0% found this document useful (0 votes)
42 views152 pages

EDU EDU EDU: 3rvwidfk ' 0 QFKHQ 7ho) D (

K14 service manual

Uploaded by

jeanesdominic
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
42 views152 pages

EDU EDU EDU: 3rvwidfk ' 0 QFKHQ 7ho) D (

K14 service manual

Uploaded by

jeanesdominic
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 152

,16758&7,21 0$18$/

$1' 63$5( 3$576 &$7$/2*8(

+,*+ 35(6685(
&2035(6625 %/2&.6
.  EDU
,.  EDU
,.  EDU

%$8(5 .2035(6625(1 *PE+


3RVWIDFK  ' 0QFKHQ 7HO  )D[ 
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

,1752'8&7,21

7KLV PDQXDO FRQWDLQV RSHUDWLQJ LQVWUXFWLRQV DQG PDLQWHQDQFH


VFKHGXOHV IRU WKH KLJK SUHVVXUH FRPSUHVVRU EORFNV

. ,. DQG ,.

PDQXIDFWXUHG E\ %DXHU .RPSUHVVRUHQ *PE+ 0XQLFK *HU


PDQ\

:$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
.

(GLWLRQ 6HSWHPEHU 

L
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

LL
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

7$%/( 2) &217(176

 *(1(5$/                                                                                    

 385326( $1' 6+257 '(6&5,37,21                                                          


 '(6,*1 $1' 02'( 2) 23(5$7,21                                                            
 7(&+1,&$/ '$7$                                                                             

 /8%5,&$7,21 6<67(0                                                                        

 )81&7,21$/ '(6&5,37,21                                                                   


 2,/ /(9(/ &+(&.                                                                             
 7<3( 2) 2,/                                                                                  
 2,/ &+$1*( ,17(59$/6                                                                       
 2,/ &$3$&,7<                                                                                
 2,/ 3$&.$*(6                                                                               
 2,/ &+$1*(                                                                                  
 2,/ 35(6685( 5(*8/$725                                                                   
 9(17,1* 2,/ 3803                                                                           
 2,/ 3803 '5,9(                                                                              

 ,17$.( ),/7(5                                                                               

 '(6&5,37,21                                                                                
 ,17$.( ),/7(5 0$,17(1$1&(                                                                 

 ,17(50(',$7( 6(3$5$7256                                                                 

 )81&7,21$/ '(6&5,37,21                                                                   


 0$,17(1$1&(                                                                                

 ),1$/ 67$*( 6(3$5$725                                                                    

 . ,.                                                                                    


 ,.                                                                                       

 35(6685( 0$,17$,1,1*  121 5(7851 9$/9(                                                

 &2035(66256 83 72  %$5                                                                


 0$,17(1$1&(                                                                                
 &2035(66256 83 72  %$5                                                                
 0$,17(1$1&(                                                                                

 6$)(7< 9$/9(6                                                                              

 )81&7,21$/ '(6&5,37,21                                                                   


 0$,17(1$1&(                                                                                

 35(6685( *$8*(6                                                                          

 '(6&5,37,21                                                                                
 0$,17(1$1&(                                                                                

 9$/9(6                                                                                      

 )81&7,21$/ '(6&5,37,21                                                                   


 ,1,7,$/ 23(5$7,21$/ &+(&. 2) 9$/9(6                                                      
 *(1(5$/ ,16758&7,216 )25 &+$1*,1* 7+( 9$/9(6                                         
 &+$1*,1* 7+( 9$/9(6 2) 7+( 67 67$*(                                                    
 &+$1*,1* 7+( 9$/9(6 2) 1'  5' 67$*(                                                   
 &+$1*,1* 7+( 9$/9(6 2) 7+( 7+ 67$*(                                                    

 $8720$7,& &21'(16$7( '5$,1                                                             

LLL
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

7$%/( 2) &217(176

 . $1' ,.                                                                                


 . ,.                                                                                

 (/(&75,&$/ 6<67(0                                                                         

 *(1(5$/                                                                                    

 &2035(6625 '5,9( 6<67(0                                                                 

 *(1(5$/                                                                                    

 &22/,1* 6<67(0                                                                            

 *(1(5$/                                                                                    

 6$)(7< 0($685(6                                                                          

 127(6 $1' :$51,1* 6,*16                                                                  


 ,'(17,)<,1* 7+( 6$)(7< 127,&(6                                                            
 )81'$0(17$/ 6$)(7< 127,&(6                                                              
 6$)(7< 5(*8/$7,216 *HUPDQ\ RQO\                                                          

 ,167$//$7,21 23(5$7,21                                                                   

 ,167$//$7,21                                                                                

 0$,17(1$1&( 6&+('8/(                                                                    

 PDLQWHQDQFH LQWHUYDOV                                                                           


 0$,17(1$1&( 5(&25'                                                                       

 6725$*( 35(6(59$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                                                       

 5(3$,5 ,16758&7,216                                                                       

 *(1(5$/                                                                                    

 7528%/( 6+227,1*                                                                         

 7$%/(6                                                                                      

 7,*+7(1,1* 72548( 9$/8(6                                                                 


 72548( 6(48(1&(                                                                          
 /8%5,&$7,21 &+$57                                                                          
 $'+(6,9( $1' 6($/$17 &+$57                                                               
 7(67,1* $*(176                                                                             
 &219(56,21 7$%/( EDU  SVL                                                                  
 &219(56,21 7$%/( SVL  EDU                                                                  
 7(03(5$785( &219(56,21 7$%/(                                                           
 0,6&(//$1(286 &219(56,21 7$%/(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 ,. .% 

$SSOLFDEOH SDUWV OLVWV


&RGH
&RPSUHVVRU EORFN $
2LO DQG ZDWHU VHSDUDWRU %
$XWRPDWLF FRQGHQVDWH GUDLQ . ,. &
$XWRPDWLF FRQGHQVDWH GUDLQ ,. &

&KDQJH QRWLFH

&KDQJHV ZKLFK GLIIHU IURP WKH SUHYLRXV HGLWLRQ DUH PDUNHG ZLWK D YHUWLFDO OLQH

&KDQJH 1R &KDQJH GDWH


 %DVLF HGLWLRQ 6HSWHPEHU 

YL
,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 *(1(5$/
 385326( $1' 6+257 '(6&5,37,21

7KH FRPSUHVVRU EORFNV . DQG ,. DUH XVHG WR FRPSUHVV


DLU LQ WKH KLJK SUHVVXUH UDQJHV 31  EDU  SVL DQG 31
 EDU  SVL  DQG IRU LQGXVWULDO DSSOLFDWLRQ XS WR  EDU
 SVL 
&RPSUHVVRU EORFN ,. LV GHVLJQHG IRU ZRUNLQJ SUHVVXUHV
XS WR  EDU  SVL 
7KH\ DUH IRXU VWDJH DLUFRROHG UHFLSURFDWLQJ SLVWRQ FRPSUHV
VRUV 7KH F\OLQGHUV DUH DUUDQJHG LQ DQ ;IRUP ZLWK VW VWDJH RS
SRVLWH QG VWDJH DQG UG VWDJH RSSRVLWH WK VWDJH 7KH WK
VWDJH F\OLQGHU LV OXEULFDWHG E\ PHDQV RI WKH IRUFHGIHHG OX
EULFDWLRQ V\VWHP WKH RWKHU F\OLQGHUV DUH VSODVKOXEULFDWHG
7KH FRPSUHVVRU EORFNV DUH SDUWLFXODUO\ VXLWDEOH IRU FRQWLQXRXV
RSHUDWLRQ EHFDXVH RI WKHLU UXJJHG GHVLJQ DQG WKH FRUURVLRQ UH
VLVWDQW LQWHUPHGLDWH VHSDUDWRU DQG FRROHU DVVHPEOLHV 6PRRWK
UXQQLQJ LV D SDUWLFXODU IHDWXUH RI WKLV %$8(5 GHVLJQ 7KH EDO
DQFH RI PDVVHV RI WKH VW UDQN LV ]HUR 7KH PRYLQJ SDUWV RI WKH
GULYLQJ JHDU DUH DOO HTXDOO\ EDODQFHG 7KLV UHVXOWV LQ YLEUDWLRQ
IUHH UXQQLQJ 7KH GULYLQJ JHDU LV ILWWHG ZLWK WKUHH EHDULQJV ,W LV
KHUH WKDW WKH HQHUJ\ VDYLQJ F\OLQGHU UROOHU EHDULQJV DUH SXW WR
XVH 7KH XSSHU DQG ORZHU FRQQHFWLQJ URG EHDULQJV DUH DOVR
UROOHU EHDULQJV 7KLV DOORZV IRU DQ HYHQ ORQJHU OLIH DW OHDVW
 RSHUDWLQJ KRXUV $OO YDOYHV KDYH IUHH DFFHVV IRU WLPH
VDYLQJ PDLQWHQDQFH 7KHUH LV QR QHHG IRU GLVPDQWOLQJ RI SLSHV
RU SUHVVXUH JDXJHV
'HSHQGLQJ RQ WKH W\SH RI DSSOLFDWLRQ WKHVH FRPSUHVVRU EORFNV
FDQ EH FRPSOHPHQWHG ZLWK WKH SURYHQ ILOWHUV GLIIHUHQW W\SHV RI
GULYH PRWRUV DQG VHYHUDO FRQWURO DQG PRQLWRULQJ XQLWV DFFRUGLQJ
WR WKH VSHFLILF QHHGV RI WKH FXVWRPHU 7KLV LQVWUXFWLRQ PDQXDO
FRQWDLQV LQIRUPDWLRQ RQ WKH FRPSUHVVRU EORFN RQO\ )RU GHVFULS
WLRQ RI DOO RWKHU HTXLSPHQW IRUPLQJ SDUW RI WKH FRPUSHVVRU XQLW
UHIHU WR WKH UHOHYDQW FRPSUHVVRU XQLW LQVWUXFWLRQ PDQXDO

 '(6,*1 $1' 02'( 2) 23(5$7,21

7KH SDWK RI WKH DLU WKURXJK WKH FRPSUHVVRU V\VWHP LV VKRZQ LQ


WKH DLU IORZ GLDJUDP )LJ  )RU IORZ GLDJUDP DQG SDUWV OLVWV IRU
VSHFLDO RUGHU XQLWV UHIHU WR WKH DQQH[ RI WKLV PDQXDO
,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.






 




 









)LJ  &RPSUHVVRU EORFN

 ,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 ,.

 $LU IORZ GLDJUDP


7KH VW VWDJH RI WKH FRPSUHVVRU GUDZV LQ DWPRVSKHULF DLU WKURXJK DIWHUFRROHU  DQG LV URXWHG YLD SUHVVXUH PDLQWDLQLQJ
WKURXJK PLFURQLF LQWDNH ILOWHU   7KH DLU LV WKHQ FRPSUHVVHG WR QRQUHWXUQ YDOYH  DQG RXWOHW  WR WKH ILOWHU V\VWHP LI DSSOL
D SUHVVXUH RI DSSUR[  EDU  SVL  FDEOH
7KH FRPSUHVVHG DLU HQWHULQJ WKH QG VWDJH LV FRROHG E\ LQWHU 7KH LQWHUPHGLDWH SUHVVXUHV RI WKH LQGLYLGXDO VWDJHV DUH PRQL
FRROHU   7KH DLU LV IXUWKHU FRPSUHVVHG WR DSSUR[  EDU  WRUHG E\ WKH LQWHUPHGLDWH SUHVVXUH VDIHW\ YDOYHV    DQG
SVL LQ WKH QG VWDJH WKHQ SDVVHV WKURXJK LQWHUFRROHU  DQG   7KH ILQDO SUHVVXUH LV PRQLWRUHG E\ WKH ILQDO SUHVVXUH VDIHW\
LQWHUPHGLDWH VHSDUDWRU  WR WKH UG VWDJH YDOYH  SDUW RI WKH ILOWHU V\VWHP 
)RU GHVFULSWLRQ RI WKH IRUFHGIHHG OXEULFDWLRQ V\VWHP UHIHU WR
,Q WKH UG VWDJH WKH DLU LV FRPSUHVVHG WR DSSUR[  EDU  FKDSWHU 
SVL  $IWHU WKH UG VWDJH WKH DLU SDVVHV WKURXJK LQWHUFRROHU 
)RU WKH IXQFWLRQ RI WKH DXWRPDWLF FRQGHQVDWH GUDLQ UHIHU WR
DQG LQWHUPHGLDWH VHSDUDWRU  EHIRUH LW DUULYHV DW WKH WK VWDJH
FKDSWHU 
,Q WKH WK VWDJH WKH DLU LV ILQDOO\ FRPSUHVVHG WR WKH DSSOLFDEOH
)RU GHVFULSWLRQ RI WKH FRPSUHVVRU FRQWURO DQG PRQLWRULQJ V\V
RSHUDWLQJ SUHVVXUH RI WKH FRPSUHVVRU XQLW ,W WKHQ SDVVHV
WHPV UHIHU WR DSSOLFDEOH FRPSUHVVRU XQLW LQVWUXFWLRQ PDQXDO





  






)LJ  $LU IORZ GLDJUDP

 ,QWDNH SRUW  0DQXDO FRQGHQVDWH GUDLQ YDOYH


 ,QWHUFRROHU DIWHU VW VWDJH  6DIHW\ YDOYH DIWHU VW VWDJH
 ,QWHUFRROHU DIWHU QG VWDJH  6DIHW\ YDOYH DIWHU QG VWDJH
 ,QWHUFRROHU DIWHU UG VWDJH  6DIHW\ YDOYH DIWHU UG VWDJH
 $IWHUFRROHU  )LQDO SUHVVXUH VDIHW\ YDOYH
 ,QWHUPHGLDWH VHSDUDWRU DIWHU QG VWDJH  3UHVVXUH PDLQWDLQLQJQRQUHWXUQ YDOYH
 ,QWHUPHGLDWH VHSDUDWRU DIWHU UG VWDJH  $LU RXWOHW
 2LO DQG ZDWHU VHSDUDWRUD
D GHOLYHUHG VHSDUDWHO\ ZLWK FRPSUHVVRU EORFN


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 7(&+1,&$/ '$7$

&RPSUHVVRU EORFN                                             . PRG 

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[

D )UHH DLU GHOLYHUHG DW WDQN ILOOLQJ IURP  WR  EDU


E 7KHVH YDOXHV DUH YDOLG RQO\ LI WKH RLO OHYHO RI WKH FRPSUHVVRU LQ QRUPDO SRVLWLRQ FRUUHVSRQGV WR WKH XSSHU PDUN RI WKH RLO GLSVWLFN DQG PD\ QRW
EH H[FHHGHG
6XEMHFW WR FKDQJH ZLWKRXW SULRU QRWLFH


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

7(&+1,&$/ '$7$ &RQW·G

&RPSUHVVRU EORFN                                             ,. PRG 

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

)RU GLPHQVLRQV UHIHU WR GUDZLQJ LQ WKH DQQH[

D )UHH DLU GHOLYHUHG DW WDQN ILOOLQJ IURP  WR  EDU


E 7KHVH YDOXHV DUH YDOLG RQO\ LI WKH RLO OHYHO RI WKH FRPSUHVVRU LQ QRUPDO SRVLWLRQ FRUUHVSRQGV WR WKH XSSHU PDUN RI WKH RLO GLSVWLFN DQG PD\ QRW
EH H[FHHGHG
6XEMHFW WR FKDQJH ZLWKRXW SULRU QRWLFH


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

7(&+1,&$/ '$7$ &RQW·G

&RPSUHVVRU EORFN                                             ,. PRG 

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[

D )UHH DLU GHOLYHUHG DW WDQN ILOOLQJ IURP  WR  EDU


E 7KHVH YDOXHV DUH YDOLG RQO\ LI WKH RLO OHYHO RI WKH FRPSUHVVRU LQ QRUPDO SRVLWLRQ FRUUHVSRQGV WR WKH XSSHU PDUN RI WKH RLO GLSVWLFN DQG PD\ QRW
EH H[FHHGHG
6XEMHFW WR FKDQJH ZLWKRXW SULRU QRWLFH


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 /8%5,&$7,21 6<67(0

 )81&7,21$/ '(6&5,37,21


7KH FRPSUHVVRU LV SURYLGHG ZLWK IRUFHGIHHG OXEULFDWLRQ IRU WKH
WK VWDJH )LJ  
,QMHFWLRQ SXPS  LV GULYHQ E\ D FDPVKDIW YLD D 9EHOW ,W SXPSV
RLO LQWR WKH SUHVVXUH UHJXODWRU  DW WKH WK VWDJH WKURXJK DQ LQ
OLQH RLO ILOWHU   7KH RLO SUHVVXUH UHJXODWRU GRVHV WKH RLO TXDQWLW\
DQG LV DGMXVWHG WR WKH UHVSHFWLYH RLO SUHVVXUH 7KURXJK KROHV LQ
WKH SLVWRQ OLQHU  WKH RLO LV LQMHFWHG DQG OXEULFDWHV WKH IUHH
IORDWLQJ SLVWRQ ,W WKHQ IORZV WKURXJK KROHV LQ WKH JXLGH SLVWRQ 
LQWR WKH FUDQNFDVH 7KLV RLO LV DWRPL]HG E\ WKH GULYH JHDU DQG OX
EULFDWHV WKH RWKHU PRYLQJ SDUWV VXFK DV FUDQNVKDIW FRQQHFWLQJ
URGV F\OLQGHUV DQG SLVWRQV DQG ILQDOO\ UHWXUQV LQWR WKH RLO VXPS

6XUSOXV RLO IURP WKH SUHVVXUH UHJXODWRU IORZV EDFN WR WKH FUDQN
FDVH WKURXJK IHHGEDFN WXEH  
&\OLQGHU DQG SLVWRQ RI WKH VW VWDJH DUH DGGLWLRQDOO\ OXEULFDWHG
E\ RLO YDSRXUV IURP WKH FUDQNFDVH YHQW IHHGEDFN OLQH

)LJ  6LJKW JDXJH PDUNLQJV



  7<3( 2) 2,/

)RU SURSHU FDUH DQG PDLQWHQDQFH RI WKH FRPSUHVVRU XVLQJ WKH
FRUUHFW RLO LV RI YLWDO LPSRUWDQFH 'HSHQGLQJ RQ WKH DSSOLFDWLRQ
 RI WKH FRPSUHVVRU WKH UHTXLUHPHQWV SODFHG RQ WKH RLO DUH
 ORZ GHSRVLWV
 QR FDUERQL]LQJ HIIHFW HVSHFLDOO\ LQ WKH YDOYHV
 JRRG DQWLFRUURVLYH SURSHUWLHV
  HPXOVLILFDWLRQ RI WKH FRQGHQVDWH LQ WKH FUDQNFDVH
 IRU EUHDWKLQJ DLU DSSOLFDWLRQ DOVR SK\VLRORJLFDO DQG WR[LFR
  ORJLFDO VXLWDELOLW\
'XH WR WKH WKHUPDO ORDG RQ WKH FRPSUHVVRU RQO\ KLJK TXDOLW\ RLO
VKRXOG EH XVHG <RX DUH UHFRPPHQGHG WR UHVWULFW RLOV WR WKRVH
)LJ  /XEH RLO FLUFXLW
ZKLFK KDYH EHHQ DSSURYHG E\ XV DQG DUH OLVWHG LQ RXU OXEULFDW
LQJ RLO OLVW 7KLV OLVW FDQ EH IRXQG LQ WKH DQQH[ RI WKLV LQVWUXFWLRQ
 2LO VXPS
 WK VWDJH F\OLQGHU OLQHU PDQXDO DQG LV XS WR GDWH DW WKH WLPH RI SULQWLQJ )RU WKH ODWHVW
 *XLGH SLVWRQ HGLWLRQ SOHDVH FRQWDFW %$8(5 &XVWRPHU 6HUYLFHV
 2LO SUHVVXUH UHJXODWRU
 )HHGEDFN WXEH  6\QWKHWLF OXEH RLO
 ,QOLQH RLO ILOWHU
 ,QMHFWLRQ SXPS )RU RSHUDWLRQ XQGHU VHYHUH FRQGLWLRQV VXFK DV FRQWLQXRXV UXQ
QLQJ DQGRU KLJK DPELHQW WHPSHUDWXUHV ZH UHFRPPHQG WKH IRO
ORZLQJ V\QWKHWLF FRPSUHVVRU RLO RQO\
 2,/ /(9(/ &+(&.
3DUW 1R 1 V\QWKHWLF RLO ZLWK FRUURVLRQ SURWHFWLRQ
&KHFN RLO OHYHO HYHU\ GD\ SULRU WR SXWWLQJ FRPSUHVVRU LQWR RSHUD
7KLV RLO LV WHVWHG LQ RXU FRPSUHVVRUV DQG KDV SURYHG H[FHOOHQW
WLRQ &KHFN DW RLO OHYHO VLJKW JDXJH ZKLFK PXVW EH EHWZHHQ
TXDOLW\ XQGHU DPELHQW WHPSHUDWXUHV EHWZHHQ  •&  •) DQG
PLQLPXP DQG PD[LPXP PDUNV VHH )LJ 
 •&  •)  )RU ORZHU WHPSHUDWXUHV D KHDWLQJ GHYLFH LV UH
2LO OHYHO PXVW QRW IDOO EHORZ PLQ PDUN QRU H[FHHG PD[ PDUN DV TXLUHG ZKLFK LV FDSDEOH RI SUHKHDWLQJ WKH FUDQNFDVH XS WR 
,KRU

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 ,.

 2,/ 3$&.$*(6


127(
%$8(5 FRPSUHVVRU RLO LV DYDLODEOH LQ WKH IROORZLQJ TXDQWLWLHV
$OO RXU FRPSUHVVRU XQLWV DUH GHOLYHUHG ZLWK RLO
0LQHUDO RLO 1
ZKLFK GHSHQGLQJ RQ WKH PRGHO LV ILOOHG LQWR WKH
FUDQNFDVH RU VHSDUDWH LQ WKH FRQVLJQPHQW  SDUW QR O ERWWOH 3DUW QR 
1 O FRQWDLQHU 3DUW QR 
O FRQWDLQHU 3DUW QR 
 0LQHUDO OXEH RLOV
)RU RSHUDWLRQ XQGHU OHVV VHYHUH FRQGLWLRQV ZH FDQ DOVR UHFRP
6\QWKHWLF RLO 1
PHQG +LJK 3UHVVXUH &RPSUHVVRU 2LO SDUW QR 1  GXH WR
LWV SUHVHUYDWLYH SURSHUWLHV DQG WKH SULFH DGYDQWDJH LQ FRPSDUL O ERWWOH 3DUW QR 
VRQ WR WKH V\QWKHWLF RLO 7KLV RLO PHHWV WKH VSHFLILFDWLRQV RI 9'/
O FRQWDLQHU 3DUW QR 
JURXS  DFFRUGLQJ WR *HUPDQ VWDQGDUG ',1  ,W LV VXLW
DEOH IRU RSHUDWLRQ XQGHU DPELHQW WHPSHUDWXUHV EHWZHHQ  •& O FRQWDLQHU 3DUW QR 
 •) DQG  •&  •)  +HUH DOVR SUHKHDWLQJ LV UHTXLUHG
IRU ORZHU WHPSHUDWXUHV
 2,/ &+$1*(
 &KDQJLQJ WKH RLO W\SH
,I \RX ZLVK WR XVH D PLQHUDO RLO HJ SDUW QR 1 RQ ODWHU 127(
RLO FKDQJHV QR SUREOHPV VKRXOG DULVH EXW

&KDQJH RLO DOVR SULRU WR OD\LQJ XS WKH FRPSUHVVRU


&$87,21
 5XQ FRPSUHVVRU ZDUP

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\

 2,/ &+$1*( ,17(59$/6

HYHU\  RSHUDWLQJ KRXUV DW 3DUW QR 1


OHDVW DQQXDOO\
HYHU\  RSHUDWLQJ KRXUV DW 3DUW QR 1
OHDVW ELDQQXDOO\

 2,/ &$3$&,7<

2LO FDSDFLW\ DSSUR[  OLWHUV

)LJ  2LO SUHVVXUH UHJXODWRU


,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\

 9(17,1* 2,/ 3803

,I QR RU ORZ RLO SUHVVXUH EXLOGV XS DIWHU VWDUWLQJ WKH XQLW HVSH


FLDOO\ DIWHU PDLQWHQDQFH RU UHSDLU ZRUN  YHQWLQJ RI WKH RLO SXPS
ZLOO EH QHFHVVDU\ 3URFHHG DV IROORZV
DSSUR[  PP
 :LWK WKH FRPSUHVVRU UXQQLQJ XQVFUHZ VFUHZ SOXJ    
WXUQV DQG ZDLW XQWLO WKH RLO UXQV RXW IUHH RI DLU EXEEOHV VHH
)LJ  5HWLJKWHQ WKH VFUHZ SOXJ
 7KHQ XQVFUHZ QXW     WXUQV DQG ZDLW XQWLO WKH RLO UXQV
RXW IUHH RI EXEEOHV 5HWLJKWHQ WKH QXW

)LJ  9EHOW WHQVLRQ

7HQVLRQ RI 9EHOW LV DGMXVWHG E\ WKH 9EHOW SXOOH\  )LJ 


PRXQWHG RQ WKH HFFHQWULF VKDIW
 5HPRYH VFUHZV  DQG WDNH RII IURQW SDUW  RI 9EHOW
SXOOH\
 7R LQFUHDVH WHQVLRQ WDNH VKLPV  IURP UHDU SDUW   WR GH
FUHDVH DGG VKLPV
 5HSODFH IURQW SDUW DQG WLJKWHQ VFUHZV  WR D WRUTXH YDOXH
RI  1P  PNS 
 5XQ FRPSUHVVRU IRU DSSUR[  PLQXWHV WKHQ FKHFN WHQVLRQ
DJDLQ 5HDGMXVW DV GHVFULEHG DERYH LI UHTXLUHG

  
 

)LJ  9HQWLQJ WKH RLO SXPS

 2,/ 3803 '5,9(

7KH 9EHOW RI WKH RLO SXPS GULYH PXVW EH FKHFNHG UHJXODUO\ IRU
FRQGLWLRQ DQG WHQVLRQ UHIHU WR FKDSWHU  IRU LQWHUYDOV


&$87,21

.HHS 9EHOW IUHH IURP RLO JUHDVH GLUW VDQG HWF


&OHDQ 9EHOW ZLWK GU\ FORWK GR QRW XVH FOHDQLQJ
IOXLGV RU DQ\WKLQJ ZKLFK LV KD]DUGRXV WR UHVSLUDWLRQ

 $W FRPSUHVVRU EORFN UHPRYH WZR VFUHZV DQG WDNH RII 9


EHOW SODVWLF FRYHU DQG PHWDO SODWH )LJ  2LO SXPS GULYH
 &KHFN 9EHOW IRU ZHDU HVSHFLDOO\ IRU FUDFNV


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 ,17$.( ),/7(5
 '(6&5,37,21

)LJ  ,QWDNH ILOWHU

$ GU\ PLFURQLF ILOWHU LV XVHG WR ILOWHU LQWDNH DLU )LJ 

 ,17$.( ),/7(5 0$,17(1$1&(

)LOWHU FDUWULGJH PXVW EH FKDQJHG DW UHJXODU LQWHUYDOV DFFRUGLQJ


WR PDLQWHQDQFH VFKHGXOH LQ FKDSWHU 
7R FOHDQ UHPRYH PLFURQLF ILOWHU FDUWULGJH  DQG FOHDQ ZLWK
EUXVK RU E\ EORZLQJ DLU LQVLGH RXW 7XUQ FDUWULGJH WKURXJK •
ZKHQ UHSODFLQJ 5HSODFH GLUW\ FDUWULGJH RQFH LW KDV EHHQ WXUQHG
WKUHH WLPHV DQG WKXV XVHG RQ DOO VLGHV
&OHDQ ILOWHU KRXVLQJ LQVLGH ZLWK D GDPS FORWK 7DNH FDUH WR SUH
YHQW GXVW IURP HQWHULQJ LQWDNH SLSH 5HSODFH 2ULQJ  LI QHFHV
VDU\ :KHQ FKDQJLQJ FDUWULGJH PDNH VXUH VSULQJ  RQ WRS
FRYHU LV LQVWDOOHG SURSHUO\
:LWK FDS   SDUW QR 1  WKH LQWDNH ILOWHU FDQ EH VHDOHG IRU
VWRUDJH
,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 ,17(50(',$7( 6(3$5$7256
 )81&7,21$/ '(6&5,37,21

,QWHUPHGLDWH VHSDUDWRUV DUH PRXQWHG RQ WKH FRPSUHVVRU EH


WZHHQ QG DQG UG VWDJH DQG EHWZHHQ UG DQG WK VWDJH
7KHVH VHSDUDWRUV DUH GHVLJQHG WR UHPRYH ZDWHU DQG RLO DFFX
PXODWLQJ GXH WR FRROLQJ WKH DLU GRZQ DIWHU WKH FRPSUHVVLRQ SUR
FHVV 6HSDUDWLRQ LV DFKLHYHG E\ PHDQV RI FHQWULIXJDO DFWLRQ
SURYLGHG E\ D MHW WXEH LQWHUPHGLDWH VHSDUDWRU DIWHU QG VWDJH 
RU E\ D YRUWH[ SODWH  DQG D EDIIOH   $ VLQWHUHG PHWDO ILOWHU 
LV SURYLGHG DGGLWLRQDOO\ LQ WKH VHSDUDWRU EHWZHHQ UG DQG WK
VWDJH WR UHPRYH GLUW FRQWDPLQDWLRQ VHH )LJ 




)LJ  ,QWHUPHGLDWH VHSDUDWRU

 0$,17(1$1&(

3URSHU RSHUDWLRQ RI LQGLYLGXDO VWDJHV ZLOO UHO\ RQ WKH LQWHUPHGL


DWH VHSDUDWRUV EHLQJ SURSHUO\ VHUYLFHG

'UDLQ FRQGHQVDWH HYHU\  WR  PLQXWHV IURP WKHVH VHSDUDWRUV


RU HQVXUH WKDW WKH DXWRPDWLF FRQGHQVDWH GUDLQ XQLW GUDLQV UHJX
ODUO\ 6HH VHFWLRQ 

&OHDQ VLQWHUHG ILOWHU HOHPHQW DV IROORZV IRU PDLQWHQDQFH LQWHU


YDOV UHIHU WR FKDSWHU  
 7R UHPRYH VLQWHUHG ILOWHU HOHPHQW UHPRYH SLSLQJ FRQQHFWHG
WR ILOWHU KHDG   6FUHZ RII XQLRQ QXW   5HPRYH ILOWHU KHDG
DORQJ ZLWK VLQWHUHG ILOWHU HOHPHQW
 5HPRYH FHQWUH VFUHZ   DQG VHSDUDWH VLQWHUHG ILOWHU HOH
PHQW   EDIIOH FRQH  DQG YRUWH[ SODWH  IURP WKH ILOWHU
KHDG
 7R FOHDQ ILOWHU HOHPHQW WKH EHVW PHWKRG LV WR XVH KRW VRDS\
ZDWHU DQG WR EORZ GU\ ZLWK FRPSUHVVHG DLU
,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 ),1$/ 67$*( 6(3$5$725


 . ,.  &RQGHQVDWH 'UDLQ
7KH FRQGHQVDWH SURGXFHG E\ WKH UHFRROLQJ DIWHU WKH FRPSUHV
VLRQ SURFHVV KDV WR EH GUDLQHG UHJXODUO\ E\ PHDQV RI WKH
PDQXDO FRQGHQVDWH GUDLQ YDOYHV
 EHIRUH VWDUWXS RI WKH FRPSUHVVRU XQLW
 GXULQJ RSHUDWLRQ GYHU\  PLQXWHV DW KLJK KXPLGLW\ HYHU\
 PLQXWHV
)RU XQLWV HTXLSSHG ZLWK DQ DXWRPDWLF FRQGHQVDWH GUDLQ V\VWHP
UHIHU WR FKDSWHU 

 ,.


)LJ  2LO DQG ZDWHU VHSDUDWRU

7KH DLU OHDYLQJ WKH ILQDO VWDJH LV FRROHG LQ WKH DIWHUFRROHU WR


DSSUR[ WR  •&  •) DERYH DPELHQW WHPSHUDWXUH DQG
WKHQ HQWHUV WKH RLO DQG ZDWHU VHSDUDWRU )LJ   7KH RLO DQG ZD
WHU VHSDUDWRU ZRUNV E\ PHDQV RI D VLQWHUHG ILOWHU PLFURFDUWULGJH
  UHOLDEO\ VHSDUDWLQJ OLTXLG RLO DQG ZDWHU SDUWLFOHV IURP WKH
FRPSUHVVHG DLU

&$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 ,.

 )LQDO 6HSDUDWRU 0DLQWHQDQFH


7KLV W\SH RI VHSDUDWRU GRHV QRW UHTXLUH SHULRGLF PDLQWHQDQFH

 &RQGHQVDWH 'UDLQ


7KH FRQGHQVDWH SURGXFHG E\ WKH UHFRROLQJ DIWHU WKH FRPSUHV
VLRQ SURFHVV LV GUDLQHG UHJXODUO\ E\ WKH DXWRPDWLF FRQGHQVDWH
GUDLQ V\VWHP 5HIHU WR FKDSWHU 


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 35(6685( 0$,17$,1,1*  1215(7851 9$/9(


 &2035(66256 83 72  %$5  &2035(66256 83 72  %$5

$ 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\

)LJ  3UHVVXUH PDLQWDLQLQJQRQUHWXUQ YDOYH 31 EDU


)LJ  3UHVVXUH PDLQWDLQLQJQRQUHWXUQ YDOYH 31 EDU

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&(

7KH SUHVVXUH PDLQWDLQLQJ YDOYH LV DGMXVWHG DW WKH IDFWRU\ WR WKH


UHTXLUHG SUHVVXUH DQG QRUPDOO\ GRHV QRW UHTXLUH UHJXODU PDLQ
WHQDQFH RU UHDGMXVWPHQW ,Q FDVH RI UHDGMXVWPHQW EHFRPLQJ
QHFHVVDU\ ORRVHQ MDP QXW  )LJ  DQG VHW VFUHZ   $GMXVW
VFUHZ  WR WKH UHTXLUHG SUHVVXUH XVLQJ D VXLWDEOH VFUHZGULYHU

&ORFNZLVH LQFUHDVH SUHVVXUH


&RXQWHUFORFNZLVH GHFUHDVH SUHVVXUH
,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 6$)(7< 9$/9(6
 )81&7,21$/ '(6&5,37,21

$OO FRPSUHVVRU VWDJHV DUH SURWHFWHG E\ VDIHW\ YDOYHV DV IRO


ORZV

&RPSUHVVRU EORFN . ,. ,.


VW VWDJH  EDU  SVL  EDU  SVL  EDU  SVL
QG VWDJH  EDU  SVL  EDU  SVL  EDU  SVL
UG VWDJH  EDU  SVL  EDU  SVL  EDU  SVL

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

 7HVWLQJ WKH ILQDO SUHVVXUH VDIHW\ YDOYH

9(17,1*

)LJ  6DIHW\ YDOYH ,.

)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 

 %ORZRII SUHVVXUH FKHFN


&KHFN EORZRII SUHVVXUH RI WKH ILQDO SUHVVXUH VDIHW\ YDOYH UHJX
ODUO\ VHH PDLQWHQDQFH VFKHGXOH FKDSWHU  3XPS XQLW WR ILQDO
)LJ  9HQWLQJ WKH ILQDO SUHVVXUH VDIHW\ YDOYH SUHVVXUH ZLWK VKXWRII YDOYH FORVHG XQWLO VDIHW\ YDOYH EORZV RII
&KHFN EORZRII SUHVVXUH RI VDIHW\ YDOYH DW SUHVVXUH JDXJH
,KRU

7KH ILQDO SUHVVXUH VDIHW\ YDOYH KDV WR EH FKHFNHG UHJXODUO\ EH


2Q FRPSUHVVRUV ILWWHG ZLWK D IDFWRU\LQVWDOOHG FRPSUHVVRU FRQ
IRUH VWDUWLQJ HDFK ILOOLQJ SURFHVV 6HH FKDSWHU 
WURO XQLW SODFH VHUYLFH VZLWFK 6 LQVLGH FRQWURO ER[ WR 21
7(67 WR RYHUULGH SUHVVXUH VZLWFK


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 35(6685( *$8*(6
 '(6&5,37,21

7KH SUHVVXUH LQ WKH FRPSUHVVRU VWDJHV FDQ EH PRQLWRUHG E\


PHDQV RI WKH LQWHUPHGLDWH DQG WKH ILQDO SUHVVXUH JDXJHV 7KH\
DUH PRXQWHG RQ D FRPPRQ LQVWUXPHQW SDQHO ZKLFK GHSHQGLQJ
RQ WKH W\SH RI XQLW LV IDVWHQHG RQ D VXSSRUW WR WKH IUDPH RU LQWH
JUDWHG LQ WKH SDQHOOLQJ

127(
3UHVVXUH JDXJHV DUH QRW GHOLYHUHG ZLWK FRPSUHV
VRU EORFNV

 ,QWHUPHGLDWH SUHVVXUH JDXJHV


,QWHUPHGLDWH SUHVVXUH JDXJHV DUH RSWLRQDO IRU DOO . ,.
DQG ,. FRPSUHVVRU XQLWV 7KH IROORZLQJ SUHVVXUHV VKRXOG
EH LQGLFDWHG GXULQJ RSHUDWLRQ

&RPSUHVVRU . DQG ,. ,.


%ORFN
VW VWDJH    EDU    EDU
QG VWDJH    EDU    EDU
UG VWDJH    EDU    EDU

 )LQDO SUHVVXUH JDXJH


7KH ILQDO SUHVVXUH JDXJH VKRZV D UHG PDUN LQGLFDWLQJ WKH PD[L
PXP RSHUDWLQJ SUHVVXUH

 2LO SUHVVXUH JDXJH


7KH LQVWUXPHQW SDQHO DOVR LQFOXGHV WKH RLO SUHVVXUH JDXJH &RU
UHFW RLO SUHVVXUH LQGLFDWLRQ VKRXOG UHDG DSSUR[  EDU 
SVL IRU . DQG ,. DQG DSSUR[  EDU  SVL IRU
. ,I QRW FKHFN WKH OXEH RLO FLUFXLW RU DGMXVW WKH RLO SUHVVXUH
6HH VHFWLRQ 

 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

$IWHU URXJKO\ KDOI DQ KRXU·V RSHUDWLRQ YDOYHV VKRXOG EH


FKHFNHG 1RWH WKDW WKH LQWDNH OLQH WR WKH YDOYH KHDGV VKRXOG EH
ZDUP DQG RXWOHW SLSLQJ VKRXOG EH KRW 9DOYHV DUH WKHQ RSHUDWLQJ
SURSHUO\

,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

 *(1(5$/ ,16758&7,216 )25 &+$1*,1* 7+(


9$/9(6

œ $OZD\V UHSODFH YDOYHV DV D FRPSOHWH VHW


œ &DUHIXOO\ FOHDQ GLUW\ YDOYHV 1HYHU XVH D VKDUS WRRO IRU WKLV
SXUSRVH 6RDN WKH YDOYHV LQ GLHVHO RLO RU SHWUROHXP DQG
FOHDQ ZLWK VRIW EUXVK
œ &KHFN LQGLYLGXDO FRPSRQHQWV IRU H[FHVVLYH ZHDU ,I WKH
,QWDNH 3UHVVXUH YDOYH VHDW DQG YDOYH GLVNV DUH GHQWHG UHSODFH WKH YDOYHV
œ 9DOYH KHDG VFUHZV PXVW EH WLJKWHQHG ZLWK D WRUTXH ZUHQFK
)LJ  9DOYH RSHUDWLRQ VHH WLJKWHQLQJ WRUTXH YDOXHV FKDSWHU  
œ &KHFN WKH YDOYH VSDFH LQ WKH YDOYH KHDGV IRU GLUW DQG FOHDQ
7KH YDOYH KHDGV RI WKH LQGLYLGXDO VWDJHV IRUP WKH WRS SDUW RI WKH LI QHFHVVDU\
F\OLQGHUV 7KH LQWDNH DQG SUHVVXUH YDOYHV DUH ILWWHG LQVLGH WKH
œ 8VH RQO\ VDWLVIDFWRU\ JDVNHWV DQG 2ULQJV RQ UHDVVHPEO\
YDOYH KHDGV
œ 2EVHUYH WKH FRUUHFW VHTXHQFH ZKHQ ILWWLQJ WRJHWKHU DJDLQ
1RWH WKDW WKH YDOYHV DUH RSHUDWHG E\ WKH IORZ RI WKH PHGLXP 2Q
œ $IWHU ILQLVKLQJ DOO PDLQWHQDQFH ZRUN RQ WKH YDOYHV WXUQ WKH
WKH VXFWLRQ VWURNH WKH LQWDNH YDOYHV RSHQ DQG WKH PHGLXP IORZV
FRPSUHVVRU PDQXDOO\ XVLQJ WKH IO\ZKHHO DQG FKHFN
LQWR WKH F\OLQGHUV $W WKH VWDUW RI WKH FRPSUHVVLRQ VWURNH WKH LQ
ZKHWKHU DOO LWHPV KDYH EHHQ FRUUHFWO\ LQVWDOOHG
WDNH YDOYH FORVHV DQG WKH PHGLXP RSHQV WKH SUHVVXUH YDOYH
)LJ  œ  PLQXWHV DIWHU UHVWDUWLQJ WKH FRPSUHVVRU XQLW VWRS XQLW
OHW LW FRRO GRZQ WR DPELHQW WHPSHUDWXUH DQG UHWLJKWHQ YDOYH
VWXGV DQG FDS QXWV 2WKHUZLVH YDOYHV FRXOG ZRUN ORRVH GXH
WR VHWWLQJ RI WKH JDVNHWV
œ 5HPRYH DQG FKHFN WKH YDOYHV HYHU\  RSHUDWLQJ
KRXUV
œ 5HSODFH WKH YDOYHV HYHU\  RSHUDWLQJ KRXUV WR DYRLG
IDWLJXH IDLOXUH

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

 &+$1*,1* 7+( 9$/9(6 2) 1'  5' 67$*(

 8QVFUHZ WKH LQWDNH DQG SUHVVXUH OLQHV IURP WKH F\OLQGHU


KHDG  )LJ  
WRS YLHZ
 5HPRYH LQWHUQDO KH[ VFUHZV IL[LQJ F\OLQGHU KHDG DQG FRP
SOHWHO\ UHPRYH WKH F\OLQGHU KHDG IURP WKH F\OLQGHU
 ,QVHUW WZR PHWDO SLQV   PP GLDPHWHU  DQ\ OHQJWK  LQ WKH
KROHV LQ WKH F\OLQGHU KHDG DQG VHFXUH WKHVH LQ D YLFH ZLWK WKH
)LJ  9DOYH KHDG VW VWDJH F\OLQGHU KHDG RQ WRS
,KRU

,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

 &OHDQ DQG FKHFN YDOYH VSULQJV &RPSDUH WKHLU GLPHQVLRQV


 ZLWK WKH YDOXHV LQ WKH IROORZLQJ WDEOH

9DOYH VWURNH PLQ PD[


 
,QWDNH YDOYH  PP  PP
3UHVVXUH YDOYH  PP  PP
9DOYH VSULQJ 1RUPDO OHQJWK

,QWDNH YDOYH    PP
3UHVVXUH YDOYH    PP

127(
)LJ  9DOYH QG VWDJH
5HSODFH GDPDJHG DQG ZRUQ SDUWV

&$87,21  &KHFN 2ULQJ   UHSODFH LI QHFHVVDU\

,Q RUGHU WR DYRLG GDPDJLQJ WKH VSHFLDO WRRO RU WKH


YDOYH ZKHQ XVLQJ WKH WRRO HQVXUH WKDW LW LV SXVKHG
SURSHUO\ DQG ILUPO\ LQWR WKH YDOYH ERUH VR WKDW LW ZLOO
QRW WLOW ZKHQ LW LV WXUQHG

 7XUQ WKH F\OLQGHU KHDG DQG UHSODFH LW RQ WKH PHWDO SLQV


 8QVFUHZ WKH FDS QXW  )LJ  UHIHU WR )LJ 
 8QVFUHZ VWXG  DSSUR[  WXUQV

)LJ  8QVFUHZLQJ WKH FDS QXW

 &OHDQ F\OLQGHU KHDG &KHFN WKDW WKH LQWDNH DQG SUHVVXUH


YDOYH ERUHV DUH LQ SHUIHFW FRQGLWLRQ
 &KHFN ZLWK D SUHFLVLRQ VWUDLJKWHGJH WKDW WKH XQGHUVLGH RI
WKH F\OLQGHU KHDG LV IODW LI QHFHVVDU\ XVH DQ HPHU\ FORWK WR
VPRRWK RXW WKH VXUIDFH
$VVHPEO\
 6FUHZ WKH LQWDNH YDOYH LQ ZLWK WKH VSHFLDO WRRO DQG WLJKWHQ
)LJ  5HPRYLQJ WKH LQWDNH YDOYH

 8QVFUHZ VFUHZLQ SUHVVXUH SOXJ   WDNH RXW WKH SUHVVXUH &$87,21


YDOYH SDUWV
9DOYH VSULQJ DQG YDOYH SODWH PXVW QRW EH MDPPHG
 &OHDQ LQWDNH DQG SUHVVXUH YDOYHV DQG FKHFN IRU ZHDU


,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

 &+$1*,1* 7+( 9$/9(6 2) 7+( 7+ 67$*(

)LJ  5HPRYLQJ WKH VFUHZLQ SUHVVXUH SOXJ

&KHFN YDOYH IXQFWLRQ 7R GR VR EORZ FRPSUHVVHG DLU WKURXJK


WKH YDOYH LQ WKH GLUHFWLRQ RI IORZ
 6HFXUH WKH LQWDNH YDOYH DV IROORZV
3HHQ WKH F\OLQGHU KHDG DOXPLQLXP RQ WKH VFUHZLQ WKUHDG
RI WKH LQWDNH YDOYH LQ WZR SODFHV RSSRVLWH RQH DQRWKHU ZLWK
D VPDOO GULIW SLQ GLDPHWHU DSSUR[  PP )LJ  
 ,QVHUW WKH SUHVVXUH YDOYH SDUWV DQG WKH 2ULQJ

)LJ  9DOYH KHDG UG VWDJH

)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

&KDQJH LQWDNH DQG SUHVVXUH YDOYHV RI WK VWDJH WR


JHWKHU RQO\

5HPRYDO DQG UHLQVWDOODWLRQ RI UG VWDJH SUHVVXUH YDOYH


)LJ  
)LJ  6HFXULQJ WKH LQWDNH YDOYH  5HPRYH DFRUQ QXW   UHZLQG VWXG  XS WR WKUHH RU IRXU
WXUQV
 5HPRYH LQWHUQDO KH[ VFUHZ  IL[LQJ YDOYH KHDG   WDNH
127( RII YDOYH KHDG FRYHU  
 3XW WZR VFUHZGULYHUV LQWR WKH JURRYH RI RXWOHW YDOYH ERG\
&KHFN WKH SUHVVXUH YDOYH IXQFWLRQ DQG VWURNH E\ VHH )LJ  ,I QHFHVVDU\ ORRVHQ YDOYH ILUVW E\ XVLQJ D  PP
OLIWLQJ WKH YDOYH SODWH VSDQQHU RQ WKH IODW VXUIDFHV
 6FUHZ LQ WKH VFUHZLQ SUHVVXUH SOXJ ZLWK D SUHVVXUH SDG  /LIW RXW SUHVVXUH YDOYH  WRJHWKHU ZLWK 2ULQJ  
DQG WLJKWHQ


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

5HLQVWDOO SUHVVXUH YDOYH  LQ UHYHUVH VHTXHQFH

 3XW 2ULQJ  LQWR YDOYH KHDG   &KHFN 2ULQJ IRU DEUD


VLRQV
 ,QVHUW SUHVVXUH YDOYH   3XW RQ YDOYH KHDG FRYHU  

)LJ  5HPRYDO RI UG VWDJH SUHVVXUH YDOYH

 )L[ YDOYH KHDG  ZLWK DOOHQ VFUHZV 2EVHUYH WRUTXH YDOXHV


VHH FKDSWHU 
 6FUHZ LQ DQG IDVWHQ VWXG  
 3XW RQ JDVNHW  
 6FUHZ RQ DFRUQ QXW  


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 $8720$7,& &21'(16$7( '5$,1


 . $1' ,. œ $ FRQGHQVDWH WDQN

7KH DXWRPDWLF FRQGHQVDWH GUDLQ XQLW )LJ  GUDLQV WKH LQWHU œ $ 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 œ $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

 6ROHQRLG YDOYH FRLO


 6ROHQRLG YDOYH FRQGHQVDWH GUDLQ QG VWDJH LQWHUPHGLDWH VHSDUDWRU
 &RQGHQVDWH GUDLQ YDOYH LQWHUPHGLDWH VHSDUDWRU DIWHU UG VWDJH
 &RQGHQVDWH GUDLQ YDOYH RLO DQG ZDWHU VHSDUDWRU
 &RQWURO DLU FRQQHFWLRQ IURP QG VWDJH
 &RQWURO DLU FRQQHFWLRQ IURP UG VWDJH
 &RQGHQVDWH FRQQHFWLRQ IURP LQWHUPHGLDWH VHSDUDWRU DIWHU QG VWDJH
 &RQGHQVDWH FRQQHFWLRQ IURP LQWHUPHGLDWH VHSDUDWRU DIWHU UG VWDJH
 &RQGHQVDWH FRQQHFWLRQ IURP RLO DQG ZDWHU VHSDUDWRU
 &RQGHQVDWH RXWOHW WXEH FRQQHFWRU
 &RQGHQVDWH PDQLIROG
 9HQW OLQH VROHQRLG YDOYH  PDQLIROG
 %UDFNHW
 0DQXDO FRQGHQVDWH GUDLQ YDOYH

7KH DXWRPDWLF FRQGHQVDWH GUDLQ V\VWHP RSHUDWHV HOHFWUR


SQHXPDWLFDOO\ DQG FRPSULVHV WKH IROORZLQJ PDLQ LWHPV

œ 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
œ 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

œ $ FRQGHQVDWH PDQLIROG  6HUYR SLVWRQ


 9DOYH VHDW
œ $ FRQGHQVDWH VHSDUDWRUVLOHQFHU  &RQGHQVDWH RXWOHW


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 &RQGHQVDWH GUDLQ  6WDQGVWLOO GUDLQDJH


$OO SRVLWLRQV VWDWHG UHIHU WR )LJ  $W FRPSUHVVRU VKXWGRZQ VROHQRLG YDOYH  LV GHHQHUJL]HG
DQG RSHQV
(YHU\  PLQXWHV ZD\ VROHQRLG YDOYH  LV GHHQHUJL]HG
IRU DSSUR[  VHFRQGV E\ WKH WLPHU 7KH VHUYR SLVWRQV DUH UDLVHG E\ WKH UHVLGXDO SUHVVXUH ZLWKLQ WKH
VHSDUDWRUV 7KH YDOYHV RSHQ DQG WKH VHSDUDWRUV DUH GUDLQHG DW
6ROHQRLG YDOYH  RSHQV DQG GUDLQV WKH FRQGHQVDWH IURP WKH
VWDQGVWLOO RI WKH FRPSUHVVRU XQLW
QG VWDJH LQWHUPHGLDWH VHSDUDWRU   'XH WR WKH SUHVVXUH ORVV
LQ LQWHUPHGLDWH VHSDUDWRU  WKH FRQWURO SUHVVXUH IRU FRQGHQ
 &RQGHQVDWH GUDLQ SLSLQJ
VDWH GUDLQ YDOYH  IRU LQWHUPHGLDWH VHSDUDWRU  LV DOVR UH
PRYHG 7KH VHUYRSLVWRQ  RI WKH FRQGHQVDWH GUDLQ YDOYH IRU 7KH RXWOHW RSHQLQJ RI WKH FRQGHQVDWH GUDLQ PDQLIROG LV
WKH LQWHUPHGLDWH VHSDUDWRU LV XQORDGHG DQG WKH FRQWURO SUHV HTXLSSHG ZLWK D WXEH FRQQHFWRU +HUH D FRQGHQVDWH GUDLQ SLSH
VXUH YHQWHG WKURXJK WKH UHOLHI SRUW PD\ EH FRQQHFWHG DOUHDG\ SURYLGHG RQ .$3 XQLWV 
7KH SLVWRQ  RI WKH GUDLQ YDOYH LV UDLVHG E\ SUHVVXUH IURP WKH 'XH FDUH PXVW EH WDNHQ WR HQVXUH WKDW DQ\ RLO ZKLFK PD\ EH
LQWHUPHGLDWH VHSDUDWRU   WKH YDOYH RSHQV DQG FRQGHQVDWH LV GUDLQHG ZLWK WKH FRQGHQVDWH ZLOO QRW SROOXWH WKH HQYLURQPHQW
GUDLQHG %HFDXVH RI WKH UHVXOWLQJ SUHVVXUH ORVV ZLWKLQ WKH LQWHU )RU H[DPSOH WKH GUDLQ SLSH FDQ EH GLUHFWHG LQWR D FROOHFWLQJ
PHGLDWH VHSDUDWRU   WKH FRQWURO SUHVVXUH IRU WKH FRQGHQVDWH YHVVHO RU LQWR GUDLQ IDFLOLWLHV LQFRUSRUDWLQJ RLO VHSDUDWRUV
GUDLQ YDOYH  IRU WKH RLO DQG ZDWHU VHSDUDWRU  LV UHPRYHG DQG
WKH FRQGHQVDWH GUDLQ YDOYH  GUDLQV DV GHVFULEHG DERYH  0DLQWHQDQFH
7KH FRQGHQVDWH GUDLQ YDOYHV IRU WKH LQWHUPHGLDWH VHSDUDWRU DI
&RQWURO DLU WHU UG VWDJH DQG IRU WKH RLO DQG ZDWHU VHSDUDWRU DUH SURYLGHG
&RQGHQVDWH ZLWK PDQXDO GUDLQ YDOYHV WR FKHFN FRUUHFW RSHUDWLRQ RI WKH DXWR
PDWLF V\VWHP
7KH DXWRPDWLF FRQGHQVDWH GUDLQ V\VWHP PXVW EH VHUYLFHG DV
IROORZV
 2SHQ DOO PDQXDO GUDLQ YDOYHV  )LJ  RQH DIWHU WKH
RWKHU RQFH D ZHHN
 7KLV PXVW EH FDUULHG RXW LPPHGLDWHO\ DIWHU WKH DXWRPDWLF
V\VWHP KDV GUDLQHG WKH FRQGHQVDWH 2EVHUYH WKH GUDLQDJH
RI FRQGHQVDWH ZKHQ RSHQLQJ WKH PDQXDO GUDLQ YDOYHV ,I WKH
V\VWHP GUDLQV D ORW RI FRQGHQVDWH WKLV LV D VLJQ WKDW WKH V\V
WHP RU WKH FRUUHVSRQGLQJ FRQGHQVDWH GUDLQ YDOYHV DUH QRW
ZRUNLQJ SURSHUO\ )LQG WKH IDXOW DQG UHPHG\ DFFRUGLQJO\
,I KDUGO\ DQ\ FRQGHQVDWH HPHUJHV WKH DXWRPDWLF V\VWHP LV RS
HUDWLQJ SURSHUO\ )RU IDXOW FRUUHFWLRQ VHH VHFWLRQ  µ7URXEOH
VKRRWLQJµ

 . ,.


)LJ  &RQGHQVDWH GUDLQ 7KH DXWRPDWLF FRQGHQVDWH GUDLQ XQLW )LJ  GUDLQV WKH LQWHU
PHGLDWH VHSDUDWRUV DIWHU WKH QG DQG UG VWDJH DQG WKH RLO DQG
 ,QWHUPHGLDWH VHSDUDWRU DIWHU QG VWDJH ZDWHU VHSDUDWRU DIWHU WKH WK VWDJH HYHU\  PLQXWHV GXULQJ RS
 ,QWHUPHGLDWH VHSDUDWRU DIWHU UG VWDJH HUDWLRQ
 2LO DQG ZDWHU VHSDUDWRU DIWHU WK VWDJH
 6ROHQRLG YDOYH FRQGHQVDWH GUDLQ QG VWDJH ,Q DGGLWLRQ WKH DXWRPDWLF FRQGHQVDWH GUDLQ LV GHVLJQHG WR GUDLQ
 &RQGHQVDWH GUDLQ YDOYH UG VWDJH WKHVH ILOWHUV DIWHU VKXWGRZQ RI WKH FRPSUHVVRU XQLW DQG WR XQ
 &RQGHQVDWH GUDLQ YDOYH WK VWDJH ORDG WKH FRPSUHVVRU GXULQJ WKH VWDUWLQJ SKDVH VHH VHFWLRQ
 6HUYR SLVWRQ
 DQG 
 9DOYH VHDW
 &RQGHQVDWH RXWOHW 7KH DXWRPDWLF FRQGHQVDWH GUDLQ V\VWHP RSHUDWHV HOHFWURSQHX
PDWLFDOO\ DQG FRPSULVHV WKH IROORZLQJ PDLQ LWHPV

 6WDUW XQORDGLQJ œ 7KUHH SQHXPDWLFDOO\ RSHUDWHG FRQGHQVDWH GUDLQ YDOYHV


RQH HDFK IRU WKH LQWHUPHGLDWH VHSDUDWRUV DIWHU QG DQG UG
7KH XQORDGLQJ GXULQJ WKH VWDUWLQJ SKDVH RI WKH FRPSUHVVRU LV VWDJH DQG RQH IRU WKH RLO DQG ZDWHU VHSDUDWRU DIWHU WKH ODVW
HIIHFWHG GXH WR WKH ODFN RI FRQWURO DLU LPPHGLDWHO\ DIWHU VZLWFKLQJ VWDJH 7KH FRQGHQVDWH GUDLQ YDOYHV IRU WKH LQWHUPHGLDWH
RQ WKH XQLW $IWHU WKH FRPSUHVVRU KDV DWWDLQHG QRPLQDO VSHHG VHSDUDWRUV DIWHU WKH QG DQG UG VWDJH DUH RI WKH QRUPDOO\
FRQWURO DLU IORZV WR WKH FRQGHQVDWH GUDLQ YDOYHV ZKLFK FORVH DQG RSHQ W\SH WKH RQH IRU WKH RLO DQG ZDWHU VHSDUDWRU DIWHU WKH
WKH FRPSUHVVRU VWDUWV GHOLYHULQJ WR WKH FRQVXPLQJ GHYLFH ODVW VWDJH LV FORVHG ZLWKRXW FRQWURO PHGLXP EHLQJ DSSOLHG
QRUPDOO\ FORVHG W\SH 


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

œ 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
œ $ FRQGHQVDWH PDQLIROG
SOLHG WR FRQGHQVDWH GUDLQ YDOYHV  DQG   RQO\ 7KH VHUYR
œ 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

)LJ  $XWRPDWLF FRQGHQVDWH GUDLQ XQLW

  ZD\ VROHQRLG YDOYH


 &RQGHQVDWH GUDLQ YDOYH LQWHUPHGLDWH &RQWURO SUHVVXUH
VHSDUDWRU DIWHU QG VWDJH &RQGHQVDWH
 &RQGHQVDWH GUDLQ YDOYH LQWHUPHGLDWH
)LJ  1RUPDO RSHUDWLRQ
VHSDUDWRU DIWHU UG VWDJH
 &RQGHQVDWH GUDLQ YDOYH RLO DQG
ZDWHU VHSDUDWRU  &RQGHQVDWH GUDLQ YDOYH QG VWDJH
 0DQXDO FRQGHQVDWH GUDLQ YDOYH  &RQGHQVDWH GUDLQ YDOYH UG VWDJH
 &RQWURO PHGLXP FRQQHFWLRQ  &RQGHQVDWH GUDLQ YDOYH WK VWDJH
 &RQGHQVDWH LQOHW  ZD\ VROHQRLG YDOYH QGUG VWDJH
 &RQGHQVDWH RXWOHW  ZD\ VROHQRLG YDOYH WK VWDJH
 6HUYRSLVWRQ
 9DOYH VHDW

 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

 (OHFWULFDO FRQQHFWLRQ


)RU HOHFWULFDO FRQQHFWLRQ RI WKH DXWRPDWLF FRQGHQVDWH GUDLQ
V\VWHP UHIHU WR WKH VFKHPDWLF GLDJUDPV LQ WKH DQQH[ LI DSSOLFD
EOH

&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

 &RQGHQVDWH GUDLQ SLSLQJ

&RPSUHVVRU EORFN

7KH RXWOHW RSHQLQJ RI WKH FRQGHQVDWH GUDLQ PDQLIROG LV


HTXLSSHG ZLWK D WXEH FRQQHFWRU +HUH D FRQGHQVDWH GUDLQ SLSH
FDQ EH FRQQHFWHG


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 (/(&75,&$/ 6<67(0


 *(1(5$/

)RU GHVFULSWLRQ DQG PDLQWHQDQFH VFKHGXOHV IRU WKH HOHFWULF


FRQWUROV DQG HOHFWURQLF PRQLWRUV UHIHU WR DSSOLFDEOH FRPSUHVVRU
XQLW LQVWUXFWLRQ PDQXDO
,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 &2035(6625 '5,9( 6<67(0


 *(1(5$/

7KH FRPSUHVVRU LV GULYHQ E\ WKH GULYH PRWRU WKURXJK 9EHOWV


)RU GHVFULSWLRQ DQG PDLQWHQDQFH VFKHGXOHV UHIHU WR DSSOLFDEOH
FRPSUHVVRU XQLW LQVWUXFWLRQ PDQXDO

,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 &22/,1* 6<67(0


 *(1(5$/

7KH F\OLQGHUV RI WKH FRPSUHVVRU EORFN WKH LQWHUPHGLDWH FRROHUV


DQG WKH DIWHUFRROHU DUH DLUFRROHG
)RU WKLV SXUSRVH WKH FRPSUHVVRU LV HTXLSSHG ZLWK D IDQZKHHO
ZKLFK GUDZV WKH FRROLQJ DLU WKURXJK WKH IDQZKHHO FRYHU IURP WKH
VXUURXQGLQJV
7KH IDQZKHHO LV GULYHQ E\ WKH GULYH PRWRU 9EHOW DQG LV DOVR
XVHG DV WKH IO\ZKHHO
5HIHU WR FKDSWHU  IRU SURSHU LQVWDOODWLRQ DQG FRROLQJ DLU VXSSO\
)RU PD[LPXP DPELHQW WHPSHUDWXUH VHH 7HFKQLFDO 'DWD LQ
FKDSWHU 
,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 6$)(7< 5(*8/$7,216


 127(6 $1' :$51,1* 6,*16 7KLV QRWLFH LV XVHG ZLWK PDLQWH
1RWHV DQG ZDUQLQJ VLJQV GLVSOD\HG RQ FRPSUHVVRUV DFFRUGLQJ
:$51,1* QDQFH ZRUN DQG RSHUDWLQJ
WR PRGHO DSSOLFDWLRQ RU HTXLSPHQW SURFHGXUHV DQG PXVW EH DGKHUHG WR
H[DFWO\ LQ RUGHU WR DYRLG HQGDQJHU
:$51,1* LQJ SHUVRQQHO

+RW VXUIDFHV GR QRW WRXFK


7KLV QRWLFH PXVW EH FRPSOLHG ZLWK LQ
'DQJHU RI EXUQLQJ E\ WRXFKLQJ F\OLQGHUV F\O &$87,21 RUGHU WR DYRLG GDPDJH WR RU
LQGHU KHDGV DQG SUHVVXUH OLQHV RI LQGLYLGXDO GHVWUXFWLRQ RI WKH PDFKLQH RU LWV
FRPSUHVVRU VWDJHV HTXLSPHQW

:$51,1* 7KLV QRWLFH DGYLVHV RI WHFKQLFDO UH


127( TXLUHPHQWV ZKLFK WKH RSHUDWRU PXVW
+LJK YROWDJH
WDNH SDUWLFXODU QRWH RI
/LIH WKUHDWHQLQJ GDQJHU RI HOHFWULF VKRFN
0DLQWHQDQFH ZRUN RQ HOHFWULF XQLWV RU RSHUDW
 )81'$0(17$/ 6$)(7< 127,&(6
LQJ HTXLSPHQW PD\ RQO\ EH FDUULHG RXW E\ D
TXDOLILHG HOHFWULFLDQ RU E\ D SHUVRQ LQVWUXFWHG  $XWKRUL]HG XVH
DQG VXSHUYLVHG E\ D TXDOLILHG HOHFWULFLDQ DF
FRUGLQJ WR HOHFWULFDO UHJXODWLRQV œ 7KH PDFKLQH  XQLW LV EXLOW DFFRUGLQJ WR VWDWH RI WKH DUW
WHFKQRORJ\ DQG HVWDEOLVKHG VDIHW\ WHFKQLFDO UHJXODWLRQV
:$51,1* 1HYHUWKHOHVV LWV XVH FDQ FDXVH GDQJHU WR OLIH DQG OLPE RI
WKH RSHUDWRU RU WKLUG SDUWLHV RU GDPDJH WR WKH PDFKLQH DQG
$XWRPDWLF FRPSUHVVRU FRQWURO XQLW PD\ RWKHU HTXLSPHQW
VWDUWXS ZLWKRXW ZDUQLQJ
œ 2SHUDWH WKH PDFKLQH  XQLW RQO\ LQ WHFKQLFDOO\ SHUIHFW FRQGL
%HIRUH FDUU\LQJ RXW PDLQWHQDQFH DQG UHSDLU WLRQ LQ DFFRUGDQFH ZLWK UHJXODWLRQV DQG VDIHW\ DQG GDQJHU
ZRUN VZLWFK RII DW WKH PDLQ VZLWFK RU GLVFRQ QRWLFHV GHWDLOHG LQ WKH LQVWUXFWLRQ PDQXDO ,Q SDUWLFXODU LP
QHFW IURP WKH PDLQV DQG HQVXUH XQLW ZLOO QRW PHGLDWHO\ FRUUHFW IDXOWV RU KDYH WKHP FRUUHFWHG ZKLFK FDQ
LPSDLU VDIHW\
UHVWDUW
œ 7KH PDFKLQH  XQLW LV H[FOXVLYHO\ IRU WKH FRPSUHVVLRQ RI PH
0$1'$725< GLXPV DLUJDV VSHFLILHG LQ VHFWLRQ $ FKDSWHU  ´7HFKQL
FDO GDWDµ $Q\ RWKHU PHGLXP RU XVH RXWVLGH WKDW VSHFLILHG LV
,QVWUXFWLRQV PXVW EH UHDG E\ SHUVRQV RSHUDW QRW DXWKRUL]HG 7KH PDQXIDFWXUHU  VXSSOLHU LV QRW OLDEOH IRU
LQJ WKH PDFKLQHU\ GDPDJH UHVXOWLQJ IURP WKLV 7KH XVHU DORQH LV UHVSRQVLEOH
7KH LQVWUXFWLRQ PDQXDO VXSSOLHG DQG DOO RWKHU IRU WKLV ULVN $XWKRUL]DWLRQ IRU XVH LV DOVR XQGHU WKH FRQGLWLRQ
WKDW WKH LQVWUXFWLRQ PDQXDO LV FRPSOLHG ZLWK DQG LQVSHFWLRQ
DSSOLFDEOH LQVWUXFWLRQV UHJXODWLRQV HWF PXVW
DQG PDLQWHQDQFH UHTXLUHPHQWV DUH HQIRUFHG
EH UHDG DQG XQGHUVWRRG E\ RSHUDWLQJ SHU
VRQQHO EHIRUH XVLQJ WKH PDFKLQH  2UJDQL]DWLRQDO PHDVXUHV
0$1'$725< œ .HHS WKH LQVWUXFWLRQ PDQXDO WR KDQG QHDU WKH PDFKLQH  XQLW
DW DOO WLPHV LQ WKH UHOHYDQW KROGHU
+HDULQJ SURWHFWRUV PXVW EH ZRUQ
œ ,Q DGGLWLRQ WR WKH LQVWUXFWLRQ PDQXDO REVHUYH DQG FRPSO\
+HDULQJ SURWHFWRUV PXVW EH ZRUQ ZKHQ ZRUN ZLWK XQLYHUVDOO\ YDOLG OHJDO DQG RWKHU REOLJDWRU\ UHJXODWLRQV
LQJ RQ D PDFKLQH ZKLFK LV UXQQLQJ UHJDUGLQJ DFFLGHQW SUHYHQWLRQ DQG HQYLURQPHQW SURWHFWLRQ
6HH FKDSWHU  7KLV FDQ LQYROYH IRU H[DPSOH FRQWDFW
127( ZLWK KD]DUGRXV VXEVWDQFHV RU WKH SURYLVLRQ  ZHDULQJ RI SHU
VRQDO SURWHFWLYH HTXLSPHQW
(QVXUH FRUUHFW GLUHFWLRQ RI URWDWLRQ
œ ,Q DGGLWLRQ WR WKH LQVWUXFWLRQ PDQXDO SURYLGH VXSSOHPHQWDU\
:KHQ VZLWFKLQJ RQ WKH PDFKLQH FKHFN WKH LQVWUXFWLRQV IRU VXSHUYLVLRQ DQG PRQLWRULQJ GXWLHV WDNLQJ
DUURZ WR HQVXUH FRUUHFW GLUHFWLRQ RI URWDWLRQ RI LQWR FRQVLGHUDWLRQ H[FHSWLRQDO IDFWRUV HJ ZLWK UHJDUG WR RU
WKH GULYH PRWRU JDQL]DWLRQ RI ZRUN SURGXFWLRQ SHUVRQQHO HPSOR\HG
œ 3HUVRQQHO HQJDJHG WR RSHUDWH WKH PDFKLQH PXVW KDYH UHDG
 ,'(17,)<,1* 7+( 6$)(7< 127,&(6 WKH LQVWUXFWLRQ PDQXDO EHIRUH EHJLQQLQJ ZRUN HVSHFLDOO\
WKH VDIHW\ QRWLFHV FKDSWHU :KHQ ZRUN LV DOUHDG\ XQGHUZD\
,PSRUWDQW LQVWUXFWLRQV FRQFHUQLQJ WKH HQGDQJHUPHQW RI SHU LW LV WRR ODWH 7KLV LV SDUWLFXODUO\ UHOHYDQW IRU WHPSRUDU\ SHU
,KRU

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 ,.

œ $W WKH YHU\ OHDVW VXSHUYLVH WHPSRUDU\ SHUVRQQHO·V ZRUN LQ œ :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
œ 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 œ :RUN RQ JDV HTXLSPHQW PD\ RQO\ EH FDUULHG RXW E\ TXDOLILHG
LQWR WKH HTXLSPHQW SHUVRQQHO
œ $V IDU DV QHFHVVDU\ RU DFFRUGLQJ WR UHJXODWLRQV XVH SHU
 6DIHW\ QRWLFHV IRU RSHUDWLRQ
VRQDO SURWHFWLYH HTXLSPHQW
œ 'R QRW FDUU\ RXW DQ\ ZRUN LI VDIHW\ LV TXHVWLRQDEOH
œ 2EVHUYH DOO VDIHW\ DQG GDQJHU QRWLFHV RQ WKH PDFKLQH  XQLW
œ 0HHW DOO UHTXLUHPHQWV GHPDQGLQJ WKDW WKH PDFKLQH  XQLW LV
œ .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
œ ,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
œ $W OHDVW RQFH HYHU\ GD\ FKHFN WKH PDFKLQH  XQLW H[WHUQDOO\
œ 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
œ ,I WKHUH DUH DQ\ PDOIXQFWLRQV VKXW WKH PDFKLQH  XQLW GRZQ
œ 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
œ 2EVHUYH VZLWFKLQJ RQ DQG RII SURFHVVHV DQG PRQLWRULQJ LQ
œ 'R QRW FDUU\ RXW SURJUDPPH FKDQJHV VRIWZDUH WR WKH SUR GLFDWLRQV DFFRUGLQJ WR WKH LQVWUXFWLRQ PDQXDO
JUDPPDEOH FRQWURO V\VWHP
œ %HIRUH VZLWFKLQJ RQ  VWDUWLQJ XS WKH PDFKLQH  XQLW HQVXUH
œ 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
œ &DUU\ RXW WKH VHWWLQJ PDLQWHQDQFH DQG LQVSHFWLRQ SUR
œ ,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
œ ,W LV DEVROXWHO\ HVVHQWLDO WKDW WKH ZRUNSODFH LV DSSURSULDWHO\
HTXLSSHG IRU PDLQWHQDQFH PHDVXUHV œ %HIRUH FDUU\LQJ RXW DQ\ H[FHSWLRQDO ZRUN RU UHSDLUZRUN RS
HUDWLQJ SHUVRQQHO VKRXOG EH LQIRUPHG &DOO WKH VXSHUYLVRU
œ 0DNH VXUH ORFDWLRQ DQG RSHUDWLRQ RI ILUH H[WLQJXLVKHUV LV
NQRZQ œ )RU DOO ZRUN FRQFHUQLQJ RSHUDWLRQ FKDQJH LQ SURGXFWLRQ
FRQYHUVLRQ RU UHJXODWLQJ RI WKH PDFKLQH  XQLW DQG LWV VDIHW\
œ 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
œ :RUN RQ  ZLWK WKH PDFKLQH  XQLW PD\ RQO\ EH FDUULHG RXW E\ œ &OHDU DQG PDNH WKH PDLQWHQDQFH DUHD VDIH DV IDU DV QHFHV
UHOLDEOH SHUVRQQHO 2EVHUYH WKH OHJDO PLQLPXP DJH SHUPLV VDU\
VLEOH
œ ,I WKH PDFKLQH  XQLW LV FRPSOHWHO\ VZLWFKHG RII IRU PDLQWH
œ 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
œ (QVXUH WKDW RQO\ WUDLQHG SHUVRQQHO ZRUN ZLWK WKH PDFKLQH œ :KHQ UHSODFLQJ LQGLYLGXDO SDUWV DQG ODUJHU DVVHPEO\
œ (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
œ 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 œ 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 ,.

œ )RU DVVHPEO\ ZRUN DERYH ERG\ KHLJKW XVH DSSURSULDWH œ %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 
œ &OHDQ RLO IXHO RU FDUH SURGXFWV IURP WKH PDFKLQH LQ SDUWLFX œ :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
œ 2QO\ SHUVRQQHO ZLWK SDUWLFXODU NQRZOHGJH DQG H[SHULHQFH
IOXLG 8VH D ILEUHIUHH FOHDQLQJ FORWK
ZLWK SQHXPDWLFV PD\ FDUU\ RXW ZRUN RQ SQHXPDWLF HTXLS
œ %HIRUH FOHDQLQJ WKH PDFKLQH ZLWK ZDWHU RU MHW RI VWHDP KLJK PHQW
SUHVVXUH FOHDQHU RU GHWHUJHQW FRYHU  VHDO DOO RSHQLQJV
œ &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
œ :KHQ FOHDQLQJ WKH RSHUDWLQJ URRP HQVXUH WKDW WKH WHPSHU
œ '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 œ 3UHVVXUL]HG DLU OLQHV PXVW EH ODLG DQG PRXQWHG E\ TXDOLILHG
SHUVRQQHO &RQQHFWLRQV PXVW QRW EH PL[HG XS )LWWLQJV
œ &RPSOHWHO\ UHPRYH DOO FRYHUV  VHDOV DIWHU FOHDQLQJ
OHQJWK DQG TXDOLW\ RI WKH SLSLQJ PXVW FRUUHVSRQG WR UHTXLUH
œ $IWHU FOHDQLQJ FKHFN DOO SUHVVXUH OLQHV IRU OHDNV ORRVH FRQ PHQWV
QHFWLRQV ZHDU DQG GDPDJH ,PPHGLDWHO\ HOLPLQDWH DQ\
œ 6RXQGSURRILQJ HTXLSPHQW RQ WKH PDFKLQH  XQLW PXVW EH LQ
IDXOWV
SODFH DQG IXQFWLRQDO GXULQJ RSHUDWLRQ
œ $OZD\V UHWLJKWHQ DQ\ VFUHZ FRQQHFWLRQV ORRVHQHG IRU PDLQ
œ 7KH VWLSXODWHG KHDULQJ SURWHFWRUV PXVW EH ZRUQ
WHQDQFH RU UHSDLUZRUN
œ :LWK UHJDUG WR RLO JUHDVH DQG RWKHU FKHPLFDO VXEVWDQFHV
œ ,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 œ )RU ORDGLQJ RQO\ XVH OLIWLQJ GHYLFH DQG HTXLSPHQW ZLWK VXIIL
ZRUN FLHQW OLIWLQJ SRZHU DQG VWUHQJWK
œ (QVXUH VDIH DQG HQYLURQPHQWDOO\ IULHQGO\ GLVSRVDO RI FRQ œ $SSRLQW WUDLQHG JXLGH SHUVRQQHO IRU OLIWLQJ RSHUDWLRQV
VXPDEOHV DQG ROG SDUWV
œ 0DFKLQHV PD\ RQO\ EH OLIWHG ZLWK D OLIWLQJ GHYLFH DQG E\
WUDLQHG SHUVRQQHO DFFRUGLQJ WR LQVWUXFWLRQV LQ WKH LQVWUXFWLRQ
 3DUWLFXODU DUHDV RI GDQJHU
PDQXDO IL[LQJ SRLQWV IRU IL[LQJ HTXLSPHQW HWF 
œ 8VH RQO\ RULJLQDO IXVHV ZLWK VSHFLILHG FXUUHQW UDWLQJ ,I WKHUH
œ 8VH RQO\ VXLWDEOH WUDQVSRUWHUV ZLWK VXIILFLHQW FDUU\LQJ
LV D IDLOXUH LQ WKH HOHFWULF HQHUJ\ VXSSO\ VKXW WKH PDFKLQH 
SRZHU
XQLW GRZQ LPPHGLDWHO\
6HFXUH WKH ORDG SURSHUO\ 8VH VXLWDEOH IL[LQJ SRLQWV
œ :RUN RQ HOHFWULF XQLWV RU RSHUDWLQJ HTXLSPHQW PD\ RQO\ EH
FDUULHG RXW E\ D TXDOLILHG HOHFWULFLDQ RU E\ D SHUVRQ XQGHU WKH œ ,I QHFHVVDU\ SURYLGH PDFKLQH  XQLW ZLWK WUDQVSRUWDWLRQ
LQVWUXFWLRQ DQG VXSHUYLVLRQ RI D TXDOLILHG HOHFWULFLDQ DFFRUG EUDFNHWV 'LVSOD\ WKH DSSURSULDWH QRWLFH 5HPRYH WUDQV
LQJ WR HOHFWULF WHFKQLFDO UHJXODWLRQV SRUWDWLRQ EUDFNHWV LQ WKH FRUUHFW PDQQHU EHIRUH WDNLQJ LQWR
RSHUDWLRQ
œ 0DFKLQHV DQG XQLW SDUWV ZKLFK PXVW XQGHUJR LQVSHFWLRQ
PDLQWHQDQFH DQG UHSDLUZRUN PXVW EH GLVFRQQHFWHG IURP œ 3DUWV ZKLFK QHHG WR EH GLVPDQWOHG IRU WUDQVSRUW SXUSRVHV
WKH PDLQV VXSSO\ LI VSHFLILHG 3DUWV ZKLFK KDYH EHHQ GLV PXVW EH FDUHIXOO\ UHSODFHG DQG VHFXUHG EHIRUH WDNLQJ LQWR
FRQQHFWHG PXVW ILUVW EH FKHFNHG IRU YROWDJH WKHQ HDUWKHG RSHUDWLRQ
DQG VKRUWFLUFXLWHG DQG LVRODWHG IURP OLYH QHLJKERXULQJ
SDUWV œ (YHQ ZKHQ PRYLQJ WKH PDFKLQH  XQLW RQO\ VOLJKWO\ WKH PD
FKLQH  XQLW PXVW EH GLVFRQQHFWHG IURP DOO H[WHUQDO HQHUJ\
œ 7KH HOHFWULFDO HTXLSPHQW RI D PDFKLQH  XQLW PXVW EH UHJX VRXUFHV %HIRUH SXWWLQJ LQWR XVH DJDLQ UHFRQQHFW WKH PD
ODUO\ FKHFNHG 'HIHFWV VXFK DV ORRVH VFUHZ FRQQHFWLRQV RU FKLQH WR WKH PDLQV DFFRUGLQJ WR UHJXODWLRQV
EXUQW ZLUHV PXVW EH UHFWLILHG LPPHGLDWHO\
œ :KHQ WDNLQJ EDFN LQWR RSHUDWLRQ SURFHHG DFFRUGLQJ WR WKH
œ ,I ZRUN LV WR EH FDUULHG RXW RQ OLYH SDUWV ZRUN ZLWK D VHFRQG LQVWUXFWLRQ PDQXDO
SHUVRQ ZKR FDQ RSHUDWH WKH HPHUJHQF\ RII VZLWFK RU WKH
PDLQ VZLWFK LQ WKH FDVH RI DQ HPHUJHQF\ &ORVH RII WKH ZRUN
 6$)(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
œ 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
œ 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 3UH‰OXIW7* WKH LQVSHFWLRQ LQWHUYDOV DUH JRYHUQHG E\ 75*  HQFORVXUH  JURXS  $FFRUG
LQJ WR WKLV WKH LQVSHFWLRQ LQWHUYDO LV  \HDUV )RU EUHDWKLQJ DSSDUDWXV ODEHOOHG 'UXFNOXIW$* RU 3UH‰OXIW$* 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 ,.

9.2 Testing flexible piping


9.2.1 Flexible piping (i.e. hose pipes and articulated pipes)a)
must be tested prior to first time operation and at least
once a year according to actual requirements to ensure
satisfactory condition (i.e. no wear and tear or leak-
age).
This shall be carried out by the manufacturer or the per-
sons responsible for the filling operation.
9.2.2 Testing as per item 9.2.1 shall include the following
individual tests:
1. visual inspection inside and outside to the extent
possible to ascertain general conditions.
2. pressure testing to 1.5 times the highest service pres-
sure.
9.2.3 Pressure testing hoses shall be carried out with
waterb) . The test pressure shall be maintained for at
least 10 minutes. Hoses shall be first tested when ex-
tended and then when rolled up (drum diameter approx.
30 times hose diameter).
9.2.4 The results of testing shall be certified by the manufac-
turer prior to first time operation and later testing shall
be documented by the filling inspector. These certifi-
cates shall be filed in a safe place. The certificate shall
identify:
1. date of testing
2. persons responsible for testing
3. nature and identification of the pipe tested
4. test medium
5. description of test method
6. any defects established and how they were remedied.
In addition, the manufacturer’s test certificate shall
identify the material and rated pressure. The certificate
relating to the hose pipes shall state that the hose is suit-
able for the pressurized gas.
9.3 Maintenance
9.3.1 Infrequently used closing devices shall be checked at
suitable intervals.
9.3.2 Parts coming into contact with oxidizing pressurized
gases shall be inspected for signs of oil and grease in
suitable intervals and cleaned as required.
10. Shutting down the system, reporting accidents and
damage.
10.1 Should a filling system not be in proper condition, thus
constituting a hazard for operating personnel or third
parties, the system shall be shut down immediately (see
para. 30, section 3, DruckbehV).
10.2 Any person operating a filling system is obliged to re-
port any accident to do with the operation of the system
in which a person has been killed or health damaged
and shall file the details with the supervising authorities
and the responsible accident insurer without delay (see
para. 34., DruckbehV).
10.3 Item 10.2 also applies when a pressurized gas container
having a capacity in excess of 1 litre (1.05 quarts) is split
open or explodes inside or outside the filling system (see
para. 34, DruckbehV).

D 2Q EUHDWKLQJ DLU XQLWV ILOOLQJ KRVHV


E )LOOLQJ KRVHV PXVW EH WKRURXJKO\ GULHG LQVLGH DQG RXW DIWHU SUHVVXUH WHVWLQJ


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 ,167$//$7,21 23(5$7,21


 ,167$//$7,21

)RU SQHXPDWLF FRQQHFWLRQV GLPHQVLRQV DQG ZHLJKW UHIHU WR


FRPSUHVVRU EORFN GUDZLQJ LQ WKH DQQH[
)RU RSHUDWLQJ SURFHGXUHV UHIHU WR DSSOLFDEOH FRPSUHVVRU XQLW
LQVWUXFWLRQ PDQXDO

,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 0$,17(1$1&( 6&+('8/(


 0$,17(1$1&( ,17(59$/6

,QWHUYDO 0DLQWHQDQFH :RUN &KDS

'DLO\ EHIRUH WDNLQJ XQLW LQWR RSHUDWLRQ &KHFN RLO OHYHO 

 KRXU DIWHU VWDUWXS 0DQXDO FKHFN RI YDOYH IXQFWLRQ 

:HHNO\ RU DV UHTXLUHG &KHFN DXWRPDWLF FRQGHQVDWH GUDLQ RSHQ PDQXDO FRQGHQVDWH GUDLQ 
WDSV

 RSHUDWLQJ KRXUV &KHFN RLO SXPS GULYH EHOW 


6HUYLFH PLFURQLF LQWDNH ILOWHU 
&KHFN VDIHW\ YDOYHV 
&KHFN DOO FRQQHFWLRQV IRU OHDNDJH 

 RSHUDWLQJ KRXUV 'LVPDQWOH YDOYHV FOHDQ FKHFN DQG UHSODFH LI QHFHVVDU\ 
0LQHUDO RLO FKDQJH 
&OHDQ VLQWHUHG PHWDO ILOWHU HOHPHQW V 

 RSHUDWLQJ KRXUV 6\QWKHWLF RLO FKDQJH 


5HSODFH YDOYHV 

 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 ,.

 0$,17(1$1&( 5(&25'


:H UHFRPPHQG WKDW DOO PDLQWHQDQFH ZRUN LV UHFRUGHG LQ D VHU QDQFH 3OHDVH UHIHU WR VHFWLRQ  RI RXU JHQHUDO WHUPV DQG
YLFH ERRN VKRZLQJ WKH GDWH DQG GHWDLOV RI WKH ZRUN FDUULHG RXW FRQGLWLRQV
7KLV ZLOO KHOS WR DYRLG H[SHQVLYH UHSDLUZRUN FDXVHG E\ PLVVHG
)RU WKLV SXUSRVH WKH IROORZLQJ PDLQWHQDQFH FRQWURO VKHHW LV
PDLQWHQDQFH ZRUN
SURYLGHG FRS\ DV UHTXLUHG  7KH JUH\ ER[HV LQGLFDWH ZKHQ WKH
,I LW LV QHFHVVDU\ WR FODLP DJDLQVW WKH ZDUUDQW\ LW ZLOO KHOS WR KDYH PDLQWHQDQFH ZRUN LV GXH 3OHDVH PDUN WKH DSSURSULDWH ER[ HV
SURRI WKDW UHJXODU PDLQWHQDQFH ZRUN KDV EHHQ FDUULHG RXW DQG WR VKRZ ZKDW PDLQWHQDQFH ZRUN KDV EHHQ FDUULHG RXW DQG WKH
WKDW WKH GDPDJH KDV QRW EHHQ FDXVHG E\ LQVXIILFLHQW PDLQWH QXPEHU RI KRXUV RI VHUYLFH WKHQ VLJQ DQG GDWH

%LDQQXDOO\
$QQXDOO\























G
2SHUDWLQJ KRXUV 'DWH
6LJQDWXUH
:RUN WR EH FDUULHG RXW

G
G

&KHFN RLO SXPS GULYH


9EHOW
6HUYLFH PLFURQLF LQWDNH
ILOWHU
&KHFN VDIHW\ YDOYHV

&KHFN FRQQHFWLRQV IRU


OHDNDJH
'LVPDQWOH YDOYHV FOHDQ
DQG FKHFN
2LO FKDQJH PLQHUDO RLO

&OHDQ VLQWHUHG PHWDO ILOWHU


HOHPHQWV
2LO FKDQJH V\QWKHWLF RLO

5HSODFH YDOYHV

&KHFN RSHQLQJ SUHVVXUH


RI VDIHW\ YDOYHV
&KHFN SLVWRQV DQG SLVWRQ
ULQJV


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 6725$*( 35(6(59$7,21


 *(1(5$/  35(9(17,9( 0$,17(1$1&( '85,1*
6725$*(
,I WKH FRPSUHVVRU LV SXW RXW RI VHUYLFH IRU PRUH WKDQ VL[ PRQWKV
WKH XQLW VKRXOG EH SUHVHUYHG LQ DFFRUGDQFH ZLWK WKH IROORZLQJ 5XQ WKH FRPSUHVVRU RQFH HYHU\  PRQWKV DV GHVFULEHG LQ WKH
LQVWUXFWLRQV IROORZLQJ
0DNH VXUH WKH FRPSUHVVRU LV NHSW LQGRRUV LQ D GU\ GXVW IUHH  5HPRYH WKH GXVW FDS IURP WKH LQOHW SRUW DQG LQVHUW WKH LQWDNH
URRP 2QO\ FRYHU WKH FRPSUHVVRU ZLWK SODVWLF LI LW LV FHUWDLQ WKDW ILOWHU
QR FRQGHQVDWLRQ ZLOO IRUP XQGHU WKH VKHHW 1HYHUWKHOHVV WKH  2SHQ WKH ILOOLQJ YDOYHV RU WKH RXWOHW YDOYH DQG OHW WKH XQLW UXQ
VKHHW VKRXOG EH UHPRYHG IURP WLPH WR WLPH DQG WKH XQLW FOHDQHG IRU DSSUR[  PLQXWHV RU XQWLO WKH SUHVVXUH JDXJHV LQGLFDWH
RQ WKH RXWVLGH ,I WKLV SURFHGXUH FDQQRW EH IROORZHG DQGRU WKH WKH FRUUHFW YDOXHV
FRPSUHVVRU LV JRLQJ WR EH WDNHQ RXW RI VHUYLFH IRU PRUH WKDQ   6WRS WKH FRPSUHVVRU
\HDUV SOHDVH FRQWDFW RXU 7HFKQLFDO 6HUYLFH 'HSDUWPHQW IRU
VSHFLDO LQVWUXFWLRQV  2SHQ FRQGHQVDWH GUDLQ YDOYHV DQG UHOHDVH FRPSUHVVHG DLU
&ORVH FRQGHQVDWH GUDLQ YDOYHV DJDLQ
 35(3$5$7,21  &DUU\ RXW SUHVHUYDWLRQ SURFHGXUH DFFRUGLQJ WR SDUD

%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 ,.

 5(3$,5 ,16758&7,216


 *(1(5$/

3UHYHQWLYH PDLQWHQDQFH XVXDOO\ LQYROYHV UHSODFLQJ WKH YDOYHV


JDVNHWV DQG VHDOLQJ ULQJV DV ZHOO DV FDUU\LQJ RXW WKH PDLQWH
QDQFH ZRUN
5HSDLU ZRUN FDQ EH FDUULHG RXW RQ WKH FRPSUHVVRU EORFN WR D
FHUWDLQ H[WHQW EXW D FHUWDLQ H[SHULHQFH DQG VNLOO LV QHFHVVDU\ ,W
VKRXOG EH QRWHG KRZHYHU WKDW
 QR UHSDLU VKRXOG EH FDUULHG RXW RQ WKH FUDQNGULYH QRU RQ WKH
EHDULQJV
 VDIHW\ YDOYHV DUH QRW UHSDLUHG EXW DOZD\V UHSODFHG FRP
SOHWHO\

127(
)RU DOO IXUWKHU UHSDLU LQVWUXFWLRQV UHIHU WR DSSOLFDEOH
ZRUNVKRS PDQXDO

,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 7528%/(6+227,1*

7URXEOH &DXVH 5HPHG\

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

([FHVVLYH SLVWRQ FOHDUDQFH 5HSODFH


&RPSUHVVRU RXWSXW LQVXIILFLHQW 3LSHV OHDNLQJ 5HWLJKWHQ
,QWDNH ILOWHU FORJJHG 5HSODFH ILOWHU HOHPHQW
6DIHW\ YDOYHV EHWZHHQ LQGLYLGXDO VWDJHV ,QWHUPHGLDWH SUHVVXUH WRR KLJK &KHFN YDOYHV  VHH   VHUYLFH DQG
UHOHDVLQJ SUHVV
SUHVVXUH
UH FOHDQ YDOYHV
DO HV
9DOYHV QRW FORVLQJ SURSHUO\
&RPSUHVVRU UXQQLQJ WRR KRW ,QVXIILFLHQW VXSSO\ RI IUHVK FRROLQJ DLU &KHFN ORFDWLRQ PD[ DPELHQW WHPSHUD
WXUH   •&  •)
,QWDNH RU RXWOHW YDOYHV QRW FORVLQJ SUR &KHFN DQG FOHDQ YDOYHV UHSODFH DV QH
SHUO\ FHVVDU\
:URQJ GLUHFWLRQ RI URWDWLRQ 6HH DUURZ RQ FRPSUHVVRU DQG UHPHG\
DFFRUGLQJO\
2LO UHVLGXH LQ GHOLYHUHG DLU ,PSURSHU PDLQWHQDQFH RI ILOWHUV ILOWHU FDU 5HPHG\ ILOWHUV FKDQJH ILOWHU FDUWULGJHV
WULGJH VDWXUDWHG
:URQJ RLO W\SH 8VH ULJKW RLO W\SH VHH FKDS  DQG FOHDQ
VRRWHG YDOYHV
$XWRPDWLF &RQGHQVDWH 'UDLQ RSWLRQDO
'UDLQ YDOYHV GR QRW FORVH 1R FRQWURO DLU &KHFN FRQWURO DLU OLQH
'UDLQ YDOYHV OHDNLQJ 'LVPDQWOH GUDLQ YDOYH DQG FOHDQ
'UDLQ YDOYHV GR QRW RSHQ &RQGHQVDWH GUDLQ YDOYH SLVWRQ MDPPHG 'LVPDQWOH GUDLQ YDOYH FOHDQ RU UHSODFH
YDOYH
6ROHQRLG YDOYH GRHV QRW FORVH 6ROHQRLG YDOYH IDXOW\ &KHFN VROHQRLG YDOYH DQG UHSODFH LI QH
FHVVDU\
1R HOHFWULFDO VLJQDO &KHFN IRU YROWDJH IURP WLPHU
6ROHQRLG YDOYH GRHV QRW RSHQ 6ROHQRLG YDOYH IDXOW\ &KHFN VROHQRLG YDOYH DQG UHSODFH LI QH
FHVVDU\
&RQWLQXRXV HOHFWULFDO VLJQDO &KHFN HOHFWULFDO FRQWURO FLUFXLW DQG WLPHU
8QVDWLVIDFWRU\ GUDLQDJH ORW RI FRQGHQ 1R]]OHV LQ UG DQG WK VWDJH GUDLQ YDO 5HPRYH QR]]OHV FOHDQ
VDWH IURP PDQXDO YDOYHV YHV FORJJHG 1RWH UG VWDJH PP «
WK VWDJH PP «
,KRU


,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\

%ROW RU VFUHZ 7KUHDG 0D[ WRUTXH

+H[ DQG DOOHQ KHDG 0  1P  IWOEV

+H[ DQG DOOHQ KHDG 0  1P  IWOEV

+H[ DQG DOOHQ KHDG 0   1P  IWOEV

+H[ DQG DOOHQ KHDG 0   1P  IWOEV

+H[ DQG DOOHQ KHDG 0   1P  IWOEV

+H[ DQG DOOHQ KHDG 0   1P  IWOEV

3LSH FRQQHFWLRQV VZLYHO QXWV  )LQJHUWLJKW   WXUQ

 72548( 6(48(1&(


7LJKWHQ YDOYH KHDG DQG F\OLQGHU EROWVQXWV HTXDOO\ LQ WKH VH
TXHQFH VKRZQ LQ )LJ 
%H VXUH WR WLJKWHQ DOO SDUWV LQ FROG FRQGLWLRQ RQO\

,KRU

)LJ  7RUTXH VHTXHQFH


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 /8%5,&$7,21 &+$57

8VDJH /XEULFDQWV

5XEEHU DQG SODVWLF SDUWV ILOWHU KRXVLQJ WKUHDGV :(,&21 :3  :+,7( SDUW QR 1
RU
:KLWH SHWURODWXP '$% SDUW QR 1

6HDOLQJ ULQJV .OEHU 0LFUROXEH */

6KDIW VHDO VHDO .OEHU 0LFUROXEH */


6KDIW VHDO VKDIW .OEHU 6. 

6FUHZV EROWV WKUHDGV :(,&21 $17,6(,=( $6  3


SDUW QR 1 RU HTXLYDOHQW FRPSRXQG ZLWK FRSSHU RU 0R6
DGGLWLYHV

)RU DOO OXEULFDWLQJ RLOV UHIHU WR FKDSWHU  RU OXEULFDWLQJ RLO OLVW DYDLODEOH WKURXJK %$8(5 6HUYLFH 'HSDUWPHQW

 $'+(6,9( $1' 6($/$17 &+$57

8VDJH $GKHVLYHV DQG 6HDODQWV

6FUHZV /RFWLWH 

6HDOV IRU FRQLFDO WKUHDGV /RFWLWH 

0HWDO  PHWDO VHDOV 7HPSHUDWXUH UHVLVWDQW FRPSRXQG HJ


+LJK WHPSHUDWXUH FRQQHFWLRQV HJ YDOYH KHDGV F\OLQGHUV :$&.(5 ( SDUW QR 1

3DSHU JDVNHWV /RFWLWH )$* 

 7(67,1* $*(176

8VDJH 7HVWLQJ DJHQWV

7XEH FRQQHFWRUV WXEHV /HDNDJH WHVW VSUD\ SDUW QR )0


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 &219(56,21 7$%/( EDU  SVL

EDU SVL EDU SVL EDU SVL EDU SVL EDU SVL
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 &219(56,21 7$%/( SVL  EDU

SVL EDU SVL EDU SVL EDU SVL EDU SVL EDU
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 7(03(5$785( &219(56,21 7$%/(

. •& •& •)
 


 


 


  


  


  


 
 

 
 

 
 
 


 


 


 


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 0,6&(//$1(286 &219(56,21 7$%/(6


/LQHDU PHDVXUHV
FP P NP LQ IW PLOH
FP   [      [  
P       [  
NP [     [   
LQ    [      [  
IW    [      [  
PLOH  [     [   

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     

3UHVVXUH FRQYHUVLRQ WDEOH


PP +J LQFK +J LQFK +2 IW +2 DWP SVL NJFP EDU N3D
PP +J         
LQFK +J         
LQFK +2         
IW +2         
DWP         
OELQ         
NJFP         
EDU         
N3D         


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

127(6


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.

 $11(;

œ 6FKHPDWLF GLDJUDPV VWDQGDUG


$LU IORZ GLDJUDPV VWDQGDUG
'UDZLQJV
3DUWV OLVWV VWDQGDUG

RU GHSHQGLQJ RQ RUGHU

œ 6SHFLDO GRFXPHQWDWLRQ
6FKHPDWLF GLDJUDPV
$LU IORZ GLDJUDPV
,OOXVWUDWLRQV
3DUWV OLVWV

7KLV VSHFLDO GRFXPHQWDWLRQ VXSHUVHGHV DQGRU VXSSOHPHQWV WKH UHVSHF


WLYH SDUDJUDSKVILJXUHV RI WKH ,QVWUXFWLRQ 0DQXDO
,KRU


,QVWUXFWLRQ 0DQXDO . ,. DQG ,.


(UVDW]WHLOOLVWH $ .RPSUHVVRUEORFN . ,. ,.
6SDUH SDUWV FDWDORJXH $ &RPSUHVVRU EORFN . ,. ,.
/LVWH GH SLqFHV $ %ORF FRPSUHVVHXU . ,. ,.

%DXJUXSSH $VVHPEO\ *URXSH G·DVVHPEODJH 6HLWHSDJH

 .XUEHOJHKlXVH          &UDQNFDVH                     &DUWHU                               $ 


 7ULHEZHUN               'ULYLQJ JHDU                    (PELHOODJH                           $ 
 =\OLQGHU  6WXIH          &\OLQGHU VW VWDJH               &\OLQGUH H pWDJH                     $ 
 =\OLQGHU  6WXIH          &\OLQGHU QG VWDJH              &\OLQGUH H pWDJH                     $ 
 =\OLQGHU  6WXIH          &\OLQGHU UG VWDJH               &\OLQGUH H pWDJH                     $ 
 =\OLQGHU  6WXIH .     &\OLQGHU WK VWDJH .          &\OLQGUH H pWDJH .                 $ 
 =\OLQGHU  6WXIH .  &\OLQGHU WK VWDJH .        &\OLQGUH H pWDJH .              $ 
 9HQWLONRSI  6WXIH        9DOYH KHDG VW VWDJH             &XODVVH H pWDJH                     $ 
 9HQWLONRSI  6WXIH        9DOYH KHDG QG VWDJH            &XODVVH H pWDJH                     $ 
 9HQWLONRSI  6WXIH        9DOYH KHDG UG VWDJH            &XODVVH H pWDJH                     $ 
 9HQWLONRSI  6WXIH .   9DOYH KHDG UG VWDJH .        &XODVVH H pWDJH .                 $ 
 9HQWLONRSI  6WXIH . 9DOYH KHDG WK VWDJH .     &XODVVH H pWDJH .              $ 
 6FKZXQJUDG NSO         )O\ZKHHO DVV\                  9RODQW FSO                            $ 
 $QVDXJILOWHU NSO          ,QWDNH ILOWHU DVV\                )LOWUH G·DVSLUDWLRQ FSO                  $ 
 =ZLVFKHQILOWHU            ,QWHUPHGLDWH VHSDUDWRU           6pSDUDWHXU LQWHUPpGLDLUH               $ 
 =ZLVFKHQILOWHU .       ,QWHUPHGLDWH VHSDUDWRU .      6pSDUDWHXU LQWHUPpGLDLUH .           $ 
 =ZLVFKHQILOWHU .     ,QWHUPHGLDWH VHSDUDWRU .    6pSDUDWHXU LQWHUPpGLDLUH .        $ 
 .RQGHQVDWDEOD‰KDKQ     &RQGHQVDWH GUDLQ WDS            5RELQHW GH SXUJH                      $ 
 .KOXQJ .            &RROLQJ DVV\ .               5HIURLGLVVHPHQW .                  $ 
 .KOXQJ .         &RROLQJ DVV\ .            5HIURLGLVVHPHQW .               $ 
 =ZLVFKHQNKOHU          ,QWHUFRROHU                    5HIURLGLVVHXU LQWHUPpGLDLUH             $ 
 =ZLVFKHQNKOHU          ,QWHUFRROHU                    5HIURLGLVVHXU LQWHUPpGLDLUH             $ 
 =ZLVFKHQNKOHU          ,QWHUFRROHU                    5HIURLGLVVHXU LQWHUPpGLDLUH             $ 
 'UXFN|OVFKPLHUXQJ .  /XEULFDWLRQ V\VWHP .          /XEULILFDWLRQ .                      $ 
 'UXFN|OVFKP .     /XEULFDWLRQ V\VWHP .       /XEULILFDWLRQ .                   $ 

bQGHU1U 'DWXP bQGHUXQJ &KDQJH &KDQJHPHQW


&KDQJH QR 'DWH
1R GH FKDQJH
  *UXQGDXVJDEH )HUWLJXQJVVW  %DVLF HGLWLRQ PRG  (GLWLRQ GH EDVH PRG 
  b0  &KQJQR  QR GH FKDQJH 

%LWWH EHDFKWHQ 6LH DXFK XQVHUH )RU UHJXODU XSGDWHV SOHDVH 3RXU OHV pGLWLRQV QRXYHOOHV VH FRQIHUHU
UHJHOPl‰LJHQ 1HXDXIODJHQ LP YLVLW XV LQ WKH LQWHUQHW DW j O·LQWHUQHW VRXV
,QWHUQHW XQWHU
ZZZEDXHUNRPSUHVVRUHQGH ZZZEDXHUNRPSUHVVRUHQGH ZZZEDXHU NRPSUHVVRUHQGH

$
:LFKWLJH +LQZHLVH IU 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 IU GLH 0RQWDJH DXIJHIKUW 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
 6WFN]DKOHQ  4XDQWLW\ UHTXLUHG  4XDQWLWp GpVLUpH
 %HQHQQXQJ XQG %HVW1U GHV JHZQVFKWHQ  1DPH DQG SDUW QR  'pQRPLQDWLRQ HW QR GH FRPPDQGH GH OD
7HLOV SLqFH GpVLUpH

%HVWHOO %HLVSLHO ([DPSOH IRU RUGHU ([HPSOH GH FRPPDQGH

)U .RPSUHVVRUEORFN  )RU FRPSUHVVRU EORFN  3RXU EORF FRPSUHVVHXU 
)DEULN1U  GUHL 'LFKWXQJHQ VHULDO QR  WKUHH JDVNHWV QR GH VpULH  WURLV MRLQWV QR GH
  FGH 

:DUWXQJVVlW]H 0DLQWHQDQFH NLW .LWV GH SLqFHV G·HQWUHWLHQ 

D :DUWXQJVVDW]  K D 0DLQWHQDQFH NLW  K D .LW G·HQWUHWLHQ  K


E :DUWXQJVVDW]  K E 0DLQWHQDQFH NLW  K E .LW G·HQWUHWLHQ  K
F :DUWXQJVVDW]  K F 0DLQWHQDQFH NLW  K F .LW G·HQWUHWLHQ  K

,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 IU 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

0RGHOO0RGHO0RGqOH )DEULN1U6HULDO QR1XPpUR GH VpULH

$QPHUNXQJHQ ]XU ,GHQWLILNDWLRQ


5HPDUNV IRU LGHQWLILFDWLRQ
5HPDUTXHV SRXU O·LGHQWLILFDWLRQ    -DKU

<HDU 

9ROXPHQVWURP PPLQ QPLQ 

)HUWLJXQJVVWDQG 
USP 0RGLILFDWLRQ QR 
% 1R GH PRGLILFDWLRQ
)UHH DLU GHOLYHU\ 6FIP N: .
$QODJH8QLW*URXSH
%HWULHEVEHUGUXFN EDU

0D[ ZRUNLQJ SUHVVSVLJ


.RPSUHVVRUEORFN
&RPSUHVVRU EORFN
%ORF FRPSUHVVHXU

$&+781* $77(17,21 $77(17,21

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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .XUEHOJHKlXVH2EHUWHLO FUDQNFDVH XSSHU SDUW FDUWHU VXSHULHXU


   .XUEHOJHKlXVH8QWHUWHLO FUDQNFDVH ORZHU SDUW FDUWHU LQIHULHXU
 1  6SUHQJULQJ VQDS ULQJ DQQHDXUHVVRUW J [
 1  1DGHOODJHU QHHGOH EHDULQJ URXOHPHQW D DLJXLOOHV  [[
 1  6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH J ',1 [)6W
 1  :HOOHQGLFKWULQJ VKDIW VHDO JDUQLWXUH HQ DQQHDX %$[[
   'LFKWXQJ JDVNHW MRLQW
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1 0[
 1  6FKHLEH ZDVKHU URQGHOOH J ',1 % 6W$$
 1  6HFKVNDQWPXWWHU KH[DJRQ QXW HFURX KH[DJRQDO J ',1 0$$
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1 0[
 1  'LFKWXQJ JDVNHW MRLQW J $[[&X
 1  9HUVFKOX‰VFKUDXEH SOXJ ERXFKRQ ILOHWH *$VFKZDU]
   /DJHUGHFNHO EHDULQJ FDS FKDSHDX GH SDOLHU
 1  6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH  J ',1 [
 1  5LOOHQNXJHOODJHU *URRYHG EDOO EHDULQJ 5RXOHP UDLQXUH D ELOOHV  NJ [[
 1  6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH J ',1 [)6W
 1  =\OLQGHUUROOHQODJHU F\OLQGULFDO UROOHU EHDULQJ URXOHPHQW D URXOHDX[  NJ [[
 1  :HOOHQGLFKWULQJ VKDIW VHDO JDUQLWXUH HQ DQQHDX ',1 $[[
 1  25LQJ RULQJ MRLQW WRULTXH [1%56KRUH
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1 0[
 1  6FKHLEH ZDVKHU URQGHOOH J ',1 % 6W$$
   9HUVFKOX‰VFKUDXEH SOXJ ERXFKRQ ILOHWH *
 1  25LQJ RULQJ MRLQW WRULTXH [)306K
   *HUDGHU (LQVFKUDXEVW VWUDLJKW PDOH FRQQHFWRU UDFFRUG GURLW PDOH  J %.0*(6  /55
 1  'LFKWULQJ JDVNHW MRLQW J ',1 $[[
   9HUELQGXQJVOHLWXQJ NSO FRQHFWLRQ SLSH FSO WXEH GH FRQQHFWLRQ FSO (QWOIWXQJVOHLWXQJ

$





 
 

 




 


 

 



 

 






 
 




$ 
(UVDW]WHLOVlW]H %DXJUXSSH  .XUEHOKHKlXVH
6SDUH SDUWV VHWV $VVHPEO\  &UDQNFDVH
.LWV GH SLqFHV GpW $VVHPEODJH  &DUWHU

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R 4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   gOVFKDXJODV NSO


 1  *HUDGHU(LQVFKUDXEVW FRQQHFWRU UDFFRUG  J *(6  /5:'*
  9HUELQGXQJVOHLWXQJ NSO Y.*2EHUWHLO ]gOVFK
 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5:'
  9HUELQGXQJVOHLWXQJ NSO YgOVFKDXJODV ] .*

$










$ D
(UVDW]WHLOVlW]H %DXJUXSSH  gOVFKDXJODV NSO
6SDUH SDUWV VHWV $VVHPEO\  2LO VLJKW JDXJH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH 

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .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  3D‰IHGHU 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

1XU ]XVDPPHQ OLHIHUEDU 2QO\ DYDLODEOH WRJHWKHU 1H VRQW OLYUpHV TX·HQVHPEOH


$


 








$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\  &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH  &\OLQGUH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   =\OLQGHU F\OLQGHU F\OLQGUH


;  1  25LQJ RULQJ MRLQW WRULTXH [
 1  6WLIWVFKUDXEH VWXG JRXMRQ ILOHWH ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
;  1  6HFKVNDQWPXWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1   1 0  
   .ROEHQ NSO SLVWRQ FSO SLVWRQ FSO

$


 




$ D
(UVDW]WHLOVlW]H %DXJUXSSH  .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\  3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  3LVWRQ FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .ROEHQ  [[


 1  .ROEHQULQJVDW] SLVWRQ ULQJ VHW MHX GHV VHJPHQWV GH S  J
  .ROEHQERO]HQ ',1   [[
 1  6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH J ',1   [

$




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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  0LQXWHQULQJ  J [
  1DVHQULQJ  J ',1   [
  gOVFKOLW]ULQJ  J [

1XU ]XVDPPHQ OLHIHUEDU 2QO\ DYDLODEOH WRJHWKHU 1H VRQW OLYUpHV TX·HQVHPEOH


$











$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\  &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH  &\OLQGUH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   =\OLQGHU F\OLQGHU F\OLQGUH


;  1  25LQJ RULQJ MRLQW WRULTXH [
 1  6WLIWVFKUDXEH VWXG JRXMRQ ILOHWH ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
;  1  6HFKVNDQWPXWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1   10  
   .ROEHQ NSO SLVWRQ FSO SLVWRQ FSO

$










$ D
(UVDW]WHLOVlW]H %DXJUXSSH  .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\  3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  3LVWRQ FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .ROEHQ  NJ [[


 1  .ROEHQULQJVDW] SLVWRQ ULQJ VHW MHX GHV VHJPHQWV GH S J
  .ROEHQERO]HQ SLVWRQ SLQ ',1   [[
 1  6LFKHUXQJVULQJ FLUFOLS DQQHDX GH UHWHQXH J ',1   [

$



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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  0LQXWHQULQJ J ',1   [


  5HFKWHFNULQJ J ',1   [

1XU ]XVDPPHQ OLHIHUEDU 2QO\ DYDLODEOH WRJHWKHU 1H VRQW OLYUpHV TX·HQVHPEOH


$













$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\  &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH  &\OLQGUH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   =\OLQGHU F\OLQGHU F\OLQGUH


;  1  25LQJ RULQJ MRLQW WRULTXH [
 1  6WLIWVFKUDXEH VWXG JRXMRQ ILOHWH ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
;  1  6HFKVNDQWPXWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1   1 0  
   .ROEHQ NSO SLVWRQ FSO SLVWRQ FSO

$









$ D
(UVDW]WHLOVlW]H %DXJUXSSH  .RMOEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\  3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  3LVWRQ FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .ROEHQ  [[


 1  .ROEHQULQJVDW] SLVWRQ ULQJ VHW MHX GHV VHJPHQWV GH S J
  .ROEHQERO]HQ ',1   [[
 1  6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH J ',1   [

$



 


 










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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  5HFKWHFNULQJ J ',1   [

1XU ]XVDPPHQ OLHIHUEDU 2QO\ DYDLODEOH WRJHWKHU 1H VRQW OLYUpHV TX·HQVHPEOH


$




 












$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =\OLQGHU
6SDUH SDUWV VHWV $VVHPEO\  &\OLQGHU
.LWV GH SLqFHV GpW $VVHPEODJH  &\OLQGUH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   =\OLQGHU2EHUWHLO F\OLQGHU XSSHU SDUW F\OLQGUH SDUWLH VXSHULHXUH


   =\OLQGHU8QWHUWHLO F\OLQGHU ORZHU SDUW F\OLQGUH SDUWLH LQIHULHXUH
 1  6WLIWVFKUDXEH VWXG JRXMRQ ILOHWH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
;  1  6HFKVNDQWPXWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1   1 0  
;  1  25LQJ RULQJ MRLQW WRULTXH [
   .ROEHQ NSO SLVWRQ FSO SLVWRQ FSO
;    .ROEHQEFKVH NSO SLVWRQ DQG VOHHYH GRXLOOH GH SLVWRQ

$









$ D
(UVDW]WHLOVlW]H %DXJUXSSH  .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\  3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  3LVWRQ FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   )KUXQJVNROEHQ SLVWRQ SLVWRQ


  .ROEHQERO]HQ ',1   [[
 1  6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH J ',1   [

$







$ E
(UVDW]WHLOVlW]H %DXJUXSSH  .ROEHQEFKVH
6SDUH SDUWV VHWV $VVHPEO\  3LVWRQ DQG VOHHYH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  'RXLOOH GH SLVWRQ FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .ROEHQEFKVH
  .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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   =\OLQGHU2EHUWHLO F\OLQGHU XSSHU SDUW F\OLQGUH SDUWLH VXSHULHXUH


   =\OLQGHU8QWHUWHLO F\OLQGHU ORZHU SDUW F\OLQGUH SDUWLH LQIHULHXUH
;  1  25LQJ RULQJ MRLQW WRULTXH [
 1  6WLIWVFKUDXEH VWXG JRXMRQ ILOHWH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
;  1  6HFKVNDQWPXWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1   1 0  
   .ROEHQ NSO SLVWRQ FSO SLVWRQ FSO
;    .ROEHQEFKVH NSO SLVWRQ DQG VOHHYH GRXLOOH GH SLVWRQ

$









$ D
(UVDW]WHLOVlW]H %DXJUXSSH  .ROEHQ NSO
6SDUH SDUWV VHWV $VVHPEO\  3LVWRQ DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  3LVWRQ FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   )KUXQJVNROEHQ SLVWRQ SLVWRQ


  .ROEHQERO]HQ ',1   [[
 1  6LFKHUXQJVULQJ FLUFOLS ULQJ DQQHDX GH UHWHQXH J ',1   [

$







$ E
(UVDW]WHLOVlW]H %DXJUXSSH  .ROEHQEFKVH
6SDUH SDUWV VHWV $VVHPEO\  3LVWRQ DQG VOHHYH DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  'RXLOOH GH SLVWRQ FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .ROEHQEFKVH
  .ROEHQ [[
 1  25LQJ RULQJ MRLQW WRULTXH [

1XU ]XVDPPHQ OLHIHUEDU RQO\ DYDLODEOH WRJHW]HU 1H VRQW OLYUpHV TX·HQVHPEOH


$












$ 
(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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   9HQWLONRSI YDOYH KHDG WHWH GH VRXSDSH


;  1  /DPHOOHQYHQWLO UHHG YDOYH VRXSDSH D ODPHOOHV  6/9
;    =\OLQGHU'LFKWXQJ JDVNHW MRLQW
;    9HQWLONRSI'LFKWXQJ YDOYH KHDG JDVNHW MRLQW GH WHWH GH VRXSDSH
 1  25LQJ RULQJ MRLQW WRULTXH [
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ ',1   0[  

$








$ 
(UVDW]WHLOVlW]H %DXJUXSSH  9HQWLONRSI
6SDUH SDUWV VHWV $VVHPEO\  9DOYH KHDG
.LWV GH SLqFHV GpW $VVHPEODJH  &XODVVH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   9HQWLONRSI YDOYH KHDG WHWH GH VRXSDSH  NJ


   6DXJYHQWLO VXFWLRQ YDOYH FODSHW G·DVSLUDWLRQ
   'UXFNYHQWLO NSO SUHVVXUH YDOYH VRXSDSH GH SUHVVLRQ  NJ
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  

$










$ D
(UVDW]WHLOVlW]H %DXJUXSSH  6DXJYHQWLO
6SDUH SDUWV VHWV $VVHPEO\  LQWDNH YDOYH
.LWV GH SLqFHV GpW $VVHPEODJH  &ODSHW G·DVSLUDWLRQ

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   'UXFNYHQWLOHLQVDW] NSO SUHVVXUH YDOYH LQVHUW JDUQLWXUH GH VRXSDSH


 1  25LQJ RULQJ MRLQW WRULTXH [
   7HOOHUIHGHU VSULQJ ZDVKHU UHVVRUW D GLVTXH
   9HUVFKUDXEXQJ FRXSOLQJ UDFFRUG
   *HZLQGHVWLIW VWXG JRXMRQ ILOHWH
 1  'LFKWXQJ JDVNHW MRLQW J ',1   &[[
 1  6HFKVNDQW+XWPXWWHU DFRUQ QXW HFURX D FKDSHDX  J ',1   0  

$












$ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  '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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   9HQWLONRSI YDOYH KHDG WHWH GH VRXSDSH  NJ


   'UXFNYHQWLO NSO SUHVVXUH YDOYH VRXSDSH GH SUHVVLRQ  NJ
   6DXJYHQWLO VXFWLRQ YDOYH FODSHW G·DVSLUDWLRQ
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  

$










$ D
(UVDW]WHLOVlW]H %DXJUXSSH  6DXJYHQWLO
6SDUH SDUWV VHWV $VVHPEO\  LQWDNH YDOYH
.LWV GH SLqFHV GpW $VVHPEODJH  &ODSHW G·DVSLUDWLRQ

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

    'UXFNYHQWLOHLQVDW] NSO SUHVVXUH YDOYH LQVHUW JDUQLWXUH GH VRXSDSH


  1  25LQJ RULQJ MRLQW WRULTXH [
   7HOOHUIHGHU VSULQJ ZDVKHU UHVVRUW D GLVTXH
   9HUVFKUDXEXQJ FRXSOLQJ UDFFRUG
   *HZLQGHVWLIW VWXG JRXMRQ ILOHWH
  1  'LFKWXQJ JDVNHW MRLQW J ',1   &[[
 1  6HFKVNDQW+XWPXWWHU DFRUQ QXW HFURX D FKDSHDX  J ',1   0  

$












$ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  '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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   9HQWLONRSI YDOYH KHDG WHWH GH VRXSDSH


;    6DXJYHQWLO VXFWLRQ YDOYH FODSHW G·DVSLUDWLRQ
;    'UXFNYHQWLO SUHVVXUH YDOYH VRXSDSH GH SUHVVLRQ 
 1  6HFKVNDQW+XWPXWWHU DFRUQ QXW HFURX D FKDSHDX  J ',1   0[  
;  1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[
;    *HZLQGHVWLIW VWXG JRXMRQ ILOHWH
   9HQWLONRSI'HFNHO YDOYH KHDG FRYHU FKDSHDX GH WHWH VRXSDSH
 1  25LQJ RULQJ MRLQW WRULTXH [

$




$ 
(UVDW]WHLOVlW]H
%DXJUXSSH  9HQWLONRSI
6SDUH SDUWV VHWV
$VVHPEO\  9DOYH KHDG
.LWV GH SLqFHV GpW
$VVHPEODJH  &XODVVH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   9HQWLONRSI YDOYH KHDG WHWH GH VRXSDSH


;    6DXJYHQWLO VXFWLRQ YDOYH FODSHW G·DVSLUDWLRQ
;    'UXFNYHQWLO SUHVVXUH YDOYH VRXSDSH GH SUHVVLRQ 
 1  6HFKVNDQW+XWPXWWHU DFRUQ QXW HFURX D FKDSHDX  J ',1   0[  
;  1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[
;    *HZLQGHVWLIW VWXG JRXMRQ ILOHWH
   9HQWLONRSI'HFNHO YDOYH KHDG FRYHU FKDSHDX GH WHWH VRXSDSH
 1  25LQJ RULQJ MRLQW WRULTXH [

$





 





 



$ 
(UVDW]WHLOVlW]H %DXJUXSSH  6FKZXQJUDG 5LHPHQWULHE
6SDUH SDUWV VHWV $VVHPEO\  )O\ZKHHO DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  5RXH YRODQW FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .HLOULHPHQVFKHLEH YEHOW SXOOH\ SRXOLH D JRUJH  NJ


   9HQWLODWRUIOJHOWUlJHU IDQ ZKHHO ZLQJ VXSSRUW VXSSRUW GHV DLOHWWHV
   /IWHUVFKDXIHO IDQ ZKHHO EODGH DLOHWWH GH URXH OLQNVGUHKHQG
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH J ',1   0[  
 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   $ 
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   $ 
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1   0[  
 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   $ 
   'HFNVFKHLEH ZDVKHU URQGHOOH

$














$ 
(UVDW]WHLOVlW]H %DXJUXSSH  $QVDXJILOWHU
6SDUH SDUWV VHWV $VVHPEO\  ,QWDNH ILOWHU
.LWV GH SLqFHV GpW $VVHPEODJH  )LOWUH G·DVSLUDWLRQ

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   $QVDXJILOWHU*HKlXVH LQWDNH ILOWHU KRXVLQJ ERLWLHU GH ILOWUH G·DVSLU

   $QVDXJILOWHU'HFNHO VXFWLRQ ILOWHU FRYHU FRXYHUFOH GH ILOWUH

   'UXFNIHGHU SUHVVXUH VSULQJ UHVVRUW GH SUHVVLRQ

;    25LQJ RULQJ MRLQW WRULTXH [

;  1  25LQJ RULQJ MRLQW WRULTXH [

;  1  )LOWHUHLQVDW] ILOWHU LQVHUW HOHPHQW ILOWUDQW & 

 1  6FKHOOH FODPS FROOLHU

$










$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =ZLVFKHQDEVFKHLGHU
6SDUH SDUWV VHWV $VVHPEO\  ,QWHUPHGLDWH VHSDUDWRU
.LWV GH SLqFHV GpW $VVHPEODJH  6pSDUDWHXU LQWHUPpGLDLUH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   )LOWHUNRSI NSO ILOWHU KHDG WHWH GH ILOWUH


 1  25LQJ RULQJ MRLQW WRULTXH [
   hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX 
   %HKlOWHUJHKlXVH ILOWHU KRXVLQJ FRUSV GH ILOWUH

$










$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =ZLVFKHQDEVFKHLGHU
6SDUH SDUWV VHWV $VVHPEO\  ,QWHUPHGLDWH VHSDUDWRU
.LWV GH SLqFHV GpW $VVHPEODJH  6pSDUDWHXU LQWHUPpGLDLUH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   )LOWHUNRSI NSO ILOWHU KHDG WHWH GH ILOWUH


;  1  25LQJ RULQJ MRLQW WRULTXH [
   hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX 
   %HKlOWHUJHKlXVH ILOWHU KRXVLQJ FRUSV GH ILOWUH

$












$ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   )LOWHUNRSI ILOWHU KHDG WHWH GH ILOWUH


   9HUWHLOHUEOHFK GLVWULEXWLRQ SODWH WROH GH GLVWULEXWLRQ
   3UDOOWULFKWHU EDIIOH IXQQHO HQWRQQRLU GH FKLFDQH
   0LWWHOVFKUDXEH FHQWHU VFUHZ YLV FHQWUDOH
;  1  )LOWHUHLQVDW] ILOWHU LQVHUW HOHPHQW ILOWUDQW [[

$










$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =ZLVFKHQDEVFKHLGHU
6SDUH SDUWV VHWV $VVHPEO\  ,QWHUPHGLDWH VHSDUDWRU
.LWV GH SLqFHV GpW $VVHPEODJH  VpSDUDWHXU LQWHUPpGLDLUH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   )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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   )LOWHUNRSI ILOWHU KHDG WHWH GH ILOWUH


   9HUWHLOHUEOHFK GLVWULEXWLRQ SODWH WROH GH GLVWULEXWLRQ
   3UDOOWULFKWHU EDIIOH IXQQHO HQWRQQRLU GH FKLFDQH
   0LWWHOVFKUDXEH FHQWHU VFUHZ YLV FHQWUDOH
;  1  )LOWHUHLQVDW] ILOWHU LQVHUW HOHPHQW ILOWUDQW [[

$












$ 
(UVDW]WHLOVlW]H %DXJUXSSH  .RQGHQVDW $EOD‰KDKQ
6SDUH SDUWV VHWV $VVHPEO\  &RQGHQVDWH GUDLQ WDS
.LWV GH SLqFHV GpW $VVHPEODJH  5RELQHW GH SXUJH GX FRQGHQVDW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   $EOD‰KDKQN|USHU NSO GUDLQ YDOYH ERG\ FRUSV GH URELQHW GH SXUJH


;    'LFKWXQJ JDVNHW MRLQW
   .QHEHOVFKUDXEH NSO WRPP\ VFUHZ DVV\ YLV D JDUUHW DYHF UHVVRUW
   .QHEHOVFKUDXEH WRPP\ VFUHZ YLV D JDUUHW
   6LFKHUXQJVIHGHU ORFNLQJ VSULQJ UHVVRUW G·DUUHW

$

 
$ 
$
 

  
 $

  



  
$


$ 


 







  




 


 
  
 
  
 
  
 


$ 
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   $EVWDQGVVWFN VSDFHU SLHFH SLHFH G·HFDUWHPHQW 


 1  6WLIWVFKUDXEH VWXG JRXMRQ ILOHWH ',1   0[  
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   )L[LHUXQJ IL[LQJ SLHFH SLHFH GH IL[DWLRQ
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   =ZLVFKHQ6WFN LQWHUPHGLDWH SLHFH SLHFH LQWHUPHGLDLUH
   )L[LHUXQJ IL[LQJ WXEH WX\DX GH IL[DWLRQ
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
 1  6HFKVNDQWPXWWHU KH[DJRQ QXW HFURX KH[DJRQDO J ',1   0  
   5RKUVFKHOOH WXEH FODPS FROOLHU SRXU WX\DX[
   9HUOlQJHUXQJVPXWWHU H[WHQVLRQ DOORQJHPHQW 
   5RKUVFKHOOH WXEH FODPS FROOLHU SRXU WX\DX[ 'L 
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   9HQWLODWRUUDGVFKXW] NSO IDQ VFUHHQ SURWHFWLRQ GH YHQWLODWHXU
$   'LVWDQ]VWFN VSDFHU GRXLOOH G·pFDUWHPHQW

$




$


 $





$ D
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 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.
   =ZLVFKHQNKOHU 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
   =ZLVFKHQNKOHU NSO LQWHUFRROHU UHIURLGLVVHXU LQWHUPHG 6WXIH
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5:'
 1  9HUVFKOX‰VWRSIHQ SOXJ ERXFKRQ  J 96  /6

$
6LFKHUKHLWVYHQWLO  6WXIH
6DIHW\ YDOYH QG VWDJH
6RXSDSH GH V€UHWp H pWDJH






 





 
 









$ E
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX J 0/


 1  9HUVFKOX‰VFKUDXEH SOXJ ERXFKRQ ILOHWH  J ',1   * $  6W 
 1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLRQ WXEH FSO WXEH GH FRQQH[LRQ FSO Y =ZLVFKHQI 6W ] 9
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
 1  *HUDGHU(LQVFKUDXEVW PDOH FRQQHFWRU  J *(6  65
 1  'LFKWXQJ JDVNHW MRLQW J $[[  &X
 1  9HUVFKOX‰VWRSIHQ SOXJ ERXFKRQ  J 96  /6
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX  J 06
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
   =ZLVFKHQNKOHU NSO LQWHUFRROHU UHIURLGLVVHXU LQWHUPHG 6WXIH
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5:'
 1  9HUVFKOX‰VWRSIHQ SOXJ ERXFKRQ  J 96  /6
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX J 0/
 1  9HUVFKOX‰VFKUDXEH SOXJ ERXFKRQ ILOHWH  J ',1   * $  6W
 1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[ 
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLQJ WXEH FSO WXEH GH FRQQH[LRQ Y =ZLVFKHQI 6W ] 9
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
 1  *HUDGHU(LQVFKUDXEVW  J *(6  65
 1  'LFKWXQJ JDVNHW MRLQW J $[[  &X
   1DFKNKOHU NSO DIWHUFRROHU FSO UHIURLGLVVHXU SRVWHULHXU

$
6LFKHUKHLWVYHQWLO  6WXIH
6DIHW\ YDOYH UG VWDJH 
6RXSDSH GH V€UHWp H pWDJH








 







6LFKHUKHLWVYHQWLO  6WXIH
6DIHW\ YDOYH VW VWDJH

6RXSDSH GH V€UHWp H pWDJH
 




$ F
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  *HUDGHU6FKRWWVWXW]HQ FRQQHFWRU UDFFRUG  J *66  6


 1  *HUDGHU(LQVFKUDXEVW PDOH FRQQHFWRU UDFFRUG GURLW PDOH  J *(6  /5
   'LFKWXQJ JDVNHW MRLQW [[

$









    





 



 







$ 
(UVDW]WHLOVlW]H %DXJUXSSH  =ZLVFKHQNKOHU NSO
6SDUH SDUWV VHWV $VVHPEO\  ,QWHU FRROHU DVV\
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHXU LQWHUPpGLDLUH FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .KOURKUVSLUDOH FRROLQJ WXEH VSLUDO


   +DOWHUXQJ PRXQWLQJ IL[DWLRQ  NJ
   )L[LHUXQJ IL[LQJ IRU FRROHU IL[DWLRQ GH UHIURLGLVVHXU  NJ I.KOURKU
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1 0[
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1 0[
 1  6FKHLEH ZDVKHU URQGHOOH J ',1 % 6W$$
 1  6HOEVWVLFKHUQGH 0XWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1 1 0$$
 1  6FKQHLGULQJ FXWWLQJ ULQJ DQQHDX GH PDWULFH  J '  //
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX  J 0// 0[

$

 
$ 
$
 

  
 $


  



  
$


$ 
 
 
   

 



     

   
 

  
 

  
 

   
 
  
   
 
 
  



$ 
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   $EVWDQGVVWFN VSDFHU SLHFH SLHFH G·HFDUWHPHQW 


 1  6WLIWVFKUDXEH VWXG JRXMRQ ILOHWH ',1   0[  
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   )L[LHUXQJ IL[LQJ SLHFH SLHFH GH IL[DWLRQ
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   =ZLVFKHQ6WFN LQWHUPHGLDWH SLHFH SLHFH LQWHUPHGLDLUH
   )L[LHUXQJ IL[LQJ WXEH WX\DX GH IL[DWLRQ
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
 1  6HFKVNDQWPXWWHU KH[DJRQ QXW HFURX KH[DJRQDO J ',1   0  
   5RKUVFKHOOH WXEH FODPS FROOLHU SRXU WX\DX[
   9HUOlQJHUXQJVPXWWHU H[WHQVLRQ DOORQJHPHQW 
   5RKUVFKHOOH WXEH FODPS FROOLHU SRXU WX\DX[ 'L 
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   9HQWLODWRUUDGVFKXW] NSO IDQ VFUHHQ SURWHFWLRQ GH YHQWLODWHXU
$   'LVWDQ]VWFN VSDFHU GRXLOOH G·pFDUWHPHQW
 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.

$




$



 $





$ D
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  :LQNHO(LQVFKUDXEVW  J :(6  /5.


   =ZLVFKHQNKOHU NSO LQWHUFRROHU VW VWDJH UHIURLGLVVHXU LQWHUPHGLDLUH 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
   =ZLVFKHQNKOHU NSO LQWHUFRROHU UHIURLGLVVHXU LQWHUPHG 6WXIH
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5:'
 1  9HUVFKOX‰VWRSIHQ SOXJ ERXFKRQ  J 96  /6
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX J 0/
 1  9HUVFKOX‰VFKUDXEH SOXJ ERXFKRQ ILOHWH  J ',1   * $  6W
 1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLRQ WXEH FSO WXEH GH FRQQH[LRQ FSO Y =ZLVFKHQI 6W ] 9
 1  *HUDGHU(LQVFKUDXEVW  J ;*(  //5
 1  *HUDGHU(LQVFKUDXEVW PDOH FRQQHFWRU  J *(6  65

$
6LFKHUKHLWVYHQWLO  6WXIH
6DIHW\ YDOYH QG VWDJH
6RXSDSH GH V€UHWp H pWDJH






 





 
 






 

$ E
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  'LFKWXQJ JDVNHW MRLQW J $[[  &X


 1  9HUVFKOX‰VWRSIHQ SOXJ ERXFKRQ  J 96  /6
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX  J 06
 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5
   =ZLVFKHQNKOHU NSO LQWHUFRROHU  VWDJH UHIURLGLVVHXU LQWHUPHG 6WXIH
 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5 .
 1  7(LQVFKUDXEVWXW]HQ  J 7(6  /5.
 1  9HUVFKOX‰VWRSIHQ SOXJ ERXFKRQ  J 96  /6
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX J 0/
 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5 .
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLRQ WXEH FSO WXEH GH FRQQH[LRQ FSO Y =ZLVFKHQI 6W ] 9

$


6LFKHUKHLWVYHQWLO  6WXIH
6DIHW\ YDOYH UG VWDJH
6RXSDSH GH V€UHWp H pWDJH 
 9 



 







6LFKHUKHLWVYHQWLO  6WXIH
6DIHW\ YDOYH VW VWDJH
 6RXSDSH GH V€UHWp H pWDJH
 




$ F
(UVDW]WHLOVlW]H %DXJUXSSH  .KOXQJ
6SDUH SDUWV VHWV $VVHPEO\  &RROLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  5HIURLGLVVHPHQW

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  *HUDGHU(LQVFKUDXEVW  J *(6  /5 .


   5RKUYHUVFKUDXEXQJ
   'LFKWXQJ JDVNHW MRLQW
   1DFKNKOHU NSO DIWHU FRROHU FSO UHIURLGLVVXHU FSO
 1  *HUDGHU6FKRWWVWXW]HQ FRQQHFWRU UDFFRUG  J *66  6
 1  *HUDGHU(LQVFKUDXEVW PDOH FRQQHFWRU UDFFRUG GURLW PDOH  J *(6  /5
   'LFKWXQJ JDVNHW MRLQW [[

$


 








 










 
 



$ 
(UVDW]WHLOVlW]H
%DXJUXSSH  =ZLVFKHQNKOHU NSO
6SDUH SDUWV VHWV
$VVHPEO\  ,QWHU FRROHU DVV\
.LWV GH SLqFHV GpW
$VVHPEODJH  5HIURLGLVVHXU LQWHUPpGLDLUH FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .KOURKUVSLUDOH FRROLQJ WXEH VSLUDO


   +DOWHUXQJ PRXQWLQJ IL[DWLRQ  NJ
   )L[LHUXQJ IL[LQJ IRU FRROHU IL[DWLRQ GH UHIURLGLVVHXU  NJ I .KOURKU
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
 1  6HOEVWVLFKHUQGH 0XWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1   1 0  
 1  6FKQHLGULQJ FXWWLQJ ULQJ DQQHDX GH PDWULFH  J '  //
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX  J 0  //

$


 








 










 
 



$ 
(UVDW]WHLOVlW]H
%DXJUXSSH  =ZLVFKHQNKOHU NSO
6SDUH SDUWV VHWV
$VVHPEO\  ,QWHU FRROHU DVV\
.LWV GH SLqFHV GpW
$VVHPEODJH  5HIURLGLVVHXU LQWHUPpGLDLUH FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  .KOURKUVSLUDOH FRROLQJ WXEH VSLUDO


   +DOWHUXQJ PRXQWLQJ IL[DWLRQ  NJ
   )L[LHUXQJ IL[LQJ IRU FRROHU IL[DWLRQ GH UHIURLGLVVHXU  NJ I .KOURKU
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
 1  6HOEVWVLFKHUQGH 0XWWHU KH[DJRQ QXW VHOIORFNLQJ HFURX KH[DJRQDO DXWRIU ',1   1 0  
 1  6FKQHLGULQJ FXWWLQJ ULQJ DQQHDX GH PDWULFH  J 5  /6
 1  hEHUZXUIPXWWHU VFUHZ FDS HFURXFKDSHDX  J 0  /

$












$ 
(UVDW]WHLOVlW]H %DXJUXSSH  'UXFN|OVFKPLHUXQJ
6SDUH SDUWV VHWV $VVHPEO\  /XEULFDWLRQ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  /XEULILFDWLRQ

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   gOSXPSHQDQWULHE RLO SXPS GULYH HQWUDLQHPHQW GH SRPSH


   ([FHQWHUZHOOH HFFHQWULF VKDIW DUEUH G·H[FHQWULTXH
 1  5LOOHQNXJHOODJHU JURRYHG EDOO EHDULQJ URXOHPHQW UDLQXUH D ELOOHV  NJ [[
   $EVFKOX‰GHFNHO EHDULQJ FDS FKDSHDX GH SDOLHU
 1  :HOOHQGLFKWULQJ VKDIW VHDO JDUQLWXUH HQ DQQHDX ',1   $[[
   'LFKWXQJ JDVNHW MRLQW 'L   'D 
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 

$



 















$ D
(UVDW]WHLOVlW]H %DXJUXSSH  'UXFN|OVFKPLHUXQJ
6SDUH SDUWV VHWV $VVHPEO\  /XEULFDWLRQ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  /XEULILFDWLRQ

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  gOSXPSH RLO SXPS SRPSH D KXLOH 6WDQGDUG


  gOSXPSH RLO SXPS SRPSH D KXLOH  • SLWFK UROO
   'LFKWXQJ JDVNHW MRLQW
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   gOGUXFNUHJXOLHUYHQWLO RLO SU UHJXODWLQJ YDOYH VRXSDSH GH UHJO GH SU
 1  25LQJ RULQJ MRLQW WRULTXH [
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ ',1   0[  
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLQJ SLSH FSO WXEH GH FRQQH[WLRQ FSO 'UXFN|OOHLWXQJ
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLRQ WXEH WXEH GH FRQQH[LRQ gOUFNODXIOHLWXQJ
 1  *HUDGHU(LQVFKUDXEVW FRQQHFWRU UDFFRUG  J *(6  /5
 1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[

$

 



 


  
 








$ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

;  1  .HLOULHPHQ YEHOW FRXUURLH WUDSH]RLGDOH  63=  /Z 


 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   
 1  =\OLQGHUVFKUDXE DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1   0[  
   .HLOULHPHQVFKHLEH YEHOW SXOOH\ SRXOLH D JRUJH
 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   
   5LHPHQVFKXW]GHFNHO EHOW JXDUG FRYHU SURWHFWHXU GH FRXUURLH
   .HLOULHPHQVFKHLEH Y EHOW SXOOH\ SRXOLH D JRUJH
   'LVWDQ]6WFN VSDFHU SLHFH SLHFH G·HFDUWHPHQW  NJ
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  

$
 







$ F
(UVDW]WHLOVlW]H %DXJUXSSH  .HLOULHPHQVFKHLEH
6SDUH SDUWV VHWV $VVHPEO\  9 EHOW SXOOH\
.LWV GH SLqFHV GpW $VVHPEODJH  3RXOLH j JRUJH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .HLOULHPHQVFKHLEHQWHLO YEHOW SXOOH\ SDUW SDUWLH GH OD SRXOLH D JRUJH


 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1   0[
 1  'LVWDQ]6FKHLEH VSDFHU GLVF GLVTXH G·HFDUWHPHQW [[
   .HLOULHPHQVFKHLEHQWHLO YEHOW SXOOH\ SDUW SDUWLH GH OD SRXOLH D JRUJH
 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   

$


 










 










$ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  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  9HUVFKOX‰VWRSIHQ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   gOSXPSHQDQWULHE RLO SXPS GULYH HQWUDLQHPHQW GH SRPSH


   ([]HQWHUZHOOH HFFHQWULF VKDIW DUEUH G·H[FHQWULTXH
 1  5LOOHQNXJHOODJHU JURRYHG EDOO EHDULQJ URXOHPHQW UDLQXUH D ELOOHV  NJ [[
   $EVFKOX‰GHFNHO EHDULQJ FDS FKDSHDX GH SDOLHU
 1  :HOOHQGLFKWULQJ VKDIW VHDO JDUQLWXUH HQ DQQHDX ',1   $[[
   'LFKWXQJ JDVNHW MRLQW 'L   'D 
 1  6HFKVNDQWVFKUDXEH KH[DJRQ VFUHZ YLV KH[DJRQDOH J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 

$




















$ D
(UVDW]WHLOVlW]H %DXJUXSSH  'UXFN|OVFKPLHUXQJ
6SDUH SDUWV VHWV $VVHPEO\  /XEULFDWLQJ V\VWHP
.LWV GH SLqFHV GpW $VVHPEODJH  /XEULILFDWLRQ

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  gOSXPSH RLO SXPS SRPSH D KXLOH


   'LFKWXQJ JDVNHW MRLQW
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  
 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 
   gOGUXFNUHJXOLHUYHQWLO RLO SUHVVXUH UHJXO YDOYH VRXSDSH GH UHJODJH
 1  25LQJ RULQJ MRLQW WRULTXH [
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ ',1   0[  
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLQJ SLSH FSO WXEH GH FRQQH[WLRQ FSO 'UXFN|OOHLWXQJ
   9HUELQGXQJVOHLWXQJ NSO FRQQHFWLRQ WXEH WXEH GH FRQQH[LRQ gOUFNODXIOHLWXQJ
   9HUELQGXQJVOHLWXQJ NSO Y gOGUUHJXOLHUY ] =Z)L
 1  *HUDGHU(LQVFKUDXEVW FRQQHFWRU UDFFRUG  J *(6  /5
 1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[

$

 



 


  
 








$ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

;  1  .HLOULHPHQ YEHOW FRXUURLH WUDSH]RLGDOH  63=  /Z 


 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   
 1  =\OLQGHUVFKUDXE DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1   0[  
   .HLOULHPHQVFKHLEH YEHOW SXOOH\ SRXOLH D JRUJH
 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   
   5LHPHQVFKXW]GHFNHO EHOW JXDUG FRYHU SURWHFWHXU GH FRXUURLH
   .HLOULHPHQVFKHLEH Y EHOW SXOOH\ SRXOLH D JRUJH
   'LVWDQ]6WFN VSDFHU SLHFH SLHFH G·HFDUWHPHQW  NJ
 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[  J ',1   0[  

$
 







$ F
(UVDW]WHLOVlW]H %DXJUXSSH  .HLOULHPHQVFKHLEH
6SDUH SDUWV VHWV $VVHPEO\  9 EHOW SXOOH\
.LWV GH SLqFHV GpW $VVHPEODJH  3RXOLH j JRUJH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .HLOULHPHQVFKHLEHQWHLO YEHOW SXOOH\ SDUW SDUWLH GH OD SRXOLH D JRUJH


 1  =\OLQGHUVFKUDXEH DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1   0[
 1  'LVWDQ]6FKHLEH VSDFHU GLVF GLVTXH G·HFDUWHPHQW [[
   .HLOULHPHQVFKHLEHQWHLO YEHOW SXOOH\ SDUW SDUWLH GH OD SRXOLH D JRUJH
 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   

$


 


 

 








 



$ 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

  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  9HUVFKOX‰VWRSIHQ 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 $EOD‰DXWRPDWLN 
6SDUH SDUWV FDWDORJXH & $XWRPDWLF FRQGHQVDWH GUDLQ 
/LVWH GH SLqFHV & 3XUJH DXWRPDWLTXH GHV FRQGHQVDWV 

%DXJUXSSH $VVHPEO\ *URXSH G·DVVHPEODJH 6HLWHSDJH

.RQGHQVDW$EOD‰DXWRPDWLN     $XWRPDWLF FRQGHQVDWH GUDLQ XQLW  3XUJH DXWRPDWLTXH GHV FRQGHQVDWV      & 
.RQGHQVDWDEOD‰YHQWLO NSO      &RQGHQVDWH GUDLQ YDOYH DVV\   6RXSDSH GH SXUJH FSO                & 
.RQGHQVDWDEOD‰YHQWLO          &RQGHQVDWH GUDLQ YDOYH        6RXSDSH GH SXUJH FSO                 & 
.RQGHQVDWDEOD‰YHQWLO          &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

bQGHU 1U 'DWXP bQGHUXQJ &KDQJH &KDQJHPHQW


&KDQJH QR 'DWH
1R GH FKDQJH
  *UXQGDXVJDEH %DVLF HGLWLRQ (GLWLRQ GH EDVH
  .RQGHQVDWDEOD‰YHQWLOH &RQGHQVDWH GUDLQ YDOYHV 6RXSDSHV GH SXUJH
  (OHNWULVFKH /DXIVFKDOWZHUNH (OHFWULFDO WLPHUV 0LQXWHULHV pOHFWULTXHV
  .RQGHQVDWEHKlOWHU 'VH &RQGHQVDWH WDQN QR]]OH 5pVHUYRLU j FRQGHQVDWV EXVH
  6FKXW]JHKlXVH &RQWURO ER[ %RvWLHU GH SURWHFWLRQ

&
:LFKWLJH +LQZHLVH IU 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 IU GLH 0RQWDJH DXIJHIKUW 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
 6WFN]DKOHQ  4XDQWLW\ UHTXLUHG  4XDQWLWp GpVLUpH
 %HQHQQXQJ XQG %HVW1U GHV JHZQVFKWHQ  1DPH DQG SDUW QR  'pQRPLQDWLRQ HW QR GH FRPPDQGH GH OD
7HLOV SLqFH GpVLUpH

%HVWHOO %HLVSLHO ([DPSOH IRU RUGHU ([HPSOH GH FRPPDQGH

)U .RPSUHVVRUEORFN  )RU FRPSUHVVRU EORFN  3RXU EORF FRPSUHVVHXU 
)DEULN1U  GUHL 'LFKWXQJHQ VHULDO QR  WKUHH JDVNHWV QR GH VpULH  WURLV MRLQWV QR GH
  FGH 

:DUWXQJVVlW]H 0DLQWHQDQFH NLW .LWV GH SLqFHV G·HQWUHWLHQ 

D :DUWXQJVVDW]  K D 0DLQWHQDQFH NLW  K D .LW G·HQWUHWLHQ  K


E :DUWXQJVVDW]  K E 0DLQWHQDQFH NLW  K E .LW G·HQWUHWLHQ  K
F :DUWXQJVVDW]  K F 0DLQWHQDQFH NLW  K F .LW G·HQWUHWLHQ  K

,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 IU 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

0RGHOO0RGHO0RGqOH )DEULN1U6HULDO QR1XPpUR GH VpULH

$QPHUNXQJHQ ]XU ,GHQWLILNDWLRQ


5HPDUNV IRU LGHQWLILFDWLRQ
5HPDUTXHV SRXU O·LGHQWLILFDWLRQ    -DKU

<HDU 

9ROXPHQVWURP PPLQ QPLQ 

)HUWLJXQJVVWDQG 
USP 0RGLILFDWLRQ QR 
% 1R GH PRGLILFDWLRQ
)UHH DLU GHOLYHU\ 6FIP N: .
$QODJH8QLW*URXSH
%HWULHEVEHUGUXFN EDU

0D[ ZRUNLQJ SUHVVSVLJ


.RPSUHVVRUEORFN
&RPSUHVVRU EORFN
%ORF FRPSUHVVHXU

$&+781* $77(17,21 $77(17,21

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 $EOD‰DXWRPDWLN
0DLQHQDQFH NLWV $VVHPEO\  $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
.LWV G·HQWUHWLHQ $VVHPEODJH  3XUJH DXWRPDWLTXH GHV FRQGHQVDWV

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .RQGHQVDWDEOD‰YHQWLOEJU &RQG GUDLQ YDOYH DVV\ 6RXSDSH GH SXUJH FSO

   9HUELQGXQJVOHLWXQJ &RQQHFWLQJ WXEH 7X\DX

 1  :LQNHOURKUYHUVFKUDXEXQJ 0DOH HOERZ 5DFFRUG FRXGp PkOH :(6 /5.

 1  *HUDGH 5RKUYHUVFKU 0DOH FRQQHFWRU 5DFFRUG GURLW PkOH *(6  /5:'

   9HUELQGXQJVOHLWXQJ &RQQHFWLQJ WXEH 7X\DX «[ ',1 


 1  :LQNHOURKUYHUVFKUDXEXQJ 0DOH HOERZ 5DFFRUG FRXGp PkOH :(6 /5.

 1  *HUDGH 5RKUYHUVFKU 0DOH FRQQHFWRU 5DFFRUG GURLW PkOH *(6  /5:'

   9HUELQGXQJVOHLWXQJ &RQQHFWLQJ WXEH 7X\DX «[ ',1 


   9HUVFKUDXEXQJ P 'VH 7XEH FRQQ ZLWK QR]]OH 5DFF GURLW PkOH DY EXVH « PP
 1  *HUDGH 5RKUYHUVFKU 0DOH FRQQHFWRU 5DFFRUG GURLW PkOH *(6  65:'

   9HUELQGXQJVOHLWXQJ &RQQHFWLQJ WXEH 7X\DX «[ ',1 


 1  :LQNHOURKUYHUVFKUDXEXQJ 0DOH HOERZ 5DFFRUG FRXGp PkOH :(6  //5.

 1 5HGX]LHUXQJ 5HGXFHU 5pGXFWHXU 5, µ[µ

 1 'LFKWULQJ *DVNHW -RLQW $[ ',1 

   9HUELQGXQJVOHLWXQJ &RQQHFWLQJ WXEH 7X\DX «[ ',1 


   9HUVFKUDXEXQJ P 'VH 7XEH FRQQ ZLWK QR]]OH 5DFF GURLW PkOH DY EXVH « PP
 1   =ZHL:HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH (OHFWURYDQQH  YRLHV  9    +]

 1   =ZHL:HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH (OHFWURYDQQH  YRLHV  9    +]

 1   =ZHL:HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH (OHFWURYDQQH  YRLHV  9    +]

 1   =ZHL:HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH (OHFWURYDQQH  YRLHV  9 '&

 1   =ZHL:HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH (OHFWURYDQQH  YRLHV  9 '&

%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 $EOD‰DXWRPDWLN
0DLQHQDQFH NLWV $VVHPEO\  $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
.LWV G·HQWUHWLHQ $VVHPEODJH  3XUJH DXWRPDWLTXH GHV FRQGHQVDWV

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R 4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1   =ZHL:HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH (OHFWURYDQQH  YRLHV  9 $&

  *HUDGH $XIVFKUDXEY 6WUDLJKW IHPDOH FRQQHFWRU 5DFFRUG GURLW *$, /

  +DOWHUXQJ %UDFNHW )L[DWLRQ

 1  ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[ 0[ ',1 

 1  )HGHUULQJ /RFN ZDVKHU 5RQGHOOH pODVWLTXH $ ',1 

 1  6HFKVNDQWVFKUDXEH +H[ VFUHZ 9LV KH[ 0[ ',1 

 1  6FKHLEH :DVKHU 5RQGHOOH % ',1 

 1  )HGHUULQJ /RFN ZDVKHU 5RQGHOOH pODVWLTXH $ ',1 

 1  6HFKVNDQWPXWWHU +H[ QXW (FURX KH[ 0 ',1 

&


 



& 
:DUWXQJVVlW]H %DXJUXSSH  .RQGHQVDWYHQWLOEDXJUXSSH
0DLQHQDQFH NLWV $VVHPEO\  &RQGHQVDWH GUDLQ YDOYH DVV\
.LWV G·HQWUHWLHQ $VVHPEODJH  6RXSDSHV GH SXUJH FSO

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .RQGHQVDWDEOD‰YHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXS GH SXUJH  6W  UG VW  H pWDJH

   .RQGHQVDWDEOD‰YHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH  6W  WK VW H pWDJH

 1  ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[  0  [  ',1 

 1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

   6DPPHOOHLVWH 0DQLIROG /LVWHDX FROOHFWHXU

 1  'LFKWXQJ *DVNHW -RLQW   [  [  ',1 

 1  ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[  0  [  ',1 

 1  9HUVFKOX‰VWRSIHQ 3OXJ %RXFKRQ ILOHWp 967, 5µHG

 1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

   9HQWLOYHUELQGXQJ 9DOYH FRQQHFWLRQ 5DFFRUG GH VRXSDSH

 1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

   9HUELQGXQJVOHLWXQJ &RQQHFWLRQ &RQGXLWH GH FRQQH[LRQ  ‘  [  ',1 

 1  :LQNHOURKUYHUVFKUDXEXQJ 0DOH HOERZ 5DFFRUG FRXGp PkOH  :(6  //5.

&


& 
:DUWXQJVVlW]H %DXJUXSSH  .RQGHQVDWDEOD‰YHQWLO
0DLQHQDQFH NLWV $VVHPEO\  &RQGHQVDWH GUDLQ YDOYH
.LWV G·HQWUHWLHQ $VVHPEODJH  6RXSDSH GH SXUJH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .RQGHQVDWDEOD‰YHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH GHV FRQG 

 1  ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[  0  [  ',1 

   .RSIWHLO 7RS IODQJH %ULGH VXSpULHXUH 

;  1  1XWULQJ 6HDOLQJ ULQJ *DJXH G·pWDQFKpLWp ‘  [  [ 

;    .ROEHQ 3LVWRQ 3LVWRQ 

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

   0LWWHOWHLO 9DOYH ERG\ &RUSV GH VRXSDSH 

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

;    9HQWLOVLW] 9DOYH VHDW 6LqJH GH VRXSDSH  ‘

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

   )X‰WHLO %DVH IODQJH %ULGH LQIqULHXUH 

 1  6FKZHQNYHUVFKUDXEXQJ $GMXVWDEOH PDOH EUDQFK 7 5DFFRUG HQ 7 RULHQWDEOH

 1  6FKODXFK +RVH 7X\DX

   .QHEHOVFKUDXEH NSO 'UDLQ WDS DVV\ 5RELQHW FSO

   'LFKWXQJ *DVNHW -RLQW

   .QHEHOVFKUDXEH 'UDLQ WDS 5RELQHW

   6FKHQNHOIHGHU 6SULQJ 5HVVRUW j EUDQFKHV

 1  *HZLQGHVWLIW 6WXG 9LV VDQV WrWH 0  [  ',1 

   :HUN]HXJVDW] I .QHEHO 7RRO VHW IRU GUDLQ WDS -HX G·RXWLOV SRXU URELQHW
VFKUDXEH

&


& 
:DUWXQJVVlW]H %DXJUXSSH  .RQGHQVDWDEOD‰YHQWLO
0DLQHQDQFH NLWV $VVHPEO\  &RQGHQVDWH GUDLQ YDOYH
.LWV G·HQWUHWLHQ $VVHPEODJH  6RXSDSH GH SXUJH

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   .RQGHQVDWDEOD‰YHQWLO &RQGHQVDWH GUDLQ YDOYH 6RXSDSH GH SXUJH GHV FRQG 

 1  ,QQHQVHFKVNDQWVFKUDXEH $OOHQ VFUHZ 9LV j VL[ SDQV FUHX[  0  [  ',1 

   .RSIWHLO 7RS IODQJH %ULGH VXSpULHXUH 

   )HGHU 6SULQJ 5HVVRUW 

;  1  1XWULQJ 6HDOLQJ ULQJ *DJXH G·pWDQFKpLWp ‘  [  [ 

;    .ROEHQ 3LVWRQ 3LVWRQ 

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

   0LWWHOWHLO 9DOYH ERG\ &RUSV GH VRXSDSH 

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

;    9HQWLOVLW] 9DOYH VHDW 6LqJH GH VRXSDSH  ‘

;  1  25LQJ 2ULQJ -RLQW WRULTXH  ‘  [ 

   )X‰WHLO %DVH IODQJH %ULGH LQIqULHXUH 

 1  6FKZHQNYHUVFKUDXEXQJ $GMXVWDEOH PDOH EUDQFK 7 5DFFRUG HQ 7 RULHQWDEOH

 1  6FKODXFK +RVH 7X\DX

   .QHEHOVFKUDXEH NSO 'UDLQ WDS DVV\ 5RELQHW FSO

   'LFKWXQJ *DVNHW -RLQW

   .QHEHOVFKUDXEH 'UDLQ WDS 5RELQHW

   6FKHQNHOIHGHU 6SULQJ 5HVVRUW j EUDQFKHV

 1  *HZLQGHVWLIW 6WXG 9LV VDQV WrWH 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

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

   6FKXW]JHKlXVH SURWHFWLYH KRXVLQJ ERLWLHU GH SURWHFWLRQ [[

 1  7DNWJHEHU WLPHU PLQXWHULH HOHFWULTXH 99$&'&

 1  7DNWJHEHU WLPHU PLQXWHULH HOHFWULTXH 9'&$&

 1  7DNWJHEHU WLPHU  9'& PLQXWHULH HOHFWULTXH 7\S &,;9'&

 1  6XPPLHU]lKOHU F\FOH FRXQWHU FDOFXODWHXU SHULRGLTXH  J  9  +]

 1  6XPPLHU]lKOHU F\FOH FRXQWHU FDOFXODWHXU SHULRGLTXH  J  9  +]

 1  6XPPLHU]lKOHU F\FOH FRXQWHU FDOFXODWHXU SHULRGLTXH  J  9  +]

 1  6XPPLHU]lKOHU F\FOH FRXQWHU FDOFXODWHXU SHULRGLTXH  J  9$&  +]

 1  6XPPLHU]lKOHU F\FOH FRXQWHU FDOFXODWHXU SHULRGLTXH  J  9'&

 1  6XPPLHU]lKOHU F\FOH FRXQWHU FDOFXODWHXU SHULRGLTXH  J  9'&

=XVDW]DXVVWDWWXQJ JHP $XIWUDJ RSWLRQDO DFF WR RUGHU RSWLRQQHO VHORQ FRPPDQGH


&



 












& D
:DUWXQJVVlW]H %DXJUXSSH  6FKXW]JHKlXVH
0DLQHQDQFH NLWV $VVHPEO\  &RQWURO ER[
.LWV G·HQWUHWLHQ $VVHPEODJH  %RvWLHU GH SURWHFWLRQ

.ODVVH
&ODVV *HZ

&ODVVH %HVWHOO 1U $Q] :HLJKW $EPHVVXQJHQ


3DUW 1R
1R 4W\
4W\ 3RLGV 'LPHQVLRQV
D E F 3RV 1R GH FGH 4Wp %HQHQQXQJ 'HVLJQDWLRQ 'pQRPLQDWLRQ NJ 'LPHQVLRQV

 1  /HHUJHKlXVH EDUH KRXVLQJ ERLWLHU YLGH

 1 PP 7UDJVFKLHQH UDLO  PP 76[6W

 1  .DEHOYHUVFKUDXEXQJ FDEOH XQLRQ FDEOH YLVVDJH 3J P'LFKWJ

 1  *HJHQPXWWHU FRXQWHUQXW FRQWUHHFURX ',1 3J 

 1  (QG:LQNHO HQG EUDFNHW DQJOH

 1  $EVFKOX‰SODWWH HQG SODWH SODTXH GH IHUPHWXUH PPAJUDX

 1  'XUFKJDQJVNOHPPH IHHGWKURXJK WHUPLQDO ERUQH PPA

 1  6FKXW]OHLWHUNOHPPH JURXQG WHUPLQDO ERUQH PPA

&
&
(UVDW]WHLOOLVWH &RGH &
6SDUH SDUWV FDWDORJXH .RQGHQVDW$EOD‰DXWRPDWLN
/LVWH GH SLqFHV $XWRPDWLF FRQGHQVDWH GUDLQ XQLW
3XUJH DXWRPDWLTXH GX FRQGHQVDW

     ,.

%DXJUXSSH $VVHPEO\ *URXSH G·DVVHPEODJH 6HLWHSDJH


.RQGHQVDW$EOD‰DXWRPDWLN                   $XWRPDWLF FRQGHQVDWH GUDLQ XQLW               3XUJH DXWRPDWLTXH GHV FRQGHQVDWV                   &

.RQGHQVDWDEOD‰YHQWLOEDXJUXSH                &RQGHQVDWH GUDLQ YDOYH DVVV\                 6RXSDSH GH SXUJH FSO                              &

.RQGHQVDWDEOD‰YHQWLO                        &RQGHQVDWH GUDLQ YDOYH                      6RXSDSH GH SXUJH                                 &

.RQGHQVDWDEOD‰YHQWLO                        &RQGHQVDWH GUDLQ YDOYH                      6RXSDSH GH SXUJH                                 &

.RQGHQVDWDEOD‰YHQWLO                        &RQGHQVDWH GUDLQ YDOYH                      6RXSDSH GH SXUJH                                 &

/DXIVFKDOWZHUNH                                  (OHFWULFDO WLPHUV                                  0LQXWHULHV pOHFWULTXHV                                    &

&
&
bQGHUXQJVEODWW &
&KDQJH UHFRUG
7DEOH GHV FKDQJHPHQWV

bQGHU1U 'DWXP bQGHUXQJ &KDQJH &KDQJHPHQW


&KDQJH QR 'DWH
1R GH FKDQJH
PHQW
  *UXQGDXVJDEH %DVLF HGLWLRQ (GLWLRQ GH EDVH
  .RQGHQVDWYHQWLO  &RQGHQDWH GUDLQ YDOYH  6RXSDSH GH SXUJH 




:LFKWLJH +LQZHLVH IU 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 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 IU GLH 0RQWDJH DXIJHIKUW 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
 6WFN]DKOHQ  4XDQWLW\ UHTXLUHG  4XDQWLWp GpVLUpH
 %HQHQQXQJ XQG %HVW1U GHV JHZQVFKWHQ  1DPH DQG SDUW QR  'pQRPLQDWLRQ HW QR GH FRPPDQGH GH OD SLqFH
7HLOV GpVLUpH

%HVWHOO%HLVSLHO ([DPSOH IRU RUGHU ([HPSOH GH FRPPDQGH

)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

(UVDW]WHLOVlW]H6SDUH SDUWV VHW.LWV GH SLqFHV GpWDFKpHV

 'LFKWXQJVVDW]6HW RI JDVNHWV.LW GH MRLQWV G·pWDQFKpLWp                     %HVW1U3DUW QR1RGH FGH 1 


  
 :DUWXQJVVDW]  -DKUH0DLQWHQDQFH NLW  \HDUV.LW G·HQWUHWLHQ  DQV        %HVW1U3DUW QR1RGH FGH 1
W



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 7HLOH6WFN]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

$&+781* $77(17,21 $77(17,21

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$EOD‰DXWRPDWLN 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 $EOD‰DXWRPDWLN FRQGHQVDWH GUDLQ YDOYH VRXSDSH GH SXUJH GH FRQGHQVH  IDFK

   +DOWHUXQJ PRXQWLQJ IL[DWLRQ I .$$

   :LQNHO PRXWLQJ DQJOH DQJOH GH IL[DWLRQ I .$$

 1  6HFKVNDQWVFKUDXEH PLW 6FKDIW J ',1   0[    $$

 1  6HFKVNDQWVFKUDXEH P *:' E .3) KH[ VFUHZ KH[ VFUHZ J ',1   0[    $$

 1  6HFKVNDQWVFKUDXEH PLW 6FKDIW  J ',1   0[    $$

 1  6HFKVNDQWPXWWHU KH[DJRQ QXW HFURX KH[DJRQDO J ',1   0  

 1  6HFKVNDQWPXWWHU KH[DJRQ QXW HFURX KH[DJRQDO J ',1   0  

 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   $ 

 1  )HGHUULQJ VSULQJ ZDVKHU DQQHDXUHVVRUW J ',1   $ 

 1  0DJQHWVSXOH FRLO ERELQH  NJ  9   +]  7\S %+

 1  6SXOH FRLO ERELQH  NJ %+  9   +]

 1  0DJQHWVSXOH FRLO ERELQH  NJ  9   +]  7\S %+  ' PP

 1  0DJQHWVSXOH FRLO ERELQH  NJ  9 '&  7\S %+

 1  6SXOH FRLO ERELQH  NJ %+  9 *6

 1  0DJQHWVSXOH FRLO ERELQH  9   +]  7\S %+

&
&
& 






 
 




 
 









 




(UVDW]WHLOVlW]H %DXJUXSSH  .RQGHQVDW$EOD‰DXWRPDWLN 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 $EOD‰YHQWLO FRQGHQVDWH GUDLQ YDOYH VRXSDSH GH SXUJH GH FRQGHQVH  NJ

   .RQGHQVDW $EOD‰YHQWLO FRQGHQVDWH GUDLQ YDOYH VRXSDSH GH SXUJH GH FRQGHQVH  NJ

   .RQGHQVDW $EOD‰YHQWLO FRQGHQVDWH GUDLQ YDOYH VRXSDSH GH SXUJH GH FRQGHQVH

   'VH 1R]]OH %XVH

 1  *HUDGH(LQVFKUDXEYHUVFKUDXEXQJ VWUDLJKW PDOH VWXG YLVVDJH GURLW  J *(9  65

 1  'LFKWXQJ JDVNHW MRLQW J $[[  &X

 1  9HUVFKOX‰VFKUDXEH P %1'$86.7 SOXJ ERXFKRQ ILOHWH  J ',1   * $  6W  $$

 1  'LFKWXQJ JDVNHW MRLQW J ',1   $[[  &X

 1  :LQNHO(LQVFKUDXEYHUVFKUDXEXQJ HTXDO HOERZ FRXSOLQJ UDFFRUG FRXGH PDOH  J :(9  /5.

     .RQGHQVDW $EOD‰KDKQ FRQGHQVDWH GUDLQ NQRE URELQHW GH SXUJH GH FRQGHQVH

   .RQGHQVDW6DPPHOOHLVWH FRQGHQVDWH PDQLIROG OLVWHDX FROOHFWHXU GH FRQGHQVH  NJ

    1  25LQJ RULQJ MRLQW WRULTXH [

 1  *HUDGHU(LQVFKUDXEVWXW]HQ FRQQHFWRU UDFFRUG  J *(6  /5

   9HUELQGXQJVOHLWXQJ NSO IU .RQGHQVDWDXWRPDWLN

(UVDW]WHLOVlW]H %DXJUXSSH  .RQGHQVDW$EOD‰KDKQ bQGHUXQJV1U


6SDUH SDUWV VHWV $VVHPEO\  FRQGHQVDWH GUDLQ NQRE &KDQJH QR
.LWV GH SLqFHV GpW $VVHPEODJH  URELQHW 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

   $EOD‰KDKQN|USHU NSO GUDLQ YDOYH ERG\ FRUSV GH URELQHW GH SXUJH

   'LFKWXQJ JDVNHW MRLQW

   .QHEHOVFKUDXEH P 6LFKHUXQJVIHGHU WRPP\ VFUHZ ZLWK UHWDLQLQJ YLV D JDUUHW DYHF UHVVRUW URW ODFNLHUW

&
&
(UVDW]WHLOVlW]H %DXJUXSSH  $EOD‰KDKQN|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

  $EOD‰KDKQN|USHU

   6FKODXFKQLSSHO

(UVDW]WHLOVlW]H %DXJUXSSH  .QHEHOVFKUDXEH P 6LFKHUXQJVIHGHU bQGHUXQJV1U


6SDUH SDUWV VHWV $VVHPEO\  WRPP\ VFUHZ ZLWK UHWDLQLQJ &KDQJH QR
.LWV GH SLqFHV GpW $VVHPEODJH  YLV D JDUUHW DYHF UHVVRUW 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

   .QHEHOVFKUDXEH WRPP\ VFUHZ YLV D JDUUHW

   6LFKHUXQJVIHGHU ORFNLQJ VSULQJ UHVVRUW G·DUUHW


& 



 














 



&
(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  25LQJ RULQJ MRLQW WRULTXH [)306KRUH

 1  1XWULQJ JURXYHG ULQJ DQQHDX D JRUJH  NJ [[[ 1%51

   9HQWLONROEHQ YDOYH SLVWRQ SLVWRQ GH VRXSDSH  NJ I.RQGHQVDWYHQWLO'

   9HQWLON|USHU  NJ

 1  25LQJ RULQJ MRLQW WRULTXH [)306KRUH

   9HQWLOVLW] YDOYH VHDW VLHJH GH VRXSDSH  NJ 311:'+'HOULQ

 1  25LQJ RULQJ MRLQW WRULTXH [)306KRUH

   =ZLVFKHQVWFN LQWHUPHGLDWH SDUW SLHFH LQWHUPHGLDLUH  NJ I.RQGHQVDWYHQWLO

 1  =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1 0[VFKZDU]

 1  6FKHLEH ZDVKHU URQGHOOH J ',1 % 6W$$

 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  25LQJ RULQJ MRLQW WRULTXH [)306KRUH


& 
 


























&
(UVDW]WHLOVlW]H %DXJUXSSH  .RQGHQVDW$EOD‰YHQWLO 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
  

   )ODQVFK IODQJH EULGH  NJ

    1  25LQJ RULQJ MRLQW WRULTXH [

    1  1XWULQJ JURXYHG ULQJ DQQHDX D JRUJH  NJ [[[   1%5  1

     9HQWLONROEHQ YDOYH SLVWRQ SLVWRQ GH VRXSDSH  NJ

  9HQWLON|USHU  NJ

    1  25LQJ RULQJ MRLQW WRULTXH [

     9HQWLOVLW] YDOYH VHDW VLHJH GH VRXSDSH

    1  25LQJ RULQJ MRLQW WRULTXH [

   =ZLVFKHQ7HLO LQWHUPHGLDWH SDUW SLHFH LQWHUPHGLDLUH  NJ

 1  =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1   0[    VFKZDU]

 1  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 

 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  25LQJ RULQJ MRLQW WRULTXH [

    1  25LQJ RULQJ MRLQW WRULTXH [

   (LQVWHOOVFKUDXEH DGMXVWLQJ VFUHZ YLV G·DMXVWDJH  NJ

 1  6HFKVNDQWPXWWHU KH[DJRQ QXW HFURX KH[DJRQDO ',1   % 0[  


& 

 






 






 

 






&
(UVDW]WHLOVlW]H %DXJUXSSH  .RQGHQVDW$EOD‰YHQWLO 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

   9HQWLONROEHQ YDOYH SLVWRQ SLVWRQ GH VRXSDSH  NJ

 1  25LQJ RULQJ MRLQW WRULTXH [

 1  1XWULQJ JURXYHG ULQJ DQQHDX D JRUJH  NJ [[[   1%5  1

 1  25LQJ RULQJ MRLQW WRULTXH [

   :HJH0DJQHWYHQWLO ZD\ VROHQRLG YDOYH HOHFWURYDQQH  YRLHV  NJ

 1  =\OLQGHUVFKUDXEH P ,1.7 DOOHQ VFUHZ YLV D VL[ SDQV FUHX[ J ',1   0[    VFKZDU]

 1  25LQJ RULQJ MRLQW WRULTXH [

   9HQWLOVLW] YDOYH VHDW VLHJH GH VRXSDSH I .RQGHQVDWDEOD‰YHQWLO

 1  25LQJ RULQJ MRLQW WRULTXH [

   'LFKWNHJHO VHDOLQJ FRQH FRQH G·HWDQFKHLWH I .RQGHQVDWDEOD‰YHQWLO

   'UXFNIHGHU SUHVVXUH VSULQJ UHVVRUW GH SUHVVLRQ J

   =ZLVFKHQ7HLO LQWHUPHGLDWH SDUW SLHFH LQWHUPHGLDLUH

 1  25LQJ RULQJ MRLQW WRULTXH [

   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  6FKHLEH UXQG ZDVKHU URQGHOOH J ',1   % 


/XEULFDWLQJ 2LO /LVW

 *(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

(GLWLRQ -DQXDU\ 


%$8(5 .2035(6625(1 *PE+
3RVWIDFK  ' 0QFKHQ 7HO  )D[ 
/XEULFDWLQJ 2LO /LVW

 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  •&

 &KDQJLQJ WKH 2LO 7\SH

&$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*(

0LQHUDO RLO (YHU\  RSHUDWLQJ KRXUV DW OHDVW DQQXDOO\


6\QWKHWLF RLO (YHU\  RSHUDWLQJ KRXUV DW OHDVW ELDQQXDOO\
2LO FDSDFLW\ 5HIHU WR FRPSUHVVRU XQLW LQVWUXFWLRQ PDQXDO

%$8(5 FRPSUHVVRU RLO LV DYDLODEOH LQ WKH IROORZLQJ TXDQWLWLHV

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

You might also like