0DQXDOHGL8VRH0DQXWHQ]LRQH

8VHDQG0DLQWHQDQFH0DQXDO
%HGLHQXQJVXQG:DUWXQJVDQOHLWXQJ
0DQXHOSRXUO¶(PSORLHWO¶(QWUHWLHQ
0DQXDOSDUDHO8VR\0DQWHQLPLHQWR
 ,7$/,$12

1250(',6,&85(==$

',&+,$5$=,21(',&21)250,7­

,1752'8=,21(
 &RQWUROORWDUJDLGHQWLÀFDWLYD
 3RVL]LRQDPHQWRGHOODWDUJDFRQOHVSHFLÀFKHHOHWWULFKHLOQXPHURGLVHULHHO·RUGLQHGLSURGX]LRQH

35,1&,3,2',)81=,21$0(172(&$5$77(5,67,&+('(/6,67(0$',5(*2/$=,21('(//$7(16,21(

63(&,),&+(*(1(5$/,0(&&$1,&+(('(/(775,&+(3(5$&&233,$0(172&21,/02725(

,167$//$=,21(
 6ROOHYDPHQWR
 )LVVDJJLRDOPRWRUH
 0RQWDJJLRIRUPD6$(
 6PRQWDJJLRIRUPD6$(
 0HVVDDWHUUD
 &RQWUROOLSUHOLPLQDUL
 &RQWUROORGHOO·LVRODPHQWR
 6HQVRGLURWD]LRQH
 9HULÀFDGLWHQVLRQHHIUHTXHQ]D
 5HJROD]LRQHVFKHGD$95
 6FKHPLGLFROOHJDPHQWRSHUGLYHUVLFLUFXLWL
 0HVVDLQPDUFLD

$66,67(1=$(0$187(1=,21(
 &RQWUROORGHJOLDYYROJLPHQWLHGHOORVWDWRGLLVRODPHQWR
 &RQWUROORGHLFXVFLQHWWL
 $QRPDOLHHULPHGL
 5LPR]LRQHHVRVWLWX]LRQHGLFRPSRQHQWLHJUXSSLGLFRPSRQHQWL
 (VWUD]LRQHHGLQVHULPHQWRGHOO·DOEHUR
 6RVWLWX]LRQHGHOFXVFLQHWWR
 6RVWLWX]LRQHGHLGLRGLURWDQWL
 6RVWLWX]LRQHGHOURWRUHHFFLWDWULFH
 5LDVVHPEODJJLRGLFRPSRQHQWLHJUXSSLGLFRPSRQHQWL
 
38/,=,$(/8%5,),&$=,21(

'(02/,=,21((60$/7,0(172

5,&$0%,('$66,67(1=$
 3URFHGXUDHLQGLUL]]LGLULIHULPHQWRSHUULFKLHVWHGLDVVLVWHQ]D

*$5$1=,$

6.2WWREUH5HY
 ,7$/,$12

1250(',6,&85(==$
1HOULQJUD]LDU9LSHUODSUHIHUHQ]DDFFRUGDWDDTXHVWRSURGRWWROD6LQFUR
6UOqFHUWDFKHGDHVVRRWWHUUHWHOHSUHVWD]LRQLQHFHVVDULHDO9RVWUR
XVR
,O´0DQXDOH8VRH0DQXWHQ]LRQHµDFFOXVRDOJHQHUDWRUHIRUQLVFHLP
SRUWDQWL LQGLFD]LRQL ULJXDUGDQWL OD VLFXUH]]D O·LQVWDOOD]LRQH O·XVR H OD
PDQXWHQ]LRQH4XHVWRSURGRWWRULVSRQGHDOOHQRUPHULFRQRVFLXWHGHOOD
EXRQDWHFQLFDHGHOOHGLVSRVL]LRQLUHODWLYHDOODVLFXUH]]D

3HUOHFRPXQLFD]LRQLFRQOD6LQFUR6UOVLSUHJDGLFLWDUHVHPSUHLOWLSR
HGLOFRGLFHGHOJHQHUDWRUHULOHYDELOLGDOO·HWLFKHWWDSUHVHQWHQHOO·LPEDOOR
1HOFDVRLQROWUHLQFXLYLVLDQRPDOIXQ]LRQDPHQWLRDOWULWLSLGLJXDVWR
QHOODPDFFKLQDHVLUHQGHVVHQHFHVVDULRLQWHUSHOODUHLOQRVWUR6HUYL]LR
$VVLVWHQ]DVLSUHJDGLPHQ]LRQDUHDQFKHLOQXPHURGLVHULH61H
O·RUGLQHGLSURGX]LRQH32

$77(1=,21(8QDLQVWDOOD]LRQHHUUDWDRXQXVRLPSURSULRGHO
SURGRWWRSXzFUHDUHGDQQLDSHUVRQHRFRVH

‡ $WWHQHUVL VFUXSRORVDPHQWH D TXDQWR ULSRUWDWR QHO ´0DQXDOH 8VR H

0DQXWHQ]LRQHµFKHKDORVFRSRGLLQGLFDUHOHFRUUHWWHFRQGL]LRQLGL
LQVWDOOD]LRQHLPSLHJRHPDQXWHQ]LRQHDOÀQHGLSUHYHQLUHHYHQWXDOL
PDOIXQ]LRQDPHQWLGHOJHQHUDWRUHHGHYLWDUHVLWXD]LRQLGLSHULFRORSHU
O·XWHQWH
‡ 6PDOWLUHLPDWHULDOLGLLPEDOORSODVWLFDFDUWRQHSROLVWLURORHFFVH
FRQGRTXDQWRSUHYLVWRGDOOHQRUPHYLJHQWL
‡ &RQVHUYDUHOHLVWUX]LRQLSHUDOOHJDUOHDOIDVFLFRORWHFQLFRHSHUFRQ
VXOWD]LRQLIXWXUH
‡ 4XHVWR SURGRWWR q VWDWR SURJHWWDWR H FRVWUXLWR HVFOXVLYDPHQWH SHU
O·XWLOL]]RLQGLFDWRLQTXHVWDGRFXPHQWD]LRQH8VLQRQLQGLFDWLLQTXHVWD
GRFXPHQWD]LRQHSRWUHEEHURHVVHUHIRQWHGLGDQQLDOSURGRWWRHIRQWH
GLSHULFROR
‡ /D 6LQFUR 6UO GHFOLQD TXDOVLDVL UHVSRQVDELOLWj GHULYDQWH GDOO·XVR
LPSURSULR R GLYHUVR GD TXHOOR SHU FXL q GHVWLQDWR HG LQGLFDWR QHOOD
SUHVHQWHGRFXPHQWD]LRQH
‡ 1RQLQVWDOODUHLOSURGRWWRLQDWPRVIHUDSRWHQ]LDOPHQWHHVSORVLYD
‡ *OLHOHPHQWLFRVWUXWWLYLGHOO·LPSLDQWRGHYRQRHVVHUHLQDFFRUGRFRQOH
'LUHWWLYH(XURSHH3HUWXWWLL3DHVLH[WUD&((ROWUHDOOHQRUPHQD]LRQDOL
YLJHQWLSHUXQEXRQOLYHOORGLVLFXUH]]DqRSSRUWXQRULVSHWWDUHDQFKH
OHQRUPHVRSUDFLWDWH
‡ /·LQVWDOOD]LRQHGHYHHVVHUHLQDFFRUGRFRQTXDQWRSUHYLVWRGDOOH'L
UHWWLYH(XURSHHHGHYHHVVHUHHVHJXLWDHVFOXVLYDPHQWHGDSHUVRQDOH
TXDOLÀFDWR
‡ 1RQDYYLDUHLOJHQHUDWRUHVHOHFDORWWHGLSURWH]LRQHLSDQQHOOLGLDF
FHVVRRTXHOOLGLFRSHUWXUDGHOODFDVVHWWDGLWHUPLQD]LRQHVRQRVWDWL
ULPRVVL
‡ 3ULPDGLHVHJXLUHTXDOVLDVLLQWHUYHQWRGLPDQXWHQ]LRQHGLVDELOLWDUHL
FLUFXLWLGLDYYLDPHQWRGHOPRWRUH
‡  'LVDELOLWDUHLFLUFXLWLGLFKLXVXUDHRFROORFDUHWDUJKHWWHGLDYYLVRVXRJQL
LQWHUUXWWRUHDXWRPDWLFRVROLWDPHQWHXVDWRSHULOFROOHJDPHQWRFRQODUHWH
RFRQDOWULJHQHUDWRULDOÀQHGLSUHYHQLUQHODFKLXVXUDDFFLGHQWDOH
‡ 8VDUH HVFOXVLYDPHQWH SDUWL RULJLQDOL SHU TXDOVLDVL PDQXWHQ]LRQH R
ULSDUD]LRQH 1HO FDVR LQ FXL WDOH SUHVFUL]LRQH QRQ VLD ULVSHWWDWD OD
6LQFUR6UOGHFOLQDRJQLUHVSRQVDELOLWjDLÀQLGHOODVLFXUH]]DHGHO
EXRQIXQ]LRQDPHQWRGHOJHQHUDWRUH
‡ ,VWUXLUHO·XWLOL]]DWRUHGHOO·LPSLDQWRSHUODJHVWLRQHO·XVRHODPDQXWHQ
]LRQHGHOJHQHUDWRUH
‡ 7XWWRTXHOORFKHQRQqHVSUHVVDPHQWHSUHYLVWRLQTXHVWHLVWUX]LRQL
QRQqSHUPHVVR

,QTXHVWRPDQXDOHYHQJRQRXWLOL]]DWLDOFXQLVLPEROLHFRQYHQ]LRQLFKH
KDQQRXQVLJQLÀFDWRSUHFLVR
6.2WWREUH5HY
 ,7$/,$12

,PSRUWDQWH 6L ULIHULVFH D VLWXD]LRQL GL ULVFKLR R 4XHVWLYHQJRQRTXLGHÀQLWLLQPRGRXQLYRFR

D SURFHGXUH SHULFRORVH FKH SRWUHEEHUR
HVVHUHFDXVDGLGDQQLDOSURGRWWRRDOOH ,PSRUWDQWH 6L ULIHULVFH D VLWXD]LRQL GL ULVFKLR R D SURFHGXUH SH
DSSDUHFFKLDWXUHFRQQHVVH ULFRORVHFKHSRWUHEEHURHVVHUHFDXVDGLGDQQLDOSURGRWWRRDOOH
DSSDUHFFKLDWXUHFRQQHVVH
$WWHQ]LRQH 6L ULIHULVFH D VLWXD]LRQL GL ULVFKLR R D
SURFHGXUH SHULFRORVH FKH SRWUHEEHUR
HVVHUH FDXVD GL GDQQL DO SURGRWWR R GL $WWHQ]LRQH6LULIHULVFHDVLWXD]LRQLGLULVFKLRRDSURFHGXUHSHUL
OHVLRQLDOODSHUVRQD FRORVHFKHSRWUHEEHURHVVHUHFDXVDGLGDQQLDOSURGRWWRRGLOHVLRQL
DOODSHUVRQD
,OVLPERORVHJQDODVLWXD]LRQLGLULVFKLRR
SURFHGXUHSHULFRORVHFKH3275(%%(52 6LPERORFRQSXQWRHVFODPDWLYR,OVLPERORVHJQDODVLWXD]LRQLGL
HVVHUHFDXVDGLJUDYLOHVLRQLDOODSHUVRQD
RGLGHFHVVR
ULVFKLRRSURFHGXUHSHULFRORVHFKH3275(%%(52HVVHUHFDXVD
$99(57(1=$
GLJUDYLOHVLRQLDOODSHUVRQDRGLGHFHVVR

,OVLPERORVHJQDODVLWXD]LRQLGLULVFKLRR 6LPEROR FRQ IXOPLQH ,O VLPEROR VHJQDOD VLWXD]LRQL GL ULVFKLR R
SURFHGXUHSHULFRORVHFKHFDXVDQRJUDYL SURFHGXUH SHULFRORVH FKH FDXVDQR JUDYL OHVLRQL DOOD SHUVRQD R
OHVLRQLDOODSHUVRQDRGHFHVVR
3(5,&2/2 GHFHVVR

',&+,$5$=,21(',&21)250,7­
7XWWLLJHQHUDWRUL6.VRQRIRUQLWLFRQXQDGLFKLDUD]LRQHGLLQFRUSR
UDPHQWRLQDFFRUGRFRQODOHJLVOD]LRQHHXURSHDFRPHTXHOODULSRUWDWD
VXOOHXOWLPHSDJLQHGHOSUHVHQWHPDQXDOH
6HFRQGROD'LUHWWLYD0DFFKLQH&(qUHVSRQVDELOLWjGHOFRVWUXWWRUHGHO
JUXSSRHOHWWURJHQRDVVLFXUDUVLFKHLQXPHULGLVHULHHGLLGHQWLÀFD]LRQH
GHOJHQHUDWRUHVLDQRULSRUWDWLVXOODFRSHUWLQDGLTXHVWRPDQXDOH

,JHQHUDWRULWLSR6.YHQJRQRLQROWUHIRUQLWLVXOOHVHJXHQWLEDVL

‡ 'HYRQR HVVHUH XVDWL FRPH JHQHUDWRUL GL SRWHQ]D R IXQ]LRQH D FLz

UHODWLYD
‡ 'HYRQRHVVHUHLPSLHJDWLLQXQRGHLVHJXHQWLVFHQDUL
 7UDVSRUWDELOHVHQ]DFDSSRWWDWXUDSHUIRUQLWXUDGLHQHUJLDWHPSR
UDQHD
 7UDVSRUWDELOHFRQFDSSRWWDWXUDSHUIRUQLWXUDGLHQHUJLDWHPSRUD
QHD
 $ERUGRVRWWRFRSHUWDLPSLHJRPDULQRSUHYLDRPRORJD]LRQH
 6XYHLFRORFRPPHUFLDOHWUDVSRUWRVXUXRWHUHIULJHUD]LRQHHWF
 6XURWDLDHQHUJLDDXVLOLDULD
 6XYHLFRORLQGXVWULDOHPRYLPHQWRWHUUDVROOHYDWRULHWF
 ,QVWDOOD]LRQHÀVVDLQGXVWULDOHVWDELOLPHQWRLPSLDQWR
  ,QVWDOOD]LRQH ÀVVD UHVLGHQ]LDOH FRPPHUFLDOH H LQGXVWULD OHJJHUD
FDVDXIÀFLRRVSHGDOH
 *HVWLRQHG·HQHUJLDFRJHQHUD]LRQHSXQWHGLDVVRUELPHQWR
 6FKHPLDOWHUQDWLYLG·HQHUJLD
‡,JHQHUDWRULVWDQGDUGVRQRSURJHWWDWLSHUVRGGLVIDUHOHHPLVVLRQL´LQ
GXVWULDOLµ H JOL VWDQGDUG GL LPPXQLWj 4XDORUD L JHQHUDWRUL GHEEDQR
ULVSRQGHUHDLYLQFROLGLHPLVVLRQHSHUOH]RQHUHVLGHQ]LDOLFRPPHUFLDOL
HSHUO·LQGXVWULDOHJJHUDDOFXQLDFFHVVRULDJJLXQWLYLSRWUHEEHURUHQGHUVL
QHFHVVDUL
‡ /R VFKHPD GL LQVWDOOD]LRQH ULFKLHGH OD FRQQHVVLRQH GHOOD FDUFDVVD
GHOJHQHUDWRUHFRQLOFRQGXWWRUHGLPHVVDDWHUUDXVDQGRXQFDYRGL
VH]LRQHDGHJXDWDHGLPLQLPDSRVVLELOHOXQJKH]]D
‡ /·XVRGLSDUWLGLULFDPELRQRQRULJLQDOLRQRQHVSUHVVDPHQWHDXWRUL]]DWH
FRPSRUWDLOGHFDGLPHQWRGHOOD*DUDQ]LD6LQFURODFHVVD]LRQHGHOOD
UHVSRQVDELOLWjSHUTXDQWRFRQFHUQHODFRQIRUPLWjDOOHQRUPDWLYHHOH
UHODWLYHFRQVHJXHQ]H
‡ ,QVWDOOD]LRQHDVVLVWHQ]DHPDQXWHQ]LRQHGHYRQRHVVHUHHVHJXLWHGD
SHUVRQDOHDGHJXDWDPHQWHLVWUXLWRHGDFRQRVFHQ]DGHLGHWWDPLGHOOH
GLUHWWLYH&(

,1752'8=,21(
6LUDFFRPDQGDGLHVDPLQDUHDWWHQWDPHQWHLOJHQHUDWRUHDOPRPHQWRGHOOD
6.2WWREUH5HY
 ,7$/,$12

FRQVHJQDSHUYHULÀFDUHFKHQRQDEELDVXELWRGDQQHJJLDPHQWLGXUDQWH
LOWUDVSRUWRRYLVLDQRSDUWLFRODULPDQFDQWL

&RQWUROORWDUJDLGHQWLÀFDWLYD
7DUJDGDWLHOHWWULFL
,JHQHUDWRULGHOODJDPPD6.VRQRFRQWUDGGLVWLQWLGDXQDWDUJDLGHQ
WLÀFDWLYD4XHVWDGHYHHVVHUHFRQWUROODWDHFRQIURQWDWDFRQOHVSHFLÀFKH
GHOO·RUGLQHDOPRPHQWRGHOODFRQVHJQDRQGHDFFHUWDUHHYHQWXDOLHUURUL
GLVSHGL]LRQHRGLFRQÀJXUD]LRQH

3RVL]LRQDPHQWRGHOODWDUJDFRQOHVSHFLÀFKHHOHWWULFKHLOQXPHUR
GLVHULHHO·RUGLQHGLSURGX]LRQH
9LHQHIRUQLWDXQDWDUJKHWWDDGHVLYDVXFXLVRQRVWDPSDWLLOQXPHURGL
VHULHGLYHUVRSHURJQLPDFFKLQDHO·RUGLQHGLSURGX]LRQH
/D WDUJKHWWD GHYH HVVHUH SRVL]LRQDWD GDOO·LQVWDOODWRUH QHOOD SRVL]LRQH
LQGLFDWDLQÀJXUDLQPRGRFKHVLDIDFLOPHQWHOHJJLELOHLOQXPHURGLVHULH
H O·RUGLQH GL SURGX]LRQH LQIDWWL VRQR GDWL FKH IDQQR SDUWH LQWHJUDQWH
GHOOHSURFHGXUHGDDWWXDUVLLQFRUULVSRQGHQ]DDOODULFKLHVWDGLLQWHUYHQWL
G·DVVLVWHQ]D

,OJHQHUDWRUHYLHQHIRUQLWRFRQDFRUUHGRXQDXOWHULRUHWDUJKHWWDDGHVLYD
VXFXLVRQRULSRUWDWLLGDWLHOHVSHFLÀFKHHOHWWULFKHHODOLVWDGHLSRVVLELOL
FROOHJDPHQWL

$WWHQ]LRQH,OFROOHJDPHQWRHIIHWWLYDPHQWHUHDOL]]DWRGRYUjHVVHUH
FKLDUDPHQWHFRQWUDVVHJQDWRVXOODWDUJKHWWDDFXUDGHOO·LQVWDOODWRUH
IUDTXHOOLSUHVHQWLQHOODOLVWDRQGHHYLWDUHSRVVLELOLPDOIXQ]LRQDPHQWL
HGHYHQWXDOPHQWHGDQQLDSHUVRQHRFRVH
$WWHQ]LRQH3HUODSUHGLVSRVL]LRQHGLFROOHJDPHQWLHOHWWULFLGLYHUVL
GDTXHOOLHIIHWWXDWLLQIDEEULFDFRQVXOWDUHODVH]LRQHHJOLVFKHPL
VSHFLÀFLULSRUWDWLQHOVHJXLWRGHOPDQXDOH
/·8IÀFLR 7HFQLFR 6LQFUR q D GLVSRVL]LRQH SHU RJQL HYHQWXDOH FKLDUL
PHQWR
7DUJDLGHQWLÀFDWLYD
$WWHQ]LRQH,OFROOHJDPHQWRHIIHWWLYDPHQWHUHDOL]]DWRGRYUj
HVVHUHFKLDUDPHQWHFRQWUDVVHJQDWRVXOODWDUJKHWWD
DFXUDGHOO¶LQVWDOODWRUHIUDTXHOOLSUHVHQWLQHOODOLVWD
RQGHHYLWDUHSRVVLELOLPDOIXQ]LRQDPHQWLHGHYHQ
WXDOPHQWHGDQQLDSHUVRQHRFRVH
 3HUODSUHGLVSRVL]LRQHGLFROOHJDPHQWLHOHWWULFLGL
YHUVLGDTXHOOLHIIHWWXDWLLQIDEEULFDFRQVXOWDUHOD
VH]LRQHHJOLVFKHPLVSHFL¿FLULSRUWDWLQHOVHJXLWR
GHOPDQXDOH

/DWDUJKHWWDGDWLYLHQHIRUQLWDVFLROWDLQPRGRFKHVLSRVVDDSSOLFDUOD
VXOJHQHUDWRUHQHOODSRVL]LRQHLQGLFDWDLQÀJXUDGRSRODHYHQWXDOHYHU
QLFLDWXUD
/D VXSHUÀFLH GL ÀVVDJJLR GHYH HVVHUH OLVFLD SXOLWD H FRQ OD YHUQLFH
FRPSOHWDPHQWHHVVLFFDWD3HUXQPRQWDJJLRFRUUHWWRULPXRYHUHODFDU
WDSURWHWWLYDSHUFLUFDPP4XDQGRTXHVWDSDUWHqVWDWDSRVL]LRQDWD
HIDWWDDGHULUHODFDUWDSURWHWWLYDSXzHVVHUHSURJUHVVLYDPHQWHWROWD
PHQWUHODWDUJKHWWDYLHQHSUHVVDWDLQSRVL]LRQH/DSHUIHWWDDGHUHQ]DVL
RWWLHQHGRSRRUH

35,1&,3,2',)81=,21$0(172(&$5$77(5,67,&+('(/6, 6FKHGD$95
67(0$',5(*2/$=,21('(//$7(16,21(
/RVWDWRUHHFFLWDWULFHJUD]LHDOVXRPDJQHWLVPRUHVLGXRJDUDQWLVFHO·DX
WRHFFLWD]LRQH GHO JHQHUDWRUH DOOD SDUWHQ]D FKH SHUWDQWR JHQHUD XQD
WHQVLRQHUHVLGXDSDULDFLUFDLOGHOODWHQVLRQHQRPLQDOH
/·$95DOLPHQWDWRGDXQFLUFXLWRDXVLOLDULRSUHVHQWHVXOORVWDWRUHSULQFL
SDOHDJLVFHVXOORVWDWRUHHFFLWDWULFHUHJRODQGRLQGLUHWWDPHQWHWUDPLWH
OD FDWHQD URWRUH HFFLWDWULFH  SRQWH GLRGL  URWRUH SULQFLSDOH LO FDPSR
JHQHUDWRGDOURWRUHSULQFLSDOH
,O UHJRODWRUH SUHVHQWD XQD SUHFLVLRQH GL WHQVLRQH GHO “ QHO FDPSR
RSHUDWLYRGHOODPDFFKLQDFRQFDULFKLQRQGLVWRUFHQWL,OFRQWUROORGLWHQ
VLRQHUHJRODLOYDORUHPHGLRGHOODWHQVLRQHGLXQDIDVHPDQWHQHQGROR
FRVWDQWH
8QGLVSRVLWLYRGLFRQWUROORGHOODIUHTXHQ]DLQWHUYLHQHGLVHFFLWDQGRSUR
JUHVVLYDPHQWHODPDFFKLQDTXDQGRODYHORFLWjGHOPRWRUHGLWUDVFLQDPHQ
WRVFHQGHDOGLVRWWRGLXQDVRJOLDSUHÀVVDWDHUHJRODELOHLPSHGHQGRXQD
VRYUDHFFLWD]LRQHDLEDVVLUHJLPLGLIXQ]LRQDPHQWRHDOOHYLDQGRO·HIIHWWR
6.2WWREUH5HY
 ,7$/,$12

GLSUHVDGHOFDULFRVXOPRWRUH
Ë LQÀQH SRVVLELOH PRGXODUH OD SURQWH]]D GL ULVSRVWD GHO UHJRODWRUH DO
ÀQHGLHOLPLQDUHHYHQWXDOLLQVWDELOLWjGLWHQVLRQHFKHVLGRYHVVHURPD
QLIHVWDUH8QIXVLELOHSURWHJJHLOUHJRODWRUHHLOJHQHUDWRUHGDHYHQWXDOL
VRYUDFFDULFKLHRJXDVWL

 63(&,),&+( *(1(5$/, 0(&&$1,&+( (' (/(775,&+( 3(5

$&&233,$0(172&21,/02725(
,QTXDQWRXQLWjVHSDUDWDHGHVWLQDWDDGHVVHUHLQFRUSRUDWDLQXQJUXS
SRHOHWWURJHQRQRQqSRVVLELOHDSSOLFDUHLQIDVHGLFRVWUX]LRQHWXWWHOH
QHFHVVDULHHWLFKHWWHGLVHJQDOD]LRQHVXOJHQHUDWRUH4XHVWHHWLFKHWWH
FKHLQGLFDQRSHULFRORSRWHQ]LDOHHULVFKLRSHUSUHVHQ]DGLFRPSRQHQWL
LQWHQVLRQHYHQJRQRIRUQLWHVFLROWHHGHYRQRHVVHUHDSSOLFDWHDFXUDGHO
FRVWUXWWRUHGHOJUXSSRHOHWWURJHQRQHOOHSRVL]LRQLLQGLFDWHQHOODÀJXUDD
ODWRXQDYROWDFRPSOHWDWRO·DVVHPEODJJLRGHOJUXSSR

,JHQHUDWRULGHOODJDPPD6.VRQRSURJHWWDWLSHULOIXQ]LRQDPHQWRDG
XQDWHPSHUDWXUDPDVVLPDGLƒ&HDGXQDTXRWDPDVVLPDGLP
VOP
(QWUR WDOL OLPLWL GL WHPSHUDWXUD H TXRWD HVVL IRUQLVFRQR OH SUHVWD]LRQL
QRPLQDOLLQGLFDWHVXOODWDUJD
3HUWHPSHUDWXUHVXSHULRULDƒ&HRTXRWHVXSHULRULDPVOPVL
PDQLIHVWDQRULGX]LRQLGLSUHVWD]LRQLYHGLWDEHOOD
ËRSSRUWXQRFKHLOIXQ]LRQDPHQWRLQFRQGL]LRQLDPELHQWDOLSHJJLRULGL
TXHOOH SUHFHGHQWHPHQWH QRPLQDWH VLD VHJQDODWR DOO·8IÀFLR 7HFQLFR
6LQFUR

,JHQHUDWRULVRQRGRWDWLGLVLVWHPDGLYHQWLOD]LRQHDGDULDGLVFKHUPLGL
SURWH]LRQHHFDUFDVVHDQWLJRFFLRODPHQWRQRQVRQRDGDWWLSHUO·LQVWDOOD
7HPSDPELHQWHƒ&       ]LRQHDOO·DSHUWRVDOYRFKHVLDQRSURWHWWLGDDGHJXDWHFRSHUWXUH'XUDQWH
      ODSHUPDQHQ]DDPDJD]]LQRSULPDGHOO·LQVWDOOD]LRQHRYYHURFRPHULVHUYD
VLFRQVLJOLDO·XVRGLVFDOGLJOLHDQWLFRQGHQVDSHUJDUDQWLUHODEXRQDFRQ
$OWLWXGLQHP       VHUYD]LRQHGHJOLDYYROJLPHQWL
     
3ULPDGHOODPHVVDLQVHUYL]LRRGRSROXQJKLSHULRGLGLLQDWWLYLWjVLGHYH
)DWWRUHGLSRWHQ]D       FRQWUROODUHODUHVLVWHQ]DG·LVRODPHQWRYHUVRPDVVDGLWXWWLJOLDYYROJLPHQWL
      VLUDFFRPDQGDGLVFROOHJDUHLOUHJRODWRUHGLWHQVLRQHSULPDGLSURFHGHUH
FRQWDOHSURYDLYDORULULOHYDWLGHYRQRHVVHUHPDJJLRULGL02KP1HO
FDVRQRQVXVVLVWDWDOHFRQGL]LRQHVLGHYHSURFHGHUHDOO·HVVLFFD]LRQH
LQIRUQRGHOVRORDOWHUQDWRUHD¸ƒ&SHURUH3ULPDGLHVHJXLUH
WDOHRSHUD]LRQHRFFRUUHULPXRYHUHLOUHJRODWRUHGLWHQVLRQH,QDOWHUQDWLYD
DOO·HVVLFFD]LRQHLQIRUQRqSRVVLELOHVRIÀDUHDWWUDYHUVRO·DOWHUQDWRUHDULD
FDOGDD¸ƒ&SHUDOPHQRRUD
,QFDVRGLLQVWDOOD]LRQHDOO·LQWHUQRGLXQDFDSSRWWDWXUDFKLXVDFLVLGRYUj
DVVLFXUDUH FKH OD WHPSHUDWXUD GHOO·DULD GL UDIIUHGGDPHQWR LQYLDWD QHO
JHQHUDWRUHQRQVXSHULTXHOODQRPLQDOHSUHYLVWD
/DFDSSRWWDWXUDGHYHHVVHUHUHDOL]]DWDLQPRGRFKHODSUHVDG·DULDGHO
PRWRUHQHOODFDSSRWWDWXUDVLDVHSDUDWDGDTXHOODGHOJHQHUDWRUHVRSUDW
WXWWRVHO·DVSLUD]LRQHG·DULDQHOODFDSSRWWDWXUDGHYHHVVHUHDVVLFXUDWD
GDOODYHQWRODGLUDIIUHGGDPHQWR/DSUHVDG·DULDGHOJHQHUDWRUHLQROWUH
GRYUj HVVHUH UHDOL]]DWD LQ PRGR GD LPSHGLUH LQÀOWUD]LRQL GL XPLGLWj
SUHYHGHQGR GHOOH SURWH]LRQL DGHJXDWH /D FDSSRWWDWXUD GRYUj HVVHUH
SURJHWWDWDLQPRGRWDOHGDODVFLDUHWUDODSUHVDG·DULDGHOJHQHUDWRUHH
TXDOVLDVLVXSHUÀFLHSLDQDXQDOXFHPLQLPDGLPP
6HVSHFLÀFDWRDOO·DWWRGHOO·RUGLQHLOJHQHUDWRUHSXzHVVHUHGRWDWR
GLÀOWULGHOO·DULD

,PSRUWDQWH8QDULGX]LRQHGHOÁXVVRGHOO·DULDGLUDIIUHG ,PSRUWDQWH8QDULGX]LRQHGHOÁXVVRGHOO·DULDGLUDIIUHGGDPHQWRR
GDPHQWRRXQ·LQDGHJXDWDSURWH]LRQHGHOJHQH XQ·LQDGHJXDWD SURWH]LRQH GHO JHQHUDWRUH SRVVRQR FRPSRUWDUH LO
UDWRUHSRVVRQRFRPSRUWDUHLOGDQQHJJLDPHQWR
HRLOPDOIXQ]LRQDPHQWRGHJOLDYYROJLPHQWL GDQQHJJLDPHQWRHRLOPDOIXQ]LRQDPHQWRGHJOLDYYROJLPHQWL

/HYLEUD]LRQLLQGRWWHGDOPRWRUHVRQRFRPSOHVVHHGLQFOXGRQRDUPRQLFKH
GLRUGLQHVXSHULRUHFKHSRVVRQRGHWHUPLQDUHFRPELQDQGRVLFRQTXHOOH
6.2WWREUH5HY
 ,7$/,$12

GHOJHQHUDWRUHOLYHOOLGLYLEUD]LRQHVHQVLELOLHGDQQRVLSHULOIXQ]LRQDPHQWR
GHOJUXSSRHOHWWURJHQR3HUWDQWRqFRPSLWRGHOSURJHWWLVWDXWLOL]]DUHJOL
DFFRUJLPHQWLQHFHVVDULSHUFXUDUHO·DOOLQHDPHQWRHLUULJJLGLUHEDVDPHQWR
HVXSSRUWLDOÀQHGLHYLWDUHLOVXSHUDPHQWRGHLOLPLWLGLYLEUD]LRQHSUHYLVWL
GDOOHQRUPH

/·DOOLQHDPHQWRGHLJHQHUDWRULPRQRFXVFLQHWWRqFULWLFRSHUFKpSRWUHEEHUR
SURGXUVLYLEUD]LRQLLQFRUULVSRQGHQ]DGHOO·DFFRSSLDPHQWRIUDPRWRUHH
JHQHUDWRUH$WDOÀQHqQHFHVVDULRFXUDUHO·DVVHPEODJJLRGHOO·DOWHUQDWRUH
DOPRWRUHSUHYHGHUHXQEDVDPHQWRVROLGRHO·LPSLHJRGLWDPSRQLDQWLYL
EUDQWLSHUVXSSRUWDUHO·DVVLHPHPRWRUHDOWHUQDWRUH

$OO·LQWHUQRGHOODVFDWRODPRUVHWWLHUDVLWURYDQRLWHUPLQDOLLVRODWLSHUOH
FRQQHVVLRQLGLOLQHDHGLQHXWURHSHULOFROOHJDPHQWRDPDVVD

,OQHXWUR121qFROOHJDWRDOODFDUFDVVD

$YYHUWHQ]D,OJHQHUDWRUHYLHQHIRUQLWRVHQ]DDOFXQFROOHJDPHQWR
DPDVVD SHU LO FROOHJDPHQWR VL GRYUj IDUH ULIHULPHQWR DOOH FRUUL
VSRQGHQWLGLVSRVL]LRQLORFDOL&ROOHJDPHQWLDPDVVDRGLSURWH]LR ,O JHQHUDWRUH YLHQH IRUQLWR VHQ]D DOFXQ FROOH
JDPHQWRDPDVVDSHULOFROOHJDPHQWRVLGRYUj
QHHVHJXLWLLQPRGRHUUDWRSRVVRQRHVVHUHFDXVDGLOHVLRQLRGL IDUHULIHULPHQWRDOOHFRUULVSRQGHQWLGLVSRVL]LRQL
GHFHVVR ORFDOL &ROOHJDPHQWL D PDVVD R GL SURWH]LRQH
$99(57(1=$ HVHJXLWLLQPRGRHUUDWRSRVVRQRHVVHUHFDXVD
GLOHVLRQLRGLGHFHVVR
,YDORULGHOOHFRUUHQWLGLJXDVWRGHOJHQHUDWRUHVRQRGLVSRQLELOLVXULFKLHVWD
DOÀQHGLDLXWDUHLOSURJHWWLVWDQHOGLPHQVLRQDPHQWRGHOO·LPSLDQWRHGHL 8QDLQVWDOOD]LRQHXVRPDQXWHQ]LRQHRVRVWLWX
]LRQHGLSDUWLHVHJXLWHLQPRGRHUUDWRSRVVRQR
VXRLFRPSRQHQWL HVVHUH FDXVD GL JUDYL OHVLRQL SHUVRQDOL R GL
GHFHVVR QRQFKp GL GDQQHJJLDPHQWR GHOOH
DWWUH]]DWXUH*OLLQWHUYHQWLVXOOHSDUWLHOHWWULFKH
$YYHUWHQ]D8QDLQVWDOOD]LRQHXVRPDQXWHQ]LRQHRVRVWLWX]LRQH HPHFFDQLFKHGHYRQRHVVHUHHVHJXLWLGDSHU
GL SDUWL HVHJXLWH LQ PRGR HUUDWR SRVVRQR HVVHUH FDXVD GL JUDYL VRQDOHTXDOLÀFDWR
OHVLRQL SHUVRQDOL R GL GHFHVVR QRQFKp GL GDQQHJJLDPHQWR GHOOH
DWWUH]]DWXUH*OLLQWHUYHQWLVXOOHSDUWLHOHWWULFKHHPHFFDQLFKHGH
YRQRHVVHUHHVHJXLWLGDSHUVRQDOHTXDOLÀFDWR

,167$//$=,21(

6ROOHYDPHQWR
6ROOHYDUHHPRYLPHQWDUHLOJHQHUDWRUHFRQPH]]LLGRQHLVXSSRUWDQGROL
FRQSDOOHWRVRVWHQHQGROLPHGLDQWHJOLDQHOOLGLVROOHYDPHQWRSUHVHQWLVXO
JHQHUDWRUHQHOOHSRVL]LRQLLQGLFDWHLQÀJXUD
3HUVROOHYDUHLOJHQHUDWRUHXWLOL]]DUHGLVSRVLWLYLFKHDEELDQRXQD
FDSDFLWjGLVROOHYDPHQWRGLDOPHQRNJ

$WWHQ]LRQH8QDFDSDFLWjGLVROOHYDPHQWRQRQDGDWWDSXzFDXVDUH
OHVLRQLSHUVRQDOLHJUDYLGDQQL

$WWHQ]LRQH*OLDQHOOLGLVROOHYDPHQWRSUHVHQWLVXOJHQHUDWRUHVRQR
VWDWLUHDOL]]DWLSHULOVROOHYDPHQWRGHOVRORJHQHUDWRUHHQRQGHOO·LQ
WHURJUXSSRHOHWWURJHQR

,OVROOHYDPHQWRHODPRYLPHQWD]LRQHGHLJHQHUDWRULPRQRFXVFLQHWWRGH
YRQRHVVHUHHVHJXLWLPDQWHQHQGRODPDFFKLQDLQSRVL]LRQHRUL]]RQWDOH
DOÀQHGLHYLWDUHVHO·RSHUD]LRQHQRQIRVVHHVHJXLWDFRUUHWWDPHQWHOD
IXRULXVFLWDGHOURWRUHFRQSRVVLELOHGDQQHJJLDPHQWRGHOORVWHVVRHJUDYL
FRQVHJXHQ]HSHUOHSHUVRQH $WWHQ]LRQH 8QDFDSDFLWjGLVROOHYDPHQWRQRQDGDWWDSXz
FDXVDUHOHVLRQLSHUVRQDOLHJUDYLGDQQL

)LVVDJJLRDOPRWRUH  *OLDQHOOLGLVROOHYDPHQWRSUHVHQWLVXOJHQHUDWRUH
VRQR VWDWL UHDOL]]DWL SHU LO VROOHYDPHQWR GHO VROR
JHQHUDWRUHHQRQGHOO·LQWHURJUXSSRHOHWWURJHQR
0RQWDJJLRIRUPD6$(YHGLÀJXUHDSDJLQDVHJXHQWH
$WWHQ]LRQH3ULPDGHOPRQWDJJLRYHULÀFDUHFKHOHVHGLGLDFFRS
SLDPHQWRVLDGHOJHQHUDWRUHFKHGHOPRWRUHVLDQRUHJRODULHEHQ $WWHQ]LRQH 3ULPD GHO PRQWDJJLR YHULÀFDUH FKH OH VHGL
GL DFFRSSLDPHQWR VLD GHO JHQHUDWRUH FKH GHO
SXOLWH PRWRUHVLDQRUHJRODULHEHQSXOLWH
‡  &RQWUROODUH FKH LO GLDPHWUR GHO GLVFR  FRUULVSRQGD DO GLDPHWUR GL
6.2WWREUH5HY
 ,7$/,$12

 DOORJJLDPHQWRQHOYRODQR
‡  3RVL]LRQDUH FRQ O
DLXWR GL XQ VROOHYDWRUH O
DOWHUQDWRUH LQ SRVL]LRQH
YHUWLFDOHFRQORVFXGRSRVWHULRUHULYROWRDWHUUD
‡  $YYLWDUHXQJROIDUHQHOIRURFHQWUDOHGHOO
DOEHUR
‡  0HGLDQWHXQVROOHYDWRUHDO]DUHO
DOWHUQDWRUHGLXQSDLRGLFHQWLPHWULH
FRQXQPD]]XRORLQSODVWLFDEDWWHUHVXLSLHGLGHOODFDUFDVVDÀQRDOOD
FRPSOHWDXVFLWDGHOFXVFLQHWWRGDOODVXDVHGH
‡  (VWUDUUHLOURWRUHIDFHQGRPROWDDWWHQ]LRQHDJOLDYYROJLPHQWL
‡  )LVVDUHLOJUXSSRURWRUHGLVFRURWRUHDOYRODQR
  ‡  )LVVDUHODFDUFDVVDDOPRWRUHPHGLDQWHLOEORFFDJJLRGHOODFDPSDQD
IDFHQGRDWWHQ]LRQHDQRQGDQQHJJLDUHJOLDYYROJLPHQWL
 ‡  6XSSRUWDUHLOJUXSSRFRQDQWLYLEUDQWLFXUDQGRLOFRUUHWWROLYHOODPHQWR

8QDSURWH]LRQHLQDGHJXDWDHRXQDOOLQHDPHQWR
HUUDWRGHOJHQHUDWRUHSRVVRQRHVVHUHFDXVDGL
OHVLRQL SHUVRQDOL HR GL GDQQHJJLDPHQWR GHO
O·DWWUH]]DWXUD
$99(57(1=$
WUDPRWRUHHJHQHUDWRUH
6PRQWDJJLRIRUPD6$(
3HU OR VPRQWDJJLR VHJXLUH D ULWURVR OH LVWUX]LRQL IRUQLWH DO SDUDJUDIR

0HVVDDWHUUD
$YYHUWHQ]D8QDSURWH]LRQHLQDGHJXDWDHRXQDOOLQHDPHQWRHUUDWR
GHO JHQHUDWRUH SRVVRQR HVVHUH FDXVD GL OHVLRQL SHUVRQDOL HR GL
GDQQHJJLDPHQWRGHOO·DWWUH]]DWXUD
/DFDUFDVVDGHOJHQHUDWRUHGHYHHVVHUHVROLGDPHQWHFROOHJDWDDPDVVD
VXOEDVDPHQWRGHOJUXSSRHOHWWURJHQR6HVRQRSUHYLVWLGHLVXSSRUWLÁHV
VLELOLDQWLYLEUDQWLWUDODFDUFDVVDGHOJHQHUDWRUHHGLOVXREDVDPHQWRVL
GRYUjFROOHJDUHLQSDUDOOHORDWWUDYHUVRLOVXSSRUWRÁHVVLELOHXQFRQGXWWRUH
GLWHUUDGLYDORUHQRPLQDOHDGHJXDWRVROLWDPHQWHODPHWjGHOO·DUHDGHOOD
VH]LRQHWUDVYHUVDOHGHLFDYLGHOODOLQHDSULQFLSDOH

6XOORVFXGRSRVWHULRUHLQFRUULVSRQGHQ]DGHLSLHGLqVWDWRSUHGLVSRVWR
XQIRUR¿OHWWDWR0SHUIDFLOLWDUHODPHVVDDWHUUDGHOODFDVVDYHGL¿JXUD
DODWR

$YYHUWHQ]D$FFHUWDUVLGHOODFRUUHWWH]]DGHOODSURFHGXUDGLPHVVD
DWHUUD

&RQWUROOLSUHOLPLQDUL

&RQWUROORGHOO·LVRODPHQWR
3ULPDGHOODPHVVDLQVHUYL]LRGHOJUXSSRHOHWWURJHQRRYYHURGRSROXQJKL
SHULRGLGLLQDWWLYLWjFRQWUROODUHODUHVLVWHQ]DGLLVRODPHQWRYHUVRPDVVD
GHJOLDYYROJLPHQWL

$WWHQ]LRQH6FROOHJDUHLOUHJRODWRUHGLWHQVLRQH$95SULPDGLSUR
FHGHUHDOODPLVXUD]LRQH
)RUR0SHUPHVVDDWHUUD
,YDORULULOHYDWLGHYRQRHVVHUHVXSHULRULD02KP1HOFDVRLQFXLODUHVL
VWHQ]DG·LVRODPHQWRULVXOWLLQIHULRUHVLGRYUjSURFHGHUHDOODHVVLFFD]LRQH
$FFHUWDUVLGHOODFRUUHWWH]]DGHOODSURFHGXUDGL
PHVVDDWHUUD
LQIRUQRGHOVRORDOWHUQDWRUHDGXQDWHPSHUDWXUDFRPSUHVDIUDHƒ&
$99(57(1=$
SHURUH3ULPDGLHVHJXLUHWDOHRSHUD]LRQHRFFRUUHULPXRYHUHLOUHJROD
WRUHGLWHQVLRQH,QDOWHUQDWLYDDOO·HVVLFFD]LRQHLQIRUQRqSRVVLELOHVRIÀDUH
DWWUDYHUVRO·DOWHUQDWRUHDULDFDOGDD¸ƒ&SHUDOPHQRRUD
$WWHQ]LRQH6FROOHJDUHLOUHJRODWRUHGLWHQVLRQH$95SULPD
GLSURFHGHUHDOODPLVXUD]LRQH
,PSRUWDQWH*OLDYYROJLPHQWLVRQRVWDWLFROODXGDWLLQDOWDWHQVLRQH
GXUDQWH OD SURGX]LRQH 8OWHULRUL SURYH LQ DOWD WHQVLRQH SRVVRQR
,PSRUWDQWH *OL DYYROJLPHQWL VRQR VWDWL FROODXGDWL LQ GHWHULRUDUH O·LVRODPHQWR H TXLQGL ULGXUUH OD YLWD RSHUDWLYD 6H VL
DOWD WHQVLRQH GXUDQWH OD SURGX]LRQH 8OWHULRUL
SURYH LQ DOWD WHQVLRQH SRVVRQR GHWHULRUDUH
UHQGHVVHQHFHVVDULRXQFROODXGRLQDOWDWHQVLRQHSHUO·DFFHWWD]LR
O·LVRODPHQWRHTXLQGLULGXUUHODYLWDRSHUDWLYD QHGDSDUWHGHOFOLHQWHOHSURYHGRYUDQQRHVVHUHFRQGRWWHDOLYHOOL
6HVLUHQGHVVHQHFHVVDULRXQFROODXGRLQDOWD GLWHQVLRQHULGRWWL
WHQVLRQHSHUO·DFFHWWD]LRQHGDSDUWHGHOFOLHQWH
OHSURYHGRYUDQQRHVVHUHFRQGRWWHDOLYHOOLGL
WHQVLRQHULGRWWL

6.2WWREUH5HY
 ,7$/,$12

6HQVRGLURWD]LRQH
7XWWHOHPDFFKLQHVRQRGRWDWHGLYHQWRODDSDOHUDGLDOLHTXLQGLSRVVRQR
IXQ]LRQDUHLQHQWUDPELLVHQVLGLURWD]LRQH,OJHQHUDWRUHYLHQHIRUQLWRFRQ
URWD]LRQHLQVHQVRRUDULRJXDUGDQGRLOODWRDFFRSSLDPHQWRDPHQRGL
VSHFLÀFKHGLYHUVHDOO·DWWRGHOO·RUGLQHLQPRGRGDSURGXUUHXQDVHTXHQ]D
GLIDVH89:6HODURWD]LRQHGHYHHVVHUHLQYHUWLWDVXFFHVVLYDPHQWH
DOODFRQVHJQDULFKLHGHUHDOODIDEEULFDJOLRSSRUWXQLVFKHPLHOHWWULFL

9HULÀFDGLWHQVLRQHHIUHTXHQ]D
&RQWUROODUHFKHLOLYHOOLGLWHQVLRQHHIUHTXHQ]DULFKLHVWLGDOJUXSSRHOHW ,O JHQHUDWRUH HVFH GDOOH OLQHH GL SURGX]LRQH
WURJHQRFRUULVSRQGDQRDTXHOOLULSRUWDWLVXOODWDUJKHWWDGHOJHQHUDWRUH FRQ XQ FROOHJDPHQWR VWHOODVHULH D PHQR GL
$99(57(1=$
$YYHUWHQ]D ,O JHQHUDWRUH HVFH GDOOH OLQHH GL SURGX]LRQH FRQ XQ
FROOHJDPHQWRVWHOODVHULHDPHQRGLVSHFLÀFKHGLYHUVHDOO·DWWRGHO
VSHFLÀFKHGLYHUVHDOO·DWWRGHOO·RUGLQHULVSHWWR
DOTXDOHYHQJRQRIRUQLWLLGDWLQRPLQDOLËFRP
SLWR GHOO·LQVWDOODWRUH LQ FDVR GL VXFFHVVLYD
PRGLÀFDGLWDOHFROOHJDPHQWRFRQWUDVVHJQDUH
LO QXRYR FROOHJDPHQWR XVDWR VXOOD WDUJKHWWD
O·RUGLQHULVSHWWRDOTXDOHYHQJRQRIRUQLWLLGDWLQRPLQDOLËFRPSLWR GHL GDWL PDFFKLQD SUHVHQWH DOO·LQWHUQR GHOOD
GHOO·LQVWDOODWRUHLQFDVRGLVXFFHVVLYDPRGLÀFDGLWDOHFROOHJDPHQWR VFDWROD PRUVHWWLHUD 3HU HIIHWWXDUH LO QXRYR
FROOHJDPHQWR DYYDOHUVL GHJOL VFKHPL DOOHJDWL
FRQWUDVVHJQDUH LO QXRYR FROOHJDPHQWR XVDWR VXOOD WDUJKHWWD GHL DOSUHVHQWHPDQXDOH
GDWL PDFFKLQD SUHVHQWH DOO·LQWHUQR GHOOD VFDWROD PRUVHWWLHUD 3HU
/HHYHQWXDOLPRGLÀFKHDOFROOHJDPHQWRGHYRQR
HIIHWWXDUHLOQXRYRFROOHJDPHQWRDYYDOHUVLGHJOLVFKHPLDOOHJDWLDO HVVHUHHVHJXLWHHVFOXVLYDPHQWHGDSHUVRQDOH
SUHVHQWHPDQXDOH TXDOLÀFDWR

$YYHUWHQ]D/HHYHQWXDOLPRGLÀFKHDOFROOHJDPHQWRGHYRQRHVVHUH 7ULPPHU9
HVHJXLWHHVFOXVLYDPHQWHGDSHUVRQDOHTXDOLÀFDWR
7ULPPHU67
5HJROD]LRQHVFKHGD$95 7ULPPHU8)
3HUVFHJOLHUHOHLPSRVWD]LRQLGHOGLVSRVLWLYRGLFRPDQGR$95DFFHGHUH
DOODVFKHGDGLFRQWUROORGRSRDYHUWROWROHFRSHUWXUH/DPDJJLRUSDUWH
GHOOH UHJROD]LRQL YHQJRQR HIIHWWXDWH LQ IDEEULFD VX YDORUL GHVWLQDWL DG
DVVLFXUDUHULVXOWDWLVRGGLVIDFHQWLQHOOHSURYHGLIXQ]LRQDPHQWRLQL]LDOL
3RWUHEEHURUHQGHUVLQHFHVVDULHGHOOHXOWHULRULUHJROD]LRQLSHUDVVLFXUDUH
XQIXQ]LRQDPHQWRRWWLPDOHLQVSHFLÀFKHFRQGL]LRQLG·HVHUFL]LR

6HO·DOWHUQDWRUHGHYHIXQ]LRQDUHD+]LOSRQWLFHOORFRQWUDVVHJQDWRLQ
ÀJXUDGHYHULPDQHUHFROOHJDWRVHGHYHIXQ]LRQDUHD+]LOSRQWLFHOOR
GHYHHVVHUHULPRVVR

ËSRVVLELOHPRGLÀFDUHODWHQVLRQHGLXVFLWDDJHQGRVXOSRWHQ]LRPHWUR´9µ

&RQLOJUXSSRLQPRWRDOODYHORFLWjQRPLQDOHUHJRODUHÀQRDGRWWHQHUH
LOYDORUHFHUFDWR6HDGXQDSLFFRODYDULD]LRQHGLYHORFLWjODWHQVLRQH 

YDULDDOORUDqQHFHVVDULRUHJRODUHSULPDODSURWH]LRQHGLVRWWRYHORFLWj
,OULIHULPHQWRGLWHQVLRQHFDYHWWLDUDQFLRQLGHYHHVVHUHFROOHJDWR (;7327
‡  DLPRUVHWWL´µH´µVHVLSUHOHYDXQDWHQVLRQHWUDH9 7DJOLDUHSHU+]
‡  DLPRUVHWWL´µH´µVHVLSUHOHYDXQDWHQVLRQHWUDH9

$WWHQ]LRQH5HJRODUHODWHQVLRQHDGXQYDORUHVXSHULRUHDTXHOOR $WWHQ]LRQH5HJRODUHODWHQVLRQHDGXQYDORUHVXSHULRUH
PDVVLPRSUHYLVWRSHULOJHQHUDWRUHSXzFDXVDUHLOGDQQHJJLDPHQWR D TXHOOR PDVVLPR SUHYLVWR SHU LO JHQHUDWRUH
SXz FDXVDUH LO GDQQHJJLDPHQWR GHO JHQH
GHOJHQHUDWRUHVWHVVR UDWRUHVWHVVR

5HJROD]LRQHGHOODVRWWRYHORFLWjD+]SRUWDUHLOJUXSSRLQUR
WD]LRQHUHJRODQGRORLQPRGRGDRWWHQHUHXQDIUHTXHQ]DGL+]
5XRWDUHLOWULPPHU´8)µÀQRDOSXQWRLQFXLODWHQVLRQHLQL]LDDFDODUH
5LSRUWDUHLOJUXSSRDOODYHORFLWjQRPLQDOH
$WWHQ]LRQH 5HJRODUH OD VRWWRYHORFLWj DG XQ YDORUH GL
$WWHQ]LRQH 5HJRODUH OD VRWWRYHORFLWj DG XQ YDORUH GL IUHTXHQ]D IUHTXHQ]DWURSSREDVVRSXzFDXVDUHLOGDQQHJ
WURSSREDVVRSXzFDXVDUHLOGDQQHJJLDPHQWRGHOJHQHUDWRUHVWHV JLDPHQWRGHOJHQHUDWRUHVWHVVR$OFRQWUDULRUH
JRODQGRORDGXQYDORUHWURSSRDOWRSXzFDXVDUH
VR$OFRQWUDULRUHJRODQGRORDGXQYDORUHWURSSRDOWRSXzFDXVDUH GHOOHFDGXWHGLWHQVLRQHFRQFDULFKLHOHYDWL
GHOOHFDGXWHGLWHQVLRQHFRQFDULFKLHOHYDWL

&ROOHJDPHQWR GL XQ SRWHQ]LRPHWUR HVWHUQR N2KP ULPXRYHUH LO

SRQWLFHOOR VXL WHUPLQDOL ´(;7 327µ H FROOHJDUH DL FDSL OLEHUL LO SRWHQ
]LRPHWURDYHQGRFXUDGLSRVL]LRQDUORDOYDORUHGLPDVVLPDUHVLVWHQ]D
5XRWDUHLOWULPPHU´9µLQVHQVRDQWLRUDULRÀQRDOODSRVL]LRQHHVWUHPD
6.2WWREUH5HY
 ,7$/,$12

3RUWDUHLOJUXSSRDOODYHORFLWjQRPLQDOHHDJLUHVXOSRWHQ]LRPHWURÀQR
DOODWHQVLRQHYROXWD
4XDORUDVLGRYHVVHURYHULÀFDUHGHOOHÁXWWXD]LRQLGLWHQVLRQHDFDULFRq
SRVVLELOHDJLUHVXOSRWHQ]LRPHWUR´67µFKHPRGXODODSURQWH]]DGLULVSRVWD
GHO UHJRODWRUH DJOL VWLPROL HVWHUQL SHUPHWWHQGR GL HOLPLQDUH HYHQWXDOL
LQVWDELOLWjGHOVLVWHPDDOWHUQDWRUHFDULFR

6FKHPLGLFROOHJDPHQWRSHUGLYHUVLFLUFXLWL
$OOHJDWLDOSUHVHQWHPDQXDOHVLWURYDQRJOLVFKHPLSHUFROOHJDPHQWLGL
YHUVLGDOFROOHJDPHQWRVWHOODVHULHQRUPDOPHQWHHVHJXLWRLQSURGX]LRQH
1RQWRFFDUHLOJHQHUDWRUHGXUDQWHLOIXQ]LRQD
PHQWR H VXELWR GRSR O·DUUHVWR GHO JUXSSR LQ
TXDQWR SRWUHEEHUR HVVHUYL GHOOH VXSHUÀFL D
WHPSHUDWXUDHOHYDWD
$99(57(1=$
/D FDUHQ]D GL LVSH]LRQL H PDQXWHQ]LRQH SRV
VRQRFDXVDUHJUDYLGDQQLDSHUVRQHHRFRVH
/HSURFHGXUHGLPDQXWHQ]LRQHHGLORFDOL]]D]LRQH
JXDVWLFRPSRUWDQRGHLULVFKLFKHSRWUHEEHURFDX
VDUH JUDYL OHVLRQL SHUVRQDOL R FDVL GL GHFHVVR
7DOL SURFHGXUH GHYRQR TXLQGL HVVHUH HVHJXLWH
$99(57(1=$
HVFOXVLYDPHQWH GD SHUVRQDOH DELOLWDWR DOO·DVVL
VWHQ]D HOHWWULFD H PHFFDQLFD $FFHUWDUVL SULPD
GLRJQLLQWHUYHQWRGLPDQXWHQ]LRQHHSXOL]LDFKH
QRQYLVLDQRSDUWLVRWWRWHQVLRQHFKHODFDUFDVVD
GHO JHQHUDWRUH VLD D WHPSHUDWXUD DPELHQWH FKH
LO JUXSSR HOHWWURJHQR QRQ SRVVD HVVHUH DYYLDWR
3(5,&2/2
DQFKHDFFLGHQWDOPHQWHHFKHWXWWHOHSURFHGXUH
YHQJDQRHVHJXLWHFRUUHWWDPHQWH
6.2WWREUH5HY
DPHQRGLVSHFLÀFKHGLYHUVHDOO·DWWRGHOO·RUGLQH
0HVVDLQPDUFLD
3ULPDGHOO·DYYLDPHQWRGHOJUXSSRHOHWWURJHQRqQHFHVVDULRYHULÀFDUH
FKHWXWWLLFROOHJDPHQWLHVWHUQLVLDQRVWDWLHVHJXLWLFRUUHWWDPHQWHHFKH
OHSURWH]LRQLQRQVLDQRVWDWHULPRVVH
/HYDULHUHJROD]LRQLGHOJHQHUDWRUHVRQRHVHJXLWHLQIDEEULFDDOPRPHQWR
GHOFROODXGRQRQGRYUHEEHURTXLQGLHVVHUHQHFHVVDULHXOWHULRULD]LRQL
GLUHJROD]LRQHGHOODPDFFKLQDQHOFDVRLQFXLVLUHQGHVVHQHFHVVDULR
ULPXRYHUHGHOOHFRSHUWXUHDOORVFRSRGLHVHJXLUHGHOOHUHJROD]LRQLHVL
ODVFLDVVHURVFRSHUWLGHLFRQWDWWLVRWWRWHQVLRQHVLUDFFRPDQGDFKHWDOL
RSHUD]LRQLYHQJDQRHVHJXLWHVRODPHQWHGDSHUVRQDOHTXDOLÀFDWRQHOOD
PDQXWHQ]LRQHGLLPSLDQWLHOHWWULFL
$OO·DWWR GHOOD PHVVD LQ IXQ]LRQH SRUUH DWWHQ]LRQH DG HYHQWXDOL UXPRUL
DQRPDOLFKHSRWUHEEHURLQGLFDUHXQDOOLQHDPHQWRQRQFRUUHWWRWUDPRWRUH
HJHQHUDWRUH
$YYHUWHQ]D1RQWRFFDUHLOJHQHUDWRUHGXUDQWHLOIXQ]LRQDPHQWRH
VXELWRGRSRO·DUUHVWRGHOJUXSSRLQTXDQWRSRWUHEEHURHVVHUYLGHOOH
VXSHUÀFLDWHPSHUDWXUDHOHYDWD
,JHQHUDWRULVRQRPDFFKLQHHOHWWULFKHURWDQWLFKHSUHVHQWDQRSDUWLSR
WHQ]LDOPHQWHSHULFRORVHLQTXDQWRSRVWHVRWWRWHQVLRQHRGRWDWHGLPR
YLPHQWRGXUDQWHLOIXQ]LRQDPHQWRSHUWDQWRqDVVROXWDPHQWHYLHWDWR
‡  XQXVRLPSURSULR
‡  ODULPR]LRQHGHOOHSURWH]LRQLHORVFROOHJDPHQWRGHLGLVSRVLWLYLGLSUR
WH]LRQH
$YYHUWHQ]D/DFDUHQ]DGLLVSH]LRQLHPDQXWHQ]LRQHSRVVRQRFDX
VDUHJUDYLGDQQLDSHUVRQHHRFRVH
,QFRQVHJXHQ]DGLTXDQWRVRSUDVFULWWRVLULFKLHGHFKHRJQLRSHUD]LRQH
GL FDUDWWHUH HOHWWULFR R PHFFDQLFR YHQJD HVHJXLWD FRQ O·LQWHUYHQWR GL
SHUVRQDOHTXDOLÀFDWR
$66,67(1=$(0$187(1=,21(
$YYHUWHQ]D/HSURFHGXUHGLPDQXWHQ]LRQHHGLORFDOL]]D]LRQHJXDVWL
FRPSRUWDQRGHLULVFKLFKHSRWUHEEHURFDXVDUHJUDYLOHVLRQLSHUVR
QDOLRFDVLGLGHFHVVR7DOLSURFHGXUHGHYRQRTXLQGLHVVHUHHVH
JXLWHHVFOXVLYDPHQWHGDSHUVRQDOHDELOLWDWRDOO·DVVLVWHQ]DHOHWWULFD
HPHFFDQLFD$FFHUWDUVLSULPDGLRJQLLQWHUYHQWRGLPDQXWHQ]LRQH
HSXOL]LDFKHQRQYLVLDQRSDUWLVRWWRWHQVLRQHFKHODFDUFDVVDGHO
JHQHUDWRUHVLDDWHPSHUDWXUDDPELHQWHFKHLOJUXSSRHOHWWURJHQR
QRQ SRVVD HVVHUH DYYLDWR DQFKH DFFLGHQWDOPHQWH H FKH WXWWH OH
SURFHGXUHYHQJDQRHVHJXLWHFRUUHWWDPHQWH
&RQWUROORGHJOLDYYROJLPHQWLHGHOORVWDWRGLLVRODPHQWR
/R VWDWR GHJOL DYYROJLPHQWL q YHULÀFDELOH PLVXUDQGRQH OD UHVLVWHQ]D
HOHWWULFDYHUVRPDVVD'XUDQWHODSURYDLOUHJRODWRUHGLWHQVLRQHGRYUj
HVVHUHVFROOHJDWR,QJHQHUDOHqVXIÀFLHQWHFRQWUROODUHLOVRORDYYROJL
PHQWRSULQFLSDOH
,YDORULULOHYDWLGHYRQRHVVHUHVXSHULRULD02KP1HOFDVRLQFXLODUHVL
 ,7$/,$12

VWHQ]DG·LVRODPHQWRULVXOWLLQIHULRUHVLGRYUjSURFHGHUHDOODHVVLFFD]LRQH
LQIRUQRGHOVRORDOWHUQDWRUHDGXQDWHPSHUDWXUDFRPSUHVDIUDHƒ&
SHURUH3ULPDGLHVHJXLUHWDOHRSHUD]LRQHRFFRUUHULPXRYHUHLOUHJROD
WRUHGLWHQVLRQH,QDOWHUQDWLYDDOO·HVVLFFD]LRQHLQIRUQRqSRVVLELOHVRIÀDUH
DWWUDYHUVRO·DOWHUQDWRUHDULDFDOGDD¸ƒ&SHUDOPHQRRUD

&RQWUROORGHLFXVFLQHWWL
,FXVFLQHWWLVRQRVLJLOODWLHGHVHQWLGDPDQXWHQ]LRQH
'XUDQWHODPDQXWHQ]LRQHFRQWUROODUHORVWDWRGHLFXVFLQHWWLHYHULÀFDUH
FKHQRQVLDQRSUHVHQWLSHUGLWHGLJUDVVRODGXUDWDGHLFXVFLQHWWLGLSHQGH
GDOOHYLEUD]LRQLHGDLFDULFKLDVVLDOLDLTXDOLVRQRVRWWRSRVWLOHYLEUD]LRQL
SRVVRQRHVVHUHQRWHYROPHQWHDPSOLÀFDWHQHOFDVRGLXQHUUDWRDOOLQHD
PHQWRHGDOOHFRQGL]LRQLGLODYRUR9HULÀFDUHTXLQGLFKHQRQYLVLDQR
DQRPDOLHFRPHYLEUD]LRQLUXPRULLQVROLWL
6HGRSRXQFHUWRSHULRGRGLWHPSRGRYHVVHURPDQLIHVWDUVLHFFHVVLGL
YLEUD]LRQHRUXPRURVLWjTXHVWHSRWUHEEHURHVVHUHGRYXWHDOO·XVXUDGHO
FXVFLQHWWRFKHVHGDQQHJJLDWRGHYHHVVHUHVRVWLWXLWR
,OFXVFLQHWWRFRPXQTXHqFRQVLJOLDELOHVLDVRVWLWXLWRGRSR
RUHGLIXQ]LRQDPHQWR

,PSRUWDQWH/DGXUDWDGHLFXVFLQHWWLqIRUWHPHQWHLQÁXHQ]DWDGDOOH
FRQGL]LRQLHGDOO·DPELHQWHGLODYRUR ,PSRUWDQWH/DGXUDWDGHLFXVFLQHWWLqIRUWHPHQWHLQÁXHQ]DWD
GDOOHFRQGL]LRQLHGDOO·DPELHQWHGLODYRUR

,PSRUWDQWH/XQJKLSHULRGLGLSHUPDQHQ]DLQXQDPELHQWHFDUDWWH
UL]]DWRGDOODSUHVHQ]DGLYLEUD]LRQLSRVVRQRGDQQHJJLDUHOHVIHUH
HOHVHGLGLURWRODPHQWR/DSUHVHQ]DGLXQDXPLGLWjWURSSRHOHYDWD
SXzFDXVDUHO·HPXOVLRQHGHOJUDVVRHIDYRULUHHIIHWWLGLFRUURVLR
QH
,PSRUWDQWH,QWHQVHYLEUD]LRQLFDXVDWHGDOPRWRUHRGDXQHUUDWR
DOOLQHDPHQWRGHLFRPSRQHQWLGHOJUXSSRHOHWWURJHQRVRWWRSRQJRQR
LOFXVFLQHWWRDVROOHFLWD]LRQLFKHQHULGXFRQRODYLWD
 /XQJKLSHULRGLGLSHUPDQHQ]DLQXQDPELHQWHFD
UDWWHUL]]DWRGDOODSUHVHQ]DGLYLEUD]LRQLSRVVRQR
GDQQHJJLDUH OH VIHUH H OH VHGL GL URWRODPHQWR
/D SUHVHQ]D GL XQD XPLGLWj WURSSR HOHYDWD SXz
FDXVDUHO·HPXOVLRQHGHOJUDVVRHIDYRULUHHIIHWWL
GLFRUURVLRQH
 ,QWHQVH YLEUD]LRQL FDXVDWH GDO PRWRUH R GD XQ
HUUDWR DOOLQHDPHQWR GHL FRPSRQHQWL GHO JUXSSR
HOHWWURJHQR VRWWRSRQJRQR LO FXVFLQHWWR D VROOH
FLWD]LRQLFKHQHULGXFRQRODYLWD

$QRPDOLHHULPHGL
,OJHQHUDWRUHQRQVLHFFLWD
‡  &RQWUROODUHLOIXVLELOH
‡  $XPHQWDUHODYHORFLWjGHO
‡  $SSOLFDUHSHUXQLVWDQWHDLSROLGHOUHJRODWRUHHOHWWURQLFRXQDWHQVLRQH
GL9GLXQDEDWWHULDFRQLQVHULHXQDUHVLVWHQ]DGL2KPULVSHWWDQGR
OHSRODULWj

'RSRHFFLWDWRVLGLVHFFLWD
‡  &RQWUROODUHLFDYLGLFROOHJDPHQWRVHUYHQGRVLGHLGLVHJQLDOOHJDWL

$YXRWRWHQVLRQHEDVVD
‡  5LWDUDUHODWHQVLRQH
‡  &RQWUROODUHLOQXPHURGLJLUL
‡  &RQWUROODUHJOLDYYROJLPHQWL

$YXRWRWHQVLRQHWURSSRDOWD
‡  5LWDUDUHODWHQVLRQH
‡  6RVWLWXLUHLOUHJRODWRUH

$FDULFRWHQVLRQHLQIHULRUHDOODQRPLQDOH
‡  5LWDUDUHODWHQVLRQH
‡  &RUUHQWHWURSSRDOWDFRV PROWREDVVRYHORFLWjLQIHULRUHGHOGHOOD
QRPLQDOH
‡  6RVWLWXLUHLOUHJRODWRUH
‡  &RQWUROODUHLGLRGLVFROOHJDQGRLFDYL

$FDULFRWHQVLRQHVXSHULRUHDOODQRPLQDOH
‡  5LWDUDUHODWHQVLRQH
6.2WWREUH5HY
 ,7$/,$12

‡  6RVWLWXLUHLOUHJRODWRUH

7HQVLRQHLQVWDELOH
‡  &RQWUROODUHXQLIRUPLWjGLURWD]LRQH
‡  5HJRODUHODVWDELOLWjGHOUHJRODWRUHDJHQGRVXOSRWHQ]LRPHWUR´67µ

3HU TXDOVLDVL DOWUD DQRPDOLD ULYROJHUVL DO FHQWUR GL $VVLVWHQ]D 6LQ
FUR

 5LPR]LRQH H VRVWLWX]LRQH GL FRPSRQHQWL H JUXSSL GL FRPSR

QHQWL

(VWUD]LRQHHGLQVHULPHQWRGHOO·DOEHUR
/H SURFHGXUH FKH VHJXLUDQQR SUHVXSSRQJRQR FKH O·DOWHUQDWRUH
VLD VWDWR VWDFFDWR GDO PRWRUH SHU O
HVWUD]LRQH YHGHUH ÀJXUD SXQWR


9HUVLRQHPRQRFXVFLQHWWR6$(
‡  3RVL]LRQDUH FRQ O
DLXWR GL XQ VROOHYDWRUH O
DOWHUQDWRUH LQ SRVL]LRQH
YHUWLFDOHFRQORVFXGRULYROWRDWHUUD
DOEHUR
DOWHUQDWRUHGLXQSDLRGLFHQWLPHWUL
4XDQGRYLHQHUHLQVHULWRLOURWRUHO·DOWHUQDWRUH
SXz SHUGHUH LO PDJQHWLVPR UHVLGXR FKH SHU
PHWWHO·DXWRHFFLWD]LRQH3ULPDGHOO·DYYLDPHQWR
GHOJUXSSRULVXOWDTXLQGLQHFHVVDULRULHFFLWDUH
$99(57(1=$ O·DOWHUQDWRUHDSSOLFDQGRDLPRUVHWWLGHOO·HFFLWD
WULFHXQDWHQVLRQHGLYROWSHUXQVHFRQGR
ULVSHWWDQGRODSRODULWj
‡  $YYLWDUHXQJROIDUHQHOIRURFHQWUDOHGHOO
‡  0HGLDQWHXQVROOHYDWRUHDO]DUHO
HFRQXQPD]]XRORLQSODVWLFDEDWWHUHVXLSLHGLQLGHOODFDUFDVVDÀQR
DOODFRPSOHWDXVFLWDGHOFXVFLQHWWRGDOODVXDVHGH
‡  (VWUDUUHLOURWRUHIDFHQGRPROWDDWWHQ]LRQHDJOLDYYROJLPHQWL
3HUO·LQVHULPHQWRVHJXLUHDULWURVROHLVWUX]LRQLIRUQLWHDOSDUDJUDIR

$YYHUWHQ]D4XDQGRYLHQHUHLQVHULWRLOURWRUHO·DOWHUQDWRUHSXzSHU
GHUHLOPDJQHWLVPRUHVLGXRFKHSHUPHWWHO·DXWRHFFLWD]LRQH3ULPD
GHOO·DYYLDPHQWR GHO JUXSSR ULVXOWD TXLQGL QHFHVVDULR ULHFFLWDUH
O·DOWHUQDWRUHDSSOLFDQGRDLPRUVHWWLGHOO·HFFLWDWULFHXQDWHQVLRQHGL
YROWSHUXQVHFRQGRULVSHWWDQGRODSRODULWj
6RVWLWX]LRQHGHOFXVFLQHWWR
)DUULIHULPHQWRDOSDUDJUDIR
‡  7RJOLHUHLORLFXVFLQHWWLWUDPLWHHVWUDWWRULFRPXQL
‡  3UHQGHUHLORLQXRYLFXVFLQHWWLHPHGLDQWHXQULVFDOGDWRUHULVFDOGDUOL
PD[¸ƒ&LQPRGRGDGLODWDUHLOGLDPHWURSULPDGLLQVHULUOR
QHOODVHGHGHOO·DOEHUR
‡  5HLQVHULUHLOURWRUHVHJXHQGRDULWURVROHLVWUX]LRQLIRUQLWHDOSDUDJUDIR

$OWHUQDWLYDPHQWH q SRVVLELOH VRVWLWXLUH LO FXVFLQHWWR VHQ]D HVWUDUUH LO

URWRUH
‡  6YLWDUHOHYLWLFKHÀVVDQRORVFXGRSRVWHULRUHDOODFDVVD
‡  6FROOHJDUH1ƒIDVWRQÀOLHFFLWDWULFHGDOODVFKHGDUHJRODWRUH
‡  &ROSLUHLQPDQLHUDRPRJHQHDORVFXGRÀQRDOFRPSOHWRGLVWDFFRGDO
URWRUH
‡  7RJOLHUHLORLFXVFLQHWWLWUDPLWHHVWUDWWRULFRPXQL
‡  3UHQGHUHLORLQXRYLFXVFLQHWWLHPHGLDQWHXQULVFDOGDWRUHULVFDOGDUOL
PD[¸ƒ&LQPRGRGDGLODWDUHLOGLDPHWURSULPDGLLQVHULUOR
QHOODVHGHGHOO·DOEHUR
‡  3RVL]LRQDUHORVFXGRHLQVHULUHSDU]LDOPHQWHOHYLWLGLÀVVDJJLR
‡  &ROSLUHLQPDQLHUDRPRJHQHDORVFXGRÀQRDOFRPSOHWRLQVHULPHQWR
GHOFXVFLQHWWRHGHOODSRU]LRQHGLFDVVDQHOOHULVSHWWLYHVHGL
‡  6HUUDUHOHYLWLGLÀVVDJJLRGHOORVFXGR

6RVWLWX]LRQHGHLGLRGLURWDQWL
‡  (VWUDUUHLOURWRUHVHJXHQGROHLVWUX]LRQLDOSDUDJUDIR
‡  6FROOHJDUHLOSRQWHGLRGL
6.2WWREUH5HY
 ,7$/,$12

‡  6YLWDUHOHYLWLHWRJOLHUHLOSRQWHGLRGL
‡  5LPRQWDUHLOSRQWHGLRGLQXRYRÀVVDQGROHYLWLFRQGHOIUHQDÀOHWWLH
ULFROOHJDUH
‡  5HLQVHULUHLOURWRUHVHJXHQGRDULWURVROHLVWUX]LRQLIRUQLWHDOSDUDJUDIR

$OWHUQDWLYDPHQWHqSRVVLELOHVRVWLWXLUHLOSRQWHGLRGLVPRQWDQGRLOVROR
VFXGRSRVWHULRUHFRPHJLjGHVFULWWRSHUODVRVWLWX]LRQHGHOFXVFLQHWWR

6RVWLWX]LRQHGHOURWRUHHFFLWDWULFH
‡  (VWUDUUHLOURWRUHVHJXHQGROHLVWUX]LRQLDOSDUDJUDIR
‡  7RJOLHUHLOFXVFLQHWWRWUDPLWHHVWUDWWRULFRPXQL
‡  6FROOHJDUHLOSRQWHGLRGL
‡  6YLWDUHOHYLWLHWRJOLHUHLOSRQWHGLRGL
‡  7RJOLHUHO·HFFLWDWULFHPHGLDQWHHVWUDWWRUH
‡  ,QVHULUHO·HFFLWDWULFHQXRYDXWLOL]]DQGRXQDSUHVVD
‡  5LDVVHPEODUHLOWXWWRVHJXHQGROHLVWUX]LRQLGHLSDUDJUDÀ


5LDVVHPEODJJLRGLFRPSRQHQWLHJUXSSLGLFRPSRQHQWL
3HUO·RSHUD]LRQHGLULDVVHPEODJJLRFRPSLHUHOHSUHFHGHQWLRSHUD]LRQL
HVHJXLWHGXUDQWHORVPRQWDJJLRDULWURVR

38/,=,$(/8%5,),&$=,21(
$YYHUWHQ]D 4XDOXQTXH WLSR GL LQWHUYHQWR GL SXOL]LD GHYH HVVHUH
HVHJXLWR FRQ JUXSSR HOHWWURJHQR IHUPR H JHQHUDWRUH VFROOHJDWR
GDOODUHWHHOHWWULFDSHQDJUDYHSHULFRORSHUSHUVRQHHFRVH 4XDOXQTXH WLSR GL LQWHUYHQWR GL SXOL]LD GHYH
HVVHUHHVHJXLWRFRQJUXSSRHOHWWURJHQRIHUPR
HJHQHUDWRUHVFROOHJDWRGDOODUHWHHOHWWULFDSHQD
$FFHUWDWLVLFKHLOJUXSSRHOHWWURJHQRVLDIHUPRHVFROOHJDWRGDOODUHWHHOHW JUDYHSHULFRORSHUSHUVRQHHFRVH
$99(57(1=$
WULFDLOJUXSSRSXzHVVHUHSXOLWRHVWHUQDPHQWHFRQDULDFRPSUHVVD
1RQ XWLOL]]DUH LQ DOFXQD RFFDVLRQH OLTXLGL R
DFTXD1RQSXOLUHFRQDULDFRPSUHVVDOHSDUWL
$YYHUWHQ]D 1RQ XWLOL]]DUH LQ DOFXQD RFFDVLRQH OLTXLGL R DFTXD HOHWWULFKHLQWHUQHSHUFKpSRWUHEEHURYHULÀFDUVL
FRUWRFLUFXLWLRDOWUHDQRPDOLH
1RQ SXOLUH FRQ DULD FRPSUHVVD OH SDUWL HOHWWULFKH LQWHUQH SHUFKp
SRWUHEEHURYHULÀFDUVLFRUWRFLUFXLWLRDOWUHDQRPDOLH $YYDOHUVL HVFOXVLYDPHQWH GL SHUVRQDOH TXD
OLÀFDWR

'(02/,=,21((60$/7,0(172
$YYHUWHQ]D$YYDOHUVLHVFOXVLYDPHQWHGLSHUVRQDOHTXDOLÀFDWR
/·HOLPLQD]LRQHGHLPDWHULDOLYDIDWWDQHOULVSHWWRGHOOHQRUPHYLJHQWL
1HOFDVRGLGHPROL]LRQHGHOJHQHUDWRUHQRQHVLVWRQRSDUWLFRODULULVFKLR
SHULFROLGHULYDQWLGDOJHQHUDWRUHVWHVVRËRSSRUWXQRLQFDVRGLUHFXSH
URPDWHULDOLFKHYHQJDQRVHSDUDWLSHUWLSRORJLDSDUWLHOHWWULFKHUDPH
DOOXPLQLRSODVWLFDHWF

5,&$0%,('$66,67(1=$

3URFHGXUDHLQGLUL]]LGLULIHULPHQWRSHUULFKLHVWHGLDVVLVWHQ]D
,OQRVWUR6HUYL]LRGL$VVLVWHQ]DIRUQLVFHFRPSOHWDFRQVXOHQ]DWHFQLFD
$VVLFXUDUVLSHUULFKLHVWHGL$VVLVWHQ]DLQJDUDQ]LDGLGLVSRUUHGHLGDWLLGHQ
WLÀFDWLYLGHOJHQHUDWRUHGHOVXRQXPHURGLVHULHHGHOQXPHURGHOO·RUGLQH
GLSURGX]LRQHULSRUWDWLVXHWLFKHWWDDGHVLYDSRVL]LRQDWDFRPHGDSDUDJUDIR
GHOSUHVHQWHPDQXDOH/DOLVWDGHLFHQWULGLDVVLVWHQ]DDXWRUL]]DWLq
GLVSRQLELOHQHOQRVWURVLWRLQWHUQHWZZZVRJDJURXSFRP

*$5$1=,$
/D 6LQFUR VUO JDUDQWLVFH DL SURSUL FOLHQWL JOL DOWHUQDWRUL H VDOGDWULFL
SURGRWWLDOVXRLQWHUQRSHUXQSHULRGRGLPHVLDGHFRUUHUHGDOODGDWD
GLFRQVHJQD6LSUHFLVDFKHGHWWDJDUDQ]LDqULYROWDDLVROLFOLHQWLGHOOD
6LQFURDLTXDOLGLUHWWDPHQWHULVSRQGH/D6LQFURQRQULFRQRVFHGLUHW
WDPHQWHODJDUDQ]LDDGDOFXQVRJJHWWRFKHSXULQSRVVHVVRGHLVXRL
SURGRWWLQRQOLDEELDGDHVVDDFTXLVWDWLGLUHWWDPHQWH
1HO FDVR GHL GLVWULEXWRUL XIÀFLDOL GHOOD 6LQFUR QHO PRQGR OD JDUDQ]LD
YLHQHHVWHVDDPHVLGDOODGDWDGLFRQVHJQD
(QWUR L VXGGHWWL WHUPLQL OD 6LQFUR VL LPSHJQD D IRUQLUH JUDWXLWDPHQWH
6.2WWREUH5HY
 ,7$/,$12

SH]]LGLULFDPELRGLTXHOOHSDUWLFKHDJLXGL]LRGHOOD6LQFURRGLXQVXR
UDSSUHVHQWDQWHDXWRUL]]DWRSUHVHQWLQRGLIHWWLGLIDEEULFD]LRQHRGLPD
WHULDOHRSSXUHDVXRJLXGL]LRDGHIIHWWXDUQHODULSDUD]LRQHGLUHWWDPHQWH
RSHUPH]]RGLRIÀFLQHDXWRUL]]DWHVHQ]DDVVXPHUVLDOFXQRQHUHSHULO
WUDVSRUWR
5LPDQH FRPXQTXH HVFOXVD TXDOVLDVL DOWUD IRUPD GL UHVSRQVDELOLWj R
REEOLJD]LRQHSHUDOWUHVSHVHGDQQLHSHUGLWHGLUHWWHRLQGLUHWWHGHULYDQWL
GDOO·XVRRGDOODLPSRVVLELOLWjG·XVRGHLSURGRWWLVLDWRWDOHFKHSDU]LDOH
/DULSDUD]LRQHRODIRUQLWXUDVRVWLWXWLYDQRQSUROXQJKHUjQpULQQRYHUjOD
GXUDWDGHOSHULRGRGLJDUDQ]LD
/DJDUDQ]LDGHFDGUjTXDORUDVLPDQLIHVWDVVHURLQFRQYHQLHQWLRJXDVWL
GRYXWLDGLPSHUL]LDXWLOL]]RROWUHDLOLPLWLGHOOHSUHVWD]LRQLQRPLQDOLVHLO
SURGRWWRDYHVVHVXELWRPRGLÀFKHRVHGRYHVVHULWRUQDUHGLVDVVHPEODWR
RFRQGDWLGLWDUJDDOWHUDWLRPDQRPHVVL

6.2WWREUH5HY
 ,7$/,$12

6.2WWREUH5HY
 (1*/,6+

6$)(7<5(&200(1'$7,216

&21)250,7<'(&/$5$7,21

,1752'8&7,21
 &RQWURORI,'SODWH
 3RVLWLRQRISODWHZLWKHOHFWULFDOVSHFLÀFDWLRQVVHULDOQXPEHUDQGSURGXFWLRQORW

23(5$7,1*35,1&,3/($1'&+$5$&7(5,67,&62)7+(92/7$*(5(*8/$7256<67(0

*(1(5$/0(&+$1,&$/$1'(/(&75,&$/63(&,),&$7,216)25&283/,1*:,7+02725

,167$//$7,21
 /LIWLQJ
 0RXQWLQJRQPRWRU
 $VVHPEO\IRUPDW6$(
 'LVPDQWOLQJIRUPDW6$(
 (DUWKLQJ
 3UHOLPLQDU\&RQWUROV
 &RQWURORIHOHFWULFDOLQVXODWLRQ
 'LUHFWLRQRIURWDWLRQ
 &RQWURORIYROWDJHDQGIUHTXHQF\
 $95ERDUGVHWWLQJV
 :LULQJGLDJUDPVIRUGLIIHUHQWFLUFXLWV
 ,QLWLDOVWDUWXS

$)7(56$/(6$66,67$1&($1'0$,17(1$1&(
 &RQWURORIZLQGLQJVDQGHOHFWULFDOLQVXODWLRQ
 &RQWURORIEHDULQJV
 7URXEOHVKRRWLQJ
 5HPRYDODQGUHSODFHPHQWRIFRPSRQHQWVDQGFRPSRQHQWDVVHPEOLHV
 ([WUDFWLQJDQGLQVHUWLQJWKHVKDIW
 &KDQJLQJEHDULQJ
 &KDQJLQJURWDWLQJGLRGHV
 &KDQJLQJH[FLWHUURWRU
 5HSODFLQJFRPSRQHQWVDQGFRPSRQHQWDVVHPEOLHV
 
&/($1,1*$1'/8%5,&$7,21

',60$17/,1*$1'',6326$/

63$5(3$576$1'$)7(56$/(6
 $IWHUVDOHVSURFHGXUHDQGFRQWDFWDGGUHVVHV

:$55$17<

6.2WWREUH5HY
 (1*/,6+

6$)(7<5(&200(1'$7,216
:HWKDQN\RXIRUKDYLQJFKRVHQD6LQFURSURGXFWDQGZHDUHVXUHWKDW
LWZLOOVDWLVI\DOO\RXUH[SHFWDWLRQVLQKLJKVWDQGDUGVDQGSHUIRUPDQFH
7KH ´8VHU DQG 0DLQWHQDQFH 0DQXDOµ LQFOXGHG ZLWK WKH JHQHUDWRU
SURYLGHV LPSRUWDQW LQGLFDWLRQV UHJDUGLQJ VDIHW\ LQVWDOODWLRQ XVH DQG
PDLQWHQDQFH7KLVSURGXFWFRPSOLHVZLWKUHFRJQLVHGVWDQGDUGVLQJRRG
HQJLQHHULQJDQGSURYLVLRQVUHODWHGWRVDIHW\

:KHQFRQWDFWLQJ6LQFUR6UODOZD\VTXRWHWKHJHQHUDWRUW\SHDQGFRGH
IRXQGRQWKHODEHODWWDFKHGWRWKHSDFNLQJ:KDW·VPRUHLQWKHHYHQWRI
PDOIXQFWLRQRUDQ\RWKHUNLQGRIPDFKLQHIDXOWWKDWVKRXOGUHTXLUHRXU
$IWHUVDOHV 6HUYLFH SOHDVH VSHFLI\ WKH VHULDO QXPEHU 61 DQG SUR
GXFWLRQRUGHU32

&$87,21$QLQFRUUHFWLQVWDOODWLRQRULPSURSHUXVHRIWKHSURG
XFWPD\FDXVHGDPDJHWRSHUVRQVDQGREMHFWV

‡ 6WULFWO\REVHUYHWKHLQVWUXFWLRQVJLYHQLQWKH´8VHUDQG0DLQWHQDQFH
0DQXDOµWKDWLVSURYLGHGWRLQGLFDWHWKHFRUUHFWFRQGLWLRQVIRULQVWDO
ODWLRQXVHDQGPDLQWHQDQFHLQRUGHUWRSUHYHQWPDOIXQFWLRQVLQWKH
JHQHUDWRUDQGDYRLGKD]DUGRXVVLWXDWLRQVIRUWKHXVHU
‡ 'LVSRVHRIDOOSDFNLQJPDWHULDOLHSODVWLFFDUGERDUGSRO\VW\UHQH
HWFDFFRUGLQJWRVWDWXWRU\UHJXODWLRQV
‡ .HHSWKHLQVWUXFWLRQVZLWKWKHWHFKQLFDOIROGHUDQGIRUIXWXUHFRQVXO
WDWLRQ
‡ 7KLVSURGXFWKDVEHHQGHVLJQHGDQGFRQVWUXFWHGVROHO\IRUWKHDSSOL
FDWLRQVLQGLFDWHGLQWKLVPDQXDO$Q\XVHQRWVSHFLÀHGLQWKLVPDQXDO
PD\FDXVHGDPDJHWRWKHSURGXFWDQGEHFRPHDVRXUFHRIKD]DUG
‡ 6LQFUR6UOGHFOLQHVDOOOLDELOLW\DULVLQJIURPDQ\XVHZKHWKHULPSURSHU
RUGLIIHULQJIURPLWVRULJLQDOFRQFHSWDQGVSHFLÀHGLQWKLVPDQXDO
‡ 'RQRWLQVWDOOWKHSURGXFWLQDSRWHQWLDOO\H[SORVLYHDWPRVSKHUH
‡ 7KHSODQWFRPSRQHQWHOHPHQWVPXVWFRPSO\ZLWK(XURSHDQ'LUHFWLYHV
7RHQVXUHJRRGVDIHW\OHYHOVWKHVHVWDQGDUGVVKRXOGDOVREHREVHUYHG
LQQRQ((&FRXQWULHVLQDGGLWLRQWRWKHFRXQWU\VSHFLÀFVWDWXWRU\UHJX
ODWLRQV
‡ 7KHLQVWDOODWLRQPXVWFRPSO\ZLWK(XURSHDQ'LUHFWLYHVDQGPXVWEH
FDUULHGRXWVROHO\E\TXDOLÀHGVSHFLDOLVWV
‡ 'RQRWVWDUWXSWKHJHQHUDWRULIWKHSURWHFWLYHFRYHUVWKHDFFHVVSDQHOV
RUWKHWHUPLQDOER[FRYHUKDYHEHHQUHPRYHG
‡ %HIRUHVWDUWLQJDQ\PDLQWHQDQFHZRUNVKXWRIIWKHPRWRUSRZHUFLU
FXLW
‡  6KXWRIIWKHDFWXDWRUFLUFXLWVDQGRUSODFHZDUQLQJGHFDOVRQDOOFLUFXLW
EUHDNHUVQRUPDOO\XVHGIRUFRQQHFWLQJWKHPDLQVRURWKHUJHQHUDWRUV
LQRUGHUWRSUHYHQWWKHPIURPEHLQJVZLWFKHGDFFLGHQWDOO\
‡ 2QO\XVHJHQXLQHSDUWVIRUDQ\PDLQWHQDQFHRUUHSDLU)DLOXUHWRRE
VHUYHWKLVUHFRPPHQGDWLRQVKDOOIUHH6LQFUR6UOIURPDOOUHVSRQVLELOLW\
UHODWHGWRWKHJHQHUDWRUVDIHW\DQGJRRGRSHUDWLRQ
‡ 7UDLQWKHSODQWRSHUDWRULQWKHPDQDJHPHQWXVHDQGPDLQWHQDQFHRI
WKHJHQHUDWRU
‡ $Q\WKLQJQRWH[SUHVVO\SUHVFULEHGLQWKHVHLQVWUXFWLRQVLVSURKLELWHG
,PSRUWDQW 7KLV UHIHUV WR ULVN FRQGLWLRQV RU WR
KD]DUGRXVSURFHGXUHVWKDWFRXOGFDXVH
7KLVPDQXDOXVHVYDULRXVV\PEROVDQGWHUPVWKDWKDYHDSUHFLVHPHDQ GDPDJH WR WKH SURGXFW RU FRQQHFWHG
LQJ7KHVHDUHFOHDUO\GHÀQHGEHORZ HTXLSPHQW

,PSRUWDQW7KLVUHIHUVWRULVNFRQGLWLRQVRUWRKD]DUGRXVSURFHGXUHV &DXWLRQ 7KLVUHIHUVWRULVNFRQGLWLRQVRUKD]DUGRXV

WKDWFRXOGFDXVHGDPDJHWRWKHSURGXFWRUFRQQHFWHGHTXLSPHQW SURFHGXUHVWKDWFRXOGFDXVHGDPDJHWR
WKHSURGXFWRULQMXU\WRSHUVRQV
&DXWLRQ7KLVUHIHUVWRULVNFRQGLWLRQVRUKD]DUGRXVSURFHGXUHVWKDW
FRXOGFDXVHGDPDJHWRWKHSURGXFWRULQMXU\WRSHUVRQV
7KLV V\PERO VLJQDOV ULVN FRQGLWLRQV RU
KD]DUGRXVSURFHGXUHVWKDW&28/'FDXVH
([FODPDWLRQPDUNV\PERO7KLVV\PEROVLJQDOVULVNFRQGLWLRQVRU VHYHUHLQMXU\RUGHDWK
KD]DUGRXVSURFHGXUHVWKDW&28/'FDXVHVHYHUHLQMXU\RUGHDWK :$51,1*

6.2WWREUH5HY
 (1*/,6+

7KLV V\PERO VLJQDOV ULVN FRQGLWLRQV RU
KD]DUGRXV SURFHGXUHV WKDW ZLOO FDXVH
VHYHUHLQMXU\RUGHDWK
'$1*(5
/LJKWQLQJV\PERO7KLVV\PEROVLJQDOVULVNFRQGLWLRQVRUKD]DUGRXV
SURFHGXUHVWKDWZLOOFDXVHVHYHUHLQMXU\RUGHDWK
&21)250,7<'(&/$5$7,21
$OO6.JHQHUDWRUVDUHVXSSOLHGZLWKDGHFODUDWLRQRILQFRUSRUDWLRQ
LQDFFRUGDQFHZLWK(XURSHDQUXOHVDQGUHJXODWLRQVDVSURYLGHGLQÀQDO
SDJHVRIWKLVPDQXDO
$FFRUGLQJWRWKH(&0DFKLQH'LUHFWLYHLWLVWKHHOHFWULFLW\JHQHUDWLQJ
VHWFRQVWUXFWRU·VUHVSRQVLELOLW\WRHQVXUHWKDWWKHJHQHUDWRUVHULDODQG
LGHQWLÀFDWLRQQXPEHUVDUHLQGLFDWHGRQWKHFRYHUSDJHRIWKLVPDQXDO

)XUWKHUPRUH 6. W\SH JHQHUDWRUV DUH VXSSOLHG RQ WKH IROORZLQJ

EDVLV

‡  7KH\VKDOOEHXVHGDVSRZHUJHQHUDWRUVRUIRUUHODWHGIXQFWLRQV
‡  7KH\VKDOOEHXVHGLQRQHRIWKHIROORZLQJDSSOLFDWLRQV
 0RELOHZLWKRXWKRXVLQJIRUWHPSRUDU\SRZHUVXSSOLHV
 0RELOHZLWKKRXVLQJIRUWHPSRUDU\SRZHUVXSSOLHV
 2QERDUGEHORZGHFNPDULQHXVHDIWHUFHUWLÀFDWLRQ
 2QFRPPHUFLDOYHKLFOHVIUHLJKWWUDQVSRUWFROGVWRUDJHHWF
 2QUROOLQJWUDFNDX[LOLDU\SRZHU
 2QLQGXVWULDOYHKLFOHVHDUWKKDQGOLQJKRLVWLQJHWF
 6WDWLRQDU\LQVWDOODWLRQLQGXVWULDOIDFWRU\SODQW
  6WDWLRQDU\ LQVWDOODWLRQ UHVLGHQWLDO FRPPHUFLDO DQG OLJKW LQGXVWU\
(OHFWULFDOVSHFLÀFDWLRQVSODWH KRXVHRIÀFHKRVSLWDO
 (QHUJ\PDQDJHPHQWFRJHQHUDWLRQSHDNVLQFRQVXPSWLRQ
 $OWHUQDWLYHHQHUJ\VFKHPHV
‡  7KHVWDQGDUGJHQHUDWRUVDUHGHVLJQHGWRVDWLVI\´LQGXVWULDOµHPLVVLRQV
DQGLPPXQLW\VWDQGDUGV,QWKHHYHQWWKDWJHQHUDWRUVKDYHWRFRPSO\
ZLWKHPLVVLRQOLPLWDWLRQVIRUUHVLGHQWLDOFRPPHUFLDODQGOLJKWLQGXVWULDO
]RQHVVRPHDGGLWLRQDODFFHVVRULHVPD\EHQHFHVVDU\
‡  7KHLQVWDOODWLRQZLULQJGLDJUDPUHTXLUHVWKDWWKHJHQHUDWRUKRXVLQJLV
FRQQHFWHGWRWKHHDUWKFRQGXFWRUXVLQJDQDGHTXDWHO\VL]HGFDEOH
ZLWKDPLQLPXPOHQJWKSRVVLEOH
‡  7KH XVH RI DQ\ VSDUH SDUWV WKDW DUH QRW JHQXLQH RU QRW H[SUHVVO\
DXWKRULVHG VKDOO IUHH 6LQFUR IURP DQ\ ZDUUDQW\ OLDELOLW\ DQG DQ\
UHVSRQVLELOLW\ FRQFHUQLQJ FRQIRUPLW\ WR UHJXODWLRQV DQG UHOHYDQW
FRQVHTXHQFHV
‡  ,QVWDOODWLRQDIWHUVDOHVDVVLVWDQFHDQGPDLQWHQDQFHPXVWEHFDUULHG
RXWE\DGHTXDWHO\WUDLQHGVWDIIZLWKDNQRZOHGJHRIWKHSURYLVLRQVRI
(&GLUHFWLYHV

,1752'8&7,21
2Q GHOLYHU\ LQVSHFW WKH JHQHUDWRU WR FKHFN LW KDV QRW EHHQ GDPDJHG
GXULQJWUDQVSRUWRUWKDWQRSDUWVDUHPLVVLQJ

&RQWURORI,'SODWH
,'SODWH 7KHJHQHUDWRUVLQWKH6.UDQJHFDQEHLGHQWLÀHGE\WKHLU,'SODWH
7KLVVKRXOGEHFRQWUROOHGDQGFKHFNHGDJDLQVWWKHRUGHUVSHFLÀFDWLRQV
RQGHOLYHU\LQRUGHUWRDVFHUWDLQHYHQWXDOHUURUVLQVKLSPHQWRUFRQÀJX
UDWLRQ

3RVLWLRQRISODWHZLWKHOHFWULFDOVSHFLÀFDWLRQVVHULDOQXPEHU
DQGSURGXFWLRQORW
$Q DGKHVLYH SODWH LV VXSSOLHG ZLWK WKH JHQHUDWRU LQGLFDWLQJ LWV VHULDO
QXPEHUZKLFKLVGLIIHUHQWIRUHDFKPDFKLQHDQGWKHSURGXFWLRQORW
7KHSODWHPXVWEHDSSOLHGE\WKHLQVWDOOHULQWKHSRVLWLRQLQGLFDWHGLQWKH
ÀJXUHVRWKDWLWLVHDV\WRUHDGLQHIIHFWWKHVHULDOQXPEHUDQGSURGXF
WLRQORWSOD\DQHVVHQWLDOUROHLQWKHSURFHGXUHVLQYROYHGLQUHTXHVWLQJ
DIWHUVDOHVDVVLVWDQFH
7KHJHQHUDWRULVVXSSOLHGFRPSOHWHZLWKDQDGGLWLRQDODGKHVLYHSODWH
WKDW JLYHV WKH PDFKLQH GDWD DQG HOHFWULFDO VSHFLÀFDWLRQV DQG D OLVW RI
6.2WWREUH5HY
 (1*/,6+

SRVVLEOHFRQQHFWLRQV &DXWLRQ 7KHLQVWDOOHUPXVWFOHDUO\PDUNRQWKHSODWH

WKHDFWXDOFRQQHFWLRQIURPWKRVHSURYLGHG
&DXWLRQ 7KH LQVWDOOHU PXVW FOHDUO\ PDUN RQ WKH SODWH WKH DFWXDO RQWKHOLVWVRDVWRDYRLGSRVVLEOHPDOIXQF
FRQQHFWLRQIURPWKRVHSURYLGHGRQWKHOLVWVRDVWRDYRLGSRVVLEOH WLRQVDQGHYHQLQMXU\WRSHUVRQVRUGDPDJH
WRREMHFWV
PDOIXQFWLRQVDQGHYHQLQMXU\WRSHUVRQVRUGDPDJHWRREMHFWV
 )RU GLIIHUHQW HOHFWULFDO FRQQHFWLRQV WR
&DXWLRQ )RU GLIIHUHQW HOHFWULFDO FRQQHFWLRQV WR VWDQGDUG IDFWRU\ VWDQGDUGIDFWRU\ZLULQJFRQVXOWWKHVSH
ZLULQJ FRQVXOW WKH VSHFLÀF VHFWLRQ DQG ZLULQJ GLDJUDPV LQ WKH FLÀF VHFWLRQ DQG ZLULQJ GLDJUDPV LQ WKH
PDQXDO
PDQXDO

7KH6LQFUR7HFKQLFDO2IÀFHLVDOZD\VDYDLODEOHIRUDQ\FODULÀFDWLRQ

7KHGDWDSODWHLVVXSSOLHGORRVHVRWKDWLWFDQEHDSSOLHGWRWKHJHQHUDWRU
LQWKHSRVLWLRQLQGLFDWHGLQWKHÀJXUHDIWHUDQ\FRDWLQJLVFRPSOHWHG
7KHVXUIDFHUHFHLYLQJWKHSODWHPXVWEHVPRRWKFOHDQDQGDQ\FRDWLQJ
VKRXOG EH FRPSOHWHO\ GU\ 7R PDNH VXUH LWV LV ÀUPO\ DSSOLHG UHPRYH
DERXWPPRIEDFNLQJSDSHU:KHQWKLVSLHFHLVLQSRVLWLRQDQGÀUPO\
DSSOLHGWKHEDFNLQJSDSHUFDQEHJUDGXDOO\SXOOHGDZD\ZKLOHWKHSODWH $95ERDUG
LVEHLQJSUHVVHGLQSRVLWLRQ$IXOOERQGLVREWDLQHGDIWHUKRXUV

23(5$7,1*35,1&,3/($1'&+$5$&7(5,67,&62)7+(92/7
$*(5(*8/$7256<67(0
7KH H[FLWHU VWDWRU KDV D UHVLGXDO PDJQHWLVP ZKLFK JXDUDQWHHV VHOI
H[FLWLQJRIWKHJHQHUDWRURQVWDUWXSWKDWWKHUHE\JHQHUDWHVDUHVLGXDO
YROWDJHRIDERXWQRPLQDOYROWDJH
7KH$95SRZHUHGE\DQDX[LOLDU\FLUFXLWRQWKHPDLQVWDWRUDFWVRQWKH
H[FLWHUVWDWRULQGLUHFWO\FRQWUROOLQJWKHÀHOGJHQHUDWHGE\WKHPDLQURWRU
E\PHDQVRIWKHVHTXHQFHH[FLWHUURWRUGLRGHEULGJHPDLQURWRU
7KH YROWDJH UHJXODWRU KDV D “ YROWDJH SUHFLVLRQ LQ WKH PDFKLQH·V
ZRUNLQJUDQJHZLWKGLVWRUWLRQIUHHORDGV7KHYROWDJHUHJXODWRUFRQWUROV
DQGNHHSVFRQVWDQWWKHDYHUDJHYROWDJHRIRQHSKDVH
$ IUHTXHQF\ FRQWURO SURJUHVVLYHO\ GHDFWLYDWHV WKH PDFKLQH ZKHQ WKH
GULYHPRWRUVSHHGGURSVEHORZDSUHVHWDGMXVWDEOHWKUHVKROGSUHYHQWLQJ
RYHUH[FLWHPHQWDWORZRSHUDWLQJVSHHGVDQGDEDWLQJWKHORDGHQJDJH
HIIHFWVRQWKHPRWRU
,QFRQFOXVLRQWKHUHJXODWRUUHDFWLRQWLPHFDQEHPRGXODWHGWRHOLPLQDWH
DQ\YROWDJHLQVWDELOLW\WKDWPD\DULVH
$IXVHSURWHFWVUHJXODWRUDQGJHQHUDWRUIURPRYHUORDGVDQGRUIDXOWV

 *(1(5$/ 0(&+$1,&$/$1' (/(&75,&$/ 63(&,),&$7,216

)25&283/,1*:,7+02725
$VDQLQGHSHQGHQWXQLWGHVLJQHGWREHEXLOWLQWRDHOHFWULFLW\JHQHUDWLQJ
VHWLWLVLPSRVVLEOHWRDSSO\DOOWKHVLJQDOGHFDOVRQWKHJHQHUDWRUGXULQJ
SURGXFWLRQ7KHVHGHFDOVLQGLFDWLQJDSRWHQWLDOKD]DUGRUULVNGXHWROLYH
FRPSRQHQWVDUHVXSSOLHGORRVHDQGKDYHWREHDSSOLHGE\WKHFRQVWUXFWRU
RIWKHHOHFWULFLW\JHQHUDWLQJVHWLQWKHSRVLWLRQVLQGLFDWHGLQWKHÀJXUHWR
WKHVLGHRQFHDVVHPEO\RIWKHZKROHVHWKDVEHHQFRPSOHWHG
7KHJHQHUDWRUVLQWKH6.UDQJHDUHGHVLJQHGWRRSHUDWHDWDPD[L
PXPWHPSHUDWXUHRIƒ&DQGDWDPD[LPXPDOWLWXGHDERYHVHDOHYHO
RIPDWVO
7KHQRPLQDOSHUIRUPDQFHLQGLFDWHGRQWKHSODWHUHIHUVWRRSHUDWLRQZLWKLQ
WKHVHWHPSHUDWXUHDQGDOWLWXGHOLPLWV
$WWHPSHUDWXUHVRYHUƒ&DQGRUDOWLWXGHVDERYHPDWVODORVV
RISHUIRUPDQFHVKRXOGEHH[SHFWHGVHHWDEOHRQWKHOHIW
7KH6LQFUR7HFKQLFDO2IÀFHVKRXOGEHDGYLVHGRIDQ\HQYLURQPHQWDO
FRQGLWLRQVWKDWZRUVHQWKHDERYHOLPLWV $PELHQWWHPSƒ&      
     
7KHJHQHUDWRUVDUHÀWWHGZLWKDQDLUYHQWLODWLRQV\VWHPSURWHFWLYHJXDUGV
DQGGULSSURRIFRYHUVWKH\DUHQRWVXLWDEOHIRURXWGRRULQVWDOODWLRQXQOHVV $OWLWXGHP      
     
DQDGHTXDWHSURWHFWLYHVKHOWHULVSURYLGHG:KHQXQGHUVWRUDJHDZDLWLQJ
LQVWDOODWLRQRULQVWDQGE\LWLVDGYLVDEOHWRXVHRIDQWLFRQGHQVDWHKHDWHUV 3RZHUIDFWRU      
WRSURWHFWWKHZLQGLQJVIURPGDPS      

6.2WWREUH5HY
 (1*/,6+

%HIRUHWKHLQLWLDOVWDUWXSRUDIWHUORQJVKXWGRZQVFKHFNWKHLQVXODWLRQ
UHVLVWDQFHWRZDUGVHDUWKRIDOOZLQGLQJVDOZD\VUHPHPEHUWRXQKRRNWKH
,PSRUWDQW$GURSLQFRROLQJDLUÁRZRULQDGHTXDWH
SURWHFWLRQ RI WKH JHQHUDWRU FDQ OHDG WR
GDPDJHDQGRUPDOIXQFWLRQRIWKHZLQG
LQJV
7KHJHQHUDWRULVVXSSOLHGZLWKRXWDFRQ
QHFWLRQWRHDUWKWRPDNHWKLVFRQQHFWLRQ
UHIHUWRUHOHYDQWORFDOUHJXODWLRQV$QLQHI
:$51,1* ÀFLHQWHDUWKFRQQHFWLRQRUVDIHW\FXWRXW
FDQFDXVHLQMXU\RUGHDWK
$QHUURULQLQVWDOODWLRQXVHPDLQWHQDQFH
RUUHSODFHPHQWRISDUWVFDQFDXVHVHYHUH
LQMXU\ RU GHDWK QRW WR PHQWLRQ GDPDJH
WR WKH PDFKLQHU\$OO ZRUN RQ HOHFWULFDO
DQGRUPHFKDQLFDOSDUWVPXVWEHFDUULHG
RXWE\DTXDOLÀHGVSHFLDOLVW
&DXWLRQ $QLQVXIÀFLHQWORDGEHDULQJFDSDFLW\FDQFDXVH
VHYHUHLQMXU\DQGGDPDJH
 7KHOLIWLQJOXJVRQWKHJHQHUDWRUKDYHEHHQGH
VLJQHGIRUOLIWLQJRQO\WKHJHQHUDWRUDQGQRWWKH
ZKROHHOHFWULFLW\JHQHUDWLQJVHW
6.2WWREUH5HY
YROWDJHUHJXODWRUEHIRUHFDUU\LQJRXWWKLVWHVWWKHUHVXOWVPXVWEHRYHU
02KP,IWKLVLVQRWWKHFDVHWKHDOWHUQDWRUDORQHVKRXOGEHRYHQGULHG
DW¸ƒ&IRUKRXUV%HIRUHFDUU\LQJRXWWKLVRSHUDWLRQUHPRYHWKH
YROWDJHUHJXODWRU$VDQDOWHUQDWLYHWRRYHQGU\LQJKRWDLUDW¸ƒ&
FDQEHEORZQWKURXJKWKHDOWHUQDWRUIRUDWOHDVWKRXU
,QWKHHYHQWRILQVWDOODWLRQLQVLGHDFORVHGKRXVLQJPDNHVXUHWKDWWKHFRROLQJ
DLUWHPSHUDWXUHIRUWKHJHQHUDWRUGRHVQRWULVHDERYHVWDQGDUG
7KHKRXVLQJPXVWEHFRQVWUXFWHGVRWKDWWKHPRWRUDLUYHQWLQWKHKRXVLQJ
LVVHSDUDWHIURPWKHJHQHUDWRUDLUYHQWHVSHFLDOO\LIWKHDLULQOHWLQWKHKRXV
LQJKDVWREHVXSSOLHGE\WKHFRROLQJIDQ:KDW·VPRUHWKHJHQHUDWRUDLU
YHQWVKRXOGEHFRQVWUXFWHGWRSUHYHQWGDPSIURPHQWHULQJE\ÀWWLQJVXLWDEOH
SURWHFWLRQV7KHKRXVLQJVKRXOGEHGHVLJQHGVRWKDWWKHUHLVDPLQLPXP
FOHDUDQFHRIPPEHWZHHQWKHJHQHUDWRUDLUYHQWDQGDQ\ÁDWVXUIDFH
,IVSHFLÀHGRQRUGHUWKHJHQHUDWRUFDQEHÀWWHGZLWKDLUÀOWHUV
,PSRUWDQW$GURSLQFRROLQJDLUÁRZRULQDGHTXDWHSURWHFWLRQRIWKH
JHQHUDWRUFDQOHDGWRGDPDJHDQGRUPDOIXQFWLRQRIWKHZLQGLQJV
7KHPRWRULQGXFHVTXLWHFRPSOH[YLEUDWLRQVLQFOXGLQJRYHUWRQHVWKDW
ZKHQDGGHGWRWKHJHQHUDWRUYLEUDWLRQVFDQFDXVHVXEVWDQWLDOYLEUDWLRQ
OHYHOVGDPDJLQJIRUWKHHOHFWULFLW\JHQHUDWLQJVHWRSHUDWLRQ7KHUHIRUH
LWLVHVVHQWLDOWKDWWKHSODQWHQJLQHHUWDNHVDOOQHFHVVDU\PHDVXUHVWR
HQVXUHDOLJQPHQWDQGSURYLGHDÀUPEDVHDQGVXSSRUWVLQRUGHUWRSUH
YHQWYLEUDWLRQVIURPH[FHHGLQJWKHVWDQGDUG
$OLJQPHQWRIVLQJOHEHDULQJJHQHUDWRUVLVFULWLFDOEHFDXVHLWPD\JLYH
ULVHWRYLEUDWLRQVDORQJWKHFRXSOLQJEHWZHHQPRWRUDQGJHQHUDWRU)RU
WKLVSXUSRVHVSHFLDODWWHQWLRQPXVWEHJLYHQWRWKHDOWHUQDWRUWRPRWRU
DVVHPEO\SURYLGLQJDVROLGEDVHDQGLPSOHPHQWLQJDQWLYLEUDWLRQSOXJV
WRVXSSRUWWKHPRWRUDOWHUQDWRUDVVHPEO\
7KHWHUPLQDOER[FRQWDLQVWKHLQVXODWHGWHUPLQDOVIRUFRQQHFWLQJWKHOLQH
DQGQHXWUDODQGIRUWKHHDUWKFRQQHFWLRQ
7KHQHXWUDOLV127FRQQHFWHGWRWKHKRXVLQJ
:DUQLQJ7KHJHQHUDWRULVVXSSOLHGZLWKRXWDFRQQHFWLRQWRHDUWK
WR PDNH WKLV FRQQHFWLRQ UHIHU WR UHOHYDQW ORFDO UHJXODWLRQV $Q
LQHIÀFLHQWHDUWKFRQQHFWLRQRUVDIHW\FXWRXWFDQFDXVHLQMXU\RU
GHDWK
7KHJHQHUDWRUIDXOWFXUUHQWVDUHDYDLODEOHRQUHTXHVWWRKHOSWKHSODQW
HQJLQHHULQVL]LQJWKHSODQWDQGLWVFRPSRQHQWV
:DUQLQJ$QHUURULQLQVWDOODWLRQXVHPDLQWHQDQFHRUUHSODFHPHQW
RISDUWVFDQFDXVHVHYHUHLQMXU\RUGHDWKQRWWRPHQWLRQGDPDJH
WR WKH PDFKLQHU\$OO ZRUN RQ HOHFWULFDO DQGRU PHFKDQLFDO SDUWV
PXVWEHFDUULHGRXWE\DTXDOLÀHGVSHFLDOLVW
,167$//$7,21
/LIWLQJ
/LIWDQGKDQGOHWKHJHQHUDWRUZLWKVXLWDEOHHTXLSPHQWHLWKHURQDSDOOHW
RUE\WKHOLIWLQJOXJVORFDWHGRQWKHJHQHUDWRULQWKHSRVLWLRQVLQGLFDWHG
LQWKHÀJXUH
:KHQOLIWLQJWKHJHQHUDWRUXVHHTXLSPHQWZLWKDORDGEHDULQJFD
SDFLW\RIDWOHDVWNJ
&DXWLRQ $Q LQVXIÀFLHQW ORDGEHDULQJ FDSDFLW\ FDQ FDXVH VHYHUH
 (1*/,6+

LQMXU\DQGGDPDJH &DXWLRQ %HIRUH SURFHHGLQJ ZLWK DVVHPEO\ FKHFN

WKDWWKHFRXSOLQJVERWKRQJHQHUDWRUDQG
&DXWLRQ7KHOLIWLQJOXJVRQWKHJHQHUDWRUKDYHEHHQGHVLJQHGIRU PRWRUDUHLQRUGHUDQGSHUIHFWO\FOHDQ
OLIWLQJRQO\WKHJHQHUDWRUDQGQRWWKHZKROHHOHFWULFLW\JHQHUDWLQJ 
VHW

:KHQOLIWLQJDQGKDQGOLQJVLQJOHEHDULQJJHQHUDWRUVWKH\PXVWEHNHSW
KRUL]RQWDOLQRUGHUWRDYRLGLIRSHUDWLRQVVKRXOGJRZURQJWKHURWRUIURP
VOLSSLQJRXWDQGEHLQJGDPDJHGDQGSRVVLEO\FDXVLQJVHYHUHLQMXU\

0RXQWLQJRQPRWRU

6$(IRUPDWVHHÀJXUHRQWKHOHIW 

&DXWLRQ%HIRUHSURFHHGLQJZLWKDVVHPEO\FKHFNWKDWWKHFRXSOLQJV
ERWKRQJHQHUDWRUDQGPRWRUDUHLQRUGHUDQGSHUIHFWO\FOHDQ

‡  &KHFNWKDWWKHGLDPHWHURIWKHGLVFFRUUHVSRQGVWRWKHGLDPHWHU
RIWKHKRXVLQJLQWKHÁ\ZKHHO
‡  3ODFHWKHDOWHUQDWRUZLWKWKHDLGRIDMDFNLQDYHUWLFDOSRVLWLRQZLWK
WKHUHDUVKLHOGIDFLQJWKHJURXQG
‡  6FUHZDQH\HEROWLQWRWKHKROHLQWKHFHQWUHRIWKHVKDIW
‡  8VLQJDMDFNOLIWWKHDOWHUQDWRUDFRXSOHRIFHQWLPHWUHVDQGWDSWKHIHHW
RIWKHFDVLQJZLWKDSODVWLFPDOOHWXQWLOWKHEHDULQJFRPHVFRPSOHWHO\
RXWRILWVVHDW
‡  ([WUDFWWKHURWRUSD\LQJSDUWLFXODUDWWHQWLRQWRWKHZLQGLQJV 
‡  )L[WKHURWRUDVVHPEO\GLVFURWRUWRWKHÁ\ZKHHO
‡  )L[WKHFDVLQJWRWKHPRWRUE\EORFNLQJWKHEHOOKRXVLQJWDNLQJFDUH
QRWWRGDPDJHWKHZLQGLQJV
‡  6XSSRUWWKHDVVHPEO\ZLWKYLEUDWLRQGDPSHUVHQVXULQJWKDWWKH ,QDGHTXDWH SURWHFWLRQ DQGRU EDG DOLJQ
PRWRUDQGJHQHUDWRUDUHFRUUHFWO\OHYHOOHG PHQWRIWKHJHQHUDWRUFDQFDXVHLQMXU\WR
SHUVRQVDQGRUGDPDJHWRHTXLSPHQW
:$51,1*
'LVPDQWOLQJIRUPDW6$(
)RU GLVPDQWOLQJ IROORZ LQ UHYHUVH WKH LQVWUXFWLRQV SURYLGHG LQ VHFWLRQ


(DUWKLQJ
:DUQLQJ,QDGHTXDWHSURWHFWLRQDQGRUEDGDOLJQPHQWRIWKHJHQ
HUDWRUFDQFDXVHLQMXU\WRSHUVRQVDQGRUGDPDJHWRHTXLSPHQW

7KH JHQHUDWRU KRXVLQJ KDV WR EH VRXQGO\ FRQQHFWHG WR HDUWK RQ WKH
EDVHRIWKHHOHFWULFLW\JHQHUDWLQJVHW,IÁH[LEOHDQWLYLEUDWLRQVXSSRUWVDUH
PRXQWHGEHWZHHQWKHJHQHUDWRUKRXVLQJDQGLWVEDVHDQHDUWKFRQGXF
WRUVKRXOGEHFRQQHFWHGLQSDUDOOHOWKURXJKWKHÁH[LEOHVXSSRUWDQGEH
DGHTXDWHO\VL]HGXVXDOO\KDOIRIWKHVHFWLRQRIWKHPDLQOLQHFDEOHV

7KHUHDUVKLHOGQH[WWRWKHIHHWKDVRQH0WKUHDGHGKROHWKDWFDQEHXVHG
ZKHQHDUWKLQJWKHKRXVLQJVHH¿JXUHRQWKHOHIW

:DUQLQJ0DNHVXUHWKHHDUWKLQJSURFHGXUHLVFDUULHGRXWSURSHUO\
0WKUHDGHGKROHIRUHDUWKLQJ
3UHOLPLQDU\&RQWUROV

&RQWURORIHOHFWULFDOLQVXODWLRQ 0DNHVXUHWKHHDUWKLQJSURFHGXUHLVFDU
ULHGRXWSURSHUO\
%HIRUHVWDUWLQJXSWKHHOHFWULFLW\JHQHUDWLQJVHWRUDIWHUORQJVKXWGRZQV
FKHFNWKHLQVXODWLRQUHVLVWDQFHRIWKHZLQGLQJVWRHDUWK :$51,1*

&DXWLRQ 8QKRRN WKH $95 YROWDJH UHJXODWRU EHIRUH FDUU\LQJ RXW

WKLVWHVW &DXWLRQ 8QKRRNWKH$95YROWDJHUHJXODWRUEHIRUH
FDUU\LQJRXWWKLVWHVW

7KHUHVXOWVPXVWEHRYHU02KP,IWKLVLVQRWWKHFDVHWKHDOWHUQDWRU
DORQHVKRXOGEHRYHQGULHGDW¸ƒ&IRUKRXUV%HIRUHFDUU\LQJRXW
WKLVRSHUDWLRQUHPRYHWKHYROWDJHUHJXODWRU$VDQDOWHUQDWLYHWRRYHQ
6.2WWREUH5HY
 (1*/,6+
,PSRUWDQW7KHZLQGLQJVDUHWHVWHGXQGHUKLJKWHQ
VLRQGXULQJSURGXFWLRQ$GGLWLRQDOKLJK
WHQVLRQWHVWVFDQZHDNHQWKHLQVXODWLRQ
WKHUHE\UHGXFLQJWKHZRUNLQJOLIHVSDQ
 ,IDKLJKWHQVLRQWHVWVKRXOGSURYHQHFHV
VDU\IRUFXVWRPHUDSSURYDOWKHVHWHVWV
VKRXOGEHFDUULHGRXWDWORZHUYROWDJHV
GU\LQJKRWDLUDW¸ƒ&FDQEHEORZQWKURXJKWKHDOWHUQDWRUIRUDW
OHDVWKRXU
,PSRUWDQW7KHZLQGLQJVDUHWHVWHGXQGHUKLJKWHQVLRQGXULQJSUR
GXFWLRQ$GGLWLRQDOKLJKWHQVLRQWHVWVFDQZHDNHQWKHLQVXODWLRQ
WKHUHE\UHGXFLQJWKHZRUNLQJOLIHVSDQ,IDKLJKWHQVLRQWHVWVKRXOG
SURYHQHFHVVDU\IRUFXVWRPHUDSSURYDOWKHVHWHVWVVKRXOGEHFDU
ULHGRXWDWORZHUYROWDJHV
'LUHFWLRQRIURWDWLRQ
$OOPDFKLQHVDUHHTXLSSHGZLWKDSURSHOOHUIDQDQGFDQWKHUHIRUHRSHUDWH
LQERWKGLUHFWLRQVRIURWDWLRQ7KHJHQHUDWRULVVXSSOLHGZLWKFORFNZLVH
URWDWLRQYLHZHGIURPWKHFRXSOLQJVLGHXQOHVVRWKHUZLVHVSHFLÀHGRQ
RUGHU WR SURGXFH D 89: SKDVH VHTXHQFH ,I URWDWLRQ KDV WR EH UH
YHUVHGDIWHUGHOLYHU\DVNWKH6LQFUR7HFKQLFDO2IÀFHIRUWKHUHOHYDQW
ZLULQJGLDJUDPV

7KHJHQHUDWRUOHDYHVWKHSURGXFWLRQOLQH &RQWURORIYROWDJHDQGIUHTXHQF\
ZLWK D VWDUVHULHV FRQQHFWLRQ XQOHVV
RWKHUZLVHVSHFLÀHGRQRUGHUZKLFKDUH
&RQWUROWKDWWKHYROWDJHDQGIUHTXHQF\OHYHOVUHTXLUHGE\WKHHOHFWULFLW\
:$51,1* XVHG DV UHIHUHQFH IRU LWV QRPLQDO GDWD JHQHUDWLQJVHWFRUUHVSRQGWRWKHJHQHUDWRUGDWDSODWH
,QWKHHYHQWRIDQ\VXEVHTXHQWFKDQJHV
WKHLQVWDOOHUPXVWXQGHUWDNHWRPDUNWKH :DUQLQJ7KHJHQHUDWRUOHDYHVWKHSURGXFWLRQOLQHZLWKDVWDUVHULHV
QHZFRQQHFWLRQXVHGRQWKHPDFKLQHGDWD
SODWHORFDWHGLQVLGHWKHWHUPLQDOER[7R
FKDQJHFRQQHFWLRQFRQVXOWWKHGLDJUDPV
LQWKHDSSHQGL[RIWKLVPDQXDO
$OOFKDQJHVLQFRQQHFWLRQPXVWEHFDUULHG
RXWVROHO\E\DTXDOLÀHGVSHFLDOLVW
7ULPPHU9
7ULPPHU67
7ULPPHU8)
FRQQHFWLRQXQOHVVRWKHUZLVHVSHFLÀHGRQRUGHUZKLFKDUHXVHG
DVUHIHUHQFHIRULWVQRPLQDOGDWD,QWKHHYHQWRIDQ\VXEVHTXHQW
FKDQJHVWKHLQVWDOOHUPXVWXQGHUWDNHWRPDUNWKHQHZFRQQHFWLRQ
XVHGRQWKHPDFKLQHGDWDSODWHORFDWHGLQVLGHWKHWHUPLQDOER[7R
FKDQJHFRQQHFWLRQFRQVXOWWKHGLDJUDPVLQWKHDSSHQGL[RIWKLV
PDQXDO
:DUQLQJ$OOFKDQJHVLQFRQQHFWLRQPXVWEHFDUULHGRXWVROHO\E\
DTXDOLÀHGVSHFLDOLVW
$95ERDUGVHWWLQJV
7RVHOHFWWKH$95VHWWLQJVDFFHVVWKHFRQWUROERDUGDIWHUUHPRYLQJWKH
FRYHU0RVWDGMXVWPHQWVDUHIDFWRU\VHWWRHQVXUHVDWLVIDFWRU\UHVXOWVLQ
WKHRSHUDWLQJWHVWVRQFRPPLVVLRQLQJ)XUWKHUDGMXVWPHQWVPD\EHQHF
HVVDU\WRHQVXUHRSWLPXPRSHUDWLRQXQGHUVSHFLÀFZRUNLQJFRQGLWLRQV
,IWKHDOWHUQDWRUKDVWRRSHUDWHDW+]WKHMXPSHUVHHÀJXUHRQWKH
ULJKW KDV WR EH OHIW LQ SODFH LI LW KDV WR RSHUDWH DW +] WKLV MXPSHU
VKRXOGEHUHPRYHG

7KHRXWSXWYROWDJHFDQEHFKDQJHGE\DGMXVWLQJSRWHQWLRPHWHU´9µ7DNH
WKHJHQHUDWLQJVHWWRLWVQRPLQDOVSHHGDQGWXUQXQWLOWKHUHTXLUHGYROWDJH
LVREWDLQHG,IDVPDOOYDULDWLRQLQVSHHGFDXVHVDFKDQJHLQYROWDJH
WKHQWKHERWWRPVSHHGSURWHFWLRQVKRXOGÀUVWEHFDOLEUDWHG7KHYROWDJH
 UHIHUHQFHRUDQJHZLUHVVKRXOGEHFRQQHFWHG
‡  DWWHUPLQDOV´µDQG´µLIXVLQJDYROWDJHEHWZHHQDQG9

 ‡  WR WHUPLQDOV ´µ DQG ´µ IRU DQ RXWSXW YROWDJH EHWZHHQ  DQG
(;7327 9
&XWIRU+]
&DXWLRQLIWKHYROWDJHLVVHWDQ\KLJKHUWKDQLWVPD[LPXPOLPLWWKH
&DXWLRQ ,I WKH YROWDJH LV VHW DQ\ KLJKHU WKDQ LWV JHQHUDWRUPD\EHGDPDJHG
PD[LPXP OLPLW WKH JHQHUDWRU PD\ EH 
GDPDJHG 6HWWLQJWKHERWWRPVSHHGDW+]VWDUWXSURWDWLRQRIWKHJHQHU
&DXWLRQ ,IWKHERWWRPVSHHGLVVHWDWWRRORZDIUH
TXHQF\ WKH JHQHUDWRU PD\ EH GDPDJHG
2QWKHRWKHUKDQGWRRKLJKDIUHTXHQF\
FDQFDXVHYROWDJHGURSVZLWKKLJKORDGV
6.2WWREUH5HY
DWLQJVHWDGMXVWLQJLWWRREWDLQDIUHTXHQF\RI+]7XUQWULPPHU
´8)µXQWLOWKHYROWDJHEHJLQVWRGURS5HVWRUHQRPLQDOVSHHG
&DXWLRQLIWKHERWWRPVSHHGLVVHWDWWRRORZDIUHTXHQF\WKHJHQ
HUDWRUPD\EHGDPDJHG2QWKHRWKHUKDQGWRRKLJKDIUHTXHQF\
FDQFDXVHYROWDJHGURSVZLWKKLJKORDGV
 (1*/,6+

&RQQHFWLQJDQH[WHUQDOSRWHQWLRPHWHUN2KPUHPRYHWKHMXPSHU

RQWHUPLQDOV´(;7327µDQGZLUHWKHSRWHQWLRPHWHUWRWKHIUHHWHUPLQDOV
KRZHYHUPDNHVXUHWKDWLWLVVHWDWLWVPD[LPXPUHVLVWDQFH7XUQWULPPHU
´9µDQWLFORFNZLVHWRLWVOLPLW7DNHWKHJHQHUDWLQJVHWWRLWVQRPLQDOVSHHG
DQGDGMXVWWKHSRWHQWLRPHWHUXQWLOWKHUHTXLUHGYROWDJHLVREWDLQHG

,IRQORDGYROWDJHÁXFWXDWLRQVDUHH[SHULHQFHGDGMXVWSRWHQWLRPHWHU´67µ
ZKLFKPRGXODWHVWKHUHDFWLRQWLPHRIWKHUHJXODWRUWRH[WHUQDOLQSXWV
WKHUHE\HOLPLQDWLQJDQ\LQVWDELOLW\LQWKHDOWHUQDWRUORDGV\VWHP

:LULQJGLDJUDPVIRUGLIIHUHQWFLUFXLWV
,QWKHDSSHQGL[RIWKLVPDQXDOWKHUHDUHGLDJUDPVIRUDQ\FRQQHFWLRQV
RWKHUWKDQWKHIDFWRU\VWDUVHULHVFRQQHFWLRQVWDQGDUGXQOHVVRWKHUZLVH
VSHFLÀHGRQRUGHU

,QLWLDOVWDUWXS
%HIRUHVWDUWLQJXSWKHHOHFWULFLW\JHQHUDWLQJVHWFKHFNWKDWDOOH[WHUQDO
FRQQHFWLRQVDUHLQRUGHUDQGWKDWWKHSURWHFWLRQVDUHLQSODFH
7KHYDULRXVJHQHUDWRUSDUDPHWHUVDUHIDFWRU\VHWEHIRUHWHVWLQJVRQR
IXUWKHUDGMXVWPHQWVRQWKHPDFKLQHVKRXOGEHQHFHVVDU\LQWKHHYHQW
WKDWWKHFRYHUVQHHGWREHUHPRYHGIRUWKHDGMXVWPHQWVDQGOLYHHOHFWULFDO
FRQWDFWVDUHOHIWEDUHLWLVLPSRUWDQWWKDWWKLVRSHUDWLRQEHFDUULHGRXW
VROHO\E\TXDOLÀHGVSHFLDOLVWVLQHOHFWULFDOSODQWPDLQWHQDQFH
'XULQJWKHLQLWLDOVWDUWXSSD\SDUWLFXODUDWWHQWLRQIRUDQ\XQXVXDOQRLVHV
WKDWPLJKWVLJQDODQLQFRUUHFWDOLJQPHQWEHWZHHQPRWRUDQGJHQHUDWRU

:DUQLQJ'RQRWWRXFKWKHJHQHUDWRUZKLOHLQRSHUDWLRQDQGVWUDLJKW
DIWHUWKHJHQHUDWLQJVHWKDVVWRSSHGVLQFHFHUWDLQSDUWVPD\VWLOO 'RQRWWRXFKWKHJHQHUDWRUZKLOHLQRS
HUDWLRQDQGVWUDLJKWDIWHUWKHJHQHUDWLQJ
EHYHU\KRW VHWKDVVWRSSHGVLQFHFHUWDLQSDUWVPD\
*HQHUDWRUV DUH URWDWLQJ HOHFWULFDO PDFKLQHV WKDW LQYROYH SRWHQWLDOO\ :$51,1* VWLOOEHYHU\KRW
KD]DUGRXV OLYH RU PRYLQJ SDUWV WKHUHIRUH WKH IROORZLQJ LV VWULFWO\ SUR
KLELWHG 7KHODFNRIURXWLQHFKHFNXSVDQGSRRU
PDLQWHQDQFH FDQ FDXVH VHYHUH GDPDJH
‡  DQLPSURSHUXVH WRSHUVRQVDQGRUREMHFWV
‡  UHPRYDORIFRYHUVDQGGLVFRQQHFWLRQRIVDIHWLHV

:DUQLQJ7KHODFNRIURXWLQHFKHFNXSVDQGSRRUPDLQWHQDQFHFDQ
FDXVHVHYHUHGDPDJHWRSHUVRQVDQGRUREMHFWV

'XHWRWKHVHLQKHUHQWKD]DUGVDOOZRUNRIDQHOHFWULFDORUPHFKDQLFDO
QDWXUHPXVWEHFDUULHGRXWE\TXDOLÀHGVSHFLDOLVWV

$)7(56$/(6$66,67$1&($1'0$,17(1$1&(
:DUQLQJ7KHPDLQWHQDQFHDQGIDXOWGLDJQRVWLFSURFHGXUHVLQYROYH 7KH PDLQWHQDQFH DQG IDXOW GLDJQRVWLF
ULVNVWKDWPD\FDXVHVHYHUHLQMXU\RUHYHQGHDWK7KHVHSURFHGXUHV SURFHGXUHVLQYROYHULVNVWKDWPD\FDXVH
VHYHUHLQMXU\RUHYHQGHDWK7KHVHSUR
VKRXOGWKHUHIRUHEHFDUULHGRXWVROHO\E\TXDOLÀHGHOHFWULFDODQG :$51,1* FHGXUHVVKRXOGWKHUHIRUHEHFDUULHGRXW
PHFKDQLFDOVSHFLDOLVWV%HIRUHDQ\PDLQWHQDQFHDQGFOHDQLQJZRUN VROHO\ E\ TXDOLILHG HOHFWULFDO DQG PH
PDNHVXUHWKDWWKHUHDUHQROLYHSDUWVWKDWWKHJHQHUDWRUKRXVLQJ FKDQLFDOVSHFLDOLVWV%HIRUHDQ\PDLQWH
KDVFRROHGWRDPELHQWWHPSHUDWXUHWKDWWKHHOHFWULFLW\JHQHUDWLQJ QDQFHDQGFOHDQLQJZRUNPDNHVXUHWKDW
WKHUHDUHQROLYHSDUWVWKDWWKHJHQHUDWRU
VHWFDQQRWEHDFFLGHQWDOO\VWDUWHGXSDQGWKDWDOOSURFHGXUHVDUH
'$1*(5 KRXVLQJKDVFRROHGWRDPELHQWWHPSHUD
VWULFWO\REVHUYHG WXUHWKDWWKHHOHFWULFLW\JHQHUDWLQJVHWFDQ
QRWEHDFFLGHQWDOO\VWDUWHGXSDQGWKDWDOO
&RQWURORIZLQGLQJVDQGHOHFWULFDOLQVXODWLRQ SURFHGXUHVDUHVWULFWO\REVHUYHG
7KHFRQGLWLRQRIWKHZLQGLQJVFDQEHFKHFNHGE\PHDVXULQJWKHLUHOHF
WULFDOUHVLVWDQFHWRHDUWK:KLOHUXQQLQJWKLVWHVWGLVFRQQHFWWKHYROWDJH
UHJXODWRU,WLVXVXDOO\VXIÀFLHQWWRFRQWUROWKHPDLQZLQGLQJ

7KHUHDGLQJVVKRXOGJLYHDPHDVXUHPHQWRIDWOHDVW02KP,IWKHLQVX
ODWLRQUHVLVWDQFHLVEHORZWKLVWKUHVKROGWKHDOWHUQDWRUDORQHVKRXOGEH
RYHQGULHGDW¸ƒ&IRUKRXUV%HIRUHFDUU\LQJRXWWKLVRSHUDWLRQ
UHPRYHWKHYROWDJHUHJXODWRU$VDQDOWHUQDWLYHWRRYHQGU\LQJKRWDLUDW
¸ƒ&FDQEHEORZQWKURXJKWKHDOWHUQDWRUIRUDWOHDVWKRXU

6.2WWREUH5HY
 (1*/,6+

&RQWURORIEHDULQJV
7KHEHDULQJVDUHVHDOHGDQGPDLQWHQDQFHIUHH
'XULQJ PDLQWHQDQFH FRQWURO WKH FRQGLWLRQ RI WKH EHDULQJV DQG FKHFN
WKDW QR JUHDVH KDV OHDNHG WKH OLIHVSDQ RI WKH EHDULQJV GHSHQGV RQ
WKHYLEUDWLRQVDQGD[LDOVWUDLQVWKH\XQGHUJRYLEUDWLRQVFDQLQFUHDVH
,PSRUWDQW$EHDULQJVOLIHVSDQLVFORVHO\OLQNHGWRWKH
ZRUNLQJFRQGLWLRQVDQGHQYLURQPHQW
 /RQJ SHULRGV RI VXVWDLQHG YLEUDWLRQV
FDQ GDPDJH WKH EHDULQJ EDOOV DQG WKHLU
VHDW7RRKLJKKXPLGLW\FDQHPXOVLI\WKH
JUHDVHDQGHQFRXUDJHFRUURVLRQ
 ,QWHQVH YLEUDWLRQV FDXVHG E\ WKH PRWRU
RU EDG DOLJQPHQW RI WKH FRPSRQHQWV
LQ WKH HOHFWULFLW\ JHQHUDWLQJ VHW SXW WKH
EHDULQJ XQGHU VWUHVVHV WKDW ZLOO UHGXFH
LWVOLIHVSDQ
6.2WWREUH5HY
FRQVLGHUDEO\ZLWKDEDGDOLJQPHQWDQGRQWKHZRUNLQJFRQGLWLRQV6R
FKHFNIRUDQ\XQXVXDOVLJQVYLEUDWLRQVXQXVXDOQRLVHV
,IXQGXHYLEUDWLRQVRUQRLVHVDSSHDUDIWHUORQJWHUPXVDJHWKHVHFRXOG
EHGXHWRDZRUQEHDULQJWKDWLIGDPDJHGKDVWREHUHSODFHG
7KH EHDULQJ VKRXOG DOZD\V EH UHSODFHG DIWHU  ZRUNLQJ
KRXUV
,PSRUWDQW $ EHDULQJV OLIHVSDQ LV FORVHO\ OLQNHG WR WKH ZRUNLQJ
FRQGLWLRQVDQGHQYLURQPHQW
,PSRUWDQW/RQJSHULRGVRIVXVWDLQHGYLEUDWLRQVFDQGDPDJHWKH
EHDULQJEDOOVDQGWKHLUVHDW7RRKLJKKXPLGLW\FDQHPXOVLI\WKH
JUHDVHDQGHQFRXUDJHFRUURVLRQ
,PSRUWDQW,QWHQVHYLEUDWLRQVFDXVHGE\WKHPRWRURUEDGDOLJQPHQW
RIWKHFRPSRQHQWVLQWKHHOHFWULFLW\JHQHUDWLQJVHWSXWWKHEHDULQJ
XQGHUVWUHVVHVWKDWZLOOUHGXFHLWVOLIHVSDQ
7URXEOHVKRRWLQJ
7KHJHQHUDWRUZLOOQRWH[FLWH
‡  &KHFNWKHIXVH
‡  ,QFUHDVHVSHHGE\
‡  $SSO\D9YROWDJHIRUDQLQVWDQWDFURVVWKHHOHFWURQLFUHJXODWRUWHU
PLQDOVXVLQJDEDWWHU\ZLWKD2KPUHVLVWDQFHLQVHULHVDQGUHPHPEHU
WRUHVSHFWWKHSRODULWLHV
$IWHULWLVH[FLWHGLWGHDFWLYDWHV
‡  &KHFNWKHZLULQJDJDLQVWWKHGLDJUDPVLQDSSHQGL[
1RORDGYROWDJHWRRORZ
‡  &DOLEUDWHWKHYROWDJH
‡  &KHFNWKHUSP·V
‡  &KHFNWKHZLQGLQJV
1RORDGYROWDJHWRRKLJK
‡  &DOLEUDWHWKHYROWDJH
‡  &KDQJHWKHUHJXODWRU
8QGHUORDGYROWDJHEHORZQRPLQDO
‡  &DOLEUDWHWKHYROWDJH
‡  &XUUHQWWRRKLJKFRV YHU\ORZVSHHGEHORZRIQRPLQDO
‡  &KDQJHWKHUHJXODWRU
‡  &KHFNWKHGLRGHVXQKRRNLQJWKHFDEOHV
8QGHUORDGYROWDJHDERYHQRPLQDO
‡  &DOLEUDWHWKHYROWDJH
‡  &KDQJHWKHUHJXODWRU
8QVWDEOHYROWDJH
‡  &KHFNIRUXQLIRUPURWDWLRQ
‡  &RQWUROUHJXODWRUVWDELOLW\E\DGMXVWLQJSRWHQWLRPHWHU´67µ
)RUDQ\RWKHUSUREOHPSOHDVHFRQWDFWWKH6LQFUR$IWHUVDOHVVHUYLFH
FHQWUH
5HPRYDODQGUHSODFHPHQWRIFRPSRQHQWVDQGFRPSRQHQWDV
VHPEOLHV
 (1*/,6+

([WUDFWLQJDQGLQVHUWLQJWKHVKDIW
7KHIROORZLQJSURFHGXUHVSUHVXPHWKHDOWHUQDWRUKDVEHHQVHSD
UDWHGIURPWKHPRWRUVHHÀJXUHRIVHFWLRQ

6$(VLQJOHEHDULQJYHUVLRQ
‡  3ODFHWKHDOWHUQDWRUZLWKWKHDLGRIDMDFNLQDYHUWLFDOSRVLWLRQZLWK
WKHUHDUVKLHOGIDFLQJWKHJURXQG
‡  6FUHZDQH\HEROWLQWRWKHKROHLQWKHFHQWUHRIWKHVKDIW
‡  8VLQJDMDFNOLIWWKHDOWHUQDWRUDFRXSOHRIFHQWLPHWUHVDQGWDSWKHIHHW
RIWKHFDVLQJZLWKDSODVWLFPDOOHWXQWLOWKHEHDULQJFRPHVFRPSOHWHO\
RXWRILWVVHDW
‡  ([WUDFWWKHURWRUSD\LQJSDUWLFXODUDWWHQWLRQWRWKHZLQGLQJV

,QVHUW WKH VKDIW IROORZLQJ LQ UHYHUVH WKH LQVWUXFWLRQV DW VHFWLRQ

:DUQLQJ:KHQWKHURWRULVUHSRVLWLRQHGWKHDOWHUQDWRUPD\ORRVH
WKHUHVLGXDOPDJQHWLVPWKDWHQDEOHVLWWRVHOIH[FLWH%HIRUHVWDUW
LQJXSWKHJHQHUDWLQJVHWWKHDOWHUQDWRUZLOOWKHUHIRUHKDYHWREH
H[FLWHGE\DSSO\LQJDYROWFXUUHQWDFURVVWKHH[FLWHUWHUPLQDOV
IRUDVHFRQGUHVSHFWLQJWKHSRODULWLHV
:KHQ WKH URWRU LV UHSRVLWLRQHG WKH DOWHU
QDWRU PD\ ORRVH WKH UHVLGXDO PDJQHWLVP
WKDWHQDEOHVLWWRVHOIH[FLWH%HIRUHVWDUW
LQJXSWKHJHQHUDWLQJVHWWKHDOWHUQDWRUZLOO
:$51,1*
WKHUHIRUHKDYHWREHH[FLWHGE\DSSO\LQJD
YROWFXUUHQWDFURVVWKHH[FLWHUWHUPLQDOV
IRUDVHFRQGUHVSHFWLQJWKHSRODULWLHV

&KDQJLQJEHDULQJ
6HHVHFWLRQ

‡  5HPRYHWKHEHDULQJRUEHDULQJVXVLQJDVWDQGDUGH[WUDFWRU
‡  7DNHWKHQHZEHDULQJRUEHDULQJVDQGKHDWWKHPPD[¸ƒ&VR
WKHLUGLDPHWHUGLODWHVEHIRUHVOLGLQJWKHPLQWRSRVLWLRQRQWKHVKDIW
‡  ,QVHUWWKHURWRUE\IROORZLQJLQUHYHUVHWKHLQVWUXFWLRQVDWVHFWLRQ

$V DQ DOWHUQDWLYH WKH EHDULQJ FDQ EH FKDQJHG ZLWKRXW H[WUDFWLQJ WKH
URWRU
‡  8QVFUHZWKHVFUHZVWKDWIDVWHQWKHEDFNVKLHOGWRWKHKRXVLQJ
‡  +DPPHUWKHVKLHOGHYHQO\XQWLOLWFRPHVDZD\IURPWKHURWRU
‡  5HPRYHWKHEHDULQJRUEHDULQJVXVLQJDVWDQGDUGH[WUDFWRU
‡  7DNHWKHQHZEHDULQJRUEHDULQJVDQGKHDWWKHPPD[¸ƒ&VR
WKHLUGLDPHWHUGLODWHVEHIRUHVOLGLQJWKHPLQWRSRVLWLRQRQWKHVKDIW
‡  3RVLWLRQWKHVKLHOGDQGÀWWKHVFUHZVOHDYLQJWKHPORRVH
‡  +DPPHUWKHVKLHOGHYHQO\XQWLOWKHEHDULQJDQGVHFWLRQRIKRXVLQJDUHLQ
SODFH
‡  7LJKWHQWKHVFUHZVRQWKHVKLHOG

&KDQJLQJURWDWLQJGLRGHV
‡  ([WUDFWWKHURWRUIROORZLQJWKHLQVWUXFWLRQVDWVHFWLRQ
‡  8QKRRNWKHGLRGHEULGJH
‡  8QVFUHZWKHWZRVFUHZVDQGUHPRYHWKHGLRGHEULGJH
‡  )LWWKHQHZGLRGHEULGJHE\ORFNLQJWKHWZRVFUHZVZLWKWKUHDGDGKHVLYH
DQGKRRNXS
‡  5HSODFHWKHURWRUIROORZLQJLQUHYHUVHWKHLQVWUXFWLRQVJLYHQDWVHFWLRQ


$VDQDOWHUQDWLYHWKHGLRGHEULGJHFDQEHFKDQJHGE\PHUHO\UHPRYLQJ
WKHEDFNVKLHOGDVGHVFULEHGLQ&KDQJLQJEHDULQJ

&KDQJLQJH[FLWHUURWRU
‡  ([WUDFWWKHURWRUIROORZLQJWKHLQVWUXFWLRQVDWVHFWLRQ
‡  5HPRYHWKHEHDULQJXVLQJDVWDQGDUGH[WUDFWRU
‡  8QKRRNWKHGLRGHEULGJH
‡  8QVFUHZWKHWZRVFUHZVDQGUHPRYHWKHGLRGHEULGJH
‡  5HPRYHWKHH[FLWHUZLWKDQH[WUDFWRU
‡  )LWWKHQHZH[FLWHUXVLQJDSUHVV
‡  5HSODFHHYHU\WKLQJIROORZLQJWKHLQVWUXFWLRQVJLYHQLQVHFWLRQV
6.2WWREUH5HY
 (1*/,6+
$Q\NLQGRIFOHDQLQJZRUNPXVWEHFDUULHG
RXWZLWKWKHJHQHUDWLQJVHWVKXWGRZQDQG
WKHPDLQVSRZHUVKXWRIIIRUWKHULVNRI
:$51,1* VHYHUHKD]DUGIRUSHUVRQVDQGREMHFWV
1HYHUDQGIRUQRUHDVRQZKDWVRHYHUXVH
ÁXLGVRUZDWHU'RQRWXVHFRPSUHVVHG
DLUWRFOHDQLQWHUQDOHOHFWULFDOSDUWVVLQFH
WKLVFRXOGFDXVHVKRUWFLUFXLWVRUUHODWHG
SUREOHPV
2QO\XVHDXWKRULVHGVSHFLDOLVWV

5HSODFLQJFRPSRQHQWVDQGFRPSRQHQWDVVHPEOLHV
:KHQDVVHPEOLQJDIWHUFKDQJLQJDSDUWUHSHDWWKHDERYHRSHUDWLRQVLQ
UHYHUVH
&/($1,1*$1'/8%5,&$7,21
:DUQLQJ$Q\NLQGRIFOHDQLQJZRUNPXVWEHFDUULHGRXWZLWKWKH
JHQHUDWLQJVHWVKXWGRZQDQGWKHPDLQVSRZHUVKXWRIIIRUWKHULVN
RIVHYHUHKD]DUGIRUSHUVRQVDQGREMHFWV
0DNHVXUHWKDWWKHHOHFWULFLW\JHQHUDWLQJVHWLVVKXWGRZQDQGWKHPDLQV
SRZHULVVKXWRIIEHIRUHFOHDQLQJWKHRXWVLGHRIWKHJHQHUDWLQJVHWZLWK
FRPSUHVVHGDLU
:DUQLQJ1HYHUDQGIRUQRUHDVRQZKDWVRHYHUXVHÁXLGVRUZDWHU
'RQRWXVHFRPSUHVVHGDLUWRFOHDQLQWHUQDOHOHFWULFDOSDUWVVLQFH
WKLVFRXOGFDXVHVKRUWFLUFXLWVRUUHODWHGSUREOHPV
',60$17/,1*$1'',6326$/
:DUQLQJ2QO\XVHDXWKRULVHGVSHFLDOLVWV
$OOPDWHULDOVKRXOGEHHOLPLQDWHGLQFRPSOLDQFHZLWKVWDWXWRU\UHJXOD
WLRQV
7KHJHQHUDWRUGRHVQRWSUHVHQWDQ\SDUWLFXODUULVNVRUKD]DUGVGXULQJ
GLVPDQWOLQJ7RDLGUHFRYHU\RIWKHPDWHULDOLWLVEHVWWRFODVVLI\LWE\
W\SHLHHOHFWULFDOSDUWVFRSSHUDOXPLQLXPSODVWLFHWF

63$5(3$576$1'$)7(56$/(6

$IWHUVDOHVSURFHGXUHDQGFRQWDFWDGGUHVVHV
2XU $IWHUVDOHV 6HUYLFH SURYLGHV D FRPSUHKHQVLYH WHFKQLFDO DGYLVH
VHUYLFH:KHQUHTXHVWLQJDVVLVWDQFHXQGHUZDUUDQW\PDNHVXUHWKDWWKH
JHQHUDWRULGHQWLÀFDWLRQGDWDLVRQKDQGLQFOXGLQJLWVVHULDOQXPEHUDQG
SURGXFWLRQORWDVVKRZQRQWKHDGKHVLYHODEHOZKRVHSRVLWLRQLVJLYHQ
LQVHFWLRQRIWKLVPDQXDO7KHOLVWRIDXWKRULVHGDIWHUVDOHVDVVLVWDQFH
FHQWUHVFDQEHIRXQGRQRXUKRPHSDJHZZZVRJDJURXSFRP

:$55$17<
6LQFUR6UOJXDUDQWHHVWKHRZQDOWHUQDWRUVDQGZHOGHUVIRUDSHULRGRI
PRQWKVVWDUWLQJIURPWKHLQYRLFHLVVXHGDWH:HFRQ¿UPWKDWZDUUDQW\LV
GLUHFWHGRQO\WR6LQFURFXVWRPHUVWRZKLFKZHUHVSRQG6LQFURGRHVQRW
JUDQWZDUUDQW\WRWKRVHZKRKDYHQRWGLUHFWO\SXUFKDVHGWKHSURGXFWIURP
WKHIDFWRU\LQVSLWHRIWKHSRVVHVVLRQRILW
:LWKLQWKHDERYHPHQWLRQHGWHUPV6LQFURFRPPLWVLWVHOIWRVXSSO\IUHHRI
FKDUJHWKRVHVSDUHSDUWVWKDWDFFRUGLQJWRLWVMXGJPHQWRUWRWKHRQHRIDQ
DXWKRUL]HGUHSUHVHQWDWLYHDSSHDUZLWKPDQXIDFWXULQJRUPDWHULDOGHIHFWV
RUDOZD\VWRLWVMXGJPHQWWRGLUHFWO\RUWKURXJKDQDXWKRUL]HGFHQWUHFDUU\
RXWWKHUHSDLULQJZLWKRXWXQGHUWDNLQJWUDQVSRUWFRVWV
:H DQ\KRZ H[FOXGH IRUPV RI UHVSRQVLELOLW\ RU REOLJDWLRQ IRU RWKHU FRVWV
GDPDJHVDQGGLUHFWRULQGLUHFWORVVFDXVHGE\WKHWRWDORUSDUWLDOXVDJHRU
LPSRVVLEOHXVDJHRIWKHSURGXFWV
7KHUHSDLULQJRUWKHVXEVWLWXWLRQZLOOQRWH[WHQGRUUHQHZWKHZDUUDQW\GXUD
WLRQ
:DUUDQW\ZLOOQRWEHJUDQWHGZKHQHYHUEUHDNGRZQVRUSUREOHPVPD\DS
SHDUEHFDXVHRIODFNRIH[SHULHQFHXVDJHRYHUWKHQRPLQDOSHUIRUPDQFHV
LIWKHSURGXFWKDGEHHQPRGL¿HGRUVKRXOGUHWXUQLQFRPSOHWHGLVDVVHPEOHG
RUZLWKPRGL¿HGQDPHSODWHGDWD

6.2WWREUH5HY
 (1*/,6+

6.2WWREUH5HY
 '(876&+

6,&+(5+(,761250(1

.21)250,7b76(5./b581*

(,1)h+581*
 .RQWUROOHGHV7\SHQVFKLOGV
 3RVLWLRQLHUXQJGHV6FKLOGVPLWGHQHOHNWULVFKHQ6SH]LÀNDWLRQHQGHU6HULHQQXPPHUXQGGHP3URGXNWLRQ
VDXIWUDJ

)81.7,21635,1=,381'(,*(16&+$)7(1'(663$1181*65(*(/81*66<67(06

$//*(0(,1(0(&+$1,6&+(81'(/(.75,6&+(63(=,),.$7,21(1=85.233(/81*0,7'(002725

,167$//,(581*
 +HEHQ
 %HIHVWLJXQJDP0RWRU
 0RQWDJH)RUP6$(
 'HPRQWDJH)RUP6$(
 (UGXQJ
 9RUEHUHLWHQGH.RQWUROOHQ
 .RQWUROOHGHU,VROLHUXQJ
 'UHKULFKWXQJ
 hEHUSUIXQJGHU6SDQQXQJXQGGHU)UHTXHQ]
 (LQVWHOOXQJ.DUWH$95
 $QVFKOXVV6FKDOWSOlQHIUYHUVFKLHGHQH.UHLVH
 ,QEHWULHEQDKPH

.81'(1',(16781':$5781*
 .RQWUROOHGHU:LFNOXQJHQXQGGHV=XVWDQGVGHU,VROLHUXQJ
 .RQWUROOHGHU/DJHU
 $QRPDOLHQXQG$EKLOIH
 (QWIHUQHQXQG$XVZHFKVHOXQJYRQ.RPSRQHQWHQXQG*UXSSHQYRQ.RPSRQHQWHQ
 $XVEDXXQG(LQEDXGHU:HOOH
 $XVZHFKVHOXQJGHV/DJHUV
 $XVZHFKVHOXQJGHUURWLHUHQGHQ'LRGHQ
 $XVZHFKVHOXQJGHV(UUHJHU5RWRUV
 :LHGHU]XVDPPHQVHW]XQJGHU.RPSRQHQWHQXQG*UXSSHQYRQ.RPSRQHQWHQ
 
5(,1,*81*81'6&+0,(581*

$%%$881'(17625*81*

(56$7=7(,/(81'.81'(1',(167
 9HUIDKUHQVDEODXIXQG$GUHVVHQ]XU%H]XJQDKPHEHL$QIRUGHUXQJYRQ.XQGHQGLHQVWOHLVWXQJHQ

*$5$17,(

6.2WWREUH5HY
 '(876&+

6,&+(5+(,761250(1
'LH )LUPD 6LQFUR 6UO GDQNW ,KQHQ IU GHQ 9RU]XJ GHQ 6LH GLHVHP
3URGXNWJHJHEHQKDEHQXQGLVWEHU]HXJWGDVVHV,KQHQGLHIU,KUHQ
*HEUDXFKHUIRUGHUOLFKHQ/HLVWXQJHQOLHIHUQZLUG
'LHGHP*HQHUDWRUEHLJHIJWH´%HGLHQXQJVXQG:DUWXQJVDQOHLWXQJµ
OLHIHUW ZLFKWLJH +LQZHLVH ]X 6LFKHUKHLW ,QVWDOOLHUXQJ *HEUDXFK XQG
:DUWXQJ 'LHVHV 3URGXNW HUIOOW GLH DQHUNDQQWHQ 5HJHOQ GHU 7HFKQLN
XQGGHU6LFKHUKHLWVYRUVFKULIWHQ

(VZLUGJHEHWHQEHLGHU.RUUHVSRQGHQ]PLWGHU)LUPD6LQFUR6UOVWHWV
GHQ7\SXQGGLH.HQQQXPPHUGHV*HQHUDWRUVDQ]XJHEHQGLHDXVGHP
LP3DFNVWFNYRUKDQGHQHQ(WLNHWWKHUYRUJHKHQ)DOOVDX‰HUGHPDQGHU
0DVFKLQH)XQNWLRQVVW|UXQJHQRGHUVRQVWLJH'HIHNWHYRUOLHJHQVROOWHQ
XQGGLH(LQVFKDOWXQJXQVHUHV.XQGHQGLHQVWHVHUIRUGHUOLFKZlUHZLUG
JHEHWHQDXFKGLH6HULHQQXPPHU61XQGGHQ3URGXNWLRQVDXIWUDJ
32EHNDQQW]XJHEHQ

$&+781*(LQHIDOVFKH,QVWDOOLHUXQJRGHUHLQXQVDFKJHPl‰HU
*HEUDXFKGHV3URGXNWVNDQQ3HUVRQHQRGHU6DFKVFKlGHQEHZLUNHQ

‡ 'LH+LQZHLVHGHU´%HGLHQXQJVXQG:DUWXQJVDQOHLWXQJµJHQDXEHIROJHQ
LKU =ZHFN OLHJW GDULQ GLH NRUUHNWHQ ,QVWDOOLHUXQJV$QZHQGXQJV XQG
:DUWXQJVEHGLQJXQJHQDQ]X]HLJHQXPHYHQWXHOOHQ)XQNWLRQVVW|UXQJHQ
GHV*HQHUDWRUVYRU]XEHXJHQXQG*HIDKUVLWXWDWLRQHQIUGHQ%HQXW]HU]X
YHUPHLGHQ
‡ 'LH9HUSDFNXQJVPDWHULDOLHQ3ODVWLN.DUWRQ3RO\VW\UROHWFJHPl‰GHQ
JHOWHQGHQ1RUPHQHQWVRUJHQ
‡ 'LH $QOHLWXQJ DOV $QODJH ]XU WHFKQLVFKHQ $NWH XQG IU NQIWLJH
.RQVXOWDWLRQHQDXIEHZDKUHQ
‡ 'LHVHV 3URGXNW ZXUGH DXVVFKOLH‰OLFK ]XP LQ GLHVHU 'RNXPHQWDWLRQ
DQJHJHEHQHQ *HEUDXFK NRQ]LSLHUW XQG KHUJHVWHOOW (LQ LQ GLHVHU
'RNXPHQWDWLRQQLFKWJHQDQQWHU*HEUDXFKN|QQWH6FKlGHQDP3URGXNW
EHZLUNHQXQGHLQH*HIDKUHQTXHOOHGDUVWHOOHQ
‡ 'LH )LUPD 6LQFUR 6UO OHKQW MHJOLFKH 9HUDQWZRUWOLFKNHLW GLH VLFK DXV
HLQHP XQVDFKJHPl‰HQ RGHU YRP YRUJHVHKHQHQ LQ GHU YRUOLHJHQGHQ
'RNXPHQWDWLRQJHQDQQWHQ=ZHFNDEZHLFKHQGHQ*HEUDXFKHUJLEWDE
‡ 'DV 3URGXNW GDUI QLFKW LQ SRWHQWLHOO H[SORVLYHU$WPRVSKlUH LQVWDOOLHUW
ZHUGHQ
‡ 'LH .RQVWUXNWLRQVHOHPHQWH GHU $QODJH PVVHQ GHQ (XURSlLVFKHQ
5LFKWOLQLHQHQWVSUHFKHQ)UDOOH/lQGHUDX‰HUKDOEGHU(:*HPSÀHKOW
HVVLFKLP+LQEOLFNDXIHLQJXWHV6LFKHUKHLWVQLYHDXDX‰HUGHQJHOWHQGHQ
QDWLRQDOHQ9RUVFKULIWHQDXFKGLHREHQJHQDQQWHQ1RUPHQ]XEHDFKWHQ
‡ 'LH ,QVWDOOLHUXQJ PXVV GHQ 9RUVFKULIWHQ GHU (XURSlLVFKHQ 5LFKWOLQLHQ
HQWVSUHFKHQ XQG GDUI DXVVFKOLH‰OLFK YRQ )DFKSHUVRQDO DXVJHIKUW
ZHUGHQ
‡ 'HQ*HQHUDWRUQLFKWVWDUWHQZHQQGLH6FKXW]NDSSHQGLH=XJDQJVSODWWHQ
RGHUGLH$EGHFNSODWWHQGHV(QGYHUVFKOXVVNDVWHQVHQWIHUQWZXUGHQ
‡ 9RU$XVIKUXQJLUJHQGZHOFKHU:DUWXQJVDUEHLWHQGLH$QODVVHUNUHLVHGHV
0RWRUVGHDNWLYLHUHQ
‡  'LH 6FKOLH‰NUHLVH GHDNWLYLHUHQ XQGRGHU +LQZHLVVFKLOGHU DXI MHGHP
DXWRPDWLVFKHQ 6FKDOWHU DQEULQJHQ GHU QRUPDOHUZHLVH ]XP$QVFKOX‰
DQ GLH 1HW]OHLWXQJ RGHU DQGHUH *HQHUDWRUHQ EHQXW]W ZLUG XP VHLQHU
XQEHDEVLFKWLJWHQ6FKOLH‰XQJYRU]XEHXJHQ
‡ %HL DOOHQ :DUWXQJV RGHU 5HSDUDWXUDUEHLWHQ DXVVFKOLH‰OLFK 2ULJLQDO
(UVDW]WHLOHYHUZHQGHQ)DOOVGLHVH9RUVFKULIWQLFKWHLQJHKDOWHQZLUGOHKQW
GLH)LUPD6LQFUR6UOMHJOLFKH9HUDQWZRUWXQJKLQVLFKWOLFKGHU6LFKHUKHLW
XQGHLQZDQGIUHLHQ)XQNWLRQGHV*HQHUDWRUVDE
‡ 'HQ%HQXW]HUGHU$QODJHLQGLH6WHXHUXQJGHQ*HEUDXFKXQGGLH:DUWXQJ
GHV*HQHUDWRUVHLQZHLVHQ
‡ $OOHVZDVLQGLHVHU$QOHLWXQJQLFKWDXVGUFNOLFKYRUJHVHKHQLVWLVWQLFKW
HUODXEW

6.2WWREUH5HY
 '(876&+
:LFKWLJ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ RGHU
JHIlKUOLFKH9HUIDKUHQVDEOlXIHGLH6FKlGHQ
DP3URGXNWRGHUDQGHQDQJHVFKORVVHQHQ
$SSDUDWHQYHUXUVDFKHQN|QQWHQ
$FKWXQJ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ
RGHU JHIlKUOLFKH 9HUIDKUHQVDEOlXIH GLH
6FKlGHQDP3URGXNWRGHU9HUOHW]XQJHQ
GHU3HUVRQYHUXUVDFKHQN|QQWHQ
%H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ
RGHU JHIlKUOLFKH 9HUIDKUHQVDEOlXIH GLH
VFKZHUH 9HUOHW]XQJHQ GHU 3HUVRQ RGHU
+,1:(,6 GHUHQ7RGYHUXUVDFKHQ.g117(1
'DV6\PEROZHLVWDXI5LVLNR6LWXDWLRQHQ
RGHU JHIlKUOLFKH 9HUIDKUHQVDEOlXIH KLQ
GLH VFKZHUH 9HUOHW]XQJHQ GHU 3HUVRQ
*()$+5 RGHUGHUHQ7RGYHUXUVDFKHQ
,QGLHVHP+DQGEXFKZHUGHQHLQLJH6\PEROHXQGNRQYHQWLRQHOOH=HLFKHQ
EHQXW]W GLH HLQH SUl]LVH %HGHXWXQJ KDEHQ 'LHVH ZHUGHQ KLHU DXI
HLQGHXWLJH:HLVHGHÀQLHUW
:LFKWLJ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ RGHU JHIlKUOLFKH
9HUIDKUHQVDEOlXIH GLH 6FKlGHQ DP 3URGXNW RGHU DQ GHQ DQJH
VFKORVVHQHQ$SSDUDWHQYHUXUVDFKHQN|QQWHQ
$FKWXQJ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ RGHU JHIlKUOLFKH
9HUIDKUHQVDEOlXIH GLH 6FKlGHQ DP 3URGXNW RGHU 9HUOHW]XQJHQ
GHU3HUVRQYHUXUVDFKHQN|QQWHQ
6\PERO PLW $XVUXIH]HLFKHQ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ
RGHUJHIlKUOLFKH9HUIDKUHQVDEOlXIHGLHVFKZHUH9HUOHW]XQJHQGHU
3HUVRQRGHUGHUHQ7RGYHUXUVDFKHQ.g117(1
6\PERO PLW %OLW] 'DV 6\PERO ZHLVW DXI 5LVLNR6LWXDWLRQHQ RGHU
JHIlKUOLFKH9HUIDKUHQVDEOlXIHKLQGLHVFKZHUH9HUOHW]XQJHQGHU
3HUVRQRGHUGHUHQ7RGYHUXUVDFKHQ
.21)250,7b76(5./b581*
$OOH*HQHUDWRUHQ6.ZHUGHQLQhEHUHLQVWLPPXQJPLWGHUHXURSlLVFKHQ
*HVHW]JHEXQJPLWHLQHU(UNOlUXQJ]XU(LQJOLHGHUXQJLQHLQH*HVDPWDQODJH
JHOLHIHUWGLHGHUDXIGHQOHW]WHQ6HLWHQGHUYRUOLHJHQGHQ%HGLHQXQJVDQOHLWXQJ
GDUJHOHJWHQ HQWVSULFKW *HPl‰ GHU (*0DVFKLQHQ5LFKWOLQLH LVW GHU +HU
VWHOOHU GHV (OHNWUR$JJUHJDWV GDIU YHUDQWZRUWOLFK VLFKHU]XVWHOOHQ GDVV
GLH 6HULHQ XQG .HQQQXPPHU GHV *HQHUDWRUV DXI GHP 'HFNEODWW GLHVHU
%HGLHQXQJVDQOHLWXQJDQJHJHEHQZHUGHQ
'LH*HQHUDWRUHQ7\S6.ZHUGHQDX‰HUGHPDXIGHQIROJHQGHQ*UXQG
ODJHQJHOLHIHUW
‡  6LHPVVHQDOV6WURPJHQHUDWRUHQRGHUIUGDUDXIEH]RJHQH)XQNWLRQHQ
EHQXW]WZHUGHQ
‡  6LHPVVHQDXIHLQHGHUIROJHQGHQ(LQVDW]ZHLVHQEHWULHEHQZHUGHQ
 7UDJEDURKQH9HUNOHLGXQJ]XUYRUEHUJHKHQGHQ(QHUJLHOLHIHUXQJ
 7UDJEDUPLW9HUNOHLGXQJ]XUYRUEHUJHKHQGHQ(QHUJLHOLHIHUXQJ
  $Q %RUG XQWHU 'HFN $QZHQGXQJ DXI 6HH  QDFK YRUKHULJHU
=XODVVXQJ
 $XI1XW]IDKU]HXJ7UDQVSRUWDXI5lGHUQ.KOXQJHWF
 $XI6FKLHQH+LOIVHQHUJLH
 $XI,QGXVWULHIDKU]HXJ(UGEHZHJXQJ+HEHJHUlWHHWF
 )HVWH,QVWDOOLHUXQJ,QGXVWULH:HUN$QODJH
 )HVWH,QVWDOOLHUXQJ:RKQVHNWRU+DQGHOXQG/HLFKWLQGXVWULH+HLP%UR
.UDQNHQKDXV
 (QHUJLHVWHXHXQJ0LWHU]HXJXQJ6WURPDXIQDKPHVSLW]HQ
 $OWHUQDWLYH(QHUJLHVFKHPDWD
‡  'LH 6WDQGDUG*HQHUDWRUHQ VLQG GDIU NRQ]LSLHUW GLH ´LQGXVWULHOOHQµ
(PLVVLRQHQXQGGLH,PPXQLWlWVVWDQGDUGV]XHUIOOHQ)DOOVGLH*HQHUDWRUHQ
DQ (PLVVLRQVYRUVFKULIWHQ IU :RKQ +DQGHOV XQG /HLFKWLQGXVWULHEHU
HLFKHJHEXQGHQVLQGN|QQWHQVLFKHLQLJH]XVlW]OLFKH=XEHK|UWHLOHDOV
HUIRUGHUOLFKHUZHLVHQ
‡  'HU,QVWDOOLHUXQJVSODQHUIRUGHUWGLH9HUELQGXQJGHV*HQHUDWRUJHKlXVHV
PLWGHP(UGXQJVOHLWHUZREHLHLQ.DEHOPLWJHHLJQHWHP4XHUVFKQLWWXQG
VRJHULQJHU/lQJHZLHP|JOLFKEHQXW]WZLUG
‡  'HU*HEUDXFKYRQQLFKWGHQ2ULJLQDO(UVDW]WHLOHQHQWVSUHFKHQGHQRGHU
QLFKWDXVGUFNOLFKJHQHKPLJWHQ7HLOHQIKUW]XP9HUIDOOGHU*DUDQWLHGHU
)LUPD6LQFURXQG]XU$XIKHEXQJGHU+DIWXQJLQ%H]XJDXIGLH.RQIRUPLWlW
PLWGHQ1RUPHQXQGGLHHQWVSUHFKHQGHQ.RQVHTXHQ]HQ
‡  'LH,QVWDOOLHUXQJGLHWHFKQLVFKH$VVLVWHQ]XQGGLH:DUWXQJPVVHQYRQ
HQWVSUHFKHQGJHVFKXOWHPXQGEHUGLH9RUVFKULIWHQGHU(*5LFKWOLQLHQ
LQIRUPLHUWHQ3HUVRQDODXVJHIKUWZHUGHQ
6.2WWREUH5HY
 '(876&+

(,1)h+581*
(VZLUGGULQJHQGHPSIRKOHQGHQ*HQHUDWRUEHL$XVOLHIHUXQJVRUJIlOWLJ
]X XQWHUVXFKHQ XP ]X EHUSUIHQ GDVV HU ZlKUHQG GHV 7UDQVSRUWV
(OHNWURGDWHQVFKLOG
NHLQH6FKlGHQHUOLWWHQKDWRGHUGDVVNHLQH7HLOHIHKOHQ

.RQWUROOHGHV7\SHQVFKLOGV
'LH*HQHUDWRUHQGHU3URGXNWUHLKH6.VLQGGXUFKHLQ7\SHQVFKLOG
JHNHQQ]HLFKQHW'LHVHVPXVVEHL$XVOLHIHUXQJNRQWUROOLHUWXQGPLWGHQ
6SH]LÀNDWLRQHQGHV$XIWUDJVYHUJOLFKHQZHUGHQXPHYHQWXHOOH9HUVDQG
RGHU.RQÀJXUDWLRQVIHKOHUIHVW]XVWHOOHQ

3RVLWLRQLHUXQJGHV6FKLOGVPLWGHQHOHNWULVFKHQ6SH]LÀNDWLRQHQ
GHU6HULHQQXPPHUXQGGHP3URGXNWLRQVDXIWUDJ
(V ZLUG HLQ .OHEHVFKLOG JHOLHIHUW DXI GHP GLH IU MHGH 0DVFKLQH
XQWHUVFKLHGOLFKH 6HULHQQXPPHU XQG GHU 3URGXNWLRQVDXIWUDJ DXIJHGUXFNW
VLQG'DV6FKLOGPXVVYRP,QVWDOODWHXULQGHULQGHU$EELOGXQJJH]HLJWHQ
3RVLWLRQDQJHEUDFKWZHUGHQGDPLWHVOHLFKWOHVEDULVW'LH6HULHQQXPPHU
XQGGHU3URGXNWLRQVDXIWUDJVLQGQlPOLFK'DWHQGLHHLQHQIHVWHQ%HVWDQGWHLO
GHU EHL GHU %HDQWUDJXQJ YRQ .XQGHQGLHQVWOHLVWXQJHQ HLQ]XOHLWHQGHQ
9HUIDKUHQVDEOlXIHELOGHQ

'HU*HQHUDWRUZLUGVHULHQPl‰LJPLWHLQHPZHLWHUHQ.OHEHVFKLOGJHOLHIHUWDXI
GHPGLHHOHNWULVFKHQ'DWHQXQG6SH]LÀNDWLRQHQXQGGLH/LVWHGHUP|JOLFKHQ
$QVFKOVVHDQJHJHEHQVLQG 7\SHQVFKLOG

$FKWXQJ 'HU HIIHNWLY DXVJHIKUWH $QVFKOXVV XQWHU GHQ LQ GHU

/LVWH YRUKDQGHQHQ PXVV YRP ,QVWDOODWHXU DXI GHP 7\SHQVFKLOG
NODU JHNHQQ]HLFKQHW ZHUGHQ XP P|JOLFKH )XQNWLRQVVW|UXQJHQ
XQGHYHQWXHOOH3HUVRQHQRGHU6DFKVFKlGHQ]XYHUPHLGHQ
$FKWXQJ =XU 9RUEHUHLWXQJ YRQ HOHNWULVFKHQ $QVFKOVVHQ GLH
YRQ GHQ LP :HUN DXVJHIKUWHQ DEZHLFKHQ GHQ HQWVSUHFKHQGHQ
$EVFKQLWWXQGGLHVSH]LÀVFKHQ6FKHPHQGLHLP)ROJHQGHQLQGHU
%HGLHQXQJVDQOHLWXQJDQJHJHEHQVLQGNRQVXOWLHUHQ
'DV 7HFKQLVFKH %UR GHU )LUPD 6LQFUR VWHKW IU DOOH HYHQWXHOOHQ
(UOlXWHUXQJHQ]XU9HUIJXQJ
$FKWXQJ 'HU HIIHNWLY DXVJHIKUWH $QVFKOXVV XQWHU
GHQ LQ GHU /LVWH YRUKDQGHQHQ PXVV YRP
,QVWDOODWHXU DXI GHP 7\SHQVFKLOG NODU
JHNHQQ]HLFKQHW ZHUGHQ XP P|JOLFKH
)XQNWLRQVVW|UXQJHQ XQG HYHQWXHOOH 3HU
VRQHQRGHU6DFKVFKlGHQ]XYHUPHLGHQ
 =XU9RUEHUHLWXQJYRQHOHNWULVFKHQ$QVFKOV
VHQ GLH YRQ GHQ LP :HUN DXVJHIKUWHQ
DEZHLFKHQ GHQ HQWVSUHFKHQGHQ$EVFKQLWW
XQG GLH VSH]LILVFKHQ 6FKHPHQ GLH LP
)ROJHQGHQ LQ GHU %HGLHQXQJVDQOHLWXQJ
DQJHJHEHQVLQGNRQVXOWLHUHQ

'DV 'DWHQVFKLOG ZLUG LQ ORVHP =XVWDQG JHOLHIHUW GDPLW HV QDFK GHU
HYHQWXHOOHQ/DFNLHUXQJLQGHULQGHU$EELOGXQJJH]HLJWHQ3RVLWLRQDXI
GHP*HQHUDWRUDQJHEUDFKWZHUGHQNDQQ
'LH%HIHVWLJXQJVÁlFKHPXVVJODWWXQGVDXEHUVHLQQDFKYROOVWlQGLJHU
7URFNQXQJGHV/DFNV=XUNRUUHNWHQ$QEULQJXQJGDV6FKXW]SDSLHUFD
PPZHLWDE]LHKHQ1DFKGHPGLHVHU7HLOSRVLWLRQLHUWXQGDQJHNOHEW
ZXUGH NDQQ GDV 6FKXW]SDSLHU QDFK XQG QDFK DEJH]RJHQ ZHUGHQ
ZlKUHQGGDV6FKLOGLQ3RVLWLRQJHGUFNWZLUG'LHSHUIHNWH$QKDIWXQJ
$95.DUWH
ZLUGQDFK6WXQGHQHU]LHOW

)81.7,21635,1=,381'(,*(16&+$)7(1'(663$1181*6
5(*(/81*66<67(06
'HU (UUHJHU6WDWRU JDUDQWLHUW GDQN VHLQHV 5HVWPDJQHWLVPXV GLH
6HOEVWHUUHJXQJGHV*HQHUDWRUVEHLP6WDUWGHUGDKHUHLQH5HVWVSDQQXQJ
YRQFDGHU1HQQVSDQQXQJHU]HXJW
'HUYRQHLQHP+LOIVNUHLVJHVSHLVWHDXIGHP+DXSWVWDWRUYRUKDQGHQH
$95ZLUNWDXIGHQ(UUHJHU6WDWRUHLQXQGUHJHOWGDPLWLQGLUHNWEHUGLH
.HWWH(UUHJHU5RWRU'LRGHQEUFNH+DXSWURWRUGDVYRP+DXSWURWRU
HU]HXJWH)HOG
'HU 6SDQQXQJVUHJOHU ZHLVW HLQH 6SDQQXQJVSUl]LVLRQ YRQ “ LP
:LUNXQJVEHUHLFKGHU0DVFKLQHEHLQLFKWYHUGUHKHQGHQ/DVWHQDXI
'LH 9RUULFKWXQJ ]XU 6SDQQXQJVNRQWUROOH UHJHOW GHQ 0LWWHOZHUW GHU
6SDQQXQJHLQHU3KDVHXQGKlOWVLHNRQVWDQW
(LQH .RQWUROOYRUULFKWXQJ GHU )UHTXHQ] JUHLIW HLQ XQG VRUJW IU GLH
6.2WWREUH5HY
 '(876&+

VFKULWWZHLVH$EHUUHJXQJGHU0DVFKLQHZHQQGLH*HVFKZLQGLJNHLWGHV
6FKOHSSPRWRUVXQWHUHLQHYRUKHUIHVWJHOHJWHHLQVWHOOEDUH6FKZHOOHVLQNW
ZRGXUFKHLQHhEHUHUUHJXQJEHLQLHGULJHU'UHK]DKOYHUKLQGHUWXQGGHU
(IIHNWGHV/DVWDQVWLHJVDP0RWRUHUOHLFKWHUWZLUG
$EVFKOLH‰HQGLVWHVDXFKP|JOLFKGLH5HDNWLRQVEHUHLWVFKDIWGHV5HJOHUV
]XPRGXOLHUHQXPHYHQWXHOODXIWUHWHQGH6SDQQXQJVVFKZDQNXQJHQ]X
HOLPLQLHUHQ
(LQH6LFKHUXQJVFKW]WGHQ5HJOHUXQGGHQ*HQHUDWRUYRUHYHQWXHOOHQ
hEHUODVWHQXQGRGHU6W|UXQJHQ

$//*(0(,1(0(&+$1,6&+(81'(/(.75,6&+(63(=,),.$7,21(1
=85.233(/81*0,7'(002725
1DFKGHPHVVLFKXPHLQHVHSDUDWH]XU(LQJOLHGHUXQJLQHLQ(OHNWUR
$JJUHJDW YRUJHVHKHQH (LQKHLW KDQGHOW LVW HV QLFKW P|JOLFK LQ GHU
.RQVWUXNWLRQVSKDVH DOOH HUIRUGHUOLFKHQ +LQZHLV(WLNHWWHQ DXI GHP
*HQHUDWRU DQ]XEULQJHQ 'LHVH (WLNHWWHQ GLH DXI SRWHQWLHOOH *HIDKU
XQG 5LVLNHQ DXIJUXQG YRQ XQWHU 6SDQQXQJ VWHKHQGHQ .RPSRQHQWHQ
KLQZHLVHQZHUGHQLQORVHP=XVWDQGJHOLHIHUWZREHLGHU+HUVWHOOHUGHV
(OHNWUR$JJUHJDWV IU GLH$QEULQJXQJ LQ GHQ LQ GHU QHEHQVWHKHQGHQ
$EELOGXQJJH]HLJWHQ3RVLWLRQHQ6RUJHWUDJHQPXVVVREDOGGLH0RQWDJH
GHV$JJUHJDWVDEJHVFKORVVHQLVW

'LH *HQHUDWRUHQ GHU 3URGXNWUHLKH 6. VLQG ]XP %HWULHE EHL HLQHU
+|FKVWWHPSHUDWXU YRQ ƒ& XQG LQ HLQHU +|KHQODJH YRQ PD[ 
G0NRQ]LSLHUW
,QQHUKDOEGLHVHU7HPSHUDWXUXQG+|KHQJUHQ]HQOLHIHUQVLHGLHDXIGHP
7\SHQVFKLOGDQJHJHEHQHQ1HQQOHLVWXQJHQ
%HL 7HPSHUDWXUHQ EHU ƒ& XQGRGHU +|KHQODJHQ YRQ EHU P
G0 PDFKHQ VLFK /HLVWXQJVYHUPLQGHUXQJHQ EHPHUNEDU VLHKH
7DEHOOH
(VLVWDQJHEUDFKWGHQ%HWULHEXQWHUVFKOHFKWHUHQ8PZHOWEHGLQJXQJHQ
DOV GHQ YRUVWHKHQG JHQDQQWHQ GHP 7HFKQLVFKHQ %UR GHU )LUPD
6LQFUR]XPHOGHQ
'LH *HQHUDWRUHQ VLQG PLW %HOIWXQJVV\VWHP 6FKXW]VFKLUPHQ XQG
5DXPWHPSHUDWXUƒ&      
      QLFKWWURSIHQGHQ*HKlXVHQDXVJHVWDWWHW6LHVLQGQLFKW]XU,QVWDOOLHUXQJ
LP)UHLHQJHHLJQHWDX‰HUZHQQVLHGXUFKHQWVSUHFKHQGH$EGHFNXQJHQ
+|KHP       JHVFKW]WZHUGHQ:lKUHQGGHU9HUZHLO]HLWLP/DJHUYRUGHU,QVWDOOLHUXQJ
      E]Z DOV 5HVHUYH ZLUG ]XP *HEUDXFK YRQ $QWLNRQGHQVLHUXQJV
/HLVWXQJVIDNWRU      
+HL]HOHPHQWHQJHUDWHQXPHLQHJXWH%HZDKUXQJGHU:LFNOXQJHQ]X
      JHZlKUOHLVWHQ
9RU GHU ,QEHWULHEQDKPH RGHU QDFK ODQJHQ 6WLOOVWDQG]HLWHQ PXVV GHU
,VROLHUXQJVZLGHUVWDQG]XU(UGHDOOHU:LFNOXQJHQNRQWUROOLHUWZHUGHQHV
ZLUGGDUDXIYHUZLHVHQGDVVGHU6SDQQXQJVUHJOHUYRU$XVIKUXQJGLHVHU
3UIXQJDEJHWUHQQWZHUGHQPXVV'LHHUPLWWHOWHQ:HUWHPVVHQEHU
02KPOLHJHQ)DOOVGLHVQLFKWGHU)DOOLVWPXVVHLQH7URFNQXQJGHV
'UHKVWURPJHQHUDWRUV DOOHLQ LP 2IHQ EHL  ¸ ƒ& EHU  6WXQGHQ
YRUJHQRPPHQ ZHUGHQ 9RU$XVIKUXQJ GLHVHV$UEHLWVYRUJDQJV GHQ
6SDQQXQJVUHJOHU HQWIHUQHQ$OV$OWHUQDWLYH ]XU 7URFNQXQJ LP 2IHQ
EHVWHKWGLH0|JOLFKNHLWPLQGHVWHQV6WXQGHODQJ+HL‰OXIWGXUFKGHQ
'UHKVWURPJHQHUDWRU]XEODVHQEHL¸ƒ&

%HL,QVWDOOLHUXQJLP,QQHUQHLQHUJHVFKORVVHQHQ9HUNOHLGXQJPXVVPDQVLFK
YHUJHZLVVHUQGDVVGLH7HPSHUDWXUGHULQGHQ*HQHUDWRUHLQJHEODVHQHQ
.KOOXIWGHQYRUJHVHKHQHQ1HQQZHUWQLFKWEHUVFKUHLWHW
'LH9HUNOHLGXQJPXVVVRDXVJHIKUWZHUGHQGDVVGLH$QVDXJ|IIQXQJGHV
0RWRUVLQGHU9HUNOHLGXQJYRQGHUGHV*HQHUDWRUVJHWUHQQWLVWYRUDOOHP
ZHQQGLH/XIWDQVDXJXQJLQGHU9HUNOHLGXQJYRP/IWHUUDG]XU.KOXQJ
JHZlKUOHLVWHWZHUGHQPXVV'LH$QVDXJ|IIQXQJGHV*HQHUDWRUVPXVV
DX‰HUGHPVRUHDOLVLHUWZHUGHQGDVVGDV(LQGULQJHQYRQ)HXFKWLJNHLW
YHUKLQGHUW ZLUG LQGHP HLQ JHHLJQHWHU 6FKXW]H YRUJHVHKHQ ZLUG 'LH
9HUNOHLGXQJPXVVVRJHSODQWZHUGHQGDVV]ZLVFKHQGHU$QVDXJ|IIQXQJ
GHV *HQHUDWRUV XQG LUJHQGZHOFKHQ 3ODQIOlFKHQ HLQ )UHLUDXP YRQ
6.2WWREUH5HY
 '(876&+

PLQGHVWHQVPPEHVWHKW
)DOOVGLHVEHL$XIWUDJVHUWHLOXQJVSH]LÀ]LHUWZLUGNDQQGHU*HQHUDWRU
PLW/XIWÀOWHUQDXVJHVWDWWHWZHUGHQ
:LFKWLJ (LQH5HGX]LHUXQJGHV)OXVVHVGHU.KO
:LFKWLJ (LQH 5HGX]LHUXQJ GHV )OXVVHV GHU .KOOXIW RGHU HLQ OXIWRGHUHLQXQ]XUHLFKHQGHU6FKXW]GHV
XQ]XUHLFKHQGHU6FKXW]GHV*HQHUDWRUVN|QQHQ]X%HVFKlGLJXQJ *HQHUDWRUV N|QQHQ ]X %HVFKlGLJXQJ
XQGRGHU]X)XQNWLRQVVW|UXQJHQGHU:LFNOXQJHQIKUHQ XQGRGHU ]X )XQNWLRQVVW|UXQJHQ GHU
:LFNOXQJHQIKUHQ

'LHYRP0RWRUEHZLUNWHQ9LEUDWLRQHQVLQGNRPSOH[XQGVFKOLH‰HQVWDUNH
KDUPRQLVFKH6FKZLQJXQJHQPLWHLQGLHLQ9HUELQGXQJPLWGHQHQGHV
*HQHUDWRUV]XVSUEDUHQXQGIUGLH)XQNWLRQGHV(OHNWUR$JJUHJDWV
VFKlGOLFKHQ9LEUDWLRQVSHJHOQIKUHQN|QQHQ(VLVWGDKHU$XIJDEHGHV
3ODQHUVGLHHUIRUGHUOLFKHQ9RUNHKUXQJHQ]XWUHIIHQXPGLH)OXFKWXQJ
]XSÁHJHQXQGGDV8QWHUJHVWHOOXQGGLH6WW]HQ]XYHUVWHLIHQGDPLWGLH
hEHUVFKUHLWXQJGHUYRQGHQ1RUPHQYRUJHVHKHQHQ9LEUDWLRQVJUHQ]HQ
YHUPLHGHQZLUG

'LH)OXFKWXQJGHU(LQODJHU*HQHUDWRUHQLVWNULWLVFKZHLODXIGHU+|KH
GHU .XSSOXQJ ]ZLVFKHQ 0RWRU XQG *HQHUDWRU 9LEUDWLRQHQ HQWVWHKHQ
N|QQWHQ$XVGLHVHP*UXQGPXVVGLH0RQWDJHGHV'UHKVWURPJHQHUDWRUV
DQGHQ0RWRUVRUJIlOWLJDXVJHIKUWXQGHLQVROLGHV8QWHUJHVWHOOVRZLH
GHU(LQVDW]YRQ9LEUDWLRQVGlPSIHU3XIIHUQYRUJHVHKHQZHUGHQXPGDV
*HVDPWJHELOGH0RWRU'UHKVWURPJHQHUDWRU]XVWW]HQ 'HU *HQHUDWRU ZLUG RKQH LUJHQGHLQHQ
(UGXQJVDQVFKOXVVJHOLHIHUW=XP$QVFK
,P ,QQHUQ GHV .OHPPHQNDVWHQV EHILQGHQ VLFK GLH LVROLHUWHQ OXVVPXVVDXIGLHHQWVSUHFKHQGHQYRU2UW
JHOWHQGHQ9RUVFKULIWHQ%H]XJJHQRPPHQ
(QGYHUVFKOVVH IU GLH 1HW]OHLWXQJV XQG 1XOOHLWHU$QVFKOVVH VRZLH +,1:(,6
ZHUGHQ )DOVFK DXVJHIKUWH (UGXQJHQ
IUGHQ(UGXQJVDQVFKOXVV RGHU 6FKXW]VFKDOWXQJHQ N|QQHQ ]X 9HU
OHW]XQJHQRGHU]XP7RGIKUHQ
'HU1XOOHLWHULVW1,&+7DQGDV*HKlXVHDQJHVFKORVVHQ
'LH ,QVWDOOLHUXQJ GHU *HEUDXFK GLH
:DUWXQJ RGHU GLH $XVZHFKVHOXQJ YRQ
:DUQKLQZHLV'HU*HQHUDWRUZLUGRKQHLUJHQGHLQHQ(UGXQJVDQVFKOXVV 7HLOHQN|QQHQEHLIDOVFKHU$XVIKUXQJ]X
JHOLHIHUW =XP $QVFKOXVV PXVV DXI GLH HQWVSUHFKHQGHQ YRU 2UW VFKZHUHQ9HUOHW]XQJHQYRQ3HUVRQHQRGHU
JHOWHQGHQ9RUVFKULIWHQ%H]XJJHQRPPHQZHUGHQ)DOVFKDXVJHIKUWH ]XP 7RG VRZLH DXFK ]X %HVFKlGLJXQJ
GHU $XVUVWXQJHQ IKUHQ 'LH (LQJULIIH
(UGXQJHQRGHU6FKXW]VFKDOWXQJHQN|QQHQ]X9HUOHW]XQJHQRGHU]XP DQ HOHNWULVFKHQ XQGRGHU PHFKDQLVFKHQ
7RGIKUHQ 7HLOHQ PVVHQ YRQ )DFKSHUVRQDO DXV
JHIKUWZHUGHQ
'LH)HKOHUVWURP:HUWHGHV*HQHUDWRUVVLQGDXI$QIUDJHYHUIJEDUXP
GHP 3ODQHU EHL GHU %HPHVVXQJ GHU$QODJH XQG LKUHU .RPSRQHQWHQ
EHKLOÁLFK]XVHLQ

:DUQKLQZHLV 'LH ,QVWDOOLHUXQJ GHU *HEUDXFK GLH :DUWXQJ RGHU

GLH $XVZHFKVHOXQJ YRQ 7HLOHQ N|QQHQ EHL IDOVFKHU $XVIKUXQJ ]X
VFKZHUHQ 9HUOHW]XQJHQ YRQ 3HUVRQHQ RGHU ]XP 7RG VRZLH DXFK ]X
%HVFKlGLJXQJGHU$XVUVWXQJHQIKUHQ'LH(LQJULIIHDQHOHNWULVFKHQ
XQGRGHUPHFKDQLVFKHQ7HLOHQPVVHQYRQ)DFKSHUVRQDODXVJHIKUW
ZHUGHQ

,167$//,(581*

+HEHQ
'HQ *HQHUDWRU PLW JHHLJQHWHQ 0LWWHOQ KHEHQ XQG EHZHJHQ XQWHU
=XKLOIHQDKPH YRQ 3DOHWWHQ RGHU PLW$EVWW]XQJ EHU GLH +HEHULQJH
GLH DP *HQHUDWRU LQ GHQ LQ GHU$EELOGXQJ DQJHJHEHQHQ 3RVLWLRQHQ
YRUKDQGHQVLQG
=XP +HEHQ GHV *HQHUDWRUV 9RUULFKWXQJHQ EHQXW]HQ GLH HLQH
+HEHNDSD]LWlWYRQPLQGHVWHQVNJDXIZHLVHQ $FKWXQJ (LQHQLFKWJHHLJQHWH+HEHNDSD]LWlWNDQQ
]X9HUOHW]XQJHQYRQ3HUVRQHQXQGVFKZH
$FKWXQJ(LQHQLFKWJHHLJQHWH+HEHNDSD]LWlWNDQQ]X9HUOHW]XQJHQ UHQ6FKlGHQIKUHQ
YRQ3HUVRQHQXQGVFKZHUHQ6FKlGHQIKUHQ
 'LHDP*HQHUDWRUYRUKDQGHQHQ+HEHULQ
JHZXUGHQQXU]XP+HEHQGHV*HQHUDWRUV
$FKWXQJ 'LH DP *HQHUDWRU YRUKDQGHQHQ +HEHULQJH ZXUGHQ QXU XQGQLFKWGHVJHVDPWHQ(OHNWUR$JJUHJDWV
]XP +HEHQ GHV *HQHUDWRUV XQG QLFKW GHV JHVDPWHQ (OHNWUR YRUJHVHKHQ

6.2WWREUH5HY
 '(876&+

$FKWXQJ 9RU GHU 0RQWDJH EHUSUIHQ GDVV GLH $JJUHJDWVYRUJHVHKHQ

.XSSOXQJVVLW]H VRZRKO GHV *HQHUDWRUV
DOV DXFK GHV 0RWRUV HLQZDQGIUHL XQG %HLP+HEHQXQGEHLGHU%HZHJXQJYRQ(LQODJHU*HQHUDWRUHQPXVVGLH
VDXEHUVLQG 0DVFKLQHLQKRUL]RQWDOHU3RVLWLRQJHKDOWHQZHUGHQXP]XYHUKLQGHUQ
GDVVGHU5RWRUIDOOVGHU$UEHLWVYRUJDQJQLFKWNRUUHNWDXVJHIKUWZLUG
 KHUDXVWULWWZDV]XGHVVHQ%HVFKlGLJXQJXQGVFKZHUHQ)ROJHQIUGLH
3HUVRQHQIKUHQNDQQ

%HIHVWLJXQJDP0RWRU

0RQWDJHGHU6$()RUPVLHKH$EELOGXQJ
$FKWXQJ 9RU GHU 0RQWDJH EHUSUIHQ GDVV GLH .XSSOXQJVVLW]H
VRZRKO GHV *HQHUDWRUV DOV DXFK GHV 0RWRUV HLQZDQGIUHL XQG
VDXEHUVLQG
 
‡  .RQWUROOLHUHQGDVVGHU'XUFKPHVVHUGHU6FKHLEHGHP'XUFKPHVVHU
GHU$XIQDKPHLP6FKZXQJUDGHQWVSULFKW

‡  'HQ'UHKVWURPJHQHUDWRULQYHUWLNDOHUSRVLWLRQDXIVWHOOHQPLW+LOIHHLQHU
+HEHYRUULFKWXQJPLW]XP%RGHQKLQJHULFKWHWHPUFNZlUWLJHP6FKLOG
‡  (LQHgVHQVFKUDXEHLQGLHgIIQXQJLQGHU0LWWHGHU:HOOHHLQVFKUDX
EHQ
‡  0LWWHOVHLQHU+HEHYRUULFKWXQJGHQ'UHKVWURPJHQHUDWRUHLQLJH=HQWLPHWHU
DQKHEHQ XQG PLW HLQHP 3ODVWLNKDPPHU DXI GLH )‰H GHU *HKlXVHV
VFKODJHQELVGDV/DJHUYROOVWlQGLJDXVVHLQHP6LW]KHUDXVJHWUHWHQLVW
‡  'HQ5RWRUKHUDXV]LHKHQZREHLVRUJIlOWLJDXIGLH:LFNOXQJHQJHDFKWHW
ZHUGHQPXVV
 ‡  'DV5RWRU$JJUHJDW6FKHLEH5RWRUDP6FKZXQJUDGEHIHVWLJHQ
‡  'DV*HKlXVHGXUFK%ORFNLHUXQJGHU*ORFNHDP0RWRUEHIHVWLJHQZREHL
GDUDXIJHDFKWHWZHUGHQPXVVGLH:LFNOXQJHQQLFKW]XEHVFKlGLJHQ
(LQ XQJHHLJQHWHU 6FKXW] XQGRGHU HLQH
IDOVFKH)OXFKWXQJGHV*HQHUDWRUVN|QQHQ
]X9HUOHW]XQJHQYRQ3HUVRQHQXQGRGHU
+,1:(,6 6FKlGHQDQGHU$XVUVWXQJIKUHQ
‡  'DV$JJUHJDWPLW9LEUDWLRQVGlPSIHUQVWW]HQXQGGDEHLDXIGLHNRUUHNWH
$XVQLYHOOLHUXQJ]ZLVFKHQ0RWRUXQG*HQHUDWRUDFKWHQ
'HPRQWDJH)RUP6$(
=XU'HPRQWDJHGLHXQWHU$EVDW]JHJHEHQHQ$QOHLWXQJHQXPJHNHKUW
DXVIKUHQ
(UGXQJ
:DUQKLQZHLV (LQ XQJHHLJQHWHU 6FKXW] XQGRGHU HLQH IDOVFKH
)OXFKWXQJGHV*HQHUDWRUVN|QQHQ]X9HUOHW]XQJHQYRQ3HUVRQHQ
XQGRGHU6FKlGHQDQGHU$XVUVWXQJIKUHQ
'DV*HKlXVHGHV*HQHUDWRUVPXVVHLQHQVROLGHQ(UGXQJVDQVFKOXVV
DP 8QWHUJHVWHOO GHV (OHNWUR$JJUHJDWV DXIZHLVHQ )DOOV IOH[LEOH
YLEUDWLRQVGlPSIHQGH6WW]HQ]ZLVFKHQGHP*HKlXVHGHV*HQHUDWRUV
XQG VHLQHP 8QWHUJHVWHOO YRUJHVHKHQ VLQG PXVV EHU GLH IOH[LEOH
6WW]HHLQ(UGXQJVOHLWHUPLWHLQHPJHHLJQHWHQ1HQQZHUWJHZ|KQOLFK
GLH+lOIWHGHU)OlFKHGHV4XHUVFKQLWWVGHU.DEHOGHU+DXSWOHLWXQJLQ
3DUDOOHOVFKDOWXQJDQJHVFKORVVHQZHUGHQ

$XIGHPKLQWHUHQ6FKLOGLVWDXIGHU+|KHGHU)‰HHLQ*HZLQGHERKUXQJ
0YRUEHUHLWHWXPGLH(UGXQJGHV.DVWHQV]XHUOHLFKWHUQVLHKH$EELO
GXQJ
0*HZLQGHERKUXQJIU(UGXQJ
:DUQKLQZHLV6LFKHUVWHOOHQGDVVGHU9HUIDKUHQVDEODXIGHU(UGXQJ
NRUUHNWDEJHZLFNHOWZLUG
6LFKHUVWHOOHQGDVVGHU9HUIDKUHQVDEODXI
GHU(UGXQJNRUUHNWDEJHZLFNHOWZLUG 9RUEHUHLWHQGH.RQWUROOHQ
+,1:(,6

.RQWUROOHGHU,VROLHUXQJ
9RU GHU ,QEHWULHEQDKPH GHV (OHNWUR$JJUHJDWV E]Z QDFK ODQJHQ
6WLOOVWDQG]HLWHQ GHQ ,VROLHUXQJVZLGHUVWDQG GHU :LFNOXQJHQ ]XU (UGH
NRQWUROOLHUHQ
6.2WWREUH5HY
 '(876&+

$FKWXQJ'HQ6SDQQXQJVUHJOHU$95DEWUHQQHQEHYRUGLH0HVVXQJ $FKWXQJ 'HQ 6SDQQXQJVUHJOHU $95 DEWUHQQHQ

YRUJHQRPPHQZLUG EHYRUGLH0HVVXQJYRUJHQRPPHQZLUG

'LH HUPLWWHOWHQ :HUWH PVVHQ EHU 02KP OLHJHQ )DOOV VLFK GHU
,VROLHUXQJVZLGHUVWDQGDOVQLHGULJHUHUZHLVWPXVVHLQH7URFNQXQJGHV
'UHKVWURPJHQHUDWRUV DOOHLQ LP 2IHQ EHL HLQHU 7HPSHUDWXU YRQ  ¸
ƒ& EHU  6WXQGHQ YRUJHQRPPHQ ZHUGHQ 9RU$XVIKUXQJ GLHVHV
$UEHLWVYRUJDQJV GHQ 6SDQQXQJVUHJOHU HQWIHUQHQ$OV$OWHUQDWLYH ]XU
7URFNQXQJLP2IHQEHVWHKWGLH0|JOLFKNHLWPLQGHVWHQV6WXQGHODQJ
+HL‰OXIWGXUFKGHQ'UHKVWURPJHQHUDWRU]XEODVHQEHL¸ƒ&
:LFKWLJ 'LH $EQDKPHSUIXQJ GHU :LFNOXQJHQ
HUIROJWH XQWHU +RFKVSDQQXQJ ZlKUHQG
:LFKWLJ 'LH $EQDKPHSUIXQJ GHU :LFNOXQJHQ HUIROJWH XQWHU GHU3URGXNWLRQ:HLWHUH3UIXQJHQXQWHU
+RFKVSDQQXQJ ZlKUHQG GHU 3URGXNWLRQ :HLWHUH 3UIXQJHQ +RFKVSDQQXQJN|QQHQGLH,VROLHUXQJYHU
XQWHU +RFKVSDQQXQJ N|QQHQ GLH ,VROLHUXQJ YHUVFKOHFKWHUQ XQG VFKOHFKWHUQXQGVRPLWLKUH/HEHQVGDXHU
UHGX]LHUHQ )DOOV VLFK HLQH $EQDKPH
VRPLW LKUH /HEHQVGDXHU UHGX]LHUHQ )DOOV VLFK HLQH $EQDKPH XQWHU +RFKVSDQQXQJ ]XU $N]HSWLHUXQJ
XQWHU +RFKVSDQQXQJ ]XU $N]HSWLHUXQJ VHLWHQV GHV .XQGHQ DOV VHLWHQV GHV .XQGHQ DOV HUIRUGHUOLFK
HUIRUGHUOLFKHUZHLVHQVROOWHPVVHQGLH3UIXQJHQDXIYHUPLQGHUWHQ HUZHLVHQ VROOWH PVVHQ GLH 3UIXQJHQ
6SDQQXQJVQLYHDXVGXUFKJHIKUWZHUGHQ DXI YHUPLQGHUWHQ 6SDQQXQJVQLYHDXV
GXUFKJHIKUWZHUGHQ

'UHKULFKWXQJ
$OOH0DVFKLQHQVLQGPLWHLQHP/IWHUUDGPLW5DGLDOÁJHOQDXVJHVWDWWHW
XQGN|QQHQGDKHULQEHLGHQ'UHKULFKWXQJHQIXQNWLRQLHUHQ'HU*HQHUDWRU
ZLUGPLW5RWDWLRQLP8KU]HLJHUVLQQYRQGHU.XSSOXQJVVHLWHDXVJHVHKHQ
JHOLHIHUWVRIHUQEHL$XIWUDJVHUWHLOXQJQLFKWDQGHUZHLWLJVSH]LÀ]LHUWVR
GDVVHLQH3KDVHQVHTXHQ]89:HU]HXJWZLUG)DOOVGLH5RWDWLRQQDFK
GHU$XVOLHIHUXQJXPJHNHKUWZHUGHQPXVVPVVHQGLHHQWVSUHFKHQGHQ
HOHNWULVFKHQ6FKDOWSOlQHLP:HUNDQJHIRUGHUWZHUGHQ
'HU *HQHUDWRU YHUOlVVW GLH 3URGXNWLRQ
hEHUSUIXQJGHU6SDQQXQJXQGGHU)UHTXHQ] VOLQLHQ PLW HLQHU 6WHUQ6HULHQVFKDOWXQJ
VRIHUQ EHL $XIWUDJVHUWHLOXQJ QLFKW DQ
6LFKHUVWHOOHQGDVVGLHYRP(OHNWUR$JJUHJDWJHIRUGHUWHQ6SDQQXQJV
XQG )UHTXHQ]ZHUWH GHQ DXI GHP 7\SHQVFKLOG GHV *HQHUDWRUV
DQJHJHEHQHQHQWVSUHFKHQ
:DUQKLQZHLV 'HU *HQHUDWRU YHUOlVVW GLH 3URGXNWLRQVOLQLHQ PLW
HLQHU 6WHUQ6HULHQVFKDOWXQJ VRIHUQ EHL $XIWUDJVHUWHLOXQJ QLFKW
+,1:(,6 GHUZHLWLJ VSH]LIL]LHUW DXI GLH VLFK GLH
JHOLHIHUWHQ 1HQQGDWHQ EH]LHKHQ (V LVW
$XIJDEH GHV ,QVWDOODWHXUV EHL VSlWHUHU
$ElQGHUXQJGLHVHV$QVFKOXVVHVGHQQHXHQ
YHUZHQGHWHQ$QVFKOXVVDXIGHP6FKLOGPLW
GHQ 0DVFKLQHQGDWHQ GDV VLFK LP ,QQHUQ
GHV .OHPPHQEUHWW.DVWHQV EHILQGHW ]X
DQGHUZHLWLJ VSH]LÀ]LHUW DXI GLH VLFK GLH JHOLHIHUWHQ 1HQQGDWHQ PDUNLHUHQ =XU $XVIKUXQJ GHV QHXHQ
EH]LHKHQ(VLVW$XIJDEHGHV,QVWDOODWHXUVEHLVSlWHUHU$ElQGHUXQJ $QVFKOXVVHVGLHGLHVHU%HGLHQXQJVDQOHLWXQJ
EHLJHIJWHQ6FKDOWSOlQHEHQXW]HQ
GLHVHV $QVFKOXVVHV GHQ QHXHQ YHUZHQGHWHQ $QVFKOXVV DXI
GHP 6FKLOG PLW GHQ 0DVFKLQHQGDWHQ GDV VLFK LP ,QQHUQ GHV (YHQWXHOOH $ElQGHUXQJHQ DP $QVFKOXVV
.OHPPHQEUHWW.DVWHQVEHÀQGHW]XPDUNLHUHQ=XU$XVIKUXQJGHV GUIHQ DXVVFKOLH‰OLFK YRQ )DFKSHUVRQDO
QHXHQ$QVFKOXVVHVGLHGLHVHU%HGLHQXQJVDQOHLWXQJEHLJHIJWHQ DXVJHIKUWZHUGHQ
6FKDOWSOlQHEHQXW]HQ
7ULPPHU9
:DUQKLQZHLV (YHQWXHOOH $ElQGHUXQJHQ DP $QVFKOXVV GUIHQ
7ULPPHU67
DXVVFKOLH‰OLFKYRQ)DFKSHUVRQDODXVJHIKUWZHUGHQ
7ULPPHU8)
(LQVWHOOXQJ.DUWH$95
8PGLH(LQVWHOOXQJHQGHU6WHXHUYRUULFKWXQJ$95]XZlKOHQEHJLEWPDQ
VLFK ]XU 6WHXHUNDUWH QDFKGHP PDQ GLH$EGHFNXQJHQ DEJHQRPPHQ
KDW 'LH PHLVWHQ (LQVWHOOXQJHQ ZHUGHQ LP :HUN YRUJHQRPPHQ DXI
:HUWHGLHGD]XEHVWLPPWVLQGEHLGHQDQIlQJOLFKHQ)XQNWLRQVSUREHQ
]XIULHGHQVWHOOHQGH(UJHEQLVVH]XJHZlKUOHLVWHQ:HLWHUH(LQVWHOOXQJHQ
N|QQWHQVLFKDOVHUIRUGHUOLFKHUZHLVHQXPHLQHRSWLPDOH)XQNWLRQXQWHU
VSH]LÀVFKHQ%HWULHEVEHGLQJXQJHQ]XJHZlKUOHLVWHQ

:HQQGHU'UHKVWURPJHQHUDWRUEHL+]DUEHLWHQVROOPXVVGLH%UFNH
VLHKH$EELOGXQJDQJHVFKORVVHQEOHLEHQVROOHUEHL+]DUEHLWHQPXVV
GLH%UFNHHQWIHUQWZHUGHQ 


(VEHVWHKWGLH0|JOLFKNHLWGLH$XVJDQJVVSDQQXQJGXUFK(LQZLUNXQJ 
DXIGDV3RWHQWLRPHWHU´9µDE]XlQGHUQ0LWEHL1HQQGUHK]DKOODXIHQGHP (;7327
$JJUHJDW UHJHOQ ELV GHU JHVXFKWH :HUW HUUHLFKW LVW :HQQ VLFK GLH 6FKQHLGHQIU+]
6.2WWREUH5HY
 '(876&+

6SDQQXQJEHLHLQHUJHULQJIJLJHQ'UHK]DKOYHUlQGHUXQJlQGHUWPXVV
]XHUVW GHU 8QWHUGUHK]DKOVFKXW] HLQJHVWHOOW ZHUGHQ 'HU 6SDQQXQJV
$FKWXQJ 'LH (LQVWHOOXQJ GHU 6SDQQXQJ DXI HLQHQ
:HUW GHU EHU GHP IU GHQ *HQHUDWRU
YRUJHVHKHQHQ +|FKVWZHUW OLHJW NDQQ
%H]XJVSXQNW RUDQJHIDUEHQH .DEHO PXVV ZLH IROJW DQJHVFKORVVHQ
VHLQ
‡  DQGHQ.OHPPHQ´µXQG´µZHQQHLQH6SDQQXQJ]ZLVFKHQ
XQG9HQWQRPPHQZLUG
‡  DQGLH.OHPPHQ´µXQG´µZHQQHLQH6SDQQXQJ]ZLVFKHQ
XQG9HQWQRPPHQZLUG
$FKWXQJ'LH(LQVWHOOXQJGHU6SDQQXQJDXIHLQHQ:HUWGHUEHU
GHPIUGHQ*HQHUDWRUYRUJHVHKHQHQ+|FKVWZHUWOLHJWNDQQGLH
%HVFKlGLJXQJGHV*HQHUDWRUVVHOEVWEHZLUNHQ
GLH %HVFKlGLJXQJ GHV *HQHUDWRUV VHOEVW (LQVWHOOXQJGHU8QWHUGUHK]DKODXI+]'DV$JJUHJDWLQ5RWDWLRQ
EHZLUNHQ
 'LH (LQVWHOOXQJ GHU 8QWHUGUHK]DKO DXI
HLQHQ ]X QLHGULJHQ )UHTXHQ]ZHUW NDQQ
GLH %HVFKlGLJXQJ GHV *HQHUDWRUV VHOEVW
EHZLUNHQ$QGHUHUVHLWVNDQQGLH(LQVWHOOXQJ
DXIHLQHQ]XKRKHQ:HUW]X6SDQQXQJVDEIDOO
PLWKRKHQ/DVWHQIKUHQ
YHUVHW]HQXQGVRHLQVWHOOHQGDVVPDQHLQH)UHTXHQ]YRQ+]
HUKlOW'HQ7ULPPHU´8)µELV]XGHP3XQNWGUHKHQDQGHPGLH6SDQQXQJ
DE]XIDOOHQEHJLQQW'DV$JJUHJDWDXI1HQQGUHK]DKO]XUFNIDKUHQ
$FKWXQJ'LH(LQVWHOOXQJGHU8QWHUGUHK]DKODXIHLQHQ]XQLHGULJHQ
)UHTXHQ]ZHUW NDQQ GLH %HVFKlGLJXQJ GHV *HQHUDWRUV VHOEVW
EHZLUNHQ$QGHUHUVHLWV NDQQ GLH (LQVWHOOXQJ DXI HLQHQ ]X KRKHQ
:HUW]X6SDQQXQJVDEIDOOPLWKRKHQ/DVWHQIKUHQ

$QVFKOXVVHLQHVH[WHUQHQ3RWHQWLRPHWHUVN2KP'LH%UFNHDXI

GHQ(QGYHUVFKOVVHQ´(;7327µHQWIHUQHQXQGDQGHQIUHLHQ(QGHQ
GDV3RWHQWLRPHWHUDQVFKOLH‰HQZREHLGDUDXIJHDFKWHWZHUGHQPXVV
HV DXI GHQ K|FKVWHQ :LGHUVWDQGVZHUW ]X SRVLWLRQLHUHQ 'HQ7ULPPHU
´9µELV]XP$QVFKODJJHJHQGHQ8KU]HLJHUVLQQGUHKHQ'DV$JJUHJDW
DXI1HQQGUHK]DKOIDKUHQXQGDXIGDV3RWHQWLRPHWHUHLQZLUNHQELVGLH
JHZQVFKWH6SDQQXQJHUUHLFKWLVW

)DOOV6SDQQXQJVÁXNWXDWLRQHQEHL/DVWDXIWUHWHQVROOWHQNDQQDXIGDV
3RWHQWLRPHWHU ´67µ HLQJHZLUNW ZHUGHQ GDV GLH 5HDNWLRQVEHUHLWVFKDIW
GHV 5HJOHUV DXI H[WHUQH 5HL]H PRGXOLHUW ZRGXUFK GLH (OLPLQLHUXQJ
HYHQWXHOOHU ,QVWDELOLWlWHQ GHV 6\VWHPV 'UHKVWURPJHQHUDWRU  /DVW
P|JOLFKZLUG

$QVFKOXVV6FKDOWSOlQHIUYHUVFKLHGHQH.UHLVH
'HU YRUOLHJHQGHQ %HGLHQXQJVDQOHLWXQJ VLQG GLH 6FKDOWSOlQH IU
$QVFKOVVH GLH YRQ GHU 6WHUQ6HULHQVFKDOWXQJ GLH QRUPDOHUZHLVH
ZlKUHQGGHU3URGXNWLRQDXVJHIKUWZLUGVRIHUQEHL$XIWUDJVHUWHLOXQJ
'HQ*HQHUDWRUZlKUHQGGHV%HWULHEVXQG
VRIRUWQDFKGHP$QKDOWHQGHV$JJUHJDWV
QLFKWEHUKUHQGDGLH2EHUÁlFKHQKRKH
+,1:(,6 7HPSHUDWXUHQDXIZHLVHQN|QQWHQ
6.2WWREUH5HY
QLFKWDQGHUZHLWLJVSH]LÀ]LHUWDEZHLFKHQEHLJHIJW
,QEHWULHEQDKPH
9RU GHP 6WDUW GHV (OHNWUR$JJUHJDWV PXVV EHUSUIW ZHUGHQ GDVV
DOOH H[WHUQHQ $QVFKOVVH NRUUHNW DXVJHIKUW ZXUGHQ XQG GDVV GLH
6FKXW]DEGHFNXQJHQQLFKWHQWIHUQWZXUGHQ
'LHYHUVFKLHGHQHQ(LQVWHOOXQJHQGHV*HQHUDWRUVZHUGHQEHLGHU$EQDKPH
LP:HUNDXVJHIKUW(VGUIWHQDOVRNHLQHZHLWHUHQ(LQVWHOODUEHLWHQDQ
GHU 0DVFKLQH HUIRUGHUOLFK VHLQ )DOOV HV VLFK GRFK DOV Q|WLJHUZHLVHQ
VROOWH]XU$XVIKUXQJYRQ(LQVWHOOXQJHQ$EGHFNXQJHQ]XHQWIHUQHQXQG
PDQXQWHU6SDQQXQJVWHKHQGH.RQWDNWHIUHLOLHJHQOlVVWZLUGGULQJHQG
HPSIRKOHQGLHVH$UEHLWHQQXUGXUFKIUGLH:DUWXQJHOHNWULVFKHU$QODJHQ
TXDOLÀ]LHUWHV3HUVRQDODXVIKUHQ]XODVVHQ
%HL GHU ,QEHWULHEQDKPH DXI HYHQWXHOOH DQRPDOH *HUlXVFKH DFKWHQ
GLH DXI HLQH QLFKW NRUUHNWH )OXFKWXQJ ]ZLVFKHQ 0RWRU XQG *HQHUDWRU
KLQZHLVHQN|QQWHQ
:DUQKLQZHLV'HQ*HQHUDWRUZlKUHQGGHV%HWULHEVXQGVRIRUWQDFK
GHP$QKDOWHQGHV$JJUHJDWVQLFKWEHUKUHQGDGLH2EHUÁlFKHQ
KRKH7HPSHUDWXUHQDXIZHLVHQN|QQWHQ
 '(876&+

*HQHUDWRUHQ VLQG HOHNWULVFKH 5RWDWLRQVPDVFKLQHQ GLH SRWHQWLHOO

JHIlKUOLFKH 7HLOH DXIZHLVHQ GD GLHVH ZlKUHQG GHV %HWULHEV XQWHU
6SDQQXQJ JHVHW]W RGHU PLW %HZHJXQJ DXVJHVWDWWHW ZHUGHQ$EVROXW
YHUERWHQVLQGGDKHU
‡  XQVDFKJHPl‰HU*HEUDXFK
‡  GDV (QWIHUQHQ GHU 6FKXW]DEGHFNXQJHQ XQG GDV $EWUHQQHQ GHU
6FKXW]YRUULFKWXQJHQ
'HU0DQJHODQ,QVSHNWLRQHQXQG:DUWXQJ
:DUQKLQZHLV'HU0DQJHODQ,QVSHNWLRQHQXQG:DUWXQJNDQQ]X NDQQ ]X VFKZHUHQ 3HUVRQHQ XQGRGHU
VFKZHUHQ3HUVRQHQXQGRGHU6DFKVFKlGHQIKUHQ 6DFKVFKlGHQIKUHQ
+,1:(,6

$OV .RQVHTXHQ] GHU RELJHQ$XVIKUXQJHQ ZLUG YHUODQJW GDVV MHGHU

$UEHLWVYRUJDQJHOHNWULVFKHURGHUPHFKDQLVFKHU$UWYRQ)DFKSHUVRQDO
YRUJHQRPPHQZLUG

.81'(1',(16781':$5781*
:DUQKLQZHLV'LH$UEHLWVDEOlXIH]XU:DUWXQJXQG/RNDOLVLHUXQJYRQ
6W|UXQJHQEULQJHQ5LVLNHQPLWVLFKGLH]XVFKZHUHQ9HUOHW]XQJHQ 'LH $UEHLWVDEOlXIH ]XU :DUWXQJ XQG
/RNDOLVLHUXQJ YRQ 6W|UXQJHQ EULQJHQ
YRQ3HUVRQHQRGHU7RGHVIlOOHQIKUHQN|QQWHQ 5LVLNHQPLWVLFKGLH]XVFKZHUHQ9HUOHW
'LHVH$UEHLWVDEOlXIHGUIHQGDKHUDXVVFKOLH‰OLFKYRQ]XUHOHNWUL +,1:(,6 ]XQJHQ YRQ 3HUVRQHQ RGHU 7RGHVIlOOHQ
VFKHQXQGPHFKDQLVFKHQ$VVLVWHQ]EHIlKLJWHP3HUVRQDODXVJHIKUW IKUHQ N|QQWHQ 'LHVH $UEHLWVDEOlXIH
ZHUGHQ9RUMHGHP:DUWXQJVXQG5HSDUDWXUHLQJULIIVLFKHUVWHOOHQ GUIHQ GDKHU DXVVFKOLH‰OLFK YRQ ]XU
HOHNWULVFKHQXQGPHFKDQLVFKHQ$VVLVWHQ]
GDVVNHLQHXQWHU6SDQQXQJVWHKHQGHQ7HLOHYRUKDQGHQVLQGGDVV EHIlKLJWHP3HUVRQDODXVJHIKUWZHUGHQ
GDV *HQHUDWRUJHKlXVH GLH 8PJHEXQJVWHPSHUDWXU DQJHQRPPHQ *()$+5 9RUMHGHP:DUWXQJVXQG5HSDUDWXUHLQJULII
KDWGDVVGDV(OHNWUR$JJUHJDWQLFKWJHVWDUWHWZHUGHQNDQQDXFK VLFKHUVWHOOHQGDVVNHLQHXQWHU6SDQQXQJ
QLFKWXQEHDEVLFKWLJWHUZHLVHXQGGDVVDOOH$UEHLWVDEOlXIHNRUUHNW VWHKHQGHQ 7HLOH YRUKDQGHQ VLQG GDVV
GDV *HQHUDWRUJHKlXVH GLH 8PJHEXQJV
DXVJHIKUWZHUGHQ WHPSHUDWXU DQJHQRPPHQ KDW GDVV GDV
(OHNWUR$JJUHJDW QLFKW JHVWDUWHW ZHUGHQ
.RQWUROOHGHU:LFNOXQJHQXQGGHV=XVWDQGVGHU,VROLHUXQJ NDQQ DXFK QLFKW XQEHDEVLFKWLJWHUZHL
'HU =XVWDQG GHU :LFNOXQJHQ NDQQ GXUFK 0HVVXQJ LKUHV HOHNWULVFKHQ VH XQG GDVV DOOH$UEHLWVDEOlXIH NRUUHNW
DXVJHIKUWZHUGHQ
:LGHUVWDQGV]XU(UGHKLQEHUSUIWZHUGHQ:lKUHQGGHU3UIXQJPXVV
GHU6SDQQXQJVUHJOHUDEJHWUHQQWVHLQ,PDOOJHPHLQHQLVWHVDXVUHLFKHQG
QXUGLH+DXSWZLFNOXQJ]XNRQWUROOLHUHQ

'LH HUPLWWHOWHQ :HUWH PVVHQ EHU 02KP OLHJHQ )DOOV VLFK GHU
,VROLHUXQJVZLGHUVWDQGDOVQLHGULJHUHUZHLVWPXVVHLQH7URFNQXQJGHV
'UHKVWURPJHQHUDWRUV DOOHLQ LP 2IHQ EHL HLQHU 7HPSHUDWXU YRQ  ¸
ƒ& EHU  6WXQGHQ YRUJHQRPPHQ ZHUGHQ 9RU$XVIKUXQJ GLHVHV
$UEHLWVYRUJDQJV GHQ 6SDQQXQJVUHJOHU HQWIHUQHQ$OV$OWHUQDWLYH ]XU
7URFNQXQJLP2IHQEHVWHKWGLH0|JOLFKNHLWPLQGHVWHQV6WXQGHODQJ
+HL‰OXIWGXUFKGHQ'UHKVWURPJHQHUDWRU]XEODVHQEHL¸ƒ&

.RQWUROOHGHU/DJHU
'LH/DJHUVLQGYHUVLHJHOWXQGZDUWXQJVIUHL
:lKUHQGGHU:DUWXQJGHQ=XVWDQGGHU/DJHUNRQWUROOLHUHQXQGEHUSUIHQ
GDVVNHLQH)HWWDXVWULWWVVWHOOHQYRUKDQGHQVLQG'LH/HEHQVGDXHUGHU/DJHU
KlQJWYRQGHQ9LEUDWLRQHQXQGGHQD[LDOHQ/DVWHQGHQHQVLHDXVJHVHW]W
VLQGGLH9LEUDWLRQHQN|QQHQLP)DOOHLQHUIDOVFKHQ)OXFKWXQJEHWUlFKWOLFK
HUK|KWVHLQVRZLHYRQGHQ$UEHLWVEHGLQJXQJHQDE(VPXVVGDKHUEHUSUIW
ZHUGHQGDVVNHLQH$QRPDOLHQZLH9LEUDWLRQHQXQJHZ|KQOLFKH*HUlXVFKH
YRUOLHJHQ
)DOOV QDFK HLQHU JHZLVVHQ =HLW EHUPl‰LJH 9LEUDWLRQHQ RGHU *HUlXVFKH
DXIWUHWHQVROOWHQN|QQWHQGLHVHDXIGHQ9HUVFKOHL‰GHV/DJHUV]XUFN]XIKUHQ
VHLQGDVEHL%HVFKlGLJXQJDXVJHZHFKVHOWZHUGHQPXVV
(V LVW MHGRFK DXI MHGHQ )DOO DQ]XUDWHQ GDV /DJHU QDFK 
%HWULHEVVWXQGHQDXV]XZHFKVHOQ
:LFKWLJ'LH/HEHQVGDXHUGHU/DJHUZLUGGXUFKGLH$UEHLWVXPJHEXQJ
VWDUNEHHLQÁXVVW
:LFKWLJ /DQJH 9HUZHLO]HLWHQ DQ HLQHP 2UW DQ GHP 9LEUDWLRQHQ
YRUKDQGHQVLQGN|QQHQGLH.XJHOQXQGGLH:lO]VLW]HEHVFKlGLJHQ
:LFKWLJ 'LH/HEHQVGDXHUGHU/DJHUZLUGGXUFKGLH
$UEHLWVXPJHEXQJVWDUNEHHLQÁXVVW
 /DQJH9HUZHLO]HLWHQDQHLQHP2UWDQGHP
9LEUDWLRQHQ YRUKDQGHQ VLQG N|QQHQ GLH
.XJHOQXQGGLH:lO]VLW]HEHVFKlGLJHQ(LQH
]X KRKH )HXFKWLJNHLW NDQQ GLH (PXOVLRQ
GHV)HWWVEHZLUNHQXQG.RUURVLRQVHIIHNWH
EHJQVWLJHQ
6.2WWREUH5HY
 '(876&+
:LFKWLJ ,QWHQVLYH9LEUDWLRQHQGLHYRP0RWRURGHU
GXUFK HLQH IDOVFKH )OXFKWXQJ GHU .RPSR
QHQWHQ GHV (OHNWUR$JJUHJDWV EHZLUNW
ZHUGHQVHW]HQGLH/DJHU%HDQVSUXFKXQJHQ
DXVGLHLKUH/HEHQVGDXHUYHUNU]HQ
(LQH]XKRKH)HXFKWLJNHLWNDQQGLH(PXOVLRQGHV)HWWVEHZLUNHQ
XQG.RUURVLRQVHIIHNWHEHJQVWLJHQ
:LFKWLJ ,QWHQVLYH 9LEUDWLRQHQ GLH YRP 0RWRU RGHU GXUFK HLQH
IDOVFKH )OXFKWXQJ GHU .RPSRQHQWHQ GHV (OHNWUR$JJUHJDWV EH
ZLUNW ZHUGHQ VHW]HQ GLH /DJHU %HDQVSUXFKXQJHQ DXV GLH LKUH
/HEHQVGDXHUYHUNU]HQ
$QRPDOLHQXQG$EKLOIH
'HU*HQHUDWRUHUUHJWVLFKQLFKW
‡  'LH6LFKHUXQJNRQWUROOLHUHQ
‡  'LH*HVFKZLQGLJNHLWXPHUK|KHQ
‡  (LQHQ$XJHQEOLFN ODQJ DQ GHQ 3ROHQ GHV HOHNWURQLVFKHQ 5HJOHUV HLQH
6SDQQXQJYRQ9HLQHU%DWWHULHGLHPLWHLQHP:LGHUVWDQGYRQ2KP
VHULHQJHVFKDOWHWLVWDQZHQGHQXQWHU(LQKDOWXQJGHU3ROXQJ
1DFKGHU(UUHJXQJHUIROJWHLQH$EHUUHJXQJ
‡  'LH$QVFKOXVVNDEHO NRQWUROOLHUHQ ZREHL PDQ VLFK GHU EHLJHIJWHQ
=HLFKQXQJHQEHGLHQW
,P/HHUODXIQLHGULJH6SDQQXQJ
‡  'LH6SDQQXQJQDFKHLFKHQ
‡  'LH'UHK]DKONRQWUROOLHUHQ
‡  'LH:LFNOXQJHQNRQWUROOLHUHQ
,P/HHUODXI]XKRKH6SDQQXQJ
‡  'LH6SDQQXQJQDFKHLFKHQ
‡  'HQ5HJOHUDXVZHFKVHOQ
%HL/DVWEHWULHE6SDQQXQJXQWHUGHU1HQQVSDQQXQJ
‡  'LH6SDQQXQJQDFKHLFKHQ
‡  =XVWDUNHU6WURPFRV VHKUWLHI*HVFKZLQGLJNHLWXQWHUGHV1HQQ
ZHUWV
‡  'HQ5HJOHUDXVZHFKVHOQ
‡  'LH'LRGHQNRQWUROOLHUHQZREHLGLH.DEHODEJHWUHQQWZHUGHQ
%HL/DVWEHWULHE6SDQQXQJEHUGHU1HQQVSDQQXQJ
‡  'LH6SDQQXQJQDFKHLFKHQ
‡  'HQ5HJOHUDXVZHFKVHOQ
,QVWDELOH6SDQQXQJ
‡  'LH*OHLFKPl‰LJNHLWGHU5RWDWLRQNRQWUROOLHUHQ
‡  'LH 6WDELOLWlW GHV 5HJOHUV GXUFK (LQZLUNXQJ DXI GDV 3RWHQWLRPHWHU
´67µUHJHOQ
%HLDOOHQDQGHUHQ$QRPDOLHQZHQGHQ6LHVLFKELWWHDQGDV.XQGHQGLHQVW
&HQWHU6LQFUR
(QWIHUQHQXQG$XVZHFKVHOXQJYRQ.RPSRQHQWHQXQG*UXSSHQ
YRQ.RPSRQHQWHQ
$XVEDXXQG(LQEDXGHU:HOOH
%HL GHQ QDFKVWHKHQG EHVFKULHEHQHQ $UEHLWVDEOlXIHQ ZLUG YRUDXV
JHVHW]WGDVVGHU'UHKVWURPJHQHUDWRUYRP0RWRUDEJHWUHQQWZXUGH
6LHKHDEELOGXQJXQWHU$EVDW]

(LQODJHU9HUVLRQ6$(
‡  'HQ'UHKVWURPJHQHUDWRULQYHUWLNDOHU3RVLWLRQDXIVWHOOHQPLW+LOIHHLQHU
+HEHYRUULFKWXQJPLW]XP%RGHQKLQJHULFKWHWHPUFNZlUWLJHP6FKLOG
‡  (LQHgVHQVFKUDXEHLQGLHgIIQXQJLQGHU0LWWHGHU:HOOHHLQVFKUDX
EHQ
‡  0LWWHOVHLQH+HEHYRUULFKWXQJGHQ'UHKVWURPJHQHUDWRUHLQLJH=HQWLPHWHU
6.2WWREUH5HY
 '(876&+

DQKHEHQ XQG PLW HLQHP 3ODVWLNKDPPHU DXI GLH )‰H GHV *HKlXVHV
VFKODJHQELVGDV/DJHUYROOVWlQGLJDXVVHLQHP6LW]KHUDXVJHWUHWHQLVW
‡  'HQ5RWRUKHUDXV]LHKHQZREHLVRUJIlOWLJDXIGLH:LFNOXQJHQJHDFKWHW
ZHUGHQPXVV

=XP(LQEDXGLHXQWHU$EVDW]EHVFKULHEHQHQ$QZHLVXQJHQ
XPJHNHKUWDXVIKUHQ
:DUQKLQZHLV %HLP :LHGHUHLQEDX GHV 5RWRUV NDQQ GHU 'UHK
VWURPJHQHUDWRUGHQ5HVWPDJQHWLVPXVGHUGLH6HOEVWHUUHJXQJHUP|
JOLFKWYHUOLHUHQ9RUGHP6WDUWGHV$JJUHJDWVLVWHVGDKHUHUIRUGHUOLFK
GHQ'UHKVWURPJHQHUDWRUQHX]XHUUHJHQZREHLDQGHQ.OHPPHQGHV
(UUHJHUVHLQH6HNXQGHODQJHLQH6SDQQXQJYRQ9ROWDQJHZDQGW
ZLUGXQWHU(LQKDOWXQJGHU3ROXQJ
%HLP :LHGHUHLQEDX GHV 5RWRUV NDQQ GHU
'UHKVWURPJHQHUDWRUGHQ5HVWPDJQHWLVPXV
GHU GLH 6HOEVWHUUHJXQJ HUP|JOLFKW YHU
OLHUHQ9RUGHP6WDUWGHV$JJUHJDWVLVWHV
+,1:(,6
GDKHUHUIRUGHUOLFKGHQ'UHKVWURPJHQHUDWRU
QHX]XHUUHJHQZREHLDQGHQ.OHPPHQGHV
(UUHJHUVHLQH6HNXQGHODQJHLQH6SDQQXQJ
YRQ  9ROW DQJHZDQGW ZLUG XQWHU
(LQKDOWXQJGHU3ROXQJ

$XVZHFKVHOXQJGHV/DJHUV
$XIGHQ$EVDW]%H]XJQHKPHQ

‡  'DVRGHUGLH/DJHUPLWWHOVJHZ|KQOLFKHU$XV]LHKZHUN]HXJHHQWIHUQHQ
‡  'DVQHXHE]ZGLHQHXHQ/DJHUQHKPHQXQGPLWWHOVHLQHV+HL]JHUlWV
HUKLW]HQPD[¸ƒ&GDPLWGHU'XUFKPHVVHUYRUGHU(LQIJXQJ
LQGHQ6LW]GHU:HOOHJHGHKQWZLUG
‡  'HQ5RWRUZLHGHUHLQEDXHQZREHLGLHXQWHU$EVDW]EHVFKULHEHQHQ
$QZHLVXQJHQXPJHNHKUWDXVJHIKUWZHUGHQ

$OWHUQDWLY KLHU]X EHVWHKW GLH 0|JOLFKNHLW GDV /DJHU DXV]XZHFKVHOQ

RKQHGHQ5RWRUDXV]XEDXHQ
‡  'LH  6FKUDXEHQ GLH GHQ KLQWHUHQ 6FKLOG DP *HKlXVH EHIHVWLJHQ
DXIVFKUDXEHQ
‡  *OHLFKPl‰LJDXIGHQ6FKLOGNORSIHQELV]XUYROOVWlQGLJHQ$EO|VXQJYRP
5RWRU
‡  'DVRGHUGLH/DJHUPLWWHOVJHZ|KQOLFKHU$XV]LHKZHUN]HXJHHQWIHUQHQ
‡  'DVQHXHE]ZGLHQHXHQ/DJHUQHKPHQXQGPLWWHOVHLQHV+HL]JHUlWV
HUKLW]HQPD[¸ƒ&GDPLWGHU'XUFKPHVVHUYRUGHU(LQIJXQJ
LQGHQ6LW]GHU:HOOHJHGHKQWZLUG
‡  'HQ6FKLOGSRVLWLRQLHUHQRKQHGDEHLGHQHODVWLVFKHQ5LQJ]XYHUJHVVHQ
XQGGLH%HIHVWLJXQJVVFKUDXEHQWHLOZHLVHHLQIKUHQ
‡  *OHLFKPl‰LJDXIGHQ6FKLOGNORSIHQELV]XUYROOVWlQGLJHQ(LQIKUXQJGHV
/DJHUVXQGGHV*HKlXVHWHLOVLQGLHHQWVSUHFKHQGHQ6LW]H
‡  'LH%HIHVWLJXQJVVFKUDXEHQGHV6FKLOGVDQ]LHKHQ

$XVZHFKVHOXQJGHUURWLHUHQGHQ'LRGHQ
‡  'HQ5RWRUXQWHU(LQKDOWXQJGHUXQWHU$EVDW]JHJHEHQHQ$QZHLVXQJHQ
DXVEDXHQ
‡  'LH'LRGHQEUFNHDEWUHQQHQ
‡  'LH6FKUDXEHQDXIVFKUDXEHQXQGGLH'LRGHQEUFNHHQWIHUQHQ
‡  'LH QHXH 'LRGHQEUFNH PRQWLHUHQ ZREHL GLH  6FKUDXEHQ PLWWHOV
*HZLQGHNOHEHUVEHIHVWLJHQZHUGHQ
‡  'HQ 5RWRU ZLHGHU HLQEDXHQ ZREHL GLH XQWHU$EVDW]  JHJHEHQHQ
$QZHLVXQJHQXPJHNHKUWDXVJHIKUWZHUGHQ

$OWHUQDWLYKLHU]XEHVWHKWGLH0|JOLFKNHLWGLH'LRGHQEUFNHDXV]XZHFKVHOQ
LQGHP QXU GHU KLQWHUH 6FKLOG GHPRQWLHUW ZLUG ZLH EHUHLWV EHL GHU
$XVZHFKVHOXQJGHV/DJHUVEHVFKULHEHQ

$XVZHFKVHOXQJGHV(UUHJHU5RWRUV
‡  'HQ5RWRUXQWHU(LQKDOWXQJGHUXQWHU$EVDW]JHJHEHQHQ$QZHLVXQJHQ
DXVEDXHQ
‡  'DV/DJHUPLWWHOVJHZ|KQOLFKHU$XV]LHKZHUN]HXJHHQWIHUQHQ
‡  'LH'LRGHQEUFNHDEWUHQQHQ
‡  'LH6FKUDXEHQDXIVFKUDXEHQXQGGLH'LRGHQEUFNHHQWIHUQHQ
‡  'HQ(UUHJHUPLWWHOVHLQHV$XV]LHKZHUN]HXJVHQWIHUQHQ
6.2WWREUH5HY
 '(876&+
-HGH$UWYRQ5HLQLJXQJVHLQJULIIPXVVEHL
VWLOOVWHKHQGHP (OHNWUR$JJUHJDW XQG YRQ
GHUHOHNWULVFKHQ1HW]OHLWXQJDEJHWUHQQWHP
+,1:(,6 *HQHUDWRU DXVJHIKUW ZHUGHQ GD VRQVW
JUR‰H *HIDKU IU 3HUVRQHQ XQG 6DFKJH
JHQVWlQGHEHVWHKW
8QWHUNHLQHQ8PVWlQGHQ)OVVLJNHLWHQRGHU
:DVVHUYHUZHQGHQ'LHLQQHUHQHOHNWULVFKHQ
7HLOHQLFKWPLW'UXFNOXIWUHLQLJHQGDVRQVW
.XU]VFKOXVV RGHU DQGHUH $QRPDOLHQ
DXIWUHWHQN|QQWHQ
$XVVFKOLH‰OLFK )DFKSHUVRQDO ]X 5DWH
]LHKHQ
‡  'HQQHXHQ(UUHJHUXQWHU=XKLOIHQDKPHHLQHU3UHVVHHLQIKUHQ
‡  8QWHU(LQKDOWXQJGHU$QZHLVXQJHQGHU$EVlW]HDOOHV
ZLHGHU]XVDPPHQVHW]HQ
 :LHGHU]XVDPPHQVHW]XQJ GHU .RPSRQHQWHQ XQG *UXSSHQ
YRQ.RPSRQHQWHQ
=XU :LHGHU]XVDPPHQVHW]XQJ ZHUGHQ GLH YRUKHU EHL GHU 'HPRQWDJH
DXVJHIKUWHQ$UEHLWVYRUJlQJHXPJHNHKUWYRUJHQRPPHQ
5(,1,*81*81'6&+0,(581*
:DUQKLQZHLV-HGH$UWYRQ5HLQLJXQJVHLQJULIIPXVVEHLVWLOOVWHKHQGHP
(OHNWUR$JJUHJDWXQGYRQGHUHOHNWULVFKHQ1HW]OHLWXQJDEJHWUHQQWHP
*HQHUDWRUDXVJHIKUWZHUGHQGDVRQVWJUR‰H*HIDKUIU3HUVRQHQXQG
6DFKJHJHQVWlQGHEHVWHKW
6LFKHUVWHOOHQGDVVGDV(OHNWUR$JJUHJDWVWLOOVWHKWXQGYRQGHUHOHNWULVFKHQ
1HW]OHLWXQJDEJHWUHQQWLVW'DV$JJUHJDWNDQQDX‰HQPLW'UXFNOXIWJHUHLQLJW
ZHUGHQ
:DUQKLQZHLV 8QWHU NHLQHQ 8PVWlQGHQ )OVVLJNHLWHQ RGHU :DVVHU
YHUZHQGHQ'LHLQQHUHQHOHNWULVFKHQ7HLOHQLFKWPLW'UXFNOXIWUHLQLJHQ
GDVRQVW.XU]VFKOXVVRGHUDQGHUH$QRPDOLHQDXIWUHWHQN|QQWHQ
$%%$881'(17625*81*
:DUQKLQZHLV$XVVFKOLH‰OLFK)DFKSHUVRQDO]X5DWH]LHKHQ
'LH(QWVRUJXQJGHU0DWHULDOLHQPXVVXQWHU(LQKDOWXQJGHUJHOWHQGHQ1RUPHQ
HUIROJHQ%HLP$EEDXGHV*HQHUDWRUVEHVWHKHQNHLQHEHVRQGHUHQ5LVLNHQ
RGHU*HIDKUHQGLHVLFKDXVGHP*HQHUDWRUVHOEVWDEOHLWHQ%HL5HF\FOLQJ
GHU0DWHULDOLHQLVWHVDQJHEUDFKWVLHQDFK7\SRORJLH]XWUHQQHQHOHNWULVFKH
7HLOH.XSIHU$OXPLQLXPHWF

(56$7=7(,/(81'.81'(1',(167

 9HUIDKUHQVDEODXI XQG $GUHVVHQ ]XU %H]XJQDKPH EHL

$QIRUGHUXQJYRQ.XQGHQGLHQVWOHLVWXQJHQ
8QVHU.XQGHQGLHQVWOLHIHUWHLQHYROOVWlQGLJHWHFKQLVFKH%HUDWXQJ
%HL %HDQWUDJXQJ YRQ .XQGHQGLHQVWOHLVWXQJHQ LP 5DKPHQ GHU *DUDQWLH
VLFKHUVWHOOHQGDVVDOOH.HQQGDWHQGHV*HQHUDWRUVVHLQH6HULHQQXPPHU
XQGGLH1XPPHUGHV3URGXNWLRQVDXIWUDJVGLHDXIGHPJHPl‰$EVDW]
GHUYRUOLHJHQGHQ%HGLHQXQJVDQOHLWXQJSRVLWLRQLHUWHQ.OHEHVFKLOGDQJHJHEHQ
VLQG]XU9HUIJXQJVWHKHQ'LH/LVWHGHUDXWRULVLHUWHQ.XQGHQGLHQVW&HQWHU
ÀQGHQ6LHLQXQVHUHP,QWHUQHW6LWHZZZVRJDJURXSFRP

*$5$17,(
'LH)LUPD6LQFURVUOJHZlKUWLKUHQ.XQGHQHLQH*DUDQWLHYRQ0RQDWHQ
/DXI]HLWDEGHP$XVOLHIHUXQJVGDWXPDXIGLHLQLKUHP%HWULHEKHUJHVWHOOWHQ
'UHKVWURPJHQHUDWRUHQ XQG 6FKZHL‰PDVFKLQHQ (V ZLUG SUl]LVLHUW GDVV
GLHVH *DUDQWLH DXVVFKOLH‰OLFK IU GLH .XQGHQ GHU )LUPD 6LQFUR GHQHQ
JHJHQEHUVLHGLUHNWKDIWHWEHVWLPPWLVW'LH)LUPD6LQFURHUNHQQWNHLQH
GLUHNWH*DUDQWLHJHJHQEHU3HUVRQHQ)LUPHQDQGLHREZRKOVLHLP%HVLW]
LKUHU3URGXNWHVLQGGLHVHQLFKWGLUHNWYRQLKUJHNDXIWKDEHQ:HQQHVVLFK
XPRI¿]LHOOH9HUWULHEVKlQGOHUGHU)LUPD6LQFURLP$XVODQGKDQGHOWZLUGGLH
*DUDQWLHDXI0RQDWHDEGHP$XVOLHIHUXQJVGDWXPDXVJHGHKQW
'LH)LUPD6LQFURYHUSÀLFKWHWVLFKLQQHUKDOEGHUREHQJHQDQQWHQ)ULVWHQ
NRVWHQORV (UVDW]WHLOH IU MHQH 7HLOH ]X OLHIHUQ GLH LKUHP HLJHQHQ 8UWHLO
RGHU GHP HLQHV YRQ LKU DXWRULVLHUWHQ 9HUWUHWHUV JHPl‰ )DEULNDWLRQV
RGHU 0DWHULDOPlQJHO DXIZHLVHQ RGHU ZHQQ VLH GLHV IU ULFKWLJ KlOW GLH
5HSDUDWXUGLUHNWRGHUPLWWHOVDXWRULVLHUWHU:HUNVWlWWHQDXV]XIKUHQZREHL
VLH NHLQHUOHL 7UDQVSRUWDXIZHQGXQJHQ EHUQLPPW$XVJHVFKORVVHQ EOHLEW
MHGRFK MHJOLFKH VRQVWLJH )RUP GHU +DIWXQJ RGHU 9HUSÀLFKWXQJ LQ %H]XJ
DXIDQGHUZHLWLJH.RVWHQ6FKlGHQXQGGLUHNWHRGHULQGLUHNWH9HUOXVWHGLH
6.2WWREUH5HY
 '(876&+

VLFKDXVGHP*HEUDXFKRGHUDXVGHU8QP|JOLFKNHLWGHV*HEUDXFKVGHU
3URGXNWHDEOHLWHQVHLHVLQYROOHP8PIDQJRGHUWHLOZHLVH'LH5HSDUDWXURGHU
(UVDW]OLHIHUXQJEHZLUNWZHGHUHLQH9HUOlQJHUXQJQRFKHLQH(UQHXHUXQJGHU
/DXI]HLWGHU*DUDQWLH'LH*DUDQWLHYHUIlOOWZHQQ3UREOHPHRGHU6W|UXQJHQ
DXIWUHWHQ GLH GXUFK XQVDFKJHPl‰HQ *HEUDXFK HQWVWHKHQ EHL (LQVDW]
EHUGLH1HQQOHLVWXQJVJUHQ]HQKLQDXVZHQQDP3URGXNW$ElQGHUXQJHQ
YRUJHQRPPHQ ZXUGHQ RGHU ZHQQ HV LQ ]HUOHJWHP =XVWDQG RGHU PLW
YHUlQGHUWHQ E]Z PDQLSXOLHUWHQ 'DWHQ GHV 7\SHQVFKLOGV ]XUFNJHVDQGW
ZHUGHQVROOWH

6.2WWREUH5HY
 )5$1d$,6

1250(6'(6e&85,7e

'e&/$5$7,21'(&21)250,7e

,1752'8&7,21
 &RQWU{OHGHODSODTXHVLJQDOpWLTXH
 3RVLWLRQQHPHQWGHODSODTXHDYHFOHVGRQQpHVpOHFWULTXHVOHQXPpURGHVpULHHWO·RUGUHGHSURGXFWLRQ

35,1&,3('()21&7,211(0(17(7&$5$&7e5,67,48(6'86<67Ë0('(5e*8/$7,21'(/$7(16,21

63e&,),&$7,216*e1e5$/(60e&$1,48(6(7e/(&75,48(63285$&&283/(0(17$9(&/(027(85

,167$//$7,21
 /HYDJH
 )L[DWLRQDXPRWHXU
 0RQWDJHIRUPH6$(
 'pPRQWDJHIRUPH6$(
 0LVHjODWHUUH
 &RQWU{OHVSUpOLPLQDLUHV
 &RQWU{OHGHO·LVROHPHQW
 6HQVGHURWDWLRQ
 9pULÀFDWLRQGHWHQVLRQHWGHIUpTXHQFH
 5pJODJHFDUWH$95
 6FKpPDVGHFRQQH[LRQSRXUGLIIpUHQWVFLUFXLWV
 0LVHHQVHUYLFH

$66,67$1&((70$,17(1$1&(
 &RQWU{OHGHVHQURXOHPHQWVHWGHO·pWDWG·LVROHPHQW
 &RQWU{OHGHVURXOHPHQWV
 $QRPDOLHVHWUHPqGHV
 (QOqYHPHQWHWUHPSODFHPHQWGHFRPSRVDQWVHWJURXSHVGHFRPSRVDQWV
 ([WUDFWLRQHWPLVHHQSODFHGHO·DUEUH
 5HPSODFHPHQWGXURXOHPHQW
 5HPSODFHPHQWGHVGLRGHVURWDWLYHV
 5HPSODFHPHQWGXURWRUH[FLWDWULFH
 5pDVVHPEODJHGHFRPSRVDQWVHWGHJURXSHVGHFRPSRVDQWV
 
1(772<$*((7/8%5,),&$7,21

'e02/,7,21(70,6($85(%87

3,Ë&(6'(5(&+$1*((76(59,&($35Ë69(17(
 3URFpGXUHHWDGUHVVHVGHUpIpUHQFHSRXUGHPDQGHVGHVHUYLFHDSUqVYHQWH

*$5$17,(

6.2WWREUH5HY
 )5$1d$,6

1250(6'(6e&85,7e
7RXW HQ YRXV UHPHUFLDQW GH OD SUpIpUHQFH TXH YRXV DYH] DFFRUGpH
j FH SURGXLW 6LQFUR 6UO HVW V€UH TX·LO YRXV SHUPHWWUD G·REWHQLU OHV
SHUIRUPDQFHVQpFHVVDLUHVjYRWUHDSSOLFDWLRQ
/H ´0DQXHO G·,QVWUXFWLRQV HW GH 0DLQWHQDQFHµ MRLQW DX JpQpUDWHXU
IRXUQLWGHVLQGLFDWLRQVLPSRUWDQWHVFRQFHUQDQWODVpFXULWpO·LQVWDOODWLRQ
O·XWLOLVDWLRQHWODPDLQWHQDQFH&HSURGXLWUpSRQGDX[QRUPHVUHFRQQXHV
GHODERQQHWHFKQLTXHHWDX[SUHVFULSWLRQVUHODWLYHVjODVpFXULWp

3RXU OHV FRPPXQLFDWLRQV DYHF 6LQFUR 6UO QRXV YRXV SULRQV GH
WRXMRXUVFLWHUOHW\SHHWOHFRGHGXJpQpUDWHXUVHWURXYDQWVXUO·pWLTXHWWH
SUpVHQWH GDQV O·HPEDOODJH 3DU DLOOHXUV VL j FDXVH GH SUREOqPHV GH
IRQFWLRQQHPHQWRXG·XQHSDQQHTXHOFRQTXHGHODPDFKLQHYRXVGHYH]
IDLUHDSSHOjQRWUH6HUYLFH$SUqVYHQWHQRXVYRXVSULRQVGHPHQWLRQQHU
pJDOHPHQWOHQXPpURGHVpULH61HWO·RUGUHGHSURGXFWLRQ32

$77(17,218QHLQVWDOODWLRQHUURQpHRXXQHXWLOLVDWLRQLPSURSUH
GXSURGXLWSHXYHQWHQWUDvQHUGHVGRPPDJHVDX[SHUVRQQHVRXDX[
FKRVHV

‡ 6·HQ WHQLU VFUXSXOHXVHPHQW j FH TXL HVW GpFULW GDQV OH ´0DQXHO
G·,QVWUXFWLRQVHWGH0DLQWHQDQFHµTXLDSRXUEXWG·LQGLTXHUOHVFRQGLWLRQV
FRUUHFWHV G·LQVWDOODWLRQ XWLOLVDWLRQ HW PDLQWHQDQFH DÀQ GH SUpYHQLU OHV
pYHQWXHOV SUREOqPHV GH IRQFWLRQQHPHQW GX JpQpUDWHXU HW G·pYLWHU OHV
VLWXDWLRQVGHGDQJHUSRXUO·XWLOLVDWHXU
‡ 0HWWUHDXUHEXWOHVPDWpULDX[G·HPEDOODJHSODVWLTXHFDUWRQSRO\VW\UqQH
H[SDQVpHWFVXLYDQWOHVSUHVFULSWLRQVGHVQRUPHVHQYLJXHXU
‡ &RQVHUYHUOHVLQVWUXFWLRQVSRXUOHVMRLQGUHDXIDVFLFXOHWHFKQLTXHHWSRXU
GHVFRQVXOWDWLRQVIXWXUHV
‡ &H SURGXLW D pWp SURMHWp HW FRQVWUXLW H[FOXVLYHPHQW SRXU O·XWLOLVDWLRQ
LQGLTXpHGDQVFHWWHGRFXPHQWDWLRQ/HVXWLOLVDWLRQVQRQLQGLTXpHVGDQV
FHWWHGRFXPHQWDWLRQSRXUUDLHQWHQGRPPDJHUOHSURGXLWHWrWUHVRXUFHGH
GDQJHU
‡ 6LQFUR6UOGpFOLQHWRXWHUHVSRQVDELOLWpGpULYDQWG·XQHXWLOLVDWLRQLPSURSUH
RXGLIIpUHQWHGHFHOOHSRXUODTXHOOHOHSURGXLWHVWFRQoXHWTXLHVWLQGLTXpH
GDQVODSUpVHQWHGRFXPHQWDWLRQ
‡ 1H SDV LQVWDOOHU OH SURGXLW GDQV XQH DWPRVSKqUH SRWHQWLHOOHPHQW
H[SORVLYH
‡ /HV pOpPHQWV FRQVWLWXDQW O·LQVWDOODWLRQ GRLYHQW rWUH FRQIRUPHV DX[
'LUHFWLYHV(XURSpHQQHV3RXUWRXVOHV3D\VKRUV&((HQSOXVGHVQRUPHV
QDWLRQDOHVHQYLJXHXUSRXUXQERQQLYHDXGHVpFXULWpLOHVWRSSRUWXQGH
UHVSHFWHUpJDOHPHQWOHVQRUPHVVXVPHQWLRQQpHV
‡ /·LQVWDOODWLRQ GRLW rWUH FRQIRUPH DX[ SUHVFULSWLRQV GHV 'LUHFWLYHV
(XURSpHQQHV HW GRLW rWUH H[pFXWpH H[FOXVLYHPHQW SDU GX SHUVRQQHO
TXDOLÀp
‡ 1H SDV PHWWUH HQ PDUFKH OH JpQpUDWHXU VL OHV FDUWHUV GH SURWHFWLRQ
OHV SDQQHDX[ G·DFFqV RX GH FRXYHUWXUH GH OD ERvWH j ERUQHV RQW pWp
HQOHYpV
‡ $YDQWWRXWHRSpUDWLRQG·HQWUHWLHQGpVDFWLYHUOHVFLUFXLWVGHGpPDUUDJHGX
PRWHXU
‡  'pVDFWLYHUOHVFLUFXLWVGHIHUPHWXUHHWRXSODFHUGHVSDQRQFHDX[G·DYLVVXU
FKDTXHLQWHUUXSWHXUDXWRPDWLTXHKDELWXHOOHPHQWXWLOLVpSRXUODFRQQH[LRQ
DX VHFWHXU RX j G·DXWUHV JpQpUDWHXUV DÀQ G·HQ SUpYHQLU OD IHUPHWXUH
DFFLGHQWHOOH
‡ 8WLOLVHU H[FOXVLYHPHQW GHV SLqFHV RULJLQDOHV SRXU WRXWH RSpUDWLRQ
G·HQWUHWLHQRXUpSDUDWLRQ(QFDVGHQRQUHVSHFWGHFHWWHSUHVFULSWLRQ
6LQFUR6UOGpFOLQHWRXWHUHVSRQVDELOLWpHQFHTXLFRQFHUQHODVpFXULWp
HWOHERQIRQFWLRQQHPHQWGXJpQpUDWHXU
‡ ,QVWUXLUH O·XWLOLVDWHXU GH O·LQVWDOODWLRQ SRXU OD JHVWLRQ O·XWLOLVDWLRQ HW OD
PDLQWHQDQFHGXJpQpUDWHXU
‡ 7RXWFHTXLQ·HVWSDVH[SUHVVpPHQWSUpYXGDQVFHVLQVWUXFWLRQVQ·HVWSDV
SHUPLV
6.2WWREUH5HY
 )5$1d$,6
,PSRUWDQW 6HUpIqUHjGHVVLWXDWLRQVGHULVTXHRX
jGHVSURFpGXUHVGDQJHUHXVHVTXLSRXU
UDLHQWrWUHFDXVHGHGRPPDJHVDXSURGXLW
RXDX[DSSDUHLOVTXLOXLVRQWUDFFRUGpV
$WWHQWLRQ 6H UpIqUH j GHV VLWXDWLRQV GH ULVTXH
RX j GHV SURFpGXUHV GDQJHUHXVHV TXL
SRXUUDLHQW rWUH FDXVH GH GRPPDJHV DX
SURGXLWRXGHOpVLRQVjODSHUVRQQH
/H V\PEROH VLJQDOH GHV VLWXDWLRQV GH
ULVTXH RX GHV SURFpGXUHV GDQJHUHXVHV
TXL SRXUUDLHQW rWUH FDXVH GH JUDYHV
$9(57,66(0(17 OpVLRQVjODSHUVRQQHRXGHPRUW
/H V\PEROH VLJQDOH GHV VLWXDWLRQV GH
ULVTXHRXGHVSURFpGXUHVGDQJHUHXVHVTXL
FDXVHQWGHJUDYHVOpVLRQVjODSHUVRQQHRX
'$1*(5 ODPRUW
'DQVFHPDQXHOVRQWXWLOLVpVGHVV\PEROHVHWGHVVLJQHVFRQYHQWLRQQHOV
TXL RQW XQH VLJQLÀFDWLRQ SUpFLVH ,OV VRQW GpÀQLV FLDSUqV GH PDQLqUH
XQLYRTXH
,PSRUWDQW6HUpIqUHjGHVVLWXDWLRQVGHULVTXHRXjGHVSURFpGXUHV
GDQJHUHXVHVTXLSRXUUDLHQWrWUHFDXVHGHGRPPDJHVDXSURGXLW
RXDX[DSSDUHLOVTXLOXLVRQWUDFFRUGpV
$WWHQWLRQ6HUpIqUHjGHVVLWXDWLRQVGHULVTXHRXjGHVSURFpGXUHV
GDQJHUHXVHVTXLSRXUUDLHQWrWUHFDXVHGHGRPPDJHVDXSURGXLW
RXGHOpVLRQVjODSHUVRQQH
6\PEROH DYHF SRLQW G·H[FODPDWLRQ /H V\PEROH VLJQDOH GHV
VLWXDWLRQVGHULVTXHRXGHVSURFpGXUHVGDQJHUHXVHVTXLSRXUUDLHQW
rWUHFDXVHGHJUDYHVOpVLRQVjODSHUVRQQHRXGHPRUW
6\PEROHDYHFIRXGUH/HV\PEROHVLJQDOHGHVVLWXDWLRQVGHULVTXH
RXGHVSURFpGXUHVGDQJHUHXVHVTXLFDXVHQWGHJUDYHVOpVLRQVj
ODSHUVRQQHRXODPRUW
'e&/$5$7,21'(&21)250,7e
7RXVOHVJpQpUDWHXUV6.VRQWIRXUQLVDYHFXQHGpFODUDWLRQG·LQFRUSRUDWLRQ
FRQIRUPpPHQWjODOpJLVODWLRQHXURSpHQQHFRPPHFHOOHTXLÀJXUHGDQVOHV
GHUQLqUHVSDJHVGHFHPDQXHO
6XLYDQWOD'LUHFWLYH0DFKLQHV&(OHFRQVWUXFWHXUGXJURXSHpOHFWURJqQHD
ODUHVSRQVDELOLWpGHV·DVVXUHUTXHOHVQXPpURVGHVpULHHWG·LGHQWLÀFDWLRQ
GXJpQpUDWHXUVRQWUHSRUWpVVXUODFRXYHUWXUHGHFHPDQXHO
/HV JpQpUDWHXUV W\SH 6. VRQW HQ RXWUH IRXUQLV VXU OHV EDVHV
VXLYDQWHV
‡  ,OVGRLYHQWrWUHXWLOLVpVFRPPHJpQpUDWHXUVGHSXLVVDQFHRXSRXUXQH
IRQFWLRQTXL\VRLWUHODWLYH
‡  ,OVGRLYHQWrWUHXWLOLVpVGDQVO·XQHGHVFRQÀJXUDWLRQVVXLYDQWHV
 7UDQVSRUWDEOHVDQVFDSRWSRXUIRXUQLWXUHWHPSRUDLUHG·pQHUJLH
 7UDQVSRUWDEOHDYHFFDSRWSRXUIRXUQLWXUHWHPSRUDLUHG·pQHUJLH
 ­ERUGVRXVOHSRQWDSSOLFDWLRQPDULQHDSUqVKRPRORJDWLRQ
 6XUYpKLFXOHFRPPHUFLDOWUDQVSRUWVXUURXHVUpIULJpUDWLRQHWF
 6XUUDLOpQHUJLHDX[LOLDLUH
 6XUYpKLFXOHLQGXVWULHOWHUUDVVHPHQWHQJLQVGHOHYDJHHWF
 ,QVWDOODWLRQÀ[HLQGXVWULHOXVLQHLQVWDOODWLRQ
 ,QVWDOODWLRQÀ[HUpVLGHQWLHOOHFRPPHUFLDOHHWLQGXVWULHOpJqUHPDLVRQ
EXUHDXK{SLWDO
 *HVWLRQG·pQHUJLHFRJpQpUDWLRQSLFVG·DEVRUSWLRQ
 6FKpPDVDOWHUQDWLIVG·pQHUJLH
‡  /HV JpQpUDWHXUV VWDQGDUG VRQW SURMHWpV SRXU VDWLVIDLUH OHV pPLVVLRQV
´LQGXVWULHOOHVµ HW OHV VWDQGDUGV G·LPPXQLWp 6L OHV JpQpUDWHXUV GRLYHQW
VDWLVIDLUHOHVOLPLWHVG·pPLVVLRQSRXUOHV]RQHVUpVLGHQWLHOOHVFRPPHUFLDOHV
RXSRXUO·LQGXVWULHOpJqUHFHUWDLQVDFFHVVRLUHVVXSSOpPHQWDLUHVSRXUUDLHQW
VHUHQGUHQpFHVVDLUHV
‡  /HVFKpPDG·LQVWDOODWLRQGHPDQGHODPLVHjODWHUUHGHODFDUFDVVHGX
JpQpUDWHXU HQ XWLOLVDQW XQ FkEOH GH VHFWLRQ DGpTXDWH HW OH SOXV FRXUW
SRVVLEOH
‡  /·XWLOLVDWLRQ GH SLqFHV GH UHFKDQJH QRQ RULJLQDOHV RX TXL QH VRQW SDV
H[SUHVVpPHQW DXWRULVpHV HQWUDvQH OD SHUWH GH OD *DUDQWLH 6LQFUR OD
FHVVDWLRQ GH OD UHVSRQVDELOLWp HQ FH TXL FRQFHUQH OD FRQIRUPLWp DX[
QRUPHVHWOHVFRQVpTXHQFHVUHODWLYHV
‡  /·LQVWDOODWLRQ OH VHUYLFH DSUqVYHQWH HW OD PDLQWHQDQFH GRLYHQW rWUH
HIIHFWXpV SDU GX SHUVRQQHO VSpFLÀTXHPHQW LQVWUXLW HW FRQQDLVVDQW OHV
SUHVFULSWLRQVGHVGLUHFWLYHV&(

6.2WWREUH5HY
 )5$1d$,6

,1752'8&7,21 3ODTXHGHVGRQQpHVpOHFWULTXHV
1RXVUHFRPPDQGRQVG·H[DPLQHUDWWHQWLYHPHQWOHJpQpUDWHXUDXPRPHQW
GHODOLYUDLVRQSRXUYpULÀHUTX·LOQ·DSDVVXELGHGRPPDJHVDXFRXUVGX
WUDQVSRUWRXTX·LOQ·\DSDVGHSDUWLHVPDQTXDQWHV

&RQWU{OHGHODSODTXHVLJQDOpWLTXH
/HV JpQpUDWHXUV GH OD JDPPH 6. VRQW LGHQWLÀpV SDU XQH SODTXH
VLJQDOpWLTXH &HWWH SODTXH GRLW rWUH FRQWU{OpH HW FRPSDUpH DYHF OHV
VSpFLÀFDWLRQVGHODFRPPDQGHDXPRPHQWGHODOLYUDLVRQDÀQGHYpULÀHU
OHVpYHQWXHOOHVHUUHXUVG·H[SpGLWLRQRXGHFRQÀJXUDWLRQ

3RVLWLRQQHPHQWGHODSODTXHDYHFOHVGRQQpHVpOHFWULTXHVOH
QXPpURGHVpULHHWO·RUGUHGHSURGXFWLRQ
/D IRXUQLWXUH FRPSUHQG XQH SODTXHWWH DXWRFROODQWH VXU ODTXHOOH VRQW
LPSULPpVOHQXPpURGHVpULHGLIIpUHQWSRXUFKDTXHPDFKLQHHWO·RUGUH
GHSURGXFWLRQ
/D SODTXHWWH GRLW rWUH SRVLWLRQQpH SDU O·LQVWDOODWHXU GDQV OD SRVLWLRQ
LQGLTXpHVXUODÀJXUHGHPDQLqUHjrWUHIDFLOHPHQWOLVLEOHOHQXPpUR
GH VpULH HW O·RUGUH GH SURGXFWLRQ HQ HIIHW VRQW GHV GRQQpHV TXL IRQW
SDUWLHLQWpJUDQWHGHVSURFpGXUHVjPHWWUHHQ±XYUHSRXUODGHPDQGH
G·LQWHUYHQWLRQVGHVHUYLFHDSUqVYHQWH 3ODTXHG·LGHQWLÀFDWLRQ

/HJpQpUDWHXUHVWIRXUQLDYHFXQHDXWUHSODTXHWWHDXWRFROODQWHFRQWHQDQW
OHV GRQQpHV HW OHV VSpFLÀFDWLRQV pOHFWULTXHV DLQVL TXH OD OLVWH GHV
$WWHQWLRQ /DFRQQH[LRQHIIHFWLYHPHQWUpDOLVpHGHYUD
FRQQH[LRQVSRVVLEOHV rWUH FODLUHPHQW LGHQWLÀpH VXU OD SODTXHWWH
SDU O·LQVWDOODWHXU SDUPL FHOOHV TXL VRQW
$WWHQWLRQ/DFRQQH[LRQHIIHFWLYHPHQWUpDOLVpHGHYUDrWUHFODLUHPHQW SUpVHQWHV GDQV OD OLVWH DILQ G·pYLWHU OHV
LGHQWLÀpH VXU OD SODTXHWWH SDU O·LQVWDOODWHXU SDUPL FHOOHV TXL VRQW pYHQWXHOV SUREOqPHV GH IRQFWLRQQHPHQW
RX OHV GRPPDJHV DX[ SHUVRQQHV RX DX[
SUpVHQWHV GDQV OD OLVWH DILQ G·pYLWHU OHV pYHQWXHOV SUREOqPHV GH
FKRVHV
IRQFWLRQQHPHQWRXOHVGRPPDJHVDX[SHUVRQQHVRXDX[FKRVHV
 3RXU OD SUpSDUDWLRQ GH FRQQH[LRQV pOHFWUL
$WWHQWLRQ3RXUODSUpSDUDWLRQGHFRQQH[LRQVpOHFWULTXHVGLIIpUHQWHV TXHVGLIIpUHQWHVGHFHOOHVTXLVRQWHIIHFWXpHV
GHFHOOHVTXLVRQWHIIHFWXpHVHQXVLQHFRQVXOWHUODVHFWLRQHWOHV HQXVLQHFRQVXOWHUODVHFWLRQHWOHVVFKpPDV
VSpFLILTXHV ILJXUDQW GDQV OD VXLWH GX
VFKpPDVVSpFLÀTXHVÀJXUDQWGDQVODVXLWHGXPDQXHO PDQXHO

/H 6HUYLFH 7HFKQLTXH 6LQFUR HVW j GLVSRVLWLRQ SRXU WRXWH SUpFLVLRQ

pYHQWXHOOH

/DSODTXHWWHGHVGRQQpHVHVWIRXUQLHVpSDUpHGHODPDFKLQHGHPDQLqUH
jSRXYRLUO·DSSOLTXHUVXUOHJpQpUDWHXUGDQVODSRVLWLRQLQGLTXpHVXUOD
ÀJXUHDSUqVO·pYHQWXHOOHSHLQWXUH
/D VXUIDFH GH IL[DWLRQ GRLW rWUH OLVVH SURSUH HW DYHF OD SHLQWXUH
FRPSOqWHPHQW VqFKH 3RXU XQ PRQWDJH FRUUHFW HQOHYHU OH SDSLHU GH
SURWHFWLRQVXUHQYLURQPP4XDQGFHWWHSDUWLHDpWpSRVLWLRQQpHHW
DGKqUHDXVXSSRUWOHSDSLHUGHSURWHFWLRQSHXWrWUHSURJUHVVLYHPHQW
HQOHYpHWODSODTXHWWHSUHVVpHHQSRVLWLRQ/·DGKpUHQFHSDUIDLWHV·REWLHQW
&DUWH$95
DXERXWGHKHXUHV

35,1&,3('()21&7,211(0(17(7&$5$&7e5,67,48(6'8
6<67Ë0('(5e*8/$7,21'(/$7(16,21
/HVWDWRUGHO·H[FLWDWULFHJUkFHjVRQPDJQpWLVPHUpVLGXHOJDUDQWLWO·DXWR
H[FLWDWLRQGXJpQpUDWHXUDXGpPDUUDJHTXLJpQqUHSDUFRQVpTXHQWXQH
WHQVLRQUpVLGXHOOHpJDOHjHQYLURQGHODWHQVLRQQRPLQDOH
/·$95DOLPHQWpSDUXQFLUFXLWDX[LOLDLUHSUpVHQWVXUOHVWDWRUSULQFLSDO
DJLWVXUOHVWDWRUGHO·H[FLWDWULFHHQUpJXODQWLQGLUHFWHPHQWjWUDYHUVOD
FKDvQHURWRUH[FLWDWULFHSRQWGHGLRGHVURWRUSULQFLSDOOHFKDPSJpQpUp
SDUOHURWRUSULQFLSDO
/H UpJXODWHXU GH WHQVLRQ SUpVHQWH XQH SUpFLVLRQ GH WHQVLRQ GH “
GDQVODSODJHGHIRQFWLRQQHPHQWGHODPDFKLQHDYHFGHVFKDUJHVQRQ
GpIRUPDQWHV
/H FRQWU{OH GH WHQVLRQ UpJXOH OD YDOHXU PR\HQQH GH OD WHQVLRQ G·XQH
SKDVHHQODPDLQWHQDQWFRQVWDQWH
6.2WWREUH5HY
 )5$1d$,6

8Q GLVSRVLWLI GH FRQWU{OH GH OD IUpTXHQFH LQWHUYLHQW HQ GpVH[FLWDQW
SURJUHVVLYHPHQWODPDFKLQHTXDQGODYLWHVVHGXPRWHXUG·HQWUDvQHPHQW
GHVFHQGHQGHVVRXVG·XQVHXLOSUpÀ[pHWUpJODEOHHQHPSrFKDQWXQH
VXUH[FLWDWLRQDX[EDVUpJLPHVGHIRQFWLRQQHPHQWHWHQDOOpJHDQWO·HIIHW
GHSULVHGHFKDUJHVXUOHPRWHXU
,O HVW HQÀQ SRVVLEOH GH PRGXOHU OD UDSLGLWp GH UpSRQVH GX UpJXODWHXU
DÀQG·pOLPLQHUOHVpYHQWXHOOHVLQVWDELOLWpVGHWHQVLRQTXLSRXUUDLHQWVH
PDQLIHVWHU
8QIXVLEOHSURWqJHOHUpJXODWHXUHWOHJpQpUDWHXUFRQWUHOHVpYHQWXHOOHV
VXUFKDUJHVHWRXSDQQHV

63e&,),&$7,216*e1e5$/(60e&$1,48(6(7e/(&75,48(6
3285$&&283/(0(17$9(&/(027(85
'DQV OD PHVXUH R LO V·DJLW G·XQH XQLWp VpSDUpH HW GHVWLQpH j rWUH
LQFRUSRUpHGDQVXQJURXSHpOHFWURJqQHLOQ·HVWSDVSRVVLEOHG·DSSOLTXHU
HQSKDVHGHFRQVWUXFWLRQWRXWHVOHVpWLTXHWWHVGHVLJQDOLVDWLRQQpFHV
VDLUHVVXUOHJpQpUDWHXU&HVpWLTXHWWHVTXLLQGLTXHQWOHGDQJHUSRWHQWLHO
HWOHULVTXHOLpjODSUpVHQFHGHFRPSRVDQWVVRXVWHQVLRQVRQWIRXUQLHV
HQ YUDF HW GRLYHQW rWUH DSSOLTXpHV SDU OH FRQVWUXFWHXU GX JURXSH
pOHFWURJqQHGDQVOHVSRVLWLRQVLQGLTXpHVGDQVODÀJXUHFLFRQWUHXQH
IRLVTXHO·DVVHPEODJHGXJURXSHHVWWHUPLQp

/HVJpQpUDWHXUVGHODJDPPH6.VRQWSURMHWpVSRXUIRQFWLRQQHUjXQH
WHPSpUDWXUHPD[LPXPGHƒ&HWjXQHDOWLWXGHPD[LPXPGHP
'DQV FHV OLPLWHV GH WHPSpUDWXUH HW G·DOWLWXGH LOV IRXUQLVVHQW OHV
SHUIRUPDQFHVQRPLQDOHVLQGLTXpHVVXUODSODTXH
3RXUGHVWHPSpUDWXUHVVXSpULHXUHVjƒ&HWRXGHVDOWLWXGHVVXSpULHXUHV
jPGHVUpGXFWLRQVGHSHUIRUPDQFHVVHYpULÀHQWYRLUWDEOHDX
,OHVWERQGHVLJQDOHUDX%XUHDX7HFKQLTXH6LQFURTXHOHJpQpUDWHXU
VHUDDPHQpjIRQFWLRQQHUGDQVGHVFRQGLWLRQVDPELDQWHVSLUHVTXHFHOOHV
TXLVRQWPHQWLRQQpHVSOXVKDXW
7HPSDPELDQWHƒ&      
      /HVJpQpUDWHXUVVRQWPXQLVG·XQV\VWqPHGHYHQWLODWLRQjDLUGHEOLQGDJHV
$OWLWXGHP       GHSURWHFWLRQHWG·XQHFDUFDVVHDQWLUXLVVHOOHPHQWLOVQHVRQWSDVDGDSWpV
      SRXUO·LQVWDOODWLRQHQSOHLQDLUjPRLQVG·rWUHSURWpJpVSDUGHVFRXYHUWXUHV
DGpTXDWHV'XUDQWOHVpMRXUHQPDJDVLQDYDQWO·LQVWDOODWLRQRXFRPPH
)DFWHXUGHSXLVVDQFH       UpVHUYHLOHVWFRQVHLOOpG·XWLOLVHUGHVUpVLVWDQFHVDQWLFRQGHQVDWLRQSRXU
     
JDUDQWLUODERQQHFRQVHUYDWLRQGHVHQURXOHPHQWV
$YDQW OD PLVH HQ VHUYLFH RX DSUqV GH ORQJXHV SpULRGHV G·LQDFWLYLWp
LO IDXW FRQWU{OHU OD UpVLVWDQFH G·LVROHPHQW YHUV OD PDVVH GH WRXV OHV
HQURXOHPHQWV QRXV UHFRPPDQGRQV GH GpFRQQHFWHU OH UpJXODWHXU GH
WHQVLRQDYDQWGHSURFpGHUjFHWHVVDLOHVYDOHXUVPHVXUpHVGRLYHQW
rWUHVXSpULHXUHVj02KP6LFHQ·HVWSDVOHFDVLOIDXWSURFpGHUDX
VpFKDJHDXIRXUGHO·DOWHUQDWHXUXQLTXHPHQWj¸ƒ&SHQGDQW
KHXUHV$YDQW G·HIIHFWXHU FHWWH RSpUDWLRQ LO IDXW HQOHYHU OH UpJXODWHXU
GHWHQVLRQ(QDOWHUQDWLYHDXVpFKDJHDXIRXULOHVWSRVVLEOHGHVRXIÁHU
GHO·DLUFKDXGjWUDYHUVO·DOWHUQDWHXUj¸ƒ&SHQGDQWDXPRLQV
KHXUH

(Q FDV G·LQVWDOODWLRQ VRXV FDSRW IHUPp LO IDXGUD V·DVVXUHU TXH OD
WHPSpUDWXUH GH O·DLU GH UHIURLGLVVHPHQW HQYR\pH DX JpQpUDWHXU QH
GpSDVVHSDVODWHPSpUDWXUHQRPLQDOHSUpYXH
/HFDSRWGRLWrWUHUpDOLVpGHPDQLqUHTXHODSULVHG·DLUGXPRWHXUGDQVOH
FDSRWVRLWVpSDUpHGHFHOOHGXJpQpUDWHXUVXUWRXWVLO·DVSLUDWLRQG·DLUVRXV
OHFDSRWGRLWrWUHDVVXUpHSDUOHYHQWLODWHXUGHUHIURLGLVVHPHQW/DSULVH
G·DLUGXJpQpUDWHXUHQRXWUHGHYUDrWUHUpDOLVpHGHPDQLqUHjHPSrFKHU
OHVLQÀOWUDWLRQVG·KXPLGLWpHQSUpYR\DQWXQHSURWHFWLRQDGpTXDW/HFDSRW
GHYUDrWUHSURMHWpGHPDQLqUHjODLVVHUHQWUHODSULVHG·DLUGXJpQpUDWHXU
HWWRXWHVXUIDFHSODQHXQHGLVWDQFHG·DXPRLQVPP
6LFHODHVWSUpFLVpDXPRPHQWGHODFRPPDQGHOHJpQpUDWHXUSHXW
rWUHIRXUQLDYHFÀOWUHVjDLU

6.2WWREUH5HY
 )5$1d$,6

,PSRUWDQW 8QH UpGXFWLRQ GX IOX[ GH O·DLU GH UHIURLGLVVHPHQW
RX XQH SURWHFWLRQ LQDGpTXDWH GX JpQpUDWHXU SHXYHQW HQWUDvQHU
O·HQGRPPDJHPHQWHWRXOHPDXYDLVIRQFWLRQQHPHQWGHVHQURXOH
PHQWV
,PSRUWDQW 8QH UpGXFWLRQ GX IOX[ GH O·DLU GH
UHIURLGLVVHPHQW RX XQH SURWHFWLRQ LQDGp
TXDWH GX JpQpUDWHXU SHXYHQW HQWUDvQHU
O·HQGRPPDJHPHQW HWRX OH PDXYDLV IRQF
WLRQQHPHQWGHVHQURXOHPHQWV

/HV YLEUDWLRQV LQGXLWHV SDU OH PRWHXU VRQW FRPSOH[HV HW LQFOXHQW GHV
KDUPRQLTXHVG·RUGUHVXSpULHXUTXLSHXYHQWGpWHUPLQHUHQVHFRPELQDQW
DYHFFHOOHVGXJpQpUDWHXUGHVQLYHDX[GHYLEUDWLRQVHQVLEOHVHWQXLVLEOHV
SRXUOHIRQFWLRQQHPHQWGXJURXSHpOHFWURJqQH/·DXWHXUGXSURMHWHVWGRQF
WHQXGHSUHQGUHOHVSUpFDXWLRQVQpFHVVDLUHVSRXUDVVXUHUO·DOLJQHPHQWHW
ODULJLGLWpGXEkWLHWGHVVXSSRUWVSRXUpYLWHUOHGpSDVVHPHQWGHVOLPLWHV
GHYLEUDWLRQSUpYXHVSDUOHVQRUPHV

/·DOLJQHPHQWGHVJpQpUDWHXUVjXQVHXOURXOHPHQWHVWFULWLTXHFDUGHV
YLEUDWLRQVSRXUUDLHQWVHYpULÀHUDXQLYHDXGHO·DFFRXSOHPHQWHQWUHPRWHXU
HWJpQpUDWHXU3RXUO·pYLWHULOIDXWYHLOOHUjO·DVVHPEODJHGHO·DOWHUQDWHXU
DXPRWHXUSUpYRLUXQEkWLVROLGHHWO·HPSORLGHWDPSRQVDQWLYLEUDQWVSRXU
VRXWHQLUOHJURXSHPRWHXUDOWHUQDWHXU
­O·LQWpULHXUGHODERvWHjERUQHVVHWURXYHQWOHVERUQHVLVROpHVSRXUOHV
FRQQH[LRQVGHOLJQHHWGHQHXWUHHWSRXUODPLVHjODWHUUH
/HQHXWUH1·(673$6FRQQHFWpjODFDUFDVVH
$YHUWLVVHPHQW/HJpQpUDWHXUHVWIRXUQLVDQVDXFXQHFRQQH[LRQ
jODWHUUHSRXUO·HIIHFWXHULOIDXGUDVHUpIpUHUDX[QRUPHVORFDOHV
HQYLJXHXU'HVPLVHVjODWHUUHRXGHVFRQQH[LRQVGHSURWHFWLRQ
HIIHFWXpHVGHPDQLqUHHUURQpHSHXYHQWrWUHFDXVHGHOpVLRQVRX
GHPRUW
/H JpQpUDWHXU HVW IRXUQL VDQV DXFXQH
FRQQH[LRQ j OD WHUUH SRXU O·HIIHFWXHU
LO IDXGUD VH UpIpUHU DX[ QRUPHV ORFDOHV
$9(57,66(0(17 HQ YLJXHXU 'HV PLVHV j OD WHUUH RX GHV
FRQQH[LRQV GH SURWHFWLRQ HIIHFWXpHV GH
PDQLqUH HUURQpH SHXYHQW rWUH FDXVH GH
OpVLRQVRXGHPRUW
/·LQVWDOODWLRQ O·XWLOLVDWLRQ OD PDLQWHQDQFH
RXOHUHPSODFHPHQWGHSLqFHVHIIHFWXpVGH
PDQLqUHHUURQpHSHXYHQWrWUHODFDXVHGH
JUDYHV OpVLRQV SHUVRQQHOOHV RX GH PRUW
DLQVLTXHGHGRPPDJHVDX[pTXLSHPHQWV
/HVLQWHUYHQWLRQVVXUOHVSDUWLHVpOHFWULTXHV
HWRX PpFDQLTXHV GRLYHQW rWUH HIIHFWXpHV
SDUGXSHUVRQQHOTXDOLÀp

/HVYDOHXUVGHVFRXUDQWVGHSDQQHGXJpQpUDWHXUVRQWGLVSRQLEOHVVXU
GHPDQGH DÀQ G·DLGHU O·DXWHXU GX SURMHW j GLPHQVLRQQHU FRUUHFWHPHQW
O·LQVWDOODWLRQHWVHVFRPSRVDQWV

$YHUWLVVHPHQW /·LQVWDOODWLRQ O·XWLOLVDWLRQ OD PDLQWHQDQFH RX OH

UHPSODFHPHQW GH SLqFHV HIIHFWXpV GH PDQLqUH HUURQpH SHXYHQW
rWUH OD FDXVH GH JUDYHV OpVLRQV SHUVRQQHOOHV RX GH PRUW DLQVL
TXH GH GRPPDJHV DX[ pTXLSHPHQWV /HV LQWHUYHQWLRQV VXU OHV
SDUWLHVpOHFWULTXHVHWRXPpFDQLTXHVGRLYHQWrWUHHIIHFWXpHVSDU
GXSHUVRQQHOTXDOLÀp

,167$//$7,21

/HYDJH
6RXOHYHU HW GpSODFHU OH JpQpUDWHXU DYHF GHV HQJLQV DSSURSULpV HQ
XWLOLVDQWXQHSDOHWWHRXOHVDQQHDX[GHOHYDJHSUpVHQWVVXUOHJpQpUDWHXU
GDQVOHVSRVLWLRQVLQGLTXpHVVXUODÀJXUH
3RXU VRXOHYHU OH JpQpUDWHXU XWLOLVHU GHV GLVSRVLWLIV D\DQW XQH
FDSDFLWpGHOHYDJHG·DXPRLQVNJ
$WWHQWLRQ8QHFDSDFLWpGHOHYDJHLQVXIÀVDQWHSHXW
$WWHQWLRQ 8QH FDSDFLWp GH OHYDJH LQVXIÀVDQWH SHXW FDXVHU GHV FDXVHU GHV OpVLRQV SHUVRQQHOOHV HW GH
OpVLRQVSHUVRQQHOOHVHWGHJUDYHVGRPPDJHV JUDYHVGRPPDJHV

$WWHQWLRQ/HVDQQHDX[GHOHYDJHSUpVHQWVVXUOHJpQpUDWHXURQW  /HV DQQHDX[ GH OHYDJH SUpVHQWV VXU OH

JpQpUDWHXURQWpWpUpDOLVpVSRXUVRXOHYHU
pWp UpDOLVpV SRXU VRXOHYHU XQLTXHPHQW OH JpQpUDWHXU HW QRQ SDV XQLTXHPHQWOHJpQpUDWHXUHWQRQSDVWRXW
WRXWOHJURXSHpOHFWURJqQH OHJURXSHpOHFWURJqQH

/HOHYDJHHWODPDQXWHQWLRQGHVJpQpUDWHXUVjXQVHXOURXOHPHQWGRLYHQW
rWUH HIIHFWXpV HQ PDLQWHQDQW OD PDFKLQH HQ SRVLWLRQ KRUL]RQWDOH DÀQ
G·pYLWHUVLO·RSpUDWLRQQ·HVWSDVHIIHFWXpHFRUUHFWHPHQWODVRUWLHGXURWRU $WWHQWLRQ$YDQWOHPRQWDJHYpULÀHUTXHOHVVLqJHV
DYHFULVTXHG·HQGRPPDJHUFHGHUQLHUHWGHJUDYHVFRQVpTXHQFHVSRXU G·DFFRXSOHPHQW WDQW GX JpQpUDWHXU TXH
OHVSHUVRQQHV GXPRWHXUVRQWUpJXOLHUVHWSURSUHV

6.2WWREUH5HY
 )5$1d$,6

 )L[DWLRQDXPRWHXU

0RQWDJHIRUPH6$(YRLUÀJXUH
$WWHQWLRQ$YDQWOHPRQWDJHYpULÀHUTXHOHVVLqJHVG·DFFRXSOHPHQW
WDQWGXJpQpUDWHXUTXHGXPRWHXUVRQWUpJXOLHUVHWSURSUHV

‡  &RQWU{OHU TXH OH GLDPqWUH GX GLVTXH  FRUUHVSRQGH DX GLDPrWUH GH
ORJHPHQWGXYRODQW
‡  0HWWUHO
DOWHUQDWHXUHQSRVLWLRQYHUWLFDOHDYHFO
DLGHG
XQHQJLQGHOHYDJH
  OHERXFOLHUDUULqUHRULHQWpYHUVOHVRO
‡  9LVVHUXQDQQHDXGDQVOHWURXFHQWUDOGHO
DUEUH
 ‡  $YHFXQHQJLQGHOHYDJHVRXOHYHUO
DOWHUQDWHXUG
HQYLURQFHQWLPqWUHV
HWDYHFXQPDLOOHWHQSODVWLTXHEDWWUHVXUOHVSLHGVGHODFDUFDVVHMXVTX
j
FHTXHOHURXOHPHQWVRUWHFRPSOqWHPHQWGHVRQORJHPHQW
‡  ([WUDLUHOHURWRUHQIDLVDQWWUqVDWWHQWLRQDX[HQURXOHPHQWV
‡  )L[HUOHJURXSHURWRUGLVTXHURWRUDXYRODQW
‡  )L[HUODFDUFDVVHDXPRWHXUjWUDYHUVOHEORFDJHGXFDUWHUHQIDLVDQW
DWWHQWLRQjQHSDVHQGRPPDJHUOHVHQURXOHPHQWV

8QHSURWHFWLRQLQDGpTXDWHHWRXXQDOLJQH
PHQW HUURQp GX JpQpUDWHXU SHXYHQW rWUH
ODFDXVHGHOpVLRQVSHUVRQQHOOHVHWRXGH
$9(57,66(0(17 GRPPDJHVjO·pTXLSHPHQW
‡  6RXWHQLUOHJURXSHDYHFGHVDQWLYLEUDWRLUHVHQYHLOODQWjXQHPLVHGH
QLYHDXFRUUHFWHHQWUHOHPRWHXUHWOHJpQpUDWHXU
'pPRQWDJHIRUPH6$(
3RXUOHGpPRQWDJHHIIHFWXHUGDQVO·RUGUHLQYHUVHOHVRSpUDWLRQVGpFULWHV
DXSDUDJUDSKH
0LVHjODWHUUH
$YHUWLVVHPHQW 8QH SURWHFWLRQ LQDGpTXDWH HWRX XQ DOLJQHPHQW
HUURQpGXJpQpUDWHXUSHXYHQWrWUHODFDXVHGHOpVLRQVSHUVRQQHOOHV
HWRXGHGRPPDJHVjO·pTXLSHPHQW
/D FDUFDVVH GX JpQpUDWHXU GRLW rWUH PLVH j OD PDVVH GH PDQLqUH
VROLGDLUH VXU OH EkWL GX JURXSH pOHFWURJqQH 6L GHV VXSSRUWV ÁH[LEOHV
DQWLYLEUDQWVVRQWSUpYXVHQWUHODFDUFDVVHGXJpQpUDWHXUHWVRQEkWLLO
IDXGUDFRQQHFWHUHQSDUDOOqOHjWUDYHUVOHVXSSRUWÁH[LEOHXQFRQGXFWHXU
GHWHUUHG·XQHYDOHXUQRPLQDOHDGpTXDWHJpQpUDOHPHQWODPRLWLpGHOD
7URX¿OHWp0SRXUODPLVHjODWHUUH
6·DVVXUHUTXHODPLVHjODWHUUHHVWHIIHFWXpH
FRUUHFWHPHQW
$9(57,66(0(17
$WWHQWLRQ'pFRQQHFWHUOHUpJXODWHXUGHWHQVLRQ$95
DYDQWGHSURFpGHUjODPHVXUH
,PSRUWDQW /HVHQURXOHPHQWVRQWpWpWHVWpVjKDXWH
WHQVLRQ GXUDQW OD SURGXFWLRQ '·DXWUHV
HVVDLVjKDXWHWHQVLRQSHXYHQWGpWpULRUHU
O·LVROHPHQWHWGRQFUpGXLUHODGXUpHGHYLH
VXUIDFHGHODVHFWLRQWUDQVYHUVDOHGHVFkEOHVGHODOLJQHSULQFLSDOH
6XUOHERXFOLHUDUULqUHDXQLYHDXGHVSLHGVRQDSUpYXXQWURX¿OHWp0
SRXUIDFLOLWHUODPLVHjODWHUUHGXERvWLHU
$YHUWLVVHPHQW 6·DVVXUHU TXH OD PLVH j OD WHUUH HVW HIIHFWXpH
FRUUHFWHPHQW
&RQWU{OHVSUpOLPLQDLUHV
&RQWU{OHGHO·LVROHPHQW
$YDQWODPLVHHQVHUYLFHGXJURXSHpOHFWURJqQHRXDSUqVGHORQJXHV
SpULRGHVG·LQDFWLYLWpFRQWU{OHUODUpVLVWDQFHG·LVROHPHQWYHUVODPDVVH
GHVHQURXOHPHQWV
$WWHQWLRQ 'pFRQQHFWHU OH UpJXODWHXU GH WHQVLRQ $95 DYDQW GH
SURFpGHUjODPHVXUH
/HVYDOHXUVPHVXUpHVGRLYHQWrWUHVXSpULHXUHVj02KP6LODUpVLVWDQFH
G·LVROHPHQW HVW LQIpULHXUH LO IDXW SURFpGHU DX VpFKDJH DX IRXU GH
O·DOWHUQDWHXUXQLTXHPHQWjXQHWHPSpUDWXUHFRPSULVHHQWUHHWƒ&
SHQGDQWKHXUHV$YDQWG·HIIHFWXHUFHWWHRSpUDWLRQLOIDXWHQOHYHUOH
UpJXODWHXUGHWHQVLRQ(QDOWHUQDWLYHDXVpFKDJHDXIRXULOHVWSRVVLEOH
GHVRXIÁHUGHO·DLUFKDXGjWUDYHUVO·DOWHUQDWHXUj¸ƒ&SHQGDQW
GXFRPSRVDQW6LXQHVVDLjKDXWHWHQVLRQ
HVWQpFHVVDLUHSRXUO·DFFHSWDWLRQGHODSDUW DXPRLQVKHXUH
GXFOLHQWOHVHVVDLVGHYURQWrWUHHIIHFWXpV
jGHVQLYHDX[GHWHQVLRQUpGXLWV ,PSRUWDQW/HVHQURXOHPHQWVRQWpWpWHVWpVjKDXWHWHQVLRQGXUDQW
6.2WWREUH5HY
 )5$1d$,6

ODSURGXFWLRQ'·DXWUHVHVVDLVjKDXWHWHQVLRQSHXYHQWGpWpULRUHU
O·LVROHPHQW HW GRQF UpGXLUH OD GXUpH GH YLH GX FRPSRVDQW 6L XQ
HVVDLjKDXWHWHQVLRQHVWQpFHVVDLUHSRXUO·DFFHSWDWLRQGHODSDUW
GXFOLHQWOHVHVVDLVGHYURQWrWUHHIIHFWXpVjGHVQLYHDX[GHWHQVLRQ
UpGXLWV

6HQVGHURWDWLRQ
7RXWHV OHV PDFKLQHV VRQW PXQLHV GH YHQWLODWHXU j SDOHV UDGLDOHV HW
SHXYHQWGRQFIRQFWLRQQHUGDQVOHVGHX[VHQVGHURWDWLRQ/HJpQpUDWHXU
HVWIRXUQLDYHFODURWDWLRQGDQVOHVHQVGHVDLJXLOOHVG·XQHPRQWUHHQ
UHJDUGDQWOHF{WpDFFRXSOHPHQWjPRLQVGHVSpFLÀFDWLRQVGLIIpUHQWHV
DXPRPHQWGHODFRPPDQGHGHPDQLqUHjSURGXLUHXQHVpTXHQFHGH
SKDVH89:6LODURWDWLRQGRLWrWUHLQYHUVpHDSUqVODOLYUDLVRQGHPDQGHU
j6LQFUROHVVFKpPDVpOHFWULTXHV

9pULÀFDWLRQGHWHQVLRQHWGHIUpTXHQFH
&RQWU{OHUTXHOHVQLYHDX[GHWHQVLRQHWGHIUpTXHQFHGHPDQGpVSDUOH
JURXSHpOHFWURJqQHFRUUHVSRQGHQWjFHX[TXLÀJXUHQWVXUODSODTXHWWH
GXJpQpUDWHXU

$YHUWLVVHPHQW/HJpQpUDWHXUVRUWGHVFKDvQHVGHSURGXFWLRQDYHF /H JpQpUDWHXU VRUW GHV FKDvQHV GH

XQHFRQQH[LRQpWRLOHVpULHjPRLQVGHVSpFLÀFDWLRQVGLIIpUHQWHV SURGXFWLRQ DYHF XQH FRQQH[LRQ pWRLOH
DX PRPHQW GH OD FRPPDQGH j ODTXHOOH VH UpIqUHQW OHV GRQQpHV VpULHjPRLQVGHVSpFLÀFDWLRQVGLIIpUHQWHV
QRPLQDOHV(QFDVGHPRGLÀFDWLRQVXFFHVVLYHGHFHWWHFRQQH[LRQ
O·LQVWDOODWHXUHVWWHQXGHFRFKHUODQRXYHOOHFRQQH[LRQXWLOLVpHVXUOD
SODTXHWWHGHVGRQQpHVPDFKLQHSUpVHQWHjO·LQWpULHXUGHODERvWHj
ERUQHV3RXUHIIHFWXHUODQRXYHOOHFRQQH[LRQVHVHUYLUGHVVFKpPDV
MRLQWVDXSUpVHQWPDQXHO
$YHUWLVVHPHQW /HV pYHQWXHOOHV PRGLÀFDWLRQV GH OD FRQQH[LRQ
GRLYHQWrWUHHIIHFWXpHVH[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀp
5pJODJHFDUWH$95
3RXUFKRLVLUOHVUpJODJHVGXGLVSRVLWLIGHFRPPDQGH$95DFFpGHUj
ODFDUWHGHFRQWU{OHDSUqVDYRLUHQOHYpOHVSURWHFWLRQV/DSOXSDUWGHV
UpJODJHVVRQWHIIHFWXpVHQXVLQHVXUGHVYDOHXUVGHVWLQpHVjDVVXUHU
GHVUpVXOWDWVVDWLVIDLVDQWVGDQVOHVHVVDLVGHIRQFWLRQQHPHQWLQLWLDX[
,O SRXUUDLW VH UpYpOHU QpFHVVDLUH G·HIIHFWXHU G·DXWUHV UpJODJHV SRXU
DVVXUHU XQ IRQFWLRQQHPHQW RSWLPDO GDQV GHV FRQGLWLRQV GH VHUYLFH
VSpFLÀTXHV
$9(57,66(0(17 DXPRPHQWGHODFRPPDQGHjODTXHOOHVH
UpIqUHQWOHVGRQQpHVQRPLQDOHV(QFDVGH
PRGLÀFDWLRQVXFFHVVLYHGHFHWWHFRQQH[LRQ
O·LQVWDOODWHXUHVWWHQXGHFRFKHUODQRXYHOOH
FRQQH[LRQ XWLOLVpH VXU OD  SODTXHWWH GHV
GRQQpHVPDFKLQHSUpVHQWHjO·LQWpULHXUGH
ODERvWHjERUQHV3RXUHIIHFWXHUODQRXYHOOH
FRQQH[LRQVHVHUYLUGHVVFKpPDVMRLQWVDX
SUpVHQWPDQXHO
/HV pYHQWXHOOHV PRGLILFDWLRQV GH OD
FRQQH[LRQ GRLYHQW rWUH HIIHFWXpHV
H[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀp
7ULPPHU9
7ULPPHU67
7ULPPHU8)

6LO·DOWHUQDWHXUGRLWIRQFWLRQQHUj+]OHVKXQWYRLUODÀJXUHGRLWUHVWHU

FRQQHFWpV·LOGRLWIRQFWLRQQHUj+]OHVKXQWGRLWrWUHHQOHYp

,O HVW SRVVLEOH GH PRGLÀHU OD WHQVLRQ GH VRUWLH HQ DJLVVDQW VXU OH
SRWHQWLRPqWUH´9µ$YHFOHJURXSHHQPDUFKHjODYLWHVVHQRPLQDOHUpJOHU
MXVTX·jO·REWHQWLRQGHODYDOHXUFKHUFKpH6LjXQHSHWLWHYDULDWLRQGH
YLWHVVHODWHQVLRQYDULHLOIDXWDORUVUpJOHUG·DERUGODSURWHFWLRQGHVRXV
YLWHVVH/DUpIpUHQFHGHWHQVLRQFkEOHVRUDQJHGRLWrWUHFRQQHFWpH
‡  DX[ERUQHV´µHW´µVLRQSUpOqYHXQHWHQVLRQFRPSULVHHQWUH

HW9
‡  DX[ ERUQHV ´µ HW ´µ VL O·RQ SUpOqYH XQH WHQVLRQ HQWUH  HW 

9
(;7327
$WWHQWLRQUpJOHUODWHQVLRQjXQHYDOHXUVXSpULHXUHjODYDOHXUPD[LPXP &RXSHUSRXU+]
SUpYXHSRXUOHJpQpUDWHXUSHXWHQGRPPDJHUFHGHUQLHU
$WWHQWLRQ5pJOHUODWHQVLRQjXQHYDOHXUVXSpULHXUHjOD
5pJODJHGHODVRXVYLWHVVHj+]SRUWHUOHJURXSHHQURWDWLRQHQ YDOHXUPD[LPXPSUpYXHSRXUOHJpQpUDWHXU
SHXWHQGRPPDJHUFHGHUQLHU
OHUpJODQWGHPDQLqUHjREWHQLUXQHIUpTXHQFHGH+]7RXUQHUOH
WULPPHU´8)µMXVTX·DXSRLQWRODWHQVLRQFRPPHQFHjEDLVVHU5HSRUWHU
OHJURXSHjODYLWHVVHQRPLQDOH

6.2WWREUH5HY
 )5$1d$,6
$WWHQWLRQ 5pJOHU OD VRXVYLWHVVH j XQH YDOHXU GH
IUpTXHQFH WURS EDVVH SHXW HQGRPPDJHU
OHJpQpUDWHXU$XFRQWUDLUHODUpJOHUjXQH
YDOHXUWURSpOHYpHSHXWFDXVHUGHVFKXWHV
GHWHQVLRQDYHFGHVFKDUJHVpOHYpHV
$WWHQWLRQ UpJOHU OD VRXVYLWHVVH j XQH YDOHXU GH IUpTXHQFH WURS
EDVVH SHXW HQGRPPDJHU OH JpQpUDWHXU$X FRQWUDLUH OD UpJOHU j
XQHYDOHXUWURSpOHYpHSHXWFDXVHUGHVFKXWHVGHWHQVLRQDYHFGHV
FKDUJHVpOHYpHV

5DFFRUGHPHQW G·XQ SRWHQWLRPqWUH H[WpULHXU N2KP HQOHYHU OH

VKXQW VXU OHV ERUQHV ´(;7 327µ HW FRQQHFWHU OH SRWHQWLRPqWUH DX[
H[WUpPLWpVOLEUHVHQYHLOODQWjOHSRVLWLRQQHUjODYDOHXUGHUpVLVWDQFH
PD[LPXP 7RXUQHU OH WULPPHU ´9µ j IRQG GDQV OH VHQV FRQWUDLUH GHV
DLJXLOOHVG·XQHPRQWUH3RUWHUOHJURXSHjODYLWHVVHQRPLQDOHHWDJLUVXU
OHSRWHQWLRPqWUHMXVTX·jODWHQVLRQYRXOXH

6L GHV ÁXFWXDWLRQV GH WHQVLRQ VRXV FKDUJH GHYDLHQW VH YpULÀHU LO HVW
SRVVLEOHG·DJLUVXUOHSRWHQWLRPqWUH´67µTXLPRGXOHODUDSLGLWpGHUpSRQVH
GXUpJXODWHXUDX[VWLPXODWLRQVH[WpULHXUHVHQSHUPHWWDQWG·pOLPLQHUOHV
pYHQWXHOOHVLQVWDELOLWpVGXV\VWqPHDOWHUQDWHXUFKDUJH

6FKpPDVGHFRQQH[LRQSRXUGLIIpUHQWVFLUFXLWV
1RXV IRXUQLVVRQV HQ DQQH[H DX SUpVHQW PDQXHO GHV VFKpPDV SRXU
FRQQH[LRQV GLIIpUHQWHV GH OD FRQQH[LRQ pWRLOHVpULH QRUPDOHPHQW
HIIHFWXpH HQ XVLQH j PRLQV GH VSpFLÀFDWLRQV GLIIpUHQWHV DX PRPHQW
1HSDVWRXFKHUOHJpQpUDWHXUSHQGDQWOH
IRQFWLRQQHPHQWHWMXVWHDSUqVO·DUUrWGX
JURXSH GDQV OD PHVXUH R LO SRXUUDLW \
$9(57,66(0(17 DYRLUGHVVXUIDFHVjKDXWHWHPSpUDWXUH
/D FDUHQFH G·LQVSHFWLRQV HW G·HQWUHWLHQ
SHXW FDXVHU GH JUDYHV GRPPDJHV DX[
SHUVRQQHVHWRXDX[FKRVHV
/HV SURFpGXUHV GH PDLQWHQDQFH HW GH
ORFDOLVDWLRQ GHV SDQQHV FRPSRUWHQW GHV
ULVTXHV TXL SRXUUDLHQW FDXVHU GH JUDYHV
$9(57,66(0(17 OpVLRQVSHUVRQQHOOHVRXODPRUW
&HVSURFpGXUHVGRLYHQWGRQFrWUHHIIHFWXpHV
H[FOXVLYHPHQW SDU GX SHUVRQQHO TXDOLÀp
SRXUHIIHFWXHUODPDLQWHQDQFHpOHFWULTXHHW
PpFDQLTXH6·DVVXUHUDYDQWWRXWHRSpUDWLRQ
'$1*(5 G·HQWUHWLHQRXGHQHWWR\DJHTX·LOQ·\DSDV
GH SDUWLHV VRXV WHQVLRQ TXH OD FDUFDVVH
GXJpQpUDWHXUHVWjWHPSpUDWXUHDPELDQWH
TXH OH JURXSH pOHFWURJqQH QH SHXW SDV
rWUH PLV HQ PDUFKH DFFLGHQWHOOHPHQW HW
TXHWRXWHVOHVSURFpGXUHVVRQWHIIHFWXpHV
FRUUHFWHPHQW
6.2WWREUH5HY
GHODFRPPDQGH
0LVHHQVHUYLFH
$YDQWODPLVHHQVHUYLFHGXJURXSHpOHFWURJqQHLOIDXWYpULÀHUTXHWRXWHV
OHVFRQQH[LRQVH[WpULHXUHVRQWpWpHIIHFWXpHVFRUUHFWHPHQWHWTXHOHV
SURWHFWLRQVRQWpWpHQOHYpHV
/HVGLIIpUHQWVUpJODJHVGXJpQpUDWHXUVRQWHIIHFWXpVHQXVLQHDXPRPHQW
GH O·HVVDL GH IRQFWLRQQHPHQW LO QH GHYUDLW GRQF SDV rWUH QpFHVVDLUH
G·HIIHFWXHUG·DXWUHVUpJODJHVVXUODPDFKLQHV·LOVHUpYqOHQpFHVVDLUH
G·HQOHYHU OHV SURWHFWLRQV SRXU HIIHFWXHU GHV UpJODJHV HW TX·RQ ODLVVH
GpFRXYHUWVGHVFRQWDFWVVRXVWHQVLRQYHLOOHUTXHFHVRSpUDWLRQVVRLHQW
HIIHFWXpHVH[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀpGDQVODPDLQWHQDQFH
G·LQVWDOODWLRQVpOHFWULTXHV
$XPRPHQWGHODPLVHHQVHUYLFHIDLUHDWWHQWLRQDX[pYHQWXHOVEUXLWV
DQRUPDX[TXLSRXUUDLHQWLQGLTXHUXQDOLJQHPHQWLQFRUUHFWHQWUHOHPRWHXU
HWOHJpQpUDWHXU
$YHUWLVVHPHQW1HSDVWRXFKHUOHJpQpUDWHXUSHQGDQWOHIRQFWLRQQHPHQW
HWMXVWHDSUqVO·DUUrWGXJURXSHGDQVODPHVXUHRLOSRXUUDLW\DYRLU
GHVVXUIDFHVjKDXWHWHPSpUDWXUH
/HVJpQpUDWHXUVVRQWGHVPDFKLQHVpOHFWULTXHVURWDWLYHVTXLSUpVHQWHQW
GHVSDUWLHVSRWHQWLHOOHPHQWGDQJHUHXVHVGDQVODPHVXUHRHOOHVVRQW
VRXVWHQVLRQRXPXQLHVGHPRXYHPHQWSHQGDQWOHIRQFWLRQQHPHQWSDU
FRQVpTXHQWLOHVWDEVROXPHQWLQWHUGLW
‡  G·HQIDLUHXQHXWLOLVDWLRQLPSURSUH
‡  G·HQOHYHU OHV SURWHFWLRQV HW GH GpFRQQHFWHU OHV GLVSRVLWLIV GH
SURWHFWLRQ
$YHUWLVVHPHQW/DFDUHQFHG·LQVSHFWLRQVHWG·HQWUHWLHQSHXWFDXVHU
GHJUDYHVGRPPDJHVDX[SHUVRQQHVHWRXDX[FKRVHV
'X IDLW GHV SUpFLVLRQV GRQQpHV SOXV KDXW WRXWHV OHV RSpUDWLRQV GH
FDUDFWqUH pOHFWULTXH RX PpFDQLTXH GRLYHQW rWUH HIIHFWXpHV SDU GX
SHUVRQQHOTXDOLÀp
$66,67$1&((70$,17(1$1&(
$YHUWLVVHPHQW/HVSURFpGXUHVGHPDLQWHQDQFHHWGHORFDOLVDWLRQ
GHVSDQQHVFRPSRUWHQWGHVULVTXHVTXLSRXUUDLHQWFDXVHUGHJUDYHV
OpVLRQVSHUVRQQHOOHVRXODPRUW&HVSURFpGXUHVGRLYHQWGRQFrWUH
HIIHFWXpHVH[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀpSRXUHIIHFWXHU
 )5$1d$,6

OD PDLQWHQDQFH pOHFWULTXH HW PpFDQLTXH 6·DVVXUHU DYDQW WRXWH

RSpUDWLRQ G·HQWUHWLHQ RX GH QHWWR\DJH TX·LO Q·\ D SDV GH SDUWLHV
VRXV WHQVLRQ TXH OD FDUFDVVH GX JpQpUDWHXU HVW j WHPSpUDWXUH
DPELDQWHTXHOHJURXSHpOHFWURJqQHQHSHXWSDVrWUHPLVHQPDUFKH
DFFLGHQWHOOHPHQW HW TXH WRXWHV OHV SURFpGXUHV VRQW HIIHFWXpHV
FRUUHFWHPHQW

&RQWU{OHGHVHQURXOHPHQWVHWGHO·pWDWG·LVROHPHQW
/·pWDW GHV HQURXOHPHQWV HVW YpULÀDEOH HQ HQ PHVXUDQW OD UpVLVWDQFH
pOHFWULTXHYHUVODPDVVH$XFRXUVGHO·HVVDLOHUpJXODWHXUGHWHQVLRQ
GHYUD rWUH GpFRQQHFWp (Q JpQpUDO LO VXIÀW GH FRQWU{OHU XQLTXHPHQW
O·HQURXOHPHQWSULQFLSDO

/HVYDOHXUVPHVXUpHVGRLYHQWrWUHVXSpULHXUHVj02KP6LODUpVLVWDQFH
G·LVROHPHQW HVW LQIpULHXUH LO IDXW SURFpGHU DX VpFKDJH DX IRXU GH
O·DOWHUQDWHXUXQLTXHPHQWjXQHWHPSpUDWXUHFRPSULVHHQWUHHWƒ&
SHQGDQWKHXUHV$YDQWG·HIIHFWXHUFHWWHRSpUDWLRQLOIDXWHQOHYHUOH
UpJXODWHXUGHWHQVLRQ(QDOWHUQDWLYHDXVpFKDJHDXIRXULOHVWSRVVLEOH
GHVRXIÁHUGHO·DLUFKDXGjWUDYHUVO·DOWHUQDWHXUj¸ƒ&SHQGDQW
DXPRLQVKHXUH

&RQWU{OHGHVURXOHPHQWV
/HVURXOHPHQWVVRQWpWDQFKHVHWQHQpFHVVLWHQWSDVG·HQWUHWLHQ
'XUDQWODPDLQWHQDQFHFRQWU{OHUO·pWDWGHVURXOHPHQWVHWYpULÀHUTX·LOQ·\
DSDVGHIXLWHVGHJUDLVVHODGXUpHGHVURXOHPHQWVGpSHQGGHVYLEUDWLRQV
HWGHVFKDUJHVD[LDOHVDX[TXHOOHVLOVVRQWVRXPLVOHVYLEUDWLRQVSHXYHQW
rWUH FRQVLGpUDEOHPHQW DPSOLÀpHV HQ FDV G·DOLJQHPHQW HUURQp HW GHV
FRQGLWLRQVGHWUDYDLO9pULÀHUHQVXLWHTX·LOQ·\DSDVG·DQRPDOLHVWHOOHV
TXHYLEUDWLRQVEUXLWVLQVROLWHV
6LDXERXWG·XQFHUWDLQWHPSVOHIRQFWLRQQHPHQWHQWUDvQHGHVYLEUDWLRQV
RXGHVEUXLWVH[FHVVLIVFHODSRXUUDLWrWUHG€jO·XVXUHGXURXOHPHQWTXL
GRLWrWUHUHPSODFpV·LOHVWHQGRPPDJp
,OHVWFRQVHLOOpGDQVWRXVOHVFDVGHUHPSODFHUOHURXOHPHQWDXERXW
GHKHXUHVGHIRQFWLRQQHPHQW
,PSRUWDQW /D GXUpH GHV URXOHPHQWV HVW IRUWHPHQW
,PSRUWDQW/DGXUpHGHVURXOHPHQWVHVWIRUWHPHQWLQÁXHQFpHSDU LQÁXHQFpH SDU OHV FRQGLWLRQV HW OH PLOLHX
OHVFRQGLWLRQVHWOHPLOLHXGHWUDYDLO GHWUDYDLO

 'H ORQJVVpMRXUV GDQV XQHQYLURQQHPHQW

,PSRUWDQW 'H ORQJV VpMRXUV GDQV XQ HQYLURQQHPHQW FDUDFWpULVp FDUDFWpULVp SDU OD SUpVHQFH GH YLEUDWLRQV
SDUODSUpVHQFHGHYLEUDWLRQVSHXYHQWHQGRPPDJHUOHVELOOHVHWOHV SHXYHQWHQGRPPDJHUOHVELOOHVHWOHVVLqJHV
VLqJHVGHURXOHPHQW/DSUpVHQFHG·XQHKXPLGLWpWURSpOHYpHSHXW GHURXOHPHQW/DSUpVHQFHG·XQHKXPLGLWp
WURS pOHYpH SHXW FDXVHU O·pPXOVLRQ GH OD
FDXVHUO·pPXOVLRQGHODJUDLVVHHWIDYRULVHUODFRUURVLRQ JUDLVVHHWIDYRULVHUODFRUURVLRQ

,PSRUWDQW'HVYLEUDWLRQVLQWHQVHVFDXVpHVSDUOHPRWHXURXSDU  'HV YLEUDWLRQV LQWHQVHV FDXVpHV SDU OH

XQDOLJQHPHQWLQFRUUHFWGHVFRPSRVDQWVGXJURXSHpOHFWURJqQH PRWHXU RX SDU XQ DOLJQHPHQW LQFRUUHFW
GHV FRPSRVDQWV GX JURXSH pOHFWURJqQH
VRXPHWWHQW OH URXOHPHQW j GHV VROOLFLWDWLRQV TXL HQ UpGXLVHQW OD VRXPHWWHQWOHURXOHPHQWjGHVVROOLFLWDWLRQV
GXUpHGHYLH TXLHQUpGXLVHQWODGXUpHGHYLH

$QRPDOLHVHWUHPqGHV
/HJpQpUDWHXUQHV·H[FLWHSDV
‡  &RQWU{OHUOHIXVLEOH
‡  $XJPHQWHUODYLWHVVHGH
‡  $SSOLTXHUSHQGDQWXQLQVWDQWDX[S{OHVGXUpJXODWHXUpOHFWURQLTXHXQH
WHQVLRQGH9G·XQHEDWWHULHDYHFHQVpULHXQHUpVLVWDQFHGH2KP
HQUHVSHFWDQWODSRODULWp

$SUqVV·rWUHH[FLWpLOVHGpVH[FLWH
‡  &RQWU{OHU OHV FkEOHV GH FRQQH[LRQ HQ FRQVXOWDQW OHV VFKpPDV
IRXUQLV

­YLGHWHQVLRQEDVVH
‡  5pJOHUGHQRXYHDXODWHQVLRQ
6.2WWREUH5HY
 )5$1d$,6

‡  &RQWU{OHUOHQRPEUHGHWRXUV
‡  &RQWU{OHUOHVHQURXOHPHQWV

­YLGHWHQVLRQWURSKDXWH
‡  5pJOHUGHQRXYHDXODWHQVLRQ
‡  5HPSODFHUOHUpJXODWHXU

6RXVFKDUJHWHQVLRQLQIpULHXUHjODWHQVLRQQRPLQDOH
‡  5pJOHUGHQRXYHDXODWHQVLRQ
‡  &RXUDQWWURSpOHYpFRV WUHVEDVYLWHVVHLQIpULHXUHGHSDUUDSSRUW
jODYLWHVVHQRPLQDOH
‡  5HPSODFHUOHUpJXODWHXU
‡  &RQWU{OHUOHVGLRGHVHQGpFRQQHFWDQWOHVFkEOHV

6RXVFKDUJHWHQVLRQVXSpULHXUHjODWHQVLRQQRPLQDOH
‡  5pJOHUGHQRXYHDXODWHQVLRQ
‡  5HPSODFHUOHUpJXODWHXU

7HQVLRQLQVWDEOH
‡  &RQWU{OHUO·XQLIRUPLWpGHURWDWLRQ
‡  5pJOHU OD VWDELOLWp GX UpJXODWHXU HQ DJLVVDQW VXU OH SRWHQWLRPqWUH
´67µ

3RXUWRXWHDXWUHDQRPDOLHV·DGUHVVHUDXFHQWUH6$96LQFUR

 (QOqYHPHQW HW UHPSODFHPHQW GH FRPSRVDQWV HW JURXSHV GH

FRPSRVDQWV

([WUDFWLRQHWPLVHHQSODFHGHO·DUEUH
/HVSURFpGXUHVTXLVXLYHQWSUpVXSSRVHQWTXHO·DOWHUQDWHXUDLWpWp
GpFRQQHFWpGXPRWHXUYRLUÀJXUHSUqVGXSDUDJUDSKH

9HUVLRQjXQVHXOURXOHPHQW6$(
‡  0HWWUH O
DOWHUQDWHXU HQ SRVLWLRQ YHUWLFDOH DYHF O
DLGH G
XQ HQJLQ GH
OHYDJHOHERXFOLHUDUULqUHRULHQWpYHUVOHVRO
DUEUH
DOWHUQDWHXUG
HQYLURQFHQWLPqWUHV
jFHTXHOHURXOHPHQWVRUWHFRPSOqWHPHQWGHVRQORJHPHQW
4XDQG OH URWRU HVW UHPLV HQ SODFH O·DOWHU
QDWHXUSHXWSHUGUHOHPDJQpWLVPHUpVLGXHO
TXLSHUPHWO·DXWRH[FLWDWLRQ$YDQWODPLVH
HQPDUFKHGXJURXSHLOIDXWGRQFUpH[FLWHU
$9(57,66(0(17
O·DOWHUQDWHXU HQ DSSOLTXDQW DX[ ERUQHV
GH O·H[FLWDWULFH XQH WHQVLRQ GH  YROWV
SHQGDQW XQH VHFRQGH HQ UHVSHFWDQW OD
SRODULWp
‡  9LVVHUXQDQQHDXGDQVOHWURXFHQWUDOGHO
‡  $YHFXQHQJLQGHOHYDJHVRXOHYHUO
HW DYHF XQ PDLOOHW HQ SODVWLTXH EDWWUH VXU OHV SLHGV GH OD FDUFDVVH
MXVTX
‡  ([WUDLUHOHURWRUHQIDLVDQWWUqVDWWHQWLRQDX[HQURXOHPHQWV
3RXU OD UHPLVH HQ SODFH HIIHFWXHU OHV RSpUDWLRQV GX SDUDJUDSKH
GDQVO·RUGUHLQYHUVH
$YHUWLVVHPHQW4XDQGOHURWRUHVWUHPLVHQSODFHO·DOWHUQDWHXUSHXW
SHUGUHOHPDJQpWLVPHUpVLGXHOTXLSHUPHWO·DXWRH[FLWDWLRQ$YDQW
ODPLVHHQPDUFKHGXJURXSHLOIDXWGRQFUpH[FLWHUO·DOWHUQDWHXUHQ
DSSOLTXDQW DX[ ERUQHV GH O·H[FLWDWULFH XQH WHQVLRQ GH  YROWV
SHQGDQWXQHVHFRQGHHQUHVSHFWDQWODSRODULWp
5HPSODFHPHQWGXURXOHPHQW
6HUpIpUHUDXSDUDJUDSKH
‡  (QOHYHUOHRXOHVURXOHPHQWVjO·DLGHG·H[WUDFWHXUVFRXUDQWV
‡  3UHQGUHOHRXOHVQRXYHDX[URXOHPHQWVHWjO·DLGHG·XQUpFKDXIIHXUOHV
UpFKDXIIHUPD[¸ƒ&GHPDQLqUHjGLODWHUOHGLDPqWUHDYDQWGH
O·LQVpUHUGDQVOHVLqJHGHO·DUEUH
‡  5HPHWWUHHQSODFHOHURWRUHQHIIHFWXDQWOHVRSpUDWLRQVGXSDUDJUDSKH
GDQVO·RUGUHLQYHUVH

(Q DOWHUQDWLYH LO HVW SRVVLEOH GH UHPSODFHU OH URXOHPHQW VDQV H[WUDLUH OH
URWRU
6.2WWREUH5HY
 )5$1d$,6

‡  'pYLVVHUOHVYLVTXLÀ[HQWOHERXFOLHUDUULqUHjODFDLVVH
‡  )UDSSHUOHERXFOLHUGHPDQLqUHKRPRJqQHMXVTX·DXGpWDFKHPHQWFRPSOHW
GXURWRU
‡  (QOHYHUOHRXOHVURXOHPHQWVjO·DLGHG·H[WUDFWHXUVFRXUDQWV
‡  3UHQGUHOHRXOHVQRXYHDX[URXOHPHQWVHWjO·DLGHG·XQUpFKDXIIHXUOHV
UpFKDXIIHUPD[¸ƒ&GHPDQLqUHjGLODWHUOHGLDPqWUHDYDQWGH
O·LQVpUHUGDQVOHVLqJHGHO·DUEUH
‡  3RVLWLRQQHU OH ERXFOLHU VDQV RXEOLHU OD EDJXH pODVWLTXH HW LQWURGXLUH
SDUWLHOOHPHQWOHVYLVGHÀ[DWLRQ
‡  )UDSSHUOHERXFOLHUGHPDQLqUHKRPRJqQHMXVTX·jO·LQVHUWLRQFRPSOqWHGX
URWRUHWGHODSRUWLRQGHFDLVVHGDQVOHVORJHPHQWVUHVSHFWLIV
‡  6HUUHUOHVYLVGHÀ[DWLRQGXERXFOLHU

5HPSODFHPHQWGHVGLRGHVURWDWLYHV
‡  ([WUDLUHOHURWRUHQVXLYDQWOHVLQVWUXFWLRQVGXSDUDJUDSKH
‡  'pFRQQHFWHUOHSRQWGHGLRGHV
‡  'pYLVVHUOHVYLVHWHQOHYHUOHSRQWGHGLRGHV
‡  5HPRQWHUOHQRXYHDXSRQWGHGLRGHVHQÀ[DQWOHVYLVDYHFXQDGKpVLI
GHIUHLQDJHHWUHFRQQHFWHU
‡  5HPHWWUHHQSODFHOHURWRUHQHIIHFWXDQWOHVRSpUDWLRQVGXSDUDJUDSKH
GDQVO·RUGUHLQYHUVH

(QDOWHUQDWLYHLOHVWSRVVLEOHGHUHPSODFHUOHSRQWGHGLRGHVHQGpPRQWDQW
XQLTXHPHQW OH ERXFOLHU DUULqUH VXLYDQW OD GHVFULSWLRQ GRQQpH SRXU OH
UHPSODFHPHQWGXURXOHPHQW

5HPSODFHPHQWGXURWRUH[FLWDWULFH
‡  ([WUDLUHOHURWRUHQVXLYDQWOHVLQVWUXFWLRQVGXSDUDJUDSKH
‡  (QOHYHUOHRXOHVURXOHPHQWVjO·DLGHG·H[WUDFWHXUVFRXUDQWV
‡  'pFRQQHFWHUOHSRQWGHGLRGHV
‡  'pYLVVHUOHVYLVHWHQOHYHUOHSRQWGHGLRGHV
‡  (QOHYHUO·H[FLWDWULFHjO·DLGHG·XQH[WUDFWHXU
‡  ,QVpUHUODQRXYHOOHH[FLWDWULFHHQXWLOLVDQWXQHSUHVVH
‡  5pDVVHPEOHU OH WRXW HQ VXLYDQW OHV LQGLFDWLRQV GHV SDUDJUDSKHV 


 5pDVVHPEODJH GH FRPSRVDQWV HW GH JURXSHV GH FRPSR

VDQWV
3RXUO·RSpUDWLRQGHUpDVVHPEODJHHIIHFWXHUOHVRSpUDWLRQVSUpFpGHQWHV
GDQVO·RUGUHLQYHUVH

1(772<$*((7/8%5,),&$7,21
$YHUWLVVHPHQW1·LPSRUWHTXHOW\SHG·LQWHUYHQWLRQGHQHWWR\DJHGRLW
rWUHHIIHFWXpHDYHFOHJURXSHpOHFWURJqQHDUUrWpHWOHJpQpUDWHXU 1·LPSRUWH TXHO W\SH G·LQWHUYHQWLRQ GH
GpEUDQFKpVRXVSHLQHG·H[SRVHUOHVSHUVRQQHVHWOHVFKRVHVjXQ QHWWR\DJHGRLWrWUHHIIHFWXpHDYHFOHJURXSH
pOHFWURJqQHDUUrWpHWOHJpQpUDWHXUGpEUDQ
JUDYHGDQJHU
$9(57,66(0(17 FKpVRXVSHLQHG·H[SRVHUOHVSHUVRQQHVHW
OHVFKRVHVjXQJUDYHGDQJHU
6·DVVXUHUTXHOHJURXSHpOHFWURJqQHHVWDUUrWpHWGpEUDQFKpOHJURXSH
SHXWrWUHQHWWR\pH[WpULHXUHPHQWjO·DLUFRPSULPp 1·XWLOLVHUHQDXFXQFDVGHVOLTXLGHVRXGH
O·HDX1HSDVQHWWR\HUjO·DLUFRPSULPpOHV
SDUWLHVpOHFWULTXHVLQWHUQHVFDUFHODSRXUUDLW
$YHUWLVVHPHQW1·XWLOLVHUHQDXFXQFDVGHVOLTXLGHVRXGHO·HDX1H SURYRTXHUGHVFRXUWVFLUFXLWVRXG·DXWUHV
SDVQHWWR\HUjO·DLUFRPSULPpOHVSDUWLHVpOHFWULTXHVLQWHUQHVFDUFHOD DQRPDOLHV
SRXUUDLWSURYRTXHUGHVFRXUWVFLUFXLWVRXG·DXWUHVDQRPDOLHV
)DLUHDSSHOH[FOXVLYHPHQWjGXSHUVRQQHO
TXDOLÀp
'e02/,7,21(70,6($85(%87
$YHUWLVVHPHQW)DLUHDSSHOH[FOXVLYHPHQWjGXSHUVRQQHOTXDOLÀp
/·pOLPLQDWLRQGHVPDWpULDX[GRLWrWUHIDLWHGDQVOHUHVSHFWGHVQRUPHVHQ
YLJXHXU (Q FDV GH GpPROLWLRQ GX JpQpUDWHXU LO Q·H[LVWH SDV GH ULVTXHV
SDUWLFXOLHUV RX GH GDQJHUV GpULYDQW GX JpQpUDWHXU SURSUHPHQW GLW ,O HVW
RSSRUWXQHQFDVGHUHF\FODJHGHVPDWpULDX[TX·LOVVRLHQWVpSDUpVSDUW\SH
SDUWLHVpOHFWULTXHVFXLYUHDOXPLQLXPSODVWLTXHHWF

6.2WWREUH5HY
 )5$1d$,6

3,Ë&(6'(5(&+$1*((76(59,&($35Ë69(17(

3URFpGXUHHWDGUHVVHVGHUpIpUHQFHSRXUGHPDQGHVGHVHUYLFH
DSUqVYHQWH
1RWUH6HUYLFH$SUqV9HQWHIRXUQLWXQFRQVHLOWHFKQLTXHFRPSOHW
6·DVVXUHU SRXU OHV GHPDQGHV GH 6HUYLFH$SUqV9HQWH VRXV JDUDQWLH
GHGLVSRVHUGHVGRQQpHVG·LGHQWLÀFDWLRQGXJpQpUDWHXUGHVRQQXPpUR
GHVpULHHWGXQXPpURGHO·RUGUHGHSURGXFWLRQLQGLTXpVVXUO·pWLTXHWWH
DXWRFROODQWH SRVLWLRQQpH FRPPH O·LQGLTXH OH SDUDJUDSKH  GH FH
PDQXHO /D OLVWH GHV FHQWUHV DSUqVYHQWH DJUppV HVW GLVSRQLEOH VXU
QRWUHVLWHLQWHUQHWZZZVRJDJURXSFRP

*$5$17,(
6LQFURVUOJDUDQWLWjVHVFOLHQWVOHVDOWHUQDWHXUVHWOHVPDFKLQHVjVRXGHU
SURGXLWHVSDUVHVVRLQVSRXUXQHSpULRGHGHPRLVjFRPSWHUGHODGDWH
GHOLYUDLVRQ1RXVSUpFLVRQVTXHFHWWHJDUDQWLHHVWDFFRUGpHXQLTXHPHQW
DX[FOLHQWVGH6LQFURDX[TXHOVHOOHUpSRQGGLUHFWHPHQW6LQFURQHUHFRQQDvW
GLUHFWHPHQWODJDUDQWLHjDXFXQVXMHWTXLWRXWHQSRVVpGDQWO¶XQGHVHV
SURGXLWVQHOHOXLDSDVDFKHWpGLUHFWHPHQW
'DQVOHFDVGHVGLVWULEXWHXUVRI¿FLHOVGH6LQFURGDQVOHPRQGHODJDUDQWLH
HVWpWHQGXHjPRLVjFRPSWHUGHODGDWHGHOLYUDLVRQ
'DQV OHV SpULRGHV VXVGLWHV 6LQFUR V¶HQJDJH j IRXUQLU JUDWXLWHPHQW OHV
SLqFHVGHUHFKDQJHGHVSDUWLHVTXLGHO¶DYLVGH6LQFURRXGHO¶XQGHVHV
UHSUpVHQWDQWVDJUppVSUpVHQWHQWGHVGpIDXWVGHIDEULFDWLRQRXGHPDWpULDX
RX ELHQ VHORQ VRQ MXJHPHQW HOOH V¶HQJDJH j HQ HIIHFWXHU OD UpSDUDWLRQ
GLUHFWHPHQWRXSDUOHELDLVG¶DWHOLHUVDJUppVVDQVSUHQGUHjVDFKDUJHDXFXQ
IUDLV SRXU OH WUDQVSRUW7RXWH DXWUH IRUPH GH UHVSRQVDELOLWp RX REOLJDWLRQ
SRXUG¶DXWUHVIUDLVGRPPDJHVRXSHUWHVGLUHFWHVHWLQGLUHFWHVGpULYDQWGH
O¶XWLOLVDWLRQRXGHO¶LPSRVVLELOLWpG¶XWLOLVDWLRQGHVSURGXLWVWDQWSDUWLHOOHTXH
WRWDOHUHVWHH[FOXH
/D UpSDUDWLRQ RX OH UHPSODFHPHQW GX SURGXLW QH SURORQJHURQW QL QH
UHQRXYHOOHURQWODSpULRGHGHJDUDQWLH
/DJDUDQWLHQHVHUDSDVDSSOLFDEOHHQFDVGHSDQQHVRXG¶LQFRQYpQLHQWV
GXV j O¶LQH[SpULHQFH j O¶XWLOLVDWLRQ DXGHOj GHV OLPLWHV GHV SHUIRUPDQFHV
QRPLQDOHVVLOHSURGXLWDVXELGHVPRGL¿FDWLRQVRXV¶LOHVWUHWRXUQpGpPRQWp
RXDYHFGHVGRQQpHVGHSODTXHDOWpUpHVRXPRGL¿pHV

6.2WWREUH5HY
 )5$1d$,6

6.2WWREUH5HY
 (63$f2/

1250$6'(6(*85,'$'

'(&/$5$&,Ð1'(&21)250,'$'

,1752'8&&,Ð1
 &RQWUROGHODSODFDGHFDUDFWHUtVWLFDV
 3RVLFLRQDPLHQWRGHODSODFDFRQODVHVSHFLÀFDFLRQHVHOpFWULFDVHOQ~PHURGHVHULH\GHODRUGHQGHSUR
GXFFLyQ

35,1&,3,2',)81&,21$0,(172<&$5$&7(5Ì67,&$6'(/6,67(0$'(5(*8/$&,Ð1'(/$7(16,Ð1

(63(&,),&$&,21(6*(1(5$/(60(&É1,&$6<(/e&75,&$63$5$(/$&23/$0,(172&21(/02725

,167$/$&,Ð1
 ,]DGR
 )LMDFLyQDOPRWRU
 0RQWDMHIRUPD6$(
 'HVPRQWDMHIRUPD6$(
 3XHVWDDWLHUUD
 &RQWUROHVSUHOLPLQDUHV
 &RQWUROGHODLVODPLHQWR
 6HQWLGRGHURWDFLyQ
 9HULÀFDFLyQGHWHQVLyQ\GHIUHFXHQFLD
 5HJXODFLyQGHODWDUMHWD$95
 (VTXHPDVGHFRQH[LyQSDUDGLVWLQWRVFLUFXLWRV
 3XHVWDHQPDUFKD

$6,67(1&,$<0$17(1,0,(172
 &RQWUROGHORVGHYDQDGRV\GHODVFRQGLFLRQHVGHDLVODPLHQWR
 &RQWUROGHORVFRMLQHWHV
 $QRPDOtDV\UHPHGLRV
 'HVPRQWDMH\VXVWLWXFLyQGHFRPSRQHQWHV\JUXSRVGHFRPSRQHQWHV
 ([WUDFFLyQHLQVHUFLyQGHOHMH
 6XVWLWXFLyQGHOFRMLQHWH
 6XVWLWXFLyQGHORVGLRGRVURWDWRULRV
 6XVWLWXFLyQGHOURWRUGHODH[FLWDWUL]
 5HHPVDPEODMHGHORVFRPSRQHQWHV\GHORVJUXSRVGHFRPSRQHQWHV
 
/,03,(=$</8%5,&$&,Ð1

'(02/,&,Ð1<(/,0,1$&,Ð1

5(&$0%,26<$6,67(1&,$
 3URFHGLPLHQWRV\GLUHFFLRQHVGHUHIHUHQFLDSDUDVROLFLWXGHVGHDVLVWHQFLD

*$5$17Ì$

6.2WWREUH5HY
 (63$f2/

1250$6'(6(*85,'$'
6LQFUR6UOOHVGDODVJUDFLDVSRUKDEHUHOHJLGRXQRGHVXVSURGXFWRVHQOD
FHUWH]DGHTXH8GVREWHQGUiQODVPHMRUHVSUHVWDFLRQHVSDUDVXVH[LJHQFLDV
(O ´0DQXDO GH XVR \ PDQWHQLPLHQWRµ TXH DFRPSDxD HO JHQHUDGRU
SURSRUFLRQD LPSRUWDQWHV LQGLFDFLRQHV FRQFHUQLHQWHV WDQWR OD VHJXULGDG
FRPRODLQVWDODFLyQHOXVR\HOPDQWHQLPLHQWR(VWHSURGXFWRFXPSOHODV
QRUPDVGHOEXHQKDFHUDVtFRPRODVGLVSRVLFLRQHVVREUHVHJXULGDG

3DUDFRPXQLFDFLRQHVFRQ6LQFUR6UOOHVURJDPRVLQGLTXHQVLHPSUHHOWLSR
\HOFyGLJRGHOJHQHUDGRUDQRWDGRVHQODHWLTXHWDSXHVWDHQHOHPEDODMH
$VLPLVPR HQ HO FDVR GH DQRPDOtDV GH IXQFLRQDPLHQWR X RWURV WLSRV GH
DYHUtDVGHODPiTXLQDDODFXGLUDQXHVWUR6HUYLFLRGH$VLVWHQFLDLQGLTXHQ
SRUIDYRUHOQ~PHURGHVHULH61\HOGHODRUGHQGHSURGXFFLyQ32

£$7(1&,Ð16HDXQDLQVWDODFLyQQRFRUUHFWDVHDHOXVRLPSURSLRGHO
SURGXFWRSXHGHQRFDVLRQDUGDxRVDODVSHUVRQDVRDODVFRVDV

‡ &XPSOLU ULJXURVDPHQWH ODV LQGLFDFLRQHV GHO ´0DQXDO GH XVR \

PDQWHQLPLHQWRµSXHVVXÀQDOLGDGHVLQGLFDUODVFRQGLFLRQHVFRUUHFWDV
GHLQVWDODFLyQDVtFRPRGHXVR\PDQWHQLPLHQWRDÀQGHSUHYHQLUSRVLEOHV
PDOIXQFLRQDPLHQWRVGHOJHQHUDGRU\HYLWDUVLWXDFLRQHVGHSHOLJURSDUDHO
XVXDULR
‡ (OLPLQDUORVPDWHULDOHVGHHPEDODMHSOiVWLFRFDUWyQSROLHVWLUHQRHWF
HQFRQIRUPLGDGFRQODVGLVSRVLFLRQHVGHODVQRUPDVYLJHQWHV
‡ &RQVHUYDU ODV LQVWUXFFLRQHV SDUD DGMXQWDUODV D OD JXtD WpFQLFD  \ SDUD
IXWXUDVFRQVXOWDFLRQHV
‡ (VWHSURGXFWRKDVLGRGLVHxDGR\IDEULFDGRH[FOXVLYDPHQWHSDUDHOHPSOHR
LQGLFDGRHQHVWDGRFXPHQWDFLyQ/DVGHVWLQDFLRQHVQRLQGLFDGDVHQHVWH
PDQXDOSRGUtDQRFDVLRQDUGDxRVDOSURGXFWR\VHUIXHQWHGHSHOLJUR
‡ 6LQFUR6UOGHFOLQDWRGDUHVSRQVDELOLGDGSRUHOXVRLPSURSLRRGLVWLQWR
DOTXHHVWiGHVWLQDGRODPiTXLQD\TXHFRQVWDHQHVWDGRFXPHQWDFLyQ
‡ 1RLQVWDODUHOSURGXFWRHQDWPyVIHUDSRWHQFLDOPHQWHH[SORVLYD
‡ /RV HOHPHQWRV FRQVWUXFWLYRV GH OD LQVWDODFLyQ FXPSOLUiQ ODV 'LUHFWLYDV
(XURSHDV 5HVSHFWR GH ORV SDtVHV H[WUD &(( DGHPiV GH ODV QRUPDV
QDFLRQDOHVHQYLJRUVHUiFRQYHQLHQWHFXPSOLUDVLPLVPRODVQRUPDVFLWDGDV
DQWHULRUQPHQWHFRQHOÀQGHREWHQHUXQEXHQQLYHOGHVHJXULGDG
‡ /D LQVWDODFLyQ VHUi FRQIRUPH D ODV GLVSRVLFLRQHV GH ODV 'LUHFWLYDV
(XURSHDV \ VHUi OOHYDGD D FDER ~QLFD \ H[FOXVLYDPHQWH SRU SHUVRQDO
FXDOLÀFDGR
‡ 1RVHSRQGUiHQPDUFKDHOJHQHUDGRUGHHVWDUGHVPRQWDGRVWDQWRODV
WDSDVGHSURWHFFLyQFRPRORVSDQHOHVGHDFFHVRRORVGHUHYHVWLPLHQWR
GHODFDMDGHWHUPLQDFLyQ
‡ $QWHV GH UHDOL]DU FXDOTXLHU LQWHUYHQFLyQ GH PDQWHQLPLHQWR VH
GHVFRQHFWDUiQORVFLUFXLWRVGHDUUDQTXHGHOPRWRU
‡  'HVKDELOLWDUORVFLUFXLWRVGHFLHUUH\RLQVWDODUSODFDVGHDYLVRHQFDGD
LQWHUUXSWRUDXWRPiWLFRXWLOL]DGRQRUPDOPHQWHSDUDODFRQH[LyQFRQODUHG
RFRQRWURVJHQHUDGRUHVSDUDLPSHGLUVXFLHUUHDFFLGHQWDO
‡ 8VDU H[FOXVLYDPHQWH SDUWHV RULJLQDOHV SDUD FXDOTXHLU RSHUDFLyQ GH
PDQWHQLPLHQWRRUHSDUDFLyQ'HQRUHVSHWDUVHHVWDLQGLFDFLyQ6LQFUR
6UO GHFOLQD WRGD UHVSRQVDELOLGDG UHVSHFWR GH OD VHJXULGDG \ EXHQ
IXQFLRQDPLHQWRGHOJHQHUDGRU
‡ ,QVWUXLUDOXVXDULRGHODLQVWDODFLyQHQODJHVWLyQXVR\PDQWHQLPLHQWRGHO
JHQHUDGRU
‡ 1R HVWDUi SHUPLWLGR WRGR DTXHOOR QR SUHYLVWR H[SUHVDPHQWH HQ HVWDV
LQVWUXFFLRQHV

(QHVWHPDQXDOYLHQHQHPSOHDGRVDOJXQRVVtPERORVRFRQYHQFLRQHVTXH
WLHQHQ XQ VLJQLÀFDGR SUHFLVR$ FRQWLQXDFLyQ VHUiQ GHÀQLGRV GH PDQHUD
XQtYRFD
£,PSRUWDQWH 6H UHÀHUH D VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRV SHOLJURVRV TXH SRGUtDQ
£,PSRUWDQWH 6H UHÀHUH D VLWXDFLRQHV GH ULHVJR R SURFHGLPLHQWRV RFDVLRQDU GDxRV DO SURGXFWR R D ORV
SHOLJURVRVTXHSRGUtDQRFDVLRQDUGDxRVDOSURGXFWRRDORVDSDUDWRV DSDUDWRVFRQHFWDGRV

6.2WWREUH5HY
 (63$f2/
£$WHQFLyQ 6H UHÀHUH D VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRV SHOLJURVRV TXH SRGUtDQ
RFDVLRQDUGDxRVDOSURGXFWRROHVLRQHV
DODSHUVRQD
6HxDOD VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRV SHOLJURVRV TXH SRGUtDQ
RFDVLRQDU JUDYHV OHVLRQHV D OD SHUVRQD
RLQFOXVRODPXHUWH
£$'9(57(1&,$
6HxDOD VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRVSHOLJURVRVTXHRFDVLRQDQ
JUDYHVOHVLRQHVDODSHUVRQDRLQFOXVROD
£3(/,*52 PXHUWH
FRQHFWDGRV
£$WHQFLyQ 6H UHILHUH D VLWXDFLRQHV GH ULHVJR R SURFHGLPLHQWRV
SHOLJURVRVTXHSRGUtDQRFDVLRQDUGDxRVDOSURGXFWRROHVLRQHVDOD
SHUVRQD
6tPEROR FRQ VLJQR GH DGPLUDFLyQ VHxDOD VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRVSHOLJURVRVTXHSRGUtDQRFDVLRQDUJUDYHVOHVLRQHVD
ODSHUVRQDRLQFOXVRODPXHUWH
6tPEROR FRQ UD\R VHxDOD VLWXDFLRQHV GH ULHVJR R SURFHGLPLHQWRV
SHOLJURVRVTXHRFDVLRQDQJUDYHVOHVLRQHVDODSHUVRQDRLQFOXVROD
PXHUWH
'(&/$5$&,Ð1'(&21)250,'$'
7RGRV ORV JHQHUDGRUHV 6. VH HQWUHJDQ FRQ XQD GHFODUDFLyQ GH
LQFRUSRUDFLyQFRQIRUPHDODOHJLVODFLyQHXURSHDFRPRODTXHDSDUHFHHQ
OD~OWLPDSiJLQDGHOSUHVHQWHPDQXDO
6HJ~Q OD 'LUHFWLYD 0iTXLQDV &( HV UHVSRQVDELOLGDG GHO )DEULFDQWH GHO
JUXSRHOHFWUyJHQRFRPSUREDUTXHORVQ~PHURVGHVHULH\GHLGHQWLÀFDFLyQ
GHOJHQHUDGRUDSDUH]FDQHQODFXELHUWDGHHVWHPDQXDO
$VLPLVPRORVJHQHUDGRUHVWLSR6.VHVXPLQLVWUDQVREUHODVVLJXLHQWHV
EDVHV
‡  6HUiQXWLOL]DGRVFRPRJHQHUDGRUHVGHSRWHQFLDRIXQFLyQUHODWLYD
‡  6HUiQXWLOL]DGRVHQXQRGHORVVLJXLHQWHVFRQWH[WRV
 7UDQVSRUWDEOHVLQHVWUXFWXUDSDUDHOVXPLQLVWURGHHQHUJtDWHPSRUDO
  7UDQVSRUWDEOH FRQ HVWUXFWXUD  SDUD HO VXPLQLVWUR GH HQHUJtD
WHPSRUDO
 $ERUGREDMRFXELHUWDHPSOHRPDULQRSUHYLDKRPRORJDFLyQ
 6REUHYHKtFXORFRPHUFLDOWUDQVSRUWHSRUFDUUHWHUDUHIULJHUDFLyQHWF
 6REUHYtDVHQHUJtDDX[LOLDU
 6REUHYHKtFXORLQGXVWULDOPRYLPLHQWRGHWLHUUDVHOHYDGRUHVHWF
 ,QVWDODFLyQÀMDLQGXVWULDOIiEULFDLQVWDODFLyQ
 ,QVWDODFLyQÀMDUHVLGHQFLDVFRPHUFLDOHLQGXVWULDOLJHUDFDVDRÀFLQD
KRVSLWDO
 *HVWLyQGHHQHUJtDFRJHQHUDFLyQSXQWDVGHDEVRUFLyQ
 (VTXHPDVDOWHUQDWLYRVGHHQHUJtD
‡  /RVJHQHUDGRUHVHVWiQGDUKDQVLGRGLVHxDGRVSDUDFXPSOLUODVHPLVLR
QHV ´LQGXVWULDOHVµ \ ORV HVWiQGDUHV GH LQPXQLGDG (Q HO FDVR GH TXH
ORV JHQHUDGRUHV GHEDQ FXPSOLU ODV REOLJDFLRQHV GH HPLVLyQ HQ ]RQDV
UHVLGHQFLDOHVFRPHUFLDOHV\SDUDODLQGXVWULDOLJHUDSRGUiVHUQHFHVDULR
LQVWDODUDOJXQRVDFFHVRULRVDGLFLRQDOHV
‡  (O HVTXHPD GH LQVWDODFLyQ UHTXLHUH OD FRQH[LyQ GH OD FDUFDVD GHO
JHQHUDGRUDOFDEOHGHSXHVWDDWLHUUDTXHVHUiORPiVFRUWRSRVLEOH\
FRQXQDVHFFLyQDGHFXDGD
‡  (OXVRGHSLH]DVGHUHFDPELRQRRULJLQDOHVRQRDXWRUL]DGDVH[SUHVDPHQWH
FRQOOHYD OD LQYDOLGDFLyQ GH OD *DUDQWtD 6LQFUR \ OD OLEHUDFLyQ GH OD
UHVSRQVDELOLGDGSRUORTXHFRQFLHUQHODFRQIRUPLGDGDODVQRUPDWLYDV\
UHODWLYDVFRQVHFXHQFLDV
‡  7DQWRODLQVWDODFLyQFRPRODDVLVWHQFLD\PDQWHQLPLHQWRVHUiQOOHYDGRV
DFDERSRUSHUVRQDOLQVWUXLGRGHIRUPDDGHFXDGD\FRQFRQRFLPLHQWRGH
ORVGLFWiPHQHVGHODVGLUHFWLYDV&(

,1752'8&&,Ð1
$OUHFLELUHOJHQHUDGRUKD\TXHH[DPLQDUORDWHQWDPHQWH\YHULÀFDUTXHQR
SUHVHQWHQLQJ~QGDxRRFDVLRQDGRGXUDQWHHOWUDQVSRUWHRTXHIDOWHDOJXQD
SLH]D

&RQWUROGHODSODFDGHFDUDFWHUtVWLFDV
7RGRVORVJHQHUDGRUHVGHODJDPD6.OOHYDQXQDSODFDGHFDUDFWHUtVWLFDV
6.2WWREUH5HY
 (63$f2/

$OUHFLELUORVDSDUDWRVVHFRQWURODUiODFLWDGDSODFD\VHFRPSDUDUiQVXVGDWRV 3ODFDGDWRVHOpFWULFRV
FRQODVHVSHFLÀFDFLRQHVGHOSHGLGRFRQHOÀQGHFRPSUREDUORVSRVLEOHV
HUURUHVGHHQYtRRGHFRQÀJXUDFLyQ

3RVLFLRQDPLHQWRGHODSODFDFRQODVHVSHFLÀFDFLRQHVHOpFWULFDV
HOQ~PHURGHVHULH\GHODRUGHQGHSURGXFFLyQ
6HHQWUHJDXQDSODFDDGKHVLYDHQODTXHHVWiQLPSUHVRVHOQ~PHURGHVHULH
GLVWLQWRSDUDFDGDPiTXLQD\ODRUGHQGHSURGXFFLyQ
(OLQVWDODGRUFRORFDUiGLFKDSODFDHQODSRVLFLyQLQGLFDGDHQODÀJXUDGH
PRGRTXHVHDIiFLOPHQWHOHJLEOHGHKHFKRWDQWRHOQ~PHURGHVHULHFRPR
HOGHODRUGHQGHSURGXFFLyQVRQGDWRVLQWHJUDQWHVGHORVSURFHGLPLHQWRV
DXWLOL]DUDOUHTXHULUVHODLQWHUYHQFLyQGHODDVLVWHQFLD

(OJHQHUDGRUVHVXPLQLVWUDMXQWRDRWUDSODFDDGKHVLYDHQODTXHDSDUHFHQORV
GDWRVODVHVSHFLÀFDFLRQHVHOpFWULFDV\ODOLVWDGHODVSRVLEOHVFRQH[LRQHV

£$WHQFLyQ(OLQVWDODGRUPDUFDUiFODUDPHQWHHQODSODFDGHFDUDFWHUtVWLFDV
ODFRQH[LyQHIHFWLYDPHQWHUHDOL]DGDHQWUHODVLQGLFDGDVHQODOLVWDFRQ
HOÀQGHHYLWDUSRVLEOHVPDOIXQFLRQDPLHQWRV\HYHQWXDOPHQWHGDxRV
DODVSHUVRQDV\DODVFRVDV
3ODFDGHFDUDFWHUtVWLFDV
£$WHQFLyQ3DUDLQVWDODUFRQH[LRQHVHOpFWULFDVGLIHUHQWHVDODVUHDOL
]DGDVHQODIiEULFDFRQVXOWDUODVHFFLyQ\ORVHVTXHPDVHVSHFtÀFRV £$WHQFLyQ(OLQVWDODGRUPDUFDUiFODUDPHQWHHQODSODFD
GHFDUDFWHUtVWLFDVODFRQH[LyQHIHFWLYDPHQWH
FRQWHQLGRVHQHOPDQXDO UHDOL]DGDHQWUHODVLQGLFDGDVHQODOLVWDFRQ
HOÀQGHHYLWDUSRVLEOHVPDOIXQFLRQDPLHQWRV
(O 'HSDUWDPHQWR 7pFQLFR 6LQFUR HVWi D VX FRPSOHWD GLVSRVLFLyQ SDUD \HYHQWXDOPHQWHGDxRVDODVSHUVRQDV\D
FXDOTXLHUDFODUDFLyQ ODVFRVDV

 3DUD LQVWDODU FRQH[LRQHV HOpFWULFDV
/DSODFDGHFDUDFWHUtVWLFDVVHHQWUHJDSRUVHSDUDGRSDUDSRGHUFRORFDUOD GLIHUHQWHV D ODV UHDOL]DGDV HQ OD IiEULFD
HQHOJHQHUDGRUHQODSRVLFLyQLQGLFDGDHQODÀJXUDGHVSXpVGHKDEHUOR FRQVXOWDU OD VHFFLyQ \ ORV HVTXHPDV
SLQWDGRGHVHUQHFHVDULR HVSHFtÀFRVFRQWHQLGRVHQHOPDQXDO
/DVXSHUÀFLHSDUDÀMDUODHVWDUiOLVDOLPSLD\FRQODSLQWXUDFRPSOHWDPHQWH
VHFD3DUDHOPRQWDMHFRUUHFWRGHODSODFDTXLWDUHOSDSHOTXHODSURWHJH
SRUFHUFDGHPP\SHJDUODHQHOVLWLRLQGLFDGROXHJRVHJXLUTXLWDQGRHO
SDSHOGHSURWHFFLyQSRFRDSRFRSUHVLRQDQGRODSODFDHQVXVLWLR$OFDER
GHKRUDVODDGKHVLyQVHUiSHUIHFWD

 35,1&,3,2 ', )81&,21$0,(172 < &$5$&7(5Ì67,&$6 '(/

6,67(0$'(5(*8/$&,Ð1'(/$7(16,Ð1
*UDFLDV D VX PDJQHWLVPR UHVLGXDO HO HVWDWRU GH OD H[FLWDWUL] JDUDQWL]D OD
7DUMHWD$95
DXWRH[FLWDFLyQGHOJHQHUDGRUDOSRQHUVHHQPDUFKDORTXHJHQHUDSRUOR
WDQWRXQDWHQVLyQUHVLGXDOOGHDSUR[HOGHODWHQVLyQQRPLQDO
(O$95DOLPHQWDGRDWUDYpVGHXQFLUFXLWRDX[LOLDUPRQWDGRHQHOHVWDWRU
SULQFLSDO DFFLRQD HO HVWDWRU GH OD H[FLWDWUL] UHJXODQGR LQGLUHFWDPHQWH
PHGLDQWHODFDGHQDGHOURWRUGHHVWDSXHQWHGHGLRGRVURWRUSULQFLSDOHO
FDPSRJHQHUDGRSRUHOURWRUSULQFLSDO
(OUHJXODGRUGHWHQVLyQSUHVHQWDXQDSUHFLVLyQGHWHQVLyQGHO“HQHO
FDPSRRSHUDWLYRGHODPiTXLQDFRQFDUJDVQRGLVWRUVLRQDOHV
(O FRQWURO GH WHQVLyQ UHJXOD HO YDORU PHGLR GH OD WHQVLyQ GH XQD IDVH
PDQWHQLpQGRODFRQVWDQWH
8Q GLVSRVLWLYR GH FRQWURO GH OD IUHFXHQFLD LQWHUYLHQH GHVH[FLWDQGR
SURJUHVLYDPHQWH OD PiTXLQD FXDQGR OD YHORFLGDG GHO PRWRU GH WUDFFLyQ
GHVFLHQGH SRU GHEDMR GHO XPEUDO HVWDEOHFLGR UHJXODEOH LPSLGLHQGR OD
VREUHH[FLWDFLyQ FRQ UHJtPHQHV EDMRV GH IXQFLRQDPLHQWR \ DOLYLDQGR HO
HIHFWRGHWRPDGHFDULFRVREUHHOPRWRU
3RU~OWLPRVHSXHGHPRGXODUODUDSLGH]GHUHVSXHVWDGHOUHJXODGRUFRQ
HO SURSyVLWR GH HOLPLQDU ODV SRVLEOHV LQHVWDELOLGDGHV GH WHQVLyQ TXH VH
PDQLIHVWDUDQ
7DQWRHOUHJXODGRUFRPRHOJHQHUDGRUHVWiQSURWHJLGRVFRQWUDVREUHFDUJDV
\RDYHUtDVSRUPHGLRGHXQIXVLEOH

6.2WWREUH5HY
 (63$f2/

(63(&,),&$&,21(6*(1(5$/(60(&É1,&$6<(/e&75,&$6
3$5$(/$&23/$0,(172&21(/02725
'DGRTXHVHWUDWDGHXQDXQLGDGVHSDUDGD\GHVWLQDGDDVHULQFRUSRUDGDHQ
XQJUXSRHOHFWUyJHQRQRHVSRVLEOHDSOLFDUHQODIDVHGHFRQVWUXFFLyQWRGDV
ODVQHFHVDULDVHWLTXHWDVGHVHxDOL]DFLyQHQHOJHQHUDGRU/DVHWLTXHWDVGH
LQGLFDFLyQGHSHOLJURSRWHQFLDO\ULHVJRGHELGRDFRPSRQHQWHVHQWHQVLyQ
VHVXPLQLVWUDQSRUVHSDUDGR\VHUiQDSOLFDGDVSRUHO)DEULFDQWHGHOJUXSR
HOHFWUyJHQRHQODVSRVLFLRQHVLQGLFDGDVHQODÀJXUDGHDOODGRXQDYH]
XOWLPDGRHOHQVDPEODMHGHOJUXSR

/RVJHQHUDGRUHVGHODJDPD6.KDQVLGRGLVHxDGRVSDUDIXQFLRQDUD
XQDWHPSHUDWXUDPi[LPDGHƒ&\DXQDFRWDPi[LPDGHPVQP
'HQWURGHWDOHVOtPLWHVGHWHPSHUDWXUD\FRWDHVWRVDSDUDWRVDOFDQ]DUiQODV
SUHVWDFLRQHVQRPLQDOHVLQGLFDGDVHQODSODFD
3DUDWHPSHUDWXUDVVXSHULRUHVDƒ&\RFRWDVVXSHULRUHVDPVQP
VHPDQLÀHVWDQUHGXFFLRQHVGHSUHVWDFLRQHVYHUWDEOD
'HVHUODVFRQGLFLRQHVDPELHQWDOHVGHIXQFLRQDPLHQWRSHRUHVDODVLQGLFDGDV
DQWHULRUPHQWHVHDYLVDUiGHHOORDO'HSDUWDPHQWR7pFQLFR6LQFUR

/RVJHQHUDGRUHVHVWiQSURYLVWRVGHVLVWHPDGHYHQWLODFLyQSRUDLUHHVFXGRV
GHSURWHFFLyQ\FDUFDVDVDQWLJRWHRQRVRQDSWRVSDUDVHULQVWDODGRVDODLUH
7HPSDPELHQWHƒ&       OLEUHGHQRHVWDUSURWHJLGRVSRUUHFXEULPLHQWRDGHFXDGR0LHQWUiVHVWpQ
      GHSRVLWDGRHQHODOPDFpQDQWHVGHODLQVWDODFLyQRVLIXQFLRQDGHUHVHUYD
HV FRQYHQLHQWH XWLOL]DU FDOHQWDGRUHV DQWLFRQGHQVDFLyQ SDUD JDUDQWL]DU OD
$OWLWXGP       EXHQDFRQVHUYDFLyQGHORVGHYDQDGRV
     
$QWHVGHODSXHVWDHQVHUYLFLRRWUDVODUJRVSHULRGRVGHLQDFWLYLGDGVHUi
)DFWRUGHSRWHQFLD       QHFHVDULRFRQWURODUODUHVLVWHQFLDGHDLVODPLHQWRKDFLDODPDVDGHWRGRV
      ORV GHYDQDGRV VH UHFRPLHQGD GHVFRQHFWDU OD FRUULHQWH HOpFWULFD GHO
UHJXODGRUDQWHVGHHMHFXWDUGLFKDSUXHEDORVYDORUHVGHWHFWDGRVGHEHUiQ
VHUVXSHULRUHVD02KP(QHOFDVRGHTXHQRVHGpHVWDFRQGLFLyQVH
VHFDUiHQHOKRUQRVyORHODOWHUQDGRUD¸ƒ&SRUKRUDV$QWHVGH
OOHYDUDFDERHVWDRSHUDFLyQHVQHFHVDULRGHVPRQWDUHOUHJXODGRUGHWHQVLyQ
&RPRDOWHUQDWLYDDOVHFDGRHQKRUQRVHSXHGHVRSODUDLUHFDOLHQWHD¸
£,PSRUWDQWH7DQWRODUHGXFFLyQGHOFDXGDOGHDLUH
GHHQIULDPLHQWRFRPRXQDSURWHFFLyQQR
DGHFXDGDGHOJHQHUDGRUSXHGHQFRQOOH
YDUGDxRV\RPDOIXQFLRQDPLHQWRGHORV
GHYDQDGRV
6.2WWREUH5HY
ƒ&DWUDYpVGHODOWHUQDGRUDOPHQRVSRUKRUD
'HHVWDULQVWDODGDODPiTXLQDGHQWURGHXQDHVWUXFWXUDFHUUDGDKDEUiTXH
DVHJXUDUVHTXHODWHPSHUDWXUDGHODLUHGHHQIULDPLHQWRHQYLDGDDOJHQHUDGRU
QRVHDVXSHULRUDODQRPLQDOSUHYLVWD
/DHVWUXFWXUDHVWDUiUHDOL]DGDGHIRUPDWDOTXHODWRPDGHDLUHGHOPRWRU
SXHVWDHQODHVWUXFWXUDHVWpVHSDUDGDGHODWRPDGHOJHQHUDGRUVREUHWRGR
VLODDVSLUDFLyQGHDLUHHQODHVWUXFWXUDHVWiDVHJXUDGDFRQHOYHQWLODGRUGH
HQIULDPLHQWR$VLPLVPRODWRPDGHDLUHGHOJHQHUDGRUHVWDUiUHDOL]DGDGH
PRGRTXHLPSLGDLQÀOWUDFLRQHVGHKXPHGDGFRQSURWHFFLRQHVDGHFXDGDV/D
HVWUXFWXUDHVWDUiGLVHxDGDGHIRUPDWDOTXHGHMHXQHVSDFLROLEUHGHPP
HQWUHODWRPDGHDLUHGHOJHQHUDGRU\FXDOTXLHURWUDVXSHUÀFLHSODQD
'HHVWDUHVSHFLÀFDGRHQHOSHGLGRVHSRGUiGRWDUHOJHQHUDGRUFRQ
ÀOWURVGHDLUH
£,PSRUWDQWH7DQWRODUHGXFFLyQGHOFDXGDOGHDLUHGHHQIULDPLHQWRFRPR
XQDSURWHFFLyQQRDGHFXDGDGHOJHQHUDGRUSXHGHQFRQOOHYDUGDxRV
\RPDOIXQFLRQDPLHQWRGHORVGHYDQDGRV
/DV YLEUDFLRQHV LQGXFLGDV SRU HO PRWRU VRQ FRPSOHMDV H LQFOX\HQ
DUPyQLFRV GH RUGHQ VXSHULRU TXH SXHGHQ RFDVLRQDU DO FRPELQDUVH FRQ
ORV GHO JHQHUDGRU QLYHOHV GH YLEUDFLyQ VHQVLEOHV \ SHUMXGLFLDOHV SDUD HO
IXQFLRQDPLHQWR GHO JUXSR HOHFWUyJHQR 3RU WDQWR HO SUR\HFWLVWD XWLOL]DUi
ODVVROXFLRQHVQHFHVDULDVSDUDODDOtQHDFLyQDVtFRPRSDUDGDUULJLGH]D
ODVEDVHV\DORVVRSRUWHVFRQHOSURSyVLWRGHLPSHGLUTXHVHVXSHUHQORV
QLYHOHVGHYLEUDFLyQSUHYLVWRVHQODVQRUPDV
/DDOLQHDFLyQGHORVJHQHUDGRUHVPRQRFRMLQHWHHVFUtWLFDGDGRTXHSRGUtDQ
SURGXFLUVH YLEUDFLRQHV D OD DOWXUD GHO DFRSODPLHQWR HQWUH HO PRWRU \ HO
 (63$f2/

JHQHUDGRU$VtVHUiQHFHVDULRWHQHUFXLGDGRDOHQVDPEODUHODOWHUQDGRUDO 6H VXPLQLVWUD HO JHQHUDGRU VLQ FRQH[LyQ

PRWRU\GLVSRQHUXQDEDVHUREXVWD\HOXVRGHWDPSRQHVDQWLYLEUDFLRQHV GHWLHUUDSDUDHIHFWXDUGLFKDFRQH[LyQVH
SDUDVRVWHQHUHOFRQMXQWRPRWRUDOWHUQDGRU WHQGUiQ FRPR UHIHUHQFLD ODV FRUUHVSRQ
'HQWURGHODFDMDGHERUQHVVHKDOODQORVERUQHVDLVODGRVSDUDODVFRQH[LRQHV £$'9(57(1&,$ GLHQWHVGLVSRVLFLRQHVORFDOHV&RQH[LRQHV
GHWLHUUDRGHSURWHFFLyQHMHFXWDGDVLQFRU
GHOtQHD\GHQHXWUR\SDUDODFRQH[LyQGHWLHUUD UHFWDPHQWH SXHGHQ RFDVLRQDU OHVLRQHV R
LQFOXVRODPXHUWH
(OQHXWUR12HVWiFRQHFWDGRDODFDUFDVD
7DQWR OD LQVWDODFLyQ FRPR HO XVR PDQ
WHQLPLHQWR R VXVWLWXFLyQ GH SLH]DV HIHF
£$GYHUWHQFLD 6H VXPLQLVWUD HO JHQHUDGRU VLQ FRQH[LyQ GH WLHUUD WXDGRV GH PDQHUD LQFRUUHFWD SXHGHQ
SDUDHIHFWXDUGLFKDFRQH[LyQVHWHQGUiQFRPRUHIHUHQFLDODVFRUUH RFDVLRQDU JUDYHV OHVLRQHV SHUVRQDOHV
VSRQGLHQWHVGLVSRVLFLRQHVORFDOHV R LQFOXVR OD PXHUWH DVt FRPR GDxRV D
&RQH[LRQHV GH WLHUUD R GH SURWHFFLyQ HMHFXWDGDV LQFRUUHFWDPHQWH ORV DSDUDWRV /RV WUDEDMRV HQ ODV SDUWHV
HOpFWULFDV\RPHFiQLFDVVHUiQUHDOL]DGRV
SXHGHQRFDVLRQDUOHVLRQHVRLQFOXVRODPXHUWH SRUSHUVRQDOFXDOLÀFDGR

6REUHGHPDQGDVHSURSRUFLRQDQORVYDORUHVGHODVFRUULHQWHVGHDYHUtDGHO
JHQHUDGRUFRQHOÀQGHD\XGDUDOSUR\HFWLVWDHQHOGLPHQVLRQDPLHQWRGHOD
LQVWDODFLyQ\GHVXVFRPSRQHQWHV

£$GYHUWHQFLD7DQWRODLQVWDODFLyQFRPRHOXVRPDQWHQLPLHQWRRVXVWL
WXFLyQGHSLH]DVHIHFWXDGRVGHPDQHUDLQFRUUHFWDSXHGHQRFDVLRQDU
JUDYHVOHVLRQHVSHUVRQDOHVRLQFOXVRODPXHUWHDVtFRPRGDxRVDORV
DSDUDWRV/RVWUDEDMRVHQODVSDUWHVHOpFWULFDV\RPHFiQLFDVVHUiQ
UHDOL]DGRVSRUSHUVRQDOFXDOLÀFDGR

,167$/$&,Ð1

,]DGR
,]DU\PRYHUHOJHQHUDGRUFRQPHGLRVDSWRVSDUDHOORDSR\iQGRORVVREUH
SDOHWDV R VRVWHQtpQGRORV PHGLDQWH ORV DQLOORV SDUD L]DU SXHVWRV HQ HO
JHQHUDGRUHQODVSRVLFLRQHVLQGLFDGDVHQODÀJXUD
3DUDL]DUHOJHQHUDGRUXWLOL]DUGLVSRVLWLYRVFRQFDSDFLGDGGHL]DGDGH
SRUORPHQRVNJ

£$WHQFLyQ 8QD FDSDFLGDG GH L]DGD QR DGHFXDGD SXHGH RFDVLRQDU £$WHQFLyQ 8QD FDSDFLGDG GH L]DGD QR DGHFXDGD
SXHGH RFDVLRQDU OHVLRQHV SHUVRQDOHV \
OHVLRQHVSHUVRQDOHV\GDxRVJUDYHV GDxRVJUDYHV

£$WHQFLyQ /RV DQLOORV SDUD L]DU GHO JHQHUDGRU HVWiQ GHVWLQDGRV  /RVDQLOORVSDUDL]DUGHOJHQHUDGRUHVWiQ
H[FOXVLYDPHQWHSDUDHOL]DGRGHGLFKRDSDUDWR\QRGHOHQWHURJUXSR GHVWLQDGRVH[FOXVLYDPHQWHSDUDHOL]DGR
GH GLFKR DSDUDWR \ QR GHO HQWHUR JUXSR
HOHFWUyJHQR HOHFWUyJHQR

/RVJHQHUDGRUHVPRQRFRMLQHWHVHUiQL]DGRV\GHVSOD]DGRVPDQWHQLHQGR
£$WHQFLyQ $QWHV GHO PRQWDMH YHULILFDU TXH ORV
ODPiTXLQDHQSRVLFLyQKRUL]RQWDOFRQHOÀQGHHYLWDUHQHOFDVRGHTXHOD DORMDPLHQWRV GH DFRSODPLHQWR WDQWR GHO
RSHUDFLyQQRVHOOHYHDFDERFRUUHFWDPHQWHTXHVHVDOJDHOURWRU\VHSXHGD JHQHUDGRUFRPRGHOPRWRUVHDQUHJXODUHV
HVWURSHDUFRQFRQVHFXHQFLDVJUDYHVSDUDODVSHUVRQDV \HVWpQELHQOLPSLRV


)LMDFLyQDOPRWRU

0RQWDMHIRUPD6$(YHUÀJXUD
£$WHQFLyQ $QWHV GHO PRQWDMH YHULILFDU TXH ORV DORMDPLHQWRV GH
DFRSODPLHQWRWDQWRGHOJHQHUDGRUFRPRGHOPRWRUVHDQUHJXODUHV\
HVWpQELHQOLPSLRV

‡  &RPSUREDU TXH HO GLiPHWUR GHO GLVFR  FRLQFLGD FRQ HO GLiPHWUR GH
DORMDPLHQWRHQHOYRODQWH 

‡  &RORFDUHODOWHUQDGRUHQSRVLFLyQYHUWLFDOFRQHOHVFXGRSRVWHULRURULHQWDGR
DOVXHORFRQHODX[LOLRGHXQHOHYDGRU
‡  $WRUQLOODUXQFiQFDPRHQHORULÀFLRFHQWUDOGHOHMH 
‡  /HYDQWDUHODOWHUQDGRUXQRVGRVFHQWtPHWURVVLUYLpQGRVHGHXQHOHYDGRU
VHJXLGDPHQWHJROSHDUFRQXQPDUWLOORGHSOiVWLFRORVSLHVGHODFDUFDVD
KDVWDTXHHOFRMLQHWHVDOJDFRPSOHWDPHQWHGHVXDVLHQWR
‡  ([WUDHUHOURWRUSUHVWDQGRPXFKDDWHQFLyQDORVERELQDGRV
‡  )LMDUHOJUXSRURWRUGLVFRURWRUHQHOYRODQWH
6.2WWREUH5HY
 (63$f2/

‡  )LMDUODFDUFDVDDOPRWRUEORTXHDQGRHOFDVTXHWHWHQLHQGRFXLGDGR
GHQRHVWURSHDUORVERELQDGRV
 ‡  6RVWHQHU HO JUXSR FRQ DQWLYLEUDGRUHV  WHQLHQGR FXLGDGR GH TXH OD
8QD SURWHFFLyQ LQDGHFXDGD \R XQD
DOLQHDFLyQLQFRUUHFWDGHOJHQHUDGRUSXHGHQ
RFDVLRQDUOHVLRQHVSHUVRQDOHV\RGDxRVD
£$'9(57(1&,$ ORVDSDUDWRV
QLYHODFLyQHQWUHHOPRWRU\HOJHQHUDGRUVHDFRUUHFWD
'HVPRQWDMHIRUPD6$(
3DUDHOGHVPRQWDMHKD\TXHVHJXLUODVPLVPDVLQVWUXFFLRQHVLQGLFDGDVHQ
HODSDUWDGRSHURHQVHFXHQFLDLQYHUVD
3XHVWDDWLHUUD
£$GYHUWHQFLD8QDSURWHFFLyQLQDGHFXDGD\RXQDDOLQHDFLyQLQFRUUHFWD
GHOJHQHUDGRUSXHGHQRFDVLRQDUOHVLRQHVSHUVRQDOHV\RGDxRVDORV
DSDUDWRV
/DFDUFDVDGHOJHQHUDGRUHVWDUiFRQHFWDGDVyOLGDPHQWHDWLHUUDHQODEDVH
GHOJUXSRHOHFWUyJHQR'HHVWDUSUHYLVWRVVRSRUWHVÁH[LEOHVDQWLYLEUDFLRQHV
HQWUH OD FDUFDVD  GHO JHQHUDGRU \ VX EDVH VH FRQHFWDUi HQ SDUDOHOR D
WUDYpVGHOVRSRUWHÁH[LEOHXQFDEOHGHWLHUUDGHYDORUQRPLQDODGHFXDGR
JHQHUDOPHQWHODPLWDGGHOiUHDGHODVHFFLyQWUDQVYHUVDOGHORVFDEOHVGH
ODOtQHDSULQFLSDO

+DVLGRSUHGLVSXHVWRHQHOHVFXGRSRVWHULRUDODDOWXUDGHORVSLHVXQR
RUL¿FLRURVFDGR0SDUDIDFLOLWDUODSXHVWDDWLHUUDGHODFDMD

£$GYHUWHQFLD&RPSUREDUTXHHOSURFHGLPLHQWRGHSXHVWDDWLHUUDVHD
FRUUHFWR

&RQWUROHVSUHOLPLQDUHV
2UL¿FLRURVFDGR0SDUDODSXHVWDDWLHUUD

&RQWUROGHODLVODPLHQWR
&RPSUREDUTXHHOSURFHGLPLHQWRGHSXHVWD
DWLHUUDVHDFRUUHFWR
$QWHVGHSRQHUHQVHUYLFLRHOJUXSRHOHFWUyJHQRRELHQGHVSXpVGHODUJRV
SHULRGRVGHLQDFWLYLGDGFRQWURODUODUHVLVWHQFLDGHDLVODPLHQWRKDFLDODPDVD
£$'9(57(1&,$ GHORVGHYDQDGRV

£$WHQFLyQ'HVFRQHFWDUHOUHJXODGRUGHWHQVLyQ$95 £$WHQFLyQ'HVFRQHFWDUHOUHJXODGRUGHWHQVLyQ$95DQWHVGHHIHFWXDU
DQWHVGHHIHFWXDUODPHGLFLyQ ODPHGLFLyQ

/RVYDORUHVGHWHFWDGRVVHUiQVXSHULRUHVD02KP(QHOFDVRODUHVLVWHQFLD
GHDLVODPLHQWRUHVXOWHLQIHULRUVHSURFHGHUiDVHFDUHODOWHUQDGRUHQHOKRUQR
FRQXQDWHPSHUDWXUDFRPSUHQGLGDHQWUH\ƒ&SRUKRUDV$QWHVGH
UHDOL]DUHVWDRSHUDFLyQHVQHFHVDULRGHVPRQWDUHOUHJXODGRUGHWHQVLyQ
&RPRDOWHUQDWLYDDOVHFDGRHQKRUQRHVSRVLEOHVRSODUDLUHFDOLHQWHD¸
£,PSRUWDQWH/RVGHYDQDGRVKDQVLGRFRPSUREDGRV
HQDOWDWHQVLyQGXUDQWHODSURGXFFLyQ0iV
SUXHEDVFRQDOWDWHQVLyQSXHGHQGHWHULRUDU
HODLVODPLHQWR\SRUWDQWRUHGXFLUVXYLGD
RSHUDWLYD'HVHUQHFHVDULDXQDSUXHEDFRQ
DOWD WHQVLyQ SDUD OD DFHSWDFLyQ SRU SDUWH
GHOFOLHQWHVHHIHFWXDUiQODVSUXHEDVFRQ
QLYHOHVGHWHQVLyQUHGXFLGRV
ƒ&DWUDYpVGHODOWHUQDGRUDOPHQRVSRUKRUD
£,PSRUWDQWH /RV GHYDQDGRV KDQ VLGR FRPSUREDGRV HQ DOWD WHQVLyQ
GXUDQWHODSURGXFFLyQ0iVSUXHEDVFRQDOWDWHQVLyQSXHGHQGHWHULRUDU
HODLVODPLHQWR\SRUWDQWRUHGXFLUVXYLGDRSHUDWLYD'HVHUQHFHVDULD
XQDSUXHEDFRQDOWDWHQVLyQSDUDODDFHSWDFLyQSRUSDUWHGHOFOLHQWH
VHHIHFWXDUiQODVSUXHEDVFRQQLYHOHVGHWHQVLyQUHGXFLGRV
6HQWLGRGHURWDFLyQ
7RGDVODVPiTXLQDVHVWiQGRWDGDVGHYHQWLODGRUFRQSDODVUDGLDOHV\SRU
WDQWRSXHGHQIXQFLRQDUHQORVGRVVHQWLGRVGHURWDFLyQ(OJHQHUDGRUVH
VXPLQLVWUDFRQURWDFLyQHQHOVHQWLGRGHODVDJXMDVGHOUHORMPLUDQGRKDFLD
HOODGRDFRSODPLHQWRGHQRHVSHFLÀFDUVHGLYHUVDPHQWHHQHOSHGLGRGH
PDQHUDTXHVHSURGX]FDXQDVHFXHQFLDGHIDVH89:'HWHQHUVHTXH
LQYHUWLUODURWDFLyQGHVSXpVGHODHQWUHJDSHGLUDO)DEULFDQWHORVHVTXHPDV
HOpFWULFRVFRUUHVSRQGLHQWHV

9HULÀFDFLyQGHWHQVLyQ\GHIUHFXHQFLD
&RQWURODU TXH ORV QLYHOHV GH WHQVLyQ \ IUHFXHQFLD UHTXHULGRV SRU HO
JUXSR HOHFWUyJHQR FRUUHVSRQGDQ D ORV LQGLFDGRV HQ OD SODFD GDWRV GHO
6.2WWREUH5HY
 (63$f2/

JHQHUDGRU
(OJHQHUDGRUVDOHGHODVOtQHDVGHSURGXFFLyQ
FRQ XQD FRQH[LyQ HVWUHOODVHULH GH QR
£$GYHUWHQFLD(OJHQHUDGRUVDOHGHODVOtQHDVGHSURGXFFLyQFRQXQD HVSHFLÀFDUVH GLYHUVDPHQWH HQ HO SHGLGR
FRQH[LyQHVWUHOODVHULHGHQRHVSHFLÀFDUVHGLYHUVDPHQWHHQHOSHGLGR £$'9(57(1&,$ UHVSHFWRGHOFXDOVHVXPLQLVWUDQORVGDWRV
UHVSHFWRGHOFXDOVHVXPLQLVWUDQORVGDWRVQRPLQDOHV(QHOFDVRGH QRPLQDOHV(QHOFDVRGHPRGLÀFDFLyQGH
GLFKDFRQH[LyQHOLQVWDODGRUVHHQFDUJDUi
PRGLÀFDFLyQGHGLFKDFRQH[LyQHOLQVWDODGRUVHHQFDUJDUiGHPDUFDU GH PDUFDU OD QXHYD FRQH[LyQ LQGLFDGD HQ
ODQXHYDFRQH[LyQLQGLFDGDHQODSODFDGHGDWRVPiTXLQDSXHVWDHQHO OD SODFD GH GDWRV PiTXLQD  SXHVWD HQ HO
LQWHULRUGHODFDMDGHERUQHV3DUDUHDOL]DUODQXHYDFRQH[LyQWHQHUFRPR LQWHULRUGHODFDMDGHERUQHV3DUDUHDOL]DU
UHIHUHQFLDORVHVTXHPDVTXHVHDGMXQWDQFRQHOSUHVHQWHPDQXDO ODQXHYDFRQH[LyQWHQHUFRPRUHIHUHQFLDORV
HVTXHPDVTXHVHDGMXQWDQFRQHOSUHVHQWH
PDQXDO
£$GYHUWHQFLD /DV SRVLEOHV PRGLILFDFLRQHV GH OD FRQH[LyQ VHUiQ
UHDOL]DGDV~QLFD\H[FOXVLYDPHQWHSRUSHUVRQDOFXDOLÀFDGR /DVSRVLEOHVPRGLÀFDFLRQHVGHODFRQH[LyQ
VHUiQUHDOL]DGDV~QLFD\H[FOXVLYDPHQWHSRU
SHUVRQDOFXDOLÀFDGR
5HJXODFLyQGHODWDUMHWD$95
3DUDHOHJLUODVFRQÀJXUDFLRQHVGHOGLVSRVLWLYRGHPDQGR$95DFFHGHUDOD 7ULPPHU9
WDUMHWDGHFRQWUROGHVSXpVGHKDEHUTXLWDGRGHOUHFXEULPLHQWR/DPD\RU
SDUWHGHODVUHJXODFLRQHVVHHIHFW~DQHQODIiEULFDFRQYDORUHVTXHDVHJXUDQ 7ULPPHU67
UHVXOWDGRVVDWLVIDFWRULRVHQODVSUXHEDVLQLFLDOHVGHIXQFLRQDPLHQWR3DUD
7ULPPHU8)
FRQGLFLRQHV GH WUDEDMR HVSHFtÀFDV SRGUtD VHU QHFHVDULR UHDOL]DU RWUDV
UHJXODFLRQHVSDUDHOIXQFLRQDPLHQWRySWLPR

6LHODOWHUQDGRUGHEHIXQFLRQDUD+]HOSXHQWHYHUÀJXUDSHUPDQHFHUi

FRQHFWDGRGHIXQFLRQDUD+]VHHOLPLQDUiHOSXHQWH

6HSXHGHPRGLÀFDUODWHQVLyQGHVDOLGDXVDQGRHOSRWHQFLyPHWURÅ9´&RQ
HO JUXSR HQ PRYLPLHQWR FRQ YHORFLGDG QRPLQDO UHJXODU KDVWD REWHQHU HO
YDORUGHVHDGR'HYDULDUODWHQVLyQDOYDULDUOLJHUDPHQWHODYHORFLGDGVHUi
HQWRQFHV QHFHVDULR UHJXODU SULPHUR OD SURWHFFLyQ GH VXEYHORFLGDG /D
UHIHUHQFLDGHWHQVLyQFDEOHVDQDUDQMDGRVVHGHEHUiFRQHFWDU
‡  DORVERUQHV´µ\´µVLVHWRPDXQDWHQVLyQHQWUH\9

‡  DORVERUQHVÅ´\Å´VLVHWRPDXQDWHQVLyQHQWUH\9


£$WHQFLyQUHJXODUODWHQVLyQFRQXQYDORUVXSHULRUDOPi[LPRSUHYLVWR
SDUDHOJHQHUDGRUSXHGHRFDVLRQDUGDxRVDpVWH (;7327
&RUWDUSRU+]
5HJXODFLyQGHODVXEYHORFLGDGD+]KDFHUJLUDUHOJUXSRUHJXOiQGROR
SDUDREWHQHUXQDIUHFXHQFLDGH+]*LUDUHOWULPPHUÅ8)´KDVWDTXH £$WHQFLyQ5HJXODUODWHQVLyQFRQXQYDORUVXSHULRUDO
ODWHQVLyQHPSLHFHDEDMDU/OHYDUHOJUXSRDODYHORFLGDGQRPLQDO Pi[LPRSUHYLVWRSDUDHOJHQHUDGRUSXHGH
RFDVLRQDUGDxRVDpVWH

$WHQFLyQUHJXODUODVXEYHORFLGDGFRQXQYDORUGHIUHFXHQFLDGHPDVLDGR  5HJXODU OD VXEYHORFLGDG FRQ XQ YDORU

EDMRSXHGHRFDVLRQDUGDxRVDOJHQHUDGRU$OFRQWUDULRVLVHUHJXOD GH IUHFXHQFLD GHPDVLDGR EDMR SXHGH
FRQXQYDORUGHPDVLDGRDOWRSXHGHRFDVLRQDUFDtGDVGHWHQVLyQFRQ RFDVLRQDUGDxRVDOJHQHUDGRU$OFRQWUDULR
VL VH UHJXOD FRQ XQ YDORU GHPDVLDGR DOWR
FDUJDVHOHYDGDV SXHGH RFDVLRQDU FDtGDV GH WHQVLyQ FRQ
FDUJDVHOHYDGDV
&RQH[LyQ GH XQ SRWHQFLyPHWUR H[WHULRU N2KP TXLWDU HO SXHQWH HQ
ORV ERUQHV Å(;7 327´ \ FRQHFWDU HQ ORV FDERV OLEUHV HO SRWHQFLyPHWUR
WHQLHQGRFXLGDGRGHSRVLFLRQDUORHQHOYDORUGHPi[LPDUHVLVWHQFLD*LUDU
HOWULPPHUÅ9´HQVHQWLGRFRQWUDULRDODVDJXMDVGHOUHORMKDVWDODSRVLFLyQ
H[WUHPD/OHYDUDOJUXSRDODYHORFLGDGQRPLQDO\XWLOL]DUHOSRWHQFLyPHWUR
KDVWDDOFDQ]DUODWHQVLyQGHVHDGD
'HYHULÀFDUVHÁXFWXDFLRQHVGHODWHQVLyQGHFDUJDVHSXHGHDFFLRQDUHO
SRWHQFLyPHWURÅ67´TXHPRGXODODUDSLGH]GHUHVSXHVWDGHOUHJXODGRUFRQ
HVWtPXORV H[WHULRUHV SHUPLWLHQGR HOLPLQDU SRVLEOHV LQHVWDELOLGDGHV GHO
VLVWHPDDOWHUQDGRUFDUJD

(VTXHPDVGHFRQH[LyQSDUDGLVWLQWRVFLUFXLWRV
6HDGMXQWDQDOSUHVHQWHPDQXDOORVHVTXHPDVGHGLVWLQWDVFRQH[LRQHVGH
ODFRQH[LyQHVWUHOODVHULHQRUPDOPHQWHUHDOL]DGDHQODSURGXFFLyQGHQR
HVSHFLÀFDUVHGLYHUVDPHQWHHQHOSHGLGR

3XHVWDHQPDUFKD
$QWHVGHSRQHUHQPDUFKDHOJUXSRHOHFWUyJHQRHVQHFHVDULRYHULÀFDUTXH
6.2WWREUH5HY
 (63$f2/
1R WRFDU HO JHQHUDGRU GXUDQWH VX IXQFLR
QDPLHQWR QL DO SDUDUVH HO JUXSR SXHV OD
WHPSHUDWXUDGHDOJXQDVGHODVVXSHUÀFLHV
£$'9(57(1&,$ SRGUtDVHUHOHYDGD
'H QR OOHYDUVH D FDER LQVSHFFLRQHV \
PDQWHQLPLHQWR VH SRGUtDQ RFDVLRQDU
JUDYHV GDxRV WDQWR D ODV SHUVRQDV FRPR
DODVFRVDV
/DV LQWHUYHQFLRQHV GH PDQWHQLPLHQWR \
ORFDOL]DFLyQ GH DYHUtDV FRQOOHYDQ ULHVJRV
TXH SRGUtDQ RFDVLRQDU JUDYHV OHVLRQHV
£$'9(57(1&,$ SHUVRQDOHVRLQFOXVRODPXHUWH3RUWDQWR
HVWDV RSHUDFLRQHV VHUiQ UHDOL]DGDV ~QLFD
\ H[FOXVLYDPHQWH SRU SHUVRQDO KDELOLWDGR
DODDVLVWHQFLDHOpFWULFD\PHFiQLFD$QWHV
GH HMHFXWDU FXDOTXLHU LQWHUYHQFLyQ GH
£3(/,*52 PDQWHQLPLHQWR \ GH OLPSLH]D FRPSUREDU
TXHODVSDUWHVQRHVWpQEDMRWHQVLyQTXH
ODWHPSHUDWXUDGHODFDUFDVDGHOJHQHUDGRU
VHDDPELHQWDOTXHHOJUXSRHOHFWUyJHQRQR
SXHGDDUUDQFDULQFOXVRDFFLGHQWDOPHQWH\
TXH WRGDV ODV RSHUDFLRQHV VH UHDOLFHQ
FRUUHFWDPHQWH
WRGDVODVFRQH[LRQHVH[WHULRUHVKD\DQVLGRUHDOL]DGDVFRUUHFWDPHQWH\TXH
ODVSURWHFFLRQHVQRHVWpQGHVPRQWDGDV
(QODIiEULFDVHKDQOOHYDGRDFDERODVGLVWLQWDVUHJXODFLRQHVGHOJHQHUDGRU
GXUDQWHODSUXHEDGHLGRQHLGDG3RUWDQWRODPiTXLQDQRGHEHUtDUHTXHULU
RWURVDMXVWHV'HWHQHUTXHGHVPRQWDUHOUHFXEULPLHQWRDÀQGHUHDOL]DURWUDV
UHJXODFLRQHVGHMDQGRGHVFXELHUWRVORVFRQWDFWRVHQWHQVLyQVHUHFRPLHQGD
TXHGLFKDVRSHUDFLRQHVVHDQOOHYDGDVDFDER~QLFD\H[FOXVLYDPHQWHSRU
SHUVRQDOHQFDUJDGRGHOPDQWHQLPLHQWRGHLQVWDODFLRQHVHOpFWULFDV
$O SRQHU HQ PDUFKD OD PiTXLQD SUHVWDU DWHQFLyQ D SRVLEOHV UXLGRV
DQyPDORVSXHVSRGUtDQVHxDODUXQDDOLQHDFLyQQRFRUUHFWDHQWUHHOPRWRU
\HOJHQHUDGRU
£$GYHUWHQFLD1RWRFDUHOJHQHUDGRUGXUDQWHVXIXQFLRQDPLHQWRQLDO
SDUDUVHHOJUXSRSXHVODWHPSHUDWXUDGHDOJXQDVGHODVVXSHUÀFLHV
SRGUtDVHUHOHYDGD
/RVJHQHUDGRUHVVRQPiTXLQDVHOpFWULFDVURWDWRULDVFRQSDUWHVSRWHQFLDOPHQWH
SHOLJURVDV\DTXHHVWiQEDMRWHQVLyQRGRWDGDVGHPRYLPLHQWRGXUDQWHHO
IXQFLRQDPLHQWRSRUWDQWRHVWiWHUPLQDQWHPHQWHSURKLELGR
‡  HOXVRLPSURSLR
‡  HOGHVPRQWDMHGHODVSURWHFFLRQHV\ODGHVFRQH[LyQGHORVGLVSRVLWLYRV
GHSURWHFFLyQ
£$GYHUWHQFLD'HQROOHYDUVHDFDERLQVSHFFLRQHV\PDQWHQLPLHQWR
VHSRGUtDQRFDVLRQDUJUDYHVGDxRVWDQWRDODVSHUVRQDVFRPRD
ODVFRVDV
&RPRFRQVHFXHQFLDGHWRGRHVWRVHUHTXLHUHTXHWRGDVODVRSHUDFLRQHV
GH FDUiFWHU HOpFWULFR R PHFiQLFR VHDQ UHDOL]DGDV SRU SHUVRQDO FXDOL
ÀFDGR
$6,67(1&,$<0$17(1,0,(172
£$GYHUWHQFLD/DVLQWHUYHQFLRQHVGHPDQWHQLPLHQWR\ORFDOL]DFLyQ
GHDYHUtDVFRQOOHYDQULHVJRVTXHSRGUtDQRFDVLRQDUJUDYHVOHVLRQHV
SHUVRQDOHV R LQFOXVR OD PXHUWH 3RU WDQWR HVWDV RSHUDFLRQHV
VHUiQUHDOL]DGDV~QLFD\H[FOXVLYDPHQWHSRUSHUVRQDOKDELOLWDGR
DODDVLVWHQFLDHOpFWULFD\PHFiQLFD$QWHVGHHMHFXWDUFXDOTXLHU
LQWHUYHQFLyQGHPDQWHQLPLHQWR\GHOLPSLH]DFRPSUREDUTXHODV
SDUWHV QR HVWpQ EDMR WHQVLyQ TXH OD WHPSHUDWXUD GH OD FDUFDVD
GHOJHQHUDGRUVHDDPELHQWDOTXHHOJUXSRHOHFWUyJHQRQRSXHGD
DUUDQFDULQFOXVRDFFLGHQWDOPHQWH\TXHWRGDVODVRSHUDFLRQHVVH
UHDOLFHQFRUUHFWDPHQWH
&RQWUROGHORVGHYDQDGRV\GHODVFRQGLFLRQHVGHDLVODPLHQWR
6HSXHGHFRPSUREDUHOHVWDGRGHORVGHYDQDGRVPLGLHQGRVXUHVLVWHQFLD
HOpFWULFDKDFLDODPDVD'XUDQWHHVWDSUXHEDHVWDUiGHVFRQHFWDGRHO
UHJXODGRU GH WHQVLyQ 1RUPDOPHQWH HV VXÀFLHQWH FRQWURODU VyOR HO
GHYDQDGRSULQFLSDO
/RVYDORUHVPHGLGRVGHEHUiQVHUVXSHULRUHVD02KP'HUHVXOWDUOD
UHVLVWHQFLDGHDLVODPLHQWRLQIHULRUVHSURFHGHUiDOVHFDGRGHODOWHUQDGRU
HQ HO KRUQR D XQD WHPSHUDWXUD FRPSUHQGLGD HQWUH  \ ƒ& SRU 
KRUDV$QWHVGHOOHYDUDFDERHVWDRSHUDFLyQHVQHFHVDULRGHVPRQWDU
HOUHJXODGRUGHWHQVLyQ&RPRDOWHUQDWLYDDOVHFDGRHQKRUQRHVSRVLEOH
VRSODUDLUHFDOLHQWHD¸ƒ&DWUDYpVGHODOWHUQDGRUDOPHQRVSRU
KRUD

&RQWUROGHORVFRMLQHWHV
/RVFRMLQHWHVHVWiQVHOODGRV\QRQHFHVLWDQPDQWHQLPLHQWR
'XUDQWHHOPDQWHQLPLHQWRFRQWURODUHOHVWDGRGHORVFRMLQHWHV\FRPSUREDU
TXH QR VH GHQ SpUGLGDV GH JUDVD OD GXUDFLyQ GH ORV FRMLQHWHV GHSHQGH
GHODVYLEUDFLRQHVGHODVFDUJDVD[LDOHVDODVTXHHVWiQVRPHWLGRVODV
YLEUDFLRQHV SXHGHQ DPSOLÀFDUVH FRQVLGHUDEOHPHQWH HQ HO FDVR GH XQD
6.2WWREUH5HY
 (63$f2/

DOLQHDFLyQHUUyQHD\GHODVFRQGLFLRQHVGHWUDEDMR3RUWDQWRFRPSUREDU
TXHQRKD\DDQRPDOtDVFRPRYLEUDFLRQHVUXLGRVLQVyOLWRV
'HYHULÀFDUVHDOFDERGHFLHUWRSHULRGRGHWLHPSRH[FHVRVGHYLEUDFLRQHV
RGHUXLGRODFDXVDSRGUtDVHUHOGHVJDVWHGHOFRMLQHWHTXHVHUiVXVWLWXLGR
GHHVWDUHVWURSHDGR
'H FXDOTXLHU PRGR HV DFRQVHMDEOH VXVWLWXLU HO FRMLQHWH DO FDER GH
KRUDVGHIXQFLRQDPLHQWR

£,PSRUWDQWH/DGXUDFLyQGHORVFRMLQHWHVGHSHQGHUiHQJUDQPHGLGD £,PSRUWDQWH/DGXUDFLyQGHORVFRMLQHWHVGHSHQGHUi
GHODVFRQGLFLRQHV\GHODPELHQWHGHWUDEDMR HQ JUDQ PHGLGD GH ODV FRQGLFLRQHV \ GHO
DPELHQWHGHWUDEDMR

£,PSRUWDQWH /DUJRV SHULRGRV GH SHUPDQHQFLD HQ XQ DPELHQWH FRQ
YLEUDFLRQHV SXHGHQ HVWURSHDU ODV ERODV \ ORV DQLOORV GH ERODV 8QD
KXPHGDGGHPDVLDGRHOHYDGDSXHGHRFDVLRQDUODHPXOVLyQGHODJUDVD
\IDYRUHFHUHIHFWRVGHFRUURVLyQ
£,PSRUWDQWH ,QWHQVDV YLEUDFLRQHV FDXVDGDV SRU HO PRWRU R SRU XQD
DOLQHDFLyQHUUyQHDGHORVFRPSRQHQWHVGHOJUXSRHOHFWUyJHQRVRPHWHQ
HOFRMLQHWHDHVIXHU]RVTXHUHGXFHQVXYLGD
$QRPDOtDV\UHPHGLRV
(OJHQHUDGRUQRVHH[FLWD
‡  &RQWURODUHOIXVLEOH
‡  $XPHQWDUODYHORFLGDGGHO
‡  $SOLFDUSRUXQLQVWDQWHDORVSRORVGHOUHJXODGRUHOHFWUyQLFRXQDWHQVLyQ
GH9GHXQDEDWHUtDFRQXQDUHVLVWHQFLDHQVHULHGH2KPUHVSHWDQGR
ODVSRODULGDGHV
 /DUJRV SHULRGRV GH SHUPDQHQFLD HQ
XQ DPELHQWH FRQ YLEUDFLRQHV SXHGHQ
HVWURSHDUODVERODV\ORVDQLOORVGHERODV
8QD KXPHGDG GHPDVLDGR HOHYDGD SXHGH
RFDVLRQDUODHPXOVLyQGHODJUDVD\IDYRUH
FHUHIHFWRVGHFRUURVLyQ
 ,QWHQVDV YLEUDFLRQHV FDXVDGDV SRU HO
PRWRU R SRU XQD DOLQHDFLyQ HUUyQHD GH
ORV FRPSRQHQWHV GHO JUXSR HOHFWUyJHQR
VRPHWHQ HO FRMLQHWH D HVIXHU]RV TXH
UHGXFHQVXYLGD

'HVSXpVGHKDEHUORH[FLWDGRVHGHVH[FLWD
‡  &RQWURODUORVFDEOHVGHFRQH[LyQXVDQGRORVGLEXMRVDGMXQWRV

(QYDFtRWHQVLyQEDMD
‡  5HFDOLEUDUODWHQVLyQ
‡  &RQWURODUHOQ~PHURGHUHYROXFLRQHV
‡  &RQWURODUORVGHYDQDGRV

(QYDFtRWHQVLyQGHPDVLDGRDOWD
‡  5HFDOLEUDUODWHQVLyQ
‡  6XVWLWXLUHOUHJXODGRU

&RQFDUJDWHQVLyQLQIHULRUDODQRPLQDO
‡  5HFDOLEUDUODWHQVLyQ
‡  &RUULHQWHGHPDVLDGRDOWDFRV PX\EDMRYHORFLGDGLQIHULRUDODQRUPLQDO
GHXQ
‡  6XVWLWXLUHOUHJXODGRU
‡  &RQWURODUORVGLRGRVGHVFRQHFWDQGRORVFDEOHV

(QFDUJDWHQVLyQVXSHULRUDODQRPLQDO
‡  5HFDOLEUDUODWHQVLyQ
‡  6XVWLWXLUHOUHJXODGRU

7HQVLyQLQHVWDEOH
‡  &RQWURODUODXQLIRUPLGDGGHURWDFLyQ
‡  5HJXODUODHVWDELOLGDGGHOUHJXODGRUPHGLDQWHHOSRWHQFLyPHWUR´67µ

3DUDFXDOTXLHURWUDDQRPDOtDDFXGLUDOFHQWURGH$VLVWHQFLD6LQFUR

'HVPRQWDMH\VXVWLWXFLyQGHFRPSRQHQWHV\JUXSRVGHFRPSR
QHQWHV

([WUDFFLyQHLQVHUFLyQGHOHMH
/DVVLJXLHQWHVLQWHUYHQFLRQHVVHUiQOOHYDGDVDFDERFRQHODOWHUQDGRU
6.2WWREUH5HY
 (63$f2/

GHVFRQHFWDGRGHOPRWRU3DUDODH[WUDFFLyQYHUODÀJXUDHQHODSDUWDGR


9HUVLyQPRQRFRMLQHWH6$(
‡  &RORFDUHODOWHUQDGRUHQSRVLFLyQYHUWLFDOFRQHOHVFXGRRULHQWDGRDOVXHOR
FRQHODX[LOLRGHXQHOHYDGRU
$OYROYHUDPRQWDUHOURWRUHODOWHUQDGRU
SXHGH SHUGHU HO PDJQHWLVPR UHVLGXDO
TXHSHUPLWHODDXWRH[FLWDFLyQ3RUWDQWR
£$'9(57(1&,$ DQWHVGHSRQHUHQPDUFKDHOJUXSRVHUi
QHFHVDULR YROYHU D H[FLWDU HO DOWHUQDGRU
DSOLFDQGRDORVERUQHVGHODH[FLWDWUL]XQD
WHQVLyQGHYROWLRVSRUXQVHJXQGR
UHVSHWDQGRODSRODULGDG
‡  $WRUQLOODUXQFiQFDPRHQHORULÀFLRFHQWUDOGHOHMH
‡  /HYDQWDUHODOWHUQDGRUXQRVGRVFHQWtPHWURVVLUYLpQGRVHGHXQHOHYDGRU
VHJXLGDPHQWHJROSHDUFRQXQPDUWLOORGHSOiVWLFRORVSLHVGHODFDUFDVD
KDVWDTXHHOFRMLQHWHVDOJDFRPSOHWDPHQWHGHVXDVLHQWR
‡  ([WUDHUHOURWRUSUHVWDQGRPXFKDDWHQFLyQDORVERELQDGRV
3DUDODLQVHUFLyQVHJXLUODVLQVWUXFFLRQHVGHODSDUWDGRSHURHQ
VHFXHQFLDLQYHUVD
£$GYHUWHQFLD$OYROYHUDPRQWDUHOURWRUHODOWHUQDGRUSXHGHSHUGHUHO
PDJQHWLVPRUHVLGXDOTXHSHUPLWHODDXWRH[FLWDFLyQ3RUWDQWRDQWHVGH
SRQHUHQPDUFKDHOJUXSRVHUiQHFHVDULRYROYHUDH[FLWDUHODOWHUQDGRU
DSOLFDQGRDORVERUQHVGHODH[FLWDWUL]XQDWHQVLyQGHYROWLRVSRU
XQVHJXQGRUHVSHWDQGRODSRODULGDG
6XVWLWXFLyQGHOFRMLQHWH
7HQHUFRPRUHIHUHQFLDHODSDUWDGR
‡  4XLWDUHOORVFRMLQHWHVPHGLDQWHH[WUDFWRUHVFRPXQHV
‡  &RJHU HOORV QXHYRV FRMLQHWHV \ FDOHQWDUORV PD[  ¸ ƒ& FRQ
XQ FDOHQWDGRU SDUD TXH VH GLODWH HO GLiPHWUR DQWHV GH LQVHUWDUOR HQ HO
DORMDPHLQWRGHOHMH
‡  0RQWDURWUDYH]HOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGR
SHURHQVHFXHQFLDLQYHUVD

&RPRDOWHUQDWLYDHVSRVLEOHVXVWLWXLUHOFRMLQHWHVLQH[WUDHUHOURWRU
‡  'HVDWRUQLOODUORVWRUQLOORVTXHÀMDQHOHVFXGRSRVWHULRUDODFDMD
‡  *ROSHDUKRPRJpQHDPHQWHHOHVFXGRKDVWDTXHVHVHSDUHFRPSOHWDPHQWH
HOURWRU
‡  4XLWDUHOORVFRMLQHWHVPHGLDQWHH[WUDFWRUHVFRPXQHV
‡  &RJHUHOORVQXHYRVFRMLQHWHV\FDOHQWDUORVFRQXQFDOHQWDGRUPD[¸
ƒ&SDUDTXHVHGLODWHHOGLiPHWURDQWHVGHLQVHUWDUORHQHODORMDPHLQWR
GHOHMH
‡  ,QVHUWDU HO HVFXGR VLQ ROYLGDU PRQWDU OD DUDQGHOD HOiVWLFD H LQVHUWDU
SDUFLDOPHQWHORVWRUQLOORVGHÀMDFLyQ
‡  *ROSHDUKRPRJpQHDPHQWHHOHVFXGRKDVWDTXHVHLQVHUWHFRPSOHWDPHQWH
HOFRMLQHWH\ODSRUFLyQGHFDMDHQVXVUHVSHFWLYRVDORMDPLHQWRV
‡  $SUHWDUELHQORVWRUQLOORVGHÀMDFLyQGHOHVFXGR

6XVWLWXFLyQGHORVGLRGRVURWDWRULRV
‡  ([WUDHUHOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGR
‡  'HVFRQHFWDUHOSXHQWHGHGLRGRV
‡  'HVDWRUQLOODUORVGRVWRUQLOORV\TXLWDUHOSXHQWHGHGLRGRV
‡  0RQWDUHOQXHYRSXHQWHGHGLRGRVÀMDQGRORVGRVWRUQLOORVFRQFRODSDUD
ÀMDUWRUQLOORV\UHFRQHFWDU
‡  5HLQVHUWDUHOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGRSHURHQ
VHFXHQFLDLQYHUVD

&RPR DOWHUQDWLYD HV SRVLEOH VXVWLWXLU HO SXHQWH GH GLRGRV GHVPRQWDQGR
VyOR HO HVFXGR SRVWHULRU FRPR GHVFULWR DQWHULRUPHQWH SDUD OD VXVWLWXFLyQ
GHOFRMLQHWH

6XVWLWXFLyQGHOURWRUGHODH[FLWDWUL]
‡  ([WUDHUHOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGR
‡  4XLWDUHOFRMLQHWHPHGLDQWHH[WUDFWRUHVFRPXQHV
‡  'HVFRQHFWDUHOSXHQWHGHGLRGRV
6.2WWREUH5HY
 (63$f2/

‡  'HVDWRUQLOODUORVGRVWRUQLOORV\TXLWDUHOSXHQWHGHGLRGRV
‡  6DFDUODH[FLWDWUL]PHGLDQWHHOH[WUDFWRU
‡  0RQWDUODQXHYDH[FLWDWUL]XWLOL]DQGRXQDSUHQVD
‡  5HHPVDPEODUHOFRQMXQWRVLJXLHQGRODVLQVWUXFFLRQHVGHORVDSDUWDGRV


 5HHPVDPEODMH GH ORV FRPSRQHQWHV \ GH ORV JUXSRV GH

FRPSRQHQWHV
3DUD OD RSHUDFLyQ GH UHHPVDPEODMH UHDOL]DU ODV RSHUDFLRQHV FLWDGDV
DQWHULRUPHQWHSDUDHOGHVPRQWDMHSHURFRQVHFXHQFLDLQYHUVD

/,03,(=$</8%5,&$&,Ð1
£$GYHUWHQFLD7RGDLQWHUYHQFLyQGHOLPSLH]DVHUiUHDOL]DGDFRQHOJUXSR
HOHFWUyJHQRSDUDGR\FRQHOJHQHUDGRUGHVFRQHFWDGRGHODUHGHOpFWULFD
VRSHQDGHSHOLJURJUDYHSDUDODVSHUVRQDV\ODVFRVDV
&RPSUREDUTXHHOJUXSRHOHFWUyJHQRHVWpSDUDGR\GHVFRQHFWDGRGHODUHG
HOpFWULFD6HSXHGHOLPSLDUHOJUXSRSRUIXHUDFRQDLUHFRPSULPLGR
£$GYHUWHQFLD1RXWLOL]DUQXQFDOtTXLGRVRDJXD1ROLPSLDUFRQDLUH
FRPSULPLGRODVSDUWHVHOpFWULFDVLQWHULRUHVSXHVVHSRGUtDSURYRFDU
FRUWRFLUFXLWRVXRWUDVDQRPDOtDV
'(02/,&,Ð1<(/,0,1$&,Ð1
£$GYHUWHQFLD6HUYLUVHVRODPHQWHGHSHUVRQDOFXDOLÀFDGR
7RGDLQWHUYHQFLyQGHOLPSLH]DVHUiUHDOL]DGD
FRQHOJUXSRHOHFWUyJHQRSDUDGR\FRQHO
JHQHUDGRUGHVFRQHFWDGRGHODUHGHOpFWULFD
£$'9(57(1&,$ VRSHQDGHSHOLJURJUDYHSDUDODVSHUVRQDV
\ODVFRVDV
1RXWLOL]DUQXQFDOtTXLGRVRDJXD1ROLPSLDU
FRQ DLUH FRPSULPLGR ODV SDUWHV HOpFWULFDV
LQWHULRUHV SXHV VH SRGUtD SURYRFDU FRUWR
FLUFXLWRVXRWUDVDQRPDOtDV
6HUYLUVH VRODPHQWH GH SHUVRQDO FXDOLIL
FDGR

/D HOLPLQDFLyQ GH ORV PDWHULDOHV VHUi HIHFWXDGD HQ OD REVHUYDQFLD GH
ODVQRUPDVYLJHQWHV(QHOFDVRGHGHPROLFLyQGHOJHQHUDGRUQRH[LVWHQ
ULHVJRVSDUWLFXODUHVRSHOLJURVGHULYDQWHVGHOJHQHUDGRU'HUHFXSHUDUVHORV
PDWHULDOHVHVFRQYHQLHQWHVHSDUDUORVSRUWLSRVSDUWHVHOpFWULFDVFREUH
DOXPLQLRSOiVWLFRHWF

5(&$0%,26<$6,67(1&,$

3URFHGLPLHQWRV\GLUHFFLRQHVGHUHIHUHQFLDSDUDVROLFLWXGHV
GHDVLVWHQFLD
1XHVWUR6HUYLFLRGH$VLVWHQFLDSURSRUFLRQDXQDFRPSOHWDDVHVRUtDWpFQLFD
(QFDVRGHVROLFLWXGGH$VLVWHQFLDHQJDUDQWtDFRPSUREDUTXHVHGLVSRQHGH
ORVGDWRVLGHQWLÀFDWLYRVGHOJHQHUDGRUGHVXQ~PHURGHVHULH\GHOQ~PHUR
GHSHGLGRGHSURGXFFLyQLQGLFDGRVHQODHWLTXHWDDGKHVLYDSXHVWDVHJ~QOD
LQGLFDFLyQGHODSDUWDGRGHOSUHVHQWHPDQXDO
8GVSRGUiQYLVLRQDUHOOLVWDGRGHORVFHQWURVDXWRUL]DGRVHQQXHVWURVLWLR
LQWHUQHWZZZVRJDJURXSFRP

*$5$17Ì$
6LQFURVUOJDUDQWL]DDVXVFOLHQWHVORVDOWHUQDGRUHV\VROGDGRUDVGHVX
IDEULFDFLyQSRUXQSHULRGRGHPHVHVDSDUWLUGHODIHFKDGHHQWUHJD6H
HVSHFL¿FD TXH 6LQFUR UHFRQRFH H[FOXVLYDPHQWH OD JDUDQWtD TXH DPSDUD
VRORDVXVSURSLRVFOLHQWHVDQWHORVTXHVHKDFHGLUHFWDPHQWHUHVSRQVDEOH
6LQFURQRUHFRQRFHGLUHFWDPHQWHODJDUDQWtDDQLQJ~QVXMHWRTXHDSHVDU
GHHVWDUHQSRVHVLyQGHVXVSURGXFWRVQRORVKD\DDGTXLULGRGLUHFWDPHQWH
GHHOOD
5HVSHFWRGHORVGLVWULEXLGRUHVR¿FLDOHVGH6LQFURHQHOPXQGRODJDUDQWtD
VHDPSOtDDPHVHVDSDUWLUGHODIHFKDGHHQWUHJD
'HQWUR GH ORV WpUPLQRV HVWDEOHFLGRV 6LQFUR VH REOLJD D SURSRUFLRQDU
JUDWXLWDPHQWHSLH]DVGHUHFDPELRGHODVSDUWHVTXHVHJ~QHOMXLFLRGHOD
HPSUHVD6LQFURRGHXQUHSUHVHQWDQWHVX\RDXWRUL]DGRWHQJDQGHIHFWRVGH
IDEULFDFLyQRGHOPDWHULDORELHQVHJ~QVXMXLFLRDHIHFWXDUODUHSDUDFLyQ
GLUHFWDPHQWH R SRU PHGLR GH WDOOHUHV DXWRUL]DGRV VLQ FRUUHU FRQ QLQJ~Q
JDVWRSRUHOWUDQVSRUWH
'H FXDOTXLHU PRGR TXHGD H[FOXLGD WRGD RWUD IRUPD GH UHVSRQVDELOLGDG
XREOLJDFLyQSRURWURVJDVWRVGDxRV\SpUGLGDVGLUHFWDVRLQGLUHFWDVTXH
6.2WWREUH5HY
 (63$f2/

GHULYHQ GHO XVR R GH OD LPSRVLELOLGDG GH XWLOL]DU HQ WRGR R HQ SDUWH ORV
SURGXFWRV
/DUHSDUDFLyQRHOVXPLQLVWURVXVWLWXWLYRQRSURORQJDUiQLUHQRYDUiODGXUDFLyQ
GHOSHULRGRGHJDUDQWtD
/DJDUDQWtDVHLQYDOLGDUiHQHOFDVRGHTXHVHPDQLIHVWDUDQLQFRQYHQLHQWHV
RDYHUtDVGHELGRVDLQFRPSHWHQFLDRDXQXVRTXHVXSHUHORVOtPLWHVGHODV
SUHVWDFLRQHVQRPLQDOHVDVtFRPRHQHOFDVRGHPRGL¿FDFLRQHVDSRUWDGDVDO
SURGXFWRRGHGHYROXFLyQFRQHODUWtFXORGHVHQVDPEODGRRFRQODVFDUDFWH
UtVWLFDVQRPLQDOHVDOWHUDGDVRPDQLSXODGDV

6.2WWREUH5HY
 (63$f2/

6.2WWREUH5HY
 'LVHJQR HVSORVR  ([SORGHG YLHZ  7HLOPRQWDJH]HLFKQXQJ  9XH HFODWpH  'HVSLHFH









 








 




6.2WWREUH5HY
 3DUWLGLULFDPELR6SDUHSDUWVOLVW(UVDW]WHLOOLVWH3LHFHVGHWDFKpHV3LH]DVGHUHFDPELR

3RV 'HVFUL]LRQH'HVFULSWLRQ%HVFKUHLEXQJ'HVFULSWLRQ'HVFULSFLyQ &RG

 9HQWROD6. )DQ6. /IWHUUDG6. 9HQWLODWHXU6. 9HQWLODGRU6. 5=
  5RWRUH6.DYYROWR :RXQGURWRU6. 5RWRU6.JHZLFNHOW 5RWRU6.ERELQp 5RWRU6.ERELQDGR 5RWRU
 3RQWHGLRGLURWRUHHFFLWDWULFH6. ([FLWHUURWRUGLRGHEULGJH6. 'LRGHQEUFNH(UUHJHU5RWRU6. 3RQWjGLRGHVURWRUH[FLWDWULFH6. 3XHQWHGLRGRVGHOURWRUH[FLWDWUL]6. 5=
  6WDWRUH6.FDVVD 6WDWRUKRXVLQJ 6WDWRU*HKlXVH 6WDWRU6.ERvWLHU (VWDWRU6.FDMD 6WDWRU
 &XVFLQHWWR56& %HDULQJ56& /DJHU56& 5RXOHPHQW56& &RMLQHWH56& 5=
 6FXGRSRVW6. 5HDUVKLHOG6. +LQWHUHU6FKLOG6. %RXFOLHUDUULqUH6. (VFXGRSRVWHULRU6. 5=
 6WDWRUHHFFLWDWULFH ([FLWHUVWDWRU (UUHJHU6WDWRU 6WDWRUH[FLWDWULFH (VWDWRUH[FLWDWUL] ([FLWHU
 )LOWURSHU$95EUXVKOHVV )LOWHUIRUEUXVKOHVV$95 )LOWHUIU$95EUXVKOHVV )LOWUHSRXU$95EUXVKOHVV )LOWURSDUD$95EUXVKOHVV 5=
 *ULJOLDSRVWHULRUH6. 5HDUJULOOH6. +LQWHUHV*LWWHU6. *ULOOHDUULqUH6. 5HMLOODSRVWHULRU6. 5=
 *ULJOLDFDPSDQD6$(6.,3 %HOOJULOOH6$(6.,3 *LWWHU*ORFNH6$(6.,3 *ULOOHFDUWHU6$(6.,3 5HMLOODFDPSDQD6$(6.,3 5=
  'LVFR6$( 'LVN6$( 6FKHLEH6$( 'LVTXH6$( 'LVFR6$( 'LVN
 &RSHUFKLR6.QHUR 6.FRYHUEODFN 'HFNHO6.VFKZDU] &RXYHUFOH6.QRLU 7DSD6.QHJUD 5=
 6FKHGDHOHWWURQLFD$95EUXVKOHVV %UXVKOHVV$95HOHFWURQLFERDUG (OHNWURQLVFKH.DUWH$95EUXVKOHVV &DUWHpOHFWURQLTXH$95EUXVKOHVV 7DUMHWDHOHFWUyQLFD$95EUXVKOHVV 5=
 6FDWRODWHUPLQDOLQHUD %ODFNWHUPLQDOER[ 6FKZDU]9HUELQGHUQ6FKDFKWHO %RvWHFRQQHFWHXUVQRLUH &DMDFRQHFWRUHVQHJUD 5=
 3DVVDFDYRLQWHUQR ,QWHUQDOFDEOHJODQG ,QQHUHU.DEHOGXUFKJDQJ 3DVVHFkEOHLQWHUQH *XLDFDERLQWHULRU 5
 0RUVHWWLHUD0 7HUPLQDOERDUG0 .OHPPHQEUHWW0 %RUQLHU0 &DMDGHERUQHV0 5
 )XVLELOH$) )XVH$) 6LFKHUXQJ$) )XVLEOH$) )XVLEOH$) 

 ,QFOXGHUHQHOODULFKLHVWDGLSH]]LGLULFDPELRODGHVFUL]LRQHGHOO
RJJHWWRLOFRGLFHLOQXPHURGLPDWULFRODHOHFDUDWWHULVWLFKHGHOODPDFFKLQDULOHYDELOLGDOODWDUJKHWWD
 :KHQRUGHULQJVSDUHSDUWVSOHDVHLQGLFDWHWKHDOWHUQDWRUFRGHQXPEHUDQGPDFKLQHVHULDOQXPEHUDQGFKDUDFWHULVWLFVWKH\DUHDYDLODEOHRQWKHODEHO
 ,QGHQ(UVDW]WHLODQIUDJHVLQGGLH*HJHQVWDQGEHVFKUHLEXQJGLH0DWHULDOQXPPHUGLH.HQQXPPHUXQGGLH(LJHQVFKDIWHQGHU0DVFKLQHYRP6FKLOG]XHQWQHKPHQDQ]XJHEHQ
 1RXVYRXVSULRQVG¶LQGLTXHUGDQVYRVFRPPDQGHVGHSLqFHVGHUHFKDQJHODGHVFULSWLRQGHODSLqFHOHQXPpURGHFRGHHWGHVpULHHWOHVFDUDFWpULVWLTXHVGHODPDFKLQH
 6ROLFLWDUODVSLH]DVGHUHFDPELRVLHPSUHLQGLFDQGRODGHVFULSFLyQGHOREMHWRHOFyGLJRHOQ~PHURGHPDWUtFXOD\ODVFDUDFWHUtVWLFDVGHODPiTXLQDGHVFULWDVHQODSODFDGHLGHQWLILFDFLyQ

&RPSUHQGHLSDUWLFRODUL
LWHPVDUHLQFOXGHG 7LSR 7LSR 7LSR 7LSR 'LVFR6$(
7HLOVLQEHJULIIHQ 7\SH 7\SH 7\SH ([FLWHU 7\SH ([FLWHU 'LVN6$(
&RPSUHQGOHVSLqFHV 7\S 6WDWRU 7\S 5RWRU 7\S 7\S 6FKHLEH6$( 'LVN
,QFOX\HORVSDUWLFXODUHV 6LQJOH3KDVH 7KUHH3KDVH
7\SH 7\SH 7\SH 3K 7\SH 3K 'LVTXH6$(
7LSR 7LSR 7LSR 7LSR 'LVFR6$(
6.6$6$( 5= 6.6$ 5= 6.;6 5= 6.6$ 5=  5=
6.6$6$( 5= 6.&$ 5= 6.6$ 5= 6.&$ 5=  5=
6.&$&%6$( 5= 6.&% 5= 6.&$ 5= 6.&% 5=  5=
6.&$&%6$( 5= 6.0$ 5= 6.&% 5= 6.0$ 5=  5=
6.0$0%6$( 5= 6.0% 5= 6.0$ 5= 6.0% 5=
6.0$0%6$( 5= 6./$ 5=
6.0%6$( 5=

6.2WWREUH5HY
  PRUVHWWL   ZLUHV   .OHPPHQ   %RUQHV   %RUQHV

/ 8
  
: 8 9 

 
     1

8 9 : 
 
1  
 
/ / /
 
8 9 :
VHQVLQJ / : / 9

1 / 8

    

: 8 9
  1

  

 
8 9 :  

/ / /
8 9 :  
/ : / 9
 
VHQVLQJ

/ 8

  

: 8 9  
 
    
 
8 9 :

/ / / / :     / 9
8 9 :
VHQVLQJ

/ 8

  

: 8 9
 
 
  
 
8 9 :  
 

/ / /
8 9 : / : / 9
VHQVLQJ  

  

/ 9 : 8 9

   
1
 

/ 8 8 9 :
    

   
/ 8 1 / 9
VHQVLQJ

6.2WWREUH5HY
  PRUVHWWL   ZLUHV   .OHPPHQ   %RUQHV   %RUQHV


1
/ 8

8
: 8 9

8
8 9 :
: 9

/ / / : 9
8 9 :
/ : / 9
VHQVLQJ

 / 8

: 8 9
: 8

8 9 : : 8

/ / /
8 9 : / : 9 9 / 9
VHQVLQJ

 
9 8 9 8

: 8 9 : 8 9

8 9 : 8 9 :

8 9 8 9
VHQVLQJ VHQVLQJ

6.2WWREUH5HY
 5HVLVWHQ]H  5HVLVWDQFHV  :LGHUVWDQGHQ  5pVLVWDQFH  5HVLVWHQFLDV

5HVLVWHQ]H  5HVLVWDQFHV  :LGHUVWDQGHQ  5pVLVWDQFH  5HVLVWHQFLDV

3K 2KP 3+  1 
&

7LSR 6WDWRUH $XVLOLDULR 5RWRUH 6WDWRUH HFFLWDWULFH 5RWRUH HFFLWDWULFH

7\SH 6WDWRU $X[LOLDU\ 5RWRU ([FLWHU VWDWRU ([FLWHU URWRU
7\S 6WDWRU (UUHJXQJ 5RWRU (UUHJHUVWDWRU (UUHJHU5RWRU
7\SH 6WDWRU ([FLWDWLRQ 5RWRU 6WDWRU H[FLWDWULFH 5RWRU H[FLWDWULFH
7LSR (VWDWRU ([FLWDFLzQ 5RWRU (VWDWRU H[FLWDWUL] 5RWRU H[FLWDWUL]

6. 6$     [

6. &$     [
6. &%     [
6. 0$     [
6. 0%     [

5HVLVWHQ]H  5HVLVWDQFHV  :LGHUVWDQGHQ  5pVLVWDQFH  5HVLVWHQFLDV

2KP  3+  +] 
&

7LSR 6WDWRUH $XVLOLDULR 5RWRUH 6WDWRUH HFFLWDWULFH 5RWRUH HFFLWDWULFH

7\SH 6WDWRU $X[LOLDU\ 5RWRU ([FLWHU VWDWRU ([FLWHU URWRU
7\S 6WDWRU (UUHJXQJ 5RWRU (UUHJHUVWDWRU (UUHJHU5RWRU
7\SH 6WDWRU ([FLWDWLRQ 5RWRU 6WDWRU H[FLWDWULFH 5RWRU H[FLWDWULFH
7LSR (VWDWRU ([FLWDFLzQ 5RWRU (VWDWRU H[FLWDWUL] 5RWRU H[FLWDWUL]

6. ;6 ;    [

6. 6$ ;    [
6. &$ ;    [
6. &% ;    [
6. 0$ ;    [
6. /$ ;    [

5HVLVWHQ]H  5HVLVWDQFHV  :LGHUVWDQGHQ  5pVLVWDQFH  5HVLVWHQFLDV

2KP  3+  +] 
&

7LSR 6WDWRUH $XVLOLDULR 5RWRUH 6WDWRUH HFFLWDWULFH 5RWRUH HFFLWDWULFH

7\SH 6WDWRU $X[LOLDU\ 5RWRU ([FLWHU VWDWRU ([FLWHU URWRU
7\S 6WDWRU (UUHJXQJ 5RWRU (UUHJHUVWDWRU (UUHJHU5RWRU
7\SH 6WDWRU ([FLWDWLRQ 5RWRU 6WDWRU H[FLWDWULFH 5RWRU H[FLWDWULFH
7LSR (VWDWRU ([FLWDFLzQ 5RWRU (VWDWRU H[FLWDWUL] 5RWRU H[FLWDWUL]

6. ;6 ;    [

6. 6$ ;    [
6. &$ ;    [
6. &% ;    [
6. 0$ ;    [
6. /$ ;    [

6.2WWREUH5HY
&DEODJJLR $95   PRUVHWWL  $95 HOHFWULF FRQQHFWLRQV   ZLUHV  $QVFKOXVV $95   .OHPPHQ
&RQQH[LRQ pOHFWULTXH $95   ERUQHV  &RQH[LyQ HOpFWULFD $95   ERUQHV

9 67 8)
&XW IRU +]

  3K
327

$X[1
(;7

$X[/
(;


(;


2UDQJH 6HQVLQJ
<HOORZ 6HQVLQJ

 %ODFN H[F
 5HG H[F
*UHHQ $X[
%OXH $X[
(0&
)LOWHU

8

9

: 8 9
8 9 :

8
9

9 67 8)
&XW IRU +]

  3K
327

$X[1
(;7

$X[/
(;


(;


2UDQJH 6HQVLQJ

<HOORZ 6HQVLQJ
 %ODFN H[F
 5HG H[F
*UHHQ $X[
%OXH $X[

(0&
)LOWHU

9

8

:

: 8 9
8 9 :

8
9

:

6.2WWREUH5HY
 &DEODJJLR $95   PRUVHWWL  $95 HOHFWULF FRQQHFWLRQV   ZLUHV  $QVFKOXVV $95   .OHPPHQ
&RQQH[LRQ pOHFWULTXH $95   ERUQHV  &RQH[LyQ HOpFWULFD $95   ERUQHV

9 67 8)

&XW IRU +]

  3K

327

$X[1
(;7

$X[/
(;


(;


(0&
)LOWHU
*UHHQ $X[LOLDU\

%OXH $X[LOLDU\

 %ODFN H[F
 5HG H[F

2UDQJH 6HQVLQJ

2UDQJH 6HQVLQJ



: 8 9
 8 9 :






6.2WWREUH5HY
 &HQWULGLDVVLVWHQ]DDXWRUL]]DWLQHOPRQGR:RUOGZLGH6LQFURVHUYLFHFHQWHUV

/DOLVWDGHLFHQWULDVVLVWHQ]DDXWRUL]]DWLVLWURYDQHOQRVWURVLWRZHEZZZVRJDJURXSFRP

7KHVHUYLFHFHQWHUOLVWLVDYDLODEOHLQRXUZHEVLWHZZZVRJDJURXSFRP

/DOLVWHGHVFHQWUHVGHVHUYLFHDSUqVYHQWHDJUppVVHWURXYHVXUQRWUHVLWHZHEZZZVRJDJURXSFRP

'LH/LVWHXQVHUHUDXWRULVLHUWHQ.XQGHQGLHQVWVWHOOHQÀQGHWVLFKDXIXQVHUHU:HEVLWHZZZVRJDJURXSFRP

8GVHQFRQWUDUiQODOLVWDGHORVFHQWURVGHDVLVWHQFLDDXWRUL]DGRVHQQXHVWURVLWLRZHEZZZVRJDJURXSFRP

6.2WWREUH5HY
6.2WWREUH5HY
 'LFKLDUD]LRQHGLFRQIRUPLWj&RQIRUPLW\FHUWL¿FDWH.RQIRUPLWlWVHUNOlUXQJ'HFODUDWLRQGHFRQIRUPLWq'HFODUDFLyQGHFRQIRUPLGDG

/DVRFLHWj 7KHFRPSDQ\ 'LH)LUPD /DVRFLqWp /DVRFLHGDG

6,1&526UO
9LD7H]]H&HUHGDGL&RUQHGR9LFHQWLQR9LFHQ]D,WDO\

GLFKLDUD VRWWR OD SURSULD GHFODUHVXQGHULWVRZQUHVSRQVLELOLW\ HUNOlUW XQWHU GHU HLJHQHQ GpFODUHVRXVVDSURSUHUHVSRQ GHFODUD EDMR OD SURSLD UHVSRQ
UHVSRQVDELOLWj FKH L JHQHUD WKDWWKHJHQHUDWRUV 9HUDQWZRUWXQJGD‰GHU%DXXQG VDELOLWpTXHOHVJHQHUDWHXUV VDELOLGDGTXHORVJHQHUDWRUHV
WRUL GLH$EQDKPHGHU*HQHUDWRUHQ

6HULH6.6HULHV6.%DXUHLKH6.6pULH6.6HULH6.

VRQRFRVWUXLWLHFROODXGDWLLQ KDYHEHHQPDQXIDFWXUHGDQG GHQQDFKVWHKHQGHQ9RUVFKULIWHQ VRQWFRQVWUXLWVHWWHVWpVGDQVOH KDQVLGRIDEULFDGRV\SUREDGRV

DFFRUGRDOOHQRUPHGLVHJXLWR WHVWHGLQFRPSOLDQFHZLWKWKH HQWVSULFKW UHVSHFW GHV QRUPHV LQGLTXpHV VLJXLHQGR OD QRUPDWLYD TXH VH
LQGLFDWH IROORZLQJVWDQGDUGV FLDSUpV GHWDOODDFRQWLQXDFLyQ

&(,(1&(,1)9'(%6
&(,(1&(,
(1
,(&

HULVXOWDQRFRQIRUPL DQGWKHUHE\FRQIRUPWR GDUEHUKLQDXVHUIOOHQVLH HWVRQWFRQIRUPHV \FXPSOHQ

DLUHTXLVLWLJHQHUDOLGLVLFX DOO*HQHUDO6DIHW\5HTXL  GLH DOOJHPHLQHQ 6LFKHUKHLWV $X[FRQGLWLRQVJpQpUDOHVGH ODVSUHVFULSFLRQHVTXHVREUH

UH]]DVWDELOLWLGDOOD'LUHWWLYD UHPHQWV DV SURYLGHG E\ WKH DQIRUGHUXQJHQ GHU 5LFKWOLQLH VpFXULWppWDEOLHVSDUOD'LUHFWLYH VHJXULGDG TXHGDQ GHILQLGDV
%DVVD 7HQVLRQH GHO  ((&/RZ9ROWDJH'LUHFWLYH IU 1LHGHUVSDQQXQJ YRP  UHODWLYH j OD EDVVH WHQVLRQ HQ OD 1RUPD VREUH OD %DMD
)HEEUDLR&(( GDWHG)HEUXDU\ )HEUXDU   &(( GX  )pYULHU   7HQVLyQGHOGH)HEUHURGHO
UHFHSLWDLQ,WDOLDFRQODOHJJH ((& LQ ,WDOLHQ PLW GHP *HVHW] &(( DGRSWpH SDU O¶,WDOLH SDU   &(( LQWURGXFLGD
QƒGHO2WWREUH 1U YRP  2NWREHU  SURPXOJDWLRQGHODORLQƒGX HQ,WDOLDFRQODOH\QƒGHO
DXIJHQRPPHQ 2FWREUH GH2FWXEUHGHO

 DOOD 'LUHWWLYD  &((  DOO SULQFLSDO VDIHW\ UHTXLUH GLH5LFKWOLQLH&((0RG $ OD 'LUHFWLYH  &((  OD 1RUPD  &(( \
PRG GDOOD  &(( ULJXDU PHQWVVSHFLÀHGE\WKH&RPPLW GHU  &(( EH]JOLFK GHU HW PRGLÀFDWLRQV VXLYDQWHV  VXFHVLYD PRGLILFDFLyQ 
GDQWH LO UDYYLFLQDPHQWR GHOOH WHH IRU $GDSWLQJ 0HPEHU $QQlKHUXQJGHU*HVHW]JHEXQJHQ  &(( FRQFHUQDQW O¶KDUPRQL &(( VREUH OD FRPSDWLELOLGDG
OHJLVOD]LRQLGHJOL6WDWLPHPEULLQ 6WDWHV /HJDO 5HJXODWLRQ RQ GHU 0LWJOLHGVVWDDWHQ LQ 6DFKHQ VDWLRQGHVOpJLVODWLRQVGHVpWDWV HOHFWURPDJQpWLFD
PDWHULD GL FRPSDWLELOLWj HOHWWUR (OHFWURPDJQHWLF&RPSDWLELOLW\ HOHNWURPDJQHWLVFKHU .RPSDWLEL PHPEUHVHQPDWLqUHGHFRPSD /D SUXHED GH FRPSDWLELOLGDG
PDJQHWLFD ((&((& OLWlW WLELOLWppOHFWURPDJQpWLTXH VH KD UHDOL]DGR HQ EDVH D ODV
/DYHULÀFDGLFRPSDWLELOLWjqVWDWD 7KHIROORZLQJVWDQGDUGVZHUH 'LH.RPSDWLELOLWlWVSUIXQJZXUGH /DYpULÀFDWLRQGHFRPSDWLELOLWpD VLJXLHQWHVQRUPDV
FRQGRWWD LQ EDVH DOOH VHJXHQWL XVHG WR HYDOXDWH WKH HOHFWUR PLW =XJUXQGHOHJXQJ IROJHQGHU pWpHIIHFWXpHFRQIRUPpPHQWDX[
QRUPH PDJQHWLFFRPSDWLELOLW\ 1RUPHQDXVJHIKUW QRUPHVVXLYDQWHV

 (1 &(,

(1 &(,
(1 &(,

,JHQHUDWRULRJJHWWRGHOODSUH
VHQWHGLFKLDUD]LRQHVRQRGD
LQWHQGHUVLFRPHFRPSRQHQWL
SHUWDQWR YLJH LO GLYLHWR GL
PHVVDLQVHUYL]LRSULPDFKH
OH PDFFKLQH LQ FXL VDUDQQR
LQFRUSRUDWL VLDQR GLFKLDUDWH
7KH JHQHUDWRUV FRYHUHG
E\ WKLV FHUWLILFDWH PXVW EH
FRQVLGHUHG DV FRPSRQHQWV
DQGWKHUHIRUHSURKLELWHGIURP
EHLQJ SODFHG LQ RSHUDWLRQ
EHIRUHWKHPDFKLQHLQZKLFK
WKH\ ZLOO EH XVHG KDV EHHQ
'LH *HQHUDWRUHQ *HJHQVWDQG
GLHVHU (UNOlUXQJ VLQG DOV
.RPSRQHQWHQ ]X YHUVWHKHQ
GDKHU LVW LKUH ,QEHWULHEQDKPH
YHUERWHQ EHYRU QLFKW GLH 0D
VFKLQHQ LQ GLH VLH LQWHJULHUW
ZHUGHQ PLW GHQ 5LFKWOLQLHQ
/HV JHQHUDWHXUV REMHWV GH OD
SUpVHQWH GpFODUDWLRQ GRLYHQW
rWUH FRQVLGpUpV FRPPH pWDQW
GHV FRPSRVDQWV (Q FRQVp
TXHQFH OD PLVH HQ VHUYLFH
GH FHV GHUQLHUV HVW LQWHUGLWH
DYDQW OD PLVH HQ FRQIRUPLWp
/RV JHQHUDWRUHV REMHWR GH OD
SUHVHQWH GHFODUDFLyQ KDQ GH
HQWHQGHUVH FRPR FRPSRQHQ
WHV SRU OR WDQWR VH SURKLEH
VX SXHVWD HQ VHUYLFLR DQWHV
GH TXH ODV PiTXLQDV D ODV
FXDOHV VH DFRSODUiQ QR VH
FRQIRUPLDOOHGLUHWWLYHULJXDU FHUWLÀFDWHG IRU FRQIRUPLW\ WR EH]JOLFK6LFKHUKHLW&( GHV PDFKLQHV DX[TXHOOHV GHFODUHQ FRQIRUPHV D ODV
GDQWLODVLFXUH]]D&( VDIHW\ GLUHFWLYHV &( XQG HOHNWULVFKHU .RPSDWLELOLWlW LOV VHURQW LQFRUSRUpV /HV QRUPDV VREUH VHJXULGDG 
H OD FRPSDWLELOLWj HOHWWURPD DQG IRU HOHFWURPDJQHWLF IUNRQIRUPHUNOlUWZHUGHQ GLWHV PDFKLQHV GHYURQW rWUH &( \ VREUH FRPSDWLELOLGDG
JQHWLFD FRPSDWLELOLW\ GpFODUpHV FRQIRUPHV DX[ GL HOHFWURPDJQpWLFD
UHFWLYHV UHJDUGDQW OD VpFXULWp
&( HW OD FRPSDWLELOLWp
pOHFWURPDJQpWLTXH

&HUHGDGL&RUQHGROL 6LQFUR6UO
/¶$PPLQLVWUDWRUH'HOHJDWR
7KH0DQDJLQJ'LUHFWRU
'HOHJLHUWHUGHV9HUZDOWXQJVUDWV
/¶DGPLQLVWUDWHXUGpOpJXp
(O$GPLQLVWUDGRU'HOHJDGR

)ODYLR3LVWROODWR

6.2WWREUH5HY
 
6.2WWREUH5HY