PLH Products Automobile Parts g158 User Manual
*($SSOLDQFHVꢃFD  
6DIHW\ꢀ,QVWUXFWLRQVꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢂꢃꢀꢄ  
2ZQHU·Vꢀ0DQXDO  
2SHUDWLQJꢀ,QVWUXFWLRQV  
&DUHꢀDQGꢀ&OHDQLQJꢀꢀ  
RIꢀWKHꢀ:DVKHUꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁꢀꢅ  
&RQWUROꢀ3DQHOꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢆ  
&RQWUROꢀꢀꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁꢆ²ꢇ  
)HDWXUHVꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢈꢃꢀꢅ  
/RDGLQJꢀDQGꢀ8VLQJꢀꢀ  
WKHꢀ:DVKHUꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁꢀꢅ  
7URXEOHVKRRWLQJꢀ7LSVꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁꢉ²ꢊꢋ  
&RQVXPHUꢀ6XSSRUW  
&RQVXPHUꢀ6XSSRUWꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢊꢂ  
:DUUDQW\ꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢊꢊ  
:ULWHꢀWKHꢀPRGHOꢀDQGꢀVHULDOꢀꢀ  
QXPEHUVꢀKHUHꢁ  
0RGHOꢀꢂꢀ BBBBBBBBBBBBB  
6HULDOꢀꢂꢀBBBBBBBBBBBBBB  
<RXꢀFDQꢀILQGꢀ  
WKHPꢀXQGHUꢀ  
WKHꢀOLGꢀRIꢀWKHꢀ  
ZDVKHUꢁ  
ꢀꢀꢀꢀꢁꢂꢃꢂꢄꢁꢁꢅꢀꢀꢀꢀꢄꢆꢃꢇꢈꢀ*(  
 
ꢀ
*($SSOLDQFHVꢃFD  
:+(1ꢀ86,1*ꢀ7+(ꢀ:$6+(5  
„ꢀ1HYHUꢀUHDFKꢀLQWRꢀWKHꢀZDVKHUꢀZKLOHꢀLWꢀLVꢀPRYLQJꢁꢀ  
:DLWꢀXQWLOꢀWKHꢀPDFKLQHꢀKDVꢀFRPSOHWHO\ꢀVWRSSHGꢀ  
EHIRUHꢀRSHQLQJꢀWKHꢀOLGꢁ  
„ꢀ7KHꢀODXQGU\ꢀSURFHVVꢀFDQꢀUHGXFHꢀWKHꢀIODPHꢀUHWDUGDQF\ꢀ  
RIꢀIDEULFVꢁꢀ7RꢀDYRLGꢀVXFKꢀDꢀUHVXOWꢃꢀFDUHIXOO\ꢀIROORZꢀWKHꢀ  
JDUPHQWꢀPDQXIDFWXUHU·Vꢀꢀ  
ZDVKꢀDQGꢀFDUHꢀLQVWUXFWLRQVꢁꢀ  
8VHꢀWKLVꢀ  
„ꢀ'RꢀQRWꢀPL[ꢀFKORULQHꢀEOHDFKꢀZLWKꢀDPPRQLDꢀ  
DSSOLDQFHꢀ  
RQO\ꢀIRUꢀLWVꢀ  
LQWHQGHGꢀ  
SXUSRVHꢀDVꢀ  
GHVFULEHGꢀLQꢀ  
WKLVꢀ2ZQHU·Vꢀ  
0DQXDOꢊ  
RUꢀDFLGVꢀVXFKꢀDVꢀYLQHJDUꢀDQGꢍRUꢀUXVWꢀUHPRYHUꢁꢀ0L[LQJꢀ „ꢀ7RꢀPLQLPL]HꢀWKHꢀSRVVLELOLW\ꢀRIꢀHOHFWULFꢀVKRFNꢃꢀ  
GLIIHUHQWꢀFKHPLFDOVꢀFDQꢀSURGXFHꢀDꢀWR[LFꢀJDVꢀZKLFKꢀ  
PD\ꢀFDXVHꢀGHDWKꢁ  
XQSOXJꢀWKLVꢀDSSOLDQFHꢀIURPꢀWKHꢀSRZHUꢀVXSSO\ꢀꢀ  
RUꢀGLVFRQQHFWꢀWKHꢀZDVKHUꢀDWꢀWKHꢀEXLOGLQJ·VꢀGLVWULEXWLRQꢀ  
SDQHOꢀE\ꢀUHPRYLQJꢀWKHꢀIXVHꢀRUꢀVZLWFKLQJꢀRIIꢀWKHꢀFLUFXLWꢀ  
EUHDNHUꢀEHIRUHꢀDWWHPSWLQJꢀDQ\ꢀPDLQWHQDQFHꢀRUꢀ  
FOHDQLQJꢁꢀꢀ  
„ꢀ'RꢀQRWꢀZDVKꢀRUꢀGU\ꢀDUWLFOHVꢀWKDWꢀKDYHꢀEHHQꢀ  
FOHDQHGꢀLQꢃꢀZDVKHGꢀLQꢃꢀVRDNHGꢀLQꢀRUꢀVSRWWHGꢀZLWKꢀ  
FRPEXVWLEOHꢀRUꢀH[SORVLYHꢀVXEVWDQFHVꢀꢎVXFKꢀDVꢀꢀ  
ZD[ꢃꢀRLOꢃꢀSDLQWꢃꢀJDVROLQHꢃꢀGHJUHDVHUVꢃꢀGU\ꢌFOHDQLQJꢀ  
VROYHQWVꢃꢀNHURVHQHꢃꢀHWFꢁꢏꢁꢀ7KHVHꢀVXEVWDQFHVꢀJLYHꢀRIIꢀ  
YDSRUVꢀWKDWꢀPD\ꢀLJQLWHꢀRUꢀH[SORGHꢁꢀ'RꢀQRWꢀDGGꢀWKHVHꢀ  
VXEVWDQFHVꢀWRꢀWKHꢀZDVKꢀZDWHUꢁꢀ'RꢀQRWꢀXVHꢀRUꢀSODFHꢀ  
WKHVHꢀVXEVWDQFHVꢀDURXQGꢀ\RXUꢀZDVKHUꢀRUꢀGU\HUꢀ  
GXULQJꢀRSHUDWLRQꢁ  
127(ꢁꢀ7XUQLQJꢀWKHꢀ&\FOHꢀ6HOHFWRUꢀ.QREꢀWRꢀDQꢀRIIꢀ  
SRVLWLRQꢉꢀSUHVVLQJꢀ3RZHUꢀRUꢀSUHVVLQJꢀ6WDUWꢋ3DXVHꢀGRHVꢀ  
127ꢀGLVFRQQHFWꢀWKHꢀDSSOLDQFHꢀIURPꢀWKHꢀSRZHUꢀVXSSO\ꢊ  
„ꢀ1HYHUꢀDWWHPSWꢀWRꢀRSHUDWHꢀWKLVꢀDSSOLDQFHꢀLIꢀLWꢀLVꢀ  
GDPDJHGꢃꢀPDOIXQFWLRQLQJꢃꢀSDUWLDOO\ꢀGLVDVVHPEOHGꢃꢀRUꢀ  
KDVꢀPLVVLQJꢀRUꢀEURNHQꢀSDUWVꢃꢀLQFOXGLQJꢀDꢀGDPDJHGꢀ  
FRUGꢀRUꢀSOXJꢁ  
:+(1ꢀ127ꢀ,1ꢀ86(  
„ꢀ7XUQꢀRIIꢀZDWHUꢀIDXFHWVꢀWRꢀPLQLPL]HꢀOHDNDJHꢀLIꢀDꢀEUHDNꢀ „ꢀ'RꢀQRWꢀDWWHPSWꢀWRꢀUHSDLUꢀRUꢀUHSODFHꢀDQ\ꢀSDUWꢀ  
RUꢀUXSWXUHꢀVKRXOGꢀRFFXUꢁꢀ&KHFNꢀWKHꢀFRQGLWLRQꢀRIꢀWKHꢀILOOꢀ  
KRVHVꢐꢀ*(ꢀUHFRPPHQGVꢀFKDQJLQJꢀWKHꢀKRVHVꢀHYHU\ꢀꢇꢀ  
\HDUVꢁ  
RIꢀWKLVꢀDSSOLDQFHꢀXQOHVVꢀVSHFLILFDOO\ꢀUHFRPPHQGHGꢀ  
LQꢀWKLVꢀ2ZQHU·Vꢀ0DQXDOꢃꢀRUꢀLQꢀSXEOLVKHGꢀXVHUꢌUHSDLUꢀ  
LQVWUXFWLRQVꢀWKDWꢀ\RXꢀXQGHUVWDQGꢀDQGꢀKDYHꢀꢀ  
WKHꢀVNLOOVꢀWRꢀFDUU\ꢀRXWꢁ  
„ꢀ%HIRUHꢀGLVFDUGLQJꢀDꢀZDVKHUꢃꢀRUꢀUHPRYLQJꢀLWꢀ  
IURPꢀVHUYLFHꢃꢀUHPRYHꢀWKHꢀZDVKHUꢀOLGꢀWRꢀSUHYHQWꢀ  
FKLOGUHQꢀIURPꢀKLGLQJꢀLQVLGHꢁ  
„ꢀ'RꢀQRWꢀWDPSHUꢀZLWKꢀWKHꢀFRQWUROVꢁ  
5($'ꢀ$1'ꢀ)2//2:ꢀ7+,6ꢀ6$)(7<ꢀ,1)250$7,21ꢀ&$5()8//<ꢊ  
6$9(ꢀ7+(6(ꢀ,16758&7,216  
ꢄ
 
$ERXWꢀWKHꢀFRQWUROꢀSDQHO³4XLFNꢀVWDUWꢀJXLGHꢃ  
7KURXJKRXWꢀWKLVꢀPDQXDOꢉꢀIHDWXUHVꢀDQGꢀDSSHDUDQFHꢀPD\ꢀYDU\ꢀIURPꢀ\RXUꢀPRGHOꢊ  
6WHSꢀꢄ  
6WHSꢀꢊ  
6WHSꢀꢌ  
6WHSꢀꢋ  
e
wash  
Auto  
Soak  
Delay Wash  
Hold secs  
3
Extra  
Rinse  
to Cancel Delay  
Fabric  
Softener  
Signal  
My  
Settings  
Soil  
Temp  
Spin  
Hold  
3
secs  
To Save Current Cycle  
‡ꢀ6HOHFWꢀZDVKꢀF\FOHꢅ  
Œꢅꢀ  
‡ꢀ3UHVVꢀ6WDUWꢃ  
‡ꢀꢀ$GGꢀIDEULFꢀVRIWHQHUꢀꢁRQꢀPRGHOVꢀ  
ZLWKꢀDꢀIDEULFꢀVRIWHQHUꢀGLVSHQVHUꢂꢃꢀ  
VHHꢀSDJHꢀꢄꢀIRUꢀGHWDLOVꢅ  
‡ꢀꢀ/RRVHO\ꢀDGGꢀLWHPVꢀDURXQGꢀLQIXVRU  
2YHUORDGLQJꢀPD\ꢀQHJDWLYHO\ꢀ  
‡ꢀ6HOHFWꢀZDVKꢀRSWLRQVꢇꢀꢀ  
ꢀ LQFOXGLQJꢀ)DEULFꢀꢀ  
ꢀ 6RIWHQHUꢀRSWLRQꢅ  
LPSDFWꢀZDVKꢀSHUIRUPDQFHꢅꢀ$GMXVWꢀ  
WKHꢀORDGꢀVL]HꢀDFFRUGLQJO\ꢅ  
‡ꢀꢀ$GGꢀGHWHUJHQWꢅꢀ*(ꢀUHFRPPHQGVꢀ  
‡
ꢀꢀ&ORVHꢀOLGꢅ  
WKHꢀXVHꢀRIꢀ+LJKꢀ(IILFLHQF\ꢀ  
GHWHUJHQWVꢀLQꢀDOOꢀ(QHUJ\ꢀ  
6WDUꢆUDWHGꢀZDVKHUVꢅ  
ꢀ
‡ꢀ6HOHFWꢀRSWLRQVꢃ  
127(ꢈꢀ:DVKHUꢀZLOOꢀQRWꢀVWDUWꢀWRꢀILOOꢀ  
ZLWKꢀOLGꢀRSHQꢅ  
,
+
*
e
wash  
monitor  
e
Signal  
%
&
)
$
'
(
&RQWUROV  
:DVKꢀ&\FOHVꢍ&\FOHꢀ6HOHFWRUꢀ.QRE  
$
ꢀ7KHꢀZDVKꢀF\FOHꢀFRQWUROVꢀWKHꢀOHQJWKꢀRIꢀWKHꢀZDVKLQJꢀSURFHVVꢁꢀ7KHꢀNQREꢀFDQꢀEHꢀWXUQHGꢀLQꢀHLWKHUꢀGLUHFWLRQꢁꢀ7XUQLQJꢀWKHꢀ&\FOHꢀ6HOHFWRUꢀNQREꢀDIWHUꢀ  
VWDUWLQJꢀDꢀF\FOHꢀZLOOꢀVWRSꢀWKHꢀZDVKHUꢀDQGꢀUHVHWꢀWKHꢀF\FOHꢀWRꢀWKHꢀQHZꢀVHOHFWLRQꢁꢀ3UHVVꢀ6WDUWꢀWRꢀEHJLQꢀWKHꢀQHZꢀF\FOHꢀVHOHFWLRQꢁ  
7KHꢀFKDUWꢀEHORZꢀZLOOꢀKHOSꢀ\RXꢀPDWFKꢀWKHꢀZDVKꢀF\FOHꢀVHWWLQJꢀZLWKꢀ\RXUꢀFORWKLQJꢊ  
ꢀ
ꢀ
H:DVKꢀ 8VHꢀH:DVKꢀWRꢀVDYHꢀHQHUJ\ꢀRQꢀVSHFLILFꢀZDVKꢀF\FOHVꢁꢀH:DVKꢀFDQQRWꢀEHꢀXVHGꢀRQꢀ%DVNHWꢀ&OHDQꢃꢀ4XLFNꢀ5LQVHꢃꢀDQGꢀ'UDLQꢀꢀ  
ꢀ
ꢀ6SLQꢀZDVKꢀF\FOHVꢁ  
ꢀ
ꢀ
ꢀ
:KLWHV  
ꢀ
)RUꢀKHDY\ꢀWRꢀOLJKWO\ꢀVRLOHGꢀFRWWRQVꢃꢀKRXVHKROGꢀOLQHQVꢃꢀZRUNꢀDQGꢀSOD\ꢀFORWKHVꢁꢀ7KLVꢀF\FOHꢀSURYLGHVꢀWKHꢀEHVWꢀRYHUDOOꢀ  
ꢀꢀ FOHDQLQJꢀDQGꢀVKRXOGꢀEHꢀXVHGꢀIRUꢀPRVWꢀHYHU\GD\ꢀLWHPVꢁꢀ3URYLGHVꢀUHJXODUꢀZDVKꢀDQGꢀKLJKꢀVSHHGꢀVSLQꢁ  
&RORUVꢀ )RUꢀQRQꢌFRORUIDVWꢀFRWWRQVꢀDQGꢀEOHQGVꢀRUꢀLWHPVꢀWKDWꢀDUHꢀODEHOHGꢀFROGꢀZDVKꢁꢀ3URYLGHVꢀJHQWOHꢀZDVKꢀDQGꢀKLJKꢀVSHHGꢀVSLQꢁ  
3HUPꢃꢀ3UHVVꢀ )RUꢀZULQNOHꢌIUHHꢀDQGꢀSHUPDQHQWꢀSUHVVꢀLWHPVꢀDQGꢀNQLWVꢁꢀ3URYLGHVꢀJHQWOHꢀZDVKꢀZLWKꢀSHULRGVꢀRIꢀVRDNꢀDQGꢀORZꢀꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
VSHHGꢀVSLQꢁ  
ꢀ
'HOLFDWHVꢀꢀ )RUꢀOLQJHULHꢀDQGꢀVSHFLDOꢌFDUHꢀIDEULFVꢀZLWKꢀOLJKWꢀWRꢀQRUPDOꢀVRLOꢁꢀ3URYLGHVꢀH[WUDꢀJHQWOHꢀZDVKꢀDQGꢀORZꢀVSHHGꢀVSLQꢁ  
ꢀ
ꢀ
-HDQVꢀ )RUꢀZDVKLQJꢀPHGLXPꢀWRꢀOLJKWO\ꢀVRLOHGꢀMHDQVꢁꢀ3URYLGHVꢀJHQWOHꢀZDVKꢀDQGꢀKLJKꢀVSHHGꢀVSLQꢁꢀꢎ)RUꢀKHDYLO\ꢀVRLOHGꢀZRUNꢀ  
ꢀ
MHDQVꢃꢀXVHꢀ:KLWHVꢎ+HDY\ꢀ'XW\ꢀF\FOHꢁꢏ  
ꢀ
+DQGꢀ:DVKꢀ )RUꢀLWHPVꢀODEHOHGꢀKDQGꢀZDVKDEOHꢀZLWKꢀOLJKWꢀVRLOVꢁꢀ3URYLGHVꢀDꢀVXSHUꢀJHQWOHꢀZDVKꢀDQGꢀDQꢀH[WUDꢀORZꢀVSHHGꢀVSLQꢁ  
ꢀ
ꢀ
7RZHOVꢉ6KHHWVꢀ 3URYLGHVꢀSHULRGVꢀRIꢀDJLWDWLRQꢀDQGꢀVRDNꢀWDLORUHGꢀIRUꢀZDVKLQJꢀWRZHOVꢀDQGꢀVKHHWVꢁꢀ3URYLGHVꢀUHJXODUꢀZDVKꢀDQGꢀKLJK  
ꢀ
VSHHGꢀVSLQꢁ  
+HDY\ꢀ'XW\ꢀ $QꢀDERYHꢀQRUPDOꢀF\FOHꢀIRUꢀKHDYLO\ꢀVRLOHGꢀRUꢀVWDLQHGꢀFORWKHVꢁꢀ$ꢀVRDNꢀF\FOHꢀLVꢀDGGHGꢀDQGꢀWKHꢀDJLWDWHꢀF\FOHꢀLVꢀ  
H[WHQGHGꢀIRUꢀH[WUDꢀFOHDQLQJꢁꢀ7KLVꢀPRUHꢀDJJUHVVLYHꢀF\FOHꢀVKRXOGꢀEHꢀXVHGꢀVSDULQJO\ꢁ  
%DVNHWꢀ&OHDQꢀ 8VHꢀIRUꢀFOHDQLQJꢀWKHꢀEDVNHWꢀRIꢀUHVLGXHꢀDQGꢀRGRUꢁꢀ5HFRPPHQGHGꢀXVHꢀRIꢀRQFHꢀSHUꢀPRQWKꢁꢀ127(ꢁꢀ1HYHUꢀORDGꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ODXQGU\ꢀZKLOHꢀXVLQJꢀ%DVNHWꢀ&OHDQꢁꢀ7KHꢀODXQGU\ꢀPD\ꢀEHFRPHꢀGDPDJHGꢀRUꢀFRQWDPLQDWHGꢁꢀ6HHꢀWKHꢀ&DUHꢀDQGꢀꢀ  
&OHDQLQJꢀVHFWLRQꢁ  
ꢀ
ꢀ
4XLFNꢀ5LQVHꢀ 5LQVHVꢀDQGꢀVSLQVꢀQRQꢌVRLOHGꢀLWHPVꢀZKHUHꢀDꢀULQVHꢀRQO\ꢀLVꢀGHVLUHGꢁꢀꢀ3URYLGHVꢀDꢀKLJKꢀVSHHGꢀVSLQꢁ  
'UDLQꢀ ꢀ6SLQꢀ )RUꢀGUDLQLQJꢀWKHꢀWXEꢀDQGꢀVSLQQLQJꢀZDWHUꢀRXWꢀRIꢀWKHꢀFORWKHVꢁꢀ3URYLGHVꢀDꢀKLJKꢀVSHHGꢀVSLQꢁꢀ  
ꢀ
ꢀ
ꢆ
 
*($SSOLDQFHVꢃFD  
ꢀ
2SWLRQV  
$XWRVRDN  
%
7KLVꢀRSWLRQꢀEHJLQVꢀZLWKꢀDꢀEULHIꢀDJLWDWLRQꢃꢀVRDNVꢀIRUꢀDꢀVSHFLILHGꢀSHULRGꢀRIꢀWLPHꢃꢀWKHQꢀPRYHVꢀWKURXJKꢀWKHꢀUHVWꢀRIꢀWKHꢀF\FOHꢀDXWRPDWLFDOO\ꢁꢀ2Qꢀ  
VRPHꢀPRGHOVꢃꢀWKLVꢀRSWLRQꢀLVꢀORFDWHGꢀRQꢀWKHꢀ&\FOHꢀ6HOHFWRUꢀNQREꢁ  
([WUDꢀ5LQVH  
:KHQꢀ\RXꢀXVHꢀH[WUDꢀGHWHUJHQWꢀRUꢀEOHDFKꢀWRꢀFOHDQꢀKHDYLO\ꢀVRLOHGꢀFORWKHVꢃꢀXVHꢀWKHꢀ([WUDꢀ5LQVHꢀRSWLRQꢀWRꢀEHWWHUꢀUHPRYHꢀDGGLWLRQDOꢀUHVLGXHVꢁ  
)DEULFꢀ6RIWHQHU  
6HWꢀWKLVꢀRSWLRQꢀZKHQꢀDGGLQJꢀIDEULFꢀVRIWHQHUꢀWRꢀWKHꢀZDVKHUꢀRUꢀWRꢀVHOHFWꢀWKHꢀHQKDQFHGꢀ3RZHUꢀ5LQVHꢁ  
127(ꢁꢀ'RꢀQRWꢀXVHꢀIDEULFꢀVRIWHQHUꢀGLVSHQVLQJꢀEDOOVꢀZLWKꢀWKLVꢀZDVKHUꢊꢀ7KH\ꢀGRꢀQRWꢀZRUNꢀFRUUHFWO\ꢀLQꢀKLJKꢀHIILFLHQF\ꢀZDVKHUVꢊ  
'HOD\ꢀ:DVK  
2QꢀVRPHꢀPRGHOVꢃꢀDVꢀWKHꢀ'HOD\ꢀ:DVKꢀSDGꢀLVꢀUHSHDWHGO\ꢀSUHVVHGꢃꢀWKHꢀGHOD\ꢀWLPHꢀVHWVꢀWRꢀꢄꢋꢀPLQXWHVꢃꢀꢊꢀKRXUꢃꢀꢄꢀKRXUVꢃꢀꢈꢀKRXUVꢃꢀꢑꢀKRXUVꢃꢀDQGꢀ  
EDFNꢀWRꢀFOHDUꢀꢎꢋꢀPLQXWHVꢏꢁ  
2QꢀRWKHUꢀPRGHOVꢃꢀDVꢀWKHꢀ'HOD\ꢀ:DVKꢀSDGꢀLVꢀUHSHDWHGO\ꢀSUHVVHGꢃꢀWKHꢀGHOD\ꢀWLPHꢀVHWVꢀWRꢀꢂꢀKRXUVꢃꢀꢆꢀKRXUVꢃꢀꢉꢀKRXUVꢃꢀDQGꢀEDFNꢀWRꢀFOHDUꢀꢎꢋꢀKRXUVꢏꢁ  
)RUꢀDOOꢀPRGHOVꢃꢀLIꢀWKHꢀ'HOD\ꢀ:DVKꢀSDGꢀLVꢀSUHVVHGꢀIRUꢀꢄꢀVHFRQGVꢃꢀLWꢀFOHDUVꢀꢎUHJDUGOHVVꢀRIꢀWKHꢀGHOD\ꢀWLPHꢏꢁ  
6LJQDO  
8VHꢀWKHꢀ6LJQDOꢀSDGꢀWRꢀFKDQJHꢀWKHꢀYROXPHꢀRIꢀWKHꢀHQGꢀRIꢀF\FOHꢀVLJQDOꢁꢀ3UHVVꢀWKHꢀSDGꢀXQWLOꢀ\RXꢀUHDFKꢀWKHꢀGHVLUHGꢀYROXPHꢀRUꢀRIIꢁ  
6HWWLQJV  
&
,QGLYLGXDOꢀVHWWLQJVꢀIRUꢀDJLWDWLRQꢀꢎ6RLOꢏꢃꢀZDWHUꢀWHPSHUDWXUHꢀꢎ7HPSꢏꢃꢀDQGꢀVSLQꢀꢎ6SLQꢏꢀFDQꢀEHꢀVHWꢀIURPꢀWKHꢀPLQLPXPꢀꢎORZHVWꢀLQꢀFROXPQꢏꢀWRꢀ  
PD[LPXPꢀꢎKLJKHVWꢀLQꢀFROXPQꢏꢁꢀ,QꢀJHQHUDOꢃꢀWKHꢀKLJKHUꢀXSꢀWKHꢀFROXPQꢃꢀWKHꢀPRUHꢀHQHUJ\ꢀZLOOꢀEHꢀXVHGꢁ  
0\ꢀ6HWWLQJV  
'
$VꢀWKHꢀF\FOHꢀVHOHFWRUꢀNQREꢀLVꢀWXUQHGꢃꢀWKHꢀ6RLOꢃꢀ7HPSꢀDQGꢀ6SLQꢀVHWWLQJVꢀFKDQJHꢀWRꢀDXWRPDWLFꢀSUHꢌVHWꢀGHIDXOWꢀVHWWLQJVꢁꢀ,Iꢀ\RXꢀGHVLUHꢀDꢀGLIIHUHQWꢀ  
VHWWLQJꢃꢀSUHVVꢀWKHꢀDSSURSULDWHꢀSDGꢎVꢏꢁꢀ7KHQꢀSUHVVꢀDQGꢀKROGꢀWKHꢀ0\ꢀ6HWWLQJVꢀSDGꢀIRUꢀꢄꢀVHFRQGVꢀDQGꢀWKHꢀZDVKHUꢀZLOOꢀ´UHPHPEHUµꢀWKHVHꢀVHWWLQJVꢀ  
IRUꢀWKDWꢀ.QREꢀ6HOHFWLRQꢁꢀ,QꢀWKHꢀIXWXUHꢃꢀZKHQꢀ\RXꢀWXUQꢀWKHꢀVHOHFWRUꢀNQREꢀWRꢀWKDWꢀF\FOHꢃꢀ\RXUꢀVHWWLQJVꢀZLOOꢀEHꢀDXWRPDWLFDOO\ꢀUHFDOOHGꢁꢀ127(ꢁꢀ6LJQDOꢀ  
YROXPHꢀFDQQRWꢀEHꢀVHWꢀIRUꢀ0\ꢀ6HWWLQJVꢁ  
3RZHU  
(
)
3UHVVꢀWRꢀ´ZDNHꢀXSµꢀWKHꢀGLVSOD\ꢁꢀ,IꢀWKHꢀGLVSOD\ꢀLVꢀDFWLYHꢃꢀSUHVVꢀWRꢀSXWꢀWKHꢀZDVKHUꢀLQWRꢀLGOHꢀPRGHꢁ  
127(ꢁꢀ3UHVVLQJꢀ32:(5ꢀGRHVꢀQRWꢀGLVFRQQHFWꢀWKHꢀDSSOLDQFHꢀIURPꢀWKHꢀSRZHUꢀVXSSO\ꢁ  
6WDUW  
3UHVVꢀ6WDUWꢀWRꢀEHJLQꢀWKHꢀF\FOHꢁꢀ127(ꢁꢀ7KHꢀOLGꢀPXVWꢀEHꢀFORVHGꢀIRUꢀWKHꢀZDVKHUꢀWRꢀILOOꢀDQGꢀWKHꢀF\FOHꢀWRꢀVWDUWꢁꢀ3UHVVLQJꢀ6WDUWꢀDJDLQꢀZLOOꢀ3DXVHꢀWKHꢀ  
F\FOHꢀDQGꢀWKHꢀ&\FOHꢀLQGLFDWRUꢀOLJKWꢀZLOOꢀEOLQNꢁ  
7RꢀFRQWLQXHꢀWKHꢀF\FOHꢃꢀSUHVVꢀ6WDUWꢀDJDLQꢀRUꢀFORVHꢀWKHꢀOLGꢁꢀ,IꢀPDFKLQHꢀLVꢀSDXVHGꢀPRUHꢀWKDQꢀꢂꢆꢀKRXUVꢃꢀWKHꢀF\FOHꢀZLOOꢀEHꢀFDQFHOOHGꢁꢀ7RꢀVWRSꢀWKHꢀ  
F\FOHꢃꢀKROGꢀWKHꢀSDGꢀIRUꢀꢄꢀVHFRQGVꢁꢀ,IꢀZDWHUꢀUHPDLQVꢀLQꢀWKHꢀPDFKLQHꢃꢀVHOHFWꢀWKHꢀ'UDLQꢀ ꢀ6SLQꢀF\FOHꢀWRꢀGUDLQꢀWXEꢀDQGꢀVSLQꢀZDWHUꢀRXWꢀRIꢀWKHꢀ  
ZDVKHUꢀWXEꢁ  
5DLVLQJꢀWKHꢀOLGꢀZLOOꢀVWRSꢀDJLWDWLRQꢀRUꢀVSLQꢀDFWLRQꢀEXWꢀGRHVꢀQRWꢀSDXVHꢀWKHꢀF\FOHꢁ  
H:DVK  
*
+
:KHQꢀWKHꢀH:DVKꢀSDGꢀLVꢀSUHVVHGꢃꢀWKHꢀF\FOHꢀFKDQJHVꢀWRꢀLWVꢀPRVWꢀHQHUJ\ꢀHIILFLHQWꢀVHWWLQJVꢀDQGꢀDOOꢀRIꢀWKHꢀH0RQLWRUꢀOLJKWVꢀZLOOꢀOLJKWꢀWRꢀLQGLFDWHꢀ  
WKDWꢀWKHꢀPRVWꢀHIILFLHQWꢀVHWWLQJVꢀDUHꢀRQꢁꢀ,Iꢀ\RXꢀFKDQJHꢀVHWWLQJVꢃꢀWKHꢀQXPEHUꢀRIꢀH0RQLWRUꢀOLJKWVꢀZLOOꢀGHFUHDVHꢀꢎRUꢀLQFUHDVHꢏꢀWRꢀLQGLFDWHꢀGHFUHDVHGꢀ  
RUꢀLQFUHDVHGꢀHQHUJ\ꢀHIILFLHQF\ꢀVHWWLQJVꢁ  
'LVSOD\  
7KHꢀGLVSOD\ꢀVKRZVꢀWKHꢀDSSUR[LPDWHꢀWLPHꢀUHPDLQLQJꢀXQWLOꢀWKHꢀHQGꢀRIꢀWKHꢀF\FOHꢁꢀ  
127(ꢁꢀ7KHꢀF\FOHꢀWLPHꢀLVꢀDIIHFWHGꢀE\ꢀKRZꢀORQJꢀLWꢀWDNHVꢀWKHꢀZDVKHUꢀWRꢀILOOꢁꢀ7KLVꢀGHSHQGVꢀRQꢀWKHꢀZDWHUꢀSUHVVXUHꢀLQꢀ\RXUꢀKRPHꢁꢀ7KHꢀ´VPDUWµꢀWLPHUꢀ  
´OHDUQVµꢀWKHꢀDPRXQWꢀRIꢀWLPHꢀLWꢀWDNHVꢀWRꢀILOOꢀ\RXUꢀZDVKHUꢀDQGꢀDGMXVWVꢀWKHꢀWRWDOꢀWLPHꢀDFFRUGLQJO\ꢁ  
,QꢀDGGLWLRQꢏꢀWKLVꢀGLVSOD\ꢀZLOOꢏꢀ´VFUROOµꢀWKHꢀZDVKHUꢀVWDWXVꢁ  
‡ꢀE$/$1&,1*ꢀ 6WDUWꢀRIꢀUHEDODQFLQJꢀF\FOHꢀWRꢀUHGLVWULEXWHꢀFORWKHVꢁꢀ6WRSVꢀDIWHUꢀUHEDODQFLQJꢀLVꢀFRPSOHWHꢁ  
‡ꢀG(/$<ꢀ  
‡ꢀ(QGꢀ ꢀ  
‡ꢀ),//ꢀ ꢀ  
:ꢀ KHQꢀ'HOD\HGꢀ:DVKꢀLVꢀLQLWLDWHGꢁꢀ5HSODFHGꢀZLWKꢀHVWLPDWHGꢀWLPHꢀZKHQꢀF\FOHꢀVWDUWVꢁ  
(QGꢀRIꢀFXUUHQWꢀF\FOHꢁ  
)RUꢀWKHꢀILUVWꢀꢆꢇꢀVHFRQGVꢀRIꢀDꢀILOOꢃꢀWKHꢀHVWLPDWHGꢀHQGꢀRIꢀF\FOHꢀWLPHꢀLVꢀGLVSOD\HGꢁꢀ)RUꢀWKHꢀUHVWꢀRIꢀWKHꢀILOOꢀWLPHꢃꢀ´),//µꢀLVꢀVFUROOHGꢀꢀ ꢀ  
XQWLOꢀWKHꢀILOOꢀFRPSOHWHVꢁ  
ꢀ
ꢀ
‡ꢀ/,'ꢀ ꢀ  
‡ꢀ3$86(ꢀ  
&\FOHꢀVWRSSHGꢀEHFDXVHꢀOLGꢀLVꢀRSHQꢁꢀ&ORVHꢀWKHꢀOLGꢁ  
&ꢀ \FOHꢀSDXVHGꢀEHFDXVHꢀWKHꢀ6WDUWꢍ3DXVHꢀSDGꢀZDVꢀSUHVVHGꢀDQGꢀWKHꢀZDVKHUꢀZDVꢀVHWꢀWRꢀ3DXVHꢁꢀ3UHVVꢀ6WDUWꢀSDGꢀDJDLQꢀWRꢀꢀ  
UHVWDUWꢀWKHꢀF\FOHꢁ  
ꢀ
ꢀ
ꢀ
,QGLFDWRUꢀOLJKWV  
,
)LYHꢀ/('ꢀOLJKWVꢀLQGLFDWHꢀWKHꢀFXUUHQWꢀZDVKHUꢀVWDWXVꢀPRYLQJꢀIURPꢀOHIWꢀWRꢀULJKWꢀDVꢀWKHꢀF\FOHꢀSURJUHVVHVꢁ  
'HPDQGꢀ6LGHꢀ0DQDJHPHQWꢀꢌRQꢀVRPHꢀPRGHOVꢍꢀꢌꢀ:KHQꢀFRQQHFWHGꢀWRꢀ\RXUꢀSRZHUꢀFRPSDQ\·VꢀUDWHꢀPRQLWRULQJꢀV\VWHPꢃꢀWKHꢀZDVKHUꢀZLOOꢀ  
DXWRPDWLFDOO\ꢀGHOD\ꢀVWDUWLQJꢀLIꢀWKHꢀUDWHVꢀDUHꢀKLJKꢍFULWLFDOꢁꢀ$Qꢀ´(6µꢀZLOOꢀEHꢀGLVSOD\HGꢀDQGꢀWKHꢀVHOHFWHGꢀF\FOHꢀZLOOꢀVWDUWꢀDIWHUꢀꢆꢀKRXUVꢀRUꢀZKHQꢀ  
WKHꢀUDWHVꢀGURSꢀWRꢀORZꢍPHGLXPꢃꢀZKLFKHYHUꢀFRPHVꢀILUVWꢁꢀ,IꢀWKHꢀUDWHVꢀDUHꢀQRWꢀKLJKꢍFULWLFDOꢃꢀWKHꢀVHOHFWHGꢀF\FOHꢀZLOOꢀVWDUWꢀLPPHGLDWHO\ꢁ  
'60  
ꢇ
 
$ERXWꢀZDVKHUꢀIHDWXUHVꢃ  
7KLVꢀPRGHOꢀKDVꢀ$8720$7,&ꢀ/2$'ꢀ6(16,1*ꢁꢀ7KLVꢀVHOHFWLRQꢀSURYLGHVꢀWKHꢀFRUUHFWꢀDPRXQWꢀRIꢀZDWHUꢀVXLWHGꢀWRꢀWKHꢀVL]HꢀDQGꢀW\SHꢀ  
RIꢀORDGꢀSODFHGꢀLQꢀWKHꢀXQLWꢁꢀ7KHꢀZDVKHUꢀZLOOꢀQRWꢀILOOꢀZLWKꢀZDWHUꢀGXULQJꢀDXWRPDWLFꢀORDGꢀVHQVLQJꢀLIꢀWKHꢀOLGꢀLVꢀRSHQꢁꢀ:KHQꢀWKHꢀOLGꢀLVꢀ  
FORVHGꢀWKHꢀPDFKLQHꢀLVꢀDEOHꢀWRꢀEHJLQꢀILOOLQJꢀZLWKꢀZDWHUꢀLQꢀRUGHUꢀWRꢀVHQVHꢀWKHꢀORDGꢀVL]Hꢁ  
1RWHꢁꢀ7KLVꢀLVꢀDꢀKLJKꢀHIILFLHQF\ꢀZDVKLQJꢀPDFKLQHꢀZLWKꢀ,QIXVRUŒꢀZDVKꢀDFWLRQꢊꢀ7KLVꢀV\VWHPꢀUHTXLUHVꢀOHVVꢀZDWHUꢀZKLOHꢀSURYLGLQJꢀ  
HIIHFWLYHꢀFOHDQLQJꢀDFWLRQꢊꢀ<RXꢀPD\ꢀQRWLFHꢀWKDWꢀWKHꢀZDWHUꢀOHYHOꢀLVꢀORZHUꢀWKDQꢀRQꢀ\RXUꢀSUHYLRXVꢀZDVKHUꢊꢀ7KLVꢀLVꢀQRUPDOꢀIRUꢀDQꢀ  
,QIXVRUŒꢃHTXLSSHGꢀZDVKHUꢊ  
/LTXLGꢀ%OHDFKꢀ)XQQHO  
7KHꢀZDWHUꢀILOOꢀGLOXWHVꢀOLTXLGꢀFKORULQHꢀEOHDFKꢀDVꢀWKHꢀZDVKHUꢀILOOVꢀIRUꢀWKHꢀZDVKꢀF\FOHꢁ  
ꢀꢀ&KHFNꢀFORWKLQJꢀFDUHꢀODEHOVꢀIRUꢀVSHFLDOꢀLQVWUXFWLRQVꢁ  
ꢊ
ꢋ
ꢀꢀ0HDVXUHꢀOLTXLGꢀEOHDFKꢀFDUHIXOO\ꢃꢀIROORZLQJꢀLQVWUXFWLRQVꢀRQꢀWKHꢀERWWOHꢁ  
„ꢀꢀ1HYHUꢀSRXUꢀXQGLOXWHGꢀOLTXLGꢀFKORULQHꢀEOHDFKꢀGLUHFWO\ꢀRQWRꢀFORWKHVꢀRUꢀLQWRꢀWKHꢀZDVKꢀEDVNHWꢊ  
„ꢀꢀ'RꢀQRWꢀSRXUꢀSRZGHUHGꢀEOHDFKꢀLQWRꢀEOHDFKꢀIXQQHOꢊ  
ꢀꢀ%HIRUHꢀVWDUWLQJꢀWKHꢀZDVKHUꢃꢀSRXUꢀPHDVXUHGꢀDPRXQWꢀRIꢀEOHDFKꢀGLUHFWO\ꢀLQWRꢀEOHDFKꢀIXQQHOꢁꢀ  
$YRLGꢀVSODVKLQJꢀRUꢀRYHUꢌILOOLQJꢀGLVSHQVHUꢁꢀ,Iꢀ\RXꢀSUHIHUꢀWRꢀXVHꢀSRZGHUHGꢀEOHDFKꢃꢀDGGꢀLWꢀLQWRꢀWKHꢀ  
ZDVKꢀEDVNHWꢀZLWKꢀ\RXUꢀGHWHUJHQWꢁ  
ꢌ
„ꢀꢀ'RꢀQRWꢀPL[ꢀFKORULQHꢀEOHDFKꢀZLWKꢀDPPRQLDꢀRUꢀDFLGVꢀVXFKꢀDVꢀYLQHJDUꢀDQGꢋRUꢀ  
UXVWꢀUHPRYHUꢊꢀ0L[LQJꢀFDQꢀSURGXFHꢀDꢀWR[LFꢀJDVꢀZKLFKꢀPD\ꢀFDXVHꢀGHDWKꢊ  
7DE  
ꢊ
7KHꢀ)DEULFꢀ6RIWHQHUꢀ'LVSHQVHUꢀꢌRQꢀVRPHꢀPRGHOVꢍ  
7KHꢀIDEULFꢀVRIWHQHUꢀGLVSHQVHUꢀDXWRPDWLFDOO\ꢀUHOHDVHVꢀOLTXLGꢀIDEULFꢀVRIWHQHUꢀDWꢀWKHꢀSURSHUꢀWLPHꢊ  
'RꢀQRWꢀVWRSꢀWKHꢀZDVKHUꢀRUꢀUDLVHꢀWKHꢀOLGꢀꢀGXULQJꢀWKHꢀILUVWꢀVSLQꢃꢀ7KLVꢀZLOOꢀFDXVHꢀWKHꢀGLVSHQVHUꢀWRꢀ  
HPSW\ꢀWRRꢀVRRQꢃ  
1HYHUꢀSRXUꢀIDEULFꢀVRIWHQHUꢀGLUHFWO\ꢀRQꢀFORWKHVꢃꢀ7KLVꢀPD\ꢀFDXVHꢀVWDLQVꢀRQꢀ\RXUꢀFORWKLQJꢃ  
ꢀꢀ/LIWꢀWKHꢀWDEꢀRQꢀWKHꢀIDEULFꢀVRIWHQHUꢀGLVSHQVHUꢀ  
WRSꢁ  
ꢀꢀ6HOHFWꢀ)DEULFꢀ6RIWHQHUꢀRQꢀWKHꢀFRQWUROꢀSDQHOꢁ  
ꢂ
ꢄ
ꢍ
ꢊ
ꢋ
127(ꢁꢀ2YHUILOOLQJꢀWKHꢀGLVSHQVHUꢀZLOOꢀFDXVHꢀIDEULFꢀ  
VRIWHQHUꢀWRꢀGUDLQꢀRXWꢀRIꢀWKHꢀKROHVꢀLQꢀWKHꢀVLGHꢀRIꢀ  
WKHꢀLQIXVRUꢀZKHQꢀILOOLQJꢁꢀ'RꢀQRWꢀRYHUILOOꢁ  
127(ꢁꢀ'RꢀQRWꢀXVHꢀIDEULFꢀVRIWHQHUꢀGLVSHQVLQJꢀ  
EDOOVꢀZLWKꢀWKLVꢀZDVKHUꢊꢀ7KH\ꢀGRꢀQRWꢀZRUNꢀ  
FRUUHFWO\ꢀLQꢀKLJKꢀHIILFLHQF\ꢀZDVKHUVꢊ  
ꢀꢀ0HDVXUHꢀRXWꢀIDEULFꢀVRIWHQHUꢀLQWRꢀWKHꢀFDSꢀ  
DQGꢀSRXUꢀWKHꢀVRIWHQHUꢀLQWRꢀWKHꢀGLVSHQVHUꢀ  
WRSꢁꢀ7KHꢀIDEULFꢀVRIWHQHUꢀZLOOꢀGUDLQꢀLQWRꢀWKHꢀ  
UHFHLYLQJꢀFXSꢀLQVLGHꢀWKHꢀGLVSHQVHUꢁꢀ8VHꢀRQO\ꢀ  
´8OWUDµꢀRUꢀFRQFHQWUDWHGꢀIDEULFꢀVRIWHQHUVꢁꢀ  
ꢀꢀ3XVKꢀGRZQꢀRQꢀWKHꢀWDEꢀWRꢀFORVHꢀWKHꢀ  
GLVSHQVHUꢀWRSꢁꢀ0DNHꢀVXUHꢀWKHꢀWDEꢀLVꢀSXVKHGꢀ  
GRZQꢀIXOO\ꢀDQGꢀVQDSVꢀVKXWꢁ  
ꢌ
&OHDQLQJꢀWKHꢀ)DEULFꢀ6RIWHQHUꢀ'LVSHQVHUꢀꢌRQꢀVRPHꢀPRGHOVꢍ  
ꢄ
7XUQLQJꢀ  
7DEV  
7KHꢀ)DEULFꢀ6RIWHQHUꢀ'LVSHQVHUꢀLVꢀVHOIꢀFOHDQLQJꢁꢀ7KLVꢀGLVSHQVHUꢀVKRXOGꢀQRWꢀUHTXLUHꢀUHJXODUꢀFOHDQLQJꢀ  
OLNHꢀVWDQGDUGꢀIDEULFꢀVRIWHQHUꢀGLVSHQVHUVꢁꢀ:LSHꢀGRZQꢀH[WHULRUꢀVXUIDFHVꢀRIꢀWKHꢀGLVSHQVHUꢀDVꢀQHHGHGꢁꢀ,Iꢀ  
FOHDQLQJꢀRIꢀWKHꢀLQWHUQDOꢀGLVSHQVHUꢀFRPSRQHQWVꢀLVꢀQHHGHGꢃꢀIROORZꢀWKHVHꢀVWHSVꢀDIWHUꢀWKHꢀZDVKꢀF\FOHꢀLVꢀ  
FRPSOHWHꢒ  
ꢊ
ꢀꢀ:LSHꢀVXUIDFHVꢀZLWKꢀDꢀVRIWꢀFORWKꢀRUꢀVRDNꢀWKHꢀ  
SDUWVꢀLQꢀDꢀVROXWLRQꢀRIꢀꢊꢀJDOORQꢀZDUPꢀZDWHUꢃꢀ  
ꢊꢍꢆꢀFXSꢀOLTXLGꢀGHWHUJHQWꢀDQGꢀꢊꢀFXSꢀEOHDFKꢁꢀ  
(QVXUHꢀWKHꢀVPDOOꢀKROHꢀLQꢀWKHꢀWRSꢀVXUIDFHꢀRIꢀ  
WKHꢀFDSꢀDQGꢀLWVꢀDVVRFLDWHGꢀWXEHꢀDUHꢀQRWꢀ  
REVWUXFWHGꢁ  
ꢀꢀ/LIWꢀWKHꢀGLVSHQVHUꢀWRSꢀWDEꢀDQGꢀWXUQꢀWKHꢀWRSꢀ  
FRXQWHUFORFNZLVHꢀXVLQJꢀWKHꢀꢂꢀWXUQLQJꢀWDEVꢀ  
VKRZQꢁꢀ/LIWꢀWKHꢀGLVSHQVHUꢀRXWꢀRIꢀWKHꢀ  
,QIXVRUŒꢁꢀ  
ꢊ
ꢍ
ꢇ
ꢀꢀ&OHDQꢀRXWꢀDQ\ꢀEXLOGXSꢀIURPꢀLQVLGHꢀWKHꢀ  
,QIXVRUŒꢀZLWKꢀDꢀVRIWꢀFORWKꢀRUꢀWRRWKEUXVKꢁꢀ  
(QVXUHꢀWKHꢀWKUHHꢀUHFWDQJXODUꢀKROHVꢀLQꢀWKHꢀ  
ERWWRPꢀWKDWꢀDOORZꢀWKHꢀIDEULFꢀVRIWHQHUꢀWRꢀ  
GUDLQꢀDUHꢀQRWꢀEORFNHGꢁ  
ꢋ
ꢀꢀ5HDVVHPEOHꢀWKHꢀGLVSHQVHUꢀFXSꢀDQGꢀFDSꢀE\ꢀ  
VQDSSLQJꢀWKHPꢀWRJHWKHUꢁ  
ꢎ
ꢄ
7XUQLQJꢀ  
7DEV  
ꢀꢀ3ODFHꢀWKHꢀGLVSHQVHUꢀDVVHPEO\ꢀLQWRꢀWKHꢀ  
,QIXVRUŒꢁꢀ7XUQꢀWKHꢀWRSꢀFORFNZLVHꢀXVLQJꢀWKHꢀꢂꢀ  
WXUQLQJꢀWDEVꢀVKRZQꢁꢀ3XVKꢀGRZQꢀRQꢀWKHꢀWDEꢀ  
WRꢀFORVHꢀWKHꢀGLVSHQVHUꢀWRSꢁꢀ0DNHꢀVXUHꢀWKHꢀ  
WDEꢀLVꢀSXVKHGꢀGRZQꢀIXOO\ꢀDQGꢀVQDSVꢀVKXWꢁꢀ  
ꢀꢀ*HQWO\ꢀSXOOꢀWKHꢀFDSꢀDZD\ꢀIURPꢀWKHꢀ  
GLVSHQVHUꢀFXSꢀWRꢀVHSDUDWHꢁ  
ꢌ
ꢈ
ꢈ
 
*($SSOLDQFHVꢃFD  
/RDGLQJꢀDQGꢀXVLQJꢀWKHꢀZDVKHUꢃ  
ꢀꢀ  
$OZD\VꢀIROORZꢀIDEULFꢀPDQXIDFWXUHU·VꢀFDUHꢀODEHOꢀZKHQꢀODXQGHULQJꢁꢀ  
6RUWLQJꢀ:DVKꢀ/RDGV  
6RUWꢀE\ꢀFRORXUꢀꢎZKLWHVꢃꢀOLJKWVꢃꢀFRORXUVꢏꢃꢀVRLOꢀOHYHOꢃꢀꢀ  
IDEULFꢀW\SHꢀꢎVWXUG\ꢀFRWWRQVꢃꢀHDV\ꢀFDUHꢃꢀGHOLFDWHVꢏꢀꢀ  
DQGꢀZKHWKHUꢀWKHꢀIDEULFꢀS  
URGXFHVꢀOLQWꢀꢎWHUU\ꢀFORWKꢃꢀ  
FKHQLOOHꢏꢀRUꢀFROOHFWVꢀOLQWꢀꢎYHOYHWHHQꢃꢀ  
FRUGXUR\ꢏꢁ  
3URSHUꢀ8VHꢀRIꢀ'HWHUJHQW  
$GGꢀGHWHUJHQWꢀDQGꢀIDEULFꢀVRIWHQHUꢀEHIRUHꢀDGGLQJꢀLWHPVꢀ  
VRꢀWKDWꢀWKHꢀGHWHUJHQWꢀFDQꢀZRUNꢀHIIHFWLYHO\ꢁꢀ8VLQJꢀWRRꢀ  
OLWWOHꢀRUꢀWRRꢀPXFKꢀGHWHUJHQWꢀLVꢀDꢀFRPPRQꢀFDXVHꢀRIꢀ  
ODXQGU\ꢀSUREOHPVꢁꢀ  
*(ꢀUHFRPPHQGVꢀWKHꢀXVHꢀRIꢀ+LJKꢀ(IILFLHQF\ꢀ  
GHWHUJHQWVꢀLQꢀDOOꢀ(QHUJ\ꢀ6WDUꢀUDWHGꢀZDVKHUVꢁꢀ  
ꢀ
+(ꢀGHWHUJHQWVꢀDUHꢀIRUPXODWHGꢀWRꢀZRUNꢀZLWKꢀORZꢀZDWHUꢀ  
ZDVKꢀDQGꢀULQVHꢀV\VWHPVꢁꢀ+(ꢀGHWHUJHQWVꢀUHGXFHꢀꢀ  
WKHꢀRYHUVXGVLQJꢀSUREOHPVꢀFRPPRQO\ꢀDVVRFLDWHGꢀꢀ  
ZLWKꢀUHJXODUꢀGHWHUJHQWVꢁ  
8VHꢀOHVVꢀGHWHUJHQWꢀLIꢀ\RXꢀKDYHꢀVRIWꢀZDWHUꢃꢀDꢀVPDOOHUꢀORDGꢀ  
RUꢀDꢀOLJKWO\ꢀVRLOHGꢀORDGꢁ  
)RUꢀVSRWVꢃꢀDSSO\ꢀSUHꢌWUHDWPHQWꢀWRꢀLWHPVꢀDVꢀUHFRPPHQGHGꢀ  
RQꢀWKHꢀSURGXFWꢀODEHOꢁꢀꢀ$SSOLFDWLRQꢀVKRXOGꢀEHꢀPDGHꢀLQꢀ  
WKHꢀEDVNHWꢀWRꢀSUHYHQWꢀRYHUVSUD\ꢀZKLFKꢀPD\ꢀFDXVHꢀWKHꢀ  
FRORXULQJꢀRQꢀWKHꢀOLGꢀRUꢀJUDSKLFVꢀWRꢀIDGHꢁ  
:KHQꢀXVLQJꢀKLJKꢀHIILFLHQF\ꢀRUꢀFRQFHQWUDWHGꢀGHWHUJHQWVꢃꢀ  
FRQVXOWꢀWKHꢀSURGXFWꢀODEHOꢀWRꢀGHWHUPLQHꢀDPRXQWꢀUHTXLUHGꢀ  
IRUꢀRSWLPXPꢀSHUIRUPDQFHꢁꢀꢀ([FHVVLYHꢀGHWHUJHQWꢀZLOOꢀ  
QHJDWLYHO\ꢀLPSDFWꢀZDVKꢀSHUIRUPDQFHꢁ  
/RDGLQJꢀWKHꢀ:DVKHU  
/RDGꢀGU\ꢀLWHPVꢀORRVHO\ꢀLQꢀWKHꢀZDVKHUꢀEDVNHWꢁꢀ)RUꢀEHVWꢀ  
UHVXOWVꢃꢀORDGꢀLWHPVꢀHYHQO\ꢀDQGꢀORRVHO\ꢀDURXQGꢀWKHꢀ  
RXWVLGHꢀRIꢀWKHꢀEDVNHWꢁꢀ7RꢀDGGꢀLWHPVꢀDIWHUꢀZDVKHUꢀKDVꢀ  
VWDUWHGꢃꢀOLIWꢀWKHꢀOLGꢀDQGꢀVXEPHUJHꢀDGGLWLRQDOꢀLWHPVꢀ  
DURXQGꢀWKHꢀRXWVLGHꢀRIꢀWKHꢀEDVNHWꢁ  
„ꢀ'RꢀQRWꢀSODFHꢀODUJHꢀLWHPVꢀVXFKꢀDVꢀVKHHWVꢃꢀEODQNHWVꢀ  
DQGꢀWRZHOVꢀDFURVVꢀWKHꢀ,QIXVRUŒꢁꢀ/RDGꢀWKHPꢀDURXQGꢀ  
WKHꢀRXWVLGHꢀRIꢀWKHꢀEDVNHWꢁ  
„ꢀ'RꢀQRWꢀZDVKꢀIDEULFVꢀFRQWDLQLQJꢀIODPPDEOHꢀPDWHULDOVꢀ  
ꢎZD[HVꢃꢀFOHDQLQJꢀIOXLGVꢃꢀHWFꢁꢏꢁ  
„ꢀ:DVKHUꢀZLOOꢀQRWꢀDJLWDWHꢀRUꢀVSLQꢀZLWKꢀWKHꢀOLGꢀXSꢃꢀ  
KRZHYHUꢀWKHꢀWLPHUꢀZLOOꢀFRQWLQXHꢀWRꢀUXQꢁ  
&DUHꢀDQGꢀFOHDQLQJꢀRIꢀWKHꢀZDVKHUꢃ  
:DVKꢀ%DVNHWꢁꢀ/HDYHꢀWKHꢀOLGꢀRSHQꢀDIWHUꢀZDVKLQJꢀWRꢀDOORZꢀ  
PRLVWXUHꢀWRꢀHYDSRUDWHꢁꢀ,Iꢀ\RXꢀZDQWꢀWRꢀFOHDQꢀWKHꢀEDVNHWꢃꢀꢀ  
XVHꢀDꢀFOHDQꢃꢀVRIWꢀFORWKꢀGDPSHQHGꢀZLWKꢀOLTXLGꢀGHWHUJHQWꢐꢀ  
WKHQꢀULQVHꢁꢀꢎ'RꢀQRWꢀXVHꢀKDUVKꢀRUꢀJULWW\ꢀFOHDQHUVꢁꢏ  
127(6ꢁ  
‡ꢀ1HYHUꢀORDGꢀODXQGU\ꢀZKLOHꢀXVLQJꢀ%DVNHWꢀ&OHDQꢁꢀ7KHꢀODXQGU\ꢀ  
PD\ꢀEHFRPHꢀGDPDJHGꢀRUꢀEHFRPHꢀFRQWDPLQDWHGꢁꢀ0DNHꢀ  
VXUHꢀWRꢀFOHDQꢀWKHꢀZDVKHUꢀEDVNHWꢀZKHQꢀLWꢀLVꢀHPSW\ꢁ  
‡ꢀ,WꢀLVꢀUHFRPPHQGHGꢀWRꢀOHDYHꢀWKHꢀOLGꢀRSHQꢀDIWHUꢀILQLVKLQJꢀWKHꢀ  
8VHꢀWKHꢀ%DVNHWꢀ&OHDQꢀF\FOHꢒ  
ODXQGU\ꢀWRꢀNHHSꢀWKHꢀWXEꢀFOHDQꢁ  
8VLQJꢀWKHꢀZDVKLQJꢀPDFKLQHꢀLQꢀDꢀKXPLGꢀVSDFHꢀIRUꢀDꢀORQJꢀ  
SHULRGꢀRIꢀWLPHꢀPD\ꢀOHDGꢀWRꢀDꢀEXLOGXSꢀRIꢀEODFNꢀPROGꢀDQGꢀ  
JHUPVꢀLQꢀWKHꢀDLUꢀLQVLGHꢀWKHꢀZDVKHUꢀEDVNHWꢀDQGꢀDIIHFWꢀ\RXUꢀ  
KHDOWKꢁꢀ,Iꢀ\RXꢀFOHDQꢀWKHꢀZDVKHUꢀWXEꢀUHJXODUO\ꢀRQꢀDꢀPRQWKO\ꢀ  
EDVLVꢀXVLQJꢀ%DVNHWꢀ&OHDQꢀLWꢀZLOOꢀNHHSꢀWKHꢀZDVKHUꢀEDVNHWꢀ  
FOHDQꢀIRUꢀK\JLHQLFꢀXVHꢁ  
‡ꢀ,WꢀLVꢀUHFRPPHQGHGꢀWKDWꢀ%DVNHWꢀ&OHDQꢀVKRXOGꢀEHꢀUHSHDWHGꢀ  
PRQWKO\ꢁ  
‡ꢀ,IꢀPLOGHZꢀRUꢀPXVW\ꢀVPHOOꢀDOUHDG\ꢀH[LVWVꢃꢀUXQꢀ%DVNHWꢀ&OHDQꢀ  
IRUꢀꢄꢀFRQVHFXWLYHꢀZHHNVꢁ  
*ODVVꢀ/LGꢀꢌRQꢀVRPHꢀPRGHOVꢍꢒꢀ8VHꢀDꢀFOHDQꢃꢀVRIWꢀFORWKꢀ  
GDPSHQHGꢀZLWKꢀDꢀYLQHJDUꢀDQGꢀZDWHUꢀVROXWLRQꢁ  
ꢊꢀ ꢀ$GGꢀWXEꢀFOHDQHUꢀRUꢀOLPHꢀVFDOHꢀUHPRYHUꢀLQWRꢀWKHꢀ  
GHWHUJHQWꢀGLVSHQVHUꢀGUDZHUꢁ  
)LOOꢀ+RVHVꢁꢀ*(ꢀUHFRPPHQGVꢀFKDQJLQJꢀWKHꢀKRVHVꢀHYHU\  
ꢇꢀ\HDUVꢁ  
‡ꢀꢀ'RꢀQRWꢀH[FHHGꢀWKHꢀPD[LPXPꢀGHWHUJHQWꢀOLPLWꢀOLQHꢀ  
ZKHQꢀ\RXꢀDGGꢀLWꢁꢀ'HWHUJHQWꢀPD\ꢀUHPDLQꢀLQꢀWKHꢀ  
ZDVKHUꢀWXEꢀDIWHUꢀFOHDQLQJꢁ  
‡ꢀ:ꢀ KHQꢀ\RXꢀXVHꢀOLTXLGꢀFKORULQHꢀEOHDFKꢏꢀORDGꢀLWꢀLQWRꢀWKHꢀ  
OLTXLGꢀFKORULQHꢀEOHDFKꢀFRPSDUWPHQWꢁ  
‡ꢀ:ꢀ KHQꢀ\RXꢀXVHꢀDꢀSRZGHUHGꢀFOHDQHUꢏꢀSXOOꢀRXWꢀWKHꢀ  
OLTXLGꢀGHWHUJHQWꢀFXSꢀDQGꢀDGGꢀLWꢀLQWRꢀWKHꢀPDLQꢀZDVKꢀ  
GHWHUJHQWꢀFRPSDUWPHQWꢁ  
‡ꢀ:KHQꢀ\RXꢀXVHꢀFOHDQLQJꢀWDEOHWVꢏꢀSODFHꢀWKHPꢀGLUHFWO\ꢀ  
LQWRꢀWKHꢀZDVKHUꢀWXEꢁꢀꢎ'RꢀQRWꢀDGGꢀWDEOHWꢀFOHDQHUꢀWRꢀWKHꢀ  
GUDZHUꢁꢏ  
([WHULRUꢁꢀ,PPHGLDWHO\ꢀZLSHꢀRIIꢀDQ\ꢀVSLOOVꢁꢀ:LSHꢀZLWKꢀGDPSꢀ  
FORWKꢁꢀ7U\ꢀQRWꢀWRꢀKLWꢀVXUIDFHꢀZLWKꢀVKDUSꢀREMHFWVꢁ  
,QWHULRUꢁꢀ7KHꢀRFFDVLRQDOꢀXVHꢀRIꢀDꢀF\FOHꢀWKDWꢀFRQWDLQVꢀ  
EOHDFKꢀZLOOꢀNHHSꢀWKHꢀLQVLGHꢀRIꢀWKHꢀZDVKHUꢀFOHDQꢁ  
0RYLQJꢀDQGꢀ6WRUDJHꢁꢀ$VNꢀWKHꢀVHUYLFHꢀWHFKQLFLDQꢀWRꢀUHPRYHꢀ  
ZDWHUꢀIURPꢀGUDLQꢀSXPSꢀDQGꢀKRVHVꢁꢀ6HHꢀWKHꢀ,QVWDOODWLRQꢀ  
,QVWUXFWLRQVꢀSDFNHGꢀZLWKꢀSURGXFWꢀIRUꢀLQIRUPDWLRQꢀRQꢀKRZꢀ  
WRꢀUHLQVWDOOꢀWKHꢀVKLSSLQJꢀURGꢀWRꢀNHHSꢀWKHꢀWXEꢀVWDWLRQDU\ꢀ  
ZKHQꢀPRYLQJꢀWKHꢀZDVKHUꢁꢀ)RUꢀPRUHꢀLQIRUPDWLRQꢃꢀYLVLWꢀ  
*($SSOLDQFHVꢃFDꢀRUꢀFDOOꢀꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋꢁꢀ'RꢀQRWꢀVWRUHꢀWKHꢀ  
ZDVKHUꢀZKHUHꢀLWꢀZLOOꢀEHꢀH[SRVHGꢀWRꢀZHDWKHUꢁ  
ꢋꢀ ꢀ3UHVVꢀWKHꢀ3RZHUꢀEXWWRQꢁ  
ꢌꢀ ꢀ7XUQꢀWKHꢀVHOHFWRUꢀNQREꢀWRꢀ%DVNHWꢀ&OHDQꢁ  
ꢍꢀ ꢀ3UHVVꢀWKHꢀ6WDUWꢀEXWWRQꢁ  
/RQJꢀ9DFDWLRQVꢁꢀ%HꢀVXUHꢀZDWHUꢀVXSSO\ꢀLVꢀVKXWꢀRIIꢀDWꢀ  
IDXFHWVꢁꢀ'UDLQꢀDOOꢀZDWHUꢀIURPꢀKRVHVꢀLIꢀZHDWKHUꢀZLOOꢀEHꢀꢀ  
EHORZꢀIUHH]LQJꢁ  
ꢅ
 
%HIRUHꢀ\RXꢀFDOOꢀIRUꢀVHUYLFH«  
7URXEOHVKRRWLQJꢀ7LSVꢀ  
6DYHꢀWLPHꢀDQGꢀPRQH\ꢎꢀ5HYLHZꢀWKHꢀFKDUWVꢀRQꢀWKHꢀIROORZLQJꢀSDJHVꢉꢀ  
RUꢀYLVLWꢀ*($SSOLDQFHVꢃFDꢊꢀ<RXꢀPD\ꢀQRWꢀQHHGꢀWRꢀFDOOꢀIRUꢀVHUYLFHꢊ  
:$7(5ꢀꢀ  
3RVVLEOHꢀ&DXVHVꢀ  
:KDWꢀ7Rꢀ'R  
:DWHUꢀOHYHOꢀVHHPVꢀORZꢀꢀ  
ꢀ
7KLVꢀLVꢀQRUPDOꢀꢀꢀ  
ꢀ
‡ꢀ:DWHUꢀPD\ꢀQRWꢀFRYHUꢀWKHꢀWRSꢀOHYHOꢀRIꢀWKHꢀFORWKHVꢁꢀꢀ  
ꢀ 7KLVꢀLVꢀQRUPDOꢀIRUꢀWKLVꢀKLJKꢀHIILFLHQF\ꢀZDVKHUꢁ  
ꢀ
ꢀ
:DWHUꢀILOOVꢀDQGꢀGUDLQVꢀꢀ  
DWꢀWKHꢀVDPHꢀWLPH  
'UDLQꢀVWDQGꢀSLSHꢀLVꢀWRRꢀORZꢀ  
‡ꢀ7KHꢀGUDLQꢀVWDQGꢀSLSHꢀPXVWꢀEHꢀDERYHꢀꢄꢋµꢀꢎꢅꢈꢀFPꢏꢁ  
7RRꢀPDQ\ꢀVXGVꢀ  
ꢀ
7RRꢀPXFKꢀGHWHUJHQWꢀ  
ꢀ
‡ꢀ0HDVXUHꢀ\RXUꢀGHWHUJHQWꢀFDUHIXOO\ꢁꢀ8VHꢀOHVVꢀVRDSꢀLIꢀ\RXꢀKDYHꢀ  
ꢀ VRIWꢀZDWHUꢃꢀDꢀVPDOOHUꢀORDGꢀRUꢀDꢀOLJKWO\ꢀVRLOHGꢀORDGꢁ  
ꢀ
ꢀ
7\SHꢀRIꢀGHWHUJHQWꢀ  
‡ꢀ6ZLWFKꢀWRꢀ+(  
GHWHUJHQWꢁ  
6RIWꢀZDWHUꢀ  
‡ꢀ7U\ꢀOHVVꢀGHWHUJHQWꢁ  
:DWHUꢀOHDNVꢀ  
ꢀ
8VLQJꢀWRRꢀPXFKꢀGHWHUJHQWꢀꢀ  
LQꢀZDVKHUꢀ  
‡ꢀ8VHꢀOHVVꢀGHWHUJHQWꢁꢀ8VHꢀOHVVꢀVRDSꢀLIꢀ\RXꢀKDYHꢀVRIWꢀZDWHUꢃꢀꢀ  
ꢀ DꢀVPDOOHUꢀORDGꢀRUꢀDꢀOLJKWO\ꢀVRLOHGꢀORDGꢁ  
ꢀ
7\SHꢀRIꢀGHWHUJHQWꢀ  
‡ꢀ6ZLWFKꢀWRꢀ+(  
GHWHUJHQWꢁ  
ꢀ
ꢀ
ꢀ
)LOOꢀKRVHVꢀRUꢀGUDLQꢀKRVHꢀLVꢀ  
‡ꢀ0DNHꢀVXUHꢀKRVHꢀFRQQHFWLRQVꢀDUHꢀWLJKWꢀDWꢀIDXFHWVꢀDQGꢀ  
ꢀ UXEEHUꢀZDVKHUVꢀDUHꢀLQVWDOOHGꢁꢀ0DNHꢀVXUHꢀHQGꢀRIꢀGUDLQꢀKRVHꢀ  
ꢀ LVꢀFRUUHFWO\ꢀLQVHUWHGꢀLQꢀDQGꢀVHFXUHGꢀWRꢀGUDLQꢀIDFLOLW\ꢁ  
LPSURSHUO\ꢀFRQQHFWHGꢀ  
ꢀ
ꢀ
ꢀ
+RXVHKROGꢀGUDLQꢀPD\ꢀ  
EHꢀFORJJHGꢀ  
‡ꢀ&KHFNꢀKRXVHKROGꢀSOXPELQJꢁꢀ<RXꢀPD\ꢀQHHGꢀWRꢀFDOO  
ꢀ DꢀSOXPEHUꢁ  
ꢀ
ꢀ
'UDLQꢀKRVHꢀLVꢀORRVHꢀ  
ꢀ
‡ꢀꢀ0DNHꢀVXUHꢀGUDLQꢀKRVHꢀLVꢀIXOO\ꢀVHDWHGꢀLQꢀEDFNꢀRIꢀZDVKHUꢀDQGꢀꢀ ꢀ  
ꢀ WKDWꢀWKHꢀWZRꢀUHWDLQLQJꢀVFUHZVꢀDUHꢀIXOO\ꢀVHDWHGꢁ  
ꢀ
ꢀ
'UDLQꢀKRVHꢀUXEVꢀRQꢀZDOOꢀ  
ꢀ
‡ꢀꢀ0DNHꢀVXUHꢀGUDLQꢀKRVHꢀGRHVꢀQRWꢀPDNHꢀFRQWDFWꢀZLWKꢀWKHꢀZDOOꢁꢀꢀꢀꢀ  
ꢀ 0D\ꢀFDXVHꢀH[FHVVLYHꢀZHDUꢀRQꢀWKHꢀKRVHꢁ  
ꢀ
ꢀ
ꢀ
&RQVWDQWꢀZDWHUꢀSUHVVXUHꢀ  
‡ꢀ7LJKWHQꢀKRVHVꢀDWꢀWKHꢀIDXFHWVꢀDQGꢀWXUQꢀWKHꢀZDWHUꢀRIIꢀDIWHUꢀHDFKꢀXVHꢁ  
‡ꢀ&KHFNꢀFRQGLWLRQꢀRIꢀWKHꢀILOOꢀKRVHVꢐꢀWKH\ꢀVKRXOGꢀEHꢀUHSODFHG  
ꢀ HYHU\ꢀꢇꢀ\HDUVꢁ  
WRꢀWKHꢀILOOꢀKRVHVꢀDWꢀWKHꢀ  
ZDWHUꢀVRXUFH  
ꢀ
:DWHUꢀWHPSHUDWXUHꢀ  
&RROHUꢀZDWHUꢀWHPSHUDWXUHVꢀ  
SURYLGHꢀLPSURYHGꢀHQHUJ\ꢀ  
HIILFLHQF\ꢀ  
‡ꢀ1HZꢀODXQGU\ꢀGHWHUJHQWVꢀKDYHꢀEHHQꢀIRUPXODWHGꢀWRꢀZRUNꢀ  
ꢀ ZLWKꢀFRROHUꢀZDWHUꢀWHPSHUDWXUHVꢀZLWKRXWꢀDIIHFWLQJꢀZDVK  
ꢀ SHUIRUPDQFHꢁ  
VHHPVꢀLQFRUUHFWꢀ  
ꢀ
ꢀ
ꢀ
:DWHUꢀVXSSO\ꢀLVꢀWXUQHGꢀRIIꢀ  
RUꢀLPSURSHUO\ꢀFRQQHFWHGꢀ  
‡ꢀ7XUQꢀERWKꢀKRWꢀDQGꢀFROGꢀIDXFHWVꢀIXOO\ꢀRQꢀDQGꢀPDNHꢀVXUHꢀ  
ꢀ KRVHVꢀDUHꢀFRQQHFWHGꢀWRꢀFRUUHFWꢀIDXFHWVꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
:DWHUꢀYDOYHꢀVFUHHQVꢀDUHꢀ  
‡ꢀ7XUQꢀRIIꢀWKHꢀZDWHUꢀVRXUFHꢀDQGꢀUHPRYHꢀWKHꢀZDWHUꢀFRQQHFWLRQ  
ꢀ KRVHVꢀIURPꢀWKHꢀXSSHUꢀEDFNꢀRIꢀWKHꢀZDVKHUꢁꢀ8VHꢀDꢀEUXVKꢀRU  
ꢀ WRRWKSLFNꢀWRꢀFOHDQꢀWKHꢀVFUHHQVꢀLQꢀWKHꢀPDFKLQHꢁꢀ5HFRQQHFWꢀ  
ꢀ WKHꢀKRVHVꢀDQGꢀWXUQꢀWKHꢀZDWHUꢀEDFNꢀRQꢁ  
VWRSSHGꢀXSꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
&RROꢉ&ROGꢀ:DWHUꢀZKHQꢀꢀ  
‡ꢀꢀ7KLVꢀLVꢀQRUPDOꢁꢀꢀ3HUIHF7HPSꢀVHQVHVꢀZDWHUꢀWHPSHUDWXUHꢀDQGꢀꢀ ꢀ  
VHOHFWLQJꢀ+RWꢀ  
ꢀ RSWLPL]HVꢀIRUꢀEHVWꢀUHVXOWVꢁꢀ&ROGꢀZDWHUꢀLVꢀDGGHGꢀSHULRGLFDOO\ꢀꢀ  
ꢀ ZKHQꢀKRWꢀLVꢀVHOHFWHGꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
+RXVHꢀZDWHUꢀKHDWHUꢀLVꢀ  
QRWꢀVHWꢀSURSHUO\ꢀꢀ  
‡ꢀ0DNHꢀVXUHꢀKRXVHꢀZDWHUꢀKHDWHUꢀLVꢀGHOLYHULQJꢀZDWHUꢀDW  
ꢀ ꢊꢂꢋƒ)²ꢊꢆꢋƒ)ꢀꢎꢆꢉƒ&²ꢈꢋƒ&ꢏꢁ  
:DWHUꢀSXPSHGꢀRXWꢀEHIRUHꢀ /LGꢀOLIWHGꢀRUꢀF\FOHꢀZDVꢀSXWꢀLQꢀꢀ ‡ꢀ5HVHWꢀF\FOHꢁ  
F\FOHꢀLVꢀFRPSOHWHꢀ  
SDXVHꢀIRUꢀRYHUꢀꢋꢍꢀKRXUV  
:DWHUꢀZRQ·WꢀGUDLQꢀ  
ꢀ
ꢀ
'UDLQꢀKRVHꢀLVꢀNLQNHGꢀRUꢀꢀ  
‡ꢀ6WUDLJKWHQꢀGUDLQꢀKRVHꢀDQGꢀPDNHꢀVXUHꢀZDVKHUꢀLVꢀQRWꢀꢀVLWWLQJꢀRQꢀLWꢁ  
‡ꢀ7RSꢀRIꢀGUDLQꢀRXWOHWꢀVKRXOGꢀEHꢀOHVVꢀWKDQꢀꢈꢀIWꢀꢎꢊꢁꢉꢀPꢏꢀ  
ꢀ DERYHꢀIORRUꢁ  
LPSURSHUO\ꢀFRQQHFWHGꢀꢀ  
ꢀ
:DVKHUꢀSDXVHVꢀGXULQJꢀꢀ  
7KHꢀ$XWRꢀ6RDNꢀ2SWLRQꢀꢀ  
‡ꢀ7KLVꢀLVꢀQRUPDOꢁꢀ7KHꢀZDVKHUꢀDOWHUQDWHVꢀEHWZHHQꢀDJLWDWHꢀDQG  
ꢀ VRDNꢀGXULQJꢀVRPHꢀZDVKꢀF\FOHVꢀWRꢀJHWꢀ\RXUꢀFORWKHVꢀFOHDQHUꢀZLWK  
ꢀ OHVVꢀZHDUꢁ  
ZDVKꢀF\FOHꢀ  
ZDVꢀFKRVHQꢀ  
ꢀ
ꢀ
:DVKHUꢀSDXVHVꢀGXULQJꢀꢀ  
VSLQꢀF\FOHꢀ  
7KLVꢀLVꢀQRUPDOꢀꢀꢀ  
ꢀ
‡ꢀ7KHꢀZDVKHUꢀPD\ꢀSDXVHꢀGXULQJꢀWKHꢀVSLQꢀF\FOHꢀWRꢀUHPRYHꢀ  
ꢀ VRDS\ꢀZDWHUꢀPRUHꢀHIILFLHQWO\ꢁ  
:DVKHUꢀGRHVꢀQRWꢀILOOꢀ  
ZKHQꢀOLGꢀLVꢀRSHQ  
7KLVꢀLVꢀQRUPDOꢀ  
‡ꢀ7KHꢀOLGꢀPXVWꢀEHꢀFORVHGꢀIRUꢀZDVKHUꢀWRꢀILOOꢀRUꢀRSHUDWHꢁꢀ ꢀ  
ꢀ
ꢉ
 
*($SSOLDQFHVꢃFD  
ꢀ
23(5$7,21ꢀꢀ  
3RVVLEOHꢀ&DXVHVꢀ  
:KDWꢀ7Rꢀ'R  
:DVKHUꢀZRQ·WꢀRSHUDWHꢀ  
:DVKHUꢀLVꢀXQSOXJJHGꢀ  
‡ꢀ 0DNHꢀVXUHꢀFRUGꢀLVꢀSOXJJHGꢀVHFXUHO\ꢀLQWRꢀDꢀZRUNLQJꢀRXWOHWꢁ  
‡ꢀ 7XUQꢀERWKꢀKRWꢀDQGꢀFROGꢀIDXFHWVꢀIXOO\ꢀRQꢁ  
‡ꢀ &KHFNꢀFRQWUROVꢁ  
ꢀ
ꢀ
:DWHUꢀVXSSO\ꢀLVꢀWXUQHGꢀRIIꢀ  
&RQWUROVꢀDUHꢀQRWꢀVHWꢀSURSHUO\ꢀ  
ꢀ
ꢀ
ꢀ
/LGꢀLVꢀRSHQ³VDIHW\ꢀIHDWXUHꢀꢀ  
SUHYHQWVꢀDJLWDWLRQꢀDQGꢀ  
VSLQQLQJꢀZKHQꢀOLGꢀLVꢀXS  
‡ꢀ &ORVHꢀOLGꢀDQGꢀUHVHWꢀF\FOHꢃꢀWRꢀWKHꢀEHJLQQLQJꢀLIꢀQHFHVVDU\ꢁꢀꢀ  
ꢀ
ꢀ
&LUFXLWꢀEUHDNHUꢉIXVHꢀLVꢀ  
WULSSHGꢉEORZQꢀ  
‡ꢀ &KHFNꢀKRXVHꢀFLUFXLWꢀEUHDNHUVꢍIXVHVꢁꢀ5HSODFHꢀIXVHVꢀRUꢀ  
ꢀ UHVHWꢀEUHDNHUꢁꢀ:DVKHUꢀVKRXOGꢀKDYHꢀDꢀVHSDUDWHꢀRXWOHWꢁ  
ꢀ
ꢀ
ꢀ
(OHFWURQLFVꢀQHHGꢀWRꢀEHꢀUHVHWꢀ  
6WDUWꢀZDVꢀQRWꢀSUHVVHGꢀ  
/LGꢀPDJQHWꢀPLVVLQJꢀ  
‡ꢀ ꢀ8QSOXJꢀZDVKHUꢃꢀZDLWꢀꢂꢀPLQXWHVꢃꢀSOXJꢀEDFNꢀLQꢀDQGꢀSUHVVꢀ6WDUWꢁ  
‡ꢀ 3UHVVꢀ6WDUWꢁ  
‡ꢀ ꢀ&DOOꢀIRUꢀVHUYLFHꢁ  
7LPHꢀQRWꢀVKRZQꢀꢀ  
RQꢀGLVSOD\ꢀ  
8QLWꢀILOOLQJꢀ  
ꢀ
‡ꢀ 7KLVꢀLVꢀQRUPDOꢁꢀ(VWLPDWHGꢀWLPHꢀUHPDLQLQJꢀLVꢀXSGDWHGꢀGXULQJꢀꢀ  
ꢀ ILOOꢀWLPHꢁ  
ꢀ
0RYHPHQWꢀLQVLGHꢀPDFKLQHꢀ 6KLIWLQJꢀPHFKDQLVPꢀLVꢀ  
‡ꢀ :KHQꢀWKHꢀPDFKLQHꢀLVꢀPDQXDOO\ꢀWXUQHGꢀRIIꢃꢀWKHꢀVKLIWHUꢀZLOOꢀ  
ꢀ GLVHQJDJHꢀWKHꢀPRWRUꢀEHIRUHꢀFRPSOHWHO\ꢀVKXWWLQJꢀGRZQꢁ  
ꢀ ,IꢀOLGꢀLVꢀUDLVHGꢀEHIRUHꢀWKHꢀPRWRUꢀLVꢀGLVHQJDJHGꢃꢀLWꢀZLOOꢀUHVXPHꢀꢀ  
ꢀ ZKHQꢀOLGꢀLVꢀFORVHGꢁ  
ZKHQꢀVKXWꢀRIIꢀ  
GLVHQJDJLQJꢀWKHꢀPRWRUꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
%DVNHWꢀVHHPVꢀORRVHꢀ  
ꢀ
%DVNHWꢀPRYHVꢀRUꢀURWDWHVꢀIUHHO\ꢀ ‡ꢀ :DVKHUꢀEDVNHWꢀGRHVꢀQRWꢀKDYHꢀDꢀWUDGLWLRQDOꢀEUDNHꢁꢀ%DVNHWꢀZLOO  
ꢀ
ꢀ PRYHꢀIUHHO\ꢁꢀ7KLVꢀLVꢀQRUPDOꢁ  
3(5)250$1&(ꢀ  
3RVVLEOHꢀ&DXVHVꢀ  
:KDWꢀ7Rꢀ'R  
&ORWKHVꢀWRRꢀZHWꢀ  
ꢀ
,QFRUUHFWꢀF\FOHꢀVHOHFWHGꢅꢀ  
ꢀ
‡ꢀ 0DNHꢀVXUHꢀWKHꢀF\FOHꢀVHOHFWHGꢀPDWFKHVꢀWKHꢀORDGꢀ\RXꢀDUHꢀ  
ꢀ ZDVKLQJꢁꢀ6RPHꢀIDEULFVꢀZLOOꢀIHHOꢀZHWWHUꢀZKHQꢀULQVHGꢀZLWKꢀFROGꢀZDWHUꢁ  
ꢀ
:DVKꢀORDGꢀRXWꢀRIꢀEDODQFHꢀ  
‡ꢀ 5HGLVWULEXWHꢀORDGꢀLQꢀZDVKHUꢀDQGꢀUXQꢀWKURXJKꢀ'UDLQꢀ ꢀ6SLQꢀF\FOHꢁ  
&RORXUHGꢀVSRWVꢀ  
ꢀ
,QFRUUHFWꢀXVHꢀRIꢀIDEULFꢀ  
VRIWHQHUꢀ  
‡ꢀ &KHFNꢀIDEULFꢀVRIWHQHUꢀSDFNDJHꢀIRUꢀLQVWUXFWLRQVꢀDQGꢀIROORZꢀ  
ꢀ GLUHFWLRQVꢀIRUꢀXVLQJꢀGLVSHQVHUꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
‡ꢀ 0DNHꢀVXUHꢀ\RXꢀKDYHꢀVHOHFWHGꢀWKHꢀ)DEULFꢀ6RIWHQHUꢀRSWLRQꢁꢀ  
‡ꢀ 3UHWUHDWꢀVWDLQꢀDQGꢀUHZDVKꢁ  
ꢀ
'\HꢀWUDQVIHUꢀ  
‡ꢀ 6RUWꢀZKLWHVꢀRUꢀOLJKWO\ꢀFRORXUHGꢀLWHPVꢀIURPꢀGDUNꢀFRORXUVꢁ  
‡ꢀ %HꢀVXUHꢀWRꢀIROORZꢀGHWHUJHQWꢀPDQXIDFWXUHU·VꢀGLUHFWLRQVꢁ  
*UD\HGꢀRUꢀ\HOORZHGꢀꢀ  
FORWKHV  
'HWHUJHQWꢀDPRXQWꢀ  
ꢀ
+DUGꢀZDWHUꢀ  
ꢀ
‡ꢀ 8VHꢀDꢀZDWHUꢀFRQGLWLRQHUꢀOLNHꢀ&DOJRQꢀEUDQGꢀRUꢀLQVWDOOꢀ  
ꢀ DꢀZDWHUꢀVRIWHQHUꢁ  
ꢀ
ꢀ
ꢀ
:DWHUꢀLVꢀQRWꢀKRWꢀHQRXJKꢀ  
ꢀ
‡ꢀ 0DNHꢀVXUHꢀZDWHUꢀKHDWHUꢀLVꢀGHOLYHULQJꢀZDWHUꢀDWꢀ  
ꢀ ꢊꢂꢋƒ)²ꢊꢆꢋƒ)ꢀꢎꢆꢉƒ&²ꢈꢋƒ&ꢏꢁ  
ꢀ
ꢀ
ꢀ
:DVKHUꢀLVꢀRYHUORDGHGꢀ  
ꢀ
ꢀ
‡ꢀ /RRVHO\ꢀORDGꢀFORWKHVꢀQRꢀKLJKHUꢀWKDQꢀWKHꢀWRSꢀURZꢀRIꢀKROHVꢀLQꢀWKHꢀ  
ꢀ ZDVKHUꢀEDVNHWꢁꢀ)RUꢀEHVWꢀUHVXOWVꢃꢀORDGꢀLWHPVꢀDURXQGꢀWKHꢀRXWVLGHꢀꢀ  
ꢀ RIꢀWKHꢀEDVNHWꢁꢀ  
ꢀ
ꢀ
'HWHUJHQWꢀLVꢀQRWꢀ  
GLVVROYLQJꢀ  
‡ꢀ $GGꢀGHWHUJHQWꢀWRꢀWKHꢀZDVKꢀEDVNHWꢀEHIRUHꢀ\RXꢀORDGꢀFORWKHVꢁ  
ꢀ
ꢀ
ꢀ
'\HꢀWUDQVIHUꢀ  
ꢀ
‡ꢀ 6RUWꢀFORWKHVꢀE\ꢀFRORXUꢁꢀ,IꢀIDEULFꢀODEHOꢀVWDWHVꢀZDVKꢀVHSDUDWHO\ꢃꢀ  
ꢀ XQVWDEOHꢀG\HVꢀPD\ꢀEHꢀLQGLFDWHGꢁ  
/LQWꢀRUꢀUHVLGXHꢀRQꢀ  
FORWKHVꢀ  
&ORWKHVꢀDUHꢀDLUꢀRUꢀOLQHꢀGULHGꢀ  
ꢀ
‡ꢀ ,Iꢀ\RXꢀGRꢀQRWꢀGU\ꢀ\RXUꢀFORWKHVꢀZLWKꢀDꢀFORWKHVꢀGU\HUꢃꢀ\RXU  
ꢀ FORWKHVꢀPD\ꢀUHWDLQꢀPRUHꢀOLQWꢁ  
ꢀ
ꢀ
,QFRUUHFWꢀVRUWLQJꢀ  
‡ꢀ 6HSDUDWHꢀOLQWꢀSURGXFHUVꢀIURPꢀOLQWꢀFROOHFWRUVꢁ  
:DVKLQJꢀWRRꢀORQJꢀ  
‡ꢀ :DVKꢀVPDOOꢀORDGVꢀIRUꢀDꢀVKRUWHUꢀWLPHꢀWKDQꢀODUJHUꢀORDGVꢁ  
ꢀ
ꢀ
ꢀ
'HWHUJHQWꢀQRWꢀGLVVROYLQJꢀ  
ꢀ
ꢀ
‡ꢀ $GGꢀGHWHUJHQWꢀWRꢀZDVKꢀEDVNHWꢀEHIRUHꢀ\RXꢀORDGꢀFORWKHVꢁ  
‡ꢀ 7U\ꢀDꢀOLTXLGꢀGHWHUJHQWꢁ  
‡ꢀ 8VHꢀZDUPHUꢀZDWHUꢀWHPSHUDWXUHꢁ  
ꢀ
ꢀ
2YHUORDGLQJꢀ  
ꢀ
‡ꢀ /RRVHO\ꢀORDGꢀFORWKHVꢀLQꢀWKHꢀZDVKHUꢀEDVNHWꢁꢀ)RUꢀEHVWꢀUHVXOWVꢃꢀORDG  
ꢀ ꢀLWHPVꢀDURXQGꢀWKHꢀRXWVLGHꢀRIꢀWKHꢀEDVNHWꢁ  
ꢀ
ꢀ
ꢀ
,QFRUUHFWꢀXVHꢀRIꢀIDEULFꢀꢀ  
‡ꢀ &KHFNꢀIDEULFꢀVRIWHQHUꢀSDFNDJHꢀIRUꢀLQVWUXFWLRQVꢀꢀ  
VRIWHQHUꢀ  
ꢀ DQGꢀIROORZꢀGLUHFWLRQVꢀIRUꢀXVLQJꢀGLVSHQVHUꢁꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
‡ꢀ 0DNHꢀVXUHꢀ\RXꢀKDYHꢀVHOHFWHGꢀWKHꢀ)DEULFꢀ6RIWHQHUꢀRSWLRQꢁꢀ  
ꢑ
 
%HIRUHꢀ\RXꢀFDOOꢀIRUꢀVHUYLFH«  
7URXEOHVKRRWLQJꢀ7LSVꢀ  
3(5)250$1&(ꢀꢌFRQWꢊꢍꢀ  
3RVVLEOHꢀ&DXVHVꢀ  
:KDWꢀ7Rꢀ'R  
3LOOLQJꢀ  
ꢀ
5HVXOWꢀRIꢀQRUPDOꢀZHDUꢀRQꢀSRO\ꢆꢀ‡ꢀ:KLOHꢀWKLVꢀLVꢀQRWꢀFDXVHGꢀE\ꢀWKHꢀZDVKHUꢃꢀ\RXꢀFDQꢀVORZꢀWKHꢀ  
FRWWRQꢀEOHQGVꢀDQGꢀIX]]\ꢀIDEULFVꢀꢀ SLOOLQJꢀSURFHVVꢀE\ꢀZDVKLQJꢀJDUPHQWVꢀLQVLGHꢀRXWꢁ  
6QDJVꢏꢀKROHVꢏꢀWHDUVꢏꢀULSVꢀ  
3LQVꢇꢀVQDSVꢇꢀKRRNVꢇꢀVKDUSꢀ  
‡ꢀ)DVWHQꢀVQDSVꢃꢀKRRNVꢃꢀEXWWRQVꢀDQGꢀ]LSSHUVꢁ  
‡ꢀ5HPRYHꢀORRVHꢀLWHPVꢀOLNHꢀSLQVꢃꢀREMHFWVꢀLQꢀSRFNHWVꢀDQG  
ꢀ VKDUSꢀEXWWRQVꢁ  
‡ꢀ7XUQꢀNQLWVꢀꢎZKLFKꢀVQDJꢀHDVLO\ꢏꢀLQVLGHꢀRXWꢁ  
‡ꢀ&KHFNꢀEOHDFKꢀSDFNDJHꢀLQVWUXFWLRQVꢀIRUꢀSURSHUꢀDPRXQWꢁ  
RUꢀH[FHVVLYHꢀZHDUꢀ  
EXWWRQVꢇꢀEHOWꢀEXFNOHVꢇꢀ  
ꢀ
]LSSHUV DQGꢀVKDUSꢀREMHFWVꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
OHIWꢀLQꢀSRFNHWV  
ꢀ
8QGLOXWHGꢀFKORULQHꢀEOHDFKꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
‡ꢀ1HYHUꢀDGGꢀXQGLOXWHGꢀEOHDFKꢀWRꢀZDVKꢀRUꢀDOORZꢀFORWKHVꢀWRꢀ  
ꢀ FRPHꢀLQꢀFRQWDFWꢀZLWKꢀXQGLOXWHGꢀEOHDFKꢁ  
ꢀ
ꢀ
&KHPLFDOVꢀOLNHꢀKDLUꢀEOHDFKꢀRUꢀ ‡ꢀ5LQVHꢀLWHPVꢀWKDWꢀPD\ꢀKDYHꢀFKHPLFDOVꢀRQꢀWKHPꢀEHIRUHꢀ  
G\HꢇꢀSHUPDQHQWꢀZDYHꢀVROXWLRQꢀ ꢀ ZDVKLQJꢁ  
:ULQNOLQJꢀ  
ꢀ
,PSURSHUꢀVRUWLQJꢀ  
ꢀ
‡ꢀ$YRLGꢀPL[LQJꢀKHDY\ꢀLWHPVꢀꢎOLNHꢀZRUNꢀFORWKHVꢏꢀZLWKꢀOLJKWꢀLWHPV  
ꢀ ꢎOLNHꢀEORXVHVꢏꢁ  
ꢀ
ꢀ
‡ꢀ7U\ꢀDꢀIDEULFꢀVRIWHQHUꢁ  
ꢀ
ꢀ
2YHUORDGLQJꢀRUꢀLQFRUUHFWꢀ  
ZDWHUꢀOHYHOꢀ  
‡ꢀ/RRVHO\ꢀORDGꢀFORWKHVꢀLQꢀWKHꢀZDVKHUꢀEDVNHWꢁꢀ  
ꢀ
ꢀ
,QFRUUHFWꢀZDVKꢀDQGꢀ  
GU\ꢀF\FOHVꢀ  
‡ꢀ0DWFKꢀ&\FOHꢀVHOHFWLRQꢀWRꢀWKHꢀW\SHꢀRIꢀIDEULFꢀ\RXꢀDUHꢀZDVKLQJ  
ꢀ ꢎHVSHFLDOO\ꢀIRUꢀHDV\ꢀFDUHꢀORDGVꢏꢁ  
ꢀ
ꢀ
5HSHDWHGꢀZDVKLQJꢀLQꢀ  
ZDWHUꢀWKDWꢀLVꢀWRRꢀKRW  
‡ꢀ:DVKꢀLQꢀZDUPꢀRUꢀFROGꢀZDWHUꢁ  
6281'6ꢀ  
3RVVLEOHꢀ&DXVHVꢀ  
5HDVRQ  
´0HWDOOLFꢀFOLFNLQJµꢀ  
ꢀ
ꢀ
6KLIWHUꢀPHFKDQLVPꢀLVꢀꢀ  
‡ꢀ7KHꢀGULYHꢀV\VWHPꢀZLOOꢀHQJDJHꢀDWꢀWKHꢀVWDUWꢀRIꢀDJLWDWHꢀDQGꢀ  
ꢀ GLVHQJDJHꢀZKHQꢀDJLWDWHꢀLVꢀFRPSOHWHꢁꢀ7KLVꢀRFFXUVꢀPXOWLSOH  
ꢀ WLPHVꢀGXULQJꢀWKHꢀZDVKꢁ  
HQJDJLQJꢀRUꢀGLVHQJDJLQJꢀ  
ꢀ
%DFNꢀDQGꢀIRUWKꢀ´VZRRVKµꢀ (OHFWULFꢀPRWRUꢀUHYHUVLQJꢀꢀ  
‡ꢀ7KLVꢀPDFKLQHꢀKDVꢀDꢀGULYHꢀV\VWHPꢀWKDWꢀGRHVQ·WꢀXVHꢀJHDUVꢁꢀ  
ꢀ 7KLVꢀVRXQGꢀLVꢀWKHꢀPRWRUꢀURWDWLQJꢀEDFNꢀDQGꢀIRUWKꢀWRꢀFOHDQꢀ  
ꢀ \RXUꢀODXQGU\ꢁ  
RUꢀOLJKWꢀ´FOLFNLQJµꢀVRXQGꢀꢀ GLUHFWLRQꢀ  
GXULQJꢀDJLWDWHꢀ  
ꢀ
4XLFNꢀVKRUWꢀDJLWDWLRQꢀ  
VRXQGVꢀDWꢀHQGꢀRIꢀDJLWDWHꢀ  
&ORWKLQJꢀUHGLVWULEXWLRQꢀ  
ꢀ
‡ꢀ$WꢀWKHꢀHQGꢀRIꢀDJLWDWHꢃꢀWKHꢀPRWRUꢀPDNHVꢀVKRUWꢀDJLWDWLRQꢀVWURNHVꢀ  
ꢀ WRꢀUHGLVWULEXWHꢀWKHꢀORDGꢁ  
´&OLFNµꢀZKHQꢀZDWHUꢀꢀ  
VWRSVꢀILOOLQJꢀ  
5HOD\ꢀVZLWFKꢀ  
ꢀ
‡ꢀ7KHꢀUHOD\ꢀPDNHVꢀDꢀFOLFNꢀVRXQGꢀZKHQꢀDFWLYDWHGꢁꢀ7KHꢀZDWHU  
ꢀ OHYHOꢀDFWLYDWHVꢀWKHꢀUHOD\ꢀDQGꢀVWRSVꢀILOOLQJꢁ  
´&OLFNLQJµꢀEHKLQGꢀ&RQWUROꢀ $XWRPDWLFꢀ7HPSHUDWXUHꢀꢀ  
‡ꢀ7ZRꢀYDOYHVꢀPL[ꢀFROGꢀDQGꢀKRWꢀZDWHUꢁꢀ7KHꢀ´FOLFNLQJµꢀLVꢀZKHQꢀHLWKHUꢀ  
ꢀ YDOYHꢀWXUQVꢀRQꢀRUꢀRIIꢀWRꢀUDLVHꢀRUꢀORZHUꢀWKHꢀILOOꢀZDWHUꢀWHPSHUDWXUHꢁ  
3DQHOꢀGXULQJꢀILOOꢀ  
&RQWUROꢀ9DOYHꢀ  
:DWHUꢀIORZꢀFKDQJHVꢀ  
GXULQJꢀILOOꢀ  
$XWRPDWLFꢀ7HPSHUDWXUHꢀꢀ  
&RQWUROꢀ9DOYHꢀ  
‡ꢀ7ZRꢀYDOYHVꢀPL[ꢀFROGꢀDQGꢀKRWꢀZDWHUꢁꢀ7KHꢀIORZꢀFKDQJHVꢀZKHQꢀHLWKHUꢀ  
ꢀ YDOYHꢀWXUQVꢀRQꢀRUꢀRIIꢀWRꢀUDLVHꢀRUꢀORZHUꢀWKHꢀILOOꢀZDWHUꢀWHPSHUDWXUHꢁ  
0RWRUꢀ´ZKLQLQJꢀXSµꢀRUꢀ  
´FRDVWLQJꢀGRZQµꢀLQꢀVSLQꢀ  
0RWRUꢀUDPSLQJꢀXSꢉGRZQꢀ  
GXULQJꢀVSLQꢀF\FOHꢀ  
‡ꢀ7KHꢀPRWRUꢀZLOOꢀVSHHGꢀXSꢀLQFUHPHQWDOO\ꢀGXULQJꢀWKHꢀVSLQꢀF\FOHꢁꢀ  
ꢀ :KHQꢀVSLQꢀLVꢀFRPSOHWHꢃꢀLWꢀZLOOꢀFRDVWꢀXQWLOꢀLWꢀVWRSVꢁ  
´+XPPLQJµꢀ  
ꢀ
:DWHUꢀGUDLQꢀSXPSꢀ  
ꢀ
‡ꢀ7KHꢀGUDLQꢀSXPSꢀZLOOꢀPDNHꢀDꢀKXPPLQJꢀVRXQGꢀZKHQꢀSXPSLQJ  
ꢀ RXWꢀZDWHUꢀDIWHUꢀDJLWDWLRQꢀVWRSVꢀDQGꢀFRQWLQXHꢀXQWLOꢀVSLQꢀLVꢀFRPSOHWHꢁ  
´*XUJOLQJµꢀ  
ꢀ
ꢀ
:DWHUꢀGUDLQꢀSXPSꢀ  
ꢀ
ꢀ
‡ꢀ:KHQꢀWKHꢀSXPSꢀVWDUWVꢀGUDZLQJꢀLQꢀDLUꢃꢀ,WꢀVWDUWVꢀWRꢀJXUJOHꢁꢀ  
ꢀ 7KHꢀZDVKHUꢀVKRXOGꢀWKHQꢀEHJLQꢀVSLQQLQJꢀDQGꢀWKHꢀVRXQGꢀZLOOꢀꢀ  
ꢀ FRQWLQXHꢀXQWLOꢀLWꢀLVꢀGRQHꢀVSLQQLQJꢁ  
:DWHUꢀ´VZLVKLQJµꢀ  
7KLVꢀLVꢀQRUPDOꢀ  
‡ꢀ ꢀ7KLVꢀZDVKHUꢀXVHVꢀDꢀ,QIXVRUŒꢀZDVKꢀDFWLRQꢁꢀ:DWHUꢀVZLVKLQJꢀZKLOHꢀꢀ  
WKHꢀXQLWꢀLVꢀDJLWDWLQJꢀLVꢀQRUPDOꢃꢀHVSHFLDOO\ꢀZLWKꢀVPDOOHUꢀORDGVꢁ  
:DVKHUꢀLVꢀQRLV\ꢀ  
:DVKHUꢀLVꢀXQHYHQꢀ  
‡ꢀꢀ7RꢀOHYHOꢀWKHꢀIURQWꢀRIꢀWKHꢀZDVKHUꢃꢀDGMXVWꢀWKHꢀIURQWꢀOHYHOLQJꢀOHJVꢀE\ꢀ  
URWDWLQJꢀWKHꢀLQGLYLGXDOꢀOHJꢀLQꢀWKHꢀSURSHUꢀGLUHFWLRQꢀIRUꢀXSꢀRUꢀGRZQꢁꢀ  
7RꢀOHYHOꢀWKHꢀEDFNꢀRIꢀWKHꢀZDVKHUꢃꢀOLIWꢀWKHꢀEDFNꢀRIꢀWKHꢀPDFKLQHꢀ  
ꢆµꢀꢎꢊꢊꢀFPꢏꢀDQGꢀVHWꢀGRZQꢁ  
ꢀ
ꢀ
6KLSSLQJꢀURGꢀLVꢀVWLOOꢀDVVHPEOHGꢀ ‡ꢀ 7RꢀUHPRYHꢀWKHꢀVKLSSLQJꢀURGꢀIURPꢀWKHꢀZDVKHUꢃꢀSXOOꢀWKHꢀ\HOORZꢀWDJꢀ  
LQꢀWKHꢀXQLWꢀ  
ꢀ DQGꢀUHPRYHꢀWKHꢀDWWDFKHGꢀURGꢀIURPꢀWKHꢀERWWRPꢀULJKWꢀKDQGꢀVLGHꢀRIꢀ  
ꢀ WKHꢀZDVKHUꢁ  
ꢊꢋ  
ꢀ
ꢀ
 
ꢀ
*(ꢀ:DVKHUꢀ:DUUDQW\ꢃ  
$OOꢀZDUUDQW\ꢀVHUYLFHꢀSURYLGHGꢀE\ꢀRXUꢀDXWKRUL]HGꢀVHUYLFHꢀ  
6WDSOHꢀ\RXUꢀUHFHLSWꢀKHUHꢊꢀꢀ  
3URRIꢀRIꢀWKHꢀRULJLQDOꢀSXUFKDVHꢀ  
GDWHꢀLVꢀQHHGHGꢀWRꢀREWDLQꢀVHUYLFHꢀ  
XQGHUꢀWKHꢀZDUUDQW\ꢊ  
WHFKQLFLDQVꢊꢀ7RꢀVFKHGXOHꢀVHUYLFHꢉꢀFDOOꢀꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋꢊꢀ3OHDVHꢀ  
KDYHꢀVHULDOꢀQXPEHUꢀDQGꢀPRGHOꢀQXPEHUꢀDYDLODEOHꢀZKHQꢀ  
FDOOLQJꢀIRUꢀVHUYLFHꢊ  
)RUꢀ7KHꢀ3HULRGꢀ2Iꢁꢀ :Hꢀ:LOOꢀ5HSODFHꢁ  
ꢀ2QHꢀ<HDUꢀ  
)URPꢀWKHꢀGDWHꢀRIꢀWKHꢀ  
RULJLQDOꢀSXUFKDVHꢀ  
$Q\ꢀIDFWRU\ꢀVSHFLILHGꢀSDUWꢀRIꢀWKHꢀZDVKHUꢀZKLFKꢀIDLOVꢀGXHꢀWRꢀDꢀGHIHFWꢀLQꢀPDWHULDOVꢀRUꢀZRUNPDQVKLSꢁꢀ  
'XULQJꢀWKLVꢀOLPLWHGꢀRQHꢍ\HDUꢀZDUUDQW\ꢃꢀZHꢀZLOOꢀDOVRꢀSURYLGHꢃꢀIUHHꢀRIꢀFKDUJHꢃꢀDOOꢀODERUꢀDQGꢀUHODWHGꢀ  
VHUYLFHꢀWRꢀUHSODFHꢀWKHꢀGHIHFWLYHꢀSDUWꢁꢀ  
:KDWꢀ,Vꢀ1RWꢀ&RYHUHGꢁ  
„ꢀ 6HUYLFHꢀWULSVꢀWRꢀ\RXUꢀKRPHꢀWRꢀWHDFKꢀ\RXꢀKRZꢀWRꢀXVHꢀ  
WKHꢀSURGXFWꢅ  
„ꢀ 'DPDJHꢀWRꢀWKHꢀSURGXFWꢀFDXVHGꢀE\ꢀDFFLGHQWꢇꢀILUHꢇꢀIORRGVꢀ  
RUꢀDFWVꢀRIꢀ*RGꢅ  
„ꢀ ,PSURSHUꢀLQVWDOODWLRQꢇꢀGHOLYHU\ꢀRUꢀPDLQWHQDQFHꢅ  
„ꢀ ,QFLGHQWDOꢀRUꢀFRQVHTXHQWLDOꢀGDPDJHꢀFDXVHGꢀE\ꢀSRVVLEOHꢀ  
GHIHFWVꢀZLWKꢀWKLVꢀDSSOLDQFHꢅ  
„ꢀ )DLOXUHꢀRIꢀWKHꢀSURGXFWꢀLIꢀLWꢀLVꢀDEXVHGꢇꢀPLVXVHGꢇꢀRUꢀ  
XVHGꢀIRUꢀRWKHUꢀWKDQꢀWKHꢀLQWHQGHGꢀSXUSRVHꢀRUꢀXVHGꢀ  
FRPPHUFLDOO\ꢅ  
„ꢀ 'HIHFWVꢀRUꢀGDPDJHꢀGXHꢀWRꢀRSHUDWLRQꢀLQꢀIUHH]LQJꢀ  
WHPSHUDWXUHVꢅ  
„ꢀ 5HSODFHPHQWꢀRIꢀKRXVHꢀIXVHVꢀRUꢀUHVHWWLQJꢀRIꢀFLUFXLWꢀEUHDNHUVꢅ  
„ꢀ 'DPDJHꢀFDXVHGꢀDIWHUꢀGHOLYHU\ꢅ  
„ꢀ 3URGXFWVꢀZKLFKꢀDUHꢀQRWꢀGHIHFWLYHꢀRUꢀEURNHQꢇꢀRUꢀZKLFKꢀDUHꢀ  
„ꢀ3URGXFWꢀQRWꢀDFFHVVLEOHꢀWRꢀSURYLGHꢀUHTXLUHGꢀVHUYLFHꢅ  
ZRUNLQJꢀDVꢀGHVFULEHGꢀLQꢀWKHꢀ2ZQHU·Vꢀ0DQXDOꢅ  
(;&/86,21ꢀ2)ꢀ,03/,('ꢀ:$55$17,(6³<RXUꢀVROHꢀDQGꢀH[FOXVLYHꢀUHPHG\ꢀLVꢀSURGXFWꢀUHSDLUꢀDVꢀSURYLGHGꢀLQꢀWKLVꢀ/LPLWHGꢀ  
:DUUDQW\ꢃꢀ$Q\ꢀLPSOLHGꢀZDUUDQWLHVꢏꢀLQFOXGLQJꢀWKHꢀLPSOLHGꢀZDUUDQWLHVꢀRIꢀPHUFKDQWDELOLW\ꢀRUꢀILWQHVVꢀIRUꢀDꢀSDUWLFXODUꢀSXUSRVHꢏꢀ  
DUHꢀOLPLWHGꢀWRꢀRQHꢀ\HDUꢀRUꢀWKHꢀVKRUWHVWꢀSHULRGꢀDOORZHGꢀE\ꢀODZꢃ  
7KLVꢀZDUUDQW\ꢀLVꢀH[WHQGHGꢀWRꢀWKHꢀRULJLQDOꢀSXUFKDVHUꢀDQGꢀDQ\ꢀVXFFHHGLQJꢀRZQHUꢀIRUꢀSURGXFWVꢀSXUFKDVHGꢀLQꢀ&DQDGDꢀIRUꢀKRPHꢀXVHꢀZLWKLQꢀ  
&DQDGDꢊꢀ,IꢀWKHꢀSURGXFWꢀLVꢀORFDWHGꢀLQꢀDQꢀDUHDꢀZKHUHꢀVHUYLFHꢀE\ꢀDꢀ*(ꢀ$XWKRUL]HGꢀ6HUYLFHUꢀLVꢀQRWꢀDYDLODEOHꢉꢀ\RXꢀPD\ꢀEHꢀUHVSRQVLEOHꢀIRUꢀDꢀ  
WULSꢀFKDUJHꢀRUꢀ\RXꢀPD\ꢀEHꢀUHTXLUHGꢀWRꢀEULQJꢀWKHꢀSURGXFWꢀWRꢀDQꢀ$XWKRUL]HGꢀ*(ꢀ6HUYLFHꢀORFDWLRQꢊ  
,Iꢀ\RXꢀQHHGꢀWRꢀRUGHUꢀUHSODFHPHQWꢀSDUWVꢉꢀZHꢀUHFRPPHQGꢀWKDWꢀ\RXꢀRQO\ꢀXVHꢀ*(ꢀIDFWRU\ꢀVSHFLILHGꢀSDUWVꢊꢀ7KHVHꢀSDUWVꢀDUHꢀGHVLJQHGꢀWRꢀZRUNꢀ  
ZLWKꢀ\RXUꢀDSSOLDQFHꢀDQGꢀDUHꢀPDQXIDFWXUHGꢀDQGꢀWHVWHGꢀWRꢀPHHWꢀ*(ꢀVSHFLILFDWLRQVꢊ  
6RPHꢀSURYLQFHVꢀGRꢀQRWꢀDOORZꢀWKHꢀH[FOXVLRQꢀRUꢀOLPLWDWLRQꢀRIꢀLQFLGHQWDOꢀRUꢀFRQVHTXHQWLDOꢀGDPDJHVꢊꢀ7KLVꢀZDUUDQW\ꢀJLYHVꢀ\RXꢀVSHFLILFꢀOHJDOꢀ  
ULJKWVꢉꢀDQGꢀ\RXꢀPD\ꢀDOVRꢀKDYHꢀRWKHUꢀULJKWVꢀZKLFKꢀYDU\ꢀIURPꢀSURYLQFHꢀWRꢀSURYLQFHꢊꢀ7RꢀNQRZꢀZKDWꢀ\RXUꢀOHJDOꢀULJKWVꢀDUHꢉꢀFRQVXOWꢀ\RXUꢀ  
ORFDOꢀRUꢀSURYLQFLDOꢀFRQVXPHUꢀDIIDLUVꢀRIILFHꢊ  
:DUUDQWRUꢁꢀ0&ꢀ&RPPHUFLDOꢏꢀ%XUOLQJWRQꢏꢀ21ꢏꢀ/ꢐ7ꢀꢅ%ꢈ  
ꢊꢊ  
 
&RQVXPHUꢀ6XSSRUWꢃ  
*(ꢀ$SSOLDQFHVꢀ:HEVLWHꢀ  
*($SSOLDQFHVꢃFD  
+DYHꢀDꢀTXHVWLRQꢀRUꢀQHHGꢀDVVLVWDQFHꢀZLWKꢀ\RXUꢀDSSOLDQFH"ꢀ7U\ꢀWKHꢀ*(ꢀ$SSOLDQFHVꢀ:HEVLWHꢀꢂꢆꢀKRXUVꢀDꢀGD\ꢃꢀꢀ  
DQ\ꢀGD\ꢀRIꢀWKHꢀ\HDUꢓꢀ)RUꢀJUHDWHUꢀFRQYHQLHQFHꢀDQGꢀIDVWHUꢀVHUYLFHꢃꢀ\RXꢀFDQꢀQRZꢀGRZQORDGꢀ2ZQHU·Vꢀ0DQXDOVꢃꢀ  
RUGHUꢀSDUWVꢀRUꢀHYHQꢀVFKHGXOHꢀVHUYLFHꢀRQꢌOLQHꢁꢀ  
6FKHGXOHꢀ6HUYLFHꢀ  
*($SSOLDQFHVꢃFD  
([SHUWꢀ*(ꢀUHSDLUꢀVHUYLFHꢀLVꢀRQO\ꢀRQHꢀVWHSꢀDZD\ꢀIURPꢀ\RXUꢀGRRUꢁꢀ&DOOꢀꢉꢋꢋꢁꢇꢈꢊꢁꢄꢄꢆꢆꢀGXULQJꢀQRUPDOꢀEXVLQHVVꢀKRXUVꢁ  
5HDOꢀ/LIHꢀ'HVLJQꢀ6WXGLRꢀ  
*($SSOLDQFHVꢃFD  
*(ꢀVXSSRUWVꢀWKHꢀ8QLYHUVDOꢀ'HVLJQꢀFRQFHSW³SURGXFWVꢃꢀVHUYLFHVꢀDQGꢀHQYLURQPHQWVꢀWKDWꢀFDQꢀEHꢀXVHGꢀE\ꢀꢀ  
SHRSOHꢀRIꢀDOOꢀDJHVꢃꢀVL]HVꢀDQGꢀFDSDELOLWLHVꢁꢀ:HꢀUHFRJQL]HꢀWKHꢀQHHGꢀWRꢀGHVLJQꢀIRUꢀDꢀZLGHꢀUDQJHꢀRIꢀSK\VLFDOꢀDQGꢀ  
PHQWDOꢀDELOLWLHVꢀDQGꢀLPSDLUPHQWVꢁꢀ)RUꢀGHWDLOVꢀRIꢀ*(·Vꢀ8QLYHUVDOꢀ'HVLJQꢀDSSOLFDWLRQVꢃꢀSOHDVHꢀFDOOꢀꢉꢋꢋꢁꢇꢈꢊꢁꢄꢄꢆꢆꢁ  
([WHQGHGꢀ:DUUDQWLHVꢀ  
*($SSOLDQFHVꢃFD  
,Iꢀ\RXꢀZLVKꢀWRꢀSXUFKDVHꢀDQꢀH[WHQGHGꢀZDUUDQW\ꢀRQꢀ\RXUꢀDSSOLDQFHꢃꢀSOHDVHꢀFRQVXOWꢀ\RXUꢀORFDOꢀOLVWLQJVꢀIRUꢀDQꢀ  
H[WHQGHGꢀZDUUDQW\ꢀSURYLGHUꢁ  
3DUWVꢀDQGꢀ$FFHVVRULHVꢀꢀ  
*($SSOLDQFHVꢃFD  
,QGLYLGXDOVꢀTXDOLILHGꢀWRꢀVHUYLFHꢀWKHLUꢀRZQꢀDSSOLDQFHVꢀFDQꢀKDYHꢀSDUWVꢀRUꢀDFFHVVRULHVꢀVHQWꢀGLUHFWO\ꢀWRꢀWKHLUꢀKRPHVꢁꢀ  
2UGHUꢀE\ꢀSKRQHꢀDWꢀꢉꢋꢋꢁꢈꢈꢊꢁꢊꢈꢊꢈꢀGXULQJꢀQRUPDOꢀEXVLQHVVꢀKRXUVꢀRUꢀFRQVXOWꢀ\RXUꢀORFDOꢀOLVWLQJVꢀIRUꢀWKHꢀQHDUHVWꢀ*(ꢀ  
SDUWVꢀGLVWULEXWRUꢁ  
,Iꢀ\RXꢀQHHGꢀWRꢀRUGHUꢀUHSODFHPHQWꢀSDUWVꢃꢀZHꢀUHFRPPHQGꢀWKDWꢀ\RXꢀRQO\ꢀXVHꢀ*(ꢀIDFWRU\ꢀVSHFLILHGꢀSDUWVꢁꢀ7KHVHꢀ  
SDUWVꢀDUHꢀGHVLJQHGꢀWRꢀZRUNꢀZLWKꢀ\RXUꢀDSSOLDQFHꢀDQGꢀDUHꢀPDQXIDFWXUHGꢀDQGꢀWHVWHGꢀWRꢀPHHWꢀ*(ꢀVSHFLILFDWLRQVꢁ  
,QVWUXFWLRQVꢀFRQWDLQHGꢀLQꢀWKLVꢀPDQXDOꢀFRYHUꢀSURFHGXUHVꢀWRꢀEHꢀSHUIRUPHGꢀE\ꢀDQ\ꢀXVHUꢃꢀ2WKHUꢀVHUYLFLQJꢀ  
JHQHUDOO\ꢀVKRXOGꢀEHꢀUHIHUUHGꢀWRꢀTXDOLILHGꢀVHUYLFHꢀSHUVRQQHOꢃꢀ&DXWLRQꢀPXVWꢀEHꢀH[HUFLVHGꢏꢀVLQFHꢀLPSURSHUꢀ  
VHUYLFLQJꢀPD\ꢀFDXVHꢀXQVDIHꢀRSHUDWLRQꢃꢀ  
&RQWDFWꢀ8Vꢀ ꢀ  
*($SSOLDQFHVꢃFD  
,Iꢀ\RXꢀDUHꢀQRWꢀVDWLVILHGꢀZLWKꢀWKHꢀVHUYLFHꢀ\RXꢀUHFHLYHꢀIURPꢀ*(ꢃꢀFRQWDFWꢀXVꢀRQꢀRXUꢀ:HEVLWHꢀZLWKꢀDOOꢀWKHꢀGHWDLOVꢀ  
LQFOXGLQJꢀ\RXUꢀSKRQHꢀQXPEHUꢃꢀRUꢀZULWHꢀWRꢒꢀꢀ ꢀ'LUHFWRUꢃꢀ&RQVXPHUꢀ5HODWLRQVꢀ  
0&ꢀ&RPPHUFLDOꢀ ꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢊꢀ)DFWRU\ꢀ/DQHꢃꢀ6XLWHꢀꢄꢊꢋꢀ ꢀ  
0RQFWRQꢃꢀ1ꢁ%ꢁꢃꢀ(ꢊ&ꢀꢑ0ꢄ  
5HJLVWHUꢀ<RXUꢀ$SSOLDQFHꢀ  
*($SSOLDQFHVꢃFD  
5HJLVWHUꢀ\RXUꢀQHZꢀDSSOLDQFHꢀRQꢆOLQH³DWꢀ\RXUꢀFRQYHQLHQFHꢏꢀ7LPHO\ꢀSURGXFWꢀUHJLVWUDWLRQꢀZLOOꢀDOORZꢀIRUꢀ  
HQKDQFHGꢀFRPPXQLFDWLRQꢀDQGꢀSURPSWꢀVHUYLFHꢀXQGHUꢀWKHꢀWHUPVꢀRIꢀ\RXUꢀZDUUDQW\ꢃꢀVKRXOGꢀWKHꢀQHHGꢀDULVHꢁꢀꢀ  
<RXꢀPD\ꢀDOVRꢀPDLOꢀLQꢀWKHꢀSUHꢌSULQWHGꢀUHJLVWUDWLRQꢀFDUGꢀLQFOXGHGꢀLQꢀWKHꢀSDFNLQJꢀPDWHULDOꢁ  
3ULQWHGꢀLQꢀWKHꢀ8QLWHGꢀ6WDWHV  
ꢊꢂ  
 
(/(&7520(1$*(56*(ꢃ&$  
&RQVLJQHVꢀGHꢀVpFXULWpꢀꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢂꢃꢀꢄ  
0DQXHOꢀG·XWLOLVDWLRQ  
&RQVLJQHVꢀG·XWLOLVDWLRQ  
(QWUHWLHQꢀHWꢀQHWWR\DJHꢀꢀ  
GHꢀODꢀODYHXVHꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁꢀꢅ  
3DQQHDXꢀGHꢀFRPPDQGHOꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢆ  
5pJODJHꢀGHVꢀFRPPDQGHVꢀꢀꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁꢆ²ꢇ  
)RQFWLRQVꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢈꢃꢀꢅ  
&KDUJHPHQWꢀHWꢀ8WLOLVDWLRQꢀꢀꢀ  
GHꢀODꢀ/DYHXVHꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢅ  
&RQVHLOVꢀGHꢀGpSDQQDJHꢀꢀꢁ ꢁ ꢁꢉ²ꢊꢋ  
$VVLVWDQFHꢀjꢀODꢀFOLHQWqOH  
$VVLVWDQFHꢀjꢀODꢀFOLHQWqOHꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢊꢂ  
*DUDQWLHꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢊꢊ  
,QVFULYH]ꢀLFLꢀOHVꢀQXPpURVꢀGHꢀꢀ  
PRGqOHꢀHWꢀGHꢀVpULHꢀꢁ  
1XPpURꢀGHꢀPRGqOHꢀꢀ  
1XPpURꢀGHꢀ6pULHꢀꢀ  
&HVꢀQXPpURVꢀVRQWꢀꢀꢀ  
LQVFULWVꢀVRXVꢀOHꢀFRXYHUFOHꢀꢀ  
GHꢀODꢀODYHXVHꢁ  
ꢀꢀꢀꢀꢁꢂꢃꢂꢄꢁꢁꢅꢀꢀꢄꢆꢃꢇꢈꢀ*(  
 
,03257$17(6ꢀ&216,*1(6ꢀ'(ꢀ6e&85,7e  
9(8,//(=ꢀ/,5(ꢀ7287(6ꢀ/(6ꢀ&216,*1(6ꢀ$9$17ꢀ87,/,6$7,21ꢃ  
ꢀ
$9(57,66(0(17ꢉꢀꢀrWUHꢀVXLYLHVꢀDILQꢀGHꢀPLQLPLVHUꢀOHVꢀULVTXHVꢀG·LQFHQGLHꢀRXꢀG·H[SORVLRQꢉꢀGHꢀ  
6e&85,7eꢀ'8ꢀ&+$8))(ꢃ($8  
'DQVꢀFHUWDLQHVꢀFRQGLWLRQVꢉꢀGHꢀO·K\GURJqQHꢀJD]HX[ꢀSHXWꢀrWUHꢀSURGXLWꢀGDQVꢀXQꢀFKDXIIHꢃHDXꢀORUVTXHꢀFHꢀ  
GHUQLHUꢀQ·DꢀSDVꢀpWpꢀXWLOLVpꢀSHQGDQWꢀGHX[ꢀVHPDLQHVꢀRXꢀSOXVꢊꢀ'DQVꢀFHVꢀFRQGLWLRQVꢉꢀO·K\GURJqQHꢀJD]HX[ꢀ  
SHXWꢀSURYRTXHUꢀXQHꢀH[SORVLRQꢊ  
6LꢀYRXVꢀQ·DYH]ꢀSDVꢀXWLOLVpꢀO·HDXꢀFKDXGHꢀGHSXLVꢀSOXVꢀGHꢀGHX[ꢀVHPDLQHVꢃꢀpYLWH]ꢀWRXWꢀGRPPDJHꢀRXꢀEOHVVXUHꢀHQꢀRXYUDQWꢀ  
WRXVꢀOHVꢀURELQHWVꢀG·HDXꢀFKDXGHꢀHWꢀHQꢀOHVꢀODLVVDQWꢀFRXOHUꢀSHQGDQWꢀTXHOTXHVꢀPLQXWHVꢁꢀ(IIHFWXH]ꢀFHꢀJHVWHꢀDYDQWꢀ  
G·XWLOLVHUꢀWRXWꢀDSSDUHLOꢀpOHFWURPpQDJHUꢀEUDQFKpꢀDXꢀV\VWqPHꢀG·HDXꢀFKDXGHꢁꢀ&HWWHꢀSURFpGXUHꢀVLPSOHꢀSHUPHWꢀjꢀWRXWHꢀ  
DFFXPXODWLRQꢀG·K\GURJqQHꢀJD]HX[ꢀGHꢀV·pFKDSSHUꢁꢀ&RPPHꢀFHꢀJD]ꢀHVWꢀLQIODPPDEOHꢃꢀQHꢀIXPH]ꢀSDVꢃꢀQ·XWLOLVH]ꢀSDVꢀGHꢀ  
IODPPHꢀYLYHꢀRXꢀG·DSSDUHLOꢀpOHFWURPpQDJHUꢀSHQGDQWꢀFHWWHꢀSURFpGXUHꢁ  
,167$//$7,21ꢀ&255(&7(  
&HWWHꢀODYHXVHꢀGRLWꢀrWUHꢀFRUUHFWHPHQWꢀLQVWDOOpHꢀHWꢀSRVLWLRQQpHꢀFRQIRUPpPHQWꢀDX[ꢀ,QVWUXFWLRQVꢀ  
G·,QVWDOODWLRQꢀDYDQWꢀWRXWHꢀXWLOLVDWLRQꢊꢀ6LꢀYRXVꢀQ·DYH]ꢀSDVꢀUHoXꢀGHꢀILFKHꢀFRQWHQDQWꢀOHVꢀFRQVLJQHVꢀ  
G·LQVWDOODWLRQꢉꢀYRXVꢀSRXYH]ꢀYRXVꢀHQꢀSURFXUHUꢀXQHꢀVXUꢀOHꢀVLWHꢀ(/(&7520(1$*(56*(ꢃ&$ꢀRXꢀHQꢀ  
DSSHODQWꢀOHꢀꢄꢃꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋꢃ  
„ꢀ,QVWDOOH]ꢀRXꢀHQWUHSRVH]ꢀYRWUHꢀDSSDUHLOꢀGDQVꢀXQꢀHQGURLWꢀ „ꢀ&HWWHꢀODYHXVHꢀQ·HVWꢀSDVꢀIRXUQLHꢀDYHFꢀOHVꢀWX\DX[ꢀ  
RꢀLOꢀQHꢀVHUDꢀSDVꢀH[SRVpꢀDXꢀJHOꢀRXꢀDX[ꢀLQWHPSpULHVꢀ  
TXLꢀSRXUUDLHQWꢀFDXVHUꢀGHVꢀGRPPDJHVꢀSHUPDQHQWVꢀHWꢀ  
DQQXOHUꢀODꢀJDUDQWLHꢁ  
G·DOLPHQWDWLRQꢀHQꢀHDXꢁ  
ꢀ *(ꢀYRXVꢀUHFRPPDQGHꢀIRUWHPHQWꢀG·XWLOLVHUꢀGHVꢀSLqFHVꢀ  
G·XVLQHꢁꢀ8QHꢀOLVWHꢀGHVꢀWX\DX[ꢀGLVSRQLEOHVꢀjꢀO·DFKDWꢀ  
HVWꢀGRQQpHꢀFLGHVVRXVꢁꢀ&HVꢀWX\DX[ꢀVRQWꢀIDEULTXpVꢀHWꢀ  
WHVWpVꢀGHꢀIDoRQꢀjꢀUHVSHFWHUꢀOHVꢀVSpFLILFDWLRQVꢀGHꢀ*(ꢁ  
„ꢀ0HWWH]ꢀFRUUHFWHPHQWꢀODꢀODYHXVHꢀjꢀODꢀWHUUHꢀ  
FRQIRUPpPHQWꢀjꢀWRXVꢀOHVꢀFRGHVꢀHWꢀUqJOHPHQWVꢀHQꢀ  
YLJXHXUꢁꢀ6XLYH]ꢀWRXVꢀOHVꢀGpWDLOVꢀGRQQpVꢀGDQVꢀOHVꢀ  
,QVWUXFWLRQVꢀG·,QVWDOODWLRQꢁ  
ꢀ *(ꢀYRXVꢀUHFRPPDQGHꢀIRUWHPHQWꢀG·XWLOLVHUꢀGHVꢀWX\DX[ꢀ  
G·DOLPHQWDWLRQꢀHQꢀHDXꢀQHXIꢁꢀꢀ/HVꢀWX\DX[ꢀVHꢀGpJUDGHQWꢀ  
DYHFꢀOHꢀWHPSVꢀHWꢀGRLYHQWꢀrWUHꢀUHPSODFpVꢀWRXVꢀOHVꢀꢇꢀ  
DQVꢀSRXUꢀUpGXLUHꢀOHꢀULVTXHꢀGHꢀUXSWXUHꢀGHVꢀWX\DX[ꢀHWꢍ  
RXꢀGHꢀGpJkWVꢀGHVꢀHDX[ꢁ  
„ꢀ3RXUꢀJDUDQWLUꢀXQHꢀLQVWDOODWLRQꢀDGpTXDWHꢃꢀODYHUꢀSHWLWHVꢀ  
EUDVVpHVꢀDXꢀF\FOHꢀ4XLFNꢀ5LQVHꢀꢌ5LQoDJHꢀ5DSLGHꢍꢀ  
$9$17ꢀGHꢀODYHUꢀODꢀSUHPLqUHꢀEUDVVpHꢀQRUPDOHꢁ  
3LqFHVꢀHWꢀDFFHVVRLUHV  
ꢀ $SSHOH]ꢀOHꢀꢄꢃꢆꢇꢇꢃꢈꢈꢄꢃꢄꢈꢄꢈꢀRXꢀFRQWDFWH]ꢀYRWUHꢀ  
PDUFKDQGꢀGHꢀSLqFHVꢀ*(ꢀORFDOꢁ  
1XPpURꢀGHꢀSLqFHꢀꢀ  
$FFHVVRLUH  
:+ꢆꢊ;ꢊꢋꢂꢋꢅꢀ 7X\DX[ꢀHQꢀFDRXWFKRXFꢀGHꢀꢆꢀSLꢀꢎꢊꢃꢂꢀꢀ ꢀ  
ꢀ
ꢀ
PqWUHVꢏꢀSRXUꢀO·DOLPHQWDWLRQꢀHQꢀHDX  
28  
:;ꢊꢆ;ꢊꢋꢋꢋꢇꢀ  
7X\DX[ꢀWUHVVpꢀGHꢀꢆꢀSLꢀꢎꢊꢃꢂꢀPqWUHVꢏꢀꢀ ꢀ  
SRXUꢀO·DOLPHQWDWLRQꢀHQꢀHDXꢀ  
ꢀ
ꢀ
9275(ꢀ$,5(ꢀ'(ꢀ/(66,9(  
„ꢀ*DUGH]ꢀODꢀ]RQHꢀDXWRXUꢀHWꢀHQꢀGHVVRXVꢀGHꢀODꢀODYHXVHꢀ „ꢀ8QHꢀVXUYHLOODQFHꢀDFFUXHꢀHVWꢀQpFHVVDLUHꢀORUVꢀGHꢀ  
SURSUHꢀHWꢀH[HPSWHꢀGHꢀWRXWꢀPDWpULDXꢀFRPEXVWLEOHꢀ  
WHOꢀTXHꢀGHVꢀFKDUSLHVꢃꢀGXꢀSDSLHUꢃꢀGHVꢀFKLIIRQVꢀRXꢀGHVꢀ  
SURGXLWVꢀFKLPLTXHVꢁ  
O·XWLOLVDWLRQꢀGHꢀFHWꢀDSSDUHLOꢀHQꢀSUpVHQFHꢀG·HQIDQWVꢁꢀ  
1HꢀOHXUꢀSHUPHWWH]ꢀSDVꢀGHꢀMRXHUꢀVXUꢀOHꢀGHVVXVꢃꢀDYHFꢀ  
RXꢀGDQVꢀFHWWHꢀODYHXVHꢀRXꢀDYHFꢀWRXWꢀDXWUHꢀDSSDUHLOꢀ  
pOHFWURPpQDJHUꢁ  
ꢂ
 
ꢀ
HOHFWURPHQDJHUVJHꢃFD  
/25648(ꢀ9286ꢀ87,/,6(=ꢀ9275(ꢀ/$9(86(  
„ꢀꢀ1·HVVD\H]ꢀMDPDLVꢀG·RXYULUꢀYRWUHꢀODYHXVHꢀORUVTXHꢀ  
FHOOHꢌFLꢀHVWꢀHQꢀPDUFKHꢁ$WWHQGH]ꢀTXHꢀODꢀPDFKLQHꢀVRLWꢀ  
FRPSOqWHPHQWꢀDUUrWpHꢀDYDQWꢀG·RXYULUꢀOHꢀFRXYHUFOHꢁ  
„ꢀ/HꢀSURFHVVXVꢀGHꢀODYDJHꢀSHXWꢀUpGXLUHꢀODꢀUpVLVWDQFHꢀ  
DX[ꢀIODPPHVꢀGHVꢀWLVVXVꢁꢀ3RXUꢀpYLWHUꢀGHꢀWHOVꢀ  
UpVXOWDWVꢃꢀVXLYH]ꢀVRLJQHXVHPHQWꢀOHVꢀLQVWUXFWLRQVꢀGHꢀ  
ODYDJHꢀHWꢀG·HQWUHWLHQꢀGRQQpHVꢀSDUꢀOHꢀIDEULFDQWꢀGHꢀ  
YrWHPHQWVꢁꢀ  
1·XWLOLVH]ꢀ  
FHWꢀDSSDUHLOꢀ  
TX·DX[ꢀILQVꢀ  
SUpYXHVꢀ  
„ꢀ1HꢀPpODQJH]ꢀMDPDLVꢀGHꢀMDYHOOLVDQWꢀDYHFꢀGHꢀ  
O·DPPRQLDTXHꢀRXꢀGHVꢀDFLGHVꢀWHOVꢀTXHꢀGXꢀYLQDLJUHꢀ  
HWꢍRXꢀGHꢀO·DQWLURXLOOHꢁꢀ/HꢀPpODQJHꢀGHVꢀGLIIpUHQWVꢀ  
SURGXLWVꢀFKLPLTXHVꢀSHXWꢀSURGXLUHꢀGHVꢀJD]ꢀWR[LTXHVꢀ  
SRXYDQWꢀHQWUDvQHUꢀODꢀPRUWꢁ  
„ꢀ3RXUꢀUpGXLUHꢀOHꢀULVTXHꢀGHꢀFKRFꢀpOHFWULTXHꢃꢀ  
GpEUDQFKH]ꢀO·DSSDUHLOꢀGHꢀO·DOLPHQWDWLRQꢀpOHFWULTXHꢀ  
RXꢀGpEUDQFKH]ꢀODꢀODYHXVHꢀDXꢀQLYHDXꢀGXꢀSDQQHDXꢀ  
GHꢀGLVWULEXWLRQꢀHQꢀUHWLUDQWꢀOHꢀIXVLEOHꢀRXꢀGpFOHQFKDQWꢀ  
OHꢀGLVMRQFWHXUꢀDYDQWꢀG·HQWUHSUHQGUHꢀWRXWHꢀDFWLYLWpꢀ  
G·HQWUHWLHQꢀRXꢀGHꢀQHWWR\DJHꢁꢀꢀ  
5(0$548(ꢁꢀ/·DSSDUHLOꢀQ·HVWꢀ3$6ꢀGpFRQQHFWpꢀGHꢀ  
O·DOLPHQWDWLRQꢀpOHFWULTXHꢀORUVTXHꢀYRXVꢀIDLWHVꢀWRXUQHUꢀ  
OHꢀERXWRQꢀGHꢀVpOHFWLRQꢀGHꢀSURJUDPPHꢀVXUꢀODꢀSRVLWLRQꢀ  
$UUrWꢀRXꢀORUVTXHꢀYRXVꢀDSSX\H]ꢀVXUꢀ3DXVHꢊ  
GpFULWHVꢀ  
GDQVꢀOHꢀ  
„ꢀ1HꢀODYH]ꢀSDVꢀHWꢀQHꢀVpFKH]ꢀSDVꢀGHVꢀDUWLFOHVꢀD\DQWꢀ  
pWpꢀQHWWR\pVꢃꢀODYpVꢃꢀWUHPSpVꢀRXꢀWDFKpVꢀSDUꢀGHVꢀ  
VXEVWDQFHVꢀFRPEXVWLEOHVꢀRXꢀH[SORVLYHVꢀꢎWHOOHVꢀTXHꢀ  
ODꢀFLUHꢃꢀO·KXLOHꢃꢀODꢀSHLQWXUHꢃꢀO·HVVHQFHꢃꢀOHVꢀVXEVWDQFHVꢀ  
GpJUDLVVDQWHVꢃꢀOHVꢀVROYDQWVꢀGHꢀQHWWR\DJHꢀjꢀVHFꢃꢀOHꢀ  
SpWUROHꢃꢀHWFꢁꢁꢁꢏꢁꢀ&HVꢀVXEVWDQFHVꢀSHXYHQWꢀGpJDJHUꢀ  
GHVꢀYDSHXUVꢀTXLꢀSHXYHQWꢀV·HQIODPPHUꢀRXꢀH[SORVHUꢁꢀ  
1·DMRXWH]ꢀSDVꢀFHVꢀVXEVWDQFHVꢀjꢀO·HDXꢀGHꢀODYDJHꢁꢀ  
1·XWLOLVH]ꢀSDVꢀHWꢀQHꢀSODFH]ꢀSDVꢀFHVꢀVXEVWDQFHVꢀ  
DXWRXUꢀGHꢀYRWUHꢀODYHXVHꢀRXꢀGHꢀYRWUHꢀVpFKHXVHꢀ  
SHQGDQWꢀOHXUꢀIRQFWLRQQHPHQWꢁ  
PDQXHOꢀ  
G·XWLOLVDWLRQ  
„ꢀ1·HVVD\H]ꢀMDPDLVꢀGHꢀIDLUHꢀIRQFWLRQQHUꢀFHWꢀ  
DSSDUHLOꢀV·LOꢀHVWꢀHQGRPPDJpꢃꢀV·LOꢀQHꢀIRQFWLRQQHꢀ  
SDVꢀFRUUHFWHPHQWꢃꢀV·LOꢀHVWꢀSDUWLHOOHPHQWꢀGpPRQWpꢀ  
RXꢀVLꢀFHUWDLQHVꢀGHVꢀSLqFHVꢀVRQWꢀPDQTXDQWHVꢀRXꢀ  
FDVVpHVꢃꢀ\ꢀFRPSULVꢀVLꢀOHꢀFRUGRQꢀG·DOLPHQWDWLRQꢀHVWꢀ  
HQGRPPDJpꢁ  
/25648(ꢀ9286ꢀ1·87,/,6(=ꢀ3$6ꢀ9275(ꢀ/$9(86(  
„ꢀ)HUPH]ꢀOHVꢀURELQHWVꢀG·HDXꢀSRXUꢀGLPLQXHUꢀOHꢀULVTXHꢀGHꢀ  
IXLWHꢀHQꢀFDVꢀGHꢀFDVVXUHꢀRXꢀGHꢀUXSWXUHꢁꢀ9pULILH]ꢀO·pWDWꢀ  
GHVꢀWX\DX[ꢀG·DOLPHQWDWLRQꢐꢀ*(ꢀYRXVꢀUHFRPPDQGHꢀGHꢀ  
OHVꢀFKDQJHUꢀWRXVꢀOHVꢀꢇꢀDQVꢁ  
„ꢀ1·HVVD\H]ꢀSDVꢀGHꢀUpSDUHUꢀRXꢀGHꢀUHPSODFHUꢀXQHꢀSLqFHꢀ  
GHꢀO·DSSDUHLOꢃꢀjꢀPRLQVꢀG·XQHꢀUHFRPPDQGDWLRQꢀSUpFLVHꢀ  
jꢀFHWꢀHIIHWꢀGDQVꢀFHꢀPDQXHOꢀRXꢀGDQVꢀGHVꢀLQVWUXFWLRQVꢀ  
GHꢀUpSDUDWLRQꢀSDUꢀO·XWLOLVDWHXUꢀSXEOLpHVꢀTXHꢀYRXVꢀ  
FRPSUHQH]ꢀHWꢀSRXUꢀOHVTXHOOHVꢀYRXVꢀSRVVpGH]ꢀOHVꢀ  
FRPSpWHQFHVꢀUHTXLVHVꢁ  
„ꢀ$YDQWꢀGHꢀPHWWUHꢀYRWUHꢀODYHXVHꢀDXꢀUHEXWꢀRXꢀGHꢀODꢀ  
PHWWUHꢀKRUVꢀVHUYLFHꢃꢀUHWLUH]ꢀOHꢀFRXYHUFOHꢀSRXUꢀpYLWHUꢀ  
TXHꢀOHVꢀHQIDQWVꢀQHꢀVHꢀFDFKHQWꢀjꢀO·LQWpULHXUꢁ  
„ꢀ1HꢀPRGLILH]ꢀMDPDLVꢀOHVꢀFRPPDQGHVꢁ  
/,6(=ꢀ(7ꢀ68,9(=ꢀ62,*1(86(0(17ꢀ&(6ꢀ&216,*1(6ꢀ'(ꢀ  
6e&85,7eꢊ  
&216(59(=ꢀ&(6ꢀ,16758&7,216  
ꢄ
 
$ꢀSURSRVꢀGXꢀWDEOHDXꢀGHꢀFRPPDQGH³*XLGHꢀGHꢀGpPDUUDJHꢀUDSLGH  
'DQVꢀFHꢀPDQXHOꢉꢀOHVꢀFRPPDQGHVꢀHWꢀO·DVSHFWꢀGHVꢀpOpPHQWVꢀSHXYHQWꢀGLIIpUHUꢀGHꢀYRWUHꢀPRGqOHꢊ  
ꢅ
eWDSHꢀꢄ  
eWDSHꢀꢊ  
eWDSHꢀꢌ  
eWDSHꢀꢋ  
e
wash  
Auto  
Soak  
Delay Wash  
Hold secs  
3
Extra  
Rinse  
to Cancel Delay  
Fabric  
Softener  
Signal  
My  
Settings  
Soil  
Temp  
Spin  
Hold  
3
secs  
To Save Current Cycle  
‡ꢀꢀ$MRXWH]ꢀO·DVVRXSOLVVDQWꢀꢁVXUꢀ  
OHVꢀPRGqOHVꢀpTXLSpVꢀG·XQꢀ  
GLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢂꢃꢀ  
YRLUꢀSDJHꢀꢄꢀSRXUꢀSOXVꢀ  
‡ꢀꢀ3ODFH]ꢀOHVꢀYrWHPHQWVꢀDXWRXUꢀGHꢀO·,QIXVRUŒꢀ  
VDQVꢀOHVꢀFRPSULPHUꢅꢀ7RXWHꢀVXUFKDUJHꢀSRXUUDLWꢀ  
DYRLUꢀXQꢀLPSDFWꢀQpJDWLIꢀVXUꢀOHVꢀSHUIRUPDQFHVꢀ  
GHꢀODYHXVHꢅꢀ$GDSWH]ꢀODꢀWDLOOHꢀGHꢀODꢀEUDVVpHꢀHQꢀ  
FRQVpTXHQFHꢅꢀ  
‡ꢀꢀ6pOHFWLRQQH]ꢀOHꢀ  
‡ꢀꢀ$SSX\H]ꢀVXUꢀ  
0$5&+(ꢅ  
SURJUDPPHꢀGHꢀODYDJH  
‡ꢀꢀ6pOHFWLRQQH]ꢀOHVꢀRSWLRQVꢀGHꢀ  
ODYDJHꢇꢀ\ꢀFRPSULVꢀO·RSWLRQꢀ  
$VVRXSOLVVDQWꢃ  
G·LQIRUPDWLRQꢅ  
‡ꢀꢀ)HUPH]ꢀOHꢀFRXYHUFOHꢅ  
‡ꢀꢀ$MRXWH]ꢀOHꢀGpWHUJHQWꢅꢀ*(ꢀ  
UHFRPPDQGHꢀO·XWLOLVDWLRQꢀGHꢀ  
GpWHUJHQWꢀjꢀJUDQGHꢀHIILFDFLWpꢀ  
GDQVꢀWRXWHVꢀOHVꢀODYHXVHVꢀ  
KRPRORJXpHVꢀ(QHUJ\ꢀ6WDUꢅ  
5(0$548(ꢈꢀ/HꢀUHPSOLVVDJHꢇꢀHVVRUDJHꢀHWꢀDJLWDWLRQꢀ  
VRQWꢀLPSRVVLEOHVꢀDYHFꢀOHꢀFRXYHUFOHꢀRXYHUWꢅ  
‡ꢀ6pOHFWLRQQH]ꢀOHVꢀꢀ  
ꢀ
ꢀRSWLRQVꢃ  
,
+
*
e
wash  
monitor  
e
Signal  
%
)
$
'
(
&
&RPPDQGHV  
$
$ꢀ&\FOHVꢀGHꢀODYDJHꢀꢍꢀ%RXWRQꢀGHꢀVpOHFWLRQꢀGHVꢀF\FOHV  
/HꢀF\FOHꢀGHꢀODYDJHꢀFRQWU{OHꢀOHꢀSURFpGpꢀGHꢀODYDJHꢁꢀ/HꢀERXWRQꢀSHXWꢀrWUHꢀWRXUQpꢀGDQVꢀXQHꢀGLUHFWLRQꢀRXꢀO·DXWUHꢁꢀ7RXUQHUꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀGHVꢀ  
F\FOHVꢀDSUqVꢀOHꢀGpPDUUDJHꢀG·XQꢀF\FOHꢀDUUrWHUDꢀODꢀODYHXVHꢀHWꢀODꢀUpJOHUDꢀDXꢀF\FOHꢀFKRLVLꢁꢀ$SSX\H]ꢀVXUꢀ6WDUWꢀꢌ0DUFKHꢍꢀSRXUꢀGpPDUUDJHꢀOHꢀQRXYHDXꢀF\FOHꢁ  
/HꢀWDEOHDXꢀFLꢃGHVVRXVꢀYRXVꢀDLGHUDꢀjꢀFKRLVLUꢀXQꢀF\FOHꢀTXLꢀFRUUHVSRQGꢀDX[ꢀDUWLFOHVꢀjꢀODYHUꢊ  
ꢀ
ꢀ
H:DVKꢀ 8WLOLVH]ꢀO·RSWLRQꢀH:DVKꢀꢌ/DYDJHꢀpFRQRPLTXHꢍꢀSRXUꢀpFRQRPLVHUꢀO·pQHUJLHꢀjꢀGHVꢀF\FOHVꢀGHꢀODYDJHꢀVSpFLILTXHVꢁꢀH:DVKꢀQHꢀSHXWꢀꢀ  
ꢀ
SDVꢀrWUHꢀXWLOLVpꢀSRXUꢀOHVꢀF\FOHVꢀ%DVNHWꢀ&OHDQꢀꢌ1HWWR\DJHꢀFXYHꢍꢃꢀ4XLFNꢀ5LQVHꢀꢌ5LQoDJHꢀUDSLGHꢍꢀHWꢀ'UDLQꢀ ꢀ6SLQꢀꢌ'UDLQDJHꢀHWꢀHVVRUDJHꢍꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
:KLWHV  
ꢀ
3RXUꢀOHꢀFRWRQꢃꢀOHꢀOLQJHꢀGHꢀPDLVRQꢃꢀOHVꢀYrWHPHQWVꢀGHꢀWUDYDLOꢀRXꢀGHꢀVSRUWꢀSHXꢀVDOHVꢀjꢀWUqVꢀVDOHVꢁꢀ&HꢀF\FOHꢀYRXVꢀRIIUHꢀOHꢀꢀ  
ꢌ%ODQFVꢍꢀ ODYDJHꢀOHꢀSOXVꢀSHUIRUPDQWꢀSRXUꢀODꢀPDMRULWpꢀGHVꢀYrWHPHQWVꢀHWꢀHVWꢀDGDSWpꢀjꢀXQHꢀXWLOLVDWLRQꢀTXRWLGLHQQHꢁꢀ3URFXUHꢀXQꢀꢀ  
ODYDJHꢀQRUPDOꢀHWꢀVHꢀWHUPLQHꢀSDUꢀXQꢀHVVRUDJHꢀjꢀJUDQGHꢀYLWHVVHꢁ  
ꢀ
ꢀ
ꢀ
&RORUVꢀ 3RXUꢀOHVꢀFRWRQVꢀRXꢀOHVꢀPpODQJHVꢀGHꢀFRXOHXUVꢀQRQꢀVROLGHVꢀDXꢀODYDJHꢀRXꢀOHVꢀDUWLFOHVꢀpWLTXHWpVꢀSRXUꢀOHꢀODYDJHꢀjꢀO·HDXꢀꢀ  
ꢌ&RXOHXUVꢍꢀ IURLGHꢁꢀ3URFXUHꢀXQꢀODYDJHꢀGpOLFDWꢀHWꢀXQꢀHVVRUDJHꢀjꢀJUDQGHꢀYLWHVVHꢁ  
ꢀ
ꢀ
3HUPꢃꢀ3UHVVꢀ 3RXUꢀOHVꢀYrWHPHQWVꢀLQIURLVVDEOHVꢀHWꢀVDQVꢀUHSDVVDJHꢀHWꢀOHVꢀWULFRWVꢁꢀ3URFXUHꢀXQꢀODYDJHꢀGpOLFDWꢀDYHFꢀSpULRGHVꢀGHꢀꢀꢀ  
ꢌ7RXWꢃDOOHUꢍꢀ WUHPSDJHꢀHWꢀHVVRUDJHꢀjꢀEDVVHꢀYLWHVVHꢁ  
ꢀ
ꢀ
'HOLFDWHVꢀꢀ 3RXUꢀODꢀOLQJHULHꢀHWꢀOHVꢀWLVVXVꢀH[LJHDQWꢀXQꢀHQWUHWLHQꢀVSpFLDOꢃꢀVDOHWpꢀOpJqUHꢀjꢀQRUPDOHꢁꢀ3URFXUHꢀXQꢀODYDJHꢀWUqVꢀGpOLFDWꢀHWꢀXQꢀꢀ  
ꢌ'pOLFDWVꢍꢀ HVVRUDJHꢀjꢀEDVVHꢀYLWHVVHꢁ  
ꢀ
-HDQVꢀ 3RXUꢀSDQWDORQVꢀGHꢀGHQLPꢀGHꢀVDOHWpꢀOpJqUHꢀjꢀPR\HQQHꢁꢀ3URFXUHꢀXQꢀODYDJHꢀGpOLFDWꢀHWꢀXQꢀHVVRUDJHꢀjꢀJUDQGHꢀYLWHVVHꢁꢀꢀ  
ꢌ3DQWDORQVꢀGHꢀ'HQLPꢍꢀ ꢎ3RXUꢀOHVꢀSDQWDORQVꢀGHꢀGHQLPꢀWUqVꢀVDOHVꢃꢀXWLOLVH]ꢀOHꢀF\FOHꢀ:KLWHVꢎ+HDY\ꢀ'XW\ꢀꢌ%ODQFVꢋ/DYDJHꢀ,QWHQVHꢍꢊꢏ  
+DQGꢀ:DVKꢀ 3RXUꢀOHVꢀDUWLFOHVꢀpWLTXHWpVꢀODYDJHꢀjꢀODꢀPDLQꢃꢀGHꢀVDOHWpꢀOpJqUHꢁꢀ3URFXUHꢀXQꢀODYDJHꢀH[WUrPHPHQWꢀGpOLFDWꢀHWꢀXQꢀHVVRUDJHꢀjꢀꢀ  
ꢀ ꢌ/DYDJHꢀjꢀODꢀ0DLQꢍꢀ WUqVꢀEDVVHꢀYLWHVVHꢁ  
7RZHOVꢉ6KHHWVꢀ 3pULRGHVꢀGHꢀEUDVVDJHꢀHWꢀGHꢀWUHPSDJHꢀDGDSWpHVꢀDX[ꢀVHUYLHWWHVꢀHWꢀDX[ꢀGUDSVꢁꢀ3URFXUHꢀXQꢀODYDJHꢀQRUPDOꢀHWꢀXQꢀꢀ  
ꢀ ꢌ6HUYLHWWHVꢋ'UDSVꢍꢀ HVVRUDJHꢀjꢀJUDQGHꢀYLWHVVHꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
+HDY\ꢀ'XW\ꢀ 8QꢀF\FOHꢀH[FHSWLRQQHOꢀSRXUꢀOHVꢀYrWHPHQWVꢀWUqVꢀVDOHVꢀRXꢀWDFKpVꢁꢀ8QꢀF\FOHꢀGHꢀWUHPSDJHꢀHVWꢀDMRXWpꢀHWꢀOHꢀF\FOHꢀGHꢀꢀ  
ꢌ/DYDJHꢀLQWHQVHꢍꢀ EUDVVDJHꢀHVWꢀSURORQJpꢀSRXUꢀXQꢀQHWWR\DJHꢀHQꢀSURIRQGHXUꢁꢀ&HꢀF\FOHꢀSOXVꢀSXLVVDQWꢀGRLWꢀrWUHꢀXWLOLVpꢀDYHFꢀFLUFRQVSHFWLRQꢁ  
ꢀ
%DVNHWꢀ&OHDQꢀ &\FOHꢀXWLOLVpꢀSRXUꢀQHWWR\HUꢀODꢀFXYHꢀGHVꢀUpVLGXVꢀHWꢀpOLPLQHUꢀOHVꢀRGHXUVꢁꢀ8WLOLVDWLRQꢀUHFRPPDQGpHꢀXQHꢀIRLVꢀSDUꢀPRLVꢁꢀꢀ  
ꢀ ꢌ1HWWR\DJHꢀGHꢀ&XYHꢍꢀ 5(0$548(ꢀꢒꢀ1HꢀMDPDLVꢀSODFHUꢀXQHꢀEUDVVpHꢀGDQVꢀODꢀFXYHꢀORUVꢀGXꢀF\FOHꢀ%DVNHWꢀ&OHDQꢀꢌ1HWWR\DJHꢀGHꢀODꢀFXYHꢍꢁꢀ/HVꢀꢀ  
ꢀ
ꢀ
DUWLFOHVꢀGHꢀODꢀEUDVVpHꢀULVTXHQWꢀG·rWUHꢀHQGRPPDJpVꢀRXꢀFRQWDPLQpVꢁꢀ&RQVXOWH]ꢀODꢀVHFWLRQꢀ(QWUHWLHQꢀHWꢀQHWWR\DJHꢁ  
ꢀ
4XLFNꢀ5LQVHꢀ 5LQFHꢀHWꢀHVVRUHꢀGHVꢀDUWLFOHVꢀQRQꢀVDOHVꢀORUVTXHꢀVHXOꢀXQꢀULQoDJHꢀHVWꢀGpVLUpꢁꢀ3URFXUHꢀXQꢀHVVRUDJHꢀjꢀJUDQGHꢀꢀ  
ꢀ ꢌ5LQoDJHꢀ5DSLGHꢍꢀ YLWHVVHꢁ  
ꢀ
'UDLQꢀ ꢀ6SLQꢀ ꢌ'UDLQDJHꢀHWꢀHVVRUDJHꢍꢀ3RXUꢀYLGDQJHUꢀODꢀFXYHꢀHWꢀHVVRUHUꢀOHVꢀYrWHPHQWVꢁꢀ3URFXUHꢀXQꢀHVVRUDJHꢀjꢀJUDQGHꢀYLWHVVHꢁꢀ  
ꢆ
 
HOHFWURPHQDJHUVJHꢃFD  
ꢀ
2SWLRQV  
%
$XWRVRDNꢀꢌ7UHPSDJHꢀPLQXWpꢍ  
&HWWHꢀIRQFWLRQꢀGpEXWHꢀSDUꢀXQꢀEUDVVDJHꢀFRXUWꢃꢀHIIHFWXHꢀHQVXLWHꢀXQꢀWUHPSDJHꢀG·XQHꢀGXUpHꢀVSpFLILpHꢃꢀSXLVꢀWHUPLQHꢀOHꢀUHVWHꢀGXꢀF\FOHꢀ  
DXWRPDWLTXHPHQWꢁꢀ6XUꢀFHUWDLQVꢀPRGqOHVꢃꢀFHWWHꢀRSWLRQꢀHVWꢀVLWXpHꢀVXUꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀGHVꢀF\FOHVꢁ  
([WUDꢀ5LQVHꢀꢌ([WUDꢀULQoDJHꢍ  
/RUVTXHꢀYRXVꢀXWLOLVH]ꢀXQꢀVXSSOpPHQWꢀGHꢀGpWHUJHQWꢀRXꢀGHꢀMDYHOOLVDQWꢀSRXUꢀODYHUꢀGHVꢀYrWHPHQWVꢀWUqVꢀVDOHVꢃꢀXWLOLVH]ꢀO·RSWLRQꢀ([WUDꢀ5LQVHꢀꢌ([WUDꢀ  
ULQoDJHꢍꢀSRXUꢀPLHX[ꢀpOLPLQHUꢀOHVꢀUpVLGXVꢁ  
)DEULFꢀ6RIWHQHUꢀꢌ$VVRXSOLVVDQWꢍ  
&KRLVLVVH]ꢀFHWWHꢀRSWLRQꢀORUVTXHꢀYRXVꢀDMRXWH]ꢀXQꢀDVVRXSOLVVDQWꢀGDQVꢀODꢀODYHXVHꢀRXꢀSRXUꢀVpOHFWLRQQHUꢀ3RZHUꢀ5LQVHꢀꢌ5LQoDJHꢀSXLVVDQWꢍꢁ  
5(0$548(ꢀꢁꢀ1·XWLOLVH]ꢀSDVꢀXQꢀDVVRXSOLVVDQWꢀTXLꢀGLVWULEXHꢀGHVꢀELOOHVꢁꢀ&HꢀW\SHꢀG·DVVRXSOLVVDQWꢀQHꢀIRQFWLRQQHꢀSDVꢀFRUUHFWHPHQWꢀDYHFꢀOHVꢀ  
ODYHXVHVꢀXOWUDꢌSHUIRUPDQWHVꢁ  
'HOD\ꢀ:DVKꢀꢌ'pODLꢍ  
6XUꢀFHUWDLQVꢀPRGqOHVꢃꢀXQHꢀSUHVVLRQꢀUpSpWpHꢀVXUꢀODꢀWRXFKHꢀ'HOD\ꢀ:DVKꢀGRQQHꢀOHVꢀGpODLVꢀVXLYDQWVꢀꢒꢀꢄꢋꢀPLQXWHVꢃꢀꢊꢀKHXUHꢃꢀꢄꢀKHXUHVꢃꢀꢈꢀKHXUHVꢃꢀꢑꢀ  
KHXUHVꢃꢀSXLVꢀUHWRXUꢀjꢀO·DEVHQFHꢀGHꢀGpODLꢀꢎꢋꢀPLQXWHꢏꢁ  
6XUꢀG·DXWUHVꢀPRGqOHVꢃꢀODꢀVpTXHQFHꢀHVWꢀODꢀVXLYDQWHꢀꢒꢀꢂꢀKHXUHVꢃꢀꢆꢀKHXUHVꢃꢀꢉꢀKHXUHVꢃꢀSXLVꢀUHWRXUꢀjꢀO·DEVHQFHꢀGHꢀGpODLꢀꢎꢋꢀKHXUHꢏꢁ  
6XUꢀWRXVꢀOHVꢀPRGqOHVꢃꢀXQHꢀSUHVVLRQꢀVXUꢀODꢀWRXFKHꢀ'HOD\ꢀ:DVKꢀSHQGDQWꢀꢄꢀVHFRQGHVꢀHIIHFWXHꢀXQꢀUHWRXUꢀjꢀO·DEVHQFHꢀGHꢀGpODLꢀꢎTXHOꢀTXHꢀVRLWꢀOHꢀ  
GpODLꢀFKRLVLꢀSUpFpGHPPHQWꢏꢁ  
6LJQDOꢀꢌ6LJQDOꢍ  
8WLOLVH]ꢀODꢀWRXFKHꢀ6LJQDOꢀSRXUꢀFKDQJHUꢀOHꢀYROXPHꢀVRQRUHꢀGXꢀVLJQDOꢀGHꢀILQꢀGHꢀF\FOHꢁꢀ$SSX\H]ꢀVXUꢀODꢀWRXFKHꢀMXVTX·jꢀREWHQLUꢀOHꢀQLYHDXꢀGpVLUpꢀRXꢀ  
PrPHꢀO·DEVHQFHꢀGHꢀVRQꢁ  
6HWWLQJVꢀꢌ5pJODJHVꢍ  
&
'HVꢀUpJODJHVꢀSHUVRQQDOLVpVꢀSRXUꢀOHꢀEUDVVDJHꢀꢎ6RLOꢀꢌꢀ6DOHWpꢏꢃꢀODꢀWHPSpUDWXUHꢀGHꢀO·HDXꢀꢎ7HPSꢏꢀHWꢀO·HVVRUDJHꢀꢎ6SLQꢀꢌꢀ(VVRUDJHꢏꢀSHXYHQWꢀ  
rWUHꢀVpOHFWLRQQpVꢃꢀGHSXLVꢀXQꢀPLQLPXPꢀꢎEDVꢀGHꢀODꢀFRORQQHꢏꢀMXVTX·jꢀXQꢀPD[LPXPꢀꢎKDXWꢀGHꢀODꢀFRORQQHꢏꢁꢀ(QꢀJpQpUDOꢃꢀO·pQHUJLHꢀXWLOLVpHꢀ  
DXJPHQWHꢀDYHFꢀODꢀKDXWHXUꢀGDQVꢀODꢀFRORQQHꢁ  
0\ꢀ6HWWLQJVꢀꢌ)DYRULꢍ  
'
-ꢀPHVXUHꢀTXHꢀO·RQꢀWRXUQHꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀGHVꢀF\FOHVꢃꢀOHVꢀUpJODJHVꢀ6RLOꢃꢀ7HPSꢀHWꢀ6SLQꢀSDVVHQWꢀjꢀGHVꢀYDOHXUVꢀSUpUpJOpHVꢀSDUꢀGpIDXWꢁꢀ6Lꢀ  
YRXVꢀVRXKDLWH]ꢀXQꢀUpJODJHꢀGLIIpUHQWꢃꢀDSSX\H]ꢀVXUꢀODꢀRXꢀOHVꢀWRXFKHVꢀDSSURSULpHVꢁꢀ0DLQWHQH]ꢀHQVXLWHꢀHQIRQFpHꢀODꢀWRXFKHꢀ0\ꢀ6HWWLQJVꢀꢌ)DYRULꢍꢀ  
SHQGDQWꢀꢄꢀVHFRQGHVꢐꢀODꢀODYHXVHꢀPpPRULVHUDꢀOHVꢀQRXYHDX[ꢀUpJODJHVꢀSRXUꢀOHꢀF\FOHꢀLQGLTXpꢀSDUꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢁꢀ-ꢀO·DYHQLUꢃꢀFHVꢀQRXYHDX[ꢀ  
UpJODJHVꢀVHURQWꢀDXWRPDWLTXHPHQWꢀUDSSHOpVꢀORUVTXHꢀYRXVꢀWRXUQHUH]ꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀVXUꢀFHꢀF\FOHꢁꢀ5(0$548(ꢀꢁꢀ/·RSWLRQꢀ0\ꢀ6HWWLQJVꢀQHꢀ  
SHUPHWꢀSDVꢀGHꢀUpJOHUꢀOHꢀQLYHDXꢀVRQRUHꢁ  
3RZHUꢀꢌ$FWLYDWLRQꢀGHꢀO·DIILFKDJHꢍ  
(
)
$SSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀDFWLYHUꢀO·DIILFKDJHꢁꢀ6LꢀO·DIILFKDJHꢀHVWꢀDFWLIꢃꢀDSSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀPHWWUHꢀODꢀODYHXVHꢀHQꢀPRGHꢀ  
LQDFWLIꢁꢀ5(0$548(ꢀꢁꢀ$SSX\HUꢀVXUꢀ32:(5ꢀQHꢀFRXSHꢀSDVꢀO·DOLPHQWDWLRQꢀpOHFWULTXHꢀGHꢀODꢀODYHXVHꢁ  
6WDUWꢀꢌ'pPDUUDJHꢍ  
$SSX\H]ꢀVXUꢀ6WDUWꢀSRXUꢀGpEXWHUꢀOHꢀF\FOHꢁꢀ5(0$548(ꢀꢁꢀ/HꢀFRXYHUFOHꢀGRLWꢀrWUHꢀIHUPpꢀSRXUꢀUHPSOLUꢀODꢀODYHXVHꢀHWꢀGpPDUUDJHꢀOHꢀF\FOHꢁꢀ$SSX\HUꢀ  
VXUꢀ6WDUWꢀXQHꢀDXWUHꢀIRLVꢀPHWWUDꢀOHꢀF\FOHꢀHQꢀ3DXVHꢀHWꢀOHꢀYR\DQWꢀGXꢀF\FOHꢀFOLJQRWHUDꢁ  
3RXUꢀFRQWLQXHUꢀOHꢀF\FOHꢃꢀDSSX\H]ꢀVXUꢀ6WDUWꢀjꢀQRXYHDXꢀRXꢀIHUPH]ꢀOHꢀFRXYHUFOHꢁꢀ6LꢀODꢀODYHXVHꢀHVWꢀHQꢀSDXVHꢀSHQGDQWꢀSOXVꢀGHꢀꢂꢆꢀKHXUHVꢃꢀOHꢀF\FOHꢀ  
VHUDꢀDQQXOpꢁꢀ3RXUꢀDUUrWHUꢀXQꢀF\FOHꢃꢀHQIRQFHUꢀODꢀWRXFKHꢀSHQGDQWꢀꢄꢀVHFRQGHVꢁꢀ6LꢀGHꢀO·HDXꢀGHPHXUHꢀGDQVꢀODꢀODYHXVHꢃꢀVpOHFWLRQQH]ꢀOHꢀF\FOHꢀ'UDLQꢀ  
ꢀ6SLQꢀꢌ'UDLQDJHꢀHWꢀHVVRUDJHꢍꢀSRXUꢀYLGDQJHUꢀODꢀFXYHꢀHWꢀH[SXOVHUꢀO·HDXꢁ  
6RXOHYHUꢀOHꢀFRXYHUFOHꢀDUUrWHꢀOHꢀEUDVVDJHꢀRXꢀO·HVVRUDJHꢀPDLVꢀQHꢀPHWꢀSDVꢀOHꢀF\FOHꢀHQꢀSDXVHꢁ  
H:DVK  
*
+
/RUVTXHꢀODꢀWRXFKHꢀH:DVKꢀHVWꢀHQIRQFpHꢃꢀOHꢀF\FOHꢀSDVVHꢀDX[ꢀUpJODJHVꢀOHVꢀSOXVꢀpFRQRPHVꢀHQꢀpQHUJLHꢀHWꢀWRXVꢀOHVꢀYR\DQWVꢀH0RQLWRUꢀV·DOOXPHQWꢀ  
SRXUꢀLQGLTXHUꢀO·DFWLYDWLRQꢀGHVꢀUpJODJHVꢀG·pFRQRPLHꢀG·pQHUJLHꢁꢀ6LꢀYRXVꢀFKDQJH]ꢀOHVꢀUpJODJHVꢃꢀOHꢀQRPEUHꢀGHꢀYR\DQWVꢀH0RQLWRUꢀGLPLQXHUDꢀꢎRXꢀ  
DXJPHQWHUDꢏꢀSRXUꢀLQGLTXHUꢀODꢀGLPLQXWLRQꢀRXꢀO·DXJPHQWDWLRQꢀGHVꢀUpJODJHVꢀpFRQHUJpWLTXHVꢁ  
'LVSOD\ꢀꢌ$IILFKDJHꢍ  
/·DIILFKDJHꢀLQGLTXHꢀOHꢀWHPSVꢀjꢀpFRXOHUꢀDYDQWꢀODꢀILQꢀGXꢀF\FOHꢁ  
5(0$548(ꢀꢁꢀ/DꢀGXUpHꢀGXꢀF\FOHꢀGpSHQGꢀGXꢀWHPSVꢀTX·LOꢀIDXWꢀSRXUꢀUHPSOLUꢀODꢀFXYHꢃꢀYDULDEOHꢀVHORQꢀODꢀSUHVVLRQꢀG·HDXꢀjꢀYRWUHꢀGRPLFLOHꢁꢀ/Dꢀ  
PLQXWHULHꢀLQWHOOLJHQWHꢀHQUHJLVWUHꢀOHꢀWHPSVꢀTX·LOꢀIDXWꢀSRXUꢀUHPSOLUꢀODꢀFXYHꢀHWꢀDMXVWHꢀODꢀGXUpHꢀWRWDOHꢀHQꢀFRQVpTXHQFHꢁ  
'HꢀSOXVꢏꢀFHWꢀDIILFKDJHꢀIHUDꢀGpILOHUꢀO·pWDWꢀGHꢀIRQFWLRQQHPHQWꢀGHꢀODꢀODYHXVHꢀꢁ  
‡ꢀE$/$1&,1*ꢀ 'pEXWꢀGXꢀF\FOHꢀGHꢀUppTXLOLEUDJHꢀSRXUꢀGLVWULEXHUꢀOHVꢀYrWHPHQWVꢁꢀ$UUrWHꢀORUVTXHꢀOHꢀUppTXLOLEUDJHꢀHVWꢀWHUPLQpꢁ  
‡ꢀG(/$<ꢀ  
‡ꢀ(QGꢀ ꢀ  
‡ꢀ),//ꢀ ꢀ  
/ꢀ RUVTXHꢀOHꢀODYDJHꢀGLIIpUpꢀꢑ'HOD\HGꢀ:DVKꢒꢀDꢀGpEXWpꢁꢀ5HPSODFpꢀSDUꢀODꢀGXUpHꢀHVWLPpHꢀORUVTXHꢀOHꢀF\FOHꢀGpPDUUHꢁ  
)LQꢀGXꢀF\FOHꢀDFWXHOꢁ  
'XUDQWꢀOHVꢀSUHPLqUHVꢀꢆꢇꢀVHFRQGHVꢀGXꢀUHPSOLVVDJHꢃꢀOHꢀWHPSVꢀHVWLPpꢀSRXUꢀWHUPLQHUꢀOHꢀF\FOHꢀHVWꢀDIILFKpꢁꢀ3RXUꢀOHꢀUHVWHꢀGXꢀꢀ  
WHPSVꢀGHꢀUHPSOLVVDJHꢃꢀ),//ꢀDSSDUDvWꢀMXVTX·jꢀODꢀILQꢀGXꢀUHPSOLVVDJHꢁ  
/HꢀF\FOHꢀV·HVWꢀDUUrWpꢀVXLWHꢀjꢀO·RXYHUWXUHꢀGXꢀFRXYHUFOHꢁꢀ)HUPH]ꢀOHꢀFRXYHUFOHꢁ  
/ꢀ HꢀF\FOHꢀV·HVWꢀPLVꢀHQꢀSDXVHꢀVXLWHꢀjꢀXQHꢀSUHVVLRQꢀGHꢀODꢀWRXFKHꢀ6WDUWꢎ3DXVHꢀHWꢀDXꢀUpJODJHꢀVXUꢀ3DXVHꢁꢀ$SSX\H]ꢀVXUꢀODꢀꢀ  
WRXFKHꢀ6WDUWꢀjꢀQRXYHDXꢀSRXUꢀUH'pPDUUDJHꢀOHꢀF\FOHꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
‡ꢀ/,'ꢀ ꢀ  
‡ꢀ3$86(ꢀ  
ꢀ
ꢀ
,QGLFDWRUꢀOLJKWVꢀꢌ9R\DQWVꢀOXPLQHX[ꢍ  
,
&LQTꢀYR\DQWVꢀ'(/ꢀLQGLTXHQWꢀO·pWDWꢀDFWXHOꢀGXꢀIRQFWLRQQHPHQWꢃꢀVHꢀGpSODoDQWꢀGHꢀJDXFKHꢀjꢀGURLWHꢀDYHFꢀODꢀSURJUHVVLRQꢀGXꢀF\FOHꢁ  
'HPDQGꢀ6LGHꢀ0DQDJHPHQWꢀꢌ*HVWLRQꢀGHꢀODꢀGHPDQGHꢍꢀꢌVXUꢀFHUWDLQVꢀPRGqOHVꢍꢀꢌꢀ/RUVTX·HOOHꢀHVWꢀFRQQHFWpHꢀVXUꢀOHꢀV\VWqPHꢀGHꢀVXUYHLOODQFHꢀ  
GHVꢀWDX[ꢀGHꢀYRWUHꢀIRXUQLVVHXUꢀG·pQHUJLHꢃꢀODꢀODYHXVHꢀUHWDUGHUDꢀVRQꢀGpPDUUDJHꢀVLꢀOHVꢀWDX[ꢀVRQWꢀpOHYpVꢁꢀ/HVꢀOHWWUHVꢀ©ꢀ(6ꢀªꢀDSSDUDvWURQWꢀHWꢀꢀ  
OHꢀF\FOHꢀVpOHFWLRQQpꢀGpPDUUDJHꢀDSUqVꢀXQꢀGpODLꢀGHꢀꢆꢀKHXUHVꢀRXꢀORUVTXHꢀOHVꢀWDX[ꢀVHURQWꢀEDVꢀRXꢀPRGpUpVꢃꢀVHORQꢀFHꢀTXLꢀVXUYLHQGUDꢀHQꢀꢀ  
SUHPLHUꢁꢀ6LꢀOHVꢀWDX[ꢀQHꢀVRQWꢀSDVꢀpOHYpVꢃꢀOHꢀF\FOHꢀVpOHFWLRQQpꢀGpPDUUDJHꢀLPPpGLDWHPHQWꢁ  
'60  
ꢇ
 
$ꢀSURSRVꢀGHVꢀIRQFWLRQVꢀGHꢀODꢀODYHXVHꢃ  
&HꢀPRGqOHꢀHVWꢀpTXLSpꢀG·XQꢀV\VWqPHꢀ'e7(&7,21ꢀ$8720$7,48(ꢀ'(ꢀ/$ꢀ%5$66e(ꢁꢀ&HWWHꢀVpOHFWLRQꢀYRXVꢀGRQQHꢀ  
DXWRPDWLTXHPHQWꢀODꢀTXDQWLWpꢀG·HDXꢀDSSURSULpHꢀSRXUꢀODꢀWDLOOHꢀHWꢀOHꢀW\SHꢀGHꢀEUDVVpHꢀSODFpHꢀGDQVꢀODꢀODYHXVHꢁꢌꢀ/DꢀODYHXVHꢀQHꢀ  
VHꢀUHPSOLUDꢀSDVꢀG·HDXꢀVLꢀODꢀGpWHFWLRQꢀDXWRPDWLTXHꢀGHꢀEUDVVpHꢀHVWꢀVpOHFWLRQQpHꢀHWꢀOHꢀFRXYHUFOHꢀQ·HVWꢀSDVꢀIHUPpꢁꢀ/RUVTXHꢀOHꢀ  
FRXYHUFOHꢀHVWꢀIHUPpꢃꢀODꢀODYHXVHꢀFRPPHQFHꢀjꢀVHꢀUHPSOLUꢀG·HDXꢀSRXUꢀHVWLPHUꢀODꢀEUDVVpHꢊ  
5HPDUTXHꢀꢁꢀ&HFLꢀHVWꢀXQHꢀODYHXVHꢀXOWUDꢃSHUIRUPDQWHꢀDYHFꢀXQꢀODYDJHꢀSDUꢀ,QIXVRUꢀŒꢀTXLꢀGHPDQGHꢀXQHꢀPRLQVꢀJUDQGHꢀTXDQWLWpꢀ  
G·HDXꢀWRXWꢀHQꢀRIIUDQWꢀXQꢀODYDJHꢀHIILFDFHꢊꢀ9RXVꢀUHPDUTXHUH]ꢀSHXWꢃrWUHꢀTXHꢀOHꢀQLYHDXꢀG·HDXꢀHVWꢀSOXVꢀEDVꢀTXHꢀGDQVꢀYRWUHꢀ  
SUpFpGHQWHꢀODYHXVHꢊꢀ&HFLꢀHVWꢀQRUPDOꢀSRXUꢀXQHꢀODYHXVHꢀpTXLSpHꢀG·XQꢀ,QIXVRUŒꢊ  
'LVWULEXWHXUꢀGHꢀMDYHOOLVDQWꢀOLTXLGH  
$XꢀPRPHQWꢀGXꢀUHPSOLVVDJHꢀGHꢀODꢀODYHXVHꢉꢀO·HDXꢀGLOXHꢀOHꢀMDYHOOLVDQWꢊ  
ꢀꢀ9pULILH]ꢀO·pWLTXHWDJHꢀGHVꢀYrWHPHQWVꢀHQꢀFDVꢀG·LQVWUXFWLRQVꢀSDUWLFXOLqUHVꢁ  
ꢀꢀ0HVXUH]ꢀVRLJQHXVHPHQWꢀODꢀTXDQWLWpꢀGHꢀMDYHOOLVDQWꢀHQꢀVXLYDQWꢀOHVꢀLQVWUXFWLRQVꢀVXUꢀODꢀERXWHLOOHꢁ  
ꢊ
ꢋ
„ꢀꢀ1HꢀYHUVH]ꢀMDPDLVꢀGHꢀMDYHOOLVDQWꢀQRQꢀGLOXpꢀGLUHFWHPHQWꢀVXUꢀOHVꢀYrWHPHQWVꢀRXꢀGDQVꢀOHꢀSDQLHUꢀꢀ  
GHꢀODꢀODYHXVHꢊ  
„ꢀꢀ1HꢀYHUVH]ꢀSDVꢀGHꢀMDYHOOLVDQWꢀHQꢀSRXGUHꢀGDQVꢀOHꢀGLVWULEXWHXUꢀGHꢀMDYHOOLVDQWꢊ  
ꢀꢀ$YDQWꢀGHꢀGpPDUUDJHꢀODꢀODYHXVHꢃꢀYHUVH]ꢀODꢀTXDQWLWpꢀGHꢀMDYHOOLVDQWꢀPHVXUpHꢀGLUHFWHPHQWꢀGDQVꢀOHꢀ  
GLVWULEXWHXUꢀGHꢀMDYHOOLVDQWꢁꢀeYLWH]ꢀOHVꢀpFODERXVVXUHVꢀHWꢀpYLWH]ꢀGHꢀWURSꢀUHPSOLUꢀOHꢀGLVWULEXWHXUꢁꢀ6Lꢀ  
YRXVꢀSUpIpUH]ꢀXWLOLVH]ꢀGXꢀMDYHOOLVDQWꢀHQꢀSRXGUHꢃꢀDMRXWH]ꢌOHꢀGDQVꢀOHꢀSDQLHUꢀGHꢀODYDJHꢀDYHFꢀYRWUHꢀ  
GpWHUJHQWꢁ  
ꢌ
„ꢀꢀ1HꢀPpODQJH]ꢀMDPDLVꢀGHꢀMDYHOOLVDQWꢀDYHFꢀGHꢀO·DPPRQLDTXHꢀRXꢀGHVꢀDFLGHVꢀWHOVꢀTXHꢀGXꢀYLQDLJUHꢀ  
HWꢋRXꢀGHꢀO·DQWLURXLOOHꢊꢀ/HꢀPpODQJHꢀSHXWꢀSURGXLUHꢀGHVꢀJD]ꢀWR[LTXHVꢀSRXYDQWꢀHQWUDvQHUꢀODꢀPRUWꢊ  
'LVWULEXWHXUꢀG·DVVRXSOLVVDQWꢀꢌVXUꢀFHUWDLQVꢀPRGqOHVꢍ  
/HꢀGLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢀOLEqUHꢀDXWRPDWLTXHPHQWꢀO·DVVRXSOLVVDQWꢀOLTXLGHꢀDXꢀPRPHQWꢀ  
DSSURSULpꢀGXꢀSURJUDPPHꢁꢀ  
&RXYHUFOH  
ꢊ
1·DUUrWH]ꢀSDVꢀODꢀODYHXVHꢀHWꢀQ·RXYUH]ꢀSDVꢀOHꢀFRXYHUFOHꢀSHQGDQWꢀVRQꢀSUHPLHUꢀHVVRUDJHꢀꢀVLQRQꢀOHꢀ  
GLVWULEXWHXUꢀVHꢀYLGHUDꢀSUpFRFHPHQWꢃ  
1HꢀYHUVH]ꢀMDPDLVꢀO·DVVRXSOLVVDQWꢀGLUHFWHPHQWꢀVXUꢀOHVꢀYrWHPHQWVꢃꢀ&HFLꢀSRXUUDLWꢀOHVꢀWkFKHUꢃ  
ꢀꢀ6RXOHYH]ꢀOHꢀFRXYHUFOHꢀVXUꢀOHꢀKDXWꢀGXꢀ  
GLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢁ  
ꢀꢀ6pOHFWLRQQH]ꢀO·RSWLRQꢀDVVRXSOLVVDQWꢀVXUꢀOHꢀ  
WDEOHDXꢀGHꢀFRPPDQGHVꢁ  
5(0$548(ꢁꢀ6LꢀYRXVꢀUHPSOLVVH]ꢀWURSꢀOHꢀ  
GLVWULEXWHXUꢃꢀO·DVVRXSOLVVDQWꢀV·pFRXOHUDꢀSDUꢀOHVꢀ  
WURXVꢀVLWXpVꢀVXUꢀOHVꢀF{WpVꢀGHꢀO·,QIXVRUŒꢁꢀ1HꢀOHꢀ  
UHPSOLVVH]ꢀSDVꢀWURSꢁ  
5(0$548(ꢀꢁꢀ1·XWLOLVH]ꢀSDVꢀXQꢀDVVRXSOLVVDQWꢀTXLꢀ  
GLVWULEXHꢀGHVꢀELOOHVꢊꢀ&HꢀW\SHꢀG·DVVRXSOLVVDQWꢀQHꢀ  
IRQFWLRQQHꢀSDVꢀFRUUHFWHPHQWꢀDYHFꢀOHVꢀODYHXVHVꢀ  
XOWUDꢃSHUIRUPDQWHVꢊ  
ꢂ
ꢄ
ꢍ
ꢊ
ꢋ
ꢀꢀ0HVXUH]ꢀODꢀTXDQWLWpꢀG·DVVRXSOLVVDQWꢀUHTXLVHꢀ  
GDQVꢀOHꢀERXFKRQꢀSXLVꢀYHUVH]ꢌOHꢀSDUꢀOHꢀKDXWꢀ  
GXꢀGLVWULEXWHXUꢁꢀ/·DVVRXSOLVVDQWꢀV·pFRXOHUDꢀ  
GDQVꢀOHꢀFRPSDUWLPHQWꢀVLWXpꢀjꢀO·LQWpULHXUꢀGXꢀ  
GLVWULEXWHXUꢁꢀ8WLOLVH]ꢀXQLTXHPHQWꢀGHVꢀ  
DVVRXSOLVVDQWVꢀ©ꢀ8OWUDꢀªꢀRXꢀFRQFHQWUpVꢁꢀꢀ  
ꢀꢀ)HUPH]ꢀOHꢀFRXYHUFOHꢀHQꢀDSSX\DQWꢀGHVVXVꢁꢀ  
$VVXUH]ꢌYRXVꢀTXHꢀOHꢀFRXYHUFOHꢀHVWꢀ  
FRUUHFWHPHQWꢀIHUPpꢀHWꢀHQFOHQFKpꢁ  
ꢌ
1HWWR\DJHꢀGXꢀGLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢀꢀꢌVXUꢀFHUWDLQVꢀPRGqOHVꢍ  
/DQJXHWWHVꢀ  
SHUPHWWDQWꢀ  
ODꢀURWDWLRQ  
ꢄ
/HꢀGLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢀHVWꢀDXWRQHWWR\DQWꢁꢀ&HꢀGLVWULEXWHXUꢀQHꢀGHPDQGHꢀSDVꢀXQꢀHQWUHWLHQꢀ  
UpJXOLHUꢀFRPPHꢀVXUꢀOHVꢀGLVWULEXWHXUVꢀG·DVVRXSOLVVDQWꢀVWDQGDUGVꢁꢀ6LꢀQpFHVVDLUHꢃꢀHVVX\H]ꢀOHVꢀVXUIDFHVꢀ  
H[WpULHXUHVꢀGXꢀGLVWULEXWHXUꢁꢀꢀ6LꢀOHVꢀFRPSRVDQWVꢀLQWHUQHVꢀGXꢀGLVWULEXWHXUꢀGRLYHQWꢀrWUHꢀQHWWR\pVꢃꢀVXLYH]ꢀ  
OHVꢀpWDSHVꢀFLꢌGHVVXVꢀDSUqVꢀXQꢀSURJUDPPHꢒ  
VROXWLRQꢀGHꢀꢄꢃꢉꢀOLWUHVꢀꢎꢊꢀJDOORQꢏꢀG·HDXꢀ  
ꢀꢀ6RXOHYH]ꢀOHꢀFRXYHUFOHꢀGXꢀGLVWULEXWHXUꢀHWꢀ  
IDLWHVꢀWRXUQH]ꢀOHꢀGLVWULEXWHXUꢀGDQVꢀOHꢀVHQVꢀ  
DQWLKRUDLUHꢀHQꢀXWLOLVDQWꢀOHVꢀꢂꢀODQJXHWWHVꢀ  
FRPPHꢀLQGLTXpꢁꢀ6RUWH]ꢀOHꢀGLVWULEXWHXUꢀGHꢀ  
O·,QIXVRUŒꢁꢀꢀ  
ꢊ
ꢊ
FRQWHQDQWꢀóꢀWDVVHꢀGHꢀGpWHUJHQWꢀOLTXLGHꢀHWꢀꢊꢀ  
WDVVHꢀGHꢀMDYHOOLVDQWꢁꢀ$VVXUH]ꢌYRXVꢀTXHꢀOHꢀ  
SHWLWꢀWURXꢀVXUꢀOHꢀGHVVXVꢀGXꢀFRXYHUFOHꢀHWꢀOHꢀ  
WXEHꢀFRUUHVSRQGDQWꢀQHꢀVRQWꢀSDVꢀREVWUXpVꢁ  
ꢇ
ꢀꢀ5pDVVHPEOH]ꢀOHꢀFRPSDUWLPHQWꢀGLVWULEXWHXUꢀ  
HWꢀOHꢀFRXYHUFOHꢀHQꢀOHVꢀIHUPDQWꢀG·XQꢀFRXSꢀVHFꢁ  
ꢀ
ꢀ1HWWR\H]ꢀWRXWꢀGpS{WꢀjꢀO·LQWpULHXUꢀGHꢀO·,QIXVRUŒꢀ  
DYHFꢀXQꢀFKLIIRQꢀGRX[ꢀRXꢀXQHꢀEURVVHꢀjꢀGHQWꢁ  
$VVXUH]ꢌYRXVꢀTXHꢀOHVꢀWURLVꢀWURXVꢀDXꢀIRQGꢀGXꢀ  
GLVWULEXWHXUꢀSHUPHWWDQWꢀjꢀO·DVVRXSOLVVDQWꢀGHꢀ  
V·pFRXOHUꢀQHꢀVRQWꢀSDVꢀERXFKpVꢁ  
ꢎ
ꢄ
ꢋ
/DQJXHWWHVꢀ  
SHUPHWWDQWꢀ  
ODꢀURWDWLRQ  
ꢀꢀ5HSODFH]ꢀO·HQVHPEOHꢀGLVWULEXWHXUꢀGDQVꢀ  
O·,QIXVRUŒꢁꢀ)DLWHVꢀWRXUQHUꢀOHꢀKDXWꢀGDQVꢀOHꢀVHQVꢀ  
KRUDLUHꢀjꢀO·DLGHꢀGHVꢀꢂꢀODQJXHWWHVꢀFRPPHꢀ  
LQGLTXpꢁꢀ$SSX\H]ꢀVXUꢀOHꢀFRXYHUFOHꢀSRXUꢀIHUPHUꢀ  
OHꢀGLVWULEXWHXUꢁꢀ$VVXUH]ꢌYRXVꢀTXHꢀOHꢀFRXYHUFOHꢀ  
HVWꢀFRUUHFWHPHQWꢀIHUPpꢀHWꢀHQFOHQFKp  
ꢀꢀeFDUWH]ꢀGpOLFDWHPHQWꢀOHꢀFRXYHUFOHꢀGXꢀ  
FRPSDUWLPHQWꢀGLVWULEXWHXUꢀSRXUꢀOHVꢀVpSDUHUꢁ  
ꢌ
ꢍ
ꢀꢀ(VVX\H]ꢀOHVꢀVXUIDFHVꢀjꢀO·DLGHꢀG·XQꢀFKLIIRQꢀ  
GRX[ꢀRXꢀIDLWHVꢀWUHPSHUꢀOHVꢀSLqFHVꢀGDQVꢀXQHꢀ  
ꢈ
ꢈ
 
HOHFWURPHQDJHUVJHꢃFD  
ꢀꢀ  
&KDUJHPHQWꢀHWꢀXWLOLVDWLRQꢀGHꢀODꢀODYHXVH  
2EVHUYH]ꢀWRXMRXUVꢀOHVꢀUHFRPPDQGDWLRQVꢀGXꢀIDEULFDQWꢀLQGLTXpHVꢀVXUꢀOHVꢀpWLTXHWWHVꢀG·HQWUHWLHQꢊꢀ  
7ULꢀGXꢀOLQJH  
67ULH]ꢀSDUꢀFRXOHXUꢀꢎEODQFVꢃꢀFRXOHXUVꢀFODLUHVꢃꢀFRXOHXUVꢏꢃꢀ  
QLYHDXꢀGHꢀVDOHWpꢃꢀW\SHꢀGHꢀWLVVXꢀꢎFRWRQꢃꢀHQWUHWLHQꢀIDFLOHꢃꢀ  
GpOLFDWVꢏꢀHWꢃꢀDXꢀFDVꢀRꢀOHꢀWLVVXꢀSURGXLWꢀGHꢀODꢀFKDUSLHꢀꢀ  
ꢎWLVVXꢀpSRQJHꢃꢀFKHQLOOHꢏꢀRXꢀDFFXPXOHꢀ  
GHꢀODꢀFKDUSLHꢀꢎYHORXUVꢀ  
GHꢀFRWRQꢃꢀYHORXUVꢀF{WHOpꢏꢁ  
8WLOLVDWLRQꢀFRUUHFWHꢀGXꢀGpWHUJHQW  
$MRXWH]ꢀOHꢀGpWHUJHQWꢀDYDQWꢀG·DMRXWHUꢀOHVꢀDUWLFOHVꢀjꢀODYHUꢀ  
SRXUꢀTXHꢀOHꢀGpWHUJHQWꢀVRLWꢀSOXVꢀHIILFDFHꢁꢀꢀ/·XWLOLVDWLRQꢀG·XQHꢀ  
TXDQWLWpꢀLQVXIILVDQWHꢀRXꢀWURSꢀLPSRUWDQWHꢀGHꢀGpWHUJHQWꢀHVWꢀ  
XQHꢀFDXVHꢀFRXUDQWHꢀGHꢀSUREOqPHꢀGHꢀODYDJHꢁꢀ  
*(ꢀUHFRPPDQGHꢀO·XWLOLVDWLRQꢀGHꢀ  
HIILFDFLWpꢀGDQVꢀWRXWHVꢀOHVꢀODYHXVHVꢀ  
6WDUꢁ/HVꢀGpWHUJHQWVꢀ+(ꢀVRQWꢀIRUPXOpVꢀ  
GpWHUJHQWꢀjꢀJUDQGHꢀ  
KRPRORJXpHVꢀ(QHUJ\ꢀ  
SRXUꢀIRQFWLRQQHUꢀ  
XQꢀIDLEOHꢀYROXPHꢀG·HDXꢀ  
GHꢀODYDJHꢀHWꢀGHꢀULQoDJHꢁꢀ/HVꢀGpWHUJHQWVꢀ+(ꢀUpGXLVHQWꢀOHVꢀ  
SUREOqPHVꢀGHꢀPRXVVDJHꢀWURSꢀLPSRUWDQWꢀDVVRFLpVꢀDX[ꢀ  
GpWHUJHQWVꢀKDELWXHOVꢁ  
DYHFꢀGHVꢀSURJUDPPHVꢀXWLOLVDQWꢀ  
9RXVꢀSRXYH]ꢀXWLOLVHUꢀPRLQVꢀGHꢀGpWHUJHQWꢀVLꢀYRXVꢀDYH]ꢀXQHꢀ  
HDXꢀGRXFHꢃꢀXQHꢀEUDVVpHꢀSOXVꢀSHWLWHꢀRXꢀSHXꢀVDOHꢁ  
(QꢀFDVꢀGHꢀWDFKHVꢃꢀSUpWUDLWH]ꢀOHVꢀDUWLFOHVꢀHQꢀVXLYDQWꢀOHVꢀ  
LQVWUXFWLRQVꢀGRQQpHVꢀVXUꢀO·pWLTXHWWHꢁꢀꢀ7RXWHꢀDSSOLFDWLRQꢀGHꢀ  
GpWDFKDQWꢀGRLWꢀrWUHꢀIDLWHꢀGDQVꢀOHꢀSDQLHUꢀGHꢀODꢀODYHXVHꢀSRXUꢀ  
pYLWHUꢀGHꢀWURSꢀYDSRULVHUꢀO·DUWLFOHꢀHWꢀG·pYLWHUꢀGHꢀGpFRORUHUꢀOHVꢀ  
JUDSKLVPHVꢀRXꢀOHꢀFRXYHUFOHꢁ  
/RUVTXHꢀYRXVꢀXWLOLVH]ꢀGHVꢀGpWHUJHQWVꢀjꢀKDXWꢀUHQGHPHQWꢀ  
ꢎ+(ꢏꢀRXꢀFRQFHQWUpVꢃꢀFRQVXOWH]ꢀOHVꢀUHFRPPDQGDWLRQVꢀ  
GRQQpHVꢀVXUꢀO·pWLTXHWWHꢀGXꢀSURGXLWꢀSRXUꢀGpWHUPLQHUꢀOHVꢀ  
TXDQWLWpVꢀRSWLPDOHVꢀUHTXLVHVꢀSRXUꢀGHVꢀUpVXOWDWVꢀRSWLPXPꢁꢀ  
8QHꢀTXDQWLWpꢀWURSꢀLPSRUWDQWHꢀGHꢀGpWHUJHQWꢀSHXWꢀDYRLUꢀXQꢀ  
LPSDFWꢀQpJDWLIꢀVXUꢀO·HIILFDFLWpꢀGXꢀODYDJHꢁ  
&KDUJHPHQWꢀGHꢀODꢀODYHXVH  
3ODFH]ꢀOHVꢀYrWHPHQWVꢀGDQVꢀOHꢀSDQLHUꢀGHꢀODꢀODYHXVHꢀVDQVꢀ  
OHVꢀFRPSULPHUꢁꢀ/RUVTXHꢀYRXVꢀSODFH]ꢀGHVꢀDUWLFOHVꢀPRXLOOpVꢀ  
GDQVꢀODꢀODYHXVHꢃꢀDVVXUH]ꢌYRXVꢀTXHꢀOHꢀQLYHDXꢀG·HDXꢍ  
GHꢀOLQJHꢀHVWꢀDVVH]ꢀpOHYpꢀSRXUꢀSHUPHWWUHꢀDX[ꢀDUWLFOHVꢀGHꢀ  
ERXJHUꢀOLEUHPHQWꢁꢀ/HꢀQLYHDXꢀG·HDXꢀGRLWꢀMXVWHꢀUHFRXYULUꢀ  
OHVꢀDUWLFOHVꢁꢀ3RXUꢀDMRXWHUꢀGXꢀOLQJHꢀDSUqVꢀDYRLUꢀGpPDUUpꢀ  
XQꢀSURJUDPPHꢃꢀVRXOHYH]ꢀOHꢀFRXYHUFOHꢀHWꢀVXEPHUJH]ꢀOHVꢀ  
DUWLFOHVꢀVXSSOpPHQWDLUHVꢀjꢀSUR[LPLWpꢀGHꢀO·DJLWDWHXUꢁ  
„ꢀ1·HQURXOH]ꢀSDVꢀGHVꢀDUWLFOHVꢀGHꢀJUDQGHꢀORQJXHXUꢀWHOVꢀTXHꢀ  
GHVꢀGUDSVꢀRXꢀGHVꢀSDQWDORQVꢀDXWRXUꢀGHꢀO·,QIXVRUꢁ  
„ꢀ1HꢀODYH]ꢀSDVꢀOHVꢀWLVVXVꢀLPELEpVꢀGHꢀVXEVWDQFHVꢀ  
LQIODPPDEOHVꢀꢎFLUHVꢃꢀOLTXLGHVꢀGHꢀQHWWR\DJHꢃꢀHWFꢁꢏꢁ  
„ꢀ/HꢀODYDJHꢀHWꢀO·HVVRUDJHꢀQHꢀVRQWꢀSDVꢀHQꢀPDUFKHꢀ  
ORUVTXHꢀOHꢀFRXYHUFOHꢀHVWꢀRXYHUWꢃꢀWRXWHIRLVꢃꢀODꢀPLQXWHULHꢀ  
FRQWLQXHUDꢀjꢀIRQFWLRQQHUꢁ  
(QWUHWLHQꢀHWꢀQHWWR\DJHꢀGHꢀODꢀODYHXVHꢃ  
3DQLHUꢁꢀ/DLVVH]ꢀOHꢀFRXYHUFOHꢀRXYHUWꢀDSUqVꢀXQHꢀOHVVLYHꢀ  
SRXUꢀSHUPHWWUHꢀO·pYDSRUDWLRQꢀGHꢀO·KXPLGLWpꢁꢀ6LꢀYRXVꢀ  
VRXKDLWH]ꢀQHWWR\HUꢀOHꢀSDQLHUꢃꢀXWLOLVH]ꢀXQꢀOLQJHꢀSURSUHꢀHWꢀ  
GRX[ꢀOpJqUHPHQWꢀLPELEpꢀGHꢀGpWHUJHQWꢀOLTXLGHꢃꢀSXLVꢀULQFH]ꢁꢀ  
ꢎ1·XWLOLVH]ꢀSDVꢀGHꢀSURGXLWVꢀQHWWR\DQWVꢀDEUDVLIVꢏꢁ  
127(6ꢁ  
‡ꢀ1HꢀFKDUJH]ꢀMDPDLVꢀOHꢀOLQJHꢀORUVTXHꢀYRXVꢀXWLOLVH]ꢀO·RSWLRQꢀ  
%DVNHWꢀ&OHDQꢀꢌ1HWWR\DJHꢀGHꢀ&XYHꢍꢁꢀ/HꢀOLQJHꢀSHXWꢀrWUHꢀ  
HQGRPPDJpꢀRXꢀFRQWDPLQpꢁꢀ$VVXUH]ꢌYRXVꢀTXHꢀYRXVꢀ  
QHWWR\H]ꢀODꢀFXYHꢀjꢀODYHUꢀORUVTX·HOOHꢀHVWꢀYLGHꢁ  
8WLOLVH]ꢀOHꢀF\FOHꢀ%DVNHWꢀ&OHDQꢀꢌ1HWWR\DJHꢀGHꢀ&XYHꢍꢀꢒ  
‡ꢀ,OꢀHVWꢀUHFRPPDQGpꢀODLVVH]ꢀOHꢀFRXYHUFOHꢀRXYHUWHꢀDSUqVꢀ  
XWLOLVDWLRQꢀSRXUꢀPDLQWHQLUꢀFXYHꢀSURSUHꢁ  
/·XWLOLVDWLRQꢀGHꢀODꢀPDFKLQHꢀGDQVꢀXQꢀHVSDFHꢀKXPLGHꢀSHQGDQWꢀ  
XQHꢀSpULRGHꢀSURORQJpHꢀSHXWꢀSURYRTXHUꢀO·DFFXPXODWLRQꢀGHꢀ  
ODꢀPRLVLVVXUHꢀQRLUHꢀHWꢀGHVꢀJHUPHVꢀGDQVꢀO·DLUꢀjꢀO·LQWpULHXUꢀGHꢀ  
ODꢀFXYHꢀGHꢀODYDJHꢃꢀOHVTXHOVꢀSHXYHQWꢀDIIHFWHUꢀYRWUHꢀVDQWpꢁꢀ/Hꢀ  
IDLWꢀGHꢀQHWWR\HUꢀODꢀFXYHꢀGHꢀODYDJHꢀGHꢀIDoRQꢀUpJXOLqUHꢀVXUꢀXQHꢀ  
EDVHꢀPHQVXHOOHꢀjꢀO·DLGHꢀGHꢀO·RSWLRQꢀ%DVNHWꢀ&OHDQꢀꢌ1HWWR\DJHꢀ  
GHꢀ&XYHꢍꢀYDꢀODꢀPDLQWHQLUꢀGDQVꢀXQꢀpWDWꢀSURSUHꢀSRXUꢀXQHꢀ  
XWLOLVDWLRQꢀK\JLpQLTXHꢁ  
‡ꢀ,OꢀHVWꢀUHFRPPDQGpꢀG·XWLOLVHUꢀOHꢀF\FOHꢀ%DVNHWꢀ&OHDQꢀ  
ꢌ1HWWR\DJHꢀGHꢀ&XYHꢍꢀXQHꢀIRLVꢀSDUꢀPRLVꢁ  
‡ꢀ6LꢀYRXVꢀUHPDUTXH]ꢀGHꢀODꢀURXLOOHꢀRXꢀVHQWH]ꢀXQHꢀRGHXUꢀGHꢀ  
PRLVLꢁꢀXWLOLVH]ꢀOHꢀF\FOHꢀ%DVNHWꢀ&OHDQꢀꢌ1HWWR\DJHꢀGHꢀ&XYHꢍꢀ  
SHQGDQWꢀꢄꢀVHPDLQHVꢀFRQVpFXWLYHVꢁ  
&RXYHUFOHꢀHQꢀYHUUHꢀꢁꢀ8WLOLVH]ꢀXQꢀFKLIIRQꢀSURSUHꢀHWꢀGRX[ꢀHWꢀ  
XQHꢀVROXWLRQꢀGHꢀYLQDLJUHꢀHWꢀG·HDXꢁ  
7X\DX[ꢀGHꢀUHPSOLVVDJHꢀꢁꢀ*(ꢀYRXVꢀUHFRPPDQGHꢀGHꢀOHVꢀ  
FKDQJHUꢀWRXVꢀOHVꢀꢇꢀDQVꢁ  
([WpULHXUꢁꢀ(VVX\H]ꢀLPPpGLDWHPHQWꢀWRXWꢀSURGXLWꢀUHQYHUVpꢀjꢀ  
O·DLGHꢀG·XQꢀFKLIIRQꢀKXPLGHꢁꢀ(YLWH]ꢀGHꢀIUDSSHUꢀODꢀVXUIDFHꢀDYHFꢀ  
GHVꢀREMHWVꢀWUDQFKDQWVꢁ  
ꢊꢀ ꢀ$MRXWH]ꢀXQꢀQHWWR\DQWꢀGHꢀFXYHꢀRXꢀXQꢀSURGXLWꢀ  
VpTXHVWUDQWꢀHQꢀR[\GHꢀGHꢀFDOFLXPꢀGDQVꢀOHꢀEDFꢀGHꢀ  
GLVWULEXWLRQꢀGXꢀGpWHUJHQWꢁ  
‡ꢀꢀ1HꢀGpSDVVH]ꢀSDVꢀODꢀOLPLWHꢀGHꢀGpWHUJHQWꢀPD[LPXPꢀ  
ORUVTXHꢀYRXVꢀO·DMRXWH]ꢁꢀ/HꢀGpWHUJHQWꢀSHXWꢀUHVWHUꢀGDQVꢀODꢀ  
FXYHꢀjꢀODYHUꢀDSUqVꢀOHꢀQHWWR\DJHꢁ  
,QWpULHXUꢁꢀ/·XWLOLVDWLRQꢀRFFDVLRQQHOOHꢀG·XQꢀSURJUDPPHꢀ  
FRQWHQDQWꢀGXꢀMDYHOOLVDQWꢀPDLQWLHQGUDꢀYRWUHꢀODYHXVHꢀSURSUHꢁ  
‡ꢀ/ꢀ RUVTXHꢀYRXVꢀXWLOLVH]ꢀO·HDXꢀGHꢀMDYHOꢀOLTXLGHꢀ  
DYHFꢀFKORUHꢏꢀFKDUJH]ꢌODꢀGDQVꢀOHꢀFRPSDUWLPHQWꢀ  
FRUUHVSRQGDQWꢁ  
'pPpQDJHPHQWꢀHWꢀ(QWUHSRVDJHꢀꢁꢀ'HPDQGH]ꢀjꢀXQꢀ  
UpSDUDWHXUꢀGHꢀYLGDQJHUꢀO·HDXꢀGHꢀODꢀSRPSHꢀHWꢀGHVꢀWX\DX[ꢁꢀ  
&RQVXOWH]ꢀODꢀ1RWLFHꢀG·,QVWDOODWLRQꢀIRXUQLHꢀDYHFꢀO·DSSDUHLOꢀ  
SRXUꢀGHVꢀLQIRUPDWLRQVꢀVXUꢀODꢀSURFpGXUHꢀjꢀVXLYUHꢀSRXUꢀ  
UpLQVWDOOHUꢀODꢀFDOHꢀG·H[SpGLWLRQꢀTXLꢀLPPRELOLVHꢀODꢀFXYHꢀ  
SHQGDQWꢀOHꢀGpPpQDJHPHQWꢁꢀ3RXUꢀGHꢀSOXVꢀDPSOHVꢀ  
LQIRUPDWLRQVꢃꢀFRQVXOWH]ꢀOHꢀVLWHꢀ(/(&7520(1$*(56*(ꢃ&$ꢀ  
RXꢀDSSHOH]ꢀꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋꢃꢀ(QWUHSRVH]ꢀODꢀODYHXVHꢀjꢀO·DEULꢀGHVꢀ  
LQWHPSpULHVꢁ  
‡ꢀꢀ6LꢀYRXVꢀXWLOLVH]ꢀXQꢀGpWHUJHQWꢀHQꢀSRXGUHꢏꢀWLUH]ꢀOHꢀJRGHWꢀ  
GXꢀGpWHUJHQWꢀOLTXLGHꢀHWꢀDMRXWH]ꢀOHꢀGpWHUJHQWꢀGDQVꢀOHꢀ  
FRPSDUWLPHQWꢀGHꢀODYDJHꢀSULQFLSDOꢁ  
‡ꢀ6LꢀYRXVꢀXWLOLVH]ꢀGHVꢀFRPSULPpVꢀGHꢀQHWWR\DJHꢏꢀ  
PHWWH]ꢌOHVꢀGLUHFWHPHQWꢀGDQVꢀODꢀFXYHꢀGHꢀODYDJHꢁ  
ꢋꢀ ꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ3RZHUꢁ  
ꢌꢀ ꢀ7RXUQHUH]ꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀVXUꢀ%$6.(7ꢀ&/($1ꢁ  
ꢍꢀ ꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6WDUWꢁ  
9DFDQFHVꢀSURORQJpHVꢀꢁꢀ&RXSH]ꢀO·DOLPHQWDWLRQꢀHQꢀHDXꢀDXꢀ  
QLYHDXꢀGHVꢀURELQHWVꢁꢀ9LGDQJH]ꢀO·HDXꢀGHVꢀWX\DX[ꢀHQꢀFDVꢀGHꢀꢅ  
ULVTXHꢀGHꢀJHOꢁ  
 
$YDQWꢀG·DSSHOHUꢀXQꢀUpSDUDWHXUꢃꢃꢃ  
&RQVHLOVꢀGHꢀGpSDQQDJHꢀ  
(FRQRPLVH]ꢀGXꢀWHPSVꢀHWꢀGHꢀO·DUJHQWꢀꢎꢀ&RQVXOWH]ꢀOHVꢀWDEOHDX[ꢀVXUꢀOHVꢀSDJHVꢀVXLYDQWHVꢀRXꢀFRQVXOWH]ꢀ  
(/(&7520(1$*(56*(ꢃ&$ꢃꢀ9RXVꢀQ·DXUH]ꢀSHXWꢃrWUHꢀSDVꢀEHVRLQꢀG·DSSHOHUꢀXQꢀWHFKQLFLHQꢊ  
($8ꢀꢀ  
&DXVHVꢀ3RVVLEOHVꢀ  
4XHꢀ)DLUH  
/HꢀQLYHDXꢀG·HDXꢀVHPEOHꢀEDVꢀꢀ &HFLꢀHVWꢀQRUPDOꢀꢀꢀ  
‡ꢀ /·HDXꢀQHꢀFRXYUHꢀSDVꢀQpFHVVDLUHPHQWꢀOHꢀOLQJHꢁꢀ&HFLꢀHVWꢀQRUPDOꢀ  
ꢀ SRXUꢀOHVꢀODYHXVHVꢀXOWUDꢌSHUIRUPDQWHVꢁ  
ꢀ
ꢀ
/DꢀODYHXVHꢀVHꢀUHPSOLWꢀG·HDXꢀꢀꢀ /HꢀWX\DXꢀGHꢀYLGDQJHꢀꢀ  
‡ꢀ ꢀ/HꢀWX\DXꢀGHꢀYLGDQJHꢀYHUWLFDOꢀGRLWꢀrWUHꢀDXꢌGHVVXVꢀGHꢀꢅꢈꢀFPꢀꢎꢄꢋꢀSRꢏꢁ  
HWꢀVHꢀYLGHꢀHQꢀPrPHꢀWHPSVꢀ  
YHUWLFDOꢀHVWꢀWURSꢀEDV  
0RXVVDJHꢀH[FHVVLIꢀꢀ  
ꢀ
ꢀ
7URSꢀGHꢀGpWHUJHQWꢀ  
ꢀ
ꢀ
‡ꢀ 0HVXUH]ꢀVRLJQHXVHPHQWꢀODꢀTXDQWLWpꢀGHꢀGpWHUJHQWꢁꢀ8WLOLVH]ꢀPRLQVꢀ  
ꢀ GHꢀGpWHUJHQWꢀVLꢀYRXVꢀDYH]ꢀXQHꢀHDXꢀGRXFHꢃꢀXQHꢀEUDVVpHꢀSOXVꢀSHWLWHꢀRXꢀꢀ  
ꢀ GXꢀOLQJHꢀSHXꢀVDOHꢁ  
ꢀ
ꢀ
7\SHꢀGHꢀGpWHUJHQWꢀ  
(DXꢀGRXFHꢀ  
‡ꢀ $GRSWH]ꢀXQꢀGpWHUJHQWꢀ  
‡ꢀ 8WLOLVH]ꢀPRLQVꢀGHꢀGpWHUJHQWꢁ  
ꢁ
)XLWHVꢀG·HDXꢀ  
ꢀ
ꢀ
8WLOLVDWLRQꢀG·XQHꢀWURSꢀJUDQGHꢀꢀꢀ  
TXDQWLWpꢀGHꢀGpWHUJHQWꢀGDQVꢀꢀ  
ODꢀODYHXVH  
‡ꢀ 8WLOLVH]ꢀPRLQVꢀGHꢀGpWHUJHQWꢁꢀ8WLOLVH]ꢀPRLQVꢀGHꢀGpWHUJHQWꢀVLꢀYRXVꢀDYH]ꢀꢃꢀꢀ  
ꢀ XQHꢀHDXꢀGRXFHꢃꢀXQHꢀEUDVVpHꢀSOXVꢀSHWLWHꢀRXꢀGXꢀOLQJHꢀSHXꢀVDOHꢁ  
ꢀ
7\SHꢀGHꢀGpWHUJHQWꢀ  
‡ꢀ $GRSWH]ꢀXQꢀGpWHUJHQW  
ꢁ
ꢀ
ꢀ
ꢀ
ꢀ
/HVꢀWX\DX[ꢀGHꢀUHPSOLVVDJHꢀRXꢀGHꢀꢀ ‡ꢀ $VVXUH]ꢌYRXVꢀTXHꢀOHVꢀEUDQFKHPHQWVꢀG·HDXꢀVRLHQWꢀELHQꢀVHUUpVꢀDXꢀ  
YLGDQJHꢀVRQWꢀPDOꢀEUDQFKpVꢀ  
ꢀ QLYHDXꢀGHVꢀURELQHWVꢀHWꢀOHVꢀURQGHOOHVꢀHQꢀFDRXWFKRXFꢀRQWꢀELHQꢀpWpꢀPLVHVꢀ  
ꢀ HQꢀSODFHꢀ$VVXUH]ꢌYRXVꢀTXHꢀO·H[WUpPLWpꢀGXꢀWX\DXꢀGHꢀYLGDQJHꢀHVWꢀ  
ꢀ FRUUHFWHPHQWꢀLQVpUpHꢀHWꢀIL[pHꢀjꢀO·pYDFXDWLRQꢀꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
/DꢀFDQDOLVDWLRQꢀG·pYDFXDWLRQꢀꢀ  
‡ꢀ 9pULILH]ꢀODꢀSORPEHULHꢀGXꢀGRPLFLOHꢁꢀ9RXVꢀDXUH]ꢀSHXWꢌrWUHꢀ  
GXꢀGRPLFLOHꢀHVWꢀSHXWꢀrWUHꢀERXFKpHꢀ ꢀ EHVRLQꢀG·DSSHOHUꢀXQꢀSORPELHU  
ꢀ
ꢀ
ꢀ
7X\DXꢀGHꢀYLGDQJHꢀGHVVHUUpꢀ  
ꢀ
ꢀ
‡ꢀꢀ$VVXUH]ꢌYRXVꢀTXHꢀOHꢀWX\DXꢀGHꢀYLGDQJHꢀHVWꢀFRUUHFWHPHQWꢀUpLQVWDOOpꢀjꢀO·ꢀ  
ꢀ O·DUULqUHꢀGHꢀODꢀODYHXVHꢀHWꢀTXHꢀOHVꢀGHX[ꢀYLVꢀGHꢀIL[DWLRQꢀVRQWꢀ  
ꢀ FRUUHFWHPHQWꢀLQVWDOOpHVꢁ  
ꢀ
ꢀ
/HꢀWX\DXꢀGHꢀYLGDQJHꢀIURWWHꢀ  
FRQWUHꢀOHꢀPXUꢀ  
‡ꢀꢀ$VVXUHꢌYRXVꢀTXHꢀOHꢀWX\DXꢀGHꢀYLGDQJHꢀQ·HVWꢀSDVꢀHQꢀFRQWDFWꢀDYHFꢀOH  
ꢀ PXUꢁꢀ&HFLꢀSHXWꢀSURYRTXHUꢀXQHꢀXVXUHꢀH[FHVVLYHꢀGXꢀWX\DXꢁ  
ꢀ
ꢀ
3UHVVLRQꢀG·HDXꢀFRQVWDQWHꢀYHUVꢀꢀ  
OHVꢀWX\DX[ꢀGHꢀUHPSOLVVDJHꢀ  
‡ꢀ 5HVVHUUH]ꢀOHVꢀWX\DX[ꢀDXꢀQLYHDXꢀGHVꢀURELQHWVꢀHWꢀIHUPH]ꢀOHVꢀURELQHWVꢀ  
ꢀ DSUqVꢀFKDTXHꢀXWLOLVDWLRQꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
‡ꢀ 9pULILH]ꢀO·pWDWꢀGHVꢀWX\DX[ꢀGHꢀUHPSOLVVDJHꢃꢀLOVꢀGRLYHQWꢀ  
ꢀ rWUHꢀUHPSODFpVꢀWRXVꢀOHVꢀꢇꢀDQVꢁ  
/DꢀWHPSpUDWXUHꢀGHꢀO·HDXꢀꢀ  
/·XWLOLVDWLRQꢀG·HDXꢀDX[ꢀWHPSpUDWXUHVꢀ ‡ꢀ /HVꢀQRXYHDX[ꢀGpWHUJHQWVꢀRQWꢀpWpꢀIRUPXOpVꢀSRXUꢀREWHQLUꢀXQHꢀERQQHꢀ  
VHPEOHꢀLQFRUUHFWHꢀ  
SOXVꢀEDVVHVꢀSHUPHWWUDꢀXQHꢀꢀ  
ꢀ SHUIRUPDQFHꢀGHꢀODYDJHꢀjꢀGHVꢀWHPSpUDWXUHVꢀSOXVꢀEDVVHV  
ꢀ
PHLOOHXUHꢀHIILFDFLWpꢀpQHUJpWLTXH  
ꢀ
/DꢀFRPPDQGHꢀQ·HVWꢀSDVꢀELHQꢀUpJOpHꢀꢀꢀ‡ꢀ 9pULILH]ꢀOHꢀFRQWU{OHꢀGHꢀODꢀWHPSpUDWXUHꢀGHꢀO·HDXꢀHWꢀDMXVWH]ꢁ  
ꢀ
ꢀ
/·DOLPHQWDWLRQꢀHQꢀHDXꢀHVWꢀIHUPpHꢀꢀ ‡ꢀ 2XYUH]ꢀFRPSOqWHPHQWꢀOHVꢀURELQHWVꢀG·HDXꢀFKDXGHꢀHWꢀIURLGHꢀHWꢀ  
RXꢀEUDQFKpHꢀLQFRUUHFWHPHQWꢀ  
ꢀ DVVXUH]ꢌYRXVꢀTXHꢀOHVꢀWX\DX[ꢀVRLHQWꢀEUDQFKpVꢀDX[ꢀERQVꢀURELQHWVꢁ  
ꢀ
ꢀ
ꢀ
/HVꢀILOWUHVꢀGHVꢀVRXSDSHVꢀꢀꢀ  
‡ꢀ )HUPH]ꢀOHꢀURELQHWꢀHWꢀUHWLUH]ꢀOHVꢀUDFFRUGVꢀGHꢀWX\DX[ꢀjꢀO·DUULqUHꢀ  
ꢀ VXSpULHXUꢀGHꢀODꢀODYHXVHꢁꢀ1HWWR\H]ꢀOHVꢀILOWUHVꢀGHꢀODꢀODYHXVHꢀjꢀO·DLGHꢀG·XQHꢀ  
ꢀ EURVVHꢀRXꢀG·XQꢀFXUHꢌGHQWꢁꢀ5HEUDQFKH]ꢀOHVꢀWX\DX[ꢀHWꢀRXYUH]ꢀOHVꢀURELQHWVꢁ  
VRQWꢀREVWUXpVꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
(DXꢀ)URLGHꢉIUDLFKHꢀORUVTXHꢀꢀꢀ  
‡ꢀꢀ&HFLꢀHVWꢀQRUPDOꢁꢀꢀ3HUIHF7HPSꢀGpWHFWHꢀODꢀWHPSpUDWXUHꢀGHꢀO·HDXꢀHW  
ꢀ RSWLPLVHꢀO·HIILFDFLWpꢀGHꢀODꢀODYHXVHꢁꢀ/·HDXꢀIURLGHꢀHVWꢀDMRXWpHꢀjꢀLQWHUYDOOHV  
ꢀ UpJXOLHUVꢀORUVTX·XQꢀODYDJHꢀjꢀFKDXGꢀHVWꢀVpOHFWLRQQpꢁ  
&KDXGꢀHVWꢀVpOHFWLRQQpꢀꢀ  
ꢀ
ꢀ
ꢀ
/HꢀFKDXIIHꢆHDXꢀQ·HVWꢀSDVꢀ  
UpJOpꢀFRUUHFWHPHQWꢀꢀ  
‡ꢀ $VVXUH]ꢀYRXVꢀTXHꢀOHꢀFKDXIIHꢌHDXꢀSURGXLWꢀXQHꢀHDXꢀjꢀXQHꢀWHPSpUDWXUH  
ꢀ YDULDQWꢀGHꢀꢆꢉꢀjꢀꢈꢋƒ&ꢀꢎꢊꢂꢋꢀjꢀꢊꢆꢋƒ)ꢏꢁ  
/·HDXꢀHVWꢀYLGDQJpHꢀDYDQWꢀꢀ  
/HꢀFRXYHUFOHꢀQ·HVWꢀSDVꢀIHUPpꢀꢀꢀ  
‡ꢀ 5pLQLWLDOLVH]ꢀOHꢀSURJUDPPHꢁ  
ODꢀILQꢀGXꢀSURJUDPPHꢀ  
RXꢀOHꢀSURJUDPPHꢀDꢀpWpꢀHQꢀSDXVHꢀꢀ ꢀ ꢀ  
SHQGDQWꢀSOXVꢀGHꢀꢋꢍꢀKHXUHV  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
/DꢀODYHXVHꢀQHꢀVHꢀYLGDQJHꢀSDVꢀ /HꢀWX\DXꢀGHꢀYLGDQJHꢀHVWꢀꢀꢀ  
‡ꢀ 5HGUHVVH]ꢀOHꢀWX\DXꢀGHꢀYLGDQJHꢀHWꢀDVVXUH]ꢌYRXVꢀTXHꢀODꢀODYHXVHꢀꢀ  
ꢀ QHꢀVRLWꢀSDVꢀSRVpHꢀGHVVXVꢁ  
ꢀ
HQWRUWLOOpꢀRXꢀPDOꢀEUDQFKpꢅꢀꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
‡ꢀ /DꢀSDUWLHꢀVXSpULHXUHꢀGXꢀWX\DXꢀGHꢀYLGDQJHꢀGRLWꢀrWUHꢀjꢀPRLQVꢀGHꢀꢊꢃꢉꢀPꢀꢀ  
ꢀ ꢎꢈꢀSLꢏꢀGXꢀVROꢁ  
/DꢀODYHXVHꢀV·DUUrWHꢀSHQGDQWꢀꢀꢀ /·RSWLRQꢀ3UpODYDJHꢀRXꢀꢀ  
‡ꢀ &HFLꢀHVWꢀQRUPDOꢁꢀ/DꢀODYHXVHꢀDOWHUQHꢀHQWUHꢀDJLWDWLRQꢀHWꢀWUHPSDJH  
ꢀ SHQGDQWꢀFHUWDLQꢀSURJUDPPHꢀGHꢀODYDJHꢀSRXUꢀREWHQLUꢀGHVꢀYrWHPHQWVꢀSOXVꢀ  
ꢀ SURSUHVꢀDYHFꢀPRLQVꢀG·XVXUHꢁ  
OHꢀSURJUDPPHꢀGHꢀODYDJHꢀ  
7UHPSDJHꢀDXWRPDWLTXHꢀꢀꢀ  
ꢀ
DꢀpWpꢀVpOHFWLRQQpHꢀ  
/DꢀODYHXVHꢀV·DUUrWHꢀꢀ  
SHQGDQWꢀO·HVVRUDJHꢀ  
&HFLꢀHVWꢀQRUPDOꢀꢀꢀ  
ꢀ
‡ꢀ /DꢀODYHXVHꢀSHXWꢀV·DUUrWHUꢀSHQGDQWꢀO·HVVRUDJHꢀSRXUꢀpOLPLQHUꢀSOXVꢀ  
ꢀ IDFLOHPHQWꢀO·HDXꢀVDYRQQHXVHꢁ  
/DꢀODYHXVHꢀQHꢀVHꢀUHPSOLWꢀSDVꢀꢀ &HFLꢀHVWꢀQRUPDOꢀꢀ  
ORUVTXHꢀOHꢀFRXYHUFOHꢀHVWꢀRXYHUWꢀ  
‡ꢀ /HꢀFRXYHUFOHꢀGRLWꢀrWUHꢀIHUPpꢀSRXUꢀTXHꢀODꢀODYHXVHꢀIRQFWLRQQHꢀRXꢀꢀ  
ꢀ VHꢀUHPSOLVVHꢁ  
ꢀ
ꢀ
ꢉ
 
HOHFWURPHQDJHUVJHꢃFD  
ꢀ
3HUIRUPDQFHꢀꢀ  
&DXVHVꢀ3RVVLEOHVꢀ  
4XHꢀ)DLUH  
/DꢀODYHXVHꢀQHꢀIRQFWLRQQHꢀSDVꢀ /DꢀODYHXVHꢀHVWꢀGpEUDQFKpHꢀ  
‡ꢀ $VVXUH]ꢌYRXVꢀTXHꢀOHꢀFRUGRQꢀHVWꢀELHQꢀEUDQFKpꢀGDQVꢀODꢀSULVHꢀGH  
ꢀ FRXUDQWꢁ  
ꢀ
ꢀ
ꢀ
/HVꢀURELQHWVꢀVRQWꢀIHUPpVꢀ  
‡ꢀ 2XYUH]ꢀFRPSOqWHPHQWꢀOHVꢀURELQHWVꢀG·HDXꢀFKDXGHꢀHWꢀIURLGHꢁ  
‡ꢀ 9pULILH]ꢀOHVꢀFRPPDQGHVꢁ  
ꢀ
ꢀ
/HVꢀFRPPDQGHVꢀQHꢀVRQWꢀSDVꢀ  
ELHQꢀUpJOpHV  
ꢀ
ꢀ
ꢀ
ꢀ
/HꢀFRXYHUFOHꢀHVWꢀRXYHUWꢀ³OHꢀV\VWqPHꢀ‡)HUPH]ꢀOHꢀFRXYHUFOHꢀHWꢀUpLQLWLDOLVH]ꢀOHꢀSURJUDPPHꢀVLꢀQpFHVVDLUHꢁꢀ  
GHꢀVpFXULWpꢀHPSrFKHꢀO·DJLWDWLRQꢀ  
HWꢀO·HVVRUDJHꢀORUVTXHꢀOHꢀFRXYHUFOHꢀ  
Q·HVWꢀSDVꢀIHUPp  
ꢀ
ꢀ
ꢀ
/HꢀGLVMRQFWHXUꢀHVWꢀGpFOHQFKpꢀꢀ  
‡ꢀ 9pULILH]ꢀOHꢀGLVMRQFWHXUꢀHWꢀOHVꢀIXVLEOHVꢀGXꢀGRPLFLOHꢁꢀ5HPSODFH]ꢀ  
ꢀ OHVꢀIXVLEOHVꢀRXꢀHQFOHQFKH]ꢀOHꢀGLVMRQFWHXUꢁꢀ/DꢀODYHXVHꢀGRLWꢀrWUHꢀꢀ  
ꢀ EUDQFKpHꢀjꢀXQHꢀSULVHꢀVpSDUpHꢁ  
RXꢀOHꢀIXVLEOHꢀHVWꢀJULOOpꢀꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
/·pOHFWURQLTXHꢀGRLWꢀrWUHꢀUpLQLWLDOLVpHꢀ‡ꢀ 'pEUDQFKH]ꢀODꢀODYHXVHꢃꢀDWWHQGH]ꢀꢂꢀPLQXWHVꢃꢀSXLVꢀUHEUDQFKH]ꢌODꢀHWꢀꢀ ꢀ  
ꢀ
ꢀ DSSX\H]ꢀVXUꢀ67$57ꢀꢎ0DUFKHꢏꢁ  
ꢀ
ꢀ
9RXVꢀQ·DYH]ꢀSDVꢀDSSX\pꢀVXUꢀꢀ  
ODꢀWRXFKHꢀꢀ0DUFKH  
‡ꢀ $SSX\H]ꢀVXUꢀ67$57ꢀꢎ0DUFKHꢏ  
ꢀ
/·DLPDQWꢀGXꢀFRXYHUFOHꢀHVWꢀPDQTXDQWꢀ‡ꢀ $SSHOH]ꢀXQꢀWHFKQLFLHQꢁ  
/DꢀGXUpHꢀQHꢀV·DIILFKHꢀSDVꢀꢀ  
ꢀ
/·DSSDUHLOꢀHVWꢀHQꢀWUDLQꢀGHꢀVHꢀUHPSOLUꢀ ‡ꢀ &HFLꢀHVWꢀQRUPDOꢁꢀ/HꢀWHPSVꢀUHVWDQWꢀHVWLPpꢀHVWꢀUHPLVꢀjꢀMRXUꢀSHQGDQWꢀOHꢀ  
ꢀ
ꢀ UHPSOLVVDJHꢁ  
0RXYHPHQWꢀGDQVꢀODꢀPDFKLQHꢀꢀ /·HPEUD\DJHꢀGpVHQJDJHꢀ  
‡ꢀ /RUVTXHꢀODꢀPDFKLQHꢀHVWꢀpWHLQWHꢀPDQXHOOHPHQWꢃꢀO·HPEUD\DJHꢀ  
ꢀ GpVHQJDJHꢀOHꢀPRWHXUꢀDYDQWꢀO·DUUrWꢀFRPSOHWꢁꢀ6LꢀOHꢀFRXYHUFOHꢀHVWꢀRXYHUW  
ꢀ DYDQWꢀTXHꢀOHꢀPRWHXUꢀQHꢀVRLWꢀGpVHQJDJpꢃꢀOHꢀSURJUDPPHꢀUHSUHQGUDꢀjꢀODꢀ  
ꢀ IHUPHWXUHꢀGXꢀFRXYHUFOHꢁꢀ  
ORUVTX·HOOHꢀHVWꢀpWHLQWHꢀ  
OHꢀPRWHXUꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
/HꢀSDQLHUꢀVHPEOHꢀGHVVHUUpꢀꢀ  
ꢀ
/HꢀSDQLHUꢀERXJHꢀHWꢀꢀ  
WRXUQHꢀOLEUHPHQWꢀꢀ  
‡ꢀ /HꢀSDQLHUꢀGHꢀODꢀODYHXVHꢀQ·HVWꢀSDVꢀpTXLSpꢀGHꢀIUHLQꢀWUDGLWLRQQHOꢁ  
ꢀ ,OꢀWRXUQHꢀOLEUHPHQWꢁꢀ&HFLꢀHVWꢀQRUPDOꢁ  
9rWHPHQWVꢀWURSꢀPRXLOOpVꢀ  
ꢀ
ꢀ
&KRL[ꢀGXꢀSURJUDPPHꢀG·HVVRUDJHꢀꢀ ‡ꢀ 9pULILH]ꢀTXHꢀOHꢀSURJUDPPHꢀFKRLVLꢀFRUUHVSRQGHꢀjꢀODꢀEUDVVpHꢀTXHꢀꢀ  
ꢀ
ꢀ
ꢀ YRXVꢀODYH]ꢁꢀ&HUWDLQVꢀWLVVXVꢀVHPEOHQWꢀSOXVꢀKXPLGHVꢀORUVTX·LOVꢀVRQWꢀULQFpVꢀjꢀꢀ  
ꢀ O·HDXꢀIURLGHꢁ  
ꢀ
ꢀ
%UDVVpHꢀGpVpTXLOLEUpHꢀ  
ꢀ
‡ꢀ 5HGLVWULEXH]ꢀODꢀEUDVVpHꢀGDQVꢀODꢀODYHXVHꢀHWꢀHIIHFWXH]ꢀXQꢀSURJUDPPHꢁꢀꢀ  
ꢀ 9LGDQJHꢀ ꢀ(VVRUDJH  
7DFKHVꢀGHꢀFRXOHXUVꢀ  
ꢀ
0DXYDLVHꢀXWLOLVDWLRQꢀGHꢀꢀ  
O·DVVRXSOLVVDQWꢀ  
‡ꢀ 9pULILH]ꢀOHVꢀUHFRPPDQGDWLRQVꢀVXUꢀO·HPEDOODJHꢀG·DGRXFLVVDQW  
ꢀ HWꢀVXLYH]ꢀOHVꢀLQVWUXFWLRQVꢀG·XWLOLVDWLRQꢀGXꢀGLVWULEXWHXUꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
‡ꢀ $VVXUH]ꢌYRXVꢀG·DYRLUꢀVpOHFWLRQQpꢀO·RSWLRQꢀ$VVRXSOLVVDQWꢁꢀ  
‡ꢀ 3UpWUDLWH]ꢀODꢀWDFKHꢀHWꢀUHODYH]ꢀO·DUWLFOHꢁ  
ꢀ
7UDQVIHUWꢀGHꢀFRXOHXUꢀ  
‡ꢀ 7ULH]ꢀOHVꢀDUWLFOHVꢀEODQFVꢀHWꢀGHꢀFRXOHXUꢀFODLUHꢀGHVꢀDUWLFOHVꢀGHꢀFRXOHXUꢀIRQFpHꢁ  
9rWHPHQWVꢀJULVkWUHVꢀRXꢀMDXQLVꢀ 3DVꢀDVVH]ꢀGHꢀGpWHUJHQWꢀꢀ  
‡ꢀ 6XLYH]ꢀELHQꢀOHVꢀFRQVHLOVꢀGXꢀIDEULFDQWꢀGHꢀGpWHUJHQWꢁ  
ꢀ
(DXꢀGXUHꢀ  
‡ꢀ 8WLOLVH]ꢀXQꢀDGRXFLVVHXUꢀGHꢀW\SHꢀ&DOJRQꢀRXꢀLQVWDOOH]ꢀXQꢀDGRXFLVVHXUꢀG·HDXꢁ  
ꢀ
ꢀ
/·HDXꢀQ·HVWꢀSDVꢀDVVH]ꢀFKDXGHꢀ  
‡ꢀ $VVXUH]ꢀYRXVꢀTXHꢀOHꢀFKDXIIHꢌHDXꢀSURGXLWꢀXQHꢀHDXꢀjꢀXQHꢀꢀ  
ꢀ WHPSpUDWXUHꢀGHꢀꢆꢉꢀjꢀꢈꢋƒ&ꢀꢎꢊꢂꢋꢀjꢀꢊꢆꢋƒ)ꢏꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
/DꢀODYHXVHꢀHVWꢀWURSꢀFKDUJpHꢀ  
ꢀ
ꢀ
‡ꢀ 3ODFH]ꢀOHVꢀYrWHPHQWVꢀGDQVꢀOHꢀSDQLHUꢀGHꢀODꢀODYHXVHꢀVDQVꢀOHVꢀFRPSULPHUꢀ  
ꢀ $MXVWH]ꢀODꢀWDLOOHꢀGHꢀODꢀEUDVVpHꢀjꢀODꢀWDLOOHꢀHWꢀjꢀODꢀPDWLqUHꢀGHVꢀDUWLFOHVꢀjꢀDYHUꢁꢀ  
ꢀ Oꢀ3RXUꢀGHꢀPHLOOHXUVꢀUpVXOWDWVꢃꢀDMRXWH]ꢀOHVꢀDUWLFOHVꢀVXUꢀO·H[WpULHXUꢀGXꢀSDQLHUꢁꢀ  
ꢀ
/HꢀGpWHUJHQWꢀQHꢀVHꢀGLVVRXWꢀSDVꢀ  
‡ꢀ $MRXWH]ꢀOHꢀGpWHUJHQWꢀDYDQWꢀGHꢀSODFH]ꢀOHVꢀDUWLFOHVꢀGDQVꢀODꢀODYHXVHꢁ  
ꢀ
ꢀ
ꢀ
7UDQVIHUWꢀGHꢀFRXOHXUꢀ  
ꢀ
ꢀ
‡ꢀ 7ULH]ꢀOHVꢀYrWHPHQWVꢀSDUꢀFRXOHXUꢁꢀ6LꢀO·pWLTXHWWHꢀGHꢀYRWUHꢀYrWHPHQWꢀꢀ  
ꢀ
ꢀ LQGLTXHꢀTXHꢀFHOXLꢌFLꢀGRLWꢀrWUHꢀODYpꢀVpSDUpPHQWꢃꢀOHVꢀFRXOHXUVꢀQHꢀVRQWꢀꢀ ꢀ  
ꢀ SHXWꢌrWUHꢀSDVꢀVWDEOHVꢁ  
&KDUSLHꢀRXꢀUpVLGXꢀVXUꢀꢀ  
OHVꢀYrWHPHQWVꢀ  
/HVꢀYrWHPHQWVꢀVRQWꢀVpFKpVꢀꢀ  
jꢀO·DLUꢀRXꢀVXUꢀXQHꢀFRUGHꢀjꢀOLQJHꢀ  
‡ꢀ 6LꢀYRXVꢀQHꢀVpFKH]ꢀSDVꢀYRWUHꢀOLQJHꢀGDQVꢀXQHꢀVpFKHXVHꢃꢀFHOXLꢌFLꢀ  
ꢀ SHXWꢀUHWHQLUꢀSOXVꢀGHꢀFKDUSLHꢁ  
ꢀ
7ULꢀLQFRUUHFWꢀ  
‡ꢀ 6pSDUH]ꢀOHꢀOLQJHꢀSURGXLVDQWꢀGHꢀODꢀFKDUSLHꢀGHꢀFHOXLꢀTXLꢀODꢀUHFXHLOOHꢁ  
ꢀ
ꢀ
/HꢀODYDJHꢀHVWꢀWURSꢀORQJꢀ  
ꢀ
‡ꢀ /DYH]ꢀOHVꢀSHWLWHVꢀEUDVVpHVꢀSHQGDQWꢀXQHꢀGXUpHꢀSOXVꢀFRXUWHꢀTXHꢀSRXUꢀꢀꢀ  
ꢀ OHVꢀEUDVVpHVꢀSOXVꢀYROXPLQHXVHVꢁ  
ꢀ
ꢀ
ꢀ
/HꢀGpWHUJHQWꢀQHꢀVHꢀGLVVRXWꢀSDVꢀ  
ꢀ
ꢀ
‡ꢀ $MRXWH]ꢀOHꢀGpWHUJHQWꢀDYDQWꢀGHꢀSODFH]ꢀOHVꢀDUWLFOHVꢀGDQVꢀODꢀODYHXVHꢁ  
‡ꢀ (VVD\H]ꢀXQꢀGpWHUJHQWꢀOLTXLGHꢁ  
‡ꢀ 8WLOLVH]ꢀXQHꢀHDXꢀSOXVꢀFKDXGHꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
6XUFKDUJHꢀꢀ  
‡ꢀ 3ODFH]ꢀOHVꢀYrWHPHQWVꢀGDQVꢀOHꢀSDQLHUꢀGHꢀODꢀODYHXVHꢀVDQVꢀOHVꢀꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ FRPSULPHUꢁꢀ$MXVWH]ꢀODꢀWDLOOHꢀGHꢀODꢀEUDVVpHꢀjꢀODꢀWDLOOHꢀHWꢀjꢀODꢀPDWLqUHꢀGHVꢀꢀ  
ꢀ DUWLFOHVꢀjꢀODYHUꢁꢀ3RXUꢀGHꢀPHLOOHXUVꢀUpVXOWDWVꢃꢀDMRXWH]ꢀOHVꢀDUWLFOHVꢀVXUꢀꢀ ꢀ  
ꢀ O·H[WpULHXUꢀGXꢀSDQLHUꢁ  
ꢀ
ꢀ
0DXYDLVHꢀXWLOLVDWLRQꢀꢀ  
GHꢀO·DVVRXSOLVVDQWꢀ  
‡ꢀ 9pULILH]ꢀOHVꢀUHFRPPDQGDWLRQVꢀDQGꢀIROORZꢀVXUꢀO·HPEDOODJHꢀG·DGRXFLVVDQWꢁ  
‡ꢀ $VVXUH]ꢌYRXVꢀG·DYRLUꢀVpOHFWLRQQpꢀO·RSWLRQꢀ$VVRXSOLVVDQWꢀ  
ꢑ
 
$YDQWꢀG·DSSHOHUꢀXQꢀUpSDUDWHXUꢃꢃꢃ  
&RQVHLOVꢀGHꢀGpSDQQDJHꢀ  
3(5)250$1&(ꢀꢀ  
&DXVHVꢀ3RVVLEOHVꢀ  
4XHꢀ)DLUH  
%RXORFKDJHꢀ  
8VXUHꢀQRUPDOHꢀGHVꢀWLVVXVꢀꢀ  
HQꢀFRWRQꢀHWꢀSRO\HVWHUꢀHWꢀꢀ  
GHVꢀWLVVXVꢀGXYHWHX[  
‡ꢀ0rPHꢀVLꢀFHꢀSUREOqPHꢀQ·HVWꢀSDVꢀSURYRTXpꢀSDUꢀODꢀODYHXVHꢃꢀ  
ꢀ YRXVꢀSRXYH]ꢀO·DWWpQXHUꢀHQꢀODYDQWꢀOHVꢀYrWHPHQWVꢀjꢀO·HQYHUVꢁ  
ꢀ
ꢀ
&KLFRWVꢏꢀWURXVꢏꢀDFFURFVꢏꢀ  
(SLQJOHVꢇꢀERXWRQVꢆSUHVVLRQꢇꢀ  
‡ꢀ)HUPH]ꢀOHVꢀERXWRQVꢌSUHVVLRQꢀHWꢀOHVꢀIHUPHWXUHVꢀpFODLUꢀHWꢁ  
ꢀ
ꢇ
ꢀ
GpFKLUXUHVꢀRXꢀXQHꢀXVXUH  
FURFKHWVꢇꢀERXWRQVꢀDFpUpV ERXFOHV  
GHꢀFHLQWXUHꢇIHUPHWXUHVꢀHFODLUꢀHW  
REMHWVꢀSRLQWXVꢀODLVVpVꢀGDQVꢀꢀ  
‡ꢀ(QOHYH]ꢀOHVꢀDUWLFOHVꢀOkFKHVꢀWHOVꢀTXHꢀOHVꢀpSLQJOHVꢃꢀOHVꢀREMHWVꢀ  
ꢀ GDQVꢀOHVꢀSRFKHVꢀHWꢀOHVꢀERXWRQVꢀDFpUpVꢁ  
‡ꢀ5HWRXUQH]ꢀOHVꢀYrWHPHQWVꢀHQꢀPDLOOHꢀꢎFHX[ꢀGRQWꢀOHVꢀILOVꢀVHꢀꢀ  
ꢀ WLUHQWꢀIDFLOHPHQWꢏꢁꢀ  
H[FHVVLYH  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
OHVꢀSRFKHV  
ꢀ
ꢀ
-DYHOOLVDQWꢀjꢀEDVHꢀGHꢀꢀ  
‡ꢀ9pULILH]ꢀODꢀTXDQWLWpꢀjꢀXWLOLVHUꢀVXUꢀO·HPEDOODJHꢀ  
ꢀ
ꢀ
FKORUHꢀQRQꢀGLOXpꢀ  
‡ꢀ1·DMRXWH]ꢀMDPDLVꢀGHꢀMDYHOOLVDQWꢀQRQꢀGLOXpꢀGDQVꢀODꢀODYHXVHꢀRX  
ꢀꢀ VXUꢀOHVꢀYrWHPHQWV  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
3URGXLWVꢀFKLPLTXHVꢀWHOVꢀTXHꢀꢀ ‡ꢀ5LQFH]ꢀOHVꢀDUWLFOHVꢀVRXLOOpVꢀSDUꢀFHVꢀSURGXLWVꢀDYDQWꢀGHꢀOHVꢀODYHUꢁꢀꢀ  
GpFRORUDQWVꢀFDSLOODLUHVꢀWHLQWXUHVꢀ  
RXꢀVROXWLRQVꢀSRXUꢀSHUPDQHQWHꢅ  
)DX[ꢀSOLVꢀ  
7ULꢀLQFRUUHFWꢀ  
‡ꢀ(YLWH]ꢀGHꢀPpODQJHUꢀGHVꢀDUWLFOHVꢀORXUGVꢀꢎYrWHPHQWVꢀGHꢀWUDYDLOꢀꢀ ꢀ  
ꢀ SDUꢀH[HPSOHꢏꢀDYHFꢀGHVꢀDUWLFOHVꢀOpJHUVꢀꢎFKHPLVLHUVꢀSDUꢀH[HPSOHꢏ  
‡ꢀ(VVD\H]ꢀG·XWLOLVHUꢀXQꢀDVVRXSOLVVDQWꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
6XUFKDUJHꢀ  
‡ꢀ3ODFH]ꢀOHVꢀYrWHPHQWVꢀGDQVꢀOHꢀSDQLHUꢀGHꢀODꢀODYHXVHꢀVDQVꢀOHVꢀꢀ  
ꢀ
ꢀ
ꢀ
ꢀ FRPSULPHUꢁ  
ꢀ
ꢀ
3URJUDPPHVꢀGHꢀODYDJHꢀꢀ  
‡ꢀ&KRLVLVVH]ꢀOHꢀSURJUDPPHꢀFRUUHVSRQGDQWꢀDXꢀW\SHꢀGHꢀWLVVXꢀTXHꢀꢀ  
ꢀ YRXVꢀODYH]ꢀꢎVXUWRXWꢀHQꢀFDVꢀGHꢀEUDVVpHꢀHQWUHWLHQꢀIDFLOHꢏꢁ  
HWꢀGHꢀVpFKDJHꢀLQFRUUHFWVꢀ  
ꢀ
/DYDJHVꢀUpSpWpVꢀGDQVꢀꢀ  
‡ꢀ/DYH]ꢀOHꢀOLQJHꢀGDQVꢀXQHꢀHDXꢀWLqGHꢀRXꢀIURLGHꢁ  
ꢀ
XQHꢀHDXꢀWURSꢀFKDXGH  
%58,76ꢀꢀꢀ  
&DXVHVꢀ3RVVLEOHVꢀ  
5DLVRQ  
©ꢀ&OLTXHWLVꢀPpWDOOLTXHVꢀªꢀ /·HPEUD\DJHꢀV·HQJDJHꢀꢀꢀ  
‡ꢀ/HꢀV\VWqPHꢀG·HQWUDvQHPHQWꢀYDꢀV·HQJDJHUꢀDXꢀGpEXWꢀGXꢀ  
ꢀ SURJUDPPHꢀHWꢀVHꢀGpVHQJDJHUꢀjꢀODꢀILQꢀGXꢀSURJUDPPHꢁꢀ&HOD  
ꢀ VHꢀSURGXLWꢀjꢀPXOWLSOHVꢀUHSULVHVꢀORUVꢀGXꢀODYDJHꢁ  
ꢀ
ꢀ
RXꢀVHꢀGpVHQJDJHꢀ  
ꢀ
'HVꢀVLIIOHPHQWVꢀRXꢀGHꢀꢀꢀꢀꢀ  
FOLTXHWLVꢀUpFXUUHQWVꢀ  
SHQGDQWꢀO·DJLWDWLRQꢀ  
ꢀ
/HꢀPRWHXUꢀpOHFWULTXHꢀꢀ  
‡ꢀ&HWWHꢀPDFKLQHꢀHVWꢀpTXLSpHꢀG·XQꢀV\VWqPHꢀG·HQWUDvQHPHQWꢀTXLꢀꢀSHWLWVꢀ  
FKDQJHꢀGHꢀGLUHFWLRQꢀꢀ  
ꢀ Q·DꢀSDVꢀGHꢀPpFDQLVPHꢀGHꢀWUDQVPLVVLRQꢁꢀꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ &HꢀEUXLWꢀSURYLHQWꢀGXꢀPRWHXUꢀTXLꢀWRXUQHꢀHQꢀDYDQWꢀHWꢀHQꢀDUULqUHꢀꢀ  
ꢀ SRXUꢀDJLWHUꢀOHꢀOLQJHꢁ  
'HꢀSHWLWVꢀEUXLWVꢀꢀꢀ  
5HGLVWULEXWLRQꢀGXꢀOLQJHꢀꢀ  
‡ꢀ$ꢀODꢀILQꢀGHꢀO·DJLWDWLRQꢃꢀOHꢀPRWHXUꢀHIIHFWXHꢀGHꢀSOXVꢀFRXUWHVꢀ  
G·DJLWDWLRQꢀjꢀODꢀILQꢀGHꢀꢀ  
FKDTXHꢀDJLWDWLRQ  
ꢀ
ꢀ DJLWDWLRQVꢀSRXUꢀUHGLVWULEXHUꢀOHꢀOLQJHꢁꢀ  
ꢀ
ꢀ
ꢀ
8Qꢀ©ꢀFOLFꢀªꢀORUVTXHꢀOHꢀꢀꢀ  
5HODLVꢀ  
‡ꢀ/HꢀUHODLVꢀpPHWꢀXQꢀGpFOLFꢀORUVTX·DFWLYpꢁꢀ/HꢀGpWHFWHXUꢀGHꢀQLYHDXꢀꢀ  
ꢀ G·HDXꢀDFWLYHꢀOHꢀUHODLVꢀORUVTXHꢀOHꢀQLYHDXꢀG·HDXꢀGpVLUpꢀHVWꢀDWWHLQWꢁ  
UHPSOLVVDJHꢀV·DUUrWHꢀ  
ꢀ
©ꢀ&OLTXHWLVꢀªꢀGHUULqUHꢀOHꢀꢀ  
SDQQHDXꢀ GHꢀFRPPDQGHꢀꢀ  
SHQGDQWꢀOHꢀUHPSOLVVDJH  
6RXSDSHꢀGHꢀFRQWU{OHꢀDXWRPDWLTXH  
ꢀ
ꢀ‡ꢀ&HWWHꢀVRXSDSHꢀPpODQJHꢀO·HDXꢀIURLGHꢀHWꢀFKDXGHꢁꢀ/Hꢀ©ꢀFOLTXHWLVꢀªꢀ  
ꢀꢀ SURYLHQWꢀGHꢀODꢀVRXSDSHꢀTXLꢀV·RXYUHꢀHWꢀTXLꢀVHꢀIHUPHꢁ  
GHꢀODꢀWHPSpUDWXUHꢀꢀ  
0RGLILFDWLRQꢀpFRXOHPHQWꢀ 6RXSDSHꢀGHꢀFRQWU{OHꢀDXWRPDWLTXHꢀꢀ‡ꢀ&HWWHꢀVRXSDSHꢀPpODQJHꢀO·HDXꢀIURLGHꢀHWꢀFKDXGHꢁꢀ/HꢀEUXLWꢀ  
G·HDXꢀSHQGDQWꢀOHꢀꢀ  
GHꢀODꢀWHPSpUDWXUHꢀ  
ꢀ FKDQJHꢀORUVTXHꢀODꢀVRXSDSHꢀV·RXYUHꢀRXꢀVHꢀIHUPHꢁꢀ  
ꢀ
ꢀ
ꢀ
UHPSOLVVDJHꢀꢀꢀꢀꢀ  
ꢀ
/HꢀPRWHXUꢀ©ꢀFRXLQHꢀªꢀRXꢀꢀ /HꢀPRWHXUꢀDFFpOqUHꢀRXꢀUDOHQWLWꢀꢀ ‡ꢀ/HꢀPRWHXUꢀDFFpOqUHꢀSDUꢀSDOLHUꢀSHQGDQWꢀO·HVVRUDJHꢁꢀ$ꢀODꢀILQꢀGHꢀꢀ  
HVWꢀ©ꢀHQꢀURXHꢀOLEUHꢀªꢀꢀ  
SHQGDQWꢀO·HVVRUDJHꢀ  
ꢀ O·HVVRUDJHꢃꢀLOꢀUDOHQWLWꢀMXVTX·jꢀO·DUUrWꢀFRPSOHWꢁꢀꢀ  
ꢀ
ꢀ
SHQGDQWꢀO·HVVRUDJHꢀ  
ꢀ
´%RXUGRQQHPHQWꢀµꢀ  
3RPSHꢀGHꢀYLGDQJHꢀGHꢀO·HDXꢀꢀ  
‡ꢀ/DꢀSRPSHꢀGHꢀYLGDQJHꢀpPHWꢀXQꢀERXUGRQQHPHQWꢀHQꢀSRPSDQWꢀ  
ꢀ O·HDXꢀjꢀODꢀILQꢀGHꢀO·DJLWDWLRQꢀHWꢀFRQWLQXHꢀMXVTX·jꢀODꢀILQꢀGHꢀO·HVVRUDJHꢁꢀ  
ꢀ
ꢀ
´*DUJRXLOOLVµꢀ  
3RPSHꢀGHꢀYLGDQJHꢀGHꢀO·HDXꢀ  
‡ꢀ/RUVTXHꢀODꢀSRPSHꢀFRPPHQFHꢀjꢀDVSLUHUꢀGHꢀO·DLUꢃꢀHOOHꢀVHꢀPHWꢀjꢀꢀꢀ  
ꢀ JDUJRXLOOHUꢁ/DꢀODYHXVHꢀGRLWꢀDORUVꢀFRPPHQFHUꢀjꢀHVVRUHUꢀHWꢀOHꢀꢀ ꢀ  
ꢀ EUXLWꢀYDꢀVHꢀSRXUVXLYUHꢀMXVTX·jꢀODꢀILQꢀGHꢀO·HVVRUDJHꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
©ꢀ6LIIOHPHQWꢀªꢀG·HDXꢀ  
&HODꢀHVWꢀQRUPDOꢀ  
‡ꢀ ꢀ&HWWHꢀODYHXVHꢀHVWꢀpTXLSpHꢀG·XQꢀ,QIXVRUŒꢀSRXUꢀDPpOLRUHUꢀOHꢀODYDJHꢁꢀꢀ  
/HꢀVLIIOHPHQWꢀGHꢀO·HDXꢀSHQGDQWꢀOHꢀEUDVVDJHꢀHVWꢀXQꢀSKpQRPqQHꢀ  
QRUPDOꢃꢀHQꢀSDUWLFXOLHUꢀSRXUꢀOHVꢀSHWLWHVꢀEUDVVpHVꢁ  
/DꢀODYHXVHꢀHVWꢀEUX\DQWHꢀ  
/DꢀODYHXVHꢀQ·HVWꢀSDVꢀGHꢀQLYHDXꢀ ‡ꢀꢀ3RXUꢀPHWWUHꢀO·DYDQWꢀGHꢀODꢀODYHXVHꢀGHꢀQLYHDXꢃꢀDMXVWH]ꢀOHVꢀSLHGVꢀ  
GHꢀPLVHꢀjꢀQLYHDXꢀHQꢀIDLVDQWꢀWRXUQHUꢀFKDTXHꢀSLHGꢀSRXUꢀOHVꢀIDLUHꢀ  
PRQWHUꢀRXꢀGHVFHQGUHꢁꢀ3RXUꢀPHWWUHꢀGHꢀQLYHDXꢀO·DUULqUHꢀGHꢀODꢀODYHXVHꢃꢀ  
VRXOHYH]ꢀO·DUULqUHꢀGHꢀODꢀPDFKLQHꢀGHꢀꢊꢊꢀFPꢀꢎꢆꢀSRꢏꢀHWꢀSRVH]ꢌODꢁ  
ꢀ
/DꢀFDOHꢀG·H[SpGLWLRQꢀHVWꢀWRXMRXUVꢀ ‡ꢀ3RXUꢀUHWLUHUꢀODꢀFDOHꢀG·H[SpGLWLRQꢀGHꢀODꢀODYHXVHꢃꢀWLUH]ꢀODꢀIL[pHꢀjꢀO·XQLWpꢀ  
ꢀ
IL[pHꢀjꢀO·XQLWpꢀꢀ  
ꢀ EDVꢀLQIpULHXUꢀGURLWꢀGHꢀODꢀODYHXVHꢁ  
ꢊꢋ  
 
ꢀ
*DUDQWLHꢀGHꢀODYHXVHꢀ*(ꢃ  
7RXWHVꢀOHVꢀUpSDUDWLRQVꢀVRXVꢀJDUDQWLHꢀVHURQWꢀHIIHFWXpHVꢀSDUꢀQRVꢀFHQWUHVꢀ  
$JUDIH]ꢀYRWUHꢀIDFWXUHꢀLFLꢊꢀ3RXUꢀ  
REWHQLUꢀOHꢀVHUYLFHꢀVRXVꢀJDUDQWLHꢉꢀ  
XQHꢀSUHXYHꢀGHꢀODꢀGDWHꢀG·DFKDWꢀ  
LQLWLDOꢀHVWꢀQpFHVVDLUHꢊ  
GHꢀUpSDUDWLRQꢀDXWKRULVpVꢊꢀ$SSHOH]ꢀOHꢀꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋꢊ  
9HXLOOH]ꢀIRXUQLUꢀOHꢀQXPpURꢀGHꢀVpULHꢀHWꢀOHꢀQXPpURꢀGHꢀPRGqOHꢀORUVTXHꢀ  
YRXVꢀDSSHOH]ꢀSRXUꢀREWHQLUꢀOHꢀVHUYLFHꢊ  
3RXUꢀXQHꢀSpULRGHꢀGHꢁꢀ 1RXVꢀUHPSODFHUDꢀJUDWXLWHPHQWꢁ  
8Qꢀ$Qꢀ  
$ꢀSDUWLUꢀGHꢀODꢀGDWHꢀꢀ  
G·DFKDWꢀLQLWLDOꢀ  
ꢀ
7RXWHꢀSLqFHꢀGHꢀODꢀODYHXVHꢀTXLꢀV·UpYqOHꢀGpIHFWXHXVHꢀHQꢀUDLVRQꢀG·XQꢀGpIDXWꢀGHꢀPDWpULDXꢀRXꢀGHꢀ  
IDEULFDWLRQꢁꢀ3HQGDQWꢀFHWWHꢀJDUDQWLHꢀOLPLWpHꢀG·XQꢀDQꢃꢀQRXVꢀIRXUQLURQVꢀpJDOHPHQWꢀJUDWXLWHPHQW  
WRXVꢀOHVꢀIUDLVꢀGHPDLQꢀG·RHXYUHꢀHWꢀGHꢀGpSODFHPHQWꢀGXꢀUpSDUDWHXUꢀjꢀYRWUHꢀGRPLFLOHꢀSRXUꢀUHPSODFHUꢀ  
ODꢀSLqFHꢀGpIHFWXHXVHꢁ  
&HꢀTXLꢀQ·HVWꢀSDVꢀFRXYHUWꢀꢁ  
„ꢀ/HVꢀGpSODFHPHQWVꢀjꢀYRWUHꢀGRPLFLOHꢀSRXUꢀYRXVꢀH[SOLTXHUꢀ  
„ꢀ'HVꢀGRPPDJHVꢀDXꢀSURGXLWꢀFDXVpVꢀSDUꢀXQꢀDFFLGHQWꢇꢀXQ  
ꢀ LQFHQGLHꢇꢀXQHꢀLQRQGDWLRQꢀRXꢀXQHꢀFDWDVWURSKHꢀQDWXUHOOHꢅ  
„ꢀ7RXWꢀGRPPDJHꢀLQGLUHFWꢀRXꢀFRQVpFXWLIꢀFDXVpꢀSDUꢀGHV  
ꢀ SDQQHVꢀSRVVLEOHVꢀGHꢀFHWꢀDSSDUHLOꢀpOHFWURPpQDJHUꢅ  
O·XWLOLVDWLRQꢀGHꢀFHꢀSURGXLWꢅ  
„ꢀ8QHꢀPDXYDLVHꢀLQVWDOODWLRQꢇꢀOLYUDLVRQꢀRXꢀHQWUHWLHQꢅ  
„ꢀ8QHꢀSDQQHꢀGXꢀSURGXLWꢀVLꢀFHOXLꢆFLꢀHVWꢀPDOWUDLWpꢇPDOꢀXWLOLVp  
ꢀ RXꢀXWLOLVpꢀjꢀGHVꢀILQVꢀDXWUHVꢀTXHꢀFHOOHVꢀDX[TXHOOHVꢀLOꢀHVW  
ꢀ GHVWLQpꢇꢀRXꢀXWLOLVpꢀFRPPHUFLDOHPHQWꢅ  
„ꢀ/HꢀUHPSODFHPHQWꢀGHꢀIXVLEOHVꢀGHꢀODꢀPDLVRQꢀRXꢀODꢀUHPLVHꢀHQ  
ꢀ PDUFKHꢀG·XQꢀGLVMRQFWHXUꢅ  
„ꢀ/HVꢀSURGXLWVꢀTXLꢀQHꢀVRQWꢀSDVꢀGpIHFWXHX[ꢀRXꢀEULVpVꢇꢀRXꢀTXLꢀ  
IRQFWLRQQHQWꢀFRQIRUPpPHQWꢀjꢀODꢀGHVFULSWLRQꢀGXꢀ0DQXHOꢀ  
G·XWLOLVDWLRQꢅ  
„ꢀ /HVꢀGpIHFWXRVLWpVꢀRXꢀOHVꢀGRPPDJHVꢀFDXVpVꢀSDUꢀXQHꢀ  
XWLOLVDWLRQꢀjꢀGHVꢀWHPSpUDWXUHVꢀVRXVꢀOHꢀSRLQWꢀGHꢀFRQJpODWLRQꢅ  
„ꢀ'HVꢀGRPPDJHVꢀDSUqVꢀODꢀOLYUDLVRQꢅ  
„ꢀ/HꢀVHUYLFHꢀV·LOꢀHVWꢀLPSRVVLEOHꢀG·DYRLUꢀDFFqVꢀDXꢀSURGXLWꢅ  
(;&/86,21ꢀ'(ꢀ*$5$17,(6ꢀ,03/,&,7(6ꢀ²ꢀ9RWUHꢀVHXOꢀHWꢀXQLTXHꢀUHFRXUVꢀHVWꢀODꢀUpSDUDWLRQꢀGXꢀSURGXLWꢀVHORQꢀOHVꢀGLVSRVLWLRQVꢀGHꢀ  
FHWWHꢀ*DUDQWLHꢀOLPLWpHꢃꢀ7RXWHVꢀOHVꢀJDUDQWLHVꢀLPSOLFLWHVꢏꢀLQFOXDQWꢀOHVꢀJDUDQWLHVꢀGHꢀFRPPHUFLDOLWpꢀHWꢀG·DGpTXDWLRQꢀjꢀXQꢀXVDJHꢀ  
VSpFLILTXHꢏꢀVRQWꢀOLPLWpHVꢀjꢀXQHꢀDQQpHꢀRXꢀjꢀODꢀSpULRGHꢀODꢀSOXVꢀFRXUWHꢀDXWRULVpHꢀSDUꢀODꢀOpJLVODWLRQꢃ  
&HWWHꢀJDUDQWLHꢀHVWꢀRIIHUWHꢀjꢀO·DFKHWHXUꢀLQLWLDOꢉꢀDLQVLꢀTX·jꢀWRXWꢀSURSULpWDLUHꢀVXEVpTXHQWꢀG·XQꢀSURGXLWꢀDFKHWpꢀDXꢀ&DQDGDꢀHQ  
YXHꢀG·XQHꢀXWLOLVDWLRQꢀGRPHVWLTXHꢀDXꢀ&DQDGDꢊꢀ/HꢀVHUYLFHꢀjꢀGRPLFLOHꢀHQꢀYHUWXꢀGHꢀODꢀJDUDQWLHꢀVHUDꢀIRXUQLꢀGDQV  
OHVꢀUpJLRQVꢀRꢀLOꢀHVWꢀGLVSRQLEOHꢀHWꢀRꢀ0DEHꢀHVWLPHꢀUDLVRQQDEOHꢀGHꢀOHꢀIRXUQLUꢊ  
/(ꢀ*$5$17ꢀ1·(67ꢀ3$6ꢀ5(63216$%/(ꢀ'(6ꢀ'200$*(6ꢀ,1',5(&76ꢃ  
*DUDQWꢀꢁꢀ0&ꢀ&RPPHUFLDOꢏꢀ%XUOLQJWRQꢏꢀ21  
ꢊꢊ  
 
6RXWLHQꢀDXꢀFRQVRPPDWHXUꢃ  
6LWH:HEꢀDSSDUHLOVꢀpOHFWURPpQDJHUVꢀ*(ꢀ ZZZꢃHOHFWURPHQDJHUVJHꢃFD  
9RXVꢀDYH]ꢀXQHꢀTXHVWLRQꢀRXꢀYRXVꢀDYH]ꢀEHVRLQꢀG·DLGHꢀSRXUꢀYRWUHꢀDSSDUHLOꢀpOHFWURPpQDJHU"ꢀ&RQWDFWH]ꢌQRXVꢀSDU  
,QWHUQHWꢀDXꢀVLWHꢀZZZꢅHOHFWURPHQDJHUVJHꢅFDꢀꢂꢆꢀKHXUHVꢀSDUꢀMRXUꢃꢀWRXVꢀOHVꢀMRXUVꢀGHꢀO·DQQpHꢁ  
6HUYLFHꢀGHꢀUpSDUDWLRQVꢀ  
ꢄꢃꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋ  
6HUYLFHꢀGHꢀUpSDUDWLRQVꢀ*(ꢀHVWꢀWRXWꢀSUqVꢀGHꢀYRXVꢁ  
3RXUꢀIDLUHꢀUpSDUHUꢀYRWUHꢀpOHFWURPpQDJHUꢀ*(ꢃꢀLOꢀVXIILWꢀGHꢀQRXVꢀWpOpSKRQHUꢁ  
6WXGLRꢀGHꢀ&RQFHSWLRQꢀ5pDOLVWHꢀ  
6XUꢀGHPDQGHꢃꢀ*(ꢀSHXWꢀIRXUQLUꢀXQHꢀEURFKXUHꢀVXUꢀO·DPpQDJHPHQWꢀG·XQHꢀFXLVLQHꢀSRXUꢀOHVꢀSHUVRQQHV  
jPRELOLWpꢀUpGXLWHꢁ  
eFULYH]ꢀꢒꢀ'LUHFWHXUꢃꢀ5HODWLRQVꢀDYHFꢀOHVꢀFRQVRPPDWHXUVꢃꢀ0&ꢀ&RPPHUFLDO  
ꢀ
ꢀ
%XUHDXꢀꢄꢊꢋꢃꢀꢊꢀ)DFWRU\ꢀ/DQH  
0RQFWRQꢃꢀ1ꢁ%ꢁꢀ(ꢊ&ꢀꢑ0ꢄ  
3LqFHVꢀHWꢀ$FFHVVRLUHVꢀꢀ  
&HX[ꢀTXLꢀGpVLUHQWꢀUpSDUHUꢀHX[ꢌPrPHVꢀOHXUVꢀpOHFWURPpQDJHUVꢀSHXYHQWꢀUHFHYRLUꢀSLqFHVꢀHWꢀDFFHVVRLUHVꢀGLUHFWHPHQW  
jꢀODPDLVRQꢀꢎFDUWHVꢀ9,6$ꢃꢀ0DVWHU&DUGꢀHWꢀ'LVFRYHUꢀDFFHSWpHVꢏꢁ  
/HVꢀGLUHFWLYHVꢀVWLSXOpHVꢀGDQVꢀOHꢀSUpVHQWPDQXHOꢀSHXYHQWꢀrWUHꢀHIIHFWXpHVꢀSDUꢀQ·LPSRUWHꢀTXHOꢀXWLOLVDWHXUꢅꢀ/HV  
DXWUHVꢀUpSDUDWLRQVꢀGRLYHQWꢀJpQpUDOHPHQWꢀrWUHꢀHIIHFWXpHVꢀSDUꢀXQꢀWHFKQLFLHQꢀTXDOLILpꢅꢀ6R\H]ꢀSUXGHQWꢇꢀFDUꢀXQH  
UpSDUDWLRQꢀLQDGpTXDWHꢀSHXWꢀDIIHFWHUꢀOHꢀIRQFWLRQQHPHQWꢀVpFXULWDLUHꢀGHꢀO·DSSDUHLOꢅꢀ  
9RXVꢀWURXYHUH]ꢀGDQVꢀOHVꢀSDJHVꢀMDXQHVꢀGHꢀYRWUHꢀDQQXDLUHꢀOHꢀQXPpURꢀGXꢀ&HQWUHꢀGHꢀVHUYLFHꢀ0DEHꢀOHꢀSOXVꢀSURFKHꢁ  
$XWUHPHQWꢃꢀDSSHOH]ꢌQRXVꢀDXꢀꢊꢁꢉꢋꢋꢁꢈꢈꢊꢁꢊꢈꢊꢈꢁ  
&RQWDFWH]ꢃQRXVꢀ ꢀ  
6LꢀYRXVꢀQ·rWHVꢀSDVꢀVDWLVIDLWꢀGXꢀVHUYLFHꢀDSUqVꢌYHQWHꢀGRQWꢀYRXVꢀDYH]ꢀEpQpILFLp  
ꢀ3UHPLqUHPHQWꢃꢀFRPPXQLTXH]ꢀDYHFꢀOHVꢀJHQVꢀTXLꢀRQWꢀUpSDUpꢀYRWUHꢀDSSDUHLOꢁ  
ꢀ(QVXLWHꢃꢀVLꢀYRXVꢀQ·rWHVꢀWRXMRXUVꢀSDVꢀVDWLVIDLWꢀHQYR\H]ꢀWRXVꢀOHVꢀGpWDLOV³QXPpURꢀGHꢀWpOpSKRQHꢀFRPSULV³DX  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
'LUHFWHXUꢃꢀ5HODWLRQVꢀDYHFꢀOHVꢀFRQVRPPDWHXUVꢃꢀ0DEHꢀ&DQDGDꢀ,QF  
%XUHDXꢀꢄꢊꢋꢃꢀꢊꢀ)DFWRU\ꢀ/DQH  
0RQFWRQꢃꢀ1ꢁ%ꢁꢀ(ꢊ&ꢀꢑ0ꢄ  
,QVFULYH]ꢀYRWUHꢀDSSDUHLOꢀpOHFWURPpQDJHUꢀ  
HOHFWURPHQDJHUVJHꢃFD  
,QVFULYH]ꢀYRWUHꢀDSSDUHLOꢀpOHFWURPpQDJHUꢀHQꢀGLUHFWꢇꢀDXVVLW{WꢀTXHꢀSRVVLEOHꢅꢀ&HODꢀDPpOLRUHUDꢀQRV  
FRPPXQLFDWLRQVꢀHWꢀQRWUHꢀVHUYLFHꢀDSUqVꢆYHQWHꢅꢀ9RXVꢀSRXYH]ꢀpJDOHPHQWꢀQRXVꢀHQYR\HUꢀSDUꢀODꢀSRVWH  
OHꢀIRUPXODLUHꢀG·LQVFULSWLRQꢀMRLQWꢀjꢀYRWUHꢀGRFXPHQWDWLRQꢅ  
,PSULPpꢀDX[ꢀ(WDWVꢌ8QLV  
ꢊꢂ  
 

Peavey Musical Instrument Amplifier JSXTM Mini ColossalTM Class A Tube Guitar Amplifier User Manual
Peavey Musical Instrument PV 20 User Manual
Pella Window 80GY0102 User Manual
Philips Headphones SBC HC8350 User Manual
Philips Universal Remote 32HFL5460D User Manual
Polaris Utility Trailer PN 9918061 User Manual
Polk Audio Speaker System AMR150 User Manual
Porter Cable Air Compressor A16759 User Manual
Porter Cable Pressure Washer D26183 025 1 User Manual
ProForm Home Gym PFST12020 User Manual