Professional Documents
Culture Documents
Bar206 PDF
Bar206 PDF
:HDWKHU)RUHFDVW6WDWLRQZLWK$WRPLF7LPH
0RGHO%$5%$5$
86(50$18$/
(1
:HDWKHU)RUHFDVW6WDWLRQZLWK
$WRPLF7LPH
0RGHO%$5%$5$
86(50$18$/
&217(176
2YHUYLHZ
)URQW9LHZ
%DFN9LHZ
5HPRWH6HQVRU
*HWWLQJ6WDUWHG
,QVHUW%DWWHULHV
5HPRWH6HQVRU
6HQVRU'DWD7UDQVPLVVLRQ
&ORFN
&ORFN5HFHSWLRQ
0DQXDOO\6HW&ORFN
:HDWKHU)RUHFDVW
7HPSHUDWXUH$QG+XPLGLW\
,FH:DUQLQJ
%DFNOLJKW
5HVHW
3UHFDXWLRQV
6SHFL¿FDWLRQV
$ERXW2UHJRQ6FLHQWL¿F
(8'HFODUDWLRQRI&RQIRUPLW\
)&&6WDWHPHQW
'HFODUDWLRQRI&RQIRUPLW\
(1
%$&.9,(:),*
5HPRWHVHQVRUUHFHSWLRQLQGLFDWRU
,QGRRUWHPSHUDWXUH
,QGRRUKXPLGLW\
&ORFNVLJQDOUHFHSWLRQLQGLFDWRU
02'(&KDQJHVHWWLQJVGLVSOD\
/,*+7$FWLYDWHEDFNOLJKWIRUVHFRQGV
(1
&)6HOHFWWHPSHUDWXUHXQLW ,QVHUWWKHEDWWHULHVPDWFKLQJWKHSRODULWLHVVHH),*
5(6(75HVHWXQLWWRGHIDXOWVHWWLQJV 3UHVV5(6(7DIWHUHDFKEDWWHU\FKDQJH
(88.6HOHFWWKHQHDUHVWUDGLRVLJQDO%$5
RQO\ /2&$7,21 0($1,1*
&ORFNDODUPDQGLQGRRU 0DLQXQLWEDWWHULHVORZ
5(027(6(1625),* WHPSHUDWXUHDUHD
2XWGRRUWHPSHUDWXUHDUHD 6HQVRUEDWWHULHVORZ
5(027(6(1625
7KHPDLQXQLWFDQFROOHFWGDWDIURPXSWRVHQVRUV
7RVHWXSWKHVHQVRU
2SHQWKHEDWWHU\FRPSDUWPHQWVHH),*
6HOHFWDFKDQQHOWKHQSUHVV5(6(7
&ORVHWKHEDWWHU\GRRU
3ODFHWKHVHQVRUZLWKLQPIWRIWKHPDLQXQLW
XVLQJWKHWDEOHVWDQGRUZDOOPRXQW
*(77,1*67$57('
,16(57%$77(5,(6
5HPRYHWKHEDWWHU\FRPSDUWPHQW
(1
$FKDQQHOKDVEHHQIRXQG
7KHVHQVRUFDQQRWEHIRXQG
&/2&.
&/2&.5(&(37,21
7KLV SURGXFW LV GHVLJQHG WR V\QFKURQL]H LWV FORFN
DXWRPDWLFDOO\ZLWKDFORFNVLJQDO
8VH DONDOLQH EDWWHULHV IRU ORQJHU XVDJH DQG
FRQVXPHUJUDGHOLWKLXPEDWWHULHVLQWHPSHUDWXUHVEHORZ %$5
IUHH]LQJ 6OLGH(88.WRVHOHFWWKHVLJQDOUHFHLYHG
(8 '&) VLJQDO ZLWKLQ NP PLOHV RI
6(1625'$7$75$160,66,21 )UDQNIXUW*HUPDQ\
8. 06) VLJQDO ZLWKLQ NP PLOHV RI
7RVHDUFKIRUDVHQVRU
$QWKRUQ(QJODQG
3UHVVDQGKROG 02'(
7KH VHQVRU UHFHSWLRQ LFRQ LQ WKH UHPRWH VHQVRU DUHD %$5$
VKRZVWKHVWDWXV ::9%VLJQDOZLWKLQNPPLOHVRI)RUW
&ROOLQV&RORUDGR
,&21 '(6&5,37,21
0$18$//<6(7&/2&. 3DUWLDOO\&ORXG\
7RVHWWKHFORFNPDQXDOO\GLVDEOHWKHVLJQDOUHFHSWLRQ
¿UVW
3UHVVDQGKROG02'( &ORXG\
3UHVV RU WRFKDQJHWKHVHWWLQJV
3UHVV02'(WRFRQ¿UP
7KH VHWWLQJV RUGHU LV WLPH ]RQH KU IRUPDW 5DLQ\
KRXU PLQXWH \HDU FDOHQGDU PRGH GD\ ± PRQWK
PRQWK±GD\PRQWKGD\DQGODQJXDJH
%$57LPH]RQHRIIVHWVHWVWKHFORFNKRXUV
6QRZ\
IURPWKHUHFHLYHGFORFNVLJQDOWLPH
%$5$ 6HOHFW WKH WLPH ]RQH 3 3DFL¿F (
(DVWHUQ&&HQWUDORU00RXQWDLQ
7KHODQJXDJHRSWLRQVDUH(QJOLVK(*HUPDQ
')UHQFK),WDOLDQ,DQG6SDQLVK6
(1
7(03(5$785($1'+80,',7< 35(&$87,216
7RWRJJOHWHPSHUDWXUHXQLW % 'R QRW VXEMHFW WKH XQLW WR H[FHVVLYH IRUFH VKRFN
3UHVV&) GXVWWHPSHUDWXUHRUKXPLGLW\
% 'R QRW FRYHU WKH YHQWLODWLRQ KROHV ZLWK DQ\ LWHPV
7RDXWRVFDQEHWZHHQVHQVRUV VXFKDVQHZVSDSHUVFXUWDLQVHWF
3UHVVDQGKROG 0(0WRGLVSOD\HDFKVHQVRU¶VGDWD % 'RQRWLPPHUVHWKHXQLWLQZDWHU,I\RXVSLOOOLTXLG
IRUVHFRQGV RYHULWGU\LWLPPHGLDWHO\ZLWKDVRIWOLQWIUHHFORWK
7RHQGSUHVV % 'R QRW FOHDQ WKH XQLW ZLWK DEUDVLYH RU FRUURVLYH
PDWHULDOV
% 'RQRWWDPSHUZLWKWKHXQLW¶VLQWHUQDOFRPSRQHQWV
7RWRJJOHEHWZHHQFXUUHQWPLQLPXPDQGPD[LPXP 7KLVLQYDOLGDWHVWKHZDUUDQW\
UHFRUGVIRUWKHVHOHFWHGVHQVRU % 2QO\ XVH IUHVK EDWWHULHV 'R QRW PL[ QHZ DQG ROG
3UHVV0(0UHSHDWHGO\ EDWWHULHV
% ,PDJHV VKRZQ LQ WKLV PDQXDO PD\ GLIIHU IURP WKH
7RFOHDUWKHUHFRUGV DFWXDOGLVSOD\
3UHVVDQGKROG0(0 % :KHQGLVSRVLQJRIWKLVSURGXFWHQVXUHLWLVFROOHFWHG
VHSDUDWHO\IRUVSHFLDOWUHDWPHQW
% 3ODFHPHQW RI WKLV SURGXFW RQ FHUWDLQ W\SHV RI
,&(:$51,1* ZRRG PD\ UHVXOW LQ GDPDJH WR LWV ¿QLVK IRU ZKLFK
2UHJRQ 6FLHQWL¿F ZLOO QRW EH UHVSRQVLEOH &RQVXOW
,IWKHFKDQQHOVHQVRUIDOOVEHWZHHQ&WR&) WKH IXUQLWXUH PDQXIDFWXUHU
V FDUH LQVWUXFWLRQV IRU
WR)/('LQGLFDWRUZLOOÀDVKDQGZLOOVWRSÀDVKLQJ LQIRUPDWLRQ
RQFHWKHWHPSHUDWXUHLVRXWRIWKLVUDQJH % 7KHFRQWHQWVRIWKLVPDQXDOPD\QRWEHUHSURGXFHG
ZLWKRXWWKHSHUPLVVLRQRIWKHPDQXIDFWXUHU
% 'RQRWGLVSRVHROGEDWWHULHVDVXQVRUWHGPXQLFLSDO
ZDVWH &ROOHFWLRQ RI VXFK ZDVWH VHSDUDWHO\ IRU
%$&./,*+7 VSHFLDOWUHDWPHQWLVQHFHVVDU\
3UHVV/,*+7WRDFWLYDWHEDFNOLJKWIRUVHFRQGV % 3OHDVH QRWH WKDW VRPH XQLWV DUH HTXLSSHG ZLWK D
EDWWHU\ VDIHW\ VWULS 5HPRYH WKH VWULS IURP WKH
EDWWHU\FRPSDUWPHQWEHIRUH¿UVWXVH
5(6(7
7KHWHFKQLFDOVSHFL¿FDWLRQVIRUWKLVSURGXFWDQG
3UHVV5(6(7WRUHWXUQWRWKHGHIDXOWVHWWLQJV
WKHFRQWHQWVRIWKHXVHUPDQXDODUHVXEMHFWWRFKDQJH
ZLWKRXWQRWLFH
(1
FRPVHUYLFHVXSSRUW
63(&,),&$7,216
25
7<3( '(6&5,37,21 &DOO
0$,181,7 )RU LQWHUQDWLRQDO LQTXLULHV SOHDVH YLVLW ZZZ
/[:[+ [[PP RUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDO
[[LQ
:HLJKW JR]ZLWKRXWEDWWHU\
7HPSHUDWXUHUDQJH &WR&)WR) (8'(&/$57,212)&21)250,7<
5HVROXWLRQ &) +HUHE\ 2UHJRQ 6FLHQWL¿F GHFODUHV WKDW WKLV :HDWKHU
)RUHFDVW 6WDWLRQ ZLWK $WRPLF 7LPH 0RGHO %$5
6LJQDOIUHTXHQF\ 0+] %$5$LVLQFRPSOLDQFHZLWKWKHHVVHQWLDOUHTXLUHPHQWV
+XPLGLW\UDQJH DQGRWKHUUHOHYDQWSURYLVLRQVRI'LUHFWLYH(&$
+XPLGLW\UHVROXWLRQ FRS\RIWKHVLJQHGDQGGDWHG'HFODUDWLRQRI&RQIRUPLW\
LV DYDLODEOH RQ UHTXHVW YLD RXU 2UHJRQ 6FLHQWL¿F
3RZHU [80$$9EDWWHULHV &XVWRPHU6HUYLFH
5(027(81,77+11
/[:[+ [[PP
[[LQ
:HLJKW JRXQFHV
7UDQVPLVVLRQUDQJH PIWXQREVWUXFWHG
7HPSHUDWXUHUDQJH &WR&)WR) &28175,(6577($33529$/&203/,('
3RZHU [80$$9EDWWHULHV $OO(&FRXQWULHV6ZLW]HUODQG&+
DQG1RUZD\1
$%28725(*216&,(17,),&
9LVLW RXU ZHEVLWH ZZZRUHJRQVFLHQWL¿FFRP WR OHDUQ )&&67$7(0(17
PRUH DERXW 2UHJRQ 6FLHQWL¿F SURGXFWV ,I \RX¶UH LQ
7KLV GHYLFH FRPSOLHV ZLWK 3DUW RI WKH )&& 5XOHV
WKH 86 DQG ZRXOG OLNH WR FRQWDFW RXU &XVWRPHU &DUH
2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQV
GHSDUWPHQWGLUHFWO\SOHDVHYLVLWZZZRUHJRQVFLHQWL¿F
7KLV GHYLFH PD\ QRW FDXVH KDUPIXO LQWHUIHUHQFH DQG
(1
7KLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHG '(&/$5$7,212)&21)250,7<
LQFOXGLQJ LQWHUIHUHQFH WKDW PD\ FDXVH XQGHVLUHG
RSHUDWLRQ 7KHIROORZLQJLQIRUPDWLRQLVQRWWREHXVHGDVFRQWDFW
IRU VXSSRUW RU VDOHV 3OHDVH FDOO RXU FXVWRPHU VHUYLFH
:$51,1* &KDQJHV RU PRGL¿FDWLRQV QRW H[SUHVVO\ QXPEHUOLVWHGRQRXUZHEVLWHDWZZZRUHJRQVFLHQWL¿F
DSSURYHGE\WKHSDUW\UHVSRQVLEOHIRUFRPSOLDQFHFRXOG FRP RU RQ WKH ZDUUDQW\ FDUG IRU WKLV SURGXFW IRU DOO
YRLGWKHXVHU¶VDXWKRULW\WRRSHUDWHWKHHTXLSPHQW LQTXLULHVLQVWHDG
(6
(VWDFLyQPHWHRUROyJLFDFRQ
KRUDDWyPLFD
0RGHOR%$5%$5$
0$18$/'(868$5,2
&217(1,'2
5HVXPHQ
9LVWD)URQWDO
9LVWD7UDVHUD
6HQVRU5HPRWR
3DUD(PSH]DU
&yPR,QWURGXFLU/DV3LODV
6HQVRU5HPRWR
7UDQVPLVLyQGHGDWRVGHOVHQVRU
5HORM
5HFHSFLyQGHOUHORM
$MXVWH0DQXDO'HO5HORM
3UHYLVLyQPHWHRUROyJLFD
7HPSHUDWXUD\KXPHGDG
$YLVR'H+LHOR
,OXPLQDFLyQ
5HLQLFLR
3UHFDXFLRQ
)LFKD7pFQLFD
6REUH2UHJRQ6FLHQWL¿F
(8'HFODUDFLyQ'H&RQIRUPLGDG
(6
9,67$75$6(5$),*
,QGLFDGRUGHUHFHSFLyQGHOVHQVRUUHPRWR
7HPSHUDWXUDLQWHULRU
+XPHGDGLQWHULRU
,QGLFDGRUGHUHFHSFLyQGHODVHxDOGHOUHORM
02'(&DPELDUFRQ¿JXUDFLyQSDQWDOOD
/,*+7$FWLYDUHWURLOXPLQDFLyQGXUDQWHVHJXQGRV
(6
&)6HOHFFLyQGHXQLGDGGHWHPSHUDWXUD ,QWURGX]FDODVSLODVKDFLHQGRFRLQFLGLUODSRODULGDG
5(6(7 /D XQLGDG YXHOYH D ORV DMXVWHV YpDVH),*
SUHGHWHUPLQDGRV 3XOVH5(6(7FDGDYH]TXHFDPELHODVSLODV
(88.6HOHFFLRQDUODVHxDOGHUDGLRPiVFHUFDQD
8%,&$&,Ï1 6,*1,),&$'2
VyOR%$5
/DVSLODVGHODXQLGDG
ÈUHDGHUHORMDODUPD\
SULQFLSDOHVWiQFDVL
6(16255(0272),* WHPSHUDWXUDLQWHULRU
JDVWDGDV
ÈUHDGH7HPSHUDWXUD 3LODVGHOVHQVRUFDVL
([WHULRU DJRWDGDV
6(16255(0272
/D XQLGDG SULQFLSDO SXHGH UHFRJHU GDWRV GH KDVWD
VHQVRUHV
3DUDFRQ¿JXUDUHOVHQVRU
$EUDHOFRPSDUWLPHQWRSDUDSLODVYpDVH),*
6HOHFFLRQHXQQ~PHURGHFDQDO\SXOVH5(6(7
&LHUUHHOFRPSDUWLPHQWRGHODVSLODV
&RORTXHHOVHQVRUHQXQUDGLRGHPSLHVGH
ODXQLGDGSULQFLSDOXVDQGRHOPRQWDMHHQSDUHGRHO
,QGLFDGRU/('GHHVWDGR VRSRUWHSDUDPHVD
2UL¿FLRSDUDPRQWDMHHQSDUHG
&RPSDUWLPHQWRSDUDODVSLODV &216(-2(OOXJDULGHDOSDUDFRORFDUHOVHQVRUVHUtD
2UL¿FLRGH5(6(7 HQHOH[WHULRUGHODFDVDDXQDDOWXUDLQIHULRUDP
&DPELRGH&$1$/ HQXQOXJDUUHVJXDUGDGRGHODOX]GLUHFWDGHOVRO\GHOD
OOXYLDSDUDTXHODVOHFWXUDVVHDQFRUUHFWDV
3$5$(03(=$5
&Ï02,1752'8&,5/$63,/$6
$EUDHOFRPSDUWLPHQWRGHODVSLODV
(6
,&212 '(6&5,3&,Ï1
/DXQLGDGSULQFLSDOHVWi
EXVFDQGRVHQVRUHV
6HKDHQFRQWUDGRXQ
FDQDO
1RVHHQFXHQWUDHO
VHQVRU
127$(ODOFDQFHGHWUDQVPLVLyQSXHGHYDULDUGHELGRD
PXFKRVIDFWRUHV(VSRVLEOHTXHWHQJDTXHSUREDUYDULDV
XELFDFLRQHVSDUDREWHQHUORVPHMRUHVUHVXOWDGRV
5(/2-
(6
3DUDDFWLYDUODVHxDOGHUHFHSFLyQGHODVHxDO %$5$(OLMDOD]RQDKRUDULD33DFt¿FR&&HQWUDO
3XOVH R \PDQWpQJDORSXOVDGRSDUDGHVDFWLYDUOD 00RQWDxDR((VWH
UHFHSFLyQGHODVHxDO 127$/DVRSFLRQHVGHLGLRPDVRQLQJOpV(DOHPiQ
127$/DUHFHSFLyQWDUGDHQWUH\PLQXWRV6LOD 'IUDQFpV)LWDOLDQR,\HVSDxRO6
VHxDOGHUDGLRHVGpELOSXHGHWDUGDUVHKDVWDKRUDV
&yPRVHOHFFLRQDUHOPRGRGHSDQWDOOD
HQ FRQVHJXLU XQD VHxDO YiOLGD 6L QR VH HQFXHQWUD
VHxDOFRORTXHODXQLGDGFHUFDGHXQDYHQWDQDSXOVH 3XOVH02'(SDUDDOWHUQDUHQWUHUHORMFRQVHJXQGRVUHORM
\ PDQWpQJDOR SXOVDGR SDUD IRU]DU XQD E~VTXHGD FRQGtDGHODVHPDQDRFRQFDOHQGDULR
GHVHxDO
5HFHSFLyQGHOLQGLFDGRUGHODVHxDOGHOUHORM 35(9,6,Ï10(7(252/Ï*,&$
6(f$/ 6(f$/ 126(5(&,%( (VWHSURGXFWRSUHGLFHHOWLHPSRGHODVSUy[LPDVD
)8(57( 'e%,/ 6(f$/ KRUDVHQXQUDGLRGHDPLOODVNPFRQ
XQGHSUHFLVLyQ
6ROHDGR
$-867(0$18$/'(/5(/2- 3DUFLDOPHQWHQXEODGR
3DUDFRQ¿JXUDUPDQXDOPHQWHHOUHORMSULPHURGHEHUi
GHVDFWLYDUODVHxDOGHUHFHSFLyQGHOUHORM
1XEODGR
3XOVH02'(\PDQWpQJDORSXOVDGR
3XOVH SDUDPRGL¿FDUODFRQ¿JXUDFLyQ
3XOVH02'(SDUDFRQ¿UPDU /OXYLD
/D VHFXHQFLD GH FRQ¿JXUDFLyQ HV ]RQD KRUDULD
IRUPDWRGHyKRUDVKRUDPLQXWRDxRPRGR
GHFDOHQGDULRGtD±PHVPHV±GtDPHVGtDH 1LHYH
LGLRPD
%$5/D]RQDKRUDULDDMXVWDHOUHORMDKRUDV
GHODKRUDUHFLELGDSRUODVHxDOGHOUHORM
(6
7(03(5$785$<+80('$' 35(&$8&,Ï1
6HOHFFLyQGHXQLGDGGHWHPSHUDWXUD 1RH[SRQJDHOSURGXFWRDIXHU]DH[WUHPDGHVFDUJDV
3XOVH&) SROYRÀXFWXDFLRQHVGHWHPSHUDWXUDRKXPHGDG
3DUDHVFDQHDUDXWRPiWLFDPHQWHHQWUHVHQVRUHV 1R FXEUD ORV RUL¿FLRV GH YHQWLODFLyQ FRQ REMHWRV
FRPRSHULyGLFRVFRUWLQDVHWF
3XOVH 0(0\PDQWpQJDORSXOVDGRSDUDPRVWUDUORV 1R VXPHUMD HO GLVSRVLWLYR HQ DJXD 6L VH YHUWLHUD
GDWRVGH&$'$VHQVRUGXUDQWHVHJXQGRV OtTXLGRHQODXQLGDGOtPSLHODFRQXQSDxRVXDYH\
3DUDDFDEDUSXOVH VLQHOHFWULFLGDGHVWiWLFD
1R OLPSLH OD XQLGDG FRQ PDWHULDOHV DEUDVLYRV R
3DUD DOWHUQDU HQWUH UHJLVWURV DFWXDOHV PtQLPRV \
FRUURVLYRV
Pi[LPRVGHOVHQVRUVHOHFFLRQDGR
1RPDQLSXOHORVFRPSRQHQWHVLQWHUQRV'HKDFHUOR
3XOVH0(0UHSHWLGDPHQWH VHLQYDOLGDUtDODJDUDQWtD
3DUDERUUDUORVUHJLVWURV 8VH VLHPSUH SLODV QXHYDV 1R PH]FOH SLODV YLHMDV
FRQSLODVQXHYDV
3XOVH0(0\PDQWpQJDORSXOVDGR
/DVLPiJHQHVGHHVWDJXtDSDUDHOXVXDULRSXHGH
VHUGLVWLQWDVDOSURGXFWRHQVt
$9,62'(+,(/2 &XDQGRHOLPLQHHVWHSURGXFWRDVHJ~UHVHGHTXHQR
6LHOFDQDOGHOVHQVRUEDMDDXQDWHPSHUDWXUDHQWUH YD\DDSDUDUDODEDVXUDJHQHUDOVLQRVHSDUDGDPHQWH
&\±&)D)HOLQGLFDGRU/('SDUSDGHDUi SDUDUHFLELUXQWUDWDPLHQWRHVSHFLDO
\ GHMDUi GH SDUSDGHDU HQ FXDQWR OD WHPSHUDWXUD HVWp /DFRORFDFLyQGHHVWHSURGXFWRHQFLPDGHFLHUWRVWLSRV
IXHUDGHVXDOFDQFH GH PDGHUD SXHGH SURYRFDU GDxRV D VXVDFDEDGRV
2UHJRQ 6FLHQWL¿F QR VH UHVSRQVDELOL]DUi GH GLFKRV
GDxRV &RQVXOWH ODV LQVWUXFFLRQHV GH FXLGDGR GHO
,/80,1$&,Ï1 IDEULFDQWHSDUDREWHQHUPiVLQIRUPDFLyQ
3XOVH /,*+7 SDUD LOXPLQDU OD SDQWDOOD GXUDQWH /RV FRQWHQLGRV GH HVWH PDQXDO QR SXHGHQ
VHJXQGRV UHSURGXFLUVHVLQSHUPLVRGHOIDEULFDQWH
1RHOLPLQHODVSLODVJDVWDGDVFRQODEDVXUDQRUPDO
(V QHFHVDULR GHVHFKDUOR VHSDUDGDPHQWH SDUD
5(,1,&,2 SRGHUWUDWDUOR
3XOVH 5(6(7 SDUD YROYHU D OD FRQILJXUDFLyQ 7HQJD HQ FXHQWD TXH DOJXQDV XQLGDGHV GLVSRQHQ
SUHGHWHUPLQDGD GHXQDFLQWDGHVHJXULGDGSDUDODVSLODV5HWLUHOD
(6
FLQWDGHFRPSDUWLPHQWRSDUDSLODVDQWHVGHXVDUOR 3HVR JRQ]DV
SRUSULPHUDYH]
&REHUWXUDGH PSLHVVLQ
127$ /D ILFKD WpFQLFD GH HVWH SURGXFWR \ ORV WUDQVPLVLyQ REVWiFXORV
FRQWHQLGRVGHHVWHPDQXDOGHXVXDULRSXHGHQFDPELDUVH &D&
5DQJRGHWHPSHUDWXUD
VLQDYLVR )D)
SLODV80$$GH
$OLPHQWDFLyQ
9
),&+$7e&1,&$
7,32 '(6&5,3&,Ï1
62%5(25(*216&,(17,),&
81,'$'35,1&,3$/
9LVLWHQXHVWUDSiJLQDZHEZZZRUHJRQVFLHQWL¿FFRPSDUD
[[PP
/;$;$ [[ FRQRFHUPiVVREUHORVSURGXFWRVGH2UHJRQ6FLHQWL¿F
SXOJDGDV 6LHVWiHQ((88\TXLHUHFRQWDFWDUGLUHFWDPHQWHFRQ
JRQ]DVVLQ QXHVWUR'HSDUWDPHQWRGH$WHQFLyQDO&OLHQWHRUIDYRU
3HVR YLVLWHZZZRUHJRQVFLHQWL¿FFRPVHUYLFHVXSSRUWDVSR
SLOD
OODPHDO
&D&
5DQJRGHWHPSHUDWXUD
)D) 6LHVWiHQ(VSDxD\TXLHUHFRQWDFWDUGLUHFWDPHQWHFRQ
5HVROXFLyQ &) QXHVWUR'HSDUWDPHQWRGH$WHQFLyQDO&OLHQWHSRUDYRU
YLVLWHZZZRUHJRQVFLHQWL¿FHVROODPHDO
)UHFXHQFLDGHODVHxDO 0+]
3DUDFRQVXOWDVLQWHUQDFLRQDOHVSRUIDYRUYLVLWHZZZ
(VFDODGHKXPHGDG RUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDODVS
5HVROXFLyQGHOD
KXPHGDG
SLODV80$$GH
$OLPHQWDFLyQ
9
81,'$'5(027$7+11
[[PP
/;$;$ [[
SXOJDGDV
(6
(8'(&/$5$&,Ï1'(&21)250,'$'
3RU PHGLR GH OD SUHVHQWH 2UHJRQ 6FLHQWL¿F GHFODUD
TXH HO (VWDFLyQ PHWHRUROyJLFD FRQ KRUD DWyPLFD
0RGHOR%$5%$5$FXPSOHFRQORVUHTXLVLWRV
HVHQFLDOHV\FXDOHVTXLHUDRWUDVGLVSRVLFLRQHVDSOLFDEOHV
R H[LJLEOHV GH OD 'LUHFWLYD &( 7LHQH D VX
GLVSRVLFLyQXQDFRSLD¿UPDGD\VHOODGDGHOD'HFODUDFLyQ
GH&RQIRUPLGDGVROLFtWHODDO'HSDUWDPHQWRGH$WHQFLyQ
DO&OLHQWHGH2UHJRQ6FLHQWL¿F
3$Ë6(6%$-2/$',5(&7,9$577(
7RGRVORVSDtVHVGHOD8(6XL]D&+
\1RUXHJD1
'(
)XQNZHWWHUVWDWLRQPLW)URVWZDUQHU
XQG)XQNXKU
0RGHOO%$5%$5$
%(',(181*6$1/(,781*
,1+$/7
hEHUVLFKW
9RUGHUDQVLFKW
5FNDQVLFKW
)XQNVHQGHHLQKHLW
(UVWH6FKULWWH
%DWWHULHQHLQOHJHQ
)XQNVHQGHHLQKHLW
'DWHQEHUWUDJXQJGHU6HQGHHLQKHLW
8KU
=HLWVLJQDOHPSIDQJ
'LH8KUPDQXHOOHLQVWHOOHQ
:HWWHUYRUKHUVDJH
7HPSHUDWXUXQG/XIWIHXFKWLJNHLW
)URVWZDUQXQJ
+LQWHUJUXQGEHOHXFKWXQJ
5HVHW
9RUVLFKWVPDQDKPHQ
7HFKQLVFKH'DWHQ
hEHU2UHJRQ6FLHQWL¿F
(8.RQIRUPLWlWVHUNOlUXQJ
'(
5h&.$16,&+7$%%
(PSIDQJVDQ]HLJHIU)XQNVHQGHHLQKHLW
,QQHQWHPSHUDWXU
,QQHQ/XIWIHXFKWLJNHLW
,QGLNDWRUIU=HLWVLJQDOHPSIDQJ
02'((LQVWHOOXQJHQ$Q]HLJHlQGHUQ
/,*+7 +LQWHUJUXQGEHOHXFKWXQJ 6HNXQGHQ ODQJ
DNWLYLHUHQ
'(
&)7HPSHUDWXUHLQKHLWDXVZlKOHQ /HJHQ6LHGLH%DWWHULHQHLQXQGDFKWHQ6LHDXIGLH
5(6(7*HUlWDXI6WDQGDUGHLQVWHOOXQJHQ]XUFNVHW]HQ hEHUHLQVWLPPXQJGHU3RODULWlWHQVLHKH$%%
(88.'DVQlFKVWJHOHJHQH)XQNVLJQDODXVZlKOHQ 1DFKMHGHP%DWWHULHZHFKVHODXI5(6(7GUFNHQ
QXU%$5
67(//( %('(8781*
%HUHLFKIU8KU
)81.6(1'((,1+(,7$%% %DWWHULHQGHU%DVLVHLQKHLW
$ODUPXQG
VLQGVFKZDFK
,QQHQWHPSHUDWXU
%HUHLFKIU %DWWHULHQGHU6HQGHHLQKHLW
$XHQWHPSHUDWXU VLQGVFKZDFK
)81.6(1'((,1+(,7
'LH%DVLVHLQKHLWNDQQ'DWHQYRQELV]X6HQGHHLQKHLWHQ
HPSIDQJHQ
6RULFKWHQ6LHGLH6HQGHHLQKHLWHLQ
gIIQHQ6LHGDV%DWWHULHIDFKVLHKH$%%
:lKOHQ6LHHLQHQ.DQDOXQGGUFNHQ6LHDXI5(6(7
6FKOLHHQ6LHGLH%DWWHULHNODSSH
3ODW]LHUHQ 6LH GLH 6HQGHHLQKHLW PLW GHP
/('6WDWXVLQGLNDWRU 7LVFKDXIVWHOOHURGHUGHU:DQGDXIKlQJXQJLQQHUKDOE
gIIQXQJIU:DQGPRQWDJH YRQPYRQGHU%DVLVHLQKHLWHQWIHUQW
%DWWHULHIDFK
5(6(7gIIQXQJ 7,33 'LH LGHDOH 3ODW]LHUXQJ GHU 6HQGHHLQKHLW ZlUH
&+$11(/6FKDOWHU HLQH EHOLHELJH 6WHOOH DQ GHU$XHQVHLWH ,KUHV +DXVHV
LQ HLQHU +|KH YRQ HWZD FP GLH YRU GLUHNWHU
6RQQHQEHVWUDKOXQJXQG)HXFKWLJNHLWJHVFKW]WLVWXP
(567(6&+5,77( SUl]LVH0HVVZHUWH]XJHZlKUOHLVWHQ
%$77(5,(1(,1/(*(1
gIIQHQ6LHGDV%DWWHULHIDFK
'(
6<0%2/ %(6&+5(,%81*
%DVLVHLQKHLWVXFKWQDFK
6HQGHHLQKHLWHQ
(LQ.DQDOZXUGH
JHIXQGHQ
'LH6HQGHHLQKHLWNRQQWH
QLFKWJHIXQGHQZHUGHQ
7,33'LHhEHUWUDJXQJVUHLFKZHLWHNDQQYRQPHKUHUHQ
)DNWRUHQ DEKlQJHQ 6LH PVVHQ HYHQWXHOO PHKUHUH
6WDQGRUWHWHVWHQXPRSWLPDOH(UJHEQLVVH]XHU]LHOHQ
8+5
+,1:(,69HUZHQGHQ6LH$ONDOLQH%DWWHULHQIUOlQJHUH =(,76,*1$/(03)$1*
%HWULHEVGDXHUVRZLH/LWKLXP%DWWHULHQIU*HEUDXFKEHL 'LHVHV 3URGXNW V\QFKURQLVLHUW VHLQH 8KU DXWRPDWLVFK
7HPSHUDWXUHQXQWHUGHP*HIULHUSXQNW PLWHLQHP=HLWVLJQDO
%$5
'$7(1h%(575$*81*'(56(1'((,1+(,7 9HUVFKLHEHQ 6LH (8 8. XP GDV (PSIDQJVVLJQDO
DXV]XZlKOHQ
6RVXFKHQ6LHQDFKHLQHU6HQGHHLQKHLW
+DOWHQ6LH 02'(JHGUFNW (8 6LJQDO '&) LQQHUKDOE YRQ NP
'DV 6HQVRU(PSIDQJVV\PERO LP %HUHLFK GHU 0HLOHQYRQ)UDQNIXUW'HXWVFKODQG
)XQNVHQGHHLQKHLW]HLJWGHQ6WDWXVDQ 8. 6LJQDO 06) LQQHUKDOE YRQ NP
0HLOHQYRQ$QWKRUQ(QJODQG
%$5$
6LJQDO ::9% LQQHUKDOE YRQ NP
0HLOHQYRQ)RUW&ROOLQV&RORUDGR
'(
6RDNWLYLHUHQGHDNWLYLHUHQ6LHGHQ6LJQDOHPSIDQJ %$5'HU=HLW]RQHQDXVJOHLFKVWHOOWGLH8KUDXIELV]X
+DOWHQ 6LH JHGUFNW XP GHQ 6LJQDOHPSIDQJ ]X 6WXQGHQYRQGHUHPSIDQJHQHQ6LJQDO]HLWHLQ
DNWLYLHUHQRGHU XPGLHVHQ]XGHDNWLYLHUHQ
%$5$:lKOHQ6LHGLH=HLW]RQHDXV33DFL¿F(
+,1:(,6'HU(PSIDQJQLPPWHWZD0LQXWHQLQ (DVWHUQ&&HQWUDORGHU00RXQWDLQ
$QVSUXFK:HQQGDV6LJQDOVFKZDFKLVWNDQQHVELV]X +,1:(,6'LH6SUDFKRSWLRQHQVLQG(QJOLVFK('HXWVFK
6WXQGHQGDXHUQELVHLQJOWLJHV6LJQDOHPSIDQJHQ ')UDQ]|VLFK),WDOLHQLVFK,XQG6SDQLVFK6
ZLUG6ROOWHGHU6LJQDOHPSIDQJQLFKWHUIROJUHLFKVHLQ
SODW]LHUHQ6LH,KU*HUlWLQGHU1lKHHLQHV)HQVWHUVXQG 6RZlKOHQ6LHGHQ$Q]HLJHPRGXVDXV
KDOWHQ 6LH JHGUFNW XP HLQH ZHLWHUH 6LJQDOVXFKH 'UFNHQ 6LH DXI 02'( XP ]ZLVFKHQ 8KU]HLW PLW
]XYHUDQODVVHQ 6HNXQGHQ:RFKHQWDJ.DOHQGHUDXV]XZlKOHQ
,QGLNDWRUIU=HLWVLJQDOHPSIDQJ
:(77(5925+(56$*(
67$5.(6 6&+:$&+(6
.(,16,*1$/ 'LHVHV3URGXNWHUVWHOOWHLQH:HWWHUYRUKHUVDJHGHUQlFKVWHQ
6,*1$/ 6,*1$/
ELV6WXQGHQLQQHUKDOEHLQHV5DGLXVYRQNP
0HLOHQPLWHLQHU*HQDXLJNHLWYRQ
6RQQLJ
',(8+50$18(//(,167(//(1
7HLOZHLVHEHZ|ONW
8PGLH8KUPDQXHOOHLQ]XVWHOOHQPVVHQ6LH]XHUVWGHQ
6LJQDOHPSIDQJGHDNWLYLHUHQ
+DOWHQ6LH02'(JHGUFNW %HZ|ONW
'UFNHQ6LHDXI RGHU XPGLH(LQVWHOOXQJHQ
]XlQGHUQ
'UFNHQ6LH]XU%HVWlWLJXQJDXI02'( 5HJQHULVFK
'LH5HLKHQIROJHGHU(LQVWHOOXQJHQODXWHW=HLW]RQH
6WXQGHQIRUPDW 6WXQGH 0LQXWH -DKU
.DOHQGHUPRGXV 7DJ ± 0RQDW 0RQDW ± 7DJ 9HUVFKQHLW
0RQDW7DJXQG6SUDFKH
'(
7(03(5$78581'/8)7)(8&+7,*.(,7 +,17(5*581'%(/(8&+781*
6RZHFKVHOQ6LHGLH7HPSHUDWXUHLQKHLW 'UFNHQ6LHDXI/,*+7XPGLH+LQWHUJUXQGEHOHXFKWXQJ
'UFNHQ6LHDXI&) 6HNXQGHQODQJ]XDNWLYLHUHQ
6RYHUDQODVVHQ6LHHLQHDXWRPDWLVFKH$EIUDJH$XWR
6FDQDOOHU6HQGHHLQKHLWHQ 5(6(7
+DOWHQ 6LH 0(0 JHGUFNW XP GLH 'DWHQ MHGHU 'UFNHQ 6LH DXI 5(6(7 XP GDV *HUlW DXI GLH
6HQGHHLQKHLW6HNXQGHQODQJDQ]X]HLJHQ 6WDQGDUGHLQVWHOOXQJHQ]XUFN]XVHW]HQ
8PGLH$EIUDJH]XEHHQGHQGUFNHQ6LHDXI
6RZHFKVHOQ6LH]ZLVFKHQGHQDNWXHOOHQPLQLPDOHQ 9256,&+760$661$+0(1
XQG PD[LPDOHQ 6SHLFKHUGDWHQ IU GLH JHZlKOWH 6HW]HQ 6LH GDV *HUlW NHLQHU H[WUHPHQ
6HQGHHLQKHLW *HZDOWHLQZLUNXQJ XQG NHLQHQ 6W|HQ DXV XQG
'UFNHQ6LHZLHGHUKROWDXI0(0 KDOWHQ6LHHVYRQEHUPlLJHP6WDXE+LW]HRGHU
)HXFKWLJNHLWIHUQ
6RO|VFKHQ6LHGLH'DWHQ 6LH GUIHQ GLH %HOIWXQJV|IIQXQJHQ QLFKW
+DOWHQ6LH0(0JHGUFNW PLW *HJHQVWlQGHQ DEGHFNHQ ZLH ]%
=HLWXQJHQ9RUKlQJHXVZ
7DXFKHQ 6LH GDV *HUlW QLHPDOV LQ :DVVHU )DOOV
)5267:$5181* 6LH HLQH )OVVLJNHLW EHU GDV *HUlW YHUVFKWWHQ
:HQQ GLH 6HQGHHLQKHLW GHV .DQDOV DXI HLQHQ :HUW WURFNQHQ6LHHVVRIRUWPLWHLQHPZHLFKHQIDVHUIUHLHQ
]ZLVFKHQ&XQG&)ELV)DEIlOOWEOLQNW 7XFK
GHU/(',QGLNDWRUHUK|UWDXI]XEOLQNHQZHQQVLFKGLH 5HLQLJHQ6LHGDV*HUlWNHLQHVIDOOVPLWVFKHXHUQGHQ
7HPSHUDWXUZHUWH ZLHGHU DXHUKDOE GLHVHV %HUHLFKV RGHUlW]HQGHQ0LWWHOQ
EH¿QGHQ 0DFKHQ6LHVLFKQLFKWDQGHQLQWHUQHQ.RPSRQHQWHQ
GHV *HUlWV ]X VFKDIIHQ GD GLHV ]X HLQHP 9HUOXVW
GHU*DUDQWLHIKUHQNDQQ
9HUZHQGHQ6LHQXUQHXH%DWWHULHQ9HUZHQGHQ6LH
NHLQHVIDOOVQHXHXQGDOWH%DWWHULHQJHPHLQVDP
'LH LQ GLHVHU $QOHLWXQJ GDUJHVWHOOWHQ $EELOGXQJHQ
N|QQHQVLFKYRP2ULJLQDOXQWHUVFKHLGHQ
'(
(QWVRUJHQ 6LH GDV *HUlW DXVVFKOLHOLFK LQ GHQ $XÀ|VXQJ &)
GDIU YRUJHVHKHQHQ NRPPXQDOHQ 6DPPHOVWHOOHQ
GLH6LHEHL,KUHU*HPHLQGHHUIUDJHQN|QQHQ 6LJQDOIUHTXHQ] 0+]
:HQQ GLHVHV 3URGXNW DXI EHVWLPPWH +RO]ÀlFKHQ /XIWIHXFKWLJNHLWVEHUHLFK
JHVWHOOW ZLUG NDQQ GLH 2EHUÀlFKH EHVFKlGLJW
ZHUGHQ 2UHJRQ 6FLHQWL¿F LVW QLFKW KDIWEDU IU /XIWIHXFKWLJNHLWVDXÀ|VXQJ
VROFKH %HVFKlGLJXQJHQ (QWVSUHFKHQGH +LQZHLVH %DWWHULHQ80$$
HQWQHKPHQ 6LH ELWWH GHU 3ÀHJHDQOHLWXQJ ,KUHV 6WURPYHUVRUJXQJ
9
0|EHOKHUVWHOOHUV
'HU,QKDOWGLHVHU$QOHLWXQJGDUIRKQH*HQHKPLJXQJ )81.6(1'((,1+(,77+11
GHV+HUVWHOOHUVQLFKWYHUYLHOIlOWLJWZHUGHQ /[%[+ [[PP
9HUEUDXFKWH %DWWHULHQ JHK|UHQ QLFKW LQ GHQ *HZLFKW J
+DXVPOO%LWWHJHEHQ6LHVLHEHLHLQHU6DPPHOVWHOOH
IU$OWEDWWHULHQE]Z6RQGHUPOODE hEHUWUDJXQJVUHLFKZHLWH PRKQH+LQGHUQLVVH
%LWWHEHDFKWHQ6LHGDVVPDQFKH*HUlWHPLWHLQHP &ELV&
7HPSHUDWXUEHUHLFK
%DWWHULHXQWHUEUHFKXQJVVWUHLIHQ EHVWFNW VLQG 9RU )ELV)
GHPHUVWHQ*HEUDXFKPVVHQ6LHGHQ6WUHLIHQDXV %DWWHULH80$$
GHP%DWWHULHIDFK]LHKHQ 6WURPYHUVRUJXQJ
9
+,1:(,6'LHWHFKQLVFKHQ'DWHQIUGLHVHV3URGXNW
XQG GHU ,QKDOW GHU %HGLHQXQJVDQOHLWXQJ N|QQHQ RKQH
%HQDFKULFKWLJXQJJHlQGHUWZHUGHQ h%(525(*216&,(17,),&
%HVXFKHQ6LHXQVHUH:HEVLWHZZZRUHJRQVFLHQWL¿FGH
7(&+1,6&+('$7(1 XQGHUIDKUHQ6LHPHKUEHUXQVHUH2UHJRQ6FLHQWL¿F
3URGXNWH$XIGHU:HEVLWH¿QGHQ6LHDXFK,QIRUPDWLRQHQ
7<3 %(6&+5(,%81* ZLH6LHLP%HGDUIVIDOOXQVHUHQ.XQGHQGLHQVWHUUHLFKHQ
%$6,6(,1+(,7 XQG'DWHQKHUXQWHUODGHQN|QQHQ
/[%[+ [[PP )U LQWHUQDWLRQDOH $QIUDJHQ EHVXFKHQ 6LH ELWWH
XQVHUH :HEVLWH ZZZRUHJRQVFLHQWLILFFRPDERXW
*HZLFKW JRKQH%DWWHULH
LQWHUQDWLRQDO
&ELV&
7HPSHUDWXUEHUHLFK
)ELV)
'(
(8.21)250,7b76(5./b581*
+ L H U P L W H U N O l U W 2 U H J R Q 6 F L H Q W L I L F G D V V G L H
)XQNZHWWHUVWDWLRQ PLW )URVWZDUQHU XQG )XQNXKU
0RGHOO %$5 %$5$ PLW GHQ JUXQGOHJHQGHQ
$QIRUGHUXQJHQ XQG DQGHUHQ UHOHYDQWHQ 9RUVFKULIWHQ
GHU 5LFKWOLQLH (* EHUHLQVWLPPW (LQH .RSLH
GHU XQWHUVFKULHEHQHQ XQG PLW 'DWXP YHUVHKHQHQ
.RQIRUPLWlWVHUNOlUXQJ HUKDOWHQ 6LH DXI$QIUDJH EHU
XQVHUHQ2UHJRQ6FLHQWL¿F.XQGHQGLHQVW
.21)250,1)2/*(1'(1/b1'(51
$OOH/lQGHUGHU(86FKZHL]&+
XQG1RUZHJHQ1
)5
6WDWLRQPpWpRURORJLTXHDYHF
KHXUHUDGLRSLORWpH
0RGqOH%$5%$5$
0$18(/'(/¶87,/,6$7(85
7$%/('(60$7,(5(6
9XH'¶HQVHPEOH
)DFH$YDQW
)DFH$UULqUH
6RQGHVDQV¿O
3RXU&RPPHQFHU
,QVpUH]OHV3LOHV
6RQGHVDQV¿O
7UDQVPLVVLRQ'HV'RQQpHV'X&DSWHXU
+RUORJH
5pFHSWLRQGHO¶KRUORJH
5pJOHU0DQXHOOHPHQW/¶KRUORJH
3UpYLVLRQ0pWpR
7HPSpUDWXUHHW+XPLGLWp
$YHUWLVVHXU'H*HO
5pWURpFODLUDJH
5HLQLWLDOLVHUUHVHW
3UpFDXWLRQV
&DUDFWHULVWLTXHV
¬3URSRVGH2UHJRQ6FLHQWL¿F
(XURSH'pFODUDWLRQGH&RQIRUPLWp
)5
)$&($55,Ê5(),*
,QGLFDWHXUGHUpFHSWLRQGHODVRQGHjGLVWDQFH
7HPSpUDWXUHLQWpULHXUH
+XPLGLWpLQWpULHXUH
,QGLFDWHXUGHUpFHSWLRQGXVLJQDOGHO¶KRUORJH
02'(&KDQJH]OHVUpJODJHVO¶DI¿FKDJH
/,*+73HUPHWG¶DFWLYHUOHUpWURpFODLUDJHSHQGDQW
VHFRQGHV
)5
&)6pOHFWLRQQHUO¶XQLWpGHPHVXUHGHWHPSpUDWXUH ,QVpUH] OHV SLOHV HQ UHVSHFWDQW OHV SRODULWpV YRLU
5(,1,7,$/,6(5 5(6(7 5pLQLWLDOLVHU O¶DSSDUHLO ),*
DX[UpJODJHVSDUGpIDXW $SSX\H] VXU 5(,1,7,$/,6(5 5(6(7 DSUqV
(88.6pOHFWLRQQHOHVLJQDOUDGLROHSOXVSURFKH FKDTXHFKDQJHPHQWGHSLOHV
PRGqOH%$5XQLTXHPHQW
(03/$&(0(17 6,*1,),&$7,21
=RQHKRUORJHDODUPH
621'(6$16),/),* HWWHPSpUDWXUH
3LOHVIDLEOHVGH
O¶DSSDUHLOSULQFLSDO
LQWpULHXUH
=RQHGHWHPSpUDWXUH
3LOHVIDLEOHVGXFDSWHXU
H[WpULHXUH
621'(6$16),/
/¶DSSDUHLOSULQFLSDOHVWjPrPHGHFROOHFWHUOHVGRQQpHV
GHVRQGHVPD[LPXP
3RXULQVWDOOHUOHFDSWHXU
2XYUH]OHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHVYRLU
),*
6pOHFWLRQQH]XQFDQDOSXLVDSSX\H]VXU5(6(7
,QGLFDWHXUG¶pWDW/(' )HUPH]OHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHV
7URXGH¿[DWLRQPXUDOH ,QVWDOOH]OHFDSWHXUjPPD[LPXPSLHGVGH
&RPSDUWLPHQWGHVSLOHV O¶DSSDUHLOSULQFLSDOjO¶DLGHGXVXSSRUWGHWDEOHRXGH
)HQWH5(,1,7,$/,6(5UHVHW OD¿[DWLRQPXUDOH
%RXWRQ&$1$/FKDQQHO
&RQVHLO /HV HPSODFHPHQWV LGpDX[ SRXU OH FDSWHXU
3285&200(1&(5 VRQWGDQVWRXWHQGURLWH[WpULHXUjO¶KDELWDWjXQHKDXWHXU
QHGpSDVVDQWSDVOHVPSLHGVHWSHUPHWWDQWGH
,16e5(=/(63,/(6 OH SURWpJHU FRQWUH OD OXPLqUH GLUHFWH GX VROHLO RX GH
5HWLUH]OHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHV FRQGLWLRQVKXPLGHVD¿QG¶REWHQLUXQHOHFWXUHSUpFLVH
)5
,&21( '(6&5,37,21
/¶DSSDUHLOSULQFLSDOHVW
jODUHFKHUFKHGXGHV
FDSWHXUV
8QFDQDODpWpWURXYp
/HFDSWHXUHVWLQWURXYDEOH
&RQVHLO/DSRUWpHGHWUDQVPLVVLRQSHXWYDULHUHQIRQFWLRQ
GH SOXVLHXUV IDFWHXUV 9RXV SRXYH] HVVD\HU SOXVLHXUV
HPSODFHPHQWV D¿Q G¶REWHQLU OHV PHLOOHXUV UpVXOWDWV
SRVVLEOHV
+25/2*(
5(0$548(8WLOLVH]GHVSLOHVDOFDOLQHVSRXUXQXVDJH 5e&(37,21'(/¶+25/2*(
SURORQJpHWGHVSLOHVDXOLWKLXPSRXUODFRQVRPPDWLRQ
&HSURGXLWHVWFRQoXSRXUV\QFKURQLVHUDXWRPDWLTXHPHQW
ORUVGHEDVVHVWHPSpUDWXUHVJHO
O¶KRUORJHDYHFOHVLJQDOUDGLR
%$5
75$160,66,21'(6'211((6'8&$37(85 3RVLWLRQQH] O¶HQFRFKH (8 8. SRXU VpOHFWLRQQHU OH
3RXUUHFKHUFKHUXQFDSWHXU VLJQDOjUHFHYRLU
$SSX\H]HWPDLQWHQH]ODWRXFKH 02'( (8 6LJQDO '&) GDQV XQ UD\RQ GH .P
/¶LF{QHGHUpFHSWLRQGXFDSWHXUVLWXpHGDQVOD]RQHGH PLOHVGHSXLV)UDQNIRUW$OOHPDJQH
ODVRQGHjGLVWDQFHLQGLTXHO¶pWDW 8. 6LJQDO 06) GDQV XQ UD\RQ GH .P
PLOHVGHSXLV$QWKRUQ$QJOHWHUUH
%$5$
6LJQDO::9%GDQVXQUD\RQGHNP
PLOHVGH)RUW&ROOLQV&RORUDGR
)5
3RXUDFWLYHUGpVDFWLYHUOHVLJQDOGHUpFHSWLRQ %$5$ 6pOHFWLRQQH] OH IXVHDX KRUDLUH +HXUH
$SSX\H] HW PDLQWHQH] SRXU DFWLYHU RX SRXU 3DFL¿TXH3GHV0RQWDJQHV0&HQWUDOH&RXGH
GpVDFWLYHUODUpFHSWLRQGXVLJQDO OD&{WH(VW(
5(0$548(/DUpFHSWLRQSUHQGHQWUHHWPLQXWHV 5(0$548(OHVODQJXHVGLVSRQLEOHVVRQWO¶DQJODLV(
6LOHVLJQDOHVWIDLEOHKHXUHVSHXYHQWrWUHQpFHVVDLUHV O¶DOOHPDQG'OHIUDQoDLV)O¶LWDOLHQ,HWO¶HVSDJQRO6
SRXU REWHQLU XQ VLJQDO YDOLGH 6L OD UpFHSWLRQ pFKRXH 3RXUVpOHFWLRQQHUOHPRGHG¶DI¿FKDJH
SRVLWLRQQH] YRWUH DSSDUHLO j SUR[LPLWp G¶XQH IHQrWUH $SSX\H]VXU02'(SRXUFKRLVLUO¶DI¿FKDJHGHO¶KRUORJH
DSSX\H]HWPDLQWHQH] SRXUIRUFHUODUHFKHUFKHGH DYHFOHVVHFRQGHVMRXUVGHODVHPDLQHFDOHQGULHU
VLJQDO
35e9,6,210e7e2
,QGLFDWHXUGHUpFHSWLRQGXVLJQDOGHO¶+RUORJH
&H SURGXLW YRXV SHUPHW GH VDYRLU OHV SUpYLVLRQV
6,*1$/ 6,*1$/ $8&81 PpWpRURORJLTXHVSRXUOHVjKHXUHVGDQVXQUD\RQ
)257 )$,%/( 6,*1$/ GHj.PPLOHVDYHFXQWDX[GH¿DELOLWp
GH
(QVROHLOOp
5e*/(50$18(//(0(17/¶+25/2*(
3DUWLHOOHPHQWQXDJHX[
3RXU UpJOHU PDQXHOOHPHQW O¶KRUORJH YRXV GHYH] WRXW
G¶DERUGGpVDFWLYHUODUpFHSWLRQGXVLJQDO
$SSX\H]HWPDLQWHQH]ODWRXFKH02'( 1XDJHX[
$SSX\H]VXU RX SRXUPRGL¿HUOHVUpJODJHV
$SSX\H]VXU02'(SRXUFRQ¿UPHU
/HV UpJODJHV V¶HIIHFWXHQW GDQV O¶RUGUH VXLYDQW 3OXYLHX[
IXVHDXKRUDLUHIRUPDWKHXUHVKHXUHPLQXWH
DQQpH PRGH FDOHQGULHU PRLVMRXU MRXUPRLV PRLV
HWODQJXH 1HLJH
%$5 /D IRQFWLRQ IXVHDX KRUDLUH UqJOH O¶KRUORJH j
KHXUHVGHO¶KHXUHGXVLJQDOUHoX
)5
7(03e5$785((7+80,',7e 35e&$87,216
3RXUVpOHFWLRQQHUO¶XQLWpGHWHPSpUDWXUH 1HSDVVRXPHWWUHOHSURGXLWjXQHIRUFHH[FHVVLYH
$SSX\H]VXU&) DX FKRF j OD SRXVVLqUH DX[ FKDQJHPHQWV GH
3RXUDFWLYHUO¶DXWREDOD\DJHHQWUHOHVVRQGHVVDQV¿O WHPSpUDWXUHRXjO¶KXPLGLWp
1H SDV FRXYULU OHV WURXV GH YHQWLODWLRQ DYHF GHV
$SSX\H] HW PDLQWHQH] 0(0 SRXU DIILFKHU MRXUQDX[ULGHDX[HWF
OHV GRQQpHV UHODWLYHV j FKDTXH VRQGH SHQGDQW 1H SDV LPPHUJHU OH SURGXLW GDQV O¶HDX 6L YRXV
VHFRQGHV UHQYHUVH] GX OLTXLGH VXU O¶DSSDUHLO VpFKH]OH
3RXUWHUPLQHUDSSX\H]VXU LPPpGLDWHPHQWDYHFXQWLVVXGRX[
3RXUDOWHUQHUHQWUHOHVUHOHYpVDFWXHOVPD[LPXPHW 1H SDV QHWWR\HU O¶DSSDUHLO DYHF GHV PDWpULDX[
PLQLPXPGHODVRQGHVDQV¿OVpOHFWLRQQpH FRUURVLIVRXDEUDVLIV
1H SDV WUD¿TXHU OHV FRPSRVDQWV LQWHUQHV &HOD
$SSX\H]SOXVLHXUVIRLVVXU0(0 LQYDOLGHUDYRWUHJDUDQWLH
3RXUHIIDFHUOHVUHOHYpV 1¶XWLOLVH] TXH GHV SLOHV QHXYHV 1H SDV PpODQJHU
$SSX\H]HWPDLQWHQH]0(0 GHVSLOHVQHXYHVHWXVDJpHV
/HV LPDJHV GH FH PDQXHO SHXYHQW GLIIpUHU GH
O¶DVSHFWUpHOGXSURGXLW
$9(57,66(85'(*(/
/RUVTXH YRXV GpVLUH] YRXV GpEDUUDVVHU GH FH
6LOHFDQDOGXFDSWHXUFKXWHGDQVXQHWHPSpUDWXUHHQWUH SURGXLWDVVXUH]YRXVTX¶LOVRLWFROOHFWpVpSDUpPHQW
&j&)j)O¶LQGLFDWHXU/('FOLJQRWHUDHW SRXUXQWUDLWHPHQWDGDSWp
V¶DUUrWHUDGHFOLJQRWHUXQHIRLVTXHODWHPSpUDWXUHVHUD /H SRVHU VXU FHUWDLQHV VXUIDFHV HQ ERLV SHXW
KRUVGHFHWWHSODJHGHWHPSpUDWXUHV HQGRPPDJHU OD ¿QLWLRQ GX PHXEOH HW 2UHJRQ
6FLHQWL¿F QH SHXW HQ rWUH WHQX UHVSRQVDEOH
5e752e&/$,5$*( &RQVXOWH] OHV PLVHV HQ JDUGH GX IDEULFDQW GX
PHXEOHSRXUGHSOXVDPSOHVLQIRUPDWLRQV
$SSX\H] VXU /,*+7 SRXU DFWLYHU OH UpWURpFODLUDJH /HFRQWHQXGXSUpVHQWPDQXHOQHSHXWrWUHUHSURGXLW
SHQGDQWVHFRQGHV VDQVODSHUPLVVLRQGXIDEULTXDQW
1HSDVMHWHUOHVSLOHVXVDJpHVGDQVOHVFRQWDLQHUV
5(,1,7,$/,6(55(6(7 PXQLFLSDX[ QRQ DGDSWpV 9HXLOOH] HIIHFWXHU OH
WUL GH FHV RUGXUHV SRXU XQ WUDLWHPHQW DGDSWp VL
$SSX\H]VXU5(,1,7,$/,6(5UHVHWSRXUTXHO¶DSSDUHLO
QpFHVVDLUH
UHYLHQQHDX[UpJODJHVSDUGpIDXW
)5
9HXLOOH] UHPDUTXHU TXH FHUWDLQV DSSDUHLOV VRQW 3RLGV JRQFHV
pTXLSpVG¶XQHEDQGHGHVpFXULWp5HWLUH]ODEDQGH
GXFRPSDUWLPHQW GHV SLOHV DYDQW OD SUHPLqUH 'LVWDQFHGH PSLHGVVDQV
XWLOLVDWLRQ WUDQVPLVVLRQ REVWUXFWLRQ
3ODJHGHPHVXUHGH &j&
5(0$548( /HV FDUDFWpULVWLTXHV WHFKQLTXHV GH FH WHPSpUDWXUH )j)
SURGXLWHWOHFRQWHQXGHFHPDQXHOSHXYHQWrWUHVRXPLV
$OLPHQWDWLRQ SLOH80$$9
jPRGL¿FDWLRQVVDQVSUpDYLV
&$5$&7(5,67,48(6 ¬352326'(25(*216&,(17,),&
7<3( '(6&5,37,21 3RXU SOXV GµLQIRUPDWLRQV VXU OHV SURGXLWV 2UHJRQ
6FLHQWLILF )UDQFH UHQGH]YRXV VXU QRWUH VLWH
$33$5(,/35,1&,3$/ ZZZRUHJRQVFLHQWL¿FIU
[[PP 6LYRXVrWHVDX[(WDWV8QLVYRXVSRXYH]FRQWDFWHUQRWUH
/[O[+ [[ VXSSRUW FRQVRPPDWHXU GLUHFWHPHQW VXU OH VLWH
SRXFHV
ZZZRUHJRQVFLHQWL¿FFRPVHUYLFHVXSSRUWDVS
JRQFHVVDQV
3RLGV 28
OHVSLOHV
3ODJHGHPHVXUHGH &j& SDUWpOpSKRQHDX
WHPSpUDWXUH )j) 3RXU GHV UHQVHLJQHPHQWV LQWHUQDWLRQDX[ UHQGH]
5pVROXWLRQ &) YRXV VXU OH VLWH ZZZRUHJRQVFLHQWLILFFRPDERXW
LQWHUQDWLRQDODVS
)UpTXHQFHGXVLJQDO 0+]
3ODJHG¶KXPLGLWp
'p¿QLWLRQGHO¶KXPLGLWp
$OLPHQWDWLRQ 3LOHV80$$9
621'(6$16),/7+11
[[PP
/;O[+ [[
SRXFHV
)5
(8523('e&/$5$7,21'(&21)250,7e
3DUODSUpVHQWH2UHJRQ6FLHQWL¿FGpFODUHTXHO¶DSSDUHLO
6WDWLRQPpWpRURORJLTXHDYHFKHXUHUDGLRSLORWpH0RGqOH
%$5 %$5$ HVW FRQIRUPH DX[ H[LJHQFHV
HVVHQWLHOOHV HW DX[ DXWUHV GLVSRVLWLRQV SHUWLQHQWHV GH
ODGLUHFWLYH&(8QHFRSLHVLJQpHHWGDWpHGHOD
GpFODUDWLRQGHFRQIRUPLWpHVWGLVSRQLEOHVXUGHPDQGH
DXSUqVGHQRWUH6HUYLFH&OLHQW
3$<6&21&(51e6577 (
7RXVOHVSD\V(XURSpHQVOD6XLVVH&+
HWOD1RUYqJH1
,7
6WD]LRQHPHWHRURORJLFDFRQ
RUDULRUDGLRFRQWUROODWR
0RGHOOR%$5%$5$
0$18$/(3(5/¶87(17(
,1',&(
3DQRUDPLFD
9LVWD$QWHULRUH
9LVWD3RVWHULRUH
6HQVRUH5HPRWR
2SHUD]LRQL3UHOLPLQDUL
,QVHULPHQWR'HOOH%DWWHULH
6HQVRUH5HPRWR
7UDVPLVVLRQH'HL'DWL'HO6HQVRUH
2URORJLR
5LFH]LRQHGHOO¶RUD
,PSRVWD]LRQH0DQXDOH'HOO¶RUD
3UHYLVLRQLPHWHRURORJLFKH
7HPSHUDWXUDHXPLGLWj
$OODUPHULVFKLRJHODWH
5HWURLOOXPLQD]LRQH
)XQ]LRQH5(6(7
3UHFDX]LRQL
6SHFL¿FKH7HFQLFKH
,QIRUPD]LRQL6X2UHJRQ6FLHQWL¿F
'LFKLDUD]LRQH'L&RQIRUPLWj8(
,7
9,67$3267(5,25(),*
,QGLFDWRUHGHOODULFH]LRQHGHOVHQVRUHUHPRWR
7HPSHUDWXUDLQWHUQD
8PLGLWjLQWHUQD
,QGLFDWRUHGHOODULFH]LRQHGHOVHJQDOHRUDULR
02'( FRQVHQWH GL PRGL¿FDUH OH LPSRVWD]LRQL OD
YLVXDOL]]D]LRQH
/,*+7 FRQVHQWH GL DWWLYDUH OD UHWURLOOXPLQD]LRQH
SHUVHFRQGL
,7
& ) FRQVHQWH GL VHOH]LRQDUH O¶XQLWj GL PLVXUD ,QVHULUH OH EDWWHULH ULVSHWWDQGR OD SRODULWj LQGLFDWD
GHOODWHPSHUDWXUD ),*
5(6(7 FRQVHQWH GL ULSULVWLQDUH L YDORUL SUHGH¿QLWL 3UHPHUH5(6(7GRSRRJQLVRVWLWX]LRQHGLEDWWHULD
GHOO¶XQLWj
326,=,21( 6,*1,),&$72
(8 8. FRQVHQWH GL VHOH]LRQDUH LO VHJQDOH UDGLR
SLYLFLQRVRORLOPRGHOOR%$5 $UHDRURORJLRVYHJOLD %DWWHULHGHOO¶XQLWj
HWHPSHUDWXUDLQWHUQD SULQFLSDOHLQHVDXULPHQWR
6(1625(5(0272),* $UHDWHPSHUDWXUD %DWWHULHGHOVHQVRUHLQ
HVWHUQD HVDXULPHQWR
6(1625(5(0272
/¶XQLWjSULQFLSDOHqLQJUDGRGLULFHYHUHGDWLGDXQQXPHUR
PDVVLPRGLVHQVRUL
,QVWDOOD]LRQHGHOVHQVRUH
$SULUHLOYDQREDWWHULHVHH),*
6HOH]LRQDUHXQFDQDOHTXLQGLSUHPHUH5(6(7
&KLXGHUHLOYDQREDWWHULH
3RVL]LRQDUH LO VHQVRUH HQWUR P GDOO¶XQLWj
SULQFLSDOHXWLOL]]DQGRLOVXSSRUWRGDWDYRORRLOIRUR
,QGLFDWRUH/('GLVWDWR SHULOPRQWDJJLRDSDUHWH
)RURSHU¿VVDJJLRDSDUHWH
68**(5,0(172/DFROORFD]LRQHLGHDOHGHOVHQVRUH
9DQREDWWHULH
qXQOXRJRDOO¶HVWHUQRGHOO¶DELWD]LRQHDGXQ¶DOWH]]DQRQ
)RUR5(6(7
VXSHULRUHDíPHWURGRYHSRVVDHVVHUHSURWHWWRGD
6HOHWWRUH&+$11(/
OXFHVRODUHGLUHWWDRXPLGLWjSHUJDUDQWLUHODSUHFLVLRQH
GHOOHULOHYD]LRQL
23(5$=,21,35(/,0,1$5,
,16(5,0(172'(//(%$77(5,(
7RJOLHUHLOFRSHUFKLRGHOYDQREDWWHULH
,7
,&21$ '(6&5,=,21(
/¶XQLWjSULQFLSDOHqDOOD
ULFHUFDGHOLVHQVRUHL
ÊVWDWRULOHYDWRXQFDQDOH
,PSRVVLELOHWURYDUHLO
VHQVRUH
68**(5,0(172,OFDPSRGLWUDVPLVVLRQHSXzYDULDUH
LQEDVHDPROWLIDWWRULqSRVVLELOHGRYHUSURYDUHGLYHUVH
SRVL]LRQLSULPDGLRWWHQHUHLULVXOWDWLPLJOLRUL
252/2*,2
5,&(=,21('(//¶25$
127$ 6L FRQVLJOLD GL XWLOL]]DUH EDWWHULH DOFDOLQH LQ
FDVRGLXVRSUROXQJDWRHEDWWHULHDOOLWLRLQDPELHQWLFRQ 4XHVWR SURGRWWR q SURJHWWDWR SHU VLQFURQL]]DUH
WHPSHUDWXUHLQIHULRULDOOR DXWRPDWLFDPHQWH LO SURSULR RURORJLR FRQ XQ VHJQDOH
RUDULR
%$5
75$60,66,21('(,'$7,'(/6(1625( 6SRVWDUHODOHYHWWD(88.SHUVHOH]LRQDUHLOVHJQDOH
5LFHUFDGLXQVHQVRUH GDULFHYHUH
7HQHUHSUHPXWR 02'( (8VHJQDOH'&)HQWURNPGD)UDQFRIRUWH
/¶LFRQD GL ULFH]LRQH GHO VHQVRUH QHOO¶DUHD UHODWLYD DO *HUPDQLD
VHQVRUHUHPRWRQHLQGLFDORVWDWR 8. VHJQDOH 06) HQWUR NP GD $QWKRUQ
,QJKLOWHUUD
%$5$
6HJQDOH::9%HQWURNPGD)RUW&ROOLQV
&RORUDGR
,7
$WWLYD]LRQHGLVDWWLYD]LRQHGHOODULFH]LRQHGHOVHJQDOH %$5$6HOH]LRQDUHOD]RQDUHODWLYDDOIXVRRUDULR3
3HUDWWLYDUHODULFH]LRQHGHOVHJQDOHWHQHUHSUHPXWR 3DFL¿F((DVWHUQ&&HQWUDORSSXUH00RXQWDLQ
SHUGLVDWWLYDUODWHQHUHSUHPXWR 127$/HRS]LRQLGHOODOLQJXDVRQRLQJOHVH(WHGHVFR
127$3HUODULFH]LRQHVRQRQHFHVVDULGDLDLPLQXWL 'IUDQFHVH)LWDOLDQR,HVSDJQROR6
6HLOVHJQDOHqGHEROHSRVVRQRRFFRUUHUH¿QRDRUH
SHU ULFHYHUQH XQR YDOLGR 6H OD ULFH]LRQH QRQ ULHVFH 6HOH]LRQHGHOODPRGDOLWjGLYLVXDOL]]D]LRQH
SRVL]LRQDUHO¶XQLWjYLFLQRDXQD¿QHVWUDWHQHUHSUHPXWR 3UHPHUH02'(SHUVFHJOLHUHWUDRUDFRQVHFRQGLJLRUQR
SHUIRU]DUHODULFHUFDGLXQDOWURVHJQDOH GHOODVHWWLPDQDFDOHQGDULR
,QGLFDWRUHGHOODULFH]LRQHGHOVHJQDOHGHOO¶RUD
6(*1$/( 6(*1$/( 1(6681 35(9,6,21,0(7(252/2*,&+(
)257( '(%2/( 6(*1$/( 4XHVWR SURGRWWR q LQ JUDGR GL PRVWUDUH OH SUHYLVLRQL
PHWHRURORJLFKH SHU OH VXFFHVVLYH RUH HQWUR XQ
UDJJLRGLNPFRQXQDSUHFLVLRQHGHO
6HUHQR
,03267$=,21(0$18$/('(//¶25$
3HULPSRVWDUHO¶RUDPDQXDOPHQWHGLVDWWLYDUHSULPDOD 3DU]LDOPHQWHQXYRORVR
ULFH]LRQHGHOVHJQDOH
7HQHUHSUHPXWR02'(
3UHPHUH R SHUPRGL¿FDUHOHLPSRVWD]LRQL 1XYRORVR
3UHPHUH02'(SHUFRQIHUPDUH
/¶RUGLQH GHOOH LPSRVWD]LRQL q WLPH ]RQH IRUPDWR
3LRJJLD
RUDRUDPLQXWRDQQRPRGDOLWjFDOHQGDULR
JLRUQR ± PHVH PHVH ± JLRUQR PHVH JLRUQR H
OLQJXD
1HYH
%$5/DGLIIHUHQ]DGLIXVRRUDULRLPSRVWDO¶RURORJLR
DRUHGDOO¶RUDGHOVHJQDOHULFHYXWR
,7
7(03(5$785$(80,',7¬ SROYHUHWHPSHUDWXUDRDXPLGLWj
1RQ RWWXUDUH L IRUL GL DHUD]LRQH FRQ RJJHWWL FRPH
6HOH]LRQHGHOOHXQLWjGLPLVXUDGHOODWHPSHUDWXUD
JLRUQDOLWHQGHHWF
3UHPHUH&) 1RQ LPPHUJHUH O¶XQLWj LQ DFTXD 6H VL YHUVD GHO
$WWLYD]LRQHGHOODULFHUFDDXWRPDWLFDWUDLVHQVRUL OLTXLGR VXO SURGRWWR DVFLXJDUOR LPPHGLDWDPHQWH
7HQHUH SUHPXWR 0(0 SHU YLVXDOL]]DUH L GDWL GL FRQXQSDQQRPRUELGRHOLVFLR
FLDVFXQVHQVRUHSHUVHFRQGL 1RQSXOLUHO¶XQLWjFRQPDWHULDOLDEUDVLYLRFRUURVLYL
3HUWHUPLQDUHSUHPHUH 1RQ PDQRPHWWHUH L FRPSRQHQWL LQWHUQL ,Q TXHVWR
$OWHUQDQ]D GHOOH ULOHYD]LRQL DWWXDOH PLQLPD H PRGRVLLQYDOLGDODJDUDQ]LD
PDVVLPDGHOVHQVRUHVHOH]LRQDWR 8WLOL]]DUH VROR EDWWHULH QXRYH 1RQ PHVFRODUH
3UHPHUHULSHWXWDPHQWH0(0 EDWWHULHQXRYHFRQEDWWHULHYHFFKLH
/HLPPDJLQLGHOPDQXDOHSRVVRQRGLIIHULUHGDOODUHDOWj
&DQFHOOD]LRQHGHOOHULOHYD]LRQL
$O PRPHQWR GHOOR VPDOWLPHQWR GHO SURGRWWR
7HQHUHSUHPXWR0(0 XWLOL]]DUHODUDFFROWDGLIIHUHQ]LDWD
2UHJRQ 6FLHQWL¿F GHFOLQD RJQL UHVSRQVDELOLWj
$//$50(5,6&+,2*(/$7( SHU HYHQWXDOL GDQQL DOOH ¿QLWXUH FDXVDWL GDO
6H OD WHPSHUDWXUD ULOHYDWD GDO VHQVRUH SRVL]LRQDWR SRVL]LRQDPHQWR GHO SURGRWWR VX GHWHUPLQDWL WLSL GL
VXO FDQDOH VFHQGH WUD L & H L & O¶LQGLFDWRUH OHJQR&RQVXOWDUHOHLVWUX]LRQLIRUQLWHGDOIDEEULFDQWH
/(' ODPSHJJLD H VPHWWHUj GL ODPSHJJLDUH TXDQGR OD GHOPRELOHSHUXOWHULRULLQIRUPD]LRQL
WHPSHUDWXUDVDUjXVFLWDGDTXHVWDIDVFLD ,O FRQWHQXWR GL TXHVWR PDQXDOH QRQ SXz HVVHUH
ULVWDPSDWRVHQ]DO¶DXWRUL]]D]LRQHGHOIDEEULFDQWH
5(752,//80,1$=,21( 1RQ VPDOWLUH OH EDWWHULH YHFFKLH FRPH UL¿XWR QRQ
3UHPHUH /,*+7 SHU DWWLYDUH OD UHWURLOOXPLQD]LRQH SHU GLIIHUHQ]LDWR Ê QHFHVVDULR FKH TXHVWR SURGRWWR
VHFRQGL YHQJD VPDOWLWR PHGLDQWH UDFFROWD GLIIHUHQ]LDWD SHU
HVVHUHWUDWWDWRLQPRGRSDUWLFRODUH
)81=,21(5(6(7 $OFXQHXQLWjVRQRGRWDWHGLXQDVWULVFLDGLVLFXUH]]D
SHU OH EDWWHULH 5LPXRYHUH OD VWULVFLD GDO YDQR
3UHPHUH 5(6(7 SHU ULSULVWLQDUH OH LPSRVWD]LRQL EDWWHULHSULPDGHOSULPRXWLOL]]R
SUHGH¿QLWHGHOO¶XQLWj
127$/HVSHFL¿FKHWHFQLFKHGHOSURGRWWRHLOFRQWHQXWR
35(&$8=,21, GHO PDQXDOH SHU O¶XWHQWH SRVVRQR HVVHUH PRGL¿FDWL
VHQ]DSUHDYYLVR
1RQ VRWWRSRUUH LO SURGRWWR D IRU]D HFFHVVLYD XUWL
1/
:HHUVWDWLRQPHW$WRRPWLMG
0RGHO%$5%$5$
+$1'/(,',1*
,1+28'
2YHU]LFKW
9RRUNDQW
$FKWHUNDQW
%XLWHQVHQVRU
6WDUWHQ
3ODDWV'H%DWWLHULMHQ
%XLWHQVHQVRU
6HQVRU*HJHYHQV9HU]HQGLQJ
.ORN
.ORNRQWYDQJVW
.ORN+DQGPDWLJ,QVWHOOHQ
:HHUVYHUZDFKWLQJ
7HPSHUDWXXUHQ9RFKWLJKHLG
9RUVWZDDUVFKXZLQJ
6FKHUPYHUOLFKWLQJ
5HVHW
:DDUVFKXZLQJHQ
6SHFL¿FDWLHV
2YHU2UHJRQ6FLHQWL¿F
(89HUNODULQJYDQ&RQIRUPLWHLW
1/
:HHUVWDWLRQPHW$WRRPWLMG
0RGHO%$5%$5$
+$1'/(,',1*
,1+28'
2YHU]LFKW
9RRUNDQW
$FKWHUNDQW
%XLWHQVHQVRU
6WDUWHQ
3ODDWV'H%DWWLHULMHQ
%XLWHQVHQVRU
6HQVRU*HJHYHQV9HU]HQGLQJ
.ORN
.ORNRQWYDQJVW
.ORN+DQGPDWLJ,QVWHOOHQ
:HHUVYHUZDFKWLQJ
7HPSHUDWXXUHQ9RFKWLJKHLG
9RUVWZDDUVFKXZLQJ
6FKHUPYHUOLFKWLQJ
5HVHW
:DDUVFKXZLQJHQ
6SHFL¿FDWLHV
2YHU2UHJRQ6FLHQWL¿F
(89HUNODULQJYDQ&RQIRUPLWHLW
1/
$&+7(5.$17),*
2QWYDQJVWLQGLFDWRUEXLWHQVHQVRU
%LQQHQWHPSHUDWXXU
%LQQHQYRFKWLJKHLG
2QWYDQJVWLQGLFDWRUYDQNORNVLJQDDO
02'(,QVWHOOLQJHQ6FKHUP$DQSDVVHQ
/,*+7$FWLYHHUVFKHUPYHUOLFKWLQJYRRUVHFRQGHQ
1/
&)7HPSHUDWXXUHHQKHLG6HOHFWHUHQ 3ODDWV GH EDWWHULMHQ YROJHQV GH DDQJHJHYHQ
5(6(7 +HW DSSDUDDW WHUXJ]HWWHQ RS SRODULWHLW=LH),*
VWDQGDDUGLQVWHOOLQJHQ 'UXN DOWLMG RS 5(6(7 ZDQQHHU X GH EDWWHULMHQ
(8 8. 6HOHFWHHU GLFKWVWELM]LMQGH NORNVLJQDDO YHUYDQJHQKHHIW
DOOHHQ%$5
/2&$7,( %(7(.(1,6
%DWWHULMYDQKHW
%8,7(16(1625),* .ORN$ODUP
DSSDUDDW]ZDN
%XLWHQWHPSHUDWXXUHQ
%DWWHULMVHQVRU]ZDN
YRFKWLJKHLGVYDN
%8,7(16(1625
+HW DSSDUDDW NDQ JHJHYHQV YHU]DPHOHQ YDQ WRW
VHQVRUHQ
2PGHVHQVRULQWHVWHOOHQ
2SHQKHWEDWWHULMYDN=LH),*
6HOHFWHHUHHQNDQDDOHQGUXNRS5(6(7
6OXLWKHWEDWWHULMYDN
3ODDWV GH VHQVRU ELQQHQ P IW YDQ KHW
6WDWXVLQGLFDWRU/(' EDVLVVWDWLRQ GRRU PLGGHO YDQ WDIHOVWDQGDDUG RI
0XXUEHYHVWLJLQJVJDW PXXUEHYHVWLJLQJ
%DWWHULMYDN
5(6(7JDW 7,3 'H LGHDOH SOHN YRRU QDXZNHXULJH PHWLQJHQ YDQ
.$1$$/VFKDNHODDU GHVHQVRU]RXHHQORFDWLHEXLWHQVKXLVRSHHQKRRJWH
YDQ QLHW PHHU GDQ DQGHUKDOYH PHWHU ]LMQ ZDDU JHHQ
67$57(1 QHJDWLHYH LQYORHG YDQ GLUHFW ]RQOLFKW RI RYHUYORHGLJH
YRFKWLJKHLGLV
3/$$76'(%$77(5,-(1
9HUZLMGHUKHWNOHSMHYDQKHWEDWWHULMYDN
1/
,&221 %(6&+5,-9,1*
+HWDSSDUDDW]RHNW
VHQVRUHQ
.DQDDOJHYRQGHQ
'HVHQVRUNDQQLHW
JHYRQGHQZRUGHQ
./2.
1%:LMUDGHQXDDQDONDOLQHEDWWHULMHQWHJHEUXLNHQYRRU ./2.2179$1*67
ODQJGXULJJHEUXLNHQOLWKLXPEDWWHULMHQELMWHPSHUDWXUHQ 'LW SURGXFW LV RQWZRUSHQ RP ]LMQ NORN DXWRPDWLVFK WH
RQGHUKHWYULHVSXQW V\QFKURQLVHUHQGRRUPLGGHOYDQHHQNORNVLJQDDO
%$5
6(1625*(*(9(169(5=(1',1* 6FKXLI GH (8 8. VFKDNHODDU QDDU KHW WH RQWYDQJHQ
VLJQDDO
2PHHQVHQVRUWH]RHNHQ
+RXG 02'(LQJHGUXNW (8'&)VLJQDDOELQQHQNPPLMOYDQ
+HWVHQVRURQWYDQJVWLFRRQLQKHWEXLWHQVHQVRUYDNJHHIW )UDQNIXUW'XLWVODQG
GHVWDWXVZHHU 8.06)VLJQDDOELQQHQNPPLMOYDQ
$QWKRUQ(QJHODQG
%$5$
::9%VLJQDDOELQQHQNPPLMOYDQ
)RUW&ROOLQV&RORUDGR96
1/
2PVLJQDDORQWYDQJVWDDQXLWWH]HWWHQ %$5$ 6HOHFWHHU GH WLMG]RQH 3 :HVWNXVW (
+RXG LQJHGUXNWRPVLJQDDORQWYDQJVWDDQWH]HWWHQRI 2RVWNXVW&&HQWUDDORI0*HEHUJWH
RPKHWXLWWH]HWWHQ
1% 'H EHVFKLNEDUH WDOHQ ]LMQ (QJHOV ( 'XLWV '
1% 6\QFKURQLVDWLH NDQ PLQXWHQ GXUHQ$OV KHW
)UDQV),WDOLDDQV,HQ6SDDQV6
VLJQDDO]ZDNLVNDQKHWWRWXXUGXUHQRPHHQJHOGLJ
VLJQDDO WH RQWYDQJHQ ,QGLHQ JHHQ VLJQDDO JHYRQGHQ 2PGHZHHUJDYHPRGXVWHVHOHFWHUHQ
ZRUGW ]HW KHW DSSDUDDW GDQ ELM HHQ UDDP HQ KRXG 'UXN02'(RPWHNLH]HQWXVVHQZHHUJDYHYDQNORNPHW
LQJHGUXNWRPKHW]RHNHQQDDUHHQVLJQDDOWHIRUFHUHQ VHFRQGHQZHHNGDJNDOHQGHU
2QWYDQJVWLQGLFDWRUYDQNORNVLJQDDO
:((569(5:$&+7,1*
67(5. =:$. *((1 'LW SURGXFW YRRUVSHOW GH YROJHQGH WRW XXU ZHHU
6,*1$$/ 6,*1$$/ 6,*1$$/ LQ HHQ VWUDDO YDQ NP PLMO PHW HHQ
QDXZNHXULJKHLGYDQ
=RQQLJ
./2.+$1'0$7,*,167(//(1 +DOI%HZRONW
2P GH NORN KDQGPDWLJ LQ WH VWHOOHQ PRHW X HHUVW
VLJQDDORQWYDQJVWXLW]HWWHQ
%HZRONW
+RXG02'(LQJHGUXNW
'UXN RI RPGHLQVWHOOLQJHQWHZLM]LJHQ
'UXNRS02'(RPWHEHYHVWLJHQ
5HJHQDFKWLJ
'HYROJRUGHYDQLQVWHOOLQJHQLVWLMG]RQHXXU
IRUPDDWXUHQPLQXWHQMDDUNDOHQGHUPRGXVGDJ±
PDDQGPDDQG±GDJPDDQGGDJHQWDDO
6QHHXZ
%$5'HWLMG]RQHVWHOWGHNORNLQRSWRWXXU
YDQKHWRQWYDQJHQNORNVLJQDDO
1/
7(03(5$7885(192&+7,*+(,' :$$56&+8:,1*(1
2PGHWHPSHUDWXXUHHQKHLGLQWHVWHOOHQ 6WHO KHW DSSDUDDW QLHW EORRW DDQ H[WUHPH NODSSHQ
'UXN&) VFKRNNHQVWRIWHPSHUDWXXURIYRFKWLJKHLG
'HNGHYHQWLODWLHJDWHQQLHWDIPHWNUDQWHQJRUGLMQHQ
2P DXWRPDWLVFK GRRU GH VHQVRUHQ WH VFKDNHOHQ HWF
DXWRVFDQ 'RPSHOKHWSURGXFWQRRLWRQGHULQZDWHU$OVXZDWHU
+RXG 0(0 LQJHGUXNW RP GH JHJHYHQV YDQ HONH RYHUKHWDSSDUDDWPRUVWGURRJKHWGDQRQPLGGHOOLMN
VHQVRUVHFRQGHQZHHUWHJHYHQ DIPHWHHQ]DFKWHVWRIYULMHGRHN
+RXG LQJHGUXNWRPWHVWRSSHQ 5HLQLJKHWDSSDUDDWQLHWPHWNUDVVHQGHRIELMWHQGH
PDWHULDOHQ
2PWHNLH]HQWXVVHQKXLGLJHPLQLPXPHQPD[LPXP
/DDWGHLQWHUQHFRPSRQHQWHQPHWUXVW$QGHUVNDQ
JHJHYHQVYDQGHJHVHOHFWHHUGHVHQVRU
GLWGHJDUDQWLHEHwQYORHGHQ
'UXNKHUKDDOGHOLMNRS0(0 *HEUXLN DOOHHQ QLHXZH EDWWHULMHQ *HEUXLN QRRLW
2PGHJHJHYHQVWHZLVVHQ RXGHHQQLHXZHEDWWHULMHQGRRUHONDDU
'H LQ GH]H KDQGOHLGLQJ ZHHUJHJHYHQ SODDWMHV
+RXG0(0LQJHGUXNW
NXQQHQDIZLMNHQYDQGHZHUNHOLMNKHLG
:DQQHHU X GLW SURGXFW ZHJ JRRLW ]RUJ GDQ GDW
92567:$$56&+8:,1* KHW RSJHKDDOG ZRUGW GRRU GH GDDUYRRU EHVWHPGH
$OVGHVHQVRURSNDQDDOWXVVHQGH&WRW±&) DIYDOGLHQVW
WRW ) NRPW ]DO GH LQGLFDWRU/(' JDDQ NQLSSHUHQ 'LWSURGXFWNDQHYHQWXHHOVFKDGHYHURRU]DNHQDDQGH
HQKLM]DOZHHUVWRSSHQZDQQHHUGHWHPSHUDWXXUZHHU ODNODDJYDQEHSDDOGHKRXWVRRUWHQ2UHJRQ6FLHQWL¿F
EXLWHQGH]H]RQHJDDW LVKLHUYRRUQLHWDDQVSUDNHOLMN/HHVGHLQVWUXFWLHVYDQ
GHIDEULNDQWYDQKHWPHXEHOYRRUPHHULQIRUPDWLH
'HLQKRXGYDQGH]HKDQGOHLGLQJPDJQLHWZRUGHQ
6&+(509(5/,&+7,1*
YHUPHQLJYXOGLJG ]RQGHU WRHVWHPPLQJ YDQ GH
'UXN /,*+7 RP GH VFKHUPYHUOLFKWLQJ JHGXUHQGH IDEULNDQW
VHFRQGHQWHDFWLYHUHQ *RRL OHJH EDWWHULMHQ QLHW ELM KHW KXLVYXLO 'HUJHOLMN
DIYDOPRHWJHVFKHLGHQYHUZHUNWZRUGHQ
5(6(7 /HW RS VRPPLJH DSSDUDWHQ ]LMQ YRRU]LHQ YDQ HHQ
EDWWHULMVWULS9HUZLMGHUGH]HVWULSXLWKHWEDWWHULMYDN
'UXN 5(6(7 RP GH VWDQGDDUGLQVWHOOLQJHQ WH DOYRUHQVKHWDSSDUDDWWHJHEUXLNHQ
JHEUXLNHQ
1/
1%'HWHFKQLVFKHVSHFL¿FDWLHVYDQGLWSURGXFWHQGH 29(525(*216&,(17,),&
LQKRXG YDQ GH KDQGOHLGLQJ ]LMQ ]RQGHU YRRUDIJDDQGH
ZDDUVFKXZLQJDDQYHUDQGHULQJHQRQGHUKHYLJ %H]RHN RQ]H ZHEVLWH ZZZRUHJRQVFLHQWL¿FFRP RP
PHHU WH ZHWHQ RYHU XZ QLHXZH SURGXFW HQ DQGHUH
2UHJRQ6FLHQWL¿FSURGXFWHQ]RDOVGLJLWDOHIRWRWRHVWHOOHQ
63(&,),&$7,(6 JH]RQGKHLGVHQ ILWQHVVXLWUXVWLQJ HQ ZHHUVWDWLRQV
2S GH]H ZHEVLWH YLQGW X WHYHQV GH LQIRUPDWLH RYHU
7<3( %(6&+5,-9,1*
RQ]H NODQWHQGLHQVW YRRU KHW JHYDO X RQV ZHQVW WH
%$6,667$7,21 FRQWDFWHUHQ
[[PP
/[%[+
[[LQ
JR]]RQGHU (89(5./$5,1*9$1&21)250,7(,7
*HZLFKW
EDWWHULM %LMGH]HYHUNODDUW2UHJRQ6FLHQWL¿FGDWGH]H:HHUVWDWLRQ
&WRW& PHW $WRRPWLMG 0RGHO %$5 %$5$ YROGRHW
7HPSHUDWXXUEHUHLN
)WRW) DDQ GH HVVHQWLsOH HLVHQ HQ DDQ GH RYHULJH UHOHYDQWH
5HVROXWLH &) EHSDOLQJHQ YDQ 5LFKWOLMQ (& (HQ NRSLH YDQ
GH JHWHNHQGH HQ JHGDWHHUGH &RQIRUPLWHLWV YHUNODULQJ
6LJQDDOIUHTXHQWLH 0+]
LV RS YHU]RHN EHVFKLNEDDU YLD RQ]H 2UHJRQ 6FLHQWL¿F
9RFKWLJKHLGVEHUHLN NODQWHQVHUYLFH
5HVROXWLHYRFKWLJKHLG
[80$$9
9RHGLQJ
EDWWHULMHQ
%8,7(16(16257+11
/$1'(1',(=,-121'(5:253(1$$1577 (
[[PP
/[%[+ $OOH(8ODQGHQ=ZLWVHUODQG&+
[[LQ
*HZLFKW JRXQFHV HQ1RRUZHJHQ1
=HQGEHUHLN PIWLQRSHQUXLPWH
&WRW&
7HPSHUDWXXUEHUHLN
)WRW)
[80$$9
9RHGLQJ
EDWWHULMHQ
325
(VWDomRGHSUHYLVmRGRWHPSR
FRPUHOyJLRDW{PLFR
0RGHOR%$5%$5$
0$18$/'2868È5,2
Ë1',&(
9LVmR*HUDO
9LVWD)URQWDO
9LVWD7UDVHLUD
6HQVRU5HPRWR
3ULPHLURV3DVVRV
,QVHUomR'H3LOKDV
6HQVRU5HPRWR
7UDQVPLVVmR'H'DGRV'R6HQVRU
5HOyJLR
5HFHSomRGRUHOyJLR
$MXVWH0DQXDO'R5HOyJLR
3UHYLVmRGRWHPSR
7HPSHUDWXUDHXPLGDGH
$YLVR'H*HOR
/X]GHIXQGR
5HVHW
3UHFDXo}HV
(VSHFL¿FDo}HV
6REUHD2UHJRQ6FLHQWL¿F
'HFODUDomRGHFRQIRUPLGDGHGD8(
325
9,67$75$6(,5$),*
,QGLFDGRUGHUHFHSomRGRVHQVRUUHPRWR
7HPSHUDWXUDLQWHUQD
8PLGDGHLQWHUQD
,QGLFDGRUGHUHFHSomRGRVLQDOGRUHOyJLR
02'($OWHUDRVDMXVWHVGLVSOD\
/,*+7$WLYDDOX]GHIXQGRSRUVHJXQGRV
325
&)VHOHFLRQDDXQLGDGHGHWHPSHUDWXUD ,QVLUD DV SLOKDV ID]HQGR D FRUUHVSRQGrQFLD GDV
5(6(7 UHWRUQD D XQLGDGH DRV YDORUHV GH DMXVWH SRODULGDGHVFRQVXOWHD),*
SDGUmR 3UHVVLRQH5(6(7DSyVDWURFDGDSLOKD
(8 8. VHOHFLRQD R VLQDO GH UiGLR PDLV SUy[LPR
/2&$/ 6,*1,),&$'2
%$5DSHQDV
ÈUHDGRUHOyJLRDODUPH 3LOKDVGDXQLGDGH
HWHPSHUDWXUDLQWHUQD SULQFLSDOIUDFDV
6(16255(0272),*
ÈUHDGHWHPSHUDWXUD
3LOKDVGRVHQVRUIUDFDV
H[WHUQD
6(16255(0272
$ XQLGDGH SULQFLSDO SRGH FROHWDU GDGRV GH DWp
VHQVRUHV
3DUDDMXVWDURVHQVRU
$EUDRFRPSDUWLPHQWRGHSLOKDVFRQVXOWHD),*
6HOHFLRQHXPFDQDOHSUHVVLRQH5(6(7
)HFKHDWDPSDGRFRPSDUWLPHQWRGHSLOKDV
3RVLFLRQH R VHQVRU D XPD GLVWkQFLD GH P
SpVGDXQLGDGHSULQFLSDOXVDQGRDEDVHGHPHVD
,QGLFDGRU/('GHVWDWXV RXPRQWDJHPHPSDUHGH
2ULItFLRSDUDPRQWDJHPHPSDUHGH
&RPSDUWLPHQWRGHSLOKDV ',&$$SRVLomRLGHDOGRVHQVRUVHULDTXDOTXHUORFDOQR
2ULItFLRGH5(6(7 H[WHULRUGDFDVDDXPDDOWXUDQmRVXSHULRUDP
,QWHUUXSWRU&+$11(/ SpVHTXHSRVVD¿FDUSURWHJLGRGDOX]GLUHWDGRVRORX
GDVFRQGLo}HVGHXPLGDGHSDUDXPDOHLWXUDH[DWD
35,0(,5263$6626
,16(5d2'(3,/+$6
5HPRYDDWDPSDGRFRPSDUWLPHQWRGHSLOKDV
325
Ë&21( '(6&5,d2
$XQLGDGHSULQFLSDO
HVWiSHVTXLVDQGRRV
VHQVRUHV
8PFDQDOIRLORFDOL]DGR
2VHQVRUQmRS{GHVHU
ORFDOL]DGR
',&$$IDL[DGHWUDQVPLVVmRSRGHYDULDUGHSHQGHQGR
GHPXLWRVIDWRUHV9RFrSRGHSUHFLVDUWHVWDUHPYiULRV
ORFDLVSDUDREWHURVPHOKRUHVUHVXOWDGRV
5(/Ï*,2
127$8VHSLOKDVDOFDOLQDVSDUDXPPDLRUWHPSRGH 5(&(3d2'25(/Ï*,2
XVR H EDWHULDV GH OtWLR FRQVXPtYHLV HP WHPSHUDWXUDV (VWHSURGXWRIRLSURMHWDGRSDUDVLQFURQL]DUVHXUHOyJLR
DEDL[RGRQtYHOGHFRQJHODPHQWR DXWRPDWLFDPHQWHFRPXPVLQDOGRUHOyJLR
%$5
75$160,662'('$'26'26(1625 'HVOL]H(88.SDUDVHOHFLRQDURVLQDOUHFHELGR
(86LQDO'&)GHQWURGHNPPLOKDV
3DUDSHVTXLVDUXPVHQVRU
GH)UDQNIXUW$OHPDQKD
3UHVVLRQHHVHJXUH 02'(
8.6LQDO06)GHQWURGHNPPLOKDV
2tFRQHGHUHFHSomRGRVHQVRUQDiUHDGRVHQVRUUHPRWR
GH$QWKRUQ,QJODWHUUD
PRVWUDRVWDWXV
%$5$
6LQDO::9%GHQWURGHNPPLOKDV
GH)RUW&ROOLQV&RORUDGR
325
3DUDDWLYDUGHVDWLYDUDUHFHSomRGRVLQDO 127$$VRSo}HVGHLGLRPDVmR,QJOrV($OHPmR'
3UHVVLRQHHVHJXUH SDUDDWLYDURX SDUDGHVDWLYDU )UDQFrV),WDOLDQR,H(VSDQKRO6
DUHFHSomRGRVLQDO 3DUDVHOHFLRQDURPRGRGHH[LELomR
127$$UHFHSomROHYDGHDPLQXWRV6HRVLQDO 3UHVVLRQH 02'( SDUD HVFROKHU HQWUH UHOyJLR FRP
HVWLYHUIUDFRSRGHUiOHYDUDWpKRUDVSDUDREWHUXP VHJXQGRVGLDVGDVHPDQDFDOHQGiULR
VLQDOYiOLGR6HDUHFHSomRGRVLQDOQmRIRUEHPVXFHGLGD
FRORTXHVXDXQLGDGHDRODGRGHXPDMDQHODSUHVVLRQHH
35(9,62'27(032
VHJXUH SDUDIRUoDURXWUDEXVFDGHVLQDO
(VWHSURGXWRID]SUHYLV}HVGRWHPSRSDUDDVSUy[LPDV
,QGLFDGRUGHUHFHSomRGRVLQDOGRUHOyJLR
DKRUDVHPXPUDLRGHDNPDPLOKDV
6,1$/ 6,1$/ 1(1+80 FRPXPDSUHFLVmRGH
)257( )5$&2 6,1$/
(QVRODUDGR
3DUFLDOPHQWHQXEODGR
$-867(0$18$/'25(/Ï*,2
3DUDDMXVWDURUHOyJLRPDQXDOPHQWHGHVDWLYHSULPHLUR
DUHFHSomRGRVLQDO 1XEODGR
3UHVVLRQHHVHJXUH02'(
3UHVVLRQH RX SDUDDOWHUDURVDMXVWHV &KXYRVR
3UHVVLRQH02'(SDUDFRQ¿UPDU
$RUGHPGHDMXVWHpIXVRKRUiULRIRUPDWRGH
KRUDV KRUD PLQXWR DQR PRGR FDOHQGiULR GLD
1HYRVR
PrVPrVGLDPrVGLDHLGLRPD
%$5RGHVORFDPHQWRGRIXVRKRUiULRID]XPDMXVWH
HPKRUDVFRPEDVHQDKRUDGRVLQDOGRUHOyJLR
UHFHELGR 7(03(5$785$(80,'$'(
%$5$ VHOHFLRQH R IXVR KRUiULR 3 3DFt¿FR ( 3DUDDOWHUQDUDXQLGDGHGHWHPSHUDWXUD
/HVWH&&HQWUDORX00RQWDQKDV 3UHVVLRQH&)
325
6:(
6WDWLRQPHGYlGHUSURJQRVRFK
UDGLRNRQWUROOHUDGNORFND
0RGHOO%$5%$5$
%58.6$19,61,1*
,11(+c//
3URGXNW|YHUVLNW
9\)UDPVLGD
9\%DNVLGD
)MlUUVHQVRU
$WW.RPPD,JnQJ
6lWWLEDWWHULHU
7UnGO|VVHQVRU
6HQVRU'DWD|YHUI|ULQJ
.ORFND
.ORFNPRWWDJQLQJ
0DQXHOOLQVWlOOQLQJDYNORFNDQ
9lGHUSURJQRV
7HPSHUDWXURFKOXIWIXNWLJKHW
+DONYDUQLQJ
%DNJUXQGVEHO\VQLQJ
5HVHW
)|UVLNWLJKHWVnWJlUGHU
6SHFL¿NDWLRQHU
2P2UHJRQ6FLHQWL¿F
(8I|UVlNUDQRPgYHUHQVVWlPPHOVH
6:(
9<%$.6,'$),*
0RWWDJQLQJVLQGLNDWRUI|UIMlUUVHQVRU
,QRPKXVWHPSHUDWXU
,QRPKXVOXIWIXNWLJKHW
,QGLNDWRUI|UUDGLRPRWWDJQLQJVVLJQDO
02'(bQGUDGLVSOD\LQVWlOOQLQJDU
/,*+7$NWLYHUDUEDNJUXQGVEHO\VQLQJLVHNXQGHU
6:(
&)9lOMWHPSHUDWXUHQKHW
3/$&(5,1* )g5./$5,1*
5(6(7cWHUVWlOOHQKHWHQWLOOIDEULNVLQVWlOOQLQJ
(88.9lOMQlUPVWDUDGLRVLJQDOHQGDVW%$5 .ORFNDDODUPRFKLQRPKXV %DWWHULHUVYDJDL
WHPSHUDWXURPUnGH KXYXGHQKHW
)-b556(1625),* 6HQVRUEDWWHULHU
8WRPKXVWHPSHUDWXURPUnGH
VYDJD
75c'/g66(1625
+XYXGHQKHWHQ NDQ VDPOD LQ GDWD IUnQ XSS WLOO
VHQVRUHU
$WWVWlOODLQVHQVRUQ
gSSQDEDWWHULIDFNHWVH¿JXU
9lOMHQNDQDORFKWU\FNVHGDQ5(6(7
6WlQJEDWWHULOXFNDQ
3ODFHUD VHQVRUQ LQRP P IUnQ KXYXGHQKHWHQ
JHQRPDWWDQYlQGDYlJJPRQWHULQJHOOHUERUGVVWDWLY
/('LQGLNDWRU 7,36 %lVWD SODFHULQJ I|U VHQVRUQ lU Sn HQ SODWV HM
9lJJPRQWHULQJVKnO K|JUHlQPRFKVRPlUVN\GGDGIUnQGLUHNWVROOMXV
%DWWHULIDFN RFKUHJQ'HWWDI|UElVWDPlWQRJJUDQQKHW
5(6(7NQDSS
.DQDORPNRSSODUH
$77.200$,*c1*
6b77,%$77(5,(5
gSSQDEDWWHULOXFNDQ
6H WLOO DWW EDWWHULHUQD VlWWV LQ PHG UlWW SRODULWHW VH
¿JXU
7U\FN5(6(7HIWHUYDUMHEDWWHULE\WH
6:(
,.21 %(6.5,91,1*
+XYXGHQKHWHQV|NHUHIWHU
IMlUUHQKHWHU
(QNDQDOKDUKLWWDWV
)MlUUHQKHWHQNDQLQWH
KLWWDV
7,366lQGQLQJVUlFNYLGGHQNDQYDULHUDEHURHQGHSn
PnQJDIDNWRUHU'XNDQEHK|YDH[SHULPHQWHUDPHGROLND
SODWVHUI|UDWWHUKnOODGHWElVWDUHVXOWDWHW
./2&.$
./2&.0277$*1,1*
127(5$ $QYlQG DONDOLVND EDWWHULHU I|U OlQJUH
OLYVOlQJG RFK OLWKLXPEDWWHULHU YLG WHPSHUDWXUHU XQGHU 'HQQDSURGXNWlUJMRUGI|UDWWDXWRPDWLVNWV\QNURQLVHUD
IU\VSXQNWHQ NORFNDQQlUGHQWDUHPRWHQNORFNVLJQDO
%$5
6WlOO(88.I|UDWWYlOMD|QVNDGVLJQDO
6(1625'$7$g9(5)g5,1* (8'&)VLJQDOLQRPNPIUnQ)UDQNIXUW
)|UDWWOHWDHIWHUHQVHQVRU 7\VNODQG
7U\FNRFKKnOOLQQH 02'( 8.06)VLJQDOLQRPNPIUnQ$QWKRUQ
0RWWDJQLQJVLNRQHQ VRP YLVDV L VHQVRURPUnGHW YLVDU (QJODQG
VWDWXVHQ
%$5$
::9% VLJQDO LQRP NP IUnQ )RUW &ROOLQV
&RORUDGR
6:(
$WWDNWLYHUDDYDNWLYHUDUDGLRVLJQDOPRWWDJQLQJ 127(5$7LOOJlQJOLJDVSUnNlU(QJHOVND(7\VND'
7U\FN RFK KnOO LQQH I|U DWW DNWLYHUD HOOHU I|U DWW )UDQVND),WDOLHQVND,RFK6SDQVND6
DYDNWLYHUDVLJQDOPRWWDJQLQJ
9b'(5352*126
127(5$0RWWDJQLQJWDUPLQXWHU2PVLJQDOHQlU
VYDJNDQGHWWDXSSWLOOWLPPDUI|UHQKHWHQDWWInNRQWDNW 'HQQDSURGXNWI|UXWVSnUYlGUHWI|UGHNRPPDQGHWLOO
PHG VLJQDOHQ 2P VLJQDOPRWWDJQLQJHQ lU RWLOOUlFNOLJ WLPPDUQDLQRPHQ²NP±PLOHVUDGLH
SODFHUDHQKHWHQLQlUKHWHQDYHWWI|QVWHUWU\FNRFKKnOO PHGQRJJUDQQKHW
LQQH I|UDWWIUDPWYLQJD\WWHUOLJDUHHQVLJQDOV|NQLQJ
,QGLNDWRUI|UUDGLRPRWWDJQLQJVVLJQDO 6ROLJW
67$5. 69$* ,1*(1
6,*1$/ 6,*1$/ 6,*1$/
+DOYNODUW
0ROQ
0$18(//,167b//1,1*$9./2&.$1 5HJQ
$YDNWLYHUD UDGLRPRWWDJQLQJHQ LQQDQ PDQXHOO
LQVWlOOQLQJ
6Q|
7U\FNRFKKnOOLQQH02'(
7U\FN HOOHU I|UDWWlQGUDLQVWlOOQLQJDUQD
7U\FN02'(I|UDWWEHNUlIWD
2UGQLQJHQ I|U LQVWlOOQLQJDUQD lU WLGV]RQ 7(03(5$7852&+/8)7)8.7,*+(7
WLP IRUPDW WLPPH PLQXW nU GDWXP PRGH GDJ ± )|UDWWYl[ODWHPSHUDWXUHQKHW
PnQDGPnQDG±GDJPnQDGGDJRFKVSUnNIUnQ 7U\FN&)
GHQPRWWDJQDNORFNVLJQDOHQ )|UDWWDXWRPDWLVNWYl[ODPHOODQVHQVRUHU
%$5$9lOMWLGV]RQHQ33DFL¿F((DVWHUQ& 7U\FNRFKKnOOLQQH 0(0I|UDWWYLVDYDUMHVHQVRUV
&HQWUDOHOOHU00RXQWDLQ GDWDLV
6:(
&WLOO&)WLOO
7HPSHUDWXURPUnGH
)
[80$$9
'ULIW
EDWWHUL
2025(*216&,(17,),&
%HV|N YnU KHPVLGD ZZZRUHJRQVFLHQWLILFVH I|U /b1'(562020)$77$6$9577(',5(.7,9(7
DWW VH PHU DY YnUD SURGXNWHU VnVRP GLJLWDONDPHURU $OODOlQGHULQRP(86FKZHL]&+
03 VSHODUH SURMHNWLRQVNORFNRU KlOVRSURGXNWHU
YlGHUVWDWLRQHU'(&7WHOHIRQHURFKNRQIHUHQVWHOHIRQHU RFK1RUJH1
+HPVLGDQLQQHKnOOHURFNVnLQIRUPDWLRQI|UYnUDNXQGHUL
GHIDOOQLEHK|YHUWDNRQWDNWPHGRVVHOOHUEHK|YHUODGGD
QHULQIRUPDWLRQ
(1
2UHJRQ6FLHQWL¿F$OOULJKWVUHVHUYHG
31/VDPSOH