PLH Products Automobile Parts g158 User Manual

*($SSOLDQFHVꢃFD  
6DIHW\ꢀ,QVWUXFWLRQVꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢂꢃꢀꢄ  
2ZQHU·Vꢀ0DQXDO  
2SHUDWLQJꢀ,QVWUXFWLRQV  
&DUHꢀDQGꢀ&OHDQLQJꢀꢀ  
RIꢀWKHꢀ:DVKHUꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢀꢅ  
&RQWUROꢀ3DQHOꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢆ  
&RQWUROꢀꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ²ꢇ  
)HDWXUHVꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢈꢃꢀꢅ  
/RDGLQJꢀDQGꢀ8VLQJꢀꢀ  
WKHꢀ:DVKHUꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢀꢅ  
7URXEOHVKRRWLQJꢀ7LSVꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁꢉ²ꢊꢋ  
&RQVXPHUꢀ6XSSRUW  
&RQVXPHUꢀ6XSSRUWꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ 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  
 
$ERXWꢀWKHꢀFRQWUROꢀSDQHO³4XLFNꢀVWDUWꢀJXLGHꢃ  
7KURXJKRXWꢀWKLVꢀPDQXDOꢉꢀIHDWXUHVꢀDQGꢀDSSHDUDQFHꢀPD\ꢀYDU\ꢀIURPꢀ\RXUꢀPRGHOꢊ  
6WHSꢀꢄ  
6WHSꢀꢊ  
6WHSꢀꢌ  
6WHSꢀꢋ  
e
wash  
Auto  
Soak  
Delay Wash  
Hold secs  
3
Extra  
Rinse  
to Cancel Delay  
Fabric  
Softener  
Signal  
My  
Settings  
Soil  
Temp  
Spin  
Hold  
3
secs  
To Save Current Cycle  
‡ꢀ6HOHFWꢀZDVKꢀF\FOHꢅ  
Œꢅꢀ  
‡ꢀ3UHVVꢀ6WDUWꢃ  
‡ꢀ$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 3URYLGHVꢀSHULRGVꢀRIꢀDJLWDWLRQꢀDQGꢀVRDNꢀWDLORUHGꢀIRUꢀZDVKLQJꢀWRZHOVꢀDQGꢀVKHHWVꢁꢀ3URYLGHVꢀUHJXODUꢀZDVKDQGꢀKLJK  
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  
 
*($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$86(ꢀ  
&\FOHꢀVWRSSHGꢀEHFDXVHꢀOLGꢀLVꢀRSHQꢁꢀ&ORVHꢀWKHꢀOLGꢁ  
&\FOHꢀSDXVHGꢀEHFDXVHꢀWKHꢀ6WDUW3DXVHꢀSDGꢀZDVꢀSUHVVHGꢀDQGꢀWKHꢀZDVKHUꢀZDVꢀVHWꢀWRꢀ3DXVHꢁꢀ3UHVVꢀ6WDUWꢀSDGꢀDJDLQꢀWRꢀꢀ  
UHVWDUWꢀWKHꢀF\FOHꢁ  
,QGLFDWRUꢀOLJKWV  
,
)LYHꢀ/('ꢀOLJKWVꢀLQGLFDWHꢀWKHꢀFXUUHQWꢀZDVKHUꢀVWDWXVꢀPRYLQJꢀIURPꢀOHIWꢀWRꢀULJKWꢀDVꢀWKHꢀF\FOHꢀSURJUHVVHVꢁ  
'HPDQGꢀ6LGHꢀ0DQDJHPHQWꢌRQꢀVRPHꢀPRGHOVꢍꢀꢌꢀ:KHQꢀFRQQHFWHGꢀWRꢀ\RXUꢀSRZHUꢀFRPSDQ\·VꢀUDWHꢀPRQLWRULQJꢀV\VWHPꢃꢀWKHꢀZDVKHUꢀZLOOꢀ  
DXWRPDWLFDOO\ꢀGHOD\ꢀVWDUWLQJꢀLIꢀWKHꢀUDWHVꢀDUHꢀKLJKꢍFULWLFDOꢁꢀ$Qꢀ´(6µꢀZLOOꢀEHꢀGLVSOD\HGꢀDQGꢀWKHꢀVHOHFWHGꢀF\FOHꢀZLOOꢀVWDUWꢀDIWHUꢀꢆꢀKRXUVꢀRUꢀZKHQꢀ  
WKHꢀUDWHVꢀGURSꢀWRꢀORZꢍPHGLXPꢃꢀZKLFKHYHUꢀFRPHVꢀILUVWꢁꢀ,IꢀWKHꢀUDWHVꢀDUHꢀQRWꢀKLJKꢍFULWLFDOꢃꢀWKHꢀVHOHFWHGꢀF\FOHꢀZLOOꢀVWDUWꢀLPPHGLDWHO\ꢁ  
'60  
 
$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  
0HDVXUHꢀOLTXLGꢀEOHDFKꢀFDUHIXOO\ꢃꢀIROORZLQJꢀLQVWUXFWLRQVꢀRQꢀWKHꢀERWWOHꢁ  
1HYHUꢀSRXUꢀXQGLOXWHGꢀOLTXLGꢀFKORULQHꢀEOHDFKꢀGLUHFWO\ꢀRQWRꢀFORWKHVꢀRUꢀLQWRꢀWKHꢀZDVKꢀEDVNHWꢊ  
'RꢀQRWꢀSRXUꢀSRZGHUHGꢀEOHDFKꢀLQWRꢀEOHDFKꢀIXQQHOꢊ  
%HIRUHꢀVWDUWLQJꢀWKHꢀZDVKHUꢃꢀSRXUꢀPHDVXUHGꢀDPRXQWꢀRIꢀEOHDFKꢀGLUHFWO\ꢀLQWRꢀEOHDFKꢀIXQQHOꢁꢀ  
$YRLGꢀVSODVKLQJꢀRUꢀRYHUꢌILOOLQJꢀGLVSHQVHUꢁꢀ,Iꢀ\RXꢀSUHIHUꢀWRꢀXVHꢀSRZGHUHGꢀEOHDFKꢃꢀDGGꢀLWꢀLQWRꢀWKHꢀ  
ZDVKꢀEDVNHWꢀZLWKꢀ\RXUꢀGHWHUJHQWꢁ  
'RꢀQRWꢀPL[ꢀFKORULQHꢀEOHDFKꢀZLWKꢀDPPRQLDꢀRUꢀDFLGVꢀVXFKꢀDVꢀYLQHJDUꢀDQGꢋRUꢀ  
UXVWꢀUHPRYHUꢊꢀ0L[LQJꢀFDQꢀSURGXFHꢀDꢀWR[LFꢀJDVꢀZKLFKꢀPD\ꢀFDXVHꢀGHDWKꢊ  
7DE  
7KHꢀ)DEULFꢀ6RIWHQHUꢀ'LVSHQVHUꢀꢌRQꢀVRPHꢀPRGHOVꢍ  
7KHꢀIDEULFꢀVRIWHQHUꢀGLVSHQVHUꢀDXWRPDWLFDOO\ꢀUHOHDVHVꢀOLTXLGꢀIDEULFꢀVRIWHQHUꢀDWꢀWKHꢀSURSHUꢀWLPHꢊ  
'RꢀQRWꢀVWRSꢀWKHꢀZDVKHUꢀRUꢀUDLVHꢀWKHꢀOLGꢀꢀGXULQJꢀWKHꢀILUVWꢀVSLQꢃꢀ7KLVꢀZLOOꢀFDXVHꢀWKHꢀGLVSHQVHUꢀWRꢀ  
HPSW\ꢀWRRꢀVRRQꢃ  
1HYHUꢀSRXUꢀIDEULFꢀVRIWHQHUꢀGLUHFWO\ꢀRQꢀFORWKHVꢃꢀ7KLVꢀPD\ꢀFDXVHꢀVWDLQVꢀRQꢀ\RXUꢀFORWKLQJꢃ  
/LIWꢀWKHꢀWDEꢀRQꢀWKHꢀIDEULFꢀVRIWHQHUꢀGLVSHQVHUꢀ  
WRSꢁ  
6HOHFWꢀ)DEULFꢀ6RIWHQHUꢀRQꢀWKHꢀFRQWUROꢀSDQHOꢁ  
127(ꢁꢀ2YHUILOOLQJꢀWKHꢀGLVSHQVHUꢀZLOOꢀFDXVHꢀIDEULFꢀ  
VRIWHQHUꢀWRꢀGUDLQꢀRXWꢀRIꢀWKHꢀKROHVꢀLQꢀWKHꢀVLGHꢀRIꢀ  
WKHꢀLQIXVRUꢀZKHQꢀILOOLQJꢁꢀ'RꢀQRWꢀRYHUILOOꢁ  
127(ꢁꢀ'RꢀQRWꢀXVHꢀIDEULFꢀVRIWHQHUꢀGLVSHQVLQJꢀ  
EDOOVꢀZLWKꢀWKLVꢀZDVKHUꢊꢀ7KH\ꢀGRꢀQRWꢀZRUNꢀ  
FRUUHFWO\ꢀLQꢀKLJKꢀHIILFLHQF\ꢀZDVKHUVꢊ  
0HDVXUHꢀRXWꢀIDEULFꢀVRIWHQHUꢀLQWRꢀWKHꢀFDSꢀ  
DQGꢀSRXUꢀWKHꢀVRIWHQHUꢀLQWRꢀWKHꢀGLVSHQVHUꢀ  
WRSꢁꢀ7KHꢀIDEULFꢀVRIWHQHUꢀZLOOꢀGUDLQꢀLQWRꢀWKHꢀ  
UHFHLYLQJꢀFXSꢀLQVLGHꢀWKHꢀGLVSHQVHUꢁꢀ8VHꢀRQO\ꢀ  
´8OWUDµꢀRUꢀFRQFHQWUDWHGꢀIDEULFꢀVRIWHQHUVꢁꢀ  
3XVKꢀGRZQꢀRQꢀWKHꢀWDEꢀWRꢀFORVHꢀWKHꢀ  
GLVSHQVHUꢀWRSꢁꢀ0DNHꢀVXUHꢀWKHꢀWDEꢀLVꢀSXVKHGꢀ  
GRZQꢀIXOO\ꢀDQGꢀVQDSVꢀVKXWꢁ  
&OHDQLQJꢀWKHꢀ)DEULFꢀ6RIWHQHUꢀ'LVSHQVHUꢌRQꢀVRPHꢀPRGHOVꢍ  
7XUQLQJꢀ  
7DEV  
7KHꢀ)DEULFꢀ6RIWHQHUꢀ'LVSHQVHUꢀLVꢀVHOIꢀFOHDQLQJꢁꢀ7KLVꢀGLVSHQVHUꢀVKRXOGꢀQRWꢀUHTXLUHꢀUHJXODUꢀFOHDQLQJꢀ  
OLNHꢀVWDQGDUGꢀIDEULFꢀVRIWHQHUꢀGLVSHQVHUVꢁꢀ:LSHꢀGRZQꢀH[WHULRUꢀVXUIDFHVꢀRIꢀWKHꢀGLVSHQVHUꢀDVꢀQHHGHGꢁꢀ,Iꢀ  
FOHDQLQJꢀRIꢀWKHꢀLQWHUQDOꢀGLVSHQVHUꢀFRPSRQHQWVꢀLVꢀQHHGHGꢃꢀIROORZꢀWKHVHꢀVWHSVꢀDIWHUꢀWKHꢀZDVKꢀF\FOHꢀLVꢀ  
FRPSOHWHꢒ  
:LSHꢀVXUIDFHVꢀZLWKꢀDꢀVRIWꢀFORWKꢀRUꢀVRDNꢀWKHꢀ  
SDUWVꢀLQꢀDꢀVROXWLRQꢀRIꢀꢊꢀJDOORQꢀZDUPꢀZDWHUꢃꢀ  
ꢊꢍꢆꢀFXSꢀOLTXLGꢀGHWHUJHQWꢀDQGꢀꢊꢀFXSꢀEOHDFKꢁꢀ  
(QVXUHꢀWKHꢀVPDOOꢀKROHꢀLQꢀWKHꢀWRSꢀVXUIDFHꢀRIꢀ  
WKHꢀFDSꢀDQGꢀLWVꢀDVVRFLDWHGꢀWXEHꢀDUHꢀQRWꢀ  
REVWUXFWHGꢁ  
/LIWꢀWKHꢀGLVSHQVHUꢀWRSꢀWDEꢀDQGꢀWXUQꢀWKHꢀWRSꢀ  
FRXQWHUFORFNZLVHꢀXVLQJꢀWKHꢀꢂꢀWXUQLQJꢀWDEVꢀ  
VKRZQꢁꢀ/LIWꢀWKHꢀGLVSHQVHUꢀRXWꢀRIꢀWKHꢀ  
,QIXVRUŒꢁꢀ  
&OHDQꢀRXWꢀDQ\ꢀEXLOGXSꢀIURPꢀLQVLGHꢀWKHꢀ  
,QIXVRUŒꢀZLWKꢀDꢀVRIWꢀFORWKꢀRUꢀWRRWKEUXVKꢁꢀ  
(QVXUHꢀWKHꢀWKUHHꢀUHFWDQJXODUꢀKROHVꢀLQꢀWKHꢀ  
ERWWRPꢀWKDWꢀDOORZꢀWKHꢀIDEULFꢀVRIWHQHUꢀWRꢀ  
GUDLQꢀDUHꢀQRWꢀEORFNHGꢁ  
5HDVVHPEOHꢀWKHꢀGLVSHQVHUꢀFXSꢀDQGꢀFDSꢀE\ꢀ  
VQDSSLQJꢀWKHPꢀWRJHWKHUꢁ  
7XUQLQJꢀ  
7DEV  
3ODFHꢀWKHꢀGLVSHQVHUꢀDVVHPEO\ꢀLQWRꢀWKHꢀ  
,QIXVRUŒꢁꢀ7XUQꢀWKHꢀWRSꢀFORFNZLVHꢀXVLQJꢀWKHꢀꢂꢀ  
WXUQLQJꢀWDEVꢀVKRZQꢁꢀ3XVKꢀGRZQꢀRQꢀWKHꢀWDEꢀ  
WRꢀFORVHꢀWKHꢀGLVSHQVHUꢀWRSꢁꢀ0DNHꢀVXUHꢀWKHꢀ  
WDEꢀLVꢀSXVKHGꢀGRZQꢀIXOO\ꢀDQGꢀVQDSVꢀVKXWꢁꢀ  
*HQWO\ꢀSXOOꢀWKHꢀFDSꢀDZD\ꢀIURPꢀWKHꢀ  
GLVSHQVHUꢀFXSꢀWRꢀVHSDUDWHꢁ  
 
*($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/LGꢌRQꢀVRPHꢀPRGHOVꢍꢒꢀ8VHꢀDꢀFOHDQꢃꢀVRIWꢀFORWKꢀ  
GDPSHQHGꢀZLWKꢀDꢀYLQHJDUꢀDQGꢀZDWHUꢀVROXWLRQꢁ  
$GGꢀWXEꢀFOHDQHUꢀRUꢀOLPHꢀVFDOHꢀUHPRYHUꢀLQWRꢀWKHꢀ  
GHWHUJHQWꢀGLVSHQVHUꢀGUDZHUꢁ  
)LOOꢀ+RVHVꢁꢀ*(ꢀUHFRPPHQGVꢀFKDQJLQJꢀWKHꢀKRVHVꢀHYHU\  
ꢇꢀ\HDUVꢁ  
‡ꢀ'RꢀQRWꢀH[FHHGꢀWKHꢀPD[LPXPꢀGHWHUJHQWꢀOLPLWꢀOLQHꢀ  
ZKHQꢀ\RXꢀDGGꢀLWꢁꢀ'HWHUJHQWꢀPD\ꢀUHPDLQꢀLQꢀWKHꢀ  
ZDVKHUꢀWXEꢀDIWHUꢀFOHDQLQJꢁ  
‡ꢀ:KHQꢀ\RXꢀXVHꢀOLTXLGꢀFKORULQHꢀEOHDFKꢏꢀORDGꢀLWꢀLQWRꢀWKHꢀ  
OLTXLGꢀFKORULQHꢀEOHDFKꢀFRPSDUWPHQWꢁ  
‡ꢀ:KHQꢀ\RXꢀXVHꢀDꢀSRZGHUHGꢀFOHDQHUꢏꢀSXOOꢀRXWꢀWKHꢀ  
OLTXLGꢀGHWHUJHQWꢀFXSꢀDQGꢀDGGꢀLWꢀLQWRꢀWKHꢀPDLQꢀZDVKꢀ  
GHWHUJHQWꢀFRPSDUWPHQWꢁ  
‡ꢀ:KHQꢀ\RXꢀXVHꢀFOHDQLQJꢀWDEOHWVꢏꢀSODFHꢀWKHPꢀGLUHFWO\ꢀ  
LQWRꢀWKHꢀZDVKHUꢀWXEꢁꢀꢎ'RꢀQRWꢀDGGꢀWDEOHWꢀFOHDQHUꢀWRꢀWKHꢀ  
GUDZHUꢁꢏ  
([WHULRUꢁꢀ,PPHGLDWHO\ꢀZLSHꢀRIIꢀDQ\ꢀVSLOOVꢁꢀ:LSHꢀZLWKꢀGDPSꢀ  
FORWKꢁꢀ7U\ꢀQRWꢀWRꢀKLWꢀVXUIDFHꢀZLWKꢀVKDUSꢀREMHFWVꢁ  
,QWHULRUꢁꢀ7KHꢀRFFDVLRQDOꢀXVHꢀRIꢀDꢀF\FOHꢀWKDWꢀFRQWDLQVꢀ  
EOHDFKꢀZLOOꢀNHHSꢀWKHꢀLQVLGHꢀRIꢀWKHꢀZDVKHUꢀFOHDQꢁ  
0RYLQJꢀDQGꢀ6WRUDJHꢁꢀ$VNꢀWKHꢀVHUYLFHꢀWHFKQLFLDQꢀWRꢀUHPRYHꢀ  
ZDWHUꢀIURPꢀGUDLQꢀSXPSꢀDQGꢀKRVHVꢁꢀ6HHꢀWKHꢀ,QVWDOODWLRQꢀ  
,QVWUXFWLRQVꢀSDFNHGꢀZLWKꢀSURGXFWꢀIRUꢀLQIRUPDWLRQꢀRQꢀKRZꢀ  
WRꢀUHLQVWDOOꢀWKHꢀVKLSSLQJꢀURGꢀWRꢀNHHSꢀWKHꢀWXEꢀVWDWLRQDU\ꢀ  
ZKHQꢀPRYLQJꢀWKHꢀZDVKHUꢁꢀ)RUꢀPRUHꢀLQIRUPDWLRQꢃꢀYLVLWꢀ  
*($SSOLDQFHVꢃFDꢀRUꢀFDOOꢀꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋꢁꢀ'RꢀQRWꢀVWRUHꢀWKHꢀ  
ZDVKHUꢀZKHUHꢀLWꢀZLOOꢀEHꢀH[SRVHGꢀWRꢀZHDWKHUꢁ  
3UHVVꢀWKHꢀ3RZHUꢀEXWWRQꢁ  
7XUQꢀWKHꢀVHOHFWRUꢀNQREꢀWRꢀ%DVNHWꢀ&OHDQꢁ  
3UHVVꢀWKHꢀ6WDUWꢀEXWWRQꢁ  
/RQJꢀ9DFDWLRQVꢁꢀ%HꢀVXUHꢀZDWHUꢀVXSSO\ꢀLVꢀVKXWꢀRIIꢀDWꢀ  
IDXFHWVꢁꢀ'UDLQꢀDOOꢀZDWHUꢀIURPꢀKRVHVꢀLIꢀZHDWKHUꢀZLOOꢀEHꢀꢀ  
EHORZꢀIUHH]LQJꢁ  
 
%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  
‡ꢀꢀ0DNHꢀVXUHꢀGUDLQꢀKRVHꢀGRHVꢀQRWꢀPDNHꢀFRQWDFWꢀZLWKꢀWKHꢀZDOOꢁꢀꢀꢀ  
ꢀ 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 ꢀ  
 
*($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  
7LPHꢀQRWꢀVKRZQꢀ  
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  
 
%HIRUHꢀ\RXꢀFDOOꢀIRUꢀVHUYLFH«  
7URXEOHVKRRWLQJꢀ7LSVꢀ  
3(5)250$1&(ꢀꢌFRQWꢊꢍꢀ  
3RVVLEOHꢀ&DXVHVꢀ  
:KDWꢀ7Rꢀ'R  
3LOOLQJꢀ  
5HVXOWꢀRIꢀQRUPDOꢀZHDUꢀRQꢀSRO\ꢆ: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$*(56*(ꢃ&$  
&RQVLJQHVꢀGHꢀVpFXULWpꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢂꢃꢀꢄ  
0DQXHOꢀG·XWLOLVDWLRQ  
&RQVLJQHVꢀG·XWLOLVDWLRQ  
(QWUHWLHQꢀHWꢀQHWWR\DJHꢀꢀ  
GHꢀODꢀODYHXVHꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢀꢅ  
3DQQHDXꢀGHꢀFRPPDQGHOꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢆ  
5pJODJHꢀGHVꢀFRPPDQGHVꢀꢀꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ²ꢇ  
)RQFWLRQVꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢈꢃꢀꢅ  
&KDUJHPHQWꢀHWꢀ8WLOLVDWLRQꢀꢀꢀ  
GHꢀODꢀ/DYHXVHꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢁꢀꢀꢅ  
&RQVHLOVꢀGHꢀGpSDQQDJHꢀꢀꢁ ꢁ ꢁꢉ²ꢊꢋ  
$VVLVWDQFHꢀjꢀODꢀFOLHQWqOH  
$VVLVWDQFHꢀjꢀODꢀFOLHQWqOHꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢊꢂ  
*DUDQWLHꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ 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($8  
'DQVꢀFHUWDLQHVꢀFRQGLWLRQVꢉꢀGHꢀO·K\GURJqQHꢀJD]HX[ꢀSHXWꢀrWUHꢀSURGXLWꢀGDQVꢀXQꢀFKDXIIHꢃHDXꢀORUVTXHꢀFHꢀ  
GHUQLHUꢀQ·DꢀSDVꢀpWpꢀXWLOLVpꢀSHQGDQWꢀGHX[ꢀVHPDLQHVꢀRXꢀSOXVꢊꢀ'DQVꢀFHVꢀFRQGLWLRQVꢉꢀO·K\GURJqQHꢀJD]HX[ꢀ  
SHXWꢀSURYRTXHUꢀXQHꢀH[SORVLRQꢊ  
6LꢀYRXVꢀQ·DYH]ꢀSDVꢀXWLOLVpꢀO·HDXꢀFKDXGHꢀGHSXLVꢀSOXVꢀGHꢀGHX[ꢀVHPDLQHVꢃꢀpYLWH]ꢀWRXWꢀGRPPDJHꢀRXꢀEOHVVXUHꢀHQꢀRXYUDQWꢀ  
WRXVꢀOHVꢀURELQHWVꢀG·HDXꢀFKDXGHꢀHWꢀHQꢀOHVꢀODLVVDQWꢀFRXOHUꢀSHQGDQWꢀTXHOTXHVꢀPLQXWHVꢁꢀ(IIHFWXH]ꢀFHꢀJHVWHꢀDYDQWꢀ  
G·XWLOLVHUꢀWRXWꢀDSSDUHLOꢀpOHFWURPpQDJHUꢀEUDQFKpꢀDXꢀV\VWqPHꢀG·HDXꢀFKDXGHꢁꢀ&HWWHꢀSURFpGXUHꢀVLPSOHꢀSHUPHWꢀjꢀWRXWHꢀ  
DFFXPXODWLRQꢀG·K\GURJqQHꢀJD]HX[ꢀGHꢀV·pFKDSSHUꢁꢀ&RPPHꢀFHꢀJD]ꢀHVWꢀLQIODPPDEOHꢃꢀQHꢀIXPH]ꢀSDVꢃꢀQ·XWLOLVH]ꢀSDVꢀGHꢀ  
IODPPHꢀYLYHꢀRXꢀG·DSSDUHLOꢀpOHFWURPpQDJHUꢀSHQGDQWꢀFHWWHꢀSURFpGXUHꢁ  
,167$//$7,21ꢀ&255(&7(  
&HWWHꢀODYHXVHꢀGRLWꢀrWUHꢀFRUUHFWHPHQWꢀLQVWDOOpHꢀHWꢀSRVLWLRQQpHꢀFRQIRUPpPHQWꢀDX[ꢀ,QVWUXFWLRQVꢀ  
G·,QVWDOODWLRQꢀDYDQWꢀWRXWHꢀXWLOLVDWLRQꢊꢀ6LꢀYRXVꢀQ·DYH]ꢀSDVꢀUHoXꢀGHꢀILFKHꢀFRQWHQDQWꢀOHVꢀFRQVLJQHVꢀ  
G·LQVWDOODWLRQꢉꢀYRXVꢀSRXYH]ꢀYRXVꢀHQꢀSURFXUHUꢀXQHꢀVXUꢀOHꢀVLWH(/(&7520(1$*(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\FOHꢀ4XLFNꢀ5LQVHꢌ5LQoDJHꢀ5DSLGHꢍꢀ  
$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  
 
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  
 
$ꢀSURSRVꢀGXꢀWDEOHDXꢀGHꢀFRPPDQGH³*XLGHꢀGHꢀGpPDUUDJHꢀUDSLGH  
'DQVꢀFHꢀPDQXHOꢉꢀOHVꢀFRPPDQGHVꢀHWꢀO·DVSHFWꢀGHVꢀpOpPHQWVꢀSHXYHQWꢀGLIIpUHUꢀGHꢀYRWUHꢀPRGqOHꢊ  
eWDSHꢀꢄ  
eWDSHꢀꢊ  
eWDSHꢀꢌ  
eWDSHꢀꢋ  
e
wash  
Auto  
Soak  
Delay Wash  
Hold secs  
3
Extra  
Rinse  
to Cancel Delay  
Fabric  
Softener  
Signal  
My  
Settings  
Soil  
Temp  
Spin  
Hold  
3
secs  
To Save Current Cycle  
‡ꢀ$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&OHDQꢌ1HWWR\DJHꢀFXYHꢍꢃꢀ4XLFNꢀ5LQVHꢌ5LQoDJHꢀUDSLGHꢍꢀHWꢀ'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&XYHꢍ5(0$548(ꢀꢒꢀ1HꢀMDPDLVꢀSODFHUꢀXQHꢀEUDVVpHꢀGDQVꢀODꢀFXYHꢀORUVꢀGXꢀF\FOHꢀ%DVNHWꢀ&OHDQꢌ1HWWR\DJHꢀGHꢀODꢀFXYHꢍꢁꢀ/HVꢀꢀ  
DUWLFOHVꢀGHꢀODꢀEUDVVpHꢀULVTXHQWꢀG·rWUHꢀHQGRPPDJpVꢀRXꢀFRQWDPLQpVꢁꢀ&RQVXOWH]ꢀODꢀVHFWLRQꢀ(QWUHWLHQꢀHWꢀQHWWR\DJHꢁ  
4XLFNꢀ5LQVHꢀ 5LQFHꢀHWꢀHVVRUHꢀGHVꢀDUWLFOHVꢀQRQꢀVDOHVꢀORUVTXHꢀVHXOꢀXQꢀULQoDJHꢀHVWꢀGpVLUpꢁꢀ3URFXUHꢀXQꢀHVVRUDJHꢀjꢀJUDQGHꢀꢀ  
ꢌ5LQoDJHꢀ5DSLGHꢍꢀ YLWHVVHꢁ  
'UDLQꢀ ꢀ6SLQꢀ ꢌ'UDLQDJHꢀHWꢀHVVRUDJHꢍꢀ3RXUꢀYLGDQJHUꢀODꢀFXYHꢀHWꢀHVVRUHUꢀOHVꢀYrWHPHQWVꢁꢀ3URFXUHꢀXQꢀHVVRUDJHꢀjꢀJUDQGHꢀYLWHVVHꢁꢀ  
 
HOHFWURPHQDJHUVJHꢃFD  
2SWLRQV  
%
$XWRVRDNꢀꢌ7UHPSDJHꢀPLQXWpꢍ  
&HWWHꢀIRQFWLRQꢀGpEXWHꢀSDUꢀXQꢀEUDVVDJHꢀFRXUWꢃꢀHIIHFWXHꢀHQVXLWHꢀXQꢀWUHPSDJHꢀG·XQHꢀGXUpHꢀVSpFLILpHꢃꢀSXLVꢀWHUPLQHꢀOHꢀUHVWHꢀGXꢀF\FOHꢀ  
DXWRPDWLTXHPHQWꢁꢀ6XUꢀFHUWDLQVꢀPRGqOHVꢃꢀFHWWHꢀRSWLRQꢀHVWꢀVLWXpHꢀVXUꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀGHVꢀF\FOHVꢁ  
([WUDꢀ5LQVHꢀꢌ([WUDꢀULQoDJHꢍ  
/RUVTXHꢀYRXVꢀXWLOLVH]ꢀXQꢀVXSSOpPHQWꢀGHꢀGpWHUJHQWꢀRXꢀGHꢀMDYHOOLVDQWꢀSRXUꢀODYHUꢀGHVꢀYrWHPHQWVꢀWUqVꢀVDOHVꢃꢀXWLOLVH]ꢀO·RSWLRQꢀ([WUDꢀ5LQVHꢌ([WUDꢀ  
ULQoDJHꢍꢀSRXUꢀPLHX[ꢀpOLPLQHUꢀOHVꢀUpVLGXVꢁ  
)DEULFꢀ6RIWHQHUꢀꢌ$VVRXSOLVVDQWꢍ  
&KRLVLVVH]ꢀFHWWHꢀRSWLRQꢀORUVTXHꢀYRXVꢀDMRXWH]ꢀXQꢀDVVRXSOLVVDQWꢀGDQVꢀODꢀODYHXVHꢀRXꢀSRXUꢀVpOHFWLRQQHUꢀ3RZHU5LQVHꢌ5LQoDJHꢀSXLVVDQWꢍꢁ  
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\ꢀ6HWWLQJVꢌ)DYRULꢍ  
'
-ꢀPHVXUHꢀTXHꢀO·RQꢀWRXUQHꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀGHVꢀF\FOHVꢃꢀOHVꢀUpJODJHVꢀ6RLOꢃꢀ7HPSꢀHWꢀ6SLQꢀSDVVHQWꢀjꢀGHVꢀYDOHXUVꢀSUpUpJOpHVꢀSDUꢀGpIDXWꢁꢀ6Lꢀ  
YRXVꢀVRXKDLWH]ꢀXQꢀUpJODJHꢀGLIIpUHQWꢃꢀDSSX\H]ꢀVXUꢀODꢀRXꢀOHVꢀWRXFKHVꢀDSSURSULpHVꢁꢀ0DLQWHQH]ꢀHQVXLWHꢀHQIRQFpHꢀODꢀWRXFKHꢀ0\ꢀ6HWWLQJVꢌ)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  
ꢀ6SLQꢌ'UDLQDJHꢀHWꢀHVVRUDJHꢍꢀSRXUꢀYLGDQJHUꢀODꢀFXYHꢀHWꢀH[SXOVHUꢀO·HDXꢁ  
6RXOHYHUꢀOHꢀFRXYHUFOHꢀDUUrWHꢀOHꢀEUDVVDJHꢀRXꢀO·HVVRUDJHꢀPDLVꢀQHꢀPHWꢀSDVꢀOHꢀF\FOHꢀHQꢀSDXVHꢁ  
H:DVK  
*
+
/RUVTXHꢀODꢀWRXFKHꢀH:DVKꢀHVWꢀHQIRQFpHꢃꢀOHꢀF\FOHꢀSDVVHꢀDX[ꢀUpJODJHVꢀOHVꢀSOXVꢀpFRQRPHVꢀHQꢀpQHUJLHꢀHWꢀWRXVꢀOHVꢀYR\DQWVꢀH0RQLWRUꢀV·DOOXPHQWꢀ  
SRXUꢀLQGLTXHUꢀO·DFWLYDWLRQꢀGHVꢀUpJODJHVꢀG·pFRQRPLHꢀG·pQHUJLHꢁꢀ6LꢀYRXVꢀFKDQJH]ꢀOHVꢀUpJODJHVꢃꢀOHꢀQRPEUHꢀGHꢀYR\DQWVꢀH0RQLWRUꢀGLPLQXHUDꢀꢎRXꢀ  
DXJPHQWHUDꢏꢀSRXUꢀLQGLTXHUꢀODꢀGLPLQXWLRQꢀRXꢀO·DXJPHQWDWLRQꢀGHVꢀUpJODJHVꢀpFRQHUJpWLTXHVꢁ  
'LVSOD\$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  
'HPDQGꢀ6LGHꢀ0DQDJHPHQWꢌ*HVWLRQꢀGHꢀODꢀGHPDQGHꢍꢌVXUꢀFHUWDLQVꢀPRGqOHVꢍꢀꢌꢀ/RUVTX·HOOHꢀHVWꢀFRQQHFWpHꢀVXUꢀOHꢀV\VWqPHꢀGHꢀVXUYHLOODQFHꢀ  
GHVꢀWDX[ꢀGHꢀYRWUHꢀIRXUQLVVHXUꢀG·pQHUJLHꢃꢀODꢀODYHXVHꢀUHWDUGHUDꢀVRQꢀGpPDUUDJHꢀVLꢀOHVꢀWDX[ꢀVRQWꢀpOHYpVꢁꢀ/HVꢀOHWWUHVꢀ©ꢀ(6ꢀªꢀDSSDUDvWURQWꢀHWꢀꢀ  
OHꢀF\FOHꢀVpOHFWLRQQpꢀGpPDUUDJHꢀDSUqVꢀXQꢀGpODLꢀGHꢀꢆꢀKHXUHVꢀRXꢀORUVTXHꢀOHVꢀWDX[ꢀVHURQWꢀEDVꢀRXꢀPRGpUpVꢃꢀVHORQꢀFHꢀTXLꢀVXUYLHQGUDꢀHQꢀꢀ  
SUHPLHUꢁꢀ6LꢀOHVꢀWDX[ꢀQHꢀVRQWꢀSDVꢀpOHYpVꢃꢀOHꢀF\FOHꢀVpOHFWLRQQpꢀGpPDUUDJHꢀLPPpGLDWHPHQWꢁ  
'60  
 
$ꢀ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  
1HꢀYHUVH]ꢀMDPDLVꢀGHꢀMDYHOOLVDQWꢀQRQꢀGLOXpꢀGLUHFWHPHQWꢀVXUꢀOHVꢀYrWHPHQWVꢀRXꢀGDQVꢀOHꢀSDQLHUꢀꢀ  
GHꢀODꢀODYHXVHꢊ  
1HꢀYHUVH]ꢀSDVꢀGHꢀMDYHOOLVDQWꢀHQꢀSRXGUHꢀGDQVꢀOHꢀGLVWULEXWHXUꢀGHꢀMDYHOOLVDQWꢊ  
$YDQWꢀGHꢀGpPDUUDJHꢀODꢀODYHXVHꢃꢀYHUVH]ꢀODꢀTXDQWLWpꢀGHꢀMDYHOOLVDQWꢀPHVXUpHꢀGLUHFWHPHQWꢀGDQVꢀOHꢀ  
GLVWULEXWHXUꢀGHꢀMDYHOOLVDQWꢁꢀeYLWH]ꢀOHVꢀpFODERXVVXUHVꢀHWꢀpYLWH]ꢀGHꢀWURSꢀUHPSOLUꢀOHꢀGLVWULEXWHXUꢁꢀ6Lꢀ  
YRXVꢀSUpIpUH]ꢀXWLOLVH]ꢀGXꢀMDYHOOLVDQWꢀHQꢀSRXGUHꢃꢀDMRXWH]ꢌOHꢀGDQVꢀOHꢀSDQLHUꢀGHꢀODYDJHꢀDYHFꢀYRWUHꢀ  
GpWHUJHQWꢁ  
1HꢀPpODQJH]ꢀMDPDLVꢀGHꢀMDYHOOLVDQWꢀDYHFꢀGHꢀO·DPPRQLDTXHꢀRXꢀGHVꢀDFLGHVꢀWHOVꢀTXHꢀGXꢀYLQDLJUHꢀ  
HWꢋRXꢀGHꢀO·DQWLURXLOOHꢊꢀ/HꢀPpODQJHꢀSHXWꢀSURGXLUHꢀGHVꢀJD]ꢀWR[LTXHVꢀSRXYDQWꢀHQWUDvQHUꢀODꢀPRUWꢊ  
'LVWULEXWHXUꢀG·DVVRXSOLVVDQWꢌVXUꢀFHUWDLQVꢀPRGqOHVꢍ  
/HꢀGLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢀOLEqUHꢀDXWRPDWLTXHPHQWꢀO·DVVRXSOLVVDQWꢀOLTXLGHꢀDXꢀPRPHQWꢀ  
DSSURSULpꢀGXꢀSURJUDPPHꢁꢀ  
&RXYHUFOH  
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  
0HVXUH]ꢀODꢀTXDQWLWpꢀG·DVVRXSOLVVDQWꢀUHTXLVHꢀ  
GDQVꢀOHꢀERXFKRQꢀSXLVꢀYHUVH]ꢌOHꢀSDUꢀOHꢀKDXWꢀ  
GXꢀGLVWULEXWHXUꢁꢀ/·DVVRXSOLVVDQWꢀV·pFRXOHUDꢀ  
GDQVꢀOHꢀFRPSDUWLPHQWꢀVLWXpꢀjꢀO·LQWpULHXUꢀGXꢀ  
GLVWULEXWHXUꢁꢀ8WLOLVH]ꢀXQLTXHPHQWꢀGHVꢀ  
DVVRXSOLVVDQWVꢀ©ꢀ8OWUDꢀªꢀRXꢀFRQFHQWUpVꢁꢀꢀ  
)HUPH]ꢀOHꢀFRXYHUFOHꢀHQꢀDSSX\DQWꢀGHVVXVꢁꢀ  
$VVXUH]ꢌYRXVꢀTXHꢀOHꢀFRXYHUFOHꢀHVWꢀ  
FRUUHFWHPHQWꢀIHUPpꢀHWꢀHQFOHQFKpꢁ  
1HWWR\DJHꢀGXꢀGLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢀꢌVXUꢀFHUWDLQVꢀPRGqOHVꢍ  
/DQJXHWWHVꢀ  
SHUPHWWDQWꢀ  
ODꢀURWDWLRQ  
/HꢀGLVWULEXWHXUꢀG·DVVRXSOLVVDQWꢀHVWꢀDXWRQHWWR\DQWꢁꢀ&HꢀGLVWULEXWHXUꢀQHꢀGHPDQGHꢀSDVꢀXQꢀHQWUHWLHQꢀ  
UpJXOLHUꢀFRPPHꢀVXUꢀOHVꢀGLVWULEXWHXUVꢀG·DVVRXSOLVVDQWꢀVWDQGDUGVꢁꢀ6LꢀQpFHVVDLUHꢃꢀHVVX\H]ꢀOHVꢀVXUIDFHVꢀ  
H[WpULHXUHVꢀGXꢀGLVWULEXWHXUꢁꢀꢀ6LꢀOHVꢀFRPSRVDQWVꢀLQWHUQHVꢀGXꢀGLVWULEXWHXUꢀGRLYHQWꢀrWUHꢀQHWWR\pVꢃꢀVXLYH]ꢀ  
OHVꢀpWDSHVꢀFLꢌGHVVXVꢀDSUqVꢀXQꢀSURJUDPPHꢒ  
VROXWLRQꢀGHꢀꢄꢃꢉꢀOLWUHVꢀꢎꢊꢀJDOORQꢏꢀG·HDXꢀ  
6RXOHYH]ꢀOHꢀFRXYHUFOHꢀGXꢀGLVWULEXWHXUꢀHWꢀ  
IDLWHVꢀWRXUQH]ꢀOHꢀGLVWULEXWHXUꢀGDQVꢀOHꢀVHQVꢀ  
DQWLKRUDLUHꢀHQꢀXWLOLVDQWꢀOHVꢀꢂꢀODQJXHWWHVꢀ  
FRPPHꢀLQGLTXpꢁꢀ6RUWH]ꢀOHꢀGLVWULEXWHXUꢀGHꢀ  
O·,QIXVRUŒꢁꢀꢀ  
FRQWHQDQWꢀóꢀWDVVHꢀGHꢀGpWHUJHQWꢀOLTXLGHꢀHWꢀꢊꢀ  
WDVVHꢀGHꢀMDYHOOLVDQWꢁꢀ$VVXUH]ꢌYRXVꢀTXHꢀOHꢀ  
SHWLWꢀWURXꢀVXUꢀOHꢀGHVVXVꢀGXꢀFRXYHUFOHꢀHWꢀOHꢀ  
WXEHꢀFRUUHVSRQGDQWꢀQHꢀVRQWꢀSDVꢀREVWUXpVꢁ  
5pDVVHPEOH]ꢀOHꢀFRPSDUWLPHQWꢀGLVWULEXWHXUꢀ  
HWꢀOHꢀFRXYHUFOHꢀHQꢀOHVꢀIHUPDQWꢀG·XQꢀFRXSꢀVHFꢁ  
1HWWR\H]ꢀWRXWꢀGpS{WꢀjꢀO·LQWpULHXUꢀGHꢀO·,QIXVRUŒꢀ  
DYHFꢀXQꢀFKLIIRQꢀGRX[ꢀRXꢀXQHꢀEURVVHꢀjꢀGHQWꢁ  
$VVXUH]ꢌYRXVꢀTXHꢀOHVꢀWURLVꢀWURXVꢀDXꢀIRQGꢀGXꢀ  
GLVWULEXWHXUꢀSHUPHWWDQWꢀjꢀO·DVVRXSOLVVDQWꢀGHꢀ  
V·pFRXOHUꢀQHꢀVRQWꢀSDVꢀERXFKpVꢁ  
/DQJXHWWHVꢀ  
SHUPHWWDQWꢀ  
ODꢀURWDWLRQ  
5HSODFH]ꢀO·HQVHPEOHꢀGLVWULEXWHXUꢀGDQVꢀ  
O·,QIXVRUŒꢁꢀ)DLWHVꢀWRXUQHUꢀOHꢀKDXWꢀGDQVꢀOHꢀVHQVꢀ  
KRUDLUHꢀjꢀO·DLGHꢀGHVꢀꢂꢀODQJXHWWHVꢀFRPPHꢀ  
LQGLTXpꢁꢀ$SSX\H]ꢀVXUꢀOHꢀFRXYHUFOHꢀSRXUꢀIHUPHUꢀ  
OHꢀGLVWULEXWHXUꢁꢀ$VVXUH]ꢌYRXVꢀTXHꢀOHꢀFRXYHUFOHꢀ  
HVWꢀFRUUHFWHPHQWꢀIHUPpꢀHWꢀHQFOHQFKp  
eFDUWH]ꢀGpOLFDWHPHQWꢀOHꢀFRXYHUFOHꢀGXꢀ  
FRPSDUWLPHQWꢀGLVWULEXWHXUꢀSRXUꢀOHVꢀVpSDUHUꢁ  
(VVX\H]ꢀOHVꢀVXUIDFHVꢀjꢀO·DLGHꢀG·XQꢀFKLIIRQꢀ  
GRX[ꢀRXꢀIDLWHVꢀWUHPSHUꢀOHVꢀSLqFHVꢀGDQVꢀXQHꢀ  
 
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  
$MRXWH]ꢀXQꢀQHWWR\DQWꢀGHꢀFXYHꢀRXꢀXQꢀSURGXLWꢀ  
VpTXHVWUDQWꢀHQꢀR[\GHꢀGHꢀFDOFLXPꢀGDQVꢀOHꢀEDFꢀGHꢀ  
GLVWULEXWLRQꢀGXꢀGpWHUJHQWꢁ  
‡ꢀ1HꢀGpSDVVH]ꢀSDVꢀODꢀOLPLWHꢀGHꢀGpWHUJHQWꢀPD[LPXPꢀ  
ORUVTXHꢀYRXVꢀO·DMRXWH]ꢁꢀ/HꢀGpWHUJHQWꢀSHXWꢀUHVWHUꢀGDQVꢀODꢀ  
FXYHꢀjꢀODYHUꢀDSUqVꢀOHꢀQHWWR\DJHꢁ  
,QWpULHXUꢁꢀ/·XWLOLVDWLRQꢀRFFDVLRQQHOOHꢀG·XQꢀSURJUDPPHꢀ  
FRQWHQDQWꢀGXꢀMDYHOOLVDQWꢀPDLQWLHQGUDꢀYRWUHꢀODYHXVHꢀSURSUHꢁ  
‡ꢀ/RUVTXHꢀYRXVꢀXWLOLVH]ꢀO·HDXꢀGHꢀMDYHOꢀOLTXLGHꢀ  
DYHFꢀFKORUHꢏꢀFKDUJH]ꢌODꢀGDQVꢀOHꢀFRPSDUWLPHQWꢀ  
FRUUHVSRQGDQWꢁ  
'pPpQDJHPHQWꢀHWꢀ(QWUHSRVDJHꢀꢁꢀ'HPDQGH]ꢀjꢀXQꢀ  
UpSDUDWHXUꢀGHꢀYLGDQJHUꢀO·HDXꢀGHꢀODꢀSRPSHꢀHWꢀGHVꢀWX\DX[ꢁꢀ  
&RQVXOWH]ꢀODꢀ1RWLFHꢀG·,QVWDOODWLRQꢀIRXUQLHꢀDYHFꢀO·DSSDUHLOꢀ  
SRXUꢀGHVꢀLQIRUPDWLRQVꢀVXUꢀODꢀSURFpGXUHꢀjꢀVXLYUHꢀSRXUꢀ  
UpLQVWDOOHUꢀODꢀFDOHꢀG·H[SpGLWLRQꢀTXLꢀLPPRELOLVHꢀODꢀFXYHꢀ  
SHQGDQWꢀOHꢀGpPpQDJHPHQWꢁꢀ3RXUꢀGHꢀSOXVꢀDPSOHVꢀ  
LQIRUPDWLRQVꢃꢀFRQVXOWH]ꢀOHꢀVLWHꢀ(/(&7520(1$*(56*(ꢃ&$ꢀ  
RXꢀDSSHOH]ꢀꢆꢇꢇꢃꢅꢈꢄꢃꢊꢊꢋꢋꢃꢀ(QWUHSRVH]ꢀODꢀODYHXVHꢀjꢀO·DEULꢀGHVꢀ  
LQWHPSpULHVꢁ  
‡ꢀ6LꢀYRXVꢀXWLOLVH]ꢀXQꢀGpWHUJHQWꢀHQꢀSRXGUHꢏꢀWLUH]ꢀOHꢀJRGHWꢀ  
GXꢀGpWHUJHQWꢀOLTXLGHꢀHWꢀDMRXWH]ꢀOHꢀGpWHUJHQWꢀGDQVꢀOHꢀ  
FRPSDUWLPHQWꢀGHꢀODYDJHꢀSULQFLSDOꢁ  
‡ꢀ6LꢀYRXVꢀXWLOLVH]ꢀGHVꢀFRPSULPpVꢀGHꢀQHWWR\DJHꢏꢀ  
PHWWH]ꢌOHVꢀGLUHFWHPHQWꢀGDQVꢀODꢀFXYHꢀGHꢀODYDJHꢁ  
$SSX\H]ꢀVXUꢀOHERXWRQꢀ3RZHUꢁ  
7RXUQHUH]ꢀOHꢀERXWRQꢀGHꢀVpOHFWLRQꢀVXUꢀ%$6.(7ꢀ&/($1ꢁ  
$SSX\H]ꢀVXUꢀOHERXWRQꢀ6WDUWꢁ  
9DFDQFHVꢀSURORQJpHVꢀꢁꢀ&RXSH]ꢀO·DOLPHQWDWLRQꢀHQꢀHDXꢀDXꢀ  
QLYHDXꢀGHVꢀURELQHWVꢁꢀ9LGDQJH]ꢀO·HDXꢀGHVꢀWX\DX[ꢀHQꢀFDVꢀGHꢅ  
ULVTXHꢀGHꢀJHOꢁ  
 
$YDQWꢀG·DSSHOHUꢀXQꢀUpSDUDWHXUꢃꢃꢃ  
&RQVHLOVꢀGHꢀGpSDQQDJHꢀ  
(FRQRPLVH]ꢀGXꢀWHPSVꢀHWꢀGHꢀO·DUJHQWꢀꢎꢀ&RQVXOWH]ꢀOHVꢀWDEOHDX[ꢀVXUꢀOHVꢀSDJHVꢀVXLYDQWHVꢀRXꢀFRQVXOWH]ꢀ  
(/(&7520(1$*(56*(ꢃ&$ꢃꢀ9RXVꢀQ·DXUH]ꢀSHXWꢃrWUHꢀSDVꢀEHVRLQꢀG·DSSHOHUꢀXQꢀWHFKQLFLHQꢊ  
($8ꢀ  
&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  
 
HOHFWURPHQDJHUVJHꢃFD  
3HUIRUPDQFHꢀꢀ  
&DXVHVꢀ3RVVLEOHVꢀ  
4XHꢀ)DLUH  
/DꢀODYHXVHꢀQHꢀIRQFWLRQQHꢀSDVꢀ /DꢀODYHXVHꢀHVWꢀGpEUDQFKpHꢀ  
‡ꢀ $VVXUH]ꢌYRXVꢀTXHꢀOHꢀFRUGRQꢀHVWꢀELHQꢀEUDQFKpꢀGDQVꢀODꢀSULVHꢀGH  
ꢀ FRXUDQWꢁ  
/HVꢀURELQHWVꢀVRQWꢀIHUPpVꢀ  
‡ꢀ 2XYUH]ꢀFRPSOqWHPHQWꢀOHVꢀURELQHWVꢀG·HDXꢀFKDXGHꢀHWꢀIURLGHꢁ  
‡ꢀ 9pULILH]ꢀOHVꢀFRPPDQGHVꢁ  
/HVꢀFRPPDQGHVꢀQHꢀVRQWꢀSDVꢀ  
ELHQꢀUpJOpHV  
/HꢀFRXYHUFOHꢀHVWꢀRXYHUWꢀ³OHꢀV\VWqPH‡)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  
 
$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  
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  
$ꢀODꢀILQꢀGHꢀO·DJLWDWLRQꢃꢀOHꢀPRWHXUꢀHIIHFWXHꢀGHꢀSOXVꢀFRXUWHVꢀ  
G·DJLWDWLRQꢀjꢀODꢀILQꢀGHꢀꢀ  
FKDTXHꢀDJLWDWLRQ  
ꢀ DJLWDWLRQVꢀSRXUꢀUHGLVWULEXHUꢀOHꢀOLQJHꢁꢀ  
8Qꢀ©ꢀFOLFꢀªꢀORUVTXHꢀOHꢀꢀꢀ  
5HODLVꢀ  
/HꢀUHODLVꢀpPHWꢀXQꢀGpFOLFꢀORUVTX·DFWLYpꢁꢀ/HꢀGpWHFWHXUꢀGHꢀQLYHDXꢀꢀ  
ꢀ G·HDXꢀDFWLYHꢀOHꢀUHODLVꢀORUVTXHꢀOHꢀQLYHDXꢀG·HDXꢀGpVLUpꢀHVWꢀDWWHLQWꢁ  
UHPSOLVVDJHꢀV·DUUrWHꢀ  
©ꢀ&OLTXHWLVꢀªꢀGHUULqUHꢀOHꢀꢀ  
SDQQHDXꢀ GHꢀFRPPDQGHꢀꢀ  
SHQGDQWꢀOHꢀUHPSOLVVDJH  
6RXSDSHꢀGHꢀFRQWU{OHꢀDXWRPDWLTXH  
ꢀ‡&HWWHꢀVRXSDSHꢀPpODQJHꢀO·HDXꢀIURLGHꢀHWꢀFKDXGHꢁꢀ/Hꢀ©ꢀFOLTXHWLVꢀªꢀ  
ꢀꢀ SURYLHQWꢀGHꢀODꢀVRXSDSHꢀTXLꢀV·RXYUHꢀHWꢀTXLꢀVHꢀIHUPHꢁ  
GHꢀODꢀWHPSpUDWXUHꢀꢀ  
0RGLILFDWLRQꢀpFRXOHPHQW6RXSDSHꢀGHꢀFRQWU{OHꢀDXWRPDWLTXHꢀ‡&HWWHꢀVRXSDSHꢀPpODQJHꢀO·HDXꢀIURLGHꢀHWꢀFKDXGHꢁꢀ/HꢀEUXLWꢀ  
G·HDXꢀSHQGDQWꢀOHꢀꢀ  
GHꢀODꢀWHPSpUDWXUHꢀ  
ꢀ FKDQJHꢀORUVTXHꢀODꢀVRXSDSHꢀV·RXYUHꢀRXꢀVHꢀIHUPHꢁꢀ  
UHPSOLVVDJHꢀꢀꢀꢀ  
/HꢀPRWHXUꢀ©ꢀFRXLQHꢀªꢀRXꢀꢀ /HꢀPRWHXUꢀDFFpOqUHꢀRXꢀUDOHQWLWꢀꢀ ‡/HꢀPRWHXUꢀDFFpOqUHꢀSDUꢀSDOLHUꢀSHQGDQWꢀO·HVVRUDJHꢁꢀ$ꢀ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