Manuale multilingua Starlight pro 2

Transcription

Manuale multilingua Starlight pro 2
IT
EN
DE
FR
Û Manuale d’uso e manutenzione
Û Use and maintenance manual
Û Gebrauchs- und Wartungshandbuch
Û Mode d’emploi et d‘entretien
Û Manual de uso y mantenimiento
Û Use and maintenance manual - US Market
starlight pro
ES
US
6RPPDULR
,QWURGX]LRQH 3UHPHVVD 'HVFUL]LRQHGHOO¶DSSDUHFFKLR 'HVWLQD]LRQHG¶XVR 3UHVFUL]LRQLGLVLFXUH]]D 'DWLGLLGHQWL¿FD]LRQH 'DWLDQDJUD¿FL 7DUJDGLLGHQWL¿FD]LRQHVWD]LRQHGLULFDULFD 7DUJDLGHQWL¿FD]LRQHPDQLSROR6WDUOLJKWSUR &ROODXGR &ROODXGRGHOO¶DSSDUHFFKLR &RQVHJQD &RQVHJQDGHOO¶DSSDUHFFKLR /LVWDPDWHULDOHLQGRWD]LRQHVWDQGDUG ,QVWDOOD]LRQH 3UHVFUL]LRQLGLVLFXUH]]DQHOODIDVHGLLQVWDOOD]LRQH 'HVFUL]LRQHGHLFRPDQGLHGHOOHVHJQDOD]LRQL $OODFFLDPHQWRGHOO¶DSSDUHFFKLR %DWWHULD %DWWHULDQXRYD3ULPDULFDULFD 6HJQDOD]LRQHEDWWHULDEDVVD 6HJQDOD]LRQHEDWWHULDVFDULFD 6HJQDOD]LRQHEDWWHULDJXDVWD 6RVWLWX]LRQHEDWWHULD 3UHVFUL]LRQLGLVLFXUH]]DEDWWHULD 8VR &ROOHJDPHQWRGHJOLDFFHVVRUL 3UHVFUL]LRQLGLVLFXUH]]DLQIDVHG¶XVR ,VWUX]LRQLG¶XVR 0LVXUD]LRQHGHOO¶LQWHQVLWjOXPLQRVD 3URWH]LRQHGLVLFXUH]]D 6WD]LRQHGLULFDULFDOHGJLDOOREDWWHU\DFFHVR 3XOL]LDGLVLQIH]LRQHVWHULOL]]D]LRQH 3XOL]LDHGLVLQIH]LRQHLQYROXFURVWD]LRQHGLULFDULFD 3XOL]LDHGLVLQIH]LRQHPDQLSROR6WDUOLJKWSUR 3URFHGXUHGLVWHULOL]]D]LRQH 3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHGHOOD¿EUDRWWLFD 3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHSURWH]LRQHRWWLFD 0RGDOLWjHSUHFDX]LRQLSHUORVPDOWLPHQWR 6LPEROL 6ROX]LRQHLQFRQYHQLHQWL 'DWLWHFQLFL /(',QIRUPD]LRQLVXOODUDGLD]LRQHHPHVVD &RPSDWLELOLWjHOHWWURPDJQHWLFD(1 *DUDQ]LD VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
,QWURGX]LRQH
3UHPHVVD
/HJJHUHDWWHQWDPHQWHTXHVWRPDQXDOHSULPDGLSURFHGHUHDOOHRSHUD]LRQLGLLQVWDOOD]LRQH
XWLOL]]RPDQXWHQ]LRQHRDOWULLQWHUYHQWLVXOO¶DSSDUHFFKLR
7HQHUHVHPSUHDSRUWDWDGLPDQRLOSUHVHQWHPDQXDOH
,PSRUWDQWH3HUHYLWDUHGDQQLDSHUVRQHRFRVHOHJJHUHFRQSDUWLFRODUHDWWHQ]LRQHWXWWLLSDUDJUD¿
³3UHVFUL]LRQLGLVLFXUH]]D´SUHVHQWLQHOPDQXDOH6HFRQGRLOJUDGRGLJUDYLWjOHSUHVFUL]LRQLGL
VLFXUH]]DVRQRFODVVL¿FDWHFRQOHVHJXHQWLLQGLFD]LRQL
! 3(5,&2/2ULIHULWRVHPSUHDGDQQLDSHUVRQH
! $77(1=,21(ULIHULWRDSRVVLELOLGDQQLDFRVH
/RVFRSRGHOSUHVHQWHPDQXDOHqGLSRUWDUHDFRQRVFHQ]DGHOO¶RSHUDWRUHOHSUHVFUL]LRQLGL
VLFXUH]]DOHSURFHGXUHG¶LQVWDOOD]LRQHOHLVWUX]LRQLSHUXQFRUUHWWRXWLOL]]RHPDQXWHQ]LRQH
GHOO¶DSSDUHFFKLR
3HUQHVVXQPRWLYRO¶XWHQWHqDXWRUL]]DWRDOODPDQRPLVVLRQHGHOO¶DSSDUHFFKLR
3HURJQLDQRPDOLDULVFRQWUDWDULYROJHUVLDXQ&HQWURGL$VVLVWHQ]D0HFWURQ
4XDOVLDVLWHQWDWLYRGLPDQRPLVVLRQHPRGL¿FDGDSDUWHGHOO¶XWLOL]]DWRUHRGDSHUVRQDOHQRQ
DXWRUL]]DWRLQYDOLGHUjODJDUDQ]LDHVROOHYHUjOD'LWWD&RVWUXWWULFHGDOULVSRQGHUHSHURJQLHYHQWXDOH
GDQQRDSHUVRQHRDFRVH
/HLQIRUPD]LRQLHGLOOXVWUD]LRQLGHOSUHVHQWHPDQXDOHVRQRDJJLRUQDWHDOODGDWDGLHGL]LRQH
ULSRUWDWDQHOO¶XOWLPDSDJLQD
/D0(&7521qLPSHJQDWDQHOFRQWLQXRDJJLRUQDPHQWRGHLSURSULSURGRWWLFRQSRVVLELOLPRGL¿FKH
DFRPSRQHQWLGHOO¶DSSDUHFFKLR1HOFDVRVLULVFRQWULQRGLVFRUGDQ]HWUDTXDQWRGHVFULWWRQHO
SUHVHQWHPDQXDOHHO¶DSSDUHFFKLDWXUDLQ9VSRVVHVVRFKLHGHUHFKLDULPHQWLDO9RVWUR5LYHQGLWRUH
RDO6HUYL]LR3RVW9HQGLWDGHOOD0(&7521
6LYLHWDO¶XWLOL]]RGHOSUHVHQWHPDQXDOHSHUVFRSLGLYHUVLGDTXHOOLVWUHWWDPHQWHOHJDWL
DOO¶LQVWDOOD]LRQHDOO¶XWLOL]]RHDOODPDQXWHQ]LRQHGHOO¶DSSDUHFFKLR
'HVFUL]LRQHGHOO¶DSSDUHFFKLR
/D6WDUOLJKWSURqXQDSSDUHFFKLRSHUSROLPHUL]]DUHLFRPSRVLWLIRWRLQGXUHQWL&RPHVRUJHQWH
OXPLQRVDYLHQHXWLOL]]DWRXQGLRGROHGPRQRFURPDWLFRDGDOWLVVLPDHI¿FLHQ]DFRQOXQJKH]]DG¶RQGD
GRPLQDQWHWUDQPHQP
3HUWDQWRFRQWUDULDPHQWHDOOHODPSDGHDORJHQHWUDGL]LRQDOLWXWWDODOXFHHPHVVDGDOOD6WDUOLJKWSUR
qXWLOHSHUO¶DWWLYD]LRQHGHOIRWRLQL]LDWRUHFDQIRURTXLQRQH&LzSHUPHWWHGLRWWHQHUHRWWLPLULVXOWDWLGL
SROLPHUL]]D]LRQHFRQSRWHQ]HQHWWDPHQWHLQIHULRULHVHQ]DHPLVVLRQLGLFDORUH
/DOXFHHPHVVDGDOGLRGRYLHQHLQROWUHIRFDOL]]DWDVXOOD¿EUDRWWLFDPHGLDQWHXQHOHPHQWRRWWLFR
FRQIRUPDDSSRVLWDPHQWHVWXGLDWD
/¶DSSDUHFFKLRqFRVWLWXLWRGDXQDVWD]LRQHGLULFDULFDHGDXQPDQLSRORDOLPHQWDWRGDXQDEDWWHULD
DOOLWLRLRQHULFDULFDELOH
/D6WDUOLJKWSURSHUPHWWHGLRSHUDUHFRQGXHPRGDOLWjGLHPLVVLRQH
(PLVVLRQHDGLQWHQVLWjFRVWDQWH)$67GXUDWDGHOFLFORVHFRQGL
(PLVVLRQHDGLQWHQVLWjJUDGXDOH6/2:5,6(GXUDWDGHOFLFORVHFRQGL
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
'HVWLQD]LRQHG¶XVR
3ROLPHUL]]D]LRQHGLPDWHULDOLGHQWDOLIRWRLQGXUHQWLFRQIRWRLQL]LDWRUHDWWLYDELOHQHOODEDQGDGL
OXQJKH]]DG¶RQGDFRPSUHVDWUDQPFRQSLFFRVWUHWWRDQP
6HEEHQHODPDJJLRUSDUWHGHLFRPSRVLWLVLDWWLYDQRLQTXHVWRLQWHUYDOORGLOXQJKH]]HG¶RQGDLQFDVR
GLLQFHUWH]]DIDUHULIHULPHQWRDLGDWLWHFQLFLGHOFRPSRVLWR
/¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRLQVWXGLRRDPEXODWRULRRGRQWRLDWULFRGRYHQRQVLDSUHVHQWH
DWPRVIHUDLQ¿DPPDELOHPLVFHOHDQHVWHWLFKHRVVLJHQRHWF
3UHVFUL]LRQLGLVLFXUH]]D
/D0HFWURQGHFOLQDRJQLUHVSRQVDELOLWjSHUGDQQLGLUHWWLRLQGLUHWWLDSHUVRQHRFRVHQHLVHJXHQWL
FDVL
/¶DSSDUHFFKLRQRQqLPSLHJDWRVHFRQGRODGHVWLQD]LRQHG¶XVRSHUFXLqSUHYLVWR
/¶DSSDUHFFKLRQRQqXWLOL]]DWRFRQIRUPHPHQWHDWXWWHOHLVWUX]LRQLHSUHVFUL]LRQLGHVFULWWHQHO
SUHVHQWHPDQXDOH
/¶LPSLDQWRHOHWWULFRGHLORFDOLLQFXLqXWLOL]]DWRO¶DSSDUHFFKLRQRQqFRQIRUPHDOOHQRUPHYLJHQWL
HDOOHUHODWLYHSUHVFUL]LRQL
/HRSHUD]LRQLGLDVVHPEODJJLRHVWHQVLRQLUHJROD]LRQLPRGL¿FKHHULSDUD]LRQLVRQRHIIHWWXDWH
GDSHUVRQDOHQRQDXWRUL]]DWRGD0HFWURQ
/HFRQGL]LRQLDPELHQWDOLGLFRQVHUYD]LRQHHGLPPDJD]]LQDPHQWRGHOGLVSRVLWLYRQRQVRQR
FRQIRUPLDOOHSUHVFUL]LRQLLQGLFDWHQHOODVH]GDWLWHFQLFL
! $77(1=,21(1RQqDPPHVVDQHVVXQDPRGL¿FDGLTXHVWRDSSDUHFKLR
! $77(1=,21(/¶LPSLDQWRHOHWWULFRGHLORFDOLLQFXLqXWLOL]]DWRO¶DSSDUHFFKLRGHYHHVVHUH
FRQIRUPHDOOHQRUPHYLJHQWLHDOOHUHODWLYHSUHVFUL]LRQL
! 3(5,&2/23HUVRQDOHTXDOL¿FDWRHVSHFLDOL]]DWR
/¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHGDSHUVRQDOHVSHFLDOL]]DWRHG
RSSRUWXQDPHQWHDGGHVWUDWR/¶LPSLHJRGHOO¶DSSDUHFFKLRQRQSURGXFHHIIHWWLFROODWHUDOLVHXWLOL]]DWR
FRUUHWWDPHQWH
! 3(5,&2/2'HVWLQD]LRQHG¶XVR
,PSLHJDUHO¶DSSDUHFFKLRHVFOXVLYDPHQWHSHUODGHVWLQD]LRQHGµXVRSHUFXLqSUHYLVWRYHGHUH
SDUDJUDIR³´/¶LQRVVHUYDQ]DGLTXHVWDSUHVFUL]LRQHSXzSURYRFDUHJUDYLOHVLRQLDOSD]LHQWH
DOO¶RSHUDWRUHHGDQQLJXDVWLDOGLVSRVLWLYR
! 3(5,&2/2&RQWURLQGLFD]LRQL
1RQXWLOL]]DUHO¶DSSDUHFFKLRVXSD]LHQWLSRUWDWRULGLVWLPRODWRULFDUGLDFL3DFHPDNHURDOWUL
GLVSRVLWLYLHOHWWURQLFLLPSLDQWDELOL4XHVWDSUHVFUL]LRQHYDOHDQFKHSHUO¶RSHUDWRUH
! 3(5,&2/2'LUH]LRQDUHLOIDVFLRGLOXFHGLUHWWDPHQWHVXOPDWHULDOHGDSROLPHUL]]DUH
1RQVRWWRSRUUHODJHQJLYDRDOWULWHVVXWLPROOLDOIDVFLRGLOXFHHYHQWXDOPHQWHVFKHUPDUH
DGHJXDWDPHQWHTXHVWHSDUWL/¶HIIHWWRGHOODOXFHYDOLPLWDWRDOODFDYLWjRUDOHVXOVHWWRUHGD
VRWWRSRUUHDOWUDWWDPHQWRFOLQLFR
! 3(5,&2/21RQRULHQWDUHPDLLOIDVFLROXPLQRVRLQGLUH]LRQHGHJOLRFFKL
/¶HIIHWWRGHOODOXFHYDOLPLWDWRDOODFDYLWjRUDOHVXOVHWWRUHGDVRWWRSRUUHDOWUDWWDPHQWRFOLQLFR
! 3(5,&2/2&RQWURLQGLFD]LRQL
1RQLPSLHJDUHO¶DSSDUHFFKLRLQSD]LHQWLFRQDQDPQHVLSRVLWLYDDOOHVWLPROD]LRQLOXPLQRVHSHU
HVHPSLRQHOODRUWLFDULDVRODUHHRQHOOHSRU¿ULHHWFRFKHVLDQRLQFRUVRGLWUDWWDPHQWRFRQIDUPDFL
IRWRVHQVLELOL]]DQWL,QWXWWLLFDVLGLSRVVLELOHULVFKLRFRQVXOWDUHLOPHGLFRVSHFLDOLVWD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
! 3(5,&2/2&RQWURLQGLFD]LRQL
$GRWWDUHULJLGHPLVXUHGLVLFXUH]]DSHULSD]LHQWLVRWWRSRVWLDLQWHUYHQWLFKLUXUJLFLGLFDWDUDWWDH
TXLQGLSDUWLFRODUPHQWHVHQVLELOLDOODOXFHDGHVHPSLRRFFKLDOLGLSURWH]LRQHFKH¿OWULQRODOXFHEOX
! 3(5,&2/2&RQWURLQGLFD]LRQL
3D]LHQWLODFXLDQDPQHVLPRVWUDSDWRORJLHGHOODUHWLQDGHYRQRSUHYHQWLYDPHQWHFRQVXOWDUHO¶RFXOLVWD
SHUULFHYHUHO¶DXWRUL]]D]LRQHDOWUDWWDPHQWRFRQOD6WDUOLJKWSUR
! 3(5,&2/23XOL]LDGLVLQIH]LRQHVWHULOL]]D]LRQHGHLSURGRWWLQXRYLRULSDUDWL
3ULPDGHOWUDWWDPHQWRWXWWLLSURGRWWLQXRYLRULSDUDWLGHYRQRHVVHUHSXOLWLGLVLQIHWWDWLHVH
DXWRFODYDELOLVWHULOL]]DWLVHJXHQGRVFUXSRORVDPHQWHOHLVWUX]LRQLULSRUWDWHDOFDSLWROR³´
! 3(5,&2/2&RQWUROORGHOOHLQIH]LRQL
3HUODPDVVLPDVLFXUH]]DGHOSD]LHQWHHGHOO¶RSHUDWRUHSULPDGLRJQLWUDWWDPHQWRSXOLUH
GLVLQIHWWDUHHVWHULOL]]DUHOD¿EUDRWWLFDHODSURWH]LRQHRWWLFD6HJXLUHVFUXSRORVDPHQWHOHLVWUX]LRQL
ULSRUWDWHDOFDSLWROR³´
! 3(5,&2/28WLOL]]DUHHVFOXVLYDPHQWHDFFHVVRULHULFDPELRULJLQDOL0HFWURQ
! 3(5,&2/2&RQWUROORGHOORVWDWRGHOGLVSRVLWLYRSULPDGHOWUDWWDPHQWR
3ULPDGLRJQLWUDWWDPHQWRFRQWUROODUHVHPSUHLOSHUIHWWRIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLRH
O¶HI¿FLHQ]DGHJOLDFFHVVRUL1HOFDVRLQFXLVLULVFRQWUDVVHURDQRPDOLHGLIXQ]LRQDPHQWRQRQ
HVHJXLUHLOWUDWWDPHQWR5LYROJHUVLDOODDVVLVWHQ]DWHFQLFDDXWRUL]]DWDVHOHDQRPDOLHULJXDUGDQR
O¶DSSDUHFFKLR
! 3(5,&2/21RQLQVWDOODUHO¶DSSDUHFFKLRLQOXRJKLGRYHHVLVWHLOULVFKLRGLHVSORVLRQL
/¶DSSDUHFFKLRQRQSXzRSHUDUHLQDPELHQWLGRYHVRQRSUHVHQWLDWPRVIHUHLQ¿DPPDELOLPLVFHOH
DQHVWHWLFKHRVVLJHQRHWF
! 3(5,&2/21RQXWLOL]]DUHODVWD]LRQHGLULFDULFDSHUULFDULFDUHDOWUHWLSRORJLHGLEDWWHULHR
DSSDUHFFKLFRQEDWWHULDULFDULFDELOH
! $77(1=,21(5LFDULFDUHODEDWWHULDXWLOL]]DQGRHVFOXVLYDPHQWHODVWD]LRQHGLULFDULFD
0HFWURQ)LJ5LI$1RQWHQWDUHODULFDULFDFRQFDULFDEDWWHULHJHQHULFL3HULFRORGL
HVSORVLRQLHGLLQFHQGLR
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
'DWLGLLGHQWL¿FD]LRQH
'DWLDQDJUD¿FL
8QDHVDWWDGHVFUL]LRQHGHOPRGHOORHGHOQXPHURGLVHULHGHOO¶DSSDUHFFKLRIDFLOLWHUjULVSRVWHUDSLGH
HGHI¿FDFLGDSDUWHGHOQRVWUR6HUYL]LR3RVW9HQGLWD
5LIHULUHVHPSUHTXHVWLGDWLRJQLYROWDFKHVLFRQWDWWDXQFHQWURGL$VVLVWHQ]DWHFQLFD0HFWURQ
7DUJDGLLGHQWL¿FD]LRQHVWD]LRQHGLULFDULFD
2JQLVWD]LRQHGLULFDULFDqIRUQLWDGLXQDWDUJDLGHQWL¿FDWLYD)LJQHOODTXDOHVRQRULSRUWDWHOH
FDUDWWHULVWLFKHWHFQLFKHHLOQXPHURGLVHULH/DWDUJDGLLGHQWL¿FD]LRQHqSRVWDVRWWRO¶DSSDUHFFKLR
,UHVWDQWLGDWLVRQRLQVHULWLLQTXHVWRPDQXDOHYHGHUHVH]LRQH³´
)LJ
7DUJDLGHQWL¿FD]LRQHPDQLSROR6WDUOLJKWSUR
,OQXPHURGLVHULHGHOPDQLSROR6WDUOLJKWSURqLQFLVRVXOJXVFLRYLFLQRDOODJKLHUDSRVWHULRUHLQ
DFFLDLR)LJ5LI$
$
)LJ
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
&ROODXGR
&ROODXGRGHOO¶DSSDUHFFKLR
7XWWLJOLDSSDUHFFKLSURGRWWLGDOOD0(&7521VRQRULJRURVDPHQWHFRQWUROODWLHFROODXGDWLLQRJQL
FRPSRQHQWH
'XUDQWHWDOHFROODXGRLFRPSRQHQWLVRQRVRWWRSRVWLDGXQDVHULHGLFLFOLGLODYRUR
,QTXHVWDIDVHVRQRHYLGHQ]LDWLHYHQWXDOLPDOIXQ]LRQDPHQWLGRYXWLDFRPSRQHQWLGLIHWWRVL
4XHVWDSURFHGXUDJDUDQWLVFHXQSURGRWWRIXQ]LRQDQWHHGDI¿GDELOHLQWXWWLLVXRLFRPSRQHQWL
&RQVHJQD
&RQVHJQDGHOO¶DSSDUHFFKLR
/¶LPEDOORGHOO¶DSSDUHFFKLRWHPHLIRUWLXUWLLQTXDQWRFRQWLHQHFRPSRQHQWLHOHWWURQLFL4XLQGLVLDLO
WUDVSRUWRFKHORVWRFFDJJLRGHYHHVVHUHHIIHWWXDWRFRQSDUWLFRODULFDXWHOH
7XWWRLOPDWHULDOHVSHGLWRGDOOD0(&7521qVWDWRFRQWUROODWRDOO¶DWWRGHOODVSHGL]LRQH
/¶DSSDUHFFKLRYLHQHFRQVHJQDWRRSSRUWXQDPHQWHSURWHWWRHGLPEDOODWR
$OULFHYLPHQWRGHOO¶DSSDUHFFKLRFRQWUROODUHHYHQWXDOLGDQQLVXELWLGXUDQWHLOWUDVSRUWRHLQFDVR
DIIHUPDWLYRVSRUJHUHUHFODPRDOWUDVSRUWDWRUH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
/LVWDPDWHULDOHLQGRWD]LRQHVWDQGDUG
6WD]LRQHGLULFDULFD6WDUOLJKWSUR)LJ5LI$
0DQLSROR6WDUOLJKWSURFRQEDWWHULDULFDULFDELOHOLWLRLRQH)LJ5LI%
)LEUDRWWLFD)LJ5LI&
3URWH]LRQHRWWLFD)LJ5LI'
&DYRGLDOLPHQWD]LRQHHOHWWULFDSHUVWD]LRQHGLULFDULFD)LJ5LI(
IT
7DOHGRWD]LRQHSXzYDULDUHLQFDVRGLFDPSDJQHSURPR]LRQDOL
'
&
%
$
(
)LJ
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
,QVWDOOD]LRQH
3UHVFUL]LRQLGLVLFXUH]]DQHOODIDVHGLLQVWDOOD]LRQH
! 3(5,&2/2/¶LPSLDQWRHOHWWULFRGHLORFDOLLQFXLYLHQHLQVWDOODWRHXWLOL]]DWRO¶DSSDUHFFKLRGHYH
HVVHUHFRQIRUPHDOOHQRUPHYLJHQWLHDOOHUHODWLYHSUHVFUL]LRQLGLVLFXUH]]DHOHWWULFD
! 3(5,&2/21RQLQVWDOODUHO¶DSSDUHFFKLRLQOXRJKLGRYHHVLVWHLOULVFKLRGLHVSORVLRQL
/¶DSSDUHFFKLRQRQSXzRSHUDUHLQDUHHGRYHVRQRSUHVHQWLDWPRVIHUHLQ¿DPPDELOLPLVFHOH
DQHVWHWLFKHRVVLJHQRHWF
! 3(5,&2/2,QVWDOODUHO¶DSSDUHFFKLRLQOXRJRSURWHWWRGDXUWLRGDDFFLGHQWDOLVSUX]]LG¶DFTXDR
OLTXLGL
! 3(5,&2/21RQLQVWDOODUHO¶DSSDUHFFKLRVRSUDRYLFLQRDIRQWLGLFDORUH3UHYHGHUH
QHOO¶LQVWDOOD]LRQHXQDDGHJXDWDFLUFROD]LRQHG¶DULDDWWRUQRDOO¶DSSDUHFFKLR
! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOODVWD]LRQHGLULFDULFDFRQRJJHWWL
PHWDOOLFL)LJ5LI%QHWRFFDUHFRQOHPDQLTXDQGRO¶DSSDUHFFKLRqDFFHVR
! $77(1=,21(/¶DSSDUHFFKLRqWUDVSRUWDELOHPDGHYHHVVHUHPDQHJJLDWRFRQFXUDTXDQGR
YLHQHVSRVWDWR
! $77(1=,21(1RQHVSRUUHO¶DSSDUHFFKLRDOODOXFHGLUHWWDGHOVROHRDIRQWLGLOXFH89
'HVFUL]LRQHGHLFRPDQGLHGHOOH
VHJQDOD]LRQL
'HVFUL]LRQHFRPDQGL)LJ
5LI$
/HGYHUGHSRZHU
)XQ]LRQH ,QGLFDFKHODVWD]LRQHGLULFDULFDq
DOLPHQWDWD
'
5LI%
/HGEDWWHU\
)XQ]LRQH 9HUGH,QGLFDFKHODEDWWHULDGHOOD6WDUOLJKW
SURqLQIDVHGLULFDULFD
*LDOOR,QGLFDFKHODEDWWHULDGHOOD6WDUOLJKW
SURqJXDVWD
5LI&
/HGWHVW
)XQ]LRQH 9HUGH,QGLFDLQWHQVLWjOXPLQRVDLGRQHDSHU
WHUDSLDHI¿FDFH
*LDOOR,QGLFDLQWHQVLWjOXPLQRVD
LQVXI¿FLHQWH
5LI'
)LJ
$
3XOVDQWHGLDWWLYD]LRQHHGLLQWHUUX]LRQH
HPLVVLRQHOXPLQRVD
)XQ]LRQH $YYLDRLQWHUURPSHXQFLFORGL
SROLPHUL]]D]LRQH
% &
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
'HVFUL]LRQHVHJQDOD]LRQLVWD]LRQHGLULFDULFD7DEHOOD
/HGYHUGH
3RZHU
/HG%DWWHU\
9HUGH*LDOOR
3RVL]LRQH
6WDUOLJKWSURQHOOD
VWD]LRQHGLULFDULFD
)XQ]LRQH
$FFHVR
6SHQWR
6SHQWR
1RQLQVHULWD
6WD]LRQHGLULFDULFDDOLPHQWDWD
$FFHVR
$FFHVR
6SHQWR
,QVHULWD
%DWWHULDLQIDVHGLULFDULFD
$FFHVR
6SHQWR
6SHQWR
,QVHULWD
)DVHGLULFDULFDFRQFOXVD
%DWWHULDFDULFD
$FFHVR
6SHQWR
$FFHVR
,QVHULWD
%DWWHULDJXDVWD
$FFHVR
6SHQWR
$FFHVR
1RQLQVHULWD
IT
&RQWDWWLHOHWWULFL6WD]LRQHGLULFDULFDLQ
FRUWRFLUFXLWR
! $77(1=,21(1RQPDQRPHWWHUHLFRQWDWWLHOHWWULFLGHOODVWD]LRQHGLULFDULFD
/DVWD]LRQHGLULFDULFDULFRQRVFHORVWDWRGHOODEDWWHULD6HGRSRDOFXQLFLFOLGLHVSRVL]LRQHOD
EDWWHULDQRQpVXI¿FLHQWHPHQWHVFDULFDULSRQHQGRLOPDQLSRORQHOODVWD]LRQHGLULFDULFDLOOHGYHUGH
EDWWHU\QRQVLDFFHQGH&LzqQRUPDOH
'HVFUL]LRQHVHJQDOD]LRQLDFXVWLFKHPDQLSROR7DEHOOD
)XQ]LRQH
&RPDQGRSXOVDQWH
6HJQDOHDFXVWLFR
3ROLPHUL]]D]LRQH)$67
3XOVDQWHSUHPXWR
EUHYHPHQWH
EHHSDOO¶LQL]LRGHOO¶HVSRVL]LRQH
EHHSDOWHUPLQHGHOO¶HVSRVL]LRQHVHF
3ROLPHUL]]D]LRQH6/2:
5,6(
3XOVDQWHSUHPXWRSHUDOPHQR
VHF
EHHSDOO¶LQL]LRHEHHSWUDVFRUVLLVHFRQGL
EHHSGRSRVHFGLHVSRVL]LRQH
EHHSDOWHUPLQHGHOO¶HVSRVL]LRQHVHF
,QWHUUX]LRQHFLFORGL
HVSRVL]LRQH
3XOVDQWHSUHPXWR
EUHYHPHQWHGXUDQWH
O¶HVSRVL]LRQH
EHHS
6HJQDOD]LRQHEDWWHULD
EDVVD/¶HQHUJLDUHVLGXD
qVXI¿FLHQWHSHUHVHJXLUH
FLFOL
6HJQDOD]LRQHEDWWHULD
VFDULFD
EHHSDOOD¿QHGHOFLFORGLHVSRVL]LRQH
3XOVDQWHSUHPXWRSHU
SROLPHUL]]D]LRQH)$67R
6/2:5,6(
6HJQDOD]LRQHLQWHUYHQWR
SURWH]LRQHWHUPLFD
EHHS1HVVXQDHPLVVLRQHGLOXFH
EHHSGXUDQWHLOFLFORGLHVSRVL]LRQHH
LQWHUUX]LRQHGHOIXQ]LRQDPHQWR
$OODFFLDPHQWRGHOO¶DSSDUHFFKLR
3HUUHQGHUHRSHUDWLYRO¶DSSDUHFFKLRqQHFHVVDULR
3RVL]LRQDUHODVWD]LRQHGLULFDULFDVXXQDVXSHU¿FLHSLDQD
,QVHULUHLOFDYRGLDOLPHQWD]LRQHHQHUJLDHOHWWULFD)LJ5LI(QHOODFRQQHVVLRQHSRVWDVXO
UHWURGHOO¶DSSDUHFFKLR)LJ5LI$HTXLQGLQHOODSUHVDDPXUR/HGYHUGHSRZHUDFFHVR
)LJ5LI$
! $77(1=,21(9HUL¿FDUHFKHODWHQVLRQHHIUHTXHQ]DGHOODOLQHDGLDOLPHQWD]LRQHHOHWWULFD
FRUULVSRQGDDLYDORULLQGLFDWLVXOODWDUJDGLLGHQWL¿FD]LRQHSRVWDVRWWRODVWD]LRQHGLULFDULFD
! 3(5,&2/29HUL¿FDUHSHULRGLFDPHQWHO¶LQWHJULWjGHOFDYRGLDOLPHQWD]LRQHHOHWWULFD6RVWLWXLUOR
TXDQGRULVXOWDGDQQHJJLDWRFRQULFDPELRRULJLQDOH0HFWURQ
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
%
$
)LJ
%DWWHULD
/D6WDUOLJKWSURqDOLPHQWDWDGDXQDEDWWHULDOLWLRLRQHULFDULFDELOHJLjLQVHULWDDOO¶LQWHUQRGHO
PDQLSRORVHQ]DHIIHWWRPHPRULD
/D6WDUOLJKWSURqGRWDWDGLGXHPLFURSURFHVVRULFKHFRQWLQXDPHQWHFRQWUROODQRHPDQWHQJRQR
LSDUDPHWULRWWLPDOLGLFDULFDHVFDULFDGHOODEDWWHULD3HUWDQWRLOPDQLSRORSXzHVVHUHLQVHULWRH
PDQWHQXWRQHOODVWD]LRQHGLULFDULFDDOOD¿QHGLRJQLWUDWWDPHQWRTXDOXQTXHVLDORVWDWRGLFDULFD
GHOODEDWWHULD
%DWWHULDQXRYD3ULPDULFDULFD
127$/DEDWWHULDGHOOD6WDUOLJKWSURqIRUQLWDSDU]LDOPHQWHFDULFD
3HUFDULFDUHFRPSOHWDPHQWHODEDWWHULD
,QVHULUHLOPDQLSRORGHQWURODVHGHGHOODVWD]LRQHGLULFDULFD)LJ5LI%,OOHGYHUGHEDWWHU\VL
DFFHQGH)LJ5LI%
/DIDVHGLULFDULFDqFRQFOXVDTXDQGRLOOHGYHUGHEDWWHU\VLVSHJQH
6HJQDOD]LRQHEDWWHULDEDVVD
4XDQGRGRSRXQXVRIUHTXHQWHGHOOD6WDUOLJKWSURODFDULFDGHOODEDWWHULDVFHQGHDOOLYHOORPLQLPR
LOPLFURSURFHVVRUHFRQVHQWHGLHVHJXLUHDQFRUDHVSRVL]LRQL)$67R6/2:5,6(VHQ]DOD
QHFHVVLWjGLULFDULFDUHODEDWWHULD
/RVWDWRGLEDWWHULDEDVVDYLHQHVHJQDODWRDOOD¿QHGLFLDVFXQRGHLFLFOLFRQEHHS
7HUPLQDWLLFLFOLLOPDQLSRORYDLQFRQGL]LRQHGLEDWWHULDVFDULFDYHGHUHSDUDJUDIR³´
5LSRUUHOD6WDUOLJKWSURQHOODVWD]LRQHGLULFDULFD
6HJQDOD]LRQHEDWWHULDVFDULFD
/DEDWWHULDGHOOD6WDUOLJKWSURqVFDULFDTXDQGRSUHPHQGRLOSXOVDQWHQRQF¶pHPLVVLRQHGLOXFHH
FRQWHPSRUDQHDPHQWHpHPHVVRXQVHJQDOHDFXVWLFREHHS0HWWHUHLQULFDULFDODEDWWHULD
,QVHULUHLOPDQLSRORGHQWURODVHGHGHOODVWD]LRQHGLULFDULFD)LJ5LI%,OOHGYHUGHEDWWHU\VL
DFFHQGH)LJ5LI%
/DIDVHGLULFDULFDqFRQFOXVDTXDQGRLOOHGYHUGHEDWWHU\VLVSHJQH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6HJQDOD]LRQHEDWWHULDJXDVWD
/¶DFFHQVLRQHGHOOHGJLDOOREDWWHU\FKHFNSRVL]LRQDWRVXOODVWD]LRQHGLULFDULFDLQGLFDXQJXDVWR
QHOODEDWWHULD)LJ5LI%
127$4XHVWDFRQGL]LRQHGLJXDVWRGLVDELOLWDLOIXQ]LRQDPHQWRGHOODVWD]LRQHGLULFDULFD3HU
ULSULVWLQDUHODFRUUHWWDRSHUDWLYLWjGHOODVWD]LRQHGLULFDULFD
5LPXRYHUHLOPDQLSRORGDOODVWD]LRQHGLULFDULFD
7RJOLHUHSHUDOFXQLLVWDQWLO¶DOLPHQWD]LRQHHOHWWULFDDOODVWD]LRQHGLULFDULFD6WDFFDUHLOFDYRGL
UHWH7XWWLLOHGVSHQWL
$OLPHQWDUHQXRYDPHQWHODVWD]LRQHGLULFDULFD/HGYHUGHSRZHUDFFHVR
6RVWLWX]LRQHEDWWHULD
3HUVRVWLWXLUHODEDWWHULDJXDVWDFRQWDWWDUHLOVHUYL]LRSRVWYHQGLWD0HFWURQ
3UHVFUL]LRQLGLVLFXUH]]DEDWWHULD
/DEDWWHULDSXzFDXVDUHGDQQLDGRJJHWWLHRSURYRFDUHOHVLRQLSHUVRQDOLTXDOLEUXFLDWXUHVH
PDWHULDOLFRQGXWWRULFRPHJLRLHOOLFKLDYLRFROODQLQHDJUDQLYHQJRQRDFRQWDWWRFRQLWHUPLQDOL
HVSRVWL,OPDWHULDOHFRQGXWWRUHSXzFKLXGHUHXQFLUFXLWRHOHWWULFRFRUWRFLUFXLWRHGLYHQLUHPROWR
FDOGR3UHQGHUHO¶DELWXGLQHGLPDQHJJLDUHFRQFXUDO¶DSSDUHFFKLRLQVSHFLDOPRGRTXDQGRTXHVWR
YLHQHULSRVWRLQXQDWDVFDLQXQDERUVDRLQXQDOWURFRQWHQLWRUHFRQRJJHWWLPHWDOOLFLDOVXRLQWHUQR
! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOPDQLSRORFRQRJJHWWL
PHWDOOLFLROLTXLGL)LJ5LI$5LI%
! 3(5,&2/21RQODVFLDUHDOODSRUWDWDGHLEDPELQLODEDWWHULD
! $77(1=,21(8WLOL]]DUHVROWDQWREDWWHULHRULJLQDOL0HFWURQ
3HUVRVWLWXLUHODEDWWHULDJXDVWDFRQWDWWDUHLOVHUYL]LRSRVWYHQGLWD0HFWURQ
! $77(1=,21(5LFDULFDUHODEDWWHULDXWLOL]]DQGRHVFOXVLYDPHQWHODVWD]LRQHGLULFDULFD
0HFWURQ)LJ5LI$1RQWHQWDUHODULFDULFDFRQFDULFDEDWWHULHJHQHULFL3HULFRORGL
HVSORVLRQLHGLLQFHQGLR
! $77(1=,21(/DEDWWHULDGHYHHVVHUHULFLFODWDRVPDOWLWDLQPRGRDSSURSULDWRVHFRQGR
OHQRUPHGLOHJJHLQYLJRUH/DEDWWHULDQRQGHYHHVVHUHJHWWDWDLQVLHPHDLUL¿XWLFLWWDGLQL
/¶XWHQWHpUHVSRQVDELOHSHULGDQQLDUUHFDWLLQFDVRGLVPDOWLPHQWRLPSURSULRGHOODEDWWHULD
! $77(1=,21(1RQXWLOL]]DUHODEDWWHULDSHUVFRSLGLYHUVLGDTXHOOLSUHVFULWWL
! $77(1=,21(1RQDSULUHIRUDUHRVFKLDFFLDUHODEDWWHULDFRQWLHQHVRVWDQ]HWRVVLFKH
! $77(1=,21(1RQEUXFLDUHRHVSRUUHODEDWWHULDDGDOWHWHPSHUDWXUHULVFKLRGL
HVSORVLRQH
! $77(1=,21(1RQPHWWHUHLQFRUWRFLUFXLWRLWHUPLQDOLGHOODEDWWHULDULVFKLRGLXVWLRQLHGL
LQFHQGLR
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
8VR
&ROOHJDPHQWRGHJOLDFFHVVRUL
! 3(5,&2/2&RQWUROORGHOORVWDWRGHOGLVSRVLWLYRSULPDGHOWUDWWDPHQWR
3ULPDGLRJQLWUDWWDPHQWRFRQWUROODUHVHPSUHLOSHUIHWWRIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLRH
O¶HI¿FLHQ]DGHJOLDFFHVVRUL1HOFDVRLQFXLVLULVFRQWUDVVHURDQRPDOLHGLIXQ]LRQDPHQWRQRQ
HVHJXLUHLOWUDWWDPHQWR5LYROJHUVLDOODDVVLVWHQ]DWHFQLFDDXWRUL]]DWDVHOHDQRPDOLHULJXDUGDQR
O¶DSSDUHFFKLR
! 3(5,&2/2&RQWUROORGHOOHLQIH]LRQL
3HUODPDVVLPDVLFXUH]]DGHOSD]LHQWHHGHOO¶RSHUDWRUHSULPDGLRJQLWUDWWDPHQWRSXOLUH
GLVLQIHWWDUHHVWHULOL]]DUHOD¿EUDRWWLFDHODSURWH]LRQHRWWLFD6HJXLUHVFUXSRORVDPHQWHOHLVWUX]LRQL
ULSRUWDWHDOFDSLWROR³´
3HUSRWHUXWLOL]]DUHOD6WDUOLJKWSURqQHFHVVDULRHIIHWWXDUHLOFROOHJDPHQWRGHLVHJXHQWLDFFHVVRUL
,QVHULUHPDQXDOPHQWHOD¿EUDRWWLFDVXOPDQLSRORHVHUFLWDQGRXQDOHJJHUDSUHVVLRQHH
DOO¶RFFRUUHQ]DFRQPRYLPHQWRURWDWRULR¿QFKpHVVRQRQVFDWWLLQVHGH
,QVHULUHPDQXDOPHQWHODSURWH]LRQHRWWLFDVXOOD¿EUDRWWLFD
$
%
)LJ
3UHVFUL]LRQLGLVLFXUH]]DLQIDVHG¶XVR
! 3(5,&2/21RQRULHQWDUHPDLLOIDVFLROXPLQRVRLQGLUH]LRQHGHJOLRFFKL
! 3(5,&2/23ULPDGLRJQLFLFORGLHVSRVL]LRQHYHUL¿FDUHFKHOD¿EUDRWWLFDVLD
FRUUHWWDPHQWHLQVHULWDDIRQGRQHOPDQLSROR
! 3(5,&2/23ULPDGLRJQLFLFORGLHVSRVL]LRQHYHUL¿FDUHVHPSUHODSUHVHQ]DGHOOD
SURWH]LRQHRWWLFDDOO¶HVWUHPLWj¿QDOHGHOOD¿EUDRWWLFD
! 3(5,&2/2'LUH]LRQDUHLOIDVFLRGLOXFHGLUHWWDPHQWHVXOPDWHULDOHGDSROLPHUL]]DUH
1RQVRWWRSRUUHODJHQJLYDRDOWULWHVVXWLPROOLDOIDVFLRGLOXFHHYHQWXDOPHQWHVFKHUPDUH
DGHJXDWDPHQWHTXHVWHSDUWL/¶HIIHWWRGHOODOXFHYDOLPLWDWRDOODFDYLWjRUDOHVXOVHWWRUHGD
VRWWRSRUUHDOWUDWWDPHQWRFOLQLFR
! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOPDQLSRORFRQRJJHWWL
PHWDOOLFLROLTXLGL)LJ5LI$5LI%
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
! $77(1=,21(1HLSULPLVHFRQGLGLHVSRVL]LRQHHYLWDUHLOFRQWDWWRGHOOD¿EUDRWWLFDFRQLO
PDWHULDOHGDSROLPHUL]]DUH
'HSRVLWLGLFRPSRVLWRDGHULWLHSROLPHUL]]DWLVXOODVXSHU¿FLHWHUPLQDOHGHOOD¿EUDRWWLFDGLPLQXLVFRQR
ODWUDVPLVVLRQHGHOODOXFHHTXLQGLFRPSURPHWWRQROHVXFFHVVLYHSROLPHUL]]D]LRQL
! $77(1=,21(6RVWLWXLUHOD¿EUDRWWLFDGDQQHJJLDWDRQRQHI¿FLHQWHLQTXDQWRO¶LQWHQVLWj
GHOODOXFHYLHQHQRWHYROPHQWHULGRWWD
,VWUX]LRQLG¶XVR
/D6WDUOLJKWSURSHUPHWWHGLLPSLHJDUHWLSLGLHVSRVL]LRQH
)$67WHPSRGLHVSRVL]LRQHVHFRQGLDOODPDVVLPDLQWHQVLWjGLOXFH
6/2:5,6(WHPSRGLHVSRVL]LRQHVHFRQGLFRQDXPHQWRJUDGXDOHGHOO¶LQWHQVLWjOXPLQRVD
QHLSULPLVHFRQGLVLQRDOYDORUHPDVVLPR
6HOH]LRQHHVSRVL]LRQH)$67
3UHPHUHEUHYHPHQWHLOSXOVDQWHVXOPDQLSROR)LJ5LI'SHULQL]LDUHLOFLFORGLHVSRVL]LRQH
)$679LHQHHPHVVRXQVHJQDOHDFXVWLFREHHS
7UDVFRUVLVHFRQGLYLHQHHPHVVRXQVHJQDOHDFXVWLFREHHS,OFLFOR)$67qWHUPLQDWR
6HOH]LRQHHVSRVL]LRQH6/2:5,6(
7HQHUHSUHPXWRSHUVHFRQGLLOSXOVDQWHVXOPDQLSROR)LJ5LI'SHULQL]LDUHLOFLFORGL
HVSRVL]LRQH6/2:5,6(9LHQHHPHVVRXQVHJQDOHDFXVWLFRDOODSDUWHQ]DHWUDVFRUVLL
VHFRQGLXQDOWURVHJQDOHSHUFRQIHUPDLQL]LRFLFOR6/2:5,6(
7UDVFRUVLVHFRQGLYLHQHHPHVVRXQVHJQDOHDFXVWLFREHHS
7UDVFRUVLVHFRQGLYLHQHHPHVVRXQVHJQDOHDFXVWLFR,OFLFOR6/2:5,6(qWHUPLQDWR
EHHS
$OWHUPLQHGHOWUDWWDPHQWRULSRUUHLOPDQLSROR6WDUOLJKWSURQHOODVWD]LRQHGLULFDULFD)LJ5LI%
127$,QWHUUX]LRQHGHOFLFOR
,OFLFORGLHVSRVL]LRQHVLDQHOODPRGDOLWj)$67FKH6/2:5,6(SXzHVVHUHLQWHUURWWDLQTXDOXQTXH
LVWDQWHSUHPHQGRLOSXOVDQWHVXOPDQLSROR)LJ5LI'
127$(VSRVL]LRQLVXFFHVVLYH
$OOD¿QHGLRJQLHVSRVL]LRQHqSRVVLELOHHIIHWWXDUHSLFLFOLVXFFHVVLYLD]LRQDQGRGLYROWDLQYROWDLO
SXOVDQWHVXOPDQLSROR)LJ5LI'
3HUXQDYHORFHFRQVXOWD]LRQHVXOOHVHJQDOD]LRQLGLIXQ]LRQDPHQWRYHGHUHOHWDEHOOHH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
0LVXUD]LRQHGHOO¶LQWHQVLWjOXPLQRVD
3HUGHWHUPLQDUHVHO¶LQWHQVLWjOXPLQRVDqVXI¿FLHQWH
$SSRJJLDUHOD¿EUDRWWLFD)LJ5LI$LQSLDQRVHQ]DSUHPHUHGLUHWWDPHQWHVXOODVXSHU¿FLH
GHOVHQVRUHGLLQWHQVLWj)LJ5LI%
$FFHQGHUHODODPSDGDSUHPHQGRLOSXOVDQWH)LJ5LI&
,OOHGWHVW)LJ5LI'LQGLFKHUjLOÀXVVROXPLQRVRXWLOHPLVXUDWR
9HUGH ÀXVVROXPLQRVRLGRQHRSHUWHUDSLDHI¿FDFH
*LDOOR ÀXVVROXPLQRVRLQVXI¿FLHQWH
&
$
%
)LJ
'
! $77(1=,21(6HQRQYLqXQÀXVVROXPLQRVRXWLOHVXI¿FLHQWHQRQHVHJXLUHLOWUDWWDPHQWRVXO
SD]LHQWHHGHIIHWWXDUHLVHJXHQWLFRQWUROOL
9HUL¿FDUHFKHOD¿EUDRWWLFDVLDFRUUHWWDPHQWHLQVHULWDVXOPDQLSROR
&RQWUROODUHFKHOD¿EUDRWWLFDQRQVLDVSRUFD3XOLUHOD¿EUDRWWLFDYHGHUHSDUDJUDIR
3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHGHOOD¿EUDRWWLFD
&RQWUROODUHFKHOD¿EUDRWWLFDQRQVLDGDQQHJJLDWDHYHQWXDOPHQWHVRVWLWXLUODFRQXQDQXRYD
6HTXHVWLSURYYHGLPHQWLQRQSRUWDQRDGXQPLJOLRUDPHQWRGHOOHSUHVWD]LRQLPHWWHUHO¶DSSDUHFFKLR
IXRULVHUYL]LRVFROOHJDQGRORGDOODUHWHHOHWWULFDHGDFFHUWDUVLFKHQRQSRVVDYHQLUHQXRYDPHQWH
PHVVRLQIXQ]LRQHLQPRGRDEXVLYR)DUHHVHJXLUHHYHQWXDOLULSDUD]LRQLVXOO¶DSSDUHFFKLRGDXQ
FHQWURGLDVVLVWHQ]D0HFWURQ
3URWH]LRQHGLVLFXUH]]D
1HOFDVRGLLPSLHJKLHVWUHPDPHQWHJUDYRVLFRQSHULRGLGLHVSRVL]LRQHOXQJKLHULSHWXWLLQWHUYLHQH
DXWRPDWLFDPHQWHXQDSURWH]LRQHWHUPLFD9LHQHHPHVVRXQVHJQDOHDFXVWLFREHHS/¶LQWHUYHQWR
GHOODSURWH]LRQHLQLELVFHWHPSRUDQHDPHQWHO¶XWLOL]]RGHOODODPSDGDSHUTXDOFKHPLQXWR
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6WD]LRQHGLULFDULFDOHGJLDOOREDWWHU\DFFHVR
,OOHGJLDOOREDWWHU\FKHFNGHOODVWD]LRQHGLULFDULFDLQGLFD
%DWWHULDJXDVWDYHGHUHSDUDJUDIR
&RQWDWWLVWD]LRQHGLULFDULFDLQFRUWRFLUFXLWR
1HOVHFRQGRFDVRSHUULSULVWLQDUHODFRUUHWWDRSHUDWLYLWjGHOODVWD]LRQHGLULFDULFD
7RJOLHUHO¶DOLPHQWD]LRQHHOHWWULFDDOODVWD]LRQHGLULFDULFD7XWWLLOHGVSHQWL
(OLPLQDUHODFDXVDGHOFRUWRFLUFXLWR
$OLPHQWDUHQXRYDPHQWHODVWD]LRQHGLULFDULFD/HGYHUGHSRZHUDFFHVR
IT
3XOL]LDGLVLQIH]LRQHVWHULOL]]D]LRQH
3XOL]LDHGLVLQIH]LRQHLQYROXFURVWD]LRQHGLULFDULFD
! 3(5,&2/26SHJQHUHODVWD]LRQHGLULFDULFD
6FROOHJDUHODVWD]LRQHGLULFDULFDGDOODSUHVDGLDOLPHQWD]LRQHHOHWWULFDSULPDGLHIIHWWXDUHJOL
LQWHUYHQWLGLSXOL]LDHGLVLQIH]LRQH
! 3(5,&2/2,QYROXFURGHOODVWD]LRQHGLULFDULFDQRQqSURWHWWRFRQWURODSHQHWUD]LRQHGL
OLTXLGL
! 3(5,&2/2/DVWD]LRQHGLULFDULFDQRQqVWHULOL]]DELOH
! 3(5,&2/2'XUDQWHO¶DWWLYLWjGLSXOL]LDQRQPRGL¿FDUHLFRQWDWWLHOHWWULFLSUHVHQWLQHOOD
VWD]LRQHGLULFDULFD)LJ5LI%
! 3(5,&2/21RQVSUX]]DUHOLTXLGLGLUHWWDPHQWHVXOODVXDVXSHU¿FLHHVXLFRQWDWWLHOHWWULFL
GHOODVWD]LRQHGLULFDULFD'RSRRJQLWUDWWDPHQWRHVHJXLUHOHVHJXHQWLRSHUD]LRQL
5LPXRYHUHLOPDQLSRORGDOODVWD]LRQHGLULFDULFD
3XOLUHODVXSHU¿FLHGHOODVWD]LRQHGLULFDULFDFRQXQSDQQRSXOLWRPRUELGRHDEDVVRULODVFLR
¿EUHLQXPLGLWRFRQXQDVROX]LRQHGHWHUJHQWHS+HGHYHQWXDOPHQWHGLVLQIHWWDUHFRQXQD
VROX]LRQHGLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWURS+VHJXHQGROHLVWUX]LRQLIRUQLWHGDO
SURGXWWRUHGHOODVROX]LRQH
$VFLXJDUHODVWD]LRQHGLULFDULFDFRQXQSDQQRSXOLWRQRQDEUDVLYRHDEDVVRULODVFLR¿EUH
SULPDGLDOLPHQWDUHODVWD]LRQHGLULFDULFD$VVLFXUDUVLVRSUDWWXWWRFKHLFRQWDWWLHOHWWULFLVLDQR
EHQDVFLXWWL
127$6ROX]LRQLGLVLQIHWWDQWLDEDVHG¶DFTXDFRQS+QHXWURVRQRDOWDPHQWHUDFFRPDQGDWH
$OFXQHVROX]LRQLGLVLQIHWWDQWLDEDVHDOFROLFDSRVVRQRHVVHUHQRFLYHHGDQQHJJLDUHLPDWHULDOL
SODVWLFL
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
3XOL]LDHGLVLQIH]LRQHPDQLSROR6WDUOLJKWSUR
! 3(5,&2/2,OPDQLSRORQRQqSURWHWWRFRQWURODSHQHWUD]LRQHGLOLTXLGL
! 3(5,&2/21RQPHWWHUHLQFRUWRFLUFXLWRLFRQWDWWLHOHWWULFLGHOPDQLSRORFRQRJJHWWL
PHWDOOLFLROLTXLGL
! 3(5,&2/2,OPDQLSRORQRQqVWHULOL]]DELOH
! 3(5,&2/21RQVSUX]]DUHOLTXLGLGLUHWWDPHQWHVXOFRQRVXOODVXSHU¿FLHHVXLFRQWDWWL
HOHWWULFLGHOPDQLSROR
'RSRRJQLWUDWWDPHQWRHVHJXLUHOHVHJXHQWLRSHUD]LRQL
5LPXRYHUHOD¿EUDRWWLFDHSURWH]LRQHRWWLFDGDOPDQLSROR
3XOLUHODVXSHU¿FLHGHOPDQLSRORFRQXQSDQQRSXOLWRPRUELGRHDEDVVRULODVFLR¿EUHLQXPLGLWR
FRQXQDVROX]LRQHGHWHUJHQWHS+HGHYHQWXDOPHQWHGLVLQIHWWDUHFRQXQDVROX]LRQH
GLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWURS+VHJXHQGROHLVWUX]LRQLIRUQLWHGDOSURGXWWRUH
GHOODVROX]LRQH
$VFLXJDUHLOPDQLSRORFRQXQSDQQRSXOLWRQRQDEUDVLYRHDEDVVRULODVFLR¿EUHSULPDGL
XWLOL]]DUORHGLULSRUORQHOODVWD]LRQHGLULFDULFD$VVLFXUDUVLVRSUDWWXWWRFKHLFRQWDWWLHOHWWULFL
VLDQREHQDVFLXWWL
127$6ROX]LRQLGLVLQIHWWDQWLDEDVHG¶DFTXDFRQS+QHXWURVRQRDOWDPHQWHUDFFRPDQGDWH
$OFXQHVROX]LRQLGLVLQIHWWDQWLDEDVHDOFROLFDSRVVRQRHVVHUHQRFLYHHGDQQHJJLDUHLPDWHULDOL
SODVWLFL
3URFHGXUHGLVWHULOL]]D]LRQH
! $77(1=,21((VHJXLUHODVWHULOL]]D]LRQHXWLOL]]DQGRHVFOXVLYDPHQWHDXWRFODYHDYDSRUH
G¶DFTXDFRQWHPSHUDWXUDPDVVLPDƒ&SHUPLQXWL
1RQXWLOL]]DUHQHVVXQDOWURSURFHGLPHQWRGLVWHULOL]]D]LRQHFDORUHVHFFRLUUDGLD]LRQHRVVLGRGL
HWLOHQHJDVSODVPDDEDVVDWHPSHUDWXUDHWF
! 3(5,&2/2,OPDQLSRORQRQqVWHULOL]]DELOH
! 3(5,&2/2&RQWUROORGHOOHLQIH]LRQL3DUWLVWHULOL]]DELOL
3HUHYLWDUHLQIH]LRQLGDEDWWHULRGDYLUXVSXOLUHGLVLQIHWWDUHHVWHULOL]]DUHVHPSUHGRSRRJQL
WUDWWDPHQWRLVHJXHQWLFRPSRQHQWL
)LEUDRWWLFD
3URWH]LRQHRWWLFD
7DOLFRPSRQHQWLVRQRFRVWUXLWLFRQPDWHULDOLFKHUHVLVWRQRDXQDWHPSHUDWXUDPDVVLPDGLƒ&
SHUXQWHPSRPDVVLPRGLPLQXWL
,SURFHVVLGLVWHULOL]]D]LRQH6$/LQDXWRFODYHDYDSRUHGHYRQRHVVHUHHVHJXLWLFRQLSDUDPHWUL
VRWWRLQGLFDWL
YROWH3UHYDFXP
7HPSHUDWXUDGLVWHULOL]]D]LRQHƒ&LQWHUYDOORƒ&·ƒ&
7HPSRGLVWHULOL]]D]LRQHPLQXWL
7HPSRGLDVFLXJDWXUDPLQLPDPLQXWL
7XWWHOHIDVLGLVWHULOL]]D]LRQHGHYRQRHVVHUHHVHJXLWHGDOO¶RSHUDWRUHLQFRQIRUPLWjDOOHQRUPH
81,(1,62H81,(1,62
127$3HUODGLVLQIH]LRQHQRQXWLOL]]DUHDFTXDRVVLJHQDWDPDVROWDQWRGLVLQIHWWDQWLDS+QHXWUR
ULVFLDFTXDUHVHPSUHFRQDFTXDVWHULOH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
! 3(5,&2/27HUPLQDWHOHRSHUD]LRQLGLSXOL]LDSULPDGHOODVWHULOL]]D]LRQHVRWWRXQDIRQWH
OXPLQRVDHGDGHJXDWDIDUHXQFRQWUROORGLWXWWLJOLRJJHWWLFRQSDUWLFRODUHDWWHQ]LRQHULYROWDDL
SDUWLFRODULFKHSRWUHEEHURQDVFRQGHUHUHVLGXLGLVSRUFR¿OHWWDWXUHFDYLWjVFDQDODWXUHHVHGHO
FDVRHVHJXLUHQXRYDPHQWHLOFLFORGLSXOL]LD
&RQWUROODUHLQ¿QHO¶LQWHJULWjGLTXHOOHSDUWLHGLTXHJOLHOHPHQWLFKHSRWUHEEHURHVVHUVLGHWHULRUDWL
QHOO¶XVR
IT
3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHGHOOD¿EUDRWWLFD
! $77(1=,21(1RQXWLOL]]DUHVWUXPHQWLWDJOLHQWLSHUSXOLUHOD¿EUDRWWLFD
(VHJXLUHOHVHJXHQWLRSHUD]LRQL
(OLPLQDUHHYHQWXDOLUHVLGXLGLFRPSRVLWLSROLPHUL]]DWLGDOODVXSHU¿FLHGHOOD¿EUDRWWLFDPHGLDQWH
DOFRRO
'LVLQIHWWDUHODVXSHU¿FLHPHGLDQWHXQSDQQRLQXPLGLWRFRQXQDVROX]LRQHGHWHUJHQWH
GLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWURS+
$VFLXJDUH
6LJLOODUHOD¿EUDRWWLFDVLQJRODUPHQWHLQEXVWDPRQRXVR
6WHULOL]]DUHOD¿EUDRWWLFDLQDXWRFODYH
3XOL]LDGLVLQIH]LRQHHVWHULOL]]D]LRQHSURWH]LRQHRWWLFD
! $77(1=,21(1RQXWLOL]]DUHVWUXPHQWLWDJOLHQWLSHUSXOLUHODSURWH]LRQHRWWLFD
(VHJXLUHOHVHJXHQWLRSHUD]LRQL
3XOLUHHGLVLQIHWWDUHODVXSHU¿FLHPHGLDQWHXQSDQQRLQXPLGLWRFRQXQDVROX]LRQH
GHWHUJHQWHGLVLQIHWWDQWHQRQDJJUHVVLYDDS+QHXWURS+
$VFLXJDUH
6LJLOODUHODSURWH]LRQHRWWLFDVLQJRODUPHQWHLQEXVWDPRQRXVR
6WHULOL]]DUHODSURWH]LRQHLQDXWRFODYH
0RGDOLWjHSUHFDX]LRQLSHUORVPDOWLPHQWR
! $77(1=,21(,OGLVSRVLWLYRFRQWLHQHEDWWHULD/,7,2,21,/DEDWWHULDGHYHHVVHUH
VPDOWLWDHWUDWWDWDFRPHUL¿XWRVRJJHWWRDUDFFROWDVHSDUDWD
/¶DSSDUHFFKLRGHYHHVVHUHVPDOWLWRHWUDWWDWRFRPHUL¿XWRVRJJHWWRDUDFFROWDVHSDUDWD
(¶IDFROWjGHOO¶DFTXLUHQWHFRQVHJQDUHO¶DSSDUHFFKLRDOOD¿QHGHOODVXDYLWDDOULYHQGLWRUHFKH
IRUQLVFHQXRYDDSSDUHFFKLDWXUDSUHVVR0HFWURQ6S$VRQRDGLVSRVL]LRQHLVWUX]LRQLSHUOR
VPDOWLPHQWR
/¶LQRVVHUYDQ]DGHLSXQWLSUHFHGHQWLSXzFRPSRUWDUHXQDVDQ]LRQHDLVHQVLGHOODGLUHWWLYDVXL
UL¿XWLGLDSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKH5$((
! 3(5,&2/25L¿XWLRVSHGDOLHUL
7UDWWDUHFRPHUL¿XWLRVSHGDOLHULLVHJXHQWLRJJHWWL
)LEUDRWWLFDTXDQGRXVXUDWDRURWWD
3URWH]LRQHRWWLFDTXDQGRXVXUDWDRURWWD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6LPEROL
!
$WWHQ]LRQHOHJJHUHOHLVWUX]LRQL
SHUO¶XVR
1XPHURGLVHULH
,VWUX]LRQLSHULOIXQ]LRQDPHQWR
&RGLFHSURGRWWR
3DUWHDSSOLFDWDGLWLSR´%´LQDFFRUGR
DOODQRUPDWHFQLFD(1
)DEEULFDQWH
$SSDUHFFKLRGLFODVVH,,
/LPLWLGLWHPSHUDWXUDSHUWUDVSRUWR
HFRQVHUYD]LRQH
&RUUHQWHDOWHUQDWD
/LPLWLGLXPLGLWjSHUWUDVSRUWRH
FRQVHUYD]LRQH
,PDWHULDOLVWHULOL]]DELOLGHYRQRHVVHUH
DXWRFODYDWLHUHVLVWRQR¿QRDXQD
WHPSHUDWXUDPDVVLPDGLƒ&
/LPLWLSHUSUHVVLRQHDWPRVIHULFD
SHUWUDVSRUWRHFRQVHUYD]LRQH
0DUFKLR0(7
/¶DSSDUHFFKLRHGLVXRLDFFHVVRUL
QRQGHYRQRHVVHUHVPDOWLWLR
WUDWWDWLFRPHUL¿XWLVROLGLXUEDQL
7.%5#
%0Q &RQIRUPLWjDOOHQRUPH8/&6$
'
6LPERORGLSHULFROR
5DGLD]LRQH/('
$SSDUHFFKLRFRQIRUPHDOODGLUHWWLYD&((
LQFOXVHOHQRUPHWHFQLFKH(1H(1
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
6ROX]LRQHLQFRQYHQLHQWL
6HO¶DSSDUHFFKLRVHPEUDQRQIXQ]LRQDUHFRUUHWWDPHQWHOHJJHUHQXRYDPHQWHOHLVWUX]LRQLHTXLQGL
FRQWUROODUHODVHJXHQWHWDEHOOD
6,17202
/DVWD]LRQHGLULFDULFDQRQ
V¶DFFHQGHQHVVXQOHGq
DFFHVR
&$86$3266,%,/(
62/8=,21(
,OFDYRGLDOLPHQWD]LRQH
HOHWWULFDQRQqFRUUHWWDPHQWH
FROOHJDWR
&ROOHJDUHLOFDYRVLDDOOD
VWD]LRQHGLULFDULFDVLDDOOD
SUHVDDPXUR
,OFDYRGLDOLPHQWD]LRQH
HOHWWULFDqGLIHWWRVR
6RVWLWXLUHLOFDYRGL
DOLPHQWD]LRQHHOHWWULFD
/DVWD]LRQHGLULFDULFDQRQ
IXQ]LRQD
5LYROJHUVLDOFHQWURGL
DVVLVWHQ]DWHFQLFDDXWRUL]]DWR
0(&7521
,OOHGJLDOOREDWWHU\FKHFN
GHOODVWD]LRQHGLULFDULFDq
DFFHVR
,FRQWDWWLGHOODVWD]LRQHGL
ULFDULFDVRQRLQFRUWRFLUFXLWR
9HGHUHSDUDJUDIR³´
,OOHGJLDOOREDWWHU\FKHFN
GHOODVWD]LRQHGLULFDULFDq
DFFHVR
%DWWHULDJXDVWD
&RQWDWWDUHLOVHUYL]LRSRVW
YHQGLWD0HFWURQ9HGHUH
SDUDJUDIR³´H³´
3UHPHQGRLOSXOVDQWHGHOOD
6WDUOLJKWSURQRQVLKDÀXVVR
OXPLQRVRHYLHQHHPHVVRXQ
VHJQDOHDFXVWLFREHHS
%DWWHULDVFDULFD
5LFDULFDUHODEDWWHULD9HGHUH
SDUDJUDIR³´
$OOD¿QHGHOFLFORGLVSRVL]LRQH
YLHQHHPHVVRXQVHJQDOH
DFXVWLFREHHS
%DWWHULDEDVVD
5LFDULFDUHODEDWWHULD9HGHUH
SDUDJUDIR³´
'XUDQWHLOFLFORGLHVSRVL]LRQH
YLHQHHPHVVRXQVHJQDOH
DFXVWLFREHHSHDOOD¿QH
GHOFLFOROD6WDUOLJKWSURQRQ
SHUPHWWHSLGLHIIHWWXDUHDOWUR
WUDWWDPHQWR
,QWHUYHQWRSURWH]LRQHWHUPLFD
8QDXOWHULRUHDWWLYD]LRQHq
SRVVLELOHVRORGRSRLO
UDIIUHGGDPHQWR
/DSROLPHUL]]D]LRQHq
LQVXI¿FLHQWH
/DVXSHU¿FLHWHUPLQDOHGHOOD
¿EUDRWWLFDqVSRUFD
9HGHUHSDUDJUDIR³´
5LSRVWRLOPDQLSRORQHOOD
VWD]LRQHGLULFDULFDLOOHGYHUGH
EDWWHU\QRQVLDFFHQGH
%DWWHULDQRQVXI¿FLHQWHPHQWH
VFDULFD
9HGHUHLOSDUDJUDIR
7DEHOOD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
'DWLWHFQLFL
$SSDUHFFKLRFRQIRUPHDOOD'LU&(( &ODVVH,
&ODVVL¿FD]LRQHDLVHQVLGHOOD(1
,,
3DUWHDSSOLFDWD7LSR%)LEUDRWWLFD
,36WD]LRQHGLULFDULFD
,36WDUOLJKWSUR
6WD]LRQHGLULFDULFD
0RGHOOR6WDUOLJKWSUR&+$5*(5
$OLPHQWD]LRQHVWD]LRQHGLULFDULFD
9a+]9$
$OLPHQWD]LRQHPDQLSROR6WDUOLJKWSUR
%DWWHULDDO/LWLRLRQL
7HQVLRQHQRPLQDOH9
&DSDFLWjQRPLQDOHP$K
0DQLSRORSHUIXQ]LRQDPHQWRLQWHUPLWWHQWH ´21´2))0DVVLPRYROWHFRQVHFXWLYH
6RUJHQWHOXPLQRVD
/HGDGDOWDOXPLQRVLWjFRQRWWLFD
/HGLQ&ODVVH0,(&
/XQJKH]]DG¶RQGDGRPLQDQWHQP
3RWHQ]DOXPLQRVD!P:FP
9LWDPHGLDFLFOLGLVHFRQGLFLDVFXQR
)LEUDRWWLFDLQGRWD]LRQH
'LDPHWURPP
&RPSRVL]LRQH)LEUHFRHUHQWLWUD¿ODWHVXUIXVHFRQ
TXDU]R
6WHULOL]]DELOHLQDXWRFODYH7HPSPD[ƒ&SHU
PLQXWLPD[&LFOL
(VSRVL]LRQH
)$677HPSRGLHVSRVL]LRQHVHFRQGL
6HJQDOHDFXVWLFRLQL]LRH¿QHHVSRVL]LRQH
6/2:5,6(7HPSRGLHVSRVL]LRQHVHFRQGL
6HJQDOHDFXVWLFRDOO¶LQL]LRGRSRVHFRQGLH
DOOD¿QHGHLVHFRQGL
3RVVLELOLWjG¶LQWHUUX]LRQHRULSHWL]LRQHGHLFLFOLLQ
RJQLLVWDQWH
7HPSRGLULFDULFDGHOODEDWWHULDVFDULFD
&LUFDRUH
&RQGL]LRQLRSHUDWLYH
GDƒ&Dƒ&
8PLGLWjUHODWLYDGDD
3UHVVLRQHGHOO¶DULD3K3DK3D
&RQGL]LRQLGLWUDVSRUWRHGLPDJD]]LQR
GDƒ&Dƒ&
8PLGLWjUHODWLYDGDD
3UHVVLRQHGHOO¶DULD3K3DK3D
3HVLHGLPHQVLRQL
6WD]LRQHGLULFDULFD3HVRJ
[[PP
0DQLSRORVWDUOLJKWSUR3HVRJ
/PP‘PD[PP
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
/(',QIRUPD]LRQLVXOODUDGLD]LRQHHPHVVD
,OGLVSRVLWLYRXWLOL]]D/('DGDOWDOXPLQRVLWj&ODVVH0,(&
! 3(5,&2/2)DVFLGLYHUJHQWL
1RQRVVHUYDUHO¶HPLVVLRQHGLOXFH/('FRQVWUXPHQWLRWWLFLTXDOLDGHVHPSLRPRQRFROLOHQWLGL
LQJUDQGLPHQWRRPLFURVFRSLDGXQKDGLVWDQ]DLQIHULRUHDPPSHUFKqSXzFRPSRUWDUHXQULVFKLR
SHUJOLRFFKL
! 3(5,&2/2)DVFLFROOLPDWL
1RQRVVHUYDUHO¶HPLVVLRQHGLOXFH/('FRQVWUXPHQWLRWWLFLSURJHWWDWLSHUO¶LPSLHJRDGLVWDQ]DTXDOL
DGHVHPSLRWHOHVFRSLRRELQRFRORSHUFKqSXzFRPSRUWDUHXQULVFKLRSHUJOLRFFKL
6XOO¶LPEDOORGHOGLVSRVLWLYRVRQRSUHVHQWLOHHWLFKHWWHFRPHLQGLFDWRLQ)LJ
/('5$',$7,21
'212767$5(,1727+(%($0259,(:',5(&7/<
:,7+237,&$/,167580(176
&/$660/('352'8&7
,(&$$
0$;32:(5P:
'RPLQDQWZDYHOHQJKW0LQQP0D[QP
)LJ
&RPSDWLELOLWjHOHWWURPDJQHWLFD(1
! 3(5,&2/2/¶DSSDUHFFKLRQHFHVVLWDGLSDUWLFRODULSUHFDX]LRQL(0&HGHYHHVVHUHLQVWDOODWRH
PHVVRLQVHUYL]LRFRQIRUPHPHQWHDOOHLQIRUPD]LRQL(0&FRQWHQXWHLQTXHVWRSDUDJUDIR
! 3(5,&2/2*OLDSSDUHFFKLGLUDGLRFRPXQLFD]LRQHSRUWDWLOLHPRELOLSRVVRQRDYHUHLQÀXHQ]DVXO
FRUUHWWRIXQ]LRQDPHQWRGHOO¶DSSDUHFFKLR
*XLGDHGLFKLDUD]LRQHGHOFRVWUXWWRUH(PLVVLRQLHOHWWURPDJQHWLFKH
/D6WDUOLJKWSURqSUHYLVWDSHUIXQ]LRQDUHQHOO¶DPELHQWHHOHWWURPDJQHWLFRVRWWRVSHFL¿FDWR
,OFOLHQWHRO¶XWLOL]]DWRUHGHOOD6WDUOLJKWSURGRYUHEEHDVVLFXUDUVLFKHHVVDYHQJDXVDWDLQWDOHDPELHQWH
3URYDGLHPLVVLRQH
&RQIRUPLWj
$PELHQWHHOHWWURPDJQHWLFR*XLGD
(PLVVLRQL5)
&,635
*UXSSR
/D6WDUOLJKWSURXWLOL]]DHQHUJLD5)VRORSHULOVXR
IXQ]LRQDPHQWRLQWHUQR3HUFLzOHVXHHPLVVLRQL5)VRQRPROWR
EDVVHHYHURVLPLOPHQWHQRQFDXVDQRQHVVXQDLQWHUIHUHQ]D
QHJOLDSSDUHFFKLHOHWWURQLFLYLFLQL
(PLVVLRQL5)
&,635
&ODVVH%
(PLVVLRQLDUPRQLFKH
,(&
&ODVVH$
/D6WDUOLJKWSURqDGDWWDSHUO¶XVRLQWXWWLJOLHGL¿FL
FRPSUHVLJOLHGL¿FLGRPHVWLFLHTXHOOLGLUHWWDPHQWH
FROOHJDWLDOODUHWHGLDOLPHQWD]LRQHSXEEOLFDLQEDVVDWHQVLRQH
FKHDOLPHQWDHGL¿FLSHUXVLGRPHVWLFL
(PLVVLRQLGLÀXWWXD]LRQL
GLWHQVLRQHÀLFNHU
,(&
&RQIRUPH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
*XLGDHGLFKLDUD]LRQHGHOFRVWUXWWRUH,PPXQLWjHOHWWURPDJQHWLFD
/D6WDUOLJKWSURqSUHYLVWDSHUIXQ]LRQDUHQHOO¶DPELHQWHHOHWWURPDJQHWLFRVRWWRVSHFL¿FDWR
,OFOLHQWHRO¶XWLOL]]DWRUHGHOOD6WDUOLJKWSURGRYUHEEHDVVLFXUDUVLFKHHVVDYLHQHXVDWDLQWDOHDPELHQWH
3URYDGLLPPXQLWj
/LYHOORGLSURYD
,(&
/LYHOORGLFRQIRUPLWj
$PELHQWH
HOHWWURPDJQHWLFR*XLGD
6FDULFKH
HOHWWURVWDWLFKH(6'
,(&
“N9DFRQWDWWR
“N9LQDULD
,OGLVSRVLWLYRFRQWLQXDD
IXQ]LRQDUHFRPHSUHYL
VWRHULPDQHVLFXUR
,SDYLPHQWLGHYRQRHVVHUH
LQOHJQRFDOFHVWUX]]RRLQ
FHUDPLFD6HLSDYLPHQWLVRQR
ULFRSHUWLGLPDWHULDOHVLQWHWLFR
O¶XPLGLWjUHODWLYDGRYUHEEHHV
VHUHDOPHQRGHO
7UDQVLWRULWUHQL
HOHWWULFLYHORFL
,(&
“N9SHUOLQHHGL
DOLPHQWD]LRQHGL
SRWHQ]D
,OGLVSRVLWLYRFRQWLQXDD
IXQ]LRQDUHFRPHSUHYL
VWRHULPDQHVLFXUR
/DTXDOLWjGHOODWHQVLRQHGL
UHWHGRYUHEEHHVVHUHTXHOODGL
XQWLSLFRDPELHQWHFRPPHU
FLDOHRRVSHGDOLHUR
“N9SHUOLQHHGL
LQJUHVVRXVFLWD
,PSXOVL
,(&
“N9LQPRGRGLI
IHUHQ]LDOH
“N9LQPRGRFRPXQH
,OGLVSRVLWLYRFRQWLQXDD
IXQ]LRQDUHFRPHSUHYL
VWRHULPDQHVLFXUR
/DTXDOLWjGHOODWHQVLRQHGL
UHWHGRYUHEEHHVVHUHTXHOODGL
XQWLSLFRDPELHQWHFRPPHU
FLDOHRRVSHGDOLHUR
%XFKLGLWHQVLRQH
EUHYLLQWHUUX]LRQLH
YDULD]LRQLGLWHQVLRQH
VXOOHOLQHHGLLQJUHVVR
GHOO¶DOLPHQWD]LRQH
,(&
87!EXFR
GL87SHUFLFOL
&RQEXFKLGLUHWHGL
GXUDWD!
VqSHUPHVVDXQD
GHYLD]LRQHGLIXQ]LRQD
PHQWRGHOGLVSRVLWLYR
GDTXDQWRSUHYLVWR
ULPDQHWXWWDYLDVLFXUR
HQRQVXELVFHGDQQL
,OGLVSRVLWLYRqULSULVWL
QDELOHGDOO¶LQWHUYHQWR
GHOO¶RSHUDWRUH
/DTXDOLWjGHOODWHQVLRQHGL
UHWHGRYUHEEHHVVHUH
TXHOODGLXQWLSLFRDPELHQWH
FRPPHUFLDOHRRVSHGDOHUR
,OGLVSRVLWLYRFRQWLQXDD
IXQ]LRQDUHFRPHSUHYL
VWRHULPDQHVLFXUR
,FDPSLPDJQHWLFLDIUHTXHQ]D
GLUHWHGRYUHEEHURDYHUHOLYHOOL
FDUDWWHULVWLFLGLXQDORFDOLWj
WLSLFDLQDPELHQWHFRPPHUFLDOH
RRVSHGDOLHUR
87EXFRGL
87SHUFLFOL
87EXFRGL
87SHUFLFOL
87
!EXFRGL87
SHUV
&DPSRPDJQHWLFRDOOD
IUHTXHQ]DGLUHWH
+]
,(&
$P
127$87qODWHQVLRQHGLUHWHLQFDSULPDGHOO¶DSSOLFD]LRQHGHOOLYHOORGLSURYD
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
*XLGDHGLFKLDUD]LRQHGHOFRVWUXWWRUH,PPXQLWjHOHWWURPDJQHWLFD
/D6WDUOLJKWSURqSUHYLVWDSHUIXQ]LRQDUHQHOO¶DPELHQWHHOHWWURPDJQHWLFRVRWWRVSHFL¿FDWR
,OFOLHQWHRO¶XWLOL]]DWRUHGHOOD6WDUOLJKWSURGRYUHEEHDVVLFXUDUVLFKHHVVRYHQJDXVDWRLQWDOHDPELHQWH
3URYDGL
LPPXQLWj
/LYHOORGLSURYD
,(&
/LYHOORGL
FRQIRUPLWj
$PELHQWH
HOHWWURPDJQHWLFR*XLGD
*OLDSSDUHFFKLGLFRPXQLFD]LRQHD5)
SRUWDWLOLHPRELOLQRQGRYUHEEHURHVVHUHXVDWLYLFLQR
DQHVVXQDSDUWHGHOSURGRWWRFRPSUHVLLFDYLHF
FHWWRTXDQGRULVSHWWDQROHGLVWDQ]HGLVHSDUD]LRQH
UDFFRPDQGDWHFDOFRODWHGDOO¶HTXD]LRQHDSSOLFDELOH
DOODIUHTXHQ]DGHOWUDVPHWWLWRUH
5)FRQGRWWD
,(&
9HII
GDN+]D0+]
5)LUUDGLDWD
,(&
9P
GD0+]D*+]
'LVWDQ]HGLVHSDUD]LRQHUDFFRPDQGDWH
,OGLVSRVLWLYR G ¥3
FRQWLQXDD
IXQ]LRQDUH
FRPHSUHYL G ¥3GD0+]D0+]
VWRHULPDQH G ¥3GD0+]D*+]
VLFXUR
RYH3qODSRWHQ]DPDVVLPDQRPLQDOHG¶XVFLWDGHO
WUDVPHWWLWRUHLQ:DWW:VHFRQGRLOFRVWUXWWRUHGHO
WUDVPHWWLWRUHHGqODGLVWDQ]DGLVHSDUD]LRQHUDFFR
PDQGDWDLQPHWULP
/¶LQWHQVLWjGHOFDPSRGHLWUDVPHWWLWRULD5)¿VVL
FRPHGHWHUPLQDWRLQXQ¶LQGDJLQHHOHWWURPDJQHWLFD
GHOVLWRSRWUHEEHHVVHUHPLQRUHGHOOLYHOORGLFRQIRU
PLWjLQFLDVFXQLQWHUYDOORGLIUHTXHQ]DE
6LSXzYHUL¿FDUHLQWHUIHUHQ]DLQSURVVLPLWjGL
DSSDUHFFKLFRQWUDVVHJQDWLGDOVHJXHQWHVLPEROR
1RWH
D0+]H0+]VLDSSOLFDO¶LQWHUYDOORGHOODIUHTXHQ]DSLDOWD
4XHVWHOLQHHJXLGDSRWUHEEHURQRQDSSOLFDUVLLQWXWWHOHVLWXD]LRQL/DSURSDJD]LRQHHOHWWURPDJQHWLFDqLQÀXHQ]DWD
GDOO¶DVVRUELPHQWRHGDOODULÀHVVLRQHGLVWUXWWXUHRJJHWWLHSHUVRQH
D/HLQWHQVLWjGLFDPSRSHUWUDVPHWWLWRUL¿VVLFRPHOHVWD]LRQLGLEDVHSHUUDGLRWHOHIRQLFHOOXODULHFRUGOHVVH
UDGLRPRELOLWHUUHVWULDSSDUHFFKLGLUDGLRDPDWRULWUDVPHWWLWRULUDGLRLQ$0H)0HWUDVPHWWLWRUL79QRQSRVVRQR
HVVHUHSUHYLVWHWHRUHWLFDPHQWHHFRQSUHFLVLRQH3HUVWDELOLUHXQDPELHQWHHOHWWURPDJQHWLFRFDXVDWRGD
WUDVPHWWLWRUL5)¿VVLVLGRYUHEEHFRQVLGHUDUHXQ¶LQGDJLQHHOHWWURPDJQHWLFDGHOVLWR6HO¶LQWHQVLWjGLFDPSR
PLVXUDWDQHOOXRJRLQFXLVLXVDOD6WDUOLJKWSURVXSHUDLOOLYHOORGLFRQIRUPLWjDSSOLFDELOHGLFXLVRSUDVLGRYUHEEH
SRUUHVRWWRRVVHUYD]LRQHLOIXQ]LRQDPHQWRQRUPDOHGHOOD6WDUOLJKWSUR6HVLQRWDQRSUHVWD]LRQLDQRUPDOLSRVVRQRHVVHUH
QHFHVVDULHPLVXUHDJJLXQWLYHFRPHXQGLYHUVRRULHQWDPHQWRRSRVL]LRQHGHOOD6WDUOLJKWSUR
E/¶LQWHQVLWjGLFDPSRVXXQLQWHUYDOORGLIUHTXHQ]HGDN+]D0+]GRYUHEEHHVVHUHPLQRUHGL9P
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
'LVWDQ]HGLVHSDUD]LRQHUDFFRPDQGDWHWUDDSSDUHFFKLGLUDGLRFRPXQLFD]LRQHSRUWDWLOLHPRELOLHOD
6WDUOLJKWSUR
/D6WDUOLJKWSURqSUHYLVWDSHUIXQ]LRQDUHLQXQDPELHQWHHOHWWURPDJQHWLFRLQFXLVRQRVRWWRFRQWUROORLGLVWXUEL
LUUDGLDWL5),OFOLHQWHRO¶RSHUDWRUHGHOOD6WDUOLJKWSURSRVVRQRFRQWULEXLUHDSUHYHQLUHLQWHUIHUHQ]HHOHWWUR
D6WDUOLJKWSURSRVVRQRFRQWULEXLUHDSUHYHQLUHLQWHUIHUHQ]HHOHWWUR
SRVVRQRFRQWULEXLUHDSUHYHQLUHLQWHUIHUHQ]HHOHWWUR
PDJQHWLFKHDVVLFXUDQGRXQDGLVWDQ]DPLQLPDIUDJOLDSSDUHFFKLGLFRPXQLFD]LRQHPRELOLHSRUWDWLOLD5)
WUDVPHWWLWRULHOD6WDUOLJKWSURFRPHVRWWRUDFFRPDQGDWRLQUHOD]LRQHDOODSRWHQ]DGLXVFLWDPDVVLPDGHJOL
DSSDUHFFKLGLUDGLRFRPXQLFD]LRQH
3RWHQ]DGLXVFLWD
QRPLQDOHPDVVLPD
GHOWUDVPHWWLWRUH³:´
'LVWDQ]DGLVHSDUD]LRQHDOODIUHTXHQ]DGHOWUDVPHWWLWRUH³P´
GDN+]D0+]
G ¥3
GD0+]D0+]
G ¥3
GD0+]D*+]
G ¥3
3HULWUDVPHWWLWRULFRQSRWHQ]DQRPLQDOHPDVVLPDGLXVFLWDVRSUDQRQULSRUWDWDODGLVWDQ]DGL
VHSDUD]LRQHUDFFRPDQGDWDGLQPHWULPSXzHVVHUHFDOFRODWDXVDQGRO¶HTXD]LRQHDSSOLFDELOHDOODIUHTXHQ
]DGHOWUDVPHWWLWRUHRYH3qODSRWHQ]DPDVVLPDQRPLQDOHG¶XVFLWDGHOWUDVPHWWLWRUHLQ:DWW:VHFRQGRLO
FRVWUXWWRUHGHOWUDVPHWWLWRUH
1RWH
$0+]H0+]VLDSSOLFDO¶LQWHUYDOORGHOODIUHTXHQ]DSLDOWD
4XHVWHOLQHHJXLGDSRWUHEEHURQRQDSSOLFDUVLLQWXWWHOHVLWXD]LRQL/DSURSDJD]LRQHHOHWWURPDJQHWLFDq
LQÀXHQ]DWDGDOO¶DVVRUELPHQWRHGDOODULÀHVVLRQHGLVWUXWWXUHRJJHWWLHSHUVRQH
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
*DUDQ]LD
0HFWURQJDUDQWLVFHLSURSULSURGRWWLDFTXLVWDWLQXRYLGDXQULYHQGLWRUHRLPSRUWDWRUH0HFWURQ
FRQWURGLIHWWLGLPDWHULDOHHIDEEULFD]LRQHSHULOSHULRGRGL75($11,GDOODGDWDG¶DFTXLVWR
'XUDQWHLOSHULRGRGLYDOLGLWjGHOODJDUDQ]LD0HFWURQVLLPSHJQDDULSDUDUHRDVXDOLEHUDVFHOWD
VRVWLWXLUHJUDWXLWDPHQWHTXHOOHSDUWLGHLSURGRWWLFKHVLGLPRVWUDVVHURDVXRJLXGL]LRGLIHWWRVH
(¶HVFOXVDODVRVWLWX]LRQHLQWHJUDOHGHLSURGRWWL0HFWURQ
/D0HFWURQGHFOLQDRJQLUHVSRQVDELOLWjSHUGDQQLGLUHWWLRLQGLUHWWLDSHUVRQHRFRVHQHLVHJXHQWL
FDVL
/¶DSSDUHFFKLRQRQqLPSLHJDWRVHFRQGRODGHVWLQD]LRQHG¶XVRSHUFXLqSUHYLVWR
/¶DSSDUHFFKLRQRQqXWLOL]]DWRFRQIRUPHPHQWHDWXWWHOHLVWUX]LRQLHSUHVFUL]LRQLGHVFULWWHQHO
SUHVHQWHPDQXDOH
/¶LPSLDQWRHOHWWULFRGHLORFDOLLQFXLqXWLOL]]DWRO¶DSSDUHFFKLRQRQqFRQIRUPHDOOHQRUPHYLJHQWL
HDOOHUHODWLYHSUHVFUL]LRQL
/HRSHUD]LRQLGLDVVHPEODJJLRHVWHQVLRQLUHJROD]LRQLPRGL¿FKHHULSDUD]LRQLVRQRHIIHWWXDWH
GDSHUVRQDOHQRQDXWRUL]]DWRGD0HFWURQ
/HFRQGL]LRQLDPELHQWDOLGLFRQVHUYD]LRQHHGLPPDJD]]LQDPHQWRGHOGLVSRVLWLYRQRQVRQR
FRQIRUPLDOOHSUHVFUL]LRQLLQGLFDWHQHOODVH]GDWLWHFQLFL
'DOODJDUDQ]LDVRQRHVFOXVHOHURWWXUHDFFLGHQWDOLSHUWUDVSRUWRSHUXVRQRQFRUUHWWRRSHULQFXULD
SHUDOODFFLDPHQWRDWHQVLRQHGLYHUVDGDTXHOODSUHYLVWDOHVSLHOHPDQRSROHHWXWWLJOLDFFHVVRUL
/DJDUDQ]LDGHFDGHTXDQGRO¶DSSDUHFFKLRVLDVWDWRPDQRPHVVRRULSDUDWRGDSHUVRQDOHQRQ
DXWRUL]]DWR
$77(1=,21(
/DJDUDQ]LDqYDOLGDVRORVHLOWDJOLDQGRGLJDUDQ]LDDOOHJDWRDOSURGRWWRqVWDWRFRPSLODWRLQWXWWHOH
VXHSDUWLHVHPSUHFKHODVXDVSHGL]LRQHSUHVVRODQRVWUDVHGHRHYHQWXDOPHQWHDOULYHQGLWRUHR
LPSRUWDWRUH0HFWURQDYYHQJDHQWUR9(17,*,251,GDOODGDWDGLDFTXLVWRGHOODTXDOHIDIHGH
ODEROODIDWWXUDGLDFTXLVWRHPHVVDGDOULYHQGLWRUHLPSRUWDWRUH
3HUDYYDOHUVLGHOVHUYL]LRGLJDUDQ]LDLOFOLHQWHGHYHUHVWLWXLUHDVXHVSHVHO¶DSSDUHFFKLRGD
ULSDUDUHDOULYHQGLWRUHLPSRUWDWRUH0HFWURQGDOTXDOHKDDFTXLVWDWRLOSURGRWWR
/¶DSSDUHFFKLRGHYHHVVHUHUHVWLWXLWRLGRQHDPHQWHLPEDOODWRSRVVLELOPHQWHQHOO¶LPEDOORRULJLQDOH
DFFRPSDJQDWRGDWXWWLJOLDFFHVVRULHGDXQDVFKHGDFRPSUHQGHQWH
D 'DWLGHOSURSULHWDULRFRQUHFDSLWRWHOHIRQLFR
E 'DWLGHOULYHQGLWRUHLPSRUWDWRUH
F )RWRFRSLDEROODIDWWXUDGLDFTXLVWRGHOO¶DSSDUHFFKLRGDSDUWHGHOSURSULHWDULRRYHVRQRULSRUWDWH
ROWUHODGDWDLOQRPHGHOO¶DSSDUHFFKLRHLOQXPHURGLVHULH
G 'HVFUL]LRQHGHOPDOIXQ]LRQDPHQWR
,OWUDVSRUWRHGLGDQQLFDXVDWLGDOWUDVSRUWRQRQVRQRFRSHUWLGDJDUDQ]LD
1HOFDVRGLJXDVWLGRYXWLDGLQFLGHQWHRXVRLPSURSULRRSSXUHQHOFDVRGLJDUDQ]LDVFDGXWDOH
ULSDUD]LRQLGHLSURGRWWL0HFWURQYHUUDQQRDGGHELWDWHLQEDVHDOFRVWRHIIHWWLYRGHLPDWHULDOLHGHOOD
PDQRGRSHUDLPSLHJDWL
/HLQGLFD]LRQLFKHDSSDLRQRVXTXHVWDSXEEOLFD]LRQHQRQVRQRYLQFRODQWLHSRVVRQRHVVHUHPRGL¿FDWHVHQ]D
SUHDYYLVR
VWDUOLJKWSURPDQXDOHGµXVRHPDQXWHQ]LRQH
IT
6XPPDU\
,QWURGXFWLRQ )RUHZRUG 'HVFULSWLRQRIWKHHTXLSPHQW ,QWHQGHGXVH 6DIHW\UHTXLUHPHQWV ,GHQWL¿FDWLRQGDWD ,GHQWL¿FDWLRQGDWD ,GHQWL¿FDWLRQSODWHRIWKHFKDUJLQJXQLW ,GHQWL¿FDWLRQSODWHRIWKH6WDUOLJKWSURKDQGSLHFH 7HVWLQJ 7HVWLQJRIWKHHTXLSPHQW 'HOLYHU\ 'HOLYHU\RIWKHHTXLSPHQW /LVWRIPDWHULDOLQFOXGHGLQWKHVWDQGDUGVXSSO\ ,QVWDOODWLRQ 6DIHW\UHTXLUHPHQWVDWWKHWLPHRILQVWDOODWLRQ 'HVFULSWLRQRIWKHFRQWUROVDQGVLJQDOOLQJODPSV &RQQHFWLQJWKHHTXLSPHQW %DWWHU\ 1HZEDWWHU\¿UVWFKDUJLQJ %DWWHU\ORZVLJQDO %DWWHU\GHDGVLJQDO %DWWHU\IDLOHGVLJQDO 5HSODFLQJWKHEDWWHU\ 6DIHW\UHTXLUHPHQWVUHODWLQJWRWKHEDWWHU\ 8VH &RQQHFWLQJWKHDFFHVVRULHV 6DIHW\UHTXLUHPHQWVGXULQJXVH ,QVWUXFWLRQVIRUXVH 0HDVXULQJWKHOLJKWLQWHQVLW\ 6DIHW\SURWHFWLRQ <HOORZEDWWHU\/('RQWKHFKDUJLQJXQLWOLJKWHG &OHDQLQJGLVLQIHFWLRQVWHULOLVDWLRQ &OHDQLQJDQGGLVLQIHFWLRQRIWKHFDVLQJRIWKHFKDUJLQJXQLW &OHDQLQJDQGGLVLQIHFWLQJWKH6WDUOLJKWSURKDQGSLHFH 6WHULOLVDWLRQSURFHGXUH &OHDQLQJGLVLQIHFWLRQHVWHULOLVDWLRQRIWKHRSWLFDO¿EUH &OHDQLQJGLVLQIHFWLRQDQGVWHULOLVDWLRQRIWKHRSWLFDOSURWHFWLRQ 'LVSRVDOSURFHGXUHVDQGSUHFDXWLRQV 6\PEROV 3UREOHPVROYLQJ 7HFKQLFDOVSHFL¿FDWLRQV /(',QIRUPDWLRQFRQFHUQLQJWKHUDGLDWLRQHPLWWHG (OHFWURPDJQHWLFFRPSDWLELOLW\(1 :DUUDQW\ VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
,QWURGXFWLRQ
)RUHZRUG
%HIRUHSURFHHGLQJZLWKWKHLQVWDOODWLRQXVHPDLQWHQDQFHRUDQ\RWKHUDFWLYLWLHVRQWKH
HTXLSPHQWSOHDVHUHDGWKLVPDQXDOFDUHIXOO\
$OZD\VNHHSWKLVPDQXDOZLWKLQHDV\UHDFK
,PSRUWDQW7RDYRLGFDXVLQJSHUVRQDOLQMXULHVRUGDPDJHWRSURSHUW\UHDGDOOWKHSRLQWVFRQFHUQLQJ
³6DIHW\UHTXLUHPHQWV´FRQWDLQHGLQWKLVPDQXDOZLWKSDUWLFXODUDWWHQWLRQ
'HSHQGLQJRQWKHOHYHORIULVNLQYROYHGVDIHW\UHTXLUHPHQWVDUHFODVVHGXQGHUWKHIROORZLQJ
LQGLFDWLRQV
! '$1*(5DOZD\VUHIHUUHGWRSHUVRQDOLQMXU\
! :$51,1*UHIHUUHGWRSRVVLEOHGDPDJHWRSURSHUW\
7KHSXUSRVHRIWKLVPDQXDOLVWRHQVXUHWKDWRSHUDWRUVDUHDZDUHRIWKHVDIHW\UHTXLUHPHQWVRIWKH
LQVWDOODWLRQSURFHGXUHVDQGRIWKHLQVWUXFWLRQVIRUFRUUHFWXVHDQGPDLQWHQDQFHRIWKHHTXLSPHQW
7KHXVHULVQRWDXWKRULVHGWRWDPSHUZLWKWKHHTXLSPHQWXQGHUDQ\FLUFXPVWDQFHV
,IDQ\SUREOHPVDUHHQFRXQWHUHGSOHDVHFRQWDFWD0HFWURQ6HUYLFH&HQWUH
$Q\DWWHPSWVRQWKHSDUWRIWKHXVHURUDQ\XQDXWKRULVHGSHUVRQQHOWRWDPSHUZLWKRUDOWHUWKH
HTXLSPHQWZLOOLQYDOLGDWHWKHZDUUDQW\DQGUHOHDVHWKH0DQXIDFWXUHUVIURPDQ\OLDELOLW\LQUHVSHFWRI
DQ\KDUPRUGDPDJHWRSHUVRQVRUSURSHUW\
7KHLQIRUPDWLRQDQGLOOXVWUDWLRQVFRQWDLQHGLQWKLVPDQXDODUHXSGDWHGDVRIWKHGDWHRISXEOLFDWLRQ
LQGLFDWHGRQWKHODVWSDJH
0(&7521DUHFRPPLWWHGWRFRQWLQXRXVXSGDWLQJRIWKHLUSURGXFWVZKLFKPD\HQWDLOFKDQJHVWR
FRPSRQHQWVRIWKHHTXLSPHQW,IWKHUHDUHDQ\GLVFUHSDQFLHVEHWZHHQWKHGHVFULSWLRQVFRQWDLQHG
LQWKLVPDQXDODQG\RXUHTXLSPHQWSOHDVHFRQWDFW\RXUGHDOHURUWKH0(&7521$IWHU6DOHVHUYLFH
IRUH[SODQDWLRQV
8VLQJWKLVPDQXDOIRUSXUSRVHVRWKHUWKDQWKRVHUHODWLQJWRWKHLQVWDOODWLRQXVHDQGPDLQWHQDQFHRI
WKHHTXLSPHQWLVVWULFWO\SURKLELWHG
'HVFULSWLRQRIWKHHTXLSPHQW
7KH6WDUOLJKWSURLVDQHTXLSPHQWIRUSRO\PHULVLQJSKRWRKDUGHQLQJFRPSRVLWHV7KHOLJKWVRXUFH
XVHGLVDYHU\KLJKHI¿FLHQF\PRQRFKURPDWLF/('ZLWKDGRPLQDQWZDYHOHQJWKEHWZHHQQP
DQGQP
8QOLNHWUDGLWLRQDOKDORJHQODPSVWKHUHIRUHDOOWKHOLJKWEHLQJHPLWWHGE\WKH6WDUOLJKWSURLVXVHG
WRDFWLYDWHWKHFDPSKRUTXLQRQHSKRWRLQLWLDWRU7KLVPHDQVWKDWLWLVSRVVLEOHWRDFKLHYHH[FHOOHQW
SRO\PHULVDWLRQSHUIRUPDQFHOHYHOVXVLQJGHFLGHGO\OHVVSRZHUDQGZLWKRXWHPLWWLQJKHDW
)XUWKHUPRUHWKHOLJKWHPLWWHGE\WKHGLRGHLVIRFXVHGRQWKHRSWLFDO¿EUHE\PHDQVRIDQRSWLFDO
HOHPHQWVWKHVKDSHRIZKLFKZDVGHVLJQHGVSHFL¿FDOO\IRUWKLVSXUSRVH
7KHHTXLSPHQWFRQVLVWVRIDFKDUJLQJXQLWDQGDKDQGSLHFHSRZHUHGE\DUHFKDUJHDEOHOLWKLXPLRQ
EDWWHU\
7KH6WDUOLJKWSURFDQEHXVHGWRRSHUDWHLQHLWKHURIWZRHPLVVLRQPRGHV
&RQVWDQWLQWHQVLW\RIHPLVVLRQ)$67F\FOHODVWLQJVHFRQGV
*UDGXDOLQWHQVLW\RIHPLVVLRQ6/2:5,6(F\FOHODVWLQJVHFRQGV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
EN
,QWHQGHGXVH
3RO\PHULVDWLRQRISKRWRKDUGHQLQJGHQWDOPDWHULDOVZLWKDSKRWRLQLWLDWRUWKDWFDQEHDFWLYDWHGLQWKH
ZDYHOHQJWKEDQGFRPSULVHGEHWZHHQDQGQPZLWKDQDUURZSHDNDWQP
$OWKRXJKPRVWFRPSRVLWHPDWHULDOVDUHDFWLYDWHGZLWKLQWKLVZDYHOHQJWKUDQJHLQFDVHRI
XQFHUWDLQW\FRQVXOWWKHVSHFL¿FDWLRQVRIWKHFRPSRVLWHPDWHULDO
7KLVHTXLSPHQWPD\EHXVHGRQO\LQDGHQWLVW¶VVXUJHU\RURXWSDWLHQW¶VGHSDUWPHQWZKHUHWKHUHDUH
QRLQÀDPPDEOHJDVHVDQDHVWKHWLFPL[WXUHVR[\JHQHWF
6DIHW\UHTXLUHPHQWV
0HFWURQZLOOQRWDFFHSWDQ\OLDELOLW\IRUGLUHFWRULQFLGHQWDOSHUVRQDOLQMXU\RUGDPDJHWRSURSHUW\LQ
WKHIROORZLQJFDVHV
,IWKHHTXLSPHQWLVXVHGIRUSXUSRVHVRWKHUWKDQWKDWIRUZKLFKLWLVLQWHQGHG
,IWKHHTXLSPHQWLVQRWXVHGLQDFFRUGDQFHZLWKDOOWKHLQVWUXFWLRQVDQGUHTXLUHPHQWVGHVFULEHG
LQWKLVPDQXDO
,IWKHZLULQJV\VWHPLQWKHURRPZKHUHWKHHTXLSPHQWLVXVHGGRHVQRWFRPSO\ZLWKWKH
DSSOLFDEOHVWDQGDUGVDQGDSSURSULDWHUHTXLUHPHQWV
,IDQ\DVVHPEO\RSHUDWLRQVH[WHQVLRQVVHWWLQJVDOWHUDWLRQVRUUHSDLUVKDYHEHHQFDUULHGRXW
E\SHUVRQQHOQRWDXWKRULVHGE\0HFWURQ
,IWKHHQYLURQPHQWDOFRQGLWLRQVLQZKLFKWKHGHYLFHLVNHSWDQGVWRUHGGRQRWFRPSO\ZLWKWKH
UHTXLUHPHQWVLQGLFDWHGLQWKHFKDSWHURQWHFKQLFDOVSHFL¿FDWLRQV
! :$51,1*1RDOWHUDWLRQVWRWKLVGHYLFHDUHSHUPLWWHG
! :$51,1*7KHZLULQJV\VWHPRIWKHSUHPLVHVRQZKLFKWKLVGHYLFHLVXVHGPXVWFRPSO\ZLWK
WKHDSSOLFDEOHVWDQGDUGVDQGUHTXLUHPHQWV
! '$1*(54XDOL¿HGDQGVSHFLDOLVHGSHUVRQQHO
7KHHTXLSPHQWVKRXOGEHXVHGRQO\E\VSHFLDOLVHGSHUVRQQHOKDYLQJWKHDSSURSULDWHWUDLQLQJ7KH
HTXLSPHQWGRHVQRWSURGXFHDQ\VLGHHIIHFWVLILWLVFRUUHFWO\XVHG
! '$1*(5,QWHQGHGXVH
8VHWKHHTXLSPHQWVROHO\IRUWKHSXUSRVHIRUZKLFKLWLVLQWHQGHGVHHSRLQW³´)DLOXUHWR
FRPSO\ZLWKWKLVUHTXLUHPHQWFRXOGOHDGWRVHULRXVKDUPWRWKHSDWLHQWDQGRUWRWKHRSHUDWRUDQGRU
GDPDJHWRIDLOXUHRIWKHHTXLSPHQW
! '$1*(5&RQWUDLQGLFDWLRQV
'RQRWXVHWKLVHTXLSPHQWRQSDWLHQWV¿WWHGZLWKSDFHPDNHUVRUDQ\RWKHULPSODQWDEOHHOHFWURQLF
GHYLFHV7KLVUHTXLUHPHQWDSSOLHVHTXDOO\WRWKHRSHUDWRU
! '$1*(53RLQWWKHEHDPRIOLJKWGLUHFWO\DWWKHPDWHULDOWREHSRO\PHULVHG
'RQRWXVHWKHEHDPRIOLJKWRQWKHJXPVRURWKHUVRIWWLVVXHVLIQHFHVVDU\WKHVHSDUWVVKRXOG
EHVXLWDEO\VKLHOGHG7KHHIIHFWRIWKHOLJKWVKRXOGEHOLPLWHGWRWKDWSDUWRIWKHRUDOFDYLW\WREH
FOLQLFDOO\WUHDWHG
! '$1*(51HYHUSRLQWWKHEHDPRIOLJKWWRZDUGVWKHH\HV
7KHHIIHFWRIWKHOLJKWVKRXOGEHOLPLWHGWRWKDWSDUWRIWKHRUDOFDYLW\WREHFOLQLFDOO\WUHDWHG
! '$1*(5&RQWUDLQGLFDWLRQV
'RQRWXVHWKLVHTXLSPHQWIRUSDWLHQWVZKRKDYHDFDVHKLVWRU\RISRVLWLYHUHDFWLRQWRVWLPXODWLRQE\
OLJKWHJXUWLFDULDVRODULVDQGRUSRUSK\ULDHWFRUZKRDUHUHFHLYLQJWUHDWPHQWZLWKSKRWRVHQVLWLVLQJ
GUXJV,QDOOFDVHVRISRVVLEOHULVNFRQVXOWDVSHFLDOLVHGSK\VLFLDQ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
! '$1*(5&RQWUDLQGLFDWLRQV
$GRSWVWULFWVDIHW\PHDVXUHVIRUSDWLHQWVZKRKDYHXQGHUJRQHFDWDUDFWVXUJHU\DQGZKRDUH
WKHUHIRUHSDUWLFXODUO\VHQVLWLYHWROLJKWHJSURWHFWLYHJRJJOHVDEOHWR¿OWHURXWEOXHOLJKW
! '$1*(5&RQWUDLQGLFDWLRQV
3DWLHQWVZKRKDYHDFDVHKLVWRU\RIGLVHDVHVRIWKHUHWLQDVKRXOGFRQVXOWWKHLURSWLFLDQEHIRUHKDQG
DQGEHVSHFL¿FDOO\DXWKRULVHGWRUHFHLYHWUHDWPHQWZLWKWKH6WDUOLJKWSUR
! '$1*(5&OHDQLQJGLVLQIHFWLRQDQGVWHULOLVDWLRQRIQHZRUUHSDLUHGSURGXFWV
%HIRUHWUHDWPHQWDOOQHZRUUHSDLUHGSURGXFWVVKRXOGEHFOHDQHGDQGGLVLQIHFWHGDQGLIVXLWDEOHIRU
WKLVWUHDWPHQWDXWRFODYHVWHULOLVHGIROORZLQJWKHLQVWUXFWLRQVSURYLGHGXQGHUSRLQW³´VWULFWO\
! '$1*(5,QIHFWLRQFRQWURO
,QRUGHUWRHQVXUHPD[LPXPVDIHW\IRUERWKWKHSDWLHQWDQGWKHRSHUDWRUFOHDQGLVLQIHFWDQG
VWHULOLVHWKHRSWLFDO¿EUHDQGWKHRSWLFDOSURWHFWLRQEHIRUHHDFKWUHDWPHQW)ROORZWKHLQVWUXFWLRQV
SURYLGHGXQGHUSRLQW³´FORVHO\
! '$1*(58VHRQO\RULJLQDO0HFWURQDFFHVVRULHVDQGVSDUHSDUWV
! '$1*(5&KHFNLQJWKHFRQGLWLRQRIWKHGHYLFHEHIRUHWUHDWPHQW
%HIRUHHDFKWUHDWPHQWDOZD\VFKHFNWKDWWKHHTXLSPHQWLVLQSURSHUZRUNLQJRUGHUDQGWKDWWKH
DFFHVVRULHVDUHHI¿FLHQW'RQRWFDUU\RXWWKHWUHDWPHQWLIDQ\SUREOHPVDUHHQFRXQWHUHGLQ
RSHUDWLQJWKHHTXLSPHQW,IWKHSUREOHPVFRQFHUQWKHHTXLSPHQWFRQWDFWDQDXWKRULVHGWHFKQLFDO
VHUYLFHFHQWUH
! '$1*(5'RQRWLQVWDOWKHHTXLSPHQWDQ\ZKHUHZKHUHWKHUHLVDULVNRIH[SORVLRQV
7KHHTXLSPHQWFDQQRWIXQFWLRQLQSODFHVZKHUHWKHUHLVDQLQÀDPPDEOHDWPRVSKHUHDQDHVWKHWLF
PL[WXUHVR[\JHQHWF
! '$1*(5'RQRWXVHWKHFKDUJLQJXQLWWRUHFKDUJHRWKHUW\SHVRIEDWWHULHVRURWKHU
HTXLSPHQWZLWKUHFKDUJHDEOHEDWWHULHV
! :$51,1*5HFKDUJHWKHEDWWHU\RQO\ZLWKWKH0HFWURQFKDUJLQJXQLW)LJ5HI$'R
QRWDWWHPSWWRUHFKDUJHWKHEDWWHU\XVLQJDJHQHULFEDWWHU\FKDUJHU7KLVHQWDLOVDULVNRI
H[SORVLRQDQG¿UH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
EN
,GHQWL¿FDWLRQGDWD
,GHQWL¿FDWLRQGDWD
$QH[DFWGHVFULSWLRQRIWKHPRGHOLQFOXGLQJWKHVHULDOQXPEHURIWKHHTXLSPHQWZLOOPDNHLWHDVLHU
IRURXU$IWHU6DOH6HUYLFHWRUHVSRQGTXLFNO\DQGHI¿FLHQWO\WR\RXUTXHULHV
$OZD\VSURYLGHWKHDERYHLQIRUPDWLRQZKHQHYHU\RXFRQWDFWD0HFWURQ6HUYLFH&HQWUH
,GHQWL¿FDWLRQSODWHRIWKHFKDUJLQJXQLW
(DFKFKDUJLQJXQLWKDVDQLGHQWL¿FDWLRQSODWH)LJRQZKLFKWKHWHFKQLFDOVSHFL¿FDWLRQVDQGWKH
VHULDOQXPEHUDUHLQGLFDWHG7KHLGHQWL¿FDWLRQSODWHLV¿[HGWRWKHXQGHUVLGHRIWKHHTXLSPHQW7KH
UHPDLQLQJGDWDDUHFRQWDLQHGLQWKLVPDQXDOVHHSRLQW³´
)LJ
,GHQWL¿FDWLRQSODWHRIWKH6WDUOLJKWSURKDQGSLHFH
7KH6WDUOLJKWSURKDQGSLHFHVHULDOQXPEHULVHQJUDYHGRQWKHVKHOOQHDUWKHEDFNVWHHOULQJQXW
)LJ5HI$
$
)LJ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
7HVWLQJ
7HVWLQJRIWKHHTXLSPHQW
$OOHTXLSPHQWPDQXIDFWXUHGE\0(&7521LVWKRURXJKO\FKHFNHGDQGWHVWHGLQFOXGLQJDOO
FRPSRQHQWV
'XULQJWKHWHVWLQJSURFHGXUHWKHFRPSRQHQWVDUHVXEMHFWHGWRDQXPEHURIZRUNF\FOHV
7KHWHVWVKLJKOLJKWDQ\PDOIXQFWLRQLQJGXHWRIDXOW\FRPSRQHQWV
7KLVSURFHGXUHHQVXUHVSURSHUIXQFWLRQLQJDQGUHOLDELOLW\RIDOOFRPSRQHQWV
EN
'HOLYHU\
'HOLYHU\RIWKHHTXLSPHQW
7KHHTXLSPHQWFRQWDLQVHOHFWURQLFFRPSRQHQWVWKDWPD\EHGDPDJHGE\LPSDFWVHYHQLQVLGHWKH
SDFNDJLQJ6SHFLDOFDUHPXVWWKHUHIRUHEHWDNHQIRUERWKWUDQVSRUWDQGVWRUDJH
$OOPDWHULDOVKLSSHGE\0(&7521LVFKHFNHGDWWKHWLPHRIVKLSPHQW
7KHHTXLSPHQWLVGHOLYHUHGSURSHUO\SURWHFWHGDQGSDFNDJHG
$WWKHWLPHRIUHFHLSWRIWKHHTXLSPHQWFKHFNLWIRUSRVVLEOHWUDQVSRUWGDPDJH,IDQ\GDPDJHLV
IRXQGPDNHDFRPSODLQWWRWKHFDUULHU
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
/LVWRIPDWHULDOLQFOXGHGLQWKHVWDQGDUGVXSSO\
6WDUOLJKWSURFKDUJLQJXQLW)LJ5HI$
6WDUOLJKWSURKDQGSLHFHZLWKUHFKDUJHDEOHOLWKLXPLRQEDWWHU\)LJ5HI%
2SWLFDO¿EUH)LJ5HI&
2SWLFDOSURWHFWLRQ)LJ5HI'
3RZHUVXSSO\FDEOHIRUWKHFKDUJLQJXQLW)LJ5HI(
7KLVHTXLSPHQWPD\YDU\DWWKHWLPHRISURPRWLRQDOFDPSDLJQV
'
&
%
$
(
)LJ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
,QVWDOODWLRQ
6DIHW\UHTXLUHPHQWVDWWKHWLPHRILQVWDOODWLRQ
! '$1*(57KHZLULQJV\VWHPRIWKHSUHPLVHVZKHUHWKHHTXLSPHQWLVLQVWDOOHGDQGXVHGPXVW
FRPSO\ZLWKWKHDSSOLFDEOHVWDQGDUGVDQGWKHUHOHYDQWHOHFWULFDOVDIHW\UHTXLUHPHQWV
! '$1*(5'RQRWLQVWDOOWKHHTXLSPHQWLQSODFHVZKHUHWKHUHLVDULVNRIH[SORVLRQ7KH
HTXLSPHQWPD\QRWEHXVHGLQDUHDVZKHUHWKHUHDUHLQÀDPPDEOHDWPRVSKHUHVDQDHVWKHWLF
PL[WXUHVR[\JHQHWF
EN
! '$1*(5,QVWDOOWKHHTXLSPHQWLQDSODFHZKHUHLWZLOOEHSURWHFWHGIURPVKRFNVDQGIURP
DFFLGHQWDOVSUD\VRIZDWHURURWKHUOLTXLGV
! '$1*(5'RQRWLQVWDOOWKHHTXLSPHQWDERYHRULQWKHYLFLQLW\RIVRXUFHVRIKHDW0DNHVXUH
WKDWWKHUHLVVXI¿FLHQWDLUFLUFXODWLQJDURXQGWKHHTXLSPHQW
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHFKDUJLQJXQLWZLWKPHWDOREMHFWV
)LJ5HI%DQGGRQRWWRXFKWKHPZLWK\RXUKDQGVZKLOHWKHHTXLSPHQWLVVZLWFKHGRQ
! :$51,1*7KHHTXLSPHQWLVWUDQVSRUWDEOHKRZHYHULWPXVWEHKDQGOHGZLWKFDUHZKHQLWLV
PRYHG
! :$51,1*'RQRWH[SRVHWKHHTXLSPHQWWRGLUHFWVXQOLJKWRUWRVRXUFHVRI89OLJKW
'HVFULSWLRQRIWKHFRQWUROVDQG
VLJQDOOLQJODPSV
'HVFULSWLRQRIWKHFRQWUROV)LJ
5HI$
*UHHQSRZHU/('
)XQFWLRQ 7KLVLQGLFDWHVWKDWWKHFKDUJLQJXQLWLV
SRZHUHGXS
'
5HI%
EDWWHU\/('
)XQFWLRQ *UHHQ,QGLFDWHVWKDWWKHEDWWHU\RIWKH
6WDUOLJKWSURLVEHLQJFKDUJHG
<HOORZ,QGLFDWHVWKDWWKHEDWWHU\RIWKH
6WDUOLJKWSURKDVIDLOHG
5HI&
WHVW/('
)XQFWLRQ *UHHQ,QGLFDWHVWKDWWKHOLJKWLQWHQVLW\LV
VXLWDEOHIRUHIIHFWLYHWKHUDS\
<HOORZ,QGLFDWHVWKDWWKHOLJKWLQWHQVLW\LV
LQVXI¿FLHQW
5HI'
)LJ
$
3XVKEXWWRQIRUDFWLYDWLQJDQGFXWWLQJRII
WKHHPLVVLRQRIOLJKW
)XQFWLRQ 7KLVVWDUWVRUVWRSVDSRO\PHULVDWLRQF\FOH
% &
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
'HVFULSWLRQRIVLJQDOOLQJRIWKHFKDUJLQJXQLW7DEOH
*UHHQ
3RZHU/('
%DWWHU\/('
*UHHQ<HOORZ
3RVLWLRQRI
6WDUOLJKWSURLQWKH
FKDUJLQJXQLW
)XQFWLRQ
21
2))
2))
1RWLQSODFH
&KDUJLQJXQLWSRZHUHG
21
21
2))
,QSODFH
%DWWHU\EHLQJUHFKDUJHG
21
2))
2))
,QSODFH
5HFKDUJLQJFRPSOHWHG
%DWWHU\FKDUJHG
21
2))
21
,QSODFH
%DWWHU\IDLOHG
21
2))
21
1RWLQSODFH
(OHFWULFFRQWDFWVRIWKH
FKDUJLQJXQLWVKRUWFLUFXLWHG
! :$51,1*'RQRWWDPSHUZLWKWKHFKDUJLQJXQLWHOHFWULFDOFRQWDFWV
7KHFKDUJLQJXQLWUHFRJQL]HVWKHEDWWHU\VWDWH,IDIWHUVRPHH[SRVXUHF\FOHVWKHEDWWHU\LVQRWÀDW
HQRXJKZKHQWKHKDQGSLHFHLVSODFHGRQWKHFKDUJLQJXQLWWKHJUHHQEDWWHU\/('GRHVQ¶WVZLWFK
RQ7KLVLVQRUPDO
'HVFULSWLRQRIWKHDFRXVWLFVLJQDOVRIWKHKDQGSLHFH7DEOH
)XQFWLRQ
3XVKEXWWRQFRQWURO
$FRXVWLFVLJQDO
)$67SRO\PHULVDWLRQ
%ULHISUHVVXUHRISXVK
EXWWRQ
EHHSRQVWDUWLQJH[SRVXUH
EHHSRQFRPSOHWLQJH[SRVXUHVHFRQGV
6/2:5,6(SRO\PHULVDWLRQ
3UHVVXUHRISXVKEXWWRQ
IRUDWOHDVWVHFRQGV
EHHSZKHQVWDUWLQJDQGEHHSDIWHUVHFRQGV
EHHSDIWHUVHFRQGVRIH[SRVXUH
EHHSRQFRPSOHWLQJH[SRVXUHVHFRQGV
,QWHUUXSWLRQRIH[SRVXUH
F\FOH
3UHVVXUHRISXVKEXWWRQ
GXULQJH[SRVXUH
EHHS
%DWWHU\ORZVLJQDO7KH
UHVLGXDOFKDUJHLVVXI¿FLHQW
IRUF\FOHV
%DWWHU\GHDGVLJQDO
EHHSVRQFRPSOHWLQJWKHH[SRVXUHF\FOH
3UHVVXUHRISXVKEXWWRQ
IRU)$67RU6/2:5,6(
SRO\PHULVDWLRQ
7KHUPDOSURWHFWLRQVLJQDO
EHHSV1ROLJKWHPLVVLRQ
EHHSVGXULQJWKHH[SRVXUHF\FOHDQGIXQFWLRQ
LQJLQWHUUXSWLRQ
&RQQHFWLQJWKHHTXLSPHQW
,QRUGHUWRPDNHWKHHTXLSPHQWRSHUDWLRQDOLWLVQHFHVVDU\WRSURFHHGDVIROORZV
3ODFHWKHFKDUJLQJXQLWRQDÀDWVXUIDFH
3OXJWKHSRZHUFDEOH)LJ5HI(LQWRWKHFRQQHFWRURQWKHUHDURIWKHHTXLSPHQW)LJ
5HI$DQGWKHQLQWRWKHSRZHURXWOHW7KHJUHHQSRZHU/('VKRXOGOLJKWXS)LJ5HI$
! :$51,1*0DNHVXUHWKDWWKHYROWDJHDQGIUHTXHQF\RIWKHSRZHUVXSSO\OLQHPDWFKWKH
YDOXHVLQGLFDWHGRQWKHLGHQWL¿FDWLRQODEHOXQGHUWKHFKDUJLQJXQLW
! '$1*(5&KHFNWKHFRQGLWLRQRIWKHSRZHUFDEOHUHJXODUO\,ILWLVIRXQGWREHGDPDJHG
UHSODFHLWZLWKDQRULJLQDO0HFWURQVSDUHSDUWV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
%
EN
$
)LJ
%DWWHU\
7KH6WDUOLJKWSURLVSRZHUHGE\DUHFKDUJHDEOHOLWKLXPLRQEDWWHU\DOUHDG\FRQWDLQHGLQVLGHWKH
KDQGSLHFHZLWKQRPHPRU\HIIHFW
7KH6WDUOLJKWSURLVHTXLSSHGZLWKWZRPLFURSURFHVVRUVWKDWFKHFNWKHEDWWHU\FRQWLQXRXVO\DQG
PDLQWDLQWKHRSWLPXPEDWWHU\FKDUJLQJSDUDPHWHUV7KHKDQGSLHFHPD\WKHUHIRUHEHSODFHGEDFN
LQWRWKHFKDUJLQJXQLWDWWKHHQGRIHDFKWUHDWPHQWDQGOHIWWKHUHUHJDUGOHVVRIWKHFKDUJHRIWKH
EDWWHU\
1HZEDWWHU\¿UVWFKDUJLQJ
127(7KHEDWWHU\RIWKH6WDUOLJKWSURLVVXSSOLHGLQDSDUWO\FKDUJHGFRQGLWLRQ
7RFKDUJHWKHEDWWHU\FRPSOHWHO\
,QVHUWWKHKDQGSLHFHLQWRLWVKRXVLQJLQWKHFKDUJLQJXQLW)LJ5HI%7KHJUHHQEDWWHU\/('
ZLOOOLJKWXS)LJ5HI%
7KHFKDUJLQJSKDVHKDVEHHQFRPSOHWHGZKHQWKHJUHHQEDWWHU\/('H[WLQJXLVKHV
%DWWHU\ORZVLJQDO
:KHQWKHFKDUJHRIWKHEDWWHU\EHFRPHVORZDIWHUIUHTXHQWXVHRIWKH6WDUOLJKWSURWKH
PLFURSURFHVVRUZLOODOORZPRUHH[SRVXUHVWREHFDUULHGRXW)$67RU6/2:5,6(ZLWKRXWDQ\
QHHGWRUHFKDUJHWKHEDWWHU\
$EDWWHU\ORZVWDWHLVVLJQDOOHGDWWKHHQGRIHDFKRIWKHVHF\FOHVE\PHDQVRIEHHSV
2QFHWKHF\FOHVKDYHEHHQFRPSOHWHGWKHKDQGSLHFHHQWHUVDEDWWHU\GHDGVWDWHVHHSRLQW
³´
3ODFHWKH6WDUOLJKWSUREDFNLQWRWKHFKDUJLQJXQLW
%DWWHU\GHDGVLJQDO
7KHEDWWHU\RIWKH6WDUOLJKWSURLVGHDGLIQROLJKWLVHPLWWHGZKHQWKHSXVKEXWWRQLVSUHVVHGDQGDW
WKHVDPHWLPHDQDFRXVWLFVLJQDOLVKHDUGEHHSV5HFKDUJHWKHEDWWHU\
3ODFHWKHKDQGSLHFHLQLWVKRXVLQJLQWKHFKDUJLQJXQLW)LJ5HI%7KHJUHHQEDWWHU\/('
ZLOOOLJKWXS)LJ5HI%
:KHQWKHJUHHQEDWWHU\/('H[WLQJXLVKHVWKHUHFKDUJLQJSKDVHKDVEHHQFRPSOHWHG
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
%DWWHU\IDLOHGVLJQDO
,IWKH\HOORZEDWWHU\/('FKHFNRQWKHFKDUJLQJXQLWOLJKWVXSWKLVLQGLFDWHVWKDWWKHEDWWHU\KDV
IDLOHG)LJ5HI&
127(7KLVIDLOXUHFRQGLWLRQGLVDEOHVRSHUDWLRQRIWKHFKDUJLQJXQLW7RUHVWRUHSURSHUZRUNLQJ
FRQGLWLRQVSURFHHGDVIROORZV
5HPRYHWKHKDQGSLHFHIURPWKHFKDUJLQJXQLW
&XWRIIWKHSRZHUVXSSO\WRWKHFKDUJLQJXQLWIRUDIHZVHFRQGVGLVFRQQHFWWKHSRZHUFDEOH
$OOWKH/('VZLOOH[WLQJXLVK
5HFRQQHFWWKHFDEOHRIWKHFKDUJLQJXQLW7KHJUHHQSRZHU/('ZLOOOLJKWXS
5HSODFLQJWKHEDWWHU\
7RUHSODFHDIDLOHGEDWWHU\FRQWDFW0HFWURQ&XVWRPHU6HUYLFH
6DIHW\UHTXLUHPHQWVUHODWLQJWRWKHEDWWHU\
7KHEDWWHU\FDQFDXVHGDPDJHWRSURSHUW\DQGRUSHUVRQDOLQMXULHVVXFKDVEXUQVLIFRQGXFWLQJ
PDWHULDOVVXFKDVMHZHOOHU\NH\VRUEHDGHGQHFNODFHVFRPHLQWRFRQWDFWZLWKWKHH[SRVHG
WHUPLQDOV7KHFRQGXFWLQJPDWHULDOFRXOGFORVHDQHOHFWULFDOFLUFXLWVKRUWFLUFXLWDQGEHFRPHYHU\
KRW0DNHDKDELWRIKDQGOLQJWKHGHYLFHZLWKFDUHSDUWLFXODUO\LILWLVSODFHGLQVLGHDSRFNHWEDJRU
RWKHUFRQWDLQHULQZKLFKWKHUHDUHPHWDOREMHFWV
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHKDQGSLHFHZLWKPHWDOREMHFWV
RUOLTXLGV)LJ5HI$5HI%
! '$1*(5.HHSWKHEDWWHU\RXWRIWKHUHDFKRIFKLOGUHQ
! :$51,1*8VHRQO\RULJLQDO0HFWURQEDWWHULHV
7RUHSODFHDIDLOHGEDWWHU\FRQWDFW0HFWURQ&XVWRPHU6HUYLFH
! :$51,1*5HFKDUJHWKHEDWWHU\RQO\ZLWKWKH0HFWURQFKDUJLQJXQLW)LJ5HI$'R
QRWDWWHPSWWRUHFKDUJHWKHEDWWHU\XVLQJDJHQHULFEDWWHU\FKDUJHU7KLVHQWDLOVDULVNRI
H[SORVLRQDQG¿UH
! :$51,1*7KHEDWWHU\VKRXOGEHUHF\FOHGRUGLVSRVHGRILQWKHDSSURSULDWHPDQQHULQ
DFFRUGDQFHZLWKWKHODZ7KHEDWWHU\VKRXOGQRWEHWKURZQDZD\ZLWKQRUPDOZDVWH7KH
XVHUZLOOEHOLDEOHIRUDQ\GDPDJHVFDXVHGE\LPSURSHUGLVSRVDORIWKHEDWWHU\
! :$51,1*'RQRWXVHWKHEDWWHU\IRUSXUSRVHVRWKHUWKDQWKRVHIRUZKLFKLWLVLQWHQGHG
! :$51,1*'RQRWRSHQSLHUFHRUFUXVKWKHEDWWHU\,WFRQWDLQVWR[LFVXEVWDQFHV
! :$51,1*'RQRWEXUQWKHEDWWHU\RUH[SRVHLWWRDKLJKWHPSHUDWXUH7KHUHLVDULVNRI
H[SORVLRQ
! :$51,1*'RQRWVKRUWFLUFXLWWKHEDWWHU\WHUPLQDOV7KLVFRXOGFDXVHEXUQVDQG¿UH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
8VH
&RQQHFWLQJWKHDFFHVVRULHV
! '$1*(5&KHFNWKHFRQGLWLRQRIWKHGHYLFHEHIRUHWKHWUHDWPHQW
%HIRUHHDFKWUHDWPHQWDOZD\VPDNHVXUHWKDWWKHHTXLSPHQWLVZRUNLQJSURSHUO\DQGFKHFN
WKHHI¿FLHQF\RIWKHDFFHVVRULHV,IDQ\LPSURSHUIXQFWLRQLQJLVQRWHGGRQRWSURFHHGZLWKWKH
WUHDWPHQW,IWKHSUREOHPFRQFHUQVWKHHTXLSPHQWFRQWDFWDQDXWKRULVHGWHFKQLFDODVVLVWDQFH
FHQWUH
! '$1*(5,QIHFWLRQFRQWURO
7RHQVXUHPD[LPXPVDIHW\ERWKRIWKHSDWLHQWDQGRIWKHRSHUDWRUFOHDQGLVLQIHFWDQGVWHULOLVHWKH
RSWLFDO¿EUHDQGWKHRSWLFDOSURWHFWLRQEHIRUHHDFKWUHDWPHQW)ROORZWKHLQVWUXFWLRQVJLYHQXQGHU
SRLQW³´YHU\FDUHIXOO\
,QRUGHUWRXVHWKH6WDUOLJKWSURWKHIROORZLQJDFFHVVRULHVKDYHWREHFRQQHFWHG
0DQXDOO\LQVHUWWKHRSWLF¿EUHRQWRWKHKDQGSLHFHDSSO\LQJJHQWOHSUHVVXUH,IQHFHVVDU\
URWDWHXQWLOLWFOLFNVLQWRSODFH
)LWWKHRSWLFDOSURWHFWLRQRQWRWKHRSWLFDO¿EUHE\KDQG
$
)LJ
%
6DIHW\UHTXLUHPHQWVGXULQJXVH
! '$1*(51HYHUSRLQWWKHEHDPRIOLJKWLQWKHGLUHFWLRQRIWKHH\HV
! '$1*(5%HIRUHHDFKF\FOHRIH[SRVXUHPDNHVXUHWKDWWKHRSWLFDO¿EUHLV¿WWHG
FRUUHFWO\DQGIXOO\LQWRWKHKDQGSLHFH
! '$1*(5%HIRUHHDFKF\FOHRIH[SRVXUHDOZD\VPDNHVXUHWKDWWKHRSWLFDOSURWHFWLRQ
KDVEHHQ¿WWHGRQWRWKHHQGRIWKHRSWLFDO¿EUH
! '$1*(53RLQWWKHEHDPRIOLJKWGLUHFWO\RQWRWKHPDWHULDOWREHSRO\PHULVHG
'RQRWVXEMHFWWKHJXPRURWKHUVRIWWLVVXHVWRWKHEHDPRIOLJKWVKLHOGWKHVHSDUWVVXLWDEO\LI
QHFHVVDU\7KHHIIHFWRIWKHOLJKWVKRXOGEHOLPLWHGWRWKHRUDOFDYLW\DQGLQSDUWLFXODUWRWKHVHFWRU
UHTXLULQJFOLQLFDOWUHDWPHQW
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHKDQGSLHFHZLWKPHWDOREMHFWV
RUOLTXLGV)LJ5HI$5HI%
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
EN
! :$51,1*'XULQJWKH¿UVWIHZVHFRQGVRIH[SRVXUHDYRLGFRQWDFWRIWKHRSWLFDO¿EUH
ZLWKWKHPDWHULDOWREHSRO\PHULVHG
'HSRVLWVRIFRPSRVLWHPDWHULDODGKHULQJWRDQGSRO\PHULVHGWRWKHVXUIDFHRIWKHWLSRIWKHRSWLFDO
¿EUHORZHUWKHDPRXQWRIOLJKWWUDQVPLWWHGDQGZLOOWKHUHIRUHSUHMXGLFHVXEVHTXHQWSRO\PHULVDWLRQ
RSHUDWLRQV
! :$51,1*,IWKHRSWLFDO¿EUHLVGDPDJHGRUQRWHI¿FLHQWWKLVZLOOUHGXFHWKHLQWHQVLW\RI
WKHOLJKWEHLQJHPLWWHGFRQVLGHUDEO\,QVXFKFDVHVLWVKRXOGWKHUHIRUHEHUHSODFHG
,QVWUXFWLRQVIRUXVH
7KH6WDUOLJKWSURFDQEHXVHGLQWZRGLIIHUHQWPRGHV
)$67H[SRVXUHWLPHRIVHFRQGVDWWKHPD[LPXPOLJKWLQWHQVLW\
6/2:5,6(H[SRVXUHWLPHVHFRQGVZLWKDJUDGXDOLQFUHDVHRIWKHOLJKWLQWHQVLW\GXULQJWKH
¿UVWVHFRQGVXSWRWKHPD[LPXPLQWHQVLW\
6HOHFWLQJWKH)$67H[SRVXUHPRGH
7RVWDUWWKH)$67H[SRVXUHF\FOHSUHVVWKHSXVKEXWWRQRQWKHKDQGSLHFHEULHÀ\)LJ
5HI'$QDFRXVWLFVLJQDOZLOOEHKHDUGEHHS
$IWHUVHFRQGVDQDFRXVWLFVLJQDOZLOOEHKHDUGEHHS7KH)$67F\FOHKDVEHHQ
FRPSOHWHG
6HOHFWLQJWKH6/2:5,6(H[SRVXUHPRGH
7RVWDUWWKH6/2:5,6(H[SRVXUHF\FOHKROGWKHSXVKEXWWRQRQWKHKDQGSLHFHGRZQIRU
VHFRQGV)LJ5HI'$WWKHVWDUWDQDFRXVWLFVLJQDOZLOOEHKHDUGDQGDIWHUVHFRQGV
DQRWKHUDFRXVWLFVLJQDOWRFRQ¿UPWKH6/2:5,6(F\FOHEHJLQQLQJ
$IWHUVHFRQGVDQDFRXVWLFVLJQDOZLOOEHKHDUGEHHS
$IWHUVHFRQGVDQDFRXVWLFVLJQDOZLOOEHKHDUGEHHS7KH6/2:5,6(F\FOHKDVEHHQ
FRPSOHWHG
$IWHUWKHHQGRIWKHWUHDWPHQWSODFHWKH6WDUOLJKWSURKDQGSLHFHEDFNLQWRWKHFKDUJLQJXQLW
)LJ5HI%
127(,QWHUUXSWLQJWKHF\FOH
%RWKLQWKH)$67DQGLQWKH6/2:5,6(PRGHWKHH[SRVXUHF\FOHFDQEHEURNHQRIIDWDQ\WLPH
E\SUHVVLQJWKHSXVKEXWWRQRQWKHKDQGSLHFH)LJ5HI'
127($GGLWLRQDOH[SRVXUHF\FOHV
$WWKHHQGRIDQ\H[SRVXUHF\FOHLWLVSRVVLEOHWRFDUU\RXWRQHRUPRUHDGGLWLRQDOF\FOHVE\
SUHVVLQJWKHSXVKEXWWRQRQWKHKDQGSLHFHDJDLQHDFKWLPH)LJ5HI'
)RUDTXLFNJXLGHWRWKHVLJQDOOLQJVHH7DEOHVDQG
0HDVXULQJWKHOLJKWLQWHQVLW\
7RGHWHUPLQHZKHWKHUWKHOLJKWLQWHQVLW\LVVXI¿FLHQW
3ODFHWKHRSWLFDO¿EUH)LJ5HI$ÀDWRQWKHVXUIDFHRIWKHOLJKWLQWHQVLW\VHQVRUZLWKRXW
SUHVVLQJLW)LJ5HI%
3UHVVWKHEXWWRQ)LJ5HI&WRVZLWFKRQWKHODPS
7KHWHVW/(')LJ5HI'ZLOOLQGLFDWHWKHZRUNLQJOXPLQRXVÀX[PHDVXUHG
*UHHQ OXPLQRXVÀX[VXLWDEOHIRUHIIHFWLYHWUHDWPHQW
<HOORZ OXPLQRXVÀX[LQVXI¿FLHQW
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
&
EN
$
%
)LJ
'
! :$51,1*,IWKHZRUNLQJOXPLQRXVÀX[LVQRWVXI¿FLHQWGRQRWSURFHHGZLWKWKHWUHDWPHQWRQ
WKHSDWLHQWDQGFDUU\RXWWKHIROORZLQJFKHFNV
0DNHVXUHWKDWWKHRSWLFDO¿EUHLVFRUUHFWO\LQVHUWHGRQWRWKHKDQGSLHFH
&KHFNZKHWKHUWKHRSWLFDO¿EUHLVGLUW\&OHDQWKHRSWLFDO¿EUHVHHSRLQW&OHDQLQJ
GLVLQIHFWLQJDQGVWHULOLVLQJWKHRSWLFDO¿EUH
&KHFNZKHWKHUWKHRSWLFDO¿EUHLVGDPDJHGDQGLIDSSURSULDWHUHSODFHLWZLWKDQHZRQH
,IWKHVHPHDVXUHVGRQRWOHDGWRLPSURYHGSHUIRUPDQFHSODFHWKHGHYLFHRXWRIFRPPLVVLRQE\
GLVFRQQHFWLQJLWIURPWKHPDLQVDQGPDNHVXUHWKDWLWFDQQRWEHVWDUWHGE\XQDXWKRULVHGSHUVRQV
$Q\UHSDLUZRUNRQWKHGHYLFHVKRXOGEHFDUULHGRXWE\DQDXWKRULVHG0HFWURQVHUYLFHFHQWUH
6DIHW\SURWHFWLRQ
,QWKHHYHQWRIH[WUHPHO\KHDG\GXW\XVHZLWKORQJDQGUHSHDWHGH[SRVXUHF\FOHVDWKHUPDO
SURWHFWLRQGHYLFHLVWULJJHUHGDXWRPDWLFDOO\$QDFRXVWLFVLJQDOEHHSVZLOOEHKHDUG7KLV
SURWHFWLRQGHYLFHZLOOWHPSRUDULO\SUHYHQWXVHRIWKHODPSIRUDIHZPLQXWHV
<HOORZEDWWHU\/('RQWKHFKDUJLQJXQLWOLJKWHG
7KH\HOORZEDWWHU\/('FKHFNRQWKHFKDUJLQJXQLWLQGLFDWHVWKHIROORZLQJ
%DWWHU\IDLOHGVHHSRLQW
&RQWDFWVRQWKHFKDUJLQJXQLWVKRUWFLUFXLWHG
,QWKHVHFRQGFDVHWRUHVWRUHFRUUHFWIXQFWLRQLQJRIWKHFKDUJLQJXQLW
'LVFRQQHFWWKHFKDUJLQJXQLWIURPWKHSRZHUVXSSO\$OO/('VH[WLQJXLVKHG
(OLPLQDWHWKHFDXVHRIWKHVKRUWFLUFXLW
5HFRQQHFWWKHFKDUJLQJXQLWWRWKHSRZHUVXSSO\JUHHQSRZHU/('RQ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
&OHDQLQJGLVLQIHFWLRQVWHULOLVDWLRQ
&OHDQLQJDQGGLVLQIHFWLRQRIWKHFDVLQJRIWKHFKDUJLQJXQLW
! '$1*(56ZLWFKRIIWKHFKDUJLQJXQLW
%HIRUHFDUU\LQJRXWDQ\FOHDQLQJDQGGLVLQIHFWLRQGLVFRQQHFWWKHFKDUJLQJXQLWIURPWKHPDLQV
SRZHUVXSSO\
! '$1*(57KHFDVLQJRIWKHFKDUJLQJXQLWLVQRWSURWHFWHGDJDLQVWWKHHQWU\RIOLTXLGV
! '$1*(57KHFKDUJLQJXQLWVKRXOGQRWEHVWHULOLVHG
! '$1*(5'XULQJWKHFOHDULQJSURFHGXUHVGRQRWWDPSHUWKHHOHFWULFFRQWDFWVRIWKH
FKDUJLQJXQLW)LJ5LI%
! '$1*(5'RQRWVSUD\OLTXLGVGLUHFWO\RQWRLWVVXUIDFHDQGRQWRWKHHOHFWULFDOFRQWDFWV
RIWKHFKDUJLQJXQLW3URFHHGDVIROORZVDIWHUHDFKWUHDWPHQW
5HPRYHWKHKDQGSLHFHIURPWKHFKDUJLQJXQLW
&OHDQWKHVXUIDFHRIWKHFKDUJLQJXQLWZLWKDFOHDQVRIWFORWKZLWKORZ¿EUHUHOHDVHPRLVWHQHG
ZLWKDGHWHUJHQWVROXWLRQS+DQGLIQHHGEHGLVLQIHFWZLWKDQRQDJJUHVVLYHGLVLQIHFWDQW
VROXWLRQZLWKQHXWUDOS+S+IROORZLQJWKHLQVWUXFWLRQVSURYLGHGE\WKHPDQXIDFWXUHURIWKH
VROXWLRQ
'U\WKHFKDUJLQJXQLWZLWKDFOHDQQRQDEUDVLYHFORWKZLWKORZ¿EUHUHOHDVHEHIRUHUHFRQQHFWLQJ
WKHFKDUJLQJXQLWWRWKHSRZHUVXSSO\$ERYHDOOPDNHVXUHWKDWWKHHOHFWULFFRQWDFWVDUH
FRPSOHWHO\GU\
127(:DWHUEDVHGGLVLQIHFWDQWVZLWKDQHXWUDOS+DUHVWURQJO\UHFRPPHQGHG6RPHDOFRKRO
EDVHGGLVLQIHFWDQWVROXWLRQVPD\EHKDUPIXODQGFDXVHGDPDJHWRSODVWLFPDWHULDOV
&OHDQLQJDQGGLVLQIHFWLQJWKH6WDUOLJKWSURKDQGSLHFH
! '$1*(57KHKDQGSLHFHLVQRWSURWHFWHGDJDLQVWWKHHQWU\RIOLTXLGV
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHKDQGSLHFHZLWKPHWDOREMHFWV
RUOLTXLGV
! '$1*(57KHKDQGSLHFHVKRXOGQRWEHVWHULOLVHG
! '$1*(5'RQRWVSUD\OLTXLGVGLUHFWO\RQWRWKHFRQHWKHVXUIDFHDQGRQWRWKHHOHFWULF
FRQWDFWVRIWKHKDGSLHFH3URFHHGDVIROORZVDIWHUHDFKWUHDWPHQW
5HPRYHWKHRSWLFDO¿EUHDQGRSWLFDOSURWHFWLRQIURPWKHKDQGSLHFH
&OHDQWKHVXUIDFHRIWKHKDQGSLHFHZLWKDFOHDQVRIWFORWKZLWKORZ¿EUHUHOHDVHPRLVWHQHG
ZLWKDGHWHUJHQWVROXWLRQS+DQGLIQHHGEHGLVLQIHFWZLWKDQRQDJJUHVVLYHGLVLQIHFWDQW
VROXWLRQZLWKQHXWUDOS+S+IROORZLQJWKHLQVWUXFWLRQVSURYLGHGE\WKHPDQXIDFWXUHURIWKH
VROXWLRQ
'U\WKHKDQGSLHFHZLWKDFOHDQQRQDEUDVLYHFORWKZLWKORZ¿EUHUHOHDVHEHIRUHXVLQJWKH
KDQGSLHFHDJDLQDQGEHIRUHSODFLQJLWEDFNLQWKHFKDUJLQJXQLW$ERYHDOOPDNHVXUHWKDWWKH
HOHFWULFFRQWDFWVDUHFRPSOHWHO\GU\
127(:DWHUEDVHGGLVLQIHFWDQWVZLWKDQHXWUDOS+DUHVWURQJO\UHFRPPHQGHG6RPH
DOFRKROEDVHGGLVLQIHFWDQWVROXWLRQVPD\EHKDUPIXODQGFDXVHGDPDJHWRSODVWLFPDWHULDOV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
6WHULOLVDWLRQSURFHGXUH
! :$51,1*&DUU\RXWVWHULOLVDWLRQRQO\LQDVWHDPDXWRFODYHDWDPD[LPXPWHPSHUDWXUH
RIƒIRUPLQXWHV
'RQRWXVHDQ\RWKHUVWHULOLVDWLRQSURFHGXUHVGU\KHDWUDGLDWLRQHWK\OHQHR[LGHJDVORZ
WHPSHUDWXUHSODVPDHWF
! '$1*(57KHKDQGSLHFHVKRXOGQRWEHVWHULOLVHG
! '$1*(5,QIHFWLRQFRQWURO6WHULOLVDEOHSDUWV
7RDYRLGLQIHFWLRQFDXVHGE\EDFWHULDRUYLUXVHVDOZD\VFOHDQWKHIROORZLQJFRPSRQHQWVDIWHUHDFK
WUHDWPHQW
2SWLFDO¿EUH
2SWLFDOSURWHFWLRQ
7KHVHFRPSRQHQWVDUHPDGHRIPDWHULDOVDEOHWRZLWKVWDQGDPD[LPXPWHPSHUDWXUHRIƒ&IRU
DPD[LPXPRIPLQXWHV
7KHVWHDPDXWRFODYHVWHULOLVDWLRQSURFHVVHV6$/PXVWEHFDUULHGRXWXVLQJWKHSDUDPHWHUV
JLYHQEHORZ
WLPHVSUHYDFXXP
6WHULOLVDWLRQWHPSHUDWXUHƒ&LQWHUYDOƒ&·ƒ&
6WHULOLVDWLRQWLPHPLQXWHV
0LQLPXPGU\LQJWLPHPLQXWHV
$OOWKHVWDJHVRIVWHULOLVDWLRQPXVWEHFDUULHGRXWE\WKHRSHUDWRULQDFFRUGDQFHZLWK
(1,62(1DQG$16,$$0,67
127('RQRWXVHGR[\JHQDWHGZDWHUWRGLVLQIHFW2QO\XVHQHXWUDOS+GLVLQIHFWDQWV$OZD\VULQVH
ZLWKVWHULOHZDWHU
! '$1*(52QFHFOHDULQJRSHUDWLRQVKDYHEHHQFRPSOHWHGEHIRUHVWHULOLVDWLRQFKHFNDOOREMHFWV
XQGHUDVXLWDEOHOLJKWVRXUFH3D\SDUWLFXODUDWWHQWLRQWRSDUWVWKDWPD\KLGHUHVLGXHGLUWWKUHDGLQJ
FDYLWLHVFKDQQHOOLQJ,IQHFHVVDU\UHSHDWWKHFOHDQLQJF\FOH
&OHDQLQJGLVLQIHFWLRQHVWHULOLVDWLRQRIWKHRSWLFDO¿EUH
! :$51,1*'RQRWXVHVKDUSHGJHGREMHFWVWRFOHDQWKHRSWLFDO¿EUH
&DUU\RXWWKHIROORZLQJRSHUDWLRQV
(OLPLQDWHDQ\UHVLGXHVRISRO\PHULVHGFRPSRVLWHVIURPWKHVXUIDFHRIWKHRSWLFDO¿EUHZLWK
DOFRKRO
'LVLQIHFWWKHVXUIDFHXVLQJDFORWKPRLVWHQHGZLWKDVROXWLRQRIPLOGGHWHUJHQWGLVLQIHFWDQW
KDYLQJDQHXWUDOS+S+
'U\
6HDOWKHRSWLFDO¿EUHLQDGLVSRVDEOHEDJRQLWVRZQ
$XWRFODYHVWHULOLVHWKHRSWLFDO¿EUH
&OHDQLQJGLVLQIHFWLRQDQGVWHULOLVDWLRQRIWKHRSWLFDOSURWHFWLRQ
! :$51,1*'RQRWXVHVKDUSHGJHGREMHFWVWRFOHDQWKHRSWLFDOSURWHFWLRQ
3URFHHGDVIROORZV
&OHDQDQGGLVLQIHFWWKHVXUIDFHXVLQJDFORWKPRLVWHQHGZLWKDVROXWLRQRIPLOGGHWHUJHQW
GLVLQIHFWDQWKDYLQJDQHXWUDOS+S+
'U\
6HDOWKHRSWLFDOSURWHFWLRQLQDGLVSRVDEOHEDJRQLWVRZQ
$XWRFODYHVWHULOLVHWKHRSWLFDOSURWHFWLRQ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
EN
'LVSRVDOSURFHGXUHVDQGSUHFDXWLRQV
! :$51,1*7KLVGHYLFHFRQWDLQVD/,7+,80,21EDWWHU\7KHEDWWHU\PXVWEHGLVSRVHG
RIDQGWUHDWHGDVZDVWHUHTXLULQJVHSDUDWHFROOHFWLRQ
7KLVHTXLSPHQWPXVWEHGLVSRVHGRIDQGWUHDWHGDVZDVWHUHTXLULQJVHSDUDWHFROOHFWLRQ
$WWKHHQGRIWKHOLIHF\FOHRIWKLVHTXLSPHQWWKHSXUFKDVHULVHQWLWOHGWRUHWXUQWKHHTXLSPHQW
WRWKHGHDOHUVXSSO\LQJQHZHTXLSPHQW,QVWUXFWLRQVIRUGLVSRVDODUHDYDLODEOHIURP0HFWURQ
6S$
)DLOXUHWRFRPSO\ZLWKWKHIRUHJRLQJSRLQWVPD\HQWDLOSXQLVKPHQWLQDFFRUGDQFHZLWK'LUHFWLYH
DERXWZDVWHRIHOHFWULFDODQGHOHFWURQLFHTXLSPHQW:(((
! '$1*(5+RVSLWDOZDVWH
7UHDWWKHIROORZLQJLWHPVDVKRVSLWDOZDVWH
2SWLFDO¿EUHZKHQZRUQRUEURNHQ
2SWLFDOSURWHFWLRQZKHQZRUQRUEURNHQ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
6\PEROV
!
:$51,1*6HHLQVWUXFWLRQVIRUXVH
6HULDOQXPEHU
&RQVXOWRSHUDWLQJLQVWUXFWLRQV
&DWDORJXHQXPEHU
EN
7\SH³%´DSSOLHGSDUWLQFRQIRUPLW\
ZLWKWHFKQLFDOQRUP(1
0DQXIDFWXUHU
&ODVV,,DSSDUDWXV
7HPSHUDWXUHOLPLWDWLRQWUDQVSRUW
DQGVWRUDJHFRQGLWLRQV
$OWHUQDWH&XUUHQW
+XPLGLW\OLPLWDWLRQWUDQVSRUWDQG
VWRUDJHFRQGLWLRQV
&DQEHVWHULOLVHGLQDXWRFODYHXSWRD
PD[LPXPWHPSHUDWXUHRIƒ&
$WPRVSKHULFSUHVVXUH
OLPLWDWLRQWUDQVSRUWDQG
VWRUDJHFRQGLWLRQV
0(77UDGHPDUN
7KHGHYLFHDQGLWVDFFHVVRULHV
PXVWQRWEHGLVSRVHGRIRU
WUHDWHGDVVROLGXUEDQZDVWH
7.%5#
%0Q &RQIRUPLW\WRQRUPV8/&6$
'
'DQJHUV\PERO
/('UDGLDWLRQ
'HYLFHPDQXIDFWXUHGLQFRQIRUPLW\ZLWKGLUHFWLYH((&
LQFOXGLQJWHFKQLFDOQRUPV(1DQG(1
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
3UREOHPVROYLQJ
,IWKHHTXLSPHQWDSSHDUVQRWWREHZRUNLQJFRUUHFWO\UHDGWKHLQVWUXFWLRQVDJDLQDQGWKHQFKHFNWKH
IROORZLQJWDEOH
352%/(0
7KHFKDUJLQJXQLWGRHVQRW
VZLWFKRQQRQHRIWKH/('V
ZLOOOLJKWXS
3266,%/(&$86(
62/87,21
7KHSRZHUFDEOHLVQRW
FRQQHFWHGFRUUHFWO\
&RQQHFWWKHFDEOHERWKWRWKH
FKDUJLQJXQLWDQGWRWKHZDOO
VRFNHW
7KHSRZHUFDEOHLVIDXOW\
5HSODFHWKHSRZHUFDEOH
7KHFKDUJLQJXQLWLVRXWRI
RUGHU
&RQWDFWDQDXWKRULVHG
0(&7521WHFKQLFDO
DVVLVWDQFHFHQWUH
7KH\HOORZEDWWHU\/('
FKHFNRIWKHFKDUJLQJXQLW
LV21
7KHFRQWDFWVRIWKH
FKDUJLQJXQLWKDYHEHHQ
VKRUWFLUFXLWHG
6HHSRLQW³´
7KH\HOORZEDWWHU\/('
FKHFNRIWKHFKDUJLQJXQLW
LV21
%DWWHU\IDLOHG
&RQWDFW0HFWURQ&XVWRPHU
6HUYLFH
6HHSRLQW³´DQG³´
7KHUHLVQREHDPRIOLJKW
ZKHQWKHSXVKEXWWRQRIWKH
6WDUOLJKWSURLVSUHVVHGDQG
DQDFRXVWLFVLJQDOLVKHDUG
EHHSV
%DWWHU\GHDG
5HFKDUJHWKHEDWWHU\6HH
SRLQW³´
$QDFRXVWLFVLJQDOLVKHDUGDG
WKHHQGRIWKHH[SRVXUHF\FOH
EHHSV
%DWWHU\ORZ
5HFKDUJHWKHEDWWHU\6HH
SRLQW³´
$QDFRXVWLFVLJQDOEHHSV
LVKHDUGGXULQJWKHH[SRVXUH
F\FOHDQGDWWKHHQGRIWKH
F\FOH6WDUOLJKWSURZLOOQRW
HQDEOHDQ\IXUWKHUWUHDWPHQW
WREHFDUULHGRXW
7KHWKHUPDOSURWHFWLRQKDV
EHHQDFWLYDWHG
,WZLOOEHSRVVLEOHWRXVHWKH
HTXLSPHQWRQO\DIWHULWKDV
FRROHGGRZQ
7KHSRO\PHULVDWLRQLV
LQVXI¿FLHQW
7KHVXUIDFHRIWKHWLSRIWKH
RSWLFDO¿EUHLVVRLOHG
6HHSRLQW³´
7KHJUHHQEDWWHU\/('
GRHVQRWOLJKWXSZKHQWKH
KDQGSLHFHLVSODFHGEDFNRQ
WKHFKDUJLQJXQLW
%DWWHU\QRWVXI¿FLHQWO\ORZ
6HHSRLQW7DEOH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
7HFKQLFDOVSHFL¿FDWLRQV
7KLVHTXLSPHQWFRPSOLHVZLWK'LUHFWLYH((&
&ODVV,
&ODVVDFFRUGLQJWR(1
,,
$SSOLHGSDUWW\SH%2SWLFDO¿EUH
,3&KDUJLQJXQLW
,36WDUOLJKWSUR
&KDUJLQJVWDWLRQ
0RGHO6WDUOLJKWSUR&+$5*(5
EN
&KDUJLQJVWDWLRQSRZHUVXSSO\UHTXLUHPHQWV 9a+]9$
3RZHUVXSSO\RI6WDUOLJKWSURKDQGSLHFH
/LWKLXPLRQEDWWHU\
5DWHGYROWDJH9
5DWHFDSDFLW\P$K
+DQGSLHFHIRULQWHUPLWWHQWRSHUDWLRQ
´21´2))0D[WLPHVUXQQLQJ
6RXUFHRIOLJKW
+LJKOXPLQRVLW\/('ZLWKRSWLFV
&ODVV0,(&/('V
'RPLQDQWZDYHOHQJWKQP
/('OLJKWHPLVVLRQ!P:FP
$YHUDJHOLIHF\FOHVVHFRQGVHDFK
2SWLFDO¿EUHLQFOXGHGLQWKHVXSSO\
'LDPHWHUPP
&RPSRVLWLRQ'UDZQFRKHUHQW¿EUHVVXUIXVHGZLWK
TXDUW]
$XWRFODYHVWHULOLVDEOHPD[WHPSƒ&IRU
PLQXWHVPD[F\FOHV
(VSRVXUH
)$67([SRVXUHWLPHVHFRQGV
$FRXVWLFVLJQDOVLQGLFDWLQJVWDUWDQGHQGRI
H[SRVXUH
6/2:5,6(([SRVXUHWLPHVHFRQGV
$FRXVWLFVLJQDODWWKHVWDUWDIWHUVHFRQGVDQG
DWWKHHQGRIWKHVHFRQGV
7KHF\FOHVFDQEHVWRSSHGRUUHSHDWHGDWDQ\
WLPH
7LPHUHTXLUHGWRUHFKDUJHDGHDGEDWWHU\
$ERXWKRXUV
2SHUDWLQJFRQGLWLRQV
IURPƒ&WRƒ&
5HODWLYH+XPLGLW\IURPWR
$LUSUHVVXUH3K3DK3D
7UDQVSRUWDQGVWRUDJHFRQGLWLRQV
IURPƒ&WRƒ&
5HODWLYH+XPLGLW\IURPWR
$LUSUHVVXUH3K3DK3D
:HLJKWVDQGGLPHQVLRQV
&KDUJLQJXQLW:HLJKWJ
[[PP
6WDUOLJKWSURKDQGSLHFH:HLJKWJ
/PP0D[‘PP
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
/(',QIRUPDWLRQFRQFHUQLQJWKHUDGLDWLRQHPLWWHG
7KLVGHYLFHXVHVKLJKOXPLQRVLW\/('V&ODVV0,(&
! '$1*(5'LYHUJLQJEHDPV
'RQRWREVHUYHWKHHPLVVLRQRIOLJKWIURPWKH/('XVLQJRSWLFDOLQVWUXPHQWVVXFKDVPRQRFOHV
PDJQLI\LQJJODVVHVRUPLFURVFRSHVIURPDGLVWDQFHRIOHVVWKDQPPDVWKLVFRXOGFDXVHDULVN
RIGDPDJHWR\RXUH\HV
! '$1*(5&ROOLPDWHGEHDPV
'RQRWREVHUYHWKHHPLVVLRQRIOLJKWIURPWKH/('XVLQJRSWLFDOLQVWUXPHQWVGHVLJQHGIRUXVHDWD
GLVWDQFHVXFKDVWHOHVFRSHVRUELQRFXODUVVLQFHWKLVFRXOGFDXVHDULVNRIGDPDJHWR\RXUH\HV
/DEHOVDUHSURYLGHGRQWKHSDFNDJLQJRIWKHGHYLFHDVLQGLFDWHGLQ)LJ
/('5$',$7,21
'212767$5(,1727+(%($0259,(:',5(&7/<
:,7+237,&$/,167580(176
&/$660/('352'8&7
,(&$$
0$;32:(5P:
'RPLQDQWZDYHOHQJKW0LQQP0D[QP
)LJ
(OHFWURPDJQHWLFFRPSDWLELOLW\(1
! '$1*(57KHGHYLFHUHTXLUHVVSHFL¿F(0&SUHFDXWLRQVDQGPXVWEHLQVWDOOHGDQGVWDUWHGXS
LQDFFRUGDQFHZLWKWKH(0&LQIRUPDWLRQJLYHQLQWKLVSDUDJUDSK
! '$1*(53RUWDEOHDQGPRELOHUDGLRFRPPXQLFDWLRQDSSOLDQFHVPD\DIIHFWWKHFRUUHFW
IXQFWLRQLQJRIWKHGHYLFH
*XLGDQFHDQGPDQXIDFWXUHU¶VGHFODUDWLRQ(OHFWURPDJQHWLFHPLVVLRQV
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQWKHHOHFWURPDJQHWLFHQYLURQPHQWVSHFL¿HGEHORZ
7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURVKRXOGDVVXUHWKDWLWLVXVHGLQVXFKDQHQYLURQPHQW
(PLVVLRQVWHVW
&RPSOLDQFH
(OHFWURPDJQHWLFHQYLURQPHQW*XLGDQFH
5)HPLVVLRQV
&,635
*URXS
7KH6WDUOLJKWSURXVHV5)HQHUJ\RQO\IRULWVLQWHUQDO
IXQFWLRQ7KHUHIRUHLWV5)HPLVVLRQVDUHYHU\ORZDQGDUHQRW
OLNHO\WRFDXVHDQ\LQWHUIHUHQFHLQQHDUE\HOHFWURQLFHTXLSPHQW
5)HPLVVLRQV
&,635
&ODVV%
+DUPRQLFHPLVVLRQV
,(&
&ODVV$
7KH6WDUOLJKWSURLVVXLWDEOHIRUXVHLQDOOHVWDEOLVKPHQWVLQFOXG
LQJGRPHVWLFHVWDEOLVKPHQWVDQGWKRVHGLUHFWO\FRQQHFWHGWRWKH
SXEOLFORZYROWDJHSRZHUVXSSO\QHWZRUNWKDWVXSSOLHVEXLOGLQJV
XVHGIRUGRPHVWLFSXUSRVHV
9ROWDJHÀXFWXDWLRQVÀLFNHU
HPLVVLRQV
,(&
&RPSOLHV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
*XLGDQFHDQGPDQXIDFWXUHU¶VGHFODUDWLRQ(OHFWURPDJQHWLFLPPXQLW\
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQWKHHOHFWURPDJQHWLFHQYLURQPHQWVSHFL¿HGEHORZ
7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURVKRXOGDVVXUHWKDWLWLVXVHGLQVXFKDQHQYLURQPHQW
,(&
WHVWOHYHO
,PPXQLW\WHVW
(OHFWURVWDWLF
GLVFKDUJH(6'
,(&
(OHFWULFDOIDVW
WUDQVLHQWEXUVW
,(&
“N9FRQWDFW
“N9DLU
“N9IRUSRZHUVXSSO\
OLQHV
&RPSOLDQFHOHYHO
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
(OHFWURPDJQHWLF
HQYLURQPHQW*XLGDQFH
)ORRUVVKRXOGEHZRRGFRQ
FUHWHRUFHUDPLFWLOH,I
ÀRRUVDUHFRYHUHGZLWKV\Q
WKHWLFPDWHULDOWKH
UHODWLYHKXPLGLW\VKRXOGEHDW
OHDVW
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
0DLQVSRZHUTXDOLW\VKRXOGEH
WKDWRIDW\SLFDO
FRPPHUFLDORUKRVSLWDOHQYL
URQPHQW
“N9IRULQSXWRXWSXW
OLQHV
6XUJH
,(&
“N9GLIIHUHQWLDOPRGH
“N9FRPPRQPRGH
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
0DLQVSRZHUTXDOLW\VKRXOGEH
WKDWRIDW\SLFDO
FRPPHUFLDORUKRVSLWDOHQYL
URQPHQW
9ROWDJHGLSVVKRUWLQ
WHUUXSWLRQVDQGYROWDJH
YDULDWLRQVRQSRZHU
VXSSO\LQSXWOLQHV
,(&
87!GLSLQ
87IRUF\FOH
7KHGHYLFHFDQYDU\
IURPWKHUHTXLUHG
OHYHOVRILPPXQLW\ZLWK
DGXUDWLRQRI!
VDVORQJDV
WKHGHYLFHUHPDLQVLQ
VDIHW\QRPDOIXQFWLRQV
KDYHEHHQGHWHFWHG
DQGFDQEHUHVWRUHG
WRSUHWHVWVWDWXVZLWK
WKHLQWHUYHQWLRQRIWKH
RSHUDWRU
0DLQVSRZHUTXDOLW\VKRXOGEH
WKDWRIDW\SLFDOFRPPHUFLDORU
KRVSLWDOHQYLURQPHQW
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
3RZHUIUHTXHQF\
PDJQHWLF¿HOGVVKRXOGEHDW
OHYHOVFKDUDFWHULVWLFRIDW\SLFDO
ORFDWLRQLQD
W\SLFDOFRPPHUFLDORUKRVSLWDO
HQYLURQPHQW
87GLSLQ
87IRUF\FOH
87GLSLQ
87IRUF\FOH
87!GLSLQ
87IRUV
3RZHUIUHTXHQF\
+]PDJQHWLF
¿HOG
,(&
$P
127(87LVWKHDFPDLQVYROWDJHSULRUWRDSSOLFDWLRQRIWKHWHVWOHYHO
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
EN
*XLGDQFHDQGPDQXIDFWXUHU¶VGHFODUDWLRQ(OHFWURPDJQHWLFLPPXQLW\
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQWKHHOHFWURPDJQHWLFHQYLURQPHQWVSHFL¿HGEHORZ
7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURVKRXOGDVVXUHWKDWLWLVXVHGLQVXFKDQHQYLURQPHQW
,PPXQLW\WHVW
,(&WHVWOHYHO
&RPSOLDQFH
OHYHO
(OHFWURPDJQHWLFHQYLURQPHQW*XLGDQFH
3RUWDEOHDQGPRELOH5)FRPPXQLFDWLRQVHTXLS
PHQWVKRXOGEHXVHGQRFORVHUWRDQ\SDUWRIWKH
GLVSRVDOLQFOXGLQJFDEOHVWKDQWKHUHFRPPHQGHG
VHSDUDWLRQGLVWDQFHFDOFXODWHGIURPWKHHTXDWLRQ
DSSOLFDEOHWRWKHIUHTXHQF\RIWKHWUDQVPLWWHU
&RQGXFWHG5)
,(&
9HII
N+]WR0+]
5DGLDWHG5)
,(&
9P
0+]WR*+]
7KHGHYLFH
FRQWLQXHV
WRZRUN
UHJXODUO\DQG
LQVDIHW\
5HFRPPHQGHGVHSDUDWLRQGLVWDQFH
G ¥3
G ¥30+]WR0+]
G ¥30+]WR*+]
ZKHUH3LVWKHPD[LPXPRXWSXWSRZHUUDWLQJRIWKH
WUDQVPLWWHULQZDWWV:DFFRUGLQJWRWKHWUDQVPLWWHU
PDQXIDFWXUHUDQGGLVWKH
UHFRPPHQGHGVHSDUDWLRQGLVWDQFHLQPHWUHVP
)LHOGVWUHQJWKVIURP¿[HG5)WUDQVPLWWHUVDV
GHWHUPLQHGE\DQHOHFWURPDJQHWLFVLWHVXUYH\D
VKRXOGEHOHVVWKDQWKHFRPSOLDQFHOHYHOLQHDFK
IUHTXHQF\UDQJHE
,QWHUIHUHQFHPD\RFFXULQWKHYLFLQLW\RI
HTXLSPHQWPDUNHGZLWKWKHIROORZLQJV\PERO
1RWHV
$W0+]DQG0+]WKHKLJKHUIUHTXHQF\UDQJHDSSOLHV
7KHVHJXLGHOLQHVPD\QRWDSSO\LQDOOVLWXDWLRQV(OHFWURPDJQHWLFSURSDJDWLRQLVDIIHFWHGE\DEVRUSWLRQDQGUHÀHFWLRQIURP
VWUXFWXUHVREMHFWVDQGSHRSOH
D)LHOGVWUHQJWKVIURP¿[HGWUDQVPLWWHUVVXFKDVEDVHVWDWLRQVIRUUDGLRFHOOXODUFRUGOHVVWHOHSKRQHVDQGODQGPRELOHUDGLRV
DPDWHXUUDGLR$0DQG)0UDGLREURDGFDVWDQG79EURDGFDVWFDQQRWEHSUHGLFWHGWKHRUHWLFDOO\ZLWKDFFXUDF\7RDVVHVV
WKHHOHFWURPDJQHWLFHQYLURQPHQWGXHWR¿[HG5)WUDQVPLWWHUVDQHOHFWURPDJQHWLFVLWHVXUYH\VKRXOGEHFRQVLGHUHG,IWKH
PHDVXUHG¿HOGVWUHQJWKLQWKHORFDWLRQLQZKLFKWKH6WDUOLJKWSURLVXVHGH[FHHGVWKHDSSOLFDEOH5)FRPSOLDQFHOHYHODERYH
WKH6WDUOLJKWSURVKRXOGEHREVHUYHGWRYHULI\QRUPDORSHUDWLRQ,IDEQRUPDOSHUIRUPDQFHLVREVHUYHGDGGLWLRQDOPHDVXUHV
PD\EHQHFHVVDU\VXFKDVUHRULHQWLQJRUUHORFDWLQJWKH6WDUOLJKWSUR
E2YHUWKHIUHTXHQF\UDQJHN+]WR0+]¿HOGVWUHQJWKVVKRXOGEHOHVVWKDQ9P
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
5HFRPPHQGHGVHSDUDWLRQGLVWDQFHVEHWZHHQSRUWDEOHDQGPRELOH5)FRPPXQLFDWLRQV
HTXLSPHQWDQGWKH6WDUOLJKWSUR
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQDQHOHFWURPDJQHWLFHQYLURQPHQWLQZKLFKUDGLDWHG5)
GLVWXUEDQFHVDUHFRQWUROOHG7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURFDQKHOSSUHYHQW
HOHFWURPDJQHWLFLQWHUIHUHQFHE\PDLQWDLQLQJDPLQLPXPGLVWDQFHEHWZHHQSRUWDEOHDQGPRELOH5)
FRPPXQLFDWLRQVHTXLSPHQWWUDQVPLWWHUVDQGWKH6WDUOLJKWSURDVUHFRPPHQGHGEHORZDFFRUGLQJWRWKH
PD[LPXPRXWSXWSRZHURIWKHFRPPXQLFDWLRQVHTXLSPHQW
5DWHGPD[LPXP
RXWSXWSRZHURI
WUDQVPLWWHU³:´
6HSDUDWLRQGLVWDQFHDFFRUGLQJWRIUHTXHQF\RIWUDQVPLWWHU³P´
N+]WR0+]
G ¥3
0+]WR0+]
G ¥3
0+]WR*+]
G ¥3
EN
)RUWUDQVPLWWHUVUDWHGDWDPD[LPXPRXWSXWSRZHUQRWOLVWHGDERYHWKHUHFRPPHQGHGVHSDUDWLRQGLVWDQFHG
LQPHWUHVPFDQEHHVWLPDWHGXVLQJWKHHTXDWLRQDSSOLFDEOHWRWKHIUHTXHQF\RIWKH
WUDQVPLWWHUZKHUH3LVWKHPD[LPXPRXWSXWSRZHUUDWLQJRIWKHWUDQVPLWWHULQZDWWV:DFFRUGLQJWRWKH
WUDQVPLWWHUPDQXIDFWXUHU
1RWH
$W0+]DQG0+]WKHVHSDUDWLRQGLVWDQFHIRUWKHKLJKHUIUHTXHQF\UDQJHDSSOLHV
7KHVHJXLGHOLQHVPD\QRWDSSO\LQDOOVLWXDWLRQV(OHFWURPDJQHWLFSURSDJDWLRQLVDIIHFWHGE\
DEVRUSWLRQDQGUHÀHFWLRQIURPVWUXFWXUHVREMHFWVDQGSHRSOH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
:DUUDQW\
%HIRUHEHLQJSODFHGRQWKHPDUNHWDOO0HFWURQHTXLSPHQWXQGHUJRHVDWKRURXJK¿QDOFKHFNWR
HQVXUHWKDWLWLVDUHLQSURSHUZRUNLQJRUGHU
0HFWURQZDUUDQWWKHLUSURGXFWVSXUFKDVHGEUDQGQHZIURPDXWKRULVHG0HFWURQGHDOHUVRU
LPSRUWHUVIUHHIURPPDWHULDORUPDQXIDFWXULQJGHIHFWVIRUDSHULRGRI7+5((\HDUVIURPWKH
GDWHRISXUFKDVH
7KURXJKRXWWKHZDUUDQW\SHULRG0HFWURQXQGHUWDNHWRUHSDLURUDWWKHLUVROHGLVFUHWLRQWRUHSODFH
IUHHRIFKDUJHDQ\SDUWVWKDWLQWKHLURSLQLRQDUHIDXOW\
&RPSOHWHUHSODFHPHQWRI0HFWURQSURGXFWVLVH[FOXGHG
0HFWURQFDQQRWDFFHSWDQ\OLDELOLW\IRUGLUHFWRULQFLGHQWDOGDPDJHRUSHUVRQDOLQMXU\LQWKHIROORZLQJ
FDVHV
,IWKHHTXLSPHQWLVXVHGIRUSXUSRVHVRWKHUWKDQWKDWIRUZKLFKLWLVLQWHQGHG
,IWKHHTXLSPHQWLVQRWXVHGLQDFFRUGDQFHZLWKDOOWKHLQVWUXFWLRQVDQGUHTXLUHPHQWVGHVFULEHG
LQWKLVPDQXDO
,IWKHZLULQJV\VWHPLQWKHURRPZKHUHWKHHTXLSPHQWLVXVHGGRHVQRWFRPSO\ZLWKWKH
DSSOLFDEOHVWDQGDUGVDQGDSSURSULDWHUHTXLUHPHQWV
,IWKHZLULQJV\VWHPLQWKHURRPZKHUHWKHHTXLSPHQWLVXVHGGRHVQRWFRPSO\ZLWKWKH
DSSOLFDEOHVWDQGDUGVDQGDSSURSULDWHUHTXLUHPHQWV
,IDQ\DVVHPEO\RSHUDWLRQVH[WHQVLRQVVHWWLQJVDOWHUDWLRQVRUUHSDLUVKDYHEHHQFDUULHGRXW
E\SHUVRQQHOQRWDXWKRULVHGE\0HFWURQ
,IWKHHQYLURQPHQWDOFRQGLWLRQVLQZKLFKWKHGHYLFHLVNHSWDQGVWRUHGGRQRWFRPSO\ZLWKWKH
UHTXLUHPHQWVLQGLFDWHGLQWKHFKDSWHURQWHFKQLFDOVSHFL¿FDWLRQV
$FFLGHQWDOGDPDJHVGXHWRWUDQVSRUWLQFRUUHFWXVHRUFDUHOHVVQHVVRUWRFRQQHFWLRQWRSRZHU
VXSSOLHVRWKHUWKDQDVHQYLVDJHGDQGGDPDJHWRWKHVLJQDOOLQJODPSVKDQGSLHFHVDQGDOO
DFFHVVRULHVDUHH[FOXGHGIURPWKHZDUUDQW\
7KHZDUUDQW\ZLOOQRORQJHUDSSO\LIWKHHTXLSPHQWKDVEHHQWDPSHUHGZLWKRUUHSDLUHGE\
XQDXWKRULVHGSHUVRQQHO
:$51,1*
7KHZDUUDQW\LVYDOLGRQO\LIWKHZDUUDQW\VOLSHQFORVHGZLWKWKHSURGXFWKDVEHHQFRPSOHWHGLQ
IXOODQGUHWXUQHGWRXVRULIDSSURSULDWHWR\RXU0HFWURQGHDOHURULPSRUWHUZLWKLQ7:(17<
'$<6IURPWKHGDWHRISXUFKDVHDVSURYHQE\WKHFRQVLJQPHQWQRWHLQYRLFHLVVXHGE\WKHGHDOHU
LPSRUWHU
,QRUGHUWREHQH¿WIURPWKHZDUUDQW\VHUYLFHWKHFXVWRPHUPXVWUHWXUQWKHHTXLSPHQWWREH
UHSDLUHGWRWKH0HFWURQGHDOHULPSRUWHUIURPZKLFKLWZDVSXUFKDVHGDWKLVRZQH[SHQVH
7KHHTXLSPHQWVKRXOGEHUHWXUQHGVXLWDEO\SDFNHGSRVVLEO\LQLWVRULJLQDOSDFNLQJPDWHULDO
DFFRPSDQLHGE\DOOWKHDFFHVVRULHVDQGE\WKHIROORZLQJLQIRUPDWLRQ
D 2ZQHU¶VGHWDLOVLQFOXGLQJKLVWHOHSKRQHQXPEHU
E 'HWDLOVRIWKHGHDOHULPSRUWHU
F 3KRWRFRS\RIWKHFRQVLJQPHQWQRWHSXUFKDVHLQYRLFHRIWKHHTXLSPHQWLVVXHGWRWKHRZQHUDQG
LQGLFDWLQJLQDGGLWLRQWRWKHGDWHDOVRWKHQDPHRIWKHHTXLSPHQWDQGLWVVHULDOQXPEHU
G $GHVFULSWLRQRIWKHSUREOHP
7UDQVSRUWDQGDQ\GDPDJHVFDXVHGGXULQJWUDQVSRUWDUHQRWFRYHUHGE\WKHZDUUDQW\
,QWKHHYHQWRIIDLOXUHVGXHWRDFFLGHQWVRULPSURSHUXVHRULIWKHZDUUDQW\KDVODSVHGUHSDLUVWR
0HFWURQSURGXFWVZLOOEHFKDUJHGRQWKHEDVLVRIWKHDFWXDOFRVWRIWKHPDWHULDOVDQGODERXU
UHTXLUHGIRUVXFKUHSDLUV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
EN
7KHLQIRUPDWLRQJLYHQLQWKLVPDQXDOLVQRWELQGLQJDQGFDQEHPRGL¿HGZLWKRXWSULRUQRWLFH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH
,QKDOWVYHU]HLFKQLV
(LQOHLWXQJ 9RUZRUW %HVFKUHLEXQJGHV*HUlWV 9HUZHQGXQJV]ZHFN 6LFKHUKHLWVYRUVFKULIWHQ .HQQGDWHQ .HQQGDWHQGHV*HUlWV 7\SHQVFKLOGGHV/DGHJHUlWV 7\SHQVFKLOGGHV+DQGVWFNV6WDUOLJKWSUR 3UIXQJ 3UIXQJGHV*HUlWV /LHIHUXQJ /LHIHUXQJGHV*HUlWV 6WDQGDUG]XEHK|UYHU]HLFKQLV ,QVWDOODWLRQ 6LFKHUKHLWVYRUVFKULIWHQIUGLH,QVWDOODWLRQ %HVFKUHLEXQJGHU6FKDOWHUXQG$Q]HLJHQ $QVFKOXVVGHV*HUlWV %DWWHULH 1HXH%DWWHULH(UVWHV$XÀDGHQ $Q]HLJH%DWWHULHDXI0LQLPXP6WDQG $Q]HLJHOHHUH%DWWHULH $Q]HLJHGHIHNWH%DWWHULH $XVWDXVFKGHU%DWWHULH 6LFKHUKHLWVYRUVFKULIWHQIUGLH%DWWHULH $QZHQGXQJ $QVFKOXVVGHV=XEHK|UV 6LFKHUKHLWVYRUVFKULIWHQIUGHQ*HEUDXFK %HGLHQXQJVDQOHLWXQJ 0HVVXQJGHU/LFKWLQWHQVLWlW 6LFKHUKHLWVVFKXW] /DGHVWDWLRQJHOEHV/HGEDWWHU\OHXFKWHWDXI 5HLQLJXQJ'HVLQ¿]LHUXQJ6WHULOLVDWLRQ *HKlXVHGHU/DGHVWDWLRQUHLQLJHQXQGGHVLQ¿]LHUHQ 5HLQLJXQJXQG'HVLQ¿]LHUXQJ6WDUOLJKWSUR+DQGVWFN 6WHULOLVDWLRQ 5HLQLJXQJ'HVLQ¿]LHUXQJXQG6WHULOLVDWLRQGHV)LEHUJODVOLFKWOHLWHUV 5HLQLJXQJ'HVLQ¿]LHUXQJXQG6WHULOLVDWLRQGHV%OHQGVFKXW]HV %HGLQJXQJHQXQG9RUNHKUXQJHQIUGLH(QWVRUJXQJ 6\PEROH /|VXQJGHU6W|UXQJHQ 7HFKQLVFKH'DWHQ /(',QIRUPDWLRQHQEHUGLHDEJHJHEHQH6WUDKOXQJ (OHNWURPDJQHWLVFKH.RPSDWLELOLWlW(1 *DUDQWLH VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
(LQOHLWXQJ
9RUZRUW
/HVHQ6LHGLHVHV+DQGEXFKDXIPHUNVDPYRUGHU,QVWDOODWLRQGHP*HEUDXFKGHU:DUWXQJ
RGHUVRQVWLJHQ(LQJULIIHQDP*HUlWGXUFK
%HZDKUHQ6LHGDV+DQGEXFKJULIIEHUHLWDXI
:LFKWLJ=XU9HUPHLGXQJYRQ3HUVRQHQRGHU6DFKVFKlGHQOHVHQ6LHDOOHLQGLHVHP+DQGEXFK
HQWKDOWHQHQ.DSLWHOEHUGLH³6LFKHUKHLWVYRUVFKULIWHQ´EHVRQGHUVJUQGOLFKGXUFK
-HQDFK6FKZHUHJUDGVLQGGLH6LFKHUKHLWVYRUVFKULIWHQQDFKGHUIROJHQGHQ%HQHQQXQJNODVVL¿]LHUW
! *()$+5EH]LHKWVLFKVWHWVDXI3HUVRQHQVFKlGHQ
! $&+781*EH]LHKWVLFKDXIP|JOLFKH6DFKVFKlGHQ
'LHVHV+DQGEXFKVROOGHQ%HGLHQHUPLW%HVFKUHLEXQJHQXQG$EELOGXQJHQEHUGLH9RUVFKULIWHQ
XQGJUXQGOHJHQGHQ.ULWHULHQLQIRUPLHUHQGLHIUGLH,QVWDOODWLRQGLHNRUUHNWH$QZHQGXQJGHV
*HUlWHVXQGGDVNRUUHNWH:DUWXQJVYHUIDKUHQHUIRUGHUOLFKVLQG
'HU%HGLHQHUGDUIDXINHLQHQ)DOOXQHUODXEWHbQGHUXQJHQDP*HUlWYRUQHKPHQ
%HL%HWULHEVVW|UXQJHQZHQGHQ6LHVLFKDQGDVDPQlFKVWHQJHOHJHQH.XQGHQGLHQVW&HQWHUYRQ
0HFWURQ
-HGHU$XVEDXYHUVXFKVRZLHMHGHbQGHUXQJDP*HUlWVHLWHQVGHV%HGLHQHUVRGHUQLFKW
DXWRULVLHUWHQ3HUVRQDOVIKUW]XP9HUIDOOGHU*DUDQWLHXQGHQWELQGHWGHQ+HUVWHOOHUYRQGHU+DIWXQJ
IUHYHQWXHOOH3HUVRQHQXQGRGHU6DFKVFKlGHQ
'LHLPYRUOLHJHQGHQ+DQGEXFKDXIJHIKUWHQ,QIRUPDWLRQHQXQG$EELOGXQJHQZXUGHQ]XP=HLWSXQNW
VHLQHU$XÀDJHVLHKHOHW]WH6HLWHGHV+DQGEXFKVDNWXDOLVLHUW
'DV8QWHUQHKPHQ0(&7521VHW]WVLFKVWlQGLJIUHLQHZHLWHUH2SWLPLHUXQJVHLQHU3URGXNWHHLQ
ZDV]XbQGHUXQJHQDQHLQLJHQ%HVWDQGWHLOHQGHV*HUlWHVIKUHQNDQQ
)DOOV6LH$EZHLFKXQJHQ]ZLVFKHQGHQLPYRUOLHJHQGHQ+DQGEXFKHQWKDOWHQHQ%HVFKUHLEXQJHQ
XQGGHPYRQ,KQHQJHNDXIWHQ*HUlWIHVWVWHOOHQZHQGHQ6LHVLFKELWWHDQGHQ:LHGHUYHUNlXIHU
RGHUGDVIU,KU*HELHW]XVWlQGLJH0(&7521.XQGHQGLHQVW&HQWHU
(VLVWYHUERWHQGDVYRUOLHJHQGH+DQGEXFKIUDQGHUH=ZHFNHDOVIUGLH,QVWDOODWLRQGHQ
*HEUDXFKXQGGLH:DUWXQJGHV*HUlWHV]XYHUZHQGHQ
%HVFKUHLEXQJGHV*HUlWV
6WDUOLJKWSURLVWHLQ*HUlW]XU3RO\PHULVDWLRQYRQOLFKWKlUWHQGHQ.RPSRVLWHQ$OV/LFKWTXHOOHZLUG
HLQHKRFKHI¿]LHQWHPRQRFKURPDWLVFKH/HG'LRGHPLWHLQHUGRPLQDQWHQ:HOOHQOlQJH]ZLVFKHQ
QPXQGQPHLQJHVHW]W
8QWHUVFKLHGOLFK]XGHQKHUN|PPOLFKHQ+DORJHQODPSHQZLUGGDKHUGDVJHVDPWHYRQ6WDUOLJKWSUR
DXVJHVWUDKOWH/LFKW]XU$NWLYLHUXQJGHV.DPSIHUFKLQRQ3KRWRLQLWLDWRUVJHQXW]W'LHVHUP|JOLFKW
KHUYRUUDJHQGH3RO\PHULVDWLRQVHUJHEQLVVHPLWHLQHUGHXWOLFKQLHGULJHUHQ/HLVWXQJRKQH
:lUPHDEJDEH]XHU]LHOHQ
'DVYRQGHU'LRGHDEJHJHEHQH/LFKWZLUGDQKDQGHLQHVRSWLVFKHQ(OHPHQWVPLWHLJHQV
HQWZLFNHOWHU)RUPDXIGHQ/LFKWOHLWHUIRNXVVLHUW
'DV*HUlWEHVWHKWDXVHLQHP/DGHJHUlWXQGHLQHP+DQGVWFNGDVGXUFKHLQHQQDFKODGEDUHQ
/LWKLXP,RQHQ%DWWHULHYHUVRUJWZLUG
6WDUOLJKWSURDUEHLWHWPLW]ZHLYHUVFKLHGHQHQ%HOLFKWXQJVIXQNWLRQHQ
%HOLFKWXQJPLWNRQVWDQWHU/HLVWXQJ)$67'DXHUGHV=\NOXV¶6HNXQGHQ
%HOLFKWXQJPLWODQJVDPDQVWHLJHQGHU/HLVWXQJ6/2:5,6('DXHUGHV=\NOXV¶6HNXQGHQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
DE
9HUZHQGXQJV]ZHFN
'DV*HUlWGLHQW]XU3RO\PHULVDWLRQOLFKWKlUWHQGHU'HQWDOPDWHULDOLHQPLWHLQHP3KRWRLQLWLDWRUGHULP
:HOOHQOlQJHQEDQGYRQQPPLW6SLW]HQZHUWEHLQP]XDNWLYLHUHQLVW
2EZRKOGLHPHLVWHQ.RPSRVLWHQLQGLHVHP:HOOHQOlQJHQLQWHUYDOODNWLYLHUWZHUGHQVLQGLQ
=ZHLIHOVIlOOHQGLHWHFKQLVFKHQ'DWHQGHU.RPSRVLWHQ]XNRQWUROOLHUHQ
'DV*HUlWLVWLQ=DKQDU]WSUD[HQRGHU$PEXODWRULHQHLQ]XVHW]HQLQGHQHQNHLQHOHLFKWHQW]QGOLFKH
/XIWYRUKDQGHQLVW$QlVWKHWLND0LVFKXQJHQ6DXHUVWRIIXVZ
6LFKHUKHLWVYRUVFKULIWHQ
0HFWURQEHUQLPPWLQGHQIROJHQGHQ)lOOHQNHLQH+DIWXQJIUGLUHNWHRGHULQGLUHNWH3HUVRQHQ
RGHU6DFKVFKlGHQ
'DV*HUlWZLUGQLFKWIUGHQYRUJHVHKHQHQ9HUZHQGXQJV]ZHFNHLQJHVHW]W
'DV*HUlWZLUGQLFKWQDFKGHQLQGLHVHP+DQGEXFKDXIJHIKUWHQ$QZHLVXQJHQXQG
9RUVFKULIWHQDQJHZHQGHW
'LHHOHNWULVFKH$QODJHGHU5lXPHLQGHQHQGDV*HUlWYHUZHQGHWZLUGHQWVSULFKWQLFKWGHQLQ
.UDIWVWHKHQGHQ*HVHW]HQXQGGHQGLHVEH]JOLFKHQ9RUVFKULIWHQ
=XVDPPHQEDX=XVlW]H(LQVWHOOXQJHQbQGHUXQJHQXQG5HSDUDWXUHQZHUGHQQLFKWYRQ
0HFWURQ)DFKSHUVRQDOYRUJHQRPPHQ
'LH5DXPYHUKlOWQLVVH]XU$XIEHZDKUXQJXQG/DJHUXQJGHV*HUlWVHQWVSUHFKHQQLFKWGHQLP
.DSLWHO7HFKQLVFKH'DWHQDXIJHIKUWHQ9RUVFKULIWHQ
! $&+781*bQGHUXQJHQDQGLHVHP*HUlWVLQGQLFKW]XOlVVLJ
! $&+781*'LHHOHNWULVFKH$QODJHLQGHQ5lXPHQLQGHQHQGDV*HUlWEHWULHEHQZLUGKDWPLW
GHQLQ.UDIWVWHKHQGHQ*HVHW]HQXQGGHQGLHVEH]JOLFKHQ9RUVFKULIWHQEHUHLQ]XVWLPPHQ
! *()$+54XDOL¿]LHUWHV)DFKSHUVRQDO
'DV*HUlWGDUIQXUYRQJHVFKXOWHP)DFKSHUVRQDODQJHZHQGHWZHUGHQ'LH$QZHQGXQJGHV*HUlWV
HU]HXJWNHLQHXQHUZQVFKWHQ:LUNXQJHQZHQQHVNRUUHNWJHKDQGKDEWZLUG
! *()$+59HUZHQGXQJV]ZHFN
'DV*HUlWGDUIQXUIUGHQYRUJHVHKHQHQ9HUZHQGXQJV]ZHFNEHQXW]WZHUGHQVLHKH.DSLWHO
³´'HU9HUVWR‰JHJHQGLHVH9RUVFKULIWNDQQGHP3DWLHQWHQXQGGHP%HGLHQHUVFKZHUH
9HUOHW]XQJHQ]XIJHQXQGDP*HUlW6FKlGHQ6W|UXQJHQYHUXUVDFKHQ
! *()$+5*HJHQDQ]HLJHQ
'DV*HUlWLVWQLFKWIU3DWLHQWHQPLW+HU]VWLPXODWRUHQ3DFHPDNHURGHUVRQVWLJHQLPSODQWLHUWHQ
HOHNWURQLVFKHQ*HUlWHQJHHLJQHW'LHVH9RUVFKULIWJLOWHEHQIDOOVIUGHQ%HGLHQHU
! *()$+5'HQ/LFKWVWUDKOGLUHNWDXIGDV3RO\PHULVDWLRQVPDWHULDOULFKWHQ
'DV=DKQÀHLVFKRGHUDQGHUH:HLFKJHZHEHGUIHQGHP/LFKWVWUDKOQLFKWDXVJHVHW]WZHUGHQGLHVH
7HLOHVLQGJHJHEHQHQIDOOVJHHLJQHW]XVFKW]HQ'LH/LFKWZLUNXQJLVWLQGHU0XQGK|KOHDXIGHQ
%HUHLFKIUGLHNOLQLVFKH%HKDQGOXQJ]XEHVFKUlQNHQ
! *()$+5'HQ/LFKWVWUDKOQLHDXIGLH$XJHQULFKWHQ
'LH/LFKWZLUNXQJLVWLQGHU0XQGK|KOHDXIGHQ%HUHLFKIUGLHNOLQLVFKH%HKDQGOXQJ]X
EHVFKUlQNHQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
! *()$+5*HJHQDQ]HLJHQ
'DV*HUlWGDUIQLFKWEHL3DWLHQWHQPLWSRVLWLYHU$QDPQHVHEHLGHU/LFKWWHVWXQJ]XP%HLVSLHOEHL
6RQQHQXUWLNDULDXQGRGHU3RUSK\ULHXVZDQJHZHQGHWZHUGHQHEHQVRZHQLJZLHEHL3DWLHQWHQGLH
PLWSKRWRVHQVLELOLVLHUHQGHQ$U]QHLPLWWHOQEHKDQGHOWZHUGHQ%HLDOOHQSRWHQWLHOOHQ5LVLNRIlOOHQGHQ
)DFKDU]WEHIUDJHQ
! *()$+5*HJHQDQ]HLJHQ
(VVLQGVWUHQJH6LFKHUKHLWVPD‰QDKPHQEHL3DWLHQWHQDQ]XZHQGHQGLHFKLUXUJLVFKHQ
.DWDUDNWHLQJULIIHQXQWHU]RJHQZXUGHQXQGGDKHUEHVRQGHUVOLFKWHPS¿QGOLFKVLQG]XP%HLVSLHO
6FKXW]EULOOHQPLW
%ODXOLFKW¿OWHU
DE
! *()$+5*HJHQDQ]HLJHQ
3DWLHQWHQGHUHQ$QDPQHVH1HW]KDXWHUNUDQNXQJHQDXIZHLVWKDEHQ]XYRUGHQ$XJHQDU]W]X
EHIUDJHQXPGLH*HQHKPLJXQJ]XU%HKDQGOXQJPLW6WDUOLJKWSUR]XHUKDOWHQ
! *()$+55HLQLJXQJ'HVLQ¿]LHUXQJ6WHULOLVDWLRQQHXHURGHUUHSDULHUWHU*HUlWH
9RUMHGHU%HKDQGOXQJVLQGDOOHQHXHQRGHUUHSDULHUWHQ*HUlWHGXUFKJHQDXH%HIROJXQJGHULP
.DSLWHO³´DXIJHIKUWHQ$QZHLVXQJHQ]XUHLQLJHQ]XGHVLQ¿]LHUHQXQGIDOOVDXWRNODYLHUEDU]X
VWHULOLVLHUHQ
! *()$+5,QIHNWLRQVNRQWUROOH
=XUJU|‰WP|JOLFKHQ6LFKHUKHLWGHV3DWLHQWHQXQGGHV%HGLHQHUVVLQGGHU/LFKWOHLWHUXQGGHU
%OHQGVFKXW]YRUMHGHU%HKDQGOXQJ]XUHLQLJHQ]XGHVLQ¿]LHUHQXQG]XVWHULOLVLHUHQ'DEHLVLQGGLH
LQ.DSLWHO³´DXIJHIKUWHQ$QZHLVXQJHQVWUHQJHLQ]XKDOWHQ
! *()$+5$XVVFKOLH‰OLFK2ULJLQDO]XVDW]WHLOHXQGHUVDW]WHLOHYRQ0HFWURQYHUZHQGHQ
! *()$+5.RQWUROOHGHV*HUlW]XVWDQGVYRUGHU%HKDQGOXQJ
9RUMHGHU%HKDQGOXQJLVWGHUSHUIHNWH%HWULHEGHV*HUlWVXQGGLH)XQNWLRQVWFKWLJNHLWGHU
=XVDW]WHLOH]XNRQWUROOLHUHQ6ROOWHQVLFK%HWULHEVVW|UXQJHQIHVWVWHOOHQODVVHQLVWGLH%HKDQGOXQJ
]XYHUPHLGHQ:HQGHQ6LHVLFKDQGHQ9HUWUDJVNXQGHQGLHQVWZHQQGLH%HWULHEVVW|UXQJGDV*HUlW
EHWULIIW
! *()$+5'DV*HUlWQLFKWLQH[SORVLRQVJHIlKUGHWHQ5lXPHQDXIVWHOOHQ
'DV*HUlWGDUIQLFKWLQ5lXPHQEHWULHEHQZHUGHQLQGHQHQOHLFKWHQW]QGOLFKH/XIWKHUUVFKW
$QlVWKHWLND0LVFKXQJHQ6DXHUVWRIIXVZ
! *()$+5'DV/DGHJHUlWQLFKW]XP1DFKODGHQDQGHUHU%DWWHULHW\SHQRGHUDQGHUHU
*HUlWHPLWQDFKODGEDUHP%DWWHULHEHQXW]HQ
! $&+781*9HUZHQGHQ6LH]XP1DFKODGHQGHU%DWWHULHDXVVFKOLH‰OLFKGDV/DGHJHUlWYRQ
0HFWURQ%LOG5HI$9HUVXFKHQ6LHQLFKWGLH%DWWHULHPLWDOOJHPHLQHQ1DFKODGHJHUlWHQ
QDFK]XODGHQ([SORVLRQVXQG%UDQG*()$+5
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
.HQQGDWHQ
.HQQGDWHQGHV*HUlWV
'LHJHQDXH%HVFKUHLEXQJGHV0RGHOOVXQGGHU6HULHQQXPPHUGHV*HUlWVHUOHLFKWHUWHVXQVHUHP
.XQGHQGLHQVWIUMHGHV3UREOHPHLQHVFKQHOOHXQGHI¿]LHQWH/|VXQJ]X¿QGHQ
7HLOHQ6LHGLHVH'DWHQMHGHV0DOPLWZHQQ6LHVLFKDQHLQ.XQGHQGLHQVW&HQWHUYRQ0HFWURQ
ZHQGHQ
7\SHQVFKLOGGHV/DGHJHUlWV
-HGH/DGHJHUlWLVWPLWHLQHP7\SHQVFKLOGYHUVHKHQ%LOGDXIGHPGLHWHFKQLVFKHQ'DWHQ
XQGGLH6HULHQQXPPHUDQJHJHEHQVLQG'DV7\SHQVFKLOGLVWXQWHUGHP*HUlWDQJHEUDFKW'LH
UHVWOLFKHQ'DWHQHQWQHKPHQ6LHGLHVHP+DQGEXFKVLHKH.DSLWHO³´
%LOG
7\SHQVFKLOGGHV+DQGVWFNV6WDUOLJKWSUR
'LH6WDUOLJKWSUR6HULHQQXPPHULVWDXIGHPXQWHUHQ6WDKOULQJHLQJUDYLHUW%LOG5HI$
$
%LOG
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
3UIXQJ
3UIXQJGHV*HUlWV
$OOHYRQ0(&7521KHUJHVWHOOWHQ*HUlWHZHUGHQHLQHUVWUHQJHQ.RQWUROOHXQWHU]RJHQMHGH
HLQ]HOQH.RPSRQHQWHZLUGJHSUIW
%HLGLHVHU3UIXQJZHUGHQGLH.RPSRQHQWHQHLQHU5HLKHYRQ$UEHLWV]\NOHQXQWHU]RJHQ
:lKUHQGGLHVHU3KDVHZHUGHQHWZDLJH%HWULHEVVW|UXQJHQIHVWJHVWHOOWGLHGXUFKGHIHNWH
.RPSRQHQWHQYHUXUVDFKWZHUGHQ
'LHVHV9HUIDKUHQJHZlKUOHLVWHWHLQHLQZDQGIUHLIXQNWLRQLHUHQGHVXQG]XYHUOlVVLJHV3URGXNW
/LHIHUXQJ
/LHIHUXQJGHV*HUlWV
'LH9HUSDFNXQJGHV*HUlWVLVWVWR‰HPS¿QGOLFKGDVLHHOHNWURQLVFKH.RPSRQHQWHQHQWKlOW'DKHU
LVWVRZRKOEHLP7UDQVSRUWDOVEHLGHU/DJHUXQJEHVRQGHUH9RUVLFKWJHERWHQ
'LHYRQ0(&7521YHUVDQGWH:DUHZXUGHYRUGHP9HUVDQGJHQDXNRQWUROOLHUW
'DV*HUlWZLUGRUGQXQJVJHPl‰JHVFKW]WXQGYHUSDFNWJHOLHIHUW
%HL(LQWUHIIHQGHV*HUlWVLVWVRIRUWDXI7UDQVSRUWVFKlGHQ]XNRQWUROOLHUHQ(WZDLJH
7UDQVSRUWVFKlGHQVLQGXQYHU]JOLFKEHLP6SHGLWHXU]XUHNODPLHUHQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
DE
6WDQGDUG]XEHK|UYHU]HLFKQLV
/DGHJHUlW6WDUOLJKWSUR%LOG5HI$
+DQGVWFN6WDUOLJKWSURPLWQDFKODGEDUHU/LWKLXP,RQHQ%DWWHULH%LOG5HI%
/LFKWOHLWHU%LOG5HI&
%OHQGVFKXW]%LOG5HI'
(OHNWURNDEHOIUGDV/DGHJHUlW%LOG5HI(
'LHVH$XVVWDWWXQJNDQQVLFKLP)DOOHYRQ:HUEHNDPSDJQHQlQGHUQ
'
&
%
$
(
%LOG
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
,QVWDOODWLRQ
6LFKHUKHLWVYRUVFKULIWHQIUGLH,QVWDOODWLRQ
! *()$+5'LH(OHNWURDQODJHGHU5lXPHLQGHQHQGDV*HUlWYHUZHQGHWZLUGKDWGHQLQ.UDIW
VWHKHQGHQ*HVHW]HQXQGGHQGLHVEH]JOLFKHQ6LFKHUKHLWVYRUVFKULIWHQIU6WURPDQODJHQ]X
HQWVSUHFKHQ
! *()$+5'DV*HUlWGDUIQLFKWLQ5lXPHQDXIJHVWHOOWZHUGHQLQGHQHQ([SORVLRQVJHIDKU
KHUUVFKW'DV*HUlWGDUIQLFKWLQ5lXPHQEHWULHEHQZHUGHQLQGHQHQHLQHOHLFKWHQW]QGOLFKH/XIW
KHUUVFKW$QlVWKHWLND0LVFKXQJHQ6DXHUVWRIIXVZ
! *()$+5'DV*HUlWLVWDQHLQHPVWR‰VLFKHUHQXQGYRU:DVVHURGHU)OVVLJNHLWVVSULW]HUQ
JHVFKW]WHQ3ODW]DXI]XVWHOOHQ
! *()$+5'DV*HUlWGDUIQLFKWEHURGHUQDKHEHL:lUPHTXHOOHQDXIJHVWHOOWZHUGHQ%HLGHU
,QVWDOODWLRQLVWJHQJHQG)UHLUDXPXPGDV*HUlWYRU]XVHKHQ
! *()$+5'LH(OHNWURNRQWDNWHGHV/DGHJHUlWVQLFKWPLW0HWDOOJHJHQVWlQGHQNXU]VFKOLH‰HQ
%LOG5HI%XQGQLFKWEHLHLQJHVFKDOWHWHP*HUlWDQIDVVHQ
! $&+781*'DV*HUlWLVWWUDQVSRUWLHUEDUEHLP7UDQVSRUWDOOHUGLQJVPLWJUR‰HU6RUJIDOW]X
KDQGKDEHQ
! $&+781*6HW]HQ6LHGDV*HUlWQLFKWGHUGLUHNWHQ6RQQHQRGHU89%HVWUDKOXQJDXV
%HVFKUHLEXQJGHU6FKDOWHUXQG
$Q]HLJHQ
%HVFKUHLEXQJGHU%HGLHQXQJVHOHPHQWH%LOG
5HI$
*UQHV/HGSRZHU
)XQNWLRQ =HLJWDQGDVVGDV/DGHJHUlW
VWURPYHUVRUJWLVW
'
5HI%
/HGEDWWHU\
)XQNWLRQ *UQ=HLJWDQGDVVVLFKGLH%DWWHULH
GHU6WDUOLJKWSURLQGHU$XÀDGHSKDVH
EH¿QGHW
*HOE=HLJWDQGDVVGLH%DWWHULHGHU
6WDUOLJKWSURGHIHNWLVW
5HI&
/HGWHVW
)XQNWLRQ *UQ=HLJWDQGDVVGLH/LFKWLQWHQVLWlW
IUHLQHZLUNVDPH7KHUDSLHJHHLJQHWLVW
*HOE=HLJWDQGDVVGLH/LFKWLQWHQVLWlW
XQ]XUHLFKHQGLVW
5HI'
%LOG
$
% &
7DVWH]XU$NWLYLHUXQJXQG
8QWHUEUHFKXQJGHU%HOLFKWXQJ
)XQNWLRQ %HJLQQWRGHUXQWHUEULFKWHLQHQ
3RO\PHULVDWLRQV]\NOXV
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
DE
%HVFKUHLEXQJGHU$Q]HLJHQGHV/DGHJHUlWV7DEHOOH
*UQHV/HG
3RZHU
/HG%DWWHU\
*UQ*HOE
3RVLWLRQ6WDUOLJKWSUR
LP/DGHJHUlW
)XQNWLRQ
$Q
$XV
$XV
1LFKWHLQJHIJW
$Q
$Q
$XV
(LQJHIJW
/DGHJHUlWVWURPYHUVRUJW
%DWWHULHOlGWQDFK
$Q
$XV
$XV
(LQJHIJW
1DFKODGHSKDVHEHHQGHW
$Q
$XV
$Q
(LQJHIJW
%DWWHULHEHWULHEVXQIlKLJ
$Q
$XV
$Q
1LFKWHLQJHIJW
.XU]VFKOXVVHOHNWULVFKH
.RQWDNWHGHV/DGHJHUlWV
! $&+781*1LFKWEHUKUHQGLHHOHNWULVFKH.RQWDNWHGHV/DGHJHUlWVGHU6WDUOLJKWSUR
'DV/DGHJHUlW6WDUOLJKWSURHUNHQQWGHQ/DGH]XVWDQGGHU%DWWHULH:HQQGLH%DWWHULHQDFKHLQLJHQ
%HOLFKWXQJ]\NOHQQLFKWJHQXJOHHULVWGDV+DQGVWFNLQVHLQHQ6LW]LQGDV/DGHJHUlWHLQVHW]HQG
OHXFKWHWGDVJHOEHJUQH/HGEDWWHU\QLFKWDXI'DVLVWQRUPDO
%HVFKUHLEXQJGHUDNXVWLVFKHQ6LJQDOHGHV+DQGVWFNV7DEHOOH
)XQNWLRQ
7DVWHQEHGLHQXQJ
$NXVWLVFKHV6LJQDO
3RO\PHULVDWLRQ)$67
7DVWHNXU]GUFNHQ
EHHS]X%HJLQQGHU%HOLFKWXQJ
EHHSDP(QGHGHU%HOLFKWXQJ6HN
3RO\PHULVDWLRQ6/2:
5,6(
7DVWHPLQGHVWHQV6HN
GUFNHQ
EHHSEHLGHU(LQVFKDOWXQJXQGZHLWHUHVEHHS
QDFK6HNXQGHQ
EHHSQDFK6HN%HOLFKWXQJV]HLW
EHHSDP(QGH%HOLFKWXQJV]HLW6HN
8QWHUEUHFKXQJ
%HOLFKWXQJV]\NOXV
7DVWHNXU]ZlKUHQGGHU
%HOLFKWXQJGUFNHQ
EHHS
$Q]HLJH%DWWHULH0LQLPXP
VWDQG5HVWHQHUJLHUHLFKW
IU=\NOHQ
$Q]HLJHOHHUH%DWWHULH
EHHSDP(QGHGHV%HOLFKWXQJV]\NOXV
7DVWHJHGUFNW]XU
3RO\PHULVDWLRQ)$67RGHU
6/2:5,6(
$Q]HLJH(LQVFKDOWHQ
:lUPHVFKXW]
EHHS.HLQH/LFKWDEJDEH
EHHSZlKUHQGGHV%HOLFKWXQJV]\NOXV8QWHU
EUHFKXQJGHV%HWULHEV
$QVFKOXVVGHV*HUlWV
=XU,QEHWULHEQDKPHGHV*HUlWVLVW)ROJHQGHVGXUFK]XIKUHQ
'DV/DGHJHUlWDXIHLQHZDDJHUHFKWH(EHQHVWHOOHQ
'DV6WURPNDEHO%LOG5HI(LQGLH%XFKVHDXIGHU+LQWHUVHLWHGHV*HUlWVVWHFNHQ
%LOG5HI$XQGDQGLH:DQGVWHFNGRVHDQVFKOLH‰HQ'DVJUQH/HGSRZHUVFKDOWHWHLQ
%LOG5HI$
! $&+781*.RQWUROOLHUHQ6LHGDVVGLH6SDQQXQJXQG)UHTXHQ]GHU6WURPOHLWXQJGHQDXI
GHP7\SHQVFKLOGXQWHUGHP/DGHJHUlWDQJHJHEHQHQ:HUWHQHQWVSULFKW
! *()$+5.RQWUROOLHUHQ6LHUHJHOPl‰LJGDVVGDV(OHNWURNDEHOLQ2UGQXQJLVW6ROOWHHV
EHVFKlGLJWVHLQHUVHW]HQ6LHHVPLWHLQHP2ULJLQDOHUVDW]WHLOYRQ0HFWURQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
%
$
DE
%LOG
%DWWHULH
6WDUOLJKWSURZLUGPLWHLQHPQDFKODGEDUHQ/LWKLXP,RQHQ%DWWHULHYHUVRUJWGHUVLFKEHUHLWVLP
+DQGVWFNEH¿QGHW
6WDUOLJKWSURLVWPLW]ZHL0LNURSUR]HVVRUHQDXVJHVWDWWHWGLHNRQWLQXLHUOLFKGLHRSWLPDOHQ(QWODGH
XQG1DFKODGHSDUDPHWHUGHU%DWWHULHNRQWUROOLHUHQXQGEHLEHKDOWHQ'DKHUNDQQGDV+DQGVWFN
QDFKMHGHU%HKDQGOXQJXQDEKlQJLJYRP/DGHVWDQGGHU%DWWHULHLQGDV/DGHJHUlWHLQJHVHW]WXQG
GRUWDXIEHZDKUWZHUGHQ
1HXH%DWWHULH(UVWHV$XÀDGHQ
$10(5.81*'LH%DWWHULHYRQ6WDUOLJKWSURZLUGXQYROOVWlQGLJJHODGHQJHOLHIHUW
=XPYROOVWlQGLJHQ$XÀDGHQGHU%DWWHULH
LVWGDV+DQGVWFNLQVHLQHQ6LW]LQGDV/DGHJHUlWHLQ]XVHW]HQ%LOG5HI%
'DVJUQH/HGEDWWHU\OHXFKWHWDXI%LOG5HI%
'LH$XÀDGHSKDVHLVWEHHQGHWZHQQGDVJUQH/HGEDWWHU\DXVVFKDOWHW
$Q]HLJH%DWWHULHDXI0LQLPXP6WDQG
:HQQGHU/DGHVWDQGGHU%DWWHULHQDFKKlX¿JHP*HEUDXFKGHV6WDUOLJKWSURDXIGHQ0LQLPXP
6WDQGVLQNWOlVVWGHU0LNURSUR]HVVRUQRFK%HOLFKWXQJHQ)$67RGHU6/2:5,6(RKQH
1DFKODGHQGHU%DWWHULH]X
'LH%DWWHULH0LQLPXPVWDQGZLUGDP(QGHMHGHVGHU=\NOHQPLW]ZHL7RQ]HLFKHQEHHS
VLJQDOLVLHUW
1DFK%HHQGLJXQJGHU=\NOHQ]HLJWGLH%DWWHULHGHV+DQGVWFNVHLQHQOHHUHQ%DWWHULHVWDQGDQ
VLHKH.DSLWHO³´
6HW]HQ6LH6WDUOLJKWSURLQGDV/DGHJHUlW
$Q]HLJHOHHUH%DWWHULH
'LH%DWWHULHGHU6WDUOLJKWSURLVWOHHUZHQQDXI'UXFNGHU7DVWHNHLQH%HOLFKWXQJVWDWW¿QGHWXQG
JOHLFK]HLWLJHLQDNXVWLVFKHV6LJQDOHUW|QWEHHS'LH%DWWHULHLVWQDFK]XODGHQ
6HW]HQ6LHGDV+DQGVWFNLQVHLQHQ6LW]LP/DGHJHUlW%LOG5HI%'DVJUQH/HG%DWWHU\
OHXFKWHWDXI%LOG5HI%
'LH1DFKODGHSKDVHLVWEHHQGHWZHQQGDVJUQH/HG%DWWHU\DXVVFKDOWHW
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
$Q]HLJHGHIHNWH%DWWHULH
'DV$XÀHXFKWHQGHUJHOEHQ/HGV%DWWHU\FKHFNDXIGHP/DGHJHUlWVLJQDOLVLHUWHLQH
%HWULHEVVW|UXQJGHU%DWWHULH%LOG5HI&
$10(5.81*'LHVH)XQNWLRQVVW|UXQJXQWHUEULFKWGHQ%HWULHEGHV/DGHJHUlWV=XU
:LHGHUDXIQDKPHGHVNRUUHNWHQ%HWULHEVGHV/DGHJHUlWVPVVHQ6LH
GDV+DQGVWFNDXVGHP/DGHJHUlWQHKPHQ
HLQLJH6HNXQGHQODQJGLH6WURPYHUVRUJXQJGHV/DGHJHUlWVXQWHUEUHFKHQGDV6WURPNDEHODXV
GHU%XFKVH]LHKHQ$OOH/HGVJHKHQDXV
GHP/DGHJHUlWHUQHXW6WURP]XIKUHQGDVJUQH/HGSRZHUOHXFKWHWDXI
$XVWDXVFKGHU%DWWHULH
.RQWDNWLHUHQ6LHELWWHGHQ0HFWURQ&XVWRPHU6HUYLFHXPHLQHGHIHNWH%DWWHULHHUVHW]HQ]XODVVHQ
6LFKHUKHLWVYRUVFKULIWHQIUGLH%DWWHULH
'LH%DWWHULHNDQQ6FKlGHQDQ*HJHQVWlQGHQXQGRGHU9HUOHW]XQJHQDQ3HUVRQHQZLH
9HUEUHQQXQJHQYHUXUVDFKHQZHQQ/HLWPDWHULDOZLH6FKPXFNVWFNH6FKOVVHORGHU3HUOHQNHWWHQ
PLWGHQEHOLFKWHWHQ(QGVWFNHQLQ.RQWDNWJHUlW'DV/HLWPDWHULDONDQQHLQHQ6WURPNUHLV
VFKOLHVVHQ.XU]VFKOXVVXQGVHKUKHLVVZHUGHQ*HZ|KQHQ6LHVLFKGDUDQGDV*HUlWVRUJIlOWLJ
]XEHKDQGHOQEHVRQGHUVZHQQHVLQ7DVFKHQEHOLHELJHU$UWRGHUVRQVWLJH%HKlOWHUJHOHJWZLUGLQ
GHQHQVLFK0HWDOOJHJHQVWlQGHEH¿QGHQ
! *()$+5'LHHOHNWULVFKHQ.RQWDNWHGHV+DQGVWFNVQLFKWPLW0HWDOOJHJHQVWlQGHQRGHU
)OVVLJNHLWHQNXU]VFKOLH‰HQ%LOG5HI$5HI%
! *()$+5'LH%DWWHULHIU.LQGHUXQHUUHLFKEDUDXIEHZDKUHQ
! $&+781*9HUZHQGHQ6LHQXU2ULJLQDOEDWWHULHYRQ0HFWURQ
.RQWDNWLHUHQ6LHELWWHGHQ0HFWURQ&XVWRPHU6HUYLFHXPHLQHGHIHNWH%DWWHULHHUVHW]HQ]XODVVHQ
! $&+781*9HUZHQGHQ6LH]XP1DFKODGHQGHU%DWWHULHDXVVFKOLH‰OLFKGDV/DGHJHUlWYRQ
0HFWURQ%LOG5HI$9HUVXFKHQ6LHQLFKWGLH%DWWHULHPLWDOOJHPHLQHQ1DFKODGHJHUlWHQ
QDFK]XODGHQ([SORVLRQVXQG%UDQG*()$+5
! $&+781*'LH%DWWHULHLVWDXIJHHLJQHWH:HLVHJHPl‰GHQLQ.UDIWVWHKHQGHQ*HVHW]HQ
]XHQWVRUJHQ(UGDUIQLFKW]XVDPPHQPLWGHP6WDGWPOOHQWVRUJWZHUGHQ'HU%HVLW]HU
KDIWHWIUHWZDLJHGXUFKXQJHHLJQHWH(QWVRUJXQJGHU%DWWHULHYHUXUVDFKWH6FKlGHQ
! $&+781*'LH%DWWHULHQLFKWIUDQGHUHDOVGLHYRUJHVFKULHEHQHQ=ZHFNHYHUZHQGHQ
! $&+781*'LH%DWWHULHQLFKW|IIQHQGXUFKO|FKHUQRGHUTXHWVFKHQHUHQWKlOW*LIWVWRIIH
! $&+781*'LH%DWWHULHQLFKWYHUEUHQQHQRGHUKRKHQ7HPSHUDWXUHQDXVVHW]HQ
([SORVLRQVJHIDKU
! $&+781*'LH(QGVWFNHGHU%DWWHULHQLFKWNXU]VFKOLH‰HQ9HUEUHQQXQJVXQG
%UDQGJHIDKU
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
$QZHQGXQJ
$QVFKOXVVGHV=XEHK|UV
! *()$+5.RQWUROOHGHV*HUlW=XVWDQGVYRUGHU%HKDQGOXQJ
9RUMHGHU%HKDQGOXQJLVWVWHWVGHUSHUIHNWH%HWULHEGHV*HUlWVXQGGLH)XQNWLRQVIlKLJNHLWGHV
=XEHK|UV]XSUIHQ6ROOWHQ%HWULHEVVW|UXQJHQIHVW]XVWHOOHQVHLQLVWGLH%HKDQGOXQJ]XYHUPHLGHQ
:HQGHQ6LHVLFKDQGHQ.XQGHQGLHQVWZHQQGLH%HWULHEVVW|UXQJHQVLFKDXIGDV*HUlWEH]LHKHQ
! *()$+5,QIHNWLRQVNRQWUROOH
)UGLHPD[LPDOH6LFKHUKHLWGHV3DWLHQWHQXQGGHV%HGLHQHUVVLQGGHU/LFKWOHLWHUXQGGHU
%OHQGVFKXW]YRUMHGHU%HKDQGOXQJ]XUHLQLJHQ]XGHVLQ¿]LHUHQXQG]XVWHULOLVLHUHQ)ROJHQ6LH
6FKULWWIU6FKULWWGHQLQ.DSLWHO³´DXIJHIKUWHQ$QZHLVXQJHQ
=XU9HUZHQGXQJGHV6WDUOLJKWSURPVVHQ6LHIROJHQGHV=XEHK|UDQVFKOLH‰HQ
'HQ)LEHUJODVOLFKWOHLWHUYRQ+DQGPLWOHLFKWHP'UXFNDXIGDV+DQGVWFNVHW]HQXQGJJIOHLFKW
GUHKHQELVHUHLQUDVWHW
(EHQIDOOVSHU+DQGVHW]HQ6LHGHQ%OHQGVFKXW]DXIGHQ/LFKWOHLWHU
$
%LOG
%
6LFKHUKHLWVYRUVFKULIWHQIUGHQ*HEUDXFK
! *()$+55LFKWHQ6LHGHQ/LFKWVWUDKOQLHDXIGLH$XJHQ
! *()$+53UIHQ6LHYRUMHGHP%HOLFKWXQJV]\NOXVREGHU/LFKWOHLWHUNRUUHNWELV]XP
$QVFKODJLP+DQGVWFNVLW]W
! *()$+53UIHQ6LHYRUMHGHP%HOLFKWXQJV]\NOXVREGHU%OHQGVFKXW]DP(QGHGHV
/LFKWOHLWHUVDQJHEUDFKWLVW
! *()$+55LFKWHQ6LHGHQ/LFKWVWUDKOGLUHNWDXIGDV3RO\PHULVDWLRQVPDWHULDO
6HW]HQ6LHGDV=DKQÀHLVFKRGHUVRQVWLJH:HLFKJHZHEHQLFKWGHP/LFKWVWUDKODXVVFKW]HQ
6LHGLHVH7HLOHDXIJHHLJQHWH:HLVH'LH/LFKWZLUNXQJLVWLQGHU0XQGK|KOHDXIGHQ%HUHLFKGHU
NOLQLVFKHQ%HKDQGOXQJ]XEHJUHQ]HQ
! *()$+5'LHHOHNWULVFKHQ.RQWDNWHGHV+DQGVWFNVQLFKWPLW0HWDOOJHJHQVWlQGHQRGHU
)OVVLJNHLWHQNXU]VFKOLH‰HQ%LOG5HI$5HI%
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
DE
! $&+781*,QGHQHUVWHQ%HOLFKWXQJVVHNXQGHQLVWGHU.RQWDNWGHV/LFKWOHLWHUVPLWGHP
3RO\PHULVDWLRQVPDWHULDO]XYHUPHLGHQ
3RO\PHULVLHUWH.RPSRVLWHQ5FNVWlQGHDQGHU/LFKWDXVWULWWVÀlFKHGHV/LFKWOHLWHUVEHKLQGHUQGLH
/LFKWDEJDEHXQGEHHLQWUlFKWLJHQGLHQDFKIROJHQGHQ3RO\PHULVDWLRQV]\NOHQ
! $&+781*(LQEHVFKlGLJWHURGHUEHWULHEVXQIlKLJHU/LFKWOHLWHULVW]XHUVHW]HQZHLO
VRQVWGLH/LFKWOHLVWXQJHUKHEOLFKYHUULQJHUWZLUG
%HGLHQXQJVDQOHLWXQJ
0LW6WDUOLJKWSURN|QQHQ6LH]ZLVFKHQ]ZHL%HOLFKWXQJVDUWHQZlKOHQ
)$67%HOLFKWXQJV]HLW6HNXQGHQPLWGHUPD[LPDOHU/LFKWOHLVWXQJ
6/2:5,6(%HOLFKWXQJV]HLW6HNXQGHQPLWODQJVDPHU6WHLJHUXQJGHU/LFKWOHLVWXQJLQGHQ
HUVWHQGUHL6HNXQGHQELV]XP+|FKVWZHUW
:DKO%HOLFKWXQJ)$67
'UFNHQ6LHNXU]DXIGLH7DVWHDP+DQGVWFN%LOG5HI'VREHJLQQWGHU%HOLFKWXQJV]\NOXV
)$67(VHUW|QWHLQDNXVWLVFKHV6LJQDOEHHS
1DFK6HNXQGHQHUW|QWHLQDNXVWLVFKHV6LJQDOEHHS'HU=\NOXV)$67LVWEHHQGHW
:DKO%HOLFKWXQJ6/2:5,6(
+DOWHQ6LHGLH7DVWHDXIGHP+DQGVWFN]ZHL6HNXQGHQODQJJHGUFNW%LOG5HI'VR
EHJLQQWGHU%HOLFKWXQJV]\NOXV6/2:5,6(%HLP6WDUWHUW|QWHLQ6LJQDOXQGQDFK6HNXQGHQ
HLQZHLWHUHV6LJQDOEHVWlWLJWGLH,QLWLDOLVLHUXQJGHV=\NOXV³6/2:5,6(´
QDFK6HNXQGHQHUW|QWHLQDNXVWLVFKHV6LJQDOEHHS
QDFK6HNXQGHQHUW|QWHLQDNXVWLVFKHV6LJQDO'HU6/2:5,6(=\NOXVLVWEHHQGHWEHHS
1DFK%HHQGLJXQJGHU%HKDQGOXQJVHW]HQ6LHGDV+DQGVWFN6WDUOLJKWSURLQGDV/DGHJHUlW
%LOG5HI%
$10(5.81*8QWHUEUHFKXQJGHV=\NOXV
'HU%HOLFKWXQJV]\NOXVNDQQMHGHU]HLWVRZRKOLQGHU)$67DOVDXFKLQGHU6/2:5,6()XQNWLRQ
GXUFK'UXFNDXIGLH7DVWHDP+DQGVWFNXQWHUEURFKHQZHUGHQ%LOG5HI'
$10(5.81*1DFKIROJHQGH%HOLFKWXQJHQ
1DFK%HHQGLJXQJMHGHU%HOLFKWXQJN|QQHQQHXHDXIHLQDQGHUIROJHQGH=\NOHQGXUFK
HQWVSUHFKHQGHQ'UXFNDXIGLH7DVWHDP+DQGVWFNGXUFKJHIKUWZHUGHQ%LOG5HI'
'LH%HWULHEVZHLVHLQVFKQHOOQDFK]XVHKHQGHU.XU]IRUPHQWQHKPHQ6LHGHQ7DEHOOHQXQG
0HVVXQJGHU/LFKWLQWHQVLWlW
8PIHVW]XVWHOOHQREGLH/LFKWLQWHQVLWlWDXVUHLFKHQGLVW
VHW]HQ6LHGHQ/LFKWOHLWHU%LOG5HI$GLUHNWDXIGLH2EHUÀlFKHGHV,QWHQVLWlWVVHQVRUVRKQH
]XGUFNHQ%LOG5HI%
VFKDOWHQ6LHGLH/DPSHGXUFK7DVWHQGUXFNHLQ%LOG5HI&
'DV/HGWHVW%LOG5HI']HLJWGHQJHPHVVHQHQQXW]EDUHQ/LFKWÀXVVDQ
*UQ /LFKWÀXVVJHHLJQHWIUHLQHZLUNVDPH7KHUDSLH
*HOE /LFKWÀXVVXQ]XUHLFKHQG
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
&
$
DE
%
%LOG
'
! $&+781*,VWGHUQXW]EDUH/LFKWÀXVVXQ]XUHLFKHQGVRLVWGLH%HKDQGOXQJDP3DWLHQWHQ]X
YHUPHLGHQXQGHVVLQGGLHIROJHQGHQ.RQWUROOHQGXUFK]XIKUHQ
.RQWUROOLHUHQ6LHREGHU/LFKWOHLWHUNRUUHNWLQGDV+DQGVWFNHLQJHIJWLVW
.RQWUROOLHUHQ6LHREGHU/LFKWOHLWHUQLFKWYHUVFKPXW]WLVW5HLQLJHQ6LHGHQ/LFKWOHLWHUVLHKH
.DSLWHO5HLQLJXQJ'HVLQ¿]LHUXQJXQG6WHULOLVDWLRQGHV/LFKWOHLWHUV
.RQWUROOLHUHQ6LHREGHU/LFKWOHLWHUQLFKWEHVFKlGLJWLVWXQGHUVHW]HQ6LHLKQJHJHEHQHQIDOOVPLW
HLQHPQHXHQ
6ROOWHQGLHVH0DVVQDKPHQQLFKW]XHLQHU9HUEHVVHUXQJGHU/HLVWXQJIKUHQVRVHW]HQ6LHGDV
*HUlWDXVVHU%HWULHELQGHP6LHGHQ1HW]VWHFNHU]LHKHQXQGYHUJHZLVVHUQVLFKGDVVHVQLFKW
XQEHIXJWHUQHXWLQ%HWULHEJHQRPPHQZLUG(WZDLJH5HSDUDWXUHQGHV*HUlWVN|QQHQ6LHYRQ
HLQHP0HFWURQ.XQGHQGLHQVWGXUFKIKUHQODVVHQ
6LFKHUKHLWVVFKXW]
,P)DOOHH[WUHPLQWHQVLYHU$QZHQGXQJPLWODQJHQZLHGHUKROWHQ%HOLFKWXQJHQVFKDOWHWDXWRPDWLVFK
HLQ:lUPHVFKXW]HLQ(LQDNXVWLVFKHV6LJQDOHUW|QW7|QH'DV(LQVFKDOWHQGHV6FKXW]HV
YHUKLQGHUWYRUEHUJHKHQGHLQLJH0LQXWHQODQJGHQ(LQVDW]GHU/DPSH
/DGHVWDWLRQJHOEHV/HGEDWWHU\OHXFKWHWDXI
'DVJHOEH/HG%DWWHU\GHU/DGHVWDWLRQ]HLJWDQ
%DWWHULHGHIHNWVLHKH.DSLWHO
.RQWDNWH/DGHVWDWLRQLQ.XU]VFKOXVV
=XUNRUUHNWHQ:LHGHUDXIQDKPHGHV%HWULHEVGHU/DGHVWDWLRQLP]ZHLWHQ)DOO
XQWHUEUHFKHQ6LHGLH6WURPYHUVRUJXQJGHU/DGHVWDWLRQ$OOH/HGVHUO|VFKHQ
EHVHLWLJHQ6LHGLH8UVDFKHGHV.XU]VFKOXVVHV
YHUVRUJHQ6LHGLH/DGHVWDWLRQZLHGHUPLW6WURPGDVJUQH/HGSRZHUHUOHXFKWHW
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
5HLQLJXQJ'HVLQ¿]LHUXQJ6WHULOLVDWLRQ
*HKlXVHGHU/DGHVWDWLRQUHLQLJHQXQGGHVLQ¿]LHUHQ
! *()$+5/DGHVWDWLRQDEVFKDOWHQ
9RUGHU'XUFKIKUXQJYRQ5HLQLJXQJXQG'HVLQ¿]LHUXQJPXVVGLH/DGHVWDWLRQDXVJHVWHFNW
ZHUGHQ
! *()$+5/DGHVWDWLRQDEVFKDOWHQ
9RUGHU'XUFKIKUXQJYRQ5HLQLJXQJXQG'HVLQ¿]LHUXQJPXVVGLH/DGHVWDWLRQDXVJHVWHFNW
ZHUGHQ
! *()$+5'DV*HKlXVHGHU/DGHVWDWLRQLVWJHJHQGDV(LQGULQJHQYRQ:DVVHUQLFKW
JHVFKW]W
! *()$+5'LH/DGHVWDWLRQLVWQLFKWVWHULOLVLHUEDU
! *()$+5ZlKUHQGGHU$NWLYLWlWGHU5HLQLJXQJPRGL¿]LHUHQ6LHQLFKWGLH6WURPNRQWDNWH
GHU/DGHVWDWLRQ%LOG5HI%
! *()$+5)OVVLJNHLWHQQLHPDOVGLUHNWDXIGLH2EHUÀlFKHQXQG.RQWDNWVWHOOHQGHU
/DGHVWDWLRQVSULW]HQ)ROJHQGH0D‰QDKPHQQDFKMHGHU$QZHQGXQJYRUQHKPHQ
'DV+DQGVWFNYRQGHU/DGHVWDWLRQQHKPHQ
5HLQLJHQ6LHGLH2EHUÀlFKHGHV*HUlWVPLWHLQHPVDXEHUHQZHLFKHQXQGIX‰HOIUHLHQ
7XFKGDVPLWHLQHU5HLQLJXQJVO|VXQJS+XQGHYHQWXHOOPLWHLQHUQLFKWDJJUHVVLYHQ
'HVLQIHNWLRQVO|VXQJPLWQHXWUDOHPS+:HUWS+EHIHXFKWHWZXUGH)ROJHQ6LHGDEHLGHQ
$QZHLVXQJHQGHV+HUVWHOOHUVGHU/|VXQJ
7URFNQHQ6LHGDV*HKlXVHPLWHLQHPVDXEHUHQDEULHEIHVWHQXQGIX‰HOIUHLHQ7XFK
,QVEHVRQGHUHGDUDXIDFKWHQGDVVGLH6WURPNRQWDNWHYROONRPPHQWURFNHQVLQG
+,1:(,6,QVEHVRQGHUHZHUGHQS+QHXWUDOH'HVLQIHNWLRQVO|VXQJHQDXI:DVVHUEDVLVHPSIRKOHQ
$ONRKROKDOWLJH'HVLQIHNWLRQVO|VXQJHQN|QQHQVFKlGOLFKVHLQXQGGLH.XQVWVWRII%HVWDQGWHLOH
VFKDGHQ
5HLQLJXQJXQG'HVLQ¿]LHUXQJ6WDUOLJKWSUR+DQGVWFN
! *()$+5'DV+DQGVWFNLVWJHJHQGDV(LQGULQJHQYRQ:DVVHUQLFKWJHVFKW]W
! *()$+5'LH6WURPNRQWDNWHGHV+DQGVWFNVQLFKWPLW0HWDOOJHJHQVWlQGHQRGHU
)OVVLJNHLWHQNXU]VFKOLH‰HQ
! *()$+5'DV+DQGVWFNLVWQLFKWVWHULOLVLHUEDU
! *()$+5)OVVLJNHLWHQQLHPDOVGLUHNWDXIGLH2EHUÀlFKHQDXIGHQ.HJHOXQGDXI
GLH6WURPNRQWDNWHGHV+DQGVWFNVVSULW]HQ)ROJHQGH0D‰QDKPHQQDFKMHGHU$QZHQGXQJ
YRUQHKPHQ
)LEHUJODVOLFKWOHLWHUXQG%OHQGVFKXW]YRP+DQGVWFNDEQHKPHQ
5HLQLJHQ6LHGLH2EHUÀlFKHGHV*HUlWVPLWHLQHPVDXEHUHQZHLFKHQXQGIX‰HOIUHLHQ
7XFKGDVPLWHLQHU5HLQLJXQJVO|VXQJS+XQGHYHQWXHOOPLWHLQHUQLFKWDJJUHVVLYHQ
'HVLQIHNWLRQVO|VXQJPLWQHXWUDOHPS+:HUWS+EHIHXFKWHWZXUGH)ROJHQ6LHGDEHLGHQ
$QZHLVXQJHQGHV+HUVWHOOHUVGHU/|VXQJ
7URFNQHQ6LHGDV*HKlXVHPLWHLQHPVDXEHUHQDEULHEIHVWHQXQGIX‰HOIUHLHQ7XFK
,QVEHVRQGHUHGDUDXIDFKWHQGDVVGLH6WURPNRQWDNWHYROONRPPHQWURFNHQVLQG
+,1:(,6,QVEHVRQGHUHZHUGHQS+QHXWUDOH'HVLQIHNWLRQVO|VXQJHQDXI:DVVHUEDVLVHPSIRKOHQ
$ONRKROKDOWLJH'HVLQIHNWLRQVO|VXQJHQN|QQHQVFKlGOLFKVHLQXQGGLH.XQVWVWRII%HVWDQGWHLOH
VFKDGHQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
6WHULOLVDWLRQ
! $&+781*'LH6WHULOLVDWLRQ0LQXWHQDXVVFKOLH‰OLFKLP$XWRNODYHQPLWPD[LPDOƒ&
KHL‰HP:DVVHUGDPSIYRUQHKPHQ
.HLQHZHLWHUHQ6WHULOLVDWLRQVYHUIDKUHQ7URFNHQKLW]H%HVWUDKOXQJ(WK\OHQR[LG.DOWSODVPDHWF
YHUZHQGHQ
! *()$+5'DV+DQGVWFNLVWQLFKWVWHULOLVLHUEDU
! *()$+5,QIHNWLRQVSURSK\OD[H6WHULOLVLHUEDUH7HLOH
8PHWZDLJH%DNWHULHQRGHU9LUXVLQIHNWLRQHQ]XYHUPHLGHQPVVHQIROJHQGH%DXWHLOHQDFKMHGHU
$QZHQGXQJJHUHLQLJWGHVLQ¿]LHUWXQGVWHULOLVLHUWZHUGHQ
)LEHUJODVOLFKWOHLWHU
%OHQGVFKXW]
'LHVH%DXWHLOHZXUGHQDXV0DWHULDOLHQPLWHLQHU+LW]HEHVWlQGLJNHLWYRQPD[LPDOƒ&EHLHLQHU
+|FKVW]HLWYRQ0LQXWHQJHIHUWLJW
=XU6WHULOLVDWLRQ6$/LP$XWRNODYHQPLW+HL‰GDPSIVWHWVXQWHU%HDFKWXQJIROJHQGHU
3DUDPHWHUYRUJHKHQ
0DO9RUYDNXXP
6WHULOLVDWLRQVWHPSHUDWXUƒ&$EZHLFKXQJƒ&·ƒ&
6WHULOLVDWLRQV]HLW0LQXWHQ
7URFNHQ]HLWPLQGHVWHQV0LQXWHQ
$OOH6WHULOLVDWLRQVSKDVHQPVVHQYRP%HQXW]HUJHPl‰GHQ1RUPHQ81,(1,62
XQG81,(1DXVJHIKUWZHUGHQ
$10(5.81*=XP'HVLQ¿]LHUHQNHLQVDXHUVWRIIKDOWLJHV:DVVHUVRQGHUQDXVVFKOLH‰OLFKS+
QHXWUDOH'HVLQIHNWLRQVPLWWHOYHUZHQGHQVWHWVPLWVWHULOHP:DVVHUQDFKVSOHQ
! *()$+51DFKGHP5HLQLJHQYRUGHP6WHULOLVLHUHQXQWHUHLQHU/LFKWTXHOOHVlPWOLFKH
.RPSRQHQWHQEHUSUIHQGDEHLEHVRQGHUVDXI%HUHLFKHDFKWHQLQGHQHQVLFK
6FKPXW]UFNVWlQGHDEODJHUQN|QQHQ*HZLQGH+RKOUlXPH5LOOHQVROOWHQGLHVHDXIWUHWHQHUQHXW
GHQ5HLQLJXQJV]\NOXVGXUFKIKUHQ
6FKOLH‰OLFKGLH,QWHJULWlWGHU7HLOHXQG.RPSRQHQWHQVLFKHUVWHOOHQGLHGXUFKGHQ*HEUDXFK
EHVFKlGLJWZHUGHQN|QQWHQ
5HLQLJXQJ'HVLQ¿]LHUXQJXQG6WHULOLVDWLRQGHV)LEHUJODVOLFKWOHLWHUV
! $&+781*=XU5HLQLJXQJGHV)LEHUJODVOLFKWOHLWHUVNHLQHVSLW]HQRGHUVFKDUIHQ
*HJHQVWlQGHYHUZHQGHQ
)ROJHQGHUPD‰HQYRUJHKHQ
(WZDLJH5FNVWlQGHOLFKWJHKlUWHWHU0DWHULDOLHQPLW$ONRKROYRQGHU2EHUÀlFKHGHV
)LEHUJODVOLFKWOHLWHUVHQWIHUQHQ
'LH2EHUÀlFKHPLWHLQHPLQQLFKWDJJUHVVLYHU5HLQLJXQJVXQG'HVLQIHNWLRQVO|VXQJPLW
QHXWUDOHPS+:HUWS+JHWUlQNWHQIHXFKWHQ/DSSHQUHLQLJHQXQGGHVLQ¿]LHUHQ
7URFNQHQ
'HQ)LEHUJODVOLFKWOHLWHUHLQ]HOQLQHLQHU(LQZHJKOOHYHUVLHJHOQ
'HQ)LEHUJODVOLFKWOHLWHULP$XWRNODYHQVWHULOLVLHUHQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
DE
5HLQLJXQJ'HVLQ¿]LHUXQJXQG6WHULOLVDWLRQGHV%OHQGVFKXW]HV
! $&+781*=XU5HLQLJXQJGHV%OHQGVFKXW]HVNHLQHVSLW]HQRGHUVFKDUIHQ*HJHQVWlQGH
YHUZHQGHQ
)ROJHQGHUPD‰HQYRUJHKHQ
0LWHLQHPLQQLFKWDJJUHVVLYHU5HLQLJXQJVXQG'HVLQIHNWLRQVO|VXQJPLWQHXWUDOHPS+:HUW
S+JHWUlQNWHQIHXFKWHQ/DSSHQUHLQLJHQXQGGHVLQ¿]LHUHQ
7URFNQHQ
'HQ)LEHUJODVOLFKWOHLWHUHLQ]HOQLQHLQHU(LQZHJKOOHYHUVLHJHOQ
'HQ%OHQGVFKXW]LP$XWRNODYHQVWHULOLVLHUHQ
%HGLQJXQJHQXQG9RUNHKUXQJHQIUGLH
(QWVRUJXQJ
! $&+781*'DV*HUlWHQWKlOWHLQHQ/LWKLXP,RQHQ%DWWHULH'LH%DWWHULHLVWDOV$EIDOOIU
GLHJHWUHQQWH$EIDOOVDPPOXQJ]XEHKDQGHOQXQGGHPHQWVSUHFKHQG]XHQWVRUJHQ
'DV*HUlWLVWDOV$EIDOOIUGLHJHWUHQQWH$EIDOOVDPPOXQJ]XEHKDQGHOQXQGGHPHQWVSUHFKHQG
]XHQWVRUJHQ
(VLVWGHP.lXIHUIUHLJHVWHOOWGDVQLFKWPHKUQXW]EDUH*HUlWGHP+lQGOHU]XEHUODVVHQGHU
HLQQHXHV*HUlWOLHIHUW%HL0HFWURQ6S$VLQGGLH$QZHLVXQJHQ]XU(QWVRUJXQJHUKlOWOLFK
(LQ9HUVWR‰JHJHQGLHYRUKHUJHQDQQWHQ3XQNWHNDQQJHPl‰GHU(*5LFKWOLQLH(OHNWURXQG
(OHNWURQLN$OWJHUlWH:(((6WUDIHQQDFKVLFK]LHKHQ
! *()$+5.UDQNHQKDXVDEIDOO
'LHIROJHQGHQ*HJHQVWlQGHVLQGDOV.UDQNHQKDXVDEIDOO]XEHKDQGHOQ
$EJHQXW]WHURGHU]HUEURFKHQHU/LFKWOHLWHU
$EJHQXW]WHURGHU]HUEURFKHQHU%OHQGVFKXW]
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
6\PEROH
!
$&+781**HEUDXFKVDQZHLVXQJ
OHVHQ
6HULHQQXPPHU
%HWULHEVDQZHLVXQJHQ
3URGXNWFRGH
*HUlW7\S´%´JHPl‰WHFKQLVFKHU
1RUP(1
+HUVWHOOHU
*HUlWGHU.ODVVH,,
/LPLWV7HPSHUDWXUZlKUHQG
7UDQVSRUWXQG/DJHUXQJ
:HFKVHOVWURP
/LPLWV/XIWIHXFKWLJNHLWZlKUHQG
7UDQVSRUWXQG/DJHUXQJ
6WHULOLVLHUEDULP$XWRNODYELVGLH
7HPSHUDWXUGDV0D[LPXP
YRQƒ&HUUHLFKW
/LPLWV/XIWGUXFNZlKUHQG
7UDQVSRUWXQG/DJHUXQJ
0(7=HLFKHQ
'DV*HUlWXQGVHLQH$FFHVVRLUHV
GUIHQNHLQHVIDOOVZLH+DXVPOO
HQWVRUJWZHUGHQ
7.%5#
%0Q .RQIRUPLWlWPLWGHQ1RUPHQ8/&6$
'
DE
6\PEROIU*HIDKU
/('6WUDKOXQJ
*HUlWHQWVSULFKWGHU1RUP&((*
HLQVFKOLH‰OLFK(1XQG(1
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
/|VXQJGHU6W|UXQJHQ
6ROOWHGHU%HWULHEGHV*HUlWVJHVW|UWVHLQVROHVHQ6LHHUQHXWGLH*HEUDXFKVDQOHLWXQJGXUFKXQG
NRQWUROOLHUHQ6LHGLHIROJHQGH7DEHOOH
67g581*
'DV/DGHJHUlWVFKDOWHWQLFKW
HLQNHLQ/HGLVWHUOHXFKWHW
:$+56&+(,1/,&+(
856$&+(
/g681*
'DV6WURPNDEHOLVWQLFKW
NRUUHNWDQJHVFKORVVHQ
9HUELQGHQ6LHGDV.DEHO
PLWGHP/DGHJHUlWXQGGHP
:DQGVWHFNHU
'DV6WURPNDEHOLVW
EHVFKlGLJW
:HFKVHOQ6LHGDV6WURPNDEHO
DXV
'DV/DGHJHUlWIXQNWLRQLHUW
QLFKW
:HQGHQ6LHVLFKDQGHQ
9HUWUDJVNXQGHQGLHQVW
0(&7521
'DVJHOEH/HG%DWWHU\
&KHFNGHV/DGHJHUlWV
OHXFKWHW
'LH.RQWDNWHGHV/DGHJHUlWV
VLQGNXU]JHVFKORVVHQ
6LHKH.DSLWHO³´
'DVJHOEH/HG%DWWHU\
&KHFNGHV/DGHJHUlWV
OHXFKWHW
'LH%DWWHULHLVWDXVJHIDOOHQ
.RQWDNWLHUHQ6LHELWWHGHQ
0HFWURQ&XVWRPHU6HUYLFH
6LHKH.DSLWHO³´XQG
³´
%HL'UXFNDXIGLH7DVWHGHU
6WDUOLJKWSURHUIROJWNHLQH
%HOLFKWXQJVRQGHUQHVHUW|QW
HLQDNXVWLVFKHV6LJQDO
EHHS
'LH%DWWHULHLVWOHHU
/DGHQ6LHGLH%DWWHULHQDFK
6LHKH.DSLWHO³´
$P(QGHGHV
%HOLFKWXQJV]\NOXV¶HUW|QWHLQ
DNXVWLVFKHV6LJQDOEHHS
'LH%DWWHULHVWHKWDXIGHP
0LQLPXPVWDQG
/DGHQ6LHGLH%DWWHULHQDFK
6LHKH.DSLWHO³´
:lKUHQGGHV
%HOLFKWXQJV]\NOXV¶HUW|QWHLQ
DNXVWLVFKHV6LJQDOEHHS
XQGQDFK%HHQGLJXQJGHV
=\NOXVOlVVW6WDUOLJKWSUR
NHLQHZHLWHUH%HKDQGOXQJ]X
'HU:lUPHVFKXW]KDW
HLQJHVHW]W
(LQHQHXH%HOLFKWXQJLVW
HUVWQDFKHUIROJWHU.KOXQJ
P|JOLFK
'LH3RO\PHULVDWLRQLVW
XQJHQJHQG
'DV(QGVWFNGHV/LFKWOHLWHUV
LVWYHUVFPXW]W
6LHKH.DSLWHO³´
%HL(LQIKUXQJGHV
+DQGVWFNVLQGLH/DGHVWDWLRQ
OHXFKWHWGDVJUQH/HG
%DWWHU\QLFKWDXI
'LH%DWWHULHLVWQLFKWOHHU
JHQXJ
6LHKH.DSLWHO7DEHOOH
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
7HFKQLVFKH'DWHQ
'DV*HUlWHQWVSULFKWGHU(*1RUP
.ODVVH,
.ODVVL¿NDWLRQJHPl‰(1
,,
$QJHZDQGWHU7HLO³7\S%´/LFKWOHLWHU
,3/DGHJHUlW
,36WDUOLJKWSUR
/DGHJHUlW
0RGHOO6WDUOLJKWSUR&+$5*(5
6WURPYHUVRUJXQJ/DGHJHUlW
9a+]9$
6WURP+DQGVWFN6WDUOLJKWSUR
/LWKLXP,RQHQ%DWWHULH
1HQQVSDQQXQJ9
1HQQOHLVWXQJP$K
7DNWEHWULHE+DQGVWFN
´21´2))K|FKVWHQVGUHLPDO
KLQWHUHLQDQGHU
/LFKWTXHOOH
/HGPLWKRKHU/LFKWVWlUNHPLW2SWLN
/HGLQ.ODVVH0,(&
'RPLQDQWH:HOOHQOlQJHQP
/HG/HLVWXQJ!P:FP
/HEHQVGDXHUMH6HNXQGHQODQJ
GDXHUQGH=\NOHQ
=XJHK|ULJHU/LFKWOHLWHU
'XUFKPHVVHUPP
=XVDPPHQVHW]XQJJH]RJHQHNRKlUHQWHLQ
4XDU]JHVFKPRO]HQH)DVHUQ
,P$XWRNODYVWHULOLVLHUEDU0LQODQJEHLPD[
7HPSƒ&PD[=\NOHQ
%HOLFKWXQJ
DE
)$67%HOLFKWXQJV]HLW6HNXQGHQ
DNXVWLVFKHV6LJQDOEHL%HOLFKWXQJVEHJLQQXQG
HQGH
6/2:5,6(%HOLFKWXQJV]HLW6HNXQGHQ
DNXVWLVFKHV6LJQDO]X%HJLQQQDFK6HNXQGHQ
XQGDP(QGHGHU6HNXQGHQ
8QWHUEUHFKXQJRGHU:LHGHUKROXQJGHU=\NOHQ
MHGHU]HLWP|JOLFK
1DFKODGH]HLWGHUOHHUHQ%DWWHULH
=LUFD6WXQGHQ
$QZHQGXQJVEHGLQJXQJHQ
YRPƒ&ELVƒ&
5HODWLYH/XIWIHXFKWLJNHLWYRPELV
/XIWGUXFN3K3DK3D
$XIEHZDKUXQJXQG$EPHVVXQJHQ
YRPƒ&ELVƒ&
5HODWLYH/XIWIHXFKWLJNHLWYRPELV
/XIWGUXFN3K3DK3D
*HZLFKWXQG0D‰H
/DGHJHUlW*HZLFKWJ
[[PP
+DQGVWFN6WDUOLJKWSUR*HZLFKWJ
/PP‘PD[PP
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
/(',QIRUPDWLRQHQEHUGLHDEJHJHEHQH6WUDKOXQJ
'DV*HUlWYHUZHQGHW/('PLWKRKHU/LFKWVWlUNHGHU.ODVVH0,(&
! *()$+5'LYHUJHQWH/LFKWEQGHO
%HWUDFKWHQ6LHGLH/('/LFKWVWUDKOXQJQLFKWPLWRSWLVFKHQ*HUlWHQZLH]XP%HLVSLHO0RQRNHOQ
9HUJU|‰HUXQJVJOlVHUQRGHU0LNURVNRSHQDXIHLQHJHULQJHUH'LVWDQ]DOVPPZHLOLKUH$XJHQ
JHIlKUGHWVLQG
! *()$+53DUDOOHOJHULFKWHWH/LFKWEQGHO
%HWUDFKWHQ6LHGLH/('/LFKWVWUDKOXQJQLFKWPLWRSWLVFKHQ*HUlWHQGLHIUGLH9HUZHQGXQJDXI
JU|‰HUH(QWIHUQXQJHQHQWZLFNHOWZXUGHQZLH]XP%HLVSLHO7HOHVNRSHRGHU)HUQJOlVHUZHLO,KUH
$XJHQJHIlKUGHWVLQG
$XIGHU9HUSDFNXQJGHV*HUlWVEH¿QGHQVLFKGLH(WLNHWWHZLHLQ%LOGDQJHJHEHQ
/('5$',$7,21
'212767$5(,1727+(%($0259,(:',5(&7/<
:,7+237,&$/,167580(176
&/$660/('352'8&7
,(&$$
0$;32:(5P:
'RPLQDQWZDYHOHQJKW0LQQP0D[QP
%LOG
(OHNWURPDJQHWLVFKH.RPSDWLELOLWlW(1
! *()$+5)UGDV*HUlWPVVHQVSH]LHOOH(0&9RUVLFKWVPD‰QDKPHQJHWURIIHQZHUGHQGDV
*HUlWPXVV]XGHPHQWVSUHFKHQGGHQLQGLHVHP$EVFKQLWWDXIJHIKUWHQ(0&$QZHLVXQJHQIROJHQG
LQVWDOOLHUWXQGEHWULHEHQZHUGHQ
! *()$+57UDJEDUHXQGPRELOH*HUlWH]XP)XQNYHUNHKUN|QQHQ(LQÀXVVDXIGLH
RUGQXQJVJHPl‰H)XQNWLRQVZHLVHGHV*HUlWHVKDEHQ
$QOHLWXQJXQG(UNOlUXQJGHV+HUVWHOOHUV(OHNWURPDJQHWLVFKH(PLVVLRQHQ
6WDUOLJKWSURLVWIUGHQ%HWULHELQGHUQDFKVWHKHQGDXIJHIKUWHQHOHNWURPDJQHWLVFKHQ8PJHEXQJ
YRUJHVHKHQ
'HU.XQGHRGHU%HQXW]HUGHU6WDUOLJKWSURKDWVLFK]XYHUJHZLVVHUQGDVVHVLQHLQHUVROFKHQ8PJHEXQJ
YHUZHQGHWZLUG
(PLVVLRQVSUIXQJ
.RQIRUPLWlW
(OHNWURPDJQHWLVFKH8PJHEXQJ$QOHLWXQJ
5)(PLVVLRQHQ
&,635
*UXSSH
6WDUOLJKWSURYHUZHQGHW5)(QHUJLHOHGLJOLFKIUGHQ
LQWHUQHQ%HWULHE'DKHUVLQGVHLQH5)(PLVVLRQHQVHKUQLHGULJ
XQGYHUXUVDFKHQZDKUVFKHLQOLFKNHLQH
,QWHUIHUHQ]HQPLWLQGHU1lKHEH¿QGOLFKHQ
HOHNWURQLVFKHQ*HUlWHQ
5)(PLVVLRQHQ
&,635
.ODVVH%
+DUPRQLVFKH(PLVVLRQHQ
,(&
.ODVVH$
6WDUOLJKWSURLVWIUGLH$QZHQGXQJLQDOOHQ*HElXGHQJHHLJQHW
HLQVFKOLH‰OLFK:RKQXQJVEDXWHQXQGVROFKHU*HElXGHGLH
GLUHNWPLWGHP|IIHQWOLFKHQ6WURPQHW]PLW1LHGHUVSDQQXQJ
YHUEXQGHQVLQGGDV*HElXGHIU3ULYDWQXW]XQJYHUVRUJW
6SDQQXQJVVFKZDQNXQJV
HPLVVLRQHQ)OLFNHU
,(&
.RQIRUP
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
$QOHLWXQJXQG(UNOlUXQJGHV+HUVWHOOHUV(OHNWURPDJQHWLVFKH,PPXQLWlW
6WDUOLJKWSURLVWIUGHQ%HWULHELQGHUQDFKVWHKHQGDXIJHIKUWHQHOHNWURPDJQHWLVFKHQ8PJHEXQJ
YRUJHVHKHQ
'HU.XQGHRGHU%HQXW]HUGHU6WDUOLJKWSURKDWVLFK]XYHUJHZLVVHUQGDVVHVLQHLQHUVROFKHQ8PJHEXQJ
YHUZHQGHWZLUG
,PPXQLWlWVSUIXQJ
(OHNWURVWDWLVFKH
(QWODGXQJHQ(6'
,(&
3UIXQJVVWDQG
,(&
“N9EHL.RQWDNW
“N9LQGHU/XIW
.RQIRUPLWlWVVWDQG
'HU*HUlWHEHWULHEOlXIW
ZLHYRUJHVHKHQVLFKHU
DE
(OHNWURPDJQHWLVFKH
8PJHEXQJ$QOHLWXQJ
'LH)X‰E|GHQPVVHQDXV+RO]
%HWRQRGHU.HUDPLNEHVWHKHQ6LQG
GLH)X‰E|GHQPLW
V\QWKHWLVFKHP0DWHULDOEHOHJWVR
VROOWHGLHUHODWLYH)HXFKWLJNHLW
PLQGHVWHQV
EHWUDJHQ
'HU*HUlWHEHWULHEOlXIW
ZLHYRUJHVHKHQVLFKHU
DE
'LH4XDOLWlWGHU1HW]
VSDQQXQJPVVWHGLHJOHLFKHZLH
LQHLQHP
W\SLVFKHQ*HVFKlIWVRGHU
.UDQNHQKDXVXPIHOGVHLQ
'HU*HUlWHEHWULHEOlXIW
ZLHYRUJHVHKHQVLFKHU
DE
'LH4XDOLWlWGHU1HW]
VSDQQXQJPVVWHGLH
JOHLFKHZLHLQHLQHPW\SLVFKHQ
*HVFKlIWVRGHU.UDQNHQKDXVXP
IHOGVHLQ
7UDQVLVWRUHQ
HOHNWULVFKH
6FKQHOO]JH
,(&
“N9IU/HLVWXQJV
]XOHLWXQJHQ
,PSXOVH
,(&
“N9GLIIHUHQ]LDO
“N9DOOJHPHLQ
6SDQQXQJVO|FKHU
NXU]H
6SDQQXQJVXQWHUEUH
FKXQJHQXQG
YHUlQGHUXQJHQ
DQGHQ(LQWULWWVOLQLHQ
GHU6WURPYHUVRUJXQJ
,(&
87!(LQEUXFK ,Q%H]XJDXIGLH0LQGH
87IU=\NOHQ
VWDQIRUGHUXQJHQDQGLH
6W|UIHVWLJNHLWVLQGIUGLH
VHV*HUlW$EZHLFKXQJHQ
87(LQEUXFK
EHLHLQHU'DXHUYRQ
87IU=\NOHQ
!V]XOlVVLJ
GDPLWGHUVLFKHUH%HWULHE
87(LQEUXFK
JHZlKUOHLVWHWEOHLEW(V
87IU=\NOHQ
ZHUGHQNHLQH)HKOHU
87!(LQEUXFK JHIXQGHQXQGGDV*HUlW
OlVVWVLFKYRP%HQXW]HU
87IUV
ZLHGHULQQRUPDOHQ7HVW
]XVWDQGEULQJHQ
'LH4XDOLWlWGHU1HW]
VSDQQXQJPVVWHGLH
JOHLFKHZLHLQHLQHPW\SLVFKHQ
*HVFKlIWVRGHU.UDQNHQKDXVXP
IHOGVHLQ
0DJQHWIHOG
EHL1HW]IUHTXHQ]
+]
,(&
$P
'LH1HW]IUHTXHQ]0DJQHWIHOGHU
PVVWHQGLHFKDUDNWHULVWLVFKHQ
1LYHDXVHLQHUW\SLVFKHQ5lXP
OLFKNHLWLQHLQHP*HVFKlIWVRGHU
.UDQNHQKDXVXPIHOGDXIZHLVHQ
“N9IU(LQWULWWV
$XVJDQJVOLQLHQ
'HU*HUlWHEHWULHEOlXIW
ZLHYRUJHVHKHQVLFKHU
DE
$10(5.81*87LVWGLH1HW]VSDQQXQJLQ:HFKVHOVWURPYRUGHU$QZHQGXQJGHV3UIVWDQGV
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
DE
$QOHLWXQJXQG(UNOlUXQJGHV+HUVWHOOHUV(OHNWURPDJQHWLVFKH,PPXQLWlW
6WDUOLJKWSURLVWIUGHQ%HWULHELQGHUQDFKVWHKHQGDXIJHIKUWHQHOHNWURPDJQHWLVFKHQ8PJHEXQJ
YRUJHVHKHQ
'HU.XQGHRGHU%HQXW]HUGHU6WDUOLJKWSURKDWVLFK]XYHUJHZLVVHUQGDVVHVLQHLQHUVROFKHQ
8PJHEXQJYHUZHQGHWZLUG
,PPXQLWlWV
SUIXQJ
3UIXQJVVWDQG
,(&
.RQIRUPLWlWV
VWDQG
(OHNWURPDJQHWLVFKHV8PIHOG
$QOHLWXQJ
'LHWUDJEDUHQ5DGLRIUHTXHQ]0RELOWHOHIRQHGUWHQ
QLFKWLQGHU1lKHGHV3URGXNWVRGHUHLQHV7HLOVGDYRQ
HLQVFKOLH‰OLFKGHU.DEHOYHUZHQGHWZHUGHQHVVHLGHQQ
HVZHUGHQGLHHPSIRKOHQHQ7UHQQXQJVGLVWDQ]HQHLQJH
KDOWHQGLHPLWGHU*OHLFKXQJEHUHFKQHWZHUGHQGLHIU
GLH)UHTXHQ]GHV6HQGHUVDQZHQGEDULVW
(PSIRKOHQH7UHQQXQJVGLVWDQ]HQ
G ¥3
*HOHLWHWH
5DGLRIUHTXHQ]
,(&
9HII
YRQN+]ELV0+]
*HVWUDKOWH
5DGLRIUHTXHQ]
,(&
9P
YRQ0+]ELV*+]
'HU*HUlWHEH
WULHEOlXIWZLH
YRUJHVHKHQ
VLFKHUDE
G ¥3YRQ0+]ELV0+]
G ¥3YRQ0+]ELV*+]
ZREHL3GLHPD[LPDOH$XVJDQJVQHQQOHLVWXQJGHV
6HQGHUVLQ:DWW:ODXW+HUVWHOOHUGHV6HQGHUVXQG
GGLHHPSIRKOHQH7UHQQXQJVGLVWDQ]LQ0HWHUQPLVW
'LH)HOGVWlUNHGHUIHVWVWHKHQGHQ5DGLRIUHTXHQ]VHQGHU
ZLHVLHLQHLQHUHOHNWURPDJQHWLVFKHQ8QWHUVXFKXQJGHV
2UWHVDEHVWLPPWZLUGN|QQWHJHULQJHUDOVGHU.RQIRUPL
WlWVVWDQGLQMHGHP)UHTXHQ]LQWHUYDOOEVHLQ,QWHUIHUHQ]HQ
N|QQHQLQGHU1lKHYRQ*HUlWHQDXIWUHWHQGLHPLWGHP
IROJHQGHQ6\PEROJHNHQQ]HLFKQHWVLQG
$QPHUNXQJHQ
%HL0+]XQG0+]ZLUGGDVK|FKVWH)UHTXHQ]LQWHUYDOODQJHZHQGHW
(VLVWP|JOLFKGDVVGLHVH5LFKWOLQLHQQLFKWLQDOOHQ6LWXDWLRQHQDQ]XZHQGHQVLQG'LHHOHNWURPDJQHWLVFKH
$XVEUHLWXQJZLUGYRQGHU$EVRUSWLRQXQGGHU5HÀH[LRQYRQ6WUXNWXUHQ*HJHQVWlQGHQXQG3HUVRQHQEHHLQÀXVVW
D
'LH)HOGVWlUNHVWDWLRQlUHU6HQGHUZLH]%%DVLVVWDWLRQHQYRQ)XQNWHOHIRQHQXQGPRELOHQ/DQGIXQNJHUlWHQ
$PDWHXUIXQNVWDWLRQHQ$0XQG)05XQGIXQNXQG)HUQVHKVHQGXQJHQN|QQHQWKHRUHWLVFKQLFKWJHQDX
YRUKHUEHVWLPPWZHUGHQ8PGLHHOHNWURPDJQHWLVFKH8PJHEXQJKLQVLFKWOLFKGHUVWDWLRQlUHQ6HQGHU]XHUPLWWHOQ
VROOWHHLQH6WXGLHGHV6WDQGRUWVHUZRJHQZHUGHQ:HQQGLHJHPHVVHQH)HOGVWlUNHDQGHP6WDQGRUWDQGHPGDV
3URGXNWEHQXW]WZLUGGLHRELJHQhEHUHLQVWLPPXQJVSHJHOEHUVFKUHLWHWVROOWHGDV3URGXNWEHREDFKWHWZHUGHQXPGLH
EHVWLPPXQJVJHPlVVH)XQNWLRQQDFK]XZHLVHQ:HQQXQJHZ|KQOLFKH/HLVWXQJVPHUNPDOHEHREDFKWHWZHUGHQN|QQHQ
]XVlW]OLFKH0DVVQDKPHQHUIRUGHUOLFKVHLQZLH]%HLQHYHUlQGHUWH$XVULFKWXQJRGHUHLQDQGHUHU6WDQGRUWGHV3URGXNWHV
E
'LH)HOGVWlUNHDXIHLQHP)UHTXHQ]LQWHUYDOOYRQN+]ELV0+]PVVWHJHULQJHUDOV9PVHLQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
(PSIRKOHQH7UHQQXQJGLVWDQ]HQ]ZLVFKHQWUDJEDUHQ)XQNJHUlWHQXQG0RELOWHOHIRQHQXQGGHU
6WDUOLJKWSUR
'HU%HWULHEGHU6WDUOLJKWSURLVWLQHLQHUHOHNWURPDJQHWLVFKHQ8PJHEXQJYRUJHVHKHQLQGHU
UDGLRIUHTXHQ]DXVJHVWUDKOWH6W|UXQJHQXQWHU.RQWUROOHVWHKHQ'HU.XQGHRGHUGHU%HGLHQHUGHU6WDUOLJKWSUR
N|QQHQHOHNWURPDJQHWLVFKHQ,QWHUIHUHQ]HQYRUEHXJHQLQGHPVLHHLQH0LQGHVWGLVWDQ]]ZLVFKHQGHQWUDJEDUHQ
5DGLRIUHTXHQ])XQNJHUlWHQXQG0RELOWHOHIRQHQ6HQGHUXQGGHU6WDUOLJKWSURQDFKGHQXQWHQDQJHJHEHQHQ
(PSIHKOXQJHQMHQDFKGHUPD[LPDOHQ$XVJDQJVOHLVWXQJGHU)XQNJHUlWHHLQKDOWHQ
0D[LPDOH
1HQQDXVJDQJVOHLVWXQJ
GHV6HQGHUV³:´
(QWIHUQXQJYRQGHU)UHTXHQ]GHV6HQGHUV³P´
YRQN+]ELV
0+]
G ¥3
YRQ0+]ELV
0+]
G ¥3
YRQ0+]ELV*+]
G ¥3
DE
)UGLH6HQGHUPLWHLQHUREHQQLFKWDXIJHIKUWHQPD[LPDOHQ1HQQDXVJDQJVOHLVWXQJNDQQGLH
HPSIRKOHQH(QWIHUQXQJGLQ0HWHUQPDQKDQGGHUDXIGLH)UHTXHQ]GHV6HQGHUVDQ]XZHQGHQGHQ*OHLFKXQJ
EHUHFKQHWZHUGHQZREHL3GLHPD[LPDOH1HQQDXVJDQJVOHLVWXQJGHV6HQGHUVLQ:DWW:ODXWGHP+HUVWHOOHU
GHV6HQGHUVLVW
$QPHUNXQJHQ
%HL0+]XQG0+]ZLUGGDVK|FKVWH)UHTXHQ]LQWHUYDOODQJHZHQGHW
(VLVWP|JOLFKGDVVGLHVH5LFKWOLQLHQQLFKWLQDOOHQ6LWXDWLRQHQDQ]XZHQGHQVLQG'LH
HOHNWURPDJQHWLVFKH$XVEUHLWXQJZLUGYRQGHU$EVRUSWLRQXQGGHU5HÀH[LRQYRQ6WUXNWXUHQ
*HJHQVWlQGHQXQG3HUVRQHQEHHLQÀXVVW
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
*DUDQWLH
-HGHV0HFWURQ*HUlWZLUGYRUGHU$XVOLHIHUXQJHLQHUVWUHQJHQ3UIXQJXQG(QGNRQWUROOH
XQWHU]RJHQXPHLQHQHLQZDQGIUHLHQ%HWULHEGHU*HUlWH]XJHZlKUOHLVWHQ
0HFWURQJHZlKUWDXIDOOHEHLHLQHP0HFWURQ:LHGHUYHUNlXIHURGHU,PSRUWHXUQHXJHNDXIWHQ
0HFWURQ3URGXNWHHLQH*DUDQWLHYRQ'5(,-DKUHDEGHP.DXIGDWXPIU0DWHULDOXQG
3URGXNWLRQVIHKOHU0HFWURQYHUSÀLFKWHWVLFKZlKUHQGGHU*DUDQWLH]HLWGLHVHLQHV(UDFKWHQV
VFKDGKDIWHQ7HLOHGHU3URGXNWHNRVWHQORV]XUHSDULHUHQRGHUQDFKIUHLHU(QWVFKHLGXQJ]X
HUVHW]HQ
(LQ*HVDPWHUVDW]GHU0HFWURQ3URGXNWHLVWQLFKWYRUJHVHKHQ
0HFWURQKDIWHWDXINHLQHQ)DOOIUHWZDLJHGLUHNWHRGHULQGLUHNWH3HUVRQHQXQGRGHU6DFKVFKlGHQ
LQGHQIROJHQGHQ)lOOHQ
'DV*HUlWZXUGHQLFKWIUVHLQHQYRUJHVHKHQHQ9HUZHQGXQJV]ZHFNHLQJHVHW]W
'DV*HUlWZXUGHQLFKWQDFKGHQLQGLHVHP+DQGEXFKEHVFKULHEHQHQ$QZHLVXQJHQXQG
9RUVFKULIWHQEHQXW]W
'LH(OHNWURDQODJHLQGHQ5lXPHQLQGHQHQGDV*HUlWEHWULHEHQZLUGHQWVSULFKWQLFKWGHQLQ
.UDIWVWHKHQGHQ*HVHW]HQXQGGHQGLHVEH]JOLFKHQ9RUVFKULIWHQ
'LH=XVDPPHQVHW]XQJGLH=XVlW]H(LQVWHOOXQJbQGHUXQJXQG5HSDUDWXUZXUGHQLFKWYRQ
0HFWURQ)DFKSHUVRQDOYRUJHQRPPHQ
'LH5DXPYHUKlOWQLVVH]XU$XIEHZDKUXQJXQG/DJHUXQJGHV*HUlWVHQWVSUHFKHQQLFKWGHQLP
.DSLWHO7HFKQLVFKH'DWHQDXIJHIKUWHQ9RUVFKULIWHQ
9RQGHU*DUDQWLHDXVJHVFKORVVHQVLQG7UDQVSRUWVFKlGHQGXUFKXQVDFKJHPl‰HQ*HEUDXFKRGHU
1DFKOlVVLJNHLWYHUXUVDFKWH6FKlGHQGXUFK$QVFKOXVVDQHLQHDQGHUHDOVGLHYRUJHVHKHQH
6WURPVSDQQXQJHQWVWDQGHQH6FKlGHQVRZLHGLH.RQWUROOOHXFKWHQ.Q|SIHXQGVlPWOLFKHV=XEHK|U
'LH*DUDQWLHYHUIlOOWZHQQGDV*HUlWYRQDQGHUHQ3HUVRQHQDOVGHP.XQGHQGLHQVWYHUlQGHUWRGHU
UHSDULHUWZLUG
$&+781*
'LH*DUDQWLHLVWQXUJOWLJZHQQGHUGHP*HUlWEHLJHIJWH*DUDQWLHVFKHLQYROOVWlQGLJDXVJHIOOW
XQGXQVHUHP)LUPHQVLW]RGHUJHJHEHQHQIDOOVGHP0HFWURQ:LHGHUYHUNlXIHU,PSRUWHXULQQHUKDOE
YRQ=:$1=,*7DJHQDEGHP.DXIGDWXPEHUPLWWWHOWZLUGGDVDXVGHPYRP0HFWURQ
9HUNlXIHURGHU,PSRUWHXUDXVJHVWHOOWHQ/LHIHUVFKHLQ.DXIEHOHJHUVLFKWOLFKLVW
=XU,QDQVSUXFKQDKPHGHU*DUDQWLHVWHOOWGHU.XQGHGDVEHVFKlGLJWH*HUlWGHP:LHGHUYHUNlXIHU
RGHUGHP0HFWURQ,PSRUWHXUEHLGHPHUGDV*HUlWJHNDXIWKDWDXIVHLQH.RVWHQ]X
'DV*HUlWHLQVFKOLH‰OLFKGHU=XEHK|UWHLOHLVWJXWYHUSDFNWP|JOLFKVWLQGHU2ULJLQDOSDFNXQJ
HLQ]XVHQGHQ'HP*HUlWLVWHLQH.DUWHPLWIROJHQGHQ$QJDEHQEHL]XIJHQ
D 1DPH$GUHVVHXQG7HOHIRQQXPPHUGHV%HVLW]HUV
E 1DPHXQG$GUHVVHGHV:LHGHUYHUNlXIHUV,PSRUWHXUV
F )RWRNRSLHGHV/LHIHUVFKHLQV.DXIEHOHJVGHV*HUlWVGXUFKGHQ%HVLW]HUDXIGHPDX‰HUGHP
'DWXPGLH%H]HLFKQXQJGHV*HUlWVXQGGLH6HULHQQXPPHUDQJHJHEHQVLQG
G %HVFKUHLEXQJGHU%HWULHEVVW|UXQJ
(VEHVWHKWNHLQH+DIWXQJIUGHQ7UDQVSRUWXQGHWZDLJH7UDQVSRUWVFKlGHQ
,P)DOOHYRQ6FKlGHQGLHGXUFK8QIlOOHRGHUXQVDFKJHPl‰HQ*HEUDXFKYHUXUVDFKWZHUGHQRGHU
QDFK$EODXIGHU*DUDQWLHHLQWUHWHQZHUGHQGLH5HSDUDWXUHQQDFKGHQHIIHNWLYHQ0DWHULDOXQG
$UEHLWVNRVWHQEHUHFKQHW
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
DE
'LHLQGLHVHU9HU|IIHQWOLFKXQJHQWKDOWHQHQ$QJDEHQVLQGXQYHUELQGOLFKXQGN|QQHQMHGHU]HLWRKQH9RUDQNQGLJXQJ
JHlQGHUWZHUGHQ
VWDUOLJKWSUR*HEUDXFKVXQG:DUWXQJVKDQGEXFK
6RPPDLUH
,QWURGXFWLRQ $YDQWSURSRV 'HVFULSWLRQGHO¶DSSDUHLO 'HVWLQDWLRQG¶XWLOLVDWLRQ 3UHVFULSWLRQVGHVpFXULWp 'RQQpHVG¶LGHQWL¿FDWLRQ 'RQQpHVVSpFL¿TXHV 3ODTXHG¶LGHQWL¿FDWLRQXQLWpGHUHFKDUJH 3ODTXHG¶LGHQWL¿FDWLRQSLqFHjPDLQ6WDUOLJKWSUR (VVDL (VVDLGHO¶DSSDUHLO /LYUDLVRQ /LYUDLVRQGHO¶DSSDUHLO /LVWHGXPDWpULHOIRXUQLWXUHVWDQGDUG ,QVWDOODWLRQ 3UHVFULSWLRQVGHVpFXULWpSHQGDQWODSKDVHG¶LQVWDOODWLRQ 'HVFULSWLRQGHVFRPPDQGHVHWGHVVLJQDOLVDWLRQV %UDQFKHPHQWGHO¶DSSDUHLO %DWWHULH %DWWHULHQHXYH3UHPLqUHUHFKDUJH 6LJQDOLVDWLRQEDWWHULHIDLEOH 6LJQDOLVDWLRQEDWWHULHpSXLVpH 6LJQDOLVDWLRQEDWWHULHHQSDQQH 5HPSODFHPHQWGHODEDWWHULH 3UHVFULSWLRQVGHVpFXULWpGHODEDWWHULH 8WLOLVDWLRQ &RQQH[LRQGHVDFFHVVRLUHV 3UHVFULSWLRQVGHVpFXULWpSHQGDQWO¶XWLOLVDWLRQ ,QVWUXFWLRQV 0HVXUDJHGHO¶LQWHQVLWpOXPLQHXVH 3URWHFWLRQGHVpFXULWp 8QLWpGHUHFKDUJHOHGMDXQHEDWWHU\DOOXPp 1HWWR\DJHGpVLQIHFWLRQVWpULOLVDWLRQ 1HWWR\DJHHWGpVLQIHFWLRQGHODKRXVVHGHODVWDWLRQGHUHFKDUJH 1HWWR\DJHHWGpVLQIHFWLRQGHODSLqFHjPDLQ6WDUOLJKWSUR 3URFpGXUHVGHVWpULOLVDWLRQ 1HWWR\DJHGpVLQIHFWLRQHWVWpULOLVDWLRQGHOD¿EUHRSWLTXH 1HWWR\DJHGpVLQIHFWLRQHWVWpULOLVDWLRQGHODSURWHFWLRQRSWLTXH 0RGDOLWpVHWSUpFDXWLRQVSRXUO¶pOLPLQDWLRQ 6\PEROHV 5pVROXWLRQGHSUREOqPHV 'RQQpHVWHFKQLTXHV /(',QIRUPDWLRQVVXUODUDGLDWLRQpPLVH &RPSDWLELOLWppOHFWURPDJQpWLTXH(1 *DUDQWLH VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
,QWURGXFWLRQ
$YDQWSURSRV
/LUHDWWHQWLYHPHQWFHPDQXHODYDQWG¶HIIHFWXHUWRXWHRSpUDWLRQG¶LQVWDOODWLRQG¶XWLOLVDWLRQ
G¶HQWUHWLHQRXDXWUHLQWHUYHQWLRQVXUO¶DSSDUHLO
*DUGH]WRXMRXUVFHPDQXHOVRXVODPDLQ
,PSRUWDQW$¿QG¶pYLWHUWRXWHQGRPPDJHPHQWGHSHUVRQQHVRXG¶REMHWVOLUHDWWHQWLYHPHQWOHV
SDUDJUDSKHVVLJQDOpVFRPPH³3UHVFULSWLRQVGHVpFXULWp´FRQWHQXVGDQVOHPDQXHO
6HORQOHGHJUpGHJUDYLWpOHVSUHVFULSWLRQVGHVpFXULWpVRQWjFODVVHUG¶DSUqVOHVLQGLFDWLRQV
VXLYDQWHV
! '$1*(5VHUDSSRUWHWRXMRXUVDX[HQGRPPDJHPHQWVDX[SHUVRQQHV
! $77(17,21VHUDSSRUWHDX[HQGRPPDJHPHQWVpYHQWXHOVDX[REMHWV
/HEXWGHFHPDQXHOHVWGHIDLUHFRQQDvWUHjO¶RSpUDWHXUOHVSUHVFULSWLRQVGHVpFXULWpOHV
SURFpGXUHVG¶LQVWDOODWLRQOHVLQVWUXFWLRQVSRXUXQHXWLOLVDWLRQFRUUHFWHGHO¶DSSDUHLODLQVLTXHSRXU
XQERQHQWUHWLHQ
/¶XVDJHUQ¶HVWDXFXQHPHQWDXWRULVpjPRGL¿HURXUpSDUHUO¶DSSDUHLO
3RXUWRXWHDQRPDOLHUHOHYpHFRQWDFWHUXQ&HQWUH$VVLVWDQFH0HFWURQ
7RXWHWHQWDWLYHGHUpSDUDWLRQRXGHPRGL¿FDWLRQGHODSDUWGHO¶XVDJHURXG¶XQSHUVRQQHOQRQDJUpp
LQYDOLGHUDODJDUDQWLHHWGpOLYUHUDOD0DLVRQ&RQVWUXFWULFHGHWRXWHUHVSRQVDELOLWpSRXUOHV
HQGRPPDJHPHQWVpYHQWXHOVDXSUpMXGLFHGHWLHUVRXG¶REMHWV
/HVLQIRUPDWLRQVHWOHVVFKpPDVFRQWHQXVGDQVFHPDQXHOVRQWPLVjMRXUjODGDWHG¶pGLWLRQTXL
SDUDvWjODGHUQLqUHSDJH
0(&7521VHUpVHUYHOHGURLWGHWRXWHPRGL¿FDWLRQ'DQVOHFDVROHFRQWHQXGHO¶DSSDUHLOTXH
YRXVSRVVpGH]QHFRUUHVSRQGSDVDXPDQXHOGHPDQGH]GHVUHQVHLJQHPHQWVjYRWUHGpWDLOODQWRX
DX6HUYLFH$SUqVYHQWHGH0(&7521
,OHVWLQWHUGLWG¶XWLOLVHUFHPDQXHOSRXUG¶DXWUHVEXWVTXLQHVRLHQWSDVFHX[TXLVRQWVWULFWHPHQWOLpV
jO¶LQVWDOODWLRQO¶XWLOLVDWLRQHWO¶HQWUHWLHQGHO¶DSSDUHLO
'HVFULSWLRQGHO¶DSSDUHLO
6WDUOLJKWSURHVWXQDSSDUHLOSRXUSRO\PpULVHUOHVFRPSRVLWHVSKRWRGXUFLVVDQWV&RPPHVRXUFH
OXPLQHXVHRQXWLOLVHXQGLRGHOHGPRQRFKURPDWLTXHjWUqVKDXWHSHUIRUPDQFHDYHFORQJXHXU
G¶RQGHGRPLQDQWHHQWUHQPHWQP
&¶HVWSRXUTXRLFRQWUDLUHPHQWDX[ODPSHVKDORJqQHVWUDGLWLRQQHOOHVWRXWHODOXPLqUHpPLVHSDU
6WDUOLJKWSURHVWXWLOHSRXUO¶DFWLYDWLRQGXSKRWRLQLWLDWHXUFDQIRURTXLQRQH&HODSHUPHWG¶REWHQLU
GHWUqVERQVUpVXOWDWVGHSRO\PpULVDWLRQjGHVSXLVVDQFHVQHWWHPHQWLQIpULHXUHVHWVDQVDXFXQH
pPLVVLRQGHFKDOHXU
/DOXPLqUHSURGXLWHSDUOHGLRGHHVWPLVHDXSRLQWVXUOD¿EUHRSWLTXHSDUPR\HQG¶XQpOpPHQW
RSWLTXHTXLDXQHIRUPHVSpFLDOHPHQWFRQoXH
/¶DSSDUHLOHVWIRUPpG¶XQHVWDWLRQGHUHFKDUJHHWG¶XQHSLqFHjPDLQDOLPHQWpHSDUXQHEDWWHULHDX
OLWKLXPLRQUHFKDUJHDEOH
6WDUOLJKWSURSHUPHWGHWUDYDLOOHUDYHFGHX[PRGDOLWpVG¶pPLVVLRQ
(PLVVLRQjKDXWHLQWHQVLWpFRQVWDQWH)$67GXUpHGXF\FOHVHFRQGHV
(PLVVLRQjKDXWHLQWHQVLWpJUDGXHOOH6/2:5,6(GXUpHGXF\FOHVHFRQGHV
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
FR
'HVWLQDWLRQG¶XWLOLVDWLRQ
3RO\PpULVDWLRQGHPDWpULDX[GHQWDLUHVSKRWRGXUFLVVDQWVSDULQLWLDWHXUDFWLYDEOHGDQVODEDQGHGH
ORQJXHXUG¶RQGHFRPSULVHHQWUHQPDYHFSLFjQP
0rPHVLODSOXSDUWGHVFRPSRVLWHVV¶DFWLYHQWGDQVFHWLQWHUYDOGHORQJXHXUVG¶RQGHHQFDV
G¶LQFHUWLWXGHVHUDSSRUWHUDX[GRQQpHVWHFKQLTXHVGXFRPSRVLWH
/¶DSSDUHLOGRLWrWUHXWLOLVpHQFDELQHWGHFRQVXOWDWLRQGHQWDLUHRDXFXQHDWPRVSKqUHLQÀDPPDEOH
HVWSUpVHQWHPpODQJHVDQHVWKpVLTXHVR[\JqQHHWF
3UHVFULSWLRQVGHVpFXULWp
0(&7521GpFOLQHWRXWHUHVSRQVDELOLWpSRXUWRXWHQGRPPDJHPHQWGLUHFWRXLQGLUHFWSRUWpVXU
WLHUVRXVXUGHVREMHWVGDQVOHVFDVVXLYDQWV
O¶DSSDUHLOQ¶HVWSDVXWLOLVpVHORQVDSURSUHGHVWLQDWLRQ
O¶DSSDUHLOQ¶HVWSDVXWLOLVpFRQIRUPpPHQWDXPRGHG¶HPSORLHWDX[SUHVFULSWLRQVGpFULWHVGDQV
FHPDQXHO
/HV\VWqPHpOHFWULTXHGHVOLHX[RO¶DSSDUHLOHVWXWLOLVpQ¶HVWSDVFRQIRUPHDX[QRUPHVHQ
YLJXHXUHWjVHVSUHVFULSWLRQV
/HVRSpUDWLRQVG¶DVVHPEODJHH[WHQVLRQUpJODJHPRGL¿FDWLRQRQWpWpHIIHFWXpHVSDUXQ
SHUVRQQHOQRQDXWRULVpHSDU0HFWURQ
/HVFRQGLWLRQVGHFRQVHUYDWLRQHWGHVWRFNDJHGHO¶DSSDUHLOQHVRQWSDVFRQIRUPHVDX[
SUHVFULSWLRQVLQGLTXpHVGDQVODVHFWLRQ'RQQpHVWHFKQLTXHV
! $77(17,21$XFXQHPRGL¿FDWLRQGHFHWDSSDUHLOQ¶HVWDGPLVH
! $77(17,21/¶LQVWDOODWLRQpOHFWULTXHGHVORFDX[RO¶DSSDUHLOHVWXWLOLVpGRLWrWUHFRQIRUPHDX[
QRUPHVHQYLJXHXUHWDX[SUHVFULSWLRQVUHODWLYHV
! '$1*(53HUVRQQHOTXDOL¿pHWVSpFLDOLVp
/¶DSSDUHLOGRLWrWUHXWLOLVpH[FOXVLYHPHQWSDUXQSHUVRQQHOVSpFLDOLVpHWIRUPpjFHEXWVSpFL¿TXH
/¶XWLOLVDWLRQGHO¶DSSDUHLOQHSURGXLWDXFXQHIIHWFROODWpUDOV¶LOHVWXWLOLVpFRUUHFWHPHQW
! '$1*(5'HVWLQDWLRQG¶XWLOLVDWLRQ
(PSOR\HUO¶DSSDUHLOXQLTXHPHQWSRXUO¶XWLOLVDWLRQSRXUODTXHOOHLODpWpSUpYXFRQVXOWHUSDUDJUDSKH
³´/DQRQREVHUYDWLRQGHFHWWHSUHVFULSWLRQSHXWFDXVHUGHJUDYHVOpVLRQVDXSDWLHQWj
O¶RSpUDWHXUDLQVLTXHGHVGRPPDJHVSDQQHVDXGLVSRVLWLI
! '$1*(5&RQWUHLQGLFDWLRQV
1HSDVXWLOLVHUO¶DSSDUHLOVXUGHVSDWLHQWVSRUWDQWGHVVWLPXODWHXUVFDUGLDTXHV3DFHPDNHURX
G¶DXWUHVGLVSRVLWLIVpOHFWURQLTXHVLPSODQWDEOHV&HWWHSUHVFULSWLRQFRPSWHDXVVLSRXUO¶RSpUDWHXU
! '$1*(5'LULJHUGLUHFWHPHQWOHIDLVFHDXOXPLQHX[VXUOHPDWpULDXjSRO\PpULVHU
1HSDVVRXPHWWUHODJHQFLYHRXDXWUHVWLVVXVPRX[DXIDLVFHDXGHOXPLqUHpYHQWXHOOHPHQW
SURWpJHUGHIDoRQDGpTXDWHFHVSDUWLHV/¶HIIHWGHODOXPLqUHGRLWrWUHOLPLWpjODFDYLWpRUDOHVXUOH
VHFWHXUj
VRXPHWWUHDXWUDLWHPHQWFOLQLTXH
! '$1*(51HMDPDLVRULHQWHUODOXPLqUHGDQVODGLUHFWLRQGHV\HX[
/¶HIIHWGHODOXPLqUHGRLWrWUHOLPLWpjODFDYLWpRUDOHVXUOHVHFWHXUjVRXPHWWUHDXWUDLWHPHQW
FOLQLTXH
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
! '$1*(5&RQWUHLQGLFDWLRQV
1HSDVXWLOLVHUO¶DSSDUHLOVXUGHVSDWLHQWVD\DQWXQHDQDPQqVHSRVLWLYHDX[VWLPXODWLRQV
OXPLQHXVHVSDUH[HPSOHHQFDVG¶XUWLFDLUHVRODLUHHWRXGDQVOHVSRUSK\ULHVHWFRXTXLVRLHQW
VRXVWUDLWHPHQWDYHFGHVPpGLFDPHQWVSKRWRVHQVLELOLVDQW'DQVWRXVFHVFDVGHULVTXHSRVVLEOH
FRQVXOWHUXQVSpFLDOLVWH
! '$1*(5&RQWUHLQGLFDWLRQV
$GRSWHUGHVpYqUHVSUpFDXWLRQVGHVpFXULWpSRXUOHVSDWLHQWVTXLRQWVXELXQHLQWHUYHQWLRQ
FKLUXUJLFDOHGHFDWDUDFWHHWTXLVRQWGRQFSDUWLFXOLqUHPHQWVHQVLEOHVjODOXPLqUHSDUH[HPSOHGHV
OXQHWWHVGH
SURWHFWLRQTXLSXLVVHQW¿OWUHUODOXPLqUHEOHXH
! '$1*(5&RQWUHLQGLFDWLRQV
/HVSDWLHQWVGRQWO¶DQDPQqVHWpPRLJQHGHVSDWKRORJLHVGHODUpWLQHGRLYHQWSUpDODEOHPHQW
FRQVXOWHUO¶RFXOLVWHSRXUREWHQLUO¶DXWRULVDWLRQGHVHVRXPHWWUHjXQWUDLWHPHQWSDU6WDUOLJKWSUR
! '$1*(51HWWR\DJHGpVLQIHFWLRQVWpULOLVDWLRQGHVSURGXLWVQHXIVRXUpSDUpV
$YDQWOHWUDLWHPHQWWRXVOHVSURGXLWVQHXIVRXUpSDUpVGRLYHQWrWUHQHWWR\pVGpVLQIHFWpVHWVL
SRVVLEOHSDVVpVHQDXWRFODYHHWVRLJQHXVHPHQWVWpULOLVpVVHORQOHVLQVWUXFWLRQVGXFKDSLWUH³´
! '$1*(5&RQWU{OHGHVLQIHFWLRQV
3RXUODVpFXULWpPD[LPXPGXSDWLHQWHWGHO¶RSpUDWHXUDYDQWFKDTXHWUDLWHPHQWQRXV
UHFRPPDQGRQVGHQHWWR\HUGpVLQIHFWHUHWVWpULOLVHUOD¿EUHRSWLTXHHWODSURWHFWLRQRSWLTXH6XLYUH
DWWHQWLYHPHQWOHVLQVWUXFWLRQVGXFKDSLWUH³´
! '$1*(58WLOLVHUH[FOXVLYHPHQWGHVSLqFHVGHUHFKDQJHHWGHVDFFHVVRLUHVRULJLQDX[
0HFWURQ
! '$1*(5&RQWU{OHGHO¶pWDWGXGLVSRVLWLIDYDQWOHWUDLWHPHQW
$YDQWFKDTXHWUDLWHPHQWFRQWU{OHUWRXMRXUVOHSDUIDLWIRQFWLRQQHPHQWGHO¶DSSDUHLOHWOHUHQGHPHQW
GHV
DFFHVVRLUHV$XFDVRO¶RQUHOHYDLWGHVDQRPDOLHVGDQVOHIRQFWLRQQHPHQWQHSDVHIIHFWXHUGH
WUDLWHPHQW&RQWDFWHUO¶$VVLVWHQFHWHFKQLTXHDJUppHVLOHVDQRPDOLHVFRQFHUQHQWO¶DSSDUHLO
! '$1*(51HSDVLQVWDOOHUO¶DSSDUHLOGDQVGHVPLOLHX[ROHULVTXHG¶H[SORVLRQH[LVWH
/¶DSSDUHLOQHSHXWSDVRSpUHUGDQVGHVPLOLHX[RGHVDWPRVSKqUHVLQÀDPPDEOHVVRQWSUpVHQWHV
PpODQJHVDQHVWKpVLDQWVR[\JqQHHWF
! '$1*(51HSDVXWLOLVHUO¶XQLWpGHUHFKDUJHSRXUUHFKDUJHUG¶DXWUHVW\SRORJLHVGH
EDWWHULHVRXGHVDSSDUHLOVDYHFEDWWHULHUHFKDUJHDEOH
! $77(17,215HFKDUJHUODEDWWHULHHQXWLOLVDQWH[FOXVLYHPHQWO¶XQLWpGHUHFKDUJH0HFWURQ
3ODQ5pI$1HSDVHVVD\HUODUHFKDUJHDYHFG¶DXWUHVUHFKDUJHXUV'DQJHUG¶H[SORVLRQ
RXG¶LQFHQGLH
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
FR
'RQQpHVG¶LGHQWL¿FDWLRQ
'RQQpHVVSpFL¿TXHV
8QHGHVFULSWLRQGpWDLOOpHGXPRGqOHHWOHQXPpURGHVpULHSHUPHWWUDjQRWUH6HUYLFH$SUqVYHQWH
GHUpSRQGUHSOXVIDFLOHPHQWDYHFGHVUpSRQVHVUDSLGHVHWHI¿FDFHV
&LWHUWRXMRXUVFHVGRQQpHVORUVTXHYRXVFRQWDFWH]XQFHQWUH$VVLVWHQFH7HFKQLTXH0HFWURQ
3ODTXHG¶LGHQWL¿FDWLRQXQLWpGHUHFKDUJH
&KDTXHXQLWpGHUHFKDUJHHVWSRXUYXHG¶XQHSODTXHG¶LGHQWL¿FDWLRQ3ODQRVRQWUDSSRUWpHVOHV
FDUDFWpULVWLTXHVWHFKQLTXHVHWOHQXPpURGHVpULH/DSODTXHG¶LGHQWL¿FDWLRQHVWSODFpHVRXV
O¶DSSDUHLO/HVGRQQpHVXOWpULHXUHVVRQWFRQWHQXHVGDQVFHPDQXHOYRLUVHFWLRQ³´
3ODQ
3ODTXHG¶LGHQWL¿FDWLRQSLqFHjPDLQ6WDUOLJKWSUR
/HQXPpURGHVpULHGHODSLqFHjPDLQ6WDUOLJKWSURHVWSRLQoRQQpVXUODFDUFDVVHSUqVGHO¶HPERXW
SRVWHULHXUHQDFLHU3ODQ5pI$
$
3ODQ
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
(VVDL
(VVDLGHO¶DSSDUHLO
7RXVOHVDSSDUHLOVSURGXLWVSDU0(&7521VRQWULJRXUHXVHPHQWFRQWU{OpVHWWHVWpVGDQVWRXVOHXUV
FRPSRVDQWV
3HQGDQWFHWHVWOHVFRPSRVDQWVVRQWVRXPLVjXQHVpULHGHF\FOHVGHWUDYDLO
&HWWHSKDVHSHUPHWGHUHSpUHUOHVPDXYDLVIRQFWLRQQHPHQWVpYHQWXHOVTXLVHUDLHQWGXVjGHV
FRPSRVDQWVLPSDUIDLWV
&HWWHSURFpGXUHJDUDQWLWXQSURGXLWIRQFWLRQQDQWHW¿DEOHHQWRXVVHVFRPSRVDQWV
/LYUDLVRQ
FR
/LYUDLVRQGHO¶DSSDUHLO
/¶HPEDOODJHGHO¶DSSDUHLOHVWVHQVLEOHDX[FKRFVFDULOFRQWLHQWGHVFRPSRVDQWVpOHFWURQLTXHV/H
WUDQVSRUWHWOHVWRFNDJHGRLYHQWGRQFrWUHHIIHFWXpVDYHFODSOXVJUDQGHDWWHQWLRQ
7RXWOHPDWpULHOH[SpGLpSDU0(&7521DpWpFRQWU{OpDXPRPHQWGHO¶HQYRL
/¶DSSDUHLOHVWOLYUpVRXVHPEDOODJHHWSURWpJpGHIDoRQDGpTXDWH
$XPRPHQWGHODUpFHSWLRQGHO¶DSSDUHLOFRQWU{OHUOHVHQGRPPDJHPHQWVpYHQWXHOVTXLVHUDLHQW
DUULYpVGXUDQWOHWUDQVSRUWHWHQFDVDI¿UPDWLIGpSRVHUXQHUpFODPDWLRQDXWUDQVSRUWHXU
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
/LVWHGXPDWpULHOIRXUQLWXUHVWDQGDUG
8QLWpGHUHFKDUJH6WDUOLJKWSUR3ODQ5pI$
3LqFHjPDLQ6WDUOLJKWSURDYHFEDWWHULHUHFKDUJHDEOHOLWKLXPLRQ3ODQ5pI%
)LEUHRSWLTXH3ODQ5pI&
3URWHFWLRQRSWLTXH3ODQ5pI'
&kEOHG¶DOLPHQWDWLRQpOHFWULTXHSRXUXQLWpGHUHFKDUJH3ODQ5pI(
&HWWHIRXUQLWXUHSHXWYDULHUHQFDVGHFDPSDJQHVSURPRWLRQQHOOHV
'
&
%
$
(
3ODQ
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
,QVWDOODWLRQ
3UHVFULSWLRQVGHVpFXULWpSHQGDQWODSKDVHG¶LQVWDOODWLRQ
! '$1*(5/¶LQVWDOODWLRQpOHFWULTXHGHVPLOLHX[RO¶DSSDUHLOHVWLQVWDOOpHWXWLOLVpGRLWVH
FRQIRUPHUDX[ORLVHQYLJXHXUDLQVLTX¶DX[SUHVFULSWLRQVGHVpFXULWppOHFWULTXHSUpSRVpHV
! '$1*(51HSDVLQVWDOOHUO¶DSSDUHLOOjRLOH[LVWHXQPRLQGUHULVTXHG¶H[SORVLRQ/¶DSSDUHLO
QHSHXWSDVRSpUHUGDQVGHVPLOLHX[RGHVDWPRVSKqUHVLQÀDPPDEOHVVRQWSUpVHQWHVPpODQJHV
DQpVWKpVLDQWVR[\JqQHHWF
! '$1*(5,QVWDOOHUO¶DSSDUHLOGDQVXQOLHXSURWpJpGHVFKRFVRXG¶pFODERXVVHPHQWV
DFFLGHQWHOV
! '$1*(51HSDVLQVWDOOHUO¶DSSDUHLOVXURXSUqVGHVRXUFHVGHFKDOHXU3UpYRLUXQHFLUFXODWLRQ
G¶DLUDGpTXDWHDXWRXUGHO¶DSSDUHLOSHQGDQWO¶LQVWDOODWLRQ
! '$1*(51HMDPDLVPHWWUHHQFRXUWFLUFXLWOHVFRQWDFWVpOHFWULTXHVGHO¶XQLWpGHUHFKDUJHDYHF
GHVREMHWVPpWDOOLTXHV3ODQ5pI%HWQHSDVWRXFKHUDYHFOHVPDLQVORUVTXHO¶DSSDUHLOHVW
EUDQFKp
! $77(17,21/¶DSSDUHLOHVWWUDQVSRUWDEOHPDLVGRLWrWUHPDQLpDYHFDWWHQWLRQORUVTX¶RQOH
GpSODFH
! $77(17,211HSDVH[SRVHUO¶DSSDUHLOjODOXPLqUHGLUHFWHGXVROHLORXjGHVVRXUFHVGHUD\RQ
89
'HVFULSWLRQGHVFRPPDQGHVHW
GHVVLJQDOLVDWLRQV
'HVFULSWLRQGHVFRPPDQGHV3ODQ
5pI$
/HGYHUWSRZHU
)RQFWLRQ ,QGLTXHTXHO¶XQLWpHVWDOLPHQWpH
'
5pI%
/HGEDWWHU\
)RQFWLRQ 9HUW&HODLQGLTXHTXHODEDWWHULHGH
6WDUOLJKWSURHVWVRXVUHFKDUJH
-DXQH&HODLQGLTXHTXHODEDWWHULHGH
6WDUOLJKWSURHVWHQSDQQH
5pI&
/HGWHVW
)RQFWLRQ 9HUW,QGLTXHO¶LQWHQVLWpOXPLQHXVH
DGpTXDWHSRXUXQHWKpUDSLHHI¿FDFH
-DXQH,QGLTXHO¶LQWHQVLWpOXPLQHXVH
LQVXI¿VDQWH
5pI'
3ODQ
$
7RXFKHG¶DFWLYDWLRQHWG¶LQWHUUXSWLRQGH
O¶pPLVVLRQOXPLQHXVH
)RQFWLRQ (OOHPHWHQPDUFKHRXLQWHUURPSWXQ
F\FOHGHSRO\PpULVDWLRQ
% &
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
FR
'HVFULSWLRQGHVVLJQDOLVDWLRQVDFRXVWLTXHVGHO¶XQLWpGHUHFKDUJH7DEOH
/HG9HUW
3RZHU
/HG%DWWHU\
9HUW-DXQH
3RVLWLRQ
6WDUOLJKWSURGDQV
O¶XQLWpGHUHFKDUJH
)RQFWLRQ
$OOXPp
(WHLQW
(WHLQW
1RQLQVpUpH
8QLWpGHUHFKDUJHDOLPHQWpH
$OOXPp
$OOXPp
(WHLQW
,QVpUpH
%DWWHULHVRXVUHFKDUJH
$OOXPp
(WHLQW
(WHLQW
,QVpUpH
3KDVHGHUHFKDUJHWHUPLQpH
%DWWHULHFKDUJpH
$OOXPp
(WHLQW
$OOXPp
,QVpUpH
%DWWHULHHQSDQQH
$OOXPp
(WHLQW
$OOXPp
1RQLQVpUpH
&RQWDFWVpOHFWULTXHV8QLWpGH
UHFKDUJHHQFRXUWFLUFXLW
! $77(17,211HSDVDOWpUHUOHVFRQWDFWVpOHFWULTXHVGHO¶XQLWpGHUHFKDUJH
/¶XQLWpGHUHFKDUJHUHFRQQDLWO¶pWDWGHODEDWWHULH6LDSUqVTXHOTXHVF\FOHVG¶H[SRVLWLRQODEDWWHULH
Q¶HVWSDVVXI¿VDPPHQWGpFKDUJpHTXDQGRQSODFHODSLqFHjPDLQGDQVO¶XQLWpGHUHFKDUJHOHOHG
YHUWEDWWHU\QHV¶DOOXPHSDV&¶HVWQRUPDO
'HVFULSWLRQGHVVLJQDOLVDWLRQVDFRXVWLTXHVGHODSLqFHjPDLQ7DEOH
)RQFWLRQ
&RPPDQGHWRXFKH
6LJQDODFRXVWLTXH
3RO\PpULVDWLRQ)$67
7RXFKHDSSX\pH
EULqYHPHQW
EHHSDXGpEXW
EHHSjOD¿QVHF
3RO\PpULVDWLRQ6/2:5,6(
7RXFKHDSSX\pHSRXUDX
PRLQVVHFRQGHV
EHHSDXGHEXWHWEHHSDSUqVVHFRQGV
EHHSDSUqVVHFG¶H[SRVLWLRQ
EHHSjOD¿QGHO¶H[SRVLWLRQVHF
,QWHUUXSWLRQF\FOHG¶H[SR
VLWLRQ
7RXFKHDSSX\pHEULqYH
PHQWSHQGDQWO¶H[SRVLWLRQ
EHHS
6LJQDOLVDWLRQEDWWHULHIDLEOH
/¶pQHUJLHUpVLGXHHVWVXI¿
VDQWHSRXUHIIHFWXHUF\FOHV
6LJQDOLVDWLRQEDWWHULH
pSXLVpH
EHHSjOD¿QGXF\FOHG¶H[SRVLWLRQ
7RXFKHDSSX\pHSRXU
SRO\PpULVDWLRQ)$67RX
6/2:5,6(
6LJQDOLVDWLRQLQWHUYHQWLRQ
SURWHFWLRQWKHUPLTXH
EHHS$XFXQHpPLVVLRQGHOXPLqUH
EHHSSHQGDQWOHF\FOHG¶H[SRVLWLRQHWLQWHUUXS
WLRQGXIRQFWLRQQHPHQW
%UDQFKHPHQWGHO¶DSSDUHLO
3RXUTXHO¶DSSDUHLOVRLWRSpUDWLRQQHOLOIDXW
3ODFHUO¶XQLWpGHUHFKDUJHVXUXQHVXUIDFHSODWH
,QVpUHUOHFkEOHG¶DOLPHQWDWLRQGXFRXUDQWpOHFWULTXH3ODQ5pI(GDQVODFRQQH[LRQTXLVH
WURXYHVXUODSDUWLHDUULqUHGHO¶DSSDUHLO3ODQ5pI$HWHQVXLWHGDQVODSULVHDXPXU/HG
YHUWSRZHUDOOXPp3ODQ5pI$
! $77(17,219pUL¿HUTXHODWHQVLRQHWODIUpTXHQFHGHODOLJQHG¶DOLPHQWDWLRQpOHFWULTXH
FRUUHVSRQGHQWDX[YDOHXUVLQGLTXpHVVXUODSODTXHWWHG¶LGHQWL¿FDWLRQSODFpHVRXVO¶XQLWpGH
UHFKDUJH
! '$1*(59pUL¿HUSpULRGLTXHPHQWO¶LQWpJULWpGXFkEOHG¶DOLPHQWDWLRQpOHFWULTXHOHUHPSODFHU
ORUVTX¶LOHVWHQGRPPDJpDYHFXQFkEOHGHUHFKDQJHRULJLQDO0HFWURQ
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
%
$
3ODQ
%DWWHULH
6WDUOLJKWSURHVWDOLPHQWpHSDUXQHEDWWHULHOLWKLXPLRQUHFKDUJHDEOHGpMjLQVpUpHjO¶LQWpULHXUGHOD
SLqFHjPDLQVDQVHIIHWPpPRLUH
6WDUOLJKWSURHVWSRXUYXHGHGHX[PLFURSURFHVVHXUVTXLFRQWU{OHQWFRQWLQXHOOHPHQWHWPDLQWLHQQHQW
OHVSDUDPqWUHVRSWLPDX[GHFKDUJHPHQWHWGHGpFKDUJHPHQWGHODEDWWHULH&¶HVWSRXUTXRLODSLqFH
jPDLQSHXWrWUHLQVpUpHHWSODFpHGDQVO¶XQLWpGHUHFKDUJHjOD¿QGHFKDTXHWUDLWHPHQWTXHOTXH
VRLWOHSRLQWGHUHFKDUJHGHODEDWWHULH
%DWWHULHQHXYH3UHPLqUHUHFKDUJH
5(0$548(/DEDWWHULHGH6WDUOLJKWSURHVWIRXUQLHFKDUJpHSDUWLHOOHPHQW
3RXUFKDUJHUFRPSOqWHPHQWODEDWWHULH
LQVpUHUODSLqFHjPDLQGDQVVRQVLqJHVXUO¶XQLWpGHUHFKDUJH3ODQ5pI%/HOHGYHUW
EDWWHU\V¶DOOXPH3ODQ5pI%
/DSKDVHGHUHFKDUJHHVWWHUPLQpHORUVTXHOHOHGYHUWEDWWHU\V¶pWHLQW
6LJQDOLVDWLRQEDWWHULHIDLEOH
$SUqVXQHIUpTXHQWHXWLOLVDWLRQGH6WDUOLJKWSURORUVTXHODUHFKDUJHGHODEDWWHULHGHVFHQGDX
QLYHDXPLQLPXPOHPLFURSURFHVVHXUSHUPHWG¶HIIHFWXHUHQFRUHH[SRVLWLRQV)$67RX6/2:
5,6(VDQVTXHODEDWWHULHVRLWjUHFKDUJHU
/¶pWDWGHEDWWHULHIDLEOHHVWVLJQDOpjOD¿QGHFKDFXQGHVF\FOHVSDUEHHSV
8QHIRLVTXHOHVF\FOHVVRQWWHUPLQpVODSLqFHjPDLQHQWUHGDQVO¶pWDWGHEDWWHULHpSXLVpHYRLU
SDUDJUDSKH³´
3ODFHU6WDUOLJKWSURVXUO¶XQLWpGHUHFKDUJH
6LJQDOLVDWLRQEDWWHULHpSXLVpH
/DEDWWHULHGH6WDUOLJKWSURHVWpSXLVpHORUVTXHHQDSSX\DQWVXUODWRXFKHLOQ¶\DDXFXQHpPLVVLRQ
GHOXPLqUHHWHQPrPHWHPSVRQHQWHQGXQVLJQDODFRXVWLTXHEHHSV0HWWUHODEDWWHULHVRXV
UHFKDUJH
,QVpUHUODSLqFHjPDLQGDQVVRQVLqJHVXUO¶XQLWpGHUHFKDUJH3ODQ5pI%/HOHGYHUW
EDWWHU\V¶DOOXPH3ODQ5pI%
/DSKDVHGHUHFKDUJHVHWHUPLQHORUVTXHOHOHGYHUWEDWWHU\V¶pWHLQW
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
FR
6LJQDOLVDWLRQEDWWHULHHQSDQQH
6LOHOHGMDXQHEDWWHU\FKHFNSODFpVXUO¶XQLWpGHUHFKDUJHV¶DOOXPHFHODVLJQL¿HTXHODEDWWHULH
HVWHQSDQQH3ODQ5pI&
5(0$548(&HWWHFRQGLWLRQGHSDQQHGpVDFWLYHOHIRQFWLRQQHPHQWGHO¶XQLWpGHUHFKDUJH3RXU
UpDFWLYHUOHERQIRQFWLRQQHPHQWGHO¶XQLWp
2WHUODSLqFHjPDLQGHO¶XQLWpGHUHFKDUJH
2WHUO¶DOLPHQWDWLRQpOHFWULTXHjO¶XQLWpGHUHFKDUJHSRXUTXHOTXHVLQVWDQWVGpEUDQFKHUOHFDEOH
GXUpVHDX7RXVOHVYR\DQWVVRQWpWHLQWV
$OLPHQWHUjQRXYHDXO¶XQLWpGHUHFKDUJH/HGYHUWSRZHUDOOXPp
5HPSODFHPHQWGHODEDWWHULH
9HXLOOH]FRQWDFWHUOHVHUYLFHFOLHQWqOHGH0HFWURQSRXUIDLUHUHPSODFHUXQHEDWWHULHGHIHFWXHXVH
3UHVFULSWLRQVGHVpFXULWpGHODEDWWHULH
/DEDWWHULHSHXWHQGRPPDJHUOHVREMHWVHWRXSRUWHUSUpMXGLFHDX[SHUVRQQHVEU€OXUHVVLGHV
PDWpULDX[FRQGXFWHXUVELMRX[FOpVFROOLHUVjJUDLQVVRQWHQFRQWDFWDYHFOHVERUQHVH[SRVpHV
/HPDWpULHOFRQGXFWHXUSHXWIHUPHUXQFLUFXLWpOHFWULTXHFRXUWFLUFXLWHWGHYHQLUWUqVFKDXG
3UHQGUHO¶KDELWXGHGHPDQLHUO¶DSSDUHLOVRLJQHXVHPHQWVXUWRXWORUVTXHFHOXLFLHVWUDQJpGDQVXQH
SRFKHRXGDQVXQVDFRXDLOOHXUVDYHFG¶DXWUHVREMHWVPpWDOOLTXHV
! '$1*(51HSDVPHWWUHHQFRXUWFLUFXLWOHVFRQWDFWVpOHFWULTXHVGHODSLqFHjPDLQDYHF
GHVREMHWVPpWDOOLTXHVRXOLTXLGHV3ODQ5pI$5pI%
! '$1*(51HSDVODLVVHUODEDWWHULHjODSRUWpHGHVHQIDQWV
! $77(17,218WLOLVHUXQLTXHPHQWGHVEDWWHULHVRULJLQDOHV0HFWURQ
9HXLOOH]FRQWDFWHUOHVHUYLFHFOLHQWqOHGH0HFWURQSRXUIDLUHUHPSODFHUXQHEDWWHULHGHIHFWXHXVH
! $77(17,215HFKDUJHUODEDWWHULHHQXWLOLVDQWH[FOXVLYHPHQWO¶XQLWpGHUHFKDUJH0HFWURQ
3ODQ5pI$1HSDVHVVD\HUODUHFKDUJHDYHFG¶DXWUHVUHFKDUJHXUV'DQJHUG¶H[SORVLRQ
RXG¶LQFHQGLH
! $77(17,21/DEDWWHULHGRLWrWUHUHF\FOpHRXpOLPLQpHGHIDoRQDSSURSULpHVHORQOHV
ORLVHQYLJXHXU/DEDWWHULHQHGRLWSDVrWUHMHWpHDYHFOHVGpFKHWVXUEDLQV/¶XWLOLVDWHXUHVW
UHVSRQVDEOHGHVHQGRPPDJHPHQWVSURGXLWVHQFDVG¶pOLPLQDWLRQLPSURSUHGHODEDWWHULH
! $77(17,211HSDVXWLOLVHUODEDWWHULHSRXUG¶DXWUHVEXWVTXHFHX[TXLVRQWSUpYXV
! $77(17,211HSDVRXYULUSHUFHUpFUDVHUODEDWWHULHHOOHFRQWLHQWGHVVXEVWDQFHV
WR[LTXHV
! $77(17,211HSDVEU€OHURXH[SRVHUODEDWWHULHjKDXWHWHPSpUDWXUH5LVTXH
G¶H[SORVLRQ
! $77(17,211HSDVPHWWUHHQFRXUWFLUFXLWOHVERvWHVWHUPLQDOHVGHODEDWWHULHULVTXHGH
EU€OXUHVHWG¶LQFHQGLH
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
8WLOLVDWLRQ
&RQQH[LRQGHVDFFHVVRLUHV
! '$1*(5&RQWU{OHGHO¶pWDWGXGLVSRVLWLIDYDQWOHWUDLWHPHQW
$YDQWWRXWWUDLWHPHQWFRQWU{OHUWRXMRXUVOHSDUIDLWIRQFWLRQQHPHQWGHO¶DSSDUHLOHWO¶HI¿FDFLWpGHV
DFFHVVRLUHV$XFDVRGHVDQRPDOLHVGDQVOHIRQFWLRQQHPHQWpWDLHQWUHOHYpHVQHSDVHIIHFWXHUOH
WUDLWHPHQW&RQWDFWHUOH6HUYLFH$VVLVWDQFHWHFKQLTXHDJUppHVLOHVDQRPDOLHVFRQFHUQHQW
O¶DSSDUHLO
! '$1*(5&RQWU{OHGHVLQIHFWLRQV
3RXUODVpFXULWpPD[LPXPGXSDWLHQWHWGHO¶RSpUDWHXUDYDQWFKDTXHWUDLWHPHQWQHWWR\HU
GpVLQIHFWHUHWVWpULOLVHUOD¿EUHRSWLTXHHWODSURWHFWLRQRSWLTXH6XLYUHVRLJQHXVHPHQWOHV
LQVWUXFWLRQVGXFKDSLWUH³´
FR
3RXUSRXYRLUXWLOLVHU6WDUOLJKWSURLOIDXWHIIHFWXHUODFRQQH[LRQGHVDFFHVVRLUHVVXLYDQWV
,QWURGXLUHPDQXHOOHPHQWOD¿EUHRSWLTXHVXUODSLqFHjPDLQHQH[HUoDQWXQHOpJqUHSUHVVLRQ
HWVLEHVRLQHVWDYHFXQPRXYHPHQWURWDWLISRXUTX¶HOOHQHVHGpFOHQFKHSDV
,QVpUHUPDQXHOOHPHQWODSURWHFWLRQRSWLTXHVXUOD¿EUHRSWLTXH
$
3ODQ
%
3UHVFULSWLRQVGHVpFXULWpSHQGDQWO¶XWLOLVDWLRQ
! '$1*(51HMDPDLVRULHQWHUODOXPLqUHGDQVODGLUHFWLRQGHV\HX[
! '$1*(5$YDQWFKDTXHF\FOHG¶H[SRVLWLRQYpUL¿HUTXHOD¿EUHRSWLTXHVRLW
FRUUHFWHPHQWLQVpUpHjIRQGVXUODSLqFHjPDLQ
! '$1*(5$YDQWFKDTXHF\FOHG¶H[SRVLWLRQYpUL¿HUWRXMRXUVODSUpVHQFHGHODSURWHFWLRQ
RSWLTXHjO¶H[WUpPLWpGHOD¿EUHPrPH
! '$1*(5'LULJHUOHIDLVFHDXGHOXPLqUHGLUHFWHPHQWVXUOHPDWpULHOjSRO\PpULVHU
1HSDVVRXPHWWUHODJHQVLYHRXDXWUHVWLVVXVPRX[DXIDLVFHDXGHOXPLqUHpYHQWXHOOHPHQW
SURWpJHUGHIDoRQDGpTXDWHFHVSDUWLHVOj/¶HIIHWGHODOXPLqUHGRLWrWUHOLPLWpjODFDYLWpRUDOHVXU
OD]RQHjVRXPHWWUHDXWUDLWHPHQWFOLQLTXH
! '$1*(51HSDVPHWWUHHQFRXUWFLUFXLWOHVFRQWDFWVpOHFWULTXHVGHODSLqFHjPDLQDYHF
GHVREMHWVPpWDOOLTXHVRXOLTXLGHV3ODQ5pI$5pI%
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
! $77(17,213HQGDQWOHVSUHPLqUHVVHFRQGHVG¶H[SRVLWLRQpYLWHUOHFRQWDFWGHOD¿EUH
RSWLTXHDYHFOHPDWpULHOjSO\PpULVHU
'HVGpS{WVGHFRPSRVLWHVTXLRQWDGKpUpHWTXLRQWpWpSRO\PpULVpVVXUODVXUIDFHWHUPLQDOHGHOD
¿EUHRSWLTXHGLPLQXHQWODWUDQVPLVVLRQGHODOXPLqUHHWGRQFFRPSURPHWWHQWOHVSRO\PpULVDWLRQV
VXLYDQWHV
! $77(17,215HPSODFHUOD¿EUHRSWLTXHHQGRPPDJpHRXTXLQHIRQFWLRQQHSDVFDU
O¶LQWHQVLWpGHODOXPLqUHVHUpGXLUDLWFRQVLGpUDEOHPHQW
,QVWUXFWLRQV
6WDUOLJKWSURSHUPHWO¶XWOLVDWLRQGHW\SHVG¶H[SRVLWLRQ
)$67WHPSVG¶H[SRVLWLRQVHFRQGHVjO¶LQWHQVLWpPD[LPXPGHOXPLqUH
6/2:5,6(WHPSVG¶H[SRVLWLRQVHFRQGHVDYHFDXJPHQWDWLRQJUDGXHOOHGHO¶LQWHQVLWp
OXPLQHXVHGDQVOHVSUHPLqUHVVHFRQGHVMXVTX¶jODYDOHXUPD[LPXP
6pOHFWLRQH[SRVLWLRQ)$67
$SSX\HUEULqYHPHQWVXUODWRXFKHGHODSLqFHjPDLQ3ODQ5pI'SRXUFRPPHQFHUOHF\FOH
G¶H[SRVLWLRQ)$672QHQWHQGXQVLJQDODFRXVWLTXHEHHS
$SUqVVHFRQGHVRQHQWHQGXQVLJQDODFRXVWLTXHEHHS/HF\FOH)$67HVWWHUPLQp
6pOHFWLRQH[SRVLWLRQ6/2:5,6(
*DUGHUDSSX\pSHQGDQWVHFRQGHVODWRXFKHVXUODSLqFHjPDLQ3ODQ5pI'SRXU
FRPPHQFHUOHF\FOHG¶H[SRVLWLRQ6/2:5,6(2QHQWHQGXQVLJQDODFRXVWLTXHEHHSDX
GHEXWHWDSUqV
VHFRQGHVXQDXWUHVLJQDODFRXVWLTXHSRXUFRQ¿UPDWLRQGXGHEXWGXF\FOH6/2:5,6(
$SUqVVHFRQGHVRQHQWHQGXQVLJQDODFRXVWLTXHEHHS
$SUqVVHFRQGHVRQHQWHQGXQVLJQDODFRXVWLTXH/HF\FOH6/2:5,6(HVWWHUPLQpEHHS
$OD¿QGXWUDLWHPHQWLOHVWFRQVHLOOpGHSRVHUODSLqFHjPDLQ6WDUOLJKWSURVXUO¶XQLWpGHUHFKDUJH
3ODQ5pI%
5(0$548(LQWHUUXSWLRQGXF\FOH
/HF\FOHG¶H[SRVLWLRQGDQVODPRGDOLWp)$67DXVVLELHQTXHGDQVODPRGDOLWp6/2:5,6(SHXW
rWUHLQWHUUXPSXHQWRXWLQVWDQWHQDSSX\DQWVXUODWRXFKHGHODSLqFHjPDLQ3ODQ5pI'
5(0$548(([SRVLWLRQVVXLYDQWHV
$OD¿QGHFKDTXHH[SRVLWLRQRQSHXWHIIHFWXHUSOXVLHXUVF\FOHVVXFFHVVLIVHQDFWLRQQDQWSOXVLHXUV
IRLVODWRXFKHVXUODSLqFHjPDLQ3ODQ5pI'
3RXUXQHFRQVXOWDWLRQUDSLGHGHVVLJQDOLVDWLRQVVHUDSSRUWHUDX[WDEOHVHW
0HVXUDJHGHO¶LQWHQVLWpOXPLQHXVH
3RXUGpWHUPLQHUVLO¶LQWHQVLWpOXPLQHXVHHVWVXI¿VDQWH
3RVHUOD¿EUHRSWLTXH3ODQ5pI$VXUXQSODQVDQVDSSX\HUGLUHFWHPHQWVXUODVXUIDFHGX
VHQVHXUG¶LQWHQVLWp3ODQ5pI%
%UDQFKHUODODPSHHQDSSX\DQWVXUODWRXFKH3ODQ5pI&
/HYR\DQWWHVW3ODQ5pI'LQGLTXHUDOHÀX[OXPLQHX[PHVXUp
9HUW ÀX[OXPLQHX[DGpTXDWSRXUXQHWKpUDSLHHI¿FDFH
-DXQH ÀX[OXPLQHX[LQVXI¿VDQW
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
&
$
FR
%
3ODQ
'
! $77(17,216LOHÀX[OXPLQHX[Q¶HVWSDVVXI¿VDQWQHSDVHIIHFWXHUOHWUDLWHPHQWVXUOHSDWLHQW
HWIDLUHOHVFRQWU{OHVVXLYDQWV
9pUL¿HUTXHOD¿EUHRSWLTXHVRLWFRUUHFWHPHQWSODFpHVXUODSLqFHjPDLQ
&RQWU{OHUTXHOD¿EUHRSWLTXHVRLWSURSUH1HWWR\HUOD¿EUHRSWLTXHFRQVXOWHUOHSDUDJUDSKH
1HWWR\DJHGpVLQIHFWLRQHWVWpULOLVDWLRQGHOD¿EUHRSWLTXH
&RQWU{OHUTXHOD¿EUHRSWLTXHQHVRLWSDVHQGRPPDJpHHWpYHQWXHOOHPHQWODUHPSODFHU
6LFHVSUpFDXWLRQVQ¶DPpOLRUHQWSDVOHVSHUIRUPDQFHVGpEUDQFKHUO¶DSSDUHLOGXUpVHDXpOHFWULTXH
HWYpUL¿HUTX¶LOQHSXLVVHSOXVrWUHPLVHQ)RQFWLRQLOOpJDOHPHQW
(YHQWXHOOHPHQWIDLUHUpSDUHUO¶DSSDUHLOGDQVXQ&HQWUH$VVLVWDQFH0HFWURQ
3URWHFWLRQGHVpFXULWp
(QFDVG¶HPSORLVH[WUqPHPHQWLPSRUWDQWVDYHFF\FOHVG¶H[SRVLWLRQORQJVHWFRQWLQXVXQH
SURWHFWLRQWKHUPLTXHLQWHUYLHQWDXWRPDWLTXHPHQW8QVLJQDODFRXVWLTXHVHSURGXLWEHHSV
/¶LQWHUYHQWLRQGHODSURWHFWLRQHPSrFKHWHPSRUDLUHPHQWO¶XWLOLVDWLRQGHODODPSHSHQGDQWTXHOTXHV
VHFRQGHV
8QLWpGHUHFKDUJHOHGMDXQHEDWWHU\DOOXPp
/HOHGMDXQHEDWWHU\FKHFNGHO¶XQLWpGHUHFKDUJHLQGLTXH
EDWWHU\HQSDQQHFIUSDUDJUDSKH
&RQWDFWVXQLWpGHUHFKDUJHHQFRXUWFLUFXLW
'DQVOHGHX[LqPHFDVSRXUUpWDEOLUOHERQIRQFWLRQQHPHQWGHO¶XQLWpGHUHFKDUJH
2WHUO¶DOLPHQWDWLRQpOHFWULTXHGHO¶XQLWpGHUHFKDUJH7RXVOHVOHGVVRQWpWHLQWV
(OLPLQHUODFDXVHGXFRXUWFLUFXLW
$OLPHQWHUjQRXYHDXO¶XQLWpGHUHFKDUJH/HGYHUWSRZHUDOOXPp
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
1HWWR\DJHGpVLQIHFWLRQVWpULOLVDWLRQ
1HWWR\DJHHWGpVLQIHFWLRQGHODKRXVVHGHODVWDWLRQGHUHFKDUJH
! '$1*(5(WHLQGUHODVWDWLRQGHUHFKDUJH
'pEUDQFKHUODVWDWLRQGHUHFKDUJHGHODSULVHG¶DOLPHQWDWLRQpOHFWULTXHDYDQWG¶DFFRPSOLUOHV
RSpUDWLRQVGHQHWWR\DJHHWGHGpVLQIHFWLRQ
! '$1*(5/DKRXVVHGHODVWDWLRQGHUHFKDUJHQ¶HVWSDVSURWpJpHFRQWUHODSpQpWUDWLRQ
GHVOLTXLGHV
! '$1*(5/DVWDWLRQGHUHFKDUJHQ¶HVWSDVVWpULOLVDEOH
! '$1*(53HQGDQWOHVDFWLYLWpVGHQHWWR\DJHQHSDVPRGL¿HUOHVFRQWDFWVpOHFWULTXHVTXL
VHWURXYHQWGDQVODVWDWLRQGHUHFKDUJH3ODQ5pI%
! '$1*(51HSDVYDSRULVHUGHOLTXLGHVGLUHFWHPHQWVXUVDVXUIDFHHWVXUOHVFRQWDFWV
pOHFWULTXHVGHODVWDWLRQGHUHFKDUJH$SUqVFKDTXHWUDLWHPHQWH[pFXWHUOHVRSpUDWLRQV
VXLYDQWHV
(QOHYHUODSLqFHjPDLQGHODVWDWLRQGHUHFKDUJH
1HWWR\HUODVXUIDFHGHODKRXVVHDYHFXQFKLIIRQSURSUHGRX[QHODLVVDQWSDVGHWUDFHVGH
¿EUHVKXPLGL¿pDYHFXQHVROXWLRQGpWHUJHQWHS+HWpYHQWXHOOHPHQWGpVLQIHFWHUDYHFXQH
VROXWLRQGpVLQIHFWDQWHQRQDJUHVVLYHjS+QHXWUHS+HQVXLYDQWOHVLQVWUXFWLRQVIRXUQLHV
SDUOHIDEULFDQWGHODVROXWLRQ
6pFKHUODVXUIDFHGHODKRXVVHDYHFXQFKLIIRQSURSUHGRX[QHODLVVDQWSDVGHWUDFHVGH
¿EUHVDYDQWG¶DOLPHQWHUODVWDWLRQGHUHFKDUJH6¶DVVXUHUVXUWRXWTXHOHVFRQWDFWVpOHFWULTXHV
VRLHQWELHQVHFV
5(0$548(/HVVROXWLRQVGpVLQIHFWDQWHVjEDVHG¶HDXDYHFXQS+QHXWUHVRQWIRUWHPHQW
UHFRPPDQGpHV&HUWDLQHVVROXWLRQVGpVLQIHFWDQWHVjEDVHG¶DOFRROSHXYHQWrWUHQRFLYHVHW
HQGRPPDJHUOHVPDWpULDX[HQSODVWLTXH
1HWWR\DJHHWGpVLQIHFWLRQGHODSLqFHjPDLQ6WDUOLJKWSUR
! '$1*(5ODSLqFHjPDLQQ¶HVWSDVSURWpJpHFRQWUHODSpQpWUDWLRQGHVOLTXLGHV
! '$1*(51HSDVPHWWUHHQFRXUWFLUFXLWOHVFRQWDFWVpOHFWULTXHVGHODSLqFHjPDLQDYHF
GHVREMHWVPpWDOOLTXHVRXOLTXLGHV
! '$1*(5/DSLqFHjPDLQQ¶HVWSDVVWpULOLVDEOH
! '$1*(51HSDVYDSRULVHUOHVOLTXLGHVGLUHFWHPHQWVXUVDVXUIDFHVXUOHF{QHHWVXU
OHVFRQWDFWVpOHFWULTXHVGHODSLqFHjPDLQ$SUqVFKDTXHWUDLWHPHQWH[pFXWHUOHVRSpUDWLRQV
VXLYDQWHV
(QOHYHUOD¿EUHRSWLTXHHWODSURWHFWLRQRSWLTXHGHODSLqFHjPDLQ
1HWWR\HUODVXUIDFHGHODSLqFHjPDLQDYHFXQFKLIIRQSURSUHGRX[QHODLVVDQWSDVGHWUDFHV
GH¿EUHVKXPLGL¿pDYHFXQHVROXWLRQGpWHUJHQWHS+HWpYHQWXHOOHPHQWGpVLQIHFWHU
DYHFXQHVROXWLRQGpVLQIHFWDQWHQRQDJUHVVLYHjS+QHXWUHS+HQVXLYDQWOHVLQVWUXFWLRQV
IRXUQLHVSDUOHIDEULFDQWGHODVROXWLRQ
6pFKHUODVXUIDFHGHODSLqFHjPDLQDYHFXQFKLIIRQSURSUHGRX[QHODLVVDQWSDVGHWUDFHV
GH¿EUHVDYDQWG¶XWLOLVHUODSLqFHjPDLQHWODUHPHWWUHGDQVODVWDWLRQGHUHFKDUJH6¶DVVXUHU
VXUWRXWTXHOHVFRQWDFWVpOHFWULTXHVVRLHQWELHQVHFV
5(0$548(/HVVROXWLRQVGpVLQIHFWDQWHVjEDVHG¶HDXDYHFXQS+QHXWUHVRQWIRUWHPHQW
UHFRPPDQGpHV&HUWDLQHVVROXWLRQVGpVLQIHFWDQWHVjEDVHG¶DOFRROSHXYHQWrWUHQRFLYHVHW
HQGRPPDJHUOHVPDWpULDX[HQSODVWLTXH
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
3URFpGXUHVGHVWpULOLVDWLRQ
! $77(17,21([pFXWHUODVWpULOLVDWLRQHQXWLOLVDQWH[FOXVLYHPHQWXQDXWRFODYHjYDSHXU
G¶HDXjXQHWHPSpUDWXUHPD[LPDOHGHƒ&SHQGDQWPLQXWHV
1¶XWLOLVHUDXFXQHDXWUHSURFpGXUHGHVWpULOLVDWLRQFKDOHXUVqFKHUD\RQQHPHQWR[\GHG¶pWK\OqQH
JD]SODVPDjEDVVHWHPSpUDWXUHHWF
! '$1*(5/DSLqFHjPDLQQ¶HVWSDVVWpULOLVDEOH
! '$1*(5&RQWU{OHGHVLQIHFWLRQV3DUWLHVVWpULOLVDEOHV
3RXUpYLWHUGHVLQIHFWLRQVSURYRTXpHVSDUGHVEDFWpULHVRXGHVYLUXVQHWWR\HUGpVLQIHFWHUHW
VWpULOLVHUWRXMRXUVDSUqVFKDTXHWUDLWHPHQWOHVFRPSRVDQWHVVXLYDQWHV
)LEUHRSWLTXH
3URWHFWLRQRSWLTXH
&HVFRPSRVDQWHVVRQWIDEULTXpHVDYHFGHVPDWpULDX[TXLUpVLVWHQWjXQHWHPSpUDWXUHPD[LPDOH
GHƒ&SHQGDQWXQHGXUpHPD[LPDOHGHPLQXWHV
/HVSURFpGpVGHVWpULOLVDWLRQ6$/GDQVO¶DXWRFODYHjYDSHXUGRLYHQWDYRLUOLHXjO¶DLGHGHV
SDUDPqWUHVLQGLTXpVFLGHVVRXV
IRLVjSUpYLGH
7HPSpUDWXUHGHVWpULOLVDWLRQƒ&LQWHUYDOOHƒ&·ƒ&
'XUpHGHVWpULOLVDWLRQPLQXWHV
7HPSVGHVpFKDJHPLQLPXPPLQXWHV
7RXWHVOHVSKDVHVGHVWpULOLVDWLRQGRLYHQWrWUHH[pFXWpHVSDUO¶RSpUDWHXUFRQIRUPpPHQWDX[QRUPHV
81,(1,62HW81,(1
5(0$548(3RXUODGpVLQIHFWLRQQHSDVXWLOLVHUG¶HDXR[\JpQpHPDLVXQLTXHPHQWGHV
GpVLQIHFWDQWVDXS+QHXWUHULQFHUWRXMRXUVDYHFGHO¶HDXVWpULOH
! '$1*(5/RUVTXHOHVRSpUDWLRQVGHQHWWR\DJHVRQWWHUPLQpHVDYDQWODVWpULOLVDWLRQVRXVXQH
VRXUFHOXPLQHXVHDGpTXDWHIDLUHXQFRQWU{OHGHWRXVOHVREMHWVDYHFXQHDWWHQWLRQSDUWLFXOLqUH
HQYHUVOHVGpWDLOVTXLSRXUUDLHQWFDFKHUGHVUpVLGXVGHVDOHWpV¿OHWDJHVFDYLWpVFDQQHOXUHVHWVL
QpFHVVDLUHHIIHFWXHUGHQRXYHDXOHF\FOHGHQHWWR\DJH
(Q¿QFRQWU{OHUO¶LQWpJULWpGHVSDUWLHVHWGHVpOpPHQWVTXLSRXUUDLHQWVHGpWpULRUHUDYHFO¶XVDJH
1HWWR\DJHGpVLQIHFWLRQHWVWpULOLVDWLRQGHOD¿EUHRSWLTXH
([pFXWHUOHVRSpUDWLRQVVXLYDQWHV
(OLPLQHUOHVpYHQWXHOVUpVLGXVGHFRPSRVLWHVSRO\PpULVpVGHODVXUIDFHGHOD¿EUHRSWLTXHj
O¶DLGHG¶DOFRRO
'pVLQIHFWHXUODVXUIDFHjO¶DLGHG¶XQFKLIIRQLPELEpG¶XQGpWHUJHQWGpVLQIHFWDQWQRQDJUHVVLIj
S+QHXWUHS+
6pFKHU
6FHOOHUOD¿EUHRSWLTXHLQGLYLGXHOOHPHQWGDQVXQVDFMHWDEOH
6WpULOLVHUOD¿EUHGDQVO¶DXWRFODYH
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
FR
1HWWR\DJHGpVLQIHFWLRQHWVWpULOLVDWLRQGHODSURWHFWLRQRSWLTXH
! $77(17,211HSDVXWLOLVDQWG¶LQVWUXPHQWVFRXSDQWVSRXUQHWWR\HUODSURWHFWLRQ
RSWLTXH
([pFXWHUOHVRSpUDWLRQVVXLYDQWHV
1HWWR\HUHWGpVLQIHFWHUODVXUIDFHjO¶DLGHG¶XQFKLIIRQLPELEpG¶XQGpWHUJHQWGpVLQIHFWDQWQRQ
DJUHVVLIjS+QHXWUHS+
6pFKHU
6FHOOHUODSURWHFWLRQRSWLTXHLQGLYLGXHOOHPHQWGDQVXQVDFMHWDEOH
6WpULOLVHUODSURWHFWLRQGDQVO¶DXWRFODYH
0RGDOLWpVHWSUpFDXWLRQVSRXUO¶pOLPLQDWLRQ
! $77(17,21/HGLVSRVLWLIFRQWLHQWXQHEDWWHULH/,7+,80,216/DEDWWHULHGRLWrWUH
pOLPLQpHHWWUDLWpHFRPPHGpFKHWVVRXPLVjFROOHFWHVpSDUpH
/¶DSSDUHLOGRLWrWUHpOLPLQpHWWUDLWpFRPPHGpFKHWVRXPLVjFROOHFWHVpSDUpH
/¶DFKHWHXUDODIDFXOWpGHUHPHWWUHO¶DSSDUHLODXYHQGHXUTXLHQIRXUQLWXQQRXYHDXOHV
LQVWUXFWLRQVG¶pOLPLQDWLRQVRQWjODGLVSRVLWLRQDXSUqVGH0HFWURQ6S$
/¶LQREVHUYDQFHGHVSRLQWVFLGHVVXVSHXWFRPSRUWHUXQHVDQFWLRQDX[WHUPHVGHGLUHFWLYH
GpFKHWVG¶pTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV'(((
! '$1*(5'pFKHWVKRVSLWDOLHUV
7UDLWHUFRPPHGpFKHWVKRVSLWDOLHUVOHVDUWLFOHVVXLYDQWV
)LEUHRSWLTXHORUVTX¶HOOHHVWHQGRPPDJpHRXFDVVpH
3URWHFWLRQRSWLTXHORUVTX¶HOOHHVWHQGRPPDJpHRXFDVVpH
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
6\PEROHV
!
$WWHQWLRQOLUHOHVLQVWUXFWLRQV
1XPpURGHVpULH
,QVWUXFWLRQVG¶HPSORL
&RGLFHSURGRWWR
3DUWLHDSSOLTXpHGHW\SH´%´
FRQIRUPpPHQWjODQRUPHWHFKQLTXH
(1
)DEULFDQW
$SSDUHLOFODVVH,,
/LPLWHVGHWHPSpUDWXUHVGH
WUDQVSRUWHWGHFRQVHUYDWLRQ
&RXUDQWDOWHUQp
/LPLWHVG¶KXPLGLWpVGHWUDQVSRUW
HWGHFRQVHUYDWLRQ
/HVPDWpULDX[TXLSHXYHQWrWUH
VWpULOLVpVGRLYHQWrWUHPLVHQ
DXWRFODYHLOVUpVLVWHQWMXVTX¶jXQH
WHPSpUDWXUHPD[LPXPGHƒ&
/LPLWHVGHVSUHVVLRQV
DWPRVSKpULTXHVGHWUDQVSRUWHW
GHFRQVHUYDWLRQ
0DUTXH0(7
/¶DSSDUHLOHWOHVDFFHVVRLUHV
UHODWLYHVQHGRLYHQWSDVrWUH
pFRXOpVHWWUDLWpVFRPPHGHV
UHEXWVXUEDLQHVRUGLQDLUHV
7.%5#
%0Q &RQIRUPLWpDX[QRUPHV8/&6$
'
FR
6\PEROHVGH'$1*(5
5DGLDWLRQ/('
$SSDUHLOFRQIRUPHjODGLU&(&((
\FRPSULV(1HW(1
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
5pVROXWLRQGHSUREOqPHV
6LO¶DSSDUHLOVHPEOHQHSDVIRQFWLRQQHUFRUUHFWHPHQWOLUHjQRXYHDXOHVLQVWUXFWLRQVHWFRQWU{OHUOD
WDEOHFLGHVVRXV
6<03720(
/¶XQLWpGHUHFKDUJHQH
V¶DOOXPHSDVDXFXQOHGQ¶HVW
DOOXPp
&$86(3266,%/(
62/87,21
/HFkEOHG¶DOLPHQWDWLRQ
pOHFWULTXHQ¶HVWSDVUHOLp
FRUUHFWHPHQW
5HOLHUOHFkEOHjO¶XQLWpGH
UHFKDUJHDLQVLTX¶jODSULVH
DXPXU
/HFkEOHG¶DOLPHQWDWLRQ
pOHFWULTXHQHIRQFWLRQQHSDV
5HPSODFHUOHFkEOH
G¶DOLPHQWDWLRQpOHFWULTXH
/¶XQLWpGHUHFKDUJHQH
IRQFWLRQQHSDV
&RQWDFWHUOHFHQWUH$VVLVWDQFH
WHFKQLTXHDJUpp0(&7521
/HOHGMDXQHEDWWHU\FKHFN
GHO¶XQLWpGHUHFKDUJHHVW
DOOXPp
/HVFRQWDFWVGHO¶XQLWpGH
UHFKDUJHVRQWHQFRXUWFLUFXLW
9RLUHSDUDJUDSKH³´
/HOHGMDXQHEDWWHU\FKHFN
GHO¶XQLWpGHUHFKDUJHHVW
DOOXPp
%DWWHULHHQSDQQH
9HXLOOH]FRQWDFWHUOHVHUYLFH
FOLHQWqOHGH0HFWURQSRXU
IDLUHUHPSODFHUXQHEDWWHULH
GHIHFWXHXVH9RLUSDUDJUDSKH
³´HW³´
(QDSSX\DQWODWRXFKHGH
6WDUOLJKWSUROHÀX[HOXPLQHX[
QHVHSURGXLWSDVHWRQ
HQWHQGXQVLJQDODFRXVWLTXH
EHHSV
%DWWHULHpSXLVpH
5HFKDUJHUODEDWWHULH
9RLUSDUDJUDSKH³´
$OD¿QGXF\FOHG¶H[SRVLWLRQ
RQHQWHQGXQVLJQDO
DFRXVWLTXHEHHSV
%DWWHULHIDLEOH
5HFKDUJHUODEDWWHULH
9RLUSDUDJUDSKH³´
3HQGDQWODF\FOHG¶H[SRVLWLRQ
RQHQWHQGXQVLJQDO
DFRXVWLTXH
EHHSVHWjOD¿QGXF\FOH
6WDUOLJKWSURQHSHUPHWSOXV
G¶HIIHFWXHUDXFXQWUDLWHPHQW
,QWHUYHQWLRQSURWHFWLRQ
WKHUPLTXH
8QHDFWLYDWLRQXOWpULHXUHHVW
SRVVLEOHVHXOHPHQWDSUqVOH
UHIURLGLVVHPHQW
/DSRO\PpULVDWLRQHVW
LQVXI¿VDQWH
/DVXUIDFHWHUPLQDOHGHOD
¿EUHRSWLTXHHVWVDOH
9RLUSDUDJUDSKH³´
3LqFHjPDLQUHSODFpHVXU
O¶XQLWpGHUHFKDUJHOHOHGYHUW
EDWWHU\QHV¶DOOXPHSDV
%DWWHULHSDVVXI¿VDPPHQW
FKDUJpH
&RQVXOWHUSDUDJUDSKH
7DEOH
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
'RQQpHVWHFKQLTXHV
$SSDUHLOFRQIRUPHjOD'LU&((
&ODVVH,
&ODVVL¿FDWLRQG¶DSUqVOD(1
,,
3DUWLHDSSOLTXpH7\SH%)LEUHRSWLTXH
,38QLWpGHUHFKDUJH
,36WDUOLJKWSUR
8QLWpGHUHFKDUJH
0RGqOH6WDUOLJKWSUR&+$5*(5
$OLPHQWDWLRQXQLWpGHUHFKDUJH
9a+]9$
$OLPHQWDWLRQSLqFHjPDLQ6WDUOLJKWSUR
%DWWHULH/LWKLRLRQV
7HQVLRQQRPLQDOH9
&DSDFLWpQRPLQDOHP$K
FR
3LqFHjPDLQSDUIRQFWLRQQHPHQWLQWHUPLWWHQW ´21´2))0D[LPXPIRLVGHVXLWH
6RXUFHOXPLQHXVH
/HGjKDXWHOXPLQRVLWpDYHFRSWLTXH
/HG&ODVVH0,(&
/RQJXHXUG¶RQGHGRPLQDQWHQP
3XLVVDQFHOXPLqUH/HG!P:FP
'XUpHPR\HQQHF\FOHVGHVHFRQGHV
FKDFXQ
)LEUHRSWLTXHHQGRWDWLRQ
'LDPqWUHPP
&RPSRVLWLRQ¿EUHVFRKpUHQWHVpWLUpHVTXDUW]
6WpULOLVDEOHVHQDXWRFODYH7PD[ƒ&SHQGDQW
PLQXWHVPD[&\FOHV
([SRVLWLRQ
)$677HPSVG¶H[SRVLWLRQVHFRQGHV
6LJQDODFRXVWLTXHDXGpEXWHWjOD¿QGH
O¶H[SRVLWLRQ
6/2:5,6(7HPSVG¶H[SRVLWLRQVHFRQGHV
6LJQDODFRXVWLTXHDXGpEXWDSUqVVHFRQGHV
HWjOD¿QGHVVHFRQGHV
3RVVLELOLWpG¶LQWHUUXSWLRQRXGHUpSpWLWLRQGHVF\FOHV
HQWRXWLQVWDQW
7HPSVGHUHFKDUJHGHODEDWWHULHpSXLVpH
HQYLURQKHXUHV
&RQGLWLRQVRSpUDWLRQHOOHV
HQWUHƒ&HWƒ&
+XPLGLWpUHODWLYHHQWUHHW
3UHVVLRQGHO¶DLU3K3DK3D
&RQGLWLRQVGHWUDQVSRUWHWHPPDJDVLQDJH HQWUHƒ&HWƒ&
+XPLGLWpUHODWLYHHQWUHHW
3UHVVLRQGHO¶DLU3K3DK3D
3RLGVHWGLPHQVLRQV
8QLWpGHUHFKDUJH3RLGVJ
[[PP
3LqFHjPDLQ6WDUOLJKWSUR3RLGVJ
/PP‘PD[PP
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
/(',QIRUPDWLRQVVXUODUDGLDWLRQpPLVH
/HGLVSRVLWLIXWLOLVHXQ/('jKDXWHOXPLQRVLWp&ODVVH0,(&
! '$1*(5)DLVFHDX[GLYHUJHQWV
1HUHJDUGH]SDVO¶pPLVVLRQGHOXPLqUH/('DYHFGHVLQVWUXPHQWVRSWLTXHVWHOVTXHOHVPRQRFOHV
OHVORXSHVRXOHVPLFURVFRSHVjXQHGLVWDQFHLQIpULHXUHjPPFDUFHODSRXUUDLWrWUHGDQJHUHX[
SRXUOHV\HX[
! '$1*(5)DLVFHDX[FROOLPDWpV
1HUHJDUGH]SDVO¶pPLVVLRQGHOXPLqUH/('DYHFGHVLQVWUXPHQWVRSWLTXHVFRQoXVSRXUO¶XWLOLVDWLRQ
jGLVWDQFHWHOVTXHOHWpOHVFRSHRXOHVMXPHOOHVFDUFHODSRXUUDLWrWUHGDQJHUHX[SRXUOHV\HX[
/HVpWLTXHWWHVVRQWSUpVHQWHVVXUO¶HPEDOODJHGXGLVSRVLWLIFRPPHLQGLTXpDX3ODQ
/('5$',$7,21
'212767$5(,1727+(%($0259,(:',5(&7/<
:,7+237,&$/,167580(176
&/$660/('352'8&7
,(&$$
0$;32:(5P:
'RPLQDQWZDYHOHQJKW0LQQP0D[QP
3ODQ
&RPSDWLELOLWppOHFWURPDJQpWLTXH(1
! '$1*(5/¶DSSDUHLODEHVRLQGHSUpFDXWLRQVSDUWLFXOLqUHV(0&HWGRLWrWUHLQVWDOOpHWPLVHQ
VHUYLFHFRQIRUPpPHQWDX[LQIRUPDWLRQV(0&FRQWHQXHVGDQVFHSDUDJUDSKH
! '$1*(5/HVDSSDUHLOVGHUDGLRFRPPXQLFDWLRQSRUWDEOHVHWPRELOHVSHXYHQWLQÀXHQFHUOHERQ
IRQFWLRQQHPHQWGHO¶DSSDUHLO
*XLGHHWGpFODUDWLRQGXFRQVWUXFWHXU(PLVVLRQVpOHFWURPDJQpWLTXHV
6WDUOLJKWSURHVWSUpYXHSRXUIRQFWLRQQHUGDQVXQPLOLHXpOHFWURPDJQpWLTXHGRQWOHVFDUDFWpULVWLTXHVVRQW
VSpFL¿pHVFLGHVVRXV
/HFOLHQWRXO¶XWLOLVDWHXUGHOD6WDUOLJKWSURGHYUDLWYpUL¿HUTXHO¶LQVWUXPHQWVRLWXWLOLVpGDQVFHPLOLHX
7HVWG¶pPLVVLRQV
&RQIRUPLWp
(PLVVLRQV5)
&,635
*URXSH
6WDUOLJKWSURXWLOLVHpQHUJLH5)XQLTXHPHQWSRXUVRQ
IRQFWLRQQHPHQWLQWHUQH&¶HVWSRXUTXRLVHVpPLVVLRQV5)VRQW
WUqVEDVVHVVHWYUDLVHPEODEOHPHQWQHFDXVHQWDXFXQHLQWHUIp
UHQFHDYHFOHVDSSDUHLOVpOHFWURQLTXHVYRLVLQV
(PLVVLRQV5)
&,635
&ODVVH%
(PLVVLRQVKDUPRQLTXHV
,(&
&ODVVH$
6WDUOLJKWSURHVWXWLOLVDEOHGDQVWRXVOHVLPPHXEOHV\
FRPSULVOHVLPPHXEOHVGRPHVWLTXHVHWFHX[TXLVRQW
GLUHFWHPHQWUHOLpVDXUpVHDXG¶DOLPHQWDWLRQSXEOLTXHHQEDVVH
WHQVLRQTXLDOLPHQWHGHVLPPHXEOHVjXWLOLVDWLRQGRPHVWLTXH
(PLVVLRQVGHÀXFWXDWLRQ
GHWHQVLRQÀLFNHU
,(&
&RQIRUPH
0LOLHXpOHFWURPDJQpWLTXHUHPDUTXHV
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
*XLGHHWGpFODUDWLRQGXFRQVWUXFWHXU,PPXQLWppOHFWURPDJQpWLTXH
6WDUOLJKWSURHVWSUpYXHSRXUIRQFWLRQQHUGDQVXQPLOLHXpOHFWURPDJQpWLTXHGRQWOHVFDUDFWpULVWLTXHVVRQW
VSpFL¿pHVFLGHVVRXV
/HFOLHQWRXO¶XWLOLVDWHXUGHOD6WDUOLJKWSURGHYUDLWYpUL¿HUTXHO¶LQVWUXPHQWVRLWXWLOLVpGDQVFHPLOLHX
7HVWG¶LPPXQLWp
1LYHDXGHWHVWVHORQ
,(&
1LYHDXGHFRQIRUPLWp
0LOLHX
pOHFWURPDJQpWLTXH
UHPDUTXHV
'pFKDUJH
pOHFWURVWDWLTXHV
(6',(&
“N9HQFRQWDFW
“N9jO¶DLU
/HGLVSRVLWLIFRQWLQXHj
RSpUHUGHODIDoRQSUpYXH
HWHQWRXWHVpFXULWp
/HVSDYpVGRLYHQWrWUHHQ
ERLVEpWRQRXFpUDPLTXH6L
OHVROHVWUHFRXYHUWGHPD
WpULHOV\QWKpWLTXHO¶KXPLGLWp
UHODWLYHGHYUDLWrWUHDXPRLQV
7UDQVLWRLUHV
pOHFWULTXHVUDSLGHV
,(&
“N9SRXUOHVOLJQHV
G¶DOLPHQWDWLRQpOHF
WULTXH
/HGLVSRVLWLIFRQWLQXHj
RSpUHUGHODIDoRQSUpYXH
HWHQWRXWHVpFXULWp
/DTXDOLWpGHODWHQVLRQGX
UpVHDXGHYUDLWrWUHFHOOH
G¶XQPLOLHXFRPPHUFLDORX
KRVSLWDOLHUW\SLTXH
“N9SRXUOHVOLJQHV
G¶HQWUpHVRUWLH
2QGHVGHFKRF
,(&
“N9HQPRGHGLIIp
UHQWLHO
“N9HQPRGHFRP
PXQ
/HGLVSRVLWLIFRQWLQXHj
RSpUHUGHODIDoRQSUpYXH
HWHQWRXWHVpFXULWp
/DTXDOLWpGHODWHQVLRQGX
UpVHDXGHYUDLWrWUHFHOOH
G¶XQPLOLHXFRPPHUFLDORX
KRVSLWDOLHUW\SLTXH
&UHX[GHWHQVLRQ
FRXSXUHV
EUqYHVHWYDULDWLRQV
GHWHQVLRQ
,(&
87!EDLVVH
GH87SRXUF\FOHV
/HGLVSRVLWLISHXWDYRLUXQH
GLIIpUHQFHUHODWLYHPHQW
DX[FULWqUHVGHVQLYHDX[
G¶LPPXQLWpG¶XQHGXUpH
!VSRXUYX
TXHO¶pTXLSHPHQWUHVWHHQ
VpFXULWpRQQHFRQVWDWH
SDVGHSDQQHVHWLOSHXW
rWUHUpWDEOLjO¶pWDWSUpWHVW
jO¶DLGHGHO¶LQWHUYHQWLRQGH
O¶RSpUDWHXU
/DTXDOLWpGHODWHQVLRQGX
UpVHDXGHYUDLWrWUHFHOOH
G¶XQPLOLHXFRPPHUFLDORX
KRVSLWDOLHUW\SLTXH
/HGLVSRVLWLIFRQWLQXHj
RSpUHUGHODIDoRQSUpYXH
HWHQWRXWHVpFXULWp
/HVFKDPSVPDJQpWLTXHVj
IUpTXHQFHGHUpVHDX
GHYUDLHQWDYRLUOHVQLYHDX[
FDUDFWpULVWLTXHVG¶XQH
ORFDOLWpW\SLTXHG¶XQPLOLHX
FRPPHUFLDORXKRVSLWDOLHU
87EDLVVH
GH87SRXUF\FOHV
87EDLVVH
GH87SRXUF\FOHV
87
!EDLVVHGH87
SRXUVHF
&KDPSV
PDJQpWLTXHVj
ODIUpTXHQFHGX
UpVHDX
+]
,(&
$P
5HPDUTXH87HVWODWHQVLRQG¶DOLPHQWDWLRQSULQFLSDOHDYDQWDSSOLFDWLRQGHVQLYHDX[GHWHVW
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
FR
*XLGHHWGpFODUDWLRQGXFRQVWUXFWHXU,PPXQLWppOHFWURPDJQpWLTXH
6WDUOLJKWSURHVWSUpYXHSRXUIRQFWLRQQHUGDQVXQPLOLHXpOHFWURPDJQpWLTXHGRQWOHVFDUDFWpULVWLTXHVVRQW
VSpFL¿pHVFLGHVVRXV
/HFOLHQWRXO¶XWLOLVDWHXUGHOD6WDUOLJKWSURGHYUDLWYpUL¿HUTXHO¶LQVWUXPHQWVRLWXWLOLVpGDQVFHPLOLHX
7HVW
G¶LPPXQLWp
1LYHDXGHWHVW
VHORQ,(&
5)FRQGXLWH
,(&
9UPV
N+]j0+]
5)LUUDGLpH
,(&
9P
0+]j*+]
1LYHDXGH
FRQIRUPLWp
/HGLVSRVLWLI
FRQWLQXHj
RSpUHUGHOD
IDoRQSUpYXH
HWHQWRXWH
VpFXULWp
(QYLURQQHPHQWpOHFWURPDJQpWLTXH
UHPDUTXHV
/HVDSSDUHLOVGHFRPPXQLFDWLRQj5)SRUWDEOHVHW
PRELOHVQHGHYUDLHQWSDVrWUHXWLOLVpVSUqVG¶DXFXQH
SDUWLHGXSURGXLW\FRPSULVOHV
FkEOHVH[FHSWpORUVTX¶LOVUHVSHFWHQWOHV
GLVWDQFHVGHVpSDUDWLRQUHFRPPDQGpHV
FDOFXOpHVSDUO¶pTXDWLRQDSSOLFDEOHjOD
IUpTXHQFHGXWUDQVPHWWHXU
'LVWDQFHGHVpSDUDWLRQUHFRPPDQGpH
G ¥3
G ¥30+]j0+]
G ¥30+]j*+]
R3HVWODSXLVVDQFHPD[LPXPQRPLQDOHGHVRUWLHGXWUDQV
PHWWHXUHQ:DWW:VHORQOHFRQVWUXFWHXUGXWUDQVPHWWHXUHWG
HVWODGLVWDQFHGHVpSDUDWLRQUHFRPPDQGpHHQPqWUHVP
/¶LQWHQVLWpGXFKDPSVGHWUDQVPHWWHXUVj5)¿[HVFRPPHLOD
pWpGpWHUPLQpSDUXQHQTXrWH
pOHFWURPDJQpWLTXHGXOLHXSRXUUDLWrWUHSOXVEDVVHGXQLYHDX
GHFRQIRUPLWpGDQVFKDTXHLQWHUYDOOHGHIUpTXHQFHE2QSHXW
YpUL¿HUXQHLQWHUIpUHQFHHQSUR[LPLWpG¶DSSDUHLOVPDUTXpVSDU
OHV\PEROHVXLYDQW
5HPDUTXHV
j0+]HW0+]ODJDPPHGHIUpTXHQFHODSOXVpOHYpHV¶DSSOLTXH
FHVVSpFL¿FDWLRQVSHXYHQWQHSDVV¶DSSOLTXHUGDQVWRXWHVOHVVLWXDWLRQV/DSURSDJDWLRQpOHFWURPDJQpWLTXHHVWDIIHFWpHSDU
O¶DEVRUSWLRQHWODUpÀH[LRQGHVVWUXFWXUHVGHVREMHWVHWGHVSHUVRQQHV
D/HVIRUFHVGHVFKDPSVpOHFWURPDJQpWLTXHVGHVpPHWWHXUV¿[HVWHOVTXHVWDWLRQVGHEDVHSRXUOHVWpOpSKRQHV
SRUWDEOHVFHOOXODLUHVVDQV¿OUDGLRVPRELOHVUDGLRVDPDWHXUpPLVVLRQVUDGLRV$0)0HWpPLVVLRQV79QHSHXYHQW
rWUHGpWHUPLQpHVDYHFH[DFWLWXGHSDUODWKpRULH3RXUpYDOXHUO¶HQYLURQQHPHQWpOHFWURPDJQpWLTXHG€DX[pPHWWHXUV
¿[HV5)XQHPHVXUHG¶HQYLURQQHPHQWpOHFWURPDJQpWLTXHGRLWrWUHHIIHFWXpH6LODIRUFHPHVXUpHGXFKDPS5)GDQV
O¶HQYLURQQHPHQWLPPpGLDWG¶XWLOLVDWLRQGHOD6WDUOLJKWSURH[FqGHOHQLYHDXGHFRQIRUPLWp5)VSpFL¿pFLGHVVXVLOHVW
QpFHVVDLUHGHWHVWHUOHVSHUIRUPDQFHVGHOD6WDUOLJKWSURSRXUYpUL¿HUTX¶HOOHVVRQWFRQIRUPHVDX[
VSpFL¿FDWLRQV6LGHVSHUIRUPDQFHVDQRUPDOHVVRQWFRQVWDWpHVGHVPHVXUHVDGGLWLRQQHOOHVSHXYHQWrWUH
QpFHVVDLUHVFRPPHGHUpRULHQWHURXGpSODFHUOD6WDUOLJKWSUR
E'DQVODJDPPHGHIUpTXHQFHN+]j0+]OHVIRUFHVGHVFKDPSVpOHFWURPDJQpWLTXHVGRLYHQWrWUH
LQIpULHXUHVj9P
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
'LVWDQFHVGHVpSDUDWLRQUHFRPPDQGpHVHQWUHDSSDUHLOVGHUDGLRFRPPXQLFDWLRQSRUWDWLIVHWPRELOHVHW
OD6WDUOLJKWSUR
6WDUOLJKWSURHVWFRQoXHSRXUIRQFWLRQQHUGDQVXQPLOLHXpOHFWURPDJQpWLTXHRVRQWVRXVFRQWU{OHOHVGpUDQ
JHPHQWVLUUDGLpV5)/HFOLHQWRXO¶RSpUDWHXUGHOD6WDUOLJKWSURSHXYHQWFRQWULEXHUjSUpYHQLUOHVLQWHUIpUHQFHV
pOHFWURPDJQpWLTXHVHQDVVXUDQWXQHGLVWDQFHPLQLPXPHQWUHOHVDSSDUHLOVGH
FRPPXQLFDWLRQPRELOHVHWSRUWDWLIVj5)WUDQVPHWWHXUVHWOD6WDUOLJKWSURFRPPHUHFRPPDQGp
FLGHVVRXVSDUUDSSRUWjODSXLVVDQFHGHVRUWLHPD[LPXPGHVDSSDUHLOVGHUDGLRFRPPXQLFDWLRQ
3XLVVDQFHQRPLQDOH
PD[GHO¶pPHWWHXU
³:´
'LVWDQFHGHVpSDUDWLRQHQIRQFWLRQGHODIUpTXHQFHGHO¶pPHWWHXU³P´
N+]j0+]
G ¥3
0+]j0+]
G ¥3
0+]j*+]
G ¥3
FR
3RXUOHVWUDQVPHWWHXUVjSXLVVDQFHQRPLQDOHPD[LPXPGHVRUWLHFLGHVVXVQRQLQGLTXpHODGLVWDQFHGH
VpSDUDWLRQUHFRPPDQGpHGHQPqWUHVPSHXWrWUHFDOFXOpHHQXWLOLVDQWO¶pTXDWLRQDSSOLFDEOHjODIUpTXHQFH
GXWUDQVPHWWHXUR3HVWODSXLVVDQFHPD[LPXPQRPLQDOHGHVRUWLHGXWUDQVPHWWHXUHQ:DWW:VHORQOH
FRQVWUXFWHXUGXWUDQVPHWWHXU
5HPDUTXHV
$0+]HW0+]V¶DSSOLTXHO¶LQWHUYDOOHGHODIUpTXHQFHSOXVpOHYpH
&HVLQGLFDWLRQVSRXUUDLHQWQHSDVrWUHDSSOLTXpHVGDQVWRXWHVOHVVLWXDWLRQV/DSURSDJDWLRQ
pOHFWURPDJQpWLTXHHVWLQÀXHQFpHSDUO¶DEVRUSWLRQHWSDUODUpÀH[LRQGHVVWUXFWXUHVGHVREMHWVHWGHV
SHUVRQQHV
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
*DUDQWLH
7RXVOHVDSSDUHLOV0HFWURQDYDQWOHXUFRPPHUFLDOLVDWLRQVRQWVRXPLVjXQFRQWU{OH¿QDOVRLJQHX[
TXLYpUL¿HOHXUSDUIDLWHIRQFWLRQQDOLWp
0HFWURQ9RXVJDUDQWLWVHVSURGXLWVTXLRQWpWpDFKHWpVSDUXQ5HYHQGHXURXXQ,PSRUWDWHXU
0HFWURQFRQWUHWRXWGpIDXWGXPDWpULHORXG¶XVLQDJHVXUXQHSpULRGHGH752,6$16jSDUWLUGH
ODGDWHGHO¶DFKDW
3HQGDQWODSpULRGHGHYDOLGLWpGHODJDUDQWLH0HFWURQV¶HQJDJHjUpSDUHURXjVRQFKRL[j
UHPSODFHUJUDWXLWHPHQWOHVSDUWLHVTX¶HOOHUpSXWHUDLWLPSDUIDLWHV
/HUHPSODFHPHQWLQWpJUDOGHVSURGXLWV0HFWURQHVWH[FOXV
0HFWURQQ¶HVWSDVUHVSRQVDEOHG¶HQGRPPDJHPHQWVpYHQWXHOVGLUHFWVRXLQGLUHFWVGHWRXWJHQUH
RXVRUWHTXHGHVSHUVRQQHVRXGHVREMHWVSRXUUDLHQWVXELUSHQGDQWO¶XWLOLVDWLRQGHVSURGXLWV
0HFWURQFDXVpVVL
O¶DSSDUHLOQ¶HVWSDVXWLOLVpVHORQOHVGHVWLQDWLRQVSRXUOHVTXHOVLOHVWSUpYX
O¶DSSDUHLOQ¶HVWSDVXWLOLVpVHORQOHVLQGLFDWLRQVFRQWHQXHVGDQVFHPDQXHO
OHV\VWqPHpOHFWULTXHGXPLOLHXRO¶DSSUHLOHVWXWLOLVpQ¶HVWSDVFRQIRUPHDX[QRUPHVHQ
YLJXHXUHWjVHVSUHVFULSWLRQV
OHVRSpUDWLRQVG¶DVVHPEODJHOHVH[WHQVLRQVUpJODJHVPRGL¿FDWLRQVHWUpSDUDWLRQVVRQW
HIIHFWXpVSDUSHUVRQQHOQRQDXWRULVpHSDU0HFWURQ
/HVFRQGLWLRQVGXPLOLHXROHPDWpULHOHVWFRQVHUYpHWVWRFNpQHVHFRQIRUPHQWSDVDX[
SUHVFULSWLRQVLQGLTXpHVGDQVODVHFWLRQ'RQQpHVWHFKQLTXHV
/DJDUDQWLHQHFRXYUHSDVOHVFDVVXUHVDFFLGHQWHOOHVGXHVDXWUDQVSRUWRXjXQHXWLOLVDWLRQ
LQFRUUHFWHjODQpJOLJHQFHRXHQFRUHjFDXVHGXEUDQFKHPHQWjXQHWHQVLRQGLIIpUHQWHGHFHOOH
TXLHVWSUpYXHVRQWpJDOHPHQWH[FOXVOHVYR\DQWVOHVERXWRQVHWWRXVOHVDFFHVVRLUHV
/DJDUDQWLHGpFKRvWORUVTXHO¶DSSDUHLODpWpDOWpUpRXUpSDUpSDUXQSHUVRQQHOQRQDJUpp
$77(17,21
/DJDUDQWLHHVWYDODEOHXQLTXHPHQWVLOHFRXSRQGX&HUWL¿FDWGHJDUDQWLHOLYUpDYHFOHSURGXLWDpWp
UHPSOLHQWLqUHPHQWHWUpH[SpGLWjQRWUHVLqJHRXpYHQWXHOOHPHQWDX5HYHQGHXURXjO¶,PSRUWDWHXU
0HFWURQTXLSUHQGUDVRLQGHQRXVIDLUHDYRLUODJDUDQWLHGDQVXQGpODLGH9,1*7-2856
jSDUWLUGHODGDWHG¶DFKDW/HGRFXPHQWG¶DFFRPSDJQHPHQWODIDFWXUHpPLVSDUOH5HYHQGHXU
,PSRUWDWHXU0HFWURQIDLVDQWIRLGHFHGpODL
3RXUEpQp¿FLHUGX6HUYLFHGHJDUDQWLHOHFOLHQWGRLWUHQGUHO¶DSSDUHLOjUpSDUHUjVHVIUDLVDX
5HYHQGHXU,PSRUWDWHXU0HFWURQTXLOHOXLDYHQGX
/¶DSSDUHLOGRLWrWUHUHQGXFRQYHQDEOHPHQWHPEDOOpVLSRVVLEOHGDQVO¶HPEDOODJHRULJLQDO
DFFRPSDJQpGHWRXVOHVDFFHVVRLUHVHWG¶XQH¿FKHLQGLTXDQWOHVUHQVHLJQHPHQWVVXLYDQWV
D 'RQQpHVGXSURSULpWDLUH\FRPSULVVRQQXPpURGHWpOpSKRQH
E 'RQQpHVGX5HYHQGHXU,PSRUWDWHXU
F 3KRWRFRSLHGXGRFXPHQWG¶DFFRPSDJQHPHQWGHODIDFWXUHG¶DFKDWGHO¶DSSDUHLOGHODSDUWGX
SURSULpWDLUH
G 'HVFULSWLRQGXG\VIRQFWLRQQHPHQW
/HWUDQVSRUWHWOHVHQGRPPDJHPHQWVFDXVpVSDUOHWUDQVSRUWQHVRQWSDVSULVVRXVJDUDQWLH
(QFDVGHSDQQHVGXHVjXQHXWLOLVDWLRQLPSURSUHRXHQFDVGHJDUDQWLHSpULPpHOHVUpSDUDWLRQV
GHV
SURGXLWV0HFWURQVHURQWDWWULEXpHVVHORQOHFR€WHIIHFWLIGHVPDWpULDX[HWGHODPDLQG¶RHXYUH
HPSOR\pV
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
FR
/HVGRQQpHVHWDXWUHVLQIRUPDWLRQVUHSRUWpHVGDQVODSUpVHQWHQRWLFHSHXYHQWrWUHPRGL¿pHVVDQVSUpDYLV
VWDUOLJKWSURQRWLFHG¶XWLOLVDWLRQHWG¶HQWUHWLHQ
6XPDULR
,QWURGXFFLyQ 3UHPLVD 'HVFULSFLyQGHODSDUDWR 'HVWLQRGHXVRGHODSDUDWR 3UHVFULSFLRQHVGHVHJXULGDG 'DWRVGHLGHQWL¿FDFLyQ 'DWRVGH,GHQWL¿FDFLyQ 3ODFDGHLGHQWL¿FDFLyQGHODHVWDFLyQGHUHFDUJD 3ODFDGHLGHQWL¿FDFLyQGHODSLH]DGHPDQR6WDUOLJKWSUR (QVD\R (QVD\RGHODSDUDWR (QWUHJD (QWUHJDGHODSDUDWR /LVWDGHPDWHULDOHVVXPLQLVWUDGRVGHVHULH ,QVWDODFLyQ 3UHVFULSFLRQHVGHVHJXULGDGHQODIDVHGHLQVWDODFLyQ 'HVFULSFLyQGHORVPDQGRV\GHODVVHxDOL]DFLRQHV &RQH[LyQGHODSDUDWR %DWHUtD %DWHUtDQXHYD3ULPHUDUHFDUJD 6HxDOGHEDWHUtDEDMD 6HxDOGHEDWHUtDDJRWDGD 6HxDOGHEDWHUtDDYHULDGD 6XEVWLWXFLyQGHODEDWHUtD 3UHVFULSFLRQHVGHVHJXULGDGSDUDODEDWHUtD 8VR &RQH[LyQGHORVDFFHVRULRV 3UHVFULSFLRQHVGHVHJXULGDGGXUDQWHODIDVHGHXVR ,QVWUXFFLRQHVSDUDHOXVR 0HGLFLyQGHODLQWHQVLGDGOXPLQRVD 6LVWHPDGH3URWHFFLyQGH6HJXULGDG (VWDFLyQGHUHFDUJDOHGDPDULOOREDWWHU\HQFHQGLGR /LPSLH]DGHVLQIHFFLyQHVWHULOL]DFLyQ /LPSLH]D\GHVLQIHFFLyQGHOFKDVLVGHODHVWDFLyQGHUHFDUJD /LPSLH]D\GHVLQIHFFLyQGHODSLH]DGHPDQR6WDUOLJKWSUR 3URFHGLPLHQWRVGHHVWHULOL]DFLyQ /LPSLH]DGHVLQIHFFLyQ\HVWHULOL]DFLyQGHOD¿EUDySWLFD /LPSLH]DGHVLQIHFFLyQ\HVWHULOL]DFLyQGHODSURWHFFLyQySWLFD 0RGDOLGDG\SUHFDXFLRQHVSDUDODHOLPLQDFLyQ 6tPERORV 6ROXFLyQGHORVLQFRQYHQLHQWHV 'DWRVWpFQLFRV /(',QIRUPDFLRQHVVREUHODUDGLDFLyQHPLWLGD &RPSDWLELOLGDGHOHFWURPDJQpWLFD(1 *DUDQWtD VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
,QWURGXFFLyQ
3UHPLVD
/HHUDWHQWDPHQWHHVWHPDQXDODQWHVGHSURFHGHUDODVRSHUDFLRQHVGHLQVWDODFLyQHPSOHR
PDQWHQLPLHQWRXRWUDVLQWHUYHQFLRQHVHQHODSDUDWR
7HQHUVLHPSUHDODOFDQFHGHODPDQRHOSUHVHQWHPDQXDO
,PSRUWDQWH3DUDHYLWDUGDxRVDSHUVRQDVRDFRVDVOHHUFRQSDUWLFXODUDWHQFLyQWRGRVORV
SiUUDIRV³3UHVFULSFLRQHVGHVHJXULGDG´SUHVHQWHVHQHOPDQXDO
6HJ~QHOJUDGRGHJUDYHGDGODVSUHVFULSFLRQHVGHVHJXULGDGKDQVLGRFODVL¿FDGDVFRQODV
VLJXLHQWHVLQGLFDFLRQHV
! 3(/,*525HIHUHQWHVLHPSUHDGDxRVODVSHUVRQDV
! $7(1&,Ï15HIHUHQWHDSRVLEOHVGDxRVDFRVDV
(OREMHWRGHOSUHVHQWHPDQXDOHVSRQHUHQFRQRFLPLHQWRGHORSHUDGRUODVSUHVFULSFLRQHVGH
VHJXULGDGORVSURFHGLPLHQWRVGHLQVWDODFLyQODVLQVWUXFFLRQHVSDUDXQXVRFRUUHFWR\XQFRUUHFWR
PDQWHQLPLHQWRGHODSDUDWR
(OXVXDULRQRHVWiDXWRUL]DGRSRUQLQJ~QPRWLYRDPDQLSXODUHODSDUDWR
3DUDFXDOTXLHUDQRPDOtDGLULJLUVHDXQ&HQWURGH$VLVWHQFLD0HFWURQ
&XDOTXLHULQWHQWRGHPDQLSXODFLyQPRGL¿FDFLyQSRUSDUWHGHOXVXDULRRGHSHUVRQDOQRDXWRUL]DGR
DQXODODJDUDQWtD\H[LPHDOD(PSUHVD&RQVWUXFWRUDGHFXDOTXLHUUHVSRQVDELOLGDGSRUGDxRVD
SHUVRQDVRFRVDV
/DVLQIRUPDFLRQHVHLOXVWUDFLRQHVGHHVWHPDQXDOHVWiQDFWXDOL]DGDVHQODIHFKDGHHGLFLyQTXHVH
LQGLFDHQOD~OWLPDSiJLQD
/D0(&7521HVWiHPSHxDGDHQXQDFRQWLQXDDFWXDOL]DFLyQGHVXVSURGXFWRVFRQSRVLEOHV
PRGL¿FDFLRQHVDORVFRPSRQHQWHVGHODSDUDWR(QHOFDVRVHKDOOHQGLVFRUGDQFLDVHQWUHFXiQWR
GHVFULWRHQHOSUHVHQWHPDQXDO\ODLQVWUXPHQWDFLyQHQYXHVWURSRGHUOHVURJDPRVVROLFLWDU
PD\RUHVGHWDOOHVDVXUHSUHVHQWDQWHGH9HQWDVRDO6HUYLFLRGH3RVYHQWDVGH0(&7521
6HSURKLEHHOXVRGHOSUHVHQWHPDQXDOSDUDREMHWLYRVGLIHUHQWHVGHDTXpOORVHVWULFWDPHQWH
UHODFLRQDGRVFRQODLQVWDODFLyQHOHPSOHR\HOPDQWHQLPLHQWRGHODSDUDWR
'HVFULSFLyQGHODSDUDWR
³6WDUOLJKWSUR´HVXQDSDUDWRSDUDSROLPHUL]DUORVFRPSXHVWRVIRWRHQGXUHFLHQWHV&RPRIXHQWH
OXPLQRVDVHXWLOL]DXQGLRGROHGPRQRFURPiWLFRGHDOWtVLPDH¿FLHQFLDFRQORQJLWXGGHRQGD
GRPLQDQWHHQWUHQP\QP
3RUORWDQWRFRQWUDULDPHQWHDODVERPELOODVKDOyJHQDVWUDGLFLRQDOHVWRGDODOX]HPLWLGDSRU
³6WDUOLJKWSUR´HV~WLOSDUDODDFWLYDFLyQGHOIRWRLQLFLDGRUFDQIRURTXLQRQD(VWRSHUPLWHFRQVHJXLU
ySWLPRVUHVXOWDGRVGHSROLPHUL]DFLyQFRQSRWHQFLDVFODUDPHQWHLQIHULRUHV\VLQHPLVLRQHVGHFDORU
/DOX]HPLWLGDSRUHOGLRGRHVWiDGHPiVIRFDOL]DGDVREUHOD¿EUDySWLFDPHGLDQWHXQHOHPHQWR
ySWLFRFRQIRUPDHVWXGLDGDHVSHFt¿FDPHQWH
(ODSDUDWRVHFRPSRQHGHXQDHVWDFLyQGHUHFDUJD\GHXQDSLH]DGHPDQRDOLPHQWDGDSRUXQD
EDWHUtDDOOLWLRLyQUHFDUJDEOH
³6WDUOLJKWSUR´SHUPLWHGHRSHUDUFRQGRVPRGDOLGDGHVGHHPLVLyQ
(PLVLyQFRQLQWHQVLGDGFRQVWDQWH)$67GXUDFLyQGHOFLFORVHJXQGRV
(PLVLyQFRQLQWHQVLGDGJUDGXDO6/2:5,6(GXUDFLyQGHOFLFORVHJXQGRV
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
'HVWLQRGHXVRGHODSDUDWR
3ROLPHUL]DFLyQGHPDWHULDOHVGHQWDOHVIRWRHQGXUHFLHQWHVFRQIRWRLQLFLDGRUDFWLYDEOHHQODEDQGD
GH
ORQJLWXGGHRQGDLQFOXLGDHQWUHQPFRQSLFRHVWULFWRDQP
$XQTXHODPD\RUSDUWHGHORVFRPSXHVWRVVHDFWLYDQHQHVWHLQWHUYDORGHORQJLWXGGHRQGDHQ
FDVRGHGXGDVWRPDUFRPRUHIHUHQFLDORVGDWRVWpFQLFRVGHOFRPSXHVWR
(ODSDUDWRGHEHVHUXWLOL]DGRHQHVWXGLRRDPEXODWRULRRGRQWROyJLFRGyQGHQRH[LVWDXQDDWPyVIHUD
LQÀDPDEOHPH]FODVDQHVWpVLFDVR[tJHQRHWF
3UHVFULSFLRQHVGHVHJXULGDG
0HFWURQQRVHKDFHUHVSRQVDEOHSRUGDxRVGLUHFWRVRLQGLUHFWRVDSHUVRQDVRFRVDVHQORV
VLJXLHQWHVFDVRV
(ODSDUDWRQRHVHPSOHDGRVHJ~QHOGHVWLQRGHXVRSDUDHOFXDOKDVLGRSUHYLVWR
(ODSDUDWRQRHVXWLOL]DGRFRQIRUPHDWRGDVODVLQVWUXFFLRQHV\SUHVFULSFLRQHVGHVFULWDVHQHO
SUHVHQWHPDQXDO
/DLQVWDODFLyQHOpFWULFDGHORVORFDOHVGRQGHVHXWLOL]DHODSDUDWRQRHVFRQIRUPHDODVQRUPDV
YLJHQWHV\DODVSUHVFULSFLRQHVFRUUHVSRQGLHQWHV
/DVRSHUDFLRQHVGHHQVDPEODMHH[WHQVLRQHVUHJXODFLRQHVPRGL¿FDFLRQHV\UHSDUDFLRQHVVRQ
HIHFWXDGDVSRUSHUVRQDOQRDXWRUL]DGRSRU0HFWURQ
/DVFRQGLFLRQHVDPELHQWDOHVGHFRQVHUYDFLyQ\DOPDFHQDMHGHODSDUDWRQRVRQFRQIRUPHVD
ODVSUHVFULSFLRQHVLQGLFDGDVHQODVHFFLyQGDWRVWpFQLFRV
! $7(1&,Ï11RVHDGPLWHQLQJXQDPRGL¿FDFLyQGHHVWHDSDUDWR
! $7(1&,Ï1/DLQVWDODFLyQHOpFWULFDGHORVORFDOHVGRQGHVHXWLOL]DHODSDUDWRGHEHVHU
FRQIRUPHDODVQRUPDVYLJHQWHV\DODVSUHVFULSFLRQHVFRUUHVSRQGLHQWHV
! 3(/,*523HUVRQDOFDOL¿FDGR\HVSHFLDOL]DGR
(ODSDUDWRWLHQHTXHVHUXWLOL]DGRH[FOXVLYDPHQWHSRUSHUVRQDOHVSHFLDOL]DGR\RSRUWXQDPHQWH
HQWUHQDGR(OHPSOHRGHODSDUDWRQRSURGXFHHIHFWRVFRODWHUDOHVVLVHXWLOL]DFRUUHFWDPHQWH
! 3(/,*52'HVWLQRGHXVR
(PSOHDUHODSDUDWRH[FOXVLYDPHQWHSDUDHOGHVWLQRGHXVRSDUDHOFXDOKDVLGRSUHYLVWRYHUSiUUDIR
³´/DIDOWDGHFXPSOLPHQWRGHHVWDSUHVFULSFLyQSXHGHSURYRFDUJUDYHVOHVLRQHVDOSDFLHQWH
DORSHUDGRU\GDxRVDYHUtDVDOGLVSRVLWLYR
! 3(/,*52&RQWUDLQGLFDFLRQHV
1RXWLOL]DUQXQFDHODSDUDWRHQSDFLHQWHVSRUWDGRUHVGHPDUFDSDVRV3DFHPDNHUXRWURV
DSDUDWRVHOHFWUyQLFRVLPSODQWDEOHV(VWDSUHVFULSFLyQYDOHWDPELpQSDUDHORSHUDGRU
! 3(/,*52$SXQWDUHOKD]GHOX]GLUHFWDPHQWHVREUHHOPDWHULDODSROLPHUL]DU
1RVRPHWHUQXQFDODHQFtDXRWURVWHMLGRVEODQGRVDOKD]GHOX]HYHQWXDOPHQWHSURWHJHU
DGHFXDGDPHQWHHVWDVSDUWHV(OHIHFWRGHODOX]GHEHOLPLWDUVHDODFDYLGDGRUDO\DOVHFWRUTXHYD
DVHUVRPHWLGRDWUDWDPLHQWRFOtQLFR
! 3(/,*521RRULHQWDUQXQFDHOKD]OXPLQRVRHQGLUHFFLyQGHORVRMRV
(OHIHFWRGHODOX]GHEHVHUOLPLWDGRDODFDYLGDGRUDO\DOVHFWRUTXHYDDVHUVRPHWLGRD
WUDWDPLHQWRFOtQLFR
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
! 3(/,*52&RQWUDLQGLFDFLRQHV
1RHPSOHDUQXQFDHODSDUDWRHQSDFLHQWHVFRQKLVWRULDOFOtQLFRSRVLWLYRDORVHVWtPXORVOXPLQRVRV
SRUHMHPSORHQODXUWLFDULDVRODU\RSRUItULDVHWFRTXHHVWpQEDMRWUDWDPLHQWRFRQPHGLFLQDOHV
IRWRVHQVLELOL]DQWHV(QWRGRVORVFDVRVGHSRVLEOHULHVJRFRQVXOWDUHOPpGLFRHVSHFLDOLVWD
! 3(/,*52&RQWUDLQGLFDFLRQHV
$GRSWDUUtJLGDVPHGLGDVGHVHJXULGDGSDUDORVSDFLHQWHVVRPHWLGRVDLQWHUYHQFLRQHVTXLU~UJLFDV
GHFDWDUDWD\SRUORWDQWRSDUWLFXODUPHQWHVHQVLEOHVDODOX]SRUHMHPSORJDIDVGHSURWHFFLyQTXH
¿OWUHQODOX]D]XO
! 3(/,*52&RQWUDLQGLFDFLRQHV
/RVSDFLHQWHVFX\RKLVWRULDOFOtQLFRPXHVWUDSDWRORJtDVGHODUHWLQDWLHQHQTXHFRQVXOWDU
SUHYLDPHQWHDORFXOLVWDSDUDUHFLELUODDXWRUL]DFLyQDOWUDWDPLHQWRFRQHO6WDUOLJKWSUR
! 3(/,*52/LPSLH]DGHVLQIHFFLyQHVWHULOL]DFLyQGHORVSURGXFWRVQXHYRVRUHSDUDGRV
$QWHVGHOWUDWDPLHQWRWRGRVORVSURGXFWRVQXHYRVRUHSDUDGRVGHEHQOLPSLDUVHGHVLQIHFWDUVH\VL
HVSRVLEOHHVWHULOL]DUVHHQDXWRFODYHVLJXLHQGRHVFUXSXORVDPHQWHODVLQVWUXFFLRQHVLQGLFDGDVHQHO
FDStWXOR³´
! 3(/,*52&RQWUROGHODVLQIHFFLRQHV
3DUDODPi[LPDVHJXULGDGGHOSDFLHQWH\HORSHUDGRUDQWHVGHFDGDWUDWDPLHQWROLPSLDU
GHVLQIHFWDU\HVWHULOL]DUOD¿EUDySWLFD\ODSURWHFFLyQySWLFD6HJXLUHVFUXSXORVDPHQWHODV
LQVWUXFFLRQHVLQGLFDGDVHQHOFDStWXOR³´
! 3(/,*528WLOL]DUH[FOXVLYDPHQWHDFFHVRULRV\UHSXHVWRVRULJLQDOHV0HFWURQ
! 3(/,*52&RQWUROGHOHVWDGRGHOGLVSRVLWLYRDQWHVGHOWUDWDPLHQWR
$QWHVGHFDGDWUDWDPLHQWRFRQWURODUVLHPSUHHOSHUIHFWRIXQFLRQDPLHQWRGHODSDUDWR\ODH¿FLHQFLD
GHORVDFFHVRULRV(QHOFDVRVHFRPSUXHEHQDQRPDOtDVGHIXQFLRQDPLHQWRQRHIHFWXDUHO
WUDWDPLHQWR'LULJLUVHDOD$VLVWHQFLD7pFQLFDDXWRUL]DGDVLODVDQRPDOtDVVHUH¿HUHQDODSDUDWR
! 3(/,*521RLQVWDODUHODSDUDWRHQOXJDUHVGyQGHH[LVWHHOULHVJRGHH[SORVLRQHV
(ODSDUDWRQRGHEHRSHUDUHQDPELHQWHVGyQGHVHHQFXHQWUDQSUHVHQWHVDWPyVIHUDVLQÀDPDEOHV
PH]FODVDQHVWpVLFDVR[tJHQRHWF
! 3(/,*521RXWLOL]DUODHVWDFLyQGHUHFDUJDSDUDUHFDUJDURWURVWLSRVGHEDWHUtDVR
DSDUDWRVFRQEDWHUtDVUHFDUJDEOHV
! $7(1&,Ï19ROYHUDFDUJDUODEDWHUtDXWLOL]DQGRH[FOXVLYDPHQWHODHVWDFLyQGHUHFDUJD
0HFWURQ)LJ5HI$1RLQWHQWHODUHFDUJDFRQFDUJDGRUHVGHEDWHUtDVSDUDXVRJHQHUDO
+D\SHOLJURGHH[SORVLyQ\GHLQFHQGLRV
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
'DWRVGHLGHQWL¿FDFLyQ
'DWRVGH,GHQWL¿FDFLyQ
8QDGHVFULSFLyQH[DFWDGHOPRGHOR\GHOQ~PHURGHVHULHGHODSDUDWRIDFLOLWDUiUHVSXHVWDVUiSLGDV
\H¿FDFHVGHSDUWHGHQXHVWUR6HUYLFLR3RVYHQWD
&RPXQLTXHVLHPSUHHVWRVGDWRVFDGDYH]TXHVHSRQHHQFRQWDFWRFRQXQFHQWURGH$VLVWHQFLD
WpFQLFR0HFWURQ
3ODFDGHLGHQWL¿FDFLyQGHODHVWDFLyQGHUHFDUJD
&DGDHVWDFLyQGHUHFDUJDHVWiGRWDGDGHXQDSODFDGHLGHQWL¿FDFLyQ)LJHQODFXDOVHLQGLFDQ
ODVFDUDFWHUtVWLFDVWpFQLFDV\HOQ~PHURGHVHULH/DSODFDGHLGHQWL¿FDFLyQHVWiVLWXDGDGHEDMRGHO
DSDUDWR/RVGDWRVUHVWDQWHVVHHQFXHQWUDQHQHOSUHVHQWHPDQXDOYHUVHFFLyQ³´
)LJ
3ODFDGHLGHQWL¿FDFLyQGHODSLH]DGHPDQR6WDUOLJKWSUR
(OQ~PHURGHVHULHGHODSLH]DGHPDQR6WDUOLJKWSURHVWDJUDEDGRVREUHODFDUFDVDSUy[LPDDOOD
DEUD]DGHUDGHDFHURSRVWHULRU)LJ5HI$
$
)LJ
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
(QVD\R
(QVD\RGHODSDUDWR
7RGRVORVDSDUDWRVSURGXFLGRVSRU0(&7521VRQFRQWURODGRVULJXURVDPHQWH\HQVD\DGRVHQ
FDGDXQRGHVXVFRPSRQHQWHV
'XUDQWHGLFKRHQVD\RORVFRPSRQHQWHVVRQVRPHWLGRVDXQDVHULHGHFLFORVGHWUDEDMR
(QHVWDIDVHVHLGHQWL¿FDFXDOTXLHUIXQFLRQDPLHQWRGHIHFWXRVR
(VWHSURFHGLPLHQWRJDUDQWL]DXQSURGXFWRIXQFLRQDQWH\¿DEOHHQWRGRVVXVFRPSRQHQWHV
(QWUHJD
(QWUHJDGHODSDUDWR
(OHPEDODMHGHODSDUDWRWHPHORVLPSDFWRVIXHUWHVSRUTXHFRQWLHQHSLH]DVHOHFWUyQLFDV/XHJRHO
WUDQVSRUWH\HODOPDFHQDMHGHEHQHIHFWXDUVHFRQXQFXLGDGRSDUWLFXODU
7RGRHOPDWHULDOGHVSDFKDGRSRU0(&7521KDVLGRFRQWURODGRDOPRPHQWRGHOHQYtR
(ODSDUDWRVHHQWUHJDDGHFXDGDPHQWHSURWHJLGR\HPSDTXHWDGR
$OUHFLELUHODSDUDWRFRQWURODUFXDOTXLHUGDxRTXHpVWHKD\DVXIULGRGXUDQWHHOWUDQVSRUWH\HQFDVR
D¿UPDWLYRFRPXQLFDUHOUHFODPRDOWUDQVSRUWLVWD
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
/LVWDGHPDWHULDOHVVXPLQLVWUDGRVGHVHULH
(VWDFLyQGHUHFDUJD6WDUOLJKWSUR)LJ5HI$
3LH]DGHPDQR6WDUOLJKWSURFRQEDWHUtDUHFDUJDEOHOLWLRLyQ)LJ5HI%
)LEUDySWLFD)LJ5HI&
3URWHFFLyQySWLFD)LJ5HI'
&DEOHGHDOLPHQWDFLyQHOpFWULFDSDUDHVWDFLyQGHUHFDUJD)LJ5HI(
'LFKDGRWDFLyQSXHGHYDULDUHQFDVRGHFDPSDxDVSURPRFLRQDOHV
'
&
%
$
(
)LJ
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
,QVWDODFLyQ
3UHVFULSFLRQHVGHVHJXULGDGHQODIDVHGHLQVWDODFLyQ
! 3(/,*52/DLQVWDODFLyQHOpFWULFDGHORVORFDOHVGRQGHVHLQVWDOD\VHXWLOL]DHODSDUDWRGHEH
VHUFRQIRUPHDODVQRUPDVYLJHQWHV\ODVFRUUHVSRQGLHQWHVSUHVFULSFLRQHVGHVHJXULGDGHOpFWULFD
! 3(/,*521RLQVWDODUHODSDUDWRHQOXJDUHVGyQGHH[LVWHHOULHVJRGHH[SORVLyQ(ODSDUDWRQR
GHEHIXQFLRQDUHQiUHDVGyQGHH[LVWHQDWPyVIHUDVLQÀDPDEOHVRPH]FODVDQHVWpVLFDVR[tJHQR
HWF
! 3(/,*52,QVWDODUHODSDUDWRHQXQOXJDUSURWHJLGRFRQWUDJROSHVRVDOSLFDGXUDVGHDJXD
DFFLGHQWDOHVRGHRWURVOtTXLGRV
! 3(/,*521RLQVWDODUHODSDUDWRVREUHRFHUFDGHIXHQWHVGHFDORU3UHYHUHQODLQVWDODFLyQ
XQDDGHFXDGDFLUFXODFLyQGHDLUHDOUHGHGRUGHODSDUDWR
! 3(/,*521RSRQHUHQFRUWRFLUFXLWRORVFRQWDFWRVHOpFWULFRVGHODHVWDFLyQGHUHFDUJDFRQ
REMHWRVPHWiOLFRV)LJ5HI%QLWRFDUFRQODVPDQRVFXDQGRHODSDUDWRHVWiHQFHQGLGR
! $7(1&,Ï1(ODSDUDWRHVWUDQVSRUWDEOHSHURWLHQHTXHVHUPDQHMDGRFRQFXLGDGRFXDQGRHV
GHVSOD]DGR
! $7(1&,Ï11RH[SRQHUHODSDUDWRDODOX]GLUHFWDGHOVRORDIXHQWHVGHOX]89
'HVFULSFLyQGHORVPDQGRV\GHODV
VHxDOL]DFLRQHV
'HVFULSFLyQGHORVPDQGRV)LJ
'
5HI$
)XQFLyQ
/HGYHUGHSRZHU
,QGLFDTXHODHVWDFLyQGHUHFDUJDHVWi
DOLPHQWDGD
5HI%
)XQFLyQ
/HGEDWWHU\
9HUGH,QGLFDTXHODEDWHUtDGHOD6WDUOLJKW
SURHVWiHQIDVHGHUHFDUJD
$PDULOOR,QGLFDTXHODEDWHUtDGHOD
6WDUOLJKWSURHVWiDYHULDGD
5HI&
)XQFLyQ
5HI'
)LJ
$
)XQFLyQ
/HGWHVW
9HUGH,QGLFDODLQWHQVLGDGOXPLQRVD
DGHFXDGDSDUDXQDWHUDSLDH¿FD]
$PDULOOR,QGLFDLQWHQVLGDGOXPLQRVD
LQVX¿FLHQWH
3XOVDGRUGHDFWLYDFLyQ\GHLQWHUUXSFLyQ
GHODHPLVLyQOXPLQRVD
$FWLYDRLQWHUUXPSHXQFLFORGH
SROLPHUL]DFLyQ
% &
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
'HVFULSFLyQGHODVVHxDOHVGHODHVWDFLyQGHUHFDUJD7DEOD
/HGYHUGH
3RZHU
/HG%DWWHU\
9HUGH$PDULOOR
3RVLFLyQ6WDUOLJKW
SURHQODHVWDFLyQGH
UHFDUJD
)XQFLyQ
(QFHQGLGR
$SDJDGR
$SDJDGR
1RFRQHFWDGR
(VWDFLyQGHUHFDUJDDOLPHQWDGD
(QFHQGLGR
(QFHQGLGR
$SDJDGR
&RQHFWDGR
%DWHUtDHQIDVHGHUHFDUJD
(QFHQGLGR
$SDJDGR
$SDJDGR
&RQHFWDGR
)DVHGHUHFDUJDFRQFOXLGD
%DWHUtDFDUJDGD
(QFHQGLGR
$SDJDGR
(QFHQGLGR
&RQHFWDGR
%DWHUtDDYHULDGD
(QFHQGLGR
$SDJDGR
(QFHQGLGR
1RFRQHFWDGR
&RQWDFWRVHOpFWULFRVHVWDFLyQGH
UHFDUJDHQFRUWRFLUFXLWR
! $7(1&,Ï1QRPDQXPLWLUORVFRQWDFWRVHOpFWULFRVGHODHVWDFLyQGHUHFDUJD
/DHVWDFLyQGHUHFDUJDUHFRQRFHHOHVWDGRGHODEDWHUtD6LGHVSXpVGHXQRVFLFORVGHH[SRVLFLyQ
ODEDWHUtDQRHVWiVX¿FLHQWHPHQWHGHVFDUJDGDLQWURGXFLHQGRODSLH]DGHPDQRHQODHVWDFLyQGH
UHFDUJDHOOHGYHUGHEDWWHU\QRVHHQFLHQGH(VRHVQRUPDO
'HVFULSFLyQVHxDOHVDF~VWLFDVGHODSLH]DGHPDQR7DEOD
)XQFLyQ
0DQGRGHO3XOVDGRU
6HxDODF~VWLFD
3ROLPHUL]DFLyQ)$67
3XOVDGRUSUHVLRQDGR
EUHYHPHQWH
EHHSDOFRPLHQ]RGHODH[SRVLFLyQ
EHHSDO¿QDOGHODH[SRVLFLyQGH6HJ
3ROLPHUL]DFLyQ6/2:
5,6(
3XOVDGRUSUHVLRQDGRSRU
PHQRVGHVHJXQGRV
EHHSDOLQLFLR\%HHSWUDQVFXUULGRVORV
VHJXQGRV
EHHSGHVSXpVGHVHJGHH[SRVLFLyQ
EHHSDOWHUPLQDUODH[SRVLFLyQ
,QWHUUXSFLyQGHOFLFORGH
H[SRVLFLyQ
3XOVDGRUSUHVLRQDGREUHYH
PHQWHGXUDQWHODH[SRVLFLyQ
EHHS
6HxDOGHEDWHUtDEDMD
(QHUJtDUHVLGXDVX¿FLHQWH
SDUDUHDOL]DU&LFORV
6HxDOL]DFLyQGHEDWHUtD
DJRWDGD
EHHSDO¿QDOL]DUHOFLFORGHH[SRVLFLyQ
3XOVDGRUSUHVLRQDGRSDUD
3ROLPHUL]DFLyQ)$676/2:
5,6(
6HxDOL]DFLyQGH
LQWHUYHQFLyQGH
SURWHFFLyQWpUPLFD
EHHSQLQJXQDHPLVLyQGHOX]
EHHSGXUDQWHHOFLFORGHH[SRVLFLyQHLQWHUUXS
FLyQGHOIXQFLRQDPLHQWR
&RQH[LyQGHODSDUDWR
3DUDTXHHODSDUDWRTXHGHRSHUDWLYRHVQHFHVDULR
&RORFDUODHVWDFLyQGHUHFDUJDVREUHXQDVXSHU¿FLHOODQD
,QWURGXFLUHOFDEOHGHDOLPHQWDFLyQGHODHQHUJtDHOpFWULFD)LJ5HI(HQODFRQH[LyQSXHVWD
HQODSDUWHSRVWHULRUGHODSDUDWR)LJ5HI$\OXHJRHQODWRPDGHSDUHG/HGYHUGHSRZHU
HQFHQGLGR)LJ5HI$
! $7(1&,Ï1&RPSUREDUTXHODWHQVLyQ\IUHFXHQFLDGHODOtQHDGHDOLPHQWDFLyQHOpFWULFD
FRUUHVSRQGDDORVYDORUHVLQGLFDGRVHQODSODFDGHLGHQWL¿FDFLyQSXHVWDGHEDMRGHODHVWDFLyQ
GHUHFDUJD
! 3(/,*52&RQWURODUSHULyGLFDPHQWHHOHVWDGRGHOFDEOHGHDOLPHQWDFLyQHOpFWULFDTXHGHEH
HVWDUVLHPSUHHQSHUIHFWRHVWDGR&XDQGRHVWiDYHULDGRVXVWLWXLUORFRQUHFDPELRVRULJLQDOHV
0HFWURQ
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
%
$
)LJ
%DWHUtD ES
6WDUOLJKWSURHVDOLPHQWDGRSRUXQDEDWHUtDOLWLRLyQUHFDUJDEOH\DLQWHJUDGDGHQWURGHODSLH]DGH
PDQRVLQHIHFWRPHPRULD
(O6WDUOLJKWSURHVWiGRWDGRGHGRVPLFURSURFHVDGRUHVTXHFRQWLQXDPHQWHFRQWURODQ\PDQWLHQHQ
HQFRQGLFLRQHVySWLPDVORVSDUiPHWURVGHFDUJD\GHVFDUJDGHODEDWHUtD3RUORWDQWRODSLH]DGH
PDQRSXHGHVHULQWURGXFLGD\PDQWHQLGDHQODHVWDFLyQGHUHFDUJDDO¿QDOL]DUFDGDWUDWDPLHQWR
FXDOTXLHUDVHDHOHVWDGRGHFDUJDGHODEDWHUtD
%DWHUtDQXHYD3ULPHUDUHFDUJD
127$/DEDWHUtDGHO6WDUOLJKWSURHVVXPLQLVWUDGDGHVHULHSDUFLDOPHQWHFDUJDGD
3DUDFDUJDUFRPSOHWDPHQWHODEDWHUtD
,QWURGXFLUODSLH]DGHPDQRHQHODVLHQWRGHODHVWDFLyQGHUHFDUJD)LJ5HI%(OOHGYHUGH
EDWWHU\VHHQFLHQGH)LJ5HI%
/DIDVHGHUHFDUJDVHFRQFOX\HFXDQGRHOOHGYHUGHEDWWHU\VHDSDJD
6HxDOGHEDWHUtDEDMD
&XDQGRGHVSXpVGHXQHPSOHRIUHFXHQWHGHO6WDUOLJKWSURODFDUJDGHODEDWHUtDEDMDDOQLYHO
PtQLPRHOPLFURSURFHVDGRUSHUPLWHHMHFXWDUD~QH[SRVLFLRQHV)$67R6/2:5,6(VLQ
QHFHVLGDGGHUHFDUJDUODEDWHUtD
(OHVWDGRGHEDWHUtDEDMDVHLQGLFDDO¿QDOL]DUFDGDXQRGHORVFLFORVFRQEHHS
$OWHUPLQDUORVFLFORVODSLH]DGHPDQRSDVDDODFRQGLFLyQGHEDWHUtDGHVFDUJDGDYHUSiUUDIR
³´
3RQHUHO6WDUOLJKWSURHQODHVWDFLyQGHUHFDUJD
6HxDOGHEDWHUtDDJRWDGD
/DEDWHUtDGHO6WDUOLJKWSURHVWiDJRWDGDFXDQGRDOSUHVLRQDUHOLQWHUUXSWRUQRKD\HPLVLyQGHOX]
\DOPLVPRWLHPSRVHHPLWHXQDVHxDODF~VWLFDGHEHHS/XHJRSRQHUHQUHFDUJDODEDWHUtD
,QWURGXFLUODSLH]DGHPDQRHQHODVLHQWRGHODHVWDFLyQGHUHFDUJD)LJ5HI%
(OOHGYHUGHEDWWHU\VHHQFLHQGH)LJ5HI%
/DIDVHGHUHFDUJDVHFRQFOX\HFXDQGRHOOHGYHUGHEDWWHU\VHDSDJD
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
6HxDOGHEDWHUtDDYHULDGD
6LHOOHG$PDULOOREDWWHU\FKHFN)LJ5HI&VLWXDGRHQODHVWDFLyQGHUHFDUJDHVWiHQFHQGLGR
VLJQL¿FDTXHODEDWHUtDHVWiDYHULDGD
127$(VWDFRQGLFLyQGHDYHUtDLQKDELOLWDHOIXQFLRQDPLHQWRGHODHVWDFLyQGHUHFDUJD3DUD
UHVWDEOHFHUODFRUUHFWDRSHUDWLYLGDGGHODHVWDFLyQGHUHFDUJD
4XLWDUODSLH]DGHPDQRGHODHVWDFLyQGHUHFDUJD
'HVFRQHFWDUSRUDOJXQRVLQVWDQWHVODDOLPHQWDFLyQHOpFWULFDGHODHVWDFLyQGHUHFDUJD
GHVFRQHFWDUHOFDEOHGHUHG7RGRVORVOHGDSDJDGRV
$OLPHQWDUGHQXHYRODHVWDFLyQGHUHFDUJD/HGYHUGHSRZHUHQFHQGLGR
6XEVWLWXFLyQGHODEDWHUtD
3DUDUHHPSOD]DUODEDWHUtDSRQJDVHHQFRQWDFWRFRQHO6HUYLFLRDVLVWHQFLD0HFWURQ
3UHVFULSFLRQHVGHVHJXULGDGSDUDODEDWHUtD
/DEDWHUtDSXHGHFDXVDUGDxRVDREMHWRV\RSURYRFDUOHVLRQHVSHUVRQDOHVWDOHVFRPR
TXHPDGXUDVVLORVPDWHULDOHVFRQGXFWRUHVFRPRMR\DVOODYHVRJDUJDQWLOODVGHJUDQRVHQWUDQHQ
FRQWDFWRFRQORVWHUPLQDOHVH[SXHVWRV(OPDWHULDOFRQGXFWRUSXHGHFHUUDUXQFLUFXLWRHOpFWULFR
FRUWRFLUFXLWR\SRQHUVHPX\FDOLHQWH$GTXLULUODFRVWXPEUHGHPDQHMDUFRQFXLGDGRHODSDUDWR
HQSDUWLFXODUPRGRFXDQGRpVWHVHJXDUGDHQXQEROVLOORHQXQEROVRRHQRWURFRQWHQHGRUFRQ
REMHWRVPHWiOLFRVHQVXLQWHULRU
! 3(/,*521RSRQHUHQFRUWRFLUFXLWRORVFRQWDFWRVHOpFWULFRVGHODSLH]DGHPDQRFRQ
REMHWRVPHWiOLFRVROtTXLGRV)LJ5HI$5HI%
! 3(/,*521RGHMDUODEDWHUtDDODOFDQFHGHORVQLxRV
! $7(1&,Ï18WLOL]DUVRODPHQWHEDWHUtDVRULJLQDOHV0HFWURQ
3DUDUHHPSOD]DUODEDWHUtDSRQJDVHHQFRQWDFWRFRQHO6HUYLFLRDVLVWHQFLD0HFWURQ
! $7(1&,Ï19ROYHUDFDUJDUODEDWHUtDXWLOL]DQGRH[FOXVLYDPHQWHODHVWDFLyQGHUHFDUJD
0HFWURQ)LJ5HI$1RLQWHQWHODUHFDUJDFRQFDUJDGRUHVGHEDWHUtDVSDUDXVRJHQHUDO
+D\SHOLJURGHH[SORVLyQ\GHLQFHQGLRV
! $7(1&,Ï1/DEDWHUtDWLHQHTXHVHUUHFLFODGDRHOLPLQDGDGHPRGRDGHFXDGRVHJ~QODV
QRUPDVOHJDOHVYLJHQWHV/DEDWHUtDQRWLHQHTXHVHUWLUDGDMXQWRFRQORVGHVHFKRVQRUPDOHV
GHODFLXGDG(OXVXDULRHVUHVSRQVDEOHSRUORVGDxRVFDXVDGRVHQFDVRGHODHOLPLQDFLyQ
LPSURSLDGHODEDWHUtD
! $7(1&,Ï11RXWLOL]DUODEDWHUtDFRQREMHWLYRVGLIHUHQWHVGHDTXpOORVSUHVFULWRV
! $7(1&,Ï11RDEULUSHUIRUDURDSODVWDUODEDWHUtDSRUTXHFRQWLHQHVXVWDQFLDVWy[LFDV
! $7(1&,Ï11RTXHPDUQLH[SRQHUODEDWHUtDDDOWDVWHPSHUDWXUDVULHVJRGHH[SORVLyQ
! $7(1&,Ï11RSRQHUHQFRUWRFLUFXLWRORVWHUPLQDOHVGHODEDWHUtDH[LVWHHOULHVJRGH
TXHPDGXUDV\GHLQFHQGLR
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
8VR
&RQH[LyQGHORVDFFHVRULRV
! 3(/,*52&RQWUROGHOHVWDGRGHODSDUDWRDQWHVGHOWUDWDPLHQWR
$QWHVGHFXDOTXLHUWUDWDPLHQWRFRQWURODUVLHPSUHHOSHUIHFWRIXQFLRQDPLHQWRGHODSDUDWR\OD
H¿FLHQFLDGHORVDFFHVRULRV(QHOFDVRHQTXHVHLGHQWL¿TXHQDQRPDOtDVGHIXQFLRQDPLHQWRQR
HMHFXWDUHO
WUDWDPLHQWR&RQVXOWDUHO6HUYLFLRGH$VLVWHQFLD7pFQLFDDXWRUL]DGRVLVHSUHVHQWDQDQRPDOtDVHQ
HODSDUDWR
! 3(/,*52&RQWUROGHLQIHFFLRQHV
3DUDREWHQHUODPi[LPDVHJXULGDGGHOSDFLHQWH\GHORSHUDGRUDQWHVGHFDGDWUDWDPLHQWR
OLPSLDUGHVLQIHFWDU\HVWHULOL]DUOD¿EUDySWLFD\ODSURWHFFLyQySWLFD6HJXLUHVFUXSXORVDPHQWHODV
LQVWUXFFLRQHVLQGLFDGDVDOFDStWXOR³´
3DUDSRGHUXWLOL]DUHO6WDUOLJKWSURHVQHFHVDULRHIHFWXDUODFRQH[LyQGHORVVLJXLHQWHVDFFHVRULRV
,QWURGXFLUPDQXDOPHQWHOD¿EUDySWLFDHQODSLH]DGHPDQRUHDOL]DQGRXQDOLJHUDSUHVLyQ\
FRQXQPRYLPLHQWRJLUDWRULRKDVWDTXHHVWHQRVHHQFXHQWUHSHUIHFWDPHQWHHQFDMDGRHQVX
OXJDU
,QWURGXFLUPDQXDOPHQWHODSURWHFFLyQySWLFDVREUHOD¿EUDySWLFD
$
)LJ
%
3UHVFULSFLRQHVGHVHJXULGDGGXUDQWHODIDVHGHXVR
! 3(/,*521RRULHQWDUQXQFDHOKD]OXPLQRVRKDFLDORVRMRV
! 3(/,*52$QWHVGHFDGDFLFORGHH[SRVLFLyQFRQWURODUTXHOD¿EUDySWLFDHVWp
FRQHFWDGDFRUUHFWDPHQWHDWRSHHQODSLH]DGHPDQR
! 3(/,*52$QWHVGHFDGDFLFORGHH[SRVLFLyQYHUL¿FDUVLHPSUHODSUHVHQFLDGHOD
SURWHFFLyQySWLFDHQHOH[WUHPR¿QDOGHOD¿EUDySWLFD
! 3(/,*52$SXQWDUHOKD]GHOX]GLUHFWDPHQWHDOPDWHULDOTXHVHYDDSROLPHUL]DU
1RVRPHWHUODHQFtDXRWURVWHMLGRVEODQGRVDOKD]GHOX]HYHQWXDOPHQWHSURWHJHUDGHFXDGDPHQWH
HVWDVSDUWHV(OHIHFWRGHODOX]GHEHOLPLWDUVHDODFDYLGDGRUDO\DOVHFWRUTXHVHYDDVRPHWHUDO
WUDWDPLHQWRFOtQLFR
! 3(/,*521RSRQHUHQFRUWRFLUFXLWRORVFRQWDFWRVHOpFWULFRVGHODSLH]DGHPDQRFRQ
REMHWRVPHWiOLFRVROtTXLGRV)LJ5HI$5HI%
! $7(1&,Ï1(QORVSULPHURVVHJXQGRVGHH[SRVLFLyQHYLWDUHOFRQWDFWRGHOD¿EUDySWLFD
FRQHOPDWHULDODSROLPHUL]DU
'HSyVLWRVGHFRPSXHVWRDGKHULGRV\SROLPHUL]DGRVVREUHODVXSHU¿FLHWHUPLQDOGHOD¿EUDySWLFD
GLVPLQX\HQODWUDQVPLVLyQGHODOX]\SRUORWDQWRDIHFWDQDODVSROLPHUL]DFLRQHVVXFHVLYDV
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
! $7(1&,Ï15HHPSOD]DUOD¿EUDySWLFDGDxDGDRQRH¿FLHQWHHQFXiQWRODLQWHQVLGDGGH
ODOX]VHUHGXFHFRQVLGHUDEOHPHQWH
,QVWUXFFLRQHVSDUDHOXVR
(O6WDUOLJKWSURSHUPLWHGHHPSOHDUWLSRVGHH[SRVLFLyQ
)$67WLHPSRGHH[SRVLFLyQVHJXQGRVDODPi[LPDLQWHQVLGDGGHOX]
6/2:5,6(WLHPSRGHH[SRVLFLyQVHJXQGRVFRQDXPHQWRJUDGXDOGHODLQWHQVLGDG
OXPLQRVD
GXUDQWHORVSULPHURVVHJXQGRVKDVWDHOYDORUPi[LPR
6HOHFFLyQH[SRVLFLyQ)$67
3UHVLRQDUEUHYHPHQWHHOSXOVDGRUGHODSLH]DGHPDQR)LJ5HI'SDUDLQLFLDUHOFLFORGH
H[SRVLFLyQ)$676HHPLWHXQDVHxDODF~VWLFDEHHS
7UDQVFXUULGRVVHJXQGRVVHHPLWHXQDVHxDODF~VWLFDEHHS(OFLFOR)$67KDWHUPLQDGR
6HOHFFLyQH[SRVLFLyQ6/2:5,6(
0DQWHQHUSUHVLRQDGRGXUDQWHVHJXQGRVHOSXOVDGRUGHODSLH]DGHPDQR)LJ5HI'
SDUDLQLFLDUHOFLFORGHH[SRVLFLyQ6/2:5,6(6HHPLWHXQDVHxDODF~VWLFDDOFRPLHQ]R\
WUDQVFXUULGRVORVVHJXQGRVRWUDVHxDOSDUDFRQ¿UPDUHOLQLFLRGHOFLFOR6/2:5,6(
7UDQVFXUULGRVVHJXQGRVVHHPLWHXQDVHxDODF~VWLFDGHEHHS
7UDQVFXUULGRVVHJXQGRVVHHPLWHXQDVHxDODF~VWLFD(OFLFOR6/2:5,6(KDWHUPLQDGR
EHHS
$OWHUPLQDUHOWUDWDPLHQWRUHSRQHUODSLH]DGHPDQR6WDUOLJKWSURHQODHVWDFLyQGHUHFDUJD
)LJ5HI%
127$,QWHUUXSFLyQGHOFLFOR
(OFLFORGHH[SRVLFLyQWDQWRHQODPRGDOLGDG)$67FRPRHQ6/2:5,6(SXHGHLQWHUUXPSLUVHHQ
FXDOTXLHULQVWDQWHSUHVLRQDQGRHOSXOVDGRUGHODSLH]DGHPDQR)LJ5HI'
127$([SRVLFLRQHVVXFHVLYDV
$O¿QDOGHFDGDH[SRVLFLyQHVSRVLEOHHIHFWXDUYDULRVFLFORVVXFHVLYRVDFFLRQDQGRGHYH]HQYH]
HOSXOVDGRUGHODSLH]DGHPDQR)LJ5HI'
3DUDXQDFRQVXOWDUiSLGDGHODVVHxDOL]DFLRQHVGHIXQFLRQDPLHQWRYHUODVWDEODV\
0HGLFLyQGHODLQWHQVLGDGOXPLQRVD
3DUDGHWHUPLQDUVLODLQWHQVLGDGOXPLQRVDHVVX¿FLHQWH
$SR\DUOD¿EUDySWLFD)LJ5HI$HQSODQRVLQSUHVLRQDUGLUHFWDPHQWHHQODVXSHU¿FLHGHO
VHQVRUGHLQWHQVLGDG)LJ5HI%
(QFHQGHUODOiPSDUDSUHVLRQDQGRHOSXOVDGRU)LJ5HI&
(OOHGWHVW)LJ5HI'LQGLFDUiHOÀXMROXPLQRVR~WLOPHGLGR
9HUGH ÀXMROXPLQRVRDGHFXDGRSDUDWHUDSLDH¿FD]
$PDULOOR ÀXMROXPLQRVRLQVX¿FLHQWH
! $7(1&,Ï1VLQRKD\XQÀXMROXPLQRVR~WLOVX¿FLHQWHQRHMHFXWDUHOWUDWDPLHQWRHQHOSDFLHQWH
\HIHFWXDUORVVLJXLHQWHVFRQWUROHV
9HUL¿FDUTXHOD¿EUDySWLFDHVWpFRUUHFWDPHQWHLQVHUWDGDHQODSLH]DGHPDQR
&RQWURODUTXHOD¿EUDySWLFDQRHVWpVXFLD/LPSLDUOD¿EUDySWLFDYHUHOSiUUDIR/LPSLH]D
GHVLQIHFFLyQ\HVWHULOL]DFLyQGHOD¿EUDySWLFD
&RQWURODUTXHOD¿EUDySWLFDQRHVWpGDxDGDHYHQWXDOPHQWHVXVWLWXLUODFRQXQDQXHYD
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
&
$
%
)LJ
ES
'
6LHVWDVSURYLGHQFLDVQROOHYDQDXQDPHMRUDGHODVSUHVWDFLRQHVSRQHUHODSDUDWRIXHUDGH
VHUYLFLRGHVFRQHFWiQGRORGHODUHGHOpFWULFD\FRQWURODUTXHQRSXHGDSRQHUVHQXHYDPHQWHHQ
IXQFLyQHQIRUPDDEXVLYD+DFHUUHSDUDUHODSDUDWRHQXQFHQWURGHDVLVWHQFLD0HFWURQ
6LVWHPDGH3URWHFFLyQGH6HJXULGDG
(QHOFDVRGHHPSOHRVH[WUHPDGDPHQWHSHVDGRVFRQSHUtRGRVGHH[SRVLFLyQODUJRV\UHSHWHWLYRV
LQWHUYLHQHDXWRPiWLFDPHQWHXQDSURWHFFLyQWpUPLFD\VHHPLWHXQDVHxDODF~VWLFDGHEHHS/D
LQWHUYHQFLyQGHODSURWHFFLyQLQKLEHWHPSRUDOPHQWHHOHPSOHRGHODOiPSDUDSRUDOJXQRVPLQXWRV
(VWDFLyQGHUHFDUJDOHGDPDULOOREDWWHU\HQFHQGLGR
(OOHGDPDULOOREDWWHU\FKHFNGHODHVWDFLyQGHUHFDUJDLQGLFD
%DWHUtDDYHULDGDYHUSiUUDIR
&RQWDFWRVGHODHVWDFLyQGHUHFDUJDHQFRUWRFLUFXLWR
(QHOVHJXQGRFDVRSDUDUHVWDEOHFHUODFRUUHFWDRSHUDWLYLGDGGHODHVWDFLyQGHUHFDUJD
'HVFRQHFWDUODDOLPHQWDFLyQHOpFWULFDGHODHVWDFLyQGHUHFDUJD7RGRVORVOHGDSDJDGRV
(OLPLQDUODFDXVDGHOFRUWRFLUFXLWR
$OLPHQWDUGHQXHYRODHVWDFLyQGHUHFDUJD/HGYHUGHSRZHUHQFHQGLGR
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
/LPSLH]DGHVLQIHFFLyQHVWHULOL]DFLyQ
/LPSLH]D\GHVLQIHFFLyQGHOFKDVLVGHODHVWDFLyQGHUHFDUJD
! 3(/,*52$SDJDUODHVWDFLyQGHUHFDUJD
'HVFRQHFWDUODHVWDFLyQGHUHFDUJDGHODWRPDGHDOLPHQWDFLyQHOpFWULFDDQWHVGHUHDOL]DUODV
LQWHUYHQFLRQHVGHOLPSLH]D\GHGHVLQIHFFLyQ
! 3(/,*52&KDVLVGHODHVWDFLyQGHOUHFDUJDQRSURWHJLGRFRQWUDODSHQHWUDFLyQGH
OtTXLGRV
! 3(/,*52/DHVWDFLyQGHUHFDUJDQRHVHVWHULOL]DEOH
! 3(/,*52'XUDQWHODVDFWLYLGDGHVGHOLPSLH]DQRPRG¿FDUORVFRQWDFWRVHOpFWULFRVTXL
HVWiQHQODHVWDFLyQGHUHFDUJD)LJ5LI%
! 3(/,*521RURFLDUOtTXLGRVGLUHFWDPHQWHVREUHODVXSHU¿FLH\FRQWDFWRVHOpFWULFRVGH
ODHVWDFLyQGHUHFDUJD'HVSXpVGHFDGDWUDWDPLHQWRKDJDORVLJXLHQWH
5HWLUDUODSLH]DGHPDQRGHODHVWDFLyQGHUHFDUJD
/LPSLDUODVXSHU¿FLHGHODHVWDFLyQGHUHFDUJDFRQXQSDxROLPSLRVXDYH\FRQEDMR
GHVSUHQGLPLHQWRGH¿EUDVKXPHGHFLGRFRQXQDVROXFLyQGHWHUJHQWHS+\VLHVQHFHVDULR
GHVLQIHFWDUFRQXQDVROXFLyQGHVLQIHFWDQWHQRDJUHVLYDFRQS+QHXWURS+VLJXLHQGRODV
LQVWUXFFLRQHVSURSRUFLRQDGDVSRUHOIDEULFDQWHGHODVROXFLyQ
6HFDUHOFXHUSRGHODHVWDFLyQGHUHFDUJDFRQXQSDxROLPSLRQRDEUDVLYR\FRQEDMR
GHVSUHQGLPLHQWRGH¿EUDVDQWHVGHDOLPHQWDUODHVWDFLyQGHUHFDUJD$VHJXUDUVHVREUHWRGR
TXHORVFRQWDFWRVHOpFWULFRVHVWpQELHQVHFRV
127$6ROXFLRQHVGHVLQIHFWDQWHVDEDVHGHDJXDHOS+QHXWURHVWiQDOWDPHQWHDFRQVHMDGDV
$OJXQDVVROXFLRQHVGHVLQIHFWDQWHVGHEDVHDOFRKyOLFDSXHGHQVHUQRFLYDV\GDxDUORVPDWHULDOHV
SOiVWLFRV
/LPSLH]D\GHVLQIHFFLyQGHODSLH]DGHPDQR6WDUOLJKWSUR
! 3(/,*52/DSLH]DGHPDQRQRHVWiSURWHJLGRFRQWUDODSHQHWUDFLyQGHOtTXLGRV
! 3(/,*521RSRQHUHQFRUWRFLUFXLWRORVFRQWDFWRVHOpFWULFRVGHODSLH]DGHPDQRFRQ
REMHWRVPHWiOLFRVROtTXLGRV
! 3(/,*52/DSLH]DGHPDQRQRHVHVWHULOL]DEOH
! 3(/,*521RURFLDUOtTXLGRVGLUHFWDPHQWHVREUHODVXSHU¿FLHVREUHHOFRQR\VREUHORV
FRQWDFWRVHOpFWULFRVGHODSLH]DGHPDQR'HVSXpVGHFDGDWUDWDPLHQWRKDJDORVLJXLHQWH
5HWLUDUOD¿EUDySWLFD\ODSURWHFFLyQySWLFDGHODSLH]DGHPDQR
/LPSLDUODVXSHU¿FLHGHODSLH]DGHPDQRFRQXQSDxROLPSLRVXDYH\FRQEDMR
GHVSUHQGLPLHQWRGH¿EUDVKXPHGHFLGRFRQXQDVROXFLyQGHWHUJHQWHS+\VLHVQHFHVDULR
GHVLQIHFWDUFRQXQDVROXFLyQGHVLQIHFWDQWHQRDJUHVLYDFRQS+QHXWURS+VLJXLHQGRODV
LQVWUXFFLRQHVSURSRUFLRQDGDVSRUHOIDEULFDQWHGHODVROXFLyQ
6HFDUHOFXHUSRGHODHVWDFLyQGHUHFDUJDFRQXQSDxROLPSLRQRDEUDVLYR\FRQEDMR
GHVSUHQGLPLHQWRGH¿EUDVDQWHVGHXWLOL]DUODSLH]DGHPDQR\GHFRORFDUORHQODHVWDFLyQGH
UHFDUJD$VHJXUDUVHVREUHWRGRTXHORVFRQWDFWRVHOpFWULFRVHVWpQELHQVHFRV
127$6ROXFLRQHVGHVLQIHFWDQWHVDEDVHGHDJXDHOS+QHXWURHVWiQDOWDPHQWHDFRQVHMDGDV
$OJXQDVVROXFLRQHVGHVLQIHFWDQWHVGHEDVHDOFRKyOLFDSXHGHQVHUQRFLYDV\GDxDUORVPDWHULDOHV
SOiVWLFRV
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
3URFHGLPLHQWRVGHHVWHULOL]DFLyQ
! $7(1&,Ï1/OHYDUDFDERODHVWHULOL]DFLyQXWLOL]DQGRH[FOXVLYDPHQWHDXWRFODYHFRQ
YDSRUGHDJXDFRQXQDWHPSHUDWXUDPi[LPDGHž&GXUDQWHPLQXWRV
1RXVHQLQJ~QRWURSURFHGLPLHQWRGHHVWHULOL]DFLyQFDORUVHFRLUUDGLDFLyQy[LGRGHHWLOHQRJDV
SODVPDDEDMDWHPSHUDWXUDHWF
! 3(/,*52/DSLH]DGHPDQRQRHVHVWHULOL]DEOH
! 3(/,*52&RQWUROGHODVLQIHFFLRQHV3DUWHVHVWHULOL]DEOHV
3DUDHYLWDUODLQIHFFLyQSRUEDFWHULDVRYLUXVVLHPSUHOLPSLDU\HVWHULOL]DUGHVSXpVGHFDGD
WUDWDPLHQWRGHORVVLJXLHQWHVFRPSRQHQWHV
)LEUDySWLFD
3URWHFFLyQySWLFD
(VWRVFRPSRQHQWHVHVWiQIDEULFDGRVFRQPDWHULDOHVTXHVRSRUWDQXQDWHPSHUDWXUDPi[LPDGH
ƒ&GXUDQWHXQWLHPSRPi[LPRGHPLQXWRV
/RVSURFHVRVGHHVWHULOL]DFLyQ6$/HQDXWRFODYHGHYDSRUVHOOHYDQDFDERFRQORV
SDUiPHWURVTXHVHLQGLFDQDFRQWLQXDFLyQ
YHFHV3UHYDFXP
7HPSHUDWXUDGHHVWHULOL]DFLyQƒ&LQWHUYDORƒ&·ƒ&
7LHPSRGHHVWHULOL]DFLyQGHPLQXWRV
7LHPSRGHVHFDGRPtQLPRGHPLQXWRV
7RGDVODVIDVHVGHHVWHULOL]DFLyQVHUiQUHDOL]DGDVSRUHORSHUDGRUFRQIRUPHFRQODVQRUPDV
81,(1,62\81,(1
127$3DUDODGHVLQIHFFLyQQRXVDUDJXDR[LJHQDGDVRORGHVLQIHFWDQWHVGHS+QHXWURHQMXDJDU
VLHPSUHFRQDJXDHVWpULO
! 3(/,*527HUPLQDGDVODVRSHUDFLRQHVGHOLPSLH]DDQWHVGHODHVWHULOL]DFLyQEDMRXQD
DGHFXDGDIXHQWHGHOX]OOHYDUDFDERXQDFRPSUREDFLyQGHWRGRVORVDUWtFXORVFRQHVSHFLDO
DWHQFLyQDORVGHWDOOHVTXHSRGUtDQRFXOWDUUHVLGXRVGHVXFLHGDGURVFDVUDQXUDVVXUFRV\VL
IXHUDQHFHVDULROOHYDUDFDERXQFLFORGHOLPSLH]D5HYLVDUSRU~OWLPRODLQWHJULGDGGHODVSDUWHV\
ORVHOHPHQWRVTXHSRGUtDQKDEHUVHGHWHULRUDGRSRUHOXVR
/LPSLH]DGHVLQIHFFLyQ\HVWHULOL]DFLyQGHOD¿EUDySWLFD
! $7(1&,Ï11RXWLOL]DULQVWUXPHQWRVFRUWDQWHVSDUDOLPSLDUOD¿EUDySWLFD
5HDOL]DUODVVLJXLHQWHVRSHUDFLRQHV
(OLPLQDUUHVWRVGHFRPSXHVWRVSROLPHUL]DGRVGHODVXSHU¿FLHGHOD¿EUDySWLFDFRQDOFRKRO
'HVLQIHFWDUODVXSHU¿FLHFRQXQSDxRKXPHGHFLGRFRQXQDVROXFLyQGHWHUJHQWHGHVLQIHFWDQWH
QRDJUHVLYDTXHFRQWHQJDS+QHXWURS+
6HFDU
6HOODUOD¿EUDySWLFDLQGLYLGXDOPHQWHHQXQDEROVDPRQRXVR
(VWHULOL]DUOD¿EUDySWLFDHQDXWRFODYH
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
/LPSLH]DGHVLQIHFFLyQ\HVWHULOL]DFLyQGHODSURWHFFLyQySWLFD
! $7(1&,Ï11RXWLOL]DULQVWUXPHQWRVFRUWDQWHVSDUDOLPSLDUODSURWHFFLyQySWLFD
5HDOL]DUODVVLJXLHQWHVRSHUDFLRQHV
/LPSLDU\GHVLQIHFWDUODVXSHU¿FLHFRQXQSDxRKXPHGHFLGRFRQXQDVROXFLyQ
GHWHUJHQWHGHVLQIHFWDQWHQRDJUHVLYDTXHFRQWHQJDS+QHXWURS+
6HFDU
6HOODUODSURWHFFLyQySWLFDLQGLYLGXDOPHQWHHQXQDEROVDPRQRXVR
(VWHULOL]DUODSURWHFFLyQySWLFDHQDXWRFODYH
0RGDOLGDG\SUHFDXFLRQHVSDUDOD
HOLPLQDFLyQ
! $7(1&,Ï1(OGLVSRVLWLYRFRQWLHQHEDWHUtD/,7,2,21(6/DEDWHUtDGHEHVHUHOLPLQDGD
\WUDWDGDFRPRGHVHFKRGHVWLQDGRDODUHFRJLGDVHSDUDGD
(ODSDUDWRGHEHVHUHOLPLQDGR\WUDWDGRFRPRGHVHFKRGHVWLQDGRDODUHFRJLGDVHSDUDGD
(OFRPSUDGRUWLHQHODIDFXOWDGGHHQWUHJDUHODSDUDWRDO¿QDOGHVXYLGDDOUHYHQGHGRUTXHOH
VXPLQLVWUDXQQXHYRHTXLSRHQ0HFWURQ6S$HVWiQGLVSRQLEOHVODVLQVWUXFFLRQHVSDUDOD
HOLPLQDFLyQ
(OLQFXPSOLPLHQWRGHORVSXQWRVSUHFHGHQWHVSXHGHFRQOOHYDUDXQDVDQFLyQVHJ~QOR
HVWDEOHFLGRSRUODGLUHFWLYDVREUHORV5HVLGXRVGH$SDUDWRV(OpFWULFRV\(OHFWUyQLFRV5$((
! 3(/,*52'HVHFKRVKRVSLWDODULRV
7UDWHFRPRGHVHFKRVKRVSLWDODULRVORVVLJXLHQWHVREMHWRV
)LEUDySWLFDFXDQGRHVWiGHVJDVWDGDRURWD
3URWHFFLyQySWLFDFXDQGRHVWiGHVJDVWDGDRURWD
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
6tPERORV
!
$WHQFLyQOHHUODVLQVWUXFFLRQHV
SDUDHOXVR
1~PHURGHVHULH
,QVWUXFFLRQHVSDUDHOIXQFLRQDPLHQWR
&RGLJRGHSURGXFWR
3DUWHDSOLFDGDGHWLSR³%´GHDFXHUGR
FRQODQRUPDWpFQLFD(1
)DEULFDQWH
$SDUDWRGHFODVH,,
/tPLWHVGHWHPSHUDWXUD
SDUDWUDQVSRUWH\FRQVHUYDFLyQ
&RUULHQWHDOWHUQDGD
/tPLWHVGHKXPHGDG
SDUDWUDQVSRUWH\FRQVHUYDFLyQ
/RVPDWHULDOHVHVWHULOL]DEOHVGHEHQ
VHULQWURGXFLGRVHQDXWRFODYH\
UHVLVWHQWHVKDVWDXQDWHPSHUDWXUD
Pi[LPDGHƒ&
/tPLWHVGHODSUHVLyQ
DWPRVIpULFDSDUDWUDQVSRUWH\
FRQVHUYDFLyQ
0DUFD0(7
(ODSDUDWR\VXVDFFHVRULRVQR
GHEHQVHUHOLPLQDGRV\WUDWDGRV
FRPRGHVHFKRVVyOLGRVXUEDQRV
ES
7.%5#
%0Q &RQIRUPLGDGDODVQRUPDV8/&6$
'
6tPERORGHSHOLJUR
5DGLDFLyQ/('
$SDUDWRFRQIRUPHDODGLUHFWLYD&((
LQFOXLGDVODVQRUPDVWpFQLFDV(1\(1
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
6ROXFLyQGHORVLQFRQYHQLHQWHV
6LHODSDUDWRSDUHFHQRIXQFLRQDUFRUUHFWDPHQWHOHHUQXHYDPHQWHODVLQVWUXFFLRQHV\OXHJR
FRQWURODUODWDEODVLJXLHQWH
6Ë1720$
/DHVWDFLyQGHUHFDUJDQRVH
HQFLHQGHQLQJ~QOHGHVWi
HQFHQGLGR
&$86$326,%/(
62/8&,Ï1
(OFDEOHGHDOLPHQWDFLyQ
HOpFWULFDQRHVWiFRQHFWDGR
FRUUHFWDPHQWH
&RQHFWDUHOFDEOHWDQWRDOD
HVWDFLyQGHUHFDUJDFRPRDOD
WRPDGHSDUHG
(OFDEOHGHDOLPHQWDFLyQ
HOpFWULFDHVWiGHIHFWXRVR
5HHPSOD]DUHOFDEOHGH
DOLPHQWDFLyQHOpFWULFD
/DHVWDFLyQGHUHFDUJDQR
IXQFLRQD
'LULJLUVHDOFHQWURGH
DVLVWHQFLDWpFQLFDDXWRUL]DGR
SRU0(&7521
(OOHGDPDULOOREDWWHU\FKHFN
GHODHVWDFLyQGHUHFDUJDHVWi
HQFHQGLGR
/RVFRQWDFWRVGHODHVWDFLyQ
GHUHFDUJDHVWiQHQ
FRUWRFLUFXLWR
9HUSiUUDIR³´
(OOHGDPDULOOREDWWHU\FKHFN
GHODHVWDFLyQGHUHFDUJDHVWi
HQFHQGLGR
%DWHUtDDYHULDGD
3DUDUHHPSOD]DUODEDWHUtD
SRQJDVHHQFRQWDFWRFRQHO
6HUYLFLRDVLVWHQFLD0HFWURQ
9HUSiUUDIR³´\³´
$OSUHVLRQDUHOSXOVDGRUGHO
6WDUOLJKWSURQRVHWLHQHÀXMR
OXPLQRVR\VHHPLWHXQDVHxDO
DF~VWLFDGHEHHS
%DWHUtDDJRWDGD
5HFDUJDUODEDWHUtD9HU
SiUUDIR³´
$O¿QDOGHOFLFORGHH[SRVLFLyQ
VHHPLWHXQDVHxDODF~VWLFD
GHEHHS
%DWHUtDEDMD
5HFDUJDUODEDWHUtD9HU
SiUUDIR³´
'XUDQWHHOFLFORGHH[SRVLFLyQ
VHHPLWHXQDVHxDODF~VWLFD
GHEHHS\DO¿QDOGHOFLFOR
HO6WDUOLJKWSUR\DQRSHUPLWH
HIHFWXDURWURWUDWDPLHQWR
,QWHUYHQFLyQGHODSURWHFFLyQ
WpUPLFD
8QDXOWHULRUDFWLYDFLyQVyOR
HVSRVLEOHGHVSXpVGHO
HQIULDPLHQWR
/DSROLPHUL]DFLyQHV
LQVX¿FLHQWH
/DVXSHU¿FLHWHUPLQDOGHOD
¿EUDySWLFDHVWiVXFLD
9HUSiUUDIR³´
8QDYH]TXHVHJXDUGDOD
SLH]DGHPDQRHQODHVWDFLyQ
GHUHFDUJDHOOHGYHUGH
EDWWHU\QRVHHQFLHQGH
%DWHUtDQRVX¿FLHQWHPHQWH
GHVFDUJDGD
9HUHOSiUUDIR7DEOD
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
'DWRVWpFQLFRV
(ODSDUDWRHVFRQIRUPHDOD'LU&(( &ODVH,
&ODVL¿FDFLyQVHJ~QORHVWLSXODOD(1 ,,
3DUWHDSOLFDGD7LSR%)LEUDySWLFD
,3(VWDFLyQGHUHFDUJD
,36WDUOLJKWSUR
(VWDFLyQGHUHFDUJD
0RGHOR6WDUOLJKWSUR&+$5*(5
$OLPHQWDFLyQHVWDFLyQGHUHFDUJD
9a+]9$
$OLPHQWDFLyQSLH]DGHPDQR6WDUOLJKWSUR %DWHUtDDO/LWLRLRQHV
7HQVLyQQRPLQDO9
&DSDFLGDGQRPLQDOP$K
3LH]DGHPDQRSDUDIXQFLRQDPLHQWRLQWHUPLWHQWH
´21´2))0i[LPRYHFHVFRQVHFXWLYDV
)XHQWHOXPLQRVD
)LEUDySWLFDHQGRWDFLyQ
([SRVLFLyQ
/HGGHDOWDOXPLQRVLGDGFRQySWLFD
/HGGH&ODVH0,(&
/RQJLWXGGHRQGDGRPLQDQWHQP
3RWHQFLD(PLVLyQ/HG!P:FP
9LGDPHGLDFLFORVGHVHJXQGRV
FDGDXQR
'LiPHWURPP
&RPSRVLFLyQ)LEUDVFRKHUHQWHVH[WUXVLRQDGDV
VREUHIXQGLGDVGHFXDU]R
(VWHULOL]DEOHHQDXWRFODYH7Pi[ƒ&GXUDQWH
PLQXWRVPi[&LFORV
)$677LHPSRGHH[SRVLFLyQVHJXQGRV
6HxDODF~VWLFDGHFRPLHQ]R\¿QDOH[SRVLFLyQ
6/2:5,6(7LHPSRGHH[SRVLFLyQVHJXQGRV
6HxDODF~VWLFDDOFRPLHQ]RGHVSXpVGH
VHJXQGRV\DO¿QDOGHORVVHJXQGRV
3RVLELOLGDGGHLQWHUUXSFLyQRUHSHWLFLyQGHORV
FLFORVHQFDGDLQVWDQWH
7LHPSRGHUHFDUJDGHODEDWHUtDDJRWDGD
$SUR[LPDGDPHQWHKRUDV
&RQGLFLRQHVRSHUDWLYDV
GHƒ&Dƒ&
+XPHGDGUHODWLYDGHD
3UHVLyQGHODLUH3K3DK3D
&RQGLFLRQHVGHWUDQVSRUWH\DOPDFHQDPLHQWR GHƒ&Dƒ&
+XPHGDGUHODWLYDGHD
3UHVLyQGHODLUH3K3DK3D
3HVRV\GLPHQVLRQHV
(VWDFLyQGHUHFDUJD3HVRJ
;;PP
3LH]DGHPDQR6WDUOLJKWSUR3HVRJ
/PP‘Pi[PP
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
/(',QIRUPDFLRQHVVREUHODUDGLDFLyQHPLWLGD
(OGLVSRVLWLYRXWLOL]D/('GHDOWDOXPLQRVLGDG&ODVH0,(&
! 3(/,*52+DFHVGLYHUJHQWHV
1RREVHUYDUODHPLVLyQGHOX]/('FRQLQVWUXPHQWRVySWLFRVFRPRSRUHMHPSORPRQyFXORVOHQWHV
GHDXPHQWRRPLFURVFRSLRVDXQDGLVWDQFLDLQIHULRUDPPSRUTXHSXHGHFRQOOHYDUXQULHVJR
SDUDORVRMRV
! 3(/,*52+DFHVFROLPDGRV
1RREVHUYDUODHPLVLyQGHOX]/('FRQLQVWUXPHQWRVySWLFRVSUR\HFWDGRVSDUDHOHPSOHRD
GLVWDQFLDFRPRSRUHMHPSORWHOHVFRSLRRELQyFXORSRUTXHSXHGHFRQOOHYDUXQULHVJRSDUDORVRMRV
(QHOHPEDODMHGHOGLVSRVLWLYRHVWiQSUHVHQWHVODVHWLTXHWDVFRPRVHLQGLFDHQOD)LJ
/('5$',$7,21
'212767$5(,1727+(%($0259,(:',5(&7/<
:,7+237,&$/,167580(176
&/$660/('352'8&7
,(&$$
0$;32:(5P:
'RPLQDQWZDYHOHQJKW0LQQP0D[QP
)LJ
&RPSDWLELOLGDGHOHFWURPDJQpWLFD(1
! 3(/,*52(ODSDUDWRQHFHVLWDGH(0&\SUHFDXFLRQHVHVSHFLDOHVGHEHQVHULQVWDODGDV\
SXHVWDVHQVHUYLFLRGHDFXHUGRDO(0&\ODLQIRUPDFLyQFRQWHQLGDHQHVWDVHFFLyQ
! 3(/,*52/DVDSDUDWRVGHUDGLRSRUWiWLOHVGHFRPXQLFDFLRQHV\HOPRELOLDULRSXHGHQLQÀXLUHQ
HOEXHQIXQFLRQDPLHQWRGHODSDUDWR
*XtD\GHFODUDFLyQGHOFRQVWUXFWRU(PLVLRQHVHOHFWURPDJQpWLFDV
6WDUOLJKWSURKDVLGRSUHYLVWDSDUDIXQFLRQDUHQHODPELHQWHHOHFWURPDJQpWLFRDEDMRHVSHFL¿FDGR
(OFOLHQWHRHOXVXDULRGH6WDUOLJKWSURGHEHDVHJXUDUVHTXHpVWDVHXVHHQGLFKRDPELHQWH
3UXHEDGHHPLVLyQ
&RQIRUPLGDG
$PELHQWHHOHFWURPDJQpWLFR*XtD
(PLVLRQHV5)
&,635
*UXSR
6WDUOLJKWSURXWLOL]DHQHUJtD5)VyORSDUDVX
IXQFLRQDPLHQWRLQWHUQR3RUORWDQWRVXVHPLVLRQHV5)VRQ
PX\EDMDV\QRUPDOPHQWHQRFDXVDQQLQJXQDLQWHUIHUHQFLDHQ
ORVDSDUDWRVHOHFWUyQLFRVFHUFDQRV
(PLVLRQHV5)
&,635
&ODVH%
(PLVLRQHVDUPyQLFDV
,(&
&ODVH$
6WDUOLJKWSURHVDGHFXDGDSDUDHOXVRHQWRGRVORVHGL¿FLRV
LQFOXLGRVORVHGL¿FLRVGRPpVWLFRV\DTXpOORVGLUHFWDPHQWH
FRQHFWDGRVDODUHGGHDOLPHQWDFLyQS~EOLFDGHEDMDWHQVLyQ
TXHDOLPHQWDHGL¿FLRVSDUDXVRVGRPpVWLFRV
(PLVLRQHVGHÀXFWXDFLRQHV
GHWHQVLyQÀLFNHU
,(&
&RQIRUPH
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
*XtD\GHFODUDFLyQGHOFRQVWUXFWRU,QPXQLGDGHOHFWURPDJQpWLFD
6WDUOLJKWSURKDVLGRSUHYLVWDSDUDIXQFLRQDUHQHODPELHQWHHOHFWURPDJQpWLFRDEDMRHVSHFL¿FDGR
(OFOLHQWHRHOXVXDULRGHO6WDUOLJKWSURGHEHDVHJXUDUVHTXHpVWDVHXVHHQGLFKRDPELHQWH
3UXHEDGH
LQPXQLGDG
1LYHOGHSUXHED
,(&
1LYHOGHFRQIRUPLGDG
$PELHQWH
HOHFWURPDJQpWLFR*XtD
'HVFDUJDV
HOHFWURVWiWLFDV(6'
,(&
“N9GHFRQWDFWR
“N9HQHODLUH
(OGLVSRVLWLYRVLJXH
WUDEDMDQGRFRPRKDVLGR
SUHYLVWR\HQFRQGLFLRQHV
GHVHJXULGDG
/RVVXHORVGHEHQVHUGH
PDGHUDKRUPLJyQRGH
FHUiPLFD6LORVVXHORVHVWiQ
FXELHUWRVGH
PDWHULDOVLQWpWLFROD
KXPHGDGUHODWLYDGHEHVHU
GHSRUORPHQRVHO
7UDQVLVWRUHVWUHQHV
HOpFWULFRVYHORFHV
,(&
“N9ISDUDOtQHDV
GHDOLPHQWDFLyQGH
SRWHQFLD
(OGLVSRVLWLYRVLJXH
WUDEDMDQGRFRPRKDVLGR
SUHYLVWR\HQFRQGLFLRQHV
GHVHJXULGDG
/DFDOLGDGGHODWHQVLyQ
GHUHGGHEHVHUODGHXQ
WtSLFRDPELHQWHFRPHUFLDOX
KRVSLWDODULR
“N9SDUDOtQHDVGH
HQWUDGDVDOLGD
ES
,PSXOVRV
,(&
“N9HQPRGR
GLIHUHQFLDO
“N9HQPRGRFRP~Q
(OGLVSRVLWLYRVLJXH
WUDEDMDQGRFRPRKDVLGR
SUHYLVWR\HQFRQGLFLRQHV
GHVHJXULGDG
/DFDOLGDGGHODWHQVLyQ
GHUHGGHEHVHUODGHXQ
WtSLFRDPELHQWHFRPHUFLDOX
KRVSLWDODULR
+XHFRVGHWHQVLyQ
EUHYHVLQWHUUXSFLRQHV\
YDULDFLRQHVGHWHQVLyQ
HQODVOtQHDVGHHQWUD
GDGHODDOLPHQWDFLyQ
,(&
87!KXHFR
GH87SRUFLFORV
(OGLVSRVLWLYRSXHGHGHV
YLDUVHGHORVUHTXLVLWRV
GHORVQLYHOHVGHLQPXQL
GDGFRQGXUDFLyQ
!VVLHPSUHTXH
HOHTXLSRSHUPDQH]FDHQ
FRQGLFLRQHVGHVHJXUL
GDGQRVH
GHVFXEUDQIDOODV\SXHGD
UHVWDEOHFHUVHDOHVWDGR
SUHWHVWFRQODLQWHUYHQ
FLyQGHORSHUDGRU
/DFDOLGDGGHODWHQVLyQ
GHUHGGHEHVHUODGHXQ
WtSLFRDPELHQWHFRPHUFLDOX
KRVSLWDODULR
(OGLVSRVLWLYRVLJXH
WUDEDMDQGRFRPRKDVLGR
SUHYLVWR\HQFRQGLFLRQHV
GHVHJXULGDG
/RVFDPSRVPDJQpWLFRVFRQ
IUHFXHQFLDGHUHGGHEHQ
WHQHUQLYHOHV
FDUDFWHUtVWLFRVHQXQD
ORFDOLGDGWtSLFDHQDPELHQWH
FRPHUFLDOXKRVSLWDODULR
87KXHFR
GH87SRUFLFORV
87KXHFR
GH87SRUFLFORV
87!KXHFR
GH87SRUV
&DPSRPDJQpWLFRDOD
IUHFXHQFLDGHUHG
+]
,(&
$P
127$87HVODWHQVLyQGHUHGHQFDDQWHVGHODDSOLFDFLyQGHOQLYHOGHSUXHED
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
*XtD\GHFODUDFLyQGHOFRQVWUXFWRU,QPXQLGDGHOHFWURPDJQpWLFD
6WDUOLJKWSURKDVLGRSUHYLVWDSDUDIXQFLRQDUHQHODPELHQWHHOHFWURPDJQpWLFRDEDMRHVSHFL¿FDGR
(OFOLHQWHRHOXVXDULRGH6WDUOLJKWSURGHEHDVHJXUDUVHTXHpVWDVHXVHHQGLFKRDPELHQWH
3UXHEDGH
LQPXQLGDG
1LYHOGHSUXHED
,(&
1LYHOGH
FRQIRUPLGDG
(OHFWURPDJQHWLFHQYLURQPHQW*XLGDQFH
/RVDSDUDWRVGHFRPXQLFDFLyQGH5)SRUWiWLOHV\
PyYLOHVQRGHEHQXVDUVHFHUFDGHQLQJXQDSDUWH
GHOSURGXFWRLQFOXLGRVORVFDEOHVH[FHSWRFXDQGR
UHVSHWDQODVGLVWDQFLDVGHVHSDUDFLyQ
UHFRPHQGDGDVFDOFXODGDVSRUODHFXDFLyQDSOLFDEOH
DODIUHFXHQFLDGHOWUDQVPLVRU
5)FRQGXFWD
,(&
9HII
GHN+]D0+]
5)LUUDGLDGD
,(&
9P
GH0+]D*+]
(OGLVSRVLWLYRVL
JXHWUDEDMDQGR
FRPRKDVLGR
SUHYLVWR\HQ
FRQGLFLRQHVGH
VHJXULGDG
'LVWDQFLDVGHVHSDUDFLyQUHFRPHQGDGDV
G ¥3
G ¥3GH0+]D0+]
G ¥3GH0+]D*+]
GRQGH3HVODSRWHQFLDPi[LPDQRPLQDOGHVDOLGD
GHOWUDQVPLVRUHQ:DWW:VHJ~QHOFRQVWUXFWRU
GHOWUDQVPLVRU\GHVODGLVWDQFLDGHVHSDUDFLyQ
UHFRPHQGDGDHQPHWURVP
/DLQWHQVLGDGGHOFDPSRGHORVWUDQVPLVRUHVGH
5)¿MRVFRPRGHWHUPLQDGRHQXQDLQYHVWLJDFLyQ
HOHFWURPDJQpWLFDGHOVLWLRDSXHGHVHUPHQRUGHO
QLYHOGHFRQIRUPLGDGHQFDGDXQRGHORVLQWHUYDORV
GHIUHFXHQFLDE
6HSXHGHQYHUL¿FDULQWHUIHUHQFLDHQODV
SUR[LPLGDGHVGHDSDUDWRVLGHQWL¿FDGRVFRQHO
VLJXLHQWHVtPEROR
1RWDV
$0+]\0+]VHDSOLFDHOLQWHUYDORGHODIUHFXHQFLDPiVDOWD
(VWDVOtQHDVJXtDSXHGHQQRDSOLFDUVHHQWRGDVODVVLWXDFLRQHV/DSURSDJDFLyQHOHFWUPDJQpWLFDVHYHDIHFWDGD
SRUODDEVRUFLyQ\SRUODUHÀH[LyQGHHVWUXFWXUDVREMHWRV\SHUVRQDV
D/DVLQWHQVLGDGHVGHFDPSRSDUDWUDQVPLVRUHV¿MRVFRPRODVHVWDFLRQHVGHEDVHSDUDUDGLRWHOpIRQRV
FHOXODUHV\FRUGOHVV\UDGLRPyYLOHVWHUUHVWUHVDSDUDWRVGHUDGLRD¿FLRQDGRVWUDQVPLVRUHVGHUDGLRHQ$0
\)0\WUDQVPLVRUHV79QRSXHGHQSUHYHUVHWHyULFDPHQWH\FRQSUHFLVLyQ3DUDHVWDEOHFHUXQDPELHQWH
HOHFWURPDJQpWLFRFDXVDGRSRUWUDQVPLVRUHV5)¿MRVVHGHEHFRQVLGHUDUXQDLQYHVWLJDFLyQHOHFWURPDJQpWLFDGHO
VLWLR6LODLQWHQVLGDGGHFDPSRPHGLGDHQHOOXJDUHQTXHVHXVDXQ6WDUOLJKWSURVXSHUDHOQLYHOGHFRQIRUPLGDG
DSOLFDEOHFLWDGRVHGHEHSRQHUEDMRREVHUYDFLyQHOIXQFLRQDPLHQWRQRUPDOGH6WDUOLJKWSUR6LVHQRWDQ
SUHVWDFLRQHVDQRUPDOHVSXHGHQVHUQHFHVDULDVPHGLGDVDGLFLRQDOHVFRPRXQDRULHQWDFLyQRSRVLFLyQGLIHUHQWH
GH6WDUOLJKWSUR
E/DLQWHQVLGDGGHFDPSRHQXQLQWHUYDORGHIUHFXHQFLDVGHN+]D0+]GREHVHUPHQRUGH9P
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
'LVWDQFLDVGHVHSDUDFLyQUHFRPHQGDGDVHQWUHDSDUDWRVGHUDGLRFRPXQLFDFLyQSRUWiWLOHV\PyYLOHV\
HO6WDUOLJKWSUR
6WDUOLJKWSURKDVLGRSUHYLVWDSDUDIXQFLRQDUHQXQDPELHQWHHOHFWURPDJQpWLFRHQHOFXDOHVWiQEDMR
FRQWUROODVLQWHUIHUHQFLDVLUUDGLDGDV5)(OFOLHQWHRHORSHUDGRUGHO6WDUOLJKWSURSXHGHQFRQWULEXLUD
SUHYHQLULQWHUIHUHQFLDVHOHFWURPDJQpWLFDVJDUDQWL]DQGRXQDGLVWDQFLDPtQLPDHQWUHORVDSDUDWRVGHFRPXQLFD
FLyQPyYLOHV\SRUWiWLOHVGH5)WUDQVPLVRUHV\HO6WDUOLJKWSURFRPRVHUHFRPLHQGDD
FRQWLQXDFLyQHQORUHIHUHQWHDODSRWHQFLDGHVDOLGDPi[LPDGHORVDSDUDWRVGHUDGLRFRPXQLFDFLyQ
3RWHQFLDGHVDOLGD
QRPLQDOPi[LPD
GHOWUDQVPLVRU³:´
'LVWDQFLDGHVHSDUDFLyQDODIUHFXHQFLDGHOWUDQVPLVRU³P´
GHN+]D0+]
G ¥3
GH0+]D0+]
G ¥3
GH0+]D*+]
G ¥3
3DUDORVWUDQVPLVRUHVFRQSRWHQFLDQRPLQDOPi[LPDGHVDOLGDDUULEDQRLQGLFDGDODGLVWDQFLDGH
VHSDUDFLyQUHFRPHQGDGDGHQPHWURVPSXHGHFDOFXODUVHXVDQGRODHFXDFLyQDSOLFDEOHDOD
IUHFXHQFLDGHOWUDQVPLVRUGRQGH3HVODSRWHQFLDPi[LPDQRPLQDOGHVDOLGDGHOWUDQVPLVRUHQ:DWW:VHJ~Q
HOFRQVWUXFWRUGHOWUDQVPLVRU
1RWDV
$0+]H0+]VHDSOLFDHOLQWHUYDORGHODIUHFXHQFLDPiVDOWD
(VWDVOtQHDVJXtDSXHGHQQRDSOLFDUVHHQWRGDVODVVLWXDFLRQHV/DSURSDJDFLyQHOHFWURPDJQpWLFDHV
DIHFWDGDSRUODDEVRUFLyQ\SRUODUHÀH[LyQGHHVWUXFWXUDVREMHWRV\SHUVRQDV
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
*DUDQWtD
7RGRVORVDSDUDWRV0HFWURQDQWHVGHVHUFRPHUFLDOL]DGRVVRQVRPHWLGRVDXQHVPHUDGRFRQWURO
¿QDOTXHYHUL¿FDVXSOHQDIXQFLRQDOLGDG
0HFWURQJDUDQWL]DVXVSURGXFWRVDGTXLULGRVQXHYRVDXQGHWDOOLVWDRLPSRUWDGRU0HFWURQFRQWUD
GHIHFWRVGHPDWHULDO\IDEULFDFLyQSRUXQSHUtRGRGH75(6$f26DFRQWDUGHODIHFKDGH
DGTXLVLFLyQ
'XUDQWHHOSHUtRGRGHYDOLGH]GHODJDUDQWtD0HFWURQVHFRPSURPHWHDUHSDUDURDVXOLEUH
HOHFFLyQUHHPSOD]DUJUDWXLWDPHQWHDTXpOODVSDUWHVGHORVSURGXFWRVTXHVHGHPRVWUDUDQDVX
MXLFLRGHIHFWXRVDV
4XHGDH[FOXLGDODVXEVWLWXFLyQLQWHJUDOGHORVSURGXFWRV0HFWURQ
0HFWURQQRVHKDFHUHVSRQVDEOHSRUGDxRVGLUHFWRVRLQGLUHFWRVDSHUVRQDVRFRVDVHQORV
VLJXLHQWHVFDVRV
(ODSDUDWRTXHQRHVHPSOHDGRVHJ~QHOGHVWLQRGHHPSOHRSUHYLVWR
(ODSDUDWRTXHQRHVXWLOL]DGRFRQIRUPHDWRGDVODVLQVWUXFFLRQHV\SUHVFULSFLRQHVGHVFULWDVHQ
HOSUHVHQWHPDQXDO
/DLQVWDODFLyQHOpFWULFDGHORVORFDOHVGRQGHVHXVDHODSDUDWRQRHVWiFRQIRUPHVDODVQRUPDV
YLJHQWHV\DODVFRUUHVSRQGLHQWHVSUHVFULSFLRQHV
/DVRSHUDFLRQHVGHHQVDPEODMHH[WHQVLRQHVUHJXODFLRQHVPRGL¿FDFLRQHV\UHSDUDFLRQHV
KDQVLGRHIHFWXDGDVSRUSHUVRQDOQRDXWRUL]DGR0HFWURQ
/DVFRQGLFLRQHVDPELHQWDOHVGHFRQVHUYDFLyQ\DOPDFHQDMHGHODSDUDWRQRVRQFRQIRUPHVD
ODVSUHVFULSFLRQHVLQGLFDGDVHQODVHFFLyQGHGDWRVWpFQLFRV
4XHGDQH[FOXLGDVGHODJDUDQWtDODVURWXUDVDFFLGHQWDOHVSRUWUDQVSRUWHSRUHPSOHRLQFRUUHFWR
RSRUQHJOLJHQFLDSRUFRQH[LyQDXQDWHQVLyQGLIHUHQWHDODSUHYLVWDODVOXFHVGHDYLVRODV
HPSXxDGXUDV\WRGRVORVDFFHVRULRV
/DJDUDQWtDFDGXFDFXDQGRHODSDUDWRKDVLGRIRU]DGRPDQLSXODGRUHSDUDGRSRUSHUVRQDOQR
DXWRUL]DGR
$7(1&,Ï1
/DJDUDQWtDHVYiOLGDVyORVLHOFXSyQGHJDUDQWtDTXHVHDQH[DDOSURGXFWRKDVLGRUHOOHQDGR
HQWRGDVVXVSDUWHV\VLHPSUHTXHVXHQYtRDQXHVWUDVHGHRHYHQWXDOPHQWHDOGHWDOOLVWDRDO
LPSRUWDGRU
0HFWURQVHHIHFW~HGHQWURGHORV9(,17('Ë$6DFRQWDUGHODIHFKDGHDGTXLVLFLyQGDIHHO
GRFXPHQWRGHWUDQVSRUWHIDFWXUDGHDGTXLVLFLyQHPLWLGDSRUHOUHYHQGHGRULPSRUWDGRU
3DUDXWLOL]DUHOVHUYLFLRGHJDUDQWtDHOFOLHQWHGHEHHQYLDUDVXFDUJRHODSDUDWRSRUFRPSRQHUDO
UHYHQGHGRULPSRUWDGRU0HFWURQGHTXLHQKDDGTXLULGRHOSURGXFWR
(ODSDUDWRGHEHVHUGHYXHOWRDGHFXDGDPHQWHHPEDODGRSRVLEOHPHQWHHQHOHPEDODMHRULJLQDO
DFRPSDxDGRGHWRGRVORVDFFHVRULRV\GHXQD¿FKDTXHLQFOX\D
D 'DWRVGHOSURSLHWDULRFRQQ~PHURGHWHOpIRQR
E 'DWRVGHOUHYHQGHGRULPSRUWDGRU
F )RWRFRSLDGHOGRFXPHQWRGHWUDQVSRUWHIDFWXUDGHDGTXLVLFLyQGHODSDUDWRGHSDUWHGHO
SURSLHWDULRGRQGHHVWpQLQGLFDGRVDGHPiVGHODIHFKDHOQRPEUHGHODSDUDWR\HOQ~PHURGH
VHULH
G 'HVFULSFLyQGHOIXQFLRQDPLHQWRGHIHFWXRVR
(OWUDQVSRUWH\ORVGDxRVFDXVDGRVSRUHOWUDQVSRUWHQRHVWiQFXELHUWRVSRUODJDUDQWtD
(QHOFDVRGHDYHUtDVGHELGDVDDFFLGHQWHRHPSOHRLPSURSLRRELHQHQHOFDVRGHJDUDQWtD
YHQFLGDODVUHSDUDFLRQHVGHORVSURGXFWRV0HFWURQVHUiQGHELWDGDVHQEDVHDOFRVWHHIHFWLYRGH
ORVPDWHULDOHV\GHODPDQRGHREUDHPSOHDGD
/DVLQGLFDFLRQHVTXHDSDUHFHQHQHOSUHVHQWHIROOHWRQRVRQYLQFXODQWHV\SXHGHQVHUPRGL¿FDGDVVLQSUHYLRDYLVR
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
ES
VWDUOLJKWSURPDQXDOGHXVR\PDQWHQLPLHQWR
6XPPDU\
,QWURGXFWLRQ )RUHZRUG 'HVFULSWLRQRIWKHHTXLSPHQW ,QWHQGHGXVH 6DIHW\UHTXLUHPHQWV ,GHQWL¿FDWLRQGDWD ,GHQWL¿FDWLRQGDWD ,GHQWL¿FDWLRQSODWHRIWKHFKDUJLQJXQLW ,GHQWL¿FDWLRQSODWHRIWKH6WDUOLJKWSURKDQGSLHFH 7HVWLQJ 7HVWLQJRIWKHHTXLSPHQW 'HOLYHU\ 'HOLYHU\RIWKHHTXLSPHQW /LVWRIPDWHULDOLQFOXGHGLQWKHVWDQGDUGVXSSO\ ,QVWDOODWLRQ 6DIHW\UHTXLUHPHQWVDWWKHWLPHRILQVWDOODWLRQ 'HVFULSWLRQRIWKHFRQWUROVDQGVLJQDOOLQJODPSV &RQQHFWLQJWKHHTXLSPHQW %DWWHU\ 1HZEDWWHU\¿UVWFKDUJLQJ %DWWHU\ORZVLJQDO %DWWHU\GHDGVLJQDO %DWWHU\IDLOHGVLJQDO 5HSODFLQJWKHEDWWHU\ 6DIHW\UHTXLUHPHQWVUHODWLQJWRWKHEDWWHU\ 8VH &RQQHFWLQJWKHDFFHVVRULHV 6DIHW\UHTXLUHPHQWVGXULQJXVH ,QVWUXFWLRQVIRUXVH 0HDVXULQJWKHOLJKWLQWHQVLW\ 6DIHW\SURWHFWLRQ <HOORZEDWWHU\/('RQWKHFKDUJLQJXQLWOLJKWHG &OHDQLQJGLVLQIHFWLRQVWHULOL]DWLRQ &OHDQLQJDQGGLVLQIHFWLRQRIWKHFDVLQJRIWKHFKDUJLQJXQLW &OHDQLQJDQGGLVLQIHFWLQJWKH6WDUOLJKWSURKDQGSLHFH 6WHULOL]DWLRQSURFHGXUH &OHDQLQJGLVLQIHFWLRQHVWHULOL]DWLRQRIWKHRSWLFDO¿EUH &OHDQLQJGLVLQIHFWLRQDQGVWHULOL]DWLRQRIWKHRSWLFDOSURWHFWLRQ 'LVSRVDOSURFHGXUHVDQGSUHFDXWLRQV 6\PEROV 3UREOHPVROYLQJ 7HFKQLFDOVSHFL¿FDWLRQV /(',QIRUPDWLRQFRQFHUQLQJWKHUDGLDWLRQHPLWWHG (OHFWURPDJQHWLFFRPSDWLELOLW\(1 :DUUDQW\ &86720(56(59,&(5(78516DQGRU5(3$,56 VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
,QWURGXFWLRQ
)RUHZRUG
%HIRUHSURFHHGLQJZLWKWKHLQVWDOODWLRQXVHPDLQWHQDQFHRUDQ\RWKHUDFWLYLWLHVRQWKH
HTXLSPHQWSOHDVHUHDGWKLVPDQXDOFDUHIXOO\
$OZD\VNHHSWKLVPDQXDOZLWKLQHDV\UHDFK
,PSRUWDQW7RDYRLGFDXVLQJSHUVRQDOLQMXULHVRUGDPDJHWRSURSHUW\UHDGDOOWKHSRLQWVFRQFHUQLQJ
³6DIHW\UHTXLUHPHQWV´FRQWDLQHGLQWKLVPDQXDOZLWKSDUWLFXODUDWWHQWLRQ
'HSHQGLQJRQWKHOHYHORIULVNLQYROYHGVDIHW\UHTXLUHPHQWVDUHFODVVHGXQGHUWKHIROORZLQJ
LQGLFDWLRQV
! '$1*(5DOZD\VUHIHUUHGWRSHUVRQDOLQMXU\
! :$51,1*UHIHUUHGWRSRVVLEOHGDPDJHWRSURSHUW\
7KHSXUSRVHRIWKLVPDQXDOLVWRHQVXUHWKDWRSHUDWRUVDUHDZDUHRIWKHVDIHW\UHTXLUHPHQWVRIWKH
LQVWDOODWLRQSURFHGXUHVDQGRIWKHLQVWUXFWLRQVIRUFRUUHFWXVHDQGPDLQWHQDQFHRIWKHGHYLFH
7KHXVHULVQRWDXWKRUL]HGWRWDPSHUZLWKWKHHTXLSPHQWXQGHUDQ\FLUFXPVWDQFHV
,IDQ\SUREOHPVDUHHQFRXQWHUHGSOHDVHFRQWDFW3LH]RVXUJHU\,QF
$Q\DWWHPSWVRQWKHSDUWRIWKHXVHURUDQ\XQDXWKRUL]HGSHUVRQQHOWRWDPSHUZLWKRUDOWHUWKH
GHYLFHZLOOLQYDOLGDWHWKHZDUUDQW\DQGUHOHDVHWKHPDQXIDFWXUHU0HFWURQ6S$DQGWKHLPSRUWHU
GLVWULEXWRU3LH]RVXUJHU\,QFIURPDQ\OLDELOLW\LQUHVSHFWRIDQ\KDUPRUGDPDJHWRSHUVRQVRU
SURSHUW\
7KHLQIRUPDWLRQDQGLOOXVWUDWLRQVFRQWDLQHGLQWKLVPDQXDODUHXSGDWHGWRWKHGDWHRISXEOLFDWLRQ
LQGLFDWHGRQWKHODVWSDJH
7KHPDQXIDFWXUHU0HFWURQLVFRPPLWWHGWRFRQWLQXRXVXSGDWLQJRISURGXFWVZKLFKPD\HQWDLO
FKDQJHVWRFRPSRQHQWVRIWKHHTXLSPHQW,IWKHUHDUHDQ\GLVFUHSDQFLHVEHWZHHQWKHGHVFULSWLRQV
FRQWDLQHGLQWKLVPDQXDODQG\RXUHTXLSPHQWSOHDVHFRQWDFW3LH]RVXUJHU\,QFDIWHUVDOHVHUYLFH
IRUH[SODQDWLRQV
8VLQJWKLVPDQXDOIRUSXUSRVHVRWKHUWKDQWKRVHUHODWLQJWRWKHLQVWDOODWLRQXVHDQGPDLQWHQDQFHRI
WKHHTXLSPHQWLVVWULFWO\SURKLELWHG
'HVFULSWLRQRIWKHHTXLSPHQW
7KH6WDUOLJKWSURLVDGHYLFHIRUSRO\PHUL]LQJSKRWRKDUGHQLQJFRPSRVLWHV,WXVHVDVRXUFHRIOLJKW
FRQVLVWLQJRIDYHU\KLJKHI¿FLHQF\PRQRFKURPDWLF/('ZDYHOHQJWKFRPSULVHGEHWZHHQDQG
QP
7KHOLJKWHPLWWHGE\WKH/('LVGLUHFWHGWRWKHWUHDWPHQWDUHDE\PHDQVD¿EHURSWLF
7KHHTXLSPHQWFRQVLVWVRIDFKDUJLQJXQLWDQGDKDQGSLHFHSRZHUHGE\DUHFKDUJHDEOHOLWKLXPLRQ
EDWWHU\
7KH6WDUOLJKWSURFDQEHXVHGWRRSHUDWHLQHLWKHURIWZRHPLVVLRQPRGHV
&RQVWDQWLQWHQVLW\RIHPLVVLRQ)$67F\FOHODVWLQJVHFRQGV
*UDGXDOLQWHQVLW\RIHPLVVLRQ6/2:5,6(F\FOHODVWLQJVHFRQGV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
,QWHQGHGXVH
7KH6WDUOLJKWSURGHYLFHLVDGHQWDOFXULQJOLJKWXQLWLQWHQGHGIRUXVHLQWKHRUDOFDYLW\IRUWKH
SRO\PHUL]DWLRQRISKRWRKDUGHQLQJGHQWDOPDWHULDOVWKDWDUHDFWLYDWHGLQWKH±QP
ZDYHOHQJWKUDQJH
,03257$17$OWKRXJKPRVWGHQWDOFRPSRVLWHPDWHULDOVDUHDFWLYDWHGZLWKLQWKLVZDYHOHQJWK
UDQJHLQFDVHRIXQFHUWDLQW\FRQVXOWWKHPDQXIDFWXUHU¶VFRPSRVLWHVSHFL¿FDWLRQV
7KLVHTXLSPHQWPD\EHXVHGRQO\LQDGHQWLVW¶VVXUJHU\RURXWSDWLHQW¶VGHSDUWPHQWZKHUHWKHUHDUH
QRLQÀDPPDEOHJDVHVDQDHVWKHWLFPL[WXUHVR[\JHQHWF
6DIHW\UHTXLUHPHQWV
7KHPDQXIDFWXUHU0HFWURQDQGWKHLPSRUWHUGLVWULEXWRU3LH]RVXUJHU\,QFZLOOQRWDFFHSWDQ\OLDELOLW\
IRUGLUHFWRULQFLGHQWDOSHUVRQDOLQMXU\RUGDPDJHWRSURSHUW\LQWKHIROORZLQJFDVHV
,IWKHHTXLSPHQWLVXVHGIRUSXUSRVHVRWKHUWKDQWKDWIRUZKLFKLWLVLQWHQGHG
,IWKHHTXLSPHQWLVQRWXVHGLQDFFRUGDQFHZLWKDOOWKHLQVWUXFWLRQVDQGUHTXLUHPHQWVGHVFULEHG
LQWKLVPDQXDO
,IWKHZLULQJV\VWHPLQWKHURRPZKHUHWKHHTXLSPHQWLVXVHGGRHVQRWFRPSO\ZLWKWKH
DSSOLFDEOHVWDQGDUGVDQGDSSURSULDWHUHTXLUHPHQWV
,IDQ\DVVHPEO\RSHUDWLRQVH[WHQVLRQVVHWWLQJVDOWHUDWLRQVRUUHSDLUVKDYHEHHQFDUULHGRXW
E\SHUVRQQHOQRWGXO\DXWKRUL]HGE\3LH]RVXUJHU\,QFRULWVDI¿OLDWHV
,IWKHHQYLURQPHQWDOFRQGLWLRQVLQZKLFKWKHGHYLFHLVNHSWDQGVWRUHGGRQRWFRPSO\ZLWKWKH
UHTXLUHPHQWVLQGLFDWHGLQWKHFKDSWHURQWHFKQLFDOVSHFL¿FDWLRQV
! :$51,1*1RDOWHUDWLRQVWRWKLVGHYLFHDUHSHUPLWWHG
! :$51,1*7KHZLULQJV\VWHPRIWKHSUHPLVHVRQZKLFKWKLVGHYLFHLVXVHGPXVWFRPSO\ZLWK
WKHDSSOLFDEOHVWDQGDUGVDQGUHTXLUHPHQWV
! '$1*(54XDOL¿HGDQGVSHFLDOLVHGSHUVRQQHO
7KHHTXLSPHQWVKRXOGEHXVHGRQO\E\VSHFLDOLVHGSHUVRQQHOKDYLQJWKHDSSURSULDWHWUDLQLQJ7KH
HTXLSPHQWGRHVQRWSURGXFHDQ\VLGHHIIHFWVLILWLVFRUUHFWO\XVHG
! '$1*(5,QWHQGHGXVH
8VHWKHHTXLSPHQWVROHO\IRUWKHSXUSRVHIRUZKLFKLWLVLQWHQGHGVHHSRLQW³´)DLOXUHWR
FRPSO\ZLWKWKLVUHTXLUHPHQWFRXOGOHDGWRVHULRXVKDUPWRWKHSDWLHQWDQGRUWRWKHRSHUDWRUDQGRU
GDPDJHWRIDLOXUHRIWKHHTXLSPHQW
! '$1*(5&RQWUDLQGLFDWLRQV
'RQRWXVHWKLVHTXLSPHQWRQSDWLHQWV¿WWHGZLWKSDFHPDNHUVRUDQ\RWKHULPSODQWDEOHHOHFWURQLF
GHYLFHV7KLVUHTXLUHPHQWDSSOLHVHTXDOO\WRWKHRSHUDWRU
! '$1*(53RLQWWKHEHDPRIOLJKWGLUHFWO\DWWKHPDWHULDOWREHSRO\PHULVHG
'RQRWXVHWKHEHDPRIOLJKWRQWKHJXPVRURWKHUVRIWWLVVXHVLIQHFHVVDU\WKHVHSDUWVVKRXOG
EHVXLWDEO\VKLHOGHG7KHHIIHFWRIWKHOLJKWVKRXOGEHOLPLWHGWRWKDWSDUWRIWKHRUDOFDYLW\WREH
FOLQLFDOO\WUHDWHG
! '$1*(51HYHUSRLQWWKHEHDPRIOLJKWWRZDUGVWKHH\HV
7KHHIIHFWRIWKHOLJKWVKRXOGEHOLPLWHGWRWKDWSDUWRIWKHRUDOFDYLW\WREHFOLQLFDOO\WUHDWHG
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
! '$1*(5&RQWUDLQGLFDWLRQV
'RQRWXVHWKLVHTXLSPHQWIRUSDWLHQWVZKRKDYHDFDVHKLVWRU\RISRVLWLYHUHDFWLRQWRVWLPXODWLRQE\
OLJKWHJXUWLFDULDVRODULVDQGRUSRUSK\ULDHWFRUZKRDUHUHFHLYLQJWUHDWPHQWZLWKSKRWRVHQVLWLVLQJ
GUXJV,QDOOFDVHVRISRVVLEOHULVNFRQVXOWDVSHFLDOLVHGSK\VLFLDQ
! '$1*(5&RQWUDLQGLFDWLRQV
$GRSWVWULFWVDIHW\PHDVXUHVIRUSDWLHQWVZKRKDYHXQGHUJRQHFDWDUDFWVXUJHU\DQGZKRDUH
WKHUHIRUHSDUWLFXODUO\VHQVLWLYHWROLJKWHJSURWHFWLYHJRJJOHVDEOHWR¿OWHURXWEOXHOLJKW
! '$1*(5&RQWUDLQGLFDWLRQV
3DWLHQWVZKRKDYHDFDVHKLVWRU\RIGLVHDVHVRIWKHUHWLQDVKRXOGFRQVXOWWKHLURSWLFLDQEHIRUHKDQG
DQGEHVSHFL¿FDOO\DXWKRULVHGWRUHFHLYHWUHDWPHQWZLWKWKH6WDUOLJKWSUR
! '$1*(5&OHDQLQJGLVLQIHFWLRQDQGVWHULOL]DWLRQRIQHZRUUHSDLUHGSURGXFWV
%HIRUHWUHDWPHQWDOOQHZRUUHSDLUHGSURGXFWVVKRXOGEHFOHDQHGDQGGLVLQIHFWHGDQGLIVXLWDEOHIRU
WKLVWUHDWPHQWDXWRFODYHVWHULOL]HGIROORZLQJWKHLQVWUXFWLRQVSURYLGHGXQGHUSRLQW³´VWULFWO\
! '$1*(5,QIHFWLRQFRQWURO
,QRUGHUWRHQVXUHPD[LPXPVDIHW\IRUERWKWKHSDWLHQWDQGWKHRSHUDWRUFOHDQGLVLQIHFWDQG
VWHULOL]HWKHRSWLFDO¿EUHDQGWKHRSWLFDOSURWHFWLRQEHIRUHHDFKWUHDWPHQW)ROORZWKHLQVWUXFWLRQV
SURYLGHGXQGHUSRLQW³´FORVHO\
! '$1*(58VHRQO\RULJLQDO0HFWURQDFFHVVRULHVDQGVSDUHSDUWV
! '$1*(5&KHFNLQJWKHFRQGLWLRQRIWKHGHYLFHEHIRUHWUHDWPHQW
%HIRUHHDFKWUHDWPHQWDOZD\VFKHFNWKDWWKHHTXLSPHQWLVLQSURSHUZRUNLQJRUGHUDQGWKDWWKH
DFFHVVRULHVDUHHI¿FLHQW'RQRWFDUU\RXWWKHWUHDWPHQWLIDQ\SUREOHPVDUHHQFRXQWHUHGLQ
RSHUDWLQJWKHGHYLFH,IWKHSUREOHPFRQFHUQVWKHHTXLSPHQWFRQWDFW3LH]RVXUJHU\,QF
! '$1*(5'RQRWLQVWDOWKHHTXLSPHQWDQ\ZKHUHZKHUHWKHUHLVDULVNRIH[SORVLRQV
7KHHTXLSPHQWFDQQRWIXQFWLRQLQSODFHVZKHUHWKHUHLVDQLQÀDPPDEOHDWPRVSKHUHDQDHVWKHWLF
PL[WXUHVR[\JHQHWF
! '$1*(5'RQRWXVHWKHFKDUJLQJXQLWWRUHFKDUJHRWKHUW\SHVRIEDWWHULHVRURWKHU
HTXLSPHQWZLWKUHFKDUJHDEOHEDWWHULHV
! :$51,1*5HFKDUJHWKHEDWWHU\RQO\ZLWKWKH0HFWURQFKDUJLQJXQLW)LJ5HI$'R
QRWDWWHPSWWRUHFKDUJHWKHEDWWHU\XVLQJDJHQHULFEDWWHU\FKDUJHU7KLVHQWDLOVDULVNRI
H[SORVLRQDQG¿UH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
,GHQWL¿FDWLRQGDWD
,GHQWL¿FDWLRQGDWD
$QH[DFWGHVFULSWLRQRIWKHPRGHOLQFOXGLQJWKHVHULDOQXPEHURIWKHHTXLSPHQWZLOOPDNHLWHDVLHU
IRURXU$IWHU6DOH6HUYLFHWRUHVSRQGTXLFNO\DQGHI¿FLHQWO\WR\RXUTXHULHV
$OZD\VSURYLGHWKHDERYHLQIRUPDWLRQZKHQHYHU\RXFRQWDFWLQJD3LH]RVXUJHU\,QF6HUYLFH&HQWUH
,GHQWL¿FDWLRQSODWHRIWKHFKDUJLQJXQLW
(DFKFKDUJLQJXQLWKDVDQLGHQWL¿FDWLRQSODWH)LJRQZKLFKWKHWHFKQLFDOVSHFL¿FDWLRQVDQGWKH
VHULDOQXPEHUDUHLQGLFDWHG7KHLGHQWL¿FDWLRQSODWHLV¿[HGWRWKHXQGHUVLGHRIWKHHTXLSPHQW7KH
UHPDLQLQJGDWDDUHFRQWDLQHGLQWKLVPDQXDOVHHSRLQW³´
)LJ
,GHQWL¿FDWLRQSODWHRIWKH6WDUOLJKWSURKDQGSLHFH
7KH6WDUOLJKWSURKDQGSLHFHVHULDOQXPEHULVHQJUDYHGRQWKHVKHOOQHDUWKHEDFNVWHHOULQJQXW
)LJ5HI$
$
)LJ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
7HVWLQJ
7HVWLQJRIWKHHTXLSPHQW
$OOHTXLSPHQWPDQXIDFWXUHGE\0(&7521LVWKRURXJKO\FKHFNHGDQGWHVWHGLQFOXGLQJDOO
FRPSRQHQWV
'XULQJWKHWHVWLQJSURFHGXUHWKHFRPSRQHQWVDUHVXEMHFWHGWRDQXPEHURIZRUNF\FOHV
7KHWHVWVKLJKOLJKWDQ\PDOIXQFWLRQLQJGXHWRIDXOW\FRPSRQHQWV
7KLVSURFHGXUHHQVXUHVSURSHUIXQFWLRQLQJDQGUHOLDELOLW\RIDOOFRPSRQHQWV
'HOLYHU\
'HOLYHU\RIWKHHTXLSPHQW
7KHHTXLSPHQWFRQWDLQVHOHFWURQLFFRPSRQHQWVWKDWPD\EHGDPDJHGE\LPSDFWVHYHQLQVLGHWKH
SDFNDJLQJ6SHFLDOFDUHPXVWWKHUHIRUHEHWDNHQGXULQJERWKWUDQVSRUWDQGVWRUDJH
$OOPDWHULDOVKLSSHGE\3LH]RVXUJHU\,QFLVFKHFNHGDWWKHWLPHRIVKLSPHQW
7KHHTXLSPHQWLVGHOLYHUHGSURSHUO\SURWHFWHGDQGSDFNDJHG
,IWKHVKLSSLQJSDFNDJLQJLVGDPDJHGRUWKHSURWHFWLYHPDWHULDOVKRZVVLJQVRIVWUHVVLPPHGLDWHO\
QRWLI\WKHFDUULHU.HHSWKHVKLSSLQJPDWHULDOIRUFDUULHULQVSHFWLRQV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
/LVWRIPDWHULDOLQFOXGHGLQWKHVWDQGDUGVXSSO\
6WDUOLJKWSURFKDUJLQJXQLW)LJ5HI$
6WDUOLJKWSURKDQGSLHFHZLWKUHFKDUJHDEOHOLWKLXPLRQEDWWHU\)LJ5HI%
2SWLFDO¿EUH)LJ5HI&
2SWLFDOSURWHFWLRQ)LJ5HI'
3RZHUVXSSO\FDEOHIRUWKHFKDUJLQJXQLW)LJ5HI(
7KLVHTXLSPHQWPD\YDU\DWWKHWLPHRISURPRWLRQDOFDPSDLJQV
'
&
%
$
(
)LJ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
,QVWDOODWLRQ
6DIHW\UHTXLUHPHQWVDWWKHWLPHRILQVWDOODWLRQ
! '$1*(57KHZLULQJV\VWHPRIWKHSUHPLVHVZKHUHWKHHTXLSPHQWLVLQVWDOOHGDQGXVHGPXVW
FRPSO\ZLWKWKHDSSOLFDEOHVWDQGDUGVDQGWKHUHOHYDQWHOHFWULFDOVDIHW\UHTXLUHPHQWV
! '$1*(5'RQRWLQVWDOOWKHHTXLSPHQWLQSODFHVZKHUHWKHUHLVDULVNRIH[SORVLRQ7KH
HTXLSPHQWPD\QRWEHXVHGLQDUHDVZKHUHWKHUHDUHLQÀDPPDEOHDWPRVSKHUHVDQDHVWKHWLF
PL[WXUHVR[\JHQHWF
! '$1*(5,QVWDOOWKHHTXLSPHQWLQDSODFHZKHUHLWZLOOEHSURWHFWHGIURPVKRFNVDQGIURP
DFFLGHQWDOVSUD\VRIZDWHURURWKHUOLTXLGV
! '$1*(5'RQRWLQVWDOOWKHHTXLSPHQWDERYHRULQWKHYLFLQLW\RIVRXUFHVRIKHDW0DNHVXUH
WKDWWKHUHLVVXI¿FLHQWDLUFLUFXODWLQJDURXQGWKHHTXLSPHQW
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHFKDUJLQJXQLWZLWKPHWDOREMHFWV
)LJ5HI%DQGGRQRWWRXFKWKHPZLWK\RXUKDQGVZKLOHWKHHTXLSPHQWLVVZLWFKHGRQ
! :$51,1*7KHHTXLSPHQWLVWUDQVSRUWDEOHKRZHYHULWPXVWEHKDQGOHGZLWKFDUHZKHQLWLV
PRYHG
! :$51,1*'RQRWH[SRVHWKHHTXLSPHQWWRGLUHFWVXQOLJKWRUWRVRXUFHVRI89OLJKW
'HVFULSWLRQRIWKHFRQWUROVDQG
VLJQDOOLQJODPSV
'HVFULSWLRQRIWKHFRQWUROV)LJ
5HI$
*UHHQSRZHU/('
)XQFWLRQ 7KLVLQGLFDWHVWKDWWKHFKDUJLQJXQLWLV
SRZHUHGXS
'
5HI%
EDWWHU\/('
)XQFWLRQ *UHHQ,QGLFDWHVWKDWWKHEDWWHU\RIWKH
6WDUOLJKWSURLVEHLQJFKDUJHG
<HOORZ,QGLFDWHVWKDWWKHEDWWHU\RIWKH
6WDUOLJKWSURKDVIDLOHG
5HI&
WHVW/('
)XQFWLRQ *UHHQ,QGLFDWHVWKDWWKHOLJKWLQWHQVLW\LV
VXLWDEOHIRUHIIHFWLYHWKHUDS\
<HOORZ,QGLFDWHVWKDWWKHOLJKWLQWHQVLW\LV
LQVXI¿FLHQW
5HI'
)LJ
$
3XVKEXWWRQIRUDFWLYDWLQJDQGFXWWLQJRII
WKHHPLVVLRQRIOLJKW
)XQFWLRQ 7KLVVWDUWVRUVWRSVDSRO\PHULVDWLRQF\FOH
% &
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
'HVFULSWLRQRIVLJQDOOLQJRIWKHFKDUJLQJXQLW7DEOH
*UHHQ
3RZHU/('
%DWWHU\/('
*UHHQ<HOORZ
3RVLWLRQRI
6WDUOLJKWSURLQWKH
FKDUJLQJXQLW
)XQFWLRQ
21
2))
2))
1RWLQSODFH
&KDUJLQJXQLWSRZHUHG
21
21
2))
,QSODFH
%DWWHU\EHLQJUHFKDUJHG
21
2))
2))
,QSODFH
5HFKDUJLQJFRPSOHWHG
%DWWHU\FKDUJHG
21
2))
21
,QSODFH
%DWWHU\IDLOHG
21
2))
21
1RWLQSODFH
(OHFWULFFRQWDFWVRIWKH
FKDUJLQJXQLWVKRUWFLUFXLWHG
! :$51,1*'RQRWWDPSHUZLWKWKHFKDUJLQJXQLWHOHFWULFDOFRQWDFWV
7KHFKDUJLQJXQLWUHFRJQL]HVWKHEDWWHU\VWDWH,IDIWHUVRPHH[SRVXUHF\FOHVWKHEDWWHU\LVQRWÀDW
HQRXJKZKHQWKHKDQGSLHFHLVSODFHGRQWKHFKDUJLQJXQLWWKHJUHHQEDWWHU\/('GRHVQ¶WVZLWFK
RQ7KLVLVQRUPDO
'HVFULSWLRQRIWKHDFRXVWLFVLJQDOVRIWKHKDQGSLHFH7DEOH
)XQFWLRQ
3XVKEXWWRQFRQWURO
$FRXVWLFVLJQDO
)$67SRO\PHULVDWLRQ
%ULHISUHVVXUHRISXVK
EXWWRQ
EHHSRQVWDUWLQJH[SRVXUH
EHHSRQFRPSOHWLQJH[SRVXUHVHFRQGV
6/2:5,6(SRO\PHULVDWLRQ
3UHVVXUHRISXVKEXWWRQ
IRUDWOHDVWVHFRQGV
EHHSZKHQVWDUWLQJDQGEHHSDIWHUVHFRQGV
EHHSDIWHUVHFRQGVRIH[SRVXUH
EHHSRQFRPSOHWLQJH[SRVXUHVHFRQGV
,QWHUUXSWLRQRIH[SRVXUH
F\FOH
3UHVVXUHRISXVKEXWWRQ
GXULQJH[SRVXUH
EHHS
%DWWHU\ORZVLJQDO7KH
UHVLGXDOFKDUJHLVVXI¿FLHQW
IRUF\FOHV
%DWWHU\GHDGVLJQDO
EHHSVRQFRPSOHWLQJWKHH[SRVXUHF\FOH
3UHVVXUHRISXVKEXWWRQ
IRU)$67RU6/2:5,6(
SRO\PHULVDWLRQ
EHHSV1ROLJKWHPLVVLRQ
EHHSVGXULQJWKHH[SRVXUHF\FOHDQGIXQFWLRQ
LQJLQWHUUXSWLRQ
7KHUPDOSURWHFWLRQVLJQDO
&RQQHFWLQJWKHHTXLSPHQW
,QRUGHUWRPDNHWKHHTXLSPHQWRSHUDWLRQDOLWLVQHFHVVDU\WRSURFHHGDVIROORZV
3ODFHWKHFKDUJLQJXQLWRQDÀDWVXUIDFH
3OXJWKHSRZHUFDEOH)LJ5HI(LQWRWKHFRQQHFWRURQWKHUHDURIWKHHTXLSPHQW)LJ
5HI$DQGWKHQLQWRWKHSRZHURXWOHW7KHJUHHQSRZHU/('VKRXOGOLJKWXS)LJ5HI$
! :$51,1*0DNHVXUHWKDWWKHYROWDJHDQGIUHTXHQF\RIWKHSRZHUVXSSO\OLQHPDWFKWKH
YDOXHVLQGLFDWHGRQWKHLGHQWL¿FDWLRQODEHOXQGHUWKHFKDUJLQJXQLW
! '$1*(5&KHFNWKHFRQGLWLRQRIWKHSRZHUFDEOHUHJXODUO\,ILWLVIRXQGWREHGDPDJHG
UHSODFHLWZLWKDQRULJLQDO0HFWURQVSDUHSDUWV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
%
$
)LJ
%DWWHU\
7KH6WDUOLJKWSURLVSRZHUHGE\DUHFKDUJHDEOHOLWKLXPLRQEDWWHU\DOUHDG\FRQWDLQHGLQVLGHWKH
KDQGSLHFHZLWKQRPHPRU\HIIHFW
7KH6WDUOLJKWSURLVHTXLSSHGZLWKWZRPLFURSURFHVVRUVWKDWFKHFNWKHEDWWHU\FRQWLQXRXVO\DQG
PDLQWDLQWKHRSWLPXPEDWWHU\FKDUJLQJSDUDPHWHUV7KHKDQGSLHFHPD\WKHUHIRUHEHSODFHGEDFN
LQWRWKHFKDUJLQJXQLWDWWKHHQGRIHDFKWUHDWPHQWDQGOHIWWKHUHUHJDUGOHVVRIWKHFKDUJHRIWKH
EDWWHU\
1HZEDWWHU\¿UVWFKDUJLQJ
127(7KHEDWWHU\RIWKH6WDUOLJKWSURLVVXSSOLHGLQDSDUWO\FKDUJHGFRQGLWLRQ
7RFKDUJHWKHEDWWHU\FRPSOHWHO\
,QVHUWWKHKDQGSLHFHLQWRLWVKRXVLQJLQWKHFKDUJLQJXQLW)LJ5HI%7KHJUHHQEDWWHU\/('
ZLOOOLJKWXS)LJ5HI%
7KHFKDUJLQJSKDVHKDVEHHQFRPSOHWHGZKHQWKHJUHHQEDWWHU\/('H[WLQJXLVKHV
%DWWHU\ORZVLJQDO
:KHQWKHFKDUJHRIWKHEDWWHU\EHFRPHVORZDIWHUIUHTXHQWXVHRIWKH6WDUOLJKWSURWKH
PLFURSURFHVVRUZLOODOORZPRUHH[SRVXUHVWREHFDUULHGRXW)$67RU6/2:5,6(ZLWKRXWDQ\
QHHGWRUHFKDUJHWKHEDWWHU\
$EDWWHU\ORZVWDWHLVVLJQDOOHGDWWKHHQGRIHDFKRIWKHVHF\FOHVE\PHDQVRIEHHSV
2QFHWKHF\FOHVKDYHEHHQFRPSOHWHGWKHKDQGSLHFHHQWHUVDEDWWHU\GHDGVWDWHVHHSRLQW
³´
3ODFHWKH6WDUOLJKWSUREDFNLQWRWKHFKDUJLQJXQLW
%DWWHU\GHDGVLJQDO
7KHEDWWHU\RIWKH6WDUOLJKWSURLVGHDGLIQROLJKWLVHPLWWHGZKHQWKHSXVKEXWWRQLVSUHVVHGDQGDW
WKHVDPHWLPHDQDFRXVWLFVLJQDOLVKHDUGEHHSV5HFKDUJHWKHEDWWHU\
3ODFHWKHKDQGSLHFHLQLWVKRXVLQJLQWKHFKDUJLQJXQLW)LJ5HI%7KHJUHHQEDWWHU\/('
ZLOOOLJKWXS)LJ5HI%
:KHQWKHJUHHQEDWWHU\/('H[WLQJXLVKHVWKHUHFKDUJLQJSKDVHKDVEHHQFRPSOHWHG
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
%DWWHU\IDLOHGVLJQDO
,IWKH\HOORZEDWWHU\/('FKHFNRQWKHFKDUJLQJXQLWOLJKWVXSWKLVLQGLFDWHVWKDWWKHEDWWHU\KDV
IDLOHG)LJ5HI&
127(7KLVIDLOXUHFRQGLWLRQGLVDEOHVRSHUDWLRQRIWKHFKDUJLQJXQLW7RUHVWRUHSURSHUZRUNLQJ
FRQGLWLRQVSURFHHGDVIROORZV
5HPRYHWKHKDQGSLHFHIURPWKHFKDUJLQJXQLW
&XWRIIWKHSRZHUVXSSO\WRWKHFKDUJLQJXQLWIRUDIHZVHFRQGVGLVFRQQHFWWKHSRZHUFDEOH
$OOWKH/('VZLOOH[WLQJXLVK
5HFRQQHFWWKHFDEOHRIWKHFKDUJLQJXQLW7KHJUHHQSRZHU/('ZLOOOLJKWXS
5HSODFLQJWKHEDWWHU\
7RUHSODFHDIDLOHGEDWWHU\FRQWDFW3LH]RVXUJHU\,QF¶VVHUYLFH
6DIHW\UHTXLUHPHQWVUHODWLQJWRWKHEDWWHU\
7KHEDWWHU\FDQFDXVHGDPDJHWRSURSHUW\DQGRUSHUVRQDOLQMXULHVVXFKDVEXUQVLIFRQGXFWLQJ
PDWHULDOVVXFKDVMHZHOOHU\NH\VRUEHDGHGQHFNODFHVFRPHLQWRFRQWDFWZLWKWKHH[SRVHG
WHUPLQDOV7KHFRQGXFWLQJPDWHULDOFRXOGFORVHDQHOHFWULFDOFLUFXLWVKRUWFLUFXLWDQGEHFRPHYHU\
KRW0DNHDKDELWRIKDQGOLQJWKHGHYLFHZLWKFDUHSDUWLFXODUO\LILWLVSODFHGLQVLGHDSRFNHWEDJRU
RWKHUFRQWDLQHULQZKLFKWKHUHDUHPHWDOREMHFWV
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHKDQGSLHFHZLWKPHWDOREMHFWV
RUOLTXLGV)LJ5HI$5HI%
! '$1*(5.HHSWKHEDWWHU\RXWRIWKHUHDFKRIFKLOGUHQ
! :$51,1*8VHRQO\RULJLQDO0HFWURQEDWWHULHV
&RQWDFW3LH]RVXUJHU\,QF¶VVHUYLFHIRUWKHUHSODFHPHQW
! :$51,1*5HFKDUJHWKHEDWWHU\RQO\ZLWKWKH0HFWURQFKDUJLQJXQLW)LJ5HI$'R
QRWDWWHPSWWRUHFKDUJHWKHEDWWHU\XVLQJDJHQHULFEDWWHU\FKDUJHU7KLVHQWDLOVDULVNRI
H[SORVLRQDQG¿UH
! :$51,1*7KHEDWWHU\VKRXOGEHUHF\FOHGRUGLVSRVHGRILQWKHDSSURSULDWHPDQQHULQ
DFFRUGDQFHZLWKWKHODZ7KHEDWWHU\VKRXOGQRWEHWKURZQDZD\ZLWKQRUPDOZDVWH7KH
XVHUZLOOEHOLDEOHIRUDQ\GDPDJHVFDXVHGE\LPSURSHUGLVSRVDORIWKHEDWWHU\
! :$51,1*'RQRWXVHWKHEDWWHU\IRUSXUSRVHVRWKHUWKDQWKRVHIRUZKLFKLWLVLQWHQGHG
! :$51,1*'RQRWRSHQSLHUFHRUFUXVKWKHEDWWHU\,WFRQWDLQVWR[LFVXEVWDQFHV
! :$51,1*'RQRWEXUQWKHEDWWHU\RUH[SRVHLWWRDKLJKWHPSHUDWXUH7KHUHLVDULVNRI
H[SORVLRQ
! :$51,1*'RQRWVKRUWFLUFXLWWKHEDWWHU\WHUPLQDOV7KLVFRXOGFDXVHEXUQVDQG¿UH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
8VH
&RQQHFWLQJWKHDFFHVVRULHV
! '$1*(5&KHFNWKHFRQGLWLRQRIWKHGHYLFHEHIRUHWKHWUHDWPHQW
%HIRUHHDFKWUHDWPHQWDOZD\VPDNHVXUHWKDWWKHHTXLSPHQWLVZRUNLQJSURSHUO\DQGFKHFN
WKHHI¿FLHQF\RIWKHDFFHVVRULHV,IDQ\LPSURSHUIXQFWLRQLQJLVQRWHGGRQRWSURFHHGZLWKWKH
WUHDWPHQW,IWKHSUREOHPFRQFHUQVWKHHTXLSPHQWFRQWDFWDQDXWKRULVHGWHFKQLFDODVVLVWDQFH
FHQWUH
! '$1*(5,QIHFWLRQFRQWURO
7RHQVXUHPD[LPXPVDIHW\ERWKRIWKHSDWLHQWDQGRIWKHRSHUDWRUFOHDQGLVLQIHFWDQGVWHULOL]HWKH
RSWLFDO¿EUHDQGWKHRSWLFDOSURWHFWLRQEHIRUHHDFKWUHDWPHQW)ROORZWKHLQVWUXFWLRQVJLYHQXQGHU
SRLQW³´YHU\FDUHIXOO\
,QRUGHUWRXVHWKH6WDUOLJKWSURWKHIROORZLQJDFFHVVRULHVKDYHWREHFRQQHFWHG
0DQXDOO\LQVHUWWKHRSWLF¿EUHRQWRWKHKDQGSLHFHDSSO\LQJJHQWOHSUHVVXUH,IQHFHVVDU\
URWDWHXQWLOLWFOLFNVLQWRSODFH
)LWWKHRSWLFDOSURWHFWLRQRQWRWKHRSWLFDO¿EUHE\KDQG
$
)LJ
%
6DIHW\UHTXLUHPHQWVGXULQJXVH
! '$1*(51HYHUSRLQWWKHEHDPRIOLJKWLQWKHGLUHFWLRQRIWKHH\HV
! '$1*(5%HIRUHHDFKF\FOHRIH[SRVXUHPDNHVXUHWKDWWKHRSWLFDO¿EUHLV¿WWHG
FRUUHFWO\DQGIXOO\LQWRWKHKDQGSLHFH
! '$1*(5%HIRUHHDFKF\FOHRIH[SRVXUHDOZD\VPDNHVXUHWKDWWKHRSWLFDOSURWHFWLRQ
KDVEHHQ¿WWHGRQWRWKHHQGRIWKHRSWLFDO¿EUH
! '$1*(53RLQWWKHEHDPRIOLJKWGLUHFWO\RQWRWKHPDWHULDOWREHSRO\PHULVHG
'RQRWVXEMHFWWKHJXPRURWKHUVRIWWLVVXHVWRWKHEHDPRIOLJKWVKLHOGWKHVHSDUWVVXLWDEO\LI
QHFHVVDU\7KHHIIHFWRIWKHOLJKWVKRXOGEHOLPLWHGWRWKHRUDOFDYLW\DQGLQSDUWLFXODUWRWKHVHFWRU
UHTXLULQJFOLQLFDOWUHDWPHQW
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHKDQGSLHFHZLWKPHWDOREMHFWV
RUOLTXLGV)LJ5HI$5HI%
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
! :$51,1*'XULQJWKH¿UVWIHZVHFRQGVRIH[SRVXUHDYRLGFRQWDFWRIWKHRSWLFDO¿EUH
ZLWKWKHPDWHULDOWREHSRO\PHULVHG
'HSRVLWVRIFRPSRVLWHPDWHULDODGKHULQJWRDQGSRO\PHULVHGWRWKHVXUIDFHRIWKHWLSRIWKHRSWLFDO
¿EUHORZHUWKHDPRXQWRIOLJKWWUDQVPLWWHGDQGZLOOWKHUHIRUHSUHMXGLFHVXEVHTXHQWSRO\PHULVDWLRQ
RSHUDWLRQV
! :$51,1*,IWKHRSWLFDO¿EUHLVGDPDJHGRUQRWHI¿FLHQWWKLVZLOOUHGXFHWKHLQWHQVLW\RI
WKHOLJKWEHLQJHPLWWHGFRQVLGHUDEO\,QVXFKFDVHVLWVKRXOGWKHUHIRUHEHUHSODFHG
,QVWUXFWLRQVIRUXVH
7KH6WDUOLJKWSURFDQEHXVHGLQWZRGLIIHUHQWPRGHV
)$67H[SRVXUHWLPHRIVHFRQGVDWWKHPD[LPXPOLJKWLQWHQVLW\
6/2:5,6(H[SRVXUHWLPHVHFRQGVZLWKDJUDGXDOLQFUHDVHRIWKHOLJKWLQWHQVLW\GXULQJWKH
¿UVWVHFRQGVXSWRWKHPD[LPXPLQWHQVLW\
6HOHFWLQJWKH)$67H[SRVXUHPRGH
7RVWDUWWKH)$67H[SRVXUHF\FOHSUHVVWKHSXVKEXWWRQRQWKHKDQGSLHFHEULHÀ\)LJ
5HI'$QDFRXVWLFVLJQDOZLOOEHKHDUGEHHS
$IWHUVHFRQGVDQDFRXVWLFVLJQDOZLOOEHKHDUGEHHS7KH)$67F\FOHKDVEHHQ
FRPSOHWHG
6HOHFWLQJWKH6/2:5,6(H[SRVXUHPRGH
7RVWDUWWKH6/2:5,6(H[SRVXUHF\FOHKROGWKHSXVKEXWWRQRQWKHKDQGSLHFHGRZQIRU
VHFRQGV)LJ5HI'$WWKHVWDUWDQDFRXVWLFVLJQDOZLOOEHKHDUGDQGDIWHUVHFRQGV
DQRWKHUDFRXVWLFVLJQDOWRFRQ¿UPWKH6/2:5,6(F\FOHEHJLQQLQJ
$IWHUVHFRQGVDQDFRXVWLFVLJQDOZLOOEHKHDUGEHHS
$IWHUVHFRQGVDQDFRXVWLFVLJQDOZLOOEHKHDUGEHHS7KH6/2:5,6(F\FOHKDVEHHQ
FRPSOHWHG
$IWHUWKHHQGRIWKHWUHDWPHQWSODFHWKH6WDUOLJKWSURKDQGSLHFHEDFNLQWRWKHFKDUJLQJXQLW
)LJ5HI%
127(,QWHUUXSWLQJWKHF\FOH
%RWKLQWKH)$67DQGLQWKH6/2:5,6(PRGHWKHH[SRVXUHF\FOHFDQEHEURNHQRIIDWDQ\WLPH
E\SUHVVLQJWKHSXVKEXWWRQRQWKHKDQGSLHFH)LJ5HI'
127($GGLWLRQDOH[SRVXUHF\FOHV
$WWKHHQGRIDQ\H[SRVXUHF\FOHLWLVSRVVLEOHWRFDUU\RXWRQHRUPRUHDGGLWLRQDOF\FOHVE\
SUHVVLQJWKHSXVKEXWWRQRQWKHKDQGSLHFHDJDLQHDFKWLPH)LJ5HI'
)RUDTXLFNJXLGHWRWKHVLJQDOOLQJVHH7DEOHVDQG
0HDVXULQJWKHOLJKWLQWHQVLW\
7RGHWHUPLQHZKHWKHUWKHOLJKWLQWHQVLW\LVVXI¿FLHQW
3ODFHWKHRSWLFDO¿EUH)LJ5HI$ÀDWRQWKHVXUIDFHRIWKHOLJKWLQWHQVLW\VHQVRUZLWKRXW
SUHVVLQJLW)LJ5HI%
3UHVVWKHEXWWRQ)LJ5HI&WRVZLWFKRQWKHODPS
7KHWHVW/(')LJ5HI'ZLOOLQGLFDWHWKHZRUNLQJOXPLQRXVÀX[PHDVXUHG
*UHHQ OXPLQRXVÀX[VXLWDEOHIRUHIIHFWLYHWUHDWPHQW
<HOORZ OXPLQRXVÀX[LQVXI¿FLHQW
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
&
$
%
)LJ
'
US
! :$51,1*,IWKHZRUNLQJOXPLQRXVÀX[LVQRWVXI¿FLHQWGRQRWSURFHHGZLWKWKHWUHDWPHQWRQ
WKHSDWLHQWDQGFDUU\RXWWKHIROORZLQJFKHFNV
0DNHVXUHWKDWWKHRSWLFDO¿EUHLVFRUUHFWO\LQVHUWHGRQWRWKHKDQGSLHFH
&KHFNZKHWKHUWKHRSWLFDO¿EUHLVGLUW\&OHDQWKHRSWLFDO¿EUHVHHSRLQW&OHDQLQJ
GLVLQIHFWLQJDQGVWHULOL]LQJWKHRSWLFDO¿EUH
&KHFNZKHWKHUWKHRSWLFDO¿EUHLVGDPDJHGDQGLIDSSURSULDWHUHSODFHLWZLWKDQHZRQH
,IWKHVHPHDVXUHVGRQRWOHDGWRLPSURYHGSHUIRUPDQFHSODFHWKHGHYLFHRXWRIFRPPLVVLRQE\
GLVFRQQHFWLQJLWIURPWKHPDLQVDQGPDNHVXUHWKDWLWFDQQRWEHVWDUWHGE\XQDXWKRUL]HGSHUVRQV
$Q\UHSDLUZRUNRQWKHGHYLFHVKRXOGEHFDUULHGRXWE\3LH]RVXUJHU\,QFVHUYLFH
6DIHW\SURWHFWLRQ
,QWKHHYHQWRIH[WUHPHO\KHDG\GXW\XVHZLWKORQJDQGUHSHDWHGH[SRVXUHF\FOHVDWKHUPDO
SURWHFWLRQGHYLFHLVWULJJHUHGDXWRPDWLFDOO\$QDFRXVWLFVLJQDOEHHSVZLOOEHKHDUG7KLV
SURWHFWLRQGHYLFHZLOOWHPSRUDULO\SUHYHQWXVHRIWKHODPSIRUDIHZPLQXWHV
<HOORZEDWWHU\/('RQWKHFKDUJLQJXQLWOLJKWHG
7KH\HOORZEDWWHU\/('FKHFNRQWKHFKDUJLQJXQLWLQGLFDWHVWKHIROORZLQJ
%DWWHU\IDLOHGVHHSRLQW
&RQWDFWVRQWKHFKDUJLQJXQLWVKRUWFLUFXLWHG
,QWKHVHFRQGFDVHWRUHVWRUHFRUUHFWIXQFWLRQLQJRIWKHFKDUJLQJXQLW
'LVFRQQHFWWKHFKDUJLQJXQLWIURPWKHSRZHUVXSSO\$OO/('VH[WLQJXLVKHG
(OLPLQDWHWKHFDXVHRIWKHVKRUWFLUFXLW
5HFRQQHFWWKHFKDUJLQJXQLWWRWKHSRZHUVXSSO\JUHHQSRZHU/('RQ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
&OHDQLQJGLVLQIHFWLRQVWHULOL]DWLRQ
&OHDQLQJDQGGLVLQIHFWLRQRIWKHFDVLQJRIWKHFKDUJLQJXQLW
! '$1*(56ZLWFKRIIWKHFKDUJLQJXQLW
%HIRUHFDUU\LQJRXWDQ\FOHDQLQJDQGGLVLQIHFWLRQGLVFRQQHFWWKHFKDUJLQJXQLWIURPWKHPDLQV
SRZHUVXSSO\
! '$1*(57KHFDVLQJRIWKHFKDUJLQJXQLWLVQRWSURWHFWHGDJDLQVWWKHHQWU\RIOLTXLGV
! '$1*(57KHFKDUJLQJXQLWVKRXOGQRWEHVWHULOL]HG
! '$1*(5'XULQJWKHFOHDULQJSURFHGXUHVGRQRWWDPSHUWKHHOHFWULFFRQWDFWVRIWKH
FKDUJLQJXQLW)LJ5LI%
! '$1*(5'RQRWVSUD\OLTXLGVGLUHFWO\RQWRLWVVXUIDFHDQGRQWRWKHHOHFWULFDOFRQWDFWV
RIWKHFKDUJLQJXQLW3URFHHGDVIROORZVDIWHUHDFKWUHDWPHQW
5HPRYHWKHKDQGSLHFHIURPWKHFKDUJLQJXQLW
&OHDQWKHVXUIDFHRIWKHFKDUJLQJXQLWZLWKDFOHDQVRIWFORWKZLWKORZ¿EUHUHOHDVHPRLVWHQHG
ZLWKDGHWHUJHQWVROXWLRQS+DQGLIQHHGEHGLVLQIHFWZLWKDQRQDJJUHVVLYHGLVLQIHFWDQW
VROXWLRQZLWKQHXWUDOS+S+IROORZLQJWKHLQVWUXFWLRQVSURYLGHGE\WKHPDQXIDFWXUHURIWKH
VROXWLRQ
'U\WKHFKDUJLQJXQLWZLWKDFOHDQQRQDEUDVLYHFORWKZLWKORZ¿EUHUHOHDVHEHIRUHUHFRQQHFWLQJ
WKHFKDUJLQJXQLWWRWKHSRZHUVXSSO\$ERYHDOOPDNHVXUHWKDWWKHHOHFWULFFRQWDFWVDUH
FRPSOHWHO\GU\
127(:DWHUEDVHGGLVLQIHFWDQWVZLWKDQHXWUDOS+DUHVWURQJO\UHFRPPHQGHG6RPHDOFRKRO
EDVHGGLVLQIHFWDQWVROXWLRQVPD\EHKDUPIXODQGFDXVHGDPDJHWRSODVWLFPDWHULDOV
&OHDQLQJDQGGLVLQIHFWLQJWKH6WDUOLJKWSURKDQGSLHFH
! '$1*(57KHKDQGSLHFHLVQRWSURWHFWHGDJDLQVWWKHHQWU\RIOLTXLGV
! '$1*(5'RQRWVKRUWFLUFXLWWKHHOHFWULFFRQWDFWVRIWKHKDQGSLHFHZLWKPHWDOREMHFWV
RUOLTXLGV
! '$1*(57KHKDQGSLHFHVKRXOGQRWEHVWHULOL]HG
! '$1*(5'RQRWVSUD\OLTXLGVGLUHFWO\RQWRWKHFRQHWKHVXUIDFHDQGRQWRWKHHOHFWULF
FRQWDFWVRIWKHKDGSLHFH3URFHHGDVIROORZVDIWHUHDFKWUHDWPHQW
5HPRYHWKHRSWLFDO¿EUHDQGRSWLFDOSURWHFWLRQIURPWKHKDQGSLHFH
&OHDQWKHVXUIDFHRIWKHKDQGSLHFHZLWKDFOHDQVRIWFORWKZLWKORZ¿EUHUHOHDVHPRLVWHQHG
ZLWKDGHWHUJHQWVROXWLRQS+DQGLIQHHGEHGLVLQIHFWZLWKDQRQDJJUHVVLYHGLVLQIHFWDQW
VROXWLRQZLWKQHXWUDOS+S+IROORZLQJWKHLQVWUXFWLRQVSURYLGHGE\WKHPDQXIDFWXUHURIWKH
VROXWLRQ
'U\WKHKDQGSLHFHZLWKDFOHDQQRQDEUDVLYHFORWKZLWKORZ¿EUHUHOHDVHEHIRUHXVLQJWKH
KDQGSLHFHDJDLQDQGEHIRUHSODFLQJLWEDFNLQWKHFKDUJLQJXQLW$ERYHDOOPDNHVXUHWKDWWKH
HOHFWULFFRQWDFWVDUHFRPSOHWHO\GU\
127(:DWHUEDVHGGLVLQIHFWDQWVZLWKDQHXWUDOS+DUHVWURQJO\UHFRPPHQGHG6RPH
DOFRKROEDVHGGLVLQIHFWDQWVROXWLRQVPD\EHKDUPIXODQGFDXVHGDPDJHWRSODVWLFPDWHULDOV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
6WHULOL]DWLRQSURFHGXUH
! :$51,1*&DUU\RXWVWHULOL]DWLRQRQO\LQDVWHDPDXWRFODYHDWDPD[LPXPWHPSHUDWXUHRI
ƒ&IRUPLQXWHV
'RQRWXVHDQ\RWKHUVWHULOL]DWLRQSURFHGXUHVGU\KHDWUDGLDWLRQHWK\OHQHR[LGHJDV
ORZWHPSHUDWXUHSODVPDHWF
! '$1*(57KHKDQGSLHFHVKRXOGQRWEHVWHULOL]HG
! '$1*(5,QIHFWLRQFRQWURO6WHULOL]DEOHSDUWV
7RDYRLGLQIHFWLRQFDXVHGE\EDFWHULDRUYLUXVHVDOZD\VFOHDQWKHIROORZLQJFRPSRQHQWVDIWHUHDFK
WUHDWPHQW
2SWLFDO¿EUH
2SWLFDOSURWHFWLRQ
7KHVHFRPSRQHQWVDUHPDGHRIPDWHULDOVDEOHWRZLWKVWDQGDPD[LPXPWHPSHUDWXUHRIƒ&IRU
DPD[LPXPRIPLQXWHV
7KHVWHDPDXWRFODYHVWHULOL]DWLRQSURFHVVHV6$/PXVWEHFDUULHGRXWXVLQJWKHSDUDPHWHUV
JLYHQEHORZ
WLPHVSUHYDFXXP
6WHULOL]DWLRQWHPSHUDWXUHƒ&LQWHUYDOƒ&·ƒ&ƒ)LQWHUYDOƒ)·ƒ)
6WHULOL]DWLRQWLPHPLQXWHV
0LQLPXPGU\LQJWLPHPLQXWHV
$OOWKHVWDJHVRIVWHULOL]DWLRQPXVWEHFDUULHGRXWE\WKHRSHUDWRULQDFFRUGDQFHZLWK
(1,62(1DQG$16,$$0,67
127('RQRWXVHGR[\JHQDWHGZDWHUWRGLVLQIHFW2QO\XVHQHXWUDOS+GLVLQIHFWDQWV$OZD\VULQVH
ZLWKVWHULOHZDWHU
! '$1*(52QFHFOHDULQJRSHUDWLRQVKDYHEHHQFRPSOHWHGEHIRUHVWHULOL]DWLRQFKHFNDOOREMHFWV
XQGHUDVXLWDEOHOLJKWVRXUFH3D\SDUWLFXODUDWWHQWLRQWRSDUWVWKDWPD\KLGHUHVLGXHGLUWWKUHDGLQJ
FDYLWLHVFKDQQHOOLQJ,IQHFHVVDU\UHSHDWWKHFOHDQLQJF\FOH
&OHDQLQJGLVLQIHFWLRQHVWHULOL]DWLRQRIWKHRSWLFDO¿EUH
! :$51,1*'RQRWXVHVKDUSHGJHGREMHFWVWRFOHDQWKHRSWLFDO¿EUH
&DUU\RXWWKHIROORZLQJRSHUDWLRQV
(OLPLQDWHDQ\UHVLGXHVRISRO\PHULVHGFRPSRVLWHVIURPWKHVXUIDFHRIWKHRSWLFDO¿EUHZLWK
DOFRKRO
'LVLQIHFWWKHVXUIDFHXVLQJDFORWKPRLVWHQHGZLWKDVROXWLRQRIPLOGGHWHUJHQWGLVLQIHFWDQW
KDYLQJDQHXWUDOS+S+
'U\
6HDOWKHRSWLFDO¿EUHLQDGLVSRVDEOHEDJRQLWVRZQ
$XWRFODYHVWHULOL]HWKHRSWLFDO¿EUH
&OHDQLQJGLVLQIHFWLRQDQGVWHULOL]DWLRQRIWKHRSWLFDOSURWHFWLRQ
! :$51,1*'RQRWXVHVKDUSHGJHGREMHFWVWRFOHDQWKHRSWLFDOSURWHFWLRQ
3URFHHGDVIROORZV
&OHDQDQGGLVLQIHFWWKHVXUIDFHXVLQJDFORWKPRLVWHQHGZLWKDVROXWLRQRIPLOGGHWHUJHQW
GLVLQIHFWDQWKDYLQJDQHXWUDOS+S+
'U\
6HDOWKHRSWLFDOSURWHFWLRQLQDGLVSRVDEOHEDJRQLWVRZQ
$XWRFODYHVWHULOL]HWKHRSWLFDOSURWHFWLRQ
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
'LVSRVDOSURFHGXUHVDQGSUHFDXWLRQV
! :$51,1*7KLVGHYLFHFRQWDLQVD/,7+,80,21EDWWHU\7KHEDWWHU\PXVWEHGLVSRVHG
RIDQGWUHDWHGDVZDVWHUHTXLULQJVHSDUDWHFROOHFWLRQ
7KLVHTXLSPHQWPXVWEHGLVSRVHGRIDQGWUHDWHGDVZDVWHUHTXLULQJVHSDUDWHFROOHFWLRQ
$WWKHHQGRIWKHOLIHF\FOHRIWKLVHTXLSPHQWWKHSXUFKDVHULVHQWLWOHGWRUHWXUQWKHHTXLSPHQW
WRWKHGHDOHUVXSSO\LQJQHZHTXLSPHQW,QVWUXFWLRQVIRUGLVSRVDODUHDYDLODEOHIURP0HFWURQ
6S$
)DLOXUHWRFRPSO\ZLWKWKHIRUHJRLQJSRLQWVPD\HQWDLOSXQLVKPHQWLQDFFRUGDQFHZLWK'LUHFWLYH
DERXWZDVWHRIHOHFWULFDODQGHOHFWURQLFHTXLSPHQW:(((
! '$1*(5+RVSLWDOZDVWH
7UHDWWKHIROORZLQJLWHPVDVKRVSLWDOZDVWH
2SWLFDO¿EUHZKHQZRUQRUEURNHQ
2SWLFDOSURWHFWLRQZKHQZRUQRUEURNHQ
6\PEROV
!
:$51,1*6HHLQVWUXFWLRQVIRUXVH
6HULDOQXPEHU
&RQVXOWRSHUDWLQJLQVWUXFWLRQV
&DWDORJXHQXPEHU
7\SH³%´DSSOLHGSDUWLQFRQIRUPLW\
ZLWKWHFKQLFDOQRUP(1
0DQXIDFWXUHU
&ODVV,,DSSDUDWXV
7HPSHUDWXUHOLPLWDWLRQWUDQVSRUW
DQGVWRUDJHFRQGLWLRQV
$OWHUQDWH&XUUHQW
+XPLGLW\OLPLWDWLRQWUDQVSRUWDQG
VWRUDJHFRQGLWLRQV
&DQEHVWHULOL]HGLQDXWRFODYHXSWRD
PD[LPXPWHPSHUDWXUHRIƒ&
$WPRVSKHULFSUHVVXUH
OLPLWDWLRQWUDQVSRUWDQG
VWRUDJHFRQGLWLRQV
0(77UDGHPDUN
7KHGHYLFHDQGLWVDFFHVVRULHV
PXVWQRWEHGLVSRVHGRIRU
WUHDWHGDVVROLGXUEDQZDVWH
7.%5#
%0Q &RQIRUPLW\WRQRUPV8/&6$
'
'DQJHUV\PERO
/('UDGLDWLRQ
'HYLFHPDQXIDFWXUHGLQFRQIRUPLW\ZLWKGLUHFWLYH((&
LQFOXGLQJWHFKQLFDOQRUPV(1DQG(1
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
3UREOHPVROYLQJ
,IWKHHTXLSPHQWDSSHDUVQRWWREHZRUNLQJFRUUHFWO\UHDGWKHLQVWUXFWLRQVDJDLQDQGWKHQFKHFNWKH
IROORZLQJWDEOH
352%/(0
7KHFKDUJLQJXQLWGRHVQRW
VZLWFKRQQRQHRIWKH/('V
ZLOOOLJKWXS
3266,%/(&$86(
62/87,21
7KHSRZHUFDEOHLVQRW
FRQQHFWHGFRUUHFWO\
&RQQHFWWKHFDEOHERWKWRWKH
FKDUJLQJXQLWDQGWRWKHZDOO
VRFNHW
7KHSRZHUFDEOHLVIDXOW\
5HSODFHWKHSRZHUFDEOH
7KHFKDUJLQJXQLWLVRXWRI
RUGHU
&RQWDFW3LH]RVXUJHU\,QF¶V
6HUYLFH
7KH\HOORZEDWWHU\/('
FKHFNRIWKHFKDUJLQJXQLW
LV21
7KHFRQWDFWVRIWKH
FKDUJLQJXQLWKDYHEHHQ
VKRUWFLUFXLWHG
6HHSRLQW³´
7KH\HOORZEDWWHU\/('
FKHFNRIWKHFKDUJLQJXQLW
LV21
%DWWHU\IDLOHG
&RQWDFW3LH]RVXUJHU\,QF¶V
6HUYLFH
6HHSRLQW³´DQG³´
7KHUHLVQREHDPRIOLJKW
ZKHQWKHSXVKEXWWRQRIWKH
6WDUOLJKWSURLVSUHVVHGDQG
DQDFRXVWLFVLJQDOLVKHDUG
EHHSV
%DWWHU\GHDG
5HFKDUJHWKHEDWWHU\6HH
SRLQW³´
$QDFRXVWLFVLJQDOLVKHDUGDG
WKHHQGRIWKHH[SRVXUHF\FOH
EHHSV
%DWWHU\ORZ
5HFKDUJHWKHEDWWHU\6HH
SRLQW³´
$QDFRXVWLFVLJQDOEHHSV
LVKHDUGGXULQJWKHH[SRVXUH
F\FOHDQGDWWKHHQGRIWKH
F\FOH6WDUOLJKWSURZLOOQRW
HQDEOHDQ\IXUWKHUWUHDWPHQW
WREHFDUULHGRXW
7KHWKHUPDOSURWHFWLRQKDV
EHHQDFWLYDWHG
,WZLOOEHSRVVLEOHWRXVHWKH
HTXLSPHQWRQO\DIWHULWKDV
FRROHGGRZQ
7KHSRO\PHULVDWLRQLV
LQVXI¿FLHQW
7KHVXUIDFHRIWKHWLSRIWKH
RSWLFDO¿EUHLVVRLOHG
6HHSRLQW³´
7KHJUHHQEDWWHU\/('
GRHVQRWOLJKWXSZKHQWKH
KDQGSLHFHLVSODFHGEDFNRQ
WKHFKDUJLQJXQLW
%DWWHU\QRWVXI¿FLHQWO\ORZ
6HHSRLQW7DEOH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
7HFKQLFDOVSHFL¿FDWLRQV
7KLVHTXLSPHQWFRPSOLHVZLWK'LUHFWLYH((&
&ODVV,
&ODVVDFFRUGLQJWR(1
,,
$SSOLHGSDUWW\SH%2SWLFDO¿EUH
,3&KDUJLQJXQLW
,36WDUOLJKWSUR
&KDUJLQJVWDWLRQ
0RGHO6WDUOLJKWSUR&+$5*(5
&KDUJLQJVWDWLRQSRZHUVXSSO\UHTXLUHPHQWV 9a+]9$
3RZHUVXSSO\RI6WDUOLJKWSURKDQGSLHFH
/LWKLXPLRQEDWWHU\
5DWHGYROWDJH9
5DWHFDSDFLW\P$K
+DQGSLHFHIRULQWHUPLWWHQWRSHUDWLRQ
´21´2))0D[WLPHVUXQQLQJ
6RXUFHRIOLJKW
+LJKOXPLQRVLW\/('ZLWKRSWLFV
&ODVV0,(&/('V
'RPLQDQWZDYHOHQJWKQP
/('OLJKWHPLVVLRQ!P:FP
$YHUDJHOLIHF\FOHVVHFRQGVHDFK
2SWLFDO¿EUHLQFOXGHGLQWKHVXSSO\
'LDPHWHUPP
&RPSRVLWLRQ'UDZQFRKHUHQW¿EUHVVXUIXVHGZLWK
TXDUW]
$XWRFODYHVWHULOL]DEOHPD[WHPSƒ&IRU
PLQXWHVPD[F\FOHV
(VSRVXUH
)$67([SRVXUHWLPHVHFRQGV
$FRXVWLFVLJQDOVLQGLFDWLQJVWDUWDQGHQGRI
H[SRVXUH
6/2:5,6(([SRVXUHWLPHVHFRQGV
$FRXVWLFVLJQDODWWKHVWDUWDIWHUVHFRQGVDQG
DWWKHHQGRIWKHVHFRQGV
7KHF\FOHVFDQEHVWRSSHGRUUHSHDWHGDWDQ\
WLPH
7LPHUHTXLUHGWRUHFKDUJHDGHDGEDWWHU\
$ERXWKRXUV
2SHUDWLQJFRQGLWLRQV
IURPƒ&WRƒ&
5HODWLYH+XPLGLW\IURPWR
$LUSUHVVXUH3K3DK3D
7UDQVSRUWDQGVWRUDJHFRQGLWLRQV
IURPƒ&WRƒ&
5HODWLYH+XPLGLW\IURPWR
$LUSUHVVXUH3K3DK3D
:HLJKWVDQGGLPHQVLRQV
&KDUJLQJXQLW:HLJKWJ
[[PP
6WDUOLJKWSURKDQGSLHFH:HLJKWJ
/PP0D[‘PP
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
/(',QIRUPDWLRQFRQFHUQLQJWKHUDGLDWLRQHPLWWHG
7KLVGHYLFHXVHVKLJKOXPLQRVLW\/('V&ODVV0,(&
! '$1*(5'LYHUJLQJEHDPV
'RQRWREVHUYHWKHHPLVVLRQRIOLJKWIURPWKH/('XVLQJRSWLFDOLQVWUXPHQWVVXFKDVPRQRFOHV
PDJQLI\LQJJODVVHVRUPLFURVFRSHVIURPDGLVWDQFHRIOHVVWKDQPPDVWKLVFRXOGFDXVHDULVN
RIGDPDJHWR\RXUH\HV
! '$1*(5&ROOLPDWHGEHDPV
'RQRWREVHUYHWKHHPLVVLRQRIOLJKWIURPWKH/('XVLQJRSWLFDOLQVWUXPHQWVGHVLJQHGIRUXVHDWD
GLVWDQFHVXFKDVWHOHVFRSHVRUELQRFXODUVVLQFHWKLVFRXOGFDXVHDULVNRIGDPDJHWR\RXUH\HV
/DEHOVDUHSURYLGHGRQWKHSDFNDJLQJRIWKHGHYLFHDVLQGLFDWHGLQ)LJ
/('5$',$7,21
'212767$5(,1727+(%($0259,(:',5(&7/<
:,7+237,&$/,167580(176
&/$660/('352'8&7
,(&$$
US
0$;32:(5P:
'RPLQDQWZDYHOHQJKW0LQQP0D[QP
)LJ
(OHFWURPDJQHWLFFRPSDWLELOLW\(1
! '$1*(57KHGHYLFHUHTXLUHVVSHFL¿F(0&SUHFDXWLRQVDQGPXVWEHLQVWDOOHGDQGVWDUWHGXS
LQDFFRUGDQFHZLWKWKH(0&LQIRUPDWLRQJLYHQLQWKLVSDUDJUDSK
! '$1*(53RUWDEOHDQGPRELOHUDGLRFRPPXQLFDWLRQDSSOLDQFHVPD\DIIHFWWKHFRUUHFW
IXQFWLRQLQJRIWKHGHYLFH
*XLGDQFHDQGPDQXIDFWXUHU¶VGHFODUDWLRQ(OHFWURPDJQHWLFHPLVVLRQV
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQWKHHOHFWURPDJQHWLFHQYLURQPHQWVSHFL¿HGEHORZ
7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURVKRXOGDVVXUHWKDWLWLVXVHGLQVXFKDQHQYLURQPHQW
(PLVVLRQVWHVW
&RPSOLDQFH
(OHFWURPDJQHWLFHQYLURQPHQW*XLGDQFH
5)HPLVVLRQV
&,635
*URXS
7KH6WDUOLJKWSURXVHV5)HQHUJ\RQO\IRULWVLQWHUQDO
IXQFWLRQ7KHUHIRUHLWV5)HPLVVLRQVDUHYHU\ORZDQGDUHQRW
OLNHO\WRFDXVHDQ\LQWHUIHUHQFHLQQHDUE\HOHFWURQLFHTXLSPHQW
5)HPLVVLRQV
&,635
&ODVV%
+DUPRQLFHPLVVLRQV
,(&
&ODVV$
7KH6WDUOLJKWSURLVVXLWDEOHIRUXVHLQDOOHVWDEOLVKPHQWVLQFOXG
LQJGRPHVWLFHVWDEOLVKPHQWVDQGWKRVHGLUHFWO\FRQQHFWHGWRWKH
SXEOLFORZYROWDJHSRZHUVXSSO\QHWZRUNWKDWVXSSOLHVEXLOGLQJV
XVHGIRUGRPHVWLFSXUSRVHV
9ROWDJHÀXFWXDWLRQVÀLFNHU
HPLVVLRQV
,(&
&RPSOLHV
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
*XLGDQFHDQGPDQXIDFWXUHU¶VGHFODUDWLRQ(OHFWURPDJQHWLFLPPXQLW\
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQWKHHOHFWURPDJQHWLFHQYLURQPHQWVSHFL¿HGEHORZ
7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURVKRXOGDVVXUHWKDWLWLVXVHGLQVXFKDQHQYLURQPHQW
,(&
WHVWOHYHO
,PPXQLW\WHVW
&RPSOLDQFHOHYHO
(OHFWURPDJQHWLF
HQYLURQPHQW*XLGDQFH
(OHFWURVWDWLF
GLVFKDUJH(6'
,(&
“N9FRQWDFW
“N9DLU
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
)ORRUVVKRXOGEHZRRGFRQ
FUHWHRUFHUDPLFWLOH,I
ÀRRUVDUHFRYHUHGZLWKV\Q
WKHWLFPDWHULDOWKH
UHODWLYHKXPLGLW\VKRXOGEHDW
OHDVW
(OHFWULFDOIDVW
WUDQVLHQWEXUVW
,(&
“N9IRUSRZHUVXSSO\
OLQHV
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
0DLQVSRZHUTXDOLW\VKRXOGEH
WKDWRIDW\SLFDO
FRPPHUFLDORUKRVSLWDOHQYL
URQPHQW
“N9IRULQSXWRXWSXW
OLQHV
6XUJH
,(&
“N9GLIIHUHQWLDOPRGH
“N9FRPPRQPRGH
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
0DLQVSRZHUTXDOLW\VKRXOGEH
WKDWRIDW\SLFDO
FRPPHUFLDORUKRVSLWDOHQYL
URQPHQW
9ROWDJHGLSVVKRUWLQ
WHUUXSWLRQVDQGYROWDJH
YDULDWLRQVRQSRZHU
VXSSO\LQSXWOLQHV
,(&
87!GLSLQ
87IRUF\FOH
7KHGHYLFHFDQYDU\
IURPWKHUHTXLUHG
OHYHOVRILPPXQLW\ZLWK
DGXUDWLRQRI!
VDVORQJDV
WKHGHYLFHUHPDLQVLQ
VDIHW\QRPDOIXQFWLRQV
KDYHEHHQGHWHFWHG
DQGFDQEHUHVWRUHG
WRSUHWHVWVWDWXVZLWK
WKHLQWHUYHQWLRQRIWKH
RSHUDWRU
0DLQVSRZHUTXDOLW\VKRXOGEH
WKDWRIDW\SLFDOFRPPHUFLDORU
KRVSLWDOHQYLURQPHQW
7KHGHYLFHFRQWLQXHV
WRZRUNUHJXODUO\DQG
LQVDIHW\
3RZHUIUHTXHQF\
PDJQHWLF¿HOGVVKRXOGEHDW
OHYHOVFKDUDFWHULVWLFRIDW\SLFDO
ORFDWLRQLQD
W\SLFDOFRPPHUFLDORUKRVSLWDO
HQYLURQPHQW
87GLSLQ
87IRUF\FOH
87GLSLQ
87IRUF\FOH
87!GLSLQ
87IRUV
3RZHUIUHTXHQF\
+]PDJQHWLF
¿HOG
,(&
$P
127(87LVWKHDFPDLQVYROWDJHSULRUWRDSSOLFDWLRQRIWKHWHVWOHYHO
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
*XLGDQFHDQGPDQXIDFWXUHU¶VGHFODUDWLRQ(OHFWURPDJQHWLFLPPXQLW\
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQWKHHOHFWURPDJQHWLFHQYLURQPHQWVSHFL¿HGEHORZ
7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURVKRXOGDVVXUHWKDWLWLVXVHGLQVXFKDQHQYLURQPHQW
,PPXQLW\WHVW
,(&WHVWOHYHO
&RPSOLDQFH
OHYHO
(OHFWURPDJQHWLFHQYLURQPHQW*XLGDQFH
3RUWDEOHDQGPRELOH5)FRPPXQLFDWLRQVHTXLS
PHQWVKRXOGEHXVHGQRFORVHUWRDQ\SDUWRIWKH
GLVSRVDOLQFOXGLQJFDEOHVWKDQWKHUHFRPPHQGHG
VHSDUDWLRQGLVWDQFHFDOFXODWHGIURPWKHHTXDWLRQ
DSSOLFDEOHWRWKHIUHTXHQF\RIWKHWUDQVPLWWHU
&RQGXFWHG5)
,(&
9HII
N+]WR0+]
5DGLDWHG5)
,(&
9P
0+]WR*+]
7KHGHYLFH
FRQWLQXHV
WRZRUN
UHJXODUO\DQG
LQVDIHW\
5HFRPPHQGHGVHSDUDWLRQGLVWDQFH
G ¥3
G ¥30+]WR0+]
G ¥30+]WR*+]
ZKHUH3LVWKHPD[LPXPRXWSXWSRZHUUDWLQJRIWKH
WUDQVPLWWHULQZDWWV:DFFRUGLQJWRWKHWUDQVPLW
WHUPDQXIDFWXUHUDQGGLVWKH
UHFRPPHQGHGVHSDUDWLRQGLVWDQFHLQPHWUHVP
)LHOGVWUHQJWKVIURP¿[HG5)WUDQVPLWWHUVDV
GHWHUPLQHGE\DQHOHFWURPDJQHWLFVLWHVXUYH\D
VKRXOGEHOHVVWKDQWKHFRPSOLDQFHOHYHOLQHDFK
IUHTXHQF\UDQJHE
,QWHUIHUHQFHPD\RFFXULQWKHYLFLQLW\RI
HTXLSPHQWPDUNHGZLWKWKHIROORZLQJV\PERO
1RWHV
$W0+]DQG0+]WKHKLJKHUIUHTXHQF\UDQJHDSSOLHV
7KHVHJXLGHOLQHVPD\QRWDSSO\LQDOOVLWXDWLRQV(OHFWURPDJQHWLFSURSDJDWLRQLVDIIHFWHGE\DEVRUSWLRQDQGUHÀHFWLRQIURP
VWUXFWXUHVREMHFWVDQGSHRSOH
D)LHOGVWUHQJWKVIURP¿[HGWUDQVPLWWHUVVXFKDVEDVHVWDWLRQVIRUUDGLRFHOOXODUFRUGOHVVWHOHSKRQHVDQGODQGPRELOHUDGLRV
DPDWHXUUDGLR$0DQG)0UDGLREURDGFDVWDQG79EURDGFDVWFDQQRWEHSUHGLFWHGWKHRUHWLFDOO\ZLWKDFFXUDF\7RDVVHVV
WKHHOHFWURPDJQHWLFHQYLURQPHQWGXHWR¿[HG5)WUDQVPLWWHUVDQHOHFWURPDJQHWLFVLWHVXUYH\VKRXOGEHFRQVLGHUHG,IWKH
PHDVXUHG¿HOGVWUHQJWKLQWKHORFDWLRQLQZKLFKWKH6WDUOLJKWSURLVXVHGH[FHHGVWKHDSSOLFDEOH5)FRPSOLDQFHOHYHODERYH
WKH6WDUOLJKWSURVKRXOGEHREVHUYHGWRYHULI\QRUPDORSHUDWLRQ,IDEQRUPDOSHUIRUPDQFHLVREVHUYHGDGGLWLRQDOPHDVXUHV
PD\EHQHFHVVDU\VXFKDVUHRULHQWLQJRUUHORFDWLQJWKH6WDUOLJKWSUR
E2YHUWKHIUHTXHQF\UDQJHN+]WR0+]¿HOGVWUHQJWKVVKRXOGEHOHVVWKDQ9P
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
5HFRPPHQGHGVHSDUDWLRQGLVWDQFHVEHWZHHQSRUWDEOHDQGPRELOH5)FRPPXQLFDWLRQV
HTXLSPHQWDQGWKH6WDUOLJKWSUR
7KH6WDUOLJKWSURLVLQWHQGHGIRUXVHLQDQHOHFWURPDJQHWLFHQYLURQPHQWLQZKLFKUDGLDWHG5)
GLVWXUEDQFHVDUHFRQWUROOHG7KHFXVWRPHURUWKHXVHURIWKH6WDUOLJKWSURFDQKHOSSUHYHQW
HOHFWURPDJQHWLFLQWHUIHUHQFHE\PDLQWDLQLQJDPLQLPXPGLVWDQFHEHWZHHQSRUWDEOHDQGPRELOH5)
FRPPXQLFDWLRQVHTXLSPHQWWUDQVPLWWHUVDQGWKH6WDUOLJKWSURDVUHFRPPHQGHGEHORZDFFRUGLQJWRWKH
PD[LPXPRXWSXWSRZHURIWKHFRPPXQLFDWLRQVHTXLSPHQW
5DWHGPD[LPXP
RXWSXWSRZHURI
WUDQVPLWWHU³:´
6HSDUDWLRQGLVWDQFHDFFRUGLQJWRIUHTXHQF\RIWUDQVPLWWHU³P´
N+]WR0+]
G ¥3
0+]WR0+]
G ¥3
0+]WR*+]
G ¥3
)RUWUDQVPLWWHUVUDWHGDWDPD[LPXPRXWSXWSRZHUQRWOLVWHGDERYHWKHUHFRPPHQGHGVHSDUDWLRQGLVWDQFHG
LQPHWUHVPFDQEHHVWLPDWHGXVLQJWKHHTXDWLRQDSSOLFDEOHWRWKHIUHTXHQF\RIWKH
WUDQVPLWWHUZKHUH3LVWKHPD[LPXPRXWSXWSRZHUUDWLQJRIWKHWUDQVPLWWHULQZDWWV:DFFRUGLQJWRWKH
WUDQVPLWWHUPDQXIDFWXUHU
1RWH
$W0+]DQG0+]WKHVHSDUDWLRQGLVWDQFHIRUWKHKLJKHUIUHTXHQF\UDQJHDSSOLHV
7KHVHJXLGHOLQHVPD\QRWDSSO\LQDOOVLWXDWLRQV(OHFWURPDJQHWLFSURSDJDWLRQLVDIIHFWHGE\
DEVRUSWLRQDQGUHÀHFWLRQIURPVWUXFWXUHVREMHFWVDQGSHRSOH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
:DUUDQW\
)RUDOO6WDUOLJKW3URSURGXFWVXQOHVVRWKHUZLVHVSHFL¿HG
$Q\QRQDSSURYHGXVDJHRIWKH6WDUOLJKW3URGHYLFHDQGDFFHVVRULHVZLOOYRLGWKHZDUUDQW\
$Q\XVDJHRIQRQ6WDUOLJKW3URSDUWVFRPSRQHQWVDFFHVVRULHVRUSURFHGXUHVZLOOYRLGWKH
ZDUUDQW\
7KHPDQXIDFWXUHU0HFWURQ6SDZDUUDQWVWRWKH¿UVWRULJLQDOSXUFKDVHUFXVWRPHUWKDWWKHLU
SURGXFWVKDYHEHHQWHVWHGLQVSHFWHGDQGVKLSSHGLQSURSHUZRUNLQJRUGHU
$OO6WDUOLJKW3URSURGXFWVDUHFRYHUHGE\ZDUUDQW\IRUDSHULRGRI7KUHH\HDUVIURPWKHGDWHRI
SXUFKDVH
3URGXFWVDUHZDUUDQWHGWREHIUHHIURPGHIHFWVLQPDWHULDODQGZRUNPDQVKLS
7KLVOLPLWHGZDUUDQW\LVH[WHQGHGRQO\WRWKH¿UVWFXVWRPHUSXUFKDVLQJWKH6WDUOLJKW3URSURGXFWV
GLUHFWO\IURP3LH]RVXUJHU\,QFRUIURPLWVDXWKRUL]HGGLVWULEXWRURUUHSUHVHQWDWLYH
7KLVOLPLWHGZDUUDQW\GRHVQRWDSSO\WRDQ\XQLWDFFHVVRU\ZKLFKKDVEHHQVXEMHFWWRDEQRUPDO
ZHDUDQGWHDUPLVXVHDEXVHQHJOHFWLPSURSHULQVWDOODWLRQRURSHUDWLRQRUWKDWKDVEHHQDOWHUHG
DGMXVWHGRUWDPSHUHGZLWKE\DQ\SHUVRQRWKHUWKDW3LH]RVXUJHU\,QFDXWKRUL]HGVHUYLFHSHUVRQQHO
7KHZDUUDQW\LVYDOLGRQO\LI3LH]RVXUJHU\,QFLVQRWL¿HGZLWKLQWKLUW\GD\VIROORZLQJGLVFRYHU\
RIDGHIHFW
)RUUHWXUQLQJSURFHGXUHPDNHUHIHUHQFHWRWKHSDUDJUDSK³&86720(56(59,&(
5(78516DQGRU5(3$,56´
5HWXUQVPXVWEHDXWKRUL]HGE\3LH]RVXUJHU\,QF
3LH]RVXUJHU\,QFFDQQRWDFFHSWUHVSRQVLELOLW\IRUUHWXUQVZKLFKKDYHQRWEHHQDXWKRUL]HG
&RQWDFW3LH]RVXUJHU\,QF&XVWRPHU6HUYLFHDW3,(=2IRUUHWXUQDXWKRUL]DWLRQ
7KHFXVWRPHULVUHVSRQVLEOHIRUUHWXUQLQJWKHGHIHFWLYHHTXLSPHQWWRWKH3LH]RVXUJHU\,QFVHUYLFH
ORFDWLRQDWKLVRUKHURZQH[SHQVH
:LWKLQDUHDVRQDEOHWLPHDIWHUUHFHLSWRISURGXFWV3LH]RVXUJHU\,QFVHUYLFHZLOOLQYHVWLJDWHDQG
VKDOOFRUUHFWDQ\GHIHFWFRYHUHGE\ZDUUDQW\E\SURYLGLQJDWLWVRSWLRQRQHRIWKHIROORZLQJVHUYLFH
RUUHSDLURIWKHSURGXFWRUDUHSODFHPHQWRIWKHSURGXFW
,IXSRQH[DPLQDWLRQE\3LH]RVXUJHU\,QF¶VVHUYLFHSHUVRQQHOLWLVGHWHUPLQHGWKDWWKHPDOIXQFWLRQ
LVFDXVHGE\DEQRUPDOZHDUDQGWHDURUE\GDPDJHFDXVHGE\PLVXVHDEXVHWDPSHUZLWKRU
E\IDLOXUHWRSHUIRUPQRUPDODQGURXWLQHPDLQWHQDQFHDVVHWRXWLQWKHLQVWUXFWLRQVIRUXVHDQG
PDLQWHQDQFHERRNOHWSURYLGHGZLWKWKHXQLWZDUUDQW\SURYLVLRQVZLOOQRWDSSO\
,QWKLVFDVHDQHVWLPDWHIRUWKHFRVWRIUHSDLUZLOOEHJLYHQWRWKHFXVWRPHUSULRUVHUYLFLQJDQG
UHSDLULQJWKHSURGXFW
7KHUHSDLUZLOOEHELOOHGWRWKHFXVWRPHULQWKHVDPHPDQQHUDVRXWRIZDUUDQW\UHSDLU
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
&86720(56(59,&(5(78516DQGRU5(3$,56
5HWXUQLQJSURGXFWVIRUDQ\UHDVRQPXVWEHDXWKRUL]HGE\3LH]RVXUJHU\,QF&XVWRPHU6HUYLFHDQG
WKHIROORZLQJLQIRUPDWLRQPXVWEHSURYLGHG
3URGXFWQDPH
6HULDOQXPEHUORWQXPEHULIDSSOLFDEOH
5HDVRQRIUHWXUQDQGGHWDLOHGGHVFULSWLRQRIWKHSUREOHP
2ULJLQDO,QYRLFH1XPEHU
'DWHRISXUFKDVH
7KHDERYHLQIRUPDWLRQPXVWEHDOZD\VLQFOXGHGLQWKHSDFNDJHRIWKHUHWXUQLQJSURGXFWVERWKIRU
SURGXFWVXQGHUZDUUDQW\DQGRXWRIZDUUDQW\
5HSDLUVRISURGXFWVRXWRIZDUUDQW\
,I\RXUHTXLUHDTXRWHQRWLI\FXVWRPHUVHUYLFHZKHQUHTXHVWLQJWKHUHWXUQDXWKRUL]DWLRQWKDWD
TXRWHLVUHTXLUHG
,IDTXRWHLVQRWUHTXHVWHGWKHUHSDLUZLOOEHSURFHVVHGDQG\RXUDFFRXQWELOOHGDFFRUGLQJO\
SURYLGHGWKHUHSDLULVQRWFRYHUHGXQGHUZDUUDQW\
5HWXUQHGJRRGV
$OOUHWXUQVPXVWEHVKLSSHGSUHSDLGIUHLJKWRWKHUZLVHWKH\ZLOOQRWEHDFFHSWHG
! :$51,1*3DFNDJLQJ
3DFNWKHHTXLSPHQWLQLWVRULJLQDOSDFNDJLQJWRHQVXUHLWLVQRWGDPDJHGGXULQJVKLSPHQW
! '$1*(5$OOWKHSURGXFWVPXVWEHFOHDQHGDQGVWHULOL]HGEHIRUHUHWXUQLQJ
3LH]RVXUJHU\,QFZLOOQRWDFFHSWDQGSURFHVVSRWHQWLDOO\ELRFRQWDPLQDWHGSURGXFWVZKLFKGRQRW
PHHWWKLVUHTXLUHPHQW
&RQWDPLQDWHGSURGXFWVZLOOEHLPPHGLDWHO\UHWXUQHGWR\RXIRUGHFRQWDPLQDWLRQDQGVWHULOL]DWLRQ
7KLVZDUUDQW\JLYHV\RXVSHFL¿FOHJDOULJKWVDQG\RXPD\KDYHRWKHUULJKWVZKLFKYDU\E\VWDWHDQG
PXQLFLSDOLW\
7KHIRUHJRLQJOLPLWHGZDUUDQW\LVLQOLHXRIDOORWKHUZDUUDQWLHVH[SUHVVHGRULPSOLHGLQFOXGLQJEXW
QRWOLPLWHGWRWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\DQG¿WQHVVIRUDSDUWLFXODUSXUSRVH
([FHSWFODLPVIRUSHUVRQDOLQMXU\LQQRFDVHVKDOOWKHFRPSDQ\EHOLDEOHIRUDQ\VSHFLDOLQFLGHQWDO
RUFRQVHTXHQWLDOGDPDJHVEDVHGXSRQEUHDFKRIZDUUDQW\RUDQ\RWKHUOHJDOWKHRU\
6RPHMXULVGLFWLRQVGRQRWDOORZOLPLWVRQZDUUDQWLHVRURQUHPHGLHVDQGLQVXFKMXULVGLFWLRQVWKH
OLPLWLQWKLVDQGWKHSUHFHGLQJSDUDJUDSKVPD\QRWDSSO\
7KHLQIRUPDWLRQJLYHQLQWKLVPDQXDOLVQRWELQGLQJDQGFDQEHPRGL¿HGZLWKRXWSULRUQRWLFH
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
US
VWDUOLJKWSURPDQXDORIXVHDQGPDLQWHQDQFH860DUNHW
127(
VWDUOLJKWSUR
127(
VWDUOLJKWSUR
127(
VWDUOLJKWSUR
127(
VWDUOLJKWSUR
127(
VWDUOLJKWSUR
manufacturer:
Mectron S.p.A.
Via Loreto 15/A
16042 Carasco (Ge) Italy
Tel. +39 0185 35361
Fax +39 0185 351374
www.mectron.com
e-mail: [email protected]
Distributed in the US exclusively by:
Piezosurgery Incorporated
850 Michigan Avenue
Columbus, Ohio 43215
Toll Free: +1 888 87 PIEZO
Telephone: +1 614 459 4922
Fax: +1 614 459 4981
www.piezosurgery.us
e-mail: [email protected]
02150267 Starlight pro - V. Multilingua
Rev. 00 del 31-03-2014
Reseller - Rivenditore - Wiederverkäufer - Revendeur - Revendedor
Caution: US Federal law restricts this device to sale by or on the order of a dentist.

Similar documents

F eb ru ary 2015 New sletter Issue 22

F eb ru ary 2015 New sletter Issue 22 GRJVDWWHQGHGWKHFHOHEUDWLRQV DQGHYHU\RQHHQMR\HGWKHGRJEURZQLHVDQGFXSFDNHVVRPXFK

More information