manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Ingersoll-Rand
  6. •
  7. Power Tools
  8. •
  9. Ingersoll-Rand 7LR series User manual

Ingersoll-Rand 7LR series User manual

Other Ingersoll-Rand Power Tools manuals

Ingersoll-Rand QM7 Series Setup guide

Ingersoll-Rand

Ingersoll-Rand QM7 Series Setup guide

Ingersoll-Rand 2115TiMAX Series User manual

Ingersoll-Rand

Ingersoll-Rand 2115TiMAX Series User manual

Ingersoll-Rand AIR HAMMER 114G User manual

Ingersoll-Rand

Ingersoll-Rand AIR HAMMER 114G User manual

Ingersoll-Rand R3000 Series User manual

Ingersoll-Rand

Ingersoll-Rand R3000 Series User manual

Ingersoll-Rand IQV20 W7002 Series User manual

Ingersoll-Rand

Ingersoll-Rand IQV20 W7002 Series User manual

Ingersoll-Rand ES Series User manual

Ingersoll-Rand

Ingersoll-Rand ES Series User manual

Ingersoll-Rand 180SQ1 Setup guide

Ingersoll-Rand

Ingersoll-Rand 180SQ1 Setup guide

Ingersoll-Rand PROMAXX MX60-SD User manual

Ingersoll-Rand

Ingersoll-Rand PROMAXX MX60-SD User manual

Ingersoll-Rand 2512 User manual

Ingersoll-Rand

Ingersoll-Rand 2512 User manual

Ingersoll-Rand 105-D2 User manual

Ingersoll-Rand

Ingersoll-Rand 105-D2 User manual

Ingersoll-Rand 588A1 User manual

Ingersoll-Rand

Ingersoll-Rand 588A1 User manual

Ingersoll-Rand 70P3 User manual

Ingersoll-Rand

Ingersoll-Rand 70P3 User manual

Ingersoll-Rand 8RS-EU Series User manual

Ingersoll-Rand

Ingersoll-Rand 8RS-EU Series User manual

Ingersoll-Rand IQV20 W7002 Series User manual

Ingersoll-Rand

Ingersoll-Rand IQV20 W7002 Series User manual

Ingersoll-Rand IR45VRA User manual

Ingersoll-Rand

Ingersoll-Rand IR45VRA User manual

Ingersoll-Rand w040 series User manual

Ingersoll-Rand

Ingersoll-Rand w040 series User manual

Ingersoll-Rand BP10P3 User manual

Ingersoll-Rand

Ingersoll-Rand BP10P3 User manual

Ingersoll-Rand 327 Series User manual

Ingersoll-Rand

Ingersoll-Rand 327 Series User manual

Ingersoll-Rand 2145QiMAX series User manual

Ingersoll-Rand

Ingersoll-Rand 2145QiMAX series User manual

Ingersoll-Rand QS110P4 Setup guide

Ingersoll-Rand

Ingersoll-Rand QS110P4 Setup guide

Ingersoll-Rand 1215Ti User manual

Ingersoll-Rand

Ingersoll-Rand 1215Ti User manual

Ingersoll-Rand 500P-EU User manual

Ingersoll-Rand

Ingersoll-Rand 500P-EU User manual

Ingersoll-Rand IR30BV Installation guide

Ingersoll-Rand

Ingersoll-Rand IR30BV Installation guide

Ingersoll-Rand 100SQ1 Setup guide

Ingersoll-Rand

Ingersoll-Rand 100SQ1 Setup guide

Popular Power Tools manuals by other brands

ISLAND HOPPER Power Egg HT-309 operating instructions

ISLAND HOPPER

ISLAND HOPPER Power Egg HT-309 operating instructions

Sioux Tools SSR6P25 Instructions-parts list

Sioux Tools

Sioux Tools SSR6P25 Instructions-parts list

Makita HM1317C technical information

Makita

Makita HM1317C technical information

ABB Smart Tool + quick start guide

ABB

ABB Smart Tool + quick start guide

Baumr-AG BMJK-24S user manual

Baumr-AG

Baumr-AG BMJK-24S user manual

Bosch Professional GST 18 V-LI S Original instructions

Bosch

Bosch Professional GST 18 V-LI S Original instructions

Ronix RA-2702 quick start guide

Ronix

Ronix RA-2702 quick start guide

Nordson ProBlue user guide

Nordson

Nordson ProBlue user guide

aoyue int6028 instruction manual

aoyue

aoyue int6028 instruction manual

Hitachi CJ 65VA2 Instruction manual and safety instructions

Hitachi

Hitachi CJ 65VA2 Instruction manual and safety instructions

Makita HM1304 instruction manual

Makita

Makita HM1304 instruction manual

Kurtz Ersa Ersa X-TOOL VARIO operating instructions

Kurtz Ersa

Kurtz Ersa Ersa X-TOOL VARIO operating instructions

SCHUNK KSO 65 Installation and operating instruction

SCHUNK

SCHUNK KSO 65 Installation and operating instruction

Harken LokHead 500 user manual

Harken

Harken LokHead 500 user manual

Senco DuraSpin ExTPro installation instructions

Senco

Senco DuraSpin ExTPro installation instructions

Ferm JSM1020 Original instructions

Ferm

Ferm JSM1020 Original instructions

Milwaukee M12 FUEL 2559-20 Operator's manual

Milwaukee

Milwaukee M12 FUEL 2559-20 Operator's manual

EINHELL BT-CD 12/2 operating instructions

EINHELL

EINHELL BT-CD 12/2 operating instructions

manuals.online logo
manuals.online logoBrands
  • About & Mission
  • Contact us
  • Privacy Policy
  • Terms and Conditions

Copyright 2025 Manuals.Online. All Rights Reserved.

5HIHU $OO &RPPXQLFDWLRQV WR WKH 1HDUHVW
,QJHUVROO5DQG 2IILFH RU 'LVWULEXWRU
¤
,QJHUVROO5DQG &RPSDQ\ 
3ULQWHG LQ 86$
)RUP 3
(GLWLRQ 
6HSWHPEHU 
23(5$7,21 $1' 0$,17(1$1&( 0$18$/ )25
6(5,(6 5/ 5(9(56,%/( $1*/( :5(1&+(6
6HULHV 5/ 5HYHUVLEOH $QJOH :UHQFKHV DUH GHVLJQHG IRU UXQQLQJ VPDOO WKUHDGHG IDVWHQHUV LQ
FORVHTXDUWHU DSSOLFDWLRQV
,QJHUVROO5DQG LV QRW UHVSRQVLEOH IRU FXVWRPHU PRGLILFDWLRQ RI WRROV IRU DSSOLFDWLRQV RQ ZKLFK
,QJHUVROO5DQG ZDV QRW FRQVXOWHG
,03257$17 6$)(7< ,1)250$7,21 (1&/26('
5($' 7+,6 0$18$/ %()25( 23(5$7,1* 722/
,7 ,6 7+( 5(63216,%,/,7< 2) 7+( (03/2<(5 72 3/$&( 7+( ,1)250$7,21
,1 7+,6 0$18$/ ,172 7+( +$1'6 2) 7+( 23(5$725
)$,/85( 72 2%6(59( 7+( )2//2:,1* :$51,1*6 &28/' 5(68/7 ,1 ,1-85<
3/$&,1* 722/ ,1 6(59,&(
x
$OZD\V RSHUDWH LQVSHFW DQG PDLQWDLQ WKLV WRRO LQ
DFFRUGDQFH ZLWK $PHULFDQ 1DWLRQDO 6WDQGDUGV
,QVWLWXWH 6DIHW\ &RGH IRU 3RUWDEOH $LU 7RROV
$16, %

x
)RU VDIHW\ WRS SHUIRUPDQFH DQG PD[LPXP
GXUDELOLW\ RI SDUWV RSHUDWH WKLV WRRO DW  SVLJ
 EDU N3D PD[LPXP DLU SUHVVXUH DW WKH LQOHW
ZLWK µ  PP LQVLGH GLDPHWHU DLU VXSSO\ KRVH
x
$OZD\V WXUQ RII WKH DLU VXSSO\ DQG GLVFRQQHFW WKH
DLU VXSSO\ KRVH EHIRUH LQVWDOOLQJ UHPRYLQJ RU
DGMXVWLQJ DQ\ DFFHVVRU\ RQ WKLV WRRO RU EHIRUH
SHUIRUPLQJ DQ\ PDLQWHQDQFH RQ WKLV WRRO
x
'R QRW XVH GDPDJHG IUD\HG RU GHWHULRUDWHG DLU
KRVHV DQG ILWWLQJV
x
%H VXUH DOO KRVHV DQG ILWWLQJV DUH WKH FRUUHFW VL]H
DQG DUH WLJKWO\ VHFXUHG 6HH 'ZJ 73' IRU D
W\SLFDO SLSLQJ DUUDQJHPHQW
x
$OZD\V XVH FOHDQ GU\ DLU DW  SVLJ PD[LPXP DLU
SUHVVXUH 'XVW FRUURVLYH IXPHV DQGRU H[FHVVLYH
PRLVWXUH FDQ UXLQ WKH PRWRU RI DQ DLU WRRO
x
'R QRW OXEULFDWH WRROV ZLWK IODPPDEOH RU YRODWLOH
OLTXLGV VXFK DV NHURVHQH GLHVHO RU MHW IXHO
x
'R QRW UHPRYH DQ\ ODEHOV 5HSODFH DQ\ GDPDJHG
ODEHO
86,1* 7+( 722/
x
$OZD\V ZHDU H\H SURWHFWLRQ ZKHQ RSHUDWLQJ RU
SHUIRUPLQJ PDLQWHQDQFH RQ WKLV WRRO
x
$OZD\V ZHDU KHDULQJ SURWHFWLRQ ZKHQ RSHUDWLQJ
WKLV WRRO
x
.HHS KDQGV ORRVH FORWKLQJ DQG ORQJ KDLU DZD\ IURP
URWDWLQJ HQG RI WRRO
x
1RWH WKH SRVLWLRQ RI WKH UHYHUVLQJ OHYHU EHIRUH
RSHUDWLQJ WKH WRRO VR DV WR EH DZDUH RI WKH GLUHFWLRQ
RI URWDWLRQ ZKHQ RSHUDWLQJ WKH WKURWWOH
x
$QWLFLSDWH DQG EH DOHUW IRU VXGGHQ FKDQJHV LQ
PRWLRQ GXULQJ VWDUW XS DQG RSHUDWLRQ RI DQ\ SRZHU
WRRO
x
.HHS ERG\ VWDQFH EDODQFHG DQG ILUP 'R QRW
RYHUUHDFK ZKHQ RSHUDWLQJ WKLV WRRO +LJK UHDFWLRQ
WRUTXHV FDQ RFFXU DW RU EHORZ WKH UHFRPPHQGHG DLU
SUHVVXUH
x
7RRO DFFHVVRULHV PD\ FRQWLQXH WR URWDWH EULHIO\ DIWHU
WKURWWOH LV UHOHDVHG
x
$LU SRZHUHG WRROV FDQ YLEUDWH LQ XVH 9LEUDWLRQ
UHSHWLWLYH PRWLRQV RU XQFRPIRUWDEOH SRVLWLRQV PD\
EH KDUPIXO WR \RXU KDQGV DQG DUPV 6WRS XVLQJ DQ\
WRRO LI GLVFRPIRUW WLQJOLQJ IHHOLQJ RU SDLQ RFFXUV
6HHN PHGLFDO DGYLFH EHIRUH UHVXPLQJ XVH
x
8VH DFFHVVRULHV UHFRPPHQGHG E\ ,QJHUVROO5DQG
x
8VH RQO\ LPSDFW VRFNHWV DQG DFFHVVRULHV 'R QRW XVH
KDQG FKURPH VRFNHWV RU DFFHVVRULHV
x
7KH 7KURWWOH 9DOYH &DS LV XQGHU SUHVVXUH IURP WKH
7KURWWOH 9DOYH 6SULQJ 8VH FDUH ZKHQ UHPRYLQJ WKH
7KURWWOH 9DOYH &DS 2Q WRROV ZKHUH DSSOLFDEOH
x
:KHQHYHU WKH $QJOH +HDG LV LQVWDOOHG RU
UHSRVLWLRQHG WKH 7KURWWOH /HYHU PXVW EH SRVLWLRQHG
VR WKDW UHDFWLRQ WRUTXH ZLOO QRW WHQG WR UHWDLQ WKH
WKURWWOH LQ WKH ´21µ SRVLWLRQ
x
7KLV WRRO LV QRW GHVLJQHG IRU ZRUNLQJ LQ H[SORVLYH
DWPRVSKHUHV
x
7KLV WRRO LV QRW LQVXODWHG DJDLQVW HOHFWULF VKRFN
7KH XVH RI RWKHU WKDQ JHQXLQH ,QJHUVROO5DQG UHSODFHPHQW SDUWV PD\ UHVXOW LQ VDIHW\ KD]DUGV GHFUHDVHG WRRO
SHUIRUPDQFH DQG LQFUHDVHG PDLQWHQDQFH DQG PD\ LQYDOLGDWH DOO ZDUUDQWLHV
5HSDLUV VKRXOG EH PDGH RQO\ E\ DXWKRUL]HG WUDLQHG SHUVRQQHO &RQVXOW \RXU QHDUHVW ,QJHUVROO5DQG $XWKRUL]HG
6HUYLFHQWHU
)
(
3

:$51,1* /$%(/ ,'(17,),&$7,21
)$,/85( 72 2%6(59( 7+( )2//2:,1* :$51,1*6 &28/' 5(68/7 ,1 ,1-85<
$OZD\V ZHDU H\H SURWHFWLRQ
ZKHQ RSHUDWLQJ RU SHUIRUP
LQJ PDLQWHQDQFH RQ WKLV
WRRO
:$51,1* :$51,1*
$OZD\V ZHDU KHDULQJ
SURWHFWLRQ ZKHQ RSHUDWLQJ
WKLV WRRO
$OZD\V WXUQ RII WKH DLU VXS
SO\ DQG GLVFRQQHFW WKH DLU
VXSSO\ KRVH EHIRUH LQVWDOO
LQJ UHPRYLQJ RU DGMXVWLQJ
DQ\ DFFHVVRU\ RQ WKLV WRRO
RU EHIRUH SHUIRUPLQJ DQ\
PDLQWHQDQFH RQ WKLV WRRO
:$51,1*
:$51,1*
'R QRW XVH GDPDJHG IUD\HG
RU GHWHULRUDWHG DLU KRVHV
DQG ILWWLQJV
:$51,1*
.HHS ERG\ VWDQFH EDODQFHG
DQG ILUP 'R QRW RYHUUHDFK
ZKHQ RSHUDWLQJ WKLV WRRO
:$51,1*
2SHUDWH DW  SVLJ  EDU
 N3D 0D[LPXP DLU SUHVVXUH
 SVLJ
EDUN3D
'R QRW FDUU\ WKH WRRO E\ WKH
KRVH
$LU SRZHUHG WRROV FDQ
YLEUDWH LQ XVH 9LEUDWLRQ UH
SHWLWLYH PRWLRQV RU XQFRPIRUW
DEOH SRVLWLRQV PD\ EH KDUPIXO
WR \RXU KDQGV DQG DUPV 6WRS
XVLQJ DQ\ WRRO LI GLVFRPIRUW
WLQJOLQJ IHHOLQJ RU SDLQ RF
FXUV 6HHN PHGLFDO DGYLFH
EHIRUH UHVXPLQJ XVH
:$51,1* :$51,1*
$'-8670(176
&XVKLRQ &OXWFK
$GH
TXDWH OXEULFDWLRQ LV YHU\ LPSRUWDQW IRU VDWLVIDFWRU\
FOXWFK OLIH 8VH ,QJHUVROO5DQG 1R  *UHDVH
/1&$+ $GMXVWDEOH &XVKLRQ &OXWFK
$IWHU HDFK  F\FOHV RU HYHU\  KRXUV RI
RSHUDWLRQ
ZKLFKHYHU RFFXUV ILUVW OXEULFDWH WKH &XVKLRQ
&OXWFK DV IROORZV
 5RWDWH WKH $GMXVWLQJ +ROH &RYHU WR H[SRVH WKH
DGMXVWLQJ KROH
 ,QVHUW WKH &OXWFK 6SUDJ .H\ LQWR WKH DGMXVWLQJ KROH DQG
LQWR RQH RI WKH KROHV LQ WKH &OXWFK $GMXVWLQJ 1XW WR
NHHS WKH 1XW IURP WXUQLQJ
 8VLQJ D ZUHQFK RQ WKH RXWSXW HQG RI WKH $QJOH +HDG
WXUQ WKH ZUHQFK FRXQWHUFORFNZLVH XQWLO WKH &OXWFK
$GMXVWLQJ 1XW LV ORRVH RU XQWLO WKH FOLFNLQJ VRXQG
VWRSV
 *UDSV WKH IODWV RI WKH *HDU &DVH DQG XVLQJ D ZUHQFK
XQVFUHZ WKH &RXSOLQJ 1XW
 5HPRYH WKH &OXWFK +RXVLQJ DQG $QJOH +RXVLQJ IURP
WKH *HDU &DVH
 *UDVS WKH &OXWFK 6KDIW 6XSSRUW DQG SXOO WKH HQWLUH
&OXWFK $VVHPEO\ IURP WKH +RXVLQJ
 5HPRYH WKH &OXWFK 'ULYHU DQG &OXWFK 6KDIW 6XSSRUW
IURP WKH &OXWFK :RUN D VPDOO DPRXQW RI WKH
UHFRPPHQGHG JUHDVH EHWZHHQ WKH &OXWFK %DOO 6SDFHU
DQG )URQW &OXWFK -DZ DQG WKUHH VWURNHV RI JUHDVH

 FF

DURXQG WKH &OXWFK %DOOV RI WKH -DZ :RUN D
VPDOO DPRXQW RI WKH UHFRPPHQGHG JUHDVH EHWZHHQ WKH
WZR IURQW FOXWFK VSULQJ VHDWV DQG DURXQG WKH 6SULQJ
6HDW %HDULQJ 7KLV VKRXOG EH GRQH HYHU\  F\FOHV
RU  KRXUV ZKLFKHYHU RFFXUV ILUVW
/&$ $GMXVWDEOH &XVKLRQ &OXWFK
$IWHU HDFK  F\FOHV RU HYHU\  KRXUV RI RSHUDWLRQ
ZKLFKHYHU FRPHV ILUVW OXEULFDWH WKH &XVKLRQ &OXWFK DV
IROORZV
'LVFRQQHFW WKH DLU VXSSO\ KRVH DW WKH WRRO EHIRUH
SHUIRUPLQJ DQ\ PDLQWHQDQFH
 5RWDWH WKH $GMXVWLQJ +ROH &RYHU WR H[SRVH WKH
DGMXVWLQJ KROH
 ,QVHUW D µ $OOHQ :UHQFK LQWR WKH %LW +ROGHU RU XVLQJ
D ZUHQFK RQ WKH RXWSXW HQG RI WKH $QJOH +HDG  URWDWH
WKH %LW +ROGHU XQWLO WKH KROH LQ WKH &OXWFK $GMXVWLQJ
1XW LV DOLJQHG ZLWK WKH VORW LQ WKH &OXWFK +RXVLQJ
 ,QVHUW WKH &OXWFK $GMXVWLQJ .H\ LQWR WKH KROH LQ WKH
&OXWFK $GMXVWLQJ 1XW DQG ZKLOH KROGLQJ WKH 1XW
DJDLQVW URWDWLRQ URWDWH WKH %LW +ROGHU
FRXQWHUFORFNZLVH
XQWLO WKHUH LV QR FRPSUHVVLRQ RQ WKH
&OXWFK 6SULQJ
 *UDVS WKH IODWV RQ WKH &OXWFK +RXVLQJ LQ D YLVH PDNLQJ
FHUWDLQ QRW WR GLVWRUW WKH +RXVLQJ

$'-8670(176
7KH &OXWFK +RXVLQJ KDV D OHIWKDQG WKUHDG
 8VLQJ DQ DGMXVWDEOH ZUHQFK JUDVS WKH IODWV RQ WKH *HDU
&DVH DQG XQVFUHZ WKH HQWLUH SRZHU XQLW IURP WKH
&OXWFK +RXVLQJ
'R QRW JHW \RXU ILQJHUV EHWZHHQ WKH FOXWFK
FRPSRQHQWV
 :LWKGUDZ WKH DVVHPEOHG FOXWFK IURP WKH &OXWFK
+RXVLQJ DQG ZRUN VRPH ,QJHUVROO5DQG 1R  *UHDVH
DURXQG WKH &OXWFK -DZ %HDULQJ %DOOV &OXWFK 5HOHDVH
%DOOV 6SULQJ 6HDW %HDULQJ DQG EHWZHHQ WKH $GMXVWLQJ
1XW /RFN DQG &OXWFK $GMXVWLQJ 1XW  7R JUHDVH WKH
&OXWFK 5HOHDVH %DOOV LQGH[ WKH &OXWFK -DZ XQWLO WKH
6SULQJ 6HDW OLIWV
$QJOH +HDG
$IWHU HDFK HLJKW KRXUV RI RSHUDWLRQ
LQMHFW  FF WR
 FF RI ,QJHUVROO5DQG 1R  *UHDVH LQWR WKH *UHDVH
)LWWLQJ LQ WKH $QJOH +RXVLQJ
&/87&+ $'-8670(17
)RU 0RGHOV 5
//& 5//& DQG 5/0&

LQFRUSRUDWH DQ DGMXVWDEOH FOXWFK WKDW FDQ EH H[WHUQDOO\
DGMXVWHG ZLWKLQ D FHUWDLQ UDQJH WR UDWFKHW ZKHQ D
SUHGHWHUPLQHG WRUTXH KDV EHHQ GHOLYHUHG 7R LQFUHDVH WKH
DGMXVWDEOH WRUTXH UDQJH WZR &OXWFK 6SULQJV DUH RIIHUHG
7KH +HDY\ &OXWFK 6SULQJ FRORUFRGHG JUHHQ
LV VXLWDEOH
IRU WKH PDMRULW\ RI DSSOLFDWLRQV VLQFH LW ZLOO JLYH SUHFLVH
DGMXVWPHQW IURP DSSUR[LPDWHO\  WR  LQOE

 WR  1P


7KH /LJKW &OXWFK 6SULQJ FRORUFRGHG EODFN
LV IRU
DSSOLFDWLRQV UDQJLQJ IURP DSSUR[LPDWHO\  WR  LQOE

 WR  1P


'LVFRQQHFW WKH DLU VXSSO\ IURP WKH WRRO EHIRUH
SURFHHGLQJ
7R DGMXVW WKH &OXWFK SURFHHG DV IROORZV
 5RWDWH WKH $GMXVWLQJ +ROH &RYHU RQ WKH &OXWFK
+RXVLQJ WR H[SRVH WKH DGMXVWLQJ KROH
 ,QVHUW D µ $OOHQ :UHQFK LQWR WKH UHFHVV LQ WKH %LW
+ROGHU RU JUDVS WKH VTXDUH GULYH RI WKH 6RFNHW $GDSWHU
6SLQGOH $VVHPEO\ ZLWK DQ DGMXVWDEOH ZUHQFK 5RWDWH
WKH ZUHQFK XQWLO RQH RI WKH UDGLDO KROHV LQ WKH &OXWFK
$GMXVWLQJ 1XW LV YLVLEOH WKURXJK WKH VORW LQ WKH &OXWFK
+RXVLQJ ,QVHUW WKH &OXWFK 6SUDJ .H\ LQWR WKH
HORQJDWHG VORW LQ WKH &OXWFK +RXVLQJ DQG LQWR WKH KROH
LQ WKH $GMXVWLQJ 1XW WR VSUDJ WKH 1XW DJDLQVW URWDWLRQ
7KH FOXWFK ZKHQ HTXLSSHG ZLWK WKH +HDY\ 6SULQJ
FDQ EH VHW EH\RQG WKH WRUTXH FDSDFLW\ RI WKH WRRO LQ
ZKLFK FDVH WKH WRRO ZLOO VWDOO EHIRUH WKH &OXWFK
UDWFKHWV 'R QRW DGMXVW WKH &OXWFK EH\RQG WKH
WRUTXH FDSDFLW\ RI WKH WRRO
 *UDVS WKH WRRO ILUPO\ LQ RQH KDQG DQG URWDWH WKH RXWSXW
HQG RI WKH $QJOH +HDG 5RWDWLQJ WKH RXWSXW HQG
FORFNZLVH ZKHQ IDFLQJ WKH IURQW LQFUHDVHV WKH
FRPSUHVVLRQ RQ WKH &OXWFK 6SULQJ DQG UDLVHV WKH WRUTXH
DW ZKLFK WKH FOXWFK ZLOO UDWFKHW
7KH PRVW VDWLVIDFWRU\ DGMXVWPHQW LV XVXDOO\
REWDLQHG E\ XVH RI WKH WRRO RQ WKH DFWXDO DSSOLFDWLRQ
DQG LQFUHDVLQJ RU GHFUHDVLQJ WKH GHOLYHUHG WRUTXH
XQWLO WKH GHVLUHG VHWWLQJ LV UHDFKHG ,Q DQ\ HYHQW LW
LV UHFRPPHQGHG WKDW ILQDO DGMXVWPHQW EH PDGH E\
JUDGXDO SURJUHVVLRQ
&+$1*,1* 7+( &/87&+ 635,1*
/1&$+ &OXWFK
 &DUHIXOO\ JUDVS WKH IODWV RI WKH &RXSOLQJ 1XW LQ
OHDWKHUFRYHUHG RU FRSSHUFRYHUHG YLVH MDZV $QJOH
$WWDFKPHQW IDFLQJ GRZQZDUG
7KLV LV D OHIWKDQG WKUHDG
 8VLQJ D ZUHQFK RQ WKH IODWV RI WKH *HDU &DVH ORRVHQ
WKH *HDU &DVH IURP WKH &RXSOLQJ 1XW 5HPRYH WKH
WRRO IURP WKH YLVH
 8QVFUHZ WKH &RXSOLQJ 1XW DQG UHPRYH WKH &OXWFK
+RXVLQJ IURP WKH *HDU &DVH
 *UDVS WKH &OXWFK 6KDIW $VVHPEO\ DQG SXOO WKH
$VVHPEO\ RXW RI WKH &OXWFK +RXVLQJ
 *UDVS WKH VSOLQH RI WKH &OXWFK 6KDIW 6XSSRUW LQ
OHDWKHUFRYHUHG RU FRSSHUFRYHUHG YLVH MDZV ZLWK WKH
&OXWFK $GMXVWLQJ 1XW XSZDUG DQG WKH &OXWFK 'ULYHU
DJDLQVW WKH WRS RI WKH YLVH MDZV
7KLV LV D OHIWKDQG WKUHDG
 8VLQJ D ZUHQFK RQ WKH IODWV RI WKH &OXWFK $GMXVWLQJ
1XW ORRVHQ DQG UHPRYH WKH 1XW
7KHUH DUH WZHQW\IRXU &OXWFK %DOOV ORFDWHG EHWZHHQ
WKH &OXWFK 'ULYHU DQG WKH &OXWFK 6SULQJ 6HDW
QHDUHVW WKH &OXWFK 'ULYHU )DLOXUH WR UHPRYH WKH
UHPDLQLQJ FRPSRQHQWV FDUHIXOO\ PD\ UHVXOW LQ WKH
%DOOV IDOOLQJ RXW RI SRVLWLRQ DQG EHFRPLQJ ORVW

$'-8670(176
 :LWK WKH DVVHPEO\ LQ WKH YLVH DQG ZKLOH DSSO\LQJ VOLJKW
GRZQZDUG SUHVVXUH WR WKH &OXWFK 6SULQJ 6HDW QHDUHVW
WKH &OXWFK 'ULYHU UHPRYH WKH $GMXVWLQJ 1XW /RFN
ILUVW &OXWFK 6SULQJ 6HDW 6SULQJ 6HDW %HDULQJ VHFRQG
&OXWFK 6SULQJ 6HDW DQG WKH &OXWFK 6SULQJ IURP WKH
&OXWFK 6KDIW
 7KRURXJKO\ JUHDVH WKH %HDULQJ DQG $GMXVWLQJ 1XW
/RFN DQG LQ WKH RUGHU QDPHG VOLGH WKH IROORZLQJ RYHU
WKH &OXWFK 6KDIW WKH QHZ &OXWFK 6SULQJ D &OXWFK
6SULQJ 6HDW WKH 6SULQJ 6HDW %HDULQJ DQRWKHU &OXWFK
6SULQJ 6HDW DQG WKH $GMXVWLQJ 1XW /RFN LQGHQWHG VLGH
WUDLOLQJ
7KLV LV D OHIWKDQG WKUHDG
 6WDUW WKH &OXWFK $GMXVWLQJ 1XW GHWHQW VLGH ILUVW RQWR
WKH &OXWFK 6KDIW DQG UXQ LW ILQJHU WLJKW DJDLQVW WKH
FRPSUHVVLRQ RI WKH 6SULQJ :LWK D ZUHQFK WLJKWHQ WKH
1XW DQ DGGLWLRQDO RQH RU WZR WXUQV
 5HPRYH WKH DVVHPEOHG &OXWFK IURP WKH YLVH
 ,QVWDOO WKH &OXWFK 6KDIW $VVHPEO\ LQWR WKH &OXWFK
+RXVLQJ ZLWK WKH VSOLQHG HQG RI WKH &OXWFK 6KDIW
6XSSRUW WUDLOLQJ
 ,QVWDOO WKH &OXWFK +RXVLQJ $VVHPEO\ LQWR WKH *HDU
&DVH $VVHPEO\ PDWFKLQJ WKH VSOLQH RI WKH &OXWFK
+RXVLQJ ZLWK WKDW RI WKH *HDU &DVH
 7KUHDG WKH &RXSOLQJ 1XW RQWR WKH *HDU &DVH KDQG
WLJKW *UDVS WKH IODWV RI WKH *HDU &DVH LQ
FRSSHUFRYHUHG YLVH MDZV DQG XVLQJ D ZUHQFK RQ WKH
IODWV RI WKH &RXSOLQJ 1XW WLJKWHQ LW WR  IWOE

 1P

WRUTXH
 $GMXVW WKH &OXWFK DV GLUHFWHG LQ WKH VHFWLRQ
&OXWFK
$GMXVWPHQW
/&$ &OXWFK
 &DUHIXOO\ JUDVS WKH IODWV RI WKH &OXWFK +RXVLQJ LQ
FRSSHUFRYHUHG RU OHDWKHUFRYHUHG YLVH MDZV $QJOH
+HDG IDFLQJ GRZQZDUG
7KLV LV D OHIWKDQG WKUHDG
 8VLQJ D ZUHQFK RQ WKH IODWV RI WKH *HDU &DVH ORRVHQ
WKH *HDU &DVH IURP WKH &OXWFK +RXVLQJ 5HPRYH WKH
WRRO IURP WKH YLVH
 8QVFUHZ DQG UHPRYH WKH &OXWFK +RXVLQJ IURP WKH
*HDU &DVH
 *UDVS WKH &OXWFK 'ULYHU DQG SXOO WKH DVVHPEO\ RXW RI
WKH &OXWFK +RXVLQJ
 &DUHIXOO\ JUDVS WKH )URQW &OXWFK -DZ LQ
OHDWKHUFRYHUHG RU FRSSHUFRYHUHG YLVH MDZV ZLWK WKH
&OXWFK $GMXVWLQJ 1XW XSZDUG
7KLV LV D OHIWKDQG WKUHDG
 8VLQJ D ZUHQFK RQ WKH IODWV RI WKH &OXWFK $GMXVWLQJ
1XW ORRVHQ DQG UHPRYH WKH 1XW
 :LWK WKH DVVHPEO\ LQ WKH YLVH DQG ZKLOH DSSO\LQJ VOLJKW
GRZQZDUG SUHVVXUH WR WKH &OXWFK %DOO 6HDW UHPRYH WKH
$GMXVWLQJ 1XW /RFN 6SULQJ 6HDW %HDULQJ &OXWFK
6SULQJ 6HDW DQG WKH &OXWFK 6SULQJ IURP WKH &OXWFK
'ULYHU
 7KRURXJKO\ JUHDVH WKH %HDULQJ DQG $GMXVWLQJ 1XW
/RFN DQG LQ WKH RUGHU QDPHG VOLGH WKH IROORZLQJ RYHU
WKH &OXWFK 'ULYHU WKH QHZ &OXWFK 6SULQJ WKH &OXWFK
6SULQJ 6HDW WKH 6SULQJ 6HDW %HDULQJ DQG WKH $GMXVWLQJ
1XW /RFN LQGHQWHG VLGH WUDLOLQJ
7KLV LV D OHIWKDQG WKUHDG
 6WDUW WKH &OXWFK $GMXVWLQJ 1XW GHWHQW VLGH ILUVW RQWR
WKH &OXWFK 'ULYHU DQG UXQ LW ILQJHU WLJKW DJDLQVW WKH
FRPSUHVVLRQ RI WKH 6SULQJ :LWK D ZUHQFK WLJKWHQ WKH
1XW DQ DGGLWLRQDO RQH RU WZR WXUQV
 5HPRYH WKH DVVHPEOHG &OXWFK IURP WKH YLVH
 ,QVWDOO WKH &OXWFK 'ULYHU $VVHPEO\ LQWR WKH &OXWFK
+RXVLQJ ZLWK WKH VSOLQHG HQG RI WKH &OXWFK 'ULYHU
WUDLOLQJ
7KLV LV D OHIWKDQG WKUHDG
 7KUHDG WKH DVVHPEOHG FOXWFK RQWR WKH *HDU &DVH
7LJKWHQ WKH &OXWFK +RXVLQJ EHWZHHQ  WR  IWOE

 WR  1P

WRUTXH
 $GMXVW WKH &OXWFK DV GLUHFWHG LQ WKH VHFWLRQ
&OXWFK
$GMXVWPHQW

3/$&,1* 722/ ,1 6(59,&(
/8%5,&$7,21
,QJHUVROO5DQG 1R  ,QJHUVROO5DQG 1R 
,QJHUVROO5DQG 1R 
$OZD\V XVH DQ DLU OLQH OXEULFDWRU ZLWK WKHVH WRROV
:H UHFRPPHQG WKH IROORZLQJ )LOWHU/XEULFDWRU5HJXODWRU
8QLW
)RU 86$  1R &*
0RWRU
$IWHU HYHU\  KRXUV RI RSHUDWLRQ
XQOHVV DQ DLU OLQH
OXEULFDWRU LV XVHG LQMHFW  FF RI ,QJHUVROO5DQG 1R 
2LO LQWR WKH $LU ,QOHW
*HDULQJ
$IWHU HDFK  F\FOHV RU  KRXUV
ZKLFKHYHU RFFXUV
ILUVW XVH ,QJHUVROO5DQG 1R  *UHDVH DQG WKH
5$ *UHDVH *XQ WR OXEULFDWH WKH *HDULQJ WKURXJK
WKH *UHDVH )LWWLQJ  )RU
/ UDWLR
LQMHFW  RU  VWURNHV

 FF

DQG IRU
0 DQG 1 UDWLRV
LQMHFW  RU  VWURNHV

 FF


0$,1 /,1(6  7,0(6
$,5 722/ ,1/(7 6,=(
72
$,5
6<67(0
72
$,5
722/
/8%5,&$725
5(*8/$725 ),/7(5
%5$1&+ /,1(  7,0(6
$,5 722/ ,1/(7 6,=(
'5$,1 5(*8/$5/< &2035(6625
'ZJ 73'
+2: 72 25'(5 $ 5(9(56,%/( $1*/( :5(1&+
5(9(56,%/( $'-867$%/( &86+,21 &/87&+
7RUTXH 5DQJH 6RIW 'UDZ
)
U
H
H
6
S
H
H
G
6
T
X
D
U
H
'
U
L
Y
H
0RGHO LQOE 1P
)
U
H
H
6
S
H
H
G
USP
6
T
X
D
U
H
'
U
L
Y
H
LQ &OXWFK 6SULQJ
5//&      +
5//&      0
5/0&     0
5(9(56,%/( 67$//
5//'        
5/0'       
5/1'       
$GUHVVH] WRXWHV YRV FRPPXQLFDWLRQV DX %XUHDX
,QJHUVROO5DQG RX GLVWULEXWHXU OH SOXV SURFKH
¤
,QJHUV
ROO5DQG &RPSDQ\ 
,PSULPp DX[ e8
0$18(/ '·(;3/2,7$7,21 (7 '·(175(7,(1
'(6 &/e6 '·$1*/( 5e9(56,%/(6 '( /$ 6e5,( 5/
127(
/HV &OpV G·$QJOH 5pYHUVLEOHV GH OD 6pULH 5/ VRQW GHVWLQpHV DX VHUUDJH GH OD SHWLWH
ERXORQQHULH GDQV GHV HVSDFHV UHVWUHLQWV
,QJHUVROO5DQG QH SHXW rWUH WHQX UHVSRQVDEOH GH OD PRGLILFDWLRQ GHV RXWLOV SDU OH FOLHQW SRXU
OHV DGDSWHU j GHV DSSOLFDWLRQV TXL Q·RQW SDV pWp DSSURXYpHV SDU ,QJHUVROO5DQG
$77(17,21
'·,03257$17(6 ,1)250$7,216 '( 6e&85,7e 6217 -2,17(6
/,5( &( 0$18(/ $9$17 '·87,/,6(5 /·287,/
/·(03/2<(85 (67 7(18 '( &20081,48(5 /(6 ,1)250$7,216
'( &( 0$18(/ $8; (03/2<e6 87,/,6$17 &(7 287,/
/( 121 5(63(&7 '(6 $9(57,66(0(176 68,9$176 3(87 &$86(5
'(6 %/(6685(6
0,6( (1 6(59,&( '( /·287,/
:
7RXMRXUV H[SORLWHU LQVSHFWHU HW HQWUHWHQLU FHW RXWLO
FRQIRUPpPHQW DX &RGH GH VpFXULWp GHV RXWLOV
SQHXPDWLTXHV SRUWDWLIV GH O·$PHULFDQ 1DWLRQDO
6WDQGDUGV ,QVWLWXWH $16, %
x
3RXU OD VpFXULWp OHV SHUIRUPDQFHV RSWLPDOHV HW OD
GXUDELOLWp PD[LPDOH GHV SLqFHV FHW RXWLO GRLW rWUH
FRQQHFWp j XQH DOLPHQWDWLRQ G·DLU FRPSULPp GH 
EDU  N3D PD[LPXP j O·HQWUpH DYHF XQ IOH[LEOH GH
 PP GH GLDPqWUH LQWpULHXU
x
&RXSHU WRXMRXUV O·DOLPHQWDWLRQ G·DLU FRPSULPp HW
GpEUDQFKHU OH IOH[LEOH G·DOLPHQWDWLRQ DYDQW G·LQVWDOOHU
GpSRVHU RX DMXVWHU WRXW DFFHVVRLUH VXU FHW RXWLO RX
G·HQWUHSUHQGUH XQH RSpUDWLRQ G·HQWUHWLHQ TXHOFRQTXH
VXU O·RXWLO
x
1H SDV XWLOLVHU GHV IOH[LEOHV RX GHV UDFFRUGV
HQGRPPDJpV HIILORFKpV RX GpWpULRUpV
x
6·DVVXUHU TXH WRXV OHV IOH[LEOHV HW OHV UDFFRUGV VRQW
FRUUHFWHPHQW GLPHQVLRQQpV HW ELHQ VHUUpV 9RLU 3ODQ
73
' SRXU XQ H[HPSOH W\SH G·DJHQFHPHQW GHV
WX\DXWHULHV
x
8WLOLVHU WRXMRXUV GH O·DLU VHF HW SURSUH j XQH SUHVVLRQ
PD[LPXP GH  EDU /D SRXVVLqUH OHV IXPpHV
FRUURVLYHV HWRX XQH KXPLGLWp H[FHVVLYH SHXYHQW
HQGRPPDJHU OH PRWHXU G·XQ RXWLO SQHXPDWLTXH
x
1H MDPDLV OXEULILHU OHV RXWLOV DYHF GHV OLTXLGHV
LQIODPPDEOHV RX YRODWLOHV WHOV TXH OH NpURVqQH OH JDVRLO
RX OH FDUEXUDQW G·DYLDWLRQ
x
1H UHWLUHU DXFXQH pWLTXHWWH 5HPSODFHU WRXWH pWLTXHWWH
HQGRPPDJpH
87,/,6$7,21 '( /·287,/
x
3RUWHU WRXMRXUV GHV OXQHWWHV GH SURWHFWLRQ SHQGDQW
O·XWLOLVDWLRQ HW O·HQWUHWLHQ GH FHW RXWLO
x
3RUWHU WRXMRXUV XQH SURWHFWLRQ DFRXVWLTXH SHQGDQW
O·XWLOLVDWLRQ GH FHW RXWLO
x
7HQLU OHV PDLQV OHV YrWHPHQWV IORXV HW OHV FKHYHX[
ORQJV pORLJQpV GH O·H[WUpPLWp URWDWLYH GH O·RXWLO
x
1RWHU OD SRVLWLRQ GX OHYLHU G·LQYHUVLRQ DYDQW GH PHWWUH
O·RXWLO HQ PDUFKH GH PDQLqUH j VDYRLU GDQV TXHO VHQV LO
YD WRXUQHU ORUVTXH OD FRPPDQGH HVW DFWLRQQpH
x
3UpYRLU HW QH SDV RXEOLHU TXH WRXW RXWLO PRWRULVp HVW
VXVFHSWLEOH G·jFRXSV EUXVTXHV ORUV GH VD PLVH HQ
PDUFKH HW SHQGDQW VRQ XWLOLVDWLRQ
x
*DUGHU XQH SRVLWLRQ pTXLOLEUpH HW IHUPH 1H SDV VH
SHQFKHU WURS HQ DYDQW SHQGDQW O·XWLOLVDWLRQ GH FHW
RXWLO 'HV FRXSOHV GH UpDFWLRQ pOHYpV SHXYHQW VH
SURGXLUH j RX HQ GHVVRXV GH OD SUHVVLRQ G·DLU
UHFRPPDQGpH
x
/D URWDWLRQ GHV DFFHVVRLUHV GH O·RXWLO SHXW FRQWLQXHU
SHQGDQW XQ FHUWDLQ WHPSV DSUqV OH UHOkFKHPHQW GH OD
JkFKHWWH
x
/HV RXWLOV SQHXPDWLTXHV SHXYHQW YLEUHU SHQGDQW
O·H[SORLWDWLRQ /HV YLEUDWLRQV OHV PRXYHPHQWV
UpSpWLWLIV HW OHV SRVLWLRQV LQFRQIRUWDEOHV SHXYHQW
FDXVHU GHV GRXOHXUV GDQV OHV PDLQV HW OHV EUDV
1·XWLOLVHU SOXV G·RXWLOV HQ FDV G·LQFRQIRUW GH
SLFRWHPHQWV RX GH GRXOHXUV &RQVXOWHU XQ PpGHFLQ
DYDQW GH UHFRPPHQFHU j XWLOLVHU O·RXWLO
x
8WLOLVHU OHV DFFHVVRLUHV UHFRPPDQGpV SDU
,QJHUVROO5DQG
x
1·XWLOLVHU TXH OHV GRXLOOHV HW OHV DFFHVVRLUHV SRXU FOpV j
FKRFV 1H SDV XWLOLVHU OHV GRXLOOHV HW DFFHVVRLUHV
FKURPpV GH FOpV PDQXHOOHV
x
/H FKDSHDX GH VRXSDSH GH FRPPDQGH HVW VRXPLV j OD
SUHVVLRQ GX UHVVRUW GH VRXSDSH 3UHQGUH OHV VRLQV
QpFHVVDLUHV ORUV GH OD GpSRVH GX FKDSHDX GH VRXSDSH
GH FRPPDQGH VXU OHV RXWLOV FRQFHUQpV
x
$ FKDTXH IRLV TXH OH UHQYRL G·DQJOH HVW PRQWp RX
UHSRVLWLRQQp OH OHYLHU GH FRPPDQGH GRLW rWUH
SRVLWLRQQp GH PDQLqUH j FH TXH OH FRXSOH GH UpDFWLRQ
Q·DLW SDV WHQGDQFH j UHWHQLU OD FRPPDQGH HQ SRVLWLRQ
´0$5&+(µ 
x
&HW RXWLO Q·HVW SDV FRQoX SRXU IRQFWLRQQHU GDQV GHV
DWPRVSKqUHV H[SORVLYHV
x
&HW RXWLO Q·HVW SDV LVROp FRQWUH OHV FKRFV pOHFWULTXHV
127(
/·XWLOLVDWLRQ GH UHFKDQJHV DXWUHV TXH OHV SLqFHV G·RULJLQH ,QJHUVROO5DQG SHXW FDXVHU GHV ULVTXHV G·LQVpFXULWp UpGXLUH OHV
SHUIRUPDQFHV GH O·RXWLO HW DXJPHQWHU O·HQWUHWLHQ HW SHXW DQQXOHU WRXWHV OHV JDUDQWLHV
/HV UpSDUDWLRQV QH GRLYHQW rWUH HIIHFWXpHV TXH SDU GHV UpSDUDWHXUV TXDOLILpV DXWRULVpV &RQVXOWH] YRWUH &HQWUH GH 6HUYLFH
,QJHUVROO5DQG OH SOXV SURFKH
)

6,*1,),&$7,21 '(6 (7,48(77(6 '·$9(57,66(0(17
$77(17,21
/( 121 5(63(&7 '(6 $9(57,66(0(176 68,9$176 3(87 &$86(5 '(6 %/(6685(6
3RUWHU WRXMRXUV GHV OXQHWWHV
GH SURWHFWLRQ SHQGDQW
O·XWLOLVDWLRQ HW O·HQWUHWLHQ GH
FHW RXWLO
$77(17,21 $77(17,21
3RUWHU WRXMRXUV XQH
SURWHFWLRQ DFRXVWLTXH
SHQGDQW O·XWLOLVDWLRQ GH FHW
RXWLO
/HV RXWLOV SQHXPDWLTXHV
SHXYHQW YLEUHU SHQGDQW
O·H[SORLWDWLRQ /HV YLEUDWLRQV
OHV PRXYHPHQWV UpSpWLWLIV HW OHV
SRVLWLRQV LQFRQIRUWDEOHV
SHXYHQW FDXVHU GHV GRXOHXUV
GDQV OHV PDLQV HW OHV EUDV
1·XWLOLVHU SOXV G·RXWLOV HQ FDV
G·LQFRQIRUW GH SLFRWHPHQWV RX
GH GRXOHXUV &RQVXOWHU XQ
PpGHFLQ DYDQW GH UHFRPPHQFHU
j XWLOLVHU O·RXWLO
$77(17,21
1H SDV WUDQVSRUWHU O·RXWLO
SDU VRQ IOH[LEOH
$77(17,21
$77(17,21
*DUGHU XQH SRVLWLRQ pTXLOLEUpH HW
IHUPH 1H SDV VH SHQFKHU WURS
HQ DYDQW SHQGDQW
O·XWLOLVDWLRQ GH FHW RXWLO
$77(17,21
8WLOLVHU GH O·DLU FRPSULPp
j XQH SUHVVLRQ PD[LPXP
GH  EDU  N3D
 SVLJ
EDUN3D
&RXSHU WRXMRXUV O·DOLPHQWDWLRQ
G·DLU FRPSULPp HW GpEUDQFKHU OH
IOH[LEOH G·DOLPHQWDWLRQ DYDQW
G·LQVWDOOHU GpSRVHU RX DMXVWHU
WRXW DFFHVVRLUH VXU FHW RXWLO RX
G·HQWUHSUHQGUH XQH RSpUDWLRQ
G·HQWUHWLHQ TXHOFRQTXH VXU
O·RXWLO
$77(17,21
$77(17,21
1H SDV XWLOLVHU GHV IOH[LEOHV RX
GHV UDFFRUGV HQGRPPDJHpV
HIILORFKpV RX GpWpULRUpV
5e*/$*(6
/XEULILFDWLRQ
8QH OXEULILFD
WLRQ FRUUHFWH HVW HVVHQWLHOOH SRXU XQH GXUpH GH
YLH VDWLVIDLVDQWH GX OLPLWHXU 8WLOLVHU GH OD JUDLVVH
,QJHUVROO5DQG 1
R
 
/LPLWHXU DPRUWLVVHXU UpJODEOH /1&$+
7RXV OHV   F\FOHV RX WRXWHV OHV  KHXUHV GH
IRQFWLRQQHPHQW
 VHORQ FH TXL VH SURGXLW HQ SUHPLHU
OXEULILHU OH OLPLWHXU FRPPH VXLW 
 7RXUQHU OH FDSRW GX WURX GH UpJODJH SRXU GpFRXYULU OH
WURX GH UpJODJH
 ,QVpUHU OD FOp G·DUUrW GX OLPLWHXU GDQV OH WURX GH UpJODJH
HW GDQV XQ GHV WURXV GH O·pFURX GH UpJODJH GH OLPLWHXU
SRXU HPSrFKHU OD URWDWLRQ GH O·pFURX
 $ O·DLGH G·XQH FOp SODFpH VXU OD VRUWLH GH OD WrWH GH
UHQYRL WRXUQHU OD FOp GDQV OH VHQV LQYHUVH GHV DLJXLOOHV
G·XQH PRQWUH MXVTX·j FH TXH O·pFURX GH UpJODJH VRLW
GHVVHUUp RX TXH OH GpFOLF V·DUUrWH
 6HUUHU OHV PpSODWV GX ERvWLHU G·HQJUHQDJHV HW GpYLVVHU
O·pFURX G·DFFRXSOHPHQW j O·DLGH G·XQH FOp
 'pSRVHU OH FRUSV GH OLPLWHXU HW OH FRUSV GH UHQYRL GX
ERvWLHU G·HQJUHQDJHV
 6HUUHU OH VXSSRUW G·DUEUH GH OLPLWHXU HW UHWLUHU OH
OLPLWHXU HQWLHU GX FRUSV
 'pSRVHU O·HQWUDvQHXU GX OLPLWHXU HW OH VXSSRUW G·DUEUH
GH OLPLWHXU GX OLPLWHXU ,QVpUHU XQH SHWLWH TXDQWLWp GH
JUDLVVH HQWUH OD FDJH GHV ELOOHV GX OLPLWHXU HW OH FUDERW
DYDQW HW WURLV FRXSV GH SLVWROHW GH JUDLVVDJH

FP


DXWRXU GHV ELOOHV ,QVpUHU XQH SHWLWH TXDQWLWp GH OD
JUDLVVH UHFRPPDQGpH HQWUH OHV GHX[ VLqJHV GH UHVVRUW
DYDQW HW DXWRXU GX URXOHPHQW GH VLqJH GH UHVVRUW &H
JUDLVVDJH GRLW rWUH HIIHFWXp WRXWHV OHV  KHXUHV GH
IRQFWLRQQHPHQW RX WRXV OHV   F\FOHV
/LPLWHXU DPRUWLVVHXU UpJODEOH /&$
7RXV OHV   F\FOHV RX WRXWHV OHV  KHXUHV GH
IRQFWLRQQHPHQW VHORQ FH TXL VH SURGXLW HQ SUHPLHU
OXEULILHU OH OLPLWHXU DPRUWLVVHXU FRPPH VXLW 
$77(17,21
'pEUDQFKHU OH IOH[LEOH G·DOLPHQWDWLRQ G·DLU
FRPSULPp GH O·RXWLO DYDQW G·HIIHFWXHU Q·LPSRUWH
TXHO RSpUDWLRQ G·HQWUHWLHQ
 7RXUQHU OH FDSRW GX WURX GH UpJODJH SRXU GpFRXYULU OH
WURX GH UpJODJH
 ,QVpUHU XQH FOp SRXU VL[ SDQV FUHX[ GH µ GDQV OH
SRUWHHPERXW RX j O·DLGH G·XQH FOp VXU OD VRUWLH GX
UHQYRL G·DQJOH WRXUQHU OH SRUWHHPERXW MXVTX·j FH TXH
OH WURX GH O·pFURX GH UpJODJH GX OLPLWHXU VRLW DOLJQp VXU
OD UDLQXUH GX FRUSV GH OLPLWHXU
 ,QVpUHU OD FOp GH UpJODJH GX OLPLWHXU GDQV OH WURX GH
O·pFURX GH UpJODJH SRXU HPSrFKHU FH GHUQLHU GH WRXUQHU
HW WRXUQHU OH SRUWHHPERXW GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH MXVTX·j FH TXH OH UHVVRUW GH
OLPLWHXU VRLW FRPSOqWHPHQW GpWHQGX
 6HUUHU OHV PpSODWV GX FRUSV GH OLPLWHXU GDQV XQ pWDX HQ
SUHQDQW VRLQ GH QH SDV GpIRUPHU OH FRUSV

5e*/$*(6
127(
/H FRUSV GH OLPLWHXU HVW
ILOHWp j JDXFKH
 $ O·DLGH G·XQH FOp j PROHWWH VXU OHV PpSODWV GX ERvWLHU
G·HQJUHQDJHV GpYLVVHU O·HQVHPEOH G·HQWUDvQHPHQW GX
FRUSV GH OLPLWHXU
$77(17,21
3UHQGUH VRLQ GH QH SDV SODFHU OHV GRLJWV HQWUH OHV
FRPSRVDQWV GX OLPLWHXU
 5HWLUHU OH OLPLWHXU DVVHPEOp GH VRQ FRUSV HW DSSOLTXHU
XQH SHWLWH TXDQWLWp GH JUDLVVH ,QJHUVROO5DQG 1R 
DXWRXU GHV ELOOHV GX FUDERW GX OLPLWHXU OHV ELOOHV GH
GpEUD\DJH OH URXOHPHQW GH VLqJH GH UHVVRUW HW HQWUH OH
YHUURX G·pFURX GH UpJODJH HW O·pFURX GH UpJODJH GX
OLPLWHXU 3RXU JUDLVVHU OHV ELOOHV GH GpEUD\DJH LQGH[HU
OH FUDERW GH OLPLWHXU MXVTX·j FH TXH OH VLqJH GH UHVVRUW
VH VRXOqYH
7rWH GH UHQYRL
7RXWHV OHV KXLW KHXUHV GH IRQFWLRQQHPHQW
 LQMHFWHU
 FP

j  FP

GH JUDLVVH ,QJHUVROO5DQG 1R  GDQV OH
UDFFRUG GH JUDLVVDJH GX UHQYRL G·DQJOH
5(*/$*( '8 /,0,7(85
/HV PRGqOHV 5//& 5//& HW 5/0&
FRPSRUWHQW XQ OLPLWHXU UpJODEOH TXL SHXW rWUH UpJOp
H[WpULHXUHPHQW GDQV XQH FHUWDLQH JDPPH GH PDQLqUH j
GpEUD\HU ORUVTX·XQ FRXSOH SUpGpWHUPLQp HVW DWWHLQW /D
JDPPH GH UpJODJH GX FRXSOH HVW FRXYHUWH SDU GHX[ UHVVRUWV
GH OLPLWHXU
/H UHVVRUW GH OLPLWHXU W\SH IRUW FRGH FRXOHXU  YHUW
FRQYLHQW j OD PDMRULWp GHV FDV SXLVTX·LO GRQQHUD XQ
DMXVWHPHQW SUpFLV G·HQYLURQ  j  1P
/H UHVVRUW GH OLPLWHXU W\SH OpJHU FRGH FRXOHXU  QRLU
HVW
GHVWLQp DX[ DSSOLFDWLRQV DOODQW GH  j  1P
$77(17,21
'pEUDQFKHU OH IOH[LEOH G·DOLPHQWDWLRQ G·DLU FRPSULPp
GH O·RXWLO DYDQW GH FRQWLQXHU
3RXU UpJOHU OH OLPLWHXU SURFpGHU FRPPH VXLW 
 7RXUQHU OH FDSRW GX WURX GH UpJODJH GX FRUSV GH
OLPLWHXU SRXU GpFRXYULU OH WURX GH UpJODJH
 ,QVpUHU XQH FOp SRXU VL[ SDQV FUHX[ GH 
µ GDQV OH
SRUWHHPERXW RX SODFHU XQH FOp j PROHWWH VXU OH FDUUp
G·HQWUDvQHPHQW GH OD EURFKH G·DGDSWDWHXU GH GRXLOOH
7RXUQHU OD FOp MXVTX·j FH TXH OHV WURXV UDGLDX[ GH
O·pFURX GH UpJODJH GX OLPLWHXU VRLHQW YLVLEOHV GDQV OD
UDLQXUH GX FRUSV GH OLPLWHXU ,QWURGXLUH OD FOp G·DUUrW GH
OLPLWHXU GDQV OD UDLQXUH GX FRUSV GH OLPLWHXU HW GDQV OH
WURX GH O·pFURX GH UpJODJH SRXU EORTXHU OD URWDWLRQ GH
FH GHUQLHU
$77(17,21
/H OLPLWHXU ORUVTX· pTXLSp GX UHVVRUW W\SH IRUW SHXW
rWUH UpJOp DXGHOj GH OD FDSDFLWp GH FRXSOH GH O·RXWLO
'DQV FH FDV O·RXWLO VH FDOHUD DYDQW OH GpFOHQFKHPHQW
GX FUDERW GX OLPLWHXU 1H MDPDLV UpJOHU OH OLPLWHXU
DXGHOj GX FRXSOH PD[LPXP GH O·RXWLO
 6DLVLU IHUPHPHQW O·RXWLO G·XQH PDLQ HW WRXUQHU OD VRUWLH
GX UHQYRL G·DQJOH 8QH URWDWLRQ GH OD VRUWLH GDQV OH VHQV
GHV DLJXLOOHV G·XQH PRQWUH ORUVTXH YX GH O·DYDQW
DXJPHQWH OD FRPSUHVVLRQ GX UHVVRUW GH OLPLWHXU HW SDU
FRQVpTXHQW OH FRXSOH GH GpEUD\DJH GX FUDERW
127(
/D PHLOOHXUH IDoRQ G·HIIHFWXHU OH UpJODJH HVW G·XWLOLVHU
O·RXWLO VXU O·DSSOLFDWLRQ UpHOOH HW G·DXJPHQWHU RX GH
GLPLQXHU OH FRXSOH IRXUQL MXVTX·j FH TXH OD YDOHXU
UHFKHUFKpH VRLW REWHQXH 'DQV WRXV OHV FDV LO HVW
UHFRPPDQGp G·DUULYHU SURJUHVVLYHPHQW DX UpJODJH
ILQDO
&+$1*(0(17 '8 5(66257 '( /,0,7(85
/LPLWHXU /1&$+
 6HUUHU VRLJQHXVHPHQW OHV PpSODWV GH O·pFURX
G·DFFRXSOHPHQW GDQV XQ pWDX pTXLSp GH PRUGDFKHV HQ
FXLU RX HQ FXLYUH UHQYRL G·DQJOH YHUV OH EDV
127(
&H ILOHWDJH D XQ SDV j JDXFKH
 $ O·DLGH G·XQH FOp SODFp VXU OHV PpSODWV GX ERvWLHU
G·HQJUHQDJHV GHVVHUUHU FH GHUQLHU GH O·pFURX
G·DFFRXSOHPHQW 5HWLUHU O·RXWLO GH O·pWDX
 'pYLVVHU O·pFURX G·DFFRXSOHPHQW HW VpSDUHU OH FRUSV GH
OLPLWHXU GX ERvWLHU G·HQJUHQDJHV
 6DLVLU O·HQVHPEOH G·DUEUH GH OLPLWHXU HW H[WUDLUH
O·HQVHPEOH GX FRUSV GH OLPLWHXU
 6HUUHU OHV FDQQHOXUHV GX VXSSRUW G·DUEUH GH OLPLWHXU
GDQV XQ pWDX pTXLSp GH PRUGDFKHV HQ FXLU RX HQ FXLYUH
O·pFURX GH UpJODJH GX OLPLWHXU pWDQW GLULJp YHUV OH KDXW
HW O·HQWUDvQHXU GX OLPLWHXU FRQWUH OH GHVVXV GHV PRUV GH
O·pWDX
127(
&H ILOHWDJH D XQ SDV j JDXFKH
 $ O·DLGH G·XQH FOp SODFp VXU OHV PpSODWV GH O·pFURX GH
UpJODJH GX OLPLWHXU GpYLVVHU HW GpSRVHU FH GHUQLHU
$9(57,66(0(17
,O \ D YLQJWTXDWUH ELOOHV HQWUH O·HQWUDvQHXU GH OLPLWHXU
HW OH VLqJH GX UHVVRUW GH OLPLWHXU OH SOXV SURFKH GH
O·HQWUDvQHXU 'pSRVHU OHV FRPSRVDQWV VRLJQHXVHPHQW
DILQ GH QH SDV ODLVVHU WRPEHU HW SHUGUH OHV ELOOHV

5e*/$*(6
 /·HQVHPEOH pWDQW GDQV O·pWDX HW WRXW HQ DSSOLTXDQW XQH
OpJqUH SUHVVLRQ VXU OH VLqJH GH UHVVRUW GH OLPLWHXU OH
SOXV SURFKH GH O·HQWUDvQHXU GpSRVHU OD URQGHOOH IUHLQ
OH SUHPLHU VLqJH GH UHVVRUW OH URXOHPHQW GH VLqJH GH
UHVVRUW OH GHX[LqPH VLqJH GH UHVVRUW HW OH UHVVRUW GH
OLPLWHXU GH O·DUEUH GH OLPLWHXU
 *UDLVVHU FRSLHXVHPHQW OH URXOHPHQW HW OD URQGHOOH IUHLQ
GH O·pFURX GH UpJODJH HW GDQV O·RUGUH LQGLTXp PRQWHU
OHV SLqFHV VXLYDQWHV VXU O·DUEUH GH OLPLWHXU OH QRXYHDX
UHVVRUW GH OLPLWHXU XQ VLqJH GH UHVVRUW OH URXOHPHQW GH
VLqJH GH UHVVRUW XQ DXWUH VLqJH GH UHVVRUW OD URQGHOOH
IUHLQ GH O·pFURX GH UpJODJH F{Wp ERVVHOp HQ DUULqUH
127(
&H ILOHWDJH D XQ SDV j JDXFKH
 9LVVHU O·pFURX GH UpJODJH GH OLPLWHXU F{Wp FUDQWp HQ
SUHPLHU VXU O·DUEUH GH OLPLWHXU HW OH VHUUHU j OD PDLQ
FRQWUH OD FRPSUHVVLRQ GX UHVVRUW 8WLOLVHU XQH FOp SRXU
VHUUHU O·pFURX G·XQ RX GHX[ WRXUV VXSSOpPHQWDLUHV
 5HWLUHU OH OLPLWHXU DVVHPEOp GH O·pWDX
 0RQWHU O·DUEUH GH OLPLWHXU DVVHPEOp GDQV OH FRUSV GH
OLPLWHXU H[WUpPLWp FDQQHOpH GX VXSSRUW G·DUEUH HQ
DUULqUH
 0RQWHU OH FRUSV GH OLPLWHXU DVVHPEOp GDQV OH ERvWLHU
G·HQJUHQDJHV HQ HQJDJHDQW OHV FDQQHOXUHV GX FRUSV GH
OLPLWHXU GDQV FHOOHV GX ERvWLHU
 9LVVHU j OD PDLQ O·pFURX G·DFFRXSOHPHQW VXU OH ERvWLHU
G·HQJUHQDJHV 6HUUHU OHV PpSODWV GX ERvWLHU
G·HQJUHQDJHV GDQV XQ pWDX pTXLSp GH PRUGDFKHV HQ
FXLU RX HQ FXLYUH HW j O·DLGH G·XQH FOp VHUUHU O·pFURX
G·DFFRXSOHPHQW j XQ FRXSOH GH  1P
 $MXVWHU OH OLPLWHXU FRPPH LQGLTXp j OD VHFWLRQ
5pJODJ
H
GX OLPLWHXU

/LPLWHXU /&$
 6HUUHU VRLJQHXVHPHQW OHV PpSODWV GX FRUSV GH OLPLWHXU
GDQV XQ pWDX pTXLSp GH PRUGDFKHV HQ FXLU RX HQ FXLYUH
UHQYRL G·DQJOH GLULJp YHUV OH EDV
127(
&H ILOHWDJH D XQ SDV j JDXFKH
 $ O·DLGH G·XQH FOp SODFp VXU OHV PpSODWV GX ERvWLHU
G·HQJUHQDJHV GHVVHUUHU FH GHUQLHU GX FRUSV GH OLPLWHXU
5HWLUHU O·RXWLO GH O·pWDX
 'pYLVVHU HW VpSDUHU OH FRUSV GH OLPLWHXU GX ERvWLHU
G·HQJUHQDJHV
 6DLVLU O·HQWUDvQHXU GH OLPLWHXU HW H[WUDLUH O·HQVHPEOH GX
FRUSV GH OLPLWHXU
 6HUUHU VRLJQHXVHPHQW OH FUDERW DYDQW GX OLPLWHXU GDQV
XQ pWDX pTXLSp GH PRUGDFKHV HQ FXLU RX HQ FXLYUH
O·pFURX GH UpJODJH GX OLPLWHXU pWDQW GLULJp YHUV OH KDXW
127(
&H ILOHWDJH D XQ SDV j JDXFKH
 $ O·DLGH G·XQH FOp SODFp VXU OHV PpSODWV GH O·pFURX GH
UpJODJH GX OLPLWHXU GpYLVVHU HW GpSRVHU FH GHUQLHU
 /·HQVHPEOH pWDQW GDQV O·pWDX HW WRXW HQ DSSOLTXDQW XQH
OpJqUH SUHVVLRQ VXU OH VLqJH GH UHVVRUW GH OLPLWHXU
GpSRVHU O·DUUrWRLU G·pFURX GH UpJODJH OH URXOHPHQW GH
VLqJH GH UHVVRUW OH VLqJH GH UHVVRUW HW OH UHVVRUW GH
OLPLWHXU GH O·HQWUDvQHXU GH OLPLWHXU
 *UDLVVHU FRSLHXVHPHQW OH URXOHPHQW HW OD URQGHOOH IUHLQ
GH O·pFURX GH UpJODJH HW GDQV O·RUGUH LQGLTXp PRQWHU
OHV SLqFHV VXLYDQWHV VXU O·HQWUDvQHXU GH OLPLWHXU  OH
QRXYHDX UHVVRUW GH OLPLWHXU OH VLqJH GH UHVVRUW OH
URXOHPHQW GH VLqJH GH UHVVRUW HW O·DUUrWRLU GH O·pFURX GH
UpJODJH F{Wp ERVVHOp HQ DUULqUH
127(
&H ILOHWDJH D XQ SDV j JDXFKH
 9LVVHU O·pFURX GH UpJODJH GH OLPLWHXU F{Wp FUDQWp HQ
SUHPLHU VXU O·HQWUDvQHXU GH OLPLWHXU HW OH VHUUHU j OD
PDLQ FRQWUH OD FRPSUHVVLRQ GX UHVVRUW 8WLOLVHU XQH FOp
SRXU VHUUHU O·pFURX G·XQ RX GHX[ WRXUV VXSSOpPHQWDLUHV
 5HWLUHU OH OLPLWHXU DVVHPEOp GH O·pWDX
 0RQWHU O·HQWUDvQHXU GH OLPLWHXU DVVHPEOp GDQV OH FRUSV
GH OLPLWHXU H[WUpPLWp FDQQHOpH GH O·HQWUDvQHXU HQ
DUULqUH
127(
&H ILOHWDJH D XQ SDV j JDXFKH
 0RQWHU OH FRUSV GH OLPLWHXU DVVHPEOp GDQV OH ERvWLHU
G·HQJUHQDJHV 6HUUHU OH ERvWLHU G·HQJUHQDJHV j XQ
FRXSOH GH  j  1P
 $MXVWHU OH OLPLWHXU FRPPH LQGLTXp j OD VHFWLRQ
5pJODJH
GX /LPLWHXU


0,6( (1 6(59,&( '( /·287,/
/8%5,),&$7,21
,QJHUVROO5DQG 1
R
  ,QJHUVROO5DQG 1
R

,QJHUVROO5DQG 1
R

8WLOLVHU WRXMRXUV XQ OXEULILFDWHXU DYHF FHV RXWLOV 1RXV
UHFRPPDQGRQV O·HPSORL GX ILOWUHUpJXODWHXUOXEULILFDWHXU
VXLYDQW 
)RU 86$  1R &*
0RWHXU
7RXWHV OHV KXLW KHXUHV GH IRQFWLRQQHPHQW
VL XQ
OXEULILFDWHXU GH OLJQH Q·HVW SDV XWLOLVp LQMHFWHU  FP

G·KXLOH ,QJHUVROO5DQG 1
R
 GDQV OH UDFFRUG G·DGPLVVLRQ
GH O·RXWLO
3LJQRQQHULH
7RXWHV OHV  KHXUHV RX WRXV OHV   F\FOHV
XWLOLVHU GH
OD JUDLVVH ,QJHUVROO5DQG 1
R
  HW OH SLVWROHW GH JUDLVVDJH
5$ SRXU OXEULILHU OD SLJQRQQHULH SDU
O·LQWHUPpGLDLUH GX UDFFRUG GH JUDLVVDJH
3RXU OH UDSSRUW
/
 DFWLRQQHU OH SLVWROHWjIRLV

 FP



SRXU OHV UDSSRUWV
0HW1
 DFWLRQQHU OH SLVWROHW  j  IRLV

 FP



78<$87(5,( 35,1&,3$/(
$8 02,16  )2,6 /$
',0(16,21 '( /·$'0,66,21
'·$,5 '( /·287,/
9(56 /(
5e6($8 '·$,5
&2035,0e
9(56
/·287,/
31(8
0$7,48(
/8%5,),&$7(85
5e*8/$7(85
),/75(
/,*1( 6(&21'$,5( $8
02,16  )2,6 /$
',0(16,21 '(
/·$'0,66,21 '·$,5
'( /·287,/
9,'$1*(5
5e*8/,Ë5(0(17
&2035(66(85
3ODQ 73'
63e&,),&$7,216
0RGqOH /LPLWHXU 3ODJH GH FRXSOH
6HUUDJH
pODVWLTXH 9LWHVVH j YLGH HQWU
FDUUp 5HVVRUW GX
/LPLWHXU
SRXFHVOE 1P WUPQ LQ
5//& /LPLWHXU DPRUWLVVHXU 



   +
5//& /LPLWHXU DPRUWLVVHXU 



   0
5/0& /LPLWHXU DPRUWLVVHXU 



  0
5//' FDODJH 



     
5/0' FDODJH 



    
5/1' FDODJH 



    
5/0' FDODJH 



    