)RUP 1R 5HF\FOHUX :DON 3RZHU /DZQ 0RZHU 0RGHO 1R &³ DQG 8S 5HF\FOHUX 7RQGHXVH DXWRWUDFWpH j JXLGDJH DUULqUH 0RGqOH QR &³ HW VXLYDQWV 2SHUDWRU·V 0DQXDO 0DQXHO GH O·XWLOLVDWHXU 'RPHVWLF (QJOLVK (1 )UDQoDLV )
&KHFNLQJ WKH (QJLQH 2LO /HYHO &OHDQLQJ WKH 8QGHUVLGH RI WKH /DZQ 0RZHU +RXVLQJ 6HUYLFLQJ WKH $LU )LOWHU &KDQJLQJ WKH (QJLQH 2LO 0DLQWDLQLQJ WKH &XWWLQJ %ODGH $GMXVWLQJ WKH 6HOI SURSHO 'ULYH &DEOH /XEULFDWLQJ WKH 6HOI SURSHO 'ULYH &OHDQLQJ 8QGHU WKH %HOW &RYHU
HQJLQH LV HYHU VWDUWHG 3D\ SDUWLFXODU DWWHQWLRQ WR WKH VDIHW\ DOHUW V\PERO ZKLFK PHDQV FDXWLRQ ZDUQLQJ RU GDQJHU ³ ´SHUVRQDO VDIHW\ LQVWUXFWLRQ µ 5HDG DQG XQGHUVWDQG WKH LQVWUXFWLRQ EHFDXVH LW KDV WR GR ZLWK VDIHW\ )DLOXUH WR FRPSO\ ZLWK WKH LQVWUXFWLRQ PD\ UHVXOW LQ SHUVRQDO LQMXU\ :ULWH WKH SURGXFW PRGHO DQG VHULDO QXPEHUV LQ WKH VSDFH EHORZ 0RGHO 1R 6HULDO 1R *HQHUDO /DZQ 0RZHU 6DIHW\ 7KLV PDQXDO LGHQWLILHV SRWHQWLDO KD]DUGV DQG KDV VSHFLDO VDIHW\ PHVVDJHV WKDW KHOS \RX DQG RWKHUV DYRLG SHUVRQ
6WRS WKH EODGH V LI \RX PXVW WLOW WKH ODZQ PRZHU IRU WUDQVSRUWDWLRQ ZKHQ FURVVLQJ VXUIDFHV RWKHU WKDQ JUDVV DQG ZKHQ WUDQVSRUWLQJ WKH ODZQ PRZHU WR DQG IURP WKH DUHD WR EH PRZHG :KLOH PRZLQJ DOZD\V ZHDU VXEVWDQWLDO IRRWZHDU DQG ORQJ WURXVHUV 'R QRW RSHUDWH WKH ODZQ PRZHU ZKHQ EDUHIRRW RU ZHDULQJ RSHQ VDQGDOV $OZD\V ZHDU VDIHW\ JRJJOHV RU VDIHW\ JODVVHV ZLWK VLGH VKLHOGV ZKHQ RSHUDWLQJ WKH ODZQ PRZHU 1HYHU RSHUDWH WKH ODZQ PRZHU ZLWK GDPDJHG RU PLVVLQJ JXDUGV RU VKLHOGV RU ZLWKRXW VDIHW\ G
7R HQVXUH WKH EHVW SHUIRUPDQFH DQG VDIHW\ SXUFKDVH RQO\ JHQXLQH 7RUR UHSODFHPHQW SDUWV DQG DFFHVVRULHV 6ORSHV DUH D PDMRU IDFWRU UHODWHG WR VOLS DQG IDOO DFFLGHQWV ZKLFK FDQ UHVXOW LQ D VHYHUH LQMXU\ ,I \RX IHHO XQHDV\ RQ D VORSH GR QRW PRZ LW 0DLQWDLQ RU UHSODFH VDIHW\ DQG LQVWUXFWLRQ GHFDOV ZKHQ QHFHVVDU\ :DWFK IRU KROHV UXWV RU EXPSV 7DOO JUDVV FDQ KLGH REVWDFOHV 'R QRW PRZ QHDU GURS RIIV GLWFKHV RU HPEDQNPHQWV
DIHW\ DQG ,QVWUXFWLRQ 'HFDOV 6DIHW\ GHFDOV DQG LQVWUXFWLRQV DUH HDVLO\ YLVLEOH WR WKH RSHUDWRU DQG DUH ORFDWHG QHDU DQ\ DUHD RI SRWHQWLDO GDQJHU 5HSODFH DQ\ GHFDO WKDW LV GDPDJHG RU ORVW 3DUW 1R &XWWLQJ KHLJKW DGMXVWPHQW ULJKW ZKHHO 3DUW 1R 3DUW 1R 3DUW 1R &XWWLQJ KHLJKW DGMXVWPHQW OHIW ZKHHO 3DUW 1R 'DQJHU³UHDG DQG 7KURZQ REMHFW KD]DUG IURP 7KURZQ REMHFW KD]DUG IURP XQGHUVWDQG WKH RSHUDWRU·V WKH ODZQ PRZHU³NHHS WKH WKH OD
3DUW 1R 'DQJHU³UHDG DQG XQGHUVWDQG WKH RSHUDWRU·V KD]DUG RI KDQGV RU PDQXDO IHHW³VWD\ DZD\ IURP URWDWLQJ 7KURZQ REMHFW KD]DUG IURP WKH ODZQ PRZHU³NHHS WKH GHIOHFWRU LQ SODFH 'R QRW PRZ XS RU GRZQ /RRN EDFN EHIRUH PRYLQJ WKH ODZQ PRZHU EDFNZDUG VORSHV PRZ DFURVV VORSHV EODGHV DQG PRYLQJ SDUWV 7KURZQ REMHFW KD]DUG³NHHS E\VWDQGHUV DZD\ &XWWLQJ GLVPHPEHUPHQW 6WRS WKH HQJLQH ZKHQ SLFNLQJ XS GHEULV DURXQG WKH ODZQ PRZHU &XWWLQJ GLVPHPEHUPHQW KD]DUG RI
%HIRUH 6WDUWLQJ )LOOLQJ WKH &UDQNFDVH ZLWK 2LO 7KH FUDQNFDVH FDQ KROG RXQFHV OLWHUV RI RLO 8VH RQO\ KLJK TXDOLW\ 6$( RU 6$( : ZHLJKW GHWHUJHQW RLO WKDW KDV WKH $PHULFDQ 3HWUROHXP ,QVWLWXWH $3, VHUYLFH FODVVLILFDWLRQ 6) 6* 6+ RU 6- P )LJXUH .
)LOOLQJ WKH )XHO 7DQN ZLWK *DVROLQH 'DQJHU :KHQ IXHOLQJ XQGHU FHUWDLQ FLUFXPVWDQFHV D VWDWLF FKDUJH FDQ GHYHORS LJQLWLQJ WKH JDVROLQH $ ILUH RU H[SORVLRQ IURP JDVROLQH FDQ EXUQ \RX DQG RWKHUV DQG GDPDJH SURSHUW\ )RU EHVW UHVXOWV XVH FOHDQ IUHVK OHDG IUHH JDVROLQH LQFOXGLQJ R[\JHQDWHG RU UHIRUPXODWHG JDVROLQH ZLWK DQ RFWDQH UDWLQJ RI RU KLJKHU 7R HQVXUH IUHVKQHVV SXUFKDVH RQO\ WKH TXDQWLW\ RI JDVROLQH WKDW \RX H[SHFW WR XVH LQ GD\V 8QOHDGHG JDVROLQH EXUQV FOHDQHU H[WHQGV HQJLQH OLIH DQ
2SHUDWLRQ 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ (DFK WLPH EHIRUH \RX PRZ PDNH VXUH WKDW WKH VHOI SURSHO GULYH DQG WKH EODGH FRQWURO EDLO RSHUDWH SURSHUO\ :KHQ \RX UHOHDVH WKH EODGH FRQWURO EDLO WKH HQJLQH DQG WKH EODGH VKRXOG VWRS ,I WKH\ GR QRW FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU )LJXUH 3ULPHU 1RWH ,I WKH WHPSHUDWXUH LV E) E& RU EHORZ SXVK WKH SULPHU ILYH WLPHV ZDLWLQJ WZR VHFRQGV EHWZHHQ HDFK SXVK &RQWUROV 7KH VWDUWHU KDQGOH
7R VORZ GRZQ WKH GULYH VLPSO\ VORZ \RXU ZDONLQJ VSHHG WR VWRS WKH GULYH VWRS ZDONLQJ )LJ 'DQJHU 1RWH ,I ZKHQ EDFNLQJ XS DIWHU VHOI SURSHOOLQJ WKH ODZQ PRZHU GRHV QRW UROO EDFNZDUG IUHHO\ QXGJH WKH ODZQ PRZHU IRUZDUG DERXW DQ LQFK ZLWKRXW HQJDJLQJ WKH VHOI SURSHO GULYH WKHQ SXOO WKH ODZQ PRZHU EDFNZDUG ,I WKH GLVFKDUJH GRRU GRHV QRW FORVH FRPSOHWHO\ WKH ODZQ PRZHU FRXOG WKURZ REMHFWV FDXVLQJ VHULRXV SHUVRQDO LQMXU\ RU GHDWK
1RWH 7KH EDJ VKRXOG EH VOLJKWO\ ORRVH QRW WDXW RQ WKH WRS FORWK DUHD EHWZHHQ WKH IURQW EDJ KDQGOH DQG WKH UHDU EDJ KDQJHU KDQGOHV ,I WKH EDJ LV WRR WLJKW RU WRR ORRVH DGMXVW LW DV IROORZV $ 5HPRYH WKH EDJ IURP WKH UHDU EDJ KDQJHU % /RRVHQ WKH NQREV VOLGH WKH KDQJHU XS RU GRZQ LQ WKH FODPSV DQG WLJKWHQ WKH NQREV )LJ LI \RX QHHG WR DGMXVW WKH EDJ PRUH JR WR 6WHS & & 5HPRYH WKH EROWV DQG NQREV WKDW VHFXUH WKH KDQJHU FODPSV WR WKH KDQGOH VHFWLRQV )LJ P ' $VVHPEOH WKH K
2SHUDWLQJ 7LSV &XWWLQJ *UDVV 5HYLHZ WKH VDIHW\ LQVWUXFWLRQV DQG UHDG WKLV PDQXDO FDUHIXOO\ EHIRUH RSHUDWLQJ WKH ODZQ PRZHU *UDVV JURZV DW GLIIHUHQW UDWHV DW GLIIHUHQW WLPHV RI WKH \HDU ,Q WKH VXPPHU KHDW LW LV EHVW WR FXW JUDVV DW WKH LQFK PP LQFK PP RU LQFK PP FXWWLQJ KHLJKW VHWWLQJV &XW RQO\ DERXW D WKLUG RI WKH JUDVV EODGH DW D WLPH 'R QRW FXW EHORZ WKH LQFK PP VHWWLQJ XQOHVV WKH JUDVV LV VSDUVH RU LW LV ODWH IDOO ZKHQ JUDVV JURZWK EHJLQV WR VORZ GRZQ &OH
0DLQWHQDQFH 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH 0DLQWHQDQFH 6HUYLFH ,QWHUYDO (DFK 8VH 0DLQWHQDQFH 3URFHGXUH &KHFN WKH HQJLQH RLO OHYHO 5HPRYH JUDVV FOLSSLQJV DQG GLUW IURP XQGHU WKH KRXVLQJ +RXUV &KHFN WKH EODGH DQG WKH HQJLQH PRXQWLQJ IDVWHQHUV 7LJKWHQ WKHP LI WKH\ DUH ORRVH +RXUV 5HSODFH WKH SDSHU DLU ILOWHU UHSODFH WKH SDSHU DLU ILOWHU PRUH IUHTXHQWO\ LQ GXVW\ RU GLUW\ RSHUDWLQJ FRQGLWLRQV
:DUQLQJ 7LSSLQJ WKH ODZQ PRZHU PD\ FDXVH WKH IXHO WR OHDN IURP WKH FDUEXUHWRU RU WKH IXHO WDQN *DVROLQH LV H[WUHPHO\ IODPPDEOH KLJKO\ H[SORVLYH DQG XQGHU FHUWDLQ FRQGLWLRQV FDQ FDXVH SHUVRQDO LQMXU\ RU SURSHUW\ GDPDJH $YRLG IXHO VSLOOV E\ UXQQLQJ WKH HQJLQH GU\ RU UHPRYLQJ JDVROLQH ZLWK D KDQG SXPS QHYHU VLSKRQ )LJXUH .
'UDLQLQJ WKH 2LO DERYH WKH /DZQ 0RZHU 'HFN 3UHIHUUHG 0HWKRG 'UDLQ WKH JDVROLQH IURP WKH IXHO WDQN UHIHU WR VWHSV DQG RI (PSW\LQJ WKH )XHO 7DQN RQ SDJH 6WDUW WKH HQJLQH DQG OHW LW UXQ XQWLO LW UXQV RXW RI IXHO 'LVFRQQHFW WKH ZLUH IURP WKH VSDUN SOXJ )LJ 5HPRYH WKH GLSVWLFN 7LS WKH ODZQ PRZHU RQWR LWV OHIW VLGH DLU ILOWHU XS DOORZLQJ WKH RLO WR GUDLQ LQWR DQ DSSURSULDWH FRQWDLQHU )LJ )LJXUH $LU ILOWHU 6FUHZ &RYHU 7LOW WKH DLU
7LS WKH ODZQ PRZHU RQWR LWV OHIW VLGH DLU ILOWHU XS DQG VHFXUH LW WR SUHYHQW LW IURP IDOOLQJ :DUQLQJ 3ODFH D GUDLQ SDQ XQGHU WKH ODZQ PRZHU 7KH EODGH LV VKDUS FRQWDFWLQJ WKH EODGH FDQ UHVXOW LQ VHULRXV SHUVRQDO LQMXU\ 5HPRYH WKH RLO GUDLQ SOXJ UHWXUQ WKH ODZQ PRZHU WR LWV RSHUDWLQJ SRVLWLRQ DQG DOORZ WKH RLO WR GUDLQ LQWR WKH GUDLQ SDQ )LJ :HDU JORYHV RU ZUDS WKH VKDUS HGJHV RI WKH EODGH ZLWK D UDJ ,PSRUWDQW
,QVSHFWLQJ WKH %ODGH &DUHIXOO\ H[DPLQH WKH EODGH IRU VKDUSQHVV DQG ZHDU HVSHFLDOO\ ZKHUH WKH IODW DQG WKH FXUYHG SDUWV PHHW )LJ $ %HFDXVH VDQG DQG DEUDVLYH PDWHULDO FDQ ZHDU DZD\ WKH PHWDO WKDW FRQQHFWV WKH IODW DQG FXUYHG SDUWV RI WKH EODGH FKHFN WKH EODGH EHIRUH XVLQJ WKH ODZQ PRZHU ,I \RX QRWLFH D VORW RU ZHDU )LJV % DQG & UHSODFH WKH EODGH UHIHU WR 5HPRYLQJ WKH %ODGH RQ SDJH $ )LJXUH % %ODGH EROW %ODGH /RFN ZDVKHU %ODGH GULYHU
,QVWDOOLQJ WKH %ODGH 3RVLWLRQ WKH EODGH RQWR WKH VSLQGOH DQG WKH EODGH GULYHU ZLWK WKH FXUYHG EODGH WLSV SRLQWLQJ WRZDUG WKH ODZQ PRZHU DQG WKH EODGH GULYHU QHVWLQJ LQ WKH UHFHVV RI WKH EODGH )LJ ,QVWDOO WKH DFFHOHUDWRU WKH ORFN ZDVKHU DQG WKH EODGH EROW )LJ P )LJXUH 7LJKWHQ WKH EODGH EROW WR IW OE 1kP :DUQLQJ 2SHUDWLQJ WKH ODZQ PRZHU ZLWKRXW WKH DFFHOHUDWRU LQ SODFH FDQ FDXVH WKH EODGH WR IOH[ EHQG RU EUHDN UHVXOWLQJ LQ VHULRXV LQMXU\ RU GHDWK
0DLQWDLQLQJ WKH 6SDUN 3OXJ ,QVWDOO D JUHDVH JXQ RQWR HDFK ILWWLQJ LQ WXUQ DQG JHQWO\ DSSO\ RQH RU WZR SXPSV RI PXOWL SXUSRVH OLWKLXP JUHDVH WR HDFK 8VH D &KDPSLRQ 5- /0 VSDUN SOXJ RU HTXLYDOHQW 6HW WKH JDS WR LQFK PP 5HPRYH WKH VSDUN SOXJ DQG FKHFN LWV FRQGLWLRQ DIWHU HYHU\ RSHUDWLQJ KRXUV ,PSRUWDQW ([FHVV JUHDVH PD\ GDPDJH WKH VHDOV DQG SUHYHQW WKH ZKHHO FOXWFK IURP SURSHUO\ RSHUDWLQJ 6WRS WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ SDUWV WR VWRS &OHDQLQJ 8QGHU WKH %HOW &RYHU
6WRUDJH *HQHUDO ,QIRUPDWLRQ &OHDQ WKH ODZQ PRZHU KRXVLQJ 5HIHU WR &OHDQLQJ WKH 8QGHUVLGH RI WKH /DZQ 0RZHU +RXVLQJ RQ SDJH 7R SUHSDUH WKH ODZQ PRZHU IRU RII VHDVRQ VWRUDJH SHUIRUP WKH UHFRPPHQGHG PDLQWHQDQFH SURFHGXUHV 5HIHU WR 0DLQWHQDQFH RQ SDJH &OHDQ DQ\ GLUW DQG FKDII IURP WKH F\OLQGHU F\OLQGHU KHDG ILQV DQG EORZHU KRXVLQJ 6WRUH WKH ODZQ PRZHU LQ D FRRO FOHDQ GU\ SODFH &RYHU WKH ODZQ PRZHU WR NHHS LW FOHDQ DQG SURWHFWHG 5HPRYH JUDVV FOLSSLQJV GLUW DQG JULPH IURP WKH H[W
5HPRYLQJ )URP 6WRUDJH :DUQLQJ )ROGLQJ RU XQIROGLQJ WKH KDQGOH LPSURSHUO\ FDQ SLQFK VWUHWFK RU GDPDJH RQH RU PRUH RI WKH FDEOHV $Q\ SLQFKHG VWUHWFKHG RU GDPDJHG FDEOH PD\ FDXVH DQ RSHUDWLRQDO IDLOXUH WKDW UHVXOWV LQ DQ XQVDIH RSHUDWLQJ FRQGLWLRQ 'R QRW SLQFK VWUHWFK RU GDPDJH WKH FDEOHV +DQGOH WKH FDEOHV ZLWK FDUH ZKHQ IROGLQJ RU XQIROGLQJ WKH KDQGOH 'R QRW XVH WKH ODZQ PRZHU LI RQH RU PRUH RI WKH FDEOHV DUH SLQFKHG VWUHWFKHG RU GDPDJHG &RQWDFW \RXU $XWKRUL]HG 6HUYLFH 'HDOHU &DUHIXOO\
$FFHVVRULHV ,QVWDOO IRXU JURPPHWV VXSSOLHG ZLWK WKH JUDVV FDWFKHU LQWR WKH IRXU VTXDUH KROHV LQ WKH ODZQ PRZHU )LJ
P )LJXUH /RQJ NQRE 6LGH FRYHU FODPS 6LGH RSHQLQJ FRYHU P )LJXUH 'DQJHU .
'LVFKDUJH 7XQQHO 3OXJ 6WRS WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ SDUWV WR VWRS 'LVFRQQHFW WKH ZLUH IURP WKH VSDUN SOXJ )LJ 2SHQ WKH GLVFKDUJH GRRU E\ PRYLQJ KDQGOH UHDUZDUG )LJ DQG KROG LW RSHQ ZKLOH LQVHUWLQJ WKH SOXJ P )LJXUH 6LGH RSHQLQJ FRYHU 7DE 6LGH GLVFKDUJH FKXWH 6ORW P &ORVH WKH FRYHU )LJXUH &RQQHFW WKH ZLUH WR WKH VSDUN SOXJ 5HPRYLQJ WKH 6LGH 'LVFKDUJH &KXWH 6WRS WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ SDUWV
7URXEOHVKRRWLQJ 7RUR GHVLJQHG DQG EXLOW \RXU ODZQ PRZHU IRU WURXEOH IUHH RSHUDWLRQ &KHFN WKH IROORZLQJ FRPSRQHQWV DQG LWHPV FDUHIXOO\ DQG UHIHU WR 0DLQWHQDQFH RQ SDJH IRU PRUH LQIRUPDWLRQ ,I D SUREOHP FRQWLQXHV FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU 3UREOHP (QJLQH GRHV QRW VWDUW (QJLQH VWDUWV KDUG RU ORVHV SRZHU (QJLQH UXQV URXJK 3RVVLEOH &DXVHV &RUUHFWLYH $FWLRQ 7KH IXHO WDQN LV HPSW\ RU WKH IXHO V\VWHP FRQWDLQV VWDOH IXHO 'UDLQ DQG RU ILOO WKH IXHO WDQN ZLWK IUHVK JDVROLQH ,I WKH SUREO
3UREOHP /DZQ PRZHU RU HQJLQH YLEUDWHV H[FHVVLYHO\ 8QHYHQ FXWWLQJ SDWWHUQ 'LVFKDUJH FKXWH SOXJV /DZQ PRZHU GRHV QRW VHOI SURSHO 3RVVLEOH &DXVHV &RUUHFWLYH $FWLRQ 7KH EODGH LV EHQW RU LV RXW RI EDODQFH %DODQFH WKH EODGH ,I WKH EODGH LV EHQW UHSODFH LW 7KH EODGH EROW LV ORRVH 7LJKWHQ WKH EODGH EROW 7KH XQGHUVLGH RI WKH ODZQ PRZHU GHFN FRQWDLQV FOLSSLQJV DQG GHEULV &OHDQ WKH XQGHUVLGH RI WKH ODZQ PRZHU GHFN 7KH HQJLQH PRXQWLQJ EROWV DUH ORRVH 7LJKWHQ WKH HQJLQH PRXQ
7KH 7RUR 6WDUWLQJ *XDUDQWHH $ 7ZR
'DWH +RXUV $LU &OHDQHU &KDQJH 2LO 8VHG 6HUYLFH GRHV QRW DSSO\ /XEULFDWH :KHHOV &KHFN 6SDUN 6WRUDJH 3OXJ 3UHSDUDWLRQ WR WZR F\FOH 3DUW 1R 5HY
7KH 7RUR 7RWDO &RYHUDJH *XDUDQWHH *DV &RUGOHVV (OHFWULF DQG $ )XOO :DUUDQW\ /LPLWHG :DUUDQW\ IRU &RPPHUFLDO 8VH &RPPHUFLDO 'XW\ :DON 0RZHUV &RQGLWLRQV DQG 3URGXFWV &RYHUHG 2ZQHU 5HVSRQVLELOLWLHV 7KH 7RUR &RPSDQ\ DQG LWV DIILOLDWH 7RUR :DUUDQW\ &RPSDQ\
(QWUHWLHQ 3URJUDPPH G·HQWUHWLHQ UHFRPPDQGp &RQWU{OH GX QLYHDX G·KXLOH PRWHXU 1HWWR\DJH GX GHVVRXV GX FDUWHU GH WRQGHXVH (QWUHWLHQ GX ILOWUH j DLU 9LGDQJH GH O·KXLOH PRWHXU (QWUHWLHQ GH OD ODPH GH FRXSH 5pJODJH GX FkEOH GH FRPPDQGH G·DXWRWUDFWLRQ /XEULILFDWLRQ GX V\VWqPH G·DXWRWUD
1RWH] OHV QXPpURV GH PRGqOH HW GH VpULH GX SURGXLW GDQV O·HVSDFH FL GHVVRXV $WWHQWLRQ 1 GH PRGqOH /HV JD] G·pFKDSSHPHQW FRQWLHQQHQW GX PRQR[\GH GH FDUERQH XQ JD] LQRGRUH PRUWHO 1 GH VpULH 1H IDLWHV SDV WRXUQHU OH PRWHXU GDQV XQ ORFDO IHUPp /HV PLVHV HQ JDUGH GH FH PDQXHO VLJQDOHQW GHV GDQJHUV SRWHQWLHOV HW LQGLTXHQW GHV SUpFDXWLRQV j UHVSHFWHU SRXU pYLWHU GHV DFFLGHQWV TXL SHXYHQW rWUH JUDYHV YRLUH PRUWHOV /HV WHUPHV 'DQJHU $WWHQWLRQ HW 3UXGHQFH VLJQDOHQW OH GHJUp GH ULVTXH 4XHO TXH VRL
8WLOLVDWLRQ 0RQWUH] YRXV YLJLODQW HW FRXSH] OH PRWHXU GH OD WRQGHXVH VL GHV HQIDQWV SpQqWUHQW GDQV OD ]RQH GH WUDYDLO 1H IDLWHV SDV WRXUQHU OH PRWHXU GDQV XQ HVSDFH FORV R OH PRQR[\GH GH FDUERQH GDQJHUHX[ GpJDJp SDU O·pFKDSSHPHQW ULVTXH GH V·DFFXPXOHU 6R\H] SDUWLFXOLqUHPHQW SUXGHQW j O·DSSURFKH GH WRXUQDQWV DYHXJOHV GH EXLVVRQV G·DUEUHV RX G·DXWUHV REMHWV VXVFHSWLEOHV GH PDVTXHU OD YXH 7RQGH] XQLTXHPHQW j OD OXPLqUH GX MRXU RX DYHF XQ ERQ pFODLUDJH DUWLILFLHO 1·RXEOLH] MDPDLV TXH O·XWL
/DLVVH] OH PRWHXU UHIURLGLU DYDQW GH UHQWUHU OD WRQGHXVH GDQV XQ HQGURLW FORV DYDQW GH GpJDJHU RX GpVREVWUXHU O·pMHFWHXU DYDQW G·LQVSHFWHU GH QHWWR\HU RX G·HIIHFWXHU WRXWH RSpUDWLRQ VXU OD WRQGHXVH 3RXU UpGXLUH OHV ULVTXHV G·LQFHQGLH GpEDUUDVVH] OH PRWHXU OH VLOHQFLHX[ OH EDF j EDWWHULH HW O·HQGURLW GH VWRFNDJH GH O·HVVHQFH GH WRXW H[FqV GH JUDLVVH GHV KHUEHV HW GHV IHXLOOHV DSUqV DYRLU KHXUWp XQ REVWDFOH 9pULILH] VL OD WRQGHXVH Q·HVW SDV HQGRPPDJpH HW HIIHFWXH] OHV UpSDUDWLRQV pYHQ
$XWRFROODQWV GH VpFXULWp HW G·LQVWUXFWLRQV 'HV DXWRFROODQWV GH VpFXULWp HW GHV LQVWUXFWLRQV ELHQ YLVLEOHV VRQW SODFpV SUqV GH WRXV OHV HQGURLWV SRWHQWLHOOHPHQW GDQJHUHX[ 5HPSODFH] WRXW DXWRFROODQW HQGRPPDJp RX PDQTXDQW 5pI 5pJODJH GH OD KDXWHXU GH FRXSH URXH GURLWH 5pI 5pI 5pI 5pJODJH GH OD KDXWHXU GH FRXSH URXH JDXFKH 5pI 'DQJHU OLVH] HW DVVLPLOH] OH PDQXHO G·XWLOLVDWLRQ 5LVTXH GH SURMHFWLRQ SDU OD 5LVTXH GH SURMHFWLRQ SD
5pI 'DQJHU OLVH] HW DVVLPLOH] OH 1H WUDYDLOOH] SDV HQ PRQWDQW 5HJDUGH] GHUULqUH YRXV PDQXHO G·XWLOLVDWLRQ PDLQV RX GHV SLHGV QH RX HQ GHVFHQGDQW WUDYDLOOH] DYDQW GH IDLUH PDUFKH 5LVTXH GH SURMHFWLRQV QH YRXV DSSURFKH] SDV GHV SHUSHQGLFXODLUHPHQW j OD DUULqUH ODPHV URWDWLYHV HW GHV SLqFHV SHQWH ODLVVH] DSSURFKHU SHUVRQQH PRELOHV GH OD ]RQH GH WUDYDLO 5LVTXH GH PXWLODWLRQ GHV 5LVTXH GH SURMHFWLRQ SDU OD WRQGHXVH JDUGH] OH $UUrWH] O
5DEDWWH] OD SDUWLH LQIpULHXUH GX PDQFKHURQ HQ DUULqUH HW UHGUHVVH] OHV VXSSRUWV SRXU OHV DOLJQHU DYHF OHV WURXV GX PDQFKHURQ )LJ /HV FkEOHV GRLYHQW SDVVHU VRXV HW GHUULqUH OD SDUWLH LQIpULHXUH GX PDQFKHURQ FRPPH LQGLTXp j OD )LJXUH )L[H] OD SDUWLH VXSpULHXUH GX PDQFKHURQ j OD SDUWLH LQIpULHXUH j O·DLGH GH GHX[ ERXORQV SURILOpV HW ERXWRQV )LJ $YDQW OD PLVH HQ PDUFKH P )LJXUH %RXWRQ %RXORQ j WrWH SODWH 3DUWLH LQIpULHXUH GX 6XSSRUW 3OHLQ G·
,PSRUWDQW 1H IDLWHV SDV WRXUQHU OH PRWHXU DYHF XQ FDUWHU G·KXLOH WURS UHPSOL VRXV SHLQH GH O·HQGRPPDJHU 6L YRXV DYH] PLV WURS G·KXLOH GDQV OH FDUWHU YLGH] O·H[FpGHQW SRXU UDPHQHU OH QLYHDX DX UHSqUH PD[LPXP )XOO 'DQJHU 'DQV FHUWDLQHV FLUFRQVWDQFHV GH O·pOHFWULFLWp VWDWLTXH SHXW VH IRUPHU ORUV GX UHPSOLVVDJH HW HQIODPPHU O·HVVHQFH 8Q LQFHQGLH RX XQH H[SORVLRQ FDXVpV SDU O·HVVHQFH SHXYHQW YRXV EUOHU DLQVL TXH OHV SHUVRQQHV VH WHQDQW j SUR[LPLWp HW FDXVHU GHV GRPPDJHV PDWpULHOV ,QVpUH] OD MDXJ
5HPHWWH] OH ERXFKRQ GX UpVHUYRLU HW HVVX\H] O·HVVHQFH pYHQWXHOOHPHQW UpSDQGXH 8WLOLVDWLRQ 5HPDUTXH /HV F{WpV JDXFKH HW GURLW GH OD PDFKLQH VRQW GpWHUPLQpV G·DSUqV OD SRVLWLRQ GH FRQGXLWH )LJXUH &KDTXH IRLV TXH YRXV XWLOLVH] OD PDFKLQH YpULILH] OH ERQ IRQFWLRQQHPHQW GX V\VWqPH G·DXWRWUDFWLRQ HW GH OD EDUUH GH FRPPDQGH GH OD ODPH /H PRWHXU HW OD ODPH GRLYHQW V·DUUrWHU TXDQG YRXV UHOkFKH] OD EDUUH GH FRPPDQGH 6L FH Q·HVW SDV OH FDV FRQVXOWH] XQ FRQFHVVLRQQDLUH 7RUR DJUpp $PRUFHXU 5HP
5HPDUTXH /D WRQGHXVH VH GpSODFH j OD YLWHVVH PD[LPDOH TXDQG YRXV UHSRXVVH] OD SDUWLH VXSpULHXUH GX PDQFKHURQ DXVVL ORLQ TXH SRVVLEOH ,QVWDOODWLRQ GX VDF GH UDPDVVDJH ,O YRXV VXIILW GH PDUFKHU PRLQV YLWH SRXU UDOHQWLU OD YLWHVVH GH GpSODFHPHQW GH OD WRQGHXVH HW GH YRXV DUUrWHU FRPSOqWHPHQW SRXU TXH O·DXWRWUDFWLRQ V·DUUrWH pJDOHPHQW )LJ 5HPDUTXH 3RXU UHF\FOHU O·KHUEH DX OLHX GH OD UDPDVVHU QH PRQWH] SDV OH VDF GH UDPDVVDJH HW YpULILH] TXH OH YROHW GH O·pMHFWHXU HVW VROLGHPHQW IHUPp 5HPDUTXH
5HPDUTXH /H YHUURX GX YROHW GX VDF GRLW rWUH j FKHYDO VXU OD SRLJQpH GX YROHW HW OH EDV GX YROHW GRLW V·HQJDJHU GDQV OH VXSSRUW LQIpULHXU GH O·pMHFWHXU )LJ )LJXUH $FFURFKH] OHV SRLJQpHV DUULqUH GX VDF DX FURFKHW VLWXp VXU OH PDQFKHURQ 5HPDUTXH /H KDXW GX VDF GRLW rWUH OpJqUHPHQW OkFKH SDV WHQGX HQWUH OD SRLJQpH DYDQW HW OHV SRLJQpHV DUULqUH 6·LO HVW WURS WHQGX RX WURS OkFKH HIIHFWXH] OH UpJODJH VXLYDQW P )LJXUH 9ROHW GH O·pMHFWHXU $ 'pFURFKH] OH VDF G
6pOHFWLRQQH] OD YLWHVVH OD SOXV pOHYpH SRXU REWHQLU XQH TXDOLWp GH FRXSH RSWLPDOH $WWHQWLRQ $WWHQWLRQ 6L OH VDF GH UDPDVVDJH HVW XVp GHV JUDYLOORQV RX DXWUHV GpEULV VLPLODLUHV ULVTXHQW G·rWUH SURMHWpV YHUV O·XWLOLVDWHXU RX GHV SHUVRQQHV j SUR[LPLWp HW GH FDXVHU GHV EOHVVXUHV JUDYHV YRLUH PRUWHOOHV 6L OH UpJLPH PRWHXU HVW SOXV UDSLGH TXH OH UpJODJH G·XVLQH SUpYX OD WRQGHXVH SHXW SURMHWHU XQ PRUFHDX GH OD ODPH RX GX PRWHXU YHUV O·XWLOLVDWHXU RX GHV SHUVRQQHV j SUR[LPLWp HW FDXVHU GHV EOHVVXUHV JUDY
+DFKDJH GH IHXLOOHV 5DOHQWLVVH] OD YLWHVVH GH GpSODFHPHQW VL OHV IHXLOOHV QH VRQW SDV KDFKpHV DVVH] PHQXHV $SUqV OD WRQWH GH OD SHORXVH GRLW rWUH YLVLEOH VRXV OD FRXFKH GH IHXLOOHV KDFKpHV $ FHW HIIHW YRXV GHYUH] SHXW rWUH UHSDVVHU SOXVLHXUV IRLV VXU OHV IHXLOOHV 6·LO \ D EHDXFRXS GH IHXLOOHV GH FKrQH LO SHXW rWUH XWLOH GH FKDXOHU OD SHORXVH DX SULQWHPSV SRXU FRPSHQVHU O·DFLGLWp GHV IHXLOOHV 6L OD FRXFKH GH IHXLOOHV HVW PLQFH UpJOH] WRXWHV OHV URXHV j OD PrPH KDXWHXU 6L OD FRXFKH
3UXGHQFH 6L YRXV ODLVVH] OD ERXJLH EUDQFKpH TXHOTX·XQ SRXUUDLW PHWWUH OH PRWHXU HQ PDUFKH HW YRXV EOHVVHU JUDYHPHQW DLQVL TXH OHV SHUVRQQHV j SUR[LPLWp 'pEUDQFKH] OD ERXJLH DYDQW WRXWH LQWHUYHQWLRQ G·HQWUHWLHQ (FDUWH] OH ILO SRXU pYLWHU WRXW FRQWDFW DFFLGHQWHO DYHF OD ERXJLH &RQWU{OH GX QLYHDX G·KXLOH PRWHXU $YDQW G·XWLOLVHU OD WRQGHXVH YpULILH] TXH OH QLYHDX G·KXLOH DUULYH HQWUH OHV UHSqUHV PLQLPXP $GG HW PD[LPXP )XOO GH OD MDXJH )LJ )DLWHV O·DSSRLQW VL OH QLYHDX Q·DWWHLQW SDV OH UHSq
$WWHQWLRQ /RUVTXH YRXV EDVFXOH] OD WRQGHXVH GX FDUEXUDQW ULVTXH GH V·pFKDSSHU GX FDUEXUDWHXU RX GX UpVHUYRLU /·HVVHQFH HVW H[WUrPHPHQW LQIODPPDEOH HW H[SORVLYH HW ULVTXH GH FDXVHU GHV EOHVVXUHV FRUSRUHOOHV RX GHV GpJkWV PDWpULHOV GDQV FHUWDLQHV FRQGLWLRQV 3RXU pYLWHU GH UpSDQGUH GH O·HVVHQFH ODLVVH] WRXUQHU OH PRWHXU MXVTX·j FH TX·LO V·DUUrWH IDXWH GH FDUEXUDQW RX YLGDQJH] OH UpVHUYRLU DYHF XQH SRPSH PDQXHOOH QH VLSKRQQH] MDPDLV OH FDUEXUDQW )LJXUH )LOWUH j DLU 9LV &
9LGDQJH GH O·KXLOH DX GHVVRXV GX SODWHDX GH WRQWH PpWKRGH RSWLRQQHOOH $WWHQWLRQ 5HPDUTXH 9RXV GHYUH] SHXW rWUH GpSRVHU OH JXLGH FRXUURLH SRXU DFFpGHU DX ERXFKRQ GH YLGDQJH G·KXLOH /RUVTXH YRXV EDVFXOH] OD WRQGHXVH GX FDUEXUDQW ULVTXH GH V·pFKDSSHU GX FDUEXUDWHXU RX GX UpVHUYRLU /·HVVHQFH HVW H[WUrPHPHQW LQIODPPDEOH HW H[SORVLYH HW ULVTXH GH FDXVHU GHV EOHVVXUHV FRUSRUHOOHV RX GHV GpJkWV PDWpULHOV GDQV FHUWDLQHV FRQGLWLRQV 5HPDUTXH 9RXV DXUH] EHVRLQ G·XQH GRXLOOH GH SRXFH DYHF PDQFKH j URFK
5HFRQQHFWH] OH ILO j OD ERXJLH &RQWU{OH GH OD ODPH 5HF\FOH] O·KXLOH YLGDQJpH FRQIRUPpPHQW j OD UpJOHPHQWDWLRQ ORFDOH HQ PDWLqUH G·HQYLURQQHPHQW 9pULILH] VRLJQHXVHPHQW O·DIIWDJH HW O·XVXUH GH OD ODPH VXUWRXW DX SRLQW GH UHQFRQWUH GHV SDUWLHV SODQHV HW LQFXUYpHV )LJ $ /H VDEOH HW OHV PDWLqUHV DEUDVLYHV SHXYHQW pURGHU OH PpWDO j FHW HQGURLW F·HVW SRXUTXRL LO HVW LPSRUWDQW GH FRQWU{OHU O·pWDW GH OD ODPH DYDQW G·XWLOLVHU OD WRQGHXVH 5HPSODFH] OD ODPH VL HOOH HVW XVpH RX SUpVHQWH XQH HQWDLOO
'pSRVH GH OD ODPH 5HPDUTXH 9RXV SRXYH] DXVVL XWLOLVHU XQ pTXLOLEUHXU GH ODPH YHQGX GDQV OH FRPPHUFH 7HQH] OD ODPH j VRQ H[WUpPLWp DYHF XQ FKLIIRQ RX XQ JDQW pSDLV 6L O·XQH GHV H[WUpPLWpV GH OD ODPH V·DEDLVVH OLPH] OD PDLV SDV OH ERUG WUDQFKDQW RX OD SDUWLH VLWXpH j F{Wp G ERUG WUDQFKDQW /D ODPH HVW FRUUHFWHPHQW pTXLOLEUpH TXDQG HOOH QH WRPEH SDV G·XQ F{Wp RX GH O·DXWUH (QOHYH] OH ERXORQ GH ODPH HW OD URQGHOOH GH EORFDJH O·DFFpOpUDWHXU HW OD ODPH )LJ 3RVH GH OD ODPH 3O
P )LJXUH )LJXUH *DLQH GX FkEOH 6XSSRUW GH JXLGDJH (FURX 3DUWLH VXSpULHXUH GX PDQFKHURQ 5DFFRUGH] XQ SLVWROHW j JUDLVVH j FKDTXH JUDLVVHXU VXFFHVVLYHPHQW HW LQMHFWH] XQ RX GHX[ MHWV GH JUDLVVH XQLYHUVHOOH DX OLWKLXP 1 $SSX\H] VXU OH VXSSRUW G·HQWUDvQHPHQW MXVTX·j FH TX·LO WRXFKH OD WRQGHXVH SXLV PDLQWHQH] OH HQ SODFH )LJ ,PSRUWDQW 8QH TXDQWLWp GH JUDLVVH H[FHVVLYH SHXW HQGRPPDJHU OHV MRLQWV HW FRPSURPHWWUH OH ERQ IRQFWLRQQHPHQW GH O·
(QWUHWLHQ GH OD ERXJLH 0HWWH] OH PRWHXU HQ PDUFKH HW ODLVVH] OH WRXUQHU MXVTX·j FH TX·LO FDOH IDXWH G·HVVHQFH 8WLOLVH] XQH ERXJLH &KDPSLRQ 5- /0 RX pTXLYDOHQWH 5pJOH] O·pFDUWHPHQW GHV pOHFWURGHV j PP (QOHYH] OD ERXJLH HW YpULILH] VRQ pWDW WRXWHV OHV KHXUHV GH VHUYLFH 5HPHWWH] OH PRWHXU HQ PDUFKH SRXU V·DVVXUHU TX·LO Q·\ D SOXV G·HVVHQFH GDQV OH FDUEXUDWHXU &RXSH] OH PRWHXU HW DWWHQGH] O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV 5HPLVDJH 'pEUDQFKH] OD ERXJLH )LJ 3RXU SUpSDU
$EDLVVH] OD SDUWLH VXSpULHXUH GX PDQFKHURQ YHUV O·DYDQW DYHF SUpFDXWLRQ MXVTX·j FH TX·HOOH UHSRVH VXU OH PRWHXU )LJ )DLWHV WRXUQHU OH PRWHXU OHQWHPHQW SOXVLHXUV IRLV j O·DLGH GX ODQFHXU SRXU ELHQ UpSDUWLU O·KXLOH 5HPRQWH] OD ERXJLH PDLV VDQV OD UHFRQQHFWHU ,QIRUPDWLRQV JpQpUDOHV 1HWWR\H] OH FDUWHU GH OD WRQGHXVH FRPPH LQGLTXp j OD UXEULTXH 1HWWR\DJH GX GHVVRXV GX FDUWHU GH WRQGHXVH SDJH P )LJXUH (QOHYH] OHV VDOHWpV HW OHV GpEULV G·KHUEH VqFKH GX F\OLQGUH GHV DL
)LJXUH %RXFKRQ GX UpVHUYRLU GH FDUEXUDQW &RQWU{OH] OH QLYHDX G·KXLOH PRWHXU FRPPH H[SOLTXp j OD UXEULTXH &RQWU{OH GX QLYHDX GH O·KXLOH PRWHXU SDJH P )LJXUH &RQQHFWH] OD ERXJLH 2EWXUDWHXU G·pMHFWLRQ %RXORQ 9LV HW pFURX $FFHVVRLUHV (QOHYH] OD YLV HW O·pFURX GX F{Wp GX FDUWHU GH WRQGHXVH )LJ HW PHWWH] OHV GH F{Wp /D WRQGHXVH SHXW FRPSUHQGUH FHUWDLQV DFFHVVRLUHV GLVSRQLEOHV FKH] YRWUH FRQFHVVLRQQDLUH DJUpp 6XLYH] OHV LQVWUXFWLRQV
'DQJHU 6L OH FRXYHUFOH GH O·RXYHUWXUH ODWpUDOH Q·HVW SDV VROLGHPHQW IL[p HQ SODFH OD WRQGHXVH ULVTXH GH SURMHWHU GHV GpEULV SDU O·RXYHUWXUH TXL SHXYHQW LQIOLJHU GHV EOHVVXUHV JUDYHV YRLUH PRUWHOOHV j O·XWLOLVDWHXU RX j G·DXWUHV SHUVRQQHV j SUR[LPLWp $VVXUH] YRXV WRXMRXUV TXH OH FRXYHUFOH GH O·RXYHUWXUH ODWpUDOH HVW ELHQ IHUPp HW YHUURXLOOp HQ SRVLWLRQ SDU OD IL[DWLRQ RX TXH O·pMHFWHXU ODWpUDO HVW ELHQ HQJDJp HQ SRVLWLRQ DYDQW GH PHWWUH OD WRQGHXVH HQ PDUFKH )LJXUH (MHFWHXU
,QVWDOODWLRQ GX VDF GH UDPDVVDJH )L[H] OH FRXYHUFOH GH O·RXYHUWXUH ODWpUDOH j O·DLGH GH OD IL[DWLRQ HW GX ERXWRQ )LJ HW 5HSRUWH] YRXV j OD UXEULTXH ,QVWDOODWLRQ GX VDF GH UDPDVVDJH SDJH (MHFWHXU ODWpUDO 3RVH GH O·pMHFWHXU ODWpUDO &RXSH] OH PRWHXU HW DWWHQGH] O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV P )LJXUH 'pEUDQFKH] OD ERXJLH )LJ (QOHYH] OH ERXWRQ HW OD IL[DWLRQ GX FRXYHUFOH ODWpUDO SXLV UHPHWWH] OH ERXWRQ GDQV OH WURX HW PHWWH] OD ILFDWLRQ GH F{Wp SRXU XQ XV
)LJXUH 9HUURX GX YROHW 6RXOHYH] OH YHUURX GH OD SRLJQpH GX YROHW )LJ HW HQIRQFH] FRPSOqWHPHQW OH KDXW GH O·REWXUDWHXU WRXW HQ WLUDQW OD SRLJQpH HQ DUULqUH 5HOkFKH] OH YHUURX GX YROHW SRXU TX·LO YLHQQH V·DFFURFKHU VXU OHV ODQJXHWWHV GH O·REWXUDWHXU )LJ P )LJXUH /DQJXHWWH 3RXU HQOHYH] O·REWXUDWHXU WLUH] OH YHUURX GX YROHW HW RXYUH] OH YROHW HQ JUDQG 8QH IRLV O·REWXUDWHXU GpYHUURXLOOp WLUH] OH KRUV GH O·pMHFWHXU &RQQHFWH] OD ERXJLH
'pSDQQDJH 7RUR D FRQoX HW FRQVWUXLW FHWWH WRQGHXVH SRXU RIIULU XQ IRQFWLRQQHPHQW H[HPSW GH SUREOqPHV 9pULILH] VRLJQHXVHPHQW OHV FRPSRVDQWV HW SLqFHV TXL VXLYHQW HW UHSRUWH] YRXV j OD UXEULTXH (QWUHWLHQ SDJH SRXU WRXW UHQVHLJQHPHQW VXSSOpPHQWDLUH 6L XQ SUREOqPH SHUVLVWH FRQVXOWH] YRWUH FRQFHVVLRQQDLUH 7RUR DJUpp 3UREOqPH /H PRWHXU QH GpPDUUH SDV /H PRWHXU GpPDUUH GLIILFLOHPHQW RX SHUG GH OD SXLVVDQFH &DXVHV SRVVLEOHV 5HPqGH /H UpVHUYRLU GH FDUEXUDQW HVW YLGH RX OH FLUFXLW G·DOLPHQWDWLRQ FRQW
3UREOqPH /H PRWHXU WRXUQH LUUpJXOLqUHPHQW J /D WRQGHXVH RX OH PRWHXU YLEUHQW H[FHVVLYHPHQW 7RQWH QRQ XQLIRUPH 2EVWUXFWLRQ GH O·pMHFWHXU /D WRQGHXVH Q·HVW SDV DXWRWUDFWpH &DXVHV SRVVLEOHV 5HPqGH /D ERXJLH Q·HVW SDV FRQQHFWpH &RQQHFWH] OD ERXJLH /D ERXJLH HVW SLTXpH RX HQFUDVVpH RX O·pFDUWHPHQW GHV pOHFWURGHV HVW LQFRUUHFW &RQWU{OH] OD ERXJLH HW UpJOH] O·pFDUWHPHQW GHV pOHFWURGHV DX EHVRLQ 5HPSODFH] OD ERXJLH VL HOOH HVW SLTXpH HQFUDVVpH RX ILVVXUpH /·pOpPHQW ILOWUDQW HVW
/D JDUDQWLH GH GpPDUUDJH 7RUR *DUDQWLH OLPLWpH GH GHX[ DQV SRXU WRXV OHV PRWHXUV 7RUR *76Ç &RQGLWLRQV HW SURGXLWV FRXYHUWV OHV UpSDUDWLRQV RX UpJODJHV OLpV /D VRFLpWp 7RUR HW VD ILOLDOH OD VRFLpWp 7RUR :DUUDQW\ HQ YHUWX GH DX QRQ UHVSHFW GHV SURFpGXUHV G·HQWUHWLHQ FRUUHFWHV O·DFFRUG SDVVp HQWUH HOOHV JDUDQWLVVHQW FRQMRLQWHPHQW OH GpPDU DX[ GpJkWV VXELV SDU OD ODPH GH OD WRQGHXVH TXL KHXUWH XQ UDJH GH YRWUH PRWHXU 7252 GqV OH SUHPLHU RX GHX[LqPH HVVDL REVWDFOH SHQGDQW XQH SpULRGH
'DWH 1RPEUH (QWUHWLHQ GX ILOWUH &KDQJHU O·KXLOH /XEULILHU OHV &RQWU{OHU OD 3UpSDUDWLRQ DX G·KHXUHV j DLU QH FRQFHUQH SDV URXHV ERXJLH UHPLVDJH GH OHV PRWHXUV GHX[ IRQFWLRQQH WHPSV PHQW 5pI 5pY
*DUDQWLH WRWDOH 7RUR 7RQGHXVHV j JXLGDJH DUULqUH j HVVHQFH RX *DUDQWLH FRPSOqWH *DUDQWLH OLPLWpH SRXU XVDJH FRPPHUFLDO pOHFWULTXHV DYHF RX VDQV ILO HW SURIHVVLRQQHOOHV GH FP &RQGLWLRQV HW SURGXLWV FRXYHUWV &XVWRPHU 6HUYLFH 'HSDUWPHQW /D VRFLpWp 7RUR HW VD ILOLDOH OD VRFLpWp 7RUR :DUUDQW\ V·HQJDJHQW 7RUR :DUUDQW\ &RPSDQ\ VROLGDLUHPHQW HQ YHUWX G·XQ DFFRUG SDVVp HQWUH HOOHV j UpSDUHU /\QGDOH $YHQXH 6RXWK WRXW SURGXLW 7252 XWLOLVp j GHV ILQV UpVLGHQWLHOOHV QRUPDOHV TXL %ORRPLQ