IDT Technology RTGN318A-01 Remote Thermal and Humidity Sensor with RF Reception Clock (433.9MHz Tx) User Manual RRM320P UM EN 080215

IDT Technology Limited Remote Thermal and Humidity Sensor with RF Reception Clock (433.9MHz Tx) RRM320P UM EN 080215

User Manual

127(7KHPDLQXQLWDQGDGDSWHUVKRXOGQRWEHH[SRVHGWR ZHW FRQGLWLRQV  1R REMHFWV ¿OOHG ZLWK OLTXLG VXFK DVYDVHVVKRXOGEHSODFHGRQWKHPDLQXQLWDQGDGDSWHU0HPRU\EDFNXS 5HPRYHWKHEDWWHU\FRPSDUWPHQWFRYHU ,QVHUWWKHEDWWHULHVPDWFKLQJWKHSRODULWLHV),*%DWWHULHVVHUYHDVDEDFNXSSRZHUVXSSO\7RIXOO\XWLOL]HDOOIHDWXUHVLQVWDOODGDSWHU127(%DWWHULHVVKRXOGQRWEHH[SRVHGWRH[FHVVLYHKHDWVXFKDVVXQVKLQHRU¿UH5(027(6(1625,167$//$7,21 6OLGHRSHQWKHEDWWHU\GRRU 6OLGHFKDQQHOVZLWFKWRFKDQQHO 6HOHFW(88.57+1'RQO\ ,QVHUWWKHEDWWHU\PDWFKLQJWKHSRODULWLHV 3UHVV5(6(7DIWHUHDFKEDWWHU\FKDQJH &ORVHWKHEDWWHU\GRRU7KHVHQVRUUHFHSWLRQLFRQVKRZVWKHVWDWXV,&216 0($1,1*0DLQ XQLW LV VHDUFKLQJ IRUVHQVRUV$ VHQVRU FKDQQHO KDV EHHQIRXQGDQGORJJHGRQ1RVHQVRUIRXQG 127(  ,I QR VHQVRU LV IRXQG SUHVV DQG KROG 6($5&+6(1625RQWKHPDLQXQLW127($IWHUHYHU\VHQVRULQLWLDOLVDWLRQWKHPDLQXQLWPD\WDNHXSWRPLQXWHVWRUHFHLYHWKHWLPHIURPWKHVHQVRU 6HFXUHWKHVHQVRULQWKHGHVLUHGORFDWLRQXVLQJWKHZDOOPRXQWKROHRUGRXEOHVLGHGDGKHVLYHWDSH)RUEHVWUHVXOWV 3ODFHWKHVHQVRUZLWKLQPIWRIWKHPDLQXQLW 3ODFHWKHVHQVRURXWRIGLUHFWVXQOLJKWDQGPRLVWXUH 3RVLWLRQ WKH VHQVRU VR WKDW LW IDFHV WKH PDLQ XQLWPLQLPL]LQJ REVWUXFWLRQV VXFK DV GRRUV ZDOOV DQGIXUQLWXUH 3ODFHWKH VHQVRULQ DORFDWLRQ ZLWKD FOHDUYLHZ WRWKHVN\DZD\IURPPHWDOOLFHOHFWURQLFREMHFWV 3RVLWLRQWKHVHQVRUFORVH WR WKHPDLQXQLWGXULQJ FROGZLQWHU PRQWKV DV EHORZIUHH]LQJ WHPSHUDWXUHV PD\DIIHFWEDWWHU\SHUIRUPDQFHDQGVLJQDOWUDQVPLVVLRQ7,37KHWUDQVPLVVLRQUDQJHPD\YDU\GHSHQGLQJRQPDQ\IDFWRUV<RXPD\QHHGWRH[SHULPHQWZLWKYDULRXVORFDWLRQVWRJHWWKHEHVWUHVXOWV 127(  8VH DONDOLQH EDWWHULHV IRU ORQJHU XVDJH DQGFRQVXPHU JUDGH OLWKLXP EDWWHULHV LQ WHPSHUDWXUHV EHORZIUHH]LQJ&/2&.&/2&.5(&(37,217KLV SURGXFW LV GHVLJQHG WR V\QFKURQL]H LWV FORFNDXWRPDWLFDOO\ ZLWK D FORFN VLJQDO UHFHLYHG IURP SURYLGHGUHPRWHVHQVRU7RHQDEOHGLVDEOHVLJQDOUHFHSWLRQ3UHVVDQGKROGWRHQDEOHRUWRGLVDEOHVLJQDOUHFHSWLRQ127(5HFHSWLRQWDNHVPLQXWHV,IWKHVLJQDOLVZHDNLWFDQWDNHXSWRKRXUVWRJHWDYDOLGVLJQDO&ORFNVLJQDOUHFHSWLRQLQGLFDWRU67521*6,*1$/ 126,*1$/  127(  &ORFN UHFHSWLRQ LV GHSHQGHQW RQ WKH VXFFHVVIXOWUDQVPLVVLRQRIGDWDIURPUHPRWHVHQVRU,I LVGLVSOD\HGFKHFN¿UVWIRUVHQVRUUHFHSWLRQ0$18$//<6(7&/2&. 3UHVVDQGKROG6(7  3UHVVRUWRFKDQJHWKHVHWWLQJV 3UHVV6(7WRFRQ¿UPDQGPRYHWRWKHQH[WVHWWLQJ7KH VHWWLQJ RSWLRQV DUH DV IROORZV  WLPH]RQH RIIVHW KU IRUPDW KRXU PLQXWH \HDU PRQWKGD\  GD\PRQWKGD\DQGPRQWK7LPH ]RQH RIIVHW VHWV WKH FORFN   KRXUV IURP WKHUHFHLYHGFORFNVLJQDOWLPH$/$507RVHWWKHDODUP 3UHVV6(7RU6(7 WRGLVSOD\GHVLUHGVHWDODUPWLPH 3UHVVDQGKROG6(7 RU6(7 WRHQWHUUHVSHFWLYHVHWWLQJ 3UHVVWRFKDQJHWKHVHWWLQJV 3UHVV6(7RU6(7 WRFRQ¿UPDQGPRYHWRWKHQH[W VHWWLQJ 7KH VHWWLQJ RSWLRQV DUH DV IROORZV KRXUPLQXWHEHHSDODUP UDGLRDODUP 7RDGMXVWVWDWLRQDQGYROXPH ,IUDGLRDODUPLVVHOHFWHGSUHVVWRVHOHFWWKHUDGLRVWDWLRQDQGWRDGMXVWWKHYROXPH7RDFWLYDWHGHDFWLYDWHDODUP 3UHVV $/$50212))RU $/$50212))7RVLOHQFHWKHDODUP 3UHVV6122=(6/((3WRVLOHQFHLWIRUPLQXWHV25 3UHVV6(7 6(7   WRWXUQWKHDODUPRIIDQGDFWLYDWHLWDJDLQDIWHUKRXUV5$',27RDFWLYDWHGHDFWLYDWHUDGLR 3UHVV5$',2212))WRWXUQUDGLR212))7RVHWUDGLRVWDWLRQ 3UHVV5$',2212))RU6122=(6/((3WRHQWHU5DGLR0RGH 3UHVV67$7,21WRVFUROOWKURXJKSUHVHWVWDWLRQQXPEHUV 3UHVV DQG KROG 781(   781( ± WR DXWR VHDUFK RUSUHVV781(781(WRPDQXDOO\VHOHFWIUHTXHQF\ 2QFHGHVLUHGIUHTXHQF\KDVEHHQIRXQGSUHVVDQGKROG67$7,21WRVDYH7RDGMXVWYROXPH 3UHVV92/92/±ZKHQLQ5DGLR0RGH7RDGMXVWVOHHSWLPHUVHWWLQJ 3UHVV6122=(6/((3WRDFWLYDWH 3UHVV6122=(6/((3DJDLQWRFKDQJHWKHVOHHSWLPHVHWWLQJPLQ352-(&7,217KLVXQLWSURMHFWVWLPHDQGRXWGRRUWHPSHUDWXUHLQIRUPDWLRQIRU\RXUFRQYHQLHQFH)RUFRQWLQXRXVSURMHFWLRQ 6OLGH 352-(&7,21 VZLWFK WR 21 ZKHQ DGDSWRU LVFRQQHFWHGWRHQDEOHGLVDEOH7RÀLSSURMHFWHGLPDJHE\ 3UHVVR)OLS7RIRFXVLPDJH 7XUQ)2&86ZKHHO127(,ISURMHFWLRQLVLOOXPLQDWHGGRQRWORRNGLUHFWO\LQWRWKHSURMHFWRU5(6(73UHVV5(6(7WRUHWXUQWRWKHGHIDXOWVHWWLQJV63(&,),&$7,2160$,181,77<3( '(6&5,37,21/[:[+ [[PP[[LQ:HLJKW JR]ZLWKRXWEDWWHU\)0 WR0+]3RZHU 9$&DGDSWRU [ 80 $$$ 9 EDWWHULHVIRUEDFNXS5(027(5)&/2&.7+(5026(16257<3( '(6&5,37,21/[:[+ [[PP[[LQ:HLJKW JR]ZLWKRXWEDWWHU\7HPSHUDWXUHUDQJH &WR&)WR)5HVROXWLRQ &)6LJQDOIUHTXHQF\ 0+]7UDQVPLVVLRQUDQJH PIWXQREVWUXFWHG1RRIFKDQQHOV 3RZHU [80$$9EDWWHULHV35(&$87,216 'RQRWVXEMHFWWKHXQLWWRH[FHVVLYHIRUFHVKRFNGXVWWHPSHUDWXUHRUKXPLGLW\ 'RQRWFRYHUWKHYHQWLODWLRQKROHVZLWKDQ\LWHPVVXFKDVQHZVSDSHUVFXUWDLQVHWF 'RQRWLPPHUVHWKHXQLWLQZDWHU,I\RXVSLOOOLTXLGRYHULWGU\LWLPPHGLDWHO\ZLWKDVRIWOLQWIUHHFORWK 'R QRW FOHDQ WKH XQLW ZLWK DEUDVLYH RU FRUURVLYHPDWHULDOV 'RQRWWDPSHUZLWKWKHXQLW¶VLQWHUQDOFRPSRQHQWV7KLVLQYDOLGDWHVWKHZDUUDQW\ 2QO\ XVH IUHVK EDWWHULHV 'R QRW PL[ QHZ DQG ROGEDWWHULHV ,PDJHVVKRZQLQWKLVPDQXDOPD\GLIIHUIURPWKHDFWXDOGLVSOD\ :KHQ GLVSRVLQJ RI WKLV SURGXFW HQVXUH LW LV FROOHFWHGVHSDUDWHO\IRUVSHFLDOWUHDWPHQW 3ODFHPHQW RI WKLV SURGXFW RQ FHUWDLQ W\SHV RI ZRRGPD\ UHVXOW LQ GDPDJH WR LWV ¿QLVK IRU ZKLFK 2UHJRQ6FLHQWL¿FZLOOQRWEH UHVSRQVLEOH &RQVXOWWKHIXUQLWXUHPDQXIDFWXUHU¶VFDUHLQVWUXFWLRQVIRULQIRUPDWLRQ 7KH FRQWHQWV RI WKLV PDQXDO PD\ QRW EH UHSURGXFHGZLWKRXWWKHSHUPLVVLRQRIWKHPDQXIDFWXUHU 'R QRW GLVSRVH ROG EDWWHULHV DV XQVRUWHG PXQLFLSDOZDVWH&ROOHFWLRQRIVXFKZDVWHVHSDUDWHO\IRUVSHFLDOWUHDWPHQWLVQHFHVVDU\ 3OHDVH QRWH WKDW VRPH XQLWV DUH HTXLSSHG ZLWK DEDWWHU\VDIHW\VWULS 5HPRYH WKH VWULSIURPWKH EDWWHU\FRPSDUWPHQWEHIRUH¿UVWXVH127(7KHWHFKQLFDOVSHFL¿FDWLRQVIRUWKLVSURGXFWDQGWKHFRQWHQWVRIWKHXVHUPDQXDODUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH$%28725(*216&,(17,),&9LVLW RXU ZHEVLWH ZZZRUHJRQVFLHQWL¿FFRP WR OHDUQPRUHDERXW2UHJRQ6FLHQWL¿FSURGXFWV,I\RX¶UHLQWKH86DQGZRXOGOLNHWR FRQWDFW RXU&XVWRPHU&DUHGHSDUWPHQWGLUHFWO\SOHDVHYLVLWZZZRUHJRQVFLHQWL¿FFRPVHUYLFHVXSSRUW25&DOO)RULQWHUQDWLRQDOLQTXLULHVSOHDVHYLVLWZZZRUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDO(8'(&/$5$7,212)&21)250,7<+HUHE\ 2UHJRQ 6FLHQWL¿F GHFODUHV WKDW WKLV 5DGLR&RQWUROOHG 3URMHFWLRQ &ORFN ZLWK )0 5DGLR DQG 2XWGRRU7HPSHUDWXUHPRGHO55035503$55038LVLQFRPSOLDQFHZLWKWKHHVVHQWLDOUHTXLUHPHQWVDQGRWKHUUHOHYDQW SURYLVLRQV RI 'LUHFWLYH (& $ FRS\ RI WKHVLJQHGDQGGDWHG'HFODUDWLRQRI&RQIRUPLW\LVDYDLODEOHRQUHTXHVWYLDRXU2UHJRQ6FLHQWL¿F&XVWRPHU6HUYLFH&28175,(6577($33529$/&203/,('$OO(8FRXQWULHV6ZLW]HUODQGDQG1RUZD\&+1),*),*Ɯ !  ),*5DGLR&RQWUROOHG3URMHFWLRQ&ORFNZLWK)05DGLRDQG2XWGRRU7HPSHUDWXUH0RGHO55035503$5503886(50$18$/29(59,(:)52179,(:),* 30,QGLFDWHV30KRXUPRGH 7LPH]RQHRIIVHW &ORFNVLJQDOUHFHSWLRQLQGLFDWRU ,QGLFDWHVUDGLRYROXPH &ORFN9ROXPH 5DGLRVWDWLRQORJJHG 6OHHSPRGHLV21 ,QGLFDWHV5DGLRPRGHLV21DQGIUHTXHQF\LVGLVSOD\HG &DOHQGDU5DGLRIUHTXHQF\ 6HQVRUEDWWHULHVORZ 6HQVRUUHFHSWLRQLQGLFDWRU 8VHUVHOHFWDEOHWHPSHUDWXUHXQLWV 7HPSHUDWXUH %HHS5DGLR$ODUP  0DLQXQLWEDWWHULHVORZQREDWWHU\%$&.9,(:),* )2&86:KHHO$GMXVWSURMHFWLRQIRFXV )/,3)OLSSURMHFWHGLPDJHR 352-(&7,21212))7XUQSURMHFWLRQ2Q2II ,QFUHDVHGHFUHDVHYDOXHVRIWKHVHOHFWHGVHWWLQJ 6(7 6(7 6(7&KDQJHVHWWLQJVGLVSOD\9LHZUHVSHFWLYHDODUPVWDWXVVHWDODUP ',00(56HOHFWGLVSOD\EULJKWQHVV/2+, 6($5&+6(1625,QLWLDWHVHQVRUVHDUFK R&R)8VHUVHOHFWDEOHWHPSHUDWXUHXQLWV 5(6(75HVHWXQLWWRGHIDXOWVHWWLQJV $&'&VRFNHW %DWWHU\FRPSDUWPHQW7239,(:),* $/$50212))$FWLYDWHGHDFWLYDWH$ODUPIXQFWLRQ 92/  $GMXVWUDGLRYROXPH $/$50212))$FWLYDWHGHDFWLYDWH$ODUPIXQFWLRQ 67$7,216HWUDGLRVWDWLRQ 781(  $XWRVHDUFKDGMXVWUDGLRIUHTXHQF\ 5$',2212))7XUQ5DGLR2Q2II 6122=(6/((3$ODUPVQRR]HRUHQDEOHUDGLRVOHHS5(027(6(1625)52179,(:  %$&.9,(: 5(6(75HVHWXQLWWRGHIDXOWVHWWLQJV 6($5&+57+1$'VHQVRUVRQO\ (88.6ZLWFK57+1'VHQVRURQO\ &KDQQHO6ZLWFK 'RXEOHVLGHGDGKHVLYHWDSH :DOOPRXQWKROH %DWWHU\FRPSDUWPHQW*(77,1*67$57('0$,181,7,167$//$7,21 3OXJ$&'&DGDSWRULQWRVRFNHW0DNHVXUHWKHDGDSWHULVQRWREVWUXFWHGDQGLVHDVLO\DFFHVVLEOHWRWKHXQLW7R FRPSOHWHO\GLVFRQQHFWIURP SRZHUWKH DGDSWHU VKRXOGEHGLVFRQQHFWHGIURPWKHPDLQXQLW(12URORJLRUDGLRFRQWUROODWRFRQSURLH]LRQHUDGLR)0HWHPSHUDWXUDHVWHUQD0RGHOOR55035503$550380$18$/(3(5/¶87(17(3$125$0,&$9,67$$17(5,25(),* 30IRUPDWRRUDRUH 'LIIHUHQ]DGLIXVRRUDULR ,QGLFDWRUHGHOODULFH]LRQHGHOVHJQDOHRUDULR ,QGLFDLOYROXPHGHOODUDGLR 2UDYROXPH 6WD]LRQHUDGLRPHPRUL]]DWD 0RGDOLWjVOHHSDWWLYD ,QGLFD FKH OD PRGDOLWj 5DGLR q DWWLYD H YLVXDOL]]D ODIUHTXHQ]D &DOHQGDULRIUHTXHQ]DUDGLR  %DWWHULHGHOVHQVRUHLQHVDXULPHQWR ,QGLFDWRUHGHOODULFH]LRQHGHOVHQVRUH 8QLWj GL PLVXUD GHOOD WHPSHUDWXUD VHOH]LRQDELOLGDOO¶XWHQWH 7HPSHUDWXUD 6YHJOLDFRQVHJQDOHDFXVWLFRFRQUDGLR  %DWWHULHGHOO¶XQLWjSULQFLSDOHLQHVDXULPHQWR9,67$3267(5,25(),* )2&86 FRQVHQWH GL UHJRODUH OD PHVVD D IXRFR GHOODSURLH]LRQH 527$=,21(  FRQVHQWH GL UXRWDUH O¶LPPDJLQHSURLHWWDWDGL 352-(&7,21212))$WWLYDGLVDWWLYDODSURLH]LRQH  FRQVHQWHGL DXPHQWDUHGLPLQXLUH LYDORULGHOOHLPSRVWD]LRQLVHOH]LRQDWH 6(7  6(7  6(7 FRQVHQWHGLPRGL¿FDUHLPSRVWD]LRQLYLVXDOL]]D]LRQH  GLYLVXDOL]]DUHOR VWDWRGHOOHYDULHVYHJOLHHGLLPSRVWDUHODVYHJOLD ',00(5 FRQVHQWH GL VHOH]LRQDUH OD OXPLQRVLWj GHOGLVSOD\/2+, 6($5&+6(1625DYYLDODULFHUFDGHOVHQVRUH R&R) XQLWj GL PLVXUD GHOOD WHPSHUDWXUD VHOH]LRQDELOLGDOO¶XWHQWH 5(6(7 FRQVHQWH GL ULSULVWLQDUH L YDORUL SUHGH¿QLWLGHOO¶XQLWj (QWUDWDDGDWWDWRUH$&'& 9DQREDWWHULH9,67$'$//¶$/72),* $/$50212))FRQVHQWHGLDWWLYDUHGLVDWWLYDUHODVYHJOLD 92/  &RQVHQWHGLUHJRODUHLOYROXPHGHOODUDGLR $/$50  21  2)) FRQVHQWH GL DWWLYDUH GLVDWWLYDUHODVYHJOLD 67$7,21&RQVHQWHGLVLQWRQL]]DUHOHVWD]LRQLUDGLR 781(  ULFHUFDDXWRPDWLFDUHJROD]LRQHIUHTXHQ]DUDGLR 5$',2212))FRQVHQWHGLDFFHQGHUHHVSHJQHUHODUDGLR 6122=(6/((3DWWLYDORVQRR]HRODIXQ]LRQHVOHHSWLPHUGHOODUDGLR6(1625(5(02729,67$$17(5,25( 9,67$3267(5,25( 5(6(7FRQVHQWHGLULSULVWLQDUHLYDORULSUHGH¿QLWL 5,&(5&$VRORSHUVHQVRUL57+1$' /HYHWWD(88.VRORSHULOVHQVRUH57+1' 6HOHWWRUHFDQDOH 1DVWURELDGHVLYR )RURGLPRQWDJJLRDOODSDUHWH 9DQREDWWHULD23(5$=,21,35(/,0,1$5,,167$//$=,21('(//¶81,7¬35,1&,3$/( &ROOHJDUH O¶DOLPHQWDWRUH DOOD FRUUHQWH 9HUL¿FDUHFKH O¶HQWUDWD SHU O¶DOLPHQWDWRUH QRQ VLD RVWUXLWD H VLDIDFLOPHQWHDFFHVVLELOH3HU VFROOHJDUH FRPSOHWDPHQWH OD FRUUHQWH O¶DOLPHQWDWRUHGHYHHVVHUHVWDFFDWRGDOO¶XQLWjSULQFLSDOH 127$  1RQ HVSRUUH O¶XQLWj SULQFLSDOH H O¶DGDWWDWRUH DFRQGL]LRQLGLXPLGLWj1RQDSSRJJLDUHVXOO¶XQLWjSULQFLSDOHHVXOO¶DGDWWDWRUHFRQWHQLWRULGLOLTXLGLFRPHELFFKLHUL%DFNXSGLPHPRULD 5LPXRYHUHLOFRSHUFKLRGHOYDQREDWWHULD ,QVHULUHOHEDWWHULHULVSHWWDQGROHSRODULWjLQGLFDWH),*/H EDWWHULH IXQJRQR GD DOLPHQWD]LRQH GL ULVHUYD 3HUXWLOL]]DUHDSSLHQRWXWWHOHIXQ]LRQLFROOHJDUHO¶DOLPHQWDWRUH127$1RQHSRUUHOHEDWWHULHDGHFFHVVLYHIRQWLGLFDORUHTXDOLVROHRIXRFR,03267$=,21('(/6(1625(5(0272 $SULUHLOFRSHUFKLRGHOODEDWWHULDIDFHQGRORVFRUUHUH 6SRVWDUHODOHYHWWDVXOFDQDOH 6HOH]LRQDUH(88.VRORSHULOPRGHOOR57+1' ,QVHULUHODEDWWHULDULVSHWWDQGROHSRODULWjLQGLFDWH 3UHPHUH5(6(7GRSRRJQLVRVWLWX]LRQHGLEDWWHULD &KLXGHUHLOFRSHUFKLRGHOODEDWWHULD/¶LFRQDGLULFH]LRQHGHOVHQVRUHQHLQGLFDORVWDWR,&21( 6,*1,),&$72/¶XQLWj SULQFLSDOH q DOODULFHUFDGHOLVHQVRUHLÊVWDWRULOHYDWRHUHJLVWUDWRLOFDQDOHGLXQVHQVRUH1RQq VWDWRWURYDWRQHVVXQVHQVRUH 127$  6H QRQ YLHQH ULOHYDWR QHVVXQ VHQVRUH WHQHUHSUHPXWR6($5&+6(1625VXOO¶XQLWjSULQFLSDOH127$ 'RSRRJQL LQL]LDOL]]D]LRQHGHOVHQVRUH SRVVRQRHVVHUH QHFHVVDUL ¿QR D  PLQXWL SHU ULFHYHUH O¶RUD GDOORVWHVVR &ROORFDUHLOVHQVRUHQHOODSRVL]LRQHGHVLGHUDWDPHGLDQWHLOIRURSHU¿VVDJJLRDSDUHWHRFRQLOQDVWURELDGHVLYR3HUULVXOWDWLPLJOLRUL 3RVL]LRQDUHLOVHQVRUHDXQD GLVWDQ]DLQIHULRUHDPIWGDOO¶XQLWjSULQFLSDOH 7HQHUH LO VHQVRUH ORQWDQR GDOOD OXFH GLUHWWD GHO VROH HXPLGLWj 3RVL]LRQDUH LO VHQVRUH GL IURQWH DOO¶XQLWj SULQFLSDOHULGXFHQGROHLQWHUIHUHQ]HTXDOLSRUWHSDUHWLHPRELOL 3RVL]LRQDUH LO VHQVRUH LQ XQ OXRJR LQ FXL VLD SRVVLEOHYHGHUHLOFLHORORQWDQRGDRJJHWWLPHWDOOLFLHOHWWURQLFL 3RVL]LRQDUHLOVHQVRUHYLFLQRDOO¶XQLWjSULQFLSDOHGXUDQWHL PHVL LQYHUQDOL FRQ WHPSHUDWXUH VRWWR OR ]HUR FKHSRWUHEEHURULGXUUHOHSUHVWD]LRQLGHOODEDWWHULDHLQ¿FLDUHLOVHJQDOHGLWUDVPLVVLRQH68**(5,0(172,OFDPSRGLWUDVPLVVLRQHSXzYDULDUHLQ EDVH D PROWL IDWWRUL ( SRVVLELOH GRYHU SURYDUH GLYHUVHSRVL]LRQLSULPDGLRWWHQHUHLULVXOWDWLPLJOLRUL127$8WLOL]]DUHEDWWHULHDOFDOLQHLQFDVRGLXVRSUROXQJDWRHEDWWHULHDOOLWLRLQDPELHQWLFRQWHPSHUDWXUHLQIHULRULDOOR252/2*,25,&(=,21('(//¶25$4XHVWR SURGRWWR q SURJHWWDWR SHU VLQFURQL]]DUHDXWRPDWLFDPHQWHLOSURSULRRURORJLRFRQXQVHJQDOHRUDULRULFHYXWRGDOVHQVRUHUHPRWRLQGRWD]LRQH3HUDWWLYDUHGLVDWWLYDUHODULFH]LRQHGHOVHJQDOH3UHPHUHSHUDOFXQLVHFRQGLSHUDWWLYDUHR±SHUGLVDWWLYDUHODULFH]LRQHGHOVHJQDOH127$3HUODULFH]LRQHVRQRQHFHVVDULGDLDLPLQXWL6HLOVHJQDOHqGHEROHSRVVRQRRFFRUUHUH¿QRDRUHSHUULFHYHUQHXQRYDOLGR,QGLFDWRUHGLULFH]LRQHGHOVHJQDOHGHOO¶RURORJLR6(*1$/()257( 1(66816(*1$/(127$ /D ULFH]LRQH GHOO¶RUD GLSHQGH GDOOD ULXVFLWD GHOODWUDVPLVVLRQH GHL GDWL GHO VHQVRUH UHPRWR  6H YLHQHYLVXDOL]]DWD O¶LFRQD  FRQWUROODUH SULPD OD ULFH]LRQH GHOVHQVRUH,03267$=,21(0$18$/('(//¶25$ 7HQHUHSUHPXWR6(7  3UHPHUHR±SHUPRGL¿FDUHOHLPSRVWD]LRQL 3UHPHUH6(7SHUFRQIHUPDUHHSDVVDUHDOO¶LPSRVWD]LRQHVXFFHVVLYD/HRS]LRQLGLLPSRVWD]LRQHVRQRGLIIHUHQ]DGL IXVR RUDULR IRUPDWR RUD    RUH PLQXWL DQQRPHVH±JLRUQRJLRUQRPHVHJLRUQRHPHVH/DGLIIHUHQ]DGLIXVRRUDULRLPSRVWDO¶RURORJLRDRUHGDOO¶RUDGHOVHJQDOHULFHYXWR69(*/,$,PSRVWD]LRQHGHOODVYHJOLD 3UHPHUH 6(7 R 6(7  SHU YLVXDOL]]DUH O¶RUDGHVLGHUDWDGHOODVYHJOLD 7HQHUH SUHPXWR6(7 R6(7 SHU PRGL¿FDUHOHULVSHWWLYHLPSRVWD]LRQL 3UHPHUHSHUPRGL¿FDUHOHLPSRVWD]LRQL 3UHPHUH6(7 R6(7SHUFRQIHUPDUHHSDVVDUHDOO¶LPSRVWD]LRQHVXFFHVVLYD/HRS]LRQLGLLPSRVWD]LRQHVRQRRUDPLQXWLVHJQDOHDFXVWLFR FRQUDGLR 5HJROD]LRQHGHOVWD]LRQHHYROXPHGHOODVXRQHULD 6HYLHQHVHOH]LRQDWDODVYHJOLDFRQUDGLRSUHPHUHSHUVHOH]LRQDUHODVWD]LRQHUDGLRHSHUUHJRODUHLOYROXPH$WWLYD]LRQHGLVDWWLYD]LRQHGHOODVYHJOLD 3UHPHUH $/$50212))R $/$50212))3HUUHQGHUHO¶DOODUPHVLOHQ]LRVR 3UHPHUH6122=(6/((3SHUVSHJQHUHO¶DOODUPHSHUPLQXWL23385( 3UHPHUH6(76(7   SHUGLVDWWLYDUHO¶DOODUPHHULDWWLYDUORGRSRRUH5$',2$FFHQVLRQHVSHJQLPHQWRGHOODUDGLR 3UHPHUH5$',2212))SHUDFFHQGHUHRVSHJQHUHODUDGLR6LQWRQL]]D]LRQHGLXQDVWD]LRQH 3UHPHUH5$',2212))RSSXUH6122=(6/((3SHUDFFHGHUHDOODPRGDOLWj5DGLR 3UHPHUH 67$7,21 SHU VFRUUHUH OH VWD]LRQLSUHVLQWRQL]]DWH 7HQHUH SUHPXWR 781(   781( ± SHU DYYLDUH ODULFHUFD DXWRPDWLFD R SUHPHUH 781(   781( ± SHUVHOH]LRQDUHPDQXDOPHQWHODIUHTXHQ]D 'RSR DYHU WURYDWR OD IUHTXHQ]D GHVLGHUDWD WHQHUHSUHPXWR67$7,21SHUPHPRUL]]DUOD5HJROD]LRQHGHOYROXPHGHOODVXRQHULD 3UHPHUH92/92/±TXDQGRFLVLWURYDQHOODPRGDOLWj5DGLR5HJROD]LRQHGHOOHLPSRVWD]LRQLGHOORVOHHSWLPHU 3UHPHUH6122=(6/((3SHUDWWLYDUHODIXQ]LRQH 3UHPHUHQXRYDPHQWH6122=(6/((3SHUPRGL¿FDUHO¶LPSRVWD]LRQHGHOORVOHHSWLPH  PLQXWL352,(=,21(4XHVWD XQLWj SURLHWWD OH LQIRUPD]LRQL UHODWLYH D RUD HWHPSHUDWXUD HVWHUQD H FRQVHQWH DOO¶XWHQWH GL YLVXDOL]]DUOHFRPRGDPHQWH3HUODSURLH]LRQHFRQWLQXD 6SRVWDUH O¶LQWHUUXWWRUH 352-(&7,21 VX 21 TXDQGRO¶DGDWWDWRUHqFROOHJDWRSHUDWWLYDUHGLVDWWLYDUH3HUUXRWDUHO¶LPPDJLQHSURLHWWDWDGL 3UHPHUHUXRWDGL3HUPHWWHUHDIXRFRO¶LPPDJLQH 5XRWDUHLOVHOHWWRUH)2&86 127$  6H OD SURLH]LRQH q LOOXPLQDWD QRQ JXDUGDUHGLUHWWDPHQWHQHOSURLHWWRUH)81=,21(5(6(73UHPHUH5(6(7SHUULSULVWLQDUHOHLPSRVWD]LRQLSUHGH¿QLWHGHOO¶XQLWj63(&,),&+(7(&1,&+(81,7$¶35,1&,3$/(7,32 '(6&5,=,21(/XQJ[/DUJ[$OW [[PP3HVR JVHQ]DEDWWHULD5DGLR)0 'DD0+]$OLPHQWD]LRQH $OLPHQWDWRUH$&GD9HEDWWHULH80$$$GD9LQFOXVL7(5026(1625(5(0272&21252/2*,25$',2&21752//$727,32 '(6&5,=,21(/XQJ[/DUJ[$OW [[PP[[LQ3HVR JR]VHQ]DEDWWHULD,QWHUYDOORWHPSHUDWXUDGD&D&GD)D)5LVROX]LRQH &))UHTXHQ]DVHJQDOH 0+],QWHUYDOORWUDVPLVVLRQH PIWVHQ]DLQWHUIHUHQ]H1GLFDQDOL $OLPHQWD]LRQH  SLOD IRUPDWR$$ R 80 GD9LQFOXVD35(&$8=,21, 1RQVRWWRSRUUHLOSURGRWWRDIRU]DHFFHVVLYDXUWLSROYHUHVEDO]LHFFHVVLYLGLWHPSHUDWXUDHXPLGLWj 1RQRWWXUDUHLIRULGLDHUD]LRQHFRQRJJHWWLFRPHJLRUQDOLWHQGHHWF 1RQLPPHUJHUHO¶XQLWjLQDFTXD6HVLYHUVDGHOOLTXLGRVXOSURGRWWRDVFLXJDUORLPPHGLDWDPHQWH FRQXQSDQQRPRUELGRHOLVFLR 1RQSXOLUHO¶XQLWjFRQPDWHULDOLDEUDVLYLRFRUURVLYL 1RQPDQRPHWWHUHLFRPSRQHQWLLQWHUQL,QTXHVWRPRGRVLLQYDOLGDODJDUDQ]LD 8WLOL]]DUH VROR EDWWHULH QXRYH 1RQ PHVFRODUH EDWWHULHQXRYHFRQEDWWHULHYHFFKLH /HLPPDJLQLGHOPDQXDOHSRVVRQRGLIIHULUHGDOODUHDOWj $OPRPHQWRGHOORVPDOWLPHQWRGHOSURGRWWRXWLOL]]DUHODUDFFROWDGLIIHUHQ]LDWD 2UHJRQ 6FLHQWL¿F GHFOLQD RJQL UHVSRQVDELOLWj SHUHYHQWXDOLGDQQLDOOH¿QLWXUHFDXVDWL GDOSRVL]LRQDPHQWRGHO SURGRWWR VX GHWHUPLQDWL WLSL GL OHJQR &RQVXOWDUH OHLVWUX]LRQLIRUQLWHGDO IDEEULFDQWH GHOPRELOHSHU XOWHULRULLQIRUPD]LRQL ,OFRQWHQXWRGLTXHVWRPDQXDOHQRQSXzHVVHUHULVWDPSDWRVHQ]DO¶DXWRUL]]D]LRQHGHOIDEEULFDQWH 1RQ VPDOWLUH OH EDWWHULH YHFFKLH FRPH UL¿XWR QRQGLIIHUHQ]LDWR Ê QHFHVVDULR FKH TXHVWR UL¿XWR YHQJDVPDOWLWR PHGLDQWH UDFFROWD GLIIHUHQ]LDWD SHU HVVHUHWUDWWDWRLQPRGRSDUWLFRODUH $OFXQHXQLWjVRQRGRWDWHGLXQDVWULVFLDGLVLFXUH]]DSHUOHEDWWHULH5LPXRYHUHODVWULVFLDGDOYDQREDWWHULHSULPDGHOSULPRXWLOL]]R127$/HVSHFL¿FKHWHFQLFKHGHOSURGRWWRHLOFRQWHQXWRGHOPDQXDOH SHUO¶XWHQWHSRVVRQRHVVHUHPRGL¿FDWLVHQ]DSUHDYYLVR,1)250$=,21,$*/,87(17,'(,352'277,',7,32³'20(67,&2´,1)250$=,21($*/,87(17,DL VHQVL GHOO¶DUW  GHO 'HFUHWR /HJLVODWLYR  OXJOLR Q ´$WWXD]LRQH GHOOH 'LUHWWLYH &(&( H &( UHODWLYH DOOD ULGX]LRQHGHOO¶XVR GL VRVWDQ]H SHULFRORVH QHOOH DSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKHQRQFKpDOORVPDOWLPHQWRGHLUL¿XWL´,OVLPERORGHOFDVVRQHWWREDUUDWRULSRUWDWRVXOO¶DSSDUHFFKLDWXUDRVXOODVXDFRQIH]LRQHLQGLFDFKHLOSURGRWWRDOOD¿QHGHOODSURSULDYLWDXWLOHGHYHHVVHUHUDFFROWRVHSDUDWDPHQWHGDJOLDOWULUL¿XWL/¶XWHQWHGRYUjSHUWDQWRFRQIHULUHO¶DSSDUHFFKLDWXUDJLXQWDD ¿QH YLWD DJOL LGRQHL FHQWUL GL UDFFROWD GLIIHUHQ]LDWD GHLUL¿XWL HOHWWURQLFL HG HOHWWURWHFQLFL RSSXUH ULFRQVHJQDUODDO ULYHQGLWRUH DO PRPHQWR GHOO¶DFTXLVWR GL XQD QXRYDDSSDUHFFKLDWXUD GL WLSR HTXLYDOHQWH LQ UDJLRQH GL XQR DXQR/¶DGHJXDWD UDFFROWD GLIIHUHQ]LDWD SHU O¶DYYLR VXFFHVVLYRGHOO¶DSSDUHFFKLDWXUDGLVPHVVDDOULFLFODJJLRDOWUDWWDPHQWRHDOORVPDOWLPHQWRDPELHQWDOPHQWHFRPSDWLELOHFRQWULEXLVFHDG HYLWDUH SRVVLELOL HIIHWWL QHJDWLYL VXOO¶DPELHQWH H VXOODVDOXWHHIDYRULVFHLOUHLPSLHJRHRULFLFORGHLPDWHULDOLGLFXLqFRPSRVWDO¶DSSDUHFFKLDWXUD/R VPDOWLPHQWR DEXVLYR GHO SURGRWWR GD SDUWH GHOO¶XWHQWHFRPSRUWD O¶DSSOLFD]LRQH GHOOH VDQ]LRQL DPPLQLVWUDWLYHSUHYLVWHGDOODQRUPDWLYDYLJHQWH,1)250$=,21,6825(*216&,(17,),&3HU DYHUH PDJJLRUL LQIRUPD]LRQL VXL QXRYL SURGRWWL2UHJRQ 6FLHQWL¿F YLVLWD LO QRVWUR VLWR LQWHUQHWZZZRUHJRQVFLHQWL¿FLW GRYH SRWUDL WURYDUH WXWWH OHLQIRUPD]LRQLGLFXLKDLELVRJQR3HUULFHUFKHGLWLSRLQWHUQD]LRQDOHSXRLYLVLWDUHLQYHFHLOVLWRZZZRUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDODVS',&+,$5$=,21(',&21)250,7$¶8(&RQ OD SUHVHQWH 2UHJRQ 6FLHQWL¿F GLFKLDUD FKH TXHVWRSURGRWWR55035503$55038qFRQIRUPHDL UHTXLVLWL HVVHQ]LDOL HG DOOH DOWUH GLVSRVL]LRQL SHUWLQHQWLVWDELOLWH GDOOD GLUHWWLYD &( 8QD FRSLD ¿UPDWD HGDWDWD GHOOD 'LFKLDUD]LRQH GL &RQIRUPLWj q GLVSRQLELOH VXULFKLHVWDWUDPLWHLOVHUYL]LRFOLHQWLGHOOD2UHJRQ6FLHQWL¿F3$(6,&21)250,$//$',5(77,9$577(7XWWLL3DHVL(XURSHL6YL]]HUD&+(1RUYHJLD1,75pYHLO3URMHFWHXU5DGLRSLORWpDYHF5DGLR)0HWDI¿FKDJHGHODWHPSpUDWXUH0RGqOH55035503$550380$18(/'(/¶87,/,6$7(8598('¶(16(0%/()$&($9$17),* 30,QGLTXHO¶DSUqVPLGLHWODVRLUpHPRGHKHXUHV )XVHDXKRUDLUH ,QGLFDWHXUGHUpFHSWLRQGXVLJQDOGHO¶+RUORJH ,QGLTXHOHYROXPHGHODUDGLR +RUORJHYROXPH 6WDWLRQUDGLRHQUHJLVWUpH 0RGHVOHHSDFWLYp ,QGLTXHTXHOHPRGHUDGLRHVWDFWLYpHWTXHODIUpTXHQFHHVWDI¿FKpH &DOHQGULHU)UpTXHQFHUDGLR 3LOHVGHODVRQGHIDLEOHV ,QGLFDWLRQGHUpFHSWLRQGHODVRQGH 8QLWpGHWHPSpUDWXUHDXFKRL[GHO¶XWLOLVDWHXU 7HPSpUDWXUH %LS$ODUPHUDGLR /HVSLOHVGHO¶DSSDUHLOSULQFLSDOVRQWIDLEOHVDXFXQHSLOH)$&($55,(5(),* 0ROHWWH )2&86  DMXVWH OD PLVH DX SRLQW GH ODSURMHFWLRQ )/,35RWDWLRQjGHO¶LPDJHSURMHWpH 352-(&7,21 21  2))  $FWLYH  GpVDFWLYH ODSURMHFWLRQ     $XJPHQWH  GLPLQXH OHV YDOHXUV GX UpJODJHVpOHFWLRQQp 6(7 6(7 6(7 PRGL¿HOHVUpJODJHVO¶DI¿FKDJHDI¿FKHOHVWDWXWGHO¶DODUPHUqJOHO¶DODUPH ',00(5$MXVWHODFODUWpGHO¶DI¿FKDJH+,/2 6($5&+6(16255(&+(5&+(621'(3HUPHWG¶LQLWLHUODUHFKHUFKHGHODVRQGH &)8QLWpVGHWHPSpUDWXUHDXFKRL[GHO¶XWLOLVDWHXU 5(6(7 5(,1,7,$/,6(5  5pLQLWLDOLVH O¶DSSDUHLO DX[UpJODJHVSDUGpIDXW 3ULVHDGDSWDWHXUVHFWHXU &RPSDUWLPHQWGHVSLOHV98('8+$87),* $/$50212))$FWLYHGpVDFWLYHO¶$ODUPH 92/  3HUPHWG¶DMXVWHUOHYROXPHGHODUDGLR $/$50212))$FWLYHGpVDFWLYHO¶$ODUPH 67$7,213HUPHWGHUpJOHUOHVVWDWLRQVUDGLRV 781(     3HUPHW GH UHFKHUFKHU  UpJOHUDXWRPDWLTXHPHQWOHVIUpTXHQFHVUDGLRV 5$',2212))$FWLYHU'pVDFWLYHUODUDGLR 6122=(6/((35DSSHOG¶DODUPHHWPRGHVOHHSGHODUDGLR621'(6$16),/)$&($9$17 )$&($55,(5( 5(6(7 5(,1,7,$/,6(5  5pLQLWLDOLVH O¶DSSDUHLO DX[UpJODJHVSDUGpIDXW 6($5&+5(&+(5&+(FDSWHXUV57+1$'XQLTXHPHQW %RXWRQ(88.FDSWHXU57+1' ,QWHUUXSWHXUGHFDQDO 5XEDQDGKpVLIGRXEOHIDFH 7URXGH¿[DWLRQPXUDOH &RPSDUWLPHQWGHVSLOHV3285&200(1&(5,167$//$7,21'(/¶$33$5(,/35,1&,3$/ %UDQFKH]O¶DGDSWDWHXUVHFWHXUGDQVODSULVH$VVXUH]YRXV TXH O¶DGDSWDWHXU QH VRLW SDV REVWUXp HW TX¶LO VRLWIDFLOHPHQWDFFHVVLEOHjO¶DSSDUHLO3RXU rWUH GpFRQQHFWp HQWLqUHPHQW GH O¶DOLPHQWDWLRQpOHFWULTXH O¶DGDSWDWHXU GRLW rWUH GpFRQQHFWp GH O¶DSSDUHLOSULQFLSDO 5(0$548(  1¶H[SRVH] SDV O¶DGDSWDWHXU QL O¶DSSDUHLOSULQFLSDOjO¶KXPLGLWp1HSODFH]DXFXQUpFLSLHQWUHPSOLG¶HDXFRPPHOHVYDVHVVXUO¶DSSDUHLOSULQFLSDORXO¶DGDSWDWHXU3URWHFWLRQGHODPpPRLUH 5HWLUH]OHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHV ,QVpUH]OHV SLOHVHQUHVSHFWDQWOHVSRODULWpVYRLU),*/HVSLOHVQ¶RQWTX¶XQHIRQFWLRQ G¶DOLPHQWDWLRQGHVHFRXUV3RXUXWLOLVHUWRXWHVOHVIRQFWLRQVEUDQFKH]O¶DGDSWDWHXU 5(0$548(  1¶H[SRVH] SDV OHV SLOHV j XQH FKDOHXUH[FHVVLYHFRPPHOHVUD\RQVGXVROHLOHWOHIHX,167$//$7,21'(/$621'(6$16),/ 2XYUH]OHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHV 3RVLWLRQQH]O¶LQWHUUXSWHXUGHFDQDOVXUOHFDQDO 6pOHFWLRQQH](88.PRGqOH57+1'XQLTXHPHQW ,QVpUH]ODSLOHHQUHVSHFWDQWOHVSRODULWpV $SSX\HU VXU 5(6(7 DSUqV FKDTXH FKDQJHPHQW GHSLOHV )HUPH]OHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHV/¶LF{QHGHUpFHSWLRQGHODVRQGHYRXVLQGLTXHOHVWDWXWGHODWUDQVPLVVLRQ,&21(6 6,*1,),&$7,21/¶DSSDUHLO SULQFLSDO HVW j ODUHFKHUFKHGHODGHVVRQGHV8Q FDQDO GH OD VRQGH D pWpWURXYpHWHVWHQUHJLVWUp$XFXQHVRQGHQ¶HVWWURXYpH5(0$548(  6LDXFXQH VRQGHQ¶HVWWURXYpHDSSX\H]HW PDLQWHQH] OD WRXFKH 6($5&+ 6(1625 GH O¶DSSDUHLOSULQFLSDO5(0$548($FKDTXHLQLWLDOLVDWLRQGHODVRQGHO¶DSSDUHLOSULQFLSDO SHXW SUHQGUH MXVTX¶j  PLQXWHV SRXU UHFHYRLUO¶KHXUHGHSXLVODVRQGH6pFXULVH]ODVRQGHjO¶HPSODFHPHQWFKRLVLHQXWLOLVDQWOD¿[DWLRQPXUDOHRXOHUXEDQDGKpVLIGRXEOHIDFH3RXUREWHQLUGHPHLOOHXUVUpVXOWDWV 3RVLWLRQQH]ODVRQGHjPPD[LPXPSLHGVGHO¶DSSDUHLOSULQFLSDO 1HSODFH]SDVODVRQGHGLUHFWHPHQWIDFHDX[UD\RQVGXVROHLORXHQFRQWDFWDYHFGHVPDWLqUHVKXPLGHV 3RVLWLRQQH]OD VRQGHSRXU TX¶HOOHVRLW IDFHj O¶DSSDUHLOSULQFLSDO HQ PLQLPLVDQW OHV REVWDFOHV WHOV TXH SRUWHPXUVHWPHXEOHV 'LULJH]ODVRQGHGLUHFWHPHQWYHUVOHFLHOpORLJQpHGHVREMHWVPpWDOOLTXHVpOHFWURQLTXHV 3RVLWLRQQH]ODVRQGHjSUR[LPLWpGHO¶DSSDUHLOSULQFLSDOSHQGDQWOHVPRLVG¶KLYHUSXLVTXHOHJHOSHXWHQGRPPDJHUOH IRQFWLRQQHPHQW GHV SLOHV HW OD WUDQVPLVVLRQ GXVLJQDO $678&(  /D SRUWpH GH WUDQVPLVVLRQ SHXW YDULHU HQIXQFWLRQ GH QRPEUHX[ IDFWHXUV ,O SHXW rWUH QpFHVVDLUHG¶HVVD\HU SOXVLHXUV HPSODFHPHQWV SRXU REWHQLU OHVPHLOOHXUVUpVXOWDWV5(0$548(8WLOLVHU GHV SLOHVDOFDOLQHVSRXUXQH SOXVJUDQGH ORQJpYLWp HW GHV SLOHV DX OLWKLXP HQ YHQWH DX[SDUWLFXOLHUVSRXUGHVWHPSpUDWXUHVHQGHVVRXVGHF+25/2*(5(&(37,21'(/¶+25/2*(&HSURGXLWHVW FRQoXSRXUV\QFKURQLVHU DXWRPDWLTXHPHQWO¶KRUORJH DYHF OH VLJQDO UDGLR UHoX GH OD VRQGH VDQV ¿OIRXUQLH$FWLYHUGpVDFWLYHUODUpFHSWLRQGXVLJQDO0DLQWHQH] OH ERXWRQ  SRXU DFWLYHU RX OH ERXWRQ ± SRXUGpVDFWLYHUODUpFHSWLRQGXVLJQDO 5(0$548(  /D UpFHSWLRQ SUHQG  PLQXWHV 6L OHVLJQDOHVWIDLEOHFHODSHXWSUHQGUHMXVTX¶jKHXUHVSRXUREWHQLUXQVLJQDOYDODEOH,QGLFDWHXUGHUpFHSWLRQGXVLJQDOGHO¶+RUORJH6,*1$/)257 $8&816,*1$/  5(0$548(  /D UpFHSWLRQ GH O¶KRUORJH GpSHQG GH ODERQQHWUDQVPLVVLRQ GHVGRQQpHVpPLVHVGHSXLVODVRQGHVDQV ¿O  6L  V¶DI¿FKH YHXLOOH] WRXW G¶DERUG YpUL¿HU ODUpFHSWLRQGHODVRQGH5(*/(50$18(//(0(17/¶+25/2*( $SSX\H]HWPDLQWHQH]OHERXWRQ6(7  $SSX\H]VXURXSRXUPRGL¿HUOHVUpJODJHV $SSX\H]VXU6(7SRXUFRQ¿UPHUOHUpJODJHHWSDVVHUDX VXLYDQW /HV RSWLRQV GH UpJODJH VH SUpVHQWHQW GHOD PDQLqUH VXLYDQWH   )XVHDX KRUDLUH IRUPDW KHXUHVKHXUHPLQXWHVDQQpHIRUPDW MRXUPRLVPRLVMRXUMRXUHWPRLV/HGpFDODJHGH]RQHKRUDLUHUqJOHO¶KRUORJHKHXUHVGXVLJQDOKRUDLUHUHoX$/$50(3RXUUpJOHUO¶DODUPH $SSX\H]VXU6(7RX6(7 SRXUDI¿FKHUO¶KHXUHUpJOpHGHO¶DODUPHVpOHFWLRQQpH $SSX\H]HWPDLQWHQH]6(7RX6(7 SRXUHQWUHUOHVUpJODJHVUHVSHFWLIV $SSX\H]VXURXSRXUPRGL¿HUOHVUpJODJHV $SSX\H] VXU 6(7 RX 6(7  SRXU FRQ¿UPHU OHUpJODJH HW SDVVHU DX VXLYDQW /HV RSWLRQV GH UpJODJHVHSUpVHQWHQWGHODPDQLqUHVXLYDQWHKHXUHPLQXWHVO¶DODUPHSDUELS O¶DODUPHUDGLR 3RXUDMXVWHUODVWDWLRQHWOHYROXPH 6LYRXVVpOHFWLRQQH]O¶DODUPH UDGLR DSSX\H]VXU  SRXUFKRLVLUODIUpTXHQFHUDGLRHWVXUSRXUUpJOHUOHYROXPH3RXUDFWLYHUGpVDFWLYHUO¶DODUPH $SSX\H]VXU $/$50212))RX $/$50212))3RXUFRXSHUOHVRQGHO¶DODUPH $SSX\H]VXU6122=(6/((3SRXUpWHLQGUHO¶DODUPHSHQGDQWPLQXWHV28 $SSX\H]VXU6(7 6(7   SRXUpWHLQGUHO¶DODUPH HW SRXU TX¶HOOH VH GpFOHQFKH  KHXUHV SOXVWDUG5$',23RXUDFWLYHUGpVDFWLYHUODUDGLR $SSX\H]VXU5$',2212))SRXUDFWLYHURXGpVDFWLYHUODUDGLR3RXUUpJOHUOHVVWDWLRQVUDGLR $SSX\H]VXU 5$',221 2)) RX6122=( 6/((3SRXUHQWUHUOHPRGH5DGLR $SSX\H]VXU67$7,21SRXUIDLUHGp¿OHUOHVQXPpURVGHVWDWLRQVSUpUpJOpHV $SSX\H]HWPDLQWHQH]781(781(±SRXUHIIHFWXHUXQHUHFKHUFKHDXWRPDWLTXHRXDSSX\H] VXU781(781(SRXUUHFKHUFKHUPDQXHOOHPHQWOHVIUpTXHQFHV 8QH IRLV OD IUpTXHQFH GpVLUpH WURXYpH DSSX\H] HWPDLQWHQH]ODWRXFKH67$7,21SRXUHQUHJLVWUHU3RXUDMXVWHUOHYROXPH $SSX\H]VXU92/92/±XQHIRLVHQPRGH5DGLR3RXUSDUDPpWUHUOHVUpJODJHVGXFRPSWHXUVOHHS $SSX\H]VXU6122=(6/((3SRXUDFWLYHU $SSX\H]XQHQRXYHOOHIRLVVXU6122=(6/((3SRXUPRGL¿HUOHUpJODJHGXWHPSVVOHHSPLQXWHV352-(&7,21&HW DSSDUHLO SURMHWWH O¶KHXUH HW OD WHPSpUDWXUH SRXU YRWUHFRPPRGLWp3URMHFWLRQFRQWLQXH 3RVLWLRQQH] O¶HQFRFKH 352-(&7,21 VXU 21 XQHIRLV O¶DGDSWDWHXU EUDQFKp SRXU DFWLYHU  GpVDFWLYHU ODSURMHFWLRQFRQWLQXH5HQYHUVHUO¶LPDJHSURMHWpHSDU $SSX\H]VXU)OLS0HWWUHDXSRLQWO¶LPDJH 7RXUQH]ODPROHWWH)2&865(0$548(6LODSURMHFWLRQHVWDFWLYpHQHUHJDUGH]SDVGLUHFWHPHQWGDQVOHSURMHFWHXU5(,1,7,$/,6$7,21$SSX\HUVXU5(6(7SRXUUHYHQLUDX[UpJODJHVSDUGpIDXW&$5$&7(5,67,48(6$33$5(,/35,1&,3$/7<3( '(6&5,37,21/[O[+ [[PP[[SRXFHV3RLGV  J  RQFHV VDQV OHVSLOHV)0 j0+]$OLPHQWDWLRQ $GDSWDWHXUVHFWHXU9SLOHV80$$$9SRXUO¶DOLPHQWDWLRQGHVHFRXUV621'(6$16),/7<3( '(6&5,37,21/[,[+ [[PP[[SRXFHV3RLGV JRQFHVVDQVOHVSLOHV3ODJHGHPHVXUHGHODWHPSpUDWXUH&j&)j)5pVROXWLRQ &))UpTXHQFHGXVLJQDO 0+]'LVWDQFHGHWUDQVPLVVLRQPSLHGVVDQVREVWUXFWLRQ1RPEUHGHFDQDX[ $OLPHQWDWLRQ SLOHV80$$935(&$87,216 1HSDV VRXPHWWUHOHSURGXLWjXQHIRUFHH[FHVVLYHDXFKRFjODSRXVVLqUHDX[FKDQJHPHQWVGHWHPSpUDWXUHRXjO¶KXPLGLWp 1HSDVFRXYULUOHVWURXVGHYHQWLODWLRQDYHFGHVMRXUQDX[ULGHDX[HWF 1HSDVLPPHUJHUOHSURGXLWGDQVO¶HDX6LYRXVUHQYHUVH]GXOLTXLGHVXUO¶DSSDUHLOVpFKH]OHLPPpGLDWHPHQWDYHFXQWLVVXGRX[ 1HSDVQHWWR\HUO¶DSSDUHLODYHFGHVPDWpULDX[FRUURVLIVRXDEUDVLIV 1HSDVWUD¿TXHUOHVFRPSRVDQWVLQWHUQHV&HODLQYDOLGHUDYRWUHJDUDQWLH 1¶XWLOLVH]TXHGHVSLOHVQHXYHV1HSDVPpODQJHUGHVSLOHVQHXYHVHWXVDJpHV /HV LPDJHV GH FH PDQXHO SHXYHQW GLIIpUHU GH O¶DVSHFWUpHOGXSURGXLW /RUVTXH YRXV GpVLUH] YRXV GpEDUUDVVHU GH FH SURGXLWDVVXUH]YRXV TX¶LO VRLW FROOHFWp VpSDUpPHQW SRXU XQWUDLWHPHQWDGDSWp /HSRVHUVXUFHUWDLQHVVXUIDFHVHQERLVSHXWHQGRPPDJHUOD ¿QLWLRQ GX PHXEOH HW 2UHJRQ 6FLHQWL¿F QH SHXW HQrWUHWHQXUHVSRQVDEOH&RQVXOWH]OHVPLVHVHQJDUGHGXIDEULFDQWGXPHXEOHSRXUGHSOXVDPSOHVLQIRUPDWLRQV /H FRQWHQX GX SUpVHQW PDQXHO QH SHXW rWUH UHSURGXLWVDQVODSHUPLVVLRQGXIDEULTXDQW 1H SDV MHWHU OHV SLOHV XVDJpHV GDQV OHV FRQWDLQHUVPXQLFLSDX[QRQDGDSWpV9HXLOOH]HIIHFWXHUOHWULGHFHVRUGXUHVSRXUXQWUDLWHPHQWDGDSWpVLQpFHVVDLUH 9HXLOOH] UHPDUTXHU TXH FHUWDLQV DSSDUHLOV VRQWpTXLSpVG¶XQH EDQGHGH VpFXULWp5HWLUH]ODEDQGHGXFRPSDUWLPHQWGHVSLOHVDYDQWODSUHPLqUHXWLOLVDWLRQ 5(0$548(  /HV FDUDFWpULVWLTXHV WHFKQLTXHV GH FHSURGXLWHWOHFRQWHQXGHFHPDQXHOSHXYHQWrWUHVRXPLVjPRGL¿FDWLRQVVDQVSUpDYLV$352326'¶25(*216&,(17,),&3RXUSOXVGµLQIRUPDWLRQVVXUOHVSURGXLWV2UHJRQ6FLHQWL¿F)UDQFHUHQGH]YRXVVXUQRWUHVLWHZZZRUHJRQVFLHQWL¿FIU6LYRXV rWHVDX[(WDWV8QLVYRXVSRXYH]FRQWDFWHUQRWUHVXSSRUW FRQVRPPDWHXU GLUHFWHPHQW  VXU OH VLWH ZZZRUHJRQVFLHQWL¿FFRPVHUYLFHVXSSRUWDVS28SDUWpOpSKRQHDX3RXUGHVUHQVHLJQHPHQWVLQWHUQDWLRQDX[UHQGH]YRXVVXUOHVLWHZZZRUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDODVS(8'e&/$5$7,21'(&21)250,7e3DU OD SUpVHQWH 2UHJRQ 6FLHQWL¿F GpFODUH TXH O¶DSSDUHLO5pYHLO3URMHFWHXU5DGLRSLORWpDYHF5DGLR)0HWDI¿FKDJHGHODWHPSpUDWXUH55035503$55038HVW FRQIRUPH DX[ H[LJHQFHV HVVHQWLHOOHV HW DX[ DXWUHVGLVSRVLWLRQV SHUWLQHQWHV GH OD GLUHFWLYH &( 8QHFRSLHVLJQpHHW GDWpHGHOD GpFODUDWLRQGH FRQIRUPLWpHVWGLVSRQLEOHVXUGHPDQGHDXSUqVGHQRWUH6HUYLFH&OLHQW3$<6&21&(51e6577(7RXVOHVSD\V(XURSpHQVOD6XLVVH&+HWOD1RUYqJH1)5'()XQNJHVWHXHUWH3URMHNWLRQVXKUPLW8.:5DGLRXQG$XHQWHPSHUDWXU0RGHOO55035503$55038%(',(181*6$1/(,781*h%(56,&+7925'(5$16,&+7$%% 30*LEWQDFKPLWWDJVDQ6WXQGHQPRGXV =HLW]RQHQDXVJOHLFK ,QGLNDWRUIU=HLWVLJQDOHPSIDQJ *LEW5DGLRODXWVWlUNHDQ 8KU/DXWVWlUNH 5DGLRVWDWLRQJHVSHLFKHUW (LQVFKODIPRGXVLVWDNWLYLHUW *LEW DQ GDVV GHU 5DGLRPRGXV DNWLYLHUW LVW XQG GLH)UHTXHQ]DQJH]HLJWZLUG .DOHQGHU5DGLRIUHTXHQ] %DWWHULHQGHU6HQGHHLQKHLWVLQGVFKZDFK ,QGLNDWRUIU(PSIDQJGHU6HQGHHLQKHLW 9RP%HQXW]HUZlKOEDUH7HPSHUDWXUHLQKHLWHQ 7HPSHUDWXU 6LJQDOWRQ5DGLRDODUP  %DWWHULHQ GHU %DVLVHLQKHLW VLQG VFKZDFK  NHLQH%DWWHULH5h&.$16,&+7$%% )2&865DG3URMHNWLRQVVFKlUIHHLQVWHOOHQ )/,33URML]LHUWHV%LOGXPRGUHKHQ 352-(&7,21212))3URMHNWLRQHLQDXVVFKDOWHQ      :HUWH GHU JHZlKOWHQ (LQVWHOOXQJ HUK|KHQ YHUULQJHUQ 6(7 6(7 6(7 $Q]HLJH(LQVWHOOXQJHQlQGHUQ  EHWUHIIHQGHQ $ODUPVWDWXV DQ]HLJHQ $ODUPHLQVWHOOHQ ',00(5$Q]HLJHKHOOLJNHLWDXVZlKOHQ/2+, 6($5&+ 6(1625 6XFKH GHU 6HQGHHLQKHLWYHUDQODVVHQ &)9RP%HQXW]HUZlKOEDUH7HPSHUDWXUHLQKHLWHQ 5(6(7*HUlWDXI6WDQGDUGHLQVWHOOXQJHQ]XUFNVHW]HQ $QVFKOXVVIU$&'&1HW]DGDSWHU %DWWHULHIDFK2%(5($16,&+7$%% $/$50212)))XQNWLRQYRQ$ODUPDNWLYLHUHQGHDNWLYLHUHQ 92/  5DGLRODXWVWlUNHHLQVWHOOHQ $/$50212)))XQNWLRQYRQ$ODUPDNWLYLHUHQGHDNWLYLHUHQ 67$7,215DGLRVWDWLRQHLQVWHOOHQ 781(  $XWRP6HQGHUVXFKODXI5DGLRIUHTXHQ]HLQVWHOOHQ 5$',2212))5DGLRHLQDXVVFKDOWHQ 6122=(6/((36FKOXPPHUIXQNWLRQIU$ODUPRGHU(LQVFKODIIXQNWLRQIU5DGLRDNWLYLHUHQ)81.6(1'((,1+(,7925'(5$16,&+7 5h&.$16,&+7 5(6(7*HUlWDXI6WDQGDUGHLQVWHOOXQJHQ]XUFNVHW]HQ 6($5&+QXUIXQNVHQGHHLQKHLWHQ57+1$' (88.6FKDOWHUQXUIXQNVHQGHHLQKHLW57+1' .DQDO6FKDOWHU 'RSSHOVHLWLJHV.OHEHEDQG gIIQXQJIU:DQGPRQWDJH %DWWHULHIDFK(567(6&+5,77(,167$//$7,21'(5%$6,6(,1+(,7 6WHFNHQ6LHGHQ1HW]DGDSWHULQGLHGDIUYRUJHVHKHQH%XFKVH 6WHOOHQ 6LH VLFKHU GDVV GHU $GDSWHU QLFKWEORFNLHUWZLUGXQGIUGDV*HUlWOHLFKW]XJlQJOLFKLVW8PGDV*HUlWYROOVWlQGLJYRP1HW]VWURP]XWUHQQHQVROOWHGHU1HW]DGDSWHUYRQGHU%DVLVHLQKHLWHQWIHUQWZHUGHQ+,1:(,6 'LH%DVLVHLQKHLW XQGGHU1HW]DGDSWHU VROOWHQQLFKW LQ IHXFKWHQ 8PJHEXQJHQ SODW]LHUW ZHUGHQ (VGUIHQ NHLQH PLW )OVVLJNHLWHQ JHIOOWH *HJHQVWlQGH ZLH%OXPHQYDVHQ DXI GLH %DVLVHLQKHLW RGHU GHQ 1HW]DGDSWHUJHVWHOOWZHUGHQ6SHLFKHUVLFKHUXQJ gIIQHQ6LHGLH%DWWHULHIDFKDEGHFNXQJ /HJHQ 6LH GLH %DWWHULHQ HLQ XQG DFKWHQ 6LH DXI GLHhEHUHLQVWLPPXQJGHU3RODULWlWHQ$%%'LH %DWWHULHQ GLHQHQ OHGLJOLFK ]XU $EVLFKHUXQJ GHU6WURPYHUVRUJXQJ8PVlPWOLFKH)XQNWLRQHQGHV*HUlWV]XQXW]HQLQVWDOOLHUHQ6LHELWWHGHQ1HW]DGDSWHU+,1:(,66HW]HQ6LHGLH%DWWHULHQ NHLQHUEHUPlLJHQ+LW]HDXVZLH]%GXUFK6RQQHQEHVWUDKOXQJRGHU)HXHU,167$//$7,21'(5)81.6(1'((,1+(,7 gIIQHQ6LHGLH%DWWHULHIDFKDEGHFNXQJ 9HUVFKLHEHQ6LHGHQ.DQDOVFKDOWHUDXI.DQDO :lKOHQ6LH(88.DXVQXU57+1' /HJHQ 6LH GLH %DWWHULH HLQ XQG DFKWHQ 6LH DXI GLHhEHUHLQVWLPPXQJGHU3RODULWlWHQ 1DFKMHGHP%DWWHULHZHFKVHODXI5(6(7GUFNHQ 6FKOLHHQ6LHGLH%DWWHULHIDFKDEGHFNXQJ'DV (PSIDQJVV\PERO GHU 6HQGHHLQKHLW ]HLJW GHQ6WDWXVDQ6<0%2/( %('(8781*%DVLVHLQKHLW VXFKW QDFK6HQGHHLQKHLWHQ(LQ .DQDO GHU 6HQGHHLQKHLWZXUGH JHIXQGHQ XQGUHJLVWULHUW(VZXUGHNHLQH6HQGHHLQKHLWJHIXQGHQ +,1:(,6  :HQQ NHLQH 6HQGHHLQKHLW JHIXQGHQ ZXUGHKDOWHQ 6LH 6($5&+ 6(1625 DXI GHU %DVLVHLQKHLWJHGUFNW +,1:(,6  1DFK MHGHU ,QLWLDOLVLHUXQJ GHU 6HQGHHLQKHLWNDQQGLH%DVLVHLQKHLWELV]X0LQXWHQEHQ|WLJHQXPGLH8KU]HLWYRQGHU6HQGHHLQKHLW]XHPSIDQJHQ %HIHVWLJHQ6LHGLH6HQGHHLQKHLWPLWGHU:DQGDXIKlQJXQJRGHUGHPGRSSHOVHLWLJHQ.OHEHEDQGDQGHUJHZQVFKWHQ6WHOOH)URSWLPDOH(UJHEQLVVH 3ODW]LHUHQ6LHGLH6HQGHHLQKHLWLQQHUKDOEYRQPYRQGHU%DVLVHLQKHLWHQWIHUQW 3ODW]LHUHQ 6LH GLH 6HQGHHLQKHLW HQWIHUQW YRQ GLUHNWHU6RQQHQEHVWUDKOXQJXQG)HXFKWLJNHLW 3RVLWLRQLHUHQ 6LH GLH 6HQGHHLQKHLW VR GDVV VLH DXIGLH %DVLVHLQKHLW JHULFKWHW LVW XQG YHUPHLGHQ 6LH+LQGHUQLVVHZLH7UHQ:lQGHXQG0|EHO 3ODW]LHUHQ6LHGLH6HQGHHLQKHLWDQHLQHP6WDQGRUWPLWGLUHNWHU 6LFKW ]XP +LPPHO XQG VWHOOHQ 6LH VLH QLFKWLQ GLH 1lKH YRQ PHWDOOLVFKHQ *HJHQVWlQGHQ RGHUHOHNWURQLVFKHQ*HUlWHQ 3RVLWLRQLHUHQ 6LH GLH 6HQGHHLQKHLW ZlKUHQG GHUNDOWHQ:LQWHUPRQDWHLQGHU 1lKH GHU%DVLVHLQKHLWGD7HPSHUDWXUHQXQWHUGHP*HIULHUSXQNWGLH%DWWHULHOHLVWXQJXQGGLH6LJQDOEHUWUDJXQJEHHLQWUlFKWLJHQN|QQHQ 7,33  'LH hEHUWUDJXQJVUHLFKZHLWH NDQQ YRQ PHKUHUHQ)DNWRUHQ DEKlQJHQ 6LH PVVHQ HYHQWXHOO PHKUHUH6WDQGRUWHWHVWHQXPRSWLPDOH(UJHEQLVVH]XHU]LHOHQ+,1:(,6 9HUZHQGHQ6LH$ONDOLQH%DWWHULHQ IUOlQJHUH%HWULHEVGDXHU VRZLH /LWKLXP%DWWHULHQ IU *HEUDXFK EHL7HPSHUDWXUHQXQWHUGHP*HIULHUSXQNW)81.8+5=(,76,*1$/(03)$1*'LHVHV 3URGXNW V\QFKURQLVLHUW VHLQH 8KU DXWRPDWLVFKPLW HLQHP =HLWVLJQDO GDV YRQ GHU PLWJHOLHIHUWHQ)XQNVHQGHHLQKHLWHPSIDQJHQZLUG6RDNWLYLHUHQGHDNWLYLHUHQ6LHGHQ6LJQDOHPSIDQJ+DOWHQ6LHJHGUFNWXPGHQ6LJQDOHPSIDQJ]XDNWLYLHUHQRGHUXPLKQ]XGHDNWLYLHUHQ +,1:(,6  'HU (PSIDQJ QLPPW HWZD  0LQXWHQ LQ$QVSUXFK:HQQGDV6LJQDOVFKZDFKLVWNDQQHVELV]X6WXQGHQGDXHUQELVHLQJOWLJHV6LJQDOHPSIDQJHQZLUG,QGLNDWRUIU=HLWVLJQDOHPSIDQJ67$5.(66,*1$/ .(,16,*1$/  +,1:(,6  'HU =HLWVLJQDOHPSIDQJ KlQJW YRQ GHUHUIROJUHLFKHQ 'DWHQEHUWUDJXQJ GHU )XQNVHQGHHLQKHLWDE :HQQ  DQJH]HLJW ZLUG EHUSUIHQ 6LH ]XHUVW GHQ6LJQDOHPSIDQJGHU6HQGHHLQKHLW',(8+50$18(//(,167(//(1 +DOWHQ6LH6(7 JHGUFNW 'UFNHQ 6LH DXI  RGHU  XP GLH (LQVWHOOXQJHQ ]XlQGHUQ 'UFNHQ6LHDXI6(7XPGLH(LQVWHOOXQJ]XEHVWlWLJHQXQG]XUQlFKVWHQEHU]XJHKHQ'LH(LQVWHOOXQJVRSWLRQHQODXWHQ ZLH IROJW =HLW]RQHQDXVJOHLFK 6WXQGHQIRUPDW6WXQGH0LQXWH-DKU0RQDW7DJ7DJ0RQDW7DJXQG0RQDW'HU =HLW]RQHQDXVJOHLFK VWHOOW GLH 8KU DXI ELV ]X  6WXQGHQYRQGHUHPSIDQJHQHQ6LJQDO]HLWHLQ$/$506RVWHOOHQ6LHGHQ$ODUPHLQ 'UFNHQ 6LH DXI 6(7 RGHU 6(7  XP GLHJHZQVFKWHHLQ]XVWHOOHQGH$ODUP]HLWDQ]X]HLJHQ +DOWHQ 6LH 6(7  RGHU 6(7  JHGUFNW XP GLHHQWVSUHFKHQGH(LQVWHOOXQJDXI]XUXIHQ 'UFNHQ 6LH DXI  RGHU  XP GLH (LQVWHOOXQJHQ ]XlQGHUQ 'UFNHQ 6LH DXI 6(7 RGHU 6(7  XPGLH (LQVWHOOXQJ ]X EHVWlWLJHQ XQG ]XU QlFKVWHQEHU]XJHKHQ'LH(LQVWHOOXQJVRSWLRQHQODXWHQZLHIROJW6WXQGH0LQXWH6LJQDOWRQ 5DGLRDODUP 6RVWHOOHQ6LHGLH/DXWVWlUNHXQG5DGLRVWDWLRQHLQ :HQQGHU 5DGLRDODUP DXVJHZlKOWZXUGHGUFNHQ 6LHDXI    XP GLH 5DGLRVWDWLRQ DXV]XZlKOHQ XQG DXIXPGLH/DXWVWlUNHHLQ]XVWHOOHQ6RDNWLYLHUHQGHDNWLYLHUHQ6LHGHQ$ODUP 'UFNHQ 6LH DXI $/$50  21  2)) RGHU $/$50212))6RVFKDOWHQ6LHGHQ$ODUPVWXPP 'UFNHQ 6LH DXI 6122=(  6/((3 XP GHQ$ODUP 0LQXWHQODQJVWXPP]XVFKDOWHQ2'(5 'UFNHQ6LHDXI6(7 6(7   XPGHQ$ODUPDXV]XVFKDOWHQXQGLKQQDFK6WXQGHQHUQHXW]XDNWLYLHUHQ5$',26RDNWLYLHUHQGHDNWLYLHUHQ6LHGDV5DGLR 'UFNHQ6LHDXI5$',2212))XPGDV5DGLRHLQDXV]XVFKDOWHQ6RVWHOOHQ6LHGLH5DGLRVWDWLRQHLQ 'UFNHQ 6LH DXI 5$',2 21  2)) RGHU 6122=( 6/((3XPGHQ5DGLRPRGXVDXI]XUXIHQ 'UFNHQ6LHDXI67$7,21XPGXUFKGLHYRUHLQJHVWHOOWHQ6HQGHUQXPPHUQ]XEOlWWHUQ +DOWHQ 6LH 781(   781( ± JHGUFNW XP GHQDXWRPDWLVFKHQ 6HQGHUVXFKODXI ]X VWDUWHQ RGHUDXI 781(   781(  XP GLH )UHTXHQ] PDQXHOODXV]XZlKOHQ :HQQGLHJHZQVFKWH)UHTXHQ]JHIXQGHQZXUGHKDOWHQ6LH67$7,21JHGUFNWXPGHQ6HQGHU]XVSHLFKHUQ6RVWHOOHQ6LHGLH/DXWVWlUNHHLQ 'UFNHQ6LHLP5DGLRPRGXVDXI92/92/±6RUHJXOLHUHQ6LHGLH(LQVWHOOXQJGHV(LQVFKODIWLPHUV 'UFNHQ6LH]XU$NWLYLHUXQJDXI6122=(6/((3 'UFNHQ 6LH HUQHXW DXI 6122=(  6/((3 XP GLH(LQVWHOOXQJGHU(LQVFKODI]HLW]XlQGHUQ0LQ352-(.7,21'LHVHV *HUlW SURML]LHUW GLH 'DWHQ GHU 8KU]HLW XQG$XHQWHPSHUDWXU]X,KUHP.RPIRUW)U'DXHUSURMHNWLRQ 9HUVFKLHEHQ 6LH GHQ 6FKDOWHU 352-(&7,21 EHLDQJHVFKORVVHQHP 1HW]DGDSWHU DXI 21 XP GLHVH ]XDNWLYLHUHQGHDNWLYLHUHQ6RGUHKHQ6LHGDVSURML]LHUWH%LOGXP 'UFNHQ6LHDXI)OLS6RYHUVWHOOHQ6LHGLH6FKlUIHGHV%LOGHV 'UHKHQ6LHGDV)2&865DG+,1:(,6%OLFNHQ6LHQLFKWGLUHNWLQGHQ3URMHNWRUZHQQGLH3URMHNWLRQEHOHXFKWHWLVW5(6(7'UFNHQ6LHDXI5(6(7XPGDV*HUlWDXIGLH6WDQGDUGHLQVWHOOXQJHQ]XUFN]XVHW]HQ7(&+1,6&+('$7(1%$6,6(,1+(,77<3 %(6&+5(,%81*/[%[+ [[PP*HZLFKW JRKQH%DWWHULH8.: ELV0+]6WURPYHUVRUJXQJ 1HW]DGDSWHU9RGHU %DWWHULHQ 80 $$$9IU$EVLFKHUXQJ7+(502)81.6(1'((,1+(,70,78+5=(,77<3 %(6&+5(,%81*/[%[+ [[PP*HZLFKW JRKQH%DWWHULH7HPSHUDWXUEHUHLFK &ELV&)ELV)$XÀ|VXQJ &)6LJQDOIUHTXHQ] 0+]hEHUWUDJXQJVUHLFKZHLWH PRKQH+LQGHUQLVVH$Q]DKOG.DQlOH 6WURPYHUVRUJXQJ %DWWHULH80$$99256,&+760$661$+0(1 6HW]HQ6LHGDV*HUlWNHLQHUH[WUHPHQ*HZDOWHLQZLUNXQJXQG NHLQHQ 6W|HQ DXV XQG KDOWHQ 6LH HV YRQEHUPlLJHP6WDXE+LW]HRGHU)HXFKWLJNHLWIHUQ 6LH GUIHQ GLH %HOIWXQJV|IIQXQJHQ QLFKW PLW*HJHQVWlQGHQDEGHFNHQZLH]%=HLWXQJHQ9RUKlQJHXVZ 7DXFKHQ6LHGDV*HUlWQLHPDOVLQ:DVVHU)DOOV6LHHLQH)OVVLJNHLWEHUGDV*HUlWYHUVFKWWHQWURFNQHQ6LHHVVRIRUWPLWHLQHPZHLFKHQIDVHUIUHLHQ7XFK 5HLQLJHQ6LHGDV*HUlWNHLQHVIDOOVPLWVFKHXHUQGHQRGHUlW]HQGHQ0LWWHOQ 0DFKHQ 6LH VLFK QLFKW DQ GHQ LQWHUQHQ .RPSRQHQWHQGHV *HUlWV ]X VFKDIIHQ GD GLHV ]X HLQHP 9HUOXVW GHU*DUDQWLHIKUHQNDQQ 9HUZHQGHQ 6LH QXU QHXH %DWWHULHQ 9HUZHQGHQ 6LHNHLQHVIDOOVQHXHXQGDOWH%DWWHULHQJHPHLQVDP 'LHLQGLHVHU$QOHLWXQJGDUJHVWHOOWHQ$EELOGXQJHQN|QQHQVLFKYRP2ULJLQDOXQWHUVFKHLGHQ (QWVRUJHQ 6LH GDV *HUlW DXVVFKOLHOLFK LQ GHQ GDIUYRUJHVHKHQHQNRPPXQDOHQ6DPPHOVWHOOHQGLH6LHEHL,KUHU*HPHLQGHHUIUDJHQN|QQHQ :HQQGLHVHV3URGXNWDXIEHVWLPPWH+RO]ÀlFKHQJHVWHOOWZLUG NDQQ GLH 2EHUÀlFKH EHVFKlGLJW ZHUGHQ 2UHJRQ6FLHQWL¿F LVW QLFKW KDIWEDU IU VROFKH %HVFKlGLJXQJHQ(QWVSUHFKHQGH +LQZHLVH HQWQHKPHQ 6LH ELWWH GHU3ÀHJHDQOHLWXQJ,KUHV0|EHOKHUVWHOOHUV 'HU,QKDOWGLHVHU$QOHLWXQJGDUIRKQH*HQHKPLJXQJGHV+HUVWHOOHUVQLFKWYHUYLHOIlOWLJWZHUGHQ 9HUEUDXFKWH %DWWHULHQ JHK|UHQ QLFKW LQ GHQ +DXVPOO%LWWHJHEHQ6LHVLHEHLHLQHU6DPPHOVWHOOHIU$OWEDWWHULHQE]Z6RQGHUPOODE %LWWHEHDFKWHQ6LHGDVVPDQFKH*HUlWHPLWHLQHP%DWWHULHXQWHUEUHFKXQJVVWUHLIHQEHVWFNWVLQG9RUGHPHUVWHQ*HEUDXFKPVVHQ6LHGHQ6WUHLIHQDXVGHP%DWWHULHIDFK]LHKHQ +,1:(,6  'LH WHFKQLVFKHQ 'DWHQ IU GLHVHV 3URGXNWXQG GHU ,QKDOW GHU %HGLHQXQJVDQOHLWXQJ N|QQHQ RKQH%HQDFKULFKWLJXQJJHlQGHUWZHUGHQh%(525(*216&,(17,),&%HVXFKHQ 6LH XQVHUH :HEVLWH  ZZZRUHJRQVFLHQWL¿FGHXQG HUIDKUHQ 6LH PHKU EHU XQVHUH 2UHJRQ 6FLHQWL¿F3URGXNWH$XIGHU:HEVLWH¿QGHQ6LHDXFK,QIRUPDWLRQHQZLH6LHLP%HGDUIVIDOOXQVHUHQ.XQGHQGLHQVWHUUHLFKHQXQG'DWHQKHUXQWHUODGHQN|QQHQ)U LQWHUQDWLRQDOH $QIUDJHQ EHVXFKHQ 6LH ELWWH XQVHUH:HEVLWHZZZRUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDODVS(*.21)250,7b76(5./b581*+LHUPLW HUNOlUW 2UHJRQ 6FLHQWL¿F GDVV GLH IXQNJHVWHXHUWH3URMHNWLRQVXKU PLW 8.:5DGLR XQG $XHQWHPSHUDWXU5503  5503$  55038 PLW GHQJUXQGOHJHQGHQ $QIRUGHUXQJHQ XQG DQGHUHQ UHOHYDQWHQ9RUVFKULIWHQ GHU5LFKWOLQLH(* EHUHLQVWLPPW (LQH.RSLH GHU XQWHUVFKULHEHQHQ XQG PLW 'DWXP YHUVHKHQHQ.RQIRUPLWlWVHUNOlUXQJ HUKDOWHQ 6LH DXI $QIUDJH EHUXQVHUHQ2UHJRQ6FLHQWL¿F.XQGHQGLHQVW.21)250,1)2/*(1'(1/b1'(51$OOH/lQGHUGHU(86FKZHL]&+XQG1RUZHJHQ1)&&67$7(0(177KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV7KLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFH DQG 7KLVGHYLFH PXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHGLQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ :$51,1*  &KDQJHV RU PRGLILFDWLRQV QRW H[SUHVVO\DSSURYHGE\WKHSDUW\UHVSRQVLEOHIRUFRPSOLDQFHFRXOGYRLGWKHXVHU¶VDXWKRULW\WRRSHUDWHWKHHTXLSPHQW127(7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUD&ODVV%GLJLWDOGHYLFHSXUVXDQWWR3DUWRIWKH)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOH SURWHFWLRQ DJDLQVW KDUPIXO LQWHUIHUHQFH LQ DUHVLGHQWLDOLQVWDOODWLRQ7KLV HTXLSPHQW JHQHUDWHV XVHV DQG FDQ UDGLDWH UDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQDFFRUGDQFHZLWK WKH LQVWUXFWLRQV PD\ FDXVH KDUPIXO LQWHUIHUHQFH WRUDGLRFRPPXQLFDWLRQV+RZHYHU WKHUH LVQRJXDUDQWHHWKDWLQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLVHTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQUHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKHHTXLSPHQWRIIDQGRQWKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFWWKHLQWHUIHUHQFHE\RQHRUPRUHRIWKHIROORZLQJPHDVXUHV% 5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD% ,QFUHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQGUHFHLYHU% &RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG% &RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS'(&/$5$7,212)&21)250,7<7KHIROORZLQJLQIRUPDWLRQLVQRW WREH XVHGDVFRQWDFWIRUVXSSRUWRUVDOHV3OHDVHFDOORXUFXVWRPHUVHUYLFHQXPEHUOLVWHGRQRXUZHEVLWHDWZZZRUHJRQVFLHQWL¿FFRPRURQWKHZDUUDQW\FDUGIRUWKLVSURGXFWIRUDOOLQTXLULHVLQVWHDG:H1DPH2UHJRQ6FLHQWL¿F,QF$GGUHVV6:WK$YH7XDODWLQ 2UHJRQ86$7HOHSKRQH1RGHFODUHWKDWWKHSURGXFW3URGXFW1R55035503$550383URGXFW1DPH5DGLR&RQWUROOHG3URMHFWLRQ&ORFNZLWK)05DGLRDQG2XWGRRU7HPSHUDWXUH0DQXIDFWXUHU,'77HFKQRORJ\/LPLWHG$GGUHVV%ORFN&).DLVHU(VWDWH 3KDVH0DQ<XH6W+XQJ+RP.RZORRQ+RQJ.RQJLVLQFRQIRUPLW\ZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV7KLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFH7KLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHG LQFOXGLQJLQWHUIHUHQFHWKDW PD\FDXVHXQGHVLUHGRSHUDWLRQ

Navigation menu