&$3,72/8/

$1$/,=$(&+,/,%58/8,),1$1&,$5



$/175(35,1'(5,,

 )21'8/ '( 58/0(17 , 1(92,$ '( )21' '( 58/0(17 1 6,67(08/
(&+,/,%58/8,),1$1&,$5
$QDOL]D ILQDQFLDU  XUP UHWH V  HYLGHQ LH]H SH GH R SDUWH PRGDOLW

LOH GH UHDOL]DUH D

HFKLOLEUXOXL ILQDQFLDU SH WHUPHQ OXQJ L SH WHUPHQ VFXUW L SH GH DOW  SDUWH WUHSWHOH GH DFXPXODUH
E QHDVF GHUHQWDELOLWDWHDvQWUHSULQGHULL
3HQWUXUHDOL]DUHDDFHVWRURELHFWLYHVHXWLOL]HD] GRX VXUVHLPSRUWDQWHGHLQIRUPD LLELODQ XO
LFRQWXOGHSURILWLSLHUGHUL
%LODQ XOVLQWHWL]HD] VWDUHDSDWULPRQLDO DvQWUHSULQGHULLODXQPRPHQWGDWvQWLPSFHFRQWXO
GH UH]XOWDWH VLQWHWL]HD]  UH]XOWDWXO IOX[XULORU HFRQRPLFH L ILQDQFLDUH GH LQWUDUH GH SUHOXFUDUH L GH
LHLUH SH SHULRDGD FRQVLGHUDW  ,QIRUPD LD FRPXQ  FDUH VH vQWkOQHWH vQ FHOH GRX  GRFXPHQWH GH
VLQWH] HVWHUH]XOWDWXOQHWSURILWXOVDXSLHUGHUHDFDRUHIOHFWDUHDUHQWDELOLW

LLvQWUHSULQGHULL

&D UHIOHFWDUH D VW ULL SDWULPRQLDOH ELODQ XO VWDELOLW OD VIkULWXO SHULRDGHL GH JHVWLXQH
H[HUFL LXILQDQFLDUGHVFULHVHSDUDWHOHPHQWHOHGHDFWLYLGHSDVLYDOHvQWUHSULQGHULL
$FWLYXO VH FRPSXQH GLQ EXQXUL GH LQXWH GH vQWUHSULQGHUH GUHSWXUL GH SURSULHWDWH H[HUFLWDWH
DVXSUDOXFUXULORULFUHDQ HGUHSWXULDVXSUDWHU LORU
3DVLYXO VH FRPSXQH GLQ FDSLWDOXUL SURSULL L vQWUR P VXU  FRQVLGHUDELO  GLQ GDWRULL
FRQWUDFWDWHGHvQWUHSULQGHUHLQHUDPEXUVDWHvQF 
'LIHUHQ D GLQWUH DFWLYXO WRWDO L GDWRULLOH WRWDOH FRQWUDFWDWH UHIOHFW  R SULP  L SULQFLSDO
HYDOXDUH FRQWDELO  D vQWUHSULQGHULL OD GDWD vQFKHLHULL H[HUFL LXOXL (FXD LD IXQGDPHQWDO  D ELODQ XOXL
UHG VLWXD LDQHW

DvQWUHSULQGHULL
6,78$

,$1(7

$&7,9'$725,,

6LWXD LDQHW HVWHFHOPDLDGHVHDSR]LWLY LFUHVF WRDUHFDHIHFWDOXQHLJHVWLXQLHFRQRPLFH

V Q WRDVH $FHDVW  VLWXD LH PDUFKHD]  DWLQJHUHD RELHFWLYXOXL SULQFLSDO DO JHVWLXQLL ILQDQFLDUH
UHVSHFWLYPD[LPL]DUHDYDORULLFDSLWDOXULORUSURSULLDDFWLYXOXLQHWILQDQ DWGLQDFHVWHFDSLWDOXUL


6LWXD LDQHW SRDWHDYHDvQDQXPLWHFD]XULYDORDUHQHJDWLY $FHDVWDVHPQLILF RGHS LUHD

DFWLYXOXL UHDO GH F WUH GDWRULLOH WRWDOH FRQWUDFWDWH GH vQWUHSULQGHUH 2 DVWIHO GH VLWXD LH HVWH
FRQVHFLQ DvQFKHLHULLFXSLHUGHULDH[HUFL LLORUDQWHULRDUH6XPDDFHVWRUSLHUGHULDFRQVXPDWLQWHJUDO
FDSLWDOXULOH SURSULL LDU SDUWHD QHDFRSHULW  D U PDV vQ VDUFLQD FUHGLWRULORU FD UH]XOWDW DO DVXP ULL
ULVFXOXLGHLQVROYDELOLWDWHDOvQWUHSULQGHULL
%LODQ XORIHU FULWHULLGHDSUHFLHUHD HFKLOLEUXOXLILQDQFLDUODXQPRPHQWGDWSUHFXPLED]D
GHFDOFXOSHQWUXHODERUDUHDEXJHWHORUvQWUHSULQGHULL
'LQ SXQFW GH YHGHUH ILQDQFLDU ILHFDUH HOHPHQW GH DFWLY UHSUH]LQW  R DORFDUH GH IRQGXUL
E QHWL $FHVWH HOHPHQWH VXQW VWUXFWXUDWH GXS  JUDGXO ORU GH OLFKLGLWDWH SRVLELOLWDWHD GH D IL
WUDQVIRUPDWH vQ EDQL Q ELODQ  VH vQVFULX PDL vQWkL DFWLYHOH FHOH PDL SX LQ OLFKLGH FX SHULRDGD FHD
PDLPDUHGHUHFXSHUDUH
,PRELOL] ULQHFRUSRUDOHEUHYHWHOLFHQ HP UFLGHIDEULF LFRPHUFLDOHVWXGLLHWF
,PRELOL] ULFRUSRUDOHWHUHQXULFO GLULPDLQLXWLODMHLQVWDOD LLHWF
,PRELOL] ULILQDQFLDUHSDUWLFLSD LLWLWOXULFXPS UDWHHWF
'DWRULW  URWD LHL OHQWH D FDSLWDOXULORU LQYHVWLWH DFHVWH DFWLYH VH PDL QXPHVF L DORF UL
SHUPDQHQWH
Q ELODQ  VH vQVFULX DSRL DFWLYHOH FLUFXODQWH  VWRFXUL FUHDQ H OLFKLGLW

L PXOW PDL OLFKLGH

GHFkW DFWLYHOH LPRELOL]DWH 'LQ DFHVW PRWLY HOH VH PDL QXPHVF L DORF UL FLFOLFH WHPSRUDUH

5HFXSHUDUHDFDSLWDOXULORULQYHVWLWHVHIDFHGXS vQFKHLHUHDXQLFLFOXGHH[SORDWDUH
Q ILQDO vQ DFWLYXO ELODQ XOXL VH vQVFULX HYHQWXDOHOH SLHUGHUL FDUH VH DVLPLOHD]  FX R
GLPLQXDUHGHFDSLWDOXULSURSULL
3DVLYXO ELODQ XOXL UHIOHFW  GLQ SXQFW GH YHGHUH ILQDQFLDU VXUVHOH GH SURYHQLHQ

 D

FDSLWDOXULORUSURSULLLvPSUXPXWDWH3DVLYHOHVXQWVWUXFWXUDWHGXS RUGLQHDGHH[LJLELOLWDWHvQVXLUHD

ORUGHDGHYHQLVFDGHQWHODXQDQXPLWWHUPHQ
0DL vQWkL VH vQVFULX FDSLWDOXULOH SURSULL SURYHQLWH GH OD DVRFLD L DSRL FHOH GLQ UHLQYHVWLUL DOH
DFXPXO ULORUDQWHULRDUHUH]HUYHLGLQVXUVHSXEOLFHVXEYHQ LLSURYL]LRDQHUHJOHPHQWDUH3UDFWLF
DFHVWHVXUVHQXDXRVFDGHQ

GHFkWvQVLWXD LLGHIDOLPHQWGHFLQXVXQWH[LJLELOHPRWLYSHQWUXFDUH

VH PDL QXPHVF L VXUVH SHUPDQHQWH VWDELOH 7RW vQ FDWHJRULD VXUVHORU SHUPDQHQWH VH vQVFULX L
GDWRULLOHILQDQFLDUHvPSUXPXWXULOHFRQWUDFWDWHSHWHUPHQOXQJFXVFDGHQ

vQGHS UWDW 

'DWRULLOHSHWHUPHQVFXUWFUHGLWHIXUQL]RULGHFRQW ULVXQWFHOHPDLH[LJLELOHLGHDFHHDVH

PDLQXPHVFVXUVHFLFOLFHWHPSRUDUH(OHVXQWFRQWUDFWDWHvQ FHD PDL PDUH SDUWH SHQWUX QHFHVLW

GHSURGXF LHLVXQWQXPLWHDGHVHDGDWRULLDOHFLFOXOXLGHH[SORDWDUH
$ORF ULOH SHUPDQHQWH VXQW DFRSHULWH GLQ VXUVH SHUPDQHQWH FDSLWDOXUL SURSULL L GDWRULL
ILQDQFLDUH &X FkW VXUVHOH SHUPDQHQWH VXQW PDL PDUL GHFkW QHFHVLW

LOH SHUPDQHQWH GH DORFDUH D

IRQGXULORUE QHWLFXDWkWvQWUHSULQGHUHDGLVSXQHGHRPDUM GHVHFXULWDWHFDUHRSXQHOD DG SRVWGH

VLWXD LLQHSUHY ]XWH
$FHVW VXUSOXV GH UHVXUVH SHUPDQHQWH GHJDMDW GH FLFOXO GH ILQDQ DUH D LQYHVWL LLORU SRDWH IL
UXODW SHQWUX UHvQQRLUHD VWRFXULORU L FUHDQ HORU $FHDVW  XWLOL]DUH SRWHQ LDO  D PDUFDW L GHQXPLUHD
OXLGHIRQGGHUXOPHQW
(OHVWHH[SUHVLDUHDOL] ULLHFKLOLEUXOXLILQDQFLDUSHWHUPHQOXQJ
)21' '( 58/0(17

 6856( 3(50$1(17(  $/2&

SURSULL'DWRULLILQDQFLDUH,PRELOL]
1HFHVLW

ULQHWHI

DPRUWL]

5, 3(50(17(

 &DSLWDOXUL

UL

LOHGHILQDQ DUHDOHSURGXF LHLUHVSHFWLYFLFOXOXLGHH[SORDWDUHVXQWDFRSHULWHvQFHD

PDL PDUH SDUWH GLQ VXUVH WHPSRUDUH FRUHVSXQ] WRDUH 'LIHUHQ D GLQWUH QHFHVLW

LOH GH ILQDQ DUH DOH

FLFOXOXL GH H[SORDWDUH L GDWRULLOH GH H[SORDWDUH HVWH QXPLW  QHYRLD GH IRQG GH UXOPHQW (D HVWH
H[SUHVLD UHDOL] ULL HFKLOLEUXOXL ILQDQFLDU SH WHUPHQ VFXUW D HFKLOLEUXOXL GLQWUH QHFHVDUXO L UHVXUVHOH
GHFDSLWDOXULFLUFXODQWHDOHH[SORDW ULL
1(92,$'()21''(58/0(17

$/2&

5,&,&/,&(6856(&,&/,&(

6WRFXUL

&UHDQ H'DWRULLGHH[SORDWDUH
'DF  DFHDVW  GLIHUHQ

 HVWH SR]LWLY  DWXQFL HD VHPQLILF  XQ VXUSOXV GH QHYRL WHPSRUDUH

FLFOLFH vQ UDSRUW FX VXUVHOH WHPSRUDUH FLFOLFH SRVLELOH GH PRELOL]DW 2 DVWIHO GH VLWXD LH HVWH
QRUPDO  GDF  HVWH UH]XOWDWXO XQHL SROLWLFL GH LQYHVWL LL SULYLQG FUHWHUHD VWRFXULORU L FUHDQ HORU
$OWIHOQHYRLDGH IRQGGHUXOPHQWSRDWHHYLGHQ LDXQGHFDODMQHIDYRUDELOvQWUHOLFKLGLWDWHDVWRFXULORU
LDFUHDQ HORULH[LJLELOLWDWHDGDWRULLORUGHH[SORDWDUH
'DF QHYRLDGHIRQGGHUXOPHQWHVWHQHJDWLY HDVHPQLILF XQVXUSOXVGHVXUVHWHPSRUDUHvQ
UDSRUW FX QHYRLOH FRUHVSXQ] WRDUH GH FDSLWDOXUL FLUFXODQWH (D SRDWH IL DSUHFLDW  SR]LWLY GDF  HVWH
UH]XOWDWXO DFFHOHU ULL URWD LHL DFWLYHORU FLUFXODQWH L DO DQJDM ULL GH GDWRULL FX VFDGHQ H PDL UHOD[DWH
Q FD] FRQWUDU DFHDVWD QX SRDWH IL GHFkW UH]XOWDWXO XQRU vQWUHUXSHUL WHPSRUDUH vQ DSURYL]LRQDUHD L
UHvQQRLUHDVWRFXULORU
'DF  IRQGXO GH UXOPHQW OD XQ PRPHQW GDW HVWH VXSHULRU QHYRLL GH IRQG GH UXOPHQW DWXQFL
H[FHGHQWXO GH H[SORDWDUH VH UHJ VHWH VXE IRUPD XQHL WUH]RUHULL QHWH FRQFUHWL]DW  vQ GLVSRQLELOLW

E QHWLFRQWXULEDQFDUHLvQFDV 
75(=25(5,$1(7

)21''(58/0(171(92,$'()21''(58/0(17

7UH]RUHULDQHW HVWH H[SUHVLD FHD PDL FRQFOXGHQW  D GHVI XU ULL XQHL DFWLYLW
HILFLHQWH

L HFKLOLEUDWH L

(D UHIOHFW  FDOLWDWHD HFKLOLEUXOXL ILQDQFLDU DO vQWUHSULQGHULL DWkW SH WHUPHQ OXQJ FkW L SH
WHUPHQ VFXUW QUHJLVWUDUHD XQHL WUH]RUHULL QHWH GHPRQVWUHD]  VXFFHVXO vQWUHSULQGHULL vQ YLD D
HFRQRPLF LSRVLELOLWDWHDSODV ULLUHQWDELOHDGLVSRQLELOLW
SLD

LORUE QHWLSHQWUXvQW ULUHDSR]L LHLHLSH


7UH]RUHULD QHW

 SR]LWLY

 HYLGHQ LD]  IDSWXO F  H[HUFL LXO ILQDQFLDU VD vQFKHLDW FX XQ VXUSOXV

PRQHWDU$FHVWH[FHGHQWGHWUH]RUHULHXUPHD] V ILHSODVDWSHSLD DPRQHWDU VDXILQDQFLDU 

3ODVDPHQWXOPRQHWDUVDXILQDQFLDUXUP UHWHWUHLRELHFWLYH
OLFKLGLWDWHDYDORULORUPRELOLDUHGHSODVDPHQWFXPS UDWH
UHQWDELOLWDWHDYDORULORUPRELOLDUHGHSODVDPHQWFXPS UDWH
VHFXULWDWHDYDORULORUPRELOLDUHGHSODVDPHQWFXPS UDWH
'HDFHHDVHUHFRPDQG FXPS UDUHDXQRUYDORULORUPRELOLDUHGHSODVDPHQWXRU QHJRFLDELOH L FX R
EXQ UHSXWD LHSHSLD DGHFDSLWDO
7UH]RUHULD QHW

 QHJDWLY

 HYLGHQ LD]  XQ GH]HFKLOLEUX ILQDQFLDU OD vQFKHLHUHD H[HUFL LXOXL

'HILFLWXO PRQHWDU DVWIHO FRQVWDWDW D IRVW DFRSHULW SULQ DQJDMDUHD GH QRL FUHGLWH GH WUH]RUHULH VDX GH
VFRQWQDFHDVW VLWXD LHVHYDXUP ULRE LQHUHDGHQRLFUHGLWHODFHOPDLPLFFRVWSRVLELO
02'(/(*(1(5$/(,,1',&$725,$,(&+,/,%58/8,),1$1&,$5
(FKLOLEUXO HFRQRPLFRILQDQFLDU DO vQWUHSULQGHULL VH UHDOL]HD]  DWXQFL FkQG VH UHFXSHUHD]
LQWHJUDOPLMORDFHOHFRQVXPDWHUHVSHFWLYDWXQFLFkQGYHQLWXULOHVXQWHJDOHFXFKHOWXLHOLOH
(FKLOLEUXO HFRQRPLFRILQDQFLDU JHQHUDO VH DQDOL]HD]  SULQ LQWHUPHGLXO XQRU HJDOLW
XQRULQHJDOLW

L ILH DO

LFXPVXQWFHOHGLQUHOD LLOHXUP WRDUH

S9
S9

S&K

S&KS3U
S9!S&K

$,$& !$,$&

$,$&
 !$,$&

vQFDUH
S9WRWDOXOYHQLWXULORUvQWUHSULQGHULL
S&KWRWDOXOFKHOWXLHOLORUvQWUHSULQGHULL
S3USURILWXOWRWDO
$,$& WRWDODFWLYHH[LVWHQWHODvQFHSXWXOH[HUFL LXOXL
$,$&  WRWDODFWLYHH[LVWHQWHODVIkULWXOH[HUFL LXOXL
3H OkQJ  DFHVWH PRGHOH JHQHUDOH GH DQDOL]  D HFKLOLEUXOXL ILQDQFLDU VH PDL XWLOL]HD]  L
LQGLFDWRULL FRQVDFUD L DL HFKLOLEUXOXL ILQDQFLDU UHVSHFWLY IRQGXO GH UXOPHQW QHFHVDUXO GH IRQG GH
UXOPHQWLWUH]RUHULDQHW

Q SULQFLSLX FD UHJXO  JHQHUDO  D HFKLOLEUXOXL ILQDQFLDU DO vQWUHSULQGHULL R SDUWH GLQ
FDSLWDOXULOH SHUPDQHQWH HVWH GHVWLQDW  DFRSHULULL QHYRLORU FLFOLFH WHPSRUDUH $FHDVW  UHJXO  GH
ILQDQ DUH D DFWLYHORU FLUFXODQWH HVWH vQGHSOLQLW  SULQ H[LVWHQ D IRQGXOXL GH UXOPHQW Q FDGUXO
ELODQ XOXLIRQGXOGHUXOPHQWRFXS RSR]L LHVWUDWHJLF vQVHQVXOF IDFHOHJ WXUDvQWUHSDUWHDGHMRV
D ELODQ XOXL L FHD GH VXV FDSLWDOXULOH SHUPDQHQWH GHJDMDWH GH SDUWHD GH VXV D ELODQ XOXL DFRSHU
QHYRL GH ILQDQ DUH GLQ SDUWHD GH MRV D ELODQ XOXL $FHVWH FDUDFWHULVWLFL DOH IRQGXOXL GH UXOPHQW DX
I FXWFDHOV ILHDSUHFLDWFDFHOPDLLPSRUWDQWLQGLFDWRUDOHFKLOLEUXOXLILQDQFLDU
([LVW  vQ DFHODL WLPS RSLQLL SRWULYLW F URUD FHO PDL UHOHYDQW LQGLFDWRU DO HFKLOLEUXOXL
ILQDQFLDU HVWH QHFHVDUXO GH IRQG GH UXOPHQW vQWUXFkW HYLGHQ LD]  DFHOH QHYRL WHPSRUDUH FDUH VXQW

UHvQQRLELOHSHUPDQHQWvQFDGUXOFLFOXULORUGHH[SORDWDUHVXFFHVLYHDOHvQWUHSULQGHULL$FHVWHQHYRLDX
U PDVQHDFRSHULWHGLQVXUVHOHWHPSRUDUHGDUUHvQQRLELOHvQFDGUXODFHORUDLFLFOXULGHH[SORDWDUH
QVWDUHDGHHFKLOLEUXILQDQFLDUIRQGXOGH UXOPHQW DU WUHEXL V  ILH HJDO FX QHYRLD GH IRQG GH
UXOPHQWLV GHJDMHRWUH]RUHULHQHW SR]LWLY 
)5

$&'%'(;&57

'LQUHOD LDGHPDLVXVUH]XOW SULQFRPXWDWLYLWDWHF IRQGXOGHUXOPHQWHVWHHJDOFXQHYRLDGHIRQG

GHUXOPHQWSOXVWUH]RUHULDQHW RULFDUHDUILVLWXD LDDFHVWHLDSR]LWLY VDXQHJDWLY 
)5

$&'(;'%&57

XQGH
$&

DFWLYHFLUFXODQWH

'%

GLVSRQLELOLW

'(;

GDWRULLGHH[SORDWDUH

&57

FUHGLWHGHWUH]RUHULH

LE QHWL

'HDLFLUH]XOW XUP WRDUHDHFXD LHGHHFKLOLEUXILQDQFLDU

)5

1)571

'LQXOWLPDUHOD LHVHSRDWHWUDJHFRQFOX]LDF SULQFLSDODFRPSRQHQW DHFKLOLEUXOXLILQDQFLDU

HVWH IRQGXO GH UXOPHQW 0 ULPHD QHYRLL GH IRQG GH UXOPHQW HVWH GHSHQGHQW  GLUHFW SURSRU LRQDO GH
FLIUD GH DIDFHUL L SRDWH IL SUHYL]LRQDW  vQ IXQF LH GH SROLWLFD YLLWRDUH D FRQGXFHULL vQWUHSULQGHULL
SULYLQGYkQ] ULOH
)RQGXOGHUXOPHQWSRDWHILDQDOL]DWvQIXQF LHGHVWUXFWXUDFDSLWDOXULORUSHUPDQHQWH
&DSLWDOXULSURSULL&35
'DWRULLILQDQFLDUH')1
$FHDVW  DQDOL]  DU SXQH vQ HYLGHQ

 P VXUD vQ FDUH HFKLOLEUXO ILQDQFLDU VH DVLJXU  SULQ

FDSLWDOXULOHSURSULLUHVSHFWLYJUDGXOGHDXWRQRPLHDvQWUHSULQGHULL ,QGLFDWRUXOFDUH UHOHY  JUDGXOGH

DXWRQRPLH GH OLEHUWDWH vQ OXDUHD XQRU GHFL]LL GH LQYHVWL LL SULYLQG GH]YROWDUHD vQWUHSULQGHULL HVWH
IRQGXOGHUXOPHQWSURSULX)53(OHVWHH[FHGHQWXOGHFDSLWDOXULSURSULLID

GHLPRELOL] ULOHQHWH

H[FHGHQWGHWHUPLQDWGXS UHSDUWL]DUHDSURILWXOXLUH]XOWDWODvQFKHLHUHDH[HUFL LXOXLILQDQFLDU

(OVHGHWHUPLQ GXS UHOD LD
)53

&35,02

XQGH
,02

LPRELOL] ULOHQHWH

&35

FDSLWDOXULSURSULL
'LIHUHQ DGLQWUHIRQGXOGHUXOPHQWLIRQGXOGHUXOPHQWSURSULXUHSUH]LQW IRQGXOGHUXOPHQW

vPSUXPXWDW)5
)5,

)5)53

5$7(/((&+,/,%58/8,),1$1&,$5
5DWHOHHFKLOLEUXOXLILQDQFLDUVXQWGHIDSWH[SUHVLDUHDOL] ULLHFKLOLEUXOXLILQDQFLDUSHWHUPHQ
OXQJ L VFXUW L D HFKLOLEUXOXL IXQF LRQDO HYLGHQ LLQG H[LVWHQ D VDX LQH[LVWHQ D IRQGXOXL GH UXOPHQW
QHFHVDUXOXLGHIRQGGHUXOPHQWLDWUH]RUHULHLQHWHLQGLFDWRULDLHFKLOLEUXILQDQFLDU
'LQDFHDVW FDWHJRULHIDFSDUWHUDWHOHGHILQDQ DUHLUDWHOHGHOLFKLGLWDWDWH

5DWHOH GH ILQDQ DUH SXQ vQ HYLGHQ

 PRGDOLW

LOH GH ILQDQ DUH D LQYHVWL LLORU vQWUHSULQGHULL

LQYHVWL LLFDUHSRWILVWUDWHJLFHGHH[SORDWDUHLGHHFKLOLEUX
5DWDGHILQDQ DUHDLPRELOL]
ILQDQ DUHDOHLPRELOL]

ULORUVDXUDWDIRQGXOXLGHUXOPHQWHYLGHQ LD]

FRQGL LLOHGH

ULORU

3RDWHILGHWHUPLQDW vQXUP WRDUHOHGRX PRGDOLW

L

5HVXUVHGXUDELOH

5 

$FWLYHLPRELOL]DWHEUXWH
&DSLWDOXULSHUPDQHQWH

5 

$FWLYHLPRELOL]DWHQHWH

2 YDORDUH VXSUDXQLWDU  VHPQLILF  IDSWXO F  DQVDPEOXO LPRELOL] ULORU HVWH ILQDQ DW GLQ
UHVXUVHOHGXUDELOHUHVSHFWLYGLQFDSLWDOXULOHSHUPDQHQWH
$FHDVW UDW H[SULP vQWHUPHQLUHODWLYLXQLQGLFDWRUHFKLYDOHQWFHOXLGHIRQGGHUXOPHQWvQ
YDORDUHDEVROXW 
&UHWHUHD UDSRUWXOXL H[SULP  WHRUHWLF R DPHOLRUDUH D VWUXFWXULL GH ILQDQ DUH LDU GLPLQXDUHD
OXLH[SULP RGHWHULRUDUHDVLWXD LHLFXH[FHS LDFD]XOXLFkQGDFHDVWDHVWHYROXQWDU LVHGDWRUHD]
VWDELOL] ULL

VWUXFWXULORU

ILQDQFLDUH

UHGXFHUHD

FDSLWDOXULORU

SURSULL

LQL LDO

IRDUWH

ULGLFDWH

VDX

UDPEXUVDUHDXQRUvPSUXPXWXULQHXWLOL]DWH
Q WHUPHQL QRPLQDOL YDORDUHD UDSRUWXOXL QX UHIOHFW  vQWRWGHDXQD UHDOLWDWHD  vQWUXFkW
FRPSDUDELOLWDWHDGLQWUHQXP U WRULQXPLWRUHVWHDGHVHDGHQDWXUDW GHLQIOD LH
'H DVHPHQHD SRDWH IL GHWHUPLQDW  R UDW  UHIHULWRDUH OD ILQDQ DUHD SURSULH D LPRELOL] ULORU
QXPLW UDWDIRQGXOXLGHUXOPHQWSURSULX
5 

 

&DSLWDOXULSURSULL
$FWLYHLPRELOL]DWHEUXWH

$FHDVW UDW HVWHHILFLHQWV ILHVXSUDXQLWDU 

 5DWD DXWRILQDQ

ULL LQYHVWL LLORU P

VRDU

 SDUWHD LQYHVWL LLORU DXWRILQDQ DWH L SRDWH IL

H[SULPDW FXDMXWRUXOUDSRUWXOXL

5

&DSDFLWDWHDGHDXWRILQDQ DUH 

,QYHVWL LLOHH[HUFL LXOXLYDULD LDQHYRLLGHIRQGGHUXOPHQWSHQWUXH[SORDWDUH

'DF  YDORDUHD UDSRUWXOXL HVWH PDL PDUH GHFkW  vQVHDPQ  F  vQWUHSULQGHUHD DUH FDSDFLWDWHD
GH DXWRILQDQ DUH VXILFLHQW  SHQWUX D ILQDQ D QRLOH LQYHVWL LL SUHFXP L FUHWHUHD QHYRLL GH IRQG GH
UXOPHQWSHQWUXH[SORDWDUHJHQHUDW GHDFHVWHD
 5DWD GH LQYHVWLUH GHWHUPLQ  PDL H[DFW GHFkW SUHFHGHQWD SURSRU LD GH LQYHVWLUH D
vQWUHSULQGHULL I FkQG SRVLELO  DSUHFLHUHD FUHWHULL vQWUHSULQGHULL vQ UDSRUW FX SROLWLFD GH
LQYHVWL LLSURPRYDW 
5 

5DWDILQDQ

,QYHVWL LHDQXDO
9DORDUHDDG

XJDW

ULLDFWLYXOXLHFRQRPLF

7UHEXLHDQDOL]DW vQVWUkQV OHJ WXU FXUDWDGHILQDQ DUHDLPRELOL] ULORU'DF UDWDILQDQ

ULL

DFWLYXOXL HFRQRPLF HVWH VXEXQLWDU  LDU UDWD GH ILQDQ DUH D LPRELOL] ULORU HVWH VXSUDXQLWDU 
vQWUHSULQGHUHD WUHEXLH V  UHFXUJ  OD FUHGLWH  EDQFDUH FXUHQWH SHQWUX D SXWHD ILQDQ D H[FHGHQWXO
QHYRLORUGHIRQGGHUXOPHQWSHQWUXH[SORDWDUHvQUDSRUWFXUHVXUVHOHGXUDELOH
 



&DSDFLWDWHDGHDXWRILQDQ DUH&$)UH]XOW GLQVXPDDOJHEU DXUP WRDUHORUHOHPHQWH5H]XOWDWXOQHWDOH[HUFL LXOXL$PRUWL] ULOH

FDOFXODWH  3UHYL]LRDQHOH FDOFXODWH  9HQLWXULOH GLQ FHVLXQHD XQRU DFWLYH LPRELOL]DWH FRUSRUDOH  5HOX UL DVXSUD SUHYL]LRDQHORU
GLPLQX ULVDXDQXO ULGHSURYL]LRDQH&RWDSDUWHGLQVXEYHQ LLUHSDUWL]DW DVXSUDSURILWXOXL

5HVXUVHGXUDELOH
5

5HVXUVHVWDELOH

1HYRLVWDELOH1HFHVDUGHIRQGGHUXOPHQWSHQWUX

&DSLWDOHFRQRPLF !

"

H[SORDWDUH

5DWDGHILQDQ DUHDQHFHVDUXOXLGHIRQGGHUXOPHQWSHQWUXH[SORDWDUHFDUH HYLGHQ LD]

SURSRU LD FRUHVSXQ] WRDUH GH IRQG GH UXOPHQW IXQF LRQDO FH ILQDQ HD]  SDUWHD FHD PDL
VWDELO DQHFHVDUXOXLGHIRQGGHUXOPHQWOHJDW GHH[SORDWDUHVWRFXULOH
)RQGXO GH UXOPHQW IXQF LRQDO VDX IRQGXO GH UXOPHQW QHW JOREDO HVWH R QR LXQH OHJDW  GH
UHDOL]DUHD HFKLOLEUXOXL ILQDQFLDU DO vQWUHSULQGHULL vQ RSWLF  IXQF LRQDO  FDUH SUHVXSXQH QX GRDU
H[LVWHQ DXQXLIRQGGHUXOPHQWSR]LWLYFDPDUM GHVLJXUDQ

FLLDXQXLIRQGGHUXOPHQWDFRSHULWRU

QHYRLORUGHILQDQ DUHDFLFOXOXLGHH[SORDWDUH$FHVWIRQGVHUHIHU ODVXUSOXVXOUHVXUVHORUGXUDELOHvQ

UDSRUWFXYDORULOH LPRELOL]DWH L VH SRDWH GHWHUPLQD SULQ GLIHUHQ D vQWUH UHVXUVHOH GXUDELOH L QHYRLOH
VWDELOH
)RQGGHUXOPHQWIXQF LRQDO

5$#

1HYRLDGHIRQGGHUXOPHQWSHQWUXH[SORDWDUH

$FHVW UDSRUW HVWH FRQVLGHUDW VDWLVI F WRU GDF  IRQGXO GH UXOPHQW IXQF LRQDO UHSUH]LQW
DSUR[LPDWLYGLQVWRFXUL
 5DWD GH ILQDQ DUH EDQFDU

 D H[SORDW

ULL VDX UDWD FUHGLWHORU GH WUH]RUHULH 5 %$& 

FRPSOHPHQWDU  FX UDWD GH ILQDQ DUH D QHFHVDUXOXL GH IRQG GH UXOPHQW P VRDU  JUDGXO vQ
FDUHvQWUHSULQGHUHDDQJDMHD] FUHGLWHEDQFDUHSHWHUPHQVFXUWSHQWUX DVXSOLQLFDSDFLWDWHD
GHDXWRILQDQ DUHDLQYHVWL LLORUGHH[SORDWDUH

5' (

&UHGLWHGHWUH]RUHULH
1HYRLDGH IRQG GHUXOPHQW  SHQWUXH[SORDWDUH

5DWHOH GH OLFKLGLWDWH VDX GH WUH]RUHULH FDUDFWHUL]HD]  VLWXD LD ILQDQFLDU  D vQWUHSULQGHULL
SRUQLQGGHODVWUXFWXUDELODQ XOXL Q IDSW DFHVWH UDWH DSUHFLD]  FDSDFLWDWHD GH SODW  D vQWUHSULQGHULL
UHVSHFWLYVROYDELOLWDWHDSHWHUPHQVFXUW
$FHVWH UDWH VXQW VHPQLILFDWLYH vQ FD]XO XQHL FRPSDUD LL vQWUH vQWUHSULQGHUL GLQ DFHODL VHFWRU
VDXvQWUHUDWHOHFURQRORJLFHUHDOL]DWHGHDFHHDLvQWUHSULQGHUH
 5DWD OLFKLGLW

LL JHQHUDOH VDX UDWD FDSDFLW

LL GH SODW  D FLFOXOXL GH H[SORDWDUH UHIOHFW  vQ

WHUPHQLUHODWLYLIRQGXOGHUXOPHQWILQDQFLDU
/LFKLGLWDWHDJHQHUDO JOREDO UHIOHFW SRVLELOLWDWHDFRPSRQHQWHORUSDWULPRQLDOHFXUHQWHGH
D VH WUDQVIRUPD vQWUXQ WHUPHQ VFXUW vQ OLFKLGLW

L SHQWUX D VDWLVIDFH REOLJD LLOH GH SODW  H[LJLELOH

/LFKLGLWDWHD JHQHUDO  VH DSUHFLD]  FD ILLQG IDYRUDELO  DWXQFL FkQG UDWD OLFKLGLW

LL JHQHUDOH DUH R

YDORDUHVXSUDXQLWDU FXSULQV vQWUH

9DORDUHD VXSUDXQLWDU  D UDWHL GHPRQVWUHD]  F  FHO SX LQ SH WHUPHQ VFXUW vQWUHSULQGHUHD DUH
FDSDFLWDWHD GH DL DFKLWD GDWRULLOH H[LJLELOH &X FkW UDSRUWXO HVWH PDL PDUH GHFkW  FX DWkW
vQWUHSULQGHUHD HVWH SXV  OD DG SRVW GH R LQVXILFLHQ

 GH WUH]RUHULH FDUH DU SXWHD DSDUH SULQ

UDPEXUVDUHDGDWRULLORUODFHUHUHDFUHDQ LHULORU

5) *

$FWLYHFXOLFKLGLWDWHVXEXQDQ
3DVLYHFXH[LJLELOLWDWHVXEXQDQ

/LFKLGLWDWHDJHQHUDO DUHRPDUM VSRULW GHDSUR[LPDUHGDWRULW QXP UXOXLPDUHGHYDULDELOH

FDUH R LQIOXHQ HD]  FXP DU IL QDWXUD VHFWRUXOXL GH DFWLYLWDWH VWUXFWXUD DFWLYHORU FLUFXODQWH

 

+,

 &DSLWDOXO HFRQRPLF HVWH GHILQLW L FD VXP  D QHFHVDUXOXL GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH L DFWLYHOH LPRELOL]DWH

FRUSRUDOHLQHFRUSRUDOHIRORVLWHvQDFWLYLWDWHDGHH[SORDWDUH

LQWHQVLWDWHD VH]RQDOLW

LL HWF 'H DFHHD OLFKLGLWDWHD WUHEXLH VWDELOLW  L SULQ LPSOLFDUHD vQ DQDOL]  D

DFWLYHORULSDVLYHORUFLUFXODQWH

5 -/.

5DWD OLFKLGLW

$FWLYHFLUFXODQWH
'DWRULLH[LJLELOH SHWHUPHQVFXUW

LL JHQHUDOH FRPSDU  DQVDPEOXO OLFKLGLW

vQPRQHG SHWHUPHQVFXUWFXH[LJLELOLW

OLFKLGLW

LORU SRWHQ LDOH DFWLYH WUDQVIRUPDELOH

LOHSRWHQ LDOHGDWRULLUDPEXUVDELOHSHWHUPHQVFXUW'DF

LOH VXQW PDL PLFL GHFkW H[LJLELOLW

LOH SRWHQ LDOH vQVHDPQ  F  GDWRULLOH H[LJLELOH SH WHUPHQ

VFXUWQXVXQWDFRSHULWHGHFDSLWDOXULOHFLUFXODQWHGHFLIRQGXOGHUXOPHQWDGHYHQLWQHJDWLY$FHDVW
VLWXD LH VHVL]HD]  IDSWXO F  vQWUHSULQGHUHD D LPRELOL]DW R SDUWH GLQ IRQGXULOH SURYHQLWH GLQ FUHGLWH
EDQFDUH SH WHUPHQ VFXUW FHHD FH FRQWUDYLQH UHJXOLORU GH ILQDQ DUH 9DORDUHD VXEXQLWDU  D UDSRUWXOXL
QX SUH]LQW  SHULFRO vQ FRQGL LLOH vQ FDUH JUDGXO GH OLFKLGLWDWH DO DFWLYHORU FLUFXODQWH HVWH PDL PDUH
GHFkWFHODOGDWRULLORUSHWHUPHQVFXUW$FHDVWDvQVHDPQ F VWRFXULOHVHUHGXFvQPRGWUHSWDWSHQWUX
DSXWHDDFKLWDGDWRULLOHH[LJLELOHSHWHUPHQVFXUWI U DVWkQMHQLFRQWLQXDUHDSURGXF LHL
QFHHDFHSULYHWHDQDOL]DHYROX LHLUDSRUWXOXLQXHVWHVXILFLHQWFD DFHVWDV ILHVXSUDXQLWDU
FL HVWH QHFHVDU FD VHQVXO HYROX LHL DFHVWHLD V  ILH FUHVF WRU 2 HYROX LH GHVFHQGHQW  D OLFKLGLW

LL

LOXVWUHD]  R DFWLYLWDWH vQ GHFOLQ FUHGLWRULL WUHEXLQG V  ILH FLUFXPVSHF L vQ DFRUGDUHD GH QRL
vPSUXPXWXUL
 5DWD OLFKLGLW

LL UHGXVH H[SULP  FDSDFLWDWHD vQWUHSULQGHULL GH DL RQRUD GDWRULLOH SH

WHUPHQVFXUWGLQFUHDQ HLGLVSRQLELOLW

5)

L

$FWLYHOLFKLGHVXEXQDQVWRFXUL
3DVLYHH[LJLELOHVXEXQDQ

VDX
5)

&UHDQ H'LVSRQLELOLW

'DWRULLH[LJLELOHSHWHUPHQVFXUW

9DORDUHDVXSUDXQLWDU DUDWHLHYLGHQ LD] IDSWXOF VWRFXULOHQXVXQWILQDQ DWHSULQGDWRULLSH

WHUPHQ VFXUW Q WHRULD HFRQRPLF  VXQW S UHUL SRWULYLW F URUD R UDW  FXSULQV  vQWUH  L  DU
UHSUH]HQWDQLYHOXORSWLPvQFHHDFHSULYHWHVROYDELOLWDWHDSDU LDO 
5DWDOLFKLGLW

LLLPHGLDWHVDXUDWDFDSDFLW

LLGHSODW

LPHGLDW

FDUDFWHUL]HD] FDSDFLWDWHD

GHUDPEXUVDUHLQVWDQWDQHHDGDWRULLORU LQkQGFRQWGHvQFDV ULOHH[LVWHQWH

'LVSRQLELOLW

5) 

LVDX/LFKLGLW

'DWRULLLPHGLDWH[LJLELOH

7HRULDHFRQRPLF DSUHFLD] FRUHVSXQ] WRDUHRUDW DOLFKLGLW

LLLPHGLDWHPDLPDUHGHFkW

&DSDFLWDWHDGHSODW HVWRUH]XOWDQW DIOX[XULORUPDWHULDOHE QHWL

$1$/,=$&5($1 (/25,2%/,*$ ,,/2516,67(08/(&+,/,%58/8,),1$1&,$5

Q FDGUXO XQHL DVWIHO GH DQDOL]H VH DERUGHD]  vQ SULQFLSDO FRUHODUHD VXPHORU FUHDQ HORU L
UHVSHFWLYREOLJD LLORUFXWHUPHQHOHGHvQFDVDUHLUHVSHFWLYGHSODW 
QDFHVWVFRSVHGHWHUPLQ LQGLFDWRULLVLQWHWLFL
7HUPHQXOGHvQFDVDUHVDXGXUDWDGHLPRELOL]DUHDFUHDQ HORU
1LYHOXODFHVWXLLQGLFDWRUSRDWHILGHWHUPLQDWSHED]DUHOD LHL

'0

6G
5G


 6G
5G



vQFDUH
GXUDWDGHLPRELOL]DUHDFUHDQ HORUvQ]LOH

'
S6G

VXPDVROGXULORUPHGLLGHELWRDUH DOH FRQWXULORU GH FUHDQ H VROGXUL PHGLL  FDUH VH GHWHUPLQ
FXDMXWRUXOPHGLHLFURQRORJLFHSRQGHUDWH

S5G

VXPDUXODMHORUGHELWRDUHDOHFRQWXULORUGHFUHDQ H



QXP UXO]LOHORUFDOHQGDULVWLFHDOHDQXOXL
'XUDWDGHIRORVLUHDREOLJD LLORU
1LYHOXODFHVWXLLQGLFDWRUSRDWHILGHWHUPLQDWFXDMXWRUXOUHOD LHL

'1

6F
5F

 6F
5F




vQFDUH
' 

GXUDWDGHIRORVLUHDREOLJD LLORUvQ]LOH

S6F    VXPD VROGXULORU PHGLL FUHGLWRDUH DOH FRQWXULORU GH REOLJD LL IXUQL]RUL L DVLPLODWHOH ORU
VROGXULPHGLLFDUHVHGHWHUPLQ FXDMXWRUXOPHGLHLFURQRORJLFHSRQGHUDWH
S5FVXPDUXODMHORUFUHGLWRDUHGLQWUXQDQDOHFRQWXULORUGHREOLJD LLIXUQL]RULLDVLPLODWHOHORU
'DF 
S62

S63 L'  

'

FHOSX LQGLQSXQFWGHYHGHUHWHRUHWLFVHSURGXFHRFRPSHQVDUHvQWUHFUHDQ HLREOLJD LLQDFHVWFD]

VXPD WRWDO  D LPRELOL] ULORU vQ FUHDQ H HVWH HJDO  FX VXPD WRWDO  D VXUVHORU DWUDVH L IRORVLWH
IXUQL]RULLDOWHREOLJD LLQHDFKLWDWHFHHDFHSRDWHILH[SULPDWLFXDMXWRUXOUHOD LHLXUP WRDUH
'  S62

' S63

QVLWXD LDvQFDUHDSDUHLQHJDOLWDWHD
'  S62 !' S63 
IOX[XO GH QXPHUDU DO vQWUHSULQGHULL HVWH LQIOXHQ DW QHJDWLY vQWUXFkW WRWDOXO FUHDQ HORU GHS HWH
WRWDOXOVXUVHORUDWUDVH
QFD]XOFRQWUDUUHVSHFWLY
'  S62

' S63

IOX[XO GH QXPHUDU DO vQWUHSULQGHULL HVWH LQIOXHQ DW SR]LWLY vQWUXFkW WRWDOXO VXUVHORU DWUDVH GHS HWH
WRWDOXOFUHDQ HORU
'HVLJXU F  vQ DQDOL]D HFKLOLEUXOXL ILQDQFLDU SRW IL IRORVLWH WRDWH YDULDQWHOH GH FRPELQ UL vQ
IXQF LHGHQLYHOXOFHORUSDWUXHOHPHQWHFRQVLGHUDWH'  S62 ' S63 
'H DVHPHQHD H[SUHVLLOH '   S62

 L  '

 S63

SRW IL DQDOL]DWH vQ VWDWLF  L GLQDPLF  GXS

SURFHGHHOHFXQRVFXWH
(FKLOLEUXOILQDQFLDU DOvQWUHSULQGHULLVHUHIHU  SUDFWLF OD WRDWH UHOD LLOH L DVSHFWHOH OHJDWH GH
JHVWLXQHD ILQDQFLDU  D vQWUHSULQGHULL Q FDGUXO DFHVWXL FDSLWRO D IRVW HIHFWXDW  GRDU R SUH]HQWDUH
VXFFLQW  D DFHVWHL YDVWH WHPDWLFL FDUH HVWH HFKLOLEUXO ILQDQFLDU DO vQWUHSULQGHULL Q WRDWH FHOHODOWH
FDSLWROH DOH $QDOL]HL VWDWLVWLFH D JHVWLXQLL ILQDQFLDUH D vQWUHSULQGHULL SRW IL LGHQWLILFDWH DVSHFWH
UHOD LLLQGLFDWRULOHJD LGHHFKLOLEUXOILQDQFLDUDOvQWUHSULQGHULL