&OLPD5HOD[

LRQRXPLGLILFDWRUHDXOWUDVXRQL
FRG

,03257$17(/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLGXVRH
FRQVHUYDUOHSHUFRQVXOWD]LRQLIXWXUH

7,0(5

212))
+80,',7<

,21
0$;0,1

,21280,',),&$725($8/75$6821,
,VWUX]LRQLGXVR

,212+80,',),&$'253258/75$621,'26
,QVWUXFFLRQHVGHXVR

*%

8/75$6281',21,6(5+80,',),(5
,QVWUXFWLRQVIRUXVH

+80,',),&$'25,21,=$'25'(8/75$6216
,QVWUXo}HVGHXWLOL]DomR

586




'

8/75$6&+$//,21/8)7%()(8&+7(56
*HEUDXFKVDQZHLVXQJ

+80,',),&$7(85,21,6(858/75$6216
1RWLFHGHPSORL

*5




&20321(17,&20321(176.20321(17(&20326$176&20321(17(6
&20321(17(6

,,WDOLDQR

 %HFFXFFLR

 ,PSXJQDWXUD
 6HUEDWRLRDFTXD


 ,PPLVLRQHDFTXD
 )LOWUR7DSSRVHUEDWRLR:DWHU
 8VFLWDYDSRUH

 7UDVGXWWRUH
 5LOHYDWRUHSUHVHQ]DDFTXD
 'LVSOD\OFG
 7DVWLGLIXQ]LRQDPHQWR

 )LORHSUHVD
 7HOHFRPDQGR


*%(QJOLVK

 1R]]OH

 +DQGOH
 :DWHUWDQN


 :DWHULQOHW
 )LOWHU:DWHUWDQNWDS
 6WHDPRXWOHW


7,0(5

212))
,21



+80,',7<
0$;0,1



 7UDVGXFHU
 :DWHUGHWHFWRU
 /&'GLVSOD\
 )XQFWLRQEXWWRQV



 &RUGDQGSOXJ
 5HPRWHFRQWURO

''HXWVFK

 $XVJDEHWOOH

 )LOWHU9HUVFKOXVV:DWHU%HKlOWHU

 /&''LVSOD\

 +DQGJULII

 'DPSIDXVJDQJ

 %HWULHEVWDVWHQ

 :DVVHUEHKlOWHU

 :DQGOHU

 .DEHOXQG6WHFNGRVH

 :DVVHUHLQJDEH

 (UNHQQXQJVYRUULFKWXQJGDVV:DVVHUYRUKDQGHQLVW

 )HUQEHGLHQXQJ

 (PERXWGpYDSRUDWLRQ

 &DUWRXFKHOWUDQWH%RXFKRQGXUpVHUYRLUj(DX

 (FUDQOFG

 3RLJQpH

 6RUWLHGHODYDSHXU

 7RXFKHVGHFRPPDQGH

 5pVHUYRLUGHDX

 &DSWHXU

 &kEOHHWSULVH

 ,QWURGXFWLRQGHOHDX

 'pWHFWHXUGHSUpVHQFHGHDX

 7pOpFRPPDQGH

 %RTXLOOD

 )LOWUR7DSyQGHSyVLWR:DWHU

 3DQWDOOD/&'

 (PSXxDGXUD

 6DOLGDGHOYDSRU

 7HFODVGHIXQFLRQDPLHQWR

 'HSyVLWRGHODJXD

 7UDQVGXFWRU

 &DEOH\WRPD

 ,QWURGXFFLyQGHODJXD

 'HWHFWRUGHSUHVHQFLDGHODJXD

 0DQGRDGLVWDQFLD

 %LFR

 )LOWUR7DPSDGRUHVHUYDWyULR:DWHU

 (FUmOFG

 &DER

 6DtGDGHYDSRU

 %RW}HVGHIXQFLRQDPHQWR

 5HVHUYDWyULRGHiJXD

 7UDQVGXWRU

 &DERHWRPDGD

 ,PLVVmRGHiJXD

 'HWHFWRUGDSUHVHQoDGHiJXD

 7HOHFRPDQGR

 

 

 

 

 

 

 

 

 

 

 :DWHU

 /&'

 

 

 

 

 

 



))UDQoDLV

((VSDxRO

33RUWXJXrV

5863

*5(

7,0(5

212))
,21

+80,',7<
0$;0,1

7,0(5

212))
+80,',7<

,21
0$;0,1

7,0(5

212))
,21

7,0(5

212))
,21

+80,',7<

+80,',7<
0$;0,1

0$;0,1

212))

9

212))

7,0(5

212))

&

+5





+80,',7<

2=21(
,21

7,0(5

212))
212))

0$;0,1

+80,',7<

2=21(
0$;0,1


&


&

+5





0$;0,1

7,0(5

212))
212))
+80,',7<

2=21(
0$;0,1
0$;0,1





+5


0$;0,1


&

+5


,21

&

+5






,21

7,0(5

212))
212))
+80,',7<

2=21(
,21
0$;0,1
0$;0,1


&

+5


&

+5





+80,',7<


+80,',7<

7,0(5

212))
212))
+80,',7<
+80,',7<

2=21(
,21
0$;0,1
0$;0,1


&




7,0(5

&

+5





+5






 

7,0(5

7,0(5
7,0(5

212))
212))
+80,',7<

2=21(
,21
0$;0,1
0$;0,1

% ((

( 3 
&

+5





&

+5





7,0 5
7,
7,0(5

212))
21
1 )
+80,',7<
0,' <

,21
1
0$;0,1
$; 1



&5

35(66


,7$/,$12
&DUDPDPPD
JUD]LHSHUDYHUHVFHOWROHVFOXVLYR,RQRXPLGLFDWRUHDGXOWUDVXRQL
&OLPD5HOD[%UHYL
4XHVWRDSSDUHFFKLRULVWDELOLVFHLOJLXVWRJUDGRGLXPLGLWjGHOODP
ELHQWHLQFXLYLYHLOWXREDPELQRHVYLOXSSDXQD]LRQHSXULFDQWH
GHOODULDFKHUHVSLUD*UD]LHDGXQRVFLOODWRUHDGDOWDIUHTXHQ]D
URPSH ODFTXD LQ SLFFROH SDUWLFHOOH GL YDSRUH FRQ GLDPHWUR GL
FLUFD  XP LO VLVWHPD GL YHQWLOD]LRQH HPHWWH TXHVWH SDUWLFHOOH
DOOHVWHUQRUHJRODQGROXPLGLWjGHOODPELHQWHLQEDVHDOODSHUFHQ
WXDOHGLXPLGLWjVHOH]LRQDWD
&OLPD5HOD[SURGXFHXQXVVRFRQWLQXRHSUROXQJDWRGLYDSRUH
QHFKHULPDQHVRVSHVRQHOODULDDOXQJRLOVHUEDWRLRGHOODFTXD
GLOLWULJDUDQWLVFHODFRSHUWXUDGHOOLQWHUDQRWWHLOPRPHQWRSL
LQGLFDWRSHULOVXRXWLOL]]R
2OWUHDOODSURGX]LRQHGLYDSRUH&OLPD5HOD[%UHYLRIIUHLOYDQ
WDJJLRGHOODLRQL]]D]LRQHGHOODULDSHUFKpJUD]LHDXQLQQRYDWLYD
WHFQRORJLDJLDSSRQHVHqLQJUDGRGLHPHWWHUHLRQLQHJDWLYL
/DULDFKHUHVSLULDPRqFDULFDWDFRQHQHUJLDHOHWWULFDHGqTXLQGL
ULFFDGLLRQLSRVLWLYLHQHJDWLYL,OQRVWUREHQHVVHUHGLSHQGH
GDOORURHTXLOLEULR
,PSLDQWLGDULDFRQGL]LRQDWDIXPRGLVLJDUHWWHHYHQWLOD]LRQHLQVXI
FLHQWHFDXVDQRXQDXPHQWRGHJOLLRQLSRVLWLYLQHOODULDFUHDQGR
XQRVTXLOLEULR
3HUULSRUWDUHOHTXLOLEULRqQHFHVVDULRDUULFFKLUHODULDFRQLRQLQH
JDWLYL(FFRSHUFKp&OLPD5HOD[qXQFRQWULEXWRSUH]LRVRDOOD
VDOXWHHDOEHQHVVHUHGHOWXREDPELQR
4XHVWRSURGRWWRqFRQIRUPHDOODQRUPD(XURSHD(1'L
UHWWLYD&(
&$5$77(5,67,&+(
 3XULFDODPELHQWHJUD]LHDOORLRQL]]DWRUHDGD]LRQHDQWLEDWWH
ULFD
 1HEXOL]]DODFTXDIUHGGDLQPRGRVLOHQ]LRVRJUD]LHDOODWHFQR
ORJLDDXOWUDVXRQL
 0DQWLHQHGHOJLXVWRJUDGRGLXPLGLWj
 3HUPHWWHGLLPSRVWDUHLOJUDGRGLXPLGLWjGHOODULDGHVLGHUDWR
 $LXWDLOELPERDUHVSLUDUHPHJOLR
 *DUDQWLVFHOLJLHQHGHOODFTXD
 $GGROFLVFHODFTXDGXUDJUD]LHDOOWURFRQVIHUHLQFHUDPLFD
 )XQ]LRQDPDQXDOPHQWHRFRQWHOHFRPDQGR
 (SURJUDPPDELOHQRDRUH
 6LVSHJQHDXWRPDWLFDPHQWHTXDQGRLOOLYHOORGHOODFTXDqWURSSR
EDVVR
 (GRWDWRGLVFKHUPRGLJLWDOHFRQVHQVRUHLQJUDGRGLULOHYDUHOD
WHPSHUDWXUDHOXPLGLWj
 3HUPHWWHGLUHJRODUHODGLUH]LRQHHOLQWHQVLWjGHOYDSRUH
 +DXQDFDSDFLWjOLWUL
/LYHOORGL8PLGLWj
/XPLGLWj UHODWLYD q OD SHUFHQWXDOH GL YDSRUH DFTXHR FRQ
WHQXWRLQXQGHWHUPLQDWRVSD]LRDGXQDGHWHUPLQDWDWHPSHUDWX
UDQRUPDOPHQWHLQGLFDWDFRQ5+DGHVHPSLR5+/DULD
FRQWLHQH SL R PHQR YDSRUH DFTXHR /D SURSRU]LRQH GL YDSRUH
DFTXHRYDULDDVHFRQGDGHOOHGLYHUVHWHPSHUDWXUHGHOODULD3L

DOWDqODWHPSHUDWXUDSLYDSRUHDFTXHRVDUjSUHVHQWHQHOODULD
,QLQYHUQRODULDIUHGGDGHOOHVWHUQRHQWUDQHOODVWDQ]HHVLVFDO
GDJUD]LHDOODSLDOWDWHPSHUDWXUDGHOOHVWHVVH'LFRQVHJXHQ]D
OXPLGLWjUHODWLYDGLPLQXLVFH
9ROHWH PDQWHQHUH XQ XPLGLWj RWWLPDOH GHOODPELHQWH" ( QHFHV
VDULR DXPHQWDUH LO YROXPH GL YDSRUH QHOODULD *UD]LH DO YRVWUR
XPLGLFDWRUH&OLPD5HOD[
/LYHOOLGLXPLGLWjUHODWLYDLGHDOLLQGLYHUVHVLWXD]LRQL
 6WDQ]DGDOHWWRVRJJLRUQR5+
 6WDQ]DFRQSD]LHQWL5+
 6WDQ]DFRQFRPSXWHUHDOWUHDWWUH]]DWXUH5+
 6WDQ]DFRQSLDQRIRUWH5+
 %LEOLRWHFKHJDOOHULHGDUWHHPXVHL5+
)LOWURGHOODFTXD
 /HSDUWLLQSODVWLFDVRQRPLVFHODWHFRQSDUWLFHOOHGLDUJHQWRFKH
HOLPLQDQR OD PDJJLRU SDUWH GHL EDWWHUL H FRPEDWWRQR OD RUD
EDWWHULFD
 6IHUHLQFHUDPLFDSHUDGGROFLUHDFTXDGXUD
 )LOWURLQFHUDPLFDSHUHOLPLQDUHFDWWLYLRGRULGHOODFTXD
$99(57(1=(
 3ULPDGLLQVHULUHODVSLQDGLFRUUHQWHYHULFDWHFKHODWHQVLRQH
VLDGL9
 9HULFDWHFKHOLPSLDQWRHOHWWULFRVLDSURYYLVWRGLFROOHJDPHQWR
DWHUUD
 8VDWHODSSDUHFFKLRVRORSHUOHIXQ]LRQLSHUFXLqVWDWRSUR
JHWWDWR
 7HQHWHORQWDQRGDOODSRUWDWDGHLEDPELQL
 1RQIDWHIXQ]LRQDUHODSSDUHFFKLRVHQ]DDFTXD
 1RQ XWLOL]]DWH ODSSDUHFFKLR VH VL YHULFDQR GHL GDQQHJJLD
PHQWLRVHLOFDYRGLDOLPHQWD]LRQHULVXOWDGDQQHJJLDWR
 1RQODVFLDWHPDLODVSLQDLQVHULWDQHOODSUHVDGLFRUUHQWHTXDQ
GR QRQ VL XVD OR LRQRXPLGLFDWRUH VWDFFDWHOD VHPSUH GRSR
OXWLOL]]R
 'LVLQVHULWH OD VSLQD TXDQGR SXOLWH ODSSDUHFFKLR R GXUDQWH
ORSHUD]LRQHGLLQVHULPHQWRDFTXD
 ,QFDVRGLQHFHVVLWjGLVRVWLWX]LRQHGHOFDYRGLDOLPHQWD]LRQH
GHOODSSDUHFFKLRVLUDFFRPDQGDGLQRQDSULUHODSSDUHFFKLRH
GL ULYROJHUVL DG XQ FHQWUR GL DVVLVWHQ]D DXWRUL]]DWR R DG XQ
WHFQLFRVSHFLDOL]]DWR
1RQVPRQWDWHODEDVHVHQ]DDYHUFRQVXOWDWRSHUVRQDOHTXD
OLFDWRSHUHYHQWXDOLULSDUD]LRQLVLFRQVLJOLDGLFRQWDWWDUHXQ
WHFQLFRDXWRUL]]DWR
121DJJLXQJHWHGHWHUJHQWLVROX]LRQLFKLPLFKH
DOOLQWHUQR GHOOXQLWj 121 DJJLXQJHUH PHGLFL
QHHVVHQ]HSURIXPDWHRDOWUHVRVWDQ]H
7HQHWHGHWHUJHQWLHVROX]LRQLFKLPLFKHORQWDQRGDEDPELQL
,QFDVRGLRGRULDQRUPDOLGXUDQWHLOIXQ]LRQDPHQWRVSHJQHUH
ODSSDUHFFKLRHVFROOHJDUORGDOODSUHVD
6HGHWHUJHQWLRVROX]LRQLFKLPLFKHYHQJRQRDFRQWDWWRFRQOD
ERFFDRJOLRFFKLGHOYRVWUREDPELQRFRQVXOWDWHXQPHGLFR
SHUHYLWDUHSHULFROL
1RQWRFFDWHODFTXDFRQWHQXWDQHOFRQWHQLWRUHRDOWULFRPSR
QHQWLPHQWUHODSSDUHFFKLRqLQIXQ]LRQH
1RQDFFHQGHWHODSSDUHFFKLRSULPDGLDYHULQVHULWRODFTXDQHO
FRQWHQLWRUHSUHSRVWR


1RQUDVFKLDWHLOWUDVGXWWRUH
1RQ XWLOL]]DWH GHWHUJHQWL R VROX]LRQL FKLPLFKH SHU OD SXOL]LD
GHOWUDVGXWWRUH
1RQLPPHWWHWHDFTXDQHOODEDVHSHUHYLWDUHFKHLFRPSRQHQWL
VLURYLQLQR
/XVRGLTXHVWRDSSDUHFFKLRQRQqLQWHVRSHUSHUVRQHLQFOXVR
EDPELQL FRQ FDSDFLWj VLFKH VHQVRULDOL H PHQWDOL ULGRWWH R
FRQXQDPDQFDQ]DGLHVSHULHQ]DRFRQRVFHQ]DDPHQRFKH
VRWWRVXSHUYLVLRQHRSSXUHVHFRQGRLQGLFD]LRQHGLXQDSHUVR
QDUHVSRQVDELOHGHOODVLFXUH]]D
$VVLFXUDWHYLFKHEDPELQLQRQJLRFKLQRFKHODSSDUHFFKLDWXUD
$GDWWRDGXVRLQWHUQR
87,/,==2'(/7(/(&20$1'2
,OWHOHFRPDQGRGL&OLPD5HOD[KDXQDSRUWDWDGLPHKDOH
VWHVVHIXQ]LRQLGHOODSODQFLDFRPDQGLSRVWDVXOODSSDUHFFKLR
7$672212))

7$672/,9(//2,17(16,79$325(
7$672)81=,21(,21,==$725(
,03267$=,21(7,0(5
7$672/,9(//280,',7

$77(1=,21(3ULPDGHOOXWLOL]]RULPXRYHUHLOWHOHFRPDQGRGDOOLQ
YROXFURLQSODVWLFDHVODUHODOLQJXHWWDGLSODVWLFDSRVWDQHOYDQR
SRUWDEDWWHULD
8626,&852'(//$%$77(5,$
3RVL]LRQDPHQWRGHOOHSLOH)LJ
%DWWHULHWHOHFRPDQGRLQFOXVH
7HQHUH OH EDWWHULH ORQWDQR GDOOD SRUWDWD GHL EDPELQL 8WLOL]]DUH
HVFOXVLYDPHQWHOHEDWWHULHLQGLFDWHRGLWLSRHTXLYDOHQWHYROWDJJLR
H IRUPDWR ,QVHULUH OH EDWWHULH IDFHQGR DWWHQ]LRQH DOOD SRODULWj
5LPXRYHUHOHEDWWHULHHVDXULWHGDOSURGRWWR121FRUWRFLUFXLWDUHL
WHUPLQDOLGLDOLPHQWD]LRQH3HUHVVHUHULFDULFDWHOHEDWWHULHULFDUL
FDELOLGHYRQRHVVHUHWROWHGDOJLRFDWWROR/HEDWWHULHULFDULFDELOLGH
YRQRHVVHUHULFDULFDWHHVFOXVLYDPHQWHVRWWRODVXSHUYLVLRQHGLXQ
DGXOWR/HEDWWHULHSRVVRQRSHUGHUHDFLGRVHYHQJRQRXWLOL]]DWH
LQVLHPHDEDWWHULHGLWLSRGLYHUVRVHQRQYHQJRQRLQVHULWHFRUUHW
WDPHQWHDOFRQWUDULRRVHQRQYHQJRQRVRVWLWXLWHRULFDULFDWHWXWWH
QHOORVWHVVRPRPHQWR1RQXWLOL]]DUHFRQWHPSRUDQHDPHQWHEDW
WHULHYHFFKLHHQXRYH1RQXWLOL]]DUHFRQWHPSRUDQHDPHQWHEDWWH
ULHDOFDOLQHVWDQGDUG]LQFRFDUERQHRULFDULFDELOLQLFKHOFDGPLR
/HEDWWHULHSRVVRQRSHUGHUHDFLGRRHVSORGHUHVHYHQJRQRJHWWD
WHQHOIXRFRRVHVLWHQWDGLULFDULFDUHXQDEDWWHULDQRQULFDULFDELOH
1RQULFDULFDUHPDLXQDFHOODGLXQWLSRLQXQFDULFDEDWWHULHDGDWWR
DXQDOWURWLSR*HWWDUHLPPHGLDWDPHQWHOHEDWWHULHFKHSHUGRQR
SRVVRQRFDXVDUHXVWLRQLFXWDQHHRDOWUHOHVLRQLSHUVRQDOL4XDQGR
VL JHWWDQR OH EDWWHULH DFFHUWDUVL GL VPDOWLUOH LQ PRGR DGHJXDWR
QHOULVSHWWRGHOOHQRUPDWLYHVWDWDOLHORFDOL5LPXRYHUHVHPSUHOH
EDWWHULHVHLOSURGRWWRQRQYLHQHXWLOL]]DWRSHUXQPHVHRSL/H
EDWWHULHODVFLDWHQHOOXQLWjSRVVRQRSHUGHUHHFDXVDUHGDQQL
1RQXWLOL]]DUH0$,EDWWHULHGLWLSLGLYHUVL


,O VLPEROR GHO FDVVRQHWWR EDUUDWR ULSRUWDWR VXOODSSD

UHFFKLDWXUDLQGLFDFKHLOSURGRWWRGHYHHVVHUHUDFFROWR
VHSDUDWDPHQWH GDJOL DOWUL ULXWL DOOD QH GHOOD SURSULD
YLWDXWLOH

,6758=,21,'87,/,==2
3RVL]LRQDWH&OLPD5HOD[VXXQDEDVHSLDQDHVWDELOHHVHJXLWH
OHLVWUX]LRQLGLVHJXLWR
 $VVLFXUDWHYLFKHODVSLQDGHOFDYRVLDGLVLQVHULWDGDOODSUHVD
GLFRUUHQWH)LJ
 6ODWHLOVHUEDWRLRGDOODEDVHFDSRYROJHWHORHLQVHULWHODFTXD
VYLWDQGRLOWDSSRZDWHUSRVWRVXOIRQGR)LJ5LDYYLWDWH
LOWDSSR
 5LSRVL]LRQDWHLOVHUEDWRLRVXOFRUSRFHQWUDOH
 &RQWUROODWHFKHLOYROWDJJLRFRUULVSRQGDDTXHOORGLLQJUHVVRHG
LQVHULWHODVSLQDQHOODSUHVDFRUUHQWH)LJ
 $FFHQGHWHODSSDUHFFKLRSUHPHQGRLOWDVWR212))ODOXFHGL
VIRQGRGHOGLVSOD\VLDFFHQGH/DSSDUHFFKLRFRPLQFLDDIXQ]LR

QDUH)LJ6HXWLOL]]DWHLOWHOHFRPDQGRSUHPHWHLOWDVWR
,OGLVSOD\/&'VLVSHJQHUjGRSRVHFRQGL3UHPHUHGXHYRO
WH212))SHUVSHJQHUHODSSDUHFFKLR
 3UHPHWHLOWDVWR0$;0,1SHUUHJRODUHOLQWHQVLWjGHOXVVR
GHOYDSRUHSRVVLELOLWjGLVFHJOLHUHOLYHOOLGLLQWHQVLWj)LJ

6HXWLOL]]DWHLOWHOHFRPDQGRSUHPHWHLOWDVWR
 6H YROHWH DWWLYDUH OD IXQ]LRQH LRQL]]DWRUH SUHPHWH LO WDVWR

,21LOWDVWRFRQLOSLQRVHXWLOL]]DWHLOWHOHFRPDQGR
6XOGLVSOD\DSSDULUjODJXUDGLXQSLQR)LJ3HUDUUHVWDUH
ODIXQ]LRQHSUHPHWHQXRYDPHQWHLOWDVWR
 )XQ]LRQH XPLGLWj FRVWDQWH LO GLVSOD\ GHOOR LRQRXPLGLFDWRUH
PRVWUD VHPSUH OXPLGLWj UHJLVWUDWD ( SRVVLELOH VFHJOLHUH LO
OLYHOOR GL XPLGLWj FKH VL YXROH UDJJLXQJHUH GD XQ PLQLPR GL
5+D5+3UHPHQGRLOWDVWR+80,',7<WDVWRFRQ
XQDYROWDVLDXPHQ
OHJRFFHGDFTXDVXOWHOHFRPDQGR
WDLOOLYHOORGLXPLGLWjVHOH]LRQDWRGL5+)LJ'RSRDYHU
UDJJLXQWRL5+SUHPHQGRDQFRUDXQDYROWDVLULWRUQDD
5+
 'RSR DYHU VHOH]LRQDWR OXPLGLWj GHVLGHUDWD ODSSDUHFFKLR OD
PRVWUDVXOGLVSOD\SHUVHFRQGL7UDVFRUVLLVHFRQGLLOGL
VSOD\PRVWUDQXRYDPHQWHODSHUFHQWXDOHGLXPLGLWjULOHYDWD
,OVLPEROR5+FRQWLQXDDODPSHJJLDUH6HOXPLGLWjVHOH]LR
QDWDqLQIHULRUHDOOXPLGLWjULOHYDWDODSSDUHFFKLRVLDUUHVWDHG
HQWUDLQPRGDOLWjVWDQGE\6HOXPLGLWjVHOH]LRQDWDqVXSHULRUH
DOOXPLGLWj ULOHYDWD VL ULDWWLYD OD IXQ]LRQH GL XPLGLFD]LRQH
$77(1=,21( 6H XWLOL]]DWH OD IXQ]LRQH XPLGLWj FRVWDQ
WH ODSSDUHFFKLR LPSRVWD LQ DXWRPDWLFR LO OLYHOOR GL LQWHQVLWj
GL YDSRUH WUDVFXUDQGR XQD YRVWUD HYHQWXDOH LPSRVWD]LRQH
SUHFHGHQWH
,PSRVWD]LRQH GHO WLPHU SRWHWH LPSRVWDUH  GLYHUVH UHJROD
]LRQH GHO WHPSR GL IXQ]LRQDPHQWR GHOODSSDUHFFKLR   
 H  RUH 3UHPHQGR LO WDVWR 7,0(5 WDVWR FRQ ORURORJLR
DSSDULUjOLPPDJLQHGLXQRURORJLRVXO
VXOWHOHFRPDQGR
GLVSOD\ )LJ ,O WLPHU PRVWUD LO WHPSR GL IXQ]LRQDPHQWR UL
PDVWRVFDODQGRRJQLRUHSHUHVHPSLRVHqVWDWRUHJRODWRLO
WLPHUDRUHVXOGLVSOD\DSSDULUjGRSRGXHRUH6HVLVSH

JQHODSSDUHFFKLRODSURJUDPPD]LRQHGHOWHPSRVLD]]HUD
 6HODFTXDQHOVHUEDWRLRqWURSSRSRFDSHUPDQWHQHUHLOIXQ
]LRQDPHQWRGHOODSSDUHFFKLRODSSDUHFFKLRVPHWWHGLIXQ]LR
QDUH DXWRPDWLFDPHQWH HPHWWHQGR XQ VHJQDOH DFXVWLFR SHU
VHJQDODUHXQDTXDQWLWjGDFTXDLQVXIFLHQWH)LJ/DOXFH
GHOGLVSOD\VLVSHJQHHULPDQJRQRLQGLFDWLVRORODWHPSHUDWXUD
DPELHQWHHSHUFHQWXDOHGLXPLGLWj5LHPSLHQGRLOVHUEDWRLR
GDFTXDODSSDUHFFKLRULFRPLQFLDDIXQ]LRQDUH
*8,'$',$1$/,6,*8$67,
3HU TXDOVLDVL GLIFROWj LQFRQWUDWD QHO QRUPDOH IXQ]LRQDPHQWR VL
SUHJDGLIDUULIHULPHQWRDLVHJXHQWLSXQWL
352%/(0$

027,9$=,21,
3266,%,/,

&26$)$5(

6SLD
GDFFHQVLRQH
VSHQWD

1RQFqFRUUHQWH

,QVHULUHODSUHVD
DFFHQGHUH

6SLD
GDFFHQVLRQH
DFFHVDQRQHVFH
YDSRUH

1RQFqDFTXDQHO
VHUEDWRLR

,QVHULUHDFTXDQHO
VHUEDWRLR

/LQWHUUXWWRUHGLVLFX
UH]]DqDOOHQWDWR

$VVLFXUDUVLFKHOLQWHU
UXWWRUHGLVLFXUH]]DVLD
EHQDYYLWDWR

2GRUHDQRUPDOH
GHOYDSRUH

1XRYRDSSDUHFFKLR

7RJOLHUHLOVHUEDWRLR
DSULUHLOFRSHUFKLR
ODVFLDUHDHUDUHSHU
RUH

$FTXDVSRUFDR
ULPDVWDQHOVHUEDWRLR
WURSSRDOXQJR

3XOLUHLOVHUEDWRLRH
ULHPSLUORFRQDFTXD
SXOLWD

6SLDGDFFHQVLRQH 7URSSDDFTXDQHOOD
DFFHVDPD
EDVH
ODSSDUHFFKLRQRQ
IXQ]LRQD

7RJOLHUHGHOODFTXD
GDOODEDVHDYYLWDUHLO
VHUEDWRLR

7URSSRSRFR
YDSRUH

5HVLGXLGLFDOFDUH
QHOODEDVH

3XOLUHLOWUDVGXWWRUH
SLDVWULQD

$FTXDVSRUFDR
ULPDVWDQHOVHUEDWRLR
WURSSRDOXQJR

3XOLUHLOVHUEDWRLRH
ULHPSLUORFRQDFTXD
SXOLWD

9LEUD]LRQLQHO
VHUEDWRLRFDXVDWHGD
LQVXIFLHQ]DGDFTXD

5LHPSLUHLOVHUEDWRLR
GLDFTXD

5XPRUHDQRUPDOH

/DSSDUHFFKLRQRQqVX 6SRVWDUHODSSDUHFFKLR
XQDVXSHUFLHVWDELOH
VXXQDVXSHUFLH
VWDELOH
,OYDSRUHHVFH
LQWRUQRDOEHF
FXFFLR

&LVRQRGHJOLVSLUDJOL
WUDLOEHFFXFFLRHLO
VHUEDWRLR

,PPHUJHUHLOEHFFXFFLR
QHOODFTXDGRSRGLFKp
VVDUORQHOOLQFDYRGHO
VHUEDWRLR

0$187(1=,21(
/DFTXDWURSSRGXUDFRQXQDOWRFRQWHQXWRGLFDOFLRHPDJQHVLR
SXzFDXVDUHODIRUPD]LRQHGLUHVLGXLGLFDOFDUHVXOODVXSHUFLHGHO
FRUSRFHQWUDOHGHOWUDVGXWWRUHSLDVWULQDHGHOODVXSHUFLHLQWHUQD

GHOVHUEDWRLRSHUODFTXD
,UHVLGXLGLFDOFDUHLPSHGLVFRQRLOFRUUHWWRIXQ]LRQDPHQWRGHOODS
SDUHFFKLR YL VXJJHULDPR TXLQGL GL HIIHWWXDUH TXHVWH VHPSOLFL
RSHUD]LRQLSHUXQDFRUUHWWDPDQXWHQ]LRQHGHOORLRQRXPLGLFDWRUH
&OLPD5HOD[
 8VDUH DFTXD IUHGGD SUHFHGHQWHPHQWH EROOLWD RSSXUH DFTXD
GLVWLOODWD
 3XOLUHRJQLVHWWLPDQDLOWUDVGXWWRUHLOVHUEDWRLRGHOODFTXDHOD
EDVHGHOODSSDUHFFKLR
 &DPELDUHIUHTXHQWHPHQWHODFTXDQHOVHUEDWRLR
 $VVLFXUDUVLGLWRJOLHUHWXWWDODFTXDGDOVHUEDWRLRHGDVFLXJDUH
ODEDVHSULPDGLXQOXQJRSHULRGRGLQRQXWLOL]]R
 3XOLUHOLQWHUDXQLWjHGDVVLFXUDUVLFKHWXWWHOHSDUWLGHOODSSD
UHFFKLRVLDQRDVFLXJDWHFRPSOHWDPHQWHSULPDGLXQOXQJRSH
ULRGRGLQRQXWLOL]]R
38/,=,$'(/),/752
 5LPXRYHWHLOOWURVYLWDQGRORGDOVHUEDWRLR
 /DVFLDWHORLPPHUVRLQDFTXDVDODWDSHURUH
 7RJOLHWHLOOWURGDOODFTXDVDODWDDJLWDWHORHULVFLDFTXDWHFRQ
DFTXDSXOLWD$VFLXJDWHEHQH
 'RSRODSXOL]LDHSULPDGLOXQJKLSHULRGLGLQRQXWLOL]]RULSRQHWH
LOOWURLQXQOXRJRIUHVFRHEXLRSHUHYLWDUHODIRUPD]LRQHGL
PXIIH
38/,=,$'(/75$6'87725(3,$675,1$('(/
/$%$6(
 5LHPSLWHLOWUDVGXWWRUHODEDVHGLDFHWRELDQFRHDWWHQGHWHXQD
QRWWH
 $VVRUELWHODFHWRFRQXQSDQQRPRUELGRRFRQFDUWDDVVRUEHQWH
HULPXRYHWHLUHVLGXLGLFDOFDUH
 5LHPSLWHODSLDVWULQDEDVHFRQFLUFDPOGLDFTXD[HOLPLQDUH
ORGRUHGLDFHWRHDVVRUELWHODFRQXQSDQQRXPLGRRFRQFDUWD
DVVRUEHQWH5LSHWHWHGXHYROWHTXHVWDRSHUD]LRQHSHUHOLPLQD
UHFRPSOHWDPHQWHORGRUHGLDFHWR
'$7,7(&1,&,
0RGHOOR636
$OLPHQWD]LRQHY+]
3RWHQ]D:
&DSDFLWjVHUEDWRLR/
9DORUHHYDSRUD]LRPO+
/LYHOORUXPRUHG%$
&RQFHQWUD]LRQHLRQL330

$99(57(1=( 3(5 ,/ &255(772 60$/7,0(172 '(/

352'2772 $, 6(16, '(//$ ',5(77,9$ (8523($
&(&(&(
,OVLPERORGHOFDVVRQHWWREDUUDWRULSRUWDWRVXOODSSDUHFFKLDWX
UDLQGLFDFKHLOSURGRWWRGHYHHVVHUHUDFFROWRVHSDUDWDPHQWH
GDJOLDOWULULXWLDOODQHGHOODSURSULDYLWDXWLOH/RVWHULOL]]DWR
UHXQDYROWDGLPHVVRGRYUjHVVHUHSRUWDWDDJOLLGRQHLFHQWUL
GLUDFFROWDGLIIHUHQ]LDWDGHLULXWLHOHWWURQLFLHGHOHWWURWHFQLFL
RSSXUHHVVHUHULFRQVHJQDWRDOULYHQGLWRUHDOPRPHQWRGHOODF


TXLVWR GL XQD QXRYD DSSDUHFFKLDWXUD GL WLSR HTXLYDOHQWH LQ

UDJLRQH GL XQR D XQR 8QDGHJXDWD UDFFROWD GLIIHUHQ]LDWD
SHU ODYYLR VXFFHVVLYR GHOODSSDUHFFKLDWXUD GLVPHVVD DO UL
FLFODJJLR DO WUDWWDPHQWR H DOOR VPDOWLPHQWR DPELHQWDOPHQWH
FRPSDWLELOH FRQWULEXLVFH DG HYLWDUH SRVVLELOL HIIHWWL QHJDWLYL
VXOODPELHQWHHVXOODVDOXWHHIDYRULVFHLOULFLFORGHLPDWHULDOL
GLFXLqFRPSRVWDODSSDUHFFKLDWXUD/RVPDOWLPHQWRDEXVLYR
GHOSURGRWWRGDSDUWHGHOOXWHQWHFRPSRUWDODSSOLFD]LRQHGHOOH
VDQ]LRQLDPPLQLVWUDWLYHGLFXLDOGOJVQDUWH
VHJXHQWLGHOGOJVQ

$77(1=,21( 4XDOVLDVL FRSHUWXUD LQ SODVWLFD

GHYH HVVHUH ULPRVVD GLVWUXWWD R WHQXWD ORQWDQR
GDOODSRUWDWDGHLEDPELQL

(1*/,6+
,03257$17 5HDG  WKH LQVWUXFWLRQV
FDUHIXOO\DQGNHHSWKHPIRUIXUWKHUUH
IHUHQFHV
'HDU0RWKHU
<RXKDYHFKRVHQWKHH[FOXVLYH%UHYLXOWUDVRXQGLRQLVHUKXPLGLHU
WKDWUHHVWDEOLVKHVWKHFRUUHFWOHYHORIKXPLGLW\LQWKHHQYLURQPHQW
LQZKLFK\RXUFKLOGOLYHVDQGSXULHVWKHDLUKHEUHDWKHV7KDQNV
WRDKLJKIUHTXHQF\RVFLOODWRULWEUHDNVZDWHULQWRWLQ\VWHDPSDUWL
FOHVPHDVXULQJDERXWP7KHYHQWLODWLRQV\VWHPWKHQUHOHD
VHVWKHVHSDUWLFOHVLQWRWKHHQYLURQPHQWDGMXVWLQJDLUKXPLGLW\LQ
WKHURRPDFFRUGLQJWRWKHVHOHFWHGOHYHORIKXPLGLW\
&OLPD5HOD[SURGXFHVDFRQVWDQWDQGODVWLQJRZRIQHVWHDP
WKDWUHPDLQVVXVSHQGHGLQWKHDLUIRUDORQJWLPH7KHOLWUHZD
WHUWDQNHQVXUHVWKDWWKHDFWLRQFRQWLQXHVGXULQJWKHZKROHQLJKW
WKHPRVWVXLWDEOHWLPHIRULWVXVH
1RWRQO\GRHV&OLPD5HOD[%UHYLSURGXFHVWHDPEXWWKDQNVWR
FXWWLQJHGJH-DSDQHVHWHFKQRORJ\LWDOVRRIIHUVWKHDGYDQWDJHRI
DLULRQLVDWLRQE\HPLWWLQJQHJDWLYHLRQV
7KHDLUZHEUHDWKHLVFKDUJHGZLWKHOHFWULFHQHUJ\DQGLVWKHUHIRUH
ULFKLQSRVLWLYHDQGQHJDWLYHLRQV2XUZHOOEHLQJGHSHQGV
RQWKHEDODQFHEHWZHHQWKHP
$LUFRQGLWLRQLQJV\VWHPVFLJDUHWWHVPRNHDQGLQVXIFLHQWDLUYHQ
WLODWLRQFDXVHDQLQFUHDVHLQWKHSRVLWLYHLRQVLQWKHDLUWKHUHIRUH
FUHDWLQJDQLPEDODQFH7RUHWXUQWKHEDODQFHWRQRUPDOLW\WKHDLU
PXVWEHHQULFKHGZLWKQHJDWLYHLRQV
7KDQNVWR&OLPD5HOD[SHUIHFWDLUEDODQFHLVUHHVWDEOLVKHG
FRQWULEXWLQJWR\RXUFKLOGVKHDOWKDQGZHOOEHLQJ
7KLVSURGXFWFRPSOLHVZLWK(XURSHDQVDIHW\VWDQGDUG(1
'LUHFWLYH&(
)($785(6
 3XULHVWKHHQYLURQPHQWWKDQNVWRLWVDQWLEDFWHULDOLRQLVHU
 6LOHQWO\QHEXOLVHVFROGZDWHUWKDQNVWRLWVXOWUDVRXQGWHFKQRORJ\
 0DLQWDLQVWKHSURSHUOHYHORIKXPLGLW\
 (PLWVWKHOHYHORIKXPLGLW\\RXVHOHFWHG
 +HOSV\RXUFKLOGEUHDWKHEHWWHU
 *XDUDQWHHVZDWHUFOHDQOLQHVV
 6RIWHQVKDUGZDWHUWKDQNVWRLWVFHUDPLFVSKHUHOWHU


 :RUNVHLWKHUPDQXDOO\RUZLWKWKHUHPRWHFRQWUROLQFOXGHG
 &DQEHSURJUDPPHGIRUXSWRKRXUV
 $XWRPDWLFDOO\VZLWFKHVLWVHOIRIIZKHQWKHZDWHUOHYHOLVWRRORZ
 )HDWXUHVDGLJLWDOGLVSOD\ZLWKVHQVRUIRUPHDVXULQJWHPSHUD
WXUHDQGKXPLGLW\
 $OORZVIRUWKHUHJXODWLRQRIVWHDPGLUHFWLRQDQGLQWHQVLW\
 +DVDOLWUHWDQN
+XPLGLW\OHYHO
5HODWLYHKXPLGLW\LVWKHSHUFHQWDJHRIZDWHUYDSRXUFRQWDL
QHGLQDFHUWDLQVSDFHDQGDWDFHUWDLQWHPSHUDWXUH,WLVQRUPDOO\
H[SUHVVHGDV5+HJ5+$LUFDQFRQWDLQPRUHRUOHVV
ZDWHUYDSRXU7KHSURSRUWLRQRIZDWHUYDSRXUYDULHVDFFRUGLQJWR
WKHWHPSHUDWXUHRIWKHDLU7KHKLJKHUWKHWHPSHUDWXUHWKHPRUH
ZDWHUYDSRXUZLOOEHFRQWDLQHGLQWKHDLU,QZLQWHUFROGDLUFRPHV
LQWRRXUKRXVHVIURPWKHRXWVLGHDQGLVZDUPHGXSE\WKHKLJKHU
WHPSHUDWXUHVLQGRRUV$VDFRQVHTXHQFHUHODWLYHKXPLGLW\GLPL
QLVKHV,I\RXZLVKWRPDLQWDLQVXLWDEOHOHYHOVRIKXPLGLW\LQ\RXU
KRPH\RXPXVWLQFUHDVHWKHYROXPHRIVWHDPLQWKHDLU7KDWLV
ZKHUH\RXUKXPLGLHUFRPHVLQ
,GHDOOHYHOVRIUHODWLYHKXPLGLW\LQYDULRXVVLWXDWLRQV
 %HGURRPOLYLQJURRP5+
 5RRPZLWKDSDWLHQW5+
 5RRPZLWKFRPSXWHUDQGRWKHUDSSOLDQFHV5+
 5RRPZLWKDSLDQR5+
 /LEUDULHVDUWJDOOHULHVPXVHXPV5+
:DWHUOWHU
 7KHSODVWLFSDUWVFRQWDLQVLOYHUSDUWLFOHVWKDWHOLPLQDWHPRVWRI
EDFWHULDDQGJKWEDFWHULDORUD
 7KHFHUDPLFVSKHUHVVRIWHQKDUGZDWHU
 7KHFHUDPLFOWHUHOLPLQDWHVDQ\EDGRGRXUWKDWPD\EHSUH
VHQWLQWKHZDWHU
:$51,1*6
 %HIRUHSOXJJLQJWKHDSSOLDQFHPDNHVXUHWKHVXSSOLHGYROWD
JHLV9
 0DNHVXUHWKHHOHFWULFV\VWHPLVHDUWKHG
 7KLVDSSOLDQFHPXVWRQO\EHXVHGIRUWKHSXUSRVHIRUZKLFK
LWZDVGHVLJQHG
 .HHSWKHDSSOLDQFHRXWRIWKHUHDFKRIFKLOGUHQ
 'RQRWXVHWKHDSSOLDQFHZLWKRXWZDWHULQWKH
WDQN
 'RQRWXVHWKHDSSOLDQFHLQFDVHRIGDPDJHWRWKHDSSOLDQFH
LWVHOIRUWRLWVSRZHUFRUG
 1HYHUOHDYHWKHDSSOLDQFHSOXJJHGWRWKHSRZHUVRFNHWZKHQ
QRWLQXVH$OZD\VUHPHPEHUWRXQSOXJLWDIWHUXVH
 $OZD\V XQSOXJ WKH DSSOLDQFH IURP WKH SRZHU VRFNHW EHIRUH
FDUU\LQJRXWDQ\FOHDQLQJRUPDLQWHQDQFHRSHUDWLRQRUOOLQJ
LWZLWKZDWHU
 ,IWKHSRZHUFRUGQHHGVWREHUHSODFHGGRQRWWU\WRGLVPDQWOH
WKHDSSOLDQFH$OZD\VFRQWDFWDQDXWKRULVHGFHQWUHRUDVSH
FLDOLVHGWHFKQLFLDQ
1HYHUWU\WRGLVPDQWOHWKHEDVHZLWKRXWSUHYLRXVO\FRQVXOWLQJ
TXDOLHGSHUVRQQHO,QWKHHYHQWRIDIDXOWRUDQRPDORXVIXQ
FWLRQLQJDOZD\VFRQWDFWDQDXWKRULVHGWHFKQLFLDQ

'R 127 DGG GHWHUJHQWV RU DQ\ FKHPLFDO SUR

GXFWVWRWKHZDWHULQWKHWDQN'R127DGGPH
GLFLQHVSHUIXPHGHVVHQFHVRURWKHUVXEVWDQ
FHV
$OZD\V NHHS GHWHUJHQWV DQG FKHPLFDOV RXW RI WKH UHDFK RI
FKLOGUHQ
,QFDVHRIDEQRUPDOVPHOOVGXULQJRSHUDWLRQVZLWFKWKHDS
SOLDQFHRIIDQGXQSOXJLWIURPWKHSRZHUVRFNHW
,IDQ\GHWHUJHQWRUFKHPLFDOSURGXFWFRPHVLQWRFRQWDFWZLWK
\RXUFKLOGVPRXWKRUH\HVVHHNPHGLFDOKHOSLPPHGLDWHO\
'RQRWWRXFKWKHZDWHULQWKHFRQWDLQHURUDQ\RWKHUFRPSR
QHQWVZKLOHWKHDSSOLDQFHLVUXQQLQJ
'RQRWVZLWFKWKHPDFKLQHRQEHIRUHOOLQJWKHZDWHUWDQN
'RQRWVFUDSHWKHWUDQVGXFHU
'RQRWXVHGHWHUJHQWVRUFKHPLFDOSURGXFWVWRFOHDQWKHWUDQ
VGXFHU
'RQRWOHWZDWHUFRPHLQWRFRQWDFWZLWKWKHEDVHDVLWPLJKW
GDPDJHWKHFRPSRQHQWV
7KLV DSSOLDQFH VKRXOG QRW EH XVHG E\ SHRSOH ZLWK UHGXFHG
SK\VLFDOVHQVRULDORUPHQWDODELOLWLHVRUZKRODFNWKHQHFHV
VDU\H[SHULHQFHDQGNQRZOHGJHWRRSHUDWHLWXQOHVVZLWKWKH
VXSHUYLVLRQRIDSHUVRQLQFKDUJHRIWKHLUVDIHW\7KLVZDUQLQJ
DOVRDSSOLHVWRFKLOGUHQ
'RQRWDOORZFKLOGUHQWRSOD\ZLWKWKHDSSOLDQFH
)RULQGRRUXVHRQO\
86,1*7+(5(027(&21752/
7KH UHPRWH FRQWURO RI &OLPD5HOD[  ZRUNV IURP GLVWDQFHV RI
XS WR  P DQG KDV WKH VDPH IXQFWLRQV DV WKH FRQWURO SDQHO RQ
WKHDSSOLDQFH
212))%87721

67($0,17(16,7<%87721
,21,6(5)81&7,21%87721
7,0(5

7KHFURVVHGRXWZKHHOHGELQV\PERORQWKLVHTXLSPHQW
PHDQVWKDWWKLVSURGXFWPXVWEHFROOHFWHGVHSDUDWHO\
IURPQRUPDOZDVWHVDWWKHHQGRILWVXVHIXOOLIHVSDQ

,16758&7,2162)86(
3ODFH &OLPD5HOD[  RQ D OHYHO VWDEOH VXUIDFH DQG IROORZ WKH
LQVWUXFWLRQVEHORZ
 0DNHVXUHWKHDSSOLDQFHLVQRWSOXJJHGWRWKHSRZHUVRFNHW
3LF
 /LIWXSWKHWDQNIURPWKHEDVHRIWKHKXPLGLHUWXUQLWXSVLGH
GRZQDQGOOLWZLWKZDWHUDIWHUXQVFUHZLQJWKHZDWHUWDSRQ
WKHERWWRP3LFV7KHQVFUHZWKHWDSEDFNRQ
 5HLQVWDOOWKHWDQNRQWKHKXPLGLIHUEDVH
 0DNHVXUHWKHYROWDJHFRUUHVSRQGVWRWKHLQFRPLQJYROWDJH
DQGSOXJWKHDSSOLDQFHWRWKHSRZHUVRFNHW3LF
 3UHVV WKH 212)) EXWWRQ WR VZLWFK WKH DSSOLDQFH RQ 7KH
EDFNOLJKWRIWKHGLVSOD\ZLOOOLJKWXSDQGWKHDSSOLDQFHZLOOVWDUW
WRZRUN3LF,I\RXDUHXVLQJWKHUHPRWHFRQWUROSUHVVWKH
/&'GLVSOD\VZLWFKRIIDIWHUVHFRQGV3UHVV
EXWWRQ
WZLFH212))WRVZLWFKRIIWKHKXPLGLHU
 3UHVVWKH0$;0,1EXWWRQWRDGMXVWWKHLQWHQVLW\RIWKHVWHDP
RZ\RXFDQVHOHFWIURPOHYHOVRILQWHQVLW\)LJ,I\RX

DUHXVLQJWKHUHPRWHFRQWUROSUHVVWKHEXWWRQ
 ,I\RXZLVKWRDFWLYDWHWKHLRQLVHUIXQFWLRQSUHVVWKH,21RU
WKHEXWWRQZLWKWKHJXUHRIDSLQHWUHHLQFDVH\RXDUHXVLQJ

+80,',7<,17(16,7<%87721

EDWWHU\PD\OHDNEDWWHU\DFLGRUH[SORGHLIGLVSRVHGRILQUHRUDQ
DWWHPSWLVPDGHWRFKDUJHDEDWWHU\QRWLQWHQGHGWREHUHFKDUJHG
1HYHUUHFKDUJHDFHOORIRQHW\SHLQDUHFKDUJHUPDGHIRUDFHOORI
DQRWKHUW\SH'LVFDUGOHDN\EDWWHULHVLPPHGLDWHO\/HDN\EDWWHULHV
FDQFDXVHVNLQEXUQVRURWKHUSHUVRQDOLQMXU\:KHQGLVFDUGLQJ
EDWWHULHVEHVXUHWRGLVSRVHRIWKHPLQWKHSURSHUPDQQHUDFFRU
GLQJWR\RXUVWDWHDQGORFDOUHJXODWLRQV$OZD\VUHPRYHEDWWHULHVLI
WKHSURGXFWLVQRWJRLQJWREHXVHGIRUDPRQWKRUPRUH%DWWHULHV
OHIWLQWKHXQLWPD\OHDNDQGFDXVHGDPDJH1(9(5PL[EDWWHU\
W\SHV

$77(17,213ULRUWRXVHUHPRYHWKHUHPRWHFRQWUROIURPLWVSOD
VWLFZUDSSLQJDQGSXOORXWWKHSODVWLFVWULSSODFHGLQWKHEDWWHU\
FRPSDUWPHQW
)256$)(%$77(5<86(
3RVLWLRQLQJRIWKHEDWWHULHV3LF
5HPRWHFRQWUROEDWWHULHVLQFOXGHG
.HHSWKHEDWWHULHVRXWRIFKLOGUHQVUHDFK2QO\WKHUHFRPHQGHG
EDWWHULHVRUHTXLYDOHQWDUHWREHXVHGYROWVDQGVL]H%DWWHULHV
DUHLQVHUWHGZLWKWKHFRUUHFWSRODULW\5HPRYHH[KDXVWHGEDWWHUL
HVIURPWKHSURGXFW'2127VKRUWFLUFXLWVXSSO\WHUPLQDOV5H
FKDUJHDEOHEDWWHULHVDUHWREHUHPRYHGIURPWKHWR\EHIRUHEHLQJ
FKDUJHG 5HFKDUJHDEOH EDWWHULHV DUH RQO\ WR EH FKDUJHG XQGHU
DGXOWVXSHUYLVLRQ$Q\EDWWHU\PD\OHDNEDWWHU\DFLGLIPL[HGZLWK
DGLIIHUHQWEDWWHU\W\SHLILQVHUWHGLQFRUUHFWO\SXWLQEDFNZDUGV
RULIDOOEDWWHULHVDUHQRWUHSODFHGRUUHFKDUJHGDWWKHVDPHWLPH
'RQRWPL[ROGDQGQHZEDWWHULHV'RQRWPL[DONDOLQHVWDQGDUG
FDUERQ]LQF RU UHFKDUJHDEOH QLFNHOFDGPLXP EDWWHULHV $Q\

7KHGLVSOD\ZLOOVKRZWKHJXUHRI
WKHUHPRWHFRQWURO
DSLQHWUHH)LJ7RLQWHUUXSWWKLVIXQFWLRQVLPSO\SUHVVWKH
VDPHEXWWRQDJDLQ
 &RQVWDQW KXPLGLW\ IXQFWLRQ WKH GLVSOD\ RI WKH LRQLVHU
KXPLGLIHU DOZD\V GLVSOD\HG WKH GHWHFWHG KXPLGLW\
<RX FDQ VHOHFW WKH OHYHO RI KXPLGLW\ \RX GHVLUH IURP
D PLQLPXP RI  5+ WR D PD[LPXP RI  5+
3UHVVWKH+80,',7<EXWWRQRQFHWKHEXWWRQZLWKDGURSRI
WRLQFUHDVHWKHGHVLUHGOH
ZDWHURQWKHUHPRWHFRQWURO
YHORIKXPLGLW\E\5+$IWHUUHDFKLQJ5+SUHVVLQJ
WKHEXWWRQDJDLQZLOOUHWXUQWKHVHOHFWLRQEDFNWR5+
 7KHGLVSOD\ZLOOVKRZWKHVHOHFWHGGHVLUHGOHYHORIKXPLGLW\
IRUVHFRQGVDIWHUZKLFKLWZLOODJDLQVKRZWKHSHUFHQWDJHRI
KXPLGLW\FXUUHQWO\GHWHFWHGLQWKHDLU,IWKHVHOHFWHGKXPLGLW\
LV ORZHU WKDQ WKH GHWHFWHG KXPLGLW\ WKH DSSOLDQFH ZLOO VWRS
ZRUNLQJDQGJRLQWRVWDQGE\7KHV\PERO5+FRQWLQXHVWR
EOLQN :KHQ WKH VHOHFWHG KXPLGLW\ LV KLJKHU WKDQ WKH GHWHF
WHG KXPLGLW\ WKH KXPLGLFDWLRQ IXQFWLRQ LV DFWLYDWHG DJDLQ
:$51,1*:KHQLQWKHFRQVWDQWKXPLGLW\PRGHWKHDS


SOLDQFHDXWRPDWLFDOO\VHWVWKHVWHDPLQWHQVLW\OHYHORYHUULGLQJ
DQ\SUHYLRXVVHWWLQJ
6HWWLQJ WKH WLPHU \RX FDQ VHW  GLIIHUHQW RSHUDWLRQ SHULRGV
IRUWKHDSSOLDQFHDQGKRXUV3UHVVWKH7,0(5
WKH
EXWWRQWKHEXWWRQZLWKDFORFNRQWKHUHPRWHFRQWURO
GLVSOD\ZLOOVKRZWKHSLFWXUHRIDFORFN3LF7KHWLPHUZLOO
VKRZ WKH UHPDLQLQJ RSHUDWLRQ WLPH E\ FRXQWLQJ GRZQ HYHU\
 KRXUV )RU LQVWDQFH LI \RX VHW WKH WLPHU WR  KRXUV WKH
GLVSOD\ZLOOVKRZDIWHUWZRKRXUVKDYHHODSVHG7KHWLPHULV
UHVHWZKHQWKHDSSOLDQFHLVVZLWFKHGRII
 ,IWKHDPRXQWRIZDWHULQWKHWDQNLVQRWVXIFLHQWWRNHHSWKH
DSSOLDQFH UXQQLQJ LW ZLOO DXWRPDWLFDOO\ VWRS ZRUNLQJ DQG D
EHHSZLOOVRXQGWRZDUQ\RXWKDWWKHZDWHUOHYHOLQWKHWDQNLV
ORZ3LF7KHGLVSOD\OLJKWZLOOJRRIIDQGWKHGLVSOD\ZLOORQO\
VKRZURRPWHPSHUDWXUHDQGUHODWLYHKXPLGLW\7KHDSSOLDQFH
ZLOOUHVXPHZRUNLQJRQFH\RXOOWKHWDQNZLWKZDWHUDJDLQ
7528%/(6+227,1*
3OHDVHFRQVXOWWKLVVHFWLRQLQFDVHRIGLIFXOW\RSHUDWLQJWKHDS
SOLDQFH
352%/(0

3266,%/(&$86(6

62/87,21

7KH21OLJKW
LVRII

1RSRZHUVXSSO\

3OXJWKH
DSSOLDQFHWRWKH
SRZHUVRFNHWDQG
VZLWFKLWRQ

7KH21OLJKWLV
RQEXWQRVWHDP
FRPHVRXW

7KHZDWHUWDQNLVHPSW\

)LOOWKHWDQNZLWK
ZDWHU

7KHVDIHW\VZLWFKLVORRVH

0DNHVXUHWKH
VDIHW\VZLWFKLV
WLJKWO\VFUHZHG

7KHDSSOLDQFHLVQHZ

5HPRYHWKHWDQN
RSHQWKHOLGDQG
OHDYHLWH[SRVHG
WRDLUIRU
KRXUV

7KHVWHDPKDV
DQDEQRUPDO
VPHOO

7KHZDWHULQWKHWDQNLVGLUW\
RUKDVEHHQLQWKHWDQNIRU
WRRORQJ

&OHDQWKHWDQN
DQGOOLWZLWK
FOHDQZDWHU

7KH21OLJKW
LVRQEXWWKH
DSSOLDQFHGRHV
QRWZRUN

7RRPXFKZDWHULQWKHWDQN

5HPRYHVRPHRI
WKHZDWHUSODFH
WKHWDQNEDFNRQ

9HU\OLWWOHVWHDP
FRPHVRXW

/LPHUHVLGXHVLQWKHEDVH

&OHDQWKHWUDQ
VGXFHUSODWH

7KHZDWHULQWKHWDQNLVGLUW\
RUKDVEHHQLQWKHWDQNIRU
WRRORQJ

&OHDQWKHWDQN
DQGOOLWZLWK
FOHDQZDWHU

7KHWDQNLVYLEUDWLQJGXHWR
LQVXIFLHQWZDWHU

)LOOWKHWDQNZLWK
FOHDQZDWHU

$EQRUPDOQRLVH

7KHDSSOLDQFHLVSODFHGRQDQ 3RVLWLRQWKH
XQHYHQRUXQVWDEOHVXUIDFH
DSSOLDQFHRQD
VWDEOHVXUIDFH



352%/(0

3266,%/(&$86(6

62/87,21

6WHDPFRPHV
RXWIURPDURXQG
WKHQR]]OH

7KHUHDUHVVXUHVEHWZHHQ
WKHQR]]OHDQGWKHWDQN

,PPHUJHWKH
QR]]OHLQZDWHU
WKHQSODFHLWRQ
LWVVHDWLQWKH
WDQNDJDLQ

0$,17(1$1&(
([FHHGLQJO\KDUGZDWHUZLWKKLJKFRQWHQWVRIFDOFLXPDQGPDJQH
VLXPPD\OHDGWRWKHIRUPDWLRQRIOLPHUHVLGXHVRQWKHVXUIDFH
RIWKHFHQWUDOERG\WKHWUDQVGXFHUSODWHDQGWKHLQWHUQDOVXUIDFH
RIWKHZDWHUWDQN
/LPHUHVLGXHVSUHYHQWWKHDSSOLDQFHIURPZRUNLQJSURSHUO\3HU
IRUPLQJ WKH VLPSOH RSHUDWLRQV GHVFULEHG EHORZ ZLOO PDNH VXUH
\RXULRQLVHUKXPLGLHU&OLPD5HOD[ZRUNVSURSHUO\
 8VHFROGSUHYLRXVO\ERLOHGZDWHURUGLVWLOOHGZDWHU
 &OHDQWKHWUDQVGXFHUWKHZDWHUWDQNDQGWKHEDVHRIWKHDS
SOLDQFHHYHU\ZHHN
 )UHTXHQWO\FKDQJHWKHZDWHULQWDQN
 0DNHVXUHDOOZDWHUKDVEHHQUHPRYHGIURPWKHWDQNDQGGU\
WKHEDVHYHU\ZHOOEHIRUHVWRULQJRUQRWXVLQJWKHDSSOLDQFHIRU
DORQJSHULRGRIWLPH
 &OHDQWKHHQWLUHXQLWDQGPDNHVXUHDOOSDUWVDUHFRPSOHWHO\
GU\EHIRUHVWRULQJRUQRWXVLQJWKHDSSOLDQFHIRUDORQJSHULRG
RIWLPH
&/($1,1*7+(),/7(5
 8QVFUHZWKHOWHUIURPWKHWDQNWRUHPRYHLW
 /HDYHWKHOWHUVRDNLQJLQZDWHUDQGVDOWIRUKRXUV
 5HPRYHWKHOWHUIURPWKHVDOWHGZDWHU6KDNHLWDQGULQVHLW
ZLWKFOHDQZDWHU'U\LWFDUHIXOO\
 $IWHUFOHDQLQJDQGEHIRUHORQJSHULRGVRIXQXVHVWRUHWKHOWHU
LQDGDUNFRROSODFHWRSUHYHQWPRXOGIURPJURZLQJ
&/($1,1*7+(75$16'8&(53/$7($1'7+(
%$6(
 )LOOWKHWUDQVGXFHUEDVHZLWKZKLWHYLQHJDUDQGOHDYHLWRYHU
QLJKW
 8VHDVRIWFORWKRUSDSHUWRZHOWRDEVRUEWKHYLQHJDUDQGUH
PRYHOLPHUHVLGXHV
 )LOOWKHSODWHEDVHZLWKDERXWP/RIZDWHUWRHOLPLQDWHWKH
VPHOORIYLQHJDUDQGDJDLQXVHDVRIWFORWKRUSDSHUWRZHOWR
DEVRUELW5HSHDWWKLVRSHUDWLRQWZLFHWRHOLPLQDWHDOOWKHVPHOO
7(&+1,&$/'$7$
0RGHO636
9ROWDJHUDWLQJ9+]
3RZHU:
7DQNFDSDFLW\/
6WHDPSURGXFWLRQP/K
1RLVHOHYHOG%$
,RQFRQFHQWUDWLRQ330

'LHVHV 3URGXNW HQWVSULFKW GHP (XURSlLVFKHQ 6LFKHUKHLWVVWDQ

GDUG(15LFKWOLQLH&(
:$51,1*5(*$5',1*',6326$/2)7+,6$33/,$1&(
,1&203/,$1&(:,7+7+(3529,6,2162)&(
&(&((8523($1',5(&7,9(6
7KHFURVVHGRXWZKHHOHGELQV\PERORQWKLVHTXLSPHQWPH
DQVWKDWWKLVSURGXFWPXVWEHFROOHFWHGVHSDUDWHO\IURPQRU
PDOZDVWHVDWWKHHQGRILWVXVHIXOOLIHVSDQ$WWKHHQGRIWKH
DSSOLDQFH XVHIXO OLIHVSDQ XVHUV PXVW WKHUHIRUH WDNH LW WR DQ
DXWKRULVHGGLVSRVDOFHQWUHIRUWKHUHF\FOLQJRIHOHFWURQLFDQG
HOHFWURWHFKQLFDOZDVWHRUWKH\VKRXOGWDNHLWEDFNWRWKHUHWDL
OHUXSRQSXUFKDVHRIDQHZVLPLODUDSSOLDQFHRQDRQHWRRQH
EDVLV$QDGHTXDWHVHSDUDWHZDVWHFROOHFWLRQV\VWHPIRUODWHU
UHF\FOLQJWUHDWPHQWDQGHQYLURQPHQWDOO\IULHQGO\GLVSRVDORI
WKH DSSOLDQFH DYRLGV D QHJDWLYH LPSDFW RQ WKH HQYLURQPHQW
DQG KHDOWK DV ZHOO DV LW IDFLOLWDWHV WKH UHF\FOLQJ RI WKH SUR
GXFWVGLIIHUHQWFRPSRQHQWV8VHUVZKRGLVSRVHRISURGXFWV
LQ DQ XQDXWKRULVHG PDQQHU VKDOO EH OLDEOH IRU DGPLQLVWUDWLYH
SHQDOWLHVLQFRPSOLDQFHZLWK$UWLFOHRIWKH/HJLVODWLYH'H
FUHH1RDQGWKHIROORZLQJDUWLFOHV

$77(17,21 $Q\ SODVWLF FRYHU VKRXOG EH UHPR

YHGGHVWUR\HGRUNHSWDZD\IURPFKLOGUHQ

'(876&+
:,&+7,*9RUGHP*HEUDXFKGLHYRUOLHJHQ
GH *HEUDXFKVDQZHLVXQJ VRUJIlOWLJ OHVHQ
XQG VLH IU VSlWHUH 9HUZHQGXQJHQ DXIEH
ZDKUHQ
/LHEH0XWWHU
YLHOHQ'DQNIUGLH:DKOHLQHVH[NOXVLYHQ8OWUDVFKDOO,RQHQ/XIW
EHIHXFKWHUV &OLPD 5HOD[  %UHYL 'LHVHV *HUlW VRUJW IU GHQ
ULFKWLJHQ )HXFKWLJNHLWVJUDG LP =LPPHU ,KUHV .LQGHV XQG UHLQLJW
GLH/XIWGLHHVHLQDWPHW'DQNHLQHV+RFKIUHTXHQ]RV]LOODWRUVZLUG
GDV:DVVHULQNOHLQH'DPSIPLWHLQHP'XUFKPHVVHUYRQXQJH
IlKUXPWHLOWGDV9HQWLODWLRQVV\VWHPVW|WGLHVH3DUWLNHODXV
XQGUHJXOLHUWVRGLH8PJHEXQJVIHXFKWLJNHLWDXIJUXQGGHUHLQJH
VWHOOWHQ:HUWH
&OLPD5HOD[HU]HXJWHLQHNRQWLQXLHUOLFKHXQGDQKDOWHQGHIHLQH
'DPSIVWU|PXQJGLHODQJHLQGHU/XIWEOHLEWGHU:DVVHUEHKlOWHU
PLW/LWHUQJDUDQWLHUWGHQ%HWULHEEHUGLHJDQ]H1DFKWGHP
JHHLJQHWVWHQ0RPHQWIUVHLQHQ(LQVDW]
1HEHQ GHU 'DPSIHU]HXJXQJ ELHWHW &OLPD 5HOD[  %UHYL GHQ
9RUWHLOGHU,RQLVLHUXQJGHU/XIWGDHVGDQNHLQHULQQRYDWLYHQMD
SDQLVFKHQ7HFKQRORJLHQHJDWLYH,RQHQDEJLEW
8QVHUH$WHPOXIWLVWPLWHOHNWULVFKHU(QHUJLHEHODVWHWXQGGHVKDOE
UHLFKDQSRVLWLYHQXQGQHJDWLYHQ,RQHQ8QVHU:RKOEHQ
GHQKlQJWYRQGHUHQ*OHLFKJHZLFKWDE
8PGDV*OHLFKJHZLFKWZLHGHUKHU]XVWHOOHQPXVVGLH/XIWPLWQH
JDWLYHQ,RQHQEHUHLFKHUWZHUGHQ'HVKDOEVWHOOW&OLPD5HOD[
HLQHQZHUWYROOHQ%HLWUDJIUGLH*HVXQGKHLWXQGGDV:RKOEHQ
GHQ,KUHV.LQGHVGDU

(,*(16&+$)7(1
 'DQN GHV ,RQLVLHUJHUlWHV PLW DQWLEDNWHULHOOHU :LUNXQJ ZLUG GLH
8PJHEXQJJHUHLQLJW
 'DQNGHU8OWUDVFKDOOWHFKQRORJLHZLUGNDOWHV:DVVHUJHUlXVFK
ORVYHUVSUKW
 (UKlOWGHQULFKWLJHQ)HXFKWLJNHLWVJUDGDXIUHFKW
 (UP|JOLFKWGDV(LQVWHOOHQGHUJHZQVFKWHQ/XIWIHXFKWLJNHLW
 +LOIWGHP.LQGEHVVHU]XDWPHQ
 *DUDQWLHUWGLH+\JLHQHGHV:DVVHUV
 (QWKlUWHW GDV KDUWH :DVVHU GDQN HLQHV )LOWHUV PLW .HUDPLNV
SKlUHQ
 )XQNWLRQLHUWPDQXHOORGHUPLW)HUQEHGLHQXQJ
 ,VWELV]X6WXQGHQSURJUDPPLHUEDU
 :HQQGDV:DVVHUQLYHDX]XQLHGULJLVWVFKDOWHWGDV*HUlWDX
WRPDWLVFKDE
 =XP0HVVHQGHU7HPSHUDWXUXQG)HXFKWLJNHLWLVWHVPLWHLQHP
GLJLWDOHQ'LVSOD\PLW6HQVRUDXVJHVWDWWHW
 (UP|JOLFKWGDV(LQVWHOOHQGHU5LFKWXQJXQGGHU,QWHQVLWlWGHV
'DPSIVWURPV
 )DVVXQJVYHUP|JHQ/LWHU
)HXFKWLJNHLWVQLYHDX
'LH UHODWLYH )HXFKWLJNHLW LVW GHU 3UR]HQWVDW] YRQ :DV
VHUGDPSIGHULQHLQHPEHVWLPPWHQ5DXPEHLHLQHUEHVWLPPWHQ
7HPSHUDWXUHQWKDOWHQLVWXQGQRUPDOHUZHLVHPLW5+]XP%HL
VSLHO 5+ DQJHJHEHQ ZLUG 'LH /XIW HQWKlOW PHKU RGHU ZH
QLJHU:DVVHUGDPSI'DV9HUKlOWQLVYRQ:DVVHUGDPSIVFKZDQNW
HQWVSUHFKHQGGHQXQWHUVFKLHGOLFKHQ/XIWWHPSHUDWXUHQ-HK|KHU
GLH7HPSHUDWXU LVW GHVWR PHKU :DVVHUGDPSI LVW LQ GHU /XIW ,P
:LQWHUGULQJWGLHNDOWH/XIWYRQ'UDXHQLQGLH=LPPHUXQGHUZlU
PWVLFKGDQNGHUK|KHUHQ7HPSHUDWXULQGHQ=LPPHUQ)ROJOLFK
YHUULQJHUW VLFK GLH UHODWLYH )HXFKWLJNHLW  =XU :LHGHUKHUVWHOOXQJ
HLQHURSWLPDOHQ/XIWIHXFKWLJNHLWNDQQGDV9ROXPHQGHV'DPSIHV
LQGHU/XIW'DQN,KUHV%HIHXFKWHUVJHVWHLJHUWZHUGHQ
,GHDOH UHODWLYH )HXFKWLJNHLWVQLYHDXV LQ XQWHUVFKLHGOLFKHQ 6LWXD
WLRQHQ
 6FKODI]LPPHU:RKQ]LPPHU5+
 3DWLHQWHQ]LPPHU5+
 =LPPHUPLW&RPSXWHUQXQGDQGHUHQ*HUlWHQ5+
 =LPPHUPLW.ODYLHU5+
 %FKHUHL.XQVWJDOOHULHQXQG0XVHHQ5+
:DVVHUOWHU
 'LH3ODVWLNNRPSRQHQWHQVLQGPLW6LOEHUSDUWLNHOQJHPLVFKWGLH
GHQJU|WHQ7HLOGHU%DNWHULHQEHVHLWLJHQXQGGLH%DNWHULHQ
RUDEHNlPSIHQ
 .HUDPLNVSKlUHQ]XP(QWKlUWHQGHV:DVVHUV
 .HUDPLNOWHU ]XU  %HVHLWLJXQJ XQDQJHQHKPHU *HUFKH GHV
:DVVHUV
:$51+,1:(,6(
 %HYRUGHU6WURPVWHFNHUDQJHVFKORVVHQZLUGEHUSUIHQGDVV
GLH6SDQQXQJ9EHWUlJW


 hEHUSUIHQGDVVGLHHOHNWULVFKH$QODJHPLWHLQHU(UGYHUELQ
GXQJYHUVHKHQLVW
 'DV*HUlWQXUIUGHQVDFKJHPlHQ*HEUDXFKYHUZHQGHQ
IUGHQHVHQWZLFNHOWZXUGH
 $XHUKDOEGHU5HLFKZHLWHYRQ.LQGHUQKDQGHOQ
 'D*HUlWQLFKWRKQH:DVVHULQ%HWULHEVHW]HQ
 'DV *HUlW QLFKW YHUZHQGHQ ZHQQ HV EHVFKlGLJW LVW RGHU
ZHQQGDV9HUVRUJXQJVNDEHOEHVFKlGLJWLVW
 1LHPDOV GHQ 6WHFNHU LP 6WURPDQVFKOXVV VWHFNHQ ODVVHQ
ZHQQGHU,RQHQ/XIWEHIHXFKWHUQLFKWYHUZHQGHWZLUGGLHVHQ
QDFKMHGHP(LQVDW]KHUDXV]LHKHQ
 :HQQ6LHGDV*HUlWUHLQLJHQRGHUZlKUHQG6LH:DVVHUHLQIO
OHQGHQ6WHFNHUKHUDXV]LHKHQ
 :HQQ GDV 9HUVRUJXQJVNDEHO GHV *HUlWHV DXVJHZHFKVHOW
ZHUGHQPXVVGDUIGDV*HUlWQLFKWJH|IIQHWZHUGHQZHQGHQ
6LHVLFKDQHLQHQDXWRULVLHUWHQ.XQGHQGLHQVWRGHUDQHLQHQ
WHFKQLVFKHQ)DFKPDQQ
'LH%DVLVQLFKWDEQHKPHQRKQHYRUKHUHLQHQ)DFKPDQQNRQ
WDNWLHUW]XKDEHQIUHYHQWXHOOH5HSDUDWXUHQZLUGHPSIRKOHQ
VLFKDQHLQHQDXWRULVLHUWHQ)DFKPDQQ]XZHQGHQ
.(,1( 5HLQLJXQJVPLWWHO FKHPLVFKH /|VXQJ
VPLWWHOLQGDV,QQHUHGHU(LQKHLWIOOHQ.(,1(
0HGLNDPHQWH'XIWVWRIIHRGHUDQGHUH6XEVWDQ
]HQGD]XJHEHQ
5HLQLJXQJVPLWWHOXQGFKHPLVFKH/|VXQJVPLWWHODXHUKDOEGHU
5HLFKZHLWHYRQ.LQGHUQDXIEHZDKUHQ
%HL XQJHZ|KQOLFKHQ *HUFKHQ ZlKUHQG GHV %HWULHEHV GDV
*HUlWDXVVFKDOWHQXQGGHQ6WHFNHUKHUDXV]LHKHQ
:HQQ 5HLQLJXQJVPLWWHO RGHU FKHPLVFKH /|VXQJVPLWWHO PLW
GHP 0XQG RGHU PLW GHQ $XJHQ ,KUHV .LQGHV LQ %HUKUXQJ
NRPPHQGHQ$U]WDXVVXFKHQXP*HIDKUHQ]XYHUPHLGHQ
'DV:DVVHULP%HKlOWHURGHUDQGHUH.RPSRQHQWHQZlKUHQG
GHV*HUlWHEHWULHEHVQLFKWEHUKUHQ
'DV*HUlWQLFKWHLQVFKDOWHQEHYRUQLFKW:DVVHULQGHQGDIU
YRUJHVHKHQHQ%HKlOWHUJHIOOWZXUGH
'HQ:DQGOHUQLFKWYHUNUDW]HQ
.HLQH5HLQLJXQJVPLWWHORGHUFKHPLVFKH/|VXQJVPLWWHOIUGLH
5HLQLJXQJGHV:DQGOHUVYHUZHQGHQ
.HLQ:DVVHULQGLH%DVLVIOOHQGDPLWYHUKLQGHUWZLUGGDVVHV
]XU%HVFKlGLJXQJGHU.RPSRQHQWHQNRPPW
'HU *HEUDXFK GLHVHV *HUlWHV LVW IU 3HUVRQHQ .LQGHU HLQ
JHVFKORVVHQPLWHLQJHVFKUlQNWHQN|USHUOLFKHQVHQVRULHOOHQ
XQGPHQWDOHQ)lKLJNHLWHQVRZLH3HUVRQHQPLWIHKOHQGHU(U
IDKUXQJRGHU.HQQWQLVXQWHUVDJWHVVHLGHQQVLHEHWlWLJHQ
GDV *HUlW XQWHU$XIVLFKW RGHU JHPl GHU$QOHLWXQJHQ HLQHU
IUGLH6LFKHUKHLWYHUDQWZRUWOLFKHQ3HUVRQ
6LFKHUVWHOOHQGDVVNHLQH.LQGHUPLWGHP*HUlWVSLHOHQ
*HHLJQHWIUGHQ,QQHQEHUHLFK
*(%5$8&+'(5)(51%(',(181*
'LH)HUQEHGLHQXQJYRQ&OLPD5HOD[KDWHLQH5HLFKZHLWHYRQ
 P XQG ELHWHW GLH JOHLFKHQ )XQNWLRQHQ ZLH GDV %HGLHQIHOG DXI
GHP*HUlW
212))7$67(

7$67()h5'$03),17(16,7b7


7$67()h5%(75,(%'(6,21,6,(5*(5b7(6
(,167(//81*7,0(5
)(8&+7,*.(,7

$&+781*9RUGHP(LQVDW]GLH)HUQEHGLHQXQJDXVGHU6FKXW
]KOOHQHKPHQXQGGHQ3ODVWLNQLSSHOGHV%DWWHULHIDFKHVKHUDX
V]LHKHQ
6,&+(5(%$77(5,($1:(1'81*
$XIVWHOOXQJGHUEDWWHULHQ$EE
,QNOXVLYH%DWWHULHQIUGLH)HUQEHGLHQXQJ
%DWWHULHQ YRQ .LQGHUQ IHUQKDOWHQ (V VROOWHQ QXU GLH YRP +HU
VWHOOHUHPSIRKOHQHQ%DWWHULHQRGHULQ9ROWXQG*U|HJOHLFKZHU
WLJH%DWWHULHQYHUZHQGHWZHUGHQ$FKWHQ6LHEHLP(LQOHJHQGHU
%DWWHULHQDXIGLHNRUUHNWH3RODULWlW/HHUH%DWWHULHQPVVHQDXV
GHP 3URGXNW KHUDXVJHQRPPHQ ZHUGHQ 'LH$QVFKOVVH GUIHQ
1,&+7NXU]JHVFKORVVHQZHUGHQ:LHGHUDXDGEDUH%DWWHULHQYRU
GHP$XDGHQ DXV GHP 6SLHO]HXJ HQWIHUQHQ :LHGHUDXDGEDUH
%DWWHULHQ GUIHQ QXU XQWHU $XIVLFKW HLQHU HUZDFKVHQHQ 3HUVRQ
DXIJHODGHQ ZHUGHQ$Q\ EDWWHU\ PD\ OHDN EDWWHU\ DFLG LI PL[HG
ZLWK D GLIIHUHQW EDWWHU\ W\SH LI LQVHUWHG 8QWHU 8PVWlQGHQ NDQQ
%DWWHULHVlXUHDXV%DWWHULHQDXVWUHWHQIDOOV%DWWHULHQXQWHUVFKLH
GOLFKHQ 7\SV YHUPLVFKW IDOVFK XPJHNHKUW HLQJHOHJW RGHU GLH
%DWWHULHQ QLFKW ]XU JOHLFKHQ =HLW HUVHW]W RGHU ZLHGHUDXIJHODGHQ
ZHUGHQ.HLQHDOWHQXQGQHXHQ%DWWHULHQNRPELQLHUHQ1LHPDOV
$ONDOL%DWWHULHQ 6WDQGDUGEDWWHULHQ =LQN .RKOH RGHU ZLHGHUDX
DGEDUH1LFNHO.DGPLXP=HOOHQPLWHLQDQGHUNRPELQLHUHQ8QWHU
8PVWlQGHQNDQQ%DWWHULHVlXUHDXV%DWWHULHQDXVWUHWHQRGHUHV
NDQQ]XU([SORVLRQNRPPHQIDOOV%DWWHULHQLQV)HXHUJHZRUIHQ
ZHUGHQRGHUIDOOVYHUVXFKWZLUGQLFKWZLHGHUDXDGEDUH%DWWHULHQ
DXI]XODGHQ /DGHQ 6LH NHLQH %DWWHULHQ LQ HLQHP /DGHJHUlW DXI
GDV QLFKW IU GHQ YRQ ,KQHQ EHQXW]WHQ %DWWHULHW\S JHHLJQHW LVW
5DQJLHUHQ 6LH DXVODXIHQGH %DWWHULHQ XPJHKHQG DXV $XVODX
IHQGH %DWWHULHQ N|QQHQ ]X +DXWYHUEUHQQXQJHQ RGHU DQGHUHQ
3HUVRQHQVFKlGHQ IKUHQ %LWWH DFKWHQ 6LH EHL GHU (QWVRUJXQJ
YRQ %DWWHULHQ DXI GLH RUGQXQJVJHPlH +DQGKDEXQJ QDFK GHQ
VWDDWOLFKHQXQG|UWOLFKHQ9RUVFKULIWHQ(QWIHUQHQ6LHGLH%DWWHULHQ
IDOOVGDV3URGXNWIUGHQ=HLWUDXPHLQHV0RQDWVRGHUOlQJHUQLFKW
EHQXW]WZLUG,P%DWWHULHJHKlXVHYHUEOHLEHQGH%DWWHULHQN|QQHQ
DXVODXIHQXQG6FKlGHQYHUXUVDFKHQ
9HUZHQGHQ6LH185(,1(1%DWWHULHW\S
'DV DXI GHU $QODJH DQJHEUDFKWH GXUFKJHVWULFKHQH
&RQWDLQHUV\PERO ZHLVW GDUDXI KLQ GDVV GDV 3URGXNW
DP(QGHVHLQHU/HEHQVGDXHUJHVRQGHUWHQWVRUJWZHU
GHQPXVV

*(%5$8&+6$1:(,681*
&OLPD5HOD[DXIHLQHHEHQH)OlFKHVWHOOHQXQGGLHIROJHQGHQ
$QZHLVXQJHQEHDFKWHQ
 6LFKHUVWHOOHQGDVVGHU.DEHOVWHFNHUDXVGHU6WHFNGRVHJH
]RJHQLVW$EE
 'HQ %HKlOWHU  DXV GHU %DVLV KHUDXV]LHKHQ LKQ XPGUHKHQ
XQG:DVVHUHLQIOOHQLQGHPGHU9HUVFKOXVVZDWHUDXIGHP
%RGHQDEJHVFKUDXEWZLUG$EE'HQ9HUVFKOXVVZLHGHU
DXIVFKUDXEHQ

 'HQ%HKlOWHUZLHGHUDXIGHU*HUlWHPLWWHSODW]LHUHQ
 hEHUSUIHQ GDVV GLH 6SDQQXQJ PLW GHU (LQJDQJVVSDQQXQJ
EHUHLQVWLPPWXQGGHQ6WHFNHUPLWGHU6WHFNGRVHYHUELQGHQ
$EE
 'DV *HUlW EHU GLH 7DVWH 212)) HLQVFKDOWHQ GDV +LQWHU
JUXQGOLFKWGHV'LVSOD\VFKDOWHWVLFKDQ'DV*HUlWVWDUWHWVHL
QHQ%HWULHE$EE%HL9HUZHQGXQJGHU)HUQEHGLHQXQJGLH
'DV/&''LVSOD\VFKDOWHWVLFKQDFK
7DVWHGUFNHQ
6HNXQGHQ DXV ZHQQ 6LH GHQ .QRSI 212)) ]ZHLPDO GU
FNHQXPGHQ%HIHXFKWHUDXV]XVFKDOWHQ
 'LH 7DVWH 0$;0,1 GUFNHQ XP GLH ,QWHQVLWlW GHU 'DP
SIVWU|PXQJ HLQ]XVWHOOHQ 0|JOLFKNHLW  GHU :DKO ]ZLVFKHQ 
,QWHQVLWlWVQLYHDXV$EE%HL9HUZHQGXQJGHU)HUQEHGLH

QXQJGLH7DVWHGUFNHQ
 )U GLH $NWLYLHUXQJ GHU ,RQLVDWRUIXQNWLRQ  GLH 7DVWH ,21
GUFNHQ GLH 7DVWH PLW GHP 3LQLHQEDXP ZHQQ GLH )HUQEH
$XIGHP'LVSOD\HUVFKHLQWGDV
GLHQXQJHLQJHVHW]WZLUG
%LOGHLQHV3LQLHQEDXPHV$EE8PGLH)XQNWLRQDXI]XKH
EHQHUQHXWGLH7DVWHGUFNHQ
 )XQNWLRQNRQVWDQWH)HXFKWLJNHLW'DV'LVSOD\GHV,RQHQ/XIW
EHIHXFKWHUV]HLJWVWHWVGLHHLQJHVWHOOWH)HXFKWLJNHLWDQ0DQ
NDQQGDV)HXFKWLJNHLWVQLYHDXHQWVSUHFKHQGGHQLQGLYLGXHOOHQ
:QVFKHQ YRQ PLQGHVWHQV 5+ ELV 5+ HLQVWHOOHQ
:HQQ PDQ GLH7DVWH +80,',7< HLQ 0DO GUFNW 7DVWH PLW
ZLUGGDV)HXFK
:DVVHUWURSIHQDXIGHU)HUQEHGLHQXQJ
WLJNHLWVQLYHDX XP 5+ JHVWHLJHUW %HL HUQHXWHP 'UFNHQ
GLHVHU 7DVWH QDFK GHP (UUHLFKHQ YRQ  5+ ZLUG ZLHGHU
DXI5+JHVFKDOWHW
 1DFKGHPGLHJHZQVFKWH)HXFKWLJNHLWJHZlKOWZXUGH]HLJW
GDV *HUlW DXI GHP 'LVSOD\ GHQ :HUW IU  6HNXQGHQ DQ
:HQQGHU:HUWGHUJHZlKOWHQ)HXFKWLJNHLWXQWHUKDOEGHVJH
PHVVHQHQ :HUWHV OLHJW VHW]W GDV *HUlW DXV XQG VWDUWHW GLH
6WDQGE\0RGDOLWlW 'DV 6\PERO GHU 3UR]HQW 5+ EOLW]HW
:HQQGHU:HUWGHUJHZlKOWHQ)HXFKWLJNHLWEHUGHPHQWVSUH
FKHQGHQ:HUWOLHJWVWDUWHWHUQHXWGLH%HIHXFKWXQJVIXQNWLRQ
$&+781* :HQQ GLH )XQNWLRQ GHU NRQVWDQWHQ )HXFK
WLJNHLW YHUZHQGHW ZLUG VWHOOW GDV *HUlW GLH 'DPSQWHQVLWlW
DXWRPDWLVFKHLQRKQHDXIHYHQWXHOOHYRUKHULJH(LQVWHOOXQJHQ
]XDFKWHQ
7LPHU(LQVWHOOXQJ(VN|QQHQXQWHUVFKLHGOLFKH=HLWHLQVWHO
OXQJHQIUGHQ*HUlWHEHWULHEYRUJHQRPPHQZHUGHQ
XQG6WXQGHQ:HQQPDQGLH7DVWH7,0(57DVWHPLWGHU
 GUFNW HUVFKHLQW HLQ %LOG
8KU DXI GHU )HUQEHGLHQXQJ
PLWHLQHU8KUDXIGHP'LVSOD\'HU7LPHU]HLJWGLHYHUEOLHEHQH
%HWULHEV]HLWDQXQGYHUULQJHUWVLFKDOOH6WXQGHQ:HQQPDQ
GDV*HUlWDXVVFKDOWHWVWHOOWVLFKGLH=HLWSURJUDPPLHUXQJDXI
QXOO]XUFN
 :HQQGDV:DVVHULP7DQN]XZHQLJLVWXPGHQ*HUlWHEHWULHE
DXIUHFKW]XHUKDOWHQVFKDOWHWVLFKGDV*HUlWDXWRPDWLVFKDE
XQGHVHUW|QWHLQDNXVWLVFKHU6LJQDOWRQGHUGLHXQJHQJHQGH
:DVVHUPHQJHDQ]HLJW$EE'DV/LFKWGHV'LVSOD\VFKDOWHW
VLFKDEXQGHVZHUGHQQXUQRFKGLH=LPPHUWHPSHUDWXUXQG
GHU3UR]HQWVDW]GHU)HXFKWLJNHLWDQJH]HLJW:HQQPDQGHQ
7DQNPLW:DVVHUIOOWVWDUWHWGDV*HUlWZLHGHU

/(,7'$7(1)h5',()(+/(5%(+(%81*
%HL3UREOHPHQZlKUHQGGHVQRUPDOHQ%HWULHEHVELWWHIROJHQGH
3XQNWHHLQVHKHQ
352%/(0

0g*/,&+(
856$&+(1

:$6781

.RQWUROOOHXFKWH
IU*HUlWLQ
%HWULHEOHXFKWHW
QLFKWDXI

.HLQH6WURPYHU
VRUJXQJ

6WHFNHUHLQVWHFNHQ
DQVFKDOWHQ

.RQWUROOOHXFKWH
IU*HUlWLQ
%HWULHEOHXFKWHW
DXINHLQH
'DPSIDEJDEH

.HLQ:DVVHULP
%HKlOWHU

:DVVHULQGHQ%HKlOWHU
IOOHQ

6LFKHUKHLWVVFKDOWHU
LVWJHORFNHUW

6LFKHUVWHOOHQGDVVGHU
6LFKHUKHLWVVFKDOWHUJXW
DQJHVFKUDXEWLVW

8QJHZ|KQOLFKHU
*HUXFKGHV
'DPSIHV

1HXHV*HUlW

'HQ%HKlOWHUDEQHKPHQ
GHQ'HFNHO
|IIQHQIU6WXQGHQ
GXUFKOIWHQ

6FKPXW]LJHV:DVVHU 'HQ%HKlOWHUUHLQLJHQ
RGHU:DVVHULVW]X
XQGPLWVDXEHUHP
ODQJHLP%HKlOWHU
:DVVHUIOOHQ
JHEOLHEHQ
.RQWUROOOHXFKWH
IU*HUlWLQ
%HWULHEOHXFKWHW
DXIDEHUGDV
*HUlWIXQNWLRQLHUW
QLFKW

=XYLHO:DVVHULQGHU
%DVLV

:DVVHUDXVGHU%DVLV
HQWIHUQHQGHQ%HKlOWHU
ZLHGHUDXIVFKUDXEHQ

=XZHQLJ'DPSI

.DONUHVWHLQGHU
%DVLV

'HQ:DQGOHUUHLQLJHQ
3OlWWFKHQ

6FKPXW]LJHV:DVVHU 'HQ%HKlOWHUUHLQLJHQ
RGHU:DVVHULVW]X
XQGPLWVDXEHUHP
ODQJHLP%HKlOWHU
:DVVHUIOOHQ
JHEOLHEHQ
8QJHZ|KQOLFKHV
*HUlXVFK

'HU'DPSIZLUG
XPGLH
$EJDEHWOOH
DXVJHVWRHQ

9LEUDWLRQHQLP
%HKlOWHUGXUFK
XQJHQJHQGH
:DVVHUPHQJH

'HQ:DVVHUEHKlOWHU
IOOHQ

'DV*HUlWVWHKWDXI
HLQHUXQVWDELOHQ
)OlFKH

'DV*HUlWDXIHLQHVWDELOH
)OlFKHVWHOOHQ

(VVLQGNOHLQH
gIIQXQJHQ]ZLVFKHQ
GHU$XVJDEHWOOH
XQGGHP%HKlOWHU
YRUKDQGHQ

'LH$XVJDEHWOOHLQGDV
:DVVHUWDXFKHQGDQQ
LQGHU9HUWLHIXQJGHV
%HKlOWHUEHIHVWLJHQ

:$5781*
=X KDUWHV :DVVHU PLW HLQHP KRKHQ *UDG DQ .DON XQG 0DJQH
VLXP NDQQ ]XU %LOGXQJ YRQ .DONUHVWHQ DXI GHU 2EHUlFKH GHV
*HUlWHN|USHUVGHV:DQGOHUV3OlWWFKHQXQGGHULQWHUQHQ2EHU
lFKHGHV:DVVHUEHKlOWHUIKUHQ
'LH.DONUHVWHYHUKLQGHUQGHQNRUUHNWHQ%HWULHEGHV*HUlWHVGH
VKDOEHPSIHKOHQZLUIROJHQGHHLQIDFKH9RUJlQJHIUHLQHNRUUHNWH


:DUWXQJGHV,RQHQ/XIWEHIHXFKWHUV&OLPD5HOD[
 .DOWHV:DVVHUGDVYRUKHUDEJHNRFKWZXUGHRGHUGHVWLOOLHUWHV
:DVVHUYHUZHQGHQ
 -HGH:RFKHGHQ:DQGOHUGHQ:DVVHUEHKlOWHUXQGGLH%DVLV
GHV*HUlWHVUHLQLJHQ
 'DV:DVVHULP7DQNRIWZHFKVHOQ
 6LFKHUVWHOOHQ GDVV GHU %HKlOWHU YROOVWlQGLJ JHOHHUW ZLUG XQG
GLH %DVLV DEWURFNQHQ EHYRU GDV *HUlW EHU HLQHQ OlQJHUHQ
=HLWUDXPQLFKWHLQJHVHW]WZLUG
 'LH JHVDPWH (LQKHLW UHLQLJHQ XQG VLFKHUVWHOOHQ GDVV DOOH
*HUlWHWHLOHNRPSOHWWWURFNHQVLQGEHYRUGDV*HUlWEHUHLQHQ
OlQJHUHQ=HLWUDXPQLFKWHLQJHVHW]WZLUG
),/7(55(,1,*81*
 'HQ)LOWHUHQWIHUQHQLQGHPHUYRP%HKlOWHUDEJHVFKUDXEWZLUG
 )U6WXQGHQLP6DO]ZDVVHUHLQJHWDXFKWODVVHQ
 'HQ)LOWHUDXVGHP6DO]ZDVVHUKHUDXVQHKPHQVFKWWHOQXQG
PLWVDXEHUHP:DVVHUDEVSOHQ*XWDEWURFNQHQ
 1DFKGHU5HLQLJXQJXQGEHYRUGDV*HUlWEHUHLQHQOlQJHUHQ
=HLWUDXPQLFKWHLQJHVHW]WZLUGGHQ)LOWHUDQHLQHPNKOHQXQG
GXQNOHQ2UWODJHUQGDPLWVLFKNHLQ6FKLPPHOELOGHW
5(,1,*81*'(6:$1'/(563/b77&+(181'
'(5%$6,6
 'HQ:DQGOHUGLH%DVLVPLW:HLZHLQHVVLJIOOHQXQGEHUGLH
1DFKWVWHKHQODVVHQ
 'HQ(VVLJPLWHLQHPZHLFKHQ7XFKRGHUPLWVDXJIlKLJHP+DX
VKDOWVSDSLHUDXIVDXJHQXQGGLH.DONUHVWHHQWIHUQHQ
 'D3OlWWFKHQGLH%DVLVPLWXQJHIlKUPO:DVVHUIOOHQGDPLW
GHU(VVLJJHUXFKEHVHLWLJWZLUGXQGHVGDQQPLWHLQHPIHXFKWHQ
7XFK RGHU VDXJIlKLJHP +DXVKDOWVSDSLHU DXIVDXJHQ 'LHVHQ
9RUJDQJ ]ZHL 0DO ZLHGHUKROHQ GDPLW GHU (VVLJJHUXFK NRP
SOHWWEHVHLWLJWZLUG
7(&+1,6&+('$7(1
0RGHOO636
9HUVRUJXQJY+]
/HLVWXQJ:
)DVVXQJVYHUP|JHQ%HKlOWHUO
9HUGDPSIXQJVZHUWPO+
*HUlXVFKHQWZLFNOXQJG%$
,RQHQNRQ]HQWUDWLRQ330

+,,1:(,6 )h5 ',( (17625*81* '(6 352'8.7(6

*(0b66 '(1 (8523b,6&+(1 5,&+7/,1,(1 
(*(*(*
'DVDXIGHP*HUlWDQJHEUDFKWHGXUFKJHVWULFKHQH&RQWDLQHU
V\PERO ZHLVW GDUDXI KLQ GDVV GDV 3URGXNW DP (QGH VHLQHU
/HEHQVGDXHUJHVRQGHUWHQWVRUJWZHUGHQPXVV'DVKHLWGHU
%HQXW]HUPXVVGDV*HUlWDP(QGHVHLQHU1XW]XQJVGDXHUDQ
HLQHQ IU HOHNWULVFKH XQG HOHNWURWHFKQLVFKH$EIlOOH EHIXJWHQ
(QWVRUJHU EHUJHEHQ RGHU HV EHL GHU $QVFKDIIXQJ HLQHV
QHXHQE]ZlKQOLFKHQ*HUlWVEHLP+lQGOHUDEJHEHQ'LHIU
GDV VSlWHUH 5HF\FOLQJ GLH %HKDQGOXQJ XQG XPZHOWIUHXQGOL
FKH(QWVRUJXQJGHV*HUlWVHUIRUGHUOLFKH$EIDOOWUHQQXQJWUlJW


GD]XEHLP|JOLFKHQHJDWLYH$XVZLUNXQJHQDXI8PZHOWXQG
*HVXQGKHLW  ]X YHUPHLGHQ XQG GDV 5HF\FOLQJ GHU 0DWHULD
OLHQGHV*HUlWV]XI|UGHUQ'LHXQEHIXJWH3URGXNWHQWVRUJXQJ
VHLWHQV GHV %HQXW]HUV IKUW ]XU 9HUKlQJXQJ GHU LQ GHU *H
VHW]VYHURUGQXQJ13DUDJUDSKIIGHU*HVHW]VYH
URUGQXQJ1DXIJHIKUWHQ9HUZDOWXQJVVWUDIHQ

$&+781* $OOH 3ODVWLNYHUSDFNXQJHQ HQWIHUQHQ

HQWVRUJHQXQGDXHU5HLFKZHLWHYRQ.LQGHUQIHU
QKDOWHQ

)5$1d$,6
$9(57,66(0(17/LUHDWWHQWLYHPHQWODQR
WLFH DYDQW XWLOLVDWLRQ HW OD FRQVHUYHU SRXU
FRQVXOWDWLRQ
&KqUHPDPDQ
PHUFLGDYRLUFKRLVLOKXPLGLFDWHXULRQLVHXUj8OWUDVRQVH[FOXVLI
&OLPD5HOD[GHODPDUTXH%UHYL&HWDSSDUHLOUpWDEOLWOHERQ
GHJUpGKXPLGLWpGDQVOHTXHOYLWYRWUHHQIDQWWRXWHQSXULDQWODLU
TXLOUHVSLUH*UkFHjXQRVFLOODWHXUKDXWHIUpTXHQFHLOIUDJPHQWH
OHDXHQGHSHWLWHVSDUWLFXOHVGHYDSHXUGHXPGHGLDPqWUHHQ
YLURQOHV\VWqPHGHYHQWLODWLRQGLIIXVHFHVSDUWLFXOHVjOH[WpULHXU
HQpTXLOLEUDQWOKXPLGLWpGHODWPRVSKqUHHQIRQFWLRQGXSRXUFHQ
WDJHGKXPLGLWpVpOHFWLRQQpH
&OLPD5HOD[SURGXLWXQX[FRQWLQXHWSURORQJpGHYDSHXUQH
TXLUHVWHORQJXHPHQWHQVXVSHQVLRQGDQVODLUOHUpVHUYRLUGHDX
GHOLWUHVJDUDQWLWXQHYDSRULVDWLRQGXUDQWWRXWHODQXLWOHPR
PHQWOHSOXVLQGLTXpSRXUVRQXWLOLVDWLRQ
1RQ VHXOHPHQW &OLPD5HOD[  GH %UHYL SURGXLW GH OD YDSHXU
PDLV LO RIIUH DXVVL ODYDQWDJH GH OD LRQLVDWLRQ GH ODLU FDU JUkFH
jXQHWHFKQRORJLHMDSRQDLVHLQQRYDQWHLOHVWFDSDEOHGpPHWWUH
GHVLRQVQpJDWLIV
/DLU TXH QRXV UHVSLURQV HVW FKDUJpH HQ pQHUJLH pOHFWULTXH HW
HVWGRQFULFKHHQLRQVSRVLWLIVHWQpJDWLIV1RWUHELHQrWUH
GpSHQGGHOHXUpTXLOLEUH
/HV LQVWDOODWLRQV GH FOLPDWLVDWLRQ OD IXPpH GH FLJDUHWWH HW XQH
YHQWLODWLRQLQVXIVDQWHFDXVHQWXQHDXJPHQWDWLRQGHVLRQVSRVLWL
IVGDQVODLUHQFUpDQWDLQVLXQGpVpTXLOLEUH
3RXUUHWURXYHUOpTXLOLEUHLOHVWQpFHVVDLUHGHQULFKLUODLUDYHFGHV
LRQVQpJDWLIV9RLOjSRXUTXRL&OLPD5HOD[DSSRUWHXQHSUpFLHX
VHFRQWULEXWLRQSRXUSUpVHUYHUQRWUHVDQWpHWOHELHQrWUHGHEpEp
&RQIRUPHDX[H[LJHQFHVGHVpFXULWp&RQIRUPHjODQRUPH(1
'LUHFWLYH&(
&$5$&7(5,67,48(6
 ,OSXULHODWPRVSKqUHJUkFHjOLRQLVHXUjDFWLRQDQWLEDFWpULHQQH
 ,O YDSRULVH GH OHDX IURLGH GH PDQLqUH VLOHQFLHXVH JUkFH j OD
WHFKQRORJLHjXOWUDVRQV
 ,OPDLQWLHQWXQWDX[GKXPLGLWpFRUUHFW
 ,OSHUPHWGHUpJOHUOHWDX[GKXPLGLWpGHODLUVHORQYRWUHFKRL[
 ,ODLGHOHQIDQWjPLHX[UHVSLUHU
 ,OJDUDQWLWOK\JLqQHGHOHDX

 ,O DGRXFLW OHV HDX[ GXUHV JUkFH j VRQ OWUH IRUPp GH VSKqUHV
HQFpUDPLTXH
 ,OIRQFWLRQQHPDQXHOOHPHQWRXDYHFXQHWpOpFRPPDQGH
 ,OHVWSURJUDPPDEOHMXVTXjKHXUHV
 ,OVpWHLQWDXWRPDWLTXHPHQWORUVTXHOHQLYHDXGHOHDXGDQVOH
UpVHUYRLUHVWWURSEDV
 ,OHVWGRWpGXQpFUDQQXPpULTXHDYHFFDSWHXUFDSDEOHGHPH
VXUHUODWHPSpUDWXUHHWOKXPLGLWp
 ,OSHUPHWGHUpJOHUODGLUHFWLRQHWOLQWHQVLWpGHODYDSHXU
 ,ODXQHFDSDFLWpGHOLWUHV
7DX[G+XPLGLWp
/KXPLGLWp UHODWLYH HVW OH SRXUFHQWDJH GH YDSHXU GHDX
FRQWHQXHGDQVXQHVSDFHELHQGpQLjXQHWHPSpUDWXUHSUpFLVH
QRUPDOHPHQW LQGLTXpH SDU  5+ SDU H[HPSOH   5+ /DLU
FRQWLHQWSOXVRXPRLQVGHYDSHXUGHDX/DSURSRUWLRQGHYDSHXU
YDULHHQIRQFWLRQGHVGLIIpUHQWHVWHPSpUDWXUHVGHODLU3OXVODWHP
SpUDWXUHHVWpOHYpHSOXVODLUFRQWLHQWGHYDSHXUGHDX(QKLYHU
ODLUIURLGH[WpULHXUHQWUHGDQVOHVGLIIpUHQWHVSLqFHVGXQHKDELWD
WLRQHWVHUpFKDXIIHJUkFHjODWHPSpUDWXUHpOHYpHSUpVHQWHGDQV
FHV SLqFHV 3DU FRQVpTXHQW OKXPLGLWp UHODWLYH GLPLQXH 9RXOH]
YRXVJDUGHUXQWDX[GKXPLGLWpRSWLPDOGDQVYRWUHHQYLURQQHPHQW
",OHVWDORUVQpFHVVDLUHGDXJPHQWHUOHYROXPHGHYDSHXUGHDX
GDQVODLU&HODJUkFHjYRWUHKXPLGLFDWHXU
7DX[LGpDOGKXPLGLWpUHODWLYHGDQVGLIIpUHQWHVVLWXDWLRQV
 &KDPEUHjFRXFKHUVpMRXU5+
 6DOOHDFFXHLOODQWGHVSDWLHQWV5+
 6DOOHUHFHYDQWXQRUGLQDWHXUHWDXWUHVDSSDUHLOV5+
 6DOOHDFFXHLOODQWXQSLDQR5+
 %LEOLRWKqTXHVJDOHULHVGDUWHWPXVpHV5+
)LOWUHGHOHDX
 /HV pOpPHQWV HQ SODVWLTXH VRQW PpODQJpV j GHV SDUWLFXOHV
GDUJHQW TXL pOLPLQHQW OH SOXV JUDQG QRPEUH GH EDFWpULHV HW
FRPEDWWHQWODRUHEDFWpULHQQH
 'HVVSKqUHVHQFpUDPLTXHSRXUDGRXFLUOHVHDX[GXUHV
 8QOWUHHQFpUDPLTXHSRXUpOLPLQHUOHVPDXYDLVHVRGHXUVGH
OHDX
$9(57,66(0(176
 $YDQWGHEUDQFKHUODSULVHGHFRXUDQWYpULH]TXHODWHQVLRQ
VRLWGH9
 &RQWU{OH]TXHOLQVWDOODWLRQpOHFWULTXHVRLWSRXUYXHGHUDFFRU
GHPHQWjODWHUUH
 8WLOLVH]ODSSDUHLOXQLTXHPHQWSRXUOHVIRQFWLRQVSRXUOHVTXHO
OHVLODpWpFRQoX
 7HQLUKRUVGHSRUWpHGHVHQIDQWV
 1HSDVIDLUHIRQFWLRQQHUODSSDUHLOVDQVHDX
 1HSDVXWLOLVHUODSSDUHLOVLYRXVGpWHFWH]GHVDQRPDOLHVRXVL
OHFkEOHGDOLPHQWDWLRQHVWHQGRPPDJp
 1HODLVVH]MDPDLVODSULVHGHFRXUDQWLQWURGXLWHGDQVODSULVH
PXUDOHORUVTXHYRXVQXWLOLVH]SDVOKXPLGLFDWHXUWRXMRXUVOD
GpEUDQFKHUDSUqVOXWLOLVDWLRQ
 'pEUDQFKH]ODSULVHORUVTXHYRXVQHWWR\H]ODSSDUHLORXGX
UDQWORSpUDWLRQGHUHPSOLVVDJHGHOHDX
 (QFDVGHQpFHVVLWpGHUHPSODFHUOHFkEOHGDOLPHQWDWLRQGH

ODSSDUHLOLOHVWUHFRPPDQGpGHQHSDVRXYULUODSSDUHLOHWGH
YRXVDGUHVVHUjXQFHQWUHGDVVLVWDQFHDXWRULVpRXjXQWHFK
QLFLHQVSpFLDOLVp
1HSDVGpPRQWHUODEDVHVDQVDYRLUFRQVXOWpXQSHUVRQQHO
TXDOLpSRXUGHVpYHQWXHOOHVUpSDUDWLRQVQRXVFRQVHLOORQVGH
FRQWDFWHUXQWHFKQLFLHQDXWRULVp
1(SDVDMRXWHUGHGpWHUJHQWVGHVROXWLRQVFKL
PLTXHV j OLQWpULHXU GX UpVHUYRLU GH ODSSDUHLO
1( SDV DMRXWHU GH PpGLFDPHQWV GKXLOHV SDU
IXPpHVRXGDXWUHVVXEVWDQFHV
*DUGHUOHVGpWHUJHQWVHWOHVVROXWLRQVFKLPLTXHVKRUVGHSRU
WpHGHVHQIDQWV
(QFDVGRGHXUVDQRUPDOHVGXUDQWOHIRQFWLRQQHPHQWpWHLQ
GUHODSSDUHLOHWOHGpEUDQFKHUGHODSULVH
6LGHVGpWHUJHQWVRXGHVVROXWLRQVFKLPLTXHVUHQWUHQWHQFRQ
WDFW DYHF OD ERXFKH RX OHV \HX[ GH YRWUH HQIDQW FRQVXOWHU
LPPpGLDWHPHQWYRWUHPpGHFLQSRXUpYLWHUWRXWULVTXH
1HSDVWRXFKHUOHDXFRQWHQXHGDQVOHUpVHUYRLUDLQVLTXHOHV
DXWUHVFRPSRVDQWVORUVTXHODSSDUHLOHVWHQPDUFKH
1HSDVDOOXPHUODSSDUHLODYDQWGDYRLUUHPSOLOHUpVHUYRLUDYHF
GHOHDX
1HSDVJUDWWHUOHFDSWHXU
1HSDVXWLOLVHUGHGpWHUJHQWVRXGHVROXWLRQVFKLPLTXHVSRXU
OHQHWWR\DJHGXFDSWHXU
1HSDVLQWURGXLUHGHDXGDQVOHVRFOHGHPDQLqUHjpYLWHUTXH
OHVFRPSRVDQWVVHQGRPPDJHQW
/XWLOLVDWLRQGHFHWDSSDUHLOQHVWSDVDGDSWpHjGHVSHUVRQQHV
\FRPSULVOHVHQIDQWVGRQWOHVFDSDFLWpVSK\VLTXHVVHQVR
ULHOOHVHWPHQWDOHVVRQWUpGXLWHVDLQVLTXDX[SHUVRQQHVPDQ
TXDQWGH[SpULHQFHRXQHSRVVpGDQWSDVOHVFRQQDLVVDQFHV
LQGLVSHQVDEOHVVDQVODVXUYHLOODQFHGXQHSHUVRQQHUHVSRQ
VDEOHGHOHXUVpFXULWp
$VVXUH]YRXVTXHOHVHQIDQWVQHMRXHQWSDVDYHFODSSDUHLO
$GDSWpjXQHXWLOLVDWLRQHQLQWpULHXU
87,/,6$7,21'(/$7(/(&200$1'(
/DWpOpFRPPDQGHGX&OLPD5HOD[DXQHSRUWpHGHPHWSRV
VqGHOHVPrPHVIRQFWLRQVTXHOHFODYLHUGHFRPPDQGHVLWXpVXU
ODSSDUHLO
728&+(0$5&+($55(7

728&+('(1,9($8',17(16,7e'(/$9$3(85
728&+()21&7,21,21,6(85
&21),*85$7,21'80,187(85
+80,',7e

$77(17,21$YDQWOXWLOLVDWLRQUHWLUHUODWpOpFRPPDQGHGHOHP
EDOODJH HQ SODVWLTXH HW UHWLUHU OD ODQJXHWWH HQ SODVWLTXH VLWXpH
GDQVOHFRPSDUWLPHQWSUpYXSRXUOHVSLOHV
87,/,6$7,21'(63,/(6(76e&85,7e
0LVHHQSODFHGHVSLOHVYRLUOHVLPDJHV)LJ
3LOHVGHODWpOpFRPPDQGHLQFOXVHV
&RQVHUYHUOHVSLOHVKRUVGHSRUWpHGHVHQIDQWV6HXOHVOHVSLOHV


UHFRPPDQGpHVRXOHXUpTXLYDOHQWYROWVHWWDLOOHGRLYHQWrWUHXWL

OLVpHV,QVpUHUOHVSLOHVHQUHVSHFWDQWODERQQHSRODULWp(QOHYHU
OHVSLOHVXVpHVGXSURGXLW1(3$6FRXUWFLUFXLWHUOHVERUQHVGDOL
PHQWDWLRQ/HVSLOHVUHFKDUJHDEOHVGRLYHQWrWUHUHWLUpHVGXMRXHW
DYDQWGrWUHUHFKDUJpHV/HVSLOHVUHFKDUJHDEOHVQHGRLYHQWrWUH
UHFKDUJpHVTXHVRXVODVXSHUYLVLRQGXQDGXOWH7RXWHSLOHULVTXH
GHODLVVHUIXLUGHODFLGHVLHOOHHVWXWLOLVpHDYHFXQHDXWUHSLOHGXQ
W\SHGLIIpUHQWVLHOOHHVWLQVpUpHLQFRUUHFWHPHQWjOHQYHUVRXVL
WRXWHVOHVSLOHVQRQWSDVpWpUHPSODFpHVRXUHFKDUJpHVHQPrPH
WHPSV1HSDVPpODQJHUGHVSLOHVQHXYHVHWGHVSLOHVXVDJpHV
1H SDV PpODQJHU GLIIpUHQWV W\SHV GH SLOHV DOFDOLQHV VWDQGDUG
FDUERQH]LQFRXUHFKDUJHDEOHVQLFNHOFDGPLXP7RXWHSLOHUL
VTXHGHODLVVHUIXLUGHODFLGHRXGH[SORVHUVLHOOHHVWMHWpHDX
IHX RX VL RQ WHQWH GH UHFKDUJHU XQH SLOH QRQ UHFKDUJHDEOH 1H
MDPDLVUHFKDUJHUXQHSLOHGDQVXQFKDUJHXUFRQoXSRXUXQDXWUH
W\SHGHSLOH-HWHULPPpGLDWHPHQWWRXWHSLOHTXLIXLW8QHSLOHTXL
IXLW SHXW FDXVHU GHV EUOXUHV VXU OD SHDX RX DXWUHV GRPPDJHV
FRUSRUHOV /HV SLOHV GRLYHQW rWUH PLVHV DX UHEXW FRUUHFWHPHQW
FRQIRUPpPHQWDX[UqJOHPHQWVGpWDWRXORFDX[/HVSLOHVGRLYHQW
WRXMRXUVrWUHUHWLUpHVGXQSURGXLWTXRQQHSUpYRLWSDVGXWLOLVHU
SHQGDQWDXPRLQVXQPRLV/HVSLOHVTXLQHVRQWSDVUHWLUpHVGXQ
REMHWULVTXHQWGHIXLUHWGHOHQGRPPDJHU
/HV\PEROHGXQHSRXEHOOHEDUUpHSUpVHQWVXUODSSD
UHLOLQGLTXHTXHjODQGHVDYLHXWLOHLOGRLWrWUHWUDLWp
VpSDUpPHQWGHVDXWUHVGpFKHWV

,16758&7,216'87,/,6$7,21
3RVLWLRQQH] OH &OLPD5HOD[  VXU XQH EDVH SODQH HW VWDEOH HW
UHVSHFWH]OHVLQVWUXFWLRQVVXLYDQWHV
 $VVXUH]YRXVTXHODFKHVRLWGpEUDQFKpHGHODSULVHGHFRX
UDQWPXUDOH)LJ
 5HWLUHUOHUpVHUYRLUGXVRFOHOHUHWRXUQHUHWUHPSOLUGHDXHQ
GpYLVVDQWOHERXFKRQZDWHUVLWXpVXUOHIRQG)LJ5H
YLVVHUOHERXFKRQ
 5HSRVLWLRQQHUOHUpVHUYRLUVXUOHFRUSVFHQWUDO
 &RQWU{OHU TXH OH YROWDJH FRUUHVSRQGH j FHOXL GH OHQWUpH HW
LQWURGXLUHODFKHGDQVODSULVHGHFRXUDQW)LJ
 $OOXPHU ODSSDUHLO HQ DSSX\DQW VXU OH ERXWRQ 0$5&+($5
5(7ODOXPLqUHGHIRQGGHOpFUDQVDOOXPH/DSSDUHLOFRP
PHQFHjIRQFWLRQQHU)LJ6LYRXVXWLOLVH]ODWpOpFRPPDQ
/pFUDQ/&'VpWHLQWDSUqV
GHDSSX\H]VXUODWRXFKH
VHFRQGV3RXUpWHLQGUHOKXPLGLFDWHXUDSSX\HUGHX[IRLV
VXUOHERXWRQ212))
 $SSX\HU VXU OD WRXFKH 0$;0,1 SRXU UpJOHU OLQWHQVLWp GX
X[GHODYDSHXUSRVVLELOLWpGHFKRLVLUSDUPLQLYHDX[GLQ
WHQVLWp)LJ6LYRXVXWLOLVH]ODWpOpFRPPDQGHDSSX\H]

VXUODWRXFKH
 6LYRXVGpVLUH]DFWLYHUODIRQFWLRQLRQLVHXUDSSX\H]VXUODWRX
FKH,21ODWRXFKHV\PEROLVpHSDUOHVDSLQVLYRXVXWLOLVH]
6XUOpFUDQVDIFKHOHV\PEROHGXQ
ODWpOpFRPPDQGH
VDSLQ )LJ 3RXU DUUrWHU OD IRQFWLRQ DSSX\H] GH QRXYHDX
VXUODWRXFKH
 )RQFWLRQ KXPLGLWp FRQVWDQWH OpFUDQ GH OKXPLGLFDWHXU DI
FKHWRXMRXUVOKXPLGLWpUHOHYpH,OHVWSRVVLEOHGHFKRLVLUOHQL


YHDXGKXPLGLWpTXHORQYHXWDWWHLQGUHjSDUWLUGXQPLQLPXP
GH5+jXQPD[LPXPGH5+(QDSSX\DQWXQHIRLV
VXUODWRXFKH+80,',7<WRXFKHJXUDQWOHVJRXWWHVGHDX
ORQDXJPHQWHOHQLYHDXGKXPL
VXUODWpOpFRPPDQGH
GLWpVpOHFWLRQQpGH5+$SUqVDYRLUDWWHLQW5+HQ
DSSX\DQWGHQRXYHDXVXUODWRXFKHORQUHWRXUQHjXQQLYHDX
GH5+
 $SUqVDYRLUVpOHFWLRQQpOKXPLGLWpGpVLUpHODSSDUHLOODIFKH
VXUOpFUDQSHQGDQWXQHGXUpHGHVHFRQGHV8QHIRLVFHV
VHFRQGHVpFRXOpHVOpFUDQDIFKHGHQRXYHDXOHSRXUFHQWD
JHGKXPLGLWpUHOHYpH/HYR\DQW5+FRQWLQXHjFOLJQRWHU
6LOKXPLGLWpVpOHFWLRQQpHHVWLQIpULHXUHjOKXPLGLWpUHOHYpH
ODSSDUHLOVDUUrWHHWHQWUHHQPRGDOLWpGHYHLOOH6LOKXPLGLWp
VpOHFWLRQQpH HVW VXSpULHXUH j OKXPLGLWp UHOHYpH OD IRQFWLRQ
GKXPLGLFDWLRQ VDFWLYH GH QRXYHDX $77(17,21 6L
YRXVXWLOLVH]ODIRQFWLRQKXPLGLWpFRQVWDQWHODSSDUHLOFRQJX
UHHQDXWRPDWLTXHOHQLYHDXGLQWHQVLWpGHYDSHXUHQQpJOLJH
DQWYRWUHpYHQWXHOOHFRQJXUDWLRQSUpFpGHQWH
&RQJXUDWLRQ GX PLQXWHXU YRXV SRXYH] FRQJXUHU  GLI
IpUHQWV UpJODJHV GH WHPSV GH IRQFWLRQQHPHQW GH ODSSDUHLO
HWKHXUHV(QDSSX\DQWVXUODWRXFKH7,0(5
 OLPD
WRXFKH JXUDQW OKRUORJH VXU OD WpOpFRPPDQGH
JHGXQHKRUORJHVDIFKHUDVXUOpFUDQ)LJ/HPLQXWHXU
DIFKHOHWHPSVGHIRQFWLRQQHPHQWUHVWDQWHQGpJUHVVLIWRX
WHVOHVKHXUHVSDUH[HPSOHVLOHPLQXWHXUDpWpUpJOpj
KHXUHVVXUOpFUDQVDIFKHUDDSUqVKHXUHV6LODSSDUHLO
VpWHLQWODSURJUDPPDWLRQGXWHPSVVHUpLQLWLDOLVH
 6L OD TXDQWLWp GHDX VH WURXYDQW GDQV OH UpVHUYRLU HVW WURS
EDVVHSRXUPDLQWHQLUOHIRQFWLRQQHPHQWGHODSSDUHLOFHOXLFL
FHVVHGHIRQFWLRQQHUDXWRPDWLTXHPHQWHQpPHWWDQWXQVLJQDO
VRQRUHSRXUVLJQDOHUXQHTXDQWLWpGHDXLQVXIVDQWH)LJ
/HYR\DQWVpWHLQWHWUHVWHLQGLTXpHVHXOHPHQWODWHPSpUDWXUH
DPELDQWHHWOHSRXUFHQWDJHGKXPLGLWp(QUHPSOLVVDQWOHUp
VHUYRLUGHDXODSSDUHLOUHFRPPHQFHjIRQFWLRQQHU
*8,'('$1$/<6('(63$11(6
6LYRXVUHQFRQWUH]ODPRLQGUHGLIFXOWpGXUDQWOHIRQFWLRQQHPHQW
QRUPDOYHXLOOH]YRXVUpIpUHUDX[SRLQWVVXLYDQWV
352%/0(

&$86(6
352%$%/(6

48()$,5(

/HWpPRLQGDOOXPD
JHHVWpWHLQW

$EVHQFHGHFRXUDQW

,QWURGXLUHODSULVHHW
DOOXPHUODSSDUHLO

/HWpPRLQGDOOX
PDJHHVWDOOXPp
PDLVODYDSHXUQH
VRUWSDV

,OQ\DSDVGHDX
GDQVOHUpVHUYRLU

5HPSOLUOHUpVHUYRLUGHDX

/LQWHUUXSWHXUGH
VpFXULWpHVWGpYLVVp

6DVVXUHUTXHOLQWHUUXSWHXU
GHVpFXULWpVRLWELHQYLVVp

2GHXUDQRUPDOHGH
ODYDSHXU

/RGHXUpPDQDQWGH
ODSSDUHLOWLHQWGX
IDLWTXHODSSDUHLO
HVWQHXI

5HWLUHUOHUpVHUYRLURXYULU
OHFRXYHUFOHODLVVHUDpUHU
SHQGDQWKHXUHV

/HDXHVWVDOHRXHVW
UHVWpHWURSORQJWHPSV
GDQVOHUpVHUYRLU

1HWWR\HUOHUpVHUYRLUHW
OHUHPSOLUDYHFGHOHDX
SURSUH

352%/0(

&$86(6
352%$%/(6

/HWpPRLQGDOOX
PDJHHVWDOOXPp
PDLVODSSDUHLOQH
IRQFWLRQQHSDV

7URSGHDXGDQVOH
VRFOH

5HWLUHUOHDXGXVRFOH
YLVVHUOHUpVHUYRLU

/DTXDQWLWpGHYD
SHXUHVWLQVXIVDQWH

'HVUpVLGXVGHFDOFDL
UHVHWURXYHQWGDQV
OHVRFOH

1HWWR\HUOHWUDQVGXFWHXU
SODTXH

/HDXHVWVDOHRXHVW
UHVWpHWURSORQJWHPSV
GDQVOHUpVHUYRLU

1HWWR\HUOHUpVHUYRLUHW
OHUHPSOLUDYHFGHOHDX
SURSUH

'HVYLEUDWLRQVGDQV
OHUpVHUYRLUFDXVpV
SDUXQHLQVXIVDQFH
GHDX

5HPSOLUOHUpVHUYRLUGHDX

/DSSDUHLOQHVWSDV
VXUXQHVXUIDFHVWDEOH

'pSODFHUODSSDUHLOVXUXQH
VXUIDFHVWDEOH

,O\DGHVRXYHUWXUHV
HQWUHOHPERXWHWOH
UpVHUYRLU

,PPHUJHUOHPERXWGDQV
OHDXHWOH[HUGDQVOH
FUHX[GXUpVHUYRLU

%UXLWDQRUPDO

/DYDSHXUVRUW
DXWRXUGHOHPERXW
GpYDSRUDWLRQ

48()$,5(

(175(7,(1
/HDXWURSGXUHDYHFXQWDX[GHFDOFDLUHpOHYpSHXWFDXVHUOD
IRUPDWLRQGHUpVLGXVFDOFDLUHVVXUODVXUIDFHGXFRUSVFHQWUDOGX
FDSWHXUSODTXHHWGHODVXUIDFHLQWHUQHGXUpVHUYRLUGHDX
/HV UpVLGXV FDOFDLUHV HPSrFKHQW OH IRQFWLRQQHPHQW FRUUHFW GH
ODSSDUHLO QRXV YRXV VXJJpURQV GRQF GHIIHFWXHU FHV VLPSOHV
RSpUDWLRQVSRXUXQHQWUHWLHQDSSURSULpGHOKXPLGLFDWHXU&OLPD
5HOD[
 8WLOLVHU GH OHDX IURLGH SUpFpGHPPHQW SRUWpH j pEXOOLWLRQ RX
ELHQGHOHDXGLVWLOOpH
 1HWWR\HU FKDTXH VHPDLQH OH FDSWHXU OH UpVHUYRLU GHDX HW OH
VRFOHGHODSSDUHLO
 &KDQJHUIUpTXHPPHQWOHDXGXUpVHUYRLU
 6DVVXUHUGHYLGHUWRXWHOHDXGXUpVHUYRLUHWHVVX\HUOHVRFOH
DYDQWGHQWUHSRVHUODSSDUHLOSRXUXQHORQJXHSpULRGHGLQXWL
OLVDWLRQ
 1HWWR\HUOXQLWpGDQVVRQLQWpJUDOLWpHWVDVVXUHUTXHWRXVOHV
FRPSRVDQWVGHODSSDUHLOVRLHQWHVVX\pVFRPSOqWHPHQWDYDQW
GHQWUHSRVHUODSSDUHLOSRXUXQHORQJXHSpULRGHGLQXWLOLVDWLRQ
1(772<$*('8),/75(
 5HWLUHUOHOWUHHQOHGpYLVVDQWGXUpVHUYRLU
 /HODLVVHULPPHUJpGDQVGHOHDXVDOpHSHQGDQWKHXUHV
 ([WUDLUHOHOWUHGHOHDXVDOpHODJLWHUHWOHULQFHUjOHDXSUR
SUH%LHQOHVVX\HU
 $SUqV OH QHWWR\DJH HW DYDQW GHQWUHSRVHU ODSSDUHLO SRXU XQH
ORQJXHSpULRGHGLQXWLOLVDWLRQUHSRVHUOHOWUHGDQVXQOLHXIUDLV
HWjODEULGHODOXPLqUHSRXUpYLWHUODIRUPDWLRQGHPRLVLVVXUHV
1(772<$*('8&$37(853/$48((7'862
&/(
 5HPSOLUOHFDSWHXUOHVRFOHGHYLQDLJUHEODQFHWDWWHQGUHXQH
QXLW
 $EVRUEHUOHYLQDLJUHDYHFXQOLQJHVRXSOHRXDYHFGXSDSLHU

DEVRUEDQWHWUHWLUHUOHVUpVLGXVGHFDOFDLUH
 5HPSOLUODSODTXHOHVRFOHDYHFHQYLURQPOGHDXSRXUpOLPL
QHUORGHXUGHYLQDLJUHHWODEVRUEHUjODLGHGXQOLQJHVRXSOH
RXGXSDSLHUDEVRUEDQW5pSpWHUGHX[IRLVORSpUDWLRQSRXUpOL
PLQHUFRPSOqWHPHQWORGHXUGHYLQDLJUH
&$5$&7(5,67,48(67(&+1,48(6
0RGqOH636
$OLPHQWDWLRQY+]
3XLVVDQFH:
&DSDFLWpGXUpVHUYRLU/
9DOHXUpYDSRUDWLRQPO+
1LYHDXGHEUXLWG%$
&RQFHQWUDWLRQGLRQV330

$9(57,66(0(17 &21&(51$17 /e/,0,1$7,21 &25

5(&7( '8 352'8,7 $8; 7(50(6 '( /$ ',5(&7,9(
(8523e(11(&(&(&(
/HV\PEROHGXQHSRXEHOOHEDUUpHSUpVHQWVXUODSSDUHLOLQGLTXHTXHjOD
QGHVDYLHXWLOHLOGRLWrWUHWUDLWpVpSDUpPHQWGHVDXWUHVGpFKHWV/XWLOL
VDWHXUGHYUDGRQFUHPHWWUHODSSDUHLOXVpDX[FHQWUHVGHFROOHFWHHWWULGHV
GpFKHWV pOHFWURQLTXHV HW pOHFWURWHFKQLTXHV FRUUHVSRQGDQWV RX OH UHQGUH
DXUHYHQGHXUDXPRPHQWGDFTXpULUXQQRXYHODSSDUHLOGXPrPHW\SHj
UDLVRQGXQSDUXQ/DFROOHFWHHWOHWULDSSURSULpVGHODSSDUHLOUHMHWpGH
VWLQpSDUODVXLWHDXUHF\FODJHDXWUDLWHPHQWHWjOpOLPLQDWLRQFRPSDWLEOHV
GXSRLQWGHYXHpFRORJLTXHFRQWULEXHjpYLWHUGHSRVVLEOHVHIIHWVQpJDWLIV
VXUOHQYLURQQHPHQWHWVXUODVDQWpHWIDYRULVHOHUHF\FODJHGHVPDWpULDX[
FRPSRVDQWODSSDUHLO/pOLPLQDWLRQDEXVLYHGXSURGXLWGHODSDUWGHOXWLOLVD
WHXUHQWUDvQHODSSOLFDWLRQGHVVDQFWLRQVDGPLQLVWUDWLYHVFRQIRUPpPHQWDX
GpFUHWOpJLVODWLIQDUWHWVXFFHVVLIV

$9(57,66(0(17$Q GpYLWHU WRXW ULVTXH GpWR

XIIHPHQW HQOHYHU OD SURWHFWLRQ SODVWLTXH DYDQW
GXWLOLVHU FHW DUWLFOH &H UHYrWHPHQW GHYUD DORUV
rWUHGpWUXLWRXUDQJpKRUVGHODSRUWpHGHVEpEpV
HWGHVHQIDQWV

(63$f2/
,03257$17(/HHUDWHQWDPHQWHODVLQVWUXF
FLRQHV\FRQVHUYDUSDUDIXWXUDVFRQVXOWDV
4XHULGDPDPi
JUDFLDVSRUKDEHUHOHJLGRHOH[FOXVLYR,RQRKXPLGLFDGRUSRUXO
WUDVRQLGRV&OLPD5HOD[%UHYL(VWHDSDUDWRUHVWDEOHFHHOMXVWR
JUDGRGHKXPHGDGGHODPELHQWHHQHOTXHYLYHWXKLMR\GHVDUUROOD
XQDDFFLyQSXULFDQWHGHODLUHTXHUHVSLUD*UDFLDVDXQRVFLOD
GRUGHDOWDIUHFXHQFLDURPSHHODJXDHQSHTXHxDVSDUWtFXODVGH
YDSRUGHXQGLiPHWURGHXQRVXPHOVLVWHPDGHYHQWLODFLyQ
HPLWHHVWDVSDUWtFXODVDOH[WHULRUUHJXODQGRODKXPHGDGGHODP
ELHQWHVHJ~QHOSRUFHQWDMHGHKXPHGDGVHOHFFLRQDGD
&OLPD5HOD[SURGXFHXQXMRFRQWLQXR\SURORQJDGRGHYDSRU
QRTXHTXHGDVXVSHQGLGRHQHODLUHGXUDQWHPXFKRWLHPSRHO
GHSyVLWRGHODJXDGHOLWURVJDUDQWL]DODFREHUWXUDGHWRGDOD


QRFKHHOPRPHQWRPiVLQGLFDGRSDUDVXXVR
$GHPiVGHODSURGXFFLyQGHYDSRU&OLPD5HOD[%UHYLRIUHFH
OD YHQWDMD GH OD LRQL]DFLyQ GHO DLUH SRUTXH JUDFLDV D XQD LQQR
YDGRUDWHFQRORJtDMDSRQHVDHVFDSD]GHHPLWLULRQHVQHJDWLYRV
(ODLUHTXHUHVSLUDPRVHVWiFDUJDGDFRQHQHUJtDHOpFWULFD\SRU
ORWDQWRHVULFDGHLRQHVSRVLWLYRV\QHJDWLYRV1XHVWURELH
QHVWDUGHSHQGHGHVXHTXLOLEULR
,QVWDODFLRQHVGHDLUHDFRQGLFLRQDGRKXPRGHOWDEDFR\YHQWLOD
FLyQLQVXFLHQWHFDXVDQXQDXPHQWRGHORVLRQHVSRVLWLYRVHQHO
DLUHFUHDQGRXQGHVHTXLOLEULR
3DUDREWHQHUHOHTXLOLEULRHVQHFHVDULRHQULTXHFHUHODLUHFRQLR
QHVQHJDWLYRV3RUHVR&OLPD5HOD[HVXQDYDOLRVDD\XGDSDUD
ODVDOXG\ELHQHVWDUGHWXKLMR
(OSURGXFWRHVWDKRPRORJDGRVHJ~QODQRUPD(XURSHD(1
'LUHFWLYD&(

TXHHOLPLQDQODPD\RUtDGHODVEDFWHULDV\FRPEDWHQODRUD
EDFWHULDQD
 (VIHUDVGHFHUiPLFDSDUDDEODQGDUHODJXDGXUD
 )LOWURGHFHUiPLFDSDUDHOLPLQDUPDORVRORUHVGHODJXD

1LYHOHVGHKXPHGDGUHODWLYDLGHDOHVHQVLWXDFLRQHVGLIHUHQWHV
 'RUPLWRULRFXDUWRGHHVWDU5+
 +DELWDFLyQFRQSDFLHQWHV5+
 +DELWDFLyQFRQRUGHQDGRU\RWURVHTXLSRV5+
 +DELWDFLyQFRQSLDQR5+
 %LEOLRWHFDVJDOHUtDVGHDUWH\PXVHRV5+

$'9(57(1&,$6
 $QWHVGHFRQHFWDUHOHQFKXIHFRQWUROHTXHODWHQVLyQVHDGH
9
 &RQWUROHTXHODLQVWDODFLyQHOpFWULFDHVWpSURYLVWDGHFRQH[LyQ
DWLHUUD
 8VHHODSDUDWRVRORSDUDODVIXQFLRQHVSDUDODVTXHKDVLGR
SUR\HFWDGR
 0DQWHQJDIXHUDGHODOFDQFHGHORVQLxRV
 1R SRQJD HQ IXQFLRQDPLHQWR HO DSDUDWR VLQ
DJXD
 1RXWLOLFHHODSDUDWRVLREVHUYDGDxRVRVLHOFDEOHGHDOLPHQ
WDFLyQHVWiGDxDGR
 1XQFD GHMH FRQHFWDGR HO HQFKXIH HQ OD WRPD GH FRUULHQWH
FXDQGR QR XVH HO LRQRKXPLGLFDGRU GHVHQFKXIH HO DSDUDWR
GHVSXpVGHOXVR
 'HVHQFKXIH HO DSDUDWR FXDQGR WHQJD TXH OLPSLDUOR R GHED
SRQHUHODJXD
 6LWXYLHUDTXHVXVWLWXLUHOFDEOHGHDOLPHQWDFLyQGHODSDUDWRQR
DEUDHODSDUDWR\FRQWDFWHFRQXQFHQWURGHDVLVWHQFLDDXWRUL
]DGRRFRQXQWpFQLFRHVSHFLDOL]DGR
1RGHVPRQWHODEDVHVLQKDEHUFRQVXOWDGRFRQSHUVRQDOFXD
OLFDGR SDUD SRVLEOHV UHSDUDFLRQHV VH DFRQVHMD FRQWDFWDU
FRQXQWpFQLFRDXWRUL]DGR
12 DxDGD GHWHUJHQWHV VROXFLRQHV TXtPLFDV
GHQWUR GH OD XQLGDG 12 DxDGLU PHGLFLQDV
HVHQFLDVSHUIXPDGDVXRWUDVVXVWDQFLDV
0DQWHQHUIXUDGHODOFDQFHGHORVQLxRVORVGHWHUJHQWHV\VR
OXFLRQHVTXtPLFDV
(QFDVRVHRORUHVDQRUPDOHVGXUDQWHHOIXQFLRQDPLHQWRDSD
JXHHODSDUDWR\GHVHQFK~IHOR
6L GHWHUJHQWHV R VROXFLRQHV TXtPLFDV HQWUDVHQ HQ FRQWDFWR
FRQODERFDRORVRMRVGHVXKLMRFRQVXOWHFRQXQPpGLFRSDUD
HYLWDUSHOLJURV
1RWRTXHHODJXDFRQWHQLGDHQHOFRQWHQHGRUXRWURVFRPSR
QHQWHVPLHQWUDVHODSDUDWRHVWiHQIXQFLRQDPLHQWR
1RHQFLHQGDHODSDUDWRDQWHVGHKDEHUSXHVWRHODJXDHQHO
FRQWHQHGRUFRUUHVSRQGLHQWH
1RUDVSHHOWUDQVGXFWRU
1RXWLOLFHGHWHUJHQWHVRVROXFLRQHVTXtPLFDVSDUDOLPSLDUHO
WUDQVGXFWRU
1RLQWURGX]FDDJXDHQODEDVHSDUDQRGDxDUORVFRPSRQHQ
WHV
/DVSHUVRQDVLQFOXLGRQLxRVFRQFDSDFLGDGHVItVLFDVVHQ
VRULDOHV R PHQWDOHV UHGXFLGDV R FRQ IDOWD GH H[SHULHQFLD R
FRQRFLPLHQWR QR GHEHQ XWLOL]DU HVWH DSDUDWR VDOYR EDMR VX
SHUYLVLyQRVHJ~QLQGLFDFLyQGHXQDSHUVRQDUHVSRQVDEOHGH
ODVHJXULGDG
$VHJ~UHVHGHTXHORVQLxRVQRMXHJXHQFRQHODSDUDWR
$SURSLDGRSDUDXVRLQWHUQR

)LOWURGHODJXD
 /DVSDUWHVGHSOiVWLFRHVWiQPH]FODGDVFRQSDUWtFXODVGHSODWD

862'(/0$1'2$',67$1&,$
(OPDQGRDGLVWDQFLDGH&OLPD5HOD[WLHQHXQDFDSDFLGDGGH

&$5$&7(567,&$6
 3XULFD HO DPELHQWH JUDFLDV DO LRQL]DGRU GH DFFLyQ DQWLEDFWH
ULDQD
 1HEXOL]DHODJXDIUtDGHPDQHUDVLOHQFLRVDJUDFLDVDODWHFQR
ORJtDSRUXOWUDVRQLGRV
 0DQWLHQHHOMXVWRJUDGRGHKXPHGDG
 3HUPLWHSURJUDPDUHOJUDGRGHKXPHGDGGHODLUHGHVHDGR
 $\XGDDOQLxRDUHVSLUDUPHMRU
 *DUDQWL]DODKLJLHQHGHODJXD
 $EODQGDHODJXDGXUDJUDFLDVDOOWURFRQHVIHUDVGHFHUiPLFD
 )XQFLRQDPDQXDOPHQWHRFRQPDQGRDGLVWDQFLD
 (VSURJUDPDEOHKDVWDKRUDV
 6HDSDJDDXWRPiWLFDPHQWHFXDQGRHOQLYHOGHODJXDHVGHPD
VLDGREDMR
 (VWiHTXLSDGRFRQSDQWDOODGLJLWDOFRQVHQVRUFDSD]GHGHWHFWDU
ODWHPSHUDWXUD\ODKXPHGDG
 3HUPLWHUHJXODUODGLUHFFLyQ\ODLQWHQVLGDGGHOYDSRU
 7LHQHXQDFDSDFLGDGGHOLWURV
1LYHOGH+XPHGDG
/D KXPHGDG UHODWLYD  HV HO SRUFHQWDMH GH YDSRU GH DJXD
FRQWHQLGR HQ XQ GHWHUPLQDGR HVSDFLR D XQD GHWHUPLQDGD WHP
SHUDWXUDQRUPDOPHQWHLQGLFDGDFRQ5+SRUHMHPSOR5+
(ODLUHFRQWLHQHPiVRPHQRVYDSRUGHDJXD/DSURSRUFLyQGH
YDSRUGHDJXDYDUtDVHJ~QODVGLIHUHQWHVWHPSHUDWXUDVGHODLUH
&XDQWR PiV DOWD HV OD WHPSHUDWXUD PiV YDSRU GH DJXD KDEUi
HQHODLUH(QLQYLHUQRHODLUHIUtRGHOH[WHULRUHQWUDHQODVKDELWD
FLRQHV\VHFDOLHQWDJUDFLDVDODPiVDOWDWHPSHUDWXUDGHODVPL
VPDV(QFRQVHFXHQFLDGLVPLQX\HODKXPHGDGUHODWLYD'HVHD
PDQWHQHUXQDySWLPDKXPHGDGGHODPELHQWH"(VQHFHVDULRDX
PHQWDUHOYROXPHQGHYDSRUHQHODLUH*UDFLDVDVXKXPLGLFDGRU



P\WLHQHODVPLVPDVIXQFLRQHVTXHHOFXDGURGHPDQGRVFROR
FDGRHQHODSDUDWR
7(&/$212))

7(&/$1,9(/'(,17(16,'$''(/9$325
7(&/$)81&,1,21,=$'25

352*5$0$&,17(0325,=$'25
7(&/$+80('$'

$7(1&,21$QWHVGHOXVRVDFDUHOPDQGRDGLVWDQFLDGHOHQYROWR
ULRGHSOiVWLFR\H[WUDHUODOHQJHWDGHSOiVWLFRTXHVHHQFXHQWUD
HQHOFRPSDUWLPHQWRSRUWDEDWHUtD
8626(*852'(/$63,/$6
3RVLFLRQDPLHQWRGHODVSLODV)LJ
3LODVGHOPDQGRDGLVWDQFLDLQFOXLGDV
0DQWHQJDODVSLODVOHMRVGHODOFDQFHGHORVQLxRV'HEHQXVDUVH
VRODPHQWHODVSLODVUHFRPHQGDGDVRHTXLYDOHQWHVHQYROWDMH\WD
PDxR/DVSLODVGHEHQFRORFDUVHFRQODSRODULGDGFRUUHFWD6DTXH
VLHPSUHODVSLODVJDVWDGDVGHOSURGXFWR12SRQJDORVWHUPLQDOHV
HQFRUWRFLUFXLWR/DVSLODVUHFDUJDEOHVGHEHQVDFDUVHGHOMXJXHWH
DQWHVGHFDUJDUODV/DVSLODVUHFDUJDEOHVVRODPHQWHGHEHQFDU
JDUVHEDMRODVXSHUYLVLyQGHXQDGXOWR&XDOTXLHUSLODSXHGHSHU
GHUiFLGRVLHVPH]FODGDFRQXQWLSRGHSLODGLIHUHQWHVLVHFRORFD
GHPDQHUDLQFRUUHFWDSXHVWDDOUHYpVRVLWRGDVODVSLODVQRVRQ
VRVWLWXLGDVRUHFDUJDGDVDOPLVPRWLHPSR1RPH]FOHSLODVQXH
YDV\YLHMDV1RPH]FODSLODVDOFDOLQDVFRPXQHVFDUERQR]LQFR
UHFDUJDEOHVQtTXHOFDGPLR&XDOTXLHUSLODSXHGHSHUGHUiFLGRR
H[SORWDUVLVHODGHVHFKDHQHOIXHJRRVHLQWHQWDFDPELDUXQDSLOD
TXHQRGHEHUHFDUJDUVH1XQFDUHFDUJDXQDSLODGHXQWLSRHQXQ
FDUJDGRUKHFKRSDUDXQDSLODGHRWURWLSR'HVHFKHODVSLODVFRQ
SpUGLGDVLQPHGLDWDPHQWH/DVSLODVFRQSpUGLGDVSXHGHQFDXVDU
TXHPDGXUDVHQODSLHOXRWUDVOHVLRQHVSHUVRQDOHV&XDQGRGH
VHFKDODVSLODVDVHJ~UHVHGHGHVHFKDUODVGHODPDQHUDFRUUHFWD
VHJ~QODVGLVSRVLFLRQHVORFDOHV\GHVXHVWDGR6DTXHVLHPSUH
ODVSLODVVLQRYDDXVDUHOSURGXFWRGXUDQWHXQPHVRPiV/DV
SLODV TXH TXHGDQ HQ OD XQLGDG SXHGHQ SHUGHU \ FDXVDU GDxRV
181&$PH]FOHSLODVGHGLVWLQWRWLSR
(O VtPEROR GHO FRQWHQHGRU WDFKDGR SUHVHQWH HQ HO
HTXLSRLQGLFDTXHHOSURGXFWRFXDQGRQDOL]DVXYLGD
~WLOVHGHEHUHFRJHUHQIRUPDVHSDUDGDGHOUHVWRGH
ORVUHVLGXRV

,16758&&,21(63$5$(/862
&RORTXH&OLPD5HOD[VREUHXQDVXSHUFLHSODQD\HVWDEOH\
VLJDODVLQVWUXFFLRQHVTXHVHLQGLFDQDFRQWLQXDFLyQ
 $VHJXUDUVHGHTXHODFODYLMDGHOFDEOHHVWpGHVFRQHFWDGDGH
ODWRPDGHFRUULHQWH)LJ
 ([WUDLJD HO GHSyVLWR GH OD EDVH YXpOTXHOR H LQWURGX]FD HO
DJXDGHVHQURVFDQGRHOWDSyQZDWHUFRORFDGRHQHOIRQGR
)LJ9ROYHUDHQURVFDUHOWDSyQ
 9XHOYDDFRORFDUHOGHSyVLWRHQHOFXHUSRFHQWUDO
 &RQWUROHTXHHOYROWDMHFRUUHVSRQGDFRQHOGHHQWUDGDHLQWUR

GX]FDHOHQFKXIHHQODWRPDGHFRUULHQWH)LJ
 (QFLHQGDHODSDUDWRSXOVDQGRODWHFOD212))ODOX]GHIRQ
GRGHODSDQWDOODVHHQFLHQGH(ODSDUDWRHPSLH]DDIXQFLRQDU

)LJ6LXWLOL]DHOPDQGRDGLVWDQFLDSXOVHODWHFOD
/DSDQWDOOD/&'VHDSDJDGHVSXpVGHVHJXQGRV&XDQGR
XVWHGSUHVLRQDYHFHVHOSXOVDQWH212))SDUDDSDJDUHO
KXPLGLFDGRU
 3XOVHODWHFOD0$;0,1SDUDUHJXODUODLQWHQVLGDGGHOXMR
GHO YDSRU SXHGH HOHJLU  QLYHOHV GH LQWHQVLGDG )LJ 6L

XWLOL]DHOPDQGRDGLVWDQFLDSXOVHODWHFOD
 6LGHVHDDFWLYDUODIXQFLyQLRQL]DGRUSXOVHODWHFOD,21OD
 (Q OD
WHFOD FRQ HO SLQR VL XVD HO PDQGR D GLVWDQFLD
SDQWDOODDSDUHFHUiODJXUDGHXQSLQR3DUDSDUDUODIXQFLyQ
SXOVHGHQXHYRODWHFOD
 )XQFLyQ KXPHGDG FRQVWDQWH OD SDQWDOOD GHO LRQRKXPLGLFD
GRUVLHPSUHPXHVWUDODKXPHGDGUHJLVWUDGD6HSXHGHHOHJLU
HO QLYHO GH KXPHGDG TXH VH GHVHD DOFDQ]DU GH XQ PtQLPR
GH5+D5+3XOVDQGRXQDYH]ODWHFOD+80,',7<
WHFODFRQODVJRWDVGHDJXDHQHOPDQGRDGLVWDQFLD
DXPHQWDHOQLYHOGHKXPHGDGVHOHFFLRQDGR5+)LJ
'HVSXpVGHKDEHUDOFDQ]DGRORV5+SXOVDQGRGHQXHYR
XQDYH]VHYXHOYHD5+
 'HVSXpVGHKDEHUVHOHFFLRQDGRODKXPHGDGGHVHDGDHODSD
UDWRODPXHVWUDHQODSDQWDOODGXUDQWHVHJXQGRV3DVDGRV
ORVVHJXQGRVODSDQWDOODPXHVWUDGHQXHYRHOSRUFHQWDMHGH
KXPHGDGGHWHFWDGD(OVtPEROR5+TXHGDLQWHUPLWWHQWH6L
ODKXPHGDGVHOHFFLRQDGDHVLQIHULRUDODKXPHGDGGHWHFWD
GDHODSDUDWRVHSDUD\HQWUDHQPRGDOLGDGHQHVSHUD6LOD
KXPHGDGVHOHFFLRQDGDHVVXSHULRUDODKXPHGDGGHWHFWDGD
VH UHDFWLYD OD IXQFLyQ GH KXPLGLFDFLyQ $7(1&,21 6L
XWLOL]DODIXQFLyQKXPHGDGFRQVWDQWHHODSDUDWRSURJUDPDHQ
DXWRPiWLFR HO QLYHO GH LQWHQVLGDG GH YDSRU HOLPLQDQGR XQD
SURJUDPDFLyQSUHFHGHQWH
3URJUDPDFLyQGHOWHPSRUL]DGRUSXHGHSURJUDPDUUHJXOD
FLRQHVGLIHUHQWHVGHOWLHPSRGHIXQFLRQDPLHQWRGHODSDUDWR
\KRUDV3XOVDQGRODWHFOD7,0(5WHFODFRQ
DSDUHFHUiODLPDJHQ
HOUHORMHQDOPDQGRDGLVWDQFLD
GHXQUHORMHQODSDQWDOOD)LJ(OWHPSRUL]DGRUPXHVWUDHO
WLHPSRGHIXQFLRQDPLHQWRTXHKDTXHGDGRGHVFRQWDQGRFDGD
KRUDVSRUHMHPSORVLVHKDUHJXODGRHOWHPSRUL]DGRUD
KRUDVHQODSDQWDOODDSDUHFHUiGHVSXpVGHGRVKRUDV6LVH
DSDJDHODSDUDWRODSURJUDPDFLyQGHOWLHPSRVHSRQHDFHUR
 6LHODJXDHQHOGHSyVLWRQRHVVXFLHQWHSDUDPDQWHQHUHO
IXQFLRQDPLHQWRGHODSDUDWRHODSDUDWRGHMDGHIXQFLRQDUDX
WRPiWLFDPHQWH HPLWLHQGR XQD VHxDO DF~VWLFD SDUD LQGLFDU
TXHODFDQWLGDGGHDJXDHVLQVXFLHQWH/DOX]GHODSDQWDOOD
VHDSDJD\VRORVHLQGLFDODWHPSHUDWXUDDPELHQWH\SRUFHQ
WDMH GH KXPHGDG$O OOHQDU HO GHSyVLWR GH DJXD HO DSDUDWR
YXHOYHDIXQFLRQDU
*8$'($1/,6,6'($9(5$6
3DUDFXDOTXLHUGLFXOWDGGHWHFWDGDHQHOIXQFLRQDPLHQWRQRUPDO
KDJDUHIHUHQFLDDORVVLJXLHQWHVSXQWRV


352%/(0$

&$86$6
326,%/(6

48e+$&(5

,QGLFDGRUOXPLQRVRGH
HQFHQGLGRDSDJDGR

1RKD\
FRUULHQWH

,QWURGXFLUODWRPD
HQFHQGHU

,QGLFDGRUOXPLQRVR
HQFHQGLGRQRVDOH
YDSRU

1RKD\DJXDHQHO
GHSyVLWR

3RQHUDJXDHQHO
GHSyVLWR

(OLQWHUUXSWRUGH
VHJXULGDGHVWi
DRMDGR

$VHJXUDUVHGHTXHHO
LQWHUUXSWRUGHVHJXULGDG
HVWpELHQDSUHWDGR

$SDUDWRQXHYR

6DFDUHOGHSyVLWRDEULU
ODWDSDGHMDUYHQWLODU
GXUDQWHKRUDV

$JXDVXFLDRTXH
VHKDTXHGDGR
PXFKRWLHPSRHQ
HOGHSyVLWR

/LPSLDUHOGHSyVLWR\
OOHQDUORFRQDJXDOLPSLD

,QGLFDGRUOXPLQRVRGH
HQFHQGLGRHQFHQGLGR
SHURHODSDUDWRQR
IXQFLRQD

'HPDVLDGDDJXD
HQODEDVH

6DFDUDJXDGHODEDVH
DSUHWDUHOGHSyVLWR

0X\SRFRYDSRU

5HVLGXRVGHFDOHQ
ODEDVH

/LPSLDUHOWUDQVGXFWRU
SODFD

$JXDVXFLDRTXH
VHKDTXHGDGR
PXFKRWLHPSRHQ
HOGHSyVLWR

/LPSLDUHOGHSyVLWR\
OOHQDUORFRQDJXDOLPSLD

9LEUDFLRQHVHQHO
GHSyVLWRFDXVDGDV
SRULQVXFLHQFLD
GHDJXD

/OHQDUHOGHSyVLWRGH
DJXD

(ODSDUDWRQRHVWi
VREUHXQDVXSHU
FLHHVWDEOH

&RORFDUHODSDUDWRVREUH
XQDVXSHUFLHHVWDEOH

+D\DEHUWXUDV
HQWUHODERTXLOOD\
HOGHSyVLWR

,QWURGXFLUODERTXLOODHQ
HODJXD\MDUODHQOD
FDYLGDGGHOGHSyVLWR

2ORUDQRUPDOGHOYDSRU

5XLGRDQRUPDO

(OYDSRUVDOHDOUHGHGRU
GHODERTXLOOD

0$17(1,0,(172
(ODJXDGHPDVLDGRGXUDFRQXQHOHYDGRFRQWHQLGRGHFDOFLR\
PDJQHVLR SXHGH FDXVDU OD IRUPDFLyQ GH UHVLGXRV GH FDO HQ OD
VXSHUFLHGHOFXHUSRFHQWUDOGHOWUDQVGXFWRUSODFD\GHODVX
SHUFLHLQWHUQDGHOGHSyVLWRSDUDHODJXD
/RVUHVLGXRVGHFDOLPSLGHQHOIXQFLRQDPLHQWRFRUUHFWRGHODSD
UDWR OH VXJHULPRV TXH HIHFW~H HVWDV VLPSOHV RSHUDFLRQHV SDUD
XQFRUUHFWRPDQWHQLPLHQWRGHOLRQRKXPLGLFDGRU&OLPD5HOD[
 8VHDJXDIUtDKHUYLGDSUHFHGHQWHPHQWHRDJXDGHVWLODGD
 /LPSLHWRGDVODVVHPDQDVHOWUDQVGXFWRUHOGHSyVLWRGHODJXD
\ODEDVHGHODSDUDWR
 &DPELHIUHFXHQWHPHQWHHODJXDHQHOGHSyVLWR
 $VHJ~UHVHGHVDFDUWRGDHODJXDGHOGHSyVLWR\VHTXHODEDVH
DQWHVGHXQODUJRSHULRGRGHLQDFWLYLGDG
 /LPSLHWRGDODXQLGDG\DVHJ~UHVHGHTXHWRGDVODVSDUWHVGHO
DSDUDWRHVWpQFRPSOHWDPHQWHVHFDVDQWHVGHXQODUJRSHULRGR
GHLQDFWLYLGDG



/,03,(=$'(/),/752
 6DTXHHOOWURGHVHQURVFiQGRORGHOGHSyVLWR
 'pMHORHQDJXDVDODGDGXUDQWHKRUDV
 6DTXHHOOWURGHODJXDVDODGDDJtWHOR\HQMXDJXHFRQDJXD
OLPSLD6HTXHELHQ
 'HVSXpVGHODOLPSLH]D\DQWHVGHODUJRVSHULRGRVGHLQDFWLYL
GDGFRORTXHHOOWURHQXQOXJDUIUHVFR\RVFXURSDUDHYLWDUOD
IRUPDFLyQGHKXPHGDG
/,03,(=$'(/75$16'8&7253/$&$<'(/$
%$6(
 /OHQHHOWUDQVGXFWRUODEDVHFRQYLQDJUHEODQFR\HVSHUHXQD
QRFKH
 $EVRUEDHOYLQDJUHFRQXQSDxRVXDYHRFRQSDSHODEVRUEHQWH
\HOLPLQHORVUHVLGXRVGHFDO
 /OHQHODSODFDEDVHFRQXQRVPOGHDJXDSDUDHOLPLQDUHO
RORUGHYLQDJUH\DEVyUEDODFRQXQSDxRK~PHGRRFRQSDSHO
DEVRUEHQWH 5HSLWD GRV YHFHV HVWD RSHUDFLyQ SDUD HOLPLQDU
FRPSOHWDPHQWHHORORUGHYLQDJUH
'$7267e&1,&26
0RGHOR636
$OLPHQWDFLyQY+]
3RWHQFLD:
&DSDFLGDGGHSyVLWR/
9DORUHYDSRUDFLyQPO+
1LYHOGHUXLGRG%$
&RQFHQWUDFLyQLRQHV330

$'9(57(1&,$63$5$/$(/,0,1$&,1'(/352'8&
72&21)250($/$',5(&7,9$(8523($&(
&(&(
(O VtPEROR GHO FRQWHQHGRU WDFKDGR SUHVHQWH HQ HO HTXLSR
LQGLFDTXHHOSURGXFWRFXDQGRQDOL]DVXYLGD~WLOVHGHEH
UHFRJHUHQIRUPDVHSDUDGDGHOUHVWRGHORVUHVLGXRV3RUOR
WDQWRFXDQGRQDOL]DODYLGD~WLOGHOHTXLSRHOXVXDULRGHEH
HQWUHJDUOR D ORV FHQWURV GH UHFRJLGD VHOHFWLYD GH UHVLGXRV
HOHFWUyQLFRV \ HOHFWURWpFQLFRV LGyQHRV R ELHQ HQWUHJDUOR DO
UHYHQGHGRUFXDQGRVHDGTXLHUHXQQXHYRHTXLSRVLPLODUHQ
UD]yQ GH XQR D XQR /D UHFRJLGD VHOHFWLYD DSURSLDGD SDUD
HO SRVWHULRU UHFLFODGR WUDWDPLHQWR \ HOLPLQDFLyQ DPELHQWDO
FRPSDWLEOH GHO HTXLSR FRQWULEX\H D HYLWDU SRVLEOHV HIHFWRV
QHJDWLYRVHQHODPELHQWH\HQODVDOXG\IDYRUHFHHOUHFLFODGR
GHORVPDWHULDOHVTXHFRQIRUPDQHOHTXLSR/DHOLPLQDFLyQQR
DXWRUL]DGDGHOSURGXFWRSRUSDUWHGHOXVXDULRLPSOLFDODDSOL
FDFLyQ GH ODV VDQFLRQHV DGPLQLVWUDWLYDV GHVFULWDV HQ HO 'H
FUHWR/HJLVODWLYRQ$UW\VXFHVLYRVGHO'HFUHWR
/HJLVODWLYRQ

$7(1&,21 &XDOTXLHUD SURWHFFLyQ SOiVWLFD WLHQH

TXHVHUTXLWDGD\WLUDGDRWHQLGDOHMRVGHODOFDQFH
GHOQLxR

32578*86
,03257$17( /HLD DWHQWDPHQWH DV LQ
VWUXo}HVHFRQVHUYHDVSDUDIXWXUDVFRQVXO
WDV
3UH]DGDPDPm
DJUDGHFHPRVOKH SRU WHU HVFROKLGR R H[FOXVLYR KXPLGLFDGRU
LRQL]DGRU GH XOWUDVRQV &OLPD5HOD[  GD %UHYL (VWH DSDUHOKR
UHVWDEHOHFHRFRUUHFWRJUDXGHKXPLGDGHGRDPELHQWHRQGHYLYH
DVXDFULDQoDHGHVHQYROYHXPDDFomRSXULFDQWHGRDUTXHUH
VSLUD*UDoDVDXPRVFLODGRUGHDOWDIUHTXrQFLDUHSDUWHDiJXD
HPSHTXHQDVSDUWtFXODVGHYDSRUFRPRGLkPHWURGHFHUFDGH
XPRVLVWHPDGHYHQWLODomRHPLWHHVWDVSDUWtFXODVSDUDRH[WHULRU
UHJXODQGRDKXPLGDGHGRDPELHQWHFRPEDVHQDSHUFHQWDJHPGH
KXPLGDGHVHOHFFLRQDGD
2&OLPD5HOD[SURGX]XPX[RFRQWtQXRHSURORQJDGRGHYD
SRUTXHSHUPDQHFHVXVSHQVRQRDUSRUORQJRWHPSRRUHVHUYD
WyULRGDiJXDGHOLWURVJDUDQWHDFREHUWXUDGDQRLWHLQWHLUDR
PRPHQWRPDLVLQGLFDGRSDUDDVXDXWLOL]DomR
3DUD DOpP GD SURGXomR GH YDSRU R &OLPD5HOD[  GD %UHYL
RIHUHFH D YDQWDJHP GD LRQL]DomR GR DU SRUTXH JUDoDV D XPD
LQRYDGRUD WHFQRORJLD MDSRQHVD WHP D FDSDFLGDGH H HPLWLU L}HV
QHJDWLYRV
2DUTXHUHVSLUDPRVHVWiFDUUHJDGRGHHQHUJLDHOpFWULFDHpSRU
WDQWRULFRGHL}HVSRVLWLYRVHQHJDWLYRV2QRVVREHPHVWDU
GHSHQGHGRVHXHTXLOtEULR
,QVWDODo}HVGHDUFRQGLFLRQDGRRIXPRGHFLJDUURVHDYHQWLODomR
LQVXFLHQWHFDXVDPXPDXPHQWRGRVL}HVSRVLWLYRVQRDUFULDQGR
XPGHVHTXLOtEULR
3DUDUHVWDEHOHFHURHTXLOtEULRpQHFHVViULRHQULTXHFHURDUFRP
L}HVQHJDWLYRV(LVSRUTXHR&OLPD5HOD[pXPFRQWULEXWRSUH
FLRVRSDUDDVD~GHHSDUDREHPHVWDUGDVXDFULDQoD
(VWH SURGXWR HVWi HP FRQIRUPLGDGH FRP QRUPD GH VHJXUDQoD
HXURSHLD(1'LUHFWLYD&(
&$5$&7(567,&$6
 3XULFDRDPELHQWHJUDoDVDRLRQL]DGRUFRPDFomRDQWLEDFWpUL
FD
 1HEXOL]D D iJXD IULD GH PRGR VLOHQFLRVR JUDoDV j WHFQRORJLD
GHXOWUDVRQV
 0DQWrPRFRUUHFWRJUDXGHKXPLGDGH
 3HUPLWHFRQJXUDURJUDXGHVHMDGRGDKXPLGDGHGRDU
 $MXGDDFULDQoDDUHVSLUDUPHOKRU
 *DUDQWHDKLJLHQHGDiJXD
 $PDFLDDiJXDGXUDJUDoDVDROWURFRPHVIHUDVGHFHUkPLFD
 )XQFLRQDPDQXDOPHQWHRXFRPRWHOHFRPDQGR
 eSURJUDPiYHODWpKRUDV
 'HVOLJDVHDXWRPDWLFDPHQWHTXDQGRRQtYHOGDiJXDI{UPXLWR
EDL[R
 eSURYLGRFRPHFUmGLJLWDOFRPXPVHQVRUTXHGHWHFWDDWHP
SHUDWXUDHDKXPLGDGH
 3HUPLWHUHJXODUDGLUHFomRHDLQWHQVLGDGHGRYDSRU
 7HPXPDFDSDFLGDGHGHOLWURV

1tYHOGH+XPLGDGH
$ KXPLGDGH UHODWLYD p D SHUFHQWDJHP GH YDSRU GH iJXD
FRQWLGR QXP GHWHUPLQDGR HVSDoR D XPD GHWHUPLQDGD WHPSHUD
WXUDQRUPDOPHQWHLQGLFDGDSRU5+SRUH[HPSOR5+2
DUFRQWpPPDLVRXPHQRVYDSRUGHiJXD$SURSRUomRGHYDSRU
GHiJXDYDULDFRQIRUPHDVGLIHUHQWHVWHPSHUDWXUDVGRDU4XDQWR
PDLVDOWDpDWHPSHUDWXUDPDLVYDSRUGHiJXDH[LVWHQRDU1R
LQYHUQRRDUIULRGRH[WHULRUHQWUDQRVFRPSDUWLPHQWRVHDTXHFH
JUDoDVjDOWDWHPSHUDWXUDH[LVWHQWHQRVPHVPRV'HFRQVHTXrQ
FLDDKXPLGDGHUHODWLYDGLPLQXL'HVHMDPDQWHUXPDySWLPDKXPL
GDGHGRDPELHQWH"eQHFHVViULRDXPHQWDURYROXPHGHYDSRUQR
DU&RQVHJXHLVVRJUDoDVDRVHXKXPLGLFDGRU
1tYHLVGHKXPLGDGHUHODWLYDLGHDLVHPGLIHUHQWHVVLWXDo}HV
 4XDUWRVDOD5+
 4XDUWRFRPXPSDFLHQWH5+
 4XDUWRFRPFRPSXWDGRUHRXWURVHTXLSDPHQWRV5+
 4XDUWRFRPSLDQR5+
 %LEOLRWHFDVJDOHULDVGHDUWHHPXVHXV5+
)LOWURGHiJXD
 $VSHoDVHPSOiVWLFRVmRPLVWXUDGDVFRPSDUWtFXODVGHSUDWD
TXHHOLPLQDPDPDLRUSDUWHGDVEDFWpULDVHFRPEDWHPDRUD
EDFWHULDQD
 (VIHUDVHPFHUkPLFDSDUDDPDFLDUDiJXDGXUD
 )LOWURHPFHUkPLFDSDUDHOLPLQDUPDXVRGRUHVGDiJXD
$'9(571&,$6
 $QWHV GH LQVHULU D FKD QD FRUUHQWH YHULFDU VH D WHQVmR p
GH9
 9HULFDUVHDLQVWDODomRHOpFWULFDpSURYLGDFRPDOLJDomRj
WHUUD
 8VDURDSDUHOKRVRPHQWHSDUDDVIXQo}HVSDUDDVTXDLVIRL
SURMHFWDGR
 0DQWHUIRUDGRDOFDQFHGHFULDQoDV
 1mRFRORFDURDSDUHOKRDIXQFLRQDUVHPiJXD
 1mRXWLOL]DURDSDUHOKRVHHVWLYHUGDQLFDGRRXVHRFDERGH
DOLPHQWDomRHVWLYHUGDQLFDGR
 1XQFDGHL[DUDFKDLQVHULGDQDWRPDGDGDFRUUHQWHTXDQ
GRQmRHVWLYHUDXWLOL]DURKXPLGLFDGRULRQL]DGRU'HVOLJiOD
VHPSUHDSyVDXWLOL]DomR
 7LUDUDFKDGDWRPDGDTXDQGROLPSDURDSDUHOKRRXGXUDQWH
DRSHUDomRGHHQFKLPHQWRGDiJXD
 &DVR VHMD QHFHVViULR VXEVWLWXLU R FDER GH DOLPHQWDomR GR
DSDUHOKRUHFRPHQGDVHQmRDEULURDSDUHOKRHGHFRQWDFWDU
XPFHQWURGHDVVLVWrQFLDDXWRUL]DGRRXXPWpFQLFRHVSHFLD
OL]DGR
1mRGHVPRQWDUDEDVHVHPWrUFRQVXOWDGRRSHVVRDOTXDOL
FDGR3DUDHYHQWXDLVUHSDUDo}HVDFRQVHOKDVHFRQWDFWDUXP
WpFQLFRDXWRUL]DGR
12DGLFLRQDUGHWHUJHQWHVVROXo}HVTXtPLFDV
GHQWUR GD XQLGDGH 12 DFUHVFHQWH PHGLFD
PHQWRVHVVrQFLDVSHUIXPDGDVRXRXWUDVVXE
VWkQFLDV
0DQWrURVGHWHUJHQWHVHDVVROXo}HVTXtPLFDVIRUDGRDOFDQ
FHGDVFULDQoDV
1RFDVRGHFKHLURVDQRUPDLVGXUDQWHRIXQFLRQDPHQWRGHVOL


JDURDSDUHOKRHWLUDUDFKDGDWRPDGD
6HRVGHWHUJHQWHVRXDVVROXo}HVTXtPLFDVHQWUDUHPHPFRQ
WDFWRFRPDERFDRXFRPRVROKRVGDVXDFULDQoDFRQVXOWDUR
PpGLFRSDUDHYLWDUSHULJRV
1mRWRFDUQDiJXDGRUHVHUYDWyULRRXQRXWURVFRPSRQHQWHV
HQTXDQWRRDSDUHOKRHVWLYHUHPIXQFLRQDPHQWR
1mROLJDURDSDUHOKRDQWHVGHWrUHQFKLGRDiJXDQRUHVHUYD
WyULRDSURSULDGR
1mRUDVSDURWUDQVGXWRU
1mRXWLOL]DUGHWHUJHQWHVRXVROXo}HVTXtPLFDVSDUDDOLPSH]D
GRWUDQVGXWRU
1mRLQWURGX]LUiJXDQDEDVHSDUDHYLWDUTXHRVFRPSRQHQWHV
VHGDQLTXHP
$ XWLOL]DomR GHVWH DSDUHOKR QmR p DSURSULDGD D SHVVRDV
LQFOXLQGR FULDQoDV FRP FDSDFLGDGHV ItVLFDV VHQVRULDLV H
PHQWDLVUHGX]LGDVRXVHPH[SHULrQFLDHVHPFRQKHFLPHQWR
DPHQRVTXHHVWHMDPVREDVXSHUYLVmRRXFRPDLQGLFDomRGH
XPDSHVVRDUHVSRQViYHOSHODVHJXUDQoD
&HUWLTXHVHTXHDVFULDQoDVQmRMRJXHPFRPRDSDUHOKR
$SURSULDGRDSHQDVSDUDXVRLQWHUQR
87,/,=$d2'27(/(&20$1'2
2WHOHFRPDQGRGH&OLPD5HOD[WHPXPDFDSDFLGDGHGHP
HWHPDVPHVPDVIXQo}HVGRSDLQHOGHFRPDQGRVFRORFDGRQR
DSDUHOKR
%272212))

%272'219(/'(,17(16,'$'('(9$325
%272'$)81d2'2,21,=$'25
&21),*85$d2'27,0(5
%272+80,'$'(

$7(1d2$QWHVGDSULPHLUDXWLOL]DomRUHWLUDURWHOHFRPDQGRGR
LQYyOXFURHPSOiVWLFRHH[WUDLUDWLUDGHSOiVWLFRFRORFDGDQRFRP
SDUWLPHQWRGDVSLOKDV
3$5$862'$63,/+$6(06(*85$1d$
3RVLFLRQDPHQWRGDVSLOKDV)LJ
3LOKDVGRWHOHFRPDQGRLQFOXtGDV
0DQWHQKD DV SLOKDV IRUD GR DOFDQFH GDV FULDQoDV 'HYHP VHU
XVDGDV DSHQDV DV SLOKDV GH YROWV H WDPDQKR UHFRPHQGDGRV
RXHTXLYDOHQWHV,QWURGX]LUDVSLOKDVFRPDSRODULGDGHFRUUHFWD
5HWLUDUDVSLOKDVJDVWDVGRSURGXWR12SURYRTXHFXUWRFLUFXLWR
QRVWHUPLQDLV5HWLUDUDVSLOKDVUHFDUUHJiYHLVGREULQTXHGRDQWHV
GHDVS{UDUHFDUUHJDU$VSLOKDVUHFDUUHJiYHLVVyGHYHPVHUUH
FDUUHJDGDVVREDYLJLOkQFLDGHXPDGXOWR4XDOTXHUSLOKDSRGHUi
YHUWHUiFLGRVHPLVWXUDGDFRPXPDSLOKDGHWLSRGLIHUHQWHVHLQ
WURGX]LGDLQFRUUHFWDPHQWHFRORFDGDDRFRQWUiULRRXVHWRGDVDV
SLOKDVQmRIRUHPVXEVWLWXtGDVRXUHFDUUHJDGDVDRPHVPRWHPSR
1mRPLVWXUHSLOKDVQRYDVFRPXVDGDV1mRPLVWXUHSLOKDVDOFD
OLQDVQRUPDLVFDUERQR]LQFRRXUHFDUUHJiYHLVQtTXHOFiGPLR
4XDOTXHUSLOKDSRGHYHUWHUiFLGRRXUHEHQWDUVHIRUHOLPLQDGDHP
OXPHDEHUWRRXVHVHWHQWDUFDUUHJDUXPDSLOKDTXHQmRpUHFDU
UHJiYHO1XQFDUHFDUUHJDUXPDSLOKDGHXPWLSRQXPUHFDUUHJD
GRUGHRXWURWLSRGHSLOKDV(OLPLQDULPHGLDWDPHQWHDVSLOKDVTXH


YHUWDP3LOKDVTXHYHUWDPSRGHPSURYRFDUTXHLPDGXUDVRXRX
WURVIHULPHQWRVSHVVRDLV$RHOLPLQDUSLOKDVFHUWLTXHVHTXHDV
HOLPLQDFRUUHFWDPHQWHFRQIRUPHDUHJXODPHQWDomRORFDO5HWLUH
VHPSUHDVSLOKDVGRSURGXWRFDVRHVWHQmRVHMDXWLOL]DGRGXUDQWH
XPPrVRXPDLVWHPSR$VSLOKDVGHL[DGDVQDXQLGDGHSRGHP
YHUWHUHFDXVDUGDQRV181&$PLVWXUHSLOKDVGHWLSRVGLIHUHQWHV
2VtPERORGDFDL[DEDUUDGDFRQWLGRQDDSDUHOKDJHP
LQGLFDTXHRSURGXWRGHYHVHUUHFROKLGRVHSDUDGDPHQ
WHGRVRXWURVOL[RVQRPGDVXDYLGD~WLO

,16758d(6'(87,/,=$d2
3RVLFLRQDUR&OLPD5HOD[QXPDEDVHSODQDHHVWiYHOHVHJXLU
DVLQVWUXo}HVDEDL[RLQGLFDGDV
 &HUWLTXHVHTXHDFKDGRFDERHVWHMDGHVOLJDGDGDWRPDGD
GHFRUUHQWH)LJ
 ([WUDLURUHVHUYDWyULRGDEDVHYLUiORDRFRQWUiULRHHQFKHU
FRP iJXD GHVDSHUWDU D WDPSD ZDWHU FRORFDGD QR IXQGR
)LJ$SHUWDUQRYDPHQWHDWDPSD
 3RVLFLRQDUQRYDPHQWHRUHVHUYDWyULRQRFRUSRFHQWUDO
 &RQWURODUVHDWHQVmRFRUUHVSRQGHjTXHODGHHQWUDGDHLQVHULU
DFKDQDWRPDGDGDFRUUHQWH)LJ
 /LJDURDSDUHOKRSUHPLQGRRERWmR212))DOX]GRIXQGRGR
HFUmDFHQGHVH2DSDUHOKRFRPHoDDIXQFLRQDU)LJ6H
2HFUm/&'GH
XWLOL]DURWHOHFRPDQGRSUHPLURERWmR
VOLJDDSyVVHJXQGRV$RSUHVVLRQDUYH]HVRERWmR21
2))RKXPLGLFDGRUGHVOLJDVH
 3UHPLURERWmR0;0,1SDUDUHJXODUDLQWHQVLGDGHGRX[R
GRYDSRUH[LVWHDSRVVLELOLGDGHGHHVFROKHUQtYHLVGHLQ
WHQVLGDGH)LJ6HXWLOL]DURWHOHFRPDQGRSUHPLURERWmR

 6HGHVHMDUDFWLYDUDIXQomRLRQL]DGRUSUHPLURERWmR,21R
1RHFUm
ERWmRFRPRSLQKHLURVHXWLOL]DURWHOHFRPDQGR
DSDUHFHUiDJXUDGHXPSLQKHLUR)LJ3DUDSDUDUDIXQomR
SUHPLUQRYDPHQWHRERWmR
 )XQomRKXPLGDGHFRQVWDQWHRHFUmGRKXPLGLFDGRULRQL]D
GRUPRVWUDVHPSUHDKXPLGDGHUHJLVWDGDeSRVVtYHOHVFROKHU
RQtYHOGHKXPLGDGHTXHVHGHVHMDDWLQJLUGHXPPtQLPRGH
5+D5+3UHPLQGRXPDYH]RERWmR+80,',7<
DXPHQWD
ERWmRFRPDVJRWDVGHiJXDQRWHOHFRPDQGR
RQtYHOGHKXPLGDGHVHOHFFLRQDGRGH5+)LJ'HSRLV
GHWHUDWLQJLGRRV5+SUHPLQGRDLQGDXPDYH]UHJUHVVD
VHDRV5+
 'HSRLVGHWHUVHOHFFLRQDGRDKXPLGDGHGHVHMDGDRDSDUHOKR
PRVWUDDQRHFUmGXUDQWHVHJXQGRV3DVVDGRVRVVHJXQ
GRVRHFUmPRVWUDQRYDPHQWHDSHUFHQWDJHPGDKXPLGDGH
GHWHFWDGD2VtPEROR5+FRQWLQXDDSLVFDU6HDKXPLGDGH
VHOHFFLRQDGD I{U LQIHULRU j KXPLGDGH GHWHFWDGD R DSDUHOKR
SiUDHHQWUDQDPRGDOLGDGHVWDQGE\6HDKXPLGDGHVHOHF
FLRQDGDI{UVXSHULRUjKXPLGDGHGHWHFWDGDDFWLYDVHQRYD
PHQWH D IXQomR GH KXPLGLFDomR $7(1d2 6H XWLOL]DU
D IXQomR GH KXPLGDGH FRQVWDQWH R DSDUHOKR FRQJXUD HP
DXWRPiWLFRRQtYHOGHLQWHQVLGDGHGHYDSRUGHVFRQJXUDQGR
XPDHYHQWXDOFRQJXUDomRHIHFWXDGDDQWHULRUPHQWH
&RQJXUDomR GR WLPHU SRGH FRQJXUDU  GLIHUHQWHV UHJX

ODo}HVGRWHPSRGHIXQFLRQDPHQWRGRDSDUHOKRH
KRUDV3UHPLQGRRERWmR7,0(5ERWmRFRPRUHOyJLR
 DSDUHFHUi D LPDJHP GH XP UHOyJLR
QR WHOHFRPDQGR
QR HFUm )LJ 2 WLPHU PRVWUD R WHPSR GH IXQFLRQDPHQWR
TXHSHUPDQHFHHVFDODQGRFDGDKRUDVSRUH[HPSORVHR
WLPHUIRLUHJXODGRSDUDKRUDVQRHFUmDSDUHFHUiGHSRLV
GXDVKRUDV6HGHVOLJDURDSDUHOKRDSURJUDPDomRGRWHPSR
UHLQLFLDVH
 6HDiJXDQRUHVHUYDWyULRI{USRXFDSDUDPDQWrURIXQFLRQD
PHQWRGRDSDUHOKRRPHVPRSiUDGHIXQFLRQDUDXWRPDWLFD
PHQWHHPLWLQGRXPVLQDODF~VWLFRSDUDDVVLQDODUXPDTXDQ
WLGDGHGHiJXDLQVXFLHQWH)LJ$OX]GRHFUmGHVOLJDVHH
SHUPDQHFHPLQGLFDGDVVyDWHPSHUDWXUDDPELHQWHHDSHU
FHQWDJHPGHKXPLGDGH(QFKHQGRRUHVHUYDWyULRGHiJXDR
DSDUHOKRUHFRPHoDDIXQFLRQDU
*8,$'($1/,6(6'($9$5,$6
6H HQFRQWUDU TXDOTXHU GLFXOGDGH QR QRUPDO IXQFLRQDPHQWR GR
DSDUHOKRSRUIDYRUFRQVXOWDURVVHJXLQWHVSRQWRV
352%/(0$

&$86$

62/8d2

/X]GHOLJDomR
DSDJDGD

1mRH[LVWHFRUUHQWH

,QVHULUDWRPDGDHOLJDU

/X]GHOLJDomRDFH
VDQmRVDLYDSRU

1mRH[LVWHiJXDQR (QFKHURUHVHUYDWyULR
UHVHUYDWyULR
FRPiJXD
2LQWHUUXSWRUGH
VHJXUDQoDHVWi
GHVDSHUWDGR

&HUWLFDUVHTXHR
LQWHUUXSWRUGHVHJXUDQoD
HVWHMDEHPDSHUWDGR

$SDUHOKRQRYR

5HWLUDURUHVHUYDWyULR
DEULUDFREHUWXUDGHL[DU
DUHMDUSRUKRUDV

JXDVXMDRXiJXD
TXHSHUPDQHFHX
QRUHVHUYDWyULRSRU
PXLWRWHPSR

/LPSDURUHVHUYDWyULR
HHQFKrORFRPiJXD
OLPSD

/X]GHOLJDomRDFH
VDPDVRDSDUHOKR
QmRIXQFLRQD

([LVWHPXLWDiJXD
QDEDVH

(VYD]LDUDiJXDHPGH
PDVLDGDEDVHFRORFDU
RUHVHUYDWyULR

3RXFRYDSRU

5HVtGXRVGH
FDOFiULRQDEDVH

/LPSDURWUDQVGXWRU
SODFD

JXDVXMDRXiJXD
TXHSHUPDQHFHX
QRUHVHUYDWyULRSRU
PXLWRWHPSR

/LPSDURUHVHUYDWyULR
HHQFKrORFRPiJXD
OLPSD

9LEUDo}HVQRUHVHU
YDWyULRFDXVDGDV
SHODLQVXFLrQFLD
GHiJXD

(QFKHURUHVHUYDWyULR
FRPiJXD

2DSDUHOKRQmR
HVWiVREUHXPD
VXSHUItFLHHVWiYHO

&RORFDURDSDUHOKR
VREUHXPDVXSHUItFLH
HVWiYHO

&KHLURDQRUPDOGR
YDSRU

5XtGRDQRUPDO

352%/(0$

&$86$

2YDSRUVDLjYROWD
GRELFR

([LVWHPIHQGDV
HQWUHRELFRHR
UHVHUYDWyULR

62/8d2
,PHUJLURELFRQDiJXDH
GHSRLV[iORQRHQFDL[H
GRUHVHUYDWyULR

0$187(1d2
$iJXDPXLWRGXUDFRPXPDOWRFRQWH~GRGHFiOFLRHPDJQpVLR
SRGH FDXVDU D IRUPDomR GH UHVtGXRV GH FDOFiULR QD VXSHUItFLH
GRFRUSRFHQWUDOGRWUDQVGXWRUSODFDHGDVXSHUItFLHLQWHUQDGR
UHVHUYDWyULRSDUDDiJXD
2V UHVtGXRV GH FDOFiULR LPSHGHP R FRUUHFWR IXQFLRQDPHQWR GR
DSDUHOKRVXJHULPRVOKHSRUWDQWRTXHHIHFWXHHVWDVVLPSOHVRSH
UDo}HVUDo}HV SDUD XPD FRUUHFWD PDQXWHQomR GR KXPLGLFDGRU
LRQL]DGRU&OLPD5HOD[
 8VDUiJXDIULDDQWHULRUPHQWHIHUYLGDRXiJXDGHVWLODGD
 /LPSDUVHPDQDOPHQWHRWUDQVGXWRURUHVHUYDWyULRGHiJXDH
DEDVHGRDSDUHOKR
 0XGDUIUHTXHQWHPHQWHDiJXDGRUHVHUYDWyULR
 &HUWLFDUVHGHUHWLUDUWRGDDiJXDGRUHVHUYDWyULRHVHFDUD
EDVHDQWHVGHXPORQJRSHUtRGRVHPXWLOL]DomR
 /LPSDUWRGDDXQLGDGHHFHUWLFDUVHTXHWRGDVDVSHoDVGR
DSDUHOKR HVWHMDP FRPSOHWDPHQWH VHFDV DQWHV GH XP ORQJR
SHUtRGRVHPXWLOL]DomR
/,03(=$'2),/752
 5HPRYHUROWURGHVDSHUWDQGRRGRUHVHUYDWyULR
 'HL[iORLPHUVRHPiJXDVDOJDGDGXUDQWHKRUDV
 5HWLUDU R OWUR GD iJXD  VDOJDGD DJLWiOR H HQ[DJXiOR FRP
iJXDOLPSD6HFDUEHP
 'HSRLVGDOLPSH]DHDQWHVGHORQJRVSHUtRGRVVHPXWLOL]DomR
UHS{UROWURQXPOXJDUIUHVFRHHVFXURSDUDHYLWDUDIRUPDomR
GHERORUHV
/,03(=$'275$16'87253/$&$('$%$6(
 (QFKHURWUDQVGXWRUDEDVHFRPYLQDJUHEUDQFRHGHL[DUDFWXDU
SRUXPDQRLWH
 5HWLUDURYLQDJUHFRPXPSDQRPDFLRRXFRPSDSHODEVRUYHQ
WHHUHPRYHURVUHVtGXRVGHFDOFiULR
 (QFKHUDSODFDEDVHFRPFHUFDGHPOGHiJXDSDUDHOLPLQDU
R FKHLUR GH YLQDJUH H UHWLUiOD FRP XP SDQR PDFLR RX FRP
SDSHODEVRUYHQWH5HSHWLUHVWDRSHUDomRSRUGXDVYH]HVSDUD
HOLPLQDUFRPSOHWDPHQWHRFKHLURGHYLQDJUH
'$'267e&1,&26
0RGHOR636
$OLPHQWDomRY+]
3RWrQFLD:
&DSDFLGDGHGRUHVHUYDWyULR/
9DORUGHHYDSRUDomRPO+
1tYHOGHUXtGRG%$
&RQFHQWUDomRL}HV330



$9,626 3$5$ $ (/,0,1$d2 &255(&7$ '2 352'8

72 (0 &21)250,'$'( &20$ ',5(&7,9$ (8523(,$
&(&(&(
2VtPERORGDFDL[DEDUUDGDFRQWLGRQDDSDUHOKDJHPLQGLFD
TXHRSURGXWRGHYHVHUUHFROKLGRVHSDUDGDPHQWHGRVRXWURV
OL[RV QR P GD SUySULD YLGD ~WLO 2 (VWHULOL]DGRU GHSRLV GH
LQXWLOL]DGRGHYHUiVHUOHYDGRDRVFHQWURVLGyQHRVGHUHFRO
KD GLIHUHQFLDGD GRV OL[RV HOHFWUyQLFRV H HOHFWURWpFQLFRV RX
VHUHQWUHJXHDRUHYHQGHGRUQRPRPHQWRGDFRPSUDGHXPD
QRYDDSDUHOKDJHPGHWLSRHTXLYDOHQWHQDUD]mRGHXPSDUD
XP8PDUHFROKDGLIHUHQFLDGDDGHTXDGDSDUDRHQYLRVXFHV
VLYRGDDSDUHOKDJHPLQXWLOL]DGDjUHFLFODJHPDRWUDWDPHQWR
HjHOLPLQDomRDPELHQWDOPHQWHFRPSDWtYHOFRQWULEXLSDUDHYL
WDUHIHLWRVQHJDWLYRVSRVVtYHLVQRDPELHQWHHQDVD~GHHID
YRUHFHDUHFLFODJHPGRVPDWHULDLVFRPRVTXDLVpFRPSRVWD
D DSDUHOKDJHP$ HOLPLQDomR DEXVLYD GR SURGXWR SRU SDUWH
GR XWHQWH LPSOLFD D DSOLFDomR GDV SHQDOLGDGHV DGPLQLVWUDWL
YDVFLWDGDVQRGHFUHWROHLQDUWHVHJXLQWHVGR
GHFUHWROHLQ

$7(1d2 3DUD HYLWDU ULVFR GH DV[LD UHPRYHU

DV HPEDODJHQV GH SOiVWLFR DQWHV GH XWLOL]DU HVWH
DUWLJR (VWD HPEDODJHP GH SOiVWLFR GHYH VHU GH
VWUXtGDRXDIDVWDGDGRVEHEpVHFULDQoDV

3




       
&OLPD5HOD[%UHYL
    

    




&OLPD5HOD[




   &OLPD5HOD[  %UHYL 
    

     
      
        

     



     

     
     &OLPD5HOD[ 
      

     (1
&(

 F

    

 
 
 
 
      

 

 
     

      

     

 

    
       
    
  5+ UHODWLYH KXPLGLW\  
5+


      
       

     
     
  " 


     

 5+
 5+
 5+
 5+
 5+


     


 
     


       
      

 
 
 
 
      

     

       

 
    
       

     
   
    





   


      

      


     


        

       






     

       

     
     











   &OLPD5HOD[  
         


212))







      
     



   

       
    
      
    
    
    
    
    
      
    
    
     
      
     

    
     
      
      
     
     
     
     
      
     
    


   


    

   

     



 &OLPD5HOD[     

 

       
ZDWHU

 
     


 212))

    
  /&'
   

212))
    0$;0,1   
    
      
   
    


     
,21
   
      

      
   
     
5+5+
+80,',7<
     


 5+      
5+
5+
       
        

    
5+       


     
       
     

   
    


     
      
         7,0(5  
     
      
     
       
       

     

        

   
   
     
    







     

 















,QVHULUHDFTXDQHO
VHUEDWRLR

























 

























































       
     

      
    
    
     
    &OLPD
5HOD[
 




       

 
 

    




   

     

      

 

     


636




$
330





     
&(&(&(

       


     


       
   
       


       
    
    

    
      


   
    



 
 
        

       



(

     


     
&OLPD5HOD[%UHYL

       


 XP       


&OLPD5HOD[




      &OLPD5HOD[   %UHYL

       

       



         
       

         
&OLPD5HOD[
         

        (1
&(

       

        

 
         

 
 
         

 
 
 


       

 

 

       

     5+ 
 5+      
       
      
       
        
       
      



&OLPD5HOD[

 5+
 5+
 5+
 5+
 5+

 


 
 


         
9
 
         

 
 
 

         
     

         

 
       


         



   




      


       
           

         





       


       

         
       




    &OLPD5HOD[   


212))







      
         



     

      
       
        
      
       


        
      


       
     
       
      
   
    
           
       
     

      

      

       








  &OLPD5HOD[      

        

 

ZDWHU        

 
        
        

    212))   
       
      
  
     

212))
    0$;0,1     
        
      


        
 ,21       
  
   




       

       
      5+ 
5+     +80,',7<  


     5+  

5+5+
        
       
       
        
 5+      
       


       
       

      
        

      

          7,0(5 
  
     
        

       
         

     

 

       

       
       


























































































































       
        

       

&OLPD
5HOD[
         

 

 
          



       
          


    
     



 
 
 

 


    

 

 

          PO   





636
Y+]
:
/
PO+
G%$
330

     
     
&(&(&(
          
          

       
      
        
      
         


     
       

        
       









, %UHYLSRWUjDSSRUWDUHLQTXDOVLDVLPRPHQWRPRGLFKHDLPRGHOOLGHVFULWWLLQTXHVWROLEUHWWRGLVWUX]LRQLGXVR
*%  %UHYL FDQ PDNH DQ\ FKDQJH ZKDWVRHYHU WR WKH SURGXFW GHVFULEHG LQ WKLV LQVWUXFWLRQV OHDHW ZLWKRXW DQ\
SULRUQRWLFH'%UHYLLVWEHUHFKWLJWDQGHQLQGLHVHP$QOHLWXQJVKHIWEHVFKULHEHQHQ0RGHOOHQ]XMHGHP=HLWSXQNW
bQGHUXQJHQYRU]XQHKPHQ)%UHYLSRXUUDDSSRUWHUjWRXWPRPHQWGHVPRGLFDWLRQVDX[PRGqOHVGpFULWVGDQVFH
PRGHGHPSORL(%UHYLSRGUiUHDOL]DUHQFXDOTXLHUPRPHQWRPRGLFDFLRQHVDORVPRGHORVGHVFULWRVHQHVWHOLEUR
GHLQVWUXFFLRQHVSDUDVXXVR 3 %UHYLSRGHUiHIHFWXDUDTXDOTXHUPRPHQWRDOWHUDo}HVQRVPRGHORVGHVFULWRV
QHVWHPDQXDOGHLQVWUXo}HVGHXVR 586 
         *5   %UHYL   




%5(9,VUO
9LD/RPEDUGLD7HOJDWH%J,WDO\
7HO)D[
ZZZEUHYLHXLQIR#EUHYLHX