GreenWorks Pro ULTRAPOWER LMC415 User manual

LMC415
2523502
(1 23(5$7250$18$/
/$:102:(5
0$18$/'(/23(5$'25(6 &257$&63('
www.greenworkstools.com
www.greenworkstools.ca
0$18(/'87,/,6$7,21)5 721'(86(

 'HVFULSWLRQ 
 3XUSRVH 
 2YHUYLHZ 
 5HDGDOOLQVWUXFWLRQV 
 &KLOGUHQDQG%\VWDQGHUV
 *HQHUDO2SHUDWLRQ
 6HUYLFH0DLQWHQDQFH 
 6ORSH2SHUDWLRQ 
 6\PEROVRQWKHSURGXFW 
 5LVNOHYHOV
 (QYLURQPHQWDOO\VDIHEDWWHU\
GLVSRVDO
 3URSRVLWLRQ 
 ,QVWDOODWLRQ 
 8QSDFNWKHPDFKLQH 
 8QIROGDQGDGMXVWWKHORZHUKDQGOH
 ,QVWDOOWKHXSSHUKDQGOH
 ,QVWDOOWKHJUDVVFDWFKHU
 ,QVWDOOWKHPXOFKSOXJ 
 6HWWKHFXWWLQJKHLJKW 
 ,QVWDOOWKHEDWWHU\SDFN
 5HPRYHWKHEDWWHU\SDFN 
 2SHUDWLRQ 
 6WDUWWKHPDFKLQH 
 6WRSWKHPDFKLQH 
 (PSW\WKHJUDVVFDWFKHU
 2SHUDWHRQVORSHV
 2SHUDWLRQWLSV
 0DLQWHQDQFH
 *HQHUDOPDLQWHQDQFH
 5HSODFHWKHEODGH
 6WRUHWKHPDFKLQH
 7URXEOHVKRRWLQJ
 7HFKQLFDOGDWD
 /LPLWHGZDUUDQW\ 
 ([SORGHGYLHZ

(QJOLVK (1

 '(6&5,37,21
 385326(
7KLVPDFKLQHLVXVHGIRUGRPHVWLFODZQPRZLQJ7KHFXWWLQJ
EODGHPXVWEHDSSUR[LPDWHO\SDUDOOHOWRWKHJURXQG$OOIRXU
ZKHHOVPXVWWRXFKWKHJURXQGZKLOH\RXPRZ
 29(59,(:
7
3
2
1
10
5
6
4
8
9
%DLOOHYHU
6WDUWEXWWRQ
8SSHUKDQGOH
/RZHUKDQGOH
5HDUGLVFKDUJHGRRU
+HLJKWDGMXVWPHQWEXWWRQ
%DWWHU\GRRU
4XLFNUHOHDVHOHYHU
*UDVVFDWFKHU
 0XOFKSOXJ
 5($'$//,16758&7,216
'$1*(5
7KLVPDFKLQHZDVEXLOWWREHRSHUDWHGDFFRUGLQJWRWKHUXOHV
IRUVDIHRSHUDWLRQLQFOXGHGLQWKLVPDQXDO$VZLWKDQ\W\SH
RISRZHUHTXLSPHQWFDUHOHVVQHVVRUHUURURQWKHSDUWRIWKH
RSHUDWRUFDQUHVXOWLQVHULRXVLQMXU\7KLVPDFKLQHLV
FDSDEOHRIDPSXWDWLQJKDQGVDQGIHHWDQGWKURZLQJREMHFWV
)DLOXUHWRREVHUYHDOOVDIHW\LQVWUXFWLRQVFRXOGUHVXOWLQ
VHULRXVLQMXU\RUGHDWK
127(
:KHQXVLQJHOHFWULFODZQPRZHUVEDVLFVDIHW\SUHFDXWLRQV
VKRXOGDOZD\VEHIROORZHGWRUHGXFHWKHULVNRIILUHHOHFWULF
VKRFNDQGSHUVRQDOLQMXU\7KHVHEDVLFSUHFDXWLRQVLQFOXGH
WKHIROORZLQJ
 &+,/'5(1$1'%<67$1'(56
7UDJLFDFFLGHQWVFDQRFFXULIWKHRSHUDWRULVQRWDOHUWWRWKH
SUHVHQFHRIFKLOGUHQRUE\VWDQGHUV
 .HHSWKHDUHDRIRSHUDWLRQFOHDURIDOOSHUVRQV
SDUWLFXODUO\VPDOOFKLOGUHQDQGSHWV
 8VHH[WUHPHFDUHZKHQDSSURDFKLQJEOLQGFRUQHUV
GRRUZD\VVKUXEVWUHHVRURWKHUREMHFWVWKDWPD\REVFXUH
\RXUYLVLRQRIDFKLOGRUE\VWDQGHU.HHSFKLOGUHQ
E\VWDQGHUVKHOSHUVDQGSHWVDWOHDVWIHHWPIURP
WKHPRZHUZKLOHLWLVLQRSHUDWLRQ6WRSWKHPDFKLQHLI
DQ\RQHHQWHUVWKHDUHD
 1HYHUDOORZFKLOGUHQXQGHU\HDUVROGWRRSHUDWHD
SRZHUPRZHU2SHUDWRUV\HDUVROGDQGRYHUVKRXOG
IXOO\UHDGDQGXQGHUVWDQGWKHRSHUDWRU¶VPDQXDODQG
VDIHW\UXOHV2QO\UHVSRQVLEOHLQGLYLGXDOVZKRDUH
IDPLOLDUZLWKWKHVHUXOHVRIVDIHRSHUDWLRQVKRXOGEH
DOORZHGWRXVHWKLVPDFKLQH
 *(1(5$/23(5$7,21
 5HDGWKLVRSHUDWRU¶VPDQXDOFDUHIXOO\LQLWVHQWLUHW\
EHIRUHDVVHPEOLQJRURSHUDWLQJWKLVPDFKLQH5HDG
XQGHUVWDQGDQGIROORZDOOLQVWUXFWLRQVRQWKHPDFKLQH
DQGLQWKHPDQXDOVEHIRUHRSHUDWLRQ)DPLOLDUL]H\RXUVHOI
ZLWKWKHFRQWUROVDQGSURSHUXVHRIWKLVPDFKLQHEHIRUH
RSHUDWLRQ6DYHWKLVPDQXDOIRUIXWXUHDQGUHJXODU
UHIHUHQFH
 'RQRWXVHWKHODZQPRZHUIRUDQ\MREH[FHSWWKDWIRU
ZKLFKLWLVLQWHQGHG<RXUODZQPRZHUKDVEHHQGHVLJQHG
WRSHUIRUPRQO\RQHMREFXWJUDVV
 1HYHUDWWHPSWWRPDNHDZKHHOKHLJKWDGMXVWPHQWZKLOH
WKHPRWRULVUXQQLQJ
 'RQ¶WIRUFHWKHODZQPRZHULWZLOOGRWKHMREEHWWHUDQG
PRUHVDIHO\DWWKHUDWHIRUZKLFKLWZDVGHVLJQHG
 'RQ¶WRYHUUHDFKNHHSSURSHUIRRWLQJDQGEDODQFHDWDOO
WLPHV0DQ\LQMXULHVRFFXUDVDUHVXOWRIWKHPRZHUEHLQJ
SXOOHGRYHUWKHIRRWGXULQJDIDOOFDXVHGE\VOLSSLQJRU
WULSSLQJ$VOLSDQGIDOOFDQFDXVHVHULRXVSHUVRQDOLQMXU\
,I\RXIHHO\RXDUHORVLQJ\RXUIRRWLQJUHOHDVHWKHFRQWURO
KDQGOHLPPHGLDWHO\DQGWKHEODGHZLOOVWRSURWDWLQJ
ZLWKLQWKUHHVHFRQGV
 7KRURXJKO\LQVSHFWWKHDUHDZKHUHWKHHTXLSPHQWLVWREH
XVHGDQGUHPRYHDOOVWRQHVVWLFNVZLUHVERQHVDQG
RWKHUIRUHLJQREMHFWV
 3UHYHQWXQLQWHQWLRQDOVWDUWLQJ(QVXUHWKHVZLWFKLVLQWKH
RIISRVLWLRQEHIRUHFRQQHFWLQJWREDWWHU\SDFNSLFNLQJXS
RUFDUU\LQJWKHDSSOLDQFH&DUU\LQJWKHDSSOLDQFHZLWK
\RXUILQJHURQWKHVZLWFKRUHQHUJL]LQJDSSOLDQFHWKDW
KDYHWKHVZLWFKRQLQYLWHVDFFLGHQWV
 1HYHUSXOOWKHPRZHUEDFNWRZDUG\RXZKLOH\RXDUH
ZDONLQJ,I\RXPXVWEDFNWKHPRZHUDZD\IURPDZDOORU
REVWUXFWLRQILUVWORRNGRZQDQGEHKLQG\RXWRDYRLG
WULSSLQJDQGWKHQIROORZWKHVHVWHSV
 6WHSEDFNIURPWKHPRZHULQRUGHUWRIXOO\H[WHQG
\RXUDUPV
 %HVXUHWKDW\RXDUHZHOOEDODQFHG
 3XOOWKHPRZHUEDFNVORZO\

(QJOLVK
(1

 'LVFRQQHFWWKHEDWWHU\SDFNIURPWKHDSSOLDQFHEHIRUH
PDNLQJDQ\DGMXVWPHQWVFKDQJLQJDFFHVVRULHVRUVWRULQJ
DSSOLDQFH6XFKSUHYHQWLYHVDIHW\PHDVXUHVUHGXFHWKH
ULVNRIVWDUWLQJWKHDSSOLDQFHDFFLGHQWDOO\
 %HIRUHDQGZKLOHPRYLQJEDFNZDUGVZLWKWKHPRZHU
ORRNEHKLQGDQGGRZQIRUVPDOOFKLOGUHQDQGRWKHU
SHRSOH
 'RQRWRSHUDWHWKHPRZHUZKLOHXQGHUWKHLQIOXHQFHRI
DOFRKRORUGUXJV6WD\DOHUWDQGZDWFKZKDW\RXDUHGRLQJ
DWDOOWLPHV8VHFRPPRQVHQVHDQGGRQRWRSHUDWHWKH
ODZQPRZHUZKHQ\RXDUHWLUHG
 $OZD\VZHDUVDIHW\JODVVHVRUVDIHW\JRJJOHVGXULQJ
RSHUDWLRQDQGZKLOHSHUIRUPLQJDQDGMXVWPHQWRUUHSDLUWR
SURWHFW\RXUH\HV7KURZQREMHFWVWKDWULFRFKHWFDQFDXVH
VHULRXVLQMXU\WRWKHH\HV$OZD\VXVHDIDFHRUGXVWPDVN
LIWKHRSHUDWLRQLVGXVW\
 .HHSFOHDURIWKHGLVFKDUJHRSHQLQJDWDOOWLPHV'RQRW
SXWKDQGVRUIHHWQHDUURWDWLQJSDUWVRUXQGHUWKHFXWWLQJ
GHFN&RQWDFWZLWKWKHEODGHFDQDPSXWDWHKDQGVDQGIHHW
 3ODQ\RXUPRZLQJSDWWHUQWRDYRLGGLVFKDUJHRIPDWHULDO
WRZDUGURDGVVLGHZDONVE\VWDQGHUVDQGWKHOLNH$OVR
DYRLGGLVFKDUJLQJPDWHULDODJDLQVWZDOOVRUREVWUXFWLRQV
ZKLFKPD\FDXVHGLVFKDUJHGPDWHULDOWRULFRFKHWEDFN
WRZDUGWKHRSHUDWRU
 7RKHOSDYRLGWKHEODGHRUDQLQMXU\IURPDWKURZQ
REMHFWVVWD\LQWKHRSHUDWRU]RQHEHKLQGWKHKDQGOHV
 $PLVVLQJRUGDPDJHGGLVFKDUJHFRYHUFDQFDXVHEODGH
FRQWDFWRULQMXULHVIURPWKURZQREMHFWV
 2EMHFWVVWUXFNE\WKHODZQPRZHUEODGHFDQFDXVHVHYHUH
LQMXULHVWRSHUVRQV7KHODZQVKRXOGDOZD\VEHFDUHIXOO\
H[DPLQHGDQGFOHDUHGRIDOOREMHFWVSULRUWRHDFKPRZLQJ
 6WRSWKHEODGHZKHQFURVVLQJJUDYHOGULYHVZDONVRU
URDGV
 )ROORZDOOFKDUJLQJLQVWUXFWLRQVDQGGRQRWFKDUJHWKH
EDWWHU\SDFNRUDSSOLDQFHRXWVLGHRIWKHWHPSHUDWXUHUDQJH
VSHFLILHGLQWKHLQVWUXFWLRQV&KDUJLQJLPSURSHUO\RUDW
WHPSHUDWXUHVRXWVLGHRIWKHVSHFLILHGUDQJHPD\GDPDJH
WKHEDWWHU\DQGLQFUHDVHWKHULVNRIILUH
 ,IODZQPRZHUVWULNHVDIRUHLJQREMHFWIROORZWKHVHVWHSV
 5HOHDVHWKHEDLOVZLWFKWRGLVHQJDJHWKHPRWRU
 5HPRYHWKHEDWWHU\
 ,QVSHFWIRUGDPDJH
 5HSDLUDQ\GDPDJHGSDUWVEHIRUHUHVWDUWLQJDQG
RSHUDWLQJWKHODZQPRZHU
 +DYHVHUYLFLQJSHUIRUPHGE\DTXDOLILHGUHSDLUSHUVRQ
XVLQJRQO\LGHQWLFDOUHSODFHPHQWSDUWV7KLVZLOOHQVXUH
WKDWWKHVDIHW\RIWKHSURGXFWLVPDLQWDLQHG
 'UHVVSURSHUO\GRQRWZHDUORRVHFORWKLQJRUMHZHOU\WKDW
FDQEHFDXJKWLQPRYLQJSDUWV8VHRIVDIHW\JORYHVDQG
SURSHUIRRWZHDULVUHFRPPHQGHGZKHQZRUNLQJRXWGRRUV
:HDUVWXUG\URXJKVROHGZRUNVKRHVDQGFORVHILWWLQJ
VODFNVDQGVKLUWV6KLUWVDQGSDQWVWKDWFRYHUWKHDUPVDQG
OHJVDQGVWHHOWRHGVKRHVDUHUHFRPPHQGHG1HYHU
RSHUDWHWKLVPDFKLQHLQEDUHIHHWVDQGDOVVOLSSHU\RU
OLJKWZHLJKWHJFDQYDVVKRHV
 'RQRWPRGLI\RUDWWHPSWWRUHSDLUWKHDSSOLDQFHRUWKH
EDWWHU\SDFNDVDSSOLFDEOHH[FHSWDVLQGLFDWHGLQWKH
LQVWUXFWLRQVIRUXVHDQGFDUH
 :HDUSURWHFWLYHKDLUFRYHULQJWRFRQWDLQORQJKDLU
 $YRLGGDQJHURXVHQYLURQPHQWVGRQRWXVHWKHODZQ
PRZHULQGDPSZHWORFDWLRQVRULILWLVUDLQLQJ
 6WRUH,GOH/DZQ0RZHU,QGRRUV±:KHQQRWLQXVH
DSSOLDQFHVVKRXOGEHVWRUHGLQGRRUVLQGU\DQGKLJKRU
ORFNHGXSSODFH±RXWRIUHDFKRIFKLOGUHQ$OZD\V
UHPRYHWKHEDWWHU\IURPWKHPRZHUEHIRUHVWRULQJ
 0RZRQO\LQGD\OLJKWRUJRRGDUWLILFLDOOLJKW:DONQHYHU
UXQZKLOHRSHUDWLQJ
 ,IWKHHTXLSPHQWVKRXOGVWDUWWRYLEUDWHDEQRUPDOO\
LPPHGLDWHO\VWRSWKHPRWRUUHPRYHWKHEDWWHU\DQGFKHFN
IRUWKHFDXVH9LEUDWLRQLVJHQHUDOO\DZDUQLQJWKDWWKH
PDFKLQHLVQRWIXQFWLRQLQJSURSHUO\
 &KHFNEDJIUHTXHQWO\IRUGHWHULRUDWLRQDQGZHDUDQG
UHSODFHZRUQEDJV&KHFNWKDWUHSODFHPHQWEDJVFRPSO\
ZLWKWKHRULJLQDOPDQXIDFWXUHUVUHFRPPHQGDWLRQVRU
VSHFLILFDWLRQV
 %HIRUHFOHDQLQJWKHPDFKLQHXQFORJJLQJRUUHPRYLQJWKH
JUDVVEDJPXOFKLQJLQVHUWRUVLGHGLVFKDUJHFKXWHWXUQ
WKHPRWRURIIDQGZDLWXQWLOWKHEODGHFRPHVWRD
FRPSOHWHVWRSWKHQUHPRYHWKHEDWWHU\SDFN7KHFXWWLQJ
EODGHFRQWLQXHVWRURWDWHIRUDIHZVHFRQGVDIWHUWKHPRWRU
LVVKXWRII1HYHUSHUIRUPWKHVHIXQFWLRQVXQWLO\RXDUH
VXUHWKHEODGHKDVVWRSSHGURWDWLQJ
 .HHSFXWWLQJHGJHVFOHDQDQGVKDUSWRHQVXUHEHVW
SHUIRUPDQFH
 3HULRGLFDOO\LQVSHFWVDIHW\GHYLFHVDQGFRUGVIRUGDPDJH
,IGDPDJHGGRQRWRSHUDWHWKHXQLWXQWLOLWKDVEHHQ
UHSDLUHGE\DQDXWKRUL]HGVHUYLFHSURIHVVLRQDO
 1HYHURSHUDWHWKHPRZHUZLWKRXWWKHSURSHUGLVFKDUJH
FRYHUJUDVVEDJPXOFKLQJLQVHUWVLGHGLVFKDUJHFKXWHRU
RWKHUVDIHW\GHYLFHVLQSODFHDQGZRUNLQJ1HYHURSHUDWH
WKHPRZHUZLWKGDPDJHGVDIHW\GHYLFHV)DLOXUHWRGRVR
FDQUHVXOWLQSHUVRQDOLQMXU\
 8VHRQO\DSSURYHGEDWWHULHVDQGFKDUJHUV1RQDSSURYHG
EDWWHULHVDQGFKDUJHUVPD\FDXVHGDPDJHWRWKHPRZHURU
LQMXUHWKHRSHUDWRU
 'RQRWGLVSRVHRIWKHEDWWHU\LQDILUH7KHFHOOVFRXOG
FDWFKILUHRUH[SORGH&KHFNZLWKORFDOFRGHVDQGZDVWH
PDQDJHPHQWIRUSURSHUGLVSRVDOLQVWUXFWLRQV
 :KHQEDWWHU\SDFNLVQRWLQXVHNHHSLWDZD\IURPRWKHU
PHWDOREMHFWVOLNHSDSHUFOLSVFRLQVNH\VQDLOVVFUHZV
RURWKHUVPDOOPHWDOREMHFWVWKDWFDQPDNHDFRQQHFWLRQ
IURPRQHWHUPLQDOWRDQRWKHU6KRUWLQJWKHEDWWHU\
WHUPLQDOVWRJHWKHUPD\FDXVHEXUQVRUDILUH
 'RQRWRSHQRUPXWLODWHWKHEDWWHU\(OHFWURO\WHV
FRQWDLQHGZLWKLQWKHEDWWHU\DUHFRUURVLYHDQGPD\FDXVH
GDPDJHWRH\HVRUVNLQLIUHOHDVHG,WPD\EHWR[LFLI
VZDOORZHG
 8QGHUDEXVLYHFRQGLWLRQVOLTXLGPD\EHHMHFWHGIURPWKH
EDWWHU\DYRLGFRQWDFW,IFRQWDFWDFFLGHQWDOO\RFFXUV
IOXVKZLWKZDWHU,IOLTXLGFRQWDFWVH\HVDGGLWLRQDOO\VHHN
PHGLFDOKHOS/LTXLGHMHFWHGIURPWKHEDWWHU\PD\FDXVH
LUULWDWLRQRUEXUQV

(QJOLVK (1

 'RQRWH[SRVHDEDWWHU\SDFNRUDSSOLDQFHWRILUHRU
H[FHVVLYHWHPSHUDWXUH([SRVXUHWRILUHRUWHPSHUDWXUH
DERYH&PD\FDXVHH[SORVLRQ
 ([HUFLVHFDUHLQKDQGOLQJEDWWHULHVWRDYRLGVKRUWLQJWKH
EDWWHU\ZLWKFRQGXFWLQJPDWHULDOVVXFKDVULQJVEUDFHOHWV
NH\VHWF7KHEDWWHU\RUFRQGXFWRUPD\RYHUKHDWDQG
FDXVHEXUQVLIFRQWDFWZLWKVDLGPDWHULDOVLVPDGH
 'RQRWXVHDEDWWHU\SDFNRUDSSOLDQFHWKDWLVGDPDJHGRU
PRGLILHG'DPDJHGRUPRGLILHGEDWWHULHVPD\H[KLELW
XQSUHGLFWDEOHEHKDYLRUUHVXOWLQJLQILUHH[SORVLRQRUULVN
RILQMXU\
 6(59,&(0$,17(1$1&(
 &KHFNWKHEODGHDQGWKHPRWRUPDFKLQHPRXQWLQJEROWV
DWIUHTXHQWLQWHUYDOVIRUSURSHUWLJKWQHVV
 5HSODFHWKHEODGHLILWLVEHQWRUFUDFNHG$QXQEDODQFHG
EODGHFDXVHVYLEUDWLRQWKDWFRXOGGDPDJHWKHPRWRUGULYH
XQLWRUFDXVHSHUVRQDOLQMXU\
 .HHSDOOQXWVEROWVDQGVFUHZVWLJKWLQRUGHUWRHQVXUH
WKHHTXLSPHQWLVLQVDIHZRUNLQJFRQGLWLRQ
 'RQRWZDVKZLWKDKRVHDYRLGJHWWLQJZDWHULQPRWRU
DQGHOHFWULFDOFRQQHFWLRQV
 1HYHUUHPRYHRUWDPSHUZLWKVDIHW\GHYLFHV&KHFNWKHLU
SURSHURSHUDWLRQUHJXODUO\1HYHUGRDQ\WKLQJWRLQWHUIHUH
ZLWKWKHLQWHQGHGIXQFWLRQRIDVDIHW\GHYLFHRUWRUHGXFH
WKHSURWHFWLRQSURYLGHGE\DVDIHW\GHYLFH
 .HHSPDFKLQHIUHHRIJUDVVOHDYHVRURWKHUGHEULVEXLOG
XS$OORZPDFKLQHWRFRROEHIRUHVWRULQJ
 1HYHUPDNHDQ\DGMXVWPHQWVRUUHSDLUVZLWKWKHPRWRU
UXQQLQJ
 $OZD\VUHPRYHEDWWHU\SDFNIURPPRZHUVEHIRUH
DGMXVWLQJFOHDQLQJRUUHSDLULQJ
 &KHFNJUDVVFDWFKHUFRPSRQHQWVDQGWKHGLVFKDUJHJXDUG
IUHTXHQWO\DQGUHSODFHZLWKPDQXIDFWXUHU¶VUHFRPPHQGHG
SDUWVZKHQQHFHVVDU\
 6KDUSHQDGXOOEODGHHTXDOO\DWHDFKHQGWRPDLQWDLQWKH
EDODQFH
 .HHSJXDUGVLQSODFHDQGLQZRUNLQJRUGHU0RZHUEODGHV
DUHVKDUSDQGFDQFXW:UDSWKHEODGHVRUZHDUJORYHV
DQGXVHH[WUDFDXWLRQZKHQVHUYLFLQJ
 &OHDQWKHEODGHWKRURXJKO\DQGFKHFNLWVEDODQFHE\
VXSSRUWLQJLWKRUL]RQWDOO\RQDWKLQQDLOWKURXJKLWVFHQWHU
KROH7KHQDLOVKRXOGDOVREHLQDKRUL]RQWDOSRVLWLRQ,I
HLWKHUHQGRIWKHEODGHURWDWHVGRZQZDUGUHPRYHVRPH
PHWDOIURPWKHKHDY\RUORZHUHQGXQWLOWKHEODGHLV
EDODQFHG,WLVEDODQFHGZKHQQHLWKHUHQGGURSV
 8VHLGHQWLFDOUHSODFHPHQWEODGHVRQO\
 0DLQWDLQ/DZQ0RZHU:LWK&DUH±.HHSFXWWLQJHGJHV
VKDUSDQGFOHDQIRUEHVWDQGVDIHVWSHUIRUPDQFH)ROORZ
LQVWUXFWLRQVIRUOXEULFDWLQJDQGFKDQJLQJDFFHVVRULHV
,QVSHFWODZQPRZHUFRUGSHULRGLFDOO\DQGLIGDPDJHG
KDYHLWUHSDLUHGE\DQDXWKRUL]HGVHUYLFHIDFLOLW\
 ,IVLWXDWLRQVRFFXUWKDWDUHQRWFRYHUHGLQWKLVPDQXDOXVH
FDUHDQGJRRGMXGJPHQWRUFRQWDFW&XVWRPHU6HUYLFHIRU
DVVLVWDQFH
 1HYHURSHUDWHWKHPRZHUZLWKRXWSURSHUJXDUGVSODWHV
RURWKHUVDIHW\SURWHFWLYHGHYLFHVLQSODFH
7KHUHFRPPHQGHGDPELHQWWHPSHUDWXUHUDQJH
,WHP 7HPSHUDWXUH
0RZHUVWRUDJHWHPSHUDWXUH
UDQJH
)&)&
0RZHURSHUDWLRQWHPSHUD
WXUHUDQJH
)&)&
%DWWHU\FKDUJLQJWHPSHUDWXUH
UDQJH
)&)&
&KDUJHURSHUDWLRQWHPSHUD
WXUHUDQJH
)&)&
%DWWHU\VWRUDJHWHPSHUDWXUH
UDQJH
\HDU)&)
&
PRQWKV)&
)&
PRQWKV)&
)&
%DWWHU\GLVFKDUJLQJWHPSHUD
WXUHUDQJH
)&)&
 6/23(23(5$7,21
6ORSHVDUHDPDMRUIDFWRUUHODWHGWRVOLSDQGIDOODFFLGHQWV
ZKLFKFDQUHVXOWLQVHYHUHLQMXU\2SHUDWLRQRQVORSHV
UHTXLUHVH[WUDFDXWLRQ,I\RXIHHOXQHDV\RQDVORSHGRQRW
PRZLW
'R
 0RZDFURVVWKHIDFHRIVORSHVQHYHUPRZXSDQGGRZQ
([HUFLVHH[WUHPHFDXWLRQZKHQFKDQJLQJGLUHFWLRQRQ
VORSHV
 :DWFKIRUKROHVUXWVURFNVKLGGHQREMHFWVRUEXPSV
ZKLFKFDQFDXVH\RXWRVOLSRUWULS7DOOJUDVVFDQKLGH
REVWDFOHV
'RQRW
 0RZH[FHVVLYHO\VWHHSVORSHV
 0RZQHDUGURSRIIVGLWFKHVRUHPEDQNPHQWV\RXFRXOG
ORVH\RXUIRRWLQJRUEDODQFH
 0RZVORSHVJUHDWHUWKDQGHJUHHV
 0RZRQZHWJUDVV8QVWDEOHIRRWLQJFRXOGFDXVHVOLSSLQJ
 6<0%2/6217+(352'8&7
6RPHRIWKHIROORZLQJV\PEROVPD\EHXVHGRQWKLVWRRO
3OHDVHVWXG\WKHPDQGOHDUQWKHLUPHDQLQJ3URSHU
LQWHUSUHWDWLRQRIWKHVHV\PEROVZLOODOORZ\RXWRRSHUDWHWKH
WRROEHWWHUDQGVDIHU
6\PERO 1DPH ([SODQDWLRQ
9 9ROW 9ROWDJH

(QJOLVK
(1

6\PERO 1DPH ([SODQDWLRQ
$ $PSHUHV &XUUHQW
+] +HUW] )UHTXHQF\F\FOHVSHUVHF
RQG
: :DWW 3RZHU
PLQ 0LQXWHV 7LPH
PLQ 3HU0LQXWH
5HYROXWLRQVVWURNHVVXU
IDFHVSHHGRUELWVHWFSHU
PLQXWH
$OWHUQDWLQJ
&XUUHQW 7\SHRIFXUUHQW
'LUHFW&XUUHQW 7\SHRUDFKDUDFWHULVWLFRI
FXUUHQW
n
o
1R/RDG
6SHHG 5RWDWLRQDOVSHHGDWQRORDG
6DIHW\$OHUW 3UHFDXWLRQVWKDWLQYROYH
\RXUVDIHW\
(\H3URWHF
WLRQ
$OZD\VZHDUH\HSURWHFWLRQ
ZLWKVLGHVKLHOGVPDUNHGWR
FRPSO\ZLWK$16,=
ZKHQRSHUDWLQJWKLVHTXLS
PHQW
:$51,1*
:HW&RQ
GLWLRQV
'RQRWH[SRVHWKHSURGXFW
WRUDLQRUPRLVWFRQGLWLRQV
5HDG2SHUD
WRU¶V0DQXDO
7RUHGXFHWKHULVNRILQMXU\
XVHUPXVWUHDGDQGXQGHU
VWDQGRSHUDWRU¶VPDQXDOEH
IRUHXVLQJWKLVSURGXFW
0DLQWDLQ
6DIHW\'HYL
FHV
'RQRWRSHQRUUHPRYH
VDIHW\GHYLFHVZKLOHWKH
WRROLVUXQQLQJ
/RRNLQJ%H
KLQG:KLOH
%DFNLQJ
/RRNGRZQDQGEHKLQGILUVW
WRDYRLGWULSSLQJZKHQSXOO
LQJEDFN
'$1*(5
.HHS+DQGV
DQG)HHW
$ZD\
7RUHGXFHWKHULVNRILQMXU\
NHHSKDQGVDQGIHHWDZD\
IURPURWDWLQJSDUWV'RQRW
RSHUDWHXQOHVVGLVFKDUJH
FRYHURUJUDVVEDJLVLQLWV
SURSHUSODFH,IGDPDJHG
UHSODFHLPPHGLDWHO\
'$1*(5
.HHS%\
VWDQGHUV$ZD\
$OOYLVLWRUVVKRXOGEHNHSW
DWDGLVWDQFHIURPZRUN
DUHD
'$1*(5
7KURZQ'HE
ULV
5HPRYHREMHFWVWKDWFDQEH
WKURZQE\WKHEODGHLQDQ\
GLUHFWLRQ:HDUVDIHW\
JODVVHV
6\PERO 1DPH ([SODQDWLRQ
'$1*(5
6WHHS6ORSH
+D]DUG
8VHH[WUDFDXWLRQRQVORSHV
GRQRWPRZVORSHVJUHDWHU
WKDQGHJUHHV
 5,6./(9(/6
7KHIROORZLQJVLJQDOZRUGVDQGPHDQLQJVDUHLQWHQGHGWR
H[SODLQWKHOHYHOVRIULVNDVVRFLDWHGZLWKWKLVSURGXFW
6<0
%2/
6,*1$/ 0($1,1*
'$1*(5 ,QGLFDWHVDQLPPLQHQWO\KD]
DUGRXVVLWXDWLRQZKLFKLIQRW
DYRLGHGZLOOUHVXOWLQGHDWK
RUVHULRXVLQMXU\
:$51,1* ,QGLFDWHVDSRWHQWLDOO\KD]DUG
RXVVLWXDWLRQZKLFKLIQRW
DYRLGHGFRXOGUHVXOWLQGHDWK
RUVHULRXVLQMXU\
&$87,21 ,QGLFDWHVDSRWHQWLDOO\KD]DUG
RXVVLWXDWLRQZKLFKLIQRW
DYRLGHGPD\UHVXOWLQPLQRU
RUPRGHUDWHLQMXU\
&$87,21 :LWKRXW6DIHW\$OHUW6\P
ERO,QGLFDWHVDVLWXDWLRQWKDW
PD\UHVXOWLQSURSHUW\GDP
DJH
 (19,5210(17$//<6$)(
%$77(5<',6326$/
7KHWR[LFDQGFRUURVLYHPDWHULDOVEHORZDUHLQWKHEDWWHULHV
XVHGLQWKLVPDFKLQH/LWKLXP,RQDWR[LFPDWHULDO
:$51,1*
'LVFDUGDOOWR[LFPDWHULDOVLQDVSHFLILHGPDQQHUWRSUHYHQW
FRQWDPLQDWLRQRIWKHHQYLURQPHQW%HIRUHGLVFDUGLQJ
GDPDJHGRUZRUQRXW/LLRQEDWWHU\FRQWDFW\RXUORFDO
ZDVWHGLVSRVDODJHQF\RUWKHORFDO(QYLURQPHQWDO
3URWHFWLRQ$JHQF\IRULQIRUPDWLRQDQGVSHFLILFLQVWUXFWLRQV
7DNHWKHEDWWHULHVWRDORFDOUHF\FOLQJDQGRUGLVSRVDOFHQWHU
FHUWLILHGIRUOLWKLXPLRQGLVSRVDO

(QJOLVK (1

:$51,1*
,IWKHEDWWHU\SDFNFUDFNVRUEUHDNVZLWKRUZLWKRXWOHDNV
GRQRWUHFKDUJHLWDQGGRQRWXVH'LVFDUGLWDQGUHSODFH
ZLWKDQHZEDWWHU\SDFN'212775<725(3$,5,77R
SUHYHQWLQMXU\DQGULVNRIILUHH[SORVLRQRUHOHFWULFVKRFN
DQGWRDYRLGGDPDJHWRWKHHQYLURQPHQW
 &RYHUWKHWHUPLQDOVRIWKHEDWWHU\ZLWKKHDY\GXW\
DGKHVLYHWDSH
 '2127WU\WRUHPRYHRUGHVWUR\DQ\RIWKHEDWWHU\
SDFNFRPSRQHQWV
 '2127WU\WRRSHQWKHEDWWHU\SDFN
 ,IDOHDNGHYHORSVWKHUHOHDVHGHOHFWURO\WHVDUH
FRUURVLYHDQGWR[LF'2127JHWWKHVROXWLRQLQWKH
H\HVRURQVNLQDQGGRQRWVZDOORZLW
 '2127SXWWKHVHEDWWHULHVLQ\RXUUHJXODUKRXVHKROG
WUDVK
 '2127LQFLQHUDWH
 '2127SXWWKHPZKHUHWKH\ZLOOEHFRPHSDUWRIDQ\
ZDVWHODQGILOORUPXQLFLSDOVROLGZDVWHVWUHDP
 7DNHWKHPWRDFHUWLILHGUHF\FOLQJRUGLVSRVDOFHQWHU
 352326,7,21
:$51,1*
7KLVSURGXFWFRQWDLQVDFKHPLFDONQRZQWRWKHVWDWHRI
&DOLIRUQLDWRFDXVHFDQFHUELUWKGHIHFWVRURWKHU
UHSURGXFWLYHKDUP6RPHGXVWFUHDWHGE\SRZHUVDQGLQJ
VDZLQJJULQGLQJGULOOLQJDQGRWKHUFRQVWUXFWLRQDFWLYLWLHV
FRQWDLQVFKHPLFDOVNQRZQWRFDXVHFDQFHUELUWKGHIHFWVRU
RWKHUUHSURGXFWLYHKDUP6RPHH[DPSOHVRIWKHVHFKHPLFDOV
DUH
 /HDGIURPOHDGEDVHGSDLQWV
 &U\VWDOOLQHVLOLFDIURPEULFNVDQGFHPHQWDQGRWKHU
PDVRQU\SURGXFWV
 $UVHQLFDQGFKURPLXPIURPFKHPLFDOO\WUHDWHGOXPEHU
<RXUULVNRIH[SRVXUHWRWKHVHFKHPLFDOVYDULHVGHSHQGLQJ
RQKRZRIWHQ\RXGRWKLVW\SHRIZRUN7RUHGXFH\RXU
H[SRVXUHWRWKHVHFKHPLFDOVZRUNLQDZHOOYHQWLODWHGDUHD
DQGZRUNZLWKDSSURYHGVDIHW\HTXLSPHQWVXFKDVGXVW
PDVNVWKDWDUHVSHFLDOO\GHVLJQHGWRILOWHURXWPLFURVFRSLF
SDUWLFOHV
6DYHWKHVHLQVWUXFWLRQV
 ,167$//$7,21
:$51,1*
'RQRWFKDQJHRUPDNHDFFHVVRULHVWKDWDUHQRW
UHFRPPHQGHGE\WKHPDQXIDFWXUHU
:$51,1*
'RQRWSXWLQWKHVDIHW\NH\RUWKHEDWWHU\SDFNXQWLO\RX
DVVHPEOHDOOWKHSDUWV
 813$&.7+(0$&+,1(
:$51,1*
0DNHVXUHWKDW\RXFRUUHFWO\DVVHPEOHWKHPDFKLQHEHIRUH
XVH
:$51,1*
 ,IWKHSDUWVDUHGDPDJHGGRQRWXVHWKHPDFKLQH
 ,I\RXGRQRWKDYHDOOWKHSDUWVGRQRWRSHUDWHWKH
PDFKLQH
 ,IWKHSDUWVDUHGDPDJHGRUPLVVLQJVSHDNWRWKHVHUYLFH
FHQWHU
 2SHQWKHSDFNDJH
 5HDGWKHGRFXPHQWDWLRQLQWKHER[
 5HPRYHDOOWKHXQDVVHPEOHGSDUWVIURPWKHER[
 5HPRYHWKHPDFKLQHIURPWKHER[
 'LVFDUGWKHER[DQGSDFNDJHLQFRPSOLDQFHZLWKORFDO
UHJXODWLRQV
 81)2/'$1'$'-8677+(
/2:(5+$1'/(
4
3
8
 3XOOXSDQGEDFNWKHXSSHUKDQGOHLQWRRSHUDWLRQ
SRVLWLRQ0DNHVXUHWKDWWKHKDQGOHVFOLFNLQWRSRVLWLRQ
FRUUHFWO\
 7LJKWHQWKHORZHUKDQGOHZLWKWKHTXLFNUHOHDVHOHYHUV
RQWKHWZRVLGHV
127(
0DNHVXUHWKDWWKHWZRKDQGOHVDUHLQWKHVDPHSRVLWLRQ
:$51,1*
'RQRWPDNHGDPDJHWRWKHFDEOHVZKHQ\RXIROGRUXQIROG
WKHKDQGOH

(QJOLVK
(1

 ,167$//7+(833(5+$1'/(
3
12
11
 $OLJQWKHKROHVLQWKHXSSHUKDQGOHDQGWKHORZHU
KDQGOH
 3XWWKHFDPORFNVWKURXJKWKHKROHV
 7LJKWHQWKHNQREVRQWRWKHFDPORFNV
 'RWKHVDPHRSHUDWLRQRQWKHRWKHUVLGH
 ,167$//7+(*5$66&$7&+(5
5
12
9
 5HPRYHWKHPXOFKSOXJ
 2SHQWKHUHDUGLVFKDUJHGRRUDQGKROGLW
 +ROGWKHWKHJUDVVFDWFKHUE\LWVKDQGOHDQGSXWWKH
KRRNVRYHUWKHVORWV
 &ORVHWKHUHDUGLVFKDUJHGRRU
 ,167$//7+(08/&+3/8*
5
10
 5HPRYHWKHJUDVVFDWFKHU
 2SHQWKHUHDUGLVFKDUJHGRRUDQGKROGLW
 +ROGWKHPXOFKSOXJE\LWVKDQGOHDQGILWLWLQWKH
GLVFKDUJHFKXWH
 &ORVHWKHUHDUGLVFKDUJHGRRU
 6(77+(&877,1*+(,*+7
7KHPDFKLQHFDQEHVHWWRGLIIHUHQWFXWWLQJKHLJKWV

6
 3XVKWKHKHLJKWDGMXVWPHQWEXWWRQPRYHWKHKHLJKW
DGMXVWJHDUWRDKLJKHUSRVLWLRQWRLQFUHDVHWKHFXWWLQJ
KHLJKW
 3XVKWKHKHLJKWDGMXVWPHQWEXWWRQPRYHWKHKHLJKWDGMXVW
JHDUWRDORZHUSRVLWLRQWRGHFUHDVHWKHFXWWLQJKHLJKW

(QJOLVK (1

 ,167$//7+(%$77(5<3$&.
13
14
15
7
:$51,1*
 ,IWKHEDWWHU\SDFNRUFKDUJHULVGDPDJHGUHSODFHWKH
EDWWHU\SDFNRUWKHFKDUJHU
 6WRSWKHPDFKLQHDQGZDLWXQWLOWKHHQJLQHVWRSVEHIRUH
\RXLQVWDOORUUHPRYHWKHEDWWHU\SDFN
 5HDGNQRZDQGIROORZWKHLQVWUXFWLRQVLQWKHEDWWHU\
DQGFKDUJHUPDQXDO
 2SHQWKHEDWWHU\GRRU
 $OLJQWKHOLIWULEVRQWKHEDWWHU\SDFNZLWKWKH
JURRYHVLQWKHEDWWHU\FRPSDUWPHQW
 3XVKWKHEDWWHU\SDFNLQWRWKHEDWWHU\FRPSDUWPHQWXQWLO
WKHEDWWHU\SDFNORFNVLQWRSODFH
 :KHQ\RXKHDUDFOLFNWKHEDWWHU\SDFNLVLQVWDOOHG
 &ORVHWKHEDWWHU\GRRU
127(
7KHPRWRUVWDUWVRQO\ZKHQ\RXSXWLQWKHVDIHW\NH\
 5(029(7+(%$77(5<3$&.
 2SHQWKHEDWWHU\GRRU
 5HPRYHWKHVDIHW\NH\
 3XVKDQGKROGWKHEDWWHU\UHOHDVHEXWWRQ
 5HPRYHWKHEDWWHU\SDFNIURPWKHPDFKLQH
 23(5$7,21
:$51,1*
:HDUH\HSURWHFWLRQGXULQJRSHUDWLRQ
 67$577+(0$&+,1(
2
1
 3XWLQWKHVDIHW\NH\
 3XVKDQGKROGWKHVWDUWEXWWRQ
 :KLOH\RXKROGWKHVWDUWEXWWRQSXOOWKHEDLOVZLWFKLQ
WKHGLUHFWLRQRIWKHKDQGOHEDU
 5HOHDVHWKHVWDUWEXWWRQWRVWDUWWKHPDFKLQH
 67237+(0$&+,1(
 5HOHDVHWKHEDLOVZLWFKWRVWRSWKHPDFKLQH
:$51,1*
:DLWXQWLOWKHEODGHVIXOO\VWRSEHIRUH\RXVWDUWWKHPDFKLQH
DJDLQ'RQRWTXLFNO\WXUQWKHPDFKLQHRIIDQGRQ
:$51,1*
$OZD\VUHPRYHWKHVDIHW\NH\DQGEDWWHU\SDFNDIWHU\RX
FRPSOHWHWKHZRUN
 (037<7+(*5$66&$7&+(5
 6WRSWKHPDFKLQH
 5HPRYHWKHVDIHW\NH\
 5HPRYHWKHEDWWHU\SDFN
 2SHQWKHUHDUGLVFKDUJHGRRUDQGKROGLW
 +ROGWKHJUDVVFDWFKHUE\LWVKDQGOHDQGXQKRRNLWIURP
WKHVORWV
 &ORVHWKHUHDUGLVFKDUJHGRRU
 (PSW\WKHJUDVVFDWFKHU
 23(5$7(216/23(6
:$51,1*
'RQRWPRZRQWKHVORSHVZLWKLQFOLQHPRUHWKDQ,I
\RXDUHQRWFRPIRUWDEOHGRQRWPRZRQDVORSH

(QJOLVK
(1

 'RQRWJRXSDQGGRZQRQDVORSHPRZDFURVVWKHIDFH
RIWKHVORSH%HFDUHIXOZKHQ\RXFKDQJHWKHGLUHFWLRQRQ
DVORSH
 0RQLWRUWKHKROHVUXWVURFNVDQGRWKHUKLGGHQREMHFWV
WKDWFDQFDXVH\RXWRIDOO5HPRYHDOOREVWDFOHVVXFKDV
URFNVDQGWUHHOLPEV
 0DNHVXUHWKDW\RXUIRRWLQJLVVWDEOH,I\RXDUHRXWRI
EDODQFHUHOHDVHWKHEDLOVZLWFKLPPHGLDWHO\
 'RQRWPRZQHDUGURSRIIVGLWFKHVRUHPEDQNPHQWV
 23(5$7,217,36
 'RQRWWU\WRRYHUULGHWKHRSHUDWLRQRIWKHVWDUWEXWWRQRU
EDLOVZLWFK
 'RQRWWLOWWKHPDFKLQHZKHQ\RXVWDUWLW
 'RQRWSXWKDQGVRUIHHWQHDURUEHORZWKHWXUQLQJSDUWV
 .HHSWKHGLVFKDUJHFKXWHFOHDQ
 'RQRWFXWZHWJUDVV
 +LJKHUEODGHKHLJKWLVQHFHVVDU\IRUQHZRUWKLFNJUDVV
 &OHDQWKHERWWRPRIWKHPRZHUGHFNDIWHUHDFKXVH
5HPRYHJUDVVFOLSSLQJVOHDYHVGLUWDQGRWKHUGHEULV
 0$,17(1$1&(
:$51,1*
5HPRYHWKHVDIHW\NH\DQGEDWWHU\SDFNIURPWKHPDFKLQH
EHIRUHPDLQWHQDQFH
:$51,1*
.HHSWKHPRWRUDQGEDWWHU\SDFNIUHHIURPJUDVVOHDYHVRU
WRRPXFKJUHDVH
&$87,21
8VHRQO\DSSURYHGUHSODFHPHQWSDUWV
&$87,21
'RQRWOHWEUDNHIOXLGVJDVROLQHSHWUROHXPEDVHGPDWHULDOV
WRXFKWKHSODVWLFSDUWV&KHPLFDOVFDQFDXVHGDPDJHWRWKH
SODVWLFDQGPDNHWKHSODVWLFXQVHUYLFHDEOH
&$87,21
'RQRWXVHVWURQJVROYHQWVRUGHWHUJHQWVRQWKHSODVWLF
KRXVLQJRUFRPSRQHQWV
127(
5HFRPPHQGHGWLJKWHQLQJWRUTXHEODGH1P
 *(1(5$/0$,17(1$1&(
 %HIRUHHDFKXVHH[DPLQHWKHPDFKLQHIRUGDPDJHG
PLVVLQJRUORRVHSDUWVVXFKDVVFUHZVQXWVEROWVDQG
FDSV
 7LJKWHQFRUUHFWO\DOOWKHIDVWHQHUVDQGFDSV
 &OHDQWKHPDFKLQHZLWKDGU\FORWK'RQRWXVHZDWHU
 5(3/$&(7+(%/$'(
16
17
:$51,1*
8VHRQO\DSSURYHGUHSODFHPHQWEODGHV
:$51,1*
:HDUKHDY\JORYHVRUZLQGFORWKDURXQGWKHEODGHZKHQ
\RXWRXFKWKHEODGH
 6WRSWKHPDFKLQH
 0DNHVXUHWKDWWKHEODGHIXOO\VWRSV
 5HPRYHWKHVDIHW\NH\DQGEDWWHU\SDFN
 7XUQWKHPDFKLQHWRLWVVLGH
 8VHDSLHFHRIZRRGWRSUHYHQWWKHPRYHPHQWRIWKH
EODGH
 5HPRYHWKHPRXQWLQJVFUHZZLWKDZUHQFKRU
VRFNHW
 5HPRYHWKHEODGH
 ,QVWDOOWKHQHZEODGH0DNHVXUHWKDWWKHDUURZVHQJDJH
WKHKROHVLQWKHEODGH
 3XWLQWKHPRXQWLQJVFUHZDQGWLJKWHQLW
 6725(7+(0$&+,1(
 &OHDQWKHPDFKLQHEHIRUHVWRUDJH
 0DNHVXUHWKHPRWRULVQRWKRWZKHQ\RXSXWWKHPDFKLQH
LQWRVWRUDJH
 0DNHVXUHWKDWWKHPDFKLQHGRHVQRWKDYHORRVHRU
GDPDJHGSDUWV,ILWLVQHFHVVDU\GRWKHVHVWHSV
LQVWUXFWLRQV
 5HSODFHWKHGDPDJHGSDUWV
 7LJKWHQWKHEROWV
 6SHDNWRDSHUVRQRIDQDSSURYHGVHUYLFHFHQWHU
 6WRUHWKHPDFKLQHLQDGU\DUHD

(QJOLVK (1

 0DNHVXUHWKDWFKLOGUHQFDQQRWFRPHQHDUWKHPDFKLQH
<RXPD\ORZHUWKHKDQGOHVEHIRUH\RXSXWWKHPDFKLQHLQWR
WKHVWRUDJH
 )XOO\ORRVHQWKHKDQGOHIDVWHQHUVRQWKHVLGHVRIWKH
KDQGOHV
 )ROGDZD\WKHKDQGOHV
 'RQRWSLQFKRUWUDSWKHFDEOHV
 7528%/(6+227,1*
3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
7KHKDQGOHLVQRW
LQSRVLWLRQ
7KHEROWVDUHQRW
HQJDJHGFRUUHFWO\
$GMXVWWKHKHLJKW
RIWKHKDQGOHDQG
PDNHVXUHWKDWWKH
NQREVDQGEROWV
DUHDOLJQHGFRU
UHFWO\
7KHPDFKLQHGRHV
QRWVWDUW
7KHEDWWHU\FD
SDFLW\LVORZ
&KDUJHWKHEDWWHU\
SDFN
7KHEDLOVZLWFKLV
GHIHFWLYH
5HSODFHWKHEDLO
VZLWFK
7KHEDWWHU\NH\LV
QRWSXWLQ
3XWLQWKHEDWWHU\
NH\
7KHPDFKLQHFXWV
JUDVVXQHYHQO\
7KHODZQLVURXJK ([DPLQHWKHPRZ
LQJDUHD
7KHEODGHKHLJKWLV
QRWVHWFRUUHFWO\
0RYHWKHZKHHOV
WRDKLJKHUSRVL
WLRQ
7KHPDFKLQHGRHV
QRWPXOFKFRUUHFW
O\
:HWJUDVVFOLS
SLQJVDWWDFKWRWKH
GHFN
:DLWXQWLOWKH
JUDVVGULHVEHIRUH
PRZLQJ
7KHPXOFKSOXJLV
PLVVLQJ
,QVWDOOWKHPXOFK
SOXJ
7KHPDFKLQHLV
KDUGWRSXVK
7KHJUDVVLVWRR
WDOORUWKHEODGH
KHLJKWLVWRRORZ
,QFUHDVHWKHEODGH
KHLJKW
7KHJUDVVFDWFKHU
DQGWKHEODGH
GUDJVLQWKLFN
JUDVV
(PSW\WKHJUDVV
FOLSSLQJVIURPWKH
JUDVVFDWFKHU
3UREOHP 3RVVLEOHFDXVH 6ROXWLRQ
7KHUHLVDKLJKYL
EUDWLRQLQWKHPD
FKLQH
7KHEODGHLVXQ
EDODQFHGDQG
ZRUQ
5HSODFHWKHEODGH
7KHPRWRUVKDIWLV
EHQW
 6WRSWKHPR
WRU
 5HPRYHWKH
VDIHW\NH\DQG
EDWWHU\SDFN
 'LVFRQQHFWWKH
SRZHUVRXUFH
 ,QVSHFWIRU
GDPDJH
 5HSDLUWKHPD
FKLQHEHIRUH
\RXVWDUWLW
DJDLQ
7KHPDFKLQHVWRSV
GXULQJPRZLQJ
7KHEODGHKHLJKWLV
WRRORZ
,QFUHDVHWKHEODGH
KHLJKW
7KHEDWWHU\SDFNLV
RXWRISRZHU
&KDUJHWKHEDWWHU\
SDFN
7KHJUDVVFOLS
SLQJVDWWDFKWRWKH
GHFNRUWKHEODGH
5HPRYHWKHEDW
WHU\SDFNDQG
FKHFNWKHGHFN
2SHUDWLRQWHPSHU
DWXUHRIWKHPD
FKLQHLVWRRKLJK
&RROWKHPDFKLQH
,I\RXFDQQRWILQGWKHVROXWLRQWRWKHVHSUREOHPVJRWRWKH
VHUYLFHFHQWHU
 7(&+1,&$/'$7$
9ROWDJH 9
1RORDGVSHHG 530
'HFNVL]H 
+HLJKWDGMXVW
PHQWV
FP
)XQFWLRQV LQ0XOFK5HDU%DJ
:HLJKWZLWK
RXWEDWWHU\
SDFN
OEVNJ
%DWWHU\PRGHO &7DQGRWKHU%$&VHULHV
&KDUJHUPRGHO &7DQGRWKHU&$&VHULHV

(QJOLVK
(1

 /,0,7(':$55$17<
*UHHQZRUNVKHUHE\ZDUUDQWLHVWKLVSURGXFWWRWKHRULJLQDO
SXUFKDVHUZLWKSURRIRISXUFKDVHIRUDSHULRGRIIRXU
\HDUVDJDLQVWGHIHFWVLQPDWHULDOVSDUWVRUZRUNPDQVKLS
*UHHQZRUNVDWLWVRZQGLVFUHWLRQZLOOUHSDLURUUHSODFHDQ\
DQGDOOSDUWVIRXQGWREHGHIHFWLYHWKURXJKQRUPDOXVHIUHH
RIFKDUJHWRWKHFXVWRPHU7KLVZDUUDQW\LVYDOLGRQO\IRU
XQLWVZKLFKKDYHEHHQXVHGIRUSHUVRQDOXVHWKDWKDYHQRW
EHHQKLUHGRUUHQWHGIRULQGXVWULDOFRPPHUFLDOXVHDQGWKDW
KDYHEHHQPDLQWDLQHGLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVLQ
WKHRZQHUV¶PDQXDOVXSSOLHGZLWKWKHSURGXFWIURPQHZ
,7(06127&29(5('%<:$55$17<
 $Q\SDUWWKDWKDVEHFRPHLQRSHUDWLYHGXHWRPLVXVH
FRPPHUFLDOXVHDEXVHQHJOHFWDFFLGHQWLPSURSHU
PDLQWHQDQFHRUDOWHUDWLRQRU
 7KHXQLWLILWKDVQRWEHHQRSHUDWHGDQGRUPDLQWDLQHGLQ
DFFRUGDQFHZLWKWKHRZQHUVPDQXDORU
 1RUPDOZHDUH[FHSWDVQRWHGEHORZ
 5RXWLQHPDLQWHQDQFHLWHPVVXFKDVOXEULFDQWVEODGH
VKDUSHQLQJ
 1RUPDOGHWHULRUDWLRQRIWKHH[WHULRUILQLVKGXHWRXVHRU
H[SRVXUH
+(/3/,1(
:DUUDQW\VHUYLFHLVDYDLODEOHE\FDOOLQJRXUWROOIUHHKHOSOLQH
DW
75$163257$7,21&+$5*(6
7UDQVSRUWDWLRQFKDUJHVIRUWKHPRYHPHQWRIDQ\SRZHU
HTXLSPHQWXQLWRUDWWDFKPHQWDUHWKHUHVSRQVLELOLW\RIWKH
SXUFKDVHU,WLVWKHSXUFKDVHU¶VUHVSRQVLELOLW\WRSD\
WUDQVSRUWDWLRQFKDUJHVIRUDQ\SDUWVXEPLWWHGIRUUHSODFHPHQW
XQGHUWKLVZDUUDQW\XQOHVVVXFKUHWXUQLVUHTXHVWHGLQZULWLQJ
E\*UHHQZRUNV
86$DGGUHVV &DQDGLDQDGGUHVV
*UHHQZRUNV7RROV *UHHQZRUNV7RROV&DQDGD,QF
32%R[ 6WHOODU'ULYH8QLW
0RRUHVYLOOH1& 1HZPDUNHW21/<%

(QJOLVK (1

 (;3/2'('9,(:
12
8
3
5
4
10
9
6 7
1R 3DUW1R 4W\ 'HVFULSWLRQ
 5  ´:KHHODVVHPEO\
 5  ´:KHHODVVHPEO\
 5%  0XOFKSOXJ
 5  6DIHW\NH\NLW
 5  *UDVVFDWFKHUDVVHPEO\
 5  8SSHUKDQGOHDVVHPEO\
 5  3&%$
 5  %ODGHDVVHPEO\
 5  0RWRU
 5  +DQGOHFDPORFNDVVHPEO\

(QJOLVK
(1

 'HVFULSWLRQ 
 %XW 
 $SHUoX 
 /LVH]WRXWHVOHVLQVWUXFWLRQV 
 /HVHQIDQWVHWOHVFXULHX[
 )RQFWLRQQHPHQW 
 6HUYLFH(QWUHWLHQ 
 8WLOLVDWLRQVXUXQHSHQWH
 6\PEROHVILJXUDQWVXUOD
PDFKLQH 
 1LYHDX[GHULVTXHV
 eOLPLQDWLRQGHVEDWWHULHVVDQV
GDQJHUSRXUOHQYLURQQHPHQW
 3URSRVLWLRQ 
 ,QVWDOODWLRQ 
 'pEDOOH]ODPDFKLQH
 'pSOR\H]HWUpJOH]ODSDUWLHLQIpULHXUHGX
JXLGRQ 
 ,QVWDOOH]ODSRLJQpHVXSpULHXUH 
 ,QVWDOOH]OHVDFDUULqUH 
 ,QVWDOOH]OHERXFKRQGHGpFKLTXHWDJH 
 5pJOH]ODKDXWHXUGHFRXSH
 ,QVWDOOH]ODEDWWHULH
 5HWLUH]ODEDWWHULH
 8WLOLVDWLRQ
 'pPDUUH]ODPDFKLQH
 $UUrWH]ODPDFKLQH
 9LGH]OHVDFDUULqUH
 7UDYDLOOH]VXUOHVSHQWHV
 &RQVHLOVVXUOXWLOLVDWLRQ
 (QWUHWLHQ
 (QWUHWLHQJpQpUDO
 5HPSODFH]ODODPH
 (QWUHSRVH]ODPDFKLQH
 'pSDQQDJH
 'RQQpHVWHFKQLTXHV 
 *DUDQWLHOLPLWpH
 9XHpFODWpHV 

)UDQoDLV
)5

 '(6&5,37,21
 %87
&HWWHPDFKLQHHVWXWLOLVpHSRXUWRQGUHOHJD]RQjODPDLVRQ
/DODPHGHFRXSHGRLWrWUHDSSUR[LPDWLYHPHQWSDUDOOqOHDX
VRO/HVTXDWUHURXHVGRLYHQWWRXFKHUOHVROSHQGDQWTXHYRXV
WRQGH]
 $3(5d8
7
3
2
1
10
5
6
4
8
9
/HYLHUGHYHUURXLOODJH
%RXWRQGHGpPDUUDJH
3DUWLHVXSpULHXUHGXJXLGRQ
3RLJQpHLQIpULHXUH
7UDSSHGpMHFWLRQDUULqUH
%RXWRQGHUpJODJHGHODKDXWHXU
7UDSSHGHODEDWWHULH
/HYLHUjGpJDJHPHQWUDSLGH
6DFDUULqUH
 %RXFKRQGHGpFKLTXHWDJH
 /,6(=7287(6/(6
,16758&7,216
'$1*(5
&HWWHPDFKLQHDpWpIDEULTXpHSRXUrWUHXWLOLVpH
FRQIRUPpPHQWDX[FRQVLJQHVGHVpFXULWpTXLILJXUHQWGDQV
FHPDQXHO&RPPHDYHFWRXWDXWUHW\SHGpTXLSHPHQW
PRWRULVpODQpJOLJHQFHRXXQHHUUHXUGHODSDUWGH
OXWLOLVDWHXUSHXWSURYRTXHUGHVEOHVVXUHVJUDYHV&HWWH
PDFKLQHHVWFDSDEOHGDPSXWHUOHVPDLQVHWOHVSLHGVHWGH
SURMHWHUGHVREMHWV/HQRQUHVSHFWGHWRXWHVOHVFRQVLJQHV
GHVpFXULWpSHXWHQWUDvQHUGHVEOHVVXUHVJUDYHVYRLUH
PRUWHOOHV
5(0$548(
/RUVTXHYRXVXWLOLVH]XQHWRQGHXVHjJD]RQpOHFWULTXHGHV
SUpFDXWLRQVGHVpFXULWpGHEDVHGRLYHQWWRXMRXUVrWUHSULVHV
SRXUUpGXLUHOHVULVTXHVGLQFHQGLHGHFKRFpOHFWULTXHHWGH
EOHVVXUHVFRUSRUHOOHV&HVSUpFDXWLRQVGHEDVHFRPSUHQQHQW
FHTXLVXLW
 /(6(1)$176(7/(6&85,(8;
'HVDFFLGHQWVWUDJLTXHVSHXYHQWVHSURGXLUHVLORSpUDWHXUQH
IDLWSDVDWWHQWLRQjODSUpVHQFHGHVHQIDQWVRXGHVFXULHX[
 *DUGHUOD]RQHGRSpUDWLRQjOpFDUWGHWRXWHSHUVRQQHHQ
SDUWLFXOLHUOHVMHXQHVHQIDQWVHWOHVDQLPDX[GRPHVWLTXHV
 6R\H]H[WUrPHPHQWSUXGHQWORUVTXHYRXVDSSURFKH]XQ
DQJOHPRUWXQHSRUWHXQDUEXVWHXQDUEUHRXWRXWDXWUH
REMHWTXLSRXUUDLWREVFXUFLUYRWUHYLVLRQGXQHQIDQWRX
GXQFXULHX[*DUGH]OHVHQIDQWVOHVFXULHX[OHV
DVVLVWDQWVHWOHVDQLPDX[GRPHVWLTXHVjDXPRLQVP
SLGHODWRQGHXVHORUVTXHOOHHVWHQPDUFKH$UUrWH]
ODPDFKLQHVLTXHOTXXQVDSSURFKH
 1HSHUPHWWH]MDPDLVjGHVHQIDQWVGHPRLQVGHDQV
GXWLOLVHUXQHWRQGHXVHpOHFWULTXH/HVRSpUDWHXUVkJpVGH
DQVHWSOXVGRLYHQWOLUHHWFRPSUHQGUHOHPDQXHO
GXWLOLVDWLRQHWOHVUqJOHVGHVpFXULWp6HXOHVOHVSHUVRQQHV
UHVSRQVDEOHVHWTXLFRQQDLVVHQWFHVUqJOHVGHVpFXULWp
GRLYHQWrWUHDXWRULVpHVjXWLOLVHUFHWWHPDFKLQH
 )21&7,211(0(17
 /LVH]DWWHQWLYHPHQWFHPDQXHOGXWLOLVDWLRQGDQVVRQ
LQWpJUDOLWpDYDQWGDVVHPEOHURXGXWLOLVHUFHWWHPDFKLQH
$YDQWGHGpPDUUHUYHXLOOH]OLUHFRPSUHQGUHHWVXLYUH
WRXWHVOHVLQVWUXFWLRQVSUpVHQWHVGDQVOHPDQXHO
GXWLOLVDWLRQHWVXUODPDFKLQH)DPLOLDULVH]YRXVDYHFOHV
FRPPDQGHVHWOXWLOLVDWLRQFRUUHFWHGHFHWWHPDFKLQH
DYDQWGHOXWLOLVHU&RQVHUYH]FHPDQXHOSRXUUpIpUHQFH
IXWXUHHWUpJXOLqUH
 1XWLOLVH]ODWRQGHXVHjJD]RQTXHSRXUOHVWUDYDX[
DX[TXHOVHOOHHVWGHVWLQpH9RWUHWRQGHXVHjJD]RQDpWp
FRQoXHSRXUHIIHFWXHUXQVHXOWUDYDLOFRXSHUOKHUEH
 1HVVD\H]MDPDLVGHUpJOHUODKDXWHXUGHVURXHVORUVTXHOH
PRWHXUHVWHQPDUFKH
 1HIRUFH]SDVODWRQGHXVHjJD]RQHOOHIHUDOHWUDYDLO
PLHX[HWGHIDoRQSOXVVpFXULWDLUHDXU\WKPHSRXUOHTXHO
HOOHDpWpFRQoXH
 1HYRXVSHQFKH]SDVWURSJDUGH]XQERQpTXLOLEUHHQWRXW
WHPSV'HQRPEUHXVHVEOHVVXUHVVXUYLHQQHQWORUVTXHOD
WRQGHXVHHVWWLUpHVXUOHSLHGORUVGXQHFKXWHFDXVpHSDU
XQJOLVVHPHQWRXXQWUpEXFKHPHQW)DLWHVDWWHQWLRQGHQH
SDVJOLVVHUHWGHQHSDVWRPEHUSRXUpYLWHUGHVEOHVVXUHV
JUDYHV6LYRXVVHQWH]TXHYRXVSHUGH]OpTXLOLEUH
UHOkFKH]LPPpGLDWHPHQWOHJXLGRQHWODODPHVDUUrWHUDGH
WRXUQHUGDQVOHVWURLVVHFRQGHV
 ,QVSHFWH]VRLJQHXVHPHQWOHQGURLWROpTXLSHPHQWGRLW
rWUHXWLOLVpHWHQOHYH]WRXWHVOHVSLHUUHVOHVEkWRQVOHV
ILOVOHVRVHWDXWUHVREMHWVpWUDQJHUV
 eYLWH]WRXWGpPDUUDJHDFFLGHQWHO$VVXUH]YRXVTXH
OLQWHUUXSWHXUHVWHQSRVLWLRQGDUUrWDYDQWGHEUDQFKHUOD

)UDQoDLV
)5

EDWWHULHGHVRXOHYHURXGHWUDQVSRUWHUODSSDUHLO/HIDLW
GHSRUWHUODSSDUHLODYHFXQGRLJWVXUOLQWHUUXSWHXURX
GDOLPHQWHUODSSDUHLOGRQWOLQWHUUXSWHXUHVWHQPDUFKH
ULVTXHGHSURYRTXHUGHVDFFLGHQWV
 1HWLUH]MDPDLVODWRQGHXVHYHUVYRXVORUVTXHYRXV
PDUFKH]6LYRXVGHYH]UHFXOHUODWRQGHXVHORLQGXQPXU
RXGXQREVWDFOHUHJDUGH]GDERUGYHUVOHEDVHWGHUULqUH
YRXVSRXUpYLWHUGHWUpEXFKHUSXLVVXLYH]FHVpWDSHV
 eORLJQH]YRXVGHODWRQGHXVHSRXUDOORQJHU
FRPSOqWHPHQWYRVEUDV
 $VVXUH]YRXVGHUHVWHUELHQHQpTXLOLEUH
 7LUH]OHQWHPHQWVXUODWRQGHXVH
 'pEUDQFKH]OHEORFEDWWHULHGHORXWLOpOHFWULTXHDYDQW
GHIIHFWXHUGHVUpJODJHVGHFKDQJHUGHVDFFHVVRLUHVRXGH
UDQJHUODPDFKLQH'HWHOOHVPHVXUHVGHVpFXULWp
SUpYHQWLYHVUpGXLVHQWOHULVTXHGXQGpPDUUDJHDFFLGHQWHO
GHODPDFKLQH
 $YDQWGHUHFXOHUHWHQUHFXODQWDYHFODWRQGHXVHUHJDUGH]
GHUULqUHYRXVHWYHUVOHEDVSRXUYRLUVLO\DGHMHXQHV
HQIDQWVHWGDXWUHVSHUVRQQHV
 1XWLOLVH]SDVODWRQGHXVHVLYRXVrWHVVRXVOLQIOXHQFH
GDOFRRORXGHGURJXHV5HVWH]YLJLODQWHWIDLWHVDWWHQWLRQj
FHTXHYRXVIDLWHVHQWRXWWHPSV)DLWHVSUHXYHGHERQ
MXJHPHQWHWQXWLOLVH]SDVODWRQGHXVHVLYRXVrWHVIDWLJXp
 3RUWH]WRXMRXUVGHVOXQHWWHVGHVpFXULWpRXGHVOXQHWWHVGH
SURWHFWLRQSHQGDQWOXWLOLVDWLRQHWORUVGXQDMXVWHPHQWRX
GXQHUpSDUDWLRQSRXUSURWpJHUYRV\HX[/HVREMHWV
SURMHWpVTXLULFRFKHQWSHXYHQWFDXVHUGHJUDYHVEOHVVXUHV
DX[\HX[8WLOLVH]WRXMRXUVXQPDVTXHIDFLDORXXQ
PDVTXHDQWLSRXVVLqUHVLORSpUDWLRQHVWSRXVVLpUHXVH
 (QWRXWWHPSVVHWHQLUjOpFDUWGHORXYHUWXUHGH
GpFKDUJHPHQW1HSODFH]MDPDLVYRVPDLQVRXYRVSLHGV
SUqVGXQHSLqFHHQPRXYHPHQWRXVRXVOHSODWHDXGH
FRXSH/DODPHHQPRXYHPHQWSHXWDPSXWHUOHVPDLQVHW
OHVSLHGV
 3ODQLILH]YRWUHWUDFpGHWRQWHGHPDQLqUHjpYLWHUWRXW
GpYHUVHPHQWGHPDWpULDX[YHUVOHVURXWHVOHVWURWWRLUVOHV
SDVVDQWVHWDXWUHVHQGURLWVVHPEODEOHV'HSOXVpYLWH]GH
GpFKDUJHUOHSURGXLWFRQWUHGHVPXUVRXGHVREVWUXFWLRQV
FHTXLSRXUUDLWIDLUHULFRFKHUOHSURGXLWGpFKDUJpYHUV
ORSpUDWHXU
 3RXUpYLWHUODODPHRXXQHEOHVVXUHSDUXQREMHWSURMHWp
UHVWH]GDQVOD]RQHGHORSpUDWHXUGHUULqUHOHVJXLGRQV
 8QFRXYHUFOHGHGpFKDUJHPDQTXDQWRXHQGRPPDJpSHXW
FDXVHUXQFRQWDFWDYHFODODPHRXGHVEOHVVXUHVFDXVpHV
SDUGHVREMHWVSURMHWpV
 /HVREMHWVKHXUWpVSDUODODPHGHODWRQGHXVHjJD]RQ
SHXYHQWFDXVHUGHJUDYHVEOHVVXUHVDX[SHUVRQQHV/H
JD]RQGRLWWRXMRXUVrWUHVRLJQHXVHPHQWH[DPLQpHW
GpEDUUDVVpGHWRXWREMHWDYDQWFKDTXHWRQWH
 $UUrWH]ODODPHORUVTXHYRXVWUDYHUVH]GHVFKHPLQVGH
JUDYLHUGHVFKHPLQVRXGHVURXWHV
 6XLYH]WRXWHVOHVLQVWUXFWLRQVGHUHFKDUJHHWQHUHFKDUJH]
SDVOHEORFEDWWHULHRXODSSDUHLOHQGHKRUVGHODSODJHGH
WHPSpUDWXUHVSpFLILpHGDQVFHVLQVWUXFWLRQV8Q
UHFKDUJHPHQWLQFRUUHFWRXjGHVWHPSpUDWXUHVHQGHKRUV
GHODSODJHVSpFLILpHSHXWHQGRPPDJHUODEDWWHULHHW
DXJPHQWHUOHULVTXHGLQFHQGLH
 6LODWRQGHXVHKHXUWHXQFRUSVpWUDQJHUSURFpGH]FRPPH
VXLW
 5HOkFKH]OLQWHUUXSWHXUGDUUrWGXUJHQFHSRXU
GpVHQJDJHUOHPRWHXU
 5HWLUH]OHEORFEDWWHULH
 9pULILH]TXHOOHQHVWSDVHQGRPPDJpH
 5pSDUH]WRXWHVOHVSLqFHVHQGRPPDJpHVDYDQWGH
UHGpPDUUHUHWGXWLOLVHUODWRQGHXVHjJD]RQ
 )DLWHVHIIHFWXHUOHQWUHWLHQSDUXQUpSDUDWHXUTXDOLILpHQ
QXWLOLVDQWTXHGHVSLqFHVGHUHFKDQJHLGHQWLTXHV&HOD
JDUDQWLUDOHPDLQWLHQGHODVpFXULWpGXSURGXLW
 +DELOOH]YRXVFRUUHFWHPHQWQHSRUWH]SDVGHYrWHPHQWV
DPSOHVRXGHELMRX[TXLSRXUUDLHQWVHFRLQFHUGDQVOHV
SLqFHVHQPRXYHPHQW/HSRUWGHJDQWVGHVpFXULWpHWGH
FKDXVVXUHVDSSURSULpHVHVWUHFRPPDQGpSRXUWUDYDLOOHUj
OH[WpULHXU3RUWH]GHVFKDXVVXUHVGHWUDYDLOUREXVWHVj
VHPHOOHUXJXHXVHHWGHVSDQWDORQVHWGHVFKHPLVHVELHQ
DMXVWpV8QHFKHPLVHHWXQSDQWDORQTXLSURWqJHQWOHVEUDV
HWOHVMDPEHVHWGHVFKDXVVXUHVjERXWGDFLHUVRQW
UHFRPPDQGpV1XWLOLVH]MDPDLVFHWWHPDFKLQHSLHGVQXV
HQVDQGDOHVHQFKDXVVXUHVJOLVVDQWHVRXOpJqUHVSDUH[
HQWRLOH
 1HPRGLILH]SDVRXQHVVD\H]SDVGHUpSDUHUODSSDUHLORX
ODEDWWHULHVHORQOHFDVVDXIHQFRQIRUPLWpDYHFOHV
LQVWUXFWLRQVGXWLOLVDWLRQHWGHQWUHWLHQLQGLTXpHVGDQVFH
PDQXHO
 3RUWH]XQFRXYUHFKHISURWHFWHXUSRXUFRQWHQLUOHV
FKHYHX[ORQJV
 eYLWH]OHVHQYLURQQHPHQWVGDQJHUHX[QXWLOLVH]SDVOD
WRQGHXVHjJD]RQGDQVGHVHQGURLWVKXPLGHVRXPRXLOOpV
RXVLOSOHXW
 (QWUHSRVH]ODWRQGHXVHLQXWLOLVpHjOLQWpULHXU/RUVTXLOV
QHVRQWSDVXWLOLVpVOHVDSSDUHLOVGRLYHQWrWUHHQWUHSRVHUj
OLQWpULHXUGDQVXQHQGURLWVHFVXUpOHYpRXYHUURXLOOp
KRUVGHODSRUWpHGHVHQIDQWV5HWLUH]WRXMRXUVODEDWWHULH
GHODWRQGHXVHDYDQWGHODUDQJHU
 1HWRQGH]TXjODOXPLqUHGXMRXURXVRXVXQHERQQH
OXPLqUHDUWLILFLHOOH0DUFKH]QHFRXUH]MDPDLVSHQGDQW
ORSpUDWLRQ
 6LOpTXLSHPHQWFRPPHQFHjYLEUHUDQRUPDOHPHQW
DUUrWH]LPPpGLDWHPHQWOHPRWHXUUHWLUH]ODEDWWHULHHW
YpULILH]ODFDXVH/HVYLEUDWLRQVVRQWJpQpUDOHPHQWXQ
DYHUWLVVHPHQWLQGLTXDQWTXHODPDFKLQHQHIRQFWLRQQHSDV
FRUUHFWHPHQW
 9pULILH]IUpTXHPPHQWODGpWpULRUDWLRQHWOXVXUHGXVDFHW
UHPSODFH]OHVVDFVXVpV9pULILH]TXHOHVVDFVGH
UHPSODFHPHQWVRQWFRQIRUPHVDX[UHFRPPDQGDWLRQVRX
DX[VSpFLILFDWLRQVGXIDEULFDQWGRULJLQH
 $YDQWGHQHWWR\HUODPDFKLQHGHGpERXFKHURXGHQOHYHU
OHVDFjKHUEHOHGLVSRVLWLIGHGpFKLTXHWDJHRXODJRXORWWH
GpMHFWLRQODWpUDOHDUUrWH]OHPRWHXUHWDWWHQGH]TXHOD
ODPHVDUUrWHFRPSOqWHPHQWSXLVUHWLUH]OHEORFEDWWHULH
/DODPHFRQWLQXHjWRXUQHUSHQGDQWTXHOTXHVVHFRQGHV
DSUqVTXHOHPRWHXUVHVWpWHLQW1H[pFXWH]MDPDLVFHV

)UDQoDLV
)5

IRQFWLRQVWDQWTXHYRXVQrWHVSDVVUTXHODODPHQH
WRXUQHSOXV
 *DUGH]ODODPHGHFRXSHSURSUHHWWUDQFKDQWHSRXU
DVVXUHUODPHLOOHXUHSHUIRUPDQFH
 ,QVSHFWH]SpULRGLTXHPHQWOHVGLVSRVLWLIVGHVpFXULWpHWOHV
FRUGRQVSRXUYRXVDVVXUHUTXLOVQHVRQWSDV
HQGRPPDJpV6LODSSDUHLOHVWHQGRPPDJpQHOXWLOLVH]
SDVDYDQWTXLOQDLWpWpUpSDUpSDUXQSURIHVVLRQQHO
DXWRULVp
 1XWLOLVH]MDPDLVODWRQGHXVHVDQVOHFRXYHUFOHGH
GpFKDUJHOHVDFjKHUEHOHERXFKRQGHGpFKLTXHWDJHOD
JRXORWWHGpMHFWLRQODWpUDOHRXWRXWDXWUHGLVSRVLWLIGH
VpFXULWpDSSURSULpHQSODFHHWHQIRQFWLRQQHPHQW
1XWLOLVH]MDPDLVODWRQGHXVHVLVHVGLVSRVLWLIVGHVpFXULWp
VRQWHQGRPPDJpV/HQRQUHVSHFWGHFHWWHFRQVLJQHSHXW
HQWUDvQHUGHVEOHVVXUHVFRUSRUHOOHV
 8WLOLVH]XQLTXHPHQWOHVEDWWHULHVHWOHVFKDUJHXUV
DSSURXYpV/HVEDWWHULHVHWOHVFKDUJHXUVQRQDSSURXYpV
SHXYHQWHQGRPPDJHUODWRQGHXVHRXEOHVVHUORSpUDWHXU
 1HMHWH]SDVODEDWWHULHDXIHX/HVFHOOXOHVSHXYHQW
VHQIODPPHU&RQVXOWH]OHVFRGHVORFDX[HWODJHVWLRQGHV
GpFKHWVSRXUFRQQDvWUHOHVLQVWUXFWLRQVGpOLPLQDWLRQ
DSSURSULpHV
 /RUVTXHOHEORFEDWWHULHQHVWSDVXWLOLVppORLJQH]OHGHV
DXWUHVREMHWVPpWDOOLTXHVWHOVTX¶DWWDFKHVWURPERQHV
SLqFHVGHPRQQDLHFOpVFORXVYLVRXDXWUHVSHWLWVREMHWV
PpWDOOLTXHVTXLSHXYHQWpWDEOLUXQHFRQQH[LRQGXQH
ERUQHjXQHDXWUH/HFRXUWFLUFXLWDJHGHVERUQHVGHOD
EDWWHULHSHXWSURYRTXHUGHVEUOXUHVRXXQLQFHQGLH
 1HWHQWH]SDVGRXYULUQLGDEvPHUODEDWWHULH/HV
pOHFWURO\WHVFRQWHQXVGDQVODEDWWHULHVRQWFRUURVLIVHW
SHXYHQWFDXVHUGHVGRPPDJHVDX[\HX[RXjODSHDXVLOV
VRQWUHMHWpV/pOHFWURO\WHSHXWrWUHWR[LTXHORUVTXHOOHHVW
DYDOpH
 'DQVGHVFRQGLWLRQVDEXVLYHVGXOLTXLGHSHXWrWUHpMHFWp
GHODEDWWHULHpYLWH]WRXWFRQWDFW(QFDVGHFRQWDFW
DFFLGHQWHOULQFH]DYHFGHO¶HDX(QFDVGHFRQWDFWDYHF
OHV\HX[FRQVXOWH]pJDOHPHQWXQPpGHFLQ/HOLTXLGH
VpFKDSSDQWGHVEDWWHULHVSHXWFDXVHUGHVLUULWDWLRQVRXGHV
EUOXUHV
 1H[SRVH]SDVXQEORFEDWWHULHRXXQDSSDUHLODXIHXRXj
XQHWHPSpUDWXUHH[FHVVLYH/H[SRVLWLRQDXIHXRXXQH
WHPSpUDWXUHVXSpULHXUHj&SHXWSURYRTXHUXQH
H[SORVLRQ
 0DQLSXOH]OHVEDWWHULHVDYHFODSOXVJUDQGHSUXGHQFHDILQ
GpYLWHUGHFRXUWFLUFXLWHUODEDWWHULHDYHFGHVPDWpULDX[
FRQGXFWHXUVWHOVTXHEDJXHVEUDFHOHWVFOpVHWF/D
EDWWHULHRXOHFRQGXFWHXUSHXWVXUFKDXIIHUHWSURYRTXHU
GHVEUOXUHVHQFDVGHFRQWDFWDYHFFHVPDWpULDX[
 1XWLOLVH]SDVXQHEDWWHULHRXXQDSSDUHLOHQGRPPDJpRX
PRGLILp/HVEDWWHULHVHQGRPPDJpHVRXPRGLILpHV
SHXYHQWSUpVHQWHUXQIRQFWLRQQHPHQWLPSUpYLVLEOHHW
SURYRTXHUXQLQFHQGLHXQHH[SORVLRQRXXQULVTXHGH
EOHVVXUH
 6(59,&((175(7,(1
 9pULILH]IUpTXHPPHQWTXHODODPHHWOHVERXORQVGH
IL[DWLRQGXPRWHXUVRQWELHQVHUUpV
 5HPSODFH]ODODPHVLHOOHHVWSOLpHRXILVVXUpH8QHODPH
GpVpTXLOLEUpHSURYRTXHGHVYLEUDWLRQVTXLSRXUUDLHQW
HQGRPPDJHUOXQLWpGHQWUDvQHPHQWGXPRWHXURXFDXVHU
GHVEOHVVXUHVFRUSRUHOOHV
 *DUGH]WRXVOHVpFURXVERXORQVHWYLVVHUUpVSRXUYRXV
DVVXUHUTXHORXWLOHVWHQpWDWGHIRQFWLRQQHPHQW
VpFXULWDLUH
 1HODYH]SDVDYHFXQWX\DXGDUURVDJHpYLWH]GHPHWWUH
GHOHDXGDQVOHPRWHXUHWOHVFRQQH[LRQVpOHFWULTXHV
 1HMDPDLVUHWLUHURXPRGLILHUOHVGLVSRVLWLIVGHVpFXULWp
9pULILH]UpJXOLqUHPHQWOHXUERQIRQFWLRQQHPHQW1H
MDPDLVIDLUHTXRLTXHFHVRLWTXLSXLVVHLQWHUIpUHUDYHFOH
IRQFWLRQQHPHQWSUpYXGXQGLVSRVLWLIGHVpFXULWpRX
UpGXLUHODSURWHFWLRQRIIHUWHSDUXQGLVSRVLWLIGHVpFXULWp
 'pEDUUDVVH]ODPDFKLQHGHVEULQVGKHUEHIHXLOOHVHW
GDXWUHVGpEULVTXLSRXUUDLHQWV\DFFXPXOHU/DLVVH]OD
PDFKLQHVHUHIURLGLUDYDQWOHQWUHSRVDJH
 1HIIHFWXH]MDPDLVGHUpJODJHVRXGHUpSDUDWLRQVTXDQGOH
PRWHXUHVWHQPDUFKH
 5HWLUH]WRXMRXUVOHEORFEDWWHULHGHODWRQGHXVHDYDQWGH
SURFpGHUDXUpJODJHDXQHWWR\DJHRXjODUpSDUDWLRQ
 9pULILH]IUpTXHPPHQWOHVpOpPHQWVGXVDFDUULqUHHWOH
GLVSRVLWLIGHSURWHFWLRQGHODGpFKDUJHHWOHVUHPSODFHUDX
EHVRLQSDUOHVSLqFHVUHFRPPDQGpHVSDUOHIDEULFDQW
 $LJXLVH]XQHODPHpPRXVVpHGHIDoRQpJDOHjFKDTXH
H[WUpPLWpSRXUPDLQWHQLUOpTXLOLEUH
 *DUGH]OHVJDUGHVSURWHFWULFHVHQSODFHHWHQERQpWDWGH
IRQFWLRQQHPHQW/HVODPHVGHODWRQGHXVHVRQW
WUDQFKDQWHVHWSHXYHQWEOHVVHU(QYHORSSH]ODODPHDYHF
XQFKLIIRQRXSRUWH]GHVJDQWVHWIDLWHVWUqVDWWHQWLRQHQOD
PDQLSXODQW
 1HWWR\H]VRLJQHXVHPHQWODODPHHWYpULILH]VRQpTXLOLEUH
HQODVRXWHQDQWKRUL]RQWDOHPHQWVXUXQFORXILQSDUVRQ
WURXFHQWUDO/HFORXGRLWrWUHpJDOHPHQWGDQVXQHSRVLWLRQ
KRUL]RQWDOH6LOXQHRXODXWUHH[WUpPLWpGHODODPHWRXUQH
YHUVOHEDVHQOHYH]XQSHXGHPpWDOGHOH[WUpPLWpORXUGH
RXLQIpULHXUHMXVTXjFHTXHODODPHVRLWpTXLOLEUpH(OOH
HVWpTXLOLEUpHORUVTXHDXFXQHGHVGHX[H[WUpPLWpVQH
WRPEH
 8WLOLVH]VHXOHPHQWGHVODPHVGHUHFKDQJHLGHQWLTXHV
 (QWUHWHQH]YRWUHWRQGHXVHjJD]RQDYHFVRLQ*DUGH]OHV
ERUGVGHFRXSHWUDQFKDQWVHWSURSUHVSRXUXQH
SHUIRUPDQFHRSWLPDOHHWSOXVVUH6XLYH]OHVLQVWUXFWLRQV
SRXUOXEULILHUHWFKDQJHUOHVDFFHVVRLUHV,QVSHFWH]
SpULRGLTXHPHQWOHFRUGRQGHODWRQGHXVH6LOHVW
HQGRPPDJpIDLWHVOHUpSDUHUSDUXQUpSDUDWHXUDJUpp
 (QFDVGHVLWXDWLRQVTXLQHVRQWSDVFRXYHUWHVGDQVFH
PDQXHOIDLWHVSUHXYHGHSUXGHQFHHWGHERQMXJHPHQWRX
FRQWDFWH]OH6HUYLFHjODFOLHQWqOHSRXUREWHQLUGHODLGH
 1XWLOLVH]MDPDLVODWRQGHXVHVDQVOHVSURWHFWLRQVOHV
SODTXHVRXGDXWUHVGLVSRVLWLIVGHSURWHFWLRQGHVpFXULWp
DSSURSULpVHQSODFH
/DSODJHGHWHPSpUDWXUHDPELDQWHUHFRPPDQGpH

)UDQoDLV
)5

$UWLFOH 7HPSpUDWXUH
3ODJHGHWHPSpUDWXUHG¶HQ
WUHSRVDJHGHODWRQGHXVH
)&)&
3ODJHGHWHPSpUDWXUHGH
IRQFWLRQQHPHQWGHODWRQ
GHXVH
)&)&
3ODJHGHWHPSpUDWXUHGHUH
FKDUJHPHQWGHODEDWWHULH
)&)&
3ODJHGHWHPSpUDWXUHGH
IRQFWLRQQHPHQWGXFKDUJHXU
)&)&
3ODJHGHWHPSpUDWXUHG¶HQ
WUHSRVDJHGHODEDWWHULH
DQ)&)
&
PRLV)&)
&
PRLV)&)
&
3ODJHGHWHPSpUDWXUHGHGp
FKDUJHPHQWGHODEDWWHULH
)&)&
 87,/,6$7,2168581(3(17(
/HVSHQWHVVRQWXQIDFWHXUPDMHXUOLpDX[DFFLGHQWVGH
JOLVVDGHHWGHFKXWHTXLSHXYHQWHQWUDvQHUGHVEOHVVXUHV
JUDYHV/XWLOLVDWLRQVXUOHVSHQWHVH[LJHXQHSUXGHQFH
VXSSOpPHQWDLUH6LYRXVYRXVVHQWH]PDOjODLVHVXUXQH
SHQWHQHWRQGH]SDVGXJD]RQ
¬IDLUH
 7RQGH]VXUODIDFHGHVSHQWHVQHWRQGH]MDPDLVGHKDXW
HQEDV)DLWHVWUqVDWWHQWLRQHQFKDQJHDQWGHGLUHFWLRQVXU
XQHSHQWH
 6XUYHLOOH]OHVWURXVOHVRUQLqUHVOHVSLHUUHVOHVREMHWV
FDFKpVRXOHVERVVHVTXLSHXYHQWYRXVIDLUHJOLVVHURX
WUpEXFKHU/HVKHUEHVKDXWHVSHXYHQWPDVTXHUGHV
REVWDFOHV
¬QHSDVIDLUH
 1HWRQGH]SDVGHVSHQWHVWURSUDLGHV
 1HWRQGH]SDVSUqVGXQGpQLYHOOHPHQWSURQRQFpGXQ
IRVVpRXGXUHERUGGXQWDOXVYRXVSRXUULH]SHUGUHSLHG
RXSHUGUHOpTXLOLEUH
 1HWRQGH]SDVOHVSHQWHVGHSOXVGHGHJUpV
 1HWRQGH]SDVGXJD]RQPRXLOOpRXKXPLGH/LQVWDELOLWp
GHODSRVWXUHDXVROSHXWSURYRTXHUGHVJOLVVHPHQWV
 6<0%2/(6),*85$17685
/$0$&+,1(
&HUWDLQVGHVV\PEROHVVXLYDQWVSHXYHQWrWUHXWLOLVpVVXUFHW
RXWLO9HXLOOH]OHVpWXGLHUHWDSSUHQGUHOHXUVLJQLILFDWLRQ8QH
ERQQHLQWHUSUpWDWLRQGHFHVV\PEROHVYRXVSHUPHWWUDGH
PLHX[XWLOLVHUORXWLOHWGHPDQLqUHSOXVVpFXULWDLUH
6\PEROH 1RP ([SOLFDWLRQ
9 9ROW 9ROWDJH
$ $PSqUHV &RXUDQW
+] +HUW] )UpTXHQFHF\FOHVSDUVHF
RQGH
: :DWW 3XLVVDQFH
PLQ 0LQXWHV +HXUH
PLQ 3DUPLQXWH
7RXUVFRXSVYLWHVVHSp
ULSKpULTXHRUELWHVHWFSDU
PLQXWH
&RXUDQWDOWHU
QDWLI 7\SHGHFRXUDQW
&RXUDQWGLUHFW 7\SHRXFDUDFWpULVWLTXHGX
FRXUDQW
n
o
9LWHVVHjYLGH 9LWHVVHURWDWLRQQHOOHjYLGH
$OHUWHGHVp
FXULWp
3UpFDXWLRQVGHVWLQpHVjDV
VXUHUODVpFXULWp
3URWHFWLRQGHV
\HX[
3RUWH]WRXMRXUVGHVOXQHWWHV
GHSURWHFWLRQDYHFGHVSUR
WHFWLRQVODWpUDOHVPDUTXpHV
FRQIRUPpPHQWjODQRUPH
$16,=ORUVTXHYRXV
XWLOLVH]FHWpTXLSHPHQW
$9(57,66(
0(17
&RQGLWLRQV
KXPLGHV
1HSDVH[SRVHUODPDFKLQH
jODSOXLHRXjOKXPLGLWp
/LVH]OHPDQ
XHOGRSpUD
WHXU
3RXUUpGXLUHOHVULVTXHVGH
EOHVVXUHVOXWLOLVDWHXUGRLW
OLUHHWFRPSUHQGUHOHPDQ
XHOGXWLOLVDWLRQDYDQWGXWLO
LVHUFHSURGXLW
(QWUHWHQLUOHV
GLVSRVLWLIVGH
VpFXULWp
1HSDVRXYULURXUHWLUHUOHV
GLVSRVLWLIVGHVpFXULWpORUV
TXHORXWLOHVWHQPDUFKH
5HJDUGH]GHU
ULqUHYRXV
TXDQGYRXV
UHFXOH]
5HJDUGH]GDERUGYHUVOH
EDVHWYHUVODUULqUHSRXU
pYLWHUGHWUpEXFKHUORUVTXH
YRXVWLUH]YHUVODUULqUH
'$1*(5
0DLQWHQH]j
GLVWDQFHOHV
PDLQVHWOHV
SLHGV
3RXUUpGXLUHOHVULVTXHVGH
EOHVVXUHVpORLJQH]OHV
PDLQVHWOHVSLHGVGHV
SLqFHVHQPRXYHPHQW1H
SDVIDLUHIRQFWLRQQHUj
PRLQVTXHOHFRXYHUFOHGH
GpFKDUJHRXOHVDFGKHUEH
QHVRLWjVDSODFHDSSUR
SULpH6LOHVWHQGRPPDJp
UHPSODFH]OHLPPpGLDWH
PHQW

)UDQoDLV
)5

6\PEROH 1RP ([SOLFDWLRQ
'$1*(5
*DUGH]OHV
JHQVjGLV
WDQFH
7RXVOHVYLVLWHXUVGRLYHQW
rWUHWHQXVjERQQHGLVWDQFH
GHOD]RQHGHWUDYDLO
'$1*(5
'pEULVUHMHWpV
5HWLUH]OHVREMHWVTXLSHX
YHQWrWUHSURMHWpVSDUOD
ODPHGDQVQLPSRUWHTXHOOH
GLUHFWLRQ3RUWH]GHVOX
QHWWHVGHSURWHFWLRQ
'$1*(5
'DQJHUVXU
SHQWHDEUXSWH
6R\H]SDUWLFXOLqUHPHQWSUX
GHQWVXUOHVSHQWHV1HWRQ
GH]SDVVXUXQHSHQWHLQ
FOLQpHjSOXVGH
 1,9($8;'(5,648(6
/HVWHUPHVGHPLVHHQJDUGHVXLYDQWVHWOHXUVLJQLILFDWLRQRQW
SRXUEXWGH[SOLTXHUOHVQLYHDX[GHULVTXHVDVVRFLpVj
OXWLOLVDWLRQGHFHSURGXLW
6<0
%2/(
6,*1$/ 6,*1,),&$7,21
'$1*(5 ,QGLTXHXQHVLWXDWLRQGDQJHU
HXVHLPPLQHQWHTXLVLHOOH
QHVWSDVpYLWpHSHXWHQWUDvQHU
ODPRUWRXGHVEOHVVXUHV
JUDYHV
$9(57,66(
0(17
,QGLTXHXQHVLWXDWLRQSRWHQ
WLHOOHPHQWGDQJHUHXVHTXLVL
HOOHQHVWSDVpYLWpHSHXWHQ
WUDvQHUODPRUWRXGHVEOHV
VXUHVJUDYHV
0,6((1
*$5'(
,QGLTXHXQHVLWXDWLRQSRWHQ
WLHOOHPHQWGDQJHUHXVHTXLVL
HOOHQHVWSDVpYLWpHSRXUUDLW
FDXVHUGHVEOHVVXUHVPLQHXUHV
RXPRGpUpHV
0,6((1
*$5'(
6DQVV\PEROHGDOHUWHGHVp
FXULWp,QGLTXHXQHVLWXDWLRQ
SRXYDQWHQWUDvQHUGHVGRP
PDJHVPDWpULHOV
 e/,0,1$7,21'(6
%$77(5,(66$16'$1*(5
3285/(19,5211(0(17
/HVPDWLqUHVWR[LTXHVHWFRUURVLYHVFLGHVVRXVVHWURXYHQW
GDQVOHVEDWWHULHVXWLOLVpHVGDQVFHWWHPDFKLQH/LWKLXPLRQ
XQHVXEVWDQFHWR[LTXH
$9(57,66(0(17
eOLPLQH]WRXWHVOHVVXEVWDQFHVWR[LTXHVGXQHPDQLqUH
VSpFLILpHDILQGHSUpYHQLUODFRQWDPLQDWLRQGH
OHQYLURQQHPHQW$YDQWGHMHWHUXQHEDWWHULH/LLRQ
HQGRPPDJpHRXXVpHFRQWDFWH]YRWUHDJHQFHORFDOH
GpOLPLQDWLRQGHVGpFKHWVRXODJHQFHORFDOHGHSURWHFWLRQGH
OHQYLURQQHPHQWSRXUREWHQLUGHVLQIRUPDWLRQVHWGHV
LQVWUXFWLRQVVSpFLILTXHV$SSRUWH]OHVEDWWHULHVjXQFHQWUH
ORFDOGHUHF\FODJHRXGpOLPLQDWLRQFHUWLILpSRXU
OpOLPLQDWLRQGHEDWWHULHVDXOLWKLXPLRQ
$9(57,66(0(17
6LODEDWWHULHVHIHQGRXVHEULVHDYHFRXVDQVIXLWHVQHOD
UHFKDUJH]SDVHWQHOXWLOLVH]SDV-HWH]ODHWUHPSODFH]OD
SDUXQHQRXYHOOHEDWWHULH1(66$<(=3$6'(/$
5e3$5(53RXUSUpYHQLUOHVEOHVVXUHVHWOHVULVTXHV
GLQFHQGLHGH[SORVLRQRXGHFKRFpOHFWULTXHHWSRXUpYLWHU
WRXWGRPPDJHjOHQYLURQQHPHQW
 &RXYUH]OHVERUQHVGHODEDWWHULHDYHFGXUXEDQDGKpVLI
UpVLVWDQW
 1(3$6HVVD\HUGHQOHYHURXGHGpWUXLUHOHVFRPSRVDQWV
GHODEDWWHULH
 1(3$6HVVD\HUGRXYULURXGHUpSDUHUODEDWWHULH
 (QFDVGHIXLWHOHVpOHFWURO\WHVUHMHWpVVRQWFRUURVLIVHW
WR[LTXHV1(3$6ODLVVHUHQWUHUODVROXWLRQGDQVOHV
\HX[RXHQFRQWDFWDYHFODSHDXHWQHSDVODYDOHU
 1(3$6MHWHUYRVEDWWHULHVXVDJpHVGDQVYRWUHSRXEHOOH
jRUGXUHVPpQDJqUHV
 1(3$6LQFLQpUHU
 1(/(60HWWH]3$6GDQVXQHQGURLWRLOVIHURQWSDUWLH
GXQVLWHGHQIRXLVVHPHQWGHGpFKHWVRXGXQIOX[GH
GpFKHWVVROLGHVPXQLFLSDX[
 (PPHQH]OHVGDQVXQFHQWUHGHUHF\FODJHRX
GpOLPLQDWLRQFHUWLILp

)UDQoDLV
)5