GE Profile GEJV936DSS Owner's Manual

GE Profile GEJV936DSS Owner's Manual
9HQWHG
5DQJH+RRGV
*($SSOLDQFHVFRP
6DIHW\,QVWUXFWLRQV 2SHUDWLQJ,QVWUXFWLRQV
)DQ&RQWURO /LJKW&RQWURO &DUHDQG&OHDQLQJ
*UHDVH)LOWHUV +RRG/LJKWV 6WDLQOHVV6WHHO6XUIDFHV 2ZQHU·V0DQXDO
DQG,QVWDOODWLRQ
,QVWUXFWLRQV
-9
-9
&9
&9
,QVWDOODWLRQ,QVWUXFWLRQV ²
7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW 2ZQHU5HJLVWUDWLRQ :DUUDQW\ :ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHO BBBBBBBBBBBBBBB
6HULDOBBBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHO
RQWKHLQVLGHRIWKHKRRG
/,%*(
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
6$)(7<35(&$87,216
:$51,1*²725('8&(7+(5,6.2)),5(
(/(&75,&6+2&.25,1-85<723(562162%6(59(7+(
)2//2:,1*
$ 8VHWKLVXQLWRQO\LQWKHPDQQHULQWHQGHGE\WKHPDQXIDFWXUHU
,I\RXKDYHTXHVWLRQVFRQWDFWWKHPDQXIDFWXUHU
% %HIRUHVHUYLFLQJRUFOHDQLQJXQLWVZLWFKSRZHURIIDWVHUYLFH
SDQHODQGORFNWKHVHUYLFHGLVFRQQHFWLQJPHDQVWRSUHYHQW
SRZHUIURPEHLQJVZLWFKHGRQDFFLGHQWDOO\:KHQWKHVHUYLFH
GLVFRQQHFWLQJPHDQVFDQQRWEHORFNHGVHFXUHO\IDVWHQD
SURPLQHQWZDUQLQJGHYLFHVXFKDVDWDJWRWKHVHUYLFHSDQHO
& 'RQRWXVHWKLVXQLWZLWKDQ\VROLGVWDWHVSHHGFRQWUROGHYLFH
' 7KLVXQLWPXVWEHJURXQGHG
&$87,21²
)25*(1(5$/9(17,/$7,1*86(21/<
'212786(72(;+$867+$=$5'28625(;3/26,9(0$7(5,$/6
$1'9$3256
:$51,1*²
725('8&(7+(5,6.2),1-85<72
3(56216,17+((9(172)$5$1*(723*5($6(),5(2%6(59(
7+()2//2:,1* $ 6027+(5)/$0(6ZLWKDFORVHILWWLQJOLGFRRNLHVKHHWRUPHWDO
WUD\WKHQWXUQRIIWKHEXUQHU%(&$5()8/7235(9(17%8516,I
WKHIODPHVGRQRWJRRXWLPPHGLDWHO\(9$&8$7($1'&$//7+(
),5('(3$570(17
% 1(9(53,&.83$)/$0,1*3$1³<RXPD\EHEXUQHG
& '212786(:$7(5LQFOXGLQJZHWGLVKFORWKVRUWRZHOV³D
YLROHQWVWHDPH[SORVLRQZLOOUHVXOW
' 8VHDQH[WLQJXLVKHU21/<LI
<RXNQRZ\RXKDYHD&ODVV$%&H[WLQJXLVKHUDQG\RX
DOUHDG\NQRZKRZWRRSHUDWHLW
7KHILUHLVVPDOODQGFRQWDLQHGLQWKHDUHDZKHUHLWVWDUWHG
7KHILUHGHSDUWPHQWLVEHLQJFDOOHG
<RXFDQILJKWWKHILUHZLWK\RXUEDFNWRDQH[LW
%DVHGRQ´.LWFKHQ)LUH6DIHW\µSXEOLVKHGE\1)3$
:$51,1*²
725('8&(7+(5,6.2)$5$1*(
723*5($6(),5(
$ 1HYHUOHDYHVXUIDFHXQLWVXQDWWHQGHGDWKLJKVHWWLQJV%RLORYHUV
FDXVHVPRNLQJDQGJUHDV\VSLOORYHUVWKDWPD\LJQLWH+HDWRLOV
VORZO\RQORZRUPHGLXPVHWWLQJV
% $OZD\VWXUQKRRG21ZKHQFRRNLQJRQKLJKKHDWRUZKHQ
IODPEpLQJIRRG LH&UHSHV6X]HWWH&KHUULHV-XELOHH3HSSHUFRUQ
%HHI)ODPEp & &OHDQYHQWLODWLQJIDQVIUHTXHQWO\*UHDVHVKRXOGQRWEHDOORZHG
WRDFFXPXODWHRQIDQRUILOWHU
' 8VHSURSHUSDQVL]H$OZD\VXVHFRRNZDUHDSSURSULDWHIRUWKH
VL]HRIWKHVXUIDFHHOHPHQW
:$51,1*²
725('8&(7+(5,6.2)),5(
(/(&75,&6+2&.25,1-85<723(562162%6(59(7+(
)2//2:,1*
$ ,QVWDOODWLRQZRUNDQGHOHFWULFDOZLULQJPXVWEHGRQHE\
TXDOLILHGSHUVRQ V LQDFFRUGDQFHZLWKDOODSSOLFDEOHFRGHV
DQGVWDQGDUGVLQFOXGLQJILUHUDWHGFRQVWUXFWLRQ
% 6XIILFLHQWDLULVQHHGHGIRUSURSHUFRPEXVWLRQDQGH[KDXVWLQJ
RIJDVHVWKURXJKWKHIOXH FKLPQH\ RIIXHOEXUQLQJHTXLSPHQW
WRSUHYHQWEDFNGUDIWLQJ)ROORZWKHKHDWLQJHTXLSPHQW
PDQXIDFWXUHU·VJXLGHOLQHDQGVDIHW\VWDQGDUGVVXFKDV
WKRVHSXEOLVKHGE\WKH1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
1)3$ WKH$PHULFDQ6RFLHW\IRU+HDWLQJ5HIULJHUDWLRQ
DQG$LU&RQGLWLRQLQJ(QJLQHHUV $6+5$( DQGWKHORFDO
FRGHDXWKRULWLHV:KHQDSSOLFDEOHLQVWDOODQ\PDNHXS
UHSODFHPHQW DLUV\VWHPLQDFFRUGDQFHZLWKORFDOEXLOGLQJ
FRGHUHTXLUHPHQWV
& :KHQFXWWLQJRUGULOOLQJLQWRZDOORUFHLOLQJGRQRWGDPDJH
HOHFWULFDOZLULQJDQGRWKHUKLGGHQXWLOLWLHV
' 'XFWHGIDQVPXVWDOZD\VEHYHQWHGWRWKHRXWGRRUV
:$51,1*²
725('8&(7+(5,6.2)),5($1'72
3523(5/<(;+$867$,5%(685(72'8&7$,52876,'(³'2127
9(17(;+$867$,5,17263$&(6:,7+,1:$//625&(,/,1*625
,172$77,&6&5$:/63$&(625*$5$*(6
:$51,1*²
725('8&(7+(5,6.2)),5(86(
21/<0(7$/'8&7:25.
„
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUKRRGXQOHVV
LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVJXLGH$OORWKHUVHUYLFLQJ
VKRXOGEHUHIHUUHGWRDTXDOLILHGWHFKQLFLDQ
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
5($'$1'6$9(7+(6(,16758&7,216
8VLQJWKHKRRGFRQWUROV
*($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
)$1&RQWURO
/,*+7&RQWURO
7XUQWKH)$1VSHHGFRQWUROWR/20('/2
0('+,RU+,DVQHHGHG
7XUQWKH/,*+7FRQWUROWR+,IRUEULJKWOLJKWZKLOH
FRRNLQJ7XUQWR1,7(IRUXVHDVDQLJKWOLJKW
&RQWLQXRXVXVHRIWKHIDQV\VWHPZKLOHFRRNLQJKHOSV
NHHSWKHNLWFKHQFRPIRUWDEOHDQGOHVVKXPLG,WDOVR
UHGXFHVFRRNLQJRGRUVDQGVRLOLQJPRLVWXUHWKDW
FUHDWHDIUHTXHQWQHHGIRUFOHDQLQJ
127(:KHQWKHIDQLVRSHUDWLQJRQWKH/2VHWWLQJ
LWZLOOEHYHU\TXLHW$OZD\VPDNHVXUHWKDWWKHIDQLV
WXUQHG2))ZKHQ\RXDUHILQLVKHGLQWKHNLWFKHQ
&DUHDQGFOHDQLQJRIWKHYHQWKRRG
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJRUVHUYLFLQJDQ\SDUWRIWKHYHQWKRRG
5HXVDEOH0HWDO*UHDVH)LOWHUV
7KHKRRGKDVPHWDOUHXVDEOHJUHDVH
ILOWHUV
7KHPHWDOILOWHUVWUDSJUHDVHUHOHDVHG
E\IRRGVRQWKHFRRNWRS7KH\DOVR
KHOSSUHYHQWIODPLQJIRRGVRQWKH
FRRNWRSIURPGDPDJLQJWKHLQVLGHRI
WKHKRRG
)RUWKLVUHDVRQWKHILOWHUVPXVW
$/:$<6EHLQSODFHZKHQWKHKRRG
LVXVHG7KHJUHDVHILOWHUVVKRXOGEH
FOHDQHGRQFHDPRQWKRUDVQHHGHG
7RFOHDQWKHJUHDVHILOWHUVVRDN
WKHPDQGWKHQVZLVKWKHPDURXQG
LQKRWZDWHUDQGGHWHUJHQW'RQ·W
XVHDPPRQLDRUDPPRQLDSURGXFWV
EHFDXVHWKH\ZLOOGDUNHQWKHPHWDO
'RQRWXVHDEUDVLYHVRURYHQFOHDQHUV
/LJKWEUXVKLQJFDQEHXVHGWRUHPRYH
HPEHGGHGGLUW5LQVHVKDNHDQGOHW
WKHPGU\EHIRUHUHSODFLQJ
7RUHPRYH
*UDVSWKHILOWHUKDQGOHDQGSXOOLWXS
IRUZDUGDQGRXW
7RUHSODFH
+ROGWKHILOWHUDWWKHERWWRPZLWK
WKHKDQGOH
3ODFHWKHWRSHQGRIWKHILOWHU
DJDLQVWWKHLQVLGHIURQWRIWKH
KRRG
6OLGHLWXSXQWLOLWVWRSVDQGSXVK
WKHERWWRPHQGEDFNXQWLOLWVQDSV
LQWRSODFH
6WDLQOHVV6WHHO6XUIDFHV
'RQRWXVHDVWHHOZRROSDGLWZLOO
VFUDWFKWKHVXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVV
VWHHODSSOLDQFHFOHDQHURUSROLVKRUWR
ILQGWKHORFDWLRQRIDGHDOHUQHDUHVW
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFH
\RXSOHDVHFDOORXUWROOIUHHQXPEHU
XVHZDUPVXGV\ZDWHURUDVWDLQOHVV
VWHHOFOHDQHURUSROLVK$OZD\VZLSHWKH 1DWLRQDO3DUWV&HQWHU
VXUIDFHLQWKHGLUHFWLRQRIWKHJUDLQ
)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
*($SSOLDQFHVFRP
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
*($SSOLDQFHVFRP
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJRUVHUYLFLQJDQ\SDUWRIWKHYHQWKRRG
5HFHSWDFOH
6RFNHW
+RRG/LJKWV
127(7KHJODVVFRYHUVKRXOGEHUHPRYHG
RQO\ZKHQFROG:HDULQJODWH[JORYHVPD\
RIIHUDEHWWHUJULS
5HFHSWDFOH
&$87,21
%XOE
*ODVVFRYHU
%HIRUHUHSODFLQJ\RXU
OLJKWEXOEGLVFRQQHFWWKHHOHFWULFDOSRZHUWR
WKHKRRGDWWKHPDLQIXVHRUFLUFXLWEUHDNHU
SDQHO
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
8VHJORYHV
RUFORWK
)RU\RXUVDIHW\GRQRWWRXFKDKRWEXOEZLWK
EDUHKDQGVRUDGDPSFORWK
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVHXQWLO
WKHJODVVFRYHUFOHDUVWKHVRFNHW
3ODFHWKHJODVVFRYHURQWRWKHVRFNHWDQG
WXUQFORFNZLVHXQWLOVHFXUH
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWZDWW PD[LPXP
+DORJHQEXOEIRUD*EDVH
)RULPSURYHGOLJKWLQJFOHDQWKHJODVVFRYHU
IUHTXHQWO\XVLQJDGDPSFORWK7KLVVKRXOG
EHGRQHZKHQWKHKRRGLVFRPSOHWHO\FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHKRRG
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
QHZEXOEIURPLWVSDFNDJLQJ
127('RQRWWRXFKWKHQHZKDORJHQEXOE
ZLWKEDUHILQJHUV7RXFKLQJWKHEXOEZLWK
EDUHILQJHUVZLOOVLJQLILFDQWO\UHGXFHWKHOLIH
RIWKHEXOE
,QVWDOODWLRQ
,QVWUXFWLRQV
5DQJH+RRGV
4XHVWLRQV"&DOO*(&$5(6 RUYLVLWRXU:HEVLWHDWZZZ*($SSOLDQFHVFRP
%()25(<28%(*,1
352'8&7',0(16,216
5HDGWKHVH,QVWUXFLWRQVFRPSOHWHO\DQGFDUIXOO\
,03257$17³6DYHWKHVHLQVWUXFWLRQV
µ
‡
IRUORFDOLQVSHFWRU·VXVH
,03257$17³2EVHUYHDOOJRYHUQLQJ
‡
FRGHVDQGRUGLQDQFHV
µ
‡1RWHWR,QVWDOOHU³%HVXUHWROHDYHWKHVH
LQVWUXFWLRQVZLWKWKH&RQVXPHU
‡1RWHWR&RQVXPHU³.HHSWKHVHLQVWUXFLWRQV
IRUIXWXUHUHIHUHQFH
µ
‡6NLOO/HYHO³,QVWDOODWLRQRIWKLVYHQWKRRG
UHTXLUHVEDVLFPHFKDQLFDODQGHOHFWULFDOVNLOOV
‡&RPSOHWLRQWLPH³WRKRXUV
‡3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKH
LQVWDOOHU
‡3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLV
QRWFRYHUHGXQGHUWKH:DUUDQW\
µ
µ0RGHOV
5HTXLUHVDµRSHQLQJ
µ
&$87,21
µ
'XHWRWKHZHLJKWDQGVL]HRIWKHVHYHQWKRRGV
DQGWRUHGXFHWKHULVNRISHUVRQDOLQMXU\RU
GDPDJHWRWKHSURGXFW7:23(23/($5(
5(48,5(')253523(5,167$//$7,21
µ
µ0RGHOV
5HTXLUHVDµRSHQLQJ
)25<2856$)(7<
%HIRUHEHJLQQLQJWKHLQVWDOODWLRQVZLWFKSRZHU
RIIDWVHUYLFHSDQHODQGORFNWKHVHUYLFH
GLVFRQQHFWLQJPHDQVWRSUHYHQWSRZHUIURP
EHLQJVZLWFKHGRQDFFLGHQWDOO\:KHQWKHVHUYLFH
GLVFRQQHFWLQJPHDQVFDQQRWEHORFNHGVHFXUHO\
IDVWHQDSURPLQHQWZDUQLQJGHYLFHVXFKDVDWDJ
WRWKHVHUYLFHSDQHO
µ
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//$7,21&/($5$1&(6
237,21$/$&&(6625,(6
7KHVHYHQWKRRGVDUHGHVLJQHGWREHLQVWDOOHGRQWR
DZDOO7KH\PD\EHLQVWDOOHGEHQHDWKDVRIILWRU
FDELQHW
‡,QVWDOOWKHVHKRRGVµ0LQWRµ0D[DERYHWKH
FRRNLQJVSDFH
'XFW&RYHU
$GHFRUDWLYHGXFWFRYHULVDYDLODEOHWR
DFFRPPRGDWHWRIWFHLOLQJKHLJKWV7KHGXFW
FRYHUZLOOH[SDQGIURPµ0LQRUµWRµ0D[
KHLJKW
‡ 7KHGXFWFRYHUFRQFHDOVWKHGXFWZRUNUXQQLQJ
IURPWKHWRSRIWKHKRRGWRWKHFHLOLQJ
‡ 7KHGXFWFRYHUDFFHVVRU\ILWVERWKµDQGµ
ZLGHPRGHOV2UGHUWKHGXFWFRYHUDFFHVVRU\DW
WKHVDPHWLPHDVWKHYHQWKRRG$OODFFHVVRULHV
VKRXOGEHRQVLWHDWWKHWLPHRIKRRG
LQVWDOODWLRQ
2UGHU-;&+66
62)),7,167$//$7,21
62)),7
µ0,1
µ0$;
&HLOLQJ
%UDFNHW
,QWKLVLQVWDOODWLRQWKHGXFWZRUNUXQQLQJIURPWKH
WRSRIWKHKRRGZLOOEHFRQFHDOHGLQWKHVRIILWRU
XSSHUFDELQHWU\
:$//02817,167$//$7,21
:RRG
6FUHZV
:DVKHUV
:DOO
)DVWHQHUV
3KLOOLSV
+HDG6FUHZV
µ0,1
µ0$;
3KLOOLSV+HDG
'HFRUDWLYH6FHZV
)RUWKLVLVQWDOODWLRQDGHFRUDWLYHGXFWFRYHULV
DYDLODEOHWRFRQFHDOWKHGXFWZRUNUXQQLQJIURP
WKHWRSRIWKHKRRG8VHRIWKHGXFWFRYHUUHTXLUHV
VSHFLDOFRQVLGHUDWLRQWRWKHLQVWDOODWLRQKHLJKWDERYH
WKHFRXQWHUWRS6HHSDJHIRUGHWDLOV
3LHFH'XFW
&RYHUZLWK
&HLOLQJ%UDFNHW
,QVWDOODWLRQ,QVWUXFWLRQV
$'9$1&(3/$11,1*
'(&25$7,9('8&7&29(56
'XFWZRUN3ODQQLQJ
‡ 7KLVKRRGPD\EHYHQWHGYHUWLFDOO\WKURXJKXSSHUFDELQHWV
VRIILWRUFHLOLQJ$GXFWWUDQVLWLRQSLHFHLVVXSSOLHGIRUYHUWLFDO
H[KDXVW8VHORFDOO\VXSSOLHGHOERZVWRYHQWKRUL]RQWDOO\
WKURXJKWKHUHDUZDOO6HHSDJH
‡ 'HWHUPLQHWKHH[DFWORFDWLRQRIWKHYHQWKRRG
‡ 3ODQWKHURXWHIRUYHQWLQJH[KDXVWWRWKHRXWGRRUV
‡ 8VHWKHVKRUWHVWDQGVWUDLJKWHVWGXFWURXWHSRVVLEOH))RU
VDWLVIDFWRU\SHUIRUPDQFHGXFWUXQVKRXOGQRWH[FHHG
HTXLYDOHQWOHQJWKIRUDQ\GXFWFRQILJXUDWLRQV
‡ 8VHPHWDOGXFWZRUNRQO\
‡ $WUDQVLWLRQSLHFHIRUµURXQGGXFWLVVXSSOLHG8VHµURXQG
GXFWRU\RXPD\XVHµ[µUHFWDQJXODU
‡ ,QVWDOODZDOOFDSRUURRIFDSZLWKGDPSHUDWWKHH[WHULRU
RSHQLQJ2UGHUWKHZDOORUURRIFDSDQGDQ\WUDQVLWLRQ
QHHGHGLQDGYDQFH
‡ :KHQDSSOLFDEOHLQVWDOODQ\PDNHXS UHSODFHPHQW DLU
V\VWHPLQDFFRUGDQFHZLWKORFDOEXLOGLQJFRGHUHTXLUHPHQWV
$GHFRUDWLYHGXFWFRYHULVDYDLODEOHWRILWERWKPRGHOZLGWKV
7KHGXFWFRYHUFRQFHDOVWKHGXFWZRUNUXQQLQJIURPWKHWRSRI
WKHKRRGWRWKHFHLOLQJRUVRIILW7KHGXFWFRYHUZLOOILWIWWR
IWFHLOLQJKHLJKWV6HHSDJHIRUGHWDLOV
.LW-;':
2UGHUNLW-;':LI\RXULQVWDOODWLRQUHTXLUHVKRUL]RQWDOGXFWLQJ
IURPWKHWRSRIWKHKRRGWKURXJKWKHEDFNZDOODQG
‡ <RXKDYHDQIWFHLOLQJDQGQHHGWRXVHD-;&+6HULHV
&KLPQH\&RYHURU
‡ <RXKDYHDµFDELQHWRUµVRIILWWKDWWKHKRRGLVWREH
PRXQWHGEHQHDWK
7KLVNLWSURYLGHVDGXFWWUDQVLWLRQIURPµURXQGWRµ[µ
UHFWDQJXODUIRUWKURXJKWKHZDOOYHQWLQJ
:DOO)UDPLQJIRU$GHTXDWH6XSSRUW
‡ 7KLVYHQWKRRGLVKHDY\$GHTXDWHVWUXFWXUHDOVXSSRUWPXVW
EHSURYLGHG7KHKRRGPXVWEHVHFXUHGWRYHUWLFDOVWXGVLQ
WKHZDOO6HHSDJH
‡ :HVWURQJO\UHFRPPHQGWKDWWKHYHQWKRRGZLWKGXFWFRYHU
EHRQVLWHEHIRUHILQDOIUDPLQJDQGZDOOILQLVKLQJ7KLVZLOO
DOVRKHOSWRDFFXUDWHO\ORFDWHWKHGXFWZRUNDQGHOHFWULFDO
VHUYLFH
32:(56833/<
,03257$17 3OHDVHUHDGFDUHIXOO\
:$51,1*
)253(5621$/6$)(7<7+,6$33/,$1&(0867%(3523(5/<
*5281'('
5HPRYHKRXVHIXVHRURSHQFLUFXLWEUHDNHUEHIRUHEHJLQQLQJ
LQVWDOODWLRQ
'RQRWXVHDQH[WHQVLRQFRUGRUDGDSWHUSOXJZLWKWKLV
DSSOLDQFH)ROORZ1DWLRQDOHOHFWULFDOFRGHVRUSUHYDLOLQJORFDO
FRGHVDQGRUGLQDQFHV
(OHFWULFDOVXSSO\
7KLVYHQWKRRGPXVWEHVXSSOLHGZLWK9+]DQG
FRQQHFWHGWRDQLQGLYLGXDOSURSHUO\JURXQGHGEUDQFKFLUFXLW
DQGSURWHFWHGE\DRUDPSFLUFXLWEUHDNHURUWLPHGHOD\
IXVH
‡ :LULQJPXVWEHZLUHZLWKJURXQG
‡ ,IWKHHOHFWULFDOVXSSO\GRHVQRWPHHWWKHDERYH
UHTXLUHPHQWVFDOODOLFHQVHGHOHFWULFLDQEHIRUHSURFHHGLQJ
‡ 5RXWHKRXVHZLULQJDVFORVHWRWKHLQVWDOODWRQORFDWLRQDV
SRVVLEOHLQWKHFHLOLQJVRIILWRUZDOO6HHSDJHIRUGHWDLOV
‡ &RQQHFWWKHZLULQJWRWKHKRXVHZLULQJLQDFFRUGDQFHZLWK
ORFDOFRGHV
*URXQGLQJLQVWUXFWLRQV
7KHJURXQGLQJFRQGXFWRUPXVWEHFRQQHFWHGWRDJURXQG
PHWDOSHUPDQHQWZLULQJV\VWHPRUDQHTXLSPHQWJURXQGLQJ
WHUPLQDORUOHDGRQWKHKRRG
:$51,1*
7KHLPSURSHUFRQQHFWLRQRIWKH
HTXLSPHQWJURXQGLQJFRQGXFWRUFDQUHVXOWLQDULVNRIHOHFWULFVKRFN
&KHFNZLWKDTXDOLILHGHOHFWULFLDQRUVHUYLFHUHSUHVHQWDWLYHLI\RXDUH
LQGRXEWZKHWKHUWKHDSSOLDQFHLVSURSHUO\JURXQGHG
,QVWDOODWLRQ,QVWUXFWLRQV
'8&7),77,1*6
8VHWKLVFKDUWWRFRPSXWHPD[LPXP
SHUPLVVLEOHOHQJWKVIRUGXFWUXQVWR
RXWGRRUV
1RWH'RQRWH[FHHGPD[LPXP
SHUPLVVLEOHHTXLYDOHQWOHQJWKV
0D[LPXPGXFWOHQJWK
IRRWIRUYHQWKRRGV
)OH[LEOHGXFWLQJ
,IIOH[LEOHPHWDOGXFWLQJLVXVHGDOO
WKHHTXLYDOHQWIHHWYDOXHVLQWKHWDEOH
VKRXOGEHGRXEOHG7KHIOH[LEOHPHWDO
GXFWVKRXOGEHVWUDLJKWDQGVPRRW
DQGH[WHQGHGDVPXFKDVSRVVLEOH
'R127XVHIOH[LEOHSODVWLFGXFWLQJ
1RWH$Q\KRPHYHQWLODWLRQV\VWHP
VXFKDVDYHQWLODWLRQKRRGPD\LQWHUUXSW
WKHSURSHUIORZRIFRPEXVWLRQDLU
DQGH[KDXVWUHTXLUHGE\ILUHSODFHV
JDVIXUQDFHVJDVZDWHUKHDWHUVDQG
RWKHUQDWXUDOO\YHQWHGV\VWHPV7R
PLQLPL]HWKHFKDQFHRILQWHUUXSWLRQRI
VXFKQDWXUDOO\YHQWHGV\VWHPVIROORZ
WKHKHDWLQJHTXLSPHQWPDQXIDWXUHU·V
JXLGHOLQHVDQGVDIHW\VWDQGDUGVVXFKDV
WKRVHSXEOLVKHGE\1)3$DQG$6+5$(
:KHQDSSOLFDEOHLQVWDOODQ\PDNHXS
UHSODFHPHQW DLUV\VWHPLQDFFRUGDQFH
ZLWKORFDOEXLOGLQJFRGHUHTXLUHPHQWV
7KLV+RRG0XVW8VHµ5RXQG
'XFW,W&DQ7UDQVLWLRQ7R
µ[µ'XFW
.LW-;':
2UGHUNLW-;':LI\RXULQVWDOODWLRQ
UHTXLUHVKRUL]RQWDOGXFWLQJIURPWKH
WRSRIWKHKRRGWKURXJKWKHEDFN
ZDOODQG
‡ <RXKDYHDQIWFHLOLQJDQGQHHG
WRXVHD-;&+6HULHV&KLPQH\&RYHU
RU
‡ <RXKDYHDµFDELQHWRUµVRIILW
WKDWWKHKRRGLVWREHPRXQWHG
EHQHDWK
7KLVNLWSURYLGHVDGXFWWUDQVLWLRQ
IURPµURXQGWRµ[µ
UHFWDQJXODUIRUWKURXJKWKHZDOO
YHQWLQJ
8VLQJDVPDOOHUGLDPHWHUGXFWVL]H
ZLOOUHGXFHSHUIRUPDQFH
'XFW3LHFH
'LPHQVLRQV
(TXLYDOHQW
/HQJWK µ5RXQG
VWUDLJKW
IW
SHUIRRW
OHQJWK
µ[µ
VWUDLJKW
IW
SHUIRRW
OHQJWK
µƒHOERZ
IW
µƒHOERZ
IW
µ[µ
ƒHOERZ
IW
µ[µ
ƒHOERZ
IW
µ[µ
ƒIODWHOERZ
IW
µURXQGWR
µ[µ
WUDQVLWLRQ
IW
µ[µ
WRµURXQG
WUDQVLWLRQ
IW
µURXQGWR
µ[µ
WUDQVLWLRQƒHOERZ
IW
µ[µWR
µURXQG
WUDQVLWLRQƒHOERZ
IW
µURXQG
ZDOOFDS
ZLWKGDPSHU
IW
IWZLWKRXWGDPSHU
µ[µ
ZDOOFDS
ZLWKGDPSHU
IW
IWZLWKRXWGDPS
µURXQG
URRIFDS
IW
5RXQG
URRIYHQW
IW
$FWXDOOHQJWKRIVWUDLJKWGXFWSOXVGXFWILWWLQJ
HTXLYDOHQW(TXLYDOHQWOHQJWKRIGXFWSLHFHVDUH
EDVHGRQDFWXDOWHVWVFRQGXFWHGE\*((YDOXDWLRLQ
(QJLQHHULQJDQGUHIOHFWUHTXLUHPHQWVIRUJRRG
YHQWLQJSHUIRUPDQFHZLWKDQ\YHQWLODWLRQKRRG
7RWDO
4XDQWLW\ (TXLYDOHQW
8VHG
/HQJWK
7RWDO'XFW5XQ
,QVWDOODWLRQ,QVWUXFWLRQV
722/6$1'0$7(5,$/65(48,5('
5(029(7+(3$&.$*,1*
1276833/,('
3HQFLODQGWDSH
PHDVXUH
‡ 5HPRYHWKHVPDOOER[KRXVLQJWKHPRWRU
‡ /LIWWKHKRRGRXWRIWKHER[
3KLOOLSVDQG
)ODWEODGH
VFUHZGLUYHUV
'XFWWDSH
+RRG
µSLYRWLQJKH[
VRFNHW
:RRG
0RXQWLQJ
6XSSRUW
(OHFWULFGULOOZLWKµDQG
µELWV
0RWRU
3DUWV
3DFNDJH
6KLSSLQJ&DUWRQ
6DIHW\JODVVHV
‡ 5
HPRYHVKLSSLQJVFUHZVKROGLQJWKHZRRGPRXQWLQJ
SLHFHWRWKHEDFNVLGHRIWKHKRRG6HWDVLGHZRRG
PRXQWLQJSLHFHDQGVFUHZVIRUODWHULQVWDOODWLRQ'R
QRWGLVFDUG
‡ 5HPRYHWKH´9µVKDSHGFDUWRQLQVHUW
‡ 5HPRYHSDUWVSDFNDJHIURPWKH´9µVKDSHG
FDUGERDUGLQVHUW
‡ 5HPRYHMXQFWLRQER[FRYHUDQGNQRFNRXW
‡ ,QVWDOOVWUDLQUHOLHIRQWREDFNRUWRSRIKRRG
‡ 5HPRYHDOOWDSHDQGSDFNLQJPDWHULDOIURPWKHKRRG
GXFWWUDQVLWLRQDQGPRWRU
6SLULWOHYHO
8//LVWHG:LUHQXWV
)ODVKOLJKW
3OLHUV
+DPPHU
7LQ6QLSV
:LUH&XWWHU
6WULSSHU
6DEHUVDZRU.H\+ROH6DZ
/DGGHU
$OOHQ:UHQFK
$GGLWLRQDO0DWHULDOV
‡ 9+]RU$PSZLUHZLWKJURXQG
3URSHUO\JURXQGHGEUDQFKFLUFXLW
‡ 6WUDLQUHOLHIIRUMXQFWLRQER[
‡ µURXQGPHWDOGXFWµ[µUHFWDQJXODUGXFW
RUµ[µUHFWDQJXODUGXFWOHQJWKWRVXLW
LQVWDOODWRLQ
,QVWDOODWLRQ,QVWUXFWLRQV
3$5763529,'('
/RFDWHWKHKDUGZDUHDFFHVVRU\ER[SDFNHGZLWKWKHKRRG
DQGFKHFNFRQWHQWV
$OXPLQXP
*UHDVH)LOWHUV
6FUHZVZDOO
IDVWHQHUV
ZDVKHUV
'XFW7UDQVLWLRQ
ZLWK'DPSHU
'8&7&29(55(48,5(0(176
5HYLHZWKHIROORZLQJH[DPSOHVWRHQVXUHDWURXEOHIUHH
LQVWDOODWLRQXVLQJWKHGXFWFRYHU
IW&HLOLQJ
DFFHVVRU\
:HUHFRPPHQGWKDWWKHYHQWKRRGDQGGHFRUDWLYHGXFW
FRYHU LIXVHG EHRQVLWHEHIRUHILQDOIUDPLQJDQGZDOO
ILQLVKLQJ7KLVZLOOKHOSWRDFFXUDWHO\ORFDWHVWXGVGXFWZRUN
DQGHOHFWULFDOVHUYLFH5HDGWKHVHLQVWUXFWLRLQVWRGHWHUPLQH
LIWKHGXFWFRYHUDFFHVVRU\FDQEHXVHGIRU\RXULQVWDOODWLRQ
VLWXDWLRQ
IW&HLOLQJV
7KHKRRGPXVWEHLQVWDOOHG
DWµDERYHWKHFRRNLQJ
VXUIDFH RUµDERYHWKH
IORRU WKHGXFWFRYHUZLOOQRW
ILWLIWKHKRRGLVLVQWDOOHGDW
DORZHURUKLJKHUKHLJKW
8VHWKHRXWVLGHµVHFWLRQ
GLVFDUGWKHLQVLGHVHFWLRQ
'XFW&RYHU$FFHVVRU\
‡ 8VHWKHGHFRURDWLYHGXFWFRYHUWRFRQFHDOGXFWZRUN
UXQQLQJIURPWKHWRSRIWKHKRRGWRWKHFHLOLQJ
‡ 7KHGXFWFRYHUDFFHVVRU\
FRQVLVWVRISLHFHV7KH
RXWVLGHSLHFHLVµKLJK
WKHLQVLGHSLHFHLVµ
1HVWHGWRJHWKHUWKH\DUH
µPLQH[SDQGLQJWRDWRWDO
PD[LPXPKHLJKWRIµ
µ
‡ 7KHRXWVLGHSLHFHFDQEH
XVHGDORQHWRILOODµ
KHLJKW
‡ )RUKHLJKWVRYHUµWKH
FHLOLQJEUDFNHWPXVWEH
µ
LQVWDOOHGWRVHFXUHWKHFRYHU
µ
DWWKHWRS
)LOWHU
6XSSRUW
µ
µ
IW&HLOLQJ
µ
µ
µ
µ
µ
µ
IW&HLOLQJ,QVWDOOWKHKRRGµPLQDQGXSWRDPD[LPXP
RIµDERYHWKHFRRNLQJVXUIDFH7KHGXFWFRYHUZLOOH[SDQG
WRUHDFKFHLOLQJKHLJKW
7RDYRLGXQVLJKWO\JDSVSODQ
WKHKRRGLQVWDOODWLRQKHLJKWIRUGXFWFRYHUXVH
‡ 7KHFRYHUZLOOILWDµPLQKHLJKWIURPWKHWRSRIWKH
KRRGWRWKHFHLOLQJRUµPLQDQGH[SDQGLQJXSWRµ
IURPWKHWRSRIWKHKRRGWRWKHFHLOLQJ
7+('8&7&29(5&$1127%(86(':+(17+(',67$1&(
$%29(7+(7232)7+(+22',6%(7:((1µ$1'µ
IW&HLOLQJ
µ
µ
µ
µ0D[
IW&HLOLQJ,QVWDOOWKHKRRGµPLQWRµPD[DERYHWKH
FRRNLQJVXUIDFH7KHGXFWFRYHUZLOOH[SDQGWRDPD[LPXP
RIµDERYHWKHWRSRIWKHKRRGWRPHHWWKHFHLOLQJ
,QVWDOODWLRQ,QVWUXFWLRQV
'(7(50,1(+22''8&7:25.$1':,5,1*/2&$7,216
‡ .HHSWKHZRRGVXSSRUWSLHFHDQGLWVVFUHZVIRUODWHU
LQVWDOODWRQ'RQRWGLVFDUG
‡ 0HDVXUHGHVLUHGGLVWDQFHIURPWKHERWWRPRIWKHKRRG
WRWKHFRRNLQJVXUIDFHµPLQWRµPD[5HIHUWRWKH
SUHYLRXVSDJHLIWKHDFFHVVRU\GXFWFRYHUZLOOEHXVHG
‡ 8VHDOHYHOWRGUDZDKRUL]RQWDOOLQHLQGLFDWLQJWKHERWWRP
RIWKHKRRG
‡ 8VHDOHYHOWRGUDZWKHFRRNWRSFHQWHUOLQHORFDWLRQ
‡ 0HDVXUHµXSIURPWKHKRUL]RQWDOOOLQHIRUWKH
ERWWRPRIWKHKRRG'UDZDQRWKHUKRUL]RQWDOOLQH
‡ 0HDVXUHµXSIURPWKHOLQHIRUWKHERWWRPRIWKHKRRG
GUDZDQRWKHUKRUL]RQWDOOLQHWRLQGLFDWHWKHWRSRIWKH
KRRG
µ
&HQWHUOLQHWR:DOO
)25&(,/,1*
9(17'8&7,1*
(OHFWULFDO
µ'LD
+ROH
)25:$//9(17'8&7
&HQWHUOLQHµ0LQ
DERYH7RSRI
+RRG
7RSRI+RRG
µ
)259(57,&$/ 6WUDLJKW8S '8&7,1*
‡ ,IYHQWLQJRXWWKHFHLOLQJH[WHQGWKHFHQWHUOLQHIRUZDUGRQ
WKHFHLOLQJ
0HDVXUHµIURPGU\ZDOOWRPDUNFHQWHUOLQHIRUD
µGLDGXFWKROHRQWKHFHLOLQJ
,IGU\ZDOOLVQRWSUHVHQWDGGGU\ZDOOWKLFNQHVVWRWKH
µGLPHQVLRQ
:RRG
6XSSRUW
µ
(OHFWULFDO
%RWWRPRI+RRG
)25'8&7,1*7+528*+5($5:$//
‡ 0HDVXUHWKHVXSSOLHGGXFWWUDQVLWLRQZLWKDQ\VWUDLJKW
UXQOHQJWKRIGXFWXVHGSOXVµHOERZKHLJKW'UDZD
KRUL]RQWDOOLQHRQWKHZDOOLQWHUVHFWLQJWKHFHQWHUOLQH
9HQWLQJWKURXJKDVRIILWRUXSSHUFDELQHW
‡ )ROORZWKHVDPHSURFHGXUHIRUFHLOLQJGXFWLQJWRFXWWKH
µGLDKROHWKURXJKWKHWRSRIWKHFDELQHWRUVRIILW
‡ 6HH6WHSSDJHIRUGHWDLOVWRFXWRSHQLQJIRUGXFW
WUDQVLWLRQ
µIRUµ0RGHOV
µIRUµ0RGHOV
+RXVH:LULQJ/RFDWLRQ
‡ 7 KHMXQFWLRQER[LVIDVWHQHQGWRWKHEDFNRIWKHKRRG
RQWKHULJKWVLGH6HHLOOXVWUDWLRQVIRUKRRGNQRFNRXW
ORFDWLRQV
1RWH7KHMXQFWLRQER[FDQEHUHORFDWHGWRWKHLQVLGHWRSRI
WKHKRRG
+RXVHZLULQJPD\HQWHUWKHMXQFWLRQER[IURPWKHUHDURU
WKHWRSRIWKHKRRGDWWKHULJKWVLGH
7RURXWHKRXVHZLULQJWKURXJKWKHFHLOLQJRUVRIILW
² &XWDKROHDSSUR[LPDWHO\µGLDµIRUZDUGRQ
WKHFHLOLQJµWRWKHULJKWRIWKHFHQWHUOLQHIRUµ
PRGHOVRUµWRWKHULJKWRIWKHFHQWHUOLQHIRUµ
PRGHOV
7RURXWHKRXVHZLULQJWKURXJKWKHZDOO
² &XWDKROHDSSUR[LPDWHO\µGLDµGRZQIURPWKH
WRSRIWKHKRRGµWRWKHULJKWRIWKHFHQWHUOLQHIRU
µPRGHOVRUµWRWKHULJKWRIWKHFHQWHUOLQHIRUµ
PRGHOV
‡ 5HPRYHWRSRUUHDUNQRFNRXWGHSHQGLQJRQ\RXU
LQVWDOODWLRQ
‡ ,QVWDOOVWUDLQUHOLHIRQWREDFNRUWRSRIKRRG
µ
.QRFNRXW
/RFDWLRQV
µ
µIRUµ0RGHOV
µIRUµ0RGHOV
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//+22'6833257
,167$//75$16,7,21
,03257$175HPRYHVKLSSLQJ
WDSHIURPGDPSHUDQGFKHFN
WKDWGDPSHUPRYHVIUHHO\
,03257$17)UDPLQJPXVWEHFDSDEOHRIVXSSRUWLQJ
OEV
‡ /RFDWHDWOHDVWYHUWLFDOVWXGVDWWKHZRRGPRXQWLQJ
ORFDWLRQE\WDSSLQJGU\ZDOOZLWKDKDPPHURUXVHDVWXG
ILQGHU
‡ &HQWHUWKHVXSSOLHGZRRGKRUL]RQWDOVXSSRUWOHIWWRULJKW
DQGEHORZWKHPDUNHGOLQH
5HPRYH
6KLSSLQJ7DSH
RQ'DPSHU
7RSRI
+RRG
'XFW
7UDQVLWLRQ
‡ 3
ODFHWKHWUDQVLWLRQSLHFHRYHUWKHKRRGH[KDXVW6HFXUH
WUDQVLWLRQWRKRRGZLWKVFUHZVSURYLGHG
‡ 8VHGXFWWDSHWRVHDOWKHFRQQHFWLRQ
µ0LQ2SHQLQJIRU'XFWZRUN
:RRG6XSSRUW
,167$//+22'2172:$//
µ
‡ /LIWWKHKRRGDQGSODFHRYHUWKHZRRGVXSSRUW7KHWRS
NH\KROHVORWVLQWKHKRRGVKRXOGHQJDJHWKHSURWUXGLQJ
PRXQWLQJVFUHZV$OORZWKHKRRGWRVOLGHGRZQLQWR
SRVLWLRQ
‡ 3XOOKRXVHZLULQJWKURXJKNQRFNRXWDWWKHUHDURUWRSRI
WKHKRRG
‡ &KHFNWREHVXUHWKHKRRGLVOHYHODQGFHQWHUHG7KHDUURZ
VKDSHGFXWRXWLQWKHEDFNRIWKHKRRGDOORZVYLHZLQJWKH
PDUNHGFHQWHUOLQH
‡ 5HPRYHFRYHUIURPMXQFWLRQER[
µ
WR
µ
&HQWHUOLQHRI
,QVWDOODWLRQ6SDFH
‡ 'ULOOµSLORWKROHVWKURXJKWKHVXSSRUWGU\ZDOODQGLQWR
WKHVWXGV6HFXUHWKHVXSSRUWWRRUPRUHYHUWLFDOVWXGV
ZLWKVXSSOLHGZRRGVFUHZV
,03257$176FUHZVPXVWSHQHWUDWHDWOHDVWµLQWR
YHUWLFDOVWXGV&RXQWHUVLQNVFUHZVLQWRVXSSRUW
µ
WR
µ
&HQWHUOLQHRI
,QVWDOODWLRQ
6SDFH
&XWRXW
'ULOO%RWWRP0RXQWLQJ+ROH/RFDWLRQV
‡ 'ULOOµSLORWKROHVLQWRWKHWZRORZHUPRXQWLQJKROHV
(QODUJHWKHKROHVLIWKH\GRQRWHQWHUVWXGVWRµ7DS
DQFKRUVIRUZDOOIDVWHQHUVLQWRERWWRPKROHV,QVWDOO
VFUHZVE\KDQGLQWRWKHIDVWHQHUVWRDOORZDQFKRUVWR
H[SDQGDJDLQVWWKHZDOO5HPRYHVFUHZV
‡ 8VLQJWZRODUJHIODWZDVKHUV VXSSOLHG LQVWDOOZRRGVFUHZVRU
ZDOOIDVWHQHUVFUHZVORRVHO\LQWRORZHUPRXQWLQJKROHV'R
QRWWLJKWHQ
‡ &KHFNKRRGOHYHO7LJKWHQXSSHUVFUHZV7LJKWHQORZHU
PRXQWLQJVFUHZV
‡ )RUDGGLWLRQDOVHFXULW\GULYHVFUHZVWKURXJKWKHRULJLQDO
ZRRGVXSSRUWVFUHZKROHVLQWKHEDFNRIWKHKRRG
µ
µJDS
‡ ,QVWDOOPRXQWLQJVFUHZVLQWKHFHQWHURIWKHZRRGVXSSRU
µIURPWKHFHQWHUOLQH7KHVFUHZVVKRXOGSURWUXGH
IRUZDUGµ7KLVµJDSZLOOSURYLGHFOHDUDQFHWRKDQJ
WKHKRRG
,QVWDOODWLRQ,QVWUXFWLRQV
$OWHUQDWH0RXQWLQJ0HWKRG
,03257$17)RUDGGLWLRQDOVXSSRUWDQGWRPLQLPL]H
YLEUDWLRQGXULQJRSHUDWLRQZHVWURQJO\UHFRPPHQG
WKDWWKHKRRGDOVREHVHFXUHGWRWKHEDFNZDOOZLWKZDOO
IDVWQHUV
,167$//+22'7262)),725
%(1($7+&$%,1(76
µ0RGHOV
6.,37+,667(3,)86,1*:$//02817,1*0(7+2'
µ
,03257$176RIILWIUDPLQJPXVWEHFDSDEOHRI
VXSSRUWLQJOEV
µ
µ
µ
µ
:KHQQHFHVVDU\WKHKRRGPD\EHLQVWDOOHGVRWKDWLWLV
VXSSRUWHGE\WKHVRIILW
‡ 7KHVRIILWVKRXOGEHFRQVWUXFWHGZLWK[·V
‡ 'HWHUPLQHWKHLQVWDOODWLRQORFDWLRQ
‡ &RQWLQXHWKHFHQWHUOLQHIRUZDUGRQWKHERWWRPRIWKH
FDELQHWRUVRIILW
µ
µ
µ
µ
µ
7RS9LHZ)URQW6LGH
µ0RGHOV
µ
µ
µ
%
$
$
µ
µ
µ0RGHOV
µ
µ:['
µ
µ:['
µ
µ
9XHGHGHVVXVSDUWLHDYDQW
‡ 'ULOOIRXUµSLORWKROHVLQORFDWLRQVVKRZ
² ,IPRXQWLQJWRWKHXQGHUVLGHRIDFDELQHWZLWKD
UHFHVVHGERWWRPLQVWDOOVKLPVWRILOOWKHJDS
´%µ
2SHQLQJIRU
'XFWZRUN
µ1LGHNV
7UDQVLWLRQ
‡ 0RXQWLQJVFUHZVPXVWEHVHFXUHGWR[VWXGV 'LP´$µ DWORFDWLRQVVKRZQLQWKHDERYHFKDUW
‡ $OORZPLQLPXPRSHQLQJ 'LP´%µ WRDFFRPPRGDWH
WKHGXFWWUDQVLWLRQLQWKHVRIILW
&DELQHW
RU6RIILW
µ*DS
5HDU:DOO
µ
µ
µ
´$µ
&HQWHUOLQHWR
&HQWHURI6WXG
µ
µ
(QJDJH.H\KROH6ORWV
DQG3XVK%DFNDW:DOO
µ
$GG
6KLPPVLI
%RWWRPLV
5HFHVVHG
%DFN
:DOO
µ
‡ 'ULYHPRXQWLQJVFUHZVLQWWKHVWXGVXQWLOWKH\
SURWUXGHµ7KLVµJDSZLOOSURYLGHFOHDUDQFHWR
HQJDJHWKHNH\KROHVORWVLQWKHWRSRIWKHKRRG
‡ /LIWKRRGRQWRPRXQWLQJVFUHZVVOLGHEDFNDJDLQVW
WKHUHDUZDOO
‡ 3XOOKRXVHZLULQJWKURXJKWKHNQRFNRXWDWWKHUHDURU
WRSRIWKHKRRG
‡ 7LJKWHQPRXQWLQJVFUHZV
7RS9LHZ)URQW6LGH
&XWDµ[µKROHWKURXJKERWWRPRIVRIILWRU
FDELQHWIRUGXFWWUDQVLWLRQDVVKRZQ
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//&(,/,1*%5$&.(7
&211(&7'8&7:25.
7KHFHLOLQJEUDFNHWPXVWEHLQVWDOOHGZKHQWKHGXFW
FRYHULVXVHGWRVSDQµRUPRUHKHLJKWDERYHWKHKRRG
7KHEUDFNHWZLOOKROGWKHGHFRUDWLYHGXFWFRYHULQSODFH
DWWKHWRS
1RWH7KHFHLOOLQJEUDFNHWLVQRWUHTXLUHGZKHQXVLQJRQO\
WKHµVHFWLRQRIWKHGXFWFRYHU
‡ ,QVWDOOWKHVPDOOVFUHZVLQWRWKHVLGHVRIWKHGXFW
EUDFNHWUHPRYHWKHVFUHZV3UHWDSSLQJWKHKROHVZLOO
LQVXHHDVHRIILQDOLQVWDOODWLRQ
‡ 0DWFKFHQWHUQRWFKRQWKHEUDFNHWWRWKHFHQWHUOLQH
RQWKHZDOODQGIOXVKDJDLQVWWKHFHLOLQJ
‡ 0DUNWKHVFUHZKROHORFDWLRQV
‡ 'ULOOµSLORWKROHVLQPDUNHGEUDFNHWORFDWLRQ
‡ ,ISLORWKROHVGRQRWHQWHUVWXGVHQODUJHWKHKROHVWR
µDQGLQVWDOOZDOOIDVWHQHUDQFKRUV
‡ 6HFXUHWKHEUDFNHWWRWKHUHDUZDOOZLWKZRRGVFUHZV
DQGZDVKHUV8VHZDOODQFKRUVLIQHHGHG
‡ 3XVKGXFWRYHUWKHHQGRIWKHWUDQVLWLRQXQWLOLW
UHDFKHVWKHVWRSWDEV
‡ ,QVWDOOGXFWZRUNPDNLQJFRQQHFWLRQVLQGLUHFWLRQRI
DLUIORZDVLOOXVWUDWHG
‡ 6HFXUHMRLQWVLQGXFWZRUNZLWKVKHHWPHWDOVFUHZV
‡ :UDSDOOGXFWMRLQWVZLWKGXFWWDSHIRUDQDLUOLJKWVHDO
‡ 8VHGXFWWDSHWRVHDOWKHIODQJHFRQQHFWLRQ
+RXVH
'XFWZRUN
'XFW7DSH2YHU
6HDPDQG6FUHZ
'XFW7DSH2QO\IRU3URSHU
2SHUDWLRQRI'DPSHU
1RWH%UDFNHWKDVVHWVRIKROHV8VHODUJHUKROHV
IRUZDOOIDVKHQHUVRUZRRGVFUHZVZLWKZDVKHUV8VH
VPDOOHUKROHVIRUZRRGVFUHZVZLWKZDVKHUV
$LU)ORZ
6FUHZ
'XFWZRUN
'XFW6WRSV
7UDQVLWLRQ
'XFW7DSH2YHU
)ODQJH
&$87,21
,QVWDOO&HLOLQJ
%UDFNHW:KHQ
'XFW&RYHULV
8VHGWR6SDQµ
RUPRUH
'RQRWXVHVKHHWPHWDOVFUHZV
DWWKHWUDQVLWLRQWRGXFWZRUNFRQQHFWLRQ'RLQJVHZLOO
SUHYHQWSURSHUGDPSHURSHUDWLRQV6HDOFRQQHFWLRQZLWK
WDSHRQO\
6HH6WHS
WR,QVWDOO
'XFW
&RYHU
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//'8&7&29(56
,167$//02725
‡ $OLJQDQGHQJDJHWKHVORWV
LQWKHEORZHUDVVHPO\WR
WKHKRRNVDWWKHUHDURI
WKHH[KDXVWRSHQLQJ
‡ 5RWDWHPRWRUXSODUGVXQWLOLW
DOLJQVZLWKWKHDWWDFKPHQW
VFUHZORFDWLRQ
‡ 6HFXUHWKHPRWRUWR
DWWDFKPHQWEUDFNHWDW
WKHIURQWRIWKHRSHQLQJ
ZLWKZDVKHUDQGVFUHZ
SURYLGHG
‡ 3OXJWKHPRWRU
FRQQHFWRULQWRWKH
PDWLQJKRRGFRQQHFWRU
6HHWKHLOOXVWUDWLRQIRU
WKHKRRGFRQQHFWRUORFDWLRQ7RXFK
WKHKRRGWRORFDWHDQGPDNHWKH
FRQQHFWLRQ
0RWRU$WWDFKPHQW
%UDFNHW
7RLQVWDOOWKHµGXFWFRYHUDORQH
‡ 3ODFHWKHµVHFWLRQRIWKHGHFRUDWLYHGXFWFRYHURQ
WRSRIWKHKRRG
‡ 6HFXUHWKHFRYHURQWKHWRSRIWKHKRRGZLWKVFUHZV
SURYLGHG
7RLQVWDOOWKHSLHFHGXFWFRYHU
‡ 3ODFHWKHSLHFHGXFWFRYHURQWKHWRSRIWKHKRRG
‡ 6HFXUHWKHERWWRPFRYHUWRWKHWRSRIWKHKRRGZLWK
VFUHZVSURYLGHG6HHLOOXVWUDWLRQSDJH
‡ ([WHQGWKHLQVLGHVHFWLRQXSZDUGVWRPHHWWKHFHLOLQJ
DQGFHLOLQJEUDFNHW
‡ 6HFXUHWKHGXFWFRYHUWRWKHEUDFNHWZLWKWKHVPDOO
3KLOOLSVVFUHZVSURYLGHG
0RWRU+RRNV
,167$//),/7(56833257
,03257$17+ROGWKHFRQQHFWRUVR
WKHWZRVTXDUHFRUQHUWHUPLQDOVDUH
DWWKHWRSDV\RXSRVLWLRQWKHFRQQHFWRU
WRSOXJLWLQ
‡ 7LSILOWHUVXSSRUWLQWRWKHUHDURIWKHKRRG
‡ ,QVHUWVXSSRUWWDEVLQWRWKHVORWVDWWKHUHDURIWKH
KRRG
,QVHUW7DEVLQWR6ORWV
&211(&7(/(&75,&$/
9HULI\WKDWSRZHULVWXUQHGRIIDWWKHVRXUFH
:$51,1*
,IKRXVHZLULQJLVQRWZLUH
ZLWKDJURXQGZLUHDJURXQGPXVWEHSURYLGHGE\WKH
LQVWDOOHU:KHQKRXVHZLULQJLVDOXPLQXPEHVXUHWRXVH
8/DSSURYHGDQWLR[LGDQWFRPSRXQGDQGDOXPLQXPWR
FRSSHUFRQQHFWRUV
$5HPRYH
-XQFWLRQ%R[
&RYHU
&,QVHUW3RZHU
&RQGXLWWKUX6WUDLQ
5HOLHIDQG7LJKWHQ
*URXQG
%&KHFNWKDW:KLWH%ODFNDQG
,QVWDOO6FUHZV
:KLWH
%ODFN
*UHH+RRG:LUHVDUH7KUHDGHG
WKUX6PDOO+ROHLQ%UDFNHW
'8VH8//LVWHG:LUH1XWV
‡ 6HFXUHWKHVXSSRUWWRWKHKRRGZLWKVFUHZVDV
VKRZQ
‡ 8VHZLUHQXWVWRFRQQHFWLQFRPLQJJURXQGWRJUHHQ
ZKLWHWRZKLWHDQGEODFNWREODFN
‡ 3XVKZLUHVLQWRMXQFWLRQER[DQGUHSODFHFRYHU%H
VXUHZLUHVDUHQRWSLQFKHG
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//),/7(56
),1$/,=(,167$//$7,21
‡ 5HPRYHSURWHFWLYHILOPFRYHULQJWKHILOWHUV
‡ ,QVHUWWKHILOWHULQWRWKH´&µFOLSVPRXQWHGWRWKHWRSRI
WKHYHUWLFDOIURQWSDQHO
‡ 7DSWKHILOWHUDJDLQVWRQHVLGHWRDOLJQZLWKRXWVLGH
RSHQLQJ
‡ 3XOOWKHILOWHUGRZQLQWRWKHORZHUVORWVDWWKHERWWRP
RIWKHILOWHUVXSSRUW
‡ 5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQVWRWHVWDOOFRQWUROV
-XQWLRQ%R[
´&µ&OLS
)LOWHUV
)LOWHU
6XSSRUW
‡ 7RUHPRYHWKHILOWHUVJUDVSWKHKDQGOHSXVKWKHILOWHU
XSDQGSXOOIRUZDUG
%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWEHORZILUVWDQG\RX
PD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
)DQGRHVQRWRSHUDWH
ZKHQWKHVZLWFKLVRQ
$IXVHPD\EHEORZQRUD
FLUFXLWEUHDNHUWULSSHG
‡5HSODFHIXVHRUUHVHWFLUFXLWEUHDNHU
7KHEORZHUFRQQHFWRULVORRVH
RUQRWSOXJJHGLQWRLWVPDWLQJ
FRQQHFWRU
‡'LVFRQQHFWSRZHUWRWKHXQLW5HPRYHWKHILOWHUV
DQGORRNXSDWWKHEORZHU,IWKHEORZHUFRQQHFWRU
SOXJLVORRVHRU\RXVHHWKHFRQQHFWRUGDQJOLQJ
WKHLQVWDOOHUIDLOHGWRSOXJLWLQVHFXUHO\$OWKRXJKLW
LVDEOLQGFRQQHFWLRQLWLVHDV\WRSOXJLQ6HHWKH
,QVWDOODWLRQ,QVWUXFWLRQVLQWKLVPDQXDOIRUWKHSOXJ
ORFDWLRQDQGKRZWRSOXJWKHFRQQHFWRULQ
)DQIDLOVWRFLUFXODWHDLU ([FHVVLYHO\VRLOHGILOWHUV
RUPRYHVDLUVORZHUWKDQ QRUPDO
‡5HPRYHWKHILOWHUVFOHDQLIQHFHVVDU\DQGUHSODFH
WKHP,IFOHDQLQJDQGUHSODFLQJWKHILOWHUVGRHVQRW
FRUUHFWWKHSUREOHPFDOOIRUVHUYLFH
‡6XIILFLHQWPDNHXS UHSODFHPHQW DLULVUHTXLUHGIRU
H[KDXVWLQJDSSOLDQFHVWRRSHUDWHWRUDWLQJ&KHFNZLWK
ORFDOEXLOGLQJFRGHVZKLFKPD\UHTXLUHRUVWURQJO\DGYLVH
WKHXVHRIPDNHXSDLU
Please place in envelope and mail to:
Veuillez mettre dans une enveloppe et envoyez à :
OWNERSHIP REGISTRATION
P.O. BOX 1780
MISSISSAUGA, ONTARIO
L4Y 4G1
(FOR CANADIAN CONSUMERS ONLY)
*(5DQJH+RRG:DUUDQW\
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ7RVFKHGXOH
VHUYLFHRQOLQHYLVLWXVDW*($SSOLDQFHVFRPRUFDOO
*(&$5(6 3OHDVHKDYHVHULDOQXPEHUDQG
PRGHOQXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$Q\SDUWRIWKHUDQJHKRRGZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQG
LQKRPHVHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
:KDW*(:LOO1RW&RYHU
„6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
„'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
„,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
„,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
„3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
„5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLW
EUHDNHUV
„'DPDJHFDXVHGDIWHUGHOLYHU\
„3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
„,QVWDOODWLRQRUVHUYLFHIRUDPDNHXS UHSODFHPHQW DLU
V\VWHP
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHG
LQWKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\
RUILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPHXVH
ZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RXPD\
EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFH/RFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH
*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6 GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR
*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO
7''*($& ([WHQGHG:DUUDQWLHV
*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV
*($SSOLDQFH3DUWVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG 2UGHURQOLQHWRGD\KRXUVHYHU\GD\RU
E\SKRQHDWGXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\
FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V
*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH
*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
3ULQWHGLQ0H[LFR
+RWWHGHFXLVLQH
jpYDFXDWLRQ
ZZZHOHFWURPHQDJHUVJHFD
&RQVLJQHVGHVpFXULWp 'LUHFWLYHVGHIRQFWLRQQHPHQW
&RPPDQGHGHODODPSH &RPPDQGHGXYHQWLODWHXU (QWUHWLHQHWQHWWR\DJH
)LOWUHVjJUDLVVHV /DPSHGHODKRWWH 6XUIDFHVHQDFLHULQR[\GDEOH 0DQXHOG·XWLOLVDWLRQHW
GLUHFWLYHVG·LQVWDOODWLRQ
-9
-9
&9
&9
'LUHFWLYHVG·LQVWDOODWLRQ ²
'pSDQQDJH 6HUYLFHjODFOLHQWqOH
*DUDQWLH 6HUYLFHjODFOLHQWqOH ,QVFULYH]FLGHVVRXVOHVQXPpURVGH
PRGqOHHWGHVpULH
1ƒGHPRGqOH BBBBBBBBBB
1ƒGHVpULH BBBBBBBBBBBB
,OVVHWURXYHQWVXUXQHpWLTXHWWHVXUOD
SDURLLQWpULHXUHGHODKRWWH
/,%*(
&216,*1(6'(6e&85,7e,03257$17(6
9(8,//(=/,5(7287(6/(6&216,*1(6$9$17'·87,/,6(5/·$33$5(,/
&216,*1(6'(6e&85,7e
$9(57,66(0(17²
$),1'(
5e'8,5(/(65,648(6'·,1&(1',('(&+2&
e/(&75,48(28'(%/(6685(69(8,//(=2%6(59(5
/(6&216,*1(648,68,9(17
$ 1·XWLOLVH]FHWDSSDUHLOTXHSRXUO·XVDJHSRXUOHTXHO
LODpWpFRQoXSDUOHIDEULFDQW3RXUWRXWHTXHVWLRQ
FRPPXQLTXH]DYHFOHIDEULFDQW
% $YDQWGHUpSDUHURXGHQHWWR\HUO·DSSDUHLOFRXSH]
O·DOLPHQWDWLRQpOHFWULTXHDXSDQQHDXGHGLVWULEXWLRQ
pOHFWULTXHHWEORTXH]OHGLVMRQFWHXUDILQG·pYLWHUTXH
OHFRXUDQWQHVRLWDFFLGHQWHOOHPHQWUpWDEOL/RUVTX·LO
Q·HVWSDVSRVVLEOHGHEORTXHUOHGLVMRQFWHXUDSSRVH]
XQGLVSRVLWLIG·DYHUWLVVHPHQWELHQYLVLEOHFRPPH
XQHpWLTXHWWHVXUOHSDQQHDXGHGLVWULEXWLRQ
& 1·XWLOLVH]SDVFHWDSSDUHLODYHFXQGLVSRVLWLI
pOHFWURQLTXHGHFRQWU{OHGHODYLWHVVH
' &HWDSSDUHLOGRLWrWUHPLVjODWHUUH
$77(17,21²
3RXUXQHpYDFXDWLRQGH
W\SHJpQpUDOVHXOHPHQW1·XWLOLVH]SDVFHWDSSDUHLO
SRXUpYDFXHUGHVVXEVWDQFHVRXGHVYDSHXUV
GDQJHUHXVHVRXH[SORVLYHV
$9(57,66(0(17²
32855e'8,5(
/(65,648(6'(%/(6685(6(1&$6'()(8'(
*5$,66(685/$&8,6,1,Ê5(2%6(59(=/(6
&216,*1(648,68,9(17 $ e728))(=/(6)/$00(6HQFRXYUDQWO·XVWHQVLOHGH
FXLVVRQjO·DLGHG·XQFRXYHUFOHG·XQHSODTXHjELVFXLWV
RXG·XQSODWHDXHQPpWDOSXLVpWHLJQH]O·pOpPHQW)$,7(6
$77(17,21'(1(3$69286%5Ó/(56LOHVIODPPHVQH
V·pWHLJQHQWSDVLPPpGLDWHPHQWe9$&8(=/(6/,(8;(7
$33(/(=/(63203,(56
% 1·(66$<(=-$0$,6'(628/(9(581867(16,/((1
)(8²YRXVSRXUULH]YRXVEU€OHU
& 1·87,/,6(=3$6'·($8GHOLQJHjYDLVVHOOHRXGH
VHUYLHWWHFHODSRXUUDLWSURYRTXHUXQHYLROHQWH
H[SORVLRQGHYDSHXU
' 8WLOLVH]XQH[WLQFWHXU6(8/(0(17VL
9RXVDYH]HQYRWUHSRVVHVVLRQXQH[WLQFWHXUGH
FODVVH$%&HWYRXVVDYH]YRXVHQVHUYLU
/HIHXHVWSHWLWHWFRQWHQXGDQVO·HQGURLWRLOV·HVWGpFODUp
9RXVDYH]DSSHOpOHVSRPSLHUV
9RXVSRXYH]FRPEDWWUHOHIHXHQIDLVDQWGRVjXQHVRUWLH
6HORQOHGRFXPHQWLQWLWXOp©.LWFKHQ)LUH6DIHW\7LSVª
SXEOLpSDUOD1)3$
$9(57,66(0(17²
32855e'8,5(
/(65,648(6'()(8'(*5$,66(685/$&8,6,1,Ê5(
$ 1HODLVVH]MDPDLVVDQVVXUYHLOODQFHOHVpOpPHQWVGHVXUIDFH
jGHVUpJODJHVpOHYpV/HVGpERUGHPHQWVSHXYHQWSURGXLUH
GHODIXPpHHWSUHQGUHIHX)DLWHVFKDXIIHUOHVPDWLqUHV
JUDVVHVGRXFHPHQWDXUpJODJHPLQLPXPRXPR\HQ
% 0HWWH]WRXMRXUVODKRWWHHQ0$5&+(ORUVTXHYRXV
FXLVLQH]jIHXIRUWRXORUVTXHYRXVIDLWHVIODPEHU
GHVDOLPHQWV SH[FUrSHV6X]HWWHFHULVHVMXELOp
ELIWHFNDXSRLYUHIODPEp & 1HWWR\H]IUpTXHPPHQWOHVYHQWLODWHXUV1HODLVVH]SDV
GHJUDLVVHV·DFFXPXOHUVXUOHVYHQWLODWHXUVRXOHILOWUH
' 8WLOLVH]GHVXVWHQVLOHVGHFXLVVRQGHGLPHQVLRQV
DSSURSULpHV8WLOLVH]WRXMRXUVGHVXVWHQVLOHVGRQWOD
WDLOOHFRUUHVSRQGjFHOOHGHO·pOpPHQW
$9(57,66(0(17²
32855e'8,5(
/(65,648(6'·,1&(1',('(&+2&e/(&75,48(28'(
%/(6685(62%6(59(=/(6&216,*1(648,68,9(17
$ /HVWUDYDX[G·LQVWDOODWLRQHWGHFkEODJHpOHFWULTXHGRLYHQW
rWUHHIIHFWXpVSDUXQHSHUVRQQHTXDOLILpHFRQIRUPpPHQW
jWRXVOHVFRGHVHWQRUPHVDSSOLFDEOHV\FRPSULVFHX[
FRQFHUQDQWODUpVLVWDQFHDXIHXGHODFRQVWUXFWLRQ
% ,OIDXWXQHTXDQWLWpG·DLUVXIILVDQWHSRXUDVVXUHUXQH
FRPEXVWLRQHWXQHpYDFXDWLRQDSSURSULpHVGHVJD]SDU
OHFRQGXLWG·pYDFXDWLRQ FKHPLQpH GHO·pTXLSHPHQWj
FRPEXVWLEOHDILQG·pYLWHUWRXWUHIRXOHPHQWG·DLU2EVHUYH]
OHVGLUHFWLYHVHWQRUPHVGHVpFXULWpGXIDEULFDQWGH
O·pTXLSHPHQWSDUH[HPSOHFHOOHVSXEOLpHVSDUOD1DWLRQDO)LUH
3URWHFWLRQ$VVRFLDWLRQ 1)3$ O·$PHULFDQ6RFLHW\IRU+HDWLQJ
5HIULJHUDWLRQDQG$LU&RQGLWLRQLQJ(QJLQHHUV $6+5$( HW
OHVDXWRULWpVORFDOHV/HFDVpFKpDQWLQVWDOOH]XQV\VWqPH
GHFRPSHQVDWLRQG·DLU UHPSODFHPHQW FRQIRUPpPHQWDX[
FRQGLWLRQVGHVFRGHVORFDX[GXEkWLPHQW
& /RUVTXHYRXVFRXSH]RXSHUFH]XQPXURXXQSODIRQG
pYLWH]G·HQGRPPDJHUOHFkEODJHpOHFWULTXHRXOHV
LQVWDOODWLRQVGHVVHUYLFHVSXEOLFV
' /HVFRQGXLWVG·pYDFXDWLRQGHVYHQWLODWHXUVGRLYHQW
WRXMRXUVrWUHDFKHPLQpVYHUVO·H[WpULHXU
$9(57,66(0(17²
3RXUUpGXLUHOHV
ULVTXHVG·LQFHQGLHHWDVVXUHUXQHpYDFXDWLRQDGpTXDWHGH
O·DLUDVVXUH]YRXVG·DFKHPLQHUOHVFRQGXLWVYHUVO·H[WpULHXU
1·pYDFXH]SDVO·DLUGDQVOHVHVSDFHVHQWUHOHVPXUVGDQVOH
SODIRQGRXOHJUHQLHUQLGDQVXQYLGHVDQLWDLUHRXXQJDUDJH
$9(57,66(0(17²
32855e'8,5(/(6
5,648(6'·,1&(1',(1·87,/,6(=48('(6&21'8,76(10e7$/
„
1HWHQWH]SDVGHUpSDUHURXGHUHPSODFHUWRXWH
SLqFHGHODKRWWHVDXIVLFHODHVWVSpFLILTXHPHQW
UHFRPPDQGpGDQVOHSUpVHQWPDQXHO&RQILH]WRXWHV
OHVDXWUHVUpSDUDWLRQVjXQWHFKQLFLHQTXDOLILp
9(8,//(=/,5((768,95(­/$/(775(&(6&216,*1(6'(6e&85,7e
9(8,//(=/,5((7&216(59(5&(6',5(&7,9(6
8WLOLVDWLRQGHVFRPPDQGHVGHODKRWWH
ZZZHOHFWURPHQDJHUVJHFD
'DQVOHSUpVHQWPDQXHOOHVFDUDFWpULVWLTXHVHWO·DSSDUHQFHSHXYHQWrWUHGLIIpUHQWHVGHFHOOHVGHYRWUHPRGqOH
&RPPDQGHGX9(17,/$7(85
&RPPDQGHGHOD/$03(
7RXUQH]ODFRPPDQGHGHYLWHVVH)$1 9HQWLODWHXU j
/2 0LQLPXP 0('/2 0LQLPXPPR\HQ 0('+, 0R\HQPD[LPXP RX+, 0D[LPXP VHORQOH
EHVRLQ
7RXUQH]ODFRPPDQGH/,*+7 /DPSH j+, 0D[LPXP SRXUpFODLUHUODVXUIDFHGHFXLVVRQ7RXUQH]ODj1,7(
9HLOOHXVH SRXUO·XWLOLVHUFRPPHYHLOOHXVHHQVRLUpHRX
SHQGDQWODQXLW
/RUVTXHYRXVFXLVLQH]XQIRQFWLRQQHPHQWFRQWLQXGX
V\VWqPHGHYHQWLODWLRQSHUPHWGHJDUGHU
ODFXLVLQHDJUpDEOHHWPRLQVKXPLGH&HODGLPLQXH
pJDOHPHQWOHVRGHXUVGHFXLVVRQHWODVDOHWp
DWWULEXDEOHjODFRQGHQVDWLRQHWTXLH[LJH
XQQHWWR\DJHIUpTXHQW
5(0$548(/RUVTXHOHYHQWLODWHXUIRQFWLRQQH
DXUpJODJH/2 0LQLPXP LOHVWWUqVVLOHQFLHX[$VVXUH]
YRXVWRXMRXUVTXHODFRPPDQGHGHYLWHVVHGX
YHQWLODWHXUHVWj2)) $UUrW ORUVTXHYRXVDYH]WHUPLQpOD
FXLVVRQGDQVODFXLVLQH
(QWUHWLHQHWQHWWR\DJHGHODKRWWH
$VVXUH]YRXVTXHO·DOLPHQWDWLRQpOHFWULTXHHVWFRXSpHHWTXHWRXWHVOHVVXUIDFHVVRQWIURLGHVDYDQW
GHQHWWR\HURXGHUpSDUHUWRXWHSDUWLHGHODKRWWH
)LOWUHVjJUDLVVHVPpWDOOLTXHVUpXWLOLVDEOHV
/DKRWWHHVWGRWpHGHGHX[ILOWUHV
jJUDLVVHVPpWDOOLTXHVUpXWLOLVDEOHV
/HVILOWUHVPpWDOOLTXHVUHWLHQQHQWOD
JUDLVVHTXLV·pFKDSSHGHVDOLPHQWV
TXLFXLVHQWVXUODVXUIDFHGHFXLVVRQ
&HVILOWUHVHPSrFKHQWpJDOHPHQWOHV
IODPPHVGHVDOLPHQWVIODPEpVVXUOD
VXUIDFHGHFXLVVRQG·HQGRPPDJHU
O·LQWpULHXUGHODKRWWH
&·HVWSRXUTXRLLOIDXW728-2856TXH
OHVILOWUHVVRLHQWHQSODFHORUVTXHODKRWWH
IRQFWLRQQH,OIDXWQHWWR\HUOHVILOWUHVj
JUDLVVHVXQHIRLVSDUPRLVRXORUVTXH
FHODHVWQpFHVVDLUH
3RXUQHWWR\HUOHVILOWUHVjJUDLVVHV
IDLWHVOHVWUHPSHUSXLVDJLWH]OHVGDQV
XQPpODQJHG·HDXFKDXGHHW
GHGpWHUJHQW1·XWLOLVH]SDVGHSURGXLWV
FRQWHQDQWGHO·DPPRQLDTXHFDUFHV
SURGXLWVWHUQLVVHQWOHPpWDO1·XWLOLVH]SDV
GHSURGXLWVQHWWR\DQWVDEUDVLIV
RXFRQoXVSRXUOHQHWWR\DJHGHVIRXUV
9RXVSRXYH]EURVVHUOpJqUHPHQW
OHVILOWUHVSRXUGpORJHUODVDOHWpLQFUXVWpH
5LQFH]VHFRXH]HWODLVVH]VpFKHU
OHVILOWUHVDYDQWGHOHVUHPHWWUHHQSODFH
3RXUHQOHYHUOHVILOWUHV
6DLVLVVH]ODODQJXHWWHGXILOWUHHWWLUH]OD
YHUVOHKDXWSXLVYHUVO·DYDQW
3RXUOHVUHPHWWUHHQSODFH
7HQH]ODSDUWLHLQIpULHXUHGXILOWUH
SDUODODQJXHWWH
3ODFH]ODSDUWLHVXSpULHXUH
GXILOWUHFRQWUHOHF{WpLQWpULHXU
GHO·DYDQWGHODKRWWH
)DLWHVJOLVVHUOHILOWUHMXVTX·jFH
TX·LOEORTXHSXLVDSSX\H]VXU
O·H[WUpPLWpLQIpULHXUHGXILOWUH
MXVTX·jFHTX·LOWRPEHHQSODFH
SDUSUHVVLRQ
6XUIDFHVHQDFLHULQR[\GDEOH
1·XWLOLVH]SDVGHWDPSRQVHQODLQH
G·DFLHUSRXUQHSDVpJUDWLJQHU
ODVXUIDFH
3RXUQHWWR\HUOHVVXUIDFHVHQDFLHU
LQR[\GDEOHXWLOLVH]GHO·HDXFKDXGH
VDYRQQHXVHRXXQSURGXLWQHWWR\DQWRX
XQSROLSRXUO·DFLHULQR[\GDEOH(VVX\H]
WRXMRXUVODVXUIDFHGDQVOHVHQVGXJUDLQ
6XLYH]OHVGLUHFWLYHVGRQQpHVVXUOH
FRQWHQDQWSRXUQHWWR\HUOHVVXUIDFHVHQ
DFLHULQR[\GDEOH
3RXUGHSOXVDPSOHVUHQVHLJQHPHQWV
VXUO·DFKDWG·XQSURGXLWQHWWR\DQWRX
G·XQSROLSRXUpOHFWURPpQDJHUVHQDFLHU
LQR[\GDEOHRXSRXUFRQQDvWUHO·DGUHVVH
GXGpWDLOODQWOHSOXVSUqVGHFKH]YRXV
YHXLOOH]DSSHOHUVDQVIUDLVDXQXPpUR
VXLYDQW
&HQWUHQDWLRQDOGHSLqFHV
ZZZHOHFWURPHQDJHUVJHFD
ZZZHOHFWURPHQDJHUVJHFD
$VVXUH]YRXVTXHO·DOLPHQWDWLRQpOHFWULTXHHVWFRXSpHHWTXHWRXWHVOHVVXUIDFHVVRQWIURLGHVDYDQW
GHQHWWR\HURXGHUpSDUHUWRXWHSDUWLHGHODKRWWH
3ULVH
'RXLOOH
/DPSHGHODKRWWH
5(0$548((QOHYH]OHFDSRWHQYHUUH
ORUVTX·LOHVWIURLGVHXOHPHQW9RXVSRXYH]
SRUWHUGHVJDQWVHQODWH[SRXUOHVDLVLUSOXV
IDFLOHPHQW
$PSRXOH
&DSRWHQYHUUH
3ULVH
$77(17,21
$YDQWGHUHPSODFHUO·DPSRXOHFRXSH]
O·DOLPHQWDWLRQpOHFWULTXHGHODKRWWH
HQHQOHYDQWOHIXVLEOHRXHQGpFOHQFKDQW
OHGLVMRQFWHXUDXSDQQHDXGHGLVWULEXWLRQ
pOHFWULTXH
/DLVVH]UHIURLGLUFRPSOqWHPHQWOHFDSRW
HQYHUUHHWO·DPSRXOH
3RXUYRWUHVpFXULWpQHWRXFKH]SDVO·DPSRXOH
FKDXGHjPDLQQXHRXDYHFXQFKLIIRQKXPLGH
3RXUHQOHYHUO·DPSRXOH
7RXUQH]OHFDSRWHQYHUUHGDQVOHVHQV
DQWLKRUDLUHMXVTX·jFHTXHODGRXLOOH
GHO·DPSRXOHVRLWDFFHVVLEOH
­O·DLGHGHJDQWVRXG·XQFKLIIRQVHFUHWLUH]
O·DPSRXOHHQWLUDQWGHVVXV
3RXUODUHPHWWUHHQSODFH
8WLOLVH]XQHDPSRXOHKDORJqQHQHXYHGH
9HW: PD[LPXP SRXUFXORW*
8WLOLVH]GHV
JDQWVRXXQ
FKLIIRQ
3RXVVH]O·DPSRXOHjIRQGGDQVODSULVH
5HPHWWH]HQSODFHOHFDSRWHQYHUUH
VXUODGRXLOOHHWWRXUQH]OHGDQVOHVHQV
KRUDLUHMXVTX·jFHTX·LOEORTXHHQSODFH
3RXUXQPHLOOHXUpFODLUDJHQHWWR\H]
IUpTXHPPHQWOHFDSRWHQYHUUHj
O·DLGHG·XQFKLIIRQKXPLGH&HSHQGDQW
IDLWHVOHORUVTXHODKRWWHDFRPSOqWHPHQW
UHIURLGL
5pWDEOLVVH]O·DOLPHQWDWLRQpOHFWULTXH
GHODKRWWH
­O·DLGHGHJDQWVRXG·XQFKLIIRQVHFUHWLUH]
O·DPSRXOHQHXYHGHVRQHPEDOODJH
5(0$548(1HWRXFKH]SDVjO·DPSRXOH
QHXYHDYHFYRVGRLJWVDILQGHQHSDV
UDFFRXUFLUGHIDoRQDSSUpFLDEOHVDGXUpHGH
YLHXWLOH
'LUHFWLYHV
G·LQVWDOODWLRQ
+RWWHVGHFXLVLQH
'HVTXHVWLRQV"$SSHOH]DXRXYLVLWH]QRWUHVLWH:HEjO·DGUHVVHZZZHOHFWURPHQDJHUVJHFD
$9$17'(&200(1&(5
',0(16,216'8352'8,7
9HXLOOH]OLUHDWWHQWLYHPHQWWRXWHVOHVGLUHFWLYHV
TXLVXLYHQW
FP
SR
,03257$17
‡
³&RQVHUYH]OHVSUpVHQWHV
GLUHFWLYHVSRXUO·LQVSHFWHXUORFDO
,03257$17
‡
³2EVHUYH]WRXVOHVFRGHV
HWUqJOHPHQWVHQYLJXHXU
FP
SR
‡1RWHjO·LQVWDOODWHXU³9HXLOOH]ODLVVHU
OHVSUpVHQWHVGLUHFWLYHVDXFRQVRPPDWHXU
FP
SR
‡1RWHDXFRQVRPPDWHXU³9HXLOOH]FRQVHUYHU
OHVSUpVHQWHVGLUHFWLYHVSRXUFRQVXOWDWLRQ
XOWpULHXUH
FP
SR
/HVPRGqOHVGHFP SR
([LJHQWXQHRXYHUWXUHGHFP SR GHODUJHXU
‡&RPSpWHQFHVUHTXLVHV³/·LQVWDOODWLRQGH
FHWWHKRWWHGHFXLVLQHH[LJHGHVFRPSpWHQFHV
GHEDVHHQPpFDQLTXHHWHQpOHFWULFLWp
‡'XUpHGHO·LQVWDOODWLRQ³(QWUHHWKHXUHV
‡/·LQVWDOODWHXUHVWUHVSRQVDEOHGHODTXDOLWp
GHO·LQVWDOODWLRQ
‡7RXWHGpIDLOODQFHGXSURGXLWDWWULEXDEOH
jXQHLQVWDOODWLRQLQDGpTXDWHQ·HVWSDVFRXYHUWH
SDUODJDUDQWLH
FP
SR
FP
SR
FP
SR
$77(17,21
&RPSWHWHQXGXSRLGVHWGHODGLPHQVLRQGHFHWWH
KRWWHHWSRXUUpGXLUHOHVULVTXHVGHEOHVVXUHVHW
GHGRPPDJHVDXSURGXLW/·,167$//$7,21'2,7
Ç75(())(&78e(3$5'(8;3(56211(6
FP
SR
/HVPRGqOHVGHFP SR
([LJHQWXQHRXYHUWXUHGHFP SR GHODUJHXU
32859275(6e&85,7e
$YDQWGHFRPPHQFHUO·LQVWDOODWLRQFRXSH]
O·DOLPHQWDWLRQpOHFWULTXHHWEORTXH]OH
GLVMRQFWHXUDILQG·pYLWHUTXHOHFRXUDQWQHVRLW
DFFLGHQWHOOHPHQWUpWDEOL/RUVTX·LOQ·HVWSDV
SRVVLEOHGHEORTXHUOHGLVMRQFWHXUDSSRVH]XQ
GLVSRVLWLIG·DYHUWLVVHPHQWELHQYLVLEOHFRPPH
XQHpWLTXHWWHVXUOHSDQQHDXGHGLVWULEXWLRQ
pOHFWULTXH
'LUHFWLYHVG·LQVWDOODWLRQ
'e*$*(0(1763285/·,167$//$7,21
$&&(662,5(6)$&8/7$7,)6
&HWWHKRWWHjpYDFXDWLRQDpWpFRQoXHSRXUrWUH
LQVWDOOpHVXUXQPXU(OOHSHXWrWUHLQVWDOOpHVRXV
XQHUHWRPEpHGHSODIRQGRXXQHDUPRLUH
‡,QVWDOOH]ODKRWWHjXQHKDXWHXUYDULDQWHQWUH
FP SR HWFP SR DXGHVVXV
GHODVXUIDFHGHFXLVVRQ
&RXYUHFRQGXLW
,OH[LVWHXQFRXYUHFRQGXLWGpFRUDWLISRXU
OHVLQVWDOODWLRQVORUVTXHODKDXWHXUGXSODIRQG
YDULHHQWUHP SL HWP SL &HFRXYUH
FRQGXLWG·XQHORQJXHXUGHFP SR SHXW
V·DOORQJHUjXQHKDXWHXUPD[GHFP SR RXFP SR ‡ &HFRXYUHFRQGXLWGpFRUDWLIGLVVLPXOHOHFRQGXLW
HQWUHOHGHVVXVGHODKRWWHHWOHSODIRQG
‡ &HFRXYUHFRQGXLWGpFRUDWLIFRQYLHQWDX[
PRGqOHVGHFP SR HWGHFP SR GHODUJHXU&RPPDQGH]OHFRXYUHFRQGXLW
GpFRUDWLIHQPrPHWHPSVTXHODKRWWH9RXV
GHYH]DYRLUWRXVOHVDFFHVVRLUHVHQPDLQORUV
GHO·LQVWDOODWLRQGHODKRWWH
&RPPDQGH]ODSLqFH-;&+66
6XSSRUWGH
,167$//$7,21628681(5(720%e('(3/$)21'
5(720%e('(3/$)21'
FP SR PLQ
FP SR PD[
SODIRQG
'DQVOHFDVGHFHWWHLQVWDOODWLRQOHFRQGXLW
G·pYDFXDWLRQjODSDUWLHVXSpULHXUHGHODKRWWH
VHUDGLVVLPXOpjO·LQWpULHXUGHODUHWRPEpHGH
SODIRQGRXGHO·DUPRLUHVXSpULHXUH
,167$//$7,21085$/(
YLV
jERLV
FKHYLOOHV
URQGHOOHV G·DQFUDJHSRXU
PXUFUHX[
YLVjWrWH
3KLOOLSV
FP SR PLQ
FP SR PD[
YLVGpFRUDWLYHV
jWrWH3KLOOLSV
'DQVOHFDVGHFHWWHLQVWDOODWLRQXQFRXYUH
FRQGXLWGpFRUDWLISHUPHWGHGLVVLPXOHUOHFRQGXLW
G·pYDFXDWLRQjODSDUWLHVXSpULHXUHGHODKRWWH
/·XWLOLVDWLRQG·XQFRXYUHFRQGXLWGpFRUDWLIH[LJH
XQHKDXWHXUG·LQVWDOODWLRQVSpFLILTXHDXGHVVXV
GXFRPSWRLU3RXUGHSOXVDPSOHVUHQVHLJQHPHQWV
UHSRUWH]YRXVjODSDJH
&RXYUHFRQGXLW
GpFRUDWLIGH
SLqFHV
DYHFVXSSRUWGH
SODIRQG
'LUHFWLYHVG·LQVWDOODWLRQ
35e3$5$7,)6
&2895(&21'8,7'e&25$7,)
3UpSDUDWLIVFRQFHUQDQWOHFRQGXLWG·pYDFXDWLRQ
‡ &HWWHKRWWHSHXWrWUHGRWpHG·XQFRQGXLWG·pYDFXDWLRQ
YHUWLFDOjWUDYHUVOHVDUPRLUHVVXSpULHXUHVODUHWRPEpH
GHSODIRQGRXOHSODIRQG8QFRQGXLWGHWUDQVLWLRQ
HVWIRXUQLSRXUO·pYDFXDWLRQjODYHUWLFDOH8WLOLVH]GHV
FRXGHVGLVSRQLEOHVHQTXLQFDLOOHULHSRXUpYDFXHUO·DLU
KRUL]RQWDOHPHQWjWUDYHUV
OHPXUDUULqUH5HSRUWH]YRXVjODSDJH
‡ 'pWHUPLQH]O·HPSODFHPHQWH[DFWGHODKRWWH
‡ 3ODQLILH]OHSDUFRXUVTX·HPSUXQWHUDOHFRQGXLWSRXU
O·pYDFXDWLRQYHUVO·H[WpULHXU
‡ 8WLOLVH]ODORQJXHXUGHFRQGXLWODSOXVFRXUWHHWODSOXV
UHFWLOLJQHSRVVLEOH3RXUREWHQLUXQUHQGHPHQWVDWLVIDLVDQW
OHFRQGXLWQHGRLWSDVDYRLUXQHORQJXHXUpTXLYDOHQWH
VXSpULHXUHjP SL TXHOOHTXHVRLWVDFRQILJXUDWLRQ
‡ 1·XWLOLVH]TXHGHVFRQGXLWVHQPpWDOVHXOHPHQW
‡ 8QFRQGXLWGHWUDQVLWLRQSRXUFRQGXLWFLUFXODLUHGHFP
SR HVWIRXUQLGDQVO·HQVHPEOH8WLOLVH]XQFRQGXLW
FLUFXODLUHGHFP SR RXXQFRQGXLWUHFWDQJXODLUHGH
FP SR [FP SR ‡ ,QVWDOOH]GDQVO·RXYHUWXUHH[WpULHXUHXQpYHQWPXUDORX
GHWRLWXUHGRWpG·XQUHJLVWUH&RPPDQGH]jO·DYDQFHO·pYHQW
PXUDORXGHWRLWXUHDLQVLTXHWRXVOHVFRQGXLWVGHWUDQVLWLRQ
QpFHVVDLUHV
‡ /HFDVpFKpDQWLQVWDOOH]XQV\VWqPHGHFRPSHQVDWLRQG·DLU
UHPSODFHPHQW FRQIRUPpPHQWDX[FRQGLWLRQVGHVFRGHV
ORFDX[GXEkWLPHQW
(QVHPEOH-;':
&RPPDQGH]O·HQVHPEOH-;':VLYRWUHLQVWDOODWLRQH[LJH
XQFRQGXLWKRUL]RQWDOjSDUWLUGXGHVVXVGHODKRWWHYHUVOHPXU
HWVL
‡ 9RWUHSODIRQGHVWjXQHKDXWHXUGHP SL HWTXHYRXV
GHYH]XWLOLVHUXQFDSXFKRQGHFKHPLQpH-;&+RX
‡ 9RWUHKRWWHVHUDIL[pHVRXVXQHDUPRLUHRXXQHUHWRPEpH
GHSODIRQGGHFP SR &HWHQVHPEOHFRPSUHQGXQFRQGXLWGHWUDQVLWLRQSRXU
LQVWDOODWLRQHQWUHXQFRQGXLWFLUFXODLUHGHFP SR HWXQ
FRQGXLWUHFWDQJXODLUHGHFP SR [FP SR SRXUXQHpYDFXDWLRQjWUDYHUVOHPXU
&KDUSHQWHPXUDOHSRXUXQVRXWLHQDGpTXDW
‡ &HWWHKRWWHHVWWUqVORXUGH3RXUODVRXWHQLULOIDXWXQH
FKDUSHQWHPXUDOHDGpTXDWH/DKRWWHGRLWrWUHIL[pHDX[
PRQWDQWVYHUWLFDX[GXPXU5HSRUWH]YRXVjODSDJH
‡ 1RXVYRXVUHFRPPDQGRQVIRUWHPHQWG·DYRLUjSRUWpHGHOD
PDLQODKRWWHHWOHFRXYUHFRQGXLWGpFRUDWLIDYDQWG·HIIHFWXHU
OHVWUDYDX[G·DMXVWHPHQWGHODFKDUSHQWHHWGHILQLWLRQGX
PXU9RXVSRXUUH]DLQVLGpWHUPLQHUO·HPSODFHPHQWSUpFLV
SRXUOHFRQGXLWHWOHFkEODJHpOHFWULTXH
,OH[LVWHXQFRXYUHFRQGXLWGpFRUDWLIFRQYHQDQWDX[GHX[
PRGqOHV&HFRXYUHFRQGXLWGLVVLPXOHOHFRQGXLWG·pYDFXDWLRQ
HQWUHOHGHVVXVGHODKRWWHHWOHSODIRQGRXODUHWRPEpHGH
SODIRQG,OFRQYLHQWDX[SODIRQGVGRQWODKDXWHXUYDULHHQWUH
P SL HWP SL 3RXUGHSOXVDPSOHV
UHQVHLJQHPHQWVUHSRUWH]YRXVjODSDJH
$/,0(17$7,21e/(&75,48(
,03257$17 9HXLOOH]OLUHDWWHQWLYHPHQW
$9(57,66(0(17
32859275(6e&85,7e&(7$33$5(,/'2,7Ç75(
&255(&7(0(170,6­/$7(55(
$YDQWG·HQWUHSUHQGUHO·LQVWDOODWLRQHQOHYH]OHIXVLEOHRX
GpFOHQFKH]OHGLVMRQFWHXUDXSDQQHDXGHGLVWULEXWLRQpOHFWULTXH
1·XWLOLVH]SDVGHUDOORQJHpOHFWULTXHQLGHILFKHG·DGDSWDWLRQ
DYHFFHWDSSDUHLO2EVHUYH]OH&RGHQDWLRQDOGHO·pOHFWULFLWp
RXOHVFRGHVHWUqJOHPHQWVORFDX[HQYLJXHXU
$OLPHQWDWLRQpOHFWULTXH
&HWWHKRWWHHVWFRQoXHSRXUXQHDOLPHQWDWLRQpOHFWULTXHGH
9HW+]HWGRLWrWUHEUDQFKpHjXQFLUFXLWGHGpULYDWLRQ
LQGLYLGXHOFRUUHFWHPHQWPLVjODWHUUHHWSURWpJpSDUXQ
GLVMRQFWHXUGHRXDPSqUHVRXSDUXQIXVLEOHWHPSRULVp
‡ /HFkEODJHpOHFWULTXHGRLWrWUHFRQVWLWXpGHGHX[ILOVSOXVXQ
ILOGHPLVHjODWHUUH
‡ 6LYRWUHDOLPHQWDWLRQpOHFWULTXHQHUpSRQGSDVDX[
H[LJHQFHVFLGHVVXVYHXLOOH]DSSHOHUXQpOHFWULFLHQTXDOLILp
DYDQWG·HQWUHSUHQGUHO·LQVWDOODWLRQ
‡ $FKHPLQH]OHFkEODJHpOHFWULTXHOHSOXVSUqVSRVVLEOH
GHODKRWWHGHSUpIpUHQFHGDQVOHSODIRQGODUHWRPEpH
GHSODIRQGRXOHPXU3RXUGHSOXVDPSOHVUHQVHLJQHPHQWV
UHSRUWH]YRXVjODSDJH
‡ (IIHFWXH]OHVUDFFRUGHPHQWVGHVILOVDXFkEODJHGH
ODUpVLGHQFHFRQIRUPpPHQWDX[FRGHVORFDX[HQYLJXHXU
'LUHFWLYHVGHPLVHjODWHUUH
/HFRQGXFWHXUGHPLVHjODWHUUHGRLWrWUHUDFFRUGpjXQ
V\VWqPHGHFkEODJHPpWDOOLTXHSHUPDQHQWRXjXQHERUQH
RXXQFkEOHGHPLVHjODWHUUHGHODKRWWH
$9(57,66(0(17
8QUDFFRUGHPHQW
LQFRUUHFWGXILOGHPLVHjODWHUUHSHXWSUpVHQWHUXQULVTXHGHFKRF
pOHFWULTXH&RQVXOWH]XQpOHFWULFLHQRXXQWHFKQLFLHQTXDOLILpVLYRXV
Q·rWHVSDVFHUWDLQTXHO·DSSDUHLOHVWFRUUHFWHPHQWPLVjODWHUUH
'LUHFWLYHVG·LQVWDOODWLRQ
5$&&25'6'(&21'8,7
8WLOLVH]FHWDEOHDXSRXUFDOFXOHU
ODORQJXHXUPD[LPDOHSHUPLVH
GXFRQGXLWG·pYDFXDWLRQYHUV
O·H[WpULHXU
5HPDUTXH1HGpSDVVH]SDVODORQJXHXU
pTXLYDOHQWHPD[LPDOHSHUPLVH
/RQJXHXUPD[LPDOHGXFRQGXLW
P SL SRXUXQHKRWWH
&RQGXLWIOH[LEOH
6LYRXVXWLOLVH]XQFRQGXLWIOH[LEOH
HQPpWDOLOIDXWGRXEOHUWRXWHV
OHVORQJXHXUVpTXLYDOHQWHVLQGLTXpHV
GDQVOHWDEOHDX/HFRQGXLW
PpWDOOLTXHIOH[LEOHGRLWrWUHGURLW
HWVRXSOHHWpWLUpOHSOXVSRVVLEOH
1·XWLOLVH]3$6GHFRQGXLWIOH[LEOH
HQSODVWLTXH
5HPDUTXH7RXWV\VWqPHGHYHQWLODWLRQ
UpVLGHQWLHOFRPPHXQHKRWWHjpYDFXDWLRQSHXW
DIIHFWHUOHGpELWDSSURSULpGHO·DLUGHFRPEXVWLRQ
HWG·pYDFXDWLRQGHVIR\HUVGHVV\VWqPHVGH
FKDXIIDJHjJD]GHVFKDXIIHHDXjJD]HWDXWUHV
V\VWqPHVjFLUFXODWLRQG·DLUQDWXUHOOH3RXUUpGXLUH
DXPLQLPXPODPRGLILFDWLRQGXGpELWG·DLUGH
FHVV\VWqPHVYHXLOOH]VXLYUHOHVOLJQHVGLUHFWULFHV
GRQQpHVSDUOHIDEULFDQWGHO·DSSDUHLOGHFKDXIIDJH
HWOHVQRUPHVGHVpFXULWpSDUH[HPSOHFHOOHV
SXEOLpHVSDUOD1)3$HWOD$6+5$(/HFDVpFKpDQW
LQVWDOOH]XQV\VWqPHGHFRPSHQVDWLRQG·DLU
UHPSODFHPHQW FRQIRUPpPHQWDX[FRQGLWLRQVGHV
FRGHVORFDX[GXEkWLPHQW
&HWWHKRWWHGRLWrWUHUDFFRUGpH
jXQFRQGXLWFLUFXODLUHGHFP
SR 9RXVSRXYH]LQVWDOOHU
XQFRQGXLWGHWUDQVLWLRQSRXU
UDFFRUGHPHQWjXQFRQGXLW
UHFWDQJXODLUHGHFP
SR [FP SR (QVHPEOH-;':
&RPPDQGH]O·HQVHPEOH-;':VL
YRWUHLQVWDOODWLRQH[LJHXQFRQGXLW
KRUL]RQWDOjSDUWLUGXGHVVXVGHOD
KRWWHYHUVOHPXUHWVL
‡ YRWUHSODIRQGHVWjXQHKDXWHXU
GHP SL HWTXHYRXVGHYH]
XWLOLVHUXQFDSXFKRQGHFKHPLQpH
-;&+RX
‡ YRWUHKRWWHVHUDIL[pHVRXVXQH
DUPRLUHRXXQHUHWRPEpHGH
SODIRQGGHFP SR &HWHQVHPEOHFRPSUHQGXQFRQGXLW
GHWUDQVLWLRQSRXULQVWDOODWLRQHQWUH
XQFRQGXLWFLUFXODLUHGHFP
SR HWXQFRQGXLWUHFWDQJXODLUH
GHFP SR [FP SR SRXUXQHpYDFXDWLRQjWUDYHUVOHPXU
/·XWLOLVDWLRQG·XQFRQGXLWG·XQ
GLDPqWUHSOXVSHWLWDIIHFWHUD
OHUHQGHPHQWGHO·DSSDUHLO
6HFWLRQGH
FRQGXLW
'LPHQVLRQV
/RQJXHXU
/RQJXHXU
4XDQWLWp pTXLYDOHQWH
pTXLYDOHQWH XWLOLVpH WRWDOH
'URLWFLUFXODLUHGH
FP SR PSL
SDUSLHG
GHORQJXHXU
'URLWFP SR [FP SR PSL
SDUSLHG
GHORQJXHXU
&RXGHGHFP
SR GHƒ
PSL
&RXGHGHFP
SR GHƒ
PSL
&RXGHGHFP SR [FP SR GHƒ
PSL
&RXGHGHFP SR [FP SR GHƒ
PSL
&RXGHSODWGHFP
SR [FP
SR GHƒ
PSL
&RQGXLWGHWUDQVLWLRQFLUFXODLUH
GHFP SR jFRQGXLW UHFWDQJXODLUHGHFP
SR [FP SR PSL
&RQGXLWGHWUDQVLWLRQUHFWDQJXODLUH
UHFWDQJXODLUHGHFP SR [FP SR jXQFRQGXLW
FLUFXODLUHGHFP SR PSL
&RXGHGHWUDQVLWLRQGHƒFLUFXODLUH
GHFP SR jFRQGXLW
UHFWDQJXODLUHGHFP
SR [FP SR PSL
&RGHGHWUDQVLWLRQGHƒFLUFXODLUH
GHFP SR jFRQGXLW UHFWDQJXODLUHGHFP
SR [FP SR PSL
eYHQWPXUDOSRXUFRQGXLW
FLUFXODLUHGHFP
SR DYHFUHJLVWUH
eYHQWPXUDOSRXUFRQGXLWGH PSL
GHFP SR [FP PSL
SR DYHFUHJLVWUH
VDQVUHJLVWUH
eYHQWGHWRLWXUHSRXUFRQGXLW
FLUFXODLUHGHFP SR PSL
eYHQWGHWRLWXUHFLUFXODLUH
PSL
PSL
VDQVUHJLVWUH
PSL
/RQJXHXUUpHOOHGXFRQGXLWGURLWSOXVODORQJXHXU
pTXLYDOHQWHGXUDFFRUG/HVORQJXHXUVpTXLYDOHQWHVGHV
VHFWLRQVGHFRQGXLWRQWpWppWDEOLHVjODVXLWHG·HVVDLVUpHOV
HIIHFWXpVSDUOHVHUYLFHGHO·,QJpQLHULHG·pYDOXDWLRQGH*(HW
UHSUpVHQWHQWOHVORQJXHXUVQpFHVVDLUHVSRXUDVVXUHUXQH
ERQQHYHQWLODWLRQGHWRXWW\SHGHKRWWH
/RQJXHXU
WRWDOHGH
FRQGXLW
'LUHFWLYHVG·LQVWDOODWLRQ
0$7e5,(/(7287,/61e&(66$,5(6
'e%$//$*(
121)2851,6
&UD\RQHWUXEDQ
jPHVXUHU
‡ (QOHYH]ODSHWLWHERvWHTXLSURWqJHOHPRWHXU
‡ 6RUWH]ODKRWWHGHODERvWH
7RXUQHYLV3KLOOLSV 5XEDQDGKpVLI
HWjODPHSODWH SRXUFRQGXLW
+RWWH
'RXLOOHKH[DJRQDOH
SLYRWDQWHGH
PP SR
3HUFHXVHpOHFWULTXHDYHF
IRUHWVGHPP SR HW
PP SR
6XSSRUW
GHIL[DWLRQ
HQERLV
‡ (
QOHYH]OHVYLVG·H[SpGLWLRQTXLUHWLHQQHQWOHVXSSRUW
GHIL[DWLRQHQERLVjODSDURLDUULqUHGHODKRWWH
0HWWH]GHF{WpOHVXSSRUWGHIL[DWLRQHQERLVHW
OHVYLVSRXUOHVUpLQVWDOOHUSOXVWDUG1HOHVMHWH]SDV
‡ 5HWLUH]ODVHFWLRQGHFDUWRQHQ9
‡ 5HWLUH]O·HPEDOODJHGHSLqFHVGHODVHFWLRQGHFDUWRQHQ9
‡ 5HWLUH]OHFRXYHUFOHGHODERvWHGHMRQFWLRQHWO·HQWUpH
GpIRQoDEOH
‡ ,QVWDOOH]XQVHUUHFkEOHVXUODSDURLDUULqUHRXVXU
OHGHVVXVGHODKRWWH
‡ (QOHYH]OHUXEDQJRPPpHWOHPDWpULHOG·HPEDOODJH
GHODKRWWHGXFRQGXLWGHWUDQVLWLRQHWGXPRWHXU
1LYHDXjEXOOH
&RQQHFWHXUVYLVVDEOHV
KRPRORJXpVSDU8/
/DPSHGHSRFKH
0DUWHDX
&LVDLOOHVjW{OHV
3LQFHFRXSDQWH
jGpQXGHU
6FLHVDXWHXVHRXVFLHj
JXLFKHW
(VFDEHDX
(PEDOODJH
GHSLqFHV
%RvWHG·H[SpGLWLRQ
/XQHWWHVGHVpFXULWp
3LQFH
0RWHXU
&Op$OOHQ
0DWpULHOVXSSOpPHQWDLUH
‡ ILOVGH9+]GHRX$DYHF
ILOGHPLVHjODWHUUH&LUFXLWGHGpULYDWLRQ
DGpTXDWHPHQWPLVjODWHUUH
‡ 6HUUHFkEOHSRXUERvWHGHMRQFWLRQ
‡ &
RQGXLWFLUFXODLUHHQPpWDOGHFP SR RX
UHFWDQJXODLUHGHFP SR [FP SR RXGHFP SR [FP SR G·XQH
ORQJXHXUVXIILVDQWHSRXUO·LQVWDOODWLRQ
'LUHFWLYHVG·LQVWDOODWLRQ
3,Ê&(6)2851,(6
5HSpUH]ODERvWHFRQWHQDQWOHVDFFHVVRLUHVIRXUQLVDYHF
ODKRWWHHWYpULILH]HQOHFRQWHQX
ILOWUHVjJUDLVVHV
HQDOXPLQLXP
9LVFKHYLOOHV
G·DQFUDJH
URQGHOOHV
&RQGXLWGH
WUDQVLWLRQDYHF
UHJLVWUH
(;,*(1&(6&21&(51$17
/(&2895(&21'8,7
6XSSRUW
GHILOWUH
3DVVH]HQUHYXHOHVH[HPSOHVTXLVXLYHQWDILQG·LQVWDOOHUVDQV
SUREOqPHOHFRXYUHFRQGXLWGpFRUDWLI
3ODIRQGGHP SL
1RXVYRXVUHFRPPDQGRQVG·DYRLUjSRUWpHGHODPDLQ
ODKRWWHHWOHFRXYUHFRQGXLWGpFRUDWLI OHFDVpFKpDQW ORUVGHVWUDYDX[G·DMXVWHPHQWGHODFKDUSHQWHHWGH
ILQLWLRQGXPXU9RXVSRXUUH]DLQVLUHSpUHUDYHFSUpFLVLRQ
O·HPSODFHPHQWGHVPRQWDQWVGXFRQGXLWHWGXFkEODJH
pOHFWULTXH9HXLOOH]OLUHOHVGLUHFWLYHVTXLVXLYHQWSRXUVDYRLU
VLYRXVSRXYH]XWLOLVHUOHFRXYUHFRQGXLWGpFRUDWLISRXUYRWUH
LQVWDOODWLRQ
&RXYUHFRQGXLWGpFRUDWLI
‡ 8
WLOLVH]OHFRXYUHFRQGXLW
GpFRUDWLISRXUGLVVLPXOHU
FP
OHFRQGXLWG·pYDFXDWLRQ
SR
HQWUHOHGHVVXVGHODKRWWH
HWOHSODIRQG
‡ &HFRXYUHFRQGXLWHVW
FP
FP
IRUPpGHGHX[SLqFHV
SR
SR
/DVHFWLRQH[WpULHXUH
PHVXUHFP SR GH
KDXWHXUDORUVTXHODVHFWLRQ
LQWpULHXUHPHVXUHFP
SR 8QHIRLVLQVpUpHV
FP
FP
SR
O·XQHGDQVO·DXWUHOHVGHX[
SR
VHFWLRQVIRUPHQWXQH
VWUXFWXUHGRQWODKDXWHXU
SHXWYDULHUHQWUHFP SR HWFP SR ‡ /DVHFWLRQH[WpULHXUHSHXWrWUHXWLOLVpHVHXOHSRXU
GLVVLPXOHUXQFRQGXLWGHFP SR GHKDXWHXU
‡ 3RXUXQHKDXWHXUGHFRQGXLWVXSpULHXUHjFP
SR LOIDXWLQVWDOOHUOHVXSSRUWGHSODIRQGSRXUIL[HU
OHFRXYUHFRQGXLWjODSDUWLHVXSpULHXUH
3RXUpYLWHUOHVMHX[SHXHVWKpWLTXHVSUpYR\H]LQVWDOOHU
ODKRWWHjXQHKDXWHXUSHUPHWWDQWO·LQVWDOODWLRQGX
FRXYUHFRQGXLWGpFRUDWLI
‡ /HFRXYUHGpWHFWHXUFRQYLHQWjXQHKDXWHXUPLQLPDOHGH
FP SR HQWUHOHGHVVXVGHODKRWWHHWOHSODIRQG
RXHQWUHFP SR HWFP SR HQWUH
OHGHVVXVGHODKRWWHHWOHSODIRQG
92861(3289(=3$687,/,6(5/(&2895('e7(&7(85
6,/$',67$1&((175(/('(6686'(/$+277((7
/(3/$)21'9$5,((175(&0 32 (7
&0 32 3ODIRQGGHP SL /DKRWWHGRLWrWUHLQVWDOOpH FP SR
jXQHKDXWHXUGHFP
SR DXGHVVXVGHOD
VXUIDFHGHFXLVVRQ RX
jFP>[email protected] /HFRXYUHFRQGXLWQHSHXW
SDVrWUHXWLOLVpVLODKRWWH
FP SR
HVWLQVWDOOpHjXQHKDXWHXU
LQIpULHXUHRXVXSpULHXUH
8WLOLVH]ODVHFWLRQGH
FP SR HWMHWH]
ODVHFWLRQLQWpULHXUH 3ODIRQGGHP SL
FP SR
FP SR
FP SR
FP SR
3ODIRQGGHP SL ,QVWDOOH]ODKRWWHjXQHKDXWHXUG·DX
PRLQVFP SR HWG·DXSOXVFP SR DXGHVVXV
GHODVXUIDFHGHFXLVVRQ/HFRXYUHFRQGXLWSHXWrWUH
DOORQJpSRXUGLVVLPXOHUOHFRQGXLWMXVTX·DXSODIRQG
3ODIRQGGHP SL
FP SR
FP SR
FP SR
FP SR PD[
3ODIRQGGHP SL ,QVWDOOH]ODKRWWHjXQHKDXWHXU
G·DXPRLQVFP SR HWG·DXSOXVFP SR DXGHVVXVGHODVXUIDFHGHFXLVVRQ/HFRXYUHFRQGXLW
SHXWrWUHDOORQJpMXVTX·jFP SR HQWUHOHGHVVXV
GHODKRWWHHWOHSODIRQG
'LUHFWLYHVG·LQVWDOODWLRQ
(03/$&(0(17'(/$+277('8&21'8,7(7'8&Æ%/$*(
&RQGXLWjWUDYHUVXQHUHWRPEpHGHSODIRQGRXXQH
DUPRLUHVXSpULHXUH
‡ 6XLYH]ODSURFpGXUHLQGLTXpHSRXUO·LQVWDOODWLRQGXFRQGXLW
GDQVOHSODIRQGSRXUSUDWLTXHUXQRULILFHGHFP
SR GHGLDPqWUHjWUDYHUVODUHWRPEpHGHSODIRQG
RXO·DUPRLUH
‡ 5HSRUWH]YRXVjO·pWDSHGHODSDJHSRXUSUDWLTXHU
O·RXYHUWXUHSRXUOHFRQGXLWGHWUDQVLWLRQ
‡ &RQVHUYH]OHVXSSRUWGHIL[DWLRQHQERLVHWVHVYLVSRXU
OHVUpLQVWDOOHUSOXVWDUG1HOHVMHWH]SDV
‡ 0HVXUH]ODGLVWDQFHYRXOXHHQWUHOHGHVVRXVGHODKRWWH
HWODVXUIDFHGHFXLVVRQF·HVWjGLUHHQWUHFP SR HWFP SR 6LYRXVXWLOLVH]OHFRXYUHFRQGXLW
GpFRUDWLIUHSRUWH]YRXVjODSDJHSUpFpGHQWH
‡ ­O·DLGHG·XQQLYHDXWUDFH]XQHOLJQHKRUL]RQWDOHSRXU
PDUTXHUO·HPSODFHPHQWGXGHVVRXVGHODKRWWH
‡ ­O·DLGHG·XQQLYHDXWUDFH]XQHOLJQHFRUUHVSRQGDQW
DXFHQWUHGHODVXUIDFHGHFXLVVRQ
‡ ­FP SR DXGHVVXVGHODOLJQHKRUL]RQWDOH
FRUUHVSRQGDQWDXGHVVRXVGHODKRWWHWUDFH]XQHDXWUH
OLJQHKRUL]RQWDOH
‡ ­FP SR DXGHVVXVGHODOLJQHFRUUHVSRQGDQW
DXGHVVRXVGHODKRWWHWUDFH]XQHDXWUHOLJQHKRUL]RQWDOH
SRXULQGLTXHUOHGHVVXVGHODKRWWH
e9$&8$7,21­
75$9(56/(3/$)21'
FP SR HQWUH
OHPXUHWODOLJQHFHQWUDOH
&kEODJHpOHFWULTXH
2ULILFHGHFP
SR GHGLDPqWUH
e9$&8$7,21­
75$9(56/(085
'HVVXVGHODKRWWH
328581&21'8,79(57,&$/ GURLW ‡ 6LOHFRQGXLWSDVVHjWUDYHUVOHSODIRQGSURORQJH]ODOLJQH
FHQWUDOHMXVTX·DXSODIRQG
­FP SR GHODFORLVRQVqFKHPDUTXH]
O·HPSODFHPHQWGXFHQWUHGHO·RULILFHGHFP SR GHGLDPqWUHSRXUOHSDVVDJHGXFRQGXLW
,6·LOQ·\DSDVHQFRUHGHFORLVRQVqFKHDXPXUDMRXWH]
O·pSDLVVHXUGHODFORLVRQVqFKHjODPHVXUHGHFP
SR FP
SR
'HVVRXVGHODKRWWH
/LJQHFHQWUDOHDXPRLQV
FP SR DXGHVVXV
GXGHVVXVGHODKRWWH
6XSSRUW
HQERLV
FP
SR
&kEODJHpOHFWULTXH
e9$&8$7,21­75$9(56/(085$55,Ê5(
‡ 0HVXUH]ODORQJXHXUGXFRQGXLWGHWUDQVLWLRQIRXUQL
HWGHWRXVOHVFRQGXLWVXWLOLVpVSOXVODKDXWHXUGX
FRXGHGHƒ7UDFH]VXUOHPXUXQHOLJQHKRUL]RQWDOH
FURLVDQWODOLJQHFHQWUDOH
(PSODFHPHQWGXFkEODJHGHODUpVLGHQFH
‡ (
QOHYH]O·HQWUpHGpIRQoDEOHVXSpULHXUHRXDUULqUH
VHORQYRWUHLQVWDOODWLRQ
‡ ,QVWDOOH]OHVHUUHFkEOHVXUODSDURLDUULqUHRXVXUOHGHVVXV
GHODKRWWH
‡ / DERvWHGHMRQFWLRQHVWIL[pHjODSDURLDUULqUHGHODKRWWH
GXF{WpGURLW3RXUFRQQDvWUHO·HPSODFHPHQWGHVHQWUpHV
GpIRQoDEOHVUHSRUWH]YRXVDX[LOOXVWUDWLRQV
5HPDUTXH/DERvWHGHMRQFWLRQSHXWrWUHLQVWDOOpHj
O·LQWpULHXUGHODKRWWHjODSDUWLHVXSpULHXUH9RXVSRXYH]
IDLUHHQWUHUOHFkEODJHGHODUpVLGHQFHGDQVODERvWHGH
MRQFWLRQSDUO·DUULqUHRXOHKDXWGHODKRWWHGXF{WpGURLW
3RXUDFKHPLQHUOHFkEODJHSDUOHSODIRQGRXODUHWRPEpH
GHSODIRQG
² 3HUFH]XQWURXG·HQYLURQFP SR GHGLDPqWUHj
FP SR GXPXUjFP SR jGURLWH
GHODOLJQHFHQWUDOHGDQVOHFDVG·XQPRGqOHGH
FP SR RXjFP SR jGURLWHGHODOLJQH
FHQWUDOHSRXUXQPRGqOHGHFP SR 3RXUDFKHPLQHUOHFkEODJHSDUOHPXU
² 3HUFH]XQWURXG·HQYLURQFP SR GHGLDPqWUHj
FP SR GXGHVVXVGHODKRWWHjFP
SR jGURLWHGHODOLJQHFHQWUDOHGDQVOHFDVG·XQ
PRGqOHGHFP SR RXjFP SR j
GURLWHGHODOLJQHFHQWUDOHSRXUXQPRGqOHGHFP
SR FP SR SRXUOHV
PRGqOHVGHFP SR
FP SR SRXUOHV
PRGqOHVGHFP SR
FP SR
FP SR
(PSODFHPHQW
GHVHQWUpHV
GpIRQoDEOHV
FP SR SRXUOHVPRGqOHVGHFP SR FP SR SRXUOHVPRGqOHVGHFP SR
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'86833257'(
,167$//$7,21'8&21'8,7
/$+277(
'(75$16,7,21
,03257$175HWLUH]OHUXEDQ
JRPPpTXLUHWLHQWOHUHJLVWUH
HQSODFHHWYpULILH]VLOHUHJLVWUH
ERXJHOLEUHPHQW
,03257$17/DFKDUSHQWHGRLWrWUHHQPHVXUH
GHVRXWHQLUXQHFKDUJHGHNJ OE ‡ 5
HSpUH]DXPRLQVGHX[PRQWDQWVYHUWLFDX[SRXU
IL[HUOHVXSSRUWHQERLVHQIUDSSDQWVXUODFORLVRQ
VqFKHDYHFXQPDUWHDXRXHQXWLOLVDQWXQORFDOLVDWHXU
GHPRQWDQWV
‡ &HQWUH]GHJDXFKHjGURLWHHWVRXVODOLJQHKRUL]RQWDOH
WUDFpHSUpFpGHPPHQWOHVXSSRUWKRUL]RQWDOHQERLV
IRXUQLGDQVO·HQVHPEOH
&RQGXLWGH
WUDQVLWLRQ
(QOHYH]OH
UXEDQJRPPp
VXUOHUHJLVWUH
'HVVXVGH
ODKRWWH
‡ 3
ODFH]OHFRQGXLW
GHWUDQVLWLRQVXUODVRUWLHG·pYDFXDWLRQGHODKRWWH)L[H]OH
FRQGXLWjODKRWWHjO·DLGHGHVTXDWUHYLVIRXUQLHV
‡ 8WLOLVH]GXUXEDQDGKpVLISRXUFRQGXLWSRXUVFHOOHUOH
UDFFRUG
2XYHUWXUHPLQLPDOHGHFP
SR SRXUOHFRQGXLW
,167$//$7,21'(/$+277($8085
‡ 6RXOHYH]ODKRWWHHWSODFH]ODFRQWUHOHVXSSRUWHQERLV
/HVYLVGHPRQWDJHTXLGpSDVVHQWGXVXSSRUWGRLYHQWrWUH
LQVpUpHVGDQVOHVIHQWHVjODSDUWLHVXSpULHXUHGHODKRWWH
/DLVVH]ODKRWWHJOLVVHUHQSODFH
‡ ,QVpUH]OHFkEOHpOHFWULTXHGHODUpVLGHQFHSDUO·HQWUpH
GpIRQoDEOHVXUODSDURLDUULqUHRXVXUOHGHVVXVGHODKRWWH
‡ $VVXUH]YRXVTXHODKRWWHHVWGHQLYHDXHWELHQFHQWUpH
/·RXYHUWXUHHQIRUPHGHIOqFKHVXUODSDURLDUULqUHGHOD
KRWWHYRXVSHUPHWGHYRLUODOLJQHFHQWUDOHWUDFpHVXUOHPXU
‡ 5HWLUH]OHFRXYHUFOHGHODERvWHGHMRQFWLRQ
6XSSRUWHQERLV
FP
SR
'HFP
SR j
FP
SR
/LJQHFHQWUDOH
GHO·HPSODFHPHQW
‡ 3
HUFH]GHVDYDQWWURXVGHPP SR jWUDYHUV
OHVXSSRUWODFORLVRQVqFKHHWOHVPRQWDQWV)L[H]
OHVXSSRUWjDXPRLQVGHX[PRQWDQWVYHUWLFDX[jO·DLGH
GHVYLVjERLVIRXUQLHVGDQVO·HQVHPEOH
,03257$17/HVYLVGRLYHQWrWUHLQVpUpHVjXQHSURIRQGHXU
G·DXPRLQVFP SR GDQVOHVPRQWDQWVYHUWLFDX[
)UDLVH]OHVWURXVGHYLVVXUOHVXSSRUW
'HFP
SR j
FP
SR
2XYHUWXUH
/LJQHFHQWUDOH
GHO·HPSODFHPHQW
3HUoDJHGHVWURXVSRXUOHVYLVGHPRQWDJHLQIpULHXUHV
‡ 3HUFH]GHVDYDQWWURXVGHPP SR GDQVOHVGHX[
RULILFHVGHPRQWDJHLQIpULHXUV$JUDQGLVVH]OHVWURXVj
PP SR V·LOHVWLPSRVVLEOHG·DWWHLQGUHOHV
PRQWDQWV9LVVH]jODPDLQOHVYLVGDQVOHVFKHYLOOHV
G·DQFUDJHSRXUSHUPHWWUHO·H[SDQVLRQGHFHVFKHYLOOHV
GDQVOHPXU5HWLUH]OHVYLV
‡ ­O·DLGHGHGHX[JURVVHVURQGHOOHVSODWHV IRXUQLHV LQVWDOOH]
OHVYLVjERLVRXOHVYLVGHVFKHYLOOHVG·DQFUDJHSRXUPXU
FUHX[jODPDLQGDQVOHVWURXVGHPRQWDJH1HOHVVHUUH]SDV
‡ 9pULILH]VLODKRWWHHVWGHQLYHDX6HUUH]OHVYLVjODSDUWLH
VXSpULHXUH6HUUH]HQVXLWHOHVYLVGHPRQWDJHjODSDUWLH
LQIpULHXUH
‡ 3RXUSOXVGHVpFXULWpLQVWDOOH]GHVYLVGDQVOHVWURXV
G·RULJLQHGXVXSSRUWHQERLVjO·DUULqUHGHODKRWWH
FP
SR
-HXGH
PP SR
‡ ,QVWDOOH]OHVYLVGHPRQWDJHDXFHQWUHGXVXSSRUWHQ
ERLVjFP SR GHODOLJQHFHQWUDOH/HVYLV
GRLYHQWGpSDVVHUGHPP SR &HMHXSHUPHWWUD
G·DFFURFKHUODKRWWH
'LUHFWLYHVG·LQVWDOODWLRQ
$XWUHPpWKRGHGHPRQWDJH
,03257$173RXUXQVRXWLHQVXSSOpPHQWDLUHHW
SRXUUpGXLUHDXPLQLPXPOHVYLEUDWLRQVSHQGDQW
OHIRQFWLRQQHPHQWGHO·DSSDUHLOQRXVYRXV
UHFRPPDQGRQVIRUWHPHQWGHIL[HUpJDOHPHQWODKRWWHDX
PXUjO·DLGHGHFKHYLOOHVG·DQFUDJHSRXUPXUFUHX[
,167$//$7,21'(/$+277(6286
81(5(720%e('(3/$)21'28
81($502,5(
6$87(=&(77(e7$3(6,9286),;(=/$+277($8085
,03257$17/DFKDUSHQWHGHODUHWRPEpH
GHSODIRQGGRLWrWUHHQPHVXUHGHVRXWHQLU
XQHFKDUJHGHNJ OE FP
SR
0RGqOHVGHFP SR
FP SR
FP SR
FP
SR
FP
SR
FP
SR
$XEHVRLQODKRWWHSHXWrWUHVRXWHQXHSDUODUHWRPEpH
GHSODIRQG
‡ /DUHWRPEpHGHSODIRQGGRLWrWUHFRQVWUXLWHHQSLqFHV
GHERLVGHFP SR [FP SR ‡ 'pWHUPLQH]O·HPSODFHPHQWGHO·DSSDUHLO
‡ 3URORQJH]ODOLJQHFHQWUDOHMXVTX·DXEDVGHODUHWRPEpH
GHSODIRQGRXGHO·DUPRLUH
FP
SR
FP
SR
FP
SR
FPSR
9XHGHGHVVXVSDUWLHDYDQW
0RGqOHVGHFP SR
FP SR
FP
SR
FP SR
FP
SR
FP
SR
FP
SR
%
FP
SR
$
$
©$ª
/LJQHFHQWUDOHMXVTX·DX
FHQWUHGXPRQWDQW
©%ª
2XYHUWXUHSRXU
OHFRQGXLW
0RGqOHVGH
FP SR FP
SR FP/[FP3
SR/[SR3
0RGqOHVGH
FP SR FP
SR FP/[FP3
SR/[SR3
FP SR
9XHGHGHVVXVSDUWLHDYDQW
&RQGXLW
GHWUDQVLWLRQ
$UPRLUHRX
UHWRPEpH
GHSODIRQG
-HXGHPP SR
0XUDUULqUH
FP
SR
FP
SR
‡ 3HUFH]TXDWUHDYDQWWURXVGHPP SR DX[HQGURLWVLQGLTXpV
² 6LODKRWWHHVWIL[pHjXQHDUPRLUHGRQWOHIRQGHVW
HQUHWUDLWLQVWDOOH]GHVFDOHVSRXUFRPEOHUO·HVSDFH
‡ /HVYLVGHPRQWDJHGRLYHQWrWUHYLVVpHVGDQVGHV
PRQWDQWVGHFP SR [FP SR GLP©$ª DX[HQGURLWVLQGLTXpVGDQVOHWDEOHDXFLGHVVXV
‡ 3UpYR\H]XQHRXYHUWXUHVXIILVDQWH GLP©%ª SRXULQVpUHU
OHFRQGXLWGHWUDQVLWLRQGDQVODUHWRPEpHGHSODIRQG
FP
SR
FP
SR
,QVpUH]OHVYLVGDQV
OHVIHQWHVGHODKRWWHHQ
ODSRXVVDQWFRQWUHOHPXU
FP
SR
FP
SR
$MRXWH]GHV
FDOHVVL
OHIRQGHVW
HQUHWUDLW
0XU
DUULqUH
‡ ,QVWDOOH]OHVYLVGDQVOHVPRQWDQWVHQOHVODLVVDQW
GpSDVVHUGHPP SR &HMHXSHUPHWWUDGH
OHVLQVpUHUGDQVOHVIHQWHVVXUOHGHVVXVGHODKRWWH
‡ 6RXOHYH]ODKRWWHHWVXVSHQGH]ODVXUOHVYLVGH
PRQWDJH3RXVVH]ODKRWWHFRQWUHOHPXUDUULqUH
‡ )DLWHVSDVVHUOHFkEODJHpOHFWULTXHGHODUpVLGHQFHSDU
O·RXYHUWXUHVXUODSDURLDUULqUHRXOHGHVVXVGHODKRWWH
‡ 6HUUH]OHVYLVGHPRQWDJH
9XHGHGHVVXVSDUWLHDYDQW
3UDWLTXH]XQRULILFHGHFP SR [FP
SR VRXVODUHWRPEpHGHSODIRQGRXO·DUPRLUH
SRXU\LQVpUHUOHFRQGXLWGHWUDQVLWLRQFRPPHLQGLTXp
GDQVO·LOOXVWUDWLRQ
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'86833257
5$&&25'(0(17'8&21'8,7
'(3/$)21'
‡ ,QVpUH]OHFRQGXLWVXUO·H[WUpPLWpGXFRQGXLWGH
WUDQVLWLRQMXVTX·jFHTX·LODWWHLJQHOHVODQJXHWWHV
G·DUUrW
‡ ,QVWDOOH]OHFRQGXLWHQHIIHFWXDQWOHUDFFRUG
GDQVOHVHQVGXGpELWG·DLUFRPPHLQGLTXpGDQV
O·LOOXVWUDWLRQ
‡ )L[H]OHVUDFFRUGVGXFRQGXLWjO·DLGHGHYLVjW{OH
‡ $SSOLTXH]GXUXEDQDGKpVLISRXUFRQGXLWSRXUVFHOOHU
WRXVOHVUDFFRUGV
‡ 8WLOLVH]GXUXEDQDGKpVLISRXUFRQGXLWSRXUVFHOOHU
OHMRLQWHQWUHOHFRQGXLWGHWUDQVLWLRQHWOHVUHERUGV
,OIDXWLQVWDOOHUOHVXSSRUWGHSODIRQGORUVTXHYRXVXWLOLVH]
OHFRXYUHFRQGXLWSRXUGLVVLPXOHUXQFRQGXLWG·XQH
KDXWHXUG·DXPRLQVFP SR HQWUHODKRWWHHW
OHSODIRQG&HVXSSRUWSHUPHWGHIL[HUOHFRXYUHFRQGXLW
GpFRUDWLIDXSODIRQG
5HPDUTXH/HVXSSRUWGHSODIRQGQ·HVWSDVQpFHVVDLUH
ORUVTXHYRXVXWLOLVH]XQLTXHPHQWODVHFWLRQGHFP
SR GXFRXYUHFRQGXLW
‡ ,QVWDOOH]OHVGHX[SHWLWHVYLVGDQVOHVF{WpVGXVXSSRUW
GHFRQGXLW(QOHYH]OHVYLV/HWDUDXGDJHGHVWURXV
SHUPHWWUDGHIDFLOLWHUO·LQVWDOODWLRQ
‡ 3ODFH]O·HQFRFKHFHQWUDOHGXVXSSRUWYLVjYLV
GHODOLJQHFHQWUDOHWUDFpHVXUOHPXUHWDSSX\H]
OHVXSSRUWFRQWUHOHSODIRQG
‡ 0DUTXH]O·HPSODFHPHQWGHVGHX[WURXVGHYLV
‡ 3HUFH]GHVDYDQWWURXVGHPP SR DX[
HQGURLWVPDUTXpV
‡ 6LOHVDYDQWWURXVQ·DWWHLJQHQWSDVOHVPRQWDQWV
DJUDQGLVVH]OHVjPP SR HWLQVWDOOH]
GHVFKHYLOOHVG·DQFUDJHSRXUPXUFUHX[
‡ )L[H]OHVXSSRUWVXUOHPXUDUULqUHjO·DLGHGHYLVjERLV
HWGHURQGHOOHV8WLOLVH]GHVFKHYLOOHVG·DQFUDJHSRXU
PXUFUHX[DXEHVRLQ
&RQGXLWGH
ODUpVLGHQFH
5XEDQDGKpVLIVXU
OHMRLQWHWOHVYLV
5XEDQDGKpVLIVHXOHPHQW
SRXUDVVXUHUOHERQ
IRQFWLRQQHPHQWGX
UHJLVWUH
'pELWG·DLU
9LV
&RQGXLW
/DQJXHWWHV
G·DUUrW
&RQGXLWGH
WUDQVLWLRQ
5HPDUTXH/HVXSSRUWHVWSRXUYXGHGHX[VpULHVGH
WURXV8WLOLVH]OHVJURVWURXVSRXUOHVFKHYLOOHVG·DQFUDJH
RXOHVYLVjERLVDYHFURQGHOOHV8WLOLVH]OHVSHWLWVWURXV
SRXUOHVYLVjERLVDYHFURQGHOOHV
5XEDQDGKpVLI
VXUOHVUHERUGV
$77(17,21
1·XWLOLVH]SDVGHYLVjW{OH
SRXUIL[HUOHUDFFRUGHQWUHOHFRQGXLWGHWUDQVLWLRQHWOH
FRQGXLW/HVYLVLQVWDOOpHVjFHWHQGURLWHPSrFKHUDLHQWOH
UHJLVWUHGHERXJHUOLEUHPHQW6FHOOH]OHUDFFRUGjO·DLGH
GHUXEDQDGKpVLIVHXOHPHQW
,QVWDOOH]OHVXSSRUW
GHSODIRQGORUVTXH
OHFRXYUHFRQGXLWHVW
XWLOLVpSRXUGLVVLPXOHU
XQFRQGXLWGHFP
SR RXSOXV
5HSRUWH]YRXV
jO·pWDSH
SRXULQVWDOOHU
OHFRXYUH
FRQGXLW
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'8&2895(&21'8,7
,167$//$7,21'8027(85
‡ 3ODFH]OHVIHQWHVGXYHQWLODWHXUYLV
jYLVGHVWURLVFURFKHWV
jO·DUULqUHGHO·RULILFH
G·pYDFXDWLRQSXLVLQVpUH]
OHVFURFKHWVGDQVOHVIHQWHV
‡ 7RXUQH]OHPRWHXUYHUV
OHKDXWMXVTX·jFHTX·LOVRLW
YLVjYLVGHO·HPSODFHPHQW
GHODYLVGHIL[DWLRQ
‡ )L[H]OHPRWHXUDX
VXSSRUWGHIL[DWLRQ
jO·DYDQWGHO·RXYHUWXUH
jO·DLGHGHODYLVHWGH
ODURQGHOOHIRXUQLHV
‡ %UDQFKH]OHFRQQHFWHXU
GXPRWHXUGDQVOH
FRQQHFWHXUFRUUHVSRQGDQWGHOD
KRWWH3RXUFRQQDvWUHO·HPSODFHPHQW
GXFRQQHFWHXUGHODKRWWH
UHSRUWH]YRXVjO·LOOXVWUDWLRQ
5HSpUH]OHFRQQHFWHXU
jO·LQWpULHXUGHODKRWWHHW
EUDQFKH]OH
6XSSRUWGH
IL[DWLRQGXPRWHXU
3RXULQVWDOOHUXQLTXHPHQWODVHFWLRQGHFP SR GXFRXYUHFRQGXLW
‡ 3ODFH]ODVHFWLRQGHFP SR GXFRXYUHFRQGXLW
GpFRUDWLIVXUOHGHVVXVGHODKRWWH
‡ )L[H]OHFRXYUHFRQGXLWDXGHVVXVGHODKRWWHjO·DLGH
GHVTXDWUHYLVIRXUQLHV
3RXULQVWDOOHUOHVGHX[VHFWLRQVGXFRXYUHFRQGXLW
‡ 3ODFH]OHVGHX[VHFWLRQVGXFRXYUHFRQGXLW
VXUOHGHVVXVGHODKRWWH
‡ )L[H]ODVHFWLRQLQIpULHXUHGXFRXYUHFRQGXLW
DXGHVVXVGHODKRWWHjO·DLGHGHVTXDWUHYLVIRXUQLHV
5HSRUWH]YRXVjO·LOOXVWUDWLRQGHODSDJH
‡ 6RUWH]ODVHFWLRQLQWpULHXUHYHUVOHKDXWMXVTX·DX
SODIRQGHWMXVTX·DXVXSSRUWGHSODIRQG
‡ )L[H]OHFRXYUHFRQGXLWDXVXSSRUWjO·DLGHGHVGHX[
SHWLWHVYLV3KLOOLSVIRXUQLHV
&URFKHWVGXPRWHXU
,167$//$7,21'86833257
'(),/75(
‡ ,QFOLQH]OHVXSSRUWGHILOWUHHQO·LQVpUDQWjO·DUULqUH
GHODKRWWH
‡ ,QVpUH]OHVODQJXHWWHVGDQVOHVIHQWHVjO·DUULqUH
GHODKRWWH
,03257$177HQH]OHFRQQHFWHXU
GHVRUWHTXHOHVGHX[ERUQHVFDUUpHV
GDQVOHVFRLQVVRLHQWYHUVOHKDXW
GXFRQQHFWHXUSRXUOHEUDQFKHU
5$&&25'(0(17e/(&75,48(
,QVpUH]OHVODQJXHWWHVGDQVOHVIHQWHV
$VVXUH]YRXVTXHO·DOLPHQWDWLRQDpWpFRXSpH
DXSDQQHDXGHGLVWULEXWLRQpOHFWULTXH
$9(57,66(0(17
6LOHFkEODJH
GHODUpVLGHQFHQ·HVWSDVFRQVWLWXpGHWURLVILOVGRQW
XQGHPLVHjODWHUUHO·LQVWDOODWHXUGRLWLQVWDOOHUXQILO
GHPLVHjODWHUUH6LOHFkEODJHGHODUpVLGHQFHHVW
HQDOXPLQLXPDVVXUH]YRXVG·XWLOLVHUXQDQWLR[\GDQW
HWGHVFRQQHFWHXUVYLVVDEOHVSRXUUDFFRUGHPHQWV
FXLYUHDOXPLQLXPKRPRORJXpSDU8/
$(QOHYH]OHFRXYHUFOH &,QVpUH]OHFkEOH
GHODERvWHGHMRQFWLRQ GDQVOHVHUUH
FkEOHHWVHUUH]OH
)LOGHPLVHjODWHUUH
,QVWDOOH]YLV
%ODQF
%$VVXUH]YRXVTXHOHVILOVEODQF
QRLUHWYHUWGHODKRWWHVRQWLQVpUpV
SDUOHSHWLWRULILFHGXVXSSRUW
1RLU
'8WLOLVH]GHVFRQQHFWHXUVYLVVDEOHVKRPRORJXpVSDU8/
‡ 8WLOLVH]GHVFRQQHFWHXUVYLVVDEOHVSRXUEUDQFKHU
OHILOGHPLVHjODWHUUHDXILOYHUWOHILOEODQFDXILO
EODQFHWOHILOQRLUDXILOQRLU
‡ 5HSRXVVH]OHVILOVGDQVODERvWHGHMRQFWLRQHWUHPHWWH]
HQSODFHOHFRXYHUFOH$VVXUH]YRXVTXHOHVILOVQHVRQW
SDVSLQFpV
‡ )L[H]OHVXSSRUWjODKRWWHjO·DLGHGHVYLVFRPPH
LQGLTXpGDQVO·LOOXVWUDWLRQ
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'(6),/75(6
),1'(/·,167$//$7,21
‡ (QOHYH]ODSHOOLFXOHSURWHFWULFHTXLUHFRXYUH
OHVILOWUHV
‡ ,QVpUH]OHILOWUHGDQVOHVDJUDIHVLQVWDOOpHVj
ODSDUWLHVXSpULHXUHGXSDQQHDXDYDQWYHUWLFDO
‡ 'RQQH]GHVSHWLWVFRXSVVXUOHF{WpGXILOWUHDILQTX·LO
VRLWYLVjYLVGHO·RXYHUWXUHH[WpULHXUH
‡ 3RXVVH]VXUOHILOWUHDILQTX·LOVRLWLQVpUpGDQV
OHVIHQWHVLQIpULHXUHVDXEDVGXVXSSRUWGHILOWUH
‡ 5HSRUWH]YRXVDX[GLUHFWLYHVGHIRQFWLRQQHPHQW
SRXUIDLUHO·HVVDLGHWRXWHVOHVFRPPDQGHV
%RvWHGHMRQFWLRQ
$JUDIH
)LOWUHV
6XSSRUW
GHILOWUH
‡ 3RXUHQOHYHUOHVILOWUHVVDLVLVVH]ODODQJXHWWH
GXILOWUHHWWLUH]OHILOWUHYHUVOHKDXWSXLVYHUVO·DYDQW
$YDQWG·DSSHOHUXQUpSDUDWHXU«
&RQVHLOVGHGpSDQQDJH
*DJQH]GXWHPSVHWpFRQRPLVH]GHO·DUJHQW&RQVXOWH]
G·DERUGOHWDEOHDXDXGHVVRXV9RXVSRXUULH]YRXVpYLWHU
G·DSSHOHUXQUpSDUDWHXU
3UREOqPH
&DXVHVSRVVLEOHV
&RUUHFWLIV
/HYHQWLODWHXUQH
IRQFWLRQQHSDVORUVTXHOD
FRPPDQGHHVWDFWLRQQpH
8QIXVLEOHSHXWrWUHJULOOpRX
XQGLVMRQFWHXUGpFOHQFKp
‡5HPSODFH]OHIXVLEOHRXUpHQFOHQFKH]OHGLVMRQFWHXU
/HFRQQHFWHXUGXYHQWLODWHXU
HVWOkFKHRXGpEUDQFKp
‡&RXSH]O·DOLPHQWDWLRQpOHFWULTXHGHODKRWWH (QOHYH]OHVILOWUHVHWLQVSHFWH]OHYHQWLODWHXU6LOH
FRQQHFWHXUGXYHQWLODWHXUHVWOkFKHRXGpEUDQFKp
F·HVWTXHO·LQVWDOODWHXUDRPLVGHOHEUDQFKHU FRUUHFWHPHQW0rPHV·LOV·DJLWG·XQEUDQFKHPHQWj
IDLUHVDQVYLVLELOLWpLOHVWIDFLOHjHIIHFWXHU&RQVXOWH]
OHV'LUHFWLYHVG·LQVWDOODWLRQGDQVOHSUpVHQWPDQXHO
SRXUFRQQDvWUHO·HPSODFHPHQWGXFRQQHFWHXUHW
ODIDoRQGHOHEUDQFKHUFRUUHFWHPHQW
/HVILOWUHVVRQWWUqVVDOHV
‡(QOHYH]OHVILOWUHVQHWWR\H]OHVDXEHVRLQHW
UHPHWWH]OHVHQSODFH6LOHQHWWR\DJHGHVILOWUHV
QHUqJOHSDVOHSUREOqPHDSSHOH]XQUpSDUDWHXU
‡/·DLUGHFRPSHQVDWLRQ UHPSODFHPHQW VXIILVDQWHVW
QpFHVVDLUHSRXUpYDFXHUOHVDSSDUHLOVSRXUIRQFWLRQQHU
DXFODVVHPHQW9pULILH]DYHFOHVFRGHVORFDX[GXEkWLPHQW
TXLSHXYHQWH[LJHURXFRQVHLOOHUYLYHPHQWO·XWLOLVDWLRQ
G·DLUGHFRPSHQVDWLRQ
/HYHQWLODWHXUQHIDLWSDV
FLUFXOHUO·DLURXOHIDLW
FLUFXOHUSOXVOHQWHPHQW
TXHG·KDELWXGH
1RWHV
1RWHV
*DUDQWLH*(GHODKRWWHGHFXLVLQH
7RXWHVOHVUpSDUDWLRQVVRXVJDUDQWLHVRQWHIIHFWXpHVSDUQRV&HQWUHVGH
UpSDUDWLRQRXSDUQRVUpSDUDWHXUV0DEHDXWRULVpV
3RXUREWHQLUGXVHUYLFHHQOLJQHYHXLOOH]QRXVYLVLWHUDXVLWHZZZ
HOHFWURPHQDJHUVJHFDRXDSSHOH]OHQR9HXLOOH]IRXUQLU
OHQXPpURGHVpULHHWOHQXPpURGHPRGqOHORUVTXHYRXVDSSHOH]SRXU
REWHQLUOHVHUYLFH
$JUDIH]YRWUHIDFWXUHLFL/D
SUHXYHG·DFKDWRULJLQDOHVHUD
QpFHVVDLUHSRXUEpQpILFLHUGHV
VHUYLFHVGHJDUDQWLH
3RXUODSpULRGHGH &HTXLUHPSODFHUD
8QHDQQpH
­SDUWLUGHODGDWH
G·DFKDWRULJLQDOH
7RXWHSLqFHGpWDFKpHGHODKRWWHGHFXLVLQHTXLWRPEHUDLWHQSDQQHjFDXVHG·XQGpIDXW
PDWpULHORXGHPDLQG·RXYUH3HQGDQWFHWWHJDUDQWLHOLPLWpHG·XQHDQQpH*(IRXUQLUDDXVVL
JUDWXLWHPHQWWRXWHPDLQG·RXYUHHWVHUYLFHjGRPLFLOHSRXUUHPSODFHUODSLqFHGpIHFWXHXVH
&HTXLQ·HVWSDVFRXYHUW
„/HVGpSODFHPHQWVjGRPLFLOHSRXUYRXVDSSUHQGUH
jXWLOLVHUO·DSSDUHLO
„8QGRPPDJHGHO·DSSDUHLOSURYRTXpSDUXQDFFLGHQW
XQLQFHQGLHXQHLQRQGDWLRQRXXQFDVGHIRUFHPDMHXUH
„8QHLQVWDOODWLRQXQHOLYUDLVRQRXXQHPDLQWHQDQFH
LQFRUUHFWH
„7RXWGRPPDJHGLUHFWRXLQGLUHFWFDXVpSDUXQH
GpIHFWXRVLWpSRVVLEOHGHFHWDSSDUHLO
„'pIDLOODQFHRXGRPPDJHGXSURGXLWV·LOHVWPDOWUDLWpPDO
XWLOLVpPRGLILpXWLOLVpjG·DXWUHVILQVTXHO·XVDJHSUpYXRX
XWLOLVpFRPPHUFLDOHPHQW
„8QGRPPDJHSURYRTXpDSUqVODOLYUDLVRQ
„/HUHPSODFHPHQWGHVIXVLEOHVGXGRPLFLOHRXOD
UpLQLWLDOLVDWLRQGHVGLVMRQFWHXUV
„8QDSSDUHLOQRQDFFHVVLEOHSRXUH[pFXWHUODUpSDUDWLRQ
QpFHVVDLUH
„,QVWDOODWLRQRXHQWUHWLHQSRXUV\VWqPHGHFRPSHQVDWLRQ
G·DLU UHPSODFHPHQW (;&/86,21'(6*$5$17,(6,03/,&,7(6³YRWUHVHXOHWXQLTXHUHFRXUVUpVLGHGDQVODUpSDUDWLRQGHO·DSSDUHLOWHOOHTX·HOOH
HVWGpILQLHGDQVFHWWHJDUDQWLHOLPLWpH7RXWHVDXWUHVJDUDQWLHVLPSOLFLWHV\FRPSULVOHVJDUDQWLHVLPSOLFLWHV
GHYDOHXUFRPPHUFLDOHRXG·DGpTXDWLRQjXQXVDJHSDUWLFXOLHUVRQWOLPLWpHVjXQHDQQpHRXjODSOXVSHWLWHSpULRGH
DXWRULVpHSDUODORL
&HWWHJDUDQWLHHVWYDODEOHSRXUOHSUHPLHUSURSULpWDLUHHWWRXWDXWUHSURSULpWDLUHGXSURGXLWV·LODFKHWpSRXUXWLOLVDWLRQ
GRPHVWLTXHDX&DQDGD/HVHUYLFHjGRPLFLOHVRXVJDUDQWLHVHUDIRXUQLOjRLOHVWGLVSRQLEOHHWGDQVOHVUpJLRQVTXH0DEH
FRQVLGqUHTXHO·RIIUHGHVHUYLFHHVWUDLVRQQDEOH
'DQVFHUWDLQHVSURYLQFHVLOHVWLQWHUGLWG·H[FOXUHRXGHOLPLWHUOHVGRPPDJHVGLUHFWVRXLQGLUHFWV,OHVWDORUVSRVVLEOHTXH
OHVOLPLWDWLRQVRXH[FOXVLRQVFLGHVVXVQHV·DSSOLTXHQWSDVGDQVYRWUHFDV/DSUpVHQWHJDUDQWLHYRXVFRQIqUH
GHVGURLWVMXULGLTXHVVSpFLILTXHV9RXVSRXYH]EpQpILFLHUG·DXWUHVGURLWVTXLYDULHQWG·XQHSURYLQFHjO·DXWUH
3RXUFRQQDvWUHOHVGURLWVGRQWYRXVEpQpILFLH]GDQVYRWUHSURYLQFHFRPPXQLTXH]DYHFOHEXUHDXGHVUHODWLRQV
DYHFOHVFRQVRPPDWHXUVGHYRWUHUpJLRQ
*DUDQW0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
6HUYLFHjODFOLHQWqOH
6LWH:HEDSSDUHLOVpOHFWURPpQDJHUV*(
ZZZHOHFWURPHQDJHUVJHFD
9RXVDYH]XQHTXHVWLRQRXYRXVDYH]EHVRLQG·DLGHSRXUYRWUHDSSDUHLOpOHFWURPpQDJHU"&RQWDFWH]QRXV
SDU,QWHUQHWDXVLWHZZZHOHFWURPHQDJHUVJHFDKHXUHVSDUMRXUWRXVOHVMRXUVGHO·DQQpH
6HUYLFHGHUpSDUDWLRQV
6HUYLFHGHUpSDUDWLRQV*(HVWWRXWSUqVGHYRXV
3RXUIDLUHUpSDUHUYRWUHpOHFWURPpQDJHU*(LOVXIILWGHQRXVWpOpSKRQHU
6WXGLRGHFRQFHSWLRQUpDOLVWH
6XUGHPDQGH*(SHXWIRXUQLUXQHEURFKXUHVXUO·DPpQDJHPHQWG·XQHFXLVLQHSRXUOHVSHUVRQQHV
jPRELOLWpUpGXLWH
eFULYH] 'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
3URORQJDWLRQGHJDUDQWLH
ZZZHOHFWURPHQDJHUVJHFD
$FKHWH]XQFRQWUDWG·HQWUHWLHQ*(DYDQWTXHYRWUHJDUDQWLHQ·H[SLUHHWEpQpILFLH]G·XQUDEDLVVXEVWDQWLHO
$LQVLOHVHUYLFHDSUqVYHQWH*(VHUDWRXMRXUVOjDSUqVH[SLUDWLRQGHODJDUDQWLH
9LVLWH]QRWUHVLWH:HERXDSSHOH]QRXVDX
3LqFHVHWDFFHVVRLUHV
&HX[TXLGpVLUHQWUpSDUHUHX[PrPHVOHXUVpOHFWURPpQDJHUVSHXYHQWUHFHYRLUSLqFHVHWDFFHVVRLUHVGLUHFWHPHQW
jODPDLVRQ FDUWHV9,6$0DVWHU&DUGHW'LVFRYHUDFFHSWpHV /HVGLUHFWLYHVVWLSXOpHVGDQVOHSUpVHQWPDQXHOSHXYHQWrWUHHIIHFWXpHVSDUQ·LPSRUWHTXHOXWLOLVDWHXU/HV
DXWUHVUpSDUDWLRQVGRLYHQWJpQpUDOHPHQWrWUHHIIHFWXpHVSDUXQWHFKQLFLHQTXDOLILp6R\H]SUXGHQWFDUXQH
UpSDUDWLRQLQDGpTXDWHSHXWDIIHFWHUOHIRQFWLRQQHPHQWVpFXULWDLUHGHO·DSSDUHLO
/HVFRQVRPPDWHXUVDX&DQDGDSHXYHQWFRPPDQGHUGHVSLqFHVHWGHVDFFHVVRLUHVHQOLJQHDXVLWHZZZ
HOHFWURPHQDJHUVJHFDKHXUHVVXUHWWRXVOHVMRXUVRXSDUWpOpSKRQHDXSHQGDQW
OHVKHXUHVGHEXUHDX
&RQWDFWH]QRXV
6LYRXVQ·rWHVSDVVDWLVIDLWGXVHUYLFHDSUqVYHQWHGRQWYRXVDYH]EpQpILFLp
3UHPLqUHPHQWFRPPXQLTXH]DYHFOHVJHQVTXLRQWUpSDUpYRWUHDSSDUHLO
(QVXLWHVLYRXVQ·rWHVWRXMRXUVSDVVDWLVIDLWHQYR\H]WRXVOHVGpWDLOV²QXPpURGHWpOpSKRQHFRPSULV²DX
'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHU
ZZZHOHFWURPHQDJHUVJHFD
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHUHQGLUHFWDXVVLW{WTXHSRVVLEOH&HODDPpOLRUHUDQRV
FRPPXQLFDWLRQVHWQRWUHVHUYLFHDSUqVYHQWH9RXVSRXYH]pJDOHPHQWQRXVHQYR\HUSDUODSRVWHOHIRUPXODLUH
G·LQVFULSWLRQMRLQWjYRWUHGRFXPHQWDWLRQ
,PSULPpDX0H[LTXH
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertisement