Panasonic NRBN31CW2 de handleiding

Type
de handleiding

Deze handleiding is ook geschikt voor

(QJOLVK 
7KDQN\RXIRUSXUFKDVLQJWKLV3DQDVRQLFSURGXFW
3OHDVHUHDGWKHVHLQVWUXFWLRQVFDUHIXOO\EHIRUHXVLQJWKLV
SURGXFW3OHDVHNHHSWKLVPDQXDOIRUIXWXUHUHIHUHQFH
,QFOXGHGLQVWDOODWLRQ,QVWUXFWLRQV
'HXWVFK 
:LUGDQNHQ,KQHQIUGHQ.DXIGLHVHV3DQDVRQLF3URGXNWV
%LWWHOHVHQ6LHGLHVH$QZHLVXQJHQYRUGHU%HQXW]XQJGLHVHV
3URGXNWVVRUJIlOWLJGXUFK%LWWHEHZDKUHQ6LHGLHVH$QOHLWXQJIU
VSlWHUH%H]XJQDKPHDXI,QVWDOODWLRQVDQOHLWXQJHQWKDOWHQ
1HGHUODQGV 
+DUWHOLMNGDQNYRRUXZDDQNRRSYDQGLW3DQDVRQLFSURGXFW
/HHVGH]HDDQZLM]LQJHQDDQGDFKWLJGRRUYRRUGDWXGLWSURGXFW
LQJHEUXLNQHHPW%HZDDUGH]HKDQGOHLGLQJYRRUODWHUHQDVODJ
,QFOXVLHILQVWDOODWLHKDQGOHLGLQJ
)UDQoDLV 
1RXVYRXVUHPHUFLRQVG¶DYRLUDFKHWpXQSURGXLW3DQDVRQLF
9HXLOOH]OLUHFHPRGHG¶HPSORLDWWHQWLYHPHQWDYDQWG¶XWLOLVHUFH
SURGXLW3ULqUHGHFRQVHUYHUFHPRGHG¶HPSORLSRXUWRXWHUpIpUHQFH
XOWpULHXUH,QVWUXFWLRQVG¶LQVWDOODWLRQLQFOXVHV
2SHUDWLQJ,QVWUXFWLRQV
5HIULJHUDWRU)UHH]HU
+RXVHKROGXVH
0RGHO1R
15%1&;

15%1&:
(QJOLVK 'HXWVFK
1HGHUODQGV
)UDQoDLV
6DIHW\LQVWUXFWLRQV
&DULQJIRUWKHHQYLURQPHQW

,QVWDOODWLRQ
3DUWV
&RQWUROSDQHO
6HWWLQJWKHWHPSHUDWXUH
8VLQJWKHKDQG\IXQFWLRQV
+XPLGLW\FRQWURORI´)UHVK&DVHµ&ULVSHU
0DNLQJLFHFXEHV
5HPRYLQJDQGDWWDFKLQJVKHOYHV
&DUHDQG&OHDQLQJLQVWUXFWLRQV
)$4V
6SHFLÀFDWLRQV
6DIHW\LQVWUXFWLRQV
&RQWHQWV
:KDWWKHV\PEROVPHDQ
'RQRW
,QGLFDWHVWKHDSSOLDQFHPXVWEHHDUWKHGWR
SUHYHQWHOHFWULFVKRFN
0DNHVXUH\RXGRWKLV 'RQRWWDNHDSDUW
:$51,1*
,QGLFDWHVULVNRIGHDWKRUVHULRXVLQMXU\
7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP\HDUVDQGDERYH
DQGSHUVRQVZLWKUHGXFHGSK\VLFDOVHQVRU\RUPHQWDOFDSDELOLWLHVRU
ODFNRIH[SHULHQFHDQGNQRZOHGJHLIWKH\KDYHEHHQJLYHQVXSHUYLVLRQRU
LQVWUXFWLRQFRQFHUQLQJXVHRIWKHDSSOLDQFHLQDVDIHZD\DQGXQGHUVWDQG
WKHKD]DUGVLQYROYHG&KLOGUHQVKDOOQRWSOD\ZLWKWKHDSSOLDQFH&OHDQLQJ
DQGXVHUPDLQWHQDQFHVKDOOQRWEHPDGHE\FKLOGUHQZLWKRXWVXSHUYLVLRQ
'RQRWVWRUHH[SORVLYHVXEVWDQFHVVXFKDVDHURVRO
FDQVZLWKDÁDPPDEOHSURSHOODQWLQWKLVDSSOLDQFH
)ODPPDEOHVXEVWDQFHVVXFKDVEHQ]HQHWKLQQHUVDOFRKRO
HWKHUDQG/LTXLG3HWUROHXP*DV/3*FDQFDXVHH[SORVLRQV
'RQRWXVHDPXOWLSOHVRFNHWDGDSWRUDQGSOXJVHYHUDODSSOLDQFHVLQWRWKHVDPHVRFNHWDGDSWRU
 7KLVFDQFDXVHRYHUKHDWLQJ¿UHRUVKRUWFLUFXLW
'RQRWSLQFKNQRWRUEHQGWKHPDLQVOHDGRUSODFHKHDY\REMHFWVRQLW
 7KLVLQFUHDVHVWKHULVNRI¿UHRUHOHFWULFVKRFN,IWKHPDLQVOHDGRUSOXJRIWKHDSSOLDQFHLVGDPDJHGLWPXVWEH
UHSODFHGE\WKHPDQXIDFWXUHULWVVHUYLFHDJHQWRUVLPLODUO\TXDOL¿HGSHUVRQLQRUGHUWRDYRLGDKD]DUG
'RQRWXQSOXJWKHUHIULJHUDWRUE\SXOOLQJRQWKHPDLQVOHDG
 7KLVFDQGDPDJHWRWKHPDLQVOHDG$OZD\VJULSWKHPDLQVSOXJDQGSXOO¿UPO\IURPWKHVRFNHW
'RQRWSODFHDQ\ZDWHUFRQWDLQHURQWKHWRSRIWKHUHIULJHUDWRU
 :DWHUFDQGDPDJHLQVXODWLRQRIHOHFWULFDOFRPSRQHQWVDQGFDXVHVKRUWFLUFXLW¿UHRUHOHFWULFVKRFN
'RQRWVSUD\LQÁDPPDEOHJDVQHDUWKHUHIULJHUDWRU
 7KLVFDQFDXVHH[SORVLRQRU¿UH
'RQRWVSUD\ZDWHURQWRRULQWRWKHUHIULJHUDWRU
 7KLVFDQFDXVH¿UHRUHOHFWULFVKRFN
'RQRWWRXFKWKHPDLQVSOXJZLWKZHWKDQGV
 7KLVFDQFDXVHHOHFWULFVKRFN
(QJOLVK
6DIHW\LQVWUXFWLRQVFRQWLQXHG
'RQRWLQVWDOOWKHUHIULJHUDWRULQDGDPSSODFHRUZKHUHLWPD\FRPHLQWRFRQWDFWZLWKZDWHU
 'HWHULRUDWHGLQVXODWLRQRIHOHFWULFDOSDUWVFDQFDXVHVKRUWFLUFXLWHOHFWULFVKRFNRU¿UH
'RQRWVWRUHSKDUPDFHXWLFDOVRURWKHUWHPSHUDWXUHVHQVLWLYHSURGXFWVLQWKHUHIULJHUDWRU
 <RXVKRXOGQRWVWRUHSURGXFWVWKDWUHTXLUHVWULFWWHPSHUDWXUHFRQWUROVLQWKHUHIULJHUDWRU
'RQRWOHWFKLOGUHQFOLPEVZLQJRUKDQJRQWKHUHIULJHUDWRUGRRU
 7KLVFDQFDXVHVHULRXVLQMXU\DVZHOODVGDPDJLQJWKHUHIULJHUDWRU
'RQRWRSHUDWHWKHUHIULJHUDWRULQWKHSUHVHQFHRIH[SORVLYHIXPHVRUÁDPPDEOHJDV
 7KLVFDQFDXVHH[SORVLRQRU¿UH
'RQRWVWRUHSHWURORURWKHUÁDPPDEOHOLTXLGVDQGYDSRXUVLQWKHUHIULJHUDWRURUXVHWKHPQHDUWKHDSSOLDQFH
 7KLVFDQFDXVHH[SORVLRQRU¿UH
:$51,1*
'RQRWXVHPHFKDQLFDOGHYLFHVRURWKHUPHDQVWR
DFFHOHUDWHWKHGHIURVWLQJSURFHVVRWKHUWKDQWKRVH
UHFRPPHQGHGE\WKHPDQXIDFWXUHU
7KLVFDQFDXVHGDPDJHWRWKHLQWHULRURIWKHUHIULJHUDWRURU
FDXVHDQH[SORVLRQ
:$51,1*
'RQRWXVHHOHFWULFDODSSOLDQFHVLQVLGHWKHIRRGVWRUDJH
FRPSDUWPHQWVRIWKHDSSOLDQFHXQOHVVWKH\DUHRIWKH
W\SHUHFRPPHQGHGE\WKHPDQXIDFWXUHU
7KLVFDQFDXVHH[SORVLRQRU¿UH
:$51,1*
'RQRWGDPDJHWKHUHIULJHUDQWFLUFXLW
7KLVFDQFDXVHH[SORVLRQRU¿UH
:$51,1*
'RQRWRSHQWKHFRYHURI/('OLJKWLQJRIIULGJHLQWHULRU
7KLVFDQFDXVHHOHFWULFVKRFN,IWKH/('OLJKWLQJGRHVQRWZRUN
FRUUHFWO\LWPXVWEHUHSODFHGE\WKHPDQXIDFWXUHULWVVHUYLFH
DJHQWRUVLPLODUO\TXDOL¿HGSHUVRQLQRUGHUWRDYRLGDKD]DUG
'RQRWWU\WRGLVDVVHPEOHUHSDLURUPRGLI\WKHUHIULJHUDWRU\RXUVHOI
 <RXPD\LQMXUH\RXUVHOI±RURWKHUV±ZLWKEXUQVRUHOHFWULFVKRFNRUGDPDJHWKHUHIULJHUDWRU,I\RXUDSSOLDQFHQHHGV
DOWHUDWLRQVRUUHSDLUSOHDVHFRQVXOWDXWKRUL]HGVHUYLFHFHQWUH
(QVXUHWKDWWKHUHIULJHUDWRULVSOXJJHGLQWRDQHDUWKHGPDLQVVRFNHW'2127SOXJLQWRDQXQHDUWKHGPDLQV
VRFNHW
 $VKRUWFLUFXLWFRXOGFDXVHDQHOHFWULFDOVKRFN
0DNHVXUHWKHPDLQVOHDGDQGSOXJDUHQRWVTXDVKHGRU
GDPDJHG
$GDPDJHGPDLQVSOXJRUOHDGFDQFDXVHVKRUWFLUFXLW¿UH
RUHOHFWULFVKRFN
,IWKHPDLQVOHDGLVGDPDJHGLWPXVWEHUHSODFHGE\
WKHPDQXIDFWXUHULWVVHUYLFHDJHQWRUVLPLODUO\TXDOL¿HG
SHUVRQVLQRUGHUWRDYRLGDKD]DUG
'RQRWDWWHPSWWRUHSODFHLW\RXUVHOI
6DIHW\LQVWUXFWLRQVFRQWLQXHG
5HPRYHDQ\GLUWRUGXVWIURPWKHPDLQVSOXJ·VSLQVEHIRUHFRQQHFWLQJWRWKHSRZHUVXSSO\
 'XVWEXLOGXSRQWKHPDLQVSOXJFDQFDXVHLQVXODWLRQIDLOXUHHVSHFLDOO\LQKXPLGFRQGLWLRQV7KLVFDQFDXVHVKRUW
FLUFXLW¿UHRUHOHFWULFVKRFN8QSOXJWKHPDLQVOHDGDQGZLSHLWZLWKDGU\FORWK1HYHUXVHDZHWRUGDPSFORWK
3OXJ\RXUDSSOLDQFHLQWRWKHVRFNHWPDNLQJVXUHWKHFRQQHFWLRQLVVHFXUH
 $ORRVHO\FRQQHFWHGPDLQVSOXJFDQFDXVH¿UHRUHOHFWULFVKRFN
,QVWDOOWKHUHIULJHUDWRULQDZHOOYHQWLODWHGDUHD
 7KHPRUHUHIULJHUDQWWKHUHLVLQDQDSSOLDQFHWKHODUJHUWKHURRPLWVKRXOGEHLQVWDOOHGLQ,IWKHUH¶VDUHIULJHUDQWÀXLG
OHDNDQGWKHDSSOLDQFHLVLQDVPDOOURRPWKHEXLOGXSRIFRPEXVWLEOHJDVHVLVPRUHOLNHO\
7KLVFDQFDXVH¿UHRU
H[SORVLRQ$VDJXLGHIRUHYHU\
gRIFRRODQW\RX¶OOQHHGDWOHDVWFXELFPHWUHRIVSDFHLQWKHURRP7KHGDWDSODWH
LQVLGHWKHDSSOLDQFHWHOOV\RXKRZPXFKUHIULJHUDQW\RXUUHIULJHUDWRUFRQWDLQV
7KHUHIULJHUDQW5DXVHGLQWKHUHIULJHUDWRUDQGWKHJDVHVLQWKHLQVXODWLRQPDWHULDOF\FORSHQWDQHDUHERWK
ÁDPPDEOH7KH\DOVRUHTXLUHVSHFLDOGLVSRVDOSURFHGXUHV
 %HIRUH\RXGLVSRVHRIWKHDSSOLDQFHPDNHVXUHQRQHRIWKHSLSHVRQWKHEDFNDUHGDPDJHG5HIULJHUDQWRUJDVOHDNV
FDQFDXVH¿UHRUH[SORVLRQ
8QSOXJWKHUHIULJHUDWRUEHIRUHFOHDQLQJDQGVHUYLFLQJ
 )DLOXUHWRGRWKLVFDQFDXVHHOHFWULFVKRFN
,I\RXVPHOOEXUQLQJRUVHHVPRNHFRPLQJIURPWKHUHIULJHUDWRUGLVFRQQHFWWKHSRZHULPPHGLDWHO\DQGSOHDVH
FRQVXOWDXWKRUL]HGVHUYLFHFHQWUH
 )DLOXUHWRGRWKLVFDQFDXVH¿UHRUHOHFWULFVKRFN
:$51,1*
.HHSYHQWLODWLRQRSHQLQJVLQWKHDSSOLDQFHHQFORVXUH
RULQWKHEXLOWLQVWUXFWXUHFOHDURIREVWUXFWLRQ
)DLOXUHWRGRWKLVFRXOGUHVXOWLQ¿UHRUH[SORVLRQEHFDXVH
UHIULJHUDQWFDQQRWGLVSHUVHLILWOHDNV
&$87,21
,QGLFDWHVULVNRILQMXU\RUGDPDJHWRSURSHUW\
'RQRWSXWJODVVERWWOHVRUFRQWDLQHUVLQWKHIUHH]HU
 :KHQWKHFRQWHQWVIUHH]HWKHJODVVPD\EUHDNDQGFDXVHLQMXU\
'RQRWWRXFKWKHLQVLGHZDOOVRIWKHIUHH]HURULWHPVVWRUHGLQWKHIUHH]HUZLWKZHWKDQGV
 <RXUVNLQFDQEHFRPHIUR]HQRQWRWKHLQWHULRUZDOORULWHPVVWRUHGLQWKHIUHH]HU
'RQRWRSHQRUFORVHWKHGRRUVE\WDNLQJKROGRIWKHGRRUKDQGOHVZLWKERWKKDQGV
 7KLVPD\FDXVHSHUVRQDOLQMXU\
,IWKHUH·VDSRZHUFXWDYRLGRSHQLQJWKHUHIULJHUDWRUIUHTXHQWO\RUSXWWLQJXQFKLOOHG
IRRGLQLW
 7KLVFDQFDXVHWKHWHPSHUDWXUHLQWKHUHIULJHUDWRUWRULVHDQGDGYHUVHO\DIIHFWVDQLWDWLRQ
,I\RX·UHQRWJRLQJWRXVHWKHUHIULJHUDWRUIRUDORQJWLPHXQSOXJLWIURPWKHPDLQV
$OVREHFDUHIXORIWKHJDSEHWZHHQWKHIULGJHDQGIUHH]HUGRRUVHVSHFLDOO\LIWKH\DUH
ERWKRSHQDWWKHVDPHWLPH
 7KLVPD\FDXVHSHUVRQDOLQMXU\
:KHQRSHQLQJWKHUHIULJHUDWRUEHFDUHIXOQRWWRSLQFK\RXUÀQJHUVDWWKH´SLQFKSRLQWµ
DUHDV,QSDUWLFXODU
ZKHQRSHQLQJWKHIULGJHGRRUEHFDUHIXOWRDYRLGWKHSRWHQWLDO
SLQFKSRLQWEHWZHHQWKHIULGJHDQGIUHH]HUGRRUV
 7KLVFDQFDXVHSHUVRQDOLQMXU\
3RWHQWLDOSLQFKSRLQW
(QJOLVK
&DULQJIRUWKHHQYLURQPHQW
'LVSRVLQJRIWKHSDFNDJLQJ
3OHDVHUHF\FOHZKHUHSRVVLEOHHJFDUGERDUGSODVWLFEDJVDGKHVLYHWDSHDQGSRO\VW\UHQHDQG
PDNHVXUH\RXGLVSRVHRIDOORWKHUSDFNLQJPDWHULDOVVDIHO\
.HHSWKHSDFNDJLQJRXWRIWKHUHDFKRIEDELHVDQG\RXQJFKLOGUHQWRDYRLGLQMXU\RUVXIIRFDWLRQ
'LVSRVDORI2OG(TXLSPHQW
2QO\IRU(XURSHDQ8QLRQDQGFRXQWULHVZLWK
UHF\FOLQJV\VWHPV
7KLVV\PERORQWKHSURGXFWVSDFNDJLQJDQGRU
DFFRPSDQ\LQJGRFXPHQWVPHDQVWKDWXVHGHOHFWULFDO
DQGHOHFWURQLFSURGXFWVPXVWQRWEHPL[HGZLWKJHQHUDO
KRXVHKROGZDVWH
)RUSURSHUWUHDWPHQWUHFRYHU\DQGUHF\FOLQJRIROG
SURGXFWVSOHDVHWDNHWKHPWRDSSOLFDEOHFROOHFWLRQ
SRLQWVLQDFFRUGDQFHZLWK\RXUQDWLRQDOOHJLVODWLRQ
%\GLVSRVLQJRIWKHPFRUUHFWO\\RXZLOOKHOSWRVDYH
YDOXDEOHUHVRXUFHVDQGSUHYHQWDQ\SRWHQWLDOQHJDWLYH
HIIHFWVRQKXPDQKHDOWKDQGWKHHQYLURQPHQW)RU
PRUHLQIRUPDWLRQDERXWFROOHFWLRQDQGUHF\FOLQJSOHDVH
FRQWDFW\RXUORFDOPXQLFLSDOLW\
3HQDOWLHVPD\EHDSSOLFDEOHIRULQFRUUHFWGLVSRVDORIWKLV
ZDVWHLQDFFRUGDQFHZLWKQDWLRQDOOHJLVODWLRQ
)RUEXVLQHVVXVHUVLQWKH(XURSHDQ8QLRQ
,I\RXZLVKWRGLVFDUGHOHFWULFDODQGHOHFWURQLFHTXLSPHQW
SOHDVHFRQWDFW\RXUGHDOHURUVXSSOLHUIRUIXUWKHULQIRUPDWLRQ
,QIRUPDWLRQRQ'LVSRVDOLQRWKHU&RXQWULHVRXWVLGH
WKH(XURSHDQ8QLRQ
7KLVV\PEROLVRQO\YDOLGLQWKH(XURSHDQ8QLRQ
,I\RXZLVKWRGLVFDUGWKLVSURGXFWSOHDVHFRQWDFW\RXUORFDO
DXWKRULWLHVRUGHDOHUDQGDVNIRUWKHFRUUHFWPHWKRGRIGLVSRVDO
%HIRUHGLVSRVLQJRI\RXUROGDSSOLDQFH
3OHDVHIROORZHLWKHUWKHGLVSRVDOLQVWUXFWLRQVIURPWKHPDQXIDFWXUHURIWKHROGDSSOLDQFHRUORFDOGLVSRVDO
UHJXODWLRQVIRUWKHDSSOLDQFH:KHUHWKLVLVQRWDYDLODEOHSOHDVHIROORZWKHWKUHHVWHSLQVWUXFWLRQVEHORZ
 5HPRYHWKHPDLQVSOXJIURPWKHVRFNHW
 &XWWKHPDLQVOHDGRIIDQGVDIHO\GLVSRVHRILWZLWKWKHPDLQVSOXJVWLOODWWDFKHG
 8QWLOWKHROGDSSOLDQFHLVFROOHFWHGRU\RXWDNHLWWRD5HF\FOLQJ&HQWUHPDNHVXUHLW¶VRXWWKH
UHDFKRIVPDOOFKLOGUHQ
Ɣ5HPRYHDOOVHDOLQJPDWHULDOVIURPWKHGRRUDQGOHDYHDOOWKHVKHOYHVDQGGUDZHUVLQSODFH
7KLVZD\FKLOGUHQDUHOHVVOLNHO\WRFOLPELQDQGEHFRPHWUDSSHG
,QVWDOODWLRQ
7KLVVHFWLRQH[SODLQVKRZWRLQVWDOO\RXUDSSOLDQFHIRUWKHPRVWHQHUJ\HI¿FLHQWVDIHDQGTXLHWRSHUDWLRQ
'LPHQVLRQV
:['[+PP
8QSDFNLQJ\RXUDSSOLDQFH
5HPRYHDOOSDFNDJLQJDQGWDSH
&KRRVLQJWKHULJKWORFDWLRQ
9HQWLODWLRQ
$VWKHDSSOLDQFHJLYHVRIIKHDWGXULQJRSHUDWLRQLWVKRXOGEHLQVWDOOHG
LQDZHOOYHQWLODWHGGU\URRPZLWKSOHQW\RIVSDFHDERYHDQGEHKLQGLW
DVVKRZQLQ)LJXUH
,I\RXFDQKHDULWYLEUDWLQJLWQHHGVPRUHVSDFH
7HPSHUDWXUH
7KHURRPWHPSHUDWXUHDIIHFWVWKHUHIULJHUDWRU¶VHQHUJ\HI¿FLHQF\LH
KRZPXFKHOHFWULFLW\LWXVHVWRFKLOODQGIUHH]HIRRGV
)RUWKHEHVWUHVXOWVLQVWDOO\RXUUHIULJHUDWRU
Ɣ DZD\IURPGLUHFWVXQOLJKW
Ɣ DZD\IURPUDGLDWRUVFRRNHUVRURWKHUKHDWVRXUFHV
Ɣ ZKHUHWKHURRPWHPSHUDWXUHFRUUHVSRQGVWRWKHFOLPDWHFODVVL¿FDWLRQ
IRU
ZKLFK WKH DSSOLDQFH LV GHVLJQHG 5HIHU WR WKH 6SHFL¿FDWLRQV
6HFWLRQIRU\RXUDSSOLDQFH¶VFOLPDWHFODVVL¿FDWLRQ
Ɣ ([WUHPHWHPSHUDWXUHVRUHQYLURQPHQWDOFRQGLWLRQVPD\KDYH
QHJDWLYHLPSDFWRQLWVSHUIRUPDQFH
6WRUHGIRRGPD\VSRLO
/HYHO
$IWHUFDUHIXOO\SRVLWLRQLQJWKHDSSOLDQFHVRDVQRWWRGDPDJHÀRRU
VXUIDFHVLQVWDOORQDOHYHOÀRRUWKDW¶VVWURQJHQRXJKWRVXSSRUWDIXOO\
ORDGHGUHIULJHUDWRU
<RXFDQDGMXVWWKHOHYHORIWKHUHIULJHUDWRUE\VFUHZLQJRUXQVFUHZLQJ
WKHWZRDGMXVWDEOHIURQWOHJVDVVKRZQLQ)LJXUH
7KLVSUHYHQWVYLEUDWLRQDQGQRLVH
,IWKHDSSOLDQFHLVWRVWDQGRQDFDUSHWHGRUYLQ\OÀRRUSXWDVROLGERDUG
XQGHUQHDWKLW¿UVW7KLVZLOOSURWHFW\RXUÀRRUDJDLQVWSRVVLEOHFRORXU
FKDQJHGXHWRKHDWJLYHQRIIE\WKHDSSOLDQFH
5HIULJHUDWRUGRRU
7KHUHIULJHUDWRU¶VGRRUKLQJHVFDQEHVZDSSHGRYHUIURPWKHULJKW
VLGHWRWKHOHIWVRWKDWWKHGRRUVRSHQLQWKHRSSRVLWHGLUHFWLRQ,IWKLVLV
PRUHFRQYHQLHQWLQ\RXUKRPHSOHDVHFRQWDFWRXUVHUYLFHFHQWUHOLVWHG
RQWKHDWWDFKHGVKHHWRUDFFHVVWRRXU:HEVLWH
KWWSZZZSDQDVRQLFFRP
:HFRXOGQRWEHKHOGUHVSRQVLEOHLI\RXUHSODFHWKHKLQJHVE\\RXUVHOI
)LJXUH
)LJXUH
PPRUPRUH
PP
RUPRUH
PP
RUPRUH
(QJOLVK
,QVWDOOLQJWKHGLVWDQFHJXLGHV
7KHDSSOLDQFHLVVXSSOLHGZLWKWZRGLVWDQFHJXLGHVZKLFKVKRXOGEH
LQVWDOOHGRQWKHORZHUSDUWRIWKHKRXVLQJWRSUHYHQWIURPSXVKLQJWKH
DSSOLDQFHWRRFORVHWRWKHZDOO$SSOLDQFHPD\DOVREHLQVWDOOHGZLWKRXW
WKHVSDFHUVKRZHYHUWKLVPD\LQFUHDVHSRZHUFRQVXPSWLRQ
&OHDQLQJ
$IWHULQVWDOODWLRQZLSHWKHDSSOLDQFHFOHDQZLWKZDUPZDWHU
&RQQHFWLQJWKHPDLQVSOXJWRWKHKRXVHKROGPDLQVVRFNHW
$IWHUWKHDSSOLDQFHLVSOXJJHGDOOV\PEROVZLOODSSHDUIRUDPRPHQWDQGWKHQWKHVWDUWXSYDOXHVZLOODSSHDUDV&RQ
IUHH]HUVHWWLQJLQGLFDWRUDQG&RQIULGJHVHWWLQJLQGLFDWRU
$OOEXWWRQVRQWKHFRQWUROSDQHODUHWRXFKRSHUDWHG2QO\SUHVVWRDFWLYDWHWKHEXWWRQ\RXZDQWWRRSHUDWH
1RWHV
 &RROLQJPD\WDNHORQJHULQWKHVXPPHUPRQWKVRUDWRWKHUWLPHVZKHQWKHURRPWHPSHUDWXUHLVKLJKHU
 ,I\RXQHHGWRXQSOXJWKHUHIULJHUDWRUZDLWDWOHDVWPLQXWHVEHIRUH\RXSOXJLWEDFNLQDJDLQ,IQRW\RXPLJKWGDPDJH
WKHFRPSUHVVRU
$PELHQWURRPWHPSHUDWXUH
<RX¶OO¿QG\RXUUHIULJHUDWRU¶VFOLPDWHFODVVL¿FDWLRQRQWKHUDWLQJSODWHLQWKHOHIWVLGHRIWKHIULGJHFRPSDUWPHQW,WVKRZV
WKHURRPWHPSHUDWXUHWKHDSSOLDQFHLVGHVLJQHGWRZRUNLQ
&OLPDWHFODVVLÀFDWLRQ 3HUPLWWHGDPELHQWWHPSHUDWXUH
61 ([WHQGHG7HPSHUDWH &WR&
1 7HPSHUDWH &WR&
67 6XEWURSLFDO &WR&
7 7URSLFDO &WR&
)RUVDYLQJHQHUJ\
 ,QVWDOOWKHUHIULJHUDWRULQDGU\FRRODQGZHOOYHQWLODWHGURRP3OHDVHUHIHUWR3DJHIRUGLPHQVLRQVDQGFOHDUDQFH
 7KHFRPELQDWLRQRIGUDZHUVDQGVKHOYHVWKDWUHVXOWLQWKHODUJHVWLQYROXPHDQGWKHPRVWHI¿FLHQWXVHRIHQHUJ\IRUWKH
UHIULJHUDWRU
 5HPRYHWKHIUHH]HUGUDZHUV
 $WWDFKWKHGUDZHUVDQGVKHOYHVLQWKHUHIULJHUDWRUWRWKHSRVLWLRQVLOOXVWUDWHGRQWKHVHFWLRQRI³3DUWV´3
 'RQRWRYHU¿OOWKHUHIULJHUDWRUWRDOORZWKHDLUWRFLUFXODWH
 2SHQWKHGRRUVRQO\ZKHQQHFHVVDU\DQGDVEULHÀ\DVSRVVLEOH
 2FFDVLRQDOO\FOHDQWKHYHQWLODWLRQRSHQLQJVDWWKHERWWRPRIWKHUHIULJHUDWRUZLWKDYDFXXPFOHDQHUHWF
7DNHFDUHQRWWRGDPDJHWKHUHIULJHUDQWSLSHLQVLGHWKHFRYHU
 :KHQVHWWLQJWR6XSHU)UHH]H0RGH)ODVK)UHH]H0RGHRU6XSHU&RRO0RGHSRZHUFRQVXPSWLRQZLOOEHLQFUHDVHG
3DUWV
)ULGJHFRPSDUWPHQW
7KHWHPSHUDWXUHFDQEHVHWLQDUDQJHIURP
&WR&
&RRNHGIRRG
GULQNVHJJV
FDNHVGDLU\
SURGXFWV
)UHH]HUFRPSDUWPHQW
7KHIUHH]HUFDQQRWEHVHSDUDWHO\VHWWRD
GHVLUHGWHPSHUDWXUH
)ULGJHWHPSHUDWXUHVHWWLQJVZLOOLPSDFW
WKHWHPSHUDWXUHRIWKHIUHH]HU)UHH]HU
WHPSHUDWXUHZLOOIDOOLIWKHIULGJHWHPSHUDWXUH
LVVHWWREHORZWKHUHFRPPHQGHGOHYHODQG
ULVHLIVHWDERYHWKHUHFRPPHQGHGOHYHO
)UR]HQPHDW
SRXOWU\
¿VK
LFHFUHDP
 7KHHJJWUD\
+
FDQDOVREHXVHGDVDQLFHWUD\
7KHKHLJKWRIVKHOYHV
,
FDQEHDGMXVWHGWR\RXU
SUHIHUHQFHVZLWKRXWKDYLQJWRWDNHWKHPRXWRIWKH
DSSOLDQFH3XOOWKHWZROHYHUVRQHLWKHUVLGHRIWKHVKHOI
WRZDUGV\RXDQGPRYHWKHVKHOIGRZQ,I\RXZLVKWR
VHWWKHVKHOIKLJKHU\RXFDQGRVRZLWKRXWUHOHDVLQJ
WKHWZROHYHUV
&
'
1
1
+
(
-
,
)
*
.
/
0
2
&&RQWUROSDQHO +(JJWUD\ 0)UHH]HGUDZHU
'/('OLJKWLQJRIIULGJHLQWHULRU ,
´)OH[/LIWµKHLJKWDGMXVWDEOHGRRUVKHOI
1/HJV
(´6OLGH¶1·6WRUHµ*ODVVVKHOI -%RWWOHVKHOI 2%RWWOHVWRSSHU
)&KLOOHU&DVH .)UHH]HGUDZHU
*´)UHVK&DVHµFULVSHU /)UHH]HGUDZHU
1RWH
 <RXFDQFKDQJHWKHSRVLWLRQVZKHUHWKH*ODVVVKHOYHVDQG'RRUVKHOYHVDUHLQVWDOOHG3OHDVHXVHFDXWLRQ
KRZHYHUEHFDXVHVWRUHGIRRGDQGEHYHUDJHVFRXOGIDOORXWZKHQWKHGRRULVRSHQHGDQGFORVHGGHSHQGLQJ
RQWKHVKHOISRVLWLRQV
 :KHQRSHQLQJWKHGRRUSOHDVHWDNHFDUHWRDYRLGFROOLVLRQVZLWKSHRSOHRUREMHFWVLQWKHYLFLQLW\
(QJOLVK
&RQWUROSDQHO
1 3 5 7 9
NoFrost
)( &'
&
7HPSHUDWXUHDGMXVWPHQWDQG6XSHU&RRO0RGHNH\
'
$ODUPGLVSOD\
(
)ULGJHWHPSHUDWXUHGLVSOD\
)
6XSHU&RRO0RGHGLVSOD\
1RWHV
 7KLVUHIULJHUDWRUXVHVDPLFURSURFHVVRUWRFRQWUROWKHWHPSHUDWXUH7KHWHPSHUDWXUHLQVLGHWKHUHIULJHUDWRUYDULHV
GHSHQGLQJRQVXFKIDFWRUVDVFKDQJHVLQWKHURRPWHPSHUDWXUHKRZIUHTXHQWO\WKHGRRUVDUHRSHQHGDQGFORVHGDQG
KRZPXFKIRRGLVVWRUHGLQVLGHDQGKRZLWLVVWRUHG
 $ODUPLQGLFDWRUZLOOÀDVKDQGDODUPZLOOEHKHDUGDWWKHVDPHWLPH
 7KHDQWLVFUDWFKSURWHFWLYH¿OPLVSDVWHGRQWKHFRQWUROSDQHO
1 3 5 7 9
)( &'
 7RVHWWKHWHPSHUDWXUHLQWKHIULGJHFRPSDUWPHQWXVHWKH
&
NH\
 3UHVVWKH
&
NH\XQWLOWKHGHVLUHGWHPSHUDWXUHLVVHW
 5HFRPPHQGHGVHWWLQJLV&
 ,IWKHWHPSHUDWXUHLVVHWWR&IRUDQH[WHQGHGWLPHWKHIULGJHPD\EHFRPHWRRFROG
,QWKLVVLWXDWLRQSOHDVHUDLVHWKHWHPSHUDWXUHVHWWLQJ
 ,IWKHWHPSHUDWXUHRIWKHURRPZKHUHWKHDSSOLDQFHLVLQVWDOOHGLVEHORZ&WKHUHIULJHUDWRUDQGRUIUHH]HUPD\QRWFRROSURSHUO\
,QWKLVHYHQWZHUHFRPPHQGFKDQJLQJWKHWHPSHUDWXUHVHWWLQJWR&RUORZHU
1HYHUWKHOHVVWKHGHVLUHGWHPSHUDWXUHVIRUWKHUHIULJHUDWRUDQGRUIUHH]HUDUHQRWDWWDLQHGIROORZWKHVWHSVEHORZ
6HWWLQJWKHWHPSHUDWXUH
 7HPSHUDWXUHLQWKHIUHH]HUWRRKLJK
6HWWKHPDQXDOÀDSORFDWHGEHKLQGWKHIUXLWDQGYHJHWDEOHVELQE\PRYLQJLWWRSRVLWLRQ
1
2
3
1
2
3
 7HPSHUDWXUHLQWKHUHIULJHUDWRUWRRKLJK
6HWWKHPDQXDOÀDSORFDWHGEHKLQGWKHIUXLWDQGYHJHWDEOHVELQE\PRYLQJLWWRSRVLWLRQ

8VLQJWKHKDQG\IXQFWLRQV
6XSHU&RRO0RGH
7RDFWLYDWHWKH6XSHU&RRO0RGHSUHVVWKH
&
NH\XQWLOWKHV\PERO
)
OLJKWVXS
 8VHWKLVVHWWLQJDIWHUVZLWFKLQJRQWKHDSSOLDQFHIRUWKH¿UVWWLPHEHIRUHFOHDQLQJRUKRXUVEHIRUHLQVHUWLQJDODUJH
DPRXQWRIIRRGLQWRWKHIULGJHDQGRUIUHH]HUFRPSDUWPHQW
,IWKHPRGHLVQRWGHDFWLYDWHGPDQXDOO\LWZLOOEHGHDFWLYDWHGDXWRPDWLFDOO\DIWHUDSSUR[LPDWHO\WZRGD\V)ULGJH
FRPSDUWPHQWWHPSHUDWXUHZLOOUHWXUQWRWKHPRVWUHFHQWVHWWLQJ
1RWH
 'XULQJWKLVPRGH
%\SUHVVLQJWKH
&
NH\6XSHU&RRO0RGHZLOOEHFDQFHOOHG
$OWKRXJKWKHIULGJHWHPSHUDWXUHFDQDOVREHDGMXVWHG6XSHU&RRO0RGHZLOOEHFDQFHOOHG
 7KLV6XSHU&RRO0RGHDOVRFRROVWKHIUHH]HUZKHQDFWLYDWHG
$ODUP0RGH
+LJK7HPSHUDWXUH$ODUP
:KHQWKHDSSOLDQFHLVVZLWFKHGRQIRUWKH¿UVWWLPHRUZKHQWKHWHPSHUDWXUHLQWKHUHIULJHUDWRUFRPSDUWPHQWLVWRR
KLJK$ERYH&DFRXVWLFDODUPZLOOEHDFWLYDWHGLQWHUPLWWHQWEHHSDQGWKHV\PERO
'
ZLOOÀDVK
8VHWKH
&
NH\WRGHDFWLYDWHWKHDFRXVWLFDODUPLIWKHDODUPLVQRWGHDFWLYDWHGLWZLOOEHVRXQGHGIRUWKH¿UVW¿YH
PLQXWHVRIHYHU\KRXU
2SHQ'RRU$ODUP
,IWKHUHIULJHUDWRURUIUHH]HUFRPSDUWPHQWGRRULVRSHQIRUPRUHWKDQWZRPLQXWHVDQDFRXVWLFDODUPFRQWLQXRXV
EHHSZLOOEHDFWLYDWHG
7RDFNQRZOHGJHDQGWXUQRIIWKHDFRXVWLFDODUPSUHVVWKH
&
NH\RUFURVVWKHGRRU
(QJOLVK

+XPLGLW\FRQWURORI´)UHVK&DVHµ&ULVSHU
:DWHU
(JJWUD\FDQPDNHLFHFXEHV
7RPDNHLFHFXEHV¿OOWKHHJJWUD\ZLWKZDWHUDQGSODFHLWLQWKHIUHH]HGUDZHURIWKHIUHH]HU
:KHQLFHFXEHVDUHUHDG\WDNHRXWLWIURPWKHIUHH]HUGUDZHU
3XVKHDFKFDYLW\RIWKHHJJWUD\IURPWKHEDFNVLGH
7KHLFHFXEHVZLOOSRSRXWIURPWKHHJJWUD\
5HPRYLQJDQGDWWDFKLQJVKHOYHV
)ULGJH
*ODVVVKHOYHV
7RUHPRYHDVKHOIIURP
WKHUHIULJHUDWRUSXOOLW
RXWWRWKHSRLQWZKHQLW
LVVWRSSHGE\WKHJXLGH
7KHQOLIWLWVOLJKWO\DWWKH
IURQWSDUWDQGSXOOLWDOO
WKHZD\RXW
&KLOOHU&DVHDQG
´)UHVK&DVHµ
&ULVSHU
3XOORXWWKHFDVHDVIDU
DVLWZLOOJR7KHQOLIW
WKHIURQWSDUWDQGSXOOLW
RXWFRPSOHWHO\
'RRUVKHOYHV
7RUHPRYHDVKHOI
PRYHWKHVKHOIWRWKH
KLJKHVWSRVLWLRQSXVK
WKHOHIWDQGULJKWOHYHUV
XSDQGWKHQSXOOWKH
VKHOIRXW
%RWWOHVKHOI
7RUHPRYHDVKHOIIURP
WKHDSSOLDQFHOLIWLWDV
IDUDVLWZLOOJRDQGSXOO
LWRXW
)UHH]HU
7KHGUDZHUVDUHSURWHFWHGDJDLQVWSXOOLQJRXW7RUHPRYHDGUDZHUIURPWKHDSSOLDQFH
RSHQLWWKHQOLIWWKHIURQWSDUWDQGSXOOLWRXW
+DYLQJUHPRYHGWKHGUDZHU\RXFDQVWRUHIRRGLQWKHHPSW\FRPSDUWPHQW
0DNLQJLFHFXEHV
 7KHELQDWWKHERWWRPRIWKHUHIULJHUDWRULVLQWHQGHGIRUVWRULQJIUXLW
DQGYHJHWDEOHV,WNHHSVKXPLGLW\DQGSUHYHQWVWKHIRRGIURPGU\LQJ
RXW
 6WRUHWKHIRRGLQVXLWDEOHSDFNDJLQJWRSUHYHQWWKHPIURPHPLWWLQJRU
WDNLQJRQRGRUV
7KHELQKDVLQWHJUDWHGKXPLGLW\UHJXODWRUZKLFKDOORZVVHWWLQJWKH
KXPLGLW\DFFRUGLQJWRWKHDPRXQWRIIRRGVWRUHG
6PDOOHUDPRXQWVRIIRRGSXVKWKHFRQWUROVOLGHUWRWKHULJKW
/DUJHUDPRXQWVRIIRRGSXVKWKHFRQWUROVOLGHUWRWKHOHIW

&DUHDQG&OHDQLQJLQVWUXFWLRQV
'DLO\FOHDQLQJ
:LSHUHJXODUO\ZLWKDGU\FORWK
3ODFHVWRSD\SDUWLFXODUDWWHQWLRQWR
3DUWV\RXFDQZDVKZLWKZDWHU
)ULGJH )UHH]HU
Ɣ *ODVVVKHOYHV
Ɣ 'RRUVKHOYHV
Ɣ %RWWOHVKHOI
Ɣ (JJWUD\
Ɣ &KLOOHU&DVH
Ɣ ³)UHVK&DVH´FULVSHU
Ɣ %RWWOHVWRSSHU
1RWH
 'RQRWXVHDEUDVLYHFOHDQHUVVXFKDV%LFDUERQDWHRI
6RGDDVWKH\FDQGDPDJHWKHSODVWLF
Ɣ )UHH]HUGUDZHUV
'RRURSHQLQJVHDO
,IWKHVHDOJHWVGLUW\DQGGDPDJHGFROGDLULVPRUHOLNHO\
WROHDN
%RWWOHVKHOI
:LSHDZD\DQ\GLUWDQGOLTXLGEHIRUHLWEXLOGVXS
(DFK\HDUXQSOXJ\RXUUHIULJHUDWRUUHPRYHWKHVKHOYHVDQGJLYHWKHPD
WKRURXJKFOHDQ
&OHDQLQJWKHFRQWUROSDQHO
7KHUHIULJHUDWRU¶VFRQWUROSDQHOLVPDGHRIGHOLFDWHPDWHULDOV7RSURWHFWLWVVXUIDFHVGRQRWFOHDQLWZLWKVROYHQWEDVHG
FKHPLFDOV6LPSO\ZLSHLWZLWKDGU\RUVOLJKWO\GDPSFORWK
&OHDQLQJWKHRXWVLGHRIWKHUHIULJHUDWRU
8VHDZDUPGDPSVRIWFORWKWRFOHDQWKHRXWVLGHRI\RXUUHIULJHUDWRU)RUPRUHVWXEERUQPDUNVXVHDPLOGNLWFKHQ
GHWHUJHQWDQGZLSHDZD\ZLWKDVRIWGDPSFORWK5HPRYHDQ\UHPDLQLQJVXUIDFHZDWHUZLWKDGU\FORWK
1RWHVIRUFOHDQLQJ
:KHQFOHDQLQJLQVLGHRURXWVLGH\RXUUHIULJHUDWRUGRQRWXVH
Ɣ DONDOLQHGHWHUJHQWVWKH\FDQFUDFNSODVWLFSDUWV
Ɣ JULQGLQJGXVWVRDSSRZGHURLOEDVHGFOHDQHUVKRWZDWHUEUXVKHVDFLGVEHQ]HQHVVROYHQWVRUDOFRKROEDVHG
VROXWLRQVDOOFDQGDPDJHWKHUHIULJHUDWRU¶VVXUIDFHVDQGSODVWLFSDUWV
0DNHVXUH\RXZLSHRIIDQ\VWDLQVIURPHGLEOHRLOVZKLFKFDQDOVRGDPDJHSODVWLFSDUWV
(QJOLVK

0DLQWHQDQFHFKHFN
Ɣ,VWKHPDLQVOHDGGDPDJHG"
Ɣ'RHVWKHPDLQVSOXJJHWKRW"
Ɣ,VWKHPDLQVSOXJ¿UPO\LQWKHPDLQVVRFNHW"
,IWKHPDLQVOHDGLVGDPDJHGSOHDVHFRQVXOWDQDXWKRUL]HGVHUYLFHFHQWUH'2127DWWHPSWWRUHSODFHWKHVHLWHPV
\RXUVHOI
([WHQGHGGLVXVH
,I\RX¶UHQRWJRLQJWRXVHWKHUHIULJHUDWRUIRUDORQJWLPHXQSOXJLWDQGFOHDQWKHPDLQVSOXJDVGHVFULEHGDERYH7KHQ
OHDYHWKHGRRUVRSHQIRUGD\V7KLVOHWVWKHLQWHULRUGU\RXWSURSHUO\DQGSUHYHQWVRGRXUDQGWKHEXLOGXSRIPRXOG
'RQRWVZLWFKWKHUHIULJHUDWRURQDQGRIIUHSHDWHGO\,WZLOOODVWORQJHULI\RXOHDYHLWVZLWFKHGRQGXULQJQRUPDOXVH
%HIRUHPRYLQJRUWUDQVSRUWLQJ\RXUUHIULJHUDWRU
5HPRYHDOOLWHPV
8QSOXJLW
5DLVHWKHDGMXVWDEOHOHJ
3XOORUµZDON¶WKHUHIULJHUDWRUWRZDUGV\RX
8VHDFORWKIRUH[DPSOHWRDEVRUEWKHZDWHULQWKHHYDSRUDWLRQSDQ
/RZHUEDFNRIWKHUHIULJHUDWRU
0RYLQJDQGWUDQVSRUWLQJ\RXUUHIULJHUDWRU
$WOHDVWWZRSHRSOHDUHQHHGHGWRFDUU\WKHUHIULJHUDWRUVDIHO\
7LJKWHQWKHDGMXVWDEOHOHJV
+ROGWKHDGMXVWDEOHOHJVDWRQHHQGDQGFRUQHUVDWWKH
RWKHUDVVKRZQ
1RWH
 'RQRWFDUU\WKHUHIULJHUDWRUE\KROGLQJLWVGRRUV
$OZD\VWUDQVSRUWWKHUHIULJHUDWRULQLWVQRUPDOXSULJKWSRVLWLRQ
6HFXUHWKHGRRUVZLWK
DGKHVLYHWDSH

)$4V
,I\RXIHHOWKDWWKHUHIULJHUDWRULVQRWZRUNLQJSURSHUO\FKHFNRXWWKHIROORZLQJSRLQWV¿UVW
,IWKHWURXEOHSHUVLVWVGLVFRQQHFWWKHPDLQVSOXJDQGFRQWDFW\RXUGHDOHURUDQDXWKRUL]HGVHUYLFHFHQWUH
*HQHUDO
<RXKHDUXQXVXDOVRXQGVIURPWKH
UHIULJHUDWRU
 +DVWKHUHIULJHUDWRUEHHQLQVWDOOHGRQDVWXUG\DQGOHYHOÀRRU"
 +DYHVXI¿FLHQWFOHDUDQFHVEHHQSURYLGHGDURXQGWKHUHIULJHUDWRU"
 ,VDQ\WKLQJYLEUDWLQJRQWKHWRSRIWKHUHIULJHUDWRU"
 ,W¶VQRUPDOWRKHDUVRPHQRLVHVZKHQWKHUHIULJHUDWRUVWDUWVRUVWRSVRSHUDWLRQ
<RXKHDUDVRXQGDIWHUWKH
FRPSUHVVRUKDVVKXWGRZQ
 7KLVLVQRUPDODQGLVRIWHQFDXVHGE\UHIULJHUDQWÀRZLQJEDFNWRWKH
FRPSUHVVRU
<RXKHDUDVRXQGDIWHU\RXKDYH
RSHQHGRUFORVHGWKHGRRU
 7KLVLVQRUPDODQGLVGXHWRWKHGLIIHUHQFHLQDLUSUHVVXUHEHWZHHQWKHLQVLGH
DQGRXWVLGHRIWKHUHIULJHUDWRU
<RXKHDUWKHVRXQGRIDLURUZDWHU
ÁRZLQJDIWHU\RXKDYHRSHQHG
WKHGRRU
 7KLVLVFDXVHGE\UHIULJHUDQWÀRZLQJWKHLQWHUQDOSLSHZRUN
<RXKHDUDFRQWLQXRXVZKLQLQJ
VRXQG
 7KLVVRXQGLVKHDUGZKLOHWKHIDQIRUFLUFXODWLQJWKHFROGDLULVRSHUDWLQJ
 +DVWKHIRRGEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRPWHPSHUDWXUHKLJK"
,QFDVHVOLNHWKHVHWKHIDQIRUFLUFXODWLQJWKHFROGDLUUXQVDWKLJKVSHHGVRLW
PDNHVDORXGQRLVH
7KHFRPSUHVVRULVTXLWHORXG  +DVWKHIRRGEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRPWHPSHUDWXUHKLJK"
,QFDVHVOLNHWKHVHWKHFRPSUHVVRUUXQVKDUGVRLW¶VQRUPDOIRUWKHFRPSUHVVRU
WREHORXGHU
7KHFRPSUHVVRUKDVEHHQUXQQLQJ
IRUDORQJWLPH
 :KHQWKHPDLQVSOXJKDVEHHQFRQQHFWHGIRUWKH¿UVWWLPHWKHFRPSUHVVRU
UXQVORQJHUWKDQXVXDOLQRUGHUWRFRROGRZQWKHLQVLGHRIWKHUHIULJHUDWRUXQWLO
WKHVHWWHPSHUDWXUHVDUHUHDFKHG
 +DV6XSHU)UHH]H0RGHRU6XSHU&RRO0RGHEHHQVHW"
 +DYHWKHGRRUVEHHQRSHQHGDQGFORVHGIUHTXHQWO\"$UHWKHGRRUVFRPSOHWHO\
VKXW"
 +DYHWKHIRRGLWHPVEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRP
WHPSHUDWXUHKLJK"
 :KHQPDQ\IRRGLWHPVDUHSODFHGLQWKHUHIULJHUDWRUDWRQHWLPHWKH
FRPSUHVVRUZLOOQHHGWRUXQIRUDORQJHUSHULRG
&RQGHQVDWLRQIRUPVRQWKH
RXWVLGHRIWKHUHIULJHUDWRU
 &RQGHQVDWLRQPD\IRUPZKHQWKHKXPLGLW\LQWKHURRPLVKLJKDQGLVQRUPDO
:LSHLWRIIXVLQJDGU\FORWK
7KHRXWVLGHRIWKHUHIULJHUDWRU
IHHOVKRWWRWKHWRXFK
 $IWHUWKHSRZHURIWKHUHIULJHUDWRULVWXUQHGRQWKHUHIULJHUDWRUPD\EHFRPH
ZDUPXQWLOWKHLQWHULRURIWKHFRPSDUWPHQWLVVXI¿FLHQWO\FRROHGGRZQ7KH
UHIULJHUDWRUPD\EHFRPHZDUPHYHQDIWHUWKHFRPSDUWPHQWVKDYHEHHQFRROHG
GRZQ7KLVLVGXHWRWKHRSHUDWLRQRIWKHKHDWUDGLDWLRQSLSHHTXLSSHGRQWKH
UHIULJHUDWRUIRUWKHSXUSRVHRISUHYHQWLQJFRQGHQVDWLRQDQGLVQRWPDOIXQFWLRQ
7KHFRQWUROVRQWKHFRQWUROSDQHO
FDQQRWEHRSHUDWHG
 ,VWKHSRZHUWRWKHUHIULJHUDWRURQ"
7KHDODUPVRXQGV  7KHIULGJHGRRUKDVEHHQOHIWDMDU&ORVHWKHGRRUV
(QJOLVK

)ULGJHDQGIUHH]HU
7KHIULGJHLVQRWFKLOOLQJDQGWKH
IUHH]HULVQRWIUHH]LQJ
 ,VWKHSRZHUWRWKHUHIULJHUDWRURQ"
7KHIULGJHLVQRWFKLOOLQJDQG
WKHIUHH]HULVQRWIUHH]LQJ
VDWLVIDFWRULO\
 ,VWKHVHWWHPSHUDWXUHWRRKLJK"
 ,VWKHUHIULJHUDWRUH[SRVHGWRGLUHFWVXQOLJKWRUSRVLWLRQHGQHDUDKHDWLQJ
DSSOLDQFH"
 +DYHVXI¿FLHQWFOHDUDQFHVEHHQSURYLGHGDURXQGWKHUHIULJHUDWRU"
 +DYHWKHIRRGLWHPVEHHQSDFNHGWRRWLJKWO\WRJHWKHURULVWKHURRP
WHPSHUDWXUHKLJK"
 +DYHWKHGRRUVEHHQRSHQHGDQGFORVHGIUHTXHQWO\"
$UHWKHGRRUVFRPSOHWHO\VKXW"
 +DV+ROLGD\0RGHEHHQVHW"
 :KHQZDUPIRRGLVSXWLQVLGHWKHUHIULJHUDWRUWKHWHPSHUDWXUHZLOOULVH
WHPSRUDULO\
 'XULQJWKHFROGVHDVRQRUZKHQWKHURRPWHPSHUDWXUHLVORZLWPD\IHHODVLI
WKHUHIULJHUDWRULVQRWFKLOOLQJ
7KHUHLVDGLIIHUHQFHEHWZHHQ
WKHVHWWHPSHUDWXUHDQGDFWXDO
WHPSHUDWXUH
 :KHQZDUPIRRGLVSXWLQVLGHWKHUHIULJHUDWRUWKHWHPSHUDWXUHZLOOULVH
WHPSRUDULO\
)RRGLQWKHIULGJHIUHH]HV  ,VWKHVHWWHPSHUDWXUHIRUWKHIULGJHWRRORZ"
 +DVWKHIRRGEHHQSODFHGDWWKHEDFNRIWKHIULGJH"
7KHDUHDQHDUWKHEDFNZDOOLVZKHUHWKHWHPSHUDWXUHVDUHFROGHVWVRDYRLG
SODFLQJIRRGZKLFKPD\IUHH]HHDVLO\KHUH
&RQGHQVDWLRQIRUPVLQWKHIULGJH
DQGGUDZHUV
 &RQGHQVDWLRQPD\IRUPZKHQWKHGRRUKDVEHHQRSHQHGDQGFORVHGIUHTXHQWO\
RUZKHQLWKDVQRWEHHQVKXWFRPSOHWHO\RUZKHQWKHURRPKXPLGLW\LVKLJK
:LSHRIIWKHFRQGHQVDWLRQXVLQJDGU\FORWK
,WLVKDUGWRRSHQWKHIUHH]HUGRRU  7KHGRRULVVRPHWLPHVGLI¿FXOWWRRSHQMXVWDIWHULWKDVEHHQFORVHG
 7KHGLIIHUHQFHLQDLUSUHVVXUHEHWZHHQWKHLQVLGHDQGRXWVLGHRIWKHIUHH]HU
PD\VRPHWLPHVPDNHLWKDUGWRRSHQWKHIUHH]HUGRRU:DLWDIHZPRPHQWV
DQGWKHQWU\RSHQLQJWKHGRRU
,WVPHOOVLQVLGHWKHUHIULJHUDWRU  :HUHDQ\IRRGLWHPVZLWKVWURQJRGRXUVVHDOHGEHIRUHWKH\ZHUHSODFHGLQWKH
IULGJH"
3ODFHWKHLWHPVLQVLGHDVHDOHGFRQWDLQHUDQGVWRUHWKHP
 2GRXUVPD\VWLFNWRWKHVXUIDFHVLQVLGHWKHUHIULJHUDWRU:LSHWKHVXUIDFHV
XVLQJDVRIWFORWKZKLFKKDVEHHQGLSSHGLQOXNHZDUPZDWHU
7KLVV\PEROLVXVHGWRUHIHUXVHUVWRWKHLQVWUXFWLRQVRUOHDÀHWVIRUUHOHYDQWLQIRUPDWLRQ
7KLVUHIULJHUDWRULQFRUSRUDWHVDÀOWHUZKLFKLVFRQVLGHUHGDELRFLGDOSURGXFW
7KH¿OWHULWVHOILQFRUSRUDWHVDVXEVWDQFHFRQWDLQLQJVLOYHULRQVZKLFKGHDFWLYDWHVEDFWHULDLQWKHDLULQVLGHWKH
UHIULJHUDWRUDQGLQKLELWVEDFWHULDOJURZWK
$FWLYHVXEVWDQFH6LOYHUVRGLXPK\GURJHQ]LUFRQLXPSKRVSKDWH

6SHFLÀFDWLRQV
3URGXFWÀFKH(85HJXODWLRQ
6833/,(561$0( 3DQDVRQLF
02'(/
15%1&;(
15%1&:(
15%1&;%
15%1&:%
&$7(*25< 5HIULJHUDWRU)UHH]HU
(1(5*<()),&,(1&<&/$66 $
$118$/(1(5*<&2168037,21 N:K\HDU

1(7)5,'*(92/80( /
1(7)5((=(592/80( /
67$55$7,1*2)7+()5((=(5 )RXUVWDU
)5267)5((&203$570(176 )ULGJH1RIURVW)UHH]HU1RIURVW
7(03(5$785(5,6(7,0( KRXUV
)5((=,1*&$3$&,7< NJK
&/,0$7(&/$66 17

$,5%251($&2867,&$/12,6((0,66,216 G%
2WKHU,QIRUPDWLRQ
727$/*526692/80( /
727$/1(792/80( /
2876,'(',0(16,216
:,'7+î'(37+î+(,*+7
PP[PP[PP
1(7:(,*+7 69,5NJ
5$7('92/7$*( 99 99
5$7(')5(48(1&< +]
5()5,*(5$17&+$5*(
5D60J
%/2:,1*$*(17 &\FOR3HQWDQH
1RWHV

 7KHHQHUJ\FRQVXPSWLRQSHU\HDULVEDVHGRQWKHVWDQGDUGWHVWUHVXOWVIRUKRXUVLQDFFRUGDQFHZLWK(1
$FWXDOHQHUJ\FRQVXPSWLRQYDU\GHSHQGLQJRQKRZWKHDSSOLDQFHLVXVHGDQGZKHUHLWLVORFDWHG
7KHHQHUJ\FRQVXPSWLRQZKHQLQXVHPD\YDU\GHSHQGLQJRQZKHUHWKHXQLWLVLQVWDOOHGWKHWHPSHUDWXUHVHWWLQJRI
HDFKRIWKHFRPSDUWPHQWVWKHDPELHQWWHPSHUDWXUHDQGKXPLGLW\KRZRIWHQWKHGRRUVDUHRSHQHGFORVHGWKHYROXPH
DQGWHPSHUDWXUHRIWKHIRRGVWXIIVDQGKRZWKHDSSOLDQFHLVXVHG

 3HUPLWWHGDPELHQWWHPSHUDWXUH&WR&
:KHQWKHGRRUVDUHFRPSOHWHO\RSHQ
PP
PP
PP
PP
PP
PP


6LFKHUKHLWVDQZHLVXQJHQ
,QKDOWVYHU]HLFKQLV
6LFKHUKHLWVDQZHLVXQJHQ
+LQZHLVH]XU(QWVRUJXQJ
0RQWDJH
6FKHPDWLVFKH$QVLFKW
%HGLHQIHOG
(LQVWHOOHQGHU7HPSHUDWXU
9HUZHQGXQJGHU=XVDW]IXQNWLRQHQ
)HXFKWLJNHLWVNRQWUROOHGHV*HPVHIDFKV´)UHVK&DVHµ

3URGXNWLRQYRQ(LVZUIHOQ
(QWIHUQHQXQG$QEULQJHQYRQ$EODJHQ
3ÁHJHXQG5HLQLJXQJVKLQZHLVH
)UDJHQXQG$QWZRUWHQ
7HFKQLVFKH'DWHQ
%HGHXWXQJGHU6\PEROH
%LWWHQLFKWWXQ
=HLJWDQGDVVGDV*HUlW]XU9HUKWXQJYRQ
6WURPVFKOlJHQJHHUGHWZHUGHQPXVV
8QEHGLQJWWXQ 1LFKW]HUOHJHQ
:$5181*
:HLVWDXI*HIDKUYRQ7RGRGHUHUQVWKDIWHQ9HUOHW]XQJHQKLQ
'LHVHV*HUlWNDQQYRQ.LQGHUQDE-DKUHQVRZLHYRQ3HUVRQHQPLW
HLQJHVFKUlQNWHQN|USHUOLFKHQVHQVRULVFKHQRGHUJHLVWLJHQ)lKLJNHLWHQ
RGHU8QHUIDKUHQKHLWXQG8QNHQQWQLVGHV*HUlWVEHQXW]WZHUGHQZHQQ
VLHXQWHU$XIVLFKWRGHU$QOHLWXQJ]XU9HUZHQGXQJGHV*HUlWVDXIVLFKHUH
$UWVWHKHQXQGGLHGDPLWYHUEXQGHQHQ*HIDKUHQYHUVWHKHQ.LQGHU
GUIHQQLFKWPLWGHP*HUlWVSLHOHQ'LH5HLQLJXQJXQG%HQXW]HUZDUWXQJ
VROOWHQQLFKWYRQ.LQGHUQRKQH$XIVLFKWGXUFKJHIKUWZHUGHQ
.HLQHH[SORVLRQVIlKLJHQ6XEVWDQ]HQZLHHWZDPLWHQW]QGOLFKHP
7UHLEPLWWHOJHIOOWH6SUKGRVHQLQGLHVHP*HUlWDXIEHZDKUHQ
%UHQQEDUH6XEVWDQ]HQZLH%HQ]RO9HUGQQHU$ONRKRO(WKHUXQG
)OVVLJJDV/3*N|QQHQ([SORVLRQHQYHUXUVDFKHQ
9HUZHQGHQ6LHNHLQH0HKUIDFK6WHFNGRVHQDGDSWHUXQGVFKOLHHQ6LHQLFKWPHKUHUH*HUlWHDQGHQVHOEHQ
6WHFNGRVHQDGDSWHUDQ
 'LHVNDQQhEHUKLW]HQ%UDQGRGHU.XU]VFKOXVVYHUXUVDFKHQ
'DV1HW]NDEHOQLFKWHLQNOHPPHQYHUNQRWHQRGHUNQLFNHQXQGDXFKNHLQHVFKZHUHQ*HJHQVWlQGHGDUDXIVWHOOHQ
 'LHVHUK|KWGLH%UDQGRGHU6WURPVFKODJJHIDKU)DOOVGDV1HW]NDEHORGHUGHU1HW]VWHFNHUGHV*HUlWVEHVFKlGLJW
ZLUGPXVVGDV7HLOYRP+HUVWHOOHUGHP.XQGHQGLHQVWYHUWUHWHURGHUHLQHUlKQOLFKTXDOL¿]LHUWHQ3HUVRQ
DXVJHZHFKVHOWZHUGHQXP*HIDKUHQ]XYHUKWHQ
'HQ.KOVFKUDQNQLFKWGXUFK=LHKHQDP1HW]NDEHOYRP6WURPQHW]WUHQQHQ
 'LHVNDQQHLQH%HVFKlGLJXQJGHV1HW]NDEHOVYHUXUVDFKHQ6WHWVGHQ6WHFNHUIDVVHQXQGNUlIWLJYRQGHU6WHFNGRVHDE]LHKHQ
.HLQH:DVVHUEHKlOWHUDXIGHQ.KOVFKUDQNVWHOOHQ
 :DVVHUNDQQGLH,VROLHUXQJYRQ(OHNWURWHLOHQEHVFKlGLJHQXQGHLQHQ.XU]VFKOXVV%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ
.HLQHEUHQQEDUHQ*DVHLQGHU1lKHGHV.KOVFKUDQNVYHUVSUKHQ
 'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ
.HLQ:DVVHUDXIRGHULQGHQ.KOVFKUDQNVSUKHQ
 'LHVNDQQHLQHQ%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ
'HXWVFK

6LFKHUKHLWVDQZHLVXQJHQ)RUWVHW]XQJ
'HQ1HW]VWHFNHUQLFKWPLWQDVVHQ+lQGHQDQIDVVHQ
 'LHVNDQQHLQHQHOHNWULVFKHQ6FKODJYHUXUVDFKHQ
,QVWDOOLHUHQ6LHGHQ.KOVFKUDQNQLFKWDQHLQHPIHXFKWHQ2UWRGHUHLQHP2UWZRHUPLW:DVVHULQ%HUKUXQJNRPPHQNDQQ
 (LQHYHUVFKOHFKWHUWH,VROLHUXQJYRQ(OHNWURWHLOHQNDQQHLQHQ.XU]VFKOXVVHOHNWULVFKHQ6FKODJRGHU%UDQGYHUXUVDFKHQ
.HLQH$U]QHLPLWWHORGHUDQGHUHWHPSHUDWXUHPSÀQGOLFKH3URGXNWHLP.KOVFKUDQNDXIEHZDKUHQ
 6LHVROOWHQNHLQH3URGXNWHLP.KOVFKUDQNODJHUQGLHVWUHQJH7HPSHUDWXUNRQWUROOHHUIRUGHUQ
/DVVHQ6LH.LQGHUQLFKWDXIGLH.KOVFKUDQNWUNOHWWHUQGDPLWVFKZLQJHQRGHUVLFKGDUDQKlQJHQ
 'LHVNDQQHUQVWKDIWH9HUOHW]XQJHQYHUXUVDFKHQXQGGHQ.KOVFKUDQNEHVFKlGLJHQ
'HQ.KOVFKUDQNQLFKWLQ*HJHQZDUWYRQH[SORVLYHQ'lPSIHQRGHUEUHQQEDUHQ*DVHQEHWUHLEHQ
 'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ
.HLQ%HQ]LQRGHUDQGHUHEUHQQEDUH)OVVLJNHLWHQXQG'lPSIHLP.KOVFKUDQNODJHUQRGHULQGHU1lKHGHV*HUlWVEHQXW]HQ
 'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ
:$5181*
.HLQHPHFKDQLVFKHQ9RUULFKWXQJHQRGHUDQGHUH0LWWHO
DXHUGHQYRP+HUVWHOOHUHPSIRKOHQHQYHUZHQGHQXP
GHQ$EWDXYRUJDQJ]XEHVFKOHXQLJHQ
'LHVNDQQHLQH%HVFKlGLJXQJGHU,QQHQWHLOHGHV
.KOVFKUDQNVYHUXUVDFKHQRGHU]XHLQHU([SORVLRQIKUHQ
:$5181*
.HLQH(OHNWURJHUlWHDXHUGHQYRP+HUVWHOOHUHPSIRKOHQHQ
LQGHQ/HEHQVPLWWHOIlFKHUQGHV*HUlWVEHQXW]HQ
'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ
:$5181*
$FKWHQ6LHGDUDXIGDVVGHU.lOWHPLWWHONUHLVQLFKWEHVFKlGLJWZLUG
'LHVNDQQHLQH([SORVLRQRGHUHLQHQ%UDQGYHUXUVDFKHQ
:$5181*
gIIQHQ6LHQLFKWGLH$EGHFNXQJGHU/('/HXFKWHLP
,QQHUHQGHV.KOVFKUDQNV
(VEHVWHKW6WURPVFKODJJHIDKU:HQQGLH/('/HXFKWH
QLFKWNRUUHNWDUEHLWHWPXVVVLHYRP+HUVWHOOHUGHP
.XQGHQGLHQVWYHUWUHWHURGHUHLQHUlKQOLFKTXDOL¿]LHUWHQ
3HUVRQDXVJHZHFKVHOWZHUGHQXP*HIDKUHQ]XYHUKWHQ
9HUVXFKHQ6LHQLFKWGHQ.KOVFKUDQNVHOEVW]X]HUOHJHQ]XUHSDULHUHQRGHU]XPRGLÀ]LHUHQ
 6LHN|QQWHQVLFKVHOEVWRGHUDQGHUHPLW9HUEUHQQXQJHQRGHUHOHNWULVFKHQ6FKOlJHQYHUOHW]HQRGHUGHQ.KOVFKUDQN
EHVFKlGLJHQ)DOOV,KU*HUlWbQGHUXQJHQRGHU5HSDUDWXUHQEHQ|WLJWNRQVXOWLHUHQ6LHELWWHHLQDXWRULVLHUWHV.XQGHQ]HQWUXP
9HUJHZLVVHUQ6LHVLFKGDVVGHU.KOVFKUDQNDQHLQHJHHUGHWH1HW]VWHFNGRVHDQJHVFKORVVHQLVW1,&+7DQHLQH
QLFKWJHHUGHWH1HW]VWHFNGRVHDQVFKOLHHQ
 (LQ.XU]VFKOXVVNDQQHLQHQHOHNWULVFKHQ6FKODJYHUXUVDFKHQ
6LFKHUVWHOOHQGDVV1HW]NDEHOXQG1HW]VWHFNHUQLFKW
]HUTXHWVFKWRGHUEHVFKlGLJWZHUGHQ
(LQEHVFKlGLJWHU1HW]VWHFNHUE]ZHLQEHVFKlGLJWHV1HW]NDEHONDQQ
HLQHQ.XU]VFKOXVV%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ
)DOOVGDV1HW]NDEHOEHVFKlGLJWZLUGPXVVHVYRP+HUVWHOOHU
GHP.XQGHQGLHQVWYHUWUHWHURGHUHLQHUlKQOLFKTXDOL¿]LHUWHQ
3HUVRQDXVJHZHFKVHOWZHUGHQXP*HIDKUHQ]XYHUKWHQ
9HUVXFKHQVLHQLFKWGDV.DEHOVHOEVWDXV]XZHFKVHOQ

'LH6WHFNHUVWLIWHYRUGHP$QVFKOLHHQDQGLH6WURPYHUVRUJXQJYRQ6FKPXW]RGHU6WDXEVlXEHUQ
 6WDXEDEODJHUXQJHQDXIGHP6WHFNHUN|QQHQEHVRQGHUVEHLIHXFKWHQ%HGLQJXQJHQHLQHQ,VRODWLRQVDXVIDOO
YHUXUVDFKHQ'LHVNDQQ]XHLQHP.XU]VFKOXVV%UDQGRGHUHOHNWULVFKHQ6FKODJIKUHQ=LHKHQ6LHGDV1HW]NDEHODE
XQGZLVFKHQ6LHHVPLWHLQHPWURFNHQHQ7XFKDE9HUZHQGHQ6LHNHLQHVIDOOVHLQQDVVHVRGHUIHXFKWHV7XFK
'DV*HUlWVRDQGLH6WHFNGRVHDQVFKOLHHQGDVVHLQZDQGIUHLHU$QVFKOXVVJHZlKUOHLVWHWLVW
 (LQORFNHUHU1HW]VWHFNHUNDQQHLQHQ%UDQGRGHUHOHNWULVFKHQ6FKODJYHUXUVDFKHQ
'HQ.KOVFKUDQNLQJXWEHOIWHWHU8PJHEXQJLQVWDOOLHUHQ
 -HPHKU.lOWHPLWWHOLQHLQHP*HUlWYRUKDQGHQLVWGHVWRJU|HUVROOWHGHU$XIVWHOOXQJVUDXPVHLQ6ROOWH.lOWHPLWWHODXVODXIHQ
ZHQQVLFKGDV*HUlWLQHLQHPNOHLQHQ5DXPEH¿QGHWLVWGLH(QWVWHKXQJYRQEUHQQEDUHQ*DVHQZDKUVFKHLQOLFKHU'LHVNDQQ
HLQHQ%UDQGRGHUHLQH([SORVLRQYHUXUVDFKHQ$OV5LFKWOLQLHZLUGIUMHZHLOV
J.lOWHPLWWHOPLQGHVWHQVPñ5DXPEHQ|WLJW
'DV'DWHQVFKLOGLP,QQHUHQGHV*HUlWVJLEWDQZLHYLHO.lOWHPLWWHO,KU.KOVFKUDQNHQWKlOW
'DVLP.KOVFKUDQNYHUZHQGHWH.lOWHPLWWHO5DXQGGLHLP,VROLHUPDWHULDO&\FORSHQWDQHQWKDOWHQHQ*DVH
VLQGEUHQQEDU6LHHUIRUGHUQDXHUGHPVSH]LHOOH(QWVRUJXQJVYHUIDKUHQ
 9HUJHZLVVHUQ6LHVLFKYRUGHU(QWVRUJXQJGHV*HUlWVGDVVNHLQHVGHU5RKUHDXIGHU5FNVHLWHEHVFKlGLJWLVW
.lOWHPLWWHORGHU*DVOHFNVN|QQHQHLQHQ%UDQGRGHUHLQH([SORVLRQYHUXUVDFKHQ
9RUGHU5HLQLJXQJXQG:DUWXQJGHQ1HW]VWHFNHUGHV.KOVFKUDQNVDE]LHKHQ
 1LFKWEHDFKWXQJNDQQ]XHLQHPHOHNWULVFKHQ6FKODJIKUHQ
)DOOV6LHHLQHQ%UDQGJHUXFKIHVWVWHOOHQRGHU5DXFKDXVGHP.KOVFKUDQNNRPPHQVHKHQ]LHKHQ6LHVRIRUWGDV
1HW]NDEHODEXQGNRQVXOWLHUHQ6LHELWWHHLQDXWRULVLHUWHV.XQGHQ]HQWUXP
 1LFKWEHDFKWXQJNDQQ]X)HXHURGHUHLQHPHOHNWULVFKHQ6FKODJIKUHQ
:$5181*
+DOWHQ6LHGLH/IWXQJV|IIQXQJHQLP*HUlWHJHKlXVH
E]ZLQGHU(LQEDXVWUXNWXUIUHLYRQ+LQGHUQLVVHQ
1LFKWEHDFKWXQJNDQQ]X)HXHURGHU([SORVLRQIKUHQ
GDVLFKGDV.lOWHPLWWHOQLFKWYHUWHLOHQNDQQZHQQHV
DXVOlXIW
$&+781*
:HLVWDXIGLH*HIDKUYRQ9HUOHW]XQJHQRGHU6DFKVFKlGHQKLQ
.HLQH)ODVFKHQRGHU%HKlOWHUDXV*ODVLQGHQ*HIULHUUDXPOHJHQ
 :HQQGHU,QKDOWJHIULHUWNDQQGDV*ODVEUHFKHQXQG9HUOHW]XQJHQYHUXUVDFKHQ
%HUKUHQ6LHGLH,QQHQZlQGHGHV*HIULHUUDXPVRGHUGLHHLQJHODJHUWHQ:DUHQQLFKWPLWQDVVHQ+lQGHQ
 ,KUH+DXWNDQQDQGHU,QQHQZDQGGHV*HIULHUUDXPVRGHUGHQHLQJHODJHUWHQ:DUHQIHVWIULHUHQ
gIIQHQRGHUVFKOLHHQ6LHGLH7UHQQLFKWLQGHP6LHGLH7UJULIIHPLWEHLGHQ+lQGHQIDVVHQ
 'LHVNDQQ9HUOHW]XQJHQYHUXUVDFKHQ
9HUPHLGHQ6LHEHLHLQHP6WURPDXVIDOOKlXÀJHVgIIQHQGHV.KOVFKUDQNVRGHUGDV
(LQODJHUQQLFKWJHNKOWHU/HEHQVPLWWHO
 'LHVNDQQ]XHLQHP$QVWLHJGHU7HPSHUDWXULP.KOVFKUDQNIKUHQXQGGLH+\JLHQH
EHHLQWUlFKWLJHQ
:HQQ6LHEHDEVLFKWLJHQGHQ.KOVFKUDQNOlQJHUH=HLWQLFKW]XEHQXW]HQWUHQQHQ6LH
LKQYRP6WURPQHW]
$FKWHQ6LHDXFKDXIGHQ6SDOW]ZLVFKHQGHU.KOUDXPXQG*HIULHUUDXPWUEHVRQGHUV
ZHQQEHLGHJOHLFK]HLWLJRIIHQVLQG
 'LHVNDQQ9HUOHW]XQJHQYHUXUVDFKHQ
$FKWHQ6LHEHLPgIIQHQGHV.KOVFKUDQNVGDUDXIGDVV6LH,KUH)LQJHUQLFKWDQGHQ
´.OHPPSXQNWµ²%HUHLFKHQHLQNOHPPHQ6HLHQ6LHEHVRQGHUVYRUVLFKWLJZHQQ6LHGLH
.KOUDXPWU|IIQHQXPGHQSRWHQ]LHOOHQ.OHPPSXQNW]ZLVFKHQGHQ.KOUDXPXQG
GHQ*HIULHUUDXPWUHQ]XYHUPHLGHQ
 'LHVNDQQ9HUOHW]XQJHQYHUXUVDFKHQ
3RWHQ]LHOOHU.OHPPSXQNW
'HXWVFK

+LQZHLVH]XU(QWVRUJXQJ
(QWVRUJXQJYRQ9HUSDFNXQJVPDWHULDO
6WHOOHQ6LHVLFKHUGDVVDOOH9HUSDFNXQJVPDWHULDOLHQZLH.DUWRQV3ODVWLNWWHQ.OHEHEDQGXQG3RO\VW\URO
XQPLWWHOEDUQDFKGHP$XVSDFNHQGHV.KOVFKUDQNHVVLFKHUHQWVRUJWZHUGHQXQGDXHUKDOEGHU5HLFKZHLWH
YRQ%DE\VXQG.OHLQNLQGHUQVLQG.LQGHUVROOWHQQLHPDOVPLWGLHVHQ7HLOHQVSLHOHQ(UVWLFNXQJVJHIDKU
$OOHHLQJHVHW]WHQ0DWHULDOLHQVLQGXPZHOWYHUWUlJOLFKXQGZLHGHUYHUZHUWEDU%LWWHKHOIHQ6LHPLW(QWVRUJHQ6LH
GLH9HUSDFNXQJXPZHOWJHUHFKWhEHUDNWXHOOH(QWVRUJXQJVZHJHLQIRUPLHUHQ6LHVLFKELWWHEHL,KUHP)DFKKlQGOHU
RGHUGHU*HPHLQGHYHUZDOWXQJ
(QWVRUJXQJYRQ$OWJHUlWHQ
1XUIUGLH(XURSlLVFKH8QLRQXQG/lQGHUPLW5HF\FOLQJV\VWHPHQ
'LHVHV6\PERODXIGHQ3URGXNWHQGHU9HUSDFNXQJXQG
RGHUGHQ%HJOHLWGRNXPHQWHQEHGHXWHWGDVVJHEUDXFKWH
HOHNWULVFKHXQGHOHNWURQLVFKH3URGXNWHQLFKWLQGHQ
DOOJHPHLQHQ+DXVPOOJHJHEHQZHUGHQGUIHQ
%LWWHIKUHQ6LHDOWH3URGXNWH]XU%HKDQGOXQJ$XIDUEHLWXQJ
E]Z]XP5HF\FOLQJJHPlGHQJHVHW]OLFKHQ%HVWLPPXQJHQ
GHQ]XVWlQGLJHQ6DPPHOSXQNWHQ]X
,QGHP6LHGLHVH3URGXNWHRUGQXQJVJHPlHQWVRUJHQKHOIHQ6LHGDEHL
ZHUWYROOH5HVVRXUFHQ]XVFKW]HQXQGHYHQWXHOOHQHJDWLYH$XVZLUNXQJHQ
DXIGLHPHQVFKOLFKH*HVXQGKHLWXQGGLH8PZHOW]XYHUPHLGHQ
)UPHKU,QIRUPDWLRQHQ]X6DPPOXQJXQG5HF\FOLQJZHQGHQ6LH
VLFKELWWHDQ,KUHQ|UWOLFKHQ$EIDOOHQWVRUJXQJVGLHQVWOHLVWHU
*HPl/DQGHVYRUVFKULIWHQN|QQHQZHJHQQLFKWRUGQXQJVJHPlHU
(QWVRUJXQJGLHVHV$EIDOOV6WUDIJHOGHUYHUKlQJWZHUGHQ
)UJHVFKlIWOLFKH%HQXW]HULQGHUHXURSlLVFKHQ8QLRQ
:HLWHUH,QIRUPDWLRQHQ]XU(QWVRUJXQJYRQHOHNWULVFKHQXQGHOHNWURQLVFKHQ
$OWJHUlWHQZHQGHQ6LHVLFKDQ,KUHQ+lQGOHURGHU=XOLHIHUHU
,QIRUPDWLRQHQ]XU(QWVRUJXQJLQ/lQGHUQDXHUKDOE
GHUHXURSlLVFKHQ8QLRQ
'LHVHV6\PEROJLOWQXULQGHUHXURSlLVFKHQ8QLRQ
,QIRUPDWLRQHQ]XURUGQXQJVJHPlHQ(QWVRUJXQJGLHVHV3URGXNWV
HUKDOWHQ6LHYRQ,KUHQORNDOHQ%HK|UGHQRGHU,KUHP+lQGOHU
%HYRU6LH,KU$OWJHUlWHQWVRUJHQ
%LWWHEHIROJHQ6LHHQWZHGHUGLH(QWVRUJXQJVDQZHLVXQJHQGHV$OWJHUlWH+HUVWHOOHUVRGHUGLH
|UWOLFKHQ(QWVRUJXQJVYRUVFKULIWHQIUGDV*HUlW6LQGGLHVHQLFKWYHUIJEDUIROJHQ6LHELWWHGHQGUHL
QDFKVWHKHQGHQ$QZHLVXQJVVFKULWWHQ
 'HQ1HW]VWHFNHUYRQGHU6WHFNGRVHDE]LHKHQ
 'DV1HW]NDEHODEVFKQHLGHQXQGPLWQRFKDQJHEUDFKWHP1HW]VWHFNHUVLFKHUHQWVRUJHQ
 9HUJHZLVVHUQ6LHVLFKGDVVGDV$OWJHUlWDXHU5HLFKZHLWHYRQ.OHLQNLQGHUQLVWELVHVDEJHKROW
RGHU]XHLQHP5HF\FOLQJ&HQWHUJHEUDFKWZLUG
Ɣ(QWIHUQHQ6LHVlPWOLFKHV'LFKWXQJVPDWHULDOYRQGHU7UXQGODVVHQ6LHDOOH5HJDOHXQG
6FKXEODGHQHLQJHVHW]W
'LHVVROOYHUKLQGHUQGDVV.LQGHUKLQHLQNOHWWHUQXQGHLQJHVFKORVVHQZHUGHQ

0RQWDJH
'LHVHU$EVFKQLWWHUNOlUWZLH6LH,KU*HUlWIU/lUPXQG(QHUJLHUHGX]LHUXQJXQGHLQHQHI¿]LHQWHQ%HWULHEDXIVWHOOHQVROOHQ
0DH
%[7[+PP
$XVSDFNHQ,KUHV*HUlWHV
(QWIHUQHQ6LHMHJOLFKH9HUSDFNXQJVPDWHULDOLHQYRP*HUlWZLH
6FKDXPDEGHFNXQJHQXQG.OHEHElQGHUGLHGDV*HUlWH]XEHK|ULQQHQXQG
DXHQVFKW]HQ
'LHULFKWLJH3ODW]DXVZDKO
/IWXQJ
'LH/XIWDQGHU5FNZDQGGHV*HUlWVHUZlUPWVLFK'LHHUZlUPWH/XIW
PXVVXQJHKLQGHUWDE]LHKHQN|QQHQ'DKHUVROOWHGDV*HUlWLQHLQHPJXW
JHOIWHWHQWURFNHQHQ5DXPPLWDXVUHLFKHQG)UHLUDXPVLHKH$EEVWHKHQ
9HUJU|HUQ6LHGHQ$EVWDQGZHQQHLQH9LEUDWLRQ]XK|UHQLVW
7HPSHUDWXU
'HU(QHUJLHYHUEUDXFKXQGGLHHI¿]LHQWH/HLVWXQJGHV*HUlWHVZLUG
GXUFKGLH8PJHEXQJVWHPSHUDWXUEHHLQÀXVVW
'DV*HUlWVROOWHDOVRIROJHQGHUPDHQDXIJHVWHOOWZHUGHQ
Ɣ QLFKWLQGLUHNWHU6RQQHQHLQVWUDKOXQJ
Ɣ QLFKWQHEHQ+HL]XQJHQ+HUGRGHUDQGHUHQ:lUPHTXHOOHQ
Ɣ QXUGRUWZRGLH8PJHEXQJVWHPSHUDWXUGHU.OLPDHLQVWXIXQJ
HQWVSULFKWIUGLHGDV*HUlWEHVWLPPWLVW%LWWHVFKDXHQ6LHKLHUIU
LQGHQ6SH]L¿NDWLRQVDEVFKQLWWIUGLH.OLPDHLQVWXIXQJ,KUHV*HUlWHV
Ɣ ([WUHPH7HPSHUDWXUHQRGHU8PZHOWEHGLQJXQJHQN|QQHQHLQHQ
QHJDWLYHQ(LQÀXVVDXIGLH/HLVWXQJGHV*HUlWVKDEHQ
'DULQHLQJHODJHUWH/HEHQVPLWWHON|QQHQYHUGHUEHQ
1LYHOOLHUXQJ
6WHOOHQ6LHGDV*HUlWYRUVLFKWLJVRDXIGDVVGLH%RGHQREHUÀlFKHQLFKW
EHVFKlGLJWZLUGXQGLQVWDOOLHUHQ6LHHVDXIHLQHPHEHQHQ%RGHQGHU
VWDUNJHQXJLVWHLQHQYROOEHODGHQHQ.KOVFKUDQN]XWUDJHQ
%HLXQHEHQHP%RGHQYHUVWHOOHQ6LHELWWHGLHYRUGHUHQ)HGXUFK
GUHKHQZLHLQGHU$EELOGXQJEHVFKULHEHQ
'DGXUFKZHUGHQ9LEUDWLRQHQXQGVW|UHQGH*HUlXVFKHYHUKLQGHUW
:HQQGDV*HUlWDXIHLQHP7HSSLFKRGHUHLQHQ9LQ\OERGHQJHVWHOOWZLUG
OHJHQ6LH]XHUVWHLQHIHVWH3ODWWHDXIGHQ7HSSLFKRGHU%RGHQ'LHV
YHUKLQGHUW)DUEYHUlQGHUXQJDXIJUXQGYRQ(UZlUPXQJ
.KOVFKUDQNWU
'HU7UDQVFKODJNDQQYRQGHUUHFKWHQDXIGLHOLQNH6HLWHJHZHFKVHOW
ZHUGHQVRGDVVGLH7UVLFKLQGLHHQWJHJHQJHVHW]WH5LFKWXQJ|IIQHW
:HQQ6LHGLHVZQVFKHQZHQGHQ6LHVLFKDQGHQDXIGHPEHLJHOHJWHQ
%ODWWDXIJHIKUWHQ.XQGHQGLHQVWRGHUEHVXFKHQ6LHXQVHUH:HEVLWH
XQWHU
KWWSZZZSDQDVRQLFFRP
:HQQ6LHGHQ$QVFKODJVHOEVWXPEDXHQN|QQHQZLUNHLQH
*HZlKUOHLVWXQJEHUQHKPHQ
PPRGHUPHKU
PP
RGHUPHKU
PP
RGHUPHKU
$EELOGXQJ
$EELOGXQJ
'HXWVFK

,QVWDOOLHUHQGHU$EVWDQGVWFNH
'DV*HUlWZLUGPLW]ZHL$EVWDQGVWFNHQJHOLHIHUWGLHDPXQWHUHQ7HLO
GHV*HKlXVHVPRQWLHUWZHUGHQVROOWHQXP]XYHUKLQGHUQGDVVGDV
*HUlW]XQDKDQGLH:DQGJHVFKREHQZLUG'DV*HUlWNDQQDXFKRKQH
GLH$EVWDQGVWFNHDXIJHVWHOOWZHUGHQDOOHUGLQJVNDQQVLFKGDGXUFKGHU
(QHUJLHYHUEUDXFKHUK|KHQ
5HLQLJXQJ
1DFKGHU0RQWDJHUHLQLJHQ6LHGDV*HUlWPLWZDUPHQ:DVVHU
$QVFKOLHHQGHV1HW]VWHFNHUVDQGLH1HW]VWHFNGRVH
:HQQGDV*HUlWDQJHVFKORVVHQZLUGZHUGHQHLQHQ0RPHQWODQJDOOH6\PEROHXQGGDQQGLH6WDUWZHUWHDOV&IUGLH
*HIULHUUDXPHLQVWHOOXQJXQG&IUGLH.KOUDXPHLQVWHOOXQJDQJH]HLJW
$OOH7DVWHQDP%HGLHQIHOGZHUGHQGXUFK%HUKUXQJEHGLHQW'UFNHQ6LHQXU]XP$NWLYLHUHQGLH7DVWHGLH6LH
WDWVlFKOLFKEHGLHQHQP|FKWHQ
+LQZHLVH
 ,QGHQ6RPPHUPRQDWHQRGHU]XDQGHUHQ=HLWHQLQGHQHQGLH5DXPWHPSHUDWXUK|KHULVWNDQQGHU.KOYRUJDQJOlQJHU
GDXHUQ
 :HQQ6LHGHQ.KOVFKUDQNYRP6WURPQHW]WUHQQHQPVVHQZDUWHQ6LHPLQGHVWHQV0LQXWHQEHYRU6LHLKQZLHGHU
DQVFKOLHHQ$QGHUHQIDOOVNDQQGHU.RPSUHVVRUEHVFKlGLJWZHUGHQ
8PJHEXQJVWHPSHUDWXU
'LH.OLPDNODVVH¿QGHQ6LHDXIGHP7\SHQVFKLOGDXIGHUOLQNHQ6HLWHGHV.KOVFKUDQNHV6LHJLEWGLH
8PJHEXQJVWHPSHUDWXUHQDQEHLGHQHQGDV*HUlWEHWULHEHQZHUGHQNDQQ
.OLPDNODVVH =XOlVVLJH8PJHEXQJVWHPSHUDWXU
61 VXEQRUPDOH &]X&
1 QRUPDOH &]X&
67 VXEWURSLVFKH &]X&
7 WURSLVFKH &]X&
(QHUJLHVSDUHQ
 'HQ.KOVFKUDQNLQHLQHPWURFNHQHQNKOHQXQGJXWEHOIWHWHQ5DXPLQVWDOOLHUHQ0DHXQG$EVWDQGVLHKH6HLWH
 .RPELQDWLRQYRQ6FKXEODGHQXQG%|GHQIUK|FKVWHV9ROXPHQXQGHQHUJLHVSDUHQGVWH1XW]XQJGHV*HUlWV
 (QWIHUQHQ6LHGLH*HIULHUIlFKHU
 6FKXEODGHQXQG%|GHQLP.KOVFKUDQNDQGHQLP$EVFKQLWW³6FKHPDWLVFKH$QVLFKW´6GDUJHVWHOOWHQ3RVLWLRQHQ
DQEULQJHQ
 'DV*HUlWQLFKWEHUIOOHQGDPLWGLH/XIW]LUNXOLHUHQNDQQ
 'DV*HUlWQXU|IIQHQZHQQHUIRUGHUOLFKXQGVRNXU]ZLHP|JOLFK
 'LH/IWXQJV|IIQXQJHQDPXQWHUHQ7HLOGHV*HUlWVPLWHLQHP6WDXEVDXJHUUHLQLJHQXVZ
'DEHLGDUIGLH*HIULHUPLWWHOOHLWXQJXQWHUGHU$EGHFNXQJQLFKWEHVFKlGLJWZHUGHQ
 ,P6XSHU*HIULHUPRGXV6FKQHOOJHIULHUPRGXVRGHU6XSHU.KOPRGXVLVWGHU(QHUJLHYHUEUDXFKK|KHU
0RQWDJH)RUWVHW]XQJ

6FKHPDWLVFKH$QVLFKW
.KOUDXPIDFK
'LH7HPSHUDWXUNDQQLQHLQHP%HUHLFKYRQ&
ELV&HLQJHVWHOOWZHUGHQ
*HNRFKWH
6SHLVHQ
*HWUlQNH
(LHU.XFKHQ
0LOFKSURGXNWH
*HIULHUIDFK
'HU*HIULHUUDXPNDQQQLFKWVHSDUDWDXIHLQH
JHZQVFKWH7HPSHUDWXUHLQJHVWHOOWZHUGHQ
'LH7HPSHUDWXUHLQVWHOOXQJGHV.KOUDXPV
EHHLQÁXVVWGLH7HPSHUDWXUGHV*HIULHUVFKUDQNV
'LH7HPSHUDWXUGHV*HIULHUVFKUDQNVIlOOW
ZHQQGLH7HPSHUDWXUGHV.KOUDXPVXQWHU
GHPHPSIRKOHQHQ/HYHOHLQJHVWHOOWZLUGXQG
VWHLJWZHQQVLHEHUGHPHPSIRKOHQHQ/HYHO
HLQJHVWHOOWZLUG
*HIURUHQHV
)OHLVFK
*HÀJHO
)LVFK
(LV
&%HGLHQIHOG +
(LHUKDOWHU
0*HIULHUIDFK
'
/('%HOHXFKWXQJGHV.KOVFKUDQNLQQHUHQ
,
+|KHQYHUVWHOOEDUHV7UUHJDO´)OH[/LIWµ
1)H
(´6OLGH¶1·6WRUHµ*ODVERGHQ -)ODVFKHQUHJDO 2)ODVFKHQYHUVFKOXVV
).KOIDFK .*HIULHUIDFK
*´)UHVK&DVHµ*HPVHIDFK /*HIULHUIDFK
+LQZHLV
 6LHN|QQHQGLH3RVLWLRQHQIUGLH,QVWDOODWLRQYRQ*ODVUHJDOHQXQG7UUHJDOHQYHUlQGHUQ/DVVHQ6LHMHGRFK9RUVLFKWZDOWHQ
GDMHQDFK3RVLWLRQGHU)lFKHU/HEHQVPLWWHOXQG*HWUlQNHKHUDXVIDOOHQN|QQHQZHQQGLH7UJH|IIQHWXQGJHVFKORVVHQZLUG
 9HUPHLGHQ6LH=XVDPPHQVW|HPLW3HUVRQHQRGHU2EMHNWHQLQGHU1lKHZHQQ6LHGLH7U|IIQHQ
&
'
1
1
+
(
-
,
)
*
.
/
0
2
 'HU(LHUKDOWHU
+
NDQQDXFKDOVHLQH(LVVFKDOH
YHUZHQGHWZHUGHQ
'LH+|KHGHU5HJDOH
,
OlVVWVLFKZXQVFKJHPl
HLQVWHOOHQRKQHGDVVVLHGD]XDXVGHP*HUlWHQWQRPPHQ
ZHUGHQPVVHQ=LHKHQ6LHGLH]ZHL+HEHODXIEHLGHQ
6HLWHQGHV5HJDOV]XVLFKKLQXQGEHZHJHQ6LHGDV5HJDO
QDFKXQWHQ:HQQ6LHGDV5HJDOK|KHUDQRUGQHQP|FKWHQ
N|QQHQ6LHGLHVWXQRKQHGLH]ZHL+HEHO]XO|VHQ
'HXWVFK

%HGLHQIHOG
1 3 5 7 9
NoFrost
)( &'
&
7HPSHUDWXUDQSDVVXQJXQG6XSHU.KOPRGXV7DVWH
'
$ODUPDQ]HLJH
(
.KOVFKUDQN7HPSHUDWXUDQ]HLJH
)
6XSHU.KOPRGXV$Q]HLJH
+LQZHLVH
 'LHVHU.KOVFKUDQNYHUZHQGHWHLQHQ0LNURSUR]HVVRU]XU6WHXHUXQJGHU7HPSHUDWXU'LH7HPSHUDWXULP.KOVFKUDQN
YDULLHUWLQ$EKlQJLJNHLWYRQ)DNWRUHQZLHbQGHUXQJHQGHU5DXPWHPSHUDWXU+lX¿JNHLWGHVgIIQHQVXQG6FKOLHHQVGHU
7UHQXQG0HQJHGHULP,QQHUHQJHODJHUWHQ/HEHQVPLWWHOXQG$UWXQG:HLVHGHU/DJHUXQJ
 'LH$ODUPDQ]HLJHEOLQNWXQG]XJOHLFKHUW|QWHLQ$ODUPWRQ
 'LH.UDW]VFKXW]IROLHLVWDXIGHP%HGLHQIHOGDXIJHNOHEW
1 3 5 7 9
)( &'
 8PGLH7HPSHUDWXULP.KOUDXPIDFKHLQ]XVWHOOHQEHQXW]HQ6LH7DVWH
&

 'UFNHQ6LHGLH7DVWH
&
ELVGLHJHZQVFKWH7HPSHUDWXUHLQJHVWHOOWLVW
 'LHHPSIRKOHQH(LQVWHOOXQJEHWUlJW&
 :HQQGLH7HPSHUDWXUEHUHLQHQOlQJHUHQ=HLWUDXPDXI&HLQJHVWHOOWLVWN|QQWHGHU.KOUDXP]XVWDUNNKOHQ
,QGLHVHP)DOOVROOWHQ6LHGLH7HPSHUDWXUK|KHUHLQVWHOOHQ
 :HQQGLH7HPSHUDWXUGHV5DXPVLQGHPGDV*HUlWLQVWDOOLHUWLVWXQWHU&IlOOWNDQQHVVHLQGDVVGHU.KOUDXP
XQGRGHUGHU*HIULHUUDXPQLFKWULFKWLJIXQNWLRQLHUHQ
,QGLHVHP)DOOHPSIHKOHQZLUGLH7HPSHUDWXUDXI&RGHUZHQLJHUHLQ]XVWHOOHQ
:HQQGLHJHZQVFKWHQ7HPSHUDWXUHQIUGHQ.KOUDXPXQGRGHUGHQ*HIULHUUDXPWURW]GHPQLFKWHUUHLFKWZHUGHQ
N|QQHQJHKHQ6LHZLHXQWHQEHVFKULHEHQYRU
 7HPSHUDWXULP*HIULHUUDXP]XKRFK
%ULQJHQ6LHGLHPDQXHOOH.ODSSHKLQWHUGHP2EVWXQG*HPVHIDFKLQ6WHOOXQJ
1
2
3
1
2
3
 7HPSHUDWXULP.KOUDXP]XKRFK
%ULQJHQ6LHGLHPDQXHOOH.ODSSHKLQWHUGHP2EVWXQG*HPVHIDFKLQ6WHOOXQJ
(LQVWHOOHQGHU7HPSHUDWXU

9HUZHQGXQJGHU=XVDW]IXQNWLRQHQ
6XSHU.KOPRGXV
8PGHQ6XSHU.KOPRGXV]XDNWLYLHUHQGUFNHQ6LH7DVWH
&
ELVGDV6\PERO
)
DXÀHXFKWHW
 9HUZHQGHQ6LHGLHVH(LQVWHOOXQJQDFKGHPHUVWPDOLJHQ(LQVFKDOWHQGHV*HUlWVYRUGHU5HLQLJXQJRGHU6WXQGHQ
EHYRU6LHHLQHJURH0HQJHDQ/HEHQVPLWWHOQLQGHQ.KOXQGRGHU*HIULHUUDXPOHJHQ
:HQQGHU0RGXVQLFKWPDQXHOODXVJHVFKDOWHWZLUGVFKDOWHWHUVLFKDXWRPDWLVFKQDFK]ZHL7DJHQDXV
6ROOWHGHU.KOUDXP]XVWDUNNKOHQNRUULJLHUHQ6LHGLHVELWWHPDQXHOO
+LQZHLVH
 ,QGLHVHP0RGXV
'DV'UFNHQGHU7DVWH
&
KHEWGHQ6XSHU.KOPRGXVDXI
$XFKZHQQGHU6XSHU.KOPRGXVDXIJHKREHQZLUGNDQQGLH7HPSHUDWXUGHV.KOUDXPVHLQJHVWHOOWZHUGHQ
 %HL$NWLYLHUXQJNKOWGHU6XSHU.KOPRGXVDXFKGHQ*HIULHUUDXP
$ODUPPRGXV
+RFKWHPSHUDWXUDODUP
:HQQGDV*HUlWHUVWPDOVHLQJHVFKDOWHWZLUGRGHUGLH7HPSHUDWXULP.KOUDXP]XKRFKLVWEHU&ZLUGHLQ
$ODUPWRQDNWLYLHUWXQWHUEURFKHQHU7RQXQGGLH7DVWH
'
EOLQNW
6FKDOWHQ6LHGHQ$ODUPWRQGXUFK'UFNHQGHU7DVWH
&
DXV:LUGGHU$ODUPQLFKWGHDNWLYLHUWHUW|QWHU]XQlFKVWIQI
0LQXWHQODQJXQGGDQQHLQPDOVWQGOLFK
$ODUPIUJH|IIQHWH.KOVFKUDQNWU
:HQQGLH7UYRQ.KOUDXPRGHU*HIULHUUDXPOlQJHUDOV]ZHL0LQXWHQJH|IIQHWEOHLEWZLUGHLQ$ODUPWRQDNWLYLHUW
XQWHUEURFKHQHU7RQ
%HVWlWLJHQ6LHXQGVFKDOWHQ6LHGHQ$ODUPWRQGXUFK'UFNHQGHU7DVWH
&
RGHU6FKOLHHQGHU7UDXV
'HXWVFK

:DVVHU
0LWGHP(LHUKDOWHUN|QQHQ(LVZUIHOKHUJHVWHOOWZHUGHQ
8P(LVZUIHOKHU]XVWHOOHQIOOHQ6LHGHQ(LHUKDOWHUPLW:DVVHUXQGVWHOOHQ6LHLKQLQGHQ*HIULHUUDXP
1HKPHQ6LHLKQDXVGHP*HIULHUUDXPZHQQGLH(LVZUIHOIHUWLJVLQG
'UFNHQ6LHGLHHLQ]HOQHQ$XVK|KOXQJHQGHV(LHUKDOWHUVDXIGHU5FNVHLWH
'LH(LVZUIHOZHUGHQVLFKGDQQDXVGHP(LHUKDOWHUKHUDXVO|VHQ
)HXFKWLJNHLWVNRQWUROOHGHV*HPVHIDFKV´)UHVK&DVHµ
(QWIHUQHQXQG$QEULQJHQYRQ$EODJHQ
3URGXNWLRQYRQ(LVZUIHOQ
.KOVFKUDQN
*ODVE|GHQ
8PHLQHQ%RGHQDXV
GHP.KOVFKUDQN]X
HQWIHUQHQ]LHKHQ6LH
LKQELV]XP$QVFKODJ
KHUDXV+HEHQ6LHVLH
GDQQDQGHU9RUGHUVHLWH
OHLFKWDQXQG]LHKHQ6LH
VLHJDQ]KHUDXV
.KOIDFKXQG
´)UHVK&DVHµ
*HPVHIDFK
=LHKHQ6LHGDV)DFK
VRZHLWZLHP|JOLFK
KHUDXV+HEHQ6LHHV
GDQQDQGHU9RUGHUVHLWH
DQXQG]LHKHQ6LHHV
JDQ]KHUDXV
7UUHJDOH
8PHLQ5HJDO]X
HQWIHUQHQEULQJHQ
6LHGDV5HJDOLQGLH
K|FKVWH3RVLWLRQ
VFKLHEHQ6LHGHQOLQNHQ
XQGUHFKWHQ+HEHOQDFK
REHQXQG]LHKHQ6LH
GDQQGDV5HJDOKHUDXV
)ODVFKHQUHJDO
8PHLQ5HJDODXVGHP
*HUlW]XHQWIHUQHQ
KHEHQ6LHHVVRZHLW
ZLHP|JOLFKDQXQG
]LHKHQ6LHHVGDQQ
KHUDXV
*HIULHUUDXP
'LH6FKXEIlFKHUN|QQHQQLFKWJDQ]KHUDXVJH]RJHQZHUGHQ8PHLQ6FKXEIDFKDXVGHP*HUlW
]XHQWIHUQHQ|IIQHQ6LHHVKHEHQ6LHHVGDQQDQGHU9RUGHUVHLWHDQXQG]LHKHQ6LHHVKHUDXV
1DFKGHP6LHGHQ'HFNHOHQWIHUQHQN|QQHQ6LH/HEHQVPLWWHOLPOHHUHQ)DFKHLQODJHUQ
 'HU%HKlOWHUDP%RGHQGHV.KOUDXPVGLHQW]XP8QWHUEULQJHQYRQ
2EVWXQG*HPVH(VEHZDKUWGLH)HXFKWLJNHLWXQGYHUKLQGHUWGDVV
VLHDXVWURFNQHQ
 /DJHUQ6LHGLH/HEHQVPLWWHOLQJHHLJQHWHQ9HUSDFNXQJHQXP]X
YHUKLQGHUQGDVVVLH*HUFKHDEJHEHQRGHUDXIQHKPHQ
'HU%HKlOWHUYHUIJWEHUHLQHQLQWHJULHUWHQ)HXFKWLJNHLWVUHJOHU
PLWGHPGLH/XIWIHXFKWLJNHLWHQWVSUHFKHQGGHUJHODJHUWHQ
/HEHQVPLWWHOPHQJHHLQJHVWHOOWZHUGHQNDQQ
.OHLQHUH/HEHQVPLWWHOPHQJHQGHQ6WHXHUVFKLHEHUQDFKUHFKWVVFKLHEHQ
*U|HUH/HEHQVPLWWHOPHQJHQGHQ6WHXHUVFKLHEHUQDFKOLQNVVFKLHEHQ

3ÁHJHXQG5HLQLJXQJVKLQZHLVH
7lJOLFKHV5HLQLJHQ
5HLQLJHQ6LHGLH7HLOHPLWHLQHPWURFNHQHQ7XFK
2UWHGLHOHLFKWYHUVFKPXW]WZHUGHQ
7HLOHGLHPLW:DVVHUJHUHLQLJWZHUGHQN|QQHQ
.KOVFKUDQN *HIULHUUDXP
Ɣ *ODVE|GHQ
Ɣ 7UUHJDOH
Ɣ )ODVFKHQUHJDO
Ɣ (LHUKDOWHU
Ɣ .KOIDFK
Ɣ ³)UHVK&DVH´*HPVHIDFK
Ɣ )ODVFKHQYHUVFKOXVV
+LQZHLV
 9HUZHQGHQ6LHNHLQHDJUHVVLYHQ5HLQLJXQJVPLWWHO
ZLH]%1DWULXPELNDUERQDWGDGLHVHGLH
.XQVWVWRIIREHUÀlFKHEHVFKlGLJHQN|QQHQ
Ɣ *HIULHUIlFKHU
7UGLFKWXQJV|IIQXQJ
%HL9HUVFKPXW]XQJNDQQGLH'LFKWXQJOHLFKWEHVFKlGLJW
ZHUGHQXQGGLH.DOWOXIWNDQQHQWZHLFKHQ
)ODVFKHQKDOWHU
%HLGHU$QVDPPOXQJYRQ6FKPXW]XQG)OVVLJNHLWHQ
UHLQLJHQ6LHGLHVHVRIRUW
=LHKHQ6LHMlKUOLFKGHQ1HW]VWHFNHUXQGHQWIHUQHQ6LHGLH5HJDOH]XU
5HLQLJXQJ
5HLQLJXQJGHV%HGLHQIHOGV
'DV%HGLHQIHOGEHVWHKWDXVVSH]LHOOHQ0DWHULDOLHQ8PGLH2EHUÀlFKHJHJHQ%HVFKlGLJXQJHQ]XVFKW]HQUHLQLJHQ6LH
HVQLFKWPLWFKHPLVFKHQ/|VXQJVPLWWHOQ6WDWWGHVVHQUHLQLJHQ6LHHVPLWHLQHPWURFNHQHQRGHUHLQHPOHLFKWIHXFKWHQ7XFK
5HLQLJXQJGHV*HUlWHJHKlXVHV
5HLQLJHQ6LHGDV*HKlXVHGHV*HUlWHVPLWHLQHPLQZDUPHQ:DVVHUJHWDXFKWHQZHLFKHQ7XFK:HQQ)OHFNHQQLFKW
HQWIHUQWZHUGHQN|QQHQYHUZHQGHQ6LHQHXWUDOH.FKHQUHLQLJXQJVPLWWHOXQGZLVFKHQ6LHHVPLWHLQHPLQZDUPHQ
:DVVHUJHWDXFKWHQVDQIWHQ7XFKDE:LVFKHQ6LHDOOH:DVVHUWURSIHQPLWHLQHPWURFNHQHQ7XFKDE
5HLQLJXQJVKLQZHLVH
5HLQLJHQ6LHNHLQ*HUlWHWHLOPLWGHQIROJHQGHQ6WRIIHQ
Ɣ
$ONDOLVFKHRGHUVFKZDFKDONDOLVFKH5HLQLJXQJVPLWWHO'LHVH6WRIIHN|QQHQGLH.XQVWVWRIIWHLOHSRU|VXQGEUFKLJPDFKHQ
Ɣ 5HLEHQGHU6WDXE6HLIHQSXOYHU(UG|OKHLHV:DVVHU.FKHQUHLQLJXQJVEUVWH6lXHUXQJVPLWWHO%HQ]LQ
/|VXQJVPLWWHO$ONRKROXVZ'LHVH6WRIIHN|QQHQGLHODFNLHUWH2EHUÀlFKHXQG.XQVWRIIWHLOHEHVFKlGLJHQ
6WHOOHQ6LHVLFKHUGDVVgOÀHFNHQHQWIHUQWZHUGHQ(VNDQQGLH.XQVWVWRIIWHLOHSRU|VXQGEUFKLJPDFKHQ
'HXWVFK

:DUWXQJVNRQWUROOH
Ɣ,VWGDV$QVFKOXVVNDEHOEHVFKlGLJW"
Ɣ:LUGGHU1HW]VWHFNHUKHL"
Ɣ,VWGHU1HW]VWHFNHUNRPSOHWWLQGHU6WHFNGRVHHLQJHVWHFNW"
:HQQGDV1HW]NDEHOEHVFKlGLJWLVWZHQGHQ6LHVLFKDQHLQDXWRULVLHUWHV.XQGHQGLHQVW]HQWUXP(UVHW]HQ6LHHV
1,&+7VHOEVW
/DQJH1LFKWEHQXW]XQJ
:HQQ6LHEHDEVLFKWLJHQGHQ.KOVFKUDQNOlQJHUH=HLWQLFKW]XEHQXW]HQWUHQQHQ6LHLKQZLHREHQEHVFKULHEHQYRP
6WURPQHW]XQGUHLQLJHQ6LHGHQ6WHFNHUZLHREHQHUOlXWHUW/DVVHQ6LHGLH7UHQ7DJHODQJJH|IIQHW'DGXUFK
NDQQGHU,QQHQUDXPYROOVWlQGLJDXVWURFNQHQXQG*HUXFKVXQG6FKLPPHOELOGXQJZLUGYRUJHEHXJW
6FKDOWHQ6LHGHQ.KOVFKUDQNKLHUIUQLFKWDE'DVNDQQGLH/HEHQVGDXHUGHV.KOVFKUDQNHVEHHLQWUlFKWLJHQ
9RUGHP7UDQVSRUWEHDFKWHQ
(QWIHUQHQ 6LH MHJOLFKH /HEHQVPLWWHO :DVVHUXQG (LVZUIHO DXV GHP
.KOVFKUDQN
=LHKHQ6LHGHQ1HW]VWHFNHU
+HEHQ6LHGLHYHUVWHOOEDUHQ)H/HJHQ6LHHLQH6FKXW]SODWWHDXIGHQ
%RGHQZHQQGLHVHUOHLFKWYHUNUDW]WZHUGHQNDQQ
=LHKHQ6LHGHQ.KOVFKUDQNDQVLFK
1HKPHQ6LHGDV:DVVHUDXVGHP9HUGXQVWXQJVNHVVHOEHLVSLHOVZHLVH
PLWHLQHP7XFKDXI
%HLP7UDQVSRUWEHDFKWHQ
'DV*HUlWVROOWHYRQ]ZHLRGHUPHKU3HUVRQHQJHWUDJHQZHUGHQ
6FKUDXEHQ6LHGLHYHUVWHOOEDUHQ)HUHLQ
+DOWHQ6LHGLHYHUVWHOOEDUHQ)HXQGGLH(FNHQIHVW
6LHKH$EELOGXQJ
+LQZHLV
 7UDJHQ6LHGDV*HUlWQLFKWOLHJHQGRGHUGXUFK)HVWKDOWHQGHU7U
7UDQVSRUWLHUHQ6LHGHQ.KOVFKUDQNVWHWVLQQRUPDOHUDXIUHFKWHU3RVLWLRQ
6LFKHUQ6LHGLH7UHQ
PLW.OHEHEDQG
3ÁHJHXQG5HLQLJXQJVKLQZHLVH)RUWVHW]XQJ
8QWHQKLQWHQDP.KOVFKUDQN

)UDJHQXQG$QWZRUWHQ
:HQQ6LHGDV*HIKOKDEHQGDVVGHU.KOVFKUDQNQLFKWRUGQXQJVJHPlIXQNWLRQLHUWEHUSUIHQ6LH]XHUVWGLHIROJHQGHQ3XQNWH
)DOOVGLH6W|UXQJEHVWHKHQEOHLEW]LHKHQ6LHGHQ1HW]VWHFNHUDEXQGZHQGHQ6LHVLFKDQ,KUHQ)DFKKlQGOHURGHU
DXWRULVLHUWHQ6HUYLFHKlQGOHU
$OOJHPHLQHV
6LHK|UHQXQJHZ|KQOLFKH
*HUlXVFKHYRP.KOVFKUDQN
 ,VWGHU.KOVFKUDQNDXIVWDELOHPXQGHEHQHQ%RGHQLQVWDOOLHUWZRUGHQ"
 6LQGDXVUHLFKHQGH$EVWlQGHXPGHQ.KOVFKUDQNYRUKDQGHQ"
 9LEULHUHQLUJHQGZHOFKH*HJHQVWlQGHDXIGHP.KOVFKUDQN"
 'LH(U]HXJXQJYRQ*HUlXVFKHQEHLP6WDUWHQRGHU6WRSSHQGHV
.KOVFKUDQNEHWULHEVLVWQRUPDO
6LHK|UHQHLQ*HUlXVFKQDFKGHPVLFK
GHU.RPSUHVVRUDEJHVFKDOWHWKDW
 'LHVLVWQRUPDOXQGZLUGRIWGXUFKGDV]XP.RPSUHVVRU]XUFNÀLHHQGH
.lOWHPLWWHOYHUXUVDFKW
6LHK|UHQHLQ*HUlXVFKQDFKGHP
6LHGLH7UJH|IIQHWRGHU
JHVFKORVVHQKDEHQ
 'LHVLVWQRUPDOXQGLVWDXIGHQ/XIWGUXFNXQWHUVFKLHG]ZLVFKHQGHU,QQHQXQG
$XHQVHLWHGHV.KOVFKUDQNV]XUFN]XIKUHQ
6LHK|UHQGDV*HUlXVFKHLQHV/XIW
RGHU:DVVHUÁXVVHVQDFKGHP6LH
GLH7UJH|IIQHWKDEHQ
 'LHVZLUGGXUFKGDVLQGHQLQWHUQHQ5RKUOHLWXQJHQÀLHHQGH.lOWHPLWWHO
YHUXUVDFKW
6LHK|UHQHLQDQKDOWHQGHV
ZLPPHUQGHV*HUlXVFK
 'LHVHV*HUlXVFKHUW|QWZlKUHQGGHU.DOWOXIW8PZlO]OIWHUOlXIW
 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH5DXPWHPSHUDWXUKRFK"
,QGLHVHQ)lOOHQDUEHLWHWGDV*HEOlVH]XP=LUNXOLHUHQGHU.DOWOXIWPLWKRKHU
'UHK]DKOXQGHU]HXJWGDEHLHLQHWZDVODXWHUHV%HWULHEVJHUlXVFK
'HU.RPSUHVVRULVW]LHPOLFKODXW
 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH5DXPWHPSHUDWXUKRFK"
,QGLHVHQ)lOOHQDUEHLWHWGHU.RPSUHVVRUDXI+RFKWRXUHQZHVKDOEHVQRUPDO
LVWGDVVHUPHKU*HUlXVFKHHU]HXJW
'HU.RPSUHVVRUOlXIWEHUHLQHQ
ODQJHQ=HLWUDXP
 :HQQGHU1HW]VWHFNHU]XPHUVWHQ0DODQJHVFKORVVHQZRUGHQLVWOlXIWGHU
.RPSUHVVRUOlQJHUDOVJHZ|KQOLFKXPGHQ,QQHQUDXPGHV.KOVFKUDQNV
DE]XNKOHQELVGLHHLQJHVWHOOWHQ7HPSHUDWXUHQHUUHLFKWZHUGHQ
 :XUGHGHU6XSHU*HIULHUPRGXVRGHUGHU6XSHU.KOPRGXVHLQJHVWHOOW"
 6LQGGLH7UHQRIWJH|IIQHWXQGJHVFKORVVHQZRUGHQ"6LQGGLH7UHQ
YROONRPPHQJHVFKORVVHQ"
 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH5DXPWHPSHUDWXUKRFK"
 :HQQYLHOH/HEHQVPLWWHOJOHLFK]HLWLJLP.KOJHUlWHLQJHODJHUWZHUGHQPXVV
GHU.RPSUHVVRUOlQJHUODXIHQ
.RQGHQVDWLRQELOGHWVLFKDQGHU
$XHQVHLWHGHV.KOVFKUDQNV
 .RQGHQVDWLRQNDQQVLFKELOGHQZHQQGLH/XIWIHXFKWLJNHLWLP5DXPKRFKLVW'LHV
LVWGXUFKDXVQRUPDO:LVFKHQ6LHGDV.RQGHQVDWPLWHLQHPWURFNHQHQ7XFKDE
'LH$XHQVHLWHGHV.KOVFKUDQNV
IKOWVLFKKHLDQ
 1DFKGHP(LQVFKDOWHQGHV.KOVFKUDQNVZLUGGDV*HUlWP|JOLFKHUZHLVH
ZDUPELVGHU,QQHQUDXPDXVUHLFKHQGKHUXQWHUJHNKOWLVW$XFKQDFKGHP
+HUXQWHUNKOHQGHU)lFKHUNDQQVLFKGHU.KOVFKUDQNHUZlUPHQ'LHVOLHJW
DP%HWULHEGHU:lUPHOHLWXQJPLWGHUGHU.KOVFKUDQN]XU9HUPHLGXQJYRQ
.RQGHQVDWLRQDXVJHVWDWWHWLVW(VKDQGHOWVLFKQLFKWXPHLQH)HKOIXQNWLRQ
'LH7DVWHQDP%HGLHQIHOGN|QQHQ
QLFKWEHWlWLJWZHUGHQ
 ,VWGLH6WURPYHUVRUJXQJGHV.KOVFKUDQNVHLQJHVFKDOWHW"
'HU$ODUPHUW|QW  'LH.KOVFKUDQNWUZXUGHRIIHQJHODVVHQ
'HXWVFK

.KOUDXPXQG*HIULHUUDXP
'HU.KOUDXPXQGGHU
*HIULHUUDXPIXQNWLRQLHUWQLFKW
 ,VWGLH6WURPYHUVRUJXQJGHV.KOVFKUDQNVHLQJHVFKDOWHW"
'HU.KOUDXPXQGGHU
*HIULHUUDXPIXQNWLRQLHUWQLFKW
]XIULHGHQVWHOOHQG
 ,VWGLHHLQJHVWHOOWH7HPSHUDWXU]XKRFK"
 ,VWGHU.KOVFKUDQNGLUHNWHP6RQQHQOLFKWDXVJHVHW]WRGHULQGHU1lKHHLQHV
+HL]N|USHUVDXIJHVWHOOW"
 6LQGDXVUHLFKHQGH$EVWlQGHXPGHQ.KOVFKUDQNYRUKDQGHQ"
 6LQGGLH/HEHQVPLWWHO]XGLFKW]XVDPPHQJHSDFNWRGHULVWGLH
5DXPWHPSHUDWXUKRFK"
 6LQGGLH7UHQRIWJH|IIQHWXQGJHVFKORVVHQZRUGHQ"
6LQGGLH7UHQYROONRPPHQJHVFKORVVHQ"
 ,VWGHU.KOVFKUDQNDXIGHQ8UODXEVPRGXVHLQJHVWHOOWZRUGHQ"
 :HQQZDUPH6SHLVHQLQGHQ.KOVFKUDQNJHVWHOOWZHUGHQVWHLJWGLH
7HPSHUDWXUYRUEHUJHKHQG
 :lKUHQGGHUNDOWHQ-DKUHV]HLWRGHUEHLQLHGULJHU5DXPWHPSHUDWXUNDQQHV
GHQ$QVFKHLQKDEHQGDVVGHU.KOVFKUDQNQLFKWNKOW
(VEHVWHKWHLQ8QWHUVFKLHG
]ZLVFKHQGHUHLQJHVWHOOWHQXQG
GHUWDWVlFKOLFKHQ7HPSHUDWXU
 :HQQZDUPH6SHLVHQLQGHQ.KOVFKUDQNJHVWHOOWZHUGHQVWHLJWGLH
7HPSHUDWXUYRUEHUJHKHQG
/HEHQVPLWWHOLP.KOUDXP
JHIULHUHQ
 ,VWGLHHLQJHVWHOOWH7HPSHUDWXUIUGHQ.KOUDXP]XQLHGULJ"
 %H¿QGHQVLFKGLH/HEHQVPLWWHOLPKLQWHUHQ%HUHLFKGHV.KOUDXPV"
'HU%HUHLFKLQGHU1lKHGHU5FNZDQGZLUGDPNlOWHVWHQZHVKDOEKLHUNHLQH
/HEHQVPLWWHOHLQJHODJHUWZHUGHQVROOWHQGLHOHLFKWJHIULHUHQ
.RQGHQVDWLRQELOGHWVLFKLP
.KOUDXPXQGLQGHQ6FKXEODGHQ
 .RQGHQVDWLRQNDQQVLFKELOGHQZHQQGLH7URIWJH|IIQHWXQGJHVFKORVVHQZLUG
RGHUQLFKWYROOVWlQGLJJHVFKORVVHQZRUGHQLVWRGHUZHQQGLH/XIWIHXFKWLJNHLW
LP5DXPKRFKLVW:LVFKHQ6LHGDV.RQGHQVDWPLWHLQHPWURFNHQHQ7XFKDE
'LH*HIULHUUDXPWUOlVVWVLFK
VFKZHU|IIQHQ
 (VNDQQVHLQGDVVVLFKGLH7UPDQFKPDOVFKZHU|IIQHQOlVVWZHQQVLH
JHUDGHJHVFKORVHQZXUGH
 'HU/XIWGUXFNXQWHUVFKLHG]ZLVFKHQGHP,QQHQUDXPXQGGHU$XHQVHLWHGHV
*HIULHUUDXPVNDQQPDQFKPDOGD]XIKUHQGDVVVLFKGLH*HIULHUUDXPWUQXU
VFKZHU|IIQHQOlVVW:DUWHQ6LHHLQHQ$XJHQEOLFNXQGYHUVXFKHQ6LHGDQQ
HUQHXWGLH7U]X|IIQHQ
(VULHFKWXQDQJHQHKPLP
.KOVFKUDQN
 6LQGVWDUNULHFKHQGH/HEHQVPLWWHOYRUGHU(LQODJHUXQJLP.KOUDXPYHUVLHJHOW
ZRUGHQ"
%HZDKUHQ6LHGLH/HEHQVPLWWHOLQHLQHQYHUVLHJHOWHQ%HKlOWHUDXI
 *HUFKHN|QQHQDQGHQ2EHUÀlFKHQGHV.KOVFKUDQN,QQHQUDXPVKDIWHQ
:LVFKHQ6LHGLH2EHUÀlFKHQPLWHLQHPZHLFKHQ7XFKDEGDV6LHLQ
ODXZDUPHV:DVVHUJHWDXFKWKDEHQ
'LHVHV6\PEROGLHQWGD]X$QZHQGHUIUZLFKWLJH,QIRUPDWLRQHQDQGLH%HGLHQXQJVDQOHLWXQJRGHU
%URVFKUHQ]XYHUZHLVHQ
,QGLHVHP.KOVFKUDQNLVWHLQ)LOWHUHLQJHEDXWGHUDOV%LR]LGJLOW
'HU)LOWHUVHOEVWHQWKlOWHLQH6XEVWDQ]PLW6LOEHULRQHQZHOFKHGLHLQGHU/XIWLQQHUKDOEGHV.KOVFKUDQNVHQWKDOWHQHQ
%DNWHULHQQHXWUDOLVLHUWXQGGDV%DNWHULHQZDFKVWXPKHPPW
:LUNVWRII6LOEHU1DWULXP+\GURJHQ=LUNRQLXPSKRVSKDW
)UDJHQXQG$QWZRUWHQ)RUWVHW]XQJ

7HFKQLVFKH'DWHQ
3URGXNWGDWHQEODWW(89HURUGQXQJ
1$0('(6/,()(5$17(1 3DQDVRQLF
02'(//.(1181*
15%1&;(
15%1&:(
15%1&;%
15%1&:%
.$7(*25,( .KO*HIULHUJHUlW
(1(5*,(()),=,(1=./$66( $
-b+5/,&+(5(1(5*,(9(5%5$8&+ N:K-DKU

1(772.h+/92/80(1 /
1(772*()5,(592/80(1 /
67(51(.(11=(,&+181*'(6*()5,(5)$&+6 9LHU6WHUQH
$1*$%(Ä)5267)5(,³)h5',(%(75())(1'(1)b&+(5
.KOEHUHLFK1R)URVW*HIULHUEHUHLFK1R)URVW
7(03(5$785$167,(*6=(,7 6WXQGHQ
*()5,(59(50g*(1 NJ6WXQGHQ
./,0$./$66( 17

/8)76&+$//(0,66,21(1 G%
:HLWHUH,QIRUPDWLRQHQ
*(6$07%5877292/80(1 /
*(6$071(77292/80(1 /
$866(10$66(
%5(,7([7,()([+g+(
PP[PP[PP
1(772*(:,&+7 69,5NJ
1(1163$1181* 99 99
1(11)5(48(1= +]
.h+/0,77(//$'81* 5D60J
*(%/b6(0,77(/ &\FOR3HQWDQ
+LQZHLVH

 'HU(QHUJLHYHUEUDXFKSUR-DKUEDVLHUWDXIGHQ6WDQGDUGWHVWHUJHEQLVVHQIU6WXQGHQJHPl(1
'HUWDWVlFKOLFKH(QHUJLHYHUEUDXFKZHLFKWMHQDFK9HUZHQGXQJXQG6WDQGRUWGHV*HUlWVDE
'HU(QHUJLHYHUEUDXFKEHL9HUZHQGXQJXQWHUVFKHLGHWVLFKMHQDFK$XIVWHOOXQJVRUWGHV*HUlWV7HPSHUDWXUHLQVWHOOXQJ
GHUHLQ]HOQHQ%HUHLFKH8PJHEXQJVWHPSHUDWXUXQG/XIWIHXFKWLJNHLW+lX¿JNHLWGHVgIIQHQV6FKOLHHQVGHU7UHQ
9ROXPHQXQG7HPSHUDWXUGHU/HEHQVPLWWHOXQG9HUZHQGXQJVZHLVHGHV*HUlWV

 =XOlVVLJH8PJHEXQJVWHPSHUDWXU&ELV&
%HLYROOVWlQGLJJH|IIQHWHQ7UHQ
PP
PP
PP
PP
PP
PP

'HXWVFK

,QKRXGVRSJDYH
'HEHWHNHQLVYDQGHV\PEROHQ
1LHWGRHQ
*HHIWDDQGDWKHWDSSDUDDWJHDDUGPRHWZRUGHQ
RPHHQHOHNWULVFKHVFKRNWHYRRUNRPHQ
'RHGLWYRRUDOZHO 1LHWXLWHONDDUKDOHQ
:$$56&+8:,1*
'XLGWRSJHYDDUYRRUGRRGRIHUQVWLJOHWVHO
'LWDSSDUDDWPDJZRUGHQJHEUXLNWGRRUNLQGHUHQYDQDIMDDU
HQGRRUSHUVRQHQPHWYHUPLQGHUGHOLFKDPHOLMNH]LQWXLJOLMNHRI
JHHVWHOLMNHYDDUGLJKHGHQRIJHEUHNDDQNHQQLVRIHUYDULQJDOV]H
RQGHUWRH]LFKWVWDDQRILQVWUXFWLHVKHEEHQJHNUHJHQRYHUKHWYHLOLJH
JHEUXLNYDQKHWDSSDUDDWHQ]HGHJHYDUHQNHQQHQ.LQGHUHQ
PRJHQQLHWPHWKHWDSSDUDDWVSHOHQ+HWUHLQLJHQHQRQGHUKRXG
PDJGRRUNLQGHUHQDOOHHQRQGHUWRH]LFKWZRUGHQXLWJHYRHUG
%HZDDUJHHQRQWSORIEDUHVWRIIHQ]RDOVVSXLWEXVVHQPHW
EUDQGEDDUGULMIJDVLQGH]HNRHONDVW
%UDQGEDUHRIOLFKWRQWYODPEDUHVWRIIHQ]RDOVEHQ]HHQWKLQQHUVSLULWXV
HWKHURI/3*YORHLEDDUSHWUROHXPJDV]RXGHQNXQQHQRQWSORIIHQ
*HEUXLNJHHQYHUGHHOVWHNNHUVHQVOXLWQLHWDOWHYHHODSSDUDWHQDDQRSKHW]HOIGHVWRSFRQWDFW
 'LWNDQOHLGHQWRWRYHUYHUKLWWLQJEUDQGRINRUWVOXLWLQJ
=RUJGDWKHWVWURRPVQRHUQLHWEHNQHOGRIJHNQLNWZRUGWRILQGHNQRRSUDDNWHQSODDWVHUJHHQ]ZDDUYRRUZHUSERYHQRS
 'DWYHUKRRJWKHWULVLFRRSEUDQGRIHHQHOHNWULVFKHVFKRN$OVKHWVWURRPVQRHURIGHVWHNNHUYDQGHNRHONDVWLV
EHVFKDGLJGPRHWGDWRQGHUGHHORPJHYDDUWHYHUPLMGHQYHUYDQJHQZRUGHQGRRUHHQYHUWHJHQZRRUGLJHURI
RQGHUKRXGVGLHQVWYDQGHIDEULHNRIGRRUHHQHUNHQGHUHSDUDWHXU
7UHNQRRLWDDQKHWVWURRPVQRHURPGHVWHNNHUYDQGHNRHONDVWXLWKHWVWRSFRQWDFWWHKDOHQ
 +LHUGRRUNDQKHWVWURRPVQRHUEHVFKDGLJHQ3DNDOWLMGGHVWHNNHUYDVWHQWUHNGH]HUHFKWXLWKHWVWRSFRQWDFW
3ODDWVQRRLWHHQPHWZDWHUJHYXOGHNDQRIYDDVERYHQRSGHNRHONDVW
 *HPRUVWZDWHU]RXGHLVRODWLHYDQGHHOHNWULVFKHRQGHUGHOHQNXQQHQEHVFKDGLJHQPHWDOVJHYROJNRUWVOXLWLQJHQ
JHYDDUYRRUEUDQGRIHHQHOHNWULVFKHVFKRN
6SURHLJHHQEUDQGEDDUJDVLQGHEXXUWYDQGHNRHONDVW
 'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG
6SURHLJHHQZDWHURSRILQGHNRHONDVW
 'LWNDQOHLGHQWRWEUDQGRIHHQHOHNWULVFKHVFKRN
9HLOLJKHLGVYRRUVFKULIWHQ
5HVSHFWYRRUKHWPLOLHX
,QVWDOODWLH
2QGHUGHOHQ
%HGLHQLQJVSDQHHO
,QVWHOOHQYDQGHWHPSHUDWXXU
*HEUXLNYDQGHKDQGLJHIXQFWLHV
9RFKWLJKHLGVUHJHOLQJLQGH´)UHVK&DVHµJURHQWHODGH

,-VEORNMHVPDNHQ
/HJSODWHQYHUZLMGHUHQHQSODDWVHQ
,QVWUXFWLHVYRRURQGHUKRXGHQUHLQLJLQJ
9HHOJHVWHOGHYUDJHQ
7HFKQLVFKHJHJHYHQV
9HLOLJKHLGVYRRUVFKULIWHQ

9HLOLJKHLGVYRRUVFKULIWHQYHUYROJ
5DDNGHVWURRPVWHNNHUQRRLWPHWQDWWHKDQGHQDDQ
 'LWNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN
,QVWDOOHHUGHNRHONDVWQLHWRSHHQYRFKWLJHSODDWVRIZDDUGHNRHONDVWPHWZDWHULQDDQUDNLQJNRPW
 $DQJHWDVWHLVRODWLHYDQHOHNWULVFKHRQGHUGHOHQNDQOHLGHQWRWNRUWVOXLWLQJHOHNWULVFKHVFKRNRIEUDQG
%HZDDUJHHQEUDQGEDUHRIYOXFKWLJHVWRIIHQLQGHNRHONDVW
 %UDQGEDUHRIOLFKWRQWYODPEDUHVWRIIHQ]RDOVEHQ]HHQWKLQQHUVSLULWXVHWKHURI/3*YORHLEDDUSHWUROHXPJDV]RXGHQNXQQHQRQWSORIIHQ
/DDWNLQGHUHQQLHWRSGHNRHONDVWNOLPPHQRIDDQGHGHXUKDQJHQ
 'LWNDQOHLGHQWRWHUQVWLJOHWVHOHYHQDOVEHVFKDGLJLQJHQDDQGHNRHONDVW
*HEUXLNGHNRHONDVWQLHWLQHHQRPJHYLQJZDDUEUDQGEDUHRIOLFKWRQWYODPEDUHJDVVHQRIGDPSHQYULMNRPHQ
 'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG
%HZDDUJHHQEHQ]LQHRIDQGHUHEUDQGEDUHYORHLVWRIIHQRIGDPSHQLQGHNRHONDVWHQJHEUXLNGHUJHOLMNHVWRIIHQ
QLHWLQGHEXXUWYDQKHWDSSDUDDW
 'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG
:$$56&+8:,1*
*HEUXLNJHHQPHFKDQLVFKHDSSDUDWHQRIDQGHUHPLGGHOHQ
RPKHWRQWGRRLSURFHVWHYHUVQHOOHQDQGHUVGDQGH
PRJHOLMNKHGHQGLHZRUGHQDDQEHYROHQGRRUGHIDEULNDQW
'LWNDQOHLGHQWRWEHVFKDGLJLQJHQDDQGHELQQHQNDQWYDQ
GHNRHONDVWRIOHLGHQWRWHHQH[SORVLH
:$$56&+8:,1*
*HEUXLNJHHQHOHNWULVFKHDSSDUDWHQLQGHYRRUUDDGODGHQDDQGH
ELQQHQNDQWYDQGHNRHONDVWWHQ]LMRSDDQJHYHQYDQGHIDEULNDQW
'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG
:$$56&+8:,1*
%HVFKDGLJKHWNRHOFLUFXLWQLHW
'LWNDQOHLGHQWRWHHQH[SORVLHRIEUDQG
:$$56&+8:,1*
2SHQKHWGHNVHOYDQGH/('ODPSMHVLQKHWLQWHULHXU
YDQGHNRHONDVWQLHW
'LWNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN$OVGH/('YHUOLFKWLQJ
QLHWJRHGZHUNWPRHWXGH]HODWHQYHUYDQJHQGRRUGHIDEULNDQW
GLHQVRQGHUKRXGVGLHQVWRIHHQDQGHUGDDUWRHEHYRHJG
SHUVRRQRPHHQJHYDDUOLMNHVLWXDWLHWHYRRUNRPHQ
3UREHHUGHNRHONDVWQLHW]HOIWHGHPRQWHUHQWHUHSDUHUHQRIDDQWHSDVVHQ
 8NXQWX]HOIRIDQGHUHQYHUZRQGHQGRRUEUDQGSOHNNHQRIHHQHOHNWULVFKHVFKRNRIGHNRHONDVWEHVFKDGLJHQ
5DDGSOHHJHHQHUNHQGVHUYLFHFHQWUXPDOVXZNRHONDVWJHUHSDUHHUGRIJHZLM]LJGPRHWZRUGHQ
=RUJGDWGHNRHONDVWDOWLMGZRUGWDDQJHVORWHQRSHHQJHDDUGVWRSFRQWDFW,1*((1*(9$/DDQVOXLWHQRSHHQ
QLHWJHDDUGVWRSFRQWDFW
 (HQNRUWVOXLWLQJNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN
=RUJGDWKHWVWURRPVQRHUHQGHVWHNNHUQLHWJHNOHPGHQ
RQEHVFKDGLJG]LMQ
(HQEHVFKDGLJGHVWHNNHURIHHQJHNQDNWVWURRPVQRHUNDQ
OHLGHQWRWNRUWVOXLWLQJEUDQGRIHHQHOHNWULVFKHVFKRN
$OVKHWVWURRPVQRHUEHVFKDGLJGLVPRHWXGLWODWHQYHUYDQJHQ
GRRUGHIDEULNDQWGLHQVRQGHUKRXGVGLHQVWRIHHQDQGHUGDDUWRH
EHYRHJGSHUVRRQRPHHQJHYDDUOLMNHVLWXDWLHWHYRRUNRPHQ
9HUYDQJKHWVQRHUQLHW]HOI
1HGHUODQGV

9HLOLJKHLGVYRRUVFKULIWHQYHUYROJ
9HUZLMGHUVWRIRIYXLOYDQGHVWHNNHUSHQQHQYRRUGDWXGHVWHNNHULQKHWVWRSFRQWDFWVWHHNW
 6WRIRIYXLORSGHVWHNNHUNDQOHLGHQWRWLVRODWLHSUREOHPHQYRRUDORQGHUYRFKWLJHRPVWDQGLJKHGHQ'LWNDQOHLGHQWRW
NRUWVOXLWLQJEUDQGRIHHQHOHNWULVFKHVFKRN7UHNGHVWURRPVWHNNHUXLWKHWVWRSFRQWDFWHQYHHJKHPVFKRRQPHWHHQ
GURJHGRHN*HEUXLNQRRLWHHQQDWWHRIYRFKWLJHGRHN
6WHHNGHVWURRPVWHNNHUVWHYLJLQKHWVWRSFRQWDFW
 (HQORV]LWWHQGHVWURRPVWHNNHUNDQOHLGHQWRWEUDQGRIHHQHOHNWULVFKHVFKRN
3ODDWVGHNRHONDVWLQHHQJRHGJHYHQWLOHHUGHUXLPWH
 +RHPHHUNRHOPLGGHOHHQDSSDUDDWEHYDWGHVWHJURWHUGHUXLPWHZDDULQXKHWDSSDUDDWPRHWSODDWVHQ$OVHU
HYHQWXHHONRHOPLGGHO]RXJDDQOHNNHQWHUZLMOKHWDSSDUDDWLQHHQNOHLQHUXLPWHVWDDWNXQQHQRQWYODPEDUHJDVVHQ
]LFKJDDQRSKRSHQ'LWNDQOHLGHQWRWEUDQGRIHHQH[SORVLH
$OVULFKWOLMQJHOGWGDWHUYRRUHONHJUDPDDQNRHOPLGGHO
WHQPLQVWHNXELHNHPHWHUYULMHUXLPWHLQKHWYHUWUHNPRHW]LMQ+HWLQIRUPDWLHSODDWMHDDQGHELQQHQNDQWYDQGH
NRHONDVWYHUPHOGWKRHYHHONRHOPLGGHOXZNRHONDVWEHYDW
+HWNRHOPLGGHO5DGDWLQGH]HNRHONDVWZRUGWJHEUXLNWHQGHJDVVHQLQKHWLVRODWLHPDWHULDDOF\FORSHQWDDQ
]LMQEHLGHOLFKWRQWYODPEDDU
+LHUYRRUJHOGHQRRNVSHFLDOHDIYDOSURFHGXUHV
 9RRUGDWXGH]HNRHONDVWZHJGRHWGLHQWXWHFRQWUROHUHQRIGHOHLGLQJHQDDQGHDFKWHU]LMGHQLHWEHVFKDGLJG]LMQ
/HNNDJHYDQNRHOPLGGHORIJDVNDQOHLGHQWRWEUDQGRIHHQH[SORVLH
7UHNYRRUUHLQLJLQJVHQRQGHUKRXGVZHUN]DDPKHGHQGHVWHNNHUXLWKHWVWRSFRQWDFW
 1DODWHQKLHUYDQNDQOHLGHQWRWHHQHOHNWULVFKHVFKRN
$OVXHHQEUDQGOXFKWUXLNWRIPHUNWGDWHUURRNXLWGHNRHONDVWNRPWWUHNGDQRQPLGGHOOLMNGHVWHNNHUXLWKHW
VWRSFRQWDFWHQQHHPFRQWDFWRSPHWHHQHUNHQGVHUYLFHFHQWUXP
 1DODWHQKLHUYDQNDQOHLGHQWRWEUDQGRIHHQHOHNWULVFKHVFKRN
:$$56&+8:,1*
=RUJGDWDOOHYHQWLODWLHVOHXYHQYDQGHNRHONDVW]HOIHQ
GHHYHQWXHOHRPERXZYULM]LMQ
1DODWHQKLHUYDQNDQOHLGHQWRWEUDQGRIHHQH[SORVLH
RPGDWNRHOPLGGHO]LFKQLHWNDQYHUVSUHLGHQDOVKHWOHNW
/(723
'XLGWRSULVLFRYDQOLFKDPHOLMNOHWVHORIPDWHULsOHVFKDGH
3ODDWVJHHQÁHVVHQRISRWWHQYDQJODVLQGHYULHVNDVW
 :DQQHHUGHLQKRXGEHYULHVWNDQKHWJODVEDUVWHQHQOHWVHOVYHURRU]DNHQ
5DDNGHELQQHQZDQGHQYDQGHYULHVNDVWRIGHGDDULQJHSODDWVWHOHYHQVPLGGHOHQQLHWPHWQDWWHKDQGHQDDQ
 8ZKXLGNDQYDVWYULH]HQDDQGHELQQHQZDQGRIDDQGHLQJHYURUHQOHYHQVPLGGHOHQLQKHWYULHVYDN
2SHQRIVOXLWGHGHXUHQQLHWGRRUGHKDQGJUHSHQPHWEHLGHKDQGHQYDVWWHSDNNHQ
 'LWNDQOHLGHQWRWSHUVRRQOLMNOHWVHO
2SHQGHNRHONDVWWLMGHQVHHQVWURRPVWRULQJQLHWWHYDDNHQSODDWVHUJHHQRQJHNRHOGH
OHYHQVPLGGHOHQLQ
 +LHUGRRUNDQGHWHPSHUDWXXULQGHNRHONDVWVWLMJHQHQGLWNDQQHJDWLHYHJHYROJHQKHEEHQYRRUGH
VDQLWDLUHYRRU]LHQLQJHQ
7UHNGHVWURRPVWHNNHUXLWKHWVWRSFRQWDFWDOVXYDQSODQEHQWGHNRHONDVWJHUXLPHWLMG
QLHWWHJHEUXLNHQ
3DVRRNRSYRRUGHRSHQLQJWXVVHQGHGHXUHQYDQGHNRHONDVWHQGHYULHVNDVWYRRUDO
DOVGLHDOOHEHLWHJHOLMNRSHQVWDDQ
 'LWNDQOHLGHQWRWSHUVRRQOLMNOHWVHO
3DVRSGDWXZYLQJHUVWLMGHQVKHWRSHQHQYDQGHNRHONDVWQLHWEHNQHOGUDNHQLQGH
DDQJHJHYHQ´NQHOSXQWHQµ=RUJYRRUDOWLMGHQVKHWRSHQHQYDQGHNRHONDVWGHXUHQYRRU
KHWYHUPLMGHQYDQKHWPRJHOLMNHNQHOSXQWWXVVHQGHNRHONDVWHQGHNRHONDVWGHXUHQ
 'LWNDQOHLGHQWRWSHUVRRQOLMNOHWVHO
0RJHOLMNNQHOSXQW

5HVSHFWYRRUKHWPLOLHX
9HUZLMGHUHQYDQKHWYHUSDNNLQJVPDWHULDDO
2QPLGGHOOLMNQDGDWXGHNRHONDVWKHEWXLWJHSDNWPRHWX]RUJHQGDWDOOHYHUSDNNLQJVPDWHULDDO]RDOV
NDUWRQSODVWLF]DNNHQSODNEDQGHQSRO\VW\UHHQYHLOLJYHUZLMGHUGZRUGHQ
+RXGYHUSDNNLQJVPDWHULDOHQXLWGHEXXUWYDQEDE\VHQMRQJHNLQGHUHQRPGHNDQVRSOHWVHORIYHUVWLNNLQJWHYRRUNRPHQ
+HWRQWGRHQYDQRXGHDSSDUDWXXU
(QNHOYRRUGH(XURSHVH8QLHHQODQGHQPHWUHF\FOHV\VWHPHQ
'LWV\PERRORSGHSURGXFWHQYHUSDNNLQJHQHQRI
EHJHOHLGHQGHGRFXPHQWHQEHWHNHQWGDWJHEUXLNWHHOHNWULVFKH
HQHOHNWURQLVFKHSURGXFWHQQLHWVDPHQPRJHQZRUGHQ
ZHJJHJRRLGPHWGHUHVWYDQKHWKXLVKRXGHOLMNDIYDO
9RRUHHQMXLVWHYHUZHUNLQJKHUJHEUXLNHQUHF\FOLQJ
YDQRXGHSURGXFWHQJHOLHYHGH]HLQWHOHYHUHQELMGH
GHVEHWUHIIHQGHLQOHYHUSXQWHQLQRYHUHHQVWHPPLQJPHW
XZQDWLRQDOHZHWJHYLQJ
'RRU]HRSGHMXLVWHZLM]HZHJWHJRRLHQKHOSWX
PHHPHWKHWEHVSDUHQYDQNRVWEDUHKXOSEURQQHQ
HQYRRUNRPWXSRWHQWLsOHQHJDWLHYHHIIHFWHQRSGH
YRONVJH]RQGKHLGHQKHWPLOLHX
9RRUPHHULQIRUPDWLHRYHULQ]DPHOLQJHQUHF\FOLQJNXQWX
FRQWDFWRSQHPHQPHWXZSODDWVHOLMNHJHPHHQWH
$IKDQNHOLMNYDQXZQDWLRQDOHZHWJHYLQJNXQQHQHUERHWHV
ZRUGHQRSJHOHJGELMKHWRQMXLVWZHJJRRLHQYDQGLWVRRUWDIYDO
9RRU]DNHOLMNHJHEUXLNHUVLQGH(XURSHVH8QLH
1HHPYRRUPHHULQIRUPDWLHRYHUKHWZHJJRRLHQYDQHOHNWULVFKH
HQHOHNWURQLVFKHDSSDUDWXXUFRQWDFWRSPHWXZGHDOHU
,QIRUPDWLHRYHUKHWZHJJRRLHQYDQGLWW\SHDIYDOLQ
ODQGHQEXLWHQGH(XURSHVH8QLH
'LWV\PERROLVDOOHHQJHOGLJELQQHQGH(XURSHVH8QLH
1HHPFRQWDFWRSPHWXZSODDWVHOLMNHDXWRULWHLWHQDOVX]LFKYDQGLW
SURGXFWZLOWRQWGRHQHQYUDDJKHQQDDUGHMXLVWHPDQLHUKLHUYRRU
$OYRUHQVXZRXGHDSSDUDDWWHYHUZLMGHUHQ
9ROJGHLQVWUXFWLHVYDQGHIDEULNDQWYRRUKHWZHJJRRLHQYDQKHWRXGHDSSDUDDWRIYROJGHSODDWVHOLMNH
UHJHOJHYLQJ:DDUGH]HLQVWUXFWLHVQLHWYRRUKDQGHQ]LMQYROJWXGHYROJHQGHGULHVWDSSHQ
 7UHNGHVWHNNHUXLWKHWVWRSFRQWDFW
 6QLMKHWVWURRPVQRHUYDQKHWDSSDUDDWDIHQJRRLKHWVQRHUPHWVWHNNHUHQDOZHJ
 =RUJGDWKHWRXGHDSSDUDDWEXLWHQEHUHLNYDQNLQGHUHQEOLMIWYRRUGDWKHWLVRSJHKDDOGRIYRRUGDW
XKHWQDDUKHWYHU]DPHOSXQWZHJEUHQJW
Ɣ
9HUZLMGHUDOOHDIGLFKWLQJVPDWHULDOHQYDQGHGHXUPDDUODDWDOOHOHJSODWHQHQODGHQRSKXQSODDWV
2SGH]HPDQLHU]XOOHQNLQGHUHQPLQGHUVQHOLQGHNRHONDVWNOLPPHQHQEHNQHOGUDNHQ
1HGHUODQGV

,QVWDOODWLH
'LWKRRIGVWXNEHVFKULMIWRSZHONHPDQLHUXZNRHONDVWYRRUGHPHHVWHQHUJLH]XLQLJHYHLOLJHHQVWLOOHZHUNLQJJHwQVWDOOHHUGPRHWZRUGHQ
$IPHWLQJHQ
%['[+PP
8ZNRHONDVWXLWSDNNHQ
9HUZLMGHUDOOHYHUSDNNLQJVPDWHULDOHQ
'HMXLVWHORFDWLHNLH]HQ
9HQWLODWLH
2PGDWGHNRHONDVWWLMGHQVGHZHUNLQJZDUPWHDIJHHIWPRHWGH
NRHONDVWJHSODDWVWZRUGHQLQHHQJRHGJHYHQWLOHHUGHGURJHUXLPWHPHW
YROGRHQGHUXLPWHDDQGHERYHQHQDFKWHUNDQW]RDOVLQDIEHHOGLQJ
$OVXGHNRHONDVWNXQWKRUHQWULOOHQLVHUPHHUUXLPWHQRGLJ
7HPSHUDWXXU
'HWHPSHUDWXXUYDQGHUXLPWHLVYDQLQYORHGRSKHWHQHUJLHYHUEUXLN
YDQGHNRHONDVWYRRUKHWNRHOHQHQLQYULH]HQYDQOHYHQVPLGGHOHQ
3ODDWVXZNRHONDVWYRRUGHEHVWHUHVXOWDWHQ
Ɣ XLWGHEXXUWYDQGLUHFW]RQOLFKW
Ɣ XLWGHEXXUWYDQUDGLDWRUHQIRUQXL]HQRIDQGHUHZDUPWHEURQQHQ
Ɣ
ZDDUGHRPJHYLQJVWHPSHUDWXXUFRUUHVSRQGHHUWPHWGHNOLPDDWFODVVL¿FDWLH
ZDDUYRRUGHNRHONDVWLVRQWZRUSHQ5DDGSOHHJKHWKRRIGVWXN³7HFKQLVFKH
JHJHYHQV´YRRUGHNOLPDDWFODVVL¿FDWLHYDQXZNRHONDVW
Ɣ
(HQH[WUHPHRPJHYLQJRIH[WUHPHWHPSHUDWXUHQNXQQHQGHSUHVWDWLHV
QHJDWLHIEHwQYORHGHQ
'HEHZDDUGHHWHQVZDUHQNXQQHQEHGHUYHQ
:DWHUSDV
1DGDWXKHWWRHVWHOYRRU]LFKWLJKHEWJHSRVLWLRQHHUG]RQGHUGHYORHUWH
EHVFKDGLJHQLQVWDOOHHUWXGHNRHONDVWRSHHQYODNNHRQGHUJURQGGLH
VWHUNJHQRHJLVYRRUHHQYROJHODGHQNRHONDVW
+HWZDWHUSDVSODDWVHQYDQGHNRHONDVWEHUHLNWXPHWGHWZHH
YHUVWHOEDUHSRRWMHVDDQGHYRRUNDQW]RDOVLQDIEHHOGLQJ
'LWYRRUNRPWWULOOLQJHQHQODZDDL
/HJRSHHQWDSLMWRIYLQ\OYORHUHHUVWHHQVWHYLJHRQGHUJURQGYRRUGDWXGH
NRHONDVWGDDURSSODDWVW+LHUGRRUZRUGWXZYORHUEHGHNNLQJEHVFKHUPG
WHJHQYHUNOHXULQJHQDOVJHYROJYDQGHZDUPWHDIJLIWHYDQGHNRHONDVW
.RHONDVWGHXU
'HVFKDUQLHUHQYDQGHNRHONDVWNXQQHQYDQGHUHFKWHUNDQWQDDUGH
OLQNHUNDQWZRUGHQRPJH]HW]RGDWGHGHXUHQLQWHJHQJHVWHOGHULFKWLQJ
RSHQHQ1HHPKLHUYRRUFRQWDFWRSPHWRQ]HRQGHUKRXGVGLHQVWLQGH
ELMODJHRIJDQDDUKWWSZZZSDQDVRQLFFRP
:LM]LMQQLHWDDQVSUDNHOLMNDOVXGHVFKDUQLHUHQ]HOIRPKDQJW
PPRIPHHU
PP
RIPHHU
PP
RIPHHU
$IEHHOGLQJ
$IEHHOGLQJ

'HDIVWDQGKRXGHUVLQVWDOOHUHQ
'LWDSSDUDDWZRUGWJHOHYHUGPHWWZHHDIVWDQGKRXGHUVGLHEHYHVWLJG
PRHWHQZRUGHQDDQGHRQGHUNDQWYDQGHEHKXL]LQJRPWHYRRUNRPHQ
GDWKHWDSSDUDDWWHGLFKWELMGHPXXUNRPWWHVWDDQ8NXQWKHW
DSSDUDDWRRN]RQGHUGHDIVWDQGKRXGHUVSODDWVHQGLWNDQHFKWHUOHLGHQ
WRWHHQKRJHUVWURRPYHUEUXLN
5HLQLJHQ
9HHJGHNRHONDVWQDKHWSODDWVHQVFKRRQPHWZDUPZDWHU
'HVWHNNHULQKHWVWRSFRQWDFWVWHNHQ
1DGDWKHWDSSDUDDWRSGHYRHGLQJLVDDQJHVORWHQYHUVFKLMQHQDOOHV\PEROHQYRRUNRUWHGXXUZDDUQDGHRSVWDUWZDDUGHQ
YHUVFKLMQHQDOV&RSGHLQGLFDWRUYDQGHYULHVNDVWLQVWHOOLQJHQ&RSGHLQGLFDWRUYDQGHNRHONDVWLQVWHOOLQJ
$OOHWRHWVHQRSKHWEHGLHQLQJVSDQHHOIXQFWLRQHUHQYLDWLSWRHWVEHGLHQLQJ$OOHHQGUXNNHQYRRUKHWDFWLYHUHQYDQGHWRHWV
GLHXZLOWEHGLHQHQ
2SPHUNLQJHQ
 +HWNRHOHQNDQODQJHUGXUHQLQGH]RPHUPDDQGHQRIZDQQHHUGHRPJHYLQJVWHPSHUDWXXUKRJHULV
 $OVXGHVWHNNHUYDQGHNRHONDVWXLWKHWVWRSFRQWDFWPRHWWUHNNHQZDFKWXGDQPLQVWHQVPLQXWHQYRRUGDWXGH
VWHNNHUZHHULQKHWVWRSFRQWDFWVWHHNW'HNDQVEHVWDDWDQGHUVGDWGHFRPSUHVVRUYDQGHNRHONDVWEHVFKDGLJW
.DPHUWHPSHUDWXXU
'HNOLPDDWNODVVHYDQGHNRHONDVWYLQGWXRSKHWW\SHSODDWMHRSGHOLQNHU]LMNDQWYDQKHWNRHOJHGHHOWH+LHURSVWDDWGH
RPJHYLQJVWHPSHUDWXXUDDQJHJHYHQZDDURSGHNRHONDVWJHEUXLNWNDQZRUGHQ
.OLPDDWNODVVH 7RHJHVWDQHRPJHYLQJVWHPSHUDWXXU
61 8LWJHEUHLG*HPDWLJG &WP&
1 *HPDWLJG &WP&
67 6XEWURSLVFK &WP&
7 7URSLVFK &WP&
9RRUHQHUJLHEHVSDULQJ
 3ODDWVGHNRHONDVWLQHHQGURJHNRHOHHQJRHGJHYHQWLOHHUGHNDPHU*DQDDUSDJLQDYRRUDIPHWLQJHQHQYULMH
UXLPWH
 'HFRPELQDWLHYDQODGHQHQOHJSODWHQZDDUGRRUGHJURRWVWHUXLPWHRQWVWDDWHQGHNRHONDVWGHPLQVWHHQHUJLHYHUEUXLNW
 9HUZLMGHUGHODGHVYDQGHYULHVNDVW
 3ODDWVGHODGHQHQOHJSODWHQLQGHNRHONDVWRSGHSODDWVHQ]RDOVDIJHEHHOGLQKHWJHGHHOWH³2QGHUGHOHQ´3
 9RRUKHWEHKRXGYDQGHOXFKWFLUFXODWLHPDJGHNRHONDVWQLHWWHYROZRUGHQJHYXOG
 2SHQGHGHXUHQDOOHHQZDQQHHUGDWQRRG]DNHOLMNLVHQ]RNRUWPRJHOLMN
 0DDNPHWGHVWRI]XLJHU]RQXHQGDQGHYHQWLODWLHRSHQLQJHQDDQGHRQGHUNDQWYDQGHNRHONDVWVFKRRQHQ]
=RUJGDWXKLHUELMGHNRHOOHLGLQJDDQGHELQQHQNDQWYDQGHNOHSQLHWEHVFKDGLJW
 :DQQHHUXGHGLHSYULHVVWDQGGHVQHOOHYULHVVWDQGRIGHH[WUDNRHOVWDQGDFWLYHHUWQHHPWKHWVWURRPYHUEUXLNWRH
1HGHUODQGV

2QGHUGHOHQ
.RHONDVWYDN
'HWHPSHUDWXXUNDQZRUGHQLQJHVWHOGWXVVHQ
GH&HQ&
*HNRRNWH
HWHQVZDUHQ
GUDQNHQ
HLHUHQJHEDN
]XLYHOSURGXFWHQ
'LHSYULHVYDN
'HWHPSHUDWXXUYDQGHYULH]HUNDQQLHWDSDUW
ZRUGHQLQJHVWHOG
'HWHPSHUDWXXULQVWHOOLQJHQYDQGHNRHONDVW
KHEEHQLQYORHGRSGHWHPSHUDWXXUYDQGH
YULH]HU'HWHPSHUDWXXUYDQGHYULH]HU]DOGDOHQ
DOVGHWHPSHUDWXXUYDQGHNRHONDVWRQGHUKHW
DDQEHYROHQQLYHDXZRUGWLQJHVWHOGHQVWLMJHQ
DOVGLHERYHQKHWDDQEHYROHQQLYHDXZRUGW
LQJHVWHOG
,QJHYURUHQYOHHV
JHYRJHOWH
YLVLMV
2SPHUNLQJ
 8NXQWGHSRVLWLHVYDQGHJOD]HQVFKDSSHQHQGHXUVFKDSSHQYHUDQGHUHQ:HHVHFKWHUYRRU]LFKWLJRPGDWHWHQVZDUHQ
HQGUDQNHQGLH]LFKLQGHNRHONDVWEHYLQGHQDIKDQNHOLMNYDQKRHGHVFKDSSHQJHSODDWVW]LMQXLWGHNRHONDVWNXQQHQ
YDOOHQZDQQHHUGHGHXUZRUGWJHRSHQG
 /HWHUELMKHWRSHQHQYDQGHGHXURSGDWX]HQLHWWHJHQSHUVRQHQRIYRRUZHUSHQVODDWGLH]LFKLQGHEXXUWEHYLQGHQ
 +HWHLHUEDNMH
+
NDQRRNZRUGHQJHEUXLNWDOVLMVEDNMH
&
'
1
1
+
(
-
,
)
*
.
/
0
2
&%HGLHQLQJVSDQHHO +(LHUEDNMH 0'LHSYULHVODGH
'
/HGODPSMHYRRUKHWYHUOLFKWHQYDQGHNRHONDVW
,
,QGHKRRJWHYHUVWHOEDUH´)OH[/LIWµGHXUVFKDS
13RRWMHV
(´6OLGH¶1·6WRUHµJOD]HQVFKDS -)OHVVHQYDN 2)OHVVHQKRXGHU
).RHOYDN .'LHSYULHVODGH
*´)UHVK&DVHµJURHQWHODGH /'LHSYULHVODGH
8NXQWGHKRRJWHYDQGHVFKDSSHQ
,
QDDUZHQV
DDQSDVVHQ]RQGHUGH]HXLWKHWDSSDUDDWWHPRHWHQ
YHUZLMGHUHQ7UHNGHWZHHKHQGHOVDDQGH]LMNDQWHQ
YDQGHVFKDSQDDUXWRHHQSODDWVGHVFKDSODJHU$OV
XGHVFKDSKRJHUZLOWSODDWVHQNXQWXGLWGRHQ]RQGHU
GHWZHHKHQGHOVWHRQWJUHQGHOHQ

%HGLHQLQJVSDQHHO
1 3 5 7 9
NoFrost
)( &'
&
7HPSHUDWXXUUHJHOLQJHQVOHXWHOYRRUH[WUDNRHOVWDQG
'
$ODUPZHHUJDYH
(
'LVSOD\NRHONDVWWHPSHUDWXXU
)
'LVSOD\H[WUDNRHOVWDQG
2SPHUNLQJHQ
 'H]HNRHONDVWLVYRRU]LHQYDQHHQPLFURSURFHVVRUYRRUKHWUHJHOHQYDQGHWHPSHUDWXXU'HWHPSHUDWXXULQGHNRHONDVW
YDULHHUWDIKDQNHOLMNYDQIDFWRUHQDOVZLM]LJLQJLQGHNDPHUWHPSHUDWXXUKRHYDDNGHGHXUHQZRUGHQJHRSHQGHQ
JHVORWHQHQKRHYHHOHWHQVZDUHQHQKRHGH]HLQGHNRHONDVW]LMQRSJHVODJHQ
 $OVGHDODUPLQGLFDWRUNQLSSHUWKRRUWXWHJHOLMNHHQDODUPJHOXLG
 'HDQWLNUDVEHVFKHUPHQGHIROLHLVJHSODNWRSKHWEHGLHQLQJVSDQHHO
1 3 5 7 9
)( &'
 *HEUXLNYRRUKHWLQVWHOOHQYDQGHWHPSHUDWXXULQKHWNRHOFRPSDUWLPHQWWRHWV
&

 'UXNRSWRHWV
&
WRWGDWGHJHZHQVWHWHPSHUDWXXULVLQJHVWHOG
 'HDDQEHYROHQLQVWHOOLQJLV&
 $OVGHWHPSHUDWXXUJHGXUHQGHODQJHUHWLMGLVLQJHVWHOGRS&NDQGHNRHONDVWWHNRXGZRUGHQ
6WHOLQGLWJHYDOHHQKRJHUHWHPSHUDWXXULQ
 $OVGHWHPSHUDWXXUYDQGHNDPHUZDDUKHWDSSDUDDWLVJHwQVWDOOHHUGODJHULVGDQ&ZHUNWGHNRHONDVWYULH]HU
PRJHOLMNQLHWQDDUEHKRUHQ
,QGLWJHYDOUDGHQZHXDDQGHWHPSHUDWXXULQWHVWHOOHQRS&RIPLQGHU
$OVGHVRQGDQNVGHJHZHQVWHWHPSHUDWXXUYRRUGHNRHONDVWHQRIGHYULH]HUQLHWZRUGHQEHUHLNWYROJWXRQGHUVWDDQGH
VWDSSHQ
,QVWHOOHQYDQGHWHPSHUDWXXU
 7HPSHUDWXXULQGHYULH]HUWHKRRJ
6WHOGHKDQGPDWLJHNOHSGLH]LFKDFKWHUGHEDNYRRUIUXLWHQJURHQWHQEHYLQGWLQGRRUGLHLQ
SRVLWLHWH]HWWHQ
1
2
3
1
2
3
 7HPSHUDWXXULQGHNRHONDVWWHKRRJ
6WHOGHKDQGPDWLJHNOHSGLH]LFKDFKWHUGHEDNYRRUIUXLWHQJURHQWHQEHYLQGWLQGRRUGLHLQ
SRVLWLHWH]HWWHQ
1HGHUODQGV

*HEUXLNYDQGHKDQGLJHIXQFWLHV
([WUDNRHOVWDQG
2PGHH[WUDNRHOVWDQGWHDFWLYHUHQGUXNWXRSWRHWV
&
WRWGDWKHWV\PERRO
)
JDDWEUDQGHQ
 *HEUXLNGH]HLQVWHOOLQJZDQQHHUXKHWDSSDUDDWYRRUKHWHHUVWLQVFKDNHOWYRRUXKHWJDDWUHLQLJHQRIXXUYRRUX
HHQJURWHKRHYHHOKHLGYRHGVHOLQKHWNRHOFRPSDUWLPHQWHQRIKHWGLHSYULHVYDNRSEHUJW
$OVXGHIXQFWLHQLHWKDQGPDWLJXLWVFKDNHOWJHEHXUWGLWQDRQJHYHHUWZHHGDJHQDXWRPDWLVFK
'HWHPSHUDWXXUYDQKHWNRHOFRPSDUWLPHQWNHHUWWHUXJQDDUGHUHFHQWVWHLQVWHOOLQJ
2SPHUNLQJHQ
 ,QGH]HVWDQG
$OVXRSWRHWV
&
GUXNWZRUGWGHH[WUDNRHOVWDQGJHDQQXOHHUG
+RHZHOGHNRHOWHPSHUDWXXURRNNDQZRUGHQDDQJHSDVW]DOGHH[WUDNRHOVWDQGZRUGHQJHDQQXOHHUG
 $OVGH]HH[WUDNRHOVWDQGZRUGWJHDFWLYHHUG]DOGLHRRNGHYULH]HUNRHOHQ
$ODUPVWDQG
$ODUPKRJHWHPSHUDWXXU
:DQQHHUKHWDSSDUDDWYRRUKHWHHUVWZRUGWLQJHVFKDNHOGRIZDQQHHUGHWHPSHUDWXXULQKHWNRHOFRPSDUWLPHQWWH
KRRJLVKRJHUGDQ&ZRUGWHHQDNRHVWLVFKDODUPJHDFWLYHHUGLQWHUPLWWHUHQGHSLHSWRRQHQNQLSSHUWKHW
V\PERRO
'

*HEUXLNWRHWV
&
RPKHWDNRHVWLVFKDODUPXLWWHVFKDNHOHQ$OVXKHWQLHWXLWVFKDNHOW]DOKHWHONXXUJHGXUHQGHGH
HHUVWHYLMIPLQXWHQNOLQNHQ
$ODUPRSHQGHXU
$OVGHGHXUYDQKHWNRHOFRPSDUWLPHQWRIKHWGLHSYULHVYDNODQJHUGDQWZHHPLQXWHQRSHQVWDDWZRUGWHHQDNRHVWLVFK
DODUPRQRQGHUEURNHQSLHSWRRQJHDFWLYHHUG
2PKHWDNRHVWLVFKDODUPWHEHYHVWLJHQHQXLWWHVFKDNHOHQGUXNWXRSWRHWV
&
RIVOXLWXGHGHXU

9RFKWLJKHLGVUHJHOLQJLQGH´)UHVK&DVHµJURHQWHODGH
:DWHU
0HWKHWHLHUEDNMHNXQWXRRNLMVEORNMHVPDNHQ
2PLMVEORNMHVWHPDNHQYXOWXKHWHLHUEDNMHPHWZDWHUHQSODDWVWXKHWLQGHGLHSYULHVODGHYDQGHYULH]HU
:DQQHHUGHLMVEORNMHVNODDU]LMQKDDOWXKHWEDNMHXLWGHGLHSYULHVODGH
'XZDDQGHDFKWHU]LMGHRSHONHKROWHYDQKHWHLHUEDNMH
'HLMVEORNMHV]XOOHQXLWKHWHLHUEDNMHVSULQJHQ
/HJSODWHQYHUZLMGHUHQHQSODDWVHQ
.RHONDVW
*OD]HQOHJSODWHQ
2PHHQVFKDSXLWGH
NRHONDVWWHYHUZLMGHUHQ
WUHNWXGHVFKDS
QDDUEXLWHQWRWGH]H
WHJHQJHKRXGHQZRUGW
GRRUGHHLQGVWRS7LOGH
VFKDSYHUYROJHQVOLFKWRS
ODQJVGHYRRU]LMGHHQWUHN
KHPHUYROOHGLJXLW
.RHOYDNHQ´)UHVK
&DVHµJURHQWHODGH
7UHNKHWYDN]RYHU
PRJHOLMNQDDUEXLWHQ7LO
YHUYROJHQVKHWYRRUVWH
GHHORSHQWUHNGHODGH
HUYROOHGLJXLW
'HXUVFKDSSHQ
2PHHQVFKDSWH
YHUZLMGHUHQEUHQJWX
KHWQDDUGHKRRJVWH
VWDQGGUXNGHOLQNHU
HQUHFKWHUKHQGHO
RPKRRJHQWUHNKHW
VFKDSHUXLW
)OHVVHQYDN
2PHHQVFKDSXLW
KHWDSSDUDDWWH
YHUZLMGHUHQWLOWXGH
VFKDS]RYHUPRJHOLMN
RSHQWUHNWXGH]HHU
YHUYROJHQVXLW
9ULHVNDVW
'HODGHV]LMQEHYHLOLJGWHJHQXLWWUHNNHQ2PHHQODGHXLWKHWDSSDUDDWWHYHUZLMGHUHQRSHQW
XGHODGHWLOWXKHWYRRUVWHGHHORSHQWUHNWXGH]HHUYHUYROJHQVXLW
1DGDWXGHODGHYHUZLMGHUGKHEWNXQWXLQKHWOHJHYDNOHYHQVPLGGHOHQEHZDUHQ
,-VEORNMHVPDNHQ
 'HODGHRQGHUDDQGHNRHONDVWLVEHGRHOGYRRUKHWEHZDUHQYDQ
JURHQWHQHQIUXLW+HWKDQGKDDIWGHYRFKWLJKHLGHQYRRUNRPWGDWKHW
YRHGVHOXLWGURRJW
 %HZDDUKHWYRHGVHOLQHHQJHVFKLNWHYHUSDNNLQJRPWHYHUKLQGHUHQ
GDWKHWJHXUDIJHHIWRIRSQHHPW
'HODGHLVXLWJHUXVWPHWHHQJHwQWHJUHHUGHYRFKWLJKHLGVUHJHODDUZDDUPHH
GHYRFKWLJKHLGDIJHVWHPGNDQZRUGHQRSGHKRHYHHOKHLGYRHGVHO
.OHLQHUHKRHYHHOKHGHQYRHGVHOGUXNGHUHJHODDUQDDUUHFKWV
*URWHUHKRHYHHOKHGHQYRHGVHOGUXNGHUHJHODDUQDDUOLQNV
1HGHUODQGV

,QVWUXFWLHVYRRURQGHUKRXGHQUHLQLJLQJ
'DJHOLMNVUHLQLJHQ
5HJHOPDWLJPHWHHQGURJHGRHNDIYHJHQ
3OHNNHQGLHH[WUDDDQGDFKWQRGLJKHEEHQ
'HGHXUUXEEHUV
:DQQHHUGHGHXUUXEEHUVYXLOZRUGHQHQEHVFKDGLJG
UDNHQNDQNRXGHOXFKWXLWGHNRHONDVWOHNNHQ
)OHVVHQYDN
9HHJYXLOHQYORHLVWRIZHJYRRUGDWGLW]LFKRSKRRSW
7UHNppQNHHUSHUMDDUGHVWHNNHUXLWKHWVWRSFRQWDFWHQKDDOGHVFKDSSHQXLWGH
NRHONDVWRP]HJURQGLJWHUHLQLJHQ
5HLQLJHQYDQKHWEHGLHQLQJVSDQHHO
+HWFRQWUROHSDQHHOYDQGHNRHONDVWLVYDQNZHWVEDUHPDWHULDOHQJHPDDNW2PKHWRSSHUYODNQLHWWHEHVFKDGLJHQPDJKHWQLHW
PHWFKHPLVFKHRSORVPLGGHOHQJHUHLQLJGZRUGHQ5HLQLJKHWLQSODDWVGDDUYDQPHWHHQ]DFKWHGRHNGLHHHQEHHWMHYRFKWLJLV
'HEXLWHQNDQWYDQGHNRHONDVWUHLQLJHQ
5HLQLJGHEXLWHQNDQWYDQGHNRHONDVWPHWHHQ]DFKWHGRHNEHYRFKWLJGPHWZDUPZDWHU,QGLHQKHWYXLOQLHWYHUZLMGHUG
NDQZRUGHQQHHPGDQHHQPLOGUHLQLJLQJVPLGGHOHQYHHJKHWYXLOZHJPHWHHQ]DFKWHGRHNGLHEHYRFKWLJGLVPHWZDUP
ZDWHU9HHJZDWHUGUXSSHOVZHJPHWHHQGURJHGRHN
2SPHUNLQJHQYRRUKHWUHLQLJHQ
0DDNYRRUKHWUHLQLJHQYDQGHELQQHQHQEXLWHQNDQWYDQGHNRHONDVWJHHQJHEUXLNYDQ
Ɣ $ONDOLQHUHLQLJLQJVPLGGHOHQKLHUGRRUNXQQHQVFKHXUWMHVLQGHNXQVWVWRIRQGHUGHOHQRQWVWDDQ
Ɣ
6FKXXUSRHGHU]HHSSRHGHUUHLQLJLQJVPLGGHOHQRSROLHEDVLVKHHWZDWHUNHXNHQERUVWHOV]XXUEHQ]LQHYHUGXQQHU
RSORVPLGGHOHQRIDOFRKROKRXGHQGHPLGGHOHQ$OGH]HVXEVWDQWLHVNXQQHQGHRSSHUYODNWHHQGHNXQVWVWRIGHOHQYDQGH
NRHONDVWEHVFKDGLJHQ
=RUJGDWXDOOHNHXNHQROLHUHVWHQYHUZLMGHUW'H]HNXQQHQEDUVWMHVLQGHNXQVWVWRIGHOHQYHURRU]DNHQ
2QGHUGHOHQGLHPHWZDWHUJHUHLQLJGNXQQHQZRUGHQ
.RHONDVW 9ULHVNDVW
Ɣ *OD]HQOHJSODWHQ
Ɣ 'HXUVFKDSSHQ
Ɣ )OHVVHQYDN
Ɣ (LHUEDNMH
Ɣ .RHOYDN
Ɣ ³)UHVK&DVH´JURHQWHODGH
Ɣ )OHVVHQKRXGHU
2SPHUNLQJ
 *HEUXLNJHHQVFKXXUPLGGHOHQ]RDOVEYELFDUERQDDW
RIVRGDRPGDWGHNXQVWVWRIGHOHQEHVFKDGLJGNXQQHQ
UDNHQ
Ɣ 'LHSYULHVODGHV

2QGHUKRXGVLQVSHFWLH
Ɣ,VKHWVWURRPVQRHUEHVFKDGLJG"
Ɣ:RUGWGHVWHNNHUKHHW"
Ɣ=LWGHVWHNNHUJRHGLQKHWVWRSFRQWDFW"
5DDGSOHHJHHQHUNHQGVHUYLFHFHQWUXPDOVKHWQHWVQRHUEHVFKDGLJGLV,1*((1*(9$/]HOIYHUYDQJHQ
/DQJGXULJEXLWHQJHEUXLN
7UHNGHVWHNNHUXLWKHWVWRSFRQWDFWDOVXYDQSODQEHQWGHNRHONDVWJHUXLPHWLMGQLHWWHJHEUXLNHQ/DDWGHGHXUHQ
GDDUQDJHGXUHQGHGDJHQRSHQ+LHUGRRUGURRJWGHELQQHQNDQWRSGHMXLVWHZLM]HHQZRUGHQOXFKWMHVHQ
VFKLPPHOYRUPLQJYRRUNRPHQ
=HWGHNRHONDVWQLHWKHUKDDOGHOLMNDDQHQXLW'HNRHONDVWJDDWODQJHUPHHDOVGH]HWLMGHQVQRUPDDOJHEUXLNJHZRRQ
DDQODDWVWDDQ
9HUSODDWVHQHQYHUYRHUHQYDQXZNRHONDVW
9RRUKHWYHLOLJYHUSODDWVHQYDQGHNRHONDVW]LMQWZHH
SHUVRQHQQRGLJ
'UDDLGHYHUVWHOEDUHYRHWHQDDQ
+RXGGHYHUVWHOEDUHYRHWHQDDQGHHQHNDQWYDVWHQGH
KRHNHQDDQGHDQGHUHNDQW]RDOVDIJHEHHOG
2SPHUNLQJ
 9HUSODDWVGHNRHONDVWQLHWGRRUKHWYDVWKRXGHQYDQGHGHXUHQ
9HUSODDWVGHNRHONDVWUHFKWRSVWDDQG
0DDNGHGHXUHQYDVW
PHWSODNEDQG
9RRUGDWXGHNRHONDVWYHUSODDWVWRIYHUYRHUG
+DDOGHNRHONDVWKHOHPDDOOHHJLQFOXVLHIODGHVHG
+DDOGHVWHNNHUXLWKHWVWRSFRQWDFW
9HUKRRJGHYHUVWHOEDUHYRHW
7UHNRIµGXZ¶GHNRHONDVWQDDUXWRH
*HEUXLNELMYRRUEHHOGHHQGRHNRPKHWZDWHULQGHZDWHUEDNWH
DEVRUEHUHQ
RQGHUDDQDFKWHUNDQWYDQGHNRHONDVW
1HGHUODQGV

9HHOJHVWHOGHYUDJHQ
$OVXPHUNWGDWXZNRHONDVWQLHWKHOHPDDOJRHGIXQFWLRQHHUWFRQWUROHHUWXGDQHHUVWGHYROJHQGHSXQWHQ
$OVKHWSUREOHHP]LFKEOLMIWYRRUGRHQWUHNWXGHVWHNNHUXLWKHWVWRSFRQWDFWHQUDDGSOHHJWXXZOHYHUDQFLHURIHHQHUNHQGH
RQGHUKRXGVGLHQVW
$OJHPHHQ
(UNRPHQYUHHPGHJHOXLGHQXLWGH
NRHONDVW
 6WDDWGHNRHONDVWRSHHQVWHYLJHYODNNHRQGHUJURQG"
 ,VHUYROGRHQGHUXLPWHURQGRPGHNRHONDVW"
 6WDDWHULHWVWHWULOOHQERYHQRSGHNRHONDVW"
 +HWLVQRUPDDOGDWHUJHOXLGHQNOLQNHQZDQQHHUHHQYDQGHIXQFWLHVYDQGH
NRHONDVWVWDUWRIVWRSW
(UNOLQNWHHQJHOXLGQDGDWGH
FRPSUHVVRULVJHVWRSW
 'LWLVQRUPDDOYHHODOLVGLWKHWJHOXLGYDQKHWNRHOPLGGHOGDWQDDUGH
FRPSUHVVRUWRHVWURRPW
(UNOLQNWHHQJHOXLGQDGDWXGH
GHXURSHQWRIVOXLW
 'LWLVQRUPDDOGLWJHOXLGZRUGWYHURRU]DDNWGRRUKHWYHUVFKLOLQOXFKWGUXN
ELQQHQHQEXLWHQGHNRHONDVW
(UNOLQNWHHQJHOXLGYDQHHQ
OXFKWVWURRPRIVWURPHQGZDWHU
QDGDWXGHGHXURSHQW
 'LWLVKHWJHOXLGYDQKHWNRHOPLGGHOGDWGRRUGHEXL]HQLQGHNRHONDVWVWURRPW
(UNOLQNWHHQDDQKRXGHQGHKRJH
MDQNWRRQ
 'LWJHOXLGNOLQNWZDQQHHUGHYHQWLODWRUYRRUGHFLUFXODWLHYDQGHNRXGHOXFKWLQ
ZHUNLQJLV
 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUWHKRRJ"
,QGH]HVLWXDWLHVGUDDLWGHYHQWLODWRUYRRUKHWFLUFXOHUHQYDQGHNRXGHOXFKWRS
YROOHVQHOKHLGZDDUGRRUGH]HYHHOJHOXLGPDDNW
+HWJHOXLGYDQGHFRPSUHVVRU
NOLQNWHUJOXLG
 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUWHKRRJ"
,QGHUJHOLMNHJHYDOOHQZHUNWGHFRPSUHVVRULQWHQVLHIGXVLVKHWQRUPDDOGDW
GH]HPHHUJHOXLGPDDNW
'HFRPSUHVVRUEOLMIWHUJODQJ
DFKWHUHHQZHUNHQ
 :DQQHHUXGHVWURRPYRRUKHWHHUVWLQVFKDNHOWEOLMIWGHFRPSUHVVRUODQJ
DFKWHUHHQZHUNHQRPGHJHKHOHNRHONDVWWHNRHOHQWRWGDWGHLQJHVWHOGH
WHPSHUDWXUHQZRUGHQEHUHLNW
 ,VGHGLHSYULHVVWDQGRIGHH[WUDNRHOVWDQGLQJHVWHOG"
 =LMQGHGHXUHQHUJYDDNJHRSHQGHQJHVORWHQ"=LMQDOOHGHXUHQZHOJRHGGLFKW"
 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUHUJKRRJ"
 :DQQHHUHUYHHOOHYHQVPLGGHOHQJHOLMNWLMGLJLQGHNRHONDVWZRUGHQJHSODDWVW
]DOGHFRPSUHVVRUODQJDFKWHUHHQEOLMYHQZHUNHQ
(UZRUGWFRQGHQVZDWHUJHYRUPG
DDQGHEXLWHQNDQWYDQGH
NRHONDVW
 (UNDQYRFKWXLWGHOXFKWFRQGHQVHUHQZDQQHHUGHOXFKWYRFKWLJKHLGLQKHW
YHUWUHNHUJKRRJLVGLWLVYRONRPHQQRUPDDO9HHJKHWFRQGHQVYRFKWZHJPHW
HHQGURJHGRHN
'HEXLWHQNDQWYDQGHNRHONDVW
YRHOWKHHWDDQ
 1DGDWGHNRHONDVWLVDDQJH]HWNDQGHNRHONDVWZDUPDDQYRHOHQWRWGDWGH
ELQQHQNDQWYROGRHQGHJHNRHOGLV'HNRHONDVWNDQRRNZDUPZRUGHQDOVGH
ELQQHQNDQWYROGRHQGHJHNRHOGLV=RZHUNWGHUDGLDWRUOHLGLQJYDQGHNRHONDVW
WHUYRRUNRPLQJYDQFRQGHQVHQLVJHHQVWRULQJ
'HWRHWVHQRSKHW
EHGLHQLQJVSDQHHOZHUNHQQLHW
 6WDDWGHNRHONDVWDDQ"
+HWZDDUVFKXZLQJVJHOXLGLV
KRRUEDDU
 'HGHXUYDQGHNRHONDVWVWDDWRSHHQNLHU6OXLWEHLGHGHXUHQ

.RHONDVWHQYULHVNDVW
'HNRHONDVWNRHOWQLHWHQGH
YULHVNDVWYULHVWQLHW
 6WDDWGHNRHONDVWDDQ"
'HNRHONDVWNRHOWQLHWHQGH
YULHVNDVWYULHVWQLHWYROGRHQGH
 6WDDQGHWHPSHUDWXUHQWHKRRJLQJHVWHOG"
 6WDDWGHNRHONDVWLQGHYROOH]RQRIYODNELMHHQYHUZDUPLQJVDSSDUDDW"
 ,VHUYROGRHQGHUXLPWHURQGRPGHNRHONDVW"
 ,VGHNRHONDVWHUJYRORILVGHNDPHUWHPSHUDWXXUHUJKRRJ"
 =LMQGHGHXUHQHUJYDDNJHRSHQGHQJHVORWHQ"
=LMQDOOHGHXUHQJRHGGLFKW"
 6WDDWGHNRHONDVWLQGHYDNDQWLHVWDQG"
 :DQQHHUHUZDUPHHWHQVZDUHQLQGHNRHONDVWZRUGHQJHSODDWVW]DOGH
WHPSHUDWXXUWLMGHOLMNVWLMJHQ
 7LMGHQVGHZLQWHUPDDQGHQRIZDQQHHUGHNDPHUWHPSHUDWXXUODDJLVOLMNWKHW
DOVRIGHNRHONDVWQLHWNRHOW
(ULVYHUVFKLOWXVVHQGHLQJHVWHOGH
WHPSHUDWXXUHQGHIHLWHOLMNH
WHPSHUDWXXU
 :DQQHHUHUZDUPHHWHQVZDUHQLQGHNRHONDVWZRUGHQJHSODDWVW]DOGH
WHPSHUDWXXUWLMGHOLMNVWLMJHQ
'HHWHQVZDUHQLQGHNRHONDVW]LMQ
EHYURUHQ
 6WDDWGHWHPSHUDWXXUYDQGHNRHONDVWWHODDJLQJHVWHOG"
 =LMQGHHWHQVZDUHQDFKWHULQGHNRHONDVWJHSODDWVW"
,QKHWJHGHHOWHELMGHDFKWHUZDQGLVGHWHPSHUDWXXUKHWODDJVWHZDDUGRRUKHW
EHWHULVHWHQVZDUHQGLHVQHOEHYULH]HQGDDUQLHWWHSODDWVHQ
(ULVVSUDNHYDQFRQGHQVYRUPLQJ
LQGHNRHONDVWHQLQGHODGHQ
 &RQGHQVYRUPLQJWUHHGWRSZDQQHHUGHGHXUUHJHOPDWLJZRUGWJHRSHQGHQ
JHVORWHQRIZDQQHHUGHGHXUQLHWJRHGJHVORWHQLVRIZDQQHHUGHYRFKWLJKHLG
YDQGHUXLPWHWHKRRJLV9HHJKHWRYHUWROOLJHFRQGHQVYRFKWZHJPHWHHQ
GURJHGRHN
'HGHXUYDQGHYULHVNDVWJDDW
PRHLOLMNRSHQ
 1DGDWGHGHXUQHWLVJHVORWHQLVKHWVRPVPRHLOLMNGH]HPHWHHQGDDUQDZHHU
WHRSHQHQ
 +HWYHUVFKLOLQOXFKWGUXNWXVVHQGHELQQHQNDQWHQEXLWHQNDQWYDQGHYULHVNDVW
NDQKHWVRPVPRHLOLMNPDNHQGHGHXUYDQGHYULHVNDVWWHRSHQHQ:DFKW
HQNHOHRJHQEOLNNHQHQSUREHHUKHWGDQQRJPDDOV
+HWUXLNWQLHWOHNNHULQGHNRHONDVW  =LMQVWHUNUXLNHQGHHWHQVZDUHQJRHGDIJHGHNWYRRUGDW]HLQGHNRHONDVW]LMQ
JHSODDWVW"
3ODDWVGHHWHQVZDUHQLQHHQJRHGDIVOXLWEDUHEDNRP]HWHEHZDUHQ
 *HXUHQNXQQHQDDQGHELQQHQZDQGHQYDQGHNRHONDVWEOLMYHQKDQJHQ
1HHPGHELQQHQZDQGHQYDQGHNRHONDVWDIPHWHHQ]DFKWHGRHNGLHXKHEW
EHYRFKWLJGPHWODXZZDUPZDWHU
'LWV\PERROZRUGWJHEUXLNWRPJHEUXLNHUVYRRUUHOHYDQWHLQIRUPDWLHQDDUGHLQVWUXFWLHVRIIROGHUVWH
YHUZLM]HQ
,QGH]HNRHONDVWLVHHQÀOWHULQJHERXZGGLHDOVHHQELRFLGHEHVFKRXZGZRUGW
2S]LMQEHXUWLVHULQGH¿OWHUHHQVWRIJHwQWHJUHHUGGLH]LOYHULRQHQEHYDWHQGLHEDFWHULsQLQGHOXFKWLQGHNRHONDVW
GHDFWLYHHUWHQGHJURHLYDQEDFWHULsQDIUHPW
:HUN]DDPEHVWDQGGHHO]LOYHUQDWULXPZDWHUVWRI]LUNRQLXPIRVIDDW
1HGHUODQGV

7HFKQLVFKHJHJHYHQV
3URGXFWNDDUW(85HJHOLQJ
1$$09$1'(/(9(5$1&,(5 3DQDVRQLF
7<3($$1'8,',1*9$1'(/(9(5$1&,(5
15%1&;(
15%1&:(
15%1&;%
15%1&:%
&$7(*25,( .RHOYULHVNDVW
(1(5*,(()),&,É17,(./$66( $
-$$5/,-.6(1(5*,(9(5%58,. N:K-DDU

1(772,1+28'.2(/*('((/7( /
1(772,1+28'95,(6*('((/7( /
$$17$/67(55(1',(395,(658,07( 9LHU6WHUUHQ
9(50(/',1*Ä12)5267´9225'(
'(6%(75())(1'(58,07(
.RHOJHELHG1RIURVW'LHSYULHVUXLPWH1RIURVW
7,-'92257(03(5$788567,-*,1* 8XU
95,(69(502*(1 NJ8XU
./,0$$7./$66( 17

*(/8,'6(0,66,(9,$'(/8&+7 G%
2YHULJHLQIRUPDWLH
727$/(%5872,1+28' /
727$/(1(772,1+28' /
$)0(7,1*(1%8,7(1.$17
%5(('7([',(37([+22*7(
PP[PP[PP
1(772*(:,&+7 69,5NJ
120,1$/(63$11,1* 99 99
120,1$/()5(48(17,( +]
.2(/0,''(/98//(1 5D60J
%/$$60,''(/ &\FORSHQWDDQ
2SPHUNLQJHQ

 +HWHQHUJLHYHUEUXLNSHUMDDULVJHEDVHHUGRSGHVWDQGDDUGWHVWUHVXOWDWHQJHGXUHQGHXXULQRYHUHHQVWHPPLQJPHW
(1
+HWKXLGLJHHQHUJLHYHUEUXLNYDULHHUWQDDUJHODQJKHWJHEUXLNYDQDSSDUDDWHQZDDUKHW]LFKEHYLQGW
+HWHQHUJLHYHUEUXLNELMJHEUXLNNDQYDULsUHQQDDUJHODQJZDDUKHWDSSDUDDWLVJHwQVWDOOHHUGGHWHPSHUDWXXUYDQHON
YDQGHFRPSDUWLPHQWHQGHRPJHYLQJVWHPSHUDWXXUHQYRFKWLJKHLGKRHYDDNGHGHXUHQZRUGHQJHRSHQGJHVORWHQKHW
YROXPHHQGHWHPSHUDWXXUYDQGHOHYHQVPLGGHOHQHQKRHKHWDSSDUDDWZRUGWJHEUXLNW

 7RHJHVWDQHRPJHYLQJVWHPSHUDWXXU&WRW&
:DQQHHUGHGHXUHQYROOHGLJJHRSHQG]LMQ
PP
PP
PP
PP
PP
PP

)UDQoDLV

7DEOHGHVPDWLqUHV
6LJQLÀFDWLRQGHVV\PEROHV
1HSDVIDLUH
,QGLTXHTXHO¶DSSDUHLOGRLWrWUHUHOLpjODWHUUH
SRXUpYLWHUXQHGpFKDUJHpOHFWULTXH
$VVXUH]YRXVGHOHIDLUH 1HSDVGpPRQWHU
$9(57,66(0(17
6LJQDOHXQULVTXHGHPRUWRXGHEOHVVXUHJUDYH
&HWDSSDUHLOSHXWrWUHXWLOLVpSDUGHVHQIDQWVkJpVGHDQVHWSOXVHWGHV
SHUVRQQHVDX[FDSDFLWpVSK\VLTXHVVHQVRULHOOHVRXPHQWDOHVUpGXLWHV
RXPDQTXDQWG¶H[SpULHQFHHWGHFRQQDLVVDQFHVV¶LOVVRQWVXUYHLOOpVRX
RQWpWpLQIRUPpVGHODPDQLqUHG¶XWLOLVHUO¶DSSDUHLOHQWRXWHVpFXULWpHW
FRPSUHQQHQWOHVULVTXHVHQFRXUXV/HVHQIDQWVQHGRLYHQWSDVMRXHU
DYHFO¶DSSDUHLO/HQHWWR\DJHHWO¶HQWUHWLHQGHODSDUWGHO¶XWLOLVDWHXUQH
GRLYHQWSDVrWUHHIIHFWXpVSDUGHVHQIDQWVVDQVVXUYHLOODQFH
1HVWRFNH]SDVGHVXEVWDQFHVH[SORVLYHVFRPPHGHVDpURVROV
FRQWHQDQWXQJD]SURSXOVHXULQÁDPPDEOHGDQVFHWDSSDUHLO
/HVVXEVWDQFHVLQÀDPPDEOHVWHOOHVTXHOHEHQ]qQHOHVGLOXDQWV
O¶DOFRROO¶pWKHUHWOH*3/SHXYHQWSURYRTXHUGHVH[SORVLRQV
1·XWLOLVH]SDVGHSULVHPXOWLSOHHWQHEUDQFKH]SDVSOXVLHXUVDSSDUHLOVVXUOHPrPHDGDSWDWHXUGHSULVH
 &HODSRXUUDLWSURYRTXHUXQHVXUFKDXIIHXQLQFHQGLHRXXQFRXUWFLUFXLW
1HSDVSLQFHUQRXHURXWRUGUHOHFRUGRQG·DOLPHQWDWLRQHWQHSDVSODFHUXQREMHWORXUGGHVVXV
 &HODDXJPHQWHOHVULVTXHVG¶LQFHQGLHRXGHGpFKDUJHpOHFWULTXH6LOHFRUGRQpOHFWULTXHOD¿FKHpOHFWULTXHRX
O¶DSSDUHLOVRQWHQGRPPDJpVLOVGRLYHQWrWUHUHPSODFpVSDUOHIDEULFDQWXQUpSDUDWHXUDJUppRXXQHSHUVRQQHGH
TXDOL¿FDWLRQpTXLYDOHQWHSRXUpYLWHUWRXWGDQJHU
1HGpEUDQFKH]SDVOHUpIULJpUDWHXUHQWLUDQWVXUOHFRUGRQG·DOLPHQWDWLRQ
 &HODSRXUUDLWHQGRPPDJHUOHFRUGRQG¶DOLPHQWDWLRQ6DLVLVVH]WRXMRXUVOD¿FKHpOHFWULTXHHWWLUH]IHUPHPHQWKRUVGHODSULVH
1HSRVH]DXFXQUpFLSLHQWFRQWHQDQWGHO·HDXVXUOHUpIULJpUDWHXU
 /¶HDXSRXUUDLWHQGRPPDJHUO¶LVRODWLRQGHVFRPSRVDQWVpOHFWULTXHVHWSURYRTXHUXQFRXUWFLUFXLWXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH
1HYDSRULVH]MDPDLVGHJD]LQÁDPPDEOHjSUR[LPLWpGXUpIULJpUDWHXU
 ,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH
1HYDSRULVH]MDPDLVGHO·HDXjO·LQWpULHXURXjO·H[WpULHXUGXUpIULJpUDWHXU
 ,O\DXQULVTXHG¶LQFHQGLHRXGHGpFKDUJHpOHFWULTXH
&RQVLJQHVGHVpFXULWp
3URWHFWLRQGHO·HQYLURQQHPHQW
,QVWDOODWLRQ
,GHQWLÀFDWLRQGHVSLqFHV
3DQQHDXGHFRPPDQGH
5pJODJHGHODWHPSpUDWXUH
8WLOLVDWLRQGHVIRQFWLRQVSUDWLTXHV
&RQWU{OHGHO·KXPLGLWpGXEDFjOpJXPHV´)UHVK&DVHµ

3URGXFWLRQGHJODoRQV
5HWUDLWHWÀ[DWLRQGHVpWDJqUHV
&RQVLJQHVG·HQWUHWLHQHWGHQHWWR\DJH
)RLUHDX[TXHVWLRQV
&DUDFWpULVWLTXHV
&RQVLJQHVGHVpFXULWp

&RQVLJQHVGHVpFXULWpVXLWH
1HWRXFKH]SDVODÀFKHG·DOLPHQWDWLRQpOHFWULTXHDYHFOHVPDLQVPRXLOOpHV
 9RXVSRXUULH]UHFHYRLUXQHGpFKDUJHpOHFWULTXH
1·LQVWDOOH]SDVOHUpIULJpUDWHXUGDQVXQHQGURLWKXPLGHRXGDQVOHTXHOLOSRXUUDLWHQWUHUHQFRQWDFWDYHFGHO·HDX
 /DGpWpULRUDWLRQGHO¶LVRODWLRQGHVSLqFHVpOHFWULTXHVSRXUUDLWrWUHjO¶RULJLQHG¶XQHGpFKDUJHpOHFWULTXHRXG¶XQLQFHQGLH
1HVWRFNH]SDVGHSURGXLWVSKDUPDFHXWLTXHVRXVHQVLEOHVjODWHPSpUDWXUHGDQVOHUpIULJpUDWHXU
 /HVSURGXLWVQpFHVVLWDQWXQVWULFWFRQWU{OHGHWHPSpUDWXUHQHGRLYHQWSDVrWUHVWRFNpVGDQVOHUpIULJpUDWHXU
1HODLVVH]SDVOHVHQIDQWVJULPSHUVHEDODQFHURXVHVXVSHQGUHjODSRUWHGXUpIULJpUDWHXU
 ,OVSRXUUDLHQWVHEOHVVHUJUDYHPHQWHWDXVVLHQGRPPDJHUOHUpIULJpUDWHXU
1·XWLOLVH]SDVOHUpIULJpUDWHXUHQSUpVHQFHGHYDSHXUVH[SORVLYHVRXGHJD]LQÁDPPDEOHV
 ,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH
1HVWRFNH]SDVG·HVVHQFHRXWRXWOLTXLGHLQÁDPPDEOHRXSRXYDQWGpJDJHUGHVYDSHXUVLQÁDPPDEOHVHWQHOHV
XWLOLVH]SDVSUqVGHO·DSSDUHLO
 ,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH
$9(57,66(0(17
1·XWLOLVH]SDVGHV\VWqPHPpFDQLTXHRXDXWUHPR\HQ
SRXUDFFpOpUHUOHSURFHVVXVGHGpJLYUDJH1·XWLOLVH]
TXHOHVPR\HQVUHFRPPDQGpVSDUOHIDEULFDQW
&HODSRXUUDLWHQGRPPDJHUO¶LQWpULHXUGXUpIULJpUDWHXURX
FUpHUXQULVTXHG¶H[SORVLRQ
$9(57,66(0(17
1·XWLOLVH]DXFXQDSSDUHLOODJHpOHFWULTXHGDQVOHV
FRPSDUWLPHQWVGHFRQVHUYDWLRQGHVDOLPHQWVGHO·DSSDUHLOj
O·H[FHSWLRQGHFHX[TXLVRQWUHFRPPDQGpVSDUOHIDEULFDQW
,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH
$9(57,66(0(17
9HLOOH]jQHSDVHQGRPPDJHUOHFLUFXLWGHUpIULJpUDQW
,O\DXQULVTXHG¶H[SORVLRQRXG¶LQFHQGLH
$9(57,66(0(17
1·RXYUH]SDVOHFRXYHUFOHGHO·pFODLUDJHLQWHUQHj'(/
9RXVSRXUULH]UHFHYRLUXQHGpFKDUJHpOHFWULTXH6LO¶pFODLUDJHj
'(/QHIRQFWLRQQHSDVFRUUHFWHPHQWLOGRLWrWUHUHPSODFpSDU
OHIDEULFDQWXQDJHQWDJUppRXXQHSHUVRQQHGHTXDOL¿FDWLRQ
pTXLYDOHQWHSRXUpYLWHUWRXWULVTXH
1·HVVD\H]SDVGHGpPRQWHUGHUpSDUHURXGHPRGLÀHUOHUpIULJpUDWHXUYRXVPrPH
 9RXVSRXUULH]YRXVEOHVVHURXEOHVVHUXQHDXWUHSHUVRQQHSDUGHVEUOXUHVRXGHVGpFKDUJHVpOHFWULTXHVRX
HQGRPPDJHUOHUpIULJpUDWHXU6LYRWUHDSSDUHLOQpFHVVLWHXQHPRGL¿FDWLRQRXXQHUpSDUDWLRQYHXLOOH]YRXVDGUHVVHUj
XQFHQWUHGHVHUYLFHDSUqVYHQWHDJUpp
$VVXUH]YRXVTXHOHUpIULJpUDWHXUHVWEUDQFKpVXUXQHSULVHVHFWHXUUHOLpHjODWHUUH1(3$6EUDQFKHUO·DSSDUHLO
VXUXQHSULVHVHFWHXUTXLQ·HVWSDVUHOLpHjODWHUUH
 8QFRXUWFLUFXLWSRXUUDLWRFFDVLRQQHUXQHGpFKDUJHpOHFWULTXH
9HLOOH]jFHTXHODÀFKHpOHFWULTXHHWOHFRUGRQG·DOLPHQWDWLRQ
QHVRLHQWSDVFRPSUHVVpVRXHQGRPPDJpV
8QH¿FKHpOHFWULTXHRXXQFRUGRQG¶DOLPHQWDWLRQHQGRPPDJpVSHXYHQW
RFFDVLRQQHUXQFRXUWFLUFXLWXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH
6LOHFRUGRQG¶DOLPHQWDWLRQHVWHQGRPPDJpLOGRLWrWUH
UHPSODFpSDUOHIDEULFDQWXQDJHQWDJUppRXXQHSHUVRQQH
GHTXDOL¿FDWLRQpTXLYDOHQWHSRXUpYLWHUWRXWULVTXH
1HWHQWH]SDVGHOHUHPSODFHUYRXVPrPH
)UDQoDLV

5HWLUH]WRXWHVVDOLVVXUHVRXSRXVVLqUHVVXVFHSWLEOHVGHVHWURXYHUVXUOHVEURFKHVGHODÀFKHpOHFWULTXHDYDQW
GHODEUDQFKHUVXUO·DOLPHQWDWLRQpOHFWULTXH
 /¶DFFXPXODWLRQGHSRXVVLqUHVXUOD¿FKHpOHFWULTXHSRXUUDLWVHWUDGXLUHSDUXQGpIDXWG¶LVRODWLRQHQSDUWLFXOLHUGDQVGHV
FRQGLWLRQVGHIRUWHKXPLGLWp&HODSHXWSURYRTXHUXQFRXUWFLUFXLWXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH'pEUDQFKH]
OHFRUGRQG¶DOLPHQWDWLRQHWHVVX\H]OHDYHFXQFKLIIRQVHF1¶XWLOLVH]MDPDLVGHFKLIIRQPRXLOOpRXKXPLGL¿p
%UDQFKH]YRWUHDSSDUHLOjODSULVHHQYRXVDVVXUDQWTXHODFRQQH[LRQHVWVpFXULVpH
 8QH¿FKHG¶DOLPHQWDWLRQpOHFWULTXHPDOEUDQFKpHSHXWrWUHjO¶RULJLQHG¶XQLQFHQGLHRXG¶XQHGpFKDUJHpOHFWULTXH
,QVWDOOH]OHUpIULJpUDWHXUGDQVXQHQGURLWELHQYHQWLOp
 3OXVODTXDQWLWpGHUpIULJpUDQWHVWLPSRUWDQWHGDQVXQDSSDUHLOSOXVODSLqFHGDQVODTXHOOHLOHVWLQVWDOOpGRLWrWUHVSDFLHXVH
(QFDVGHIXLWHGHUpIULJpUDQWVLO¶DSSDUHLOHVWGDQVXQHSHWLWHSLqFHLO\DXQULVTXHGHIRUPDWLRQGHJD]FRPEXVWLEOHV,O\D
XQULVTXHG¶LQFHQGLHRXG¶H[SORVLRQ¬WLWUHLQGLFDWLIDXPRLQVPqWUHFXEHG¶HVSDFHGDQVODSLqFHHVWQpFHVVDLUHSRXU
JGH
UpIULJpUDQW/DTXDQWLWpGHUpIULJpUDQWGDQVO¶DSSDUHLOHVWLQGLTXpHVXUODSODTXHVLJQDOpWLTXHVLWXpHjO¶LQWpULHXUGHO¶DSSDUHLO
/HUpIULJpUDQW5DXWLOLVpGDQVOHUpIULJpUDWHXUHWOHVJD]VHWURXYDQWGDQVOHPDWpULDXLVRODQWF\FORSHQWDQH
VRQWLQÁDPPDEOHV,OVQpFHVVLWHQWGHVSURFpGXUHVVSpFLÀTXHVHQFDVGHPLVHDXUHEXW
 $VVXUH]YRXVTX¶DXFXQGHVWX\DX[VLWXpVjO¶DUULqUHGHO¶DSSDUHLOQHVRQWHQGRPPDJpVDYDQWODPLVHDXUHEXW8QH
IXLWHGHUpIULJpUDQWRXGHJD]SRXUUDLWSURYRTXHUXQLQFHQGLHRXXQHH[SORVLRQ
'pEUDQFKH]OHUpIULJpUDWHXUDYDQWOHQHWWR\DJHHWO·HQWUHWLHQ
 8QPDQTXHPHQWjFHWWHFRQVLJQHSRXUUDLWFDXVHUXQHGpFKDUJHpOHFWULTXH
6LXQHRGHXUGHEUOpRXGHODIXPpHpPDQHGXUpIULJpUDWHXUGpEUDQFKH]LPPpGLDWHPHQWODÀFKHpOHFWULTXHHW
FRQWDFWH]XQFHQWUHGHVHUYLFHDSUqVYHQWHDJUpp
 8QPDQTXHPHQWjFHWWHFRQVLJQHSRXUUDLWFDXVHUXQLQFHQGLHRXXQHGpFKDUJHpOHFWULTXH
$9(57,66(0(17
/HVRULÀFHVG·DpUDWLRQVLWXpVjO·LQWpULHXUGHO·DSSDUHLO
RXGDQVODVWUXFWXUHLQWpJUpHQHGRLYHQWSDVrWUH
REVWUXpV
6LQRQFHODSRXUUDLWFDXVHUXQLQFHQGLHRXXQHH[SORVLRQ
FDUOHUpIULJpUDQWQHSHXWSDVVHGLVSHUVHUV¶LOIXLW
$77(17,21
,QGLTXHXQULVTXHGHEOHVVXUHVRXGHGRPPDJHVPDWpULHOV
1HSODFH]SDVGHERXWHLOOHVRXGHUpFLSLHQWVHQYHUUHGDQVOHFRQJpODWHXU
 /RUVTXHOHFRQWHQXJqOHOHYHUUHSHXWVHEULVHUHWHQWUDvQHUGHVEOHVVXUHV
1HWRXFKH]SDVOHVSDURLVLQWHUQHVGXFRQJpODWHXUQLOHVSURGXLWVVWRFNpVGDQVOHFRQJpODWHXUDYHFOHVPDLQVPRXLOOpHV
 9RWUHSHDXULVTXHGHJHOHUFRQWUHOHVSDURLVLQWHUQHVRXFRQWUHOHVSURGXLWVVWRFNpVGDQVOHFRQJpODWHXU
1HSDVRXYULURXIHUPHUOHVSRUWHVHQWHQDQWOHVSRLJQpHVGHVSRUWHVjGHX[PDLQV
 &HODSRXUUDLWRFFDVLRQQHUGHVEOHVVXUHVFRUSRUHOOHV
(QFDVGHFRXSXUHG·pOHFWULFLWppYLWH]G·RXYULUIUpTXHPPHQWOHUpIULJpUDWHXURXG·\
SODFHUGHVDOLPHQWVQRQUpIULJpUpV
 &HODSRXUUDLWRFFDVLRQQHUXQHKDXVVHGHWHPSpUDWXUHGDQVOHUpIULJpUDWHXUHWQXLUHj
O¶K\JLqQH
6LOHUpIULJpUDWHXUUHVWHLQXWLOLVpSHQGDQWORQJWHPSVGpEUDQFKH]ODÀFKHpOHFWULTXHGHODSULVHVHFWHXU
)DLWHVpJDOHPHQWDWWHQWLRQjO·HVSDFHHQWUHOHVSRUWHVGXUpIULJpUDWHXUHWGX
FRQJpODWHXUHQSDUWLFXOLHUVLGHX[SRUWHVVRQWRXYHUWHVHQPrPHWHPSV
 &HODSRXUUDLWRFFDVLRQQHUGHVEOHVVXUHVFRUSRUHOOHV
/RUVTXHYRXVRXYUH]OHUpIULJpUDWHXUYHLOOH]jQHSDVYRXVSLQFHUOHVGRLJWVGDQVXQH
GHV´]RQHVGHSLQFHPHQWµ(QSDUWLFXOLHUORUVGHO·RXYHUWXUHGHODSRUWHGXUpIULJpUDWHXU
YHLOOH]jpYLWHUOHV]RQHVGHSLQFHPHQWSRWHQWLHOHQWUHOHVSRUWHVGXFRQJpODWHXU
 &HODSHXWRFFDVLRQQHUGHVEOHVVXUHVFRUSRUHOOHV
=RQHVGHSLQFHPHQWSRWHQWLHO

3URWHFWLRQGHO·HQYLURQQHPHQW
0LVHDXUHEXWGHVPDWpULDX[G·HPEDOODJH
9HXLOOH]UHF\FOH]GDQVODPHVXUHGXSRVVLEOHSH[OHFDUWRQOHVVDFVHQSODVWLTXHOHUXEDQDGKpVLIHWOH
SRO\VW\UqQHHWDVVXUH]YRXVTXHWRXVOHVDXWUHVPDWpULDX[G¶HPEDOODJHVRQWpOLPLQpVGHIDoRQVpFXULVpH
&RQVHUYH]O¶HPEDOODJHKRUVGHSRUWpHGHVEpEpVHWGHVMHXQHVHQIDQWVSRXUpYLWHUEOHVVXUHHWpWRXIIHPHQW
/·pOLPLQDWLRQGHVpTXLSHPHQWVXVDJpV
$SSOLFDEOHXQLTXHPHQWGDQVOHVSD\VPHPEUHVGHO·8QLRQ
HXURSpHQQHHWOHVSD\VGLVSRVDQWGHV\VWqPHVGHUHF\FODJH
$SSRVpVXUOHSURGXLWOXLPrPHVXUVRQHPEDOODJHRX¿JXUDQW
GDQVODGRFXPHQWDWLRQTXLO¶DFFRPSDJQHFHSLFWRJUDPPH
LQGLTXHTXHDSSDUHLOVpOHFWULTXHVHWpOHFWURQLTXHVXVDJpV
GRLYHQWrWUHVpSDUpHVGHVRUGXUHVPpQDJqUHV
$¿QGHSHUPHWWUHOHWUDLWHPHQWODYDORULVDWLRQHWOHUHF\FODJH
DGpTXDWVGHVDSSDUHLOVXVDJpVYHXLOOH]OHVSRUWHUjO¶XQGHVSRLQWVGH
FROOHFWHSUpYXVFRQIRUPpPHQWjODOpJLVODWLRQQDWLRQDOHHQYLJXHXU
(QOHVpOLPLQDQWFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
YRXVFRQWULEXH]jpYLWHUOHJDVSLOODJHGHUHVVRXUFHVSUpFLHXVHV
DLQVLTX¶jSURWpJHUODVDQWpKXPDLQHHWO¶HQYLURQQHPHQW
3RXUGHSOXVDPSOHVUHQVHLJQHPHQWVVXUODFROOHFWHHWOHUHF\FODJH
YHXLOOH]YRXVUHQVHLJQHUDXSUqVGHVFROOHFWLYLWpVORFDOHV
/HQRQUHVSHFWGHODUpJOHPHQWDWLRQUHODWLYHjO¶pOLPLQDWLRQGHV
GpFKHWVHVWSDVVLEOHG¶XQHSHLQHG¶DPHQGH
8WLOLVDWHXUVSURIHVVLRQQHOVGHO·8QLRQHXURSpHQQH
3RXUHQVDYRLUSOXVVXUO¶pOLPLQDWLRQGHVDSSDUHLOVpOHFWULTXHV
HWpOHFWURQLTXHVFRQWDFWH]YRWUHUHYHQGHXURXIRXUQLVVHXU
,QIRUPDWLRQVVXUODPLVHDXUHEXWGHVGpFKHWVGDQV
OHVSD\VQHIDLVDQWSDVSDUWLHGHO·8QLRQHXURSpHQQH
&HV\PEROHQ¶HVWUHFRQQXTXHGDQVO¶8QLRQHXURSpHQQH
3RXUVXSSULPHUFHSURGXLWYHXLOOH]FRQWDFWHUOHVDXWRULWpVORFDOHVRX
YRWUHUHYHQGHXUD¿QGHFRQQDvWUHODSURFpGXUHG¶pOLPLQDWLRQjVXLYUH
$YDQWGHYRXVGpEDUUDVVHUGHYRWUHDQFLHQDSSDUHLO
9HXLOOH]VXLYUHOHVLQVWUXFWLRQVGHPLVHDXUHEXWGRQQpHVSDUOHIDEULFDQWGHYRWUHDQFLHQDSSDUHLORXOD
UpJOHPHQWDWLRQORFDOHHQPDWLqUHGHPLVHDXUHEXWGHFHW\SHG¶DSSDUHLO6LHOOHVQHVRQWSDVIRXUQLHV
VXLYH]OHVLQVWUXFWLRQVHQWURLVpWDSHVFLGHVVRXV
 'pEUDQFKH]OD¿FKHpOHFWULTXHGHODSULVH
 &RXSH]OHFRUGRQG¶DOLPHQWDWLRQHWMHWH]OHGHPDQLqUHDSSURSULpHHWVUHDYHFOD¿FKHpOHFWULTXH
WRXMRXUVDWWDFKpH
 $VVXUH]YRXVTXHO¶DQFLHQDSSDUHLOHVWKRUVGHSRUWpHGHVMHXQHVHQIDQWVSHQGDQWODSpULRGHGH
VWRFNDJHSUpFpGDQWVDPLVHDXUHEXWRXDYDQWVRQWUDQVSRUWYHUVXQ&HQWUHGHUHF\FODJH
Ɣ
5HWLUH]WRXWHVOHVJDUQLWXUHVG¶pWDQFKpLWpGHODSRUWHHWODLVVH]OHVpWDJqUHVHWOHVWLURLUVHQSODFH
$LQVLOHVHQIDQWVQHSRXUURQWSDVIDFLOHPHQWJULPSHUjO¶LQWpULHXUGHO¶pTXLSHPHQWHWV¶HQIHUPHU
)UDQoDLV

,QVWDOODWLRQ
&HWWHVHFWLRQH[SOLTXHFRPPHQWLQVWDOOHUYRWUHDSSDUHLOSRXUTX¶LOIDVVHOHPRLQVGHEUXLWSRVVLEOHHWFRQVRPPHOHPRLQVG¶pQHUJLHSRVVLEOH
'LPHQVLRQV
/[3[+PP
'pEDOODJHGHYRWUHDSSDUHLO
5HWLUH]WRXVOHVHPEDOODJHVHWWRXWHVOHVEDQGHVDGKpVLYHV
&KRL[GHO·HPSODFHPHQWDSSURSULp
9HQWLODWLRQ
6DFKDQWTXHO¶DSSDUHLOGpJDJHGHODFKDOHXUSHQGDQWVRQXWLOLVDWLRQLOGRLW
rWUHLQVWDOOpGDQVXQHSLqFHELHQYHQWLOpHHWVqFKHHWXQHVSDFHVXI¿VDQW
GRLWrWUHFRQVHUYpDXWRXUGHO¶DSSDUHLOFRPPHLQGLTXpVXUOD)LJXUH
/¶HVSDFHGRLWrWUHSOXVLPSRUWDQWVLXQEUXLWGHYLEUDWLRQHVWpPLV
7HPSpUDWXUH
/DFRQVRPPDWLRQG¶pQHUJLHHWO¶HI¿FDFLWpGHO¶DSSDUHLOFjGOD
TXDQWLWpG¶pQHUJLHTX¶LOXWLOLVHSRXUUHIURLGLUHWFRQJHOHUGHODQRXUULWXUH
VRQWDIIHFWpHVSDUODWHPSpUDWXUHDPELDQWH
3RXUGHVUpVXOWDWVRSWLPXPVYRWUHUpIULJpUDWHXU
Ɣ QHGRLWSDVrWUHH[SRVpjODOXPLqUHGLUHFWHGXVROHLO
Ɣ QH GRLW SDV rWUH LQVWDOOp j SUR[LPLWp GH UDGLDWHXUV FXLVLQLqUHV RX
DXWUHVVRXUFHVGHFKDOHXU
Ɣ GRLW XQLTXHPHQW rWUH LQVWDOOp GDQV XQH SLqFH GRQW OD WHPSpUDWXUH
DPELDQWH
FRUUHVSRQGjODFODVVHFOLPDWLTXHGp¿QLHSRXUO¶DSSDUHLO
9HXLOOH]FRQVXOWHUODVHFWLRQGHV&DUDFWpULVWLTXHVSRXUFRQQDvWUHOD
FODVVHFOLPDWLTXHGHYRWUHDSSDUHLO
Ɣ /HV WHPSpUDWXUHV H[WHUQHV RX OHV FRQGLWLRQV HQYLURQQHPHQWDOHV
SHXYHQWDYRLUXQLPSDFWQpJDWLIVXUVHVSHUIRUPDQFHV
/HVDOLPHQWVVWRFNpVULVTXHQWGHVHGpWpULRUHU
1LYHDX
$SUqVDYRLUSRVLWLRQQpO¶DSSDUHLOGHIDoRQjFHTXHOHVROQHVRLWSDV
HQGRPPDJpLQVWDOOH]OHVXUXQVROELHQKRUL]RQWDOHWDVVH]VROLGHSRXU
VXSSRUWHUOHSRLGVG¶XQUpIULJpUDWHXUSOHLQ
&RUULJH]OHVLUUpJXODULWpVGXVROHQDJLVVDQWVXUOHVGHX[SLHGVDYDQW
DMXVWDEOHVFRPPHLQGLTXpGDQVOD)LJXUH
&HODpYLWHUDOHVYLEUDWLRQVHWOHEUXLW
6LO¶DSSDUHLOHVWSODFpVXUXQHPRTXHWWHRXXQUHYrWHPHQWHQYLQ\OH
SRVH]G¶DERUGXQHSODQFKHGXUHVXUODPRTXHWWHRXVXUOHUHYrWHPHQW
&HODpYLWHUDXQHGpWpULRUDWLRQSRVVLEOHGHODFRXOHXUGXHjODFKDOHXU
3RUWHGXUpIULJpUDWHXU
,OHVWSRVVLEOHGHGpSODFHUOHVFKDUQLqUHVGHODSRUWHGXUpIULJpUDWHXU
GHODGURLWHYHUVODJDXFKHD¿QTXHODSRUWHV¶RXYUHGDQVO¶DXWUHVHQV
6LFHODHVWSOXVFRPPRGHGDQVYRWUHPDLVRQYHXLOOH]FRQWDFWHUQRWUH
VHUYLFHDSUqVYHQWHpQXPpUpVXUODIHXLOOHMRLQWHRXDFFpGH]jQRWUH
VLWH:HEKWWSZZZSDQDVRQLFFRP
1RXVQHSRXUULRQVrWUHWHQXVUHVSRQVDEOHVVLYRXVUHPSODFLH]OHV
FKDUQLqUHVSDUYRXVPrPH
PPRXSOXV
PP
RXSOXV
PP
RXSOXV
)LJXUH
)LJXUH

0LVHHQSODFHGHVJXLGHVGHPDLQWLHQGHODGLVWDQFH
&HWDSSDUHLOHVWOLYUpDYHFGHX[JXLGHVGHPDLQWLHQGHODGLVWDQFHTXHYRXVGHYH]
LQVWDOOHUVXUODSDUWLHLQIpULHXUHGHODFDUFDVVHD¿QG¶pYLWHUGHSODFHUO¶DSSDUHLOWURSSUqV
GXPXU9RXVSRXYH]SDUDLOOHXUVLQVWDOOHUO¶DSSDUHLOVDQVOHVFDOHVG¶HVSDFHPHQWQRWH]
WRXWHIRLVTXHFHODSHXWDXJPHQWHUODFRQVRPPDWLRQG¶pQHUJLH
1HWWR\DJH
$SUqVO¶LQVWDOODWLRQQHWWR\H]O¶DSSDUHLOHQO¶HVVX\DQWjO¶HDXWLqGH
%UDQFKHPHQWGHODÀFKHG·DOLPHQWDWLRQpOHFWULTXHVXUODSULVHpOHFWULTXH
8QHIRLVO¶DSSDUHLOEUDQFKpWRXVOHVV\PEROHVV¶DI¿FKHQWXQLQVWDQWSXLVOHVYDOHXUVGHGpPDUUDJHV¶DI¿FKHQWSDU
H[HPSOH&VXUO¶LQGLFDWHXUGHUpJODJHGXFRQJpODWHXUHW&VXUFHOXLGXUpIULJpUDWHXU
7RXWHVOHVWRXFKHVGXSDQQHDXGHFRPPDQGHVRQWWDFWLOHV,OVXI¿WG¶DSSX\HUGHVVXVSRXUDFWLYHUODWRXFKHTXHYRXV
VRXKDLWH]XWLOLVHU
5HPDUTXHV
 /HUHIURLGLVVHPHQWSHXWSUHQGUHSOXVGHWHPSVHQpWpRXjG¶DXWUHVSpULRGHVRODWHPSpUDWXUHDPELDQWHHVWpOHYpH
 6LYRXVDYH]EHVRLQGHGpEUDQFKHUOHUpIULJpUDWHXUDWWHQGH]DXPRLQVPLQXWHVDYDQWGHOHUHEUDQFKHU9RXVSRXUULH]
HQGRPPDJHUOHFRPSUHVVHXU
7HPSpUDWXUHGHODSLqFH
/DFODVVHFOLPDWLTXHVHWURXYHVXUODSODTXHVLJQDOpWLTXHVLWXpHVXUOHF{WpJDXFKHGXFRPSDUWLPHQWGXUpIULJpUDWHXU(OOH
LQGLTXHOHVWHPSpUDWXUHVDPELDQWHVVRXVOHVTXHOOHVO¶DSSDUHLOSHXWrWUHXWLOLVp
&ODVVHFOLPDWLTXH 7HPSpUDWXUHDPELDQWHDXWRULVpH
61 7HPSpUpHpODUJLH &j&
1 7HPSpUpH &j&
67 6XEWURSLFDOH &j&
7 7URSLFDOH &j&
3RXUpFRQRPLVHUGHO·pQHUJLH
 ,QVWDOOH]OHUpIULJpUDWHXUGDQVXQHSLqFHVqFKHIUDLFKHHWELHQYHQWLOpH9HXLOOH]YRXVUpIpUHUjODSDJHSRXUOHV
GLPHQVLRQVHWOHGpJDJHPHQW
 /DFRPELQDLVRQGHVWLURLUVHWpWDJqUHVTXLIRXUQLWOHSOXVJUDQGYROXPHHWO¶XWLOLVDWLRQG¶pQHUJLHODSOXVHI¿FLHQWHSRXUOH
UpIULJpUDWHXU
 5HWLUH]OHVWLURLUVGXFRQJpODWHXU
 $WWDFKH]OHVWLURLUVHWOHVpWDJqUHVDX[SRVLWLRQVLOOXVWUpHVGDQVODVHFWLRQGHV³,GHQWL¿FDWLRQGHVSLqFHV´S
 1HUHPSOLVVH]SDVWURSOHUpIULJpUDWHXUSRXUSHUPHWWUHjO¶DLUGHFLUFXOHU
 2XYUH]OHVSRUWHVVHXOHPHQWVLQpFHVVDLUHHWDXVVLEULqYHPHQWTXHSRVVLEOH
 1HWWR\H]GHWHPSVHQWHPSVOHVRUL¿FHVG¶DpUDWLRQDXIRQGGXUpIULJpUDWHXUDYHFXQDVSLUDWHXUHWF
)DLWHVDWWHQWLRQGHQHSDVHQGRPPDJHUOHWX\DXGHUpIULJpUDQWjO¶LQWpULHXUGXFRXYHUFOH
 /DFRQVRPPDWLRQG¶pQHUJLHDXJPHQWHORUVTXHYRXVVpOHFWLRQQH]OHPRGH6XSHU)UHH]H)ODVK)UHH]HRX6XSHU&RRO
,QVWDOODWLRQVXLWH
)UDQoDLV

,GHQWLÀFDWLRQGHVSLqFHV
&RPSDUWLPHQWGXUpIULJpUDWHXU
9RXVSRXYH]UpJOHUODWHPSpUDWXUHGDQVXQH
SODJHFRPSULVHHQWUH&HW&
3ODWVFXLVLQpV
ERLVVRQV°XIV
JkWHDX[SURGXLWV
ODLWLHUV
&RPSDUWLPHQWGXFRQJpODWHXU
,OQ·HVWSDVSRVVLEOHGHUpJOHU
LQGpSHQGDPPHQWODWHPSpUDWXUHGX
FRQJpODWHXU
/HUpJODJHGHODWHPSpUDWXUHGXUpIULJpUDWHXU
DXQLPSDFWVXUFHOOHGXFRQJpODWHXU/D
WHPSpUDWXUHGXFRQJpODWHXUGLPLQXHVLYRXV
GpÀQLVVH]ODWHPSpUDWXUHGXUpIULJpUDWHXU
VRXVOHQLYHDXUHFRPPDQGp(OOHDXJPHQWH
VLYRXVODGpÀQLVVH]DXGHVVXVGXQLYHDX
UHFRPPDQGp
9LDQGHFRQJHOpH
YRODLOOHSRLVVRQ
FUqPHJODFpH
&
'
1
1
+
(
-
,
)
*
.
/
0
2
&3DQQHDXGHFRPPDQGH +&DVLHUj±XIV 07LURLUGHFRQJpODWHXU
'eFODLUDJHLQWHUQHj'(/ ,
eWDJqUHGHSRUWHUpJODEOHHQKDXWHXU´)OH[/LIWµ
13LHGV
(
eWDJqUHHQYHUUH´6OLGH¶1·6WRUHµ
-eWDJqUHjERXWHLOOHV 2%RXFKRQGHERXWHLOOH
)&DVLHU&KLOOHU .7LURLUGHFRQJpODWHXU
*%DFjOpJXPHV´)UHVK&DVHµ/7LURLUGHFRQJpODWHXU
5HPDUTXH
 9RXVSRXYH]PRGL¿HUODSRVLWLRQG¶LQVWDOODWLRQGHVpWDJqUHVHQYHUUHHWGHVpWDJqUHVGHSRUWH6R\H]FHSHQGDQWYLJLODQW
FDUOHVDOLPHQWVHWOHVERLVVRQVSRXUUDLHQWWRPEHUORUVGHO¶RXYHUWXUHHWGHODIHUPHWXUHGHODSRUWHHQIRQFWLRQGHOD
SRVLWLRQGHVpWDJqUHV
 /RUVGHO¶RXYHUWXUHGHODSRUWHYHXLOOH]SUHQGUHJDUGHDX[FROOLVLRQVDYHFGHVSHUVRQQHVRXGHVREMHWVjSUR[LPLWp
 9RXVSRXYH]pJDOHPHQWXWLOLVHUOHFDVLHUj°XIV
+
FRPPHEDFjJODoRQV
9RXVSRXYH]UpJOHUODKDXWHXUGHVpWDJqUHV
,
VHORQ
YRVSUpIpUHQFHVVDQVOHVUHWLUHU7LUH]YHUVYRXVOHV
GHX[OHYLHUVGHSDUWHWG¶DXWUHGHO¶pWDJqUHHWDEDLVVH]
O¶pWDJqUH6LYRXVVRXKDLWH]SODFHUO¶pWDJqUHSOXVKDXW
GpSODFH]ODVDQVUHOkFKHUOHVGHX[OHYLHUV

3DQQHDXGHFRPPDQGH
1 3 5 7 9
NoFrost
)( &'
&
7RXFKH5pJODJHGHODWHPSpUDWXUHHW0RGH6XSHU&RRO
'
$IÀFKDJHG·DODUPH
(
$IÀFKDJHGHODWHPSpUDWXUHGXUpIULJpUDWHXU
)
$IÀFKDJHGXPRGH6XSHU&RRO
5HPDUTXHV
 &HUpIULJpUDWHXUXWLOLVHXQPLFURSURFHVVHXUSRXUFRQWU{OHUODWHPSpUDWXUH/DWHPSpUDWXUHjO¶LQWpULHXUGXUpIULJpUDWHXU
YDULHVHORQFHUWDLQVIDFWHXUVFRPPHOHVYDULDWLRQVGHWHPSpUDWXUHGHODSLqFHODIUpTXHQFHG¶RXYHUWXUHHWGHIHUPHWXUH
GHVSRUWHVRXODTXDQWLWpG¶DOLPHQWVVWRFNpVjO¶LQWpULHXU
 8QLQGLFDWHXUG¶DODUPHFOLJQRWHHWVRQQHHQPrPHWHPSV
 /H¿OPSURWHFWHXUDQWLUD\XUHVHVWFROOpDXSDQQHDXGHFRPPDQGH
1 3 5 7 9
)( &'
 3RXUUpJOHUODWHPSpUDWXUHGXFRPSDUWLPHQWGXUpIULJpUDWHXUXWLOLVH]ODWRXFKH
&

 $SSX\H]VXUODWRXFKH
&
SRXUVpOHFWLRQQHUODWHPSpUDWXUHGHYRWUHFKRL[
 5pJODJHUHFRPPDQGp&
 6LODWHPSpUDWXUHHVWUpJOpHVXU&SHQGDQWXQHSpULRGHSURORQJpHOHUpIULJpUDWHXUSHXWGHYHQLUWURSIURLG
'DQVFHFDVDXJPHQWH]ODWHPSpUDWXUH
 6LODWHPSpUDWXUHGHODSLqFHGDQVODTXHOOHO¶DSSDUHLOHVWLQVWDOOpHVWLQIpULHXUHj&OHUpIULJpUDWHXUHWRXOH
FRQJpODWHXUSHXYHQWQHSDVSURGXLUHVXI¿VDPPHQWGHIURLG
'DQVFHFDVQRXVYRXVUHFRPPDQGRQVGHUpJOHUODWHPSpUDWXUHVXU&RXPRLQV
1pDQPRLQVOHVWHPSpUDWXUHVGXUpIULJpUDWHXUHWRXGXFRQJpODWHXUQ¶DUULYHQWSDVjDWWHLQGUHOHQLYHDXVRXKDLWp6XLYH]
OHVpWDSHVFLGHVVRXV
 /DWHPSpUDWXUHGXFRQJpODWHXUHVWWURSpOHYpH
5pJOH]OHYROHWPDQXHOVLWXpjO¶DUULqUHGXEDFjOpJXPHVVXUODSRVLWLRQ
1
2
3
1
2
3
 /DWHPSpUDWXUHGXUpIULJpUDWHXUHVWWURSpOHYpH
5pJOH]OHYROHWPDQXHOVLWXpjO¶DUULqUHGXEDFjOpJXPHVVXUODSRVLWLRQ
5pJODJHGHODWHPSpUDWXUH
)UDQoDLV

8WLOLVDWLRQGHVIRQFWLRQVSUDWLTXHV
0RGH6XSHU&RRO
3RXUDFWLYHUOHPRGH6XSHU&RRODSSX\H]VXUODWRXFKH
&
MXVTX¶jFHTXHOHV\PEROH
)
V¶DOOXPH
 8WLOLVH]FHPRGHDSUqVODSUHPLqUHPLVHVRXVWHQVLRQGHO¶DSSDUHLODYDQWXQQHWWR\DJHRXKHXUHVDYDQWG¶DMRXWHU
XQHJUDQGHTXDQWLWpG¶DOLPHQWVGDQVOHUpIULJpUDWHXUHWRXOHFRQJpODWHXU
6LYRXVQHGpVDFWLYH]SDVFHPRGHPDQXHOOHPHQWLOOHVHUDDXWRPDWLTXHPHQWDSUqVGHX[MRXUVHQYLURQ
/DWHPSpUDWXUHGXFRPSDUWLPHQWGXUpIULJpUDWHXUVHUDGp¿QLHVHORQOHGHUQLHUUpJODJH
5HPDUTXHV
 /RUVTXHFHPRGHHVWDFWLYp
,OVHGpVDFWLYHVLYRXVDSSX\H]VXUODWRXFKH
&

%LHQTXHYRXVSXLVVLH]pJDOHPHQWUpJOHUODWHPSpUDWXUHGXUpIULJpUDWHXUOHPRGH6XSHU&RROSHXWrWUHGpVDFWLYp
 &HPRGH6XSHU&RROSURGXLWDXVVLGXIURLGGDQVOHFRQJpODWHXUORUVTX¶LOHVWDFWLYp
0RGH$ODUP
$ODUPHGHWHPSpUDWXUHpOHYpH
/RUVTXHO¶DSSDUHLOHVWPLVVRXVWHQVLRQSRXUODSUHPLqUHIRLVRXTXHODWHPSpUDWXUHGDQVOHFRPSDUWLPHQWGX
UpIULJpUDWHXUHVWWURSpOHYpHVXSpULHXUHj&XQHDODUPHVRQRUHELSSDULQWHUPLWWHQFHHVWpPLVHHWOHV\PEROH
'
FOLJQRWH
8WLOLVH]ODWRXFKH
&
SRXUGpVDFWLYHUO¶DODUPHVRQRUH6LYRXVQHODGpVDFWLYH]SDVHOOHVRQQHUDSHQGDQWOHVFLQT
SUHPLqUHVPLQXWHVGHFKDTXHKHXUH
$ODUPHGHSRUWHRXYHUWH
6LODSRUWHGXFRPSDUWLPHQWGXUpIULJpUDWHXURXGXFRQJpODWHXUUHVWHRXYHUWHSHQGDQWSOXVGHGHX[PLQXWHVXQH
DODUPHVRQRUHELSHQFRQWLQXHVWpPLVH
3RXUDFTXLWWHUO¶DODUPHVRQRUHHWO¶pWHLQGUHDSSX\H]VXUODWRXFKH
&
RXIHUPH]ODSRUWH

(DX
9RXVSRXYH]XWLOLVHUOHFDVLHUj°XIVSRXUREWHQLUGHVJODoRQV
3RXUFHIDLUHUHPSOLVVH]OHFDVLHUj°XIVDYHFGHO¶HDXHWSODFH]OHGDQVOHWLURLUGXFRQJpODWHXURXGDQVOHFRQJpODWHXU
GLUHFWHPHQW
/RUVTXHOHVJODoRQVVRQWSUrWVVRUWH]OHFDVLHUj°XIV
3RXVVH]VRXVFKDTXHFDYLWpGXFDVLHUj°XIV
/HVJODoRQVVHURQWpMHFWpVGXFDVLHUj°XIV
5HWUDLWHWÀ[DWLRQGHVpWDJqUHV
3URGXFWLRQGHJODoRQV
&RQWU{OHGHO·KXPLGLWpGXEDFjOpJXPHV´)UHVK&DVHµ
5pIULJpUDWHXU
eWDJqUHVHQYHUUH
3RXUUHWLUHUXQHpWDJqUHGX
UpIULJpUDWHXUWLUH]GHVVXV
MXVTX¶HQEXWpHF¶HVWjGLUH
MXVTX¶DXJXLGH(QVXLWH
VRXOHYH]OpJqUHPHQWOD
SDUWLHDYDQWHWGpJDJH]OD
FRPSOqWHPHQW
&DVLHU&KLOOHUHWEDF
jOpJXPHV´)UHVK
&DVHµ
7LUH]VXUOHFDVLHU
MXVTX¶HQEXWpH6RXOHYH]
DORUVODSDUWLHDYDQWHW
GpJDJH]FRPSOqWHPHQW
OHWLURLU
eWDJqUHVGHSRUWH
3RXUUHWLUHUXQH
pWDJqUHSODFH]ODjOD
SRVLWLRQODSOXVKDXWH
SRXVVH]OHVOHYLHUV
JDXFKHHWGURLWSXLV
WLUH]O¶pWDJqUH
eWDJqUHjERXWHLOOHV
3RXUUHWLUHUXQH
pWDJqUHGHO¶DSSDUHLO
VRXOHYH]ODMXVTX¶HQ
EXWpHHWWLUH]SRXUOD
GpJDJHU
&RQJpODWHXU
/HVWLURLUVRQWpWpFRQoXGHIDoRQjpYLWHUWRXWHH[WUDFWLRQDFFLGHQWHOOH3RXUUHWLUHUXQWLURLU
RXYUH]OHSXLVVRXOHYH]ODSDUWLHDYDQWSRXUOHGpJDJHU
$SUqVDYRLUUHWLUpOHWLURLUYRXVSRXYH]VWRFNHUGHVDOLPHQWVGDQVOHFRPSDUWLPHQWYLGH
 /HEDFVLWXpGDQVODSDUWLHLQIpULHXUHGXUpIULJpUDWHXUSHUPHWGH
VWRFNHUGHVIUXLWVHWGHVOpJXPHV,OPDLQWLHQWXQWDX[G¶KXPLGLWp
DGpTXDWD¿QG¶pYLWHUOHGHVVqFKHPHQWGHVDOLPHQWV
 3ODFH]OHVDOLPHQWVGDQVGHVUpFLSLHQWVRXGHVHPEDOODJHVDGDSWpV
D¿QG¶pYLWHUTX¶LOVQHGpJDJHQWRXQHSUHQQHQWGHVRGHXUV
&HEDFGLVSRVHG¶XQUpJXODWHXUG¶KXPLGLWpTXLSHUPHWGHUpJOHU
O¶KXPLGLWpHQIRQFWLRQGHODTXDQWLWpG¶DOLPHQWVTX¶LOFRQWLHQW
3HWLWHVTXDQWLWpVG·DOLPHQWVUpJOH]OHUpJXODWHXUjGURLWH
*UDQGHVTXDQWLWpVG·DOLPHQWVUpJOH]OHUpJXODWHXUjJDXFKH
)UDQoDLV

&RQVLJQHVG·HQWUHWLHQHWGHQHWWR\DJH
1HWWR\DJHTXRWLGLHQ
(VVX\H]OHVSLqFHVDYHFXQFKLIIRQVHF
(QGURLWVTXLVHVDOLVVHQWIDFLOHPHQW
3LqFHVTXLSHXYHQWrWUHQHWWR\pHVDYHFGHO·HDX
5pIULJpUDWHXU &RQJpODWHXU
Ɣ eWDJqUHVHQYHUUH
Ɣ eWDJqUHVGHSRUWH
Ɣ eWDJqUHjERXWHLOOH
Ɣ &DVLHUj°XIV
Ɣ &DVLHU&KLOOHU
Ɣ %DFjOpJXPHV³)UHVK&DVH´
Ɣ %RXFKRQGHERXWHLOOH
5HPDUTXH
 1¶XWLOLVH]SDVGHSURGXLWVGHQHWWR\DJHDEUDVLIV
WHOVTXHOHELFDUERQDWHGHVRXGH&HODSRXUUDLW
HQGRPPDJHUOHSODVWLTXH
Ɣ 7LURLUVGXFRQJpODWHXU
-RLQWG·RXYHUWXUHGHSRUWH
(QVHVDOLVVDQWOHMRLQWV¶DEvPHIDFLOHPHQWHWXQHIXLWH
G¶DLUIURLGHVWWUqVSUREDEOH
eWDJqUHjERXWHLOOHV
6LGHODVDOHWpHWGXOLTXLGHVRQWDFFXPXOpVHVVX\H]
LPPpGLDWHPHQW
7RXVOHVDQVGpEUDQFKH]OD¿FKHG¶DOLPHQWDWLRQHWUHWLUH]OHVpWDJqUHVSRXU
HIIHFWXHUXQQHWWR\DJHPLQXWLHX[
1HWWR\DJHGXSDQQHDXGHFRPPDQGH
/HSDQQHDXGHFRPPDQGHGXUpIULJpUDWHXUHVWIDEULTXpDYHFGHVPDWpULDX[VSpFLDX[3RXUSURWpJHUODVXUIDFHGHVGRPPDJHV
QHOHQHWWR\H]SDVDYHFXQVROYDQWFKLPLTXH$XOLHXGHFHODHVVX\H]OHDYHFXQFKLIIRQGRX[VHFRXOpJqUHPHQWKXPLGL¿p
1HWWR\DJHGHO·H[WpULHXUGXUpIULJpUDWHXU
1HWWR\H]ODSDUWLHH[WHUQHGHO¶DSSDUHLOjO¶DLGHG¶XQFKLIIRQGRX[KXPLGL¿pjO¶HDXFKDXGH6LFHUWDLQHVWDFKHVUpVLVWHQW
DSSOLTXH]XQSURGXLWGHQHWWR\DJHGHFXLVLQHQHXWUHSXLVHVVX\H]DYHFXQFKLIIRQGRX[KXPLGL¿pjO¶HDXFKDXGH(VVX\H]
WRXWHWUDFHG¶HDXjO¶DLGHG¶XQFKLIIRQVHF
5HPDUTXHVFRQFHUQDQWOHQHWWR\DJH
$XFXQHGHVVXEVWDQFHVVXLYDQWHVQHGRLWrWUHXWLOLVpHSRXUOHQHWWR\DJHGHO¶DSSDUHLO
Ɣ 3URGXLWGHODYDJHDOFDOLQGHWHOOHVVXEVWDQFHVSHXYHQWIDLUHFUDTXHOHUOHVSDUWLHVHQSODVWLTXH
Ɣ
'pWHUJHQWSXOYpULVpSRXGUHGHVDYRQKXLOHIRVVLOHHDXFKDXGHEURVVHGHFXLVLQHDFLGHEHQ]qQHGLOXDQWVRX
VROXWLRQVEDVHG·DOFRROHWF&HVVXEVWDQFHVSRXUUDLHQWHQGRPPDJHUOHVSHLQWXUHVGHVXUIDFHHWOHVSDUWLHVHQSODVWLTXH
9HLOOH]jpOLPLQH]WRXWHWDFKHG¶KXLOHGRPHVWLTXH&HODSRXUUDLWpJDOHPHQWHQGRPPDJHUOHVSLqFHVHQSODVWLTXH

9pULÀFDWLRQVG·XVDJH
Ɣ/HFRUGRQG¶DOLPHQWDWLRQHVWLOHQGRPPDJp"
Ɣ/D¿FKHpOHFWULTXHGHYLHQWHOOHFKDXGH"
Ɣ/D¿FKHpOHFWULTXHHVWHOOHFRPSOqWHPHQWLQVpUpHGDQVODSULVH"
6LOHFRUGRQG¶DOLPHQWDWLRQHVWHQGRPPDJpYHXLOOH]FRQVXOWHUXQUHYHQGHXUDJUpp1HUHPSODFH]3$6FHVSLqFHV
YRXVPrPH
1RQXWLOLVDWLRQSURORQJpH
6¶LOHVWSUpYXXQHORQJXHSpULRGHGHQRQXWLOLVDWLRQGHO¶DSSDUHLOGpEUDQFKH]OD¿FKHpOHFWULTXHHIIHFWXH]XQQHWWR\DJH
FRPPHGpFULWFLGHVVXV/DLVVH]ODSRUWHRXYHUWHSHQGDQWRXMRXUV&HODSHUPHWjO¶LQWpULHXUGHVpFKHUpYLWHOD
IRUPDWLRQGHPRLVLVVXUHVHWGHPDXYDLVHVRGHXUV
'HIDoRQJpQpUDOHQ¶pWHLJQH]SDVOHUpIULJpUDWHXU6DGXUpHGHYLHSRXUUDLWHQrWUHDIIHFWpH
$YDQWGHGpSODFHURXGHWUDQVSRUWHUOHUpIULJpUDWHXU
5HWLUH]WRXVOHVDOLPHQWV
'pEUDQFKH]OH
6RXOHYH]OHSLHGDMXVWDEOH
7LUH]OHUpIULJpUDWHXUYHUVYRXV
3DUH[HPSOHXWLOLVH]XQFKLIIRQSRXUDEVRUEHUO¶HDXGXSODWHDX
G¶pYDSRUDWLRQ
'pSODFHPHQWHWWUDQVSRUWGXUpIULJpUDWHXU
/HWUDQVSRUWGHO¶DSSDUHLOQpFHVVLWHDXPRLQVGHX[SHUVRQQHV
9LVVH]OHVSLHGVDMXVWDEOHVjIRQG
0DLQWHQH] OH SLHG DMXVWDEOH GXQH PDLQ HW OHV FRLQV GH
O¶DXWUHFRPPHGpFULW
5HPDUTXH
 1HSRUWH]SDVO¶DSSDUHLOHQOHWHQDQWSDUVHVSRUWHV
1HWUDQVSRUWH]MDPDLVOHUpIULJpUDWHXUHQSRVLWLRQFRXFKpH
6pFXULVH]OHVSRUWHV
DYHFGXUXEDQDGKpVLI
&RQVLJQHVG·HQWUHWLHQHWGHQHWWR\DJHVXLWH
3DUWLHLQIpULHXUHjO¶DUULqUHGHO¶DSSDUHLO
)UDQoDLV

)RLUHDX[TXHVWLRQV
6LYRXVDYH]O¶LPSUHVVLRQTXHYRWUHUpIULJpUDWHXUQHIRQFWLRQQHSDVFRUUHFWHPHQWYpUL¿H]WRXWG¶DERUGOHVSRLQWVVXLYDQWV
6LOHSUREOqPHSHUVLVWHGpEUDQFKH]OD¿FKHG¶DOLPHQWDWLRQpOHFWULTXHHWFRQWDFWH]YRWUHUHYHQGHXURXXQFHQWUHGHVHUYLFH
DSUqVYHQWHDJUpp
*pQpUDO
/HUpIULJpUDWHXUpPHWGHVEUXLWV
LQKDELWXHOV
 /HUpIULJpUDWHXUHVWWLOELHQLQVWDOOpVXUXQVROVROLGHHWSODW"
 <DWLOVXI¿VDPPHQWG¶HVSDFHWRXWDXWRXUGXUpIULJpUDWHXU"
 <DWLOTXHOTXHFKRVHTXLYLEUHDXVRPPHWGXUpIULJpUDWHXU"
 &¶HVWQRUPDOG¶HQWHQGUHFHUWDLQVEUXLWVTXDQGOHUpIULJpUDWHXUVHPHWHQ
PDUFKHRXV¶DUUrWH
9RXVHQWHQGH]XQVRQDSUqV
ODPLVHKRUVVHUYLFHGX
FRPSUHVVHXU
 &HFLHVWQRUPDOHWF¶HVWVRXYHQWGDXUpIULJpUDQWFRXODQWHQVHQVLQYHUVHYHUV
OHFRPSUHVVHXU
9RXVHQWHQGH]XQVRQDSUqVDYRLU
RXYHUWRXIHUPpODSRUWH
 &HFLHVWQRUPDOHWF¶HVWGjODGLIIpUHQFHGHSUHVVLRQG¶DLUHQWUHO¶LQWpULHXUHW
O¶H[WpULHXUGXUpIULJpUDWHXU
9RXVHQWHQGH]XQVRQG·DLURX
G·HDXTXLFRXOHDSUqVDYRLURXYHUW
ODSRUWH
 &HFLHVWGDXUpIULJpUDQWFRXODQWGDQVOHVFRQGXLWHVLQWHUQHV
9RXVHQWHQGH]XQEUXLWGH
YHQWLODWLRQLPSRUWDQWHQFRQWLQX
 &HVRQVHIDLWHQWHQGUHTXDQGOHYHQWLODWHXUGHFLUFXODWLRQG¶DLUIURLGHVWHQPDUFKH
 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOHpOHYpH"
'DQVGHVVLWXDWLRQVGHFHW\SHOHYHQWLODWHXUGHFLUFXODWLRQG¶DLUIURLGWRXUQH
WUqVYLWHHWSURGXLWXQEUXLWpOHYp
/HFRPSUHVVHXUHVWDVVH]
EUX\DQW
 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOHpOHYpH"
'DQVFHVFDVOHFRPSUHVVHXUWRXUQHWUqVYLWHLOHVWGRQFQRUPDOTX¶LOVRLWSOXV
EUX\DQW
/HFRPSUHVVHXUIRQFWLRQQH
SHQGDQWORQJWHPSV
 4XDQGOD¿FKHG¶DOLPHQWDWLRQpOHFWULTXHHVWEUDQFKpHSRXUODSUHPLqUHIRLVOH
FRPSUHVVHXUIRQFWLRQQHSOXVORQJWHPSVTXHODQRUPDOHSRXUUHIURLGLUO¶LQWpULHXU
GXUpIULJpUDWHXUMXVTX¶jFHTXHOHVWHPSpUDWXUHVFKRLVLHVVRLHQWDWWHLQWHV
 /HPRGH6XSHU)UHH]HRX6XSHU&RROHVWLOUpJOp"
 /HVSRUWHVRQWHOOHVpWpIUpTXHPPHQWRXYHUWHVHWIHUPpHV"/HVSRUWHVVRQW
HOOHVELHQIHUPpHV"
 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOHpOHYpH"
 4XDQGEHDXFRXSG¶DOLPHQWVVRQWSODFpVGDQVOHUpIULJpUDWHXUHQXQHIRLVOH
FRPSUHVVHXUGRLWIRQFWLRQQHUSOXVORQJWHPSV
'HODFRQGHQVDWLRQVHIRUPHVXU
O·H[WpULHXUGXUpIULJpUDWHXU
 'HODFRQGHQVDWLRQSHXWVHIRUPHUVLODSLqFHHVWWUqVKXPLGHHWF¶HVWQRUPDO
(VVX\H]ODDYHFXQFKLIIRQVHF
/·H[WpULHXUGXUpIULJpUDWHXUHVW
FKDXGDXWRXFKHU
 $SUqVDYRLUPLVHQVHUYLFHOHUpIULJpUDWHXUFHOXLFLSHXWGHYHQLUFKDXGMXVTX¶j
FHTXHO¶LQWpULHXUGXFRPSDUWLPHQWVRLWVXI¿VDPPHQWUHIURLGL/HUpIULJpUDWHXU
SHXWGHYHQLUFKDXGPrPHXQHIRLVOHVFRPSDUWLPHQWVUHIURLGLV&HFLHVWGDX
IRQFWLRQQHPHQWGXWX\DXGHUD\RQQHPHQWWKHUPLTXHpTXLSpVXUOHUpIULJpUDWHXU
D¿QG¶HPSrFKHUODFRQGHQVDWLRQ&HQ¶HVWSDVGpIDXWGHIRQFWLRQQHPHQW
/HVFRPPDQGHVGXSDQQHDXGH
FRPPDQGHQ·RQWDXFXQHIIHW
 /HUpIULJpUDWHXUHVWLOELHQVRXVWHQVLRQ"
/·DODUPHVRQQH  /DSRUWHGXUpIULJpUDWHXUHVWHQWURXYHUWH)HUPH]OHVSRUWHV

5pIULJpUDWHXUHWFRQJpODWHXU
/HUpIULJpUDWHXUQHUHIURLGLWSDVHW
OHFRQJpODWHXUQHFRQJqOHSDV
 /HUpIULJpUDWHXUHVWLOELHQVRXVWHQVLRQ"
/HUpIULJpUDWHXUQHUHIURLGLWSDVHW
OHFRQJpODWHXUQHFRQJqOHSDVGH
PDQLqUHVDWLVIDLVDQWH
 /DWHPSpUDWXUHHVWHOOHUpJOpHWURSKDXW"
 /HUpIULJpUDWHXUHVWLOH[SRVpGLUHFWHPHQWDX[UD\RQVGXVROHLOVRXSODFpSUqV
G¶XQDSSDUHLOGHFKDXIIDJH"
 <DWLOVXI¿VDPPHQWG¶HVSDFHWRXWDXWRXUGXUpIULJpUDWHXU"
 $YH]YRXVVWRFNpEHDXFRXSG¶DOLPHQWVRXODWHPSpUDWXUHGHODSLqFHHVWHOOH
pOHYpH"
 /HVSRUWHVRQWHOOHVpWpIUpTXHPPHQWRXYHUWHVHWIHUPpHV"
/HVSRUWHVVRQWHOOHVELHQIHUPpHV"
 /HUpIULJpUDWHXUHVWLOHQPRGH+ROLGD\"
 6LGHVDOLPHQWVFKDXGVVRQWSODFpVGDQVOHUpIULJpUDWHXUODWHPSpUDWXUHPRQWH
WHPSRUDLUHPHQW
 3HQGDQWODVDLVRQIURLGHRXTXDQGODWHPSpUDWXUHDPELDQWHHVWEDVVHRQSHXW
DYRLUO¶LPSUHVVLRQTXHOHUpIULJpUDWHXUQHUHIURLGLWSDV
,O\DXQHGLIIpUHQFHHQWUH
ODWHPSpUDWXUHFKRLVLHHWOD
WHPSpUDWXUHUpHOOH
 6LGHVDOLPHQWVFKDXGVVRQWSODFpVGDQVOHUpIULJpUDWHXUODWHPSpUDWXUHPRQWH
WHPSRUDLUHPHQW
'HVDOLPHQWVJqOHQWGDQVOH
UpIULJpUDWHXU
 /DWHPSpUDWXUHGXUpIULJpUDWHXUHVWHOOHUpJOpHWURSEDV"
 /HVDOLPHQWVRQWLOpWpSODFpVYHUVO¶DUULqUHGXUpIULJpUDWHXU"
/D]RQHVLWXpHSUqVGHODSDURLSRVWpULHXUHHVWODSOXVIURLGHHWLOYDXWPLHX[
pYLWHUG¶\SODFHUGHVDOLPHQWVTXLSRXUUDLHQWJHOHUIDFLOHPHQW
'HODFRQGHQVDWLRQVHIRUPHGDQV
OHUpIULJpUDWHXUHWOHVWLURLUV
 'HODFRQGHQVDWLRQSHXWVHIRUPHUVLODSRUWHHVWRXYHUWHHWIHUPpH
IUpTXHPPHQWRXVLODSRUWHQ¶HVWSDVELHQIHUPpHRXVLO¶KXPLGLWpGHODSLqFH
HVWpOHYpH(VVX\H]ODFRQGHQVDWLRQjO¶DLGHG¶XQFKLIIRQVHF
/DSRUWHGXFRQJpODWHXUHVWGXUH
jRXYULU
 ,OHVWSDUIRLVGLI¿FLOHG¶RXYULUODSRUWHMXVWHDSUqVTX¶HOOHDpWpIHUPpH
 /DGLIIpUHQFHGHSUHVVLRQG¶DLUHQWUHO¶LQWpULHXUHWO¶H[WpULHXUGXFRQJpODWHXU
SHXWSDUIRLVUHQGUHODSRUWHGXUHjRXYULU$WWHQGH]XQPRPHQWSXLVHVVD\H]
G¶RXYULUODSRUWH
,O\DXQHRGHXUjO·LQWpULHXUGX
UpIULJpUDWHXU
 /HVDOLPHQWVTXLVHQWHQWIRUWVRQWLOVELHQIHUPpVKHUPpWLTXHPHQWDYDQWG¶rWUH
SODFpVGDQVOHUpIULJpUDWHXU"
3ODFH]OHVSURGXLWVjO¶LQWpULHXUG¶XQFRQWHQHXUpWDQFKHHWVWRFNH]OHV
 'HVRGHXUVSHXYHQWFROOHUDX[VXUIDFHVLQWHUQHVGXUpIULJpUDWHXU(VVX\H]OHV
VXUIDFHVjO¶DLGHG¶XQFKLIIRQGRX[WUHPSpGDQVGHO¶HDXWLqGH
&HV\PEROHHVWXWLOLVpSRXUUHQYR\HUOHVXVDJHUVDX[LQVWUXFWLRQVRX¿FKHVFRQWHQDQWOHVLQIRUPDWLRQV
SHUWLQHQWHV
&HUpIULJpUDWHXUFRQWLHQWXQÀOWUHLQFRUSRUpFRQVLGpUpFRPPHXQSURGXLWELRFLGH
/H¿OWUHOXLPrPHFRPSRUWHXQHVXEVWDQFHFRQWHQDQWGHVLRQVG¶DUJHQWTXLGpVDFWLYHQWOHVEDFWpULHVGDQVO¶DLUj
O¶LQWpULHXUGXUpIULJpUDWHXUHWLQKLEHQWOHGpYHORSSHPHQWGHVEDFWpULHV
6XEVWDQFHDFWLYHSKRVSKDWHGH]LUFRQLXPK\GURJqQHVRGLXPDUJHQW
)RLUHDX[TXHVWLRQVVXLWH
)UDQoDLV

&DUDFWpULVWLTXHV
)LFKHSURGXLW5HJOHPHQWDWLRQ8(
120'(/$0$548( 3DQDVRQLF
5e)e5(1&('802'Ê/(
15%1&;(
15%1&:(
15%1&;%
15%1&:%
&$7e*25,( 5pIULJpUDWHXUFRQJpODWHXU
&/$66('¶()),&$&,7ee1(5*e7,48( $
&216200$7,21'¶e1(5*,($118(//( N:KDQ

92/80(87,/('85e)5,*e5$7(85 /
92/80(87,/('8&21*e/$7(85 /
120%5('¶e72,/(6 4XDWUHpWRLOHV
0(17,21©6$16*,95(ª3285/(6
&203$57,0(176&255(6321'$176
5pIULJpUDWHXU3DVGHJLYUH&RQJpODWHXU3DVGHJLYUH
'85e('(0217e((17(03e5$785( KHXUHV
32892,5'(&21*e/$7,21 NJKHXUHV
&/$66(&/,0$7,48( 17

e0,66,216$&2867,48(6'$16/¶$,5 G%
$XWUHVLQIRUPDWLRQV
92/80(%587727$/ /
92/80(727$/1(7 /
',0(16,216(;7e5,(85(6
/$5*(85[352)21'(85[+$87(85
PP[PP[PP
32,'61(7 69,5NJ
7(16,21120,1$/( 99 99
)5e48(1&(120,1$/( +]
5e)5,*e5$17&+$5*( 5D60J
$*(17'(628))/$*( &\FORSHQWDQH
5HPDUTXHV

 /DFRQVRPPDWLRQG¶pQHUJLHDQQXHOOHHVWEDVpHVXUOHVUpVXOWDWVGXWHVWVWDQGDUGSHQGDQWKHXUHVFRQIRUPpPHQWj
ODQRUPH(1
/DFRQVRPPDWLRQG¶pQHUJLHUpHOOHYDULHVHORQODIDoRQGRQWO¶DSSDUHLOHVWXWLOLVpHWRLOHVWORFDOLVp
/DFRQVRPPDWLRQG¶pQHUJLHGXUDQWVRQXWLOLVDWLRQSHXWYDULHUVHORQO¶HQGURLWRO¶XQLWpHVWLQVWDOOpHVHORQOHUpJODJHGH
WHPSpUDWXUHGHFKDFXQGHVFRPSDUWLPHQWVVHORQODWHPSpUDWXUHDPELDQWHHWO¶KXPLGLWpVHORQODIUpTXHQFHG¶RXYHUWXUH
IHUPHWXUHGHVSRUWHVVHORQOHYROXPHHWODWHPSpUDWXUHGHVSURGXLWVDOLPHQWDLUHVHWVHORQODIDoRQGRQWO¶DSSDUHLOHVWXWLOLVp

 7HPSpUDWXUHDPELDQWHDXWRULVpH&j&
$YHFOHVSRUWHVHQWLqUHPHQWRXYHUWHV
PP
PP
PP
PP
PP
PP

¢¯¢´°¯ª¤a°³±°³¢µª°¯
:HEVLWHKWWSZZZSDQDVRQLFFRP
3XUVXDQWWRWKHGLUHFWLYH(&DUWLFOH
¢¯¢´°¯ª¤a¦´µª¯¨a¦¯µ³¦
¢¯¢´°¯ª¤a¢³¬¦µª¯¨a¶³°±¦a®£
:LQVEHUJULQJ+DPEXUJ*HUPDQ\
3DQDVRQLF&RUSRUDWLRQ
<
3ULQWHGLQ(XURSH
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32
  • Page 33 33
  • Page 34 34
  • Page 35 35
  • Page 36 36
  • Page 37 37
  • Page 38 38
  • Page 39 39
  • Page 40 40
  • Page 41 41
  • Page 42 42
  • Page 43 43
  • Page 44 44
  • Page 45 45
  • Page 46 46
  • Page 47 47
  • Page 48 48
  • Page 49 49
  • Page 50 50
  • Page 51 51
  • Page 52 52
  • Page 53 53
  • Page 54 54
  • Page 55 55
  • Page 56 56
  • Page 57 57
  • Page 58 58
  • Page 59 59
  • Page 60 60
  • Page 61 61
  • Page 62 62
  • Page 63 63
  • Page 64 64

Panasonic NRBN31CW2 de handleiding

Type
de handleiding
Deze handleiding is ook geschikt voor