EDU EDU EDU: 3rvwidfk ' 0 QFKHQ 7ho) D (
EDU EDU EDU: 3rvwidfk ' 0 QFKHQ 7ho) D (
+,*+ 35(6685(
&2035(6625 %/2&.6
. EDU
,. EDU
,. EDU
,1752'8&7,21
:$51,1*
3QHXPDWLF KLJK SUHVVXUH V\VWHP
1RQFRPSOLDQFH ZLWK WKH RSHUDWLQJ DQG VHUYLFH LQVWUXFWLRQV
FDQ FDXVH VHYHUH LQMXU\ RU GHDWK
$OO LQVWUXFWLRQV VKRXOG EH REVHUYHG DQG FDUULHG RXW LQ WKH RUGHU
ODLG GRZQ WR SUHYHQW GDPDJH DQG SUHPDWXUH ZHDU WR WKH HTXLS
PHQW DQG WKH XQLWV VHUYHG E\ LW
.
L
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
LL
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7$%/( 2) &217(176
*(1(5$/
/8%5,&$7,21 6<67(0
,17$.( ),/7(5
'(6&5,37,21
,17$.( ),/7(5 0$,17(1$1&(
,17(50(',$7( 6(3$5$7256
6$)(7< 9$/9(6
35(6685( *$8*(6
'(6&5,37,21
0$,17(1$1&(
9$/9(6
LLL
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7$%/( 2) &217(176
*(1(5$/
*(1(5$/
*(1(5$/
,167$//$7,21
*(1(5$/
35(3$5$7,21
35(6(59,1* 7+( &2035(6625
35(6(59,1* 7+( 02725(1*,1(
35(9(17,9( 0$,17(1$1&( '85,1* 6725$*(
5($&7,9$7,1* 7+( &2035(6625 81,7
*(1(5$/
7$%/(6
$11(;
LY
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7$%/( 2) ),*85(6
)LJ &RPSUHVVRU EORFN
)LJ $LU IORZ GLDJUDP
)LJ /XEH RLO FLUFXLW
)LJ 6LJKW JDXJH PDUNLQJV
)LJ 2LO SUHVVXUH UHJXODWRU
)LJ 9HQWLQJ WKH RLO SXPS
)LJ 9EHOW WHQVLRQ
)LJ 2LO SXPS GULYH
)LJ ,QWDNH ILOWHU
)LJ ,QWHUPHGLDWH VHSDUDWRU
)LJ 2LO DQG ZDWHU VHSDUDWRU
)LJ 2LO DQG ZDWHU VHSDUDWRU ,.
)LJ 3UHVVXUH PDLQWDLQLQJQRQUHWXUQ YDOYH .%
)LJ 3UHVVXUH PDLQWDLQLQJQRQUHWXUQ YDOYH .%
)LJ 9HQWLQJ WKH ILQDO SUHVVXUH VDIHW\ YDOYH
)LJ 6DIHW\ YDOYH ,.
)LJ 9DOYH RSHUDWLRQ
)LJ 9DOYH KHDG VW VWDJH
)LJ 9DOYH QG VWDJH
)LJ 5HPRYLQJ WKH LQWDNH YDOYH
)LJ 8QVFUHZLQJ WKH FDS QXW
)LJ 5HPRYLQJ WKH VFUHZLQ SUHVVXUH SOXJ
)LJ 6HFXULQJ WKH LQWDNH YDOYH
)LJ 9DOYH KHDG UG VWDJH
)LJ 5HPRYDO RI UG VWDJH SUHVVXUH YDOYH
)LJ $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
)LJ 1RUPDO RSHUDWLRQ
)LJ &RQGHQVDWH GUDLQ
)LJ $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
)LJ 1RUPDO RSHUDWLRQ
)LJ &RQGHQVDWH GUDLQ
)LJ 7RUTXH VHTXHQFH
Y
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
$11(;
'UDZLQJV
&RPSUHVVRU EORFN . ,. ZLWK DXWRPDWLF FRQGHQVDWH GUDLQ .%
&RPSUHVVRU EORFN . ,. ZLWKRXW DXWRPDWLF FRQGHQVDWH GUDLQ .%
&RPSUHVVRU EORFN ,. .%
&KDQJH QRWLFH
&KDQJHV ZKLFK GLIIHU IURP WKH SUHYLRXV HGLWLRQ DUH PDUNHG ZLWK D YHUWLFDO OLQH
YL
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
*(1(5$/
385326( $1' 6+257 '(6&5,37,21
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QWDNH ILOWHU
6DIHW\ YDOYH LQWHUPHGLDWH SUHVVXUH DIWHU QG VWDJH
2LO ILOOHU
,QWHUFRROHU DIWHU QG VWDJH
,QWHUPHGLDWH VHSDUDWRU DIWHU QG VWDJH
0DQXDO FRQGHQVDWH GUDLQ WDS
2LO GUDLQ SOXJ
$IWHUFRROHU
,QWHUFRROHU DIWHU VW VWDJH
2LO SUHVVXUH UHJXODWLQJ YDOYH
6DIHW\ YDOYH LQWHUPHGLDWH SUHVVXUH DIWHU UG VWDJH
,QWHUFRROHU DIWHU UG VWDJH
,QWHUPHGLDWH VHSDUDWRU DIWHU UG VWDJH
9EHOW FRYHU
2LO OHYHO VLJKW JDXJH
6DIHW\ YDOYH LQWHUPHGLDWH SUHVVXUH DIWHU VW VWDJH
2LO SXPS
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
0HGLXP $LU
'HOLYHU\D DW USP OPLQ FIP
DW USP OPLQ FIP
DW USP OPLQ FIP
,QWDNH SUHVVXUH DWPRVSKHULF
2SHUDWLQJ SUHVVXUH PD[ EDU SVL
1R RI VWDJHV
1R RI F\OLQGHUV
&\OLQGHU ERUH VW VWDJH PP
&\OLQGHU ERUH QG VWDJH PP
&\OLQGHU ERUH UG VWDJH PP
&\OLQGHU ERUH WK VWDJH PP
3LVWRQ VWURNH PP
6SHHG WR PLQ
'LUHFWLRQ RI URWDWLRQ YLHZLQJ DW IO\ZKHHO FRXQWHUFORFNZLVH
'ULYH LQSXW WR N:
,QWHUPHGLDWH SUHVVXUH VW VWDJH WR EDU WR SVL
6DIHW\ YDOYH VW VWDJH EDU SVL
,QWHUPHGLDWH SUHVVXUH QG VWDJH WR EDU WR SVL
6DIHW\ YDOYH QG VWDJH EDU SVL
,QWHUPHGLDWH SUHVVXUH UG VWDJH WR EDU WR SVL
6DIHW\ YDOYH UG VWDJH EDU SVL
&RPSUHVVRU EORFN RLO FDSDFLW\ O 86 TWV
2LO SUHVVXUH DSSUR[ EDU
2LO W\SH VHH FKDS OXEULFDWLRQ
0D[ DPELHQW WHPSHUDWXUH &
)
0D[ SHUPLVVLEOH LQFOLQDWLRQ RI FRPSUHVVRUE
1HW ZHLJKW DSSUR[ NJ OE
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
0HGLXP $LU
'HOLYHU\D OPLQ FIP
,QWDNH SUHVVXUH DWPRVSKHULF
2SHUDWLQJ SUHVVXUH PD[ EDU SVL
1R RI VWDJHV
1R RI F\OLQGHUV
&\OLQGHU ERUH VW VWDJH PP
&\OLQGHU ERUH QG VWDJH PP
&\OLQGHU ERUH UG VWDJH PP
&\OLQGHU ERUH WK VWDJH PP
3LVWRQ VWURNH PP
6SHHG PLQ
'LUHFWLRQ RI URWDWLRQ YLHZLQJ DW IO\ZKHHO FRXQWHUFORFNZLVH
'ULYH LQSXW N:
,QWHUPHGLDWH SUHVVXUH VW VWDJH WR EDU WR SVL
6DIHW\ YDOYH VW VWDJH EDU SVL
,QWHUPHGLDWH SUHVVXUH QG VWDJH WR EDU WR SVL
6DIHW\ YDOYH QG VWDJH EDU SVL
,QWHUPHGLDWH SUHVVXUH UG VWDJH WR EDU WR SVL
6DIHW\ YDOYH UG VWDJH EDU SVL
&RPSUHVVRU EORFN RLO FDSDFLW\ O 86 TWV
2LO SUHVVXUH DSSUR[ EDU
2LO W\SH VHH FKDS OXEULFDWLRQ
0D[ DPELHQW WHPSHUDWXUH &
)
0D[ SHUPLVVLEOH LQFOLQDWLRQ RI FRPSUHVVRUE
1HW ZHLJKW DSSUR[ NJ OE
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
0HGLXP $LU
'HOLYHU\D DW USP OPLQ FIP
DW USP OPLQ FIP
DW USP OPLQ FIP
,QWDNH SUHVVXUH DWPRVSKHULF
2SHUDWLQJ SUHVVXUH PD[ EDU SVL
1R RI VWDJHV
1R RI F\OLQGHUV
&\OLQGHU ERUH VW VWDJH PP
&\OLQGHU ERUH QG VWDJH PP
&\OLQGHU ERUH UG VWDJH PP
&\OLQGHU ERUH WK VWDJH PP
3LVWRQ VWURNH PP
6SHHG WR PLQ
'LUHFWLRQ RI URWDWLRQ YLHZLQJ DW IO\ZKHHO FRXQWHUFORFNZLVH
'ULYH LQSXW WR N:
,QWHUPHGLDWH SUHVVXUH VW VWDJH WR EDU WR SVL
6DIHW\ YDOYH VW VWDJH EDU SVL
,QWHUPHGLDWH SUHVVXUH QG VWDJH WR EDU WR SVL
6DIHW\ YDOYH QG VWDJH EDU SVL
,QWHUPHGLDWH SUHVVXUH UG VWDJH WR EDU WR SVL
6DIHW\ YDOYH UG VWDJH EDU SVL
&RPSUHVVRU EORFN RLO FDSDFLW\ O 86 TWV
2LO SUHVVXUH DSSUR[ EDU
2LO W\SH VHH FKDS OXEULFDWLRQ
0D[ DPELHQW WHPSHUDWXUH &
)
0D[ SHUPLVVLEOH LQFOLQDWLRQ RI FRPSUHVVRUE
1HW ZHLJKW DSSUR[ NJ OE
)RU GLPHQVLRQV UHIHU WR GUDZLQJ LQ WKH DQQH[
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
/8%5,&$7,21 6<67(0
WKLV FRXOG FDXVH H[FHVVLYH OXEULFDWLRQ RI FRPSUHVVRU DQG UHVXOW & ) 7KH FKDQJH LQWHUYDOV ZLOO EH DV VKRZQ LQ SDUD
LQ YDOYHV VRRWLQJ XS
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7R DYRLG VHYHUH GDPDJH WR WKH FRPSUHVVRU XQLW 'UDLQ RLO ZKLOH VWLOO ZDUP E\ PHDQV RI RLO GUDLQ SOXJ
ZKHQ FKDQJLQJ IURP D PLQHUDO RLO WR D V\QWKHWLF RLO 2Q XQLWV HTXLSSHG ZLWK RLO GUDLQ KRVH UHPRYH KRVH XQLRQ
WKH IROORZLQJ PHDVXUHV VKRXOG EH VWULFWO\ DGKHUHG QXW IURP FRXSOLQJ DW KRVH EUDFNHW
WR 7R ILOO XS ZLWK RLO UHPRYH FDS IURP RLO ILOOHU QHFN 3RXU RLO LQ
VORZO\ ZDLW DGGLWLRQDO PLQXWHV WKHQ SXW XQLW LQWR RSHUD
'UDLQ PLQHUDO RLO FRPSOHWHO\ ZKLOH VWLOO ZDUP
WLRQ
&KDQJH RU FOHDQ YDOYHV FRROHUV VHSDUDWRUV SXULILHUV DQG
&KHFN RSHUDWLRQ RI RLO SXPS ,W LV ZRUNLQJ SURSHUO\ LI QR DLU
DOO SQHXPDWLF WXEHV DQG KRVHV IURP GHSRVLWV
EXEEOHV DUH YLVLEOH LQ WKH RLO SUHVVXUH UHJXODWLQJ YDOYH VLJKW
)LOO FRPSUHVVRU ZLWK V\QWKHWLF RLO JODVV 9HQW SXPS LI EXEEOHV DUH YLVLEOH VHH SDUD
$IWHU DSSUR[ RSHUDWLQJ KRXUV FKHFN OXEULFDWLQJ RLO IRU
GHJUHH RI FRQWDPLQDWLRQ DQG FKDQJH RLO DJDLQ LI QHFHVVDU\ 2,/ 35(6685( 5(*8/$725
3HUIRUP VXEVHTXHQW RLO FKDQJHV DFFRUGLQJ WR SDUD
5HILOO FRPSUHVVRU ZLWK V\QWKHWLF RLO RQO\
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7KH RLO SUHVVXUH UHJXODWRU LV PRXQWHG RQ WKH WK VWDJH F\OLQGHU &KHFN WHQVLRQ RI 9EHOW ZKLFK LV FRUUHFW LI 9EHOW FDQ EH
DQG DGMXVWHG WR EDU SVL ,I QHFHVVDU\ WKH YDOYH FDQ EH SXVKHG DSSUR[ PP XQGHU WKXPE SUHVVXUH )LJ 2WKHU
DGMXVWHG E\ UHPRYLQJ FDS QXW DQG WXUQLQJ WKH VHW VFUHZ ZLVH DGMXVW WHQVLRQ DV IROORZV
LQ WKH RLO SUHVVXUH UHJXODWRU
7XUQLQJ VFUHZ FORFNZLVH LQFUHDVHV SUHVVXUH
7XUQLQJ VFUHZ FRXQWHUFORFNZLVH UHGXFHV SUHVVXUH
5HDG RLO SUHVVXUH IURP DQ RLO SUHVVXUH JDXJH FRQQHFWHG WR RLO
SUHVVXUH UHJXODWRU WHVW FRQQHFWRU
2Q FRPSUHVVRU EORFN . WKH SUHVVXUH UHJXODWRU LV FRQ
WUROOHG E\ WKH LQWHUPHGLDWH SUHVVXUH RI WKH UG VWDJH +HUH QR
DGMXVWPHQW RI WKH RLO SUHVVXUH LV QHFHVVDU\
7KH 9EHOW RI WKH RLO SXPS GULYH PXVW EH FKHFNHG UHJXODUO\ IRU
FRQGLWLRQ DQG WHQVLRQ UHIHU WR FKDSWHU IRU LQWHUYDOV
&$87,21
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,17$.( ),/7(5
'(6&5,37,21
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,17(50(',$7( 6(3$5$7256
)81&7,21$/ '(6&5,37,21
0$,17(1$1&(
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,.
)LJ 2LO DQG ZDWHU VHSDUDWRU
&$87,21
)LJ 2LO DQG ZDWHU VHSDUDWRU ,.
7KH RLO DQG ZDWHU VHSDUDWRU LV VXEMHFW WR G\QDPLF
ORDG ,W LV GHVLJQHG WR ZLWKVWDQG XS WR ORDG 7KH PHGLXP OHDYLQJ WKH ILQDO VWDJH LV FRROHG LQ WKH DIWHUFRROHU
F\FOHV ORDG F\FOH SUHVVXUL]DWLRQ GHSUHVVX WR DSSUR[ WR & ) DERYH DPELHQW WHPSHUDWXUH
UL]DWLRQ $IWHU WKH PD[ QXPEHU RI ORDG F\FOHV KDYH DQG WKHQ HQWHUV WKH RLO DQG ZDWHU VHSDUDWRU )LJ 7KH VHSD
EHHQ UHDFKHG WKH VHSDUDWRU PXVW EH H[FKDQJHG UDWRU UHOLDEO\ VHSDUDWHV OLTXLG RLO DQG ZDWHU FRQWDPLQDWLRQ IURP
7KH PD[LPXP UHFRPPHQGHG DPRXQW RI IRXU ORDG F\FOHV SHU WKH FRPSUHVVHG DLU E\ PHDQV RI D YRUWH[ SODWH
KRXU VKRXOG QRW EH H[FHHGHG
,I LW LV SRVVLEOH WR UHJXODWH WKH RSHUDWLRQ RI WKH XQLW WR VXFK D GH &$87,21
JUHH DV WR DFKLHYH IRXU ORDG F\FOHV SHU KRXU LQ RXU RSLQLRQ WKLV
ZRXOG EH DQ RSWLPXP EHWZHHQ XVDJH DQG DFWXDO OLIH 7KH RLO DQG ZDWHU VHSDUDWRU LV VXEMHFW WR G\QDPLF
ORDG ,W LV GHVLJQHG WR ZLWKVWDQG XS WR ORDG
)LQDO 6HSDUDWRU 0DLQWHQDQFH F\FOHV DW D PD[ SUHVVXUH UDQJH RI EDU ORDG
7KH VLQWHUILOWHU PLFURFDUWULGJH UHTXLUHV SHULRGLF PDLQWH F\FOH SUHVVXUL]DWLRQ GHSUHVVXUL]DWLRQ 7KH
QDQFH 0DLQWHQDQFH LQWHUYDOV VHH VHFWLRQ RLO DQG ZDWHU VHSDUDWRU PXVW EH UHSODFHG ZKHQ WKH
PD[LPXP SHUPLVVLEOH QR RI ORDG F\FOHV KDV EHHQ
7R UHPRYH WKH VLQWHUHG ILOWHU HOHPHQW SURFHHG DV IROORZV UHDFKHG
5HPRYH WXEH FRQQHFWHG WR QRQUHWXUQ YDOYH
6FUHZ RII ILOWHU KHDG DQG UHPRYH 7KH PD[LPXP UHFRPPHQGHG DPRXQW RI IRXU ORDG F\FOHV SHU
KRXU VKRXOG QRW EH H[FHHGHG
8QVFUHZ PLFURFDUWULGJH IURP ILOWHU KHDG
,I LW LV SRVVLEOH WR UHJXODWH WKH RSHUDWLRQ RI WKH XQLW WR VXFK D GH
5HPRYH FHQWUHVFUHZ WR UHPRYH ILOWHU HOHPHQWV JUHH DV WR DFKLHYH IRXU ORDG F\FOHV SHU KRXU LQ RXU RSLQLRQ WKLV
,KRU
&OHDQ VLQWHUHG ILOWHU HOHPHQWV XVLQJ KRW VRDS\ ZDWHU DQG ZRXOG EH DQ RSWLPXP EHWZHHQ XVDJH DQG DFWXDO OLIH
EORZ GU\ ZLWK FOHDQ FRPSUHVVHG DLU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
$ SUHVVXUH PDLQWDLQLQJ DQG D QRQUHWXUQ YDOYH DUH SURYLGHG 2Q XQLWV ZLWK D PD[LPXP ILQDO SUHVVXUH EHWZHHQ EDU
GRZQVWUHDP RI WKH ILOWHU V\VWHP 'HSHQGLQJ RQ WKH PRGHO WKH SVL XS WR EDU SVL WKH SUHVVXUH PDLQWDLQLQJQRQUH
FRPELQDWLRQ SUHVVXUH PDLQWDLQLQJQRQUHWXUQ YDOYH LV WXUQ YDOYH )LJ LV PRXQWHG
PRXQWHG RQ WKH IUDPH RI WKH FRPSUHVVRU XQLW RU RQ WKH RXWVLGH
7KH SUHVVXUH PDLQWDLQLQJ YDOYH LV DGMXVWHG WR EDU
RI WKH KRXVLQJ )RU WKH FRPSUHVVRU EORFN LW LV GHOLYHUHG VHSD
SVL
UDWHO\
7KH SUHVVXUH PDLQWDLQLQJ YDOYH HQVXUHV WKDW SUHVVXUH LV EXLOW 0$,17(1$1&(
XS LQ WKH ILOWHUV HYHQ IURP WKH VWDUW RI GHOLYHU\ WKXV DFKLHYLQJ D
FRQVWDQW RSWLPXP ILOWUDWLRQ ,W ZLOO DOVR JXDUDQWHH SURSHU ZRUN 7KH SUHVVXUH PDLQWDLQLQJ YDOYH LV DGMXVWHG DW WKH IDFWRU\ WR WKH
LQJ FRQGLWLRQV IRU WKH ILQDO VWDJH F\OLQGHU UHTXLUHG SUHVVXUH DQG QRUPDOO\ GRHV QRW UHTXLUH UHJXODU PDLQ
WHQDQFH RU UHDGMXVWPHQW
)RU FRPSUHVVRU XQLWV XS WR EDU ZRUNLQJ SUHVVXUH WKH SUHV
VXUH PDLQWDLQLQJ YDOYH LV DGMXVWHG WR EDU SVL ,Q FDVH RI UHDGMXVWPHQW EHFRPLQJ QHFHVVDU\ ORRVHQ VHW VFUHZ
)LJ $GMXVW VFUHZ WR WKH UHTXLUHG SUHVVXUH XVLQJ D
2Q XQLWV HTXLSSHG ZLWK D ILOWHU V\VWHP DQ DGGLWLRQDO QRQUHWXUQ VXLWDEOH VFUHZGULYHU
YDOYH LV PRXQWHG DIWHU WKH RLO DQG ZDWHU VHSDUDWRU IODQJHG GL
UHFWO\ WR WKH ILOWHU KHDG ,W SUHYHQWV DOUHDG\ ILOWHUHG PHGLXP IURP &ORFNZLVH LQFUHDVH SUHVVXUH
IORZLQJ EDFN IURP WKH GRZQVWUHDP ILOWHUV ZKHQ GUDLQLQJ FRQ &RXQWHUFORFNZLVH GHFUHDVH SUHVVXUH
GHQVDWH IURP WKH RLO DQG ZDWHU VHSDUDWRU
0$,17(1$1&(
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
6$)(7< 9$/9(6
)81&7,21$/ '(6&5,37,21
7KH VDIHW\ YDOYH IRU SURWHFWLRQ RI WK VWDJH LV DGMXVWHG DFFRUG )RU WKLV SXUSRVH WKH VDIHW\ YDOYH FDQ EH YHQWHG PDQXDOO\ 7XUQ
LQJ WR RUGHU EXW NQXUOHG NQRE RQ WRS RI WKH YDOYH FORFNZLVH XQWLO YDOYH EORZV RII
)LJ :H UHFRPPHQG WKDW D ILQDO SUHVVXUH VHWWLQJ RI
. WR PD[ EDU SVL VKRXOG QRW EH H[FHHGHG WR DYRLG GDPDJLQJ WKH VDIHW\ YDOYH
,. WR PD[ EDU SVL
7KLV MXVW HQVXUHV WKDW WKH YDOYH LV IXQFWLRQDO DQG ZLOO UHOHDVH
,. WR PD[ EDU SVL
SUHVVXUH LQ FDVH RI D PDOIXQFWLRQ 7R FKHFN WKH EORZRII SUHV
VXUH YDOXH UHIHU WR
7KH VDIHW\ YDOYHV DUH VHDOHG DW WKH IDFWRU\ DQG DGMXVWHG WR WKH
FRUUHVSRQGLQJ SUHVVXUH
2SHUDWLQJ FKHFN
0$,17(1$1&(
,I RQH RI WKH LQWHUPHGLDWH SUHVVXUH VDIHW\ YDOYHV EORZV RII WKH 9(17,1*
YDOYHV LQ WKH QH[W VWDJH DUH QRW FORVLQJ SURSHUO\ DIIRUGLQJ YDOYH
FKHFN 7KH FDXVH RI WKH WURXEOH LV XVXDOO\ WKH LQOHW YDOYH RI WKH
QH[W VWDJH 6HH FKDSWHU
7KH ILQDO SUHVVXUH VDIHW\ YDOYH PXVW EH FKHFNHG IRU SURSHU
IXQFWLRQLQJ IURP WLPH WR WLPH 3XPS XQLW WR ILQDO SUHVVXUH ZLWK
VKXWRII YDOYH FORVHG XQWLO VDIHW\ YDOYH EORZV &KHFN EORZRII
SUHVVXUH RI VDIHW\ YDOYH DW SUHVVXUH JDXJH
9(17,1*
)RU WKH ,. GLIIHUHQW VDIHW\ YDOYHV DUH XVHG /LIW OHYHU RQ
WKH YDOYH XQWLO YDOYH EORZV RII )LJ :H UHFRPPHQG WKDW D
ILQDO SUHVVXUH VHWWLQJ RI VKRXOG QRW EH H[FHHGHG WR DYRLG
GDPDJLQJ WKH VDIHW\ YDOYH
7KLV MXVW HQVXUHV WKDW WKH YDOYH LV IXQFWLRQDO DQG ZLOO UHOHDVH
SUHVVXUH LQ FDVH RI D PDOIXQFWLRQ 7R FKHFN WKH EORZRII SUHV
VXUH YDOXH UHIHU WR
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
35(6685( *$8*(6
'(6&5,37,21
127(
3UHVVXUH JDXJHV DUH QRW GHOLYHUHG ZLWK FRPSUHV
VRU EORFNV
0$,17(1$1&(
,I WKH YDOXHV OLVWHG LQ DUH H[FHHGHG DQG WKH VDIHW\ YDOYH RI
WKH FRUUHVSRQGLQJ VWDJH EORZV RII WKLV LV DQ LQGLFDWLRQ WKDW WKH
GRZQVWUHDP FRPSUHVVRU VWDJH LV QRW ZRUNLQJ SURSHUO\ 6HH
SDUDJUDSK
,I D SUHVVXUH JDXJH LQGLFDWHV H[FHVVLYH SUHVVXUH DQG WKH FRU
UHVSRQGLQJ VDIHW\ YDOYH GRHV QRW EORZ RII RU LQGLFDWHV WKH SUHV
VXUH DV EHLQJ WRR ORZ FKHFN WKH SUHVVXUH JDXJH IRU SURSHU RS
HUDWLRQ
:H UHFRPPHQG WKDW SUHVVXUH JDXJHV DUH FKHFNHG IURP WLPH WR
WLPH )RU WKLV SXUSRVH ZH KDYH GHYHORSHG D VSHFLDO WHVW SUHV
VXUH JDXJH ZLWK DQ DGDSWRU ZKLFK LPPHGLDWHO\ UHFRJQL]HV DQ\
GHYLDWLRQV LQ UHDGLQJV 6HH +LJK 3UHVVXUH $FFHVVRULHV &DWD
ORJXH QR
6OLJKW GHYLDWLRQV GXULQJ RSHUDWLRQ DUH QRUPDO DQG FDQ EH LJ
QRUHG ([FHVVLYH LQDFFXUDF\ ZLOO UHTXLUH WKH SUHVVXUH JDXJH WR
EH UHDGMXVWHG RU VHQW EDFN IRU UHSDLU
,KRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
9$/9(6
)81&7,21$/ '(6&5,37,21 ,1,7,$/ 23(5$7,21$/ &+(&. 2) 9$/9(6
,I WKH LQWDNH SLSH WR WKH YDOYH KHDG RI WKH VHFRQG VWDJH KHDWV
XS H[FHVVLYHO\ DQG WKH ILUVW VWDJH VDIHW\ YDOYH EORZV RII HLWKHU
WKH LQWDNH RU SUHVVXUH YDOYH RI VHFRQG VWDJH LV PDOIXQFWLRQLQJ
,W LV WKHUHIRUH QHFHVVDU\ WR UHPRYH WKH YDOYH KHDG DQG WR FKHFN
DQG FOHDQ WKHVH YDOYHV RU WR UHSODFH WKHP
SUHVVXUH VLGH LQWDNH VLGH &+$1*,1* 7+( 9$/9(6 2) 7+( 67 67$*(
,QWDNH DQG SUHVVXUH YDOYHV RI WKH VW VWDJH DUH FRPELQHG LQ RQH
SODWH YDOYH XQGHU WKH YDOYH KHDG &KHFN WKDW WKH PDUN µ723µ
LV UHDOO\ DW WKH WRS ZKHQ LQVWDOOHG
,QWDNH DQG SUHVVXUH YDOYH RI WKH VW VWDJH LV D FRPELQHG SODWH 8QVFUHZ WKH LQWDNH YDOYH ERG\ ZLWK WKH VSHFLDO WRRO SDUW QR
YDOYH XQGHU WKH YDOYH KHDG )LJ SDUW RI WKH WRROV VHW GHOLYHUHG ZLWK WKH XQLW
)LJ
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
127(
9DOYH VHDWV DQG SODWH YDOYHV PXVW QRW VKRZ DQ\
VLJQV RI ZHDU RU GDPDJH 5HSODFH GDPDJHG SDUWV
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
127(
(QVXUH WKDW WKH VWXG LV XQVFUHZHG
6FUHZ LQ WKH VWXG ILUPO\ ILW D QHZ JDVNHW DQG VHFXUH ZLWK WKH
FDS QXW
3XW WKH F\OLQGHU KHDG RQ WKH F\OLQGHU DQG VHFXUH LW ZLWK WKH
LQWHUQDO KH[ VFUHZV IRU WKH FRUUHFW WRUTXH YDOXH VHH FKDS
WHU
5HFRQQHFW WKH LQWDNH DQG SUHVVXUH OLQHV
)RU UHPRYDO DQG LQVWDOODWLRQ RI WKH LQWDNH YDOYH XVH VSHFLDO WRRO
SDUW QR ZKLFK LV DOVR SDUW RI WKH WRROV VHW GHOLYHUHG
ZLWK WKH XQLW 3UHVVXUH YDOYH LV PHUHO\ LQVHUWHG LQWR YDOYH
KHDG ,W LV VHDOHG E\ 2ULQJ DQG IL[HG WR WKH YDOYH KHDG
E\ VWXG
&$87,21
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7KH DXWRPDWLF FRQGHQVDWH GUDLQ XQLW )LJ GUDLQV WKH LQWHU $ EUDFNHW IRU PRXQWLQJ WKH GUDLQ XQLW RQ WKH FRPSUHVVRU
PHGLDWH VHSDUDWRUV DIWHU WKH QG DQG UG VWDJH DQG WKH RLO DQG EORFN RU RQ WKH XQLW
ZDWHU VHSDUDWRU DIWHU WKH WK VWDJH HYHU\ PLQXWHV GXULQJ RS $Q HOHFWULFDO WLPHU SDUW RI FRPSUHVVRU FRQWURO DVV\
HUDWLRQ
,Q DGGLWLRQ WKH DXWRPDWLF FRQGHQVDWH GUDLQ LV GHVLJQHG WR GUDLQ 2SHUDWLRQ
WKHVH VHSDUDWRUV DIWHU VKXWGRZQ RI WKH FRPSUHVVRU XQLW DQG $OO SRVLWLRQV UHIHU WR )LJ
WR XQORDG WKH FRPSUHVVRU GXULQJ WKH VWDUWLQJ SKDVH VHH VHF
WLRQV DQG 7KH QRUPDOO\ RSHQ FRQGHQVDWH GUDLQ YDOYHV DUH FRQQHFWHG LQ
FDVFDGH PRGH 7KH FRQGHQVDWH IURP WKH LQWHUPHGLDWH VHSDUD
WRU DIWHU WKH QG VWDJH LV DSSOLHG WR WKH VROHQRLG YDOYH 7KH VROH
QRLG YDOYH LV QRUPDOO\ RSHQ
7KH FRQGHQVDWH IURP WKH LQWHUPHGLDWH VHSDUDWRU DIWHU WKH UG
VWDJH DQG IURP WKH RLO DQG ZDWHU VHSDUDWRU LV OHG WR WKH UHVSHF
WLYH SQHXPDWLFDOO\ RSHUDWHG FRQGHQVDWH GUDLQ YDOYHV
7KH UHTXLUHG FRQWURO DLU IRU WKH UG VWDJH LQWHUPHGLDWH VHSDUDWRU
GUDLQ YDOYH LV WDNHQ IURP WKH LQWHUPHGLDWH VHSDUDWRU DIWHU WKH
QG VWDJH 7KH FRQWURO DLU IRU WKH RLO DQG ZDWHU VHSDUDWRU GUDLQ
YDOYH LV WDNHQ IURP WKH LQWHUPHGLDWH VHSDUDWRU DIWHU WKH UG
VWDJH %HIRUH FRPSUHVVRU VWDUWXS WKH VROHQRLG YDOYH LV
RSHQ DQG VR DUH WKH FRQGHQVDWH GUDLQ YDOYHV DQG EH
FDXVH WKHUH LV QR FRQWURO DLU DYDLODEOH DW WKLV PRPHQW
$W VWDUWXS RI WKH FRPSUHVVRU WKH VROHQRLG YDOYH LV HQHUJL]HG
DQG FORVHV GXH WR EXLOGXS RI SUHVVXUH E\ FRPSUHVVRU RSHUD
WLRQ FRQWURO DLU IORZV LQWR FRQGHQVDWH GUDLQ YDOYHV DQG
7KH VHUYRSLVWRQV DUH SUHVVHG RQWR YDOYH VHDWV DQG WKH
FRQGHQVDWH GUDLQ YDOYHV FORVH
&RQWURO DLU
&RQGHQVDWH
)LJ $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
2QH VROHQRLG YDOYH QRUPDOO\ RSHQ W\SH IXQFWLRQLQJ DV FRQ )LJ 1RUPDO RSHUDWLRQ
GHQVDWH GUDLQ YDOYH IRU WKH QG VWDJH
,QWHUPHGLDWH VHSDUDWRU DIWHU QG VWDJH
7ZR SQHXPDWLFDOO\ RSHUDWHG FRQGHQVDWH GUDLQ YDOYHV QRU ,QWHUPHGLDWH VHSDUDWRU DIWHU UG VWDJH
PDOO\ RSHQ W\SH RQH IRU WKH LQWHUPHGLDWH VHSDUDWRU DIWHU WKH 2LO DQG ZDWHU VHSDUDWRU DIWHU WK VWDJH
UG VWDJH DQG RQH IRU WKH RLO DQG ZDWHU VHSDUDWRU DIWHU WKH 6ROHQRLG YDOYH FRQGHQVDWH GUDLQ QG VWDJH
ODVW VWDJH &RQGHQVDWH GUDLQ YDOYH UG VWDJH
&RQGHQVDWH GUDLQ YDOYH WK VWDJH
,KRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7ZR VROHQRLG YDOYHV IRU FRQWURO PHGLXP QRUPDOO\ FORVHG $IWHU VWDUWXS RI WKH FRPSUHVVRU LH DIWHU WKH VWDUGHOWD VWDUWHU
W\SH PRXQWHG RQ WRS RI WKH FRQGHQVDWH GUDLQ YDOYHV IRU WKH KDV VZLWFKHG IURP VWDU WR GHOWD SKDVH ZD\ VROHQRLG YDOYH
QG DQG WK VWDJH GUDLQ YDOYHV LV HQHUJL]HG DQG RSHQV ZD\ VROHQRLG YDOYH LV QRW
HQHUJL]HG DQG UHPDLQV FORVHG 6R WKH FRQWURO PHGLXP LV DS
$ FRQGHQVDWH PDQLIROG
SOLHG WR FRQGHQVDWH GUDLQ YDOYHV DQG RQO\ 7KH VHUYR
7ZR HOHFWULFDO WLPHUV 7KH WLPHUV GR QRW RSHUDWH V\QFKUR SLVWRQV DUH SUHVVHG RQWR WKH YDOYH VHDWV DQG WKH FRQGHQ
QRXVO\ LH VW QGUG DQG WK VWDJH DUH GUDLQHG SHULRGL VDWH GUDLQ YDOYHV FORVH
FDOO\ DW HTXDO WLPH LQWHUYDOV EXW QRW DW WKH VDPH WLPH
7KH FRQGHQVDWH GUDLQ YDOYH LV QRW SUHVVXUL]HG E\ WKH FRQWURO
PHGLXP ,W UHPDLQV FORVHG E\ VSULQJ SUHVVXUH DQG GXH WR WKH
SUHVVXUH EXLOGXS RI WKH FRPSUHVVRU
7KH FRPSUHVVRU GHOLYHUV FRPSUHVVHG PHGLXP WR WKH FRQ
QHFWHG V\VWHPV
2SHUDWLRQ
$OO SRVLWLRQV UHIHU WR )LJ &RQGHQVDWH GUDLQ
7KH FRQGHQVDWH GUDLQ YDOYHV DUH RSHUDWHG SQHXPDWLFDOO\ YLD D $OO SRVLWLRQV VWDWHG UHIHU WR )LJ
QRUPDOO\ FORVHG ZD\ VROHQRLG YDOYH E\ DQ HOHFWULFDO VLJQDO
(YHU\ PLQXWHV ZD\ VROHQRLG YDOYH LV GHHQHUJL]HG
7KH UHTXLUHG FRQWURO PHGLXP DSSOLHG WR WKH VROHQRLG YDOYH LV
IRU DSSUR[ VHFRQGV E\ WKH WLPHU DQG FORVHV 7KH FRQWURO
WDNHQ IURP WKH LQWHUPHGLDWH VHSDUDWRU DIWHU WKH VHFRQG VWDJH
SUHVVXUH LV UHOLHYHG IURP WKH VHUYRSLVWRQ RI WKH FRQGHQ
%HIRUH FRPSUHVVRU VWDUWXS FRQGHQVDWH GUDLQ YDOYHV DQG VDWH GUDLQ YDOYHV DQG DQG WKH SLVWRQV DUH UDLVHG IURP
DUH RSHQ LV FORVHG E\ VSULQJ SUHVVXUH WKH YDOYH VHDWV E\ WKH QG VWDJH SUHVVXUH 7KH FRQGHQVDWH
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
IURP WKH LQWHUPHGLDWH VHSDUDWRUV DIWHU QG VWDJH DQG UG &RPSUHVVRU XQLW
VWDJH DUH GUDLQHG
7KH FRQGHQVDWH LV URXWHG YLD KRVHV WR WKH EXONKHDG FRQQHFWRU
ODEHOOHG µFRQGHQVDWHµ LQ WKH IUDPH RU LQ WKH SDQHOOLQJ
'XH FDUH PXVW EH WDNHQ WR HQVXUH WKDW DQ\ RLO ZKLFK PD\ EH
GUDLQHG ZLWK WKH FRQGHQVDWH ZLOO QRW SROOXWH WKH HQYLURQPHQW
)RU H[DPSOH WKH GUDLQ SLSH FDQ EH GLUHFWHG LQWR D FROOHFWLQJ
YHVVHO RU LQWR GUDLQ IDFLOLWLHV LQFRUSRUDWLQJ RLO VHSDUDWRUV
)RU JDV FRPSUHVVRUV GHOLYHUHG ZLWK D VWHHO FRQGHQVDWH FROOHF
WRU WDQN WKH KRVH ZLWK WKH VPDOOHU GLDPHWHU IURP WKH FROOHFWRU
ZLOO EH FRQQHFWHG WR WKH FRQGHQVDWH RXWOHW 7KH JDV IHHGEDFN
KRVH WKLFN LV FRQQHFWHG WR WKH PDOH HOERZ FRQQHFWRU XVHG VL
PXOWDQHRXVO\ IRU JDV LQWDNH WR WKH FRPSUHVVRU (LWKHU RQH RI WKH
WZR SRUWV PD\ EH XVHG IRU JDV IHHGEDFN
&RQWURO SUHVVXUH
&$87,21
&RQGHQVDWH
)LJ &RQGHQVDWH GUDLQ 7KH FRQGHQVDWH GUDLQ LQWHUYDO LV DGMXVWHG LQ WKH IDFWRU\ WR
PLQXWHV ,I WKH UHJXODU RSHUDWLQJ WLPH RI WKH FRPSUHVVRU XQLW LV
&RQGHQVDWH GUDLQ YDOYH QG VWDJH XQGHU PLQXWHV DGMXVW WLPHU . DFFRUGLQJO\ WR HQVXUH UHJ
&RQGHQVDWH GUDLQ YDOYH UG VWDJH XODU GUDLQLQJ RI WKH ILQDO VHSDUDWRU 2WKHUZLVH GXH WR VKXWWLQJ RII
&RQGHQVDWH GUDLQ YDOYH WK VWDJH WKH XQLW HJ HYHU\ PLQXWHV WKH WLPHU ZRXOG EH UHVHW HDFK
ZD\ VROHQRLG YDOYH QGUG VWDJH WLPH FDXVLQJ WKH PLQXWH SHULRG WR EH VWDUWHG DJDLQ &RQGHQ
ZD\ VROHQRLG YDOYH WK VWDJH VDWH GUDLQ ZRXOG QHYHU EH UHDFKHG ZKLFK FRXOG UHVXOW LQ IORRG
6HUYRSLVWRQ LQJ RI WKH VHSDUDWRU DQG GDPDJH WR WKH FRQQHFWHG V\VWHPV
9DOYH VHDW
0DLQWHQDQFH
$OVR HYHU\ PLQXWHV EXW LQGHSHQGHQWO\ IURP VROHQRLG YDOYH 7KH FRQGHQVDWH GUDLQ YDOYHV IRU WKH LQWHUPHGLDWH VHSDUDWRU DI
ZD\ VROHQRLG YDOYH LV HQHUJL]HG IRU DSSUR[ VH WHU UG VWDJH DQG IRU WKH RLO DQG ZDWHU VHSDUDWRU DUH SURYLGHG
FRQGV E\ WKH VHFRQG WLPHU DQG RSHQV 7KH FRQWURO SUHVVXUH ZLWK PDQXDO GUDLQ YDOYHV WR FKHFN FRUUHFW RSHUDWLRQ RI WKH DXWR
SXVKHV GRZQ WKH VHUYRSLVWRQ RI WKH FRQGHQVDWH GUDLQ PDWLF V\VWHP
YDOYH WKH SLVWRQ LV UDLVHG IURP YDOYH VHDW DQG WKH FRQ
GHQVDWH IURP WKH RLO DQG ZDWHU VHSDUDWRU DIWHU WKH ODVW VWDJH LV 7KH DXWRPDWLF FRQGHQVDWH GUDLQ V\VWHP PXVW EH VHUYLFHG DV
GUDLQHG IROORZV
2SHQ DOO PDQXDO GUDLQ YDOYHV )LJ DIWHU WKH RWKHU
6WDUW XQORDGLQJ RQFH D ZHHN
7KH XQORDGLQJ GXULQJ WKH VWDUWLQJ SKDVH RI WKH FRPSUHVVRU LV 7KLV PXVW EH FDUULHG RXW LPPHGLDWHO\ DIWHU WKH DXWRPDWLF
HIIHFWHG GXH WR WKH ODFN RI FRQWURO DLU LPPHGLDWHO\ DIWHU VZLWFKLQJ V\VWHP KDV GUDLQHG WKH FRQGHQVDWH 2EVHUYH WKH GUDLQDJH
RQ WKH XQLW $IWHU WKH FRPSUHVVRU KDV DWWDLQHG QRPLQDO VSHHG RI FRQGHQVDWH ZKHQ RSHQLQJ WKH PDQXDO GUDLQ YDOYHV ,I WKH
FRQWURO DLU IORZV WR WKH FRQGHQVDWH GUDLQ YDOYHV ZKLFK FORVH DQG V\VWHP GUDLQV D ORW RI FRQGHQVDWH WKLV LV D VLJQ WKDW WKH V\V
WKH FRPSUHVVRU VWDUWV GHOLYHULQJ WR WKH FRQVXPLQJ GHYLFH WHP RU WKH FRUUHVSRQGLQJ FRQGHQVDWH GUDLQ YDOYHV DUH QRW
ZRUNLQJ SURSHUO\ )LQG WKH IDXOW DQG UHPHG\ DFFRUGLQJO\
6WDQGVWLOO GUDLQDJH
,I KDUGO\ DQ\ FRQGHQVDWH HPHUJHV WKH DXWRPDWLF V\VWHP LV RS
$W FRPSUHVVRU VKXWGRZQ VROHQRLG YDOYH LV GHHQHUJL]HG HUDWLQJ SURSHUO\ )RU IDXOW FRUUHFWLRQ VHH FKDSWHU µ7URXEOH
DQG RSHQV VKRRWLQJµ
7KH VHUYR SLVWRQV DUH UDLVHG E\ WKH UHVLGXDO SUHVVXUH ZLWKLQ WKH
VHSDUDWRUV 7KH YDOYHV RSHQ DQG WKH VHSDUDWRUV DUH GUDLQHG DW
VWDQGVWLOO RI WKH FRPSUHVVRU XQLW
&RPSUHVVRU EORFN
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,KRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
VRQQHO WHFKQLFDO VDIHW\ DQG RSHUDWLQJ VDIHW\ ZLOO EH VSHFLDOO\ VRQQHO HJ PDLQWHQDQFH SHUVRQQHO
HPSKDVL]HG E\ SODFLQJ WKH IROORZLQJ VLJQV EHIRUH WKH LQVWUXF
WLRQV
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
$W WKH YHU\ OHDVW VXSHUYLVH WHPSRUDU\ SHUVRQQHO·V ZRUN LQ :RUN RQ WKH HOHFWULFDO HTXLSPHQW RI WKH PDFKLQH XQLW PD\
DFFRUGDQFH ZLWK WKH LQVWUXFWLRQ PDQXDO WDNLQJ LQWR DFFRXQW RQO\ EH FDUULHG RXW E\ D TXDOLILHG HOHFWULFLDQ RU E\ DQ
VDIHW\ DQG GDQJHU IDFWRUV LQVWUXFWHG SHUVRQ XQGHU WKH GLUHFWLRQ DQG VXSHUYLVLRQ RI D
TXDOLILHG HOHFWULFLDQ DFFRUGLQJ WR HOHFWURWHFKQLFDO UHJXOD
3HUVRQQHO PD\ QRW ZHDU ORQJ KDLU ORRVH ORRVH FORWKLQJ RU
WLRQV
MHZHOOHU\ LQFOXGLQJ ULQJV 7KHUH LV D GDQJHU RI LQMXU\
WKURXJK IRU H[DPSOH WKHVH JHWWLQJ FDXJKW RU EHLQJ SXOOHG :RUN RQ JDV HTXLSPHQW PD\ RQO\ EH FDUULHG RXW E\ TXDOLILHG
LQWR WKH HTXLSPHQW SHUVRQQHO
$V IDU DV QHFHVVDU\ RU DFFRUGLQJ WR UHJXODWLRQV XVH SHU
6DIHW\ QRWLFHV IRU RSHUDWLRQ
VRQDO SURWHFWLYH HTXLSPHQW
'R QRW FDUU\ RXW DQ\ ZRUN LI VDIHW\ LV TXHVWLRQDEOH
2EVHUYH DOO VDIHW\ DQG GDQJHU QRWLFHV RQ WKH PDFKLQH XQLW
0HHW DOO UHTXLUHPHQWV GHPDQGLQJ WKDW WKH PDFKLQH XQLW LV
.HHS DOO VDIHW\ DQG GDQJHU QRWLFHV RQ WKH PDFKLQH XQLW
RQO\ RSHUDWHG LQ VDIH DQG JRRG ZRUNLQJ RUGHU 2QO\ RSHUDWH
FRPSOHWH DQG LQ UHDGDEOH FRQGLWLRQ
WKH PDFKLQH LI DOO SURWHFWLYH DQG VDIHW\ HTXLSPHQW HJ DOO
,I WKHUH DUH DQ\ PRGLILFDWLRQV WR WKH PDFKLQH XQLW RU RSHUDW GHWDFKDEOH SURWHFWLYH HTXLSPHQW HPHUJHQF\ VKXWGRZQ
LQJ FRQGLWLRQV ZKLFK PD\ DIIHFW VDIHW\ VWRS WKH PDFKLQH GHYLFHV VRXQGSURRILQJ LV SURYLGHG DQG LQ JRRG ZRUNLQJ RU
XQLW LPPHGLDWHO\ DQG LQIRUP WKH GHSDUWPHQW SHUVRQ UH GHU
VSRQVLEOH RI WKH IDXOW
$W OHDVW RQFH HYHU\ GD\ FKHFN WKH PDFKLQH XQLW H[WHUQDOO\
1R PRGLILFDWLRQV PD\ EH PDGH WR WKH PDFKLQH XQLW ZKLFK IRU GDPDJH DQG IDXOWV ,QIRUP WKH GHSDUWPHQW SHUVRQ UH
FRXOG LPSDLU VDIHW\ ZLWKRXW ILUVW REWDLQLQJ SHUPLVVLRQ IURP VSRQVLEOH LPPHGLDWHO\ LI DQ\WKLQJ LV QRW DV LV VKRXOG EH LQ
WKH VXSSOLHUV 7KLV LV DOVR WKH FDVH ZLWK UHJDUG WR LQVWDOODWLRQ FOXGLQJ RSHUDWLRQ ,I QHFHVVDU\ VKXW WKH PDFKLQH GRZQ LP
DQG DGMXVWPHQW RI VDIHW\ GHYLFHV DQG YDOYHV DV ZHOO DV PHGLDWHO\ DQG PDNH LW VDIH
ZHOGLQJ RI SLSLQJ DQG UHVHUYRLUV
,I WKHUH DUH DQ\ PDOIXQFWLRQV VKXW WKH PDFKLQH XQLW GRZQ
6SDUH SDUWV PXVW DOZD\V FRPSO\ ZLWK WKH WHFKQLFDO UHTXLUH LPPHGLDWHO\ DQG PDNH LW VDIH &RUUHFW IDXOWV LPPHGLDWHO\ RU
PHQWV VSHFLILHG E\ WKH PDQXIDFWXUHU 7KLV LV DOZD\V JXDU KDYH WKHP FRUUHFWHG
DQWHHG ZLWK RULJLQDO VSDUH SDUWV
2EVHUYH VZLWFKLQJ RQ DQG RII SURFHVVHV DQG PRQLWRULQJ LQ
'R QRW FDUU\ RXW SURJUDPPH FKDQJHV VRIWZDUH WR WKH SUR GLFDWLRQV DFFRUGLQJ WR WKH LQVWUXFWLRQ PDQXDO
JUDPPDEOH FRQWURO V\VWHP
%HIRUH VZLWFKLQJ RQ VWDUWLQJ XS WKH PDFKLQH XQLW HQVXUH
3LSLQJ PXVW EH WKRURXJKO\ FKHFNHG SUHVVXUH DQG YLVXDO LQ WKDW QR RQH FDQ EH SXW DW ULVN WKURXJK UXQQLQJ WKH PDFKLQH
VSHFWLRQ E\ WKH RSHUDWRU DW DSSURSULDWH WLPH LQWHUYDOV HYHQ XQLW
LI QR VDIHW\ UHODWHG IDXOWV KDYH EHHQ QRWLFHG
&DUU\ RXW WKH VHWWLQJ PDLQWHQDQFH DQG LQVSHFWLRQ SUR
,QWHUYDOV VWLSXODWHG RU JLYHQ LQ WKH LQVWUXFWLRQ PDQXDO IRU UH FHVVHV DW WKH LQWHUYDOV VSHFLILHG LQ WKH LQVWUXFWLRQ PDQXDO
FXUULQJ FKHFNV LQVSHFWLRQV PXVW EH DGKHUHG WR LQFOXGLQJ UHSODFHPHQW RI SDUWV HTXLSPHQW 7KLV ZRUN PD\
RQO\ EH FDUULHG RXW E\ TXDOLILHG SHUVRQQHO
,W LV DEVROXWHO\ HVVHQWLDO WKDW WKH ZRUNSODFH LV DSSURSULDWHO\
HTXLSSHG IRU PDLQWHQDQFH PHDVXUHV %HIRUH FDUU\LQJ RXW DQ\ H[FHSWLRQDO ZRUN RU UHSDLUZRUN RS
HUDWLQJ SHUVRQQHO VKRXOG EH LQIRUPHG &DOO WKH VXSHUYLVRU
0DNH VXUH ORFDWLRQ DQG RSHUDWLRQ RI ILUH H[WLQJXLVKHUV LV
NQRZQ )RU DOO ZRUN FRQFHUQLQJ RSHUDWLRQ FKDQJH LQ SURGXFWLRQ
FRQYHUVLRQ RU UHJXODWLQJ RI WKH PDFKLQH XQLW DQG LWV VDIHW\
3D\ DWWHQWLRQ WR ILUH ZDUQLQJ DQG ILUH ILJKWLQJ SURFHGXUHV
PHDVXUHV VXFK DV LQVSHFWLRQ PDLQWHQDQFH DQG UHSDLU
ZRUN REVHUYH WKH VZLWFKLQJ RQ DQG RII SURFHVVHV LQ WKH
4XDOLILFDWLRQV IXQGDPHQWDO GXWLHV LQVWUXFWLRQ PDQXDO DQG WKH QRWLFHV IRU PDLQWHQDQFH ZRUN
:RUN RQ ZLWK WKH PDFKLQH XQLW PD\ RQO\ EH FDUULHG RXW E\ &OHDU DQG PDNH WKH PDLQWHQDQFH DUHD VDIH DV IDU DV QHFHV
UHOLDEOH SHUVRQQHO 2EVHUYH WKH OHJDO PLQLPXP DJH SHUPLV VDU\
VLEOH
,I WKH PDFKLQH XQLW LV FRPSOHWHO\ VZLWFKHG RII IRU PDLQWH
2QO\ HPSOR\ WUDLQHG SHUVRQQHO FOHDUO\ HVWDEOLVK UHVSRQVL QDQFH DQG UHSDLUZRUN HQVXUH WKDW LW LV SURWHFWHG IURP XQH[
ELOLW\ RI SHUVRQQHO IRU RSHUDWLRQ PDLQWHQDQFH DQG UHSDLU SHFWHG VWDUWXS 7XUQ RII PDLQ FRQWURO GHYLFH DQG UHPRYH
ZRUN WKH NH\ DQG RU GLVSOD\ D ZDUQLQJ VLJQ RQ WKH PDLQ VZLWFK
(QVXUH WKDW RQO\ WUDLQHG SHUVRQQHO ZRUN ZLWK WKH PDFKLQH :KHQ UHSODFLQJ LQGLYLGXDO SDUWV DQG ODUJHU DVVHPEO\
(VWDEOLVK WKH UHVSRQVLELOLWLHV RI WKH PDFKLQH RSHUDWRU DQG JURXSV WKH\ PXVW EH FDUHIXOO\ IDVWHQHG WR WKH OLIWLQJ GHYLFH
HVWDEOLVK D SURFHGXUH IRU KLP WR LQIRUP D WKLUG SHUVRQ RI XQ VR WKDW WKHUH LV QR ULVN RI GDQJHU 8VH RQO\ VXLWDEOH DQG WHFK
IDYRXUDEOH VDIHW\ FRQGLWLRQV QLFDOO\ SHUIHFW OLIWLQJ GHYLFHV DQG HTXLSPHQW ZLWK VXIILFLHQW
OLIWLQJ SRZHU DQG VWUHQJWK 'R QRW OLQJHU RU ZRUN XQGHU VXV
3HRSOH ZKR DUH EHLQJ WUDLQHG RU LQWURGXFHG WR WKH MRE VKRXOG SHQGHG ORDGV
RQO\ EH DOORZHG WR ZRUN ZLWK WKH PDFKLQH XQLW XQGHU
FRQVWDQW VXSHUYLVLRQ RI DQ H[SHULHQFHG SHUVRQ 2QO\ HQWUXVW DQ H[SHULHQFHG SHUVRQ ZLWK WKH IL[LQJ RI ORDGV
DQG JXLGLQJ RI FUDQH GULYHUV 7KH SHUVRQ JXLGLQJ PXVW UH
PDLQ ZLWKLQ VLJKW RU LQ FRQWDFW ZLWK WKH RSHUDWRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
)RU DVVHPEO\ ZRUN DERYH ERG\ KHLJKW XVH DSSURSULDWH %HIRUH FDUU\LQJ RXW ZHOGLQJ EXUQLQJ RU JULQGLQJ ZRUN FOHDQ
VDIHW\ DSSURYHG HTXLSPHQW HJ ODGGHUV DQG SODWIRUPV 'R WKH PDFKLQH XQLW DQG VXUURXQGLQJ DUHD IURP GXVW DQG IODP
QRW FOLPE RQ PDFKLQH SDUWV )RU PDLQWHQDQFH ZRUN DW KLJK PDEOH PDWHULDO DQG HQVXUH WKHUH LV DGHTXDWH YHQWLODWLRQ
OHYHOV ZHDU D VDIHW\ KDUQHVV GDQJHU RI H[SORVLRQ
&OHDQ RLO IXHO RU FDUH SURGXFWV IURP WKH PDFKLQH LQ SDUWLFX :KHQ ZRUNLQJ LQ VPDOO URRPV REVHUYH DQ\ QDWLRQDO UHJXOD
ODU WKH FRQQHFWLRQV DQG VFUHZ MRLQWV EHIRUH FDUU\LQJ RXW WLRQV
PDLQWHQDQFH UHSDLUZRUN 'R QRW XVH DJJUHVVLYH FOHDQLQJ
2QO\ SHUVRQQHO ZLWK SDUWLFXODU NQRZOHGJH DQG H[SHULHQFH
IOXLG 8VH D ILEUHIUHH FOHDQLQJ FORWK
ZLWK SQHXPDWLFV PD\ FDUU\ RXW ZRUN RQ SQHXPDWLF HTXLS
%HIRUH FOHDQLQJ WKH PDFKLQH ZLWK ZDWHU RU MHW RI VWHDP KLJK PHQW
SUHVVXUH FOHDQHU RU GHWHUJHQW FRYHU VHDO DOO RSHQLQJV
&KHFN DOO SUHVVXUH OLQHV KRVHV DQG VFUHZ FRQQHFWLRQV UHJ
ZKLFK IRU VDIHW\ DQGRU RSHUDWLQJ UHDVRQV QR ZDWHU VWHDP
XODUO\ IRU OHDNV DQG YLVLEOH GDPDJH ,PPHGLDWHO\ UHSDLU DQ\
GHWHUJHQW PD\ SHQHWUDWH (OHFWULF PRWRU DQG VZLWFK FDEL
GDPDJH (VFDSLQJ DLU RU JDV XQGHU SUHVVXUH FDQ FDXVH LQ
QHWV DUH SDUWLFXODUO\ DW ULVN
MXU\ DQG ILUH
:KHQ FOHDQLQJ WKH RSHUDWLQJ URRP HQVXUH WKDW WKH WHPSHU
'HSUHVVXUL]H V\VWHP DQG SUHVVXUH OLQHV EHIRUH FRPPHQF
DWXUH VHQVRUV RI WKH ILUH DODUP DQG VSULQNOHU V\VWHP GR QRW
LQJ UHSDLUZRUN
FRPH LQWR FRQWDFW ZLWK KRW FOHDQLQJ IOXLG LQ RUGHU WR DYRLG
WULJJHULQJ WKH VSULQNOHU V\VWHP 3UHVVXUL]HG DLU OLQHV PXVW EH ODLG DQG PRXQWHG E\ TXDOLILHG
SHUVRQQHO &RQQHFWLRQV PXVW QRW EH PL[HG XS )LWWLQJV
&RPSOHWHO\ UHPRYH DOO FRYHUV VHDOV DIWHU FOHDQLQJ
OHQJWK DQG TXDOLW\ RI WKH SLSLQJ PXVW FRUUHVSRQG WR UHTXLUH
$IWHU FOHDQLQJ FKHFN DOO SUHVVXUH OLQHV IRU OHDNV ORRVH FRQ PHQWV
QHFWLRQV ZHDU DQG GDPDJH ,PPHGLDWHO\ HOLPLQDWH DQ\
6RXQGSURRILQJ HTXLSPHQW RQ WKH PDFKLQH XQLW PXVW EH LQ
IDXOWV
SODFH DQG IXQFWLRQDO GXULQJ RSHUDWLRQ
$OZD\V UHWLJKWHQ DQ\ VFUHZ FRQQHFWLRQV ORRVHQHG IRU PDLQ
7KH VWLSXODWHG KHDULQJ SURWHFWRUV PXVW EH ZRUQ
WHQDQFH RU UHSDLUZRUN
:LWK UHJDUG WR RLO JUHDVH DQG RWKHU FKHPLFDO VXEVWDQFHV
,I LW LV QHFHVVDU\ WR UHPRYH VDIHW\ GHYLFHV IRU PDLQWHQDQFH
REVHUYH WKH UHOHYDQW VDIHW\ UHJXODWLRQV IRU WKH SURGXFW
DQG UHSDLUZRUN WKHVH PXVW EH UHSODFHG DQG FKHFNHG LP
PHGLDWHO\ DIWHU FRPSOHWLRQ RI WKH PDLQWHQDQFH RU UHSDLU )RU ORDGLQJ RQO\ XVH OLIWLQJ GHYLFH DQG HTXLSPHQW ZLWK VXIIL
ZRUN FLHQW OLIWLQJ SRZHU DQG VWUHQJWK
(QVXUH VDIH DQG HQYLURQPHQWDOO\ IULHQGO\ GLVSRVDO RI FRQ $SSRLQW WUDLQHG JXLGH SHUVRQQHO IRU OLIWLQJ RSHUDWLRQV
VXPDEOHV DQG ROG SDUWV
0DFKLQHV PD\ RQO\ EH OLIWHG ZLWK D OLIWLQJ GHYLFH DQG E\
WUDLQHG SHUVRQQHO DFFRUGLQJ WR LQVWUXFWLRQV LQ WKH LQVWUXFWLRQ
3DUWLFXODU DUHDV RI GDQJHU
PDQXDO IL[LQJ SRLQWV IRU IL[LQJ HTXLSPHQW HWF
8VH RQO\ RULJLQDO IXVHV ZLWK VSHFLILHG FXUUHQW UDWLQJ ,I WKHUH
8VH RQO\ VXLWDEOH WUDQVSRUWHUV ZLWK VXIILFLHQW FDUU\LQJ
LV D IDLOXUH LQ WKH HOHFWULF HQHUJ\ VXSSO\ VKXW WKH PDFKLQH
SRZHU
XQLW GRZQ LPPHGLDWHO\
6HFXUH WKH ORDG SURSHUO\ 8VH VXLWDEOH IL[LQJ SRLQWV
:RUN RQ HOHFWULF XQLWV RU RSHUDWLQJ HTXLSPHQW PD\ RQO\ EH
FDUULHG RXW E\ D TXDOLILHG HOHFWULFLDQ RU E\ D SHUVRQ XQGHU WKH ,I QHFHVVDU\ SURYLGH PDFKLQH XQLW ZLWK WUDQVSRUWDWLRQ
LQVWUXFWLRQ DQG VXSHUYLVLRQ RI D TXDOLILHG HOHFWULFLDQ DFFRUG EUDFNHWV 'LVSOD\ WKH DSSURSULDWH QRWLFH 5HPRYH WUDQV
LQJ WR HOHFWULF WHFKQLFDO UHJXODWLRQV SRUWDWLRQ EUDFNHWV LQ WKH FRUUHFW PDQQHU EHIRUH WDNLQJ LQWR
RSHUDWLRQ
0DFKLQHV DQG XQLW SDUWV ZKLFK PXVW XQGHUJR LQVSHFWLRQ
PDLQWHQDQFH DQG UHSDLUZRUN PXVW EH GLVFRQQHFWHG IURP 3DUWV ZKLFK QHHG WR EH GLVPDQWOHG IRU WUDQVSRUW SXUSRVHV
WKH PDLQV VXSSO\ LI VSHFLILHG 3DUWV ZKLFK KDYH EHHQ GLV PXVW EH FDUHIXOO\ UHSODFHG DQG VHFXUHG EHIRUH WDNLQJ LQWR
FRQQHFWHG PXVW ILUVW EH FKHFNHG IRU YROWDJH WKHQ HDUWKHG RSHUDWLRQ
DQG VKRUWFLUFXLWHG DQG LVRODWHG IURP OLYH QHLJKERXULQJ
SDUWV (YHQ ZKHQ PRYLQJ WKH PDFKLQH XQLW RQO\ VOLJKWO\ WKH PD
FKLQH XQLW PXVW EH GLVFRQQHFWHG IURP DOO H[WHUQDO HQHUJ\
7KH HOHFWULFDO HTXLSPHQW RI D PDFKLQH XQLW PXVW EH UHJX VRXUFHV %HIRUH SXWWLQJ LQWR XVH DJDLQ UHFRQQHFW WKH PD
ODUO\ FKHFNHG 'HIHFWV VXFK DV ORRVH VFUHZ FRQQHFWLRQV RU FKLQH WR WKH PDLQV DFFRUGLQJ WR UHJXODWLRQV
EXUQW ZLUHV PXVW EH UHFWLILHG LPPHGLDWHO\
:KHQ WDNLQJ EDFN LQWR RSHUDWLRQ SURFHHG DFFRUGLQJ WR WKH
,I ZRUN LV WR EH FDUULHG RXW RQ OLYH SDUWV ZRUN ZLWK D VHFRQG LQVWUXFWLRQ PDQXDO
SHUVRQ ZKR FDQ RSHUDWH WKH HPHUJHQF\ RII VZLWFK RU WKH
PDLQ VZLWFK LQ WKH FDVH RI DQ HPHUJHQF\ &ORVH RII WKH ZRUN
6$)(7< 5(*8/$7,216 *HUPDQ\ RQO\
DUHD ZLWK D UHG DQG ZKLWH VDIHW\ FKDLQ DQG D ZDUQLQJ VLJQ
2QO\ XVH YROWDJH LVRODWHG WRROV $ FRPSUHVVRU LV LGHQWLILHG E\ *HUPDQ ODZ DV EHLQJ D ILOOLQJ V\V
2QO\ FDUU\ RXW ZHOGLQJ EXUQLQJ DQG JULQGLQJ ZRUN RQ WKH WHP LI SUHVVXUH F\OLQGHUV DUH ILOOHG E\ WKH V\VWHP HVSHFLDOO\
PDFKLQH XQLW ZKHQ VSHFLILFDOO\ DSSURYHG 7KHUH FDQ IRU ZKHQ WKHVH F\OLQGHUV DUH PDGH DYDLODEOH IRU WKLUG SDUWLHV 7KH
H[DPSOH EH D ULVN RI ILUH RU H[SORVLRQ VWDUWXS DQG RSHUDWLRQ RI FRPSUHVVRU V\VWHPV IRU XVH DV ILOOLQJ
VWDWLRQV LV JRYHUQHG LQ *HUPDQ\ E\ WKH IROORZLQJ UHJXODWLRQV
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
D 3UHVVXUH YHVVHOV UHJXODWLRQV 'UXFNEHK9 RI )HEUX set by the operator according to the mode of operation
DU\ LQ WKH SUHVHQW YHUVLRQ and the medium compressed.
(3) Regular inspection shall include the inspection of inte-
E 7HFKQLFDO UHJXODWLRQV IRU SUHVVXUH JDVHV 75*
riors and pressure testing. Interior inspection (accord-
ing to section 1) shall be carried out by pressure testing,
,I D KLJK SUHVVXUH FRPSUHVVRU LV XVHG IRU ILOOLQJ SUHVVXUH YHV if this cannot be done in its entirety, other equivalent in-
VHOV RU IRU WKH VXSSO\ RI SQHXPDWLF V\VWHPV WKH IROORZLQJ UHJX spection shall be carried out. Pressure inspection (ref.
ODWLRQV DSSO\ section 1) must be replaced by non-destructive inspec-
tion if pressure inspection is not possible due to the
F $FFLGHQW 3UHYHQWLRQ 5HJXODWLRQV 899 construction of the vessel or the mode of operation.
(4) Interior inspection of pressure vessels from groups IV
899 FRPSUHVVRUV 9%*
and VIIa) shall take place every 5 years, pressure in-
&RSLHV RI WKH DERYH UHJXODWLRQV DUH DYDLODEOH WKURXJK WKH XVXDO spection every 10 years and exterior inspection every 2
RXWOHWV HJ LQ *HUPDQ\ IURP years.
The supervising authority is authorized in particular
&DUO +H\PDQQV 9HUODJ
cases to:
/X[HPEXUJHU 6WU
1. lengthen inspection intervals, providing safety is
.|OQ
guaranteed
%HXWK9HUWULHE *PE+ 2. shorten inspection intervals, if this is necessary to
%XUJJUDIHQVWU protect employees or other persons.
%HUOLQ
(5) If inspection intervals for pressure vessels are included
7KH PDQXIDFWXUHU KDV FRPSOLHG ZLWK DOO DSSOLFDEOH UHJXODWLRQV in traffic regulations concerning internal transport,
DQG WKH XQLW LV SUHSDUHG DFFRUGLQJO\ ,I GHVLUHG ZH RIIHU DW RXU these supersede intervals stated in paragraph 4 section
0XQLFK VLWH D 7h9 DFFHSWDQFH WHVW DFFRUGLQJ WR SDUDJUDSK 1.
3OHDVH FRQWDFW RXU 7HFKQLFDO 6HUYLFH 'HSDUWPHQW ZLWK UH
(6) Interior and pressure inspection intervals commence
JDUG WR WKLV 7KH\ FDQ DOVR VXSSO\ RXU OHDIOHW ´,03257$17
after the first inspection on reception and following re-
127(6 )25 7h9 &(57,),&$7,21µ
location after the new reception inspection.
$FFRUGLQJ WR SDUDJUDSK RI WKH SUHVVXUH YHVVHO UHJXODWLRQV Inspections must be carried out, at the latest, 6 months
'UXFNEHK9 DOO FRPSUHVVRU XQLWV ZKLFK ZLOO EH XVHG DV ILOOLQJ after the renewal date. Contrary to section 1, the inter-
VWDWLRQV PXVW XQGHUJR DQ DFFHSWDQFH WHVW E\ D SURIHVVLRQDO DW vals begin:
WKHLU ORFDWLRQ EHIRUH EULQJLQJ WKHP LQWR VHUYLFH ,I SUHVVXUH YHV 1. after the construction inspection, if this took place 2
VHOV ERWWOHV DUH WR EH ILOOHG E\ WKH FRPSUHVVRU IRU D WKLUG SDUW\ years before the first reception inspection
WKHQ WKH DSSURSULDWH SHUPLVVLRQ PXVW EH REWDLQHG IURP WKH UH 2. after the last interior examination, if this took place
VSRQVLEOH DXWKRULW\ EHIRUH WKH DFFHSWDQFH WHVW $V D UXOH WKLV 2 years before the new reception inspection.
LV WKH IDFWRU\ LQVSHFWRUDWH 7KH SURFHGXUH IRU REWDLQLQJ SHUPLV
(7) The inspection interval is considered completed if the
VLRQ LV DFFRUGLQJ WR 75* JXLGHOLQHV IRU SHUPLVVLRQ WR VHW
inspection takes place during the calendar year in
XS DQG RSHUDWH ILOOLQJ VWDWLRQV 7KH WHVW FHUWLILFDWHV DQG GRFX
which it is due.
PHQWV GHOLYHUHG ZLWK WKH FRPSUHVVRU DUH LPSRUWDQW DQG PD\ EH
UHTXHVWHG GXULQJ WKH SURFHGXUH IRU REWDLQLQJ SHUPLVVLRQ ,Q (8) If the pressure vessel is not in use on the day of inspec-
DGGLWLRQ WKH GRFXPHQWV EHORQJLQJ WR WKH XQLW DUH LPSRUWDQW IRU tion, the inspection due should be carried out before it
UHFXUUHQW LQVSHFWLRQV DQG VKRXOG WKHUHIRUH EH FDUHIXOO\ NHSW is used again.
,QVSHFWLRQV LQ DFFRUGDQFH ZLWK WKH UHJXODWLRQV IRU SUHYHQWLRQ RI (9) If an additional inspection is carried out, the interval for
DFFLGHQWV ZLOO EH FDUULHG RXW E\ WKH PDQXIDFWXUHU RU E\ D VSHFLDO the following inspection begins after the additional in-
LVW spection, as long as the additional inspection corre-
sponds with the scheduled inspection.
1R JXDUDQWHHV ZKDWVRHYHU DUH YDOLG IRU GDPDJH FDXVHG RU ID
YRXUHG E\ WKH QRQFRQVLGHUDWLRQ RI WKHVH GLUHFWLRQV IRU XVH (10) Pressure vessels from groups IV or VII shall only be
used again, after the inspection is due, if the inspection
([FHUSWV IURP WKH DERYH UHJXODWLRQV DUH JLYHQ EHORZ :H
has already taken place within the stated period and if
VWURQJO\ UHFRPPHQG WKDW WKH\ DUH REVHUYHG
the authorized inspector has certified the vessel satis-
$FFRUGLQJ WR LWHP RI WKH UHJXODWLRQV FRQFHUQLQJ SUHVVXUH factory according to inspection guidelines.
YHVVHOV SUHVVXUH YHVVHOV VKDOO XQGHUJR UHJXODU LQVSHFWLRQ
(11) If the authorized inspector has not declared the pres-
(1) Vessels from groups IV and VIIa) shall undergo regular sure vessel to be in perfect condition, the supervising
inspection carried out by a qualified inspector at inter- authority shall decide on the outcome.
vals stated in paragraphs 4 and 9.
(12) 9, para. 9 will be applied accordingly.
(2) Vessels from group 1, which are used for combustible,
5HJXODWLRQV JRYHUQLQJ WKH KDQGOLQJ RI SUHVVXUH YHV
corrosive or toxic gas, vapours or liquids, as well as ves-
VHOV 'UXFNEHK9 3DUDJUDSK RI WKHVH UHJXODWLRQV UH
sels from groups II, III and IV shall undergo regular in-
TXLUHV WKDW D PRELOH SUHVVXUL]HG WDQN LQ WKLV FDVH D
spection carried out by a qualified inspector on a date
FRPSUHVVHG DLU F\OLQGHU VKDOO RQO\ EH ILOOHG ZLWK JDV
RU DLU XQGHU SUHVVXUH LI
D %$8(5 FRPSUHVVRU XQLWV LQFOXGH SUHVVXUH YHVVHOV IURP WHVW JURXSV ,, ,,, DQG ,9 RQO\
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
D WKH F\OLQGHU LV LGHQWLILHG ZLWK WKH PDUN DQG GDWH RI LQ 3.6 If pressurized gases can be isolated in sections of a fill-
VSHFWRUDWH DSSURYDO WRJHWKHU ZLWK WKH LQVSHFWLRQ LQWHU ing system which can be closed so that the pressure can
YDO become hazardous under the effects of heat, measures
must be taken to ensure that the pressure is relieved im-
E WKH LQVSHFWLRQ LQWHUYDO KDV QRW H[SLUHGD
mediately after isolating the section, unless means are
F WKH F\OLQGHU RU WDQN LQ TXHVWLRQ H[KLELWV QR GHIHFWV ZKLFK already provided for eliminating the occurrence of a
FRXOG UHVXOW LQ D KD]DUG WR WKRVH FRQFHUQHG RU WKLUG SDU hazardous pressured) .
WLHV HJ IDXOW\ YDOYH 3.7 Empty cylinders or tanks must be filled as quickly as
2QO\ FRPSUHVVHG DLU F\OLQGHUV VKDOO EH ILOOHG ZLWK WKH V\VWHP possible and filled cylinders or tanks shall be removed
QHYHU R[\JHQ F\OLQGHUV 7KH FRQQHFWLQJ VFUHZ WKUHDG ',1 from the premises as quickly as possible (see TRG 401
VKDOO EH GHVLJQHG WR PDNH GLUHFW FRQQHFWLRQ RI R[\JHQ F\O item 3.2, sentence 2, No. 2). Empty or filled cylinders
LQGHUV LPSRVVLEOH 7KH XVH RI DGDSWHUV LV SURKLELWHG and tanks shall not be placed where they obstruct an es-
cape route, it is therefore prohibited to place tanks or
75* RSHUDWLQJ ILOOLQJ V\VWHPV cylinders in passageways and stairways of any kind.
2. Personnel and personnel instruction 5. Filling procedure
2.1 Filling systems shall only be operated and maintained 5.1 A pressurized gas tank or cylinder shall be filled only
by persons who: with the pressurized gas as identified on the tank or cyl-
1. are more than 18 years of age inder and only to the amount stated on the tank resulting
2. are competent and trained in the use of the system from the corresponding pressure, weight or volume (see
3. can be expected to do their job satisfactorily. para. 15, section 2, DruckbehV).
2.2 Supervised operations can also be executed by persons 6. Procedure after filling
who do not fulfil requirements stated in 2.1. items 1 and 6.3 Defects on filled tanks
2. Should a filled pressurized gas cylinder or tank prove to
2.3 Prior to starting their job and periodically in reason- leak on inspection in a way which does not permit im-
able intervals, however at least once a year, operating mediate remedy or should the filled cylinder or tank ex-
personnel are to be instructed regarding the following hibit a defect of any kind which could result in a hazard
subjects: to the handling personnel or third parties, said cylin-
1. the particular hazards involved in handling com- ders or tanks shall be immediately rendered harmless by
pressed gases emptying (see para. 21, section 1, DruckbehV).
2. safety regulations, especially those of the TRG 9. Testing and servicing filling systems
3. what to do in case of fault, damage and accident 9.1 Testing filling system leakage
4. how to use fire extinguishers and other safety equip-
9.1.1 Filling systems and selection of such systems shall only
ment
be put into operation for the first time after a major
5. operation and maintenance of the filling systems ac-
modification or after repair when they have been
cording to the instruction manual b)
checked for leakage by an authorized technician or on
2.4 A written record shall be kept with regard to the instruc- order of the contractor by an inspector. Testing by the
tions of 2.3 requiring the signature of the employee as technician shall only be carried out under supervision
acknowledgement of instruction. of the contractor or his representative.
2.5 Items 2.3 and 2.4 also apply to persons who are only 9.1.2 For the purpose of testing, a pressurized gas shall be
temporarily involved. used which is available in gaseous form under the
3. Operation condition of testing e) .
3.1 An operating manualb) in plain, understandable lan- 9.1.3 The pressure shall be elevated gradually in increments
guage must be provided for each and every filling sys- until the highest operating pressure of the system is at-
tem and must detail procedures to ensure correct oper- tained.
ation and to avoid hazards and accidents. 9.1.4 Testing shall be documented and the documents duly
Copies of these instructions and translations thereof held in a safe place. The documentation shall identify:
must be available to the operating and maintenance
1. date of testing
personnel at all times.
2. persons responsible for supervision
3.2 High risk work (in conjunction with the maintenance of 3. persons responsible for inspection
such systems) which cannot be carried out according to 4. description of the system or subsystem being tested
item 3.1 in the instruction manual must only be carried 5. test gas
out according to separate, written instructions by the 6. description of the method of testing
contractor or his representative in which the responsi- 7. any defect noted and how these defects were reme-
bilty for supervision activities is clearly stated c) . died.
D )RU GLYLQJ ERWWOHV ODEHOOHG 'UXFNOXIW7* RU 3UHOXIW7* WKH LQVSHFWLRQ LQWHUYDOV DUH JRYHUQHG E\ 75* HQFORVXUH JURXS $FFRUG
LQJ WR WKLV WKH LQVSHFWLRQ LQWHUYDO LV \HDUV )RU EUHDWKLQJ DSSDUDWXV ODEHOOHG 'UXFNOXIW$* RU 3UHOXIW$* WKH LQVSHFWLRQ LQWHUYDO LV
\HDUV
E 6HH WKLV LQVWUXFWLRQ PDQXDO
F 1RWLFHV IRU PDLQWHQDQFH DQG UHSDLU ZRUN FDQ EH IRXQG LQ VHFWLRQ ' RI WKLV LQVWUXFWLRQ PDQXDO
G 'RHV QRW DSSO\ WR WKH FRPSUHVVRU LWVHOI EXW WR WKH SUHVVXUH YHVVHOV ILOOHG
H )RU FRPSUHVVRU XQLWV XVH RQO\ FRPSUHVVHG DLU ZKLFK KDV EHHQ FRPSUHVVHG E\ WKH FRPSUHVVRU LWVHOI
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
,KRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
:HHNO\ RU DV UHTXLUHG &KHFN DXWRPDWLF FRQGHQVDWH GUDLQ RSHQ PDQXDO FRQGHQVDWH GUDLQ
WDSV
RSHUDWLQJ KRXUV 'LVPDQWOH YDOYHV FOHDQ FKHFN DQG UHSODFH LI QHFHVVDU\
0LQHUDO RLO FKDQJH
&OHDQ VLQWHUHG PHWDO ILOWHU HOHPHQW V
RSHUDWLQJ KRXUV RU DV UHTXLUHG &KHFN SLVWRQV DQG SLVWRQ ULQJV
$QQXDOO\ 0LQHUDO RLO FKDQJH LI UXQ IRU OHVV WKDQ RSHUDWLQJ KRXUV
&KHFN RSHQLQJ SUHVVXUH RI VDIHW\ YDOYHV
%LDQQXDOO\ 6\QWKHWLF RLO FKDQJH LI UXQ IRU OHVV WKDQ RSHUDWLQJ KRXUV
,KRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
%LDQQXDOO\
$QQXDOO\
G
2SHUDWLQJ KRXUV 'DWH
6LJQDWXUH
:RUN WR EH FDUULHG RXW
G
G
5HSODFH YDOYHV
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
%HIRUH SUHVHUYLQJ WKH FRPSUHVVRU XQLW UXQ LW ZDUP DQG ZKHQ &KDQJLQJ WKH OXEH RLO IRU SUHVHUYLQJ
LW UHDFKHV WKH VSHFLILHG VHUYLFH SUHVVXUH NHHS LW UXQQLQJ IRU $IWHU SURORQJHG VWRUDJH WKH RLO ZLOO DJH LQ WKH FRPSUHVVRU
DSSUR[ PLQXWHV DQG HQJLQH ,W VKRXOG EH GUDLQHG DIWHU \HDUV DW WKH ODWHVW
7KHQ FDUU\ RXW WKH IROORZLQJ DQG UHSODFHG ZLWK IUHVK RLO
7KH VWDWHG SHULRG FDQ RQO\ EH DWWDLQHG ZKHQ WKH FUDQNFDVH
&KHFN DOO SLSHV ILOWHUV DQG YDOYHV DOVR VDIHW\ YDOYHV IRU
LV VHDOHG GXULQJ WKH SUHVHUYDWLRQ SHULRG LQ DFFRUGDQFH ZLWK
OHDNDJH
WKH SUHVHUYDWLRQ UHTXLUHPHQWV
7LJKWHQ DOO FRXSOLQJV DV UHTXLUHG
$IWHU FKDQJLQJ WKH RLO WXUQ WKH FRPSUHVVRU DQG WKH HQJLQH
$IWHU PLQXWHV RSHQ WKH ILOOLQJ YDOYHV RU WKH RXWOHW YDOYH RU UXQ WKHP IRU WKH UHTXLUHG SHULRG 6HH SDUDV DQG
DQG UXQ WKH FRPSUHVVRU DW WKH VHW PLQLPXP SUHVVXUH SUHV
VXUH PDLQWDLQLQJ YDOYH VHH FKDSWHU IRU DSSUR[ PLQ
&KHFN WKH OXEULFDWLRQ RI WKH FRPSUHVVRU ZKHQ SXWWLQJ WKH
XWHV
XQLW LQWR RSHUDWLRQ RQFH HYHU\ VL[ PRQWKV RU ZKHQ WXUQLQJ
$IWHU WKHVH PLQXWHV VKXW WKH V\VWHP GRZQ 'UDLQ FRQGHQ WKH FRPSUHVVRU
VDWH IURP VHSDUDWRUV 'HSUHVVXUL]H XQLW 6KXW ILOOLQJ YDOYHV 7KH RLO SXPS LV IXQFWLRQLQJ SURSHUO\ ZKHQ RLO FDQ EH VHHQ
RXWOHW YDOYH IORZLQJ WKURXJK WKH VLJKW JODVV RI WKH RLO SUHVVXUH UHJXODWRU
2SHQ ILOWHUV DQG JUHDVH WKUHDGV XS WR . FRPSUHVVRU EORFN RQO\ DQG LI WKH RLO SUHVVXUH
JDXJH LQGLFDWHV WKH SUHVFULEHG SUHVVXUH
2Q XQLWV HTXLSSHG ZLWK D ILOWHU V\VWHP SOHDVH REVHUYH WKH IRO
ORZLQJ
5($&7,9$7,1* 7+( &2035(6625 81,7
(QVXUH WKDW ILOWHU FDUWULGJHV UHPDLQ LQ ILOWHUV
7KLV ZLOO SUHYHQW RLO HQWHULQJ ILOOLQJ OLQHV DV D UHVXOW RI SUHV 5HPRYH WKH GXVW FDS IURP WKH LQOHW SRUW DQG LQVHUW WKH LQWDNH
HUYDWLRQ SURFHGXUHV ILOWHU
5HPRYH LQWDNH ILOWHU IURP PDQLIROG DQG DOO LQWDNH OLQHV IURP &KHFN WKH RLO OHYHO RI WKH FRPSUHVVRU
YDOYH KHDGV
/HW FRPSUHVVRU XQLW FRRO GRZQ &KHFN WKH PRWRUHQJLQH DFFRUGLQJ WR WKH PDQXIDFWXUHU·V
LQVWUXFWLRQV
35(6(59,1* 7+( &2035(6625 2QO\ DSSOLFDEOH IRU XQLWV HTXLSSHG ZLWK D ILOWHU V\VWHP
RSHQ WKH SXULILHU DQG FKDQJH DOO ILOWHU FDUWULGJHV
7XUQ WKH FRPSUHVVRU RQ DQG VSUD\ D VPDOO DPRXQW DSSUR[
FFP FX LQ RI FRPSUHVVRU RLO 1 UHIHU WR 5XQ WKH FRPSUHVVRU ZDUP ZLWK RSHQ ILOOLQJ YDOYHV RU RXWOHW
FKDSWHU LQWR WKH YDOYH KHDG LQOHW SRUW FRPSUHVVRUV ZLWK YDOYH IRU DSSUR[ PLQXWHV
GXDO VW VWDJH HDFK RI WKH LQOHW SRUWV ZKLOH WKH FRPSUHVVRU &KHFN WKH RLO SUHVVXUH RQ WKH SUHVVXUH JDXJH ,I WKHUH LV DQ\
LV UXQQLQJ 'R QRW OHW WKH FRPSUHVVRU ZDUP XS WRR PXFK WR IDXOW FKHFN WKH OXEULFDWLRQ RI WKH FRPSUHVVRU
NHHS RLO VWLFN\
$IWHU PLQXWHV FORVH WKH ILOOLQJ YDOYHV RU WKH RXWOHW YDOYH
6KXW FRPSUHVVRU XQLW RII DQG UXQ WKH XQLW XS WR ILQDO SUHVVXUH XQWLO WKH ILQDO SUHVVXUH
&ORVH DOO YDOYHV VDIHW\ YDOYH EORZV 7R GR VR RYHUULGH WKH SUHVVXUH VZLWFK
3ODFH WKH GXVW FDS RQWR WKH LQOHW SRUW LI LQVWDOOHG RQ WKH XQLW
&KHFN WKH LQWHUSUHVVXUH VDIHW\ YDOYHV IRU OHDNDJH
35(6(59,1* 7+( 02725(1*,1(
(VWDEOLVK FDXVH RI DQ\ IDXOW IURP WKH WURXEOHVKRRWLQJ WDEOH
3UHVHUYH WKH PRWRUHQJLQH DFFRUGLQJ WR WKH LQVWUXFWLRQV RI WKH VHFWLRQ DQG UHPHG\
,KRU
PRWRUHQJLQH PDQXIDFWXUHU
6WRS WKH V\VWHP ZKHQ UXQQLQJ SURSHUO\ WKH FRPSUHVVRU LV
WKHQ UHDG\ IRU RSHUDWLRQ
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
127(
)RU DOO IXUWKHU UHSDLU LQVWUXFWLRQV UHIHU WR DSSOLFDEOH
ZRUNVKRS PDQXDO
,KRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7528%/(6+227,1*
1R RLO SUHVVXUH $LU WUDSSHG LQ RLO SXPS 9HQW SXPS DQG OLQH VHH FKDSWHU
2LO SXPS GULYH QRW FRUUHFW &KHFN GULYH VHH ZRUNVKRS PDQXDO
6LJKW JODVV H[KLELWV DLU EXEEOHV 2LO SUHVVXUH UHJXODWRU GLUW\ &OHDQ YDOYH DQG UHDGMXVW RLO SUHVVXUH UH
JXODWRU
2LO IRDP LQ WKH FUDQNFDVH /DVW VWDJH SLVWRQ ZRUQ 2SHUDWH FRPSUHVVRU ZLWK ILQDO VWDJH
YDOYH KHDG UHPRYHG ,I RLO IORZV FRQWLQX
RXVO\ RXW RI F\OLQGHU UHSODFH SLVWRQ DQG
OLQHU
/DVW VWDJH RXWOHW YDOYH GHIHFWLYH 5HSODFH
&RPSUHVVRU GRHV QRW DWWDLQ ILQDO SUHV &RQGHQVDWH GUDLQ YDOYH V DQGRU ILWWLQJV 7LJKWHQ DQG UHVHDO
VXUH OHDNLQJ
3UHPDWXUH RSHQLQJ RI ILQDO VDIHW\ YDOYH &OHDQ ILQDO VDIHW\ YDOYH DQG UHDGMXVW
3LVWRQ ULQJV ZRUQ 5HSODFH
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
7$%/(6
7,*+7(1,1* 72548( 9$/8(6
127(
8QOHVV RWKHUZLVH VSHFLILHG LQ WH[W WKH IROORZLQJ
WRUTXH YDOXHV DSSO\ $OO YDOYH KHDG VFUHZV UHTXLUH
WRUTXH ZUHQFK WLJKWHQLQJ 7KH LQGLFDWHG WRUTXH YDO
XHV DUH YDOLG IRU EROWV LQ JUHDVHG FRQGLWLRQ 5HSODFH
VHOIUHWDLQLQJ QXWV RQ UHDVVHPEO\
,KRU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
8VDJH /XEULFDQWV
5XEEHU DQG SODVWLF SDUWV ILOWHU KRXVLQJ WKUHDGV :(,&21 :3 :+,7( SDUW QR 1
RU
:KLWH SHWURODWXP '$% SDUW QR 1
)RU DOO OXEULFDWLQJ RLOV UHIHU WR FKDSWHU RU OXEULFDWLQJ RLO OLVW DYDLODEOH WKURXJK %$8(5 6HUYLFH 'HSDUWPHQW
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
EDU SVL EDU SVL EDU SVL EDU SVL EDU SVL
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
SVL EDU SVL EDU SVL EDU SVL EDU SVL EDU
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
. & & )
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
9ROXPH PHDVXUHV
FP OLWUH P LQ IW JDO
FP [ [ [
OLWUH
P [ [
LQ [ [
IW [
JDO
)ORZ UDWHV
OVHF JDOPLQ IWVHF IWPLQ OPLQ
OVHF
JDOPLQ
IWV
IWPLQ
OPLQ
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
127(6
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
$11(;
6SHFLDO GRFXPHQWDWLRQ
6FKHPDWLF GLDJUDPV
$LU IORZ GLDJUDPV
,OOXVWUDWLRQV
3DUWV OLVWV
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.
(UVDW]WHLOOLVWH $ .RPSUHVVRUEORFN . ,. ,.
6SDUH SDUWV FDWDORJXH $ &RPSUHVVRU EORFN . ,. ,.
/LVWH GH SLqFHV $ %ORF FRPSUHVVHXU . ,. ,.
%LWWH EHDFKWHQ 6LH DXFK XQVHUH )RU UHJXODU XSGDWHV SOHDVH 3RXU OHV pGLWLRQV QRXYHOOHV VH FRQIHUHU
UHJHOPlLJHQ 1HXDXIODJHQ LP YLVLW XV LQ WKH LQWHUQHW DW j O·LQWHUQHW VRXV
,QWHUQHW XQWHU
ZZZEDXHUNRPSUHVVRUHQGH ZZZEDXHUNRPSUHVVRUHQGH ZZZEDXHU NRPSUHVVRUHQGH
$
:LFKWLJH +LQZHLVH IU 7HLOHEHVWHOOXQJ ,PSRUWDQW QRWHV IRU VSDUH SDUWV RUGHUV $YLV LPSRUWDQW SRXU OD FRPPDQGH GH
SLqFHV
%HVWHOO1U GLH PLW GHU =LIIHU EHJLQQHQ EH 3DUW QRV EHJLQQLQJ ZLWK GLJLW LQGLFDWH SDUWV /HV QRV GH FRPPDQGH FRPPHQoDQW SDU OH
]HLFKQHQ %DXJUXSSHQ GLH NRPSOHWW JHOLHIHUW DYDLODEOH DV FRPSOHWH DVVHPEOLHV 3DUWV ZLWK FKLIIUH LQGLTXHQW OHV SLqFHV OLYUpHV DX FRP
ZHUGHQ7HLOH RKQH %HVWHOO1U VLQG QXU ]XU ,Q RXW SDUW QR DUH LQGLFDWHG IRU DVVHPEO\ UHIHU SOHW /HV SLqFHV VDQV QR GH FRPPDQGH VRQW
IRUPDWLRQ IU GLH 0RQWDJH DXIJHIKUW 6LH VLQG HQFH RQO\ 7KHVH SDUWV DUH QRW DYDLODEOH DV LQGLTXpHV XQLTXHPHQW SRXU LQIRUPDWLRQ GH
QLFKW DOV (UVDW]WHLO HUKlOWOLFK %HL (UVDW]WHLOEH VLQJOH SDUWV:KHQ SODFLQJ DQ RUGHU IRU VSDUH PRQWDJH (OOHV QH VRQW SDV OLYUpHV LQGLYLGXHOOH
VWHOOXQJHQ HUZDUWHQ 6LH XQVHUH ULFKWLJH /LHIHU SDUWV SOHDVH JLYH WKH IROORZLQJ LWHPV VR DV WR PHQW 3RXU TXH OD OLYUDLVRQ GH SLqFHV GH UH
XQJ GHVKDOE EHQ|WLJHQ ZLU YRQ ,KQHQ IROJHQGH HQVXUH RXU FRUUHFW GHOLYHU\ VHH LQGHQWLILFDWLRQ FKDQJH FRUUHVSRQGH j OD FRPPDQGH YHXLOOH]
$QJDEHQ VLHKH XQWHQ JH]HLJWHV 7\SHQVFKLOG SODWH VKRZQ EHORZ ELHQ QRXV IRXUQLU OHV GRQQpHV VXLYDQWHV YRLU
SODTXH G·LGHQWLWp FLGHVVRXV
0RGHOOEH]HLFKQXQJ )DEULN1U VRZLH )HUWL 0RGHO VHULDO QR DV ZHOO DV GHVLJQ VWDQGDUG 0RGqOH QR GH VpULH HW VWDQGDUG GH
JXQJVVWDQG YRQ $QODJH%ORFN RI XQLWEORFN FRQVWUXFWLRQ GH EORF FRPSUHVVHXUJURXSH
6WFN]DKOHQ 4XDQWLW\ UHTXLUHG 4XDQWLWp GpVLUpH
%HQHQQXQJ XQG %HVW1U GHV JHZQVFKWHQ 1DPH DQG SDUW QR 'pQRPLQDWLRQ HW QR GH FRPPDQGH GH OD
7HLOV SLqFH GpVLUpH
)U .RPSUHVVRUEORFN )RU FRPSUHVVRU EORFN 3RXU EORF FRPSUHVVHXU
)DEULN1U GUHL 'LFKWXQJHQ VHULDO QR WKUHH JDVNHWV QR GH VpULH WURLV MRLQWV QR GH
FGH
,Q GHQ 6SDOWHQ VLQG GLH LP HQWVSUH 7KH FROXPQV FRQWDLQ WKH SDUWV WKDW DUH /HV SLqFHV FRQWHQXHV GDQV OHV NLWV
FKHQGHQ 6DW] HQWKDOWHQHQ 7HLOH DQ LQFOXGHG LQ WKH UHVSHFWLYH SDUWV VHW FRUUHVSRQGDQWV VRQW PDUTXpHV G·XQH
JHNUHX]W %LWWH EHDFKWHQ GD GLH 3OHDVH QRWH WKDW WKH KLJKHU JUDGHG NLWV FURL[ GDQV OHV FRORQQHV 9HXLOOH] RE
K|KHUHQ 6lW]H GLH XQWHUJHRUGQHWHQ GR QRW LQFOXGH WKH ORZHU RQHV LH IRU D VHUYHU TXH OHV NLWV VXSpULHXUV QH FRQ
QLFKW EHLQKDOWHQ GK IU HLQH KRXUV PDLQWHQDQFH RQH NLW D WLHQQHQW SDV OHV NLWV VXERUGRQQpV
6WXQGHQ:DUWXQJ ZLUG [ 6DW] RQH NLW E SOXV RQH NLW F DUH UHTXLUHG F·HVWjGLUH SRXU XQ HQWUHWLHQ GH
D [ 6DW] E XQG [ 6DW] F EHQ|WLJW KHXUHV LO IDXW DYRLU [ NLW D [ NLW E HW [
NLW F
1XU 6FKUDXEHQ XQG 6WLIWVFKUDXEHQ GHU 8VH RQO\ VFUHZV DQG VWXGV LQ TXDOLW\ 1·XWLOLVHU TXH GHV YLV HW GHV JRXMRQV IL
4XDOLWlW YHUZHQGHQ 7KLV TXDOLW\ LV HTXLYDOHQW WR 6$( - OHWpV GH OD TXDOLWp
G JUDGH
$
$
(UVDW]WHLOVlW]H %DXJUXSSH .XUEHOKHKlXVH
6SDUH SDUWV VHWV $VVHPEO\ &UDQNFDVH
.LWV GH SLqFHV GpW $VVHPEODJH &DUWHU
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH .XUEHOKHKlXVH
6SDUH SDUWV VHWV $VVHPEO\ &UDQNFDVH
.LWV GH SLqFHV GpW $VVHPEODJH &DUWHU
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH gOVFKDXJODV NSO
6SDUH SDUWV VHWV $VVHPEO\ 2LO VLJKW JDXJH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH
.ODVVH
&ODVV *HZ
gOVFKDXJODV
1 25LQJ [1%56K
gONRQWUROOYHUVFKUDXEXQJ
$
,,
,
,9
,,,
$
(UVDW]WHLOVlW]H %DXJUXSSH 7ULHEZHUN
6SDUH SDUWV VHWV $VVHPEO\ 'ULYLQJ JHDU
.LWV GH SLqFHV GpW $VVHPEODJH (PELHOODJH
.ODVVH
&ODVV *HZ
.XUEHOZHOOH
'LVWDQ]6FKHLEH VKLP URQGHOOH
1 ,QQHQULQJ QHHGOH EHDULQJ LQQHU ULQJ DQQHDX LQWHULHXU GH URXOH [[
*HJHQJHZLFKW
1 =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[
1 )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1 $
1 6HOEVWVLFKHUQGH 0XWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1 9 0
1 6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH J ',1 [
1 6SUHQJULQJ VQDS ULQJ DQQHDXUHVVRUW :5 )D ,1$
1 3DIHGHU IHDWKHU NH\ UHVVRUW G·DMXVWDJH J ',1 $[[
3OHXHO NSO FRQURG DVV\ ELHOOH FSO
3OHXHO NSO FRQURG DVV\ ELHOOH FSO
3OHXHO NSO FRQURG DVV\ ELHOOH FSO
1 1DGHONUDQ] QHHGOH EHDULQJ FRXURQQH DLTXLOOH [[
'LVWDQ]6FKHLEH VSDFHU GLVF GLVTXH G·HFDUWHPHQW I 3OHXHO
$
(UVDW]WHLOVlW]H %DXJUXSSH =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\ &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH &\OLQGUH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\ 3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 3LVWRQ FSO
.ODVVH
&ODVV *HZ
$
1
$ E
(UVDW]WHLOVlW]H %DXJUXSSH 1 .ROEHQULQJVDW]
6SDUH SDUWV VHWV $VVHPEO\ 1 3LVWRQ ULQJ VHW
.LWV GH SLqFHV GpW $VVHPEODJH 1 -HX GHV VHJPHQWV GH SLVWRQ
.ODVVH
&ODVV *HZ
0LQXWHQULQJ J [
1DVHQULQJ J ',1 [
gOVFKOLW]ULQJ J [
$
(UVDW]WHLOVlW]H %DXJUXSSH =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\ &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH &\OLQGUH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\ 3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 3LVWRQ FSO
.ODVVH
&ODVV *HZ
$
1
$ E
(UVDW]WHLOVlW]H %DXJUXSSH 1 .ROEHQULQJVDW]
6SDUH SDUWV VHWV $VVHPEO\ 1 3LVWRQ UMLQJ VHW
.LWV GH SLqFHV GpW $VVHPEODJH 1 -HX GHV VHJPHQWV GH SLVWRQ
.ODVVH
&ODVV *HZ
$
(UVDW]WHLOVlW]H %DXJUXSSH =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\ &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH &\OLQGUH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH .RMOEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\ 3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 3LVWRQ FSO
.ODVVH
&ODVV *HZ
$
1
$ E
(UVDW]WHLOVlW]H %DXJUXSSH 1 .ROEHQULQJVDW]
6SDUH SDUWV VHWV $VVHPEO\ 1 3LVWRQ ULQJ VHW
.LWV GH SLqFHV GpW $VVHPEODJH 1 -HX GHV VHJPHQWV GH SLVWRQ
.ODVVH
&ODVV *HZ
$
(UVDW]WHLOVlW]H %DXJUXSSH =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\ &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH &\OLQGUH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\ 3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 3LVWRQ FSO
.ODVVH
&ODVV *HZ
$
$ E
(UVDW]WHLOVlW]H %DXJUXSSH .ROEHQEFKVH
6SDUH SDUWV VHWV $VVHPEO\ 3LVWRQ DQG VOHHYH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 'RXLOOH GH SLVWRQ FSO
.ODVVH
&ODVV *HZ
.ROEHQEFKVH
.ROEHQ [[
1 25LQJ RULQJ MRLQW WRULTXH [
$
$
(UVDW]WHLOVlW]H %DXJUXSSH =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\ &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH &\OLQGUH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\ 3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 3LVWRQ FSO
.ODVVH
&ODVV *HZ
$
$ E
(UVDW]WHLOVlW]H %DXJUXSSH .ROEHQEFKVH
6SDUH SDUWV VHWV $VVHPEO\ 3LVWRQ DQG VOHHYH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 'RXLOOH GH SLVWRQ FSO
.ODVVH
&ODVV *HZ
.ROEHQEFKVH
.ROEHQ [[
1 25LQJ RULQJ MRLQW WRULTXH [
$
(UVDW]WHLOVlW]H %DXJUXSSH 9HQWLONRSI 6WXIH
6SDUH SDUWV VHWV $VVHPEO\ 9DOYH KHDG VW VWDJH
.LWV GH SLqFHV GpW $VVHPEODJH &XODVVH H pWDJH
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH 9HQWLONRSI
6SDUH SDUWV VHWV $VVHPEO\ 9DOYH KHDG
.LWV GH SLqFHV GpW $VVHPEODJH &XODVVH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH 6DXJYHQWLO
6SDUH SDUWV VHWV $VVHPEO\ LQWDNH YDOYH
.LWV GH SLqFHV GpW $VVHPEODJH &ODSHW G·DVSLUDWLRQ
.ODVVH
&ODVV *HZ
9HQWLOYHUVFKUDXEXQJ
9HQWLOVLW]
9HQWLOSODWWH YDOYH SODWH SODWH GH VRXSDSH
'UXFNIHGHU
'LFKWXQJ JDVNHW MRLQW J
$
$ E
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFNYHQWLO NSO
6SDUH SDUWV VHWV $VVHPEO\ 3UHVVXUH YDOYH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 6RXSDSH GH SUHVVLRQ FSO
.ODVVH
&ODVV *HZ
$
$ F
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFNYHQWLOHLQVDW] NSO
6SDUH SDUWV VHWV $VVHPEO\ 3UHVVXUH YDOYH LQVHUW DVV\
.LWV GH SLqFHV GpW $VVHPEODJH *DUQLWXUH GH VRXSDSH GH SUHVVLRQ FSO
.ODVVH
&ODVV *HZ
'UXFNYHQWLOHLQVDW]
9HQWLOIHGHU YDOYH VSULQJ UHVVRUW GX FODSHW
9HQWLOSODWWH YDOYH SODWH SODWH GH VRXSDSH
9HQWLOVLW]
'LFKWXQJ JDVNHW MRLQW J
$
$
(UVDW]WHLOVlW]H %DXJUXSSH 9HQWLONRSI
6SDUH SDUWV VHWV $VVHPEO\ 9DOYH KHDG
.LWV GH SLqFHV GpW $VVHPEODJH &XODVVH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH 6DXJYHQWLO
6SDUH SDUWV VHWV $VVHPEO\ LQWDNH YDOYH
.LWV GH SLqFHV GpW $VVHPEODJH &ODSHW G·DVSLUDWLRQ
.ODVVH
&ODVV *HZ
9HQWLOYHUVFKUDXEXQJ
9HQWLOVLW]
9HQWLOSODWWH YDOYH SODWH SODWH GH VRXSDSH
'UXFNIHGHU
'LFKWXQJ JDVNHW MRLQW J
$
$ E
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFNYHQWLO NSO
6SDUH SDUWV VHWV $VVHPEO\ 3UHVVXUH YDOYH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 6RXSDSH GH SUHVVLRQ FSO
.ODVVH
&ODVV *HZ
$
$ F
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFNYHQWLOHLQVDW] NSO
6SDUH SDUWV VHWV $VVHPEO\ 3UHVVXUH YDOYH LQVHUW DVV\
.LWV GH SLqFHV GpW $VVHPEODJH *DUQLWXUH GH VRXSDSH GH SUHVVLRQ FSO
.ODVVH
&ODVV *HZ
'UXFNYHQWLOHLQVDW]
9HQWLOIHGHU YDOYH VSULQJ UHVVRUW GX FODSHW
9HQWLOSODWWH YDOYH SODWH SODWH GH VRXSDSH
9HQWLOVLW]
'LFKWXQJ JDVNHW MRLQW J
$
$
(UVDW]WHLOVlW]H %DXJUXSSH 9HQWLONRSI
6SDUH SDUWV VHWV $VVHPEO\ 9DOYH KHDG
.LWV GH SLqFHV GpW $VVHPEODJH &XODVVH
.ODVVH
&ODVV *HZ
9HQWLONRSI
1 =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH 9HQWLONRSI
6SDUH SDUWV VHWV $VVHPEO\ 9DOYH KHDG
.LWV GH SLqFHV GpW $VVHPEODJH &XODVVH
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H
%DXJUXSSH 9HQWLONRSI
6SDUH SDUWV VHWV
$VVHPEO\ 9DOYH KHDG
.LWV GH SLqFHV GpW
$VVHPEODJH &XODVVH
.ODVVH
&ODVV *HZ
9HQWLONRSI
1 =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH 9HQWLONRSI
6SDUH SDUWV VHWV $VVHPEO\ 9DOYH KHDG
.LWV GH SLqFHV GpW $VVHPEODJH &XODVVH
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH 6FKZXQJUDG 5LHPHQWULHE
6SDUH SDUWV VHWV $VVHPEO\ )O\ZKHHO DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 5RXH YRODQW FSO
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH $QVDXJILOWHU
6SDUH SDUWV VHWV $VVHPEO\ ,QWDNH ILOWHU
.LWV GH SLqFHV GpW $VVHPEODJH )LOWUH G·DVSLUDWLRQ
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH =ZLVFKHQDEVFKHLGHU
6SDUH SDUWV VHWV $VVHPEO\ ,QWHUPHGLDWH VHSDUDWRU
.LWV GH SLqFHV GpW $VVHPEODJH 6pSDUDWHXU LQWHUPpGLDLUH
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH =ZLVFKHQDEVFKHLGHU
6SDUH SDUWV VHWV $VVHPEO\ ,QWHUPHGLDWH VHSDUDWRU
.LWV GH SLqFHV GpW $VVHPEODJH 6pSDUDWHXU LQWHUPpGLDLUH
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH )LOWHUNRSI NSO
6SDUH SDUWV VHWV $VVHPEO\ )LOWHU KHDG DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 7rWH GH ILOWUH FSO
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH =ZLVFKHQDEVFKHLGHU
6SDUH SDUWV VHWV $VVHPEO\ ,QWHUPHGLDWH VHSDUDWRU
.LWV GH SLqFHV GpW $VVHPEODJH VpSDUDWHXU LQWHUPpGLDLUH
.ODVVH
&ODVV *HZ
)LOWHUNRSI
; 1 25LQJ RULQJ MRLQW WRULTXH [
hEHUZXUIPXWWHU
)LOWHUEHKlOWHU 31
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH )LOWHUNRSI
6SDUH SDUWV VHWV $VVHPEO\ )LOWHUKHDG
.LWV GH SLqFHV GpW $VVHPEODJH 7rWH GH ILOWUH
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH .RQGHQVDW $EODKDKQ
6SDUH SDUWV VHWV $VVHPEO\ &RQGHQVDWH GUDLQ WDS
.LWV GH SLqFHV GpW $VVHPEODJH 5RELQHW GH SXUJH GX FRQGHQVDW
.ODVVH
&ODVV *HZ
$
$
$
$
$
$
$
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
$
$
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
1 6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH J ',1 0[
1 6FKHLEH ZDVKHU URQGHOOH J ',1 $
1 5LQJVFKUDXEH H\H EROW YLV D RHLO J ',1 0 6W
1 6FKHLEH ZDVKHU URQGHOOH J ',1
1 :LQNHO(LQVFKUDXEVW J :(6 /5.
1 :LQNHO(LQVFKUDXEVW J :(6 /5.
=ZLVFKHQNKOHU NSO LQWHUFRROHU VW VWDJH UHIURLGLVVHXU LQW HWDJH 6WXIH
1 *HUDGHU5HGX]LHUVWXW]HQ J *56 3/
9HUELQGXQJVOHLWXQJ NSO FRQQHFWLQJ WXEH FSO WXEH GH FRQQH[LRQ FSO Y =ZLVFKHQN 6W ] 9
1 *HUDGHU(LQVFKUDXEVW J ;*( //5
1 *HUDGHU(LQVFKUDXEVW J *(6 /5
1 'LFKWXQJ JDVNHW MRLQW J $[[ &X
1 *HUDGHU(LQVFKUDXEVW J ;*( //5
=ZLVFKHQNKOHU NSO LQWHUFRROHU UHIURLGLVVHXU LQWHUPHG 6WXIH
1 *HUDGHU(LQVFKUDXEVW J ;*( //5
1 *HUDGHU(LQVFKUDXEVW J *(6 /5:'
1 9HUVFKOXVWRSIHQ SOXJ ERXFKRQ J 96 /6
$
6LFKHUKHLWVYHQWLO 6WXIH
6DIHW\ YDOYH QG VWDJH
6RXSDSH GH VUHWp H pWDJH
$ E
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
$
6LFKHUKHLWVYHQWLO 6WXIH
6DIHW\ YDOYH UG VWDJH
6RXSDSH GH VUHWp H pWDJH
6LFKHUKHLWVYHQWLO 6WXIH
6DIHW\ YDOYH VW VWDJH
6RXSDSH GH VUHWp H pWDJH
$ F
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH =ZLVFKHQNKOHU NSO
6SDUH SDUWV VHWV $VVHPEO\ ,QWHU FRROHU DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHXU LQWHUPpGLDLUH FSO
.ODVVH
&ODVV *HZ
$
$
$
$
$
$
$
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
$
$
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
$
6LFKHUKHLWVYHQWLO 6WXIH
6DIHW\ YDOYH QG VWDJH
6RXSDSH GH VUHWp H pWDJH
$ E
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
$
6LFKHUKHLWVYHQWLO 6WXIH
6DIHW\ YDOYH UG VWDJH
6RXSDSH GH VUHWp H pWDJH
9
6LFKHUKHLWVYHQWLO 6WXIH
6DIHW\ YDOYH VW VWDJH
6RXSDSH GH VUHWp H pWDJH
$ F
(UVDW]WHLOVlW]H %DXJUXSSH .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\ &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH 5HIURLGLVVHPHQW
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H
%DXJUXSSH =ZLVFKHQNKOHU NSO
6SDUH SDUWV VHWV
$VVHPEO\ ,QWHU FRROHU DVV\
.LWV GH SLqFHV GpW
$VVHPEODJH 5HIURLGLVVHXU LQWHUPpGLDLUH FSO
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H
%DXJUXSSH =ZLVFKHQNKOHU NSO
6SDUH SDUWV VHWV
$VVHPEO\ ,QWHU FRROHU DVV\
.LWV GH SLqFHV GpW
$VVHPEODJH 5HIURLGLVVHXU LQWHUPpGLDLUH FSO
.ODVVH
&ODVV *HZ
$
$
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFN|OVFKPLHUXQJ
6SDUH SDUWV VHWV $VVHPEO\ /XEULFDWLRQ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH /XEULILFDWLRQ
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFN|OVFKPLHUXQJ
6SDUH SDUWV VHWV $VVHPEO\ /XEULFDWLRQ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH /XEULILFDWLRQ
.ODVVH
&ODVV *HZ
$
$ E
(UVDW]WHLOVlW]H %DXJUXSSH gOSXPSHQDQWULHE
6SDUH SDUWV VHWV $VVHPEO\ 2LO SXPS GULYH
.LWV GH SLqFHV GpW $VVHPEODJH (QWUDLQHPHQW GX SRPSH j KXLOH
.ODVVH
&ODVV *HZ
$
$ F
(UVDW]WHLOVlW]H %DXJUXSSH .HLOULHPHQVFKHLEH
6SDUH SDUWV VHWV $VVHPEO\ 9 EHOW SXOOH\
.LWV GH SLqFHV GpW $VVHPEODJH 3RXOLH j JRUJH
.ODVVH
&ODVV *HZ
$
$ G
(UVDW]WHLOVlW]H %DXJUXSSH gGUXFNUHJXOLHUYHQWLO
6SDUH SDUWV VHWV $VVHPEO\ 2LO SUHVVXUH UHJXODWLQJ YDOYH
.LWV GH SLqFHV GpW $VVHPEODJH 6RXSDSH GH UHJODJH GH SUHVVLRQ G· KXLOH
.ODVVH
&ODVV *HZ
9HQWLOJHKlXVH I
6FKHLEH ZDVKHU GLVTXH '+6W
'UXFNIHGHU VSULQJ UHVVRUW GH SUHVVLRQ
9HQWLOVLW] NSO EDOO YDOYH VHDW SODWH SODTXH GH VLHJH .XJHOYHQWLO
1 25LQJ RULQJ MRLQW WRULTXH [)306K
)ODQVFK YDOYH IODQJH EULGHV GHV VRXSDSH
1 =\OLQGHUVFKUDXE DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[
1 *HUDGHU(LQVFKUDXEVW PDOH VWXG UDFFRUG J *(6 /5:'*
gONRQWUROOYHUVFKUDXEXQJ RLO FRQWURO FRXSOLQJ UDFFRUG GH FRQWUROH
gOVFKDXJODV RLO VLJKW JODVV LQGLFDWHXU G·KXLOH
1 'LFKWULQJ JDVNHW MRLQW J ',1 $[[
1 *HZLQGHVWLIW VHW VFUHZ JRXMRQ ILOHWH J ',1 0[
1 'LFKWULQJ JDVNHW MRLQW J ',1 $[[
1 6HFKVNDQW+XWPXWWHU DFRUQ QXW HFURX D FKDSHDX J ',1 0$$
1 9HUVFKOXVWRSIHQ SOXJ ERXFKRQ J 96 /65RKU$'
1 hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX J 0 /5RKU$'
$
$
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFN|OVFKPLHUXQJ
6SDUH SDUWV VHWV $VVHPEO\ /XEULFDWLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH /XEULILFDWLRQ
.ODVVH
&ODVV *HZ
$
$ D
(UVDW]WHLOVlW]H %DXJUXSSH 'UXFN|OVFKPLHUXQJ
6SDUH SDUWV VHWV $VVHPEO\ /XEULFDWLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH /XEULILFDWLRQ
.ODVVH
&ODVV *HZ
$
$ E
(UVDW]WHLOVlW]H %DXJUXSSH gOSXPSHQDQWULHE
6SDUH SDUWV VHWV $VVHPEO\ 2LO SXPS GULYH
.LWV GH SLqFHV GpW $VVHPEODJH (QWUDLQHPHQW GX SRPSH j KXLOH
.ODVVH
&ODVV *HZ
$
$ F
(UVDW]WHLOVlW]H %DXJUXSSH .HLOULHPHQVFKHLEH
6SDUH SDUWV VHWV $VVHPEO\ 9 EHOW SXOOH\
.LWV GH SLqFHV GpW $VVHPEODJH 3RXOLH j JRUJH
.ODVVH
&ODVV *HZ
$
$ G
(UVDW]WHLOVlW]H %DXJUXSSH gOGUXFNUHJXOLHUYHQWLO
6SDUH SDUWV VHWV $VVHPEO\ 2LO SUHVVXUH UHJXODWLQJ YDOYH
.LWV GH SLqFHV GpW $VVHPEODJH 6RXSDSH GH UHJODJH G·KXLOH
.ODVVH
&ODVV *HZ
9HQWLOJHKlXVH
5HJXOLHUYHQWLOIODQVFK 5HJXODWLQJ YDOYH IODQJH EULGHV GHV VRXSDSH
9HUVFKUDXEXQJ FRXSOLQJ UDFFRUG
9HQWLONROEHQ YDOYH SLVWRQ SLVWRQ D VRXSDSH
.XJHOYHQWLOVLW] NSO EDOO VHDW FSO VLHJH GH ELOOH
gOVFKDXJODV RLO VLJKW JODVV LQGLFDWHXU G·KXLOH
gONRQWUROOYHUVFKUDXEXQJ RLO FRQWURO FRXSOLQJ UDFFRUG GH FRQWUROH
1 'LFKWXQJ JDVNHW MRLQW J ',1 $[[
1 'LFKWXQJ JDVNHW MRLQW J $[[ &X
1 25LQJ RULQJ MRLQW WRULTXH [
1 25LQJ RULQJ MRLQW WRULTXH [
1 *HUDGHU(LQVFKUDXEVW J *(6 /5:'
1 9HUVFKOXVWRSIHQ SOXJ ERXFKRQ J 96 /6
1 hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX J 0/
1 =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ ',1 0[
$
$
(UVDW]WHLOOLVWH & .RQGHQVDW $EODDXWRPDWLN
6SDUH SDUWV FDWDORJXH & $XWRPDWLF FRQGHQVDWH GUDLQ
/LVWH GH SLqFHV & 3XUJH DXWRPDWLTXH GHV FRQGHQVDWV
.RQGHQVDW$EODDXWRPDWLN $XWRPDWLF FRQGHQVDWH GUDLQ XQLW 3XUJH DXWRPDWLTXH GHV FRQGHQVDWV &
.RQGHQVDWDEODYHQWLO NSO &RQGHQVDWH GUDLQ YDOYH DVV\ 6RXSDSH GH SXUJH FSO &
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH FSO &
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH FSO &
6FKXW]JHKlXVH 7DNWJHEHU &RQWURO ER[ HOHFWULFDO WLPHUV %RvWLHU GH SURWHFWLRQ PLQXWHULHV pOHFWULTXHV &
=\NOHQ]lKOHU F\FOH FRXQWHU FRPSWHXU GH F\FOHV
&
:LFKWLJH +LQZHLVH IU 7HLOHEHVWHOOXQJ ,PSRUWDQW QRWHV IRU VSDUH SDUWV RUGHUV $YLV LPSRUWDQW SRXU OD FRPPDQGH GH
SLqFHV
%HVWHOO1U GLH PLW GHU =LIIHU EHJLQQHQ EH 3DUW QRV EHJLQQLQJ ZLWK GLJLW LQGLFDWH SDUWV /HV QRV GH FRPPDQGH FRPPHQoDQW SDU OH
]HLFKQHQ %DXJUXSSHQ GLH NRPSOHWW JHOLHIHUW DYDLODEOH DV FRPSOHWH DVVHPEOLHV 3DUWV ZLWK FKLIIUH LQGLTXHQW OHV SLqFHV OLYUpHV DX FRP
ZHUGHQ7HLOH RKQH %HVWHOO1U VLQG QXU ]XU ,Q RXW SDUW QR DUH LQGLFDWHG IRU DVVHPEO\ UHIHU SOHW /HV SLqFHV VDQV QR GH FRPPDQGH VRQW
IRUPDWLRQ IU GLH 0RQWDJH DXIJHIKUW 6LH VLQG HQFH RQO\ 7KHVH SDUWV DUH QRW DYDLODEOH DV LQGLTXpHV XQLTXHPHQW SRXU LQIRUPDWLRQ GH
QLFKW DOV (UVDW]WHLO HUKlOWOLFK %HL (UVDW]WHLOEH VLQJOH SDUWV:KHQ SODFLQJ DQ RUGHU IRU VSDUH PRQWDJH (OOHV QH VRQW SDV OLYUpHV LQGLYLGXHOOH
VWHOOXQJHQ HUZDUWHQ 6LH XQVHUH ULFKWLJH /LHIHU SDUWV SOHDVH JLYH WKH IROORZLQJ LWHPV VR DV WR PHQW 3RXU TXH OD OLYUDLVRQ GH SLqFHV GH UH
XQJ GHVKDOE EHQ|WLJHQ ZLU YRQ ,KQHQ IROJHQGH HQVXUH RXU FRUUHFW GHOLYHU\ VHH LQGHQWLILFDWLRQ FKDQJH FRUUHVSRQGH j OD FRPPDQGH YHXLOOH]
$QJDEHQ VLHKH XQWHQ JH]HLJWHV 7\SHQVFKLOG SODWH VKRZQ EHORZ ELHQ QRXV IRXUQLU OHV GRQQpHV VXLYDQWHV YRLU
SODTXH G·LGHQWLWp FLGHVVRXV
0RGHOOEH]HLFKQXQJ )DEULN1U VRZLH )HUWL 0RGHO VHULDO QR DV ZHOO DV GHVLJQ VWDQGDUG 0RGqOH QR GH VpULH HW VWDQGDUG GH
JXQJVVWDQG YRQ $QODJH%ORFN RI XQLWEORFN FRQVWUXFWLRQ GH EORF FRPSUHVVHXUJURXSH
6WFN]DKOHQ 4XDQWLW\ UHTXLUHG 4XDQWLWp GpVLUpH
%HQHQQXQJ XQG %HVW1U GHV JHZQVFKWHQ 1DPH DQG SDUW QR 'pQRPLQDWLRQ HW QR GH FRPPDQGH GH OD
7HLOV SLqFH GpVLUpH
)U .RPSUHVVRUEORFN )RU FRPSUHVVRU EORFN 3RXU EORF FRPSUHVVHXU
)DEULN1U GUHL 'LFKWXQJHQ VHULDO QR WKUHH JDVNHWV QR GH VpULH WURLV MRLQWV QR GH
FGH
,Q GHQ 6SDOWHQ VLQG GLH LP HQWVSUH 7KH FROXPQV FRQWDLQ WKH SDUWV WKDW DUH /HV SLqFHV FRQWHQXHV GDQV OHV NLWV
FKHQGHQ 6DW] HQWKDOWHQHQ 7HLOH DQ LQFOXGHG LQ WKH UHVSHFWLYH SDUWV VHW FRUUHVSRQGDQWV VRQW PDUTXpHV G·XQH
JHNUHX]W %LWWH EHDFKWHQ GD GLH 3OHDVH QRWH WKDW WKH KLJKHU JUDGHG NLWV FURL[ GDQV OHV FRORQQHV 9HXLOOH] RE
K|KHUHQ 6lW]H GLH XQWHUJHRUGQHWHQ GR QRW LQFOXGH WKH ORZHU RQHV LH IRU D VHUYHU TXH OHV NLWV VXSpULHXUV QH FRQ
QLFKW EHLQKDOWHQ GK IU HLQH KRXUV PDLQWHQDQFH RQH NLW D WLHQQHQW SDV OHV NLWV VXERUGRQQpV
6WXQGHQ:DUWXQJ ZLUG [ 6DW] RQH NLW E SOXV RQH NLW F DUH UHTXLUHG F·HVWjGLUH SRXU XQ HQWUHWLHQ GH
D [ 6DW] E XQG [ 6DW] F EHQ|WLJW KHXUHV LO IDXW DYRLU [ NLW D [ NLW E HW [
NLW F
1XU 6FKUDXEHQ XQG 6WLIWVFKUDXEHQ GHU 8VH RQO\ VFUHZV DQG VWXGV LQ TXDOLW\ 1·XWLOLVHU TXH GHV YLV HW GHV JRXMRQV IL
4XDOLWlW YHUZHQGHQ 7KLV TXDOLW\ LV HTXLYDOHQW WR 6$( - OHWpV GH OD TXDOLWp
G JUDGH
&
VLHKHVHHYRLU
&
&
:DUWXQJVVlW]H %DXJUXSSH .RQGHQVDW $EODDXWRPDWLN
0DLQHQDQFH NLWV $VVHPEO\ $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
.LWV G·HQWUHWLHQ $VVHPEODJH 3XUJH DXWRPDWLTXH GHV FRQGHQVDWV
.ODVVH
&ODVV *HZ
1 *HUDGH 5RKUYHUVFKU 0DOH FRQQHFWRU 5DFFRUG GURLW PkOH *(6 /5:'
1 *HUDGH 5RKUYHUVFKU 0DOH FRQQHFWRU 5DFFRUG GURLW PkOH *(6 /5:'
%HL %HVWHOOXQJ 6SDQQXQJ XQG 3OHDVH VSHFLIL\ YRQWDJH DQG 9HXLOOH] LQGLTXHU WHQVLRQ HW
)UHTXHQ] DQJHEHQ IUHTXHQF\ RQ RUGHU IUpTXHQFH j OD FRPPDQGH
&
VLHKHVHHYRLU
&
&
:DUWXQJVVlW]H %DXJUXSSH .RQGHQVDW $EODDXWRPDWLN
0DLQHQDQFH NLWV $VVHPEO\ $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
.LWV G·HQWUHWLHQ $VVHPEODJH 3XUJH DXWRPDWLTXH GHV FRQGHQVDWV
.ODVVH
&ODVV *HZ
*HUDGH $XIVFKUDXEY 6WUDLJKW IHPDOH FRQQHFWRU 5DFFRUG GURLW *$, /
1 ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[ 0[ ',1
&
&
:DUWXQJVVlW]H %DXJUXSSH .RQGHQVDWYHQWLOEDXJUXSSH
0DLQHQDQFH NLWV $VVHPEO\ &RQGHQVDWH GUDLQ YDOYH DVV\
.LWV G·HQWUHWLHQ $VVHPEODJH 6RXSDSHV GH SXUJH FSO
.ODVVH
&ODVV *HZ
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH 6W WK VW H pWDJH
1 ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[ 0 [ ',1
1 ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[ 0 [ ',1
1 :LQNHOURKUYHUVFKUDXEXQJ 0DOH HOERZ 5DFFRUG FRXGp PkOH :(6 //5.
&
&
:DUWXQJVVlW]H %DXJUXSSH .RQGHQVDWDEODYHQWLO
0DLQHQDQFH NLWV $VVHPEO\ &RQGHQVDWH GUDLQ YDOYH
.LWV G·HQWUHWLHQ $VVHPEODJH 6RXSDSH GH SXUJH
.ODVVH
&ODVV *HZ
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH GHV FRQG
1 ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[ 0 [ ',1
:HUN]HXJVDW] I .QHEHO 7RRO VHW IRU GUDLQ WDS -HX G·RXWLOV SRXU URELQHW
VFKUDXEH
&
&
:DUWXQJVVlW]H %DXJUXSSH .RQGHQVDWDEODYHQWLO
0DLQHQDQFH NLWV $VVHPEO\ &RQGHQVDWH GUDLQ YDOYH
.LWV G·HQWUHWLHQ $VVHPEODJH 6RXSDSH GH SXUJH
.ODVVH
&ODVV *HZ
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH GHV FRQG
1 ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[ 0 [ ',1
:HUN]HXJVDW] I .QHEHO 7RRO VHW IRU GUDLQ WDS -HX G·RXWLOV SRXU URELQHW
VFKUDXEH
&
&
:DUWXQJVVlW]H %DXJUXSSH 6FKXW]JHKlXVH 7DNWJHEHU =\NOHQ]lKOHU
0DLQHQDQFH NLWV $VVHPEO\ &RQWURO ER[ WLPHUV F\FOH FRXQWHU
.LWV G·HQWUHWLHQ $VVHPEODJH %RvWLHU GH SURWHFWLRQ PLQXWHULHV FRPSWHXU GH F\FOHV
.ODVVH
&ODVV *HZ
& D
:DUWXQJVVlW]H %DXJUXSSH 6FKXW]JHKlXVH
0DLQHQDQFH NLWV $VVHPEO\ &RQWURO ER[
.LWV G·HQWUHWLHQ $VVHPEODJH %RvWLHU GH SURWHFWLRQ
.ODVVH
&ODVV *HZ
&
&
(UVDW]WHLOOLVWH &RGH &
6SDUH SDUWV FDWDORJXH .RQGHQVDW$EODDXWRPDWLN
/LVWH GH SLqFHV $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
3XUJH DXWRPDWLTXH GX FRQGHQVDW
,.
.RQGHQVDWDEODYHQWLOEDXJUXSH &RQGHQVDWH GUDLQ YDOYH DVVV\ 6RXSDSH GH SXUJH FSO &
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH &
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH &
.RQGHQVDWDEODYHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH &
&
&
bQGHUXQJVEODWW &
&KDQJH UHFRUG
7DEOH GHV FKDQJHPHQWV
%HVWHOO1U GLH PLW GHU =LIIHU EHJLQQHQ EH 3DUW QRV EHJLQQLQJ ZLWK GLJLW LQGLFDWH SDUWV /HV QRV GH FRPPDQGH FRPPHQoDQW SDU OH FKLIIUH
]HLFKQHQ %DXJUXSSHQ GLH NRPSOHWW JHOLHIHUW DYDLODEOH DV FRPSOHWH DVVHPEOLHV3DUWV LQGLTXHQW OHV SLqFHV OLYUpHV DX FRPSOHW /HV
ZHUGHQ7HLOH RKQH %HVWHOO1U VLQG QXU ]XU ,Q ZLWKRXW SDUW QR DUH LQGLFDWHG IRU DVVHPEO\ UH SLqFHV VDQV QR GH FRPPDQGH VRQW LQGLTXpHV XQL
IRUPDWLRQ IU GLH 0RQWDJH DXIJHIKUW 6LH VLQG IHUHQFH RQO\ 7KHVH SDUWV DUH QRW DYDLODEOH DV TXHPHQW SRXU LQIRUPDWLRQ GH PRQWDJH (OOHV QH
QLFKW DOV (UVDW]WHLO HUKlOWOLFK %HL (UVDW]WHLOEH VLQJOH SDUWV:KHQ SODFLQJ DQ RUGHU IRU VSDUH VRQW SDV OLYUpHV LQGLYLGXHOOHPHQW 3RXU TXH OD OLYUDL
VWHOOXQJHQ HUZDUWHQ 6LH XQVHUH ULFKWLJH /LHIH SDUWV SOHDVH JLYH WKH IROORZLQJ LWHPV VR DV WR VRQ GH SLqFHV GH UHFKDQJH FRUUHVSRQGH j OD FRP
UXQJ GHVKDOE EHQ|WLJHQ ZLU YRQ ,KQHQ IRO HQVXUH RXU FRUUHFW GHOLYHU\ VHH LQGHQWLILFDWLRQ PDQGH YHXLOOH] ELHQ QRXV IRXUQLU OHV GRQQpHV VXL
JHQGH $QJDEHQ VLHKH XQWHQ JH]HLJWHV 7\SHQ SODWH VKRZQ EHORZ YDQWHV YRLU SODTXH G·LGHQWLWp FLGHVVRXV
VFKLOG
0RGHOOEH]HLFKQXQJ )DEULN1U VRZLH )HUWL 0RGHO VHULDO QR DV ZHOO DV GHVLJQ VWDQGDUG 0RGqOH QR GH VpULH HW VWDQGDUG GH FRQVWUXFWLRQ
JXQJVVWDQG YRQ $QODJH%ORFN RI XQLWEORFN GH EORF FRPSUHVVHXUJURXSH
6WFN]DKOHQ 4XDQWLW\ UHTXLUHG 4XDQWLWp GpVLUpH
%HQHQQXQJ XQG %HVW1U GHV JHZQVFKWHQ 1DPH DQG SDUW QR 'pQRPLQDWLRQ HW QR GH FRPPDQGH GH OD SLqFH
7HLOV GpVLUpH
)U .RPSUHVVRUDQODJH )DEULN1U )RU FRPSUHVVRU XQLW VHULDO QR 3RXU LQVWDOODWLRQ FRPSUHVVHXU QR
GUHL 'LFKWXQJHQ 1 WKUHH JDVNHWV 1 WURLV MRLQWV QR GH FGH 1
O
O
O
O
L
LU
U
U
U
U
N
V
R
G
H
R
G
H
R
G
q
OH
D
E
H
LD
Q
R
X
p
R
G
H
p
H
)
6
1
1
0
0
0
P
V
V
H
LJ
X
Q
J
WD
Q
G
O
W
U
V
R
X
H
Q
R
LQ
9
P
P
P
P
D H P
U U Q
Q U
LF
R
- < S
:DUWXQJVVDW] -DKUH0DLQWHQDQFH NLW \HDUV.LW G·HQWUHWLHQ DQV %HVW1U3DUW QR1RGH FGH 1
G
I
W
Q LF
OL
R R
LI G
H
LW R
Q LG
R D
LR
Q
U
LU
U
01
Y
\
F
D P
H
H
D
G
H
H
)
6
N
%.
P
K D L P :
WL
U
Q
OD
J
H
Q
R
X
S
H
$
8
*
W
LU
U
U
U
V
F
N
H
H
E
E
H
G
X
E
D
,Q GHQ 6SDOWHQ LVW MHZHLOV GLH LP HQWVSUHFKHQGHQ 6DW] HQWKDOWHQH 7HLOH6WFN]DKO DQJHJHEHQ
U
U
[
N
V
V
V
D
R
LQ
J
S
H
S
LJ
0
H
E
N
7KH FROXPQV FRQWDLQ WKH QXPEHU RI SDUWV WKDW DUH LQFOXGHG LQ WKH UHVSHFWLYH SDUWV VHW
H
R R U
U
PPF
S S F
V
OR OE V
R R OR
U U R
V V S
U U H
F R H
N F X
. &%
V V P
/H QRPEUH GHV SLqFHV FRQWHQXHV GDQV OHV NLWV HVW LQGLTXpH GDQV OHV FRORQQHV
1XU 6FKUDXEHQ XQG 6WLIWVFKUDXEHQ GHU 4XDOLWlW 8VH RQO\ VFUHZV DQG VWXGV LQ TXDOLW\ 7KLV 1·XWLOLVHU TXH GHV YLV HW GHV JRXMRQV ILOHWpV GH OD
YHUZHQGHQ TXDOLW\ LV HTXLYDOHQW WR 6$( - G JUDGH TXDOLWp
&
&
&
(UVDW]WHLOVlW]H %DXJUXSSH .RQGHQVDW$EODDXWRPDWLN bQGHUXQJV1U
6SDUH SDUWV VHWV $VVHPEO\ $XWRPDWLF FRQGHQVDWH GUDLQ XQLW &KDQJH QR
.LWV GH SLqFHV GpW $VVHPEODJH 3XUJH DXWRPDWLTXH GX FRQGHQVDW 1R GH FKDQJHPHQW
.ODVVH
&ODVV %HVWHOO1U $Q] *HZLFKW $EPHVVXQJHQ
&ODVVH 3RV 3DUW 1R 4W\ %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ :HLJKW 'LPHQVLRQV
1R GH FGH
1R FGH 4Wp 3RLGV 'LPHQVLRQV
.RQGHQVDW $EODDXWRPDWLN FRQGHQVDWH GUDLQ YDOYH VRXSDSH GH SXUJH GH FRQGHQVH IDFK
1 6HFKVNDQWVFKUDXEH P *:' E .3) KH[ VFUHZ KH[ VFUHZ J ',1 0[ $$
&
&
&
(UVDW]WHLOVlW]H %DXJUXSSH .RQGHQVDW$EODDXWRPDWLN bQGHUXQJV1U
6SDUH SDUWV VHWV $VVHPEO\ FRQGHQVDWH GUDLQ YDOYH &KDQJH QR
.LWV GH SLqFHV GpW $VVHPEODJH VRXSDSH GH SXUJH GH FRQGHQVH 1R GH FKDQJHPHQW
.ODVVH
&ODVV %HVWHOO1U $Q] *HZLFKW $EPHVVXQJHQ
&ODVVH 3RV 3DUW 1R 4W\ %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ :HLJKW 'LPHQVLRQV
1R GH FGH
1R FGH 4Wp 3RLGV 'LPHQVLRQV
.RQGHQVDW $EODYHQWLO FRQGHQVDWH GUDLQ YDOYH VRXSDSH GH SXUJH GH FRQGHQVH NJ
.RQGHQVDW $EODYHQWLO FRQGHQVDWH GUDLQ YDOYH VRXSDSH GH SXUJH GH FRQGHQVH NJ
1 9HUVFKOXVFKUDXEH P %1'$86.7 SOXJ ERXFKRQ ILOHWH J ',1 * $ 6W $$
1 :LQNHO(LQVFKUDXEYHUVFKUDXEXQJ HTXDO HOERZ FRXSOLQJ UDFFRUG FRXGH PDOH J :(9 /5.
.QHEHOVFKUDXEH P 6LFKHUXQJVIHGHU WRPP\ VFUHZ ZLWK UHWDLQLQJ YLV D JDUUHW DYHF UHVVRUW URW ODFNLHUW
&
&
(UVDW]WHLOVlW]H %DXJUXSSH $EODKDKQN|USHU NSO bQGHUXQJV1U
6SDUH SDUWV VHWV $VVHPEO\ GUDLQ YDOYH ERG\ &KDQJH QR
.LWV GH SLqFHV GpW $VVHPEODJH FRUSV GH URELQHW GH SXUJH 1R GH FKDQJHPHQW
.ODVVH
*HZLFKW
&ODVV %HVWHOO1U $Q] $EPHVVXQJHQ
:HLJKW
&ODVVH 3RV 3DUW 1R 4W\ %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ 'LPHQVLRQV
3RLGV
1R GH FGH
1R FGH 4Wp 'LPHQVLRQV
NJ
$EODKDKQN|USHU
6FKODXFKQLSSHO
&
(UVDW]WHLOVlW]H %DXJUXSSH .RQGHQVDWYHQWLO bQGHUXQJV1U
6SDUH SDUWV VHWV $VVHPEO\ FRQGHQVDWH GUDLQ YDOYH &KDQJH QR
&
.LWV GH SLqFHV GpW $VVHPEODJH VRXSDSH GH SXUJH GH FRQGHQVH 1R GH FKDQJHPHQW
.ODVVH
*HZLFKW
&ODVV %HVWHOO1U $Q] $EPHVVXQJHQ
:HLJKW
&ODVVH 3RV 3DUW 1R 4W\ %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ 'LPHQVLRQV
3RLGV
1R GH FGH
1R FGH 4Wp 'LPHQVLRQV
NJ
:HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH HOHFWURYDQQH YRLHV NJ VWURPORV JHVFKORVVHQ
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[VFKZDU]
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[VFKZDU]
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[VFKZDU]
&
(UVDW]WHLOVlW]H %DXJUXSSH .RQGHQVDW$EODYHQWLO bQGHUXQJV1U
6SDUH SDUWV VHWV $VVHPEO\ FRQGHQVDWH GUDLQ YDOYH &KDQJH QR
&
.LWV GH SLqFHV GpW $VVHPEODJH VRXSDSH GH SXUJH GH FRQGHQVH 1R GH FKDQJHPHQW
.ODVVH
&ODVV %HVWHOO1U $Q] *HZLFKW $EPHVVXQJHQ
&ODVVH 3RV 3DUW 1R 4W\ %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ :HLJKW 'LPHQVLRQV
1R GH FGH
1R FGH 4Wp 3RLGV 'LPHQVLRQV
1 1XWULQJ JURXYHG ULQJ DQQHDX D JRUJH NJ [[[ 1%5 1
9HQWLON|USHU NJ
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[ VFKZDU]
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[ VFKZDU]
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[ VFKZDU]
&
(UVDW]WHLOVlW]H %DXJUXSSH .RQGHQVDW$EODYHQWLO bQGHUXQJV1U
6SDUH SDUWV VHWV $VVHPEO\ &KDQJH QR
&
.LWV GH SLqFHV GpW $VVHPEODJH 1R GH FKDQJHPHQW
.ODVVH
&ODVV %HVWHOO1U $Q] *HZLFKW $EPHVVXQJHQ
&ODVVH 3RV 3DUW 1R 4W\ %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ :HLJKW 'LPHQVLRQV
1R GH FGH
1R FGH 4Wp 3RLGV 'LPHQVLRQV
9HQWLON|USHU
1 1XWULQJ JURXYHG ULQJ DQQHDX D JRUJH NJ [[[ 1%5 1
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[ VFKZDU]
9HUVFKUDXEXQJ
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ ',1 0[ VFKZDU]
1 =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[ VFKZDU]
*(1(5$/
$IWHU H[WHQVLYH WHVWV ZLWK PDQ\ GLIIHUHQW NLQGV RI OXEULFDQWV ZH KDYH GHFLGHG WR DXWKRUL]H WKH IROORZLQJ EUDQGV RI RLO IRU XVH LQ
%$8(5 FRPSUHVVRUV XQGHU WKH JLYHQ RSHUDWLQJ FRQGLWLRQV
7KLV OLVW LV XS WR GDWH DW WKH WLPH RI SULQWLQJ DQG ZLOO EH UHYLHZHG FRQWLQXRXVO\ 6KRXOG \RXU OLVW RU \RXU LQVWUXFWLRQ PDQXDO EH ROGHU
SOHDVH UHTXHVW WKH ODWHVW HGLWLRQ IURP %$8(5 &XVWRPHU 6HUYLFHV :KHQ XVLQJ DQ\ RI WKH RLOV OLVWHG EHORZ SOHDVH IROORZ WKH RLO
FKDQJH LQWHUYDOV DQG WKH RLO ILOOLQJ OHYHO GHVFULEHG IRU WKH HTXLYDOHQW %$8(5 FRPSUHVVRU RLO LQ WKH LQVWUXFWLRQ PDQXDO RI \RXU XQLW
$PELHQW WHPSHUD
2LO W\SH 8VH
WXUH
%UDQG QDPH 'HVLJQDWLRQ 7\SH $ , * & & &
%UHDWKLQJ ,QGXVWU\ *DV &1*
6SHFLDO &RPSUHVVRU RLO
3DUW QR 1
D 0
6SHFLDO &RPSUHVVRU RLO
3DUW QR 1
D 0
6SHFLDO &RPSUHVVRU RLO
3DUW QR 1 E 6
(QHUJRO 5&
D 0 `
$FWUR (3 9'/
D 0 `
/,48, 02/<
/0 ZLWK FRUUR
VLRQ SURWHFWLRQ
E
6
$QGHURO
E 6
0RELO
5DUXV
E 6
6KHOO
&RUHQD 3
D 0
6KHOO
5LPXOD
8OWUD : D 0
2LO W\SH
6 V\QWKHWLF RLO
0 PLQHUDO RLO
$SSOLFDWLRQ
$ DSSURYHG IRU EUHDWKLQJ DLU DSSOLFDWLRQ ZLWK %$8(5 DLU SXULILFDWLRQ V\VWHPV
, VXLWDEOH IRU LQGXVWULDO DLU FRPSUHVVRU XQLWV
* VXLWDEOH IRU JDV FRPSUHVVRU XQLWV IRU GU\ DQG KLJKO\ SXUH JDVHV
& VXLWDEOH IRU FRPSUHVVHG QDWXUDO JDV FRPSUHVVRUV &1* ILOOLQJ VWDWLRQV
D RLO FKDQJH HYHU\ RSHUDWLQJ KRXUV
E RLO FKDQJH HYHU\ RSHUDWLQJ KRXUV
6XLWDELOLW\
.%
VXLWDEOH
` SDUWO\ VXLWDEOH
QRW VXLWDEOH
7<3( 2) 2,/
'XH WR WKH WKHUPDO ORDG RQ WKH FRPSUHVVRU RQO\ KLJK TXDOLW\ RLO VKRXOG EH XVHG <RX DUH UHFRPPHQGHG WR UHVWULFW RLOV WR WKRVH
ZKLFK KDYH EHHQ DSSURYHG E\ XV DQG DUH OLVWHG LQ WKH LQVWUXFWLRQ PDQXDO RU LQ WKH OXEULFDWLQJ OLVW RYHUOHDI
2XU FRPSUHVVRU XQLWV DUH GHOLYHUHG H[ ZRUNV ZLWK OXEULFDWLQJ RLO ILOOHG LQWR WKH FUDQNFDVH RU DV FRQVLJQPHQW GHSHQGLQJ
RQ WKH PRGHO DV IROORZV
%UHDWKLQJ DLU LQGXVWULDO DLU DQG JDV FRPSUHVVRU XQLWV %$8(5 VSHFLDO &RPSUHVVRU RLO SDUW QR 1
&1* FRPSUHVVRU XQLWV %$8(5 VSHFLDO &RPSUHVVRU RLO SDUW QR 1
)RU RSHUDWLRQ XQGHU GLIILFXOW FRQGLWLRQV VXFK DV FRQWLQXRXV UXQQLQJ DQGRU KLJK DPELHQW WHPSHUDWXUHV ZH RQO\ UHFRPPHQG WKH
%$8(5 VSHFLDO FRPSUHVVRU RLOV DFF WR WKH OLVW RQ WKH SUHYLRXV SDJH 7KHVH KDYH SURYHG H[FHOOHQW TXDOLW\ XQGHU DPELHQW WHP
SHUDWXUHV EHWZHHQ & DQG & )RU ORZHU WHPSHUDWXUHV D FRPSUHVVRU KHDWLQJ GHYLFH LV UHTXLUHG ZKLFK LV FDSDEOH RI SUH
KHDWLQJ WKH XQLW XS WR &
)RU RSHUDWLRQ XQGHU OHVV VHYHUH FRQGLWLRQV DQG IRU LQWHUPLWWHQW RSHUDWLRQ LH ZKHQ WKH FRPSUHVVRU LV QRW XVHG IRU ORQJHU SHULRGV
EHWZHHQ WKH RSHUDWLQJ SHULRGV ZH DOVR UHFRPPHQG WKH XVH RI RLOV DFF WR WKH OLVW RQ WKH SUHYLRXV SDJH 7KHVH RLOV DUH VXLWDEOH
IRU DPELHQW WHPSHUDWXUHV EHWZHHQ & DQG & +HUH DOVR D SUHKHDWLQJ GHYLFH ZLOO EH UHTXLUHG LI DPELHQW WHPSHUDWXUHV
VKRXOG IDOO EHORZ &
&$87,21
7R DYRLG VHYHUH GDPDJH WR WKH FRPSUHVVRU XQLW ZKHQ FKDQJLQJ WR DQRWKHU RLO
W\SH WKH IROORZLQJ PHDVXUHV VKRXOG EH VWULFWO\ DGKHUHG WR
'UDLQ PLQHUDO RLO ZKLOH VWLOO ZDUP
&KHFN YDOYHV FRROHUV VHSDUDWRUV SXULILHUV DQG DOO SQHXPDWLF WXEHV DQG KRVHV IRU GHSRVLWV
,I GHSRVLWV DUH SUHVHQW SHUIRUP WKH IROORZLQJ VWHSV
5HPRYH GHSRVLWV RU FKDQJH YDOYHV FRROHUV VHSDUDWRUV SXULILHUV DQG DOO SQHXPDWLF WXEHV DQG KRVHV
&KDQJH RLO ILOWHU LI DSSOLFDEOH
)LOO FRPSUHVVRU ZLWK WKH QHZ RLO
$IWHU DSSUR[ RSHUDWLQJ KRXUV UHSODFH RLO ILOWHU DJDLQ LI DSSOLFDEOH &KHFN OXEH RLO IRU GHJUHH RI FRQWDPLQDWLRQ DQG
FKDQJH LI QHFHVVDU\
7RS XS ZLWK VDPH RLO W\SH
2,/ &+$1*(
2LO TXDQWLW\ H 2LO W\SH 0LQHUDO RLO 1 0LQHUDO RLO 1 6\QWKHWLF RLO 1
O ERWWOH SDUW QR 1 SDUW QR 1 SDUW QR 1
O FRQWDLQHU SDUW QR 1 SDUW QR 1 SDUW QR 1
O FRQWDLQHU SDUW QR 1 SDUW QR 1 SDUW QR 1