)RUP 1R 5HY $ FP 7XUI0DVWHU :DON %HKLQG /DZQ 0RZHU 0RGHO 1R 7(²6HULDO 1R DQG 8S 2SHUDWRU V 0DQXDO ,QWURGXFWLRQ 7KLV URWDU\ EODGH ZDON EHKLQG ODZQ PRZHU LV LQWHQGHG WR EH XVHG E\ UHVLGHQWLDO KRPHRZQHUV RU SURIHVVLRQDO KLUHG RSHUDWRUV ,W LV GHVLJQHG SULPDULO\ IRU FXWWLQJ JUDVV RQ ZHOO PDLQWDLQHG ODZQV RQ UHVLGHQWLDO RU FRPPHUFLDO SURSHUWLHV ,W LV QRW GHVLJQHG IRU FXWWLQJ EUXVK RU IRU DJULFXOWXUDO XVHV 5HDG WKLV LQIRUPDWLRQ FDUHIXOO\ WR OHDUQ KRZ WR RSHUDWH DQG PDLQWDLQ \RX
.
1HYHU SLFN XS RU FDUU\ D ODZQ PRZHU ZKLOH WKH HQJLQH LV 7R UHGXFH WKH ÀUH KD]DUG NHHS WKH HQJLQH VLOHQFHU UXQQLQJ EDWWHU\ FRPSDUWPHQW DQG JDVROLQH VWRUDJH DUHD IUHH RI JUDVV OHDYHV RU H[FHVVLYH JUHDVH 8VH H[WUHPH FDXWLRQ ZKHQ UHYHUVLQJ RU SXOOLQJ D SHGHVWULDQ FRQWUROOHG PRZHU WRZDUG \RX &KHFN JUDVV FDWFKHU FRPSRQHQWV DQG WKH GLVFKDUJH JXDUG IUHTXHQWO\ DQG UHSODFH ZLWK PDQXIDFWXUHU V UHFRPPHQGHG SDUWV ZKHQ QHFHVVDU\ :DON QHYHU UXQ 6ORSHV 5HSODFH ZRUQ RU GDPDJHG SDUWV IRU VD
+DQG $UP 9LEUDWLRQ &$87,21 7KLV PDFKLQH SURGXFHV VRXQG OHYHOV LQ H[FHVV RI G%$ DW WKH RSHUDWRU·V HDU DQG FDQ FDXVH KHDULQJ ORVV WKURXJK H[WHQGHG SHULRGV RI H[SRVXUH 0HDVXUHG YLEUDWLRQ OHYHO IRU ULJKW KDQG 0HDVXUHG YLEUDWLRQ OHYHO IRU OHIW KDQG 8QFHUWDLQW\ 9DOXH .
:DUQLQJ±5HDG WKH 2SHUDWRU¶V 0DQXDO 'R QRW RSHUDWH WKLV PDFKLQH XQOHVV \RX DUH WUDLQHG &XWWLQJ GLVPHPEHUPHQW KD]DUG RI KDQG RU IRRW PRZHU EODGH²VWD\ DZD\ IURP PRYLQJ SDUWV NHHS DOO JXDUGV LQ SODFH 7KURZQ REMHFW KD]DUG²NHHS E\VWDQGHUV D VDIH GLVWDQFH IURP WKH PDFKLQH 7KURZQ REMHFW KD]DUG²'R QRW RSHUDWH WKH PRZHU ZLWKRXW WKH UHDU GLVFKDUJH SOXJ RU EDJ LQ SODFH :DUQLQJ²ZHDU KHDULQJ SURWHFWLRQ &XWWLQJ GLVPHPEHUPHQW KD]DUG RI KDQG RU IRRW PRZHU EODGH²'R QRW RSHUDWH XS DQG
HWXS ,QVWDOOLQJ WKH +DQGOH +LHJKW RI FXW 1R 3DUWV 5HTXLUHG 3URFHGXUH :$51,1* )ROGLQJ RU XQIROGLQJ WKH KDQGOH LPSURSHUO\ FDQ GDPDJH WKH FDEOHV FDXVLQJ DQ XQVDIH RSHUDWLQJ FRQGLWLRQ 'R QRW GDPDJH WKH FDEOHV ZKHQ IROGLQJ RU XQIROGLQJ WKH KDQGOH ,I D FDEOH LV GDPDJHG FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU 5HPRYH WKH EROWV IURP WKH PDFKLQH IUDPH LQ WKH ORFDWLRQ VKRZQ LQ )LJXUH
$GMXVWLQJ WKH +DQGOH +HLJKW 1R 3DUWV 5HTXLUHG 3URFHGXUH )LJXUH %ROW 6WDQG LQ WKH RSHUDWLQJ SRVLWLRQ WR GHWHUPLQH WKH PRVW FRPIRUWDEOH KDQGOH KHLJKW 5HPRYH WKH KDQGOH EROW DQG LQVHUW LW LQ RI WKH KROHV ORFDWHG DW WKH ERWWRP RI WKH KDQGOH EUDFNHW )LJXUH 1XW RQ KDQGOH VXSSRUW EUDFNHW 5RWDWH WKH KDQGOH UHDUZDUG WR WKH RSHUDWLQJ SRVLWLRQ 6HFXUH WKH KDQGOH WR WKH PDFKLQH ZLWK WKH EROWV WKDW \RX UHPRYHG LQ VWHS 7LJKWHQ WKH IDVWHQHUV WKDW VXSSRUW WKH KDQG
5HPRYH WKH GLSVWLFN E\ URWDWLQJ WKH FDS FRXQWHUFORFNZLVH DQG SXOOLQJ LW RXW ,I WKH FUDQNFDVH LV HPSW\ DGG DERXW RI WKH FUDQNFDVH FDSDFLW\ RI RLO LQWR WKH RLO ÀOO WXEH )LJXUH $VVHPEOLQJ WKH *UDVV %DJ 1RWH 0D[ ÀOO / R] ZLWK RLO ÀOWHU / R] ZLWKRXW RLO ÀOWHU W\SH 6$( RU 6$( : ZHLJKW GHWHUJHQW RLO ZLWK DQ $3, VHUYLFH FODVVLÀFDWLRQ RI 6) 6* 6+ 6- 6/ RU KLJKHU 1R 3DUWV 5HTXLUHG 3URFHGXUH 6OLS WKH JUDVV EDJ RYHU WKH IUDPH DV VKRZQ LQ )LJXUH )L
3URGXFW 2YHUYLHZ )LJXUH )LJXUH +RRN WKH WRS DQG VLGH FKDQQHOV RI WKH EDJ RQWR WKH WRS DQG VLGHV RI WKH IUDPH UHVSHFWLYHO\ )LJXUH 6SDUN SOXJ XQGHU EUXVK JXDUG &RQWURO EDU $LU ¿OWHU *UDVV EDJ 2LO ¿OO GLSVWLFN 5HDU FXWWLQJ KHLJKW OHYHU 7KURWWOH OHYHU )XHO WDQN FDS )XHO VKXWRII YDOYH 2LO ¿OWHU 5HDU GHÀHFWRU %UDNH OHYHU %HOW FRYHU )URQW FXWWLQJ KHLJKW OHYHU 6WRS +DQGOH %HOW FRYHU DFFHVV SDQHO )LJXUH
2SHUDWLRQ &RQWUROV 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ (DFK WLPH EHIRUH \RX PRZ HQVXUH WKDW WKH VHOI SURSHO GULYH DQG WKH FRQWURO EDU RSHUDWH SURSHUO\ :KHQ \RX UHOHDVH WKH FRQWURO EDU WKH EODGHV DQG WKH VHOI SURSHO GULYH VKRXOG VWRS ,I WKH\ GR QRW FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU &KHFNLQJ WKH (QJLQH 2LO /HYHO 6HUYLFH ,QWHUYDO %HIRUH HDFK XVH RU GDLO\ %HIRUH HDFK XVH HQVXUH WKDW WKH RLO OHYHO LV EHWZHHQ WKH $GG DQG )XOO PDUNV RQ WKH GLSVW
,PSRUWDQW ,I WKH RLO OHYHO LQ WKH FUDQNFDVH LV WRR ORZ RU WRR KLJK DQG \RX UXQ WKH HQJLQH \RX PD\ GDPDJH WKH HQJLQH ,QVHUW WKH GLSVWLFN LQWR WKH ÀOOHU QHFN DQG URWDWH WKH FDS FORFNZLVH XQWLO LW LV WLJKW )LOOLQJ WKH )XHO 7DQN ZLWK *DVROLQH '$1*(5 *DVROLQH LV H[WUHPHO\ ÁDPPDEOH DQG H[SORVLYH $ ÀUH RU H[SORVLRQ IURP JDVROLQH FDQ EXUQ \RX DQG RWKHUV 7R SUHYHQW D VWDWLF FKDUJH IURP LJQLWLQJ WKH JDVROLQH SODFH WKH FRQWDLQHU DQG RU PDFKLQH GLUHFWO\ RQ WKH JURXQG EHIRUH ÀOOLQJ QRW LQ D YHKLFOH RU RQ
)LJXUH 9LHZ IURP IURQW OHIW KDQG VLGH RI WKH PDFKLQH PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV PP LQFKHV )LJXUH 5HDU FXWWLQJ KHLJKW OHYHU 7KH FXWWLQJ KHLJKW LV FRQWUROOHG ZLWK D IURQW OHYHU DQG D UHDU OHYHU ERWK RQ WKH OHIW VLGH RI WKH PDFKLQH )LJXUH DQG )LJXUH 7R UDLVH RU ORZHU WKH PDFKLQH HQJDJH WKH OHYHU UDLVH RU ORZHU WKH PDFKLQH DQG WKHQ GLVH
6WDUWLQJ WKH (QJLQH &RQQHFW WKH ZLUH WR WKH VSDUN SOXJ )LJXUH 2SHQ WKH IXHO VKXWRII YDOYH )LJXUH 2SHUDWLQJ WKH 6HOI 3URSHO 'ULYH DQG (QJDJLQJ WKH &XWWLQJ %ODGHV 1RWH :KHQ WKH IXHO VKXWRII YDOYH LV RSHQ WKH OHYHU LV SDUDOOHO ZLWK WKH IXHO OLQH 7R RSHUDWH WKH VHOI SURSHO GULYH ZLWKRXW HQJDJLQJ WKH EODGHV UDLVH WKH FRQWURO EDU WR WKH KDQGOH )LJXUH )LJXUH 7R RSHUDWH WKH VHOI SURSHO GULYH DQG HQJDJH WKH EODGHV )LJXUH VOLGH WKH FRQWURO EDU DOO WKH ZD\ WR WKH
(QJDJLQJ DQG 'LVHQJDJLQJ WKH &KHFNLQJ WKH %ODGH 6WRS 3DUNLQJ %UDNH 6\VWHP 2SHUDWLRQ (QJDJLQJ WKH 3DUNLQJ %UDNH %HIRUH HDFK XVH FKHFN WKDW WKH EODGHV VWRS ZLWKLQ VHFRQGV RI UHOHDVLQJ WKH FRQWURO EDU (QJDJH WKH SDUNLQJ EUDNH E\ SXOOLQJ WKH EUDNH OHYHU XS IURP WKH KDQGOH )LJXUH 8VLQJ WKH *UDVV %DJ 6HUYLFH ,QWHUYDO %HIRUH HDFK XVH RU GDLO\³&KHFN WKH EODGH VWRS V\VWHP RSHUDWLRQ 7KH EODGHV VKRXOG VWRS ZLWKLQ VHFRQGV RI UHOHDVLQJ WKH FRQWURO EDU LI WKH\ GR QRW FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOH
,PSRUWDQW ,I WKH QHZVSDSHU LV XQUDYHOOHG RU VKUHGGHG WKH EODGHV GLG QRW VWRS SURSHUO\ ZKLFK FRXOG UHVXOW LQ DQ XQVDIH RSHUDWLQJ FRQGLWLRQ &RQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU ,I WKH VLGH GLVFKDUJH FKXWH LV RQ WKH PDFKLQH UHPRYH LW DQG LQVWDOO WKH VLGH GLVFKDUJH GHÁHFWRU EHIRUH EDJJLQJ WKH FOLSSLQJV UHIHU WR 5HPRYLQJ WKH 6LGH 'LVFKDUJH &KXWH SDJH :$51,1* 5HF\FOLQJ WKH &OLSSLQJV 7KH EODGHV DUH VKDUS FRQWDFWLQJ WKH EODGHV FDQ UHVXOW LQ VHULRXV SHUVRQDO LQMXU\ 7KLV PDFKLQH FRPHV IURP WKH IDF
'$1*(5 7KH PDFKLQH FDQ WKURZ JUDVV FOLSSLQJV DQG RWKHU REMHFWV WKURXJK DQ RSHQ GLVFKDUJH WXQQHO 2EMHFWV WKURZQ ZLWK HQRXJK IRUFH FRXOG FDXVH VHULRXV SHUVRQDO LQMXU\ RU GHDWK WR WKH RSHUDWRU RU E\VWDQGHU 1HYHU RSHQ WKH GRRU RQ WKH GLVFKDUJH WXQQHO ZKHQ WKH HQJLQH LV UXQQLQJ 6LGH 'LVFKDUJLQJ WKH &OLSSLQJV 8VH WKH VLGH GLVFKDUJH IRU FXWWLQJ YHU\ WDOO JUDVV :$51,1* )LJXUH 7KH EODGHV DUH VKDUS FRQWDFWLQJ WKH EODGHV FDQ UHVXOW LQ VHULRXV SHUVRQDO LQMXU\ 6WRS WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ S
.
0DLQWHQDQFH 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH V 0DLQWHQDQFH 6HUYLFH ,QWHUYDO 0DLQWHQDQFH 3URFHGXUH $IWHU WKH ¿UVW KRXUV &KDQJH WKH HQJLQH RLO ZLWKRXW WKH RLO ¿OWHU 6HUYLFH WKH EODGH GULYH V\VWHP %HIRUH HDFK XVH RU GDLO\ &KHFN WKH HQJLQH RLO OHYHO &KHFN WKH EODGH VWRS V\VWHP RSHUDWLRQ 7KH EODGHV VKRXOG VWRS ZLWKLQ VHFRQGV RI UHOHDVLQJ WKH FRQWURO EDU LI WKH\ GR QRW FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU ,QVSHFW WKH DLU ¿OWHU &KHFN WKH FXWWLQJ EODGHV DQG VHUYLFH WKHP LI QHFHVVDU\
6HUYLFLQJ WKH $LU )LOWHU &KDQJLQJ WKH (QJLQH 2LO 6HUYLFH ,QWHUYDO %HIRUH HDFK XVH RU GDLO\ 6HUYLFH ,QWHUYDO $IWHU WKH ÀUVW KRXUV³&KDQJH WKH HQJLQH RLO ZLWKRXW WKH RLO ÀOWHU (YHU\ KRXUV³&OHDQ WKH IRDP SUH FOHDQHU PRUH IUHTXHQWO\ LQ GXVW\ FRQGLWLRQV (YHU\ KRXUV³&KDQJH WKH HQJLQH RLO PRUH RIWHQ LQ GXVW\ FRQGLWLRQV (YHU\ KRXUV³5HSODFH WKH SDSHU DLU ÀOWHU PRUH IUHTXHQWO\ LQ GXVW\ FRQGLWLRQV 1RWH :DUP RLO ÁRZV EHWWHU DQG FDUULHV PRUH FRQWDPLQDQWV ,PSRUWDQW 'R QRW RSHUDWH WKH
&KDQJLQJ WKH 2LO )LOWHU 6HUYLFH ,QWHUYDO (YHU\ KRXUV 5XQ WKH HQJLQH WR ZDUP WKH RLO ,QVWDOO WKH QHZ ÀOWHU XQWLO WKH JDVNHW FRQWDFWV WKH ÀOWHU EDVH WKHQ KDQG WLJKWHQ WKH ÀOWHU DQ DGGLWLRQDO WXUQ )LOO WKH FUDQNFDVH WR WKH )XOO OLQH RQ WKH GLSVWLFN ZLWK IUHVK RLO UHIHU WR )LOOLQJ WKH &UDQNFDVH ZLWK 2LO SDJH :$51,1* 2LO PD\ EH KRW DIWHU WKH HQJLQH KDV EHHQ UXQ DQG FRQWDFW ZLWK KRW RLO FDQ FDXVH VHYHUH SHUVRQDO LQMXU\ $YRLG FRQWDFWLQJ WKH KRW HQJLQH RLO ZKHQ \RX GUDLQ LW
(PSW\LQJ WKH )XHO 7DQN DQG &OHDQLQJ WKH )LOWHU 6HUYLFH ,QWHUYDO (YHU\ KRXUV³&KHFN WKH IXHO KRVH DQG UHSODFH LW LI QHFHVVDU\ (YHU\ KRXUV³&OHDQ WKH IXHO WDQN ÀOWHU
:$51,1* 7KH EODGHV DUH VKDUS FRQWDFWLQJ D EODGH FRXOG UHVXOW LQ VHULRXV SHUVRQDO LQMXU\ 'LVFRQQHFW WKH ZLUH IURP WKH VSDUN SOXJ :HDU JORYHV ZKHQ VHUYLFLQJ WKH EODGHV )LJXUH ,QVSHFWLQJ WKH %ODGHV 6HUYLFH ,QWHUYDO %HIRUH HDFK XVH RU GDLO\ 1RWH ,I WKHUH LV D YLVLEOH JDS EHWZHHQ WKH JDXJH DQG WKH VSULQJ WLJKWHQ WKH DGMXVWLQJ EROW DQG WKH QXW XQWLO WKH IHHOHU JDXJH EDUHO\ VOLGHV IUHHO\ LQ DQG RXW RI WKH JDS )LJXUH ,QVSHFW WKH FXWWLQJ HGJHV )LJXUH ,I WKH HGJHV DUH QRW VKDUS RU KD
)LJXUH )LJXUH )URQW RI FXWWLQJ GHFN 0HDVXUH DW ORFDWLRQV $ DQG % 0HDVXUH IRUP WKH FXWWLQJ HGJH WR D VPRRWK OHYHO VXIDFH 0HDVXUH IURP D OHYHO VXUIDFH WR WKH FXWWLQJ HGJHV DW ORFDWLRQV $ DQG % )LJXUH DQG UHFRUG ERWK GLPHQVLRQV 5RWDWH WKH EODGHV VR WKDW WKHLU RSSRVLWH HQGV DUH DW ORFDWLRQV $ DQG % 5HSHDW WKH PHDVXUHPHQWV LQ VWHS DQG UHFRUG WKHP 5HPRYH HDFK EODGH DV VKRZQ LQ )LJXUH 1RWH ,I WKH GLIIHUHQFH EHWZHHQ WKH GLPHQVLRQV $ DQG % REWDLQHG LQ VWHSV
6WHDG\ HDFK EODGH ZLWK D ERDUG DQG WXUQ WKH EODGH EROW FORFNZLVH ZLWK D WRUTXH ZUHQFK DV VKRZQ LQ )LJXUH WRUTXH HDFK EODGH EROW WR 1 P IW OE :$51,1* ,QFRUUHFWO\ LQVWDOOLQJ WKH EODGHV FRXOG GDPDJH WKH PDFKLQH RU FDXVH DQ LQMXU\ WR WKH RSHUDWRU RU WR E\VWDQGHUV $GMXVWLQJ WKH 6HOI 3URSHO &DEOH ,I WKH PDFKLQH GRHV QRW VHOI SURSHO RU WHQGV WR FUHHS IRUZDUG ZKHQ \RX UHOHDVH WKH FRQWURO EDU DGMXVW WKH GULYH FDEOH 6WRS DQG ZDLW IRU DOO PRYLQJ SDUWV WR VWRS /RRVHQ WKH FDEOH VXSSRUW Q
3RVLWLRQ WKH PDFKLQH RQ D ÁDW FRQFUHWH RU DVSKDOW VXUIDFH QHDU D JDUGHQ KRVH 6WDUW WKH HQJLQH +ROG WKH UXQQLQJ JDUGHQ KRVH DW KDQGOH OHYHO DQG GLUHFW WKH ZDWHU WR ÁRZ RQ WKH JURXQG MXVW LQ IURQW RI WKH ULJKW UHDU WLUH )LJXUH 6WRUDJH 6WRUH WKH PDFKLQH LQ D FRRO FOHDQ GU\ SODFH &RYHU WKH PDFKLQH WR NHHS LW FOHDQ DQG SURWHFWHG *HQHUDO ,QIRUPDWLRQ 6WRUH WKH PDFKLQH LQ D FRRO FOHDQ GU\ SODFH &RYHU WKH PDFKLQH WR NHHS LW FOHDQ DQG SURWHFWHG )LJXUH 5LJKW UHDU ZKHHO 1RWH 7K
3UHSDULQJ WKH (QJLQH :KLOH WKH HQJLQH LV VWLOO ZDUP FKDQJH WKH HQJLQH RLO DQG WKH RLO ÀOWHU UHIHU WR &KDQJLQJ WKH (QJLQH 2LO SDJH DQG &KDQJLQJ WKH 2LO )LOWHU SDJH 5HPRYH WKH VSDUN SOXJ 8VLQJ DQ RLO FDQ DGG DERXW PO R] RI PRWRU RLO WR WKH HQJLQH WKURXJK WKH VSDUN SOXJ KROH 6ORZO\ SXOO WKH VWDUWHU URSH VHYHUDO WLPHV WR GLVWULEXWH RLO WKURXJKRXW WKH F\OLQGHU ,QVWDOO WKH VSDUN SOXJ EXW GR QRW FRQQHFW WKH ZLUH WR WKH VSDUN SOXJ 6HFXUH WKH ZLUH VR WKDW LW GRHV QRW
7URXEOHVKRRWLQJ 3UREOHP 7KH HQJLQH GRHV QRW VWDUW 3RVVLEOH &DXVH 7KH IXHO WDQN LV HPSW\ RU WKH IXHO V\VWHP FRQWDLQV VWDOH IXHO 'UDLQ DQG RU ¿OO WKH IXHO WDQN ZLWK IUHVK JDVROLQH ,I WKH SUREOHP SHUVLVWV FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU 7KH IXHO VKXWRII YDOYH LV FORVHG 7KH WKURWWOH OHYHU LV QRW LQ WKH FRUUHFW SRVLWLRQ 7KHUH LV GLUW ZDWHU RU VWDOH IXHO LQ WKH IXHO V\VWHP 7KH ZLUH LV QRW FRQQHFWHG WR WKH VSDUN SOXJ 7KH VSDUN SOXJ LV SLWWHG IRXOHG RU WKH JDS LV LQFRUUHFW
3UREOHP 7KHUH LV DQ XQHYHQ FXWWLQJ SDWWHUQ 7KH GLVFKDUJH FKXWH JHWV SOXJJHG XS 3RVVLEOH &DXVH &RUUHFWLYH $FWLRQ $OO ZKHHOV DUH QRW DW WKH VDPH KHLJKW 3ODFH DOO ZKHHOV DW WKH VDPH KHLJKW 7KH EODGHV DUH GXOO
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 .
7KH 7RUR 7RWDO :DUUDQW\ &RQGLWLRQV DQG 3URGXFWV &RYHUHG 7KH 7RUR &RPSDQ\ DQG LWV DI¿OLDWH 7RUR :DUUDQW\ &RPSDQ\ SXUVXDQW WR DQ DJUHHPHQW EHWZHHQ WKHP MRLQWO\ SURPLVH WR WKH RULJLQDO SXUFKDVHU WR UHSDLU WKH 7RUR 3URGXFWV OLVWHG EHORZ LI GHIHFWLYH LQ PDWHULDOV RU ZRUNPDQVKLS /DQGVFDSH &RQWUDFWRU (TXLSPHQW /&( ,QVWUXFWLRQV IRU 2EWDLQLQJ :DUUDQW\ 6HUYLFH ,I \RX WKLQN WKDW \RXU 7RUR 3URGXFW FRQWDLQV D GHIHFW LQ PDWHULDOV RU ZRUNPDQVKLS IROORZ WKLV SURFHGXUH &RQWDFW \RXU VHOOHU WR DUUDQJH VHUYLFH R
)RUP 1R 5HY $ +DQGJHIKUWHU 5DVHQPlKHU 7XUI0DVWHU FP 0RGHOOQU 7(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 3ULYDW RGHU |IIHQWOLFKHQ $QODJHQ JHGDFKW (U LVW QLFKW IU GDV 6FKQHLGHQ YRQ %VFKHQ RGHU IU HLQHQ ODQGZLUWVFKDIWOLFKHQ (LQVDW] JHGDFKW /HVHQ 6LH GLHVH ,QIRUPDWLRQHQ
$OOJHPHLQH +LQZHLVH ]XU 6LFKHUKHLW YRQ 5DVHQPlKHUQ %HWDQNHQ PLW %HQ]LQ (LQVWHOOHQ GHU 6FKQLWWK|KH $QODVVHQ GHV 0RWRUV $EVWHOOHQ GHV 0RWRUV 9HUZHQGHQ GHV 6HOEVWDQWULHEV XQG (LQNXSSHOQ GHU 6FKQLWWPHVVHU $NWLYLHUHQ XQG /|VHQ GHU )HVWVWHOOEUHPVH 3UI
$QODVVHQ 6WHOOHQ 6LH GHQ 0RWRU DE XQG ]LHKHQ 6LH GHQ =QGNHU]HQVWHFNHU DE .LSSHQ 6LH GLH 0DVFKLQH QLFKW ZHQQ 6LH GHQ 0RWRU DQODVVHQ HV VHL GHQQ 6LH PVVHQ VLH ]XP $QODVVHQ NLSSHQ .
+DQG $UPYLEUDWLRQ %HI|UGHUQ /DVVHQ 6LH EHLP %HODGHQ RGHU (QWODGHQ GHU 0DVFKLQH 'DV JHPHVVHQH 9LEUDWLRQVQLYHDX IU GLH UHFKWH +DQG EHWUlJW P V LQ RGHU DXV HLQHP $QKlQJHU RGHU /DVWZDJHQ 9RUVLFKW ZDOWHQ 9HUZHQGHQ 6LH IU GDV 9HUODGHQ GHU 0DVFKLQH DXI HLQHQ $QKlQJHU RGHU 3ULWVFKHQZDJHQ 5DPSHQ GLH EHU GLH JDQ]H %UHLWH JHKHQ %HIHVWLJHQ 6LH GLH 0DVFKLQH VLFKHU PLW 5LHPHQ .HWWHQ .
+HUVWHOOHUPDUNH *LEW DQ GDVV GDV 0HVVHU 7HLO GHU 2ULJLQDOPDVFKLQH GHV +HUVWHOOHUV LVW :DUQXQJ 6HW]HQ 6LH GHQ 5DVHQWUDNWRU QLFKW PLW KRFKJHVWHOOWHP RGHU DEJHQRPPHQHQ $EOHQNEOHFK HLQ /DVVHQ 6LH GDV $EOHQNEOHFK LPPHU PRQWLHUW *HIDKU HLQHU 6FKQLWWZXQGH XQG RGHU GHU $PSXWDWLRQ YRQ +lQGHQ RGHU )HQ GXUFK 0lKZHUNPHVVHU %HUKUHQ 6LH NHLQH EHZHJOLFKHQ 7HLOHQ *HIDKU GXUFK KHUDXVJHVFKOHXGHUWH 2EMHNWH $FKWHQ 6LH GDUDXI GDVV 8QEHWHLOLJWH GHQ 6LFKHUKHLWVDEVWDQG ]XP *HUlW HL
/HVHQ 6LH GLH %HGLHQXQJVDQOHLWXQJ YRU 'XUFKIKUXQJ YRQ :DUWXQJVDUEHLWHQ 3UIHQ 6LH GLH 5LHPHQVSDQQXQJ QDFK MHZHLOV %HWULHEVVWXQGHQ /HVHQ 6LH GLH %HGLHQXQJVDQOHLWXQJ *HIDKU GXUFK (LQDWPHQ YRQ JLIWLJHQ 'lPSIHQ %UDQGJHIDKU +HLH 2EHUÀlFKH 9HUEUHQQXQJVJHIDKU 6FKQLWWK|KH :DUQXQJ %HUKUHQ 6LH NHLQH EHZHJOLFKHQ 7HLOHQ IHUQ XQG QHKPHQ 6LH NHLQH 6FKXW]YRUULFKWXQJHQ DE :DUQXQJ 3DUNHQ 6LH QXU DXI +DQJODJH
(LQULFKWXQJ 0RQWLHUHQ GHV +ROPV .HLQH 7HLOH ZHUGHQ EHQ|WLJW 9HUIDKUHQ :$5181* :HQQ 6LH GHQ +ROP IDOVFK DXI RGHU ]XVDPPHQNODSSHQ N|QQHQ 6LH GLH %RZGHQ]JH EHVFKlGLJHQ XQG GHQ VLFKHUHQ *HUlWHHLQVDW] JHIlKUGHQ %LOG %HVFKlGLJHQ 6LH EHLP $XI RGHU =XVDPPHQNODSSHQ GHV +ROPV QLFKW GLH %RZGHQ]JH :HQGHQ 6LH VLFK EHL HLQHP EHVFKlGLJWHQ .DEHO DQ HLQHQ RIÀ]LHOOHQ 9HUWUDJVKlQGOHU +LHU HLQH .
%LOG 1LHGULJVWH (LQVWHOOXQJ IU GLH +ROPK|KH 0LWWOHUH (LQVWHOOXQJ IU GLH +ROPK|KH +|FKVWH (LQVWHOOXQJ IU GLH +ROPK|KH =LHKHQ 6LH GLH +ROPVFKUDXEH IHVW DQ :LHGHUKROHQ 6LH GLH RELJHQ 6FKULWWH DQ GHU DQGHUHQ 6HLWH GHU 0DVFKLQH %LOG 3HLOVWDE 1DFKIOO 0DUNLHUXQJ 9ROO 0DUNLHUXQJ gOHLQIOOVWXW]HQ :LVFKHQ 6LH GHQ 3HLOVWDE PLW HLQHP VDXEHUHQ /DSSHQ DE 6WHFNHQ 6LH GHQ 3HLOVWDE LQ GHQ (LQIOOVWXW]HQ XQG ]LHKHQ LKQ GDQQ KHUDXV +LQZHLV 6HW]HQ 6LH GHQ 3HL
0RQWLHUHQ GHV )DQJNRUEV .HLQH 7HLOH ZHUGHQ EHQ|WLJW 9HUIDKUHQ 6FKLHEHQ 6LH GHQ )DQJNRUE DXI GHQ 5DKPHQ ZLH LQ %LOG DEJHELOGHW %LOG %LOG +ROP 5DKPHQ )DQJNRUE +LQZHLV 6FKLHEHQ 6LH GHQ *UDVIDQJNRUE QLFKW EHU GHQ +ROP %LOG +DNHQ 6LH GHQ XQWHUHQ .DQDO GHV *UDVIDQJNRUEV DQ GHU 8QWHUVHLWH GHV 5DKPHQV HLQ %LOG +DNHQ 6LH GLH REHUHQ XQG VHLWOLFKHQ .
3URGXNWEHUVLFKW %HGLHQHOHPHQWH %LOG *DVEHGLHQXQJ *DVKHEHO LVW DXV hEHUVLFKWVJUQGHQ QLFKW DEJHELOGHW %LOG =QGNHU]H XQWHU 5DPPVFKXW] 6FKDOWEJHO /XIW¿OWHU )DQJNRUE (LQIOOVWXW]HQ gOSHLOVWDE *DVEHGLHQXQJVKHEHO +LQWHUHU 6FKQLWWK|KHQHLQ VWHOOKHEHO .
%HWULHE ELV ELV GHU gOVWDQG DQ GHU 9ROO 0DUNLHUXQJ DP 3HLOVWDE OLHJW :HQQ GHU gOVWDQG EHU GHU 9ROO 0DUNLHUXQJ DP +LQZHLV %HVWLPPHQ 6LH GLH OLQNH XQG UHFKWH 6HLWH GHU 0DVFKLQH DQKDQG GHU EOLFKHQ (LQVDW]SRVLWLRQ 3HLOVWDE OLHJW ODVVHQ 6LH gO DE ELV GHU gOVWDQG DQ GHU 9ROO 0DUNLHUXQJ DP 3HLOVWDE OLHJW VLHKH :HFKVHOQ GHV 0RWRU|OV 6HLWH 6WHOOHQ 6LH YRU MHGHP 0lKHQ VLFKHU GDVV GHU 6HOEVWDQWULHE XQG GHU 6FKDOWEJHO HLQZDQGIUHL IXQNWLRQLHUHQ :HQQ 6LH GHQ 6FKDOWEJHO ORVODVVHQ PVVHQ GLH 0H
(LQVWHOOHQ GHU 6FKQLWWK|KH 9HUZHQGHQ 6LH NHLQ %HQ]LQ PLW 0HWKDQRO /DJHUQ 6LH NHLQHQ .UDIWVWRII LP .UDIWVWRIIWDQN RGHU LQ *()$+5 .UDIWVWRIIEHKlOWHUQ EHU GHQ :LQWHU ZHQQ 6LH NHLQHQ .UDIWVWRIIVWDELOLVDWRU YHUZHQGHQ %HLP (LQVWHOOHQ GHU 6FKQLWWK|KHQKHEHO N|QQHQ ,KUH +lQGH HLQ EHZHJOLFKHV 0HVVHU EHUKUHQ XQG 6LH N|QQHQ VFKZHUH 9HUOHW]XQJHQ HUOHLGHQ 9HUPLVFKHQ 6LH QLH %HQ]LQ PLW gO :LFKWLJ )JHQ 6LH ]XU 9HUPHLGXQJ YRQ $QODVVSUREOHPHQ EHLP .UDIWVWRII LQ MHGHU 6DLVRQ .
$QODVVHQ GHV 0RWRUV 6FKOLHHQ 6LH GHQ =QGNHU]HQVWHFNHU DQ GLH =QGNHU]H DQ %LOG gIIQHQ 6LH GHQ .UDIWVWRIIKDKQ %LOG +LQZHLV (LQ JH|IIQHWHU .UDIWVWRIIKDKQ LVW SDUDOOHO ]XU .UDIWVWRIÁHLWXQJ %LOG 9RUGHUHU 6FKQLWWK|KHQHLQVWHOOKHEHO 'UFNHQ 6LH GHQ +HEHO XP LKQ DXV]XNXSSHOQ %LOG .
9HUZHQGHQ GHV 6HOEVWDQWULHEV XQG (LQNXSSHOQ GHU 6FKQLWWPHVVHU $NWLYLHUHQ XQG /|VHQ GHU )HVWVWHOOEUHPVH $NWLYLHUHQ GHU )HVWVWHOOEUHPVH 'UFNHQ 6LH GHQ 6HOEVWDQWULHE ]XP +ROP XP GHQ 6HOEVWDQWULHE RKQH (LQNXSSHOQ GHU 0HVVHU ]X YHUZHQGHQ %LOG $NWLYLHUHQ 6LH GLH )HVWVWHOOEUHPVH LQGHP 6LH GHQ %UHPVKHEHO YRP +ROP KRFK]LHKHQ %LOG %LOG %LOG $NWLYLHUWH )HVWVWHOOEUHPVH 'UFNHQ 6LH GHQ 6FKDOWEJHO ]XP +ROP 6FKLHEHQ 6LH GHQ 6FKDOWEJHO JDQ] QDFK UHFKWV XQG GUFNHQ LKQ ]XP +ROP XP GHQ
3UIHQ GHV 6\VWHPV ]XP $QKDOWHQ GHV 0HVVHUV hEHUSUIHQ 6LH YRU MHGHU 9HUZHQGXQJ GDVV GLH 0HVVHU LQQHUKDOE YRQ GUHL 6HNXQGHQ DEVWHOOHQ ZHQQ 6LH GHQ 6FKDOWEJHO ORVODVVHQ 6WHOOHQ 6LH GHQ 0RWRU DE XQG ZDUWHQ 6LH ELV DOOH VLFK EHZHJHQGHQ 7HLOH ]XP 6WLOOVWDQG JHNRPPHQ VLQG *HKHQ 6LH ]XU 9RUGHUVHLWH GHU 0DVFKLQH XQG SUIHQ 6LH GDV =HLWXQJVSDSLHUNQlXHO +LQZHLV :HQQ GDV .
QDFK YRUQH XQG KLQWHQ XP VLFKHU]XVWHOOHQ GDVV GLH 6WDQJH ULFKWLJ LQ GHQ .
1HKPHQ 6LH GHQ JJI GHQ *UDVIDQJNRUE YRQ GHU 0DVFKLQH DE VLHKH (QWIHUQHQ GHV )DQJNRUEV 6HLWH %HWULHEVKLQZHLVH 6HW]HQ 6LH GLH +HFNDXVZXUINODSSH HLQ VLHKH 6FKQLWWJXWUHF\FOHQ 6HLWH $OOJHPHLQH 0lKWLSSV =LHKHQ 6LH ]XP (QWIHUQHQ GHU +HFNDXVZXUINODSSH GLH )HGHU QDFK REHQ PLW GHU GDV $EOHQNEOHFK EHIHVWLJW LVW XQG QHKPHQ 6LH GDV $EOHQNEOHFK DE %LOG /HVHQ 6LH GLH 6LFKHUKHLWVYRUVFKULIWHQ XQG GLHVH $QOHLWXQJ %LOG 2EHUVHLWH GHV 6HLWHQDXV ZXUIDEOHQNEO
0lKHQ 6LH KlXÀJHU /DVVHQ 6LH GLH %DKQHQ EHUODSSHQ DQVWHOOH EHL MHGHP 5DVHQ PLW GHQ 6FKQLWWK|KHQHLQVWHOOXQJHQ YRQ PP PP RGHU PP VFKQHLGHQ 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 :HQQ 6LH *UDV PlKHQ GDV OlQJHU DOV FP LVW VROOWHQ 6LH EHLP HUVWHQ 'XUFKJDQJ GLH 6FKQLWWK|KH DXI GLH K|FKVWH (LQVWHOOXQJ VWHOOHQ XQG ODQJVDP
$&+781* :HQQ 6LH GHQ =QGNHU]HQVWHFNHU QLFKW DE]LHKHQ EHVWHKW GLH *HIDKU GDVV MHPDQG YHUVHKHQWOLFK GHQ 0RWRU VWDUWHW 'DV NDQQ 6LH XQG 8QEHWHLOLJWH VFKZHU YHUOHW]HQ .
:DUWHQ GHV /XIW¿OWHUV :HFKVHOQ GHV 0RWRU|OV :DUWXQJVLQWHUYDOO %HL MHGHU 9HUZHQGXQJ RGHU WlJOLFK $OOH %HWULHEVVWXQGHQ³5HLQLJHQ 6LH GHQ 6FKDXPYRUÀOWHU KlXÀJHU EHL VWDXELJHQ %HGLQJXQJHQ $OOH %HWULHEVVWXQGHQ³:HFKVHOQ 6LH GHQ 3DSLHUOXIWÀOWHU DXV KlXÀJHU EHL VWDXELJHQ %HGLQJXQJHQ :DUWXQJVLQWHUYDOO 1DFK IQI %HWULHEVVWXQGHQ³:HFKVHOQ 6LH GDV 0RWRU|O RKQH GHQ gOÀOWHU $OOH %HWULHEVVWXQGHQ³:HFKVHOQ 6LH GDV 0RWRU|O KlXÀJHU LQ VWDXELJHQ %HGLQJXQJHQ +LQZHLV :DUPHV gO ÁLHW EHVVHU XQG IKUW
:LVFKHQ 6LH YHUVFKWWHWHV gO DXI :HFKVHOQ GHV gO¿OWHUV :DUWXQJVLQWHUYDOO $OOH %HWULHEVVWXQGHQ /DVVHQ 6LH GHQ 0RWRU ODXIHQ XP GDV gO ]X HUZlUPHQ :$5181* :HQQ GHU 0RWRU JHODXIHQ LVW NDQQ GDV gO KHL JHQXJ VHLQ XP EHLP .RQWDNW VFKZHUH 9HUOHW]XQJHQ ]X YHUXUVDFKHQ %LOG 9HUPHLGHQ 6LH GHQ .RQWDNW PLW KHLHP gO ZHQQ 6LH GLHVHV DEODVVHQ 6WHOOHQ 6LH GHQ 0RWRU DE XQG ZDUWHQ 6LH ELV DOOH EHZHJOLFKHQ 7HLOH ]XP 6WLOOVWDQG JHNRPPHQ VLQG .
(QWOHHUHQ GHV .UDIWVWRIIWDQNV XQG UHLQLJHQ GHV )LOWHUV :DUWXQJVLQWHUYDOO $OOH %HWULHEVVWXQGHQ³3UIHQ 6LH GHQ .UDIWVWRIIVFKODXFK XQG WDXVFKHQ VLH LKQ EHL %HGDUI DXV $OOH %HWULHEVVWXQGHQ³5HLQLJHQ 6LH GHQ .UDIWVWRIIWDQN -lKUOLFK RGHU YRU GHU (LQODJHUXQJ³(QWOHHUHQ 6LH GHQ .
%LOG .UDIWVWRII¿OWHU %LOG .UDIWVWRIIKDKQ /|VHQ 6LH GLH 6FKODXFKNOHPPHQ XP GHQ .UDIWVWRIIÀOWHU %LOG XP LKQ YRQ GHU .UDIWVWRIÁHLWXQJ ]X HQWIHUQHQ 6HW]HQ 6LH GHQ QHXHQ .UDIWVWRIIÀOWHU PLW GHQ LQ 6FKULWW HQWIHUQWHQ 6FKODXFKNOHPPHQ LQ GLH .
:DUWHQ GHU 6FKQLWWPHVVHU :DUWXQJVLQWHUYDOO %HL MHGHU 9HUZHQGXQJ RGHU WlJOLFK :LFKWLJ 6LH EHQ|WLJHQ HLQHQ 'UHKPRPHQWVFKOVVHO IU GHQ ULFKWLJHQ (LQEDX GHV 0HVVHUV :HQQ 6LH NHLQHQ 'UHKPRPHQWVFKOVVHO KDEHQ RGHU GLHVH $UEHLW QLFKW DXVIKUHQ P|FKWHQ ZHQGHQ 6LH VLFK DQ HLQHQ RIÀ]LHOOHQ 9HUWUDJVKlQGOHU %LOG 3UIHQ 6LH GLH 0HVVHU DXI 6FKlUIH $EQXW]XQJ RGHU %HVFKlGLJXQJHQ ZHQQ 6LH DXIWDQNHQ VLHKH 3UIHQ GHU 0HVVHU 6HLWH 6FKlUIHQ 6LH GLH 0HVVHUNDQWH ZHQQ VLH VWXPSI LVW RGHU (LQNHUEXQJHQ DXIZHLVW
%LOG %LOG 9RUGHUVHLWH GHV 0lKZHUNV 0HVVHQ 6LH DQ GHU 6WHOOH $ XQG % 0HVVHQ 6LH YRQ GHU 6FKQLWWNDQWH ELV ]X HLQHU JODWWHQ ÀDFKHQ 2EHUÀlFKH 0HVVHQ 6LH DQ GHQ 6WHOOHQ $ XQG % YRQ GHU HEHQHQ )OlFKH ]X GHQ 6FKQLWWNDQWHQ %LOG XQG QRWLHUHQ 6LH EHLGH :HUWH 'UHKHQ 6LH GLH 0HVVHU VR GDVV GLH DQGHUHQ (QGHQ DQ GHQ 6WHOOHQ $ XQG % VLQG :LHGHUKROHQ 6LH GLH 0HVVXQJHQ LQ 6FKULWW XQG QRWLHUHQ 6LH GLH :HUWH +LQZHLV :HQQ GHU 8QWHUVFKLHG ]ZLVFKHQ GHQ :HUWHQ $ XQG % GLH 6LH
PLW GHQ /|FKHUQ LP HQWVSUHFKHQGHQ 0HVVHU DXVJHÁXFKWHW VLQG +DOWHQ 6LH MHGHV 0HVVHU PLW HLQHP %UHWW IHVW XQG GUHKHQ 6LH GLH 0HVVHUVFKUDXEH PLW HLQHP 'UHKPRPHQWVFKOVVHO QDFK UHFKWV ZLH LQ %LOG DEJHELOGHW =LHKHQ 6LH MHGH 0HVVHUVFKUDXEH PLW 1ăP DQ 'UHKHQ 6LH GLH 0HVVHU PLW GHU +DQG XP *UDG XP VLFKHU]XVWHOOHQ GDVV VLH VLFK QLFKW EHUKUHQ +LQZHLV :HQQ VLFK GLH 0HVVHU EHUKUHQ VLQG VLH IDOVFK PRQWLHUW :LHGHUKROHQ 6LH GLH 6FKULWWH ELV ELV VLFK GLH 0HVVHU QLFKW PHKU EHUKUHQ :$51
5HLQLJHQ XQWHU GHP *HUlW :$5181* 'DV .LSSHQ GHV 5DVHQPlKHUV NDQQ GD]X IKUHQ GDVV .UDIWVWRII DXV GHP 9HUJDVHU RGHU GHP .
(LQODJHUXQJ /DJHUQ 6LH GLH 0DVFKLQH DQ HLQHP NKOHQ VDXEHUHQ XQG WURFNHQHQ 2UW HLQ 'HFNHQ 6LH GLH 0DVFKLQH DE XP VLH VDXEHU XQG JHVFKW]W ]X KDOWHQ $OOJHPHLQH $QJDEHQ /DJHUQ 6LH GLH 0DVFKLQH DQ HLQHP NKOHQ VDXEHUHQ XQG WURFNHQHQ 2UW HLQ 'HFNHQ 6LH GLH 0DVFKLQH DE XP VLH VDXEHU XQG JHVFKW]W ]X KDOWHQ )KUHQ 6LH GLH HPSIRKOHQHQ MlKUOLFKHQ :DUWXQJVDUEHLWHQ DXV VLHKH :DUWXQJ 6HLWH 5HLQLJHQ 6LH GLH 8QWHUVHLWH GHV 0DVFKLQHQJHKlXVHV VLHKH 5HLQLJHQ XQWHU GHP *HUlW 6HLWH (QWIHU
9RUEHUHLWHQ GHV 0RWRUV :HFKVHOQ 6LH GDV 0RWRU|O XQG GHQ 0RWRU|OÀOWHU EHL ZDUPHP 0RWRU DXV VLHKH :HFKVHOQ GHV 0RWRU|OV 6HLWH XQG :HFKVHOQ GHV gOÀOWHUV 6HLWH %DXHQ 6LH GLH =QGNHU]H DXV *LHHQ 6LH PLW HLQHU gONDQQH FD PO 0RWRU|O GXUFK GDV =QGNHU]HQORFK LQ GHQ 0RWRU =LHKHQ 6LH ODQJVDP PHKUPDOV DP 6WDUWHUNDEHO XP GDV gO LP =\OLQGHU ]X YHUWHLOHQ 6HW]HQ 6LH GLH =QGNHU]H HLQ DEHU VHW]HQ 6LH GHQ =QGNHU]HQVWHFNHU QLFKW DXI %HIHVWLJHQ 6LH GDV .
)HKOHUVXFKH XQG EHKHEXQJ 3UREOHP 'HU 0RWRU VROOWH QLFKW DQVSULQJHQ 0|JOLFKH 8UVDFKH %HKHEXQJVPDQDKPH 'HU .UDIWVWRIIWDQN LVW OHHU RGHU GLH .UDIWVWRIIDQODJH HQWKlOW DOWHQ .UDIWVWRII (QWOHHUHQ 6LH GHQ .UDIWVWRIIWDQN XQG RGHU IOOHQ LKQ PLW IULVFKHP %HQ]LQ DXI :HQQ 6LH GDV 3UREOHP QLFKW EHVHLWLJHQ N|QQHQ ZHQGHQ 6LH VLFK ELWWH DQ ,KUHQ 9HUWUDJVKlQGOHU 'HU .UDIWVWRIIKDKQ LVW JHVFKORVVHQ gIIQHQ 6LH GHQ .
3UREOHP 'HU 0RWRU OlXIW QLFKW UXQG 0|JOLFKH 8UVDFKH 'HU =QGNHU]HQVWHFNHU LVW QLFKW IHVW DQ GHU =QGNHU]H DQJHVFKORVVHQ 6FKOLHHQ 6LH GHQ =QGNHU]HQVWHFNHU IHVW DQ GLH =QGNHU]H DQ 'LH =QGNHU]H ZHLVW (LQNHUEXQJHQ DXI LVW YHUVFKPXW]W RGHU KDW GHQ IDOVFKHQ (OHNWURGHQDEVWDQG 3UIHQ 6LH GLH =QGNHU]H XQG VWHOOHQ 6LH EHL %HGDUI GHQ (OHNWURGHQDEVWDQG HLQ (UVHW]HQ 6LH GLH =QGNHU]H ZHQQ GLHVH (LQNHUEXQJHQ DXIZHLVW YHUVFKPXW]W RGHU JHULVVHQ LVW 6WHOOHQ 6LH GHQ *DVEHGLHQXQJVKHEHO DXI Ä6F
3UREOHP 'HU 6HOEVWDQWULHE GHU 0DVFKLQH IXQNWLRQLHUW QLFKW 'LH 6FKQLWWPHVVHU GUHKHQ VLFK QLFKW RGHU UXWVFKHQ 0|JOLFKH 8UVDFKH 'HU 7UHLEULHPHQ GHV 6HOEVWDQWULHEV LVW IDOVFK HLQJHVWHOOW RGHU GHIHNW 6WHOOHQ 6LH GHQ 7UHLEULHPHQ GHV 6HOEVWDQWULHEV HLQ RGHU ZHFKVHOQ LKQ JJI DXV 8QWHU GHP 5LHPHQEHUHLFK EH¿QGHQ VLFK 5FNVWlQGH 'HU 5LHPHQ LVW EHVFKlGLJW (QWIHUQHQ 6LH GLH 5FNVWlQGH YRP 5LHPHQEHUHLFK 7DXVFKHQ 6LH GHQ 5LHPHQ DXV 'HU 5LHPHQ GHU 0HVVHUEUHPVNXSSOXQJ RGHU GHU 6\QFKURQLVL
,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 .
'LH .
)RUP 1R 5HY $ 7RQGHXVH DXWRWUDFWpH 7XUI0DVWHU GH FP 1 GH PRGqOH 7(²1 GH VpULH HW VXLYDQWV 0DQXHO GH O XWLOLVDWHXU ,QWURGXFWLRQ &HWWH WRQGHXVH DXWRWUDFWpH j ODPH URWDWLYH HVW GHVWLQpH DX JUDQG SXEOLF DX[ SURIHVVLRQQHOV HW DX[ XWLOLVDWHXUV WHPSRUDLUHV (OOH HVW SULQFLSDOHPHQW FRQoXH SRXU WRQGUH OHV SHORXVHV UpJXOLqUHPHQW HQWUHWHQXHV GHV WHUUDLQV SULYpV HW FRPPHUFLDX[ (OOH Q HVW SDV FRQoXH SRXU FRXSHU OHV EURXVVDLOOHV QL SRXU XQ XVDJH DJULFROH /LVH] DWWHQWLYHPHQW FHWWH QRWLF
6pFXULWp JpQpUDOH GH OD WRQGHXVH 5pJODJH GH OD KDXWHXU GH FRXSH 'pPDUUDJH GX PRWHXU $UUrW GX PRWHXU 8WLOLVDWLRQ GH O DXWRSURSXOVLRQ HW HQJDJHPHQW GHV ODPHV 6HUUDJH HW GHVVHUUDJH GX IUHLQ GH VWDWLRQQHPHQW &RQWU{OH GX IRQFWLRQQHPHQW GX V\VWqPH G DUUrW
&RXSH] OH PRWHXU HW GpEUDQFKH] OH ÀO GH OD ERXJLH XVpV RX HQGRPPDJpV SDU SDLUHV SRXU QH SDV PRGLÀHU O pTXLOLEUH ² DYDQW GH GpJDJHU RX GpERXFKHU O pMHFWHXU ² DYDQW G LQVSHFWHU GH QHWWR\HU RX G HIIHFWXHU WRXWH RSpUDWLRQ VXU OD PDFKLQH 'pPDUUDJH 1 LQFOLQH] SDV OD PDFKLQH ORUVTXH YRXV GpPDUUH] ² DSUqV DYRLU KHXUWp XQ REVWDFOH YpULÀH] VL OD PDFKLQH Q HVW SDV HQGRPPDJpH HW HIIHFWXH] OHV UpSDUDWLRQV pYHQWXHOOHPHQW QpFHVVDLUHV DYDQW GH OD UHPHWWUH HQ PDUFKH HW GH SRXUVXLYUH O XWLOLVDWLRQ OH PRWHX
3URFpGH] DYHF SUXGHQFH SRXU FKDUJHU OD PDFKLQH VXU XQH 9LEUDWLRQV DX QLYHDX GHV PDLQV HW GHV EUDV 1LYHDX GH YLEUDWLRQV PHVXUp SRXU OD PDLQ GURLWH 7UDQVSRUW UHPRUTXH RX XQ FDPLRQ DLQVL TXH SRXU OD GpFKDUJHU 8WLOLVH] GHV UDPSHV G XQH VHXOH SLqFH SRXU FKDUJHU OD PDFKLQH VXU XQH UHPRUTXH RX XQ FDPLRQ $UULPH] VROLGHPHQW OD PDFKLQH DX PR\HQ GH VDQJOHV FKDvQHV FkEOHV RX FRUGHV /HV VDQJOHV DYDQW HW DUULqUH GRLYHQW rWUH GLULJpHV YHUV OH EDV HW O H[WpULHXU GH OD PDFKLQH 1LYHDX GH YLEUDWLRQV PHVXUp
0DUTXH GX IDEULFDQW ,GHQWL¿H OD ODPH FRPPH SLqFH G RULJLQH $WWHQWLRQ ± Q XWLOLVH] SDV OD WRQGHXVH DYHF OH GpÀHFWHXU UHOHYp RX VDQV OH GpÀHFWHXU /H GpÀHFWHXU GRLW UHVWHU HQ SODFH 5LVTXH GH FRXSXUH PXWLODWLRQ GHV PDLQV RX GHV SLHGV SDU OD ODPH GH OD WRQGHXVH ± QH YRXV DSSURFKH] SDV GHV SLqFHV PRELOHV 5LVTXH GH SURMHFWLRQ G REMHWV ± WHQH] OHV VSHFWDWHXUV j ERQQH GLVWDQFH GH OD PDFKLQH 5LVTXH GH FRXSXUH PXWLODWLRQ GHV PDLQV RX GHV SLHGV ± QH YRXV DSSURFKH] SDV GHV S
/LVH] OH 0DQXHO GH O XWLOLVDWHXU DYDQW GH SURFpGHU j WRXW HQWUHWLHQ &RQWU{OH] OD WHQVLRQ GH OD FRXUURLH WRXWHV OHV KHXUHV ± /LVH] OH 0DQXHO GH O XWLOLVDWHXU 5LVTXH G LQWR[LFDWLRQ SDU LQKDODWLRQ GH JD] 5LVTXH G LQFHQGLH 6XUIDFH EUODQWH ULVTXH GH EUOXUH +DXWHXU GH FRXSH $WWHQWLRQ ± QH YRXV DSSURFKH] SDV GHV SLqFHV PRELOHV HW ODLVVH] WRXWHV OHV SURWHFWLRQV HW WRXV OHV FDSRWV HQ SODFH ± $WWHQWLRQ ± QH
0LVH HQ VHUYLFH 0RQWDJH GX JXLGRQ $XFXQH SLqFH UHTXLVH 3URFpGXUH $77(17,21 9RXV ULVTXH] G HQGRPPDJHU OHV FkEOHV HW GH UHQGUH OD PDFKLQH GDQJHUHXVH j XWLOLVHU VL YRXV SOLH] RX GpSOLH] PDO OH JXLGRQ )LJXUH 9HLOOH] j QH SDV HQGRPPDJHU OHV FkEOHV HQ SOLDQW RX GpSOLDQW OH JXLGRQ 6L XQ FkEOH HVW HQGRPPDJp DGUHVVH] YRXV j XQ FRQFHVVLRQQDLUH UpSDUDWHXU DJUpp 3ODFH] XQ VHUUH FkEOH LFL eFURX VXU VXSSRUW GH JXLGRQ 5HWLUH] OHV ERXORQV GX FDGUH GH OD PDFKLQH j O HPSODFHPHQW PRQW
)LJXUH +DXWHXU PLQLPDOH GX JXLGRQ +DXWHXU LQWHUPpGLDLUH GX JXLGRQ +DXWHXU PD[LPDOH GX JXLGRQ 6HUUH] OH ERXORQ j OD PDLQ MXVTX j FH TX LO VRLW ELHQ VHUUp 5pSpWH] OHV RSpUDWLRQV SUpFpGHQWHV GH O DXWUH F{Wp GH OD PDFKLQH )LJXUH -DXJH G KXLOH 5HSqUH PLQLPXP $GG 5HSqUH PD[LPXP )XOO 7XEH GH UHPSOLVVDJH G KXLOH (VVX\H] OD MDXJH VXU XQ FKLIIRQ SURSUH ,QVpUH] OD MDXJH DX IRQG GX JRXORW GH UHPSOLVVDJH SXLV UHVVRUWH] OD 5HPDUTXH ,QVpUH] FRPSOqWHPH
0RQWDJH GX EDF j KHUEH $XFXQH SLqFH UHTXLVH 3URFpGXUH *OLVVH] OH EDF VXU O DUPDWXUH FRPPH PRQWUp j OD )LJXUH )LJXUH )LJXUH *XLGRQ $UPDWXUH %DF j KHUEH 5HPDUTXH 1H IDLWHV SDV SDVVHU OH EDF VXU OH JXLGRQ )LJXUH $FFURFKH] OD JOLVVLqUH LQIpULHXUH GX EDF DX EDV GH O DUPDWXUH )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 eMHFWHXU ODWpUDO 2EWXUDWHXU GH PXOFKLQJ 'pÀHFWHXU G pMHFWLRQ ODWpUDOH &RPPDQGHV )LJXUH %RXJLH VRXV OH SDUH EURXVVDLOOH )LOWUH j DLU %RXFKRQ GH UHPSOLVVDJH MDXJH %DF j KHUEH /HYLHU GH KDXWHXU GH FRXSH DUULqUH &RPPDQGH G DFFpOpUDWHXU %RXFKRQ GX UpVHUYRLU GH FDUEXUDQW 'pÀHFWHXU DUULqUH /HYLHU GH IUHLQ %XWpH 3RLJQpH %DUUH GH FRPPDQGH 5RELQHW G DUULYpH GH FDUEXUDQW )LOWUH j KX
8WLOLVDWLRQ 5HPDUTXH /HV F{WpV JDXFKH HW GURLW GH OD PDFKLQH VRQW GpWHUPLQpV G DSUqV OD SRVLWLRQ G XWLOLVDWLRQ QRUPDOH &KDTXH IRLV TXH YRXV XWLOLVH] OD PDFKLQH YpULÀH] OH ERQ IRQFWLRQQHPHQW GX V\VWqPH G DXWRSURSXOVLRQ HW GH OD EDUUH GH FRPPDQGH /D PDFKLQH HW OHV ODPHV GRLYHQW V DUUrWHU TXDQG YRXV UHOkFKH] OD EDUUH GH FRPPDQGH 6L FH Q HVW SDV OH FDV FRQVXOWH] XQ FRQFHVVLRQQDLUH UpSDUDWHXU DJUpp &RQWU{OH GX QLYHDX G KXLOH PRWHXU )LJXUH %DUUH GH FRPPDQGH 3RLJQpH 3pULRGLFLWp GHV HQWUHWLHQV
6L OH QLYHDX Q DWWHLQW SDV OH UHSqUH PLQLPXP VXU ( TXL FRQWLHQW G pWKDQRO ( TXL FRQWLHQW G pWKDQRO RX ( TXL FRQWLHQW MXVTX j G pWKDQRO / XWLOLVDWLRQ G HVVHQFH QRQ DSSURXYpH SHXW HQWUDvQHU GHV SUREOqPHV GH SHUIRUPDQFHV HW RX GHV GRPPDJHV DX PRWHXU TXL SHXYHQW QH SDV rWUH FRXYHUWV SDU OD JDUDQWLH OD MDXJH YHUVH] OHQWHPHQW XQH TXDQWLWp G KXLOH VXIÀVDQWH GDQV OH JRXORW GH UHPSOLVVDJH HW UpSpWH] OHV RSpUDWLRQV j MXVTX j FH TXH OH QLYHDX G KXLOH DWWHLJQH OH UHSqUH PD[LPXP
5pJODJH GH OD KDXWHXU GH FRXSH '$1*(5 /RUV GX UpJODJH GHV OHYLHUV GH KDXWHXU GH FRXSH YRXV ULVTXH] GH YRXV EOHVVHU JUDYHPHQW VL YRV PDLQV WRXFKHQW OD ODPH HQ PRXYHPHQW $UUrWH] OH PRWHXU HW DWWHQGH] O DUUrW GH WRXWHV OHV SLqFHV HQ PRXYHPHQW DYDQW GH UpJOHU OD KDXWHXU GH FRXSH 1H PHWWH] SDV OHV GRLJWV VRXV OH FDUWHU GX SODWHDX GH FRXSH TXDQG YRXV UpJOH] OD KDXWHXU GH FRXSH )LJXUH /HYLHU GH KDXWHXU GH FRXSH DYDQW /D KDXWHXU GH FRXSH SHXW rWUH UpJOpH GH PP j PP SDU SDOLHUV GH PP 6
8WLOLVDWLRQ GH O DXWRSURSXOVLRQ HW HQJDJHPHQW GHV ODPHV 'pPDUUDJH GX PRWHXU %UDQFKH] OD ERXJLH )LJXUH 2XYUH] OH URELQHW G DUULYpH GH FDUEXUDQW )LJXUH 3RXU XWLOLVHU O DXWRSURSXOVLRQ VDQV HQJDJHU OHV ODPHV UHOHYH] OD EDUUH GH FRPPDQGH FRQWUH OH JXLGRQ )LJXUH 5HPDUTXH /RUVTXH OH URELQHW G DUULYpH GH FDUEXUDQW HVW RXYHUW OH OHYLHU HVW SDUDOOqOH j OD FRQGXLWH GH FDUEXUDQW )LJXUH 5HOHYH] OD EDUUH GH FRPPDQGH FRQWUH OH JXLGRQ 3RXU XWLOLVHU O DXWRSURSXOVLRQ HW HQJDJH
6HUUDJH HW GHVVHUUDJH GX IUHLQ GH VWDWLRQQHPHQW &RQWU{OH GX IRQFWLRQQHPHQW GX V\VWqPH G DUUrW GHV ODPHV 6HUUDJH GX IUHLQ GH VWDWLRQQHPHQW $YDQW FKDTXH XWLOLVDWLRQ YpULÀH] TXH OHV ODPHV V DUUrWHQW HQ PRLQV GH VHFRQGHV DSUqV OH UHOkFKHPHQW GH OD EDUUH GH FRPPDQGH 6HUUH] OH IUHLQ GH VWDWLRQQHPHQW HQ WLUDQW OH OHYLHU GH IUHLQ YHUV OH KDXW SRXU O pORLJQHU GH OD SRLJQpH )LJXUH 8WLOLVDWLRQ GX EDF j KHUEH 3pULRGLFLWp GHV HQWUHWLHQV FKDTXH XWLOLVDWLRQ RX XQH IRLV SDU MRXU³9pULÀH] OH IRQFWLRQQHPHQW
SRXVVH] UDSLGHPHQW OD PDFKLQH HQ DYDQW VXU OD ERXOH GH SDSLHU MRXUQDO &RXSH] OH PRWHXU HW DWWHQGH] O DUUrW GH WRXWHV OHV SLqFHV PRELOHV $77(17,21 6L OH EDF GH UDPDVVDJH HVW XVp GHV JUDYLOORQV RX DXWUHV GpEULV VLPLODLUHV SHXYHQW rWUH SURMHWpV YHUV YRXV RX GHV SHUVRQQHV j SUR[LPLWp HW FDXVHU GHV EOHVVXUHV JUDYHV RX PRUWHOOHV 3DVVH] GHYDQW OD PDFKLQH HW H[DPLQH] OD ERXOH GH SDSLHU MRXUQDO &RQWU{OH] IUpTXHPPHQW OH EDF j KHUEH 6 LO HVW HQGRPPDJp UHPSODFH] OH SDU XQ EDF 7RUR QHXI G
$EDLVVH] OH GpÁHFWHXU DUULqUH MXVTX j FH TX LO UHSRVH VXU OH EDF j KHUEH 5HWUDLW GX EDF j KHUEH 3RXU UHWLUHU OH EDF LQYHUVH] OD SURFpGXUH GH PRQWDJH GX EDF j KHUEH FL GHVVXV '$1*(5 'H O KHUEH RX DXWUHV GpEULV SHXYHQW rWUH SURMHWpV SDU O pMHFWHXU V LO Q HVW SDV IHUPp &HV GpEULV SHXYHQW rWUH SURMHWpV DYHF XQH IRUFH VXIÀVDQWH SRXU LQÁLJHU GHV EOHVVXUHV JUDYHV YRLUH PRUWHOOHV j O XWLOLVDWHXU RX DX[ SHUVRQQHV j SUR[LPLWp 1 RXYUH] MDPDLV OH YROHW G pMHFWLRQ TXDQG OH PRWHXU HVW HQ PDUFKH )LJXUH
9HLOOH] j WHQLU WRXW OH PRQGH j O pFDUW GH OD ]RQH GH WUDYDLO XQH KDXWHXU GH FRXSH LQIpULHXUH SRXU REWHQLU XQH FRXSH SOXV HVWKpWLTXH / KHUEH WURS ORQJXH VH GpSRVH HQ SDTXHWV VXU OD SHORXVH HW ULVTXH G REVWUXHU OD PDFKLQH HW GH IDLUH FDOHU OH PRWHXU HQ SDUWLFXOLHU OHV HQIDQWV HW OHV DQLPDX[ GRPHVWLTXHV eYLWH] GH KHXUWHU OHV DUEUHV OHV PXUV OHV ERUGXUHV RX DXWUHV REVWDFOHV 1H SDVVH] MDPDLV LQWHQWLRQQHOOHPHQW VXU XQ REMHW TXHO TX LO VRLW $OWHUQH] OD GLUHFWLRQ GH OD WRQWH &HOD SHUPHW GH GLVS
(QWUHWLHQ 3URJUDPPH G HQWUHWLHQ UHFRPPDQGp 3pULRGLFLWp G HQWUHWLHQ $SUqV OHV SUHPLqUHV KHXUHV GH IRQFWLRQQHPHQW 3URFpGXUH G HQWUHWLHQ &KDQJH] O KXLOH PRWHXU VDQV OH ¿OWUH j KXLOH (IIHFWXH] O HQWUHWLHQ GX V\VWqPH G HQWUDvQHPHQW GHV ODPHV ¬ FKDTXH XWLOLVDWLRQ RX XQH IRLV SDU MRXU &RQWU{OH] OH QLYHDX G KXLOH PRWHXU 9pUL¿H] OH IRQFWLRQQHPHQW GX V\VWqPH G DUUrW GHV ODPHV /HV ODPHV GRLYHQW V DUUrWHU GDQV OHV VHFRQGHV VXLYDQW OH UHOkFKHPHQW GH OD EDUUH GH FRPPDQGH 6L FH Q HVW SDV OH FDV FRQWDF
(QWUHWLHQ GX ¿OWUH j DLU 3pULRGLFLWp GHV HQWUHWLHQV FKDTXH XWLOLVDWLRQ RX XQH IRLV SDU MRXU 7RXWHV OHV KHXUHV³1HWWR\H] OH SUpÀOWUH HQ PRXVVH SOXV VRXYHQW VL O DWPRVSKqUH HVW WUqV SRXVVLpUHXVH 7RXWHV OHV KHXUHV³5HPSODFH] O pOpPHQW HQ SDSLHU SOXV VRXYHQW VL O DWPRVSKqUH HVW WUqV SRXVVLpUHXVH ,PSRUWDQW 1H IDLWHV SDV WRXUQHU OH PRWHXU VDQV OH ÀOWUH j DLU DX FRPSOHW VRXV SHLQH G HQGRPPDJHU JUDYHPHQW OH PRWHXU &RXSH] OH PRWHXU HW DWWHQGH] O DUUrW GH WRXWHV OHV SLqFHV PRELOHV 'pEUDQFKH
9LGDQJH GH O KXLOH PRWHXU 3pULRGLFLWp GHV HQWUHWLHQV $SUqV OHV SUHPLqUHV KHXUHV GH IRQFWLRQQHPHQW³&KDQJH] O KXLOH PRWHXU VDQV OH ÀOWUH j KXLOH 7RXWHV OHV KHXUHV³9LGDQJH] HW FKDQJH] O KXLOH PRWHXU SOXV IUpTXHPPHQW VL YRXV XWLOLVH] OD PDFKLQH GDQV XQH DWPRVSKqUH SRXVVLpUHXVH )DLWHV WRXUQHU OH PRWHXU SRXU UpFKDXIIHU O KXLOH 5HPSODFHPHQW GX ¿OWUH j KXLOH 3pULRGLFLWp GHV HQWUHWLHQV 7RXWHV OHV KHXUHV / KXLOH ULVTXH G rWUH FKDXGH TXDQG OH PRWHXU YLHQW GH WRXUQHU HW GH FDXVHU GHV EOHVV
)LJXUH )LJXUH -RLQW %HF LVRODQW G pOHFWURGH FHQWUDOH eOHFWURGH ODWpUDOH eFDUWHPHQW SDV j O pFKHOOH 9LVVH] OH ÀOWUH QHXI HQ SODFH MXVTX j FH TXH OH MRLQW UHQFRQWUH OD EDVH GX ÀOWUH SXLV VHUUH] OH j OD PDLQ GH GH WRXU VXSSOpPHQWDLUH 3RVH] OD ERXJLH HW OH MRLQW 6HUUH] OD ERXJLH j 1ăP 9HUVH] GH O KXLOH IUDvFKH GDQV OH FDUWHU PRWHXU MXVTX DX UHSqUH PD[LPXP VXU OD MDXJH YRLU 3OHLQ G KXLOH GX FDUWHU PRWHXU SDJH 5HEUDQFKH] OH ÀO GH OD ERXJLH
9LGDQJH GX UpVHUYRLU GH FDUEXUDQW HW QHWWR\DJH GX ¿OWUH j FDUEXUDQW 3pULRGLFLWp GHV HQWUHWLHQV 7RXWHV OHV KHXUHV³([DPLQH] OH ÁH[LEOH G DOLPHQWDWLRQ HW UHPSODFH] OH DX EHVRLQ 7RXWHV OHV KHXUHV³1HWWR\H] OH ÀOWUH GX UpVHUYRLU GH FDUEXUDQW 8QH IRLV SDU DQ RX DYDQW OH UHPLVDJH³9LGDQJH] OH UpVHUYRLU GH FDUEXUDQW DYDQW OHV UpSDUDWLRQV TXL OH QpFHVVLWHQW RX DYDQW GH UHPLVHU OD PDFKLQH 5HPDUTXH /H ÀOWUH j FDUEXUDQW FUpSLQH HVW VLWXp j O LQWpULHXU GX UpVHUYRLU GH FDUEXUDQW DX QLYHDX GH OD VRUWLH &H ÀO
(QWUHWLHQ GHV ODPHV 3pULRGLFLWp GHV HQWUHWLHQV FKDTXH XWLOLVDWLRQ RX XQH IRLV SDU MRXU ,PSRUWDQW 9RXV DXUH] EHVRLQ G XQH FOp G\QDPRPpWULTXH SRXU PRQWHU OHV ODPHV FRUUHFWHPHQW 6L YRXV Q HQ SRVVpGH] SDV RX VL YRXV QH YRXV VHQWH] SDV FDSDEOH G HIIHFWXHU FHWWH SURFpGXUH DGUHVVH] YRXV j XQ FRQFHVVLRQQDLUH UpSDUDWHXU DJUpp ([DPLQH] OH WUDQFKDQW HW O pWDW GHV ODPHV XVXUH RX GRPPDJHV FKDTXH IRLV TXH OH UpVHUYRLU G HVVHQFH HVW YLGH YRLU &RQWU{OH GHV ODPHV SDJH 6L XQH ODPH HVW pPRXVVpH RX pEUpFKpH I
)LJXUH 3DUWLH UHOHYpH 7UDQFKDQW 8VXUH IRUPDWLRQ G XQH HQWDLOOH )LVVXUH ,QVSHFWH] OHV ODPHV VXUWRXW OD SDUWLH UHOHYpH )LJXUH 5HPSODFH] LPPpGLDWHPHQW WRXWH ODPH HQGRPPDJpH XVpH RX TXL SUpVHQWH XQH HQWDLOOH )LJXUH )LJXUH '$1*(5 6L XQH ODPH HVW WURS XVpH XQH HQWDLOOH VH IRUPH HQWUH OD SDUWLH UHOHYpH HW OD SDUWLH SODQH /D ODPH SRXUUDLW DORUV VH EULVHU HW XQ PRUFHDX rWUH SURMHWp GX GHVVRXV GH OD PDFKLQH YRXV EOHVVDQW JUDYHPHQW RX XQH SHUVRQQH j SUR[LPLWp 9pULÀH]
GH O DXWUH F{Wp GH FKDTXH GLVSRVLWLI G HQWUDvQHPHQW GDQV OHV WURXV GH OD ODPH FRUUHVSRQGDQWH ,PPRELOLVH] FKDTXH ODPH j O DLGH G XQH SODQFKH HW WRXUQH] OH ERXORQ GH ODPH GDQV OH VHQV KRUDLUH DX PR\HQ G XQH FOp G\QDPRPpWULTXH FRPPH PRQWUp j OD )LJXUH VHUUH] FKDTXH ERXORQ GH ODPH j 1ăP )LJXUH 'pSRVH] FKDTXH ODPH FRPPH PRQWUp j OD )LJXUH )LJXUH ,PSRUWDQW 8Q ERXORQ YLVVp j 1ăP HVW WUqV VHUUp $SSX\H] GH WRXW YRWUH SRLGV VXU OD FOp G\QDPRPpWULTXH DÀQ GH VHUUHU IHUPHPHQW OH ERXO
1HWWR\DJH GX GHVVRXV GH OD PDFKLQH 7RXUQH] OHV ODPHV j OD PDLQ G XQ WRXU FRPSOHW SRXU YpULÀHU TX HOOHV QH VH WRXFKHQW SDV 5HPDUTXH 6L OHV ODPHV VH WRXFKHQW HOOHV QH VRQW SDV PRQWpHV FRUUHFWHPHQW 5pSpWH] OHV RSpUDWLRQV j MXVTX j FH TXH OHV ODPHV QH VH WRXFKHQW SOXV 3RXU REWHQLU GHV UpVXOWDWV RSWLPDX[ OH GHVVRXV GX FDUWHU GH OD PDFKLQH GRLW UHVWHU SURSUH 9RXV SRXYH] ODYH] RX JUDWWHU OH FDUWHU GH OD PDFKLQH SRXU HQOHYHU OHV GpFKHWV G KHUEH $77(17,21 /DYDJH GX GHVVRXV GH OD PDFKLQH '
5HPLVDJH $77(17,21 /RUVTXH YRXV EDVFXOH] OD PDFKLQH GX FDUEXUDQW ULVTXH GH V pFKDSSHU GX FDUEXUDWHXU RX GX UpVHUYRLU / HVVHQFH HVW H[WUrPHPHQW LQÁDPPDEOH HW H[SORVLYH HW ULVTXH GH FDXVHU GHV EOHVVXUHV FRUSRUHOOHV RX GHV GpJkWV PDWpULHOV GDQV FHUWDLQHV FRQGLWLRQV 5HPLVH] OD PDFKLQH GDQV XQ ORFDO IUDLV SURSUH HW VHF &RXYUH] OD PDFKLQH SRXU OD JDUGHU SURSUH HW OD SURWpJHU ,QIRUPDWLRQV JpQpUDOHV 5HPLVH] OD PDFKLQH GDQV XQ ORFDO IUDLV SURSUH HW VHF &RXYUH] OD PDFKLQH SRXU OD JDUGHU SURSUH HW OD SURWp
3UpSDUDWLRQ GX PRWHXU /DLVVH] WRXUQHU OH PRWHXU MXVTX j FH TX LO V DUUrWH /H PRWHXU HVW VXIÀVDPPHQW VHF ORUVTX LO Q \ D SOXV PR\HQ GH OH IDLUH GpPDUUHU /RUVTXH OH PRWHXU HVW HQFRUH FKDXG UHPSODFH] O KXLOH PRWHXU HW OH ÀOWUH j KXLOH YRLU 9LGDQJH GH O KXLOH PRWHXU SDJH HW 5HPSODFHPHQW GX ÀOWUH j KXLOH SDJH (QOHYH] OD ERXJLH $X PR\HQ G XQH EXUHWWH YHUVH] HQYLURQ PO G KXLOH GDQV OH FDUWHU SDU OH WURX GH OD ERXJLH 7LUH] OHQWHPHQW OD SRLJQpH GX ODQFHXU j SOXVLHXUV UH
'pSLVWDJH GHV GpIDXWV 3UREOqPH /H PRWHXU QH GpPDUUH SDV &DXVH SRVVLEOH /H UpVHUYRLU GH FDUEXUDQW HVW YLGH RX OH FLUFXLW G DOLPHQWDWLRQ FRQWLHQW GX FDUEXUDQW TXL Q HVW SDV IUDLV 9LGDQJH] OH UpVHUYRLU G HVVHQFH HW RX UHPSOLVVH] OH G HVVHQFH IUDvFKH 6L OH SUREOqPH SHUVLVWH FRQVXOWH] XQ FRQFHVVLRQQDLUH UpSDUDWHXU DJUpp /H URELQHW G DUULYpH GH FDUEXUDQW HVW IHUPp /D FRPPDQGH G DFFpOpUDWHXU Q HVW SDV j OD ERQQH SRVLWLRQ /H V\VWqPH G DOLPHQWDWLRQ FRQWLHQW GHV LPSXUHWpV GH O HDX RX GX FDUE
3UREOqPH /D PDFKLQH RX OH PRWHXU YLEUH H[FHVVLYHPHQW &DXVH SRVVLEOH 0HVXUH FRUUHFWLYH 8QH ODPH HVW IDXVVpH RX GpVpTXLOLEUpH eTXLOLEUH] OD RX OHV ODPHV 5HPSODFH] OHV ODPHV TXL VRQW IDXVVpHV 8Q ERXORQ GH ODPH HVW GHVVHUUp 'HV GpFKHWV G KHUEH FRXSpH HW DXWUHV GpEULV VRQW DJJORPpUpV VRXV OH FDUWHU GH OD PDFKLQH /HV ERXORQV GH ¿[DWLRQ GX PRWHXU VRQW GHVVHUUpV /HV SRXOLHV GH PRWHXU GH WHQVLRQ RX GH ODPHV VRQW GHVVHUUpHV 3RXOLH GX PRWHXU HQGRPPDJpH 6HUUH] OHV ERXORQV GHV ODP
3UREOqPH /HV ODPHV VH WRXFKHQW &DXVH SRVVLEOH 0HVXUH FRUUHFWLYH /D ODPHV QH VRQW SDV PRQWpHV RX DOLJQpHV FRUUHFWHPHQW 0RQWH] OHV ODPHV FRUUHFWHPHQW /HV DGDSWDWHXUV GH ODPH VRQW XVpV OkFKHV RX FDVVpV /D FRXUURLH GH GLVWULEXWLRQ HVW XVpH OkFKH RX FDVVpH /HV SLJQRQV GH GLVWULEXWLRQ RX OD SRXOLH GH WHQVLRQ VRQW XVpV OkFKHV RX FDVVpV 5HPSODFH] OHV DGDSWDWHXUV GH ODPH &RQWDFWH] XQ FRQFHVVLRQQDLUH UpSDUDWHXU DJUpp &RQWDFWH] XQ FRQFHVVLRQQDLUH UpSDUDWHXU DJUpp
/LVWH GHV GLVWULEXWHXUV LQWHUQDWLRQDX[ 'LVWULEXWHXU 3D\V +RQJULH +RQJ .
/D JDUDQWLH LQWpJUDOH 7RUR &RQGLWLRQV HW SURGXLWV FRXYHUWV 7KH 7RUR &RPSDQ\ HW VD ¿OLDOH 7RUR :DUUDQW\ &RPSDQ\ HQ YHUWX GH O DFFRUG SDVVp HQWUH HOOHV V HQJDJHQW FRQMRLQWHPHQW DXSUqV GH O DFKHWHXU G RULJLQH j UpSDUHU OHV SURGXLWV 7RUR FL GHVVRXV V LOV SUpVHQWHQW XQ GpIDXW GH IDEULFDWLRQ RX GH PDWpULDX 0DWpULHO SRXU HQWUHSULVH GH SD\VDJHPHQW /&( &RPPHQW IDLUH LQWHUYHQLU OD JDUDQWLH 6L YRXV SHQVH] TXH YRWUH SURGXLW 7RUR SUpVHQWH XQ YLFH GH PDWpULDX RX GH IDEULFDWLRQ SURFpGH] FRPPH VXLW 'HPDQGH]
FP 7XUI0DVWHU ORRSPDDLHU )RUP 1R 5HY $ 0RGHOQU 7(²6HULHQU HQ KRJHU *HEUXLNHUVKDQGOHLGLQJ ,QOHLGLQJ 'H]H ORRSPDDLHU PHW GUDDLHQGH PHVVHQ LV EHGRHOG YRRU JHEUXLN GRRU SDUWLFXOLHUHQ RI SURIHVVLRQHOH EHVWXXUGHUV 'H PDFKLQH LV YRRUQDPHOLMN RQWZRUSHQ YRRU KHW PDDLHQ YDQ JUDV RS JRHG RQGHUKRXGHQ SDUWLFXOLHUH RI FRPPHUFLsOH JD]RQV 'H PDFKLQH LV QLHW RQWZRUSHQ YRRU KHW PDDLHQ YDQ ERUVWHOLJ JUDV RI YRRU JHEUXLN LQ GH ODQGERXZ /HHV GH]H LQIRUPDWLH ]RUJYXOGLJ ]RGDW X ZHHW KRH X KH
$OJHPHQH YHLOLJKHLGVUHJHOV PHW EHWUHNNLQJ WRW GH PDDLPDFKLQH %HGLHQLQJVRUJDQHQ 6SHFLÀFDWLHV *HEUXLNVDDQZLM]LQJ +HW PRWRUROLHSHLO FRQWUROHUHQ 'H EUDQGVWRIWDQN YXOOHQ PHW EHQ]LQH 'H PDDLKRRJWH LQVWHOOHQ 0RWRU VWDUWHQ
² YRRUGDW X GH PDFKLQH JDDW FRQWUROHUHQ VFKRRQPDNHQ RI DQGHUH ZHUN]DDPKHGHQ JDDW XLWYRHUHQ RI EHVFKDGLJGH PHVVHQ HQ ERXWHQ DOWLMG DOV FRPSOHWH VHW RP HHQ JRHGH EDODQV WH EHKRXGHQ ² DOV X HHQ YUHHPG YRRUZHUS KHHIW JHUDDNW PRHW X GH PDDLPDFKLQH RS EHVFKDGLJLQJHQ FRQWUROHUHQ HQ UHSDUDWLHV XLWYRHUHQ YRRUGDW X GH PDFKLQH RSQLHXZ VWDUW HQ ZHHU LQ JHEUXLN QHHPW 6WDUWHQ +RXG GH PDDLPDFKLQH QLHW VFKXLQ DOV X GH PRWRU DDQ]HW EHKDOYH DOV X GH PDFKLQH VFKXLQ PRHW KRXGHQ RP WH VWDUWHQ +RXG GH PDFKLQH LQ
7ULOOLQJHQ RS GH KDQGHQ HQ DUPHQ 'H PDFKLQH WUDQVSRUWHUHQ :HHV YRRU]LFKWLJ DOV X GH PDFKLQH LQODDGW RS HHQ DDQKDQJHU RI HHQ YUDFKWZDJHQ RI XLWODDGW *HPHWHQ WULOOLQJVQLYHDX RS GH UHFKWHUKDQG *HEUXLN HHQ RSULMSODDW YDQ YROOHGLJH EUHHGWH ELM KHW ODGHQ YDQ GH PDFKLQH RS HHQ DDQKDQJHU RI YUDFKWZDJHQ *HPHWHQ WULOOLQJVQLYHDX RS GH OLQNHUKDQG =HW GH PDFKLQH JRHG YDVW PHW VSDQEDQGHQ NHWWLQJHQ 2Q]HNHUKHLGVZDDUGH .
9HLOLJKHLGV HQ LQVWUXFWLHVWLFNHUV %HODQJULMN 9HLOLJKHLGVVWLFNHUV HQ YHLOLJKHLGVLQVWUXFWLHV EHYLQGHQ ]LFK ELM SODDWVHQ ZDDU JHYDDU NDQ RQWVWDDQ 9HUYDQJ EHVFKDGLJGH VWLFNHUV 0HUNWHNHQ YDQ IDEULNDQW *HHIW DDQ GDW KHW PHV RQGHUGHHO YDQ HHQ RULJLQHOH 7RUR PDDLPDFKLQH LV :DDUVFKXZLQJ ± JHEUXLN GH PDDLPDFKLQH QLHW DOV GH JUDVJHOHLGHU RPKRRJ JHNODSW RI YHUZLMGHUG LV ]RUJ HUYRRU GDW GH JUDVJHOHLGHU LV JHPRQWHHUG +DQGHQ RI YRHWHQ NXQQHQ ZRUGHQ JHVQHGHQ JHDPSXWHHUG GRRU KHW PDD
/HHV GH *HEUXLNHUVKDQGOHLGLQJ DOYRUHQV WH EHJLQQHQ PHW RQGHUKRXG &RQWUROHHU GH ULHPVSDQQLQJ HONH XXU /HHV GH *HEUXLNHUVKDQGOHLGLQJ *HYDDU LQDGHPHQ YDQ JLIWLJ JDV %UDQGJHYDDU +HHW RSSHUYODN JHYDDU YDQ EUDQGZRQGHQ 0DDLKRRJWH :DDUVFKXZLQJ ± %OLMI RS DIVWDQG YDQ EHZHJHQGH GHOHQ ]RUJ GDW DOOH EHVFKHUPHQGH GHOHQ RS KXQ SODDWV ]LMQ :DDUVFKXZLQJ ± 3DUNHHU QRRLW RS HHQ KHOOLQJ WHQ]LM GH ZLHOHQ ]LMQ YDVWJH
0RQWDJH 'H KDQGJUHHS EHYHVWLJHQ *HHQ RQGHUGHOHQ YHUHLVW 3URFHGXUH :$$56&+8:,1* $OV GH KDQGJUHHS YHUNHHUG ZRUGW LQ HQ XLWJHNODSW NXQQHQ GH NDEHOV VFKDGH RSORSHQ ZDDUGRRU GH PDFKLQH QLHW YHLOLJ NDQ ZRUGHQ JHEUXLNW )LJXXU =RUJ HUYRRU GDW X GH NDEHOV QLHW EHVFKDGLJW DOV X GH KDQGJUHHS LQ RI XLWNODSW ,QGLHQ HHQ NDEHO LV EHVFKDGLJG PRHW X FRQWDFW RSQHPHQ PHW HHQ HUNHQGH 6HUYLFH 'HDOHU 9HUZLMGHU GH ERXWHQ YDQ KHW PDFKLQHIUDPH RS GH SODDWV JHWRRQG LQ )LJXXU %UHQJ KLHU HHQ
)LJXXU /DDJVWH KDQGJUHHSVWDQG 0LGGHOVWH KDQGJUHHSVWDQG +RRJVWH KDQGJUHHSVWDQG 'UDDL GH ERXW YDQ GH KDQGJUHHS VWHYLJ YDVW +HUKDDO GH ERYHQVWDDQGH VWDSSHQ DDQ GH DQGHUH NDQW YDQ GH PDFKLQH )LJXXU 3HLOVWRN %LMYXOPDUNHULQJ 9RO PDUNHULQJ 9XOEXLV 9HHJ GH SHLOVWRN PHW HHQ VFKRQH GRHN VFKRRQ 6WHHN GH SHLOVWRN LQ GH YXOEXLV HQ WUHN GH]H HU ZHHU XLW 2SPHUNLQJ 6WHHN YRRU HHQ QDXZNHXULJH SHLOLQJ GH SHLOVWRN YROOHGLJ LQ GH YXOEXLV +HW FDUWHU YXOOHQ
$OJHPHHQ RYHU]LFKW YDQ GH PDFKLQH )LJXXU +DQGJUHHS )UDPH *UDVYDQJHU 2SPHUNLQJ 6FKXLI GH JUDVYDQJHU QLHW RYHU GH KDQGJUHHS )LJXXU +DDN KHW RQGHUVWH NDQDDO YDQ GH JUDVYDQJHU RYHU GH RQGHU]LMGH YDQ KHW IUDPH )LJXXU )LJXXU )LJXXU +DDN KHW ERYHQVWH HQ GH ]LMNDQDOHQ YDQ GH JUDVYDQJHU DFKWHUHHQYROJHQV RYHU GH ERYHQ]LMGH HQ GH ]LMNDQWHQ YDQ KHW IUDPH )LJXXU %RXJLH RQGHU ERUVWHONDS %HGLHQLQJVVWDQJ /XFKW¿OWHU *UDVYDQJHU 9XOEXLV 3HLOVWRN
)LJXXU *UDVYDQJHU =LMXLWZHUSNDQDDO 0XOFKSOXJ =LMDIYRHUJHOHLGHU )LJXXU %HGLHQLQJVVWDQJ %HGLHQLQJVRUJDQHQ +DQGJUHHS 7( )LJXXU *DVKHQGHO GH JDVKHQGHO LV RPZLOOH YDQ GH GXLGHOLMNKHLG QLHW DIJHEHHOG &KRNH /DQJ]DDP 6QHO 6WRSSHQ %HGLHQLQJVVWDQJ 6SHFL¿FDWLHV 7\SH *HZLFKW NJ /HQJWH FP %UHHGWH FP +RRJWH FP
*HEUXLNVDDQZLM]LQJ GH 9RO PDUNHULQJ RS GH SHLOVWRN EHUHLNW ]LH 'H PRWRUROLH YHUYHUVHQ EODG] 2SPHUNLQJ %HSDDO YDQXLW GH QRUPDOH EHVWXXUGHUVSRVLWLH GH OLQNHU HQ UHFKWHU]LMGH YDQ GH PDFKLQH %HODQJULMN $OV KHW ROLHSHLO LQ KHW FDUWHU WH KRRJ RI WH ODDJ LV HQ X ODDW GH PRWRU WRFK GUDDLHQ NXQW X GH]H EHVFKDGLJHQ &RQWUROHHU WHONHQV YRRUGDW X JDDW PDDLHQ RI GH ]HOIDDQGULMYLQJ HQ GH EHGLHQLQJVVWDQJ JRHG ZHUNHQ $OV X GH EHGLHQLQJVVWDQJ ORVODDW PRHWHQ GH PDDLPHVVHQ HQ GH ]HOIDDQGULMYLQJ VWRSSHQ 'RHQ
VWDELOL]HU WRHYRHJHQ DDQ GH EHQ]LQH *HEUXLN QRRLW EHQ]LQH GLH RXGHU LV GDQ GDJHQ 0DDN GH RPJHYLQJ YDQ GH GRS YDQ GH EUDQGVWRIWDQN VFKRRQ )LJXXU )LJXXU $DQ]LFKW YDQDI OLQNHU YRRU]LMGH YDQ GH PDFKLQH 'RS YDQ EUDQGVWRIWDQN 9HUZLMGHU GH GRS YDQ GH WDQN 9XO GH EUDQGVWRIWDQN PHW ORRGYULMH EHQ]LQH WRW RS WRW PP YDQ GH ERYHQUDQG YDQ GH WDQN 1LHW WRW LQ GH YXOEXLV ELMYXOOHQ PP PP PP PP PP PP PP PP 'H PDDLKRRJWH ZRUGW JHUHJHOG PHW HHQ YR
2SPHUNLQJ :LO GH PRWRU QD GULH SRJLQJHQ QLHW VWDUWHQ KHUKDDO GDQ GH VWDSSHQ WRW HQ PHW 0RWRU DI]HWWHQ =HW GH JDVKHQGHO RS 8LW HQ ZDFKW WRW DOOH EHZHJHQGH RQGHUGHOHQ WRW VWLOVWDQG ]LMQ JHNRPHQ 6OXLW GH EUDQGVWRINUDDQ HQ PDDN GH NDEHO YDQ GH ERXJLH ORV DOV X GH PDDLPDFKLQH QLHW JHEUXLNW RI RQEHKHHUG DFKWHUODDW 'H ]HOIDDQGULMYLQJ EHGLHQHQ HQ GH PDDLPHVVHQ LQVFKDNHOHQ *HEUXLN GH ]HOIDDQGULMYLQJ ]RQGHU GH PDDLPHVVHQ LQ WH VFKDNHOHQ GRRU GH EHGLHQLQJVVWDQJ RPKRRJ WH WUHNNHQ QDDU GH KHQGHO )LJ
PDDLPDFKLQH DI WH UHPPHQ DOV X HHQ ERFKW PDDNW RI DOV GH PDFKLQH WH VQHO YRRUWEHZHHJW $OV X GH EHGLHQLQJVVWDQJ WH YHU ODDW ]DNNHQ VWRSW GH ]HOIDDQGULMYLQJ YDQ GH PDFKLQH 'XZ GH EHGLHQLQJVVWDQJ QDDU GH KDQGJUHHS WRH RP GH VQHOKHLG WH YHUKRJHQ :DQQHHU GH EHGLHQLQJVVWDQJ GLFKW WHJHQ GH KDQGJUHHS LV DDQJHGUXNW EHZHHJW GH PDFKLQH ]LFK YRRUW PHW GH PD[LPDOH VQHOKHLG 'H KDQGUHP LQ HQ XLWVFKDNHOHQ )LJXXU +DQGUHP YULMJHVWHOG 'H KDQGUHP LQVFKDNHOHQ 6WHO GH KDQGUHP LQ ZHUNLQJ GRRU GH UHPKHQGHO RPKRRJ WH W
NDQ KHW RQYHLOLJ ZRUGHQ RP GH PDFKLQH WH JHEUXLNHQ 1HHP FRQWDFW RS PHW HHQ HUNHQGH VHUYLFHGHDOHU RP XZ PDDLPDFKLQH WH ODWHQ LQVSHFWHUHQ HQ UHSDUHUHQ =HW GH PRWRU DI HQ ZDFKW WRWGDW DOOH EHZHJHQGH RQGHUGHOHQ WRW VWLOVWDQG JHNRPHQ ]LMQ 'H JUDVYDQJHU QLHW JHEUXLNHQ 3ODDWV GH PDDLPDFKLQH RS HHQ YHUKDUG RSSHUYODN HQ XLW GH ZLQG 6WHO DOOH ZLHOHQ LQ RS GH PDDLVWDQG YDQ PP 1HHP HHQ VWXN NUDQW HQ PDDN KLHUYDQ HHQ SURS GLH RQGHU GH PDFKLQH SDVW PHW HHQ GRRUVQHGH YDQ RQJHYHHU PP
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
7LSV YRRU EHGLHQLQJ HQ JHEUXLN $OJHPHQH PDDLWLSV 1HHP GH YHLOLJKHLGVLQVWUXFWLHV JRHG GRRU HQ OHHV GH]H )LJXXU %RYHQNDQW YDQ GH ]LMDIYRHUJHOHLGHU 9HHU =LMDIYRHUJHOHLGHU %UHQJ KHW ]LMXLWZHUSNDQDDO )LJXXU DDQ GRRU GH YHHU RPKRRJ WH WUHNNHQ EUHQJ KHW NDQDDO DDQ RYHU GH RSHQLQJ HQ ODDW GH YHHU ZHHU ]DNNHQ RYHU GH XLWVWHHNVHOV ERYHQRS KHW XLWZHUSNDQDDO KDQGOHLGLQJ ]RUJYXOGLJ YRRUGDW X PHW GH PDFKLQH JDDW ZHUNHQ 9HUZLMGHU VWRNNHQ VWHQHQ GUDGHQ WDNNHQ HQ
PP RI PP 8 PRHW WHONHQV QLHW PHHU GDQ RQJHYHHU HHQGHUGH YDQ GH OHQJWH YDQ KHW JUDV 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 $OV X JUDV ZLOW PDDLHQ GDW ODQJHU GDQ FP LV PRHW X HHUVW PDDLHQ RS GH PD[LPDOH PDDLKRRJWH HQ PHW HHQ ODQJ]DPHUH ORRSVQHOKHLG 9HUYROJHQV JDDW X PDDLHQ RS HHQ ODJHUH PDDLKRRJWH RP KHW JD]RQ HHQ ]R IUDDL PRJHOLMN XLWHUOLMN WH JHYHQ $OV KHW JUDV WH ODQJ LV HQ
2QGHUKRXG $DQEHYROHQ RQGHUKRXGVVFKHPD 2QGHUKRXGVLQWHUYDO 2QGHUKRXGVSURFHGXUH 1D GH HHUVWH EHGULMIVXUHQ 0RWRUROLH YHUYHUVHQ ]RQGHU ROLH¿OWHU 2QGHUKRXG KHW PHVDDQGULMIV\VWHHP %LM HON JHEUXLN RI GDJHOLMNV &RQWUROHHU KHW PRWRUROLHSHLO &RQWUROHHU GH ZHUNLQJ YDQ KHW VWRSV\VWHHP YDQ KHW PDDLPHV 'H PDDLPHVVHQ PRHWHQ ELQQHQ VHFRQGHQ QD ORVODWHQ YDQ GH EHGLHQLQJVKHQGHO WRW VWLOVWDQG NRPHQ 'RHQ ]H GLW QLHW QHHP GDQ FRQWDFW RS PHW HHQ HUNHQGH 6HUYLFH 'HDOHU /XFKW¿OWHU FRQWUROHUHQ 'H PDDLPHV
2QGHUKRXG YDQ KHW OXFKW¿OWHU 'H PRWRUROLH YHUYHUVHQ 2QGHUKRXGVLQWHUYDO %LM HON JHEUXLN RI GDJHOLMNV 2QGHUKRXGVLQWHUYDO 1D GH HHUVWH EHGULMIVX UHQ³0RWRUROLH YHUYHUVHQ ]RQGHU ROLHÀOWHU 2P GH EHGULMIVXUHQ³5HLQLJ KHW VFKXLPHOHPHQW GLW PRHW YDNHU JHEHXUHQ LQ VWRIÀJH RPVWDQGLJKHGHQ 2P GH EHGULMIVXUHQ³9HUYHUV GH PRWRUROLH GLW PRHW YDNHU JHEHXUHQ LQ VWRIÀJH RPVWDQGLJKHGHQ 2P GH EHGULMIVXUHQ³9HUYDQJ KHW SDSLHUHOHPHQW GLW PRHW YDNHU JHEHXUHQ LQ VWRIÀJH RPVWDQGLJKHGHQ %HODQJULMN /D
9RHU GH RXGH ROLH DI YROJHQV GH SODDWVHOLMN JHOGHQGH YRRUVFKULIWHQ 9XO KHW FDUWHU PHW QLHXZH ROLH WRW DDQ GH PDUNHULQJ 9RO RS GH SHLOVWRN =LH +HW FDUWHU YXOOHQ PHW ROLH EODG] 1HHP HYHQWXHHO JHPRUVWH ROLH RS 2OLH¿OWHU YHUYDQJHQ 2QGHUKRXGVLQWHUYDO 2P GH EHGULMIVXUHQ )LJXXU /DDW GH PRWRU HHUVW ORSHQ ]RGDW GH ROLH ZRUGW RSJHZDUPG :$$56&+8:,1* 'H ROLH NDQ KHHW ]LMQ QDGDW GH PRWRU KHHIW JHORSHQ FRQWDFW PHW KHWH ROLH NDQ HUQVWLJ EUDQGZRQGHQ YHURRU]DNHQ 9HUPLMG FRQW
%HQ]LQH DIWDSSHQ XLW GH EUDQGVWRIWDQN HQ ¿OWHU UHLQLJHQ 2QGHUKRXGVLQWHUYDO 2P GH EHGULMIVX UHQ³%UDQGVWRIVODQJ FRQWUROHUHQ HQ LQGLHQ QRGLJ YHUYDQJHQ 2P GH EHGULMIVXUHQ³%UDQGVWRIWDQNÀOWHU UHLQLJHQ -DDUOLMNV RI YyyU VWDOOLQJ³7DS GH EHQ]LQH DI XLW GH EUDQGVWRIWDQN ]RDOV EHVFKUHYHQ YRRUGDW X YHUHLVWH UHSDUDWLHV XLWYRHUW RI GH PDFKLQH VWDOW )LJXXU &HQWUDOH HOHNWURGH LVRODWRU 0DVVD HOHNWURGH (OHNWURGHQDIVWDQG QLHW RS VFKDDO ZHHUJHJHYHQ 3ODDWV GH ERXJLH HQ GH SDNNLQJDIGLFKWLQJ
)LJXXU %UDQGVWRI¿OWHU )LJXXU %UDQGVWRIDIVOXLWNOHS 9HUZLMGHU KHW EUDQGVWRIÀOWHU )LJXXU XLW GH EUDQGVWRÁHLGLQJ GRRU GH OHLGLQJNOHPPHQ URQG KHW EUDQGVWRIÀOWHU ORV WH PDNHQ %UHQJ HHQ QLHXZ EUDQGVWRIÀOWHU DDQ LQ GH EUDQGVWRÁHLGLQJ PHW EHKXOS YDQ GH LQ VWDS YHUZLMGHUGH OHLGLQJNOHPPHQ 5LHPVSDQYHHU 0HVDDQGULMIULHP 6WHOERXW 7XVVHQUXLPWH :DQG 'ULMIULHPNDS 6WHOPRHU 7RHJDQJVSDQHHO YDQ GULMIULHPNDS 2QGHUKRXG YDQ KHW PHVDDQGULMIV\VWHHP 2SPHUNLQJ
2QGHUKRXG YDQ GH PDDLPHVVHQ 2QGHUKRXGVLQWHUYDO %LM HON JHEUXLN RI GDJHOLMNV %HODQJULMN 8 KHEW HHQ PRPHQWVOHXWHO QRGLJ RP GH PHVVHQ RS FRUUHFWH ZLM]H WH PRQWHUHQ $OV X JHHQ PRPHQWVOHXWHO KHEW RI QLHW JRHG ZHHW KRH X GH PRQWDJH PRHW XLWYRHUHQ NXQW X FRQWDFW RSQHPHQ PHW HHQ HUNHQGH VHUYLFHGHDOHU )LJXXU &RQWUROHHU RI GH PHVVHQ VFKHUS ]LMQ HQ WHNHQHQ YDQ VOLMWDJH RI EHVFKDGLJLQJ YHUWRQHQ WHONHQV DOV X PRHW WDQNHQ ]LH 'H PDDLPHVVHQ FRQWUROHUHQ EODG] $OV GH VQLMUDQG ERW LV RI EUDPHQ YHUWRRQW PRH
)LJXXU )LJXXU 9RRUNDQW YDQ PDDLGHN 0HWHQ ELM $ HQ % 0HHW YDQDI GH VQLMUDQG WRW RS HHQ JHOLMN KRUL]RQWDDO RSSHUYODN 0HHW YDQ HHQ KRUL]RQWDDO RSSHUYODN WRW GH VQLMUDQGHQ RS GH SODDWVHQ $ HQ % )LJXXU HQ QRWHHU GH PHWLQJHQ 'UDDL GH PHVVHQ WRW KXQ WHJHQRYHUJHVWHOGH XLWHLQGHQ ]LFK RS SODDWVHQ $ HQ % EHYLQGHQ +HUKDDO GH PHWLQJHQ YDQ VWDS HQ QRWHHU ]H 9HUZLMGHU GH PHVVHQ ]RDOV JHWRRQG LQ )LJXXU 2SPHUNLQJ $OV KHW YHUVFKLO WXVVHQ GH DIPHWLQJHQ $ HQ % GLH X YH
2QGHUVWHXQ GH PHVVHQ PHW HHQ SODQN HQ GUDDL GH PHVERXW UHFKWVRP PHW HHQ PRPHQWVOHXWHO ]RDOV LQ )LJXXU GUDDL HONH PHVERXW YDVW DDQ WRW 1ăP :$$56&+8:,1* (HQ RQMXLVWH PRQWDJH YDQ GH PHVVHQ NDQ GH PDFKLQH EHVFKDGLJHQ RI GH EHVWXXUGHU RI RPVWDQGHUV YHUZRQGHQ 'H NDEHO YDQ GH ]HOIDDQGULMYLQJ DIVWHOOHQ $OV GH ]HOIDDQGULMYLQJ YDQ GH PDDLPDFKLQH QLHW ZHUNW RI GH PDFKLQH QDDU YRUHQ NUXLSW ZDQQHHU X GH EHGLHQLQJVVWDQJ ORVODDW GDQ PRHW GH DDQGULMINDEHO ZRUGHQ DIJHVWHOG 6WRS HQ ZDFKW WRWGDW DOOH EHZ
'H RQGHUNDQW YDQ GH PDFKLQH VFKRRQPDNHQ 2QGHUKRXGVLQWHUYDO %LM HON JHEUXLN RI GDJHOLMNV³'H RQGHUNDQW YDQ GH PDDLNDVW UHLQLJHQ =HW GH PDDLPDFKLQH RS HHQ YODN RSSHUYODN YDQ DVIDOW RI EHWRQ GLFKW ELM HHQ WXLQVODQJ 6WDUW GH PRWRU +RXG GH WXLQVODQJ WHU KRRJWH YDQ GH KDQGJUHHS HQ ULFKW GH ZDWHUVWUDDO RS GH JURQG QHW YyyU KHW UHFKWHU DFKWHUZLHO )LJXXU )LJXXU 5HFKWHU DFKWHUZLHO 2SPHUNLQJ 'H PHVVHQ ]XLJHQ KHW ZDWHU LQ GH PDDLPDFKLQH ZDDUGRRU PDDLVHO ZRUGW ZHJJHVSRHOG /DDW KHW ZD
6WDOOLQJ 'H PRWRU JHEUXLNVNODDU PDNHQ 6WDO GH PDDLPDFKLQH RS HHQ NRHOH VFKRQH GURJH SODDWV 'HN GH PDFKLQH DI RP GH]H VFKRRQ WH KRXGHQ HQ WH EHVFKHUPHQ $OJHPHQH LQIRUPDWLH 6WDO GH PDDLPDFKLQH RS HHQ NRHOH VFKRQH GURJH SODDWV 'HN GH PDFKLQH DI RP GH]H VFKRRQ WH KRXGHQ HQ WH EHVFKHUPHQ 9RHU GH DDQEHYROHQ MDDUOLMNVH RQGHUKRXGVSURFHGXUHV XLW ]LH 2QGHUKRXG EODG] 5XLPWH RQGHU GH PDDLEHKXL]LQJ UHLQLJHQ ]LH 'H RQGHUNDQW YDQ GH PDFKLQH UHLQLJHQ EODG] 9HUZLMGHU KDNVHO YXLO HQ
3UREOHPHQ RRU]DDN HQ UHPHGLH 3UREOHHP 'H PRWRU VWDUW QLHW 0RJHOLMNH RRU]DDN 5HPHGLH %UDQGVWRIWDQN OHHJ RI RXGH EHQ]LQH LQ KHW EUDQGVWRIV\VWHHP %UDQGVWRIWDQN DIWDSSHQ HQ YXOOHQ PHW YHUVH EHQ]LQH 1HHP FRQWDFW RS PHW HHQ HUNHQGH VHUYLFHGHDOHU DOV KHW SUREOHHP EOLMIW YRRUWGXUHQ 'H EUDQGVWRINUDDQ LV JHVORWHQ 'H JDVKHQGHO VWDDW QLHW LQ GH MXLVWH VWDQG (U ]LW YXLO ZDWHU RI RXGH EUDQGVWRI LQ KHW EUDQGVWRIV\VWHHP 'H ERXJLHNDEHO LV QLHW DDQJHVORWHQ RS GH ERXJLH 'H ERXJLH LV DDQJHW
3UREOHHP 'H PDDLPDFKLQH RI GH PRWRU WULOW DEQRUPDDO 0RJHOLMNH RRU]DDN (HQ PHV LV YHUERJHQ RI XLW EDODQV 'H PHVVHQ EDODQFHUHQ (HQ PHV YHUYDQJHQ DOV KHW LV YHUERJHQ (HQ EHYHVWLJLQJVERXW YDQ HHQ PDDLPHV ]LW ORV 'H RQGHUNDQW YDQ GH PDDLNDVW LV EHGHNW PHW PDDLVHO HQ YXLO 'H EHYHVWLJLQJVERXWHQ YDQ GH PRWRU ]LWWHQ ORV /RV]LWWHQGH PRWRUSRHOLH VSDQSRHOLH RI PHVSRHOLH 'H PRWRUSRHOLH LV EHVFKDGLJG 'H EHYHVWLJLQJVERXWHQ YDQ GH PHVVHQ YDVWGUDDLHQ 0DDN GH RQGHUNDQW YDQ GH PDDLNDV
/LMVW PHW LQWHUQDWLRQDOH GHDOHUV 'HDOHU /DQG +RQJDULMH +RQJNRQJ .
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
