FP 5HF\FOHU /DZQ 0RZHU )RUP 1R 5HY $ 0RGHO 1R ²6HULDO 1R DQG 8S 0RGHO 1R ²6HULDO 1R DQG 8S 2SHUDWRU V 0DQXDO ,QWURGXFWLRQ 7KLV URWDU\ EODGH ZDON EHKLQG ODZQ PRZHU LV LQWHQGHG WR EH XVHG E\ UHVLGHQWLDO KRPHRZQHUV ,W LV GHVLJQHG SULPDULO\ IRU FXWWLQJ JUDVV RQ ZHOO PDLQWDLQHG ODZQV RQ UHVLGHQWLDO SURSHUWLHV ,W LV QRW GHVLJQHG IRU FXWWLQJ EUXVK RU IRU DJULFXOWXUDO XVHV 5HDG WKLV LQIRUPDWLRQ FDUHIXOO\ WR OHDUQ KRZ WR RSHUDWH DQG PDLQWDLQ \RXU SURGXFW SURS
$GMXVWLQJ WKH &XWWLQJ +HLJKW 'XULQJ 2SHUDWLRQ 'XULQJ 2SHUDWLQJ 6DIHW\ 6WDUWLQJ WKH (QJLQH 8VLQJ WKH 6HOI 3URSHO 'ULYH 6WRSSLQJ WKH (QJLQH 5HF\FOLQJ WKH &OLSSLQJV %DJJLQJ WKH &OLSSLQJV
+DQG $UP 9LEUDWLRQ &$87,21 0HDVXUHG YLEUDWLRQ OHYHO IRU ULJKW KDQG 0HDVXUHG YLEUDWLRQ OHYHO IRU OHIW KDQG 8QFHUWDLQW\ 9DOXH .
6HWXS ,PSRUWDQW 5HPRYH DQG GLVFDUG WKH SURWHFWLYH SODVWLF VKHHW WKDW FRYHUV WKH HQJLQH $VVHPEOLQJ DQG 8QIROGLQJ WKH +DQGOH 1R 3DUWV 5HTXLUHG 3URFHGXUH 5HPRYH DQG VDYH WKH KDQGOH NQREV DQG FDUULDJH EROWV IURP WKH KDQGOH EUDFNHWV )LJXUH 7UDFWLRQ $GMXVWPHQW $WWHQWLRQ UHDG WKH 2SHUDWRU V 0DQXDO² /RRVHQ WKH NQRE E\ WXUQLQJ LW FRXQWHU FORFNZLVH 3XOO WKH FDEOH V DZD\ IURP WKH HQJLQH WR GHFUHDVH WKH WUDFWLRQ RU SXVK WKH FDEOH V WRZDUG WKH HQJLQH WR LQFUHDVH WKH WUDFWLRQ
1RWH 7KH SLQV ZLOO QRW VKRZ WKURXJK WKH KROHV LQ WKH KDQGOH HQGV ZKHQ WKH KDQGOH LV LQ WKH IROGHG SRVLWLRQ 8QIROG WKH KDQGOH WR WKH RSHUDWLQJ SRVLWLRQ E\ URWDWLQJ LW UHDUZDUG )LJXUH ,QVWDOOLQJ WKH 5HFRLO 6WDUWHU 5RSH LQ WKH 5RSH *XLGH 1R 3DUWV 5HTXLUHG 3URFHGXUH ,PSRUWDQW
$VVHPEOLQJ WKH *UDVV %DJ 1R 3DUWV 5HTXLUHG 3URFHGXUH 6OLS WKH JUDVV EDJ RYHU WKH IUDPH DV VKRZQ LQ )LJXUH )LJXUH 'LSVWLFN $GG PDUNHU )XOO PDUNHU 6ORZO\ SRXU RLO LQWR WKH RLO ÀOO WXEH XQWLO WKH RLO OHYHO UHDFKHV WKH )XOO OLQH RQ WKH GLSVWLFN )LJXUH 'R QRW RYHUÀOO ,QVWDOO WKH GLSVWLFN VHFXUHO\ )LJXUH &KDUJLQJ WKH %DWWHU\ 1R 3DUWV 5HTXLUHG +DQGOH )UDPH *UDVV EDJ 1RWH 'R QRW VOLS WKH EDJ RYHU WKH KDQGOH )LJXUH 3URFHGXUH (OHFWULF VWDUW PR
3URGXFW 2YHUYLHZ +RRN WKH ERWWRP FKDQQHO RI WKH EDJ RQWR WKH ERWWRP RI WKH IUDPH )LJXUH )LJXUH )LJXUH +DQGOH 6SDUN SOXJ %ODGH FRQWURO EDU 6LGH GLVFKDUJH GHÀHFWRU $GMXVWPHQW NQRE IRU WKH VHOI SURSHO GULYH 2LO ¿OO GLSVWLFN (OHFWULF VWDUW NH\ HOHFWULF VWDUW PRGHO RQO\ %DJ RQ GHPDQG OHYHU )XHO WDQN FDS +DQGOH NQRE $LU ¿OWHU &XWWLQJ KHLJKW OHYHU 5HFRLO VWDUW KDQGOH +RRN WKH WRS DQG VLGH FKDQQHOV RI WKH EDJ RQWR W
2SHUDWLRQ )LOOLQJ WKH )XHO 7DQN )RU EHVW UHVXOWV XVH RQO\ FOHDQ IUHVK XQOHDGHG JDVROLQH %HIRUH 2SHUDWLRQ ZLWK DQ RFWDQH UDWLQJ RI RU KLJKHU 5 0 UDWLQJ PHWKRG 2[\JHQDWHG IXHO ZLWK XS WR HWKDQRO RU 07%( %HIRUH 2SHUDWLRQ 6DIHW\ E\ YROXPH LV DFFHSWDEOH 'R QRW XVH HWKDQRO EOHQGV RI JDVROLQH VXFK DV ( *HQHUDO 6DIHW\ RU ( ZLWK PRUH WKDQ HWKDQRO E\ YROXPH 3HUIRUPDQFH SUREOHPV DQG RU HQJLQH GDPDJH PD\ UHVXOW ZKLFK PD\ QRW EH FRYHUHG XQGHU ZDUUDQW\ %HFRPH IDPLOLDU
7LJKWHQ WKH KDQGOH NQREV DV WLJKW DV \RX FDQ $GMXVWLQJ WKH &XWWLQJ +HLJKW :$51,1* $GMXVWLQJ WKH FXWWLQJ KHLJKW PD\ EULQJ \RX LQWR FRQWDFW ZLWK WKH PRYLQJ EODGH FDXVLQJ VHULRXV LQMXU\ 6WRS WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ SDUWV WR VWRS 'R QRW SXW \RXU ÀQJHUV XQGHU WKH KRXVLQJ ZKHQ DGMXVWLQJ WKH FXWWLQJ KHLJKW )LJXUH 'LSVWLFN &$87,21 5HPRYH WKH GLSVWLFN DQG FKHFN WKH RLO OHYHO )LJXUH ,I WKH RLO OHYHO LV EHORZ WKH $GG PDUN RQ WKH GLSVWLFN VORZO\ SRXU RLO LQWR WKH RLO ÀOO WX
1RWH 7KH FXWWLQJ KHLJKW VHWWLQJV DUH PP LQFK PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV DQG PP LQFKHV 'R QRW PRZ RQ H[FHVVLYHO\ VWHHS VORSHV 3RRU IRRWLQJ 'XULQJ 2SHUDWLRQ 6WDUWLQJ WKH (QJLQH FRXOG FDXVH D VOLS DQG IDOO DFFLGHQW 'R QRW PRZ QHDU GURS RIIV GLWFKHV RU HPEDQNPHQWV
1RWH :KHQ \RX SXOO WKH UHFRLO VWDUW KDQGOH SXOO LW OLJKWO\ XQWLO \RX IHHO UHVLVWDQFH WKHQ SXOO LW VKDUSO\ )LJXUH $OORZ WKH URSH WR UHWXUQ WR WKH KDQGOH VORZO\ 7R VWRS WKH HQJLQH UHOHDVH WKH EODGH FRQWURO EDU 1RWH 5HPRYH WKH NH\ IURP WKH LJQLWLRQ ZKHQ \RX OHDYH WKH PDFKLQH HOHFWULF VWDUW PRGHO RQO\ ,PSRUWDQW :KHQ \RX UHOHDVH WKH EODGH FRQWURO EDU ERWK WKH HQJLQH DQG EODGH VKRXOG VWRS ZLWKLQ VHFRQGV ,I WKH\ GR QRW VWRS SURSHUO\ VWRS XVLQJ \RXU PDFKLQH LPPHGLDWHO\ DQG FRQWDFW DQ $XWKRUL]
6LGH 'LVFKDUJLQJ WKH &OLSSLQJV /RZHU WKH UHDU GHÁHFWRU 5HPRYLQJ WKH *UDVV %DJ 8VH WKH VLGH GLVFKDUJH IRU FXWWLQJ YHU\ WDOO JUDVV 7R UHPRYH WKH EDJ UHYHUVH WKH VWHSV LQ ,QVWDOOLQJ WKH *UDVV %DJ SDJH ,I WKH JUDVV EDJ LV RQ WKH PDFKLQH DQG WKH EDJ RQ GHPDQG OHYHU LV LQ WKH %DJJLQJ SRVLWLRQ PRYH WKH OHYHU WR WKH 5HF\FOLQJ SRVLWLRQ UHIHU WR 2SHUDWLQJ WKH %DJ RQ 'HPDQG /HYHU SDJH 2SHUDWLQJ WKH %DJ RQ 'HPDQG /HYHU 7KH EDJ RQ GHPDQG IHDWXUH DOORZV \RX WR HLWKHU FROOHFW RU UHF\FOH JUDVV DQ
$YRLG VWULNLQJ VROLG REMHFWV ZLWK WKH EODGH 1HYHU $IWHU 2SHUDWLRQ ,I WKH PDFKLQH VWULNHV DQ REMHFW RU VWDUWV WR YLEUDWH $IWHU 2SHUDWLQJ 6DIHW\ )RU EHVW SHUIRUPDQFH LQVWDOO D QHZ EODGH EHIRUH WKH *HQHUDO 6DIHW\ GHOLEHUDWHO\ PRZ RYHU DQ\ REMHFW LPPHGLDWHO\ VWRS WKH HQJLQH GLVFRQQHFW WKH ZLUH IURP WKH VSDUN SOXJ DQG H[DPLQH WKH PDFKLQH IRU GDPDJH FXWWLQJ VHDVRQ EHJLQV &OHDQ JUDVV DQG GHEULV IURP WKH PDFKLQH WR KHOS SUHYHQW 5HSODFH WKH EODGH ZKHQ QHFHVVDU\ ZLWK D 7RUR ÀUHV &OHDQ XS
$WWDFK D JDUGHQ KRVH WKDW LV FRQQHFWHG WR D ZDWHU VXSSO\ WR WKH ZDVKRXW SRUW )LJXUH )LJXUH )LJXUH :DVKRXW SRUW 7XUQ WKH ZDWHU RQ 6WDUW WKH HQJLQH DQG UXQ LW XQWLO WKHUH DUH QR PRUH FOLSSLQJV WKDW FRPH RXW IURP XQGHU WKH PDFKLQH 6WRS WKH HQJLQH 6KXW RII WKH ZDWHU DQG GLVFRQQHFW WKH JDUGHQ KRVH IURP WKH PDFKLQH 6WDUW WKH HQJLQH DQG UXQ LW IRU D IHZ PLQXWHV WR GU\ WKH XQGHUVLGH RI WKH PDFKLQH WR SUHYHQW LW IURP UXVWLQJ $OORZ WKH HQJLQH WR FRRO EHIRUH V
/RRVHO\ LQVWDOO WKH KDQGOH NQREV DQG FDUULDJH EROWV RQ WKH KDQGOH EUDFNHWV 7R XQIROG WKH KDQGOH UHIHU WR $VVHPEOLQJ DQG 8QIROGLQJ WKH +DQGOH SDJH )LJXUH +DQGOH NQRE &DUULDJH EROW 0DLQWHQDQFH 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH V 0DLQWHQDQFH 6HUYLFH ,QWHUYDO %HIRUH HDFK XVH RU GDLO\ 0DLQWHQDQFH 3URFHGXUH &KHFN WKH HQJLQH RLO OHYHO (QVXUH WKDW WKH HQJLQH VWRSV ZLWKLQ VHFRQGV DIWHU
)LJXUH $IWHU SHUIRUPLQJ WKH PDLQWHQDQFH SURFHGXUH V FRQQHFW WKH VSDUN SOXJ ZLUH WR WKH VSDUN SOXJ ,PSRUWDQW %HIRUH WLSSLQJ WKH PDFKLQH WR FKDQJH WKH RLO RU UHSODFH WKH EODGH DOORZ WKH IXHO WDQN WR UXQ GU\ WKURXJK QRUPDO XVDJH ,I \RX PXVW WLS WKH PDFKLQH SULRU WR UXQQLQJ RXW RI IXHO XVH D KDQG IXHO SXPS WR UHPRYH WKH IXHO $OZD\V WLS WKH PDFKLQH RQWR LWV VLGH ZLWK WKH DLU ÀOWHU XS )LJXUH :$51,1* 7LSSLQJ WKH PDFKLQH PD\ FDXVH WKH IXHO WR OHDN *DVROLQH LV ÁDPPDEOH DQG H[SORVLYH DQG FDQ
&KDUJLQJ WKH %DWWHU\ 6HUYLFH ,QWHUYDO (YHU\ KRXUV (OHFWULF VWDUW PRGHO RQO\ &KDUJH WKH EDWWHU\ IRU KRXUV LQLWLDOO\ WKHQ PRQWKO\ HYHU\ VWDUWV RU DV QHHGHG $OZD\V XVH WKH FKDUJHU LQ D VKHOWHUHG DUHD DQG FKDUJH WKH EDWWHU\ DW URRP WHPSHUDWXUH RU & ZKHQHYHU SRVVLEOH &RQQHFW WKH FKDUJHU WR WKH ZLULQJ KDUQHVV ORFDWHG EHORZ WKH LJQLWLRQ NH\ )LJXUH )LJXUH 'LSVWLFN 7LS WKH PDFKLQH RQWR LWV VLGH ZLWK WKH DLU ÀOWHU XS WR GUDLQ WKH XVHG RLO RXW WKURXJK WKH RLO ÀOO WXEH )
5HSODFLQJ WKH )XVH 1RWH
$GMXVWLQJ WKH 6HOI 3URSHO 'ULYH :KHQHYHU \RX LQVWDOO D QHZ VHOI SURSHO FDEOH RU LI WKH VHOI SURSHO GULYH LV RXW RI DGMXVWPHQW DGMXVW WKH VHOI SURSHO GULYH 7XUQ WKH DGMXVWPHQW NQRE FRXQWHUFORFNZLVH WR ORRVHQ WKH FDEOH DGMXVWPHQW )LJXUH )LJXUH )LJXUH +DQGOH OHIW VLGH ,PSRUWDQW 3RVLWLRQ WKH FXUYHG HQGV RI WKH EODGH WR SRLQW WRZDUG WKH PDFKLQH KRXVLQJ 7XUQ WKH NQRE FORFNZLVH WR WLJKWHQ WKH DGMXVWPHQW $GMXVWPHQW NQRE 8VH D WRUTXH ZUHQFK WR WLJKWHQ WKH EODGH EROW W
6WRUDJH ,QVWDOO WKH VSDUN SOXJ DQG WLJKWHQ LW ZLWK D WRUTXH ZUHQFK WR IW OE 1 P 6WRUH WKH PDFKLQH LQ D FRRO FOHDQ GU\ SODFH 3HUIRUP DQ\ QHHGHG PDLQWHQDQFH SURFHGXUHV UHIHU WR 0DLQWHQDQFH SDJH 3UHSDULQJ WKH 0DFKLQH IRU 6WRUDJH &KHFN WKH HQJLQH RLO OHYHO UHIHU WR &KHFNLQJ WKH (QJLQH 2LO /HYHO SDJH )XHO WKH IXHO WDQN ZLWK IUHVK JDVROLQH UHIHU WR )LOOLQJ WKH )XHO 7DQN SDJH &RQQHFW WKH ZLUH WR WKH VSDUN SOXJ :$51,1* *DVROLQH YDSRUV FDQ H[SORGH 'R QR
1RWHV
1RWHV
,QWHUQDWLRQDO 'LVWULEXWRU /LVW 'LVWULEXWRU &RXQWU\ 3KRQH 1XPEHU 'LVWULEXWRU 3KRQH 1XPEHU &RORPELD -DSDQ &]HFK 5HSXEOLF 6ORYDNLD $UJHQWLQD 5XVVLD (FXDGRU )LQODQG $JURODQF .IW %DODPD 3ULPD (QJLQHHULQJ (TXLS % 5D\ &RUSRUDWLRQ +XQJDU\ +RQJ .RQJ .
5HVLGHQWLDO 3URGXFWV 7KH 7RUR :DUUDQW\ DQG 7KH 7RUR *76 6WDUWLQJ *XDUDQWHH &RQGLWLRQV DQG 3URGXFWV &RYHUHG 2ZQHU 5HVSRQVLELOLWLHV 7KH 7RUR &RPSDQ\ DQG LWV DI¿OLDWH 7RUR :DUUDQW\ &RPSDQ\ SXUVXDQW WR DQ DJUHHPHQW EHWZHHQ WKHP MRLQWO\ SURPLVH WR UHSDLU IRU WKH RULJLQDO SXUFKDVHU WKH 7RUR 3URGXFW OLVWHG EHORZ LI GHIHFWLYH LQ PDWHULDOV RU ZRUNPDQVKLS RU LI WKH 7RUR *76 *XDUDQWHHG WR 6WDUW HQJLQH ZLOO QRW VWDUW RQ WKH ¿UVW RU VHFRQG SXOO SURYLGHG WKH URXWLQH PDLQWHQDQFH UHTXLUHG LQ WKH 2SHUDWRU V 0DQXDO
5HF\FOHU 5DVHQPlKHU FP )RUP 1R 5HY $ 0RGHOOQU ²6HULHQQU XQG K|KHU 0RGHOOQU ²6HULHQQU XQG K|KHU %HGLHQXQJVDQOHLWXQJ (LQIKUXQJ 'LHVHU KDQGJHIKUWH 5DVHQPlKHU PLW 6LFKHOPHVVHUQ VROOWH YRQ 3ULYDWOHXWHQ RGHU JHVFKXOWHQ /RKQDUEHLWHUQ YHUZHQGHW ZHUGHQ (U LVW KDXSWVlFKOLFK IU GDV 0lKHQ YRQ *UDV DXI JHSÁHJWHQ *UQÁlFKHQ LQ 3ULYDWDQODJHQ JHGDFKW (U LVW QLFKW IU GDV 6FKQHLGHQ YRQ %VFKHQ RGHU IU HLQHQ ODQGZLUWVFKDIWOLFKHQ (LQVDW] JHGDFKW ,Q GLHVHU $QOHLWX
+DOWHQ 6LH ,KUH +lQGH XQG )H YRQ EHZHJOLFKHQ 7HLOHQ $XIIOOHQ GHV 0RWRUV PLW gO $XÁDGHQ GHU %DWWHULH 0RQWLHUHQ GHV )DQJNRUEV 3URGXNWEHUVLFKW %HWULHE 9RU GHP (LQVDW] 9RU GHU VLFK
+DQG $UPYLEUDWLRQ $&+781* 'HU OlQJHUH (LQVDW] HLQHU VWDUN YLEULHUHQGHQ 0DVFKLQH NDQQ ]X 7DXEKHLW LQ GHQ +lQGHQ XQG +DQGJHOHQNHQ IKUHQ 'DV JHPHVVHQH 9LEUDWLRQVQLYHDX IU GLH UHFKWH +DQG EHWUlJW P V 'DV JHPHVVHQH 9LEUDWLRQVQLYHDX IU GLH OLQNH +DQG EHWUlJW P V 7UDJHQ 6LH +DQGVFKXKH GLH 9LEUDWLRQHQ DEVFKZlFKHQ ZHQQ 6LH GLH 0DVFKLQH OlQJHUH =HLW YHUZHQGHQ 'HU 8QVLFKHUKHLWVZHUW .
1XU 0RGHOOH PLW (OHNWURVWDUW :DUQXQJ /HVHQ 6LH GLH %HGLHQXQJVDQOHLWXQJ 6FKQLWW XQG 9HUOHW]XQJVJHIDKU IU +lQGH RGHU )H EHLP 6FKQLWWPHVVHU +DOWHQ 6LH VLFK YRQ EHZHJOLFKHQ 7HLOHQ IHUQ XQG QHKPHQ 6LH NHLQH 6FKXW]YRUULFKWXQJHQ DE 6FKQLWW E]Z $PSXWDWLRQVJHIDKU DQ +lQGHQ XQG )HQ EHLP 6FKQLWWPHVVHU =LHKHQ 6LH GHQ =QGNHU]HQVWHFNHU DE XQG OHVHQ 6LH GLH $QZHLVXQJHQ EHYRU 6LH :DUWXQJV RGHU 5HSDUDWXUDUEHLWHQ DXVIKUHQ *HIDKU GXUFK KHUDXVJHVFKOHXGHUWH *HJHQVWlQGH 6
(LQULFKWXQJ :LFKWLJ 1HKPHQ 6LH GHQ 3ODVWLNVFKXW] DE PLW GHP GHU 0RWRU DEJHGHFNW LVW :HUIHQ 6LH LKQ DE =XVDPPHQ XQG $XINODSSHQ GHV *ULIIV %LOG 6WLIW *ULIIHQGH .HLQH 7HLOH ZHUGHQ EHQ|WLJW +LQZHLV 'LH 6WLIWH VLQG QLFKW GXUFK GLH /|FKHU LQ GHQ *ULIIHQGHQ ]X VHKHQ ZHQQ GHU *ULII KHUXQWHUJHNODSSW LVW 9HUIDKUHQ (QWIHUQHQ 6LH GLH *ULIIKDQGUlGHU VRZLH GLH 6FKORVVVFKUDXEHQ YRQ GHQ +DQGJULIIKDOWHUXQJHQ %LOG XQG KHEHQ 6LH VLH DXI .
%LOG *ULIIKDQGUDG 6FKORVVVFKUDXEH %HIHVWLJHQ 6LH GLH *ULIIKDQGUlGHU ORFNHU DQ GHQ 6FKORVVVFKUDXEHQ 6LHKH 6FKULWWH ELV XQWHU (LQVWHOOHQ GHU +ROPK|KH 6HLWH 6HLOIKUXQJ %LOG 5FNODXIVWDUWHUVHLO $XIIOOHQ GHV 0RWRUV PLW gO .HLQH 7HLOH ZHUGHQ EHQ|WLJW 9HUIDKUHQ +LQZHLV 'LH 6FKQHHIUlVH ZLUG RKQH gO LP 0RWRU DXVJHOLHIHUW 6LH HUKDOWHQ MHGRFK HLQH )ODVFKH PLW gO 0D[ )OOVWDQG O 6RUWH :DVFKDNWLYHV 6$( gO PLW GHU .
$XÀDGHQ GHU %DWWHULH .HLQH 7HLOH ZHUGHQ EHQ|WLJW 9HUIDKUHQ 1XU 0RGHOOH PLW (OHNWURVWDUW 6LHKH $XÁDGHQ GHU %DWWHULH 6HLWH 0RQWLHUHQ GHV )DQJNRUEV .HLQH 7HLOH ZHUGHQ EHQ|WLJW 9HUIDKUHQ 6FKLHEHQ 6LH GHQ )DQJNRUE DXI GHQ 5DKPHQ ZLH LQ %LOG DEJHELOGHW %LOG %LOG +ROP 5DKPHQ )DQJNRUE +LQZHLV 6FKLHEHQ 6LH GHQ *UDVIDQJNRUE QLFKW EHU GHQ +ROP %LOG +DNHQ 6LH GHQ XQWHUHQ .
%HWULHE 3URGXNWEHUVLFKW 9RU GHP (LQVDW] 9RU GHU VLFKHUHQ 9HUZHQGXQJ $OOJHPHLQH 6LFKHUKHLW 0DFKHQ 6LH VLFK PLW GHP VLFKHUHQ (LQVDW] GHV *HUlWV GHU %HGLHQHOHPHQWH XQG GHQ 6LFKHUKHLWVDXINOHEHUQ YHUWUDXW 3UIHQ 6LH RE DOOH 6FKXW]YRUULFKWXQJHQ XQG 6LFKHUKHLWVYRUULFKWXQJHQ ZLH ] % $EOHQNEOHFKH XQG RGHU *UDVIDQJN|UEH PRQWLHUW VLQG XQG ULFKWLJ IXQNWLRQLHUHQ hEHUSUIHQ 6LH LPPHU GLH 0DVFKLQH XQG VWHOOHQ 6LH VLFKHU GDVV GLH 6FKQLWWPHVVHU VFKUDXEHQ XQG GDV 0lKZHUN QLFKW DEJHQXW]W RGHU EHVFKlGLJW
3UIHQ GHV 0RWRU|OVWDQGV :$5181* .UDIWVWRII LVW EHL (LQQDKPH JHVXQGKHLWVVFKlGOLFK RGHU W|GOLFK :HQQ HLQH 3HUVRQ ODQJIULVWLJ %HQ]LQGQVWHQ DXVJHVHW]W LVW NDQQ GLHV ]X VFKZHUHQ 9HUOHW]XQJHQ XQG .
/RFNHUQ 6LH EHLGH *ULIIUlGHU ELV 6LH GLH HFNLJHQ 6FKORVVFKUDXEHQ DXV GHQ YLHUHFNLJHQ gIIQXQJHQ GHU *ULIIKDOWHUXQJ GUFNHQ N|QQHQ +DQGUlGHU KHUDXVGUFNHQ %ULQJHQ 6LH GHQ *ULII QDFK :XQVFK LQ GLH REHUH RGHU XQWHUH 6WHOOXQJ +DQGUlGHU ]LHKHQ ELV GLH HFNLJH 6FKORVVVFKUDXEH ULFKWLJ LQ GHU GD]XJHK|ULJHQ YLHUHFNLJHQ gIIQXQJ VLW]W =LHKHQ 6LH GLH *ULIIKDQGUlGHU VR IHVW ZLH HV JHKW (LQVWHOOHQ GHU 6FKQLWWK|KH :$5181* :HQQ 6LH GLH 6FKQLWWK|KH HLQVWHOOHQ N|QQHQ 6LH PLW GHP 0HVVHU LQ .
1DVVHV *UDV XQG RGHU QDVVH %OlWWHU N|QQHQ ]X VFKZHUHQ 9HUOHW]XQJHQ IKUHQ VROOWHQ 6LH GDUDXI DXVUXWVFKHQ XQG PLW GHP 0HVVHU LQ %HUKUXQJ NRPPHQ 0lKHQ 6LH QXU XQWHU WURFNHQHQ %HGLQJXQJHQ *HKHQ 6LH EHLP $QIDKUHQ YRQ EOLQGHQ (FNHQ 6WUlXFKHUQ %lXPHQ XQG DQGHUHQ *HJHQVWlQGHQ GLH ,KUH 6LFKW EHKLQGHUQ N|QQHQ YRUVLFKWLJ YRU $FKWHQ 6LH DXI /|FKHU 5LOOHQ %RGHQZHOOHQ 6WHLQH RGHU DQGHUH YHUERUJHQH 2EMHNWH 8QHEHQHV 7HUUDLQ NDQQ ]X 5XWVFK XQG )DOOXQIlOOHQ IKUHQ 6WHOOHQ 6LH GLH 0DVFKLQH DE XQG SU
+LQZHLV =LHKHQ 6LH GHQ =QGVFKOVVHO DE ZHQQ 6LH YRQ GHU 0DVFKLQH ZHJJHKHQ QXU 0RGHOO PLW (OHNWURVWDUW :LFKWLJ :HQQ 6LH GHQ 6FKDOWEJHO ORVODVVHQ ZHUGHQ GHU 0RWRU XQG GDV 0HVVHU LQQHUKDOE YRQ 6HNXQGHQ DEJHVWHOOW :HQQ GLHV QLFKW GHU )DOO LVW VHW]HQ 6LH GLH 0DVFKLQH QLFKW PHKU HLQ XQG ZHQGHQ 6LH VLFK VRIRUW DQ HLQHQ RIÀ]LHOOHQ 9HUWUDJVKlQGOHU 6FKQLWWJXWUHF\FOHQ %LOG 5FNODXIVWDUW 'HU 5DVHQPlKHU LVW ZHUNVVHLWLJ DXI GDV 5HF\FOHQ YRQ 6FKQLWWJXW XQG /DXE HLQJHVWHOOW :HQQ GHU *UDVIDQJNRUE DQ GHU
6HW]HQ 6LH GHQ *UDVIDQJNRUE HLQ VWHOOHQ 6LH VLFKHU GDVV GLH 6WLIWH DP )DQJNRUE LQ GHQ .
0lKHQ 0lKHQ 6LH LPPHU QXU HLQ 'ULWWHO GHV *UDVKDOPV LQ HLQHP 'XUFKJDQJ 0lKHQ 6LH QLFKW XQWHU GHU PP (LQVWHOOXQJ HV VHL GHQQ GDV *UDV ZlFKVW VHKU IHLQ RGHU HV LVW 6SlWKHUEVW XQG GDV *UDVZDFKVWXP OlVVW QDFK 6LHKH (LQVWHOOHQ GHU 6FKQLWWK|KH 6HLWH 6WHOOHQ 6LH EHLP HUVWHQ 'XUFKJDQJ GLH 6FKQLWWK|KH DXI GLH K|FKVWH (LQVWHOOXQJ XQG JHKHQ ODQJVDPHU ZHQQ 6LH *UDV PlKHQ GDV OlQJHU DOV FP LVW 0lKHQ 6LH GDQQ QRFK HLQPDO PLW HLQHU QLHGULJHUHQ (LQVWHOOXQJ XP GHP 5DVHQ GDV JHZQVFKWH 6FKQLWWELOG
1DFK GHP (LQVDW] +LQZHLV :DVFKHQ 6LH GHQ %HUHLFK ZHQQ GHU +HEHO IU GHQ ]XVFKDOWEDUHQ )DQJNRUE JDQ] QDFK YRUQH XQG JDQ] QDFK KLQWHQ JHVFKREHQ LVW 6LFKHUKHLW QDFK GHU 9HUZHQGXQJ %HIHVWLJHQ 6LH HLQHQ *DUWHQVFKODXFK GHU DQ HLQHQ :DVVHUKDKQ DQJHVFKORVVHQ LVW DP :DVVHUDQVFKOXVV %LOG $OOJHPHLQH 6LFKHUKHLW (QWIHUQHQ 6LH *UDV XQG 6FKPXW] YRQ GHU 0DVFKLQH XP HLQHP %UDQG YRU]XEHXJHQ :LVFKHQ 6LH gO XQG .
)KUHQ 6LH GLH 6FKORVVVFKUDXEH PLW GHP 6FKUDXEHQNRSI QDFK LQQHQ ]HLJHQG GXUFK GLH *ULIIKDOWHUXQJ XQG GDV REHUH /RFK GHV *ULIIHQGHV 6WHOOHQ 6LH VLFKHU GDVV MHGH HFNLJH 6FKORVVVFKUDXEH ULFKWLJ LQ GHU GD]XJHK|ULJHQ REHUHQ RGHU XQWHUHQ YLHUHFNLJHQ gIIQXQJ LKUHU MHZHLOLJHQ *ULIIKDOWHUXQJ VLW]W %LOG %LOG %JHOKDQGUDG 6FKORVVVFKUDXEH .
:DUWXQJVLQWHUYDOO :DUWXQJVPDQDKPHQ 9RU GHU (LQODJHUXQJ (QWOHHUHQ 6LH GHQ .UDIWVWRIIWDQN ODXW $QZHLVXQJ YRU GHQ 5HSDUDWXUHQ XQG GHU MlKUOLFKHQ (LQODJHUXQJ :HFKVHOQ 6LH GDV 0HVVHU DXV RGHU ODVVHQ 6LH HV VFKlUIHQ |IWHU ZHQQ GLH .
:HFKVHOQ GHV 0RWRU|OV (LQ gOZHFKVHO LVW QLFKW HUIRUGHUOLFK DEHU ZHQQ 6LH GLHV GHQQRFK WXQ P|FKWHQ JHKHQ 6LH ELWWH ZLH IROJW YRU +LQZHLV /DVVHQ 6LH GHQ 0RWRU HLQ SDDU 0LQXWHQ ODXIHQ EHYRU 6LH GDV gO ZHFKVHOQ XP HV DXI]XZlUPHQ :DUPHV gO ÁLHW EHVVHU XQG IKUW PHKU )UHPGVWRIIH PLW VLFK 0D[ )OOVWDQG O 6RUWH :DVFKDNWLYHV 6$( gO PLW GHU .
$XÀDGHQ GHU %DWWHULH $XVWDXVFKHQ GHU 6LFKHUXQJ :DUWXQJVLQWHUYDOO $OOH %HWULHEVVWXQGHQ 1XU 0RGHOOH PLW (OHNWURVWDUW 1XU 0RGHOOH PLW (OHNWURVWDUW :HQQ VLFK GLH %DWWHULH QLFKW DXÁlGW RGHU GHU 0RWRU PLW GHP (OHNWURVWDUW VLFK QLFKW GUHKW LVW GLH 6LFKHUXQJ HYHQWXHOO GXUFKJHEUDQQW 9HUZHQGHQ 6LH HLQH $ 6LFKHUXQJ YRP .
:HFKVHOQ 6LH GLH 6LFKHUXQJ LP 6LFKHUXQJVKDOWHU DXV %LOG 1HKPHQ 6LH GDV 0HVVHU DE XQG EHZDKUHQ 6LH DOOH %HIHVWLJXQJVVFKUDXEHQ DXI %LOG +LQZHLV 'LH 0DVFKLQH KDW HLQH (UVDW]VLFKHUXQJ LP %DWWHULHIDFK 6HW]HQ 6LH GDV QHXH 0HVVHU XQG DOOH 6FKUDXEHQ DXI %LOG 6HW]HQ 6LH GLH %DWWHULHDEGHFNXQJ PLW GHU 6FKUDXEH HLQ GLH 6LH LQ 6FKULWW DEJHQRPPHQ KDEHQ 6HW]HQ 6LH GLH $EGHFNXQJ DXI GDV %DWWHULHIDFK 6HQNHQ 6LH GDV KLQWHUH $EOHQNEOHFK DE $XVZHFKVHOQ GHV 0HVVHUV :DUWXQ
(LQODJHUXQJ (LQVWHOOHQ GHV 6HOEVWDQWULHEV %HLP (LQEDX HLQHV 6HOEVWDQWULHEV]XJV RGHU EHL HLQHU IDOVFKHQ (LQVWHOOXQJ GHV 6HOEVWDQWULHEV PVVHQ 6LH GHQ 6HOEVWDQWULHE HLQVWHOOHQ /DJHUQ 6LH GLH 0DVFKLQH DQ HLQHP NKOHQ VDXEHUHQ XQG WURFNHQHQ 2UW HLQ 'UHKHQ 6LH GDV +DQGUDG QDFK OLQNV XP GLH =XJHLQVWHOOXQJ ]X O|VHQ %LOG 9RUEHUHLWHQ GHV 5DVHQPlKHUV IU GLH (LQODJHUXQJ :$5181* %HQ]LQGlPSIH N|QQHQ H[SORGLHUHQ /DJHUQ 6LH %HQ]LQ QLFKW OlQJHU DOV 7DJH /DJHUQ 6LH GLH 0DVFKLQH QLFKW LQ JHVFKORV
+HUDXVQHKPHQ GHU 0DVFKLQH DXV GHU (LQODJHUXQJ /DGHQ 6LH GLH %DWWHULH IU 6WXQGHQ DXI QXU 0RGHOO PLW (OHNWURVWDUW =LHKHQ 6LH DOOH %HIHVWLJXQJVWHLOH DQ (QWIHUQHQ 6LH GLH =QGNHU]H XQG GUHKHQ GHQ 0RWRU VFKQHOO PLW +LOIH GHV 6WDUWHUV XP EHUÁVVLJHV gO DXV GHP =\OLQGHU ]X HQWIHUQHQ 6HW]HQ 6LH GLH =QGNHU]H HLQ XQG ]LHKHQ 6LH VLH PLW HLQHP 'UHKPRPHQWVFKOVVHO DXI 1ăP DQ )KUHQ 6LH GLH HPSIRKOHQHQ :DUWXQJVDUEHLWHQ GXUFK VLHKH :DUWXQJ 6HLWH 3UIHQ 6LH GHQ gOVWDQG LP
,QWHUQDWLRQDOH +lQGOHUOLVWH 9HUWUDJVKlQGOHU /DQG 7HOHIRQQXPPHU 9HUWUDJVKlQGOHU /DQG $JURODQF .IW %DODPD 3ULPD (QJLQHHULQJ (TXLS % 5D\ &RUSRUDWLRQ 8QJDUQ +RQJNRQJ .RUHD 0DTXLYHU 6 $ 0DUX\DPD 0IJ &R ,QF 0RXQW¿HOG D V &DVFR 6DOHV &RPSDQ\ 3XHUWR 5LFR 0RXQW¿HOG D V .
*HUlWH IU GHQ 3ULYDWJHEUDXFK 'LH *DUDQWLH YRQ 7RUR XQG 'LH *76 /HLFKWVWDUWJDUDQWLH YRQ 7RUR %HGLQJXQJHQ XQG DEJHGHFNWH 3URGXNWH 9HUDQWZRUWXQJ GHV (LJHQWPHUV 7KH 7RUR &RPSDQ\ XQG GLH 9HUWUDJVKlQGOHU 7RUR :DUUDQW\ &RPSDQ\ JHZlKUOHLVWHQ LP 5DKPHQ HLQHV JHJHQVHLWLJHQ $ENRPPHQV GLH DXIJHIKUWHQ 3URGXNWH IU GHQ (UVWNlXIHU YRQ 7RUR ]X UHSDULHUHQ ZHQQ GLH 3URGXNWH 0DWHULDO RGHU +HUVWHOOXQJVIHKOHU DXIZHLVHQ DXIJUXQG HLQHV %HVWDQGWHLOGHIHNWV DXVIDOOHQ RGHU ZHQQ GHU 7RUR *76 /HLFKWVWDUWPRWRU *XDUDQWHHG
7RQGHXVH 5HF\FOHU FP )RUP 1R 5HY $ 1 GH PRGqOH ²1 GH VpULH HW VXLYDQWV 1 GH PRGqOH ²1 GH VpULH HW VXLYDQWV 0DQXHO GH O XWLOLVDWHXU ,QWURGXFWLRQ &HWWH WRQGHXVH DXWRWUDFWpH j ODPH URWDWLYH HVW GHVWLQpH DX JUDQG SXEOLF (OOH HVW SULQFLSDOHPHQW FRQoXH SRXU WRQGUH OHV SHORXVHV HQWUHWHQXHV UpJXOLqUHPHQW GDQV OHV WHUUDLQV SULYpV (OOH Q HVW SDV FRQoXH SRXU FRXSHU OHV EURXVVDLOOHV QL SRXU XQ XVDJH DJULFROH /LVH] DWWHQWLYHPHQW FHWWH QRWLFH SRXU DSSUHQGUH FRPPHQW
1H YRXV WHQH] MDPDLV GHYDQW O RXYHUWXUH G pMHFWLRQ 7HQH] 8WLOLVDWLRQ $YDQW O XWLOLVDWLRQ &RQWU{OHV GH VpFXULWp DYDQW O XWLOLVDWLRQ 5HPSOLVVDJH GX UpVHUYRLU GH FDUEXUDQW &RQWU{OH GX QLYHDX G KXLOH PRWHXU 5pJODJH GH OD KDXWHXU GX JXLGRQ 5pJODJH GH OD KDXWHXU G
9LEUDWLRQV DX QLYHDX GHV PDLQV HW GHV EUDV 1LYHDX GH YLEUDWLRQV PHVXUp SRXU OD PDLQ GURLWH 1LYHDX GH YLEUDWLRQV PHVXUp SRXU OD PDLQ JDXFKH 9DOHXU G LQFHUWLWXGH .
0RGqOHV j GpPDUUDJH pOHFWULTXH XQLTXHPHQW $WWHQWLRQ ± OLVH] OH 0DQXHO GH O XWLOLVDWHXU 5LVTXH GH FRXSXUH VHFWLRQQHPHQW GHV PDLQV RX GHV SLHGV SDU OD ODPH GH OD WRQGHXVH ± QH YRXV DSSURFKH] SDV GHV SLqFHV PRELOHV HW JDUGH] WRXWHV OHV SURWHFWLRQV HW WRXV OHV FDSRWV HQ SODFH 5LVTXH GH FRXSXUH PXWLODWLRQ GHV PDLQV RX GHV SLHGV SDU OD ODPH GX SODWHDX GH FRXSH ± GpEUDQFKH] OD ERXJLH HW OLVH] OHV LQVWUXFWLRQV DYDQW G HQWUHSUHQGUH XQ HQWUHWLHQ RX XQH UpYLVLRQ 5LVTXH GH SURMHFWLRQ
0LVH HQ VHUYLFH ,PSRUWDQW 5HWLUH] HW PHWWH] DX UHEXW OD SHOOLFXOH GH SODVWLTXH TXL SURWqJH OH PRWHXU $VVHPEODJH HW GpSOLDJH GX JXLGRQ )LJXUH $XFXQH SLqFH UHTXLVH ([WUpPLWp GX JXLGRQ 5HPDUTXH /HV JRXSLOOHV QH VRQW SDV YLVLEOHV GDQV OHV WURXV DX[ H[WUpPLWpV GX JXLGRQ ORUVTXH OH JXLGRQ HVW UHSOLp 3URFpGXUH *RXSLOOH 5HWLUH] OHV ERXWRQV GH JXLGRQ HW OHV ERXORQV GH FDUURVVHULH GX VXSSRUW GH JXLGRQ )LJXUH HW FRQVHUYH] OHV 'pSOLH] OH JXLGRQ HQ DUULqUH j OD SRVLWLRQ G XWLOLVD
3OHLQ G KXLOH PRWHXU $XFXQH SLqFH UHTXLVH 3URFpGXUH 5HPDUTXH OD OLYUDLVRQ GH OD PDFKLQH OH FDUWHU PRWHXU HVW YLGH PDLV XQ ELGRQ G KXLOH PRWHXU HVW IRXUQL 5HPSOLVVDJH PD[LPXP O W\SH KXLOH GpWHUJHQWH 6$( GH FODVVH GH VHUYLFH $3, 6) 6* 6+ 6- 6/ RX VXSpULHXUH )LJXUH %RXWRQ GX JXLGRQ 5HWLUH] OD MDXJH )LJXUH %RXORQ GH FDUURVVHULH 0RQWH] VDQV OHV VHUUHU OHV ERXWRQV GX JXLGRQ VXU OHV ERXORQV GH FDUURVVHULH 9RLU OHV RSpUDWLRQV j GH 5pJODJH GH OD KDXWH
$FFURFKH] OD JOLVVLqUH LQIpULHXUH GX EDF DX EDV GH O DUPDWXUH )LJXUH 0RQWDJH GX EDF j KHUEH $XFXQH SLqFH UHTXLVH 3URFpGXUH *OLVVH] OH EDF VXU O DUPDWXUH FRPPH PRQWUp j OD )LJXUH )LJXUH 3RLJQpH $UPDWXUH %DF j KHUEH )LJXUH 5HPDUTXH 1H IDLWHV SDV SDVVHU OH EDF VXU OH JXLGRQ )LJXUH $FFURFKH] OHV JOLVVLqUHV VXSpULHXU HW ODWpUDOHV GX EDF DX VRPPHW HW VXU OHV F{Wp GH O DUPDWXUH UHVSHFWLYHPHQW )LJXUH
9XH G HQVHPEOH GX SURGXLW )LJXUH %DF j KHUEH *RXORWWH G pMHFWLRQ ODWpUDOH &KDUJHXU GH EDWWHULH PRGqOH j GpPDUUDJH pOHFWULTXH XQLTXHPHQW 8WLOLVDWLRQ $YDQW O XWLOLVDWLRQ &RQWU{OHV GH VpFXULWp DYDQW O XWLOLVDWLRQ )LJXUH 3RLJQpH %DUUH GH FRPPDQGH GH OD 'pÀHFWHXU G pMHFWLRQ ODPH ODWpUDOH %RXWRQ GH UpJODJH GH %RXFKRQ GH O DXWRSURSXOVLRQ UHPSOLVVDJH MDXJH %RXJLH &Op GH GpPDUUDJH pOHFWULTXH PRGqOH j GpPDUUDJH pOHFWULTXH XQLTXHPHQW %RXFKRQ GX Up
6pFXULWp UHODWLYH DX FDUEXUDQW 1H VWRFNH] SDV OH FDUEXUDQW GDQV OH UpVHUYRLU RX GDQV GHV '$1*(5 ELGRQV GH FDUEXUDQW SHQGDQW O KLYHU j PRLQV G \ DMRXWHU XQ VWDELOLVDWHXU GH FDUEXUDQW 1 DMRXWH] SDV G KXLOH j O HVVHQFH /H FDUEXUDQW HVW H[WUrPHPHQW LQÁDPPDEOH HW KDXWHPHQW H[SORVLI 8Q LQFHQGLH RX XQH H[SORVLRQ FDXVp H SDU GX FDUEXUDQW SHXW YRXV EUOHU DLQVL TXH OHV SHUVRQQHV VH WHQDQW j SUR[LPLWp HW FDXVHU GHV GRPPDJHV PDWpULHOV 3RXU pYLWHU TXH O pOHFWULFLWp VWDWLTXH Q HQÁDPPH OH FDUEXUDQW SR
OH QLYHDX DX UHSqUH PD[LPXP )XOO 1H UHPSOLVVH] SDV H[FHVVLYHPHQW 358'(1&( 6L OH PRWHXU YLHQW GH WRXUQHU OH VLOHQFLHX[ HVW WUqV FKDXG HW ULVTXH GH YRXV EUOHU JUDYHPHQW 1H YRXV DSSURFKH] SDV GX VLOHQFLHX[ HQFRUH FKDXG 5HYLVVH] OD MDXJH IHUPHPHQW HQ SODFH 5pJODJH GH OD KDXWHXU GX JXLGRQ &KRLVLVVH] OD KDXWHXU GH FRXSH YRXOXH 5pJOH] OHV URXHV DYDQW j OD PrPH KDXWHXU TXH OHV URXHV DUULqUH )LJXUH 9RXV SRXYH] pOHYHU RX DEDLVVHU OH JXLGRQ j O XQH GHV GHX[ SRVLWLRQV SURSRVpHV VHORQ FHOOH TXL
3HQGDQW O XWLOLVDWLRQ &RQVLJQHV GH VpFXULWp SRXU O XWLOLVDWLRQ VXU GHV SHQWHV 6pFXULWp SHQGDQW O XWLOLVDWLRQ 7UDYDLOOH] WUDQVYHUVDOHPHQW j OD SHQWH MDPDLV YHUV OH KDXW 6pFXULWp 1H WRQGH] SDV GH SHQWHV WURS UDLGHV 9RXV SRXUULH] RX YHUV OH EDV 6R\H] H[WUrPHPHQW SUXGHQW ORUVTXH YRXV FKDQJH] GH GLUHFWLRQ VXU XQ WHUUDLQ HQ SHQWH JOLVVHU HW YRXV EOHVVHU HQ WRPEDQW 3RUWH] GHV YrWHPHQWV DSSURSULpV \ FRPSULV XQH SURWHFWLRQ RFXODLUH GHV FKDXVVXUHV VROLGHV j VHPHOOH DQWLGpUDSDQWH HW GHV SURWHFWHXU
)LJXUH 5HPDUTXH 6L YRXV DYH] GHV GLIÀFXOWpV j IDLUH UHFXOHU OD PDFKLQH DSUqV DYRLU XWLOLVp O DXWRSURSXOVLRQ LPPRELOLVH] YRXV ODLVVH] YRV PDLQV HQ SODFH HW ODLVVH] OD PDFKLQH DYDQFHU GH TXHOTXHV FHQWLPqWUHV SRXU GpVHQJDJHU OD WUDQVPLVVLRQ DX[ URXHV 9RXV SRXYH] DXVVL HVVD\HU G DWWHLQGUH OD SRLJQpH HQ PpWDO VLWXpH MXVWH VRXV OD SDUWLH VXSpULHXUH GX JXLGRQ HW GH SRXVVHU OD PDFKLQH HQ DYDQW VXU TXHOTXHV FHQWLPqWUHV 6L YRXV DYH] GHV GLIÀFXOWpV j IDLUH UHFXOHU OD PDFKLQH FRQWDFWH] XQ FRQFHVVLRQQDLUH Up
5DPDVVDJH GH O KHUEH FRXSpH 8WLOLVH] OH EDF j KHUEH SRXU UHFXHLOOLU OHV GpEULV G KHUEH HW GH IHXLOOHV GpSRVpV VXU OD SHORXVH 6L OD JRXORWWH G pMHFWLRQ ODWpUDOH HVW PRQWpH GpSRVH] OD DYDQW GH SURFpGHU DX UDPDVVDJH GH O KHUEH YRLU 'pSRVH GH OD JRXORWWH G pMHFWLRQ ODWpUDOH SDJH 6L OH OHYLHU GH UDPDVVDJH VXU GHPDQGH HVW HQ SRVLWLRQ GH UHF\FODJH SODFH] OH HQ SRVLWLRQ GH UDPDVVDJH YRLU 8WLOLVDWLRQ GX OHYLHU GH UDPDVVDJH VXU GHPDQGH SDJH 0RQWDJH GX EDF j KHUEH 6RXOHYH] OH GpÁHFWHXU DUULqUH H
0RQWDJH GH OD JRXORWWH G pMHFWLRQ ODWpUDOH 3RXU REWHQLU GHV UpVXOWDWV RSWLPDX[ UHPSODFH] OD ODPH DX GpEXW GH OD VDLVRQ GH WRQWH 5HPSODFH] OD ODPH GqV TXH QpFHVVDLUH SDU XQH ODPH 7RUR 6RXOHYH] OH GpÁHFWHXU ODWpUDO HW PRQWH] OD JRXORWWH G pMHFWLRQ ODWpUDOH )LJXUH G RULJLQH /D WRQWH 1H WRQGH] O KHUEH TXH VXU XQ WLHUV GH VD KDXWHXU j FKDTXH IRLV 1 XWLOLVH] SDV XQH KDXWHXU GH FRXSH LQIpULHXUH j PP VDXI VL O KHUEH HVW FODLUVHPpH RX j OD ÀQ GH O DXWRPQH TXDQG OD SRXVVH FRPPHQFH j UDOHQWLU
$SUqV O XWLOLVDWLRQ /DYH] OH GHVVRXV GX GpÁHFWHXU DUULqUH DX SRLQW R O KHUEH FRXSpH SDVVH GX FDUWHU DX EDF GH UDPDVVDJH 5HPDUTXH /DYH] OH F{Wp UDPDVVDJH VXU GHPDQGH DX[ SRVLWLRQV DYDQW HW DUULqUH PD[LPDOHV 6pFXULWp DSUqV O XWLOLVDWLRQ 6pFXULWp 3RXU pYLWHU OHV ULVTXHV G LQFHQGLH HQOHYH] OHV EULQV G KHUEH %UDQFKH] XQ WX\DX G DUURVDJH UHOLp j XQH DUULYpH G HDX DX UDFFRUG GH ODYDJH )LJXUH HW DXWUHV GpEULV TXL VRQW DJJORPpUpV VXU OD PDFKLQH 1HWWR\H] OHV FRXOpHV pYHQWXHOOHV G KXLOH RX
,QVpUH] OH ERXORQ GH FDUURVVHULH OD WrWH GX ERXORQ YHUV O LQWpULHXU GDQV OH VXSSRUW GX JXLGRQ HW GDQV OH WURX VXSpULHXU j O H[WUpPLWp GX JXLGRQ 9pULÀH] TXH OHV ERUGV FDUUpV GH FKDTXH ERXORQ GH FDUURVVHULH V HQJDJHQW GDQV OH WURX FDUUp VXSpULHXU RX LQIpULHXU GX VXSSRUW GH JXLGRQ FRUUHVSRQGDQW )LJXUH )LJXUH %RXWRQ GX JXLGRQ %RXORQ GH FDUURVVHULH 5HSOLH] OH JXLGRQ HQ OH IDLVDQW SLYRWHU HQ DYDQW )LJXUH )LJXUH %RXWRQ GX JXLGRQ %RXORQ GH FDUURVVHULH 0RQWH] VD
3pULRGLFLWp G HQWUHWLHQ 3URFpGXUH G HQWUHWLHQ $YDQW OH UHPLVDJH 9LGDQJH] OH UpVHUYRLU GH FDUEXUDQW DYDQW OH UHPLVDJH DQQXHO HW DYDQW OHV UpSDUDWLRQV TXL OH QpFHVVLWHQW 8QH IRLV SDU DQ 5HPSODFH] OD ODPH RX IDLWHV OD DLJXLVHU SOXV VRXYHQW VL HOOH V pPRXVVH UDSLGHPHQW 9RLU OH PDQXHO GX SURSULpWDLUH GX PRWHXU SRXU WRXWHV SURFpGXUHV G HQWUHWLHQ DQQXHOOHV VXSSOpPHQWDLUHV ,PSRUWDQW 5HSRUWH] YRXV DX PDQXHO GX SURSULpWDLUH GX PRWHXU SRXU WRXWHV SURFpGXUHV G HQWUHWLHQ VXSSOpPHQWDLUHV 5HPDUTXH 9RXV
([DPLQH] OH ÀOWUH j DLU 5HPDUTXH 6L OH ÀOWUH j DLU HVW H[FHVVLYHPHQW HQFUDVVp UHPSODFH] OH SDU XQ QHXI 6LQRQ WDSRWH] OH ÀOWUH VXU XQH VXUIDFH GXUH SRXU GpORJHU OHV GpEULV 3RVH] OH ÀOWUH j DLU )L[H] OH FRXYHUFOH GX ÀOWUH j DLU DYHF OH FOLS 9LGDQJH GH O KXLOH PRWHXU ,O Q HVW SDV QpFHVVDLUH GH YLGDQJHU O KXLOH PRWHXU PDLV VL YRXV VRXKDLWH] OH IDLUH SURFpGH] FRPPH VXLW 5HPDUTXH )DLWHV WRXUQHU OH PRWHXU SHQGDQW TXHOTXHV PLQXWHV DYDQW OD YLGDQJH SRXU UpFKDXIIHU O KXLOH / KXLOH FKDXGH V
&KDUJH GH OD EDWWHULH 5HPSODFHPHQW GX IXVLEOH 3pULRGLFLWp GHV HQWUHWLHQV 7RXWHV OHV KHXUHV 0RGqOHV j GpPDUUDJH pOHFWULTXH XQLTXHPHQW 0RGqOHV j GpPDUUDJH pOHFWULTXH XQLTXHPHQW 6L OD EDWWHULH QH VH FKDUJH SDV RX VL OH PRWHXU QH WRXUQH SDV DYHF OH GpPDUUHXU pOHFWULTXH OH IXVLEOH D SUREDEOHPHQW JULOOp 5HPSODFH] OH SDU XQ IXVLEOH HQÀFKDEOH GH $ &KDUJH] OD EDWWHULH SHQGDQW KHXUHV OD SUHPLqUH IRLV SXLV WRXV OHV PRLV WRXV OHV GpPDUUDJHV RX VHORQ OHV EHVRLQV 8WLOLVH] WRXMRXUV OH FKDUJHXU GDQ
5HPDUTXH /D PDFKLQH HVW OLYUpH DYHF XQ IXVLEOH GH UHFKDQJH VLWXp GDQV OH ORJHPHQW GH OD EDWWHULH )L[H] OH ORJHPHQW GH OD EDWWHULH DYHF OD YLV UHWLUpH j O RSpUDWLRQ 5HSODFH] OH FRXYHUFOH SURWHFWLRQ VXU OH ORJHPHQW GH OD EDWWHULH $EDLVVH] OH GpÁHFWHXU DUULqUH 0RQWH] OD QRXYHOOH ODPH HW WRXWHV OHV À[DWLRQV )LJXUH 5HPSODFHPHQW GH OD ODPH 3pULRGLFLWp GHV HQWUHWLHQV 8QH IRLV SDU DQ ,PSRUWDQW 9RXV DXUH] EHVRLQ G XQH FOp G\QDPRPpWULTXH SRXU PRQWHU OD ODPH FRUUHFWHPHQW 6L YRXV Q H
5HPLVDJH 5pJODJH GH O DXWRSURSXOVLRQ /RUVTXH YRXV UHPSODFH] XQ FkEOH GH FRPPDQGH G DXWRSURSXOVLRQ RX TXH O DXWRSURSXOVLRQ HVW GpUpJOpH YRXV GHYH] UpJOHU OD FRPPDQGH G DXWRSURSXOVLRQ 5HPLVH] OD PDFKLQH GDQV XQ ORFDO IUDLV SURSUH HW VHF 3UpSDUDWLRQ GH OD PDFKLQH DX UHPLVDJH 7RXUQH] OH ERXWRQ GH UpJODJH GDQV OH VHQV DQWLKRUDLUH SRXU GHVVHUUHU OH UpJODJH GX FkEOH )LJXUH $77(17,21 /HV YDSHXUV G HVVHQFH VRQW H[SORVLYHV 1H FRQVHUYH] SDV O HVVHQFH SOXV G XQ PRLV 1H UHPLVH] SDV OD PDFKLQH GD
5HPLVH HQ VHUYLFH DSUqV UHPLVDJH &KDUJH] OD EDWWHULH SHQGDQW KHXUHV PRGqOH j GpPDUUDJH pOHFWULTXH XQLTXHPHQW &RQWU{OH] HW UHVVHUUH] WRXWHV OHV À[DWLRQV 5HWLUH] OD ERXJLH HW IDLWHV WRXUQHU OH PRWHXU UDSLGHPHQW j O DLGH GX ODQFHXU SRXU pOLPLQHU O H[FpGHQW G KXLOH GDQV OH F\OLQGUH 0RQWH] HW VHUUH] OD ERXJLH j 1ăP j O DLGH G XQH FOp G\QDPRPpWULTXH 3URFpGH] DX[ HQWUHWLHQV UHTXLV YRLU (QWUHWLHQ SDJH &RQWU{OH] OH QLYHDX G KXLOH PRWHXU YRLU &RQWU{OH GX QLYHDX G KXL
/LVWH GHV GLVWULEXWHXUV LQWHUQDWLRQDX[ 'LVWULEXWHXU 3D\V +RQJULH +RQJ .
3URGXLWV JUDQG SXEOLF /D JDUDQWLH 7RUR HW /D JDUDQWLH GH GpPDUUDJH 7RUR *76 &RQGLWLRQV HW SURGXLWV FRXYHUWV 7KH 7RUR &RPSDQ\ HW VD ¿OLDOH 7RUR :DUUDQW\ &RPSDQ\ HQ YHUWX G XQ DFFRUG PXWXHO V HQJDJHQW FRQMRLQWHPHQW j UpSDUHU SRXU O DFKHWHXU G RULJLQH OH 3URGXLW 7RUR OLVWp FL GHVVRXV HQ FDV GH GpIDXW GH PDWpULDX RX YLFH GH IDEULFDWLRQ RX VL OH PRWHXU 7RUR *76 *DUDQWLH GH GpPDUUDJH QH GpPDUUH SDV GqV OH SUHPLHU RX OH GHX[LqPH HVVDL j FRQGLWLRQ TXH O HQWUHWLHQ FRXUDQW UHTXLV GDQV OH 0DQXHO GH O XWLO
FP 5HF\FOHU JD]RQPDDLHU )RUP 1R 5HY $ 0RGHOQU ²6HULHQU HQ KRJHU 0RGHOQU ²6HULHQU HQ KRJHU *HEUXLNHUVKDQGOHLGLQJ ,QOHLGLQJ 'H]H ORRSPDDLHU PHW GUDDLHQGH PHVVHQ LV EHGRHOG YRRU JHEUXLN GRRU SDUWLFXOLHUHQ 'H PDFKLQH LV YRRUQDPHOLMN RQWZRUSHQ YRRU KHW PDDLHQ YDQ JUDV RS JRHG RQGHUKRXGHQ SDUWLFXOLHUH JD]RQV 'H PDFKLQH LV QLHW RQWZRUSHQ YRRU KHW PDDLHQ YDQ ERUVWHOLJ JUDV RI YRRU JHEUXLN LQ GH ODQGERXZ /HHV GH]H LQIRUPDWLH ]RUJYXOGLJ GRRU ]RGDW X ZHHW K
*HEUXLN GH PDFKLQH QLHW DOV HU VFKHUPHQ RI DQGHUH &DUWHU PHW ROLH ELMYXOOHQ $FFX RSODGHQ *UDVYDQJHU PRQWHUHQ $OJHPHHQ RYHU]LFKW YDQ GH PDFKLQH *HEUXLNVDDQZLM]LQJ 9RRU JHEUXLN 9HLOLJKHLG YyyU JHEUX
+DQG DUPWULOOLQJHQ *HPHWHQ WULOOLQJVQLYHDX RS GH UHFKWHUKDQG P V *HPHWHQ WULOOLQJVQLYHDX RS GH OLQNHUKDQG P V 2Q]HNHUKHLGVZDDUGH .
0RQWDJH %HODQJULMN 9HUZLMGHU GH EHVFKHUPIROLH YDQ GH PRWRU HQ ZHUS GH]H ZHJ 'H KDQGJUHHS PRQWHUHQ HQ XLWNODSSHQ *HHQ RQGHUGHOHQ YHUHLVW 3URFHGXUH 9HUZLMGHU HQ EHZDDU GH KDQGJUHHSNQRSSHQ HQ VORWERXWHQ YDQ GH KDQGJUHHSEHXJHOV )LJXXU 7UDFWLHDIVWHOOLQJ /HW RS OHHV GH *HEUXLNHUVKDQGOHLGLQJ ± =HW GH NQRS ORV GRRU GH]H OLQNVRP WH GUDDLHQ 7UHN GH NDEHO V ZHJ YDQ GH PRWRU RP GH WUDFWLH WH YHUNOHLQHQ RI GUXN GH NDEHO V QDDU GH PRWRU RP GH WUDFWLH WH YHUJURWHQ 'UDDL GH
)LJXXU 3HQ 8LWHLQGH YDQ KDQGJUHHS )LJXXU 2SPHUNLQJ 'H SHQQHQ ]LMQ QLHW WH ]LHQ GRRU GH RSHQLQJHQ LQ GH KDQGJUHHSXLWHLQGHQ DOV GH KDQGJUHHS LQ GH LQJHNODSWH VWDQG .
&DUWHU PHW ROLH ELMYXOOHQ $FFX RSODGHQ *HHQ RQGHUGHOHQ YHUHLVW *HHQ RQGHUGHOHQ YHUHLVW 3URFHGXUH 3URFHGXUH 2SPHUNLQJ 'H PDFKLQH ZRUGW JHOHYHUG ]RQGHU ROLH LQ KHW FDUWHU PDDU X RQWYDQJW DSDUW HHQ ÁHV PRWRUROLH 8LWVOXLWHQG PRGHO PHW HOHNWULVFK VWDUWV\VWHHP =LH 'H DFFX RSODGHQ EODG] 0D[LPDOH YXOKRHYHHOKHLG O W\SH 6$( UHLQLJLQJVROLH PHW RQGHUKRXGVFODVVLÀFDWLH 6) 6* 6+ 6- 6/ YDQ KHW $PHULFDQ 3HWUROHXP ,QVWLWXWH $3, RI KRJHU 9HUZLMGHU GH SHLOVWRN )LJXXU )LJXXU
+DDN KHW RQGHUVWH NDQDDO YDQ GH JUDVYDQJHU RYHU GH RQGHU]LMGH YDQ KHW IUDPH )LJXXU *UDVYDQJHU PRQWHUHQ *HHQ RQGHUGHOHQ YHUHLVW 3URFHGXUH 6FKXLI GH JUDVYDQJHU RYHU KHW IUDPH ]LH )LJXXU )LJXXU +DQGJUHHS )UDPH *UDVYDQJHU )LJXXU 2SPHUNLQJ 6FKXLI GH JUDVYDQJHU QLHW RYHU GH KDQGJUHHS )LJXXU +DDN KHW ERYHQVWH HQ GH ]LMNDQDOHQ YDQ GH JUDVYDQJHU DFKWHUHHQYROJHQV RYHU GH ERYHQ]LMGH HQ GH ]LMNDQWHQ YDQ KHW IUDPH )LJXXU
$OJHPHHQ RYHU]LFKW YDQ GH PDFKLQH *HEUXLNVDDQZLM]LQJ 9RRU JHEUXLN 9HLOLJKHLG YyyU JHEUXLN $OJHPHQH YHLOLJKHLG =RUJ HUYRRU GDW X YHUWURXZG UDDNW PHW GH EHGLHQLQJVRUJDQHQ HQ GH YHLOLJKHLGVV\PEROHQ HQ ZHHW KRH X GH PDFKLQH YHLOLJ NXQW JHEUXLNHQ &RQWUROHHU RI GH EHVFKHUPSODWHQ HQ YHLOLJKHLGVYRRU]LH QLQJHQ ]RDOV JUDVJHOHLGHUV HQ RI GH JUDVYDQJHU RS KXQ SODDWV ]LWWHQ HQ QDDU EHKRUHQ ZHUNHQ &RQWUROHHU GH PHVVHQ EHYHVWLJLQJVERXWHQ HQ KHW PDDLPHFKDQLVPH DOWLMG RS VOLMWDJH RI EHVFKDGLJLQJ &RQWUROH
:$$56&+8:,1* %UDQGVWRI LV VFKDGHOLMN RI GRGHOLMN ELM LQQDPH /DQJGXULJH EORRWVWHOOLQJ DDQ GDPSHQ NDQ OHLGHQ WRW HUQVWLJ OHWVHO HQ ]LHNWH 9RRUNRP GDW X GDPSHQ ODQJH WLMG LQDGHPW +RXG XZ KDQGHQ HQ JH]LFKW XLW GH EXXUW YDQ GH YXOSLMS HQ GH RSHQLQJ YDQ GH EUDQGVWRIWDQN +RXG EUDQGVWRI XLW GH EXXUW YDQ XZ RJHQ HQ KXLG %UDQGVWRIWDQN YXOOHQ *HEUXLN YRRU GH EHVWH UHVXOWDWHQ XLWVOXLWHQG VFKRQH YHUVH ORRGYULMH EHQ]LQH PHW HHQ RFWDDQJHWDO YDQ RI KRJHU LQGHOLQJVPHWKRGH 5 0 0HW ]XXUVWRI YHUULM
7UHN DDQ GH NQRSSHQ WRWGDW GH YLHUNDQWH UDQGHQ YDQ DOOH VORWERXWHQ JRHG LQ GH ELMEHKRUHQGH YLHUNDQWH RSHQLQJHQ SDVVHQ 'UDDL GH KDQGJUHHSNQRSSHQ ]R JRHG PRJHOLMN YDVW 0DDLKRRJWH LQVWHOOHQ :$$56&+8:,1* %LM KHW LQVWHOOHQ YDQ GH PDDLKRRJWH NXQW X LQ DDQUDNLQJ NRPHQ PHW HHQ EHZHJHQG PHV 'LW NDQ HUQVWLJ OHWVHO YHURRU]DNHQ =HW GH PRWRU DI HQ ZDFKW WRWGDW DOOH EHZHJHQGH RQGHUGHOHQ WRW VWLOVWDQG JHNRPHQ ]LMQ 3ODDWV XZ YLQJHUV QLHW RQGHU GH PDDLNDVW DOV X GH PDDLKRRJWH LQVWHOW 9225=,&+7,* $OV G
'H PRWRU VWDUWHQ $OV X QDW JUDV HQ QDWWH EODGHUHQ PDDLW NXQW X XLWJOLMGHQ LQ DDQUDNLQJ NRPHQ PHW KHW PHV HQ HUQVWLJ OHWVHO RSORSHQ 0DDL XLWVOXLWHQG LQ GURJH RPVWDQGLJKHGHQ :HHV XLWHUVW YRRU]LFKWLJ ELM KHW QDGHUHQ YDQ EOLQGH +RXG GH EHGLHQLQJVVWDQJ YDQ KHW PDDLPHV WHJHQ GH KDQGJUHHS )LJXXU KRHNHQ VWUXLNHQ ERPHQ HQ DQGHUH REMHFWHQ GLH XZ ]LFKW NXQQHQ EHOHPPHUHQ .
0RWRU DI]HWWHQ 2QGHUKRXGVLQWHUYDO %LM HON JHEUXLN RI GDJHOLMNV 2P GH PRWRU DI WH ]HWWHQ ODDW X GH EHGLHQLQJVVWDQJ YDQ KHW PDDLPHV ORV 2SPHUNLQJ 9HUZLMGHU KHW FRQWDFWVOHXWHOWMH XLW KHW FRQWDFWVORW DOV X GH PDDLPDFKLQH DFKWHUODDW XLWVOXLWHQG PRGHOOHQ PHW HOHNWULVFK VWDUWV\VWHHP %HODQJULMN $OV X GH EHGLHQLQJVVWDQJ ORVODDW PRHWHQ GH PRWRU HQ KHW PHV ELQQHQ VHFRQGHQ VWRSSHQ $OV GLW QLHW JHEHXUW PDJ X GH PDFKLQH QLHW YHUGHU JHEUXLNHQ HQ PRHW X FRQWDFW RSQHPHQ PHW HHQ HUNHQGH VHUYLFHGHDOHU )LJXXU
)LJXXU )LJXXU $IYRHUJHOHLGHU DFKWHU]LMGH ,QNHSLQJHQ 3HQ YDQ JUDVYDQJHU *UDVYDQJHUKHQGHO LQ GH JUDVYDQJVWDQG $OV X KHW JUDV HQ GH EODGHUHQ ZLOW UHF\FOHQ GUXN GDQ RS GH NQRS YDQ GH JUDVYDQJHUKHQGHO HQ EHZHHJ GH]H QDDU DFKWHUHQ WRW GH NQRS RS GH KHQGHO QDDU ERYHQ NOLNW 3ODDWV GH JUDVYDQJHU HQ ]RUJ HUYRRU GDW GH SHQQHQ YDQ GH ]DN LQ GH LQNHSLQJHQ RS GH KDQGJUHHS UXVWHQ )LJXXU %HODQJULMN 9HUZLMGHU YRRU HHQ MXLVWH ZHUNLQJ HYHQWXHHO PDDLVHO HQ YXLO YDQ GH J
=LMXLWZHUSNDQDDO PRQWHUHQ *UDV PDDLHQ %UHQJ GH DIVOXLWHU RPKRRJ HQ SODDWV KHW ]LMXLWZHUSNDQDDO )LJXXU 8 PRHW WHONHQV QLHW PHHU GDQ RQJHYHHU ppQ GHUGH YDQ GH JUDVVSULHWHQ DIPDDLHQ 0DDL QLHW PHW HHQ VWDQG ODJHU GDQ PP WHQ]LM GH JUDVPDW GXQ LV RI DOV KHW ODDW LQ KHW QDMDDU LV ZDQQHHU KHW JUDV ODQJ]DPHU EHJLQW WH JURHLHQ =LH 0DDLKRRJWH LQVWHOOHQ EODG] $OV X JUDV ZLOW PDDLHQ GDW ODQJHU GDQ FP LV PRHW X PDDLHQ RS GH PD[LPDOH PDDLKRRJWH HQ PHW HHQ ODQJ]DPHUH ORRSVQHOKHLG 9HUYROJHQ
1D JHEUXLN 2SPHUNLQJ 5HLQLJ KHW JHELHG PHW GH KHQGHO KHOHPDDO QDDU YRUHQ HQ KHOHPDDO QDDU DFKWHUHQ 9HLOLJKHLG QD JHEUXLN %HYHVWLJ HHQ WXLQVODQJ GLH DDQJHVORWHQ LV RS HHQ NUDDQ DDQ GH ZDVDDQVOXLWLQJ )LJXXU $OJHPHQH YHLOLJKHLG 9HUZLMGHU JUDV HQ YXLO YDQ GH PDFKLQH RP EUDQG WH YRRUNRPHQ 1HHP JHPRUVWH ROLH RI EUDQGVWRI RS /DDW GH PRWRU DINRHOHQ YRRUGDW X GH PDFKLQH LQ HHQ DIJHVORWHQ UXLPWH RSVODDW %HZDDU GH PDFKLQH RI EUDQGVWRIKRXGHU QRRLW ELM HHQ RSHQ YODP YRQN RI ZDDNYODP ELM ELMY HHQ
6WHHN GH VORWERXW PHW GH ERXWNRS QDDU GH ELQQHQNDQW JHULFKW GRRU GH KDQGJUHHS HQ GH ERYHQVWH RSHQLQJ LQ KHW KDQGJUHHSXLWHLQGH 7UHN DDQ GH NQRSSHQ WRWGDW GH YLHUNDQWH UDQGHQ YDQ DOOH VORWERXWHQ JRHG LQ GH ELMEHKRUHQGH YLHUNDQWH RSHQLQJHQ SDVVHQ )LJXXU )LJXXU +DQGJUHHSNQRS 6ORWERXW 9HUZLMGHU GH KDQGJUHHS GRRU GH]H QDDU YRUHQ WH GUDDLHQ )LJXXU )LJXXU +DQGJUHHSNQRS 6ORWERXW 0RQWHHU GH KDQGJUHHSNQRSSHQ HQ VORWERXWHQ ORVMHV RS GH KDQGJUHHSEHXJHOV 2P GH
2QGHUKRXGVLQWHUYDO 9yyU GH VWDOOLQJ -DDUOLMNV 2QGHUKRXGVSURFHGXUH /DDW GH EHQ]LQH XLW GH EUDQGVWRIWDQN ORSHQ YRRUGDW X YHUHLVWH UHSDUDWLHV XLWYRHUW RI GH PDFKLQH VWDOW 9HUYDQJ KHW PDDLPHV RI ODDW KHW VOLMSHQ YDNHU DOV GH VQLMUDQG VQHO ERW ZRUGW 5DDGSOHHJ GH JHEUXLNHUVKDQGOHLGLQJ YDQ GH PRWRU YRRU HYHQWXHOH YHUGHUH RQGHUKRXGVSURFHGXUHV GLH X MDDUOLMNV PRHW XLWYRHUHQ %HODQJULMN =LH GH JHEUXLNHUVKDQGOHLGLQJ YDQ GH PRWRU YRRU YHUGHUH RQGHUKRXGVSURFHGXUHV 2SPHUNLQJ 9HUYDQJLQJVRQGHUGHOHQ ]LMQ YHUN
0RWRUROLH YHUYHUVHQ +HW LV QHW YHUSOLFKW RP GH PRWRUROLH WH YHUYDQJHQ PDDU DOV X GLW ZLOW GRHQ YROJ GDQ GH RQGHUVWDDQGH SURFHGXUH 2SPHUNLQJ 9RRUGDW X GH ROLH YHUYHUVW PRHW X GH PRWRU HQNHOH PLQXWHQ ODWHQ ORSHQ ]RGDW GH ROLH ZDUP ZRUGW :DUPH ROLH VWURRPW EHWHU HQ YRHUW YHUYXLOLQJHQ EHWHU PHH 0D[LPDOH YXOKRHYHHOKHLG O W\SH 6$( UHLQLJLQJVROLH PHW RQGHUKRXGVFODVVLÀFDWLH 6) 6* 6+ 6- 6/ YDQ KHW $PHULFDQ 3HWUROHXP ,QVWLWXWH $3, RI KRJHU =LH 9RRUEHUHLGLQJHQ YRRU RQGHUKRXGVZHUN]DDPKHGHQ
'H DFFX RSODGHQ 'H ]HNHULQJ YHUYDQJHQ 2QGHUKRXGVLQWHUYDO 2P GH EHGULMIVXUHQ 8LWVOXLWHQG PRGHO PHW HOHNWULVFK VWDUWV\VWHHP 8LWVOXLWHQG PRGHO PHW HOHNWULVFK VWDUWV\VWHHP $OV GH DFFX QLHW RSODDGW RI GH PRWRU QLHW JDDW ORSHQ PHW EHKXOS YDQ GH HOHNWULVFKH VWDUWHU LV GH ]HNHULQJ ZDDUVFKLMQOLMN GRRUJHEUDQG 0RQWHHU HHQ QLHXZH $ LQVWHHN]HNHULQJ /DDG GH DFFX YRRU KHW HHUVWH JHEUXLN JHGXUHQGH XXU RS GRH GLW YHUYROJHQV HONH PDDQG VWHHGV QD NHHU VWDUWHQ RI ZDQQHHU GLW QRGLJ LV *HEUXLN GH DFFXOD
2SPHUNLQJ 'H PDDLPDFKLQH ZRUGW JHOHYHUG PHW HHQ UHVHUYH]HNHULQJ LQ KHW DFFXFRPSDUWLPHQW 3ODDWV KHW DFFXGHNVHO WHUXJ PHW GH VFKURHI GLH X ELM VWDS KHEW YHUZLMGHUG 3ODDWV KHW GHNVHO RS KHW DFFXFRPSDUWLPHQW %UHQJ GH DIYRHUJHOHLGHU DDQ GH DFKWHU]LMGH RPODDJ 0RQWHHU KHW QLHXZH PHV HQ DOOH EHYHVWLJLQJVHOHPHQWHQ )LJXXU +HW PDDLPHV YHUYDQJHQ 2QGHUKRXGVLQWHUYDO -DDUOLMNV %HODQJULMN 8 KHEW HHQ PRPHQWVOHXWHO QRGLJ RP KHW PHV RS FRUUHFWH ZLM]H WH PRQWHUHQ $OV X JHHQ PRPHQWVOHXWHO KHE
6WDOOLQJ =HOIDDQGULMYLQJ DIVWHOOHQ :DQQHHU X HHQ QLHXZH NDEHO YRRU GH ]HOIDDQGULMYLQJ PRQWHHUW RI GH ]HOIDDQGULMYLQJ RQWUHJHOG LV PRHW X GH ]HOIDDQGULMYLQJ DIVWHOOHQ 6WDO GH PDDLPDFKLQH RS HHQ NRHOH VFKRQH GURJH SODDWV 9RRUEHUHLGLQJHQ YRRU VWDOOLQJ 'UDDL GH VWHONQRS OLQNVRP RP KHW DIVWHOPHFKDQLVPH YDQ GH NDEHO ORV WH ]HWWHQ )LJXXU :$$56&+8:,1* %HQ]LQHGDPSHQ NXQQHQ WRW RQWSORIÀQJ NRPHQ %HZDDU EHQ]LQH QLHW ODQJHU GDQ GDJHQ 6WDO GH PDFKLQH QRRLW LQ HHQ DIJHVORWHQ UXLPWH LQ GH QDELM
'H PDDLPDFKLQH XLW GH VWDOOLQJ KDOHQ /DDG GH DFFX JHGXUHQGH XXU RS XLWVOXLWHQG PRGHO PHW HOHNWULVFK VWDUWV\VWHHP &RQWUROHHU DOOH EHYHVWLJLQJHQ HQ GUDDL ]H DDQ 9HUZLMGHU GH ERXJLH HQ GUDDL GH PRWRU VQHO URQG PHW EHKXOS YDQ KHW VWDUWNRRUG RP RYHUWROOLJH ROLH XLW GH FLOLQGHU WH YHUZLMGHUHQ 3ODDWV GH ERXJLH HQ GUDDL KHP PHW EHKXOS YDQ HHQ PRPHQWVOHXWHO YDVW PHW HHQ WRUVLH YDQ 1ăP 9RHU GH YHUHLVWH RQGHUKRXGVSURFHGXUHV XLW ]LH 2QGHUKRXG EODG] &RQWUROHHU KHW ROLHSHL
/LMVW PHW LQWHUQDWLRQDOH GHDOHUV 'HDOHU /DQG +RQJDULMH +RQJNRQJ .
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
