( 35Ë6 '( /·289(5785( )
*ORVVDLUH GHV SLFWRJUDPPHV 7ULDQJOH G·DOHUWH GH VpFXULWp OH SLFWRJUDPPH j O·LQWpULHXU LQGLTXH XQ GDQJHU 1H SDV RXYULU RX UHWLUHU OHV ERXFOLHUV GH SURWHFWLRQ TXDQG OH PRWHXU WRXUQH 6\PEROH G·DOHUWH GH VpFXULWp 5HVWHU j XQH GLVWDQFH VXIILVDQWH GH OD PDFKLQH /LUH OH PDQXHO GH O·XWLOLVDWHXU 5HVWHU j XQH GLVWDQFH VXIILVDQWH GH OD PDFKLQH FKDVVH QHLJH j XQ pWDJH 6XLYUH OD SURFpGXUH G·HQWUHWLHQ GpFULWH GDQV OH PDQXHO 5HVWHU j XQH GLVWDQFH VXIILVDQWH GH OD PDFKLQH FKDVVH QHLJH j GHX[ pWDJHV &RXSHU
6HFWLRQQHPHQW GHV GRLJWV RX GH OD PDLQ SDOHV GH WXUELQH 'pPDUUDJH pOHFWULTXH 6XUIDFHV EUODQWHV EUOXUH GHV GRLJWV RX GHV PDLQV 3HUWH GH FRQWU{OH GH OD PDFKLQH SHQWH DVFHQGDQWH /LTXLGHV FDXVWLTXHV EUOXUHV FKLPLTXHV DX[ GRLJWV RX DX[ PDLQV 3HUWH GH FRQWU{OH GH OD PDFKLQH SHQWH GHVFHQGDQWH 1H SDV LQFOLQHU OD EDWWHULH (QWUDvQHPHQW GHV URXHV &RQVHUYHU DX VHF 9LV GH SUpOqYHPHQW GH OD QHLJH 6HQV GH PDUFKH GH OD PDFKLQH PDUFKH DYDQW (PEUD\HU 6HQV GH PDUFKH GH OD PDFKLQH PDUFKH DUU
0DUFKH ´21µ 6WDUWHU $UUrW ´2))µ 5pJLPH PRWHXU FRPPDQGH GHV JD] 5DSLGH 3RLQW PRUW /HQW 7DULqUH GH FROOHFWH GH OD GpQHLJHXVH $XJPHQWDWLRQ UpGXFWLRQ 9HUURXLOOHU 'pPDUUDJH GX PRWHXU 'pYHUURXLOOHU $UUrW GX PRWHXU $FWLRQQHPHQW GX OHYLHU 6HQV G·pMHFWLRQ GH OD QHLJH $FWLRQQHPHQW GX OHYLHU )
3UHVVHU WURLV IRLV O·DPRUFHXU (VVHQFH VDQV SORPE $FWLRQQHPHQW GH O·DPRUFHXU &RXSXUH GHV PDLQV HW GHV GRLJWV $FWLRQQHPHQW GH OD FRPPDQGH GHV JD] &RXSXUH GHV SLHGV $FWLRQQHPHQW GH O·LQYHUVLRQ DVVLVWpH 3RZHU6KLIW 7UDMHW GH OD FRXUURLH )
3LqFHV 'pWDFKpHV 3LqFH 4Wp 8VDJH %RXORQ j WrWH j FROOHUHWWH [ µ GH ORQJ 3URWqJH FRXUURLH LQIpULHXUH %RXORQ j WrWH j FROOHUHWWH [ µ GH ORQJ 3URWqJH FkEOH 7LJH GH FRQYHUVLRQ eFURX GH EORFDJH *RXOHWWH G·pMHFWLRQ 9LV VDQV ILQ 6XSSRUW GH WUDQVPLVVLRQ %RXORQ VSpFLDO [ µ GH ORQJ 5RQGHOOH SODWH eFURX GH EORFDJH 3DWLQ %RXORQ j WrWH j FROOHUHWWH [ µ GH ORQJ 5RQGHOOH SODWH eFURX GH EORFDJH
$FFHVVRLUHV 'HVFULSWLRQ GH OD SLqFH 1XPHUR GH SLqFH 'pPDUUHXU pOHFWULTXH 9 PRGqOH &KDvQHV SRXU SQHXV PRGqOH .LW SRXU SQHXV j QHLJH SRXU HVVLHX VWDQGDUG QH SDV XWLOLVHU DYHF OH NLW GH GLIIpUHQWLHO PRGqOH &DELQH .
3RVH GH OD WLJH GH FRQYHUVLRQ )LJ 3RVH] OD JRXORWWH G·pMHFWLRQ F{Wp RXYHUW YHUV O·DYDQW VXU O·RXYHUWXUH G·pMHFWLRQ GH OD WDULqUH GH IDoRQ j FH TXH OHV FDOHV GH JRXORWWH HQ SODVWLTXH VH WURXYHQW VXU O·DQQHDX GH OD JRXORWWH $VVXUH] YRXV TXH OHV EURFKHV GH JXLGDJH GH UHWHQXH GH JRXORWWH VRQW LQWURGXLWHV GDQV OHV RULILFHV GH O·HQJUHQDJH GH OD JRXORWWH 6HUUH] OD YLV PpFDQLTXH HW O·pFURX GH EORFDJH GX F{Wp JDXFKH MXVTX·j FH TXH OD SODTXH GH UHWHQXH VX WURXYH FRQWUH OD FDOH GH UHWHQXH HQ SODVW
9pULILFDWLRQ GH OD SUHVVLRQ GHV SQHXV ,PSRUWDQW /D SUHVVLRQ GHV SQHXV GRLW rWUH YpULILpH FDU FHX[ FL VRQW VXUJRQIOpV HQ XVLQH HQ YXH GX WUDQVSRUW 3DU FRQVpTXHQW DYDQW GH YRXV VHUYLU GH OD GpQHLJHXVH YRXV GHYH] UpGXLUH OD SUHVVLRQ VXU OHV GHX[ SQHXV DX[ YDOHXUV VXLYDQWHV j SVL VXU OHV PRGqOHV HW 0RQWDJH GHV SDWLQV 9pULILH] OD SUHVVLRQ GHV SQHXV YRLU OHV LQVWUXFWLRQV j FHW HIIHW j OD SDJH $PHQH] OD GpQHLJHXVH VXU XQH VXUIDFH SODQH HW YpULILH] VL OD ODPH UDFOHXVH )LJ HV
$YDQW OH GpPDUUDJH 5HPSOLVVDJH G·KXLOH GDQV OH FDUWHU 5HPSOLVVDJH GX UpVHUYRLU j HVVHQFH /H PRWHXU HVW H[SpGLp GH O·XVLQH VDQV KXLOH GDQV OH FDUWHU &·HVW SRXUTXRL DYDQW GH OD IDLUH GpPDUUHU LO FRQYLHQW G·DMRXWHU GH O·KXLOH GDQV OH FDUWHU '$1*(5 327(17,(/ 'DQV FHUWDLQHV FRQGLWLRQV O·HVVHQFH HVW H[WUrPHPHQW LQIODPPDEOH HW KDXWHPHQW H[SORVLYH ,PSRUWDQW 48(/6 6217 /(6 5,648(6" 8Q LQFHQGLH RX XQH H[SORVLRQ FDXVpV SDU O·HVVHQFH SHXYHQW RFFDVLRQQHU GHV EUOXUHV j YRXV RX j G·DXWUHV SHUVRQQHV DLQVL
3/86 '( '·e7+$12/ '( 683(5 28 '·(66(1&( %/$1&+( 3$5&( 48( &(6 352'8,76 32855$,(17 (1'200$*(5 /( 6<67(0( '( &$5%85$17 '8 027(85 1·XWLOLVH] SDV G·DGGLWLIV GH FDUEXUDQW D G·DXWUHV ILQV TXH OD VWDELOLVDWLRQ GX FDUEXUDQW SRXU OHV SHULRGHV GH VWRFNDJH WHOV TXH OH ´SUHVHUYLWµ GH 7RUR RX SURGXLWV VLPLODLUHV 1·XWLOLVH] SDV G·DGGLWLIV SRXU DPHOLRUHU OD SXLVVDQFH RX OHV SHUIRUPDQFHV GH OD PDFKLQH 1HWWR\H] DXWRXU GX ERXFKRQ GX UpVHUYRLU G·HVVHQFH )LJ 5HWLUH] FH ERXFKRQ HW UHPSOLVVH] OH UpVHUYRLU G·H
'pPDUUHXU j FRUGRQ )LJ 3ODFp j O·DUULqUH GX PRWHXU LO VHUW j PHWWUH OH PRWHXU HQ PDUFKH IDLUH GpPDUUHU OH PRWHXU *DUGH] XQH SULVH IHUPH VXU OD SRLJQpH GH GpPDUUHXU HW ODLVVH] OH FRUGRQ UHYHQLU OHQWHPHQW 5HPDUTXH 0LVH HQ PDUFKH DUUrW GX PRWHXU 'pPDUUDJH GX PRWHXU ,PSRUWDQW $VVXUH] YRXV TXH QL OD WDULqUH QL OD URXH KpOLFH Q·RQW JHOp HW TX·HOOHV WXUQHQW OLEUHPHQW 9pULILHV pJDOHPHQW TXH OD JRXORWWH G·pMHFWLRQ Q·HVW SDV ERXFKpH 1( 'e*$*(= 3$6 /(6 2%6758&7,216 '( /·e-(&7(85 /$ 0$,1 87,
$WWHQGH] O·DUUrW FRPSOHW GH WRXWHV OHV SLqFHV HQ PRXYHPHQW DYDQW GH TXLWWHU OD SRVLWLRQ GH SLORWDJH GHUULqUH OHV PDQFKHURQV 8VDJH GX PpFDQLVPH 3RZHU 6KLIW /·DFWLRQQHPHQW GH OD FRPPDQGH 3RZHU 6KLIW FDXVHUD DOWHUQDWLYHPHQW OH SDVVDJH GHV URXHV HQ SRVLWLRQ DYDQW RX DUURqUH 'DQV GHV FRQGLWLRQV G·HQQHLJHPHQW VpYqUHV RX HQ SUpVHQFH GH FRQJqUHV LO HVW SRVVLEOH G·RULHQWHU OHV URXHV YHUV O·DUULqUH MXVTX·HQ SRVLWLRQ 3RZHU 6KLIW 5RXH OLEUH RX DXWR PRWULFH /D GpQHLJHXVH SHXW rWUH UpJOpH HQ URXH OLEUH RX HQ
/DLVVH] WRXUQHU OD GpQHLJHXVH SHQGDQW TXHOTXHV PLQXWHV DSUqV DYRLU ILQL OH GpEODLHPHQW DILQ G·HPSOrFKHU TXH OHV SLqFHV PRELOHV QH JqOHQW 0HWWH] OH YHQWLODWHXU HQ PDUFKH SRXU pOLPLQHU WRXWH OD QHLJH VXVFHSWLEOH GH V·rWUH DFFXPXOpH j O·LQWpULHXU GX FDUWHU 1H VXUFKDUJH] SDV OD GpQHLJHXVH HQ HVVD\DQW GH GpEOD\HU WURS UDSLGHPHQW 6L OH PRWHXU UDOHQWLW SDVVH] j XQH YLWHVVH LQIpULHXUH DILQ GH UpGXLUH OD YLWHVVH G·DYDQFHPHQW 'DQV OD QHLJH SURIRQGH RX DFFXPXOpH DPHQH] OHV URXHV HQ SRVLWLRQ 3RZHU 6KL
5pJODJH GHV SDWLQV )LJ 6XUIDFHV FLPHQWpHV RX DVSKDOWpHV 6L OD GpQHLJHXVH QH GpJDJH SDV OD QHLJH DVVH] SUqV GX VRO UpJOH] OHV SDWLQV SRXU DEDLVVHU OD ODPH UDFOHXVH 6L OD ODPH UDFOHXVH V·DFFURFKH GDQV OHV ILVVXUHV GX UHYrWHPHQW UpJOH] OHV SDWLQV SRXU OD UHPRQWHU 'pEUDQFKH] OH FkEOH GH OD ERXJLH HW DVVXUH] YRXV TX·LO QH SXLVVH WRXFKHU DFFLGHQWHOOHPHQW OD ERXJLH 'HVVHUUH] HQVXLWH OHV ERXORQV j EULGHV IL[DQW OHV SDWLQV DX[ SODTXHV ODWpUDOHV /HV SDWLQV GRLYHQW JOLVVHU YHUWLFDOHPHQW 9
'$1*(5 327(17,(/ /·HVVHQFH HVW WUqV LQIODPPDEOH 48(/6 6217 /(6 5,648(6" /·HVVHQFH SHXW SUHQGUH IHX HW FDXVHU GHV EOHVVXUHV JUDYHV &200(17 6( 3527e*(5" 9LGDQJHU O·HVVHQFH j O·H[WpULHXU 1H YLGDQJHU O·HVVHQFH TXH ORUVTXH OH PRWHXU HVW IURLG (SRQJHU O·HVVHQFH pYHQWXHOOHPHQW UpSDQGXH 1H SDV YLGDQJHU O·HVVHQFH j SUR[LPLWp G·XQH IODPPH QXH RX GH ULVTXHV G·pWLQFHOOHV VXVFHSWLEOHV G·HQIODPPHU OHV YDSHXUV 1( )80(= 1, FLJDUHWWH 1, FLJDUH 1, SLSH TXDQG YRXV PDQLSXOH] GH O·HVVHQFH 'HVVHUUH] O
5pJODJH GH OD FRXUURLH G·HQWUDvQHPHQW GH WDULqUH URXH KpOLFH '$1*(5 327(17,(/ 8Q PDXYDLV UpJODJH SHXW IDLUH TXH OH YHQWLODWHXU OD WDULqUH FRQWLQXH GH WRXUQHU PpPH XQH IRLV GpVHQJDJp (Q FDV GH JOLVVHPHQW GH OD FRXUURLH GH WDULqUH URXH KpOLFH HW SDU VXLWH GH PRLQV ERQV UpVXOWDWV LO FRQYLHQW GH UpJODU OD FRXUURLH 81 5e*/$*( (67 e*$/(0(17 1e&(66$,5( /256 '( /$ 326( '·81( &28552,( 1(89( 87,/,6(= 675,&7(0(17 '(6 3,Ë&(6 '( 5(&+$1*( '( /$ 0$548( 7252 'pEUDQFKH] OH FkEOH GH OD ERXJLH HW DVVXUH] YRXV T
5HVVHUUH] OH FRQWUH pFURX VXSpULHXU FRQWUH OH VXSSRUW 9pULILH] OD WHQVLRQ GH OD FRXUURLH HQ IDLVDQW IRQFWLRQQHU OD PDFKLQH /D PDFKLQH GRLW FRPPHQFHU G·DYDQFHU ORUVTXH OD PDQHWWH GH FRPPDQGH GH WUDFWLRQ HVW j HQYLURQ OD PRLWLp GH VD FRXUVH $UUrWH] OH PRWHXU HW UpSpWH] OHV pWDSHV MXVTX·j FH TXH OH UpJODJH VRLW FRUUHFW ,PSRUWDQW 1H WHQGH] SDV OD FRXUURLH j RXWUDQFH FDU FHOD SRXUUDLW IDLUH SDWLQHU OD GpQHLJHXVH ORUVTXH OH OHYLHU GH WUDFWLRQ VH WURXYH HQ SRVLWLRQ GpEUD\pH /H FDV pFKpDQW GpWHQGH
'$1*(5 327(17,(/ 8Q PDXYDLV UpJODJH SHXW IDLUH TXH OH YHQWLODWHXU OD WDULqUH FRQWLQXH GH WRXUQHU PpPH XQH IRLV GpVHQJDJp 48(/6 6217 /(6 5,648(6" /H YHQWLODWHXU RX OD WDULpUH HQ URWDWLRQ SUpVHQWHQW XQ GDQJHU G·DPSXWDWLRQ RX GH EOHVVXUH SRXU OHV PDLQV HW OHV GRLJWV &200(17 6( 3527e*(5" 7HQH] OH YLVDJH OHV PDLQV OHV SLHGV HW WRXWH SDUWLH GX FRUSV RX GHV YrWHPHQWV j O·pFDUW GHV SLpFHV GLVVLPXOpHV HQ PRXYHPHQW RX HQ URWDWLRQ $VVXUH] YRXV TXH OH GpJDJHPHQW GX EUDV GH IUHLQ GH OD URXH KpOLFH HVW PDLQ
5HWLUH] OD YLV KH[DJRQDOH GH IL[DWLRQ GH OD JDUGH GX VLOHQFLHX[ j OD FXODVVH )LJ 7LUH] VXU OH ERXWRQ GH O·pWUDQJOHXU SRXU O·HQOHYHU GH OD WLJH )LJ 'pSRVH] OH ERvWLHU GH FKDXIIDJH HW OD JDUGH GX VLOHQFLHX[ 5HPDUTXH 48(/6 6217 /(6 5,648(6" /H IRQFWLRQQHPHQW GX PRWHXU SHXW V·DFFRPSDJQHU G·XQH URWDWLRQ GX YHQWLODWHXU HW GH OD WDULqUH 6L OH PRWHXU GpPDUUH HW FRQWLQXH GH WRXUQHU VDXWH] OHV pWDSHV HW &200(17 6( 3527e*(5" 0HWWUH OHV FRPPDQGHV GH WDULqUH HW GH WUDFWL
5HPDUTXH DWWHQGH] TXHOTXHV VHFRQGHV DSUqV FKDTXH KXLWLqPH GH WRXU DILQ GH SHUPHWWUH DX PRWHXU GH V·DGDSWHU DX QRYHDX PpODQJH GH FDUEXUDQW 3ODFH] OH SDSLOORQ HQ SRVLWLRQ GH UDOHQWL 3XLV WRXUQH] OD YLV GH UpJODJH GH UDOHQWL MXVTX·j FH TXH OH PRWHXU WRXUQH j XQ UDOHQWL pOHYp W PQ )DLWHV WRXUQHU O·HQULFKLVVHXU GH UDOHQWL GDQV OH VHQV KRUDLUH GH GH WRXU j OD IRLV MXVTX·j FH TXH OH PRWHXU EURXWH HQ UDLVRQ GX PpODQJH LQVXIILVDQW 3XLV WRXUQH] OH GDQV O·DXWUH VHQV GH GH WRXU j OD IRLV
$UUrWH] OH PRWHXU ODLVVH] OH UHIURLGLU HW YLGH] OH UpVHUYRLU GH FDUEXUDQW RX ODLVVH] WRXUQHU OH PRWHXU MXVTX·j FH TX·LO V·DUUrWH IDXWH GH FDUEXUDQW 5HGpPDUUH] OH PRWHXU HW ODLVVH] OH WRXUQHU MXVTX·j FH TX·LO V·DUUrWH IDXWH GH FDUEXUDQW 8WLOLVH] OH VWDUWHU RX O·DPRUFHXU UHGpPDUUH] OH PRWHXU XQH WURLVLqPH IRLV HW ODLVVH] OH WRXUQHU MXVTX·j FH TX·LO QH UHGpPDUUH SOXV 'pEDUUDVVH] YRXV GX FDUEXUDQW FRUUHFWHPHQW VHORQ OHV UpJOHPHQWDWLRQV ORFDOHV HQ PDWLqUH GH UHF\FODJH 5HPHWWH] OD ER
