QVWDOOLQJ WKH DSSOLDQFH ILJXUHV



1RWHV

,I WKH DSSOLDQFH LV LQVWDOOHG LQ DQ LVODQG XQLW RU LQ DQRWKHU ORFDWLRQ

WKDWLVQRWGHVFULEHGKHUHDSSURSULDWHYHQWLODWLRQRIWKHKRE

PXVWEHJXDUDQWHHG

'RQRWKHUPHWLFDOO\VHDOWKHORZHUEDVH

,QVWDOOLQJWKHDSSOLDQFHILJXUHV 

1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE7KHQRQYLVLEOH

VXUIDFHVPD\KDYHVKDUSHGJHV
2Q DSSOLDQFHV WKDW GR QRW KDYH D SUHLQVWDOOHG FDEOH LQVHUW WKH

PDLQVFDEOHLQWRWKHVRFNHW



7XUQ WKH KRE RYHU DQG SXW LW GRZQ RQ WKH EDVH RI WKH SDFNDJLQJ

DFORWKRUDQRWKHUVXUIDFHLQRUGHUWRSUHYHQWVFUDWFKHV



8VHDVFUHZGULYHUWROLIWXSWKHVRFNHW VFRYHU  ILJXUH  



8QGRWKHPRXQWLQJVFUHZDQGXVHDVFUHZGULYHUWROLIWWKHKRVH

FODPS  ILJXUH  



2QO\FRQQHFWDVVKRZQLQWKHGLDJUDPRQWKHVRFNHW  ILJXUH  
%1%URZQ
%8%OXH
*1<(<HOORZDQGJUHHQ
1RWHV

,IUHTXLUHGFKDQJHWKHFRQILJXUDWLRQRIWKHEULGJHVLQ

DFFRUGDQFHZLWKWKHFRQQHFWLRQGLDJUDP

(QVXUHWKDWWKHVFUHZVDUHVFUHZHGLQWLJKWO\RQWKHVRFNHW

DIWHUWKHFDEOHVKDYHEHHQFRQQHFWHG



8VHWKHKRVHFODPSWRVHFXUHWKHPDLQVFDEOHDQGWLJKWHQWKH

VHFXULQJVFUHZ  ILJXUH D 



&ORVHWKHFRYHURQWKHVRFNHW
1RWH $UUDQJH WKH FDEOHV LQ WKH FHQWUDO DUHD RI WKH PDLQV VRFNHW

LQRUGHUWRIDFLOLWDWHWKHIDVWHQLQJ



,I WKH PDLQV FDEOH JHWV LQ WKH ZD\ RI WKH GUDZHU XVH WKH HQFORVHG

FDEOHWLHVWRVHFXUHWKHFDEOHWRWKHXQGHUVLGHRIWKHKRE

ILJXUH E 

1RWH ,I D ORQJHU SRZHU FRUG LV UHTXLUHG SOHDVH FRQWDFW DIWHUVDOHV

VHUYLFH&RQQHFWLQJFDEOHVXSWR PORQJDUHDYDLODEOH
,QVWDOOLQJWKHKREILJXUH 
$GMXVWDQGLQVHUWWKHKRELQWRWKHIURQWVHFWLRQRIWKHLQVWDOODWLRQ

UHFHVV

'RQRWWUDSWKHPDLQVFDEOHDQGGRQRWURXWHLWRYHUVKDUS

HGJHV,IWKHRYHQLVDEXLOWXQGHUW\SHURXWHWKHFDEOHRQWKH

UHDU FRUQHUV RI WKH RYHQ WR WKH VRFNHW 7KH OLQH PXVW EH LQVWDOOHG

LQVXFKDZD\WKDWLWGRHVQRWFRPHLQWRFRQWDFWZLWKDQ\KRW

VHFWLRQVRIWKHKRERUWKHRYHQ

)RUWLOHGZRUNVXUIDFHV6HDOWKHWLOHMRLQWVZLWKVLOLFRQHUXEEHU

&RQQHFWLQJWKHDSSOLDQFHILJXUH

9ROWDJH6HHWKHUDWLQJSODWH

2QO\FRQQHFWDVVKRZQLQWKHFLUFXLWGLDJUDP
%1%URZQ
%8%OXH
*1<(<HOORZDQGJUHHQ

1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I

—…‹‹



“‹†‚„

RU

DSSHDUV RQ WKH DSSOLDQFH V GLVSOD\ WKH DSSOLDQFH LV

QRWFRQQHFWHGFRUUHFWO\'LVFRQQHFWLWIURPWKHSRZHUVXSSO\DQG

FKHFNWKHSRZHUFRUGFRQQHFWLRQ

8QLQVWDOOLQJWKHDSSOLDQFH

'LVFRQQHFWWKHDSSOLDQFHIURPWKHPDLQV
: 5LVNRIHOHFWULFDOVKRFN
:KHQGLVFRQQHFWLQJWKHFRRNWRSIURPWKHPDLQVWKHWHUPLQDOV

FRXOGUHPDLQFKDUJHG(OHFWULFDOLQVWDOODWLRQLVRQO\DOORZHGE\DQ

DXWKRUL]HGVSHFLDOLVWWHFKQLFLDQ
3XVKWKHKREXSZDUGVIURPEHORZWRUHPRYHLW
&DXWLRQ
'DPDJHWRWKHDSSOLDQFH'RQRWWU\WRUHPRYHWKHDSSOLDQFHE\

SU\LQJLWRXWIURPDERYH

fr

Þ

1RWLFHGHPRQWDJH

5HPDUTXHVLPSRUWDQWHV

6pFXULWp ODVpFXULWpSHQGDQWO XWLOLVDWLRQQ HVWJDUDQWLHTXHVL

O LQVWDOODWLRQDpWpHIIHFWXpHGHPDQLqUHFRUUHFWHGXSRLQWGHYXH

WHFKQLTXHHWFRQIRUPpPHQWjFHVLQVWUXFWLRQVGHPRQWDJH

/ LQVWDOODWHXU VHUD UHVSRQVDEOH GH WRXW GRPPDJH SURYRTXp SDU XQ

PRQWDJHLQFRUUHFW
$SUqVO LQVWDOODWLRQDVVXUH]YRXVTXHO XWLOLVDWHXUQ DDXFXQDFFqV

DX[SLqFHVpOHFWULTXHV
&HWDSSDUHLOSHXWrWUHXWLOLVpjGHVKDXWHXUVDOODQWMXVTX j

  PqWUHV
: 3RUWHXUVG LPSODQWVpOHFWURQLTXHV 
/ DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW

LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV

FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX

PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW

DX[LPSODQWVpOHFWURQLTXHV
&RQQH[LRQpOHFWULTXH QHSHXWrWUHHIIHFWXpHTXHSDUXQ

VSpFLDOLVWHDXWRULVp,OGHYUDVXLYUHOHVGLVSRVLWLRQVGXIRXUQLVVHXU

G pOHFWULFLWpGDQVOD]RQH
/ DSSDUHLOGRLWrWUHUDFFRUGpjXQHLQVWDOODWLRQIL[HHWGHV

VHFWLRQQHXUVFRUUHVSRQGDQWVGRLYHQWDYRLUpWpLQVWDOOpV

FRQIRUPpPHQWDX[SUHVFULSWLRQVG LQVWDOODWLRQ
7\SHGHEUDQFKHPHQW O DSSDUHLOIDLWSDUWLHGHODFODVVHGH

SURWHFWLRQ ,HWQHSHXWrWUHXWLOLVpTX DYHFXQHSULVHSRVVpGDQWXQ

FRQGXFWHXUGHSULVHGHWHUUH
/HIDEULFDQWVHGpJDJHGHWRXWHUHVSRQVDELOLWpTXDQWDX

IRQFWLRQQHPHQWLQDSSURSULpHWDX[SRVVLEOHVGRPPDJHV

SURYRTXpVSDUGHVLQVWDOODWLRQVpOHFWULTXHVQRQDSSURSULpHV
&kEOHUpVHDX LOHVWSHXWrWUHGpMjEUDQFKpjODERvWHGH

UDFFRUGHPHQW GH OD WDEOH GH FXLVVRQ RX IRXUQL DYHF O DSSDUHLO

HWGRLWXQLTXHPHQWrWUHLQVWDOOpSDUXQSHUVRQQHOVSpFLDOLVpHW

DXWRULVp RX XQH SHUVRQQH FRPSpWHQWH GX VHUYLFH DSUqVYHQWH /HV

GRQQpHVGHUDFFRUGHPHQWUHTXLVHVVRQWLQGLTXpHVVXUODSODTXH

VLJQDOpWLTXHHWVXUOHVFKpPDGHUDFFRUGHPHQW
8WLOLVH]XQLTXHPHQWOHFkEOHIRXUQLDYHFO DSSDUHLORXFHOXLIRXUQL

SDUOH6HUYLFHDSUqVYHQWHWHFKQLTXH
,QVWDOODWLRQVRXVXQSODQGHWUDYDLO ODWDEOHGHFXLVVRQj

LQGXFWLRQ SHXW XQLTXHPHQW rWUH LQVWDOOpH DXGHVVXV GH WLURLUV RX GH

IRXUVjYHQWLODWLRQIRUFpH,OQ HVWSDVSRVVLEOHGHPRQWHUXQ

UpIULJpUDWHXUXQODYHYDLVVHOOHXQIRXUVDQVYHQWLODWLRQQLXQODYH

OLQJHVRXVODWDEOHGHFXLVVRQ
+RWWH ODGLVWDQFHHQWUHODKRWWHHWODWDEOHGHFXLVVRQGRLWDX

PLQLPXPFRUUHVSRQGUHjODGLVWDQFHLQGLTXpHSRXUODKRWWHGDQV

OHVLQVWUXFWLRQVGHPRQWDJH
3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH5HVSHFWH]OHV

LQVWUXFWLRQVGXIDEULFDQWGXSODQGHWUDYDLO
6L O pSDLVVHXU GX SODQ GH WUDYDLO PRQWp GDQV OD WDEOH GH FXLVVRQ QH

FRUUHVSRQGSDVDX[LQGLFDWLRQVUHQIRUFHUOHSODQGHWUDYDLODYHF

XQPDWpULDXLPSHUPpDEOHHWUpIUDFWDLUHMXVTX jDWWHLQGUH

O pSDLVVHXUPLQLPDOHUHTXLVH6LQRQDXFXQHVWDELOLWpVXIILVDQWH

Q HVWJDUDQWLH

/HSODQGHWUDYDLOTXLHVWPRQWpGDQVODWDEOHGHFXLVVRQGRLW

SRXYRLUVXSSRUWHUHQY NJ

9pULILHUODSODQpLWpGHODWDEOHGHFXLVVRQXQHIRLVTX HOOHHVW

PRQWpH

*DUDQWLH  XQH PDXYDLVH LQVWDOODWLRQ XQ PDXYDLV EUDQFKHPHQW RX

XQ PRQWDJH LQDGDSWp SHXYHQW FRQGXLUH j OD SHUWH GH YDOLGLWp GH OD

JDUDQWLHGXSURGXLW
5HPDUTXH  7RXWHPDQLSXODWLRQjO LQWpULHXUGHO DSSDUHLO\

FRPSULVOHUHPSODFHPHQWGXFkEOHG DOLPHQWDWLRQGHYUDrWUH

HIIHFWXpHSDUGXSHUVRQQHOWHFKQLTXHGXVHUYLFHG DVVLVWDQFH

WHFKQLTXHD\DQWUHoXXQHIRUPDWLRQVSpFLILTXH

3UpSDUDWLRQGHVPHXEOHVILJXUH 

0HXEOHV HQFDVWUpV  FDSDEOHV GH UpVLVWHU j XQH WHPSpUDWXUH G DX

PRLQV ƒ&
&UHX[G HQFDVWUHPHQW UHWLUHUOHVFRSHDX[GXVjODGpFRXSH
6XUIDFHV GH GpFRXSH  VFHOOHU j O DLGH G XQ PDWpULDX UpVLVWDQW j OD

FKDOHXU
0RQWDJHVXUWLURLUVFKpPD D
3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP
9HQWLODWLRQ ODGLVWDQFHHQWUHODVXUIDFHGXSODQGHWUDYDLOHWOD

SDUWLHVXSpULHXUHGXWLURLUGRLWrWUHGH PP
5HPDUTXH  8WLOLVH]XQIRQGGHVpSDUDWLRQHQERLVVLOHWLURLU

FRQWLHQWGHVREMHWVPpWDOOLTXHVTXLV pFKDXIIHQWjFDXVHGHOD

FLUFXODWLRQGHO DLUORUVGHODYHQWLODWLRQGHODWDEOHGHFXLVVRQRX

V LOFRQWLHQWGHSHWLWVREMHWVPpWDOOLTXHVHWSRLQWXVFRPPHSDU

H[HPSOHGHVEURFKHWWHV  ILJXUH