Char-Broil Gas2Coal User manual

&5
*

&+

0RGHG¶HPSORL
%HWULHEVDQZHLVXQJHQ
,VWUX]LRQLSHUO¶XVR
*HEUXLNVLQVWUXFWLHV
$QYlQGQLQJ
.l\WW|RKMHHW
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
,QVWXo}HVSDUD2SHUDomR
%UXJVDQYLVQLQJ
,QVWUXNVMRQHUIRUEUXN
1RWNXQDUOHEHLQLQJDU
1iYRGNREVOX]H
6(
),
(6
37
'.
12
,6
&=
2SHUDWLQJ,QVWUXFWLRQV
1iYRGQDSRXåtYDQLH
$VVHPEO\,QVWUXFWLRQV
,QVWUXFWLRQVG¶DVVHPEODJH
0RQWDJHDQZHLVXQJHQ
,VWUX]LRQLSHULOPRQWDJJLR
0RQWDJHLQVWUXFWLHV
0RQWHULQJ
.RNRDPLVRKMHHW
,QVWUXFFLRQHVGHDUPDGR
,QVWUXo}HVSDUD0RQWDJHQ
0RQWHULQJVYHMOHGQLQJ
,PRQWHULQJ
1iYRGQDPRQWiå
6PDODPiOVVNLSDQD
0RQWiåQtQiYRG
6.
&KDU%URLO//&&ROXPEXV*$3ULQWHGLQ&KLQD$VVHPEO\,QVWUXFWLRQV
*$6&2$/
%851(5
02'(/180%(5
¦¬®´² ¥²´²
,/
&+ ,7
&+ )5
*%
%( 1/ /8
&+ '($7
/8


,167$//(5$66(0%/(5
/HDYHWKLVPDQXDOZLWKFRQVXPHU
&21680(5
.HHSWKLVPDQXDOIRUIXWXUHUHIHUHQFH
4XHVWLRQV
,I\RXKDYHTXHVWLRQVGXULQJDVVHPEO\RUXVHRIWKLVDSSOLDQFH
FRQWDFW\RXUORFDOGHDOHU
'$1*(5
:$51,1*
,I\RXVPHOOJDV
 6KXWRIIJDVWRWKHDSSOLDQFH
 ([WLQJXLVKDQ\RSHQIODPHV
 2SHQOLG
 ,IRGRUFRQWLQXHVNHHSDZD\IURPWKHDSSOLDQFHDQG
LPPHGLDWHO\FDOO\RXUJDVVXSSOLHURU\RXUILUH
GHSDUWPHQW
 'RQRWVWRUHRUXVHSHWURORURWKHUIODPPDEOHOLTXLGV
LQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
 $JDVF\OLQGHUQRWFRQQHFWHGIRUXVHVKDOOQRWEH
VWRUHGLQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
&$87,21
y5HDGDQGIROORZDOOVDIHW\VWDWHPHQWVDVVHPEO\
LQVWUXFWLRQVDQGXVHDQGFDUHGLUHFWLRQVEHIRUH
DWWHPSWLQJWRDVVHPEOHDQGFRRN
y6RPHSDUWVPD\FRQWDLQVKDUSHGJHV:HDULQJ
SURWHFWLYHJORYHVLVUHFRPPHQGHG
*UHDVH)LUHV
y3XWWLQJRXWJUHDVHILUHVE\FORVLQJWKHOLGLVQRW
SRVVLEOH%DUEHFXHVDUHZHOOYHQWLODWHGIRUVDIHW\
UHDVRQV
y'RQRWXVHZDWHURQDJUHDVHILUH3HUVRQDOLQMXU\
PD\UHVXOW,IDSHUVLVWHQWJUHDVHILUHGHYHORSVWXUQ
NQREVDQGJDVF\OLQGHURII
y,IDSSOLDQFHKDVQRWEHHQUHJXODUO\FOHDQHGD
JUHDVHILUHFDQRFFXUWKDWPD\GDPDJHWKHSURGXFW
3D\FORVHDWWHQWLRQZKLOHSUHKHDWLQJRUEXUQLQJRII
IRRGUHVLGXHWRLQVXUHWKDWDJUHDVHILUHGRHVQRW
GHYHORS)ROORZLQVWUXFWLRQVRQJHQHUDODSSOLDQFH
FOHDQLQJDQGFOHDQLQJWKHEXUQHUDVVHPEO\WR
SUHYHQWJUHDVHILUHV7KHEHVWZD\WRSUHYHQWJUHDVH
ILUHVLVUHJXODUFOHDQLQJRIWKHDSSOLDQFH
y'RQRWOHDYHEDUEHFXHXQDWWHQGHGZKLOHSUHKHDWLQJ
RUEXUQLQJRIIIRRGUHVLGXHRQ+,,IEDUEHFXHKDV
QRWEHHQUHJXODUO\FOHDQHGDJUHDVHILUHFDQRFFXU
WKDWPD\GDPDJHWKHSURGXFW
:$51,1*
)RU6DIH8VHRI<RXU$SSOLDQFHDQGWR$YRLG
6HULRXV,QMXU\
 86(287'225621/<1(9(586(,1'2256
5HDGWKHLQVWUXFWLRQVEHIRUHXVLQJWKHDSSOLDQFH
$OZD\VIROORZWKHVHLQVWUXFWLRQV
y'RQRWPRYHWKHDSSOLDQFHGXULQJXVH
y$FFHVVLEOHSDUWVPD\EHYHU\KRW.HHS\RXQJFKLOGUHQ
DZD\'RQRWOHWFKLOGUHQRSHUDWHRUSOD\QHDUDSSOLDQFH
y7XUQRIIWKHJDVVXSSO\DWWKHF\OLQGHUDIWHUXVH
y7KLVDSSOLDQFHPXVWEHNHSWDZD\IURPIODPPDEOH
PDWHULDOVGXULQJXVH
y'RQRWEORFNKROHVLQVLGHVRUEDFNRIDSSOLDQFH
y&KHFNEXUQHUIODPHVUHJXODUO\
y'RQRWEORFNYHQWXULRSHQLQJVRQEXUQHU
y8VHDSSOLDQFHRQO\LQZHOOYHQWLODWHGVSDFH1(9(5XVH
LQHQFORVHGVSDFHVXFKDVFDUSRUWJDUDJHSRUFK
FRYHUHGSDWLRRUXQGHUDQRYHUKHDGVWUXFWXUHRIDQ\NLQG
y'2127FRYHUJUDWHVZLWKDOXPLQXPIRLORUDQ\RWKHU
PDWHULDO7KLVZLOOEORFNEXUQHUYHQWLODWLRQDQGFUHDWHD
SRWHQWLDOO\GDQJHURXVFRQGLWLRQUHVXOWLQJLQSURSHUW\
GDPDJHDQGRUSHUVRQDOLQMXU\
y8VHDSSOLDQFHDWOHDVWPIURPDQ\ZDOORUVXUIDFH
y0DLQWDLQPFOHDUDQFHWRREMHFWVWKDWFDQFDWFKILUHRU
VRXUFHVRILJQLWLRQVXFKDVSLORWOLJKWVRQZDWHUKHDWHUV
OLYHHOHFWULFDODSSOLDQFHVHWF
y1(9(5DWWHPSWWROLJKWEXUQHUZLWKOLGFORVHG$EXLOGXS
RIQRQLJQLWHGJDVLQVLGHDFORVHGDSSOLDQFHLVKD]DUGRXV
y$OZD\VWXUQRIIJDVDWF\OLQGHUDQGGLVFRQQHFWUHJXODWRU
EHIRUHPRYLQJJDVF\OLQGHUIURPVSHFLILHGRSHUDWLQJ
SRVLWLRQ
y1HYHURSHUDWHDSSOLDQFHZLWKJDVF\OLQGHURXWRIFRUUHFW
SRVLWLRQVSHFLILHG
y'RQRWPRGLI\WKHDSSOLDQFH$Q\PRGLILFDWLRQVLVVWULFWO\
SURKLELWHG6HDOHGSDUWVDUHQRWWREHPDQLSXODWHGE\WKH
XVHU'RQRWGLVDVVHPEOHLQMHFWRUV
*%
P
P


5HJXODWRU5HTXLUHPHQWV
$UHJXODWRUPXVWEHXVHGZLWKWKLVDSSOLDQFH8VHRQO\JDV
UHJXODWRUVXSSOLHGZLWK\RXUEDUEHTXH,IDUHJXODWRULVQRW
VXSSOLHGWKHQXVHRQO\UHJXODWRUFHUWLILHGDFFRUGLQJWR
(1)ORZUDWHPD[NJKDQGDSSURYHGIRU\RXU
FRXQWU\DQGJDVVSHFLILHGLQ7HFKQLFDO'DWD
+RVH5HTXLUHPHQWV
8VHRQO\DSSURYHGKRVHZKLFKLVFHUWLILHGWRDSSURSULDWH(1
VWDQGDUGDQGGRHVQRWH[FHHGPOHQJWK)RU)LQODQGWKH
KRVHOHQJWKVKDOOQRWH[FHHGP
%HIRUHHDFKXVHFKHFNWRVHHLIKRVHVDUHFXWRUZRUQ0DNH
VXUHKRVHLVQRWNLQNHG0DNHVXUHWKDWZKHQFRQQHFWHGKRVH
GRHVQRWWRXFKDQ\ZDUPVXUIDFHV5HSODFHGDPDJHGKRVHV
EHIRUHXVLQJDSSOLDQFH5HSODFHKRVHDVUHTXLUHGE\QDWLRQDO
UHTXLUHPHQWV
6DIHW\7LSV
y%HIRUHRSHQLQJJDVF\OLQGHUYDOYHFKHFNWKHUHJXODWRUIRU
WLJKWQHVV
y:KHQDSSOLDQFHLVQRWLQXVHWXUQRIIDOOFRQWURONQREVDQG
JDV
y8VHORQJKDQGOHGEDUEHFXHXWHQVLOVDQGRYHQPLWWVWRDYRLG
EXUQVDQGVSODWWHUV8VHSURWHFWLYHJORYHVZKHQKDQGOLQJ
KRWFRPSRQHQWV
y0D[LPXPORDGIRUKRWSODWHDQGVLGHVKHOILV.J
&RRNLQJYHVVHOPLQLPXPGLDPPDQGPD[LPXPGLD
PP
y7KHJUHDVHFXSLIHTXLSSHGPXVWEHLQVHUWHGLQWRDSSOLDQFH
DQGHPSWLHGDIWHUHDFKXVH'RQRWUHPRYHJUHDVHFXSXQWLO
DSSOLDQFHKDVFRPSOHWHO\FRROHG
y%HYHU\FDUHIXOZKHQ\RXRSHQWKHOLGVLQFHKRWVWHDPPD\
HVFDSH
y%HYHU\FDUHIXOZKHQFKLOGUHQWKHHOGHUO\RUSHWVDUH
QHDUE\
y,I\RXQRWLFHJUHDVHRURWKHUKRWPDWHULDOGULSSLQJIURP
DSSOLDQFHRQWRYDOYHKRVHRUUHJXODWRUWXUQRIIJDVVXSSO\DW
RQFH'HWHUPLQHWKHFDXVHFRUUHFWLWWKHQFOHDQDQG
LQVSHFWYDOYHKRVHDQGUHJXODWRUEHIRUHFRQWLQXLQJ
3HUIRUPDOHDNWHVW
y'RQRWVWRUHREMHFWVRUPDWHULDOVLQVLGHWKHDSSOLDQFHFDUW
HQFORVXUHWKDWZRXOGEORFNWKHIORZRIFRPEXVWLRQDLUWRWKH
XQGHUVLGHRIHLWKHUWKHFRQWUROSDQHORUWKHILUHER[ERZO
y'2127GLVFRQQHFWRUFKDQJHJDVFRQWDLQHUZLWKLQPRIDQ
RSHQIODPHRURWKHULJQLWLRQVRXUFH
:$51,1*
7XUQFRQWUROVDQGJDVF\OLQGHURIIZKHQQRWLQXVH
*%
,ILJQLWLRQGRHV127RFFXULQVHFRQGVWXUQWKHEXUQHU
FRQWUROV¬ RIIZDLWPLQXWHVDQGUHSHDWWKHOLJKWLQJ
SURFHGXUH,IWKHEXUQHUGRHVQRWLJQLWHZLWKWKHYDOYH
RSHQJDVZLOOFRQWLQXHWRIORZRXWRIWKHEXUQHUDQG
FRXOGDFFLGHQWO\LJQLWHZLWKULVNRILQMXU\
&$87,21
*DV/LJKWLQJ,QVWUXFWLRQV,JQLWRU/LJKWLQJ
'RQRWOHDQRYHUEDUEHFXHZKLOHOLJKWLQJ
7XUQJDVEXUQHUFRQWUROYDOYHVWR RII
2SHQOLGGXULQJOLJKWLQJRUUHOLJKWLQJ
7XUQ21JDVDW/3F\OLQGHU
7RLJQLWHSXVKDQGWXUQ,*1,7,21%851(5NQREWR 
+,*+,PPHGLDWHO\SXVKDQGKROG(/(&7521,&,*1,725
EXWWRQ
XQWLOWKHEXUQHUOLJKWV
,ILJQLWLRQGRHV127RFFXULQVHFRQGVWXUQWKHEXUQHU
FRQWUROVRII ZDLWPLQXWHVDQGUHSHDWWKHOLJKWLQJ
SURFHGXUH
7RLJQLWHUHPDLQLQJEXUQHUVWXUQNQREWRWKH +,*+SRVLWLRQ
VWDUWLQJZLWKWKHEXUQHUVFORVHVWWR,*1,7,21%851(5
ILUVW
0DWFK/LJKWLQJ
'RQRWOHDQRYHUEDUEHFXHZKLOHOLJKWLQJ
7XUQJDVEXUQHUFRQWUROYDOYHVWR RII
2SHQOLGGXULQJOLJKWLQJRUUHOLJKWLQJ
7XUQ21JDVDW/3F\OLQGHU
3ODFHPDWFKLQWRPDWFKKROGHUKDQJLQJIURPVLGHSDQHORI
EDUEHFXH/LJKWPDWFKWKHQOLJKWEXUQHUE\SODFLQJPDWFK
WKURXJKWKHPDWFKOLJKWKROHRQVLGHRIEDUEHFXH,PPHGLDWHO\
SXVKLQDQGWXUQEXUQHUNQREWRWKH¬+,*+SRVLWLRQ%HVXUH
EXUQHUOLJKWVDQGVWD\VOLW
/LJKWDGMDFHQWEXUQHUVLQVHTXHQFHE\SXVKLQJNQREVLQDQG
WXUQLQJWRWKH +,*+SRVLWLRQ
&\OLQGHU3ODFHPHQW
&\OLQGHUFDQQRWEHSODFHGXQGHURULQWKHDSSOLDQFH&\OLQGHUV
DUHWREHSODFHGWRWKHVLGHDQGUHDURIWKHDSSOLDQFH
&\OLQGHUVDUHWREHDPD[LPXPGLDPHWHURIPPDQG
PD[LPXPKHLJKWRIPP&\OLQGHUVSODFHGRQWKHJURXQG
VKDOOQRWEHSODFHGXQGHUWKHKRWSODWH


&$87,21
63,'(5$/(57
,I\RXUEDUEHTXHLVJHWWLQJKDUGWROLJKWRUWKHIODPHLVZHDN
FKHFNDQGFOHDQWKHYHQWXULVDQGEXUQHUV
6SLGHUVRUVPDOOLQVHFWVDUHNQRZQWRFUHDWH³IODVKEDFN´
SUREOHPVE\EXLOGLQJQHVWVDQGOD\LQJHJJVLQWKHEDUEHTXH¶V
YHQWXULRUEXUQHUREVWUXFWLQJWKHIORZRIJDV7KHEDFNHGXS
JDVFDQLJQLWHEHKLQGWKHFRQWUROSDQHO7KLVIODVKEDFNFDQ
GDPDJH\RXUEDUEHTXHDQGFDXVHLQMXU\7RSUHYHQW
IODVKEDFNVDQGHQVXUHJRRGSHUIRUPDQFHWKHEXUQHUDQG
YHQWXULWXEHDVVHPEO\VKRXOGEHUHPRYHGDQGFOHDQHG
ZKHQHYHUWKHEDUEHTXHKDVEHHQLGOHIRUDQH[WHQGHGSHULRG
RIWLPH
63,'(5$1':(%6
,16,'(%851(5
,)$33/,$1&()$,/672/,*+7
y0DNHVXUHJDVLVWXUQHGRQDWF\OLQGHU
y0DNHVXUHWKHUHLVJDVLQWKHF\OLQGHU
y'RHVWKHLJQLWRUPDNHDVSDUNLQJQRLVH"
,I\HVFKHFNIRUVSDUNDWEXUQHU
,IQRVSDUNFKHFNIRUGDPDJHGRUORRVHZLUHV
y,IZLUHVDUH2.FKHFNIRUFUDFNHGRUEURNHQHOHFWURGH
UHSODFHLIQHHGHG
y,IZLUHRUHOHFWURGHVDUHFRYHUHGE\FRRNLQJUHVLGXHFOHDQ
HOHFWURGHWLSZLWKDOFRKROZLSHLIQHHGHG
y,IQHHGHGUHSODFHZLUHV
y,IQRVRXQGFKHFNEDWWHU\
y0DNHVXUHEDWWHU\LVLQVWDOOHGFRUUHFWO\
y&KHFNIRUORRVHZLUHFRQQHFWLRQDWPRGXOHDQGVZLWFK
y,ILJQLWRUFRQWLQXHVWRQRWZRUNWKHQXVHPDWFK
/HDN7HVWLQJ9DOYHV+RVHDQG5HJXODWRU
/HDNWHVWEHIRUHILUVWXVHDWOHDVWRQFHD\HDUDQGHYHU\WLPH
WKHF\OLQGHULVFKDQJHGRUGLVFRQQHFWHG
 7XUQDOODSSOLDQFHFRQWURONQREVWR 
 %HVXUHUHJXODWRULVWLJKWO\FRQQHFWHGWRJDVF\OLQGHU
 7XUQRQ*DV,I\RXKHDUDUXVKLQJVRXQGWXUQJDVRII
LPPHGLDWHO\7KHUHLVDPDMRUOHDNDWWKHFRQQHFWLRQ
&RUUHFWEHIRUHSURFHHGLQJ
 %UXVKVRDS\VROXWLRQPL[WXUHRIKDOIVRDSDQGKDOIZDWHU
RQWRKRVHFRQQHFWLRQV
 ,IJURZLQJEXEEOHVDSSHDUWKHUHLVDOHDN7XUQRIIJDVDW
F\OLQGHULPPHGLDWHO\DQGFKHFNWLJKWQHVVRIFRQQHFWLRQV,I
OHDNFDQQRWEHVWRSSHGGRQRWWU\WRUHSDLU&DOOIRU
UHSODFHPHQWSDUWV
 $OZD\VWXUQRIIJDVDWF\OLQGHUDIWHUSHUIRUPLQJOHDNWHVW
*%
+RWSODWH0DWFK/LJKWLQJ
'RQRWOHDQRYHUEDUEHFXHZKLOHOLJKWLQJ
 7XUQJDVEXUQHUFRQWUROYDOYHVWR RII
 2SHQOLGGXULQJOLJKWLQJRUUHOLJKWLQJ
 7XUQ21JDVDW/3F\OLQGHU
 3ODFHOLWPDWFKQHDUEXUQHU,PPHGLDWHO\WXUQKRWSODWHNQRE
WRWKH +,*+SRVLWLRQ%HVXUHEXUQHUOLJKWVDQGVWD\VOLW
127(<RXUEDUEHFXHPD\127EHHTXLSSHGZLWKD
+RWSODWH
+RWSODWH,JQLWRU/LJKWLQJ
'RQRWOHDQRYHUEDUEHFXHZKLOHOLJKWLQJ
 7XUQJDVEXUQHUFRQWUROYDOYHVWR RII
 2SHQOLGGXULQJOLJKWLQJRUUHOLJKWLQJ
 7XUQ21JDVDW/3F\OLQGHU
 7XUQKRWSODWHNQREWRWKH¬+,*+SRVLWLRQSXVKDQGKROG
(/(&7521,&,*1,725EXWWRQ
 ,IKRWSODWHGRHV127OLJKWZLWKLQVHFRQGVWXUQNQREWR
RIIZDLWPLQXWHVWKHQUHSHDWOLJKWLQJSURFHGXUH


&KDUFRDO/LJKWLQJ,QVWUXFWLRQV
 :LWKDFROGEDUEHFXHUHPRYHFRRNLQJJUDWHVDQGKHDWWHQWV
 3ODFHFKDUFRDOWUD\LQEDUEHFXH
 3ODFHVLQJOHOD\HURIFKDUFRDOLQWUD\NJPD[LPXP
 5HSODFHFRRNLQJJUDWHV
 :LWKOLGRSHQLJQLWHEXUQHUVXVLQJ*DV/LJKWLQJ,QVWUXFWLRQV
 2SHUDWHJDVEXUQHUVRQ +,*+IRUPLQXWHVZLWKOLGFORVHG
 7XUQFRQWUROVNQREVWR RII
 2SHQOLGDQGZDLWPLQXWHVRUXQWLOWKHFKDUFRDOWXUQVZKLWH
EHIRUHDGGLQJIRRG
 'RQRWFRRNEHIRUHIXHOKDVDFRDWLQJRIDVK
y'RQRWRSHUDWHJDVEXUQHUVIRUPRUHWKDQPLQXWHV
ZKHQXVLQJFKDUFRDO
y:$51,1*'RQRWXVHVSLULWRUSHWUROIRUOLJKWLQJRUUH
OLJKWLQJ8VHRQO\ILUHOLJKWHUVFRPSO\LQJWR(1
y1HYHUXVHOLJKWHUIOXLGNHURVHQHJDVROLQHRUDOFRKROWR
OLJKWFKDUFRDO
y1HYHUXVHZRRGFKXQNVRULQVWDQWOLJKWLQ\RXU
EDUEHFXH
y6WDUWFKDUFRDO21/<ZLWKFKDUFRDOWUD\SURSHUO\SODFHG
LQWKHILUHER[6HHILJXUH
y5HPRYHFKDUFRDOWUD\IURPILUHER[DQGVWRUHZKHQ
XVLQJDVDJDVRQO\EDUEHFXH
y'RQRWRSHUDWHJDVEXUQHUZLWKFKDUFRDOWUD\LQVWDOOHGLQ
WKHILUHER[ZLWKRXWFKDUFRDO
&$5%210212;,'(+$=$5'%XUQLQJFKDUFRDOLQVLGHFDQ
NLOO\RX,WJLYHVRIIFDUERQPRQR[LGHZKLFKKDVQRRGRU
1(9(5EXUQFKDUFRDOLQVLGHKRPHVYHKLFOHVRUWHQWV
$IWHUDFKDUFRDOILUHDSSHDUVH[WLQJXLVKHGXQFRQVXPHG
HPEHUVFDQUHWDLQKHDWIRUXSWRKRXUVDQGLIIUHVKDLUFDQ
EXUVWLQWRIODPHXQH[SHFWHGO\$Q\VXFKHPEHUVRXWVLGHWKH
ILUHER[RIWKHEDUEHFXHSRVHDILUHKD]DUGDQGH[SRVHGWRFDQ
LJQLWHFRPEXVWLEOHVXUIDFHVVXFKDVZRRGHQGHFNV
3URSHU&KDUFRDO7UD\3ODFHPHQW
5HPRYH&RRNLQJ*UDWHVDQG+HDW7HQWV
:$51,1*
:$51,1*
:$51,1*
*%
&OHDQLQJ5HFRPPHQGDWLRQV
y&OHDQXSRIWKHEDUEHFXHDIWHUHDFKFKDUFRDOXVHLVUHTXLUHG
y0DNHVXUHFRDOVDUHFRPSOHWHO\H[WLQJXLVKHGDQGWKHXQLW
KDVDGHTXDWHO\FRROHGEHIRUHFOHDQLQJ
y5HPRYHGFKDUFRDOWUD\DQGFOHDQRXWDOODVKHV
1RWH$IWHUXVHWKHFKDUFRDOWUD\PD\GLVFRORU7KLVLVQRUPDO
GXULQJXVH
127(7KHEDUEHFXHVKRXOGEHKHDWHGXSDQGWKHIXHONHSWUHGKRW
IRUDWOHDVWPLQXWHVSULRUWR\RXUILUVWFRRN


6WRULQJ<RXU$SSOLDQFH
*HQHUDO$SSOLDQFH&OHDQLQJ
+¡\UH
VNLQQH
&OHDQDSSOLDQFHRIWHQSUHIHUDEO\DIWHUHDFKFRRNRXW,ID
EULVWOHEUXVKLVXVHGWRFOHDQDQ\RIWKHDSSOLDQFHFRRNLQJ
VXUIDFHVHQVXUHQRORRVHEULVWOHVUHPDLQRQFRRNLQJVXUIDFHV
SULRUWREDUEHFXHLQJ,WLVQRWUHFRPPHQGHGWRFOHDQFRRNLQJ
VXUIDFHZKLOHDSSOLDQFHLVKRW$SSOLDQFHVKRXOGEHFOHDQHG
DWOHDVWRQFHD\HDU
'RQRWPLVWDNHEURZQRUEODFNDFFXPXODWLRQRIJUHDVHDQG
VPRNHIRUSDLQW,QWHULRUVRIJDVEDUEHFXHVDUHQRWSDLQWHGDW
WKHIDFWRU\DQGVKRXOGQHYHUEHSDLQWHG$SSO\DVWURQJ
VROXWLRQRIGHWHUJHQWDQGZDWHURUXVHDDSSOLDQFHFOHDQHU
ZLWKVFUXEEUXVKRQLQVLGHVRIDSSOLDQFHOLGDQGERWWRP
5LQVHDQGDOORZWRFRPSOHWHO\DLUGU\'RQRWDSSO\FDXVWLF
DSSOLDQFHRYHQFOHDQHUWRSDLQWHGVXUIDFHV
 3ODVWLFSDUWV:DVKZLWKZDUPVRDS\ZDWHUDQGZLSHGU\
 'RQRWXVHFLWULVRODEUDVLYHFOHDQHUVGHJUHDVHUVRUD
FRQFHQWUDWHGDSSOLDQFHFOHDQHURQSODVWLFSDUWV'DPDJHWR
DQGIDLOXUHRISDUWVFDQUHVXOW
3RUFHODLQVXUIDFHV%HFDXVHRIJODVVOLNHFRPSRVLWLRQPRVW
UHVLGXHFDQEHZLSHGDZD\ZLWKEDNLQJVRGDZDWHUVROXWLRQRU
VSHFLDOO\IRUPXODWHGFOHDQHU8VHQRQDEUDVLYHVFRXULQJ
SRZGHUIRUVWXEERUQVWDLQV
3DLQWHGVXUIDFHV:DVKZLWKPLOGGHWHUJHQWRUQRQDEUDVLYH
FOHDQHUDQGZDUPVRDS\ZDWHU:LSHGU\ZLWKDVRIW
QRQDEUDVLYHFORWK
6WDLQOHVVVWHHOVXUIDFHV7RPDLQWDLQ\RXUDSSOLDQFH¶VKLJK
TXDOLW\DSSHDUDQFHZDVKZLWKPLOGGHWHUJHQWDQGZDUP
VRDS\ZDWHUDQGZLSHGU\ZLWKDVRIWFORWKDIWHUHDFKXVH
%DNHGRQJUHDVHGHSRVLWVPD\UHTXLUHWKHXVHRIDQDEUDVLYH
SODVWLFFOHDQLQJSDG8VHRQO\LQGLUHFWLRQRIEUXVKHGILQLVKWR
DYRLGGDPDJH'RQRWXVHDEUDVLYHSDGRQDUHDVZLWK
JUDSKLFV
 &RRNLQJVXUIDFHV,IDEULVWOHEUXVKLVXVHGWRFOHDQDQ\RIWKH
DSSOLDQFHFRRNLQJVXUIDFHVHQVXUHQRORRVHEULVWOHVUHPDLQ
RQFRRNLQJVXUIDFHVSULRUWREDUEHFXHLQJ,WLVQRW
UHFRPPHQGHGWRFOHDQFRRNLQJVXUIDFHVZKLOHDSSOLDQFHLV
KRW
&OHDQFRRNLQJJUDWHV
6WRUHLQGU\ORFDWLRQ
:KHQJDVF\OLQGHULVFRQQHFWHGWRDSSOLDQFHVWRUHRXWGRRUV
LQDZHOOYHQWLODWHGVSDFHDQGRXWRIUHDFKRIFKLOGUHQ
&RYHUDSSOLDQFHLIVWRUHGRXWGRRUV
6WRUHDSSOLDQFHLQGRRUV21/<LIJDVF\OLQGHULVWXUQHGRIIDQG
GLVFRQQHFWHGUHPRYHGIURPDSSOLDQFHDQGVWRUHGRXWGRRUV
:KHQUHPRYLQJDSSOLDQFHIURPVWRUDJHFKHFNIRUEXUQHU
REVWUXFWLRQV
*%
&OHDQLQJWKH%XUQHU$VVHPEO\
9(5<,03257$17%XUQHUWXEHVPXVWUHHQJDJH
YDOYHRSHQLQJV6HHLOOXVWUDWLRQVDWULJKW
&RUUHFWEXUQHUWR
YDOYHHQJDJHPHQW
3U\RIIHOHFWURGHZLWKD
IODWHEODGHVFUHZGULYHU
(OHFWURGH
(OHFWURGH
5HPRYH
VFUHZV
&DUU\RYHUWXEH
)LUHER[
)LUHER[%XUQHU6XSSRUW
)ROORZWKHVHLQVWUXFWLRQVWRFOHDQDQGRUUHSODFHSDUWVRIEXUQHU
DVVHPEO\RULI\RXKDYHWURXEOHLJQLWLQJEDUEHFXH
 7XUQJDVRIIDWFRQWURONQREVDQG/3F\OLQGHU
 5HPRYHFRRNLQJJUDWHVDQGKHDWWHQWV
 5HPRYHFDUU\RYHUWXEHVDQGKDUGZDUHVHFXULQJEXUQHUV
 'HWDFKHOHFWURGHIURPEXUQHU
127(5HPRYDO'HWDFKPHQWPHWKRGZLOOGHSHQGRQWKHEXUQHU
FRQILJXUDWLRQ6HHGLIIHUHQWFRQILJXUDWLRQVLQLOOXVWUDWLRQVEHORZ
 &DUHIXOO\OLIWHDFKEXUQHUXSDQGDZD\IURPYDOYHRSHQLQJV
:HVXJJHVWWKUHHZD\VWRFOHDQWKHEXUQHUWXEHV8VHWKH
RQHHDVLHVWIRU\RX
$ %HQGDVWLIIZLUHDOLJKWZHLJKWFRDWKDQJHUZRUNVZHOO
LQWRDVPDOOKRRN5XQWKHKRRNWKURXJKHDFKEXUQHUWXEH
VHYHUDOWLPHV
% 8VHDQDUURZERWWOHEUXVKZLWKDIOH[LEOHKDQGOHGRQRW
XVHDEUDVVZLUHEUXVK5XQWKHEUXVKWKURXJKHDFK
EXUQHUWXEHVHYHUDOWLPHV
& :HDUH\HSURWHFWLRQ8VHDQDLUKRVHWRIRUFHDLULQWR
WKHEXUQHUWXEHDQGRXWWKHEXUQHUSRUWV&KHFNHDFKSRUW
WRPDNHVXUHDLUFRPHVRXWHDFKKROH
 :LUHEUXVKHQWLUHRXWHUVXUIDFHRIEXUQHUWRUHPRYHIRRG
UHVLGXHDQGGLUW
 &OHDQDQ\EORFNHGSRUWVZLWKDVWLIIZLUHVXFKDVDQRSHQ
SDSHUFOLS
 &KHFNEXUQHUIRUGDPDJHGXHWRQRUPDOZHDUDQGFRUURVLRQ
VRPHKROHVPD\EHFRPHHQODUJHG,IDQ\ODUJHFUDFNVRU
KROHVDUHIRXQGUHSODFHEXUQHU
 $WWDFKHOHFWURGHWREXUQHU
 &DUHIXOO\UHSODFHEXUQHUV
 $WWDFKEXUQHUVWREUDFNHWVRQILUHER[
 5HSRVLWLRQFDUU\RYHUWXEHVDQGDWWDFKWREXUQHUV5HSODFH
KHDWWHQWVDQGFRRNLQJJUDWHV
 %HIRUHFRRNLQJDJDLQRQEDUEHFXHSHUIRUPD³/HDN7HVW´
DQG³%XUQHU)ODPH&KHFN´
)LUHER[
&DUU\RYHUWXEH
)LUHER[%XUQHU6XSSRUW

*%
7(&+1,&$/'$7$
&+$5%52,///&
$SSOLDQFH1DPH
*DV%DUEHTXH*DV*ULOO
7RWDO1RPLQDO+HDW,QSXW
N:JK
*DV&DWHJRU\
,
,%3
,%3
0RGHO1R

&+
*DV7\SH
%XWDQH
3URSDQH
%XWDQH3URSDQHRUWKHLU
PL[WXUHV
%XWDQH3URSDQHRUWKHLU
PL[WXUHV
*DV3UHVVXUH
PEDU
PEDU
PEDU
PEDU
,QMHFWRU6L]H'LDPP
%DUEHFXH[SFV
%DUEHFXH[SFV
%DUEHFXH[SFV
+RWSODWH[SFV
+RWSODWH[SFV
+RWSODWH[SFV
'HVWLQDWLRQ&RXQWULHV
*%)5%((6,737&=
6.
'.121/6(),,6
&=,76.
$7'(&+/8
(OHFWULFDO6XSSO\
9'&%DWWHU\


,167$//$7(85$66(0%/(85
5HPHWWH]FHPDQXHODXFRQVRPPDWHXU
&216200$7(85
&RQVHUYH]FHPDQXHOSRXUUpIpUHQFHXOWpULHXUH
4XHVWLRQV
6LYRXVDYH]GHVTXHVWLRQVSHQGDQWODVVHPEODJHRX
OXWLOLVDWLRQGHFHWDSSDUHLOFRQWDFWH]YRWUHUHYHQGHXUORFDO
'$1*(5
$9(57,66(0(17
6LYRXVVHQWH]XQHRGHXUGHJD]
 &RXSH]ODOLPHQWDWLRQHQJD]GHODSSDUHLO
 eWHLJQH]WRXWHIODPPHQXH
 2XYUH]OHFRXYHUFOH
 6LORGHXUSHUVLVWHWHQH]YRXVjOpFDUWGHODSSDUHLO
HWDSSHOH]LPPpGLDWHPHQWYRWUHIRXUQLVVHXUGHJD]RX
ODFDVHUQHGHSRPSLHUVODSOXVSURFKH
 1HQWUHSRVH]SDVRXQXWLOLVH]SDVGHOHVVHQFHRX
GDXWUHVOLTXLGHVLQIODPPDEOHVjSUR[LPLWpGHFHW
DSSDUHLORXGHWRXWDXWUHDSSDUHLO
 8QHERQERQQHGHJD]QRQUDFFRUGpHQHGRLWSDVrWUH
HQWUHSRVpHjSUR[LPLWpGHFHWDSSDUHLORXGHWRXW
DXWUHDSSDUHLO
0,6((1*$5'(
yº/LVH]HWVXLYH]WRXWHVOHVFRQVLJQHVGHVpFXULWpOHV
LQVWUXFWLRQVGDVVHPEODJHHWFRQVLJQHVGXWLOLVDWLRQHW
GHQWUHWLHQDYDQWGHVVD\HUGDVVHPEOHUHWGHFXLVLQHU
yº&HUWDLQHVSLqFHVSHXYHQWFRQWHQLUGHVUHERUGVWUDQFKDQWV,O
HVWUHFRPPDQGpGHSRUWHUGHVJDQWVGHSURWHFWLRQ
)HX[GHJUDLVVH
y,OQHVWSDVSRVVLEOHGpWHLQGUHOHVIHX[GHJUDLVVH
HQIHUPDQWOHFRXYHUFOH/HVEDUEHFXHVVRQWELHQ
YHQWLOpVSRXUGHVUDLVRQVGHVpFXULWp
y1XWLOLVH]SDVGHDXVXUXQIHXGHJUDLVVHFHODSHXW
HQWUDvQHUGHVEOHVVXUHV6LXQIHXGHJUDLVVH
SHUVLVWDQWVHGpYHORSSHIHUPH]OHVERXWRQVGH
UpJODJHHWODERQERQQHGHJD]
y6LODSSDUHLOQDSDVpWpQHWWR\pUpJXOLqUHPHQWXQIHX
GHJUDLVVHSHXWVHSURGXLUHHWLOSRXUUDLW
HQGRPPDJHUOHSURGXLW)DLWHVSDUWLFXOLqUHPHQW
DWWHQWLRQSHQGDQWOHSUpFKDXIIDJHRXORUVTXHYRXV
EUOH]GHVUpVLGXVDOLPHQWDLUHVSRXUYRXVDVVXUHU
TXXQIHXGHJUDLVVHQHGpPDUUHSDV6XLYH]OHV
LQVWUXFWLRQVVXUOHQHWWR\DJHJpQpUDOGHODSSDUHLOHW
VXUOHQHWWR\DJHGHOHQVHPEOHGXEUOHXUSRXUpYLWHU
OHVIHX[GHJUDLVVH/DPHLOOHXUHIDoRQGpYLWHUOHV
IHX[GHJUDLVVHHVWGHQHWWR\HUUpJXOLqUHPHQW
ODSSDUHLO
y1HODLVVH]SDVOHEDUEHFXHVDQVVXUYHLOODQFH
SHQGDQWOHSUpFKDXIIDJHRXORUVTXHYRXVEUOH]GHV
UpVLGXVDOLPHQWDLUHVVXU+,6LOHEDUEHFXHQDSDV
pWpQHWWR\pUpJXOLqUHPHQWXQIHXGHJUDLVVHSHXWVH
SURGXLUHHWLOSRXUUDLWHQGRPPDJHUOHSURGXLW
$9(57,66(0(17
3RXUXQHXWLOLVDWLRQVUHGHODSSDUHLOHWDILQ
GpYLWHUGHJUDYHVEOHVVXUHV
 87,/,6(=81,48(0(17/(;7e5,(851(/87,/,6(=
-$0$,6/,17e5,(85/LVH]OHVLQVWUXFWLRQVDYDQWGXWLOLVHU
ODSSDUHLO6XLYH]WRXMRXUVFHVLQVWUXFWLRQV
y1HGpSODFH]SDVODSSDUHLOSHQGDQWVRQXWLOLVDWLRQ
y/HVSDUWLHVDFFHVVLEOHVSHXYHQWrWUHWUqVFKDXGHV7HQH]OHV
HQIDQWVHQEDVkJHjOpFDUW1HODLVVH]SDVOHVHQIDQWV
PDQLSXOHURXMRXHUSUqVGHODSSDUHLO
y&RXSH]ODOLPHQWDWLRQHQJD]DXQLYHDXGHODERQERQQHGHJD]
DSUqVXWLOLVDWLRQ
y&HWDSSDUHLOGRLWrWUHWHQXjOpFDUWGHVPDWLqUHVLQIODPPDEOHV
SHQGDQWOXWLOLVDWLRQ
y1REVWUXH]SDVOHVWURXVGDQVOHVF{WpVRXjODUULqUHGH
ODSSDUHLO
y9pULILH]UpJXOLqUHPHQWOHVIODPPHVGHVEUOHXUV
y1REVWUXH]SDVOHVRXYHUWXUHVYHQWXULVXUOHEUOHXU
y8WLOLVH]ODSSDUHLOXQLTXHPHQWGDQVGHVHVSDFHVELHQYHQWLOpV
1HOXWLOLVH]-$0$,6GDQVXQHVSDFHFORVFRPPHXQDEULSRXU
YRLWXUHXQJDUDJHXQSRUFKHXQHWHUUDVVHFRXYHUWHRXVRXV
XQHVWUXFWXUHVXVSHQGXHGHWRXWHVRUWH
y1XWLOLVH]SDVGHEULTXHWWHVHQFKDUERQGHERLVRXHQFpUDPLTXH
GDQVXQDSSDUHLOjJD]
y1(&2895(=3$6OHVJULOOHVDYHFGXSDSLHUDOXPLQLXPRXWRXW
DXWUHPDWpULDX&HODEORTXHUDODYHQWLODWLRQGXEUOHXUHWFUpHUD
XQHQYLURQQHPHQWSRWHQWLHOOHPHQWGDQJHUHX[SRXYDQWFDXVHU
GHVGpJkWVPDWpULHOVHWRXGHVEOHVVXUHV
y8WLOLVH]ODSSDUHLOjDXPRLQVPGHWRXWPXURXGHWRXWH
VXUIDFH
y0DLQWHQH]XQHVSDFHGHPDYHFOHVREMHWVTXLSHXYHQW
VHQIODPPHURXGHVVRXUFHVGLJQLWLRQFRPPHGHVYR\DQWV
OXPLQHX[VXUOHVFKDXIIHHDXGHVDSSDUHLOVpOHFWULTXHV
VRXVWHQVLRQHWF
y1HWHQWH]-$0$,6GDOOXPHUXQEUOHXUDYHFOHFRXYHUFOH
IHUPp8QHDFFXPXODWLRQGHJD]QRQDOOXPpjOLQWpULHXU
GXQDSSDUHLOIHUPpHVWGDQJHUHX[
y&RXSH]WRXMRXUVOHJD]DXQLYHDXGHODERQERQQHHW
GpFRQQHFWH]OHUpJXODWHXUDYDQWGHGpSODFHUODERQERQQH
GHJD]GHVDSRVLWLRQ
y1XWLOLVH]MDPDLVODSSDUHLODYHFXQHERQERQQHGHJD]HQ
GHKRUVGHVDERQQHSRVLWLRQ
y1HPRGLILH]SDVODSSDUHLO7RXWHPRGLILFDWLRQHVW
VWULFWHPHQWLQWHUGLWH/HVSDUWLHVVRXGpHVQHGRLYHQWSDV
rWUHPDQLSXOpHVSDUOXWLOLVDWHXU1HGpPRQWH]SDVOHV
LQMHFWHXUV
P
P
&+ )5


([LJHQFHVUHODWLYHVDXUpJXODWHXU
8QUpJXODWHXUGRLWrWUHXWLOLVpDYHFFHWDSSDUHLO8WLOLVH]
XQLTXHPHQWXQUpJXODWHXUjJD]IRXUQLDYHFYRWUHEDUEHFXH
6LXQUpJXODWHXUQHVWSDVIRXUQLXWLOLVH]DORUVXQLTXHPHQWXQ
UpJXODWHXUFHUWLILpVHORQ(1'pELWPD[NJKHW
DSSURXYpSRXUYRWUHSD\VHWYRWUHJD]LQGLTXpVGDQVOHV
'RQQpHVWHFKQLTXHV
([LJHQFHVUHODWLYHVDXWX\DX
8WLOLVH]XQLTXHPHQWXQWX\DXDSSURXYpTXLHVWFHUWLILpVHORQOHV
QRUPHV(1HWTXLQHGpSDVVHSDVPGHORQJ3RXUOD
)LQODQGHODORQJXHXUGXWX\DXQHGRLWSDVGpSDVVHUP
$YDQWFKDTXHXWLOLVDWLRQYpULILH]VLOHVWX\DX[VRQWFRXSpVRX
XVpV$VVXUH]YRXVTXHOHWX\DXQHVWSDVHQWRUWLOOp$VVXUH]
YRXVTXXQHIRLVFRQQHFWpOHWX\DXQHWRXFKHDXFXQHVXUIDFH
FKDXGH5HPSODFH]OHVWX\DX[HQGRPPDJpVDYDQWGXWLOLVHU
ODSSDUHLO5HPSODFH]OHWX\DXWHOTXHUHTXLVSDUOHVH[LJHQFHV
QDWLRQDOHV
&RQVHLOVGHVpFXULWp
y$YDQWGRXYULUODYDQQHGXJD]YpULILH]OpWDQFKpLWpGX
UpJXODWHXU
y/RUVTXHODSSDUHLOQHVWSDVHQFRXUVGXWLOLVDWLRQIHUPH]
WRXVOHVERXWRQVGHFRPPDQGHDLQVLTXHOHJD]
y8WLOLVH]GHVXVWHQVLOHVGHEDUEHFXHjORQJPDQFKHHWGHV
JDQWVGHFXLVLQHSRXUpYLWHUOHVEUOXUHVHWOHV
pFODERXVVXUHV8WLOLVH]GHVJDQWVGHSURWHFWLRQORUVTXHYRXV
PDQLSXOH]GHVFRPSRVDQWVFKDXGV
y'LDPqWUHPLQLPXPGHPPHWGLDPqWUHPD[LPXPGH
PPSRXUOHUpFLSLHQWGHFXLVVRQ
y/HUpFLSLHQWjJUDLVVHVLpTXLSpGRLWrWUHLQVpUpGDQVODSSDUHLO
HWYLGpDSUqVFKDTXHXWLOLVDWLRQ1HUHWLUH]SDVOHUpFLSLHQWj
JUDLVVHWDQWTXHODSSDUHLOQDSDVFRPSOqWHPHQWUHIURLGL
y6R\H]WUqVSUXGHQWORUVTXHYRXVRXYUH]OHFRXYHUFOH
SXLVTXHGHODYDSHXUFKDXGHSHXWVpFKDSSHU
y6R\H]WUqVSUXGHQWORUVTXHGHVHQIDQWVGHVSHUVRQQHV
kJpHVRXGHVDQLPDX[GRPHVWLTXHVVRQWjSUR[LPLWp
y6LYRXVUHPDUTXH]GHODJUDLVVHRXWRXWHDXWUHPDWLqUH
FKDXGHTXLFRXOHVXUODYDQQHOHWX\DXRXOHUpJXODWHXU
FRXSH]WRXWHODOLPHQWDWLRQHQJD]'pWHUPLQH]ODFDXVH
FRUULJH]ODSXLVQHWWR\H]HWYpULILH]ODVRXSDSHOHWX\DXHW
OHUpJXODWHXUDYDQWGHFRQWLQXHU
(IIHFWXH]XQWHVWGpWDQFKpLWp
y1HQWUHSRVH]SDVGREMHWVRXGHPDWpULDX[jOLQWpULHXUGX
FKDULRWGHODSSDUHLOTXLSRXUUDLHQWEORTXHUODFLUFXODWLRQGHODLU
GHFRPEXVWLRQYHUVOHGHVVRXVGXSDQQHDXGHFRPPDQGHRX
GHODFKDPEUHGHFRPEXVWLRQ
y1(GpFRQQHFWH]RX1(FKDQJH]3$6ODERQERQQHGHJD]jPRLQV
GHPGXQHIODPPHQXHRXGHWRXWHDXWUHVRXUFHGLJQLWLRQ
$9(57,66(0(17
)HUPH]OHVERXWRQVGHFRPPDQGHHWODERQERQQH
GHJD]ORUVTXHYRXV
6LOQ\D3$6GDOOXPDJHGDQVOHVVHFRQGHVPHWWH]OHV
ERXWRQVGHFRPPDQGHHQSRVLWLRQ¬ RIIDWWHQGH]
PLQXWHVHWUpSpWH]ODSURFpGXUHGDOOXPDJH6LOH
EUOHXUQHVDOOXPHSDVDYHFODYDQQHRXYHUWHOHJD]
FRQWLQXHUDGHVpFKDSSHUGXEUOHXUHWSRXUUDLW
DFFLGHQWHOOHPHQWVHQIODPPHUHWFDXVHUGHVEOHVVXUHV
0,6((1*$5'(
$OOXPDJHSDUDOOXPHWWH
1HYRXVSHQFKH]SDVDXGHVVXVGXEDUEHFXHHQ
SURFpGDQWjODOOXPDJH
7RXUQH]OHVYDQQHVGHUpJXODWLRQGXEUOHXUHQSRVLWLRQ RII
2XYUH]OHFRXYHUFOHSHQGDQWODOOXPDJHRXODQRXYHOOHWHQWDWLYH
GDOOXPDJH
2XYUH]OHJD]GHODERQERQQH*3/
3ODFH]ODOOXPHWWHGDQVOHSRUWHDOOXPHWWHVTXLHVWVXVSHQGXDX
SDQQHDXODWpUDOGXEDUEHFXH$OOXPH]ODOOXPHWWHSXLVDOOXPH]OH
EUOHXUHQSODoDQWODOOXPHWWHjWUDYHUVOHWURXGDOOXPDJHSDUDOOXPHWWH
VXUOHF{WpGXEDUEHFXH$SSX\H]LPPpGLDWHPHQWVXUOHERXWRQGX
EUOHXUHWWRXUQH]OHYHUVOD¬SRVLWLRQ+,*+$VVXUH]YRXVTXHOH
EUOHXUVDOOXPHHWUHVWHDOOXPp
eFODLUDJHGHJD]LQVWUXFWLRQV$OOXPDJH
1HYRXVSHQFKH]SDVDXGHVVXVGXEDUEHFXHHQ
SURFpGDQWjODOOXPDJH
7RXUQH]OHVYDQQHVGHUpJXODWLRQGXEUOHXUHQSRVLWLRQ RII
2XYUH]OHFRXYHUFOHSHQGDQWODOOXPDJHRXODQRXYHOOHWHQWDWLYHGDOOXPDJH
2XYUH]OHJD]GHODERQERQQH*3/
3RXUDOOXPHUSRXVVH]HWWRXUQH]OHERXWRQ21'8/(85
G$//80$*(j+$87 ,PPpGLDWHPHQWDSSX\H]HWPDLQWHQH]
HQIRQFpOHERXWRQ(/(&7521,&,*1,725MXVTXjFHTXHOH
EUOHXUVDOOXPH
6LOQ\D3$6GDOOXPDJHGDQVOHVVHFRQGHVPHWWH]OHVERXWRQVGH
FRPPDQGHGXEUOHXUYHUVODSRVLWLRQ DWWHQGH]PLQXWHVHW
UpSpWH]ODSURFpGXUHGDOOXPDJH
3RXUDOOXPHUOHVDXWUHVEUOHXUVWRXUQH]OHERXWRQGHFRPPDQGH
 YHUVODSRVLWLRQ+,*+HQFRPPHQoDQWGDERUGDYHFOHVEUOHXUV
OHVSOXVSURFKHVGX%5Ó/(85'$//80$*(
&+ )5
3RVLWLRQGHODERQERQQH
&\OLQGUHQHSHXWSDVrWUHSODFpVRXVRXGDQVODSSDUHLO
&\OLQGUHVGRLYHQWrWUHSODFpVVXUOHF{WpHWjODUULqUHGH
ODSSDUHLO/HVERXWHLOOHVGRLYHQWrWUHXQGLDPqWUHPD[LPDOGH
PPHWXQHKDXWHXUPD[LPDOHGHPP/HVERXWHLOOHV
SODFpHVVXUOHWHUUDLQQHGRLYHQWSDVrWUHSODFpVVRXVODSODTXH
FKDXIIDQWH


7HVWGpWDQFKpLWpGHVYDQQHVGXWX\DXHWGX
UpJXODWHXU
(IIHFWXH]XQWHVWGpWDQFKpLWpDYDQWODSUHPLqUHXWLOLVDWLRQDX
PRLQVXQHIRLVSDUDQHWjFKDTXHIRLVTXHYRXVFKDQJH]RX
GpFRQQHFWH]ODERQERQQH
0HWWH]WRXVOHVERXWRQVGHFRPPDQGHHQSRVLWLRQ 
$VVXUH]YRXVTXHOHUpJXODWHXUHVWVROLGHPHQWUHOLpjOD
ERQERQQHGHJD]
2XYUH]OHJD]6LYRXVHQWHQGH]XQEUXLWVWULGHQWFRXSH]
LPPpGLDWHPHQWOHJD],O\DXQHIXLWHLPSRUWDQWHDXQLYHDX
GXUDFFRUGHPHQW&RUULJH]DYDQWGHSRXUVXLYUH
3DVVH]XQHVROXWLRQVDYRQQHXVHPpODQJHFRQVWLWXpjPRLWLp
GHVDYRQHWjPRLWLpGHDXVXUOHVUDFFRUGVGHVWX\DX[
6LGHVEXOOHVDSSDUDLVVHQWLO\DXQHIXLWH&RXSH]
LPPpGLDWHPHQWOHJD]DXQLYHDXGHODERQERQQHHWYpULILH]
OpWDQFKpLWpGHVUDFFRUGHPHQWV6LODIXLWHQHSHXWSDVrWUH
DUUrWpHQHVVD\H]SDVGHODUpSDUHU$SSHOH]SRXUREWHQLU
GHVSLqFHVGHUHFKDQJH
&RXSH]WRXMRXUVOHJD]DXQLYHDXGHODERQERQQHDSUqV
DYRLUHIIHFWXpOHWHVWGHIXLWH
$OOXPDJHGHODSODTXHFKDXIIDQWHSDUDOOXPHWWH
1HYRXVSHQFKH]SDVDXGHVVXVGXEDUEHFXHHQ
SURFpGDQWjODOOXPDJH
7RXUQH]OHVYDQQHVGHUpJXODWLRQGXEUOHXUHQSRVLWLRQ RII
2XYUH]OHFRXYHUFOHSHQGDQWODOOXPDJHRXODQRXYHOOH
WHQWDWLYHGDOOXPDJH
2XYUH]OHJD]GHODERQERQQH*3/
3ODFH]ODOOXPHWWHDOOXPpHSUqVGXEUOHXU7RXUQH]
LPPpGLDWHPHQWOHERXWRQGHODSODTXHFKDXIIDQWHYHUVOD
SRVLWLRQ +,*+$VVXUH]YRXVTXHOHEUOHXUVDOOXPHHW
UHVWHDOOXPp
5(0$548(9RWUHEDUEHFXHSHXWQH3$6rWUHpTXLSp
GXQHSODTXHFKDXIIDQWH
'LVSRVLWLIGDOOXPDJHGHODSODTXHFKDXIIDQWH
1HYRXVSHQFKH]SDVDXGHVVXVGXEDUEHFXHHQ
SURFpGDQWjODOOXPDJH
7RXUQH]OHVYDQQHVGHUpJXODWLRQGXEUOHXUHQSRVLWLRQ RII
2XYUH]OHFRXYHUFOHSHQGDQWODOOXPDJHRXODQRXYHOOH
WHQWDWLYHGDOOXPDJH
2XYUH]OHJD]GHODERQERQQH*3/
7RXUQH]OHERXWRQGHODSODTXHFKDXIIDQWHYHUVODSRVLWLRQ¬
+,*+DSSX\H]HWPDLQWHQH]OHERXWRQG¶$//80$*(
e/(&7521,48(
6LODSODTXHFKDXIIDQWHQHVDOOXPH3$6GDQVOHV
VHFRQGHVWRXUQH]OHERXWRQ YHUVODSRVLWLRQRIIDWWHQGH]
PLQXWHVSXLVUpSpWH]ODSURFpGXUHGDOOXPDJH
0,6((1*$5'(
$/(57(&2175(/(6$5$,*1e(6
6LYRWUHEDUEHFXHVDOOXPHGLIILFLOHPHQWRXVLODIODPPHHVW
IDLEOHYpULILH]HWQHWWR\H]OHVEUOHXUVHWOHVYHQWXULV
'HVDUDLJQpHVRXGHSHWLWVLQVHFWHVVRQWFRQQXVSRXUFUpHU
GHVSUREOqPHVGHUHWRXUGHIODPPHHQFRQVWUXLVDQWGHVQLGV
HWHQSRQGDQWGHV°XIVGDQVOHYHQWXULRXOHEUOHXUGX
EDUEHFXHREVWUXDQWODFLUFXODWLRQGXJD]/HJD]EORTXpSHXW
VHQIODPPHUGHUULqUHOHSDQQHDXGHFRPPDQGH&HUHWRXUGH
IODPPHSHXWHQGRPPDJHUYRWUHEDUEHFXHHWFDXVHUGHV
EOHVVXUHV3RXUpYLWHUOHVUHWRXUVGHIODPPHHWJDUDQWLUGH
ERQQHVSHUIRUPDQFHVOHEUOHXUHWOHQVHPEOHWXEHYHQWXUL
GRLYHQWrWUHUHWLUpVHWQHWWR\pVjFKDTXHIRLVTXHOHEDUEHFXH
UHVWHLQXWLOLVpSHQGDQWXQHORQJXHSpULRGH
$5$,*1e(6(7
72,/(6'$5$,*1e(
6,/$33$5(,/1(6$//80(3$6
y$VVXUH]YRXVTXHODERQERQQHGHJD]HVWRXYHUWH
y9pULILH]TXLO\DGXJD]GDQVODERQERQQH
y/DOOXPHXUIDLWLOXQEUXLWGpWLQFHOOHV"6LRXLYpULILH]VLO\D
GHVpWLQFHOOHVDXQLYHDXGXEUOHXU
y6LOQ\SDVGpWLQFHOOHVYpULILH]VLO\DGHVFkEOHV
HQGRPPDJpVRXOkFKHV
y6LOHVFkEOHVVRQWHQERQpWDWYpULILH]VLO\DXQHpOHFWURGH
IHQGXHRXFDVVpHSURFpGH]jXQUHPSODFHPHQWVL
QpFHVVDLUH
y6LOHVFkEOHVRXOHVpOHFWURGHVVRQWFRXYHUWVSDUGHVUpVLGXV
GHFXLVVRQQHWWR\H]ODSRLQWHGHOpOHFWURGHjODLGHGXQ
FKLIIRQLPELEpGDOFRROVLQpFHVVDLUH
y$XEHVRLQUHPSODFH]OHVFkEOHV
y6LOQ\DSDVGHEUXLWYpULILH]ODEDWWHULH
y$VVXUH]YRXVTXHODEDWWHULHHVWFRUUHFWHPHQWLQVWDOOpH
y9pULILH]VLO\DGHVFRQQH[LRQVOkFKHVGHVFkEOHVDXQLYHDX
GXPRGXOHHWGHOLQWHUUXSWHXU
y6LODOOXPHXUFRQWLQXHjQHSDVIRQFWLRQQHUXWLOLVH]XQH
DOOXPHWWH
&+ )5