Ariete 6234 User Manual
Displayed below is the user manual for 6234 by Ariete which is a product in the Irons category. This manual has pages.
Related Manuals
,7
$99(57(1=(
,03257$17,
/(**(5($77(17$0(17(/(,6758=,
21,35,0$'(//·862
/¶DSSDUHFFKLRqGHVWLQDWRVRORDGXQXVRGRPH
VWLFRQRQGHYHHVVHUHDGLELWRDGXQXVRLQGX
VWULDOHRSURIHVVLRQDOH
1RQVLDVVXPRQRUHVSRQVDELOLWjSHUXVRHUUDWR
RSHULPSLHJKLGLYHUVLGDTXHOOLSUHYLVWLGDOSUH
VHQWHOLEUHWWR
6L FRQVLJOLD GL FRQVHUYDUH JOL LPEDOOL RULJLQDOL
SRLFKpO¶DVVLVWHQ]DJUDWXLWDQRQqSUHYLVWDSHUL
JXDVWLFDXVDWLGDLPEDOORQRQDGHJXDWRGHOSUR
GRWWRDOPRPHQWRGHOODVSHGL]LRQHDGXQ&HQWUR
GL$VVLVWHQ]DDXWRUL]]DWR
3HULFRORSHULEDPELQL
/¶DSSDUHFFKLRSXzHVVHUHXVDWRGDEDPELQLFRQ
XQHWjVXSHULRUHDDQQLHGDSHUVRQHFKHKDQ
QRFDSDFLWj¿VLFKHVHQVRULDOLRPHQWDOLULGRWWH
RSSXUHFRQPDQFDQ]DGLHVSHULHQ]DRGLFRQR
VFHQ]D VROR VH VRQR VHJXLWL GD XQD SHUVRQD
UHVSRQVDELOHRVHKDQQRULFHYXWRHFRPSUHVR
OH LVWUX]LRQL H L SHULFROL SUHVHQWL GXUDQWH O¶XVR
GHOO¶DSSDUHFFKLR
1RQODVFLDUSHQGHUHLO FDYRLQXQOXRJR GRYH
SRWUHEEHHVVHUHDIIHUUDWRGDXQEDPELQR
/DSXOL]LDHODPDQXWHQ]LRQHULSRUWDWHLQTXHVWR
OLEUHWWRQRQGHYRQRHVVHUHHVHJXLWHGDLEDPELQL
VHQ]DODVXSHUYLVLRQHGLXQDSHUVRQDDGXOWD
$VVLFXUDUVLFKHLEDPELQLQRQJLRFKLQRFRQO¶DS
SDUHFFKLR
*OLHOHPHQWLGHOO¶LPEDOODJJLRQRQGHYRQRHVVHUH
ODVFLDWLDOODSRUWDWDGHLEDPELQLLQTXDQWRSRWHQ
]LDOLIRQWLGLSHULFROR
$OORUFKpVLGHFLGDGLVPDOWLUHFRPHUL¿XWRTXH
VWRDSSDUHFFKLRVLUDFFRPDQGDGLUHQGHUORLQR
SHUDQWHWDJOLDQGRQHLOFDYRGLDOLPHQWD]LRQH6L
UDFFRPDQGD LQROWUH GL UHQGHUH LQQRFXH TXHOOH
SDUWL GHOO¶DSSDUHFFKLR VXVFHWWLELOL GL FRVWLWXLUH
XQ SHULFROR VSHFLDOPHQWH SHU L EDPELQL FKH
SRWUHEEHURVHUYLUVLGHOO¶DSSDUHFFKLRSHULSURSUL
JLRFKL
3HULFRORGRYXWRD
HOHWWULFLWj
3ULPDGLFROOHJDUHO¶DSSDUHFFKLRDOODUHWHGLDOL
PHQWD]LRQHFRQWUROODUHFKHODWHQVLRQHLQGLFDWD
VXOODWDUJKHWWDFRUULVSRQGDD TXHOOD GHOOD UHWH
ORFDOH
&ROOHJDUHVHPSUHO¶DSSDUHFFKLR DGXQDSUHVD
FRQPHVVDDWHUUD
121 ,00(5*(5( /¶$33$5(&&+,2 ,1$&
48$2$/75,/,48,',
1RQLQL]LDWHDVWLUDUHVHDYHWHODPDQLEDJQDWH
RVHDYHWHLSLHGLQXGL
3HULFRORGLGDQQL
GHULYDQWLGDDOWUHFDXVH
5LHPSLUHLOVHUEDWRLRFRQDFTXDSULPDGLPHW
WHUHLQIXQ]LRQHO¶DSSDUHFFKLR/HRSHUD]LRQLGL
ULHPSLPHQWRGLDFTXDGHYRQRHVVHUHHIIHWWXDWH
FRQODVSLQDGHOFDYRGLDOLPHQWD]LRQHHOHWWULFD
VWDFFDWDGDOODSUHVD
3HUULIRUQLUHLOVHUEDWRLRXVDUHVHPSUHLOPLVXUL
QRLQGRWD]LRQH1RQPHWWHUHPDLLOIHUURGDVWLUR
GLUHWWDPHQWHVRWWRDOUXELQHWWR
'RSRLOULHPSLPHQWRFKLXGHUHORVSRUWHOOLQRDV
VLFXUDQGRVLFKHVLDSHUIHWWDPHQWHFKLXVR
$FFHQGHUHO¶DSSDUHFFKLRVRORTXDQGRqLQSRVL
]LRQHGLODYRUR
4XDQGRXVDWHO¶DSSDUHFFKLRSHUODSULPDYROWD
SXz DFFDGHUH FKH HPDQL XQ SR¶ GL IXPR QRQ
SUHRFFXSDWHYLqSHUIHWWDPHQWHQRUPDOHSHUFKp
DOFXQHSDUWLVRQRVWDWHOHJJHUPHQWHOXEUL¿FDWH
TXLQGLGRSRSRFRWHPSRLOIHQRPHQRVFRPSDULUj
'XUDQWH O¶XWLOL]]R SRVL]LRQDUH O¶DSSDUHFFKLR VX
GLXQSLDQRRUL]]RQWDOHVWDELOHHEHQLOOXPLQDWR
1RQODVFLDUHLQFXVWRGLWRO¶DSSDUHFFKLRPHQWUHq
FROOHJDWRDOODUHWHHOHWWULFD
/¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRHODVFLDWR
DULSRVRVXXQDVXSHU¿FLHVWDELOH
4XDQGRVLULSRQHLOIHUURVXOVXRDSSRJJLDIHUUR
DVVLFXUDUVLFKHODVXSHU¿FLHGLDSSRJJLRVLDVWD
ELOH
4XDQGR YL GRYHWH DVVHQWDUH DQFKH SHU SRFR
WHPSRVSHJQHUHLOIHUURULSRUORVXOVXRDSSRJ
JLDIHUURHVFROOHJDUHVHPSUHLOFDYRGLDOLPHQ
WD]LRQHHOHWWULFDGDOODSUHVDGLFRUUHQWH
/¶DSSDUHFFKLRQRQGHYHHVVHUHXWLOL]]DWRVHq
VWDWRIDWWRFDGHUHVHYLVRQRVHJQLGLGDQQLYLVL
ELOLRVHKDSHUGLWHGLDFTXD7XWWHOHULSDUD]LRQL
FRPSUHVDODVRVWLWX]LRQHGHOFDYRGLDOLPHQWD
]LRQH GHYRQR HVVHUH HVHJXLWH VRODPHQWH GDO
&HQWUR $VVLVWHQ]D $XWRUL]]DWR R GD SHUVRQD
FRQTXDOL¿FDVLPLODUHDO¿QHGLSUHYHQLUHRJQL
ULVFKLR
1RQXVDUHO¶DSSDUHFFKLRVHLOFDYRGLDOLPHQWD
]LRQHVLSUHVHQWDGDQQHJJLDWRFRQSDUWLUHFDQWL
EUXFLDWXUHHFFODULSDUD]LRQHHODVRVWLWX]LR
QHGHOFDYRGLDOLPHQWD]LRQHGHYRQRHVVHUHHI
IHWWXDWHGDXQFHQWURGLDVVLVWHQ]DDXWRUL]]DWR
$ULHWHSHQDLOGHFDGLPHQWRGHOODJDUDQ]LD
$YYHUWHQ]DUHODWLYDD
XVWLRQL
0DLWHQWDUHGLVWLUDUHLQGXPHQWLLQGRVVR
1RQWRFFDUHOHSDUWLPHWDOOLFKHGHOIHUURTXDQGR
qLQIXQ]LRQHHQHLPLQXWLVHJXHQWLDOVXRVSHJQL
PHQWRSRLFKpSRWUHEEHURFDXVDUHVFRWWDWXUH
1RQGLULJHUHLOJHWWRYDSRUHYHUVRSDUWLGHOFRUSR
RYHUVRDQLPDOLGRPHVWLFL
$WWHQ]LRQHGDQQL
PDWHULDOL
3ULPD GL XWLOL]]DUH O¶DSSDUHFFKLR SHU OD SULPD
YROWD WRJOLHUH HYHQWXDOL HWLFKHWWH R SURWH]LRQL
GDOODSLDVWUDGHOIHUURGDVWLUR
6YROJHUHVHPSUHLOFDYRSULPDGHOO¶XWLOL]]R
/¶XVR GL SUROXQJKH HOHWWULFKH QRQ DXWRUL]]DWH
GDOIDEEULFDQWHGHOO¶DSSDUHFFKLRSXzSURYRFDUH
GDQQLHGLQFLGHQWL
1RQ XWLOL]]DUH DFTXD JDVVDWD DGGL]LRQDWD GL
DQLGULGHFDUERQLFD,QFDVR GL DFTXD SDUWLFR
ODUPHQWH FDOFDUHD VL FRQVLJOLD O¶XVR GL DFTXD
GHPLQHUDOL]]DWD
1RQDSSRJJLDUHLOIHUURGDVWLURFDOGRVXOFDYRGL
DOLPHQWD]LRQH
1RQ SLHJDUH OD SURWH]LRQH GHO FDYR HOHWWULFR
TXDQGRTXHVWRYLHQHDYYROWRDWWRUQRDOIHUURGD
VWLURFROWHPSRLOFDYRSRWUHEEHURPSHUVL
1RQVFROOHJDUHODVSLQDGDOODSUHVDGLFRUUHQWH
WLUDQGRODSHULOFDYR
'RSRDYHUVWDFFDWRODVSLQDGHOFDYRGLDOLPHQ
WD]LRQHHOHWWULFDGDOODSUHVDHGRSRFKHWXWWHOH
SDUWLVLVDUDQQRUDIIUHGGDWHO¶DSSDUHFFKLRSRWUj
HVVHUHSXOLWRHVFOXVLYDPHQWHFRQXQSDQQRQRQ
DEUDVLYRHDSSHQDXPLGRGLDFTXD1RQXVDUH
PDLVROYHQWLFKHGDQQHJJLDQROHSDUWLLQSODVWLFD
1RQDYYROJHUHLOFDYRGLDOLPHQWD]LRQHDWWRUQR
DOODSLDVWUDTXDQGRLOIHUURqFDOGR
1RQPHWWHUHODSLDVWUDDFRQWDWWRFRQVXSHU¿FL
PHWDOOLFKH
6SHJQHUHVHPSUHLOIHUURUXRWDQGRODPDQRSROD
GHOWHUPRVWDWRVXOODSRVL]LRQH0,1HVWDFFDUH
ODVSLQDGDOODSUHVDGLFRUUHQWHHOHWWULFDSULPDGL
ULHPSLUHLOVHUEDWRLRFRQDFTXDRSULPDGLVYXR
WDUOR
1RQ ODVFLDUH O¶DSSDUHFFKLR HVSRVWR DG DJHQWL
DWPRVIHULFLSLRJJLDVROHHFF
&216(59$5( 6(035( 48(67( ,6
758=,21,
1RWHDOSULPRXWLOL]]RGHOIHUURSURYDWHORVXXQYHFFKLRSH]]RGLVWRIID
SHUYHUL¿FDUHFKHODSLDVWUDHGLOVHUEDWRLRGHOO¶DFTXDVLDQRSHUIHWWDPHQWH
SXOLWL
'(6&5,=,21('(//·$33$5(&&+,2
$ 8JHOORVSUD\
% 6SRUWHOOLQRGLULHPSLPHQWRVHUEDWRLRDFTXD
& 6HOHWWRUHGLUHJROD]LRQHYDSRUH
' 3XOVDQWHVSUD\
( 3XOVDQWHYDSRUH
) 0LVXULQRDFTXD
* 5LIHULPHQWRSHULPSRVWD]LRQHWHPSHUDWXUD
+ 3URWH]LRQHFDYRGLDOLPHQWD]LRQH
, $SSRJJLDIHUUR
- 6SLDGLFRQWUROORWHPSHUDWXUDIHUUR
. 0DQRSRODGLUHJROD]LRQHGHOODWHPSHUDWXUD
/ 3XOVDQWHDXWRSXOL]LDVHOIFOHDQ
0 6HUEDWRLR
1 3LDVWUD
,6758=,21,3(5/·862
5LHPSLPHQWRGHOVHUEDWRLR
$WWHQ]LRQH
$FFHUWDUVLFKHLOIHUURVLDVWDFFDWRGDOODUHWHGLDOLPHQWD]LRQH
HOHWWULFDSULPDGLULHPSLUHLOVHUEDWRLRFRQDFTXD
,PSRVWDUHLOVHOHWWRUHYDSRUH&VX³ ´)LJ
$SULUHORVSRUWHOOLQR%WLUDQGRORYHUVRO¶DOWRHWHQHQGRLOIHUURRUL]]RQ
WDOHULHPSLUHLOVHUEDWRLRFRQDFTXDGLUXELQHWWR ¿QR DO OLYHOORPDVVLPR
XWLOL]]DQGRLOPLVXULQR)LQGRWD]LRQH)LJ5LFKLXGHUHORVSRUWHOOLQR
%6HO¶DFTXDGHOYRVWURUXELQHWWRqPROWRFDOFDUHDXWLOL]]DUHDFTXDGH
PLQHUDOL]]DWD
1RQ ULHPSLUH 0$, LO VHUEDWRLR ROWUH LO OLYHOOR LQGLFDWR FRQ
´0$;µ
1RQ YHUVDUH QHO VHUEDWRLR DFHWR DGGLWLYL FKLPLFL VRVWDQ]H
SURIXPDQWLHGHFDOFLÀFDQWLSHQDODGHFDGHQ]DGHOODJDUDQ]LD
6H IRVVH QHFHVVDULR DJJLXQJHUH DFTXD GXUDQWH OD VWLUDWXUD VSHJQHUH
VHPSUHLOIHUURHVWDFFDUHODVSLQDGHOFDYRGLDOLPHQWD]LRQHGDOODSUHVDGL
FRUUHQWHHOHWWULFDSULPDGLULHPSLUHLOVHUEDWRLRFRQDFTXD
$FFHQVLRQHGHOO·DSSDUHFFKLR
ËSRVVLELOHFKHDOSULPRXWLOL]]RGHOIHUURFLVLDQRGHOOHIXR
ULXVFLWHGL SROYHUH ELDQFD GDOOD SLDVWUDTXHVWRqQRUPDOHH
O·HIIHWWRVSDULUjGRSRO·HURJD]LRQHGLDOFXQLFROSLYDSRUH
$OSULPRXWLOL]]RGHOIHUURqSRVVLELOHQRWDUHXQULWDUGRQHOOD
IRUPD]LRQHGHOYDSRUHTXHVWRqQRUPDOHHGqGRYXWRDOO·HQ
WUDWDLQFLUFRORGHOO·DFTXDQHOIHUUR3RWUHEEHHVVHUHQHFHVVD
ULRSUHPHUHDOFXQHYROWHLOSXOVDQWHYDSRUHHVSUD\SHULOORUR
FRUUHWWRIXQ]LRQDPHQWR
$SSRJJLDUHLOIHUURLQSRVL]LRQHYHUWLFDOHVXOVXRDSSRJJLDIHUUR,)LJ
,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWH/DVSLD-GLFRQWUROORGHOODWHP
SHUDWXUDVLDFFHQGH
6HOH]LRQDUHODWHPSHUDWXUDGHVLGHUDWDUXRWDQGRODPDQRSRODGLUHJROD
]LRQHWHPSHUDWXUD.HDOOLQHDQGRODFRQLOULIHULPHQWR*SRVWRVXOIHUUR
GDVWLUR4XDQGRLOIHUURGDVWLURUDJJLXQJHODWHPSHUDWXUDVHOH]LRQDWDOD
VSLD-VLVSHJQHPHQWUHVLVWLUDODVSLDGHOODWHPSHUDWXUDVLDFFHQGHH
VLVSHJQHLQGLFDQGRFKHLOIHUURPDQWLHQHODJLXVWDWHPSHUDWXUD
6HJXLUHO¶LQGLFD]LRQHULSRUWDWDVXOO¶HWLFKHWWDGHOFDSRGDVWLUDUHLQPRGRGD
IDUHFRUULVSRQGHUHLSDOOLQLUDI¿JXUDWLVXGLHVVDFRQTXHOOLLQGLFDWLVXOO¶HWL
FKHWWD
68**(5,0(17,
3HUQRQFRPSURPHWWHUHORVWUDWRDQWLDGHUHQWHQRQSDVVDUHOD
SLDVWUDGHOIHUURVRSUDFHUQLHUHRGDOWUL RJJHWWL GL PDWHULDOH
GXUR
6XGGLYLGHUHLFDSLGDVWLUDUHLQEDVHDOWLSRGLWHVVXWRODQDFRQODQDFR
WRQHFRQFRWRQHHFF
3RLFKpLOULVFDOGDPHQWRGHOODSLDVWUDGHOIHUURDYYLHQHPROWRSLUDSLGD
PHQWHGHOVXRUDIIUHGGDPHQWRqFRQVLJOLDELOHLQL]LDUHDVWLUDUHWXWWLLWHVVXWL
FKHULFKLHGRQRWHPSHUDWXUHSLEDVVHSHUSRLSDVVDUHDVWLUDUHTXHLWHV
VXWLFKHULFKLHGRQRSURJUHVVLYDPHQWHWHPSHUDWXUHSLHOHYDWH
6HLOWHVVXWRqFRPSRVWRGDSLWLSLGL¿EUHUHJRODUHVHPSUHODWHPSHUD
WXUDSHUOD¿EUDFKHULFKLHGHLOPLQRUFDORUH$GHVHPSLRVHLOWHVVXWRq
FRPSRVWRGDXQGL¿EUHVLQWHWLFKHHGXQGLFRWRQHELVRJQHUj
UHJRODUHODWHPSHUDWXUDVXOODSRVL]LRQHYHGLWDEHOODVHQ]DYDSRUH
FLRqTXHOODSHULWHVVXWLVLQWHWLFL
6HQRQVLHWHDFRQRVFHQ]DGHOODFRPSRVL]LRQHGHOWHVVXWRGHOFDSRGD
VWLUDUHFHUFDUHXQSXQWRGHOWHVVXWRFKHQRQVLDYLVLELOH)DUHXQDSUR
YD VWLUDQGR TXHVWR SXQWR H VWDELOLUH ODWHPSHUDWXUD SL DGDWWD LQL]LDUH
VHPSUHGDXQDWHPSHUDWXUDUHODWLYDPHQWHEDVVDHGDXPHQWDUODJUDGDWD
PHQWH¿QRDUDJJLXQJHUHTXHOODLGRQHD,WHVVXWLGLSXUDODQDVL
SRVVRQRVWLUDUHDQFKHFRQLOIHUURUHJRODWRVXXQDGHOOHSRVL]LRQLYDSRUH
3HULWHVVXWLGLSXUDODQDVHWDHVLQWHWLFLDEELDWHO¶DFFRUWH]]DSHUHYLWDUH
FKHLOWHVVXWRVWLUDWRSUHQGDLOOXFLGRGLVWLUDUOLDURYHVFLR3HUJOLDOWULWLSL
GLWHVVXWRHGLQVSHFLDOPRGR SHULOYHOOXWRRQGHHYLWDUHFKHGLYHQWLQR
IDFLOPHQWHOXFLGLVWLUDUOLLQXQDVRODGLUH]LRQHFRQXQWHORIDFHQGRXQD
SUHVVLRQHPROWROHJJHUD,OIHUURGDVWLURGHYHHVVHUHPDQWHQXWRLQFR
VWDQWHPRYLPHQWRVXOWHVVXWRGDVWLUDUH
1RWD4XHVWRVLPERORSRVWRVXOO¶HWLFKHWWDLQGLFDFKHO¶DUWLFROR
QRQSXzHVVHUHVWLUDWRSHUHVFORUR¿EUDHODVWRGLHQH
(WLFKHWWD )HUUR 7LSRGLWHVVXWR )LEUD
6LQWHWLFR
6HWD $FULOLFR
0RGDFULOH
3ROLSURSLOHQH
3ROLXUHWDQR
$FHWDWR
7ULDFHWDWR
5DPHPHWDOOL]DWR
3ROLDPPLGHQ\ORQ
9LVFRVDPRGDOH
3ROLHVWHUHUDLRQ
/DQD /DQD
&RWRQH
/LQR &RWRQHYDSRUHRVHFFR
/LQRYDSRUHRVHFFR
67,5$785$$9$325(
/DVWLUDWXUDDYDSRUHqSRVVLELOHVRORDGDOWDWHPSHUDWXUD
$FFHUWDUVLFKHYLVLDDFTXDDVXI¿FLHQ]DDOO¶LQWHUQRGHOVHUEDWRLR
3RVL]LRQDUH LO IHUUR DSSRJJLDQGROR VXOO¶DSSRJJLD IHUUR , LQ SRVL]LRQH
YHUWLFDOH
,QVHULUHODVSLQDQHOODSUHVDHOHWWULFD
3RVL]LRQDUHODPDQRSRODGLUHJROD]LRQHGHOODWHPSHUDWXUD.VXOODSRVL
]LRQHRVXSHULRUH
4XDQGRODVSLD-GLFRQWUROORGHOODWHPSHUDWXUD VL VSHJQH VSRVWDUHLO
VHOHWWRUHGLUHJROD]LRQHYDSRUH&QHOODSRVL]LRQHULFKLHVWD/DPDVVLPD
HURJD]LRQHGLYDSRUHVLRWWLHQHVSRVWDQGRLOVHOHWWRUHLQSRVL]LRQH³ ´
6SRVWDQGRORVX³ ´QRQYLHQHHURJDWRYDSRUH)LJ
1RWDTXHVWRPRGHOORqGRWDWRGLXQVLVWHPDDQWLJRFFLDFKH
DXWRPDWLFDPHQWHEORFFDLOSDVVDJJLRGLDFTXDGDOVHUEDWRLR
DLIRULGHOODSLDVWUD,OVLVWHPDDQWLJRFFLDGLVLQVHULVFHDXWRPD
WLFDPHQWHODIXQ]LRQHYDSRUHTXDORUDODWHPSHUDWXUDGHOIHUUR
IRVVHHFFHVVLYDPHQWHEDVVD
&ROSRYDSRUH
6HF¶qDFTXDQHOVHUEDWRLRHODWHPSHUDWXUDqLPSRVWDWDVXRVXXQ
OLYHOORVXSHULRUHqVXI¿FLHQWHSUHPHUHLOSXOVDQWHYDSRUH(
3XOVDQWHVSUD\
$VVLFXUDUVLFKHLOVHOHWWRUHGLUHJROD]LRQHGHOYDSRUHVLDLPSRVWDWRVX³ ´
HFKHFLVLDDFTXDQHOVHUEDWRLR3UHPHUHLOSXOVDQWHVSUD\'
3HUDWWLYDUHTXHVWDIXQ]LRQHSRWUHEEHHVVHUHQHFHVVDULRSUHPHUHULSHWX
WDPHQWHLOSXOVDQWHVSUD\
67,5$785$$6(&&2
,QVHULUHODVSLQDQHOOD SUHVD HOHWWULFD ,PSRVWDUHLOVHOHWWRUHYDSRUH &
VX³ ´
,PSRVWDUHODPDQRSROD.GLUHJROD]LRQHGHOODWHPSHUDWXUDDVHFRQGD
GHOWLSRGLWHVVXWRGDVWLUDUH$WWHQGHUHTXDOFKHPLQXWRDI¿QFKpODSLDVWUD
UDJJLXQJDODWHPSHUDWXUD
67,5$5(,19(57,&$/(
4XHVWDVSHFLDOHSURFHGXUDGLVWLUDWXUDVHUYHSHUULPXRYHUHOHSLHJKHGDOOH
WHQGHGDL WHVVXWL HWF«,PSRVWDUHODWHPSHUDWXUDGLVWLUDWXUDWUDPLWHOD
PDQRSRODGLUHJROD]LRQH.ROWUHLOVLPEROR3RVL]LRQDUHODWHQGDR
LOWHVVXWRQHOPRGRLQFXLYROHWHVWLUDUORLQYHUWLFDOHHSUHPHUHLOSXOVDQWH
YDSRUH6HODVSLDGHOODWHPSHUDWXUDqDFFHVDQRQSUHPHUHLOSXOVDQWH
YDSRUHSLGLWUHYROWHGLVHJXLWR
$WWHQ]LRQH
1RQVWLUDUHWHVVXWLFKHYHQJRQRVRUUHWWLGDDOWUHSHUVRQH
'232$9(567,5$72
3RVL]LRQDUHODPDQRSRODGLUHJROD]LRQHGHOODWHPSHUDWXUD.VX³2))´
6WDFFDUHODVSLQDGDOODSUHVDHOHWWULFD
$SSRJJLDUHLOIHUURLQSRVL]LRQHYHUWLFDOHHODVFLDUORUDIIUHGGDUH
6YXRWDUHLOVHUEDWRLRDSULUHORVSRUWHOOLQR%GLULHPSLPHQWRDFTXDFDSR
YROJHUHLOIHUURGDVWLURHODVFLDUHIXRULXVFLUHO¶DFTXD)LJ
$WWHQ]LRQH
3ULPDGLVYXRWDUHLOVHUEDWRLRODVFLDUHUDIIUHGGDUHLOIHUURGD
VWLURSHULFRORGLXVWLRQL
$YYROJHUHLOFDYRGLDOLPHQWD]LRQHLQWRUQRDOIHUURVHQ]DVWULQJHUORHFFHV
VLYDPHQWH)LJ5LSRUUHLOIHUURLQSRVL]LRQHYHUWLFDOH)LJ
38/,=,$'(//·$33$5(&&+,2
$WWHQ]LRQH
3ULPDGLSXOLUHLOIHUURDFFHUWDUVLFKHVLDVWDFFDWRGDOODUHWH
GLDOLPHQWD]LRQHHOHWWULFDHFKHVLDFRPSOHWDPHQWHUDIIUHG
(1
,03257$17:$51,1*6
5($' 7+(6( ,16758&7,216 &$5(
)8//<
7KHDSSOLDQFHKDVEHHQGHVLJQHGIRUKRPHXVH
RQO\DQG PXVWQRWEHXVHGIRUFRPPHUFLDORU
LQGXVWULDOSXUSRVHV
:H GHFOLQH DQ\ UHVSRQVLELOLW\ UHVXOWLQJ IURP
PLVXVHRUDQ\XVHRWKHUWKDQWKRVHFRYHUHGLQ
WKLVERRNOHW
:HVXJJHVW\RXNHHSWKHRULJLQDOER[DQGSDFN
DJLQJ DV RXU IUHHRIFKDUJH VHUYLFH GRHV QRW
FRYHU DQ\ GDPDJH UHVXOWLQJ IURP LQDGHTXDWH
SDFNDJLQJRIWKHSURGXFWZKHQWKLVLVVHQWEDFN
WRDQ$XWKRULVHG6HUYLFH&HQWUH
7KLVSURGXFWFRPSOLHVZLWKWKH(&'L
UHFWLYHDQG(0&'LUHFWLYH(&
'DQJHUIRUFKLOGUHQ
7KLV DSSOLDQFH FDQEHXVHGE\FKLOGUHQ DJHG
IURP\HDUVDQGDERYHDQGSHUVRQVZLWKUH
GXFHGSK\VLFDOVHQVRU\RUPHQWDOFDSDELOLWLHV
RU ODFN RI H[SHULHQFH DQG NQRZOHGJH LI WKH\
KDYHEHHQJLYHQVXSHUYLVLRQRULQVWUXFWLRQFRQ
FHUQLQJXVHRIWKHDSSOLDQFHLQDVDIHZD\DQG
XQGHUVWDQGWKHKD]DUGVLQYROYHG
'RQRWOHWWKHSRZHUFRUGKDQJLQDSODFHZKHUH
LWFRXOGEHJUDVSHGE\DFKLOG
&OHDQLQJ DQG XVHU PDLQWHQDQFH VKDOO QRW EH
PDGHE\FKLOGUHQZLWKRXWVXSHUYLVLRQ
&KLOGUHQPXVWEHVXSHUYLVHGDWDOOWLPHVWRHQ
VXUHWKH\GRQRWSOD\ZLWKWKHDSSOLDQFH
'RQRWOHDYHWKHSDFNDJLQJQHDUFKLOGUHQEH
FDXVHLWLVSRWHQWLDOO\GDQJHURXV
,QWKHHYHQWWKDWWKLVDSSOLDQFHLVWREHGLVSRVHG
RILWLVVXJJHVWHGWKDWWKHSRZHUFKRUGLVFXW
RII,WLVDOVRUHFRPPHQGHGWKDWDOOSRWHQWLDOO\
GDQJHURXVFRPSRQHQWVDUHUHQGHUHGKDUPOHVV
WR SUHYHQW FKLOGUHQ KXUWLQJ WKHPVHOYHV ZKHQ
SOD\LQJZLWKWKHDSSDUDWXV
'DQJHUGXHWR
HOHFWULFLW\
%HIRUH SOXJJLQJ WKH DSSOLDQFH LQWR WKH PDLQV
VRFNHWHQVXUHWKDW WKHYROWDJHVKRZQ RQWKH
UDWLQJSODWHPDWFKHVWKHORFDOYROWDJHVXSSO\
$OZD\VFRQQHFWWKHLURQWRDQHDUWKHGVRFNHW
'RQRWLPPHUVHWKHDSSOLDQFHLQZDWHURURWKHU
OLTXLGV
'RQRWVWDUWLURQLQJLI\RXUKDQGVDUHZHWRULI
\RXDUHEDUHIRRW
'DQJHURIGDPDJH
RULJLQDWLQJIURPRWKHU
FDXVHV
)LOOXSWKHWDQNZLWKZDWHUEHIRUHVWDUWLQJXSWKH
DSSOLDQFH%HVXUHWRXQSOXJWKHDSSOLDQFHEH
IRUHSRXULQJZDWHULQWRWKHWDQN
:KHQ ¿OOLQJ WKH ZDWHU WDQN DOZD\V XVH WKH
PHDVXULQJFXSSURYLGHG1HYHUSXWWKHLURQGL
UHFWO\XQGHUQHDWKWKHWDS
&ORVHWKHFRYHUDIWHU¿OOLQJPDNLQJVXUHWKDWLW
LVSHUIHFWO\FORVHG
7XUQRQWKHDSSOLDQFHRQO\ZKHQLWLVLQZRUNLQJ
SRVLWLRQ
7KHDSSOLDQFHPD\JLYHRXWDOLWWOHVPRNHZKHQ
XVHGIRUWKH¿UVWWLPH7KLVWUDQVLWRU\HIIHFWLV
SHUIHFWO\QRUPDODQGLVGXHWRWKHIDFWWKDWVRPH
RIFRPSRQHQWVKDYHEHHQVOLJKWO\OXEULFDWHG
3ODFHWKHDSSOLDQFHRQDVWDEOHDQGZHOOOLWKRUL
]RQWDOVXUIDFHGXULQJXVH
1HYHUOHDYHWKHDSSOLDQFHXQDWWHQGHGZKHQLWLV
FRQQHFWHGWRWKHSRZHUVXSSO\
7KHDSSOLDQFHPXVWEHXVHGDQGUHVWHGRQD
VWDEOHVXUIDFH
:KHQSODFLQJWKHLURQRQLWVVWDQGHQVXUHWKDW
WKHVXUIDFHLWVLWVRQLVVWDEOH
:KHQ\RXKDYHWROHDYHIRUHYHQDVKRUWSHULRG
RIWLPHWXUQRIIWKHLURQSODFHLWRQLWVVWDQGDQG
DOZD\VXQSOXJWKHSRZHUFRUG
7KHDSSOLDQFHLVQRWWREHXVHGLILWKDVEHHQ
GURSSHGLIWKHUHDUHYLVLEOHVLJQRIGDPDJHRULI
LWLVOHDNLQJ7RSUHYHQWDQ\DFFLGHQWDOOUHSDLUV
LQFOXGLQJ WKH UHSODFHPHQW RI WKH SRZHU FRUG
PXVWEHFDUULHGRXWE\DQ$XWKRULVHG6HUYLFH
&HQWUHRULQDQ\FDVHE\TXDOL¿HGSHUVRQQHO
'RQRWXVHWKHDSSOLDQFHLIWKHSRZHUFRUGDS
SHDUVWREHGDPDJHGZLWKSDUWVVKRZLQJEXUQV
HWFDQDXWKRULVHG$ULHWHVHUYLFHFHQWUHPXVW
UHSDLUDQGUHSODFHWKHSRZHUFDEOHXQGHUSHQ
DOW\RIWKHZDUUDQW\EHLQJIRUIHLWHG
:DUQLQJRIEXUQV
1HYHUWU\WRLURQJDUPHQWVEHLQJZRUQ
'RQRWWRXFKWKHPHWDOSDUWVRIWKHLURQZKHQ
LQRSHUDWLRQDQGIRUVHYHUDOPLQXWHVDIWHULWLV
WXUQHGRIIVLQFHLWFRXOGFDXVHEXUQV
'RQRWDLPWKHMHWRIVWHDPWRZDUGVSDUWVRIWKH
ERG\RUSHWV
:DUQLQJ²PDWHULDO
GDPDJH
5HPRYH DQ\ ODEHOV DQG SURWHFWLRQV IURP WKH
VROHSODWHEHIRUHXVLQJWKHDSSOLDQFHIRUWKH¿UVW
WLPH
$OZD\VXQZLQGWKHSRZHUFRUGEHIRUHXVH
7KH XVH RI H[WHQVLRQV QRW DSSURYHG E\ WKH
PDQXIDFWXUHUFDQUHVXOWLQGDPDJHWRSURSHUW\
DQGSHUVRQDOLQMXU\
'RQRWXVHVSDUNOLQJFDUERQDWHGZDWHU,I\RXU
ZDWHUVXSSO\LVYHU\KDUGZHVXJJHVW\RXXVH
GHPLQHUDOLVHGZDWHULQVWHDG
'RQRWSODFHWKHLURQRQWRSRIWKHSRZHUFRUG
ZKHQLWLVKRW
'R QRW EHQG WKH SRZHU FRUG SURWHFWLRQ ZKHQ
LW LV ZUDSSHG DURXQG WKH LURQ WKH FRUG FRXOG
EUHDNZLWKWLPH
'RQRWSXOOWKHSRZHUFRUGWRXQSOXJWKHDSSOL
DQFH
7KHDSSOLDQFHPXVWRQO\EHFOHDQHGZLWKDVRIW
VOLJKWO\GDPSHGFORWKDIWHUXQSOXJJLQJWKHLURQ
DQGDOORZLQJDOOLWVSDUWVWRFRROGRZQ1HYHUXVH
VROYHQWVZKLFKPD\GDPDJHWKHSODVWLFSDUWV
'RQRWZUDSWKHSRZHUFRUGDURXQGWKHVROH
SODWHZKHQWKHLURQLVKRW
'RQRWSXWWKHVROHSODWHLQFRQWDFWZLWKPHWDO
VXUIDFHV
$OZD\VWXUQRIIWKHLURQE\WXUQLQJWKHWKHUPR
VWDWNQREWRWKHSRVLWLRQ0,1DQGE\XQSOXJJLQJ
WKHSRZHUFRUGEHIRUHUHPRYLQJWKHWDQNWR¿OO
LWZLWKZDWHURUWRHPSW\LWEHIRUHFOHDQLQJWKH
LURQDQGLPPHGLDWHO\IROORZLQJXVH
$OZD\VWDNHRIIWKHDSSOLDQFHWXUQLQJWKHWHP
SHUDWXUHFRQWURONQREWR³2))´DQGGLVFRQQHFW
WKHPDLQSOXJIURPWKHZDOOVRFNHWEHIRUH¿OOLQJ
WKHLURQZLWKZDWHURUSRXULQJWKHUHPDLQLQJZD
WHURXW
'R QRW H[SRVH WKH DSSOLDQFH WR DWPRVSKHULF
DJHQWVUDLQVXQ«
.((3 7+(6( ,16758&7,216 ,1 $
6$)(3/$&($7$//7,0(6
1RWHV:KHQXVLQJWKHLURQIRUWKH¿UVWWLPHWHVWLWRQDQROGSLHFHRIIDEULF
WRHQVXUHWKDWWKHVROHSODWHDQGZDWHUWDQNDUHFRPSOHWHO\FOHDQ
'(6&5,37,212)7+($33/,$1&(
$ 6SUD\QR]]OH
% :DWHUWDQN¿OOLQJFRYHU
& 6WHDPDGMXVWPHQWVHOHFWRU
' 6SUD\EXWWRQ
( 6WHDPEXWWRQ
) :DWHUPHDVXUH
* 5HIHUHQFHIRUWHPSHUDWXUHVHWWLQJ
+ 3RZHUFRUGSURWHFWLRQ
, ,URQVWDQG
- ,URQWHPSHUDWXUHFRQWUROODPS
. 7HPSHUDWXUHDGMXVWPHQWNQRE
/ 6(/)&/($1EXWWRQ
0 7DQN
1 6ROHSODWH
,16758&7,216)2586(
)LOOLQJWKHWDQNEHIRUHXVH
:DUQLQJ
0DNHVXUHWKHLURQLVXQSOXJJHGIURPWKHVXSSO\PDLQVEH
IRUH¿OOLQJWKHWDQNZLWKZDWHU
6HWWKHVWHDPFRQWURONQRE&RQWR³ ´)LJ
2SHQWKHGRRU%E\SXVKLQJLWXSZDUGVDQGKROGLQJWKHLURQKRUL]RQWDOO\
¿OOWKHZDWHUWDQNXSWRWKHPD[LPXPOHYHOXVLQJWKHPHDVXULQJFXS)
SURYLGHG)LJ
&ORVHWKHFRYHU%DJDLQ,I\RXUWDSZDWHULVYHU\KDUGXVHGHPLQHUDO
L]HGZDWHU
1(9(5H[FHHGWKH0$;PDUNZKHQÀOOLQJWKHWDQN
'RQRWSRXUYLQHJDUGHVFDOHUVRURWKHUVFHQWHGVXEVWDQFHVLQWRWKHWDQN
XQGHUSHQDOW\RILPPHGLDWHFDQFHOODWLRQRIWKHZDUUDQW\
,ILWSURYHVQHFHVVDU\WRDGGZDWHUZKLOHLURQLQJDOZD\VWXUQRIIWKHLURQ
DQGXQSOXJWKHSRZHUFRUGEHIRUH¿OOLQJWKHWDQNZLWKZDWHU
2SHQWKHZDWHU¿OOLQJFRYHUDQGWXUQWKHLURQXSVLGHGRZQWRHPSW\WKH
WDQN
7XUQLQJRQWKHDSSOLDQFH
,WLVSRVVLEOHWKDWWKHUHZKLWHSRZGHUOHDNVIURPWKHVROHSODWH
WKHÀUVWWLPHWKHLURQLVXVHGWKLVLVQRUPDODQGWKHHIIHFWZLOO
GLVDSSHDUDIWHUDIHZMHWVRIVWHDP
<RX PD\ QRWLFH D GHOD\ LQ WKH IRUPDWLRQ RI VWHDP WKH ÀUVW
WLPHWKHLURQLVXVHGWKLVLVQRUPDODQGLVEHFDXVHWKHZD
WHUVWDUWVWRFLUFXODWHLQVLGHWKHLURQ,WPD\EHQHFHVVDU\WR
SUHVVWKHVWHDPDQGVSUD\EXWWRQDIHZWLPHVIRULWWRRSHUDWH
FRUUHFWO\
5HVWWKHLURQXSULJKWRQWKHLURQVWDQG,)LJ
3OXJLWLQWRWKHVRFNHW7KHWHPSHUDWXUHFRQWUROODPS-WXUQVRQ
6HOHFW WKH GHVLUHG WHPSHUDWXUH E\ WXUQLQJ WKH WHPSHUDWXUH DGMXVWPHQW
NQRE.OLQLQJLWXSZLWKWKHUHIHUHQFH*RQWKHLURQ:KHQWKHLURQ
UHDFKHVWKHVHOHFWHGWHPSHUDWXUHWKHODPS-WXUQVRIIWKHWHPSHUDWXUH
ODPSWXUQVRIIDQGRQZKLOHLURQLQJLQGLFDWLQJWKDWWKHLURQLVPDLQWDLQLQJ
WKHULJKWWHPSHUDWXUH
)ROORZWKHLQVWUXFWLRQVRQWKHFDUHODEHORIWKHJDUPHQWWREHLURQHGVR
WKDWWKHGRWVVKRZQRQWKHLURQFRUUHVSRQGWRWKRVHVKRZQRQWKHODEHO
68**(67,216
'RQRWUXQWKHLURQRYHU]LSSHUVRURWKHUREMHFWVPDGHRID
KDUGPDWHULDOVRDVWRQRWGDPDJHWKHDQWLDGKHUHQWFRDWLQJ
'LYLGHWKHDUWLFOHVWREHLURQHGDFFRUGLQJWRWKHW\SHVRIPDWHULDOZRRO
ZLWKZRROFRWWRQZLWKFRWWRQHWF«
%HFDXVHWKH LURQKHDWVXSPXFKPRUH TXLFNO\ WKDQLWFRROVGRZQLWLV
DGYLVDEOHWRVWDUWZLWKWKRVHIDEULFVZKLFKUHTXLUHORZHUWHPSHUDWXUHVDQG
PRYHRQWRWKRVHZKLFKUHTXLUHSURJUHVVLYHO\KLJKHUWHPSHUDWXUHV
,IWKHPDWHULDOLVPDGHXSRIPRUHWKDQRQHW\SHRI¿EUHDOZD\VVHWWKH
WHPSHUDWXUHWRWKH¿EUHZKLFKUHTXLUHVOHVVKHDW)RUH[DPSOHLIWKHPD
WHULDOLVPDGHXSRIV\QWKHWLFVDQGFRWWRQVHWWKHWHPSHUDWXUH
FRQWUROWRSRVLWLRQVHHWDEOHZLWKRXWVWHDPWKDWLVWKHWHPSHUDWXUH
IRUV\QWKHWLFIDEULFV
,I\RXGRQRWNQRZWKHFRPSRVLWLRQRIWKHDUWLFOHWREHLURQHGFKRRVHD
SDUWRIWKHDUWLFOHZKLFKZLOOQRWEHVHHQ'RDWHVWLURQLQJRQWKLVSDUWWR
HVWDEOLVKWKHDSSURSULDWHWHPSHUDWXUHDOZD\VVWDUWZLWKDUHODWLYHO\ORZ
WHPSHUDWXUHDQGZRUNXSXQWLOWKHLGHDOWHPSHUDWXUHLVUHDFKHG
3XUHZRRODUWLFOHVFDQEHLURQHGZLWKWKHLURQVHWWRRQHRIWKH
VWHDPSRVLWLRQV7RDYRLGSXUHZRROVLONDQGV\QWKHWLFPDWHULDOVEHFRP
LQJVKLQ\LWPDNHVJRRGVHQVHWRLURQWKHPRQWKHUHYHUVHVLGH)RURWKHU
PDWHULDOVHVSHFLDOO\YHOYHWZKLFKFDQEHFRPHVKLQ\YHU\HDVLO\FRYHU
WKHPZLWKDFORWKDQGLURQLQRQHGLUHFWLRQRQO\XVLQJOLJKWSUHVVXUH7KH
LURQPXVWEHNHSWFRQVWDQWO\PRYLQJRYHUWKHIDEULF
1RWD 7KLV V\PERO RQ ODEHO PHDQV WKLV DUWLFOH FDQQRW EH
LURQHGHJFKORUR¿EUHHODVWRGLHQH
/DEHO ,URQ .LQGRIWH[WLOH )LEUHPDWHULDO
6\QWKHWLF
6LON $FU\OLF
0RGDFU\O
3RO\SURS\OHQH
3RO\XUHWKDQH
$FHWDWH
7ULDFHWDWH
0HWDOOL]HGFXSUR
3RO\DPLGHQ\ORQ
0RGDOYLVFRVH
3RO\HVWHUUD\RQ
:RRO :RRO
&RWWRQ
/LQHQ &RWWRQVWHDPRUGU\
/LQHQVWHDPRUGU\
67($0,521,1*
6WHDPLURQLQJLVRQO\SRVVLEOHDWKLJKWHPSHUDWXUH
(QVXUHWKDWWKHUHLVHQRXJKZDWHULQWKHZDWHUWDQN
5HVWWKHLURQXSULJKWRQWKHLURQVWDQG,
,QVHUWWKHSOXJLQWRWKHZDOOVRFNHW
3RVLWLRQWKHWHPSHUDWXUHDGMXVWPHQWNQRE.RQSRVLWLRQRUKLJKHU
:KHQ WKH WHPSHUDWXUH FRQWURO ODPS - WXUQV RII PRYH WKH VWHDPDG
MXVWPHQWVHOHFWRU& WR WKHGHVLUHGSRVLWLRQ<RXJHW PD[LPXPVWHDP
GLVSHQVLQJE\PRYLQJWKHVHOHFWRUWRWKH³ ´SRVLWLRQ6WHDPLVQRWGLV
SHQVHGZKHQLWLVPRYHGWR³ ´)LJ
127(WKLVPRGHOLVHTXLSSHGZLWKDGULSSURRIV\VWHPWKDW
DXWRPDWLFDOO\EORFNVZDWHU IURP JRLQJ IURP WKH WDQN WRWKH
KROHVRI WKH VROHSODWH7KHGULSSURRI V\VWHPDXWRPDWLFDOO\
FXWVRXWWKHVWHDPIXQFWLRQLIWKHLURQ·VWHPSHUDWXUHVKRXOG
EHWRRORZ
6KRWRIVWHDP
,IWKHUHLVZDWHULQWKHWDQNDQGWKHWHPSHUDWXUHLVVHWRQRURQD
KLJKHUOHYHODOO\RXKDYHWRGRLVSUHVVWKHVWHDPEXWWRQ(
6SUD\EXWWRQ
0DNHVXUHWKHVWHDPDGMXVWPHQWVHOHFWRULVVHWRQ³ ´DQGWKDWWKHUHLV
ZDWHULQWKHWDQN3UHVVWKHVSUD\EXWWRQ'
,WPD\EHQHFHVVDU\WRSUHVVWKHVSUD\EXWWRQUHSHDWHGO\WRDFWLYDWHWKLV
IXQFWLRQ
'5<,521,1*
,QVHUWWKHSOXJLQWRWKHZDOOVRFNHW0RYHWKHVWHDPDGMXVWLQJNQRE&
RQWR³ ´
6HWWKH WHPSHUDWXUH FRQWURONQRE.DFFRUGLQJWRWKHW\SHRI IDEULF WR
EHLURQHG
:DLWDIHZPLQXWHVIRUWKHVROHSODWHWRUHDFKWKHVHWWHPSHUDWXUH
9(57,&$/,521,1*
7KLVVSHFLDOLURQLQJSURFHGXUHVHUYHVWRUHPRYHFUHDVHVIURPFXUWDLQV
IDEULFVHWF6HWWKHLURQLQJWHPSHUDWXUHE\WXUQLQJWKHDGMXVWPHQWNQRE
.SDVWWKHV\PERO3XWWKHFXUWDLQRUIDEULFLQWKHSRVLWLRQ\RXZDQW
WRLURQLWYHUWLFDOO\DQGSUHVVWKHVWHDPEXWWRQ
,IWKHWHPSHUDWXUHODPSLVRQGRQRWSUHVVWKHVWHDPEXWWRQPRUHWKDQ
WKUHHWLPHVLQDURZ
:DUQLQJ
'RQRWLURQIDEULFVKHOGE\RWKHUSHRSOH
$)7(5,521,1*
7XUQWKHWHPSHUDWXUHFRQWURONQRE.WR©2))ª
'LVFRQQHFWWKHSOXJIURPWKHZDOOVRFNHW
3XWWKHLURQLQDYHUWLFDOSRVLWLRQDQGOHWLWFRROGRZQ
(PSW\WKHWDQNRSHQWKHZDWHU¿OOLQJFRYHU%WXUQWKHLURQXSVLGHGRZQ
DQGOHWWKHZDWHUSRXURXW)LJ
:DUQLQJ
/HWWKHLURQFRROGRZQEHIRUHHPSW\LQJWKHWDQNGDQJHURI
EXUQV
:UDSWKHSRZHUFRUGDURXQGWKHLURQZLWKRXWSXOOLQJLWWRRWLJKW)LJ
6WRUHWKHLURQLQDYHUWLFDOSRVLWLRQ)LJ
&/($1,1*7+($33/,$1&(
:DUQLQJ
%HIRUHFOHDQLQJDOZD\VGLVFRQQHFWWKHSOXJIURPWKHSRZHU
SRLQWDQGDOORZWKHLURQWRFRROGRZQ
:DUQLQJ
1HYHULPPHUVHWKHDSSOLDQFHLQZDWHURURWKHUOLTXLGV
:DUQLQJ
&KHFNWKHVWDWHRIWKHSRZHUFDEOHRI\RXULURQRQDUHJX
ODUEDVLVEHIRUHXVLQJLWDQGLILWLVGDPDJHGWDNHLWWRWKH
VHUYLFHFHQWUHFORVHVWWR\RXWRKDYHLWUHSODFHGRQO\E\VSH
FLDOLVHGSHUVRQQHO
6HOIFOHDQV\VWHP
7RSURORQJWKHOLIHRI\RXULURQZHUHFRPPHQGWKDWWKLVSURFHGXUHEHFDU
ULHGRXWDWUHJXODULQWHUYDOVRQFHRUWZLFHDPRQWK
)LOOWKHWDQNRQHIRXUWKIXOOZLWKZDWHUXVLQJWKHPHDVXULQJFXS)SUR
YLGHG)LJ
6HWWKHLURQRQDVWDEOHVXUIDFHLQDYHUWLFDOSRVLWLRQRQWKHLURQVWDQG
,3OXJLWLQWRWKHVRFNHW0DNHVXUHWKHVWHDPDGMXVWPHQWVHOHFWRULV
VHWRQ³ ´
3RVLWLRQWKHWHPSHUDWXUHDGMXVWPHQWNQRERQ³0$;´
+HDWWKHLURQXQWLOWKHODPS-WXUQVRIIDVHFRQGWLPH
3RVLWLRQWKHWHPSHUDWXUHDGMXVWPHQWNQRERQ³2))´
8QSOXJWKHLURQDQGNHHSWKHLURQLQDKRUL]RQWDOSRVLWLRQRQDVLQN
6WHDPDQGERLOLQJZDWHUZLOOFRPHRXWRIWKHKROHVRIWKHVROHSODWH7KH\
ZLOOUHPRYHWKHOLPHGHSRVLWVDQGLPSXULWLHVWKDWKDYHDFFXPXODWHGLQVLGH
WKHERLOHU
*HQWO\PRYHWKHLURQEDFNDQGIRUWKXQWLOWKHWDQNLVFRPSOHWHO\HPSWLHG
3XWWKHVWHDPDGMXVWPHQWVHOHFWRUEDFNRQPLQLPXP³ ´DWWKHHQGRIWKH
VHOIFOHDQLQJSURFHGXUH
3XWWKHLURQLQDYHUWLFDOSRVLWLRQRQLWVVWDQGDQGZDLWIRUWKHVROHSODWHWR
FRROGRZQFRPSOHWHO\
0DNHVXUHWKDWWKHVROHSODWHLVFRPSOHWHO\GU\EHIRUHVWRULQJWKHLURQ
%HIRUHXVLQJWKHLURQDJDLQWU\LWRQDQROGSLHFHRIFORWKWR
PDNHVXUHWKDWWKHVROHSODWHDQGWDQNDUHFOHDQDQGWRDOORZ
UHVLGXDOZDWHUWRYDSRUL]H
&OHDQLQJWKHVROHSODWHDQGVKHOO
:DUQLQJ
'R QRW XVH DEUDVLYHV IRU FOHDQLQJ WKH VROHSODWH 7U\ DQG
NHHSWKHVROHSODWHVPRRWKDYRLGFRQWDFWZLWKPHWDOREMHFWV
'HSRVLWVDQGRWKHUUHVLGXHVRQWKHVROHSODWHFDQEHUHPRYHGZLWKDURXJK
FORWKVRDNHGLQDYLQHJDUZDWHUVROXWLRQ
&OHDQSODVWLFSDUWVZLWK D GDPS QRQDEUDVLYH FORWK DQG GU\WKHP ZLWK
DGU\FORWK
)$,/85( 72 2%6(59( 7+( 58/(6 $%29( &$86(6 7+(
:$55$17<72%()25)(,7('
GDWR
$WWHQ]LRQH
1RQLPPHUJHUHPDLO¶DSSDUHFFKLRLQDFTXDRDOWULOLTXLGL
$WWHQ]LRQH
&RQWUROODUHOHFRQGL]LRQLGHOFDYRGLDOLPHQWD]LRQHGHOYRVWUR
IHUURUHJRODUPHQWHSULPDGLXWLOL]]DUORHQHOFDVRGLGDQQHJ
JLDPHQWRSRUWDUORDOSLYLFLQRFHQWURGLDVVLVWHQ]DSHUIDUOR
VRVWLWXLUHVRORGDOSHUVRQDOHVSHFLDOL]]DWR
6LVWHPDGLDXWRSXOL]LD
6LFRQVLJOLDGLHIIHWWXDUHTXHVWDRSHUD]LRQHDGLQWHUYDOOLUHJRODULXQDR
GXHYROWHDOPHVHSHUSUROXQJDUHODGXUDWDGHOYRVWURIHUURGDVWLUR
5LHPSLUHSHUXQTXDUWRLOVHUEDWRLRGHOO¶DFTXDXWLOL]]DQGRLOPLVXULQR)
LQGRWD]LRQH)LJ
$SSRJJLDUHLOIHUURVXXQDVXSHU¿FLHVWDELOHLQSRVL]LRQHYHUWLFDOHVXOO¶DS
SRJJLDIHUUR,,QVHULUHODVSLQDQHOODSUHVDHOHWWULFD$VVLFXUDUVLFKHLO
VHOHWWRUHGLUHJROD]LRQHGHOYDSRUHVLDLPSRVWDWRVX³ ´
3RVL]LRQDUHODPDQRSRODGLUHJROD]LRQHGHOODWHPSHUDWXUDVX³0$;´
)DUULVFDOGDUHLOIHUUR¿QRDFKHODVSLD-VLVSHJQHSHUODVHFRQGDYROWD
3RVL]LRQDUHODPDQRSRODGLUHJROD]LRQHGHOODWHPSHUDWXUDVX³2))´
'LVLQVHULUHOD VSLQDGDOOD SUHVD GLFRUUHQWH HWHQHUH LOIHUUR GD VWLUR LQ
SRVL]LRQHRUL]]RQWDOHVXXQODYDQGLQR'DLIRULGHOODSLDVWUDXVFLUDQQRYD
SRUHHDFTXDEROOHQWHFKHULPXRYHUDQQROHLQFURVWD]LRQLGLFDOFDUHHOH
LPSXULWjDFFXPXODWLVLDOO¶LQWHUQRGHOODFDOGDLD
0XRYHUHFRQGHOLFDWH]]DLOIHUURGDVWLURDYDQWLHLQGLHWUR¿QRDVYXRWDUH
FRPSOHWDPHQWHLOVHUEDWRLR
$OWHUPLQHGHOODSURFHGXUDGLDXWRSXOL]LDULSRUWDUHLOVHOHWWRUHGLUHJROD]LR
QHYDSRUHVXOPLQLPR³ ´
3RVL]LRQDUHLOIHUURLQYHUWLFDOHVXOOVXRDSSRJJLDIHUURHDVSHWWDUHFKHOD
SLDVWUDVLUDIIUHGGLFRPSOHWDPHQWH
$FFHUWDUVLFKHOD SLDVWUDVLDFRPSOHWDPHQWH DVFLXWWD SULPDGL ULSRUUH LO
IHUUR
3ULPDGLULXWLOL]]DUHLOIHUURSURYDUORVXXQYHFFKLRSDQQRGL
VWRIIDSHUDVVLFXUDUVLFKHODSLDVWUDHGLOVHUEDWRLRVLDQRSXOLWL
HSHUSHUPHWWHUHODYDSRUL]]D]LRQHGHOO·DFTXDUHVLGXD
3XOL]LDGHOODSLDVWUDHGHOO·LQYROXFUR
$WWHQ]LRQH
1RQIDUHXVRGLDEUDVLYLSHUSXOLUHODSLDVWUD)DUHLQPRGR
FKHODSLDVWUDULPDQJDOLVFLDHYLWDUHLOFRQWDWWRFRQRJJHWWL
PHWDOOLFL
*OLHYHQWXDOLGHSRVLWLHDOWUHSDUWLUHVLGXHSUHVHQWLVXOODSLDVWUDSRVVRQR
HVVHUHWROWLXWLOL]]DQGRXQSDQQRLPEHYXWRGLVROX]LRQHGLDFTXDHDFHWR
3XOLUHOHSDUWLLQSODVWLFDFRQXQSDQQRXPLGRQRQDEUDVLYRHDVFLXJDUOH
FRQXQSDQQRDVFLXWWR
,/0$1&$725,63(772'(//(1250(6235$&,7$7(35292&$,/
'(&$',0(172'(//$*$5$1=,$
)LJ
)LJ
)LJ
)LJ
)LJ
)LJ
)LJ )LJ
$
%
&
'
(
)
*+
-
.
1
0
,
&2'5(9GHO
02'
)HUURGDVWLUR
,URQ
)HUjUHSDVVHU
%JHOHLVHQ
'H¶/RQJKL$SSOLDQFHV6UO
'LYLVLRQH&RPPHUFLDOH$ULHWH
9LD6DQ4XLULFR
&DPSL%LVHQ]LR),
(0DLOLQIR#DULHWHQHW
,QWHUQHWZZZDULHWHQHW
:,&+7,*(+,1:(,6(
',(%(',(181*6$1/(,781*925'(0
*(%5$8&+$8)0(5.6$0/(6(1
'DV*HUlWLVWQXUIUGHQ+DXVJHEUDXFKYRUJH
VHKHQXQGGDUIQLFKWIU JHZHUEOLFKH RGHU LQ
GXVWULHOOH=ZHFNHYHUZHQGHWZHUGHQ
:LUEHUQHKPHQNHLQH+DIWXQJEHLHLQHPIDO
VFKHQRGHULQGLHVHU$QOHLWXQJQLFKWYRUJHVHKH
QHQ(LQVDW]
:LUHPSIHKOHQGLH2ULJLQDOYHUSDFNXQJHQDXI]X
EHZDKUHQGDHLQ*UDWLV.XQGHQGLHQVWQLFKWIU
6FKlGHQYRUJHVHKHQLVWGLHGXUFKIDOVFKH9HU
SDFNXQJEHLGHU6SHGLWLRQ ]XP .XQGHQGLHQVW
HQWVWHKHQ
*HIDKUIU.LQGHU
'LHVHV *HUlW LVW 1,&+7 JHHLJQHW IU GLH 9HU
ZHQGXQJ GXUFK 3HUVRQHQ HLQVFKOLHOLFK .LQ
GHU PLW HLQJHVFKUlQNWHU :DKUQHKPXQJ RGHU
YHUPLQGHUW SK\VLVFKQH RGHU JHLVWLJHQ )lKL
JNHLWHQRGHUHLQHP0DQJHODQ(UIDKUXQJXQG
.HQQWQLVVHQVRIHUQVLHQLFKWGXUFKHLQHIULKUH
6LFKHUKHLWYHUDQWZRUWOLFKH3HUVRQEHDXIVLFKWLJW
XQGRGHUEHLGHU%HGLHXQJXQJDQJHOHLWHWZHU
GHQ
'DV.DEHOGDUIQLFKWDQ6WHOOHQKlQJHQZRHV
.LQGHUDQIDVVHQN|QQWHQ
'LH LQ GLHVHU $QOHLWXQJ EHVFKULHEHQHQ 5HLQL
JXQJVXQG:DUWXQJVHLQJULIIHGUIHQQLFKWYRQ
.LQGHUQRKQHGLHhEHUZDFKXQJHLQHV(UZDFK
VHQHQDXVJHIKUWZHUGHQ
.LQGHUPVVHQEHDXIVLFKWLJWZHUGHQXPVLFKHU
]XVWHOOHQGDVVVLHQLFKWPLWGHP*HUlWVSLHOHQ
'LH 9HUSDFNXQJVWHLOH YRQ .LQGHUQ IHUQKDOWHQ
GDGLHVHHLQHP|JOLFKH*HIDKUHQTXHOOHELOGHQ
6ROO GDV *HUlW DOV $EIDOO HQWVRUJW ZHUGHQ
HPSIHKOHQZLUHVGXUFK$EVFKQHLGHQGHV$Q
VFKOXVVNDEHOV XQEUDXFKEDU ]X PDFKHQ :LU
HPSIHKOHQDXHUGHPGLH*HUlWHWHLOHXQVFKlG
OLFK]XPDFKHQGLHEHVRQGHUVIU.LQGHUEHLP
6SLHOHQPLWGHP*HUlWJHIlKUOLFKVHLQN|QQWHQ
*HIDKUZHJHQ6WURP
%HYRUGDV*HUlWDQJHVFKORVVHQZLUGPXVVNRQ
WUROOLHUWZHUGHQREGLH1HW]VSDQQXQJGHQ$QJD
EHQDXIGHP7\SHQVFKLOGGHV*HUlWVHQWVSULFKW
'DV *HUlWPXVVDQHLQHJHHUGHWH 6WHFNGRVH
DQJHVFKORVVHQZHUGHQ
'$6*(5b71,(,1:$66(52'(5$1'(5(
)/h66,*.(,7(17$8&+(1
1LFKWPLWGHP%JHOQDQIDQJHQZHQQ6LHQDV
VH+lQGHRGHUQDFNWH)HKDEHQ
*HIDKUYRQ6FKlGHQ
ZHJHQDQGHUHU8UVDFKHQ
'HQ :DVVHUWDQNYRU ,QEHWULHEQDKPH GHV *H
UlWHVPLW:DVVHU IOOHQ 9RUP1DFKIOOHQ YRQ
:DVVHUVWHWVGHQ6WHFNHUGHV$QVFKOXVVNDEHOV
DXVGHU6WHFNGRVH]LHKHQ
=XP 1DFKIOOHQ GHV :DVVHUEHKlOWHUV LPPHU
GHQ PLWJHOLHIHUWHQ 0HVVEHFKHU YHUZHQGHQ
1LHPDOVGDV%JHOHLVHQGLUHNWXQWHUGHQ:DV
VHUKDKQKDOWHQ
1DFKGHP$XIIOOHQGLH.ODSSHVFKOLHHQXQG
SUIHQGDVVVLHULFKWLJJHVFKORVVHQLVW
'DV*HUlWQXUDP$UEHLWVSODW]HLQVFKDOWHQ
%HLPHUVWHQ*HEUDXFKGHV*HUlWHVNDQQVLFK
OHLFKWHU5DXFKELOGHQGLHVJHVFKLHKW ZHLO HL
QLJH7HLOHOHLFKWJHVFKPLHUWZXUGHQDEHUVHLHQ
6LH QLFKW EHXQUXKLJW GD VROFKH (UVFKHLQXQJ
VLFKQDFKNXU]HU=HLWQLFKWPHKUZLHGHUKROW
%HLGHU%HQXW]XQJGDV*HUlWDXIHLQHUZDDJH
UHFKWHQ)OlFKHSRVLWLRQLHUHQ
'DV *HUlWQLHXQEHDXIVLFKWLJWODVVHQVRODQJH
HVDP6WURPQHW]DQJHVFKORVVHQLVW
'DV*HUlWPXVVDXIHLQHUIHVWHQ8QWHUODJHEH
QXW]WXQGDEJHVWHOOWZHUGHQ
:LUGGDV%JHOHLVHQDXIGHP%JHOHLVHQ$E
VWHOOURVWDEJHVWHOOWPXVVVLFKHUJHVWHOOWZHUGHQ
GDVVGLH8QWHUODJHIHVWLVW
$XFKZHQQ6LHQXUIUNXU]H=HLWZHJJHKHQGDV
%JHOHLVHQ DXVVFKDOWHQ DXI GHP %JHOHLVHQ
$EVWHOOURVWDEVWHOOHQXQGVWHWVGHQ6WHFNHUGHV
$QVFKOXVVNDEHOVDXVGHU6WHFNGRVH]LHKHQ
'DV*HUlWGDUIQLFKWEHQXW]WZHUGHQZHQQHV
UXQWHUJHIDOOHQLVWZHQQHVVLFKWEDUH6FKlGHQ
DXIZHLVWRGHUZHQQ:DVVHUDXVWULWW8P*HIDK
UHQ ]X YHUPHLGHQ PVVHQ DOOH 5HSDUDWXUHQ
HLQVFKOLHOLFK$XVWDXVFKGHV$QVFKOXVVNDEHOV
YRP .XQGHQGLHQVW RGHU HLQHP )DFKHOHNWULNHU
DXVJHIKUWZHUGHQ
'DV*HUlWQLFKWEHQXW]HQZHQQGDV$QVFKOXVV
NDEHOEHVFKlGLJWLVWRGHU%UDQGVWHOOHQDXIZHLVW
(LQH 5HSDUDWXU RGHU HLQ $XVWDXVFK GHV $Q
VFKOXVVNDEHOVGDUIQXUYRQHLQHPDXWRULVLHUWHQ
$ULHWH.XQGHQGLHQVW YRUJHQRPPHQ ZHUGHQ
$QGHUQIDOOVYHUIDOOHQGLH*DUDQWLHDQVSUFKH
+LQZHLVH]X
9HUEUKXQJVJHIDKU
1LHPDOV .OHLGXQJVVWFNH EJHOQ VRODQJH MH
PDQGGLHVHDQJH]RJHQKDW
'LH 0HWDOOWHLOH GHV %JHOHLVHQV ZlKUHQG GHV
%HWULHEVXQGGHUHUVWHQ0LQXWHQQDFKGHP$E
VFKDOWHQQLFKWDQIDVVHQZHLO9HUEUHQQXQJVJH
IDKUEHVWHKW
'HQ 'DPSIVWUDKO QLH DXI .|USHUWHLOH RGHU DXI
+DXVWLHUHULFKWHQ
$FKWXQJ6DFKVFKlGHQ
9RUGHPHUVWHQ*HEUDXFKGHV*HUlWHVPVVHQ
HYHQWXHOOYRUKDQGHQH(WLNHWWHQRGHU6FKXW]¿O
PHYRQGHU%JHOÀlFKHHQWIHUQWZHUGHQ
9RU*HEUDXFKVWHWVGDV.DEHODEZLFNHOQ
'HU(LQVDW]YRQQLFKWYRP+HUVWHOOHU]XJHODV
VHQHQ9HUOlQJHUXQJVNDEHOQNDQQ6FKlGHQYHU
XUVDFKHQXQGLVWHLQH8QIDOOJHIDKU
.HLQ 6SUXGHOZDVVHU YHUZHQGHQ PLW KLQ]XJH
IJWHP.RKOHQGLR[\G%HLEHVRQGHUVNDONKDOWL
JHP:DVVHUZLUGDQJHUDWHQHQWNDONWHV:DVVHU
]XYHUZHQGHQ
'DVKHLH%JHOHLVHQQLFKWDXIGDV$QVFKOXVV
NDEHOVWHOOHQ
'LH 6FKXW]KOOH DP $QVFKOXVVNDEHO QLFKW NQL
FNHQZHQQHVXPGDV%JHOHLVHQJHZLFNHOWZLUG
PLWGHU=HLWN|QQWHVLFKGDV.DEHOEHVFKlGLJHQ
1LH GHQ 6WHFNHU DP $QVFKOXVVNDEHO DXV GHU
6WHFNGRVH]LHKHQ
=XU3ÀHJHGHV*HUlWHVDOVHUVWHVGHQ6WHFNHU
GHV $QVFKOXVVNDEHOV DXV GHU 6WHFNGRVH ]LH
KHQDQVFKOLHHQGZDUWHQELVDOOH7HLOHDEJH
NKOWVLQG'DV*HUlWDXVVFKOLHOLFKPLWHLQHP
ZHLFKHQ XQG OHLFKW IHXFKWHQ 7XFK UHLQLJHQ
.HLQH/|VXQJVPLWWHOYHUZHQGHQGD GLHVH GLH
3ODVWLNWHLOHEHVFKlGLJHQ
'DV $QVFKOXVVNDEHO QLFKW XP GLH %JHOVRKOH
ZLFNHOQVRODQJHGDV%JHOHLVHQQRFKKHLLVW
'LH%JHOVRKOHQLFKWDXI0HWDOOÀlFKHQVWHOOHQ
9RUP)OOHQRGHU(QWOHHUHQGHV:DVVHUEHKlO
WHUVGDV%JHOHLVHQLPPHUDXVVFKDOWHQ'D]X
'(
&216(,/6'(
6e&85,7e
/,6(= $77(17,9(0(17 &(6 ,16758&
7,216
/¶DSSDUHLOHVWGHVWLQpXQLTXHPHQWjXQXVDJH
GRPHVWLTXH LO QH GRLW SDV rWUH DIIHFWp j XQ
XVDJHLQGXVWULHORXSURIHVVLRQQHO
/H FRQVWUXFWHXU GpFOLQH WRXWH UHVSRQVDELOLWp
SRXU XQH XWLOLVDWLRQ HUURQpH RX SRXU GHV HP
SORLVDXWUHVTXHFHX[SUpYXVSDUFHOLYUHW
,OHVWFRQVHLOOpGHFRQVHUYHUO¶HPEDOODJHG¶RUL
JLQH YX TXH O¶DVVLVWDQFH JUDWXLWH QH MRXH SDV
SRXUOHVGRPPDJHVFDXVpVSDUXQHPEDOODJH
GXSURGXLWQRQDGpTXDWORUVGHO¶H[SpGLWLRQjXQ
VHUYLFHDSUqVYHQWHDJUpp
'DQJHUSRXUOHVHQIDQWV
&HWDSSDUHLOQHSHXWrWUHXWLOLVpSDUOHVHQIDQWV
GHSOXVGHDQVHWSDUOHVSHUVRQQHVD\DQWGHV
FDSDFLWpVSK\VLTXHVVHQVRULHOOHVRXPHQWDOHV
UpGXLWHVRXELHQTXLPDQTXHQWG¶H[SpULHQFHHW
GHFRQQDLVVDQFHVjFRQGLWLRQG¶rWUHDFFRPSD
JQpVSDUXQDGXOWHUHVSRQVDEOHRXG¶DYRLUUHoX
HWFRPSULVOHVLQVWUXFWLRQVHW OHV GDQJHUV Gp
FRXODQWGHO¶XVDJHGHO¶DSSDUHLO
1HSDVODLVVHUOHFRUGRQSHQGUHGDQVXQHQGURLW
RLOSRXUUDLWrWUHVDLVLSDUXQHQIDQW
/HVRSpUDWLRQVGHQHWWR\DJHHWG¶HQWUHWLHQGp
FULWHVGDQVFHWWHQRWLFHQHGRLYHQWSDVrWUHH[p
FXWpHVSDUOHVHQIDQWVVDQVODVXSHUYLVLRQG¶XQ
DGXOWH
,O IDXW VXUYHLOOHU OHV HQIDQWV SRXU rWUH FHUWDLQ
TX¶LOVQHMRXHQWSDVDYHFO¶DSSDUHLO
/HV pOpPHQWV GH O¶HPEDOODJH QH GRLYHQW SDV
rWUHODLVVpVjODSRUWpHGHVHQIDQWVFDULOVUH
SUpVHQWHQWXQHVRXUFHGHGDQJHU
/RUVTX¶RQGpFLGHUDGHMHWHUFHWDSSDUHLOLOHVW
UHFRPPDQGpGHOHPHWWUHKRUVG¶XVDJHHQFRX
SDQWOHFkEOHG¶DOLPHQWDWLRQ,OHVWpJDOHPHQWUH
FRPPDQGpGHSURWpJHUOHVSDUWLHVVXVFHSWLEOHV
GHFRQVWLWXHUXQGDQJHUVSpFLDOHPHQWSRXUOHV
HQIDQWV TXL SRXUUDLHQW VH VHUYLU GH O¶DSSDUHLO
SRXUMRXHU
'DQJHUpOHFWULTXH
$YDQWGHEUDQFKHUO¶DSSDUHLODVVXUH]YRXVTXH
ODWHQVLRQLQGLTXpHVXUODSODTXHWWHFRUUHVSRQGH
HIIHFWLYHPHQWjFHOOHGXUpVHDX
%UDQFKH]WRXMRXUVO¶DSSDUHLOjXQHSULVHSRXU
YXHGHPLVHjWHUUH
1H WUHPSH] SDV O¶DSSDUHLO GDQV O¶HDX QL GDQV
WRXWDXWUHOLTXLGH
1HSDVUHSDVVHUDYHFOHVPDLQVPRXLOOpHVRX
OHVSLHGVQXV
'DQJHUVSURYHQDQW
G·DXWUHVFDXVHV
5HPSOLUOHUpVHUYRLUG¶HDXDYDQWGHIDLUHIRQF
WLRQQHUO¶DSSDUHLO/HUHPSOLVVDJHHQHDXV¶HI
IHFWXHDYHFO¶DSSDUHLOGpEUDQFKpGHODSULVHGH
FRXUDQW
3RXUUHPSOLUOHUpVHUYRLUWRXMRXUVXWLOLVHUOHJR
EHOHWGRVHXUIRXUQLV1HMDPDLVPHWWUHOHIHUj
UHSDVVHUGLUHFWHPHQWVRXVOHURELQHW
$SUqVDYRLUUHPSOLUHIHUPHUOHYROHWHWV¶DVVXUHU
TX¶LOHVWSDUIDLWHPHQWIHUPp
$OOXPH] O¶DSSDUHLO XQLTXHPHQW ORUVTX¶LO HVW HQ
SRVLWLRQGHWUDYDLO
/DSUHPLqUHIRLVTXHYRXVXWLOLVH]O¶DSSDUHLOj
UHSDVVHULOSHXWDUULYHUTX¶XQSHXGHIXPpHVH
GpJDJHQHYRXVLQTXLpWH]SDVFDULOV¶DJLWG¶XQ
SKpQRPqQH QRUPDO G DX IDLW TXH FHUWDLQHV
SDUWLHVRQWpWpOpJqUHPHQWOXEUL¿pHVTXLGLVSD
UDvWUDWUqVUDSLGHPHQW
'XUDQW O¶XWLOLVDWLRQ GLVSRVHU O¶DSSDUHLO VXU XQ
SODQKRUL]RQWDOVWDEOHHWELHQpFODLUp
1H ODLVVH] SDV O¶DSSDUHLO VDQV VXUYHLOODQFH
ORUVTX¶LOHVWEUDQFKp
/¶DSSDUHLOGRLWrWUHXWLOLVpHWODLVVpDXUHSRVVXU
XQHVXUIDFHVWDEOH
4XDQGRQSODFHOHIHUHQSRVLWLRQYHUWLFDOHVXU
VRQ VXSSRUW V¶DVVXUHU TXH OD VXUIDFH G¶DSSXL
VRLWVWDEOH
6LRQGRLWV¶DEVHQWHUXQLQVWDQWpWHLQGUHOHIHUOH
SRVHUVXUODJULOOHG¶DSSXLHWWRXMRXUVGpEUDQFKHU
OHFRUGRQG¶DOLPHQWDWLRQGHODSULVHGHFRXUDQW
/¶DSSDUHLOQHGRLWSDVrWUHXWLOLVpVLLOHVWWRPEp
V¶LOSUpVHQWHGHVVLJQHVYLVLEOHVGHGpWpULRUDWLRQ
RXV¶LOSHUGGHO¶HDX7RXWHVOHVUpSDUDWLRQV\
FRPSULVOHUHPSODFHPHQWGXFRUGRQG¶DOLPHQWD
WLRQGRLYHQWrWUHHIIHFWXpHVXQLTXHPHQWSDUOH
VHUYLFHDSUqVYHQWHRXXQUpSDUDWHXUDJUppD¿Q
G¶pYLWHUWRXWULVTXH
1HSDVXWLOLVHUO¶DSSDUHLOVLOHFRUGRQG¶DOLPHQ
WDWLRQ HVW HQGRPPDJp SUpVHQWH GHV SDUWLHV
EUOpHVHFWODUpSDUDWLRQHWOHUHPSODFHPHQW
GXFRUGRQG¶DOLPHQWDWLRQGRLYHQWrWUHHIIHFWXpV
DXSUqVG¶XQ VHUYLFHDSUqVYHQWHDJUpp$ULHWH
VRXVSHLQHGHGpFKpDQFHGHODJDUDQWLH
$YHUWLVVHPHQWVVXUOHV
EUOXUHV
1HMDPDLVHVVD\HUGHUHSDVVHUOHVYrWHPHQWV
TXHO¶RQDVXUVRL
1H SDV WRXFKHUOHVSDUWLHVPpWDOOLTXHVGX IHU
ORUVTX¶LO PDUFKH RX TXHOTXHV PLQXWHV DSUqV
O¶DYRLUpWHLQWFDURQSRXUUDLWVHEUOHU
1HSDVGLULJHUOHMHWYDSHXUYHUVGHVSDUWLHVGX
FRUSVRXYHUVOHVDQLPDX[GRPHVWLTXHV
$WWHQWLRQGpJkWV
PDWpULHOV
$YDQWG¶XWLOLVHUO¶DSSDUHLOODSUHPLqUHIRLVUHWLUH]
OHVSURWHFWLRQVHWOHVpWLTXHWWHVpYHQWXHOOHVVXU
ODVHPHOOHFKDXIIDQWHGXIHUjUHSDVVHU
'pURXOH]WRXMRXUVOHFkEOHDYDQWXWLOLVDWLRQ
/¶XWLOLVDWLRQGHUDOORQJHVpOHFWULTXHVQRQDXWR
ULVpHVSDUOHIDEULFDQWGHO¶DSSDUHLOSHXWSURYR
TXHUGHVGpJkWVHWGHVDFFLGHQWV
1¶XWLOLVH] MDPDLV G¶HDX JD]HXVH DGGLWLRQQpH
G¶DQK\GULGHGHFDUERQH$XFDVRO¶HDXVHUDLW
SDUWLFXOLqUHPHQWFDOFDLUHLOHVWFRQVHLOOpG¶XWLOL
VHUGHO¶HDXGpPLQpUDOLVpH
1HSDVPHWWUHOHIHUjUHSDVVHUFKDXGHQDSSXL
VXUOHFRUGRQG¶DOLPHQWDWLRQ
1HSDVSOLHUODSURWHFWLRQGXFkEOHpOHFWULTXHDX
PRPHQWRRQO¶HQURXOHDXWRXUGXIHUjUHSDV
VHUDYHFOHWHPSVOHFRUGRQSRXUUDLWVHFDVVHU
1HGpEUDQFKH]SDVOHIHUGHODSULVHGHFRXUDQW
HQWLUDQWVXUOHFRUGRQ
8QHIRLVTXHO¶DSSDUHLODXUDpWpGpEUDQFKpHWTXH
WRXWHVOHVSDUWLHVDXURQWUHIURLGLLOVHUDSRVVLEOH
GHOHQHWWR\HUH[FOXVLYHPHQWDYHFXQFKLIIRQQRQ
DEUDVLIHWjSHLQHKXPLGH 1¶XWLOLVH]MDPDLVGH
VROYDQWVFDULOVDOWqUHQWOHVSDUWLHVHQSODVWLTXH
1HSDVHQURXOHUOHFRUGRQG¶DOLPHQWDWLRQDXWRXU
GHODSODTXHORUVTXHOHIHUHVWHQFRUHFKDXG
1H SDV PHWWUH OD SODTXH HQ FRQWDFW DYHF OHV
VXUIDFHVPpWDOOLTXHV
7RXMRXUVpWHLQGUHOHIHUHQWRXUQDQWOHERXWRQ
GXWKHUPRVWDWVXUODSRVLWLRQ2))HWGpEUDQFKHU
OHFkEOHGHODSULVHGHFRXUDQWpOHFWULTXHDYDQW
GHUHPSOLUOHIHUDYHFGHO¶HDXRXGHYLGHUO¶HDX
FRQWHQXHGDQVOHUpVHUYRLU
1HSDVODLVVHUO¶DSSDUHLOH[SRVpDX[DJHQWVDW
PRVSKpULTXHVSOXLHVROHLOHWF
&216(59(5&(6,16758&7,216
5HPDUTXHV/RUVGHODSUHPLqUHXWLOLVDWLRQHVVD\H]OHIHUVXUXQYLHX[
PRUFHDXGHWLVVXSRXUYpUL¿HUTXHODVHPHOOHHWOHUpVHUYRLUG¶HDXVRQW
SDUIDLWHPHQWSURSUHV
'(6&5,37,21'(/·$33$5(,/
$ %XVHGXYDSRULVDWHXU
% 9ROHWGHUHPSOLVVDJHGXUpVHUYRLUG¶HDX
& 6pOHFWHXUGHYDSHXU
' %RXWRQYDSRULVHXU
( %RXWRQYDSHXU
) 0HVXUHXUHDX
* 5HSqUHSRXUUpJODJHWHPSpUDWXUH
+ 3URWHFWLRQGXFRUGRQG¶DOLPHQWDWLRQ
, 6XSSRUWGXIHU
- 9R\DQWGHFRQWU{OHWHPSpUDWXUHGXIHU
. %RXWRQURWDWLIGHUpJODJHGHODWHPSpUDWXUH
/ %RXWRQIRQFWLRQDXWRQHWWR\DQWH6(/)&/($1
05pVHUYRLU
1 6HPHOOH
02'('·(03/2,
5HPSOLVVDJHGXUpVHUYRLU
$WWHQWLRQ
9pUL¿HUTXH OH IHUHVWGpEUDQFKpGXUpVHDXG¶DOLPHQWDWLRQ
pOHFWULTXHDYDQWGHUHPSOLUOHUpVHUYRLUDYHFGHO¶HDX
5pJOHUOHVpOHFWHXUGHYDSHXU&VXU³ ´)LJ
2XYULUOHYROHW%HQOHWLUDQWYHUVOHKDXW7HQLUOHIHUjO¶KRUL]RQWDOHHW
UHPSOLUOHUpVHUYRLUMXVTX¶DXQLYHDXPD[LPXPHQXWLOLVDQWOHJREHOHWGR
VHXU%IRXUQLV)LJ
5HIHUPHUOHYROHW%6LO¶HDXGHYRWUHURELQHWHVWWUqVFDOFDLUHXWLOLVHUGH
O¶HDXGpPLQpUDOLVpH
1H-$0$,6UHPSOLUOHUpVHUYRLUDXGHOjGXQLYHDX©0$;ª
1HSDVYHUVHUGHYLQDLJUHGpFDOFL¿DQWRXDXWUHVVXEVWDQFHVSDUIXPpHV
GDQVOHUpVHUYRLUVRXVSHLQHGHGpFKpDQFHLPPpGLDWHGHODJDUDQWLH
6LRQGHYDLWDMRXWHUGHO¶HDXSHQGDQWOHUHSDVVDJHWRXMRXUVpWHLQGUHOH
IHUHWGpEUDQFKHUOD¿FKHGXFRUGRQG¶DOLPHQWDWLRQGHODSULVHGHFRXUDQW
DYDQWGHUHPSOLUOHUpVHUYRLUHQHDX
2XYULUOHYROHWGHUHPSOLVVDJHG¶HDXHWUHQYHUVHUOHIHUjUHSDVVHUSRXU
YLGHUOHUpVHUYRLU
)5
$OOXPDJHGHO·DSSDUHLO
/RUVGHODSUHPLqUHXWLOLVDWLRQGXIHULOVHSHXWTX·XQHSRXV
VLqUH EODQFKH UHVVRUWH SDU OD VHPHOOH LO V·DJLW G·XQ SKpQR
PqQHQRUPDOTXLGLVSDUDLWUDDSUqVDYRLUGRQQpTXHOTXHVMHWV
GHYDSHXU
/RUVGHODSUHPLqUHXWLOLVDWLRQGXIHURQSRXUUDQRWHUXQFHU
WDLQUHWDUGTXDQWjODIRUPDWLRQGHODYDSHXULOV·DJLWG·XQSKp
QRPqQHQRUPDOGjO·HQWUpHHQUHFLUFXODWLRQGHO·HDXGDQV
OHIHU,OSRXUUDLWrWUHQpFHVVDLUHG·DSSX\HUSOXVLHXUVIRLVVXU
OHERXWRQYDSHXUHWVSUD\SRXUREWHQLUXQHIRQFWLRQQHPHQW
FRUUHFW
3RVHUOHIHUHQDSSXLjODYHUWLFDOHVXUVRQVXSSRUW,)LJ
,QWURGXLUHOD¿FKHGDQVODSULVHGHFRXUDQW/HYR\DQW-GHFRQWU{OHGH
ODWHPSpUDWXUHV¶DOOXPH
6pOHFWLRQQHUODWHPSpUDWXUHGpVLUpHHQWRXUQDQWOHERXWRQGHUpJODJHGH
WHPSpUDWXUH.HWO¶DOLJQHUVXUOHUHSqUH*GXIHUjUHSDVVHU4XDQGOH
IHUjUHSDVVHUDWWHLQWODWHPSpUDWXUHVpOHFWLRQQpHOHYR\DQW-V¶pWHLQW
SHQGDQWOHUHSDVVDJHOHYR\DQWGHWHPSpUDWXUHV¶DOOXPHHWV¶pWHLQWFH
TXLLQGLTXHTXHOHIHUPDLQWLHQWODERQQHWHPSpUDWXUH
6XLYUHO¶LQGLFDWLRQUHSRUWpHVXUO¶pWLTXHWWHGXYrWHPHQWjUHSDVVHUGHID
oRQjIDLUHFRwQFLGHUOHVSRLQWVUHSUpVHQWpVVXUFHOOHFLHWFHX[LQVFULWV
VXUOHIHU
&216(,/6
3RXUQHSDVFRPSURPHWWUHODSHOOLFXOHDQWLDGKpUHQWHQHSDV
SDVVHUODVHPHOOHGXIHUVXUOHVIHUPHWXUHVpFODLUVRXDXWUHV
REMHWVHQPDWpULHOGXU
5pSDUWLUOHVSLqFHVjUHSDVVHUHQIRQFWLRQGXW\SHGHWLVVXODLQHODLQH
FRWRQFRWRQHWF
(WDQWGRQQpTXHODVHPHOOHGXIHUFKDXIIHSOXVYLWHTX¶HOOHQHVHUHIURLGLW
QRXVFRQVHLOORQVGHFRPPHQFHUjUHSDVVHUWRXVOHVWLVVXVTXLH[LJHQWGHV
WHPSpUDWXUHVSOXVEDVVHVSRXUSDVVHUDX[WLVVXVTXLH[LJHQWSURJUHVVLYH
PHQWGHVWHPSpUDWXUHVSOXVpOHYpHV
6LOH WLVVX HVWFRPSRVpGHSOXVLHXUVW\SHVGH¿EUHVWRXMRXUVUpJOHUOD
WHPSpUDWXUHHQIRQFWLRQ GH OD ¿EUHTXLH[LJH OH PRLQVGHFKDOHXU 3DU
H[HPSOHVLOHWLVVXHVWFRPSRVp GH GH¿EUHVV\QWKpWLTXHVHWGH
GHFRWRQUpJOHUODWHPSpUDWXUHVXUODSRVLWLRQYRLUWDEOHDXVDQV
YDSHXUF¶HVWjGLUHFHOOHTXLHVWSUpFRQLVpHSRXUOHVWLVVXVV\QWKpWLTXHV
6L YRXV LJQRUH] OD FRPSRVLWLRQ GX WLVVX j UHSDVVHU FKHUFKHU XQ SRLQW
GH WLVVX TXL Q¶HVW SDV YLVLEOH )DLUHXQ HVVDL HQ UHSDVVDQW FH SRLQW HW
GpWHUPLQHUODWHPSpUDWXUHODPLHX[DSSURSULpHWRXMRXUVFRPPHQFHUSDU
XQHWHPSpUDWXUHUHODWLYHPHQWEDVVHHWO¶DXJPHQWHUJUDGXHOOHPHQWSRXU
DWWHLQGUHODWHPSpUDWXUHFRUUHFWH
2QSHXWpJDOHPHQWUHSDVVHUOHVWLVVXVSXUHODLQHHQUpJODQWOHIHU
VXUXQHGHVSRVLWLRQVYDSHXU5HSDVVHUjO¶HQYHUVOHVWLVVXVSXUHODLQH
VRLHV\QWKpWLTXHVSRXUpYLWHUTXHOHWLVVXUHSDVVpQHGHYLHQQHEULOODQW
3RXUOHVDXWUHVW\SHVGHWLVVXHWHQSDUWLFXOLHUOHYHORXUVSRXUpYLWHUTX¶LOV
QHGHYLHQQHQWIDFLOHPHQWEULOODQWVOHVUHSDVVHUGDQVXQHVHXOHGLUHFWLRQ
DYHFXQHWRLOHHQDSSX\DQWWUqVOpJqUHPHQW/HIHUjUHSDVVHUGRLWWRX
MRXUVrWUHHQPRXYHPHQWVXUOHWLVVX
5HPDUTXH /D SUpVHQFH GH FH V\PEROH VXU O¶pWLTXHWWH LQ
GLTXHTXHO¶DUWLFOHQHSHXWSDVrWUHUHSDVVpSDUH[FKOR
UR¿EUHRXDXWUHV
(WLTXHWWH )HU 7\SHGHWLVVX )LEUH
6\QWKpWLTXH
6RLH $FU\OLTXH
0RGDFU\OH
3RO\SURS\OqQH
3RO\XUpWKDQH
$FpWDWH
7ULDFpWDWH
&XLYUHPpWDOOLVp
3RO\DPLGHQ\ORQ
9LVFRVH
3RO\HVWHUUD\RQ
/DLQH /DLQH
&RWRQ
/LQ &RWRQYDSHXURXjVHF
/LQYDSHXURXjVHF
5(3$66$*($/$9$3(85
/HUHSDVVDJHjODYDSHXUQ¶HVWSRVVLEOHTX¶jKDXWHWHPSpUDWXUH
$VVXUH]YRXVTX¶LO\DVXI¿VDPPHQWG¶HDXjO¶LQWpULHXUGXUpVHUYRLU
3RVH]OHIHUVXUO¶DSSXL,HQSRVLWLRQYHUWLFDOH
%UDQFKH]OHIHU
0HWWUHOHERXWRQGHUpJODJHGHODWHPSpUDWXUH.VXUODSRVLWLRQR
VXSpULHXUH
4XDQGOHYR\DQW-GHFRQWU{OHGHODWHPSpUDWXUHV¶pWHLQWERXJHUOHVp
OHFWHXUGHUpJODJHGHODYDSHXU&VXUODSRVLWLRQGpVLUpH/HGpELWGH
YDSHXUPD[LPXPV¶REWLHQWHQGpSODoDQWOHVpOHFWHXUVXUODSRVLWLRQ³ ´
6LRQOHSODFHVXU³ ´DXFXQHYDSHXUQHVRUW)LJ
5(0$548(FHPRGqOHHVWpTXLSpG·XQV\VWqPHDQWLJRXWWH
TXLEORTXHDXWRPDWLTXHPHQWOHSDVVDJHGHO·HDXGXUpVHUYRLU
DX[SHUIRUDWLRQVVXUODVHPHOOH&HV\VWqPHDQWLJRXWWHDQ
QXOHDXWRPDWLTXHPHQWODIRQFWLRQYDSHXUGqVTXHODWHPSpUD
WXUHGXIHUHVWWURSEDVVH
-HWGHYDSHXU
6¶LO\DGHO¶HDXGDQVOHUpVHUYRLUHWTXHODWHPSpUDWXUHHVWUpJOpHVXU
RVXUOHQLYHDXVXSpULHXULOVXI¿WG¶DSSX\HUVXUOHERXWRQYDSHXU(
%RXWRQVSUD\
9pUL¿HUTXHOHVpOHFWHXUGHUpJODJHGHODYDSHXUHVWVXU³ ´HWTX¶LO\DGH
O¶HDXGDQVOHUpVHUYRLU$SSX\HUVXUOHERXWRQVSUD\'
3RXUPHWWUHODIRQFWLRQHQPDUFKHLOSRXUUDLWrWUHQpFHVVDLUHGHGHYRLU
DSSX\HUSOXVLHXUVIRLVVXUOHERXWRQVSUD\
5(3$66$*(6(&
%UDQFKH]O¶DSSDUHLO7RXUQHUOHUpJXODWHXUGHYDSHXU&VXU³ ´
5pJOHUOHERXWRQWKHUPRVWDW.HQIRQFWLRQGXW\SHGHWLVVXjUHSDVVHU
$WWHQGUHTXHOTXHVPLQXWHVGHIDoRQjFHTXHODVHPHOOHDUULYHjWHP
SpUDWXUH
5(3$66$*(9(57,&$/
2QSHXWXWLOLVHUOHMHWGHYDSHXUFRQWLQXSRXUUHSDVVHUjODYHUWLFDOH&H
SURFpGpVSpFLDOGHUHSDVVDJHVHUWjpOLPLQHUOHVSOLVVXUOHVULGHDX[OHV
WLVVXVHWF«5pJOHUODWHPSpUDWXUHGHUHSDVVDJHSDUOHERXWRQGHUpJODJH
.DXGHOjGXV\PEROH3RVLWLRQQHUOHULGHDXRXOHWLVVXGHIDoRQ
jSRXYRLUUHSDVVHUjODYHUWLFDOHHWDSSX\HUVXUOHERXWRQYDSHXU6LOH
YR\DQWGHODWHPSpUDWXUHHVWDOOXPpDSSX\HUVXUOHERXWRQYDSHXUSOXV
GHWURLVIRLVGHVXLWH
$WWHQWLRQ
1HSDVUHSDVVHUOHVWLVVXVTXLVRQWVRXWHQXVSDUXQHDXWUH
SHUVRQQH
$35Ë6$92,55(3$66e
7RXUQHUOHUpJXODWHXUGHWHPSpUDWXUH.VXU³2))´
'pEUDQFKHUOD¿FKHGHODSULVHGHFRXUDQW
0HWWUHOHIHUHQSRVLWLRQYHUWLFDOHHWOHODLVVHUUHIURLGLU
9LGHUOHUpVHUYRLURXYULUOHYROHW%GHUHPSOLVVDJHGHO¶HDXUHQYHUVHUOH
IHUjUHSDVVHUHWODLVVHUVRUWLUO¶HDX)LJ
$WWHQWLRQ
$YDQWGHYLGHUOHUpVHUYRLUODLVVHUUHIURLGLUOHIHUjUHSDVVHU
GDQJHUGHEUOXUH
(QURXOHUOHFRUGRQG¶DOLPHQWDWLRQDXWRXUGXIHUVDQVOHVHUUHUWURS)LJ
5HSODFHUOHIHUjODYHUWLFDOH)LJ
1(772<$*('(/·$33$5(,/
$YDQWGHQHWWR\HUOHIHUDVVXUH]YRXVTX¶LOVRLWGpEUDQFKpGXUpVHDXpOHF
WULTXHHWTX¶LODLWFRPSOqWHPHQWUHIURLGL
$WWHQWLRQ
$YDQWGHSURFpGHUDXQHWWR\DJHGHO¶DSSDUHLOWRXMRXUVUHWLUHU
OD¿FKHGHODSULVHGHFRXUDQWHWODLVVHUOHIHUUHIURLGLU
$WWHQWLRQ
1HMDPDLVLPPHUJHUO¶DSSDUHLOGDQVO¶HDXRXGDQVXQOLTXLGH
TXHOFRQTXH
GHQ7HPSHUDWXUUHJOHU'UHKNQRSIDXI2))GUH
KHQXQGGHQ6WHFNHUDXVGHU6WHFNGRVH]LHKHQ
'DV *HUlW QLFKW :LWWHUXQJVHLQÀVVHQ DXVJH
VHW]WODVVHQ5HJHQ6RQQHXVZ
',( *(%5$8&+6$1:(,681* *87
$8)%(:$+5(1
$QPHUNXQJHQ%HLPHUVWPDOLJHQ*HEUDXFK GHV %JHOHLVHQVVROOWHHV
]XQlFKVWDXIHLQHPDOWHQ6WRIIVWFNDXVSURELHUWZHUGHQXP]XSUIHQ
GDVVGLH%JHOVRKOHXQG:DVVHUEHKlOWHUYROOVWlQGLJVDXEHUVLQG
*(5b7(%(6&+5(,%81*
$ 6SUKGVH
% .ODSSH]XP)OOHQGHV:DVVHUEHKlOWHUV
& :lKOVFKDOWHUIU'DPSIUHJXOLHUXQJ
' 6SUKWDVWH
( 'DPSIVFKDOWHU
) :DVVHUPHVVEHFKHU
* 5HIHUHQ]IU7HPSHUDWXUHLQVWHOOXQJ
+ $QVFKOXVVNDEHO6FKXW]KOOH
, %JHOHLVHQ$EVWHOOURVW
- .RQWUROOODPSH%JHOHLVHQWHPSHUDWXU
. 7HPSHUDWXUUHJOHU'UHKNQRSI
/ 6HOEVWUHLQLJXQJVVFKDOWHU6(/)&/($1
0 :DVVHUWDQN
1 %JHOVRKOH
*(%5$8&+6$1:(,681*(1
%HIOOHQGHV:DVVHUEHKlOWHUV
$FKWXQJ
%HYRU GHU :DVVHUEHKlOWHU JHIOOW ZLUG VLFKHUVWHOOHQ GDVV
GDV*HUlWYRP6WURPQHW]JHWUHQQWLVW
'HQ:lKOVFKDOWHUIU'DPSIUHJXOLHUXQJ&DXI³ ´VWHOOHQ)LJ
'LH.ODSSH%]XPgIIQHQQDFKREHQ]LHKHQ'DV%JHOHLVHQZDDJH
UHFKWKDOWHQ XQG GHQ:DVVHUEHKlOWHUPLW+LOIH GHV PLWJHOLHIHUWHQ0HV
VEHFKHUV)ELV]XP+|FKVWIOOVWDQGPLW/HLWXQJVZDVVHUIOOHQ)LJ
'LH.ODSSH%ZLHGHUVFKOLHHQ,VW,KU/HLWXQJVZDVVHUVHKUNDONKDOWLJ
HQWPLQHUDOLVLHUWHV:DVVHUYHUZHQGHQ
1,(0$/6GHQ 7DQNEHUGHQPLW ´0$;µ DQJHJHEHQHQ )OO
VWDQGIOOHQ
.HLQHQ(VVLJFKHPLVFKH=XVDW]VWRIIH'XIWVWRIIHXQG(QWNDONXQJVPLWWHOLQ
GHQ:DVVHUEHKlOWHUHLQIOOHQ$QGHUQIDOOVYHUIDOOHQGLH*DUDQWLHDQVSUFKH
*HJHEHQHQIDOOVZlKUHQG GHV %JHOQV:DVVHUQDFKIOOHQ 9RUP)OOHQ
GHV:DVVHUEHKlOWHUVGDV%JHOHLVHQLPPHUDXVVFKDOWHQXQGGHQ6WHFNHU
GHV$QVFKOXVVNDEHOVDXVGHU6WHFNGRVH]LHKHQ
(LQVFKDOWHQGHV*HUlWHV
(VNDQQVHLQGDVVEHLPHUVWPDOLJHQ%HQXW]HQGHV%JHOHL
VHQVZHLHU6WDXEDXVGHU%JHOVRKOHDXVWULWW'DVLVWQRU'DVLVWQRU
PDOXQGGHU(IIHNWYHUVFKZLQGHWQDFKHLQLJHQ'DPSIVW|HQ
(VNDQQVHLQGDVVEHLPHUVWPDOLJHQ%HQXW]HQGHV%JHOHL
VHQVHLQH9HU]|JHUXQJEHLGHU'DPSIELOGXQJDXIWULWW'DVLVW
QRUPDOXQGGXUFKGDV)OOHQGHU:DVVHU]LUNXODWLRQLP%JH
OHLVHQEHGLQJW(VNDQQVHLQGDVVGLH'DPSIXQG6SUKWD
VWHQHLQLJH0DOHJHGUFNWZHUGHQPVVHQGDPLWVLHULFKWLJ
IXQNWLRQLHUHQ
'DV%JHOHLVHQVHQNUHFKWDXIGHQ%JHOHLVHQ$EVWHOOURVW,)LJVWHO
OHQ
'HQ6WHFNHULQGLH6WHFNGRVHVWHFNHQ'LH7HPSHUDWXU.RQWUROOODPSH-
VFKDOWHWVLFKHLQ
=XU$XVZDKOGHU JHZQVFKWHQ7HPSHUDWXU GHQ7HPSHUDWXUUHJOHU'UHK
NQRSI.GUHKHQXQGDXIGLH5HIHUHQ]IU7HPSHUDWXU(LQVWHOOXQJ*DP
%JHOHLVHQDXVULFKWHQ+DWGDV%JHOHLVHQGLHJHZQVFKWH7HPSHUDWXU
HUUHLFKWVFKDOWHWVLFKGLH.RQWUROOODPSH-DXVEHLP%JHOQVFKDOWHWVLFK
GLH7HPSHUDWXU.RQWUROOODPSHHLQXQGDXVXQG]HLJWGDPLWDQGDVVGDV
%JHOHLVHQGLHULFKWLJH7HPSHUDWXUEHLEHKlOW
'LH$QJDEHQDXIGHQ(WLNHWWGHV]XEJHOQGHQ.OHLGXQJVVWFNVEHIROJHQ
'LH3XQNWHDXIGHP(WLNHWWPVVHQPLWGHQ3XQNWHQDP7HPSHUDWXUUHJ
OHU'UHKNQRSIEHUHLQVWLPPHQ
7,336
8PGLH$QWL+DIWEHVFKLFKWXQJQLFKW]XEHVFKlGLJHQQLHPDOV
PLWGHU%JHOVRKOHEHU5HLYHUVFKOVVHRGHUDQGHUHKDUWH
*HJHQVWlQGHIDKUHQ
'LH ]X EJHOQGHQ .OHLGXQJVVWFNH HQWVSUHFKHQG GHU 6WRIIDUW WUHQQHQ
:ROOH]X:ROOH%DXPZROOH]X%DXPZROOHXVZ
'DVLFKGLH%JHOVRKOHYLHOVFKQHOOHUHUKLW]WDOVDENKOWVROOWHPDQ]X
QlFKVWGLH 6WRIIHEJHOQGLHHLQHQLHGULJHUH7HPSHUDWXUHUIRUGHUQ XQG
GDQQ DOOPlKOLFK DXI 6WRIIH EHUJHKHQ GLH K|KHUH7HPSHUDWXUHQ HUIRU
GHUQ
%HVWHKWGDV *HZHEH DXV YHUVFKLHGHQHQ *DUQDUWHQLVWGLH7HPSHUDWXU
LPPHUDXIGLH)DVHUHLQ]XVWHOOHQGLHGLHQLHGULJVWH7HPSHUDWXUYHUODQJW
%HVWHKWHLQ*HZHEH]%]XDXVV\QWKHWLVFKHQ)DVHUQXQG]X
DXV %DXPZROOH LVW GLH 7HPSHUDWXU DXI GLH 3RVLWLRQ VLHKH 7DEHOOH
RKQH'DPSIHLQ]XVWHOOHQGKDXIGLHIUV\QWKHWLVFKH)DVHUQ
,VWGLH*HZHEH=XVDPPHQVHW]XQJGHV]XEJHOQGHQ.OHLGXQJVVWFNHV
XQEHNDQQWHLQHQLFKWVLFKWEDUH6WHOOHDP*HZHEHVXFKHQ(LQHQ9HUVXFK
YRUQHKPHQDQGLHVHU6WHOOHEJHOQXQGGLHJHHLJQHWVWH7HPSHUDWXUDXV
ZlKOHQLPPHUPLWHLQHUUHODWLYQLHGULJHQ7HPSHUDWXUDQIDQJHQXQGGDQQ
QDFKXQGQDFKHUK|KHQELVGLHJHHLJQHWH7HPSHUDWXUHUUHLFKWLVW5HL
QH:ROOVWRIIHN|QQHQDXFKQXUPLW'DPSIJHEJHOWZHUGHQ8P
]XYHUPHLGHQGDVVGDV*HZHEHJOlQ]HQGZLUGEHLUHLQHQ:ROOVWRIIHQ
6HLGHXQG.XQVWIDVHUQGDUDXIDFKWHQGDVVDXIGHU5FNVHLWHJHEJHOW
ZLUG%HLDQGHUHQ*HZHEHDUWHQXQGEHVRQGHUVEHL6DPWVROOWHPDQXP
]XYHUPHLGHQGDVVVLHJOlQ]HQGZHUGHQPLWHLQHP7XFKQXULQHLQH
5LFKWXQJPLWOHLFKWHP'UXFNEJHOQ'DV%JHOHLVHQVROOWHGDEHLDXIGHP
]XEJHOQGHQ*HZHEHVWlQGLJLQ%HZHJXQJJHKDOWHQZHUGHQ
$QPHUNXQJ'LHVHV6\PERODXIGHP(WLNHWW]HLJWDQGDVV
GLHVHU$UWLNHOQLFKWJHEJHOWZHUGHQNDQQ]%3RO\FKORULG
(ODVWRGLHQH
(WLNHWW %JHOHL
VHQ
6WRIIDUW
)DVHU
6\QWKHWLVFK
6HLGH $FU\O
0RGDFU\O
3RO\SURS\OHQ
3RO\XUHWKDQ
$]HWDW
7ULDFHWDW
0HWDOOLVLHUWHV.XSIHU
3RO\DPLG1\ORQ
0RGDOYLVNRVH
3RO\HVWHU5D\RQ
:ROOH :ROOH
%DXPZROOH
/HLQHQ %DXPZROOH'DPSIRGHUWURFNHQ
/HLQHQ'DPSIRGHUWURFNHQ
'$03)%h*(/1
'DV'DPSIEJHOQLVWQXUPLWKRKHQ7HPSHUDWXUHQP|JOLFK
6LFKHUVWHOOHQGDVVDXVUHLFKHQG:DVVHULP:DVVHUEHKlOWHULVW
'DV%JHOHLVHQVHQNUHFKWDXIGHP%JHOHLVHQ$EVWHOOURVW,DEVWHOOHQ
'HQ6WHFNHULQGLH6WHFNGRVHVWHFNHQ
'HQ7HPSHUDWXUUHJOHU'UHKNQRSI . DXI GLH 3RVLWLRQ RGHUK|KHU
VWHOOHQ
6REDOG VLFK GLH 7HPSHUDWXU.RQWUROOODPSH - DXVVFKDOWHW GHQ :lKO
VFKDOWHUIU'DPSIUHJXOLHUXQJ&DXIGLHJHZQVFKWH3RVLWLRQVWHOOHQ'LH
PD[LPDOH'DPSIDEJDEHHUKlOWPDQZHQQGHU:lKOVFKDOWHUIU'DPSIUH
JXOLHUXQJDXI3RVLWLRQ³´JHVWHOOWZLUG:LUGHUDXI³ ´JHVWHOOWZLUGNHLQ
'DPSIDEJHJHEHQ)LJ
$QPHUNXQJ'LHVH0RGHOOLVWPLWHLQHP$QWL7URSIV\VWHPDXV
JHVWDWWHWGDVVGHQ'XUFKÁXVVYRQ:DVVHUDXVGHP%HKlOWHU
]XGHQ/|FKHUQDQGHU%JHOVRKOHVSHUUW(LQ$QWL7URSIV\V
WHP VFKDOWHW GLH 'DPSIIXQNWLRQ DXWRPDWLVFK DE ZHQQ GLH
%JHOHLVHQ7HPSHUDWXU]XQLHGULJLVW
'DPSIVWR
,VW:DVVHULP:DVVHUEHKlOWHUXQGLVWGLH7HPSHUDWXUDXIRGHUQLHG
ULJHUHLQJHVWHOOWUHLFKWHLQ'UXFNDXIGLH'DPSIWDVWH(
6SUKWDVWH
6LFKHUVWHOOHQ GDVV GHU :lKOVFKDOWHU IU 'DPSIUHJXOLHUXQJ DXI ³ ´
JHVWHOOWLVWXQGGDVV:DVVHULP:DVVHUEHKlOWHULV'LH6SUKWDVWH'
GUFNHQ
8P GLHVH )XQNWLRQ ]X DNWLYLHUHQ NDQQ HV VHLQ GDVV GLH 6SUKWDVWH
PHKUIDFKJHGUFNWZHUGHQPXVV
752&.(1%h*(/1
'HQ6WHFNHULQGLH6WHFNGRVHVWHFNHQ'HQ:lKOVFKDOWHUIU'DPSIUHJX
OLHUXQJ&DXI³ ´VWHOOHQ
'HQ7HPSHUDWXUUHJOHU'UHKNQRSI.MHQDFK$UWGHV]XEJHOQGHQ*HZH
EHVHLQVWHOOHQ(LQLJH0LQXWHQZDUWHQELVGLH%JHOVRKOHGLH7HPSHUDWXU
HUUHLFKWKDW
6(1.5(&+7%h*(/1
'LHVHVEHVRQGHUH%JHOYHUIDKUHQGLHQW]XP(QWIHUQHQYRQ)DOWHQDXV
9RUKlQJHQ *HZHEHQ XVZ 'LH %JHOWHPSHUDWXU DP %JHOHLVHQ7HP
SHUDWXUUHJOHU.EHUGDV6\PEROVWHOOHQ'HQ9RUKDQJRGHUGDV
*HZHEHVRSRVLWLRQLHUHQZLHHVKlQJHQGJHEJHOWZHUGHQVROOXQGGDQQ
GHQ'DPSIVFKDOWHUGUFNHQ,VWGLH7HPSHUDWXU.RQWUROOODPSHHLQJHVFKDO
WHWGLH'DPSIWDVWHQLFKWPHKUDOVGUHLPDOKLQWHUHLQDQGHUGUFNHQ
$FKWXQJ
.HLQH*HZHEHEJHOQGLHYRQDQGHUHQ3HUVRQHQJHKDOWHQ
ZHUGHQ
1$&+'(0%h*(/1
'HQ7HPSHUDWXUUHJOHU'UHKNQRSI.DXI³2))´VWHOOHQ
'HQ6WHFNHUDXVGHU6WHFNGRVH]LHKHQ
'DV%JHOHLVHQVHQNUHFKWDXIVWHOOHQXQGDENKOHQODVVHQ
'HQ:DVVHUEHKlOWHUHQWOHHUHQ'LH.ODSSH%]XP)OOHQGHV:DVVHU
EHKlOWHUV|IIQHQGDV%JHOHLVHQDXIGHQ.RSIVWHOOHQXQGGDV:DVVHU
DXVWUHWHQODVVHQ)LJ
$FKWXQJ
9RUP (QWOHHUHQ GHV :DVVHUEHKlOWHUV GDV %JHOHLVHQ DE
NKOHQODVVHQ(VEHVWHKW9HUEUKXQJVJHIDKU
'DV$QVFKOXVVNDEHOXPGDV%JHOHLVHQZLFNHOQRKQHHV]XVWDUNIHVW]X
]LHKHQ)LJ'DV%JHOHLVHQVHQNUHFKWZHJVWHOOHQ)LJ
3)/(*(
$FKWXQJ
9RU GHU 5HLQLJXQJGHV%JHOHLVHQV VLFKHUVWHOOHQ GDVV HV
YRP6WURPQHW]JHWUHQQWXQGYROOVWlQGLJDEJHNKOWLVW
$FKWXQJ
'DV *HUlW QLH LQV :DVVHU RGHU DQGHUH)OVVLJNHLWHQ WDX
FKHQ
$FKWXQJ
'HQ=XVWDQG GHV$QVFKOXVVNDEHO ,KUHV%JHOHLVHQV YRUP
*HEUDXFKUHJHOPlLJEHUSUIHQXQGLP)DOOYRQ6FKlGHQ
]XU QlFKVWJHOHJHQHQ .XQGHQGLHQVWVWHOOH EULQJHQ XQG QXU
GXUFK)DFKSHUVRQDODXVZHFKVHOQODVVHQ
6HOEVWUHLQLJXQJVV\VWHP
(VZLUGHPSIRKOHQGLHVHQ9RUJDQJLQUHJHOPlLJHQ$EVWlQGHQYRU]XQHK
PHQHLQRGHU]ZHLPDOPRQDWOLFKXPGLH+DOWEDUNHLW,KUHV%JHOHLVHQV
]XYHUOlQJHUQ
'HQ:DVVHUEHKlOWHUPLWGHPPLWJHOLHIHUWHQ0HVVEHFKHU ) HLQ 9LHUWHO
IOOHQ)LJ
'DV%JHOHLVHQDXIHLQHUIHVWHQ8QWHUODJHVHQNUHFKWDXIGHQ%JHOHLVHQ
$EVWHOOURVW,VWHOOHQ'HQ6WHFNHULQGLH6WHFNGRVHVWHFNHQ6LFKHUVWHO
OHQGDVVGHU:lKOVFKDOWHUIU'DPSIUHJXOLHUXQJDXI³ ´JHVWHOOWLVW
'HQ7HPSHUDWXUUHJOHU'UHKNQRSIDXI³0$;´VWHOOHQ
'DV%JHOHLVHQ VRODQJH DXIKHL]HQ ELV VLFKGLH .RQWUROOODPSH - ]XP
]ZHLWHQ0DODXVVFKDOWHW
'HQ7HPSHUDWXUUHJOHU'UHKNQRSIDXI³2))´VWHOOHQ
'HQ6WHFNHUDXVGHU6WHFNGRVH]LHKHQXQGGDV%JHOHLVHQZDDJHUHFKW
EHUHLQ:DVFKEHFNHQKDOWHQ$XVGHQ/|FKHUQDQGHU%JHOVRKOHWULWW
'DPSIXQGNRFKHQGHV:DVVHUDXVXQGEHVHLWLJHQGLH.DONDEODJHUXQJHQ
VRZLHGLH9HUXQUHLQLJXQJHQGLHVLFKLP+HL]NHVVHODEJHODJHUWKDEHQ
'DV %JHOHLVHQ YRUVLFKWLJ QDFK YRUQH XQG KLQWHQ EHZHJHQ GDPLW GHU
%JHOVRKOHYROOVWlQGLJHQWOHHUWZLUG
1DFKGHU6HOEVWUHLQLJXQJGHQ7HPSHUDWXUUHJOHU'UHKNQRSIZLHGHUDXI
³ ´]XUFNVWHOOHQ
'DV%JHOHLVHQVHQNUHFKWDXIGHP%JHOHLVHQ$EVWHOOURVWDEVWHOOHQXQG
DEZDUWHQELVGLH%JHOVRKOHYROOVWlQGLJDEJHNKOWLVW
9RUP:HJVWHOOHQGHV%JHOHLVHQVSUIHQGDVVGLH%JHOVRKOHYROOVWlQGLJ
WURFNHQLVW
%HYRU GDV %JHOHLVHQ HUQHXW EHQXW]W ZLUG GDV %JHOHLVHQ
DXIHLQHPDOWHQ6WRIÁDSSHQWHVWHQXPVLFKHU]XVWHOOHQGDVV
GLH%JHOVRKOHXQGGHU:DVVHUEHKlOWHUVDXEHUVLQGXQGXP
GDV5HVWZDVVHU]XYHUGDPSIHQ
5HLQLJXQJGHU%JHOVRKOHXQGGHV*HKlXVHV
$FKWXQJ
.HLQH6FKHXHUPLWWHO]XP5HLQLJHQGHU%JHOVRKOHYHUZHQ
GHQ'DIUVRUJHQGDVVGLH%JHOVRKOHLPPHUJODWWEOHLEW
.RQWDNWPLW0HWDOOJHJHQVWlQGHQYHUPHLGHQ
(YHQWXHOOH$EODJHUXQJHQXQGDQGHUH5HVWHDXIGHU%JHOVRKOHN|QQHQ
PLW HLQHP LQ HLQHU :DVVHU(VVLJPLVFKXQJ JHWUlQNWHQ /DSSHQ HQWIHUQW
ZHUGHQ
'LH3ODVWLNWHLOHPLWHLQHPIHXFKWHQQLFKWVFKHXHUQGHQ7XFKUHLQLJHQXQG
PLWHLQHPWURFNHQHQ7XFKWURFNQHQ
',( 1,&+7%($&+781* '(5 2%(1 $1*(*(%(1(1 9256&+5,)
7(1)h+57=8(,1(09(5)$//'(5*$5$17,($1635h&+(
$WWHQWLRQ
&RQWU{OHUUpJXOLqUHPHQWOHVFRQGLWLRQVGXFRUGRQG¶DOLPHQWD
WLRQGHYRWUHIHUDYDQWGHO¶XWLOLVHU(QFDVGHGpWpULRUDWLRQ
O¶DSSRUWHUGDQVOHVHUYLFHDSUqVYHQWHOHSOXVSURFKHHWOH
IDLUHUHPSODFHUSDUXQSHUVRQQHOVSpFLDOLVp
6\VWqPHG·DXWRQHWWR\DJH
,OHVWFRQVHLOOpGHUpDOLVHUFHWWHRSpUDWLRQjLQWHUYDOOHVUpJXOLHUVXQHRX
GHX[IRLVSDUPRLVSRXUSURORQJHUODGXUpHGHYLHGHYRWUHIHUjUHSDVVHU
5HPSOLUOHUpVHUYRLUDXTXDUWHQXWLOLVDQWOHJREHOHWGRVHXU)IRXUQLV)LJ
0HWWUHOHIHUHQDSSXLjODYHUWLFDOHVXUXQHVXUIDFHVWDEOHVXUOHVXSSRUW
,,QWURGXLUHOD¿FKHGDQVODSULVHpOHFWULTXH9pUL¿HUTXHOHVpOHFWHXUGH
UpJODJHGHODYDSHXUHVWVXU³ ´
3ODFHUOHERXWRQGHUpJODJHGHODWHPSpUDWXUHVXU³0$;´
)DLUHFKDXIIHXUOHIHUMXVTX¶jFHTXHOHYR\DQW-V¶pWHLJQHGHX[IRLVGH
VXLWH
3ODFHUOHERXWRQGHUpJODJHGHODWHPSpUDWXUHVXU³2))´
(QOHYHUODSULVHGHFRXUDQWHWJDUGHUOHIHUjUHSDVVHUVXUODSRVLWLRQKRUL
]RQWDOHDXGHVVXVG¶XQODYDER'HODYDSHXUHWGHO¶HDXERXLOODQWHVRUWHQW
SDUOHVWURXVGHODVHPHOOHGXIHUFHTXLSHUPHWGHQHWWR\HUOHVLQFUXV
WDWLRQVGHFDOFDLUHHWOHVLPSXUHWpVTXLVHVRQWDFFXPXOpHVjO¶LQWpULHXU
GHODFKDXGLqUH
)DLUHDYDQFHUHWUHFXOHUGpOLFDWHPHQWOHIHUjUHSDVVHUMXVTX¶jFHTXHOH
UpVHUYRLUVHVRLWFRPSOqWHPHQWYLGp
$OD¿QGHODSURFpGXUHG¶DXWRQHWWR\DJHUDPHQHUOHVpOHFWHXUGHUpJODJH
YDSHXUVXUOHPLQLPXP³ ´
3RVH]OHIHUHQSRVLWLRQYHUWLFDOHVXUO¶DSSXLHWDWWHQGH]TXHODVHPHOOHDLW
FRPSOqWHPHQWUHIURLGL
$VVXUH]YRXVTXHODVHPHOOHVRLWSDUIDLWHPHQWVqFKHDYDQWGHUDQJHUOH
IHU
$YDQWGHUpXWLOLVHUOHIHUO·HVVD\HUVXUXQYLHX[OLQJHHQWLVVX
SRXUrWUHVUTXHODVHPHOOHHWOHUpVHUYRLUVRQWSURSUHVHW
SHUPHWWUHODYDSRULVDWLRQGHO·HDXUpVLGXHOOH
1HWWR\DJHGHODVHPHOOHHWGXFRUSV
$WWHQWLRQ
1HSDVXWLOLVHUG¶DEUDVLIVSRXUQHWWR\HUODVHPHOOH1HWWR\HU
GHIDoRQjFHTXHODVHPHOOHUHVWHOLVVHpYLWHUOHFRQWDFW
DYHFOHVREMHWVPpWDOOLTXHV
/HVGpS{WVpYHQWXHOVHWOHVDXWUHVSDUWLHVUpVLGXHOOHVSUpVHQWHVVXUOD
VHPHOOHSHXYHQWrWUHHQOHYpVDYHFXQFKLIIRQLPELEpG¶HDXYLQDLJUpH
1HWWR\HUOHVSDUWLHVHQSODVWLTXHDYHFXQOLQJHKXPLGHHWGRX[SXLVVpFKHU
DYHFXQOLQJHVHF
1(3$65(63(&7(5/(61250(6&,7e(6&,'(66863529248(
/$'e&+e$1&('(/$*$5$17,(